0,1,67e5,2'23/$1(-$0(17225d$0(172(*(67®2 3URJUDPD1DFLRQDOGH 7UHLQDPHQWR 0DQXDO%iVLFRGH7UHLQDPHQWRSDUD0XQLFtSLRV 2UJDQL]DGRSRU 6HOHQH3HUHV3HUHV1XQHV &ODXGLDQR0DQRHOGH$OEXTXHUTXH &\QWKLD%HOWUmRGH6RX]D*&XUDGR (GVRQ5RQDOGR1DVFLPHQWR )UDQVHOPR$UD~MR&RVWD /XFLD+HOHQD&DYDOFDQWH9DOYHUGH 0iUFLR%DVWRV0HGHLURV 6HOHQH3HUHV3HUHV1XQHV HGLomR 5HYLVWDHDWXDOL]DGD %UDVtOLD 0,1,67e5,2'23/$1(-$0(17225d$0(172(*(67®2 3URJUDPD1DFLRQDOGH7UHLQDPHQWRGD/HLGH5HVSRQVDELOLGDGH)LVFDO (VSODQDGDGRV0LQLVWpULRV%ORFR. )RQHV )D[ 6LWHZZZSODQHMDPHQWRJRYEU &(3²%UDVtOLD²') 'LVWULEXLomRJUDWXLWD 7LUDJHP eYHGDGDDUHSURGXomRWRWDORXSDUFLDOFRPILQVFRPHUFLDLVRXFRPRSDUWHGHFXUVRQmR JUDWXLWRVHPDH[SUHVVDDXWRUL]DomRGRVUHVSHFWLYRVDXWRUHV$UHVSRQVDELOLGDGHSHORXVR LQGHYLGRGDVLQIRUPDo}HVFRQWLGDVQHVWHPDWHULDOpH[FOXVLYDGDTXHOHVTXHDVXWLOL]DUHP 1RUPDOL]DomR%LEOLRJUiILFD',%,%&2',1632$ 3URJUDPD 1DFLRQDO GH 7UHLQDPHQWR 0DQXDO %iVLFR SDUD 0XQLFtSLRV 2UJDQL]DGR SRU 6HOHQH 3HUHV 3HUHV 1XQHV ² %UDVtOLD 03 %1'(6 &() HGLomR S /HL GH 5HVSRQVDELOLGDGH )LVFDO 7UHLQDPHQWR , 7tWXOR &'8 680É5,2 • $SUHVHQWDomR • &DStWXOR²$/HLGH5HVSRQVDELOLGDGH)LVFDOHVXD$SOLFDomRQRV0XQLFtSLRV 2V2EMHWLYRVGD/HLGH5HVSRQVDELOLGDGH)LVFDO 9LUDQGRD3iJLQDQD$GPLQLVWUDomR0XQLFLSDO 23URJUDPD1DFLRQDOGH7UHLQDPHQWR • &DStWXOR²(ODERUDQGRR3ODQR3OXULDQXDO0XQLFLSDO ,QWURGXomR (ODERUDomRGR3ODQR3OXULDQXDO 2V3URJUDPDV *HUHQFLDPHQWRH$YDOLDomRGR3ODQR3OXULDQXDO 5HIHUrQFLDV%LEOLRJUiILFDV $QH[RV • &DStWXOR²(ODERUDQGRD/HLGH'LUHWUL]HV2UoDPHQWiULDV0XQLFLSDO ,QWURGXomR $QH[RGH0HWDV)LVFDLV $QH[RGH5LVFRV)LVFDLV 2XWUDV4XHVW}HV5HOHYDQWHVTXH'HYHPVHU&RQVLGHUDGDVQD(ODERUDomRGD/HL GH'LUHWUL]HV2UoDPHQWiULDV &RQFOXVmR 5HIHUrQFLDV%LEOLRJUiILFDV • &DStWXOR²(ODERUDQGRD/HL2UoDPHQWiULD0XQLFLSDO ,QWURGXomR 22UoDPHQWR3~EOLFRQD&RQVWLWXLomRGH (ODERUDomRGR3URMHWRGH/HL2UoDPHQWiULDSDUDR$QR6XEVHTHQWH 3URFHGLPHQWRVHP'HFRUUrQFLDGR)LPGDV7UDQVIHUrQFLDV,QWUDJRYHUQDPHQWDLV &UpGLWRV$GLFLRQDLV 5HVHUYDGH&RQWLQJrQFLD $QH[RV 5HIHUrQFLDV%LEOLRJUiILFDV • &DStWXOR²$([HFXomR2UoDPHQWiULDH)LQDQFHLUDHR&XPSULPHQWRGH0HWDV )RFRGD/5)3UHYHQomRGH5LVFRV)LVFDLV 2EMHWLYRVGD3URJUDPDomR$QXDO ,QVWUXPHQWRVGD3URJUDPDomR$QXDO (OHPHQWRVGD3URJUDPDomR$QXDO (ODERUDomR$FRPSDQKDPHQWRH$MXVWHVGD3URJUDPDomR$QXDO 2(QFHUUDPHQWRGR([HUFtFLRHRV5HVWRVD3DJDU • &DStWXOR²$*HUDomRGD'HVSHVD $2UGHP2UoDPHQWiULDH)LQDQFHLUD 2V&RQFHLWRVGH*HUDomRGH'HVSHVDHGH'HVSHVD2EULJDWyULDGH&DUiWHU &RQWLQXDGR $'HFODUDomRGR2UGHQDGRUGH'HVSHVD 0HFDQLVPRGH&RPSHQVDomRSDUDD'HVSHVD2EULJDWyULDGH&DUiWHU&RQWLQXDGR 6DQo}HVHP&DVRGH'HVUHVSHLWRj2UGHP2UoDPHQWiULDH)LQDQFHLUD 5HJUDVSDUD'HVWLQDomRGH5HFXUVRV3~EOLFRVDR6HWRU3ULYDGR 5HJUDVSDUD3UHVHUYDomRGR3DWULP{QLR3~EOLFR 2V/LPLWHV0tQLPRVGH*DVWRFRP(GXFDomRH6D~GH 5HJUDVGH)LQDOGH0DQGDWR 5HIHUrQFLD%LEOLRJUiILFD • &DStWXOR²$'HVSHVDGH3HVVRDO ,QWURGXomR $4XHPVH$SOLFDPRV/LPLWHV" 5HFHLWD&RUUHQWH/tTXLGD²5&/ 2&RQFHLWRGH'HVSHVDGH3HVVRDO 2V/LPLWHVSDUD'HVSHVDVFRP3HVVRDO $$SXUDomRGRV/LPLWHV 0HGLGDVTXH'HYHPVHU$GRWDGDV 3HUJXQWDVPDLV)UHTHQWHV • &DStWXOR²$'tYLGDHR(QGLYLGDPHQWR &RQFHLWRVGH'tYLGDH2SHUDo}HVGH&UpGLWR 2SHUDo}HVGH&UpGLWR3URLELGDV /LPLWHVSDUDD'tYLGD3~EOLFD 3UD]RVGH$MXVWHH0HGLGDVTXH'HYHPVHU$GRWDGDVSDUD5HFRQGXomRGD 'tYLGDDR/LPLWH /LPLWHVSDUDD&RQWUDWDomRGH2SHUDomRGH&UpGLWR 2TXH0XGDFRPDV1RYDV5HVROXo}HVGR6HQDGR)HGHUDO" $5HJUDGH2XUR $QWHFLSDomRGH5HFHLWD2UoDPHQWiULD²$52 *DUDQWLDH&RQWUDJDUDQWLD ,QVWUXomRGRV3OHLWRV ([HPSORV • &DStWXOR²$VSHFWRVGH7UDQVSDUrQFLD&RQWUROHH)LVFDOL]DomR 7UDQVSDUrQFLDGD*HVWmR)LVFDO (VFULWXUDomRH&RQVROLGDomRGDV&RQWDV 5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULD²55(2 5HODWyULRGH*HVWmR)LVFDO²5*) 3UHVWDo}HVGH&RQWDV )LVFDOL]DomRGD*HVWmR)LVFDO 6DQo}HV,QVWLWXFLRQDLV 6DQo}HV3HVVRDLV • &DStWXOR²&ROHWkQHDGD/HJLVODomR /HLGH5HVSRQVDELOLGDGH)LVFDO /HL&RPSOHPHQWDU1GHGH0DLRGH $UWLJRVGD&RQVWLWXLomR)HGHUDO (PHQGD&RQVWLWXFLRQDO1º (PHQGD&RQVWLWXFLRQDO1ºGHGH-XQKRGH (PHQGD&RQVWLWXFLRQDO1º (PHQGD&RQVWLWXFLRQDO1º /HJLVODomRSDUD'tYLGDH2SHUDo}HVGH&UpGLWR 5HVROXomR1GHGH'H]HPEURGH 5HVROXomR1ºGHGH'H]HPEURGH 5HVROXomR1ºGHGH-XQKRGH 3RUWDULD1ºGHGH-DQHLURGH $QH[RV /HJLVODomRSDUD/LPLWHVFRP(GXFDomR /HL1GHGH'H]HPEURGH 'HFUHWRGHGH-XQKRGH /HJLVODomRSDUD$GHTXDomRDRV/LPLWHVGH3HVVRDO /HL1GHGH-XQKRGH 3RUWDULDVGH&ODVVLILFDomR2UoDPHQWiULD3ODQRGH&RQWDVH5HODWyULRVGD/5) 3RUWDULD1GHGH$EULOGH 3RUWDULD,QWHUPLQLVWHULDO1ºGHGH0DLRGH 3RUWDULD1ºGHGH'H]HPEUR /HJLVODomR3HQDO /HL1ºGHGH2XWXEURGH 'HFUHWR/HL1ºGHGH)HYHUHLURGH /HL1ºGHGH-XQKRGH 1 $35(6(17$d®2 RGLDGHPDLRGHIRLDSURYDGDD/HLGH5HVSRQVDELOLGDGH)LVFDO/5)1DTXHOD pSRFDPXLWRVFULWLFDYDPD/HLWDOYH]SRUTXHGHVFRQKHFHVVHPVHXVEHQHItFLRVWDQWRQRFXUWR FRPRQRPpGLRHORQJRSUD]RV2VDUJXPHQWRVYDULDYDP&RPREHPOHPEURXR3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR FLWDQGR 0DTXLDYHO R *RYHUQR )HGHUDO SDGHFLD GD FKDPDGD ´VROLGmRGRUHIRUPDGRUµ )HOL]PHQWHKRMHHPGLDLVVRPXGRX(D/5)HQFRQWUDVHXPDLRUDSRLRQDSUySULDVRFLHGDGH TXHFDGDYH]PDLVFRQVFLHQWHUHFRQKHFHQHODDGHIHVDGHVHXVGLUHLWRVGHH[HUFtFLRSOHQRGD FLGDGDQLDQXPDDILUPDomRGRSURFHVVRGHGHPRFUDWL]DomR,VVRQRVUHPHWHDXPDDQiOLVHPDLV FXLGDGRVDGDGLPHQVmRKLVWyULFDGD/HL 'HIDWRGHVGHRLQtFLRGDGpFDGDGHR3DtVYLYHXPSURFHVVRGHPXGDQoDFXOWXUDOTXHp UHVXOWDGRGHSURIXQGDVWUDQVIRUPDo}HVRFRUULGDVHPTXDVHWRGDVDVHVIHUDVGDYLGDS~EOLFDEUDVLOHLUD 2%UDVLOGDFRQYLYrQFLDFRPRFOLHQWHOLVPRFRPRSRSXOLVPRHFRPDKHUDQoDGRSDWULPRQLD OLVPRPXGRX$WXDOPHQWHQXPUHJLPHGHPRFUiWLFRpTXDVHLQFRQFHEtYHOTXHXPJRYHUQDQWH GHFLGDDUELWUDULDPHQWHVHXVJDVWRVVHPDSDUWLFLSDomRHIHWLYDGR/HJLVODWLYRHGDVRFLHGDGHH QDDXVrQFLDGHPHFDQLVPRVGHFRQWUROHGDVFRQWDVS~EOLFDV &RPD/5)DOpPGRHVWDEHOHFLPHQWRGHSULQFtSLRVHQRUPDVSDUDVHSDUDUFDGDYH]PDLVDFRLVD S~EOLFDGDSULYDGDKiPHFDQLVPRVGHFRQWUROHHGHWUDQVSDUrQFLDILVFDOTXHJDUDQWHPRFDUiWHU SHUPDQHQWHGHVVDQRYDIRUPDGR(VWDGRVHUHODFLRQDUFRPDVRFLHGDGH $ LUUHVSRQVDELOLGDGH ILVFDO KRMH HP TXDOTXHU QtYHO GH JRYHUQR UHVXOWDUi DPDQKm HP PDLV LPSRVWRVPHQRVLQYHVWLPHQWRVDOpPGHFRQWULEXLUSDUDRDXPHQWRGDLQIODomRRSLRUGRV LPSRVWRVSRLVSHQDOL]DVREUHWXGRRVPDLVSREUHV 3RGHPRVWDPEpPGL]HUTXHDPXGDQoDFXOWXUDOSURPRYLGDSHOD/5)MiIRLYHULILFDGDDRORQJR GH VXDWUDPLWDomR H SRVWHULRU DSURYDomRSHOR&RQJUHVVR1DFLRQDOHPXPSUD]RVXUSUHHQ GHQWHPHQWHFXUWRGDGDDVXDFRPSOH[LGDGH +RXYHXPDDWLYDSDUWLFLSDomRGDVRFLHGDGHDWUDYpVGHFRQVXOWDVS~EOLFDVj,QWHUQHWRQGHj pSRFDIRUDPUHJLVWUDGRVPDLVGHDFHVVRV(VVDSDUWLFLSDomRVHGHXDWUDYpVGRHQYLRGH RSLQL}HVHVXJHVW}HVTXHIRUDPLQFRUSRUDGDVDRWH[WRILQDOGD/HL 6HPG~YLGDKiXPQRYRFRQMXQWRGHSULQFtSLRVVHQGRREVHUYDGRVHYDORUL]DGRVSHODVRFLHGDGH $/HLWDPEpPYHLRIXQGLUFRQFHLWRVFRPRJHVWmRILVFDOUHVSRQViYHOHUHVSRQVDELOLGDGHVRFLDO &RPD/5)DGLVFXVVmRVREUHJDVWRVS~EOLFRVSDVVDDVHUSULQFLSDOPHQWHTXDOLWDWLYDHQmRDSHQDV TXDQWLWDWLYD,VVRpXPDPXGDQoDLPSRUWDQWH 3DUDDVRFLHGDGHRERPJRYHUQDQWHQmRGHYHUiDSHQDVFXPSULUD/HLTXHpRSUHVVXSRVWR EiVLFR2GLIHUHQFLDODJRUDGDUVHiQDTXDOLGDGHGDJHVWmRGRJDVWRS~EOLFR(DQyVFDEH GHVGHMiID]HUXPDUHIOH[mRVREUHRVFULWpULRVSDUDDYDOLDomRGDERDJHVWmRILVFDO $PXGDQoDFXOWXUDOTXHVHREVHUYDQR%UDVLOGHSRLVGDDSURYDomRGD/HLVHPDQLIHVWDDWUDYpV GHXPQRYRSDGUmRGHUHODFLRQDPHQWRHQWUHRVGLYHUVRVyUJmRVHQYROYLGRVQDLPSOHPHQWDomR GD/5) -XOJDPRVQHFHVViULDDFULDomRGHXPDUHGHGHLQIRUPDo}HVTXHSHUPLWDDFRPXQLFDomRHD DJLOL]DomRGHSURFHVVRVHQWUHRVGLYHUVRVDWRUHVFRPRREMHWLYRGHIDFLOLWDURFXPSULPHQWRGD /HLHPDUFDURVHXSDSHOQDVRFLHGDGH$OpPGLVVRDUHGHYDLSURPRYHUXPDPHOKRULDJHUHQFLDO HPFDGDyUJmRHQYROYLGR 1HVVHHVIRUoRHVWmRHPSHQKDGRVYiULRVyUJmRVGRV0LQLVWpULRVGR3ODQHMDPHQWRH)D]HQGDR %DQFR&HQWUDOR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%1'(6D&DL[D (FRQ{PLFD)HGHUDORVJRYHUQRVHVWDGXDLVHPXQLFLSDLVRV7ULEXQDLVGH&RQWDVGH(VWDGRVH GH0XQLFtSLRVEHPFRPRR7ULEXQDOGH&RQWDVGD8QLmR 2HQJDMDPHQWRGRV7ULEXQDLVGH&RQWDVHPXPVLVWHPDFRPRHVVHQmRWHPSUHFHGHQWHV,VVR VyUHIRUoDDSHUFHSomRGHTXHWRGDDVRFLHGDGHDWUDYpVGHVHXVYiULRVVHJPHQWRVGHVHMDYHU D/HLREHGHFLGD $OpP GR QRYR SDGUmR GH UHODFLRQDPHQWR HQWUH RV DWRUHV HQYROYLGRV HP VXD DSOLFDomR H ILVFDOL]DomRDPXGDQoDGHFXOWXUDWDPEpPVHUHIOHWHQRWUDEDOKRGHHQWLGDGHVGHFODVVHHGDV RUJDQL]Do}HV QmR JRYHUQDPHQWDLV $JRUD HQJDMDGDV HP XP PHVPR SURSyVLWR IDFLOLWDP D FRPSUHHQVmRHDDSOLFDomRGD/HLGH5HVSRQVDELOLGDGH)LVFDOHVSHFLDOPHQWHQRVSHTXHQRV PXQLFtSLRV (DVLQLFLDWLYDVQmRSDUDPSRUDt&RPRGHWHUPLQDRDUWLJRGD/HLGH5HVSRQVDELOLGDGH)LVFDO ²TXHSUHYrHQWUHRXWURVDSUHVWDomRGHDVVLVWrQFLDWpFQLFDSRUSDUWHGD8QLmRDRVPXQLFtSLRV SDUD FXPSULPHQWR GD OHL ² R 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR 03 HP SDUFHULDFRPR%DQFR1DFLRQDOGR'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%1'(6HD(VFROD GH $GPLQLVWUDomR )D]HQGiULD (6$) GR 0LQLVWpULR GD )D]HQGD HVWDUi LPSOHPHQWDQGR XP 3URJUDPD1DFLRQDOGH7UHLQDPHQWRGHVWLQDGRDRVPXQLFtSLRVGHWRGRRSDtV (VVHSURJUDPDFRPSUHHQGHEDVLFDPHQWHDRUJDQL]DomRGHFXUVRVSDUDRVWpFQLFRVGDVSUHIHL WXUDV PXQLFLSDLV FRP R REMHWLYR GH DSURIXQGDU R FRQKHFLPHQWR GD /5) H XQLIRUPL]DU R HQWHQGLPHQWRGHVHXVSULQFtSLRV $OpPGDFDSDFLWDomRHGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVR3URJUDPDGH7UHLQDPHQWR WDPEpP FRQVLVWH QD WUDQVIHUrQFLD GH WHFQRORJLD EHP FRPR QR DSRLR j GLYXOJDomR GRV LQVWUXPHQWRVGHWUDQVSDUrQFLDGDJHVWmRILVFDOSUHYLVWRVQD/HLHPPHLRHOHWU{QLFRGHDPSOR DFHVVRS~EOLFR 3DUDRPHOKRUDWHQGLPHQWRDRVSURSyVLWRVGR3URJUDPDIRLHODERUDGRHVWHOLYURTXHVHUYLUi GHPDWHULDOEiVLFRSDUDRDFRPSDQKDPHQWRGDVDWLYLGDGHVGHFDSDFLWDomRQRSDtVLQWHLUR$TXL VmR DERUGDGRV WHPDV UHODFLRQDGRV jV iUHDV GH SODQHMDPHQWR RUoDPHQWR DGPLQLVWUDomRGH SHVVRDOLQFOXLQGRSUHYLGrQFLDGRVVHUYLGRUHVS~EOLFRVGtYLGDS~EOLFDFRQWDELOLGDGHHFRQWUR ODGRULD $LPSOHPHQWDomRGD/5)pXPHQRUPHGHVDILRDWRGRVQyVHQmRIRLFRQFHELGDHPQRPHGH EDQGHLUDSROtWLFDRXLGHRORJLD6HXVSULQFtSLRVJDUDQWHPVREUHWXGRRUHVSHLWRDRVGLUHLWRVGR FLGDGmRGRFRQWULEXLQWHGRSRYR 3RUWDQWRRUHVSHLWRDRVSULQFtSLRVFRQWLGRVQD/5)VmREHQpILFRVDTXDOTXHUJRYHUQRGHPR FUiWLFRLQGHSHQGHQWHPHQWHGRSHUILOLGHROyJLFR $OpP GLVVR JRVWDULD GHOHPEUDUD LPSRUWkQFLDGRV QRVVRVSDUFHLURVHVWDGXDLV H PXQLFLSDLV HQWLGDGHVS~EOLFDVHSULYDGDVVHPRVTXDLVHVVH3URJUDPDGH7UHLQDPHQWRQmRVHULDSRVVtYHO 3RUILPJRVWDULDGHDJUDGHFHUDFRODERUDomRGRVWpFQLFRVGR*RYHUQR)HGHUDOHRDSRLRGR %1'(6HGD&DL[D(FRQ{PLFD)HGHUDOUHVSRQViYHLVSHODHODERUDomRGHVWHOLYURHTXHYrP DWXDQGRGHPDQHLUDGHFLVLYDHPYiULDVLQLFLDWLYDVUHODFLRQDGDVjLPSOHPHQWDomRGD/5) 0mRVjREUD 0DUWXV7DYDUHV 0LQLVWURGR3ODQHMDPHQWR2UoDPHQWRH*HVWmR &DStWXOR $/(,'(5(63216$%,/,'$'(),6&$/ (68$$3/,&$d®2126081,&Ì3,26 6HOHQH3HUHV3HUHV1XQHV 'RXWRUDQGD HP (FRQRPLD SHOD 8QLYHUVLGDGH GH %UDVtOLD 8Q% H $VVHVVRUD (FRQ{PLFD GR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR GHVGH IRL XPD GDV UHVSRQViYHLV SHOD HODERUDomR GD SURSRVWD GH /HL GH 5HVSRQVDELOLGDGH )LVFDO VHOHQHQXQHV#SODQHMDPHQWRJRYEU 262%-(7,926'$/(,'(5(63216$%,/,'$'(),6&$/ $/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)HPYLJRUGHVGHRGLDGHPDLRGHKDUPRQL]D HFRQVROLGDPXLWRVGRVREMHWLYRVGRSURFHVVRGHPXGDQoDGRUHJLPHILVFDOHPSUHHQGLGRQDV ~OWLPDVGpFDGDVeFRQVHTrQFLDGHXPORQJRSURFHVVRGHHYROXomRGDVLQVWLWXLo}HVRUoDPHQ WiULDVQR%UDVLOTXHJHURXQDVRFLHGDGHDSHUFHSomRGHTXHRJRYHUQDQWHQmRGHYHHPPpGLD JDVWDU PDLV GR TXH DUUHFDGD $VVHQWDGD QRV SULQFtSLRV GH UHVSRQVDELOLGDGH ILVFDO H WUDQV SDUrQFLDD/5)WHPSRUREMHWLYRRHTXLOtEULRSHUPDQHQWHGDVILQDQoDVS~EOLFDV 2SURFHVVRGHHODERUDomRDSURYDomRHLPSOHPHQWDomRGD/5)VySRGHVHUSOHQDPHQWHFRPSUHHQGLGR HPXP FRQWH[WRGHIRUWDOHFLPHQWRGDVLQVWLWXLo}HVGHPRFUiWLFDVeUHVXOWDGRGHXPDFREUDQoDGD VRFLHGDGHGHXPFRQVHQVRHPWRUQRGDQHFHVVLGDGHGHPXGDQoDVTXHSRVVLELOLWDUmRPDLRUTXDOLGDGH GR JDVWR S~EOLFR FRPR FRQVHTrQFLD GD PDLRU DGHTXDomR GDV SROtWLFDV S~EOLFDV DRV DQVHLRV GD VRFLHGDGHeVHPG~YLGDXPDFRQTXLVWDGRSRYREUDVLOHLURHFKHJDWDOYH]FRPFHPDQRVGHDWUDVR $/5)pXPYHUGDGHLURFyGLJRGHERDVFRQGXWDVILVFDLVDSOLFiYHODWRGRVRVHQWHVGDIHGHUDomR ² 8QLmR (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV ² HP WRGRV RV 3RGHUHV QR FRQFHLWR PDLV DEUDQJHQWH GH DGPLQLVWUDomR S~EOLFD $SOLFDVH j DGPLQLVWUDomR GLUHWD LQGLUHWD IXQGRV DXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVDOLGHILQLGDVFRPRDVTXHUHFHEHP UHFXUVRVILVFDLVSDUDFXVWHLRRXLQYHVWLPHQWR'HYHPFXPSULODWRGRVRVTXHH[HUoDPFDUJR HPSUHJRRXIXQomRS~EOLFDLQGHSHQGHQWHPHQWHGRQtYHOKLHUiUTXLFR 2SULQFtSLREiVLFRTXHQRUWHRXDHODERUDomRGD/5)GRTXDOGHFRUUHPWRGRVRVGHPDLV HVWDEHOHFH TXH R JRYHUQDQWH GHYH EXVFDU HTXLOtEULR HQWUH DV DVSLUDo}HV GD VRFLHGDGH H RV UHFXUVRVTXHHVWDFRORFDjGLVSRVLomRGRJRYHUQR 1DYHUGDGHHVVHSULQFtSLRSRGHVHUGLYLGLGRHPGXDVDILUPDo}HVTXHUHSUHVHQWDPYHUGDGHLUD UHYROXomR FXOWXUDO QR %UDVLO $ SULPHLUD GL] UHVSHLWR j LQWURGXomR GD UHVWULomR RUoDPHQWiULD R JRYHUQDQWHQmRGHYHUiHPPpGLDJDVWDUPDLVGRTXHDUUHFDGD(VSHUDVHGHVVDIRUPDSUHYHQLU DJHUDomRGHGpILFLWVLPRGHUDGRVHUHLWHUDGRVDVVHJXUDQGRRHTXLOtEULRILVFDOGHIRUPDSHUPDQHQWH 1HVVHVHQWLGRD/5)FULDFRQGLo}HVSDUDTXHRRUoDPHQWRWHQKDRSDSHOTXHHOHGHIDWRGHYH WHUQXPDVRFLHGDGHGHPRFUiWLFDRGHSHoDGHFRQWUROHGRJDVWRS~EOLFRHGHGHILQLomRGDV SULRULGDGHVGDVRFLHGDGHHPWHUPRVGHGHWHUPLQDomRGRYROXPHHGRGHVWLQRGRVJDVWRV,VVR VypSRVVtYHOVHDVVHJXUDPRVHPXPRUoDPHQWRUHDOLVWDRHTXLOtEULRHQWUHUHFHLWDVHGHVSHVDV EHPFRPRRVPHLRVSDUDRILQDQFLDPHQWRGRVJDVWRV 5HVSRQVDELOLGDGHILVFDOHSUXGrQFLDVmRHPJUDQGHPHGLGDVLQ{QLPRV$/5)FKDPDDDWHQomR SDUD D QHFHVVLGDGH GH SODQHMDU JDVWRV GH SDXWDU DV Do}HV GRV JRYHUQDQWHV GH KRMH SHODV FRQVHTrQFLDVGHVVDVDo}HVSDUDDVJHUDo}HVIXWXUDV1mRGHYHPRVSURFXUDUREWHUR´E{QXVµ GDGHVSHVDQRPRPHQWRSUHVHQWHWUDQVIHULQGRR´{QXVµSDUDRIXWXURRH[HUFtFLRVHJXLQWHR PDQGDWR VHJXLQWH RX DV JHUDo}HV VHJXLQWHV 'HYHPRV VLP HYLWDU TXH QRYRV JDVWRV VHMDP ILQDQFLDGRVDWUDYpVGHLQIODomRDXPHQWRGHLPSRVWRVDXPHQWRGHGtYLGDDQWHFLSDo}HVGH $ HODERUDomR GR SURMHWR GD /5) IRL FRRUGHQDGD SHOR 0LQLVWUR 0DUWXV 7DYDUHV QR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR FRP D FRQWULEXLomR GRV DVVHVVRUHV ÉOYDUR 0DQRHO H 6HOHQH 3HUHV 3HUHV 1XQHV H GH -RVp 5REHUWR $IRQVR GR %1'(6 &RQWRX FRP SDUWLFLSDomR GHFLVLYD GD HTXLSH GD 6HFUHWDULD GH $VVXQWRV )LVFDLV GR %1'(6 H LQFRUSRURX FRQWULEXLo}HV GH GLIHUHQWHV PLQLVWpULRV H yUJmRV IHGHUDLV $OpP GRV WpFQLFRV GD $VVHVVRULD (FRQ{PLFD GR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR H GR 0LQLVWpULR GD 3UHYLGrQFLD H $VVLVWrQFLD 6RFLDO IRUDP RXYLGDV QR 0LQLVWpULR GD )D]HQGD WRGDV DV FRRUGHQDo}HV GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO D 6HFUHWDULD GD 5HFHLWD )HGHUDO D 6HFUHWDULD )HGHUDO GH &RQWUROH H DOJXQV GHSDUWDPHQWRV GR %DQFR &HQWUDO UHFHLWDVRUoDPHQWiULDVJDUDQWLDVUHVWRVDSDJDUHUHQ~QFLDGHUHFHLWDV'HYHPRVWDPEpPHYLWDU TXHVHMDPFULDGDVGHVSHVDVSDUDRIXWXURVHPSUHYLVmRGHILQDQFLDPHQWRSDUWLFXODUPHQWHQD iUHDGHSHVVRDOHSUHYLGrQFLDHTXHKDMDDF~PXORGHGpILFLWVRFXOWRV´HVTXHOHWRVµ $VHJXQGDDILUPDomRGL]UHVSHLWRDRIDWRGHTXHRVUHFXUVRVQmRSHUWHQFHPDRJRYHUQRPXLWR PHQRVDRJRYHUQDQWHRVUHFXUVRVSHUWHQFHPjVRFLHGDGHDTXDOQXPUHJLPHGHPRFUiWLFR GHOHJDSRGHUHVDRJRYHUQDQWHSDUDDGPLQLVWUiORV3RUHVVDUD]mRGHYHKDYHUXPDVHSDUDomR FODUDHQWUHRTXHpS~EOLFRHRTXHpSULYDGRHRJRYHUQDQWHGHYHSUHVWDUFRQWDVGHWXGRR TXHID]$VVLPWDOYH]RSULQFtSLRPDLVLPSRUWDQWHVHMDRTXHGL]TXHGHYHKDYHUWUDQVSDUrQFLD QDHODERUDomRHGLYXOJDomRGRVGRFXPHQWRVRUoDPHQWiULRVHFRQWiEHLVHPOLQJXDJHPVLPSOHV HREMHWLYDeRPDLVLPSRUWDQWHSRUTXHpRTXHSHUPLWHTXHRVGHPDLVVHMDPFXPSULGRV SDUWHGRFRQWUROHLQVWLWXFLRQDOFRQVDJUDGDSHODPtGLDFRPRYHUGDGHLUDUHYROXomRFXOWXUDOD/5) IRUoD D PXGDQoD QR FRPSRUWDPHQWR GRV JRYHUQDQWHV DWUDYpV GD GLYXOJDomR GDV LQIRUPDo}HV RUoDPHQWiULDV H FRQWiEHLV HP PHLRV GH DPSOR DFHVVR S~EOLFR 1HVVH VHQWLGR FULD UHODWyULRV SHULyGLFRV²ELPHVWUDOTXDGULPHVWUDOHDQXDO²HDXGLrQFLDVS~EOLFDVTXDGULPHVWUDLVVREUHDVPHWDV ILVFDLVDOpPGDREULJDWRULHGDGHGHGLYXOJDomRHPPHLRHOHWU{QLFR1RFDVRGDGtYLGDVHUiGLYXOJDGD PHQVDOPHQWHQDLQWHUQHWDOLVWDGRVTXHGHVFXPSULUDPRVOLPLWHVHVWDEHOHFLGRVSHOR6HQDGR $VVLPD/5)SURFXUDDXPHQWDURFRQWUROHGRJDVWRS~EOLFRDWUDYpVGRSUySULRSURFHVVRSROtWLFR 1HVVHVHQWLGRD/5)UHDJHWDPEpPDRFLFORHOHLWRUDOGHILQLQGRUHJUDVHSURLELo}HVPDLVHVWULWDV TXHLQLEDPRVJRYHUQDQWHVGHVHDIDVWDUHPGRHTXLOtEULRILVFDOHPSHUtRGRVGHILQDOGHPDQGDWR 1LQJXpPpFRQWUiULRjVGHVSHVDVPHULWyULDVVRFLDLVTXHDWHQGHPQHFHVVLGDGHVGDSRSXODomR 0DVSUHFLVDPRVVHUFRQWUiULRVjVGHVSHVDVTXHJHUDPHQGLYLGDPHQWRQRIXWXURHjVSURPHVVDV VHPIXQGDPHQWR$REVHUYkQFLDDRVSDGU}HVUHVSRQViYHLVGHJHVWmRILVFDOHPWRGRVRVQtYHLV GHJRYHUQRGHYHUiVHUSUHPLDGDSHORYRWRGRFLGDGmRFRQWULEXLQWHHHOHLWRU 1RFDPSRGDWUDQVSDUrQFLDDUHYROXomRFXOWXUDOFRQVLVWHHPOXWDUFRQWUDGRLVFRPSRUWDPHQWRV XVXDLVHQWUHRVJHVWRUHVS~EOLFRV2SULPHLURpRGDTXHOHJHVWRUTXHDFUHGLWDTXHGHYHSURWHJHU WRGDDLQIRUPDomRGRFRQKHFLPHQWRS~EOLFRSRLVLVVRHYLWDTXHRVHXFKHIHRXRJRYHUQRVH FRPSURPHWDPHHYLWDTXHRVPHUFDGRVVHMDPDEDODGRV1DYHUGDGHH[FHWXDQGRDLQIRUPDomR SURWHJLGD SRU VLJLOR EDQFiULR RX ILVFDO H DTXHOD TXH SRGH JHUDU JDQKRV GLIHUHQFLDGRV DR PHUFDGRWRGRRPDLVpLQIRUPDomRS~EOLFDHFRPRWDOGHYHHVWDUGLVSRQtYHODRS~EOLFR 2VHJXQGRFRPSRUWDPHQWRpRGDTXHOHJHVWRUTXHDFUHGLWDTXHMipWUDQVSDUHQWHSRLVGLYXOJD WRGD D LQIRUPDomR 1R HQWDQWR DR GLYXOJDU WXGR HOH LPSHGH TXH R FLGDGmR LGHQWLILTXH D LQIRUPDomR LPSRUWDQWH RX R ID] HP OLQJXDJHP WpFQLFD LQDFHVVtYHO DR FLGDGmR RX GLYXOJD DSHQDVHPGLiULRRILFLDOGHSHTXHQDFLUFXODomRRXGLYXOJDDIL[DQGRHPPXUDORQGHQmRKi WUkQVLWR1DGDGLVVRpWUDQVSDUHQWHSRLVWUDQVSDUrQFLDH[LJHTXHVHFRPXQLTXHXPDLGpLD 9,5$1'2$3É*,1$1$$'0,1,675$d®2081,&,3$/ $YLGDGRPXQLFtSLRPXGDGHSRLVGD/5)23UHIHLWRGHYHUiGDUPDLVrQIDVHDRSODQHMDPHQWR GRVJDVWRVDVVXPLUXPDSRVWXUDPDLVWUDQVSDUHQWHMXQWRDRS~EOLFRHDGRWDUFRQWUROHVLQWHUQRV SDUDDGHTXDUVHjVQRYDVUHJUDVHOLPLWHV 2SODQHMDPHQWRpXPDOLFHUFHGD/5)TXHPSODQHMDWHPPHOKRUHVFRQGLo}HVGHFXPSULURV GHPDLVGLVSRVLWLYRV2FRQFHLWRGHUHVSRQVDELOLGDGHILVFDOHVWiLQWULQVHFDPHQWHUHODFLRQDGRj QRomRGHSUXGrQFLDQDJHVWmRGDVILQDQoDVS~EOLFDVDRORQJRGRWHPSRjLGpLDGHTXHQmRp FRUUHWR GD SDUWH GR JHVWRU S~EOLFR FRQWUDLU FRPSURPLVVRV VXSHULRUHV j FDSDFLGDGH GH SDJDPHQWRHTXHVHRIL]HUWDORSomRGHYHUiUHIOHWLUXPDRSomRFRQVFLHQWHGDVRFLHGDGH $SyVHVWDEUHYHLQWURGXomRRV&DStWXORVHGHVWHOLYURGLVFXWHPRVDYDQoRVLQVWLWXFLRQDLV QD iUHD GH SODQHMDPHQWR H RUoDPHQWR PRVWUDQGR FRPR GHYHUi VHU HODERUDGR R SODQR SOXULDQXDOGRPXQLFtSLRD/HLGH'LUHWUL]HV2UoDPHQWiULDVHRRUoDPHQWRPXQLFLSDO1RTXH WDQJHDRSURFHVVRRUoDPHQWiULRD/5)YHLRVRPDUVHjQRYDPHWRGRORJLDTXHLQWHJUDSODQRV HRUoDPHQWRVFRQIHULQGRjVWUrVSHoDV²3ODQR3OXULDQXDO'LUHWUL]HV2UoDPHQWiULDVH2UoD PHQWR²XPFDUiWHULQWHJUDGRQRVWUrVQtYHLVGHJRYHUQR1HVWHVHQWLGRLQVWLWXFLRQDOL]DRUHJLPH GHPHWDVILVFDLVID]HQGRFRPTXHRRUoDPHQWRVHMDHODERUDGRSDUDFXPSULUDVPHWDVItVLFDV GR33$HDVPHWDVILVFDLVGD/'2 $QRYDPHWRGRORJLDGR3ODQR3OXULDQXDOTXHLQWHJUDSODQHMDPHQWRHRUoDPHQWRVHLQVHUHQHVVH FRQWH[WR $QWHV PHVPR GD HODERUDomR GD /5) KDYLD JUDQGH SUHRFXSDomR FRP D rQIDVH H[FHVVLYDGDGDDRRUoDPHQWRHFRPRIDWRGHR3ODQR3OXULDQXDODSUHVHQWDUREMHWLYRVHGLUHWUL]HV JHUDLVQmRTXDQWLILFDGDVHGLItFHLVGHDFRPSDQKDUHFRQWURODU$JRUDLVVRPXGRX$H[LVWrQFLD GHPHWDVItVLFDVHYLWDTXHVHLQGX]DRFLGDGmRDSHQVDUTXHJDVWDUPDLVpQHFHVVDULDPHQWH PHOKRU $JRUD R LPSRUWDQWH p DFRPSDQKDU R SURGXWR ILQDO JHUDGR SHOR JDVWR S~EOLFR UHODWLYDPHQWHDRVHXFXVWR $LQWURGXomRGHPHWDVItVLFDVGHJDVWRWUDQVIHUHDTXHVWmRSDUDRQGHHODGHYHHVWDUDDSOLFDomR GHUHFXUVRVSDUDVROXFLRQDUXPSUREOHPD(QWmRVHR3UHIHLWRLGHQWLILFDtQGLFHVLQGHVHMiYHLV QDiUHDGHHGXFDomRSRUH[HPSORHVHXREMHWLYRpDOWHUDUHVVHVtQGLFHVGHYHFRQVWUXLUXP SURJUDPDSDUDUHVROYHUHVVHSUREOHPD(VVHSURJUDPDVHUiFRPSRVWRGHDo}HVDVVRFLDGDVD PHWDVItVLFDVFRQVWUXLUHVFRODVUHIRUPDUHVFRODVJHUDUYDJDVSDUDDOXQRVIRUQHFHU PDWHULDOGLGiWLFRSDUDDOXQRVIRUQHFHUPHUHQGDHVFRODUSDUDDOXQRV2VSURJUDPDV GR3ODQR3OXULDQXDOHODERUDGRQRSULPHLURDQRGRPDQGDWRGHYHPPDWHULDOL]DUDVSURPHVVDVGH FDPSDQKDHJXDUGDUFRQGLo}HVGHHTXLOtEULRILQDQFHLUR'HSRLVRVSURJUDPDVJDQKDPJHUHQWHV TXHVmRUHVSRQViYHLVSRUDVVHJXUDUUHVXOWDGRVHID]HUDYDOLDo}HVSHULyGLFDV2LGHDOpTXHVHSRVVD DYDOLDUVHRVtQGLFHVGHVHMDGRVIRUDPDWLQJLGRVLVWRpVHKRXYHHIHWLYLGDGHQRJDVWR 2SDVVRVHJXLQWHQRSURFHVVRRUoDPHQWiULRpDHODERUDomRGD/HLGH'LUHWUL]HV2UoDPHQWiULDV 2QGHKDYLDGLUHWUL]HVJHUDLVQmRTXDQWLILFDGDVHGLItFHLVGHDFRPSDQKDUHFRQWURODUD/5) LQRYRXDRLQWURGX]LUR$QH[RGH0HWDV)LVFDLVSDUDWUrVDQRVFRQWHQGRPHWDVSDUDUHFHLWD GHVSHVDUHVXOWDGRSULPiULRHQRPLQDOHGtYLGDS~EOLFD6HDWpHQWmRRUHVXOWDGRSULPiULRHUD FRPRTXHXPUHVtGXRGDSROtWLFDILVFDOFRPDDGRomRGRUHJLPHGHPHWDVSDVVRXDVHUR FRPSURPLVVRHPWRUQRGRTXDOHODVHHVWUXWXUDWHQGRHPYLVWDRREMHWLYRGHHVWDELOL]DUDGtYLGD S~EOLFD$SROtWLFDILVFDOGRPXQLFtSLRDGTXLULXXPPDSDGHY{RGHILQLGRSHODWUDMHWyULDGH UHVXOWDGRVSULPiULRVFRPSDWtYHLVFRPHVVHREMHWLYR 2HVWDEHOHFLPHQWRGHPHWDVILVFDLVpDFRPSDQKDGRGHPHGLGDVTXHSHUPLWHPXPDDYDOLDomR TXDOLWDWLYD$OpPGHDYDOLDUDH[HFXomRGDVPHWDVGRDQRDQWHULRUGHYHVHID]HUQD/HLGH 'LUHWUL]HV2UoDPHQWiULDVDXPDDYDOLDomRGDVLWXDomRILQDQFHLUDHDWXDULDOGDSUHYLGrQFLDH GHWRGRVRVIXQGRVS~EOLFRVEXPDQH[RTXHPRVWUHDRULJHPHDDSOLFDomRGRVUHFXUVRVGH SULYDWL]DomRWHQGRHPYLVWDTXHD/5)SURtEHDXWLOL]DomRGHUHFXUVRVGHSULYDWL]DomRSDUD ILQDQFLDUGHVSHVDVFRUUHQWHVH[FHWRTXDQGRGHVWLQDGDVDIRUPDUIXQGRVSDUDDSUHYLGrQFLDF XP$QH[RGH5LVFRV)LVFDLVTXHPRVWUHTXDLVVmRRVSDVVLYRVFRQWLQJHQWHVHRXWURVULVFRVTXH FRUUHDJHVWmRS~EOLFD 2WHUFHLURSDVVRpDHODERUDomRGRRUoDPHQWRTXHGHYHGHWDOKDUDVGHVSHVDVHDVIRQWHVGH UHFHLWDTXHDVILQDQFLDP8PIDWRUTXHKLVWRULFDPHQWHGLILFXOWRXRDMXVWHGDVFRQWDVS~EOLFDV IRLRLUUHDOLVPRGRRUoDPHQWRWDQWRQR([HFXWLYRFRPRQR/HJLVODWLYR$VVLPVHKiVXSHUHV WLPDomRGHUHFHLWDVSDUDSHUPLWLUHOHYDUGHVSHVDVRXVXEHVWLPDomRGDVGHVSHVDVHVSHFLDOPHQWH DTXHODVTXHQmRSRGHPVHUHYLWDGDVFRPRDVGHVSHVDVFRPSHVVRDOHEHQHItFLRVSUHYLGHQFLi ULRVPDLVWDUGHRFXPSULPHQWRGDVPHWDVGHPRQVWUDUiVHULQYLiYHO ([LJHVHDLQGDDDGRomRGHSUiWLFDVGHJHVWmRILVFDOWUDQVSDUHQWHGHPRGRTXHRFLGDGmR FRQWULEXLQWHHHOHLWRUSRVVDH[HUFHURFRQWUROHVRFLDOMiQRSURFHVVRRUoDPHQWiULR1HVWHVHQWLGR D/5)H[LJHTXHVHGLYXOJXHPGHPRQVWUDWLYRVVREUHUHQ~QFLDGHUHFHLWDVHFULDomRGHGHVSHVDV GHFDUiWHUFRQWLQXDGR 1RTXLQWRFDStWXORGHVWHOLYURDH[HFXomRRUoDPHQWiULDHILQDQFHLUDpDSUHVHQWDGDLQWHJUDQ GRVHDRSURFHVVRRUoDPHQWiULRHFRPRIRUPDGHDFRPSDQKDPHQWRJHUHQFLDOGRVUHVXOWDGRV $tYHUHPRVTXHD/5)SHUPLWHRDFRPSDQKDPHQWRGDVPHWDVQDH[HFXomRILQDQFHLUDSRUTXH REULJDDSXEOLFDomRGDVPHWDVGHDUUHFDGDomRELPHVWUDLVHGDSURJUDPDomRILQDQFHLUDPHQVDO SDUD R H[HUFtFLR 1HVVH VHQWLGR D /5) WDPEpP LPS}H R UHDOLVPR RUoDPHQWiULR GXUDQWH D H[HFXomRILQDQFHLUDSRUTXHVHPSUHTXHDH[HFXomRRUoDPHQWiULDHILQDQFHLUDSURMHWDGDSDUD RH[HUFtFLRLQGLFDUTXHDVPHWDVQmRVHUmRFXPSULGDVGHYHVHUUHDOL]DGRFRUWHQRVJDVWRV $QWHVGD/5)HVVHFRUWHFRQKHFLGRFRPRFRQWLQJHQFLDPHQWRHUDGLVFULFLRQiULRQRkPELWRGR ([HFXWLYR PDVQmR DWLQJLD RV3RGHUHV$SyVD/5)DUHJUDGHFRUWHGHYHUiVHUDTXHODTXH FRQVWDU GD /'2 SRGHQGR R FRUWH VHU OLQHDU RX HVWDEHOHFHU SHUFHQWXDLV GLIHUHQFLDGRV SDUD FXVWHLRHLQYHVWLPHQWRRXSURWHomRjViUHDVVRFLDLVSRUH[HPSOR25HODWyULR5HVXPLGRGH ([HFXomR2UoDPHQWiULDSXEOLFDGRDFDGDGRLVPHVHVVHUYHGHEDVHSDUDDGHFLVmRGHFRUWH SRUTXHSHUPLWHSURMHWDUDHYROXomRGDH[HFXomRILQDQFHLUDSDUDRILQDOGRH[HUFtFLR 2VH[WRFDStWXORGROLYURPRVWUDTXHRSURFHVVRRUoDPHQWiULRHVXDH[HFXomRDWpDTXLGLVFXWLGRV VHLQVHUHPQXPFRQWH[WRPDLRUQXPDRUGHPRUoDPHQWiULDHILQDQFHLUDHVWDEHOHFLGDSRUXP FRQMXQWRGHOHLVTXHSUHFLVDPVHUUHVSHLWDGDV1HVVHVHQWLGRRFDStWXORGLVFXWHDVUHJUDVSDUD D JHUDomR GH GHVSHVDV D SDUWLU GD FRPSUHHQVmR GH TXH H[LVWH XP FRQFHLWR GH ´GHVSHVD DXWRUL]DGDµ6mRGLVFXWLGRVWDPEpPRFRQFHLWRHRPHFDQLVPRGHFRPSHQVDomRSDUDGHVSHVDV GHGXUDomRFRQWLQXDGDHYiULRVDVSHFWRVLPSRUWDQWHVTXHGHYHPVHUFRQVLGHUDGRVQDJHUDomR GHGHVSHVDVDSUHVHUYDomRGRSDWULP{QLRS~EOLFRRFXPSULPHQWRGRVOLPLWHVPtQLPRVSDUD JDVWRV FRP HGXFDomR H VD~GH H DV UHJUDV GH ILQDO GH PDQGDWR $OpP GLVVR VmR DERUGDGRV DVSHFWRVGDVHSDUDomRHQWUHRS~EOLFRHRSULYDGRHVSHFLDOPHQWHQRTXHVHUHIHUHDVXEVtGLRV HVXEYHQo}HV $/5)HVWDEHOHFHUHJUDVOLPLWHVHGLYHUVRVPHFDQLVPRVGHFRUUHomRGHGHVYLRVFRPWUDMHWyULDV SUD]RVIRUPDVGHDGHTXDomRHSRU~OWLPRVDQo}HVLQVWLWXFLRQDLVHPFDVRGHGHVFXPSULPHQ WR1RVVpWLPRHRLWDYRFDStWXORVGROLYURUHVSHFWLYDPHQWHDSUHVHQWDPRVRVOLPLWHVSDUDSHVVRDO HGtYLGDTXHGHYHUmRVHUUHVSHLWDGRVSHORVPXQLFtSLRV'HYHPRVOHPEUDUTXHHPUHVSHLWRDR SULQFtSLRIHGHUDWLYRPDQWHYHVHRSURFHVVRRUoDPHQWiULRLQFOXVLYHDGHWHUPLQDomRGHPHWDV FRPRSUySULRGHFDGDHVWDGRHPXQLFtSLR$LQWHUDomRFRPRVOLPLWHVJHUDLVGD/5)GHSHVVRDO HGtYLGDSRUH[HPSORTXHVmRDSOLFiYHLVDWRGRVGiVHQDGHILQLomRGHVVHVQ~PHURVQDV/'2V H/2$V(VVDVOHLVGHYHPVHUHODERUDGDVGHPRGRDID]HUFXPSULURVOLPLWHVJHUDLV $/5)HVWDEHOHFHXOLPLWHVPi[LPRVSRU3RGHUSDUDDVGHVSHVDVGHSHVVRDOHPSHUFHQWXDOGD UHFHLWDFRUUHQWHOtTXLGD2VSUD]RVGHDMXVWHFRQWHPSODPGXDVVLWXDo}HVXPDUHJUDSHUPD QHQWHHXPDUHJUDWUDQVLWyULD3DUDDTXHOHVVHHVWDYDPDMXVWDGRVD/5)HVWDEHOHFHTXHFDVR YHQKDPDGHVDMXVWDUVHQRIXWXURGHYHUmRUHGX]LURH[FHGHQWHHPGRLVTXDGULPHVWUHVVHQGR QRSULPHLUR2VTXHMiHVWDYDPGHVDMXVWDGRVHPWrPGRLVH[HUFtFLRVSDUDUHGX]LUR H[FHGHQWHHVHQGRDPHWDGHQRSULPHLUR 2OLPLWHSUXGHQFLDOIRLIL[DGRHPGRPi[LPRHXPDYH]XOWUDSDVVDGRVmRDFLRQDGDV DOJXPDVPHGLGDVSUHYHQWLYDV)LFDPVXVSHQVDVDFRQFHVVmRGHQRYDVYDQWDJHQVRXDXPHQWR GHUHPXQHUDomRDFULDomRGHFDUJRVHQRYDVDGPLVV}HVHDFRQWUDWDomRGHKRUDH[WUD$OpP GLVVRXPDRXWUDGLVSRVLomRWUDQVLWyULDGHWHUPLQRXTXHSRUWUrVDQRVDFRQWDUGDYLJrQFLDGD /5)DGHVSHVDGHSHVVRDOGHFDGD3RGHUQmRSRGHUiH[FHGHUDGRH[HUFtFLRDQWHULRUPDLV HPSHUFHQWXDOGDUHFHLWDFRUUHQWHOtTXLGD 1RTXHWDQJHDRHQGLYLGDPHQWRD/5)GHWHUPLQDDLQGDTXHR6HQDGR)HGHUDOHVWDEHOHFHUi OLPLWHVGHHQGLYLGDPHQWRSDUDRVWUrVQtYHLVGHJRYHUQRSRUSURSRVWDGR3RGHU([HFXWLYR$ 5HVROXomRQºSUHYrTXHRVPXQLFtSLRVGHYHUmRFXPSULUXPDWUDMHWyULDGHUHGXomRGD GtYLGD j UD]mR GH DR DQR SHOR SHUtRGR GH DQRV DWp TXH VHMDP FXPSULGRV RV OLPLWHV UHVSHFWLYRV2SURGXWRGDVRSHUDo}HVGHFUpGLWRWDPEpPQmRSRGHXOWUDSDVVDURPRQWDQWHGDV GHVSHVDVGHFDSLWDOHPXPPHVPRH[HUFtFLRILQDQFHLUR´UHJUDGHRXURµ $OpP GH SURLELU R ILQDQFLDPHQWR GRV PXQLFtSLRV MXQWR DR %DQFR &HQWUDO D /5) SURtEH HPSUpVWLPRVGD8QLmRHGRV(VWDGRVDRVPXQLFtSLRVRTXHUHIRUoDRFDUiWHUGHILQLWLYRGR~OWLPR UHILQDQFLDPHQWRGDVGtYLGDVHVWDGXDLVHPXQLFLSDLV$OpPGLVVRRVJRYHUQRVWDPEpPILFDP LPSHGLGRVGHOHYDQWDUUHFXUVRVSRULQWHUPpGLRGDVHQWLGDGHVSRUHOHVFRQWURODGDVHGHDQWHFLSDU UHFHLWDVHPUHODomRDIDWRJHUDGRUQmRRFRUULGR $ /5) WDPEpP SURtEH RX FRtEH GLYHUVRV DEXVRV QD DGPLQLVWUDomR ILQDQFHLUD H SDWULPRQLDO SDUWLFXODUPHQWHQRTXHVHUHIHUHjDQWHFLSDomRGHUHFHLWDVRUoDPHQWiULDV²$52VjFRQFHVVmR GHJDUDQWLDVHjLQVFULomRHPUHVWRVDSDJDUHOHPHQWRVTXHHVWLYHUDPQDUDL]GDFULVHHVWDGXDO QDGpFDGDSDVVDGD1DFRQFHVVmRGHJDUDQWLDVSDVVRXVHDH[LJLUFRQWUDJDUDQWLDHPLJXDORX VXSHULRU YDORU H DGLPSOrQFLD H UHODomR DR JDUDQWLGRU 6H D GtYLGD WLYHU VLGR KRQUDGD SHOR *RYHUQR )HGHUDO RX (VWDGXDO ILFDUmR VXVSHQVRV RV DFHVVRV D QRYRV ILQDQFLDPHQWRV DWp D OLTXLGDomRGDGtYLGD1DV$52VHUHVWRVDSDJDUDSOLFDPVHUHJUDVGHILQDOGHPDQGDWR$VVLP QR~OWLPRDQRGHPDQGDWRDV$52VHVWmRSURLELGDVHRVSUHIHLWRVWDPEpPQmRSRGHUmRDVVXPLU FRPSURPLVVRV TXH UHVWHP D SDJDU SDUD R H[HUFtFLR VHJXLQWH D PHQRV TXH GHL[HP LJXDO GLVSRQLELOLGDGH GH FDL[D (P RXWUDV SDODYUDV SUHFLVDUmR ´GHL[DU D FDVD DUUXPDGDµ SDUD RV VXFHVVRUHV 1RQRQRFDStWXORGROLYURVmRGLVFXWLGDVDVPXGDQoDVGD/5)HPWHUPRVGHWUDQVSDUrQFLD FRQWUROHHVDQo}HV(PERUDXPFDStWXORGD/5)WHQKDVLGRFRQVDJUDGRjWUDQVSDUrQFLDSRGHVH GL]HUTXHHPWRGRRWH[WRDVUHJUDVDSDUHFHPFRQMXJDGDVDDOJXPWLSRGHUHODWyULRGHPRQV WUDWLYRRXDXGLrQFLDS~EOLFD2H[HPSORPDLVPDUFDQWHpR5HODWyULRGH*HVWmR)LVFDOTXH GHYHVHUSXEOLFDGRHPPHLRGHDPSORDFHVVRS~EOLFRLQFOXVLYHQDLQWHUQHWDFDGDTXDWUR PHVHVeDVVLQDGRSHORVFKHIHVGHFDGD3RGHUGHFDGDHQWHGDIHGHUDomRTXHQHOHGHYHP GL]HUVHHVWmRFXPSULQGRRVOLPLWHVTXHD/5)HVWDEHOHFHSDUDGtYLGDSHVVRDORSHUDo}HVGH FUpGLWRHJDUDQWLDV6HQmRHVWmRFXPSULQGRGHYHPH[SOLFDUSRUTXHTXDLVDVPHGLGDVDGRWDGDV HDDGRWDUSDUDTXHRVOLPLWHVYHQKDPDVHUFXPSULGRVHHPTXHWHPSRVHHVSHUDTXHVXUWDP HIHLWR (VVH SURFHGLPHQWR VH UHSHWH D FDGD TXDWUR PHVHV GH PRGR TXH ILFD GLItFLO SDUD R JRYHUQDQWHPHQWLURXDEVWHUVHGHGDUH[SOLFDo}HVHILFDIiFLOSDUDRFLGDGmRDFRPSDQKDUDV Do}HVGRJRYHUQR $/5)WDPEpPFRQWpPXPDVpULHGHGLVSRVLWLYRVTXHWUDWDPGDHVFULWXUDomRGDFRQVROLGDomR HGDSUHVWDomRGHFRQWDV'HWHUPLQDSRUH[HPSORTXHUHFHLWDVGHVSHVDVHGLVSRQLELOLGDGHV GDSUHYLGrQFLDVHMDPVHSDUDGDVGDVGR7HVRXUR0XQLFLSDOVHQGRSURLELGRRILQDQFLDPHQWRGR PXQLFtSLRFRPUHFXUVRVGDSUHYLGrQFLD7RGDD/5)VHUiREMHWRGHILVFDOL]DomRSHORV7ULEXQDLV GH &RQWDV PHPEURV GR /HJLVODWLYR H 0LQLVWpULR 3~EOLFR )LFD FODUR SRUpP TXH R 3UHIHLWR GHYHUiFRQVWLWXLUXPVLVWHPDGHFRQWUROHLQWHUQRSDUDDX[LOLiORQDWDUHIDGHLGHQWLILFDUGHVYLRV HLQGLFDUFRUUHo}HVGHUXPRWHQGRHPYLVWDRFXPSULPHQWRGD/5) $VVLPSRGHVHGL]HUTXHD/5)FULDXPVLVWHPDGHFRQWUROHLQVWLWXFLRQDOP~OWLSORTXHSHUPLWH TXHWRGRVRV3RGHUHVHVWHMDPVXMHLWRVLJXDOPHQWHDRFXPSULPHQWRGHUHJUDVHjILVFDOL]DomR +iSXQLo}HVLQVWLWXFLRQDLVTXHLQFOXHPVXVSHQVmRGHWUDQVIHUrQFLDVYROXQWiULDVGHRSHUDo}HV GHFUpGLWRHGHJDUDQWLDVHSHVVRDLVTXHLQFOXHPSHUGDGHFDUJRLQDELOLWDomRSDUDH[HUFtFLR GHIXQomRS~EOLFDSULVmRHPXOWD(VWDV~OWLPDVLQWHJUDPD/HLFRQKHFLGDFRPR/HL GH&ULPHV)LVFDLV7RGRFLGDGmRpSDUWHOHJtWLPDSDUDGHQXQFLDUHDVSXQLo}HVHPYiULRVFDVRV VHDSOLFDPSRUDomRRXRPLVVmR 1RGpFLPRFDStWXORGROLYURSRUILPDSUHVHQWDPRVXPDFROHWkQHDGDOHJLVODomRTXHSRGHUi VHU~WLOSDUDFRQVXOWDDRORQJRGR3URJUDPD1DFLRQDOGH7UHLQDPHQWR 2352*5$0$1$&,21$/'(75(,1$0(172 (PLQLFLDWLYDLQpGLWDR*RYHUQR)HGHUDOSUHRFXSRXVHFRPDLPSOHPHQWDomRGD/5)$OpP GRVHVIRUoRVSDUDUiSLGDUHJXODPHQWDomRWHYHLQtFLRHQWmRXPLQWHQVRSURFHVVRGHLPSOH PHQWDomRGD/5)RTXDOLQFOXLXSXEOLFDomRGHYiULRVOLYURVFRPGLVWULEXLomRJUDWXLWDSDOHVWUDV HPPDLVGHHYHQWRVHPWRGRR%UDVLOWUHLQDPHQWRGHIXQFLRQiULRVS~EOLFRVDGLVWkQFLDH SUHVHQFLDO GLYXOJDomR PDFLoD QD LQWHUQHW H HP YiULDV WHOHFRQIHUrQFLDV FUpGLWR DSRLR j LQIRUPDWL]DomRHVHQVLELOL]DomRGDPtGLDQRTXHVHWRUQRXYHUGDGHLUDFDPSDQKDQDFLRQDOSHOD PXGDQoDGHXPDFXOWXUD 2 3URJUDPD 1DFLRQDO GH 7UHLQDPHQWR GD /HL GH 5HVSRQVDELOLGDGH )LVFDO LQVHUHVH QHVVH FRQMXQWRGHLQLFLDWLYDV(PSDUFHULDFRP*RYHUQRV(VWDGXDLV(VFRODVGH*RYHUQR7ULEXQDLV GH&RQWDV$VVRFLDo}HVGH0XQLFtSLRV&RQVHOKRV3URILVVLRQDLV%DQFR1DFLRQDOGH'HVHQYRO YLPHQWR(FRQ{PLFRH6RFLDO²%1'(6%DQFRGR1RUGHVWHH&DL[D(FRQ{PLFD)HGHUDOVHUi RIHUHFLGRJUDWXLWDPHQWHDWRGRVRVPXQLFtSLRVGR3DtVXPFXUVRGHTXDWURGLDVQDPRGDOLGDGH SUHVHQFLDOHPFDSLWDLVRXJUDQGHVFLGDGHV6mRGXDVDWUrVYDJDVSRUPXQLFtSLRRTXHQRV LQGLFDXPQ~PHURHVWLPDGRGHWpFQLFRVTXHVHUmRWUHLQDGRV (VWHOLYURGHVFUHYHDOJXQVGRVSURFHGLPHQWRVTXHGHYHPVHUDGRWDGRVSHODVDGPLQLVWUDo}HV PXQLFLSDLVSDUDFXPSULPHQWRGD/5)QRWDGDPHQWHSHORVWpFQLFRVGDViUHDVGHSODQHMDPHQWR RUoDPHQWRWHVRXUDULDDGPLQLVWUDomRGHSHVVRDOFRQWDELOLGDGHHFRQWURODGRULD2REMHWLYRIRL HODERUDUPDWHULDOGLGiWLFRSDUDR3URJUDPD1DFLRQDOGH7UHLQDPHQWRFRPrQIDVHHPDVSHFWRV SUiWLFRVHRSHUDFLRQDLVGDDGPLQLVWUDomRS~EOLFD (PYLUWXGHGRFDUiWHUQDFLRQDOHDSOLFDGRGDLQLFLDWLYDWRGRVRVDXWRUHVGROLYURVmRWpFQLFRV TXHWrPRXWLYHUDPH[SHULrQFLDQDVUHVSHFWLYDViUHDVQR*RYHUQR)HGHUDO2FRQWH~GRGROLYUR HVWiEDVHDGRQDOHJLVODomRDSOLFiYHODILQDQoDVS~EOLFDVHWDPEpPQDH[SHULrQFLDFRQFUHWD GRV WpFQLFRV GR *RYHUQR )HGHUDO TXH UHFRPHQGDP GHWHUPLQDGDV SUiWLFDV 3RGHUmR VHU HGLWDGRVSHORV7ULEXQDLVGH&RQWDVVXSOHPHQWRVORFDLVTXHDSUHVHQWHPRULHQWDo}HVSDUWLFX ODUHV UHIOHWLQGR GLVFRUGkQFLDV TXDQWR j LQWHUSUHWDomR MXUtGLFD GH GLVSRVLWLYRV GD /5) RX H[LJrQFLDVHVSHFtILFDVGHVVHVyUJmRV &DStWXOR (/$%25$1'223/$12 3/85,$18$/081,&,3$/ 0iUFLR%DVWRV0HGHLURV *UDGXDGR HP &LrQFLDV 1DYDLV FRP HVSHFLDOL]DomR HP $GPLQLVWUDomR SHOR &HQWUR GH ,QVWUXomR $OPLUDQWH :DQGHQNRON ² 0DULQKD GR %UDVLO $QDOLVWD GH 3ODQHMDPHQWR H 2UoDPHQWR GD 6HFUHWDULD GH 3ODQHMDPHQWR H ,QYHVWLPHQWRV (VWUDWpJLFRV ² 03 RQGH H[HUFH D IXQomR GH *HUHQWH GH 3URJUDPDV SDUWLFLSRX GD HODERUDomR GR 33$ PDUFLRPHGHLURV#SODQHMDPHQWRJRYEU &RODERUDGRUHV $QGUp $UWXU 3RPSpLD &DYDOFDQWL H 0DXUtFLR &DUQHLUR GH $OEXTXHUTXH ,1752'8d®2 2SODQHMDPHQWRpEDVHSDUDDJHVWmRILVFDOUHVSRQViYHO2JRYHUQDQWHTXHSUHWHQGHUJDUDQWLU XPIXWXURPDLVWUDQTLORSDUDVHXSRYRGHYHUiEXVFDURHTXLOtEULRGDVFRQWDVS~EOLFDVQXPD VHTrQFLDGHSHUtRGRV(VVHpRSULQFtSLREiVLFRGD/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)QmR JDVWDUPDLVGRTXHVHDUUHFDGDHYLWDQGRFRPSURPHWHURVRUoDPHQWRVGRVSUy[LPRVH[HUFtFLRV 2SODQHMDPHQWRHODERUDGRHPEDVHVVyOLGDVFRPSDWtYHOFRPDFDSDFLGDGHGHUHDOL]DomRGD GHVSHVD H DGHTXDGR j VROXomR GRV SUREOHPDV HQIUHQWDGRV SHOR PXQLFtSLR FRQWULEXL SDUD PHOKRUDUDTXDOLGDGHGRJDVWRS~EOLFR'DPHVPDIRUPDXPDDORFDomRDGHTXDGDHHVWUDWpJLFD GH UHFXUVRV SHUPLWH R GHVHQYROYLPHQWR VXVWHQWiYHO GR PXQLFtSLR PHVPR HP WHPSRV GH DMXVWHVILVFDLVVLJQLILFDWLYRV 23ODQR3OXULDQXDO²33$pRLQVWUXPHQWRGHSODQHMDPHQWRHVWUDWpJLFRGDVDo}HVGR*RYHUQR SDUDXPSHUtRGRGHTXDWURDQRV233$YLVDH[SUHVVDUFRPFODUH]DRVUHVXOWDGRVSUHWHQGLGRV SHORJRYHUQDQWHTXHRHODERUDHGHYHHVWDUFRPSURPHWLGRFRPRGHVHQYROYLPHQWRVXVWHQWiYHO HFRPDHYROXomRGDVHVWUXWXUDVGHJHUHQFLDPHQWRGRVyUJmRVGDDGPLQLVWUDomRPXQLFLSDO 3RUPHLRGHVHXDFRPSDQKDPHQWRHDYDOLDomRWRUQDVHSRVVtYHODYHULILFDomRGDHIHWLYLGDGH DOFDQFHGRVUHVXOWDGRVHVSHUDGRVQDH[HFXomRGHVHXVSURJUDPDVHDUHYLVmRGRVREMHWLYRVH PHWDVGHILQLGDVQRSODQHMDPHQWRLQLFLDOTXHSRUYHQWXUDVHPRVWUHPQHFHVViULRV %DVH/HJDO 233$RULHQWDDHODERUDomRGDV/HLVGH'LUHWUL]HV2UoDPHQWiULDV²/'2VHGDV/HLV2UoDPHQ WiULDV$QXDLV²/2$VFRQIRUPHHVWDEHOHFLGRSHOD&RQVWLWXLomR)HGHUDOHPDLVUHFHQWHPHQWH SHOD/5)FRQIHULQGROKHDSOXULDQXDOLGDGH $&RQVWLWXLomR)HGHUDOSUHYrHPVHXDUWTXH ´$UW/HLVGHLQLFLDWLYDGR3RGHU([HFXWLYRHVWDEHOHFHUmR ,²RSODQRSOXULDQXDO ,,²DVGLUHWUL]HVRUoDPHQWiULDV ,,,²RVRUoDPHQWRVDQXDLV ² $ OHL TXH LQVWLWXLU R SODQR SOXULDQXDO HVWDEHOHFHUi GH IRUPD UHJLRQDOL]DGD DV GLUHWUL]HVREMHWLYRVHPHWDVGDDGPLQLVWUDomRS~EOLFDIHGHUDOSDUDDVGHVSHVDVGHFDSLWDO HRXWUDVGHODVGHFRUUHQWHVHSDUDDVUHODWLYDVDRVSURJUDPDVGHGXUDomRFRQWLQXDGDµ 'HVHQYROYLPHQWR VXVWHQWiYHO SRGH VHU HQWHQGLGR FRPR XP FRQMXQWR GH Do}HV HPSUHHQGLGDV FRP R REMHWLYR GH GHVHQYROYHU FRQWLQXDPHQWH 3URFHVVR GH DQiOLVH GH RSRUWXQLGDGHV H DPHDoDV H GH SRWHQFLDOLGDGHV H YXOQHUDELOLGDGHV YLVDQGR D EXVFD GH XPD VROXomR SDUD D GHILQLomR H FRP TXDOLGDGH XPD GHWHUPLQDGD UHJLmR GH REMHWLYRV DSURSULDGRV DR DMXVWDPHQWR GDV RUJDQL]Do}HV jV FRQGLo}HV DPELHQWDLV GH PXGDQoD -iD/HLGH5HVSRQVDELOLGDGH)LVFDO/HL&RPSOHPHQWDUGHUHIRUoDYtQFXORV HVSHFtILFRVGHLQWHJUDomRGR33$FRPDV/'2VH/2$VDUWLJRVH ´$UW2SURMHWRGHOHLRUoDPHQWiULDDQXDOHODERUDGRGHIRUPDFRPSDWtYHOFRPRSODQR SOXULDQXDOFRPDOHLGHGLUHWUL]HVRUoDPHQWiULDVHFRPDVQRUPDVGHVWD/HL&RPSOHPHQWDµ ´$UW$FULDomRH[SDQVmRRXDSHUIHLoRDPHQWRGHDomRJRYHUQDPHQWDOTXHDFDUUHWH DXPHQWRGDGHVSHVDVHUiDFRPSDQKDGRGH ,,²GHFODUDomRGRRUGHQDGRUGDGHVSHVDGHTXHRDXPHQWRWHPDGHTXDomRRUoDPHQWiULD HILQDQFHLUDFRPDOHLRUoDPHQWiULDDQXDOHFRPSDWLELOLGDGHFRPRSODQRSOXULDQXDOHFRP DOHLGHGLUHWUL]HVRUoDPHQWiULDVµ $RH[LJLUTXHWRGDDFULDomRGHGHVSHVDVHMDDFRPSDQKDGDGHGHFODUDomRPRVWUDQGRD FRPSDWLELOLGDGHFRPRSODQRSOXULDQXDORDUWGD/5)WRUQDREULJDWyULDDVXD HODERUDomRHPWRGRVRVPXQLFtSLRV(VVDpXPDPXGDQoDLQWURGX]LGDSHOD/5) ,PSRUWDQWH YHULILFDU DLQGD D H[LVWrQFLD GH SUHYLV}HV D UHVSHLWR GH 3ODQR 3OXULDQXDO QD /HL 2UJkQLFDGRPXQLFtSLR $RyUJmRPXQLFLSDOGHSODQHMDPHQWRFRPSHWHDFRRUGHQDomRGRVWUDEDOKRVGH HODERUDomRGR33$SURPRYHQGRDDPSODSDUWLFLSDomRGRyUJmRPXQLFLSDOUHVSRQViYHO SHODHODERUDomRGDV/'2VH/2$VJDUDQWLQGRVHGHVWDIRUPDDLQWHJUDomRGHVHMDGD 2EMHWLYRVGR3ODQR3OXULDQXDO &RQVWLWXHPREMHWLYRVGR33$ • 2UJDQL]DomRSRU3URJUDPDV2UJDQL]DUHPSURJUDPDVWRGDVDVDo}HVGHVHQYROYLGDV SHOD3UHIHLWXUDDVVHJXUDQGRRDOLQKDPHQWRGHVWHVFRPD2ULHQWDomR(VWUDWpJLFDGR 3UHIHLWR H FRP DV SUHYLV}HV GH UHFXUVRV SRU iUHD H 'HVHQYROYHU H DSULPRUDU R SODQHMDPHQWRRUoDPHQWRHJHVWmRSRUSURJUDPDVHPWRGRVRVyUJmRVGDDGPLQLVWUDomR PXQLFLSDO • 7UDQVSDUrQFLD7RUQDUS~EOLFDVDVLQIRUPDo}HVUHIHUHQWHVjH[HFXomRGRVSURJUDPDV GH*RYHUQRSRVVLELOLWDQGRPDLRUHPHOKRUFRQWUROHTXDQWRjDSOLFDomRGRVUHFXUVRV S~EOLFRV H DRV UHVXOWDGRV REWLGRV H SRVVLELOLWDU XPD SDUWLFLSDomR PDLV HIHWLYD GD VRFLHGDGHQRSURFHVVRDORFDWLYR • 3DUFHULDV(VWLPXODUDSDUWLFLSDomRGHRXWUDVHVIHUDVGHJRYHUQRHGDLQLFLDWLYDSULYDGD FRPRIRQWHVDOWHUQDWLYDVDRILQDQFLDPHQWRGRVSURJUDPDV • *HUHQFLDPHQWR 'RWDU RV DGPLQLVWUDGRUHV S~EOLFRV GH XP VLVWHPD JHUHQFLDO HV WUXWXUDGR H DWXDOL]DGR YLVDQGR IDFLOLWDU D WRPDGD GH GHFLV}HV FRUULJLU GHVYLRV H GLUHFLRQDU D DSOLFDomR GH UHFXUVRV SDUD R DOFDQFH GRV UHVXOWDGRV SUHWHQGLGRV H GHVHQYROYHUDDGPLQLVWUDomRPXQLFLSDOGHIRUPDDPHOKRUGHILQLUUHVSRQVDELOLGDGHV GLIXQGLUDFRQVFLHQWL]DomRGHFXVWRVDPHOKRULDFRQWtQXDGDTXDOLGDGHHVREUHWXGR RFRPSURPHWLPHQWRFRPUHVXOWDGRV • $YDOLDomR&ULDUFRQGLo}HVSDUDDYDOLDomRHPHQVXUDomRGRVLQGLFDGRUHVHGRVHIHLWRV GHVWHVVREUHDUHDOLGDGHPXQLFLSDOHDSDUWLUGDDYDOLDomRDQXDOGR33$FRPSDWLELOL]DU DDORFDomRGHUHFXUVRVRUoDPHQWiULRVFRPDFDSDFLGDGHGHH[HFXomRHJHUDomRGH UHVXOWDGRVGRVSURJUDPDV )DWRUHV&UtWLFRVGH6XFHVVR 233$HVWUXWXUDGRHPSURJUDPDVHRULHQWDGRDUHVXOWDGRVQmRGHYHVHUGHILQLGRDSHQDVFRPR XPGRFXPHQWRIRUPDOSDUDFXPSULPHQWRGHREULJDo}HVOHJDLV6HXVFRPSRQHQWHVFRQVWLWXHP HPSRGHURVRLQVWUXPHQWRGHJHVWmRTXHSRGHUiVHUXWLOL]DGRQDRWLPL]DomRGDDSOLFDomRGRV UHFXUVRVGLVSRQtYHLV &RQVWLWXHPIDWRUHVFUtWLFRVGHVXFHVVRQDHODERUDomRLPSODQWDomRHH[HFXomRGR33$FRPR LQVWUXPHQWRGHJHVWmR RUJDQL]DomR HP SURJUDPDV ² Do}HV HVWUXWXUDV H SHVVRDV DUWLFXODGDV H PRWLYDGDV j VROXomRGHXPSUREOHPDRXDRDWHQGLPHQWRGHXPDGHPDQGDGDVRFLHGDGH SURJUDPDVFRPSDWtYHLVFRPD2ULHQWDomR(VWUDWpJLFDGR3UHIHLWR REMHWLYRVFRHUHQWHVFRPDFDSDFLGDGHHGLVSRQLELOLGDGHGHUHFXUVRVDGPLQLVWUDWLYRVH ILQDQFHLURVGHFDGDyUJmRVHWRULDO SDUWLFLSDomRGHWRGDHVWUXWXUDGDDGPLQLVWUDomRPXQLFLSDOQDHODERUDomRGRVSURJUD PDVVREFRRUGHQDomRGRyUJmRFHQWUDOGHSODQHMDPHQWRGHPRGRDJDUDQWLUTXHR33$ VHMDXPSURGXWRGRJRYHUQRHQmRGHGHWHUPLQDGD6HFUHWDULD LQWHJUDomRGDV/'2V/2$VHVXDVUHVSHFWLYDVH[HFXo}HVRUoDPHQWiULDVHILQDQFHLUDV FRPR33$ DWXDOL]DomR GR 33$ D SDUWLU GD DYDOLDomR DQXDO GD H[HFXomR GH VHXV SURJUDPDV JDUDQWLQGRDWXDOLGDGHHFRQVLVWrQFLDFRPDUHDOLGDGHYLYLGDSHORPXQLFtSLR HVWLPXODomRGHSDUFHULDVFRPRXWUDVHVIHUDVGHJRYHUQRHLQLFLDWLYDSULYDGDQDEXVFD SRUIRQWHVDOWHUQDWLYDVGHUHFXUVRV GLYXOJDomRGDDSOLFDomRGRVUHFXUVRVHGRVUHVXOWDGRVREWLGRVSURSRUFLRQDQGRSXEOL FLGDGHWUDQVSDUrQFLDHSDUWLFLSDomRSRSXODU GHILQLomRFODUDGHUHVSRQVDELOLGDGHVDWUDYpVGDLQGLFDomRGHXPJHUHQWHSRUSURJUDPD 'HVVDIRUPDR33$TXHWHPSRUREMHWLYRRWLPL]DUDH[HFXomRGDVDo}HVGH*RYHUQRGHPRGR DJHUDURPi[LPRGHUHVXOWDGRVSRVLWLYRVVREUHDVRFLHGDGHDSDUWLUGDDSOLFDomRGRVUHFXUVRV GLVSRQtYHLVVHFRQILJXUDFRPRXPLQVWUXPHQWRTXHSHUPHLDRVGLYHUVRVVHWRUHVGDDGPLQLV WUDomRPXQLFLSDO1HVVHVHQWLGREXVFDVHSURPRYHUHPFDGDyUJmRVHWRULDORGHVHQYROYLPHQWR HDSULPRUDPHQWRGRSODQHMDPHQWRHVWUDWpJLFRGHPDQHLUDDDMXVWDURVUHVXOWDGRVDOPHMDGRV DRVUHFXUVRVGLVSRQtYHLVHjHIHWLYDFDSDFLGDGHGHH[HFXomRGRJHVWRU (/$%25$d®2'23/$123/85,$18$/ $EDVHOHJDOSDUDRSODQHMDPHQWRDXWRUL]DRHQWHS~EOLFR0XQLFtSLR(VWDGR')RX8QLmRD DGRWDUVHXSUySULRPRGHORGH33$GHVGHTXHFXPSULGRVRVUHTXLVLWRVPtQLPRVDSUHVHQWDGRV QRLWHP $PHWRGRORJLDTXHVHUiDTXLDSUHVHQWDGDEDVHRXVHQRPRGHORDGRWDGRSHOR*RYHUQR)HGHUDO QDHODERUDomRGR33$&RPRLQWXLWRGHIL[DUFRQFHLWRVHIDFLOLWDURHQWHQGLPHQWR WHRULDHH[HPSORVVHUmRDSUHVHQWDGRVGHIRUPDVLPXOWkQHD &RQWH~GRGR3ODQR3OXULDQXDO 233$FRPS}HVHEDVLFDPHQWHGHGRLVJUDQGHVPyGXORV6mRHOHV • D%DVH(VWUDWpJLFDH • RV3URJUDPDV $%DVH(VWUDWpJLFDFRPSUHHQGH • DQiOLVHGDVLWXDomRHFRQ{PLFDHVRFLDOGRPXQLFtSLR • GLUHWUL]HVREMHWLYRVHSULRULGDGHVHVWDEHOHFLGDVSHOR3UHIHLWR • SUHYLVmRGRVUHFXUVRVRUoDPHQWiULRVHVXDGLVWULEXLomRHQWUHRVVHWRUHVHRXHQWUHRV SURJUDPDV • GLUHWUL]HVREMHWLYRVHSULRULGDGHVGRVyUJmRVVHWRULDLVFRPSDWtYHLVFRPDRULHQWDomR HVWUDWpJLFDGR3UHIHLWR 2V3URJUDPDVFRPSUHHQGHP • DGHILQLomRGRVSUREOHPDVTXHVHWHPSRUREMHWLYRVROXFLRQDU • R FRQMXQWR GH Do}HV TXH GHYHUmR VHU HPSUHHQGLGDV SDUD DWLQJLU RV REMHWLYRV HV WDEHOHFLGRV (WDSDVGH(ODERUDomRGR3ODQR3OXULDQXDO $FRQFHSomRFRQIHFomRHLPSODQWDomRGR33$FRPSUHHQGHPDVVHJXLQWHVHWDSDV GHILQLomRGDPHWRGRORJLDGHHODERUDomRHHVWUXWXUDomRGR3ODQR DGHTXDomRGRyUJmRFRRUGHQDGRUjDWLYLGDGHGHHODERUDomRGR33$ GHVHQYROYLPHQWRGHVLVWHPDGHHODERUDomRGR33$ GHILQLomRGDVGLUHWUL]HVGR*RYHUQR GHILQLomRHVHIRURFDVRFRQWUDWDomRGRWUHLQDPHQWRHPSODQHMDPHQWRHVWUDWpJLFRH HODERUDomRHH[HFXomRGR33$ WUHLQDPHQWRGRVGLULJHQWHVGR*RYHUQR0XQLFLSDOHPSODQHMDPHQWRHVWUDWpJLFRYROWDGR jHODERUDomRHH[HFXomRGR33$ SURGXomR GD %DVH (VWUDWpJLFD GR 33$ H GHILQLomR GDV GLVSRQLELOLGDGHV GH UHFXUVRV RUoDPHQWiULRVSUHYLVWDVSDUDRTXDGULrQLR WUHLQDPHQWRHPSODQHMDPHQWRHVWUDWpJLFRYROWDGRjHODERUDomRHH[HFXomRGR3ODQR 3OXULDQXDO GLULJLGR DRV WpFQLFRV GD 3UHIHLWXUD UHVSRQViYHLV SHOR SODQHMDPHQWR H SHOD HODERUDomRGRVRUoDPHQWRV HODERUDomRGRVSURJUDPDVGR33$SHORVyUJmRVVHWRULDLV DQiOLVHGDFRQVLVWrQFLDHGDYLDELOLGDGHItVLFDHILQDQFHLUDGDSURJUDPDomRVHWRULDO HODERUDGDSDUDFRQVROLGDomRGR3ODQR FRQVROLGDomRGR33$ HQFDPLQKDPHQWRGR3ODQRj&kPDUD0XQLFLSDOSDUDDSURYDomR H[HFXomRHDFRPSDQKDPHQWRGR33$ 1 - Definição da metodologia 2 - Adequação do Órgão Coordenador 4 - Definição de Diretrizes Governamentais 3 - Desenvolvimento de Sistema p/ PPA 5 - Definição / Contratação Treinamento de Pessoal 7 - Produção da Base Estratégica 6 - Treinamento Dirigentes 8 - Treinamento de Técnicos 9 - Elaboração de Programas 10 - Análise da Consistência 11 - Consolidação do PPA 13 - Execução / Acompanhamento do PPA 12 - Encaminhamento ao Legislativo %DVH(VWUDWpJLFD $EDVHHVWUDWpJLFDGRSODQRFRQVWLWXLVHGH $QiOLVHGDVLWXDomRHFRQ{PLFDHVRFLDOGR0XQLFtSLR $ DQiOLVH GD VLWXDomR HFRQ{PLFD H VRFLDO DWXDO VHUYH GH UHIHUrQFLD SDUD D GHILQLomR GDV SRVVLELOLGDGHVTXDQWRDRDOFDQFHGRFHQiULRDOPHMDGR &HQiULRDOPHMDGR²2FHQiULRLGHDOL]DGRSDUDRIXWXURGRPXQLFtSLR'HILQLUiDVDo}HVDVHUHP H[HFXWDGDVSDUDWUDQVIRUPDUDUHDOLGDGHVRFLDOHHFRQ{PLFDDQDOLVDGD3RWHQFLDOLGDGHVRSRU WXQLGDGHVYDQWDJHQVWHQGrQFLDVHREVWiFXORVVHUmRHVWUDWHJLFDPHQWHDYDOLDGRVHRUJDQL]DGRV FRPYLVWDVDRDOFDQFHGRVUHVXOWDGRVSUHWHQGLGRV 'LUHWUL]HV2EMHWLYRVH3ULRULGDGHV(VWDEHOHFLGDVSHOR3UHIHLWR 2 3UHIHLWR GR PXQLFtSLR GHILQLUi DV GLUHWUL]HV H SULRULGDGHV GR VHX *RYHUQR D SDUWLU GD HVWUXWXUDomR GR SURJUDPD GH *RYHUQR GLYXOJDGR QD FDPSDQKD HOHLWRUDO HP REMHWLYRV H GLUHWUL]HV $ 2ULHQWDomR (VWUDWpJLFD GHYH VHU VHOHWLYD QmR GHYH EXVFDU VROXFLRQDU WRGRV RV SUREOHPDVGRPXQLFtSLRPDVDTXHOHVVREUHRVTXDLVR*RYHUQRWHPFDSDFLGDGHGHDWXDomR SDUDPLQLPL]i"ORVRXH[WLQJXL"ORV 3UHYLVmRGRV5HFXUVRV2UoDPHQWiULRVHVXDGLVWULEXLomRHQWUHRVVHWRUHVHRXHQWUHRV SURJUDPDV $ FRQVLVWrQFLD GR 33$ UHVLGH QD FRPSDWLELOLGDGH GDV PHWDV HVWDEHOHFLGDV FRP RV UHFXUVRV HIHWLYDPHQWHGLVSRQLELOL]DGRVSDUDH[HFXWiODV([LJHDVVLPRFRQKHFLPHQWRDFXUDGRGRFXVWR GDVUHDOL]Do}HVDTXHVHSURS}H1RFDVRGRVPXQLFtSLRVDVWUDQVIHUrQFLDVGHUHFXUVRVGRV JRYHUQRV IHGHUDO HRX HVWDGXDO VmR UHOHYDQWHV HGHYHP VHU FRQVLGHUDGDV QD SUHYLVmR DVVLP FRPRFRQYrQLRVMiHVWDEHOHFLGRVRXTXHHVWHMDPHPYLDVGHVHUHPFHOHEUDGRV 'LUHWUL]HV2EMHWLYRVH3ULRULGDGHVGRVÐUJmRV6HWRULDLV&RPSDWtYHLVFRPD2ULHQWDomR (VWUDWpJLFDGR3UHIHLWR &DEHUiDRVDGPLQLVWUDGRUHVGRVyUJmRVVHWRULDLVYLDELOL]DURDWHQGLPHQWRGDVSULRULGDGHVHPHWDV HVWDEHOHFLGDV SHOR *RYHUQR DMXVWDQGRDV DRV UHFXUVRV SUHYLVWRV SDUD R 6HWRU j FDSDFLGDGH GH H[HFXomRjVXDYLVmRGHIXWXURHDRVGHVDILRVHPVXDiUHDGHDWXDomR$GHILQLomRGHREMHWLYRVVHWRULDLV pYLWDOSDUDDFRQILJXUDomRGRVSURJUDPDVGHDFRUGRFRPDV2ULHQWDo}HV(VWUDWpJLFDVGR3UHIHLWR 26352*5$0$6 ,QWURGXomR 3URJUDPDpXPFRQMXQWRDUWLFXODGRGHDo}HVSURMHWRVDWLYLGDGHVRSHUDo}HVHVSHFLDLVHRXWUDV Do}HVHVWUXWXUDVHSHVVRDV PRWLYDGDVDRDOFDQFHGHXPREMHWLYRFRPXP(VWHREMHWLYRp $o}HV TXH FRQWULEXHP SDUD D FRQVHFXomR GR REMHWLYR GR SURJUDPD H QmR GHPDQGDP UHFXUVRV RUoDPHQWiULRV FRQFUHWL]DGR QXP UHVXOWDGR VROXomR GH XP SUREOHPD RX DWHQGLPHQWR GH GHPDQGD GD VRFLHGDGH H[SUHVVR SHOD HYROXomR GH LQGLFDGRUHV QR SHUtRGR GH H[HFXomR GR SURJUDPD SRVVLELOLWDQGRVHDVVLPDDYDOLDomRREMHWLYDGDDWXDomRGR*RYHUQR 2UHRUGHQDPHQWRGDVDo}HVGR*RYHUQRVREDIRUPDGHSURJUDPDVWHPSRUREMHWLYRGDUPDLRU YLVLELOLGDGHDRVUHVXOWDGRVHEHQHItFLRVJHUDGRVSDUDDVRFLHGDGHJDUDQWLQGRREMHWLYLGDGHH WUDQVSDUrQFLDjDSOLFDomRGRVUHFXUVRVS~EOLFRVVDo}HVTXHFRPS}HPRSURJUDPDHVWmR DVVRFLDGRV RV SURGXWRV EHQV RX VHUYLoRV UHVXOWDQWHV GD H[HFXomR GHVWDV TXDQWLILFDGRV QR WHPSRSRUPHWDV 2V SURJUDPDV LQVWLWXtGRV SHOR 33$ VmR RV HOHPHQWRV LQWHJUDGRUHV GR SODQHMDPHQWR GR RUoDPHQWRHGDJHVWmRHVHH[SUHVVDPQRVVHJXLQWHVLQVWUXPHQWRVOHJDLV • 3ODQR3OXULDQXDO²33$ • /HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2 • /HL2UoDPHQWiULD$QXDO²/2$ $3RUWDULDGHGR0LQLVWpULRGR3ODQHMDPHQWR2UoDPHQWRH*HVWmRHVWDEHOHFHX QRYRV FULWpULRV SDUD D FODVVLILFDomR IXQFLRQDO HVWDEHOHFLGD SHOD /HL GH 9LVD IRUWDOHFHURPRGHORJHUHQFLDOGHDGPLQLVWUDomRH[LJLQGRDRUJDQL]DomRGDDomRJRYHUQDPHQWDOHP SURJUDPDVHQIDWL]DQGRGHVVDIRUPDRVUHVXOWDGRVSUHWHQGLGRVRXHVSHUDGRV &RQVWLWXLomRGRV3URJUDPDV $ILJXUDDFLPDLOXVWUDFRPRSRGHVHUGHILQLGRRSURFHVVRGHHODERUDomRGHXPSURJUDPD (P SULPHLUR OXJDU GHYHVH LGHQWLILFDU XP SUREOHPD RX GHPDQGD MXQWR j VRFLHGDGH e LPSRUWDQWHTXHRSUREOHPDVHMDLGHQWLILFDGRQDVRFLHGDGHHQmRQRLQWHULRUGRVyUJmRVGD SUHIHLWXUDRXVHMDQmRVHGHYHSDUWLUGDVHVWUXWXUDVHEXVFDUSUREOHPDVSDUDMXVWLILFiODV 8PD YH] GHILQLGR R SUREOHPD SRGHVH ILOWUDU TXDO SDUFHOD GD VRFLHGDGH ´VRIUHµ GDTXHOH SUREOHPDHHQWmRWHUHPRVGHILQLGRRS~EOLFRDOYRGDDWXDomRGRIXWXURSURJUDPD ,GHQWLILFDGRRSUREOHPDVXDVROXomRVHUiWUDGX]LGDQRREMHWLYRGRQRYRSURJUDPD2SUy[LPR SDVVRVHULDHQWmRHVWDEHOHFHUXPDIRUPDGHPHGLUTXDQWRVHDYDQoDQD´VROXomRµGRSUREOHPD HPGHWHUPLQDGRHVSDoRGHWHPSRHFRPRLVVRVHUiPHGLGR(VWDULDLGHQWLILFDGRRLQGLFDGRU RXRFRQMXQWRGHLQGLFDGRUHVGRSURJUDPDEHPFRPRVHXtQGLFHPDLVUHFHQWHRXDLQWHQVLGDGH GRSUREOHPD 7RPDQGRVH SRU EDVH R SUREOHPD LGHQWLILFDGR GHYHVH EXVFDU VXDV FDXVDV H GHVHQYROYHU LQLFLDWLYDVTXHSRVVDPFRPEDWrODVUHGX]LODVRXHOLPLQiODV7HPVHHQWmRRFRQMXQWRGH Do}HV TXH LUmR FRPSRU R SURJUDPD 2 PRQWDQWH GH UHFXUVRV GLVSRQtYHO H D FDSDFLGDGH RSHUDFLRQDOGDVXQLGDGHVRXyUJmRVGDSUHIHLWXUDGHILQLUmRDLQWHQVLGDGHRXVHMDDVPHWDVH RVYDORUHVDVVRFLDGRVDFDGDXPDGDVDo}HV )LQDOL]DQGRDSDUWLUGDLQWHQVLGDGHGDVDo}HVGHWHUPLQDVHTXDQWRGRSUREOHPDVHUiVROXFLR QDGRQRSHUtRGRGHYLJrQFLDGR33$,VVRSRVVLELOLWDHVWLPDURtQGLFHDVHUDOFDQoDGRDRILQDO GRSODQRSDUDRRVLQGLFDGRUHVGRSURJUDPD $ FRQVWLWXLomR GH XP SURJUDPD SUHVVXS}H D QHFHVVLGDGH GH VROXFLRQDU XP SUREOHPD R DWHQGLPHQWR GH XPD GHPDQGD GD VRFLHGDGH RX R DWHQGLPHQWR GH GHPDQGD GRV yUJmRV S~EOLFRVYLDELOL]DQGRDUHDOL]DomRDGHTXDGDGDVVXDVDWULEXLo}HV 8P SURJUDPD p LPSOHPHQWDGR DWUDYpV GD H[HFXomR GDV Do}HV TXH R FRPS}HP SURMHWRV DWLYLGDGHVRSHUDo}HVHVSHFLDLVHRXWUDVDo}HVTXHQHFHVVDULDPHQWHGHYHPFRQFRUUHUHVHU VXILFLHQWHVSDUDRDOFDQFHGRREMHWLYRGRSURJUDPD $VDo}HVTXHQmRGHPDQGDPUHFXUVRVRUoDPHQWiULRVPDVJHUDPEHPRXVHUYLoRSDUDXPD SDUFHODRXSDUDDWRWDOLGDGHGRS~EOLFRDOYRGRSURJUDPDVmRFKDPDGDV´RXWUDVDo}HVµ6mR H[HPSORV GH ´RXWUDV Do}HVµ R LQFHQWLYR j FRODERUDomR RX SDUFHULD GH RXWUDV LQVWLWXLo}HV SULYDGDVRXGHRXWUDVHVIHUDVGH*RYHUQRDDODYDQFDJHPGHUHFXUVRVQmRRUoDPHQWiULRVR HVWtPXORjJHUDomRGHUHFHLWDSUySULDDHGLomRGHLQVWUXPHQWRVQRUPDWLYRV $FRHUrQFLDHFRQVLVWrQFLDGHXPSURJUDPDVmRJDUDQWLGDVSHORVVHJXLQWHVUHTXLVLWRV • &RQWHUREMHWLYRFODURHSUHFLVRTXHHVWHMDDOLQKDGRHVWUDWHJLFDPHQWHDRVREMHWLYRVGR *RYHUQRHDRVREMHWLYRVVHWRULDLV • 5HIHULUVHH[SUHVVDPHQWHDRSUREOHPDGHPDQGDTXHVHTXHUVROXFLRQDUDWHQGHU • 6HUSDVVtYHOGHPHQVXUDomRSRUXPRXPDLVLQGLFDGRUHV • 6HUFRPSDWtYHOFRPRVUHFXUVRVGLVSRQtYHLV • 'LVSRQLELOL]DUEHQVHRXVHUYLoRVSURGXWRVGDVDo}HVTXHRFRPS}HPTXHHIHWLYD PHQWHFRQWULEXDPHVHMDPVXILFLHQWHVSDUDDFRQFUHWL]DomRGRREMHWLYRGRSURJUDPD • $WHQGHUDXPDUHODomRFRQVLVWHQWHHQWUHDFDXVDHRHIHLWRHQWUHRSUREOHPDDUHVROYHU H R REMHWLYR GR SURJUDPD H HQWUH DV PHWDV GDV Do}HV H D HYROXomR HVSHUDGD GRV LQGLFDGRUHVGRSURJUDPD • 3RVVXLUHVFDODHFRPSOH[LGDGHSDVVtYHLVGHJHUHQFLDPHQWRHILFD] (VWUXWXUDGR3URJUDPD 6mRDWULEXWRVGR3URJUDPD 'HQRPLQDomR²GHYHWUDGX]LUGHIRUPDVLQWpWLFDRVSURSyVLWRVGRSURJUDPDeDIRUPDSHOD TXDORSURJUDPDVHUiFRQKHFLGRSHODVRFLHGDGH3RGHVHXWLOL]DUQRPHVIDQWDVLD ([HPSOR7RGD&ULDQoDQD(VFROD 2EMHWLYR²H[SUHVVDRSUREOHPDTXHVHEXVFDFRPEDWHURXDGHPDQGDTXHVHSUHWHQGHDWHQGHU 2 REMHWLYR GR SURJUDPD VHPSUH PHQVXUiYHO SRU XP LQGLFDGRU H[SUHVVD D EXVFD GH XP UHVXOWDGRGHVFUHYHQGRDILQDOLGDGHGRSURJUDPDFRPFRQFLVmRHSUHFLVmR ([HPSOR$VVHJXUDUDHTLGDGHQDVFRQGLo}HVGHDFHVVRSHUPDQrQFLDHr[LWRHVFRODUGRDOXQR QRHQVLQRIXQGDPHQWDO ,QGLFDGRU²DRREMHWLYRGHYHPHVWDUDVVRFLDGRVXPRXPDLVLQGLFDGRUHVSRUPHLRGRVTXDLV VHPHGHPRVUHVXOWDGRVDOFDQoDGRVHVHDYDOLDDHIHWLYLGDGHGRSURJUDPD'HILQLGRRLQGLFDGRU GHYHVHDSRQWDURVHXYDORUPDLVUHFHQWHtQGLFHDWXDODGDWDGHDSXUDomRHRYDORUHVSHUDGR DRILQDOGR33$tQGLFHDRILQDOGR33$3DUDSURJUDPDVGHQDWXUH]DWHPSRUiULDGHYHVHSUHYHU DLQGDRtQGLFHHVSHUDGRDRWpUPLQRGRSURJUDPDtQGLFHDRILQDOGRSURJUDPD ([HPSOR7D[DGHHYDVmRQRHQVLQRIXQGDPHQWDO 3~EOLFRDOYR²LGHQWLILFDomRHTXDQWLILFDomRGDSRSXODomRFRPXQLGDGHVLQVWLWXLo}HVEHQHIL FLDGDV GLUHWD H OHJLWLPDPHQWH SHORV UHVXOWDGRV DOPHMDGRV SHOR SURJUDPD (P GHWHUPLQDGRV FDVRV R SURJUDPD EHQHILFLD XP JUXSR PDLRU GH SHVVRDV GR TXH R SUHYLVWR QD DQiOLVH GD QHFHVVLGDGH&DVRLVVRRFRUUDGHIRUPDQmRLQWHQFLRQDOHVVHH[FHGHQWHQmRGHYHVHULGHQWLIL FDGRFRPRS~EOLFRDOYRSRLVQmRUHSUHVHQWDPEHQHILFLiULRVGLUHWRVHOHJtWLPRV ([HPSOR$OXQRVPDWULFXODGRVQDVHVFRODVS~EOLFDVGRHQVLQRIXQGDPHQWDODOXQRV 8QLGDGH5HVSRQViYHO²yUJmRXQLGDGHUHVSRQViYHOSHORJHUHQFLDPHQWRGRSURJUDPD1RPH GRJHUHQWHVXDLGHQWLILFDomRHWHOHIRQHVmRLQIRUPDo}HVTXHWDPEpPVHID]HPQHFHVViULDV1R PRGHORGHJHUHQFLDPHQWRGHSURJUDPDVKiSHUVRQLILFDomRGDUHVSRQVDELOLGDGH2FLGDGmR WHPRGLUHLWRGHVDEHUTXHPpUHVSRQViYHOSHODLPSOHPHQWDomRGHGHWHUPLQDGRSURJUDPD ([HPSOR6HFUHWDULD0XQLFLSDOGH(GXFDomR +RUL]RQWH7HPSRUDO²SUD]RGHH[HFXomRLGHQWLILFDVHRSURJUDPDpGHQDWXUH]DFRQWtQXD RXWHPSRUiULD ([HPSOR&RQWtQXR *HUHQWH)XODQRGH7DO7HO $o}HV²,QVWUXPHQWRVGHSURJUDPDomRTXHYLVDPFRPEDWHUDVFDXVDVGRSUREOHPDTXHRULJLQRX RSURJUDPD3RGHPWHUFDUDFWHUtVWLFDVGHLQYHVWLPHQWRRXGHSUHVWDomRRXPDQXWHQomRGH VHUYLoRV 7rP VHPSUH XP SURGXWR DVVRFLDGR TXH YLVD SUHHQFKHU DV ODFXQDV GHL[DGDV SHODV FDXVDVLGHQWLILFDGDV 7LSR²4XDQWRDRWLSRDVDo}HVSRGHPVHU $WLYLGDGHV&RQMXQWRGHRSHUDo}HVTXHVHUHDOL]DPGHPRGRFRQWtQXRHSHUPDQHQWH GDVTXDLVUHVXOWDXPSURGXWRQHFHVViULRjPDQXWHQomRGDDomRGHJRYHUQR$FODVVLILFDomR FRPR DWLYLGDGH Vy VH DSOLFD D Do}HV ILQDQFLDGDV WRWDO RX SDUFLDOPHQWH FRP UHFXUVRV RUoDPHQWiULRV ([HPSOR'LVWULEXLomRGHPHUHQGDHVFRODU 3URMHWRV &RQMXQWR GH RSHUDo}HV OLPLWDGDV QRWHPSRGDVTXDLVUHVXOWDXPSURGXWRTXH FRQFRUUHSDUDDH[SDQVmRRXDSHUIHLoRDPHQWRGDDomRGHJRYHUQR$FODVVLILFDomRFRPR SURMHWRVyVHDSOLFDDDo}HVILQDQFLDGDVWRWDORXSDUFLDOPHQWHFRPUHFXUVRVRUoDPHQWiULRV ([HPSOR&RQVWUXomRGHVDODVGHDXOD 2SHUDo}HV(VSHFLDLV6mRGHVSHVDVTXHQmRFRQWULEXHPSDUDDPDQXWHQomRGDVDo}HV GH*RYHUQRGDVTXDLVQmRUHVXOWDXPSURGXWRHQmRJHUDPFRQWUDSUHVWDomRGLUHWDDR (VWDGRVREDIRUPDGHEHQVRXVHUYLoRV&RQWXGRJHUDPEHQVRXVHUYLoRVRIHUWDGRVj VRFLHGDGH ([HPSOR%ROVDHVFROD 2XWUDV$o}HV&RQMXQWRGHRSHUDo}HVGDVTXDLVUHVXOWDXPSURGXWRTXHFRQWULEXLSDUD DFRQVHFXomRGRREMHWLYRGRSURJUDPDHQmRGHPDQGDPUHFXUVRVRUoDPHQWiULRV ([HPSOR3DUWLFLSDomRYROXQWiULDGRVSDLVQDJHVWmRHVFRODU 7tWXOR²$VVLPFRPRDGHQRPLQDomRGRSURJUDPDpDIRUPDSHODTXDODDomRVHUiLGHQWLILFDGD SHODVRFLHGDGHHVHUiDSUHVHQWDGDQR33$/'2VH/2$V ([HPSOR$OLPHQWDomRHVFRODU 3URGXWR8QLGDGHGH0HGLGD²SURGXWRpREHPRXVHUYLoRUHVXOWDQWHGDH[HFXomRGHXPD DomR8QLGDGHGHPHGLGDpRSDUkPHWURTXHSHUPLWHDTXDQWLILFDomRGRSURGXWR ([HPSOR$OXQREHQHILFLDGR8QLGDGH 0HWDV²TXDQWLGDGHGHSURGXWRDVHURIHUWDGRGHIRUPDUHJLRQDOL]DGDVHIRURFDVRSRUFDGD DomRQXPGHWHUPLQDGRSHUtRGR ([HPSOR 5(*,®2?$12 5$ , 5$ ,, 5$ ,,, 5$ ,9 5$ 9 5$ 9, 1HVWDPHWRGRORJLDGHYHVHWHUHVSHFLDOFXLGDGRSDUDQmRVHFRQIXQGLUPHWDFRP LQGLFDGRU0HWDPHGHDTXDQWLGDGHGHSURGXWRRIHUWDGR-iLQGLFDGRUPHGHDHYROXomR GRSUREOHPDGHPDQGD )RUPDGH,PSOHPHQWDomR²PRGRSHORTXDODDomRpUHDOL]DGDSRGHVHU 'LUHWD²$o}HVH[HFXWDGDVFRPUHFXUVRVSUySULRV 'HVFHQWUDOL]DGD²$o}HVH[HFXWDGDVSRUDJHQWHTXHQmRGHWHQKDDIRQWHGRUHFXUVR /LQKDGH&UpGLWR²)LQDQFLDPHQWRFRQFHGLGRjSRSXODomRTXHJHUDSURGXWRjVRFLHGDGH ([HPSOR'LUHWD 9DORU7RWDOH$QXDOSRU2ULJHPGH5HFXUVRV²HVWLPDWLYDGDVDSOLFDo}HVGHUHFXUVRVFRHUHQWH FRPRVFXVWRVGHUHDOL]DomRHRULJHQVGHILQDQFLDPHQWRGDVPHWDVLQGLFDGDV ([HPSOR 5(*,®2?$12 5HFXUVRV GR 2UoDPHQWR 2XWURV UHFXUVRV DGPLQLVWUDGRV SHOD 3UHIHLWXUD 3DUFHULDV eUHFRPHQGiYHOTXHDOJXQVGRVDWULEXWRVDSUHVHQWDGRVDQWHULRUPHQWHVHMDPGHWDOKDGRVQDOHL TXHLQVWLWXLUR33$6mRHOHV • 'HQRPLQDomRGRSURJUDPD • 2EMHWLYR • ,QGLFDGRU'HQRPLQDomRGRLQGLFDGRUÌQGLFHPDLVUHFHQWHÌQGLFHDRILQDOGR33$ • $o}HV7LSR7tWXOR3URGXWR8QLGDGHGH0HGLGD0HWDV)tVLFDVFRQVROLGDGDVSDUDRV DQRVGHYLJrQFLDGR33$ • 9DORU*OREDOGR3URJUDPDQR33$ 2VGHPDLVDWULEXWRVSRGHPVHUFRQVLGHUDGRVJHUHQFLDLVRTXHFRQIHULUiDR33$RPtQLPRGH IOH[LELOLGDGH QHFHVViULD j FRQGXomR GRV SURJUDPDV $ OHJLVODomR QmR REULJD TXH WRGRV RV DWULEXWRVDTXLDSUHVHQWDGRVVHMDPH[SUHVVRVQD/HLGR33$ 1RH[HPSORDSUHVHQWDGRDPHWDGDDomR´$OLPHQWDomRHVFRODUµDSUHVHQWDGDQD/HLGR33$ SDUDD5HJLmR$GPLQLVWUDWLYD,VHULDRVRPDWyULRGDVPHWDVDQXDLVGHWDOKDGDVQRFDVR 'HVVDIRUPDDDGPLQLVWUDomRS~EOLFDWHUiIOH[LELOLGDGHSDUDDFHOHUDU RX UHWDUGDU D H[HFXomR GDV Do}HV GH DFRUGR FRP R GHVHQYROYLPHQWR GR SURJUDPD VHP D QHFHVVLGDGHGHVXEPHWHUjDSURYDomRGROHJLVODWLYRPXQLFLSDODMXVWHVGHFDUiWHUSXUDPHQWH JHUHQFLDO $&RQVWLWXLomR)HGHUDOSUHYrTXHDOHLTXHLQVWLWXLURSODQRSOXULDQXDOHVWDEHOHFHUiGHIRUPD UHJLRQDOL]DGDDVGLUHWUL]HVRVREMHWLYRVHDVPHWDVGDDGPLQLVWUDomRS~EOLFDIHGHUDOSDUDDV GHVSHVDVGHFDSLWDOHRXWUDVGHODVGHFRUUHQWHVHSDUDDVUHODWLYDVDRVSURJUDPDVGHGXUDomR FRQWLQXDGD $VPHWDVjVTXDLVQRVVD&RQVWLWXLomRID]UHIHUrQFLDVmRDVPHWDVItVLFDVHQmRRV UHFXUVRVILQDQFHLURVTXHVHUmRXWLOL]DGRVSDUDVXDFRQVHFXomR(VVHVUHFXUVRVGHYHP VHUFRQVLGHUDGRVGXUDQWHRSURFHVVRGHHODERUDomRGR33$PDVQmRSUHFLVDPVHU HYLGHQFLDGRVGHIRUPDGHWDOKDGDQR3URMHWRGH/HL &RPR DSUHVHQWDGR DQWHULRUPHQWH D ERD WpFQLFD UHFRPHQGD TXH DSHQDV R YDORU JOREDO GR SURJUDPDVHMDHYLGHQFLDGRHQmRRGHWDOKDPHQWRGRVUHFXUVRVQHFHVViULRVSDUDFDGDXPDGDV Do}HV 9DOH LQVLVWLU HVWH SURFHGLPHQWR JDUDQWH D IOH[LELOLGDGH QHFHVViULD SDUD TXH QmR VH GHVYLUWXHRPRGHORRULHQWDGRDUHVXOWDGRV&DVRFRQWUiULRSUHGHILQLQGRRVUHFXUVRVTXHVHUmR DORFDGRVDFDGDXPGRVLQVXPRVDo}HVHVWDUiVHFRQIHULQGRDHOHVUHOHYkQFLDPDLRUGRTXH DRSUySULRREMHWLYRGRSURJUDPDUD]mRGDH[LVWrQFLDGRLQVXPRLGHQWLILFDGR 7LSRVGH3URJUDPDV 2VSURJUDPDVGR33$SRGHPVHUFODVVLILFDGRVHPTXDWURWLSRVDVDEHU 3URJUDPDV)LQDOtVWLFRV²FODVVLILFDPVHQHVWHWLSRRVSURJUDPDVFXMRVREMHWLYRVYLVDPVROXFLR QDUSUREOHPDVRXDWHQGHUGHPDQGDVGDVRFLHGDGH4XDQGRVXDVDo}HVVmRGHVHQYROYLGDVSRU PDLVGHXPyUJmRVHWRULDOVmRFKDPDGRV3URJUDPDV)LQDOtVWLFRV0XOWLVVHWRULDLV ([HPSOR7RGD&ULDQoDQD(VFROD 3URJUDPDV GH 6HUYLoRV DR (VWDGR ² VmR RV SURJUDPDV GHVWLQDGRV D DWHQGHU GHPDQGDV GR SUySULR*RYHUQR6XDVDo}HVVmRH[HFXWDGDVSRUyUJmRVTXHWHPSRUILQDOLGDGHRDWHQGLPHQWR jDGPLQLVWUDomRS~EOLFD ([HPSOR'HVHQYROYLPHQWRGH*HUHQWHVH6HUYLGRUHV 3URJUDPDVGH*HVWmRGH3ROtWLFDV3~EOLFDV²HVWHWLSRGHSURJUDPDFRQJUHJDDo}HVTXHWHP SRUILQDOLGDGHRSODQHMDPHQWRHDIRUPXODomRGHSROtWLFDVVHWRULDLVDFRRUGHQDomRHRFRQWUROH GRVSURJUDPDVTXHVHHQFRQWUDPVREDUHVSRQVDELOLGDGHGHGHWHUPLQDGRyUJmR ([HPSOR*HVWmRGD3ROtWLFDGH(GXFDomR 3URJUDPDVGH$SRLR$GPLQLVWUDWLYR²FRQMXQWRGHDWLYLGDGHVSDGURQL]DGDVTXHYLVDPDWHQGHU DRILQDQFLDPHQWRGRVLQVXPRVTXHQmRVmRSDVVtYHLVGHDORFDomRGLUHWDDRVGHPDLVWLSRVGH SURJUDPD ([HPSOR$SRLR$GPLQLVWUDWLYR &ODVVLILFDomR)XQFLRQDO 9HU&DStWXORLWHP ,QYHQWiULRGH$o}HVH&ULDomRGRV3URJUDPDV 2QRYRPRGHORSURSRVWRSDUDR33$pXPDUXSWXUDIXQFLRQDOHFRQFHLWXDOFRPDVHVWUXWXUDV GRVSODQRVHRUoDPHQWRVDQWHULRUHV2V3URJUDPDVDVHUHPFULDGRVQmRWrPFDWHJRULDHTXLYD OHQWHQHVWHVLQVWUXPHQWRV(PERUDDVDo}HVTXHYHQKDPDFRPSRURVQRYRV3URJUDPDVSRVVDP FRUUHVSRQGHU D SURJUDPDV GH WUDEDOKR TXH ILJXUDP QR RUoDPHQWR DWXDO RV FRQFHLWRV H RV REMHWLYRVJHUHQFLDLVGDQRYDPHWRGRORJLDGHVDFRQVHOKDPTXHVHSDUWDGHVWHVSURJUDPDVGH WUDEDOKRSDUDGHILQLUDVDo}HVHRVIXWXURV3URJUDPDV &RPUHODomRjFRQVWUXomRGRV3URJUDPDVGH$SRLR$GPLQLVWUDWLYRSRGHVHRSWDUSRUDQDOLVDU DV DWLYLGDGHV SDGURQL]DGDV GR RUoDPHQWR YLJHQWH $GPLQLVWUDomR GR ÐUJmR 3DJDPHQWR GH 3HVVRDO3UySULR5HVVDUFLPHQWRGH'HVSHVDVFRP3HVVRDO&HGLGR&DSDFLWDomRGH6HUYLGRUHV HWFGHSXUiODVGHGHVSHVDVLPSHUWLQHQWHVDRVHXREMHWLYRHVSHFtILFRHUHHVWUXWXUiODVFRQIRU PHR$QH[R9 -XVWLILFDVHRSURFHGLPHQWRSHODLPSRVVLELOLGDGHGHFRQWDELOL]DUHGLVWULEXLUHPFXUWRSUD]R RVFXVWRVFRP SHVVRDO PDQXWHQomR GH EHQVPyYHLV H LPyYHLV VHUYLoRV GHWUDQVSRUWHHGH LQIRUPiWLFDQRVSURJUDPDVILQDOtVWLFRV$OpPGLVVRRSURFHGLPHQWRDGRWDGRIDFLOLWDUiDHODER UDomRGR33$HPUHGX]LGRHVSDoRGHWHPSR &ULDomRGRV3URJUDPDV²(WDSDV 2SURFHVVRGHFULDomRGRV3URJUDPDVGHYHREHGHFHUjVVHJXLQWHVHWDSDV • FULDomR GRV 3URJUDPDV )LQDOtVWLFRV GH 6HUYLoRV DR (VWDGR H GH *HVWmR GH 3ROtWLFDV 3~EOLFDVVHJXLQGRDPHWRGRORJLDGR33$$%DVH(VWUDWpJLFDGR*RYHUQRpDSULQFLSDO UHIHUrQFLDSDUDDVGHFLV}HVDVHUHPWRPDGDV • FRPSDWLELOL]DomRGRVSURJUDPDVjVHIHWLYDVGLVSRQLELOLGDGHVGRVUHFXUVRVRUoDPHQWi ULRVSUHYLVWRVSDUDRVTXDWURDQRVGHYLJrQFLDGR3ODQR • LQYHQWiULRGDVDWLYLGDGHVTXHFRPSRUmRRVSURJUDPDVGHDSRLRDGPLQLVWUDWLYR • UHYLVmRGHVVDVDWLYLGDGHVHGHSXUDomRGHGHVSHVDVTXHQmRVHMDPSHUWLQHQWHVDRVHX REMHWLYR • DORFDomRGRVUHFXUVRVQHFHVViULRVjPDQXWHQomRGDHVWUXWXUDJRYHUQDPHQWDOQDIRUPD GRV3URJUDPDVGH$SRLR$GPLQLVWUDWLYR • FODVVLILFDomRIXQFLRQDOGDV$o}HVGHDFRUGRFRPD3RUWDULDGR03 • FRQVROLGDomRGR3ODQR3OXULDQXDO eLPSRUWDQWHIULVDUDQHFHVVLGDGHGDULJRURVDFRQVLVWrQFLDHQWUHRYDORUGRVSURMHWRV RXDWLYLGDGHVHRVFXVWRVGDVPHWDVFRUUHVSRQGHQWHV 2VSURGXWRVGDVDo}HVTXHFRPS}HPRSURJUDPDGHYHPQHFHVVDULDPHQWHFRQWULEXLUH VHUHPVXILFLHQWHVSDUDTXHVHDOFDQFHRREMHWLYRGHVWHSURJUDPDUHIOHWLGRQDYDULDomR HVSHUDGDGRVHXLQGLFDGRU 9DOLGDomRGRV3URJUDPDVH&RQVROLGDomRGR33$ &RQFOXtGDDHODERUDomRGRVSURJUDPDVFDEHDRVyUJmRVVHWRULDLVYHULILFDU • VHRVSURJUDPDVHOHQFDGRVHVWmRDOLQKDGRVjVRULHQWDo}HVHVWUDWpJLFDVVHWRULDLVHVHVmR VXILFLHQWHVSDUDFXPSULURTXHQHODVHVWLYHUHVWDEHOHFLGRDMXVWDUVHIRURFDVR • VHRVSURJUDPDVSRVVXHPFRQVLVWrQFLDLQWHUQDRXVHMDVHH[LVWHXPDUHODomRFRQVLVWHQWH HQWUHFDXVDHHIHLWRHQWUHRSUREOHPDLGHQWLILFDGRRVLQGLFDGRUHVRFRQMXQWRGHDo}HV VXDVPHWDVHDFDSDFLGDGHWpFQLFDRSHUDFLRQDOHILQDQFHLUDGDVHVWUXWXUDVHQYROYLGDV • VH RV SURJUDPDV HVWmR HVWUXWXUDGRV GH IRUPD D SRVVLELOLWDU VHX JHUHQFLDPHQWR 8P SURJUDPDTXHHQYROYHPXLWDVHVWUXWXUDVHPVXDH[HFXomRQRUPDOPHQWHpH[WUHPD PHQWHFRPSOH[RGHJHUHQFLDUHSRUYH]HVRJHUHQFLDPHQWRWRUQDVHLPSUDWLFiYHO3RU RXWURODGRXPSURJUDPDFRPXPDRXGXDVDo}HVFXMRREMHWLYRQmRUHSUHVHQWDLPSDFWR VLJQLILFDWLYRQDVRFLHGDGHGHVYLUWXDDDGPLQLVWUDomRRULHQWDGDDUHVXOWDGRV &RQFOXtGDDYHULILFDomRGRVSURJUDPDVSHORVyUJmRVVHWRULDLVFDEHDRyUJmRUHVSRQViYHOSHOD HODERUDomRGR33$YHULILFDU • VHRVSURJUDPDVHOHQFDGRVHVWmRDOLQKDGRVjVRULHQWDo}HVHVWUDWpJLFDVGR3UHIHLWRHVH VmRVXILFLHQWHVSDUDFXPSULURTXHQHODVHVWLYHUHVWDEHOHFLGRDMXVWDUVHIRURFDVR • VH RV SURJUDPDV VmR FRPSDWtYHLV FRP D GLVSRQLELOLGDGH H SUHYLVmR GH UHFXUVRV GD 3UHIHLWXUD • VHRVSURJUDPDVH[SORUDPWRGDVDVSRVVLELOLGDGHVGHSDUFHULDVH[WHUQDVDRJRYHUQR • VHH[LVWHGXSOLFLGDGHGHDo}HVRXVHMDVHGRLVRXPDLVyUJmRVGHVHQYROYHPDo}HV VHPHOKDQWHV RX FRUUHODWDV (P FDVR SRVLWLYR UHPRYHU DV GXSOLFLGDGHV H SURFXUDU DSUR[LPDUDVDo}HVFRUUHODWDVGHPRGRDVHUHPGHVHQYROYLGDVEXVFDQGRVLQHUJLD&DVR VHMDQHFHVViULRSRGHUmRVHUFULDGRVSURJUDPDVTXHHQYROYDPPDLVGHXPyUJmRHP VXDH[HFXomR&DEHUiDRyUJmRUHVSRQViYHOSHODHODERUDomRGR33$GHILQLUTXDOGRV yUJmRVHQYROYLGRVQRSURJUDPDVHUiUHVSRQViYHOSRUVHXJHUHQFLDPHQWR *(5(1&,$0(172($9$/,$d®2'23/$123/85,$18$/ $FRQVROLGDomRGRSODQHMDPHQWRHGDJHVWmRSRUSURJUDPDVUHSRXVDQRGHVHQYROYLPHQWRGH FRPSHWrQFLDJHUHQFLDOGHFRQGXomRGRVSURJUDPDVQRVyUJmRVVHWRULDLV$HTXLSHGHJHUHQWHV WHP D UHVSRQVDELOLGDGH GHJDUDQWLU D UHDOL]DomR GRV FRPSURPLVVRV DVVXPLGRV QR 3ODQR RV REMHWLYRV GRV SURJUDPDV DWUDYpV GH SRVWXUDV FRPSRUWDPHQWRV H SURFHVVRV DGPLQLVWUDWLYRV GHFLGLGDPHQWHRULHQWDGRVSDUDUHVXOWDGRV 2DFRPSDQKDPHQWRHDDYDOLDomRGRVSURJUDPDVWrPDIXQomRGHDX[LOLDURJHUHQFLDPHQWR QDWRPDGDGHGHFLVmRHUHDOLQKDURSURJUDPDIUHQWHDYHULILFDomRGRJUDXGHFRQFUHWL]DomRGRV REMHWLYRVHDHYROXomRGRDPELHQWHQRTXDORSURJUDPDHVWiLQVHULGR $JHVWmRYROWDGDSDUDUHVXOWDGRVSUHVVXS}HDDGRomRGHXPPRGHORGHJHUHQFLDPHQWRQRTXDO D UHVSRQVDELOLGDGH HVWHMD FODUDPHQWH DWULEXtGD H RV REMHWLYRV FRQVLVWHQWHPHQWH GHOLQHDGRV $OpP GLVVR R yUJmR JHVWRUGHYHUi GHVHQYROYHU SURFHVVRVSURGXWLYRVHILFLHQWHVSURPRYHU D FRQVFLHQWL]DomRHFRQWUROHGHFXVWRVHEXVFDUVLVWHPDWLFDPHQWHDTXDOLGDGHHHIHWLYLGDGHGRV UHVXOWDGRVDOFDQoDGRV 2*HUHQWHGR3URJUDPD 2JHUHQWHGRSURJUDPDpRHOHPHQWRFUtWLFRGRVXFHVVRGDLPSODQWDomRHH[HFXomRGR33$ $JHQWH GD PRGHUQL]DomR GD DGPLQLVWUDomR S~EOLFD R JHUHQWH SRVVXL SDSHO UHOHYDQWH QR GHVHQYROYLPHQWR GRV QRYRV SDGU}HV JHUHQFLDLV TXH UHJHP H LQRYDP RV SURFHVVRV DGPLQLV WUDWLYRV 5HVSRQViYHO SHOD SURGXomR GRV UHVXOWDGRV FRPSHWH DR JHUHQWH GH SURJUDPD D EXVFD GD HILFLrQFLDGDVDo}HVGR*RYHUQRUHIOHWLGDQRFRQWUROHGHJDVWRVHRDXPHQWRGDTXDOLGDGH GRVEHQVHVHUYLoRVRIHUHFLGRVjSRSXODomR /LGHUDQoDFRQKHFLPHQWRWpFQLFRHJHUHQFLDOH[SHULrQFLDSURILVVLRQDOFDSDFLGDGHGHDGPLQLV WUDUSHVVRDVHFDSDFLGDGHGHQHJRFLDomRVmRDWULEXWRVQHFHVViULRVDRH[HUFtFLRGHVWDIXQomR $VLQWHUIDFHVHQWUHRVSURJUDPDVHDHVWUXWXUDRUJDQL]DFLRQDOGR3ODQR3OXULDQXDOH[LJLUmRGR JHUHQWHXPDVHQVtYHOFDSDFLGDGHGHDUWLFXODomRFRPRXWURVyUJmRVHXQLGDGHV5HVVDOWHVHTXH XPSURJUDPDWHPXP~QLFRJHUHQWHLQFOXVLYHRVSURJUDPDVPXOWLVVHWRULDLVDTXHOHVFXMDVDo}HV GHVHQYROYLGDVHPGLYHUVRVyUJmRVFRQWULEXHPSDUDXP~QLFRREMHWLYR $DGPLQLVWUDomREXURFUiWLFDWUDGLFLRQDOTXHEXVFDYDDSHQDVFXPSULUUHTXLVLWRVOHJDLV QmRpVXILFLHQWHSDUDDWHQGHUjVH[SHFWDWLYDVGRVFLGDGmRVHPUHODomRjRIHUWDGHEHQV HVHUYLoRVS~EOLFRV1DUHDOLGDGHDWXDOpSUHFLVREXVFDUPHLRVOHJDLVTXHSHUPLWDPj DGPLQLVWUDomRJHUHQFLDORDOFDQFHGRVUHVXOWDGRVSUHWHQGLGRV $YDOLDomR $DYDOLDomRGR3ODQR3OXULDQXDOSRGHUiVHUSURFHVVDGDHPGXDVHWDSDV • DYDOLDomR SHOR *HUHQWH GR GHVHPSHQKR ItVLFR H ILQDQFHLUR GR SURJUDPD VRE VXD UHVSRQVDELOLGDGH • DYDOLDomRFRRUGHQDGDSHORyUJmRFHQWUDOGHSODQHMDPHQWRGRFRQMXQWRGHSURJUDPDV HPUHODomRDRVREMHWLYRVHGLUHWUL]HVVHWRULDLVHDRVPDFURREMHWLYRVGR*RYHUQR 2VUHVXOWDGRVGDDYDOLDomRFRPSHULRGLFLGDGHDQXDOVHUmRHPSUHJDGRVSDUDPDQWHULQIRUPD GRVRQ~FOHRHVWUDWpJLFRGR*RYHUQRHR3RGHU/HJLVODWLYRTXDQWRjH[HFXomRGR3ODQRHSDUD RULHQWDUDHODERUDomRGRVSURMHWRVGH/'2VH/2$V $YDOLDomRGR3URJUDPD &DGDSURJUDPDVHUiDYDOLDGRGHPRGRDDIHULURVVHJXLQWHVDVSHFWRV • FRQVHFXomRGRREMHWLYRGRSURJUDPDPHGLDQWHDREWHQomRGHGDGRVTXHSHUPLWDP FRPSDUDUDHYROXomRGRtQGLFHUHODWLYRDRLQGLFDGRUHVWDEHOHFLGRHIHWLYLGDGH • FRQVHFXomRGDVPHWDVHJUDXVGHH[HFXomRItVLFDHILQDQFHLUDGDVDo}HVTXHFRQVWLWXHP RSURJUDPDHILFLrQFLDHILFiFLD • JUDXGHVDWLVIDomRGDVRFLHGDGHTXDQWRDRVEHQVHVHUYLoRVRIHUWDGRVSHORSURJUDPD VDWLVIDomRGRFOLHQWH $DQiOLVHFUtWLFDGRVUHVXOWDGRVGHVVDHWDSDFRRUGHQDGDSHORJHUHQWHGHVWLQDVHDRDSHUIHL oRDPHQWR GR SURJUDPD GH VHXV PpWRGRV H VLVWHPDV GH JHUHQFLDPHQWR 2V UHVXOWDGRV GD DYDOLDomRGRVSURJUDPDVVXEVLGLDUmRDHWDSDVHJXLQWHGHDYDOLDomRGR3ODQR3OXULDQXDO $YDOLDomRGR33$ 23ODQR3OXULDQXDOVHUiDYDOLDGRHPIXQomRGRVVHJXLQWHVDVSHFWRV • GHVHPSHQKRGRFRQMXQWRGHSURJUDPDVGHFDGDiUHDGHDWXDomRGR*RYHUQRHP UHODomRDRVPDFURREMHWLYRVHVWDEHOHFLGRVQR3ODQR • FRQVROLGDomRGD UHDOL]DomRItVLFDHILQDQFHLUDGDVPHWDVGDVDo}HVGHFDGDXPGRV SURJUDPDVGHFDGDyUJmRVHWRULDO $DQiOLVHFUtWLFDGRVUHVXOWDGRVGHVVDHWDSDFRRUGHQDGDSHORyUJmRFHQWUDOGHSODQHMDPHQWR WHPSRUREMHWLYRVXEVLGLDU • GHFLV}HVTXDQWRDRJHUHQFLDPHQWRGR3ODQR3OXULDQXDO • DHODERUDomRGRSURMHWRGHOHLGHGLUHWUL]HVRUoDPHQWiULDVLQFOXVLYHDOWHUDo}HVQR3ODQR 3OXULDQXDO • GHFLV}HVGHDORFDomRGHUHFXUVRVPHGLDQWHFUpGLWRVVXSOHPHQWDUHVHHODERUDomRGH DOWHUDo}HVQDOHLRUoDPHQWiULD 5()(5È1&,$6%,%/,2*5É),&$6 %5$6,/6HFUHWDULDGH3ODQHMDPHQWRH$YDOLDomR²33$0DQXDOGH(ODERUDomRH *HVWmR63$032 %5$6,/ 6HFUHWDULD GH 3ODQHMDPHQWR H $YDOLDomR ² 33$ 3URFHGLPHQWRV SDUD D (ODERUDomRGH3URJUDPDV63$02* %5$6,/6HFUHWDULDGH2UoDPHQWR)HGHUDO²0DQXDO7pFQLFRGH2UoDPHQWR07262)03 *$5&,$ 5RQDOGR &RXWLQKR ² $ 5HRUJDQL]DomR GR 3URFHVVR GH 3ODQHMDPHQWR GR *RYHUQR )HGHUDO233$KWWSZZZLSHDJRYEUSXEWGWGBWGBSGI *$56216RO9$,1(5$ULH$/%848(548(-RVpOLD²3ODQR3OXULDQXDO²0DQXDOGH(ODERUDomR KWWSZZZSODQHMDPHQWRJRYEUDUTXLYRVBGRZQOUIWHOHBB0DQXDO33$SGI 5,2'(-$1(,526HFUHWDULD0XQLFLSDOGH)D]HQGD²0DQXDOGH(ODERUDomRGR33$ 6,/9(,5$-81,25$OGHU\H9,9$&48$*XLOKHUPH$QW{QLR²3ODQHMDPHQWR(VWUDWpJLFRFRPR LQVWUXPHQWRGHPXGDQoDRUJDQL]DFLRQDO²(GLWRUD81% $1(;26 $QH[R, 'HILQLo}HV3ULQFLSDLV7HUPRVH([SUHVV}HV8WLOL]DGRV $omR &RQMXQWR GH RSHUDo}HV FXMRV SURGXWRV FRQWULEXHP SDUD RV REMHWLYRV GR SURJUDPD $ DomR SRGH VHU XP 3URMHWR $WLYLGDGH 2SHUDomR (VSHFLDO RX 2XWUD $omR $WLYLGDGH &RQMXQWR GH RSHUDo}HV TXH VH UHDOL]DP GH PRGR FRQWtQXR H SHUPDQHQWH 'LUHWUL] 3DUD HIHLWR GR 3ODQR 3OXULDQXDO FRQVLGHUDVH GLUHWUL] D RULHQWDomR TXH LQGLFD D IRUPD RX FRQGLomR SDUD VH DWLQJLU GHWHUPLQDGR REMHWLYR *HUHQWH 3URILVVLRQDO GHVLJQDGR SDUD UHVSRQGHU SHOR JHUHQFLDPHQWR GR SURJUDPD FRPSURPHWLGR FRP UHVXOWDGRV VHJXQGR R PHOKRU HTXLOtEULR HQWUH FXVWRV SUD]R H TXDOLGDGH ,QGLFDGRU 2 LQGLFDGRU TXDQWLILFD D VLWXDomR TXH R SURJUDPD WHQKD SRU ILP PRGLILFDU GH PRGR D H[SOLFLWDU R LPSDFWR GDV Do}HV VREUH R S~EOLFRDOYR 2 LQGLFDGRU p DSUHVHQWDGR VRE D IRUPD GH XPD UHODomR RX WD[D HQWUH YDULiYHLV DVVRFLDGDV DR IHQ{PHQR VREUH R TXDO VH SUHWHQGH DWXDU 0HWD 4XDQWLGDGH GH GHWHUPLQDGR EHP RX VHUYLoR SURGX]LGR RX H[HFXWDGR QR kPELWR GR SURJUDPD HP SUD]R GHILQLGR SDUD D FRQVHFXomR GR REMHWLYR SUHWHQGLGR 2EMHWLYR 2 REMHWLYR GH XP SURJUDPD ² VHPSUH PHQVXUiYHO SRU XP LQGLFDGRU ² H[SUHVVD XP UHVXOWDGR VREUH R S~EOLFRDOYR GHVFUHYHQGR D ILQDOLGDGH GR SURJUDPD FRP FRQFLVmR H SUHFLVmR 2 HQXQFLDGR GH XP REMHWLYR p VHPSUH FDUDFWHUL]DGR SHOD SUHVHQoD GH XP YHUER GH DomR QR LQILQLWLYR TXH FRPSOHWH D DVVHUWLYD ´(VWH 3URJUDPD GHYHUi VHU FDSD] GHµ 2SHUDomR (VSHFLDO 6mR GHVSHVDV TXH QmR FRQWULEXHP SDUD D PDQXWHQomR GDV Do}HV GH *RYHUQR GDV TXDLV QmR UHVXOWD XP SURGXWR H TXH QmR JHUDP FRQWUDSUHVWDomR GLUHWD DR (VWDGR VRE D IRUPD GH EHQV RX VHUYLoRV &RQWXGR JHUDP EHQV RX VHUYLoRV RIHUWDGRV j VRFLHGDGH 2XWUDV $o}HV &RQMXQWR GH RSHUDo}HV GDV TXDLV UHVXOWD XP SURGXWR TXH FRQWULEXL SDUD D FRQVHFXomR GR REMHWLYR GR SURJUDPD H QmR GHPDQGDP UHFXUVRV RUoDPHQWiULRV 3URJUDPD ,QVWUXPHQWR GH RUJDQL]DomR GD DWXDomR JRYHUQDPHQWDO $UWLFXOD FRQMXQWR GH Do}HV TXH FRQFRUUHP SDUD XP REMHWLYR FRPXP SUHHVWDEHOHFLGR PHQVXUDGR SRU LQGLFDGRU YLVDQ GR D VROXomR GH XP SUREOHPD RX R DWHQGLPHQWR GH QHFHVVLGDGH RX GHPDQGD GD VRFLHGDGH 2 SURJUDPD p LQVWLWXtGR SHOR 3ODQR 3OXULDQXDO H SRGH FRQWHU SURMHWRV H DWLYLGDGHV GH H[HFXomR S~EOLFD ² QDV WUrV HVIHUDV GH JRYHUQR ² RX SULYDGD DOpP GH RXWUDV Do}HV QR FDPSR GD UHJXODomR LQFHQWLYRV H SDUFHULDV 3URJUDPD GH $SRLR 3URJUDPD TXH HQJORED Do}HV GH QDWXUH]D WLSLFDPHQWH DGPLQLVWUDWLYD TXH HPERUD FROD $GPLQLVWUDWLYR ERUHP SDUD D FRQVHFXomR GRV REMHWLYRV GRV SURJUDPDV ILQDOtVWLFRV H GHPDLV SURJUDPDV QmR WrP VXDV GHVSHVDV SDVVtYHLV GH DSURSULDomR QR PRPHQWR jTXHOHV SURJUDPDV 3URJUDPD GH *HVWmR 3URJUDPD TXH DEUDQJH Do}HV GH JHVWmR GH *RYHUQR UHODFLRQDGDV j IRUPXODomR FRRUGH GH 3ROtWLFDV 3~EOLFDV QDomR VXSHUYLVmR DYDOLDomR H GLYXOJDomR GH SROtWLFDV S~EOLFDV 3URJUDPD GH 6HUYLoRV 3URJUDPD TXH UHVXOWD HP EHQV RX VHUYLoRV RIHUWDGRV GLUHWDPHQWH DR (VWDGR SRU DR (VWDGR LQVWLWXLo}HV FULDGDV SDUD HVVH ILP HVSHFtILFR 3URJUDPD )LQDOtVWLFR 3URJUDPD TXH UHVXOWD HP EHQV RX VHUYLoRV RIHUWDGRV GLUHWDPHQWH j VRFLHGDGH 3URMHWR &RQMXQWR GH RSHUDo}HV OLPLWDGDV QR WHPSR GDV TXDLV UHVXOWD XP SURGXWR TXH FRQFRUUH SDUD D H[SDQVmR RX DSHUIHLoRDPHQWR GD DomR GH JRYHUQR $ FODVVLILFDomR FRPR SURMHWR Vy VH DSOLFD D Do}HV ILQDQFLDGDV WRWDO RX SDUFLDOPHQWH FRP UHFXUVRV RUoDPHQWiULRV 3~EOLFRDOYR 3RSXODomR SHVVRDV FRPXQLGDGHV FDWHJRULDV GD VRFLHGDGH LQVWLWXLo}HV VHWRUHV HWF TXH SRVVXL HP FRPXP DOJXP DWULEXWR QHFHVVLGDGH RX SRWHQFLDOLGDGH H j TXDO VH SUHWHQGH DWLQJLU GLUHWD H OHJLWLPDPHQWH FRP RV UHVXOWDGRV HVSHUDGRV SHOD H[HFXomR GR SURJUDPD 8QLGDGH UHVSRQViYHO 8QLGDGH DGPLQLVWUDWLYD UHVSRQViYHO SHOR JHUHQFLDPHQWR GR SURJUDPD $QH[R,, 0RGHORGH3URMHWRGH/HLGH3ODQR3OXULDQXDO 'LVS}HVREUHR3ODQR3OXULDQXDOSDUDRSHUtRGR$QR$QR $&Ç0$5$081,&,3$/GHFUHWD $UW(VWD/HLLQVWLWXLR3ODQR3OXULDQXDOSDUDRTXDGULrQLR$QR$QRHPFXPSULPHQWRDR GLVSRVWRQRDUW²GD&RQVWLWXLomR)HGHUDOQDIRUPDGRV$QH[RV,H,, $UW23RGHU([HFXWLYRQRSUD]RGHTXDUHQWDHFLQFRGLDVDMXVWDUiDVPHWDVDRVYDORUHV DSURYDGRVSHOD&kPDUD0XQLFLSDOSDUDFDGDDomR $UW$VFRGLILFDo}HVGHSURJUDPDVHDo}HVGHVWH3ODQRVHUmRREVHUYDGDVQDVOHLVGHGLUHWUL]HV RUoDPHQWiULDVQDVOHLVRUoDPHQWiULDVDQXDLVHQRVSURMHWRVTXHRVPRGLILTXHP $UW$VSULRULGDGHVHPHWDVSDUDRDQRGH$QRFRQIRUPHHVWDEHOHFLGRQRDUWBBBBGD/HLBBBB TXHGLVS}HVREUHDV'LUHWUL]HV2UoDPHQWiULDVSDUD$QRHVWmRHVSHFLILFDGDVQR$QH[R,,,GHVWD/HL $UW $ H[FOXVmR RX DOWHUDomR GH SURJUDPDV FRQVWDQWHV GHVWD /HL RX D LQFOXVmR GH QRYR SURJUDPD VHUmR SURSRVWDV SHOR 3RGHU ([HFXWLYR SRU PHLR GH SURMHWR GH OHL HVSHFtILFR REVHUYDGRRGLVSRVWRQRDUWGHVWD/HL 3DUiJUDIR~QLFR2SURMHWRFRQWHUiQRPtQLPRQDKLSyWHVHGH ,²LQFOXVmRGHSURJUDPD DGLDJQyVWLFRVREUHDDWXDOVLWXDomRGRSUREOHPDTXHVHGHVHMDHQIUHQWDURXVREUHD GHPDQGDGDVRFLHGDGHTXHVHTXHLUDDWHQGHUFRPRSURJUDPDSURSRVWR ELQGLFDomRGRVUHFXUVRVTXHILQDQFLDUmRRSURJUDPDSURSRVWR ,,²DOWHUDomRRXH[FOXVmRGHSURJUDPDH[SRVLomRGDVUD]}HVTXHPRWLYDUDPDSURSRVWD $UW23RGHU([HFXWLYRHQYLDUij&kPDUD0XQLFLSDODWpRGLDGHDEULOGHFDGDH[HUFtFLR UHODWyULRGHDYDOLDomRGR3ODQR3OXULDQXDO $UW $LQFOXVmRH[FOXVmRRXDOWHUDomRGHDo}HVRUoDPHQWiULDVHGHVXDVPHWDVTXDQGR HQYROYHUHP UHFXUVRV GRV RUoDPHQWRV GR 0XQLFtSLR SRGHUmR RFRUUHUSRULQWHUPpGLRGD OHL RUoDPHQWiULDDQXDORXGHVHXVFUpGLWRVDGLFLRQDLVDOWHUDQGRVHQDPHVPDSURSRUomRRYDORU GRUHVSHFWLYRSURJUDPD 3DUiJUDIR~QLFR)LFDR3RGHU([HFXWLYRDXWRUL]DGRD ,²HIHWXDUDDOWHUDomRGHLQGLFDGRUHVGHSURJUDPDV ,,²LQFOXLUH[FOXLURXDOWHUDURXWUDVDo}HVHUHVSHFWLYDVPHWDVH[FOXVLYDPHQWHQRVFDVRV HPTXHWDLVPRGLILFDo}HVQmRHQYROYDPUHFXUVRVGRVRUoDPHQWRVGR0XQLFtSLR $UW(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR 2V $QH[RV , H ,, FRQWHUmR UHVSHFWLYDPHQWH D RULHQWDomR (VWUDWpJLFD GR 3UHIHLWR H R GHWDOKDPHQWR GRV 3URJUDPDV $QH[R,,, &LFORGH9LGDGR33$ 3DUDPXQLFtSLRVTXHSRVVXHPHPVXD/HL2UJkQLFDSUD]RVLGrQWLFRVDRVGR*RYHUQR)HGHUDO $120È6 -$1 )(9 0$5 0$, -81 -8/ $*2 6(7 287 129 '(= 'LD ² ([HFXWLYR HQFDPLQKD 3/'2 DR /HJLVODWLYR 'LD ² /HJLVODWLYR DSURYD /'2 'LD ² ([HFXWLYR HQFDPLQKD 3/33$ 'LD ² /HJLVODWLYR H 3/2$ DR /HJLVODWLYR DSURYD 33$ H /2$ 'LD ² ([HFXWLYR HQFDPLQKD 3/'2 DR /HJLVODWLYR 'LD ² /HJLVODWLYR DSURYD /'2 'LD ² ([HFXWLYR HQFDPLQKD 3/2$ DR /HJLVODWLYR 'LD ² /HJLVODWLYR DSURYD /2$ 'LD ² ([HFXWLYR 'LD ² /HJLVODWLYR HQFDPLQKD 3/'2 DSURYD /'2 H $YDOLDomR GR 33$ DR /HJLVODWLYR 'LD ² ([HFXWLYR HQFDPLQKD 3/2$ DR /HJLVODWLYR 'LD ² /HJLVODWLYR DSURYD /2$ 'LD ² ([HFXWLYR 'LD ² /HJLVODWLYR HQFDPLQKD 3/'2 DSURYD /'2 H $YDOLDomR GR 33$ DR /HJLVODWLYR 'LD ² ([HFXWLYR HQFDPLQKD 3/2$ DR /HJLVODWLYR 'LD ² /HJLVODWLYR DSURYD /2$ 'LD ² 3RVVH &DQGLGDWR (OHLWR $%5 'LD ² 3RVVH &DQGLGDWR (OHLWR 'LD ² ([HFXWLYR HQFDPLQKD $YDOLDomR GR 33$ DR /HJLVODWLYR 'LD ² ([HFXWLYR HQFDPLQKD $YDOLDomR GR 33$ DR /HJLVODWLYR /HJHQGD 0DQGDWR GR DWXDO 3UHIHLWR 3HUtRGR GH HODERUDomR GR 33$ SHOR ([HFXWLYR 3HUtRGR GH WUDPLWDomR GR 33$ QR /HJLVODWLYR 3HUtRGR GH YLJrQFLD GR 33$ $QH[R,9 )RUPXOiULRGH3URJUDPD)LQDOtVWLFR6HUYLoRVDR(VWDGRRXGH*HVWmRGH3ROtWLFDV3~EOLFDV 352*5$0$ ),1$/Ì67,&2 352*5$0$ '( 6(59,d26 $2 (67$'2 352*5$0$ '( *(67®2 '( 32/Ì7,&$6 3Ô%/,&$6 352*5$0$ 'HQRPLQDomR 2EMHWLYR 3~EOLFRDOYR -XVWLILFDWLYD 8QLGDGH 5HVSRQViYHO +RUL]RQWH 7HPSRUDO &RQWtQXR ,QtFLR BBBBBBBBBBBB 7HPSRUiULR 7pUPLQR BBBBBBBBBBBB PPDDDD 1mR 6LP 0XOWLVVHWRULDO 9DORU GR 3URJUDPD 1R 33$ BBBBBBBBBBBBBB 7RWDO GR 3URJUDPD BBBBBBBBBBBBBB ,1',&$'25 'HVFULomR 8QLGDGH GH 0HGLGD ÌQGLFH PDLV UHFHQWH $SXUDGR HP BBBBBBBBBB PPDDDD ÌQGLFH GHVHMDGR DR ILQDO GR 33$ BBBBBB ÌQGLFH GHVHMDGR DR ILQDO GR 3URJUDPD BBBBBB 6H WHPSRUiULR )RQWH %DVH *HRJUiILFD GH $SXUDomR GR ÌQGLFH BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB 2XWUDV BBBBBBBBBB 3HULRGLFLGDGH 0HQVDO 7ULPHVWUDO 6HPHVWUDO $QXDO 2XWUDV BBBBBBBBB )yUPXOD GH &iOFXOR 3URJUDPD $d¯(6 7tWXOR 8QLGDGH 5HVSRQViYHO 7LSR GH $omR 3URMHWR $WLYLGDGH2SHUDo}HV (VSHFLDLV 2XWUDV $o}HV 0RGDOLGDGH GH ,PSOHPHQWDomR GD $omR 'LUHWD 'HVFHQWUDOL]DGD /LQKDV GH &UpGLWR 3URGXWR %HP RX 6HUYLoR 8QLGDGH GH 0HGLGD 0(7$6 )Ì6,&$6 5(*,21$/,=$d®2 48$17,'$'( $QR $QR $QR $QR 727$/ 33$ 3URJUDPD $omR '$'26 ),1$1&(,526 )217(6 9$/25 ² 5 $QR $QR $QR $QR ² 2UoDPHQWiULDV ² 2XWURV 5HFXUVRV $GPLQLVWUDGRV SHOD 3UHIHLWXUD 5HQ~QFLD )LVFDO 3ODQR GH 'LVSrQGLRV GDV (VWDWDLV )XQGRV ² 'LVSRQLELOLGDGHV $JrQFLDV 2ILFLDLV GH &UpGLWR ² 3DUFHULDV (VWDGRV 8QLmR 6HWRU 3ULYDGR 727$/ 727$/ 1$785(=$ '( '(63(6$ $QR $QR 9$/25 ² 5 $QR $QR 727$/ ² 2UoDPHQWiULDV 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO 727$/ $QH[R9 )RUPXOiULRGH3URJUDPDGH$SRLR$GPLQLVWUDWLYR 352*5$0$ '( $32,2 $'0,1,675$7,92 'HQRPLQDomR 352*5$0$ '( $32,2 $'0,1,675$7,92 2EMHWLYR 352029(5 $d¯(6 '( $32,2 *29(51$0(17$/ 8QLGDGH 2UoDPHQWiULD 9DORU 7RWDO GR 3URJUDPD 5 'DGRV )LQDQFHLURV 7tWXOR1DWXUH]D GH 'HVSHVD $QR 0DQXW H &RQVHUY GH %HQV ,PyYHLV 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO 0DQXW GH 6HUYLoRV GH 7UDQVSRUWHV 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO 0DQXW GH 6HUYLoRV $GPLQ *HUDLV 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO $GPLQLVWUDomR GH 5HFXUVRV +XPDQRV 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO $o}HV GH ,QIRUPiWLFD 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO 'HVSHVDV &RUUHQWHV 'HVSHVDV GH &DSLWDO 727$/ 9$/25 ² 5 $QR $QR $QR 727$/ 0HWDV GH 'HVHPSHQKR 7tWXORV0HWDV $QR 0DQXW H &RQVHUYDomR GH %HQV ,PyYHLV &XVWR WRWDO GH PDQXWHQomR GR SDWULP{QLR SRU P GH iUHD FRQVWUXtGD GD XQLGDGH RUoDPHQWiULD 0DQXWHQomR GH 6HUYLoRV GH 7UDQVSRUWHV &XVWR WRWDO GH PDQXWHQomR GH VHUYLoRV GH WUDQVSRUWHV SRU VHUYLGRU GD XQLGDGH RUoDPHQWiULD 0DQXWHQomR GH 6HUYLoRV $GPLQ *HUDLV &XVWR WRWDO GH PDQXWHQomR GH VHUYLoRV DGPLQLVWUDWLYRV JHUDLV SRU VHUYLGRU GD XQLGDGH RUoDPHQWiULD $GPLQLVWUDomR GH 5HFXUVRV +XPDQRV 3HUFHQWXDO GH VHUYLGRUHV GR QtYHO VXSHULRU HP UHODomR j TXDQWLGDGH WRWDO GH VHUYLGRUHV GD XQLGDGH RUoDPHQWiULD $o}HV GH ,QIRUPiWLFD &XVWR WRWDO GDV Do}HV GH LQIRUPiWLFD SRU HVWDomR GH WUDEDOKR PLFURFRPSXWDGRUHV H WHUPLQDLV Ì1',&( $QR $QR $QR &DStWXOR (/$%25$1'2$/(,'(',5(75,=(6 25d$0(17É5,$6081,&,3$/ )UDQVHOPR$UD~MR&RVWD /~FLD+HOHQD&DYDOFDQWH9DOYHUGH (FRQRPLVWD FRP HVSHFLDOL]DomR HP HFRQRPLD GR VHWRU S~EOLFR QD )XQGDomR *HW~OLR 9DUJDV GH %UDVtOLD e $QDOLVWD GH 2UoDPHQWR GR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR GHVGH RQGH RFXSD DWXDOPHQWH D IXQomR GH &KHIH GD $VVHVVRULD 7pFQLFD GD 6HFUHWDULD GH 2UoDPHQWR )HGHUDO IUDQVHOPRFRVWD#SODQHMDPHQWRJRYEU *UDGXDGD HP 'LUHLWR SHOD 8QLYHUVLGDGH )HGHUDO GR 3DUDQi $QDOLVWD GH 3ODQHMDPHQWR H 2UoDPHQWR DWXDQGR QR 'HSDUWDPHQWR GH 'HVHQYROYLPHQWR 2UoDPHQWiULR'(625 GD 6HFUHWDULD GH 2UoDPHQWR )HGHUDO GHVGH OXFLDYDOYHUGH#SODQHMDPHQ WRJRYEU ,1752'8d®2 $/HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2IRLFULDGDSHOD&RQVWLWXLomR)HGHUDO²&)GH 6HJXQGRD&)RVWUrVLQVWUXPHQWRVTXHFRPS}HPRVLVWHPDGHSODQHMDPHQWRHRUoDPHQWR VmRR3ODQR3OXULDQXDO²33$D/HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2HD/HL2UoDPHQWiULD $QXDO²/2$ 233$FRPYLJrQFLDGHDQRVWHPFRPRIXQomRHVWDEHOHFHUDVGLUHWUL]HVREMHWLYRVHPHWDVGD DGPLQLVWUDomRS~EOLFD&DEHj/'2DQXDOPHQWHRULHQWDUDHODERUDomRGRRUoDPHQWR-iD/2$ WHPFRPRSULQFLSDOREMHWLYRIL[DUDSURJUDPDomRGDVGHVSHVDVSDUDRH[HUFtFLRILQDQFHLUR $VVLPD/'2pRHORHQWUHR3ODQR3OXULDQXDO²33$TXHIXQFLRQDFRPRXPSODQRGH*RYHUQR HD/HL2UoDPHQWiULD$QXDO²/2$TXHpRLQVWUXPHQWRTXHYLDELOL]DDH[HFXomRGRVSURJUDPDV JRYHUQDPHQWDLV8PDGDVSULQFLSDLVIXQo}HVGD/'2VHUiDGHVHOHFLRQDUGHQWUHRVSURJUDPDV LQFOXtGRVQR33$DTXHOHVTXHWHUmRSULRULGDGHQDH[HFXomRGRRUoDPHQWRVXEVHTHQWH &RPSHWHDR3RGHU([HFXWLYRHODERUDUR3URMHWRGH/HLGH'LUHWUL]HV2UoDPHQWiULDV²3/'2 (VWHSURMHWRGHYHUiVHUHQFDPLQKDGRDR3RGHU/HJLVODWLYRTXHDSyVVXDDQiOLVHHPRGLILFDo}HV QHFHVViULDVGHYHUiDSURYiOR 2SUD]RGHHQFDPLQKDPHQWRHDSURYDomRGD/'2GHYHFRQVWDUGD/HL2UJkQLFD0XQLFLSDO² /20&DVRQmRKDMDDUHIHULGDSUHYLVmRR([HFXWLYRSRGHUiHQFDPLQKDUD/'2DTXDOTXHU WHPSRGHVGHTXHRSUD]RSDUDVXDDSUHFLDomRHDSURYDomRSUHFHGDRHQFDPLQKDPHQWRGR 3URMHWRGH/HL2UoDPHQWiULD$QXDOIRUQHFHQGRDVVLPDVLQIRUPDo}HVQHFHVViULDVSDUDVXD HODERUDomR 1R FDVR GD 8QLmR R SUD]R GH HQFDPLQKDPHQWR p GH DEULO VHQGR TXH R &RQJUHVVRGHYHDSURYiODDWpRWpUPLQRGDSULPHLUDVHVVmROHJLVODWLYD 6HJXQGRRDUWGD&)FRPSHWHj/'2 • GHILQLUDVPHWDVHSULRULGDGHVGDDGPLQLVWUDomRS~EOLFDIHGHUDOLQFOXLQGRDVGHVSHVDV GHFDSLWDOSDUDRH[HUFtFLRILQDQFHLURVXEVHTHQWH • RULHQWDUDHODERUDomRGDOHLRUoDPHQWiULDDQXDO • GLVSRUVREUHDVDOWHUDo}HVQDOHJLVODomRWULEXWiULDH • HVWDEHOHFHUDSROtWLFDGHDSOLFDomRGDVDJrQFLDVRILFLDLVGHIRPHQWR &DEHDLQGDj/'2FRQIRUPHRDUWGD&)DXWRUL]DUDFRQFHVVmRGHTXDOTXHUYDQWDJHP RXDXPHQWRGHUHPXQHUDomRDFULDomRGHFDUJRVHPSUHJRVHIXQo}HVRXDOWHUDomRGHHVWUXWXUD GHFDUUHLUDVEHPFRPRDDGPLVVmRRXFRQWUDWDomRGHSHVVRDODTXDOTXHUWtWXORSHORVyUJmRV HHQWLGDGHVGDDGPLQLVWUDomRGLUHWDRXLQGLUHWDUHVVDOYDGDVDVHPSUHVDVS~EOLFDVHVRFLHGDGHV GH HFRQRPLD PLVWD LQFOXVLYH IXQGDo}HV LQVWLWXtGDV H PDQWLGDVSHORSRGHU S~EOLFR &DVR D UHIHULGD DXWRUL]DomR QmR HVWHMD SUHYLVWD R DWR TXH SURYRFDU DXPHQWR FRP SHVVRDO VHUi FRQVLGHUDGRQXORGHSOHQRGLUHLWRGHDFRUGRFRPRDUWGD/HL&RPSOHPHQWDUQGH GHPDLRGH/HLGH5HVSRQVDELOLGDGH)LVFDO²/5) $OpPGHGLVSRUVREUHDPDWpULDSUHYLVWDQD&RQVWLWXLomRD/'2JDQKRXQRYDVIXQo}HVFRPD SXEOLFDomRGD/5)'HDFRUGRFRPRDUWGD/5)D/HLGH'LUHWUL]HV2UoDPHQWiULDVGLVSRUiVREUH $WR GDV 'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV DUW ,, • RHTXLOtEULRHQWUHUHFHLWDVHGHVSHVDV • RVFULWpULRVHIRUPDGHOLPLWDomRGHHPSHQKRDILPGHJDUDQWLURDWLQJLPHQWRGDVPHWDV GHUHVXOWDGRSULPiULRHQRPLQDOHDUHFRQGXomRGDGtYLGD • QRUPDV UHODWLYDV DR FRQWUROH GH FXVWRV H j DYDOLDomR GRV UHVXOWDGRV GRV SURJUDPDV ILQDQFLDGRVFRPUHFXUVRVS~EOLFRVH • GHPDLVFRQGLo}HVHH[LJrQFLDVSDUDWUDQVIHUrQFLDVGHUHFXUVRVDHQWLGDGHVS~EOLFDVH SULYDGDV $/'2FRQWHUiDLQGDGRLV$QH[RV$QH[RGH0HWDV)LVFDLVH$QH[RGH5LVFRV)LVFDLV eIDFXOWDGRDRVPXQLFtSLRVFRPSRSXODomRLQIHULRUDFLQTHQWDPLOKDELWDQWHVRSWDU SRUHODERUDURVUHIHULGRVDQH[RVVRPHQWHDSDUWLUGRDQRGHFRQIRUPH GHWHUPLQDGRQRDUWGD/HLGH5HVSRQVDELOLGDGH)LVFDO1RFDVRGHRPXQLFtSLR RSWDUSRUHVVHSUD]RPDLRUUHFRPHQGDVHTXHPDQLIHVWHHVVDRSomRDR7ULEXQDOGH &RQWDVDTXHHVWLYHUMXULVGLFLRQDGRQDIRUPDHPTXHHVWHGHWHUPLQDU&RQWXGRFDVR VHMDSRVVtYHOHODERUDURVUHIHULGRVDQH[RVDQWHVGHHVJRWDGRHVVHSUD]RUHFRPHQGDVH TXHRPXQLFtSLRRIDoDRTXDQWRDQWHVHPYLUWXGHGDLPSRUWkQFLDTXHWHUmRSDUDR SODQHMDPHQWRHDH[HFXomRILQDQFHLUD &RPRYLPRVFRPDDSURYDomRGD/5)D/'2JDQKRXQRYDVDWULEXLo}HVGHRUGHPHFRQ{PLFD FRPGHVWDTXHSDUDRVDQH[RVGHPHWDVHGHULVFRVILVFDLV $1(;2'(0(7$6),6&$,6 2$QH[RGH0HWDV)LVFDLV²$0)GHPRQVWUDUiFRPRVHUiDFRQGXomRGDSROtWLFDILVFDOSDUDRV SUy[LPRVH[HUFtFLRVHDYDOLDUiRGHVHPSHQKRILVFDOGRVH[HUFtFLRVDQWHULRUHV 'HVWD IRUPD R $0) IL[DUi DV PHWDV GH 5HFHLWD 'HVSHVD 5HVXOWDGR 3ULPiULR H 1RPLQDO H PRQWDQWHGDGtYLGDS~EOLFDDVHUREVHUYDGRQRH[HUFtFLRILQDQFHLURDTXHVHUHIHUHDOpPGH VLQDOL]DUFRPPHWDVILVFDLVSDUDRVGRLVH[HUFtFLRVVHJXLQWHV2DQH[RFRQWHUiDLQGD ,²DDYDOLDomRGRFXPSULPHQWRGDVPHWDVUHODWLYDVDRDQRDQWHULRU ,,²GHPRQVWUDWLYRGDVPHWDVDQXDLVLQVWUXtGRFRPPHPyULDHPHWRGRORJLDGHFiOFXOR TXH MXVWLILTXHP RV UHVXOWDGRV SUHWHQGLGRV FRPSDUDQGRDV FRP DV IL[DGDV QRV WUrV H[HUFtFLRVDQWHULRUHVHYLGHQFLDQGRDFRQVLVWrQFLDGHODVFRPDVSUHPLVVDVHRVREMHWLYRV GDSROtWLFDHFRQ{PLFDQDFLRQDO ,,,²HYROXomRGRSDWULP{QLROtTXLGRWDPEpPQRV~OWLPRVWUrVH[HUFtFLRVGHVWDFDQGRD RULJHPHDDSOLFDomRGRVUHFXUVRVREWLGRVFRPDDOLHQDomRGHDWLYRV ,9²DYDOLDomRGDVLWXDomRILQDQFHLUDHDWXDULDOGRUHJLPHSUySULRGRVVHUYLGRUHVS~EOLFRV HGRVIXQGRVS~EOLFRVHSURJUDPDVHVWDWDLVGHQDWXUH]DDWXDULDOH 9²GHPRQVWUDWLYRGDHVWLPDWLYDHFRPSHQVDomRGDUHQ~QFLDGHUHFHLWDHGDPDUJHPGH H[SDQVmRGDVGHVSHVDVREULJDWyULDVGHFDUiWHUFRQWLQXDGR e SULPRUGLDO SDUD D HODERUDomR GR $QH[R GH 0HWDV )LVFDLV R GRPtQLR GRV FRQFHLWRV GH UHVXOWDGRSULPiULRHQRPLQDOUHQ~QFLDGHUHFHLWDHPDUJHPGHH[SDQVmR 5HVXOWDGR3ULPiULR 25HVXOWDGR3ULPiULR²53LQGLFDUiVHRVQtYHLVGHJDVWRVRUoDPHQWiULRVGRVHQWHVIHGHUDWLYRV VmRFRPSDWtYHLVFRPVXDVDUUHFDGDo}HVRXVHMDVHDVUHFHLWDVQmRILQDQFHLUDVVmRFDSD]HVGH VXSRUWDUDVGHVSHVDVQmRILQDQFHLUDV 5HVXOWDGR3ULPiULR 5HFHLWDV1mR)LQDQFHLUDV²'HVSHVDV1mR)LQDQFHLUDV 3DUD D PHOKRU FRPSUHHQVmR GR FiOFXOR GH UHVXOWDGR SULPiULR WHPRV TXH FRPSUHHQGHU RV VHJXLQWHVFRQFHLWRV D 5HFHLWDV 1mR)LQDQFHLUDV ² 51) FRUUHVSRQGH DR WRWDO GD UHFHLWD RUoDPHQWiULD GHGX]LGDV DV RSHUDo}HV GH FUpGLWR DV SURYHQLHQWHV GH UHQGLPHQWRV GH DSOLFDo}HV ILQDQFHLUDVHUHWRUQRGHRSHUDo}HVGHFUpGLWRMXURVHDPRUWL]Do}HVUHFHELPHQWRGH UHFXUVRV RULXQGRV GH HPSUpVWLPRV FRQFHGLGRV DV UHFHLWDV GH SULYDWL]DomR H DTXHODV UHODWLYDVDVXSHUiYLWVILQDQFHLURV3DUDHYLWDUDGXSODFRQWDJHPQmRGHYHPVHUFRQVLGH UDGDVFRPRUHFHLWDVQmRILQDQFHLUDVDVSURYHQLHQWHVGHWUDQVIHUrQFLDVHQWUHDVHQWLGDGHV TXHFRPS}HPR(QWHIHGHUDWLYR E 'HVSHVDV1mR)LQDQFHLUDV²'1)FRUUHVSRQGHDRWRWDOGDGHVSHVDRUoDPHQWiULD GHGX]LGDVDVGHVSHVDVFRPMXURVHDPRUWL]DomRGDGtYLGDLQWHUQDHH[WHUQDFRPDTXLVLomR GH WtWXORV GH FDSLWDO LQWHJUDOL]DGR H DV GHVSHVDV FRP FRQFHVVmR GH HPSUpVWLPRV FRP UHWRUQRJDUDQWLGR $SDUWLUGRFRQFHLWRGHUHVXOWDGRSULPiULRSRGHPRVWHUDVVHJXLQWHVVLWXDo}HV 51)!'1) 6XSHUiYLW3ULPiULRVLJQLILFDTXHSRVVXLUHFXUVRVSDUDSDJDPHQWRGHVXDV GHVSHVDVQmRILQDQFHLUDVHDLQGDSDUDKRQUDURVVHXVFRPSURPLVVRVGHFRUUHQWHVGH RSHUDo}HVILQDQFHLUDVWDLVFRPRMXURVHDPRUWL]Do}HV 51)'1) 'pILFLW3ULPiULRVLJQLILFDTXHQmRSRVVXLUHFXUVRVSDUDSDJDPHQWRGHVXDV GHVSHVDVQmRILQDQFHLUDVWHQGRTXHUHFRUUHUDRSHUDo}HVGHFUpGLWRSDUDSDJDUVXDV GHVSHVDVHOHYDQGRDVVLPRVHXQtYHOGHHQGLYLGDPHQWR 51) '1) 5HVXOWDGR3ULPiULR1XORVLJQLILFDTXHQmRLUiSRXSDUUHFXUVRVSDUDR SDJDPHQWRGHMXURVHDPRUWL]DomRGHVXDVRSHUDo}HVGHFUpGLWR &RPRYLPRVSDUDDIL[DomRGDPHWDGHUHVXOWDGRSULPiULRVHUiOHYDGRHPFRQVLGHUDomRR PRQWDQWHQHFHVViULRSDUDDUHFRQGXomRGRHQGLYLGDPHQWRS~EOLFRDRVOLPLWHVHVWDEHOHFLGRV HP 5HVROXomR GR 6HQDGR )HGHUDO &RQIRUPH R GLVSRVWR QR DUW º GD /HL GH 5HV SRQVDELOLGDGH)LVFDOROLPLWHGHHQGLYLGDPHQWRFRUUHVSRQGHUiDXPSHUFHQWXDOGD5HFHLWD &RUUHQWH/tTXLGD $DSXUDomRGHYHFRPSUHHQGHUWRGRVRVyUJmRVGDDGPLQLVWUDomRGLUHWDIXQGRVDXWDUTXLDV IXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVFRQIRUPHGHILQLGRQRDUWºº,EGD/HL &RPSOHPHQWDUQºGHGHPDLRGH $PHWDGHUHVXOWDGRSULPiULRGHYHUiVHUIL[DGDQD/'2TXHSUHFHGHDHODERUDomRGR RUoDPHQWRGHFDGDH[HUFtFLRILQDQFHLURSHUtRGRGHºGHMDQHLURDGHGH]HPEUR2 DWLQJLPHQWRGHVWDPHWDGHYHUiVHUREVHUYDGRQRPRPHQWRGDHODERUDomRHDSURYDomR GD/2$EHPFRPRQDH[HFXomRRUoDPHQWiULDHILQDQFHLUD (PVtQWHVHRUHVXOWDGRSULPiULRDYDOLDVHR(QWHHVWiRXQmRYLYHQGRGHQWURGHVHXV OLPLWHVILQDQFHLURVRXVHMDFRQWULEXLQGRSDUDDUHGXomRRXHOHYDomRGRVHX HQGLYLGDPHQWR 5HVXOWDGR1RPLQDO 25HVXOWDGR1RPLQDO²51SRUVXDYH]SRGHVHUFRQVLGHUDGRFRPRDSUySULD1HFHVVLGDGH GH)LQDQFLDPHQWRGR6HWRU3~EOLFR²1)633RULQWHUPpGLRGHVWHFiOFXORYHULILFDUVHiVHR HQWHQHFHVVLWDUiRXQmRGHHPSUpVWLPRVMXQWRjVHQWLGDGHVILQDQFHLUDVHRXVHWRUSULYDGRSDUD ID]HUIDFHDRVVHXVGLVSrQGLRV 2 UHVXOWDGR QRPLQDO p REWLGR DFUHVFHQWDQGRVH DR UHVXOWDGR SULPiULR RV YDORUHV SDJRV H UHFHELGRVGHMXURVQRPLQDLVMXURVOtTXLGRVGHFRUUHQWHVGHRSHUDo}HVILQDQFHLUDV D5HVXOWDGR3ULPiULR E&RQWDGH-XURVEE E9DORUHV5HFHELGRVGH-XURV1RPLQDLV E9DORUHV3DJRVGH-XURV1RPLQDLV F 5HVXOWDGR1RPLQDOD²E 53!&RQWDGH-XURV 6XSHUiYLW1RPLQDOVLJQLILFDTXHVREUDUmRUHFXUVRVSDUDR SDJDPHQWRGHVXDVGtYLGDVGHFRUUHQWHVGHRSHUDo}HVGHFUpGLWRFRQWUDtGDVDQWHULRUPHQWH RXVHMDRFRUUHUiDHIHWLYDUHGXomRGRVHXQtYHOGHHQGLYLGDPHQWR º $UW ,9 GD /5) ² UHFHLWD FRUUHQWH OtTXLGD VRPDWyULR GDV UHFHLWDV WULEXWiULDV GH FRQWULEXLo}HV SDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQVIHUrQFLDV FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHV GHGX]LGRV D QD 8QLmR RV YDORUHV WUDQVIHULGRV DRV (VWDGRV H 0XQLFtSLRV SRU GHWHUPLQDomR FRQVWLWXFLRQDO RX OHJDO H DV FRQWULEXLo}HV PHQFLRQDGDV QD DOtQHD D GR LQFLVR , H QR LQFLVR ,, GR DUW H QR DUW GD &RQVWLWXLomR E QRV (VWDGRV DV SDUFHODV HQWUHJXHV DRV 0XQLFtSLRV SRU GHWHUPLQDomR FRQVWLWXFLRQDO F QD 8QLmR QRV (VWDGRV H QRV 0XQLFtSLRV D FRQWULEXLomR GRV VHUYLGRUHV SDUD R FXVWHLR GR VHX VLVWHPD GH SUHYLGrQFLD H DVVLVWrQFLD VRFLDO H º GR DUW GD &RQVWLWXLomR º 6HUmR FRPSXWDGRV QR FiOFXOR GD UHFHLWD FRUUHQWH OtTXLGD RV YDORUHV SDJRV H UHFHELGRV HP GHFRUUrQFLD GD /HL &RPSOHPHQWDU Qº GH DV UHFHLWDV SURYHQLHQWHV GD FRPSHQVDomR ILQDQFHLUD FLWDGD QR GH VHWHPEUR GH H GR IXQGR SUHYLVWR SHOR DUW GR $WR GDV 'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV º 1mR VHUmR FRQVLGHUDGRV QD UHFHLWD FRUUHQWH OtTXLGD GR 'LVWULWR )HGHUDO H GRV (VWDGRV GR $PDSi H GH 5RUDLPD RV UHFXUVRV UHFHELGRV GD º GR DUW º $ UHFHLWD FRUUHQWH OtTXLGD VHUi DSXUDGD VRPDQGRVH DV UHFHLWDV DUUHFDGDGDV QR PrV HP UHIHUrQFLD H QRV RQ]H DQWHULRUHV H[FOXtGDV DV 8QLmR SDUD DWHQGLPHQWR GDV GHVSHVDV GH TXH WUDWD R LQFLVR 9 GR GXSOLFLGDGHV 53&RQWDGH-XURV 'pILFLW1RPLQDOVLJQLILFDTXHRUHVXOWDGRSULPiULRQmRVHUi VXILFLHQWHSDUDDFREHUWXUDGRVMXURVGHFRUUHQWHVGHRSHUDo}HVGHFUpGLWRRXVHMDVHQGR QHFHVViULDVQRYDVRSHUDo}HVSDUDDFREHUWXUDGDFRQWDGHMXURV 53 &RQWDGH-XURV 5HVXOWDGR1XORVLJQLILFDTXHRVHXSULPiULRIRLVXILFLHQWHSDUDR SDJDPHQWRGRVMXURVGHFRUUHQWHVGHRSHUDo}HVGHFUpGLWRFRQWUDtGDVRXVHMDPDQWHYH FRQVWDQWHRVHXQtYHOGHHQGLYLGDPHQWR 2%DQFR&HQWUDOGR%UDVLO²%$&(1DGRWDXPDRXWUDIRUPDGHDSXUDomRGRUHVXOWDGRQRPLQDO TXHFRQVLVWHQDYHULILFDomRGDYDULDomRGRVDOGRGRHQGLYLGDPHQWROtTXLGRQRH[HUFtFLR$VVLP RUHVXOWDGRQRPLQDOSRGHWDPEpPVHUDSXUDGROHYDQGRVHHPFRQVLGHUDomRDGLIHUHQoDHQWUH RVDOGRGDGtYLGDILVFDOOtTXLGDQRSHUtRGRGHUHIHUrQFLDHRVDOGRGDGtYLGDILVFDOOtTXLGDQR SHUtRGRDQWHULRUDRGHUHIHUrQFLD 5HVXOWDGR 1RPLQDO 'tYLGD )LVFDO /tTXLGD GR ([HUFtFLR ² 'tYLGD )LVFDO /tTXLGD GR ([HUFtFLR $QWHULRU VHQGR TXH QHVWH FDVR UHVXOWDGR SRVLWLYR GpILFLW H FDVR UHVXOWDGR QHJDWLYR VXSHUiYLW $YDOLDomRGR&XPSULPHQWRGDV0HWDV5HODWLYDVDR$QR$QWHULRU $ /'2 GHYHUi WUD]HU XP GHPRQVWUDWLYR FRPSDUDQGR D PHWD IL[DGD H R UHVXOWDGR REWLGR GHVFUHYHQGRRVIDWRUHVGHWHUPLQDQWHVGHHYHQWXDLVGHVYLRVHPUHODomRjPHWDRULJLQDOPHQWH IL[DGD ([HPSORH[WUDtGRGR$QH[RGH0HWDV)LVFDLVFRQVWDQWHQD/'2GD8QLmRSDUD 5 0LOK}HV &RUUHQWHV ',6&5,0,1$d®2 , 5(&(,7$ 727$/ ,, '(63(6$ 727$/ ,,, 5(68/7$'2 35,0É5,2 ,,, ,9 ',6&5(3Ç1&,$ (67$7Ì67,&$ 9 5(68/7$'2 35,0É5,2 ,,,,9 9, 5(68/7$'2 120,1$/ 9,, 'Ì9,'$ /Ì48,'$ *29(512 &(175$/ /(, 9DORU 3,% 5($/,=$'2 9DORU 3,% /(, 9DORU 3,% 5($/,=$'2 9DORU 3,% 3/2 9DORU 3,% /(, 9DORU 3,% 3DUD D YHULILFDomR GR VDOGR GD GtYLGD ILVFDO OtTXLGD GHYHUi VHU OHYDGR HP FRQVLGHUDomR R VDOGR GD GtYLGD FRQVROLGDGD OtTXLGD GHGX]LGDV DV UHFHLWDV GH SULYDWL]DomR H RV SDVVLYRV UHFRQKHFLGRV GHFRUUHQWHV GH GpILFLWV RFRUULGRV HP H[HUFtFLRV DQWHULRUHV (;(03/2 $YDOLDomRGRFXPSULPHQWRGDVPHWDVUHODWLYDVDRDQRDQWHULRU $UWººLQFLVR,GD/HL&RPSOHPHQWDUQºGH $/HLQºGHTXHHVWDEHOHFHXDVGLUHWUL]HVSDUDDHODERUDomRGDOHLRUoDPHQWiULD GHGHWHUPLQRXHPVHXDUWTXHDHODERUDomRDDSURYDomRHDH[HFXomRGD/HL 2UoDPHQWiULDGHFRQWHPSODVVHXPVXSHUiYLWSULPiULRGHQRPtQLPRGR3,% GRVTXDLVRVRUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDOUHVSRQGHULDPSHORHTXLYDOHQWHD GR3,% $/HL2UoDPHQWiULD$QXDO/HLQºGHIL[RXXPVXSHUiYLWSULPiULRQRkPELWRGR *RYHUQR&HQWUDOHTXLYDOHQWHDGR3,%HPYDORUOLJHLUDPHQWHVXSHULRUDRSLVR HVWDEHOHFLGRSHOD/'2pSRFDWDOPHWDLPSOLFDYDXPVXSHUiYLWGH5ELOK}HVFRP EDVHQDVHVWLPDWLYDVGLVSRQtYHLVSDUDR3,%GH $ PHWD HP YDORUHV QRPLQDLV IRL DIHWDGD DR ORQJR GRV PHVHV VHJXLQWHV SRU UHYLV}HV QD HVWLPDWLYDGR3,%GHGHFRUUHQWHVGHDOWHUDo}HVQDHVWLPDWLYDGRGHIODWRUGR3,%GH $IRUWHYDULDomRGRFkPELRHPFRPSURPHWHXDSUHYLVmRGRGHIODWRUGR3,%SDUD DTXHOHDQRSRUFDXVDGDPXGDQoDQRVSUHoRVUHODWLYRV2GHIODWRUGR3,%SDUDVyIRL FRQKHFLGRFRPGHWDOKHHPPHDGRVGRVHJXQGRVHPHVWUHGH&RPRUHVXOWDGRKRXYH VXFHVVLYDV UHYLV}HV GR YDORU QRPLQDO GR 3,% GH VREUH R TXDO R 3,% GH HUD HVWLPDGR1DDXVrQFLDGHJUDQGHVIOXWXDo}HVFDPELDLVFRPRDVREVHUYDGDVHPHVWH IHQ{PHQRQmRGHYHVHUHSHWLU 2FXPSULPHQWRGDVPHWDVSHORVHJXQGRDQRFRQVHFXWLYRDWHVWRXPDLVXPDYH]RFRPSUR PHWLPHQWRGR*RYHUQRFRPR3URJUDPDGH(VWDELOLGDGH)LVFDOSURSRVWRj1DomRHPRXWXEUR GHRTXHSHUPLWLXUHYHUWHUDWUDMHWyULDGHFUHVFHQWHHQGLYLGDPHQWRS~EOLFRSURSLFLDQ GRDVEDVHVSDUDDUHFXSHUDomRGDHFRQRPLD 'HPRQVWUDWLYRGDV0HWDV$QXDLV &RQIRUPHUHODWDGRQDVHomRTXHWUDWDGRFRQFHLWRGHUHVXOWDGRSULPiULRQDIL[DomRGDPHWD GH UHVXOWDGR VHUi OHYDGR HP FRQVLGHUDomR R PRQWDQWH QHFHVViULR SDUD D UHFRQGXomR GR HQGLYLGDPHQWRS~EOLFRDRVOLPLWHVHVWDEHOHFLGRVHP5HVROXomRGR6HQDGR)HGHUDO 2GHPRQVWUDWLYRGDPHWDGHUHVXOWDGRGHYHUiVHUDFRPSDQKDGRGRVIDWRUHVTXHMXVWLILFDPRV UHVXOWDGRVSUHWHQGLGRVSDUDRH[HUFtFLRILQDQFHLURHPUHIHUrQFLDHSDUDRVGRLVVHJXLQWHV$V PHWDVIL[DGDVGHYHPJXDUGDUFRHUrQFLDFRPDSUHYLVmRGHDUUHFDGDomRGDVUHFHLWDVHFRPD 'HVWDTXHVH R IDWR GH TXH D /5) QmR GHWHUPLQD TXH R UHVXOWDGR SULPiULR HVWDEHOHFLGR QD /'2 WHQKD TXH VHU QHFHVVDULDPHQWH SRVLWLYR &DVR KDMD HQWHQGLPHQWR FRPXP HQWUH RV 3RGHUHV ([HFXWLYR H /HJLVODWLYR R UHVXOWDGR SRGH VHU QHJDWLYR VLJQLILFDQGR D JHUDomR GH GtYLGDV D VHUHP SDJDV SRU JHUDo}HV IXWXUDV &RQWXGR HVWD VLWXDomR QmR p PXLWR IDFWtYHO QXPD VHTrQFLD GH SHUtRGRV YLVWR TXH D SUySULD /5) LPS}H XPD VpULH GH GLVSRVLWLYRV TXH GLILFXOWDP WDO VLWXDomR FRPR p R FDVR GR OLPLWH SDUD D GtYLGD GRV HQWHV GD )HGHUDomR SURMHomRUHDOLVWDGRQtYHOGHJDVWRV$VVLPMiSRURFDVLmRGDHODERUDomRGD/'2pQHFHVViULR TXHVHUHDOL]HDHVWLPDWLYDGDUHFHLWDSDUDRH[HUFtFLRHPUHIHUrQFLDHSDUDRVGRLVVHJXLQWHV $SUHYLVmRGHYHVHUDFRPSDQKDGDGDPHPyULDHPHWRGRORJLDGHFiOFXOR$WHQWHVHTXHDVPHWDV SDUDUHFHLWDVHGHVSHVDVVmRPHUDPHQWHLQGLFDWLYDVGHYHQGRSUHYDOHFHUDVPHWDVGHUHVXOWDGR 5HVVDOWHVH TXH R 3RGHU ([HFXWLYR GHPRQVWUDUi H DYDOLDUi MXQWR DR 3RGHU /HJLVODWLYR R FXPSULPHQWRGDVPHWDVILVFDLVDRWpUPLQRGHFDGDTXDGULPHVWUH &DEH OHPEUDU TXH D SDUWLU GD /HL GH GH RXWXEUR GH FRQVWLWXL LQIUDomR DGPLQLVWUDWLYDFRQWUDDVOHLVGHILQDQoDVS~EOLFDVSURSRUOHLGHGLUHWUL]HVRUoDPHQWiULDVTXHQmR FRQWHQKDDVPHWDVILVFDLVQDIRUPDGDOHL$LQIUDomRVHUiSURFHVVDGDHMXOJDGDSHOR7ULEXQDO GH&RQWDVHSXQLGDFRPPXOWDGHGRVYHQFLPHQWRVDQXDLVGRDJHQWHTXHOKHGHUFDXVD ([HPSORH[WUDtGRGR$QH[RGH0HWDV)LVFDLVFRQVWDQWHQD/'2GD8QLmRSDUD ',6&5,0,1$d®2 9DORU 3,% , 5(&(,7$ 727$/ ,, '(63(6$ 727$/ ,,, 5(68/7$'2 35,0É5,2 ,,, ,9 5(68/7$'2 120,1$/ 9 'Ì9,'$ /Ì48,'$ *29(512 &(175$/ 5 PLOK}HV FRUUHQWHV 9DORU 3,% 9DORU 3,% (;(03/2 'HPRQVWUDWLYRGDVPHWDVDQXDLV $UWººLQFLVR,,GD/HL&RPSOHPHQWDUQºGH $VPHWDVGHVXSHUiYLWSULPiULRDSUHVHQWDGDVQRSUHVHQWH$QH[Rj/HLGH'LUHWUL]HV2UoD PHQWiULDVGHIRUDPIL[DGDVFRPREMHWLYRGHFRQVROLGDURVUHVXOWDGRVREWLGRVFRPR 3URJUDPDGH(VWDELOLGDGH)LVFDO0DQWrPVHSDUDRWULrQLRRVREMHWLYRVEiVLFRV GDSROtWLFDHFRQ{PLFDTXDLVVHMDPDHVWDELOLGDGHGHSUHoRVHDFRQILDQoDQDVD~GHILQDQFHLUD GR(VWDGRGHIRUPDDSURPRYHUXPDPELHQWHSURStFLRDRLQYHVWLPHQWRHjFRQWLQXLGDGHGR FUHVFLPHQWRGDHFRQRPLDHGRQtYHOGHHPSUHJR $ YDULiYHO PDLV LPSRUWDQWH QR ORQJR SUD]R SDUD FRQIHULU FUHGLELOLGDGH j SROtWLFD PD FURHFRQ{PLFDpDUHODomRGtYLGD3URGXWR,QWHUQR%UXWR²3,%8PDWUDMHWyULDHVWiYHOGHVWD UHODomRSURSRUFLRQDDIROJDQHFHVViULDjJHVWmRGHHYHQWXDLVGHVDMXVWHVGHFXUWRSUD]RHUHGX] RULVFRILQDQFHLURGHTXDOTXHUHPSUHHQGLPHQWRRXLQYHVWLPHQWRQRSDtV 2LQVWUXPHQWRIXQGDPHQWDOSDUDDFRQVHFXomRGRVREMHWLYRVSURSRVWRVGRSRQWRGHYLVWDGD SROtWLFDILVFDOpRHVWDEHOHFLPHQWRGHPHWDVSDUDRUHVXOWDGRSULPiULRHRFRQWUROHGRVJDVWRV HGDVUHFHLWDVHPFRQVRQkQFLDFRPDVPHWDVIL[DGDV FRQWLQXD 3URS}HVHSDUDRDQRGHXPVXSHUiYLWSULPiULRGR*RYHUQR&HQWUDOGH5ELOK}HV HTXLYDOHQWHDGR3,%GDGRRYDORUHVWLPDGRSDUDR3,%GH5ELOK}HV2VXSHUiYLW SULPiULRUHVXOWDGDGLIHUHQoDHQWUHUHFHLWDVOtTXLGDVHVWLPDGDVHP5ELOK}HVHGHVSHVDV GH5ELOK}HV 3DUDRVDQRVGHHSUHYrVHDPDQXWHQomRGRHVIRUoRILVFDOFRQVXEVWDQFLDGRHP PHWDVGHGR3,%SDUDFDGDDQR(VWDVPHWDVFXMRFDUiWHUQHVWHPRPHQWRpPHUDPHQWH LQGLFDWLYR VmR GH UHVXOWDGRV SULPiULRV SRVLWLYRV GD RUGHP GH UHVSHFWLYDPHQWH 5 ELOK}HVH5ELOK}HV(VVHVQ~PHURVUHYHODPXPDSHTXHQDPXGDQoDQRSHUILOWHPSRUDO GRV UHVXOWDGRV SULPiULRV HP UHODomR DR GLYXOJDGR QR $QH[R GH 0HWDV )LVFDLV GD /HL GH 'LUHWUL]HV2UoDPHQWiULDSDUD (YROXomRGR3DWULP{QLR/tTXLGRH$SOLFDomRGRV5HFXUVRV (VVDGHPRQVWUDomRpGHPXLWDXWLOLGDGHSRLVIRUQHFHDPRYLPHQWDomRRFRUULGDQR3DWULP{QLR /tTXLGRGXUDQWHRH[HUFtFLR 6XDLPSRUWkQFLDVHWRUQDPDLVDFHQWXDGDIDFHDRGLVSRVWRQD/HLGH5HVSRQVDELOLGDGH)LVFDO SRLVFRQIRUPHDFLWDGD/HLHVVDHYROXomRGHYHUiGHVWDFDUDRULJHPHDDSOLFDomRGRVUHFXUVRV REWLGRVFRPDDOLHQDomRGHDWLYRVLQGLFDQGRFODUDPHQWHDIRUPDomRHDXWLOL]DomRGHVVHV UHFXUVRVGXUDQWHRV~OWLPRVWUrVH[HUFtFLRV &DEHOHPEUDUTXHGHDFRUGRFRPRDUWGD/5)pYHGDGDDDSOLFDomRGDUHFHLWDGHFDSLWDO GHULYDGDGDDOLHQDomRGHEHQVHGLUHLWRVTXHLQWHJUDPRSDWULP{QLRS~EOLFRSDUDRILQDQFLD PHQWRGHGHVSHVDFRUUHQWHVDOYRVHGHVWLQDGDSRUOHLDRVUHJLPHVGHSUHYLGrQFLDVRFLDOJHUDO HSUySULRGRVVHUYLGRUHVS~EOLFRV $OpPGHFRPSRUR$QH[RGH0HWDV)LVFDLVDHYROXomRGR3DWULP{QLR/tTXLGRILFDUiWDPEpP HYLGHQFLDGDQDGHPRQVWUDomRGDVYDULDo}HVSDWULPRQLDLVTXHIDUmRSDUWHGR5HODWyULR5HVXPL GRGH([HFXomR2UoDPHQWiULDGR~OWLPRELPHVWUHFRQIRUPHDUWº,,,GD/5) ([HPSORH[WUDtGRGR$QH[RGH0HWDV)LVFDLVFRQVWDQWHQD/'2GD8QLmRSDUD 3$75,0Ñ1,2 /Ì48,'2 9DORU 3DWULP{QLR&DSLWDO 5HVHUYDV 5HVXOWDGR $FXPXODGR 7RWDO )RQWH 6,$),6HFUHWDULD GR 7HVRXUR 1DFLRQDO 9DORU 5 PLOK}HV 9DORU 3RVLomR )217( 9DORUHV ,QJUHVVDGRV )217( )217( 5 PLO 9DORUHV 8WLOL]DGRV +,67Ð5,&2 6DOGR GH ([HUFtFLRV $QWHULRUHV $1$7(/ /HL Qº GH H /HL Qº GH 6LVWHPD 7HOHEUiV ² /HLOmR $PRUWL]Do}HV GH ILQDQFLDPHQWRV GDV PDOKDV IHUURYLiULDV GHVHVWDWL]DGDV 2XWUDV UHFHLWDV 7RWDO LQJUHVVRV $PRUWL]DomR GD 'tYLGD ,QWHUQD $JrQFLD 1DFLRQDO GH 3HWUyOHR ² $13 /HL Qº GH 0LQLVW 0LQDV H (QHUJLD /HL Qº GH 2XWURV 7RWDO XWLOL]DGR 6DOGR SDUD R ([HUFtFLR 6HJXLQWH 6DOGR GH ([HUFtFLRV $QWHULRUHV 6LVWHPD 7HOHEUiV ² /HLOmR 6LVWHPD 7HOHEUiV ² 2IHUWD DRV (PSUHJDGRV 3HWUREUDV ² 2IHUWD 3~EOLFD *HUDVXO ² 2IHUWD DRV (PSUHJDGRV %DQFR GR (VWDGR GH 6mR 3DXOR 6$ ² %DQHVSD %DQFR 0HULGLRQDO ² /HLOmR 2XWUDV UHFHLWDV 7RWDO LQJUHVVRV $PRUWL]DomR GD 'tYLGD ,QWHUQD 7RWDO XWLOL]DGR 6DOGR SDUD R ([HUFtFLR 6HJXLQWH 6$/'2 '( (;(5&Ì&,26 $17(5,25(6 727$,6 727$/ '( ,1*5(6626 727$/ 87,/,=$'2 6$/'2 3$5$ 2 (;(5&Ì&,2 6(*8,17( )RQWH 6,$), 671&2$), 671&2),1 671&2',3 $YDOLDomRGD6LWXDomR)LQDQFHLUDH$WXDULDO 1R$QH[RGH0HWDV)LVFDLVR0XQLFtSLRGHYHUiDSUHVHQWDUGHPRQVWUDWLYRFRQWHQGRDDQiOLVH GDVLWXDomRILQDQFHLUDHDWXDULDOGRUHJLPHSUySULRGRVVHXVVHUYLGRUHVGRVIXQGRVS~EOLFRVH GRVSURJUDPDVHVWDWDLVGHQDWXUH]DDWXDULDO 2REMHWLYRGHVVHGHPRQVWUDWLYRpHYLGHQFLDUDFRHUrQFLDHQWUHRVUHFXUVRVTXHHVWmRVHQGR DSRUWDGRV H DV Do}HV D TXH HVVHV IXQGRV RX UHJLPHV VH SURS}HP D ILP GH YHULILFDU D VXVWHQWDELOLGDGHILQDQFHLUDGRVPHVPRV$OpPGLVVRRUHIHULGRDQH[RSURSLFLDUiDDYDOLDomR GDDSOLFDomRGRVUHFXUVRVGRVUHJLPHVSUHYLGHQFLiULRVREVHUYDGRRGLVSRVWRQRºGRDUW GD/5) 5HVVDOWHVHTXHDSDUWLUGDSXEOLFDomRGD/5)RPXQLFtSLRTXHPDQWLYHURXYLHUDLQVWLWXLU UHJLPHSUySULRGHSUHYLGrQFLDVRFLDOSDUDVHXVVHUYLGRUHVGHYHUiFRQIHULUOKHFDUiWHUFRQWULEX WLYRDOpPGHRUJDQL]iORFRPEDVHHPQRUPDVGHFRQWDELOLGDGHHDWXiULDDILPGHTXHVH SUHVHUYHVHXHTXLOtEULRILQDQFHLURHDWXDULDO 5HQ~QFLDGH5HFHLWDV 2GHPRQVWUDWLYRGHUHQ~QFLDGHUHFHLWDEXVFDDXPHQWDUDWUDQVSDUrQFLDQDJHVWmRGRVUHFXUVRV S~EOLFRV$VVLPD/'2GHYHUiGHPRQVWUDURPRQWDQWHGHUHFHLWDVTXHR(QWHHVWiGHL[DQGR GHDUUHFDGDUGHYLGRjFRQFHVVmRGHDOJXPEHQHItFLRILVFDODGHWHUPLQDGRVVHWRUHVRXHPSUHVDV (VWHGHPRQVWUDWLYRGHYHUiLQGLFDUTXDLVVHWRUHVHVWmRVHEHQHILFLDQGRHTXDLVRVYDORUHVTXH RVPHVPRVHVWmRGHL[DQGRGHUHFROKHUDRHUiULRS~EOLFR 5HVVDOWHVHTXHQRYDVFRQFHVV}HVGHLQFHQWLYRRXEHQHItFLRGHQDWXUH]DWULEXWiULDDSDUWLUGD /HLGH5HVSRQVLELOLGDGH)LVFDO²/5)VySRGHUmRVHUUHDOL]DGDVVHDWHQGLGRVRVSUHFHLWRVGR VHXDUW º GR DUW GD &RQVWLWXLomR º $V GLVSRQLELOLGDGHV GH FDL[D GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H SUySULR GRV VHUYLGRUHV S~EOLFRV DLQGD TXH YLQFXODGDV D IXQGRV $UW $V GLVSRQLELOLGDGHV GH FDL[D GRV HQWHV GD )HGHUDomR VHUmR GHSRVLWDGDV FRQIRUPH HVWDEHOHFH R HVSHFtILFRV D TXH VH UHIHUHP RV DUWV H GD &RQVWLWXLomR ILFDUmR GHSRVLWDGDV HP FRQWD VHSDUDGD GDV GHPDLV GLVSRQLELOLGDGHV GH FDGD HQWH H DSOLFDGDV QDV FRQGLo}HV GH PHUFDGR FRP REVHUYkQFLD GRV OLPLWHV H FRQGLo}HV GH SURWHomR H SUXGrQFLD ILQDQFHLUD 'H DFRUGR FRP R 'LFLRQiULR $XUpOLR D $WXiULD p D ´SDUWH GD HVWDWtVWLFD TXH LQYHVWLJD SUREOHPDV UHODFLRQDGRV FRP D WHRULD H R FiOFXOR GH VHJXURV QXPD FROHWLYLGDGHµ $UW GD /5) $ FRQFHVVmR RX DPSOLDomR GH LQFHQWLYR RX EHQHItFLR GH QDWXUH]D WULEXWiULD GD TXDO GHFRUUD UHQ~QFLD GH UHFHLWD GHYHUi HVWDU DFRPSDQKDGD GH HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLUR QR H[HUFtFLR HP TXH GHYD LQLFLDU VXD YLJrQFLD H QRV GRLV VHJXLQWHV DWHQGHU DR GLVSRVWR QD OHL GH GLUHWUL]HV RUoDPHQWiULDV H D SHOR PHQRV XPD GDV VHJXLQWHV FRQGLo}HV , ² GHPRQVWUDomR SHOR SURSRQHQWH GH TXH D UHQ~QFLD IRL FRQVLGHUDGD QD HVWLPDWLYD GH UHFHLWD GD OHL RUoDPHQWiULD QD IRUPD GR DUW H GH TXH QmR DIHWDUi DV PHWDV GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR DQH[R SUySULR GD OHL GH GLUHWUL]HV RUoDPHQWiULDV ,, ² HVWDU DFRPSDQKDGD GH PHGLGDV GH FRPSHQVDomR QR SHUtRGR PHQFLRQDGR QR FDSXW SRU PHLR GR DXPHQWR GH UHFHLWD SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV DPSOLDomR GD EDVH GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR RX FRQWULEXLomR º $ UHQ~QFLD FRPSUHHQGH DQLVWLD UHPLVVmR VXEVtGLR FUpGLWR SUHVXPLGR FRQFHVVmR GH LVHQomR HP FDUiWHU QmR JHUDO DOWHUDomR GH DOtTXRWD RX PRGLILFDomR GH EDVH GH FiOFXOR TXH LPSOLTXH UHGXomR GLVFULPLQDGD GH WULEXWRV RX FRQWULEXLo}HV H RXWURV EHQHItFLRV TXH FRUUHVSRQGDP D WUDWDPHQWR GLIHUHQFLDGR ([HPSORH[WUDtGRGR$QH[RGH0HWDV)LVFDLVFRQVWDQWHGD/'2GD8QLmRSDUD (63(&,),&$d®2 7ULEXWiULRV =RQD )UDQFD GH 0DQDXV H $PD]{QLD ÉUHDV GH OLYUH &RPpUFLR ,QIRUPiWLFD 0iTXLQDV H (TXLSDPHQWRV &RPSRQHQWHV GH $HURQDYHV H (PEDUFDo}HV /RMDV )UDQFDV %DJDJHP 0LQHUDomR 2EMHWRV GH $UWH 0DWHULDO 3URPRFLRQDO ,WDLSX %LQDFLRQDO &RQVWUXomR 1DYDO 6HWRU $XWRPRWLYR 5HQGLPHQWRV ,VHQWRV H QmR WULEXWiYHLV 'HGXo}HV GR UHQGLPHQWR 7ULEXWiYHO 'HGXo}HV GR ,PSRVWR 'HYLGR 'HVHQYROYLPHQWR 5HJLRQDO 68'(1( 68'$0 ),125 ),1$0 )815(6 %HQHItFLRV DR 7UDEDOKDGRU &XOWXUD &ULDQoD H $GROHVFHQWH $XGLRYLVXDO 0LFUR H 3HTXHQDV (PSUHVDV &LHQFLD H 7HFQRORJLD 'RDo}HV D LQVWLWXWRV GH SHVTXLVD 'RDo}HV D HQWLGDGHV V ILQV OXFUDWLYRV 2SHUDo}HV GH FUpGLWR S KDELWDomR 2SHUDo}HV GH FUpGLWR S )XQGRV FRQVWLWXFLRQDLV 2SHUDo}HV GH FUpGLWR S DTXLVLomR GH WD[LV 3URSULHGDGH 7HUULWRULDO 5XUDO 'HVSRUWR 2XWURV 3UHYLGHQFLiULRV 6HJXUDGR (VSHFLDO 3URGXWRU 5XUDO 3HVVRD )tVLFD H -XUtGLFD &OXEHV GH )XWHERO 3URILVVLRQDO 6,03/(6 (PSUHJDGRV 'RPpVWLFRV (QWLGDGHV )LODQWUySLFDV 7RWDO 9DORU 9DORU (VWLPDGR (VWLPDGR 5 PLOK}HV 3DUWLFLSDomR 3,% 7RWDO GRV %HQHItFLRV 0DUJHPGH([SDQVmRGDV'HVSHVDV2EULJDWyULDVGH&DUiWHU&RQWLQXDGR $GHPRQVWUDomRGDPDUJHPGHH[SDQVmRGDVGHVSHVDVREULJDWyULDVGHFDUiWHUFRQWLQXDGRp XPD H[LJrQFLD LQWURGX]LGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO TXH LQGLFDUi R PRQWDQWH GLVSRQtYHOSDUDDHOHYDomRGHVWDVGHVSHVDV $SDUWLUGHHQWmRSDUDDFULDomRGDVGHVSHVDVGHFDUiWHUFRQWLQXDGRVHH[LJHDFRPSHQVDomR SRUPHLRGRDXPHQWRSHUPDQHQWHGHUHFHLWDRXGDUHGXomRSHUPDQHQWHGHGHVSHVD 2DXPHQWRSHUPDQHQWHGHUHFHLWDSRGHUiVHGDUSHODFULDomRGHWULEXWRDXPHQWRGHDOtTXRWD RXDPSOLDomRGDEDVHGHFiOFXOR&RPUHODomRjDPSOLDomRGDEDVHGHFiOFXORDVVLPGLVS{VR SURMHWRGH/'2GDXQLmRSDUD ´(QWHQGHVHFRPRFRQFHLWRGHEDVHGHFiOFXORDJUDQGH]DHFRQ{PLFDRXQXPpULFDVREUHD TXDO VH DSOLFD XPD DOtTXRWD SDUD REWHU R PRQWDQWH WULEXWiULR D VHU DUUHFDGDGR $VVLP R FUHVFLPHQWR UHDO GD HFRQRPLD p XP GRV IDWRUHV GHWHUPLQDQWHV GR DXPHQWR GD EDVH GD DUUHFDGDomRWULEXWiULDµ &RQIRUPHYHULILFDPRVQRLWHPWUDQVFULWRDFLPDFRPRDXPHQWRGHEDVHGHFiOFXORSRGHUiVHU FRPSXWDGRRFUHVFLPHQWRGDDWLYLGDGHHFRQ{PLFD$VVLPDHOHYDomRGDDUUHFDGDomRGR,378 SURYHQLHQWH GR LQFUHPHQWR GD DWLYLGDGH LPRELOLiULD HOHYDomR GR Q~PHUR GH UHVLGrQFLDV D VHUHPWULEXWDGDVSRGHVHUFRQVLGHUDGDFRPRIRQWHGHUHFXUVRVSDUDDFULDomRRXHOHYDomRGH GHVSHVDVGHFDUiWHUFRQWLQXDGR /RJRRFUHVFLPHQWRGDHFRQRPLDGHYHUiVHUFRQVLGHUDGRFRPRXPDPDUJHPGHH[SDQVmR LQGLFDQGR TXDQWR R (QWH GLVS}H SDUD SURFHGHU D XP DXPHQWR QDV GHVSHVDV GH FDUiWHU FRQWLQXDGRSDUDRVSUy[LPRVH[HUFtFLRV $1(;2'(5,6&26),6&$,6 2XWURDQH[RTXHGHYHUiFRQVWDUGD/'2pR$QH[RGH5LVFRV)LVFDLV(VWHFRQWHUiDDYDOLDomR GRVSDVVLYRVFRQWLQJHQWHVHRXWURVULVFRVFDSD]HVGHDIHWDUDVFRQWDVS~EOLFDVLQIRUPDQGRDV SURYLGrQFLDVDVHUHPWRPDGDVFDVRVHFRQFUHWL]HP 3DUDTXHSRVVDPRVHQWHQGHUDILQDOLGDGHGR$QH[RGH5LVFRV)LVFDLVSUHFLVDPRVSULPHLUDPHQ WHFRPSUHHQGHURTXHVmRSDVVLYRVFRQWLQJHQWHV3RGHPRVGHILQLUSDVVLYRVFRQWLQJHQWHVFRPR GHVSHVDV LQFHUWDV RX HYHQWXDLV SRU HQYROYHUHP XPJUDX GH LQFHUWH]D TXDQWR jVXD HIHWLYD RFRUUrQFLD (QWUHWDQWR SDUD TXH FRQVWHP QR DQH[R RV SDVVLYRV FRQWLQJHQWHV GHYHUmR VHU FDSD]HVGHDIHWDURHTXLOtEULRGDVFRQWDVS~EOLFDV &RPRH[HPSORSRGHPRVFLWDURFDVRGR)*76(QTXDQWRRSURFHVVRTXHSOHLWHDYDDFRUUHomR GDVFRQWDVGHVVHIXQGRHVWDYDVHQGRMXOJDGRQDªHªLQVWkQFLDVHVWDFRUUHomRQLWLGDPHQWH SRGHULD VHU DSRQWDGD FRPR XP SDVVLYR FRQWLQJHQWH $SyV D GHFLVmR GR 6XSUHPR 7ULEXQDO )HGHUDOGHWHUPLQDQGRDFRUUHomRWRUQRXVHXPSDVVLYRUHDO1RUPDOPHQWHVHQWHQoDVMXGLFLDLV UHOHYDQWHVGHYHPVHUFRQVLGHUDGDVTXDQGRGDHODERUDomRGRDQH[RGHULVFRVILVFDLV 2$QH[RGH5LVFRV)LVFDLVUHVJXDUGDRHTXLOtEULRGDVFRQWDVS~EOLFDV3RULQWHUPpGLRGHVWH DQH[RVHUmRGHWHUPLQDGDVSUHYLDPHQWHDVPHGLGDVTXHVHUmRDGRWDGDVHPFDVRGHHIHWLYDomR GDGHVSHVD(VVHUHODWyULRSRGHUiVHUYLUFRPREDVHSDUDDIL[DomRGRSHUFHQWXDODVHUGHVWLQDGR j5HVHUYDGH&RQWLQJrQFLDFRQIRUPHGLVS}HDDOtQHD´EµGRLQFLVR,,,GRDUWºGD/5) 2875$648(67¯(65(/(9$17(648('(9(06(5&216,'(5$'$61$ (/$%25$d®2'$/(,'(',5(75,=(625d$0(17É5,$6 $OWHUDo}HVQD/HJLVODomR7ULEXWiULD &RPRREVHUYDPRVD/'2GHYHUiFRQWHUWRGRVRVUHIHUHQFLDLVTXHVHUYLUmRGHEDVHSDUDD HODERUDomRGD/HL2UoDPHQWiULD$QXDO²/2$$VVLPVHQGRD/'2GHYHUiGLVFLSOLQDURVFDVRV HPTXHKDMDDSUHYLVmRGHXPDXPHQWRRXUHGXomRGHDUUHFDGDomRHPIXQomRGHDOWHUDomR QDOHJLVODomRWULEXWiULDGDGDSHODLQVWLWXLomRRXH[WLQomRGHWULEXWRVRXDOWHUDomRGHDOtTXRWDV &ULWpULRVH)RUPDGH/LPLWDomRGH(PSHQKRD)LPGH*DUDQWLUR$WLQJLPHQWR GDV0HWDVGH5HVXOWDGR3ULPiULR 8PDYH]HVWDEHOHFLGDDPHWDGHUHVXOWDGRSULPiULRDPHVPDGHYHVHUREVHUYDGDQDVIDVHVGH HODERUDomRDSURYDomRHH[HFXomRGRRUoDPHQWR$/HLGH5HVSRQVDELOLGDGH)LVFDOGHWHUPLQD TXH HP DWp WULQWD GLDV DSyV D DSURYDomR GD /HL 2UoDPHQWiULD R 3RGHU ([HFXWLYR GHYHUi HVWDEHOHFHU DV PHWDV ELPHVWUDLV GH DUUHFDGDomR EHP FRPR D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPDGHH[HFXomRPHQVDOGHGHVHPEROVRUHVSHFWLYDPHQWHDUWVHºGDPHQFLRQDGD /HL'HVWHVGLVSRVLWLYRVOHJDLVLQIHULPRVTXHDH[HFXomRGDGHVSHVDGHYHUiILFDUDWUHODGDj UHDOL]DomRGDUHFHLWD 23RGHU([HFXWLYRELPHVWUDOPHQWHIDUiDYHULILFDomRGRFRPSRUWDPHQWRGDUHFHLWDHFDVRVH FRQVWDWH TXH D UHDOL]DomR GD UHFHLWD SRGHUi QmR FRPSRUWDU R FXPSULPHQWR GDV PHWDV GH UHVXOWDGRHVWDEHOHFLGDVQR$QH[RGH0HWDV)LVFDLVWRGRVRV3RGHUHVGHYHUmRSURFHGHUQR SUD]RGHWULQWDGLDVDOLPLWDomRGHHPSHQKRHPRYLPHQWDomRILQDQFHLUDFRQWLQJHQFLDPHQWR QRVPRQWDQWHVQHFHVViULRVSDUDRFXPSULPHQWRGRUHVXOWDGRIL[DGR $UW º 2 SURMHWR GH OHL RUoDPHQWiULD DQXDO HODERUDGR GH IRUPD FRPSDWtYHO FRP R SODQR SOXULDQXDO FRP D OHL GH GLUHWUL]HV RUoDPHQWiULDV H FRP DV QRUPDV GHVWD /HL &RPSOHPHQWDU ,,, ² FRQWHUi UHVHUYD GH FRQWLQJrQFLD FXMD IRUPD GH XWLOL]DomR H PRQWDQWH GHILQLGR FRP EDVH QD UHFHLWD FRUUHQWH OtTXLGD VHUmR HVWDEHOHFLGRV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV GHVWLQDGD DR D 9(7$'2 E DWHQGLPHQWR GH SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV H HYHQWRV ILVFDLV LPSUHYLVWRV $SyV D /5) WRGRV RV 3RGHUHV VmR FRUHVSRQViYHLV SHOR DWLQJLPHQWR GDV PHWDV ILVFDLV HV WDEHOHFLGDVFDEHQGRDR3RGHU([HFXWLYRLQIRUPDURPRQWDQWHGHOLPLWDomRSDUDFDGD3RGHU &DVR R FKHIH GR 3RGHU GHL[H GH H[SHGLU R DWR GHWHUPLQDQGR D OLPLWDomR GH HPSHQKR H PRYLPHQWDomRILQDQFHLUDILFDUiVXMHLWRjPXOWDGHWULQWDSRUFHQWRGRVVHXVYHQFLPHQWRVDQXDLV GHDFRUGRFRPD/HLGHGHRXWXEURGH²/HLGH&ULPHV)LVFDLV$LQIUDomR DGPLQLVWUDWLYDFRQWUDDVOHLVGHILQDQoDVS~EOLFDVVHUiSURFHVVDGDHMXOJDGDSHOR7ULEXQDOGH &RQWDVDTXHRPXQLFtSLRHVWLYHUMXULVGLFLRQDGR 5HFRPHQGDVHTXHFRQVWHQD/HLGH'LUHWUL]HV2UoDPHQWiULDV D$GDWDHPTXHR3RGHU([HFXWLYRGHYHUiLQIRUPDUDRVGHPDLV3RGHUHVDUHVSHLWRGR PRQWDQWHTXHFDEHUiDFDGDXPOLPLWDUGHVHXVUHVSHFWLYRVRUoDPHQWRV E$VGHVSHVDVTXHILFDUmRVXMHLWDVjOLPLWDomRGH(PSHQKRHPRYLPHQWDomRILQDQFHLUD &DEHUHVVDOWDUTXHD/5)GLVS}HTXHQmRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDVRULJLQiULDVGH REULJDo}HVFRQVWLWXFLRQDLVHOHJDLVEHPFRPRDVGHVWLQDGDVDRSDJDPHQWRGRVHUYLoRGDGtYLGD ([HPSOR 6XSRQKD TXH D PHWD GH VXSHUiYLW SULPiULR GHWHUPLQDGD SHOD /HL GH 'LUHWUL]HV 2UoDPHQWiULDVVHMDGHXQLGDGHVPRQHWiULDVHTXHDRHVWDEHOHFHUVHDPHWDGHDUUHFDGDomR ELPHVWUDOHRFURQRJUDPDGHGHVHPEROVRGHGHVSHVDVVHGHWHUPLQHTXHDFDGDELPHVWUHGHYHUi KDYHUXPVXSHUiYLWGHXQLGDGHVPRQHWiULDV&DVRDRILQDOGRSULPHLURELPHVWUHDDUUHFDGDomR QmRVHFRPSRUWHFRPRSUHYLVWRQmRVHQGRSRVVtYHORDWLQJLPHQWRGRUHVXOWDGRGHWHUPLQDGR DRILQDOGRH[HUFtFLRGHYHUiVHUIHLWDDOLPLWDomRGHHPSHQKRHPRYLPHQWDomRILQDQFHLUDQR PRQWDQWHQHFHVViULRSDUDRDOFDQFHGRUHVXOWDGR 5HVVDOWHVHTXHFRQIRUPHRGLVSRVWRQRºGRDUWºGD/5)QRFDVRGHUHVWDEHOHFLPHQWR GDUHFHLWDSUHYLVWDQDOHLRUoDPHQWiULDDLQGDTXHSDUFLDOPHQWHDVGRWDo}HVVHUmRUHFRPSRVWDV GHVGHTXHVHSUHVHUYHRDWLQJLPHQWRGRUHVXOWDGR $UW º 6H YHULILFDGR DR ILQDO GH XP ELPHVWUH TXH D UHDOL]DomR GD UHFHLWD SRGHUi QmR FRPSRUWDURFXPSULPHQWRGDVPHWDVGHUHVXOWDGRSULPiULRHQRPLQDOHVWDEHOHFLGDVQR DQH[RGHPHWDVILVFDLVRV3RGHUHVHR0LQLVWpULR3~EOLFRSURPRYHUmRSRUDWRSUySULRH QRVPRQWDQWHVQHFHVViULRVQRVWULQWDGLDVVXEVHTHQWHVOLPLWDomRGHHPSHQKRHPRYL PHQWDomRILQDQFHLUDVHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º1RFDVRGHUHVWDEHOHFLPHQWRGDUHFHLWDSUHYLVWDDLQGDTXHSDUFLDODUHFRPSRVLomR GDVGRWDo}HVFXMRVHPSHQKRVIRUDPOLPLWDGRVGDUVHiGHIRUPDSURSRUFLRQDOjVUHGXo}HV HIHWLYDGDV º1mRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDVTXHFRQVWLWXDPREULJDo}HVFRQVWLWXFLRQDLV HOHJDLV GRHQWH LQFOXVLYH DTXHODVGHVWLQDGDV DRSDJDPHQWRGRVHUYLoRGDGtYLGDHDV UHVVDOYDGDVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º1RFDVRGHRV3RGHUHV/HJLVODWLYRH-XGLFLiULRHR0LQLVWpULR3~EOLFRQmRSURPRYHUHP DOLPLWDomRQRSUD]RHVWDEHOHFLGRQRFDSXWpR3RGHU([HFXWLYRDXWRUL]DGRDOLPLWDURV YDORUHVILQDQFHLURVVHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV 'LVSRVLWLYR TXHVWLRQDGR SRU DomR GH LQFRQVWLWXFLRQDOLGDGH $Wp RXWXEUR GH HQFRQWUDYDVH VXVSHQVR SRU OLPLQDU GR 6XSUHPR 7ULEXQDO )HGHUDO º$WpRILQDOGRVPHVHVGHPDLRVHWHPEURHIHYHUHLURR3RGHU([HFXWLYRGHPRQVWUDUi HDYDOLDUiRFXPSULPHQWRGDVPHWDVILVFDLVGHFDGDTXDGULPHVWUHHPDXGLrQFLDS~EOLFD QD FRPLVVmR UHIHULGD QR R GR DUW GD &RQVWLWXLomR RX HTXLYDOHQWH QDV &DVDV /HJLVODWLYDVHVWDGXDLVHPXQLFLSDLVµ &21&/86®2 (VVHVVmRRVSRQWRVPDLVLPSRUWDQWHVDVHUHPFRQVLGHUDGRVQRPRPHQWRGDHODERUDomRGHXPD /HLGH'LUHWUL]HV2UoDPHQWiULDV9DOHUHVVDOWDUTXHFDGDHQWHGHYHUiGLVFLSOLQDUQD/'2DV SHFXOLDULGDGHV GD DGPLQLVWUDomR ILQDQFHLUD H RUoDPHQWiULD $ WtWXOR GH H[HPSOR FDEH DR PXQLFtSLRGLVFLSOLQDURTXHVmRGHVSHVDVLUUHOHYDQWHVWHQGRHPYLVWDDVGLIHUHQWHVVLWXDo}HV ILQDQFHLUDVGHFDGDHQWHIHGHUDGR 5()(5È1&,$6%,%/,2*5É),&$6 %5$6,/ 6HFUHWDULD GH 2UoDPHQWR )HGHUDO ² 0DQXDO 7pFQLFR GH 2UoDPHQWR ² 072 0LQLVWpULRGR3ODQHMDPHQWR *,$&2021,-DPHV2UoDPHQWR3~EOLFRªHGLomR(GLWRUD$WODV6$² ,%$0/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)(VWXGRHP*UXSRVGH$SUHQGL]DJHP8QLGDGHGH (VWXGR /HLQºGHGHMXOKRGH/HLGH'LUHWUL]HV2UoDPHQWiULDVGD8QLmR² /HL&RPSOHPHQWDUQºGHGHPDLRGH &DStWXOR (/$%25$1'2$/(,25d$0(17É5,$ 081,&,3$/ )UDQVHOPR$UD~MR&RVWD /~FLD+HOHQD&DYDOFDQWH9DOYHUGH (FRQRPLVWD FRP HVSHFLDOL]DomR HP HFRQRPLD GR VHWRU S~EOLFR QD )XQGDomR *HW~OLR 9DUJDV GH %UDVtOLD e $QDOLVWD GH 2UoDPHQWR GR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR GHVGH RQGH RFXSD DWXDOPHQWH D IXQomR GH &KHIH GD $VVHVVRULD 7pFQLFD GD 6HFUHWDULD GH 2UoDPHQWR )HGHUDO IUDQVHOPRFRVWD#SODQHMDPHQWRJRYEU *UDGXDGD HP 'LUHLWR SHOD 8QLYHUVLGDGH )HGHUDO GR 3DUDQi $QDOLVWD GH 3ODQHMDPHQWR H 2UoDPHQWR DWXDQGR QR 'HSDUWDPHQWR GH 'HVHQYROYLPHQWR 2UoDPHQWiULR'(625 GD 6HFUHWDULD GH 2UoDPHQWR )HGHUDO GHVGH OXFLDYDOYHUGH#SODQHMDPHQ WRJRYEU ,1752'8d®2 $RULJHPGRRUoDPHQWRYLQFXODVHjQHFHVVLGDGHGHFRPSDWLELOL]DUQHFHVVLGDGHVKXPDQDVH VRFLDLVLOLPLWDGDVDRVUHFXUVRVH[LVWHQWHVRVTXDLVVmRHVFDVVRV2RUoDPHQWRLQVHUHVHDVVLP FRPRXPGRVLQVWUXPHQWRVGHSROtWLFDILVFDODWUDYpVGRVTXDLVR(VWDGRSURFXUDGHVHPSHQKDU WUrVIXQo}HVHFRQ{PLFDV D$ORFDWLYDSURPRYHUDMXVWDPHQWRVQDDORFDomRGHUHFXUVRV E'LVWULEXWLYDSURPRYHUDMXVWDPHQWRVQDGLVWULEXLomRGHUHQGD F(VWDELOL]DGRUDPDQWHUDHVWDELOLGDGHHFRQ{PLFD 2PRGHUQRFRQFHLWRGH2UoDPHQWR3~EOLFRYDLDOpPGDHVWLPDWLYDGDUHFHLWDHIL[DomRGD GHVSHVDSRLVDRPHVPRIRLLQFRUSRUDGDDLPSRUWDQWHIXQomRGHSODQHMDPHQWR'HVWDIRUPD SRGHPRVGL]HUTXH ´2RUoDPHQWRS~EOLFRpXPDOHLTXHHQWUHRXWURVDVSHFWRVH[SULPHHPWHUPRVILQDQFHL URVDDORFDomRGRVUHFXUVRVS~EOLFRV7UDWDVHGHXPLQVWUXPHQWRGHSODQHMDPHQWR TXHHVSHOKDDVGHFLV}HVSROtWLFDVHVWDEHOHFHQGRDVDo}HVSULRULWiULDVSDUDDWHQGLPHQWR GDVGHPDQGDVGDVRFLHGDGHHPIDFHjHVFDVVH]GHUHFXUVRV$SUHVHQWDP~OWLSODVIXQo}HV ²GHSODQHMDPHQWRFRQWiELOILQDQFHLUDHGHFRQWUROHµ 3DUDTXHSRVVDPRVHODERUDUXPD/HL2UoDPHQWiULDSUHFLVDPRVWHUHPPHQWHDOJXQVSULQFtSLRV TXHWrPVHSHUSHWXDGRDRORQJRGRVDQRVVHQGRDEDVHGHTXDOTXHUSURSRVWDRUoDPHQWiULD DVDEHU 3ULQFtSLRGD8QLGDGH&DGDHQWHIHGHUDGRGHYHUiSRVVXLUDSHQDVXPRUoDPHQWR2DUWº GD/HLQºGLVS}HTXH´D/HLGH2UoDPHQWRFRQWHUiDGLVFULPLQDomRGDUHFHLWDH GHVSHVDGHIRUPDDHYLGHQFLDUDSROtWLFDHFRQ{PLFRILQDQFHLUDHRSURJUDPDGHWUDEDOKR GR*RYHUQRREHGHFLGRVRVSULQFtSLRVGHXQLGDGHXQLYHUVDOLGDGHHDQXDOLGDGHµ 3ULQFtSLR GD 8QLYHUVDOLGDGH 2 RUoDPHQWR GHYH FRQWHU WRGDV DV UHFHLWDV H WRGDV DV GHVSHVDV GR (VWDGR WDPEpP SUHYLVWR QD /HL Qº DUW º 7HP FRPR REMHWLYR SRVVLELOLWDUDR3RGHU/HJLVODWLYRFRQKHFHUHDXWRUL]DUSUHYLDPHQWHWRGDVDVUHFHLWDVHGHVSHVDV GR(VWDGR 3ULQFtSLRGR2UoDPHQWR%UXWR7RGDVDVUHFHLWDVHGHVSHVDVGHYHPDSDUHFHUQRRUoDPHQWR HPVHXVYDORUHVEUXWRV7HPDILQDOLGDGHGHLPSHGLUDLQFOXVmRGHLPSRUWkQFLDVOtTXLGDVDILP GHGDUPDLRUWUDQVSDUrQFLDDRVJDVWRVS~EOLFRV 3ULQFtSLRGD$QXDOLGDGH2RUoDPHQWRS~EOLFRGHYHVHUHODERUDGRHDXWRUL]DGRSRUXP GHWHUPLQDGRSHUtRGRWDPEpPSUHYLVWRQD/HLQºDUWº1RFDVREUDVLOHLURHVVH SHUtRGRpGHXPDQR$&RQVWLWXLomR)HGHUDOGHWDPEpPGLVS}HTXHOHLVGHLQLFLDWLYDGR 3RGHU([HFXWLYRHVWDEHOHFHUmRRVRUoDPHQWRVDQXDLV %UDVLO 0LQLVWpULR GR 3ODQHMDPHQWR H 2UoDPHQWR ² 6HFUHWDULD GH 2UoDPHQWR )HGHUDO 3URMHWR GH /HL 2UoDPHQWiULD SDUD ² 5HVXPR ² %UDVtOLD 62)'(*,1&*&21 3ULQFtSLRGD1mRDIHWDomR1mRYLQFXODomRGDV5HFHLWDV1HQKXPDSDUFHODGDUHFHLWDGH LPSRVWRV SRGHUi VHU UHVHUYDGD RX FRPSURPHWLGD SDUD DWHQGHU GHWHUPLQDGRV JDVWRV (VVH GLVSRVLWLYRYLVDJDUDQWLUTXHRJHVWRUSRVVDDORFDUUHFXUVRVSDUDDWHQGHUDVGHVSHVDVGHDFRUGR FRPDVSULRULGDGHVTXHFDGDFLUFXQVWkQFLDUHTXHU1mRREVWDQWHDSUySULD&RQVWLWXLomR)HGHUDO SRVVLELOLWDDOJXPDVH[FHo}HVFRPRDYLQFXODomRGHUHFXUVRVSDUDDHGXFDomRDUWSDUDD SUHVWDomRGHJDUDQWLDVjVRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDSDUDDSUHVWDomRGH JDUDQWLDRXFRQWUDJDUDQWLDj8QLmRHSDUDSDJDPHQWRGHGpELWRVSDUDFRPHVWDDUW,9H ºHSDUDDVD~GHFRQIRUPH(PHQGD&RQVWLWXFLRQDOQº 3ULQFtSLRGD'LVFULPLQDomRRX(VSHFLDOL]DomR$VUHFHLWDVHDVGHVSHVDVGHYHPDSDUHFHU QR RUoDPHQWR GH PDQHLUD GLVFULPLQDGD GHPRQVWUDQGR D RULJHP H DSOLFDomR GRV UHFXUVRV 4XDQWR PDLRU D GLVFULPLQDomR PDLRU VHUi D FODUH]D H D SRVVLELOLGDGH GH ILVFDOL]DomR SHORV DJHQWHVFRPSHWHQWHV2DUWºGD/HLQºHVWDEHOHFHTXHD/HLGH2UoDPHQWRQmR FRQVLJQDUi GRWDo}HV JOREDLV GHVWLQDGDV D DWHQGHU LQGLIHUHQWHPHQWH D GHVSHVDV GH SHVVRDO PDWHULDOVHUYLoRVGHWHUFHLURVWUDQVIHUrQFLDVRXTXDLVTXHURXWUDV 3ULQFtSLRGD([FOXVLYLGDGH$OHLRUoDPHQWiULDDQXDOQmRFRQWHUiGLVSRVLWLYRHVWUDQKRj SUHYLVmRGDUHFHLWDHjIL[DomRGDGHVSHVDQmRVHLQFOXLQGRQDSURLELomRDDXWRUL]DomRSDUDD DEHUWXUD GH FUpGLWRV VXSOHPHQWDUHV H FRQWUDWDomR GH RSHUDomR GH FUpGLWR DLQGD TXH SRU DQWHFLSDomRGHUHFHLWDQRVWHUPRVGDOHLFRQIRUPH&RQVWLWXLomR)HGHUDODUWº 3ULQFtSLRGR(TXLOtEULR'HYHKDYHURHTXLOtEULRHQWUHUHFHLWDHGHVSHVD7UDWDVHGHSULQFtSLR FOiVVLFRGH)LQDQoDV3~EOLFDV$&RQVWLWXLomR)HGHUDOGHLPS{VVXDDSOLFDomRQRTXHWDQJH jVRSHUDo}HVFRUUHQWHVKDMDYLVWDTXHRDUWLQFLVR,,,GD&)HVWDEHOHFHTXHpYHGDGDD UHDOL]DomRGHRSHUDo}HVGHFUpGLWRTXHH[FHGDPRPRQWDQWHGDVGHVSHVDVGHFDSLWDO$/HLGH 5HVSRQVDELOLGDGH)LVFDOWDPEpPID]XVRGHVVHSULQFtSLRDRGHWHUPLQDUTXHRPRQWDQWHSUHYLVWR SDUDDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRQmRSRGHUiVHUVXSHULRUDRGDVGHVSHVDVGHFDSLWDO FRQVWDQWHVGRSURMHWRGHOHLRUoDPHQWiULDFRQIRUPHSUHYLVWRQRºGRDUW 3ULQFtSLRGD5HVHUYD/HJDO$LQLFLDWLYDSDUDSURSRUD/HLGR3ODQR3OXULDQXDOD/HLGH 'LUHWUL]HV 2UoDPHQWiULDV H D /HL 2UoDPHQWiULD $QXDO p GR 3RGHU ([HFXWLYR VHJXQGR D &RQVWLWXLomR)HGHUDO(VVDH[FOXVLYLGDGHGHPDWpULDRUoDPHQWiULDpGHQRPLQDGDGHUHVHUYD OHJDO 225d$0(1723Ô%/,&21$&2167,78,d®2'( $&RQVWLWXLomR)HGHUDOGHWURX[HHPXP&DStWXORHVSHFtILFRDVUHJUDVDVHUHPDSOLFDGDV DHVWDOHL(PVHXDUWGLVFLSOLQDTXDQWRjLQLFLDWLYDSDUDDSUHSRVLomRGR3URMHWRGH/HL 2UoDPHQWiULD$QXDO²3/2$SUD]RSDUDVHXHQFDPLQKDPHQWRDR3RGHU/HJLVODWLYRDVSHFWRV DVHUHPDSUHFLDGRVSHOR/HJLVODWLYRHHVWDEHOHFHDLQGDDOJXPDVOLPLWDo}HVHYHGDo}HVDVHUHP REVHUYDGDV WDQWR QD VXD HODERUDomR TXDQWR QD DSURYDomR H H[HFXomR $ /HL 2UoDPHQWiULD $QXDO ² /2$ DSUHVHQWD DOJXPDV SHFXOLDULGDGHV TXDQWR j PDWpULD DEUDQJrQFLD IRUPD H YLJrQFLDTXHWUDWDUHPRVDVHJXLU 0DWpULD $VVLPGLVS}HRºGRDUWGD&RQVWLWXLomR)HGHUDO ´º$OHLRUoDPHQWiULDDQXDOQmRFRQWHUiGLVSRVLWLYRHVWUDQKRjSUHYLVmRGDUHFHLWDHj IL[DomR GD GHVSHVD QmR VH LQFOXLQGR QD SURLELomR D DXWRUL]DomR SDUD DEHUWXUD GH FUpGLWRVVXSOHPHQWDUHVHFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRDLQGDTXHSRUDQWHFL SDomRGHUHFHLWDQRVWHUPRVGDOHLµJULIRQRVVR 6HQGRDVVLPpPDWpULDGD/2$ ,²DSUHYLVmRGDUHFHLWD ,,²DIL[DomRGDGHVSHVDH ,,, ²D DXWRUL]DomRSDUD DEHUWXUDGHFUpGLWRV VXSOHPHQWDUHV H FRQWUDWDomRGHRSHUDo}HVGH FUpGLWR 2FRQVWLWXLQWHSUHRFXSRXVHH[SOLFLWDPHQWHHPOLPLWDURFRQWH~GRGHVWDOHLHPYLUWXGHGR FXUWR SUD]R SDUD VXD HODERUDomR DSURYDomR H YLJrQFLD LPSHGLQGR TXH IRVVHP LQVHULGRV H DSURYDGRVGLVSRVLWLYRVTXHQHFHVVLWDPGHPDLRUWHPSRSDUDDQiOLVH $EUDQJrQFLD $ &) HVWDEHOHFH HP VHX DUW º TXH D /HL 2UoDPHQWiULD $QXDO ² /2$ GD 8QLmR FRPSUHHQGHUi , ²RRUoDPHQWRILVFDOUHIHUHQWHDRV 3RGHUHV GD8QLmRVHXVIXQGRVyUJmRVHHQWLGDGHVGD DGPLQLVWUDomRGLUHWDHLQGLUHWDLQFOXVLYHIXQGDo}HVPDQWLGDVHLQVWLWXtGDVSHORSRGHUS~EOLFR ,,²RRUoDPHQWRGHLQYHVWLPHQWRGDVHPSUHVDVHPTXHD8QLmRGLUHWDRXLQGLUHWDPHQWHGHWHQKD DPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWR ,,,²RRUoDPHQWRGDVHJXULGDGHDEUDQJHQGRWRGDVDVHQWLGDGHVHyUJmRVDHODYLQFXODGRVGD DGPLQLVWUDomRGLUHWDHLQGLUHWDEHPFRPRRVIXQGRVHIXQGDo}HVLQVWLWXtGRVHPDQWLGRVSHOR SRGHUS~EOLFR 1RkPELWRHVWDGXDORXPXQLFLSDORRUoDPHQWRSRGHUiWHURXWUDDEUDQJrQFLDYLVWR WUDWDUVHGHPDWpULDFRQFRUUHQWH1RHQWDQWRFDEHGHVWDFDUTXHWRGDVDVUHFHLWDVH GHVSHVDVPXQLFLSDLVGHYHPFRQVWDUQD/HL2UoDPHQWiULD )RUPD 3RGHPRVGL]HUTXHD/2$VHFRPS}HGHGXDVSDUWHVWH[WRHDQH[RV2WH[WRGLVS}HVREUHD HVWLPDWLYD GD UHFHLWD D IL[DomR GD GHVSHVD H D DXWRUL]DomR SDUD D DEHUWXUD GH FUpGLWRV VXSOHPHQWDUHVHSDUDDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWR2VDQH[RVFRQWrPDSURJUDPDomR RUoDPHQWiULDTXHQRVSHUPLWHYHULILFDUFRPRVHUmRDORFDGRVRVUHFXUVRVS~EOLFRV 9LJrQFLD $&RQVWLWXLomR)HGHUDOHVWDEHOHFHTXHXPDOHLFRPSOHPHQWDUGHYHUi´GLVSRUVREUHRH[HUFtFLR ILQDQFHLURDYLJrQFLDRVSUD]RVDHODERUDomRHDRUJDQL]DomRGRSODQRSOXULDQXDOGDOHLGH GLUHWUL]HVRUoDPHQWiULDVHGDOHLRUoDPHQWiULDDQXDOµ&RPRR3URMHWRGH/HL&RPSOHPHQWDU ² 3/& TXH WUDWD GHVWD PDWpULD DLQGD QmR IRL DSURYDGR SDUD D 8QLmR RV 3RGHUHV GHYHUmR REHGHFHUDRVSUD]RVIL[DGRVQRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV² $'&76HJXQGRHVWHDUWLJRR3RGHU([HFXWLYRGHYHUiHODERUDUHHQFDPLQKDUR3URMHWRGH/HL 2UoDPHQWiULD²3/2$DR3RGHU/HJLVODWLYRDWpGHDJRVWRHHVWHGHYHUiGHYROYrORSDUDVDQomR DWp R HQFHUUDPHQWR GD VHVVmR OHJLVODWLYD 1R kPELWR PXQLFLSDO FDEHUi j /HL 2UJkQLFD HVWDEHOHFHURVSUD]RVSDUDHQFDPLQKDPHQWRHGHYROXomRGHVWH3/2$ &DEHGHVWDFDUTXHpGHERPDOYLWUHDIL[DomRGHSUD]RVGLIHUHQFLDGRVSDUD8QLmR(VWDGRVH 0XQLFtSLRV'HVWDIRUPDRV(VWDGRVSRGHUmRXWLOL]DUDVLQIRUPDo}HVFRQVWDQWHVQRRUoDPHQWR GD8QLmRSDUDDHODERUDomRGHVHXVRUoDPHQWRVDVVLPFRPRRV0XQLFtSLRVSRGHUmRDSURYHLWDU RVGDGRV)HGHUDLVH(VWDGXDLV&RPRH[HPSORYHULILFDQGRDHVWLPDWLYDGHUHFHLWDGD8QLmR WDQWRRV(VWDGRVTXDQWRRV0XQLFtSLRVSRGHUmRHVWLPDUTXDQWRLUmRUHFHEHUGHWUDQVIHUrQFLDV FRQVWLWXFLRQDLV)XQGRGH3DUWLFLSDomRGR(VWDGRH0XQLFtSLR²)3()30 $R3RGHU/HJLVODWLYRFDEHUiDDSUHFLDomRHDSURYDomRGR3/2$1RHQWDQWRD&RQVWLWXLomR )HGHUDOHVWDEHOHFHDOJXPDVUHJUDVHVSHFtILFDVDSOLFDGDVjDSUHFLDomRGHVWHSURMHWRGHOHL2DUW GD&)DVVLPGLVS}H ´$UW1mRVHUiDGPLWLGRDXPHQWRGDGHVSHVDSUHYLVWD ,²QRVSURMHWRVGHLQLFLDWLYDH[FOXVLYDGR3UHVLGHQWHGD5HS~EOLFDUHVVDOYDGRRGLVSRVWR QRDUWºHº $UW º$VHPHQGDVDRSURMHWRGHOHLGRRUoDPHQWRDQXDORXDRVSURMHWRVTXHRPRGLILTXHP VRPHQWHSRGHPVHUDSURYDGDVFDVR ,²VHMDPFRPSDWtYHLVFRPRSODQRSOXULDQXDOHFRPDOHLGHGLUHWUL]HVRUoDPHQWiULDV ,,²LQGLTXHPRVUHFXUVRVQHFHVViULRVDGPLWLGRVDSHQDVRVSURYHQLHQWHVGHDQXODomRGH GHVSHVDH[FOXtGDVDVTXHLQFLGDPVREUH DGRWDo}HVSDUDSHVVRDOHVHXVHQFDUJRV EVHUYLoRGDGtYLGD FWUDQVIHUrQFLDVWULEXWiULDVFRQVWLWXFLRQDLVSDUD(VWDGRV0XQLFtSLRVHR'LVWULWR)HGHUDORX ,,,²VHMDPUHODFLRQDGDV $UW $Wp D HQWUDGD HP YLJRU GD YLJrQFLD GD OHL FRPSOHPHQWDU D TXH VH UHIHUH R DUW , H ,, VHUmR REHGHFLGDV DV VHJXLQWHV QRUPDV LQFLVR ,,, ² R SURMHWR GH OHL RUoDPHQWiULD GD 8QLmR VHUi HQFDPLQKDGR DWp TXDWUR PHVHV DQWHV GR HQFHUUDPHQWR GR H[HUFtFLR ILQDQFHLUR H GHYROYLGR SDUD VDQomR DWp R HQFHUUDPHQWR GD VHVVmR OHJLVODWLYD DFRUUHomRGHHUURVRXRPLVV}HVRX EFRPRVGLVSRVLWLYRVGRWH[WRGRSURMHWRGHOHL ,QIHULPRVGHVWHVGLVSRVLWLYRVOHJDLVTXHDVHPHQGDVDR3/2$QmRGHYHPDOWHUDURWRWDO GDVGHVSHVDV(VVHWRWDOVRPHQWHSRGHUiVHUDPSOLDGRFDVRKDMDFRPSURYDGDPHQWH HUURRXRPLVVmRGHRUGHPWpFQLFDRXOHJDO7DOSUHFHLWRWDPEpPIRLLQFRUSRUDGRDR ºGRDUWGD/HL&RPSOHPHQWDUQºGHGHPDLRGH/HLGH 5HVSRQVDELOLGDGH)LVFDO²/5) $SyV D DSURYDomR GR 3/2$ SHOR 3RGHU /HJLVODWLYR R SURMHWR GHYHUi VHU HQFDPLQKDGR DR ([HFXWLYRSDUDTXHHVWHRVDQFLRQH2SUD]RSDUDVDQomRGR3/2$pGHGLDV~WHLVFRQIRUPH SUHYLVWRQRºGRDUW&) 5HVVDOWHVHTXHFRQIRUPHYHULILFDPRVDQWHULRUPHQWHWHQGRHPYLVWDTXHD/HL2UoDPHQWiULD VHFRPS}HGHGXDVSDUWHVWH[WRHDQH[RVDRSRVLomRGHYHWRSRGHUiVHGDUWDQWRQRWH[WR TXDQWRQRVDQH[RV&DEHDLQGDIULVDUTXHDRSRVLomRGHYHWRSDUFLDOSUHYLVWDQD&RQVWLWXLomR )HGHUDOGHYHUiVHUDGDSWDGDj/2$ 9HGDo}HV&RQVWLWXFLRQDLV $OpPGHVHDWHQWDUDRVSULQFtSLRVRUoDPHQWiULRVWHPRVTXHFRQKHFHUDOJXPDVUHJUDVFRQV WLWXFLRQDLVSHUWLQHQWHVDHVVHDVVXQWR27tWXOR9,6HomR9,&DStWXOR,,GD&RQVWLWXLomR)HGHUDO GLVS}HVREUHDV)LQDQoDV3~EOLFDV1DFLRQDLVHQD6HomR,,GHVWH&DStWXORVmRLQFRUSRUDGDVjV UHJUDVSHUWLQHQWHVDR3ODQHMDPHQWRH2UoDPHQWR &DEH GHVWDFDUTXHD &RQVWLWXLomR)HGHUDOHVWDEHOHFHFRPUHODomRjPDWpULDRUoDPHQWiULD DOJXPDVUHJUDVJHUDLVTXHGHYHUmRVHUREVHUYDGRVSRUWRGRVRV(QWHV)HGHUDGRV1RHQWDQWR pGHFRPSHWrQFLDFRQFRUUHQWHGD8QLmRGRV(VWDGRVHGR'LVWULWR)HGHUDOOHJLVODUVREUHR RUoDPHQWR6HQGRDVVLPDFRPSHWrQFLDGD8QLmRSDUDOHJLVODUVREUHHVWDPDWpULDVHGiDSHQDV VREUHQRUPDVJHUDLV1mRH[LVWLQGROHLIHGHUDOGLVSRQGRVREUHQRUPDVJHUDLVRV(VWDGRVHR') H[HUFHUmRDFRPSHWrQFLDOHJLVODWLYDSOHQDSDUDDWHQGHUDVXDVSHFXOLDULGDGHV 'HQWUHHVVDVUHJUDVpGHIXQGDPHQWDOLPSRUWkQFLDTXHFRQKHoDPRVDVYHGDo}HVFRQVWDQWHV QRDUWGRWH[WRFRQVWLWXFLRQDODVDEHU ´$UW6mRYHGDGRV ,²RLQtFLRGHSURJUDPDVRXSURMHWRVQmRLQFOXtGRVQDOHLRUoDPHQWiULDDQXDO ,,²DUHDOL]DomRGHGHVSHVDVRXDDVVXQomRGHREULJDo}HVGLUHWDVTXHH[FHGDPRVFUpGLWRV RUoDPHQWiULRVRXDGLFLRQDLV ,,,²DUHDOL]DomRGHRSHUDo}HVGHFUpGLWRVTXHH[FHGDPRPRQWDQWHGDVGHVSHVDVGHFDSLWDO UHVVDOYDGDVDVDXWRUL]DGDVPHGLDQWHFUpGLWRVVXSOHPHQWDUHVRXHVSHFLDLVFRPILQDOLGDGH SUHFLVDDSURYDGRVSHOR3RGHU/HJLVODWLYRSRUPDLRULDDEVROXWD ,9²DYLQFXODomRGHUHFHLWDGHLPSRVWRVDyUJmRIXQGRRXGHVSHVDUHVVDOYDGDVDUHSDUWLomR GRSURGXWRGDDUUHFDGDomRGRVLPSRVWRVDTXHVHUHIHUHPRVDUWVHDGHVWLQDomR GHUHFXUVRVSDUDDVDo}HVHVHUYLoRVS~EOLFRVGHVD~GHHSDUDPDQXWHQomRHGHVHQYROYL PHQWRGRHQVLQRFRPRGHWHUPLQDGRUHVSHFWLYDPHQWHSHORVDUWVºHHD SUHVWDomRGHJDUDQWLDVjVRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDSUHYLVWDVQR DUWºEHPFRPRRGLVSRVWRQRºGHVWHDUWLJR 9²DDEHUWXUDGHFUpGLWRVXSOHPHQWDURXHVSHFLDOVHPSUpYLDDXWRUL]DomROHJLVODWLYDHVHP LQGLFDomRGRVUHFXUVRVFRUUHVSRQGHQWHV 9,²DWUDQVSRVLomRRUHPDQHMDPHQWRRXDWUDQVIHUrQFLDGHUHFXUVRVGHXPDFDWHJRULDGH SURJUDPDomRSDUDRXWUDRXGHXPyUJmRSDUDRXWURVHPSUpYLDDXWRUL]DomROHJLVODWLYD 9,,²DFRQFHVVmRRXXWLOL]DomRGHFUpGLWRVLOLPLWDGRV 9,,,²DXWLOL]DomRVHPDXWRUL]DomROHJLVODWLYDHVSHFtILFDGHUHFXUVRVGRVRUoDPHQWRVILVFDO HGDVHJXULGDGHVRFLDOSDUDVXSULUQHFHVVLGDGHRXFREULUGpILFLWGHHPSUHVDVIXQGDo}HVH IXQGRVLQFOXVLYHGRVPHQFLRQDGRVQRDUWº ,;²DLQVWLWXLomRGHIXQGRVGHTXDOTXHUQDWXUH]DVHPSUpYLDDXWRUL]DomROHJLVODWLYD ;²DWUDQVIHUrQFLDYROXQWiULDGHUHFXUVRVHDFRQFHVVmRGHHPSUpVWLPRVLQFOXVLYHSRU DQWHFLSDomRGHUHFHLWDSHORV*RYHUQRV)HGHUDOH(VWDGXDLVHVXDVLQVWLWXLo}HVILQDQFHLUDV SDUD SDJDPHQWR GH GHVSHVDV FRPSHVVRDO DWLYR LQDWLYRH SHQVLRQLVWDGRV(VWDGRV GR 'LVWULWR)HGHUDOHGRV0XQLFtSLRV ;,²DXWLOL]DomRGRVUHFXUVRVSURYHQLHQWHVGDVFRQWULEXLo}HVVRFLDLVGHTXHWUDWDRDUW ,DH,,SDUDDUHDOL]DomRGHGHVSHVDVGLVWLQWDVGRSDJDPHQWRGHEHQHItFLRVGRUHJLPH JHUDOGHSUHYLGrQFLDVRFLDOGHTXHWUDWDRDUW º²1HQKXPLQYHVWLPHQWRFXMDH[HFXomRXOWUDSDVVHXPH[HUFtFLRILQDQFHLURSRGHUiVHU LQLFLDGRVHPSUpYLDLQFOXVmRQRSODQRSOXULDQXDORXVHPOHLTXHDXWRUL]HDLQFOXVmRVRE SHQDGHFULPHGHUHVSRQVDELOLGDGH º²2VFUpGLWRVHVSHFLDLVHH[WUDRUGLQiULRVWHUmRYLJrQFLDQRH[HUFtFLRILQDQFHLURHPTXH IRUHPDXWRUL]DGRVVDOYRVHRDWRGHDXWRUL]DomRIRUSURPXOJDGRQRV~OWLPRVTXDWURPHVHV GDTXHOHH[HUFtFLRFDVRHPTXHUHDEHUWRVQRVOLPLWHVGHVHXVVDOGRVVHUmRLQFRUSRUDGRV DRRUoDPHQWRGRH[HUFtFLRILQDQFHLURVXEVHTHQWH º²$DEHUWXUDGHFUpGLWRH[WUDRUGLQiULRVRPHQWHVHUiDGPLWLGDSDUDDWHQGHUDGHVSHVDV LPSUHYLVtYHLVHXUJHQWHVFRPRDVGHFRUUHQWHVGHJXHUUDFRPRomRLQWHUQDRXFDODPLGDGH S~EOLFDREVHUYDGRRGLVSRVWRQRDUW º²(SHUPLWLGDDYLQFXODomRGHUHFHLWDVSUySULDVJHUDGDVSHORVLPSRVWRVDTXHVHUHIHUHP RVDUWLJRVHHGRVUHFXUVRVGHTXHWUDWDPRVDUWLJRV,DHEH,, SDUDSUHVWDomRGHJDUDQWLDRXFRQWUDJDUDQWLDj8QLmRHSDUDSDJDPHQWRVGHGpELWRVSDUD FRPHVWDµ 9HULILFDPRVWDPEpPTXHDSUySULD/HLGH5HVSRQVDELOLGDGH)LVFDOGLVFLSOLQRXPXLWDVGHVVDV YHGDo}HV QDV VHo}HV TXH WUDWDP 'D /HL 2UoDPHQWiULD $QXDO 'D *HUDomR GD 'HVSHVD 'D 'HVWLQDomRGH5HFXUVRV3~EOLFRV3DUDR6HWRU3ULYDGR&RPRH[HPSORVGHVWDFDPRVDSURLEL omRGHDFRQVLJQDUQDOHLRUoDPHQWiULDFUpGLWRFRPILQDOLGDGHLPSUHFLVDRXFRPGRWDomR LOLPLWDGDEJHUDUGHVSHVDVHPFRPSDWLELOLGDGHFRPDOHLRUoDPHQWiULDFRPDOHLGHGLUHWUL]HV RUoDPHQWiULDVHFRPRSODQRSOXULDQXDOHFGHVWLQDUUHFXUVRVS~EOLFRVSDUDFREULUGpILFLWVGH SHVVRDVMXUtGLFDVRXQHFHVVLGDGHVGHSHVVRDVItVLFDVVHPDXWRUL]DomRGHOHLHVSHFtILFD $GHPDLVFRPDDSURYDomRGD/HLQºGHGHRXWXEURGHTXHLQFOXLXQR&yGLJR 3HQDOXPFDStWXORTXHWUDWDGRVFULPHVFRQWUDDVILQDQoDVS~EOLFDVDOJXPDVGHVWDVYHGDo}HV WRUQDUDPVHFULPHV&RPRH[HPSORD&RQVWLWXLomRYHGDRLQtFLRGHSURJUDPDVRXSURMHWRVQmR LQFOXtGRV QD OHL RUoDPHQWiULD DQXDO D UHDOL]DomR GH GHVSHVDV RX D DVVXQomR GH REULJDo}HV GLUHWDVTXHH[FHGDPRVFUpGLWRVRUoDPHQWiULRVRXDGLFLRQDLVHRDUW'GR&yGLJR3HQDO SUHYrSXQLomRFRPSHQDGHUHFOXVmRGHXPDTXDWURDQRVDRVDJHQWHVTXHRUGHQDUHPGHVSHVD QmRDXWRUL]DGDSRUOHL (/$%25$d®2'2352-(72'(/(,25d$0(17É5,$3$5$2$12 68%6(4h(17( 2SULPHLURSDVVRSDUDDHODERUDomRGRRUoDPHQWRMiIRLGDGRFRPDDSURYDomRGD/HLGH 'LUHWUL]HV2UoDPHQWiULDV²/'2FXMDVUHJUDVpIXQGDPHQWDOREHGHFHU 8PGRVSRQWRVUHOHYDQWHVTXHGHYHUiHVWDUGLVFLSOLQDGRQR$QH[RGH0HWDV)LVFDLVGD/'2 VHUi R GD PHWD GH UHVXOWDGR SULPiULR H QRPLQDOSDUD R DQR VHJXLQWH $WHQWHVH TXH p IDFXOWDGRDRV PXQLFtSLRV FRPSRSXODomRLQIHULRU D FLQTHQWD PLOKDELWDQWHVRSWDUSRU HODERUDUR$QH[RGH0HWDV)LVFDLVHR$QH[RGH5LVFRV)LVFDLVGDOHLGHGLUHWUL]HVRUoDPHQWiULDV DSDUWLUGRH[HUFtFLRGHFRQIRUPHGLVS}HRDUWGD/5) $QWHVGHWUDEDOKDUPRVQDSURJUDPDomRGDGHVSHVDSUHFLVDPRVHVWLPDUTXDQWRLUHPRVGLVSRU SDUDDUHDOL]DomRGDVGHVSHVDVRUoDPHQWiULDV3UHFLVDPRVFRQKHFHUDVIRQWHVGHUHFHLWDHTXDLV RVSULQFLSDLVIDWRUHVTXHSRGHPYLUDLQIOXHQFLiODSDUDDVVLPID]HUPRVXPDERDSURMHomR /RJR YDPRV SURFHGHU DR HVWXGR GDV SURMHo}HV GH UHFHLWD SDUD HP VHJXLGD FRQKHFHU VXD FODVVLILFDomR 5HFHLWD3~EOLFD 3UHYLVmRGDV5HFHLWDV3~EOLFDV 7RGDUHFHLWDSURYpPGHXPDGHWHUPLQDGDIRQWHHSDUDTXHSRVVDPRVID]HUXPDSUHYLVmRUHDO GDUHFHLWDPXQLFLSDOID]VHQHFHVViULRDQDOLVDURKLVWyULFRGHVVDVIRQWHV6HJXQGRRDUWGD /HL&RPSOHPHQWDUQºGHGHPDLRGHDSUHYLVmRGDUHFHLWDGHYHUiVHUDFRPSDQKDGD GHGHPRQVWUDWLYRGHVXDHYROXomRQRV~OWLPRVWUrVDQRVEHPFRPRGDVXDSURMHomRSDUDRV GRLVH[HUFtFLRVVHJXLQWHVHYLGHQFLDQGRDPHWRGRORJLDHSUHPLVVDVXWLOL]DGDVHPVHXFiOFXOR $ /HL GH 5HVSRQVDELOLGDGH )LVFDO HVWDEHOHFH HP VHX DUW TXH LQWHJUDUi R SURMHWR GH OHL GH GLUHWUL]HV RUoDPHQWiULDV $QH[R GH 0HWDV )LVFDLV HP TXH VHUmR HVWDEHOHFLGDV PHWDV DQXDLV HP YDORUHV FRUUHQWHV H FRQVWDQWHV UHODWLYDV D UHFHLWDV GHVSHVDV SULPiULR H UHVXOWDGRV QRPLQDO H PRQWDQWH GD GtYLGD S~EOLFD SDUD R H[HUFtFLR D TXH VH UHIHULUHP H SDUD RV GRLV VHJXLQWHV 3DUD D FRPSUHHQVmR GR FRQFHLWR GH UHVXOWDGR SULPiULR H QRPLQDO ID]VH LPSRUWDQWH D OHLWXUD GR FDStWXOR GHVWH OLYUR 'H IRUPD UHVXPLGD R UHVXOWDGR SULPiULR FRUUHVSRQGH j GLIHUHQoD HQWUH DV UHFHLWDV H GHVSHVDV H[FOXLQGRVH D SDUFHOD UHIHUHQWH DRV MXURV H DPRUWL]Do}HV SDJRV H UHFHELGRV 3DUD D REWHQomR GR UHVXOWDGR QRPLQDO DFUHVFHQWDPVH DR UHVXOWDGR SULPiULR RV MXURV OtTXLGRV SHOR FRQFHLWR GH FRPSHWrQFLD 2PHVPRGLVSRVLWLYROHJDOGHWHUPLQDTXHQDSUHYLVmRGDUHFHLWDGHYHUVHiREVHUYDUWRGDVDV QRUPDVWpFQLFDVHOHJDLVFRQVLGHUDQGRRVHIHLWRVGDVDOWHUDo}HVQDOHJLVODomRGDYDULDomRGR tQGLFHGHSUHoRVGRFUHVFLPHQWRHFRQ{PLFRRXGHTXDOTXHURXWURIDWRUUHOHYDQWH 3DUDDSURMHomRGHTXDOTXHUIRQWHGHUHFHLWDpQHFHVViULRHPSULPHLUROXJDUGHWHUPLQDUTXDLV RV HIHLWRV TXH LQIOXHQFLDP D VXD DUUHFDGDomR 'H IRUPD UHVXPLGD SRGHPRV LGHQWLILFDU FODUDPHQWHGRLVHIHLWRVSDUkPHWURHOHJLVODomR 2VSDUkPHWURVHVWmRUHODFLRQDGRVDLQGLFDGRUHVHFRQ{PLFRVTXHLQIOXHQFLDPDDUUHFDGDomR GHGHWHUPLQDGRVWULEXWRV(QWUHRVSULQFLSDLVSDUkPHWURVSRGHPRVFLWDU ,²RFUHVFLPHQWRUHDOGR3URGXWR,QWHUQR%UXWR²3,%TXHWHPUHODomRGLUHWDVREUHDTXHOHV WULEXWRVTXHGHSHQGHPGRQtYHOGHDWLYLGDGHHFRQ{PLFD ,,²DYDULDomRGRtQGLFHGHSUHoRVID]HQGRFRPTXHDEDVHGHWULEXWDomRQRFDVRGHYDULDomR SRVLWLYDVHHOHYHHPWHUPRVQRPLQDLV ,,,²DWD[DGHFkPELRTXHLQIOXHQFLDDDUUHFDGDomRGRVWULEXWRVDWUHODGRVjPRHGDHVWUDQJHLUD H[1RFDVRGD8QLmRLPSRVWRGHLPSRUWDomR,3,H[SRUWDomRHWFHQWUHRXWURV 2 HIHLWR OHJLVODomR HVWi GLUHWDPHQWH UHODFLRQDGR D DOWHUDo}HV QD OHJLVODomR WULEXWiULD TXH SURYRFDUmR LPSDFWR VREUH D DUUHFDGDomR GH UHFHLWDV &RPR H[HPSOR SRGHPRV FLWDU D DOWHUDomRQDVDOtTXRWDVGHGHWHUPLQDGRVWULEXWRVRXVXDLQFLGrQFLDVREUHXPQRYRJUXSRGH FRQWULEXLQWHV (VWH ~OWLPR FDVR SRGH VHU PHOKRU YLVXDOL]DGR VH WRPDUPRV FRPR H[HPSOR R ,PSRVWRVREUH6HUYLoRV²,66FDVRXPGHWHUPLQDGRVHWRUHVWLYHVVHLVHQWRGRSDJDPHQWRGHVWH WULEXWRHRPXQLFtSLRUHVROYHVVHWULEXWiOR2HIHLWRGDDOWHUDomRQDOHJLVODomRWULEXWiULDGHYHUi VHUFRQVLGHUDGRQDSUHYLVmRGDUHFHLWD 1R FDVR GD UHFHLWD GR ,378 SRU H[HPSOR D SURMHomR WHUi TXH OHYDU HP FRQVLGHUDomR RXWURV SDUkPHWURV FRPR R YDORU PpGLR GDV UHVLGrQFLDV SDVVtYHLV GH WULEXWDomR $VVLP XP PRGHOR VLPSOLILFDGRGDSURMHomRGR,378VHPFRQVLGHUDUDSHFXOLDULGDGHGHFDGDPXQLFtSLRSRGHULDVHU 5HFHLWD,378 QºGHLPyYHLVWULEXWDGRV[YDORUPpGLRGRVLPyYHLV[DOtTXRWDPpGLDDSOLFDGD 5HVVDOWHVHTXHQmRKiXP~QLFRPRGHORSDUDDSURMHomRGHUHFHLWDV$VVLPQRFDVRGR,378 R PRGHOR DFLPD SRGHULD VHU DSHUIHLoRDGR DGRWDQGRVH XPD DOtTXRWD SURJUHVVLYD RX VHMD DOtTXRWDVPDLRUHVVREUHLPyYHLVPDLVYDORUL]DGRV/RJRRQRYRPRGHORVHULD 5HFHLWD,378 QºGHLPyYHLVFRPiUHDVXSHULRUDP[YDORUPpGLRGRVLPyYHLV [DOtTXRWDGHQºGHLPyYHLVFRPiUHDHQWUHHP[YDORUPpGLRGRV LPyYHLV[DOtTXRWDVHQGRTXHLPyYHLVFRPiUHDLQIHULRUDPVHUmRLVHQWRV &DGDIRQWHGHUHFHLWDGHYHUiVHUVXEPHWLGDDHVVDDSUHFLDomRDILPGHVHGHWHUPLQDURYDORU WRWDOGRVLQJUHVVRVTXHLUmRFXVWHDUDVGHVSHVDVRUoDPHQWiULDV 1RkPELWRPXQLFLSDODOpPGDVWUDQVIHUrQFLDVFRQVWLWXFLRQDLVHOHJDLVDVSULQFLSDLVUHFHLWDVVmR RULXQGDVGRVLPSRVWRVVREUH ,²SURSULHGDGHSUHGLDOHWHUULWRULDOXUEDQD,378²DUW,GD&) ,,²WUDQVPLVVmRLQWHUYLYRVDTXDOTXHUWtWXORSRUDWRRQHURVRGHEHQVLPyYHLVSRUQDWXUH]D RXDFHVVmRItVLFDHGHGLUHLWRVUHDLVVREUHLPyYHLVH[FHWRRVGHJDUDQWLDEHPFRPRFHVVmRGH GLUHLWRVDVXDDTXLVLomR²DUW,,GD&)H ,,,²VHUYLoRVGHTXDOTXHUQDWXUH]D,66²DUW,,,GD&) $OpPGRVLPSRVWRVWDPEpPVmRUHFHLWDVPXQLFLSDLV , ² R SURGXWR GD DUUHFDGDomR GR LPSRVWR GD 8QLmR VREUH UHQGD H SURYHQWRV GH TXDOTXHU QDWXUH]D LQFLGHQWH QD IRQWH VREUH UHQGLPHQWRV SDJRV D TXDOTXHU WtWXOR SRU HOHV VXDV DXWDUTXLDVHSHODVIXQGDo}HVTXHLQVWLWXtUHPHPDQWLYHUHP²DUW,GD&) ,,²FLQTHQWDSRUFHQWRGRSURGXWRGDDUUHFDGDomRGRLPSRVWRGD8QLmRVREUHDSURSULHGDGH WHUULWRULDOUXUDOUHODWLYDPHQWHDRVLPyYHLVQHOHVVLWXDGRV²DUW,,GD&) ,,,²FLQTHQWDSRUFHQWRGRSURGXWRGDDUUHFDGDomRGRLPSRVWRGR(VWDGRVREUHDSURSULHGDGH GHYHtFXORVDXWRPRWRUHVOLFHQFLDGRVHPVHXVWHUULWyULRVDUW,,,GD&) ,9²YLQWHHFLQFRSRUFHQWRGRSURGXWRGDDUUHFDGDomRGRLPSRVWRGR(VWDGRVREUHRSHUDo}HV UHODWLYDVjFLUFXODomRGHPHUFDGRULDVHVREUHSUHVWDo}HVGHVHUYLoRVGHWUDQVSRUWHLQWHUHVWDGXDO HLQWHUPXQLFLSDOHGHFRPXQLFDomR²DUW,9GD&)H 9²DVWUDQVIHUrQFLDVGD8QLmRRULXQGDVGHSDUFHODGDDUUHFDGDomRGRVLPSRVWRVVREUHUHQGD HSURYHQWRVGHTXDOTXHUQDWXUH]DHVREUHSURGXWRVLQGXVWULDOL]DGRV²DUW,H,,GD&) 9,²DVWUDQVIHUrQFLDVGD8QLmRUHIHUHQWHVDR,2)RXUR²DUWº,H,,GD&) &RPRYLPRVDVUHFHLWDVWULEXWiULDVVmRDVSULQFLSDLVUHFHLWDVPXQLFLSDLV(QWUHWDQWRQmRVmRDV ~QLFDV2VPXQLFtSLRVWDPEpPSRGHPFRQWDUFRPDVUHFHLWDVSDWULPRQLDLVUHFHLWDGHFRQFHV V}HVGHDOLHQDomRGHEHQVHGLUHLWRVGHQWUHRXWUDV &ODVVLILFDomRGD5HFHLWD3~EOLFD $V5HFHLWDVFRPSUHHQGHPRLQJUHVVRGHUHFXUVRVTXHVHLQWHJUDPDRSDWULP{QLRS~EOLFRVHP TXDLVTXHUUHVHUYDVFRQGLo}HVRXFRUUHVSRQGrQFLDVQRSDVVLYR 4XDQWRjQDWXUH]DDUHFHLWDREHGHFHDVHJXLQWHFODVVLILFDomRRUoDPHQWiULD ; ; ; ; ; ;; º1tYHO²&DWHJRULD(FRQ{PLFDBBBBBBBBBBB_ _ _ _ _ _ º1tYHO²6XE&DWHJRULD(FRQ{PLFDBBBBBBB _ _ _ _ _ º1tYHO²)RQWHBBBBBBBBBBBBBBBBBBBBBBBB _ _ _ _ º1tYHO²5XEULFDBBBBBBBBBBBBBBBBBBBBBB _ _ _ _ _ º1tYHO²$OtQHDBBBBBBBBBBBBBBBBBBBBBBB º1tYHO²6XEDOtQHDBBBBBBBBBBBBBBBBBBBB _ 5HFHLWDV &RUUHQWHV VmR DTXHODV SURYHQLHQWHV GH DUUHFDGDomR GH WULEXWRV FRQWULEXLo}HV SDWULPRQLDOLQGXVWULDOGHVHUYLoRVHRXWUDVEHPFRPRDTXHODVRULXQGDVGHUHFXUVRVILQDQFHLURV UHFHELGRV GH RXWUDV SHVVRDV GH GLUHLWR S~EOLFR RX SULYDGR TXDQGR GHVWLQDGDV D DWHQGHU GHVSHVDVFODVVLILFiYHLVFRPR'HVSHVDV&RUUHQWHVFRPRDVWUDQVIHUrQFLDVFRUUHQWHV6XEGLYL GHPVHHP 7ULEXWiULD &RQWULEXLo}HV 3DWULPRQLDLV $JURSHFXiULD ,QGXVWULDO 6HUYLoRVH 7UDQVIHUrQFLDV&RUUHQWHV 5HFHLWDV GH &DSLWDO VmR DV SURYHQLHQWHV GD UHDOL]DomR GH UHFXUVRV ILQDQFHLURV RULXQGRV GH FRQVWLWXLomR GH GtYLGDV GH FRQYHUVmR HP HVSpFLH GH EHQV H GLUHLWRV DOpP GRV UHFXUVRV UHFHELGRV GH RXWUDV SHVVRDV GH GLUHLWR S~EOLFR RX SULYDGR GHVWLQDGRV D DWHQGHU GHVSHVDV FODVVLILFiYHLVHP'HVSHVDVGH&DSLWDOHDLQGDRVXSHUiYLWGR2UoDPHQWR&RUUHQWH6XEGLYL GHPVHHP 2SHUDo}HVGH&UpGLWRV $OLHQDomRGH%HQVH'LUHLWRV $PRUWL]DomRGH(PSUpVWLPRV)LQDQFLDPHQWRV 7UDQVIHUrQFLDVGH&DSLWDOH 2XWUDV5HFHLWDVGH&DSLWDO 1$785(=$'$5(&(,7$ &Ð',*2 (63(&,),&$d®2 5HFHLWDV &RUUHQWHV 5HFHLWD 7ULEXWiULD ,PSRVWRV ,PSRVWRV VREUH R &RPpUFLR ([WHULRU ,PSRVWR VREUH D ,PSRUWDomR ,PSRVWR VREUH D ([SRUWDomR ,PSRVWRV VREUH R 3DWULP{QLR H D 5HQGD ,PSRVWR VREUH D 3URSULHGDGH 7HUULWRULDO 5XUDO ,PSRVWR VREUH D 3URSULHGDGH 3UHGLDO H 7HUULWRULDO 8UEDQD ,PSRVWR VREUH D 5HQGD H 3URYHQWRV GH 4XDOTXHU 1DWXUH]D 3HVVRDV )tVLFDV 3HVVRDV -XUtGLFDV 5HWLGR QDV )RQWHV ,PSRVWR VREUH D 3URSULHGDGH GH 9HtFXORV $XWRPRWRUHV ,PSRVWR VREUH 7UDQVPLVVmR ´&DXVD 0RUWLVµ H 'RDomR GH %HQV H 'LUHLWRV ,PSRVWR VREUH 7UDQVPLVVmR ´,QWHU 9LYRVµ GH %HQV ,PyYHLV H GH 'LUHLWRV 5HDLV VREUH ,PyYHLV ,PSRVWRV VREUH D 3URGXomR H D &LUFXODomR FRQWLQXD ,PSRVWR VREUH 3URGXWRV ,QGXVWULDOL]DGRV ,PSRVWR VREUH 2SHUDo}HV 5HODWLYDV j &LUFXODomR GH 0HUFDGRULDV H VREUH 3UHVWDo}HV GH 6HUYLoRV GH 7UDQVSRUWH ,QWHUHVWDGXDO H ,QWHUPXQLFLSDO H GH &RPXQLFDomR ,PSRVWR VREUH 2SHUDo}HV GH &UpGLWR &kPELR H 6HJXUR RX 5HODWLYDV D 7tWXORV RX 9DORUHV 0RELOLiULRV ,PSRVWR VREUH 6HUYLoRV GH 4XDOTXHU 1DWXUH]D ,PSRVWRV ([WUDRUGLQiULRV 7D[DV 7D[DV SHOR ([HUFtFLR GR 3RGHU GH 3ROtFLD 7D[DV SHOD 3UHVWDomR GH 6HUYLoRV &RQWULEXLomR GH 0HOKRULD 5HFHLWD GH &RQWULEXLo}HV &RQWULEXLo}HV 6RFLDLV &RQWULEXLo}HV (FRQ{PLFDV 5HFHLWD 3DWULPRQLDO 5HFHLWDV ,PRELOLiULDV 5HFHLWDV GH 9DORUHV 0RELOLiULRV 5HFHLWD GH &RQFHVV}HV H 3HUPLVV}HV 2XWUDV 5HFHLWDV 3DWULPRQLDLV 5HFHLWD $JURSHFXiULD 5HFHLWD GD 3URGXomR 9HJHWDO 5HFHLWD GD 3URGXomR $QLPDO H 'HULYDGRV 2XWUDV 5HFHLWDV $JURSHFXiULDV 5HFHLWD ,QGXVWULDO 5HFHLWD GD ,QG~VWULD ([WUDWLYD 0LQHUDO 5HFHLWD GD ,QG~VWULD GH 7UDQVIRUPDomR 5HFHLWD GD ,QG~VWULD GH &RQVWUXomR 5HFHLWD GH 6HUYLoRV 7UDQVIHUrQFLDV &RUUHQWHV 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GD 8QLmR 3DUWLFLSDomR QD 5HFHLWD GD 8QLmR &RWD3DUWH GR )XQGR GH 3DUWLFLSDomR GRV (VWDGRV H GR 'LVWULWR )HGHUDO &RWD3DUWH GR )XQGR GH 3DUWLFLSDomR GRV 0XQLFtSLRV &RWD3DUWH GR ,PSRVWR VREUH D 3URSULHGDGH 7HUULWRULDO 5XUDO &RWD3DUWH GR ,PSRVWR VREUH 3URGXWRV ,QGXVWULDOL]DGRV ² (VWDGRV ([SRUWDGRUHV GH 3URGXWRV ,QGXVWULDOL]DGRV &RWD3DUWH GD &RQWULEXLomR GR 6DOiULR(GXFDomR &RWD3DUWH GR ,PSRVWR VREUH 2SHUDo}HV GH &UpGLWR &kPELR H 6HJXUR RX 5HODWLYDV D 7tWXORV RX 9DORUHV 0RELOLiULRV ² &RPHUFLDOL]DomR GR 2XUR 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLD )LQDQFHLUD ² /& Qº 'HPDLV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLDV GRV (VWDGRV 3DUWLFLSDomR QD 5HFHLWD GRV (VWDGRV 2XWUDV 7UDQVIHUrQFLDV GRV (VWDGRV 7UDQVIHUrQFLDV GRV 0XQLFtSLRV 7UDQVIHUrQFLDV 0XOWLJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GH 5HFXUVRV GR )81'() 7UDQVIHUrQFLDV GH 5HFXUVRV GD &RPSOHPHQWDomR DR )81'() 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2XWUDV 5HFHLWDV &RUUHQWHV 0XOWDV H -XURV GH 0RUD ,QGHQL]Do}HV H 5HVWLWXLo}HV ,QGHQL]Do}HV 2XWUDV ,QGHQL]Do}HV 5HVWLWXLo}HV 5HFHLWD GD 'tYLGD $WLYD 5HFHLWD GD 'tYLGD $WLYD 7ULEXWiULD 5HFHLWD GD 'tYLGD $WLYD 1mR7ULEXWiULD 5HFHLWDV 'LYHUVDV 5HFHLWDV GH &DSLWDO 2SHUDo}HV GH &UpGLWR 2SHUDo}HV GH &UpGLWR ,QWHUQDV 2SHUDo}HV GH &UpGLWR ([WHUQDV $OLHQDomR GH %HQV $OLHQDomR GH %HQV 0yYHLV $OLHQDomR GH %HQV ,PyYHLV $PRUWL]DomR GH (PSUpVWLPRV 2XWUDV $PRUWL]Do}HV GH (PSUpVWLPRV $PRUWL]DomR GH )LQDQFLDPHQWRV 7UDQVIHUrQFLDV GH &DSLWDO 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GD 8QLmR 3DUWLFLSDomR QD 5HFHLWD GD 8QLmR 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 'HPDLV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLDV GRV (VWDGRV 3DUWLFLSDomR QD 5HFHLWD GRV (VWDGRV 2XWUDV 7UDQVIHUrQFLDV GRV (VWDGRV 7UDQVIHUrQFLDV GRV 0XQLFtSLRV 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2XWUDV 5HFHLWDV GH &DSLWDO ,QWHJUDOL]DomR GR &DSLWDO 6RFLDO 2XWUDV 5HFHLWDV 'HVSHVD3~EOLFD 'HIRUPDVHPHOKDQWHjSDUWHGDUHFHLWDLUHPRVGLYLGLUDGHVSHVDS~EOLFDHPGXDVSDUWHVTXDLV VHMDPDSDUWHUHODWLYDjIL[DomRGRVJDVWRVRUoDPHQWiULRVHDSDUWHUHODWLYDDRVFRQFHLWRVH FODVVLILFDo}HVRUoDPHQWiULDV )L[DomRGDV'HVSHVDV2UoDPHQWiULDV $PHWDGHUHVXOWDGRSULPiULRGHILQLGRQR$QH[RGH0HWDV)LVFDLVGD/'2GHYHUiVHURLQGLFDGRU TXHQRUWHDUiWRGDDGLVFXVVmRGHYDORUHVDVHUHPDORFDGRVQDVGHVSHVDVRUoDPHQWiULDV 1DIL[DomRGDVGHVSHVDVRUoDPHQWiULDVSRGHPRVFDUDFWHUL]DUDVGHVSHVDVHPGRLV JUDQGHVJUXSRVDVGHQDWXUH]DREULJDWyULDHDVGHQDWXUH]DGLVFULFLRQiULD $VGHVSHVDVGHQDWXUH]DREULJDWyULDVmRDTXHODVFXMDH[HFXomRQmRSRGHUiVHUVXVSHQGLGD GLVFULFLRQDULDPHQWH2VPRQWDQWHVFRUUHVSRQGHQWHVDHVWDVGHVSHVDVVmRIL[DGRVOHYDQGRHP FRQVLGHUDomRDVFRQGLo}HVGHHOHJLELOLGDGHGHWHUPLQDGDVHPOHL(QWUHRVH[HPSORVGHGHVSHVDV GHQDWXUH]DREULJDWyULDSRGHPRVFLWDURSDJDPHQWRGHSHVVRDOHHQFDUJRVVRFLDLVDVVHQWHQoDV MXGLFLDLVRVEHQHItFLRVSUHYLGHQFLiULRVRVJDVWRVPtQLPRVFRPHGXFDomRHVD~GHHQWUHRXWUDV -iDVGHVSHVDVGHQDWXUH]DGLVFULFLRQiULDVmRDTXHODVJHUDGDVDSDUWLUGDGLVSRQLELOLGDGHGH UHFXUVRVRUoDPHQWiULRV3RGHPRVFLWDUFRPRH[HPSORVFRQVWUXomRGHHVFRODVHSRVWRVGH VD~GHFRPSUDGHQRYRVHTXLSDPHQWRVDTXLVLomRGHYHtFXORVHWF$WHQWHVHSDUDRIDWRGH TXHHQWUHDVGHVSHVDVGLVFULFLRQiULDVH[LVWHPDTXHODVTXHVmRHVVHQFLDLVSDUDDSUHVWDomRGH EHQVHVHUYLoRVjVRFLHGDGHFRPRpRFDVRGDPDQXWHQomRGDVDo}HVGH*RYHUQR(PJHUDO DV GHVSHVDV GLVFULFLRQiULDV HVVHQFLDLV SDUD D PDQXWHQomR GD PiTXLQD JRYHUQDPHQWDO HVWmR FODVVLILFDGDVQDHVWUXWXUDSURJUDPiWLFDFRPR´DWLYLGDGHVµ $VVLPQDHODERUDomRGHXPDSHoDRUoDPHQWiULDFRQVLVWHQWHFRPDSURMHomRGHUHFHLWDVp LPSRUWDQWH TXH VH HVWDEHOHoDP DOJXQV FULWpULRV SDUD D IL[DomR GD GHVSHVD RUoDPHQWiULD $ GHILQLomRGRVYDORUHVGDVGHVSHVDVRUoDPHQWiULDVGHYHUiREHGHFHUjVHJXLQWHRUGHP IL[DomRGDVGHVSHVDVGHQDWXUH]DREULJDWyULD GHWHUPLQDomRGDVGHVSHVDVGLVFULFLRQiULDVHVVHQFLDLVH SURJUDPDomRGDVGHPDLVGHVSHVDVGLVFULFLRQiULDVVHJXQGRDVSULRULGDGHVHPHWDVGH FDGD(QWH 2OLPLWHRUoDPHQWiULRSDUDDVGHPDLVGHVSHVDVGHQDWXUH]DGLVFULFLRQiULDGHYHUiREHGHFHUDR PRQWDQWHGHUHFHLWDVSUHYLVWDVGHGX]LGDVGDPHWDGHUHVXOWDGRSULPiULRHVWDEHOHFLGDQD/'2 HGRVYDORUHVHVWLPDGRVSDUDDVGHVSHVDVGHQDWXUH]DREULJDWyULDHHVVHQFLDLV(PVtQWHVHVHD SUHYLVmR GH UHFHLWDV SDUD R SUy[LPR H[HUFtFLR IRU GH XQLGDGHV PRQHWiULDV D PHWD GH VXSHUiYLW SULPiULR GH XQLGDGHV PRQHWiULDV H D HVWLPDWLYD GH JDVWRV FRP DV GHVSHVDV GH QDWXUH]DREULJDWyULDHHVVHQFLDLVIRUGHXQLGDGHVPRQHWiULDVLVVRVLJQLILFDGL]HUTXHUHVWDP XQLGDGHVPRQHWiULDVDVHUHPGHVSHQGLGDVQDVGHPDLVGHVSHVDVSULPiULDVGLVFULFLRQiULDV 0HWD5HVXOWDGR3ULPiULR053 5HFHLWDV3ULPiULDV³'HVSHVDV3ULPiULDV 7DPEpPSRGHPRVDILUPDUTXH 'HVSHVDV3ULPiULDV 'HVSHVDV2EULJDWyULDV'HPDLV'HVSHVDV(VVHQFLDLV 'HPDLV'HVSHVDV'LVFULFLRQiULDV 2XVHMD 'HPDLV'HVSHVDV'LVFULFLRQiULDV 5HFHLWDV3ULPiULDV²053²'HVSHVDV2EULJDWyULDV ²'HPDLV'HVSHVDV(VVHQFLDLV $SyVWHUPRVGHILQLGRRVOLPLWHVGHJDVWRVSDUDDVGHVSHVDVRUoDPHQWiULDVWRUQDVHLPSRUWDQWH FRQKHFHUVXDFODVVLILFDomR &ODVVLILFDo}HV2UoDPHQWiULDV 2VFULWpULRVGHFODVVLILFDomRGDVFRQWDVS~EOLFDVVmRGHJUDQGHLPSRUWkQFLDSDUDDFRPSUHHQVmR GRRUoDPHQWR$VFODVVLILFDo}HVRUoDPHQWiULDVSHUPLWHPDYLVXDOL]DomRGDGHVSHVDVREGLIH UHQWHVHQIRTXHVRXDERUGDJHQVFRQIRUPHRkQJXORTXHVHSUHWHQGHDQDOLVDU&DGDXPDGHODV SRVVXLXPDILQDOLGDGHHVSHFtILFDHXPREMHWLYRRULJLQDODVVRFLDGRDXPDTXHVWmREiVLFDTXH SURFXUDUHVSRQGHUHTXHMXVWLILFDPVXDFULDomR 1R%UDVLOXWLOL]DPRVDVVHJXLQWHVFODVVLILFDo}HV ,²&ODVVLILFDomRLQVWLWXFLRQDORXGHSDUWDPHQWDO ,,²&ODVVLILFDomRIXQFLRQDOH ,,,²&ODVVLILFDomRSRUQDWXUH]DGDGHVSHVD &ODVVLILFDomRLQVWLWXFLRQDO $ FODVVLILFDomR LQVWLWXFLRQDO WHP FRPR ILQDOLGDGH HYLGHQFLDU DV XQLGDGHV DGPLQLVWUDWLYDV UHVSRQViYHLVSHODH[HFXomRGDGHVSHVDRXVHMDTXDLVRVyUJmRVLQFXPELGRVGHH[HFXWDUD SURJUDPDomR RUoDPHQWiULD 6XD SULQFLSDO YDQWDJHP HVWi HP SHUPLWLU D LGHQWLILFDomR GR UHVSRQViYHOSHODH[HFXomRGHGHWHUPLQDGRSURJUDPDRXDomRJRYHUQDPHQWDO 1RFDVRGD8QLmRSRGHPRVFLWDUFRPRyUJmRVRUoDPHQWiULRVD3UHVLGrQFLDR0LQLVWpULRGR 3ODQHMDPHQWR2UoDPHQWRH*HVWmRR0LQLVWpULRGD)D]HQGDR0LQLVWpULRGD(GXFDomRR 0LQLVWpULRGRV7UDQVSRUWHVHWF2VyUJmRVRUoDPHQWiULRVSRGHPVHUFRPSRVWRVSRUXQLGDGHV RUoDPHQWiULDV TXH VmR DV XQLGDGHV H[HFXWRUDV GD DomR JRYHUQDPHQWDO &RPR H[HPSOR D 8QLYHUVLGDGH)HGHUDOGR3DUDQipXPDXQLGDGHRUoDPHQWiULDGR0LQLVWpULRGD(GXFDomR &ODVVLILFDomRIXQFLRQDO (PLPSRUWDQWHVPXGDQoDVIRUDPLQWURGX]LGDVSHOD3RUWDULD62)QºVXEVWLWXtGD SRVWHULRUPHQWHSHOD3RUWDULD62)QºGHGHDEULOGH&RPDHGLomRGHVWDVSRUWDULDV IRLUHYRJDGDD3RUWDULD62)QºGHGHMDQHLURGHTXHLQWURGX]LXD&ODVVLILFDomR )XQFLRQDO3URJUDPiWLFD'HVGHHQWmRD&ODVVLILFDomR)XQFLRQDO3URJUDPiWLFDVHWUDQVIRUPRX HP&ODVVLILFDomR)XQFLRQDOH(VWUXWXUD3URJUDPiWLFD (VVDVPRGLILFDo}HVWLYHUDPFRPRSULQFLSDOREMHWLYRjREWHQomRGHXPDDGPLQLVWUDomRS~EOLFD PHQRVEXURFUiWLFDHPDLVJHUHQFLDOIRFDGDQRVSUREOHPDVVRFLDLVHQDHIHWLYDFREUDQoDGH UHVXOWDGRV &DEHUHVVDOWDUTXHDFODVVLILFDomRIXQFLRQDOPXLWRHPERUDWHQKDFRPRHVFRSRSULQFLSDOD LGHQWLILFDomRGDViUHDVHPTXHDVGHVSHVDVHVWDUmRVHQGRUHDOL]DGDVDJUHJDGRUGRVJDVWRV S~EOLFRVSRUiUHDGHDomRJRYHUQDPHQWDOSUHVHUYRXQDVXDOyJLFDGHDSOLFDomRDPDWULFLD OLGDGHGDIXQFLRQDOSURJUDPiWLFD'HVWDIRUPDDVVXEIXQo}HVSRGHUmRVHUFRPELQDGDVFRP IXQo}HVGLIHUHQWHVGDTXHODVDTXHHVWHMDPYLQFXODGDV $GHPDLV MXVWDPHQWH SRU VLJQLILFDU iUHD GH GHVSHVD FKHJDVH jV IXQo}HV H VXEIXQo}HV SRU LQWHUPpGLRGRVSURMHWRVHDWLYLGDGHV'DtSRUTXHDHQWUDGDQRFODVVLILFDGRUIXQFLRQDOGHYHVHU R~OWLPRDWRGRSURFHVVRGHSODQHMDPHQWRHRUoDPHQWDomR 4XDQWRjHVWUXWXUDSURJUDPiWLFDFDGDQtYHOGHJRYHUQRSDVVDUiDWHUHVWUXWXUDSUySULDVHXV SUySULRVSURJUDPDVDGHTXDGRVjVROXomRGRVVHXVSUREOHPDVKDMDYLVWDTXHWRGRSURJUDPD VXUJHSDUDVROXFLRQDUXPSUREOHPD$VVLPQmRKDYHUiPDLVVHQWLGRHPIDODUVHGHFODVVLILFDomR SURJUDPiWLFDPDVVLPGHHVWUXWXUDVSURJUDPiWLFDVGLIHUHQFLDGDVGHDFRUGRFRPDVSHFXOLDUL GDGHVGHFDGDHQWH 'HVVD IRUPD R SURJUDPD p R PyGXOR LQWHJUDGRU HQWUH SODQR H RUoDPHQWR (P WHUPRV GH HVWUXWXUDomRRSODQRWHUPLQDQRSURJUDPDHRRUoDPHQWRFRPHoDQRSURJUDPD2VSURMHWRV HDWLYLGDGHVVmRRVLQVWUXPHQWRVGHUHDOL]DomRGRVSURJUDPDV1HVVHVHQWLGRFDEHOHPEUDUTXH SDUDTXHKDMDIDFLOLGDGHQDYLVXDOL]DomRGHVWDLQWHJUDomRFDVRR3ODQR3OXULDQXDOWUDJDDOJXPD FRGLILFDomRHVWDGHYHUiVHUREVHUYDGDQD/HL2UoDPHQWiULD ([HPSOR GH 3URJUDPD GH *RYHUQR 3URJUDPD (VSRUWH QD (VFROD 2EMHWLYR (VWLPXODU D SUiWLFD GHVSRUWLYD SRU HVWXGDQWHV GDV LQVWLWXLo}HV S~EOLFDV GH HQVLQR IXQGDPHQWDO H PpGLR $omR 7tWXOR ,QGLFDGRU 7RWDO 7D[D GH DWHQGLPHQWR GRV DOXQRV GH LQVWLWXLo}HV S~EOLFDV GH HQVLQR IXQGDPHQWDO H PpGLR 3URGXWR XQLGDGH &RQFXUVR 7HPiWLFR VREUH (VSRUWH FRQFXUVR UHDOL]DGR XQLGDGH )XQFLRQDPHQWR GH 1~FOHRV GH (VSRUWH HP (VFRODV DOXQR EHQHILFLDGR XQLGDGH ,PSODQWDomR GH ,QIUD(VWUXWXUD (VSRUWLYD HP (VFRODV HVFROD DWHQGLGD XQLGDGH &DPSDQKD QD ÉUHD GR (VSRUWH QD (VFROD FDPSDQKD UHDOL]DGD XQLGDGH &DSDFLWDomR GH 5HFXUVRV +XPDQRV SHVVRD FDSDFLWDGD HP (VSRUWH (VFRODU XQLGDGH (GLomR H 'LVWULEXLomR GH 0DWHULDO 'LGiWLFR SDUD R (VSRUWH QD (VFROD 3URPRomR GH (YHQWRV (VSRUWLYRV QD HYHQWR UHDOL]DGR (VFROD H[HPSODU GLVWULEXtGR XQLGDGH 0HWD 9DORU ÐUJmR ² 0LQ (VSRUWH H 7XULVPR 8QLGDGH 2UoDPHQWiULD ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR ² 0LQ (VSRUWH H 7XULVPR (VVDVPXGDQoDVGHPRQVWUDPDSUHRFXSDomRFRPDLGpLDGHSURGXWREHPRXVHUYLoR1mRKi FRPRIDODUHPRUoDPHQWRSURJUDPDVHPWHUEHPGHILQLGRRFLFORSURGXWLYRTXHHVWiVHQGR REMHWRGDRUoDPHQWDomR 8PSULPHLURSDVVRQRVHQWLGRGHEXVFDUHVVDYLVLELOLGDGHIRLUHYLVDURFRQFHLWRGHDWLYLGDGH HPUHODomRjTXDOQmRHVWDYDDVVRFLDGDjQRomRGHSURGXWRTXHHUDH[FOXVLYLGDGHGRSURMHWR $JRUDWDQWRRSURMHWRFRPRDDWLYLGDGHHQYROYHPXPFRQMXQWRGHRSHUDo}HVTXHWrPFRPR UHVXOWDGRXPSURGXWR1RFDVRGRSURMHWRXPSURGXWRTXHFRQFRUUHSDUDDH[SDQVmRRXR DSHUIHLoRDPHQWR GD DomR GR JRYHUQR H QR FDVR GD DWLYLGDGH XP SURGXWR QHFHVViULR j PDQXWHQomRGDDomRGHJRYHUQR )RUDPLQVWLWXtGDVDV´RSHUDo}HVHVSHFLDLVµFRPDILQDOLGDGHGHDJUHJDUDTXHODVGHVSHVDVHP UHODomRjVTXDLVQmRVHSRVVDDVVRFLDUQRSHUtRGRDJHUDomRGHXPEHPRXVHUYLoRWDLVFRPR GtYLGDVUHVVDUFLPHQWRVWUDQVIHUrQFLDVLQGHQL]Do}HVILQDQFLDPHQWRVHRXWUDVDILQV &DEHOHPEUDUTXHDV´RSHUDo}HVHVSHFLDLVµQmRYLQFXODGDVDSURJUDPDVFRQVWDQWHVGRSODQR SOXULDQXDOFRPSRUmRXPDIXQomRHVSHFtILFDGHQRPLQDGD´HQFDUJRVHVSHFLDLVµVHPLGHQWLIL FDomRGHSURJUDPDV &RQFOXLQGRDFUHGLWDVHTXHFRPDDGRomRGHVVDVPHGLGDVVHUiSRVVtYHOLPSULPLUDRSURFHVVR GHSODQHMDPHQWRHRUoDPHQWRXPDYHUGDGHLUDUHIRUPDJHUHQFLDOFRPrQIDVHHPDWULEXLo}HV FRQFUHWDV GH UHVSRQVDELOLGDGHV H ULJRURVD FREUDQoD GH UHVXOWDGRV DIHULGRV HP WHUPRV GH EHQHItFLRVSDUDDVRFLHGDGH &RQIRUPHD3RUWDULDQºSDUDDFODVVLILFDomRIXQFLRQDOXWLOL]DUVHiRVVHJXLQWHVFRQFHLWRV • )XQomRRPDLRUQtYHOGHDJUHJDomRGDVGLYHUVDViUHDVGHGHVSHVDTXHFRPSHWHPDR VHWRUS~EOLFR • 6XEIXQomR D SDUWLomR GD IXQomR YLVDQGR D DJUHJDU GHWHUPLQDGR VXEFRQMXQWR GH GHVSHVDGRVHWRUS~EOLFR )81d¯(6(68%)81d¯(6'(*29(512 )81d¯(6 ² /HJLVODWLYD 68%)81d¯(6 ² $omR /HJLVODWLYD ² &RQWUROH ([WHUQR ² -XGLFLiULD ² $omR -XGLFLiULD ² 'HIHVD GR ,QWHUHVVH 3~EOLFR QR 3URFHVVR -XGLFLiULR ² (VVHQFLDO j -XVWLoD ² 'HIHVD GD 2UGHP -XUtGLFD ² 5HSUHVHQWDomR -XGLFLDO H ([WUDMXGLFLDO ² $GPLQLVWUDomR ² 3ODQHMDPHQWR H 2UoDPHQWR ² $GPLQLVWUDomR *HUDO ² $GPLQLVWUDomR )LQDQFHLUD ² &RQWUROH ,QWHUQR ² 1RUPDWL]DomR H )LVFDOL]DomR ² 7HFQRORJLD GD ,QIRUPDomR ² 2UGHQDPHQWR 7HUULWRULDO ² )RUPDomR GH 5HFXUVRV +XPDQRV ² $GPLQLVWUDomR GH 5HFHLWDV ² $GPLQLVWUDomR GH &RQFHVV}HV ² &RPXQLFDomR 6RFLDO ² 'HIHVD 1DFLRQDO ² 'HIHVD ÉUHD ² 'HIHVD 1DYDO ² 'HIHVD 7HUUHVWUH ² 6HJXUDQoD 3~EOLFD ² 3ROLFLDPHQWR ² 'HIHVD &LYLO ² ,QIRUPDomR H ,QWHOLJrQFLD ² 5HODo}HV ([WHULRUHV ² 5HODo}HV 'LSORPiWLFDV ² &RRSHUDomR ,QWHUQDFLRQDO ² $VVLVWrQFLD 6RFLDO ² $VVLVWrQFLD DR ,GRVR ² $VVLVWrQFLD DR 3RUWDGRU GH 'HILFLrQFLD ² $VVLVWrQFLD j &ULDQoD H DR $GROHVFHQWH ² $VVLVWrQFLD &RPXQLWiULD ² 3UHYLGrQFLD 6RFLDO ² 3UHYLGrQFLD %iVLFD ² 3UHYLGrQFLD GR 5HJLPH (VWDWXWiULR ² 3UHYLGrQFLD &RPSOHPHQWDU ² 3UHYLGrQFLD (VSHFLDO ² 6D~GH ² 7UDEDOKR ² (GXFDomR ² &XOWXUD ² 'LUHLWRV GD &LGDGDQLD ² 8UEDQLVPR ² +DELWDomR ² 6DQHDPHQWR ² *HVWmR $PELHQWDO ² &LrQFLD H 7HFQRORJLD ² $JULFXOWXUD ² 2UJDQL]DomR $JUiULD ² ,QG~VWULD ² &RPpUFLR H 6HUYLoRV ² &RPXQLFDo}HV ² $WHQomR %iVLFD ² $VVLVWrQFLD +RVSLWDODU H $PEXODWRULDO ² 6XSRUWH 3URILOiWLFR H 7HUDSrXWLFR ² 9LJLOkQFLD 6DQLWiULD ² 9LJLOkQFLD (SLGHPLROyJLFD ² $OLPHQWDomR H 1XWULomR ² 3URWHomR H %HQHItFLRV DR 7UDEDOKDGRU ² 5HODo}HV GH 7UDEDOKR ² (PSUHJDELOLGDGH ² )RPHQWR DR 7UDEDOKR ² (QVLQR )XQGDPHQWDO ² (QVLQR 0pGLR ² (QVLQR 3URILVVLRQDO ² (QVLQR 6XSHULRU ² (GXFDomR ,QIDQWLO ² (GXFDomR GH -RYHQV H $GXOWRV ² (GXFDomR (VSHFLDO ² 3DWULP{QLR +LVWyULFR $UWtVWLFR H $UTXHROyJLFR ² 'LIXVmR &XOWXUDO ² &XVWyGLD H 5HLQWHJUDomR 6RFLDO ² 'LUHLWRV ,QGLYLGXDLV &ROHWLYRV H 'LIXVRV ² $VVLVWrQFLD DRV 3RYRV ,QGtJHQDV ² ,QIUD(VWUXWXUD 8UEDQD ² 6HUYLoRV 8UEDQRV ² 7UDQVSRUWHV &ROHWLYRV 8UEDQRV ² +DELWDomR 5XUDO ² +DELWDomR 8UEDQD ² 6DQHDPHQWR %iVLFR 5XUDO ² 6DQHDPHQWR %iVLFR 8UEDQR ² 3UHVHUYDomR H &RQVHUYDomR $PELHQWDO ² &RQWUROH $PELHQWDO ² 5HFXSHUDomR GH ÉUHDV 'HJUDGDGDV ² 5HFXUVRV +tGULFRV ² 0HWHRURORJLD ² 'HVHQYROYLPHQWR &LHQWtILFR ² 'HVHQYROYLPHQWR 7HFQROyJLFR H (QJHQKDULD ² 'LIXVmR GR &RQKHFLPHQWR &LHQWtILFR H 7HFQROyJLFR ² 3URPRomR GD 3URGXomR 9HJHWDO ² 3URPRomR GD 3URGXomR $QLPDO ² 'HIHVD 6DQLWiULD 9HJHWDO ² 'HIHVD 6DQLWiULD $QLPDO ² $EDVWHFLPHQWR ² ([WHQVmR 5XUDO ² ,UULJDomR ² 5HIRUPD $JUiULD ² &RORQL]DomR ² 3URPRomR ,QGXVWULDO ² 3URGXomR ,QGXVWULDO ² 0LQHUDomR ² 3URSULHGDGH ,QGXVWULDO ² 1RUPDOL]DomR H 4XDOLGDGH ² 3URPRomR &RPHUFLDO ² &RPHUFLDOL]DomR ² &RPpUFLR ([WHULRU ² 6HUYLoRV )LQDQFHLURV ² 7XULVPR ² &RPXQLFDo}HV 3RVWDLV ² 7HOHFRPXQLFDo}HV ² (QHUJLD ² &RQVHUYDomR GH (QHUJLD ² (QHUJLD (OpWULFD ² 3HWUyOHR ² ÉOFRRO ² 7UDQVSRUWH ² 7UDQVSRUWH $pUHR ² 7UDQVSRUWH 5RGRYLiULR ² 7UDQVSRUWH )HUURYLiULR ² 7UDQVSRUWH +LGURYLiULR ² 7UDQVSRUWHV (VSHFLDLV ² 'HVSRUWR H /D]HU ² 'HVSRUWR GH 5HQGLPHQWR ² 'HVSRUWR &RPXQLWiULR ² /D]HU ² (QFDUJRV (VSHFLDLV ² 5HILQDQFLDPHQWR GD 'tYLGD ,QWHUQD ² 5HILQDQFLDPHQWR GD 'tYLGD ([WHUQD ² 6HUYLoR GD 'tYLGD ,QWHUQD ² 6HUYLoR GD 'tYLGD ([WHUQD ² 7UDQVIHUrQFLDV ² 2XWURV (QFDUJRV (VSHFLDLV 3DUD D HVWUXWXUDomR GRV SURJUDPDV JRYHUQDPHQWDLV D 3RUWDULD Qº WUD] RV VHJXLQWHV FRQFHLWRV • 3URJUDPDpRLQVWUXPHQWRGHRUJDQL]DomRGDDomRJRYHUQDPHQWDOYLVDQGRjFRQFUH WL]DomRGRVREMHWLYRVSUHWHQGLGRVVHQGRPHQVXUDGRSRULQGLFDGRUHVHVWDEHOHFLGRVQR SODQRSOXULDQXDO • 3URMHWRpXPLQVWUXPHQWRGHSURJUDPDomRSDUDDOFDQoDURREMHWLYRGHXPSURJUDPD HQYROYHQGRXPFRQMXQWRGHRSHUDo}HVOLPLWDGDVQRWHPSRGDVTXDLVUHVXOWDXP SURGXWRTXHFRQFRUUHSDUDDH[SDQVmRRXRDSHUIHLoRDPHQWRGDDomRGHJRYHUQR • $WLYLGDGHpXPLQVWUXPHQWRGHSURJUDPDomRSDUDDOFDQoDURREMHWLYRGHXPSURJUD PD HQYROYHQGR XP FRQMXQWR GH RSHUDo}HV TXH VH UHDOL]DP GH PRGR FRQWtQXR H SHUPDQHQWH GDV TXDLV UHVXOWD XP SURGXWR QHFHVViULR j PDQXWHQomR GD DomR GH JRYHUQR • 2SHUDo}HV(VSHFLDLVVmRGHVSHVDVTXHQmRFRQWULEXHPSDUDDPDQXWHQomRGDVDo}HV GHJRYHUQRGDVTXDLVQmRUHVXOWDXPSURGXWRHTXHQmRJHUDPFRQWUDSUHVWDomR GLUHWDVREDIRUPDGHEHQVRXVHUYLoRV &ODVVLILFDomRSRUQDWXUH]DGDGHVSHVD $ &ODVVLILFDomR SRU 1DWXUH]D GD 'HVSHVD UHSUHVHQWD D MXQomR GH GXDV FODVVLILFDo}HV TXH FRQVWDYDP QD /HL Qº D &ODVVLILFDomR (FRQ{PLFD H &ODVVLILFDomR SRU (OHPHQWR GH 'HVSHVDDFUHVFLGDVGD&ODVVLILFDomRSRU*UXSRGH'HVSHVDV 3DUDFODVVLILFDUXPDGHVSHVDTXDQWRjVXDQDWXUH]DGHYHVHFRQVLGHUDUDFDWHJRULD HFRQ{PLFDRJUXSRDTXHSHUWHQFHHRHOHPHQWR $QDWXUH]DGDGHVSHVDpFRPSOHPHQWDGDSHODLQIRUPDomRJHUHQFLDOGHQRPLQDGD´PRGDOL GDGHGHDSOLFDomRµDTXDOWHPSRUILQDOLGDGHLQGLFDUVHRVUHFXUVRVS~EOLFRVVmRDSOLFDGRV GLUHWDPHQWHSRUyUJmRVRXHQWLGDGHVQRkPELWRGDPHVPDHVIHUDGH*RYHUQRRXSRURXWUR HQWHGD)HGHUDomRHVXDVUHVSHFWLYDVHQWLGDGHV (VVDFODVVLILFDomRMiHVWDYDVHQGRXWLOL]DGDSHOD8QLmRGHVGHRLQtFLRGRVDQRV$/HLGH 5HVSRQVDELOLGDGH)LVFDOHVWHQGHXDRVHQWHVIHGHUDGRVSRLVHVWDEHOHFHXTXHRVGHPRQVWUDWLYRV GDH[HFXomRGDVGHVSHVDVIRVVHPHODERUDGRVSRUFDWHJRULDHFRQ{PLFDHJUXSRGHQDWXUH]DGD GHVSHVD (QTXDQWR QmR IRVVH LPSODQWDGR R &RQVHOKR GH *HVWmR )LVFDO FDEHULD DR yUJmR FHQWUDO GH FRQWDELOLGDGHGD8QLmRHGLWDUDVQRUPDVQHFHVViULDVSDUDDFRQVROLGDomRGDVFRQWDVS~EOLFDV $VVLPSDUDGDUFXPSULPHQWRDHVVHGLVSRVLWLYROHJDOIRLSXEOLFDGDD3RUWDULD,QWHUPLQLVWHULDO 62)671QºGHGHPDLRGHDOWHUDGDSRVWHULRUPHQWHSHODV3RUWDULDV,QWHUPLQLV WHULDLV62)671QºGHGHDJRVWRGHHQºGHGHQRYHPEURGHSRLV SDUDTXHIRVVHPFRQVROLGDGDVHVVDVFRQWDVID]LDVHQHFHVViULDDXQLIRUPL]DomRGRVSURFHGL PHQWRVGHH[HFXomRRUoDPHQWiULDRXVHMDDXWLOL]DomRGHXPDPHVPDFODVVLILFDomRRUoDPHQ WiULDGHUHFHLWDVHGHVSHVDV 'HDFRUGRFRPDV3RUWDULDVHPTXHVWmRDFODVVLILFDomRGDGHVSHVDVHJXQGRDVXDQDWXUH]D FRPS}HVHGH ,²&DWHJRULD(FRQ{PLFD'LYLGLGDHPGXDVFDWHJRULDV ª'HVSHVD&RUUHQWH6mRDVGHVSHVDVTXHQmRFRQWULEXHPGLUHWDPHQWHSDUDDIRUPDomRRX DTXLVLomRGHXPEHPGHFDSLWDO ª'HVSHVDGH&DSLWDO6mRDVTXHFRQWULEXHPGLUHWDPHQWHSDUDDIRUPDomRRXDTXLVLomR GHXPEHPGHFDSLWDO ,,²*UXSRGH1DWXUH]DGD'HVSHVD$JUHJDGRUGHHOHPHQWRVGHGHVSHVDFRPDVPHVPDV FDUDFWHUtVWLFDVTXDQWRDRREMHWRGHJDVWR$WXDOPHQWHVmRVHLVRVJUXSRVGHGHVSHVDDVDEHU ²3HVVRDOH(QFDUJRV6RFLDLV ²-XURVH(QFDUJRVGD'tYLGD ²2XWUDV'HVSHVDV&RUUHQWHV ²,QYHVWLPHQWRV ²,QYHUV}HV)LQDQFHLUDV ²$PRUWL]DomRGD'tYLGD ,,, ² (OHPHQWR GH 'HVSHVD 7HP SRU ILQDOLGDGH LGHQWLILFDU RV REMHWRV GHJDVWR WDLV FRPR YHQFLPHQWRVHYDQWDJHQVIL[DVMXURVGLiULDVPDWHULDOGHFRQVXPRVHUYLoRVGHWHUFHLURVHQWUH RXWURVGRVTXDLVDDGPLQLVWUDomRS~EOLFDVHVHUYHSDUDDFRQVHFXomRGHVHXVILQV $V 3RUWDULDV HP GHVWDTXH SRVVLELOLWDP R GHVGREUDPHQWR VXSOHPHQWDU GRV HOHPHQWRV GH GHVSHVD D FDUJR GH FDGD HQWH SDUD R DWHQGLPHQWR GH VXDV QHFHVVLGDGHV GH HVFULWXUDomR FRQWiELOHFRQWUROHGDH[HFXomRRUoDPHQWiULD $FODVVLILFDomRSRUQDWXUH]DGDGHVSHVDpFRPSOHPHQWDGDSHOD´PRGDOLGDGHGHDSOLFDomRµ TXHWHPFRPRSULQFLSDOILQDOLGDGHLQGLFDUVHRVUHFXUVRVVHUmRDSOLFDGRVGLUHWDPHQWHSRUyUJmRV RX HQWLGDGHV QR kPELWR GD PHVPD HVIHUD GH *RYHUQR RX SRU RXWUR HQWH JRYHUQDPHQWDO REMHWLYDQGRHOLPLQDUDGXSODFRQWDJHPGRVUHFXUVRVWUDQVIHULGRVRXGHVFHQWUDOL]DGRV $VVLPVHQGRDHVWUXWXUDGDQDWXUH]DGDGHVSHVDDVHUREVHUYDGDQDH[HFXomRRUoDPHQWiULD VHUi´FJPPHHGGµRQGH D´FµDFDWHJRULDHFRQ{PLFD E´JµRJUXSRGHQDWXUH]DGDGHVSHVD F´PPµDPRGDOLGDGHGHDSOLFDomR G´HHµRHOHPHQWRGHGHVSHVDH H´GGµRGHVGREUDPHQWRIDFXOWDWLYRGRHOHPHQWRGHGHVSHVD 352&(',0(1726(0'(&255È1&,$'2),0'$675$16)(5È1&,$6 ,175$*29(51$0(17$,6 9DOH D SHQD OHPEUDU TXH FRP R ILP GDV WUDQVIHUrQFLDV LQWUDJRYHUQDPHQWDLV RV FUpGLWRV RUoDPHQWiULRVGHYHUmRVHUDORFDGRVGLUHWDPHQWHQDXQLGDGHRUoDPHQWiULDUHVSRQViYHOSHOD H[HFXomRGDGHVSHVDQmRVHQGRPDLVSHUPLWLGDDVXDDORFDomRHPXPDXQLGDGHRUoDPHQWiULD SDUDWUDQVIHUrQFLDRUoDPHQWiULDDRXWUDXQLGDGHGHQWURGRPHVPRQtYHOGHRUoDPHQWRILVFDO HVHJXULGDGHVRFLDOFRQIRUPHHVWDEHOHFHRDUWºGD3RUWDULD,QWHUPLQLVWHULDO67162)Qº GHGHPDLRGHDOWHUDGDSHODV3RUWDULDV,QWHUPLQLVWHULDLV62)671QºGHGH DJRVWRGHHQºGHGHQRYHPEURGH 'HYHVHFRQVLGHUDUTXHRRUoDPHQWRGR0XQLFtSLRDVVLPFRPRRGR(VWDGRHRGD8QLmRp ~QLFRHLQWHJUDGRSRUWRGDVDVXQLGDGHVRUoDPHQWiULDVVHMDPGDDGPLQLVWUDomRGLUHWDLQFOXLQGR RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR 3~EOLFR RX GD DGPLQLVWUDomR LQGLUHWD DXWDUTXLDVIXQGDo}HVHPSUHVDVHVWDWDLVGHSHQGHQWHV2VIXQGRVGHYHPVHUWUDWDGRVFRPR WLWXODUHVGHXPDGHVWLQDomRHVSHFtILFDGHUHFXUVRVYLQFXODomRHQmRFRPRyUJmRVRXHQWLGDGHV 1HVVHVHQWLGRSRGHPVHUHVWUXWXUDGRVHPXQLGDGHVRUoDPHQWiULDVFRPWRGDVDVVXDVUHFHLWDV SUySULDVHGHVSHVDVWRWDLVHVXDH[HFXomRRUoDPHQWiULDWUDWDGDHPFDGDyUJmRRXHQWLGDGH UHVSRQViYHO 'HVWDTXHVHDQHFHVVLGDGHGHVHDWHQWDUSDUDDGLIHUHQoDIXQGDPHQWDOH[LVWHQWHHQWUHyUJmR QRFRQFHLWRRUoDPHQWiULRHQRFRQFHLWRDGPLQLVWUDWLYR1RFRQFHLWRRUoDPHQWiULRyUJmRpR PDLRUQtYHOGHDJUHJDomRGDFODVVLILFDomRLQVWLWXFLRQDOWHQGRFRPRILQDOLGDGHDJUXSDUXQLGDGHV RUoDPHQWiULDVQmRGHSHQGHQGRGDSDUFHODGHSRGHUTXHGHWpPHGDSRVLomRKLHUiUTXLFDTXH RFXSD QD HVIHUD DGPLQLVWUDWLYD 1R FRQFHLWR DGPLQLVWUDWLYR yUJmR p XP FRPSRQHQWH GD HVWUXWXUDRUJDQL]DFLRQDOGHXPHQWHSRGHQGRVHUXP0LQLVWpULRXPDVHFUHWDULDXPDDXWDU TXLD XPD IXQGDomR HWF 3RGH RFRUUHU TXH XP yUJmR RUoDPHQWiULR RX GH XPD XQLGDGH RUoDPHQWiULDQmRFRUUHVSRQGDQHFHVVDULDPHQWHDXPFRPSRQHQWHGDHVWUXWXUDDGPLQLVWUDWLYD FRPRSRUH[HPSOR´(QFDUJRV)LQDQFHLURVGR0XQLFtSLRGR(VWDGRRXGD8QLmRµ´(QFDUJRV *HUDLVGR0XQLFtSLRGR(VWDGRRXGD8QLmRµ´5HVHUYDGH&RQWLQJrQFLDµHWF 3RURXWURODGRWDPEpPGHYHILFDUEHPFODURTXHRILPGDVWUDQVIHUrQFLDVLQWUDJRYHUQDPHQWDLV DSHQDVHOLPLQDDGXSODFRQWDJHPRUoDPHQWiULD$VWUDQVIHUrQFLDVILQDQFHLUDVSDUDH[HFXomR RUoDPHQWiULDHQWUHyUJmRVHHQWLGDGHVQRkPELWRGHXPPHVPRRUoDPHQWRPXQLFLSDOHVWDGXDO RXIHGHUDOGHYHPVHUHIHWXDGDVDSHQDVILQDQFHLUDPHQWHUHSDVVHHVXEUHSDVVHHQmRPDLV RUoDPHQWDULDPHQWHLQFOXVLYHQRTXHFRQFHUQHjGLVWULEXLomRGHUHFHLWDVYLQFXODGDV,VWRTXHU GL]HU TXH HP XP RUoDPHQWR JHUDOPHQWH D DUUHFDGDomR H R FRQWUROH GDV UHFHLWDV VmR GH UHVSRQVDELOLGDGHGHXPyUJmRRXHQWLGDGHHDVGHVSHVDVFRUUHVSRQGHQWHVGHRXWURyUJmRRX HQWLGDGH4XHPDUUHFDGDWUDQVIHULUiSDUDTXHPH[HFXWDRVUHFXUVRVQHFHVViULRVjH[HFXomR GDVGHVSHVDVGHDFRUGRFRPDSURJUDPDomRILQDQFHLUDSUHYLDPHQWHHVWDEHOHFLGD$QWHVDV WUDQVIHUrQFLDVVHHIHWLYDYDPSRUPHLRGRHPSHQKRHHPVHJXLGDGRFRPDQGRGHWUDQVIHUrQFLD SRU PHLR GH GRFXPHQWR ILQDQFHLUR FKHTXH RItFLR QRWD ILQDQFHLUD RUGHP EDQFiULD HWF HQTXDQWRTXHDJRUDVRPHQWHSRUPHLRGRGRFXPHQWRILQDQFHLUR 3DUHFHQmRVHUGHPDLVHQIDWL]DUTXHRILPGDVWUDQVIHUrQFLDVLQWUDJRYHUQDPHQWDLVDRFRQWUiULR GRTXHDOJXQVHQWHQGHUDPQmRIHUHDDXWRQRPLDRUoDPHQWiULDDGPLQLVWUDWLYDHILQDQFHLUDGDV DXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHV7UDWDVHDSHQDVGHXPDPDQHLUDPDLV DGHTXDGDGHDORFDomRGHUHFXUVRVQDOHLRUoDPHQWiULD 5HVVDOWHVHDLQGDTXHHPERUDDVUHFHLWDVSUySULDVGDVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLV GHSHQGHQWHVSDVVHPDLQWHJUDUDUHFHLWDJHUDOGRRUoDPHQWRGR0XQLFtSLRHODVFRQWLQXDP VHQGRDUUHFDGDGDVHFRQWDELOL]DGDVSHODVSUySULDVHQWLGDGHVHGHYHUmRFRPSRURVHXTXDGUR GHSUHYLVmRGHUHFHLWDV $VUHFHLWDVGHLPSRVWRVHFRQWULEXLo}HVFRPRR,66R,378R,&06R,5D&30)D&2),16 HWFGHYHUmRVHUFRQWURODGDVSHOR7HVRXUR0XQLFLSDO(VWDGXDORX)HGHUDOFRQIRUPHRFDVR TXH UHSDVVDUi D FDGD XPD GDV XQLGDGHV RUoDPHQWiULDV UHVSRQViYHLV SHOD H[HFXomR GRV SURJUDPDV GH WUDEDOKR H GH DFRUGR FRP RV FUpGLWRV TXH OKH IRUDP FRQVLJQDGRV QD OHL RUoDPHQWiULDDQXDORVUHFXUVRVILQDQFHLURVTXHILQDQFLDUmRDGHVSHVDjFRQWDGRVFUpGLWRV RUoDPHQWiULRVDORFDGRVHPFDGDXPDGHODV &RPRILPGDVWUDQVIHUrQFLDVRUoDPHQWiULDVLQWUDJRYHUQDPHQWDLVGHYHUmRVHUDGRWDGRVRV SURFHGLPHQWRVGHH[HFXomRRUoDPHQWiULDHILQDQFHLUDHVWDEHOHFLGRVQD3RUWDULD671Qº GHGHDJRVWRGHSXEOLFDGDQR'LiULR2ILFLDOGD8QLmRGRGLDVHJXLQWH &5e',726$',&,21$,6 'HDFRUGRFRPRDUWGD/HLQºRV&UpGLWRV$GLFLRQDLVFODVVLILFDPVHHP ,²VXSOHPHQWDUHVRVGHVWLQDGRVDUHIRUoRGHGRWDomRRUoDPHQWiULD ,,² HVSHFLDLV RVGHVWLQDGRVDGHVSHVDVSDUDDVTXDLVQmRKDMDGRWDomRRUoDPHQWiULD HVSHFtILFD ,,,²H[WUDRUGLQiULRVRVGHVWLQDGRVDGHVSHVDVXUJHQWHVHLPSUHYLVWDVHPFDVRGHJXHUUD FRPRomRLQWHVWLQDRXFDODPLGDGHS~EOLFD $/HL2UoDPHQWiULD$QXDOSRGHUiFRQWHUDXWRUL]DomRDR([HFXWLYRSDUDDDEHUWXUDGHFUpGLWRV VXSOHPHQWDUHVDWpGHWHUPLQDGDLPSRUWkQFLDRXSHUFHQWXDOVHPTXHVHMDQHFHVViULDDSUpYLD VXEPLVVmRDR/HJLVODWLYR1DVGHPDLVKLSyWHVHVWDQWRSDUDDDEHUWXUDGHFUpGLWRVVXSOHPHQWDUHV TXDQWRGHFUpGLWRVHVSHFLDLVGHYHUmRVHUDXWRUL]DGRVSRUOHLHDEHUWRVSRUGHFUHWRH[HFXWLYR $&RQVWLWXLomR)HGHUDOGHWURX[HDUHJUDSDUDDDEHUWXUDGHFUpGLWRVH[WUDRUGLQiULRVQR kPELWRGD8QLmR2DUWºHVWDEHOHFH ´$UWº$DEHUWXUDGHFUpGLWRH[WUDRUGLQiULRVRPHQWHVHUiDGPLWLGDSDUDDWHQGHUD GHVSHVDVLPSUHYLVtYHLVHXUJHQWHVFRPRDVGHFRUUHQWHVGHJXHUUDFRPRomRLQWHUQDRX FDODPLGDGHS~EOLFDREVHUYDGRRGLVSRVWRQRDUW $UW(PFDVRGHUHOHYkQFLDHXUJrQFLDR3UHVLGHQWHGD5HS~EOLFDSRGHUiDGRWDUPHGLGDV SURYLVyULDVFRPIRUoDGHOHLGHYHQGRVXEPHWrODVGHLPHGLDWRDR&RQJUHVVR1DFLRQDO ºeYHGDGDDHGLomRGHPHGLGDVSURYLVyULDVVREUHPDWpULD ,²UHODWLYDD GSODQRVSOXULDQXDLVGLUHWUL]HVRUoDPHQWiULDVRUoDPHQWRHFUpGLWRVDGLFLRQDLVHVXSOH PHQWDUHVUHVVDOYDGRRSUHYLVWRQRDUWº 1RkPELWRPXQLFLSDODDEHUWXUDGHFUpGLWRVH[WUDRUGLQiULRVREHGHFHDRSUHVFULWRQRDUW GD/HLQºRXVHMD´VHUmRDEHUWRVSRUGHFUHWRGR3RGHU([HFXWLYRTXHGHOHVGDUi LPHGLWDWRFRQKHFLPHQWRDR3RGHU/HJLVODWLYRµ $DEHUWXUDGHFUpGLWRVVXSOHPHQWDUHVHHVSHFLDLVGHSHQGHGDH[LVWrQFLDGHUHFXUVRVGLVSRQtYHLV SDUDRFRUUHUDGHVSHVDHVHUiSUHFHGLGDGHH[SRVLomRMXVWLILFDGD&RQVLGHUDPVHUHFXUVRVSDUD RILPGHVWHDUWLJRGHVGHTXHQmRFRPSURPHWLGRV ,²RVXSHUiYLWILQDQFHLURDSXUDGRHPEDODQoRSDWULPRQLDOGRH[HUFtFLRDQWHULRU ,,²RVSURYHQLHQWHVGHH[FHVVRGHDUUHFDGDomR ,,, ² RV UHVXOWDQWHV GH DQXODomR SDUFLDO RX WRWDO GH GRWDo}HV RUoDPHQWiULDV RX GH FUpGLWRV DGLFLRQDLVDXWRUL]DGRVHPOHL ,9²RSURGXWRGHRSHUDo}HVGHFUpGLWRDXWRUL]DGDVHPIRUPDTXHMXULGLFDPHQWHSRVVLELOLWH DR3RGHU([HFXWLYRUHDOL]iODV 6HJXQGRD/HLQºHQWHQGHVHSRU • 6XSHUiYLWILQDQFHLURDGLIHUHQoDSRVLWLYDHQWUHRDWLYRILQDQFHLURHRSDVVLYRILQDQFHL URFRQMXJDQGRVHDLQGDRVVDOGRVGRVFUpGLWRVDGLFLRQDLVWUDQVIHULGRVHDVRSHUDo}HV GHFUpGLWRDHOHVYLQFXODGDV • ([FHVVRGHDUUHFDGDomRRVDOGRSRVLWLYRGDVGLIHUHQoDVDFXPXODGDVPrVDPrVHQWUH DDUUHFDGDomRSUHYLVWDHDUHDOL]DGDFRQVLGHUDQGRVHDLQGDDWHQGrQFLDGRH[HUFtFLR 3DUDILQVGHDSXUDomRGRH[FHVVRGHDUUHFDGDomRGHYHUiVHUGHGX]LGDDLPSRUWkQFLD GRVFUpGLWRVH[WUDRUGLQiULRVDEHUWRVQRH[HUFtFLR 2XWUR SRQWR LPSRUWDQWH UHODFLRQDVH FRP D YLJrQFLD GRV FUpGLWRV DGLFLRQDLV 6HJXQGR D &RQVWLWXLomR )HGHUDO RV FUpGLWRV HVSHFLDLV H H[WUDRUGLQiULRV WHUmR YLJrQFLD QR H[HUFtFLR ILQDQFHLURHPTXHIRUHPDXWRUL]DGRVVDOYRVHRDWRGHDXWRUL]DomRIRUSURPXOJDGRQRV~OWLPRV TXDWUR PHVHV FDVR HP TXH UHDEHUWRV QRV OLPLWHV GH VHXV VDOGRV VHUmR LQFRUSRUDGRV DR RUoDPHQWRGRH[HUFtFLRILQDQFHLURVXEVHTHQWH 'HDFRUGRFRPRDUWºGR'HFUHWROHLQºGHGHVHWHPEURGH´RRUoDPHQWR DQXDO SRGHUi FRQWHU GRWDomR JOREDO QmR HVSHFLILFDPHQWH GHVWLQDGD D GHWHUPLQDGR yUJmR XQLGDGHRUoDPHQWiULDSURJUDPDRXFDWHJRULDHFRQ{PLFDGHQRPLQDGD5HVHUYDGH&RQWLQ JrQFLDFXMRVUHFXUVRVVHUmRXWLOL]DGRVSDUDDEHUWXUDGHFUpGLWRVDGLFLRQDLV 5(6(59$'(&217,1*È1&,$ $/HLGH5HVSRQVDELOLGDGH)LVFDOHVWDEHOHFHTXHRSURMHWRGHOHLRUoDPHQWiULDDQXDOFRQWHQKD UHVHUYDGHFRQWLQJrQFLDFXMDIRUPDGHXWLOL]DomRHPRQWDQWHGHILQLGRFRPEDVHQDUHFHLWD FRUUHQWH OtTXLGD VHUmR HVWDEHOHFLGRV QD OHL GH GLUHWUL]HV RUoDPHQWiULDV GHVWLQDGD DR DWHQ GLPHQWRGHSDVVLYRVFRQWLQJHQWHVHRXWURVULVFRVHHYHQWRVILVFDLVLPSUHYLVWRV &RQIRUPH YLPRV D 5HVHUYD GH &RQWLQJrQFLD p XPD GRWDomR JOREDO VHP SURJUDPDomR FRUUHVSRQGHQWH D XP SHUFHQWXDO GD 5HFHLWD &RUUHQWH /tTXLGD GH DFRUGR FRP R TXH IRU HVWDEHOHFLGRDQXDOPHQWHGD/HLGH'LUHWUL]HV2UoDPHQWiULDVTXHSRGHUiVHUXWLOL]DGDFRPR IRQWHGHUHFXUVRVSDUDDEHUWXUDGHFUpGLWRVDGLFLRQDLVRULXQGRVGRDWHQGLPHQWRGHSDVVLYRV FRQWLQJHQWHVHRXWURVULVFRVHHYHQWRVILVFDLVLPSUHYLVWRV $3RUWDULD,QWHUPLQLVWHULDO67162)QºGHGHPDLRGHGHWHUPLQDTXHD5HVHUYD GH&RQWLQJrQFLDVHMDLGHQWLILFDGDQRVRUoDPHQWRVGHWRGDVDVHVIHUDVGH*RYHUQRSHORFyGLJR ´[[[[[[[[µ QR TXH VH UHIHUH jV FODVVLILFDo}HV SRU IXQomR H VXEIXQomR H HVWUXWXUDSURJUDPiWLFDRQGHR´[µUHSUHVHQWDDFRGLILFDomRGDDomRHRUHVSHFWLYRGHWD OKDPHQWR4XDQWRjQDWXUH]DGDGHVSHVDVHUiLGHQWLILFDGDFRPRFyGLJR´ $1(;26 6HJXHPDWtWXORGHH[HPSORRVTXDGURVRUoDPHQWiULRVDWXDOL]DGRVGHDFRUGRFRPRVSUHFHLWRV FRQVWDQWHVQDVSRUWDULDV62)HGLWDGDVDWpRXWXEURGH(QWUHWDQWRFDGDPXQLFtSLRGHYHUi HODERUDUVHXVDQH[RVGHDFRUGRFRPDVVXDVQHFHVVLGDGHV $QH[RGD/HLGHGHPDUoRGH '(021675$d®2'$5(&(,7$('(63(6$6(*81'2$6&$7(*25,$6(&21Ñ0,&$6 5 5(&(,7$ 5(&(,7$6 &255(17(6 5HFHLWD 7ULEXWiULD 5HFHLWD GH &RQWULEXLo}HV 5HFHLWD 3DWULPRQLDO 5HFHLWD $JURSHFXiULD 5HFHLWD ,QGXVWULDO 5HFHLWD GH 6HUYLoRV 7UDQVIHUrQFLDV &RUUHQWHV 2XWUDV 5HFHLWDV &RUUHQWHV 'pILFLW VH RFRUUHU 727$/ 6XSHUiYLW GR 2UoDPHQWR &RUUHQWH VH IRU R FDVR 5(&(,7$6 '( &$3,7$/ 2SHUDo}HV GH &UpGLWR $OLHQDomR GH %HQV $PRUWL]DomR GH (PSUpVWLPRV 7UDQVIHUrQFLDV GH &DSLWDO 2XWUDV 5HFHLWDV GH &DSLWDO 727$/ 5 5 '(63(6$ '(63(6$6 &255(17(6 3HVVRDO H (QFDUJRV 6RFLDLV -XURV H (QFDUJRV GD 'tYLGD 2XWUDV 'HVSHVDV &RUUHQWHV 6XSHUiYLW VH RFRUUHU 727$/ 'pILFLW GR 2UoDPHQWR &RUUHQWH VH IRU R FDVR 5 '(63(6$6 '( &$3,7$/ ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV $PRUWL]DomR GD 'tYLGD 6XSHUiYLW VH RFRUUHU 727$/ 5(6802 5(&(,7$6 &255(17(6 5(&(,7$6 '( &$3,7$/ '(63(6$6 &255(17(6 '(63(6$6 '( &$3,7$/ 5(6(59$ '( &217,1*È1&,$ 727$/ 727$/ 2EVHUYDomR 1RV EDODQoRV QmR FRQVWDUi GR ´5HVXPRµ R LWHP ´5HVHUYD GH &RQWLQJrQFLDµ 5 $QH[RGD/HLGHGHPDUoRGH '(7$/+$0(172'$6'(63(6$625d$0(17É5,$6 5 &Ð',*2 Ð5*®2 81,'$'( 25d$0(17É5,$ (63(&,),&$d®2 1$785(=$ '$ '(63(6$ (/(0(172 *5832 '( '(63(6$ &$7(*25,$ (&21Ñ0,&$ 727$/ 1R FDVR GH R RUoDPHQWR VHU HODERUDGR SRU HOHPHQWR GH GHVSHVD 2EVHUYDo}HV (VWH PRGHOR VHUi XWLOL]DGR WDPEpP SDUD DV FRQVROLGDo}HV SRU yUJmRV TXDQGR IRU R FDVR H JHUDO SDUD WRGD D $GPLQLVWUDomR $ 5HVHUYD GH &RQWLQJrQFLD GHYHUi FRQVWDU GDV FROXQDV ´(63(&,),&$d®2µ H ´&$7(*25,$ (&21Ñ0,&$µ $QH[RGD/HLGHGHPDUoRGH²&RQWLQXDomR '(7$/+$0(172'$6'(63(6$625d$0(17É5,$6 &Ð',*2 (63(&,),&$d®2 5 5(&(,7$ '(6'2%5$0(172 )217( 727$/ &$7(*25,$ (&21Ñ0,&$ 5()(5È1&,$6%,%/,2*5É),&$6 %UDVLO6HFUHWDULDGH2UoDPHQWR)HGHUDO²0DQXDO7pFQLFRGH2UoDPHQWR²0720LQLVWpULR GR3ODQHMDPHQWR *,$&2021,-DPHV2UoDPHQWR3~EOLFRªHGLomR(GLWRUD$WODV6$² ,%$0/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)(VWXGRHP*UXSRVGH$SUHQGL]DJHP8QLGDGHGH (VWXGR /HLQºGHGHMXOKRGH/HLGH'LUHWUL]HV2UoDPHQWiULDVGD8QLmR² 086*5$9(5LFDUGR$7HRULDGDV)LQDQoDV3~EOLFDV &DStWXOR $(;(&8d®225d$0(17É5,$(),1$1&(,5$ (2&8035,0(172'(0(7$6 &ODXGLDQR0DQRHOGH$OEXTXHUTXH %DFKDUHO HP &RPXQLFDomR 6RFLDO SHOD 8QLYHUVLGDGH GH %UDVtOLD (VSHFLDOL]DomR HP $GPLQLVWUDomR )LQDQFHLUD SHOD )XQGDomR *HW~OLR 9DUJDV 3yV*UDGXDomR /DWXVHQVX 6HUYLGRU GR %DQFR &HQWUDO GR %UDVLO GHVGH FRP DWXDomR QD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO QR SHUtRGR GH D HVSHFLDOPHQWH QD JHVWmR GR &DL[D H QD 3URJUDPDomR )LQDQFHLUD $WXDO *HUHQWH *HUDO GH 3ODQHMDPHQWR 2UoDPHQWR H )LQDQoDV GD $QDWHO )2&2'$/5)35(9(1d®2'(5,6&26),6&$,6 $KLVWyULDGDVILQDQoDVS~EOLFDVQR%UDVLOIRLPDUFDGDQDV~OWLPDVGpFDGDVSHODRFRUUrQFLDGH GpILFLWV ILVFDLV H[SUHVVLYRV HP WRGDV DV HVIHUDV GH JRYHUQR PDWHULDOL]DGRV SHOD DGRomR GH LQ~PHURV H[SHGLHQWHV TXH YLDELOL]DYDP D H[HFXomR GH JDVWRV HP PRQWDQWHV VXSHULRUHV j FDSDFLGDGHGHSDJDPHQWRGRVHWRUS~EOLFR$SHVDUGDH[LVWrQFLDQR3DtVKiYiULRVDQRVGH XPYDVWRLQVWUXPHQWDOGHSODQHMDPHQWRGDVDo}HVGHJRYHUQRRDUFDERXoROHJDODWpUHFHQWH PHQWHDGRWDGRSHUPLWLDTXHIRVVHPDVVXPLGRVFRPSURPLVVRVFRPEDVHHPH[SHFWDWLYDVGH UHFHLWDVIXWXUDVQHPVHPSUHIXQGDPHQWDGDVHPSDUkPHWURVFRQVLVWHQWHVTXHJDUDQWLVVHPD VXDDUUHFDGDomR+DYLDXPDFXOWXUDHPTXHDGHVSHVDVHUHDOL]DYDDWpRSRQWRHPTXHRVEHQV RXVHUYLoRVHUDPHQWUHJXHVDRVJRYHUQRVHDRILQDOGHFDGDH[HUFtFLRRXGRPDQGDWRGHXP JRYHUQDQWH QD DXVrQFLD GD DUUHFDGDomR TXH OKH GDULD R GHYLGR VXSRUWH R SDJDPHQWR HUD WUDQVIHULGRSDUDRIXWXUR(VVHSURFHVVRVHYLDELOL]DYDFRPDXWLOL]DomRGHGLYHUVDVIRUPDVGH FRPSURPHWLPHQWRGHUHFHLWDVIXWXUDVFRPRDVVHJXLQWHV • HQGLYLGDPHQWRMXQWRDRVHWRUILQDQFHLURSULQFLSDOPHQWHRVEDQFRVHVWDWDLVIHGHUDLVH HVWDGXDLVSRULQWHUPpGLRGHRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD$52 RXGHFRQWUDWDomRGHHPSUpVWLPRVSULQFLSDOPHQWHMXQWRDRVEDQFRVHVWDWDLV • HPLVVmRGHWtWXORVS~EOLFRV • FRQWUDWDomRGHGHVSHVDVDFLPDGRVOLPLWHVDXWRUL]DGRVQDOHLRUoDPHQWiULDJHUDQGR IXWXUDVFRQILVV}HVGHGtYLGDV • LQVFULomRGHGHVSHVDVHPUHVWRVDSDJDU • FRQFHVVmRGHEHQHItFLRVGHQDWXUH]DFRQWLQXDGDVHPUHVSDOGRHPDXPHQWRSHUPD QHQWHGHUHFHLWDV 2FUHVFLPHQWRGHVFRQWURODGRGDGtYLGDS~EOLFDIUHTHQWHPHQWHOHYDYDR*RYHUQR)HGHUDO DVHYHUQDFRQWLQJrQFLDGHVRFRUUHURVJRYHUQRVHVWDGXDLVHPXQLFLSDLVLQYLDELOL]DGRV SHORDOWRHQGLYLGDPHQWR&RQIRUPHGHVWDFDGRUHFHQWHPHQWHSHOR6HFUHWiULR)HGHUDOGH &RQWUROHGR0LQLVWpULRGD)D]HQGDDVGHIRUPDo}HVSUHVHQWHVQDRUJDQL]DomRGR(VWDGR UHVXOWDYDPQDSUiWLFDGHVHSDVVDURSUREOHPDGRVGpILFLWVILVFDLV´SDUDRRXWURSDUDFLPD RXSDUDRODGRµRXVHMDSDUDRSUy[LPRJRYHUQDQWHSDUDD8QLmRRXSDUDR%DQFReIiFLO UHFRQKHFHU DV FRQVHTrQFLDV GR SURFHVVR SULQFLSDOPHQWH TXDQGR VH FRQVWDWD TXH QR ILQDOWRGDVDVIRUPDVGHUHSDVVHGRGpILFLWFRQGX]HPRSUREOHPDSDUD´REDQFRµRXVHMD SDUDRVLVWHPDILQDQFHLURFRPRVFRQVHTHQWHVLPSDFWRVVREUHDSROtWLFDPRQHWiULDH VREUHRVtQGLFHVGHLQIODomR2UHVXOWDGRHUDTXHRVFXVWRVWHUPLQDYDPUHFDLQGRPDLV IRUWHPHQWHVREUHDTXHOHVTXHGLVS}HPGHPHQRUHVFRQGLo}HVGHDFHVVRDRVPHFDQLVPRV GHSURWHomRGDPRHGDDSDUFHODPHQRVIDYRUHFLGDGDSRSXODomR 2VGHVHTXLOtEULRVILVFDLVHPQRVVR3DtVQmRHUDPGHFRUUHQWHVGHVLWXDo}HVFRQMXQWXUDLVTXH IXJLVVHPDRFRQWUROHGDVDGPLQLVWUDo}HVPDVGDDXVrQFLDGHLQVWUXPHQWRVTXHSHUPLWLVVHP VXEPHWHUDGHFLVmRGRJRYHUQDQWHDFULWpULRVTXHOKHLPSXVHVVHPDUHVSRQVDELOLGDGHSHODV FRQVHTrQFLDVPDFURHFRQ{PLFDVGHVHXVDWRV(VVDVLWXDomRSRVVLYHOPHQWHHVWDYDDVVRFLDGDD XPDOLPLWDGDFRQVFLHQWL]DomRDUHVSHLWRGRVHIHLWRVTXHGHFLV}HVHVSHFtILFDVGHXPDDGPLQLV WUDomRPHVPRTXHGHXPSHTXHQRPXQLFtSLRSRGHPGHVHQFDGHDUOHYDQGRDGHVHTXLOtEULRV GHODUJDH[SUHVVmRTXHDIHWDPWRGDDHFRQRPLDGR3DtV )RLSDUDPRGLILFDUHVVHHVWDGRGRQRVVRRUGHQDPHQWRLQVWLWXFLRQDOHMXUtGLFRTXHVHLPS{VD HGLomRGD/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)'LDQWHGDVFRQVLGHUDo}HVDSUHVHQWDGDVQmR p GLItFLO HQWHQGHU TXH D PRWLYDomR GD /HL UHVLGH QD QHFHVVLGDGH GH QRUPDV OHJDLV TXH FRQGLFLRQHPDDomRGRVJRYHUQDQWHVDRVOLPLWHVHVWULWRVGHVXDHIHWLYDFDSDFLGDGHGHJDVWRGH IRUPDDSUHYHQLUGpILFLWVILVFDLVHRFRQVHTHQWHFUHVFLPHQWRGHVFRQWURODGRGDGtYLGDS~EOLFD (PUHVXPRRIRFRGD/HLGH5HVSRQVDELOLGDGH)LVFDOHVWiQDSUHYHQomRGHGpILFLWVILVFDLV )RFRGD/5)3UHYHQLUGpILFLWVILVFDLVHRFRQVHTHQWHFUHVFLPHQWRGHVFRQWURODGRGD GtYLGDS~EOLFD $/5)MXQWDPHQWHFRPD/HLQºGHGHRXWXEURGH²/HLGH&ULPHV)LVFDLV LQVWLWXLX PHFDQLVPRV PDLV ULJRURVRV SDUD D DGPLQLVWUDomR GDV ILQDQoDV QDV WUrV HVIHUDV GH JRYHUQRGHQWUHRVTXDLVGHVWDFDPVHRVVHJXLQWHV • 2EULJDWRULHGDGH GH HVWDEHOHFLPHQWR GH PHWDV DQXDLV GH UHVXOWDGR ILVFDO QD OHL GH GLUHWUL]HVRUoDPHQWiULDVQDVWUrVHVIHUDVGHJRYHUQR • &RPSDWLELOLGDGHGDOHLRUoDPHQWiULDDQXDOFRPDVPHWDVGHUHVXOWDGRHVWDEHOHFLGDV • (GLomR SHOR 3RGHU ([HFXWLYR GH SURJUDPDomR DQXDO GD H[HFXomR RUoDPHQWiULD H ILQDQFHLUD • &RUWHGHGHVSHVDVQDSURJUDPDomRDQXDOTXDQGRDUHHVWLPDWLYDGHUHFHLWDVLQGLFDU IUXVWUDomRHULVFRGHQmRDWLQJLPHQWRGDVPHWDVHVWDEHOHFLGDV • 2EULJDWRULHGDGHGHHIHWLYDDUUHFDGDomRGHWRGRVRVWULEXWRVLQVWLWXtGRVQDVWUrVHVIHUDV GHJRYHUQR • (VWDEHOHFLPHQWRGHOLPLWHVSDUDJDVWRVFRPSHVVRDO • 3URLELomRGHDXPHQWRVGHGHVSHVDVGHSHVVRDOQRV~OWLPRVGLDVGRPDQGDWR • )L[DomRGHOLPLWHVGHHQGLYLGDPHQWRHPSHUFHQWXDOGDUHFHLWDOtTXLGDGHFDGDHQWH GDIHGHUDomR • 9HGDomRGHUHILQDQFLDPHQWRGDVGtYLGDVGRVHVWDGRVHPXQLFtSLRV • &RQGLo}HVPDLVULJRURVDVSDUDDVRSHUDo}HVGH$52LQFOXVLYHDREULJDWRULHGDGHGH VXDOLTXLGDomRDWpRILQDOGRPHVPRH[HUFtFLRILQDQFHLUR • 9HGDomRGHFRQWUDomRQRVGRLV~OWLPRVTXDGULPHVWUHVGRPDQGDWRGHGHVSHVDTXH QmRSRVVDVHUSDJDQRH[HUFtFLRRXGHVXDLQVFULomRGHUHVWRVDSDJDUTXDQGRQmR KRXYHUGLVSRQLELOLGDGHILQDQFHLUDVXILFLHQWHSDUDRVHXSDJDPHQWR 2%-(7,926'$352*5$0$d®2$18$/ $QHFHVVLGDGHGHXPDSURJUDPDomRGRIOX[RGHFDL[DGRJRYHUQRpUHFRQKHFLGDHPQRVVD OHJLVODomRKiORQJDGDWD$/HLQºGHMiGHWHUPLQDYDRHVWDEHOHFLPHQWRDFDGD DQRGHXPTXDGURGHFRWDVWULPHVWUDLVTXHFDGDyUJmRILFDDXWRUL]DGRDXWLOL]DUFRPYLVWDVDR DWLQJLPHQWRGRVVHJXLQWHVREMHWLYRV DDVVHJXUDUjVXQLGDGHVRUoDPHQWiULDVHPWHPSRKiELORVUHFXUVRVVXILFLHQWHVjPHOKRU H[HFXomRGRVHXSURJUDPDGHWUDEDOKRGXUDQWHRH[HUFtFLR EPDQWHUGXUDQWHRH[HUFtFLRQDPHGLGDGRSRVVtYHORHTXLOtEULRHQWUHDUHFHLWDDU UHFDGDGDHDGHVSHVDUHDOL]DGDYLVDQGRjUHGXomRGHHYHQWXDLVLQVXILFLrQFLDVILQDQFHLUDV 3DUDR*RYHUQR)HGHUDOR'HFUHWROHLQºGHLPS{VGLVFLSOLQDPHQWRSDUDDH[HFXomR RUoDPHQWiULDHDSURJUDPDomRILQDQFHLUDGRVGHVHPEROVRVDXWRUL]DGRVQD/HL2UoDPHQWiULD $QXDOSUHYHQGRRHVWDEHOHFLPHQWRSHOR3RGHU([HFXWLYRDWpWULQWDGLDVDSyVDSXEOLFDomRGD /HL2UoDPHQWiULDGRIOX[RGHFDL[DHGRVOLPLWHVGHVDTXHFRQWUDDFRQWD~QLFDGR7HVRXUR 1DFLRQDO 1DRFDVLmRGDHGLomRGD/HLRVREMHWLYRVGDSURJUDPDomRILQDQFHLUDFRQVLVWLDPHP DVVHJXUDU RV UHFXUVRV QHFHVViULRV j H[HFXomR GD GHVSHVD H HP VHJXQGR OXJDU SUHYHQLU HYHQWXDLVGpILFLWVGHFDL[D1RHQWDQWRHPERUDQmRPHQFLRQDGRWDFLWDPHQWHDTXHOD/HLMi SHUPLWLDTXHDQWHXPDHYHQWXDOH[SHFWDWLYDGHIUXVWUDomRGDUHFHLWDHVWLPDGDQRRUoDPHQWR DQXDOR3RGHU([HFXWLYRSRGHULDDGRWDUPHGLGDVGHSUHFDXomRQmRDXWRUL]DQGRDH[HFXomR GHSDUFHODVGRRUoDPHQWRDILPGHPDQWHURQtYHOGDGHVSHVDFRPSDWtYHOFRPDSUHYLVmRGH DUUHFDGDomR $/5)UHFRQKHFHTXHXPDJHVWmRILVFDOUHVSRQViYHOLPSOLFDPDLVTXHDLPSOHPHQWDomRGHXPD SURJUDPDomRILQDQFHLUDYROWDGDSDUDDH[HFXomRGRRUoDPHQWRDSURYDGR([LJHDSUHYHQomR FRQWUD RV ULVFRV GH GHVHTXLOtEULR GDV FRQWDV S~EOLFDV PRWLYDGRV SRU IDWRUHV PDLV RX PHQRV SUHYLVtYHLVTXDQGRGDHODERUDomRGD/HL2UoDPHQWiULD5HFRQKHFHWDPEpPTXHRSODQHMDPHQ WRGDVDo}HVGRJRYHUQRQmRVHHVJRWDFRPDHODERUDomRGD/HL2UoDPHQWiULD$QXDOPDVGHYH VHUSHUPDQHQWHPHQWHUHDYDOLDGRHDMXVWDGRjHIHWLYDFDSDFLGDGHILQDQFHLUDGR(VWDGR 1HVVHVHQWLGRD/5)LQVWLWXLXSURFHGLPHQWRVYLVDQGR • DUHDYDOLDomRSHULyGLFDGDVH[SHFWDWLYDVGHDUUHFDGDomRHGHUHVXOWDGRGRH[HUFtFLR FRUUHQWH • DUHDOLPHQWDomRGRSURFHVVRGHSODQHMDPHQWR • DDGRomRGHPHFDQLVPRVGHDMXVWHGDH[HFXomRRUoDPHQWiULDHILQDQFHLUDGRH[HUFtFLR FRUUHQWHSDUDTXHRYDORUGRVJDVWRVVHPDQWHQKDSHUPDQHQWHPHQWHFRPSDWtYHOFRP DSHUVSHFWLYDGHDUUHFDGDomRHFRPRUHVXOWDGRILVFDOSURJUDPDGR $SURJUDPDomRDQXDOGDH[HFXomRRUoDPHQWiULDHGRVGHVHPEROVRVILQDQFHLURVSDVVRXHQWmR DWHUSRUILQDOLGDGHQmRVyHYLWDUHYHQWXDLVGpILFLWVGHFDL[DPDVSULQFLSDOPHQWHSUHYHQLUD RFRUUrQFLDGHGpILFLWVTXHSRVVDPDFDUUHWDUDDFXPXODomRGHUHVWRVDSDJDUHRFRQVHTHQWH FRPSURPHWLPHQWRGHUHFHLWDVIXWXUDV(P~OWLPDDQiOLVH 2IRFRGDSURJUDPDomRDQXDOGHH[HFXomRRUoDPHQWiULDHILQDQFHLUDpDUHDOL]DomRGHDMXVWHV QRVYDORUHVGDGHVSHVDDXWRUL]DGDTXDQGRWDLVDMXVWHVDLQGDVmRSRVVtYHLVRXVHMDTXDQGR DLQGDQmRKRXYHDJHUDomRGRVFRPSURPLVVRVFRUUHVSRQGHQWHV ,167580(1726'$352*5$0$d®2$18$/ 2RUGHQDPHQWRLQVWLWXtGRSHOD/5)LPS{VRHVWDEHOHFLPHQWRGHPHWDVILVFDLVTXHGHYHUmR QRUWHDUWRGRRSURFHVVRGHSODQHMDPHQWRHGHH[HFXomRGDVILQDQoDVS~EOLFDVHPFDGD H[HUFtFLRGHYHQGRVHUFXPSULGDVDVVHJXLQWHVHWDSDV • ,QFOXVmRQD/HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2DFDGDDQRGHXP$QH[RGH0HWDV )LVFDLV TXH FRQWHQKD QmR Vy D LQGLFDomRGRV UHVXOWDGRV HVSHUDGRV PDVWDPEpPGD FRQVLVWrQFLDGDVHVWLPDWLYDVGHDUUHFDGDomR • ,QFOXVmRQD/HL2UoDPHQWiULD$QXDO²/2$GHGHPRQVWUDWLYRGHFRPSDWLELOLGDGHFRP DVPHWDVHVWDEHOHFLGDVQD/'2 • 3URJUDPDomRGHGHVHPEROVRVPHQVDLVFRPDMXVWHVELPHVWUDLVGDGHVSHVDDXWRUL]DGD • 3XEOLFDomRELPHVWUDOGHUHODWyULRUHVXPLGRGDH[HFXomRRUoDPHQWiULD • $YDOLDomRTXDGULPHVWUDOGRFXPSULPHQWRGDVPHWDVILVFDLVHPDXGLrQFLDGR3RGHU ([HFXWLYRMXQWRDR3RGHU/HJLVODWLYR $HODERUDomRGHXPFURQRJUDPDGHGHVHPEROVRVPHQVDLVWHPSRUILQDOLGDGHQmRVyGLVFLSOLQDU R IOX[R GH FDL[D PDV HVWi UHODFLRQDGD WDPEpP FRP D QHFHVVLGDGH GH SUHFDXomR GR DGPLQLVWUDGRUS~EOLFRTXDQWRDHYHQWXDLVIUXVWUDo}HVGDVHVWLPDWLYDVGHDUUHFDGDomR$OpPGDV GLILFXOGDGHV QDWXUDLV LQHUHQWHV D TXDOTXHU HVWLPDWLYD GH UHFHLWD RV SHUFDOoRV GD HFRQRPLD SURGX]HPLQVWDELOLGDGHVTXHLQHYLWDYHOPHQWHUHGX]HPRJUDXGHSUHYLVLELOLGDGHGDVHVWLPDWLYDV DGRWDGDV QD HODERUDomR GDV SURSRVWDV RUoDPHQWiULDV DQXDLV 3RU HVVH PRWLYR p DOWDPHQWH SURYiYHO TXH RFRUUDP GLYHUJrQFLDV H[SUHVVLYDV HQWUH RV YDORUHV GDV UHFHLWDV HVWLPDGDV QR RUoDPHQWRDSURYDGRHDTXHOHVTXHHIHWLYDPHQWHVHUHDOL]DP$H[SHULrQFLDGHPRQVWUDTXH IUHTHQWHPHQWHDWHQGrQFLDGHWDLVGLYHUJrQFLDVpQRVHQWLGRGHXPDDUUHFDGDomRPHQRUTXH DSUHYLVWD $VVLPFDVRQmRWHQKDPVLGRDGRWDGRVDMXVWHVWHPSHVWLYRVDRILQDOGRH[HUFtFLRRGHVHTXLOtEULR HQWUHRYROXPHGDVUHFHLWDVHVWLPDGDVHRYDORUHIHWLYDPHQWHDUUHFDGDGRLPSOLFDUiQHFHVVLGDGH GHFRUWHQRYDORUGDVGHVSHVDVRXDXWLOL]DomRGHUHFHLWDVIXWXUDVSDUDSDJDPHQWRGDSDUFHOD GHGHVSHVDTXHXOWUDSDVVDUDDUUHFDGDomRGRDQR 1RVSHUtRGRVGHLQIODomRHOHYDGDDDGHTXDomRGRVYDORUHVGDGHVSHVDSRGHULDVHYLDELOL]DU SHORVLPSOHVUHWDUGDPHQWRGHVXDH[HFXomRXPDYH]TXHRSURFHVVRLQIODFLRQiULRVHHQFDU UHJDYDGHFRUURHURYDORUUHDOGDVGRWDo}HV$SURJUDPDomRGRVGHVHPEROVRVSRUWDQWRDVVXPLD XP SDSHO DGLFLRQDO QD DGHTXDomR GRV QtYHLV GH GHVSHVD DRV QtYHLV GD UHFHLWD HP YDORUHV QRPLQDLV4XDQWRPDLVVHUHWDUGDVVHRVSDJDPHQWRVPHQRUHVVHULDPRVYDORUHVUHDLVSDJRV SURFHGLPHQWRFRQKHFLGRFRPR´DGPLQLVWUDomRILVFDOQDERFDGRFDL[Dµ 2XWUR PHFDQLVPR FRQVLVWLD QR HVWDEHOHFLPHQWR GH VXEWHWRV SDUD D H[HFXomR GD GHVSHVD YLVDQGRFRQWrODGHQWURGHOLPLWHVDGHTXDGRVDRIOX[RGHLQJUHVVRGHUHFXUVRVQRFDL[DPHQVDO HDQXDORTXHUHSUHVHQWDYDUHGXomRGRVYDORUHVRULJLQDOPHQWHDXWRUL]DGRVQRRUoDPHQWR(VVH PHFDQLVPRODUJDPHQWHXWLOL]DGRSHORV3RGHUHV([HFXWLYRVGHIRUPDGLVFULFLRQiULDSULQFLSDO PHQWH DSyV R FRQWUROH GRV tQGLFHV LQIODFLRQiULRV IRL LQVHULGR QR DUW º GD /HL GH 5HV SRQVDELOLGDGH )LVFDO WRUQDQGRVH REULJDWyULR SDUD WRGRV RV HQWHV GD IHGHUDomR 1HOH VH HVWDEHOHFHXTXHDRILQDOGHFDGDELPHVWUHVHDVH[SHFWDWLYDVGHUHVXOWDGRLQGLFDUHPRQmR DWLQJLPHQWRGRVOLPLWHVIL[DGRVQR$QH[RGH0HWDV)LVFDLVGD/'2RVWUrVSRGHUHVGRJRYHUQR GHYHUmRUHGX]LURPRQWDQWHGDGRWDomRRUoDPHQWiULDGLVSRQLELOL]DGDSDUDHPSHQKRDVVLP FRPRRVUHVSHFWLYRVSDJDPHQWRVGHIRUPDDUHDGHTXDURPRQWDQWHGDGHVSHVDGRH[HUFtFLR DYDORUHVFRPSDWtYHLVFRPRDWLQJLPHQWRGDTXHODVPHWDV $H[HFXomRGDGHVSHVDVHUHDOL]DPHGLDQWHFXPSULPHQWRGHGLYHUVDVHWDSDVGHQWUHDVTXDLV YDOHGHVWDFDU • OLFLWDomR • HPSHQKR • SURGXomRGRVEHQVRXVHUYLoRVSHODSDUWHFRQWUDWDGD • OLTXLGDomR • SDJDPHQWR 2HPSHQKRGDGHVSHVDUHSUHVHQWDRFRPSURPHWLPHQWRGHSDUFHODGDGRWDomRRUoDPHQWiULD FRP GHWHUPLQDGR JDVWR Mi HVSHFLILFDQGR R FUHGRU H R PRQWDQWH HQYROYLGR $ OLTXLGDomR FRQVLVWHQRUHFRQKHFLPHQWRGHTXHDGHVSHVDIRLH[HFXWDGDQDIRUPDFRPRIRLFRQWUDWDGDH UHSUHVHQWDRUHFRQKHFLPHQWRGDREULJDomRSHFXQLiULDGRJRYHUQRMXQWRDVHXVIRUQHFHGRUHV RXSUHVWDGRUHVGHVHUYLoRVeD~OWLPDHWDSDGDH[HFXomRRUoDPHQWiULDGDGHVSHVD$SyVHVVD HWDSDUHVWDH[HFXWDUDGHVSHVDVRERSRQWRGHYLVWDILQDQFHLURRXVHMDRSDJDPHQWRTXHVH FRQFUHWL]DTXDQGRRRUGHQDGRUGHGHVSHVDVHPLWHDRUGHPEDQFiULDDIDYRUGRFUHGRU $GHVSHVDGRH[HUFtFLRSRGHUiVHUDOWHUDGDDTXDOTXHUPRPHQWRGHVGHTXHVHHQFRQWUHHP XPDGDVHWDSDVDQWHULRUHVjOLTXLGDomR(QTXDQWRQmRKRXYHUDOLTXLGDomRDVSDUWHVHQYROYLGDV SRGHUmRDOWHUDUDVFRQGLo}HVSDFWXDGDVHDGHVSHVDSRGHUiWHUVHXYDORUDOWHUDGRRXPHVPR FDQFHODGReHYLGHQWHTXHTXDQWRPDLVSUy[LPRRILQDOGRH[HUFtFLRPHQRUVHUiDIOH[LELOLGDGH SDUD DMXVWH QR PRQWDQWH GD GHVSHVD HP GHFRUUrQFLD GRV FRPSURPLVVRV TXH YmR VHQGR DVVXPLGRV3RURXWURODGRVHUiPDLRURJUDXGHSUHYLVLELOLGDGHTXDQWRDRYROXPHGDUHFHLWD WRWDODVHUDUUHFDGDGDQRDQRYLVWRTXHSDUFHODGDDUUHFDGDomRMiVHHQFRQWUDUiUHDOL]DGDHR FRPSRUWDPHQWRGDVYDULiYHLVHFRQ{PLFDVTXHDIHWDPDUHFHLWDVHUiPDLVYLVtYHO 1RHQWDQWRVHSRUXPODGRDSUR[LPLGDGHGRILQDOGRH[HUFtFLRWUD]PDLRUVHJXUDQoDTXDQWR jVHVWLPDWLYDVGHDUUHFDGDomRGDUHFHLWDSRURXWURSRGHLQYLDELOL]DUDUHDOL]DomRGRVDMXVWHV TXHVHIL]HUHPQHFHVViULRVDRDWLQJLPHQWRGDVPHWDVILVFDLV3RUHVVHPRWLYRDSUHYHQomRGRV ULVFRVGHGHVHTXLOtEULRILVFDOH[LJHTXHDVHVWLPDWLYDVGHUHFHLWDHDVDXWRUL]Do}HVGHJDVWRQR LQtFLRGRH[HUFtFLRVHMDPPDLVFDXWHORVDV (/(0(1726'$352*5$0$d®2$18$/ $ /5) LQVWLWXLX D SURJUDPDomR DQXDO GD H[HFXomR RUoDPHQWiULD H ILQDQFHLUD QRV VHJXLQWHV WHUPRV ´$UWº$WpWULQWDGLDVDSyVDSXEOLFDomRGRVRUoDPHQWRVQRVWHUPRVHPTXHGLVSXVHUD OHLGHGLUHWUL]HVRUoDPHQWiULDVHREVHUYDGRRGLVSRVWRQDDOtQHD¶F·GRLQFLVR,GRDUWº R 3RGHU ([HFXWLYR HVWDEHOHFHUi D SURJUDPDomRILQDQFHLUDHRFURQRJUDPDGHH[HFXomR PHQVDOGHGHVHPEROVRµ ´$UWº6HYHULILFDGRDRILQDOGHXPELPHVWUHTXHDUHDOL]DomRGDUHFHLWDSRGHUiQmR FRPSRUWDURFXPSULPHQWRGDVPHWDVGHUHVXOWDGRSULPiULRRXQRPLQDOHVWDEHOHFLGDVQR $QH[RGH0HWDV)LVFDLVRV3RGHUHVHR0LQLVWpULR3~EOLFRSURPRYHUmRSRUDWRSUySULRH QRVPRQWDQWHVQHFHVViULRVQRVWULQWDGLDVVXEVHTHQWHVOLPLWDomRGHHPSHQKRHPRYL PHQWDomRILQDQFHLUDVHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDVµ 3RUIRUoDGRDUWºDSURJUDPDomRILQDQFHLUDGHYHUiVHULQVWLWXtGDSRUDWRGR3RGHU([HFXWLYR DWpWULQWDGLDVDSyVDSXEOLFDomRGRVRUoDPHQWRVHWHUiFRPRREMHWLYRSULPRUGLDORFXPSUL PHQWRGDVPHWDVGHUHVXOWDGRILVFDOHVWDEHOHFLGDVQD/'2 3DUDYLDELOL]DURHVWDEHOHFLPHQWRGDSURJUDPDomRDQXDOpUHFRPHQGiYHODDWXDOL]DomRGDV HVWLPDWLYDV GH DUUHFDGDomR WmR ORJR DSURYDGD D /HL 2UoDPHQWiULD $QXDO FRQVLGHUDQGRVH HYHQWXDLVPXGDQoDVQRFHQiULRDGRWDGRSDUDUHDOL]DomRGDVHVWLPDWLYDVGHUHFHLWDTXDQGRGD HODERUDomRGDSURSRVWDRUoDPHQWiULDDVVLPFRPRIDWRVQRYRVTXHHYHQWXDOPHQWHQmRWHQKDP VLGRFRQVLGHUDGRVGXUDQWHDWUDPLWDomRGRSURMHWRQR/HJLVODWLYR +DYHQGRSUREDELOLGDGHGHQmRDWLQJLPHQWRGRYDORUGDUHFHLWDHVWLPDGDQD/HL2UoDPHQWiULD FDEHUiDOLPLWDomRGRHPSHQKRGDGHVSHVDDYDORUHVFRPSDWtYHLVFRPDDUUHFDGDomRSUHYLVWD 3RUWDQWR 2 DWR TXH HVWDEHOHFHU D SURJUDPDomR ILQDQFHLUD DQXDO GHYHUi FRQWHU QR PtQLPR RV GRLV GHPRQVWUDWLYRVDVHJXLU •XPTXDGURFRPRVYDORUHVTXHFDGDyUJmRGRJRYHUQRSRGHUiHPSHQKDUGXUDQWHR H[HUFtFLR •XPTXDGURFRPRVYDORUHVGRVSDJDPHQWRVGHVHPEROVRVILQDQFHLURVTXHFDGDyUJmR SRGHUiUHDOL]DUDFDGDPrV $HODERUDomRGHVVHVHOHPHQWRVGHYHUiSDUWLUGRVGDGRVGD/HL2UoDPHQWiULDFRQVLGHUDQGRDV GLYHUVDVYLQFXODo}HVGHUHFHLWDVDPDLRURXPHQRUIOH[LELOLGDGHGRYDORUGHDOJXPDVGHVSHVDV DVVD]RQDOLGDGHVGHGHWHUPLQDGRVSDJDPHQWRVHWDPEpP • RVFUpGLWRVDGLFLRQDLV • DVUHVWLWXLo}HVGHUHFHLWDVHRVEHQHItFLRVILVFDLV • RVUHVWRVDSDJDUGRH[HUFtFLRDQWHULRUDVVLPFRPRDSHUVSHFWLYDGHLQVFULomRGHQRYRV UHVWRVDSDJDUQRH[HUFtFLRFRUUHQWH $YLQFXODomRGHUHFHLWDVpLQVWUXPHQWRDGRWDGRGHIRUPDH[DJHUDGDQDDGPLQLVWUDomRS~EOLFD EUDVLOHLUDHVHPG~YLGDVHFRQVWLWXLQXPDGDVFDXVDVGHGHVHTXLOtEULRGDVILQDQoDVS~EOLFDV $LQVWLWXLomRGHQRUPDWLYRVOHJDLVHFRQVWLWXFLRQDLVLPSRQGRYLQFXODo}HVGHUHFHLWDVpSURFH GLPHQWRLQWLPDPHQWHUHODFLRQDGRFRPDFDUrQFLDGHUHFXUVRVFRPTXHFRQWDPRV*RYHUQRV GLDQWHGDLOLPLWDGDGHPDQGDGHGHVSHVDVeQHFHVViULRUHFRQKHFHUTXHHPTXDOTXHURFDVLmR HGLDQWHGHTXDOTXHUYROXPHGHUHFHLWDVDGHPDQGDGDVRFLHGDGHSRUGHVSHVDVGR(VWDGRp LQHYLWDYHOPHQWHPDLRUTXHVXDFDSDFLGDGHGHJDVWRXPDYH]TXHDVQHFHVVLGDGHVGHEHQVH VHUYLoRVVmRLQILQLWDVHQTXDQWRTXHDUHDOL]DomRGHUHFHLWDVpOLPLWDGDSHODEDVHHFRQ{PLFD TXHJHUDDDUUHFDGDomRWULEXWiULD 4XDQGR DV YLQFXODo}HV SULYLOHJLDP GHWHUPLQDGDV Do}HV GR JRYHUQR WRGDV DV GHPDLV VmR SUHMXGLFDGDV,VWRSRUTXHDFDSDFLGDGHGHDUUHFDGDomRSRVVXLOLPLWHVULJLGDPHQWHDWUHODGRVj UHQGDJHUDGDSHORFRQMXQWRGDHFRQRPLDGHIRUPDTXHDYLQFXODomRQHPVHPSUHSURGX] DXPHQWRGHUHFHLWDV3RULVVRRUHVXOWDGRGDYLQFXODomRWHUPLQDVHQGRDUHGXomRGRYROXPH GHUHFXUVRVGLVSRQtYHLVSDUDUHDOL]DomRGDVGHVSHVDVTXHQmRFRQWDPFRPUHFHLWDVYLQFXODGDV 'HVVHSURFHVVRVXUJHPDOJXQVSUREOHPDV • LQYHUVmRGHSULRULGDGHV²RVyUJmRVTXHFRQWDPFRPUHFHLWDVYLQFXODGDVWHQGHPD H[HFXWDUFRPHVVHVUHFXUVRVRVJDVWRVGHPHQRULPSRUWkQFLDQDHVFDODGHSULRULGDGH GRJRYHUQRGHIRUPDDSUHVVLRQDUR7HVRXURSRVWHULRUPHQWHSDUDOKHDORFDUDGLFLR QDOPHQWHRXWURVUHFXUVRVQHFHVViULRVSDUDRDWHQGLPHQWRGHGHVSHVDVLQFRPSULPtYHLV FRPRRVSDJDPHQWRVGHSHVVRDOHHQFDUJRVVRFLDLV • HQJHVVDPHQWRGDVSULRULGDGHV²DYLQFXODomROHJDOGDUHFHLWDID]FRPTXHRVJDVWRV ILTXHP DWUHODGRV jV SULRULGDGHV GR SDVVDGR DR LQYpV GH HVWDUHP YROWDGRV SDUD DV QHFHVVLGDGHVREVHUYDGDVHPFDGDpSRFD2TXHRFRUUHFRPXPHQWHpTXHXPDYH] HVWDEHOHFLGDDYLQFXODomRRVVHWRUHVEHQHILFLDGRVSURFXUDPHPXLWDVYH]HVFRQVH JXHP PDQWrOD DR ORQJR GRV DQRV PHVPR TXDQGR DTXHOH JDVWR Mi QmR p R PDLV LPSRUWDQWH • DXWRPDWLVPRGRJDVWR²DYLQFXODomRGHUHFHLWDUHGX]RFDPSRGHDWXDomRGDIXQomR DORFDWLYDGRRUoDPHQWR $OpPGLVVRDYLQFXODomRIXQFLRQDVHPSUHHPVHQWLGR~QLFRRXVHMDRVUHFXUVRVVmRGHVWLQDGRV SDUD RV VHWRUHV SUHYLDPHQWH GHILQLGRV PDV VH KRXYHU IUXVWUDomR GD UHFHLWD YLQFXODGD DV GHVSHVDVFRUUHVSRQGHQWHVQmRVHUmRUHGX]LGDVSUHVVLRQDQGRDGLVSXWDSHORVGHPDLVUHFXUVRV QmRYLQFXODGRV $OpPGDYLQFXODomRGHUHFHLWDVRXWURDVSHFWRUHOHYDQWHGL]UHVSHLWRjHOHYDGDULJLGH]GHSDUFHOD H[SUHVVLYDGDGHVSHVDS~EOLFDeRFDVRGDVGHVSHVDVGHSHVVRDOTXHFRQVRPHPDPDLRUSDUWH GRV UHFXUVRV GRV HVWDGRV H GRV PXQLFtSLRV H GH GLYHUVRV RXWURV LWHQV GH JDVWR FRPR RV SDJDPHQWRVGHGtYLGDVGHSUHFDWyULRVHGHGHWHUPLQDGDVGHVSHVDVLPSUHVFLQGtYHLVjPDQX WHQomRGDVDWLYLGDGHVHVVHQFLDLVGRJRYHUQR7DPEpPQmRSRGHPGHL[DUGHVHUFRQVLGHUDGRV RVSUD]RVGHSDJDPHQWRRXGHWUDQVIHUrQFLDVOHJDOPHQWHHVWDEHOHFLGRVEHPFRPRDTXHOHV UHODFLRQDGRVFRPDUHSDUWLomRGDVUHFHLWDVHQWUHDVWUrVHVIHUDVGHJRYHUQR 'LDQWH GDV OLPLWDo}HV PHQFLRQDGDV p UHFRPHQGiYHOTXHD HODERUDomR GDSURJUDPDomRGD H[HFXomRDQXDOREVHUYHRVFULWpULRVDVHJXLUHQXPHUDGRVSRURUGHPGHSULRULGDGH • PHWDVILVFDLVHVWDEHOHFLGDVSDUDRSHUtRGR • YROXPH GH DUUHFDGDomR HVWLPDGD D FDGD PrV GH IRUPD TXH R PRQWDQWH D VHU GHVHPEROVDGRVHFRPSDWLELOL]HFRPRYROXPHGHUHFXUVRVGLVSRQtYHLV • GRWDomRRUoDPHQWiULDDSURYDGDSRUFDWHJRULDVGHJDVWR • YLQFXODo}HVFRQVWLWXFLRQDLVHOHJDLVGDVUHFHLWDVDUUHFDGDGDVEHPFRPRUHVSHFWLYRV SUD]RVOHJDLVGHUHSDVVHGRVUHFXUVRV • GHPDQGDVDSUHVHQWDGDVSHORVyUJmRV • VD]RQDOLGDGHVHVSHFtILFDVGHDOJXQVJDVWRV &RPEDVHQHVVHVGDGRVpSRVVtYHOUHDOL]DURTXDGURGDSURJUDPDomRPHQVDOGHGHVHPEROVRV GHFDGDyUJmRDVVLPFRPRRTXDGURGHOLPLWHVGHHPSHQKRGDGHVSHVDGRH[HUFtFLRFDEHQGR HVFODUHFHUTXHHVVHVOLPLWHVGHYHUmRVHUDWXDOL]DGRVDFDGDGRLVPHVHVSRGHQGRVHUDPSOLDGRV RXUHGX]LGRVFRQIRUPHSHUPLWDPDVHVWLPDWLYDVGHDUUHFDGDomR (/$%25$d®2$&203$1+$0(172($-867(6'$352*5$0$d®2 $18$/ &RPYLVWDVjHODERUDomRGRVTXDGURVGDSURJUDPDomRRUoDPHQWiULDHILQDQFHLUDGRH[HUFtFLR SRGHUmRVHUGHVHQYROYLGRVRVSDVVRVDVHJXLU º3DVVR5HXQLUDVLQIRUPDo}HV eUHFRPHQGiYHOTXHDHODERUDomRGDSURJUDPDomRILQDQFHLUDGRH[HUFtFLRHGRTXDGURGH OLPLWHVGHHPSHQKRGDGHVSHVDVHMDDPSDUDGDHPXPGHPRQVWUDWLYRGHWRGRRIOX[RILQDQFHLUR SUHYLVWRSDUDFDGDPrVGRDQRRTXDOSRUVXDYH]FRQVROLGHDVVHJXLQWHVLQIRUPDo}HV DUHHVWLPDWLYDGRLQJUHVVRHIHWLYRGHFDGDXPDGDVUHFHLWDVPHQVDOPHQWHFRPSUHHQ GHQGRHYHQWXDLVUHVWLWXLo}HVHUHQ~QFLDVHRVLQJUHVVRVGHFRUUHQWHVGHFRQYrQLRV ESUHYLVmRGHWRGRVRVSDJDPHQWRVDVHUHPUHDOL]DGRVDFDGDPrVFRPSUHHQGHQGRRV YDORUHVDVHUHPHPSHQKDGRVQRH[HUFtFLRHRVUHVWRVDSDJDUSDUDRVSULQFLSDLVLWHQVGH GHVSHVDRXVHMD • SHVVRDOHHQFDUJRV VRFLDLV FRQVLGHUDQGRVHDVVD]RQDOLGDGHVGHFRUUHQWHVGRVSDJD PHQWRVGHIpULDVºVDOiULRHRXWUDVTXHKRXYHUDVVLPFRPRHYHQWXDLVHVWLPDWLYDV GHHOHYDomRGDGHVSHVDSRUDPSOLDomRGRTXDGURFRQFHVVmRGHQRYRVEHQHItFLRVDRV VHUYLGRUHVHUHDMXVWHVVDODULDLVSUHYLVWRV • GtYLGDVDVHUHPSDJDVPHQVDOPHQWHFRPRDTXHODVGHFRUUHQWHVGHUHILQDQFLDPHQWRGH GpELWRVMXQWRDR,166HDR)*76GHVWDFDQGRVHRVYDORUHVGRSULQFLSDODVHUDPRUWL]DGR HGRVMXURV • GHPDLVGHVSHVDVFRUUHQWHVHGHFDSLWDOGHSUHIHUrQFLDFODVVLILFDGDVTXDQWRjIOH[LELOL GDGHHPUHODomRDSUD]RVGHSDJDPHQWRHjVYLQFXODo}HVHVSHFtILFDVFRPRRVUHFXUVRV GHFRQYrQLRVRVUHSDVVHVSDUDR/HJLVODWLYRHRVJDVWRVFRPHGXFDomR • SUHFDWyULRVHRXWURVLWHQVUHOHYDQWHVTXHKRXYHU ºSDVVRFRPSDUDUUHVXOWDGRVHSURSRUDMXVWHV 2GHPRQVWUDWLYRGRIOX[RILQDQFHLURDQXDOHODERUDGRFRPDVLQIRUPDo}HVDFLPDHOHQFDGDV SHUPLWLUiXPDQRYDDYDOLDomRGRVUHVXOWDGRVDVHUHPDOFDQoDGRVSHULRGLFDPHQWHHDRILQDOGR H[HUFtFLR(YLGHQWHPHQWHGHVFRQVLGHUDGDVHYHQWXDLVIDOKDVQDVHVWLPDWLYDVGHDUUHFDGDomRDV GLIHUHQoDVHQWUHDVQRYDVHVWLPDWLYDVGHUHVXOWDGRHDTXHODVDGRWDGDVSDUDHODERUDomRGD/HL 2UoDPHQWiULD $QXDO VHUmR GHFRUUHQWHV GDV PRGLILFDo}HV QDV SUHYLV}HV GH UHFHLWDV H GH GHVSHVDVPRWLYDGDVSRUQRYRVIDWRVFRPR • PXGDQoDV GD FRQMXQWXUD HFRQ{PLFD FRP LPSDFWR QRV tQGLFHV LQIODFLRQiULRV H QR FUHVFLPHQWRGDHFRQRPLDHFRQVHTHQWHPHQWHFRPHIHLWRVVREUHRYDORUGDEDVHGH DUUHFDGDomR • PXGDQoDVQDOHJLVODomRTXHSURGX]DPLPSDFWRVREUHDVUHFHLWDV • QHFHVVLGDGHV GH JDVWRV DGLFLRQDLV QmR SUHYLVWRV LQLFLDOPHQWH FRPR SRU H[HPSOR DTXHOHVGHFRUUHQWHVGHVLWXDo}HVGHFDODPLGDGH &DVRDVQRYDVHVWLPDWLYDVLQGLTXHPSHUVSHFWLYDGHREWHQomRGHUHVXOWDGRVPHQRUHVTXHRV HVWDEHOHFLGRV QD /'2 VHUi QHFHVViULR DGRWDU DV PHGLGDV GH DMXVWH SUHYLVWDV QD /HL GH 5HVSRQVDELOLGDGH)LVFDODOLPLWDomRGHHPSHQKRHGHPRYLPHQWDomRILQDQFHLUD ºSDVVROLPLWDomRGHHPSHQKR $OLPLWDomRGHHPSHQKRGHTXHWUDWDD/5)GL]UHVSHLWRjQHFHVVLGDGHGHUHFRQGXomRGRYDORU GDGHVSHVDGRH[HUFtFLRDPRQWDQWHTXHSHUPLWDDREWHQomRGDVPHWDVGHUHVXOWDGR6REUHR DVVXQWRFDEHWHFHUFRPHQWiULRVVREUHDOJXPDVTXHVW}HVUHOHYDQWHVQDDSXUDomRGRUHVXOWDGR UHODFLRQDGDVFRPDPHWRGRORJLDDVHUHPSUHJDGDFRPDULJLGH]GHDOJXPDVGHVSHVDVHFRP DDGPLQLVWUDomRGRVUHVWRVDSDJDU 4XDQWRjPHWRGRORJLDpLPSRUWDQWHFRQVLGHUDUTXHDGHVSHVDVRPHQWHVHHQFRQWUDUHDOL]DGD GHSRLVGHOLTXLGDGDGHIRUPDTXHQmRpUHFRPHQGiYHOODQoDUQRUHVXOWDGRGRH[HUFtFLRD SDUFHODGHGHVSHVD´QmRSURFHVVDGDµLQVFULWDHPUHVWRVDSDJDUYLVWRTXHpXVXDOTXHSDUWH GHVVHYDORUVHMDFDQFHODGRIXWXUDPHQWH1RHQWDQWRFDEHLQFOXLUQDDSXUDomRGRUHVXOWDGRR YDORUGRVUHVWRVDSDJDUGHH[HUFtFLRDQWHULRUTXHYLHUHPDVHUOLTXLGDGRVQRH[HUFtFLRFRUUHQWH 3RUFRQVHTrQFLDSDUDILQVGHDSXUDomRGRVUHVXOWDGRVILVFDLVpUD]RiYHOTXHDGHVSHVDDVHU FRQVLGHUDGD QD SURJUDPDomR DQXDO FRUUHVSRQGD DR YDORU GH WRGD D GHVSHVD OLTXLGDGD QR H[HUFtFLRFRPSUHHQGHQGRRPRQWDQWHGRVHPSHQKRVOLTXLGDGRVGRSUySULRDQRLQFOXVLYHRV UHVWRVDSDJDUSURFHVVDGRVQHOHLQVFULWRVDFUHVFLGRGRVYDORUHVGRVUHVWRVDSDJDUHPSURFHV VDPHQWRLQVFULWRVHPH[HUFtFLRDQWHULRUHOLTXLGDGRVQRH[HUFtFLRFRUUHQWH $ OLPLWDomR GH HPSHQKR HQFRQWUD REVWiFXORV jV YH]HV LQWUDQVSRQtYHLV UHODFLRQDGRV FRP D DXVrQFLD GH IOH[LELOLGDGH SDUD UHGXomR GR YDORU GH GHWHUPLQDGDV GHVSHVDV $ /HL GH 5HV SRQVDELOLGDGH)LVFDOGHWHUPLQDDUWººTXHQmRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDV GHFRUUHQWHVGHREULJDo}HVFRQVWLWXFLRQDLVHOHJDLVGRHQWHDVGHVWLQDGDVDRSDJDPHQWRGR VHUYLoRGDGtYLGDHDVUHVVDOYDGDVQD/'2$GLFLRQDOPHQWHDOpPGHUHSUHVHQWDUHPRPDLRU LWHPGDGHVSHVDGRVPXQLFtSLRVRSDJDPHQWRGDIROKDDSUHVHQWDIOH[LELOLGDGHH[WUHPDPHQWH 9LGH GHILQLomR SDUD UHVWRV D SDJDU SURFHVVDGRV H HP SURFHVVDPHQWR DUW GD /HL OLPLWDGD'HVVDIRUPDDOLPLWDomRGHHPSHQKRWHUPLQDVHYLDELOL]DQGRTXDVHTXHH[FOXVLYD PHQWHHPUHODomRjVGRWDo}HVGHFXVWHLRHLQYHVWLPHQWR 2RXWURDVSHFWRUHOHYDQWHpTXHDRQmRVHFRQVLGHUDURVUHVWRVDSDJDUQmRSURFHVVDGRVQR UHVXOWDGRGRH[HUFtFLRXPDIRUPDHILFLHQWHGHREWHQomRGRUHVXOWDGRHVWDEHOHFLGRQD/'2 VHULDODQoDUQHVVDUXEULFDRYDORUGDGHVSHVDTXHQmRSXGHUVHUDFRPRGDGRQRFiOFXORGR UHVXOWDGR1RHQWDQWRpQHFHVViULRFDXWHODQDDGPLQLVWUDomRGHVVHSURFHVVR6HDFDGDDQR SDUFHODGDGHVSHVDGHL[DUGHVHUOLTXLGDGDHIRULQVFULWDHPUHVWRVDSDJDUKDYHUiWHQGrQFLD GHFUHVFLPHQWRFRQWtQXRGRVUHVWRVDSDJDUWHUPLQDQGRSRUFRPSURPHWHUDVILQDQoDVGRHQWH 8QLmR(VWDGRRX0XQLFtSLR 3RUWDQWRDOLPLWDomRGHHPSHQKRGHYHUiVHUHDOL]DUPHGLDQWHDWRGR3RGHU([HFXWLYRQRTXDO VHHVSHFLILFDDVGHVSHVDVTXHVHUmRREMHWRGHOLPLWDomRHRFRUUHVSRQGHQWHPRQWDQWHTXHR HQWHILFDDXWRUL]DGRDHPSHQKDUSUHIHUHQFLDOPHQWHREVHUYDQGRRVVHJXLQWHVFULWpULRV • ´FRUWHµFRQFHQWUDGRQDVGHVSHVDVGHFXVWHLRHLQYHVWLPHQWRTXHDSUHVHQWHPPDLRU JUDXGHIOH[LELOLGDGHPDQWHQGRVHSUHVHUYDGDVWDQWRTXDQWRSRVVtYHODVSULRULGDGHV GRJRYHUQR • IL[DomRGHOLPLWHVGHHPSHQKRFRPSDWtYHLVFRPRVOLPLWHVGHSDJDPHQWRGDGHVSHVD GHSUHIHUrQFLDLJXDLVGHIRUPDDHYLWDUFUHVFLPHQWRLQGHVHMDGRGRVUHVWRVDSDJDU )LQDOPHQWHFDVRRHPSHQKRGDGHVSHVDVHMDGHVFHQWUDOL]DGRHPGLYHUVRVyUJmRVGDDGPLQLV WUDomRpLPSRUWDQWHTXHRDWRH[SHGLGRHVWDEHOHoDRVOLPLWHVDXWRUL]DGRVSDUDFDGDyUJmR( DLQGDSDUDTXHKDMDPDLRUWUDQVSDUrQFLDDUHVSHLWRGDVGHVSHVDVVREUHDVTXDLVLQFLGLXRDMXVWH IDFLOLWDQGRRDFRPSDQKDPHQWRGDPDWpULDSRUSDUWHGR3RGHU/HJLVODWLYRHGRS~EOLFRHPJHUDO FDEHUHJLVWUDUDWtWXORGHH[HPSORTXHQR*RYHUQR)HGHUDODV/HLVGH'LUHWUL]HV2UoDPHQWiULDV WrPH[LJLGRDFDGDDQRDLQVHUomRDRODGRGRYDORUGRVWHWRVIL[DGRVSDUDFDGDyUJmRGRYDORU GDVFRUUHVSRQGHQWHVGRWDo}HVDSURYDGDVQD/HL2UoDPHQWiULD$QXDO º3DVVR²SURJUDPDomRGHGHVHPEROVRVPHQVDLV $HODERUDomRGDSURJUDPDomRGHGHVHPEROVRVPHQVDLVWHUiFRPRVXSRUWHRTXDGURGRIOX[R GHLQJUHVVRVHVDtGDVGHFDL[DPHQFLRQDGRQRºSDVVRDMXVWDGRSDUDRDWLQJLPHQWRGDVPHWDV HVWDEHOHFLGDVQD/'2'HIDWRRTXDGURDMXVWDGRUHSUHVHQWDUiRSUySULRFURQRJUDPDPHQVDO GHGHVHPEROVRVFRQWHQGRRVYDORUHVPHQVDLVGRVSDJDPHQWRVUHODWLYRVDRVSULQFLSDLVLWHQVGH GHVSHVD 1R HQWDQWR SDUD JDUDQWLU D HILFiFLD GHVVD SURJUDPDomR p QHFHVViULR TXH VH HVWDEHOHoDP FURQRJUDPDVHVSHFtILFRVSDUDRVSDJDPHQWRVGDVGHVSHVDVGHSHVVRDOHGHFXVWHLRHLQYHVWL PHQWRSULQFLSDOPHQWHTXDQGRVHWUDWDUGHSDJDPHQWRVUHDOL]DGRVSRUyUJmRVGHVFHQWUDOL]DGRV $IL[DomRGHXPFURQRJUDPDSDUDSDJDPHQWRGDIROKDGHSHVVRDOSHUPLWHHYLWDUTXHGHFLV}HV TXHHOHYDPDVGHVSHVDVVHMDPH[HFXWDGDVPHGLDQWHFRPSURPHWLPHQWRGDVGRWDo}HVDXWRUL ]DGDV QD OHL RUoDPHQWiULD DQXDO DQWHV TXH VHMDP UHDOL]DGRV RV DMXVWHV FRUUHVSRQGHQWHV QD SURJUDPDomR ILQDQFHLUD 7UDWDVH SRUWDQWR GH PHGLGD TXH YLVD VXEPHWHU DV GHFLV}HV GH SDJDPHQWRGHSHVVRDODRQHFHVViULRRUGHQDPHQWRILQDQFHLUR 'HVVDIRUPDDSURJUDPDomRGHGHVHPEROVRVVHFRQVWLWXLUiGHTXDGURVTXHFRQWHUmRRVYDORUHV DVHUHPSDJRVPHQVDOPHQWHSRUFDGDyUJmRGLVWLQJXLQGRVHDVGHVSHVDVGHSHVVRDOHGHFXVWHLR HLQYHVWLPHQWRDVVLPFRPRRXWUDVTXHYLHUHPDVHUFRQVLGHUDGDVUHOHYDQWHVSHODDGPLQLVWUDomR eLPSRUWDQWHUHVVDOWDUTXHSRUVHWUDWDUGRDWLQJLPHQWRGHPHWDTXHDEUDQJHWRGRRFRQMXQWR GHUHFHLWDVHGHVSHVDVGRJRYHUQRDOLPLWDomRGHHPSHQKRHRFURQRJUDPDGHGHVHPEROVR GHYHUmRDEUDQJHUDWRWDOLGDGHGRVUHFXUVRVGRJRYHUQRPHVPRQRTXHVHUHIHUHDUHFHLWDV DUUHFDGDGDVSRUyUJmRVGDDGPLQLVWUDomRLQGLUHWDH[FOXVLYHHPSUHVDVHVWDWDLV $VVLP TXDQGR yUJmRV GHVFHQWUDOL]DGRV DUUHFDGDP UHFHLWDV DLQGD TXH UHFRQKHFLGDV FRPR SUySULDVYLQFXODGDVDGHVSHVDVHVSHFtILFDVHVHPWUkQVLWRQRFDL[DGRyUJmRFHQWUDOGHILQDQoDV VXDXWLOL]DomRGHYHUiVXEPHWHUVHDRFURQRJUDPDGHGHVHPEROVRVPHQVDLV(VWHSRUVXDYH] GHYHUiDEUDQJHUWRGRRFRQMXQWRGRJRYHUQRMiTXHDDSXUDomRGRUHVXOWDGRILVFDODEUDQJHDV ILQDQoDVFRQVROLGDGDVGHWRGRVRVyUJmRVGRVWUrV3RGHUHVGRHQWH8QLmR(VWDGRRX0XQLFtSLR 3HORV PHVPRV PRWLYRV WDPEpP DV WUDQVIHUrQFLDV SDUD R /HJLVODWLYR GHYHUmR FRQVWDU GD SURJUDPDomR ºSDVVRDFRPSDQKDPHQWRHDMXVWHVELPHVWUDLV $ FDGD GRLV PHVHV GHYHUmR VHU UHDYDOLDGDV DV HVWLPDWLYDV GH UHFHLWD H GHVSHVD H D SHUVSHFWLYD GH UHVXOWDGRV UHDOL]DQGRVH QRYRV DMXVWHV QRV OLPLWHV GH HPSHQKR H QR FURQRJUDPD PHQVDO GH GHVHPEROVRV VH QHFHVViULR $V HVWLPDWLYDV GH UHFHLWD GHYHUmR FRQVLGHUDU QRYRV IDWRV FRQIRUPH Mi PHQFLRQDGR DOpP GH LQFRUSRUDU RV YDORUHV Mi UHDOL]DGRV4XDQWRjGHVSHVDpQHFHVViULRLQFRUSRUDURVFUpGLWRVRUoDPHQWiULRVDGLFLRQDLV MiDSURYDGRVSHOR/HJLVODWLYRRXWURVTXHVHHQFRQWUDUHPHPWUDPLWDomRDVVLPFRPRQRYDV QHFHVVLGDGHVGHJDVWRVDLQGDQmRSUHYLVWDVQDVSURJUDPDo}HVDQWHULRUHV 2VTXDGURVGDSURJUDPDomRGHYHUmRHQWmRVHUDWXDOL]DGRVVHKRXYHUQHFHVVLGDGH(YHQWXDO UHGXomRGRYDORUGDGHVSHVDDXWRUL]DGDFHUWDPHQWHWHUiFRPRGLILFXOGDGHRIDWRGHTXHSDUFHOD GDVGRWDo}HVMiVHHQFRQWUDUmRFRPSURPHWLGDV1HVVDVLWXDomRVHUiQHFHVViULRDYDOLDUSUHYLD PHQWHDVGRWDo}HVTXHSRGHPDEVRUYHURFRUWHDGLFLRQDOHFDVRQmRKDMDGLVSRQLELOLGDGHGH FUpGLWRDHPSHQKDUTXHFRPSRUWHRYDORUGRFRUWHRDMXVWHQHFHVViULRWHUiTXHVHUHDOL]DU PHGLDQWHFDQFHODPHQWRGHHPSHQKRVHPLWLGRVTXDQGRSRVVtYHO eLPSRUWDQWHFRQVLGHUDUTXHGHWHUPLQDGDVGHVSHVDVQmRVHUHGX]HPSHORVLPSOHVFDQFHODPHQ WRGRVHPSHQKRVFRUUHVSRQGHQWHVFRPRQRVFDVRVGRVJDVWRVFRPiJXDHQHUJLDHOpWULFDH VHUYLoRVWHOHI{QLFRV&XPSUHUHFRQKHFHUTXHDVGLVSRVLo}HVGD/5)TXDQWRDOLPLWDo}HVGH HPSHQKRWrPSRUILQDOLGDGHDFRQWHQomRGDVGHVSHVDVHQmRRHVWDEHOHFLPHQWRGHPHFDQLVPR GHHVFULWXUDomRFRQWiELO 2FDQFHODPHQWRRXDQmRHPLVVmRGRHPSHQKRQmRpUHFRPHQGiYHOSRLVSRGHUiUHSUHVHQWDU DSHQDVRIDOVHDPHQWRGDHIHWLYDVLWXDomRILQDQFHLUDVHDVGHVSHVDVHVWLYHUHPVHQGRFRQVXPD GDVJHUDQGRREULJDo}HVTXHPHVPRQmRUHJLVWUDGDVWHUmRTXHVHUSDJDVQRIXWXUR &DEH REVHUYDU TXH D /5) HVWDEHOHFHX TXH QmR Vy D GHVSHVD PDV WDPEpP D DVVXQomR GH REULJDo}HVVHUmRUHJLVWUDGDVSHORUHJLPHGHFRPSHWrQFLD$VVLPRDMXVWHGHYHUiUHDOL]DUVH PHGLDQWH DGRomR GH PHGLGDV TXH HIHWLYDPHQWH UHGX]DP R PRQWDQWH GDV FRQWDV D SDJDU DVVXPLGDVSHORJRYHUQRGXUDQWHRH[HUFtFLR1DSUy[LPDVHomRGHVWHFDStWXORDSUHVHQWDPRV RXWURVDVSHFWRVGDOLPLWDomRGHHPSHQKRVHGRVFRUUHVSRQGHQWHVLPSDFWRVVREUHUHVWRVDSDJDU 2(1&(55$0(172'2(;(5&Ì&,2(265(6726$3$*$5 $QWHFHGHQWHV $ GHVLJQDomRGHSDUFHODV GDGHVSHVDS~EOLFD VREDGHQRPLQDomR´UHVWRVDSDJDUµWHPVXD RULJHPQRVSULQFtSLRVGDOHJDOLGDGHGDGHVSHVDHGDDQXDOLGDGHGRRUoDPHQWRS~EOLFR $H[HFXomRGDVGHVSHVDVDXWRUL]DGDVQRRUoDPHQWRDQXDOH[LJHRFXPSULPHQWRGHGLYHUVDV HWDSDVFRPRDHODERUDomRGHSURMHWRVDSXEOLFDomRGHHGLWDLVDOLFLWDomRDUHDOL]DomRGH FRQWUDWRVHDSURGXomRGRVEHQVHVHUYLoRVPXLWDVYH]HVHPSUD]RTXHVHHVWHQGHSDUDDOpP GR H[HUFtFLR FRUUHVSRQGHQWH 1R HQWDQWR DV SUiWLFDV FRQWiEHLV XVXDLV QR VHWRU S~EOLFR EUDVLOHLURDWUHODGDVDHVVHVSULQFtSLRVUHFRPHQGDPDDSURSULDomRGDVGHVSHVDVRUoDPHQWiULDV QRPHVPRH[HUFtFLRILQDQFHLURGRFRUUHVSRQGHQWHRUoDPHQWRLQGHSHQGHQWHPHQWHGDIDVHHP TXHVHHQFRQWUHDVXDUHDOL]DomR &RPDLQGLFDomRGDWRWDOLGDGHGDVGHVSHVDVUHDOL]DGDVQRH[HUFtFLRDVTXDLVVHQmRSDJDV SHUPDQHFHULDPUHJLVWUDGDVHPUHVWRVDSDJDUEXVFDVHDSUHVHUYDomRGRSULQFtSLRGDDQXDOL GDGH GR RUoDPHQWR $ SUiWLFD SHUPLWH DGLFLRQDOPHQWH GHPRQVWUDU R FXPSULPHQWR GR SULQFtSLRGDOHJDOLGDGHGDGHVSHVDMiTXHVmRDSURSULDGDVQRH[HUFtFLRDVGHVSHVDVLQWHJUDQWHV GRRUoDPHQWRDXWRUL]DGRSHOR3RGHU/HJLVODWLYR $VVLPDQRUPDOHJDOHVWDEHOHFHTXHQRHQFHUUDPHQWRGRH[HUFtFLRDSDUFHODGDGHVSHVDTXH VHHQFRQWUDUHPTXDOTXHUIDVHGHH[HFXomRSRVWHULRUjHPLVVmRGRHPSHQKRHDQWHULRUDR SDJDPHQWRVHUiFRQVLGHUDGDUHVWRVDSDJDU$WXDOPHQWHDGHILQLomROHJDOSDUD´UHVWRVDSDJDUµ HQFRQWUDVHLQVHULGDQRDUWGD/HLQGHRQGHVHHVWDEHOHFHTXH´FRQVLGHUDPVH 5HVWRVD3DJDUDVGHVSHVDVHPSHQKDGDVPDVQmRSDJDVDWpRGLDGHGH]HPEURGLVWLQJXLQGRVH DVSURFHVVDGDVGDVQmRSURFHVVDGDVµ 2DUFDERXoRUHJXODWyULRGDVILQDQoDVS~EOLFDVEUDVLOHLUDVDQWHULRUjHGLomRGD/5)MiH[LJLD TXHRRUoDPHQWRDSURYDGRDSUHVHQWDVVHHTXLOtEULRHQWUHUHFHLWDVHGHVSHVDVGHPRGRTXH FDVR VH FRQILUPDVVHP DV HVWLPDWLYDV GH DUUHFDGDomR R UHVXOWDGR ILVFDO GR H[HUFtFLR MDPDLV DSUHVHQWDULDVXUSUHVDVQHJDWLYDV (VVDVLWXDomRLGHDOSRUpPQHPVHPSUHDFRQWHFH$VGHILFLrQFLDVGRVPHFDQLVPRVGHHODER UDomRGDVHVWLPDWLYDVGHDUUHFDGDomRUHVXOWDPHPTXHDUHFHLWDHIHWLYDGRH[HUFtFLRVHUHDOL]H HPPRQWDQWHVH[SUHVVLYDPHQWHGLIHUHQWHVGDTXHOHVFRQVWDQWHVGDOHLRUoDPHQWiULDDQXDO $/HLSUHYLXKLSyWHVHGHDMXVWHQRRUoDPHQWRDSHQDVSDUDDVVLWXDo}HVHPTXHRHUUR GDVHVWLPDWLYDVGHDUUHFDGDomRVHYHULILFDQRVHQWLGRGDUHDOL]DomRGHXPDUHFHLWDGHYDORU PDLRUTXHRSUHYLVWR&DUDFWHUL]DGRRH[FHVVRGHDUUHFDGDomRDTXHOD/HLSUHYrDEHUWXUDGH FUpGLWRVDGLFLRQDLVQRPHVPRH[HUFtFLRRXHPH[HUFtFLRVHJXLQWHPHGLDQWHLQFRUSRUDomRGR VXSHUiYLWILQDQFHLURDSXUDGRQREDODQoRDQXDO $VLWXDomRLQYHUVDRXVHMDDIUXVWUDomRGDDUUHFDGDomRIRLWUDWDGDQD/HLDSHQDVQRV DUWLJRVTXHGHWHUPLQDP DHODERUDomRGHTXDGURGHFRWDVWULPHVWUDLVTXHFDGDyUJmRILFDUi DXWRUL]DGRDXWLOL]DUPHFDQLVPRGHSURJUDPDomRTXHVHGHVWLQDYDDHYLWDU´HYHQWXDLVLQVXIL FLrQFLDVILQDQFHLUDVµ1RTXHGL]UHVSHLWRjH[HFXomRRUoDPHQWiULDD/HLDGPLWLDTXH KRXYHVVHDLQVFULomRHPUHVWRVDSDJDUGHTXDOTXHUYDORUDXWRUL]DGRQDOHLRUoDPHQWiULDDQXDO LQGHSHQGHQWHPHQWHGHWHUHPVHUHDOL]DGRDVUHFHLWDVHVWLPDGDVHQHFHVViULDVjVXDFREHUWXUD $GHILFLrQFLDQRUPDWLYDGD/HLWDOYH]VHH[SOLTXHSHORIDWRGHTXHjpSRFDGHVXD HGLomRHPHVPRQRSHUtRGRLPHGLDWDPHQWHDQWHULRUR3DtVFRQYLYLDFRPH[SUHVVLYRVtQGLFHV LQIODFLRQiULRVVHQGRFRPXPDRFRUUrQFLDGHH[FHVVRVGHDUUHFDGDomR0HVPRHPSHUtRGR PDLV UHFHQWH DWp R ILQDO GRV DQRV D SUiWLFD XVXDO IRL D UHDOL]DomR GH HVWLPDWLYDV GH DUUHFDGDomRFRPEDVHHPSDUkPHWURVFRQVHUYDGRUHVFRPRSRUH[HPSORSUHYLVmRGHtQGLFHV GHLQIODomRPDLVEDL[RVTXHDTXHOHVDSRQWDGRVSHORVLQGLFDGRUHVHFRQ{PLFRVSULQFLSDOPHQWH QDVRFDVL}HVHPTXHDYDULDomRGHSUHoRVDSUHVHQWDYDWUDMHWyULDDVFHQGHQWH &RPHVVHPHFDQLVPRDUHFHLWDHUDVXEHVWLPDGDGHPRGRDSHUPLWLUDUHDOL]DomRGHH[FHVVRV GHDUUHFDGDomRDRORQJRGRH[HUFtFLRRTXHDEULDHVSDoRSDUDDDEHUWXUDGHFUpGLWRVDGLFLRQDLV SUiWLFDDGRWDGD SULQFLSDOPHQWH DQWHVGD HGLomRGD&RQVWLWXLomRGHTXDQGRR3RGHU ([HFXWLYRGLVSXQKDGHPDLRUDXWRQRPLDSDUDDEULUFUpGLWRVDGLFLRQDLV 2XWURSURFHGLPHQWRGHDMXVWHGXUDQWHRVDQRVHPTXHR3DtVFRQYLYHXFRPHOHYDGRVtQGLFHV LQIODFLRQiULRV IRL D SRVWHUJDomR GH SDJDPHQWRV 8PD YH] TXH D SHoD RUoDPHQWiULD p HV WDEHOHFLGDHPYDORUHVQRPLQDLVQRLQtFLRGHFDGDDQRTXDQWRPDLVWDUGLDPHQWHVHUHDOL]DVVH DVXDH[HFXomRPHQRUVHULDRYDORUUHDOGDVGHVSHVDVSDJDV$RILQDOGHFDGDH[HUFtFLRPHVPR TXH D UHFHLWD UHDOL]DGD VH DSUHVHQWDVVH H[SUHVVLYDPHQWH PHQRU TXH DTXHOD HVWLPDGD QR RUoDPHQWRDQXDODGHVSHVDH[FHGHQWHHUDLQVFULWDHPUHVWRVDSDJDUHDFRUURVmRLQIODFLRQiULD DRORQJRGRWHPSRVHHQFDUUHJDYDGHUHGX]LUJUDGDWLYDPHQWHRVHXYDORUUHDOUHGX]LQGRSRU FRQVHTrQFLDDDPSOLWXGHGDGLILFXOGDGHILQDQFHLUDGRVJRYHUQRV$VVLPPHGLDQWHH[SHGLHQ WHVFRPRDWUDVRVGHSDJDPHQWRVHSRVWHUJDomRGHUHDMXVWHVVDODULDLVHGHEHQHItFLRVGLYHUVRV RSRGHUS~EOLFRWHUPLQDYDUHDOL]DQGRRDMXVWHGHVXDVFRQWDVVHPQHFHVVLGDGHGHFRUWHQR RUoDPHQWR $H[LVWrQFLDGHVVHVPHFDQLVPRVSHUPLWLXDR3DtVFRQYLYHUSRUPXLWRVDQRVFRPXPDOHJLVODomR RUoDPHQWiULDLQFRPSOHWD7DLVSUiWLFDVSRUpPGHL[DUDPGHVHUHILFLHQWHVDSDUWLUGHTXDQGR RV tQGLFHV GH LQIODomR IRUDP UHGX]LGRV DRV QtYHLV DWXDLV 1mR p GLItFLO FRPSUHHQGHU TXH D UHDOL]DomR GH GpILFLWV RUoDPHQWiULRV GHVSHVDV PDLRUHV TXH UHFHLWDV DR ORQJR GH YiULRV H[HUFtFLRVVHJXLGRVWHPFRPRUHVXOWDGRRFUHVFLPHQWRFRQWtQXRGRYROXPHGRVUHVWRVDSDJDU (VVDIRLDH[SHULrQFLDYLYLGDQDVWUrVHVIHUDVGHJRYHUQRQR%UDVLOQRV~OWLPRVDQRVYHULILFDQ GRVH HP PXLWRV FDVRV R FRPSURPHWLPHQWR GD H[HFXomR GR RUoDPHQWR GRV H[HUFtFLRV FRUUHQWHVHPYLVWDGRHOHYDGRYROXPHGRVUHVWRVDSDJDULQVFULWRV $R ILQDO GH FDGD DQR D LQVFULomR HP UHVWRV D SDJDU GH GHVSHVDV TXH QmR VH HQFRQWUHP VXSRUWDGDVSRUUHFHLWDGRSUySULRH[HUFtFLRWHPFRPRUHVXOWDGRDQHFHVVLGDGHGHXWLOL]DomR GHUHFHLWDVIXWXUDVSDUDRVHXSDJDPHQWR3RUpPVHDVUHFHLWDVHVWLPDGDVSDUDRVH[HUFtFLRV VHJXLQWHVVmRXWLOL]DGDVFRPRIRQWHSDUDDXWRUL]DomRGHQRYDVGHVSHVDVMDPDLVVREUDUmRRV UHFXUVRV QHFHVViULRV SDUD R SDJDPHQWR GDV GHVSHVDV LQVFULWDV HP PRQWDQWH VXSHULRU jV GLVSRQLELOLGDGHV ILQDQFHLUDV GR ILQDO GR H[HUFtFLR GD LQVFULomR 1D SUiWLFD DV DOWHUQDWLYDV DGRWDGDVWHUPLQDYDPVHQGRDVVHJXLQWHV LDLQVFULomRGHQRYDVGHVSHVDVHPUHVWRVDSDJDUDRILQDOGRQRYRH[HUFtFLRJHUDQGR XP SURFHVVR GH FRQWtQXR FUHVFLPHQWR GRV FRPSURPLVVRV QmR UHVSDOGDGRV HP DU UHFDGDomRRXVHMDFUHVFLPHQWRGHVFRQWURODGRGHHQGLYLGDPHQWRHFRPSURPHWLPHQWR GDVILQDQoDVS~EOLFDVRX LLDQmRH[HFXomRGDVGHVSHVDVDXWRUL]DGDVQRRUoDPHQWRFRUUHQWHSDUDTXHVREUDVVHP RV UHFXUVRV ILQDQFHLURV QHFHVViULRV DR SDJDPHQWR GDV GHVSHVDV GR H[HUFtFLR DQWHULRU (VSHFLDOPHQWHHPILQDOGHPDQGDWRTXDQGRVmRDPSOLDGDVDVSUHVV}HVSDUDDFRPRGDomR GDVGHPDQGDVGHJDVWRHVVDSUiWLFDSRGHULDID]HUFRPTXHRIXWXURJRYHUQDQWHGHL[DVVH GH UHDOL]DU VHX SURJUDPD GH JRYHUQR SDUD YLDELOL]DU R SDJDPHQWR GH FRPSURPLVVRV DVVXPLGRVSHODDGPLQLVWUDomRDQWHULRU )RLSRUHVVHPRWLYRTXHVHLQWURGX]LXQD/5)RDUWGLVFLSOLQDQGRDLQVFULomRGRVUHVWRVD SDJDUHPILQDOGHPDQGDWR$GLFLRQDOPHQWHLQWURGX]LXVHWDPEpPQR&yGLJR3HQDO%UDVLOHLUR SRULQWHUPpGLRGD/HLRDUW)RTXDOSUHYrRFDQFHODPHQWRGRVUHVWRVD SDJDU TXH WLYHUHP VLGR LQVFULWRV HP PRQWDQWH VXSHULRU jV GLVSRQLELOLGDGHV ILQDQFHLUDV GR HQFHUUDPHQWRGRUHVSHFWLYRH[HUFtFLR 2ULHQWDo}HV&RPXQVD7RGRVRV([HUFtFLRV $VUHJUDVGHOLPLWDomRGHDVVXQomRGHFRPSURPLVVRVFRPLPSDFWRVREUHDLQVFULomRGRVUHVWRV DSDJDUGHYHPVHUHQWHQGLGDVVRERHQIRTXHGDQHFHVVLGDGHGHDUUHFDGDomRTXHGrRGHYLGR VXSRUWHILQDQFHLURSDUDRSDJDPHQWRGDVGHVSHVDVFRUUHVSRQGHQWHV'HIDWRQmRpUD]RiYHO DVVXPLUFRPSURPLVVRVGHSDJDPHQWRVHPTXHVHGLVSRQKDGHIRQWHGHUHFXUVRVGHILQLGDSDUD VDOGiORV $VVLP R TXH VH SUHWHQGH p HYLWDU TXH R JRYHUQR VH LQVLUD QR FtUFXOR YLFLRVR Mi PHQFLRQDGR LQVFUHYHQGR UHVWRV D SDJDU HP PRQWDQWH TXH FRPSURPHWD UHFHLWDV IXWXUDV LQGHILQLGDV 2 DVSHFWR UHOHYDQWH GD TXHVWmR SRUWDQWR VH UHVXPH D TXH TXDQGR R JRYHUQR UHDOL]D DUUHFDGDomRTXHFRPSRUWDDGHVSHVDQmRKiTXDOTXHUSUREOHPDVHRSDJDPHQWRYLHUDRFRUUHU HPH[HUFtFLRVHJXLQWH1HVWHFDVRFDEHDDSURSULDomRGHVVDGHVSHVDjFRQWDGRRUoDPHQWR YLJHQWHHVXDLQVFULomRHPUHVWRVDSDJDUGHIRUPDTXHRVHXSDJDPHQWRVHUHDOL]DUiQRIXWXUR LQGHSHQGHQWHPHQWHGHQRYDH[HFXomRRUoDPHQWiULD (PFDVRFRQWUiULRVHRJRYHUQRQmRFRQWRXFRPDUUHFDGDomRVXILFLHQWHSDUDRSDJDPHQWRGH GHWHUPLQDGDGHVSHVDPDVMiDVVXPLXFRPSURPLVVRLUUHYRJiYHOFDEHHQFRQWUDUXPDIRQWHGH UHFXUVRVTXHSRVVDGDUOKHRGHYLGRVXSRUWHILQDQFHLUR(PVLWXDo}HVFRPRHVVDVyUHVWDXPD VDtGDUHDOL]DURSDJDPHQWRjFRQWDGRRUoDPHQWRIXWXURQRTXDOVHLQVHULUiDFRUUHVSRQGHQWH IRQWHGHUHFHLWD (PERUD D /5) VH UHILUD DSHQDV DRV UHVWRV D SDJDU UHODWLYRV jV GHVSHVDV GRV GRLV ~OWLPRV TXDGULPHVWUHVGR~OWLPRDQRGRPDQGDWRpGHVHUHFRQKHFHUDFRQYHQLrQFLDGHTXHRVPHVPRV SURFHGLPHQWRVVHMDPDGRWDGRVHPWRGRVRVDQRVDRORQJRGRPDQGDWR 'HIDWRREVHUYDGRVHVWULWDPHQWHRVWHUPRVGRDUWGD/5)HYHQWXDLVGtYLGDVUHVWRVDSDJDU SRGHULDPVHUURODGDVDRORQJRGRVDQRVGHXPPHVPRPDQGDWR1RHQWDQWRFRQVLGHUDQGRVH TXHDILQDOLGDGHGDQRUPDpGLVFLSOLQDUDH[HFXomRGRRUoDPHQWRGHIRUPDDUHGX]LURVULVFRV GHGHVHTXLOtEULRFDEHUHFRPHQGDUDDGRomRGDPHVPDUHJUDHPWRGRVRVDQRVGRPDQGDWR 7UrVTXHVW}HVVHDSUHVHQWDPHPVLWXDo}HVFRPRHVVDDDSURSULDomRGDGHVSHVDSHORUHJLPH GHFRPSHWrQFLDDH[LVWrQFLDRXQmRGHGRWDomRTXHFRPSRUWHDPHVPDGHVSHVDQRRUoDPHQWR GRH[HUFtFLRVHJXLQWHHDQmRH[HFXomRGHGHVSHVDVRUoDGDV 5HJLPHGHFRPSHWrQFLDGDGHVSHVD 1RVWHUPRVGRDUWGD/HLVHUmRLQVFULWDVHPUHVWRVDSDJDUDVGHVSHVDVHPSHQKDGDV HQmRSDJDVDWpGHGH]HPEURGHFDGDDQR$GLFLRQDOPHQWHD/5)HPVHXDUWLQFLVR ,,GHWHUPLQDTXHDGHVSHVDHDDVVXQomRGHFRPSURPLVVRVVHUmRUHJLVWUDGRVVHJXQGRRUHJLPH GHFRPSHWrQFLD (PERUDSRVVDPSHUVLVWLUHYHQWXDLVG~YLGDVTXDQWRDRVFULWpULRVWpFQLFRVGHDSOLFDomRGRUHJLPH GHFRPSHWrQFLDSDUDDGHVSHVDS~EOLFDDOJXQVVmRDQRVVRYHUUHFRPHQGiYHLV • &RQVLGHUDVH FRQWUDtGD D REULJDomR QR PRPHQWR GD IRUPDOL]DomR GR FRQWUDWR RX LQVWUXPHQWR FRQJrQHUH GHVGH TXH QmR KDMD LOHJDOLGDGH QD FRQWUDWDomR FRPR SRU H[HPSORDDXVrQFLDGHSUpYLRHPSHQKR3RUpPKiTXHVHFRQVLGHUDUTXHRHPSHQKR JHUDREULJDomR´SHQGHQWHGHFRQGLomRµQRVWHUPRVGD/HL,VVRVLJQLILFDTXH D SHUVLVWrQFLD RX QmR GD REULJDomR DR ILQDO GR H[HUFtFLR HVWi UHODFLRQDGD FRP DV FRQGLo}HVHVWDEHOHFLGDVQRFRQWUDWR • 1R FDVR GH GHVSHVDV GH FDUiWHU FRQWLQXDGR FRPR SRU H[HPSOR PDQXWHQomR GD DGPLQLVWUDomR S~EOLFDSHVVRDOHHQFDUJRV VRFLDLV HGHWHUPLQDGRVVHUYLoRVS~EOLFRV FRQVLGHUDPVH FRPSURPLVVDGDV RX VHMD GD FRPSHWrQFLD GR H[HUFtFLR DV SDUFHODV FRUUHVSRQGHQWHVDRVEHQVHVHUYLoRVHIHWLYDPHQWHHQWUHJXHVQRH[HUFtFLRDLQGDTXH YHQKDPDVHUOLTXLGDGRVQRH[HUFtFLRVHJXLQWH • 2VFRQWUDWRVGHGHVSHVDVGHFDUiWHUFRQWLQXDGRFRPH[HFXomRSUHYLVWDSDUDPDLVGH XPH[HUFtFLRFRPRSRUH[HPSORDTXHOHVUHODWLYRVDVHUYLoRVGHPDQXWHQomROLPSH]D H YLJLOkQFLD VmR XVXDOPHQWH LQVFULWRV HP UHVWRV D SDJDU SHORV YDORUHV GDV GHVSHVDV SUHYLVWDVSDUDH[HFXomRQRH[HUFtFLRTXHHVWiVHHQFHUUDQGR • 1RV GRLV ~OWLPRV FDVRV PHQFLRQDGRV DFLPD QmR FDEH H[LJLU D PDQXWHQomR GH GLV SRQLELOLGDGHGHFDL[DSDUDFREHUWXUDGDVGHVSHVDVDVHUHPH[HFXWDGDVQRVH[HUFtFLRV SRVWHULRUHVXPDYH]TXHHVWDVFRUUHUmRjFRQWDGRVRUoDPHQWRVFRUUHVSRQGHQWHV • 4XDQGRVHWUDWDUGHGHVSHVDVQmRSDJDVTXHHIHWLYDPHQWHVHUHDOL]DUDPQRH[HUFtFLR DLQGDTXHQmROLTXLGDGDVGHYHUiKDYHUDFRUUHVSRQGHQWHLQVFULomRHPUHVWRVDSDJDU HPDQWLGDDGLVSRQLELOLGDGHILQDQFHLUDSDUDRVHXSDJDPHQWRQRH[HUFtFLRVHJXLQWHe RFDVRGDVGHVSHVDVGHSHVVRDOGHYLGDVHPGH]HPEURFRPRSRUH[HPSORRºVDOiULR H TXH YHQKDP D VHU SDJDV HP MDQHLUR 2 SULQFtSLR GD FRPSHWrQFLD H[LJH TXH VHMD UHDOL]DGD D DSURSULDomR QR H[HUFtFLR FRUUHVSRQGHQWH H PDQWLGD D GLVSRQLELOLGDGH ILQDQFHLUDSDUDRVHXSDJDPHQWR • 6HPSUH TXH QmR IRU SRVVtYHO D DSURSULDomR GD GHVSHVD j FRQWD GR RUoDPHQWR GR H[HUFtFLRFRUUHQWHRFRPSURPLVVRGHYHUiVHUREMHWRGRUHJLVWURFRQWiELODGHTXDGR TXHUHIOLWDDVLWXDomRSDVVLYDH[LVWHQWHVHIRURFDVR2SURFHGLPHQWRSURYDYHOPHQWH LPSOLFDUiDHODERUDomRGHSURFHVVRGHUHFRQKHFLPHQWRGHGtYLGDDFRPSDQKDGRGDV MXVWLILFDWLYDVTXHFRXEHUHP &DQFHODPHQWRGHUHVWRVDSDJDUFRPRIRQWHSDUDQRYDVGRWDo}HVRUoDPHQWiULDV 2RUoDPHQWRSDUDRQRYRH[HUFtFLRSRGHUiQmRFRQWDUFRPGRWDomRTXHFRPSRUWHDPHVPD GHVSHVDSULQFLSDOPHQWHTXDQGRVHWUDWDUGHSURMHWRVTXHQmRFRQWHPFRPGRWDo}HVDQXDO PHQWH$VVLPSDUDYLDELOL]DUDH[HFXomRGHVVDGHVSHVDRJRYHUQRWHUiTXHSURPRYHURGHYLGR DMXVWHHPVHXRUoDPHQWRVHJXQGRDVUHJUDVHVSHFtILFDVGHDEHUWXUDGHFUpGLWRVRUoDPHQWiULRV 1HVVH FDVR D SUiWLFD XVXDO p D DSURSULDomR GD GHVSHVD QR QRYR RUoDPHQWR HP FRQWD GHQRPLQDGD´GHVSHVDVGHH[HUFtFLRVDQWHULRUHVµHPFRQIRUPLGDGHFRPRSUHYLVWRQD/HLQº 2VUHVWRVDSDJDUFRPS}HPDGtYLGDIOXWXDQWHGHFXUWRSUD]RFXMRWRWDOUHSUHVHQWDRSDVVLYR ILQDQFHLURQRVWHUPRVGRSDUiJUDIRºGRDUWGD/HL3RUVXDYH]RVFUpGLWRVDGLFLRQDLV SRGHPWHUFRPRIRQWHDOWHUQDWLYDRVXSHUiYLWILQDQFHLURDSXUDGRQRH[HUFtFLRDQWHULRUQRVWHUPRV GRLQFLVR,GRºGRDUWGDPHVPD/HL'HVVDIRUPDRFDQFHODPHQWRGHUHVWRVDSDJDUSRU LPSOLFDUUHGXomRGRSDVVLYRILQDQFHLURFRQWULEXLUiSDUDDIRUPDomRGRVXSHUiYLWILQDQFHLURGR H[HUFtFLRHPTXHRFRUUHURFDQFHODPHQWRDEULQGRHVSDoRSDUDVXDXWLOL]DomRFRPRIRQWHSDUD DEHUWXUDGHFUpGLWRVDGLFLRQDLVQRH[HUFtFLRVHJXLQWH1RHQWDQWRQRH[HUFtFLRHPTXHVHUHDOL]DU RFDQFHODPHQWRGHUHVWRVDSDJDURYDORUFRUUHVSRQGHQWHQmRFRQVWLWXLIRQWHSDUDDEHUWXUDGH FUpGLWRVDGLFLRQDLVXPDYH]TXHQmRKiSUHYLVmROHJDOQHVVHVHQWLGR 3RVVLELOLGDGHGHQmRH[HFXomRGHGHVSHVDVRUoDGDV (PGHWHUPLQDGDVVLWXDo}HVSRGHPVHUDSRQWDGRVHYHQWXDLVTXHVWLRQDPHQWRVTXDQWRDFRQIOLWRV HQWUHGLVSRVLo}HVGD/5)HGD/'2RXGD/2$(PSULPHLUROXJDUFDEHFRQVLGHUDUTXHR RUoDPHQWRpDXWRUL]DWLYRGHIRUPDTXHD/2$QmRLPS}HREULJDWRULHGDGHGHUHDOL]DomRGDV GHVSHVDVQHODDORFDGDV$GHPDLVD/5)LQWURGX]QRUPDVJHUDLVIXQGDPHQWDGDVHPSULQFtSLRV TXH GHYHP VHU REVHUYDGRV SRU TXDOTXHU DGPLQLVWUDGRU S~EOLFR FRPR D QmR DVVXQomR GH REULJDo}HVHPPRQWDQWHVPDLRUHVTXHDFDSDFLGDGHGHSDJDPHQWRGRJRYHUQR 3RUWDQWRFDEHDSOLFDUDUHJUDIXQGDPHQWDOTXDOVHMD 8PDYH]TXHQmRVHUHDOL]HDDUUHFDGDomRHVWLPDGDQD/2$RYDORUGDGHVSHVDTXH XOWUDSDVVDURPRQWDQWHGDUHFHLWDUHDOL]DGDQmRGHYHUiVHUH[HFXWDGRSDUDTXHQmR VHMDFRPSURPHWLGDUHFHLWDIXWXUD 3RU LVVR DV GHVSHVDV D VHUHP H[HFXWDGDV QHFHVVDULDPHQWH GHYHUmR WHU YDORU PHQRU TXH R RUoDGR(VVHFRPSRUWDPHQWRSUXGHQWHVHPSUHIRLSRVVtYHOPDVFRPDHGLomRGD/5)WRUQRXVH REULJDWyULRSDUDR~OWLPRDQRGHPDQGDWR 'HWHUPLQDo}HV(VSHFtILFDVSDUD)LQDOGH0DQGDWR ,QIULQJHRDUWTXHPQRV~OWLPRVRLWRPHVHVTXHDQWHFHGHPRILQDOGRPDQGDWRFRQWUDLU REULJDomRGHGHVSHVDTXHQmRSRVVDVHUFXPSULGDLQWHJUDOPHQWHGHQWURGHOHRXTXHDLQVFUHYD HPUHVWRVDSDJDUVHPGHL[DULJXDOGLVSRQLELOLGDGHGHFDL[DSDUDTXHRVXFHVVRUSRVVDDWHQGrOD 2DUWGD/5)IRLFRQFHELGRFRPDILQDOLGDGHGHYHGDUDURODJHPGHFRPSURPLVVRVGHXP H[HUFtFLR SDUD RXWUR QR ~OWLPR DQR GR PDQGDWR HYLWDQGR TXH VHMDP LUUHVSRQVDYHOPHQWH FRQWUDtGDV REULJDo}HV GH SDJDPHQWR TXH QmR SRVVDP VHU SDJDV FRP DV GLVSRQLELOLGDGHV ILQDQFHLUDVH[LVWHQWHVDRILQDOGRSUySULRH[HUFtFLR$VVLPDQRUPDOHJDOEXVFDLPSHGLUTXH FRPSURPLVVRV QmR UHVSDOGDGRV HP GLVSRQLELOLGDGHV ILQDQFHLUDV VHMDP WUDQVIHULGRV SDUD R VXFHVVRU2XVHMDDUHJUDpTXHRJRYHUQDQWH´GHL[HDFDVDDUUXPDGDSDUDVHXVXFHVVRUµ 3RU VXD YH] R DUW) GR &yGLJR 3HQDO LQWURGX]LGR SHOD /HL GH &ULPHV )LVFDLV SUHYr R FDQFHODPHQWRGRVUHVWRVDSDJDULOHJDOPHQWHLQVFULWRVKHUGDGRVGRSHUtRGRDQWHULRURXVHMD DTXHOHVTXHKRXYHUHPXOWUDSDVVDGRRYDORUGDVGLVSRQLELOLGDGHVILQDQFHLUDVH[LVWHQWHV 2V GRLV GLVSRVLWLYRV OHJDLV IXQGDPHQWDPVH QD FRPSUHHQVmR GH TXH DSHVDU GH WRGR R LQVWUXPHQWDOLQVWLWXtGRSHOD/5)YLVDQGRjUHDOL]DomRGRDMXVWHHQWUHUHFHLWDVHGHVSHVDVDR ORQJRGRH[HUFtFLRGHH[HFXomRGRRUoDPHQWRHYHQWXDOPHQWHVXUSUHVDVGH~OWLPDKRUDRX PHVPRRVLPSOHVGHVFXPSULPHQWRGDVGHWHUPLQDo}HVGD/HLSRGHPUHVXOWDUGHVDMXVWHV1HVVH FDVRSRGHUiRFRUUHUVLWXDomRHPTXHDUHFHLWDDUUHFDGDGDQmRDWLQMDRVPRQWDQWHVHVWLPDGRV QD /HL 2UoDPHQWiULD H QDV UHHVWLPDWLYDV UHDOL]DGDV QRV UHODWyULRV ELPHVWUDLV GD H[HFXomR RUoDPHQWiULDHILQDQFHLUD 1mR WHQGR R DMXVWH VH UHDOL]DGR QD RFDVLmR DGHTXDGD DV UHIHULGDV /HLV GHWHUPLQDP VXD UHDOL]DomRQRIHFKDPHQWRGREDODQoRGR~OWLPRDQRGRPDQGDWRPHGLDQWHOLPLWDomRGRVUHVWRV DSDJDUDRPRQWDQWHGDVGLVSRQLELOLGDGHVILQDQFHLUDVRXMiQRPDQGDWRVHJXLQWHPHGLDQWH FDQFHODPHQWRGRVUHVWRVDSDJDULQVFULWRV $SOLFDomRGDQRUPDSDUDRVUHVWRVDSDJDUGH 2DUWHQFRQWUDYDVHHPYLJRUQRHQFHUUDPHQWRGRH[HUFtFLRGHSRVWRTXHD /5) IRL SXEOLFDGD QR 'LiULR 2ILFLDO GR GLD GH PDLR GDTXHOH DQR 3RUWDQWR VXDV GHWHUPLQDo}HV DSOLFDPVH GHVGH DTXHOD GDWD $VVLP VH D QRYD DGPLQLVWUDomRKHUGRX UHVWRVDSDJDUTXHHYHQWXDOPHQWHQmRJXDUGDPFRQIRUPLGDGHFRPRVGLVSRVLWLYRVGRDUW FDEHDDSOLFDomRGRDUW)GR&yGLJR3HQDODVHJXLUWUDQVFULWR ´$UW)'HL[DUGHRUGHQDUGHDXWRUL]DURXGHSURPRYHURFDQFHODPHQWRGRPRQWDQWH GHUHVWRVDSDJDULQVFULWRHPYDORUVXSHULRUDRSHUPLWLGRHPOHLµ (VVHGLVSRVLWLYROHJDOH[LJHTXHRVUHVWRVDSDJDULQVFULWRVTXHWHQKDPXOWUDSDVVDGRROLPLWHGDV GLVSRQLELOLGDGHVILQDQFHLUDVVHMDPFDQFHODGRV(YLGHQWHPHQWHRFDQFHODPHQWRGHGHVSHVDV LQVFULWDV HP UHVWRV D SDJDU HQFRQWUD PDLRU RX PHQRU YLDELOLGDGH FRQIRUPH D QDWXUH]D GDV GHVSHVDVGHTXHVHWUDWHEHPFRPRGRHVWiJLRGHUHDOL]DomRGRVFRPSURPLVVRVDVVXPLGRV 5HVSHLWRDRVFRQWUDWRV 1mRFDEHj/5)GHWHUPLQDURGHVID]LPHQWRGHFRQWUDWRVSHUIHLWRV6HRYDORULQVFULWRUHSUHVHQWDU REULJDomRLUUHYRJiYHORFDQFHODPHQWRGRVUHVWRVDSDJDUGHYHUiVHUDFRPSDQKDGRGHUHJLVWUR FRQWiELOTXHLQGLTXHDVLWXDomRSDVVLYDFRUUHVSRQGHQWH1HVVHFDVRFRUURERUDPRVDUHFRPHQ GDomRH[SHGLGDSRUDOJXQV7ULEXQDLVGH&RQWDVQRVHQWLGRGHTXHRVUHVWRVDSDJDUFDQFHODGRV QHVVDFRQGLomRVHMDPDSURSULDGRVQDGtYLGDIOXWXDQWHSHUPDQHFHQGRSHQGHQWHVGHH[HFXomR RUoDPHQWiULDXPDYH]TXHSRUQmRWHUHPVLGRDUUHFDGDGRVRVUHFXUVRVQHFHVViULRVDRVHX SDJDPHQWRGHYHVHEXVFiORVHPRUoDPHQWRGHH[HUFtFLRSRVWHULRUDRGDLQVFULomR $/5)QmRDXWRUL]DQHPLQFHQWLYDDTXHEUDGHFRQWUDWRVSHUIHLWRVRXDDGXOWHUDomRRX ´PDTXLDJHPµGDFRQWDELOLGDGH 2TXHD/HLH[LJHpTXHDVGHFLV}HVGHJDVWRGRJRYHUQDQWHVHMDPSDXWDGDVSHODSUXGrQFLDR TXHLPSOLFDGHL[DUGHFRQWUDLUGHVSHVDVSDUDDVTXDLVQmRH[LVWDFHUWH]DGHTXHKDYHUiQD pSRFDGHYLGDRVUHFXUVRVILQDQFHLURVQHFHVViULRVSDUDVDOGiODV 6REUHRDVVXQWRpGHVHUHVVDOWDUTXHD/5)QmRDXWRUL]DQHPLQFHQWLYDDUHDOL]DomRGHFRQWUDWRV jPDUJHPGRSURFHVVRRUoDPHQWiULR$RFRQWUiULRVHXDUWYHGDDDVVXQomRGHREULJDomR MXQWRDIRUQHFHGRUHVGHEHQVRXVHUYLoRVVHPDXWRUL]DomRRUoDPHQWiULDSDUDSDJDPHQWR´D SRVWHULRULµRVFKDPDGRV´FRQWUDWRVGHJDYHWDµFDUDFWHUL]DQGRVHWDODomRFRPRRSHUDomRGH FUpGLWRLUUHJXODUVXMHLWDDSXQLomRQDIRUPDGD/HLGH&ULPHV)LVFDLV +i TXH VH FRQVLGHUDU WDPEpP TXH HP GHWHUPLQDGDV FLUFXQVWkQFLDV p SRVVtYHO FDQFHODU HPSHQKRV VHP SUHMXt]R GH FRPSURPLVVRV ILUPDGRV 1R HQWDQWR TXDQGR DV FRQGLo}HV GR FRQWUDWRRXDVLWXDomRHPTXHVHHQFRQWUDUVXDH[HFXomRQmRSHUPLWLUHPRFDQFHODPHQWRGD GHVSHVDRVFRPSURPLVVRVGHYHUmRVHUKRQUDGRVSDUDTXHRIRUQHFHGRUGHERDIpQmRYHQKD DVHUOHVDGR ,QGLYLGXDOL]DomRGDVUHVSRQVDELOLGDGHV (PFRQVRQkQFLDFRPD/5)TXHUHVSHLWDHSUHVHUYDRSULQFtSLRFRQVWLWXFLRQDOGHLQGHSHQGrQFLD GRV3RGHUHVXP3RGHUQmRVHUiUHVSRQVDELOL]DGRSHODDomRLUUHJXODUGRRXWUR$VVLPRDUW GD /5) GHILQH RV QtYHLV GH LQGLYLGXDOL]DomR GDV UHVSRQVDELOLGDGHV SRU 3RGHU GRV TXDLV GHFRUUHPDVVHJXLQWHVFRQFOXV}HV D$GLVSRQLELOLGDGHILQDQFHLUDHRVUHVWRVDSDJDUDVHUHPFRQVLGHUDGRVSDUDHIHLWRGH DSOLFDomRGRDUWVmRRVGR3RGHURXyUJmRUHIHULGRQRDUW1mRVHWUDWDDTXLGRV yUJmRV GHVFHQWUDOL]DGRV GR 3RGHU ([HFXWLYR FRPR RV 0LQLVWpULRV DV 6HFUHWDULDV RX 'HSDUWDPHQWRVTXHDGPLQLVWUHPVHXVSUySULRVRUoDPHQWRVPDVWmRVRPHQWHRVyUJmRV GR/HJLVODWLYR&kPDUD0XQLFLSDOQRFDVRGRVPXQLFtSLRVGR-XGLFLiULRHRFRQMXQWR GRVyUJmRVGR([HFXWLYR E $ UHJUD SRVVXL FXQKR GH UHVSRQVDELOL]DomR SHVVRDO H DSOLFDVH QR ~OWLPR DQR GH PDQGDWRGRVFKHIHVGH3RGHURXyUJmRUHIHULGRQRDUWRXVHMDDWRGRVRV3RGHUHV LQGHSHQGHQWHPHQWHGHVHURPDQGDWRHOHWLYRRXQmR eLPSRUWDQWHGHVWDFDUTXHDUHJUDGRDUWDSOLFDVHQR~OWLPRDQRGHPDQGDWRLQGHSHQ GHQWHPHQWHGHTXHPVHMDRVXFHVVRU$VVLPDLQGDTXHRVXFHVVRUVHMDDPHVPDSHVVRDHP FDVRGHUHHOHLomRDUHJUDGHYHUiVHUDWHQGLGD 5HVSHLWRjRUGHPFURQROyJLFD 2XWURDVSHFWRUHOHYDQWHpTXHQmRREVWDQWHDUHJUDGRDUWDSOLFDUVHDSHQDVjVGHVSHVDV FRQWUDtGDVQRV~OWLPRVRLWRPHVHVGR~OWLPRDQRGHPDQGDWRQmRGHYHUiVHUGDGDSULRULGDGH j OLTXLGDomR GHVVHV GpELWRV HP GHWULPHQWR GDTXHOHV DVVXPLGRV QR SHUtRGR DQWHULRU ,VWR SRUTXHHPSULPHLUROXJDURDUWºGD/HLYHGDWDOFRQGXWDQRVVHJXLQWHVWHUPRV ´ GHYHQGR FDGD XQLGDGH GD DGPLQLVWUDomR REHGHFHU SDUD FDGD IRQWH GLIHUHQFLDGD GH UHFXUVRV D HVWULWD RUGHP FURQROyJLFD GDV GDWDV GH VXDV H[LJLELOLGDGHV VDOYR TXDQGR KRXYHU UHOHYDQWHVUD]}HVGHLQWHUHVVHS~EOLFRHPHGLDQWHSUpYLDMXVWLILFDWLYDGDDXWRULGDGHFRPSHWHQWH GHYLGDPHQWHSXEOLFDGDµ $GHPDLVR'HFUHWR/HLQRVHXDUWºLQFLVR;,,FRQVLGHUDFULPHGHUHVSRQVDELOLGDGH GR3UHIHLWR´DQWHFLSDURXLQYHUWHUDRUGHPGHSDJDPHQWRDFUHGRUHVGR0XQLFtSLRVHPYDQWDJHP SDUDRHUiULRµ$DomRWDPEpPQmRHVWDUiFRQGL]HQWHFRPDVGLVSRVLo}HVGD/5)XPDYH]TXH RSDUiJUDIR~QLFRGRDUWGD/HLHVWDEHOHFHTXH´QDGHWHUPLQDomRGDGLVSRQLELOLGDGHGHFDL[D VHUmRFRQVLGHUDGRVRVHQFDUJRVHGHVSHVDVFRPSURPLVVDGDVDSDJDUDWpRILQDOGRH[HUFtFLRµ 3RUWDQWRDQRUPDOHJDOLPSOLFDTXHDVGLVSRQLELOLGDGHVILQDQFHLUDVDRILQDOGRH[HUFtFLRGHYHUmR VHUVXILFLHQWHVSDUDVDOGDUWRGRVRVFRPSURPLVVRVGHGHVSHVDVGHFRPSHWrQFLDGRSHUtRGRGR PDQGDWRLQFOXLQGRDVGR~OWLPRDQRHDVGRVH[HUFtFLRVDQWHULRUHV 2ULHQWDo}HVSDUD,QtFLRGH1RYD$GPLQLVWUDomR $V DGPLQLVWUDo}HV LQLFLDGDV QR H[HUFtFLR GH DVVLP FRPR DV IXWXUDV DGPLQLVWUDo}HV SRGHUmRVHGHSDUDUHQWUHRXWUDVLUUHJXODULGDGHVFRPGXDVVLWXDo}HVGLVWLQWDVDH[LVWrQFLDGH FRPSURPLVVRVQmRLQVFULWRVHPUHVWRVDSDJDUSRUIRUoDGRGLVSRVWRQRDUWPDVTXHQmR SRVVDP GHL[DU GH VHU KRQUDGRV RX D H[LVWrQFLD GH UHVWRV D SDJDU HP PRQWDQWH VXSHULRU j GLVSRQLELOLGDGHILQDQFHLUD3DUDRVGRLVFDVRVpUHFRPHQGiYHOVHJXLUDRULHQWDomRGHODQoD PHQWRGRVFRPSURPLVVRVQDGtYLGDIOXWXDQWHMiPHQFLRQDGD'HTXDOTXHUIRUPDpLPSRUWDQWH REVHUYDUTXH $UHJUDpRFXPSULPHQWRGRVFRQWUDWRVTXHMiWHQKDPSURGX]LGRFRPSURPLVVRVSDUDD DGPLQLVWUDomR $VVLPFDEHPRVVHJXLQWHVFRPHQWiULRV DKDYHQGRLUUHJXODULGDGHQDFRQWUDWDomRRXQDHPLVVmRGRHPSHQKRLQFOXVLYHQRVFDVRV SUHYLVWRV QR DUW GD /5) HYHQWXDOPHQWH DV GHVSHVDV SRGHUmR VHU FRQVLGHUDGDV MXULGLFDPHQWHQXODVVLWXDomRHPTXHSRGHUmRVHUFDQFHODGRVRVHPSHQKRVFRUUHVSRQ GHQWHV EQRVFDVRVUHJXODUHVHPTXHRVUHVWRVDSDJDUFDQFHODGRVUHSUHVHQWHPFRQWUDWRVTXH QmR JHUDUDP FRPSURPLVVRV SDUD D DGPLQLVWUDomR R QRYR JRYHUQR SRGHUi RSWDU SRU PDQWHU RX QmR D VXD YLJrQFLD (P FDVR DILUPDWLYR D GHVSHVD GHYHUi UHDOL]DUVH FRP XWLOL]DomRGHGRWDomRGRRUoDPHQWRFRUUHQWHPHGLDQWHHPLVVmRGHQRYRHPSHQKR F QRV FDVRV GH UHVWRV D SDJDU FDQFHODGRV FXMRV FRQWUDWRV WHQKDP VLGR ILUPDGRV FRP REVHUYkQFLDGDOHJLVODomRHGDVUHJUDVSHUWLQHQWHVDRSURFHVVRRUoDPHQWiULR33$/'2 H/2$HQmRSRVVDPGHL[DUGHVHUKRQUDGRVSDUDTXHRIRUQHFHGRUQmRVHMDSUHMXGLFDGR FDEHUiWDPEpPDHPLVVmRGHQRYRHPSHQKRjFRQWDGRH[HUFtFLRFRUUHQWHLQGHSHQ GHQWHPHQWHGDVFRPLQDo}HVOHJDLVLPSXWiYHLVDRJRYHUQDQWHDQWHULRU G VH YHULILFDGR R GHVFXPSULPHQWR GD /5) R QRYR JRYHUQDQWH SRGHUi DSUHVHQWDU GHQ~QFLDFULPHFRQWUDVHXDQWHFHVVRUQRVWHUPRVGD/HLGH&ULPHV)LVFDLV(VSHFLILFD PHQWHQRTXHVHUHIHUHDUHVWRVDSDJDURDUWºGDTXHOD/HLLQVHULXQR&yGLJR3HQDO %UDVLOHLURRVDUWV%&'H)WLSLILFDQGRRVVHJXLQWHVFULPHV • RUGHQDURXDXWRUL]DUDLQVFULomRHPUHVWRVDSDJDUGHGHVSHVDTXHQmRWHQKDVLGR SUHYLDPHQWHHPSHQKDGDRXTXHH[FHGDOLPLWHHVWDEHOHFLGRHPOHLYHUDUW,,GD &)DUWGD/HLHDUWVHGD/5) • RUGHQDURXDXWRUL]DUDDVVXQomRGHREULJDomRQRVGRLV~OWLPRVTXDGULPHVWUHVGR~OWLPR DQRGRPDQGDWRRXOHJLVODWXUDFXMDGHVSHVDQmRSRVVDVHUSDJDQRPHVPRH[HUFtFLR ILQDQFHLUR RX FDVR UHVWH SDUFHOD D VHU SDJD QR H[HUFtFLR VHJXLQWH TXH QmR WHQKD FRQWUDSDUWLGDVXILFLHQWHGHGLVSRQLELOLGDGHILQDQFHLUDYHUDUWGD/5) • RUGHQDUGHVSHVDQmRDXWRUL]DGDSRUOHLYHUDUW,,GD&)DUWGD/HL HDUWVHGD/5) • GHL[DUGHRUGHQDUGHDXWRUL]DU RXGHSURPRYHU R FDQFHODPHQWR GRPRQWDQWHGRV UHVWRV D SDJDU LQVFULWR HP YDORU VXSHULRU DR SHUPLWLGR HP OHL LPSXWiYHO DR QRYR JRYHUQDQWHTXHQmRFDQFHODURVUHVWRVDSDJDULQVFULWRVSHODDGPLQLVWUDomRDQWHULRUHP PRQWDQWHPDLRUTXHDGLVSRQLELOLGDGHILQDQFHLUD 1RTXHVHUHIHUHjDSOLFDomRGHSHQDOLGDGHSHORGHVFXPSULPHQWRGRDUWGD/5)pGHVH UHVVDOWDUTXHD/HLGH&ULPHV)LVFDLV/HLVRPHQWHHQWURXHPYLJRUQRGLDGH RXWXEURGH3RUWDQWRREVHUYDGRRSULQFtSLRGDQmRUHWURDWLYLGDGHGDVOHLVQmRSRGHUi RDSHQDPHQWRUHFDLUVREUHRUGHQDomRRXDXWRUL]DomRGHDVVXQomRGHREULJDomRTXHWHQKDVH UHDOL]DGRHPGDWDDQWHULRU &DStWXOR $*(5$d®2'$'(63(6$ 6HOHQH3HUHV3HUHV1XQHV 'RXWRUDQGD HP (FRQRPLD SHOD 8QLYHUVLGDGH GH %UDVtOLD 8Q% H $VVHVVRUD (FRQ{PLFD GR 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR GHVGH IRL XPD GDV UHVSRQViYHLV SHOD HODERUDomR GD SURSRVWD GH /HL GH 5HVSRQVDELOLGDGH )LVFDO VHOHQHQXQHV#SODQHMDPHQWRJRYEU $25'(025d$0(17É5,$(),1$1&(,5$ $&RQVWLWXLomR)HGHUDOGHD/HLD/HL/HLGDV/LFLWDo}HVHD/HL /HL GH 5HVSRQVDELOLGDGH )LVFDO ² /5) PDLV HVSHFLILFDPHQWH QRV DUWV H FRQVWLWXHPRTXHVHSRGHFKDPDUGH´RUGHPRUoDPHQWiULDHILQDQFHLUDµ(VVDRUGHPH[LVWHH pQHFHVViULDSRUTXHGHYHKDYHUXPDVHSDUDomRPXLWRFODUDHQWUHRTXHpS~EOLFRHRTXHp SULYDGR4XDQGRXPFLGDGmRJDVWDVHXSUySULRGLQKHLURpFRQYHQLHQWHTXHSODQHMHFRPRLUi ID]rORPDVQmRVHUiSXQLGRVHQmRRIL]HU&RPRGLQKHLURS~EOLFRpSUHFLVRWHUPDLVFXLGDGR $VVLPTXDQGRRIXQFLRQiULRS~EOLFRID]XPDGHVSHVDHVWiDGPLQLVWUDQGRRVUHFXUVRVTXHR SRYRFRORFRXjGLVSRVLomRGRJRYHUQRHGHYHFXPSULUDOJXPDVUHJUDVTXHVmRHVWDEHOHFLGDV SRUOHLV$DGPLQLVWUDomRGRGLQKHLURS~EOLFRH[LJHPDLVUHVSRQVDELOLGDGH 2TXHGHQRPLQDPRVGH´RUGHPRUoDPHQWiULDHILQDQFHLUDµQmRVHUHIHUHDSHQDVjH[LVWrQFLD GH XP RUGHQDPHQWR MXUtGLFR FRP UHTXLVLWRV TXH SUHFLVDP VHU DWHQGLGRV 5HIHULPRQRV WDPEpPDXPDVHTrQFLDHVSHFtILFDSUHGHWHUPLQDGDHRUGHQDGDGHUHTXLVLWRV2ºGRDUW GD/5)SRUH[HPSORHVWDEHOHFHTXHD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµHRLPSDFWR RUoDPHQWiULRILQDQFHLURVmRFRQGLomRSUpYLDSDUDHPSHQKRHOLFLWDomRGHVHUYLoRVIRUQHFL PHQWRGHEHQVRXH[HFXomRGHREUDVHGHVDSURSULDomRGHLPyYHLVXUEDQRV$VVLPDRUGHP GRVSURFHGLPHQWRVQmRpXPGHWDOKH 25'(025d$0(17É5,$(),1$1&(,5$ 33$→/'2→/2$ ↓ 352*5$0$d®2),1$1&(,5$ ↓ '(&/$5$d®2'225'(1$'25'('(63(6$ ,03$&7225d$0(17É5,2(),1$1&(,52 &203(16$d®26(1(&(66É5,2²$57 ↓ /,&,7$d®2 ↓ (03(1+2 ↓ &2175$72 ↓ /,48,'$d®2→3$*$0(172 $RUGHPRUoDPHQWiULDHILQDQFHLUDHVWDEHOHFLGDSHODOHJLVODomRpDVHJXLQWH 3ULPHLURDGHVSHVDGHYHID]HUSDUWHGHXPSURJUDPDGR33$&RQKHFHPRVDQRYDPHWRGR ORJLDGR33$FDStWXORHVRXEHPRVSRUTXHHOHpWmRLPSRUWDQWHSDUDRSODQHMDPHQWRH FRQVHTHQWHPHQWHSDUDTXHVHMDFXPSULGDD/5) 6HJXQGRDGHVSHVDQmRSRGHFRQWUDULDUQHQKXPDGDVGLVSRVLo}HVGD/'2DOpPGHHVWDUGH DFRUGRFRPVXDVGLUHWUL]HVREMHWLYRVHSULRULGDGHV,VVRLQFOXLRV$QH[RVGD/'2TXHWDPEpP GHYHPVHUUHVSHLWDGRV9LPRVFRPRD/'2GHYHVHUHODERUDGDFDStWXORHTXDLVDVLQRYDo}HV TXHD/5)LQWURGX]LXQHVVDPDWpULD 7HUFHLURGHYHVHYHULILFDUVHDTXHODGHVSHVDHVWiDXWRUL]DGDSHORRUoDPHQWRRXSHORVVHXV FUpGLWRVDGLFLRQDLV,VVRTXHUGL]HUTXHGHYHKDYHUQRRUoDPHQWRXPDGRWDomRVXILFLHQWHQR FDVRGHXPDGHVSHVDHVSHFtILFD6HDGHVSHVDIRUDEUDQJLGDSRUXPFUpGLWRJHQpULFRHQWmRD VRPDGHWRGDVDVGHVSHVDVGDPHVPDHVSpFLHUHDOL]DGDVHDUHDOL]DUQmRGHYHXOWUDSDVVDUD GRWDomR SUHYLVWD SDUD DTXHOH SURJUDPD GH WUDEDOKR QDTXHOH H[HUFtFLR e FRPR VH D FDGD GHVSHVDHVWLYpVVHPRVID]HQGRRFRQWUROHGRQRVVR´VDOGRRUoDPHQWiULRµH[DWDPHQWHFRPR ID]HPRV QR FRQWUROH GD QRVVD FRQWD EDQFiULD SDUWLFXODU DQRWDQGR QR FDQKRWR GR WDOmR GH FKHTXHV $VVLP HYLWDPRV TXH D VRPD GDV GHVSHVDV VXSHUH D DXWRUL]DomR RUoDPHQWiULD /HPEUHPRVTXHFRQIRUPHYLVWRQRTXDUWRFDStWXORXPGRVSULQFtSLRVGRRUoDPHQWRpRGD XQLYHUVDOLGDGHQHQKXPDGHVSHVDSRGHVHUUHDOL]DGDIRUDGRRUoDPHQWR 4XDUWRGHSRLVGHDSURYDGRRRUoDPHQWRGHYHVHUHODERUDGDXPDSURJUDPDomRILQDQFHLUDH RUoDPHQWiULDFDStWXORTXHpRSODQHMDPHQWRGDSUySULDH[HFXomRQDTXHOHH[HUFtFLRHP IXQomRGDSUHYLVmRGHUHFHLWDV 4XLQWR p LPSRUWDQWH TXH WRGD D GHVSHVD VHMD DFRPSDQKDGD SRU XPD ´GHFODUDomR GR RUGHQDGRUGHGHVSHVDµGHTXHWRGRVRVUHTXLVLWRVIRUDPUHVSHLWDGRV$OpPGLVVRGHDFRUGR FRPRDUWGD/5)WRGDFULDomRH[SDQVmRRXDSHUIHLoRDPHQWRGHDomRJRYHUQDPHQWDOTXH DFDUUHWH DXPHQWR GH GHVSHVD GHYHUi HVWDU DFRPSDQKDGD GH XPD HVWLPDWLYD GR LPSDFWR RUoDPHQWiULRILQDQFHLURQRH[HUFtFLRHPTXHHQWUDUHPYLJRUHQRVGRLVVHJXLQWHV(GHDFRUGR FRPRDUWVHDGHVSHVDIRUREULJDWyULDGHGXUDomRFRQWLQXDGDGHYHVHLQGLFDURPHFDQLVPR GH FRPSHQVDomR 1D VHomR VHJXLQWHYHUHPRVFRP PDLVGHWDOKHVDVH[LJrQFLDVGHVVHVGRLV DUWLJRV 6H[WRGHYHPRVYHULILFDUVHDGHVSHVDGHYHVHUOLFLWDGD1HVWHVHQWLGRFRQYpPREVHUYDUWRGDV DVGHWHUPLQDo}HVGD/HLHPSDUWLFXODUDVFRQGLo}HVGHLQH[LJLELOLGDGHHGLVSHQVD GHOLFLWDomR 2EVHUYHQRHQWDQWRTXHWRGRVRVSDVVRVDWpDTXLDSUHVHQWDGRVVmRSUpUHTXLVLWRVGDOLFLWDomR 6ySRGHPRVOLFLWDUGHSRLVTXHHVWLYHPRVFHUWRVGHTXHVHWUDWDGHXPDGHVSHVDDXWRUL]DGD 3RUHVVDUD]mRD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµGHYHFRQVWDUGRSURFHVVROLFLWDWyULR $/HLMiPHQFLRQDYDQRVHXDUWººTXH ´$VREUDVHRVVHUYLoRVVRPHQWHSRGHUmRVHUOLFLWDGRVTXDQGR ,,, ² KRXYHU SUHYLVmR GH UHFXUVRV RUoDPHQWiULRV TXH DVVHJXUHP R SDJDPHQWR GDV REULJDo}HVGHFRUUHQWHVGHREUDVRXVHUYLoRVDVHUHPH[HFXWDGDVQRH[HUFtFLRILQDQFHLUR HPFXUVRGHDFRUGRFRPRUHVSHFWLYRFURQRJUDPD ,9 ² R SURGXWR GHOD HVSHUDGR HVWLYHU FRQWHPSODGR QDV PHWDV HVWDEHOHFLGDV QR 3ODQR 3OXULDQXDOGHTXHWUDWDRDUWGD&RQVWLWXLomR)HGHUDOTXDQGRIRURFDVRµ (PDLVDGLDQWHQRDUW ´1HQKXPDFRPSUDVHUiIHLWDVHPDDGHTXDGDFDUDFWHUL]DomRGHVHXREMHWRHLQGLFDomR GRV UHFXUVRV RUoDPHQWiULRV SDUD VHX SDJDPHQWR VRE SHQD GH QXOLGDGH GR DWR H UHV SRQVDELOLGDGHGHTXHPWLYHUOKHGDGRFDXVDµ 6pWLPRHQWUDVHQDSULPHLUDIDVHGDH[HFXomRGDGHVSHVDRHPSHQKR 2LWDYRVHKRXYHOLFLWDomRRXPHVPRQRVFDVRVGHLQH[LJLELOLGDGHRXGLVSHQVDIRUPDOL]DVH WDPEpP D REULJDomR GH GHVSHVD DWUDYpV GH XP FRQWUDWR DGPLQLVWUDWLYR 1HVVH VHQWLGR REVHUYDVH QRYDPHQWH DH[LJrQFLD GH FRQGLo}HVSUpYLDV TXDQGRRDUW LQFLVR9GD /HL H[LJHTXHFRQVWHGRVFRQWUDWRV ´R FUpGLWR SHOR TXDO FRUUHUi D GHVSHVD FRP D LQGLFDomR GD FODVVLILFDomR IXQFLRQDO SURJUDPiWLFDHGDFDWHJRULDHFRQ{PLFDµ 1RQRGDQGRFRQWLQXLGDGHjVIDVHVGDH[HFXomRGDGHVSHVDGHDFRUGRFRPD/HL SDVVDPRVjOLTXLGDomRHDRSDJDPHQWReIiFLOREVHUYDUTXHRSDJDPHQWRpD~OWLPDIDVHGD GHVSHVDHFRQVHTHQWHPHQWHGD´RUGHPRUoDPHQWiULDHILQDQFHLUDµDTXLGHVFULWD 26&21&(,726'(*(5$d®2'('(63(6$('('(63(6$ 2%5,*$7Ð5,$'(&$5É7(5&217,18$'2 $ RUGHP RUoDPHQWiULD H ILQDQFHLUD DTXL GHVFULWD IRL FRPSOHWDGD H IRUWDOHFLGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO ² /5) $VVLP HPERUD D /5) QmR WHQKD FULDGR QHQKXPD H[LJrQFLD UDGLFDOPHQWH QRYD SDUD D JHUDomR GD GHVSHVD LQWURGX]LX D ´GHFODUDomR GR RUGHQDGRU GH GHVSHVDµTXHSHUPLWHLQGLYLGXDOL]DUUHVSRQVDELOLGDGHVTXLQWRSDVVRQDRUGHPGHVFULWD 8PGRVDVSHFWRVTXHSUHFLVDUiVHUDWHVWDGRSHOD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµpR FXPSULPHQWRGRDUWGD/5)TXHHVWDEHOHFHDVH[LJrQFLDVSDUDDJHUDomRGDGHVSHVDLVWR pDFULDomRH[SDQVmRRXDSHUIHLoRDPHQWRGHDomRJRYHUQDPHQWDOTXHDFDUUHWHDXPHQWRGH GHVSHVD 0DVTXDOpRPRPHQWRHPTXHVHJHUDDGHVSHVD"eRPRPHQWRHPTXHpDVVXPLGDDREULJDomR DWUDYpVGHXPHPSHQKRRXGHXPFRQWUDWRDFRPSUDGHEHQVDFRQWUDWDomRGHSHVVRDOD FRQWUDWDomRGHVHUYLoRVRXGHREUDVDGHVDSURSULDomRGHLPyYHLVHWFJHUDPGHVSHVD 2 PHUR SDJDPHQWR RX D H[HFXomR GH XPD GHVSHVD FRQWLQXDGD QmR JHUDP GHVSHVD 3RU H[HPSORVHD3UHIHLWXUDSDJDPHQVDOPHQWHVHXVIXQFLRQiULRVHIHWLYRVTXHIRUDPFRQWUDWDGRV QRSDVVDGRQmRHVWiJHUDQGRXPDGHVSHVDDSHQDVDHVWiSDJDQGR0DVVHUHDOL]DXPFRQFXUVR S~EOLFR RX VH FRQWUDWD IXQFLRQiULRV DGLFLRQDLV HQWmR HVVD FRQWUDWDomR p XPD JHUDomR GH GHVSHVD 6HSRUH[HPSORD3UHIHLWXUDHVWiH[HFXWDQGRXPFRQWUDWRGHUHFROKLPHQWRGHOL[RTXHIRL DVVLQDGRKiGRLVDQRVQmRHVWi´JHUDQGRXPDGHVSHVDµQHVWHPRPHQWR0DVVHDVVLQDXP QRYRFRQWUDWRRXSURUURJDRXUHSDFWXDRDWXDOHQWmRHVVHQRYRFRQWUDWRpJHUDomRGHGHVSHVD 2FRQFHLWRGHJHUDomRGHGHVSHVDQmRHVWiFRQGLFLRQDGRDRIDWRGHKDYHUUHFXUVRVSUHYLVWRV QR RUoDPHQWR $ DXWRUL]DomR RUoDPHQWiULD p VHPSUH XP SUpUHTXLVLWR EiVLFR SDUD UHDOL]DU TXDOTXHU GHVSHVD QRYD RX QmR VHQGR R RUoDPHQWR DTXL HQWHQGLGR FRP DV PRGLILFDo}HV SRVWHULRUHVDXWRUL]DGDVSHOD&kPDUDGH9HUHDGRUHVRUoDPHQWRPDLVFUpGLWRVDGLFLRQDLV 1RHQWDQWRRDUWGD/5)YDLDOpPHH[LJHTXHDGHVSHVDTXHHVWiVHQGRJHUDGD²SRUWDQWR DGHVSHVDQRYD²VHMDDFRPSDQKDGDGHXPDHVWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLUR QRH[HUFtFLRHPTXHHQWUDUHPYLJRUHQRVGRLVVHJXLQWHVHGHXPD´GHFODUDomRGRRUGHQDGRU GHGHVSHVDµDWHVWDQGRVXDUHJXODULGDGHQRVWHUPRVGR33$GD/'2HGD/2$,VWRVLJQLILFD TXHRRUGHQDGRUGHGHVSHVDpUHVSRQViYHOSRUID]HUXPDHVSpFLHGHOLVWDGHFKHFDJHP 6HDOpPGLVVRDGHVSHVDIRUREULJDWyULDGHGXUDomRFRQWLQXDGDQRVWHUPRVGRDUWGD /5) GHYHVH LQGLFDURPHFDQLVPRGHFRPSHQVDomR7UDWDVHGHXPDH[LJrQFLDDGLFLRQDO &RQWXGRGLIHUHQWHPHQWHGRDUWQRTXDOVHHQTXDGUDPPXLWDVGHVSHVDVRDUWWUDWDGH FDVREDVWDQWHSDUWLFXODUDGHVSHVDFRUUHQWHTXHJHUDULPSDFWRRUoDPHQWiULRILQDQFHLURSRU XPSHUtRGRVXSHULRUDGRLVH[HUFtFLRVHIRUREULJDWyULDSRUOHLPHGLGDSURYLVyULDRXDWR DGPLQLVWUDWLYRQRUPDWLYRSRUH[HPSORXPDSRUWDULD$PDLRUSDUWHGDVGHVSHVDVQmRVH HQTXDGUDQHVVDFDWHJRULD $PDQHLUDPDLVIiFLOGHLGHQWLILFDUXPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRpYHULILFDUVH XPDYH]FULDGDHODFKHJDUijHODERUDomRGRVRUoDPHQWRVVHJXLQWHVGHILQLGDGDGDUtJLGD)LFDP IRUDGHVVHFRQFHLWRWRGDVDVGHVSHVDVGHFXVWHLRTXHVmRDQXDOPHQWHDORFDGDVQRRUoDPHQWRVHP GHSHQGHUHPGHRXWUDOHLWRGDVDVGHVSHVDVGHFDSLWDOHDVVHJXLQWHVH[FHo}HVSUHYLVWDVQRVDUW HTXHSHUPLWHPSURWHJHURVGLUHLWRVFRQVWLWXFLRQDLVRVGLUHLWRVDGTXLULGRVHRVFRQWUDWRV 2VUHDMXVWHVVDODULDLVGRSHVVRDODWLYRHGRVEHQHItFLRVFRQFHGLGRVDRVLQDWLYRV 2VHUYLoRGDGtYLGD (QDViUHDVGHVD~GHSUHYLGrQFLDHDVVLVWrQFLDVRFLDODFRQFHVVmRGHEHQHItFLRDTXHP VDWLVIDoD DV FRQGLo}HV GH KDELOLWDomR SUHYLVWD QD OHJLVODomR SHUWLQHQWH D H[SDQVmR TXDQWLWDWLYDGRDWHQGLPHQWRHGRVVHUYLoRVSUHVWDGRVHRVUHDMXVWHVGHVWLQDGRVDSUHVHUYDU RYDORUUHDOGRVEHQHItFLRV 1RHQWDQWRDSURUURJDomRGDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRTXHLQLFLDOPHQWHKDYLD VLGRFULDGDSRUSUD]RGHWHUPLQDGRFRQILJXUDJHUDomRGHGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGR 9HMDPRVDOJXQVH[HPSORVGHGHVSHVDVREULJDWyULDVGHFDUiWHUFRQWLQXDGR • $FRQWDGHOX]QmRpXPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRSRUTXHHPERUD HQHUJLDHOpWULFDVHMDHVVHQFLDORFRQVXPRQmRpREULJDWyULRWUDWDVHGHXPDGHVSHVD FRUUHQWHTXHVHUiPHQRUVHDGPLQLVWUDomRJDVWDUPHQRV • 8PFRQWUDWRGHSUHVWDomRGHVHUYLoRVFRQVXOWRULDLQIRUPiWLFDRXUHFROKLPHQWRGH OL[RQmRpXPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRSRUTXHSRVVRGHFLGLUQmR ID]HUPDLVDTXHODGHVSHVDQRH[HUFtFLRVHJXLQWH1mRKiXPDOHLTXHPHREULJXHD ID]HU D GHVSHVD $ REULJDomR QmR WHP RULJHP HP OHL PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYR QRUPDWLYR PDV DSHQDV HP XP FRQWUDWR TXH SRGH VHU UHYRJDGR PRGLILFDGRRXUHSDFWXDGR • 8PDREUDFRPH[HFXomRSUHYLVWDHPFLQFRDQRVQmRpXPDGHVSHVDREULJDWyULDGH FDUiWHUFRQWLQXDGRSRUTXHpXPLQYHVWLPHQWRXPDGHVSHVDGHFDSLWDOSRUWDQWRQmR LQFOXtGDQHVVHFRQFHLWR • 2SDJDPHQWRGRVIXQFLRQiULRVGD3UHIHLWXUDQmRFDUDFWHUL]DDJHUDomRGHXPDGHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR SRUTXH FRPR YLPRV R PHUR SDJDPHQWR QmR FDUDFWHUL]DJHUDomRGHGHVSHVD • $ FRQWUDWDomR GH QRYRV IXQFLRQiULRV HIHWLYRV p JHUDomR GH GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR SRUTXH GDTXHOH PRPHQWR HP GLDQWH RV QRYRV RUoDPHQWRV WRPDUmRHVVDGHVSHVDFRPRUtJLGDWHQGRHPYLVWDTXHRVIXQFLRQiULRVVmRHVWiYHLV • $ FULDomR GH XP QRYR EHQHItFLR DVVLVWHQFLDO DR TXDO WHUmR GLUHLWR WRGRV TXH VH HQTXDGUDUHPHPGHWHUPLQDGDVLWXDomRpJHUDomRGHGHVSHVDREULJDWyULDGHFDUiWHU FRQWLQXDGR • 2SDJDPHQWRGHXPEHQHItFLRDVVLVWHQFLDOFULDGRSRU/HLQRSDVVDGRQmRFDUDFWHUL]D DJHUDomRGHXPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRSRUTXHSDJDPHQWRQmR pJHUDomRGHGHVSHVDHVWiVHWmRVRPHQWHH[HFXWDQGRXPDGHVSHVDTXHFRQILJXUD GLUHLWRDGTXLULGRGHFRUUHQWHGHOHLMiHPYLJRU$/5)QmRFULDQHQKXPDH[LJrQFLDSDUD R DFHVVR D XP EHQHItFLR Mi H[LVWHQWH SDUD QRYRV EHQHILFLDGRV TXH VDWLVIDoDP DV FRQGLo}HVGHKDELOLWDomRSUHYLVWDVQDOHJLVODomR • 2DXPHQWRGHQ~PHURGHDWHQGLPHQWRVHPKRVSLWDLVQmRFDUDFWHUL]DDJHUDomRGH XPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRSRUTXHVHUHIHUHjH[FHomRSUHYLVWDQR DUWGD/5)FRPR´H[SDQVmRTXDQWLWDWLYDGRDWHQGLPHQWRHGRVVHUYLoRVSUHVWDGRVµ • 2V UHDMXVWHV GHVWLQDGRV D SUHVHUYDU R YDORU UHDO QDV iUHDV GH VD~GH SUHYLGrQFLD H DVVLVWrQFLDVRFLDOQmRFDUDFWHUL]DPDJHUDomRGHXPDGHVSHVDREULJDWyULDGHFDUiWHU FRQWLQXDGRSRUTXHWDPEpPVHUHIHUHPjH[FHomRSUHYLVWDQRDUWGD/5) • 2V UHDMXVWHVVDODULDLVGRSHVVRDODWLYRHGRVEHQHItFLRVFRQFHGLGRVDRVLQDWLYRVQmR FDUDFWHUL]DP D JHUDomR GH XPD GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR SRUTXH WDPEpPHVWmRH[FHSFLRQDOL]DGRVSHORºGRDUWHSHORLQFLVR,,,GRDUWGD/5) 2VIXQFLRQiULRVS~EOLFRVDWLYRVHLQDWLYRVSRGHUmRWHUVHXVVDOiULRVFRUULJLGRVGHVGH TXHDOHLRUoDPHQWiULDDVVLPSUHYHMD • $SURUURJDomRGHXPEHQHItFLRDVVLVWHQFLDOTXHLQLFLDOPHQWHKDYLDVLGRFULDGRSDUDVHU FRQFHGLGRSRUGRLVDQRVHDJRUDYDOHUiSRUPDLVFLQFRRXDH[WHQVmRGHGLUHLWRDHVVH EHQHItFLRDRXWURVTXHDQWHULRUPHQWHQmRVHHQTXDGUDYDPQHVVDVLWXDomRpJHUDomR GHGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRGHDFRUGRFRPRºGRDUWGD/5) • 2DXPHQWRGRVHUYLoRGDGtYLGDJHUDGRSRUXPDHOHYDomRGDWD[DGHMXURVRXPHVPR SRUHQGLYLGDPHQWRDGLFLRQDOQmRFDUDFWHUL]DDJHUDomRGHXPDGHVSHVDREULJDWyULDGH FDUiWHUFRQWLQXDGRSRUTXHHVWiH[FHSFLRQDOL]DGRSHORºGRDUWGD/5) $'(&/$5$d®2'225'(1$'25'('(63(6$ 9LPRVTXHDJHUDomRGHGHVSHVDGHYHVHUDFRPSDQKDGDGHHVWLPDWLYDGHLPSDFWRRUoDPHQ WiULRILQDQFHLURHGHGHFODUDomRGRRUGHQDGRUGHGHVSHVD2LPSDFWRRUoDPHQWiULRILQDQFHLUR pFDOFXODGRSDUDWUrVH[HUFtFLRVSRUTXHHVVHpRSHUtRGRSDUDRTXDOVHHVWDEHOHFHPDVPHWDV ILVFDLV3RUWDQWRDRJHUDUXPDGHVSHVDpSUHFLVRYHULILFDUVHHODMiHVWDYDSUHYLVWDHQmRFULDUi GLILFXOGDGHVSDUDRDWLQJLPHQWRGDVPHWDVILVFDLVSDUWHLQWHJUDQWHGD/'2 4XDQWRjGHFODUDomRGRRUGHQDGRUGHGHVSHVDFRPRDIRUPDSHODTXDOHODSRGHVHUIRUQHFLGD DLQGDQmRIRLREMHWRGHUHJXODPHQWDomRKiQDSUiWLFDDOJXPDVDOWHUQDWLYDV3RGHVHUXPD PHUDFKHFDJHPVHJXLQGRDOLVWDTXHDSUHVHQWDUHPRVDVHJXLUDFUHVFLGDGHXPDGHFODUDomR PXLWRVLPSOHVQRSURFHVVRGRWLSR´'HFODURTXHDGHVSHVDVDWLVID]DVH[LJrQFLDVGRVDUWV HGD/HL&RPSOHPHQWDUµ +i WDPEpP VLVWHPDV LQIRUPDWL]DGRV PDLV VRILVWLFDGRV 6,$)(0 H RXWURV TXH WUDYDP RV HPSHQKRVVHQmRKRXYHUDXWRUL]DomRRUoDPHQWiULD$VVLPVHRFRQWUROHQDHODERUDomRGR RUoDPHQWRpVXILFLHQWHPHQWHERPSDUDDVVHJXUDUTXHQmRKDYHUiLQFRPSDWLELOLGDGHHQWUHHVWH HR33$RXD/'2RXRXWUDVGLVSRVLo}HVOHJDLVHQWmRDOLVWDGHFKHFDJHPSUDWLFDPHQWHILFD UHVWULWDDRVLWHQVEH(RSUySULRVLVWHPDLQIRUPDWL]DGRSRGHFRQWHUDFHUWLILFDomRGLJLWDO LQGLFDQGRGHTXHPpDUHVSRQVDELOLGDGHSHODHQWUDGDGDLQIRUPDomR 2VLVWHPDGHFRQWUROHXWLOL]DGRSRGHSUHYHUP~OWLSORVUHVSRQViYHLVQRFDVRGHDFHUWLILFDomR GDUVH SRU SDUWHV VHMD HOD GLJLWDO RX QmR &RQWXGR FRPR p FRQYHQLHQWH GHVEXURFUDWL]DU H IOH[LELOL]DUVHPSHUGHURFRQWUROHDLQIRUPDWL]DomRSRGHDMXGDUQLVVR 'HSRLVGD/5)QmRKiPDLVSRVVLELOLGDGHGHTXHILTXHGLIXVDDREULJDomRGHFXPSULUDVQRUPDV OHJDLV2RUGHQDGRUGHGHVSHVDVHUiVHPSUHDTXHOHTXHWHYHGHOHJDGDSHOR3UHIHLWRSRUDWR QRUPDWLYR LQWHUQR D UHVSRQVDELOLGDGH GH ID]HU RV HPSHQKRV H SDJDPHQWRV GD 3UHIHLWXUD SRGHQGR KDYHU YiULRV RUGHQDGRUHV GH GHVSHVD H WpFQLFRV HQFDUUHJDGRV GH ID]HU D OLVWD GH FKHFDJHPGHDFRUGRFRPDVQHFHVVLGDGHVGRVHUYLoR6HHVVDUHVSRQVDELOLGDGHQmRWLYHUVLGR IRUPDOPHQWHGHOHJDGDSDUDQLQJXpPHQWmRRRUGHQDGRUVHUiRSUySULR3UHIHLWRTXHHQWmR DVVXPHVR]LQKRDUHVSRQVDELOLGDGH 6HR3UHIHLWRQmRSHGLUDGHFODUDomRGRRUGHQDGRUGHGHVSHVDHILFDUFRPSURYDGRTXHDGHVSHVD IRLJHUDGDjPDUJHPGRRUoDPHQWRSRUH[HPSORDUHVSRQVDELOLGDGHpGHOH6HR3UHIHLWRSHGLX DGHFODUDomRGRRUGHQDGRUGHGHVSHVDPDVHVWHDWHVWRXLQGHYLGDPHQWHTXHWXGRHVWDYDGH DFRUGRFRPDVQRUPDVOHJDLVTXDQGRQmRHVWDYDHQWmRDFXOSDpGRRUGHQDGRU +i WDPEpP FDVRVGHFRQGHVFHQGrQFLDFULPLQRVDHPTXHYiULDVSHVVRDVFRQFRUUHPSDUDD SUiWLFD GR LOtFLWR $ HVVH UHVSHLWR D /HL GH ,PSURELGDGH $GPLQLVWUDWLYD /HL HVWDEHOHFHQRVHXDUWº ´$VGLVSRVLo}HVGHVWDOHLVmRDSOLFiYHLVQRTXHFRXEHUjTXHOHTXHPHVPRQmRVHQGR DJHQWH S~EOLFR LQGX]D RX FRQFRUUD SDUD D SUiWLFD GR DWR GH LPSURELGDGH RX GHOH VH EHQHILFLHVRETXDOTXHUIRUPDGLUHWDRXLQGLUHWDµ $VVLPpUHFRPHQGiYHOTXHFRQWDGRUHVHRXWURVSUHVWDGRUHVGHVHUYLoRVFRQVHUYHPHPVHX SRGHUSURYDVGHTXHQmRSDUWLFLSDUDPGRLOtFLWRFRPRSRUH[HPSORDUHFRPHQGDomRSDUD TXHR3UHIHLWRSURFHGHVVHGDIRUPDOHJDODLQGDTXHWDOUHFRPHQGDomRQmRWHQKDVLGRSRUHOH DFDWDGD 0DVTXHOLVWDGHFKHFDJHPGHYHID]HURRUGHQDGRUGHGHVSHVDRXRWpFQLFRHQFDUUHJDGR" ²3HGLUDTXHPSOHLWHLDDGHVSHVDTXHDSUHVHQWHDHVWLPDWLYDGRVHXLPSDFWRRUoDPHQWiULR ILQDQFHLURQRH[HUFtFLRHPTXHHQWUDUHPYLJRUHQRVGRLVVHJXLQWHVHDQH[DUHVVDHVWLPDWLYD ²6HDGHVSHVDIRULUUHOHYDQWHVHJXQGRGHILQLomRHVWDEHOHFLGDQD/'2RSURFHVVRILFDPDLV VLPSOHVSDUDDVGHVSHVDVSHTXHQDVTXHILFDPGLVSHQVDGDVGDVH[LJrQFLDVGRDUWGD/5) LWHQVDDEDL[R 3DUDDVVHJXUDUHVVDIOH[LELOLGDGHQRHQWDQWRDGHILQLomRGHGHVSHVDLUUHOHYDQWHGHYHFRQVWDU QHFHVVDULDPHQWHGD /'2 5HFRPHQGDVHTXHRPXQLFtSLRXWLOL]HQDGHILQLomRGHGHVSHVD LUUHOHYDQWH R PHVPR YDORU DGRWDGR SHOD 8QLmR RX YDORU LQIHULRU 1D /'2 GD 8QLmR /HL /'2SDUDDGRWRXVHXPDUHPLVVmRj/HLGH/LFLWDo}HV ´$UW3DUDRVHIHLWRVGRDUWGD/HL&RPSOHPHQWDUQºGH ,²DVHVSHFLILFDo}HVQHOHFRQWLGDVLQWHJUDUmRRSURFHVVRDGPLQLVWUDWLYRGHTXHWUDWDRDUW GD/HLGHGHMXQKRGHEHPFRPRRVSURFHGLPHQWRVGHGHVDSURSULDomR GHLPyYHLVXUEDQRVDTXHVHUHIHUHRºGRDUWGD&RQVWLWXLomR ,, ² HQWHQGHVH FRPR GHVSHVDV LUUHOHYDQWHV SDUD ILQV GR º DTXHODV FXMR YDORU QmR XOWUDSDVVHSDUDEHQVHVHUYLoRVRVOLPLWHVGRVLQFLVRV,H,,GRDUWGD/HLGH µ $VVLPHQWHQGHVHTXHpGHVSHVDLUUHOHYDQWH • 3DUDREUDVHVHUYLoRVGHHQJHQKDULDDVGHYDORUGHDWp5GHVGHTXHQmRVH UHILUDPDSDUFHODVGHXPDPHVPDREUDRXVHUYLoRRXDLQGDDREUDVHVHUYLoRVGDPHVPD QDWXUH]DHQRPHVPRORFDOTXHSRVVDPVHUUHDOL]DGDVFRQMXQWDHFRQFRPLWDQWHPHQWH • 3DUDRXWURVVHUYLoRVHFRPSUDVDVGHYDORUGHDWp5HSDUDDOLHQDo}HVRVFDVRV SUHYLVWRVQD/HLGHVGHTXHQmRVHUHILUDPDSDUFHODVGHXPPHVPRVHUYLoR FRPSUDRXDOLHQDomRGHPDLRUYXOWRTXHSRVVDVHUUHDOL]DGDGHXPDVyYH] ²9HULILFDUVHDGHVSHVDpFRPSDWtYHOFRPR33$LVWRpVHID]SDUWHGHXPGHVHXVSURJUDPDV ²9HULILFDUVHDGHVSHVDQmRFRQWUDULDQHQKXPDGDVGLVSRVLo}HVGD/'2HVHHVWiGHDFRUGR FRPVXDVGLUHWUL]HVREMHWLYRVHSULRULGDGHV ²9HULILFDUVHQmRFRQWUDULDQHQKXP$QH[RGD/'2HPSDUWLFXODUR$QH[RGH0HWDV)LVFDLV ²9HULILFDUVHDGHVSHVDHVWiDXWRUL]DGDSHORRUoDPHQWRRXSHORVVHXVFUpGLWRVDGLFLRQDLV DVHRFUpGLWRpHVSHFtILFRYHULILFDUVHDGRWDomRRUoDPHQWiULDpVXILFLHQWH EVHRFUpGLWRpJHQpULFRYHULILFDUVHDVRPDGHWRGDVDVGHVSHVDVGDPHVPDHVSpFLH UHDOL]DGDVHDUHDOL]DUQmRXOWUDSDVVDDGRWDomRRUoDPHQWiULD 'HVWDTXHVHDLPSRUWkQFLDGHTXHKDMDDOJXpPUHVSRQViYHOSRUYHULILFDUVHDVRPDGHWRGDVDV GHVSHVDVGDPHVPDHVSpFLHpLJXDORXLQIHULRUDRFUpGLWRJHQpULFR'HIDWRVHQmRKiXP FRQWUROHGHVVDQDWXUH]DpJUDQGHRULVFRGHTXHRFUpGLWRJHQpULFRVHMDXWLOL]DGRP~OWLSODV YH]HVVHPRFRQKHFLPHQWRGRVWpFQLFRVHQYROYLGRV$VVLPDYHULILFDomRGHYHVHUDFRPSDQKDGD GDVSUHPLVVDVHPHWRGRORJLDGHFiOFXORLVWRpGHYHVHH[SOLFLWDUDFRQWDHDIRUPDFRPRIRL IHLWDLQFOXVLYHFRPDVKLSyWHVHVDGRWDGDV ²(PLWLUD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµRXREWHUDYDOLGDomRHTXLYDOHQWHDWUDYpV GHVLVWHPDLQIRUPDWL]DGR ²6HIRUXPDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRYHULILFDUVHIRLLQGLFDGDDFRPSHQ VDomRQRVWHUPRVGRDUWGD/5)FRPSDUDQGRDFRPRLPSDFWRRUoDPHQWiULRILQDQFHLUR SHUPDQHQWHYLGHSUy[LPDVHomR ²6HpXPDGHVSHVDVXMHLWDDOLPLWHVPi[LPRVSDUDGHVSHVDGHSHVVRDOGHDFRUGRFRPD/5) HD(PHQGD&RQVWLWXFLRQDOHSDUDGtYLGDGHDFRUGRFRPD/5)HDV5HVROXo}HVGR6HQDGR )HGHUDORXDOLPLWHVPtQLPRVSDUDHGXFDomRHVD~GHUHVSHFWLYDPHQWHGHDFRUGRFRPDV (PHQGDV&RQVWLWXFLRQDLVHYHULILFDUVHHVVHVOLPLWHVHVWmRVHQGRUHVSHLWDGRV ²9HULILFDUVHDGHVSHVDQmRFRQWUDULDQHQKXPDGLVSRVLomROHJDOQRWDGDPHQWHGD&RQV WLWXLomR)HGHUDOGD/HL2UJkQLFD0XQLFLSDOGDVOHLVFRPSOHPHQWDUHVHPYLJRUHPHVSHFLDO GD/5)HGDV5HVROXo}HVGR6HQDGR)HGHUDO6HIRU~OWLPRDQRGHPDQGDWRREVHUYDUFRP HVSHFLDODWHQomRDVUHJUDVGHILQDOGHPDQGDWRGD/5)HGD/HL(OHLWRUDO/HL $JRUDYRFrMiVDEHD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµpXPDHVSpFLHGH FRQWUROHLQWHUQRGHOLVWDGHFKHFDJHPSDUDYRFrVDEHUVHHVWiID]HQGRDFRLVDFHUWD 2FHUWRFXPSULUR33$D/'2D/2$HPLWLUDGHFODUDomRGRRUGHQDGRUGHGHVSHVD ID]HUFRPSHQVDomRVHQHFHVViULRID]HUOLFLWDomRVHQHFHVViULRHPSHQKDUHVyGHSRLV GDOLTXLGDomRID]HURSDJDPHQWR7XGRQHVVDRUGHP 2HUUDGRID]HUFRQWUDWRVjPDUJHPGRSURFHVVRRUoDPHQWiULRRXQmRDGRWDURV FRQWUROHVQHFHVViULRVSDUDHYLWDUDGHVSHVDQmRDXWRUL]DGD 1RILQDOGDSUy[LPDVHomRLUHPRVDSUHVHQWDUXPH[HPSORSUiWLFRGDDSOLFDomRGDOLVWDGH FKHFDJHP 0(&$1,602'(&203(16$d®23$5$$'(63(6$2%5,*$7Ð5,$'( &$5É7(5&217,18$'2 3RUTXHRPHFDQLVPRGHFRPSHQVDomRpLPSRUWDQWH"4XDOpRVHXREMHWLYR" $QWHVGD/5)XPJRYHUQDQWHSRGHULDFULDUGHVSHVDVTXHVHULDPREULJDWyULDVQmRVyQRDQR VHJXLQWHPDVQRVSUy[LPRVDQRVPDQGDWRVHJHUDo}HVVHPVDEHUVHQDpSRFDGRSDJDPHQWR KDYHULD RXQmR UHFHLWD 2TXHKDYLDGHJUDYHQHVVHFRPSRUWDPHQWRpTXHRHTXLOtEULRGR RUoDPHQWRGHXPH[HUFtFLRQmRLQGLFDYDQHFHVVDULDPHQWHHTXLOtEULRQRVRUoDPHQWRVIXWXURV $OJXPDV UHFHLWDV SRGHULDP VHU WHPSRUiULDV FRQFHVV}HV DOtTXRWDV WHPSRUiULDV HWF YiULDV GHVSHVDVWHULDPFUHVFLPHQWRYHJHWDWLYRSHVVRDOSRUH[HPSORRXWUDVWHULDPFRPSRQHQWHV FDSD]HVGHLQGX]LUGHVHTXLOtEULRVFUHVFHQWHVSUHYLGrQFLDSRUH[HPSOR$OpPGLVVRDHFRQR PLDSRGHULDHVWDUSDVVDQGRSRUXPDIDVHGHFUHVFLPHQWRHFRQ{PLFRH[FHSFLRQDOTXHVHUHIOHWH QRFUHVFLPHQWRGDVUHFHLWDVVHPTXHLVWRVHUHSHWLVVHQHFHVVDULDPHQWHQRVSHUtRGRVVHJXLQWHV 6HRVLPSOHVIDWRGHKDYHUUHFHLWDQXPH[HUFtFLRLPSOLFDVVHDJHUDomRGHGHVSHVDVREULJDWyULDV SDUDRIXWXURDFRQVHTrQFLDVHULDTXHHPSHUtRGRVGHFUHVFLPHQWRHFRQ{PLFRSRGHULDP VHU FULDGDV YiULDV GHVSHVDV QHVVD FDWHJRULD HQTXDQWR TXH QRV SHUtRGRV GH UHFHVVmR HVVDV PHVPDV GHVSHVDV QmR SRGHULDP VHU UHGX]LGDV 2 GHVHTXLOtEULR RUoDPHQWiULR QR IXWXUR DFDEDULDVHQGRILQDQFLDGRRXSRUDXPHQWRGDFDUJDWULEXWiULDRXSRUHQGLYLGDPHQWRRXSRU FRUWHGHRXWUDVGHVSHVDVVRFLDLVLQFOXVLYH $VVLPRREMHWLYRGRPHFDQLVPRGHFRPSHQVDomRpLPSHGLUQDRULJHPDJHUDomRGHGHVSHVDV TXHHPEXWDPGHVHTXLOtEULRVSDUDRUoDPHQWRVIXWXURV6RPHQWHVDEHUHPRVTXHDQRYDGHVSHVD GH GXUDomR FRQWLQXDGD QmR LQGX]LUi GHVHTXLOtEULRV QRV RUoDPHQWRV IXWXURV VH GHVGH Mi VRXEHUPRVTXDOpDUHFHLWDTXHVHUiXWLOL]DGDQRVHXILQDQFLDPHQWR $OpPGLVVRRPHFDQLVPRGHFRPSHQVDomRDQWHFLSDQRPRPHQWRGDFULDomRGDGHVSHVDD VXD FRQVHTrQFLD HP WHUPRV GH JHUDomR GH UHFHLWD RX GH FRUWH GH GHVSHVD WRUQDQGR WUDQVSDUHQWH SDUD D SRSXODomR D HVFROKD TXH HVWi VHQGR IHLWD H HYLWDQGR D SUROLIHUDomR GH SURPHVVDVLQIXQGDGDVHPSHUtRGRVSUpHOHLWRUDLV 2 HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV p XP LPSRUWDQWH SULQFtSLR RUoDPHQWiULR 1HQKXPD GHVSHVDSRGHVHULQFOXtGDQRRUoDPHQWRVHPTXHVHMDLGHQWLILFDGDDVXDIRQWHGHILQDQFLDPHQWR 2RUoDPHQWRMiXWLOL]DSRUWDQWRXPDHVSpFLHGHPHFDQLVPRGHFRPSHQVDomRQRSHUtRGRD TXHVHUHIHUHXPH[HUFtFLR 0DVRTXHID]HUVHDGHVSHVDTXHHVWiVHQGRJHUDGDWLYHUXPFDUiWHUFRQWLQXDGRLVWRpVH JHUDULPSDFWRRUoDPHQWiULRILQDQFHLURSRUXPSHUtRGRVXSHULRUDGRLVH[HUFtFLRV"%HPVHD GHVSHVDQmRIRUREULJDWyULDLVWRpVHIRUXPDGHVSHVDGHFXVWHLRRXGHLQYHVWLPHQWRTXHSRGH VHUDXPHQWDGDRXUHGX]LGDDFDGDRUoDPHQWRFRQIRUPHDFRQYHQLrQFLDGRPRPHQWRQmRKi QHQKXPD H[LJrQFLD DGLFLRQDO EDVWD FXPSULU R DUW Mi YLVWR QD VHomR DQWHULRU 0DV VH D GHVSHVD IRU FRUUHQWH H REULJDWyULD LVWR p VH KRXYHU XPD OHL PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYRQRUPDWLYRSRUWDULDSRUH[HPSORTXHREULJXHDH[HFXomRGDTXHODGHVSHVD HQWmRVHUiSUHFLVRDGRWDUXPPHFDQLVPRGHFRPSHQVDomR $JRUDVXSRQKDPRVTXHYRFrMiVHFHUWLILFRXGHTXHDGHVSHVDHPTXHVWmRpPHVPRXPD GHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGR&RPRIXQFLRQDRPHFDQLVPRGHFRPSHQVDomRGDV GHVSHVDVTXHSHUWHQFHUHPDHVVDFDWHJRULDHVSHFtILFD" 3ULPHLURpSUHFLVRMiWHUDWHQGLGRDRVRXWURVLWHQVGDQRVVDOLVWDGHFKHFDJHPWHQGRLQFOXVLYH FDOFXODGRRLPSDFWRRUoDPHQWiULRILQDQFHLURGDGHVSHVD$GLIHUHQoDpTXHQmREDVWDID]HUD FRQWDDSHQDVSDUDWUrVH[HUFtFLRVHFRPSDUiODFRPDVPHWDVILVFDLV2FiOFXORGRLPSDFWR RUoDPHQWiULRILQDQFHLURGDGHVSHVDREULJDWyULDGHFDUiWHUFRQWLQXDGRGHYHVHUIHLWRSHORWHPSR HPTXHSHUGXUDUHPVHXVHIHLWRV 'HSRLVDVGHVSHVDVSUHFLVDUmRVHUFRPSHQVDGDVQRDWRGDVXDFULDomRRXSRUDXPHQWRGH UHFHLWDRXSRUUHGXomRGHGHVSHVDTXHQHXWUDOL]HRLPSDFWRGDH[SDQVmRGRJDVWRLQLFLDO 1mRVHWUDWDGHYLQFXODomRGHXVRVHIRQWHVRXGHPHUDSUHYLVmRGHUHFXUVRVRUoDPHQWiULRV PDVVLPGHFRPSHQVDomRGHHIHLWRVILQDQFHLURV 3RUH[HPSORVHXPSURMHWRGHOHLFULDXPEHQHItFLRSRUH[HPSORWRGDVDVFULDQoDVFRPPHQRV GH DQRV WHUmR GLUHLWR D UHFHEHU XP OLWUR GH OHLWH GR JRYHUQR HVVH SURMHWR GHYHUi VHU DFRPSDQKDGRGHRXWURTXHDXPHQWHUHFHLWDSRUH[HPSORTXHHOHYHDDOtTXRWDGHXPLPSRVWR RXTXHUHGX]DXPDGHVSHVDSRUH[HPSORTXHH[WLQJDXPyUJmRS~EOLFR2LPSRUWDQWHpTXH HPTXDOTXHUGHVVDVGXDVIRUPDVRVHIHLWRVILQDQFHLURVVHMDPFRPSHQVDGRVGHIRUPDSHUPD QHQWHQRVWUrVH[HUFtFLRVSDUDRVTXDLVKiSUHYLVmRGHLPSDFWRRUoDPHQWiULRILQDQFHLUR +DYHUiXPYtQFXORHQWUHRVSURMHWRV2SURMHWRGHOHLTXHFULDDGHVSHVDREULJDWyULDGHFDUiWHU FRQWLQXDGRSUHFLVDLQGLFDUDIRQWHGHILQDQFLDPHQWRQRYDLVWRpIDUiUHIHUrQFLDDRSURMHWRTXH FULDUHFHLWDRXFDQFHODGHVSHVDHPLJXDOPRQWDQWHSRULJXDOSHUtRGRGHWHPSR$GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXDGR QmR SRGHUi VHU H[HFXWDGD DWp TXH DV PHGLGDV VHMDP LPSOHPHQWDGDV $VVLPRPHFDQLVPRGHFRPSHQVDomRQmRVLJQLILFDQHFHVVDULDPHQWHDXPHQWRGHLPSRVWRV2 JRYHUQDQWHSRGHUiSRUH[HPSORH[WLQJXLUXPyUJmRSDUDILQDQFLDUHVVDQRYDGHVSHVD3RGHUi WDPEpPUHGX]LULVHQo}HVGHLPSRVWRVeFODURTXHRJRYHUQDQWHWDPEpPSRGHUiDXPHQWDURX FULDUQRYRVLPSRVWRVPDVHVVDVHUiXPDRSomRGHOHHGD&kPDUDGH9HUHDGRUHVTXDQGRGR HQYLRDSURYDomR GRV DWRV &RQVLGHUDVH DXPHQWR SHUPDQHQWH GH UHFHLWD R SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV DPSOLDomR GD EDVH GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR RX FRQWULEXLomR 2PHFDQLVPRGHFRPSHQVDomRWDPEpPQmRpSUHMXGLFLDOjH[HFXomRGHSROtWLFDVVRFLDLV$ PDLRUSDUWHGDVGHVSHVDVVRFLDLVpH[HFXWDGDFRPUHFXUVRVTXHVmRDQXDOPHQWHDORFDGRVQR 2UoDPHQWRHSRUWDQWRQmRHVWmRVXMHLWDVDRPHFDQLVPRGHFRPSHQVDomR$TXHVWmRLPSRU WDQWHDTXLpRYROXPHGHUHFXUVRV6HDTXDVHWRWDOLGDGHVGDVGHVSHVDVVmRUtJLGDVQmRVREUDP UHFXUVRVSDUDRXWURVJDVWRVGHFXVWHLRHLQYHVWLPHQWRLQFOXVLYHRVVRFLDLV$VVLPRTXHD/5) ID]pH[DWDPHQWHRRSRVWRRPHFDQLVPRGHFRPSHQVDomRSURWHJHDVGHVSHVDVVRFLDLVDRHYLWDU TXHPDLVUHFXUVRVRUoDPHQWiULRVVHMDPFRQVXPLGRVFRPGHVSHVDVUtJLGDV 3RUILPRPHFDQLVPRGHFRPSHQVDomRQmRSURYRFDDFRPSUHVVmRGDVGHVSHVDVGHIRUPDJHUDO $SHQDVLPSHGHRFUHVFLPHQWRGHXPDSDUWHGDVGHVSHVDV6HKRXYHUVREUDGHUHFXUVRVVHUi SRVVtYHO DORFDU PDLV UHFXUVRV HP QHFHVVLGDGHV VRFLDLV D FDGD RUoDPHQWR RX UHGX]LU R HQ GLYLGDPHQWRRXUHGX]LUDFDUJDWULEXWiULD$HVFROKDSRGHUiVHUIHLWDHPFDGDRUoDPHQWR6REUD GHUHFXUVRVQmRpSUREOHPDpVROXomR ([HPSOR SUiWLFR $ 6HFUHWDULD GH 6D~GH GR 0XQLFtSLR TXHU FRQWUDWDU PpGLFRV SDUD R 3URJUDPDGH6D~GHGD)DPtOLDSHORSUD]RGHGRLVDQRV9DPRVVHJXLUDOLVWDGH FKHFDJHPHYHULILFDUVHDVH[LJrQFLDVHVWmRVHQGRDWHQGLGDV ²3HGLPRVj6HFUHWDULDGH6D~GHTXHDSUHVHQWHDHVWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQ FHLURHPHHDQH[DPRVHVVDHVWLPDWLYDDRSURFHVVR ²$HVWLPDWLYDGHJDVWRFRPDFRQWUDWDomRpGH5PLOSRUDQR3RUWDQWRQmRpXPD GHVSHVDLUUHOHYDQWHSRLVQD/'2GR0XQLFtSLRIRLDGRWDGDGHILQLomRLJXDOjGD/'2GD8QLmR ²$GHVSHVDID]SDUWHGR3URJUDPDGH6D~GHGD)DPtOLDSUHYLVWRQR33$GR0XQLFtSLRp FRPSDWtYHO ²$GHVSHVDQmRFRQWUDULDQHQKXPDGDVGLVSRVLo}HVGD/'2HHVWiGHDFRUGRFRPVXDV GLUHWUL]HVREMHWLYRVHSULRULGDGHV ²22UoDPHQWRIRLHODERUDGRSDUDFXPSULUDVPHWDVILVFDLVHVWDEHOHFLGDVQD/'2HQWmRD GHVSHVDRUoDGDQmRDIHWDDVPHWDV ²9HULILFDPRVTXHQR2UoDPHQWRGHKiXPDGRWDomRHVSHFtILFDGH5PLOSDUDD FRQWUDWDomRGRVPpGLFRV$GRWDomRQmRpVXILFLHQWH0DVKiRXWUDVGHVSHVDVTXHQmRVHUmR SOHQDPHQWHH[HFXWDGDVGHYLGRDGLILFXOGDGHVWpFQLFDVGRVSURMHWRV$VROXomRHQWmRpSHGLU DXWRUL]DomR j &kPDUD SDUD TXH D GRWDomR VHMD VXSOHPHQWDGD (P FDVR GH G~YLGD YHU /HL DUWD&UpGLWRDGLFLRQDOVXSOHPHQWDUGHYHVHUDXWRUL]DGRSRU/HLDEHUWRSRU 'HFUHWRHGHYHVHUSUHFHGLGRGHH[SRVLomRMXVWLILFDWLYDTXHLQGLTXHRVUHFXUVRVGLVSRQtYHLV QHVWHFDVRUHVXOWDQWHVGHDQXODomRSDUFLDORXWRWDOGHGRWDo}HVRUoDPHQWiULDV ²8PDYH]DSURYDGRRFUpGLWRSRGHPRVHPLWLUD´GHFODUDomRGRRUGHQDGRUGHGHVSHVDµ 1RQRVVR0XQLFtSLRQmRKiXPVLVWHPDTXHSHUPLWDID]HULVVRGLUHWDPHQWH(QWmRDQH[DPRV DRSURFHVVRjGHFODUDomRSUHHQFKLGDPDQXDOPHQWHPHVPR ²$QDOLVDQGRVHDGHVSHVDpREULJDWyULDGHFDUiWHUFRQWLQXDGRFRQFOXtPRVTXHQmRpSRLV VHWUDWDGHXPFRQWUDWRTXHSRGHVHUUHYRJDGRGHSRLV1mRKiREULJDomROHJDOGHH[HFXomR $OpPGLVVRVHQGRXPVHUYLoRGHVD~GHUHODFLRQDGRjH[SDQVmRTXDQWLWDWLYDGRDWHQGLPHQWR HGRVVHUYLoRVSUHVWDGRVILFDH[FHSFLRQDOL]DGRSHORDUWLJRSDUiJUDIRºLQFLVR,, ²2OLPLWHPi[LPRGHSHVVRDOHVWDEHOHFLGRSHOD/5)pGHSDUDR([HFXWLYRHROLPLWH SUXGHQFLDOpGH2VJDVWRVGHSHVVRDOGR([HFXWLYRGR0XQLFtSLRPRQWDPGDUHFHLWD FRUUHQWH OtTXLGD /RJR QmR WHPRV SUREOHPDV Dt $ GLVSRVLomR WUDQVLWyULD GR DUW GD /5) WDPEpPHVWiVHQGRUHVSHLWDGDDGHVSHVDGHHPWHUPRVGHSHUFHQWXDOGDUHFHLWDFRUUHQWH OtTXLGDpVXSHULRUjGHHQmRKiUD]}HVSDUDVXSRUTXHHPHKDYHUi DXPHQWRV VXSHULRUHV D HVVD IDL[D $ GLVSRVLomR WUDQVLWyULD GR DUW WDPEpP HVWi VHQGR UHVSHLWDGDSRLVHVVDFRQWUDWDomRWHPSRUiULDIRLFODVVLILFDGDFRPRGHVSHVDGHSHVVRDOHQmR LPSDFWDD´GHVSHVDFRPVHUYLoRVGHWHUFHLURVµ2VOLPLWHVPtQLPRVSDUDJDVWRVFRPVD~GHVHUmR DWLQJLGRVGHSRLVGDFRQWUDWDomRRTXHpPDLVXPDUD]mRSDUDID]rOD ² 1mR LGHQWLILFDPRV FRQIOLWR FRP GLVSRVLomR OHJDO GD &RQVWLWXLomR )HGHUDO QHP GD /HL 2UJkQLFD0XQLFLSDOQHPGDVOHLVFRPSOHPHQWDUHVHPYLJRUHPHVSHFLDOGD/5)&RPRQmR p~OWLPRDQRGHPDQGDWRQmRSUHFLVDPRVQRVSUHRFXSDUFRPDVUHJUDVGHILQDOGHPDQGDWR GD/5)HGD/HL(OHLWRUDO ²$SURJUDPDomRILQDQFHLUDMiIRLDMXVWDGDDRFUpGLWRVXSOHPHQWDUDSURYDGR)D]HPRVHQWmR RHPSHQKRGDGHVSHVD ²2VPpGLFRVGHYHUmRVHUFRQWUDWDGRVFRPEDVHQRDUWLQFLVR,;GD&RQVWLWXLomR)HGHUDO ²7HUPLQDGRFDGDPrVSDJDPRVRVDOiULRGRVPpGLFRVQRUPDOPHQWH 6$1d¯(6(0&$62'('(65(63(,7225'(025d$0(17É5,$( ),1$1&(,5$ 2TXHDFRQWHFHVHR3UHIHLWRVXEYHUWHUDRUGHPRUoDPHQWiULDHILQDQFHLUD"2TXHDFRQWHFH VH SRU H[HPSOR HOH FRPHoDU ID]HQGR R SDJDPHQWR H GHSRLV GHVFREULU TXH QmR WLQKD HPSHQKRSRUTXHWDPEpPQmRWLQKDDXWRUL]DomRRUoDPHQWiULDHTXHDOpPGHWXGRQmROLFLWRX TXDQGRGHYHULD"(PVXPDHVHR3UHIHLWRIH]RSURFHVVRDRFRQWUiULR" $VVDQo}HVLPSRVWDVSDUDTXHPQmRFXPSUHHVWHGLVSRVLWLYRGD/5)VmRIRUWtVVLPDV2DUW GD/5)GL]TXHDJHUDomRGHGHVSHVDRXDDVVXQomRGHREULJDomRTXHQmRDWHQGHUDRGLVSRVWR QRVDUWVHGD/5)VHUiFRQVLGHUDGDQmRDXWRUL]DGDLUUHJXODUHOHVLYDDRSDWULP{QLR S~EOLFR 7UDGX]LQGRSHOD/HL/HLGH&ULPHV)LVFDLVDFRQGXWDGH´RUGHQDUGHVSHVDQmR DXWRUL]DGDSRUOHLµpXPFULPHSDVVtYHOGHUHFOXVmRGHXPDTXDWURDQRV$OpPGLVVRVHD GHVSHVDpLUUHJXODUDVFRQWDVGR3UHIHLWRSRGHUmRVHUUHMHLWDGDVSHOR7ULEXQDOGH&RQWDV 6HQGRXPDWROHVLYRDRSDWULP{QLRS~EOLFRSHOD/HL/HLGH,PSURELGDGH$GPLQLV WUDWLYDDUWºLPSOLFDUHVVDUFLPHQWRLQWHJUDOGRGDQRLVWRpR3UHIHLWRGHYHUiVHUREULJDGRD GHYROYHURGLQKHLUR 7UDWDVHDLQGDGHXPDWRGHLPSURELGDGHDGPLQLVWUDWLYDFDUDFWHUL]DGRQRDUWLQFLVR,; GD/HLFRPRDWRTXHFDXVDSUHMXt]RDR(UiULR´RUGHQDURXSHUPLWLUDUHDOL]DomRGH GHVSHVDVQmRDXWRUL]DGDVHPOHLRXUHJXODPHQWRµ$VDQomRQHVWHFDVRLQFOXLGHDFRUGRFRP RVDUWVººHLQFLVR,,GD/HLRUHVVDUFLPHQWRLQWHJUDOGRGDQRSRGHQGRJHUDU LQGLVSRQLELOLGDGHGRVEHQVSDUDHVVHHIHLWRDSHUGDGDIXQomRS~EOLFDDVXVSHQVmRGRVGLUHLWRV SROtWLFRVGHDDQRVRSDJDPHQWRGHPXOWDGHDWpGXDVYH]HVRYDORUGRGDQRHDSURLELomR GHFRQWUDWDUFRPR3RGHU3~EOLFRRXGHUHFHEHUEHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRV SRUDQRV (RTXHGL]HUVHR3UHIHLWRFRQWUDLXXPDREULJDomRGHGHVSHVDDVVLQDQGRXPFRQWUDWRGH SUHVWDomRGHVHUYLoRVRXSDUDDH[HFXomRGHXPDREUDSRUH[HPSORHSRUQmRWHUDEULJRQD OHJLVODomRQmRWLQKDHPSHQKRQHPDXWRUL]DomRRUoDPHQWiULDUHVROYHXJXDUGDURFRQWUDWRQD JDYHWDjHVSHUDGRRUoDPHQWRGRH[HUFtFLRVHJXLQWH" 1HVWH FDVR DOpP GR FULPH GH ´RUGHQDU GHVSHVD QmR DXWRUL]DGDµ R UHVSRQViYHO HVWDUi FRPHWHQGRXPRXWURFULPH´DUHDOL]DomRGHRSHUDomRGHFUpGLWRVHPDXWRUL]DomROHJLVODWLYD RXFRPLQREVHUYkQFLDGHFRQGLomRHVWDEHOHFLGDHPOHLµSDVVtYHOGHVHUSXQLGRFRPUHFOXVmR GHXPDGRLVDQRV/HLGH&ULPHV)LVFDLV,VWRSRUTXHD/5)SURtEHQRVHXDUWDDVVXQomR GHREULJDomRVHPDXWRUL]DomRRUoDPHQWiULDFRPIRUQHFHGRUHVSDUDSDJDPHQWRDSRVWHULRUL GH EHQV H VHUYLoRV FDUDFWHUL]DQGR WDO DomR FRPR RSHUDomR GH FUpGLWR YHGDGD (P RXWUDV SDODYUDVFRQWUDWRGHJDYHWDpFULPH$OpPGLVVRRVJRYHUQRVWDPEpPILFDPLPSHGLGRVGH SRVWHUJDU R SDJDPHQWR D IRUQHFHGRUHV SUHVWDGRUHV GH VHUYLoRV RX HPSUHLWHLUDV GH REUDV PHGLDQWHDHPLVVmRGHWtWXORVGHFUpGLWRRXDYDO6mRWRGDVRSHUDo}HVGHFUpGLWRYHGDGDV $OpP GDV VDQo}HV SHVVRDLV GHVFULWDV VH XPD RSHUDomR GH FUpGLWR WLYHU VLGR UHDOL]DGD HP GHVDFRUGRFRPDVFRQGLo}HVSDUDHODGHILQLGDVD/5)GHWHUPLQDTXHVHXVHIHLWRVGHYHUmRVHU DQXODGRVVHMDSHORFDQFHODPHQWRRXDPRUWL]DomRWRWDOGDGtYLGDTXHWLYHUVLGRJHUDGDVHMD SHODFRQVWLWXLomRGHXPDUHVHUYDHPYDORUFRUUHVSRQGHQWHDRH[FHVVRDVHUXWLOL]DGDH[FOXVL YDPHQWHSDUDDPRUWL]DUDGtYLGDQRH[HUFtFLRVXEVHTHQWH 0DVFRPRJDUDQWLUTXHD´RUGHPRUoDPHQWiULDHILQDQFHLUDµVHUiFXPSULGD"6HUiTXHR3UHIHLWR WHPFRQKHFLPHQWRSURIXQGRGHWRGDVHVVDVSHoDVSDUDJDUDQWLUTXHQmRIDUiQHQKXPDGHVSHVD TXH QmR HVWHMD GH DFRUGR FRP R 33$ D /'2 RX D /2$" 'HSRLV GR TXH YLPRV ILFD IiFLO FRPSUHHQGHUSRUTXHRRUGHQDGRUGHGHVSHVDQmRGHYHDSHQDVVHUDSHQDVDOJXpPGDFRQILDQoD SHVVRDO GR 3UHIHLWR GHYH VHU WDPEpP DOJXpP SUHSDUDGR FRP FRQKHFLPHQWR WpFQLFR TXH FRQKHoDDOHJLVODomRSRLVWHUiUHVSRQVDELOLGDGHVPXLWRVpULDV$OLiVHVVDVVmRUHFRPHQGDo}HV JHUDLV 4XDOLILFDomRHSURILVVLRQDOL]DomRGRVVHUYLoRVS~EOLFRV23UHIHLWRGHYHVHUEHPDVVHV VRUDGR2TXDGURSHUPDQHQWHGD3UHIHLWXUDGHYHVHURFXSDGRSRUWpFQLFRVFRPSHWHQWHV TXHFRQKHoDPDOHJLVODomRHVDLEDPH[HFXWDURTXHHODGHWHUPLQD$SURILVVLRQDOL]DomRGRV VHUYLoRVS~EOLFRVSHUPLWHDLQGDSUHVHUYDUDPHPyULDHGDUFRQWLQXLGDGHjVSROtWLFDVS~EOLFDV ,QVWLWXLomRGHXPVLVWHPDGHFRQWUROHLQWHUQR'HYHUmRH[LVWLUFRQWUROHVDH[HPSORGDOLVWD GH FKHFDJHP DTXL DSUHVHQWDGD TXH SHUPLWDP RULHQWDU R 3UHIHLWR GH IRUPD SUHYHQWLYD H LQGLFDUDVSURYLGrQFLDVTXHGHYHUmRVHUDGRWDGDV2FRQWUROHLQWHUQRpXPDOLDGRGRJHVWRU S~EOLFR 5(*5$63$5$'(67,1$d®2'(5(&856263Ô%/,&26$26(725 35,9$'2 &RQFHLWRV 'RVDUWLJRVHGD/5)GHSUHHQGHVHTXHDGHVWLQDomRGHUHFXUVRVS~EOLFRVDRVHWRU SULYDGRLQFOXL DFRQFHVVmRGHHPSUpVWLPRVILQDQFLDPHQWRVHUHILQDQFLDPHQWRVLQFOXVLYHDVSURUURJDo}HV HFRPSRVLo}HVGHGtYLGDVLQFOXVLYHTXDQGRWDLVRSHUDo}HVFDUDFWHUL]DPVXEVtGLRV DFRQFHVVmRGHVXEYHQo}HVVRFLDLVHHFRQ{PLFDV DSDUWLFLSDomRHPFRQVWLWXLomRRXDXPHQWRGHFDSLWDO 6XEVtGLRVHPSUpVWLPRVILQDQFLDPHQWRVHUHILQDQFLDPHQWRVLQFOXVLYHSURUURJDo}HVHFRPSR VLo}HVGHGtYLGDVUHDOL]DGRVFRPUHFXUVRVGR*RYHUQRHSRUYDORULQIHULRUDRFXVWRGHFDSWDomR 3RUH[HPSORTXDQGRR7HVRXURWRPDHPSUpVWLPRVjWD[DGHMXURVGHDDPDVFRQFHGH HPSUpVWLPRV j WD[D GH DD D FRQFHVVmR FDUDFWHUL]D HPSUpVWLPR VXEVLGLDGR e R TXH DFRQWHFHQRVVXEVtGLRVDDJULFXOWRUHVH[SRUWDGRUHVHPLFURHPSUHViULRV $ /HL QR VHX DUW º GHILQH R FRQFHLWR GH VXEYHQo}HV FRPR VHQGR DV WUDQVIHUrQFLDVFRUUHQWHVGHVWLQDGDVDFREULUGHVSHVDVGHFXVWHLRGDVHQWLGDGHVEHQHILFLDGDV 6XEYHQo}HV VRFLDLV VmR DV TXH VH GHVWLQDP D LQVWLWXLo}HV S~EOLFDV RX SULYDGDV GH FDUiWHU DVVLVWHQFLDORXFXOWXUDOVHPILQDOLGDGHOXFUDWLYDYLVDQGRjSUHVWDomRGHVHUYLoRVHVVHQFLDLVGH DVVLVWrQFLDVRFLDOPpGLFDHHGXFDFLRQDO([HPSORVVXEYHQo}HVDFUHFKHVKRVSLWDLVHHVFRODV DV EROVDV SDUD HVWXGDQWHVHD GRDomRGHEHQV ²DOLPHQWRVURXSDVFDL[mR HWF² XWLOL]DQGR UHFXUVRVS~EOLFRV 2EMHWLYRVXSOHPHQWDUUHFXUVRVGHRULJHPSULYDGDDSOLFDGRVDHVVHVREMHWLYRVVHPSUHTXHHVVD IRUPDVHUHYHODUPDLVHFRQ{PLFDHGHVGHTXHDVFRQGLo}HVGHIXQFLRQDPHQWRGDLQVWLWXLomR VHMDPMXOJDGDVVDWLVIDWyULDVSHORVyUJmRVRILFLDLVGHILVFDOL]DomR 9DORUVHPSUHTXHSRVVtYHOGHYHVHUFDOFXODGRFRPEDVHHPXQLGDGHVGHVHUYLoRVHIHWLYDPHQWH SUHVWDGRVRXSRVWRVjGLVSRVLomRGRVLQWHUHVVDGRVREHGHFLGRVRVSDGU}HVPtQLPRVGHHILFLrQFLD SUHYLDPHQWHIL[DGRV 6XEYHQo}HVHFRQ{PLFDVVmRDVTXHVHGHVWLQDPDHPSUHVDVS~EOLFDVRXSULYDGDVGHFDUiWHU LQGXVWULDO FRPHUFLDO DJUtFRODRX SDVWRULO([HPSORVD VXVWHQWDomRGHSUHoRVPtQLPRVSDUD SURGXWRVDJUtFRODVRVRFRUURDHPSUHVDVHPHVWDGRIDOLPHQWDU 2EMHWLYRVXVWHQWDUFRPRRDSRLRGR(VWDGRHHPYLUWXGHGHLQWHUHVVHS~EOLFRDDWLYLGDGH HFRQ{PLFDGHHPSUHVDLQFOXVLYHLPSHGLQGRVXDIDOrQFLD 9DORURQHFHVViULRjFREHUWXUDGRVGpILFLWVGDVHPSUHVDVjFREHUWXUDGDGLIHUHQoDHQWUHRV SUHoRVGHPHUFDGRHRVSUHoRVGHUHYHQGDHDRSDJDPHQWRGHERQLILFDo}HVDSURGXWRUHVGH GHWHUPLQDGRVJrQHURVRXPDWHULDLV $SDUWLFLSDomRHPFRQVWLWXLomRRXDXPHQWRGHFDSLWDOHPJHUDOWDPEpPpUHDOL]DGDFRPR PHVPRSURSyVLWRGHVRFRUUHUHPSUHVDV ([LJrQFLDVGD/5) 1RLQtFLRGHVWHFDStWXORIDODPRVGDQHFHVVLGDGHGHVHSDUDUDFRLVDS~EOLFDGDFRLVDSULYDGD $/5)WHPSHORPHQRVWUrVDUWLJRVHVSHFLILFDPHQWHGHVWLQDGRVDHVVDVHSDUDomRGRVTXDLVRV DUWVHGL]HPUHVSHLWRWDPEpPjVDGPLQLVWUDo}HVPXQLFLSDLV(VVHpRFDVRGRVFRQFHLWRV TXHDFDEDPRVGHDQDOLVDU 4XDQGRR3UHIHLWRGHFLGHFREULUDVQHFHVVLGDGHVGDVSHVVRDVItVLFDVRXRVGpILFLWVGDVSHVVRDV MXUtGLFDVHVVDGHFLVmRQmRSRGHVHUWRPDGDGLVFULFLRQDULDPHQWHSRUHOHVHPRDEULJRGDOHL$ /5)QmRLPSHGHHVVDVDo}HVPXLWDVYH]HVPHULWyULDVDSHQDVH[LJHTXHDOJXQVUHTXLVLWRVVHMDP REVHUYDGRV 2 REMHWLYR p HYLWDU TXH RV UHFXUVRV S~EOLFRV VHMDP XWLOL]DGRV HP EHQHItFLR GH DPLJRVRXSDUDVXVWHQWDUHPSUHVDVVHPXPDDYDOLDomRFODUDGDVRFLHGDGH(YLWDPRVWDPEpP PXLWDVIUDXGHVTXHFRPIUHTrQFLDVHDPSDUDPHPXPDIDFKDGDVRFLDO(VVDpDPHOKRUIRUPD GHSURWHJHURVUHFXUVRVGRVFRQWULEXLQWHV $QWHVGD/5)MiKDYLDDOJXPDVH[LJrQFLDVSRUH[HPSOR HVWDUSUHYLVWDQRRUoDPHQWRRXHPVHXVFUpGLWRVDGLFLRQDLVH DWHQGHUjVFRQGLo}HVHVWDEHOHFLGDVQD/'2 (VVDVVmRH[LJrQFLDVTXHFRPRYLPRVVHDSOLFDPjVGHVSHVDVGHIRUPDJHUDO1mRKiPRWLYR SDUDQmRLQFOXLUHVVDVGHVSHVDVQRRUoDPHQWR6HHVVHWLSRGHGHVSHVDDFRQWHFHFRPIUHTrQFLD pSUXGHQWHLQFOXtODQRSURMHWRGHOHLRUoDPHQWiULD6HIRULPSUHYLVWDSRGHUiVHUDWHQGLGDFRP UHFXUVRV GD UHVHUYD GH FRQWLQJrQFLD XWLOL]DGD DWUDYpV GDDEHUWXUD GH FUpGLWR DGLFLRQDOSRU 'HFUHWRGR([HFXWLYRHFRPDXWRUL]DomRGD&kPDUD6HHVVHVUHFXUVRVQmRIRUHPVXILFLHQWHV SRGHUiVHUVROLFLWDGDj&kPDUDDDEHUWXUDGHXPFUpGLWRDGLFLRQDOH[WUDRUGLQiULRHPFDVRGH XUJrQFLDRXPHVPRGHXPFUpGLWRDGLFLRQDOHVSHFLDOHPRXWURVFDVRV $OpPGHVVDVH[LJrQFLDVRDUWGD/5)UHTXHUDLQGD XPDOHLHVSHFtILFD ,VVR TXHU GL]HU TXH SDUD TXH SRVVDP VHU GHVWLQDGRV UHFXUVRV S~EOLFRV D SHVVRDV ItVLFDV H MXUtGLFDVQmREDVWDTXHDDXWRUL]DomRHVWHMDQRRUoDPHQWRRXHPVHXVFUpGLWRVDGLFLRQDLV 3UHFLVD KDYHU XPD OHL TXH WUDWH H[FOXVLYDPHQWH GHVVH DVVXQWR DSURYDGD SHOD &kPDUD GH 9HUHDGRUHV DXWRUL]DQGR D GHVWLQDomR GH UHFXUVRV 6H R Q~PHUR GH EHQHILFLDGRV IRU PXLWR JUDQGH SDUD VLPSOLILFDU D RSHUDFLRQDOL]DomR GRV SURFHGLPHQWRV D OHL SRGHUi VHU GR WLSR ´JXDUGDFKXYDµDXWRUL]DQGRDRSHUDomRHPVLHDVFRQGLo}HVGHDFHVVRDHODVHPQRPLQDURV EHQHILFLiULRV ,VVRYDOHSDUDWRGDDDGPLQLVWUDomRS~EOLFDQmRILQDQFHLUDR´HQWHµQDGHQRPLQDomRGD/5) DGPLQLVWUDomRGLUHWDLQGLUHWDIXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHV HWDPEpPSDUDDVHPSUHVDVHVWDWDLVHPJHUDO$VLQVWLWXLo}HVILQDQFHLUDVWrPPDLVOLEHUGDGH SDUDID]HUHVVHWLSRGHGHVSHVD6mRH[FHSFLRQDOL]DGDVSRLVpGDVXDQDWXUH]DpGDOyJLFDGH VHXIXQFLRQDPHQWRFRQFHGHUHPSUpVWLPRV-iRJRYHUQRQmRSRGHID]HUQDGDTXHQmRHVWHMD DXWRUL]DGRQRRUoDPHQWR*RYHUQRQmRpEDQFR $OpPGLVVRVHKiFRQFHVVmRGHFUpGLWRRDUWGD/5)H[LJHWDPEpPTXH RV HQFDUJRVILQDQFHLURVFRPLVV}HV H GHVSHVDVFRQJrQHUHVQmR VHMDPLQIHULRUHVDRV GHILQLGRVHPOHLRXDRFXVWRGHFDSWDomR ,VVR TXHU GL]HU TXH R JRYHUQR QmR SRGH FRQFHGHU XP HPSUpVWLPR VXEVLGLDGR VHP HVWDU DXWRUL]DGRSRUOHLHVSHFtILFD3RUH[HPSORRPXQLFtSLRQmRSRGHWRPDUXPHPSUpVWLPRHP XPEDQFRDXPDWD[DGHHXVDUHVVHVUHFXUVRVSDUDFRQFHGHURXWURHPSUpVWLPRDXPD HPSUHVDTXHDPHDoDIDOLUSRUH[HPSORDXPWD[DGHDPHQRVTXHD&kPDUDWHQKD DSURYDGRXPDOHLHVSHFtILFDDXWRUL]DQGRDFRQFHVVmRGRVXEVtGLRGHVVDIRUPD $OpPGLVVRPHVPRWHQGRDXWRUL]DomRGHOHLHVSHFtILFD RVXEVtGLRSUHFLVDUiFRQVWDUGRRUoDPHQWR ,VVR YDOH SDUD TXDOTXHU FRQFHVVmR GH HPSUpVWLPR ILQDQFLDPHQWR UHILQDQFLDPHQWR SURU URJDomRHFRPSRVLomRGHGtYLGDVUHDOL]DGRSHORPXQLFtSLRQRFRQFHLWRGHHQWHGDIHGHUDomR DSHVVRDItVLFDRXMXUtGLFDTXHQmRHVWHMDVREVHXFRQWUROHGLUHWR 5HVXPLQGRTXHOLVWDGHFKHFDJHPGHYHID]HURWpFQLFRHQFDUUHJDGRQHVVHFDVR" ([HPSORSUiWLFR$&RRSHUDWLYDGH$JULFXOWRUHVSHGLXXPDDMXGDGH5PLODR*RYHUQR GR0XQLFtSLR²TXHUTXHDFROKHLWDHDFRPHUFLDOL]DomRGDVDIUDVHMDPILQDQFLDGDVPDVRVMXURV QR PHUFDGR HVWmR PXLWR DOWRV H HOHV DUJXPHQWDP TXH R *RYHUQR GR 0XQLFtSLR WHP PDLV IDFLOLGDGHSDUDREWHUFUpGLWRMXQWRDREDQFR$OpPGLVVRRVDJULFXOWRUHVMiHVWmRHQGLYLGDGRV HLVVROKHVGDULDXPDOtYLRILQDQFHLUR2DSRLRDRVDJULFXOWRUHVLQWHUHVVDDRPXQLFtSLRHpXPD SROtWLFDGRJRYHUQR1RPHUFDGRRVMXURVPDLVRXWURVHQFDUJRVVmRGHHRVDJULFXOWRUHV TXHUHP TXH R JRYHUQR IDoD SRU 9DPRV VHJXLU D OLVWD GH FKHFDJHP H YHULILFDU VH DV H[LJrQFLDV HVWmR VHQGR DWHQGLGDV (OD p PXLWR SDUHFLGD FRP D OLVWD DQWHULRU Vy GLIHUH IXQ GDPHQWDOPHQWHQRSULPHLURLWHP ²9HULILFDPRVTXHQmRKiOHLHVSHFtILFDDSURYDGDSHOD&kPDUDGH9HUHDGRUHV23UHIHLWR SUHFLVDHQWmRHQFDPLQKDUXP3URMHWRGH/HLj&kPDUDDXWRUL]DQGRRHPSUpVWLPRGH5 PLOHHVSHFLILFDQGRDVFRQGLo}HVGDFRQFHVVmRGHWD[DGHMXURV&RPRSRGHUmRVXUJLU RXWURVLQWHUHVVDGRVSDUDVLPSOLILFDUDRSHUDFLRQDOL]DomRGRVSURFHGLPHQWRVIXWXURVDOHLLUi DXWRUL]DUDRSHUDomRHPVLHDVFRQGLo}HVGHDFHVVRDHODVHPQRPLQDURVEHQHILFLiULRV ²)L]HPRVXPDHVWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLUR1RFDVRVyKiLPSDFWRGD GHVSHVDHP(VVHLPSDFWRHVSHFLILFDDGHVSHVDHPVLMiFRQVLGHUDQGRRVMXURV5 PLOILQDQFLDGDSRURSHUDomRGHFUpGLWRHFRPSRVWDGH5PLOGHVXEYHQomRHFRQ{PLFD H5PLOGHGHVSHVDVGHMXURVVHQGR5PLOGHVXEVtGLRUHSUHVHQWDGRSHODGLIHUHQoDGH WD[DV2VUHWRUQRVVHHVWHQGHPSRUGH]DQRVPDVYDPRVDSUHVHQWDUDHVWLPDWLYDGHH DSHQDVHPTXHRHPSUpVWLPRFRPHoDDVHUDDPRUWL]DGR$QH[DPRVHVVDHVWLPDWLYDDR 3URMHWRGH/HLHVSHFtILFDHDR3URMHWRGH/HLTXHVROLFLWDDDEHUWXUDGHFUpGLWRDGLFLRQDO ²$HVWLPDWLYDGHGHVSHVDpGH5PLOHP3RUWDQWRQmRpXPDGHVSHVDLUUHOHYDQWH SRLVQD/'2GR0XQLFtSLRIRLDGRWDGDGHILQLomRLJXDOjGD/'2GD8QLmR ²$GHVSHVDHPERUDQmRSUHYLVWDLQLFLDOPHQWHSRGHVHUHQTXDGUDGDQR3URJUDPD$SRLRDR 3URGXWRU5XUDOpFRPSDWtYHO ²1D/'2GR0XQLFtSLRKiXPDUHODomRGHVLWXDo}HVHPTXHSRGHPVHUFRQFHGLGRVHPSUpVWLPRV VXEVLGLDGRVHRHPSUpVWLPRSURSRVWRQmRID]SDUWHGHVVDUHODomR$OpPGR3URMHWRHVSHFtILFRR 3UHIHLWRSUHFLVDUiHQFDPLQKDUXPRXWURDOWHUDQGRDTXHOHDUWLJRGD/'21DVGHPDLVGLVSRVLo}HV HVWiWXGRGHDFRUGR1D/'2GRDQRVHJXLQWHVHUiFRQYHQLHQWHLQFOXLUQR$QH[RGH5LVFRV)LVFDLV XPSHUFHQWXDOKLVWyULFRGHLQDGLPSOrQFLDVREUHHPSUpVWLPRVFRQFHGLGRV ²22UoDPHQWRIRLHODERUDGRSDUDFXPSULUDVPHWDVILVFDLVHVWDEHOHFLGDVQD/'2PDVFRPR HVVDGHVSHVDQmRHVWDYDSUHYLVWDQmRIRLRUoDGDHHVVHDFUpVFLPRSRGHULDDIHWDUDVPHWDV0DV D H[HFXomR ILQDQFHLUD WHP PRVWUDGR TXH Ki IROJD HP UHODomR jV PHWDV HP HVSHFLDO DV GH UHVXOWDGRQRPLQDOHGHGtYLGDS~EOLFDTXHVHUmRLPSDFWDGDVSHODRSHUDomR(QWmRQmRWHPRV SUREOHPDVQHVVDiUHD ²&RPRDGHVSHVDQmRHVWDYDSUHYLVWDQmRKiXPDGRWDomRHVSHFtILFDQR2UoDPHQWRGH 'HYHPRVHQYLDUXP3URMHWRGH/HLTXHVROLFLWHDXWRUL]DomRj&kPDUDSDUDDEHUWXUDGH FUpGLWRDGLFLRQDOHVSHFLDOQRYDORUGH5PLOSDUDDFRQFHVVmRGRHPSUpVWLPRWHQGR FRPR IRQWH ´UHFHLWD GH RSHUDo}HV GH FUpGLWRµ TXDO GHYH WDPEpP VHU DXWRUL]DGD SRU HVVD PHVPD/HL ²8PDYH]DSURYDGRRFUpGLWRHDOHLHVSHFtILFDSRGHPRVHPLWLUD´GHFODUDomRGRRUGHQDGRU GHGHVSHVDµ1RQRVVR0XQLFtSLRXWLOL]DPRVR6,$)(0HDDXWRUL]DomRVHFRQILJXUDQRDXPHQWR GRVOLPLWHVRUoDPHQWiULRVGRVLVWHPD2UHVSRQViYHOSHORDXPHQWRGHVVHVOLPLWHVQRVLVWHPD GHYHWHUFHUWH]DGHTXHRFUpGLWRHDOHLHVSHFtILFDIRUDPPHVPRDSURYDGRV ²$QDOLVDQGRVHDGHVSHVDpREULJDWyULDGHFDUiWHUFRQWLQXDGRFRQFOXtPRVTXHQmRpSRLV VHWUDWDGHXPDVXEYHQomRTXHVHUiFRQFHGLGDFRQIRUPHRPpULWRHDVFRQGLo}HVILQDQFHLUDV DQDOLVDGDVQRRUoDPHQWRGHFDGDH[HUFtFLR ²9HULILFDPRVDVVDQo}HVGD/5)TXHVXVSHQGHPRSHUDo}HVGHFUpGLWR-iHQYLDPRVDTXHP GHGLUHLWRWRGRVRV5HODWyULRVTXHD/5)SUHYr2OLPLWHPi[LPRGHSHVVRDOHVWDEHOHFLGRSHOD /5)pGHSDUDR([HFXWLYRHROLPLWHSUXGHQFLDOpGHPDVRVJDVWRVGHSHVVRDOGR ([HFXWLYRGR0XQLFtSLRPRQWDPGDUHFHLWDFRUUHQWHOtTXLGDRTXHGDUiDSRVVLELOLGDGH GDRSHUDomR2VOLPLWHVPi[LPRVUHIHUHQWHVDGtYLGDRSHUDo}HVGHFUpGLWRH DPRUWL]Do}HV MXURV H HQFDUJRV WDPEpP QmR UHSUHVHQWDP UHVWULo}HV j RSHUDomR PHQFLRQDGD7DPEpPFXPSULPRVROLPLWHUHIHUHQWHj´UHJUDGHRXURµHKRQUDPRVWRGDVDV RSHUDo}HVHPTXHD8QLmRHR(VWDGRHUDPJDUDQWLGRUHV/RJRQmRHVWDPRVVXMHLWRVDQHQKXPD VDQomRGD/5)TXHVXVSHQGHULDRSHUDo}HVGHFUpGLWR ² 1mR LGHQWLILFDPRV FRQIOLWR FRP GLVSRVLomR OHJDO GD &RQVWLWXLomR )HGHUDO QHP GD /HL 2UJkQLFD0XQLFLSDOQHPGDVOHLVFRPSOHPHQWDUHVHPYLJRUHPHVSHFLDOGD/5)&RPRQmR p~OWLPRDQRGHPDQGDWRQmRSUHFLVDPRVQRVSUHRFXSDUFRPDVUHJUDVGHILQDOGHPDQGDWR GD/5)HGD/HL(OHLWRUDO ² $ SURJUDPDomR ILQDQFHLUD Mi IRL DMXVWDGD DR FUpGLWR HVSHFLDO DSURYDGR /LFLWDPRV D LQVWLWXLomRILQDQFHLUDTXHFRQFHGHUiRHPSUpVWLPR ²)D]HPRVHQWmRRHPSHQKRGDGHVSHVDHOLEHUDPRVRHPSUpVWLPR ² )LUPDPRV FRQWUDWR FRP D LQVWLWXLomR ILQDQFHLUD H FRP D FRRSHUDWLYD GH DJULFXOWRUHV 'HSRLVVHUiSUHFLVRDFRPSDQKDURUHWRUQRGRVHPSUpVWLPRV 5(*5$63$5$35(6(59$d®2'23$75,0Ñ1,23Ô%/,&2 $SUHVHUYDomRGRSDWULP{QLRS~EOLFRpXPGRVSULQFtSLRVGDJHVWmRILVFDOUHVSRQViYHO1HVVH VHQWLGRD/5)QRVDUWHHVWDEHOHFHDOJXPDVGDVH[LJrQFLDVTXHGHYHPVHUREVHUYDGDV 2DUWWUDWDGRVUHFXUVRVREWLGRVSHODDOLHQDomRGHSDWULP{QLRS~EOLFRRTXHFRQKHFHPRV FRPRSULYDWL]DomR$VUHFHLWDVGHFDSLWDOREWLGDVFRPDSULYDWL]DomRQmRSRGHUmRVHUXWLOL]DGDV SDUDILQDQFLDUGHVSHVDVFRUUHQWHVHPJHUDOFRPRSRUH[HPSORSDJDPHQWRGHIXQFLRQiULRV S~EOLFRVHFRQWDGHOX]GD3UHIHLWXUD7DLVUHFXUVRVSRGHUmRVHUXWLOL]DGRVSDUD D ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV SRU H[HPSOR DTXLVLomR GH LPyYHLV WtWXORV FRQVWLWXLomRHDXPHQWRGHFDSLWDORX7UDQVIHUrQFLDVGH&DSLWDOSRUH[HPSORDPRUWL]D omRGDGtYLGDS~EOLFD E3UHYLGrQFLDWDQWRQRVUHJLPHVJHUDOFRPRSUySULRGRVVHUYLGRUHVS~EOLFRV1HVWHFDVR HPERUD VHMD XPD GHVSHVD FRUUHQWH p H[FHSFLRQDOL]DGD SHOD /5) FRP R REMHWLYR GH FRQVWLWXLUIXQGRVHTXLOLEUDGRVSDUDDVVHJXUDURSDJDPHQWRGDVDSRVHQWDGRULDVQRIXWXUR 2FXPSULPHQWRGHVVHGLVSRVLWLYRGHYHVHUDFRPSDQKDGRDWUDYpVGH$QH[RGD/'2RQGHDOpP GHVHGHVFUHYHUDHYROXomRGRSDWULP{QLROtTXLGRQRVWUrV~OWLPRVH[HUFtFLRVGHYHUiVHULQFOXtGR XPGHPRQVWUDWLYRGDRULJHPHDSOLFDomRGRVUHFXUVRVGDSULYDWL]DomR 1R DUW D SUHRFXSDomR IXQGDPHQWDO p FRP DV REUDV LQDFDEDGDV TXH WDQWR RQHUDP D DGPLQLVWUDomR S~EOLFD UHGX]LQGR D HILFLrQFLD GR JDVWR S~EOLFR 2 DUWLJR HVWDEHOHFH TXH R RUoDPHQWR H VHXV FUpGLWRV DGLFLRQDLV Vy LQFOXLUmR QRYRV SURMHWRV GHSRLV TXH WLYHUHP VLGR DWHQGLGRVRVSURMHWRVHPDQGDPHQWRHFRQWHPSODGDVDVGHVSHVDVGHFRQVHUYDomRGRSDWULP{ QLRS~EOLFR2FXPSULPHQWRGHVVHGLVSRVLWLYRGHYHVHUDFRPSDQKDGRDWUDYpVGH5HODWyULR HODERUDGRSHOD3UHIHLWXUDHHQYLDGRDR3RGHU/HJLVODWLYRDWpDGDWDGRHQYLRGR3URMHWRGH /'2(VVH5HODWyULRGHYHUiWDPEpPVHUREMHWRGHDPSODGLYXOJDomR $/'2GR0XQLFtSLRGHYHUiGHWHUPLQDURTXHVHFRQVLGHUDXPDWHQGLPHQWRDGHTXDGRGRV SURMHWRVHPDQGDPHQWRHTXHWLSRGHGHVSHVDFRPFRQVHUYDomRGRSDWULP{QLRS~EOLFRGHYHUi VHUDWHQGLGR&RPRH[HPSORPHQFLRQRD/'2GD8QLmR/HLTXHQRVDUWV HHVWDEHOHFH ´$UW$OpPGDREVHUYkQFLDGDVSULRULGDGHVHPHWDVIL[DGDVQRVWHUPRVGRDUWºGHVWD /HLDOHLRUoDPHQWiULDHVHXVFUpGLWRVDGLFLRQDLVREVHUYDGRRGLVSRVWRQRDUWGD/HL &RPSOHPHQWDUGHVRPHQWHLQFOXLUmRSURMHWRVRXVXEWtWXORVGHSURMHWRVQRYRV VH ,²WLYHUHPVLGRDGHTXDGDPHQWHFRQWHPSODGRVWRGRVRVSURMHWRVHUHVSHFWLYRVVXEWtWXORV HPDQGDPHQWRH ,,²RVUHFXUVRVDORFDGRVYLDELOL]DUHPDFRQFOXVmRGHXPDHWDSDRXDREWHQomRGHXPD XQLGDGHFRPSOHWDFRQVLGHUDQGRVHDVFRQWUDSDUWLGDVGHTXHWUDWDRLQFLVR,,GRFDSXWGR DUWGHVWD/HL º3DUDILQVGHDSOLFDomRGRGLVSRVWRQHVWHDUWLJRQmRVHUmRFRQVLGHUDGRVSURMHWRVFRP WtWXORVJHQpULFRVTXHWHQKDPFRQVWDGRGHOHLVRUoDPHQWiULDVDQWHULRUHV º6HUmRHQWHQGLGRVFRPRSURMHWRVRXVXEWtWXORVGHSURMHWRVHPDQGDPHQWRDTXHOHVFXMD H[HFXomRILQDQFHLUDDWpGHMXQKRGHXOWUDSDVVDUYLQWHSRUFHQWRGRVHXFXVWR WRWDOHVWLPDGRFRQIRUPHLQGLFDGRQRGHPRQVWUDWLYRSUHYLVWRQRLQFLVR;;,;GRºGRDUW ºGHVWD/HL $UW1mRSRGHUmRVHUGHVWLQDGRVUHFXUVRVSDUDDWHQGHUDGHVSHVDVFRP ,²LQtFLRGHFRQVWUXomRDPSOLDomRUHIRUPDYROXSWXiULDRX~WLODTXLVLomRQRYDVORFDo}HV RXDUUHQGDPHQWRVGHLPyYHLVUHVLGHQFLDLV ,,²DTXLVLomRGHPRELOLiULRHHTXLSDPHQWRSDUDXQLGDGHVUHVLGHQFLDLVGHUHSUHVHQWDomR IXQFLRQDO ,,,²DTXLVLo}HVGHDXWRPyYHLVGHUHSUHVHQWDomRUHVVDOYDGDVDTXHODVUHIHUHQWHVDDXWRPy YHLVGHXVR DGR3UHVLGHQWH9LFH3UHVLGHQWHHH[3UHVLGHQWHVGD5HS~EOLFD EGRV3UHVLGHQWHVGD&kPDUDGRV'HSXWDGRVGR6HQDGR)HGHUDOHGRV0HPEURVGDV0HVDV 'LUHWRUDVGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDO F3UHVLGHQWHVGRV7ULEXQDLV6XSHULRUHV GGRV0LQLVWURVGH(VWDGRHGR6XSUHPR7ULEXQDO)HGHUDO HGR3URFXUDGRU*HUDOGD5HS~EOLFD IGR$GYRJDGR*HUDOGD8QLmRHGRV&RPDQGDQWHVGD0DULQKDGR([pUFLWRHGD$HURQiXWLFD ,9 ² FHOHEUDomR UHQRYDomR HSURUURJDomRGHFRQWUDWRVGHORFDomRH DUUHQGDPHQWR GH TXDLVTXHUYHtFXORVSDUDUHSUHVHQWDomRSHVVRDO 9 ² Do}HV GH FDUiWHU VLJLORVR VDOYR TXDQGR UHDOL]DGDV SRU yUJmRV RX HQWLGDGHV FXMD OHJLVODomR TXH DV FULRX HVWDEHOHoD HQWUH VXDV FRPSHWrQFLDV R GHVHQYROYLPHQWR GH DWLYLGDGHVUHODWLYDVjVHJXUDQoDGDVRFLHGDGHHGR(VWDGRHTXHWHQKDPFRPRSUHFRQGLomR RVLJLORFRQVWDQGRRVYDORUHVFRUUHVSRQGHQWHVGHFDWHJRULDVGHSURJUDPDomRHVSHFtILFDV 9,²Do}HVTXHQmRVHMDPGHFRPSHWrQFLDH[FOXVLYDGD8QLmRFRPXPj8QLmRDRV(VWDGRV DR'LVWULWR)HGHUDOHDRV0XQLFtSLRVRXFRPDo}HVHPTXHD&RQVWLWXLomRQmRHVWDEHOHoD DREULJDomRGD8QLmRHPFRRSHUDUWpFQLFDHILQDQFHLUDPHQWH 9,, ² FOXEHV H DVVRFLDo}HV GH VHUYLGRUHV RX TXDLVTXHU RXWUDV HQWLGDGHV FRQJrQHUHV H[FHWXDGDVFUHFKHVHHVFRODVSDUDRDWHQGLPHQWRSUpHVFRODU 9,,,²SDJDPHQWRDTXDOTXHUWtWXORDVHUYLGRUGDDGPLQLVWUDomRS~EOLFDRXHPSUHJDGRGH HPSUHVD S~EOLFD RX GH VRFLHGDGH GH HFRQRPLD PLVWD SRU VHUYLoRV GH FRQVXOWRULD RX DVVLVWrQFLDWpFQLFDLQFOXVLYHFXVWHDGRVFRPUHFXUVRVSURYHQLHQWHVGHFRQYrQLRVDFRUGRV DMXVWHVRXLQVWUXPHQWRVFRQJrQHUHVILUPDGRVFRPyUJmRVRXHQWLGDGHVGHGLUHLWRS~EOLFR RXSULYDGRQDFLRQDLVRXLQWHUQDFLRQDLVH ,;²FRPSUDGHWtWXORVS~EOLFRVSRUSDUWHGHyUJmRVGDDGPLQLVWUDomRLQGLUHWDIHGHUDOH[FHWR SDUDDWLYLGDGHVOHJDOPHQWHDWULEXtGDVDRyUJmR º 'HVGH TXH DV GHVSHVDV VHMDP HVSHFLILFDPHQWH LGHQWLILFDGDV QD OHL RUoDPHQWiULD H[FOXHPVHGDYHGDomRSUHYLVWD ,²QRVLQFLVRV,H,,GRFDSXWGHVWHDUWLJRDVGHVWLQDo}HVSDUD DXQLGDGHVHTXLSDGDVHVVHQFLDLVjDomRGDVRUJDQL]Do}HVPLOLWDUHV EDVXQLGDGHVQHFHVViULDVjLQVWDODomRGHQRYDVUHSUHVHQWDo}HVGLSORPiWLFDVQRH[WHULRU FUHSUHVHQWDo}HVGLSORPiWLFDVQRH[WHULRU GUHVLGrQFLDVIXQFLRQDLVGRV0LQLVWURVGH(VWDGRHGRVPHPEURVGR3RGHU/HJLVODWLYRHP %UDVtOLDH H DV GHVSHVDV GHVVD QDWXUH]D TXH VHMDP UHODWLYDV jV VHGHV RILFLDLV GDV UHSUHVHQWDo}HV GLSORPiWLFDVQRH[WHULRUHTXHVHMDPFREHUWDVFRPUHFXUVRVSURYHQLHQWHVGDUHQGDFRQVXODU ,, ² QR LQFLVR ,,, GR FDSXW GHVWH DUWLJR DV DTXLVLo}HV FRP UHFXUVRV RULXQGRV GD UHQGD FRQVXODUSDUDDWHQGHUjVUHSUHVHQWDo}HVGLSORPiWLFDVQRH[WHULRU ,,,²QRLQFLVR9,GRFDSXWGHVWHDUWLJRDVGHVSHVDVSDUDDWHQGHUjDVVLVWrQFLDWpFQLFDDRV 7ULEXQDLVGH&RQWDVHVWDGXDLVFRPYLVWDVDRFXPSULPHQWRGDVDWULEXLo}HVHVWLSXODGDVQD /HL&RPSOHPHQWDUQºGHHSDUDDo}HVGHVHJXUDQoDS~EOLFDQRVWHUPRVGR FDSXWGRDUWGD&RQVWLWXLomR º2VVHUYLoRVGHFRQVXOWRULDVRPHQWHVHUmRFRQWUDWDGRVSDUDH[HFXomRGHDWLYLGDGHV TXHFRPSURYDGDPHQWHQmRSRVVDPVHUGHVHPSHQKDGDVSRUVHUYLGRUHVRXHPSUHJDGRVGD $GPLQLVWUDomR )HGHUDO SXEOLFDQGRVH QR 'LiULR 2ILFLDO GD 8QLmR DOpP GR H[WUDWR GR FRQWUDWRDMXVWLILFDWLYDHDDXWRUL]DomRGDFRQWUDWDomRQRTXDOFRQVWDUiQHFHVVDULDPHQWH TXDQWLWDWLYRPpGLRGHFRQVXOWRUHVFXVWRWRWDOGRVVHUYLoRVHVSHFLILFDomRGRVVHUYLoRVH SUD]RGHFRQFOXVmRµ 1R TXH WDQJH DRV LQYHVWLPHQWRV FXMD H[HFXomR XOWUDSDVVH XP H[HUFtFLR ILQDQFHLUR GHYH WDPEpPVHUREVHUYDGDDH[LJrQFLDGHQmRLQFOXLUGRWDomRQDOHLRUoDPHQWiULDVHPTXHRPHVPR HVWHMDSUHYLVWRQR3ODQR3OXULDQXDORXVHPOHLTXHDXWRUL]HDLQFOXVmRFRQIRUPHºGRDUW GD/5)2GHVFXPSULPHQWRGHVVDH[LJrQFLDGHDFRUGRFRPRDUWºGD&RQVWLWXLomR )HGHUDOLPSOLFDFULPHGHUHVSRQVDELOLGDGH 2 DUW GD /5) WUDWD GDV GHVDSURSULDo}HV GH LPyYHLV XUEDQRV &RQVRDQWHD &RQVWLWXLomR )HGHUDODGHVDSURSULDomRGHYHVHUSUHFHGLGDGHMXVWDLQGHQL]DomRHPGLQKHLUR6HUiQXORGH SOHQRGLUHLWRGHDFRUGRFRPD/5)RDWRTXHQHPDWHQGHUjGHWHUPLQDomRFRQVWLWXFLRQDOH QHPIRUSUHFHGLGRGHGHSyVLWRMXGLFLDOGRYDORUGDLQGHQL]DomR2REMHWLYRDTXLIRLFULDUXPD VDQomRDVVRFLDGDDRGHVFXPSULPHQWRGD&RQVWLWXLomRHYLWDQGRGLYHUVRVDEXVRVQHVVDiUHD 26/,0,7(60Ì1,026'(*$672&20('8&$d®2(6$Ô'( $/5)QRVHXDUWLJRHVWDEHOHFHDVFRQGLo}HVSDUDUHFHELPHQWRGHWUDQVIHUrQFLDVYROXQWiULDV GD8QLmRRXGR(VWDGRFRPSUHHQGLGRVQHVVHFRQFHLWRRVUHFXUVRVFRUUHQWHVRXGHFDSLWDO HQWUHJXHV D WtWXOR GH FRRSHUDomR DX[tOLR RX DVVLVWrQFLD ILQDQFHLUD TXH QmR GHFRUUDP GH GHWHUPLQDomRFRQVWLWXFLRQDOOHJDORXRVGHVWLQDGRVDR6LVWHPDÔQLFRGH6D~GH 7UDQVIHUrQFLDVYROXQWiULDVVmRDTXHODVUHDOL]DGDVDWUDYpVGHFRQYrQLRRXDFRUGRFRQJrQHUH HTXHFRQVWDPGR2UoDPHQWRGD8QLmRRXGR(VWDGRPDVQmRGHFRUUHPGHXPDGHWHUPLQDomR FRQVWLWXFLRQDORXOHJDO'HVWLQDPVHFRPIUHTrQFLDDREUDVHWDPEpPFRPIUHTrQFLDWHP RULJHPHPHPHQGDVSDUODPHQWDUHV$VVLPDVWUDQVIHUrQFLDVFRQVWLWXFLRQDLVHOHJDLV)30/HL .DQGLU686H)XQGHIQmRVmRWUDQVIHUrQFLDVYROXQWiULDV $VXVSHQVmRGHWUDQVIHUrQFLDVYROXQWiULDVQmRDWLQJHDVDo}HVGHHGXFDomRVD~GHHDVVLVWrQFLD VRFLDO1RHQWDQWRGHQWUHDVH[LJrQFLDVSDUDUHFHELPHQWRGHWUDQVIHUrQFLDVYROXQWiULDVVHLQFOXL RFXPSULPHQWRGRVOLPLWHVFRQVWLWXFLRQDLVUHODWLYRVjHGXFDomRHjVD~GH2OLPLWHPtQLPR SDUDJDVWRFRPDHGXFDomRGL]UHVSHLWRDR)XQGRGH0DQXWHQomRH'HVHQYROYLPHQWRGR(QVLQR )XQGDPHQWDOHGH9DORUL]DomRGR0DJLVWpULR)81'()HIRLLQVWLWXtGRSHOD(PHQGD&RQV WLWXFLRQDOQRSHOD/HLHSHOR'HFUHWRQº2OLPLWHPtQLPRSDUDJDVWR FRPDVD~GHIRLLQVWLWXtGRSHOD(PHQGD&RQVWLWXFLRQDOQR$VHJXLULUHPRVGHVFUHYHU HVVHVOLPLWHV 2$UWGD&RQVWLWXLomR)HGHUDOHR)81'() 2)XQGRGH'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOHGHYDORUL]DomRGR0DJLVWpULR)XQGHI IRLFULDGRSDUDYLJRUDUGXUDQWHGH]DQRVHWHPSRUREMHWLYRPHOKRUDUDDORFDomR GH UHFXUVRV QD 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR )XQGDPHQWDO H 9DORUL]DomR GR 0DJLVWpULRHPWHUPRVGHHTXLGDGHHGHHILFLrQFLD2FDPLQKRSDUDDWLQJLUHVVHREMHWLYRIRLD 1RV (VWDGRV HP TXH IRL FULDGR HP R )XQGHI YLJRUDUi DWp LQGXomRGRSURFHVVRGHPXQLFLSDOL]DomRGRHQVLQRIXQGDPHQWDOFRQMXJDGDFRPDSURPRomR GHXPDSROtWLFDGHHTXLGDGHGHDFHVVRGDSRSXODomRDRVUHFXUVRV 'HDFRUGRFRPD&RQVWLWXLomR)HGHUDOQRVHXDUWRPXQLFtSLRGHYHGHVWLQDUjHGXFDomR GDVXDDUUHFDGDomRGHLPSRVWRVHWUDQVIHUrQFLDV'HVVHVGHYHPVHUGHVWLQDGRV DRILQDQFLDPHQWRGRHQVLQRIXQGDPHQWDOHRVUHVWDQWHVDRILQDQFLDPHQWRGDHGXFDomR LQIDQWLO $OpP GLVVR GRV UHFXUVRV GR )81'() GHYHP VHU GHVWLQDGRV H[FOXVLYDPHQWH SDUD R SDJDPHQWRGRVVDOiULRVGRVSURIHVVRUHVGDGRVRREMHWLYRGHYDORUL]DomRGRPDJLVWpULRHGH PHOKRULDGDTXDOLGDGHGRHQVLQRIXQGDPHQWDO (DLQGDpIL[DGRXPYDORUPtQLPRDVHUUHSDVVDGRDQXDOPHQWHSRUFDGDDOXQRPDWULFXODGR 3DUDRDQRRYDORUPtQLPRQDFLRQDOSHUFDSLWDIRLHVWDEHOHFLGRGHIRUPDGLIHUHQFLDGD WHQGRVLGRHVWLSXODGRHP5SDUDRVDOXQRVGDªjªVpULHVHHP5SDUDRV GDªjªVpULHVHRVGD(GXFDomR(VSHFLDO 2VUHFXUVRVDSRUWDGRVDR)XQGRVHUmRGLVWULEXtGRVGHDFRUGRFRPRQ~PHURGHPDWUtFXODV HIHWLYDGDV QDV UHGHV HVWDGXDO H PXQLFLSDO PXOWLSOLFDGRV SHOR YDORU ~QLFR SRU DOXQR HV WDEHOHFLGR6HRVYDORUHVSRUDOXQRIRUHPPDLVHOHYDGRVQDUHGHHVWDGXDOHPUHODomRjPXQLFLSDO KDYHUiXPDUHGLVWULEXLomRGHUHFXUVRVGDSULPHLUDSDUDDVHJXQGD6HRYDORUSRUDOXQRHP FDGD HVWDGR QmR DOFDQoDU R PtQLPR GHILQLGR QDFLRQDOPHQWH D GHVWLQDomR GH UHFXUVRV GR *RYHUQR )HGHUDO SDUD HVWDGRV H PXQLFtSLRV VHUi IHLWD DXWRPDWLFDPHQWH FRQVLGHUDQGR R Q~PHURGHPDWUtFXODVHIHWLYDGDVQDVUHGHVGRHQVLQRIXQGDPHQWDO (LVDVEDVHVGHFiOFXORGHFDGDQRUPDOHJDO $57²&2167,78,d®2)('(5$/ %$6( '( &É/&8/2 ² ,0326726 35Ð35,26 ,378 ,66 ,7%, ´LQWHU YLYRVµ ² 75$16)(5È1&,$6 (67$'8$,6 4XRWD 3DUWH GR ,&06 ² 4XRWD 3DUWH GR ,3, (;7 ² 4XRWD 3DUWH GR ,39$ ² 75$16)(5È1&,$6 )('(5$,6 4XRWD 3DUWH GR )30 ² 4XRWD 3DUWH GR ,75 /HL &RPSOHPHQWDU 1º /HL .DQGLU 4XRWD 3DUWH GR ,2)2852 4XRWD 3DUWH GR ,55) ² 2875$6 5(&(,7$6 'tYLGD $WLYD GH ,PSRVWRV 0XOWDV H -XURV SHOR $WUDVR GH ,PSRVWRV 1mR,QVFULWRV QD 'tYLGD $WLYD 727$/ 3$5$ %$6( '( &É/&8/2 $UW '$ &) &RQYrQLRV 'HVWLQDGRV D (GXFDokR 9DORU 0LQLPR D $SOLFDU 9$/25 (0(1'$&2167,78&,21$/1º²)81'() %$6( '( &É/&8/2 ² 75$16)(5È1&,$6 (67$'8$,6 4XRWD 3DUWH GR ,&06 ² 4XRWD 3DUWH GR ,3, (;7 ² &RPSOHPHQWDomR )81'() ² 6DOGR 3RVLWLYR 5HJLVWUDGR ² 75$16)(5È1&,$6 )('(5$,6 4XRWD 3DUWH GR )30 ² /HL &RPSOHPHQWDU 1º /HL .DQGLU ² &RPSOHPHQWDomR )81'() 8QLmR ² 2875$6 5(&(,7$6 5HFHLWD )LQDQFHLUD)81'() 727$/ ² '('8d®2 3(5'$ 6$/'2 1(*$7,92 5(*,675$'2 727$/ 3$5$ %$6( '( &É/&8/2 5HPXQHUDomR GRV 3URILVVLRQDLV GR 0DJLVWpULR ² (QVLQR )XQGDPHQWDO ² 9DORU 0LQLPR D $SOLFDU 2XWUDV 'HVSHVDV SDUD 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR )XQGDPHQWDO ² 0i[LPR GH 9$/25 $(PHQGD&RQVWLWXFLRQDOHRV*DVWRVFRP6D~GH $(PHQGD&RQVWLWXFLRQDOGD6D~GH(&HVWDEHOHFHXDYLQFXODomRGHXPSHUFHQWXDO GHUHFXUVRVRUoDPHQWiULRVGRVGLYHUVRVQtYHLVGHJRYHUQR²8QLmRHVWDGRVHPXQLFtSLRV²SDUD RILQDQFLDPHQWRGDVD~GH$VUHJUDVSDUDD8QLmRHRVHVWDGRVQmRVHUmRDQDOLVDGDVDTXL 3DUD RV PXQLFtSLRV R SHUFHQWXDO GH YLQFXODomR p GH GH VXD UHFHLWD GH LPSRVWRV H WUDQVIHUrQFLDVFRQVWLWXFLRQDLV(VVHSHUFHQWXDOGHYHUiVHUDWLQJLGRQRSUD]RGHDQRVFRQWDGRV DSDUWLUGDHQWUDGDHPYLJRUGD(PHQGD2VPXQLFtSLRVTXHGHVWLQDYDPQRVHXSULPHLURDQR SHUFHQWXDLVLQIHULRUHVDSDUDRILQDQFLDPHQWRGDVD~GHGHYHPDXPHQWiORVJUDGXDOPHQWH DWpRºDQRDSyVDVXDDSURYDomRUHGX]LQGRVHHVVDGLIHUHQoDjUD]mRGHSHORPHQRV² XPTXLQWR²SRUDQR&RPRSLVRPtQLPRGHDSOLFDomRQRSULPHLURDQRD(PHQGDHVWDEHOHFHX DLQGDRSHUFHQWXDOGHGDUHFHLWDGHLPSRVWRVHWUDQVIHUrQFLDVFRQVWLWXFLRQDLV $VUHFHLWDVGDVTXRWDVSDUWHVGR)30,&06,3,H/&TXHFRPS}HPDEDVHGHFiOFXOR SDUDDDSOLFDomRQDVDo}HVHVHUYLoRVS~EOLFRVGHVD~GHVmRFRQVLGHUDGDVSHORVVHXVYDORUHV EUXWRVQmRVHH[FOXLQGRDSDUFHODGHVWLQDGDDR)81'() 2VUHFXUVRVGHYHUmRVHUDSOLFDGRVREULJDWRULDPHQWHSHOR)XQGR0XQLFLSDOGH6D~GHFULDGR SRUOHLGHLQLFLDWLYDGR3RGHU([HFXWLYR 2 FRQFHLWR GH ´Do}HV H VHUYLoRV GH VD~GHµ VHUi HVWDEHOHFLGR SRU /HL &RPSOHPHQWDU 1R HQWDQWRRV7ULEXQDLVGH&RQWDVQRUPDOPHQWHGHWHUPLQDPTXHGHYHPVHUH[FOXtGDVDVGHVSHVDV FRPLQDWLYRVHSHQVLRQLVWDV$o}HVGHOLPSH]DXUEDQDHUHPRomRGHUHVtGXRVVyOLGRV'tYLGD S~EOLFD$o}HVHVHUYLoRVGHVD~GHGHVWLQDGRVDRDWHQGLPHQWRGHFOLHQWHODVIHFKDGDV6DQHD PHQWRILQDQFLDGRSRUXVXiULRV7DULIDVWD[DVRXFRQWULEXLo}HVPHUHQGDHVFRODUHDo}HVGH SUHVHUYDomRHFRUUHomRGRPHLRDPELHQWH 3DUD RV PXQLFtSLRV R SHUFHQWXDO GH YLQFXODomR p GH GH VXD UHFHLWD GH LPSRVWRV H WUDQVIHUrQFLDVFRQVWLWXFLRQDLV(VVHSHUFHQWXDOGHYHUiVHUDWLQJLGRQRSUD]RGHDQRVFRQWDGRV DSDUWLUGDHQWUDGDHPYLJRUGD(PHQGD2VPXQLFtSLRVTXHGHVWLQDYDPQRVHXSULPHLURDQR SHUFHQWXDLVLQIHULRUHVDSDUDRILQDQFLDPHQWRGDVD~GHGHYHPDXPHQWiORVJUDGXDOPHQWH DWpRºDQRDSyVDVXDDSURYDomRUHGX]LQGRVHHVVDGLIHUHQoDjUD]mRGHSHORPHQRV² XPTXLQWR²SRUDQR&RPRSLVRPtQLPRGHDSOLFDomRQRSULPHLURDQRD(PHQGDHVWDEHOHFHX DLQGDRSHUFHQWXDOGHGDUHFHLWDGHLPSRVWRVHWUDQVIHUrQFLDVFRQVWLWXFLRQDLV $VVLP DYHULILTXHTXDOpDDUUHFDGDomRGHLPSRVWRVHWUDQVIHUrQFLDVFRQVWLWXFLRQDLVGRVHXPXQLFtSLR EGLPLQXDGHRSHUFHQWXDOGHUHFXUVRVSUySULRVDSOLFDGRVHPVD~GHQRSHUtRGRLQLFLDO1DWDEHOD ILFD² VHRPXQLFtSLRWLYHUDSOLFDGRSRUH[HPSORILFDULD² FGLYLGDSRUSRLVD(&PDQGDDXPHQWDUHPSHORPHQRVRVUHFXUVRVDVHUHP DSOLFDGRVDFDGDDQR GVRPHjDSOLFDomRGRDQRDQWHULRURUHVXOWDGR HDPHVPDVLVWHPiWLFDPDQWpPVHSDUDRVSUy[LPRVDQRVFRPH[FHomRGR~OWLPRRQGHVH DSOLFDSHUFHQWXDOTXHIDOWDSDUDLQWHJUDOL]DURV² ([HPSORSUiWLFR $SOLFDomRQDV$o}HVH6HUYLoRV3~EOLFRVGH6D~GH ²(PHQGD&RQVWLWXFLRQDO1º² (;(5&Ì&,2 081,&Ì3,2 3UXGHQFLROkQGLD ,0326726 ( 75$16)(5È1&,$6 &216,'(5$'26 3$5$ 2 &É/&8/2 ,378 ,66 ,7%, 'tYLGD DWLYD GH LPSRVWRV -XURV H PXOWDV GH LPSRVWRV 4XRWD SDUWH GR )30 )30 )30 )81'() 4XRWD SDUWH GR ,55) 4XRWD SDUWH GR ,75 4XRWD SDUWH GR ,39$ 4XRWD SDUWH GR ,&06 ,&06 ,&06 )81'() 4XRWD SDUWH GR ,3, ,3, ,3, )81'() /HL &RPSOHPHQWDU Qº /HL .DQGLU $ 727$/ '26 ,0326726 ( 75$16)(5È1&,$6 '(63(6$6 &216,'(5$'$6 &202 $d¯(6 ( 6(59,d26 3Ô%/,&26 '( 6$Ô'( *DVWRV FRP VD~GH SURJUDPD DWp H IXQomR D SDUWLU GH ,QDWLYRV H SHQVLRQLVWDV $o}HV GH OLPSH]D XUEDQD H UHPRomR GH UHVtGXRV VyOLGRV $o}HV FXVWHDGDV FRP UHFXUVRV GH RSHUDo}HV GH FUpGLWR $VVLVWrQFLD PpGLFD H RGRQWROyJLFD D VHUYLGRUHV 6DQHDPHQWR ILQDQFLDGR SRU XVXiULRV 7DULIDV WD[DV RX FRQWULEXLo}HV $o}HV ILQDQFLDGDV FRP WUDQVIHUrQFLDV YROXQWiULDV FRQYrQLRV $o}HV ILQDQFLDGDV SRU WUDQVIHUrQFLDV IHGHUDLV GHVWLQDGDV j SURJUDPDV GH VD~GH % 9$/25 $3/,&$'2 (0 6$Ô'( 3(5&(178$/ $3/,&$'2 %$ 9$/25 5 9$/25 5 3(5&(178$/ 0,1,02 $ $3/,&$5 683(5É9,7'e),&,7 5(*5$6'(),1$/'(0$1'$72 6DEHVHTXHRSURFHVVRSROtWLFRWHQGHDHQIDWL]DUGHFLV}HVTXHJHUDPUHVXOWDGRVUiSLGRVHP GHWULPHQWRGDHVWDELOLGDGH$VVLPD/5)LQWURGX]LXUHJUDVPDLVGXUDVSDUDRILQDOGHPDQGDWR FRPRREMHWLYRGHHYLWDUTXHRFLFORSROtWLFRFRPSURPHWHVVHRHTXLOtEULRHFRQ{PLFRILQDQFHLUR GR HQWHGD)HGHUDomR$/HL(OHLWRUDO/HLWDPEpPLQWURGX]UHJUDVGHILQDOGH PDQGDWRFRP REMHWLYRGLIHUHQWHRGHLPSHGLUFRQGXWDVWHQGHQWHVDDIHWDUDLJXDOGDGHGH RSRUWXQLGDGHVHQWUHFDQGLGDWRVQRVSOHLWRVHOHLWRUDLV 1mRREVWDQWHDGLIHUHQoDGHREMHWLYRVKiDOJXQVGLVSRVLWLYRVGD/HL(OHLWRUDOTXHGL]HPUHVSHLWR jGHVSHVDS~EOLFDHWDQJHQFLDPD/5)$PEDVDV/HLVGHYHPVHUREVHUYDGDV $/5)LQWURGX]LXTXDWURUHJUDVGHILQDOGHPDQGDWRDVDEHU 'HVSHVDVGHSHVVRDO D1RV3RGHUHV/HJLVODWLYRH([HFXWLYRQRVFHQWRHRLWHQWDGLDVTXHDQWHFHGHPRWpUPLQR GDOHJLVODWXUDRXGRPDQGDWRGR&KHIHGR3RGHU([HFXWLYRQHQKXPDWRTXHSURYRTXH DXPHQWRGHJDVWRVSRGHUiVHUHGLWDGR6HUHDOL]DGRRDWRVHUiFRQVLGHUDGRQXORGHSOHQR GLUHLWR$OpPGLVVRGHDFRUGRFRP/HLGH&ULPHV)LVFDLV/HLTXHLQWURGX] QR&yGLJR3HQDORDUW*WDOFRQGXWDFRQVWLWXLFULPHVXMHLWRjUHFOXVmRGHDDQRV E6HDGHVSHVDFRPSHVVRDOH[FHGHUROLPLWHQRSULPHLURTXDGULPHVWUHGR~OWLPRDQR GH PDQGDWR DSOLFDPVH DV VDQo}HV LQVWLWXFLRQDLV GD /5) VXVSHQVmR GH UHFHELPHQWR WUDQVIHUrQFLDV YROXQWiULDV GH FRQWUDWDomR GH RSHUDo}HV GH FUpGLWR H GH REWHQomR GH JDUDQWLDV 'tYLGD6HROLPLWHPi[LPRSDUDDGtYLGDHVWDEHOHFLGRHP5HVROXomRGR6HQDGR)HGHUDO IRUXOWUDSDVVDGRQRSULPHLURTXDGULPHVWUHGR~OWLPRDQRGHPDQGDWRILFDUiYHGDGDDUHDOL]DomR GHRSHUDo}HVGHFUpGLWRLQFOXVLYH$52H[FHWRDVGHVWLQDGDVDRUHILQDQFLDPHQWRGDGtYLGD PRELOLiULD 2SHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDVRUoDPHQWiULDV$526mRSURLELGDV DRORQJRGHWRGRR~OWLPRDQRGRPDQGDWRGR&KHIHGR3RGHU([HFXWLYRHPDQRVQRUPDLVD GDWDOLPLWHpGHGH]HPEUR'HDFRUGRFRP/HLGH&ULPHV)LVFDLV/HLTXH LQWURGX]QR&yGLJR3HQDORDUW$WDOFRQGXWDFRQVWLWXLFULPHVXMHLWRjUHFOXVmRGHD DQRV 5HVWRVD3DJDU1RVGRV~OWLPRVTXDGULPHVWUHVGR~OWLPRDQRGDOHJLVODWXUDHGRPDQGDWR GR&KHIHGR3RGHU([HFXWLYRQmRSRGHUiVHUDVVXPLGDREULJDomRFXMDGHVSHVDQmRSRVVDVHU SDJDQRPHVPRH[HUFtFLRDPHQRVTXHKDMDLJXDORXVXSHULRUGLVSRQLELOLGDGHGHFDL[D'H DFRUGRFRP/HLGH&ULPHV)LVFDLV/HLTXHLQWURGX]QR&yGLJR3HQDORDUW& WDOFRQGXWDFRQVWLWXLFULPHVXMHLWRjUHFOXVmRGHDDQRV(VFODUHFLPHQWRVVREUHRDOFDQFH GHVVDUHJUDGHYHPVHUREWLGRVQRFDStWXORGHVWHOLYUR 6mRDVVHJXLQWHVDVUHJUDVGHILQDOGHPDQGDWRUHIHUHQWHVjGHVSHVDTXHFRQVWDPGD/HL(OHLWRUDO /HLHGHYHUmRVHUREVHUYDGDVFRPHVSHFLDOrQIDVH 'HVSHVDVGHSHVVRDO$UW9 1RVWUrVPHVHVTXHDQWHFHGHPRSOHLWRHOHLWRUDOHDWpDSRVVHGRVHOHLWRVpSURLELGRQRPHDU FRQWUDWDU RX GH TXDOTXHU IRUPD DGPLWLU GHPLWLU VHP MXVWD FDXVD VXSULPLU RX UHDGDSWDU YDQWDJHQVRXSRURXWURVPHLRVGLILFXOWDURXLPSHGLURH[HUFtFLRIXQFLRQDOHDLQGDH[RIILFLR UHPRYHUWUDQVIHULURXH[RQHUDUVHUYLGRUS~EOLFRUHVVDOYDGRV D D QRPHDomR RX H[RQHUDomR GH FDUJRV HP FRPLVVmR H GHVLJQDomR RX GLVSHQVD GH IXQo}HVGHFRQILDQoD EDQRPHDomRSDUDFDUJRVGR3RGHU-XGLFLiULRGR0LQLVWpULR3XEOLFRGRV7ULEXQDLVRX &RQVHOKRVGH&RQWDVHGRVyUJmRVGD3UHVLGrQFLDGD5HS~EOLFD FDQRPHDomRGRVDSURYDGRVHPFRQFXUVRVS~EOLFRVKRPRORJDGRVDWpRLQtFLRGDTXHOH SUD]R GDQRPHDomRRXFRQWUDWDomRQHFHVViULDjLQVWDODomRRXDRIXQFLRQDPHQWRLQDGLiYHOGH VHUYLoRV S~EOLFRV HVVHQFLDLV FRP SUpYLD H H[SUHVVD DXWRUL]DomS GR &KHIH GR 3RGHU ([HFXWLYR HDWUDQVIHUrQFLDRXUHPRomR H[RIILFLRGHPLOLWDUHVSROLFLDLVFLYLVHGHDJHQWHVSHQL WHQFLiULRV 2DWRUHDOL]DGRFRQWUDULDPHQWHDHVVHGLVSRVLWLYRpQXORGHSOHQRGLUHLWR2GHVFXPSULPHQWR DFDUUHWDUiVXVSHQVmRLPHGLDWDGDFRQGXWDYHGDGDPXOWDUHVVDUFLPHQWRGRGDQRSHUGDGD IXQomRS~EOLFDVXVSHQVmRGRVGLUHLWRVSROtWLFRVGHDDQRVHSURLELomRGHFRQWUDWDUFRPR VHWRUS~EOLFRRXUHFHEHULQFHQWLYRRXEHQHItFLRSRUDQRV 7UDQVIHUrQFLDVYROXQWiULDV$UW9,D 1RVWUrVPHVHVTXHDQWHFHGHPRSOHLWRHOHLWRUDOpSURLELGRUHDOL]DUWUDQVIHUrQFLDYROXQWiULDGH UHFXUVRV GD 8QLmR DRV (VWDGRV H 0XQLFtSLRV H GRV (VWDGRV DRV 0XQLFtSLRV UHVVDOYDGRV RV UHFXUVRVGHVWLQDGRVD D FXPSULU REULJDomR IRUPDO SUHH[LVWHQWH SDUD H[HFXomR GH REUD RX VHUYLoR HP DQ GDPHQWRHFRPFURQRJUDPDSUHIL[DGRH EDWHQGHUVLWXDo}HVGHHPHUJrQFLDHGHFDODPLGDGHS~EOLFD 2GHVFXPSULPHQWRDFDUUHWDUiFDVVDomRGHUHJLVWURSDUDRSOHLWRHOHLWRUDOVXVSHQVmRLPHGLDWD GDFRQGXWDYHGDGDPXOWDUHVVDUFLPHQWRGRGDQRSHUGDGDIXQomRS~EOLFDVXVSHQVmRGRV GLUHLWRVSROtWLFRVGHDDQRVHSURLELomRGHFRQWUDWDUFRPRVHWRUS~EOLFRRXUHFHEHULQFHQWLYR RXEHQHItFLRSRUDQRV 'HVSHVDVGHSXEOLFLGDGH$UW9,, $QWHV GRV WUrV PHVHV TXH DQWHFHGHP R SOHLWR HOHLWRUDO p SURLELGR UHDOL]DU GHVSHVDV GH SXEOLFLGDGHTXHH[FHGDPDPpGLDGRVWUrV~OWLPRVDQRVTXHDQWHFHGHPRSOHLWRRXGR~OWLPR DQRLPHGLDWDPHQWHDQWHULRU 2GHVFXPSULPHQWRDFDUUHWDUiVXVSHQVmRLPHGLDWDGDFRQGXWDYHGDGDPXOWDUHVVDUFLPHQWR GRGDQRSHUGDGDIXQomRS~EOLFDVXVSHQVmRGRVGLUHLWRVSROtWLFRVGHDDQRVHSURLELomR GHFRQWUDWDUFRPRVHWRUS~EOLFRRXUHFHEHULQFHQWLYRRXEHQHItFLRSRUDQRV 'HVSHVDVFRPVKRZVDUWtVWLFRV$UW 1RVWUrVPHVHVTXHDQWHFHGHPRSOHLWRHOHLWRUDOpSURLELGRFRQWUDWDUVKRZVDUWtVWLFRVSDJRV FRPUHFXUVRVS~EOLFRVSDUDDUHDOL]DomRGHLQDXJXUDo}HV 5()(5È1&,$%,%/,2*5É),&$ )857$'2-RVpGH5LEDPDU&DOGDV'LUHLWR)LQDQFHLUR6mR/XtVPLPHR &DStWXOR $'(63(6$'(3(662$/ &\QWKLD%HOWUmRGH6RX]D*XHUUD&XUDGR (GVRQ5RQDOGR1DVFLPHQWR $GYRJDGD &RRUGHQDGRUD*HUDO GH 6LVWHPDWL]DomR H $SOLFDomR GD /HJLVODomR GD 6HFUHWDULD GH 5HFXUVRV +XPDQRV GR 03 RULHQWD RV yUJmRV GD $GPLQLVWUDomR 3~EOLFD )HGHUDO GLUHWD DXWiUTXLFD H IXQGDFLRQDO VREUH D DSOLFDomR GD OHJLVODomR UHODWLYD D 5HFXUVRV +XPDQRV *HUHQWH GH 3URMHWRV GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO (VSHFLDOLVWD HP )LQDQoDV 3~EOLFDV ² 8)5*6 3URIHVVRU GD )XQGDomR *HW~OLR 9DUJDV ,1752'8d®2 2VJDVWRVFRPDIROKDGHSDJDPHQWRGHSHVVRDOUHSUHVHQWDPRSULQFLSDOLWHPGHGHVSHVDVGH WRGRRVHWRUS~EOLFREUDVLOHLUR(QWUHHRFRQMXQWRGRV(VWDGRVEUDVLOHLURVJDVWRX HPPpGLDGHVXDVUHFHLWDVFRUUHQWHVOtTXLGDVFRPSDJDPHQWRGHSHVVRDO$OpPGLVVR D GHVSHVD FRP SHVVRDO DSUHVHQWD XP FRPSRQHQWH YHJHWDWLYR LPSRUWDQWH UHVSRQViYHO SHOR FUHVFLPHQWRGHVWHWLSRGHGHVSHVDGHIRUPDFRQWLQXDGD 2TXHDFRQWHFHTXDQGRXPHQWHS~EOLFRGHVSHQGHGHVXDVUHFHLWDVOtTXLGDVFRPDIROKD GHSDJDPHQWR"6LJQLILFDTXHUHVWDPSDUDDUHDOL]DomRGRVVHUYLoRVS~EOLFRVEiVLFRVFRPR HGXFDomRVDQHDPHQWRVD~GHHVHJXUDQoDVHPFRQVLGHUDUDPDQXWHQomRGHHVWUDGDVHYLDV XUEDQDVDSUHVHUYDomRGRSDWULP{QLRS~EOLFRHWF$OpPGLVVRRFUHVFLPHQWRSRSXODFLRQDO GHPDQGDSURJUDPDVSHUPDQHQWHVGHLQYHVWLPHQWRVSRUSDUWHGRVJRYHUQRV $ GHILQLomR GH OLPLWHV SDUD RV JDVWRV FRP SHVVRDO EXVFD HQWmR VLPSOHVPHQWH SHUPLWLU TXH R DGPLQLVWUDGRUS~EOLFRFXPSUDRSDSHOTXHDVRFLHGDGHOKHDWULEXLXSURSRUFLRQDUEHPHVWDUj SRSXODomRDSDUWLUGRVUHFXUVRVTXHOKHVmRHQWUHJXHVQDIRUPDGHLPSRVWRV$OLPLWDomRGRVJDVWRV FRPSHVVRDOHPSHUFHQWXDOGD5&/GHYHVHDQWHVGHPDLVQDGDjQHFHVVLGDGHGHPDQWHURVHWRU S~EOLFRFRPRVUHFXUVRVQHFHVViULRVjVXDPDQXWHQomRHDRDWHQGLPHQWRGDVGHPDQGDVVRFLDLV 1HVWHFDStWXORHQIRFDUHPRVDVGHVSHVDVGHSHVVRDOVREDyWLFDPXQLFLSDO1RVVRREMHWLYRVHUi GHPRQVWUDUGHIRUPDFODUDDGHILQLomRFRPSRVLomROLPLWHVIRUPDGHDSXUDomRHPHFDQLVPRV GH FRQWUROH GD GHVSHVD FRP SHVVRDO GHQWUH RXWURV DVSHFWRV TXH SRVVDP FRQWULEXLU SDUD D LQWHUSUHWDomRHDSOLFDomRGD/5)QRTXHVHUHIHUHDHVVDVGHVSHVDV $48(06($3/,&$026/,0,7(6" $/HLGH5HVSRQVDELOLGDGH)LVFDOHVWiHPYLJRUGHVGHRGLDFLQFRGHPDLRGHHVWDQGR VXEPHWLGRVDHODGHVGHHVVDGDWDWRGRVRV3RGHUHVGHWRGRVRVHQWHVGDIHGHUDomRR0LQLVWpULR 3~EOLFR RV 3RGHUHV ([HFXWLYR -XGLFLiULR H /HJLVODWLYR QHVWH ~OWLPR LQFOXtGRV WDPEpP RV 7ULEXQDLVGH&RQWDVGDVGLYHUVDVHVIHUDVGHJRYHUQRHDVUHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDV IXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHV &RPUHODomRDRFRQFHLWRGHHPSUHVDHVWDWDOGHSHQGHQWHVXDGHILQLomRHVWiH[SUHVVDQRDUWLJR º,,,GD/5)TXHGHWHUPLQDLQYHUELV ´,,,²HPSUHVDHVWDWDOGHSHQGHQWHHPSUHVDFRQWURODGDTXHUHFHEDGRHQWHFRQWURODGRU UHFXUVRVILQDQFHLURVSDUDSDJDPHQWRGHGHVSHVDVFRPSHVVRDORXGHFXVWHLRHPJHUDORX GHFDSLWDOH[FOXtGRVQR~OWLPRFDVRDTXHOHVSURYHQLHQWHVGHDXPHQWRGHSDUWLFLSDomR DFLRQiULDµ 'DGRV GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO QRV WHUPRV GD /HL &DPDWD $V OHJLVODo}HV WUDEDOKLVWDV JDUDQWHP DRV VHUYLGRUHV S~EOLFRV DOJXPDV YDQWDJHQV SHVVRDLV TXH VmR LQFUHPHQWDGDV D FDGD DQR DQXrQLRV SDVVDJHP GH QtYHO HWF (VWHFRQFHLWRQRHQWDQWRIRLDPSOLDGRSHODV5HVROXo}HVGR6HQDGR)HGHUDOQºVH H SHOD 3RUWDULD 6710) Qº 'HVVD IRUPD HPSUHVD HVWDWDO GHSHQGHQWH YHP DVHU DTXHODHPSUHVDFRQWURODGDSHORHQWHGD)HGHUDomRTXH WHQKDUHFHELGRGRFRQWURODGRUQR~OWLPRH[HUFtFLRUHFXUVRVILQDQFHLURVSDUDSDJD PHQWRGHGHVSHVDVFRPSHVVRDOHFXVWHLRH[FOXtGRVDTXHOHVGHVWLQDGRVDDXPHQWRGH SDUWLFLSDomRDFLRQiULDH WHQKD SUHYLVmR RUoDPHQWiULD QR H[HUFtFLR FRUUHQWH GH UHFXUVRV ILQDQFHLURV SDUD SDJDPHQWRGHGHVSHVDVFRPSHVVRDOHFXVWHLRH[FOXtGRVDTXHOHVGHVWLQDGRVDDXPHQWR GHSDUWLFLSDomRDFLRQiULD $OpPGLVVRGHDFRUGRFRPD3RUWDULD6710)QºVHUiFRQVLGHUDGDGHSHQGHQWHDHPSUHVD GHILFLWiULD TXH UHFHED VXEYHQomR HFRQ{PLFD GR HQWH FRQWURODGRU 3DUD HIHLWRV GD 3RUWDULD 6710) Qº FRQVLGHUDVH DLQGD VXEYHQomR HFRQ{PLFD D WUDQVIHUrQFLD SHUPDQHQWH GH UHFXUVRVGHFDSLWDOSDUDHPSUHVDFRQWURODGDGHILFLWiULD $LGHQWLILFDomRGDVHPSUHVDVS~EOLFDVGHSHQGHQWHVVHID]QHFHVViULDSDUDTXHWHQKDPRVXP FRQWUROH SUHFLVR GD WRWDOLGDGH GDV UHFHLWDV H GDV GHVSHVDV TXH FRPSRUmR DV PHWDV ILVFDLV GHILQLGDVQD/HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2'HVVDIRUPDDSDUWLUGHVVDVGHILQLo}HV DSUHVHQWDGDVVHUiFRQVLGHUDGDGHSHQGHQWHDTXHODHPSUHVDS~EOLFDTXHQmRFRQVLJDVREUH YLYHUVHPDDomRGRVHXFRQWURODGRU 5HVVDOWHVH TXH DSyV LGHQWLILFDGDV DV HPSUHVDV GHSHQGHQWHV QD 8QLmR QRV (VWDGRV QRV 0XQLFtSLRV H QR 'LVWULWR )HGHUDO ² ') D SDUWLU GH HVVDV GHYHUmR VHU LQFOXtGDV QRV RUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDOREVHUYDQGRWRGDDOHJLVODomRSHUWLQHQWHDSOLFiYHOjV GHPDLVHQWLGDGHV7UDWDVHSRUWDQWRGHPDLVXPDLQLFLDWLYDSDUDWRUQDUWUDQVSDUHQWHHHILFD] DJHVWmRS~EOLFDGHQWURGRHVStULWRGDUHVSRQVDELOLGDGHILVFDO 2XWURIDWRLPSRUWDQWHHPUHODomRjVHPSUHVDVHVWDWDLVGHSHQGHQWHVpTXHHODVFRQWLQXDUmR VHQGRUHJLGDVSHOD/HLQºDSHVDUGHVXDVUHFHLWDVLQWHJUDUHPDEDVHGHFiOFXORGD 5&/GRVHQWHVTXHDVILQDQFLDUHP&RQVLGHUDQGRTXHDVWUDQVIHUrQFLDVSDUDSDJDPHQWRGH SHVVRDOGHVVDVHPSUHVDVHQWUDUmRQRVOLPLWHVGHSHVVRDOGR([HFXWLYRQDGDPDLVMXVWRGRTXH DVVXDVUHFHLWDVWDPEpPID]HUHPSDUWHGDEDVHGHFiOFXORGD5&/ $HVFULWXUDomRGHTXDOTXHUHQWLGDGHTXHVHMDFRQWHPSODGDQRRUoDPHQWRGHYHUi REVHUYDUWRGRVRVSURFHGLPHQWRVFRQWiEHLVH[SHGLGRVSDUDDDGPLQLVWUDomRGLUHWD HVWDEHOHFLGRVSHOD/HLQPHVPRHVWDQGRHVWDVXMHLWDj/HLQ 5(&(,7$&255(17(/Ì48,'$²5&/ 2&DStWXOR,GD/5)DSUHVHQWDXPLPSRUWDQWHFRQFHLWRSDUDDRSHUDFLRQDOL]DomRGD/5)QR TXHGL]UHVSHLWRDRDWHQGLPHQWRGHOLPLWHVD5HFHLWD&RUUHQWH/tTXLGD²5&/ $QWHVGD/HLGH5HVSRQVDELOLGDGH)LVFDOD5&/IRLXWLOL]DGDSULQFLSDOPHQWHFRPRSDUkPHWUR QDYHULILFDomRGDVGHVSHVDVFRPSHVVRDOGHDFRUGRFRPRWH[WRGD/HL&RPSOHPHQWDUQº HDLQGDQRVWHUPRVGD/HL&RPSOHPHQWDUQº/HL&DPDWD,H,,UHVSHFWLYDPHQWHDJRUD UHYRJDGDV $ 5&/ p FRQVWLWXtGD SHOR VRPDWyULR GDV UHFHLWDV WULEXWiULDV GH FRQWULEXLo}HV SDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQVIHUrQFLDV FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHVGHGX]LGDVDVFRQWULEXLo}HVGHVHUYLGRUHVSDUDRFXVWHLRGRUHVSHFWLYRVLVWHPDGH SUHYLGrQFLDHDVVLVWrQFLDVRFLDOHGDVUHFHLWDVRULXQGDVGHFRPSHQVDomRHQWUHHVVHVVLVWHPDV FLWDGDQRºGRDUWGD&RQVWLWXLomR)HGHUDOGH/HLQºDFKDPDGD/HL +DXO\ 2EVHUYHVHTXHFRPRRV0XQLFtSLRVQmRUHDOL]DPWUDQVIHUrQFLDVFRQVWLWXFLRQDLVDRXWURVHQWHV VXD5&/SRGHUiFRUUHVSRQGHUVLPSOHVPHQWHjVXDUHFHLWDFRUUHQWHWRWDOTXDQGRQmRKRXYHU FRPSHQVDo}HVGD/HL+DXO\RXRXWUDVUHFHLWDVSUHYLGHQFLiULDVXWLOL]DGDVQRSDJDPHQWRGH DSRVHQWDGRULDVHSHQV}HV $OpPGLVVRVHUmRFRPSXWDGRVQRFiOFXORGD5&/GRV0XQLFtSLRVRVYDORUHVUHFHELGRVGR )XQGR GH 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR )XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULR²)81'()1HVWHFDVRRVYDORUHVUHFHELGRVGHYHPVHUHQWHQGLGRVFRPRVDOGRVGR )81'() 'HDFRUGRFRPRSDUiJUDIRºGRDUWLJRºGD/5)´DUHFHLWDFRUUHQWHOtTXLGDVHUiDSXUDGD VRPDQGRVHDVUHFHLWDVDUUHFDGDGDVQRPrVHPUHIHUrQFLDHQRVRQ]HDQWHULRUHVH[FOXtGDVDV GXSOLFLGDGHVµ$WtWXORGHH[HPSORDSUHVHQWDPRVRFiOFXORGD5&/GR(VWDGRGD%DKLD &RPSRVLomRGR&iOFXORGD5HFHLWD&RUUHQWH/tTXLGD(VWDGXDO ',6&5,0,1$d®2 5HFHLWD &RUUHQWH 5HFHLWD &RUUHQWH GD $GPLQLVWUDomR 'LUHWD 5HFHLWD &RUUHQWH GD $GP ,QGLUHWD IRQWHV H 'HGXo}HV 7UDQVIHUrQFLDV &RQVWLWXFLRQDLV DRV 0XQLFtSLRV &RQWULEXLo}HV D IXQGR ² )8135(9 DUW º ,QY ,9 ´Fµ &RPSHQVDomR )LQDQFHLUD º DUW &) 3HUGDV SDUD R )81'() VDOGR QHJDWLYR 5HFHLWD &RUUHQWH /tTXLGD ² 5&/ ² )RQWH %DODQoR *HUDO GR (VWDGR GD %DKLD 9$/25(6 (0 5 3DUDFDOFXODUPRVD5&/HPPDLRGHGHYHPRVVRPDUD5&/GRPrVGHUHIHUrQFLDPDLR FRPD5&/GRVRQ]HPHVHVDQWHULRUHV1HVWHFDVRGHDFRUGRFRPRVGDGRVDSUHVHQWDGRV FKHJDPRVDXPD5&/LJXDOD5PLO3DUDWDQWRVRPDPRVRVUHVXOWDGRVYHULILFDGRV DSDUWLUGHMXQKRGHDWpPDLRGHWRWDOL]DQGRPHVHV(VWHUHVXOWDGRVHUiSXEOLFDGR QR5HODWyULRGH*HVWmR)LVFDOGHDFRUGRFRPD/5)VHQGRGHQRPLQDGRUSDUDDYHULILFDomR GRVOLPLWHVGHSHVVRDOGtYLGDFRQVROLGDGDRSHUDo}HVGH$52VHJDUDQWLDVFRQFHGLGDV 1HVWH FDVR H GH DFRUGR FRP R H[HPSOR DSUHVHQWDGR R FiOFXOR GD 5&/ GR PrV GH PDLR FRPHoDULDDVHUUHDOL]DGRGRPrVGHPDLRGHDWpDEULOGHFRQIRUPHRH[HPSOR DEDL[R &iOFXORGD5&/SDUDR0rVGH0DLR 5 PLO 3HUtRGR PDL MXQ MXO DJR VHW RXW QRY GH] MDQ IHY PDU DEU 5&/ PDLR )RQWH %DODQFHWHV PHQVDLV 5&/ PHQVDO 5 5 5 5 5 5 5 5 5 5 5 5 5 2&21&(,72'('(63(6$'(3(662$/ $/5)GHILQHFRPRGHVSHVDVGHSHVVRDODVRPDGRVJDVWRVGRPXQLFtSLRFRPRVDWLYRVLQDWLYRV HSHQVLRQLVWDVRVUHODWLYRVDPDQGDWRVHOHWLYRVFDUJRVIXQo}HVRXHPSUHJRVFLYLVPLOLWDUHVH GH PHPEURV GH 3RGHU FRP TXDLVTXHU HVSpFLHV UHPXQHUDWyULDV WDLV FRPR YHQFLPHQWRV H YDQWDJHQVIL[DVHYDULiYHLVVXEVtGLRVSURYHQWRVGDDSRVHQWDGRULDUHIRUPDVHSHQV}HVLQFOXVLYH DGLFLRQDLVJUDWLILFDo}HVKRUDVH[WUDVHYDQWDJHQVSHVVRDLVGHTXDOTXHUQDWXUH]DEHPFRPR HQFDUJRVVRFLDLVHFRQWULEXLo}HVUHFROKLGDVSHORPXQLFtSLRjVHQWLGDGHVGH3UHYLGrQFLD 8PSRQWRTXHWHPSURYRFDGREDVWDQWHGLVFXVVmRHHQWHQGLPHQWRVGLYHUVRVpDLQWHUSUHWDomR GRºGRDUWGD/5)RTXDOGHWHUPLQDTXHRVYDORUHVGRVFRQWUDWRVGHWHUFHLUL]DomRGH PmRGHREUD TXH VH UHIHUHP j VXEVWLWXLomR GH VHUYLGRUHV H HPSUHJDGRV S~EOLFRV VHMDP FRQWDELOL]DGRVFRPR´2XWUDV'HVSHVDVGH3HVVRDOµ eFULVWDOLQRTXHRREMHWLYRGROHJLVODGRUIRLRGHHYLWDUDEXUODDRVOLPLWHVSDUDGHVSHVDVGH SHVVRDO SRU PHLR GD WHUFHLUL]DomR GH PmRGHREUD (QWUHWDQWR QHFHVViULRVH ID] LGHQWLILFDU TXDLVVmRRVVHUYLoRVWHUFHLUL]DGRVTXHGHYHUmRVHUVRPDGRVDRVOLPLWHVGHSHVVRDO $WHUFHLUL]DomRFRQVLVWHQDFRQWUDWDomRGHHPSUHVDVSUHVWDGRUDVGHVHUYLoRVHGHVLJQDDSUiWLFD GHGHOHJDUDRXWUDHPSUHVDDH[HFXomRGHGHWHUPLQDGRVHUYLoRRXWUDEDOKRJHUDQGRGHVVH PRGRDWLYLGDGHGHH[HFXomRLQGLUHWDGHILQLGDQR'HFUHWRQºGHGHMXOKRGH $VVLPWHUFHLUL]DomRGHPmRGHREUDVLJQLILFDFRQWUDWDomRGHHPSUHVDVSUHVWDGRUDVGHVHUYLoRV DVTXDLVHYLGHQWHPHQWHDORFDPPmRGHREUD&RQWXGRRVIXQFLRQiULRVGDVHPSUHVDVFRQWUD WDGDVQmRPDQWrPTXDOTXHUYtQFXORMXUtGLFRRXIXQFLRQDOFRPR3RGHU3~EOLFR 0HVPRQmRVHQGRVHUYLGRUHVRVYDORUHVUHIHUHQWHVDRSDJDPHQWRSRUVHXVVHUYLoRVGHYHPVHU FRQWDELOL]DGRVFRPRGHVSHVDVGHSHVVRDO"6LP2SDUiJUDIRºGRDUWHVWiLQWHJUDGRDR FDSXWDFRPHoDUSRUFRQVWDUGRPHVPRDUWLJRGLVSRVLWLYR$OpPGLVVRRWtWXORGDFRQWDSUHYLVWR QRSDUiJUDIRWHPDSDODYUD´RXWUDVµ2UDSHODSUiWLFDVyVmRRUoDGRVRXFRQWDELOL]DGRVFRPR RXWUDVGHVSHVDVRXGHPDLVGHVSHVDVDTXHOHVJDVWRVTXHID]HPSDUWHGHXPDPHVPDFDWHJRULD HTXHQmRVHHQTXDGUDPGHQWUHDVFRQWDVGHWDOKDGDVGLVFULPLQDGDVDQWHULRUPHQWH $Wp D HGLomR GD /5) WDO UXEULFD FRQWiELO HUD GHVFRQKHFLGD GRV FRQWDGRUHV H GRV GHPDLV HVWXGLRVRVGDVILQDQoDVS~EOLFDV$LQWHQomRGROHJLVODGRUQHVWHFDVRIRLDGHGDUWUDQVSDUrQFLD jWHUFHLUL]DomRGHPmRGHREUDTXHVXEVWLWXLVHUYLGRUHVS~EOLFRV 2DUWGD/HLQºGHGHMXOKRGH/'2GD8QLmRYHLRHVFODUHFHUFRPRR *RYHUQR)HGHUDOYHPWUDWDQGRDTXHVWmRGDVVXEVWLWXLo}HVGHVHUYLGRUHVQRWRFDQWHD´RXWUDV GHVSHVDVGHSHVVRDOµ ´$UW2GLVSRVWRQRºGRDUWGD/HL&RPSOHPHQWDUQRGHDSOLFDVH H[FOXVLYDPHQWH SDUD ILQV GH FiOFXOR GR OLPLWH GD GHVSHVD WRWDO FRP SHVVRDO LQGHSHQ GHQWHPHQWHGDOHJDOLGDGHRXYDOLGDGHGRVFRQWUDWRV 3DUiJUDIR~QLFR1mRVHFRQVLGHUDFRPRVXEVWLWXLomRGHVHUYLGRUHVHHPSUHJDGRVS~EOLFRV SDUD HIHLWR GR FDSXW RV FRQWUDWRV GH WHUFHLUL]DomR UHODWLYRV D H[HFXomR LQGLUHWD GH DWLYLGDGHVTXHVLPXOWDQHDPHQWH ,²VHMDPDFHVVyULDVLQVWUXPHQWDLVRXFRPSOHPHQWDUHVDRVDVVXQWRVTXHFRQVWLWXHPiUHD GHFRPSHWrQFLDOHJDOGRyUJmRRXHQWLGDGHQDIRUPDGHUHJXODPHQWR ,,²QmRVHMDPLQHUHQWHVDFDWHJRULDVIXQFLRQDLVDEUDQJLGDVSRUSODQRGHFDUJRVGRTXDGUR GHSHVVRDOGRyUJmRRXHQWLGDGHVDOYRH[SUHVVDGLVSRVLomROHJDOHPFRQWUiULRRXTXDQGR VHWUDWDUGHFDUJRRXFDWHJRULDH[WLQWRWRWDORXSDUFLDOPHQWH ,,,²QmRFDUDFWHUL]HPUHODomRGLUHWDGHHPSUHJRµ $WHUFHLUL]DomRTXHDWHQGDDRºGRDUWLJRGD/5)GHYHVHUFRQWDELOL]DGDFRPR GHVSHVDWRWDOFRPSHVVRDOUHFRPHQGDQGRVHDLQWHUSUHWDomRGDGDSHORDUWLJRGD /HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2 $VVLPSRUH[HPSORVHRTXDGURGHSHVVRDOGR0XQLFtSLRGH3UXGHQFLROkQGLDSRVVXLURFDUJR GHGDWLOyJUDIRPDVDDGPLQLVWUDomRRKRXYHUGHFODUDGRH[WLQWRQmRSUHYHQGRSRUFRQVHTrQ FLDDUHDOL]DomRGHFRQFXUVRS~EOLFRDVXDWHUFHLUL]DomRQmRVHUiFRQWDELOL]DGDFRPRGHVSHVD GHSHVVRDO,VWRSRUTXHGHDFRUGRFRPR3DUiJUDIR~QLFRLQFLVR,GRDUWGD/'2QmRVH FRQVLGHUDVXEVWLWXLomRGHVHUYLGRUHVSDUDILQVGHDSOLFDomRGRGLVSRVWRGRºGRDUWGD /5)RVFDUJRVFRORFDGRVHPH[WLQomRSHOR(QWH $OpPGLVVRSDUDFRQWUDWDUVHUYLoRVGHWHUFHLURVRV3RGHUHVGRPXQLFtSLRGHYHUmRVXEPHWHUVH jOLPLWDomRLPSRVWDQRDUWDVHJXLUWUDQVFULWR ´$UW$GHVSHVDFRPVHUYLoRVGHWHUFHLURVGRV3RGHUHVHyUJmRVUHIHULGRVQRDUWQmR SRGHUiH[FHGHUHPSHUFHQWXDOGDUHFHLWDFRUUHQWHOtTXLGDDGRH[HUFtFLRDQWHULRUjHQWUDGD HPYLJRUGHVWD/HL&RPSOHPHQWDUDWpRWpUPLQRGRWHUFHLURH[HUFtFLRVHJXLQWHµ $UHJUDSRVWDQRWUDQVFULWRDUWLJRHVWDEHOHFHXPOLPLWDGRUGHFRPSURPHWLPHQWRGDUHFHLWD FRUUHQWHOtTXLGDFRPVHUYLoRVGHWHUFHLURV7DOOLPLWHTXHYLJRUDUiDWpGHGH]HPEURGH GHYHVHUFDOFXODGRWRPDQGRVHSRUEDVHRWRWDOGDVFRQWUDWDo}HVGHSUHVWDomRGHVHUYLoRVFRP WHUFHLURVFHOHEUDGRVQRH[HUFtFLRGHHYHULILFDQGRVHTXDODVXDSDUWLFLSDomRSHUFHQWXDO HPUHODomRDRPRQWDQWHGDUHFHLWDFRUUHQWHOtTXLGDDUUHFDGDGDQRPHVPRH[HUFtFLR 6REUHDDSOLFDomRGRºGRDUWHGRDUWDPERVGD/5)R7ULEXQDOGH&RQWDVGD8QLmR ² 7&8 HP UHVSRVWD D FRQVXOWD IRUPXODGD SHOD 6HFUHWDULD GH &RQWUROH ,QWHUQR GR 6HQDGR )HGHUDOSURIHULXD'HFLVmRQº²7&8²3OHQiULRDTXDOIRLSXEOLFDGDQR'LiULR 2ILFLDOGHGHMDQHLURGH$VVLPHQWHQGHXVREUHDPDWpULD ´ DOLPLWDomRLPSRVWDSHORDUWDEUDQJHDWRWDOLGDGHGDVGHVSHVDVFRPVHUYLoRVGH WHUFHLURVGHGX]LGRVDSHQDVRVJDVWRVFRPSHVVRDOFDUDFWHUL]DGRVFRPRGHVXEVWLWXLomRGH VHUYLGRUHVHHPSUHJDGRVS~EOLFRVUHIHULGRVQRDUWºGD/5) DVQRYDVFRQWDVFULDGDVSHOD6HFUHWDULDGR7HVRXUR1DFLRQDOHPQR3ODQRGH &RQWDV GD $GPLQLVWUDomR 3~EOLFD )HGHUDO WrP FRPR ~QLFD ILQDOLGDGH GLVFULPLQDU DV GHVSHVDV FRP FRQWUDWRVGHWHUFHLUL]DomRGHPmRGHREUDTXHVHUHIHUHPjVXEVWLWXLomRGHVHUYLGRUHVH HPSUHJDGRVS~EOLFRVSDUDSHUPLWLULQFOXtODVQRWRWDOJDVWRFRPSHVVRDO µ 'HVVDIRUPDYHULILFDVHTXH 'HYHPVHUH[FOXtGDVGRF{PSXWRGROLPLWHGDGHVSHVDFRPVHUYLoRGHWHUFHLURVDTXHVH UHIHUHRDUWGD/5)DVGHVSHVDVYLQFXODGDVjVXEVWLWXLomRGHVHUYLGRUHVFRPDDSOLFDomR GDVGLVSRVLo}HVFRQVWDQWHVGRDUWGD/HLQº/'2GD8QLmRSRLVFRPRMi IRLGLWRVmRREMHWRGHOLPLWDomRHVSHFtILFDLPSRVWDSHORºGRDUWGD/5) 26/,0,7(63$5$'(63(6$6&203(662$/ $/5)GHWHUPLQDROLPLWHGHGD5&/SDUDRVJDVWRVFRPSHVVRDOQRPXQLFtSLR,PSRUWDQWH GHVWDFDUTXHHVVHSHUFHQWXDOpHPUHODomRj5HFHLWD&RUUHQWH/tTXLGD²5&/HPFDGDSHUtRGR GHDSXUDomRHPFDGDPXQLFtSLR 2OLPLWHpDVVLPGLYLGLGR SDUDR3RGHU([HFXWLYR SDUDR/HJLVODWLYRLQFOXLQGRR7ULEXQDOGH&RQWDVGR0XQLFtSLRVHKRXYHU 1RFDVRGR3RGHU/HJLVODWLYRRVOLPLWHVVHUmRUHSDUWLGRVHQWUHVHXVGLYHUVRVyUJmRV&kPDUD GH9HUHDGRUHVH7ULEXQDOGH&RQWDVQDSURSRUomRGDVGHVSHVDVTXHYLQKDPVHQGRUHDOL]DGDV QRVWUrVH[HUFtFLRVDQWHULRUHVjSXEOLFDomRGD/5)ºGRDUW &RPDIL[DomRGHVVHVOLPLWHVILFDUHYRJDGDD/HL&RPSOHPHQWDUQº²/HL&DPDWD,, /LPLWHVSDUDR/HJLVODWLYR0XQLFLSDO $VSHFWRLPSRUWDQWHDVHUGHVWDFDGRVREUHROLPLWHSDUDGHVSHVDFRPSHVVRDOpRUHODWLYRj (PHQGD&RQVWLWXFLRQDOQºHPYLJRUGHVGHMDQHLURGH(VWD(PHQGD&RQVWLWXFLRQDO² (&WDPEpPHVWDEHOHFHOLPLWHVSDUDDVGHVSHVDVGR3RGHU/HJLVODWLYR0XQLFLSDO 'HDFRUGRFRPD(PHQGD&RQVWLWXFLRQDOQºGHYHVHXWLOL]DUFRPREDVHSDUDFiOFXORGD GHVSHVDGHSHVVRDOFRPR3RGHU/HJLVODWLYR0XQLFLSDORVRPDWyULRGDVUHFHLWDVWULEXWiULDVH GDVWUDQVIHUrQFLDVFRQVWLWXFLRQDLVUHDOL]DGDVQRH[HUFtFLRDQWHULRU$VVLPRWRWDOGDGHVSHVD GR3RGHU/HJLVODWLYR0XQLFLSDOLQFOXtGRVRVVXEVtGLRVGRV9HUHDGRUHVHH[FOXtGRVRVJDVWRVFRP LQDWLYRVQmRSRGHUiXOWUDSDVVDURVVHJXLQWHVSHUFHQWXDLV SDUD0XQLFtSLRVFRPSRSXODomRDWpKDELWDQWHV SDUD0XQLFtSLRVFRPSRSXODomRHQWUHHKDELWDQWHV SDUD0XQLFtSLRVFRPSRSXODomRHQWUHHKDELWDQWHV SDUD0XQLFtSLRVFRPSRSXODomRDFLPDGHKDELWDQWHV (PERUD DV GXDV SHoDV /5) H (& WHQKDP HP FRPXP R PHULWyULR REMHWLYR GH HYLWDU R FUHVFLPHQWR GHVRUGHQDGR GH GHVSHVDV RV VHXV REMHWRV VmR EDVWDQWH GLVWLQWRV $ /5) OLPLWD GHVSHVDV GH SHVVRDO RQGH VH LQFOXHP RV JDVWRV FRP DWLYRV H LQDWLYRV -i D (& OLPLWD DV GHVSHVDVHPJHUDOH[FOXtGRVRVJDVWRVFRPLQDWLYRV1HVVHFRQFHLWRVHLQFOXHPSRUXP ODGRGHVSHVDVTXHQmRVmRGHSHVVRDOFRPRSRUH[HPSORLQYHVWLPHQWRVHGHVSHVDVGHFXVWHLR 'HRXWURODGRVmRH[FOXtGRVRVJDVWRVFRPLQDWLYRVXPLPSRUWDQWHLWHPGHSHVVRDO $OpPGLVVRD(&WDPEpPOLPLWDRVVXEVtGLRVGRV9HUHDGRUHVRTXHFRQVWLWXLDSHQDVXPD SDUFHODGDVGHVSHVDVGHSHVVRDO 3RUILPD(&OLPLWDRJDVWRFRPIROKDGHSDJDPHQWRHPGRVUHSDVVHVSDUDD&kPDUD 0XQLFLSDO7DPEpPHVVHFRQFHLWRpGLIHUHQWHGRGHGHVSHVDVGHSHVVRDOGD/5)SRLVQmRLQFOXL LQDWLYRV $VVLPQmRpSRVVtYHOFRPSDUDURVOLPLWHVHVWDEHOHFLGRVSHOD(&FRPRVGD/5)SRVWRTXH RVFRQFHLWRVVmRHVVHQFLDOPHQWHGLIHUHQWHV $OpPGRVOLPLWHVVHUHPGLVWLQWRVRVFRQFHLWRVGHGHVSHVDHDVEDVHVVREUHDVTXDLVVHFDOFXODP RVOLPLWHVWDPEpPVmRGLIHUHQWHV1D/5)XWLOL]DVHRFRQFHLWRGHUHFHLWDFRUUHQWHOtTXLGDPDLV DPSORHQTXDQWRTXHQD(&XWLOL]DVHFRPREDVHQRFDVRGDVGHVSHVDVHPJHUDORVRPDWyULR GHUHFHLWDWULEXWiULDHWUDQVIHUrQFLDVFRQVWLWXFLRQDLVHQRFDVRGRVVXEVtGLRVGRV9HUHDGRUHVR VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV e D UHFHLWD WULEXWiULD H QmR D UHFHLWD FRUUHQWH HVWD GH HVSHFWURPDLVDEUDQJHQWHTXHVHUYLUiFRPREDVHGHFiOFXORSDUDRUHSDVVHHQWUHHj &kPDUD 0XQLFLSDO QRV WHUPRV GD (& $ UHFHLWD WULEXWiULD QDGD PDLV p GR TXH DTXHOD FRPSRVWDSHORVWULEXWRVSUySULRVDUWVHGD&)HWUDQVIHULGRVDUWVHGD &DUWD)HGHUDOHIHWLYDPHQWHUHDOL]DGDQRH[HUFtFLRDQWHULRU,378,66,7%,&RQWULEXLomR GH0HOKRULD7D[DVFRWD,2)RXUR,55)VDOiULRUHPXQHUDomRSURYHQWRVFRWD,75 FRWD,39$FRWD,&06FRWD,3,H[S)309rVHSRUWDQWRTXHR)XQGRGH3DUWLFLSDomR GRV0XQLFtSLRVQRVPROGHVGRHVWLSXODGRSHOD&RQVWLWXLomRLQWHJUDDEDVHGHFiOFXORSDUDILQV GHUHSDVVHj&kPDUD0XQLFLSDO 2TXHGHYHUiHQWmRID]HUD&kPDUD0XQLFLSDODSyVDDSURYDomRGD/5)"&XPSULUWRGRVRV OLPLWHVVLPXOWDQHDPHQWHRTXHVLJQLILFDTXHHPTXDOTXHUVLWXDomRSUHYDOHFHUiHGHYHUiVHU REHGHFLGRROLPLWHPDLVUtJLGR+DYHUiFDVRVHPTXHVHUiLGHQWLILFDGRRHQTXDGUDPHQWRQRV OLPLWHVGD/5)HRGHVHQTXDGUDPHQWRQRVOLPLWHVGD(&ILFDQGRSDWHQWHDQHFHVVLGDGHGH DMXVWH$UHFtSURFDWDPEpPpYHUGDGHLUD6HD&kPDUDHVWLYHUHQTXDGUDGDQD(&PDVQmR QD/5)WDPEpPGHYHUiDMXVWDUVH $LQGDTXHRVFRQFHLWRVIRVVHPLGrQWLFRV²RTXHQmRpYHUGDGH²VHD/5)IL[DVVHROLPLWHGH HD&RQVWLWXLomRROLPLWHGHROLPLWHHIHWLYRVHULDRGD/5)SRLVD/HL&RPSOHPHQWDU SRGHVXEVWDEHOHFHU&DVRIRVVHYHULILFDGRRRSRVWRLVWRpVHD/5)IL[DVVHFRPROLPLWHHD &RQVWLWXLomR YDOHULD R OLPLWH FRQVWLWXFLRQDO SRLV R GD /5) WRUQDUVHLD LQHIHWLYR ( QRYDPHQWHUHVSHLWDGRROLPLWHPDLVUHVWULWLYRWHUVHLDVHJXUDQoDGHTXHDVGHWHUPLQDo}HVGH DPERVRVLQVWUXPHQWRVHVWDULDPVHQGRFXPSULGDV 3RU TXH RV OLPLWHV VmR FRPSDWtYHLV" 3RUTXH OLPLWHV QmR VmR DXWRUL]Do}HV GH JDVWR 6y RV 2UoDPHQWRVDXWRUL]DPGHVSHVDV2VOLPLWHVTXHUHVWDEHOHFLGRVSHOD(&TXHUSHOD/5) FULDPQtYHLVPi[LPRVDSDUWLUGRVTXDLVRV2UoDPHQWRVGHYHUmRVXEVWDEHOHFHU5HVVDOWHVHTXH DGHVSHVDSRGHUiVHULQIHULRUDDPERVRVOLPLWHVVHR2UoDPHQWRDVVLPRGHWHUPLQDU/LPLWHV VmRSRUWDQWRUHVWULo}HVTXHSRGHPVHVREUHSRURXQmRHSRGHPVHUHIHWLYDVRXQmR 2VOLPLWHVGD/5)HGD(&VmRFRPSDWtYHLVHFRPSOHPHQWDUHV 2UDLVWRTXHUGL]HUTXHD&RQVWLWXLomRGD5HS~EOLFD²pVDELGRTXHRQRYRWH[WRLQWURGX]LGR SRUHPHQGDFRQVWLWXFLRQDOVHLQFRUSRUDDRHODERUDGRSHOR3RGHU&RQVWLWXLQWH2ULJLQiULR²VH SRUXPODGRIL[RXXPOLPLWHPi[LPRGHDWpLQVXSHUiYHOSRLVSHORSULQFtSLRGDVXSUHPDFLD GD&RQVWLWXLomRHGDKLHUDUTXLDGDVOHLVSRURXWURDOXGLXH[SUHVVDPHQWHjSURSRUomRIL[DGD QD/HL2UoDPHQWiULD$VVLPVHQGRGHVGHTXHROLPLWHIL[DGRQD/HL2UoDPHQWiULD$QXDO/2$ QmRVXSHUHRVGD(&QHPRVGD/5)HUHVSHLWHRVGHPDLVOLPLWHVFRQVWLWXFLRQDOPHQWH GHWHUPLQDGRVpHOHRUHIHUHQFLDOPRUGRUHSDVVHDR3RGHU/HJLVODWLYRORFDO &RQVWLWXLFULPHGHUHVSRQVDELOLGDGHGR3UHIHLWR0XQLFLSDOHIHWXDUUHSDVVHTXHVXSHUHRVOLPLWHV GHILQLGRVQmRHQYLDURUHSDVVHDWpRGLDYLQWHGHFDGDPrVRXHQYLiORDPHQRUHPUHODomRj SURSRUomRIL[DGDQD/HL2UoDPHQWiULD 48$'52&203$5$7,92'$6',)(5(1d$6 ,7(16 &RQFHLWR GH GHVSHVD %DVH SDUD FiOFXOR D SDUD GHVSHVDV HP JHUDO E SDUD GHVSHVDV FRP DWLYRV F SDUD VXEVtGLR GRV YHUHDGRUHV (& /5) 'HVSHVDV GH SHVVRDO DWLYRV D GHVSHVDV HP JHUDO H[FOXtGRV LQDWLYRV DSHQDV RV JDVWRV FRP LQDWLYRV E GHVSHVDV FRP DWLYRV F VXEVtGLRV GRV 9HUHDGRUHV 5HFHLWD FRUUHQWH OtTXLGD 5&/ D UHFHLWD WULEXWiULD WUDQVIHUrQFLDV FRQVWLWXFLRQDLV E UHSDVVHV F VXEVtGLR GRV GHSXWDGRV HVWDGXDLV 1~PHUR GH IDL[DV HP IXQomR GR WDPDQKR SRSXODFLRQDO D SDUD GHVSHVDV HP JHUDO E SDUD GHVSHVDV FRP DWLYRV F SDUD VXEVtGLR GRV 9HUHDGRUHV D IDL[DV E GRV UHSDVVHV QD SUiWLFD IDL[DV F IDL[DV 3UD]R SDUD $MXVWH $Wp 5HJUDV GH )LQDO GH PDQGDWR )OH[LELOLGDGH 6DQo}HV 1mR Ki OLPLWH ~QLFR GH GD 5&/ TXDGULPHVWUHV UHJUD SHUPDQHQWH RX DQRV UHJUD WUDQVLWyULD 1mR Ki 9HGDGD FRQWUDWDomR GLDV DQWHV GR ILQDO GH PDQGDWR 1mR Ki (P FDVRV GH EDL[R FUHVFLPHQWR GR 3,% H VLWXDo}HV H[FHSFLRQDLV 6XVSHQVmR GH QRYDV RSHUDo}HV GH 'HWHQomR GH PHVHV D DQRV FUpGLWR REWHQomR GH JDUDQWLDV H SHUGD GH FDUJR LQDELOLWDomR SDUD H[HUFtFLR GH IXQomR S~EOLFD SRU WUDQVIHUrQFLDV YROXQWiULDV SDUD R DQRV SDUD R 3UHIHLWR H R 3UHVLGHQWH PXQLFtSLR GD &kPDUD 0XQLFLSDO QRV WHUPRV GD /HL &RPSOHPHQWDU Qº /LPLWHVSDUD,QDWLYRV 1RWRFDQWHjOHJLVODomRTXHWUDWDGHOLPLWDo}HVGHJDVWRVGHSHVVRDOD/HLQºGHGH QRYHPEURGHWUD]RXWUDVOLPLWDo}HVTXHGHYHUmRVHUREVHUYDGDV'HDFRUGRFRPRDUWLJR ºDGHVSHVDOtTXLGDFRPSHVVRDOLQDWLYRHSHQVLRQLVWDVGRVUHJLPHVSUySULRVGHSUHYLGrQFLD VRFLDOGRVVHUYLGRUHVS~EOLFRVHGRVPLOLWDUHVGHFDGDXPGRVHQWHVHVWDWDLVQmRSRGHUiH[FHGHU DGR]HSRUFHQWRGHVXD5&/HPFDGDH[HUFtFLRILQDQFHLUR (VWD 5&/ GH DFRUGR FRP R WH[WR GD /HL Qº GHYHUi VHU FDOFXODGD FRQIRUPH D /HL &RPSOHPHQWDUQºGHGHPDUoRGH&RQVLGHUDQGRTXHDUHIHULGD/HL&RPSOHPHQWDU QºIRLVXEVWLWXtGDSHOD/HL&RPSOHPHQWDUQºDTXDOSRUVXDYH]IRLUHYRJDGD SHOD/5)D5&/GHYHUiVHUFDOFXODGDFRQIRUPHGHILQLomRFRQVWDQWHQD/5) $OHLQmRHVSHFLILFDTXDODSURYLGrQFLDDVHUDGRWDGDSDUDDUHGXomRGDGHVSHVD3RUpPRV HIHLWRVGD/HLQºHVWmRVXVSHQVRVDWpRILQDOGHGHDFRUGRFRPRDUWLJRºGD 0HGLGD3URYLVyULDQºGHGHDJRVWRGH $$385$d®2'26/,0,7(6 &RQIRUPHVHYHULILFDRDUWLJRGD/5)GHILQHWRGDVDVSDUFHODVTXHGHYHPVHUFRQVLGHUDGDV SDUDDIHULomRGDGHVSHVDWRWDOFRPSHVVRDO1mRREVWDQWHRºGRDUWLJRGL]RTXHGHYH VHUH[FOXtGRSDUDILQVGHDSXUDomRGHVVDGHVSHVD$VVLPQRFDVRGRVPXQLFtSLRV1®2GHYHP VHUFRPSXWDGRVRVVHJXLQWHVJDVWRVFRPGHVSHVDV DGHLQGHQL]DomRSRUGHPLVVmRGHVHUYLGRUHVRXHPSUHJDGRV EUHODWLYDVDRLQFHQWLYRjGHPLVVmRYROXQWiULD([3ODQRGH'HPLVVmR9ROXQWiULD²3'9 FGHFRUUHQWHVGHGHFLVmRMXGLFLDOHGDFRPSHWrQFLDGHSHUtRGRDQWHULRUDRGDDSXUDomR GDVGHVSHVDVFRPSHVVRDODTXHDOXGHRºGRDUWDSURSULDVHDSHQDVDSDUFHODGDV GHVSHVDVGHFRUUHQWHVGHGHFLVmRMXGLFLDOFRUUHVSRQGHQWHDRV~OWLPRVPHVHV G GH LQDWLYRV FXVWHDGRV FRP UHFXUVRV GH IXQGRV SUySULRV SDJDPHQWR D LQDWLYRV TXH WHQKDPFRQWULEXtGRSDUDD&RQVWLWXLomRGH)XQGRVSDUDDSUySULDDSRVHQWDGRULDDUW LQFLVR9,DOtQHDVDEHF 1RWRFDQWHDGHVSHVDVGHFRUUHQWHVGHGHFLVmRMXGLFLDOpLPSRUWDQWHGHVWDFDUTXHDSHQDVHVWmR H[FOXtGDVGROLPLWHDTXHODVUHIHUHQWHVDRSHUtRGRDTXHDOXGHRLQFLVR,9GRºGRDUW$V GHVSHVDVDSyVRSHUtRGRDTXHVHUHIHUHRºGRDUWGHFRUUHQWHVGHVHQWHQoDMXGLFLDO HQWUDPQROLPLWHGHGHVSHVDGHSHVVRDO $GHVSHVDFRPLQDWLYRVGHYHVHULQWHUSUHWDGDHPVHQWLGRODWXRXVHMDFRQVLGHUDGDVFRPRSDUWH GR OLPLWH QmR Vy DV GHVSHVDV HIHWXDGDV FRP LQDWLYRV PDV WDPEpP FRP SHQVLRQLVWDV FRQ GLFLRQDGDVDVUHJUDVDOLGHILQLGDV$GHPDLVGHDFRUGRFRPRSDUiJUDIRºGRDUWLJRºGD/HL QºHQWHQGHVHFRPRGHVSHVDOtTXLGDDGHVSHVDWRWDOFRPSHVVRDOLQDWLYRHSHQVLRQLVWDV GRVUHJLPHVSUySULRVGHSUHYLGrQFLDVRFLDOGRVVHUYLGRUHVHGRVPLOLWDUHVGHFDGDXPGRVHQWHV HVWDWDLV GHGX]LGD GD FRQWULEXLomR GRV UHVSHFWLYRV VHJXUDGRV &XPSUH UHVVDOWDU TXH HVWH SURFHGLPHQWRHVWiVHQGRREVHUYDGRQRFiOFXORGRVOLPLWHVSDUDGHVSHVDVFRPSHVVRDOGD/5) 'RPHVPRPRGRTXHIL]HPRVDRDSXUDUD5&/DDSXUDomRGDGHVSHVDGHSHVVRDOGHYHOHYDUHP FRQVLGHUDomRRSHUtRGRGHGR]HPHVHV$VVLPRVOLPLWHVGHGHVSHVDDVHUHPDSUHVHQWDGRVQR5HODWyULR GH*HVWmR)LVFDOGRSULPHLURHVHJXQGRTXDGULPHVWUHVGHYHUmRVRPDUDVGHVSHVDVFRPSHVVRDOUHODWLYDV DGLVWLQWRVH[HUFtFLRVILQDQFHLURVWHQGRHPYLVWDTXHDFRQWDJHPUHWURDJHRQ]HPHVHVFRQIRUPHHVWi GHILQLGRQRºGRDUWGD/5)'HVVDIRUPDVRPHQWHQR~OWLPRTXDGULPHVWUHGRDQRpTXHR 5HODWyULRGH*HVWmR)LVFDODSUHVHQWDUiDVGHVSHVDVGHSHVVRDODSXUDGDVQHVWHH[HUFtFLRILQDQFHLUR 0(','$648('(9(06(5$'27$'$6 &RPRVOLPLWHVGHGHVSHVDGHSHVVRDOIL[DGRVVmRQHFHVViULRVPHFDQLVPRVGHFRQWUROHGRV JDVWRVGHSHVVRDO'HVVDIRUPDD/5)FRQVLGHUDQXORRXVHMDGHQHQKXPHIHLWRRVDWRVTXH 1R kPELWR )HGHUDO R 6LVWHPD ,QWHJUDGR GH $GPLQLVWUDomR GH 3HVVRDO &LYLO ² 6,$3( SRVVXL UXEULFDV SUySULDV VRE D GHQRPLQDomR ´6HQWHQoD -XGLFLDOµ FRP R REMHWLYR GH IDFLOLWDU D LGHQWLILFDomR GR TXH p SDJR HP YLUWXGH GH VHQWHQoD MXGLFLDO DXPHQWHPGHVSHVDVDVHPDHVWLPDWLYDGHLPSDFWRQRH[HUFtFLRFRUUHQWHHQRVGRLVVHJXLQWHV FRPDFRUUHVSRQGHQWHPHWRGRORJLDGHFiOFXORXWLOL]DGDEVHPFRPSDWLELOLGDGHFRPR33$ D/'2HDDGHTXDomRj/2$RXFQRVGLDVDQWHULRUHVDRILQDOGRPDQGDWRGRWLWXODUGR UHVSHFWLYRSRGHURXyUJmRPHQFLRQDGRQRDUWGD/5) 2SDUiJUDIR~QLFRGRDUWGD/5)HVWDEHOHFHTXHVHR3RGHURXyUJmRUHIHULGRQRDUWGD /5)XOWUDSDVVDUGROLPLWHPi[LPRFRQKHFLGRFRPROLPLWHSUXGHQFLDOILFDLPSHGLGRGH D FRQFHGHU YDQWDJHP DXPHQWR UHDMXVWH RX DGHTXDomR GH UHPXQHUDomR D TXDOTXHU WtWXORVDOYRRVGHULYDGRVGHVHQWHQoDMXGLFLDORXGHGHWHUPLQDomROHJDORXFRQWUDWXDO UHVVDOYDGDDUHYLVmRSUHYLVWDQRLQFLVR;GRDUWGD&RQVWLWXLomR EFULDomRGHFDUJRHPSUHJRRXIXQomR FDOWHUDomRGHHVWUXWXUDGHFDUUHLUDTXHLPSOLTXHDXPHQWRGHGHVSHVD GSURYLPHQWRGHFDUJRS~EOLFRDGPLVVmRRXFRQWUDWDomRGHSHVVRDODTXDOTXHUWtWXOR UHVVDOYDGD D UHSRVLomR GHFRUUHQWHGHDSRVHQWDGRULDRX IDOHFLPHQWRGHVHUYLGRUHVGDV iUHDVGHHGXFDomRVD~GHHVHJXUDQoD HFRQWUDWDomRGHKRUDH[WUDVDOYRQRFDVRGRGLVSRVWRQRLQFLVR,,GRºGRDUWGD &RQVWLWXLomRHDVVLWXDo}HVSUHYLVWDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV &RPRREMHWLYRGHDVVHJXUDURFRQWUROHGRVJDVWRVFRPSHVVRDOROHJLVODGRUDOpPGHYHGDU GHWHUPLQDGDVDo}HVSUHYLXDLQGDPHGLGDVDVHUHPDGRWDGDVSHOR3RGHUGRPXQLFtSLRSDUD DGHTXDomRDRVHXOLPLWH$VVLPDVGHVSHVDVTXHH[FHGHUHPDROLPLWHSUHYLVWRQD/5)GHYHUmR VHUDMXVWDGDVHPXPWHUoRQRSULPHLURTXDGULPHVWUHVHJXLQWHHHPGRLVWHUoRVQR VHJXQGR TXDGULPHVWUH 7UDWDVH GH UHJUD SHUPDQHQWH D VHU DSOLFDGD TXDQGR D TXDOTXHU WHPSRKRXYHUGHVDMXVWHHPUHODomRDRVOLPLWHV $OpPGDUHJUDSHUPDQHQWHUHVHUYDGDjOLPLWDomRGDVGHVSHVDVFRPSHVVRDORVDUWLJRVH GD/5)HVWDEHOHFHPFRPDQGRVHVSHFLDLVHGHFDUiWHUWUDQVLWyULR2SULPHLURGHOHVYLVDSHUPLWLU DWUDQVLomRGRDQWLJRSDUDRQRYRUHJLPHGHFRQWUROHGDVGHVSHVDVFRPSHVVRDO3DUDWDQWR HVWDEHOHFH TXH VHYHULILFDGRH[FHVVRGHGHVSHVDVFRPSHVVRDOQRH[HUFtFLRDQWHULRUDRGD SXEOLFDomR GD /5) RX VHMD R SUD]R SDUD VXD HOLPLQDomR p GH DWp GRLV H[HUFtFLRV ILQDQFHLURVGHYHQGRVHUHOLPLQDGRQRSULPHLURH[HUFtFLRSHORPHQRVFLQTHQWDSRUFHQWRGR H[FHVVR -iRDUWLJRWHPRREMHWLYRGHLPSHGLUTXHRQRYROLPLWHDSOLFiYHOjVGHVSHVDVFRPSHVVRDO DFDEHSRUWUDQVIRUPDUVHHP´PHWDµFDVRHVVDVGHVSHVDVMiHVWHMDPGHYLGDPHQWHHQTXDGUDGDV QRVOLPLWHVIL[DGRVjGDWDGHSXEOLFDomRGD/5)1HVVHVHQWLGRH[LJHHVWHDUWLJRTXHDWpR WpUPLQRGRWHUFHLURH[HUFtFLRILQDQFHLURVHJXLQWHDRGHHQWUDGDHPYLJRUGD/HLDVGHVSHVDV FRPSHVVRDOGHYDPPDQWHUVHHPSHUFHQWXDOGD5&/QRQtYHOREVHUYDGRGXUDQWHRH[HUFtFLR ILQDQFHLURGHDFUHVFLGDVGHQRPi[LPRGH]SRUFHQWR $GHPDLVVHPSUHMXt]RGDVYHGDo}HVFLWDGDVDQWHULRUPHQWHXPDYH]H[FHGLGRROLPLWHPi[LPR SDUDGHVSHVDVFRPSHVVRDOGHDFRUGRFRPRºGRDUWGD&RQVWLWXLomR)HGHUDOHRDUW GD/5)R3RGHUGRPXQLFtSLRGHYHUiFRUWDUGHVSHVDVREVHUYDGDDVHJXLQWHVHTrQFLD 5HGXomRHPSHORPHQRVGDVGHVSHVDVFRPIXQo}HVGHFRQILDQoD ([RQHUDomRGHSHVVRDOQmRHVWiYHO 'HPLVVmRGHSHVVRDOHVWiYHOREVHUYDGDVDVFRQGLo}HVGRºGRDUWGD&) 5HGXomRWHPSRUiULDGDMRUQDGDGHWUDEDOKRHGDUHVSHFWLYDUHPXQHUDomR 1RFDVRGHR3RGHUGRPXQLFtSLRQmRVHDGHTXDUDROLPLWHPi[LPRHHQTXDQWRH[FHGHURV OLPLWHVIL[DGRVSRUHVWD/HL&RPSOHPHQWDUQºR3RGHUGRPXQLFtSLRQmRSRGHUi UHFHEHUWUDQVIHUrQFLDVYROXQWiULDVREWHUJDUDQWLDVHFRQWUDWDURSHUDo}HVGHFUpGLWRUHVVDOYDGDV DTXHODVRSHUDo}HVSDUDUHILQDQFLDUGtYLGDPRELOLiULDRXSDUDUHGX]LUGHVSHVDVFRPSHVVRDO ,PSRUWDQWHUHVVDOWDUTXHHVVDVSURLELo}HVDSOLFDPVHLPHGLDWDPHQWHQRFDVRGRH[FHVVRWHU DFRQWHFLGRQRSULPHLURTXDGULPHVWUHGR~OWLPRDQRGRPDQGDWRGRVWLWXODUHVGR3RGHURX yUJmRVUHIHULGRVQRDUW 3(5*817$60$,6)5(4h(17(6 $3HUJXQWDV 4XDLVDVUHFHLWDVTXHFRPS}HPD5HFHLWD&RUUHQWH/tTXLGD"&RPRGHYHVHURFiOFXORGHVWD 5HFHLWDQDHVIHUDPXQLFLSDO" $&RQWULEXLomRGD0XQLFLSDOLGDGHSDUDIRUPDomRGR)81'()pFRQVLGHUDGDFRPR5HFHLWD &RUUHQWH/tTXLGD" 1ROLPLWHGRVJDVWRVFRPSHVVRDOGR3RGHU/HJLVODWLYRHVWmRLQFOXtGDVWDPEpPDVGHVSHVDV FRPR7ULEXQDOGH&RQWDVGRV0XQLFtSLRV"&RPRGHYHVHUFDOFXODGRRSHUFHQWXDOGR7ULEXQDO GH&RQWDVSDUDOLPLWDUDVVXDVGHVSHVDVFRPSHVVRDO" eFRUUHWRXP0XQLFtSLRTXHHVWiQROLPLWHGHGHVSHVDVFRPSHVVRDOHIHWXDUFRQWUDWDo}HV SDUDVXSULUFDUrQFLDVGHVHUYLGRUHVHVSHFLDOPHQWHSDUDDWHQGHUR(QVLQR)XQGDPHQWDOSURIHV VRUHV" 1D/5)VmRIL[DGRVSHUFHQWXDLVPi[LPRVGHGHVSHVDVFRPSHVVRDOSDUDR3RGHU/HJLVODWLYR 6HHPXPGRVSRGHUHVRVJDVWRVIRUDPLQIHULRUHVDRSHUPLWLGRKDYHUiUHGLVWULEXLomRSDUDVH REWHURUHVXOWDGRGHFRPSURPHWLPHQWRGHGHVSHVDVFRPSHVVRDODSOLFiYHODRPXQLFtSLR" 2VGR)81'()GHVWLQDGRVDRSDJDPHQWRGHSHVVRDOFRPS}HPDEDVHFiOFXORGROLPLWH SDUDGHVSHVDVFRPSHVVRDOGR3RGHU([HFXWLYR" 4XDLVVmRDVGHVSHVDVSDUDILQVGHDSXUDomRGD'HVSHVD7RWDOGH3HVVRDO" 4XDOIRLRSHUtRGRXWLOL]DGRSDUDDSXUDomRGDGHVSHVDGHSHVVRDOQRSULPHLURHVHJXQGR TXDGULPHVWUHVFRQWDGRVGDHGLomRGD/5)" 4XDLVRVOLPLWHVSDUD'HVSHVD7RWDOFRP3HVVRDOGRPXQLFtSLR" 1RFDVRGHQmRKDYHU7ULEXQDOGH&RQWDV0XQLFLSDOHPGHWHUPLQDGR0XQLFtSLRROLPLWH GR3RGHU/HJLVODWLYRGHJDVWRVFRPSHVVRDODXPHQWD" /LVWDURVJDVWRVTXHSRGHPGHL[DUGHVHUFRPSXWDGRVSDUDILQVGHDSXUDomRGDGHVSHVD FRPSHVVRDO 4XDORSHUtRGRHPTXHDGHVSHVDFRPSHVVRDOGHFRUUHQWHGHVHQWHQoDMXGLFLDOQmRVHUi FRPSXWDGD" 4XDLVRVUHTXLVLWRVDVHUHPREVHUYDGRVGHDFRUGRFRP/5)SDUDYDOLGDomRGRVDWRVTXH LPSOLTXHPDXPHQWRGHGHVSHVDV" 1RFDVRGR0XQLFtSLRHVWDUDMXVWDGRDRVOLPLWHVGD/5)HPHGHVDMXVWDUVHHP TXHWHPSRWHUiSDUDDGHTXDUVHDRVOLPLWHV" 4XDLVVmRDVYHGDo}HVQRFDVRGRPXQLFtSLRXOWUDSDVVDUROLPLWHSUXGHQFLDO" %5HVSRVWDV $GHILQLomRGH5HFHLWD&RUUHQWH/tTXLGDFRQVWDGRDUWºLQFLVR,9GD/HL&RPSOHPHQWDU QºDVDEHUpFRQVWLWXtGDSHORVRPDWyULRGDVUHFHLWDVWULEXWiULDVGHFRQWULEXLo}HV SDWULPRQLDLVLQGXVWULDLVDJURSHFXiULDVGHVHUYLoRVWUDQVIHUrQFLDVFRUUHQWHVHRXWUDVUHFHLWDV WDPEpPFRUUHQWHVGHGX]LGDVHPWRGDVDVHVIHUDVGHJRYHUQRDVFRQWULEXLo}HVGHVHUYLGRUHV SDUDRFXVWHLRGRUHVSHFWLYRVLVWHPDGHSUHYLGrQFLDHDVVLVWrQFLDVRFLDOHDVUHFHLWDVRULXQGDV GDFRPSHQVDomRHQWUHHVVHVVLVWHPDV 6LP D FRQWULEXLomR SDUD R )81'() TXH D PXQLFLSDOLGDGH UHFHEH FRQVWLWXL VXD UHFHLWD FRUUHQWHOtTXLGD1RFDVRGR(VWDGRDFRQWULEXLomRSDUDR)81'()TXHpWUDQVIHULGDSDUDR PXQLFtSLRGHYHVHUGHGX]LGDGDVXDUHFHLWDFRUUHQWHSDUDRFiOFXORGD5&/GHDFRUGRFRPD DOtQHDEGRLQFLVR,9GRDUWºGD/HL&RPSOHPHQWDUQº 1RVWHUPRVGRºGRDUWGD/HL&RPSOHPHQWDUQºRVOLPLWHVVHUmRUHSDUWLGRV HQWUHRVyUJmRVQRFDVR&kPDUDGH9HUHDGRUHVH7ULEXQDOGH&RQWDVGRV0XQLFtSLRVGHIRUPD SURSRUFLRQDOjPpGLDGDVGHVSHVDVFRPSHVVRDOHPSHUFHQWXDOGD5HFHLWD&RUUHQWH/tTXLGD YHULILFDGDHPH 'HDFRUGRFRPRSDUiJUDIR~QLFRGRDUWGD/5)VHMiKRXYHUVLGRXOWUDSDVVDGRROLPLWH GHGHVSHVDGHSHVVRDOSHORHQWHTXHpGHGROLPLWHPi[LPRDSOLFiYHODGHVSHVDVFRP SHVVRDORPXQLFtSLRDSHQDVSRGHUiFRQWUDWDUSDUDUHSRVLomRGHFRUUHQWHGHDSRVHQWDGRULDRX IDOHFLPHQWRGHVHUYLGRUHVGDViUHDVGHHGXFDomRVD~GHHVHJXUDQoD 1mR$/5)QmRSUHYrTXDOTXHUUHGLVWULEXLomRGHSHUFHQWXDLVMiTXHDUHVSRQVDELOLGDGHp LQGLYLGXDOL]DGDSRU3RGHU6HXPGRV3RGHUHVHVWLYHUFRPIROJDHPUHODomRDRVOLPLWHVHVVD IROJDQmRSRGHVHUWUDQVIHULGDSDUDRVGHPDLV eSUHFLVRGLVWLQJXLUUHFHLWDHGHVSHVD$FRQWULEXLomRSDUDR)81'()TXHDPXQLFLSDOLGDGH UHFHEHFRQVWLWXLVXDUHFHLWDFRUUHQWHOtTXLGD1RFDVRGR(VWDGRDFRQWULEXLomRSDUDR)81'() TXHpWUDQVIHULGDSDUDRPXQLFtSLRGHYHVHUGHGX]LGDGDVXDUHFHLWDFRUUHQWHOtTXLGDGHDFRUGR FRPDDOtQHDEGRLQFLVR,9GRDUWºGD/HL&RPSOHPHQWDUQº$VGHVSHVDVGH SHVVRDOFXVWHDGDVSRUUHFXUVRVGR)81'()GHYHPVHUFRPSXWDGDVMXQWDPHQWHFRPDVGHPDLV GHVSHVDVGHSHVVRDOSDUDHIHLWRGRVOLPLWHVGRVDUWLJRVH $/5)GHILQHFRPRGHVSHVDVFRPSHVVRDORVRPDWyULRGRVJDVWRVGRHQWHGD)HGHUDomRFRP RVDWLYRVLQDWLYRVHSHQVLRQLVWDVRVUHODWLYRVDPDQGDWRVHOHWLYRVFDUJRVIXQo}HVRXHPSUHJRV FLYLVPLOLWDUHVHGHPHPEURVGH3RGHUFRPTXDLVTXHUHVSpFLHVUHPXQHUDWyULDVWDLVFRPR YHQFLPHQWRVHYDQWDJHQVIL[DVHYDULiYHLVVXEVtGLRVSURYHQWRVGDDSRVHQWDGRULDUHIRUPDVH SHQV}HV LQFOXVLYH DGLFLRQDLV JUDWLILFDo}HV KRUDV H[WUDV H YDQWDJHQV SHVVRDLV GH TXDOTXHU QDWXUH]D EHP FRPR HQFDUJRV VRFLDLV H FRQWULEXLo}HV UHFROKLGDVSHORHQWH jV HQWLGDGHVGH 3UHYLGrQFLD 2VOLPLWHVGHGHVSHVDDVHUHPDSUHVHQWDGRVQR5HODWyULRGH*HVWmR)LVFDOGRSULPHLURH VHJXQGR TXDGULPHVWUH GHYHUmR VRPDU DV GHVSHVDV FRP SHVVRDO UHODWLYDV D GRLV H[HUFtFLRV ILQDQFHLURVWHQGRHPYLVWDTXHDFRQWDJHPUHWURDJHDRQ]HPHVHVFRQIRUPHHVWiGHILQLGRQR ºGRDUW $/5)GHWHUPLQDROLPLWHGHGD5&/SDUDRV0XQLFtSLRV 1mR$SHQDVROLPLWHGHQmRQHFHVVLWDUiVHUUHSDUWLGRIDFHjLQH[LVWrQFLDGH7ULEXQDO GH&RQWDVQDTXHOH0XQLFtSLR 6mRHODV D'HVSHVDVFRPLQGHQL]DomRSRUGHPLVVmRGHVHUYLGRUHVRXHPSUHJDGRV E'HVSHVDVUHODWLYDVDRLQFHQWLYRjGHPLVVmRYROXQWiULD([3ODQRGH'HPLVVmR9ROXQ WiULD²3'9 F'HVSHVDVGHFRUUHQWHVGHGHFLVmRMXGLFLDOGDFRPSHWrQFLDGHSHUtRGRDQWHULRUDRGD DSXUDomRGDVGHVSHVDVFRPSHVVRDODTXHDOXGHRºGRDUW G'HVSHVDVFRPLQDWLYRVFXVWHDGRVFRPUHFXUVRVGHIXQGRVSUySULRV $SHQDVHVWmRH[FOXtGDVGROLPLWHGHGHVSHVDGHSHVVRDODTXHODVDTXHDOXGHRLQFLVR,9GR ºGRDUW 3DUDDYDOLGDomRGRDWRTXHDXPHQWDGHVSHVDQHFHVViULRVHID]TXHRHQWHGHPRQVWUHD HVWLPDWLYD GH LPSDFWR QR H[HUFtFLR FRUUHQWH H QRV GRLV VHJXLQWHV FRP D FRUUHVSRQGHQWH PHWRGRORJLD GH FiOFXOR XWLOL]DGD FRPSDWLELOLGDGH FRP R SODQR SOXULDQXDO D /'2 H D DGHTXDomRD/2$HDREVHUYkQFLDGRVGLDVGRILQDOGRPDQGDWRGRWLWXODUGRUHVSHFWLYR SRGHURXyUJmRPHQFLRQDGRQRDUWGD/5) $VGHVSHVDVTXHH[FHGHUHPDROLPLWHSUHYLVWRQHVWD/HLGHYHUmRVHUDMXVWDGDVHPXPWHUoR QRSULPHLURTXDGULPHVWUHVHJXLQWHHGRLVWHUoRVQRVHJXQGRTXDGULPHVWUH 1RFDVRGRPXQLFtSLRXOWUDSDVVDUROLPLWHGHFKDPDGROLPLWHSUXGHQFLDOILFDYHGDGD DFRQFHVVmRGHYDQWDJHPDXPHQWRUHDMXVWHRXDGHTXDomRGHUHPXQHUDomRDTXDOTXHUWtWXOR VDOYRRVGHULYDGRVGHVHQWHQoDMXGLFLDORXGHGHWHUPLQDomROHJDORXFRQWUDWXDOUHVVDOYDGDD UHYLVmRSUHYLVWDQD&RQVWLWXLomR2PXQLFtSLRWDPEpPHVWiLPSHGLGRGHFULDUFDUJRHPSUHJR RXIXQomRHHIHWXDUDOWHUDomRGHFDUUHLUDGHLPSOLTXHDXPHQWRGHGHVSHVD$LQGDQmRSRGHR PXQLFtSLRSURYHUFDUJRDGPLWLURXFRQWUDWDUSHVVRDODTXDOTXHUWtWXORUHVVDOYDGDDUHSRVLomR GHVHUYLGRUQDiUHDGHHGXFDomRVD~GHRXVHJXUDQoD &([HPSOR3UiWLFR 20XQLFtSLRGH3UXGHQFLROkQGLDSRVVXLXPIXQGRPXQLFLSDOTXHSDJDXPDSDUWHGDIROKDGRV IXQFLRQiULRVLQDWLYRVQDPHVPDPHGLGDGDVUHFHLWDVJHUDGDVSHORGHVFRQWRSDUDRSODQRGH VHJXULGDGH$SDUWLUGDVLQIRUPDo}HVFRQWLGDVQRTXDGURDSUHVHQWDGRDVHJXLUUHVSRQGD 4XDOpD5HFHLWD&RUUHQWH/tTXLGD²5&/GR0XQLFtSLRGH3UXGHQFLROkQGLDSDUDR H[HUFtFLRGH" 4XDOpRWRWDOGDVGHVSHVDVFRPSHVVRDOHP" &DOFXOHRFRPSURPHWLPHQWRGRVJDVWRVFRPSHVVRDOHPUHODomRj5HFHLWD&RUUHQWH /tTXLGDHPQRVWHUPRVGD/HLGH5HVSRQVDELOLGDGH)LVFDO 4XDLVDVPHGLGDVTXHGHYHUmRVHUWRPDGDVSHOR0XQLFtSLRSDUDRDWHQGLPHQWRGD/HL GH5HVSRQVDELOLGDGH)LVFDO" %DODQoR$QXDOGR0XQLFtSLRGH3UXGHQFLROkQGLD%$0GH ',6&5,0,1$d®2 5(&(,7$6 &255(17(6 5(&(,7$ 75,%87É5,$ ,0326726 ,PSRVWR VREUH 3DWULP{QLR H 5HQGD ,378 ,7%, ,PSRVWR VREUH D 3URGXomR H D &LUFXODomR ,66 ,99& 7$;$6 7D[DV SHOR ([HUFtFLR GR 3RGHU GH 3ROtFLD 7D[DV SHOD 3UHVWDomR GH 6HUYLoRV &RPSHQVDomR )LQDQF HQWUH 5HJLPHV 5(&(,7$ '( &2175,%8,d¯(6 &2175,%8,d¯(6 62&,$,6 &RQWU 3ODQR GH 6HJXULGDGH GR 6HUYLGRU 'HPDLV &RQWULEXLo}HV 6RFLDLV 5(&(,7$ 3$75,021,$/ 5(&(,7$6 ,02%,/,É5,$6 5(&(,7$6 '( 9$/25(6 02%,/,É5,26 5HFHLWDV )LQDQFHLUDV 5HPXQHUDomR GH 'HSyVLWRV %DQFDULRV 5(&(,7$ $*523(&8É5,$ 5(&(,7$ ,1'8675,$/ 5(&(,7$ '( 6(59,d26 75$16)(5È1&,$6 &255(17(6 75$16) ,17(5*29(51$0(17$,6 7UDQVIHUrQFLDV GD 8QLmR 3DUWLFLSDomR QD 5HFHLWD GD 8QLmR &RWD GR )30 7UDQVIHUrQFLDV GR ,5 5HWLGR QD )RQWH SHOR 0XQLFtSLR &RWD3DUWH GR ,75 &RWD3DUWH GR 6DOiULR (GXFDomR 9$/25(6 ',6&5,0,1$d®2 '(63(6$6 &255(17(6 '(63(6$6 '( &867(,2 3(662$/ 3HVVRDO ([HFXWLYR 3HVVRDO &LYLO ([HFXWLYR 3HVVRDO 0LOLWDU ([HFXWLYR 3HVVRDO $GPLQLVWUDomR ,QGLUHWD 3HVVRDO 2XWURV 3RGHUHV 2EULJDo}HV 3DWURQDLV 0$7(5,$/ '( &216802 6(59 7(5&(,526 ( (1&$5*26 5HPXQHUDomR GH 6HUYLoRV 3HVVRDLV 2XWUDV 'HVSHVDV GH 3HVVRDO DUW ',9(56$6 '(63 &867(,2 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV 'HVS GH ([HUFtFLRV $QWHULRUHV ² 3HVVRDO 2XWUDV GH ([HUFtFLRV $QWHULRUHV 2XWUDV GH &XVWHLR 75$16)(5È1&,$6 &255(17(6 75$16) ,175$*29(51$0(17$,6 75$16) ,17(5*29(51$0(17$,6 7UDQVIHUrQFLDV D ,QVW 0XOWLJRYHUQDPHQWDLV 75$16)(5È1&,$6 ,167 35,9$'$6 75$16)(5È1&,$6 $2 (;7(5,25 75$16)(5È1&,$6 $ 3(662$6 ,QDWLYRV 3HQVLRQLVWDV 6DOiULR )DPtOLD $SRLR )LQDQFHLUR D (VWXGDQWHV $VVLVWHQFLD 0pGLFR+RVSLWDODU %HQHItFLRV GD 3UHYLG 6RFLDO ,QGHQL]Do}HV GH $FLGHQWHV GH 7UDE 5 9$/25(6 &RWD3DUWH VREUH 2SHUDo}HV GH &UpGLWR 686 )81'() ² 5(72512 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVI )LQDQFHLUD DRV (VWDGRV ² /HL &RPSO 'HPDLV 7UDQVI GD 8QLmR 2XWUDV 7UDQVI D 3HVVRDV (1&$5*26 '$ 'Ì9,'$ 'Ì9,'$ ,17(51$ 'Ì9,'$ (;7(51$ 7UDQVIHUrQFLDV GRV (VWDGRV )81'() GHGXo}HV ² FRQWD UHGXWRUD 08/7$6 ( -8526 '( 025$ ,1'(1,=$d¯(6 ( 5(67,78,d¯(6 5(&(,7$ '$ 'Ì9,'$ $7,9$ 5(&(,7$ '( &$3,7$/ 23(5$d¯(6 '( &5e',72 $/,(1$d®2 '( %(16 '(63(6$6 '( &$3,7$/ ,19(67,0(1726 ,19(56¯(6 ),1$1&(,5$6 ',9(56$6 ,19(56¯(6 ),1$1&(,5$6 ,QWUDJRYHUQDPHQWDLV H LQWHUJRYHUQDPHQW 7UDQVIHUrQFLDV D (VWDGRV H DR ') 75$16)(5È1&,$6 $ ,167 35,9$'$6 $0257,=$d¯(6 '$ 'Ì9,'$ 727$/ '$6 '(63(6$6 &RWD ² 3DUWH GR ,&06 &RWD ² 3DUWH GR ,39$ &RWD ² 3DUWH GR ,3, ² ([SRUWDomR $/,(1$d®2 '( %(16 0Ð9(,6 $/,(1$d®2 '( %(16 ,0Ð9(,6 ² 35,9$7,=$d¯(6 75$16) ,17(5*29(51$0(17$,6 7UDQVIHUrQFLDV GD 8QLmR 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 727$/ '$6 5(&(,7$6 '5HVSRVWDVGR([HPSOR3UiWLFR (P SULPHLUR OXJDU GHYHPRV LGHQWLILFDU R WRWDO GDV 5HFHLWDV &RUUHQWHV DSUHVHQWDGDV QR %DODQoR$QXDOGR0XQLFtSLRHPRTXHQRVUHPHWHDRYDORUGH5$SDUWLU GDtGHYHPRVUHDOL]DUDVGHGXo}HVSUHYLVWDVQRDUWLJRºGD/5)1RFDVRGRSODQRGHFRQWDV DSUHVHQWDGRVmRDVVHJXLQWHV º&RPSHQVDomRILQDQFHLUDHQWUHUHJLPHV 5 º&RQWULEXLomRSDUDSODQRGHVHJXULGDGHGHVHUYLGRU 5 1HVWHFDVRD5&/VHUiLJXDODRWRWDOGD5HFHLWD&RUUHQWHPHQRVDVGHGXo}HVDSUHVHQWDGDVR TXHQRVOHYDDRYDORUGH5 $VGHVSHVDVFRPSHVVRDOGR0XQLFtSLRGH3UXGHQFLROkQGLDFRUUHVSRQGHPDRVRPDWyULRGH º 3HVVRDO ([HFXWLYR 5 SHVVRDO GR 3RGHU ([HFXWLYR LQFOXVLYH SHVVRDO PLOLWDUHHPSUHVDV º3HVVRDOGRV2XWURV3RGHUHV 5 º2EULJDo}HV3DWURQDLV 5 º2XWUDV'HVSHVDVGH3HVVRDODUWºGD/5) 5 º7UDQVIHUrQFLDVD3HVVRDV 5 'HVVD IRUPD YHULILFDVH TXH R WRWDO GDV GHVSHVDV EUXWDV FRP SHVVRDO FRUUHVSRQGH D 56DEHPRVTXHSDUWHGDVGHVSHVDVFRPLQDWLYRVpFXVWHDGDFRPUHFXUVRVGHSODQR GHVHJXULGDGHGRVHUYLGRULQDWLYRVFRPUHFXUVRVYLQFXODGRV(VVHVUHFXUVRVFRUUHVSRQGHUDP D5HPHGHYHUmRVHUGHGX]LGRVGRWRWDOGDVGHVSHVDVFRPSHVVRDO 7DPEpPDFRPSHQVDomRHQWUHUHJLPHVQRYDORUGH5VHUiGHGX]LGDSDUDFKHJDUPRV jVGHVSHVDVOtTXLGDVFRPSHVVRDODUWºLQFLVR9,´EµGD/5)'HVVDIRUPDRWRWDOGD GHVSHVDOtTXLGDFRPSHVVRDOHPpLJXDOD5 'LVSRQGRGDVLQIRUPDo}HVUHIHUHQWHVjGHVSHVDWRWDOOtTXLGDFRPSHVVRDODOpPGD5&/SDUD RSHUtRGRFKHJDUHPRVDRQtYHOGHFRPSURPHWLPHQWRGHVVDVGHVSHVDVHP º'HVSHVDVOtTXLGDVFRPSHVVRDO 5 º5HFHLWD&RUUHQWH/tTXLGD 5 º3HUFHQWXDOGHFRPSURPHWLPHQWR VHQGRUHIHUHQWHDR3RGHU/HJLVODWLYR 5 GLYLGLGRV SHOD 5&/ GH 5 H R UHVWDQWH GR 3RGHU ([HFXWLYR 7HQGRHPYLVWDRVGLYHUVRVSUREOHPDVILVFDLVYHULILFDGRVQR0XQLFtSLRGH3UXGHQFLROkQGLD YiULDVVmRDVPHGLGDVTXHGHYHUmRVHUDGRWDGDV º5HYLVmRGRTXDGURGHSHVVRDOTXHGHYHUiVHUUHGX]LGRHPGD5&/YDORUTXH H[FHGHROLPLWHGH3DUDWDQWRR0XQLFtSLRGHYHUiVHJXLUDVUHJUDVGRDUWGD/5) LQYHUELV ´$UW6HDGHVSHVDWRWDOFRPSHVVRDOGR3RGHURXyUJmRUHIHULGRQRDUWXOWUDSDVVDU RVOLPLWHVGHILQLGRVQRPHVPRDUWLJRVHPSUHMXt]RGDVPHGLGDVSUHYLVWDVQRDUWR SHUFHQWXDOH[FHGHQWHWHUiGHVHUHOLPLQDGRQRVGRLVTXDGULPHVWUHVVHJXLQWHVVHQGRSHOR PHQRVXPWHUoRQRSULPHLURDGRWDQGRVHHQWUHRXWUDVDVSURYLGrQFLDVSUHYLVWDVQRV ºHºGRDUWGD&RQVWLWXLomR º1RFDVRGRLQFLVR,GRºGRDUWGD&RQVWLWXLomRRREMHWLYRSRGHUiVHUDOFDQoDGR WDQWRSHODH[WLQomRGHFDUJRVHIXQo}HVTXDQWRSHODUHGXomRGRVYDORUHVDHOHVDWULEXtGRV º e IDFXOWDGD D UHGXomR WHPSRUiULD GD MRUQDGD GH WUDEDOKR FRP DGHTXDomR GRV YHQFLPHQWRVjQRYDFDUJDKRUiULD º1mRDOFDQoDGDDUHGXomRQRSUD]RHVWDEHOHFLGRHHQTXDQWRSHUGXUDURH[FHVVRR HQWHQmRSRGHUi ,²UHFHEHUWUDQVIHUrQFLDVYROXQWiULDV ,,²REWHUJDUDQWLDGLUHWDRXLQGLUHWDGHRXWURHQWH ,,,²FRQWUDWDURSHUDo}HVGHFUpGLWRUHVVDOYDGDVDVGHVWLQDGDVDRUHILQDQFLDPHQWRGDGtYLGD PRELOLiULDHDVTXHYLVHPjUHGXomRGDVGHVSHVDVFRPSHVVRDO º$VUHVWULo}HVGRºDSOLFDPVHLPHGLDWDPHQWHVHDGHVSHVDWRWDOFRPSHVVRDOH[FHGHU ROLPLWHQRSULPHLURTXDGULPHVWUHGR~OWLPRDQRGRPDQGDWRGRVWLWXODUHVGH3RGHURX yUJmRUHIHULGRVQRDUWµ $OpPGLVVRFRPRSDUWHGDVGHVSHVDVFRPSHVVRDOUHIHUHVHjVXEVWLWXLomRGHVHUYLGRUHVQRV WHUPRV GR SDUiJUDIR º GR DUWLJR GD /5) VHJXQGR R TXDO ´RV YDORUHV GRV FRQWUDWRV GH WHUFHLUL]DomR GH PmRGHREUD TXH VH UHIHUHP j VXEVWLWXLomR GH VHUYLGRUHV H HPSUHJDGRV S~EOLFRVVHUmRFRQWDELOL]DGRVFRPR2XWUDV'HVSHVDVGH3HVVRDOµR0XQLFtSLRSRGHUiUHGX]LU HVWHWLSRGHGHVSHVDXWLOL]DQGRVHGHIRUPDDFHVVyULDGDVGLVSRVLo}HVSUHYLVWDVQRDUWLJR 3RUILPR0XQLFtSLRGH3UXGHQFLROkQGLDSRGHUiDGRWDUPHGLGDVSDUDDXPHQWDUDVXD5&/DWp RPRQWDQWHVXILFLHQWHSDUDDWLQJLUROLPLWHSHUFHQWXDOGDUHODomRSHVVRDO5&/SUHYLVWRQD/5) 3DUD WDQWR GHYHUi DXPHQWDU D DOtTXRWD GH GHWHUPLQDGRV LPSRVWRV RX DLQGD UHGX]LU D VRQHJDomRILVFDO &DStWXOR $'Ì9,'$(2(1',9,'$0(172 (GVRQ5RQDOGR1DVFLPHQWR *HUHQWH GH 3URMHWRV GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO ² (VSHFLDOLVWD HP )LQDQoDV 3~EOLFDV ² 8)5*6 3URIHVVRU GD )XQGDomR *HW~OLR 9DUJDV &21&(,726'('Ì9,'$(23(5$d¯(6'(&5e',72 (PFDStWXORVDQWHULRUHVYLPRVTXHD/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)DSOLFDVHDRFRQFHLWR GHHQWHGD)HGHUDomRLVWRpj8QLmRFDGD(VWDGRHFDGD0XQLFtSLR1HVVHFRQFHLWRGHHQWH HVWmRLQFOXtGRVWRGRVRV3RGHUHV²([HFXWLYR/HJLVODWLYRH-XGLFLiULRLQFOXVLYH0LQLVWpULR3~EOLFR H7ULEXQDLVGH&RQWDV²HDVUHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDVIXQGRVDXWDUTXLDVIXQGDo}HV HHPSUHVDVHVWDWDLVGHSHQGHQWHV(VVDDEUDQJrQFLDVHUiUHVSHLWDGDWDPEpPQDGHWHUPLQDomR GHOLPLWHVHUHJUDVSDUDDGtYLGDHRHQGLYLGDPHQWR 1R&DStWXOR WUDEDOKDPRV FRPRFRQFHLWRGHHPSUHVDHVWDWDOGHSHQGHQWHGHILQLGRSHOD 5HVROXomR GR 6HQDGR )HGHUDO Qº GH H SHOD 3RUWDULD Qº GD 671 GH 1R&DStWXOR,GD5HVROXomRGR6HQDGR)HGHUDOQºGHHPDWHQGLPHQWRDR GLVSRVWRQRDUWLJRLQFLVR,GD/5)VmRWDPEpPGDGDVDVGHILQLo}HVGRVWHUPRVUHODFLRQDGRV jGtYLGDS~EOLFDFRQVROLGDGDGtYLGDS~EOLFDPRELOLiULDHRSHUDo}HVGHFUpGLWR &RQVLGHUDVHGtYLGDS~EOLFDFRQVROLGDGDRPRQWDQWHWRWDODSXUDGR • GDVREULJDo}HVILQDQFHLUDVGRHQWHGD)HGHUDomRLQFOXVLYHDVGHFRUUHQWHVGHHPLVVmR GHWtWXORVDVVXPLGDVHPYLUWXGHGHOHLVFRQWUDWRVFRQYrQLRVRXWUDWDGRV • GDVREULJDo}HVILQDQFHLUDVGRHQWHGD)HGHUDomRDVVXPLGDVHPYLUWXGHGDUHDOL]DomR GHRSHUDo}HVGHFUpGLWRSDUDDPRUWL]DomRHPSUD]RVXSHULRUDGR]HPHVHVRXTXH HPERUDGHSUD]RLQIHULRUDGR]HPHVHVWHQKDPFRQVWDGRFRPRUHFHLWDVQRRUoDPHQWR • GRVSUHFDWyULRVMXGLFLDLVHPLWLGRVDSDUWLUGHGHPDLRGHHQmRSDJRVGXUDQWH DH[HFXomRGRRUoDPHQWRHPTXHKRXYHUHPVLGRLQFOXtGRV $GtYLGDS~EOLFDFRQVROLGDGDQRHQWDQWRQmRLQFOXLDVREULJDo}HVHQWUHFDGDPXQLFtSLRHVHXV UHVSHFWLYRVIXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVRXHQWUHHVWHVLVWR pGHYHVHUDSXUDGDVHPGXSOLFLGDGH 3HOR GLVSRVWR QR SDUiJUDIR SULPHLUR GR DUW GD /5) D DVVXQomR R UHFRQKHFLPHQWR H D FRQILVVmR GH GtYLGDV SHOR HQWH S~EOLFR VmR HTXLSDUDGDV jV RSHUDo}HV GH FUpGLWR DV TXDLV GHYHUmR DLQGD REVHUYDU RV WHUPRV GRV DUWLJRV H TXH FRQGLFLRQDP RVDXPHQWRVGH GHVSHVDD • (VWLPDWLYD GH LPSDFWR RUoDPHQWiULRILQDQFHLUR QRV WUrV SULPHLURV H[HUFtFLRV GH VXD YLJrQFLD • $GHTXDomRRUoDPHQWiULDHILQDQFHLUDFRPR33$D/'2HD/2$ -iDGtYLGDS~EOLFDPRELOLiULDpUHSUHVHQWDGDSRUWtWXORVHPLWLGRVSHORV(VWDGRVSHOR'LVWULWR )HGHUDORXSHORV0XQLFtSLRV $GtYLGDFRQVROLGDGDOtTXLGD²'&/FRUUHVSRQGHjGtYLGDS~EOLFDFRQVROLGDGDGHGX]LGDVDV GLVSRQLELOLGDGHVGHFDL[DDVDSOLFDo}HVILQDQFHLUDVHRVGHPDLVKDYHUHVILQDQFHLURV 2SHUDo}HVGHFUpGLWRFRUUHVSRQGHPDFRPSURPLVVRVDVVXPLGRVFRPFUHGRUHVVLWXDGRVQR 3DtVRXQRH[WHULRUHPUD]mRGHP~WXRDEHUWXUDGHFUpGLWRHPLVVmRHDFHLWHGHWtWXORDTXLVLomR ILQDQFLDGDGHEHQVUHFHELPHQWRDQWHFLSDGRGHYDORUHVSURYHQLHQWHVGDYHQGDDWHUPRGHEHQV HVHUYLoRVDUUHQGDPHQWRPHUFDQWLOHRXWUDVRSHUDo}HVDVVHPHOKDGDVLQFOXVLYHFRPRXVRGH GHULYDWLYRVILQDQFHLURV 23(5$d¯(6'(&5e',72352,%,'$6 $OpPGRFRQFHLWRGHRSHUDo}HVGHFUpGLWRDSUHVHQWDGRQDVHomRDQWHULRURDUWGD/5) DLQGDHTXLSDUDDRSHUDomRGHFUpGLWRDVVHJXLQWHVDVTXDLVGHFODUDSURLELGDV • DFDSWDomRGHUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDRXFRQWULEXLomRFXMRIDWR JHUDGRUDLQGDQmRWHQKDRFRUULGRVHPSUHMXt]RGRGLVSRVWRQRºGRDUWGD &RQVWLWXLomR • RUHFHELPHQWRDQWHFLSDGRGHYDORUHVGHHPSUHVDHPTXHR3RGHU3~EOLFRGHWHQKD GLUHWDRXLQGLUHWDPHQWHDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRVDOYROXFURVH GLYLGHQGRVQDIRUPDGDOHJLVODomR • DDVVXQomRGLUHWDGHFRPSURPLVVRFRQILVVmRGHGtYLGDRXRSHUDomRDVVHPHOKDGDFRP IRUQHFHGRU GH EHQV PHUFDGRULDV RX VHUYLoRV PHGLDQWH HPLVVmR DFHLWH RX DYDO GH WtWXORVGHFUpGLWRH • D DVVXQomR GH REULJDomR VHP DXWRUL]DomR RUoDPHQWiULD FRP IRUQHFHGRUHV SDUD SDJDPHQWRDSRVWHULRULGHEHQVHVHUYLoRV 2DUWGD/5)SRUVXDYH]SURtEHDVRSHUDo}HVGHFUpGLWRHQWUHRVHQWHVGD)HGHUDomRVRE TXDOTXHUIRUPDLQFOXtGRRUHILQDQFLDPHQWRRXDSRVWHUJDomRGHGtYLGDDQWHULRUPHQWHFRQWUDt GD 'HVVD IRUPD WHQGH D HQFHUUDUVH XP ORQJR FDStWXOR HP TXH D 8QLmR VHJXLGDPHQWH UHILQDQFLRXGtYLGDVGH(VWDGRVH0XQLFtSLRVDVVXPLXGtYLGDVGH(VWDGRVUHFpPFULDGRVEHP FRPRGHyUJmRVTXHIRUDPH[WLQWRVVHQGRHVVHSURFHGLPHQWRUHVSRQViYHOHPERDSDUWHSHOR FUHVFLPHQWRYHUWLJLQRVRGRHVWRTXHGDGtYLGDGR*RYHUQR&HQWUDO&DEHOHPEUDUTXHVRPHQWH HPD8QLmRUHILQDQFLRXFRPMXURVVXEVLGLDGRVGtYLGDVGH(VWDGRVQRPRQWDQWHGH 5ELOK}HVHQDVYpVSHUDVGDVDQomRGD/5)D3UHIHLWXUDGRPXQLFtSLRGH6mR3DXOR WHYHDVXDGtYLGDUHQHJRFLDGDHPPDLVGH5ELOK}HVSHORSUD]RGHDQRV &RPR~QLFDH[FHomRRSDUiJUDIRºGRDUWSHUPLWHDVRSHUDo}HVGHFUpGLWRHQWUHLQVWLWXLomR ILQDQFHLUDHVWDWDOHRXWURHQWHGD)HGHUDomRLQFOXVDDDGPLQLVWUDomRLQGLUHWDGHVGHTXHQmR VHMDPGHVWLQDGDVDILQDQFLDUGHVSHVDVFRUUHQWHVQHPDRUHILQDQFLDPHQWRGHGtYLGDVTXHQmR DVFRQWUDtGDVFRPDSUySULDLQVWLWXLomRFRQFHGHQWH 2XWUDSURLELomRLQFOXVDQRDUWUHIHUHVHDRSHUDo}HVGHFUpGLWRHQWUHLQVWLWXLomRILQDQFHLUD HVWDWDOHRUHVSHFWLYRHQWHFRQWURODGRUVHQGRHVWHREHQHILFLiULR'HVVDIRUPDHVWmRYHGDGDV DVRSHUDo}HVHQYROYHQGRRVEDQFRVHVWDGXDLVHRVUHVSHFWLYRVJRYHUQRVRQGHSUROLIHUDUDP GXUDQWHPXLWRWHPSRSUiWLFDVHVFXVDVTXHDQRUPDEXVFDDEROLUGHILQLWLYDPHQWH 'HDFRUGRFRPRSDUiJUDIRºGRDUWTXDOTXHURSHUDomRTXHFRQWUDULDUDVGLVSRVLo}HVGD /5) VHUi FRQVLGHUDGD QXOD GHYHQGR VHU FDQFHODGD GHYROYHQGRVH R SULQFLSDO VHP R SDJDPHQWRGHMXURVHHQFDUJRVILQDQFHLURV(QTXDQWRQmRHIHWXDGDDGHYROXomRRHQWHQmR SRGHUiUHFHEHUWUDQVIHUrQFLDVYROXQWiULDVREWHUJDUDQWLDRXFRQWUDWDURSHUDo}HVGHFUpGLWRDUW º3RUWDQWRDLQVWLWXLomRFUHGRUDGHYHUiFHUWLILFDUVHGHTXHREHQHILFLiULRGDRSHUDomR DWHQGHjVH[LJrQFLDVGDOHL /,0,7(63$5$$'Ì9,'$3Ô%/,&$ 1RVWHUPRVGRDUWGD&RQVWLWXLomR)HGHUDOFRPSHWHDR6HQDGR)HGHUDOGHILQLUOLPLWHVGH HQGLYLGDPHQWRHFRQGLo}HVSDUDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWR$/5)QmRGHWHUPLQD RVOLPLWHVGHHQGLYLGDPHQWRQHPDWUDMHWyULDRXPHVPRRSUD]RPi[LPRSDUDTXHRVHQWHV DWLQMDPRVOLPLWHV(PREVHUYkQFLDDRDUWLJRGD/5)R3UHVLGHQWHGD5HS~EOLFDVXEPHWHX DR6HQDGR)HGHUDOSURSRVWDGHOLPLWHVJOREDLVSDUDRPRQWDQWHGDGtYLGDFRQVROLGDGDWDQWR GD8QLmRFRPRGRV(VWDGRVH0XQLFtSLRV $VVLPGHVGHGHGH]HPEURGHRVOLPLWHVSDUDDGtYLGDGRV(VWDGRVHGRV0XQLFtSLRV HVWmR GHILQLGRV SHOD 5HVROXomR Qº GR 6HQDGR )HGHUDO 1HVVD 5HVROXomR UHVSHLWRXVH R SDUiJUDIRºGRDUWGD/5)RTXDOSHUPLWLDDLQGDTXHDSURSRVWDGHOLPLWHVJOREDLVIRVVH DSUHVHQWDGDHPWHUPRVGHGtYLGDFRQVROLGDGDOtTXLGDRTXHHTXLYDOHDDEDWHUGRWRWDOGD GtYLGDGHFDGDHQWHRVUHVSHFWLYRVFUpGLWRVILQDQFHLURVGHSyVLWRVHDSOLFDo}HV 2V OLPLWHV JOREDLV SDUD D GtYLGD FRQVROLGDGD OtTXLGD GRV WUrV QtYHLV GH JRYHUQR IRUDP HV WDEHOHFLGRVFRPRSHUFHQWXDOGDUHFHLWDFRUUHQWHOtTXLGD²5&/UHSUHVHQWDQGRRQtYHOPi[LPR DGPLWLGRSDUDFDGDXPGHOHVHPFDGDSHUtRGRGHDSXUDomR2FRQFHLWRHDIRUPDGHDSXUDomR GDUHFHLWDFRUUHQWHOtTXLGD²5&/VmRRVPHVPRVMiGHVFULWRVQR&DStWXORFRQIRUPHHVWi GHILQLGRQRDUWºGD/5)$SHQDVQRFDVRGD5&/DDSXUDomRGHYHOHYDUHPFRQVLGHUDomRR SHUtRGRGHGR]HPHVHVHQTXDQWRTXHDGtYLGDFRQVROLGDGDOtTXLGDpXPVDOGR 2FiOFXORGDUHODomR'&/5&/HDYHULILFDomRGRDWHQGLPHQWRGROLPLWHGHYHVHUUHDOL]DGDDR ILQDOGHFDGDTXDGULPHVWUHDUWGD/5)ºHºQR5HODWyULRGH*HVWmR)LVFDO5HVVDOWHVH TXHRV0XQLFtSLRVFRPSRSXODomRLQIHULRUDPLOKDELWDQWHVDSUHVHQWDUmRR5HODWyULRGH *HVWmR)LVFDO²5*)DRILQDOGHFDGDVHPHVWUH$OpPGLVVRRV0XQLFtSLRVWRUQDUmRGLVSRQtYHLV DR0LQLVWpULRGD)D]HQGDRVGDGRVQHFHVViULRV'&/5&/DWpWULQWDGLDVDSyVDGDWDGH UHIHUrQFLDGDVDSXUDo}HVSDUDTXHVHMDGLYXOJDGDQD,QWHUQHWPHQVDOPHQWHDUHODomRGRVTXH XOWUDSDVVDUHPHVVHVOLPLWHVDUWºDRºGD/5) 'HDFRUGRFRPD5HVROXomRGR6HQDGR)HGHUDOQºDWpTXLQ]HDQRVDSyVDVDQomRGHVVD 5HVROXomRDWpRILQDOGHDQRVDGtYLGDFRQVROLGDGDOtTXLGDGRV(VWDGRVH0XQLFtSLRVHVWDUi VXMHLWDDRVVHJXLQWHVOLPLWHV • 3DUDRV(VWDGRVGXDVYH]HVDVXD5&/DQXDO • 3DUDRV0XQLFtSLRVYH]DVXD5&/DQXDO /,0,7(6'$'Ì9,'$&2162/,'$'$/Ì48,'$(05(/$d®25&/ /LPLWH 8QLmR (VWDGRV 0XQLFtSLRV 9LJrQFLD (QGLYLGDPHQWR $WXDO DQRV ,PHGLDWD DQRV 7UDMHWyULD 5HGXomR GD UD]mR GH HQGLYLGDPHQWR D FDGD DQR HP GR H[FHGHQWH LQLFLDO 5HGXomR GD UD]mR GH HQGLYLGDPHQWR D FDGD DQR HP GR H[FHGHQWH LQLFLDO 3URSRVWD HP WUDPLWDomR ,QFRUSRUDGRV DSRUWH IXWXUR DR %DQFR &HQWUDO SDUD ILQV GH H[HFXomR GH SROtWLFD PRQHWiULD H SDVVLYRV Mi UHFRQKHFLGRV 2SDUiJUDIRºGRDUWLJRGD/5)QRHQWDQWRSUHYrDDOWHUDomRGRVOLPLWHVHPFDVRGH LQVWDELOLGDGHHFRQ{PLFDRXDOWHUDo}HVQDVSROtWLFDVPRQHWiULDRXFDPELDOGHIRUPDDPDQWrORV DGHTXDGRVjVQRYDVFRQGLo}HV 35$=26'($-867((0(','$648('(9(06(5$'27$'$63$5$ 5(&21'8d®2'$'Ì9,'$$2/,0,7( &RPRVOLPLWHVGHGtYLGDFRQVROLGDGDOtTXLGDIL[DGRVVmRQHFHVViULRVPHFDQLVPRVGHUHFRQ GXomRGDUHODomR'&/5&/DRVOLPLWHV'HVVDIRUPDD/5)HVWDEHOHFHXPDUHJUDSHUPDQHQWH SDUD RV HQWHV TXH XOWUDSDVVDUHP RV UHVSHFWLYRV OLPLWHV GH GtYLGD 6H YHULILFDGR D TXDOTXHU WHPSRTXHR0XQLFtSLRXOWUDSDVVRXRVHXOLPLWHDRILQDOGHXPTXDGULPHVWUHGHYHUiUHWRUQDU DHOHQRVWUrVTXDGULPHVWUHVVHJXLQWHVHOLPLQDQGRSHORPHQRVGRH[FHVVRMiQRSULPHLUR SHUtRGR(VVDUHJUDQDWXUDOPHQWHDSOLFDVHjTXHOHVTXHHVWDYDPHQTXDGUDGRVDRVOLPLWHVGH GtYLGDTXDQGRHQWURXHPYLJRUD5HVROXomRGR6HQDGR)HGHUDOQºPDVTXHSRGHUmR GHVHQTXDGUDUVHDTXDOTXHUWHPSR $IRUPDGHUHFRQGXomRGDGtYLGDDROLPLWHHVWiSUHYLVWDWDPEpPQRDUWGD/5)RQGHVH SUHYrTXHR0XQLFtSLRREWHUiVXSHUiYLWSULPiULRQRPRQWDQWHQHFHVViULRSDUDDUHGXomRGR H[FHVVRLQFOXVLYHDWUDYpVGDOLPLWDomRGHHPSHQKRHPRYLPHQWDomRILQDQFHLUDSUHYLVWDQRDUW º2FRQFHLWRGHUHVXOWDGRSULPiULRIRLGHILQLGRQDSURSRVWDSDUDOLPLWHVGHHQGLYLGDPHQWR SDUDDGtYLGDFRQVROLGDGDHPRELOLiULDHQFDPLQKDGDDR6HQDGR)HGHUDOQRVWHUPRVGRDUWLJR ºLQFLVR,9GD/5)$GHILQLomRHQFRQWUDVHQRFDStWXORGHVWHOLYURHpDPHVPDXWLOL]DGD QR $QH[R GH 0HWDV )LVFDLV GD /'2 4XDQWR j OLPLWDomR GH HPSHQKR H PRYLPHQWDomR ILQDQFHLUDYHUFDStWXORGHVWHOLYUR $OpPGDREWHQomRGHUHVXOWDGRSULPiULRGXUDQWHRWHPSRHPTXHHVWLYHUDFLPDGRVOLPLWHV RPXQLFtSLRHVWDUiVXMHLWRjVVHJXLQWHVVDQo}HVLQVWLWXFLRQDLV • 6XVSHQVmRGHUHDOL]DomRGHRSHUDomRGHFUpGLWRLQFOXVLYH$52H[FHWXDGRRUHILQDQ FLDPHQWRGDGtYLGDPRELOLiULD • 6XVSHQVmRGHUHFHELPHQWRGHWUDQVIHUrQFLDVYROXQWiULDV $ 5HVROXomR GR 6HQDGR )HGHUDO Qº WDPEpP FULRX XPD UHJUD WHPSRUiULD 2V PXQLFtSLRVTXHHVWDYDPGHVDMXVWDGRVHPUHODomRDROLPLWHQRILQDOGHGHYHUmRUHGX]LUR H[FHVVRHPDQRVDUD]mRGHXPTXLQ]HDYRDRDQR&RPRIRUPDGHUHGXomRGD UD]mR'&/5&/HPERUDQmRKDMDPHQomRDUHVSHLWRQD5HVROXomRUHFRPHQGDVHDREWHQomR GR UHVXOWDGR SULPiULR QHFHVViULR E DXPHQWR GD UHFHLWD FRUUHQWH OtTXLGD F XWLOL]DomR GH UHFHLWDV GH SULYDWL]DomR SDUD DEDWHU GtYLGD (VVDV PHGLGDV SRGHP VHU DGRWDGDV GH IRUPD DOWHUQDWLYDRXFRPSOHPHQWDU 2GHVFXPSULPHQWRGRSUD]RDQRVVXMHLWDRPXQLFtSLRjVVHJXLQWHVPHVPDVVDQo}HVLQV WLWXFLRQDLVMiGHVFULWDVVXVSHQVmRGHUHDOL]DomRGHRSHUDomRGHFUpGLWRLQFOXVLYH$52H[FH WXDGRRUHILQDQFLDPHQWRGDGtYLGDPRELOLiULDHGHUHFHELPHQWRGHWUDQVIHUrQFLDVYROXQWiULDV ([HPSOLILFDQGR 8P0XQLFtSLRKLSRWpWLFRTXHDSUHVHQWHHPGH]HPEURGHXPDGtYLGDS~EOLFDFRQVROL GDGDGH5GR]HPLOK}HVHTXLQKHQWRVPLOUHDLVGLVSRQLELOLGDGHVILQDQFHLUDV GH5XPPLOKmRHGX]HQWRVHFLQTHQWDPLOUHDLVHXPD5&/QRSHUtRGRLJXDO D5FLQFRPLOK}HVGHUHDLVHVWDUiDFLPDGROLPLWHGHHQGLYLGDPHQWRSUHYLVWR QD 5HVROXomR Qº GR 6) (VWH 0XQLFtSLR DSUHVHQWDUi XPD UHODomR GtYLGD5&/ GH SRUWDQWRDFLPDGROLPLWHGHGHILQLGRQD5HVROXomRFRPROLPLWHGHHQGLYLGDPHQWRGRV 0XQLFtSLRV 9HMDPRVHVVDRSHUDomRHPGHWDOKHV 'tYLGD3~EOLFD&RQVROLGDGDGR0XQLFtSLR'3& 5 'LVSRQLELOLGDGHV)LQDQFHLUDV') 5 'tYLGD/tTXLGD '3&²') 5²5 5 5HFHLWD&RUUHQWH/tTXLGDGR0XQLFtSLR5&/ 5 5HODomR'tYLGD/tTXLGD5&/ RX5GLYLGLGRVSRU5 &RPR R OLPLWH OHJDO GD UHODomR 'tYLGD /tTXLGD5&/ SDUD RV 0XQLFtSLRV p LJXDO D YHULILFDVHTXHKiXPH[FHVVRGHHQGLYLGDPHQWRGHHPWHUPRVGHVVDUHODomR1DSUiWLFD R Pi[LPR GH HQGLYLGDPHQWR TXH HVWH 0XQLFtSLR SRGHUi VXSRUWDU GDGD D VXD 5&/ GH 5 pXPDGtYLGDOtTXLGDGH5RXYH]HVD5&/5 [ 5 'HTXHIRUPDHVWH0XQLFtSLRSRGHUiFRUULJLURH[FHVVRGHHQGLYLGDPHQWRUHWRUQDQGRDRV OLPLWHVOHJDLV"$5HVROXomRQºSHUPLWHTXHRH[FHVVRGHHQGLYLGDPHQWRVHMDFRUULJLGRHP WHUPRVGDUHODomRGtYLGDOtTXLGD5&/HPDWpDQRVHPXPDSURSRUomRGHSRUDQR 2XVHMDRH[FHVVRGHHQGLYLGDPHQWRVREUHROLPLWHOHJDOGHYHUiVHUUHGX]LGRHPXPD SURSRUomRGHDFDGDDQRRXGLYLGLGRVHPDQRV(PRXWUDVSDODYUDVHGHQWUR GHXPDDQiOLVHVLPSOLILFDGDDGtYLGDGHYHUiGLPLQXLUHP5WUH]HQWRVHFLQTHQWD PLOUHDLVDFDGDDQR$OWHUQDWLYDPHQWHR0XQLFtSLRSRGHUiDXPHQWDUDVXD5&/SHUPDQHFHQ GRDVVLPGHQWURGDWUDMHWyULDSUHYLVWDSDUDDUHGXomRGRH[FHVVRGHHQGLYLGDPHQWRHPUHODomR DRVOLPLWHVOHJDLV 3DUD ILQV GH DFRPSDQKDPHQWR GD WUDMHWyULD GH DMXVWH DRV OLPLWHV GH TXH WUDWD R SDUiJUDIR DQWHULRUDUHODomRHQWUHRPRQWDQWHGDGtYLGDFRQVROLGDGDOtTXLGDHDUHFHLWDFRUUHQWHOtTXLGD VHUiDSXUDGDDFDGDTXDGULPHVWUHFLYLORXDFDGDVHPHVWUHSDUDRV0XQLFtSLRVFRPPHQRVGH PLOKDELWDQWHVHFRQVLJQDGDQR5HODWyULRGH*HVWmR)LVFDODTXHVHUHIHUHRDUWGD/HL &RPSOHPHQWDUQºGH2OLPLWHDSXUDGRDQXDOPHQWHDSyVDDSOLFDomRGDUHGXomR GHXPTXLQ]HDYRVHUiUHJLVWUDGRQR5HODWyULRGH*HVWmR)LVFDO /,0,7(63$5$$&2175$7$d®2'(23(5$d®2'(&5e',72 $5HVROXomRQºHVWDEHOHFHTXHROLPLWHSDUDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWR QXPH[HUFtFLRILQDQFHLURVHUiGHGH]HVVHLVSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGD $OpP GLVVR R FRPSURPHWLPHQWR DQXDO FRP DPRUWL]Do}HV MXURV H GHPDLV HQFDUJRV GD GtYLGD FRQVROLGDGD HVWDUi OLPLWDGR D RQ]H H PHLR SRU FHQWR GD UHFHLWD FRUUHQWH OtTXLGD 2OLPLWHGHGD5&/SDUDRFDVRGHRSHUDo}HVGHFUpGLWRFRPOLEHUDomRSUHYLVWDSDUD PDLV GH XP H[HUFtFLR VHUi FDOFXODGR OHYDQGR HP FRQVLGHUDomR R FURQRJUDPD DQXDOGH LQJUHVVRSURMHWDQGRVHDUHFHLWDFRUUHQWHOtTXLGDGHDFRUGRFRPRVFULWpULRVHVWDEHOHFLGRV PHGLDQWHDDSOLFDomRGHIDWRUGHDWXDOL]DomRDVHUGLYXOJDGRSHOR0LQLVWpULRGD)D]HQGD VREUHDUHFHLWDFRUUHQWHOtTXLGDGRSHUtRGRGHGR]HPHVHVILQGRVQRPrVGHUHIHUrQFLD (VWDUHJUDQmRVHDSOLFDjVRSHUDo}HVGHFRQFHVVmRGHJDUDQWLDVHGHDQWHFLSDomRGHUHFHLWD RUoDPHQWiULD 6mRH[FOXtGDVGROLPLWHGHGD5&/DVRSHUDo}HVGHFUpGLWRFRQWUDWDGDVSHORV(VWDGRVH SHORV 0XQLFtSLRV FRP D 8QLmR RUJDQLVPRV PXOWLODWHUDLV GH FUpGLWR RX LQVWLWXLo}HV RILFLDLV IHGHUDLVGHFUpGLWRRXGHIRPHQWRFRPDILQDOLGDGHGHILQDQFLDUSURMHWRVGHLQYHVWLPHQWRSDUD DPHOKRULDGDDGPLQLVWUDomRGDVUHFHLWDVHGDJHVWmRILVFDOILQDQFHLUDHSDWULPRQLDOQRkPELWR GHSURJUDPDSURSRVWRSHOR3RGHU([HFXWLYR)HGHUDO 2FiOFXORGRFRPSURPHWLPHQWRDQXDOFRPDPRUWL]Do}HVMXURVHGHPDLVHQFDUJRVGDGtYLGD FRQVROLGDGD VHUi IHLWR SHOD PpGLD DQXDO QRV FLQFR H[HUFtFLRV ILQDQFHLURV VXEVHTHQWHV LQFOXtGR R GD SUySULD DSXUDomR GD UHODomR HQWUH R FRPSURPHWLPHQWR SUHYLVWR H D UHFHLWD FRUUHQWHOtTXLGDSURMHWDGDDQRDDQR 2OLPLWHGHGD5&/SDUDDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRQmRVHDSOLFDjVRSHUDo}HV TXHQDGDWDGDSXEOLFDomRGD5HVROXomRQºGR6)HVWHMDPSUHYLVWDVQRV3URJUDPDVGH$MXVWH GRV(VWDGRVHVWDEHOHFLGRVQRVWHUPRVGD/HLQºGHGHVHWHPEURGHHQRFDVR GRV0XQLFtSLRVQRVFRQWUDWRVGHUHILQDQFLDPHQWRGHVXDVUHVSHFWLYDVGtYLGDVFRPD8QLmRRX DTXHODVTXHOLPLWDGDVDRPRQWDQWHJOREDOSUHYLVWRYLHUHPDVXEVWLWXtODV 248(08'$&20$6129$65(62/8d¯(6'26(1$'2)('(5$/" &RPDIL[DomRGRVOLPLWHVSDUDGtYLGDHRSHUDo}HVGHFUpGLWRILFDPUHYRJDGDVYiULDV5HVROXo}HV GR6HQDGR)HGHUDOHPHVSHFLDOD5HVROXomRQº (PUHODomRD(VWDGRVH0XQLFtSLRVDVSULQFLSDLVGLIHUHQoDVREVHUYDGDVHQWUHD5HVROXomRQº GR 6HQDGR )HGHUDO H DV 5HVROXo}HV Qº H Qº GH H GH GH]HPEUR GH UHVSHFWLYDPHQWHUHVXPHPVHQRVVHJXLQWHVDVSHFWRV 2SDUkPHWUREiVLFRGD5HVROXomRQºpD5HFHLWD/tTXLGD5HDO²5/5HQTXDQWRTXHDSDUWLU GDV5HVROXo}HVQºVHRSDUkPHWUREiVLFRSDVVDDVHUD5HFHLWD&RUUHQWH/tTXLGD²5&/ $/5)LQRYRXDRHVWDEHOHFHURFRQFHLWRGHUHFHLWDFRUUHQWHOtTXLGD²GHIRUPDGLYHUVDGDTXHOH TXHYLQKDVHQGRDSXUDGRDSDUWLUGD/HL&RPSOHPHQWDUQºGH/HL&DPDWD,HGD/HL &RPSOHPHQWDUQºGH/HL&DPDWD,,(VWHFRQFHLWRSDVVDWDPEpPDVHUDGRWDGRQD 5HVROXomRQºGHHPVXEVWLWXLomRDRFRQFHLWRGHUHFHLWDOtTXLGDUHDO²5/5 9DOHUHVVDOWDUTXHXPDYH]TXHDUHFHLWDFRUUHQWHOtTXLGDDSUHVHQWDYLDGHUHJUDYDORUVXSHULRU DRGDUHFHLWDOtTXLGDUHDOIH]VHQHFHVViULRDGDSWDURVSHUFHQWXDLVHVWDEHOHFLGRVSDUDRVOLPLWHV GHHQGLYLGDPHQWR$VVLPRPRQWDQWHJOREDOSDUDRSHUDo}HVGHFUpGLWRTXHQD5HVROXomRQº GHWLQKDOLPLWHGHGH]RLWRSRUFHQWRGDUHFHLWDOtTXLGDUHDOQD5HVROXomRQº SDVVDDWHUROLPLWHGHGH]HVVHLVSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGD1mRVHWUDWD YDOHHQIDWL]DUGHXPHQGXUHFLPHQWRGRVOLPLWHVGHHQGLYLGDPHQWRHVLPGDDGRomRGHXPD EDVHGHFiOFXORUHFHLWDFRUUHQWHOtTXLGDPDLVDPSODTXHDDQWHULRUUHFHLWDOtTXLGDUHDOGH PRGR TXH VH ID] QHFHVViULD D UHGXomR GR SHUFHQWXDO XWLOL]DGR SDUD TXH R OLPLWH GH HQ GLYLGDPHQWRVHPDQWHQKDHPPpGLDLQDOWHUDGR 3HODPHVPDUD]mRRFRPSURPHWLPHQWRDQXDOFRPDPRUWL]Do}HVMXURVHGHPDLVHQFDUJRVGD GtYLGDFRQVROLGDGDSDVVDGHWUH]HSRUFHQWRGD5/5QD5HVROXomRQGHSDUD RQ]HHPHLRSRUFHQWRGD5&/2OLPLWHSDUDFRQFHVVmRGHJDUDQWLDVPXGDGH YLQWHHFLQFRSRUFHQWRGD5/5SDUDYLQWHHGRLVSRUFHQWRGD5&/SRGHQGRFKHJDUD GD5&/GHDFRUGRFRPD5HVROXomRQGR6HQDGR)HGHUDOGHGHDEULOGH$V RSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDSDVVDPDWHURVDOGRGHYHGRUOLPLWDGRD VHWHSRUFHQWRGD5&/DUWFRQWUDRLWRSRUFHQWRGD5/5QD5HVROXomRQGH $/HLGH5HVSRQVDELOLGDGH)LVFDO²/5)LQVWLWXLXXPDGHILQLomRDPSODSDUDRVFRQFHLWRVGH (VWDGR 'LVWULWR )HGHUDO H 0XQLFtSLR QHOHV LQFOXLQGR DOpP GDV DGPLQLVWUDo}HV GLUHWDV RV IXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVHVWH~OWLPRXPFRQFHLWRQRYR FULDGR SHOD SUySULD /5) $ 5HVROXomR Qº GR 6) LQFRUSRUD HVVDV GHILQLo}HV DUW º H HVWDEHOHFHOLPLWHVGHHQGLYLGDPHQWRSDUDHVVHFRQMXQWRGHyUJmRV )DWRVLPLODURFRUUHFRPRFRQFHLWRGHRSHUDomRGHFUpGLWRTXHFRPD/5)WRUQRXVHPDLV DPSORTXHDTXHOHHVWDEHOHFLGRQD5HVROXomRQºDRLQFOXLUSRUH[HPSORRFRQFHLWRGH GHULYDWLYRV ILQDQFHLURV $VVLP WRUQRXVH QHFHVViULR FRPSDWLELOL]DU D OHJLVODomR GR 6HQDGR )HGHUDOFRPRWH[WRGDOHJLVODomRFRPSOHPHQWDURTXHIRLIHLWRDSDUWLUGRDUWºGD5HVROXomR Qº 'H DFRUGR FRP D 5HVROXomR Q RHQWH TXH GHVHMDVVH FRQWUDWDURSHUDomRGHFUpGLWR GHYHULDDSUHVHQWDUUHVXOWDGRSULPiULRSRVLWLYRHPVXDVFRQWDV-iD5HVROXomRQHVWDWXLD REVHUYDomRGRVOLPLWHVGHILQLGRVQD/5)HPHVSHFLDODREVHUYDomRGRVOLPLWHVSDUDDVGHVSHVDV FRP SHVVRDO FRPR HOHPHQWR QHFHVViULR SDUD D LQVWUXomR GRV SOHLWRV QD FRQWUDWDomR GH RSHUDo}HVGHFUpGLWR $FRQWUDWDomRGHRSHUDo}HVGHFUpGLWRILFDYDLPSHGLGDQRVGLDVDQWHULRUHVDRILQDOGR PDQGDWRGR&KHIHGR3RGHU([HFXWLYRFRQIRUPHD5HVROXomRQ1DQRYD5HVROXomRQ RSUD]RDSULQFtSLRSDVVRXSDUDGRLVTXDGULPHVWUHV1RHQWDQWRD5HVROXomRQ WURX[HRSUD]RSDUDGLDVPDQWHQGRRSHUtRGRSDUDFRQWUDWDomRDSUHVHQWDGRRULJLQDOPHQWH QD5HVROXomRQ 3HORWH[WRGD5HVROXomRQºDVSURSRVWDVSDUDDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRHUDP HQFDPLQKDGDVDR%DQFR&HQWUDOGR%UDVLO²%$&(1$SDUWLUGD5HVROXomRQºRVSOHLWRV VHUmRHQFDPLQKDGRVDR0LQLVWpULRGD)D]HQGDTXHVHUiRyUJmRUHVSRQViYHOSHODDXWRUL]DomR HDFRPSDQKDPHQWRGHVVDVFRQWUDWDo}HV $/5)WDPEpPGHWHUPLQDTXHR0LQLVWpULRGD)D]HQGDVHUiRyUJmRS~EOLFRUHVSRQViYHOSRU YHULILFDURFXPSULPHQWRGRVOLPLWHVHFRQGLo}HVUHODWLYRVjUHDOL]DomRGHRSHUDo}HVGHFUpGLWR GHFDGDHQWHGD)HGHUDomR3RULVVRWRUQRXVHQHFHVViULRDOWHUDUD5HVROXomRQºGH TXHFRQIHULDHVWDIXQomRDR%DQFR&HQWUDOGR%UDVLO$SDUWLUGD5HVROXomRQºR0LQLVWpULR GD)D]HQGDSDVVDDUHDOL]DUWRGDVDVIXQo}HVGHYHULILFDomRGHOLPLWHVHLQVWUXomRGHSOHLWRVGH HQGLYLGDPHQWR &RQIRUPHD5HVROXomRQºRV(VWDGRVH0XQLFtSLRVTXHVHHQFRQWUDVVHPDFLPDGRVOLPLWHV GH HQGLYLGDPHQWRWHULDPSUD]RDWp SDUDDWLQJLUDUHODomRSDUDGRVDOGRGHYHGRU HVWRTXHWHQGRFRPRSDUkPHWURD5/52H[FHVVRGHYHULDVHUUHGX]LGRDXPDSURSRUomRGH SRU DQR D SDUWLU GH 'H DFRUGR FRPD 5HVROXomRQº RV HQWHV S~EOLFRVTXH HVWLYHUHPDFLPDGRVOLPLWHVWHUmRDWpDQRVSDUDRHQTXDGUDPHQWRQDSURSRUomRGH DRDQR 2TXDGURDVHJXLUDSUHVHQWDXPUHVXPRGDVSULQFLSDLVPXGDQoDVRFRUULGDVQRFRQWUROHGH HQGLYLGDPHQWR S~EOLFR FRP D VXEVWLWXLomR GD 5HVROXomR Q GR 6HQDGR )HGHUDO SHODV 5HVROXo}HVQVHDPEDVGHDOpPGD5HVROXomRQGR6)GHDEULOGH 3DUkPHWUR %iVLFR 0HWD SDUD 'tYLGD 3UD]R /LPLWHV ² 2S GH &UpGLWRDQR ² 6HUYLoR GD 'tYLGD ² $UR·V ² *DUDQWLDV 9HGDo}HV ² 2S GH &UpGLWR 5/5 '5/5 $Wp 5&/ '5&/ (VWDGRV '5&/ 0XQLF DQRV GD 5/5 GD 5/5 GD 5/5 GD 5/5 GD 5&/ GD 5&/ GD 5&/ D GD 5&/ GLDV GR ILQDO GR PDQGDWR GLDV GR ILQDO GR PDQGDWR $5(*5$'(2852 6HJXQGRR$UWLJRLQFLVR,,,GD&RQVWLWXLomR)HGHUDOGH ´e YHGDGD D UHDOL]DomR GH RSHUDo}HV GH FUpGLWR TXH H[FHGDP DV GHVSHVDV GH FDSLWDO UHVVDOYDGDVDVDXWRUL]DGDVPHGLDQWHFUpGLWRVVXSOHPHQWDUHVRXHVSHFLDLVFRPILQDOLGDGH SUHFLVDDSURYDGRVSHOR3RGHU/HJLVODWLYRSRUPDLRULDDEVROXWDµ (VVH FRPDQGR WUD] D FKDPDGD ´UHJUD GH RXURµ TXH SUHWHQGH FRLELU R ILQDQFLDPHQWR YLD RSHUDomRGHFUpGLWRGHGHVSHVDVFRUUHQWHV$WpDHGLomRGD/5)DPDWpULDHUDYLVWDFRPR H[FOXVLYDPHQWHRUoDPHQWiULDRXVHMDROLPLWHGDVRSHUDo}HVGHFUpGLWRHUDRPRQWDQWHGDV GHVSHVDVGHFDSLWDOSUHYLVWRQDOHLRUoDPHQWiULDDQXDO'HSRLVGD/5)RFRPDQGRSDVVDDVHU LQWHUSUHWDGRFRPRYiOLGRWDPEpPjH[HFXomRILQDQFHLUDSRVWRTXHVHUHIHUHjVRSHUDo}HVGH FUpGLWRLQJUHVVDGDVHjVGHVSHVDVGHFDSLWDOH[HFXWDGDV $VVLPRFXPSULPHQWRGROLPLWHDTXHVHUHIHUHRLQFLVR,,,GRDUWGD&RQVWLWXLomRGHYHUi VHU FRPSURYDGR PHGLDQWH DSXUDomR GDV RSHUDo}HV GH FUpGLWR H GDV GHVSHVDV GH FDSLWDO FRQIRUPHRVFULWpULRVGHILQLGRVQRDUWºGD/HL&RPSOHPHQWDUQªGHGHPDLRGH TXHGHWHUPLQDLQYHUELV ´· º 3DUD ILQV GR GLVSRVWR QR LQFLVR 9 GR º FRQVLGHUDUVHi HP FDGD H[HUFtFLR ILQDQFHLURRWRWDOGRVUHFXUVRVGHRSHUDo}HVGHFUpGLWRQHOHLQJUHVVDGRVHRGDVGHVSHVDV GHFDSLWDOH[HFXWDGDVREVHUYDGRRVHJXLQWH ,²QmRVHUmRFRPSXWDGDVQDVGHVSHVDVGHFDSLWDODVUHDOL]DGDVVREDIRUPDGHHPSUpVWLPR RXILQDQFLDPHQWRDFRQWULEXLQWHFRPRLQWXLWRGHSURPRYHULQFHQWLYRILVFDOWHQGRSRU EDVHWULEXWRGHFRPSHWrQFLDGRHQWHGD)HGHUDomRVHUHVXOWDUDGLPLQXLomRGLUHWDRX LQGLUHWDGR{QXVGHVWH ,,²VHRHPSUpVWLPRRXILQDQFLDPHQWRDTXHVHUHIHUHRLQFLVR,IRUFRQFHGLGRSRULQVWLWXLomR ILQDQFHLUD FRQWURODGD SHOR HQWH GD )HGHUDomR R YDORU GD RSHUDomR VHUi GHGX]LGR GDV GHVSHVDVGHFDSLWDOµ 'HDFRUGRFRPD5HVROXomRQºYHULILFDUVHmRVHSDUDGDPHQWHRH[HUFtFLRDQWHULRU HRH[HUFtFLRFRUUHQWHWRPDQGRVHSRUEDVH ,²QRH[HUFtFLRDQWHULRUDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRQHOHUHDOL]DGDVHDVGHVSHVDVGH FDSLWDOQHOHH[HFXWDGDVH ,,²QRH[HUFtFLRFRUUHQWHDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRHDVGHVSHVDVGHFDSLWDOFRQVWDQWHV GDOHLRUoDPHQWiULD 1mRVHUmRFRPSXWDGDVFRPRGHVSHVDVGHFDSLWDOSDUDHVWDILQDOLGDGH ,²RPRQWDQWHUHIHUHQWHjVGHVSHVDVUHDOL]DGDVRXFRQVWDQWHVGDOHLRUoDPHQWiULDFRQIRUPH RFDVRHPFXPSULPHQWRGDGHYROXomRDTXHVHUHIHUHRDUWGD/HL&RPSOHPHQWDUQº GHWUDQVFULWRDVHJXLU ´$UW$LQVWLWXLomRILQDQFHLUDTXHFRQWUDWDURSHUDomRGHFUpGLWRFRPHQWHGD)HGHUDomR H[FHWRTXDQGRUHODWLYDjGtYLGDPRELOLiULDRXjH[WHUQDGHYHUiH[LJLUFRPSURYDomRGHTXH DRSHUDomRDWHQGHjVFRQGLo}HVHOLPLWHVHVWDEHOHFLGRV º $ RSHUDomR UHDOL]DGD FRP LQIUDomR GR GLVSRVWR QHVWD /HL &RPSOHPHQWDU VHUi FRQVLGHUDGDQXODSURFHGHQGRVHDRVHXFDQFHODPHQWRPHGLDQWHDGHYROXomRGRSULQFL SDOYHGDGRVRSDJDPHQWRGHMXURVHGHPDLVHQFDUJRVILQDQFHLURV º6HDGHYROXomRQmRIRUHIHWXDGDQRH[HUFtFLRGHLQJUHVVRGRVUHFXUVRVVHUiFRQVLJQDGD UHVHUYDHVSHFtILFDQDOHLRUoDPHQWiULDSDUDRH[HUFtFLRVHJXLQWH º (QTXDQWR QmR HIHWXDGR R FDQFHODPHQWR D DPRUWL]DomR RX FRQVWLWXtGD D UHVHUYD DSOLFDPVHDVVDQo}HVSUHYLVWDVQRVLQFLVRVGRºGRDUW º7DPEpPVHFRQVWLWXLUiUHVHUYDQRPRQWDQWHHTXLYDOHQWHDRH[FHVVRVHQmRDWHQGLGR RGLVSRVWRQRLQFLVR,,,GRDUWGD&RQVWLWXLomRFRQVLGHUDGDVDVGLVSRVLo}HVGRº GRDUWµ ,, ² DV GHVSHVDV UHDOL]DGDV H DV SUHYLVWDV TXH UHSUHVHQWHP HPSUpVWLPR RX ILQDQFLDPHQWR D FRQWULEXLQWHFRPRLQWXLWRGHSURPRYHULQFHQWLYRILVFDOWHQGRSRUEDVHWULEXWRGHFRPSHWrQFLD GRHQWHGD)HGHUDomRVHUHVXOWDUDGLPLQXLomRGLUHWDRXLQGLUHWDGR{QXVGHVWHH ,,,²DVGHVSHVDVUHDOL]DGDVHDVSUHYLVWDVTXHUHSUHVHQWHPLQYHUV}HVILQDQFHLUDVQDIRUPDGH SDUWLFLSDomRDFLRQiULDHPHPSUHVDVTXHQmRVHMDPFRQWURODGDVGLUHWDRXLQGLUHWDPHQWHSHOD 8QLmRRXSHORVGHPDLVHQWHVGD)HGHUDomRH[FHWXDQGRVHDTXHODVGHFRUUHQWHVGDSDUWLFLSDomR HPRUJDQLVPRVILQDQFHLURVLQWHUQDFLRQDLV $OpPGLVVRDVUHFHLWDVGDVRSHUDo}HVGHFUpGLWRHIHWXDGDVQRFRQWH[WRGDJHVWmRGDGtYLGD S~EOLFD PRELOLiULD IHGHUDO VRPHQWH VHUmR FRQVLGHUDGDV QR H[HUFtFLR ILQDQFHLUR HP TXH IRU UHDOL]DGDDUHVSHFWLYDGHVSHVD $V RSHUDo}HV GH DQWHFLSDomR GH UHFHLWDV RUoDPHQWiULDV QmR VHUmR FRPSXWDGDV SDUD RV ILQV GH REVHUYDomRGDUHJUDGHRXURGHVGHTXHOLTXLGDGDVQRPHVPRH[HUFtFLRHPTXHIRUHPFRQWUDWDGDV &DEHUHVVDOWDUTXHD´UHJUDGHRXURµDVVLPFRPRDPDLRUSDUWHGDVUHJUDVFRQVWDQWHVGD/5) QmRDOFDQoDDVHPSUHVDVFRQWURODGDVQmRGHSHQGHQWHV3RUQmRLQWHJUDUHPRRUoDPHQWRQmR KiFRPRRQHUDUROLPLWHGHRSHUDo}HVGHFUpGLWRGRHQWHFRPDVRSHUDo}HVGDVHPSUHVDVQmR GHSHQGHQWHV$FRQWDELOLGDGHHPSUHVDULDOTXHpXWLOL]DGDSHODVVRFLHGDGHVGHHFRQRPLDPLVWD VHVRFLHGDGHDQ{QLPDREULJDWRULDPHQWHSRUIRUoDGD/HLQºHHPSUHVDVS~EOLFDVQmR DSUHVHQWDDGLFRWRPLDSUySULDGDDGPLQLVWUDomRS~EOLFDHQWUHGHVSHVDVGHFDSLWDOHGHVSHVDV FRUUHQWHV7DLVFRQFHLWRVQDYHUGDGHQmRVmRFRQWiEHLVPDVRUoDPHQWiULRV([HPSOLILFDQGR DFRPSUDGHXPLPyYHOjYLVWDQmRLPSDFWDFRQWDVGHGHVSHVDPDVGXDVFRQWDVGRDWLYRFDL[D HSHUPDQHQWH6REDyWLFDRUoDPHQWiULDpGHVSHVDGHFDSLWDO $17(&,3$d®2'(5(&(,7$25d$0(17É5,$²$52 'HXVREDVWDQWHGLIXQGLGRHVVHWLSRGHRSHUDomRHVWiDJRUDPDLVUHVWULWRGHYHQGRUHVWULQJLUVH XQLFDPHQWHDRDWHQGLPHQWRGHLQVXILFLrQFLDGHFDL[DGXUDQWHRH[HUFtFLRHDLQGDDWHQGHUD WRGDVDVQRUPDVUHODWLYDVjVRSHUDo}HVGHFUpGLWRFRQVWDQWHVGRDUWGD/5) $VRSHUDo}HVGH$52VRPHQWHSRGHUmRVHUUHDOL]DGDVDSDUWLUGRGpFLPRGLDGRLQtFLRGR H[HUFtFLRGHYHQGRVHUVDOGDGDVFRPRVUHVSHFWLYRVMXURVHHQFDUJRVDWpGHGH]HPEURGH FDGDDQR4XDQWRDRVHQFDUJRVHVWmROLPLWDGRVjWD[DGHMXURVGDRSHUDomRTXHGHYHUiVHU SUHIL[DGDRXLQGH[DGDjWD[DEiVLFDILQDQFHLUDHVWLSXODGDSHORJRYHUQRDUWGD/5) $OpPGLVVRQmRSRGHUmRVHUUHDOL]DGDVQR~OWLPRDQRGRPDQGDWRGR&KHIHGR3RGHU([HFXWLYR QHP WDPSRXFR SRGHUmR VHU FRQWUDWDGDV VH RSHUDo}HV DQWHULRUHV GD PHVPD QDWXUH]D QmR HVWLYHUHPWRWDOPHQWHVDOGDGDV 7RGDV DV RSHUDo}HV GH $52V VHUmR UHDOL]DGDV DWUDYpV GH DEHUWXUD GH FUpGLWR QD LQVWLWXLomR ILQDQFHLUDTXHIRUYHQFHGRUDGHSURFHVVROLFLWDWyULRSURPRYLGRSHOR%DQFR&HQWUDOTXHIDUi WDPEpP R VHX DFRPSDQKDPHQWR H FRQWUROH DSOLFDQGR DV VDQo}HV FDEtYHLV HP FDVR GH LQREVHUYkQFLDGHOLPLWHVSHODLQVWLWXLomRFUHGRUD $V$52VQmRHVWmRLQFOXtGDVQRVDOGRGHYHGRUTXHFRPSRUiROLPLWHGHHQGLYLGDPHQWRGRV HQWHV S~EOLFRV 7UDWDVH GH GtYLGD IOXWXDQWH GH FXUWR SUD]R GHYHQGR VHU SDJD GHQWUR GR H[HUFtFLRHPTXHIRLFRQWUDWDGD3RUpPDHVVDVRSHUDo}HVDSOLFDVHOLPLWHHVSHFtILFR'HDFRUGR FRPD5HVROXomRQºDVRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDSDVVDPD WHURVDOGRGHYHGRUOLPLWDGRDVHWHSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGD *$5$17,$(&2175$*$5$17,$ $FRQFHVVmRGHTXDLVTXHUJDUDQWLDVHPRSHUDo}HVGHFUpGLWRHVWiVXMHLWDjVQRUPDVGRDUW GD/5)TXHGLVS}HVREUHRVOLPLWHVHFRQGLo}HVGDVRSHUDo}HVGHFUpGLWR&RPRSUpFRQGLomR TXDOTXHUJDUDQWLDH[LJHTXHRVHXEHQHILFLiULRRIHUHoDFRQWUDJDUDQWLDHPYDORULJXDORXVXSHULRU jJDUDQWLDDVHUUHFHELGDHDGLFLRQDOPHQWHDSOHQDDGLPSOrQFLDSDUDFRPRHQWHJDUDQWLGRU 1DFRQFHVVmRGHJDUDQWLDVSHOD8QLmRDRV(VWDGRVH0XQLFtSLRVHVWHVSRGHUmRYLQFXODUDVVXDV UHFHLWDVWULEXWiULDVSUySULDVDOpPGDVWUDQVIHUrQFLDVFRQVWLWXFLRQDLV1RHQWDQWRDVHQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD QmR SRGHUmR FRQFHGHU JDUDQWLD FRP H[FHomR GD TXH HQYROYD HPSUHVDFRQWURODGDjSUySULDVXEVLGLiULDRXSRULQVWLWXLomRILQDQFHLUDDHPSUHVDQDFLRQDO 'HDFRUGRFRPD5HVROXomRQROLPLWHSDUDFRQFHVVmRGHJDUDQWLDVpHVWDEHOHFLGR HPYLQWHHGRLVSRUFHQWRGD5&/-iD5HVROXomRQGHSHUPLWHTXHROLPLWH SDUDDVJDUDQWLDVFKHJXHDGD5&/GHVGHTXHRHQWHS~EOLFRJDUDQWLGRUFXPXODWLYDPHQWH ²QmRWHQKDVLGRFKDPDGRDKRQUDUQRV~OWLPRVYLQWHHTXDWURPHVHVDFRQWDUGRPrV GDDQiOLVHTXDLVTXHUJDUDQWLDVDQWHULRUPHQWHSUHVWDGDV ²HVWHMDFXPSULQGRROLPLWHGDGtYLGDFRQVROLGDGDOtTXLGDGHILQLGRQD5HVROXomRQ GHGR6HQDGR)HGHUDO ²HVWHMDFXPSULQGRRVOLPLWHVGHGHVSHVDFRPSHVVRDOSUHYLVWRVQD/HL&RPSOHPHQWDUQ GH ²HVWHMDFXPSULQGRR3URJUDPDGH$MXVWH)LVFDODFRUGDGRFRPD8QLmRQRVWHUPRVGD/HL QGH &RPRVDQomRWRGDGtYLGDGHHQWHS~EOLFRTXHWLYHUVLGRKRQUDGDHPFRQVHTrQFLDGHJDUDQWLD SUHVWDGDLPSOLFDQDVXVSHQVmRGHQRYRVFUpGLWRVDWpDFRPSOHWDOLTXLGDomRGDGtYLGDHPFDXVD ,16758d®2'263/(,726 7RGD H TXDOTXHU RSHUDomR GH FUpGLWR SOHLWHDGD SRU HQWH GD )HGHUDomR HVWDUi VXMHLWD j YHULILFDomR GR FXPSULPHQWR GRV UHVSHFWLYRV OLPLWHV GH HQGLYLGDPHQWR SHOR 0LQLVWpULR GD )D]HQGD QRV WHUPRV GR DUW GD /5) $OpP GLVVR WRGD H TXDOTXHU RSHUDomR GH FUpGLWR UHDOL]DGDSRUHQWHGD)HGHUDomRVHUiUHJLVWUDGDSHOR0LQLVWpULRGD)D]HQGDJDUDQWLGRRDFHVVR S~EOLFRDHVVDVLQIRUPDo}HV 2VSHGLGRVGHDXWRUL]DomRSDUDDUHDOL]DomRGDVRSHUDo}HVGHFUpGLWRH[WHUQRHLQWHUQRGRV (VWDGRVGR'LVWULWR)HGHUDOGRV0XQLFtSLRVHGDVUHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDVIXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV LQFOXVLYH FRQFHVVmR GH JDUDQWLDV GHYHUmRVHUHQFDPLQKDGRVj6HFUHWDULDGR7HVRXUR1DFLRQDO²671QRVHQGHUHoRVLQGLFDGRV QR $QH[R 9,,, GD 3RUWDULD 671 DFRPSDQKDGRV GH SURSRVWD ILUPH GD LQVWLWXLomR ILQDQFHLUDFRQIRUPHPRGHORVXJHULGRFRQVWDQWHGR$QH[R9LQVWUXtGRVFRP ,²SHGLGRGR&KHIHGR3RGHU([HFXWLYRDFRPSDQKDGRGHSDUHFHUGHVHXVyUJmRVWpFQLFRVH MXUtGLFRVGHPRQVWUDQGRDUHODomRFXVWREHQHItFLRRLQWHUHVVHHFRQ{PLFRHVRFLDOGDRSHUDomR H R FXPSULPHQWR GRV OLPLWHV H FRQGLo}HV HVWDEHOHFLGRV SHODV 5HVROXo}HV Qº H Qº DPEDVGR6HQDGR)HGHUDO ,,²RULJLQDORXFySLDDXWHQWLFDGDGDDXWRUL]DomROHJLVODWLYDHVSHFtILFDSDUDDUHDOL]DomRGD RSHUDomR ,,,²RULJLQDORXFySLDDXWHQWLFDGDGDOHLGHGLUHWUL]HVRUoDPHQWiULDVGRH[HUFtFLRHPFXUVR ,9²RULJLQDORXFySLDDXWHQWLFDGDGDOHLRUoDPHQWiULDGRH[HUFtFLRHPFXUVRHGHHYHQWXDLVOHLV HGHFUHWRVGHDEHUWXUDGHFUpGLWRVDGLFLRQDLVRXGHFODUDomRGR&KHIHGR3RGHU([HFXWLYRGD LQH[LVWrQFLDGHDOWHUDo}HVjOHLRULJLQDO 9²FRPSURYDomRGDLQFOXVmRQRRUoDPHQWRH[FHWRQRFDVRGHRSHUDo}HVSRUDQWHFLSDomR GH UHFHLWD RUoDPHQWiULD GRV UHFXUVRV SURYHQLHQWHV GD RSHUDomR SOHLWHDGD EHP FRPR GD GHVWLQDomRGDGHVSHVD 9,²FHUWLGmRH[SHGLGDSHOR7ULEXQDOGH&RQWDVFRPSHWHQWHDWHVWDQGRHPUHODomRjVFRQWDV GR~OWLPRH[HUFtFLRDQDOLVDGRRFXPSULPHQWRGRGLVSRVWRQRGRDUWQRDUWQR DUWQRDUWQRDUWQRGRDUWHQRDUWWRGRVGD/HL&RPSOHPHQWDUQ GH 9,, ² HP UHODomR jV FRQWDV GRV H[HUFtFLRV DLQGD QmR DQDOLVDGRV H TXDQGR SHUWLQHQWH GR H[HUFtFLR HP FXUVR FHUWLGmR H[SHGLGD SHOR 7ULEXQDO GH &RQWDV FRPSHWHQWH DWHVWDQGR R FXPSULPHQWRGDVH[LJrQFLDVHVWDEHOHFLGDVQRGRDUWQRDUWQRDUWQR GRDUWHQRDUWGD/HL&RPSOHPHQWDUQGHGHDFRUGRFRPDVLQIRUPDo}HV FRQVWDQWHVQRVUHODWyULRVUHVXPLGRVGDH[HFXomRRUoDPHQWiULDHQRVGHJHVWmRILVFDO 9,,,²FySLDSURWRFRODGDGDGHFODUDomRDVVLQDGDSHORFKHIHGR3RGHU([HFXWLYRHSHORVHFUHWiULR UHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDHQWUHJXHDR7ULEXQDOGH&RQWDVFRQIRUPHPRGHOR FRQVWDQWHGR$QH[R9,DWHVWDQGRTXH DR(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRQmRSUDWLFRXQHQKXPDGDVDo}HVYHGDGDV SHORDUWºGD5HVROXomRQºGR6HQDGR)HGHUDOVHSUDWLFRXLGHQWLILFDUTXDLVH GHVFUHYHUDVSURYLGrQFLDVWRPDGDVSDUDVXDUHJXODUL]DomR ER(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRQmRUHVSRQGHSRUYDORUHVGHYLGRVYHQFLGRV HQmRSDJRVGHSULQFLSDORXHQFDUJRVUHODWLYRVjVGtYLGDVFRQVROLGDGDPRELOLiULDRXSRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDHDSUHFDWyULRVMXGLFLDLVHPLWLGRVDSDUWLUGHGH PDLRGHHQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWRHPTXHKRXYHUHPVLGR LQFOXtGRVSDUDILQVGHFRPSURYDomRGDYHGDomRDTXHVHUHIHUHRDUWGD5HVROXomR Qº FDVFRQWDVGHH[HUFtFLRVDLQGDQmRDQDOLVDGDVSHOR7ULEXQDOGH&RQWDVHDVGRH[HUFtFLR HPFXUVRHVWmRHPFRQIRUPLGDGHFRPRGLVSRVWRQRLQFLVR´9,µGHVWHDUWLJR G D RSHUDomR GH FUpGLWR HVWi LQFOXtGD QR RUoDPHQWR RX OHL GH DEHUWXUD GH FUpGLWR DGLFLRQDOLQIRUPDQGRDUXEULFDRUoDPHQWiULDWDQWRGDUHFHLWDTXDQWRGDGHVSHVD HQmRKiGHVSHVDVGHFDSLWDODVHUHPGHGX]LGDVGRFiOFXORGRPRQWDQWHGHGHVSHVDVGH FDSLWDOSDUDDYHULILFDomRGROLPLWHDTXHVHUHIHUHRLQFLVR,,,GRDUWGD&RQVWLWXLomR )HGHUDO 2XVH IRU R FDVRUHODFLRQDU DV RSHUDo}HV TXH QmRVHUmR FRPSXWDGDVFRPR GHVSHVDGHFDSLWDOQDIRUPDGRºGRDUWºGD5HVROXomRQº ITXHR(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRQmRHVWiLQDGLPSOHQWHFRPLQVWLWXLo}HV LQWHJUDQWHVGR6LVWHPD)LQDQFHLUR1DFLRQDOFRQIRUPHDUWºGD5HVROXomRQº GR6HQDGR)HGHUDO ,;²FHUWLG}HVGRSURSRQHQWHGDRSHUDomRTXHDWHVWHPVXDUHJXODULGDGHMXQWRDR3URJUDPDGH ,QWHJUDomR6RFLDO²3,6DR3URJUDPDGH)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFR²3DVHSDR )XQGRGH,QYHVWLPHQWR6RFLDO²)LQVRFLDOj&RQWULEXLomR6RFLDOSDUDR)LQDQFLDPHQWRGD6HJXULGD GH²&RILQVDR,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO²,166DR)XQGRGH*DUDQWLDSRU7HPSRGH 6HUYLoR²)*76HTXDQGRFRXEHURFXPSULPHQWRGD/HLQGHGHQRYHPEURGH ; ² QR FDVR HVSHFtILFR GRV 0XQLFtSLRV FHUWLGmR HPLWLGD SHOD 6HFUHWDULD UHVSRQViYHO SHOD DGPLQLVWUDomRILQDQFHLUDGR(VWDGRGHVXDORFDOL]DomRTXHDWHVWHDDGLPSOrQFLDMXQWRDR(VWDGR HjVHQWLGDGHVSRUHVWHFRQWURODGDVEHPFRPRDLQH[LVWrQFLDGHGpELWRGHFRUUHQWHGHJDUDQWLD DRSHUDomRGHFUpGLWRTXHWHQKDVLGRHYHQWXDOPHQWHKRQUDGD ;,²RULJLQDORXFySLDDXWHQWLFDGDGR~OWLPR5HODWyULRGH*HVWmR)LVFDOHGR5HODWyULR5HVXPLGR GD([HFXomR2UoDPHQWiULDDTXHVHUHIHUHPRVDUWLJRVHGD/HL&RPSOHPHQWDUQº GH ;,,²5HODWyULRGH*HVWmR)LVFDOHQFHUUDGRHPGHGH]HPEURGHSDUDYHULILFDomRGD WUDMHWyULDGHDMXVWHHGRVOLPLWHVGHHQGLYLGDPHQWRGHFDGDHQWHGD)HGHUDomRQRPDUFRLQLFLDO QRVWHUPRVGRDUWºGD5HVROXomRQº ;,,,²RULJLQDORXFySLDDXWHQWLFDGDGR5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDDTXH VH UHIHUH R DUW GD /HL &RPSOHPHQWDU Qº GH UHODWLYR DR ~OWLPR ELPHVWUH GR H[HUFtFLRDQWHULRU ;,9²UHODomRGRVIXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVTXHLQWHJUDP R0XQLFtSLRR(VWDGRRXR'LVWULWR)HGHUDOFRPRVUHVSHFWLYRV&13-DVVLQDGDSHORFKHIHGR 3RGHU([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUD ;9 ² EDODQFHWHV PHQVDLV GD H[HFXomR RUoDPHQWiULD GD UHFHLWD H GD GHVSHVD FRQWHQGR DV GRWDo}HV RUoDGDV RV YDORUHV UHFHELGRV SDJRV H HPSHQKDGRV EHP FRPR DV UHVSHFWLYDV DQXODo}HVHDEHUWXUDVGHFUpGLWRVFRQVROLGDGRVDWpRºQtYHOGRSODQRGHFRQWDVUHODWLYRVDRV GR]HPHVHVTXHVHUYLUDPGHEDVHSDUDDDSXUDomRGDUHFHLWDFRUUHQWHOtTXLGDFRQVWDQWHGR $QH[R,DVVLQDGRVSHOR&KHIHGR3RGHU([HFXWLYRHSHOR6HFUHWiULRGH*RYHUQRUHVSRQViYHO SHODDGPLQLVWUDomRILQDQFHLUD ;9,²GHPRQVWUDWLYRGDUHFHLWDFRUUHQWHOtTXLGDGHYLGDPHQWHDVVLQDGRSHORFKHIHGR3RGHU ([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDGRHQWHQDIRUPDGR $QH[R,GD3RUWDULD671 ;9,,²GHPRQVWUDWLYRGDGtYLGDFRQVROLGDGDOtTXLGDGHYLGDPHQWHDVVLQDGRSHORFKHIHGR3RGHU ([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDGRHQWHQDIRUPDGR $QH[R,,GD3RUWDULD671 ;9,,,²FURQRJUDPDGHOLEHUDomRGDVRSHUDo}HVGHGtYLGDIXQGDGDLQWHUQDHH[WHUQDUHDOL]DGDV QRH[HUFtFLRHPFXUVRRXHPWUDPLWDomRHGHRSHUDo}HVFRQWUDWDGDVHPH[HUFtFLRVDQWHULRUHV TXHSRVVXDPSDUFHODVOLEHUDGDVRXDOLEHUDUDVVLQDGRSHOR&KHIHGR3RGHU([HFXWLYRHSHOR 6HFUHWiULRGH*RYHUQRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDFRQIRUPHPRGHORFRQVWDQWH QR$QH[R,,,GD3RUWDULD671 ;,; ² FURQRJUDPD GH GLVSrQGLR FRP DV GtYLGDV LQWHUQD H H[WHUQD FRQWUDWDGDV RX D FRQWUDWDULQFOXVLYHRVSDUFHODPHQWRVILUPDGRVFRPR,166)*76H3,63DVHS)LQVRFLDOH FRP D RSHUDomR D VHU UHDOL]DGD FRP GLVFULPLQDomR GR SULQFLSDO GRV MXURV H GHPDLV HQFDUJRV DVVLQDGR SHOR &KHIH GR 3RGHU ([HFXWLYR H SHOR 6HFUHWiULR GH *RYHUQR UHV SRQViYHO SHOD DGPLQLVWUDomR ILQDQFHLUD FRQIRUPH PRGHOR FRQVWDQWH QR $QH[R ,9 GD 3RUWDULD671 (;(03/26 $SDUWLUGDVLQIRUPDo}HVFRQWLGDVQR%DODQoR$QXDOGR0XQLFtSLRGH3UXGHQFLROkQGLDGH ²%$0DSUHVHQWDGRQR&DStWXORUHVSRQGD 4XDOpRWRWDOGDVUHFHLWDVILQDQFHLUDVGR0XQLFtSLRGH3UXGHQFLROkQGLDHP" 4XDOpRWRWDOGDVGHVSHVDVILQDQFHLUDVGR0XQLFtSLRGH3UXGHQFLROkQGLDHP" &DOFXODUR5HVXOWDGR3ULPiULRGR0XQLFtSLRGH3UXGHQFLROkQGLDHP &DOFXODURWRWDOGRVMXURVOtTXLGRVSDUDRH[HUFtFLRGH &DOFXODUR5HVXOWDGR1RPLQDOGR0XQLFtSLRGH3UXGHQFLROkQGLDSDUD 4XH PHGLGDV GHYHUmR VHU WRPDGDV SHOR 0XQLFtSLR SDUD R DWHQGLPHQWR GD /HL GH 5HVSRQVDELOLGDGH)LVFDO" 5HVSRVWDV $V UHFHLWDV ILQDQFHLUDV VmR DTXHODV SURYHQLHQWHV GH IRQWHV TXH QmR FRUUHVSRQGHP jV DWLYLGDGHV ILP GR 0XQLFtSLR &RPR H[HPSOR SRGHUPRV FLWDU DV UHFHLWDV GH DSOLFDo}HV ILQDQFHLUDVRSHUDo}HVGHFUpGLWRHDOLHQDo}HVGHEHQV 'HDFRUGRFRPR%DODQoR$QXDOGR0XQLFtSLRGH3UXGrQFLROkQGLDSDUD²%$0 HVVDVUHFHLWDVFRUUHVSRQGHPD º5HFHLWDV)LQDQFHLUDVPRELOLiULDV 5 º5HPXQHUDomRGH'HSyVLWRV%DQFiULRV 5 º2SHUDo}HVGH&UpGLWR 5 º$OLHQDo}HVGH%HQVSULYDWL]Do}HV 5 'HVVDIRUPDRWRWDOGDVUHFHLWDVILQDQFHLUDVGR0XQLFtSLRGH3UXGHQFLROkQGLDHPIRL LJXDOD5 $VGHVSHVDVILQDQFHLUDVHPJHUDOFRUUHVSRQGHPjTXHODVGHVWLQDGDVDRSDJDPHQWRGRVHUYLoR GDGtYLGDHQFDUJRVPDLVDPRUWL]Do}HV'HDFRUGRFRPR%$0HVVDVGHVSHVDVHVWmR GLYLGLGDVHP º(QFDUJRVGD'tYLGD 5 º$PRUWL]Do}HVGD'tYLGD 5 3RUWDQWRRWRWDOGDVGHVSHVDVILQDQFHLUDVFRUUHVSRQGHD5HP 3RU GHILQLomR /HL 5HVXOWDGR 3ULPiULR FRUUHVSRQGH j GLIHUHQoD HQWUH UHFHLWDV QmRILQDQFHLUDVHGHVSHVDVQmRILQDQFHLUDV1RVH[HUFtFLRVHGHILQLPRVRWRWDOGDVUHFHLWDV HGHVSHVDVILQDQFHLUDVGR0XQLFtSLRGH3UXGHQFLROkQGLDHP%DVWDUiHQWmRUHWLUDUGRWRWDO GDV UHFHLWDVHGRWRWDOGDVGHVSHVDV HVVHV YDORUHV HQFRQWUDGRVSDUD FKHJDUPRV DR WRWDOGDV UHFHLWDVQmRILQDQFHLUDVHGHVSHVDVQmRILQDQFHLUDV $VVLP º5HFHLWDV1mR)LQDQFHLUDV 5HFHLWD7RWDO²5HFHLWDV)LQDQFHLUDV º'HVSHVDV1mR)LQDQFHLUDV 'HVSHVD7RWDO²'HVSHVDV)LQDQFHLUDV º5HVXOWDGR3ULPiULR 5HFHLWDVQmR)LQDQFHLUDV²'HVSHVDV1mR)LQDQFHLUDV 3RUWDQWR 5HFHLWDV1mR)LQDQFHLUDV 5²5q5 'HVSHVDV1mR)LQDQFHLUDV 5²5q5 5HVXOWDGR3ULPiULR 5²5q²5GpILFLW 1HVWH FDVR SHUFHEHVH TXH R 0XQLFtSLR DSUHVHQWRX XPGpILFLWSULPiULRRXXP 5HVXOWDGR 3ULPiULRGHILFLWiULRQRH[HUFtFLRGH (QWHQGHVH SRU MXURV OtTXLGRV D GLIHUHQoD HQWUH RV MXURV SDJRV H RV MXURV UHFHELGRV QR H[HUFtFLR'HVVDIRUPDSRGHPRVYHULILFDUTXHRVMXURVOtTXLGRVSDUDRH[HUFtFLRGHIRUDP LJXDLVD5VHQGR º-XURV3DJRV 5 º-XURV5HFHELGRV 5 8PDPDQHLUDVLPSOLILFDGDSDUDFDOFXODUPRVR5HVXOWDGR1RPLQDOpDSDUWLUGR5HVXOWDGR 3ULPiULR 'HVWD IRUPD HQWHQGHVH SRU 5HVXOWDGR 1RPLQDO D GLIHUHQoD HQWUH R 5HVXOWDGR 3ULPiULRHDFRQWDGH-XURV/tTXLGRV1DYHUGDGHWUDWDQGRVHGHUHVXOWDGR´DEDL[RGDOLQKDµ RFiOFXORTXHGHYHUiVHUIHLWRSDUDTXHWHQKDPRVXPDDQiOLVHFRUUHWDGDVLWXDomRPXQLFLSDO GHYHUi VHU IHLWR LQYHUWHQGRVH R VLQDO GD RSHUDomR 'HVVD IRUPD FDOFXODPRV R 5HVXOWDGR 1RPLQDOSDUWLQGRGRVMXURVOtTXLGRVHVXEWUDLQGRR5HVXOWDGR3ULPiULRYHULILFDGR 3RUWDQWR º5HVXOWDGR3ULPiULR ²5 º-XURV/tTXLGRV 5 º5HVXOWDGR1RPLQDO ²5²5 ²5 º,QYHUWHQGRVHRVLQDOGDRSHUDomRWHPRV5HVXOWDGR1RPLQDO 5 (VWHUHVXOWDGR GHPRQVWUD TXH DGtYLGDGR0XQLFtSLR GH3UXGHQFLROkQGLDDXPHQWRXHP5 HPMiTXHQmRKRXYHFREHUWXUDSDUDDVGHVSHVDVUHDOL]DGDVQRDQRRTXHOHYRX R 0XQLFtSLRD FRQWUDWDUUHFXUVRVGHWHUFHLURVSDUD´IHFKDUµDVFRQWDVDQXDLV1mRKDYHQGR UHFXUVRVSDUDDFREHUWXUDGDVGHVSHVDVSULPiULDVRTXHOHYRXRPXQLFtSLRjFRQWUDWDomRGH RSHUDo}HVGHFUpGLWRWDPEpPQmRKRXYHUHFXUVRVSDUDRSDJDPHQWRGRVMXURVGDGtYLGDR TXHDXPHQWRXRVDOGRGHYHGRU0XQLFLSDOQRPRQWDQWHGR5HVXOWDGR1RPLQDO 2FRQWUROHGDGtYLGDS~EOLFDGHYHVHUSHUVHJXLGRSHORVJRYHUQRVPXQLFLSDLV1HVVHVHQWLGR QRYDVRSHUDo}HVGHFUpGLWRQmRSRGHUmRVHUFRQWUDWDGDVSHOR0XQLFtSLRGH3UXGHQFLROkQGLD VHQGRTXHRSURJUDPDGHLQYHVWLPHQWRVGHYHUiVHUFXVWHDGRFRPUHFXUVRVSUySULRV5HVVDOWHVH TXH HP QmR HVWDQGR FXPSULQGR D /5) R 0XQLFtSLR QmR SRGHUi UHFHEHU DXWRUL]DomR GR 0LQLVWpULRGD)D]HQGDHGR%DQFR&HQWUDOSDUDDFRQWUDWDomRGHQRYDVRSHUDo}HV 2 GpILFLW SULPiULR GHYHUi VHU HOLPLQDGR D SDUWLU GD REVHUYDomR GDV UHJUDV GH OLPLWDomR GH HPSHQKRVSUHYLVWRVDSDUWLUGRDUWLJRºGD/5)HHPVHXVSDUiJUDIRVºHºLQYHUELV ´$UWº6HYHULILFDGRDRILQDOGHXPELPHVWUHTXHDUHDOL]DomRGDUHFHLWDSRGHUiQmR FRPSRUWDURFXPSULPHQWRGDVPHWDVGHUHVXOWDGRSULPiULRRXQRPLQDOHVWDEHOHFLGDVQR $QH[RGH0HWDV)LVFDLVRV3RGHUHVHR0LQLVWpULR3~EOLFRSURPRYHUmRSRUDWRSUySULRH QRVPRQWDQWHVQHFHVViULRVQRVWULQWDGLDVVXEVHTHQWHVOLPLWDomRGHHPSHQKRHPRYL PHQWDomRILQDQFHLUDVHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º1RFDVRGHUHVWDEHOHFLPHQWRGDUHFHLWDSUHYLVWDDLQGDTXHSDUFLDODUHFRPSRVLomR GDVGRWDo}HVFXMRVHPSHQKRVIRUDPOLPLWDGRVGDUVHiGHIRUPDSURSRUFLRQDOjVUHGXo}HV HIHWLYDGDV º1mRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDVTXHFRQVWLWXDPREULJDo}HVFRQVWLWXFLRQDLV HOHJDLV GRHQWH LQFOXVLYH DTXHODVGHVWLQDGDV DRSDJDPHQWRGRVHUYLoRGDGtYLGDHDV UHVVDOYDGDVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDVµ 3HUFHEHVHTXHRSULQFLSDOHOHPHQWRGHGHVSHVDGR0XQLFtSLRpRJDVWRFRPLQYHVWLPHQWRV 3RUWDQWR RV SURJUDPDV GH LQYHVWLPHQWRV PXQLFLSDLV GHYHUmR VHU UHYLVWRV H DXGLWDGRV SDUD YHULILFDUHPVHSRVVtYHLVGLVWRUo}HV$OpPGLVVRR0XQLFtSLRGHYHUiDGHTXDUVHXVJDVWRVFRP LQYHVWLPHQWRVGHQWURGDVVXDVSRVVLELOLGDGHVGHUHDOL]DomRGHUHFHLWDV &DStWXOR $63(&726'(75$163$5È1&,$ &21752/((),6&$/,=$d®2 (GVRQ5RQDOGR1DVFLPHQWR *HUHQWH GH 3URMHWRV GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO (VSHFLDOLVWD HP )LQDQoDV 3~EOLFDV ² 8)5*6 3URIHVVRU GD )XQGDomR *HW~OLR 9DUJDV 75$163$5È1&,$'$*(67®2),6&$/ 1RFDStWXORGD,;GD/5)UHIHUHQWHDWUDQVSDUrQFLDFRQWUROHHILVFDOL]DomRVmRHVWDEHOHFLGDV UHJUDV H SURFHGLPHQWRV SDUD D FRQIHFomR H GLYXOJDomR GH UHODWyULRV H GHPRQVWUDWLYRV GH ILQDQoDVS~EOLFDVDILVFDOL]DomRHRFRQWUROHYLVDQGRSHUPLWLUDRFLGDGmRDYDOLDURJUDXGH VXFHVVR REWLGR QD DGPLQLVWUDomR GDV ILQDQoDV S~EOLFDV SDUWLFXODUPHQWH j OX] GDV QRUPDV SUHYLVWDVQD/5)9HULILFDVHDH[LVWrQFLDGHGRLVEORFRVQRUPDWLYRVGLVWLQWRVXPGHFDUiWHU JHUDO GHGLFDGR j H[SOLFLWDomR GRV LQVWUXPHQWRV GH WUDQVSDUrQFLD QD JHVWmR ILVFDO RXWUR HVSHFtILFRYROWDGRjVFRQWDVDSUHVHQWDGDVSHOR&KHIHGR3RGHU([HFXWLYR 3DUDHIHLWRGD/5)FRQVLGHUDPVHLQVWUXPHQWRVGHWUDQVSDUrQFLD • 2VSODQRVRVRUoDPHQWRVHDOHLGHGLUHWUL]HVRUoDPHQWiULDV • $VSUHVWDo}HVGHFRQWDVHRUHVSHFWLYRSDUHFHUSUpYLR • 5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDHDVXDYHUVmRVLPSOLILFDGD • 5HODWyULRGH*HVWmR)LVFDOHDVXDYHUVmRVLPSOLILFDGD 7RGRVRVLQVWUXPHQWRVGHWUDQVSDUrQFLDGHYHPVHUGLYXOJDGRVLQFOXVLYHHPPHLR HOHWU{QLFRHPYHtFXORVGHFRPXQLFDomRGHDPSORDFHVVRS~EOLFR $WUDQVSDUrQFLDpDLQGDDVVHJXUDGDSHORLQFHQWLYRjSDUWLFLSDomRSRSXODUHSHODUHDOL]DomR GHDXGLrQFLDVS~EOLFDVWDQWRGXUDQWHDHODERUDomRFRPRQRFXUVRGDH[HFXomRGRVSODQRVGD OHLGHGLUHWUL]HVRUoDPHQWiULDVHGRVRUoDPHQWRV2EULJDWRULDPHQWHDFDGDTXDWURPHVHVILQDO GRV PHVHV GH PDLR VHWHPEUR H IHYHUHLUR GHYHUi VHU UHDOL]DGD QR /HJLVODWLYR DXGLrQFLD S~EOLFDVREUHRFXPSULPHQWRGDVPHWDVILVFDLVFRQIRUPHºGRDUWºGD/5)(PERUDD/5) QmRGLVSRQKDDUHVSHLWRUHFRPHQGDVHDPSODSDUWLFLSDomRGDVRFLHGDGHQDVUHIHULGDVDXGLrQ FLDVLQFOXVLYHFRPDSUHVHQoDGHUHSUHVHQWDQWHVGHyUJmRVWpFQLFRVHPFRQGLo}HVGHGLVFXWLU RFRQWH~GRWpFQLFRGDVLQIRUPDo}HVDSUHVHQWDGDV 3RUVXDYH]DVFRQWDVDSUHVHQWDGDVSHOR&KHIHGR3RGHU([HFXWLYRGHYHPHVWDUjGLVSRVLomR GRS~EOLFRGXUDQWHWRGRRH[HUFtFLRQRkPELWRWDQWRGRUHVSHFWLYR3RGHU/HJLVODWLYRFRPR GRyUJmRWpFQLFRUHVSRQViYHOSRUVXDHODERUDomR (6&5,785$d®2(&2162/,'$d®2'$6&217$6 1HVWDVHomRGD/5)GRLVREMHWLYRVVmRSHUVHJXLGRV(PSULPHLUROXJDUDSDUGDVQRUPDVGH FRQWDELOLGDGH S~EOLFD GD /HL SUHYrHPVH GLVSRVLo}HV HVSHFLDLV TXH WUDWDP GRV VHJXLQWHVDVSHFWRV • UHJLVWURGDVGLVSRQLELOLGDGHVGHFDL[DLGHQWLILFDQGRRVUHFXUVRVYLQFXODGRVDFDGDyUJmR RXIXQGR • PpWRGRVGHDSXUDomRGHGHVSHVDVHGHFRQWDELOL]DomRGHFRPSURPLVVRVDVVXPLGRV FRPRUHJUDRUHJLPHGHFRPSHWrQFLDHHPFDUiWHUFRPSOHPHQWDURVIOX[RVILQDQFHL URVSHORUHJLPHGHFDL[D • DEUDQJrQFLDGDVGHPRQVWUDo}HVFRQWiEHLVTXHFRPSUHHQGHUmRLVRODGDHFRQMXQWDPHQ WHDVWUDQVDo}HVHRSHUDo}HVGRHQWHS~EOLFR • GHPRQVWUDomRGHUHFHLWDVHGHVSHVDVSUHYLGHQFLiULDVDSUHVHQWDGDVHPGHPRQVWUDWLYRV RUoDPHQWiULRVHILQDQFHLURVHVSHFtILFRV • HVFULWXUDomRGHREULJDo}HVMXQWRDWHUFHLURVSDUWLFXODUPHQWHRSHUDo}HVGHFUpGLWRH GHVSHVDVLQVFULWDVHPUHVWRVDSDJDUHYLGHQFLDQGRRPRQWDQWHHDYDULDomRGDGtYLGD S~EOLFD • GHPRQVWUDomRGDVYDULDo}HVSDWULPRQLDLVGHVWDFDQGRDRULJHPHRGHVWLQRGRVUHFXUVRV SURYHQLHQWHVGDDOLHQDomRGHDWLYRV (PVHJXQGROXJDUSUHYrVHTXHDVQRUPDVJHUDLVSDUDDFRQVROLGDomRGDVFRQWDVS~EOLFDVVHUmR HVWDEHOHFLGDVSHORyUJmRFHQWUDOGHFRQWDELOLGDGHGD8QLmRHQTXDQWRQmRIRULPSODQWDGRR &RQVHOKRGH*HVWmR)LVFDOGHTXHWUDWDRDUWGD/5) $OpPGLVVRVmRIL[DGRVSUD]RVDILPGHTXH(VWDGRVH0XQLFtSLRVHQFDPLQKHPVXDVFRQWDVDR *RYHUQR)HGHUDOWHQGRHPYLVWDDFRQVROLGDomRGRVFRUUHVSRQGHQWHVGHPRQVWUDWLYRVFRQWi EHLVSRUHVIHUDGHJRYHUQRHQDFLRQDOPHQWHPXQLFtSLRVDWpGHDEULOFRPFySLDDR([HFXWLYR HVWDGXDO(VWDGRVDWpGHPDLR 2QmRHQFDPLQKDPHQWRGDVFRQWDVDQXDLVDR*RYHUQR)HGHUDOLPSHGLUiTXHRHQWHGD )HGHUDomRUHFHEDWUDQVIHUrQFLDVYROXQWiULDVHFRQWUDWHRSHUDo}HVGHFUpGLWRH[FHWRDV GHVWLQDGDVDRUHILQDQFLDPHQWRGRSULQFLSDODWXDOL]DGRGDGtYLGDPRELOLiULD 5(/$7Ð5,25(680,'2'$(;(&8d®225d$0(17É5,$²55(2 2 5HODWyULR 5HVXPLGR GD ([HFXomR 2UoDPHQWiULD ² 55(2 p H[LJLGR SHOD &RQVWLWXLomR GD 5HS~EOLFD)HGHUDWLYDGR%UDVLOGHGHRXWXEURGHTXHHVWDEHOHFHHPVHXDUWLJR SDUiJUDIRºTXHR3RGHU([HFXWLYRRSXEOLFDUiDWpWULQWDGLDVDSyVRHQFHUUDPHQWRGHFDGD ELPHVWUH$8QLmRMiRGLYXOJDKiYiULRVDQRVPHQVDOPHQWH2REMHWLYRGHVVDSHULRGLFLGDGH pSHUPLWLUTXHFDGDYH]PDLVDVRFLHGDGHSRUPHLRGRVGLYHUVRVyUJmRVGHFRQWUROHFRQKHoD DFRPSDQKHHDQDOLVHRGHVHPSHQKRGDH[HFXomRRUoDPHQWiULDGRVJRYHUQRV $VQRUPDVGD/5)HVSHFLILFDPHPFDUiWHUQDFLRQDORVSDUkPHWURVQHFHVViULRVjHODERUDomR GR5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULD$HODERUDomRHSXEOLFDomRGR55(2GHYHUi VHUUHDOL]DGDSHOR3RGHU([HFXWLYRGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV $VLQIRUPDo}HVGHYHUmRVHUHODERUDGDVDSDUWLUGRFRQVROLGDGRGHWRGDVDVXQLGDGHVJHVWRUDV QRkPELWRGDDGPLQLVWUDomRGLUHWDDXWDUTXLDVIXQGDo}HVIXQGRVHVSHFLDLVHPSUHVDVS~EOLFDV HVRFLHGDGHVGHHFRQRPLDPLVWD$VVLPR55(2HVHXVGHPRQVWUDWLYRVDEUDQJHUmRRVyUJmRV GDDGPLQLVWUDomRGLUHWDGRV3RGHUHVHHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWDFRQVWLWXtGDVSHODV DXWDUTXLDVIXQGDo}HVIXQGRVHVSHFLDLVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWD TXHUHFHEHPUHFXUVRVGRV2UoDPHQWRV)LVFDOHGD6HJXULGDGH6RFLDOLQFOXVLYHVREDIRUPDGH VXEYHQo}HVSDUDSDJDPHQWRGHSHVVRDOHGHFXVWHLRRXGHDX[tOLRVSDUDSDJDPHQWRGHGHVSHVDV GH FDSLWDO H[FOXtGDV QHVWH FDVR DTXHODV HPSUHVDV OXFUDWLYDV TXH UHFHEDP UHFXUVRV SDUD DXPHQWRGHFDSLWDO 25HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDpFRPSRVWRGHGXDVSHoDVEiVLFDVHGHDOJXQV GHPRQVWUDWLYRVGHVXSRUWH$VSHoDVEiVLFDVVmR • REDODQoRRUoDPHQWiULRFXMDIXQomRpHVSHFLILFDUSRUFDWHJRULDHFRQ{PLFDDVUHFHLWDV HDVGHVSHVDVH • R GHPRQVWUDWLYR GH H[HFXomR GDV UHFHLWDV SRU FDWHJRULD HFRQ{PLFD H IRQWH H GDV GHVSHVDVSRUFDWHJRULDHFRQ{PLFDJUXSRGHQDWXUH]DIXQomRHVXEIXQomR 2VGHPRQVWUDWLYRVDEDL[ROLVWDGRVGHYHUmRVHUHODERUDGRVHSXEOLFDGRVDWpWULQWDGLDVDSyV RHQFHUUDPHQWRGRELPHVWUHFRQVLGHUDGRGXUDQWHRH[HUFtFLR • %DODQoR2UoDPHQWiULR • 'HPRQVWUDWLYRGD([HFXomRGDV'HVSHVDVSRU)XQomR6XEIXQomR • 'HPRQVWUDWLYRGD5HFHLWD&RUUHQWH/tTXLGD • 'HPRQVWUDWLYRGDV5HFHLWDVH'HVSHVDV3UHYLGHQFLiULDVGR5HJLPH*HUDOGH3UHYLGrQ FLD6RFLDO • 'HPRQVWUDWLYRGDV5HFHLWDVH'HVSHVDV3UHYLGHQFLiULDVGR5HJLPH3UySULRGRV6HUYL GRUHV3~EOLFRV • 'HPRQVWUDWLYRGR5HVXOWDGR1RPLQDO • 'HPRQVWUDWLYRGR5HVXOWDGR3ULPiULR • 'HPRQVWUDWLYRGRV5HVWRVD3DJDUSRU3RGHUHÐUJmR • 'HPRQVWUDWLYR GDV 5HFHLWDV H 'HVSHVDV FRP 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR • 'HPRQVWUDWLYRVGDV'HVSHVDVFRP6D~GH 2VYDORUHVUHIHUHQWHVDRUHILQDQFLDPHQWRGDGtYLGDPRELOLiULDGHYHPVHUGHVWDFDGRVGHQWUHDV GHPDLVUHFHLWDVGHRSHUDo}HVGHFUpGLWR4XDQGRIRURFDVRVHUmRDSUHVHQWDGDVMXVWLILFDWLYDV GDOLPLWDomRGHHPSHQKRHGDIUXVWUDomRGHUHFHLWDVHVSHFLILFDQGRDVPHGLGDVGHFRPEDWHj VRQHJDomRHjHYDVmRILVFDODGRWDGDVHDDGRWDUHDVDo}HVGHILVFDOL]DomRHFREUDQoD $OpP GRV GHPRQVWUDWLYRV DFLPD FLWDGRV WDPEpP GHYHUmR VHU HODERUDGRVHSXEOLFDGRV DWp WULQWDGLDVDSyVRHQFHUUDPHQWRGR~OWLPRELPHVWUHRVVHJXLQWHV • 'HPRQVWUDWLYRGDV5HFHLWDVGH2SHUDo}HVGH&UpGLWRH'HVSHVDVGH&DSLWDO • 'HPRQVWUDWLYRGD3URMHomR$WXDULDOGR5HJLPH*HUDOGH3UHYLGrQFLD6RFLDO • 'HPRQVWUDWLYR GD 3URMHomR $WXDULDO GR 5HJLPH 3UySULR GH 3UHYLGrQFLD 6RFLDO GRV 6HUYLGRUHV3~EOLFRV • 'HPRQVWUDWLYRGD5HFHLWDGH$OLHQDomRGH$WLYRVH$SOLFDomRGRV5HFXUVRV 2 PRGHOR GR 5HODWyULR 5HVXPLGR GH ([HFXomR 2UoDPHQWiULD ² 55(2 SDUD PXQLFtSLRV IRL SXEOLFDGRQD3RUWDULD671TXHFRQVWDGRFDSGHVWHOLYUR &XPSUHUHVVDOWDUTXHHPFRQVRQkQFLDFRPRºGRDUWGD&RQVWLWXLomR)HGHUDORYHWR SUHVLGHQFLDODRLWHP´DµGRLQFLVR,,GRDUWLJRLPSHGLXDDSUHVHQWDomRVHPHVWUDOGR55(2 SDUDRVPXQLFtSLRVFRPPHQRVGHPLOKDELWDQWHV$SHQDVRVGHPRQVWUDWLYRVGHILQLGRVQR DUWLJRGD/5)pTXHSRGHUmRVHUDSUHVHQWDGRVVHPHVWUDOPHQWHSRUHVVHV0XQLFtSLRV 7RGRVRV0XQLFtSLRVEUDVLOHLURVLQFOXVLYHDTXHOHVTXHSRVVXtUHPPHQRVGHPLO KDELWDQWHVGHYHUmRDSUHVHQWDUR55(2DFDGDELPHVWUHVREULVFRGHVRIUHUHPVDQo}HV LQVWLWXFLRQDLVHSHVVRDLV 5(/$7Ð5,2'(*(67®2),6&$/²5*) $/5)HVWDEHOHFHTXHDRILQDOGHFDGDTXDGULPHVWUHVHUiHPLWLGR5HODWyULRGH*HVWmR)LVFDO SHORV WLWXODUHV GRV 3RGHUHV H yUJmRV 3DUD ILQV GH HPLVVmR GR 5HODWyULR GH *HVWmR )LVFDO HQWHQGHVHFRPR3RGHUHyUJmR 3RGHU • QD HVIHUD IHGHUDO /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH &RQWDV GD 8QLmR -XGLFLiULR ([HFXWLYRH0LQLVWpULR3~EOLFRGD8QLmR • QDHVIHUDHVWDGXDOH'LVWULWR)HGHUDO/HJLVODWLYRLQFOXtGRR7ULEXQDOGH&RQWDVGR(VWDGR HGR'LVWULWR)HGHUDO-XGLFLiULR([HFXWLYRH0LQLVWpULR3~EOLFRGRV(VWDGRVHGR'LVWULWR )HGHUDOH • QDHVIHUDPXQLFLSDO/HJLVODWLYRLQFOXtGRR7ULEXQDOGH&RQWDVGR0XQLFtSLRTXDQGR KRXYHUH([HFXWLYR ÐUJmR • R0LQLVWpULR3~EOLFR • DVUHVSHFWLYDV&DVDVGR3RGHU/HJLVODWLYR)HGHUDO • R7ULEXQDOGH&RQWDVGD8QLmR • D$VVHPEOpLD/HJLVODWLYDHRV7ULEXQDLVGH&RQWDVGR3RGHU/HJLVODWLYR(VWDGXDO • D&kPDUD/HJLVODWLYDHR7ULEXQDOGH&RQWDVGR'LVWULWR)HGHUDO • D&kPDUDGH9HUHDGRUHVGR3RGHU/HJLVODWLYR0XQLFLSDOHR7ULEXQDOGH&RQWDVGR 0XQLFtSLRTXDQGRKRXYHU • R6XSUHPR7ULEXQDO)HGHUDO • R6XSHULRU7ULEXQDOGH-XVWLoD • RV7ULEXQDLV5HJLRQDLV)HGHUDLVH-Xt]HV)HGHUDLV • RV7ULEXQDLVH-Xt]HVGR7UDEDOKR • RV7ULEXQDLVH-Xt]HV(OHLWRUDLV • RV7ULEXQDLVH-Xt]HV0LOLWDUHV • RV7ULEXQDLVH-Xt]HVGRV(VWDGRVHGR'LVWULWR)HGHUDOH7HUULWyULRV • R7ULEXQDOGH-XVWLoDGRV(VWDGRVHRXWURVTXDQGRKRXYHU 25HODWyULRGH*HVWmR)LVFDOGRV3RGHUHVHyUJmRVDEUDQJHDGPLQLVWUDomRGLUHWDDXWDUTXLDV IXQGDo}HVIXQGRVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWDEHQHILFLiULRVGHUHFXUVRV GRVRUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDOSDUDPDQXWHQomRGHVXDVDWLYLGDGHVH[FHWXDGDV DTXHODVHPSUHVDVTXHUHFHEHPUHFXUVRVH[FOXVLYDPHQWHSDUDDXPHQWRGHFDSLWDORULXQGRVGH LQYHVWLPHQWRVGRUHVSHFWLYRHQWH 25*)VHUiHPLWLGRSHORVWLWXODUHVGRV3RGHUHVHyUJmRVHDVVLQDGRSHOR • &KHIHGR3RGHU([HFXWLYR • 3UHVLGHQWH H GHPDLV PHPEURV GD 0HVD 'LUHWRUD RX yUJmR GHFLVyULR HTXLYDOHQWH FRQIRUPHUHJLPHQWRVLQWHUQRVGRVyUJmRVGR3RGHU/HJLVODWLYR • 3UHVLGHQWHGH7ULEXQDOHGHPDLVPHPEURVGH&RQVHOKRGH$GPLQLVWUDomRRXyUJmR GHFLVyULRHTXLYDOHQWHFRQIRUPHUHJLPHQWRVLQWHUQRVGRVyUJmRVGR3RGHU-XGLFLiULR • &KHIHGR0LQLVWpULR3~EOLFRGD8QLmRHGRV(VWDGRV 25*)WDPEpPVHUiDVVLQDGRSHODVDXWRULGDGHVUHVSRQViYHLVSHODDGPLQLVWUDomRILQDQFHLUDH SHORFRQWUROHLQWHUQREHPFRPRSRURXWUDVGHILQLGDVSRUDWRSUySULRGHFDGD3RGHURXyUJmR 'RSRQWRGHYLVWDGRUHJLPHGHILQDQoDVS~EOLFDVLPSODQWDGRSHOD/5)R5HODWyULRGH*HVWmR )LVFDORFXSDSRVLomRFHQWUDOQRTXHGL]UHVSHLWRDRDFRPSDQKDPHQWRGDVDWLYLGDGHVILQDQFHLUDV GR(VWDGR &DGD XP GRV 3RGHUHV DOpP GR 0LQLVWpULR 3~EOLFR GHYH HPLWLU R VHX SUySULR 5HODWyULR GH *HVWmR)LVFDODEUDQJHQGRWRGDVDVYDULiYHLVLPSUHVFLQGtYHLVjFRQVHFXomRGDVPHWDVILVFDLVH j REVHUYkQFLD GRV OLPLWHV IL[DGRV SDUD GHVSHVDV H GtYLGD &RQVWDP SRUWDQWR GR 5HODWyULR GHPRQVWUDWLYRVFRPSDUDWLYRVFRPRVOLPLWHVGHTXHWUDWDD/5)GRVVHJXLQWHVPRQWDQWHV DGHVSHVDWRWDOFRPSHVVRDOHYLGHQFLDQGRDVGHVSHVDVFRPDWLYRVLQDWLYRVHSHQVLRQLVWDV EGtYLGDFRQVROLGDGD FFRQFHVVmRGHJDUDQWLDVHFRQWUDJDUDQWLDVH GRSHUDo}HVGHFUpGLWR $OpP GLVVR R UHIHULGR UHODWyULR LQGLFDUi DV PHGLGDV FRUUHWLYDV DGRWDGDV RX D DGRWDU VH XOWUDSDVVDGRTXDOTXHUGRVOLPLWHV 1R~OWLPRTXDGULPHVWUHRUHODWyULRGHYHUiFRQWHUWDPEpPRVVHJXLQWHVGHPRQVWUDWLYRV DGRPRQWDQWHGDVGLVSRQLELOLGDGHVGHFDL[DHPWULQWDHXPGHGH]HPEUR E GD LQVFULomR HP 5HVWRV D 3DJDU GDV GHVSHVDV OLTXLGDGDV GDV HPSHQKDGDV H QmR OLTXLGDGDVLQVFULWDVDWpROLPLWHGRVDOGRGDGLVSRQLELOLGDGHGHFDL[DHGDVQmRLQVFULWDV SRUIDOWDGHGLVSRQLELOLGDGHGHFDL[DHFXMRVHPSHQKRVIRUDPFDQFHODGRV FGRFXPSULPHQWRGRGLVSRVWRQD/5)QRTXHVHUHIHUHjOLTXLGDomRGDRSHUDomRGH FUpGLWRSRUDQWHFLSDomRGHUHFHLWDFRPMXURVHRXWURVHQFDUJRVLQFLGHQWHVDWpRGLDGH] GHGH]HPEURGHFDGDDQRDOpPGRDWHQGLPHQWRjSURLELomRGHFRQWUDWDUWDLVRSHUDo}HV QR~OWLPRDQRGHPDQGDWRGR3UHVLGHQWH*RYHUQDGRURX3UHIHLWR0XQLFLSDO GGDGHVSHVDFRPVHUYLoRVGHWHUFHLURV 2GHPRQVWUDWLYRGDGHVSHVDFRPVHUYLoRVGHWHUFHLURVHPERUDQmRFRQVWHH[SOLFLWDPHQWHQD /5)FRPRSDUWHLQWHJUDQWHGR5HODWyULRGH*HVWmR)LVFDOLUiFRPS{ORQR~OWLPRTXDGULPHVWUH WHQGR HP YLVWD TXH R JHVWRU GHYHUi REVHUYDU RV OLPLWHV IL[DGRV SDUD HVVDV GHVSHVDV (VWH GHPRQVWUDWLYRIDUiSDUWHGR5HODWyULRGH*HVWmR)LVFDODWpRILQDOGRH[HUFtFLRGH $/5)GHWHUPLQDTXHRUHODWyULRGHYHUiVHUSXEOLFDGRHGLVSRQLELOL]DGRDRDFHVVRS~EOLFR LQFOXVLYHHPPHLRVHOHWU{QLFRVDWpWULQWDGLDVDSyVRHQFHUUDPHQWRGRTXDGULPHVWUHDTXH FRUUHVSRQGHU3UD]RTXHSDUDRSULPHLURTXDGULPHVWUHVHHQFHUUDHPGHPDLRSDUDR VHJXQGR TXDGULPHVWUH VH HQFHUUD HP GH VHWHPEUR H SDUD R WHUFHLUR TXDGULPHVWUH VH HQFHUUDHPGHMDQHLURGRDQRVXEVHTHQWHDRGHUHIHUrQFLD e IDFXOWDGR DRV 0XQLFtSLRV FRP SRSXODomR LQIHULRU D FLQTHQWD PLO KDELWDQWHV RSWDU SRU GLYXOJDUVHPHVWUDOPHQWHR5HODWyULRGH*HVWmR)LVFDO$GLYXOJDomRGRUHODWyULRFRPRVVHXV GHPRQVWUDWLYRVGHYHUiVHUUHDOL]DGDHPDWpWULQWDGLDVDSyVRHQFHUUDPHQWRGRVHPHVWUH3UD]R TXHSDUDRSULPHLURVHPHVWUHVHHQFHUUDHPGHMXOKRHSDUDRVHJXQGRVHPHVWUHVHHQFHUUD HPGHMDQHLURGRDQRVXEVHTHQWHDRGHUHIHUrQFLD ,VVRVLJQLILFDTXHHPPXLWRVFDVRVDSXEOLFDomRGHVWH5HODWyULRDFRPSDQKDUiDDSUHVHQWDomR UHODWyULRVTXDGULPHVWUDLVUHIHULGRVQRDUWLJRºGD/5)DVHUHPDSUHVHQWDGRVHPDXGLrQFLDV S~EOLFDVDWpRILQDOGRVPHVHVGHPDLRVHWHPEURHIHYHUHLURFRPH[FHomRGDVSXEOLFDo}HV UHIHUHQWHVDR~OWLPRTXDGULPHVWUHGRDQR(QTXDQWRTXHSDUDR5*)RSUD]RSDUDDSXEOLFDomR VHUiRILQDOGHMDQHLURGRH[HUFtFLRVHJXLQWHDVDXGLrQFLDVS~EOLFDVTXHDSUHVHQWDUmRUHODWyULRV FRQWHQGR R 5HVXOWDGR 3ULPiULR H 1RPLQDO VHUmR UHDOL]DGDV DWp R ILQDO GH IHYHUHLUR HP REHGLrQFLDDRºGRDUWLJRºGD/5) $ SULQFLSDO GLIHUHQoD HQWUH DV GHPRQVWUDo}HV GR FXPSULPHQWR GH PHWDV ILVFDLV 5HVXOWDGR 3ULPiULRH1RPLQDOHR5*)DOpPGRFRQWH~GRGL]UHVSHLWRDRSHUtRGRGHDSXUDomR$V DYDOLDo}HVHPDXGLrQFLDS~EOLFDDSUHVHQWDUmRUHVXOWDGRVILVFDLVYHULILFDGRVQRTXDGULPHVWUH FLYLO HQTXDQWR TXH R 5*) WHQGR D 5&/ FRPR SDUkPHWUR EiVLFR VHUi TXDGULPHVWUDO QD DSUHVHQWDomRPDVDQXDOQDDSXUDomR 3RU H[HPSOR DV GHVSHVDV FRP SHVVRDO FRPR SHUFHQWXDO GD 5&/ UHIHUHQWHV DR VHJXQGR TXDGULPHVWUHUHIHUHQWHDDJRVWRFRPHoDUmRDVHUFRQWDGDVDSDUWLUGHDJRVWRGRH[HUFtFLR DQWHULRUWRWDOL]DQGRPHVHVGHDFRUGRFRPRºLQFLVR,9GRDUWLJRºRºGRDUWLJR HRºGRDUWLJRºGD5HVROXomRQºGR6HQDGR)HGHUDOGH$OpPGLVVR R5*)VHUiDVVLQDGRWDPEpPSHODVDXWRULGDGHVUHVSRQViYHLVSHODDGPLQLVWUDomRILQDQFHLUDH SHORFRQWUROHLQWHUQR $QmRGLYXOJDomRGR5*)QRVSUD]RVHFRQGLo}HVHVWDEHOHFLGRVHPOHLpSXQLGDFRPPXOWDGH WULQWDSRUFHQWRGRVYHQFLPHQWRVDQXDLVGRDJHQWHTXHOKHGHUFDXVDVHQGRRSDJDPHQWRGD PXOWDGHVXDUHVSRQVDELOLGDGHSHVVRDO$OpPGLVVRRHQWHGD)HGHUDomRHVWDUiLPSHGLGRGH UHFHEHUWUDQVIHUrQFLDVYROXQWiULDVHFRQWUDWDURSHUDo}HVGHFUpGLWRH[FHWRDVGHVWLQDGDVDR UHILQDQFLDPHQWRGRSULQFLSDODWXDOL]DGRGDGtYLGDPRELOLiULD $WtWXORGHH[HPSORDSUHVHQWDPRVR5*)GR3RGHU([HFXWLYR)HGHUDOUHIHUHQWHjVGHVSHVDV FRPSHVVRDOGRSULPHLURTXDGULPHVWUHGH2EVHUYHTXHRSHUtRGRGHDSXUDomRUHIHUHVH DPHVHVWHQGRLQtFLRHPPDLRGH$GHVSHVDGR3RGHU([HFXWLYR)HGHUDOFRUUHVSRQ GHXQRSULPHLURTXDGULPHVWUHGHDFHUFDGHGD5&/YHULILFDGDQRVGR]H~OWLPRV PHVHVRPrVGHUHIHUrQFLD²DEULO²HRVRQ]HPHVHVDQWHULRUHV2OLPLWHSUXGHQFLDOGH FRUUHVSRQGH D GR OLPLWH OHJDO GHVVDV GHVSHVDV SDUD R ([HFXWLYR )HGHUDO 5HVVDOWHVHTXHHVWHOLPLWHOHJDOGD8QLmRFRUUHVSRQGHDROLPLWHGHILQLGRQRLQFLVR,´FµGR DUWLJRGD/5)RXVHMDVXEWUDtGDVDVGHVSHVDVOtTXLGDVFRPSHVVRDOGR(VWDGRGR $PDSi5RUDLPDH'LVWULWR)HGHUDOTXHSRVVXHPXPOLPLWHOHJDOGHGD5&/1RSULPHLUR TXDGULPHVWUHGHHVWDVGHVSHVDVFRQVXPLUDPGD5&/)HGHUDO 0RGHORGH5HODWyULRGH*HVWmR)LVFDO²3RGHU([HFXWLYR)HGHUDO 5(/$7Ð5,2 '( *(67®2 ),6&$/ '$ 81,®2 ² 0$,2 $ $%5,/ '(021675$7,92 '$ '(63(6$ '( 3(662$/ (0 5(/$d®2 5(&(,7$ &255(17( /Ì48,'$ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Dµ ² $QH[R ;,, '(63(6$6 '( 3(662$/ 32'(5 (;(&87,92 '(63(6$ '( 3(662$/ 3HVVRDO $WLYR 3HVVRDO ,QDWLYR H 3HQVLRQLVWDV 3UHFDWyULRV 6HQWHQoDV -XGLFLDLV UHIHUHQWH DR SHUtRGR GH DSXUDomR ,QDWLYRV FRP UHFXUVRV YLQFXODGRV ,QGHQL]Do}HV SRU 'HPLVVmR 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV 2XWUDV 'HVSHVDV GH 3HVVRDO DUWLJR SDUiJUDIR º '(63(6$ /Ì48,'$ 727$/ 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ /,0,7( 358'(1&,$/ /,0,7( /(*$/ )RQWH 6,$), ² ',1&2&217671 '(63(6$6 /,48,'$'$6 ÔOWLPRV 0HVHV $Wp R 4XDGULPHVWUH GD 'HVSHVD V 5&/ (P UHODomR j GtYLGD S~EOLFD IHGHUDO VHXV YDORUHV VmR DSUHVHQWDGRV QR 4XDGUR D VHJXLU FRPSOHPHQWDUDRDSUHVHQWDGRDQWHULRUPHQWH 5(/$7Ð5,2 '( *(67®2 ),6&$/ '$ 81,®2 ² -$1(,52 $ $%5,/ '(021675$7,92 '$ 'Ì9,'$ &2162/,'$'$ ( 02%,/,É5,$ 25d$0(172 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ /5) DUW LQFLVR , DOtQHD ´Eµ ² $QH[R ;,,, 5 PLOKDUHV (63(&,),&$d®2 6$/'2 (;(5&Ì&,2 º 48$'5,0(675( $17(5,25 , ² 'Ì9,'$ &2162/,'$'$ $ 'tYLGD 0RELOLiULD GR 7HVRXUR 1DFLRQDO 7tWXORV GR %DQFR &HQWUDO 2XWUDV ,, ² $7,92 ),1$1&(,52 'LVSRQLELOLGDGH $SOLFDo}HV )LQDQFHLUDV 'HPDLV $WLYRV )LQDQFHLURV 'Ì9,'$ &2162/,'$'$ /Ì48,'$ % , ² ,, 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ & 5(/$d®2 'Ì9,'$ &2162/,'$'$5&/ $& 5(/$d®2 'Ì9,'$ &2162/,'$'$ /Ì48,'$5&/ %& )RQWH %DQFR &HQWUDO GR %UDVLO 'HDFRUGRFRPSURSRVWDGH5HVROXomRHQFDPLQKDGDDR6HQDGR)HGHUDOTXHGHYHUiVXEVWLWXLU D5HVROXomRQºGHROLPLWHGHHQGLYLGDPHQWRSDUDD8QLmRFRUUHVSRQGHUiDGD VXD5&/DQXDO9HULILFDVHTXHQRSULPHLURTXDGULPHVWUHGHHVWDUHODomRHVWDYDHP 2XWUDIRUPDGHDSUHVHQWDomRGR5HODWyULRGH*HVWmR)LVFDOpHVWDGHPRQVWUDGDQRTXDGURD VHJXLU SXEOLFDGR SHOR 3RGHU ([HFXWLYR GD 3UHIHLWXUD GH &XULWLED 1HVWH FDVR RSWDVH SHOD DSUHVHQWDomR HP XP ~QLFR TXDGUR GDV LQIRUPDo}HV JHUDLV TXH GHYHUmR FRQVWDU GR 5*) FRQIRUPHDSUHVHQWDGRQRVDUWLJRVHGD/5) 5(/$7Ð5,2'(*(67®2),6&$/ 0RGHOR,D²DUWLJRVH²/& 32'(5 (;(&87,92 081,&,3$/ 9DORUHV DFXPXODGRV QR SHUtRGR GH MDQ 9$/25 ² 5 '(6&5,d®2 %$6( '( &É/&8/2 5HFHLWD &RUUHQWH /tTXLGD DSXUDGD QR SHUtRGR '$'26 &203$5$7,926 '$7$ %$6( GH] 3HULRGLFLGDGH 4XDGULPHVWUH DWp GH] 9$/25 ² 5 3HUFHQWXDO ² 'HVSHVD 7RWDO FRP 3HVVRDO 5HDOL]DGD QR SHUtRGR /LPLWH Pi[LPR DUW ,,, ² E /LPLWH SURYLVyULR DUW 5&/ QR H[HUFtFLR DQWHULRU 'HVSHVD 7RWDO QR H[HUFtFLR DQWHULRU 3HUFHQWXDO *DVWR QR H[HUFtFLR DQWHULRU ,QFUHPHQWR Pi[LPR SDUD ÌQGLFH GH 5HYLVmR *HUDO DUW ; &) 0rV GD 5HYLVmR *HUDO 'HVSHVD WRWDO SURYHQLHQWH GD UHYLVmR /LPLWH Pi[LPR HP ([FHVVR YHULILFDGR QR TXDGULPHVWUH SHOR PHQRU OLPLWH /LPLWH 3UXGHQFLDO DUW ÔQLFR ² 'HVSHVD FRP ,QDWLYRV H 3HQVLRQLVWDV 5HDOL]DGD QR SHUtRGR /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH ² 'tYLGD &RQVROLGDGD 6DOGR GHYHGRU /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH ² 'tYLGD 0RELOLiULD 6DOGR GHYHGRU /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH ² &RQFHVVmR GH *DUDQWLDV 0RQWDQWH QD GDWD EDVH /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH ² 2SHUDo}HV GH &UpGLWR 5HDOL]DGDV DWp D GDWD EDVH /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH ² $QWHFLSDomR GH 5HFHLWD 2UoDPHQWiULD 6DOGR GHYHGRU /LPLWH Pi[LPR /HL ([FHVVR YHULILFDGR QR TXDGULPHVWUH 35(67$d¯(6'(&217$6 7UrVVmRRVDVSHFWRVDERUGDGRVQHVWDVHomRGD/5)TXDQWRjVSUHVWDo}HVGHFRQWDVDVXD FRPSRVLomRDVFRQGLo}HVSDUDDHPLVVmRGRUHVSHFWLYRSDUHFHUSUpYLRHRVHXFRQWH~GR 4XDQWR j VXD FRPSRVLomR DV FRQWDV SUHVWDGDV SHOR &KHIH GR 3RGHU ([HFXWLYR GHYHP VHU DFRPSDQKDGDVSHODVGRV3UHVLGHQWHVGRVyUJmRVGRV3RGHUHV/HJLVODWLYRH-XGLFLiULRDOpPGDV GR&KHIHGR0LQLVWpULR3~EOLFR7RGDVDVFRQWDVVmRREMHWRGHSDUHFHUSUpYLRGRUHVSHFWLYR 7ULEXQDOGH&RQWDV $ HPLVVmRGRSDUHFHUSUpYLR GHYH RFRUUHUQR SUD]R GH VHVVHQWDGLDVFRQWDGRVGDGDWDGR UHFHELPHQWRGDVFRQWDVHWUDWDQGRVHGH0XQLFtSLRFRPPHQRVGHGX]HQWRVPLOKDELWDQWHV GHVGHTXHQmRVHMDFDSLWDOHVVHSUD]RpGLODWDGRSDUDFHQWRHRLWHQWDGLDV&DVRDVFRQVWLWXLo}HV HVWDGXDLVRXDVOHLVRUJkQLFDVPXQLFLSDLVGLVSRQKDPGLIHUHQWHPHQWHSUHYDOHFHRSUD]RSDUD DHPLVVmRGRSDUHFHUSRUHODVHVWDEHOHFLGR (PWRGRHTXDOTXHUFDVRYHGDVHDRV7ULEXQDLVGH&RQWDVRUHFHVVRGHVXDVDWLYLGDGHVHQTXDQWR KRXYHUFRQWDVSHQGHQWHVGRUHVSHFWLYRSDUHFHU )LQDOPHQWHVHPSUHMXt]RGHTXHVHDERUGHPRXWURVDVVXQWRVRFRQWH~GRGDVSUHVWDo}HVGH FRQWDVGHYHHQJOREDURGHVHPSHQKRGDDUUHFDGDomRGHUHFHLWDVGHVWDFDQGRDVSURYLGrQFLDV DGRWDGDVTXDQWRjILVFDOL]DomRHDRFRPEDWHjVRQHJDomRDVPHGLGDVDGPLQLVWUDWLYDVHMXGLFLDLV GH UHFXSHUDomR GH FUpGLWRV H DV GHVWLQDGDV DR LQFUHPHQWR GDV UHFHLWDV WULEXWiULDV H GH FRQWULEXLo}HV ),6&$/,=$d®2'$*(67®2),6&$/ $ UHVSRQVDELOLGDGH SHOD ILVFDOL]DomR TXDQWR DR FXPSULPHQWRGDVQRUPDVGHJHVWmRILVFDOp DWULEXtGDDR3RGHU/HJLVODWLYRHVWHFRPRDX[tOLRGR7ULEXQDOGH&RQWDVHDRVVLVWHPDVGH FRQWUROHLQWHUQRGHFDGD3RGHUHGR0LQLVWpULR3~EOLFRÈQIDVHHVSHFLDOGHYHVHUDWULEXtGDQD ILVFDOL]DomRDDOJXQVDVSHFWRVHVSHFtILFRV • YHULILFDomRGRFXPSULPHQWRGDVPHWDVSUHYLVWDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV • REVHUYkQFLDGRVOLPLWHVHGDVFRQGLo}HVSDUDDUHDOL]DomRGHRSHUDo}HVGHFUpGLWRHD LQVFULomRGHGHVSHVDVHPUHVWRVDSDJDU • DGRomRGHPHGLGDVSDUDDDGHTXDomRGDVGHVSHVDVFRPSHVVRDOHGDVGtYLGDVPRELOLiULD HFRQVROLGDGDDRVUHVSHFWLYRVOLPLWHV • REVHUYkQFLDGDVQRUPDVDWLQHQWHVjGHVWLQDomRGRVUHFXUVRVRULXQGRVGDDOLHQDomRGH DWLYRV • UHVSHLWR DRV OLPLWHV DSOLFiYHLV DRV JDVWRV GR 3RGHU /HJLVODWLYR PXQLFLSDO (PHQGD &RQVWLWXFLRQDOQºYLGHFDStWXORGHVWHOLYUR &DEHDLQGDDRV7ULEXQDLVGH&RQWDVDOpPGHYHULILFDURFXPSULPHQWRGRVOLPLWHVUHODWLYRVjV GHVSHVDVFRPSHVVRDODOHUWDUDRV3RGHUHVHyUJmRV • VREUHDSRVVLELOLGDGHGHH[WUDSRODomRGROLPLWHUHIHUHQFLDOSDUDDVGHVSHVDVFRPMXURV • TXDQGRDVGHVSHVDVFRPSHVVRDOHRVPRQWDQWHVGDVGtYLGDVFRQVROLGDGDHPRELOLiULD GDVRSHUDo}HVGHFUpGLWRHGDVJDUDQWLDVFRQFHGLGDVXOWUDSDVVDUHPSRUFHQWRGRV OLPLWHVDHODVDSOLFiYHLV • TXDQGR DV GHVSHVDV FRP LQDWLYRV H SHQVLRQLVWDV VH HQFRQWUDUHP DFLPD GR OLPLWH FRUUHVSRQGHQWH/HLQºFRPHILFiFLDVXVSHQVDYLGHFDStWXORGHVWHOLYUR • VREUHIDWRVTXHFRPSURPHWDPRVFXVWRVRXRVUHVXOWDGRVGHSURJUDPDVDVVLPFRPR LQGtFLRVGHLUUHJXODULGDGHVQDJHVWmR 6$1d¯(6,167,78&,21$,6 $V VDQo}HV LQVWLWXFLRQDLV FRUUHVSRQGHP j LQWHUUXSomR GH WUDQVIHUrQFLDV YROXQWiULDV H D VXD FRQWUDWDomRUHDOL]DGDVSHOR*RYHUQR)HGHUDODRLPSHGLPHQWRGHFRQWUDWDomRGHRSHUDo}HV GHFUpGLWRHjLPSRVVLELOLGDGHSDUDDREWHQomRGHJDUDQWLDVGD8QLmRSDUDDFRQWUDWDomRGH RSHUDo}HVGHFUpGLWRH[WHUQR &RPUHODomRDRFRQWUROHGDVRSHUDo}HVGHFUpGLWRR0LQLVWpULRGD)D]HQGDpDLQVWLWXLomRTXH SDVVDUi D DFRPSDQKDU D GtYLGD S~EOLFD EUDVLOHLUD LQFOXVLYH R YROXPH GH FRQWUDWDo}HV GH RSHUDo}HVGHFUpGLWRGH(VWDGRVH0XQLFtSLRV $SDUWLUGD,1QºGHGHPDLRGHD6HFUHWDULDGR7HVRXUR1DFLRQDOFULRXRFKDPDGR &DGDVWUR ÔQLFR GH ([LJrQFLDV SDUD D &RQWUDWDomR GH 7UDQVIHUrQFLDV 9ROXQWiULDV ² &$8& VXEVLVWHPD FULDGR SDUD FRQWUROH GD DGPLQLVWUDomR S~EOLFD $ ,1 WHP SRU REMHWLYR D GHVEXURFUDWL]DomR H D VLPSOLILFDomR GDV DQiOLVHV TXH GHYHUmR VHU UHDOL]DGDV SHORV GLYHUVRV yUJmRVS~EOLFRVFRQFHGHQWHVGHWUDQVIHUrQFLDVYROXQWiULDV,VWRSRUTXHDFRQWUDWDomRGHVWHV FRQYrQLRVRFRUUHGHIRUPDGHVFHQWUDOL]DGDDSDUWLUGHFDGD0LQLVWpULR1HVWHFDVRFDGDXP GRVyUJmRVS~EOLFRVTXHILUPDUHPFRQYrQLRVSRGHUmRXWLOL]DUDVLQIRUPDo}HVGLVSRQtYHLVQR &$8& &RPDLPSODQWDomRGHVWHFDGDVWURDSHQDVRVHVWDGRVHPXQLFtSLRVTXHHVWLYHUHPFXPSULQGR D /5) FDGDVWUDGRV D SDUWLU GH LQIRUPDo}HV GD 671 7ULEXQDLV GH &RQWDV H GRV SUySULRV DGPLQLVWUDGRUHVS~EOLFRVHVWDUmRDSWRVDFRQWUDWDUHDUHFHEHUWUDQVIHUrQFLDVYROXQWiULDVGR *RYHUQR)HGHUDO3RUpPVHUmRREHGHFLGDVDVH[FHo}HVSUHYLVWDVQRSDUiJUDIRºGRDUWLJR GD /5) TXH GHWHUPLQD LQ YHUELV ´SDUD ILQV GD DSOLFDomR GDV VDQo}HV GH VXVSHQVmR GH WUDQVIHUrQFLDVYROXQWiULDVFRQVWDQWHVGHVWD/HL&RPSOHPHQWDUH[FHWXDPVHDTXHODVUHODWLYDVD Do}HVGHHGXFDomRVD~GHHDVVLVWrQFLDVRFLDOµ (PREVHUYkQFLDDRSDUiJUDIRºGRDUWLJRGD/5)YHULILFDVHTXHDTXHOHVFRQYrQLRVILUPDGRV SDUD DWHQGHU Do}HV QDV iUHDV GH HGXFDomR VD~GH H DVVLVWrQFLD VRFLDO QmR HVWmR VXMHLWRV D VXVSHQVmR QR FDVR GR GHVFXPSULPHQWR GDV UHJUDV GHILQLGDV QD /5) 1R HQWDQWR FXPSUH UHVVDOWDU TXH LVWR QmR VLJQLILFD TXH RV HQWHV TXH QmR HVWLYHUHP DWHQGHQGR D /5) SRGHUmR FRQWUDWDUQRYRVFRQYrQLRVPHVPRSDUDDViUHDVGHVD~GHHGXFDomRHDVVLVWrQFLDVRFLDO 2&$8&DSUHVHQWDDVVHJXLQWHVFDUDFWHUtVWLFDV • DV XQLGDGHV JHVWRUDV IDUmR R UHJLVWUR QR &$8& GDTXHOHV HQWHV EHQHILFLiULRV TXH HQWUHJDUHPDGRFXPHQWDomRFRPSOHWDKDELOLWDQGRRVjUHDOL]DomRGHFRQYrQLRV • D671HIHWXDUiRUHJLVWURGDTXHOHVHQWHVTXHDWHQGHUDPDGHWHUPLQDomRGRDUWLJR GD/5) • RV7ULEXQDLVGH&RQWDV(VWDGXDLVHGH0XQLFtSLRVSRGHUmRLQVHULURVUHJLVWURVRXPHVPR DOWHUiORVDSDUWLUGHFRPXQLFDomRIRUPDOj671 2SDUiJUDIRºGRDUWLJRºGD,1RULHQWDRJHVWRUDPDQWHUDJXDUGDGHGRFXPHQWDomR FRPSUREDWyULDGRFXPSULPHQWRGD/5)SHORSUD]RGHQRPtQLPRDQRV(VVHSUD]RVHUi FRQWDGRDSDUWLUGDGDWDGRHQFHUUDPHQWRGRSURFHVVRGHWUDQVIHUrQFLDYROXQWiULDFRQVLGHUDQ GRDSUHVWDomRGHFRQWDVMXQWRDRJHVWRUHDEDL[DQR6,$), 'HYHVHREVHUYDUTXHD,1QºQmRDOWHUDQHPVXEVWLWXLPDVDSHQDVDPSOLDDVGLVSRVLo}HV H[SUHVVDVQD,1QºGHGHMDQHLURGH$VVLPDOpPGDREVHUYDomRGDVGLVSRVLo}HVGD ,1DFRQWUDWDomRHDOLEHUDomRGHWUDQVIHUrQFLDVYROXQWiULDVGHYHUiDSDUWLUGHDJRUD REVHUYDURGLVSRVWRQD/5)QD/HLGH'LUHWUL]HV2UoDPHQWiULDV²/'2UHODWLYDVDRVH[HUFtFLRV HPTXHRFRUUHUHPDIRUPDOL]DomRGRVFRQYrQLRVHDHIHWLYDXWLOL]DomRGRVUHFXUVRVEHPFRPR R GLVSRVWR HP RXWURV GLSORPDV OHJDLV 1HVWH VHQWLGR GHYHVH REVHUYDU SULQFLSDOPHQWH D &RQVWLWXLomR )HGHUDO GH H WDPEpP DV FRQVWLWXLo}HV HVWDGXDLV R &yGLJR 7ULEXWiULR 1DFLRQDORDUWGD/HLQºHD/HLQºDFKDPDGD/HLGH&ULPHV )LVFDLV 2EVHUYDU DV GLVSRVLo}HV QD /5) VLJQLILFD DWHQGHU HP SULPHLUR OXJDU DV GHWHUPLQDo}HV SUHVFULWDVQRVHXDUWLJR$OpPGLVVRRDGPLQLVWUDGRUS~EOLFRGHYHUiREVHUYDUDVVDQo}HV LQVWLWXFLRQDLVTXHLPSOLFDPQRFDQFHODPHQWRGDVWUDQVIHUrQFLDVYROXQWiULDVWDQWRQDFRQWUDWD omRTXDQWRQDVOLEHUDo}HVGHFRQYrQLRVMiFRQWUDWDGRV $VDo}HVTXHSRGHUmRUHSUHVHQWDUDDSOLFDomRGHVDQo}HVLQVWLWXFLRQDLVGL]HPUHVSHLWRDR GHVFXPSULPHQWRGRVVHJXLQWHVDUWLJRVGD/5) DUWLJRºQmRUHDOL]DUDLQVWLWXLomRSUHYLVmRHHIHWLYDDUUHFDGDomRGHWRGRVRVLPSRVWRV GD VXD FRPSHWrQFLD UHVVDOWHVH TXH R XVR GDV WUDQVIHUrQFLDV YROXQWiULDV FRPR LQV WUXPHQWRGHFRPSHQVDomRjUHQ~QFLDILVFDOGHYHUiVHUHYLWDGRVHQGRTXHVRPHQWHDTXHOH HQWHTXHGHPRQVWUDUTXHHVWiFREUDQGRRVWULEXWRVTXHD&RQVWLWXLomROKHDWULEXLHVWDUi DSWRDFRQWUDWDUFRQYrQLRV DUWLJRºGHL[DUGHRUGHQDURXGHSURPRYHUQDIRUPDHQRVSUD]RVGDOHLDH[HFXomR GHPHGLGDSDUDDUHGXomRGDGHVSHVDWRWDOFRPSHVVRDOTXHKRXYHUH[FHGLGRDUHSDUWLomR SRU3RGHUGROLPLWHPi[LPR DUWLJRºHVWDUDFLPDGROLPLWHGDVGtYLGDVFRQVROLGDGDRXPRELOLiULDHRSHUDo}HVGH FUpGLWRGHQWURGROLPLWHGHSUD]R DUWLJRºGHL[DUGHSURPRYHURXGHRUGHQDURFDQFHODPHQWRDDPRUWL]DomRRXD FRQVWLWXLomR GH UHVHUYD SDUD DQXODU RV HIHLWRV GH RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQREVHUYkQFLDGHOLPLWHFRQGLomRRXPRQWDQWHHVWDEHOHFLGRHPOHL DUWLJR º QmR UHVVDUFLU SDJDPHQWR GH GtYLGD KRQUDGD SHOD 8QLmR RX (VWDGR QmR OLTXLGDU WRWDOPHQWH D GtYLGD TXH WLYHU VLGR KRQUDGD SHOD 8QLmR RX SRU (VWDGR HP GHFRUUrQFLDGHJDUDQWLDSUHVWDGDHPRSHUDomRGHFUpGLWR DUWLJRºQmRUHPHWHUDVFRQWDVDR([HFXWLYRGD8QLmRDWpGHDEULO DUWLJRºQmRSXEOLFDUR5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDQRSUD]R HVWDEHOHFLGR DUWLJRºGHL[DUGHGLYXOJDURXGHHQYLDUDR3RGHU/HJLVODWLYRHDR7ULEXQDOGH&RQWDV R5HODWyULRGH*HVWmR)LVFDOQRVSUD]RVHVWDEHOHFLGRVHPOHL DUWLJR º QmR VH HQTXDGUDU QR OLPLWH GD GHVSHVD WRWDO FRP SHVVRDO HP DWp GRLV H[HUFtFLRVFDVRHVWLYHVVHDFLPDGHVVHOLPLWHHPHOLPLQDQGRRH[FHVVR JUDGXDO PHQWHjUD]mRGHSHORPHQRVDRDQRPHGLDQWHDDGRomRGDVPHGLGDVSUHYLVWDV QDOHL 2XWUDVH[LJrQFLDVFRQVWDPGD,1QºSDUDDUHDOL]DomRGHWUDQVIHUrQFLDVYROXQWiULDV • RVyUJmRVWUDQVIHULGRUHVREVHUYDUmRTXDQGRGDLQVWUXomRGRSURFHVVRDH[LVWrQFLDGH GRWDomRRUoDPHQWiULDHVSHFtILFDLQGLFDQGRVHDUHVSHFWLYDQRWDGHHPSHQKRDOpPGD FRPSURYDomRGHTXHHVVHVUHFXUVRVWUDQVIHULGRVQmRVHUmRGHVWLQDGRVDRSDJDPHQWR GHGHVSHVDVFRPSHVVRDO • RPXQLFtSLRGHYHUiFRPSURYDUMXQWRDRyUJmRWUDQVIHULGRUDVLWXDomRGHUHJXODULGDGH TXDQWRDRSDJDPHQWRGHWULEXWRVPXOWDVHGHPDLVHQFDUJRVILVFDLVDFDUJRGR0LQLVWpULR GD)D]HQGDRSDJDPHQWRGDVFRQWULEXLo}HVGR,166RGHSyVLWRGDVSDUFHODVGR)*76 DOpPGDSUHVWDomRGHFRQWDVUHIHUHQWHVDRXWUDVWUDQVIHUrQFLDVUHFHELGDVGD8QLmR • RPXQLFtSLRGHYHUiFRPSURYDURFXPSULPHQWRGRVOLPLWHVFRQVWLWXFLRQDLVUHODWLYRVj DSOLFDomRGHUHFXUVRVQDViUHDVGDVD~GHHHGXFDomR • RPXQLFtSLRGHYHUiFRPSURYDUDSXEOLFDomRGR5HODWyULRGH*HVWmR)LVFDOQRVWHUPRV GR DUWLJR GD /5) H D REVHUYDomR GRV OLPLWHV OHJDLV SDUD D GtYLGD FRQVROLGDGD H PRELOLiULDHUHVWRVDSDJDU • RPXQLFtSLRGHYHUiDLQGDREVHUYDUDSXEOLFDomRGR5HODWyULR5HVXPLGRGH([HFXomR 2UoDPHQWiULD²55(2QRVWHUPRVGRDUWLJRGD/5)HGHDFRUGRFRPRSDUiJUDIR WHUFHLURGRDUWLJRGD&)GH • RPXQLFtSLRGHYHUiDSUHVHQWDUDVFRQWDVGRDQRDQWHULRUEDODQoRDWpWULQWDGHDEULO QRFDVRGRVPXQLFtSLRVj6HFUHWDULDGR7HVRXUR1DFLRQDO²671TXHIDUiDFRQVROL GDomRGDVFRQWDVGRVHQWHV5HVVDOWHVHTXHSDUDRVPXQLFtSLRVD3RUWDULD671Qº GHGHPDUoRGHGHILQLXPRGHORDVHUSUHHQFKLGRHHQFDPLQKDGRj&DL[D (FRQ{PLFD)HGHUDOSDUDDFRQVROLGDomRGDVFRQWDVPXQLFLSDLV $SXEOLFDomRGRVUHODWyULRVHGHPRQVWUDWLYRVH[LJLGDSRUHVVD,QVWUXomR1RUPDWLYDGHYHUiVHU IHLWDDWUDYpVGDTXHOHVPRGHORVSHUPLWLGRVSHODOHL 1RTXHVHUHIHUHjREVHUYDomRGRWH[WRGD/'2SDUDDUHDOL]DomRGHFRQYrQLRVGHYHVHYHULILFDU D SUHYLVmR RUoDPHQWiULD GH FRQWUDSDUWLGD D H[SOLFLWDomR GD XWLOL]DomR GD WUDQVIHUrQFLD D LQWHUDomRFRPR33$DOpPGRVHIHLWRVGHVVDFRQWUDWDomRVREUHDVPHWDVFRQVWDQWHVGR$QH[R GH0HWDV)LVFDLV²$0) $VVLPD/HLQºGHGHMXOKRGHTXHGLVS}HVREUHDVGLUHWUL]HVSDUDDHODERUDomR GDOHLRUoDPHQWiULDGD8QLmRHPGHWHUPLQDDSDUWLUGHVHXDUWLJR ´$UW$VWUDQVIHUrQFLDVYROXQWiULDVGHUHFXUVRVGD8QLmRFRQVLJQDGDVQDOHLRUoDPHQ WiULDHHPVHXVFUpGLWRVDGLFLRQDLVSDUD(VWDGRV'LVWULWR)HGHUDORX0XQLFtSLRVDWtWXOR GHFRRSHUDomRDX[tOLRVRXDVVLVWrQFLDILQDQFHLUDGHSHQGHUmRGDFRPSURYDomRSRUSDUWH GDXQLGDGHEHQHILFLDGDQRDWRGDDVVLQDWXUDGRLQVWUXPHQWRRULJLQDOGHTXH ,²LQVWLWXLXUHJXODPHQWRXHDUUHFDGDWRGRVRVWULEXWRVSUHYLVWRVQRVDUWVHGD &RQVWLWXLomRUHVVDOYDGRRLPSRVWRSUHYLVWRQRDUWLQFLVR,,,FRPDUHGDomRGDGDSHOD (PHQGD&RQVWLWXFLRQDOQRGHGHPDUoRGHTXDQGRFRPSURYDGDDDXVrQFLD GRIDWRJHUDGRU ,,²DWHQGHDRGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQRGHH ,,,²H[LVWHSUHYLVmRGHFRQWUDSDUWLGDTXHVHUiHVWDEHOHFLGDGHPRGRFRPSDWtYHOFRPD FDSDFLGDGH ILQDQFHLUD GD UHVSHFWLYD XQLGDGH EHQHILFLDGD WHQGR FRPR OLPLWH PtQLPR H Pi[LPR DQRFDVRGRV0XQLFtSLRV WUrVHRLWRSRUFHQWRSDUD0XQLFtSLRVFRPDWpKDELWDQWHV FLQFRHGH]SRUFHQWRSDUDRVGHPDLV0XQLFtSLRVORFDOL]DGRVQDViUHDVGD$JrQFLDGH 'HVHQYROYLPHQWRGR1RUGHVWH²$'(1(GD$JrQFLDGH'HVHQYROYLPHQWRGD$PD]{QLD² $'$HQR&HQWUR2HVWH YLQWHHTXDUHQWDSRUFHQWRSDUDRVGHPDLVH EQRFDVRGRV(VWDGRVHGR'LVWULWR)HGHUDO GH]HYLQWHSRUFHQWRVHORFDOL]DGRVQDViUHDVGD$'(1(HGD$'$HQR&HQWUR2HVWH H YLQWHHTXDUHQWDSRUFHQWRSDUDRVGHPDLV º2VOLPLWHVPtQLPRVGHFRQWUDSDUWLGDIL[DGRVQRLQFLVR,,,GRFDSXWGHVWHDUWLJRSRGHUmR VHUUHGX]LGRVTXDQGRRVUHFXUVRVWUDQVIHULGRVSHOD8QLmR ,²IRUHPRULXQGRVGHGRDo}HVGHRUJDQLVPRVLQWHUQDFLRQDLVRXGHJRYHUQRVHVWUDQJHLURV HGHSURJUDPDVGHFRQYHUVmRGDGtYLGDH[WHUQDGRDGDSDUDILQVDPELHQWDLVVRFLDLVFXOWXUDLV HGHVHJXUDQoDS~EOLFD ,, ² GHVWLQDUHPVH D 0XQLFtSLRV TXH VH HQFRQWUHP HP VLWXDomR GH FDODPLGDGH S~EOLFD IRUPDOPHQWHUHFRQKHFLGDGXUDQWHRSHUtRGRTXHHVWDVXEVLVWLU ,,,²EHQHILFLDUHPRV0XQLFtSLRVLQFOXtGRVQRVEROV}HVGHSREUH]DLGHQWLILFDGRVFRPRiUHDV SULRULWiULDVQR´&RPXQLGDGH6ROLGiULDµQR3URJUDPD´&RPXQLGDGH$WLYDµQR´3URMHWR $OYRUDGDµHQD/HL&RPSOHPHQWDUQºGHRX ,9²GHVWLQDUHPVHDRDWHQGLPHQWRGRVSURJUDPDVGHHGXFDomRIXQGDPHQWDO º&DEHUiDRyUJmRWUDQVIHULGRU ,²YHULILFDUDLPSOHPHQWDomRGDVFRQGLo}HVSUHYLVWDVQHVWHDUWLJREHPFRPRREVHUYDUR GLVSRVWRQRFDSXWGRDUWGD/HLQºGHGHIHYHUHLURGHH[LJLQGRDLQGD GR(VWDGR'LVWULWR)HGHUDORX0XQLFtSLRTXHDWHVWHRFXPSULPHQWRGHVVDVGLVSRVLo}HV LQFOXVLYHSRULQWHUPpGLRGRVEDODQoRVFRQWiEHLVGHHGRVH[HUFtFLRVDQWHULRUHVGD OHLRUoDPHQWiULDSDUDHFRUUHVSRQGHQWHVGRFXPHQWRVFRPSUREDWyULRVH ,,²DFRPSDQKDUDH[HFXomRGDVDWLYLGDGHVSURMHWRVRXRSHUDo}HVHVSHFLDLVHUHVSHFWLYRV VXEWtWXORVGHVHQYROYLGRVFRPRVUHFXUVRVWUDQVIHULGRV º $ YHULILFDomR GDV FRQGLo}HV SUHYLVWDV QRV LQFLVRV GR FDSXW GHVWH DUWLJR VH GDUi XQLFDPHQWHQRDWRGDDVVLQDWXUDGRFRQYrQLRVHQGRTXHRVGRFXPHQWRVFRPSUREDWyULRV H[LJLGRVSHORVyUJmRVWUDQVIHULGRUHVWHUmRYDOLGDGHGHQRPtQLPRFHQWRHRLWHQWDGLDVD FRQWDUGHVXDDSUHVHQWDomR º 1HQKXPD OLEHUDomR GH UHFXUVRV WUDQVIHULGRV QRV WHUPRV GHVWH DUWLJR SRGHUi VHU HIHWXDGDVHPRSUpYLRUHJLVWURQR6XEVLVWHPDGH&RQYrQLRGR6,$), º1mRVHFRQVLGHUDPFRPRWUDQVIHUrQFLDVYROXQWiULDVSDUDILQVGRGLVSRVWRQHVWHDUWLJR DVGHVFHQWUDOL]Do}HVGHUHFXUVRVD(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRVTXHVHGHVWLQHP jUHDOL]DomRGHDo}HVFXMDFRPSHWrQFLDVHMDH[FOXVLYDGD8QLmRRXWHQKDPVLGRGHOHJDGDV FRP{QXVDRVUHIHULGRVHQWHVGD)HGHUDomR º 2V yUJmRV UHVSRQViYHLV SHODV WUDQVIHUrQFLDV GH TXH WUDWD HVWH DUWLJR GHYHUmR GLV SRQLELOL]DUQD,QWHUQHWLQIRUPDo}HVFRQWHQGRQRPtQLPRGDWDGDDVVLQDWXUDGRVFRQYr QLRVQRPHGRFRQYHQHQWHREMHWRYDORUOLEHUDGRHFODVVLILFDomRIXQFLRQDOSURJUDPiWLFD HHFRQ{PLFDGRUHVSHFWLYRFUpGLWRHPFRQIRUPLGDGHFRPRGLVSRVWRQD/HLQºGH GHGH]HPEURGH º 3DUD HIHLWR GR º GR DUW GD/HL&RPSOHPHQWDU QºGH QmR VHUmR VXVSHQVDVDVWUDQVIHUrQFLDVYROXQWiULDVUHODWLYDVDDo}HVGHHGXFDomRVD~GHHDVVLVWrQFLD VRFLDOTXDQGR(VWDGRV'LVWULWR)HGHUDORX0XQLFtSLRVLQFLGLUHPQDVKLSyWHVHVSUHYLVWDVQR DUWSDUiJUDIR~QLFRDUWº,DUWºDUWºDUWºDUW ºHDUWºGD/HL&RPSOHPHQWDUQºGH º )LFDP GLVSHQVDGDV GDV H[LJrQFLDV SUHYLVWDV QRV º º H º GHVWH DUWLJR DV WUDQVIHUrQFLDVUHODWLYDVDRVSURJUDPDV´'LQKHLUR'LUHWRQD(VFRODµ´$OLPHQWDomR(VFRODUµ H´$SRLRD(VWDGRVH0XQLFtSLRVSDUDD(GXFDomR)XQGDPHQWDOGH-RYHQVH$GXOWRVµWRGRV VREDUHVSRQVDELOLGDGHGR0LQLVWpULRGD(GXFDomR º $ H[HFXomR RUoDPHQWiULD H ILQDQFHLUD QR H[HUFtFLR GH GDV Do}HV UHODWLYDV j SURJUDPDomRGHWUDEDOKRDVHUHPH[HFXWDGDVQDIRUPDSUHYLVWDQHVWHDUWLJRHFXMRVFUpGLWRV RUoDPHQWiULRVQmRLGHQWLILTXHPQRPLQDOPHQWHDORFDOLGDGHEHQHILFLDGDLQFOXVLYHDTXHODV GHVWLQDGDVJHQHULFDPHQWHD(VWDGRGD)HGHUDomRILFDFRQGLFLRQDGDjSUpYLDSXEOLFDomR HPyUJmRRILFLDOGHLPSUHQVDGRVFULWpULRVGHGLVWULEXLomRHUHVSHFWLYDVDOWHUDo}HV 1DYHUGDGHQRTXHFRQFHUQHjDSXUDomRGRVUHVXOWDGRVILVFDLVUHVXOWDGRSULPiULRQRPLQDO D SUHYLVmR H D UHDOL]DomR GH FRQYrQLRV H[HUFH SRXFD LQIOXrQFLD ,VWR SRUTXH VHXV UHIOH[RV RFRUUHUmR WDQWR QDV UHFHLWDV FRPR QDV GHVSHVDV VHQGR QXOR VHX HIHLWR VREUH R UHVXOWDGR SULPiULR 3RUH[HPSORXPFRQYrQLRSDUDDSDYLPHQWDomRGHHVWUDGDVQRYDORUGH5PLOK}HV PHGLGDTXHRVYDORUHVGRFRQYrQLRIRUHPOLEHUDGRVVHUmRFRQWDELOL]DGRVFRPRUHFHLWDVGH FDSLWDO 3HOR ODGR GDV GHVSHVDV HVWH PHVPR YDORU VHUi FRQWDELOL]DGR j FRQWD GH REUDV HP H[HFXomRDSUHVHQWDQGRXPHIHLWRQXORVREUHDDSXUDomRGRUHVXOWDGRSULPiULR3RURXWURODGR DFHOHEUDomRGHFRQYrQLRVSDUDJDVWRVFRUUHQWHVLQIOXHQFLDUiGLUHWDPHQWHRGHVHPSHQKRGD UHFHLWDFRUUHQWHOtTXLGD²5&/SULQFLSDOGHQRPLQDGRUSDUDDYHULILFDomRGRVOLPLWHVSUHYLVWRV QD /5) 0HVPR TXH DV UHFHLWDV SURYHQLHQWHV GH WUDQVIHUrQFLDV YROXQWiULDV QmR SRVVDP VHU XWLOL]DGDVSDUDSDJDPHQWRGHGHVSHVDVFRPSHVVRDOHODVLQIOXHQFLDUmRQDYHULILFDomRGRVHX OLPLWH DSDUWLUGRDXPHQWR GD5&/ (PRXWUDVSDODYUDV VREUDUmRPDLVUHFXUVRVSDUDRXWURV JDVWRVLQFOXVLYHIROKDGHSDJDPHQWRV 6$1d¯(63(662$,6 2GHVFXPSULPHQWRGD/5)SRGHUiUHSUHVHQWDUSDUDRDGPLQLVWUDGRUS~EOLFRDDSOLFDomRGH SHQDOLGDGHVSHQDLVHDGPLQLVWUDWLYDVGHDFRUGRFRP • D/HLQºGHGHRXWXEURGH/HLGH&ULPHV)LVFDLV • R'HFUHWR/HLQºGHGHGH]HPEURGH&yGLJR3HQDO • D/HLQºGHGHDEULOGH/HLGHFULPHVGHUHVSRQVDELOLGDGHGR3UHVLGHQWH 0LQLVWURV*RYHUQDGRUHVH6HFUHWiULRVGH(VWDGRH • R'HFUHWR/HLQºGHGHIHYHUHLURGH/HLGHFULPHVGHUHVSRQVDELOLGDGH GRV3UHIHLWRVHYHUHDGRUHV • D/HLQºGHGHMXQKRGH/HLGH,PSURELGDGH$GPLQLVWUDWLYD $OpPGLVVRRDUWLJRGD/5)SHUPLWHDLQGDDDSOLFDomRGDVSHQDOLGDGHVSUHYLVWDVQDV´GHPDLV QRUPDVGDOHJLVODomRSHUWLQHQWHµRTXHDXWRUL]DRXVRGHRXWUDVQRUPDVFRPRSRUH[HPSOR DVGD/HLQºTXHHVWDEHOHFHVDQo}HVSHQDLVSHUWLQHQWHVjVQRUPDVGHOLFLWDo}HVH FRQWUDWDo}HVS~EOLFDVHDVQRUPDVGD/HLQºTXHGHILQHPRVFULPHVFRQWUDDRUGHP WULEXWiULDHHFRQ{PLFD $ VDQomR SHQDO QRV WHUPRV GD /HL GH &ULPHV )LVFDLV UHFDLUi SULQFLSDOPHQWH VREUH DTXHOH DGPLQLVWUDGRU S~EOLFR TXH QmR VHJXLU DV UHJUDV GD /5) QR TXH VH UHIHUH D FRQWUDWDomR GH RSHUDo}HVGHFUpGLWRLQVFULo}HVHPUHVWRVDSDJDULPSHGLPHQWRSDUDDXPHQWRQDVGHVSHVDV FRPSHVVRDOQRVFHQWRHRLWHQWDGLDVTXHDQWHFHGHUHPDRILQDOGRPDQGDWRDOpPGDVUHJUDV UHIHUHQWHVjFRQFHVVmRGHJDUDQWLDV $VSXQLo}HVSHQDLVUHFDLUmRGLUHWDPHQWHVREUHRDJHQWHDGPLQLVWUDWLYRLPSRUWDQGRQDFDVVDomR GHPDQGDWRPXOWDGHGRVYHQFLPHQWRVDQXDLVLQDELOLWDomRSDUDRH[HUFtFLRGDIXQomR S~EOLFDHGHWHQomRTXHSRGHUiYDULDUHQWUHPHVHVHDQRV 'HDFRUGRFRPR3URIHVVRU$PLU.KDLUH[LVWHPVLWXDo}HVGHGHVUHVSHLWRj/5)TXHSRGHP VHU FODVVLILFDGDVFRPRWUDQVJUHVV}HV ILVFDLV HFHUFDGH VLWXDo}HVTXHOHYDPDSXQLo}HV %HQHGLWR $QW{QLR $OYHV HW DOO HP /HL GH 5HVSRQVDELOLGDGH )LVFDO &RPHQWDGD H $QRWDGD 7H[WR ´/HL GH 5HVSRQVDELOLGDGH )LVFDO $V WUDQVJUHVV}HV j /5) H &RUUHVSRQGHQWHV 3XQLo}HV )LVFDLV H 3HQDLVµ ² %1'(6 ² SHQDLVHQWUHDo}HVHRPLVV}HV3RUH[HPSORGHL[DUGHGLYXOJDUR5HODWyULRGH*HVWmR)LVFDO FRQVWLWXLLQIUDomRDGPLQLVWUDWLYDDVHUSURFHVVDGDHMXOJDGDSHORV7ULEXQDLVGH&RQWDV $OJXQVH[HPSORVGHWUDQVJUHVV}HVj/5)HVXDVVDQo}HVSHQDLV 7UDQVJUHVVmR &RQWUDWDomR LUUHJXODU GH RSHUDo}HV GH FUpGLWR $OLHQDomR GH EHQV VHP DXWRUL]DomR 'HVFXPSULU R RUoDPHQWR DSURYDGR 1mR UHGX]LU GHVSHVDV FRP SHVVRDO /LTXLGDomR GH $52V IRUD GRV SUD]RV OHJDLV 1mR SXEOLFDU R 55(2 QRV SUD]RV OHJDLV 'HL[DU GH HQFDPLQKDU H GLYXOJDU R 5*) 1mR HODERUDU D /'2 QRV WHUPRV GD /5) 1mR LQVWLWXLU H GHL[DU GH DUUHFDGDU RV WULEXWRV GH VXD FRPSHWrQFLD 'HL[DU GH WRPDU DV PHGLGDV SDUD D FRPSHQVDomR GDV GHVSHVDV FRQWLQXDGDV (VWDU DFLPD GRV OLPLWHV GH HQGLYLGDPHQWR DOpP GRV OLPLWHV GH SUD]R 2UGHQDU DXWRUL]DU RX FRQWUDWDU RSHUDomR GH FUpGLWR HP GHVDFRUGR FRP D OHL &RQFHGHU JDUDQWLDV VHP R RIHUHFLPHQWR GH FRQWUDJDUDQWLDV 3XQLomR 5HFOXVmR GH D DQRV 3HUGD GH FDUJR UHFOXVmR &DVVDomR GH PDQGDWR 0XOWD GH GRV YHQFLPHQWRV 3HUGD GH FDUJR LQDELOLWDomR &DVVDomR GH PDQGDWR 0XOWD GH GRV YHQFLPHQWRV &DVVDomR GH PDQGDWR &DVVDomR GH PDQGDWR 5HFOXVmR GH D DQRV &DVVDomR GH PDQGDWR 5HFOXVmR GH D DQRV 'HWHQomR GH PHVHV D DQR 7DPEpPR'HFUHWR/HLGHGHIHYHUHLURGHGHILQHDOJXPDVLQIUDo}HVSROtWLFR DGPLQLVWUDWLYDVGRV3UHIHLWRV0XQLFLSDLVVXMHLWDVDRMXOJDPHQWRSHOD&kPDUDGRV9HUHDGRUHVH VDQFLRQDGDVFRPDFDVVDomRGRPDQGDWR 6mRHODV ,²,PSHGLURIXQFLRQDPHQWRUHJXODUGD&kPDUD ,,²,PSHGLURH[DPHGHOLYURVIROKDVGHSDJDPHQWRHGHPDLVGRFXPHQWRVTXHGHYDP FRQVWDUGRVDUTXLYRVGD3UHIHLWXUDEHPFRPRDYHULILFDomRGHREUDVHVHUYLoRVPXQLFLSDLV SRUFRPLVVmRGHLQYHVWLJDomRGD&kPDUDRXDXGLWRULDUHJXODUPHQWHLQVWLWXtGD ,,, ² 'HVDWHQGHU VHP PRWLYR MXVWR DV FRQYRFDo}HV RX RV SHGLGRV GH LQIRUPDo}HV GD &kPDUDTXDQGRIHLWRVDWHPSRHHPIRUPDUHJXODU ,9²5HWDUGDUDSXEOLFDomRRXGHL[DUGHSXEOLFDUDVOHLVHDWRVVXMHLWRVDHVVDIRUPDOLGDGH 9²'HL[DUGHDSUHVHQWDUj&kPDUDQRGHYLGRWHPSRHHPIRUPDUHJXODUDSURSRVWD RUoDPHQWiULD 9,²'HVFXPSULURRUoDPHQWRDSURYDGRSDUDRH[HUFtFLRILQDQFHLUR 9,,²3UDWLFDUFRQWUDH[SUHVVDGLVSRVLomRGHOHLDWRGHVXDFRPSHWrQFLDRXRPLWLUVHQD VXDSUiWLFD 9,,, ² 2PLWLUVH RX QHJOLJHQFLDU QD GHIHVD GH EHQV UHQGDV GLUHLWRV RX LQWHUHVVHV GR 0XQLFtSLRVXMHLWRjDGPLQLVWUDomRGD3UHIHLWXUD ,;²$XVHQWDUVHGR0XQLFtSLRSRUWHPSRVXSHULRUDRSHUPLWLGRHPOHLRXDIDVWDUVHGD 3UHIHLWXUDVHPDXWRUL]DomRGD&kPDUDGRV9HUHDGRUHV ;²3URFHGHUGHPRGRLQFRPSDWtYHOFRPDGLJQLGDGHHRGHFRURGRFDUJR $/HLGHRXWXEURGH/HLGH&ULPHVDFUHVFHQWRXQRYRVGLVSRVLWLYRVDR'HFUHWR/HL QºGHQRVHQWLGRGHSXQLURVJRYHUQDQWHVTXHQmRDWHQGHUHPDVQRUPDVDSUHVHQ WDGDVSHOD/HLGH5HVSRQVDELOLGDGH)LVFDO$SDUWLUGHGHRXWXEURGHVmRFULPHVGH UHVSRQVDELOLGDGHGRV3UHIHLWRV0XQLFLSDOVXMHLWRVDRMXOJDPHQWRGR3RGHU-XGLFLiULRLQGHSHQ GHQWHPHQWHGRSURQXQFLDPHQWRGD&kPDUDGRV9HUHDGRUHV • GHL[DU GH RUGHQDU D UHGXomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD QRV SUD]RV HV WDEHOHFLGRVHPOHLTXDQGRRPRQWDQWHXOWUDSDVVDURYDORUUHVXOWDQWHGDDSOLFDomRGR OLPLWHPi[LPRIL[DGRSHOR6HQDGR)HGHUDO • RUGHQDURXDXWRUL]DUDDEHUWXUDGHFUpGLWRHPGHVDFRUGRFRPRVOLPLWHVHVWDEHOHFLGRV SHOR6HQDGR)HGHUDOVHPIXQGDPHQWRQDOHLRUoDPHQWiULDRXQDGHFUpGLWRDGLFLRQDO RXFRPLQREVHUYkQFLDGHSUHVFULomROHJDO • GHL[DUGHSURPRYHURXGHRUGHQDUQDIRUPDGDOHLRFDQFHODPHQWRDDPRUWL]DomR RXDFRQVWLWXLomRGHUHVHUYDSDUDDQXODURVHIHLWRVGHRSHUDomRGHFUpGLWRUHDOL]DGD FRPLQREVHUYkQFLDGHOLPLWHFRQGLomRRXPRQWDQWHHVWDEHOHFLGRHPOHL • GHL[DUGHSURPRYHURXGHRUGHQDUDOLTXLGDomRLQWHJUDOGHRSHUDomRGHFUpGLWRSRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDLQFOXVLYHRVUHVSHFWLYRVMXURVHGHPDLVHQFDUJRV DWpRHQFHUUDPHQWRGRH[HUFtFLRILQDQFHLUR • RUGHQDURXDXWRUL]DUHPGHVDFRUGRFRPDOHLDUHDOL]DomRGHRSHUDomRGHFUpGLWR FRPTXDOTXHUXPGRVGHPDLVHQWHVGD)HGHUDomRLQFOXVLYHVXDVHQWLGDGHVGDDGPLQLV WUDomRLQGLUHWDDLQGDTXHQDIRUPDGHQRYDomRUHILQDQFLDPHQWRRXSRVWHUJDomRGH GtYLGDFRQWUDtGDDQWHULRUPHQWH • FDSWDUUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDGHWULEXWRRXFRQWULEXLomRFXMRIDWR JHUDGRUDLQGDQmRWHQKDRFRUULGR • RUGHQDURXDXWRUL]DUDGHVWLQDomRGHUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHWtWXORVSDUD ILQDOLGDGHGLYHUVDGDSUHYLVWDQDOHLTXHDDXWRUL]RX • UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP OLPLWH RX FRQGLomR HVWDEHOHFLGDHPOHL 2XWURGHVFXPSULPHQWRGD/5)TXHHQYROYHVDQomRSHQDOpDTXHOHUHODFLRQDGRFRPDWUDMHWyULD GDGtYLGDDSUHVHQWDGDQD5HVROXomRQºGHGR6HQDGR)HGHUDORQGHHVWmR GHILQLGRVRVOLPLWHVHRVSUD]RVSDUDRDWLQJLPHQWRGHVWHVOLPLWHV'HDFRUGRFRPD5HVROXomR QºRHQWHTXHHVWLYHUDFLPDGRVOLPLWHVGHHQGLYLGDPHQWRGHILQLGRVGD5&/SDUD(VWDGRV HGD5&/SDUDRV0XQLFtSLRVWHUiTXLQ]HDQRVSDUDDWLQJLURUHVSHFWLYROLPLWHVHQGRTXH RH[FHVVRGHYHUiVHUGLPLQXtGRHPXPDSURSRUomRGHDFDGDDQR1RVWHUPRVGD/HLGH &ULPHV)LVFDLVDGHVREHGLrQFLDDHVWDUHJUDFRQVWLWXLFULPHGHDomRS~EOLFDSXQLGDFRPSHQD GHGHWHQomR 2VFULPHVFRQWUDDVILQDQoDVS~EOLFDVQmRH[FOXHPRVHXDXWRUGDUHSDUDomRFLYLOGRGDQR FDXVDGRDRSDWULP{QLRS~EOLFR&HUWDPHQWHTXHDSXQLomRFULPLQDOEDVHDGDQD/HLGH&ULPHV )LVFDLV OHYDUi DLQGD R WUDQVJUHVVRU D UHVSRQGHU SRU RXWURV FULPHV DVVRFLDGRV &RQVLGHUDQGR DLQGDTXHR3RGHU/HJLVODWLYRMXQWRFRPRV7ULEXQDLVGH&RQWDVVmRRVyUJmRVFRPSHWHQWHV SDUDDILVFDOL]DomRGDVFRQWDVGDDGPLQLVWUDomRS~EOLFDQRTXHWDQJHDRFXPSULPHQWRGD/5) QmR Ki G~YLGDV GH TXH FUHVFH D LPSRUWkQFLD H R SRGHU GHVWHV yUJmRV FRP D /HL GH 5HV SRQVDELOLGDGH)LVFDO $DSXUDomRGHLUUHJXODULGDGHVSRGHUiVHUUHDOL]DGDDSDUWLUGHVLQGLFkQFLDVSURFHVVRDGPLQLV WUDWLYRGLVFLSOLQDURXPHVPRDSDUWLUGHFRPLVV}HVSDUODPHQWDUHVGHLQTXpULWRHVVDVDSULQFtSLR GHFDUiWHUSROtWLFRPDVFRPGHVGREUDPHQWRVQDHVIHUDMXGLFLDO -iDGHQ~QFLDGHLUUHJXODULGDGHVSRGHUiVHUIHLWDSHORVSUySULRVyUJmRVS~EOLFRVRXSHORFLGDGmR GHYHQGRDVLUUHJXODULGDGHVVHUHPDSXUDGDVDWpTXHVHMDPHVFODUHFLGRVRVIDWRV$OpPGLVVRR FRQYtYLRFRPDLUUHJXODULGDGHVHPDGHQ~QFLDDRVyUJmRVFRPSHWHQWHV7ULEXQDLVGH&RQWDV 0LQLVWpULR3~EOLFRQRVWHUPRVGR&yGLJR3HQDOFRQILJXUDVHFRPRFULPHGHFRQGHVFHQGrQFLD FULPLQRVD 5HVVDOWHVHILQDOPHQWHTXHDUHVSRQVDELOLGDGHSHODJHVWmRS~EOLFDpGRDGPLQLVWUDGRUS~EOLFR RXVHMDGDTXHOHTXHWHPRSRGHUGHGHFLVmR1HVWHFDVRWRPDQGRFRQKHFLPHQWRGHLQIUDo}HV GHQWURGDJHVWmRS~EOLFDWHUiDREULJDomRGHSURPRYHUDDSXUDomRGRVIDWRVVRESHQDGHFULPH GHUHVSRQVDELOLGDGH$/HLGH,PSURELGDGH$GPLQLVWUDWLYDSUHYrDUHVSRQVDELOL]DomRSHVVRDO GRVJHVWRUHVS~EOLFRVLPSRUWDQGRQDSHUGDGRFDUJRLQDELOLWDomRSDUDH[HUFtFLRGHHPSUHJR S~EOLFRSULVmRHPXOWDDUWºGD&)GH &DUORV 3LQWR &RHOKR 0RWD -DLU (GXDUGR 6DQWDQD -RUJH 8OLVVHV -DFRE\ )HUQDQGHV H /pR GD 6LOYD $OYHV HP ´5HVSRQVDELOLGDGH )LVFDOµ ² 'HOUH\ %HOR +RUL]RQWH ² &DStWXOR &2/(7Ç1($'$/(*,6/$d®2 /(,'(5(63216$%,/,'$'(),6&$/ /(,&203/(0(17$51º'('(0$,2'( (VWDEHOHFHQRUPDVGHILQDQoDVS~EOLFDVYROWDGDVSDUD DUHVSRQVDELOLGDGHQDJHVWmRILVFDOHGiRXWUDVSURYL GrQFLDV 235(6,'(17('$5(3Ô%/,&$ )DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH/HL&RPSOHPHQWDU &DStWXOR, ',6326,d¯(635(/,0,1$5(6 $UW º (VWD /HL &RPSOHPHQWDU HVWDEHOHFH QRUPDV GH ILQDQoDV S~EOLFDV YROWDGDV SDUD D UHVSRQVDELOLGDGHQDJHVWmRILVFDOFRPDPSDURQR&DStWXOR,,GR7tWXOR9,GD&RQVWLWXLomR º$UHVSRQVDELOLGDGHQDJHVWmRILVFDOSUHVVXS}HDDomRSODQHMDGDHWUDQVSDUHQWHHPTXHVH SUHYLQHPULVFRVHFRUULJHPGHVYLRVFDSD]HVGHDIHWDURHTXLOtEULRGDVFRQWDVS~EOLFDVPHGLDQWH RFXPSULPHQWRGHPHWDVGHUHVXOWDGRVHQWUHUHFHLWDVHGHVSHVDVHDREHGLrQFLDDOLPLWHVH FRQGLo}HVQRTXHWDQJHDUHQ~QFLDGHUHFHLWDJHUDomRGHGHVSHVDVFRPSHVVRDOGDVHJXULGDGH VRFLDOHRXWUDVGtYLGDVFRQVROLGDGDHPRELOLiULDRSHUDo}HVGHFUpGLWRLQFOXVLYHSRUDQWHFLSDomR GHUHFHLWDFRQFHVVmRGHJDUDQWLDHLQVFULomRHP5HVWRVD3DJDU º$VGLVSRVLo}HVGHVWD/HL&RPSOHPHQWDUREULJDPD8QLmRRV(VWDGRVR'LVWULWR)HGHUDOH RV0XQLFtSLRV º1DVUHIHUrQFLDV ,²j8QLmRDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVHVWmRFRPSUHHQGLGRV DR3RGHU([HFXWLYRR3RGHU/HJLVODWLYRQHVWHDEUDQJLGRVRV7ULEXQDLVGH&RQWDVR3RGHU -XGLFLiULRHR0LQLVWpULR3~EOLFR E DV UHVSHFWLYDV DGPLQLVWUDo}HV GLUHWDV IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV ,,²D(VWDGRVHQWHQGHVHFRQVLGHUDGRR'LVWULWR)HGHUDO ,,,²D7ULEXQDLVGH&RQWDVHVWmRLQFOXtGRV7ULEXQDOGH&RQWDVGD8QLmR7ULEXQDOGH&RQWDV GR (VWDGR H TXDQGR KRXYHU 7ULEXQDO GH &RQWDV GRV 0XQLFtSLRV H 7ULEXQDO GH &RQWDV GR 0XQLFtSLR $UWº3DUDRVHIHLWRVGHVWD/HL&RPSOHPHQWDUHQWHQGHVHFRPR ,²HQWHGD)HGHUDomRD8QLmRFDGD(VWDGRR'LVWULWR)HGHUDOHFDGD0XQLFtSLR ,,²HPSUHVDFRQWURODGDVRFLHGDGHFXMDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRSHUWHQoD GLUHWDRXLQGLUHWDPHQWHDHQWHGD)HGHUDomR ,,,²HPSUHVDHVWDWDOGHSHQGHQWHHPSUHVDFRQWURODGDTXHUHFHEDGRHQWHFRQWURODGRUUHFXUVRV ILQDQFHLURVSDUDSDJDPHQWRGHGHVSHVDVFRPSHVVRDORXGHFXVWHLRHP JHUDORXGHFDSLWDO H[FOXtGRVQR~OWLPRFDVRDTXHOHVSURYHQLHQWHVGHDXPHQWRGHSDUWLFLSDomRDFLRQiULD ,9²UHFHLWDFRUUHQWHOtTXLGDVRPDWyULRGDVUHFHLWDVWULEXWiULDVGHFRQWULEXLo}HVSDWULPRQLDLV LQGXVWULDLV DJURSHFXiULDV GH VHUYLoRV WUDQVIHUrQFLDV FRUUHQWHV H RXWUDV UHFHLWDV WDPEpP FRUUHQWHVGHGX]LGRV DQD8QLmRRVYDORUHVWUDQVIHULGRVDRV(VWDGRVH0XQLFtSLRVSRUGHWHUPLQDomRFRQVWLWXFLRQDO RXOHJDOHDVFRQWULEXLo}HVPHQFLRQDGDVQDDOtQHDDGRLQFLVR,HQRLQFLVR,,GRDUWHQR DUWGD&RQVWLWXLomR EQRV(VWDGRVDVSDUFHODVHQWUHJXHVDRV0XQLFtSLRVSRUGHWHUPLQDomRFRQVWLWXFLRQDO FQD8QLmRQRV(VWDGRVHQRV0XQLFtSLRVDFRQWULEXLomRGRVVHUYLGRUHVSDUDRFXVWHLRGRVHX VLVWHPDGHSUHYLGrQFLDHDVVLVWrQFLDVRFLDOHDVUHFHLWDVSURYHQLHQWHVGDFRPSHQVDomRILQDQFHLUD FLWDGDQRºGRDUWGD&RQVWLWXLomR º6HUmRFRPSXWDGRVQRFiOFXORGDUHFHLWDFRUUHQWHOtTXLGDRVYDORUHVSDJRVHUHFHELGRVHP GHFRUUrQFLDGD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGHHGRIXQGRSUHYLVWRSHOR DUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV º1mRVHUmRFRQVLGHUDGRVQDUHFHLWDFRUUHQWHOtTXLGDGR'LVWULWR)HGHUDOHGRV(VWDGRVGR $PDSiHGH5RUDLPDRVUHFXUVRVUHFHELGRVGD8QLmRSDUDDWHQGLPHQWRGDVGHVSHVDVGHTXH WUDWDRLQFLVR9GRºGRDUW º$UHFHLWDFRUUHQWHOtTXLGDVHUiDSXUDGDVRPDQGRVHDVUHFHLWDVDUUHFDGDGDVQRPrVHP UHIHUrQFLDHQRVRQ]HDQWHULRUHVH[FOXtGDVDVGXSOLFLGDGHV &DStWXOR,, '23/$1(-$0(172 6HomR, 'R3ODQR3OXULDQXDO $UWº9(7$'2 6HomR,, 'D/HLGH'LUHWUL]HV2UoDPHQWiULDV $UWº$OHLGHGLUHWUL]HVRUoDPHQWiULDVDWHQGHUiRGLVSRVWRQRºGRDUWGD&RQVWLWXLomRH ,²GLVSRUiWDPEpPVREUH DHTXLOtEULRHQWUHUHFHLWDVHGHVSHVDV EFULWpULRVHIRUPDGHOLPLWDomRGHHPSHQKRDVHUHIHWLYDGDQDVKLSyWHVHVSUHYLVWDVQDDOtQHD EGRLQFLVR,,GHVWHDUWLJRQRDUWºHQRLQFLVR,,GRºGRDUW F9(7$'2 G9(7$'2 HQRUPDVUHODWLYDVDRFRQWUROHGHFXVWRVHjDYDOLDomRGRVUHVXOWDGRVGRVSURJUDPDVILQDQFLDGRV FRPUHFXUVRVGRVRUoDPHQWRV IGHPDLVFRQGLo}HVHH[LJrQFLDVSDUDWUDQVIHUrQFLDVGHUHFXUVRVDHQWLGDGHVS~EOLFDVHSULYDGDV ,,²9(7$'2 ,,,²9(7$'2 º,QWHJUDUiRSURMHWRGHOHLGHGLUHWUL]HVRUoDPHQWiULDV$QH[RGH0HWDV)LVFDLVHPTXHVHUmR HVWDEHOHFLGDVPHWDVDQXDLVHPYDORUHVFRUUHQWHVHFRQVWDQWHVUHODWLYDVDUHFHLWDVGHVSHVDV UHVXOWDGRVQRPLQDOHSULPiULRHPRQWDQWHGDGtYLGDS~EOLFDSDUDRH[HUFtFLRDTXHVHUHIHULUHP HSDUDRVGRLVVHJXLQWHV º2$QH[RFRQWHUiDLQGD ,²DYDOLDomRGRFXPSULPHQWRGDVPHWDVUHODWLYDVDRDQRDQWHULRU ,,²GHPRQVWUDWLYRGDVPHWDVDQXDLVLQVWUXtGRFRPPHPyULDHPHWRGRORJLDGHFiOFXORTXH MXVWLILTXHP RV UHVXOWDGRV SUHWHQGLGRV FRPSDUDQGRDV FRP DV IL[DGDV QRV WUrV H[HUFtFLRV DQWHULRUHV H HYLGHQFLDQGR D FRQVLVWrQFLD GHODV FRP DV SUHPLVVDV H RV REMHWLYRV GD SROtWLFD HFRQ{PLFDQDFLRQDO ,,,²HYROXomRGRSDWULP{QLROtTXLGRWDPEpPQRV~OWLPRVWUrVH[HUFtFLRVGHVWDFDQGRDRULJHP HDDSOLFDomRGRVUHFXUVRVREWLGRVFRPDDOLHQDomRGHDWLYRV ,9²DYDOLDomRGDVLWXDomRILQDQFHLUDHDWXDULDO DGRVUHJLPHVJHUDOGHSUHYLGrQFLDVRFLDOHSUySULRGRVVHUYLGRUHVS~EOLFRVHGR)XQGRGH $PSDURDR7UDEDOKDGRU EGRVGHPDLVIXQGRVS~EOLFRVHSURJUDPDVHVWDWDLVGHQDWXUH]DDWXDULDO 9 ² GHPRQVWUDWLYR GD HVWLPDWLYD H FRPSHQVDomR GD UHQ~QFLD GH UHFHLWD H GD PDUJHP GH H[SDQVmRGDVGHVSHVDVREULJDWyULDVGHFDUiWHUFRQWLQXDGR º$OHLGHGLUHWUL]HVRUoDPHQWiULDVFRQWHUi$QH[RGH5LVFRV)LVFDLVRQGHVHUmRDYDOLDGRVRV SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV FDSD]HV GH DIHWDU DV FRQWDV S~EOLFDV LQIRUPDQGR DV SURYLGrQFLDVDVHUHPWRPDGDVFDVRVHFRQFUHWL]HP º$PHQVDJHPTXHHQFDPLQKDURSURMHWRGD8QLmRDSUHVHQWDUiHPDQH[RHVSHFtILFRRV REMHWLYRVGDVSROtWLFDVPRQHWiULDFUHGLWtFLDHFDPELDOEHPFRPRRVSDUkPHWURVHDVSURMHo}HV SDUD VHXV SULQFLSDLV DJUHJDGRV H YDULiYHLV H DLQGD DV PHWDV GH LQIODomR SDUD R H[HUFtFLR VXEVHTHQWH 6HomR,,, 'D/HL2UoDPHQWiULD$QXDO $UW º 2 SURMHWR GH OHL RUoDPHQWiULD DQXDO HODERUDGR GH IRUPD FRPSDWtYHO FRP R SODQR SOXULDQXDOFRPDOHLGHGLUHWUL]HVRUoDPHQWiULDVHFRPDVQRUPDVGHVWD/HL&RPSOHPHQWDU ,²FRQWHUiHPDQH[RGHPRQVWUDWLYRGDFRPSDWLELOLGDGHGDSURJUDPDomRGRVRUoDPHQWRVFRP RVREMHWLYRVHPHWDVFRQVWDQWHVGRGRFXPHQWRGHTXHWUDWDRºGRDUWº ,,²VHUiDFRPSDQKDGRGRGRFXPHQWRDTXHVHUHIHUHRºGRDUWGD&RQVWLWXLomREHP FRPR GDV PHGLGDV GH FRPSHQVDomR D UHQ~QFLDV GH UHFHLWD H DR DXPHQWR GH GHVSHVDV REULJDWyULDVGHFDUiWHUFRQWLQXDGR ,,,²FRQWHUiUHVHUYDGHFRQWLQJrQFLDFXMDIRUPDGHXWLOL]DomRHPRQWDQWHGHILQLGRFRPEDVHQD UHFHLWDFRUUHQWHOtTXLGDVHUmRHVWDEHOHFLGRVQDOHLGHGLUHWUL]HVRUoDPHQWiULDVGHVWLQDGDDR D9(7$'2 EDWHQGLPHQWRGHSDVVLYRVFRQWLQJHQWHVHRXWURVULVFRVHHYHQWRVILVFDLVLPSUHYLVWRV º7RGDVDVGHVSHVDVUHODWLYDVjGtYLGDS~EOLFDPRELOLiULDRXFRQWUDWXDOHDVUHFHLWDVTXHDV DWHQGHUmRFRQVWDUmRGDOHLRUoDPHQWiULDDQXDO º2UHILQDQFLDPHQWRGDGtYLGDS~EOLFDFRQVWDUiVHSDUDGDPHQWHQDOHLRUoDPHQWiULDHQDV GHFUpGLWRDGLFLRQDO º$DWXDOL]DomRPRQHWiULDGRSULQFLSDOGDGtYLGDPRELOLiULDUHILQDQFLDGDQmRSRGHUiVXSHUDU DYDULDomRGRtQGLFHGHSUHoRVSUHYLVWRQDOHLGHGLUHWUL]HVRUoDPHQWiULDVRXHPOHJLVODomR HVSHFtILFD ºeYHGDGRFRQVLJQDUQDOHLRUoDPHQWiULDFUpGLWRFRPILQDOLGDGHLPSUHFLVDRXFRPGRWDomR LOLPLWDGD º$OHLRUoDPHQWiULDQmRFRQVLJQDUiGRWDomRSDUDLQYHVWLPHQWRFRPGXUDomRVXSHULRUDXP H[HUFtFLRILQDQFHLURTXHQmRHVWHMDSUHYLVWRQRSODQRSOXULDQXDORXHPOHLTXHDXWRUL]HDVXD LQFOXVmRFRQIRUPHGLVSRVWRQRºGRDUWGD&RQVWLWXLomR º,QWHJUDUmRDVGHVSHVDVGD8QLmRHVHUmRLQFOXtGDVQDOHLRUoDPHQWiULDDVGR%DQFR&HQWUDO GR%UDVLOUHODWLYDVDSHVVRDOHHQFDUJRVVRFLDLVFXVWHLRDGPLQLVWUDWLYRLQFOXVLYHRVGHVWLQDGRVD EHQHItFLRVHDVVLVWrQFLDDRVVHUYLGRUHVHDLQYHVWLPHQWRV º9(7$'2 $UWº9(7$'2 $UWº2UHVXOWDGRGR%DQFR&HQWUDOGR%UDVLODSXUDGRDSyVDFRQVWLWXLomRRXUHYHUVmRGH UHVHUYDV FRQVWLWXL UHFHLWD GR 7HVRXUR 1DFLRQDO H VHUi WUDQVIHULGR DWp R GpFLPR GLD ~WLO VXEVHTHQWHjDSURYDomRGRVEDODQoRVVHPHVWUDLV º2UHVXOWDGRQHJDWLYRFRQVWLWXLUiREULJDomRGR7HVRXURSDUDFRPR%DQFR&HQWUDOGR%UDVLO HVHUiFRQVLJQDGRHPGRWDomRHVSHFtILFDQRRUoDPHQWR º2LPSDFWRHRFXVWRILVFDOGDVRSHUDo}HVUHDOL]DGDVSHOR%DQFR&HQWUDOGR%UDVLOVHUmR GHPRQVWUDGRVWULPHVWUDOPHQWHQRVWHUPRVHPTXHGLVSXVHUDOHLGHGLUHWUL]HVRUoDPHQWiULDV GD8QLmR º2VEDODQoRVWULPHVWUDLVGR%DQFR&HQWUDOGR%UDVLOFRQWHUmRQRWDVH[SOLFDWLYDVVREUH RVFXVWRVGDUHPXQHUDomRGDVGLVSRQLELOLGDGHVGR7HVRXUR1DFLRQDOHGDPDQXWHQomRGDV UHVHUYDVFDPELDLVHDUHQWDELOLGDGHGHVXDFDUWHLUDGHWtWXORVGHVWDFDQGRRVGHHPLVVmRGD 8QLmR 6HomR,9 'D([HFXomR2UoDPHQWiULDHGR&XPSULPHQWRGDV0HWDV $UWº$WpWULQWDGLDVDSyVDSXEOLFDomRGRVRUoDPHQWRVQRVWHUPRVHPTXHGLVSXVHUDOHLGH GLUHWUL]HV RUoDPHQWiULDV H REVHUYDGR R GLVSRVWR QD DOtQHD F GR LQFLVR , GR DUW º R 3RGHU ([HFXWLYR HVWDEHOHFHUi D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD GH H[HFXomR PHQVDO GH GHVHPEROVR 3DUiJUDIR ~QLFR 2V UHFXUVRV OHJDOPHQWH YLQFXODGRV D ILQDOLGDGH HVSHFtILFD VHUmR XWLOL]DGRV H[FOXVLYDPHQWH SDUD DWHQGHU DR REMHWR GH VXD YLQFXODomR DLQGD TXH HP H[HUFtFLR GLYHUVR GDTXHOHHPTXHRFRUUHURLQJUHVVR $UWº6HYHULILFDGRDRILQDOGHXPELPHVWUHTXHDUHDOL]DomRGDUHFHLWDSRGHUiQmRFRPSRUWDU RFXPSULPHQWRGDVPHWDVGHUHVXOWDGRSULPiULRRXQRPLQDOHVWDEHOHFLGDVQR$QH[RGH0HWDV )LVFDLV RV 3RGHUHV H R 0LQLVWpULR 3~EOLFR SURPRYHUmR SRU DWR SUySULR H QRV PRQWDQWHV QHFHVViULRVQRVWULQWDGLDVVXEVHTHQWHVOLPLWDomRGHHPSHQKRHPRYLPHQWDomRILQDQFHLUD VHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º1RFDVRGHUHVWDEHOHFLPHQWRGDUHFHLWDSUHYLVWDDLQGDTXHSDUFLDODUHFRPSRVLomRGDVGRWDo}HV FXMRVHPSHQKRVIRUDPOLPLWDGRVGDUVHiGHIRUPDSURSRUFLRQDOjVUHGXo}HVHIHWLYDGDV º1mRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDVTXHFRQVWLWXDPREULJDo}HVFRQVWLWXFLRQDLVH OHJDLVGRHQWHLQFOXVLYHDTXHODVGHVWLQDGDVDRSDJDPHQWRGRVHUYLoRGDGtYLGDHDVUHVVDOYDGDV SHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º1RFDVRGHRV3RGHUHV/HJLVODWLYRH-XGLFLiULRHR0LQLVWpULR3~EOLFRQmRSURPRYHUHPD OLPLWDomRQRSUD]RHVWDEHOHFLGRQRFDSXWpR3RGHU([HFXWLYRDXWRUL]DGRDOLPLWDURVYDORUHV ILQDQFHLURVVHJXQGRRVFULWpULRVIL[DGRVSHODOHLGHGLUHWUL]HVRUoDPHQWiULDV º$WpRILQDOGRVPHVHVGHPDLRVHWHPEURHIHYHUHLURR3RGHU([HFXWLYRGHPRQVWUDUiH DYDOLDUi R FXPSULPHQWR GDV PHWDV ILVFDLV GH FDGD TXDGULPHVWUH HP DXGLrQFLD S~EOLFD QD FRPLVVmRUHIHULGDQRºGRDUWGD&RQVWLWXLomRRXHTXLYDOHQWHQDV&DVDV/HJLVODWLYDV HVWDGXDLVHPXQLFLSDLV º1RSUD]RGHQRYHQWDGLDVDSyVRHQFHUUDPHQWRGHFDGDVHPHVWUHR%DQFR&HQWUDOGR %UDVLO DSUHVHQWDUi HP UHXQLmR FRQMXQWD GDV FRPLVV}HV WHPiWLFDV SHUWLQHQWHV GR &RQJUHVVR 1DFLRQDODYDOLDomRGRFXPSULPHQWRGRVREMHWLYRVHPHWDVGDVSROtWLFDVPRQHWiULDFUHGLWtFLD H FDPELDO HYLGHQFLDQGR R LPSDFWR H R FXVWR ILVFDO GH VXDV RSHUDo}HV H RV UHVXOWDGRV GHPRQVWUDGRVQRVEDODQoRV $UW$H[HFXomRRUoDPHQWiULDHILQDQFHLUDLGHQWLILFDUiRVEHQHILFLiULRVGHSDJDPHQWRGH VHQWHQoDVMXGLFLDLVSRUPHLRGHVLVWHPDGHFRQWDELOLGDGHHDGPLQLVWUDomRILQDQFHLUDSDUDILQV GHREVHUYkQFLDGDRUGHPFURQROyJLFDGHWHUPLQDGDQRDUWGD&RQVWLWXLomR &DStWXOR,,, '$5(&(,7$3Ô%/,&$ 6HomR, 'D3UHYLVmRHGD$UUHFDGDomR $UW &RQVWLWXHP UHTXLVLWRV HVVHQFLDLV GD UHVSRQVDELOLGDGH QD JHVWmR ILVFDO D LQVWLWXLomR SUHYLVmRHHIHWLYDDUUHFDGDomRGHWRGRVRVWULEXWRVGDFRPSHWrQFLDFRQVWLWXFLRQDOGRHQWHGD )HGHUDomR 3DUiJUDIR~QLFReYHGDGDDUHDOL]DomRGHWUDQVIHUrQFLDVYROXQWiULDVSDUDRHQWHTXHQmRREVHUYH RGLVSRVWRQRFDSXWQRTXHVHUHIHUHDRVLPSRVWRV $UW$VSUHYLV}HVGHUHFHLWDREVHUYDUmRDVQRUPDVWpFQLFDVHOHJDLVFRQVLGHUDUmRRVHIHLWRV GDVDOWHUDo}HVQDOHJLVODomRGDYDULDomRGRtQGLFHGHSUHoRVGRFUHVFLPHQWRHFRQ{PLFRRX GHTXDOTXHURXWURIDWRUUHOHYDQWHHVHUmRDFRPSDQKDGDVGHGHPRQVWUDWLYRGHVXDHYROXomR QRV ~OWLPRV WUrV DQRV GD SURMHomR SDUD RV GRLV VHJXLQWHV jTXHOH D TXH VH UHIHULUHP H GD PHWRGRORJLDGHFiOFXORHSUHPLVVDVXWLOL]DGDV º5HHVWLPDWLYDGHUHFHLWDSRUSDUWHGR3RGHU/HJLVODWLYRVyVHUiDGPLWLGDVHFRPSURYDGR HUURRXRPLVVmRGHRUGHPWpFQLFDRXOHJDO º2PRQWDQWHSUHYLVWRSDUDDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRQmRSRGHUiVHUVXSHULRUDR GDVGHVSHVDVGHFDSLWDOFRQVWDQWHVGRSURMHWRGHOHLRUoDPHQWiULD º23RGHU([HFXWLYRGHFDGDHQWHFRORFDUijGLVSRVLomRGRVGHPDLV3RGHUHVHGR0LQLVWpULR 3~EOLFRQRPtQLPRWULQWDGLDVDQWHVGRSUD]RILQDOSDUDHQFDPLQKDPHQWRGHVXDVSURSRVWDV RUoDPHQWiULDVRVHVWXGRVHDVHVWLPDWLYDVGDVUHFHLWDVSDUDRH[HUFtFLRVXEVHTHQWHLQFOXVLYH GDFRUUHQWHOtTXLGDHDVUHVSHFWLYDVPHPyULDVGHFiOFXOR $UW 1R SUD]R SUHYLVWR QR DUW º DV UHFHLWDV SUHYLVWDV VHUmR GHVGREUDGDV SHOR 3RGHU ([HFXWLYRHPPHWDVELPHVWUDLVGHDUUHFDGDomRFRPDHVSHFLILFDomRHPVHSDUDGRTXDQGR FDEtYHOGDVPHGLGDVGHFRPEDWHjHYDVmRHjVRQHJDomRGDTXDQWLGDGHHYDORUHVGHDo}HV DMXL]DGDVSDUDFREUDQoDGDGtYLGDDWLYDEHPFRPRGDHYROXomRGRPRQWDQWHGRVFUpGLWRV WULEXWiULRVSDVVtYHLVGHFREUDQoDDGPLQLVWUDWLYD 6HomR,, 'D5HQ~QFLDGH5HFHLWD $UW$FRQFHVVmRRXDPSOLDomRGHLQFHQWLYRRXEHQHItFLRGHQDWXUH]DWULEXWiULDGDTXDO GHFRUUDUHQ~QFLDGHUHFHLWDGHYHUiHVWDUDFRPSDQKDGDGHHVWLPDWLYDGRLPSDFWRRUoDPHQWi ULRILQDQFHLURQRH[HUFtFLRHPTXHGHYDLQLFLDUVXDYLJrQFLDHQRVGRLVVHJXLQWHVDWHQGHUDR GLVSRVWRQDOHLGHGLUHWUL]HVRUoDPHQWiULDVHDSHORPHQRVXPDGDVVHJXLQWHVFRQGLo}HV ,²GHPRQVWUDomRSHORSURSRQHQWHGHTXHDUHQ~QFLDIRLFRQVLGHUDGDQDHVWLPDWLYDGHUHFHLWD GDOHLRUoDPHQWiULDQDIRUPDGRDUWHGHTXHQmRDIHWDUiDVPHWDVGHUHVXOWDGRVILVFDLV SUHYLVWDVQRDQH[RSUySULRGDOHLGHGLUHWUL]HVRUoDPHQWiULDV ,,²HVWDUDFRPSDQKDGDGHPHGLGDVGHFRPSHQVDomRQRSHUtRGRPHQFLRQDGRQRFDSXWSRU PHLRGRDXPHQWR GH UHFHLWD SURYHQLHQWH GDHOHYDomRGHDOtTXRWDVDPSOLDomRGDEDVHGH FiOFXORPDMRUDomRRXFULDomRGHWULEXWRRXFRQWULEXLomR º $ UHQ~QFLD FRPSUHHQGH DQLVWLD UHPLVVmR VXEVtGLR FUpGLWR SUHVXPLGR FRQFHVVmR GH LVHQomRHPFDUiWHUQmRJHUDODOWHUDomRGHDOtTXRWDRXPRGLILFDomRGHEDVHGHFiOFXORTXH LPSOLTXHUHGXomRGLVFULPLQDGDGHWULEXWRVRXFRQWULEXLo}HVHRXWURVEHQHItFLRVTXHFRUUHV SRQGDPDWUDWDPHQWRGLIHUHQFLDGR º6HRDWRGHFRQFHVVmRRXDPSOLDomRGRLQFHQWLYRRXEHQHItFLRGHTXHWUDWDRFDSXWGHVWH DUWLJR GHFRUUHU GD FRQGLomR FRQWLGD QR LQFLVR ,, R EHQHItFLR Vy HQWUDUi HP YLJRU TXDQGR LPSOHPHQWDGDVDVPHGLGDVUHIHULGDVQRPHQFLRQDGRLQFLVR º2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFD ,²jVDOWHUDo}HVGDVDOtTXRWDVGRVLPSRVWRVSUHYLVWRVQRVLQFLVRV,,,,9H9GRDUWGD &RQVWLWXLomRQDIRUPDGRVHXº ,, ² DR FDQFHODPHQWR GH GpELWR FXMR PRQWDQWH VHMD LQIHULRU DR GRV UHVSHFWLYRV FXVWRV GH FREUDQoD &DStWXOR,9 '$'(63(6$3Ô%/,&$ 6HomR, 'D*HUDomRGD'HVSHVD $UW 6HUmR FRQVLGHUDGDV QmR DXWRUL]DGDV LUUHJXODUHV H OHVLYDV DR SDWULP{QLR S~EOLFR D JHUDomRGHGHVSHVDRXDVVXQomRGHREULJDomRTXHQmRDWHQGDPRGLVSRVWRQRVDUWVH $UW$FULDomRH[SDQVmRRXDSHUIHLoRDPHQWRGHDomRJRYHUQDPHQWDOTXHDFDUUHWHDXPHQWR GDGHVSHVDVHUiDFRPSDQKDGRGH ,²HVWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLURQRH[HUFtFLRHPTXHGHYDHQWUDUHPYLJRU HQRVGRLVVXEVHTHQWHV ,,²GHFODUDomRGRRUGHQDGRUGDGHVSHVDGHTXHRDXPHQWRWHPDGHTXDomRRUoDPHQWiULDH ILQDQFHLUDFRPDOHLRUoDPHQWiULDDQXDOHFRPSDWLELOLGDGHFRPRSODQRSOXULDQXDOHFRPDOHL GHGLUHWUL]HVRUoDPHQWiULDV º3DUDRVILQVGHVWD/HL&RPSOHPHQWDUFRQVLGHUDVH ,²DGHTXDGDFRPDOHLRUoDPHQWiULDDQXDODGHVSHVDREMHWRGHGRWDomRHVSHFtILFDHVXILFLHQWH RXTXHHVWHMDDEUDQJLGDSRUFUpGLWRJHQpULFRGHIRUPDTXHVRPDGDVWRGDVDVGHVSHVDVGD PHVPDHVSpFLHUHDOL]DGDVHDUHDOL]DUSUHYLVWDVQRSURJUDPDGHWUDEDOKRQmRVHMDPXOWUDSDV VDGRVRVOLPLWHVHVWDEHOHFLGRVSDUDRH[HUFtFLR ,,²FRPSDWtYHOFRPRSODQRSOXULDQXDOHDOHLGHGLUHWUL]HVRUoDPHQWiULDVDGHVSHVDTXHVH FRQIRUPHFRPDVGLUHWUL]HVREMHWLYRVSULRULGDGHVHPHWDVSUHYLVWRVQHVVHVLQVWUXPHQWRVHQmR LQIULQMDTXDOTXHUGHVXDVGLVSRVLo}HV º$HVWLPDWLYDGHTXHWUDWDRLQFLVR,GRFDSXWVHUiDFRPSDQKDGDGDVSUHPLVVDVHPHWRGRORJLD GHFiOFXORXWLOL]DGDV º5HVVDOYDVHGRGLVSRVWRQHVWHDUWLJRDGHVSHVDFRQVLGHUDGDLUUHOHYDQWHQRVWHUPRVHPTXH GLVSXVHUDOHLGHGLUHWUL]HVRUoDPHQWiULDV º$VQRUPDVGRFDSXWFRQVWLWXHPFRQGLomRSUpYLDSDUD ,²HPSHQKRHOLFLWDomRGHVHUYLoRVIRUQHFLPHQWRGHEHQVRXH[HFXomRGHREUDV ,,²GHVDSURSULDomRGHLPyYHLVXUEDQRVDTXHVHUHIHUHRºGRDUWGD&RQVWLWXLomR 6XEVHomR, 'D'HVSHVD2EULJDWyULDGH&DUiWHU&RQWLQXDGR $UW&RQVLGHUDVHREULJDWyULDGHFDUiWHUFRQWLQXDGRDGHVSHVDFRUUHQWHGHULYDGDGHOHL PHGLGDSURYLVyULDRXDWRDGPLQLVWUDWLYRQRUPDWLYRTXHIL[HPSDUDRHQWHDREULJDomROHJDOGH VXDH[HFXomRSRUXPSHUtRGRVXSHULRUDGRLVH[HUFtFLRV º2VDWRVTXHFULDUHPRXDXPHQWDUHPGHVSHVDGHTXHWUDWDRFDSXWGHYHUmRVHULQVWUXtGRV FRPDHVWLPDWLYDSUHYLVWDQRLQFLVR,GRDUWHGHPRQVWUDUDRULJHPGRVUHFXUVRVSDUDVHX FXVWHLR º3DUDHIHLWRGRDWHQGLPHQWRGRºRDWRVHUiDFRPSDQKDGRGHFRPSURYDomRGHTXHD GHVSHVDFULDGDRXDXPHQWDGDQmRDIHWDUiDVPHWDVGHUHVXOWDGRVILVFDLVSUHYLVWDVQRDQH[R UHIHULGR QR º GR DUW º GHYHQGR VHXV HIHLWRV ILQDQFHLURV QRV SHUtRGRV VHJXLQWHV VHU FRPSHQVDGRVSHORDXPHQWRSHUPDQHQWHGHUHFHLWDRXSHODUHGXomRSHUPDQHQWHGHGHVSHVD º3DUDHIHLWRGRºFRQVLGHUDVHDXPHQWRSHUPDQHQWHGHUHFHLWDRSURYHQLHQWHGDHOHYDomR GHDOtTXRWDVDPSOLDomRGDEDVHGHFiOFXORPDMRUDomRRXFULDomRGHWULEXWRRXFRQWULEXLomR º$FRPSURYDomRUHIHULGDQRºDSUHVHQWDGDSHORSURSRQHQWHFRQWHUiDVSUHPLVVDVH PHWRGRORJLDGHFiOFXORXWLOL]DGDVVHPSUHMXt]RGRH[DPHGHFRPSDWLELOLGDGHGDGHVSHVDFRP DVGHPDLVQRUPDVGRSODQRSOXULDQXDOHGDOHLGHGLUHWUL]HVRUoDPHQWiULDV º$GHVSHVDGHTXHWUDWDHVWHDUWLJRQmRVHUiH[HFXWDGDDQWHVGDLPSOHPHQWDomRGDVPHGLGDV UHIHULGDVQRºDVTXDLVLQWHJUDUmRRLQVWUXPHQWRTXHDFULDURXDXPHQWDU º 2GLVSRVWRQR ºQmRVHDSOLFDjVGHVSHVDVGHVWLQDGDVDRVHUYLoRGDGtYLGDQHPDR UHDMXVWDPHQWRGHUHPXQHUDomRGHSHVVRDOGHTXHWUDWDRLQFLVR;GRDUWGD&RQVWLWXLomR º&RQVLGHUDVHDXPHQWRGHGHVSHVDDSURUURJDomRGDTXHODFULDGDSRUSUD]RGHWHUPLQDGR 6HomR,, 'DV'HVSHVDVFRP3HVVRDO 6XEVHomR, 'HILQLo}HVH/LPLWHV $UW3DUDRVHIHLWRVGHVWD/HL&RPSOHPHQWDUHQWHQGHVHFRPRGHVSHVDWRWDOFRPSHVVRDO R VRPDWyULR GRV JDVWRV GR HQWH GD )HGHUDomR FRP RV DWLYRV RV LQDWLYRV H RV SHQVLRQLVWDV UHODWLYRVDPDQGDWRVHOHWLYRVFDUJRVIXQo}HVRXHPSUHJRVFLYLVPLOLWDUHVHGHPHPEURVGH 3RGHUFRPTXDLVTXHUHVSpFLHVUHPXQHUDWyULDVWDLVFRPRYHQFLPHQWRVHYDQWDJHQVIL[DVH YDULiYHLV VXEVtGLRV SURYHQWRV GD DSRVHQWDGRULD UHIRUPDV H SHQV}HV LQFOXVLYH DGLFLRQDLV JUDWLILFDo}HV KRUDV H[WUDV H YDQWDJHQV SHVVRDLV GH TXDOTXHU QDWXUH]D EHP FRPR HQFDUJRV VRFLDLVHFRQWULEXLo}HVUHFROKLGDVSHORHQWHjVHQWLGDGHVGHSUHYLGrQFLD º2VYDORUHVGRVFRQWUDWRVGHWHUFHLUL]DomRGHPmRGHREUDTXHVHUHIHUHPjVXEVWLWXLomR GHVHUYLGRUHVHHPSUHJDGRVS~EOLFRVVHUmRFRQWDELOL]DGRVFRPR´2XWUDV'HVSHVDVGH3HVVRDOµ º$GHVSHVDWRWDOFRPSHVVRDOVHUiDSXUDGDVRPDQGRVHDUHDOL]DGDQRPrVHPUHIHUrQFLD FRPDVGRVRQ]HLPHGLDWDPHQWHDQWHULRUHVDGRWDQGRVHRUHJLPHGHFRPSHWrQFLD $UW3DUDRVILQVGRGLVSRVWRQRFDSXWGRDUWGD&RQVWLWXLomRDGHVSHVDWRWDOFRP SHVVRDOHPFDGDSHUtRGRGHDSXUDomRHHPFDGDHQWHGD)HGHUDomRQmRSRGHUiH[FHGHURV SHUFHQWXDLVGDUHFHLWDFRUUHQWHOtTXLGDDVHJXLUGLVFULPLQDGRV ,²8QLmRFLQTHQWDSRUFHQWR ,,²(VWDGRVVHVVHQWDSRUFHQWR ,,,²0XQLFtSLRVVHVVHQWDSRUFHQWR º1DYHULILFDomRGRDWHQGLPHQWRGRVOLPLWHVGHILQLGRVQHVWHDUWLJRQmRVHUmRFRPSXWDGDV DVGHVSHVDV ,²GHLQGHQL]DomRSRUGHPLVVmRGHVHUYLGRUHVRXHPSUHJDGRV ,,²UHODWLYDVDLQFHQWLYRVjGHPLVVmRYROXQWiULD ,,,²GHULYDGDVGDDSOLFDomRGRGLVSRVWRQRLQFLVR,,GRºGRDUWGD&RQVWLWXLomR ,9²GHFRUUHQWHVGHGHFLVmRMXGLFLDOHGDFRPSHWrQFLDGHSHUtRGRDQWHULRUDRGDDSXUDomRD TXHVHUHIHUHRºGRDUW 9²FRPSHVVRDOGR'LVWULWR)HGHUDOHGRV(VWDGRVGR$PDSiH5RUDLPDFXVWHDGDVFRPUHFXUVRV WUDQVIHULGRVSHOD8QLmRQDIRUPDGRVLQFLVRV;,,,H;,9GRDUWGD&RQVWLWXLomRHGRDUW GD(PHQGD&RQVWLWXFLRQDOQº 9, ² FRP LQDWLYRV DLQGD TXH SRU LQWHUPpGLR GH IXQGR HVSHFtILFR FXVWHDGDV SRU UHFXUVRV SURYHQLHQWHV DGDDUUHFDGDomRGHFRQWULEXLo}HVGRVVHJXUDGRV EGDFRPSHQVDomRILQDQFHLUDGHTXHWUDWDRºGRDUWGD&RQVWLWXLomR FGDVGHPDLVUHFHLWDVGLUHWDPHQWHDUUHFDGDGDVSRUIXQGRYLQFXODGRDWDOILQDOLGDGHLQFOXVLYH RSURGXWRGDDOLHQDomRGHEHQVGLUHLWRVHDWLYRVEHPFRPRVHXVXSHUiYLWILQDQFHLUR º 2EVHUYDGR R GLVSRVWR QR LQFLVR ,9 GR º DV GHVSHVDV FRP SHVVRDO GHFRUUHQWHV GH VHQWHQoDVMXGLFLDLVVHUmRLQFOXtGDVQROLPLWHGRUHVSHFWLYR3RGHURXyUJmRUHIHULGRQRDUW $UW$UHSDUWLomRGRVOLPLWHVJOREDLVGRDUWQmRSRGHUiH[FHGHURVVHJXLQWHVSHUFHQWXDLV ,²QDHVIHUDIHGHUDO DGRLVLQWHLURVHFLQFRGpFLPRVSRUFHQWRSDUDR/HJLVODWLYRLQFOXtGRR7ULEXQDOGH &RQWDVGD8QLmR EVHLVSRUFHQWRSDUDR-XGLFLiULR FTXDUHQWDLQWHLURVHQRYHGpFLPRVSRUFHQWRSDUDR([HFXWLYRGHVWDFDQGRVHWUrV SRUFHQWRSDUDDVGHVSHVDVFRPSHVVRDOGHFRUUHQWHVGRTXHGLVS}HPRVLQFLVRV;,,,H;,9GR DUW GD &RQVWLWXLomR H R DUW GD (PHQGD &RQVWLWXFLRQDO UHSDUWLGRV GH IRUPD SURSRUFLRQDOjPpGLDGDVGHVSHVDVUHODWLYDVDFDGDXPGHVWHVGLVSRVLWLYRVHPSHUFHQWXDOGD UHFHLWDFRUUHQWHOtTXLGDYHULILFDGDVQRVWUrVH[HUFtFLRVILQDQFHLURVLPHGLDWDPHQWHDQWHULRUHVDR GDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU GVHLVGpFLPRVSRUFHQWRSDUDR0LQLVWpULR3~EOLFRGD8QLmR ,,²QDHVIHUDHVWDGXDO DWUrVSRUFHQWRSDUDR/HJLVODWLYRLQFOXtGRR7ULEXQDOGH&RQWDVGR(VWDGR EVHLVSRUFHQWRSDUDR-XGLFLiULR FTXDUHQWDHQRYHSRUFHQWRSDUDR([HFXWLYR GGRLVSRUFHQWRSDUDR0LQLVWpULR3~EOLFRGRV(VWDGRV ,,,²QDHVIHUDPXQLFLSDO DVHLVSRUFHQWRSDUDR/HJLVODWLYRLQFOXtGRR7ULEXQDOGH&RQWDVGR0XQLFtSLRTXDQGRKRXYHU EFLQTHQWDHTXDWURSRUFHQWRSDUDR([HFXWLYR º1RV3RGHUHV/HJLVODWLYRH-XGLFLiULRGHFDGDHVIHUDRVOLPLWHVVHUmRUHSDUWLGRVHQWUHVHXV yUJmRVGHIRUPDSURSRUFLRQDOjPpGLDGDVGHVSHVDVFRPSHVVRDOHPSHUFHQWXDOGDUHFHLWD FRUUHQWH OtTXLGD YHULILFDGDV QRV WUrV H[HUFtFLRV ILQDQFHLURV LPHGLDWDPHQWH DQWHULRUHV DR GD SXEOLFDomRGHVWD/HL&RPSOHPHQWDU º3DUDHIHLWRGHVWHDUWLJRHQWHQGHVHFRPRyUJmR ,²R0LQLVWpULR3~EOLFR ,,²QR3RGHU/HJLVODWLYR D)HGHUDODVUHVSHFWLYDV&DVDVHR7ULEXQDOGH&RQWDVGD8QLmR E(VWDGXDOD$VVHPEOpLD/HJLVODWLYDHRV7ULEXQDLVGH&RQWDV FGR'LVWULWR)HGHUDOD&kPDUD/HJLVODWLYDHR7ULEXQDOGH&RQWDVGR'LVWULWR)HGHUDO G0XQLFLSDOD&kPDUDGH9HUHDGRUHVHR7ULEXQDOGH&RQWDVGR0XQLFtSLRTXDQGRKRXYHU ,,,²QR3RGHU-XGLFLiULR D)HGHUDORVWULEXQDLVUHIHULGRVQRDUWGD&RQVWLWXLomR E(VWDGXDOR7ULEXQDOGH-XVWLoDHRXWURVTXDQGRKRXYHU º2VOLPLWHVSDUDDVGHVSHVDVFRPSHVVRDOGR3RGHU-XGLFLiULRDFDUJRGD8QLmRSRUIRUoDGR LQFLVR;,,,GRDUWGD&RQVWLWXLomRVHUmRHVWDEHOHFLGRVPHGLDQWHDSOLFDomRGDUHJUDGRº º1RV(VWDGRVHPTXHKRXYHU7ULEXQDOGH&RQWDVGRV0XQLFtSLRVRVSHUFHQWXDLVGHILQLGRV QDVDOtQHDVDHFGRLQFLVR,,GRFDSXWVHUmRUHVSHFWLYDPHQWHDFUHVFLGRVHUHGX]LGRVHP TXDWURGpFLPRVSRUFHQWR º 3DUD RV ILQV SUHYLVWRV QR DUW GD &RQVWLWXLomR D HQWUHJD GRV UHFXUVRV ILQDQFHLURV FRUUHVSRQGHQWHVjGHVSHVDWRWDOFRPSHVVRDOSRU3RGHUHyUJmRVHUiDUHVXOWDQWHGDDSOLFDomR GRVSHUFHQWXDLVGHILQLGRVQHVWHDUWLJRRXDTXHOHVIL[DGRVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV º9(7$'2 6XEVHomR,, 'R&RQWUROHGD'HVSHVD7RWDOFRP3HVVRDO $UWeQXORGHSOHQRGLUHLWRRDWRTXHSURYRTXHDXPHQWRGDGHVSHVDFRPSHVVRDOHQmR DWHQGD ,²DVH[LJrQFLDVGRVDUWVHGHVWD/HL&RPSOHPHQWDUHRGLVSRVWRQRLQFLVR;,,,GRDUW HQRºGRDUWGD&RQVWLWXLomR ,,²ROLPLWHOHJDOGHFRPSURPHWLPHQWRDSOLFDGRjVGHVSHVDVFRPSHVVRDOLQDWLYR 3DUiJUDIR~QLFR7DPEpPpQXORGHSOHQRGLUHLWRRDWRGHTXHUHVXOWHDXPHQWRGDGHVSHVD FRPSHVVRDOH[SHGLGRQRVFHQWRHRLWHQWDGLDVDQWHULRUHVDRILQDOGRPDQGDWRGRWLWXODUGR UHVSHFWLYR3RGHURXyUJmRUHIHULGRQRDUW $UW$YHULILFDomRGRFXPSULPHQWRGRVOLPLWHVHVWDEHOHFLGRVQRVDUWVHVHUiUHDOL]DGD DRILQDOGHFDGDTXDGULPHVWUH 3DUiJUDIR~QLFR6HDGHVSHVDWRWDOFRPSHVVRDOH[FHGHUDQRYHQWDHFLQFRSRUFHQWRGR OLPLWHVmRYHGDGRVDR3RGHURXyUJmRUHIHULGRQRDUWTXHKRXYHULQFRUULGRQRH[FHVVR ,²FRQFHVVmRGHYDQWDJHPDXPHQWRUHDMXVWHRXDGHTXDomRGHUHPXQHUDomRDTXDOTXHUWtWXOR VDOYRRVGHULYDGRVGHVHQWHQoDMXGLFLDORXGHGHWHUPLQDomROHJDORXFRQWUDWXDOUHVVDOYDGDD UHYLVmRSUHYLVWDQRLQFLVR;GRDUWGD&RQVWLWXLomR ,,²FULDomRGHFDUJRHPSUHJRRXIXQomR ,,,²DOWHUDomRGHHVWUXWXUDGHFDUUHLUDTXHLPSOLTXHDXPHQWRGHGHVSHVD ,9 ² SURYLPHQWR GH FDUJR S~EOLFR DGPLVVmR RX FRQWUDWDomR GH SHVVRDO D TXDOTXHU WtWXOR UHVVDOYDGDDUHSRVLomRGHFRUUHQWHGHDSRVHQWDGRULDRXIDOHFLPHQWRGHVHUYLGRUHVGDViUHDVGH HGXFDomRVD~GHHVHJXUDQoD 9²FRQWUDWDomRGHKRUDH[WUDVDOYRQRFDVRGRGLVSRVWRQRLQFLVR,,GRºGRDUWGD &RQVWLWXLomRHDVVLWXDo}HVSUHYLVWDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV $UW6HDGHVSHVDWRWDOFRPSHVVRDOGR3RGHURXyUJmRUHIHULGRQRDUWXOWUDSDVVDURV OLPLWHVGHILQLGRVQRPHVPRDUWLJRVHPSUHMXt]RGDVPHGLGDVSUHYLVWDVQRDUWRSHUFHQWXDO H[FHGHQWHWHUiGHVHUHOLPLQDGRQRVGRLVTXDGULPHVWUHVVHJXLQWHVVHQGRSHORPHQRVXPWHUoR QRSULPHLURDGRWDQGRVHHQWUHRXWUDVDVSURYLGrQFLDVSUHYLVWDVQRVºHºGRDUWGD &RQVWLWXLomR º1RFDVRGRLQFLVR,GRºGRDUWGD&RQVWLWXLomRRREMHWLYRSRGHUiVHUDOFDQoDGR WDQWRSHODH[WLQomRGHFDUJRVHIXQo}HVTXDQWRSHODUHGXomRGRVYDORUHVDHOHVDWULEXtGRV ºeIDFXOWDGDDUHGXomRWHPSRUiULDGDMRUQDGDGHWUDEDOKRFRPDGHTXDomRGRVYHQFLPHQWRV jQRYDFDUJDKRUiULD º1mRDOFDQoDGDDUHGXomRQRSUD]RHVWDEHOHFLGRHHQTXDQWRSHUGXUDURH[FHVVRRHQWH QmRSRGHUi ,²UHFHEHUWUDQVIHUrQFLDVYROXQWiULDV ,,²REWHUJDUDQWLDGLUHWDRXLQGLUHWDGHRXWURHQWH ,,,²FRQWUDWDURSHUDo}HVGHFUpGLWRUHVVDOYDGDVDVGHVWLQDGDVDRUHILQDQFLDPHQWRGDGtYLGD PRELOLiULDHDVTXHYLVHPjUHGXomRGDVGHVSHVDVFRPSHVVRDO º$VUHVWULo}HVGRºDSOLFDPVHLPHGLDWDPHQWHVHDGHVSHVDWRWDOFRPSHVVRDOH[FHGHUR OLPLWHQRSULPHLURTXDGULPHVWUHGR~OWLPRDQRGRPDQGDWRGRVWLWXODUHVGH3RGHURXyUJmR UHIHULGRVQRDUW 6HomR,,, 'DV'HVSHVDVFRPD6HJXULGDGH6RFLDO $UW1HQKXPEHQHItFLRRXVHUYLoRUHODWLYRjVHJXULGDGHVRFLDOSRGHUiVHUFULDGRPDMRUDGR RXHVWHQGLGRVHPDLQGLFDomRGDIRQWHGHFXVWHLRWRWDOQRVWHUPRVGRºGRDUWGD &RQVWLWXLomRDWHQGLGDVDLQGDDVH[LJrQFLDVGRDUW ºeGLVSHQVDGDGDFRPSHQVDomRUHIHULGDQRDUWRDXPHQWRGHGHVSHVDGHFRUUHQWHGH ,²FRQFHVVmRGHEHQHItFLRDTXHPVDWLVIDoDDVFRQGLo}HVGHKDELOLWDomRSUHYLVWDQDOHJLVODomR SHUWLQHQWH ,,²H[SDQVmRTXDQWLWDWLYDGRDWHQGLPHQWRHGRVVHUYLoRVSUHVWDGRV ,,,²UHDMXVWDPHQWRGHYDORUGREHQHItFLRRXVHUYLoRDILPGHSUHVHUYDURVHXYDORUUHDO º2GLVSRVWRQHVWHDUWLJRDSOLFDVHDEHQHItFLRRXVHUYLoRGHVD~GHSUHYLGrQFLDHDVVLVWrQFLD VRFLDO LQFOXVLYH RV GHVWLQDGRV DRV VHUYLGRUHV S~EOLFRV H PLOLWDUHV DWLYRV H LQDWLYRV H DRV SHQVLRQLVWDV &DStWXOR9 '$675$16)(5È1&,$692/817É5,$6 $UW3DUDHIHLWRGHVWD/HL&RPSOHPHQWDUHQWHQGHVHSRUWUDQVIHUrQFLDYROXQWiULDDHQWUHJD GHUHFXUVRVFRUUHQWHVRXGHFDSLWDODRXWURHQWHGD)HGHUDomRDWtWXORGHFRRSHUDomRDX[tOLR RXDVVLVWrQFLDILQDQFHLUDTXHQmRGHFRUUDGHGHWHUPLQDomRFRQVWLWXFLRQDOOHJDORXRVGHV WLQDGRVDR6LVWHPDÔQLFRGH6D~GH º6mRH[LJrQFLDVSDUDDUHDOL]DomRGHWUDQVIHUrQFLDYROXQWiULDDOpPGDVHVWDEHOHFLGDVQDOHL GHGLUHWUL]HVRUoDPHQWiULDV ,²H[LVWrQFLDGHGRWDomRHVSHFtILFD ,,²9(7$'2 ,,,²REVHUYkQFLDGRGLVSRVWRQRLQFLVR;GRDUWGD&RQVWLWXLomR ,9²FRPSURYDomRSRUSDUWHGREHQHILFLiULRGH DTXHVHDFKDHPGLDTXDQWRDRSDJDPHQWRGHWULEXWRVHPSUpVWLPRVHILQDQFLDPHQWRVGHYLGRV DRHQWHWUDQVIHULGRUEHPFRPRTXDQWRjSUHVWDomRGHFRQWDVGHUHFXUVRVDQWHULRUPHQWHGHOH UHFHELGRV EFXPSULPHQWRGRVOLPLWHVFRQVWLWXFLRQDLVUHODWLYRVjHGXFDomRHjVD~GH F REVHUYkQFLD GRV OLPLWHV GDV GtYLGDV FRQVROLGDGD H PRELOLiULD GH RSHUDo}HV GH FUpGLWR LQFOXVLYHSRUDQWHFLSDomRGHUHFHLWDGHLQVFULomRHP5HVWRVD3DJDUHGHGHVSHVDWRWDOFRP SHVVRDO GSUHYLVmRRUoDPHQWiULDGHFRQWUDSDUWLGD ºeYHGDGDDXWLOL]DomRGHUHFXUVRVWUDQVIHULGRVHPILQDOLGDGHGLYHUVDGDSDFWXDGD º3DUDILQVGDDSOLFDomRGDVVDQo}HVGHVXVSHQVmRGHWUDQVIHUrQFLDVYROXQWiULDVFRQVWDQWHV GHVWD/HL&RPSOHPHQWDUH[FHWXDPVHDTXHODVUHODWLYDVDDo}HVGHHGXFDomRVD~GHHDVVLV WrQFLDVRFLDO &DStWXOR9, '$'(67,1$d®2'(5(&856263Ô%/,&263$5$26(72535,9$'2 $UW$GHVWLQDomRGHUHFXUVRVSDUDGLUHWDRXLQGLUHWDPHQWHFREULUQHFHVVLGDGHVGHSHVVRDV ItVLFDV RX GpILFLWV GH SHVVRDV MXUtGLFDV GHYHUi VHU DXWRUL]DGD SRU OHL HVSHFtILFD DWHQGHU jV FRQGLo}HVHVWDEHOHFLGDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDVHHVWDUSUHYLVWDQRRUoDPHQWRRXHP VHXVFUpGLWRVDGLFLRQDLV º2GLVSRVWRQRFDSXWDSOLFDVHDWRGDDDGPLQLVWUDomRLQGLUHWDLQFOXVLYHIXQGDo}HVS~EOLFDV HHPSUHVDVHVWDWDLVH[FHWRQRH[HUFtFLRGHVXDVDWULEXLo}HVSUHFtSXDVDVLQVWLWXLo}HVILQDQFHL UDVHR%DQFR&HQWUDOGR%UDVLO º&RPSUHHQGHVHLQFOXtGDDFRQFHVVmRGHHPSUpVWLPRVILQDQFLDPHQWRVHUHILQDQFLDPHQWRV LQFOXVLYHDVUHVSHFWLYDVSURUURJDo}HVHDFRPSRVLomRGHGtYLGDVDFRQFHVVmRGHVXEYHQo}HVH DSDUWLFLSDomRHPFRQVWLWXLomRRXDXPHQWRGHFDSLWDO $UW1DFRQFHVVmRGHFUpGLWRSRUHQWHGD)HGHUDomRDSHVVRDItVLFDRXMXUtGLFDTXHQmR HVWHMD VRE VHX FRQWUROH GLUHWR RX LQGLUHWR RV HQFDUJRV ILQDQFHLURV FRPLVV}HV H GHVSHVDV FRQJrQHUHVQmRVHUmRLQIHULRUHVDRVGHILQLGRVHPOHLRXDRFXVWRGHFDSWDomR 3DUiJUDIR~QLFR'HSHQGHPGHDXWRUL]DomRHPOHLHVSHFtILFDDVSURUURJDo}HVHFRPSRVLo}HV GHGtYLGDVGHFRUUHQWHVGHRSHUDo}HVGHFUpGLWREHPFRPRDFRQFHVVmRGHHPSUpVWLPRVRX ILQDQFLDPHQWRVHPGHVDFRUGRFRPRFDSXWVHQGRRVXEVtGLRFRUUHVSRQGHQWHFRQVLJQDGRQD OHLRUoDPHQWiULD $UW6DOYRPHGLDQWHOHLHVSHFtILFDQmRSRGHUmRVHUXWLOL]DGRVUHFXUVRVS~EOLFRVLQFOXVLYH GHRSHUDo}HVGHFUpGLWRSDUDVRFRUUHULQVWLWXLo}HVGR6LVWHPD)LQDQFHLUR1DFLRQDODLQGDTXH PHGLDQWHDFRQFHVVmRGHHPSUpVWLPRVGHUHFXSHUDomRRXILQDQFLDPHQWRVSDUDPXGDQoDGH FRQWUROHDFLRQiULR º$SUHYHQomRGHLQVROYrQFLDHRXWURVULVFRVILFDUiDFDUJRGHIXQGRVHRXWURVPHFDQLVPRV FRQVWLWXtGRVSHODVLQVWLWXLo}HVGR6LVWHPD)LQDQFHLUR1DFLRQDOQDIRUPDGDOHL º2GLVSRVWRQRFDSXWQmRSURtEHR%DQFR&HQWUDOGR%UDVLOGHFRQFHGHUjVLQVWLWXLo}HVILQDQFHLUDV RSHUDo}HVGHUHGHVFRQWRHGHHPSUpVWLPRVGHSUD]RLQIHULRUDWUH]HQWRVHVHVVHQWDGLDV &DStWXOR9,, '$'Ì9,'$('2(1',9,'$0(172 6HomR, 'HILQLo}HV%iVLFDV $UW3DUDRVHIHLWRVGHVWD/HL&RPSOHPHQWDUVmRDGRWDGDVDVVHJXLQWHVGHILQLo}HV , ² GtYLGD S~EOLFD FRQVROLGDGD RX IXQGDGD PRQWDQWH WRWDO DSXUDGR VHP GXSOLFLGDGH GDV REULJDo}HVILQDQFHLUDVGRHQWHGD)HGHUDomRDVVXPLGDVHPYLUWXGHGHOHLVFRQWUDWRVFRQYrQLRV RXWUDWDGRVHGDUHDOL]DomRGHRSHUDo}HVGHFUpGLWRSDUDDPRUWL]DomRHPSUD]RVXSHULRUD GR]HPHVHV ,, ² GtYLGD S~EOLFD PRELOLiULD GtYLGD S~EOLFD UHSUHVHQWDGD SRU WtWXORV HPLWLGRV SHOD 8QLmR LQFOXVLYHRVGR%DQFR&HQWUDOGR%UDVLO(VWDGRVH0XQLFtSLRV ,,,²RSHUDomRGHFUpGLWRFRPSURPLVVRILQDQFHLURDVVXPLGRHPUD]mRGHP~WXRDEHUWXUDGH FUpGLWRHPLVVmRHDFHLWHGHWtWXORDTXLVLomRILQDQFLDGDGHEHQVUHFHELPHQWRDQWHFLSDGRGH YDORUHVSURYHQLHQWHVGDYHQGDDWHUPRGHEHQVHVHUYLoRVDUUHQGDPHQWRPHUFDQWLOHRXWUDV RSHUDo}HVDVVHPHOKDGDVLQFOXVLYHFRPRXVRGHGHULYDWLYRVILQDQFHLURV ,9²FRQFHVVmRGHJDUDQWLDFRPSURPLVVRGHDGLPSOrQFLDGHREULJDomRILQDQFHLUDRXFRQWUDWXDO DVVXPLGDSRUHQWHGD)HGHUDomRRXHQWLGDGHDHOHYLQFXODGD 9 ² UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD HPLVVmR GH WtWXORV SDUD SDJDPHQWR GR SULQFLSDO DFUHVFLGRGDDWXDOL]DomRPRQHWiULD º(TXLSDUDVHDRSHUDomRGHFUpGLWRDDVVXQomRRUHFRQKHFLPHQWRRXDFRQILVVmRGHGtYLGDV SHORHQWHGD)HGHUDomRVHPSUHMXt]RGRFXPSULPHQWRGDVH[LJrQFLDVGRVDUWVH º6HUiLQFOXtGDQDGtYLGDS~EOLFDFRQVROLGDGDGD8QLmRDUHODWLYDjHPLVVmRGHWtWXORVGH UHVSRQVDELOLGDGHGR%DQFR&HQWUDOGR%UDVLO º7DPEpPLQWHJUDPDGtYLGDS~EOLFDFRQVROLGDGDDVRSHUDo}HVGHFUpGLWRGHSUD]RLQIHULRU DGR]HPHVHVFXMDVUHFHLWDVWHQKDPFRQVWDGRGRRUoDPHQWR º2UHILQDQFLDPHQWRGRSULQFLSDOGDGtYLGDPRELOLiULDQmRH[FHGHUiDRWpUPLQRGHFDGD H[HUFtFLRILQDQFHLURRPRQWDQWHGRILQDOGRH[HUFtFLRDQWHULRUVRPDGRDRGDVRSHUDo}HVGH FUpGLWR DXWRUL]DGDV QR RUoDPHQWR SDUD HVWH HIHLWR H HIHWLYDPHQWH UHDOL]DGDV DFUHVFLGR GH DWXDOL]DomRPRQHWiULD 6HomR,, 'RV/LPLWHVGD'tYLGD3~EOLFDHGDV2SHUDo}HVGH&UpGLWR $UW1RSUD]RGHQRYHQWDGLDVDSyVDSXEOLFDomRGHVWD/HL&RPSOHPHQWDUR3UHVLGHQWHGD 5HS~EOLFDVXEPHWHUiDR ,²6HQDGR)HGHUDOSURSRVWDGHOLPLWHVJOREDLVSDUDRPRQWDQWHGDGtYLGDFRQVROLGDGDGD8QLmR (VWDGRVH0XQLFtSLRVFXPSULQGRRTXHHVWDEHOHFHRLQFLVR9,GRDUWGD&RQVWLWXLomREHP FRPRGHOLPLWHVHFRQGLo}HVUHODWLYRVDRVLQFLVRV9,,9,,,H,;GRPHVPRDUWLJR ,, ² &RQJUHVVR 1DFLRQDO SURMHWR GH OHL TXH HVWDEHOHoD OLPLWHV SDUD R PRQWDQWH GD GtYLGD PRELOLiULDIHGHUDODTXHVHUHIHUHRLQFLVR;,9GRDUWGD&RQVWLWXLomRDFRPSDQKDGRGD GHPRQVWUDomR GH VXD DGHTXDomR DRV OLPLWHV IL[DGRV SDUD D GtYLGD FRQVROLGDGD GD 8QLmR DWHQGLGRRGLVSRVWRQRLQFLVR,GRºGHVWHDUWLJR º$VSURSRVWDVUHIHULGDVQRVLQFLVRV,H,,GRFDSXWHVXDVDOWHUDo}HVFRQWHUmR ,²GHPRQVWUDomRGHTXHRVOLPLWHVHFRQGLo}HVJXDUGDPFRHUrQFLDFRPDVQRUPDVHVWDEHOHFLGDV QHVWD/HL&RPSOHPHQWDUHFRPRVREMHWLYRVGDSROtWLFDILVFDO ,,²HVWLPDWLYDVGRLPSDFWRGDDSOLFDomRGRVOLPLWHVDFDGDXPDGDVWUrVHVIHUDVGHJRYHUQR ,,,²UD]}HVGHHYHQWXDOSURSRVLomRGHOLPLWHVGLIHUHQFLDGRVSRUHVIHUDGHJRYHUQR ,9²PHWRGRORJLDGHDSXUDomRGRVUHVXOWDGRVSULPiULRHQRPLQDO º$VSURSRVWDVPHQFLRQDGDVQRVLQFLVRV,H,,GRFDSXWWDPEpPSRGHUmRVHUDSUHVHQWDGDV HPWHUPRVGHGtYLGDOtTXLGDHYLGHQFLDQGRDIRUPDHDPHWRGRORJLDGHVXDDSXUDomR º2VOLPLWHVGHTXHWUDWDPRVLQFLVRV,H,,GRFDSXWVHUmRIL[DGRVHPSHUFHQWXDOGDUHFHLWD FRUUHQWH OtTXLGD SDUD FDGD HVIHUD GH JRYHUQR H DSOLFDGRV LJXDOPHQWH D WRGRV RV HQWHV GD )HGHUDomRTXHDLQWHJUHPFRQVWLWXLQGRSDUDFDGDXPGHOHVOLPLWHVPi[LPRV º 3DUD ILQVGHYHULILFDomRGRDWHQGLPHQWRGROLPLWHD DSXUDomRGRPRQWDQWHGDGtYLGD FRQVROLGDGDVHUiHIHWXDGDDRILQDOGHFDGDTXDGULPHVWUH º1RSUD]RSUHYLVWRQRDUWºR3UHVLGHQWHGD5HS~EOLFDHQYLDUiDR6HQDGR)HGHUDORXDR &RQJUHVVR 1DFLRQDO FRQIRUPH R FDVR SURSRVWD GH PDQXWHQomR RX DOWHUDomR GRV OLPLWHV H FRQGLo}HVSUHYLVWRVQRVLQFLVRV,H,,GRFDSXW º6HPSUHTXHDOWHUDGRVRVIXQGDPHQWRVGDVSURSRVWDVGHTXHWUDWDHVWHDUWLJRHPUD]mRGH LQVWDELOLGDGH HFRQ{PLFD RX DOWHUDo}HV QDV SROtWLFDV PRQHWiULD RX FDPELDO R 3UHVLGHQWH GD 5HS~EOLFD SRGHUi HQFDPLQKDU DR 6HQDGR )HGHUDO RXDR&RQJUHVVR1DFLRQDO VROLFLWDomRGH UHYLVmRGRVOLPLWHV º2VSUHFDWyULRVMXGLFLDLVQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWRHPTXHKRXYHUHP VLGRLQFOXtGRVLQWHJUDPDGtYLGDFRQVROLGDGDSDUDILQVGHDSOLFDomRGRVOLPLWHV 6HomR,,, 'D5HFRQGXomRGD'tYLGDDRV/LPLWHV $UW6HDGtYLGDFRQVROLGDGDGHXPHQWHGD)HGHUDomRXOWUDSDVVDURUHVSHFWLYROLPLWHDR ILQDOGHXPTXDGULPHVWUHGHYHUiVHUDHOHUHFRQGX]LGDDWpRWpUPLQRGRVWUrVVXEVHTHQWHV UHGX]LQGRRH[FHGHQWHHPSHORPHQRVYLQWHHFLQFRSRUFHQWRQRSULPHLUR º(QTXDQWRSHUGXUDURH[FHVVRRHQWHTXHQHOHKRXYHULQFRUULGR ,²HVWDUiSURLELGRGHUHDOL]DURSHUDomRGHFUpGLWRLQWHUQDRXH[WHUQDLQFOXVLYHSRUDQWHFLSDomR GHUHFHLWDUHVVDOYDGRRUHILQDQFLDPHQWRGRSULQFLSDODWXDOL]DGRGDGtYLGDPRELOLiULD ,,²REWHUiUHVXOWDGRSULPiULRQHFHVViULRjUHFRQGXomRGDGtYLGDDROLPLWHSURPRYHQGRHQWUH RXWUDVPHGLGDVOLPLWDomRGHHPSHQKRQDIRUPDGRDUWº º9HQFLGRRSUD]RSDUDUHWRUQRGDGtYLGDDROLPLWHHHQTXDQWRSHUGXUDURH[FHVVRRHQWH ILFDUiWDPEpPLPSHGLGRGHUHFHEHUWUDQVIHUrQFLDVYROXQWiULDVGD8QLmRRXGR(VWDGR º$VUHVWULo}HVGRºDSOLFDPVHLPHGLDWDPHQWHVHRPRQWDQWHGDGtYLGDH[FHGHUROLPLWH QRSULPHLURTXDGULPHVWUHGR~OWLPRDQRGRPDQGDWRGR&KHIHGR3RGHU([HFXWLYR º 2 0LQLVWpULR GD )D]HQGD GLYXOJDUi PHQVDOPHQWH D UHODomR GRV HQWHV TXH WHQKDP XOWUDSDVVDGRRVOLPLWHVGDVGtYLGDVFRQVROLGDGDHPRELOLiULD º$VQRUPDVGHVWHDUWLJRVHUmRREVHUYDGDVQRVFDVRVGHGHVFXPSULPHQWRGRVOLPLWHVGDGtYLGD PRELOLiULDHGDVRSHUDo}HVGHFUpGLWRLQWHUQDVHH[WHUQDV 6HomR,9 'DV2SHUDo}HVGH&UpGLWR 6XEVHomR, 'D&RQWUDWDomR $UW20LQLVWpULRGD)D]HQGDYHULILFDUiRFXPSULPHQWRGRVOLPLWHVHFRQGLo}HVUHODWLYRVj UHDOL]DomRGHRSHUDo}HVGHFUpGLWRGHFDGDHQWHGD)HGHUDomRLQFOXVLYHGDVHPSUHVDVSRUHOHV FRQWURODGDVGLUHWDRXLQGLUHWDPHQWH º2HQWHLQWHUHVVDGRIRUPDOL]DUiVHXSOHLWRIXQGDPHQWDQGRRHPSDUHFHUGHVHXVyUJmRV WpFQLFRVHMXUtGLFRVGHPRQVWUDQGRDUHODomRFXVWREHQHItFLRRLQWHUHVVHHFRQ{PLFRHVRFLDO GDRSHUDomRHRDWHQGLPHQWRGDVVHJXLQWHVFRQGLo}HV ,²H[LVWrQFLDGHSUpYLDHH[SUHVVDDXWRUL]DomRSDUDDFRQWUDWDomRQRWH[WRGDOHLRUoDPHQWiULD HPFUpGLWRVDGLFLRQDLVRXOHLHVSHFtILFD ,,²LQFOXVmRQRRUoDPHQWRRXHPFUpGLWRVDGLFLRQDLVGRVUHFXUVRVSURYHQLHQWHVGDRSHUDomR H[FHWRQRFDVRGHRSHUDo}HVSRUDQWHFLSDomRGHUHFHLWD ,,,²REVHUYkQFLDGRVOLPLWHVHFRQGLo}HVIL[DGRVSHOR6HQDGR)HGHUDO ,9²DXWRUL]DomRHVSHFtILFDGR6HQDGR)HGHUDOTXDQGRVHWUDWDUGHRSHUDomRGHFUpGLWRH[WHUQR 9²DWHQGLPHQWRGRGLVSRVWRQRLQFLVR,,,GRDUWGD&RQVWLWXLomR 9,²REVHUYkQFLDGDVGHPDLVUHVWULo}HVHVWDEHOHFLGDVQHVWD/HL&RPSOHPHQWDU º$VRSHUDo}HVUHODWLYDVjGtYLGDPRELOLiULDIHGHUDODXWRUL]DGDVQRWH[WRGDOHLRUoDPHQWiULD RX GH FUpGLWRV DGLFLRQDLV VHUmR REMHWR GH SURFHVVR VLPSOLILFDGR TXH DWHQGD jV VXDV HV SHFLILFLGDGHV º3DUDILQVGRGLVSRVWRQRLQFLVR9GRºFRQVLGHUDUVHiHPFDGDH[HUFtFLRILQDQFHLURR WRWDO GRV UHFXUVRV GH RSHUDo}HV GH FUpGLWR QHOH LQJUHVVDGRV H R GDV GHVSHVDV GH FDSLWDO H[HFXWDGDVREVHUYDGRRVHJXLQWH ,²QmRVHUmRFRPSXWDGDVQDVGHVSHVDVGHFDSLWDODVUHDOL]DGDVVREDIRUPDGHHPSUpVWLPRRX ILQDQFLDPHQWRDFRQWULEXLQWHFRPRLQWXLWRGHSURPRYHULQFHQWLYRILVFDOWHQGRSRUEDVHWULEXWR GHFRPSHWrQFLDGRHQWHGD)HGHUDomRVHUHVXOWDUDGLPLQXLomRGLUHWDRXLQGLUHWDGR{QXV GHVWH ,,²VHRHPSUpVWLPRRXILQDQFLDPHQWRDTXHVHUHIHUHRLQFLVR,IRUFRQFHGLGRSRULQVWLWXLomR ILQDQFHLUDFRQWURODGDSHORHQWHGD)HGHUDomRRYDORUGDRSHUDomRVHUiGHGX]LGRGDVGHVSHVDV GHFDSLWDO ,,,²9(7$'2 º6HPSUHMXt]RGDVDWULEXLo}HVSUySULDVGR6HQDGR)HGHUDOHGR%DQFR&HQWUDOGR%UDVLOR 0LQLVWpULR GD )D]HQGD HIHWXDUi R UHJLVWUR HOHWU{QLFR FHQWUDOL]DGR H DWXDOL]DGR GDV GtYLGDV S~EOLFDVLQWHUQDHH[WHUQDJDUDQWLGRRDFHVVRS~EOLFRjVLQIRUPDo}HVTXHLQFOXLUmR ,²HQFDUJRVHFRQGLo}HVGHFRQWUDWDomR ,, ² VDOGRV DWXDOL]DGRV H OLPLWHV UHODWLYRV jV GtYLGDV FRQVROLGDGD H PRELOLiULD RSHUDo}HV GH FUpGLWRHFRQFHVVmRGHJDUDQWLDV º 2V FRQWUDWRV GH RSHUDomR GH FUpGLWR H[WHUQR QmR FRQWHUmR FOiXVXOD TXH LPSRUWH QD FRPSHQVDomRDXWRPiWLFDGHGpELWRVHFUpGLWRV $UW$LQVWLWXLomRILQDQFHLUDTXHFRQWUDWDURSHUDomRGHFUpGLWRFRPHQWHGD)HGHUDomR H[FHWRTXDQGRUHODWLYDjGtYLGDPRELOLiULDRXjH[WHUQDGHYHUiH[LJLUFRPSURYDomRGHTXHD RSHUDomRDWHQGHjVFRQGLo}HVHOLPLWHVHVWDEHOHFLGRV º$RSHUDomRUHDOL]DGDFRPLQIUDomRGRGLVSRVWRQHVWD/HL&RPSOHPHQWDUVHUiFRQVLGHUDGD QXOD SURFHGHQGRVH DR VHX FDQFHODPHQWR PHGLDQWH D GHYROXomR GR SULQFLSDO YHGDGRV R SDJDPHQWRGHMXURVHGHPDLVHQFDUJRVILQDQFHLURV º6HDGHYROXomRQmRIRUHIHWXDGDQRH[HUFtFLRGHLQJUHVVRGRVUHFXUVRVVHUiFRQVLJQDGD UHVHUYDHVSHFtILFDQDOHLRUoDPHQWiULDSDUDRH[HUFtFLRVHJXLQWH º (QTXDQWR QmR HIHWXDGR R FDQFHODPHQWR D DPRUWL]DomR RX FRQVWLWXtGD D UHVHUYD DSOLFDPVHDVVDQo}HVSUHYLVWDVQRVLQFLVRVGRºGRDUW º7DPEpPVHFRQVWLWXLUiUHVHUYDQRPRQWDQWHHTXLYDOHQWHDRH[FHVVRVHQmRDWHQGLGRRGLVSRVWR QRLQFLVR,,,GRDUWGD&RQVWLWXLomRFRQVLGHUDGDVDVGLVSRVLo}HVGRºGRDUW 6XEVHomR,, 'DV9HGDo}HV $UW2%DQFR&HQWUDOGR%UDVLOQmRHPLWLUiWtWXORVGDGtYLGDS~EOLFDDSDUWLUGHGRLVDQRV DSyVDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU $UWeYHGDGDDUHDOL]DomRGHRSHUDomRGHFUpGLWRHQWUHXPHQWHGD)HGHUDomRGLUHWDPHQWH RXSRULQWHUPpGLRGHIXQGRDXWDUTXLDIXQGDomRRXHPSUHVDHVWDWDOGHSHQGHQWHHRXWUR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH VRE D IRUPD GH QRYDomR UHILQDQFLDPHQWRRXSRVWHUJDomRGHGtYLGDFRQWUDtGDDQWHULRUPHQWH º([FHWXDPVHGDYHGDomRDTXHVHUHIHUHRFDSXWDVRSHUDo}HVHQWUHLQVWLWXLomRILQDQFHLUD HVWDWDOHRXWURHQWHGD)HGHUDomRLQFOXVLYHVXDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWDTXHQmR VHGHVWLQHPD ,²ILQDQFLDUGLUHWDRXLQGLUHWDPHQWHGHVSHVDVFRUUHQWHV ,,²UHILQDQFLDUGtYLGDVQmRFRQWUDtGDVMXQWRjSUySULDLQVWLWXLomRFRQFHGHQWH º2GLVSRVWRQRFDSXWQmRLPSHGH(VWDGRVH0XQLFtSLRVGHFRPSUDUWtWXORVGDGtYLGDGD 8QLmRFRPRDSOLFDomRGHVXDVGLVSRQLELOLGDGHV $UWeSURLELGDDRSHUDomRGHFUpGLWRHQWUHXPDLQVWLWXLomRILQDQFHLUDHVWDWDOHRHQWHGD )HGHUDomRTXHDFRQWUROHQDTXDOLGDGHGHEHQHILFLiULRGRHPSUpVWLPR 3DUiJUDIR~QLFR2GLVSRVWRQRFDSXWQmRSURtEHLQVWLWXLomRILQDQFHLUDFRQWURODGDGHDGTXLULU QRPHUFDGRWtWXORVGDGtYLGDS~EOLFDSDUDDWHQGHULQYHVWLPHQWRGHVHXVFOLHQWHVRXWtWXORVGD GtYLGDGHHPLVVmRGD8QLmRSDUDDSOLFDomRGHUHFXUVRVSUySULRV $UW(TXLSDUDPVHDRSHUDo}HVGHFUpGLWRHHVWmRYHGDGRV ,²FDSWDomRGHUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDGHWULEXWRRXFRQWULEXLomRFXMRIDWR JHUDGRUDLQGDQmRWHQKDRFRUULGRVHPSUHMXt]RGRGLVSRVWRQRºGRDUWGD&RQVWLWXLomR ,,²UHFHELPHQWRDQWHFLSDGRGHYDORUHVGHHPSUHVDHPTXHR3RGHU3~EOLFRGHWHQKDGLUHWD RXLQGLUHWDPHQWHDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRVDOYROXFURVHGLYLGHQGRVQD IRUPDGDOHJLVODomR ,,, ² DVVXQomR GLUHWD GH FRPSURPLVVR FRQILVVmR GH GtYLGD RX RSHUDomR DVVHPHOKDGD FRP IRUQHFHGRUGHEHQVPHUFDGRULDVRXVHUYLoRVPHGLDQWHHPLVVmRDFHLWHRXDYDOGHWtWXORGH FUpGLWRQmRVHDSOLFDQGRHVWDYHGDomRDHPSUHVDVHVWDWDLVGHSHQGHQWHV ,9²DVVXQomRGHREULJDomRVHPDXWRUL]DomRRUoDPHQWiULDFRPIRUQHFHGRUHVSDUDSDJDPHQWR DSRVWHULRULGHEHQVHVHUYLoRV 6XEVHomR,,, 'DV2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGH5HFHLWD2UoDPHQWiULD $UW$RSHUDomRGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDGHVWLQDVHDDWHQGHULQVXILFLrQFLDGH FDL[DGXUDQWHRH[HUFtFLRILQDQFHLURHFXPSULUiDVH[LJrQFLDVPHQFLRQDGDVQRDUWHPDLV DVVHJXLQWHV ,²UHDOL]DUVHiVRPHQWHDSDUWLUGRGpFLPRGLDGRLQtFLRGRH[HUFtFLR ,,²GHYHUiVHUOLTXLGDGDFRPMXURVHRXWURVHQFDUJRVLQFLGHQWHVDWpRGLDGH]GHGH]HPEUR GHFDGDDQR ,,,²QmRVHUiDXWRUL]DGDVHIRUHPFREUDGRVRXWURVHQFDUJRVTXHQmRDWD[DGHMXURVGDRSHUDomR REULJDWRULDPHQWHSUHIL[DGDRXLQGH[DGDjWD[DEiVLFDILQDQFHLUDRXjTXHYLHUDHVWDVXEVWLWXLU ,9²HVWDUiSURLELGD DHQTXDQWRH[LVWLURSHUDomRDQWHULRUGDPHVPDQDWXUH]DQmRLQWHJUDOPHQWHUHVJDWDGD EQR~OWLPRDQRGHPDQGDWRGR3UHVLGHQWH*RYHUQDGRURX3UHIHLWR0XQLFLSDO º$VRSHUDo}HVGHTXHWUDWDHVWHDUWLJRQmRVHUmRFRPSXWDGDVSDUDHIHLWRGRTXHGLVS}HR LQFLVR,,,GRDUWGD&RQVWLWXLomRGHVGHTXHOLTXLGDGDVQRSUD]RGHILQLGRQRLQFLVR,,GR FDSXW º$VRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDUHDOL]DGDVSRU(VWDGRVRX0XQLFtSLRV VHUmR HIHWXDGDV PHGLDQWH DEHUWXUD GH FUpGLWR MXQWR j LQVWLWXLomR ILQDQFHLUD YHQFHGRUD HP SURFHVVRFRPSHWLWLYRHOHWU{QLFRSURPRYLGRSHOR%DQFR&HQWUDOGR%UDVLO º2%DQFR&HQWUDOGR%UDVLOPDQWHUiVLVWHPDGHDFRPSDQKDPHQWRHFRQWUROHGRVDOGRGR FUpGLWRDEHUWRHQRFDVRGHLQREVHUYkQFLDGRVOLPLWHVDSOLFDUiDVVDQo}HVFDEtYHLVjLQVWLWXLomR FUHGRUD 6XEVHomR,9 'DV2SHUDo}HVFRPR%DQFR&HQWUDOGR%UDVLO $UW1DVVXDVUHODo}HVFRPHQWHGD)HGHUDomRR%DQFR&HQWUDOGR%UDVLOHVWiVXMHLWRjV YHGDo}HVFRQVWDQWHVGRDUWHPDLVjVVHJXLQWHV ,²FRPSUDGHWtWXORGDGtYLGDQDGDWDGHVXDFRORFDomRQRPHUFDGRUHVVDOYDGRRGLVSRVWRQR ºGHVWHDUWLJR ,,²SHUPXWDDLQGDTXHWHPSRUiULDSRULQWHUPpGLRGHLQVWLWXLomRILQDQFHLUDRXQmRGHWtWXOR GDGtYLGDGHHQWHGD)HGHUDomRSRUWtWXORGDGtYLGDS~EOLFDIHGHUDOEHPFRPRDRSHUDomRGH FRPSUDHYHQGDDWHUPRGDTXHOHWtWXORFXMRHIHLWRILQDOVHMDVHPHOKDQWHjSHUPXWD ,,,²FRQFHVVmRGHJDUDQWLD º2GLVSRVWRQRLQFLVR,,LQILQHQmRVHDSOLFDDRHVWRTXHGH/HWUDVGR%DQFR&HQWUDOGR %UDVLO6pULH(VSHFLDOH[LVWHQWHQDFDUWHLUDGDVLQVWLWXLo}HVILQDQFHLUDVTXHSRGHVHUUHILQDQFLDGR PHGLDQWHQRYDVRSHUDo}HVGHYHQGDDWHUPR º2%DQFR&HQWUDOGR%UDVLOVySRGHUiFRPSUDUGLUHWDPHQWHWtWXORVHPLWLGRVSHOD8QLmRSDUD UHILQDQFLDUDGtYLGDPRELOLiULDIHGHUDOTXHHVWLYHUYHQFHQGRQDVXDFDUWHLUD º$RSHUDomRPHQFLRQDGDQRºGHYHUiVHUUHDOL]DGDjWD[DPpGLDHFRQGLo}HVDOFDQoDGDV QRGLDHPOHLOmRS~EOLFR º e YHGDGR DR 7HVRXUR 1DFLRQDO DGTXLULU WtWXORV GD GtYLGD S~EOLFD IHGHUDO H[LVWHQWHV QD FDUWHLUDGR%DQFR&HQWUDOGR%UDVLODLQGDTXHFRPFOiXVXODGHUHYHUVmRVDOYRSDUDUHGX]LUD GtYLGDPRELOLiULD 6HomR9 'D*DUDQWLDHGD&RQWUDJDUDQWLD $UW2VHQWHVSRGHUmRFRQFHGHUJDUDQWLDHPRSHUDo}HVGHFUpGLWRLQWHUQDVRXH[WHUQDV REVHUYDGRVRGLVSRVWRQHVWHDUWLJRDVQRUPDVGRDUWHQRFDVRGD8QLmRWDPEpPRVOLPLWHV HDVFRQGLo}HVHVWDEHOHFLGRVSHOR6HQDGR)HGHUDO º $ JDUDQWLD HVWDUi FRQGLFLRQDGD DR RIHUHFLPHQWR GH FRQWUDJDUDQWLD HP YDORU LJXDO RX VXSHULRUDRGDJDUDQWLDDVHUFRQFHGLGDHjDGLPSOrQFLDGDHQWLGDGHTXHDSOHLWHDUUHODWLYD PHQWHDVXDVREULJDo}HVMXQWRDRJDUDQWLGRUHjVHQWLGDGHVSRUHVWHFRQWURODGDVREVHUYDGRR VHJXLQWH ,²QmRVHUiH[LJLGDFRQWUDJDUDQWLDGHyUJmRVHHQWLGDGHVGRSUySULRHQWH ,,²DFRQWUDJDUDQWLDH[LJLGDSHOD8QLmRD(VWDGRRX0XQLFtSLRRXSHORV(VWDGRVDRV0XQLFtSLRV SRGHUiFRQVLVWLUQDYLQFXODomRGHUHFHLWDVWULEXWiULDVGLUHWDPHQWHDUUHFDGDGDVHSURYHQLHQWHV GH WUDQVIHUrQFLDV FRQVWLWXFLRQDLV FRP RXWRUJD GH SRGHUHV DR JDUDQWLGRU SDUD UHWrODV H HPSUHJDURUHVSHFWLYRYDORUQDOLTXLGDomRGDGtYLGDYHQFLGD º1RFDVRGHRSHUDomRGHFUpGLWRMXQWRDRUJDQLVPRILQDQFHLURLQWHUQDFLRQDORXDLQVWLWXLomR IHGHUDOGHFUpGLWRHIRPHQWRSDUDRUHSDVVHGHUHFXUVRVH[WHUQRVD8QLmRVySUHVWDUiJDUDQWLD D HQWH TXH DWHQGD DOpP GR GLVSRVWR QR º DV H[LJrQFLDV OHJDLV SDUD R UHFHELPHQWR GH WUDQVIHUrQFLDVYROXQWiULDV º9(7$'2 º9(7$'2 ºeQXODDJDUDQWLDFRQFHGLGDDFLPDGRVOLPLWHVIL[DGRVSHOR6HQDGR)HGHUDO ºeYHGDGRjVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWDLQFOXVLYHVXDVHPSUHVDVFRQWURODGDVH VXEVLGLiULDVFRQFHGHUJDUDQWLDDLQGDTXHFRPUHFXUVRVGHIXQGRV º2GLVSRVWRQRºQmRVHDSOLFDjFRQFHVVmRGHJDUDQWLDSRU ,²HPSUHVDFRQWURODGDDVXEVLGLiULDRXFRQWURODGDVXDQHPjSUHVWDomRGHFRQWUDJDUDQWLDQDV PHVPDVFRQGLo}HV ,,²LQVWLWXLomRILQDQFHLUDDHPSUHVDQDFLRQDOQRVWHUPRVGDOHL º([FHWXDVHGRGLVSRVWRQHVWHDUWLJRDJDUDQWLDSUHVWDGD ,²SRULQVWLWXLo}HVILQDQFHLUDVHVWDWDLVTXHVHVXEPHWHUmRjVQRUPDVDSOLFiYHLVjVLQVWLWXLo}HV ILQDQFHLUDVSULYDGDVGHDFRUGRFRPDOHJLVODomRSHUWLQHQWH ,,²SHOD8QLmRQDIRUPDGHOHLIHGHUDODHPSUHVDVGHQDWXUH]DILQDQFHLUDSRUHODFRQWURODGDV GLUHWDHLQGLUHWDPHQWHTXDQWRjVRSHUDo}HVGHVHJXURGHFUpGLWRjH[SRUWDomR º4XDQGRKRQUDUHPGtYLGDGHRXWURHQWHHPUD]mRGHJDUDQWLDSUHVWDGDD8QLmRHRV(VWDGRV SRGHUmRFRQGLFLRQDUDVWUDQVIHUrQFLDVFRQVWLWXFLRQDLVDRUHVVDUFLPHQWRGDTXHOHSDJDPHQWR 2 HQWH GD )HGHUDomR FXMD GtYLGD WLYHU VLGR KRQUDGD SHOD 8QLmR RX SRU (VWDGR HP GHFRUUrQFLD GH JDUDQWLD SUHVWDGD HP RSHUDomR GH FUpGLWR WHUi VXVSHQVR R DFHVVR D QRYRV FUpGLWRVRXILQDQFLDPHQWRVDWpDWRWDOOLTXLGDomRGDPHQFLRQDGDGtYLGD 6HomR9, 'RV5HVWRVD3DJDU $UW9(7$'2 $UWeYHGDGRDRWLWXODUGH3RGHURXyUJmRUHIHULGRQRDUWQRV~OWLPRVGRLVTXDGULPHVWUHV GR VHX PDQGDWRFRQWUDLUREULJDomRGHGHVSHVDTXHQmRSRVVDVHUFXPSULGDLQWHJUDOPHQWH GHQWURGHOHRXTXHWHQKDSDUFHODVDVHUHPSDJDVQRH[HUFtFLRVHJXLQWHVHPTXHKDMDVXILFLHQWH GLVSRQLELOLGDGHGHFDL[DSDUDHVWHHIHLWR 3DUiJUDIR~QLFR1DGHWHUPLQDomRGDGLVSRQLELOLGDGHGHFDL[DVHUmRFRQVLGHUDGRVRVHQFDUJRV HGHVSHVDVFRPSURPLVVDGDVDSDJDUDWpRILQDOGRH[HUFtFLR &DStWXOR9,,, '$*(67®23$75,021,$/ 6HomR, 'DV'LVSRQLELOLGDGHVGH&DL[D $UW $V GLVSRQLELOLGDGHV GH FDL[D GRV HQWHV GD )HGHUDomR VHUmR GHSRVLWDGDV FRQIRUPH HVWDEHOHFHRºGRDUWGD&RQVWLWXLomR º $V GLVSRQLELOLGDGHV GH FDL[D GRV UHJLPHV GH SUHYLGrQFLD VRFLDO JHUDO H SUySULR GRV VHUYLGRUHVS~EOLFRVDLQGDTXHYLQFXODGDVDIXQGRVHVSHFtILFRVDTXHVHUHIHUHPRVDUWVH GD&RQVWLWXLomRILFDUmRGHSRVLWDGDVHPFRQWDVHSDUDGDGDVGHPDLVGLVSRQLELOLGDGHVGH FDGDHQWHHDSOLFDGDVQDVFRQGLo}HVGHPHUFDGRFRPREVHUYkQFLDGRVOLPLWHVHFRQGLo}HVGH SURWHomRHSUXGrQFLDILQDQFHLUD ºeYHGDGDDDSOLFDomRGDVGLVSRQLELOLGDGHVGHTXHWUDWDRºHP ,²WtWXORVGDGtYLGDS~EOLFDHVWDGXDOHPXQLFLSDOEHPFRPRHPDo}HVHRXWURVSDSpLVUHODWLYRV jVHPSUHVDVFRQWURODGDVSHORUHVSHFWLYRHQWHGD)HGHUDomR ,,²HPSUpVWLPRVGHTXDOTXHUQDWXUH]DDRVVHJXUDGRVHDR3RGHU3~EOLFRLQFOXVLYHDVXDV HPSUHVDVFRQWURODGDV 6HomR,, 'D3UHVHUYDomRGR3DWULP{QLR3~EOLFR $UWeYHGDGDDDSOLFDomRGDUHFHLWDGHFDSLWDOGHULYDGDGDDOLHQDomRGHEHQVHGLUHLWRVTXH LQWHJUDPRSDWULP{QLRS~EOLFRSDUDRILQDQFLDPHQWRGHGHVSHVDFRUUHQWHVDOYRVHGHVWLQDGD SRUOHLDRVUHJLPHVGHSUHYLGrQFLDVRFLDOJHUDOHSUySULRGRVVHUYLGRUHVS~EOLFRV $UW2EVHUYDGRRGLVSRVWRQRºGRDUWºDOHLRUoDPHQWiULDHDVGHFUpGLWRVDGLFLRQDLV VyLQFOXLUmRQRYRVSURMHWRVDSyVDGHTXDGDPHQWHDWHQGLGRVRVHPDQGDPHQWRHFRQWHPSODGDV DV GHVSHVDV GH FRQVHUYDomR GR SDWULP{QLR S~EOLFR QRV WHUPRV HP TXH GLVSXVHU D OHL GH GLUHWUL]HVRUoDPHQWiULDV 3DUiJUDIR~QLFR23RGHU([HFXWLYRGHFDGDHQWHHQFDPLQKDUiDR/HJLVODWLYRDWpDGDWDGR HQYLRGRSURMHWRGHOHLGHGLUHWUL]HVRUoDPHQWiULDVUHODWyULRFRPDVLQIRUPDo}HVQHFHVViULDV DRFXPSULPHQWRGRGLVSRVWRQHVWHDUWLJRDRTXDOVHUiGDGDDPSODGLYXOJDomR $UW e QXOR GH SOHQR GLUHLWR DWR GH GHVDSURSULDomR GH LPyYHO XUEDQR H[SHGLGR VHP R DWHQGLPHQWRGRGLVSRVWRQRºGRDUWGD&RQVWLWXLomRRXSUpYLRGHSyVLWRMXGLFLDOGR YDORUGDLQGHQL]DomR 6HomR,,, 'DV(PSUHVDV&RQWURODGDVSHOR6HWRU3~EOLFR $UW$HPSUHVDFRQWURODGDTXHILUPDUFRQWUDWRGHJHVWmRHPTXHVHHVWDEHOHoDPREMHWLYRV H PHWDVGHGHVHPSHQKRQDIRUPD GDOHL GLVSRUiGHDXWRQRPLDJHUHQFLDORUoDPHQWiULDH ILQDQFHLUDVHPSUHMXt]RGRGLVSRVWRQRLQFLVR,,GRºGRDUWGD&RQVWLWXLomR 3DUiJUDIR~QLFR$HPSUHVDFRQWURODGDLQFOXLUiHPVHXVEDODQoRVWULPHVWUDLVQRWDH[SOLFDWLYD HPTXHLQIRUPDUi , ² IRUQHFLPHQWR GH EHQV H VHUYLoRV DR FRQWURODGRU FRP UHVSHFWLYRV SUHoRV H FRQGLo}HV FRPSDUDQGRRVFRPRVSUDWLFDGRVQRPHUFDGR ,,²UHFXUVRVUHFHELGRVGRFRQWURODGRUDTXDOTXHUWtWXORHVSHFLILFDQGRYDORUIRQWHHGHVWLQDomR ,,,²YHQGDGHEHQVSUHVWDomRGHVHUYLoRVRXFRQFHVVmRGHHPSUpVWLPRVHILQDQFLDPHQWRVFRP SUHoRVWD[DVSUD]RVRXFRQGLo}HVGLIHUHQWHVGRVYLJHQWHVQRPHUFDGR &DStWXOR,; '$75$163$5È1&,$&21752/((),6&$/,=$d®2 6HomR, 'D7UDQVSDUrQFLDGD*HVWmR)LVFDO $UW 6mR LQVWUXPHQWRV GH WUDQVSDUrQFLD GD JHVWmR ILVFDO DRV TXDLV VHUi GDGD DPSOD GLYXOJDomRLQFOXVLYHHPPHLRVHOHWU{QLFRVGHDFHVVRS~EOLFRRVSODQRVRUoDPHQWRVHOHLVGH GLUHWUL]HVRUoDPHQWiULDVDVSUHVWDo}HVGHFRQWDVHRUHVSHFWLYRSDUHFHUSUpYLRR5HODWyULR 5HVXPLGRGD([HFXomR2UoDPHQWiULDHR5HODWyULRGH*HVWmR)LVFDOHDVYHUV}HVVLPSOLILFDGDV GHVVHVGRFXPHQWRV 3DUiJUDIR~QLFR$WUDQVSDUrQFLDVHUiDVVHJXUDGDWDPEpPPHGLDQWHLQFHQWLYRjSDUWLFLSDomR SRSXODUHUHDOL]DomRGHDXGLrQFLDVS~EOLFDVGXUDQWHRVSURFHVVRVGHHODERUDomRHGHGLVFXVVmR GRVSODQRVOHLGHGLUHWUL]HVRUoDPHQWiULDVHRUoDPHQWRV $UW$VFRQWDVDSUHVHQWDGDVSHOR&KHIHGR3RGHU([HFXWLYRILFDUmRGLVSRQtYHLVGXUDQWH WRGR R H[HUFtFLR QR UHVSHFWLYR 3RGHU /HJLVODWLYR H QR yUJmR WpFQLFR UHVSRQViYHO SHOD VXD HODERUDomRSDUDFRQVXOWDHDSUHFLDomRSHORVFLGDGmRVHLQVWLWXLo}HVGDVRFLHGDGH 3DUiJUDIR~QLFR$SUHVWDomRGHFRQWDVGD8QLmRFRQWHUiGHPRQVWUDWLYRVGR7HVRXUR1DFLRQDO HGDVDJrQFLDVILQDQFHLUDVRILFLDLVGHIRPHQWRLQFOXtGRR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR (FRQ{PLFRH6RFLDOHVSHFLILFDQGRRVHPSUpVWLPRVHILQDQFLDPHQWRVFRQFHGLGRVFRPUHFXUVRV RULXQGRV GRV RUoDPHQWRV ILVFDO H GD VHJXULGDGH VRFLDO H QR FDVR GDV DJrQFLDV ILQDQFHLUDV DYDOLDomRFLUFXQVWDQFLDGDGRLPSDFWRILVFDOGHVXDVDWLYLGDGHVQRH[HUFtFLR 6HomR,, 'D(VFULWXUDomRH&RQVROLGDomRGDV&RQWDV $UW$OpPGHREHGHFHUjVGHPDLVQRUPDVGHFRQWDELOLGDGHS~EOLFDDHVFULWXUDomRGDVFRQWDV S~EOLFDVREVHUYDUiDVVHJXLQWHV ,²DGLVSRQLELOLGDGHGHFDL[DFRQVWDUiGHUHJLVWURSUySULRGHPRGRTXHRVUHFXUVRVYLQFXODGRV D yUJmR IXQGR RX GHVSHVD REULJDWyULD ILTXHP LGHQWLILFDGRV H HVFULWXUDGRV GH IRUPD LQ GLYLGXDOL]DGD ,,²DGHVSHVDHDDVVXQomRGHFRPSURPLVVRVHUmRUHJLVWUDGDVVHJXQGRRUHJLPHGHFRPSHWrQFLD DSXUDQGRVHHPFDUiWHUFRPSOHPHQWDURUHVXOWDGRGRVIOX[RVILQDQFHLURVSHORUHJLPHGHFDL[D ,,,²DVGHPRQVWUDo}HVFRQWiEHLVFRPSUHHQGHUmRLVRODGDHFRQMXQWDPHQWHDVWUDQVDo}HVH RSHUDo}HVGHFDGDyUJmRIXQGRRXHQWLGDGHGDDGPLQLVWUDomRGLUHWDDXWiUTXLFDHIXQGDFLRQDO LQFOXVLYHHPSUHVDHVWDWDOGHSHQGHQWH ,9²DVUHFHLWDVHGHVSHVDVSUHYLGHQFLiULDVVHUmRDSUHVHQWDGDVHPGHPRQVWUDWLYRVILQDQFHLURV HRUoDPHQWiULRVHVSHFtILFRV 9²DVRSHUDo}HVGHFUpGLWRDVLQVFULo}HVHP5HVWRVD3DJDUHDVGHPDLVIRUPDVGHILQDQFLDPHQWR RXDVVXQomRGHFRPSURPLVVRVMXQWRDWHUFHLURVGHYHUmRVHUHVFULWXUDGDVGHPRGRDHYLGHQFLDU RPRQWDQWHHDYDULDomRGDGtYLGDS~EOLFDQRSHUtRGRGHWDOKDQGRSHORPHQRVDQDWXUH]DH RWLSRGHFUHGRU 9, ² D GHPRQVWUDomR GDV YDULDo}HV SDWULPRQLDLV GDUi GHVWDTXH j RULJHP H DR GHVWLQR GRV UHFXUVRVSURYHQLHQWHVGDDOLHQDomRGHDWLYRV º1RFDVRGDVGHPRQVWUDo}HVFRQMXQWDVH[FOXLUVHmRDVRSHUDo}HVLQWUDJRYHUQDPHQWDLV º$HGLomRGHQRUPDVJHUDLVSDUDFRQVROLGDomRGDVFRQWDVS~EOLFDVFDEHUiDRyUJmRFHQWUDO GHFRQWDELOLGDGHGD8QLmRHQTXDQWRQmRLPSODQWDGRRFRQVHOKRGHTXHWUDWDRDUW º$$GPLQLVWUDomR3~EOLFDPDQWHUiVLVWHPDGHFXVWRVTXHSHUPLWDDDYDOLDomRHRDFRPSD QKDPHQWRGDJHVWmRRUoDPHQWiULDILQDQFHLUDHSDWULPRQLDO $UW23RGHU([HFXWLYRGD8QLmRSURPRYHUiDWpRGLDWULQWDGHMXQKRDFRQVROLGDomR QDFLRQDOHSRUHVIHUDGHJRYHUQRGDVFRQWDVGRVHQWHVGD)HGHUDomRUHODWLYDVDRH[HUFtFLR DQWHULRUHDVXDGLYXOJDomRLQFOXVLYHSRUPHLRHOHWU{QLFRGHDFHVVRS~EOLFR º2V(VWDGRVHRV0XQLFtSLRVHQFDPLQKDUmRVXDVFRQWDVDR3RGHU([HFXWLYRGD8QLmRQRV VHJXLQWHVSUD]RV ,²0XQLFtSLRVFRPFySLDSDUDR3RGHU([HFXWLYRGRUHVSHFWLYR(VWDGRDWpWULQWDGHDEULO ,,²(VWDGRVDWpWULQWDHXPGHPDLR º2GHVFXPSULPHQWRGRVSUD]RVSUHYLVWRVQHVWHDUWLJRLPSHGLUiDWpTXHDVLWXDomRVHMD UHJXODUL]DGD TXH R HQWH GD )HGHUDomR UHFHED WUDQVIHUrQFLDV YROXQWiULDV H FRQWUDWH RSHUD o}HVGHFUpGLWRH[FHWRDVGHVWLQDGDVDRUHILQDQFLDPHQWRGRSULQFLSDODWXDOL]DGRGDGtYLGD PRELOLiULD 6HomR,,, 'R5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULD $UW2UHODWyULRDTXHVHUHIHUHRºGRDUWGD&RQVWLWXLomRDEUDQJHUiWRGRVRV3RGHUHV HR0LQLVWpULR3~EOLFRVHUiSXEOLFDGRDWpWULQWDGLDVDSyVRHQFHUUDPHQWRGHFDGDELPHVWUHH FRPSRVWRGH ,²EDODQoRRUoDPHQWiULRTXHHVSHFLILFDUiSRUFDWHJRULDHFRQ{PLFDDV DUHFHLWDVSRUIRQWHLQIRUPDQGRDVUHDOL]DGDVHDUHDOL]DUEHPFRPRDSUHYLVmRDWXDOL]DGD E GHVSHVDV SRU JUXSR GH QDWXUH]D GLVFULPLQDQGR D GRWDomR SDUD R H[HUFtFLR D GHVSHVD OLTXLGDGDHRVDOGR ,,²GHPRQVWUDWLYRVGDH[HFXomRGDV D UHFHLWDV SRU FDWHJRULD HFRQ{PLFD H IRQWH HVSHFLILFDQGR D SUHYLVmR LQLFLDO D SUHYLVmR DWXDOL]DGDSDUDRH[HUFtFLRDUHFHLWDUHDOL]DGDQRELPHVWUHDUHDOL]DGDQRH[HUFtFLRHDSUHYLVmR DUHDOL]DU EGHVSHVDVSRUFDWHJRULDHFRQ{PLFDHJUXSRGHQDWXUH]DGDGHVSHVDGLVFULPLQDQGRGRWDomR LQLFLDOGRWDomRSDUDRH[HUFtFLRGHVSHVDVHPSHQKDGDHOLTXLGDGDQRELPHVWUHHQRH[HUFtFLR FGHVSHVDVSRUIXQomRHVXEIXQomR º2VYDORUHVUHIHUHQWHVDRUHILQDQFLDPHQWRGDGtYLGDPRELOLiULDFRQVWDUmRGHVWDFDGDPHQWH QDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRHQDVGHVSHVDVFRPDPRUWL]DomRGDGtYLGD º2GHVFXPSULPHQWRGRSUD]RSUHYLVWRQHVWHDUWLJRVXMHLWDRHQWHjVVDQo}HVSUHYLVWDVQR ºGRDUW $UW$FRPSDQKDUmRR5HODWyULR5HVXPLGRGHPRQVWUDWLYRVUHODWLYRVD ,²DSXUDomRGDUHFHLWDFRUUHQWHOtTXLGDQDIRUPDGHILQLGDQRLQFLVR,9GRDUWºVXDHYROXomR DVVLPFRPRDSUHYLVmRGHVHXGHVHPSHQKRDWpRILQDOGRH[HUFtFLR ,,²UHFHLWDVHGHVSHVDVSUHYLGHQFLiULDVDTXHVHUHIHUHRLQFLVR,9GRDUW ,,,²UHVXOWDGRVQRPLQDOHSULPiULR ,9²GHVSHVDVFRPMXURVQDIRUPDGRLQFLVR,,GRDUWº 9²5HVWRVD3DJDUGHWDOKDQGRSRU3RGHUHyUJmRUHIHULGRQRDUWRVYDORUHVLQVFULWRVRV SDJDPHQWRVUHDOL]DGRVHRPRQWDQWHDSDJDU º 2 UHODWyULR UHIHUHQWH DR ~OWLPR ELPHVWUH GR H[HUFtFLR VHUi DFRPSDQKDGR WDPEpP GH GHPRQVWUDWLYRV ,²GRDWHQGLPHQWRGRGLVSRVWRQRLQFLVR,,,GRDUWGD&RQVWLWXLomRFRQIRUPHRºGR DUW ,,²GDVSURMHo}HVDWXDULDLVGRVUHJLPHVGHSUHYLGrQFLDVRFLDOJHUDOHSUySULRGRVVHUYLGRUHV S~EOLFRV ,,,²GDYDULDomRSDWULPRQLDOHYLGHQFLDQGRDDOLHQDomRGHDWLYRVHDDSOLFDomRGRVUHFXUVRVGHOD GHFRUUHQWHV º4XDQGRIRURFDVRVHUmRDSUHVHQWDGDVMXVWLILFDWLYDV ,²GDOLPLWDomRGHHPSHQKR ,,²GDIUXVWUDomRGHUHFHLWDVHVSHFLILFDQGRDVPHGLGDVGHFRPEDWHjVRQHJDomRHjHYDVmR ILVFDODGRWDGDVHDDGRWDUHDVDo}HVGHILVFDOL]DomRHFREUDQoD 6HomR,9 'R5HODWyULRGH*HVWmR)LVFDO $UW$RILQDOGHFDGDTXDGULPHVWUHVHUiHPLWLGRSHORVWLWXODUHVGRV3RGHUHVHyUJmRVUHIHULGRV QRDUW5HODWyULRGH*HVWmR)LVFDODVVLQDGRSHOR ,²&KHIHGR3RGHU([HFXWLYR ,,²3UHVLGHQWHHGHPDLVPHPEURVGD0HVD'LUHWRUDRXyUJmRGHFLVyULRHTXLYDOHQWHFRQIRUPH UHJLPHQWRVLQWHUQRVGRVyUJmRVGR3RGHU/HJLVODWLYR ,,, ² 3UHVLGHQWH GH 7ULEXQDO H GHPDLV PHPEURV GH &RQVHOKR GH $GPLQLVWUDomR RX yUJmR GHFLVyULRHTXLYDOHQWHFRQIRUPHUHJLPHQWRVLQWHUQRVGRVyUJmRVGR3RGHU-XGLFLiULR ,9²&KHIHGR0LQLVWpULR3~EOLFRGD8QLmRHGRV(VWDGRV 3DUiJUDIR~QLFR2UHODWyULRWDPEpPVHUiDVVLQDGRSHODVDXWRULGDGHVUHVSRQViYHLVSHODDGPLQLV WUDomRILQDQFHLUDHSHORFRQWUROHLQWHUQREHPFRPRSRURXWUDVGHILQLGDVSRUDWRSUySULRGH FDGD3RGHURXyUJmRUHIHULGRQRDUW $UW2UHODWyULRFRQWHUi ,²FRPSDUDWLYRFRPRVOLPLWHVGHTXHWUDWDHVWD/HL&RPSOHPHQWDUGRVVHJXLQWHVPRQWDQWHV DGHVSHVDWRWDOFRPSHVVRDOGLVWLQJXLQGRDFRPLQDWLYRVHSHQVLRQLVWDV EGtYLGDVFRQVROLGDGDHPRELOLiULD FFRQFHVVmRGHJDUDQWLDV GRSHUDo}HVGHFUpGLWRLQFOXVLYHSRUDQWHFLSDomRGHUHFHLWD HGHVSHVDVGHTXHWUDWDRLQFLVR,,GRDUWº ,,²LQGLFDomRGDVPHGLGDVFRUUHWLYDVDGRWDGDVRXDDGRWDUVHXOWUDSDVVDGRTXDOTXHUGRVOLPLWHV ,,,²GHPRQVWUDWLYRVQR~OWLPRTXDGULPHVWUH DGRPRQWDQWHGDVGLVSRQLELOLGDGHVGHFDL[DHPWULQWDHXPGHGH]HPEUR EGDLQVFULomRHP5HVWRVD3DJDUGDVGHVSHVDV OLTXLGDGDV HPSHQKDGDVHQmROLTXLGDGDVLQVFULWDVSRUDWHQGHUHPDXPDGDVFRQGLo}HVGRLQFLVR,,GR DUW HPSHQKDGDVHQmROLTXLGDGDVLQVFULWDVDWpROLPLWHGRVDOGRGDGLVSRQLELOLGDGHGHFDL[D QmRLQVFULWDVSRUIDOWDGHGLVSRQLELOLGDGHGHFDL[DHFXMRVHPSHQKRVIRUDPFDQFHODGRV FGRFXPSULPHQWRGRGLVSRVWRQRLQFLVR,,HQDDOtQHDEGRLQFLVR,9GRDUW º 2 UHODWyULR GRV WLWXODUHV GRV yUJmRV PHQFLRQDGRV QRV LQFLVRV ,, ,,, H ,9 GR DUW FRQWHUiDSHQDVDVLQIRUPDo}HVUHODWLYDVjDOtQHDDGRLQFLVR,HRVGRFXPHQWRVUHIHULGRVQRV LQFLVRV,,H,,, º 2 UHODWyULR VHUi SXEOLFDGR DWp WULQWD GLDV DSyV R HQFHUUDPHQWR GR SHUtRGR D TXH FRUUHVSRQGHUFRPDPSORDFHVVRDRS~EOLFRLQFOXVLYHSRUPHLRHOHWU{QLFR º2GHVFXPSULPHQWRGRSUD]RDTXHVHUHIHUHRºVXMHLWDRHQWHjVDQomRSUHYLVWDQRº GRDUW º2VUHODWyULRVUHIHULGRVQRVDUWVHGHYHUmRVHUHODERUDGRVGHIRUPDSDGURQL]DGD VHJXQGRPRGHORVTXHSRGHUmRVHUDWXDOL]DGRVSHORFRQVHOKRGHTXHWUDWDRDUW 6HomR9 'DV3UHVWDo}HVGH&RQWDV $UW$VFRQWDVSUHVWDGDVSHORV&KHIHVGR3RGHU([HFXWLYRLQFOXLUmRDOpPGDVVXDVSUySULDV DVGRV3UHVLGHQWHVGRVyUJmRVGRV3RGHUHV/HJLVODWLYRH-XGLFLiULRHGR&KHIHGR0LQLVWpULR 3~EOLFRUHIHULGRVQRDUWDVTXDLVUHFHEHUmRSDUHFHUSUpYLRVHSDUDGDPHQWHGRUHVSHFWLYR 7ULEXQDOGH&RQWDV º$VFRQWDVGR3RGHU-XGLFLiULRVHUmRDSUHVHQWDGDVQRkPELWR , ² GD 8QLmR SHORV 3UHVLGHQWHV GR 6XSUHPR 7ULEXQDO )HGHUDO H GRV 7ULEXQDLV 6XSHULRUHV FRQVROLGDQGRDVGRVUHVSHFWLYRVWULEXQDLV ,, ² GRV (VWDGRV SHORV 3UHVLGHQWHV GRV 7ULEXQDLV GH -XVWLoD FRQVROLGDQGR DV GRV GHPDLV WULEXQDLV º2SDUHFHUVREUHDVFRQWDVGRV7ULEXQDLVGH&RQWDVVHUiSURIHULGRQRSUD]RSUHYLVWRQRDUW SHODFRPLVVmRPLVWDSHUPDQHQWHUHIHULGDQRºGRDUWGD&RQVWLWXLomRRXHTXLYDOHQWH GDV&DVDV/HJLVODWLYDVHVWDGXDLVHPXQLFLSDLV º6HUiGDGDDPSODGLYXOJDomRGRVUHVXOWDGRVGDDSUHFLDomRGDVFRQWDVMXOJDGDVRXWRPDGDV $UW2V7ULEXQDLVGH&RQWDVHPLWLUmRSDUHFHUSUpYLRFRQFOXVLYRVREUHDVFRQWDVQRSUD]R GHVHVVHQWDGLDVGRUHFHELPHQWRVHRXWURQmRHVWLYHUHVWDEHOHFLGRQDVFRQVWLWXLo}HVHVWDGXDLV RXQDVOHLVRUJkQLFDVPXQLFLSDLV º1RFDVRGH0XQLFtSLRVTXHQmRVHMDPFDSLWDLVHTXHWHQKDPPHQRVGHGX]HQWRVPLO KDELWDQWHVRSUD]RVHUiGHFHQWRHRLWHQWDGLDV º2V7ULEXQDLVGH&RQWDVQmRHQWUDUmRHPUHFHVVRHQTXDQWRH[LVWLUHPFRQWDVGH3RGHURX yUJmRUHIHULGRQRDUWSHQGHQWHVGHSDUHFHUSUpYLR $UW$SUHVWDomRGHFRQWDVHYLGHQFLDUiRGHVHPSHQKRGDDUUHFDGDomRHPUHODomRjSUHYLVmR GHVWDFDQGR DV SURYLGrQFLDV DGRWDGDV QR kPELWR GD ILVFDOL]DomR GDV UHFHLWDV H FRPEDWH j VRQHJDomRDVDo}HVGHUHFXSHUDomRGHFUpGLWRVQDVLQVWkQFLDVDGPLQLVWUDWLYDHMXGLFLDOEHP FRPRDVGHPDLVPHGLGDVSDUDLQFUHPHQWRGDVUHFHLWDVWULEXWiULDVHGHFRQWULEXLo}HV 6HomR9, 'D)LVFDOL]DomRGD*HVWmR)LVFDO $UW23RGHU/HJLVODWLYRGLUHWDPHQWHRXFRPRDX[tOLRGRV7ULEXQDLVGH&RQWDVHRVLVWHPD GHFRQWUROHLQWHUQRGHFDGD3RGHUHGR0LQLVWpULR3~EOLFRILVFDOL]DUmRRFXPSULPHQWRGDV QRUPDVGHVWD/HL&RPSOHPHQWDUFRPrQIDVHQRTXHVHUHIHUHD ,²DWLQJLPHQWRGDVPHWDVHVWDEHOHFLGDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV ,,²OLPLWHVHFRQGLo}HVSDUDUHDOL]DomRGHRSHUDo}HVGHFUpGLWRHLQVFULomRHP5HVWRVD3DJDU ,,,²PHGLGDVDGRWDGDVSDUDRUHWRUQRGDGHVSHVDWRWDOFRPSHVVRDODRUHVSHFWLYROLPLWHQRV WHUPRVGRVDUWVH ,9²SURYLGrQFLDVWRPDGDVFRQIRUPHRGLVSRVWRQRDUWSDUDUHFRQGXomRGRVPRQWDQWHV GDVGtYLGDVFRQVROLGDGDHPRELOLiULDDRVUHVSHFWLYRVOLPLWHV 9 ²GHVWLQDomRGHUHFXUVRVREWLGRVFRPDDOLHQDomRGHDWLYRVWHQGRHPYLVWDDVUHVWULo}HV FRQVWLWXFLRQDLVHDVGHVWD/HL&RPSOHPHQWDU 9,²FXPSULPHQWRGROLPLWHGHJDVWRVWRWDLVGRVOHJLVODWLYRVPXQLFLSDLVTXDQGRKRXYHU º 2V 7ULEXQDLV GH &RQWDV DOHUWDUmR RV 3RGHUHV RX yUJmRV UHIHULGRV QR DUW TXDQGR FRQVWDWDUHP ,²DSRVVLELOLGDGHGHRFRUUrQFLDGDVVLWXDo}HVSUHYLVWDVQRLQFLVR,,GRDUWºHQRDUWº ,,²TXHRPRQWDQWHGDGHVSHVDWRWDOFRPSHVVRDOXOWUDSDVVRXQRYHQWDSRUFHQWRGR OLPLWH ,,,²TXHRVPRQWDQWHVGDVGtYLGDVFRQVROLGDGDHPRELOLiULDGDVRSHUDo}HVGHFUpGLWRHGD FRQFHVVmRGHJDUDQWLDVHHQFRQWUDPDFLPDGHQRYHQWDSRUFHQWRGRVUHVSHFWLYRVOLPLWHV ,9²TXHRVJDVWRVFRPLQDWLYRVHSHQVLRQLVWDVVHHQFRQWUDPDFLPDGROLPLWHGHILQLGRHPOHL 9 ² IDWRV TXH FRPSURPHWDP RV FXVWRV RX RV UHVXOWDGRV GRV SURJUDPDV RX LQGtFLRV GH LUUHJXODULGDGHVQDJHVWmRRUoDPHQWiULD º&RPSHWHDLQGDDRV7ULEXQDLVGH&RQWDVYHULILFDURVFiOFXORVGRVOLPLWHVGDGHVSHVDWRWDO FRPSHVVRDOGHFDGD3RGHUHyUJmRUHIHULGRQRDUW º27ULEXQDOGH&RQWDVGD8QLmRDFRPSDQKDUiRFXPSULPHQWRGRGLVSRVWRQRVººH ºGRDUW &DStWXOR; ',6326,d¯(6),1$,6(75$16,7Ð5,$6 $UW/HLHVWDGXDORXPXQLFLSDOSRGHUiIL[DUOLPLWHVLQIHULRUHVjTXHOHVSUHYLVWRVQHVWD/HL &RPSOHPHQWDUSDUDDVGtYLGDVFRQVROLGDGDHPRELOLiULDRSHUDo}HVGHFUpGLWRHFRQFHVVmRGH JDUDQWLDV $UW2VWtWXORVGDGtYLGDS~EOLFDGHVGHTXHGHYLGDPHQWHHVFULWXUDGRVHPVLVWHPDFHQWUD OL]DGRGHOLTXLGDomRHFXVWyGLDSRGHUmRVHURIHUHFLGRVHPFDXomRSDUDJDUDQWLDGHHPSUpV WLPRVRXHPRXWUDVWUDQVDo}HVSUHYLVWDVHPOHLSHORVHXYDORUHFRQ{PLFRFRQIRUPHGHILQLGR SHOR0LQLVWpULRGD)D]HQGD $UW2V0XQLFtSLRVVyFRQWULEXLUmRSDUDRFXVWHLRGHGHVSHVDVGHFRPSHWrQFLDGHRXWURV HQWHVGD)HGHUDomRVHKRXYHU ,²DXWRUL]DomRQDOHLGHGLUHWUL]HVRUoDPHQWiULDVHQDOHLRUoDPHQWiULDDQXDO ,,²FRQYrQLRDFRUGRDMXVWHRXFRQJrQHUHFRQIRUPHVXDOHJLVODomR $UWeIDFXOWDGRDRV0XQLFtSLRVFRPSRSXODomRLQIHULRUDFLQTHQWDPLOKDELWDQWHVRSWDUSRU ,²DSOLFDURGLVSRVWRQRDUWHQRºGRDUWDRILQDOGRVHPHVWUH ,,²GLYXOJDUVHPHVWUDOPHQWH D9(7$'2 ER5HODWyULRGH*HVWmR)LVFDO FRVGHPRQVWUDWLYRVGHTXHWUDWDRDUW ,,,²HODERUDUR$QH[RGH3ROtWLFD)LVFDOGRSODQRSOXULDQXDOR$QH[RGH0HWDV)LVFDLVHR$QH[R GH5LVFRV)LVFDLVGDOHLGHGLUHWUL]HVRUoDPHQWiULDVHRDQH[RGHTXHWUDWDRLQFLVR,GRDUWº DSDUWLUGRTXLQWRH[HUFtFLRVHJXLQWHDRGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU º$GLYXOJDomRGRVUHODWyULRVHGHPRQVWUDWLYRVGHYHUiVHUUHDOL]DGDHPDWpWULQWDGLDVDSyV RHQFHUUDPHQWRGRVHPHVWUH º6HXOWUDSDVVDGRVRVOLPLWHVUHODWLYRVjGHVSHVDWRWDOFRPSHVVRDORXjGtYLGDFRQVROLGDGD HQTXDQWRSHUGXUDUHVWDVLWXDomRR0XQLFtSLRILFDUiVXMHLWRDRVPHVPRVSUD]RVGHYHULILFDomR HGHUHWRUQRDROLPLWHGHILQLGRVSDUDRVGHPDLVHQWHV $UW$8QLmRSUHVWDUiDVVLVWrQFLDWpFQLFDHFRRSHUDomRILQDQFHLUDDRV0XQLFtSLRVSDUDD PRGHUQL]DomRGDVUHVSHFWLYDVDGPLQLVWUDo}HVWULEXWiULDILQDQFHLUDSDWULPRQLDOHSUHYLGHQFLi ULDFRPYLVWDVDRFXPSULPHQWRGDVQRUPDVGHVWD/HL&RPSOHPHQWDU º$DVVLVWrQFLDWpFQLFDFRQVLVWLUiQRWUHLQDPHQWRHGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVH QDWUDQVIHUrQFLDGHWHFQRORJLDEHPFRPRQRDSRLRjGLYXOJDomRGRVLQVWUXPHQWRVGHTXHWUDWD RDUWHPPHLRHOHWU{QLFRGHDPSORDFHVVRS~EOLFR º$FRRSHUDomRILQDQFHLUDFRPSUHHQGHUiDGRDomRGHEHQVHYDORUHVRILQDQFLDPHQWRSRU LQWHUPpGLRGDVLQVWLWXLo}HVILQDQFHLUDVIHGHUDLVHRUHSDVVHGHUHFXUVRVRULXQGRVGHRSHUDo}HV H[WHUQDV $UW1DRFRUUrQFLDGHFDODPLGDGHS~EOLFDUHFRQKHFLGDSHOR&RQJUHVVR1DFLRQDOQRFDVR GD8QLmRRXSHODV$VVHPEOpLDV/HJLVODWLYDVQDKLSyWHVHGRV(VWDGRVH0XQLFtSLRVHQTXDQWR SHUGXUDUDVLWXDomR ,²VHUmRVXVSHQVDVDFRQWDJHPGRVSUD]RVHDVGLVSRVLo}HVHVWDEHOHFLGDVQRVDUWVH ,,²VHUmRGLVSHQVDGRVRDWLQJLPHQWRGRVUHVXOWDGRVILVFDLVHDOLPLWDomRGHHPSHQKRSUHYLVWD QRDUWº 3DUiJUDIR ~QLFR $SOLFDVH R GLVSRVWR QR FDSXW QR FDVR GH HVWDGR GH GHIHVD RX GH VtWLR GHFUHWDGRQDIRUPDGD&RQVWLWXLomR $UW2VSUD]RVHVWDEHOHFLGRVQRVDUWVHVHUmRGXSOLFDGRVQRFDVRGHFUHVFLPHQWR UHDOEDL[RRXQHJDWLYRGR3URGXWR,QWHUQR%UXWR3,%QDFLRQDOUHJLRQDORXHVWDGXDOSRUSHUtRGR LJXDORXVXSHULRUDTXDWURWULPHVWUHV º(QWHQGHVHSRUEDL[RFUHVFLPHQWRDWD[DGHYDULDomRUHDODFXPXODGDGR3URGXWR,QWHUQR %UXWRLQIHULRUDXPSRUFHQWRQRSHUtRGRFRUUHVSRQGHQWHDRVTXDWUR~OWLPRVWULPHVWUHV º$WD[DGHYDULDomRVHUiDTXHODDSXUDGDSHOD)XQGDomR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH (VWDWtVWLFDRXRXWURyUJmRTXHYLHUDVXEVWLWXtODDGRWDGDDPHVPDPHWRGRORJLDSDUDDSXUDomR GRV3,%QDFLRQDOHVWDGXDOHUHJLRQDO º1DKLSyWHVHGRFDSXWFRQWLQXDUmRDVHUDGRWDGDVDVPHGLGDVSUHYLVWDVQRDUW º1DKLSyWHVHGHVHYHULILFDUHPPXGDQoDVGUiVWLFDVQDFRQGXomRGDVSROtWLFDVPRQHWiULDH FDPELDOUHFRQKHFLGDVSHOR6HQDGR)HGHUDORSUD]RUHIHULGRQRFDSXWGRDUWSRGHUiVHU DPSOLDGRHPDWpTXDWURTXDGULPHVWUHV $UW2DFRPSDQKDPHQWRHDDYDOLDomRGHIRUPDSHUPDQHQWHGDSROtWLFDHGDRSHUDFLR QDOLGDGH GD JHVWmR ILVFDO VHUmR UHDOL]DGRV SRU FRQVHOKR GH JHVWmR ILVFDO FRQVWLWXtGR SRU UHSUHVHQWDQWHVGHWRGRVRV3RGHUHVHHVIHUDVGH*RYHUQRGR0LQLVWpULR3~EOLFRHGHHQWLGDGHV WpFQLFDVUHSUHVHQWDWLYDVGDVRFLHGDGHYLVDQGRD ,²KDUPRQL]DomRHFRRUGHQDomRHQWUHRVHQWHVGD)HGHUDomR ,,²GLVVHPLQDomRGHSUiWLFDVTXHUHVXOWHPHPPDLRUHILFLrQFLDQDDORFDomRHH[HFXomRGR JDVWRS~EOLFRQDDUUHFDGDomRGHUHFHLWDVQRFRQWUROHGRHQGLYLGDPHQWRHQDWUDQVSDUrQFLD GDJHVWmRILVFDO ,,,²DGRomRGHQRUPDVGHFRQVROLGDomRGDVFRQWDVS~EOLFDVSDGURQL]DomRGDVSUHVWDo}HVGH FRQWDVHGRVUHODWyULRVHGHPRQVWUDWLYRVGHJHVWmRILVFDOGHTXHWUDWDHVWD/HL&RPSOHPHQWDU QRUPDVHSDGU}HVPDLVVLPSOHVSDUDRVSHTXHQRV0XQLFtSLRVEHPFRPRRXWURVQHFHVViULRV DRFRQWUROHVRFLDO ,9²GLYXOJDomRGHDQiOLVHVHVWXGRVHGLDJQyVWLFRV º 2FRQVHOKR DTXHVH UHIHUHRFDSXWLQVWLWXLUiIRUPDVGHSUHPLDomRHUHFRQKHFLPHQWR S~EOLFR DRV WLWXODUHV GH 3RGHU TXH DOFDQoDUHP UHVXOWDGRV PHULWyULRV HP VXDV SROtWLFDV GH GHVHQYROYLPHQWRVRFLDOFRQMXJDGRVFRPDSUiWLFDGHXPDJHVWmRILVFDOSDXWDGDSHODVQRUPDV GHVWD/HL&RPSOHPHQWDU º/HLGLVSRUiVREUHDFRPSRVLomRHDIRUPDGHIXQFLRQDPHQWRGRFRQVHOKR $UW1DIRUPDGRDUWGD&RQVWLWXLomRpFULDGRR)XQGRGR5HJLPH*HUDOGH3UHYLGrQFLD 6RFLDOYLQFXODGRDR0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDOFRPDILQDOLGDGHGHSURYHU UHFXUVRVSDUDRSDJDPHQWRGRVEHQHItFLRVGRUHJLPHJHUDOGDSUHYLGrQFLDVRFLDO º2)XQGRVHUiFRQVWLWXtGRGH ,²EHQVPyYHLVHLPyYHLVYDORUHVHUHQGDVGR,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDOQmRXWLOL]DGRV QDRSHUDFLRQDOL]DomRGHVWH ,, ² EHQV H GLUHLWRV TXH D TXDOTXHU WtWXOR OKH VHMDP DGMXGLFDGRV RX TXH OKH YLHUHP D VHU YLQFXODGRVSRUIRUoDGHOHL ,,,²UHFHLWDGDVFRQWULEXLo}HVVRFLDLVSDUDDVHJXULGDGHVRFLDOSUHYLVWDVQDDOtQHDDGRLQFLVR, HQRLQFLVR,,GRDUWGD&RQVWLWXLomR ,9 ² SURGXWR GD OLTXLGDomR GH EHQV H DWLYRV GH SHVVRD ItVLFD RX MXUtGLFD HP GpELWR FRP D 3UHYLGrQFLD6RFLDO 9²UHVXOWDGRGDDSOLFDomRILQDQFHLUDGHVHXVDWLYRV 9,²UHFXUVRVSURYHQLHQWHVGRRUoDPHQWRGD8QLmR º2)XQGRVHUiJHULGRSHOR,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDOQDIRUPDGDOHL $UW2HQWHGD)HGHUDomRTXHPDQWLYHURXYLHUDLQVWLWXLUUHJLPHSUySULRGHSUHYLGrQFLD VRFLDO SDUD VHXV VHUYLGRUHV FRQIHULUOKHi FDUiWHU FRQWULEXWLYR H R RUJDQL]DUi FRP EDVH HP QRUPDVGHFRQWDELOLGDGHHDWXiULDTXHSUHVHUYHPVHXHTXLOtEULRILQDQFHLURHDWXDULDO $UW 2 3RGHU RXyUJmR UHIHULGR QRDUW FXMD GHVSHVD WRWDO FRPSHVVRDOQR H[HUFtFLR DQWHULRUDRGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDUHVWLYHUDFLPDGRVOLPLWHVHVWDEHOHFLGRVQRV DUWVHGHYHUiHQTXDGUDUVHQRUHVSHFWLYROLPLWHHPDWpGRLVH[HUFtFLRVHOLPLQDQGRR H[FHVVR JUDGXDOPHQWH j UD]mR GH SHOR PHQRV DD FLQTHQWD SRU FHQWR DR DQR PHGLDQWHDDGRomRHQWUHRXWUDVGDVPHGLGDVSUHYLVWDVQRVDUWVH 3DUiJUDIR~QLFR$LQREVHUYkQFLDGRGLVSRVWRQRFDSXWQRSUD]RIL[DGRVXMHLWDRHQWHjVVDQo}HV SUHYLVWDVQRºGRDUW $UW5HVVDOYDGDDKLSyWHVHGRLQFLVR;GRDUWGD&RQVWLWXLomRDWpRWpUPLQRGRWHUFHLUR H[HUFtFLRILQDQFHLURVHJXLQWHjHQWUDGDHPYLJRUGHVWD/HL&RPSOHPHQWDUDGHVSHVDWRWDOFRP SHVVRDOGRV3RGHUHVHyUJmRVUHIHULGRVQRDUWQmRXOWUDSDVVDUiHPSHUFHQWXDOGDUHFHLWD FRUUHQWHOtTXLGDDGHVSHVDYHULILFDGDQRH[HUFtFLRLPHGLDWDPHQWHDQWHULRUDFUHVFLGDGHDWp GH]SRUFHQWRVHHVWDIRULQIHULRUDROLPLWHGHILQLGRQDIRUPDGRDUW $UW$GHVSHVDFRPVHUYLoRVGHWHUFHLURVGRV3RGHUHVHyUJmRVUHIHULGRVQRDUWQmR SRGHUiH[FHGHUHPSHUFHQWXDOGDUHFHLWDFRUUHQWHOtTXLGDDGRH[HUFtFLRDQWHULRUjHQWUDGD HPYLJRUGHVWD/HL&RPSOHPHQWDUDWpRWpUPLQRGRWHUFHLURH[HUFtFLRVHJXLQWH $UW $V LQIUDo}HV GRV GLVSRVLWLYRV GHVWD /HL &RPSOHPHQWDU VHUmR SXQLGDV VHJXQGR R 'HFUHWR/HLQºGHGHGH]HPEURGH&yGLJR3HQDOD/HLQºGHGH DEULOGHR'HFUHWR/HLQºGHGHIHYHUHLURGHD/HLQºGHGHMXQKR GHHGHPDLVQRUPDVGDOHJLVODomRSHUWLQHQWH $UW(VWD/HL&RPSOHPHQWDUHQWUDHPYLJRUQDGDWDGDVXDSXEOLFDomR $UW5HYRJDVHD/HL&RPSOHPHQWDUQºGHGHPDLRGH %UDVtOLDGHPDLRGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD $57,*26'$&2167,78,d®2)('(5$/ $57,*26&,7$'261$/(,'(5(63216$%,/,'$'(),6&$/ &RPDVDOWHUDo}HVLQWURGX]LGDVSHODV(PHQGDV&RQVWLWXFLRQDLVH $UW20XQLFtSLRUHJHUVHiSRUOHLRUJkQLFDYRWDGDHPGRLVWXUQRVFRPRLQWHUVWtFLRPtQLPR GHGH]GLDVHDSURYDGDSRUGRLVWHUoRVGRVPHPEURVGD&kPDUD0XQLFLSDOTXHDSURPXOJDUi DWHQGLGRVRVSULQFtSLRVHVWDEHOHFLGRVQHVWD&RQVWLWXLomRQD&RQVWLWXLomRGRUHVSHFWLYR(VWDGR HRVVHJXLQWHVSUHFHLWRV , ² HOHLomR GR 3UHIHLWR GR 9LFH3UHIHLWR H GRV 9HUHDGRUHV SDUD PDQGDWR GH TXDWUR DQRV PHGLDQWHSOHLWRGLUHWRHVLPXOWkQHRUHDOL]DGRHPWRGRR3DtV ,,²HOHLomRGR3UHIHLWRHGR9LFH3UHIHLWRUHDOL]DGDQRSULPHLURGRPLQJRGHRXWXEURGRDQR DQWHULRUDRWpUPLQRGRPDQGDWRGRVTXHGHYDPVXFHGHUDSOLFDGDVDVUHJUDVGRDUWQRFDVR GH0XQLFtSLRVFRPPDLVGHGX]HQWRVPLOHOHLWRUHV5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDO Qº ,,,²SRVVHGR3UHIHLWRHGR9LFH3UHIHLWRQRGLDºGHMDQHLURGRDQRVXEVHTHQWHDRGDHOHLomR ,9²Q~PHURGH9HUHDGRUHVSURSRUFLRQDOjSRSXODomRGR0XQLFtSLRREVHUYDGRVRVVHJXLQWHV OLPLWHV DPtQLPRGHQRYHHPi[LPRGHYLQWHHXPQRV0XQLFtSLRVGHDWpXPPLOKmRGHKDELWDQWHV EPtQLPRGHWULQWDHWUrVHPi[LPRGHTXDUHQWDHXPQRV0XQLFtSLRVGHPDLVGHXPPLOKmR HPHQRVGHFLQFRPLOK}HVGHKDELWDQWHV FPtQLPRGHTXDUHQWDHGRLVHPi[LPRGHFLQTHQWDHFLQFRQRV0XQLFtSLRVGHPDLVGHFLQFR PLOK}HVGHKDELWDQWHV 9 ² VXEVtGLRV GR 3UHIHLWR GR 9LFH3UHIHLWR H GRV 6HFUHWiULRV 0XQLFLSDLV IL[DGRV SRU /HL GH LQLFLDWLYDGD&kPDUD0XQLFLSDOREVHUYDGRRTXHGLVS}HPRVDUWV;,º,, ,,,Hº,5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº 9, ² R VXEVtGLR GRV 9HUHDGRUHV VHUi IL[DGR SHODV UHVSHFWLYDV &kPDUDV 0XQLFLSDLV HP FDGD OHJLVODWXUD SDUD D VXEVHTHQWH REVHUYDGR R TXH GLVS}H HVWD &RQVWLWXLomR REVHUYDGRV RV FULWpULRVHVWDEHOHFLGRVQDUHVSHFWLYD/HL2UJkQLFDHRVVHJXLQWHVOLPLWHVPi[LPRV155HGDomR GDGDSHOD(PHQGD&RQVWLWXFLRQDOQº DHP0XQLFtSLRVGHDWpGH]PLOKDELWDQWHVRVXEVtGLRPi[LPRGRV9HUHDGRUHVFRUUHVSRQGHUi DYLQWHSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLV$&$& DFUpVFLPR$FUHVFHQWDGD SHOD(PHQGD&RQVWLWXFLRQDOQº E HP 0XQLFtSLRV GH GH] PLO H XP D FLQTHQWD PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHV FRUUHVSRQGHUi D WULQWD SRU FHQWR GR VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV $& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº F HP 0XQLFtSLRV GH FLQTHQWD PLO H XP D FHP PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHVFRUUHVSRQGHUiDTXDUHQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLV$& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº G HP 0XQLFtSLRV GH FHP PLO H XP D WUH]HQWRV PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHVFRUUHVSRQGHUiDFLQTHQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLV$& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº HHP0XQLFtSLRVGHWUH]HQWRVPLOHXPDTXLQKHQWRVPLOKDELWDQWHVRVXEVtGLRPi[LPRGRV 9HUHDGRUHV FRUUHVSRQGHUiD VHVVHQWD SRU FHQWRGRVXEVtGLRGRV 'HSXWDGRV (VWDGXDLV $& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº IHP0XQLFtSLRVGHPDLVGHTXLQKHQWRVPLOKDELWDQWHVRVXEVtGLRPi[LPRGRV9HUHDGRUHV FRUUHVSRQGHUi D VHWHQWD H FLQFR SRU FHQWR GR VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV $& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº 9,,²RWRWDOGDGHVSHVDFRPDUHPXQHUDomRGRV9HUHDGRUHVQmRSRGHUiXOWUDSDVVDURPRQWDQWH GHFLQFRSRUFHQWRGDUHFHLWDGR0XQLFtSLR5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDO 9,,, ² LQYLRODELOLGDGH GRV 9HUHDGRUHV SRU VXDV RSLQL}HV SDODYUDV H YRWRV QR H[HUFtFLR GR PDQGDWRHQDFLUFXQVFULomRGR0XQLFtSLR ,;²SURLELo}HVHLQFRPSDWLELOLGDGHVQRH[HUFtFLRGDYHUHDQoDVLPLODUHVQRTXHFRXEHUDR GLVSRVWRQHVWD&RQVWLWXLomRSDUDRVPHPEURVGR&RQJUHVVR1DFLRQDOHQD&RQVWLWXLomRGR UHVSHFWLYR(VWDGRSDUDRVPHPEURVGD$VVHPEOpLD/HJLVODWLYD ;²MXOJDPHQWRGR3UHIHLWRSHUDQWHR7ULEXQDOGH-XVWLoD ;,²RUJDQL]DomRGDVIXQo}HVOHJLVODWLYDVHILVFDOL]DGRUDVGD&kPDUD0XQLFLSDO ;,,²FRRSHUDomRGDVDVVRFLDo}HVUHSUHVHQWDWLYDVQRSODQHMDPHQWRPXQLFLSDO ;,,,²LQLFLDWLYDSRSXODUGHSURMHWRVGHOHLGHLQWHUHVVHHVSHFtILFRGR0XQLFtSLRGDFLGDGHRX GHEDLUURVDWUDYpVGHPDQLIHVWDomRGHSHORPHQRVFLQFRSRUFHQWRGRHOHLWRUDGR ;,9²SHUGDGRPDQGDWRGR3UHIHLWRQRVWHUPRVGRDUWSDUiJUDIR~QLFR $UW $ 2 WRWDO GD GHVSHVD GR 3RGHU /HJLVODWLYR 0XQLFLSDO LQFOXtGRV RV VXEVtGLRV GRV 9HUHDGRUHVHH[FOXtGRVRVJDVWRVFRPLQDWLYRVQmRSRGHUiXOWUDSDVVDURVVHJXLQWHVSHUFHQWXDLV UHODWLYRVDRVRPDWyULRGDUHFHLWDWULEXWiULDHGDVWUDQVIHUrQFLDVSUHYLVWDVQRºGRDUWH QRV DUWV H HIHWLYDPHQWH UHDOL]DGR QR H[HUFtFLR DQWHULRU $& $FUHVFHQWDGD SHOD (PHQGD&RQVWLWXFLRQDOQº ,²RLWRSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRGHDWpFHPPLOKDELWDQWHV$&$FUHVFHQ WDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,, ² VHWH SRU FHQWR SDUD 0XQLFtSLRV FRP SRSXODomR HQWUH FHP PLO H XP H WUH]HQWRV PLO KDELWDQWHV$&$FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,,,²VHLVSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRHQWUHWUH]HQWRVPLOHXPHTXLQKHQWRVPLO KDELWDQWHV$&$FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,9²FLQFRSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRDFLPDGHTXLQKHQWRVPLOKDELWDQWHV$& $FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº º$&kPDUD0XQLFLSDOQmRJDVWDUiPDLVGHVHWHQWDSRUFHQWRGHVXDUHFHLWDFRPIROKDGH SDJDPHQWR LQFOXtGR R JDVWR FRP R VXEVtGLR GH VHXV 9HUHDGRUHV $& $FUHVFHQWDGD SHOD (PHQGD&RQVWLWXFLRQDOQº º &RQVWLWXL FULPH GH UHVSRQVDELOLGDGH GR 3UHIHLWR 0XQLFLSDO $& $FUHVFHQWDGD SHOD (PHQGD&RQVWLWXFLRQDOQº , ² HIHWXDU UHSDVVH TXH VXSHUH RV OLPLWHV GHILQLGRV QHVWH DUWLJR $& $FUHVFHQWDGD SHOD (PHQGD&RQVWLWXFLRQDOQº ,,²QmRHQYLDURUHSDVVHDWpRGLDYLQWHGHFDGDPrVRX$&$FUHVFHQWDGDSHOD(PHQGD &RQVWLWXFLRQDOQº ,,,²HQYLiORDPHQRUHPUHODomRjSURSRUomRIL[DGDQD/HL2UoDPHQWiULD$&$FUHVFHQWDGD SHOD(PHQGD&RQVWLWXFLRQDOQº º&RQVWLWXLFULPHGHUHVSRQVDELOLGDGHGR3UHVLGHQWHGD&kPDUD0XQLFLSDORGHVUHVSHLWRDR ºGHVWHDUWLJR$&$FUHVFHQWDGDSHOD(PHQGD&RQVWLWXFLRQDOQº $UWH[FHomRGRVFUpGLWRVGHQDWXUH]DDOLPHQWtFLDRVSDJDPHQWRVGHYLGRVSHOD)D]HQGD )HGHUDO(VWDGXDORX0XQLFLSDOHPYLUWXGHGHVHQWHQoDMXGLFLiULDIDUVHmRH[FOXVLYDPHQWHQD RUGHPFURQROyJLFDGHDSUHVHQWDomRGRVSUHFDWyULRVHjFRQWDGRVFUpGLWRVUHVSHFWLYRVSURLELGD D GHVLJQDomR GH FDVRV RX GH SHVVRDV QDV GRWDo}HV RUoDPHQWiULDV H QRV FUpGLWRV DGLFLRQDLV DEHUWRVSDUDHVWHILP ºeREULJDWyULDDLQFOXVmRQRRUoDPHQWRGDVHQWLGDGHVGHGLUHLWRS~EOLFRGHYHUEDQHFHVViULD DRSDJDPHQWRGHVHXVGpELWRVRULXQGRVGHVHQWHQoDVWUDQVLWDGDVHPMXOJDGRFRQVWDQWHVGH SUHFDWyULRVMXGLFLiULRVDSUHVHQWDGRVDWpºGHMXOKRID]HQGRVHRSDJDPHQWRDWpRILQDOGR H[HUFtFLR VHJXLQWH TXDQGR WHUmR VHXV YDORUHV DWXDOL]DGRV PRQHWDULDPHQWH 5HGDomR GDGD SHOD(PHQGD&RQVWLWXFLRQDOQº º $ 2V GpELWRV GH QDWXUH]D DOLPHQWtFLD FRPSUHHQGHP DTXHOHV GHFRUUHQWHV GH VDOiULRV YHQFLPHQWRVSURYHQWRVSHQV}HVHVXDVFRPSOHPHQWDo}HVEHQHItFLRVSUHYLGHQFLiULRV H LQ GHQL]Do}HVSRUPRUWHRXLQYDOLGH]IXQGDGDVQDUHVSRQVDELOLGDGHFLYLOHPYLUWXGHGHVHQWHQoD WUDQVLWDGDHPMXOJDGR$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº º$VGRWDo}HVRUoDPHQWiULDVHRVFUpGLWRVDEHUWRVVHUmRFRQVLJQDGRVGLUHWDPHQWHDR3RGHU -XGLFLiULRFDEHQGRDR3UHVLGHQWHGR7ULEXQDOTXHSURIHULUDGHFLVmRH[HTHQGDGHWHUPLQDUR SDJDPHQWRVHJXQGRDVSRVVLELOLGDGHVGRGHSyVLWRHDXWRUL]DUDUHTXHULPHQWRGRFUHGRUH H[FOXVLYDPHQWHSDUDRFDVRGHSUHWHULPHQWRGHVHXGLUHLWRGHSUHFHGrQFLDRVHTHVWURGD TXDQWLD QHFHVViULD j VDWLVIDomR GR GpELWR 5HGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDO Qº º2GLVSRVWRQRFDSXWGHVWHDUWLJRUHODWLYDPHQWHjH[SHGLomRGHSUHFDWyULRVQmRVHDSOLFD DRVSDJDPHQWRVGHREULJDo}HVGHILQLGDVHPOHLFRPRGHSHTXHQRYDORUTXHD)D]HQGD)HGHUDO (VWDGXDO'LVWULWDORX0XQLFLSDOGHYDID]HUHPYLUWXGHGHVHQWHQoDMXGLFLDOWUDQVLWDGDHPMXOJDGR 5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº º$OHLSRGHUiIL[DUYDORUHVGLVWLQWRVSDUDRILPSUHYLVWRQRºGHVWHDUWLJRVHJXQGRDV GLIHUHQWHVFDSDFLGDGHVGDVHQWLGDGHVGHGLUHLWRS~EOLFR$FUHVFHQWDGRSHOD(PHQGD&RQV WLWXFLRQDOQº º23UHVLGHQWHGR7ULEXQDOFRPSHWHQWHTXHSRUDWRFRPLVVLYRRXRPLVVLYRUHWDUGDURX WHQWDU IUXVWUDU D OLTXLGDomR UHJXODU GH SUHFDWyULR LQFRUUHUi HP FULPH GH UHVSRQVDELOLGDGH $FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº $UW/HLVGHLQLFLDWLYDGR3RGHU([HFXWLYRHVWDEHOHFHUmR ,²RSODQRSOXULDQXDO ,,²DVGLUHWUL]HVRUoDPHQWiULDV ,,,²RVRUoDPHQWRVDQXDLV º²$OHLTXHLQVWLWXLURSODQRSOXULDQXDOHVWDEHOHFHUiGHIRUPDUHJLRQDOL]DGDDVGLUHWUL]HV REMHWLYRVHPHWDVGDDGPLQLVWUDomRS~EOLFDIHGHUDOSDUDDVGHVSHVDVGHFDSLWDOHRXWUDVGHODV GHFRUUHQWHVHSDUDDVUHODWLYDVDRVSURJUDPDVGHGXUDomRFRQWLQXDGD º²$OHLGHGLUHWUL]HVRUoDPHQWiULDVFRPSUHHQGHUiDVPHWDVHSULRULGDGHVGDDGPLQLVWUDomR S~EOLFD IHGHUDO LQFOXLQGR DV GHVSHVDV GH FDSLWDO SDUD R H[HUFtFLR ILQDQFHLUR VXEVHTHQWH RULHQWDUi D HODERUDomR GD OHL RUoDPHQWiULD DQXDO GLVSRUi VREUH DV DOWHUDo}HV QD OHJLVODomR WULEXWiULDHHVWDEHOHFHUiDSROtWLFDGHDSOLFDomRGDVDJrQFLDVILQDQFHLUDVRILFLDLVGHIRPHQWR º²23RGHU([HFXWLYRSXEOLFDUiDWpWULQWDGLDVDSyVRHQFHUUDPHQWRGHFDGDELPHVWUH UHODWyULRUHVXPLGRGDH[HFXomRRUoDPHQWiULD º²2VSODQRVHSURJUDPDVQDFLRQDLVUHJLRQDLVHVHWRULDLVSUHYLVWRVQHVWD&RQVWLWXLomRVHUmR HODERUDGRVHPFRQVRQkQFLDFRPRSODQRSOXULDQXDOHDSUHFLDGRVSHOR&RQJUHVVR1DFLRQDO º²$OHLRUoDPHQWiULDDQXDOFRPSUHHQGHUi , ²RRUoDPHQWRILVFDOUHIHUHQWHDRV 3RGHUHV GD8QLmRVHXVIXQGRVyUJmRVHHQWLGDGHVGD DGPLQLVWUDomRGLUHWDHLQGLUHWDLQFOXVLYHIXQGDo}HVLQVWLWXtGDVHPDQWLGDVSHOR3RGHU3~EOLFR ,, ² R RUoDPHQWR GH LQYHVWLPHQWR GDV HPSUHVDV HP TXH D 8QLmR GLUHWD RX LQGLUHWDPHQWH GHWHQKDDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWR ,,,²RRUoDPHQWRGDVHJXULGDGHVRFLDODEUDQJHQGRWRGDVDVHQWLGDGHVHyUJmRVDHODYLQFXODGRV GDDGPLQLVWUDomRGLUHWDRXLQGLUHWDEHPFRPRRVIXQGRVHIXQGDo}HVLQVWLWXtGRVHPDQWLGRV SHOR3RGHU3~EOLFR º²2SURMHWRGHOHLRUoDPHQWiULDVHUiDFRPSDQKDGRGHGHPRQVWUDWLYRUHJLRQDOL]DGRGR HIHLWRVREUHDVUHFHLWDVHGHVSHVDVGHFRUUHQWHGHLVHQo}HVDQLVWLDVUHPLVV}HVVXEVtGLRVH EHQHItFLRVGHQDWXUH]DILQDQFHLUDWULEXWiULDHFUHGLWtFLD º ² 2V RUoDPHQWRV SUHYLVWRV QR º , H ,, GHVWH DUWLJR FRPSDWLELOL]DGRV FRP R SODQR SOXULDQXDOWHUmRHQWUHVXDVIXQo}HVDGHUHGX]LUGHVLJXDOGDGHVLQWHUUHJLRQDLVVHJXQGRFULWpULR SRSXODFLRQDO º²$OHLRUoDPHQWiULDDQXDOQmRFRQWHUiGLVSRVLWLYRHVWUDQKRjSUHYLVmRGDUHFHLWDHjIL[DomR GDGHVSHVDQmRVHLQFOXLQGRQDSURLELomRDDXWRUL]DomRSDUDDEHUWXUDGHFUpGLWRVVXSOHPHQ WDUHVHFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRDLQGDTXHSRUDQWHFLSDomRGHUHFHLWDQRVWHUPRV GDOHL º²&DEHjOHLFRPSOHPHQWDU ,²GLVSRUVREUHRH[HUFtFLRILQDQFHLURDYLJrQFLDRVSUD]RVDHODERUDomRHDRUJDQL]DomRGR SODQRSOXULDQXDOGDOHLGHGLUHWUL]HVRUoDPHQWiULDVHGDOHLRUoDPHQWiULDDQXDO ,,²HVWDEHOHFHUQRUPDVGHJHVWmRILQDQFHLUDHSDWULPRQLDOGDDGPLQLVWUDomRGLUHWDHLQGLUHWD EHPFRPRFRQGLo}HVSDUDDLQVWLWXLomRHIXQFLRQDPHQWRGHIXQGRV $UW6mRYHGDGRV ,²RLQtFLRGHSURJUDPDVRXSURMHWRVQmRLQFOXtGRVQDOHLRUoDPHQWiULDDQXDO ,,²DUHDOL]DomRGHGHVSHVDVRXDDVVXQomRGHREULJDo}HVGLUHWDVTXHH[FHGDPRVFUpGLWRV RUoDPHQWiULRVRXDGLFLRQDLV ,,,²DUHDOL]DomRGHRSHUDo}HVGHFUpGLWRVTXHH[FHGDPRPRQWDQWHGDVGHVSHVDVGHFDSLWDO UHVVDOYDGDVDVDXWRUL]DGDVPHGLDQWHFUpGLWRVVXSOHPHQWDUHVRXHVSHFLDLVFRPILQDOLGDGHSUHFLVD DSURYDGRVSHOR3RGHU/HJLVODWLYRSRUPDLRULDDEVROXWD ,9DYLQFXODomRGHUHFHLWDGHLPSRVWRVDyUJmRIXQGRRXGHVSHVDUHVVDOYDGDVDUHSDUWLomRGR SURGXWRGDDUUHFDGDomRGRVLPSRVWRVDTXHVHUHIHUHPRVDUWVHDGHVWLQDomRGH UHFXUVRVSDUDDVDo}HVHVHUYLoRVS~EOLFRVGHVD~GHHSDUDPDQXWHQomRHGHVHQYROYLPHQWRGR HQVLQRFRPRGHWHUPLQDGRUHVSHFWLYDPHQWHSHORVDUWVºHHDSUHVWDomRGH JDUDQWLDVjVRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDSUHYLVWDVQRDUWºEHP FRPRRGLVSRVWRQRºGHVWHDUWLJR5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº 9²DDEHUWXUDGHFUpGLWRVXSOHPHQWDURXHVSHFLDOVHPSUpYLDDXWRUL]DomROHJLVODWLYDHVHP LQGLFDomRGRVUHFXUVRVFRUUHVSRQGHQWHV 9, ² D WUDQVSRVLomR R UHPDQHMDPHQWR RX D WUDQVIHUrQFLD GH UHFXUVRV GH XPD FDWHJRULD GH SURJUDPDomRSDUDRXWUDRXGHXPyUJmRSDUDRXWURVHPSUpYLDDXWRUL]DomROHJLVODWLYD 9,,²DFRQFHVVmRRXXWLOL]DomRGHFUpGLWRVLOLPLWDGRV 9,,,²DXWLOL]DomRVHPDXWRUL]DomROHJLVODWLYDHVSHFtILFDGHUHFXUVRVGRVRUoDPHQWRVILVFDOH GDVHJXULGDGHVRFLDOSDUDVXSULUQHFHVVLGDGHRXFREULUGpILFLWGHHPSUHVDVIXQGDo}HVHIXQGRV LQFOXVLYHGRVPHQFLRQDGRVQRDUWº ,;²DLQVWLWXLomRGHIXQGRVGHTXDOTXHUQDWXUH]DVHPSUpYLDDXWRUL]DomROHJLVODWLYD ; ² D WUDQVIHUrQFLD YROXQWiULD GH UHFXUVRV H D FRQFHVVmR GH HPSUpVWLPRV LQFOXVLYH SRU DQWHFLSDomRGHUHFHLWDSHORV*RYHUQRV)HGHUDOH(VWDGXDLVHVXDVLQVWLWXLo}HVILQDQFHLUDVSDUD SDJDPHQWRGHGHVSHVDVFRPSHVVRDODWLYRLQDWLYRHSHQVLRQLVWDGRV(VWDGRVGR'LVWULWR)HGHUDO HGRV0XQLFtSLRV$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº ;,²DXWLOL]DomRGRVUHFXUVRVSURYHQLHQWHVGDVFRQWULEXLo}HVVRFLDLVGHTXHWUDWDRDUW, DH,,SDUDDUHDOL]DomRGHGHVSHVDVGLVWLQWDVGRSDJDPHQWRGHEHQHItFLRVGRUHJLPHJHUDOGH SUHYLGrQFLDVRFLDOGHTXHWUDWDRDUW5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº º ² 1HQKXP LQYHVWLPHQWR FXMD H[HFXomR XOWUDSDVVH XP H[HUFtFLR ILQDQFHLUR SRGHUi VHU LQLFLDGRVHPSUpYLDLQFOXVmRQRSODQRSOXULDQXDORXVHPOHLTXHDXWRUL]HDLQFOXVmRVRESHQD GHFULPHGHUHVSRQVDELOLGDGH º²2VFUpGLWRVHVSHFLDLVHH[WUDRUGLQiULRVWHUmRYLJrQFLDQRH[HUFtFLRILQDQFHLURHPTXH IRUHPDXWRUL]DGRVVDOYRVHRDWRGHDXWRUL]DomRIRUSURPXOJDGRQRV~OWLPRVTXDWURPHVHV GDTXHOHH[HUFtFLRFDVRHPTXHUHDEHUWRVQRVOLPLWHVGHVHXVVDOGRVVHUmRLQFRUSRUDGRVDR RUoDPHQWRGRH[HUFtFLRILQDQFHLURVXEVHTHQWH º²$DEHUWXUDGHFUpGLWRH[WUDRUGLQiULRVRPHQWHVHUiDGPLWLGDSDUDDWHQGHUDGHVSHVDV LPSUHYLVtYHLV H XUJHQWHV FRPR DV GHFRUUHQWHV GH JXHUUD FRPRomR LQWHUQD RX FDODPLGDGH S~EOLFDREVHUYDGRRGLVSRVWRQRDUW º²eSHUPLWLGDDYLQFXODomRGHUHFHLWDVSUySULDVJHUDGDVSHORVLPSRVWRVDTXHVHUHIHUHP RVDUWVHHGRVUHFXUVRVGHTXHWUDWDPRVDUWVH,DHEH,,SDUDD SUHVWDomRGHJDUDQWLDRXFRQWUDJDUDQWLDj8QLmRHSDUDSDJDPHQWRGHGpELWRVSDUDFRPHVWD $FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDO $UW$GHVSHVDFRPSHVVRDODWLYRHLQDWLYRGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOH GRV0XQLFtSLRVQmRSRGHUiH[FHGHURVOLPLWHVHVWDEHOHFLGRVHPOHLFRPSOHPHQWDU º$FRQFHVVmRGHTXDOTXHUYDQWDJHPRXDXPHQWRGHUHPXQHUDomRDFULDomRGHFDUJRV HPSUHJRVHIXQo}HVRXDOWHUDomRGHHVWUXWXUDGHFDUUHLUDVEHPFRPRDDGPLVVmRRXFRQWUD WDomRGHSHVVRDODTXDOTXHUWtWXORSHORVyUJmRVHHQWLGDGHVGDDGPLQLVWUDomRGLUHWDRXLQGLUHWD LQFOXVLYHIXQGDo}HVLQVWLWXtGDVHPDQWLGDVSHORSRGHUS~EOLFRVySRGHUmRVHUIHLWDV5HGDomR GDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,²VHKRXYHUSUpYLDGRWDomRRUoDPHQWiULDVXILFLHQWHSDUDDWHQGHUjVSURMHo}HVGHGHVSHVDGH SHVVRDOHDRVDFUpVFLPRVGHODGHFRUUHQWHV ,,²VHKRXYHUDXWRUL]DomRHVSHFtILFDQDOHLGHGLUHWUL]HVRUoDPHQWiULDVUHVVDOYDGDVDVHPSUHVDV S~EOLFDVHDVVRFLHGDGHVGHHFRQRPLDPLVWD º'HFRUULGRRSUD]RHVWDEHOHFLGRQDOHLFRPSOHPHQWDUUHIHULGDQHVWHDUWLJRSDUDDDGDSWDomR DRV SDUkPHWURV DOL SUHYLVWRV VHUmR LPHGLDWDPHQWH VXVSHQVRV WRGRV RV UHSDVVHV GH YHUEDV IHGHUDLVRXHVWDGXDLVDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVTXHQmRREVHUYDUHPRV UHIHULGRVOLPLWHV$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº º3DUDRFXPSULPHQWRGRVOLPLWHVHVWDEHOHFLGRVFRPEDVHQHVWHDUWLJRGXUDQWHRSUD]R IL[DGR QD OHL FRPSOHPHQWDU UHIHULGD QR FDSXW D 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRVDGRWDUmRDVVHJXLQWHVSURYLGrQFLDV$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDO Qº ,²UHGXomRHPSHORPHQRVYLQWHSRUFHQWRGDVGHVSHVDVFRPFDUJRVHPFRPLVVmRHIXQo}HV GHFRQILDQoD$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº ,, ² H[RQHUDomR GRV VHUYLGRUHV QmR HVWiYHLV $FUHVFHQWDGR SHOD (PHQGD &RQVWLWXFLRQDO Qº º6HDVPHGLGDVDGRWDGDVFRPEDVHQRSDUiJUDIRDQWHULRUQmRIRUHPVXILFLHQWHVSDUDDVVHJXUDU RFXPSULPHQWRGDGHWHUPLQDomRGDOHLFRPSOHPHQWDUUHIHULGDQHVWHDUWLJRRVHUYLGRUHVWiYHO SRGHUiSHUGHURFDUJRGHVGHTXHDWRQRUPDWLYRPRWLYDGRGHFDGDXPGRV3RGHUHVHVSHFLILTXH D DWLYLGDGH IXQFLRQDO R yUJmR RX XQLGDGH DGPLQLVWUDWLYD REMHWR GD UHGXomR GH SHVVRDO $FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº º 2 VHUYLGRU TXH SHUGHU R FDUJR QD IRUPD GR SDUiJUDIR DQWHULRU IDUi MXV D LQGHQL]DomR FRUUHVSRQGHQWHDXPPrVGHUHPXQHUDomRSRUDQRGHVHUYLoR$FUHVFHQWDGRSHOD(PHQGD &RQVWLWXFLRQDOQº º2FDUJRREMHWRGDUHGXomRSUHYLVWDQRVSDUiJUDIRVDQWHULRUHVVHUiFRQVLGHUDGRH[WLQWR YHGDGDDFULDomRGHFDUJRHPSUHJRRXIXQomRFRPDWULEXLo}HVLJXDLVRXDVVHPHOKDGDVSHOR SUD]RGHTXDWURDQRV$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº º/HLIHGHUDOGLVSRUiVREUHDVQRUPDVJHUDLVDVHUHPREHGHFLGDVQDHIHWLYDomRGRGLVSRVWR QRº$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº $UW$VHJXULGDGHVRFLDOVHUiILQDQFLDGDSRUWRGDDVRFLHGDGHGHIRUPDGLUHWDHLQGLUHWD QRVWHUPRVGDOHLPHGLDQWHUHFXUVRVSURYHQLHQWHVGRVRUoDPHQWRVGD8QLmRGRV(VWDGRVGR 'LVWULWR)HGHUDOHGRV0XQLFtSLRVHGDVVHJXLQWHVFRQWULEXLo}HVVRFLDLV ,²GRHPSUHJDGRUGDHPSUHVDHGDHQWLGDGHDHODHTXLSDUDGDQDIRUPDGDOHLLQFLGHQWHV VREUH5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº DDIROKDGHVDOiULRVHGHPDLVUHQGLPHQWRVGRWUDEDOKRSDJRVRXFUHGLWDGRVDTXDOTXHUWtWXOR jSHVVRDItVLFDTXHOKHSUHVWHVHUYLoRPHVPRVHPYtQFXORHPSUHJDWtFLR$FUHVFHQWDGRSHOD (PHQGD&RQVWLWXFLRQDOQº EDUHFHLWDRXRIDWXUDPHQWR$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº FROXFUR$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº ,,²GRWUDEDOKDGRUHGRVGHPDLVVHJXUDGRVGDSUHYLGrQFLDVRFLDOQmRLQFLGLQGRFRQWULEXLomR VREUHDSRVHQWDGRULDHSHQVmRFRQFHGLGDVSHORUHJLPHJHUDOGHSUHYLGrQFLDVRFLDOGHTXHWUDWD RDUW5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,,,²VREUHDUHFHLWDGHFRQFXUVRVGHSURJQyVWLFRV º²$VUHFHLWDVGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVGHVWLQDGDVjVHJXULGDGH VRFLDOFRQVWDUmRGRVUHVSHFWLYRVRUoDPHQWRVQmRLQWHJUDQGRRRUoDPHQWRGD8QLmR º²$SURSRVWDGHRUoDPHQWRGDVHJXULGDGHVRFLDOVHUiHODERUDGDGHIRUPDLQWHJUDGDSHORV yUJmRVUHVSRQViYHLVSHODVD~GHSUHYLGrQFLDVRFLDOHDVVLVWrQFLDVRFLDOWHQGRHPYLVWDDVPHWDV HSULRULGDGHVHVWDEHOHFLGDVQDOHLGHGLUHWUL]HVRUoDPHQWiULDVDVVHJXUDGDDFDGDiUHDDJHVWmR GHVHXVUHFXUVRV º²$SHVVRDMXUtGLFDHPGpELWRFRPRVLVWHPDGDVHJXULGDGHVRFLDOFRPRHVWDEHOHFLGRHP OHLQmRSRGHUiFRQWUDWDUFRPR3RGHU3~EOLFRQHPGHOHUHFHEHUEHQHItFLRVRXLQFHQWLYRVILVFDLV RXFUHGLWtFLRV º²$OHLSRGHUiLQVWLWXLURXWUDVIRQWHVGHVWLQDGDVDJDUDQWLUDPDQXWHQomRRXH[SDQVmRGD VHJXULGDGHVRFLDOREHGHFLGRRGLVSRVWRQRDUW, º ² 1HQKXP EHQHItFLR RX VHUYLoR GD VHJXULGDGH VRFLDO SRGHUi VHU FULDGR PDMRUDGR RX HVWHQGLGRVHPDFRUUHVSRQGHQWHIRQWHGHFXVWHLRWRWDO º²$VFRQWULEXLo}HVVRFLDLVGHTXHWUDWDHVWHDUWLJRVySRGHUmRVHUH[LJLGDVDSyVGHFRUULGRV QRYHQWDGLDVGDGDWDGDSXEOLFDomRGDOHLTXHDVKRXYHULQVWLWXtGRRXPRGLILFDGRQmRVHOKHV DSOLFDQGRRGLVSRVWRQRDUW,,,E º ² 6mR LVHQWDV GH FRQWULEXLomR SDUD D VHJXULGDGH VRFLDO DV HQWLGDGHV EHQHILFHQWHV GH DVVLVWrQFLDVRFLDOTXHDWHQGDPjVH[LJrQFLDVHVWDEHOHFLGDVHPOHL º2SURGXWRURSDUFHLURRPHHLURHRDUUHQGDWiULRUXUDLVHRSHVFDGRUDUWHVDQDOEHPFRPR RVUHVSHFWLYRVF{QMXJHVTXHH[HUoDPVXDVDWLYLGDGHVHPUHJLPHGHHFRQRPLDIDPLOLDUVHP HPSUHJDGRVSHUPDQHQWHVFRQWULEXLUmRSDUDDVHJXULGDGHVRFLDOPHGLDQWHDDSOLFDomRGHXPD DOtTXRWDVREUHRUHVXOWDGRGDFRPHUFLDOL]DomRGDSURGXomRHIDUmRMXVDRVEHQHItFLRVQRVWHUPRV GDOHL5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº º$VFRQWULEXLo}HVVRFLDLVSUHYLVWDVQRLQFLVR,GHVWHDUWLJRSRGHUmRWHUDOtTXRWDVRXEDVHVGH FiOFXORGLIHUHQFLDGDVHPUD]mRGDDWLYLGDGHHFRQ{PLFDRXGDXWLOL]DomRLQWHQVLYDGHPmRGH REUD$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº $OHLGHILQLUiRVFULWpULRVGHWUDQVIHUrQFLDGHUHFXUVRVSDUDRVLVWHPD~QLFRGHVD~GHH Do}HVGHDVVLVWrQFLDVRFLDOGD8QLmRSDUDRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVHGRV (VWDGRVSDUDRV0XQLFtSLRVREVHUYDGDDUHVSHFWLYDFRQWUDSDUWLGDGHUHFXUVRV$FUHVFHQWDGR SHOD(PHQGD&RQVWLWXFLRQDOQº eYHGDGDDFRQFHVVmRGHUHPLVVmRRXDQLVWLDGDVFRQWULEXLo}HVVRFLDLVGHTXHWUDWDPRV LQFLVRV,DH,,GHVWHDUWLJRSDUDGpELWRVHPPRQWDQWHVXSHULRUDRIL[DGRHPOHLFRPSOHPHQWDU $FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº $UW2VSODQRVGHSUHYLGrQFLDVRFLDOPHGLDQWHFRQWULEXLomRDWHQGHUmRQRVWHUPRVGDOHL D5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,²FREHUWXUDGRVHYHQWRVGHGRHQoDLQYDOLGH]PRUWHHLGDGHDYDQoDGD ,,²SURWHomRjPDWHUQLGDGHHVSHFLDOPHQWHjJHVWDQWH5HGDomRGDGDSHOD(PHQGD&RQV WLWXFLRQDOQº ,,,²SURWHomRDRWUDEDOKDGRUHPVLWXDomRGHGHVHPSUHJRLQYROXQWiULR5HGDomRGDGDSHOD (PHQGD&RQVWLWXFLRQDOQº ,9 ² VDOiULRIDPtOLD H DX[tOLRUHFOXVmR SDUD RV GHSHQGHQWHV GRV VHJXUDGRV GH EDL[D UHQGD 5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº 9 ² SHQVmR SRU PRUWH GR VHJXUDGR KRPHP RX PXOKHU DR F{QMXJH RX FRPSDQKHLUR H GHSHQGHQWHV REVHUYDGR R GLVSRVWR QR º5HGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDO Qº ºeYHGDGDDDGRomRGHUHTXLVLWRVHFULWpULRVGLIHUHQFLDGRVSDUDDFRQFHVVmRGHDSRVHQWDGRULD DRV EHQHILFLiULRV GR UHJLPH JHUDO GH SUHYLGrQFLD VRFLDO UHVVDOYDGRV RV FDVRV GH DWLYLGDGHV H[HUFLGDVVREFRQGLo}HVHVSHFLDLVTXHSUHMXGLTXHPDVD~GHRXDLQWHJULGDGHItVLFDGHILQLGRV HPOHLFRPSOHPHQWDU5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº º1HQKXPEHQHItFLRTXHVXEVWLWXDRVDOiULRGHFRQWULEXLomRRXRUHQGLPHQWRGRWUDEDOKR GR VHJXUDGR WHUi YDORU PHQVDO LQIHULRU DR VDOiULR PtQLPR 5HGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDOQº º 7RGRV RV VDOiULRV GH FRQWULEXLomR FRQVLGHUDGRV SDUD R FiOFXOR GH EHQHItFLR VHUmR GHYLGDPHQWH DWXDOL]DGRV QD IRUPD GD OHL 5HGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDO Qº ºeDVVHJXUDGRRUHDMXVWDPHQWRGRVEHQHItFLRVSDUDSUHVHUYDUOKHVHPFDUiWHUSHUPDQHQWH RYDORUUHDOFRQIRUPHFULWpULRVGHILQLGRVHPOHL5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDO Qº º e YHGDGD D ILOLDomR DR UHJLPH JHUDO GH SUHYLGrQFLD VRFLDO QD TXDOLGDGH GH VHJXUDGR IDFXOWDWLYR GH SHVVRD SDUWLFLSDQWH GH UHJLPH SUySULR GH SUHYLGrQFLD 5HGDomR GDGD SHOD (PHQGD&RQVWLWXFLRQDOQº º²$JUDWLILFDomRQDWDOLQDGRVDSRVHQWDGRVHSHQVLRQLVWDVWHUiSRUEDVHRYDORUGRVSURYHQWRV GRPrVGHGH]HPEURGHFDGDDQR º e DVVHJXUDGD DSRVHQWDGRULD QR UHJLPH JHUDO GH SUHYLGrQFLD VRFLDO QRV WHUPRV GD OHL REHGHFLGDVDVVHJXLQWHVFRQGLo}HV5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,²WULQWDHFLQFRDQRVGHFRQWULEXLomRVHKRPHPHWULQWDDQRVGHFRQWULEXLomRVHPXOKHU 5HGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQº ,,²VHVVHQWDHFLQFRDQRVGHLGDGHVHKRPHPHVHVVHQWDDQRVGHLGDGHVHPXOKHUUHGX]LGR HPFLQFRDQRVROLPLWHSDUDRVWUDEDOKDGRUHVUXUDLVGHDPERVRVVH[RVHSDUDRVTXHH[HUoDP VXDVDWLYLGDGHVHPUHJLPHGHHFRQRPLDIDPLOLDUQHVWHVLQFOXtGRVRSURGXWRUUXUDORJDULPSHLUR HRSHVFDGRUDUWHVDQDO$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº º2VUHTXLVLWRVDTXHVHUHIHUHRLQFLVR,GRSDUiJUDIRDQWHULRUVHUmRUHGX]LGRVHPFLQFR DQRVSDUDRSURIHVVRUTXHFRPSURYHH[FOXVLYDPHQWHWHPSRGHHIHWLYRH[HUFtFLRGDVIXQo}HV GHPDJLVWpULRQDHGXFDomRLQIDQWLOHQRHQVLQRIXQGDPHQWDOHPpGLR5HGDomRGDGDSHOD (PHQGD&RQVWLWXFLRQDOQº º3DUDHIHLWRGHDSRVHQWDGRULDpDVVHJXUDGDDFRQWDJHPUHFtSURFDGRWHPSRGHFRQWULEXLomR QDDGPLQLVWUDomRS~EOLFDHQDDWLYLGDGHSULYDGDUXUDOHXUEDQDKLSyWHVHHPTXHRVGLYHUVRV UHJLPHVGHSUHYLGrQFLDVRFLDOVHFRPSHQVDUmRILQDQFHLUDPHQWHVHJXQGRFULWpULRVHVWDEHOHFLGRV HPOHL$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº /HL GLVFLSOLQDUi D FREHUWXUD GR ULVFR GH DFLGHQWH GR WUDEDOKR DVHUDWHQGLGD FRQFRU UHQWHPHQWHSHORUHJLPHJHUDOGHSUHYLGrQFLDVRFLDOHSHORVHWRUSULYDGR$FUHVFHQWDGRSHOD (PHQGD&RQVWLWXFLRQDOQº 2VJDQKRVKDELWXDLVGRHPSUHJDGRDTXDOTXHUWtWXORVHUmRLQFRUSRUDGRVDRVDOiULRSDUD HIHLWRGHFRQWULEXLomRSUHYLGHQFLiULDHFRQVHTHQWHUHSHUFXVVmRHPEHQHItFLRVQRVFDVRVHQD IRUPDGDOHL$FUHVFHQWDGRSHOD(PHQGD&RQVWLWXFLRQDOQº $UW$DUUHFDGDomRGHFRUUHQWHGDVFRQWULEXLo}HVSDUDR3URJUDPDGH,QWHJUDomR6RFLDO FULDGRSHOD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGHHSDUDR3URJUDPDGH)RUPDomR GR3DWULP{QLRGR6HUYLGRU3~EOLFRFULDGRSHOD/HL&RPSOHPHQWDUQºGHGHGH]HPEURGH SDVVD D SDUWLU GD SURPXOJDomR GHVWD &RQVWLWXLomR D ILQDQFLDU QRV WHUPRV TXH D OHL GLVSXVHURSURJUDPDGRVHJXURGHVHPSUHJRHRDERQRGHTXHWUDWDRºGHVWHDUWLJR º²'RVUHFXUVRVPHQFLRQDGRVQRFDSXWGHVWHDUWLJRSHORPHQRVTXDUHQWDSRUFHQWRVHUmR GHVWLQDGRVDILQDQFLDUSURJUDPDVGHGHVHQYROYLPHQWRHFRQ{PLFRDWUDYpVGR%DQFR1DFLRQDO GH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDOFRPFULWpULRVGHUHPXQHUDomRTXHOKHVSUHVHUYHPR YDORU º ² 2V SDWULP{QLRV DFXPXODGRV GR 3URJUDPD GH ,QWHJUDomR 6RFLDO H GR 3URJUDPD GH )RUPDomR GR 3DWULP{QLRGR6HUYLGRU 3~EOLFRVmR SUHVHUYDGRV PDQWHQGRVHRV FULWpULRVGH VDTXH QDV VLWXDo}HV SUHYLVWDV QDV OHLV HVSHFtILFDV FRP H[FHomR GD UHWLUDGD SRU PRWLYR GH FDVDPHQWRILFDQGRYHGDGDDGLVWULEXLomRGDDUUHFDGDomRGHTXHWUDWDRFDSXWGHVWHDUWLJR SDUDGHSyVLWRQDVFRQWDVLQGLYLGXDLVGRVSDUWLFLSDQWHV º²$RVHPSUHJDGRVTXHSHUFHEDPGHHPSUHJDGRUHVTXHFRQWULEXHPSDUDR3URJUDPDGH ,QWHJUDomR6RFLDORXSDUDR3URJUDPDGH)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFRDWpGRLV VDOiULRVPtQLPRVGHUHPXQHUDomRPHQVDOpDVVHJXUDGRRSDJDPHQWRGHXPVDOiULRPtQLPR DQXDOFRPSXWDGRQHVWHYDORURUHQGLPHQWRGDVFRQWDVLQGLYLGXDLVQRFDVRGDTXHOHVTXHMi SDUWLFLSDYDPGRVUHIHULGRVSURJUDPDVDWpDGDWDGDSURPXOJDomRGHVWD&RQVWLWXLomR º ² 2 ILQDQFLDPHQWR GR VHJXURGHVHPSUHJR UHFHEHUi XPD FRQWULEXLomR DGLFLRQDO GD HPSUHVDFXMRtQGLFHGHURWDWLYLGDGHGDIRUoDGHWUDEDOKRVXSHUDURtQGLFHPpGLRGDURWDWLYLGDGH GRVHWRUQDIRUPDHVWDEHOHFLGDSRUOHL (0(1'$&2167,78&,21$/1º 0RGLILFDRVDUWVHGD&RQVWLWXLomR )HGHUDO H Gi QRYD UHGDomR DR DUW GR $WR GDV 'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV $V0HVDVGD&Ç0$5$'26'(387$'26HGR6(1$'2)('(5$/QRVWHUPRVGRºGRDUW GD&RQVWLWXLomR)HGHUDOSURPXOJDPDVHJXLQWHHPHQGDDR7H[WR&RQVWLWXFLRQDO $UWºeDFUHVFHQWDGDQRLQFLVR9,,GRDUWGD&RQVWLWXLomR)HGHUDODDOtQHDHFRPDVHJXLQWH UHGDomR ´HDSOLFDomRGRPtQLPRH[LJLGRGDUHFHLWDUHVXOWDQWHGHLPSRVWRVHVWDGXDLVFRPSUHHQGLGDD SURYHQLHQWHGHWUDQVIHUrQFLDVQDPDQXWHQomRHGHVHQYROYLPHQWRGRHQVLQRµ $UWºeGDGDQRYDUHGDomRDRVLQFLVRV,H,,GRDUWGD&RQVWLWXLomR)HGHUDOQRVVHJXLQWHV WHUPRV ´,²HQVLQRIXQGDPHQWDOREULJDWyULRHJUDWXLWRDVVHJXUDGDLQFOXVLYHVXDRIHUWDJUDWXLWDSDUD WRGRVRVTXHDHOHQmRWLYHUDPDFHVVRQDLGDGHSUySULD ,,²SURJUHVVLYDXQLYHUVDOL]DomRGRHQVLQRPpGLRJUDWXLWR $UWºeGDGDQRYDUHGDomRDRVºHºGRDUWGD&RQVWLWXLomR)HGHUDOHQHOHVmR LQVHULGRVPDLVGRLVSDUiJUDIRVSDVVDQGRDWHUDVHJXLQWHUHGDomR ´$UW º$8QLmRRUJDQL]DUiRVLVWHPDIHGHUDOGHHQVLQRHRGRV7HUULWyULRVILQDQFLDUiDVLQVWLWXLo}HV GH HQVLQR S~EOLFDV IHGHUDLV H H[HUFHUi HP PDWpULD HGXFDFLRQDO IXQomR UHGLVWULEXWLYD H VXSOHWLYDGHIRUPDDJDUDQWLUHTXDOL]DomRGHRSRUWXQLGDGHVHGXFDFLRQDLVHSDGUmRPtQLPRGH TXDOLGDGHGRHQVLQRPHGLDQWHDVVLVWrQFLDWpFQLFDHILQDQFHLUDDRV(VWDGRVDR'LVWULWR)HGHUDO HDRV0XQLFtSLRV º2V0XQLFtSLRVDWXDUmRSULRULWDULDPHQWHQRHQVLQRIXQGDPHQWDOHQDHGXFDomRLQIDQWLO º2V(VWDGRVHR'LVWULWR)HGHUDODWXDUmRSULRULWDULDPHQWHQRHQVLQRIXQGDPHQWDOHPpGLR º1DRUJDQL]DomRGHVHXVVLVWHPDVGHHQVLQRRV(VWDGRVHRV0XQLFtSLRVGHILQLUmRIRUPDV GHFRODERUDomRGHPRGRDDVVHJXUDUDXQLYHUVDOL]DomRGRHQVLQRREULJDWyULR $UWºeGDGDQRYDUHGDomRDRºGRDUWGD&RQVWLWXLomR)HGHUDOQRVVHJXLQWHVWHUPRV ´º2HQVLQRIXQGDPHQWDOS~EOLFRWHUiFRPRIRQWHDGLFLRQDOGHILQDQFLDPHQWRDFRQWULEXLomR VRFLDOGRVDOiULRHGXFDomRUHFROKLGDSHODVHPSUHVDVQDIRUPDGDOHLµ $UW º e DOWHUDGR R DUW GR $WR GDV 'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV H QHOH VmR LQVHULGRVQRYRVSDUiJUDIRVSDVVDQGRRDUWLJRDWHUDVHJXLQWHUHGDomR ´$UW1RVGH]SULPHLURVDQRVGDSURPXOJDomRGHVWDHPHQGDRV(VWDGRVR'LVWULWR)HGHUDO HRV0XQLFtSLRVGHVWLQDUmRQmRPHQRVGHVHVVHQWDSRUFHQWRGRVUHFXUVRVDTXHVHUHIHUHR FDSXWGRDUWGD&RQVWLWXLomR)HGHUDOjPDQXWHQomRHDRGHVHQYROYLPHQWRGRHQVLQR IXQGDPHQWDOFRPRREMHWLYRGHDVVHJXUDUDXQLYHUVDOL]DomRGHVHXDWHQGLPHQWRHDUHPXQH UDomRFRQGLJQDGRPDJLVWpULR º$GLVWULEXLomRGHUHVSRQVDELOLGDGHVHUHFXUVRVHQWUHRV(VWDGRVHVHXV0XQLFtSLRVDVHU FRQFUHWL]DGDFRPSDUWHGRVUHFXUVRVGHILQLGRVQHVWHDUWLJRQDIRUPDGRGLVSRVWRQRDUW GD &RQVWLWXLomR )HGHUDO p DVVHJXUDGD PHGLDQWHD FULDomR QRkPELWRGHFDGD (VWDGRHGR 'LVWULWR)HGHUDOGHXP)XQGRGH0DQXWHQomRH'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOH GH9DORUL]DomRGR0DJLVWpULRGHQDWXUH]DFRQWiELO º2IXQGRUHIHULGRQRSDUiJUDIRDQWHULRUVHUiFRQVWLWXtGRSRUSHORPHQRVTXLQ]HSRUFHQWR GRVUHFXUVRVDTXHVHUHIHUHPRVDUWVLQFLVR,,LQFLVR,9HLQFLVR,DOtQHDVDH EHLQFLVR,,GD&RQVWLWXLomR)HGHUDOHVHUiGLVWULEXtGRHQWUHFDGD(VWDGRHVHXV0XQLFtSLRV SURSRUFLRQDOPHQWHDRQ~PHURGHDOXQRVQDVUHVSHFWLYDVUHGHVGHHQVLQRIXQGDPHQWDO º$8QLmRFRPSOHPHQWDUiRVUHFXUVRVGRVIXQGRVDTXHVHUHIHUHRºVHPSUHTXHHP FDGD (VWDGR H QR 'LVWULWR )HGHUDO VHX YDORU SRU DOXQR QmR DOFDQoDU R PtQLPR GHILQLGR QDFLRQDOPHQWH º$8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVDMXVWDUmRSURJUHVVLYDPHQWHHPXP SUD]RGHFLQFRDQRVVXDVFRQWULEXLo}HVDR)XQGRGHIRUPDDJDUDQWLUXPYDORUSRUDOXQR FRUUHVSRQGHQWHDXPSDGUmRPtQLPRGHTXDOLGDGHGHHQVLQRGHILQLGRQDFLRQDOPHQWH º8PDSURSRUomRQmRLQIHULRUDVHVVHQWDSRUFHQWRGRVUHFXUVRVGHFDGDIXQGRUHIHULGRQR ºVHUiGHVWLQDGDDRSDJDPHQWRGRVSURIHVVRUHVGRHQVLQRIXQGDPHQWDOHPHIHWLYRH[HUFtFLR QRPDJLVWpULR º$8QLmRDSOLFDUiQDHUUDGLFDomRGRDQDOIDEHWLVPRHQDPDQXWHQomRHQRGHVHQYROYLPHQWR GRHQVLQRIXQGDPHQWDOLQFOXVLYHQDFRPSOHPHQWDomRDTXHVHUHIHUHRºQXQFDPHQRVTXH RHTXLYDOHQWHDWULQWDSRUFHQWRGRVUHFXUVRVDTXHVHUHIHUHRFDSXWGRDUWGD&RQVWLWXLomR )HGHUDO º$OHLGLVSRUiVREUHDRUJDQL]DomRGRVIXQGRVDGLVWULEXLomRSURSRUFLRQDOGHVHXVUHFXUVRV VXDILVFDOL]DomRHFRQWUROHEHPFRPRVREUHDIRUPDGHFiOFXORGRYDORUPtQLPRQDFLRQDOSRU DOXQR $UW º (VWD HPHQGD HQWUH HP YLJRU D SULPHLUR GH MDQHLUR GR DQR VXEVHTHQWH DR GH VXD SURPXOJDomR %UDVtOLDGHVHWHPEURGH (0(1'$&2167,78&,21$/1º'('(-81+2'( 0RGLILFDRUHJLPHHGLVS}HVREUHSULQFtSLRVHQRUPDV GD$GPLQLVWUDomR3~EOLFDVHUYLGRUHVHDJHQWHVSROtWL FRVFRQWUROHGHGHVSHVDVHILQDQoDVS~EOLFDVHFXVWHLR GHDWLYLGDGHVDFDUJRGR'LVWULWR)HGHUDOHGiRXWUDV SURYLGrQFLDV $V0HVDVGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDOQRVWHUPRVGRºGRDUWGD &RQVWLWXLomR)HGHUDOSURPXOJDPHVWD(PHQGDDRWH[WRFRQVWLWXFLRQDO $UWº2VLQFLVRV;,9H;;,,GRDUWH;;9,,GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDPD YLJRUDUFRPDVHJXLQWHUHGDomR ´$UW&RPSHWHj8QLmR ;,9²RUJDQL]DUHPDQWHUDSROtFLDFLYLODSROtFLDPLOLWDUHRFRUSRGHERPEHLURVPLOLWDUGR 'LVWULWR)HGHUDOEHPFRPRSUHVWDUDVVLVWrQFLDILQDQFHLUDDR'LVWULWR)HGHUDOSDUDDH[HFXomR GHVHUYLoRVS~EOLFRVSRUPHLRGHIXQGRSUySULR ;;,,²H[HFXWDURVVHUYLoRVGHSROtFLDPDUtWLPDDHURSRUWXiULDHGHIURQWHLUDV ´$UW&RPSHWHSULYDWLYDPHQWHj8QLmROHJLVODUVREUH ;;9,,²QRUPDVJHUDLVGHOLFLWDomRHFRQWUDWDomRHPWRGDVDVPRGDOLGDGHVSDUDDVDGPLQLV WUDo}HV S~EOLFDV GLUHWDV DXWiUTXLFDV H IXQGDFLRQDLV GD 8QLmR (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRVREHGHFLGRRGLVSRVWRQRDUW;;,HSDUDDVHPSUHVDVS~EOLFDVHVRFLHGDGHVGH HFRQRPLDPLVWDQRVWHUPRVGRDUWº,,, $UWº2ºGRDUWHRVLQFLVRV9H9,GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDPDYLJRUDU FRP D VHJXLQWH UHGDomR LQVHULQGRVH º QR DUW H UHQXPHUDQGRVH SDUD º R DWXDO SDUiJUDIR~QLFR ´$UW º 2 VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV VHUi IL[DGR SRU OHL GH LQLFLDWLYD GD $VVHPEOpLD /HJLVODWLYD QD UD]mR GH QR Pi[LPR VHWHQWD H FLQFR SRU FHQWR GDTXHOH HVWDEHOHFLGR HP HVSpFLHSDUDRV'HSXWDGRV)HGHUDLVREVHUYDGRRTXHGLVS}HPRVDUWVºº ,,,,,Hº, ´$UW º3HUGHUiRPDQGDWRR*RYHUQDGRUTXHDVVXPLURXWURFDUJRRXIXQomRQDDGPLQLVWUDomR S~EOLFDGLUHWDRXLQGLUHWDUHVVDOYDGDDSRVVHHPYLUWXGHGHFRQFXUVRS~EOLFRHREVHUYDGRR GLVSRVWRQRDUW,,9H9 º2VVXEVtGLRVGR*RYHUQDGRUGR9LFH*RYHUQDGRUHGRV6HFUHWiULRVGH(VWDGRVHUmRIL[DGRV SRUOHLGHLQLFLDWLYDGD$VVHPEOpLD/HJLVODWLYDREVHUYDGRRTXHGLVS}HPRVDUWV;,º ,,,,,Hº, ´$UW 9 ² VXEVtGLRV GR 3UHIHLWR GR 9LFH3UHIHLWR H GRV 6HFUHWiULRV 0XQLFLSDLV IL[DGRV SRU OHL GH LQLFLDWLYDGD&kPDUD0XQLFLSDOREVHUYDGRRTXHGLVS}HPRVDUWV;,º,, ,,,Hº, 9,²VXEVtGLRGRV9HUHDGRUHVIL[DGRSRUOHLGHLQLFLDWLYDGD&kPDUD0XQLFLSDOQDUD]mRGHQR Pi[LPR VHWHQWD H FLQFR SRU FHQWR GDTXHOH HVWDEHOHFLGR HP HVSpFLH SDUD RV 'HSXWDGRV (VWDGXDLVREVHUYDGRRTXHGLVS}HPRVDUWVºº,,,,,Hº, ´ $UWº2FDSXWRVLQFLVRV,,,99,,;;,;,,,;,9;9;9,;9,,H;,;HRºGRDUWGD &RQVWLWXLomR)HGHUDOSDVVDPDYLJRUDUFRPDVHJXLQWHUHGDomRDFUHVFHQGRVHDRDUWLJRRVº Dº ´$UW$DGPLQLVWUDomRS~EOLFDGLUHWDHLQGLUHWDGHTXDOTXHUGRV3RGHUHVGD8QLmRGRV (VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVREHGHFHUiDRVSULQFtSLRVGHOHJDOLGDGHLPSHV VRDOLGDGHPRUDOLGDGHSXEOLFLGDGHHHILFLrQFLDHWDPEpPDRVHJXLQWH ,²RVFDUJRVHPSUHJRVHIXQo}HVS~EOLFDVVmRDFHVVtYHLVDRVEUDVLOHLURVTXHSUHHQFKDPRV UHTXLVLWRVHVWDEHOHFLGRVHPOHLDVVLPFRPRDRVHVWUDQJHLURVQDIRUPDGDOHL ,,²DLQYHVWLGXUDHPFDUJRRXHPSUHJRS~EOLFRGHSHQGHGHDSURYDomRSUpYLDHPFRQFXUVR S~EOLFRGHSURYDVRXGHSURYDVHWtWXORVGHDFRUGRFRPDQDWXUH]DHDFRPSOH[LGDGHGRFDUJR RX HPSUHJR QD IRUPD SUHYLVWD HP OHL UHVVDOYDGDV DV QRPHDo}HV SDUD FDUJR HP FRPLVVmR GHFODUDGRHPOHLGHOLYUHQRPHDomRHH[RQHUDomR 9 ² DV IXQo}HV GH FRQILDQoD H[HUFLGDV H[FOXVLYDPHQWH SRU VHUYLGRUHV RFXSDQWHV GH FDUJR HIHWLYRHRVFDUJRVHPFRPLVVmRDVHUHPSUHHQFKLGRVSRUVHUYLGRUHVGHFDUUHLUDQRVFDVRV FRQGLo}HVHSHUFHQWXDLVPtQLPRVSUHYLVWRVHPOHLGHVWLQDPVHDSHQDVjVDWULEXLo}HVGHGLUHomR FKHILDHDVVHVVRUDPHQWR 9,,²RGLUHLWRGHJUHYHVHUiH[HUFLGRQRVWHUPRVHQRVOLPLWHVGHILQLGRVHPOHLHVSHFLILFD ;²DUHPXQHUDomRGRVVHUYLGRUHVS~EOLFRVHRVXEVtGLRGHTXHWUDWDRºGRDUWVRPHQWH SRGHUmRVHUIL[DGRVRXDOWHUDGRVSRUOHLHVSHFtILFDREVHUYDGDDLQLFLDWLYDSULYDWLYDHPFDGD FDVRDVVHJXUDGDUHYLVmRJHUDODQXDOVHPSUHQDPHVPDGDWDHVHPGLVWLQomRGHtQGLFHV ;,²DUHPXQHUDomRHRVXEVtGLRGRVRFXSDQWHVGHFDUJRVIXQo}HVHHPSUHJRVS~EOLFRVGD DGPLQLVWUDomR GLUHWD DXWiUTXLFD H IXQGDFLRQDO GRV PHPEURV GH TXDOTXHU GRV 3RGHUHV GD 8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVGRVGHWHQWRUHVGHPDQGDWRHOHWLYR H GRV GHPDLV DJHQWHV SROtWLFRV H RV SURYHQWRV SHQV}HV RX RXWUD HVSpFLH UHPXQHUDWyULD SHUFHELGRV FXPXODWLYDPHQWH RX QmR LQFOXtGDV DV YDQWDJHQV SHVVRDLV RX GH TXDOTXHU RXWUD QDWXUH]D QmR SRGHUmR H[FHGHU R VXEVtGLR PHQVDO HP HVSpFLH GRV 0LQLVWURV GR 6XSUHPR 7ULEXQDO)HGHUDO ;,,,²pYHGDGDDYLQFXODomRRXHTXLSDUDomRGHTXDLVTXHUHVSpFLHVUHPXQHUDWyULDVSDUDRHIHLWR GHUHPXQHUDomRGHSHVVRDOGRVHUYLoRS~EOLFR ;,9²RVDFUpVFLPRVSHFXQLiULRVSHUFHELGRVSRUVHUYLGRUS~EOLFRQmRVHUmRFRPSXWDGRVQHP DFXPXODGRVSDUDILQVGHFRQFHVVmRGHDFUpVFLPRVXOWHULRUHV ;9²RVXEVtGLRHRVYHQFLPHQWRVGRVRFXSDQWHVGHFDUJRVHHPSUHJRVS~EOLFRVVmRLUUHGXWtYHLV UHVVDOYDGRRGLVSRVWRQRVLQFLVRV;,H;,9GHVWHDUWLJRHQRVDUWVº,,,,,H º, ;9, ² p YHGDGD D DFXPXODomR UHPXQHUDGD GH FDUJRV S~EOLFRV H[FHWR TXDQGR KRXYHU FRPSDWLELOLGDGHGHKRUiULRVREVHUYDGRHPTXDOTXHUFDVRRGLVSRVWRQRLQFLVR;, DDGHGRLVFDUJRVGHSURIHVVRU EDGHXPFDUJRGHSURIHVVRUFRPRXWURWpFQLFRRXFLHQWtILFR FDGHGRLVFDUJRVSULYDWLYRVGHPpGLFR ;9,, ² D SURLELomR GH DFXPXODU HVWHQGHVH D HPSUHJRV H IXQo}HV H DEUDQJH DXWDUTXLDV IXQGDo}HVHPSUHVDVS~EOLFDVVRFLHGDGHVGHHFRQRPLDPLVWDVXDVVXEVLGLiULDVHVRFLHGDGHV FRQWURODGDVGLUHWDRXLQGLUHWDPHQWHSHORSRGHUS~EOLFR ;,; ² VRPHQWH SRU OHL HVSHFtILFD SRGHUi VHU FULDGD DXWDUTXLD H DXWRUL]DGD D LQVWLWXLomR GH HPSUHVDS~EOLFDGHVRFLHGDGHGHHFRQRPLDPLVWDHGHIXQGDomRFDEHQGRjOHLFRPSOHPHQWDU QHVWH~OWLPRFDVRGHILQLUDViUHDVGHVXDDWXDomR º$OHLGLVFLSOLQDUiDVIRUPDVGHSDUWLFLSDomRGRXVXiULRQDDGPLQLVWUDomRS~EOLFDGLUHWDH LQGLUHWDUHJXODQGRHVSHFLDOPHQWH ,²DVUHFODPDo}HVUHODWLYDVjSUHVWDomRGRVVHUYLoRVS~EOLFRVHPJHUDODVVHJXUDGDVDPDQXWHQ omR GH VHUYLoRV GH DWHQGLPHQWR DR XVXiULR H D DYDOLDomR SHULyGLFD H[WHUQD H LQWHUQD GD TXDOLGDGHGRVVHUYLoRV ,,²RDFHVVRGRVXVXiULRVDUHJLVWURVDGPLQLVWUDWLYRVHDLQIRUPDo}HVVREUHDWRVGHJRYHUQR REVHUYDGRRGLVSRVWRQRDUWº;H;;;,,, ,,,²DGLVFLSOLQDGDUHSUHVHQWDomRFRQWUDRH[HUFtFLRQHJOLJHQWHRXDEXVLYRGHFDUJRHPSUHJR RXIXQomRQDDGPLQLVWUDomRS~EOLFD º $ OHL GLVSRUi VREUH RV UHTXLVLWRV H DV UHVWULo}HV DR RFXSDQWH GHFDUJRRX HPSUHJR GD DGPLQLVWUDomRGLUHWDHLQGLUHWDTXHSRVVLELOLWHRDFHVVRDLQIRUPDo}HVSULYLOHJLDGDV º$DXWRQRPLDJHUHQFLDORUoDPHQWiULDHILQDQFHLUDGRVyUJmRVHHQWLGDGHVGDDGPLQLVWUDomR GLUHWDHLQGLUHWDSRGHUiVHUDPSOLDGDPHGLDQWHFRQWUDWRDVHUILUPDGRHQWUHVHXVDGPLQLV WUDGRUHVHRSRGHUS~EOLFRTXHWHQKDSRUREMHWRDIL[DomRGHPHWDVGHGHVHPSHQKRSDUDR yUJmRRXHQWLGDGHFDEHQGRjOHLGLVSRUVREUH ,²RSUD]RGHGXUDomRGRFRQWUDWR ,,²RVFRQWUROHVHFULWpULRVGHDYDOLDomRGHGHVHPSHQKRGLUHLWRVREULJDo}HVHUHVSRQVDELOLGDGH GRVGLULJHQWHV ,,,²DUHPXQHUDomRGRSHVVRDO º2GLVSRVWRQRLQFLVR;,DSOLFDVHjVHPSUHVDVS~EOLFDVHjVVRFLHGDGHVGHHFRQRPLDPLVWD HVXDVVXEVLGLiULDVTXHUHFHEHUHPUHFXUVRVGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDORXGRV PXQLFtSLRVSDUDSDJDPHQWRGHGHVSHVDVGHSHVVRDORXGHFXVWHLRHPJHUDO $UWº2FDSXWGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW$RVHUYLGRUS~EOLFRGDDGPLQLVWUDomRGLUHWDDXWiUTXLFDHIXQGDFLRQDOQRH[HUFtFLR GHPDQGDWRHOHWLYRDSOLFDPVHDVVHJXLQWHVGLVSRVLo}HV µ $UWº2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW$8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVLQVWLWXLUmRFRQVHOKRGHSROtWLFD GH DGPLQLVWUDomR H UHPXQHUDomR GH SHVVRDO LQWHJUDGR SRU VHUYLGRUHV GHVLJQDGRV SHORV UHVSHFWLYRV3RGHUHV º$IL[DomRGRVSDGU}HVGHYHQFLPHQWRHGRVGHPDLVFRPSRQHQWHVGRVLVWHPDUHPXQHUDWyULR REVHUYDUi ,²DQDWXUH]DRJUDXGHUHVSRQVDELOLGDGHHDFRPSOH[LGDGHGRVFDUJRVFRPSRQHQWHVGHFDGD FDUUHLUD ,,²RVUHTXLVLWRVSDUDDLQYHVWLGXUD ,,,²DVSHFXOLDULGDGHVGRVFDUJRV º$8QLmRRV(VWDGRVHR'LVWULWR)HGHUDOPDQWHUmRHVFRODVGHJRYHUQRSDUDDIRUPDomRH RDSHUIHLoRDPHQWRGRVVHUYLGRUHVS~EOLFRVFRQVWLWXLQGRVHDSDUWLFLSDomRQRVFXUVRVXPGRV UHTXLVLWRV SDUD D SURPRomR QD FDUUHLUD IDFXOWDGD SDUD LVVR D FHOHEUDomR GH FRQYrQLRV RX FRQWUDWRVHQWUHRVHQWHVIHGHUDGRV º$SOLFDVHDRVVHUYLGRUHVRFXSDQWHVGHFDUJRS~EOLFRRGLVSRVWRQRDUW,99,,9,,,,; ;,, ;,,, ;9 ;9, ;9,, ;9,,, ;,; ;; ;;,, H ;;; SRGHQGR D OHL HVWDEHOHFHU UHTXLVLWRV GLIHUHQFLDGRVGHDGPLVVmRTXDQGRDQDWXUH]DGRFDUJRRH[LJLU º2PHPEURGH3RGHURGHWHQWRUGHPDQGDWRHOHWLYRRV0LQLVWURVGH(VWDGRHRV6HFUHWiULRV (VWDGXDLV H 0XQLFLSDLV VHUmR UHPXQHUDGRV H[FOXVLYDPHQWH SRU VXEVtGLR IL[DGR HP SDUFHOD ~QLFD YHGDGR R DFUpVFLPR GH TXDOTXHU JUDWLILFDomR DGLFLRQDO DERQR SUrPLR YHUED GH UHSUHVHQWDomRRXRXWUDHVSpFLHUHPXQHUDWyULDREHGHFLGRHPTXDOTXHUFDVRRGLVSRVWRQR DUW;H;, º/HLGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVSRGHUiHVWDEHOHFHUDUHODomR HQWUHDPDLRUHDPHQRUUHPXQHUDomRGRVVHUYLGRUHVS~EOLFRVREHGHFLGRHPTXDOTXHUFDVR RGLVSRVWRQRDUW;, º2V3RGHUHV([HFXWLYR/HJLVODWLYRH-XGLFLiULRSXEOLFDUmRDQXDOPHQWHRVYDORUHVGRVXEVtGLR HGDUHPXQHUDomRGRVFDUJRVHHPSUHJRVS~EOLFRV º/HLGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVGLVFLSOLQDUiDDSOLFDomRGH UHFXUVRV RUoDPHQWiULRV SURYHQLHQWHV GD HFRQRPLD FRP GHVSHVDV FRUUHQWHV HP FDGD yUJmR DXWDUTXLD H IXQGDomR SDUD DSOLFDomR QR GHVHQYROYLPHQWR GH SURJUDPDV GH TXDOLGDGH H SURGXWLYLGDGHWUHLQDPHQWRHGHVHQYROYLPHQWRPRGHUQL]DomRUHDSDUHOKDPHQWRHUDFLRQDOL ]DomRGRVHUYLoRS~EOLFRLQFOXVLYHVREDIRUPDGHDGLFLRQDORXSUrPLRGHSURGXWLYLGDGH º$UHPXQHUDomRGRVVHUYLGRUHVS~EOLFRVRUJDQL]DGRVHPFDUUHLUDSRGHUiVHUIL[DGDQRV WHUPRVGRº $UWº2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW6mRHVWiYHLVDSyVWUrVDQRVGHHIHWLYRH[HUFtFLRRVVHUYLGRUHVQRPHDGRVSDUDFDUJRGH SURYLPHQWRHIHWLYRHPYLUWXGHGHFRQFXUVRS~EOLFR º2VHUYLGRUS~EOLFRHVWiYHOVySHUGHUiRFDUJR ,²HPYLUWXGHGHVHQWHQoDMXGLFLDOWUDQVLWDGDHPMXOJDGR ,,²PHGLDQWHSURFHVVRDGPLQLVWUDWLYRHPTXHOKHVHMDDVVHJXUDGDDPSODGHIHVD ,,,²PHGLDQWHSURFHGLPHQWRGHDYDOLDomRSHULyGLFDGHGHVHPSHQKRQDIRUPDGHOHLFRPSOH PHQWDUDVVHJXUDGDDPSODGHIHVD º,QYDOLGDGDSRUVHQWHQoDMXGLFLDODGHPLVVmRGRVHUYLGRUHVWiYHOVHUiHOHUHLQWHJUDGRHR HYHQWXDO RFXSDQWH GD YDJD VH HVWiYHO UHFRQGX]LGR DR FDUJR GH RULJHP VHP GLUHLWR D LQGHQL]DomR DSURYHLWDGR HP RXWUR FDUJR RX SRVWR HP GLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR º ([WLQWR R FDUJR RX GHFODUDGD D VXD GHVQHFHVVLGDGH R VHUYLGRU HVWiYHO ILFDUi HP GLV SRQLELOLGDGHFRPUHPXQHUDomRSURSRUFLRQDODRWHPSRGHVHUYLoRDWpVHXDGHTXDGRDSURYHL WDPHQWRHPRXWURFDUJR º&RPRFRQGLomRSDUDDDTXLVLomRGDHVWDELOLGDGHpREULJDWyULDDDYDOLDomRHVSHFLDOGH GHVHPSHQKRSRUFRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH $UWº2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWHLQFLVR;9 ´$UW&DEHDR&RQJUHVVR1DFLRQDOFRPDVDQomRGR3UHVLGHQWHGD5HS~EOLFDQmRH[LJLGD HVWDSDUDRHVSHFLILFDGRQRVDUWVHGLVSRUVREUHWRGDVDVPDWpULDVGHFRPSHWrQFLD GD8QLmRHVSHFLDOPHQWHVREUH ;9 ² IL[DomR GR VXEVtGLR GRV 0LQLVWURV GR 6XSUHPR 7ULEXQDO )HGHUDO SRU OHL GH LQLFLDWLYD FRQMXQWDGRV3UHVLGHQWHVGD5HS~EOLFDGD&kPDUDGRV'HSXWDGRVGR6HQDGR)HGHUDOHGR 6XSUHPR7ULEXQDO)HGHUDOREVHUYDGRRTXHGLVS}HPRVDUWVº,,,,,H º, $UWº2VLQFLVRV9,,H9,,,GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDPDYLJRUDUFRPDVHJXLQWH UHGDomR ´$UWeGDFRPSHWrQFLDH[FOXVLYDGR&RQJUHVVR1DFLRQDO 9,, ² IL[DU LGrQWLFR VXEVtGLR SDUD RV 'HSXWDGRV )HGHUDLV H RV 6HQDGRUHV REVHUYDGR R TXH GLVS}HPRVDUWV;,º,,,,,Hº, 9,,,²IL[DURVVXEVtGLRVGR3UHVLGHQWHHGR9LFH3UHVLGHQWHGD5HS~EOLFDHGRV0LQLVWURVGH (VWDGRREVHUYDGRRTXHGLVS}HPRVDUWV;,º,,,,,Hº, µ $UWº2LQFLVR,9GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW&RPSHWHSULYDWLYDPHQWHj&kPDUDGRV'HSXWDGRV ,9²GLVSRUVREUHVXDRUJDQL]DomRIXQFLRQDPHQWRSROtFLDFULDomRWUDQVIRUPDomRRXH[WLQomR GRVFDUJRVHPSUHJRVHIXQo}HVGHVHXVVHUYLoRVHDLQLFLDWLYDGHOHLSDUDIL[DomRGDUHVSHFWLYD UHPXQHUDomRREVHUYDGRVRVSDUkPHWURVHVWDEHOHFLGRVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV $UW2LQFLVR;,,,GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW&RPSHWHSULYDWLYDPHQWHDR6HQDGR)HGHUDO ;,,,²GLVSRUVREUHVXDRUJDQL]DomRIXQFLRQDPHQWRSROtFLDFULDomRWUDQVIRUPDomRRXH[WLQomR GRVFDUJRVHPSUHJRVHIXQo}HVGHVHXVVHUYLoRVHDLQLFLDWLYDGHOHLSDUDIL[DomRGDUHVSHFWLYD UHPXQHUDomRREVHUYDGRVRVSDUkPHWURVHVWDEHOHFLGRVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV $UW2ºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW º 1D VHVVmR OHJLVODWLYD H[WUDRUGLQiULD R &RQJUHVVR 1DFLRQDO VRPHQWH GHOLEHUDUi VREUH D PDWpULDSDUDDTXDOIRLFRQYRFDGRYHGDGRRSDJDPHQWRGHSDUFHODLQGHQL]DWyULDHPYDORU VXSHULRUDRGRVXEVtGLRPHQVDO $UW2SDUiJUDIR~QLFRGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWH UHGDomR ´$UW 3DUiJUDIR~QLFR3UHVWDUiFRQWDVTXDOTXHUSHVVRDItVLFDRXMXUtGLFDS~EOLFDRXSULYDGDTXH XWLOL]HDUUHFDGHJXDUGHJHUHQFLHRXDGPLQLVWUHGLQKHLURVEHQVHYDORUHVS~EOLFRVRXSHORV TXDLVD8QLmRUHVSRQGDRXTXHHPQRPHGHVWDDVVXPDREULJDo}HVGHQDWXUH]DSHFXQLiULD $UW2LQFLVR9GRDUWRLQFLVR,,,GRDUWHDDOtQHDEGRLQFLVR,,GRDUWGD &RQVWLWXLomR)HGHUDOSDVVDPDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW 9²RVXEVtGLRGRV0LQLVWURVGRV7ULEXQDLV6XSHULRUHVFRUUHVSRQGHUiDQRYHQWDHFLQFRSRU FHQWRGRVXEVtGLRPHQVDOIL[DGRSDUDRV0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDOHRVVXEVtGLRV GRV GHPDLV PDJLVWUDGRV VHUmR IL[DGRV HP OHL H HVFDORQDGRV HP QtYHO IHGHUDO H HVWDGXDO FRQIRUPHDVUHVSHFWLYDVFDWHJRULDVGDHVWUXWXUDMXGLFLiULDQDFLRQDOQmRSRGHQGRDGLIHUHQoD HQWUHXPDHRXWUDVHUVXSHULRUDGH]SRUFHQWRRXLQIHULRUDFLQFRSRUFHQWRQHPH[FHGHUD QRYHQWD H FLQFR SRU FHQWR GR VXEVtGLR PHQVDO GRV 0LQLVWURV GRV 7ULEXQDLV 6XSHULRUHV REHGHFLGRHPTXDOTXHUFDVRRGLVSRVWRQRVDUWV;,Hº ´$UW2V-XL]HVJR]DPGDVVHJXLQWHVJDUDQWLDV ,,,²LUUHGXWLELOLGDGHGHVXEVtGLRUHVVDOYDGRRGLVSRVWRQRVDUWV;H;,º,, ,,,Hº, ´$UW&RPSHWHSULYDWLYDPHQWH ,,²DR6XSUHPR7ULEXQDO)HGHUDODRV7ULEXQDLV6XSHULRUHVHDRV7ULEXQDLVGH-XVWLoDSURSRUDR 3RGHU/HJLVODWLYRUHVSHFWLYRREVHUYDGRRGLVSRVWRQRDUW EDFULDomRHDH[WLQomRGHFDUJRVHDUHPXQHUDomRGRVVHXVVHUYLoRVDX[LOLDUHVHGRVMXt]RV TXHOKHVIRUHPYLQFXODGRVEHPFRPRDIL[DomRGRVXEVtGLRGHVHXVPHPEURVHGRVMXL]HV LQFOXVLYHGRVWULEXQDLVLQIHULRUHVRQGHKRXYHUUHVVDOYDGRRGLVSRVWRQRDUW;9 $UW2ºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW º $R 0LQLVWpULR 3~EOLFR p DVVHJXUDGD DXWRQRPLD IXQFLRQDO H DGPLQLVWUDWLYD SRGHQGR REVHUYDGRRGLVSRVWRQRDUWSURSRUDR3RGHU/HJLVODWLYRDFULDomRHH[WLQomRGHVHXV FDUJRVHVHUYLoRVDX[LOLDUHVSURYHQGRRVSRUFRQFXUVRS~EOLFRGHSURYDVRXGHSURYDVHWtWXORV D SROtWLFD UHPXQHUDWULD H RV SODQRV GH FDUUHLUD D OHL GLVSRUi VREUH VXD RUJDQL]DomR H IXQFLRQDPHQWR $UW$DOtQHDFGRLQFLVR,GRºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRP DVHJXLQWHUHGDomR ´$UW º/HLVFRPSOHPHQWDUHVGD8QLmRHGRV(VWDGRVFXMDLQLFLDWLYDpIDFXOWDGDDRVUHVSHFWLYRV 3URFXUDGRUHV*HUDLVHVWDEHOHFHUmRDRUJDQL]DomRDVDWULEXLo}HVHRHVWDWXWRGHFDGD0LQLVWpULR 3~EOLFRREVHUYDGDVUHODWLYDPHQWHDVHXVPHPEURV ,²DVVHJXLQWHVJDUDQWLDV FLUUHGXWLELOLGDGHGHVXEVtGLRIL[DGRQDIRUPDGRDUWºHUHVVDOYDGRRGLVSRVWRQRVDUWV ;H;,,,,,,º, $UW$6HomR,,GR&DStWXOR,9GR7tWXOR,9GD&RQVWLWXLomR)HGHUDOSDVVDDGHQRPLQDUVH ´'$$'92&$&,$3Ô%/,&$µ $UW2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW2V3URFXUDGRUHVGRV(VWDGRVHGR'LVWULWR)HGHUDORUJDQL]DGRVHPFDUUHLUDQDTXDO RLQJUHVVRGHSHQGHUiGHFRQFXUVRS~EOLFRGHSURYDVHWtWXORVFRPDSDUWLFLSDomRGDRUGHP GRV $GYRJDGRV GR %UDVLO HP WRGDV DV VXDV IDVHV H[HUFHUmR D UHSUHVHQWDomR MXGLFLDO H D FRQVXOWDULDMXUtGLFDGDVUHVSHFWLYDVXQLGDGHVIHGHUDGDV 3DUiJUDIR~QLFR$RVSURFXUDGRUHVUHIHULGRVQHVWHDUWLJRpDVVHJXUDGDHVWDELOLGDGHDSyVWUrV DQRVGHHIHWLYRH[HUFtFLRPHGLDQWHDYDOLDomRGHGHVHPSHQKRSHUDQWHRVyUJmRVSUySULRVDSyV UHODWyULRFLUFXQVWDQFLDGRGDVFRUUHJHGRULDV $UW2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW2VVHUYLGRUHVLQWHJUDQWHVGDVFDUUHLUDVGLVFLSOLQDGDVQDV6Ho}HV,,H,,,GHVWH&DStWXOR VHUmRUHPXQHUDGRVQDIRUPDGRDUWºµ $UW2ºHVHXLQFLVR,,,HRVºHºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDPD YLJRUDUFRPDVHJXLQWHUHGDomRLQVHULQGRVHQRDUWLJRº ´$UW º$SROtFLDIHGHUDOLQVWLWXtGDSRUOHLFRPRyUJmRSHUPDQHQWHRUJDQL]DGRHPDQWLGRSHOD 8QLmRHHVWUXWXUDGRHPFDUUHLUDGHVWLQDVHD ,,,²H[HUFHUDVIXQo}HVGHSROtFLDPDUtWLPDDHURSRUWXiULDHGHIURQWHLUDV º $ SROtFLD URGRYLiULD IHGHUDO yUJmR SHUPDQHQWH RUJDQL]DGR H PDQWLGR SHOD 8QLmR H HVWUXWXUDGRHPFDUUHLUDGHVWLQDVHQDIRUPDGDOHLDRSDWUXOKDPHQWRRVWHQVLYRGDVURGRYLDV IHGHUDLV º $ SROtFLD IHUURYLiULD IHGHUDO yUJmR SHUPDQHQWH RUJDQL]DGR H PDQWLGR SHOD 8QLmR H HVWUXWXUDGRHPFDUUHLUDGHVWLQDVHQDIRUPDGDOHLDRSDWUXOKDPHQWRRVWHQVLYRGDVIHUURYLDV IHGHUDLV º$UHPXQHUDomRGRVVHUYLGRUHVSROLFLDLVLQWHJUDQWHVGRVyUJmRVUHODFLRQDGRVQHVWHDUWLJR VHUiIL[DGDQDIRUPDGRºGRDUW $UW2FDSXWGRDUWGD&RQVWLWXLomR·)HGHUDOSDVVDDYLJRUDUDFUHVFLGRGHLQFLVR;FRP DVHJXLQWHUHGDomR ´$UW6mRYHGDGRV ; ² D WUDQVIHUrQFLD YROXQWiULD GH UHFXUVRV H D FRQFHVVmR GH HPSUpVWLPRV LQFOXVLYH SRU DQWHFLSDomRGHUHFHLWDSHORV*RYHUQRV)HGHUDOH(VWDGXDLVHVXDVLQVWLWXLo}HVILQDQFHLUDVSDUD SDJDPHQWRGHGHVSHVDVFRPSHVVRDODWLYRLQDWLYRHSHQVLRQLVWDGRV(VWDGRVGR'LVWULWR)HGHUDO HGRV0XQLFtSLRV $UW2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW$GHVSHVDFRPSHVVRDODWLYRHLQDWLYRGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOH GRVPXQLFtSLRVQmRSRGHUiH[FHGHURVOLPLWHVHVWDEHOHFLGRVHPOHLFRPSOHPHQWDU º$FRQFHVVmRGHTXDOTXHUYDQWDJHPRXDXPHQWRGHUHPXQHUDomRDFULDomRGHFDUJRV HPSUHJRVHIXQo}HVRXDOWHUDomRGHHVWUXWXUDGHFDUUHLUDVEHPFRPRDDGPLVVmRRXFRQWUD WDomRGHSHVVRDODTXDOTXHUWtWXORSHORVyUJmRVHHQWLGDGHVGDDGPLQLVWUDomRGLUHWDRXLQGLUHWD LQFOXVLYHIXQGDo}HVLQVWLWXtGDVHPDQWLGDVSHORSRGHUS~EOLFRVySRGHUmRVHUIHLWDV ,²VHKRXYHUSUpYLDGRWDomRRUoDPHQWiULDVXILFLHQWHSDUDDWHQGHUDVSURHoRHVGHGHVSHVDGH SHVVRDOHDRVDFUpVFLPRVGHODGHFRUUHQWHV ,,²VHKRXYHUDXWRUL]DomRHVSHFtILFDQDOHLGHGLUHWUL]HVRUoDPHQWiULDVUHVVDOYDGDVDVHPSUHVDV S~EOLFDVHDVVRFLHGDGHVGHHFRQRPLDPLVWD º'HFRUULGRRSUD]RHVWDEHOHFLGRQDOHLFRPSOHPHQWDUUHIHULGDQHVWHDUWLJRSDUDDDGDSWDomR DRV SDUkPHWURV DOL SUHYLVWRV VHUmR LPHGLDWDPHQWH VXVSHQVRV WRGRV RV UHSDVVHV GH YHUEDV IHGHUDLVRXHVWDGXDLVDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVTXHQmRREVHUYDUHPRV UHIHULGRVOLPLWHV º3DUDRFXPSULPHQWRGRVOLPLWHVHVWDEHOHFLGRVFRPEDVHQHVWHDUWLJRGXUDQWHRSUD]R IL[DGR QD OHL FRPSOHPHQWDU UHIHULGD QR FDSXW D 8QLmR RV (VWDGRV D 'LVWULWR )HGHUDO H RV 0XQLFtSLRVDGRWDUmRDVVHJXLQWHVSURYLGrQFLDV ,²UHGXomRHPSHORPHQRVYLQWHSRUFHQWRGDVGHVSHVDVFRPFDUJRVHPFRPLVVmRHIXQo}HV GHFRQILDQoD ,,²H[RQHUDomRGRVVHUYLGRUHVQmRHVWiYHLV º6HDVPHGLGDVDGRWDGDVFRPEDVHQRSDUiJUDIRDQWHULRUQmRIRUHPVXILFLHQWHVSDUDDVVHJXUDU RFXPSULPHQWRGDGHWHUPLQDomRGDOHLFRPSOHPHQWDUUHIHULGDQHVWHDUWLJRRVHUYLGRUHVWiYHO SRGHUiSHUGHURFDUJRGHVGHTXHDWRQRUPDWLYRPRWLYDGRGHFDGDXPGRV3RGHUHVHVSHFLILTXH DDWLYLGDGHIXQFLRQDORyUJmRRXXQLGDGHDGPLQLVWUDWLYDREMHWRGDUHGXomRGHSHVVRDO º 2 VHUYLGRU TXH SHUGHU R FDUJR QD IRUPD GR SDUiJUDIR DQWHULRU IDUi MXV D LQGHQL]DomR FRUUHVSRQGHQWHDXPPrVGHUHPXQHUDomRSRUDQRGHVHUYLoR º2FDUJRREMHWRGDUHGXomRSUHYLVWDQRVSDUiJUDIRVDQWHULRUHVVHUiFRQVLGHUDGRH[WLQWR YHGDGDDFULDomRGHFDUJRHPSUHJRRXIXQomRFRPDWULEXLo}HVLJXDLVRXDVVHPHOKDGDVSHOR SUD]RGHTXDWURDQRV º/HLIHGHUDOGLVSRUiVREUHDVQRUPDVJHUDLVDVHUHPREHGHFLGDVQDHIHWLYDomRGRGLVSRVWR QRº $UW2ºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW º$OHLHVWDEHOHFHUiRHVWDWXWRMXUtGLFRGDHPSUHVDS~EOLFDGDVRFLHGDGHGHHFRQRPLDPLVWD HGHVXDVVXEVLGLiULDVTXHH[SORUHPDWLYLGDGHHFRQ{PLFDGHSURGXomRRXFRPHUFLDOL]DomRGH EHQVRXGHSUHVWDomRGHVHUYLoRVGLVSRQGRVREUH ,²VXDIXQomRVRFLDOHIRUPDVGHILVFDOL]DomRSHOR(VWDGRHSHODVRFLHGDGH ,,²DVXMHLomRDRUHJLPHMXUtGLFRSUySULRGDVHPSUHVDVSULYDGDVLQFOXVLYHTXDQWRDRVGLUHLWRV HREULJDo}HVFLYLVFRPHUFLDLVWUDEDOKLVWDVHWULEXWiULRV ,,,²OLFLWDomRHFRQWUDWDomRGHREUDVVHUYLoRVFRPSUDVHDOLHQDo}HVREVHUYDGRVRVSULQFtSLRV GDDGPLQLVWUDomRS~EOLFD ,9 ² D FRQVWLWXLomR H R IXQFLRQDPHQWR GRV FRQVHOKRV GH DGPLQLVWUDomR H ILVFDO FRP D SDUWLFLSDomRGHDFLRQLVWDVPLQRULWiULRV 9²RVPDQGDWRVDDYDOLDomRGHGHVHPSHQKRHDUHVSRQVDELOLGDGHGRVDGPLQLVWUDGRUHV $UW2LQFLVR9GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW2HQVLQRVHUiPLQLVWUDGRFRPEDVHQRVVHJXLQWHVSULQFtSLRV 9²YDORUL]DomRGRVSURILVVLRQDLVGRHQVLQRJDUDQWLGRVQDIRUPDGDOHLSODQRVGHFDUUHLUDSDUD R PDJLVWpULR S~EOLFR FRP SLVR VDODULDO SURILVVLRQDO H LQJUHVVR H[FOXVLYDPHQWH SRU FRQFXUVR S~EOLFRGHSURYDVHWtWXORV $UW2DUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW$8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGLVFLSOLQDUmRSRUPHLRGHOHL RVFRQVyUFLRVS~EOLFRVHRVFRQYrQLRVGHFRRSHUDomRHQWUHRVHQWHVIHGHUDGRVDXWRUL]DQGRD JHVWmRDVVRFLDGDGHVHUYLoRVS~EOLFRVEHPFRPRDWUDQVIHUrQFLDWRWDORXSDUFLDOGHHQFDUJRV VHUYLoRVSHVVRDOHEHQVHVVHQFLDLVjFRQWLQXLGDGHGRVVHUYLoRVWUDQVIHULGRVµ $UW$WpDLQVWLWXLomRGRIXQGRDTXHVHUHIHUHRLQFLVR;,9GRDUWGD&RQVWLWXLomR)HGHUDO FRPSHWH j 8QLmR PDQWHU RV DWXDLV FRPSURPLVVRV ILQDQFHLURV FRP D SUHVWDomR GH VHUYLoRV S~EOLFRVGR'LVWULWR)HGHUDO $UW1RSUD]RGHGRLVDQRVGDSURPXOJDomRGHVWD(PHQGDDVHQWLGDGHVGDDGPLQLVWUDomR LQGLUHWDWHUmRVHXVHVWDWXWRVUHYLVWRVTXDQWRjUHVSHFWLYDQDWXUH]DMXUtGLFDWHQGRHPFRQWDD ILQDOLGDGHHDVFRPSHWrQFLDVHIHWLYDPHQWHH[HFXWDGDV $UW2&RQJUHVVR1DFLRQDOGHQWURGHFHQWRHYLQWHGLDVGDSURPXOJDomRGHVWD(PHQGD HODERUDUiOHLGHGHIHVDGRXVXiULRGHVHUYLoRVS~EOLFRV $UWeDVVHJXUDGRRSUD]RGHGRLVDQRVGHHIHWLYRH[HUFtFLRSDUDDTXLVLomRGDHVWDELOLGDGH DRVDWXDLVVHUYLGRUHVHPHVWiJLRSUREDWyULRVHPSUHMXt]RGDDYDOLDomRDTXHVHUHIHUHRº GRDUWGD&RQVWLWXLomR)HGHUDO $UW 2V VXEVtGLRV YHQFLPHQWRV UHPXQHUDomR SURYHQWRV GD DSRVHQWDGRULDHSHQV}HVH TXDLVTXHURXWUDVHVSpFLHVUHPXQHUDWyULDVDGHTXDUVHmRDSDUWLUGDSURPXOJDomRGHVWD(PHQ GDDRVOLPLWHVGHFRUUHQWHVGD&RQVWLWXLomR)HGHUDOQmRVHDGPLWLQGRDSHUFHSomRGHH[FHVVR DTXDOTXHUWtWXOR $UW2SURMHWRGHOHLFRPSOHPHQWDUDTXHVHUHIHUHRDUWGD&RQVWLWXLomR)HGHUDOVHUi DSUHVHQWDGRSHOR3RGHU([HFXWLYRDR&RQJUHVVR1DFLRQDOQRSUD]RPi[LPRGHFHQWRHRLWHQWD GLDVGDSURPXOJDomRGHVWD(PHQGD $UW 2V VHUYLGRUHV S~EOLFRV IHGHUDLV GD DGPLQLVWUDomR GLUHWD H LQGLUHWD ² RV VHUYLGRUHV PXQLFLSDLVHRVLQWHJUDQWHVGDFDUUHLUDSROLFLDOPLOLWDUGRVH[7HUULWyULRV)HGHUDLVGR$PDSiH GH 5RUDLPD TXH FRPSURYDGDPHQWH HQFRQWUDYDPVH QR H[HUFtFLR UHJXODU GH VXDV IXQo}HV SUHVWDQGRVHUYLoRVjTXHOHVH[7HUULWyULRVQDGDWDHPTXHIRUDPWUDQVIRUPDGRVHP(VWDGRVRV SROLFLDLVPLOLWDUHVTXHWHQKDPVLGRDGPLWLGRVSRUIRUoDGHOHLIHGHUDOFXVWHDGRVSHOD8QLmRH DLQGD RV VHUYLGRUHV FLYLV QHVVHV (VWDGRV FRP YtQFXOR IXQFLRQDO Mi UHFRQKHFLGR SHOD 8QLmR FRQVWLWXLUmRTXDGURHPH[WLQomRGDDGPLQLVWUDomRIHGHUDODVVHJXUDGRVRVGLUHLWRVHYDQWDJHQV LQHUHQWHVDRVVHXVVHUYLGRUHVYHGDGRRSDJDPHQWRDTXDOTXHUWtWXORGHGLIHUHQoDVUHPXQH UDWyULDV º2VVHUYLGRUHVGDFDUUHLUDSROLFLDOPLOLWDUFRQWLQXDUmRSUHVWDQGRVHUYLoRVDRVUHVSHFWLYRV (VWDGRVQDFRQGLomRGHFHGLGRVVXEPHWLGRVjVGLVSRVLo}HVOHJDLVHUHJXODPHQWDUHVDTXHHVWmR VXMHLWDVDVFRUSRUDo}HVGDVUHVSHFWLYDV3ROtFLDV0LOLWDUHVREVHUYDGDVDVDWULEXLo}HVGHIXQomR FRPSDWtYHLVFRPVHXJUDXKLHUiUTXLFR º2VVHUYLGRUHVFLYLVFRQWLQXDUmRSUHVWDQGRVHUYLoRVDRVUHVSHFWLYRV(VWDGRVQDFRQGLomRGH FHGLGRVDWpVHXDSURYHLWDPHQWRHPyUJmRGDDGPLQLVWUDomRIHGHUDO $UW$&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUDFUHVFLGDGRVHJXLQWHDUWLJR ´$UW$VOHLVSUHYLVWDVQRLQFLVR,,,GRºGRDUWHQRºGRDUWHVWDEHOHFHUmR FULWpULRV H JDUDQWLDV HVSHFLDLV SDUD D SHUGD GR FDUJR SHOR VHUYLGRU S~EOLFR HVWiYHO TXH HP GHFRUUrQFLDGDVDWULEXLo}HVGHVHXFDUJRHIHWLYRGHVHQYROYDDWLYLGDGHVH[FOXVLYDVGH(VWDGR 3DUiJUDIR ~QLFR 1D KLSyWHVH GH LQVXILFLrQFLD GH GHVHPSHQKR D SHUGD GR FDUJR VRPHQWH RFRUUHUiPHGLDQWHSURFHVVRDGPLQLVWUDWLYRHPTXHOKHVHMDPDVVHJXUDGRVRFRQWUDGLWyULRHD DPSODGHIHVD $UW&RQVLGHUDPVHVHUYLGRUHVQmRHVWiYHLVSDUDRVILQVGRDUWº,,GD&RQVWLWXLomR )HGHUDO DTXHOHV DGPLWLGRV QD DGPLQLVWUDomR GLUHWD DXWiUTXLFD H IXQGDFLRQDO VHP FRQFXUVR S~EOLFRGHSURYDVRXGHSURYDVHWtWXORVDSyVRGLDGHRXWXEURGH $UW(VWD(PHQGD&RQVWLWXFLRQDOHQWUDHPYLJRUQDGDWDGHVXDSURPXOJDomR (0(1'$&2167,78&,21$/1º $OWHUDRLQFLVR9,GRDUWHDFUHVFHQWDRDUW$j &RQVWLWXLomR )HGHUDO TXH GLVS}HP VREUH OLPLWHV GH GHVSHVDVFRPR3RGHU/HJLVODWLYR0XQLFLSDO $V0HVDVGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDOQRVWHUPRVGRºGRDUWGD &RQVWLWXLomR)HGHUDOSURPXOJDPDVHJXLQWH(PHQGDDRWH[WRFRQVWLWXFLRQDO $UWº2LQFLVR9,GRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UWµ ´9,²RVXEVtGLRGRV9HUHDGRUHVVHUiIL[DGRSHODVUHVSHFWLYDV&kPDUDV0XQLFLSDLVHPFDGD OHJLVODWXUD SDUD D VXEVHTHQWH REVHUYDGR R TXH GLVS}H HVWD &RQVWLWXLomR REVHUYDGRV RV FULWpULRVHVWDEHOHFLGRVQDUHVSHFWLYD/HL2UJkQLFDHRVVHJXLQWHVOLPLWHVPi[LPRVµ15 ´DHP0XQLFtSLRVGHDWpGH]PLOKDELWDQWHVRVXEVtGLRPi[LPRGRV9HUHDGRUHVFRUUHVSRQGHUi DYLQWHSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$&$& DFUpVFLPR ´E HP 0XQLFtSLRV GH GH] PLO H XP D FLQTHQWD PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHVFRUUHVSRQGHUiDWULQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$& ´F HP 0XQLFtSLRV GH FLQTHQWD PLO H XP D FHP PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHVFRUUHVSRQGHUiDTXDUHQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$& ´G HP 0XQLFtSLRV GH FHP PLO H XP D WUH]HQWRV PLO KDELWDQWHV R VXEVtGLR Pi[LPR GRV 9HUHDGRUHVFRUUHVSRQGHUiDFLQTHQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$& ´HHP0XQLFtSLRVGHWUH]HQWRVPLOHXPDTXLQKHQWRVPLOKDELWDQWHVRVXEVtGLRPi[LPRGRV 9HUHDGRUHVFRUUHVSRQGHUiDVHVVHQWDSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$& ´IHP0XQLFtSLRVGHPDLVGHTXLQKHQWRVPLOKDELWDQWHVRVXEVtGLRPi[LPRGRV9HUHDGRUHV FRUUHVSRQGHUiDVHWHQWDHFLQFRSRUFHQWRGRVXEVtGLRGRV'HSXWDGRV(VWDGXDLVµ$& ´µ $UWº$&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUDFUHVFLGDGRVHJXLQWHDUW$ ´$UW $ 2 WRWDO GD GHVSHVD GR 3RGHU /HJLVODWLYR 0XQLFLSDO LQFOXtGRV RV VXEVtGLRV GRV 9HUHDGRUHVHH[FOXtGRVRVJDVWRVFRPLQDWLYRVQmRSRGHUiXOWUDSDVVDURVVHJXLQWHVSHUFHQWXDLV UHODWLYRVDRVRPDWyULRGDUHFHLWDWULEXWiULDHGDVWUDQVIHUrQFLDVSUHYLVWDVQRºGRDUWH QRVDUWVHHIHWLYDPHQWHUHDOL]DGRQRH[HUFtFLRDQWHULRUµ$& ´,²RLWRSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRGHDWpFHPPLOKDELWDQWHVµ$& ´,, ² VHWH SRU FHQWR SDUD 0XQLFtSLRV FRP SRSXODomR HQWUH FHP PLO H XP H WUH]HQWRV PLO KDELWDQWHVµ$& ´,,,²VHLVSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRHQWUHWUH]HQWRVPLOHXPHTXLQKHQWRVPLO KDELWDQWHVµ$& ´,9²FLQFRSRUFHQWRSDUD0XQLFtSLRVFRPSRSXODomRDFLPDGHTXLQKHQWRVPLOKDELWDQWHVµ$& ´º$&kPDUD0XQLFLSDOQmRJDVWDUiPDLVGHVHWHQWDSRUFHQWRGHVXDUHFHLWDFRPIROKDGH SDJDPHQWRLQFOXtGRRJDVWRFRPRVXEVtGLRGHVHXV9HUHDGRUHVµ$& ´º&RQVWLWXLFULPHGHUHVSRQVDELOLGDGHGR3UHIHLWR0XQLFLSDOµ$& ´,²HIHWXDUUHSDVVHTXHVXSHUHRVOLPLWHVGHILQLGRVQHVWHDUWLJRµ$& ´,,²QmRHQYLDURUHSDVVHDWpRGLDYLQWHGHFDGDPrVRXµ$& ´,,,²HQYLiORDPHQRUHPUHODomRjSURSRUomRIL[DGDQD/HL2UoDPHQWiULDµ$& ´º&RQVWLWXLFULPHGHUHVSRQVDELOLGDGHGR3UHVLGHQWHGD&kPDUD0XQLFLSDORGHVUHVSHLWR DRºGHVWHDUWLJRµ$& $UWº(VWD(PHQGD&RQVWLWXFLRQDOHQWUDHPYLJRUHPºGHMDQHLURGH %UDVtOLDGHIHYHUHLURGH (0(1'$&2167,78&,21$/1º $OWHUDRVDUWVHGD&RQV WLWXLomR )HGHUDO H DFUHVFHQWD DUWLJR DR $WR GDV 'LV SRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVSDUDDVVHJXUDURV UHFXUVRV PtQLPRV SDUD R ILQDQFLDPHQWR GDV Do}HV H VHUYLoRVS~EOLFRVGHVD~GH $V0HVDVGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDOQRVWHUPRVGRºGRDUWGD &RQVWLWXLomR)HGHUDOSURPXOJDPDVHJXLQWH(PHQGDDRWH[WRFRQVWLWXFLRQDO $UWº$DOtQHDHGRLQFLVR9,,GRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW ´9,, ´HDSOLFDomRGRPtQLPRH[LJLGRGDUHFHLWDUHVXOWDQWHGHLPSRVWRVHVWDGXDLVFRPSUHHQGLGDD SURYHQLHQWH GH WUDQVIHUrQFLDV QD PDQXWHQomR H GHVHQYROYLPHQWR GRHQVLQR H QDVDo}HVH VHUYLoRVS~EOLFRVGHVD~GHµ15 $UWº2LQFLVR,,,GRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW ´,,,QmRWLYHUVLGRDSOLFDGRRPtQLPRH[LJLGRGDUHFHLWDPXQLFLSDOQDPDQXWHQomRHGHVHQYRO YLPHQWRGRHQVLQRHQDVDo}HVHVHUYLoRVS~EOLFRVGHVD~GHµ15 $UWº2ºGRDUWGD&RQVWLWXLomR)HGHUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW ´º6HPSUHMXt]RGDSURJUHVVLYLGDGHQRWHPSRDTXHVHUHIHUHRDUWºLQFLVR,,R LPSRVWRSUHYLVWRQRLQFLVR,SRGHUiµ15 ´,VHUSURJUHVVLYRHPUD]mRGRYDORUGRLPyYHOHµ$& ´,,WHUDOtTXRWDVGLIHUHQWHVGHDFRUGRFRPDORFDOL]DomRHRXVRGRLPyYHOµ$& ´µ $UWº2SDUiJUDIR~QLFRGRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UWµ ´3DUiJUDIR ~QLFR $ YHGDomR SUHYLVWD QHVWH DUWLJR QmR LPSHGH D 8QLmR H RV (VWDGRV GH FRQGLFLRQDUHPDHQWUHJDGHUHFXUVRVµ15 ´,DRSDJDPHQWRGHVHXVFUpGLWRVLQFOXVLYHGHVXDVDXWDUTXLDVµ$& ´,,DRFXPSULPHQWRGRGLVSRVWRQRDUWºLQFLVRV,,H,,,µ$& $UWº2LQFLVR,9GRDUWSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR ´$UW ´,9DYLQFXODomRGHUHFHLWDGHLPSRVWRVDyUJmRIXQGRRXGHVSHVDUHVVDOYDGDVDUHSDUWLomRGR SURGXWRGDDUUHFDGDomRGRVLPSRVWRVDTXHVHUHIHUHPRVDUWVHDGHVWLQDomRGH UHFXUVRVSDUDDVDo}HVHVHUYLoRVS~EOLFRVGHVD~GHHSDUDPDQXWHQomRHGHVHQYROYLPHQWRGR HQVLQRFRPRGHWHUPLQDGRUHVSHFWLYDPHQWHSHORVDUWVºHHDSUHVWDomRGH JDUDQWLDVjVRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDSUHYLVWDVQRDUWºEHP FRPRRGLVSRVWRQRºGHVWHDUWLJRµ15 ´µ $UWº2DUWSDVVDDYLJRUDUDFUHVFLGRGRVVHJXLQWHVºHºQXPHUDQGRVHRDWXDO SDUiJUDIR~QLFRFRPRº ´$UW ´ºSDUiJUDIR~QLFRRULJLQDOµ ´º$8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVDSOLFDUmRDQXDOPHQWHHPDo}HV HVHUYLoRVS~EOLFRVGHVD~GHUHFXUVRVPtQLPRVGHULYDGRVGDDSOLFDomRGHSHUFHQWXDLVFDOFXODGRV VREUHµ$& ´,QRFDVRGD8QLmRQDIRUPDGHILQLGDQRVWHUPRVGDOHLFRPSOHPHQWDUSUHYLVWDQRºµ$& ´,,QRFDVRGRV(VWDGRVHGR'LVWULWR)HGHUDORSURGXWRGDDUUHFDGDomRGRVLPSRVWRVDTXHVH UHIHUHRDUWHGRVUHFXUVRVGHTXHWUDWDPRVDUWVHLQFLVR,DOtQHDDHLQFLVR,, GHGX]LGDVDVSDUFHODVTXHIRUHPWUDQVIHULGDVDRVUHVSHFWLYRV0XQLFtSLRVµ$& ´,,,QRFDVRGRV0XQLFtSLRVHGR'LVWULWR)HGHUDORSURGXWRGDDUUHFDGDomRGRVLPSRVWRVDTXHVH UHIHUHRDUWHGRVUHFXUVRVGHTXHWUDWDPRVDUWVHLQFLVR,DOtQHDEHºµ$& ´º/HLFRPSOHPHQWDUTXHVHUiUHDYDOLDGDSHORPHQRVDFDGDFLQFRDQRVHVWDEHOHFHUiµ$& ´,RVSHUFHQWXDLVGHTXHWUDWDRºµ$& ´,,RVFULWpULRVGHUDWHLRGRVUHFXUVRVGD8QLmRYLQFXODGRVjVD~GHGHVWLQDGRVDRV(VWDGRVDR 'LVWULWR )HGHUDO H DRV 0XQLFtSLRV H GRV (VWDGRV GHVWLQDGRV D VHXV UHVSHFWLYRV 0XQLFtSLRV REMHWLYDQGRDSURJUHVVLYDUHGXomRGDVGLVSDULGDGHVUHJLRQDLVµ$& ´,,,DVQRUPDVGHILVFDOL]DomRDYDOLDomRHFRQWUROHGDVGHVSHVDVFRPVD~GHQDVHVIHUDVIHGHUDO HVWDGXDOGLVWULWDOHPXQLFLSDOµ$& ´,9DVQRUPDVGHFiOFXORGRPRQWDQWHDVHUDSOLFDGRSHOD8QLmRµ$& $UWº2$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWH DUW ´$UW$WpRH[HUFtFLRILQDQFHLURGHRVUHFXUVRVPtQLPRVDSOLFDGRVQDVDo}HVHVHUYLoRV S~EOLFRVGHVD~GHVHUmRHTXLYDOHQWHVµ$& ´,QRFDVRGD8QLmRµ$& ´DQRDQRRPRQWDQWHHPSHQKDGRHPDo}HVHVHUYLoRVS~EOLFRVGHVD~GHQRH[HUFtFLR ILQDQFHLURGHDFUHVFLGRGHQRPtQLPRFLQFRSRUFHQWRµ$& ´EGRDQRDRDQRRYDORUDSXUDGRQRDQRDQWHULRUFRUULJLGRSHODYDULDomRQRPLQDO GR3URGXWR,QWHUQR%UXWR3,%µ$& ´,,QRFDVRGRV(VWDGRVHGR'LVWULWR)HGHUDOGR]HSRUFHQWRGRSURGXWRGDDUUHFDGDomRGRV LPSRVWRVDTXHVHUHIHUHRDUWHGRVUHFXUVRVGHTXHWUDWDPRVDUWVHLQFLVR, DOtQHDDHLQFLVR,,GHGX]LGDVDVSDUFHODVTXHIRUHPWUDQVIHULGDVDRVUHVSHFWLYRV0XQLFtSLRV Hµ$& ´,,,QRFDVRGRV0XQLFtSLRVHGR'LVWULWR)HGHUDOTXLQ]HSRUFHQWRGRSURGXWRGDDUUHFDGDomR GRVLPSRVWRVDTXHVHUHIHUHRDUWHGRVUHFXUVRVGHTXHWUDWDPRVDUWVHLQFLVR ,DOtQHDEHºµ$& ´º2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVTXHDSOLTXHPSHUFHQWXDLVLQIHULRUHVDRV IL[DGRVQRVLQFLVRV,,H,,,GHYHUmRHOHYiORVJUDGXDOPHQWHDWpRH[HUFtFLRILQDQFHLURGH UHGX]LGDDGLIHUHQoDjUD]mRGHSHORPHQRVXPTXLQWRSRUDQRVHQGRTXHDSDUWLUGH DDSOLFDomRVHUiGHSHORPHQRVVHWHSRUFHQWRµ$& ´º'RVUHFXUVRVGD8QLmRDSXUDGRVQRVWHUPRVGHVWHDUWLJRTXLQ]HSRUFHQWRQRPtQLPR VHUmRDSOLFDGRVQRV0XQLFtSLRVVHJXQGRRFULWpULRSRSXODFLRQDOHPDo}HVHVHUYLoRVEiVLFRV GHVD~GHQDIRUPDGDOHLµ$& ´º2VUHFXUVRVGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVGHVWLQDGRVjVDo}HVHVHUYLoRV S~EOLFRVGHVD~GHHRVWUDQVIHULGRVSHOD8QLmRSDUDDPHVPDILQDOLGDGHVHUmRDSOLFDGRVSRU PHLRGH)XQGRGH6D~GHTXHVHUiDFRPSDQKDGRHILVFDOL]DGRSRU&RQVHOKRGH6D~GHVHP SUHMXt]RGRGLVSRVWRQRDUWGD&RQVWLWXLomR)HGHUDOµ$& ´º1DDXVrQFLDGDOHLFRPSOHPHQWDUDTXHVHUHIHUHRDUWºDSDUWLUGRH[HUFtFLR ILQDQFHLURGHDSOLFDUVHij8QLmRDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVR GLVSRVWRQHVWHDUWLJRµ$& $UWº(VWD(PHQGD&RQVWLWXFLRQDOHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR BBBBBBBBBBBBBBB $& $FUpVFLPR %UDVtOLDGHVHWHPEURGH /(*,6/$d®23$5$'Ì9,'$(23(5$d¯(6'(&5e',72 5(62/8d®21º'('('(=(0%52'( &RPDVDOWHUDo}HVLQWURGX]LGDVSHOD5HVROXomRQGHGHDEULOGH 'LVS}H VREUH RV OLPLWHV JOREDLV SDUD R PRQWDQWH GD GtYLGDS~EOLFDFRQVROLGDGDHGDGtYLGDS~EOLFDPREL OLiULDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV HP DWHQGLPHQWR DR GLVSRVWR QR DUW 9, H ,; GD &RQVWLWXLomR)HGHUDO 26HQDGR)HGHUDOUHVROYH $UWº6XERUGLQDVHjVQRUPDVHVWDEHOHFLGDVQHVWD5HVROXomRDGtYLGDS~EOLFDFRQVROLGDGDHD GtYLGDS~EOLFDPRELOLiULDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV º&RQVLGHUDVHSDUDRVILQVGHVWD5HVROXomRDVVHJXLQWHVGHILQLo}HV ,²(VWDGR'LVWULWR)HGHUDOH0XQLFtSLRDVUHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDVRVIXQGRVDV DXWDUTXLDVDVIXQGDo}HVHDVHPSUHVDVHVWDWDLVGHSHQGHQWHV ,,²HPSUHVDHVWDWDOGHSHQGHQWHHPSUHVDFRQWURODGDSHOR(VWDGRSHOR'LVWULWR)HGHUDORXSHOR 0XQLFtSLRTXHWHQKDQRH[HUFtFLRDQWHULRUUHFHELGRUHFXUVRVILQDQFHLURVGHVHXFRQWURODGRU GHVWLQDGRVDRSDJDPHQWRGHGHVSHVDVFRPSHVVRDOGHFXVWHLRHPJHUDORXGHFDSLWDOH[FOXtGRV QHVWH~OWLPRFDVRDTXHOHVSURYHQLHQWHVGHDXPHQWRGHSDUWLFLSDomRDFLRQiULDHWHQKDQR H[HUFtFLRFRUUHQWHDXWRUL]DomRRUoDPHQWiULDSDUDUHFHELPHQWRGHUHFXUVRVILQDQFHLURVFRP LGrQWLFDILQDOLGDGH ,,, ² GtYLGD S~EOLFD FRQVROLGDGD PRQWDQWH WRWDO DSXUDGR VHP GXSOLFLGDGH GDV REULJDo}HV ILQDQFHLUDVLQFOXVLYHDVGHFRUUHQWHVGHHPLVVmRGHWtWXORVGR(VWDGRGR'LVWULWR)HGHUDORXGR 0XQLFtSLRDVVXPLGDVHPYLUWXGHGHOHLVFRQWUDWRVFRQYrQLRVRXWUDWDGRVHGDUHDOL]DomRGH RSHUDo}HVGHFUpGLWRSDUDDPRUWL]DomRHPSUD]RVXSHULRUDGR]HPHVHVGRVSUHFDWyULRV MXGLFLDLVHPLWLGRVDSDUWLUGHGHPDLRGHHQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWR HPTXHKRXYHUHPVLGRLQFOXtGRVHGDVRSHUDo}HVGHFUpGLWRTXHHPERUDGHSUD]RLQIHULRU DGR]HPHVHVWHQKDPFRQVWDGRFRPRUHFHLWDVQRRUoDPHQWR ,9²GtYLGDS~EOLFDPRELOLiULDGtYLGDS~EOLFDUHSUHVHQWDGDSRUWtWXORVHPLWLGRVSHORV(VWDGRV SHOR'LVWULWR)HGHUDORXSHORV0XQLFtSLRVH 9²GtYLGDFRQVROLGDGDOtTXLGDGtYLGDS~EOLFDFRQVROLGDGDGHGX]LGDVDVGLVSRQLELOLGDGHVGH FDL[DDVDSOLFDo}HVILQDQFHLUDVHRVGHPDLVKDYHUHVILQDQFHLURV º$GtYLGDFRQVROLGDGDQmRLQFOXLDVREULJDo}HVH[LVWHQWHVHQWUHDVDGPLQLVWUDo}HVGLUHWDV GRV (VWDGRV GR 'LVWULWR )HGHUDO RX GRV 0XQLFtSLRV H VHXV UHVSHFWLYRV IXQGRV DXWDUTXLDV IXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVRXHQWUHHVWHV $UWº(QWHQGHVHSRUUHFHLWDFRUUHQWHOtTXLGDSDUDRVHIHLWRVGHVWD5HVROXomRRVRPDWyULR GDVUHFHLWDVWULEXWiULDVGHFRQWULEXLo}HVSDWULPRQLDLVLQGXVWULDLVDJURSHFXiULDVGHVHUYLoRV WUDQVIHUrQFLDVFRUUHQWHVHRXWUDVUHFHLWDVWDPEpPFRUUHQWHVGHGX]LGRV ,²QRV(VWDGRVDVSDUFHODVHQWUHJXHVDRV0XQLFtSLRVSRUGHWHUPLQDomRFRQVWLWXFLRQDO ,,²QRV(VWDGRVHQRV0XQLFtSLRVDFRQWULEXLomRGRVVHUYLGRUHVSDUDRFXVWHLRGRVHXVLVWHPD GHSUHYLGrQFLDHDVVLVWrQFLDVRFLDOHDVUHFHLWDVSURYHQLHQWHVGDFRPSHQVDomRILQDQFHLUDFLWDGD QRºGRDUWGD&RQVWLWXLomR)HGHUDO º6HUmRFRPSXWDGRVQRFiOFXORGDUHFHLWDFRUUHQWHOtTXLGDRVYDORUHVSDJRVHUHFHELGRVHP GHFRUUrQFLDGD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGHHGR)XQGRSUHYLVWR SHORDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV º1mRVHUmRFRQVLGHUDGRVQDUHFHLWDFRUUHQWHOtTXLGDGR'LVWULWR)HGHUDOHGRV(VWDGRVGR $PDSi H GH 5RUDLPD RV UHFXUVRV UHFHELGRV GD 8QLmR SDUD DWHQGLPHQWR GDV GHVSHVDV FRP SHVVRDOQDIRUPDGRVLQFLVRV;,,,H;,9GRDUWGD&RQVWLWXLomR)HGHUDOHGRDUWGD(PHQGD &RQVWLWXFLRQDOQºGH º$UHFHLWDFRUUHQWHOtTXLGDVHUiDSXUDGDVRPDQGRVHDVUHFHLWDVDUUHFDGDGDVQRPrVHP UHIHUrQFLDHQRVRQ]HPHVHVDQWHULRUHVH[FOXtGDVDVGXSOLFLGDGHVDOWHUDomRLQWURGX]LGD SHOD5HVROXomRQºGH º5HYRJDGRSHOD5HVROXomRQºGH $UWº$GtYLGDFRQVROLGDGDOtTXLGDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVDRILQDO GRGpFLPRTXLQWRH[HUFtFLRILQDQFHLURFRQWDGRDSDUWLUGRHQFHUUDPHQWRGRDQRGHSXEOLFDomR GHVWD5HVROXomRQmRSRGHUiH[FHGHUUHVSHFWLYDPHQWHD ,²QRFDVRGRV(VWDGRVHGR'LVWULWR)HGHUDOGXDVYH]HVDUHFHLWDFRUUHQWHOtTXLGDGHILQLGD QDIRUPDGRDUWºH ,,²QRFDVRGRV0XQLFtSLRVDXPLQWHLURHGRLVGpFLPRVYH]HVDUHFHLWDFRUUHQWHOtTXLGD GHILQLGDQDIRUPDGRDUWº 3DUiJUDIR~QLFR$SyVRSUD]RDTXHVHUHIHUHRFDSXWDLQREVHUYkQFLDGRVOLPLWHVHVWDEHOHFLGRV HP VHXV LQFLVRV , H ,, VXMHLWDUi RV HQWHV GD )HGHUDomR jV GLVSRVLo}HV GR DUW GD /HL &RPSOHPHQWDUQºGHGHPDLRGH $UWº1RSHUtRGRFRPSUHHQGLGRHQWUHDGDWDGDSXEOLFDomRGHVWD5HVROXomRHRILQDOGR GpFLPR TXLQWR H[HUFtFLR ILQDQFHLUR D TXH VH UHIHUH R DUWº VHUmRREVHUYDGDVDVVHJXLQWHV FRQGLo}HV ,²2H[FHGHQWHHPUHODomRDRVOLPLWHVSUHYLVWRVQRDUWºDSXUDGRDRILQDOGRH[HUFtFLRGR DQRGDSXEOLFDomRGHVWD5HVROXomRGHYHUiVHUUHGX]LGRQRPtQLPRjSURSRUomRGHXP TXLQ]HDYRDFDGDH[HUFtFLRILQDQFHLUR ,,²SDUDILQVGHDFRPSDQKDPHQWRGDWUDMHWyULDGHDMXVWHGRVOLPLWHVGHTXHWUDWDRDUWºD UHODomRHQWUHRPRQWDQWHGDGtYLGDFRQVROLGDGDOtTXLGDHDUHFHLWDFRUUHQWHOtTXLGDVHUiDSXUDGD DFDGDTXDGULPHVWUHFLYLOHFRQVLJQDGDQR5HODWyULRGH*HVWmR)LVFDODTXHVHUHIHUHRDUW GD/HL&RPSOHPHQWDUQºGH ,,, ² R OLPLWH DSXUDGR DQXDOPHQWH DSyV D DSOLFDomR GD UHGXomR GH XP TXLQ]H DYR HVWDEHOHFLGRQHVWHDUWLJRVHUiUHJLVWUDGRQR5HODWyULRGH*HVWmR)LVFDODTXHVHUHIHUHRDUW GD/HL&RPSOHPHQWDUQºGH ,9²GXUDQWHRSHUtRGRGHDMXVWHGHTXLQ]HH[HUFtFLRVILQDQFHLURVDTXHVHUHIHUHRFDSXW DSOLFDUVHmRRVOLPLWHVSUHYLVWRVQRDUWºSDUDR(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRTXH DDSUHVHQWHUHODomRHQWUHRPRQWDQWHGDGtYLGDFRQVROLGDGDOtTXLGDHDUHFHLWDFRUUHQWHOtTXLGD LQIHULRUDHVVHVOLPLWHVQRILQDOGRH[HUFtFLRGHSXEOLFDomRGHVWD5HVROXomRH EDWLQMDROLPLWHSUHYLVWRQRDUWºDQWHVGRILQDOGRSHUtRGRGHDMXVWHGHTXLQ]HH[HUFtFLRV ILQDQFHLURV 3DUiJUDIR ~QLFR 2V (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV WRUQDUmR GLVSRQtYHLV DR 0LQLVWpULRGD)D]HQGDRVGDGRVQHFHVViULRVDRFXPSULPHQWRGRGLVSRVWRQHVWHDUWLJRHPDWp WULQWDGLDVDSyVDGDWDGHUHIHUrQFLDGDVDSXUDo}HV $UWº'XUDQWHRSHUtRGRGHDMXVWHR(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRTXHQmRFXPSULU DV GLVSRVLo}HV GR DUW º ILFDUi LPSHGLGR HQTXDQWR SHUGXUDUD LUUHJXODULGDGH GH FRQWUDWDU RSHUDo}HVGHFUpGLWRH[FHWXDGDVDTXHODVTXHQDGDWDGDSXEOLFDomRGHVWD5HVROXomRHVWHMDP SUHYLVWDVQRV3URJUDPDVGH$MXVWH)LVFDOGRV(VWDGRVHVWDEHOHFLGRVQRVWHUPRVGD/HLQº GHGHVHWHPEURGHHQRFDVRGRV0XQLFtSLRVQRVFRQWUDWRVGHUHILQDQFLDPHQWRGH VXDVUHVSHFWLYDVGtYLGDVFRPD8QLmRRXDTXHODVTXHOLPLWDGDVDRPRQWDQWHJOREDOSUHYLVWR YLHUHPDVXEVWLWXtODV $UWº(VWD5HVROXomRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR 5(62/8d®21º'('('(=(0%52'( &RPDVDOWHUDo}HVLQWURGX]LGDVSHOD5HVROXomRQºGHGHDEULOGH 'LVS}HVREUHDVRSHUDo}HVGHFUpGLWRLQWHUQRHH[WHUQR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV LQFOXVLYH FRQFHVVmR GH JDUDQWLDV VHXV OLPLWHV H FRQ GLo}HVGHDXWRUL]DomRHGiRXWUDVSURYLGrQFLDV 26HQDGR)HGHUDOUHVROYH $UWº6XERUGLQDPVHjVQRUPDVHVWDEHOHFLGDVQHVWD5HVROXomRDVRSHUDo}HVGHFUpGLWRLQWHUQR HH[WHUQRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVLQFOXVLYHDFRQFHVVmRGHJDUDQWLD &DStWXOR, '$6'(),1,d¯(6 $UWº&RQVLGHUDVHSDUDRVILQVGHVWD5HVROXomRDVVHJXLQWHVGHILQLo}HV ,²(VWDGR'LVWULWR)HGHUDOH0XQLFtSLRDVUHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDVRVIXQGRVDV DXWDUTXLDVDVIXQGDo}HVHDVHPSUHVDVHVWDWDLVGHSHQGHQWHV ,,²HPSUHVDHVWDWDOGHSHQGHQWHHPSUHVDFRQWURODGDSHOR(VWDGRSHOR'LVWULWR)HGHUDORXSHOR 0XQLFtSLRTXHWHQKDQRH[HUFtFLRDQWHULRUUHFHELGRUHFXUVRVILQDQFHLURVGHVHXFRQWURODGRU GHVWLQDGRVDRSDJDPHQWRGHGHVSHVDVFRPSHVVRDOGHFXVWHLRHPJHUDORXGHFDSLWDOH[FOXtGRV QHVWH~OWLPRFDVRDTXHOHVSURYHQLHQWHVGHDXPHQWRGHSDUWLFLSDomRDFLRQiULDHWHQKDQR H[HUFtFLRFRUUHQWHDXWRUL]DomRRUoDPHQWiULDSDUDUHFHELPHQWRGHUHFXUVRVILQDQFHLURVFRP LGrQWLFDILQDOLGDGH ,,, ² GtYLGD S~EOLFD FRQVROLGDGD PRQWDQWH WRWDO DSXUDGR VHP GXSOLFLGDGH GDV REULJDo}HV ILQDQFHLUDVLQFOXVLYHDVGHFRUUHQWHVGHHPLVVmRGHWtWXORVGR(VWDGRGR'LVWULWR)HGHUDORXGR 0XQLFtSLRDVVXPLGDVHPYLUWXGHGHOHLVFRQWUDWRVFRQYrQLRVRXWUDWDGRVHGDUHDOL]DomRGH RSHUDo}HVGHFUpGLWRSDUDDPRUWL]DomRHPSUD]RVXSHULRUDGR]HPHVHVGRVSUHFDWyULRV MXGLFLDLVHPLWLGRVDSDUWLUGHGHPDLRGHHQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWR HPTXHKRXYHUHPVLGRLQFOXtGRVHGDVRSHUDo}HVGHFUpGLWRTXHHPERUDGHSUD]RLQIHULRU DGR]HPHVHVWHQKDPFRQVWDGRFRPRUHFHLWDVQRRUoDPHQWR ,9²GtYLGDS~EOLFDPRELOLiULDGtYLGDS~EOLFDUHSUHVHQWDGDSRUWtWXORVHPLWLGRVSHORV(VWDGRV SHOR'LVWULWR)HGHUDORXSHORV0XQLFtSLRVH 9²GtYLGDFRQVROLGDGDOtTXLGDGtYLGDFRQVROLGDGDGHGX]LGDVDVGLVSRQLELOLGDGHVGHFDL[DDV DSOLFDo}HVILQDQFHLUDVHRVGHPDLVKDYHUHVILQDQFHLURV 3DUiJUDIR ~QLFR $ GtYLGD S~EOLFD FRQVROLGDGD QmR LQFOXL DV REULJDo}HV H[LVWHQWHV HQWUH DV DGPLQLVWUDo}HVGLUHWDVGRV(VWDGRVGR'LVWULWR)HGHUDORXGRV0XQLFtSLRVHVHXVUHVSHFWLYRV IXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVRXHQWUHHVWHV $UW º &RQVWLWXL RSHUDomR GH FUpGLWR SDUD RV HIHLWRV GHVWD 5HVROXomR RV FRPSURPLVVRV DVVXPLGRV FRP FUHGRUHV VLWXDGRV QR 3DtV RX QR H[WHULRU HP UD]mR GH P~WXR DEHUWXUD GH FUpGLWRHPLVVmRHDFHLWHGHWtWXORDTXLVLomRILQDQFLDGDGHEHQVUHFHELPHQWRDQWHFLSDGRGH YDORUHVSURYHQLHQWHVGDYHQGDDWHUPRGHEHQVHVHUYLoRVDUUHQGDPHQWRPHUFDQWLOHRXWUDV RSHUDo}HVDVVHPHOKDGDVLQFOXVLYHFRPRXVRGHGHULYDWLYRVILQDQFHLURV 3DUiJUDIR~QLFR(TXLSDUDPVHDRSHUDo}HVGHFUpGLWR ,²UHFHELPHQWRDQWHFLSDGRGHYDORUHVGHHPSUHVDHPTXHR3RGHU3~EOLFRGHWHQKDGLUHWDRX LQGLUHWDPHQWHDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRVDOYROXFURVHGLYLGHQGRVQD IRUPDGDOHJLVODomR ,, ² DVVXQomR GLUHWD GH FRPSURPLVVR FRQILVVmR GH GtYLGD RX RSHUDomR DVVHPHOKDGD FRP IRUQHFHGRUGHEHQVPHUFDGRULDVRXVHUYLoRVPHGLDQWHHPLVVmRDFHLWHRXDYDOGHWtWXORVGH FUpGLWR ,,,²DVVXQomRGHREULJDomRVHPDXWRUL]DomRRUoDPHQWiULDFRPIRUQHFHGRUHVSDUDSDJDPHQWR DSRVWHULRULGHEHQVHVHUYLoRV $UWº(QWHQGHVHSRUUHFHLWDFRUUHQWHOtTXLGDSDUDRVHIHLWRVGHVWD5HVROXomRRVRPDWyULR GDVUHFHLWDVWULEXWiULDVGHFRQWULEXLo}HVSDWULPRQLDLVLQGXVWULDLVDJURSHFXiULDVGHVHUYLoRV WUDQVIHUrQFLDVFRUUHQWHVHRXWUDVUHFHLWDVWDPEpPFRUUHQWHVGHGX]LGRV ,²QRV(VWDGRVDVSDUFHODVHQWUHJXHVDRV0XQLFtSLRVSRUGHWHUPLQDomRFRQVWLWXFLRQDO ,,²QRV(VWDGRVHQRV0XQLFtSLRVDFRQWULEXLomRGRVVHUYLGRUHVSDUDRFXVWHLRGRVHXVLVWHPD GHSUHYLGrQFLDHDVVLVWrQFLDVRFLDOHDVUHFHLWDVSURYHQLHQWHVGDFRPSHQVDomRILQDQFHLUDFLWDGD QRºGRDUWGD&RQVWLWXLomR)HGHUDO º6HUmRFRPSXWDGRVQRFiOFXORGDUHFHLWDFRUUHQWHOtTXLGDRVYDORUHVSDJRVHUHFHELGRVHP GHFRUUrQFLDGD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGHHGR)XQGRSUHYLVWR SHORDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV º1mRVHUmRFRQVLGHUDGRVQDUHFHLWDFRUUHQWHOtTXLGDGR'LVWULWR)HGHUDOHGRV(VWDGRVGR $PDSi H GH 5RUDLPD RV UHFXUVRV UHFHELGRV GD 8QLmR SDUD DWHQGLPHQWR GDV GHVSHVDV FRP SHVVRDOQDIRUPDGRVLQFLVRV;,,,H;,9GRDUWGD&RQVWLWXLomR)HGHUDOHGRDUWGD(PHQGD &RQVWLWXFLRQDOQºGH º$UHFHLWDFRUUHQWHOtTXLGDVHUiDSXUDGDVRPDQGRVHDVUHFHLWDVDUUHFDGDGDVQRPrVHP UHIHUrQFLDHQRVRQ]HPHVHVDQWHULRUHVH[FOXtGDVDVGXSOLFLGDGHVDOWHUDomRLQWURGX]LGDSHOD 5HVROXomRQºGH º$DQiOLVHGDVSURSRVWDVGHRSHUDo}HVGHFUpGLWRVHUiUHDOL]DGDWRPDQGRVHSRUEDVHD UHFHLWDFRUUHQWHOtTXLGDGHDWpGRLVPHVHVDQWHULRUHVDRPrVGHDSUHVHQWDomRGRSOHLWRRXGD GRFXPHQWDomRFRPSOHWDFRQIRUPHRFDVR15DOWHUDomRLQWURGX]LGDSHOD5HVROXomRQº GH &DStWXOR,, '$69('$d¯(6 $UWºeYHGDGRDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRV ,²UHFHELPHQWRDQWHFLSDGRGHYDORUHVGHHPSUHVDHPTXHR3RGHU3~EOLFRGHWHQKDGLUHWDRX LQGLUHWDPHQWHDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRVDOYROXFURVHGLYLGHQGRVQD IRUPDGDOHJLVODomR ,, ² DVVXQomR GLUHWD GH FRPSURPLVVR FRQILVVmR GH GtYLGD RX RSHUDomR DVVHPHOKDGD FRP IRUQHFHGRUGHEHQVPHUFDGRULDVRXVHUYLoRVPHGLDQWHHPLVVmRDFHLWHRXDYDOGHWtWXORVGH FUpGLWRQmRVHDSOLFDQGRHVWDYHGDomRDHPSUHVDVHVWDWDLVGHSHQGHQWHV ,,,²DVVXQomRGHREULJDomRVHPDXWRUL]DomRRUoDPHQWiULDFRPIRUQHFHGRUHVSDUDSDJDPHQWR DSRVWHULRULGHEHQVHVHUYLoRV ,9 ² UHDOL]DU RSHUDomR GH FUpGLWR TXH UHSUHVHQWH YLRODomR GRV DFRUGRV GH UHILQDQFLDPHQWR ILUPDGRVFRPD8QLmR 9²FRQFHGHUTXDOTXHUVXEVtGLRRXLVHQomRUHGXomRGDEDVHGHFiOFXORFRQFHVVmRGHFUpGLWR SUHVXPLGRLQFHQWLYRVDQLVWLDVUHPLVVmRUHGXo}HVGHDOtTXRWDVHTXDLVTXHURXWURVEHQHItFLRV WULEXWiULRV ILVFDLV RX ILQDQFHLURV QmR DXWRUL]DGRV QD IRUPD GH OHL HVSHFtILFD HVWDGXDO RX PXQLFLSDO TXH UHJXOH H[FOXVLYDPHQWH DV PDWpULDV DFLPD HQXPHUDGDV RX R FRUUHVSRQGHQWH WULEXWRRXFRQWULEXLomRDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH 9,²HPUHODomRDRVFUpGLWRVGHFRUUHQWHVGRGLUHLWRGRV(VWDGRVGRV0XQLFtSLRVHGR'LVWULWR )HGHUDOGHSDUWLFLSDomRJRYHUQDPHQWDOREULJDWyULDQDVPRGDOLGDGHVGHUR\DOWLHVSDUWLFLSDo}HV HVSHFLDLVHFRPSHQVDo}HVILQDQFHLUDVQRUHVXOWDGRGDH[SORUDomRGHSHWUyOHRHJiVQDWXUDO GHUHFXUVRVKtGULFRVSDUDILQVGHHQHUJLDHOpWULFDHGHRXWURVUHFXUVRVPLQHUDLVQRUHVSHFWLYR WHUULWyULRSODWDIRUPDFRQWLQHQWDORX]RQDHFRQ{PLFDH[FOXVLYD DFHGHUGLUHLWRVUHODWLYRVDSHUtRGRSRVWHULRUDRGRPDQGDWRGRFKHIHGR3RGHU([HFXWLYR H[FHWRSDUDFDSLWDOL]DomRGH)XQGRVGH3UHYLGrQFLDRXSDUDDPRUWL]DomRH[WUDRUGLQiULDGH GtYLGDVFRPD8QLmR EGDUHPJDUDQWLDRXFDSWDUUHFXUVRVDWtWXORGHDGLDQWDPHQWRRXDQWHFLSDomRFXMDVREULJDo}HV FRQWUDWXDLVUHVSHFWLYDVXOWUDSDVVHPRPDQGDWRGRFKHIHGR3RGHU([HFXWLYR º&RQVWDWDQGRVHLQIUDomRDRGLVSRVWRQRFDSXWHHQTXDQWRQmRSURPRYLGRRFDQFHODPHQWR RXDPRUWL]DomRWRWDOGRGpELWRDVGtYLGDVVHUmRFRQVLGHUDGDVYHQFLGDVSDUDHIHLWRGRF{PSXWR GRVOLPLWHVGRVDUWVºHºHDHQWLGDGHPXWXiULDILFDUiLPSHGLGDGHUHDOL]DURSHUDomRVXMHLWD DHVWD5HVROXomR º4XDOTXHUUHFHLWDSURYHQLHQWHGDDQWHFLSDomRGHUHFHLWDVGHUR\DOWLHVVHUiH[FOXVLYDSDUD FDSLWDOL]DomRGH)XQGRVGH3UHYLGrQFLDRXSDUDDPRUWL]DomRH[WUDRUGLQiULDGHGtYLGDVFRPD 8QLmR º1DVRSHUDo}HVDTXHVHUHIHUHRLQFLVR9,VHUmRREVHUYDGDVDVQRUPDVHFRPSHWrQFLDVGD 3UHYLGrQFLD6RFLDOUHODWLYDVjIRUPDomRGH)XQGRVGH3UHYLGrQFLD6RFLDO &DStWXOR,,, '26/,0,7(6(&21',d¯(63$5$$5($/,=$d®2'(23(5$d¯(6'(&5e',72 $UWº2FXPSULPHQWRGROLPLWHDTXHVHUHIHUHRLQFLVR,,,GRDUWGD&RQVWLWXLomR)HGHUDO GHYHUiVHUFRPSURYDGRPHGLDQWHDSXUDomRGDVRSHUDo}HVGHFUpGLWRHGDVGHVSHVDVGHFDSLWDO FRQIRUPHRVFULWpULRVGHILQLGRVQRDUWºGD/HL&RPSOHPHQWDUQºGHGHPDLRGH º3DUDILQVGRGLVSRVWRQHVWHDUWLJRYHULILFDUVHmRVHSDUDGDPHQWHRH[HUFtFLRDQWHULRUHR H[HUFtFLRFRUUHQWHWRPDQGRVHSRUEDVH ,²QRH[HUFtFLRDQWHULRUDVUHFHLWDVGHRSHUDo}HVGHFUpGLWRQHOHUHDOL]DGDVHDVGHVSHVDVGH FDSLWDOQHOHH[HFXWDGDVH ,,²QRH[HUFtFLRFRUUHQWHDVUHFHLWDVGHRSHUDomRGHFUpGLWRHDVGHVSHVDVGHFDSLWDOFRQVWDQWHV GDOHLRUoDPHQWiULD º1mRVHUmRFRPSXWDGRVFRPRGHVSHVDVGHFDSLWDOSDUDRVILQVGHVWHDUWLJR ,²RPRQWDQWHUHIHUHQWHjVGHVSHVDVUHDOL]DGDVRXFRQVWDQWHVGDOHLRUoDPHQWiULDFRQIRUPH RFDVRHPFXPSULPHQWRGDGHYROXomRDTXHVHUHIHUHRDUWGD/HL&RPSOHPHQWDUQº GH ,, ² DV GHVSHVDV UHDOL]DGDV H DV SUHYLVWDV TXH UHSUHVHQWHP HPSUpVWLPR RX ILQDQFLDPHQWR D FRQWULEXLQWHFRPRLQWXLWRGHSURPRYHULQFHQWLYRILVFDOWHQGRSRUEDVHWULEXWRGHFRPSHWrQFLD GRHQWHGD)HGHUDomRVHUHVXOWDUDGLPLQXLomRGLUHWDRXLQGLUHWDGR{QXVGHVWHH ,,,²DVGHVSHVDVUHDOL]DGDVHDVSUHYLVWDVTXHUHSUHVHQWHPLQYHUV}HVILQDQFHLUDVQDIRUPDGH SDUWLFLSDomRDFLRQiULDHPHPSUHVDVTXHQmRVHMDPFRQWURODGDVGLUHWDRXLQGLUHWDPHQWHSHORV HQWHVGD)HGHUDomRRXSHOD8QLmR º2HPSUpVWLPRRXILQDQFLDPHQWRDTXHVHUHIHUHRLQFLVR,,GRºVHFRQFHGLGRSRU LQVWLWXLomRILQDQFHLUDFRQWURODGDSHORHQWHGD)HGHUDomRWHUiVHXYDORUGHGX]LGRGDVGHVSHVDV GHFDSLWDO º$VRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDVRUoDPHQWiULDVQmRVHUmRFRPSXWDGDVSDUDRVILQV GHVWHDUWLJRGHVGHTXHOLTXLGDGDVQRPHVPRH[HUFtFLRHPTXHIRUHPFRQWUDWDGDV º3DUDHIHLWRGRGLVSRVWRQHVWHDUWLJRHQWHQGHVHSRURSHUDomRGHFUpGLWRUHDOL]DGDHPXP H[HUFtFLRRPRQWDQWHGHOLEHUDomRFRQWUDWXDOPHQWHSUHYLVWRSDUDRPHVPRH[HUFtFLR º1DVRSHUDo}HVGHFUpGLWRFRPOLEHUDomRSUHYLVWDSDUDPDLVGHXPH[HUFtFLRILQDQFHLURR OLPLWHFRPSXWDGRDFDGDDQROHYDUiHPFRQVLGHUDomRDSHQDVDSDUFHODDVHUQHOHOLEHUDGD $UW º $V RSHUDo}HV GH FUpGLWR LQWHUQR H H[WHUQR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRVREVHUYDUmRDLQGDRVVHJXLQWHVOLPLWHV ,²RPRQWDQWHJOREDOGDVRSHUDo}HVUHDOL]DGDVHPXPH[HUFtFLRILQDQFHLURQmRSRGHUiVHU VXSHULRUDGH]HVVHLVSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGDGHILQLGDQRDUWº ,,²RFRPSURPHWLPHQWRDQXDOFRPDPRUWL]Do}HVMXURVHGHPDLVHQFDUJRVGDGtYLGDFRQVROL GDGDLQFOXVLYHUHODWLYRVDYDORUHVDGHVHPEROVDUGHRSHUDo}HVGHFUpGLWRMiFRQWUDWDGDVHD FRQWUDWDUQmRSRGHUiH[FHGHUDRQ]HLQWHLURVHFLQFRGpFLPRVSRUFHQWRGDUHFHLWD FRUUHQWHOtTXLGD ,,,²RPRQWDQWHGDGtYLGDFRQVROLGDGDQmRSRGHUiH[FHGHURWHWRHVWDEHOHFLGRSHOR6HQDGR )HGHUDOFRQIRUPHRGLVSRVWRSHOD5HVROXomRTXHIL[DROLPLWHJOREDOSDUDRPRQWDQWHGDGtYLGD FRQVROLGDGDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV º2OLPLWHGHTXHWUDWDRLQFLVR,SDUDRFDVRGHRSHUDo}HVGHFUpGLWRFRPOLEHUDomRSUHYLVWD SDUDPDLVGHXPH[HUFtFLRVHUiFDOFXODGROHYDQGRHPFRQVLGHUDomRRFURQRJUDPDDQXDOGH LQJUHVVRSURMHWDQGRVHDUHFHLWDFRUUHQWHOtTXLGDGHDFRUGRFRPRVFULWpULRVHVWDEHOHFLGRVQR ºGHVWHDUWLJR º 2 GLVSRVWR QHVWH DUWLJR QmR VH DSOLFD jV RSHUDo}HV GH FRQFHVVmR GH JDUDQWLDV H GH DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD FXMRV OLPLWHV VmR GHILQLGRV SHORV DUWV º H UHV SHFWLYDPHQWH º6mRH[FOXtGDVGRVOLPLWHVGHTXHWUDWDRFDSXWDVRSHUDo}HVGHFUpGLWRFRQWUDWDGDVSHORV (VWDGRVHSHORV0XQLFtSLRVFRPD8QLmRRUJDQLVPRVPXOWLODWHUDLVGHFUpGLWRRXLQVWLWXLo}HV RILFLDLVIHGHUDLVGHFUpGLWRRXGHIRPHQWRFRPDILQDOLGDGHGHILQDQFLDUSURMHWRVGHLQYHV WLPHQWRSDUDDPHOKRULDGDDGPLQLVWUDomRGDVUHFHLWDVHGDJHVWmRILVFDOILQDQFHLUDHSDWULPR QLDOQRkPELWRGHSURJUDPDSURSRVWRSHOR3RGHU([HFXWLYR)HGHUDO º2FiOFXORGRFRPSURPHWLPHQWRDTXHVHUHIHUHRLQFLVR,,GRFDSXWVHUiIHLWRSHODPpGLD DQXDOQRVFLQFRH[HUFtFLRVILQDQFHLURVVXEVHTHQWHVLQFOXtGRRGDSUySULDDSXUDomRGD UHODomRHQWUHRFRPSURPHWLPHQWRSUHYLVWRHDUHFHLWDFRUUHQWHOtTXLGDSURMHWDGDDQRDDQR º2VHQWHVGD)HGHUDomRTXHDSUHVHQWDUHPDPpGLDDQXDOUHIHULGDQRºVXSHULRUD GH]SRUFHQWRGHYHUmRDSUHVHQWDUWHQGrQFLDQmRFUHVFHQWHTXDQWRDRFRPSURPHWLPHQWRGH TXHWUDWDRLQFLVR,,GRFDSXW º3DUDRVHIHLWRVGHVWHDUWLJRDUHFHLWDFRUUHQWHOtTXLGDVHUiSURMHWDGDPHGLDQWHDDSOLFDomR GHIDWRUGHDWXDOL]DomRDVHUGLYXOJDGRSHOR0LQLVWpULRGD)D]HQGDVREUHDUHFHLWDFRUUHQWH OtTXLGDGRSHUtRGRGHGR]HPHVHVILQGRVQRPrVGHUHIHUrQFLD º2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDjVRSHUDo}HVGHUHHVWUXWXUDomRHUHFRPSRVLomRGR SULQFLSDOGHGtYLGDV º2GLVSRVWRQRLQFLVR,,GRFDSXWQmRVHDSOLFDjVRSHUDo}HVGHFUpGLWRTXHQDGDWDGD SXEOLFDomR GHVWD 5HVROXomR HVWHMDP SUHYLVWDV QRV 3URJUDPDV GH $MXVWH GRV (VWDGRV HV WDEHOHFLGRVQRVWHUPRVGD/HLQºGHGHVHWHPEURGHHQRFDVRGRV0XQLFtSLRV QRVFRQWUDWRVGHUHILQDQFLDPHQWRGHVXDVUHVSHFWLYDVGtYLGDVFRPD8QLmRRXDTXHODVTXH OLPLWDGDVDRPRQWDQWHJOREDOSUHYLVWRYLHUHPDVXEVWLWXtODV $UWº5HYRJDGRSHOD5HVROXomRQºGH $UWº2VDOGRJOREDOGDV JDUDQWLDVFRQFHGLGDVSHORV(VWDGRVSHOR'LVWULWR)HGHUDOHSHORV 0XQLFtSLRVQmRSRGHUiH[FHGHUDYLQWHHGRLVSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGD FDOFXODGDQDIRUPDGRDUWº 3DUiJUDIR~QLFR2OLPLWHGHTXHWUDWDRFDSXWSRGHUiVHUHOHYDGRSDUDWULQWDHGRLVSRU FHQWRGDUHFHLWDFRUUHQWHOtTXLGDGHVGHTXHFXPXODWLYDPHQWHTXDQGRDSOLFiYHORJDUDQWLGRU ,²QmRWHQKDVLGRFKDPDGRDKRQUDUQRV~OWLPRYLQWHHTXDWURPHVHVDFRQWDUGRPrVGD DQiOLVHTXDLVTXHUJDUDQWLDVDQWHULRUPHQWHSUHVWDGDV ,,²HVWHMDFXPSULQGRROLPLWHGDGtYLGDFRQVROLGDGDOtTXLGDGHILQLGRQD5HVROXomRQºGH GR6HQDGR)HGHUDO ,,,²HVWHMDFXPSULQGRRVOLPLWHVGHGHVSHVDFRPSHVVRDOSUHYLVWRVQD/HL&RPSOHPHQWDUQº GH ,9²HVWHMDFXPSULQGRR3URJUDPDGH$MXVWH)LVFDODFRUGDGRFRPD8QLmRQRVWHUPRVGD/HL QºGH15SDUiJUDIR~QLFRLQWURGX]LGRSHOD5HVROXomRQºGH $UW2VDOGRGHYHGRUGDVRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD QmRSRGHUiH[FHGHUQRH[HUFtFLRHPTXHHVWLYHUVHQGRDSXUDGRDVHWHSRUFHQWRGD UHFHLWDFRUUHQWHOtTXLGDGHILQLGDQRDUWºREVHUYDGRRGLVSRVWRQRVDUWVH $UW$WpGHGH]HPEURGHRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVVRPHQWH SRGHUmR HPLWLU WtWXORV GD GtYLGD S~EOLFD QR PRQWDQWH QHFHVViULR DR UHILQDQFLDPHQWR GR SULQFLSDOGHYLGDPHQWHDWXDOL]DGRGHVXDVREULJDo}HVUHSUHVHQWDGDVSRUHVVDHVSpFLHGHWtWXORV $UW3DUDHIHLWRGRGLVSRVWRQRDUWVHUiREVHUYDGRRVHJXLQWH ,²pGHILQLGRRSHUFHQWXDOPtQLPRGHFLQFRSRUFHQWRSDUDRUHVJDWHGRVWtWXORVGDGtYLGD S~EOLFDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVHPVHXYHQFLPHQWRUHILQDQFLDQGRVH QRPi[LPRQRYHQWDHFLQFRSRUFHQWRGRPRQWDQWHYLQFHQGR ,,²R(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRFXMRGLVSrQGLRDQXDOGHILQLGRQRLQFLVR,,GR DUWºVHMDLQIHULRUDRQ]HLQWHLURVHFLQFRGpFLPRVSRUFHQWRGDUHFHLWDFRUUHQWHOtTXLGD GHYHSURPRYHUUHVJDWHDGLFLRQDODRVFLQFRSRUFHQWRHVWDEHOHFLGRVQRLQFLVR,HPYDORU VXILFLHQWHSDUDTXHRGLVSrQGLRDQXDODWLQMDRQ]HLQWHLURVHFLQFRGpFLPRVSRUFHQWR GDUHFHLWDFRUUHQWHOtTXLGD ,,,²HPFDVRH[FHSFLRQDOGHYLGDPHQWHMXVWLILFDGRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRV SRGHUmRSOHLWHDUDR6HQDGR)HGHUDOSRULQWHUPpGLRGR0LQLVWpULRGD)D]HQGDDXWRUL]DomR SDUD R QmR FXPSULPHQWR GRV OLPLWHV IL[DGRV QRV DUWV º H º H[FOXVLYDPHQWH SDUD ILQV GH UHILQDQFLDPHQWRGHWtWXORVGDGtYLGDS~EOLFD 3DUiJUDIR~QLFR2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDDRVWtWXORVGDGtYLGDS~EOLFDHPLWLGRVFRP YLVWDV D DWHQGHU j OLTXLGDomR GH SUHFDWyULRV MXGLFLDLV SHQGHQWHV GH SDJDPHQWR REMHWR GR SDUiJUDIR~QLFRGRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV $UW$GtYLGDPRELOLiULDGRV(VWDGRVHGR'LVWULWR)HGHUDOREMHWRGHUHILQDQFLDPHQWRDR DPSDURGD /HLQº GH H DGRV 0XQLFtSLRVSRGHUiVHUSDJDHPDWpWUH]HQWDVH VHVVHQWDSUHVWDo}HVPHQVDLVHVXFHVVLYDVQRVWHUPRVGRVFRQWUDWRVILUPDGRVHQWUHD8QLmRHD UHVSHFWLYDXQLGDGHIHGHUDGDDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH º$REWHQomRGRUHILQDQFLDPHQWRGHTXHWUDWDRFDSXWSDUDRVWtWXORVS~EOLFRVHPLWLGRVSDUD R SDJDPHQWR GH SUHFDWyULRV MXGLFLDLV p FRQGLFLRQDGD j FRPSURYDomR SHOR (VWDGR RX SHOR 0XQLFtSLR HPLVVRU GD UHJXODULGDGH GD HPLVVmR PHGLDQWH DSUHVHQWDomR GH FHUWLGmR D VHU H[SHGLGD SHOR 7ULEXQDO GH &RQWDV D TXH HVWHMD MXULVGLFLRQDGR DFRPSDQKDGD GH WRGD D GRFXPHQWDomRQHFHVViULDFRPSURYDQGRDH[LVWrQFLDGRVSUHFDWyULRVHPGHRXWXEURGH HVHXHQTXDGUDPHQWRQRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVEHPFRPR DHIHWLYDXWLOL]DomRGRVUHFXUVRVFDSWDGRVHPHPLVV}HVVLPLODUHVDQWHULRUPHQWHDXWRUL]DGDV SHOR6HQDGR)HGHUDOQRSDJDPHQWRGRVSUHFDWyULRVGHILQLGRVSHORFLWDGRGLVSRVLWLYRFRQV WLWXFLRQDO º2VWtWXORVS~EOLFRVHPLWLGRVSDUDSDJDPHQWRGHSUHFDWyULRVMXGLFLDLVQRVWHUPRVGRDUW GR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVHTXHQmRFXPSULUHPRGLVSRVWRQR ºVRPHQWHSRGHUmRVHUUHILQDQFLDGRVSDUDSDJDPHQWRHPFHQWRHYLQWHSDUFHODVLJXDLV HVXFHVVLYDV º 2 UHILQDQFLDPHQWR GH WtWXORV S~EOLFRV HPLWLGRV DSyV GH GH]HPEUR GH SDUD SDJDPHQWR GH SUHFDWyULRV MXGLFLDLV QRV WHUPRV GR DUW GR $WR GDV 'LVSRVLo}HV &RQV WLWXFLRQDLV7UDQVLWyULDVH[FOXtGRVRVQmRQHJRFLDGRVWrPSUD]RGHUHILQDQFLDPHQWROLPLWDGRD DWpFHQWRHYLQWHSDUFHODVPHQVDLVLJXDLVHVXFHVVLYDVQRVWHUPRVGRFDSXWGHVWHDUWLJRGHVGH TXHRV(VWDGRVHRV0XQLFtSLRVHPLVVRUHVFRPSURYHPTXHWRPDUDPDVSURYLGrQFLDVMXGLFLDLV FDEtYHLV YLVDQGR R UHVVDUFLPHQWR GRV YDORUHV UHIHUHQWHV D GHViJLRV FRQFHGLGRV H ´WD[DV GH VXFHVVRµSDJDVDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH º$WpTXHKDMDSURQXQFLDPHQWRILQDOGD-XVWLoDVREUHDYDOLGDGHGRVWtWXORVDTXHVHUHIHUH RºD8QLmRGHYHUiGHSRVLWDURVYDORUHVFRUUHVSRQGHQWHVDRVVHXVUHILQDQFLDPHQWRVHP GHSyVLWRMXGLFLDOYLQFXODGRDSDUWLUGDGDWDGRUHVSHFWLYRYHQFLPHQWRHPQRPHGR(VWDGRRX GR0XQLFtSLRHPLVVRU $UW $ RSHUDomR GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD GHYH FXPSULU DV VHJXLQWHVFRQGLo}HV ,²UHDOL]DUVHVRPHQWHDSDUWLUGRGpFLPRGLDGRLQtFLRGRH[HUFtFLR ,,²VHUOLTXLGDGDFRPMXURVHRXWURVHQFDUJRVLQFLGHQWHVDWpRGLDGH]GHGH]HPEURGH FDGDDQR ,,,²QmRVHUiDXWRUL]DGDVHIRUHPFREUDGRVRXWURVHQFDUJRVTXHQmRDWD[DGHMXURVGDRSHUDomR REULJDWRULDPHQWHSUHIL[DGDRXLQGH[DGDjWD[DEiVLFDILQDQFHLUDRXjTXHYLHUDHVWDVXEVWLWXLU ,9²VHUiYHGDGDHQTXDQWRH[LVWLURSHUDomRDQWHULRUGDPHVPDQDWXUH]DQmRLQWHJUDOPHQWH UHVJDWDGD $UWeYHGDGDDFRQWUDWDomRGHRSHUDomRGHFUpGLWRQRVFHQWRHRLWHQWDGLDVDQWHULRUHVDR ILQDOGRPDQGDWRGR&KHIHGR3RGHU([HFXWLYRGR(VWDGRGR'LVWULWR)HGHUDORXGR0XQLFtSLR 15DOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH º([FHWXDVHGDYHGDomRDTXHVHUHIHUHRFDSXWGHVWHDUWLJRRUHILQDQFLDPHQWRGDGtYLGD PRELOLiULD º1RFDVRGHRSHUDo}HVSRUDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDDFRQWUDWDomRpYHGDGD QR~OWLPRDQRGHH[HUFtFLRGRPDQGDWRGRFKHIHGR3RGHU([HFXWLYR $UWeYHGDGDDFRQWUDWDomRGHRSHUDomRGHFUpGLWRSRUWRPDGRUTXHHVWHMDLQDGLPSOHQWH FRPLQVWLWXLo}HVLQWHJUDQWHVGRVLVWHPDILQDQFHLURQDFLRQDO 3DUiJUDIR ÔQLFR 2 0LQLVWpULR GD )D]HQGD QmR HQFDPLQKDUi DR 6HQDGR )HGHUDO SHGLGR GH DXWRUL]DomRSDUDFRQWUDWDomRGHRSHUDomRGHFUpGLWRGHWRPDGRUTXHVHHQFRQWUHQDVLWXDomR SUHYLVWDQRFDSXW15SDUiJUDIR~QLFRLQWURGX]LGRSHOD5HVROXomRQºGH $UWeYHGDGDDFRQWUDWDomRGHRSHUDomRGHFUpGLWRHPTXHVHMDSUHVWDGDJDUDQWLDDR(VWDGR DR'LVWULWR)HGHUDORXDR0XQLFtSLRSRULQVWLWXLomRILQDQFHLUDSRUHOHFRQWURODGD $UW$FRQFHVVmRGHJDUDQWLDSHORV(VWDGRVSHOR'LVWULWR)HGHUDOHSHORV0XQLFtSLRVD RSHUDo}HVGHFUpGLWRLQWHUQRHH[WHUQRH[LJLUi ,²RRIHUHFLPHQWRGHFRQWUDJDUDQWLDVHPYDORULJXDORXVXSHULRUDRGDJDUDQWLDDVHUFRQFHGLGD ,,²DDGLPSOrQFLDGRWRPDGRUUHODWLYDPHQWHDVXDVREULJDo}HVSDUDFRPRJDUDQWLGRUHDV HQWLGDGHVSRUHOHFRQWURODGDV º &RQVLGHUDPVH LQDGLPSOHQWHV RV WRPDGRUHV FRP GtYLGDV YHQFLGDV SRU SUD]R LJXDO RX VXSHULRUDWULQWDGLDVHQmRUHQHJRFLDGDV º$FRPSURYDomRGRGLVSRVWRQRLQFLVR,,VHUiIHLWDSRUPHLRGHFHUWLGmRGR7ULEXQDOGH &RQWDV D TXH HVWHMD MXULVGLFLRQDGR R JDUDQWLGRU RX DOWHUQDWLYDPHQWH PHGLDQWH GHFODUDomR IRUQHFLGD SHOR (VWDGR 'LVWULWR )HGHUDO RX 0XQLFtSLR TXH HVWLYHU FRQFHGHQGR D JDUDQWLD GLUHWDPHQWHRXSRUPHLRGRDJHQWHILQDQFHLURTXHHVWLYHURSHUDFLRQDOL]DQGRDFRQFHVVmRGD JDUDQWLDDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH º1mRVHUiH[LJLGDFRQWUDJDUDQWLDGHyUJmRVHHQWLGDGHVTXHLQWHJUHPRSUySULR(VWDGRR 'LVWULWR)HGHUDORXR0XQLFtSLRFRQIRUPHGHILQLGRQRDUWºGHVWD5HVROXomR º2(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRTXHWLYHUGtYLGDKRQUDGDSHOD8QLmRRXSRU (VWDGRHPGHFRUUrQFLDGHJDUDQWLDSUHVWDGDHPRSHUDomRGHFUpGLWRQmRSRGHUiFRQWUDWDU QRYDVRSHUDo}HVGHFUpGLWRDWpDWRWDOOLTXLGDomRGDPHQFLRQDGDGtYLGD º([FHWXDVHGDYHGDomRDTXHVHUHIHUHRºRUHILQDQFLDPHQWRGDGtYLGDPRELOLiULD $UW$VOHLVTXHDXWRUL]HPRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVDHPLWLUWtWXORVGD GtYLGDS~EOLFDGHYHUmRFRQWHUGLVSRVLWLYRVJDUDQWLQGRTXH ,²DGtYLGDUHVXOWDQWHGHWtWXORVYHQFLGRVHQmRUHVJDWDGRVVHUiDWXDOL]DGDSHORVPHVPRVFULWpULRV GHFRUUHomRHUHPXQHUDomRGRVWtWXORVTXHDJHUDUDP ,,²RVWtWXORVJXDUGHPHTXLYDOrQFLDFRPRVWtWXORVIHGHUDLVWHQKDPSRGHUOLEHUDWyULRSDUDILQV GH SDJDPHQWR GH WULEXWRV H VHXV SUD]RV GH UHVJDWH QmR VHMDP LQIHULRUHV D VHLV PHVHV FRQWDGRVGDGDWDGHVXDHPLVVmR $UW 2VFRQWUDWRVUHODWLYRVDRSHUDo}HVGHFUpGLWRH[WHUQRQmRSRGHPFRQWHUTXDOTXHU FOiXVXOD ,²GHQDWXUH]DSROtWLFD ,,²DWHQWDWyULDjVREHUDQLDQDFLRQDOHjRUGHPS~EOLFD ,,,²FRQWUiULDj&RQVWLWXLomRHjVOHLVEUDVLOHLUDVH ,9²TXHLPSOLTXHFRPSHQVDomRDXWRPiWLFDGHGpELWRVHFUpGLWRV &DStWXOR,9 '263/(,7263$5$$5($/,=$d®2'(23(5$d¯(6'(&5e',72 $UW2V(VWDGRVR'LVWULWR)HGHUDORV0XQLFtSLRVHQFDPLQKDUmRDR0LQLVWpULRGD)D]HQGD RV SHGLGRV GH DXWRUL]DomR SDUD D UHDOL]DomR GDV RSHUDo}HV GH FUpGLWR GH TXH WUDWD HVWD 5HVROXomRDFRPSDQKDGRVGHSURSRVWDGDLQVWLWXLomRILQDQFHLUDLQVWUXtGRVFRP , ² SHGLGR GR &KHIH GR 3RGHU ([HFXWLYR DFRPSDQKDGR GH SDUHFHUHV WpFQLFRV H MXUtGLFRV GHPRQVWUDQGR D UHODomR FXVWREHQHItFLR R LQWHUHVVH HFRQ{PLFR H VRFLDO GD RSHUDomR H R FXPSULPHQWRGRVOLPLWHVHFRQGLo}HVHVWDEHOHFLGRVSRUHVWD5HVROXomR ,,²DXWRUL]DomROHJLVODWLYDSDUDDUHDOL]DomRGDRSHUDomR ,,,²FRPSURYDomRGDLQFOXVmRQRRUoDPHQWRGRVUHFXUVRVSURYHQLHQWHVGDRSHUDomRSOHLWHDGD H[FHWRQRFDVRGHRSHUDo}HVSRUDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD ,9²FHUWLGmRH[SHGLGDSHOR7ULEXQDOGH&RQWDVFRPSHWHQWHDWHVWDQGR DHPUHODomRjVFRQWDVGR~OWLPRH[HUFtFLRDQDOLVDGRRFXPSULPHQWRGRGLVSRVWRQRºGR DUWQRDUWQRDUWQRDUWQRDUWQRºGRDUWHQRDUWWRGRVGD /HL&RPSOHPHQWDUQºGHDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH EHPUHODomRjVFRQWDVGRVH[HUFtFLRVDLQGDQmRDQDOLVDGRVHTXDQGRSHUWLQHQWHGRH[HUFtFLR HPFXUVRRFXPSULPHQWRGDVH[LJrQFLDVHVWDEHOHFLGDVQRºGRDUWQRDUWQRDUW QRºGRDUWHQRDUWWRGRVGD/HL&RPSOHPHQWDUQºGHGHDFRUGR FRPDVLQIRUPDo}HVFRQVWDQWHVQRVUHODWyULRVUHVXPLGRVGDH[HFXomRRUoDPHQWiULDHQRVGH JHVWmRILVFDODOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH FDFHUWLGmRGHYHUiVHUDFRPSDQKDGDGHGHFODUDomRGRFKHIHGR3RGHU([HFXWLYRGHTXHDV FRQWDVDLQGDQmRDQDOLVDGDVHVWmRHPFRQIRUPLGDGHFRPRGLVSRVWRQDDOtQHDD 9²GHFODUDomRGR&KHIHGR3RGHU([HFXWLYRDWHVWDQGRRDWHQGLPHQWRGRLQFLVR,,,GRDUWº 9,²FRPSURYDomRGD6HFUHWDULDGR7HVRXUR1DFLRQDOTXDQWRDRDGLPSOHPHQWRFRPD8QLmR UHODWLYRDRVILQDQFLDPHQWRVHUHILQDQFLDPHQWRVSRUHODFRQFHGLGRVEHPFRPRjVJDUDQWLDVD RSHUDo}HVGHFUpGLWRTXHWHQKDPVLGRHYHQWXDOPHQWHKRQUDGDV 9,,²QRFDVRHVSHFtILFRGHRSHUDo}HVGH0XQLFtSLRVFRPJDUDQWLDGH(VWDGRVFHUWLGmRHPLWLGD SHOD6HFUHWDULDUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDGRJDUDQWLGRUTXHDWHVWHDDGLPSOrQ FLDGRWRPDGRUGRFUpGLWRSHUDQWHR(VWDGRHDVHQWLGDGHVSRUHOHFRQWURODGDVEHPFRPRD LQH[LVWrQFLDGHGpELWRGHFRUUHQWHGHJDUDQWLDDRSHUDomRGHFUpGLWRTXHWHQKDVLGRHYHQWXDO PHQWHKRQUDGDDOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH 9,,,²FHUWLG}HVTXHDWHVWHPDUHJXODULGDGHMXQWRDR3URJUDPDGH,QWHJUDomR6RFLDO3,6DR 3URJUDPDGH)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFR3$6(3DR)XQGRGH,QYHVWLPHQWR 6RFLDO),162&,$/j&RQWULEXLomR6RFLDOSDUDR)LQDQFLDPHQWRGD6HJXULGDGH&2),16DR ,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO,166HDR)XQGRGH*DUDQWLDGR7HPSRGH6HUYLoR)*76 HTXDQGRFRXEHUQDIRUPDUHJXODPHQWDGDSHOR0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO RFXPSULPHQWRGD/HLQºGHGHQRYHPEURGHDOWHUDomRLQWURGX]LGDSHOD 5HVROXomRQºGH ,; ² FURQRJUDPDV GH GLVSrQGLR FRP DV GtYLGDV LQWHUQD H H[WHUQD H FRP D RSHUDomR D VHU UHDOL]DGD ;²UHODomRGHWRGDVDVGtYLGDVFRPVHXVYDORUHVDWXDOL]DGRVLQFOXVLYHGDTXHOHVYHQFLGRVHQmR SDJRVDVVLQDGDSHOR&KHIHGR3RGHU([HFXWLYRHSHOR6HFUHWiULRGH*RYHUQRUHVSRQViYHOSHOD DGPLQLVWUDomRILQDQFHLUD ;, ² EDODQFHWHV PHQVDLV FRQVROLGDGRV DVVLQDGRV SHOR &KHIH GR 3RGHU ([HFXWLYR H SHOR 6HFUHWiULR GH *RYHUQR UHVSRQViYHO SHOD DGPLQLVWUDomR ILQDQFHLUD SDUD ILQV GH FiOFXOR GRV OLPLWHVGHTXHWUDWDHVWD5HVROXomR ;,,²FRPSURYDomRGRHQFDPLQKDPHQWRGDVFRQWDVDR3RGHU([HFXWLYRGD8QLmRSDUDILQVGD FRQVROLGDomRGHTXHWUDWDRFDSXWGRDUWGD/HL&RPSOHPHQWDUQºGH ;,,,²FRPSURYDomRGDVSXEOLFDo}HVDTXHVHUHIHUHPRVDUWVHºGD/HL&RPSOHPHQWDU QºGH ;,9²OHLRUoDPHQWiULDGRH[HUFtFLRHPFXUVRH ;9²/HLGH'LUHWUL]HV2UoDPHQWiULDVGRH[HUFtFLRHPFXUVR º2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDjVRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD TXHVHUmRUHJXODGDVSHORDUW º'LVSHQVDVHDH[LJrQFLDGHDSUHVHQWDomRGHGRFXPHQWRHVSHFLILFDGRQRLQFLVR9,,,TXDQGR DRSHUDomRGHFUpGLWRVHYLQFXODUjUHJXODUL]DomRGRUHIHULGRGpELWR º2VSURFHVVRVUHODWLYRVjVRSHUDo}HVGHFUpGLWRDRDPSDURGDV5HVROXo}HVQºGH HQºGHGR6HQDGR)HGHUDOVHUmRLQVWUXtGDVDSHQDVFRPRVGRFXPHQWRVHVSHFLILFDGRV QRVLQFLVRV,,,,,,9H;,,,LQWURGX]LGRSHOD5HVROXomRQºGH º$DSUHVHQWDomRGRVGRFXPHQWRVHVSHFLILFDGRVQRVLQFLVRV,;;H;,SRGHUiVHUGLVSHQVDGD DFULWpULRGR0LQLVWpULRGD)D]HQGDGHVGHTXHDTXHOHyUJmRMiGLVSRQKDGRVPHVPRVHPVHXV EDQFRVGHGDGRV15LQWURGX]LGRSHOD5HVROXomRQºGH $UW2VSHGLGRVGHDXWRUL]DomRSDUDDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomR GHUHFHLWDRUoDPHQWiULDSHORV(VWDGRVSHOR'LVWULWR)HGHUDOHSHORV0XQLFtSLRVVHUmRLQVWUXtGRV FRP ,²GRFXPHQWDomRSUHYLVWDQRVLQFLVRV,,,,9D9,,,H;,D;,,,GRDUW ,,²VROLFLWDomRGDLQVWLWXLomRILQDQFHLUDTXHWHQKDDSUHVHQWDGRDR(VWDGRDR'LVWULWR)HGHUDO RXDR0XQLFtSLRSURSRVWDILUPHGHRSHUDomRGHFUpGLWRFRQWHQGRFURQRJUDPDGHUHHPEROVR PRQWDQWHSUD]RMXURVHJDUDQWLDVH ,,, ² GRFXPHQWR DVVLQDGR SHOR &KHIH GR 3RGHU ([HFXWLYR GLVFULPLQDQGR DV FRQGLo}HV GD RSHUDomRSURSRVWDSHODLQVWLWXLomRILQDQFHLUDHFRQWHQGRGHFODUDomRGHFRQFRUGkQFLDFRPDV PHVPDV $UW2VSHGLGRVGHDXWRUL]DomRSDUDDUHDOL]DomRGHRSHUDo}HVGHFUpGLWRLQWHUQRRXH[WHUQR GHLQWHUHVVHGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVTXHHQYROYDPDYDORXJDUDQWLD GD8QLmRGHYHUmRFRQWHU ,²H[SRVLomRGHPRWLYRVGR0LQLVWURGD)D]HQGDGDTXDOFRQVWHDFODVVLILFDomRGDVLWXDomR ILQDQFHLUDGRSOHLWHDQWHHPFRQIRUPLGDGHFRPDQRUPDGR0LQLVWpULRGD)D]HQGDTXHGLVS}H VREUHDFDSDFLGDGHGHSDJDPHQWRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV ,,²SDUHFHUHVGD3URFXUDGRULD*HUDOGD)D]HQGD1DFLRQDOHGD6HFUHWDULDGR7HVRXUR1DFLRQDO GR 0LQLVWpULR GD )D]HQGD HP FRQIRUPLGDGH FRP RV SURFHGLPHQWRV HVWDEHOHFLGRV SHOD OHJLVODomRTXHUHJXODDPDWpULDH ,,,²GRFXPHQWDomRGHTXHWUDWDRDUW ,9²1RFDVRGHRSHUDo}HVGHFUpGLWRGHVWLQDGDVDRILQDQFLDPHQWRGHHWDSDVFRPSOHPHQWDUHV HRXVXEVHTHQWHGRVUHVSHFWLYRVSURMHWRVRSOHLWHDQWHGHYHUiDSUHVHQWDUDR6HQDGR)HGHUDO RGHPRQVWUDWLYRItVLFRILQDQFHLURGRVGHVHPEROVRVRFRUULGRVFRPSDUDQGRRFRPRVFXPSUL PHQWRGDVPHWDVDSUHVHQWDGDVDR6HQDGR)HGHUDOSRURFDVLmRGDVROLFLWDomRGRILQDQFLDPHQWR GRSURMHWR15DOWHUDomRLQWURGX]LGDSHOD5HVROXomRQºGH 3DUiJUDIR~QLFR1RFDVRGHRSHUDo}HVGHFUpGLWRH[WHUQDVDGRFXPHQWDomRGHTXHWUDWDR FDSXWGHYHUiVHUHQFDPLQKDGDDR6HQDGR)HGHUDOSRUPHLRGHPHQVDJHPGR3UHVLGHQWHGD 5HS~EOLFD $UW$FRQVWDWDomRGHLUUHJXODULGDGHVQDLQVWUXomRGHSURFHVVRVGHDXWRUL]DomRUHJLGRVSRU HVWD 5HVROXomR WDQWR QR kPELWR GR 0LQLVWpULR GD )D]HQGD TXDQWR QR GR 6HQDGR )HGHUDO LPSOLFDUiDGHYROXomRGRSOHLWRjRULJHPVHPSUHMXt]RGDVHYHQWXDLVFRPLQDo}HVOHJDLVDRV LQIUDWRUHV º$GHYROXomRGHTXHWUDWDHVWHDUWLJRGHYHUiVHUFRPXQLFDGDDR3RGHU/HJLVODWLYRORFDOH DR7ULEXQDOGH&RQWDVDTXHHVWLYHUMXULVGLFLRQDGRRSOHLWHDQWH º&DVRDLUUHJXODULGDGHVHMDFRQVWDWDGDSHOR0LQLVWpULRGD)D]HQGDHVWHGHYHUiLQIRUPDU WDPEpPDR6HQDGR)HGHUDO º$&RPLVVmRGH$VVXQWRV(FRQ{PLFRVRXR3OHQiULRGR6HQDGR)HGHUDOSRGHUmRUHDOL]DU GLOLJrQFLDVMXQWRDRVSOHLWHDQWHVQRVHQWLGRGHGLULPLUG~YLGDVHREWHUHVFODUHFLPHQWRV $UW2HQFDPLQKDPHQWRGRVSOHLWRVSHOR0LQLVWpULRGD)D]HQGDDR6HQDGR)HGHUDOGHYH VHUIHLWRQRSUD]RPi[LPRGHWULQWDGLDV~WHLVFRQWDGRGRUHFHELPHQWRGDGRFXPHQWDomR FRPSOHWDH[LJLGDSRUHVWD5HVROXomR º&DVRR0LQLVWpULRGD)D]HQGDFRQVWDWHTXHDGRFXPHQWDomRUHFHELGDQmRpVXILFLHQWHSDUD VXDDQiOLVHVROLFLWDUiDFRPSOHPHQWDomRGRVGRFXPHQWRVHLQIRUPDo}HVIOXLQGRLJXDOSUD]RD SDUWLUGRFXPSULPHQWRGDVH[LJrQFLDV º1mRDWHQGLGDVDVH[LJrQFLDVQRSUD]RGHTXHWUDWDRFDSXWGHVWHDUWLJRRSOHLWRGHYHUiVHU LQGHIHULGR $UW 2V (VWDGRV R 'LVWULWR )HGHUDO RV 0XQLFtSLRV FDVR WHQKDP GtYLGDV UHIHUHQWHV D RSHUDo}HV GH FUpGLWR RX SDUFHODPHQWR GH GpELWRV UHODWLYRV jV FRQWULEXLo}HV VRFLDLV GH TXH WUDWDPRVDUWVHGD&RQVWLWXLomR)HGHUDOHDR)XQGRGH*DUDQWLDGR7HPSRGH6HUYLoR ²)*76GHYHUmRUHPHWHUTXDQGRVROLFLWDGRDR0LQLVWpULRGD)D]HQGD ,²LQIRUPDo}HVVREUHRPRQWDQWHGDVGtYLGDVIOXWXDQWHHFRQVROLGDGDLQWHUQDHH[WHUQD ,,²FURQRJUDPDVGHSDJDPHQWRGHDPRUWL]Do}HVMXURVHGHPDLVHQFDUJRVGDVUHIHULGDVGtYLGDV LQFOXVLYHRVSDUFHODPHQWRVGHGpELWRVUHODWLYRVjVFRQWULEXLo}HVVRFLDLVGHTXHWUDWDPRVDUWV HGD&RQVWLWXLomR)HGHUDOHDR)XQGRGH*DUDQWLDGR7HPSRGH6HUYLoR²)*76FRP HVSHFLILFDomRGDVSDUFHODVYHQFLGDVHQmRSDJDVH ,,,²EDODQFHWHVPHQVDLVHVtQWHVHGDH[HFXomRRUoDPHQWiULD 3DUiJUDIR~QLFR2GHVFXPSULPHQWRGRGLVSRVWRQRFDSXWLPSOLFDUiDSDUDOLVDomRGDDQiOLVH GHQRYRVSOHLWRVGDHVSpFLHSHOR0LQLVWpULRGD)D]HQGD $UW2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGHYHUmRHQFDPLQKDUDR0LQLVWpULRGD )D]HQGDQDIRUPDHSHULRGLFLGDGHDVHUGHILQLGDHPLQVWUXomRHVSHFtILFDGDTXHOHÐUJmRDV LQIRUPDo}HV QHFHVViULDV SDUD R DFRPSDQKDPHQWR GDV RSHUDo}HV GH FUpGLWR DSURYDGDV QRV WHUPRVGHVWD5HVROXomRHSDUDDFRQVWLWXLomRGRUHJLVWURHOHWU{QLFRFHQWUDOL]DGRHDWXDOL]DGR GDVGtYLGDVS~EOLFDVLQWHUQDHH[WHUQDFRQIRUPHSUHYLVWRQRVDUWVHGD/HL&RPSOHPHQWDU QºGH 3DUiJUDIR~QLFR2GHVFXPSULPHQWRGRGLVSRVWRQHVWHDUWLJRLPSOLFDUiDSDUDOLVDomRGDDQiOLVH GHQRYRVSOHLWRVGDHVSpFLHSHOR0LQLVWpULRGD)D]HQGD $UW6mRVXMHLWDVDDXWRUL]DomRHVSHFtILFDGR6HQDGR)HGHUDODVVHJXLQWHVPRGDOLGDGHVGH RSHUDo}HV ,²GHFUpGLWRH[WHUQR ,,²GHFRUUHQWHVGHFRQYrQLRVSDUDDTXLVLomRGHEHQVHVHUYLoRVQRH[WHULRU ,,,²GHHPLVVmRGHWtWXORVGDGtYLGDS~EOLFD ,9²GHHPLVVmRGHGHErQWXUHVRXDVVXQomRGHREULJDo}HVSRUHQWLGDGHVFRQWURODGDVSHORV (VWDGRVSHOR'LVWULWR)HGHUDOHSHORV0XQLFtSLRVTXHQmRH[HUoDPDWLYLGDGHSURGXWLYDRXQmR SRVVXDPIRQWHSUySULDGHUHFHLWDV 3DUiJUDIR~QLFR26HQDGR)HGHUDOGHYROYHUiDR0LQLVWpULRGD)D]HQGDSDUDDVSURYLGrQFLDV FDEtYHLVRSHGLGRGHDXWRUL]DomRSDUDFRQWUDWDomRGHRSHUDomRGHFUpGLWRFXMDGRFXPHQWDomR HVWHMDHPGHVDFRUGRFRPRGLVSRVWRQHVWD5HVROXomR $UW2VSOHLWRVUHIHUHQWHVDRSHUDo}HVGHFUpGLWRVXMHLWDVDDXWRUL]DomRHVSHFtILFDGR6HQDGR )HGHUDOVHUmRHQFDPLQKDGRVSHOR0LQLVWpULRGD)D]HQGDDR6HQDGR)HGHUDOTXDQGRDWHQGHUHP DRVUHTXLVLWRVPtQLPRVGHILQLGRVQRDUWDFRPSDQKDGRVGHSDUHFHUWpFQLFRTXHFRQWHQKD REULJDWRULDPHQWHRVVHJXLQWHVSRQWRV ,²GHPRQVWUDWLYRGRFXPSULPHQWRGRVUHTXLVLWRVPtQLPRVGHILQLGRVQRDUW ,,²DQiOLVHGRPpULWRGDRSHUDomRGHFUpGLWRDYDOLDQGRVXDRSRUWXQLGDGHVHXVFXVWRVHGHPDLV FRQGLo}HVHVHXLPSDFWRVREUHDVQHFHVVLGDGHVGHILQDQFLDPHQWRGRVHWRUS~EOLFRH ,,,²GHPRQVWUDWLYRGRSHUILOGHHQGLYLGDPHQWRGDHQWLGDGHS~EOLFDVROLFLWDQWHDQWHVHGHSRLV GDUHDOL]DomRGDRSHUDomR º 2 SDUHFHU D TXH VH UHIHUH R FDSXW LQFOXLUi REULJDWRULDPHQWH FRQFOXVmR IDYRUiYHO RX FRQWUiULDDRPpULWRGRSOHLWR º1RVSOHLWRVUHODWLYRVDHPLVVmRGHWtWXORVGDGtYLGDS~EOLFDRSDUHFHUDTXHVHUHIHUHR FDSXWFRQWHUiWDPEpP ,²HVSHFLILFDomRGRYDORUGRVWtWXORVDVHUHPHPLWLGRVHGRYDORUGRHVWRTXHGHWtWXORVGRPHVPR HPLVVRUMiH[LVWHQWHVFRPLQGLFDomRGDVGDWDVGHUHIHUrQFLDGHWDLVYDORUHV ,,²DQiOLVHGRLPSDFWRGDRSHUDomRGHFUpGLWRQRPHUFDGRPRELOLiULRHGRGHVHPSHQKRGRV WtWXORVMiHPLWLGRVQHVVHPHUFDGRH ,,,²HPVHWUDWDQGRGHUHILQDQFLDPHQWRGHWtWXORVYLQFHQGRVKLVWyULFRGDHYROXomRGRVWtWXORV GHVGHVXDHPLVVmRUHJLVWUDQGRVHVXDYDORUL]DomRDRORQJRGRWHPSR $UW 4XDQGR QmR DWHQGHUHP DRV UHTXLVLWRV PtQLPRV GHILQLGRV QR DUW RV SOHLWRV UHIHUHQWHVDRSHUDo}HVGHFUpGLWRVXMHLWDVDDXWRUL]DomRHVSHFtILFDGR6HQDGR)HGHUDOQmRVHUmR HQFDPLQKDGRVSHOR0LQLVWpULRGD)D]HQGDDR6HQDGR)HGHUDO 3DUiJUDIR~QLFR20LQLVWpULRGD)D]HQGDGHYROYHUiRVSOHLWRVDTXHVHUHIHUHRFDSXWDR(VWDGR DR'LVWULWR)HGHUDORXDR0XQLFtSLRGHRULJHPFRPXQLFDQGRRIDWRDR6HQDGR)HGHUDO $UW$VRSHUDo}HVGHFUpGLWRQmRVXMHLWDVDDXWRUL]DomRHVSHFtILFDGR6HQDGR)HGHUDOVHUmR REMHWRGRVHJXLQWHSURFHGLPHQWRSHOR0LQLVWpULRGD)D]HQGD ,²RVSOHLWRVTXHQmRDWHQGHUHPDRVUHTXLVLWRVPtQLPRVGHILQLGRVQRDUWVHUmRLQGHIHULGRV GHLPHGLDWR ,,²RVSOHLWRVTXHDWHQGHUHPDRVUHTXLVLWRVPtQLPRVGHILQLGRVQRDUWVHUmRDXWRUL]DGRV QRSUD]RPi[LPRGHGH]GLDV~WHLV $UW&RQVLGHUDVHUHTXLVLWRPtQLPRSDUDRVILQVGHVWD5HVROXomRRFXPSULPHQWRTXDQGR VHDSOLFDUGRGLVSRVWRQRVDUWVºººººH $UW2VSHGLGRVGHDXWRUL]DomRSDUDDUHDOL]DomRGHRSHUDo}HVGHFUpGLWRGHTXHWUDWDHVWD 5HVROXomRQmRSRGHUmRVHUDSUHFLDGRVHPUHJLPHGHXUJrQFLDVDOYRTXDQGRSURSRVWRSHOD &RPLVVmRGH$VVXQWRV(FRQ{PLFRV $UW $ UHXQLmR GD &RPLVVmR GH $VVXQWRV (FRQ{PLFRV TXH GHOLEHUDU VREUH SHGLGR GH DXWRUL]DomRSDUDDUHDOL]DomRGDVRSHUDo}HVGHFUpGLWRGHTXHWUDWDHVWD5HVROXomRGHYHUi FRQWDUFRPDSUHVHQoDGHUHSUHVHQWDQWHGR(VWDGRGR'LVWULWR)HGHUDORXGR0XQLFtSLRSDUD DSUHVHQWDomRGRSOHLWRHGHUHSUHVHQWDQWHGR0LQLVWpULRGD)D]HQGDSDUDH[SRVLomRGRSDUHFHU SRUHOHHPLWLGR 3DUiJUDIR ~QLFR 2 QmRFRPSDUHFLPHQWR GH TXDOTXHU GHVVHV UHSUHVHQWDQWHV LPSOLFDUi R DGLDPHQWRGDYRWDomRGRSOHLWRTXHSDVVDUiDRSULPHLUROXJDUGDSDXWDGDUHXQLmRVHJXLQWH $UW$LQGLFDomRGRVUHODWRUHVGRVSHGLGRVGHDXWRUL]DomRSDUDUHDOL]DomRGHRSHUDo}HVGH FUpGLWR GH TXH WUDWD HVWD 5HVROXomR VHUi IHLWD PHGLDQWH D HVWULWD REVHUYkQFLD GD RUGHP GH HQWUDGDGRSHGLGRQD&RPLVVmRGH$VVXQWRV(FRQ{PLFRVHGDUHODomRGHPHPEURVWLWXODUHVGD PHVPD&RPLVVmRQRVWHUPRVGRDUWGR5HJLPHQWR,QWHUQRGR6HQDGR)HGHUDO 3DUiJUDIR~QLFR6HQDGRUMiLQGLFDGRFRPRUHODWRUGHSHGLGRGHTXHWUDWDRFDSXWQmRVHUi GHVLJQDGRQRYDPHQWHDQWHVTXHWRGRVRVPHPEURVWLWXODUHVGDUHIHULGD&RPLVVmRWHQKDPVLGR GHVLJQDGRVUHODWRUHVGHSHGLGRVGDPHVPDHVSpFLH &DStWXOR9 '$623(5$d¯(6'($17(&,3$d®2'(5(&(,7$25d$0(17É5,$(9(1'$'( 7Ì78/263Ô%/,&26 $UW$VRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDGRV(VWDGRVGR'LVWULWR)HGHUDO HGRV0XQLFtSLRVVHUmRHIHWXDGDVPHGLDQWHDEHUWXUDGHFUpGLWRMXQWRjLQVWLWXLomRILQDQFHLUD YHQFHGRUDHPSURFHVVRFRPSHWLWLYRHOHWU{QLFRSURPRYLGRSHOR%DQFR&HQWUDOGR%UDVLO 3DUiJUDIR~QLFR2%DQFR&HQWUDOGR%UDVLOEDL[DUiQRUPDVHVSHFtILFDVSDUDUHJXODPHQWDURV SURFHGLPHQWRVRSHUDFLRQDLVGRSURFHVVRGHTXHWUDWDRFDSXW $UW20LQLVWpULRGD)D]HQGDDQDOLVDUiRHQTXDGUDPHQWRGDVRSHUDo}HVGHDQWHFLSDomRGH UHFHLWDRUoDPHQWiULDQRGLVSRVWRQHVWD5HVROXomRWRPDQGRSRUEDVHDVFRQGLo}HVGDSURSRVWD ILUPHGHTXHWUDWDRLQFLVR,,GRDUW º (VWDQGR R SOHLWR GH UHDOL]DomR GD RSHUDomR GH DQWHFLSDomR GH UHFHLWD RUoDPHQWiULD HQTXDGUDGRQDVH[LJrQFLDVGHVWD5HVROXomRR0LQLVWpULRGD)D]HQGDVROLFLWDUiDR%DQFR&HQWUDO GR%UDVLODUHDOL]DomRGRSURFHVVRFRPSHWLWLYRHOHWU{QLFRTXHVHGDUiSRUPHLRGDGLYXOJDomR GDSURSRVWDILUPHDWRGRRVLVWHPDILQDQFHLURHPUHFLQWRRXPHLRHOHWU{QLFRPDQWLGRSRU HQWLGDGH DXWRUHJXODGRUD DXWRUL]DGD SHOD &RPLVVmR GH 9DORUHV 0RELOLiULRV RX HP PHLR HOHWU{QLFR PDQWLGR SHOR %DQFR &HQWUDO GR %UDVLO VHQGR SHUPLWLGR D TXDOTXHU LQVWLWXLomR ILQDQFHLUD LQFOXVLYH jTXHOD TXH HQFDPLQKRX D SURSRVWD ILUPH DR 0LQLVWpULR GD )D]HQGD RIHUHFHUDPHVPDRSHUDomRFRPMXURVLQIHULRUHVDRGDSURSRVWDILUPHLQLFLDO º2UHVXOWDGRGRSURFHVVRFRPSHWLWLYRGHTXHWUDWDRºVHUiGLYXOJDGRSHOR%DQFR&HQWUDO GR%UDVLOVHPSUHTXHSRVVtYHOSRUPHLRHOHWU{QLFRDWRGDVDVLQVWLWXLo}HVILQDQFHLUDVDR6HQDGR )HGHUDODR0LQLVWpULRGD)D]HQGDDR3RGHU/HJLVODWLYRGR(VWDGRGR'LVWULWR)HGHUDORXGR 0XQLFtSLRFRQIRUPHRFDVRHDR7ULEXQDOGH&RQWDVFRPSHWHQWHFRPGHVFULomRGHWDOKDGD GDVRIHUWDVUHDOL]DGDV º 1mR VHUmR DFHLWDV SURSRVWDV TXH FREUHP RXWURV HQFDUJRV TXH QmR D WD[D GH MXURV GD RSHUDomRDTXDOGHYHVHUREULJDWRULDPHQWHSUHIL[DGDRXLQGH[DGDj7D[D%iVLFD)LQDQFHLUD ²7%) º$SURSRVWDILUPHQmRSRGHUiDSUHVHQWDUWD[DGHMXURVVXSHULRUDXPDYH]HPHLDD7%) YLJHQWHQRGLDGRVHXHQFDPLQKDPHQWR º$QRYDomRGHRSHUDo}HVYLQFHQGDVRXYHQFLGDVVHUiVXEPHWLGDDRPHVPRULWRGHDQiOLVH HSURFHVVRFRPSHWLWLYRGDVRSHUDo}HVQRYDV º5HDOL]DGRRSURFHVVRFRPSHWLWLYRGHTXHWUDWDRºDRSHUDomRGHDQWHFLSDomRGDUHFHLWD RUoDPHQWiULDVySRGHUiVHUFRQWUDWDGDDSyVDHQWUHJDDR0LQLVWpULRGD)D]HQGDGHGHFODUDomR GDQmRRFRUUrQFLDGHUHFLSURFLGDGHRXFRQGLomRHVSHFLDOTXHUHSUHVHQWHFXVWRDGLFLRQDODR H[SUHVVRSHODWD[DGHMXURVGDRSHUDomRDVVLQDGDSRUUHSUHVHQWDQWHGDLQVWLWXLomRILQDQFHLUD HSHORFKHIHGR3RGHU([HFXWLYR $UW2VSHGLGRVGHDXWRUL]DomRSDUDRODQoDPHQWRRIHUWDS~EOLFDRXFRORFDomRQRPHUFDGR GHWtWXORVGDGtYLGDS~EOLFDGHVWLQDGRVDUHILQDQFLDUWtWXORVYLQFHQGRVGHYHPVHUHQFDPLQKDGRV SHORV (VWDGRV SHOR 'LVWULWR )HGHUDO RX SHORV 0XQLFtSLRV DR 0LQLVWpULR GD )D]HQGD FRP DQWHFHGrQFLDPtQLPDGHVHVVHQWDGLDV~WHLVGRSULPHLURYHQFLPHQWRGRVWtWXORVDVHUHP UHILQDQFLDGRV º2GHVFXPSULPHQWRGRGLVSRVWRQRFDSXWLPSOLFDUiDDOWHUDomRGDVGDWDVEDVHGHWRGRVRV WtWXORVDVHUHPHPLWLGRVTXHVHUmRSRVWHUJDGDVSRUSHUtRGRHTXLYDOHQWHDRQ~PHURGHGLDV ~WHLVGHDWUDVRVHPTXHKDMDDFRUUHVSRQGHQWHFRUUHomRGRYDORUQRPLQDOGRVWtWXORVDVHUHP HPLWLGRV º(VWDQGRLQFRPSOHWDDGRFXPHQWDomRHQFDPLQKDGDSHOR(VWDGRSHOR'LVWULWR)HGHUDORX SHOR 0XQLFtSLR R 0LQLVWpULR GD )D]HQGD VROLFLWDUi D FRPSOHPHQWDomR GRV GRFXPHQWRV H LQIRUPDo}HVFRQVLGHUDQGRVHSDUDHIHLWRGRGLVSRVWRQRºDGDWDGHHQWUHJDGDGRFXPHQ WDomRFRPSOHWD $UW$YHQGDGHWtWXORVGDGtYLGDS~EOLFDSRUVHXVHPLVVRUHVVHUiHIHWXDGDREULJDWRULDPHQWH HP OHLO}HV S~EOLFRV HOHWU{QLFRV UHDOL]DGRV SHOR %DQFR &HQWUDO GR %UDVLO RX SRU HQWLGDGH DXWRUHJXODGRUDDXWRUL]DGDSHOD&RPLVVmRGH9DORUHV0RELOLiULRV²&90 º2%DQFR&HQWUDOGR%UDVLOEDL[DUiQRUPDVHVSHFtILFDVSDUDUHJXODPHQWDURVSURFHGLPHQWRV RSHUDFLRQDLVGRVOHLO}HVGHTXHWUDWDHVWHDUWLJR ºeREULJDWyULDDSXEOLFDomRGHHGLWDOGROHLOmRDTXHVHUHIHUHRFDSXWFRPDQWHFHGrQFLD PtQLPDGHWUrVGLDV~WHLVGDGDWDSUHYLVWDSDUDVXDUHDOL]DomR º $SyV D UHDOL]DomR GR OHLOmR HOHWU{QLFR R %DQFR &HQWUDO GR %UDVLO HQFDPLQKDUi DV LQIRUPDo}HV UHOHYDQWHV VREUH RV PHVPRV VHPSUH TXH SRVVtYHO SRU PHLR HOHWU{QLFR jV LQV WLWXLo}HVILQDQFHLUDVDR0LQLVWpULRGD)D]HQGDDR6HQDGR)HGHUDODR3RGHU/HJLVODWLYRGR (VWDGR GR 'LVWULWR )HGHUDO RX GR 0XQLFtSLR FRQIRUPH R FDVR H DR 7ULEXQDO GH &RQWDV FRPSHWHQWH º$UHFRORFDomRQRPHUFDGRGHWtWXORVGDGtYLGDS~EOLFDGRV(VWDGRVGR'LVWULWR)HGHUDO RXGRV0XQLFtSLRVPDQWLGRVHPVXDVUHVSHFWLYDVWHVRXUDULDVRXIXQGRVGDVGtYLGDVVHUiIHLWD REULJDWRULDPHQWHSRUPHLRGHOHLO}HVHOHWU{QLFRVQDIRUPDGHILQLGDQHVWHDUWLJR $UW26HQDGR)HGHUDOVROLFLWDUiDR%DQFR&HQWUDOGR%UDVLOTXDQGRMXOJDUQHFHVViULRD ILVFDOL]DomRGHRSHUDomRGHFUpGLWRHVSHFtILFDMXQWRjLQVWLWXLomRILQDQFHLUDFUHGRUD $UW20LQLVWpULRGD)D]HQGDLQIRUPDUiPHQVDOPHQWHDR6HQDGR)HGHUDO ,²DSRVLomRGHHQGLYLGDPHQWRGRV(VWDGRVGR'LVWULWR)HGHUDOGRV0XQLFtSLRVHGHVXDV UHVSHFWLYDVDXWDUTXLDVHIXQGDo}HV ,,²FDGDXPDGDVRSHUDo}HVGHFUpGLWRDXWRUL]DGDVHQmRDXWRUL]DGDVQRSHUtRGRIRUQHFHQGR GDGRVVREUH DHQWLGDGHPXWXiULD ESUD]RGDRSHUDomR FFRQGLo}HVGHFRQWUDWDomRWDLVFRPRYDORUJDUDQWLDVHWD[DVGHMXURV ,,,²Q~PHURGHLQVWLWXLo}HVILQDQFHLUDVSDUWLFLSDQWHVGDVRSHUDo}HVGHFUpGLWRDXWRUL]DGDVQR SHUtRGRFODVVLILFDGDVSRUWLSRGHRSHUDomR ,9 ² Q~PHUR GH LQVWLWXLo}HV ILQDQFHLUDV TXH DSUHVHQWDUDP SURSRVWDV SDUD UHDOL]DomR GH RSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDQRSURFHVVRFRPSHWLWLYRGHILQLGRSHORDUW H 9²RXWUDVLQIRUPDo}HVSHUWLQHQWHV º20LQLVWpULRGD)D]HQGDHIHWXDUiRUHJLVWURHOHWU{QLFRFHQWUDOL]DGRHDWXDOL]DGRGDVGtYLGDV S~EOLFDVLQWHUQDHH[WHUQDJDUDQWLQGRRDFHVVRS~EOLFRjVLQIRUPDo}HVQRVWHUPRVGRDUW GD/HL&RPSOHPHQWDUQºGH º2VQRPHVGDVLQVWLWXLo}HVILQDQFHLUDVDXWRUL]DGDVDUHDOL]DUDVRSHUDo}HVGHDQWHFLSDomR GHUHFHLWDRUoDPHQWiULDVHUmRLQIRUPDGRVH[FOXVLYDPHQWHDR6HQDGR)HGHUDO $UW 2 0LQLVWpULR GD )D]HQGD HQFDPLQKDUi WULPHVWUDOPHQWH j &RPLVVmR GH $VVXQWRV (FRQ{PLFRVGR6HQDGR)HGHUDOUHODWyULRDQDOtWLFRGDVRSHUDo}HVGHFRPSUDHYHQGDGHWtWXORV S~EOLFRVGHUHVSRQVDELOLGDGHGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVUHDOL]DGDVQR SHUtRGRFRPHVSHFLILFDomRSDUDFDGDUHVROXomRDXWRUL]DWLYDGR6HQDGR)HGHUDOGDPRGDOL GDGHGDRSHUDomRGRVYDORUHVHTXDQWLGDGHVQHJRFLDGDVGHVHXVFXVWRVHGHViJLRVHGDUHODomR GRVSDUWLFLSDQWHVGDFDGHLDGHFRPSUDHYHQGD 3DUiJUDIR~QLFR2%DQFR&HQWUDOGR%UDVLOVHPSUHTXHVROLFLWDGRHQFDPLQKDUiDR6HQDGR )HGHUDOUHODomRGRVSDUWLFLSDQWHVGDFDGHLDGHFRPSUDHYHQGDDTXHVHUHIHUHRFDSXWGHVWH DUWLJR &DStWXOR9, '$6',6326,d¯(6),1$,6(75$16,7Ð5,$6 $UW5HYRJDGRSHOD5HVROXomRQºGH $UW$VUHVROXo}HVGR6HQDGR)HGHUDOTXHDXWRUL]DUHPDVRSHUDo}HVGHFUpGLWRREMHWRGHVWD 5HVROXomRLQFOXLUmRDRPHQRVDVVHJXLQWHVLQIRUPDo}HV ,²YDORUGDRSHUDomRHPRHGDHPTXHVHUiUHDOL]DGDEHPFRPRRFULWpULRGHDWXDOL]DomR PRQHWiULD ,,²REMHWLYRGDRSHUDomRHyUJmRH[HFXWRU ,,,²FRQGLo}HVILQDQFHLUDVEiVLFDVGDRSHUDomRLQFOXVLYHFURQRJUDPDGHOLEHUDomRGHUHFXUVRVH ,9²SUD]RSDUDRH[HUFtFLRGDDXWRUL]DomRTXHVHUiGHQRPtQLPRFHQWRHRLWHQWDGLDV HQRPi[LPRTXLQKHQWRVHTXDUHQWDGLDVSDUDDVRSHUDo}HVGHGtYLGDVIXQGDGDVH[WHUQDV HGHQRPtQLPRQRYHQWDGLDVHQRPi[LPRGX]HQWRVHVHWHQWDGLDVSDUDDVGHPDLV RSHUDo}HVGHFUpGLWR º1DVRSHUDo}HVGHFUpGLWRDXWRUL]DGDVHPFRQIRUPLGDGHFRPRLQFLVR,,,GRDUWD FRQGLomRGHH[FHSFLRQDOLGDGHVHUiH[SUHVVDPHQWHPHQFLRQDGDQRDWRGHDXWRUL]DomR º1DVRSHUDo}HVGHFUpGLWRH[WHUQRFRPJDUDQWLDGD8QLmRDFRQFHVVmRGDJDUDQWLDVHUi H[SUHVVDPHQWHPHQFLRQDGDQRDWRGHDXWRUL]DomR $UW$ILVFDOL]DomRTXDQWRjFRUUHWDXWLOL]DomRGRVUHFXUVRVDUUHFDGDGRVFRPDYHQGDGRV WtWXORVYLQFXODGRVDRGLVSRVWRQRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV FRPSHWHDRV7ULEXQDLVGH&RQWDVDTXHHVWmRMXULVGLFLRQDGDVDVHQWLGDGHVHPLVVRUDV 3DUiJUDIR~QLFR $ &RPLVVmR GH $VVXQWRV(FRQ{PLFRV GR6HQDGR)HGHUDOSRGHUiKDYHQGR HYLGrQFLDVGHLUUHJXODULGDGHUHDOL]DUGLOLJrQFLDQRVWHUPRVGRºGRDUWRXVROLFLWDUDR UHVSHFWLYR7ULEXQDOGH&RQWDVTXHUHDOL]HDXGLWRULDQDDSOLFDomRGRVUHFXUVRVREWLGRVSRUPHLR GDFRORFDomRGRVWtWXORVGHTXHWUDWDRFDSXW $UW2YDORUDWXDOL]DGRGRVUHFXUVRVREWLGRVDWUDYpVGDHPLVVmRGHWtWXORVYLQFXODGRVDR GLVSRVWR QRSDUiJUDIR~QLFRGRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV XWLOL]DGRV SDUD ILQDOLGDGHV GLVWLQWDV SDVVD D VHU FRQVLGHUDGR GtYLGD YHQFLGD SDUD HIHLWR GR FiOFXORGRVOLPLWHVGHILQLGRVQRVDUWVºHºGHVWD5HVROXomRDWpTXHKDMDRUHVJDWHGHWtWXORV HPYDORUDWXDOL]DGRHTXLYDOHQWHDRGHVYLRGHILQDOLGDGHLQFRUULGR $UWeSHUPLWLGDDYLQFXODomRGHUHFHLWDVSUySULDVJHUDGDVSHORVLPSRVWRVDTXHVHUHIHUHP RVDUWVHHGRVUHFXUVRVGHTXHWUDWDPRVDUWVH,DHEH,,GD &RQVWLWXLomR)HGHUDOSDUDDSUHVWDomRGHJDUDQWLDRXFRQWUDJDUDQWLDj8QLmRHVXDVDXWDUTXLDV HIXQGDo}HV $UW3DUDHIHLWRGRGLVSRVWRQRDUWºGD/HLQºGHGHQRYHPEURGHpIL[DGR ROLPLWHGHRQ]HSRUFHQWRGDUHFHLWDOtTXLGDUHDOFRQIRUPHGHILQLGDQRSDUiJUDIR~QLFR GRDUWºGD/HLQºGH º2YDORUUHVXOWDQWHGDDSOLFDomRGROLPLWHGHILQLGRQRFDSXWVHUiXWLOL]DGRQRSDJDPHQWR GHDPRUWL]Do}HVMXURVHGHPDLVHQFDUJRVGDGtYLGDH[WHUQDFRQWUDWDGDDWpGHVHWHPEURGH GRUHILQDQFLDPHQWRGHGtYLGDVMXQWRDR)*76HGDVGtYLGDVUHVXOWDQWHVGHUHQHJRFLDo}HV UHDOL]DGDVFRPEDVHQD/HLQºGHGHGH]HPEURGHQRDUWGD/HLQº GHGHMXOKRGHQD/HLQºGHGHMDQHLURGHGDFRPLVVmRGHVHUYLoRVGDV RSHUDo}HV DPSDUDGDV SHOD /HL Qº GH GDV GtYLGDV UHODWLYDV D ILQDQFLDPHQWRV LPRELOLiULRVILUPDGRVSHODVHQWLGDGHVYLQFXODGDVDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFt SLRVSRUHOHVDVVXPLGDVPHGLDQWHDGLWLYRHGDVGtYLGDVUHVXOWDQWHVGHUHQHJRFLDo}HVUHDOL]DGDV FRPEDVHQD/HLQºGHQHVVDRUGHP º $ GLIHUHQoD HQWUH R VRPDWyULR GRV SDJDPHQWRV RFRUULGRV QD IRUPD GR º H R YDORU HTXLYDOHQWHDROLPLWHGHILQLGRQRFDSXWVHUiXWLOL]DGDQRUHVJDWHGDGtYLGDPRELOLiULD º2SHUFHQWXDOGHILQLGRQRFDSXWVHUiDSOLFDGRVREUHXPGXRGpFLPRGDUHFHLWDOtTXLGDUHDO º3DUDHIHLWRGHDSXUDomRGRYDORUGHFDGDXPDGDVSUHVWDo}HVPHQVDLVGHTXHWUDWDRDUW ºGD/HLQºGHVHUmRGHGX]LGRVRVGLVSrQGLRVFRPDVDPRUWL]Do}HVMXURVHGHPDLV HQFDUJRVGDVGtYLGDVDOLPHQFLRQDGDVHIHWXDGRVQRPrVDQWHULRUDRGRSDJDPHQWRGDUHIHULGD SUHVWDomR $UW$RVFRQWUDWRVILUPDGRVSHORV(VWDGRVHSHOR'LVWULWR)HGHUDOFRPD8QLmRQRkPELWR GR3URJUDPDGH,QFHQWLYRj5HGXomRGR6HWRU3~EOLFR(VWDGXDOQD$WLYLGDGH%DQFiULD3URHV DSOLFDVHRGLVSRVWRQRDUW 3DUiJUDIR~QLFR2VSOHLWRVGHTXHWUDWDHVWHDUWLJRVmRGLVSHQVDGRVGRFXPSULPHQWRGRGLVSRVWR QRDUW $UW2GLVSRVWRQHVWD5HVROXomRQmRVHDSOLFDjVDWXDLVDXWDUTXLDVILQDQFHLUDV $UW(VWD5HVROXomRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR $UW5HYRJDPVHDV5HVROXo}HVQºVHGHHGHH HGHWRGDVGR6HQDGR)HGHUDO 5(62/8d®21º'('(-81+2'( 'LVS}HVREUHDVRSHUDo}HVGHFUpGLWRGH0XQLFtSLRVD VHUHPFRQWUDWDGDVFRPR%DQFR1DFLRQDOGH'HVHQ YROYLPHQWR(FRQ{PLFRH6RFLDO%1'(6GHVWLQDGDVj LPSODQWDomR GH SURJUDPDV GH IRUWDOHFLPHQWR H PR GHUQL]DomRGDPiTXLQDDGPLQLVWUDWLYDPXQLFLSDO 26HQDGR)HGHUDOUHVROYH $UWº1mRVHUmRFRPSXWDGRVSDUDHIHLWRVGRVOLPLWHVSUHYLVWRVQRVLQFLVRV,,,H,,,GRDUWº GD5HVROXomRQºGHGR6HQDGR)HGHUDODVRSHUDo}HVGHFUpGLWRDVHUHPUHDOL]DGDV SHORV0XQLFtSLRVGHVWLQDGDVjLPSODQWDomRGHSURJUDPDVGHIRUWDOHFLPHQWRHPRGHUQL]DomR GDPiTXLQDDGPLQLVWUDWLYDPXQLFLSDOFRPR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFR H6RFLDO%1'(6 º3DUDDUHDOL]DomRGDVRSHUDo}HVGHFUpGLWRGHTXHWUDWDHVWD5HVROXomRILFDRWRPDGRUGRV UHFXUVRVGLVSHQVDGRGDVVHJXLQWHVH[LJrQFLDV ,QmRWHUUHVXOWDGRSULPiULRQHJDWLYRQRSHUtRGRGHDSXUDomRGD5HFHLWD/tTXLGD5HDOFRQIRUPH SUHYLVWRQRDUWºGD5HVROXomRQºGHGR6HQDGR)HGHUDO ,,DSUHVHQWDUDVFHUWLG}HVSUHYLVWDVQRLQFLVR9GRDUWGD5HVROXomRQºGHGR 6HQDGR)HGHUDO $UWº$VFHUWLG}HVGHTXHWUDWDPRVLQFLVRV,,,H,9GRDUWGD5HVROXomRQºGH GR6HQDGR)HGHUDOVHUmRUHODWLYDVDR~OWLPRH[HUFtFLRDQDOLVDGRSHORVyUJmRVUHVSRQViYHLVSRU VXDVUHVSHFWLYDVHPLVV}HV $UWº2%DQFR&HQWUDOGR%UDVLOLQIRUPDUiDR6HQDGR)HGHUDOPHGLDQWHUHODWyULRWULPHVWUDO WRGRVRV0XQLFtSLRVTXHUHDOL]DUDPDVRSHUDo}HVGHTXHWUDWDHVWD5HVROXomRGLVFULPLQDGRRV VHJXLQWHVLWHQVSRU0XQLFtSLR ,YDORUGDRSHUDomR ,,FRQGLo}HVGHSDJDPHQWRLQFOXLQGRRSUD]RHDVEDVHVILQDQFHLUDV $UW º $V GHPDLV FRQGLo}HV H H[LJrQFLDV UHODWLYDV jV RSHUDo}HV GH FUpGLWR REMHWR GHVWD 5HVROXomRFRQWLQXDPUHJLGDVSHOD5HVROXomRQºGHGR6HQDGR)HGHUDO $UWºeYHGDGDDUHDOL]DomRGHRSHUDomRGHFUpGLWRSUHYLVWDQHVWD5HVROXomRQRVQRYHQWDGLDV DQWHULRUHVjUHDOL]DomRGHHOHLo}HVPXQLFLSDLV $UWº(VWD5HVROXomRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR 6HQDGR)HGHUDOHPGHMXQKRGH $1721,2&$5/260$*$/+®(6 3UHVLGHQWH 3257$5,$1º'('(-$1(,52'( 'LVS}H VREUH RV SURFHGLPHQWRV GH IRUPDOL]DomR GH SHGLGRVGHFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRH[WHU QR H LQWHUQR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRV H GDV UHVSHFWLYDV DGPLQLVWUDo}HV GLUHWDV IXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGH SHQGHQWHV 26(&5(7É5,2'27(628521$&,21$/VXEVWLWXWRQRH[HUFtFLRGDVDWULEXLo}HVTXHOKH IRUDPFRQIHULGDVSHOD3RUWDULD0)*0QºGHGHDEULOGHH &RQVLGHUDQGRRGLVSRVWRQRVDUWLJRVHGD/HL&RPSOHPHQWDUQºGHGHPDLRGH HQRDUWGD5HVROXomRQº6)TXHDWULEXHPDR0LQLVWpULRGD)D]HQGDD FRPSHWrQFLDSDUDYHULILFDUHPUHODomRDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVDV UHVSHFWLYDVDGPLQLVWUDo}HVGLUHWDVIXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQ GHQWHVRFXPSULPHQWRGRVOLPLWHVHFRQGLo}HVUHODWLYRVjFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRH &RQVLGHUDQGRRVOLPLWHVJOREDLVSDUDRPRQWDQWHGDGtYLGDS~EOLFDFRQVROLGDGDHGDGtYLGD S~EOLFDPRELOLiULDGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVSUHYLVWRVQD5HVROXomRQº GHGHGH]HPEURGHGR6HQDGR)HGHUDOUHVROYH $UWº2VSHGLGRVGHDXWRUL]DomRSDUDDUHDOL]DomRGDVRSHUDo}HVGHFUpGLWRH[WHUQRHLQWHUQR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRV H GDV UHVSHFWLYDV DGPLQLVWUDo}HV GLUHWDV IXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVLQFOXVLYHFRQFHVVmRGHJDUDQ WLDV GHYHUmR VHU HQFDPLQKDGRV j 6HFUHWDULD GR 7HVRXUR 1DFLRQDO ² 671 QRV HQGHUHoRV LQGLFDGRV QR $QH[R 9,,, GHVWD 3RUWDULD DFRPSDQKDGRV GH SURSRVWD ILUPH GD LQVWLWXLomR ILQDQFHLUDFRQIRUPHPRGHORVXJHULGRFRQVWDQWHGR$QH[R9LQVWUXtGRVFRP ,²SHGLGRGR&KHIHGR3RGHU([HFXWLYRDFRPSDQKDGRGHSDUHFHUGHVHXVyUJmRVWpFQLFRVH MXUtGLFRVGHPRQVWUDQGRDUHODomRFXVWREHQHItFLRRLQWHUHVVHHFRQ{PLFRHVRFLDOGDRSHUDomR HRFXPSULPHQWRGRVOLPLWHVHFRQGLo}HVHVWDEHOHFLGRVSHODV5HVROXo}HVQº6)HQº 6)DPEDVGR6HQDGR)HGHUDO ,, ² RULJLQDO RX FySLD DXWHQWLFDGD GD DXWRUL]DomR OHJLVODWLYD HVSHFtILFD SDUD D UHDOL]DomR GD RSHUDomR ,,,²RULJLQDORXFySLDDXWHQWLFDGDGDOHLGHGLUHWUL]HVRUoDPHQWiULDVGRH[HUFtFLRHPFXUVR ,9²RULJLQDORXFySLDDXWHQWLFDGDGDOHLRUoDPHQWiULDGRH[HUFtFLRHPFXUVRHGHHYHQWXDLVOHLV HGHFUHWRVGHDEHUWXUDGHFUpGLWRVDGLFLRQDLVRXGHFODUDomRGR&KHIHGR3RGHU([HFXWLYRGD LQH[LVWrQFLDGHDOWHUDo}HVjOHLRULJLQDO 9²FRPSURYDomRGDLQFOXVmRQRRUoDPHQWRH[FHWRQRFDVRGHRSHUDo}HVSRUDQWHFLSDomR GH UHFHLWD RUoDPHQWiULD GRV UHFXUVRV SURYHQLHQWHV GD RSHUDomR SOHLWHDGD EHP FRPR GD GHVWLQDomRGDGHVSHVD 9,²FHUWLGmRH[SHGLGDSHOR7ULEXQDOGH&RQWDVFRPSHWHQWHDWHVWDQGRHPUHODomRjVFRQWDV GR~OWLPRH[HUFtFLRDQDOLVDGRRFXPSULPHQWRGRGLVSRVWRQRºGRDUWQRDUWQR ºGRDUWQRDUWQRºGRDUWQRºGRDUWHQRDUWWRGRVGD/HL &RPSOHPHQWDUQºGH 9,, ² HP UHODomR jV FRQWDV GRV H[HUFtFLRV DLQGD QmR DQDOLVDGRV H TXDQGR SHUWLQHQWH GR H[HUFtFLR HP FXUVR FHUWLGmR H[SHGLGD SHOR 7ULEXQDO GH &RQWDV FRPSHWHQWH DWHVWDQGR R FXPSULPHQWRGDVH[LJrQFLDVHVWDEHOHFLGDVQRºGRDUWQRDUWQRºGRDUWQR º GR DUW H QR DUW GD /HL &RPSOHPHQWDU Qº GH GH DFRUGR FRP DV LQIRUPDo}HVFRQVWDQWHVQRVUHODWyULRVUHVXPLGRVGDH[HFXomRRUoDPHQWiULDHQRVGHJHVWmR ILVFDO 9,,,²FySLDSURWRFRODGDGDGHFODUDomRDVVLQDGDSHORFKHIHGR3RGHU([HFXWLYRHSHORVHFUHWiULR UHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDHQWUHJXHDR7ULEXQDOGH&RQWDVFRQIRUPHPRGHOR FRQVWDQWHGR$QH[R9,DWHVWDQGRTXH DR(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRQmRSUDWLFRXQHQKXPDGDVDo}HVYHWDGDVSHOR DUWºGD5HVROXomRQºGR6HQDGR)HGHUDOVHSUDWLFRXLGHQWLILFDUTXDLVHGHVFUHYHU DVSURYLGrQFLDVWRPDGDVSDUDVXDUHJXODUL]DomR ER(VWDGRR'LVWULWR)HGHUDORXR0XQLFtSLRQmRUHVSRQGHSRUYDORUHVGHYLGRVYHQFLGRVH QmR SDJRV GH SULQFLSDO RX HQFDUJRV UHODWLYRV jV GtYLGDV FRQVROLGDGD PRELOLiULD RX SRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDHDSUHFDWyULRVMXGLFLDLVHPLWLGRVDSDUWLUGHGHPDLRGH HQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWRHPTXHKRXYHUHPVLGRLQFOXtGRVSDUD ILQVGHFRPSURYDomRGDYHGDomRDTXHVHUHIHUHRDUWGD5HVROXomRQº6) FDVFRQWDVGHH[HUFtFLRVDLQGDQmRDQDOLVDGDVSHOR7ULEXQDOGH&RQWDVHDVGRH[HUFtFLRHP FXUVRHVWmRHPFRQIRUPLGDGHFRPRGLVSRVWRQRLQFLVR´9,µGHVWHDUWLJR GDRSHUDomRGHFUpGLWRHVWiLQFOXtGDQRRUoDPHQWRRXOHLGHDEHUWXUDGHFUpGLWRDGLFLRQDO LQIRUPDQGRDUXEULFDRUoDPHQWiULDWDQWRGDUHFHLWDTXDQWRGDGHVSHVD HQmRKiGHVSHVDVGHFDSLWDODVHUHPGHGX]LGDVGRFiOFXORGRPRQWDQWHGHGHVSHVDVGHFDSLWDO SDUDDYHULILFDomRGROLPLWHDTXHVHUHIHUHRLQFLVR,,,GRDUWGD&RQVWLWXLomR)HGHUDO2X VHIRURFDVRUHODFLRQDUDVRSHUDo}HVTXHQmRVHUmRFRPSXWDGDVFRPRGHVSHVDGHFDSLWDOQD IRUPDGRºGRDUWºGD5HVROXomRQº6) I TXH R (VWDGR R 'LVWULWR )HGHUDO RX R 0XQLFtSLR QmR HVWi LQDGLPSOHQWH FRP LQVWLWXLo}HV LQWHJUDQWHVGR6LVWHPD)LQDQFHLUR1DFLRQDOFRQIRUPHDUWºGD5HVROXomRQºGR 6HQDGR)HGHUDO ,;²FHUWLG}HVGRSURSRQHQWHGDRSHUDomRTXHDWHVWHPVXDUHJXODULGDGHMXQWRDR3URJUDPDGH ,QWHJUDomR6RFLDO²3,6DR3URJUDPDGH)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFR²3DVHS DR)XQGRGH,QYHVWLPHQWR6RFLDO²)LQVRFLDOj&RQWULEXLomR6RFLDOSDUDR)LQDQFLDPHQWRGD 6HJXULGDGH²&RILQVDR,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO²,166DR)XQGRGH*DUDQWLDSRU 7HPSRGH6HUYLoR²)*76HRFXPSULPHQWRGD/HLQºGHGHQRYHPEURGH ; ² QR FDVR HVSHFtILFR GRV 0XQLFtSLRV FHUWLGmR HPLWLGD SHOD 6HFUHWDULD UHVSRQViYHO SHOD DGPLQLVWUDomRILQDQFHLUDGR(VWDGRGHVXDORFDOL]DomRTXHDWHVWHDDGLPSOrQFLDMXQWRDR(VWDGR HjVHQWLGDGHVSRUHVWHFRQWURODGDEHPFRPRDLQH[LVWrQFLDGHGpELWRGHFRUUHQWHGHJDUDQWLD DRSHUDomRGHFUpGLWRTXHWHQKDVLGRHYHQWXDOPHQWHKRQUDGDQRVWHUPRVGRLQFLVR9,,DUW GD5HVROXomRQº6)HGRDUWGD/HL&RPSOHPHQWDUQºGH ;,²RULJLQDORXFySLDDXWHQWLFDGDGR~OWLPR5HODWyULRGH*HVWmR)LVFDOHGR5HODWyULR5HVXPLGR GD([HFXomR2UoDPHQWiULDDTXHVHUHIHUHPRVDUWLJRVHGD/HL&RPSOHPHQWDUQº GH ;,,²5HODWyULRGH*HVWmR)LVFDOHQFHUUDGRHPGHGH]HPEURGHSDUDYHULILFDomRGD WUDMHWyULDGHDMXVWHHGRVOLPLWHVGHHQGLYLGDPHQWRGHFDGD(QWHGD)HGHUDomRQRPDUFRLQLFLDO QRVWHUPRVGRDUWºGD5HVROXomRQº6) ;,,,²RULJLQDORXFySLDDXWHQWLFDGDGR5HODWyULR5HVXPLGRGD([HFXomR2UoDPHQWiULDDTXH VH UHIHUH R DUW GD /HL &RPSOHPHQWDU Qº GH UHODWLYR DR ~OWLPR ELPHVWUH GR H[HUFtFLRDQWHULRU ;,9²UHODomRGRVIXQGRVDXWDUTXLDVIXQGDo}HVHHPSUHVDVHVWDWDLVGHSHQGHQWHVTXHLQWHJUDP R0XQLFtSLRR(VWDGRRXR'LVWULWR)HGHUDOFRPRVUHVSHFWLYRV&13-DVVLQDGDSHORFKHIHGR 3RGHU([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUD ;9 ² EDODQFHWHV PHQVDLV GD H[HFXomR RUoDPHQWiULD GD UHFHLWD H GD GHVSHVD FRQWHQGR DV GRWDo}HV RUoDGDV RV YDORUHV UHFHELGRV SDJRV H HPSHQKDGRV EHP FRPR DV UHVSHFWLYDV DQXODo}HVHDEHUWXUDVGHFUpGLWRVFRQVROLGDGRVDWpRºQtYHOGRSODQRGHFRQWDVUHODWLYRVDRV GR]HPHVHVTXHVHUYLUDPGHEDVHSDUDDDSXUDomRGDUHFHLWDFRUUHQWHOtTXLGDFRQVWDQWHGR $QH[R,DVVLQDGRVSHOR&KHIHGR3RGHU([HFXWLYRHSHOR6HFUHWiULRGH*RYHUQRUHVSRQViYHO SHODDGPLQLVWUDomRILQDQFHLUD ;9,²GHPRQVWUDWLYRGDUHFHLWDFRUUHQWHOtTXLGDGHYLGDPHQWHDVVLQDGRSHORFKHIHGR3RGHU ([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDGRHQWHQDIRUPDGR $QH[R, ;9,,²GHPRQVWUDWLYRGDGtYLGDFRQVROLGDGDOtTXLGDGHYLGDPHQWHDVVLQDGRSHORFKHIHGR3RGHU ([HFXWLYRHSHOR6HFUHWiULRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDGRHQWHQDIRUPDGR $QH[R,, ;9,,,²FURQRJUDPDGHOLEHUDomRGDVRSHUDo}HVGHGtYLGDIXQGDGDLQWHUQDHH[WHUQDUHDOL]DGDV QRH[HUFtFLRHPFXUVRRXHPWUDPLWDomRHGHRSHUDo}HVFRQWUDWDGDVHPH[HUFtFLRVDQWHULRUHV TXHSRVVXDPSDUFHODVOLEHUDGDVRXDOLEHUDUDVVLQDGRSHOR&KHIHGR3RGHU([HFXWLYRHSHOR 6HFUHWiULRGH*RYHUQRUHVSRQViYHOSHODDGPLQLVWUDomRILQDQFHLUDFRQIRUPHPRGHORFRQVWDQWH QR$QH[R,,,GHVWD3RUWDULD ;,;²FURQRJUDPDGHGLVSrQGLRFRPDVGtYLGDVLQWHUQDHH[WHUQDFRQWUDWDGDVRXDFRQWUDWDU LQFOXVLYHRVSDUFHODPHQWRVILUPDGRVFRPR,166)*76H3,63DVHS)LQVRFLDOHFRPDRSHUDomR DVHUUHDOL]DGDFRPGLVFULPLQDomRGRSULQFLSDOGRVMXURVHGHPDLVHQFDUJRVDVVLQDGRSHOR &KHIH GR 3RGHU ([HFXWLYR H SHOR 6HFUHWiULR GH *RYHUQR UHVSRQViYHO SHOD DGPLQLVWUDomR ILQDQFHLUDFRQIRUPHPRGHORFRQVWDQWHQR$QH[R,9GHVWD3RUWDULD º2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDjVRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD TXHVHUmRUHJXODGDVSHORGLVSRVWRQRDUWº º'LVSHQVDVHDH[LJrQFLDGHDSUHVHQWDomRGHGRFXPHQWRHVSHFLILFDGRQRLQFLVR,;TXDQGR DRSHUDomRGHFUpGLWRVHYLQFXODUjUHJXODUL]DomRGRUHIHULGRGpELWR º2VUHODWyULRVHGHPRQVWUDWLYRVFRQWiEHLVUHIHULGRVQHVWHDUWLJRGHYHUmRHVWDUFRQVROLGDGRV GHDFRUGRFRPDVUHJUDVFRQVWDQWHVGD3RUWDULD,QWHUPLQLVWHULDOQºGHDOWHUDGD SHOD3RUWDULD,QWHUPLQLVWHULDOQºGHHGHHGD3RUWDULDQº GHGD671 $UWº$671DQDOLVDUiRHQTXDGUDPHQWRGDVRSHUDo}HVGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULD DRGLVSRVWRQD5HVROXomRQº6)WRPDQGRSRUEDVHDVFRQGLo}HVGDSURSRVWDILUPHGH TXHWUDWDRLQFLVR,,GRDUWGDFLWDGD5HVROXomRFRQIRUPHPRGHORFRQVWDQWHGR$QH[R9 GHVWD3RUWDULD º1mRVHUmRDFHLWDVSURSRVWDVTXHFREUHPRXWURVHQFDUJRVTXHQmRDWD[DGHMXURVGDRSHUDomR DTXDOGHYHVHUREULJDWRULDPHQWHSUHIL[DGDRXLQGH[DGDj7D[D%iVLFD)LQDQFHLUD²7%) º$SURSRVWDILUPHQmRSRGHUiDSUHVHQWDUWD[DGHMXURVVXSHULRUDXPDYH]HPHLDD~OWLPD 7%)GLVSRQtYHOGLYXOJDGDQRGLDGRVHXHQFDPLQKDPHQWR º$UHDOL]DomRGHRSHUDomRGHDQWHFLSDomRGHUHFHLWDRUoDPHQWiULDHVWDUiSURLELGDHQTXDQWR H[LVWLURSHUDomRDQWHULRUGDPHVPDQDWXUH]DQmRLQWHJUDOPHQWHUHVJDWDGDHQR~OWLPRDQRGH PDQGDWR GR *RYHUQDGRU RX 3UHIHLWR 0XQLFLSDO QRV WHUPRV GR LQFLVR ,9 DUW GD /HL &RPSOHPHQWDUQºGH º(VWDQGRRSOHLWRHQTXDGUDGRQDVH[LJrQFLDVGD5HVROXomRQº6)D671VROLFLWDUi DR%DQFR&HQWUDOGR%UDVLODUHDOL]DomRGHDFRUGRFRPQRUPDVHVSHFtILFDVDVHUHPGLYXOJDGDV SRUDTXHOD,QVWLWXLomRGRSURFHVVRFRPSHWLWLYRHOHWU{QLFRTXHVHGDUiSRUPHLRGDGLYXOJDomR GDSURSRVWDILUPHDWRGRRVLVWHPDILQDQFHLURFRQIRUPHSUHYLVWRQRDUWGDFLWDGD5HVROXomR º5HDOL]DGRRSURFHVVRFRPSHWLWLYRDRSHUDomRGHDQWHFLSDomRGDUHFHLWDRUoDPHQWiULDVy SRGHUiVHUFRQWUDWDGDDSyVDHQWUHJDj671GHGHFODUDomRGDQmRRFRUUrQFLDGHUHFLSURFLGDGH RXFRQGLomRHVSHFLDOTXHUHSUHVHQWHFXVWRDGLFLRQDODRH[SUHVVRSHODWD[DGHMXURVGDRSHUDomR DVVLQDGDSRUUHSUHVHQWDQWHGDLQVWLWXLomRILQDQFHLUDHSHORFKHIHGR3RGHU([HFXWLYRFRQIRUPH PRGHORFRQVWDQWHGR$QH[R9,, º2VSHGLGRVGHDXWRUL]DomRSDUDDFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRSRUDQWHFLSDomR GHUHFHLWDRUoDPHQWiULDGHYHUmRVHULQVWUXtGRVFRPDGRFXPHQWDomRSUHYLVWDQRVLQFLVRV,,, 9,D;9,H;9,,,GRDUWLJRDQWHULRUHGDSURSRVWDILUPHFRQIRUPH$QH[R9 $UWº2HQFDPLQKDPHQWRGRVSHGLGRVGHFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRSHOD671DR 6HQDGR)HGHUDOQRVWHUPRVGRDUWGD5HVROXomRQº6)VHUiIHLWRQRSUD]RPi[LPR GHWULQWDGLDV~WHLVFRQWDGRVGRUHFHELPHQWRGDGRFXPHQWDomRFRPSOHWDH[LJLGDSHODFLWDGD 5HVROXomRHSRUHVWD3RUWDULD º&DVRD 671FRQVWDWHTXHDGRFXPHQWDomRUHFHELGDQmRpVXILFLHQWHSDUDVXDDQiOLVH VROLFLWDUiDFRPSOHPHQWDomRGRVGRFXPHQWRVHLQIRUPDo}HVIOXLQGRLJXDOSUD]RDSDUWLUGR FXPSULPHQWRGDVH[LJrQFLDV º 1mR DWHQGLGDV DV H[LJrQFLDV QR SUD]R GH TXH WUDWD R FDSXW GHVWH DUWLJR R SOHLWR VHUi LQGHIHULGR $UWº2VSHGLGRVGHFRQWUDWDomRGHRSHUDo}HVGHFUpGLWRRXGHFRQFHVVmRGHJDUDQWLDQmR DSURYDGRVDWpGHGH]HPEURGHGHYHUmRVHUFRPSOHPHQWDGRVFRPRVGRFXPHQWRV SUHYLVWRVQHVWD3RUWDULDHVHUmRGHIHULGRVLQGHIHULGRVRXHQFDPLQKDGRVDR6HQDGR)HGHUDO FRQIRUPH VHX HQTXDGUDPHQWR QRV OLPLWHV H FRQGLo}HV HVWDEHOHFLGRV QDV 5HVROXo}HV Qº 6)HQº6) $UWº2VSHGLGRVGHDXWRUL]DomRSDUDRODQoDPHQWRRIHUWDS~EOLFDRXFRORFDomRQRPHUFDGR GHWtWXORVGDGtYLGDS~EOLFDGHVWLQDGRVDUHILQDQFLDUWtWXORVYLQFHQGRVGHYHPVHUHQFDPLQKDGRV SHORV(VWDGRVSHOR'LVWULWR)HGHUDORXSHORV0XQLFtSLRVj671FRPDQWHFHGrQFLDPtQLPDGH VHVVHQWDGLDV~WHLVGRSULPHLURYHQFLPHQWRGRVWtWXORVDVHUHPUHILQDQFLDGRV º2GHVFXPSULPHQWRGRGLVSRVWRQRFDSXWLPSOLFDUiDDOWHUDomRGDVGDWDVEDVHGHWRGRVRV WtWXORVDVHUHPHPLWLGRVTXHVHUmRSRVWHUJDGDVSRUSHUtRGRHTXLYDOHQWHDRQ~PHURGHGLDV ~WHLVGHDWUDVRVHPTXHKDMDDFRUUHVSRQGHQWHFRUUHomRGRYDORUQRPLQDOGRVWtWXORVDVHUHP HPLWLGRV º(VWDQGRLQFRPSOHWDDGRFXPHQWDomRHQFDPLQKDGDSHOR(VWDGRSHOR'LVWULWR)HGHUDORX SHOR0XQLFtSLRD671VROLFLWDUiDFRPSOHPHQWDomRGRVGRFXPHQWRVHLQIRUPDo}HVFRQVL GHUDQGRVHSDUDHIHLWRGRGLVSRVWRQRºDGDWDGHHQWUHJDGDGRFXPHQWDomRFRPSOHWD $UWº$VRSHUDo}HVGHFUpGLWRQmRVXMHLWDVDDXWRUL]DomRHVSHFtILFDGR6HQDGR)HGHUDOVHUmR REMHWRGRVHJXLQWHSURFHGLPHQWRSHOD671 ,²RVSOHLWRVTXHQmRDWHQGHUHPDRVUHTXLVLWRVPtQLPRVGHILQLGRVQRDUWGD5HVROXomRQº 6)HQDVLQIRUPDo}HVFRPSOHPHQWDUHVFRQVWDQWHVGHVWD3RUWDULDVHUmRLQGHIHULGRVGH LPHGLDWR ,, ² RV SOHLWRV TXH DWHQGHUHP DRV UHTXLVLWRV PtQLPRV GHILQLGRV QR DUW GD5HVROXomR Qº 6)HQDVLQIRUPDo}HVFRPSOHPHQWDUHVFRQVWDQWHVGHVWD3RUWDULDVHUmRDXWRUL]DGRVQR SUD]RPi[LPRGHGH]GLDV~WHLVFRQWDGRGRUHFHELPHQWRGDGRFXPHQWDomRFRPSOHWDH[LJLGD SRUHVWD3RUWDULD $UWº3DUDDVRSHUDo}HVGHFRQFHVVmRGHJDUDQWLDSHORV(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRV GHYHUmRVHUDSUHVHQWDGRVRVGRFXPHQWRVGHTXHWUDWDPRVLQFLVRV,,,9,D;;,,H;,9D;9, GRDUWºGHVWD3RUWDULDEHPFRPRRVDEDL[RGHVFULWRV ,²GRFXPHQWRRULJLQDORXFySLDDXWHQWLFDGDTXHFRPSURYHRRIHUHFLPHQWRGHFRQWUDJDUDQWLDV VXILFLHQWHVSDUDRSDJDPHQWRGHTXDLVTXHUGHVHPEROVRVTXHRJDUDQWLGRUSRVVDYLUDID]HUVH FKDPDGRDKRQUDUDJDUDQWLDH ,, ² FHUWLGmR HPLWLGD SHOR 7ULEXQDO GH &RQWDV FRPSURYDQGR D DGLPSOrQFLD GR WRPDGRU UHODWLYDPHQWHDVXDVREULJDo}HVSDUDFRPRJDUDQWLGRUHDVHQWLGDGHVSRUHOHFRQWURODGDVQRV WHUPRVGRºGRDUWGD5HVROXomRQº6)H ,,,²UHODomRGDVJDUDQWLDVSUHVWDGDVDRSHUDo}HVGHFUpGLWRFRQWHQGRLQIRUPDo}HVVREUHYDORU GDJDUDQWLDGDWDGDFRQWUDWDomRHYHQFLPHQWRLGHQWLILFDomRGRPXWXiULRHLQVWLWXLomRILQDQ FHLUDFRQWUDWDQWHV,QIRUPDUWDPEpPVREUHDVJDUDQWLDVDXWRUL]DGDVHDLQGDQmRFRQWUDWDGDVH DVHPWUDPLWDomRQD671 3DUiJUDIR~QLFR²FRQVLGHUDVHLQDGLPSOHQWHRWRPDGRUFRPGtYLGDVYHQFLGDVSRUSUD]RLJXDO RXVXSHULRUDGLDVHQmRUHQHJRFLDGDV $UWº7RGDGRFXPHQWDomRDSUHVHQWDGDGHYHUiREVHUYDURVVHJXLQWHVUHTXLVLWRV ,²SDUDILQVGRGLVSRVWRQRºGRDUWºGD5HVROXomRQº6)VHUiXWLOL]DGDFRPR IDWRUGHDWXDOL]DomRGDUHFHLWDFRUUHQWHOtTXLGDDPpGLDJHRPpWULFDGDVWD[DVGHFUHVFLPHQWR UHDOGR3,%QDFLRQDOREVHUYDGDVSDUDRVDQRVPDLVUHFHQWHVHPVXD~OWLPDGLYXOJDomR$V WD[DVDVHUHPFRQVLGHUDGDVHVWDUmRGLVSRQtYHLVQRPDQXDOGHLQVWUXomRGHSOHLWRDTXHVHUHIHUH RDUWGHVWD3RUWDULD ,,²TXDQGRVHWUDWDUGHOHLGHYHUiWHUVLGRSXEOLFDGDQDLPSUHQVDRXHPHGLWDO1RFDVRGH SXEOLFDomRHPHGLWDOGHYHUiFRQWHUHPVHXFRUSRGHFODUDomRDVVLQDGDSHORFKHIHGR3RGHU /HJLVODWLYRFHUWLILFDQGRDDXWHQWLFLGDGHGDOHL ,,,²RVGRFXPHQWRVGHYHUmRVHUOHJtYHLVHQmRDSUHVHQWDUUDVXUDV ,9²DVFHUWLG}HVGHYHUmRHVWDUGHQWURGRSUD]RGHYDOLGDGHQDGDWDGRSURWRFRORQD671RX QRVORFDLVSRUHODLQGLFDGRVVHQGRTXHDFRQWUDWDomRILFDFRQGLFLRQDGDjDSUHVHQWDomRMXQWR jVLQVWLWXLo}HVILQDQFHLUDVGHWRGDVDVFHUWLG}HVH[LJLGDVSRUOHLYiOLGDVQDGDWDGDFRQWUDWDomR 9²DVGHFODUDo}HVHLQIRUPDo}HVDSUHVHQWDGDVVmRYiOLGDVSRUVHVVHQWDGLDVFRUULGRVD FRQWDUGDGDWDGHHPLVVmRGHVGHTXHQmRKDMDGLVSRVLomRHPFRQWUiULRQRSUySULRGRFXPHQWR 9,²RVEDODQFHWHVHDVLQIRUPDo}HVUHODWLYDVDRVDOGRHFURQRJUDPDGHUHHPEROVRGDGtYLGDGR HQWHS~EOLFRSOHLWHDQWHGRFUpGLWRGHYHUmRWHUFRPRGDWDEDVHRPrVLPHGLDWDPHQWHDQWHULRU DR PrV DQWHULRU DR GD DSUHVHQWDomR GD SURSRVWD RX GD DSUHVHQWDomR GD GRFXPHQWDomR FRPSOHWDFRQIRUPHRFDVR 9,,²DVDVVLQDWXUDVGR&KHIHGR3RGHU([HFXWLYRGR6HFUHWiULRGH*RYHUQRHGR&KHIHGR 3RGHU/HJLVODWLYRGHYHUmRVHULGHQWLILFDGDV 9,,,²WRGRVRVGRFXPHQWRVUHTXHULGRVGHYHUmRVHUDSUHVHQWDGRVHPRULJLQDLVRXHPFySLDV DXWHQWLFDGDV $UWº'RFXPHQWRVDGLFLRQDLVHYHQWXDOPHQWHFRQVLGHUDGRVQHFHVViULRVjDQiOLVHGRVSOHLWRV SRGHUmR VHU VROLFLWDGRV SHOD 671 HP FRQIRUPLGDGH FRPRGLVSRVWRQR º GR DUW GD 5HVROXomRQº6) 3DUiJUDIR~QLFR²2&RRUGHQDGRU*HUDOGD671UHVSRQViYHOSHODDQiOLVHGDVRSHUDo}HVGH FUpGLWRGHLQWHUHVVHGRV0XQLFtSLRVGRV(VWDGRVHGR'LVWULWR)HGHUDOSRGHUiSDUDPHOKRUDU R DQGDPHQWR GRV VHUYLoRV PRGLILFDU RX VXSULPLU WRWDO RX SDUFLDOPHQWH RV DQH[RV D HVWD 3RUWDULDPHGLDQWHFRQFRPLWDQWHDWXDOL]DomRGR0DQXDOGH,QVWUXomRGH3OHLWRVDTXHVHUHIHUH RDUW $UW1RSUD]RGHDWpQRYHQWDGLDVDFRQWDUGDSXEOLFDomRGHVWD3RUWDULDHVWDUiGLVSRQtYHO QR VLWH GD 671 ZZZVWQID]HQGDJRYEU PDQXDO GH LQVWUXomR GH SOHLWRV FRP LQIRUPDo}HV FRPSOHPHQWDUHVVREUHDLQVWUXomRGRVSURFHVVRV $UW(VWD3RUWDULDHQWUDHPYLJRUQDGDWDGDVXDSXEOLFDomR $/0e5,2&$1d$'2'($025,0 $1(;26 $1(;2, 'HPRQVWUDWLYRGD5HFHLWD&RUUHQWH/tTXLGDGHDFRUGRFRPRLQFLVR,9GRDUWºGD/5) 2UoDPHQWRV)LVFDOHGD6HJXULGDGH6RFLDO /5)DUWLQFLVR, (VSHFLILFDomR (YROXomR GD UHFHLWD UHDOL]DGD QRV ~OWLPRV PHVHV 7RWDO PrV GH UHI PrV GH UHI PrV GH UHI PrV GH UHI ~OWLPRV PHVHV , 5HFHLWD &RUUHQWH 5HFHLWD 7ULEXWiULD ,&06,66 ,39$,378 2XWUDV 7UDQVIHUrQFLDV &RUUHQWHV &RWD3DUWH GR )3()30 &RWD3DUWH GR ,&06 7UDQVIHUrQFLDV GD /& 7UDQVIHUrQFLDV GR )81'() 2XWUDV 7UDQVIHUrQFLDV 'HPDLV 5HFHLWDV &RUUHQWHV ,, 'HGXo}HV 7UDQVIHUrQFLDV &RQVWLWXFLRQDLV &RQWU3ODQR 6HJ 6RFLDO 6HUYLGRU &RPS )LQDQF (QWUH 5HJLPHV 'HGXomR SDUD R )81'() 5HFXUVRV UHFHELGRV GD 8QLmR ,,,5HFHLWD &RUUHQWH /tTXLGD,,, 2EV 9DORUHV FRQVROLGDGRV DGPLQLVWUDomR GLUHWD IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV ,QFOXLU WRGRV RV DQRV HQWUH PrV GH UHI H PrV GH UHI 5HFXUVRV UHFHELGRV GD 8QLmR VRPHQWH SDUD SDJDPHQWR GH SHVVRDO GR ') $PDSi H 5RQG{QLD &RQWU 3ODQR 6HJ 6RFLDO 6HUYLGRU LQFOXLU VRPHQWH D SDUFHOD GRV VHUYLGRUHV BBBBBBBBBBBBBBBBBBBB &KHIH GR 3RGHU ([HFXWLYR QRPH H FDUJR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HFUHWiULR GH *RYHUQR 5HVSRQViYHO SHOD $GP )LQDQFHLUD QRPH H FDUJR 3UHYLVmR SR H[HUFtFLR $1(;2,, 'HPRQVWUDWLYRGD'tYLGD&RQVROLGDGD/tTXLGD 2SHUDo}HV &RQWUDWDGDV 7RPDGRU HV 'DWDEDVH 9DORUHV HP 5 6DOGR 'HYHGRU HP BBB ,&2175$7$'$6 'tYLGD )XQGDGD ,QWHUQD 'tYLGD FRP R 7HVRXUR 1DFLRQDO /HL /HL /HL $MXVWH )LVFDO03 %{QXV 5HODWLYRV j 5HQHJ GD 'tYLGD ([WHUQD 2XWUDV GtYLGDV FRP R 7HVRXUR 1DFLRQDO 'tYLGD %DQFiULD %DQFRV )HGHUDLV %DQFRV (VWDGXDLV %DQFRV 3ULYDGRV 'tYLGD 0RELOLiULD ,QWHUQD 2XWUDV 'tYLGDV ,166 )*76 3,63DVHS 3UHFDWyULRV HPLWLGRV D SDUWLU GH 2XWURV $52 GH H[HUFtFLRV DQWHULRUHV 'tYLGD )XQGDGD ([WHUQD 727$/ '$ 'Ì9,'$ &2162/,'$'$ 'LVSRQLELOLGDGHV $SOLFDo}HV )LQDQFHLUDV 'HPDLV $WLYRV )LQDQFHLURV 727$/ '$ 'Ì9,'$ &2162/,'$'$ /Ì48,'$ ,, $ &2175$7$5 'Ì9,'$ 727$/ 2EV ,QFOXLU RSHUDomR FRQWUDWDGD TXH WHQKD WLGR OLEHUDomR WRWDO RX SDUFLDO GH UHFXUVRV 2 YDORU FRUUHVSRQGHQWH DR H[HUFtFLR HP FXUVR GHYHUi LQFOXLU RV YDORUHV SDJRV H D SDJDU QR UHIHULGR H[HUFtFLR (QWHQGHVH SRU RSHUDomR D FRQWUDWDU DTXHODV VRE DQiOLVH GD 671 RX GR 6HQDGR )HGHUDO 6DOGR GHYHGRU GR PrV DQWHULRU DR GD DSUHVHQWDomR GD SURSRVWD 9DORUHV FRQVROLGDGRV DGPLQLVWUDomR GLUHWD IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV BBBBBBBBBBBBBBBBBBBB &KHIH GR 3RGHU ([HFXWLYR QRPH H FDUJR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HFUHWiULR GH *RYHUQR 5HVSRQViYHO SHOD $GP )LQDQFHLUD QRPH H FDUJR $1(;2,,, &5212*5$0$'(/,%(5$d¯(6 23(5$d¯(6&2175$7$'$6$8725,=$'$6((075$0,7$d®2 7RPDGRU /LEHUDGR D /LEHUDU 'DWDEDVH GGPPDD 5 $SyV /LEHUDGR D D D /LEHUDU /LEHUDU /LEHUDU 2SHUDo}HV GH &UpGLWR &RQWUDWDGDV $ 2SHUDo}HV FRQWUDWDGDV FRP R 6)1 1 % 'HPDLV 1 2S GH &UpG $XWRUL]DGDV H HP WUDPLWDomR 727$/ ,QFOXLU $52 (QWHQGHVH SRU RSHUDo}HV HP WUDPLWDomR RV SOHLWRV HP H[DPH QD 671 RX QR 6HQDGR )HGHUDO 'HYHUi FRQWHU R WRWDO GH WRGRV RV DQRV DSyV LQFOXLQGR ,QFOXLU WRGRV RV DQRV HQWUH H 9DORUHV FRQVROLGDGRV DGPLQLVWUDomR GLUHWD IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV BBBBBBBBBBBBBBBBBBBBB &KHIH GR 3RGHU ([HFXWLYR QRPH H FDUJR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HFUHWiULR GH *RYHUQR 5HVSRQViYHO SHOD $GPLQLVWUDomR )LQDQFHLUD QRPH H FDUJR $1(;2,9 &5212*5$0$'(',63È1',2&20$6'Ì9,'$6,17(51$((;7(51$ 23(5$d¯(6&2175$7$'$6($&2175$7$5 7RPDGRU 'DWDEDVH GGPPDD 5 ,&RQWUDWDGDV 'tYLGD )XQGDGD ,QWHUQD 'tYLGD FRP R 7HVRXUR 1DFLRQDO /HL /HL /HL DMXVWH ILVFDO03 %{QXV 5HO j 5HQHJ 'D 'tYLGD ([WHUQD 2XWUDV GtYLGDV FRP R 7HVRXUR 1DFLRQDO 'tYLGD %DQFiULD 'tYLGD 0RELOLiULD ,QWHUQD 2XWUDV 'tYLGDV ,166 )*76 3,63DVHS 2XWURV $QWHFLSDomR GH 5HFHLWD 2Uo ([HUF $QWHULRUHV 'tYLGD )XQGDGD ([WHUQD 7RWDO ; 3ULQFLSDO -XURV ; $SyV; 3ULQFLSDO -XURV ,, $ &RQWUDWDU 'tYLGD )XQGDGD ,QWHUQD 'tYLGD FRP R 7HVRXUR 1DFLRQDO /HL /HL /HL DMXVWH ILVFDO03 %{QXV 5HO j 5HQHJ 'D 'tYLGD ([WHUQD 'tYLGD %DQFiULD 'tYLGD 0RELOLiULD ,QWHUQD 2XWUDV 'tYLGDV ,166 )*76 3,63DVHS 2XWURV $QWHFLSDomR GH 5HFHLWD 2Uo ([HUF $QWHULRUHV 'tYLGD )XQGDGD ([WHUQD 7RWDO GD 'tYLGD &RQVROLGDGD ,,, 2EV ,QFOXLU RSHUDomR FRQWUDWDGD TXH WHQKD WLGR OLEHUDomR WRWDO RX SDUFLDO GH UHFXUVRV 2 YDORU FRUUHVSRQGHQWH DR H[HUFtFLR HP FXUVR GHYHUi LQFOXLU RV YDORUHV SDJRV H D SDJDU QR UHIHULGR H[HUFtFLR 2 FURQRJUDPD GH GLVSrQGLR GHYHUi LQFOXLU RV YDORUHV GH DPRUWL]DomR MXURV H GHPDLV HQFDUJRV $ FROXQD $SyV ; GHYHUi FRQWHU WRGRV RV UHHPEROVRV GH GtYLGD TXH VHUmR IHLWRV DSyV ; 9DORUHV FRQVROLGDGRV DGPLQLVWUDomR GLUHWD IXQGRV DXWDUTXLDV IXQGDo}HV H HPSUHVDV HVWDWDLV GHSHQGHQWHV (QWHQGHVH SRU RSHUDomR D FRQWUDWDU DTXHODV VRE DQiOLVH GD 671 RX GR 6HQDGR )HGHUDO ,QFOXLU WRGRV RV DQRV HQWUH ; H ; BBBBBBBBBBBBBBBBBBBBBB &KHIH GR 3RGHU ([HFXWLYR QRPH H FDUJR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HFUHWiULR GH *RY 5HVSRQViYHO SHOD $GP )LQDQFHLUD QRPH H FDUJR $1(;29 3(','2'($8725,=$d®23$5$5($/,=$d®2'$23(5$d®23523267$),50( 3HGLGRGHDXWRUL]DomRSDUDUHDOL]DomRGDRSHUDomR3URSRVWD)LUPHTXHILUPDPHQWUHVLR %$1&2QRPHGDLQVWLWXLomRILQDQFHLUDFRPVHGHHPHQGHUHoRLQVFULWRQR &13-VRERQºSRUVHXUHSUHVHQWDQWHDEDL[RDVVLQDGRH $ 35()(,785$ 081,&,3$/ GH QRPH GR 0XQLFtSLR*29(512 '2 (67$'2 '(FRPVHGHDGPLQLVWUDWLYDjLQVFULWDQR&13-VRERQºSRU VHXUHSUHVHQWDQWHDEDL[RDVVLQDGRREMHWLYDQGRUDWLILFDUDLQWHQomRGHFRQWUDWDUDRSHUDomRGH FUpGLWRFRPDVVHJXLQWHVFRQGLo}HV 9DORUGR&UpGLWR 'DWDEDVH )LQDOLGDGHGHVWLQDomR (QFDUJRVGHLQDGLPSOrQFLD )RQWH2ULJHPGRV5HFXUVRV ,QGH[DGRU $WXDOL]DomR0RQHWiULD 7D[DGH-XURV 3UD]R7RWDO /LEHUDomR &DUrQFLD $PRUWL]DomR *DUDQWLDV 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 5BBBBBBBBBBBBBBBBBBB 3URWRFRORGH,QWHQo}HVQºBBBBBBBDSURYDGRSHORFRUUHLRQºBBBBBBBGHBBBBBBBBBB 6HJXHPHPDQH[RFURQRJUDPDVGHGHVHPEROVRHGHUHHPEROVRGDRSHUDomR 3HVVRD SDUD FRQWDWR QD ,QVWLWXLomR )LQDQFHLUD QRPH WHOHIRQH ID[ VtPLOH HPDLO H FyGLJR FRPSOHWRGD,QVWLWXLomR)LQDQFHLUDQR6,6%$&(1²81,'$'(('(3(1'È1&,$ /RFDOHGDWD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %$1&2QRPHGDLQVWLWXLomRILQDQFHLUD $VVLQDWXUD,GHQWLILFDGDGHVHXUHSUHVHQWDQWH 'HDFRUGR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &KHIHGR3RGHU([HFXWLYR $VVLQDWXUD,GHQWLILFDGD $1(;29, '(&/$5$d®2$6(5(175(*8($275,%81$/'(&217$6 GHGH $R7ULEXQDOGH&RQWDV 'LUHWRULDGH&RQWDVGR0XQLFtSLRRXUHSDUWLomRFRPSHWHQWHTXHH[SHGHFHUWLGmR 6U'LUHWRU (PREVHUYkQFLDDRDUWGD/HL&RPSOHPHQWDUQºGHGHPDLRGHHD5HVROXomR QºGR6HQDGR)HGHUDOHVWDPRVVROLFLWDQGRDXWRUL]DomRDR0LQLVWpULRGD)D]HQGDSDUD FRQWUDWDU HPSUpVWLPR GH 5 QR %DQFR$JrQFLD GH )R PHQWR 3DUDDVSURYLGrQFLDVTXHHVVH7ULEXQDOMXOJDUQHFHVViULDVLQIRUPDPRVTXHHVWDPRVGHFODUDQ GRjTXHOH0LQLVWpULRSDUDRVGHYLGRVILQVGHGLUHLWRHSDUDTXHSURGX]DRVHIHLWRVQHFHVViULRV RVHJXLQWH ,TXHHVWH(VWDGR'LVWULWR)HGHUDO0XQLFtSLRQmRSUDWLFRXQHQKXPDGDVDo}HVYHWDGDVSHOR DUWºGD5HVROXomRGR6HQDGR)HGHUDOVHSUDWLFRXLGHQWLILFDUTXDLVHGHVFUHYHUDV SURYLGrQFLDVWRPDGDVSDUDVXDUHJXODUL]DomR ,,TXHHVWH(VWDGR'LVWULWR)HGHUDO0XQLFtSLRQmRUHVSRQGHSRUYDORUHVGHYLGRVYHQFLGRVH QmR SDJRV GH SULQFLSDO RX HQFDUJRV UHODWLYRV jV GtYLGDV FRQVROLGDGD PRELOLiULD RX SRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDHDSUHFDWyULRVMXGLFLDLVHPLWLGRVDSDUWLUGHGHPDLRGH HQmRSDJRVGXUDQWHDH[HFXomRGRRUoDPHQWRHPTXHIRUDPLQFOXtGRVFRQIRUPHR DUWGD5HVROXomRQº6) ,,,TXHHVWH(VWDGR'LVWULWR)HGHUDO0XQLFtSLRHPUHODomRjVFRQWDVGRVH[HUFtFLRVDLQGDQmR DQDOLVDGRVSHOR7ULEXQDOGH&RQWDVLQFOXVLYHRHPFXUVRFXPSUHRGLVSRVWRQRºGRDUW QRDUWQRºGRDUWQRºGRDUWHQRDUWWRGRVGD/HL&RPSOHPHQWDU Qº GH GH DFRUGR FRP DV LQIRUPDo}HV FRQVWDQWHV QRV UHODWyULRV UHVXPLGRV GD H[HFXomRRUoDPHQWiULDHQRVGHJHVWmRILVFDO ,9 TXH D RSHUDomR GH FUpGLWR HVWi LQFOXtGD QD OHL RUoDPHQWiULD Qº LQIRUPDU D UXEULFD RUoDPHQWiULDWDQWRGDUHFHLWDTXDQWRGDGHVSHVDEHPFRPRQ~PHURGDOHLGHDEHUWXUDGH FUpGLWRDGLFLRQDOTXDQGRIRURFDVR 9TXHQmRKiGHVSHVDVGHFDSLWDODVHUHPGHGX]LGDVGRFiOFXORGRPRQWDQWHGHGHVSHVDVGH FDSLWDOSDUDDYHULILFDomRGROLPLWHDTXHVHUHIHUHRLQFLVR,,,GRDUWGD&RQVWLWXLomR)HGHUDO RXVHIRURFDVRUHODFLRQDUDVRSHUDo}HVTXHQmRVHUmRFRPSXWDGDVFRPRGHVSHVDGHFDSLWDO QDIRUPDGRºGRDUWºGD5HVROXomRQº6) 9,TXHHVWH(VWDGR'LVWULWR)HGHUDO0XQLFtSLRQmRHVWiLQDGLPSOHQWHFRPLQVWLWXLo}HVLQWHJUDQ WHVGR6LVWHPD)LQDQFHLUR1DFLRQDOFRQIRUPHDUWºGD5HVROXomRQºGR6HQDGR )HGHUDO 3RU RSRUWXQR HVFODUHFHPRV TXH D GHFODUDomR DR 0LQLVWpULR p D ª YLD GHVWH H[SHGLHQWH SURWRFROL]DGDQHVVH7ULEXQDO $WHQFLRVDPHQWH (QWHH[SHGLGRU BBBBBBBBBBBBBBBBBBBBBBB &KHIHGR3RGHU([HFXWLYR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HFUHWiULRUHVSRQViYHOSHOD$GP)LQDQFHLUD $1(;29,, '(&/$5$d®2'(1®25(&,352&,'$'( (PDWHQGLPHQWRDRGLVSRVWRQRºGRDUWGD5HVROXomRQºGR6HQDGR)HGHUDO GHFODUDPRVSDUDRVGHYLGRVILQVGHGLUHLWRHSDUDTXHSURGX]DRVHIHLWRVQHFHVViULRVTXHQmRKi TXDOTXHUUHFLSURFLGDGHRXFRQGLomRHVSHFLDOTXHUHSUHVHQWHFXVWRDGLFLRQDODRH[SUHVVRSHODWD[D GHMXURVGDRSHUDomRUHODWLYDDRSHUDomRGHFUpGLWRSRU$QWHFLSDomRGH5HFHLWD2UoDPHQWiULD REMHWR GR /HLOmR Qº UHDOL]DGR SHOD &HQWUDO GH &XVWyGLD H GH /LTXLGDomR )LQDQFHLUDGH7tWXORV²&HWLSGHLQWHUHVVHGD3UHIHLWXUD0XQLFLSDOGH*RYHUQR GR(VWDGRGHFXMRYHQFHGRUIRLR%DQFR 3RUVHUDH[SUHVVmRGDYHUGDGHILUPDPRVDSUHVHQWH /RFDOHGDWD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPHHDVVLQDWXUDGRUHSUHVHQWDQWHGDLQVWLWXLomRILQDQFHLUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPHHDVVLQDWXUDGR&KHIHGR3RGHU([HFXWLYR $1(;29,,, (1'(5(d263$5$(175(*$'$'2&80(17$d®21(&(66É5,$$1É/,6('26 3/(,726²5(62/8d®21º²6) (1'(5(d26 5HFLIH (G GR %DQFR &HQWUDO GR %UDVLO *HUrQFLD 7pFQLFD GH 2SHUDo}HV GH &UpGLWR ² 671 5XD GD $XURUD ² DQGDU 5HFLIH3( &DL[D 3RVWDO &(3 7HO [[ )D[ [[ HPDLO JWUHFGHGLS#EFEJRYEU %HOR +RUL]RQWH (G GR %DQFR &HQWUDO GR %UDVLO *HUrQFLD 7pFQLFD GH 2SHUDo}HV GH &UpGLWR ² 671 $Y ÉOYDUHV &DEUDO DQGDU %HOR +RUL]RQWH0* &[ 3RVWDO &(3 7HO [[ )D[ [[ HPDLO &XULWLED (G GR %DQFR &HQWUDO GR %UDVLO *HUrQFLD 7pFQLFD GH 2SHUDo}HV GH &UpGLWR ² 671 5XD &DUORV 3LROL %RP 5HWLUR &XULWLED35 &[ 3RVWDO &(3 7HO [[ )D[ [[ HPDLO %UDVtOLD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO 3URWRFROR *HUDO 0LQLVWpULR GD )D]HQGD ² %ORFR 3 (VSODQDGD GRV 0LQLVWpULRV $QH[R $ &(3 7HO [[ )D[ [[ HPDLOVWQFRDIL#ID]HQGDJRYEU É5($ '( $%5$1*È1&,$ $ODJRDV %DKLD &HDUi 0DUDQKmR 3DUDtED 3HUQDPEXFR 3LDXt 5LR *UDQGH GR 1RUWH H 6HUJLSH (VStULWR 6DQWR *RLiV 0LQDV *HUDLV 5LR GH MDQHLUR H 7RFDQWLQV 3DUDQi 5LR *UDQGH GR 6XO H 6DQWD &DWDULQD 'HPDLV (VWDGRV H 'LVWULWR )HGHUDO /(*,6/$d®23$5$/,0,7(6&20('8&$d®2 /(,1º'('('(=(0%52'( 'LVS}HVREUHR)XQGRGH0DQXWHQomRH'HVHQYROYL PHQWR GR (QVLQR )XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULRQDIRUPDSUHYLVWDQRDUWºGR$WR GDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDVHGiRXWUDV SURYLGrQFLDV BBBBBBBB 1RWD 5HJXODPHQWDGDSHOR'HFUHWRQº BBBBBBBB 235(6,'(17('$5(3Ô%/,&$ )DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH/HL $UWºeLQVWLWXtGRQRkPELWRGHFDGD(VWDGRHGR'LVWULWR)HGHUDOR)XQGRGH0DQXWHQomR H'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOHGH9DORUL]DomRGR0DJLVWpULRRTXDOWHUiQDWXUH]D FRQWiELOHVHUiLPSODQWDGRDXWRPDWLFDPHQWHDSDUWLUGHºGHMDQHLURGH º2)XQGRUHIHULGRQHVWHDUWLJRVHUiFRPSRVWRSRUTXLQ]HSRUFHQWRGRVUHFXUVRV , ² GD SDUFHOD GR LPSRVWR VREUH RSHUDo}HV UHODWLYDV j FLUFXODomR GH PHUFDGRULDV H VREUH SUHVWDo}HVGHVHUYLoRVGHWUDQVSRUWHLQWHUHVWDGXDOHLQWHUPXQLFLSDOHGHFRPXQLFDomR²,&06 GHYLGDDR'LVWULWR)HGHUDODRV(VWDGRVHDRV0XQLFtSLRVFRQIRUPHGLVS}HRDUWLQFLVR,, FRPELQDGRFRPRDUWLQFLVR,9GD&RQVWLWXLomR)HGHUDO ,,²GR)XQGRGH3DUWLFLSDomRGRV(VWDGRVHGR'LVWULWR)HGHUDO²)3(HGRV0XQLFtSLRV²)30 SUHYLVWRVQRDUWLQFLVR,DOtQHDVDHEGD&RQVWLWXLomR)HGHUDOHQR6LVWHPD7ULEXWiULR 1DFLRQDOGHTXHWUDWDD/HLQºGHGHRXWXEURGHH ,,,²GDSDUFHODGR,PSRVWRVREUH3URGXWRV,QGXVWULDOL]DGRVº,3,GHYLGDDRV(VWDGRVHDR'LVWULWR )HGHUDOQDIRUPDGRDUWLQFLVR,,GD&RQVWLWXLomR)HGHUDOHGD/HL&RPSOHPHQWDUQº GHGHGH]HPEURGH º,QFOXLVHQDEDVHGHFiOFXORGRYDORUDTXHVHUHIHUHRLQFLVR,GRSDUiJUDIRDQWHULRUR PRQWDQWH GH UHFXUVRV ILQDQFHLURV WUDQVIHULGRV HP PRHGD SHOD 8QLmR DRV (VWDGRV 'LVWULWR )HGHUDOH0XQLFtSLRVDWtWXORGHFRPSHQVDomRILQDQFHLUDSHODSHUGDGHUHFHLWDVGHFRUUHQWHVGD GHVRQHUDomRGDVH[SRUWDo}HVQRVWHUPRVGD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGH EHPFRPRGHRXWUDVFRPSHQVDo}HVGDPHVPDQDWXUH]DTXHYLHUHPDVHULQVWLWXtGDV º,QWHJUDRVUHFXUVRVGR)XQGRDTXHVHUHIHUHHVWHDUWLJRDFRPSOHPHQWDomRGD8QLmR TXDQGRIRURFDVRQDIRUPDSUHYLVWDQRDUWº º$LPSODQWDomRGR)XQGRSRGHUiVHUDQWHFLSDGDHPUHODomRjGDWDSUHYLVWDQHVWHDUWLJR PHGLDQWH/HLQºkPELWRGHFDGD(VWDGRHGR'LVWULWR)HGHUDO º1RH[HUFtFLRGHD8QLmRGDUiSULRULGDGHSDUDFRQFHVVmRGHDVVLVWrQFLDILQDQFHLUD QDIRUPDSUHYLVWDQRDUWºGD&RQVWLWXLomR)HGHUDODRV(VWDGRVDR'LVWULWR)HGHUDOH DRV0XQLFtSLRVQRVTXDLVDLPSODQWDomRGR)XQGRIRUDQWHFLSDGDQDIRUPDSUHYLVWDQRSDUiJUDIR DQWHULRU $UWº2VUHFXUVRVGR)XQGRVHUmRDSOLFDGRVQDPDQXWHQomRHGHVHQYROYLPHQWRGRHQVLQR IXQGDPHQWDOS~EOLFRHQDYDORUL]DomRGHVHX0DJLVWpULR º$GLVWULEXLomRGRVUHFXUVRVQRkPELWRGHFDGD(VWDGRHGR'LVWULWR)HGHUDOGDUVHiHQWUHR *RYHUQR(VWDGXDOHRV*RYHUQRV0XQLFLSDLVQDSURSRUomRGRQ~PHURGHDOXQRVPDWULFXODGRV DQXDOPHQWHQDVHVFRODVFDGDVWUDGDVGDVUHVSHFWLYDVUHGHVGHHQVLQRFRQVLGHUDQGRVHSDUDHVVHILP ,²DVPDWUtFXODVGDOªDªVpULHVGRHQVLQRIXQGDPHQWDO ,,²9HWDGR º$GLVWULEXLomRDTXHVHUHIHUHRSDUiJUDIRDQWHULRUDSDUWLUGHGHYHUiFRQVLGHUDU DLQGD D GLIHUHQFLDomR GH FXVWR SRU DOXQR VHJXQGR RV QtYHLV GH HQVLQR H WLSRV GH HV WDEHOHFLPHQWRDGRWDQGRVHDPHWRGRORJLDGHFiOFXORHDVFRUUHVSRQGHQWHVSRQGHUDo}HVGH DFRUGRFRPRVVHJXLQWHVFRPSRQHQWHV ,²ªDªVpULHV ,,²ªDªVpULHV ,,,²HVWDEHOHFLPHQWRVGHHQVLQRHVSHFLDO ,9²HVFRODVUXUDLV º 3DUD HIHLWRV GRV FiOFXORV PHQFLRQDGRV QR º VHUmR FRPSXWDGDV H[FOXVLYDPHQWH DV PDWUtFXODVGRHQVLQRSUHVHQFLDO º20LQLVWpULRGD(GXFDomRHGR'HVSRUWR²0(&UHDOL]DUiDQXDOPHQWHFHQVRHGXFDFLRQDO FXMRV GDGRV VHUmR SXEOLFDGRV QR 'LiULR 2ILFLDO GD 8QLmR H FRQVWLWXLUmR D EDVH SDUD IL[DU D SURSRUomRSUHYLVWDQRº º 2V (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV SRGHUmR QR SUD]R GH WULQWD GLDV GD SXEOLFDomR UHIHULGD QR SDUiJUDIR DQWHULRU DSUHVHQWDU UHFXUVR SDUD UHWLILFDomR GRV GDGRV SXEOLFDGRV ºeYHGDGDDXWLOL]DomRGRVUHFXUVRVGR)XQGRFRPRJDUDQWLDGHRSHUDo}HVGHFUpGLWRLQWHUQDV H H[WHUQDV FRQWUDtGDV SHORV *RYHUQRV GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRVDGPLWLGDVRPHQWHVXDXWLOL]DomRFRPRFRQWUDSDUWLGDHPRSHUDo}HVTXHVHGHV WLQHPH[FOXVLYDPHQWHDRILQDQFLDPHQWRGHSURMHWRVHSURJUDPDVGRHQVLQRIXQGDPHQWDO $UW º2VUHFXUVRVGR)XQGRSUHYLVWRVQRDUWºVHUmRUHSDVVDGRVDXWRPDWLFDPHQWHSDUD FRQWDV ~QLFDV H HVSHFtILFDV GRV *RYHUQRV (VWDGXDLV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV YLQFXODGDVDR)XQGRLQVWLWXtGDVSDUDHVVHILPHPDQWLGDVQDLQVWLWXLomRILQDQFHLUDGHTXHWUDWD RDUWGD/HLQºGHGHRXWXEURGH º2VUHSDVVHVDR)XQGRSURYHQLHQWHVGDVSDUWLFLSDo}HVDTXHVHUHIHUHRDUWLQFLVR, DOtQHDVDHEHLQFLVR,,GD&RQVWLWXLomR)HGHUDOFRQVWDUmRGRVRUoDPHQWRVGD8QLmRGRV (VWDGRVHGR'LVWULWR)HGHUDOHVHUmRFUHGLWDGRVSHOD8QLmRHPIDYRUGRV*RYHUQRV(VWDGXDLV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV QDV FRQWDV HVSHFtILFDV D TXH VH UHIHUH HVWH DUWLJR UHVSHLWDGRVRVFULWpULRVHDVILQDOLGDGHVHVWDEHOHFLGDVQRDUWºREVHUYDGRVRVPHVPRVSUD]RV SURFHGLPHQWRVHIRUPDGHGLYXOJDomRDGRWDGRVSDUDRUHSDVVHGRUHVWDQWHGHVWDVWUDQVIHUrQFLDV FRQVWLWXFLRQDLVHPIDYRUGHVVHVJRYHUQRV º2VUHSDVVHVDR)XQGRSURYHQLHQWHVGRLPSRVWRSUHYLVWRQRDUWLQFLVR,,FRPELQDGR FRPRDUWLQFLVR,9GD&RQVWLWXLomR)HGHUDOFRQVWDUmRGRVRUoDPHQWRVGRV*RYHUQRV (VWDGXDLVHGR'LVWULWR)HGHUDOHVHUmRGHSRVLWDGRVSHORHVWDEHOHFLPHQWRRILFLDOGHFUpGLWR SUHYLVWRQRDUWºGD/HL&RPSOHPHQWDUQºGHGHMDQHLURGHQRPRPHQWRHP TXHDDUUHFDGDomRHVWLYHUVHQGRUHDOL]DGDQDVFRQWDVGR)XQGRDEHUWDVQDLQVWLWXLomRILQDQFHLUD GHTXHWUDWDHVWHDUWLJR º$LQVWLWXLomRILQDQFHLUDVQRTXHVHUHIHUHDRVUHFXUVRVGRLPSRVWRPHQFLRQDGRQRº FUHGLWDUi LPHGLDWDPHQWH DVSDUFHODV GHYLGDVDR*RYHUQR (VWDGXDODR'LVWULWR )HGHUDO H DRV 0XQLFtSLRVQDVFRQWDVHVSHFtILFDVUHIHULGDVQHVWHDUWLJRREVHUYDGRVRVFULWpULRVHDVILQDOLGDGHV HVWDEHOHFLGDVQRDUWºSURFHGHQGRjGLYXOJDomRGRVYDORUHVFUHGLWDGRVGHIRUPDVLPLODUH FRPDPHVPDSHULRGLFLGDGHXWLOL]DGDSHORV(VWDGRVHPUHODomRDRUHVWDQWHGDWUDQVIHUrQFLDGR UHIHULGRLPSRVWR º2VUHFXUVRVGR)XQGRSURYHQLHQWHVGDSDUFHODGR,PSRVWRVREUH3URGXWRV,QGXVWULDOL]DGRV GHTXHWUDWDRDUWºLQFLVR,,,VHUmRFUHGLWDGRVSHOD8QLmRHPIDYRUGRV*RYHUQRV(VWDGXDLV HGR'LVWULWR)HGHUDOQDVFRQWDVHVSHFtILFDVVHJXQGRRFULWpULRHUHVSHLWDGDVDVILQDOLGDGHV HVWDEHOHFLGDVQRDUWºREVHUYDGRVRVPHVPRVSUD]RVSURFHGLPHQWRVHIRUPDGHGLYXOJDomR SUHYLVWRVQD/HL&RPSOHPHQWDUQºGHGHGH]HPEURGH º'RPRQWDQWHGRVUHFXUVRVGR,3,GHTXHWUDWDRDUWºLQFLVR,,,DSDUFHODGHYLGDDRV 0XQLFtSLRVQDIRUPDGRGLVSRVWRQRDUWºGD/HL&RPSOHPHQWDUQºGHGHGH]HPEUR GH VHUi UHSDVVDGD SHOR UHVSHFWLYR *RYHUQR (VWDGXDO DR )XQGR H RV UHFXUVRV VHUmR FUHGLWDGRV QD FRQWD HVSHFtILFD D TXH VH UHIHUH HVWH DUWLJR REVHUYDGRV RV PHVPRV SUD]RV SURFHGLPHQWRVHIRUPDGHGLYXOJDomRGRUHVWDQWHGHVWDWUDQVIHUrQFLDDRV0XQLFtSLRV º$VUHFHLWDVILQDQFHLUDVSURYHQLHQWHVGDVDSOLFDo}HVHYHQWXDLVGRVVDOGRVGDVFRQWDVDTXH VHUHIHUHHVWHDUWLJRHPRSHUDo}HVILQDQFHLUDVGHFXUWRSUD]RRXGHPHUFDGRDEHUWRODVWUHDGDV HPWtWXORVGDGtYLGDS~EOLFDMXQWRDLQVWLWXLomRILQDQFHLUDGHSRVLWiULDGRVUHFXUVRVGHYHUmRVHU UHSDVVDGDVHPIDYRUGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVQDVPHVPDVFRQGLo}HV HVWDEHOHFLGDVQRDUWº º2VUHFXUVRVGR)XQGRGHYLGRVDRV(VWDGRVDR'LVWULWR)HGHUDOHDRV0XQLFtSLRVFRQVWDUmR GHSURJUDPDomRHVSHFtILFDQRVUHVSHFWLYRVRUoDPHQWRV º2V(VWDGRVHRV0XQLFtSLRVUHFpPFULDGRVWHUmRDVVHJXUDGRVRVUHFXUVRVGR)XQGRSUHYLVWRV QRDUWºDSDUWLUGDVUHVSHFWLYDVLQVWDODo}HVHPFRQIRUPLGDGHFRPRVFULWpULRVHVWDEHOHFLGRV QRDUWº º 2V (VWDGRV H RV UHVSHFWLYRV 0XQLFtSLRV SRGHUmR QRV WHUPRV GR DUW º GD &RQVWLWXLomR )HGHUDO FHOHEUDU FRQYrQLRV SDUD WUDQVIHUrQFLD GH DOXQRV UHFXUVRV KXPDQRV PDWHULDLVHHQFDUJRVILQDQFHLURVQRVTXDLVHVWDUiSUHYLVWDDWUDQVIHUrQFLDLPHGLDWDGHUHFXUVRV GR)XQGRFRUUHVSRQGHQWHVDRQ~PHURGHPDWUtFXODVTXHR(VWDGRRXR0XQLFtSLRDVVXPLU $UWº2DFRPSDQKDPHQWRHRFRQWUROHVRFLDOVREUHDUHSDUWLomRDWUDQVIHUrQFLDHDDSOLFDomR GRVUHFXUVRVGR)XQGRVHUmRH[HUFLGRVMXQWRDRVUHVSHFWLYRVJRYHUQRVQRkPELWRGD8QLmR GRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVSRU&RQVHOKRVDVHUHPLQVWLWXtGRVHPFDGD HVIHUDQRSUD]RGHFHQWRHRLWHQWDGLDVDFRQWDUGDYLJrQFLDGHVWD/HL º 2V &RQVHOKRV VHUmR FRQVWLWXtGRV GH DFRUGR FRP QRUPD GH FDGD HVIHUD HGLWDGD SDUD HVVHILP ,²HPQtYHOIHGHUDOSRUQRPtQLPRVHLVPHPEURVUHSUHVHQWDQGRUHVSHFWLYDPHQWH DR3RGHU([HFXWLYR)HGHUDO ER&RQVHOKR1DFLRQDOGH(GXFDomR FR&RQVHOKR1DFLRQDOGH6HFUHWiULRVGH(VWDGRGD(GXFDomR²&216(' GD&RQIHGHUDomR1DFLRQDOGRV7UDEDOKDGRUHVHP(GXFDomR²&17( HD8QLmR1DFLRQDOGRV'LULJHQWHV0XQLFLSDLVGH(GXFDomR²81',0( IRVSDLVGHDOXQRVHSURIHVVRUHVGDVHVFRODVS~EOLFDVGRHQVLQRIXQGDPHQWDOH ,,²QRV(VWDGRVSRUQRPtQLPRVHWHPHPEURVUHSUHVHQWDQGRUHVSHFWLYDPHQWH DR3RGHU([HFXWLYR(VWDGXDO ERV3RGHUHV([HFXWLYRV0XQLFLSDLV FR&RQVHOKR(VWDGXDOGH(GXFDomR GRVSDLVGHDOXQRVHSURIHVVRUHVGDVHVFRODVS~EOLFDVGRHQVLQRIXQGDPHQWDO HDVHFFLRQDOGD8QLmR1DFLRQDOGRV'LULJHQWHV0XQLFLSDLVGH(GXFDomR²81',0( IDVHFFLRQDOGD&RQIHGHUDomR1DFLRQDOGRV7UDEDOKDGRUHVHP(GXFDomR²&17( JDGHOHJDFLDUHJLRQDOGR0LQLVWpULRGD(GXFDomRHGR'HVSRUWR²0(& ,,,²QR'LVWULWR)HGHUDOSRUQRPtQLPRFLQFRPHPEURVVHQGRDVUHSUHVHQWDo}HVDVSUHYLVWDV QRLQFLVR,,VDOYRDVLQGLFDGDVQDVDOtQHDVEHHJ ,9²QRV0XQLFtSLRVSRUQRPtQLPRTXDWURPHPEURVUHSUHVHQWDQGRUHVSHFWLYDPHQWH DD6HFUHWDULD0XQLFLSDOGH(GXFDomRRXyUJmRHTXLYDOHQWH ERVSURIHVVRUHVHRVGLUHWRUHVGDVHVFRODVS~EOLFDVGRHQVLQRIXQGDPHQWDO FRVSDLVGHDOXQRV GRVVHUYLGRUHVGDVHVFRODVS~EOLFDVGRHQVLQRIXQGDPHQWDO º$RV&RQVHOKRVLQFXPEHDLQGDDVXSHUYLVmRGRFHQVRHVFRODUDQXDO º ,QWHJUDUmR DLQGD RV FRQVHOKRV PXQLFLSDLV RQGH KRXYHU UHSUHVHQWDQWHV GR UHVSHFWLYR &RQVHOKR0XQLFLSDOGH(GXFDomR º2V&RQVHOKRVLQVWLWXtGRVVHMDQRkPELWRIHGHUDOHVWDGXDOGR'LVWULWR)HGHUDORXPXQLFLSDO QmRWHUmRHVWUXWXUDDGPLQLVWUDWLYDSUySULDHVHXVPHPEURVQmRSHUFHEHUmRTXDOTXHUHVSpFLH GHUHPXQHUDomRSHODSDUWLFLSDomRQRFROHJLDGRVHMDHPUHXQLmRRUGLQiULDRXH[WUDRUGLQiULD $UWº2VUHJLVWURVFRQWiEHLVHRVGHPRQVWUDWLYRVJHUHQFLDLVPHQVDLVHDWXDOL]DGRVUHODWLYRV DRV UHFXUVRV UHSDVVDGRV RX UHFHELGRV D FRQWD GR )XQGR D TXH VH UHIHUH R DUW º ILFDUmR SHUPDQHQWHPHQWHjGLVSRVLomRGRVFRQVHOKRVUHVSRQViYHLVSHORDFRPSDQKDPHQWRHILVFDOL ]DomR QR kPELWR GR (VWDGR GR 'LVWULWR )HGHUDO RX GR 0XQLFtSLR H GRV yUJmRV IHGHUDLV HVWDGXDLVHPXQLFLSDLVGHFRQWUROHLQWHUQRHH[WHUQR $UWº$8QLmRFRPSOHPHQWDUiRVUHFXUVRVGR)XQGRDTXHVHUHIHUHRDUWºVHPSUHTXHQR kPELWRGHFDGD(VWDGRHGR'LVWULWR)HGHUDOVHXYDORUSRUDOXQRQmRDOFDQoDURPtQLPRGHILQLGR QDFLRQDOPHQWH º2YDORUPtQLPRDQXDOSRUDOXQRUHVVDOYDGRRGLVSRVWRQRºVHUiIL[DGRSRUDWRGR 3UHVLGHQWHGD5HS~EOLFDHQXQFDVHUiLQIHULRUjUD]mRHQWUHDSUHYLVmRGDUHFHLWDWRWDOSDUDR )XQGRHDPDWUtFXODWRWDOGRHQVLQRIXQGDPHQWDOQRDQRDQWHULRUDFUHVFLGDGRWRWDOHVWLPDGR GHQRYDVPDWULFXODVREVHUYDGRRGLVSRVWRQRDUWººLQFLVRV,H, BBBBBBBBBB 1RWD 9DORUPtQLPRIL[DGRHP5WUH]HQWRVHTXLQ]HUHDLVSDUDRH[HUFtFLRGHGH DFRUGR FRP R 'HFUHWR Qº HP 5 WUH]HQWRV H WULQWD H WUrV UHDLV SDUD R H[HUFtFLRGHGHDFRUGRFRPR'HFUHWRQºHHP5WUH]HQWRVHVHVVHQWD HWUrVUHDLVSDUDRH[HUFtFLRGHGHDFRUGRFRPR'HFUHWRQº BBBBBBBBBB º $V HVWDWtVWLFDV QHFHVViULDV DR FiOFXOR GR YDORU DQXDO PtQLPR SRU DOXQR LQFOXVLYH DV HVWLPDWLYDVGHPDWUtFXODVWHUmRFRPREDVHRFHQVRHGXFDFLRQDOUHDOL]DGRSHOR0LQLVWpULRGD (GXFDomRHGR'HVSRUWRDQXDOPHQWHHSXEOLFDGRQR'LiULR2ILFLDOGD8QLmR º$VWUDQVIHUrQFLDVGRVUHFXUVRVFRPSOHPHQWDUHVDTXHVHUHIHUHHVWHDUWLJRVHUmRUHDOL]DGDV PHQVDOHGLUHWDPHQWHjVFRQWDVHVSHFtILFDVDTXHVHUHIHUHRDUWº º1RSULPHLURDQRGHYLJrQFLDGHVWD/HLRYDORUPtQLPRDQXDOSRUDOXQRDTXHVHUHIHUH HVWHDUWLJRVHUiGH5WUH]HQWRVUHDLV º9HWDGR $UWº2VUHFXUVRVGR)XQGRLQFOXtGDDFRPSOHPHQWDomRGD8QLmRTXDQGRIRURFDVRVHUmR XWLOL]DGRVSHORV(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRVDVVHJXUDGRVSHORPHQRVVHVVHQWD SRUFHQWRSDUDDUHPXQHUDomRGRVSURILVVLRQDLVGR0DJLVWpULRHPHIHWLYRH[HUFtFLRGHVXDV DWLYLGDGHVQRHQVLQRIXQGDPHQWDOS~EOLFR 3DUiJUDIR~QLFR1RVSULPHLURVFLQFRDQRVDFRQWDUGDSXEOLFDomRGHVWD/HLVHUiSHUPLWLGDD DSOLFDomRGHSDUWHGRVUHFXUVRVGDSDUFHODGHVHVVHQWDSRUFHQWRSUHYLVWDQHVWHDUWLJR QDFDSDFLWDomRGHSURIHVVRUHVOHLJRVQDIRUPDSUHYLVWDQRDUWºº $UWº$LQVWLWXLomRGR)XQGRSUHYLVWRQHVWD/HLHDDSOLFDomRGHVHXVUHFXUVRVQmRLVHQWDPRV (VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGDREULJDWRULHGDGHGHDSOLFDUQDPDQXWHQomRH GHVHQYROYLPHQWRGRHQVLQRQDIRUPDSUHYLVWDQRDUWGD&RQVWLWXLomR)HGHUDO ,²SHORPHQRVGH]SRUFHQWRGRPRQWDQWHGHUHFXUVRVRULJLQiULRVGR,&06GR)3(GR )30GDSDUFHODGR,3,GHYLGDQRVWHUPRVGD/HL&RPSOHPHQWDUQºGHGHGH]HPEUR GHHGDVWUDQVIHUrQFLDVGD8QLmRHPPRHGDDWtWXORGHGHVRQHUDomRGDVH[SRUWDo}HV QRVWHUPRVGD/HL&RPSOHPHQWDUQºGHGHVHWHPEURGHGHPRGRTXHRVUHFXUVRV SUHYLVWRVQRDUWººVRPDGRVDRVUHIHULGRVQHVWHLQFLVRJDUDQWDPDDSOLFDomRGRPtQLPR GHYLQWHHFLQFRSRUFHQWRGHVWHVLPSRVWRVHWUDQVIHUrQFLDVHPIDYRUGDPDQXWHQomRH GHVHQYROYLPHQWRGRHQVLQR ,,²SHORPHQRVYLQWHHFLQFRSRUFHQWRGRVGHPDLVLPSRVWRVHWUDQVIHUrQFLDV 3DUiJUDIR~QLFR'RVUHFXUVRVDTXHVHUHIHUHRLQFLVR,,VHVVHQWDSRUFHQWRVHUmRDSOLFDGRV QDPDQXWHQomRHGHVHQYROYLPHQWRGRHQVLQRIXQGDPHQWDOFRQIRUPHGLVSRVWRQRDUWGR $WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV $UWº2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGHYHUmRQRSUD]RGHVHLVPHVHVGDYLJrQFLD GHVWD/HLGLVSRUGHQRYR3ODQRGH&DUUHLUDH5HPXQHUDomRGR0DJLVWpULRGHPRGRDDVVHJXUDU , ² D UHPXQHUDomR FRQGLJQD GRV SURIHVVRUHV GR HQVLQR IXQGDPHQWDO S~EOLFR HP HIHWLYR H[HUFtFLRQRPDJLVWpULR ,,²RHVWtPXORDRWUDEDOKRHPVDODGHDXOD ,,,²DPHOKRULDGDTXDOLGDGHGRHQVLQR º 2V QRYRV SODQRV GH FDUUHLUD H UHPXQHUDomR GR PDJLVWpULR GHYHUmR FRQWHPSODU LQYHV WLPHQWRVQDFDSDFLWDomRGRVSURIHVVRUHVOHLJRVRVTXDLVSDVVDUmRDLQWHJUDUTXDGURHPH[WLQomR GHGXUDomRGHFLQFRDQRV º$RVSURIHVVRUHVOHLJRVpDVVHJXUDGRSUD]RGHFLQFRDQRVSDUDREWHQomRGDKDELOLWDomR QHFHVViULDDRH[HUFtFLRGDVDWLYLGDGHVGRFHQWHV º$KDELOLWDomRDTXHVHUHIHUHRSDUiJUDIRDQWHULRUHFRQGLomRSDUDLQJUHVVRQRTXDGUR SHUPDQHQWHGDFDUUHLUDFRQIRUPHRVQRYRVSODQRVGHFDUUHLUDHUHPXQHUDomR $UW2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGHYHUmRFRPSURYDU ,²HIHWLYRFXPSULPHQWRGRGLVSRVWRQRDUWGD&RQVWLWXLomR)HGHUDO ,,²DSUHVHQWDomRGH3ODQRGH&DUUHLUDH5HPXQHUDomRGR0DJLVWpULRGHDFRUGRFRPGLUHWUL]HV HPDQDGDVGR&RQVHOKR1DFLRQDOGH(GXFDomRQRSUD]RUHIHULGRQRDUWLJRDQWHULRU ,,,²IRUQHFLPHQWRGDVLQIRUPDo}HVVROLFLWDGDVSRURFDVLmRGRFHQVRHVFRODURXSDUDILQVGH HODERUDomRGHLQGLFDGRUHVHGXFDFLRQDLV 3DUiJUDIR~QLFR2QmRFXPSULPHQWRGDVFRQGLo}HVHVWDEHOHFLGDVQHVWHDUWLJRRXRIRUQHFL PHQWRGHLQIRUPDo}HVIDOVDVDFDUUHWDUiVDQo}HVDGPLQLVWUDWLYDVVHPSUHMXt]RGDVFLYLVRXSHQDLV DRDJHQWHH[HFXWLYRTXHOKHGHUFDXVD $UW2VyUJmRVUHVSRQViYHLVSHORVVLVWHPDVGHHQVLQRDVVLPFRPRRV7ULEXQDLVGH&RQWDV GD8QLmRGRV(VWDGRVH0XQLFtSLRVFULDUmRPHFDQLVPRVDGHTXDGRVjILVFDOL]DomRGRFXPSUL PHQWR SOHQR GR GLVSRVWR QR DUW GD &RQVWLWXLomR )HGHUDO H GHVWD /HL VXMHLWDQGRVH RV (VWDGRV H R 'LVWULWR )HGHUDO j LQWHUYHQomR GD 8QLmR H RV 0XQLFtSLRV j LQWHUYHQomR GRV UHVSHFWLYRV (VWDGRV QRV WHUPRV GR DUW LQFLVR 9,, DOtQHD H H GR DUW LQFLVR ,,, GD &RQVWLWXLomR)HGHUDO $UW0LQLVWpULRGD(GXFDomRHGR'HVSRUWRUHDOL]DUiDYDOLDo}HVSHULyGLFDVGRVUHVXOWDGRV GDDSOLFDomRGHVWD/HLFRPYLVWDVjDGRomRGHPHGLGDVRSHUDFLRQDLVHGHQDWXUH]DSROtWLFR HGXFDFLRQDOFRUUHWLYDVGHYHQGRDSULPHLUDUHDOL]DUVHGRLVDQRVDSyVVXDSURPXOJDomR $UW3DUDRVDMXVWHVSURJUHVVLYRVGHFRQWULEXLo}HVDYDORUTXHFRUUHVSRQGDDXPSDGUmRGH TXDOLGDGHGHHQVLQRGHILQLGRQDFLRQDOPHQWHHSUHYLVWRQRDUWºGR$WRGDV'LVSRVLo}HV &RQVWLWXFLRQDLV 7UDQVLWyULDV VHUmR FRQVLGHUDGRV REVHUYDGR R GLVSRVWR QR DUW º º RV VHJXLQWHVFULWpULRV ,²HVWDEHOHFLPHQWRGRQ~PHURPtQLPRHPi[LPRGHDOXQRVHPVDODGHDXOD ,,²FDSDFLWDomRSHUPDQHQWHGRVSURILVVLRQDLVGHHGXFDomR ,,,²MRUQDGDGHWUDEDOKRTXHLQFRUSRUHRVPRPHQWRVGLIHUHQFLDGRVGDVDWLYLGDGHVGRFHQWHV ,9²FRPSOH[LGDGHGHIXQFLRQDPHQWR 9²ORFDOL]DomRHDWHQGLPHQWRGDFOLHQWHOD 9,²EXVFDGRDXPHQWRGRSDGUmRGHTXDOLGDGHGRHQVLQR $UW$8QLmRGHVHQYROYHUiSROtWLFDGHHVWtPXORjVLQLFLDWLYDVGHPHOKRULDGHTXDOLGDGHGR HQVLQRDFHVVRHSHUPDQrQFLDQDHVFRODSURPRYLGRVSHODVXQLGDGHVIHGHUDGDVHPHVSHFLDO DTXHODVYROWDGDVDVFULDQoDVHDGROHVFHQWHVHPVLWXDomRGHULVFRVRFLDO $UW26DOiULR(GXFDomRSUHYLVWRQRDUWºGD&RQVWLWXLomR)HGHUDOpGHYLGRSHODV HPSUHVDV QD IRUPD HP TXH YLHU D VHU GLVSRVWR HP UHJXODPHQWR p FDOFXODGR FRP EDVHQD DOtTXRWDGHGRLVHPHLRSRUFHQWRVREUHRWRWDOGHUHPXQHUDo}HVSDJDVRXFUHGLWDGDV DTXDOTXHUWtWXORDRVVHJXUDGRVHPSUHJDGRVDVVLPGHILQLGRVQRDUWLQFLVR,GD/HLQº GHGHMXOKRGH BBBBBBBBB 1RWD 5HJXODPHQWDGRSHOR'HFUHWRQº BBBBBBBBB º$SDUWLUGHºGHMDQHLURGHRPRQWDQWHGDDUUHFDGDomRGR6DOiULR(GXFDomRDSyV D GHGXomR GH XPSRUFHQWRHP IDYRUGR,QVWLWXWR1DFLRQDO GR 6HJXUR 6RFLDO² ,166 FDOFXODGRVREUHRYDORUSRUHOHDUUHFDGDGRVHUiGLVWULEXtGRSHOR)XQGR1DFLRQDOGH'HVHQ YROYLPHQWR GD(GXFDomR² )1'( REVHUYDGDDDUUHFDGDomRUHDOL]DGDHPFDGD(VWDGRHQR 'LVWULWR)HGHUDOHPTXRWDVGDVHJXLQWHIRUPD ,²4XRWD)HGHUDOFRUUHVSRQGHQWHDXPWHUoRGRPRQWDQWHGHUHFXUVRVTXHVHUiGHVWLQDGDDR )1'(HDSOLFDGDQRILQDQFLDPHQWRGHSURJUDPDVHSURMHWRVYROWDGRVSDUDDXQLYHUVDOL]DomRGR HQVLQRIXQGDPHQWDOGHIRUPDDSURSLFLDUDUHGXomRGRVGHVQtYHLVVyFLRHGXFDFLRQDLVH[LVWHQWHV HQWUH0XQLFtSLRV(VWDGRV'LVWULWR)HGHUDOHUHJL}HVEUDVLOHLUDV ,,²4XRWD(VWDGXDOFRUUHVSRQGHQWHDGRLVWHUoRVGRPRQWDQWHGHUHFXUVRVTXHVHUiFUHGLWDGD PHQVDOHDXWRPDWLFDPHQWHHPIDYRUGDV6HFUHWDULDVGH(GXFDomRGRV(VWDGRVHGR'LVWULWR )HGHUDOSDUDILQDQFLDPHQWRGHSURJUDPDVSURMHWRVHDo}HVGRHQVLQRIXQGDPHQWDO º9HWDGR º2VDOXQRVUHJXODUPHQWHDWHQGLGRVQDGDWDGDHGLomRGHVWD/HLFRPREHQHILFLiULRVGD DSOLFDomRUHDOL]DGDSHODVHPSUHVDVFRQWULEXLQWHVQRHQVLQRIXQGDPHQWDOGRVVHXVHPSUHJDGRV HGHSHQGHQWHVDFRQWDGHGHGXo}HVGDFRQWULEXLomRVRFLDOGR6DOiULR(GXFDomRQDIRUPDGD OHJLVODomRHPYLJRUWHUmRDSDUWLUGHºGHMDQHLURGHREHQHItFLRDVVHJXUDGRUHVSHLWDGDV DVFRQGLo}HVHPTXHIRLFRQFHGLGRHYHGDGRVQRYRVLQJUHVVRVQRVWHUPRVGRDUWº GD&RQVWLWXLomR)HGHUDO $UW(VWD/HLHQWUDHPYLJRUHPººGHMDQHLURGH $UW5HYRJDPVHDVGLVSRVLo}HVHPFRQWUiULR %UDVtOLDGHGH]HPEURGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD )(51$1'2+(15,48(&$5'262 3DXOR5HQDWR6RX]D '(&5(72'('(-81+2'( 5HJXODPHQWDD/HLQºGHGHGH]HPEURGH QR ÇPELWR )HGHUDO H GHWHUPLQD RXWUDV SURYL GrQFLDV 235(6,'(17('$5(3Ô%/,&$QRXVRGDDWULEXLo}HVTXH,KHFRQIHUHRDUWLQFLVR,9GD &RQVWLWXLomRHWHQGRHPYLVWDRGLVSRVWRQD/HLQºGHGHGH]HPEURGH '(&5(7$ $UWº$SDUWLUGHºGHMDQHLURGHR0LQLVWpULRGD)D]HQGDTXDQGRGDWUDQVIHUrQFLD SDUD RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV GRV UHFXUVRV GH TXH WUDWD R DUW GD &RQVWLWXLomRREVHUYDUiRGLVSRVWRQRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV FRP D UHGDomR GDGD SHOR DUW GD (PHQGD &RQVWLWXFLRQDO Qº GH EHP FRPR QD OHJLVODomRSHUWLQHQWH $UWº2YDORUGHVWLQDGRDR)XQGRGH0DQXWHQomRH'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULR HP FDGD 8QLGDGH GD )HGHUDomR VHUi FUHGLWDGR HP FRQWDV LQGLYLGXDLVHHVSHFtILFDVGRV*RYHUQRV(VWDGXDLVGR'LVWULWR)HGHUDOHGRVUHVSHFWLYRV0XQLFt SLRVPHGLDQWHDSOLFDomRGHFRHILFLHQWHVGHGLVWULEXLomRDVHUHPIL[DGRVDQXDOPHQWH º3DUDRHVWDEHOHFLPHQWRGRVFRHILFLHQWHVGHGLVWULEXLomRVHUmRFRQVLGHUDGRV DRQ~PHURGHDOXQRVPDWULFXODGRVQDVHVFRODVFDGDVWUDGDVGDVUHVSHFWLYDVUHGHVGHHQVLQR DSXUDGRQR&HQVR(VFRODUGRH[HUFtFLRDQWHULRUDRGDGLVWULEXLomRFRQVLGHUDQGRVHSDUDHVWH ILPDVPDWUtFXODVGDªDªVpULHVGRHQVLQRIXQGDPHQWDOUHJXODU EDHVWLPDWLYDGHQRYDVPDWUtFXODVHODERUDGDSHOR0LQLVWpULRGD(GXFDomRHGR'HVSRUWR F D GLIHUHQFLDomR GR FXVWR SRU DOXQR VHJXQGR RV QtYHLV GH HQVLQR H RV WLSRV GH HV WDEHOHFLPHQWRVFRQIRUPHSUHYLVWRQRºGRDUWGD/HLQºGHGHGH]HPEURGH º3DUDILQVGRGLVSRVWRQHVWHDUWLJRR0LQLVWpULRGD(GXFDomRHGR'HVSRUWR DGLYXOJDUiDWpRGLDGHPDUoRGHFDGDDQRDHVWLPDWLYDGRQ~PHURGHDOXQRVUHIHULGDQR SDUiJUDIRDQWHULRUSRU(VWDGR'LVWULWR)HGHUDOH0XQLFtSLREHPDVVLPDVGHPDLVLQIRUPDo}HV QHFHVViULDV DR FiOFXOR GRV UHFXUVRV D VHUHP UHSDVVDGRV QR DQR VXEVHTHQWH FRP YLVWDV j HODERUDomRGDVSURSRVWDVRUoDPHQWiULDVGDVWUrVHVIHUDVGH*RYHUQR ESXEOLFDUiDWpRGLDGHQRYHPEURGHFDGDDQRDVLQIRUPDo}HVQHFHVViULDVDRFiOFXOR HIHWLYRGRVFRHILFLHQWHVGHGLVWULEXLomRSDUDRDQRVHJXLQWHHR&HQVR(VFRODUGRDQRHPFXUVR º&RPEDVHQR&HQVR(VFRODUHQDVGHPDLVLQIRUPDo}HVSXEOLFDGDVR0LQLVWpULRGD(GXFDomR HGR'HVSRUWRHODERUDUiDWDEHODGHFRHILFLHQWHVGHGLVWULEXLomRGRVUHFXUVRVGR)XQGRHD SXEOLFDUiQR'LiULR2ILFLDOGD8QLmRDWpR~OWLPRGLD~WLOGHFDGDH[HUFtFLRSDUDXWLOL]DomRQR DQRVXEVHTHQWHUHPHWHQGRDVSODQLOKDVGHFiOFXORDR7ULEXQDOGH&RQWDVGD8QLmRSDUD H[DPHHFRQWUROH º6RPHQWHVHUiDGPLWLGDUHYLVmRGRVFRHILFLHQWHVGHTXHWUDWDRºGHVWHDUWLJRVHKRXYHU GHWHUPLQDomRGR7ULEXQDOGH&RQWDVGD8QLmRQHVVHVHQWLGR º2UHSDVVHGRVUHFXUVRVQRVWHUPRVGRFDSXWGHVWHDUWLJRVHUiHIHWXDGRQDVPHVPDVGDWDV GR UHSDVVH GRV UHFXUVRV GH TXH WUDWD R DUW GD &RQVWLWXLomR REVHUYDGRV RV PHVPRV SURFHGLPHQWRVHIRUPDGHGLYXOJDomR $UWº²&RPSHWHDR0LQLVWpULRGD)D]HQGDHIHWXDURFiOFXORGDFRPSOHPHQWDomRDQXDOGHYLGD SHOD8QLmRDR)XQGRGH0DQXWHQomRH'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOH9DORUL]DomR GR0DJLVWpULRHPFDGD(VWDGRHQR'LVWULWR)HGHUDO º2FiOFXORGDFRPSOHPHQWDomRGD8QLmRHPFDGDDQRWHUiFRPREDVHRQ~PHURGHDOXQRV GHTXHWUDWDRºGRDUWGHVWH'HFUHWRRYDORUPtQLPRSRUDOXQRGHILQLGRQDFLRQDOPHQWH QDIRUPDGRDUWGD/HLQºGHGHGH]HPEURGHHDDUUHFDGDomRGDVUHFHLWDV YLQFXODGDVDR)XQGR º$FRPSOHPHQWDomRDQXDOGD8QLmRFRUUHVSRQGHUijGLIHUHQoDVHQHJDWLYDHQWUHDUHFHLWD DQXDOGR)XQGRHPFDGD8QLGDGHGD)HGHUDomRHRYDORUPtQLPRGDGHVSHVDGHILQLGDSDUDR )XQGRQRPHVPRDQR º $V SODQLOKDV GH FiOFXOR GD HVWLPDWLYD GH FRPSOHPHQWDomR GD 8QLmR VHUmR UHPHWLGDV SUHYLDPHQWHDRFRQKHFLPHQWRGR7ULEXQDOGH&RQWDVGD8QLmR º$WpRGLDGHGH]HPEURGHFDGDDQRR0LQLVWpULRGD)D]HQGDSXEOLFDUiRYDORUGD HVWLPDWLYD GD FRPSOHPHQWDomR GD 8QLmR SDUD R DQR VHJXLQWH UHODWLYD D FDGD 8QLGDGH GD )HGHUDomREHPFRPRRUHVSHFWLYRFURQRJUDPDGHSDJDPHQWRVPHQVDLVDR)XQGR º$SyVHQFHUUDGRFDGDH[HUFtFLRR0LQLVWpULRGD)D]HQGDFDOFXODUiRYDORUGDFRPSOHPHQ WDomRGHYLGDSHOD8QLmRFRPEDVHQDHIHWLYDDUUHFDGDomRGDVUHFHLWDVYLQFXODGDVDR)XQGR UHODWLYDDRH[HUFtFLRGHUHIHUrQFLD º20LQLVWpULRGD)D]HQGDSURPRYHUiRVDMXVWHVTXHVHIL]HUHPQHFHVViULRVHQWUHD8QLmR RV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVHPGHFRUUrQFLDGRFiOFXORGDFRPSOHPHQWDomR HIHWLYDPHQWHGHYLGDDWpGLDVDSyVDHQWUHJDDR0LQLVWpULRGD)D]HQGDGRVGDGRVRILFLDLV UHODWLYRVjDUUHFDGDomRDQXDOGR,&06GRH[HUFtFLRHQFHUUDGRGHWRGRVRV(VWDGRVHGR'LVWULWR )HGHUDO º1HQKXPDMXVWHUHODFLRQDGRFRPRSDJDPHQWRGDFRPSOHPHQWDomRGD8QLmRVHUiDGPLWLGR DRORQJRGRUHVSHFWLYRH[HUFtFLRGHFRPSHWrQFLD º2FURQRJUDPDGHTXHWUDWDRºGHVWHDUWLJRREVHUYDUiDSURJUDPDomRILQDQFHLUDGR 7HVRXUR1DFLRQDOHFRQWHPSODUiSDJDPHQWRVPHQVDLVGHQRPtQLPRGDHVWLPDWLYDGH FRPSOHPHQWDomRDQXDODVHUHPUHDOL]DGRVDWpR~OWLPRGLD~WLOGHFDGDPrVDVVHJXUDGRVRV UHSDVVHVGHQRPtQLPRDWpGHMXOKRHDWpGHGH]HPEURGHFDGDDQR º3DUFHODGRYDORUGDFRPSOHPHQWDomRGHYLGDSHOD8QLmRSRGHUiVHUGHVWLQDGDHPFDGD DQRDRDMXVWHGHTXHWUDWDRºGHVWHDUWLJR (VWLPDWLYDGDFRPSOHPHQWDomRGHTXHWUDWDHVWHDUWLJRVHUiHIHWXDGDSHOR0LQLVWpULRGD )D]HQGD DWp R GLD GH MXOKR GH FDGD DQR H LQIRUPDGR DR 0LQLVWpULR GD (GXFDomR H GR 'HVSRUWRHj6HFUHWDULDGH2UoDPHQWR)HGHUDOGR0LQLVWpULRGR3ODQHMDPHQWRH2UoDPHQWR SDUDILQVGHLQFOXVmRQDSURSRVWDRUoDPHQWiULDGRDQRVXEVHTHQWH 2 0LQLVWpULR GD )D]HQGD LQIRUPDUi PHQVDOPHQWH DR 0LQLVWpULR GD (GXFDomR H GR 'HVSRUWRHDR7ULEXQDOGH&RQWDVGD8QLmRRVYDORUHVUHSDVVDGRVDFDGD)XQGRGHTXHWUDWD HVWH'HFUHWRGLVFULPLQDQGRDFRPSOHPHQWDomRIHGHUDO $UWº2VUHFXUVRVQHFHVViULRVDRSDJDPHQWRGDFRPSOHPHQWDomRGD8QLmRDR)XQGRVHUmR DORFDGRV QR 2UoDPHQWR GR )XQGR 1DFLRQDO GH 'HVHQYROYLPHQWR GD (GXFDomR ² )1'( SRGHQGRVHUGHVWLQDGDVDHVVDILQDOLGDGHUHFHLWDVGDFRQWULEXLomRGR6DOiULR(GXFDomRDWpR OLPLWHGHGRWRWDOGDUHIHULGDFRPSOHPHQWDomR $UWº2&RQVHOKRGH$FRPSDQKDPHQWRH&RQWUROH6RFLDOVREUHRV)XQGRVGH0DQXWHQomR H'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOH9DORUL]DomRGR0DJLVWpULRQRkPELWRGD8QLmR WHUiDVHJXLQWHFRPSRVLomR , ² TXDWUR UHSUHVHQWDQWHV GR 0LQLVWpULR GD (GXFDomR H GR 'HVSRUWR VHQGR XP GR )XQGR 1DFLRQDOGH'HVHQYROYLPHQWRGD(GXFDomR²)1'(HXPGR,QVWLWXWR1DFLRQDOGH(VWXGRVH 3HVTXLVDV(GXFDFLRQDLV²,1(3 ,,²XPUHSUHVHQWDQWHGR0LQLVWpULRGD)D]HQGD ,,,²XPUHSUHVHQWDQWHGR0LQLVWpULRGR3ODQHMDPHQWRH2UoDPHQWR ,9²XPUHSUHVHQWDQWHGR&RQVHOKR1DFLRQDOGH(GXFDomR²&1( 9²XPUHSUHVHQWDQWHGR&RQVHOKR1DFLRQDOGRV6HFUHWiULRV(VWDGXDLVGD(GXFDomR²&216(' 9,²XPUHSUHVHQWDQWHGD&RQIHGHUDomR1DFLRQDOGRV7UDEDOKDGRUHVHP(GXFDomR²&17( 9,,²XPUHSUHVHQWDQWHGD8QLmR1DFLRQDOGRV'LULJHQWHV0XQLFLSDLVGH(GXFDomR²81',0( 9,,, ² XP UHSUHVHQWDQWH GRV SDLV GH DOXQRV H SURIHVVRUHV GDV HVFRODV S~EOLFDV GH HQVLQR IXQGDPHQWDO º2&RQVHOKRGHTXHWUDWDRFDSXWGHVWHDUWLJRVHUiSUHVLGLGRSRUXPGRVUHSUHVHQWDQWHVGR 0LQLVWpULRGD(GXFDomRHGR'HVSRUWRGHVLJQDGRSHOR0LQLVWURGH(VWDGR BBBBBBBB 1RWD 5HGDomRGDGDSHOR'HFUHWRQº BBBBBBBBB º$SDUWLFLSDomRQR&RQVHOKRGHTXHWUDWDHVWHDUWLJRQmRVHUiUHPXQHUDGDUHVVDOYDGRR UHVVDUFLPHQWRGDVGHVSHVDVLQHUHQWHVjSDUWLFLSDomRQDVUHXQL}HV º2VPHPEURVGR&RQVHOKRVHUmRGHVLJQDGRVSHOR0LQLVWURGH(VWDGRGD(GXFDomRHGR 'HVSRUWR BBBBBBBB 1RWD $FUHVFHQWDGRSHOR'HFUHWRQº BBBBBBBB $UWº3DUDDV8QLGDGHVGD)HGHUDomRTXHDQWHFLSDUHPDLPSODQWDomRGR)XQGRGH0DQXWHQ omRH'HVHQYROYLPHQWRGR(QVLQR)XQGDPHQWDOH9DORUL]DomRGR0DJLVWpULRSDUDRH[HUFtFLR GHVHUmRREVHUYDGRVRVVHJXLQWHVSURFHGLPHQWRV ,²DVWUDQVIHUrQFLDVGHUHFXUVRVGD8QLmRDRV(VWDGRVHVHXVUHVSHFWLYRV0XQLFtSLRVHDR'LVWULWR )HGHUDOREVHUYDUmRRGLVSRVWRQHVWH'HFUHWRDSDUWLUGDGDWDGDHIHWLYDLPSODQWDomRGR)XQGR GHVGHTXHKDMDFRPXQLFDomRWHPSHVWLYDj6HFUHWDULDGR7HVRXUR1DFLRQDOGR0LQLVWpULRGD )D]HQGD ,, ² SDUD R FiOFXOR GRV FRHILFLHQWHV GH GLVWULEXLomR VHUmR REVHUYDGRV VRPHQWH RV FULWpULRV GHILQLGRVQDDOtQHD´DµGRºGRDUW ,,,²DFRPSOHPHQWDomRGD8QLmRVHUiSDJDjUD]mRGHXPGXRGpFLPRGRYDORUDQXDOKLSRWpWLFR SDUDFDGDPrVGHHIHWLYDYLJrQFLDGR)XQGRHPFDGD8QLGDGHGD)HGHUDomR $UWº2V0LQLVWURVGH(VWDGRGD(GXFDomRHGR'HVSRUWRGD)D]HQGDHGR3ODQHMDPHQWRH 2UoDPHQWRSURSRUmRDWpRGLDGHDEULOGHFDGDDQRRYDORUPtQLPRGHILQLGRQDFLRQDOPHQWH DVHUIL[DGRSDUDRDQRVXEVHTHQWHQRVWHUPRVGRDUWGD/HLQºGHGHGH]HPEUR GH $UWº&RQVWLWXLIDOWDJUDYHDDGRomRGHTXDLVTXHUSURFHGLPHQWRVTXHLPSOLTXHPSDJDPHQWR LQFRUUHWRSHOD8QLmRGRVYDORUHVGHYLGRVDR)XQGRGHTXHWUDWDHVWH'HFUHWRDSOLFDQGRVH DRVUHVSRQViYHLVDVFRPLQDo}HVOHJDLVFDEtYHLV $UWº&RPSHWHDR0LQLVWpULRGD(GXFDomRHGR'HVSRUWRGHQXQFLDUDRVyUJmRVFRPSHWHQWHV DRFRUUrQFLDGHLUUHJXODULGDGHVHUHVSHFWLYRVUHVSRQViYHLVTXHLPSOLFDUHPSDJDPHQWRLQFRU UHWRGRVYDORUHVGHYLGRVSHOD8QLmRDR)XQGR $UW(VWH'HFUHWRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR %UDVtOLDGHMXQKRGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD )(51$1'2+(15,48(&$5'262 3HGUR0DODQ 3DXOR5HQDWR6RX]D $QW{QLR.DQGLU '28 /(*,6/$d®23$5$$'(48$d®2$26/,0,7(6'(3(662$/ /(,1º'('(-81+2'( 'LVS}HVREUHDVQRUPDVJHUDLVSDUDSHUGDGHFDUJRS~ EOLFRSRUH[FHVVRGHGHVSHVDHGiRXWUDVSURYLGrQFLDV 235(6,'(17( '$5(3Ô%/,&$ IDoRVDEHU TXH R &21*5(6621$&,21$/GHFUHWDHHX VDQFLRQRDVHJXLQWH/HL $UWº(VWD/HLUHJXODDH[RQHUDomRGHVHUYLGRUS~EOLFRHVWiYHOFRPIXQGDPHQWRQRºH VHJXLQWHVGRDUWGD&RQVWLWXLomR)HGHUDO $UWº$H[RQHUDomRDTXHDOXGHRDUWºVHUiSUHFHGLGDGHDWRQRUPDWLYRPRWLYDGRGRV&KHIHV GHFDGDXPGRV3RGHUHVGD8QLmRGRV(VWDGRVGRV0XQLFtSLRVHGR'LVWULWR)HGHUDO º2DWRQRUPDWLYRGHYHUiHVSHFLILFDU ,²DHFRQRPLDGHUHFXUVRVHRQ~PHURFRUUHVSRQGHQWHGHVHUYLGRUHVDVHUHPH[RQHUDGRV ,,²DDWLYLGDGHIXQFLRQDOHRyUJmRRXDXQLGDGHDGPLQLVWUDWLYDREMHWRGHUHGXomRGHSHVVRDO ,,,²RFULWpULRJHUDOLPSHVVRDOHVFROKLGRSDUDDLGHQWLILFDomRGRVVHUYLGRUHVHVWiYHLVDVHUHP GHVOLJDGRVGRVUHVSHFWLYRVFDUJRV ,9²RVFULWpULRVHDVJDUDQWLDVHVSHFLDLVHVFROKLGRVSDUDLGHQWLILFDomRGRVVHUYLGRUHVHVWiYHLV TXHHPGHFRUUrQFLDGDVDWULEXLo}HVGRFDUJRHIHWLYRGHVHQYROYDPDWLYLGDGHVH[FOXVLYDVGH (VWDGR 9²RSUD]RGHSDJDPHQWRGDLQGHQL]DomRGHYLGDSHODSHUGDGRFDUJR 9,²RVFUpGLWRVRUoDPHQWiULRVSDUDRSDJDPHQWRGDVLQGHQL]Do}HV º2FULWpULRJHUDOSDUDLGHQWLILFDomRLPSHVVRDODTXHVHUHIHUHRLQFLVR,,,GRºVHUiHVFROKLGR HQWUH ,²PHQRUWHPSRGHVHUYLoRS~EOLFR ,,²PDLRUUHPXQHUDomR ,,,²PHQRULGDGH º 2 FULWpULR JHUDO HOHLWR SRGHUi VHU FRPELQDGR FRP R FULWpULR FRPSOHPHQWDU GR PHQRU Q~PHURGHGHSHQGHQWHVSDUDILQVGHIRUPDomRGHXPDOLVWDJHPGHFODVVLILFDomR $UWº$H[RQHUDomRGHVHUYLGRUHVWiYHOTXHGHVHQYROYDDWLYLGDGHH[FOXVLYDGH(VWDGRDVVLP GHILQLGDHPOHLREVHUYDUiDVVHJXLQWHVFRQGLo}HV ,²VRPHQWHVHUiDGPLWLGDTXDQGRDH[RQHUDomRGHVHUYLGRUHVGRVGHPDLVFDUJRVGRyUJmRRX GDXQLGDGHDGPLQLVWUDWLYDREMHWRGDUHGXomRGHSHVVRDOWHQKDDOFDQoDGRSHORPHQRVWULQWD SRUFHQWRGRWRWDOGHVVHVFDUJRV ,,²FDGDDWRUHGX]LUiHPQRPi[LPRWULQWDSRUFHQWURRQ~PHURGHVHUYLGRUHVTXHGHVHQYROYDP DWLYLGDGHVH[FOXVLYDVGH(VWDGR $UWº2VFDUJRVYDJRVHPGHFRUUrQFLDGDGLVSHQVDGHVHUYLGRUHVHVWiYHLVGHTXHWUDWDHVWD/HL VHUmRGHFODUDGRVH[WLQWRVVHQGRYHGDGDDFULDomRGHFDUJRHPSUHJRRXIXQomRFRPDWULEXLo}HV LJXDLVRXDVVHPHOKDGDVSHORSUD]RGHTXDWURDQRV $UWº(VWD/HLHQWUDHPYLJRUQRSUD]RGHQRYHQWDGLDVDSDUWLUGDGDWDGHVXDSXEOLFDomR %UDVtOLDGHMXQKRGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD )(51$1'2+(15,48(&$5'262 0DUWXV$QWRQLR5RGULJXHV7DYDUHV 3257$5,$6'(&/$66,),&$d®225d$0(17É5,$3/$12'(&217$6 (5(/$7Ð5,26'$/5) 3257$5,$1º'('($%5,/'( $WXDOL]D D GLVFULPLQDomR GD GHVSHVD SRU IXQo}HV GH TXHWUDWDPRLQFLVR,GRºGRDUWºHºGRDUW ºDPERVGD/HLQºGHGHPDUoRGH HVWDEHOHFHRVFRQFHLWRVGHIXQomRVXEIXQomRSURJUD PDSURMHWRDWLYLGDGHRSHUDo}HVHVSHFLDLVHGiRXWUDV SURYLGrQFLDV 2 0,1,6752 '( (67$'2 '2 25d$0(172 ( *(67®2 QR XVR GH VXDV DWULEXLo}HV REVHUYDGRRDUWGD/HLQºGHGHPDUoRGHFRPELQDGRFRPRDUW LQFLVR;9DOtQHD´DµGD/HLQºGHGHPDLRGHFRPDUHGDomRGDGDSHOD0HGLGD 3URYLVyULDQRGHGHPDUoRGHUHVROYH $UWº$VIXQo}HVDTXHVHUHIHUHRDUWºLQFLVR,GD/HLQºGHGHPDUoRGH GLVFULPLQDGDVQR$QH[RGDPHVPD/HLHDOWHUDo}HVSRVWHULRUHVSDVVDPDVHUDVFRQVWDQWHV GR$QH[RTXHDFRPSDQKDHVWD3RUWDULD º&RPRIXQomRGHYHHQWHQGHUVHRPDLRUQtYHOGHDJUHJDomRGDVGLYHUVDViUHDVGHGHVSHVD TXHFRPSHWHPDRVHWRUS~EOLFR º$IXQomR´(QFDUJRV(VSHFLDLVµHQJOREDDVGHVSHVDVHPUHODomRjVTXDLVQmRVHSRVVDDVVRFLDU XP EHP RX VHUYLoR D VHU JHUDGR QR SURFHVVR SURGXWLYR FRUUHQWH WDLV FRPR GtYLGDV UHV VDUFLPHQWRVLQGHQL]Do}HVHRXWUDVDILQVUHSUHVHQWDQGRSRUWDQWRXPDDJUHJDomRQHXWUD º$VXEIXQomRUHSUHVHQWDXPDSDUWLomRGDIXQomRYLVDQGRDDJUHJDUGHWHUPLQDGRVXEFRQ MXQWRGHGHVSHVDGRVHWRUS~EOLFR º$VVXEIXQo}HVSRGHUmRVHUFRPELQDGDVFRPIXQo}HVGLIHUHQWHVGDTXHODVDTXHHVWHMDP YLQFXODGDVQDIRUPDGR$QH[RDHVWD3RUWDULD $UWº3DUDRVHIHLWRVGDSUHVHQWH3RUWDULDHQWHQGHPVHSRU D3URJUDPDRLQVWUXPHQWRGHRUJDQL]DomRGDDomRJRYHUQDPHQWDOYLVDQGRjFRQFUHWL]DomRGRV REMHWLYRVSUHWHQGLGRVVHQGRPHQVXUDGRSRULQGLFDGRUHVHVWDEHOHFLGRVQRSODQRSOXULDQXDO E 3URMHWR XP LQVWUXPHQWR GH SURJUDPDomR SDUD DOFDQoDU R REMHWLYR GH XP SURJUDPD HQYROYHQGRXPFRQMXQWRGHRSHUDo}HVOLPLWDGDVQRWHPSRGDVTXDLVUHVXOWDXPSURGXWRTXH FRQFRUUHSDUDDH[SDQVmRRXRDSHUIHLoRDPHQWRGDDomRGHJRYHUQR F $WLYLGDGH XP LQVWUXPHQWR GH SURJUDPDomR SDUD DOFDQoDU R REMHWLYR GH XP SURJUDPD HQYROYHQGRXPFRQMXQWRGHRSHUDo}HVTXHVHUHDOL]DPGHPRGRFRQWtQXRHSHUPDQHQWHGDV TXDLVUHVXOWDXPSURGXWRQHFHVViULRjPDQXWHQomRGDDomRGHJRYHUQR G2SHUDo}HV(VSHFLDLVDVGHVSHVDVTXHQmRFRQWULEXHPSDUDDPDQXWHQomRGDVDo}HVGH JRYHUQRGDVTXDLVQmRUHVXOWDXPSURGXWRHQmRJHUDPFRQWUDSUHVWDomRGLUHWDVREDIRUPD GHEHQVRXVHUYLoRV $UWº$8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVHVWDEHOHFHUmRHPDWRVSUySULRV VXDVHVWUXWXUDVGHSURJUDPDVFyGLJRVHLGHQWLILFDomRUHVSHLWDGRVRVFRQFHLWRVHGHWHUPLQDo}HV GHVWD3RUWDULD $UWº1DVOHLVRUoDPHQWiULDVHQRVEDODQoRVDVDo}HVVHUmRLGHQWLILFDGDVHPWHUPRVGHIXQo}HV VXEIXQo}HVSURJUDPDVSURMHWRVDWLYLGDGHVHRSHUDo}HVHVSHFLDLV 3DUiJUDIR~QLFR1RFDVRGDIXQomR´(QFDUJRV(VSHFLDLVµRVSURJUDPDVFRUUHVSRQGHUmRDXP FyGLJRYD]LRGRWLSR´ $UWº$GRWDomRJOREDOGHQRPLQDGD´5HVHUYDGH&RQWLQJrQFLDµSHUPLWLGDSDUDD8QLmRQR DUWGR'HFUHWR/HLQºGHGHIHYHUHLURGHRXHPDWRVGDVGHPDLVHVIHUDVGH *RYHUQRDVHUXWLOL]DGDFRPRIRQWHGHUHFXUVRVSDUDDEHUWXUDGHFUpGLWRVDGLFLRQDLVHVRE FRRUGHQDomRGRyUJmRUHVSRQViYHOSHODVXDGHVWLQDomRVHUiLGHQWLILFDGDSRUFyGLJRGHILQLGR SHORVGLYHUVRVQtYHLVGHJRYHUQR $UWº2GLVSRVWRQHVWD3RUWDULDVHDSOLFDDRVRUoDPHQWRVGD8QLmRGRV(VWDGRVHGR'LVWULWR )HGHUDOSDUDRH[HUFtFLRILQDQFHLURGHHVHJXLQWHVHDRV0XQLFtSLRVDSDUWLUGRH[HUFtFLR ILQDQFHLUR GH UHYRJDQGRVH D 3RUWDULD QR GH GH QRYHPEUR GH GR H[0LQLVWURGR3ODQHMDPHQWRH2UoDPHQWRHGHPDLVGLVSRVLo}HVHPFRQWUiULR $UWº(VWD3RUWDULDHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR 3('523$5(17( 3257$5,$,17(50,1,67(5,$/1º'('(0$,2'( &RPDVDOWHUDo}HVLQWURGX]LGDVSHODV3RUWDULDV,QWHUPLQLVWHULDLVGH HGHGHQRYHPEURGH 'LVS}HVREUHQRUPDVJHUDLVGHFRQVROLGDomRGDV&RQ WDV 3~EOLFDV QR kPELWR GD 8QLmR (VWDGRV 'LVWULWR )HGHUDOH0XQLFtSLRVHGiRXWUDVSURYLGrQFLDV 26(&5(7É5,2'27(628521$&,21$/'20,1,67e5,2'$)$=(1'$HR6(&5(7É5,2 '(25d$0(172)('(5$/'20,1,67e5,2'23/$1(-$0(17225d$0(172(*(6 7®2QRXVRGHVXDVDWULEXLo}HVOHJDLVHWHQGRHPYLVWDRGLVSRVWRQRDUWºGD/HL &RPSOHPHQWDUQºGHGHPDLRGHH &RQVLGHUDQGRTXHSDUDTXHVHMDPFRQVROLGDGDVDV&RQWDV3~EOLFDV1DFLRQDLVHPREHGLrQFLD DRGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQºGH/HLGH5HVSRQVDELOLGDGH)LVFDO KiDQHFHVVLGDGHGDXQLIRUPL]DomRGRVSURFHGLPHQWRVGHH[HFXomRRUoDPHQWiULDQRkPELWR GD8QLmR(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRV &RQVLGHUDQGRTXHDXQLIRUPL]DomRGHVVHVSURFHGLPHQWRVLPS}HQHFHVVDULDPHQWHDXWLOL]DomR GHXPDPHVPDFODVVLILFDomRRUoDPHQWiULDGHUHFHLWDVHGHVSHVDVS~EOLFDV &RQVLGHUDQGRWDPEpPTXHDOpPGDQHFHVVLGDGHUHIHULGDQRLWHPSUHFHGHQWHDXQLILFDomR GDV PHQFLRQDGDV FODVVLILFDo}HV WUDUi LQFRQWHVWiYHLV EHQHItFLRV VREUH WRGRV RV DVSHFWRV HV SHFLDOPHQWHSDUDROHYDQWDPHQWRHDQiOLVHGHLQIRUPDo}HVHPQtYHOQDFLRQDO &RQVLGHUDQGRSRURXWURODGRTXHGHDFRUGRFRPRDUWLQFLVRV,DOtQHD´EµH,,DOtQHD ´EµGD/HL&RPSOHPHQWDUQºGHDGHPRQVWUDomRGDGHVSHVDFRQVWDQWHGR5HODWyULR 5HVXPLGRGD([HFXomR2UoDPHQWiULDIDUVHiSRUJUXSRGHQDWXUH]D &RQVLGHUDQGRTXHD/HLGH5HVSRQVDELOLGDGH)LVFDOGHWHUPLQDTXHFDEHDRyUJmRFHQWUDOGH FRQWDELOLGDGHGD8QLmRDHGLomRGDVQRUPDVJHUDLVSDUDDFRQVROLGDomRGDVFRQWDVS~EOLFDV HQTXDQWRQmRIRULPSODQWDGRR&RQVHOKRGH*HVWmR)LVFDOSUHYLVWRQRDUWGDUHIHULGD/HL &RPSOHPHQWDU &RQVLGHUDQGRDLQGDTXHGHDFRUGRFRPRDUWºGR'HFUHWRQºGHGHVHWHPEURGH RyUJmRFHQWUDOGR6LVWHPDGH&RQWDELOLGDGH)HGHUDOpD6HFUHWDULDGR7HVRXUR1DFLRQDO GR0LQLVWpULRGD)D]HQGD &RQVLGHUDQGRILQDOPHQWHTXHQRVWHUPRVGRDUWGR'HFUHWRQºGHGHIHYHUHLUR GHFRPSHWHj6HFUHWDULDGH2UoDPHQWR)HGHUDO²62)GR0LQLVWpULRGR3ODQHMDPHQWR 2UoDPHQWRH*HVWmR²03GLVSRUVREUHDVFODVVLILFDo}HVRUoDPHQWiULDVUHVROYHP $UWº3DUDDVFRQVROLGDo}HVPHQFLRQDGDVQRDUWGD/HL&RPSOHPHQWDUQºGHGH PDLRGHRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVGHYHUmRHQFDPLQKDUVXDVFRQWDV j6HFUHWDULDGR7HVRXUR1DFLRQDOGR0LQLVWpULRGD)D]HQGD²6710)yUJmRFHQWUDOGR6LVWHPD GH&RQWDELOLGDGH)HGHUDOQRVSUD]RVSUHYLVWRVQRºGRUHIHULGRDUW $UWº$FODVVLILFDomRGDUHFHLWDDVHUXWLOL]DGDSRUWRGRVRVHQWHVGD)HGHUDomRFRQVWDGR $QH[R , GHVWD 3RUWDULD ILFDQGR IDFXOWDGR R VHX GHVGREUDPHQWR SDUD DWHQGLPHQWR GDV UHV SHFWLYDVSHFXOLDULGDGHV º2VHQWHVGD)HGHUDomRHQFDPLQKDUmRPHQVDOPHQWHj6710)SDUDILQVGHFRQVROLGDomR RVGHVGREUDPHQWRVFULDGRVQDIRUPDGRFDSXWGHVWHDUWLJR º$6710)SXEOLFDUiDQXDOPHQWHDWpRGLDWULQWDGHDEULODFRQVROLGDomRGRVGHVGREUD PHQWRV UHIHULGRV QR º TXH GHYHUmR VHU XWLOL]DGRV SRU WRGRV RV HQWHV GD )HGHUDomR QR H[HUFtFLRVXEVHTHQWHFRPRREMHWLYRGHHVWDEHOHFHUXPDSDGURQL]DomRGHVVDFODVVLILFDomR QRkPELWRGDVWUrVHVIHUDVGH*RYHUQR º$6710)SXEOLFDUiEHPFRPRGLYXOJDUiQD,QWHUQHWDWpTXLQ]HGLDVDSyVDSXEOLFDomR GHVWD3RUWDULDRGHWDOKDPHQWRLQLFLDOGDVQDWXUH]DVGHUHFHLWDSDUDILQVGHRULHQWDomRQDFULDomR GRVGHVGREUDPHQWRVSUHYLVWRVQRFDSXWHSDGURQL]DomRDTXHVHUHIHUHRºGHVWHDUWLJR $UWº$FODVVLILFDomRGDGHVSHVDVHJXQGRDVXDQDWXUH]DFRPS}HVHGH ,²FDWHJRULDHFRQ{PLFD ,,²JUXSRGHQDWXUH]DGDGHVSHVD ,,,²HOHPHQWRGHGHVSHVD º $ QDWXUH]D GD GHVSHVD VHUi FRPSOHPHQWDGD SHOD LQIRUPDomR JHUHQFLDO GHQRPLQDGD ´PRGDOLGDGH GH DSOLFDomRµ D TXDO WHP SRU ILQDOLGDGH LQGLFDU VH RV UHFXUVRV VmR DSOLFDGRV GLUHWDPHQWHSRUyUJmRVRXHQWLGDGHVQRkPELWRGDPHVPDHVIHUDGH*RYHUQRRXSRURXWUR HQWH GD )HGHUDomR H VXDV UHVSHFWLYDV HQWLGDGHV H REMHWLYD SUHFLSXDPHQWH SRVVLELOLWDU D HOLPLQDomRGDGXSODFRQWDJHPGRVUHFXUVRVWUDQVIHULGRVRXGHVFHQWUDOL]DGRV º(QWHQGHVHSRUJUXSRVGHQDWXUH]DGHGHVSHVDDDJUHJDomRGHHOHPHQWRVGHGHVSHVDTXH DSUHVHQWDPDVPHVPDVFDUDFWHUtVWLFDVTXDQWRDRREMHWRGHJDVWR º 2 HOHPHQWR GH GHVSHVD WHP SRU ILQDOLGDGH LGHQWLILFDU RV REMHWRV GH JDVWR WDLV FRPR YHQFLPHQWRV H YDQWDJHQV IL[DV MXURV GLiULDV PDWHULDO GH FRQVXPR VHUYLoRV GH WHUFHLURV SUHVWDGRVVRETXDOTXHUIRUPDVXEYHQo}HVVRFLDLVREUDVHLQVWDODo}HVHTXLSDPHQWRVHPDWHULDO SHUPDQHQWHDX[tOLRVDPRUWL]DomRHRXWURVGHTXHDDGPLQLVWUDomRS~EOLFDVHVHUYHSDUDD FRQVHFXomRGHVHXVILQV º $V FODVVLILFDo}HV GD GHVSHVD SRU FDWHJRULD HFRQ{PLFD SRU JUXSR GH QDWXUH]D SRU PRGDOLGDGH GH DSOLFDomR H SRU HOHPHQWR GH GHVSHVD H UHVSHFWLYRV FRQFHLWRV HRX HV SHFLILFDo}HVFRQVWDPGR$QH[R,,GHVWD3RUWDULD ºeIDFXOWDGRRGHVGREUDPHQWRVXSOHPHQWDUGRVHOHPHQWRVGHGHVSHVDSDUDDWHQGLPHQWR GDVQHFHVVLGDGHVGHHVFULWXUDomRFRQWiELOHFRQWUROHGDH[HFXomRRUoDPHQWiULD $UWº$VVROLFLWDo}HVGHDOWHUDo}HVGRV$QH[RV,H,,GHVWD3RUWDULDGHYHUmRVHUHQFDPLQKDGDV j6710)TXHHPFRQMXQWRFRPD62)03WHUiRSUD]RPi[LPRGHWULQWDGLDVSDUDGHOLEHUDU VREUHRDVVXQWR $UWº(PGHFRUUrQFLDGRGLVSRVWRQRDUWºDHVWUXWXUDGDQDWXUH]DGDGHVSHVDDVHUREVHUYDGD QDH[HFXomRRUoDPHQWiULDGHWRGDVDVHVIHUDVGH*RYHUQRVHUi´FJPPHHGGµRQGH D´FµUHSUHVHQWDDFDWHJRULDHFRQ{PLFD E´JµRJUXSRGHQDWXUH]DGDGHVSHVD F´PPµDPRGDOLGDGHGHDSOLFDomR G´HHµRHOHPHQWRGHGHVSHVDH H´GGµRGHVGREUDPHQWRIDFXOWDWLYRGRHOHPHQWRGHGHVSHVD 3DUiJUDIR ~QLFR $ GLVFULPLQDomR GDV QDWXUH]DV GH GHVSHVD GH TXH WUDWD R $QH[R ,,,GHVWD 3RUWDULD p DSHQDV H[HPSOLILFDWLYD SRGHQGR VHU DPSOLDGD SDUD DWHQGHU jV QHFHVVLGDGHV GH H[HFXomRREVHUYDGRVDHVWUXWXUDHRVFRQFHLWRVFRQVWDQWHVGR$QH[R,,GHVWD3RUWDULD $UWº1DOHLRUoDPHQWiULDDGLVFULPLQDomRGDGHVSHVDTXDQWRjVXDQDWXUH]DIDUVHiQR PtQLPRSRUFDWHJRULDHFRQ{PLFDJUXSRGHQDWXUH]DGHGHVSHVDHPRGDOLGDGHGHDSOLFDomR $UW º $ DORFDomR GRV FUpGLWRV RUoDPHQWiULRV QD OHL RUoDPHQWiULD DQXDO GHYHUi VHU IHLWD GLUHWDPHQWHjXQLGDGHRUoDPHQWiULDUHVSRQViYHOSHODH[HFXomRGDVDo}HVFRUUHVSRQGHQWHV ILFDQGRYHGDGDDFRQVLJQDomRGHUHFXUVRVDWtWXORGHWUDQVIHUrQFLDSDUDXQLGDGHVLQWHJUDQWHV GRVRUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDO $DSOLFDomRGHVWHDUWLJRSDVVDDVHUREULJDWyULDDSDUWLUGRH[HUFtFLRGHFRQIRUPHR SDUiJUDIR~QLFRGRDUWºGD3RUWDULD,QWHUPLQLVWHULDOQGH $UWº$GRWDomRJOREDOGHQRPLQDGD´5HVHUYDGH&RQWLQJrQFLDµSHUPLWLGDSDUDD8QLmRQR DUWGR'HFUHWR/HLQºGHGHIHYHUHLURGHRXHPDWRVGDVGHPDLVHVIHUDVGH *RYHUQRDVHUXWLOL]DGDFRPRIRQWHGHUHFXUVRVSDUDDEHUWXUDGHFUpGLWRVDGLFLRQDLVHSDUDR DWHQGLPHQWR DR GLVSRVWR QR DUW º LQFLVR ,,, GD /HL &RPSOHPHQWDU Qº GH VRE FRRUGHQDomRGRyUJmRUHVSRQViYHOSHODVXDGHVWLQDomRVHUiLGHQWLILFDGDQRVRUoDPHQWRVGH WRGDV DV HVIHUDV GH *RYHUQR SHOR FyGLJR ´[[[[[[[[µ QR TXH VH UHIHUH jV FODVVLILFDo}HV SRU IXQomR H VXEIXQomR H HVWUXWXUD SURJUDPiWLFD RQGH R ´[µ UHSUHVHQWD D FRGLILFDomRGDDomRHRUHVSHFWLYRGHWDOKDPHQWR 3DUiJUDIR~QLFR$FODVVLILFDomRGD5HVHUYDUHIHULGDQRFDSXWTXDQWRjQDWXUH]DGDGHVSHVD VHUiLGHQWLILFDGDFRPRFyGLJR´µ $UWº(VWDSRUWDULDHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomRDSOLFDQGRVHVHXVHIHLWRVDSDUWLU GR H[HUFtFLR ILQDQFHLUR GH LQFOXVLYH QR TXH VH UHIHUH j HODERUDomR GD UHVSHFWLYD OHL RUoDPHQWiULD ´$UW5HYRJDPVHDSDUWLUGHºGHMDQHLURGHDVGLVSRVLo}HVHPFRQWUiULRHHP HVSHFLDORVLWHQVDHRV$GHQGRV,,9,;;H;,GD3RUWDULD62)QºGHGHIHYHUHLUR GHD3RUWDULDQºGHºGHDJRVWRGHGR6HFUHWiULRGH2UoDPHQWRH)LQDQoDV GD6HFUHWDULDGH3ODQHMDPHQWRGD3UHVLGrQFLDGD5HS~EOLFDD3RUWDULDQºGHGH RXWXEUR GH GD 0LQLVWUD GD (FRQRPLD )D]HQGD H 3ODQHMDPHQWR H UHVSHFWLYDV DOWHUDo}HVSRVWHULRUHVµ $/7(5$'2 &21)250( $57 º '$ 3257$5,$ ,17(50,1,67(5,$/ 1º '( )É%,2'(2/,9(,5$%$5%26$ 3$8/258%(16)217(1(/($/%848(548( 6HFUHWiULRGR7HVRXUR1DFLRQDO 6HFUHWiULRGH2UoDPHQWR)HGHUDO $1(;2, 1$785(=$'$5(&(,7$ &Ð',*2 (63(&,),&$d®2 5HFHLWDV &RUUHQWHV 5HFHLWD 7ULEXWiULD ,PSRVWRV ,PSRVWRV VREUH R &RPpUFLR ([WHULRU ,PSRVWR VREUH D ,PSRUWDomR ,PSRVWR VREUH D ([SRUWDomR ,PSRVWRV VREUH R 3DWULP{QLR H D 5HQGD ,PSRVWR VREUH D 3URSULHGDGH 7HUULWRULDO 5XUDO ,PSRVWR VREUH D 3URSULHGDGH 3UHGLDO H 7HUULWRULDO 8UEDQD ,PSRVWR VREUH D 5HQGD H 3URYHQWRV GH 4XDOTXHU 1DWXUH]D 3HVVRDV )tVLFDV 3HVVRDV -XUtGLFDV 5HWLGR QDV )RQWHV ,PSRVWR VREUH D 3URSULHGDGH GH 9HtFXORV $XWRPRWRUHV ,PSRVWR VREUH 7UDQVPLVVmR ´&DXVD 0RUWLVµ H 'RDomR GH %HQV H 'LUHLWRV ,PSRVWR VREUH 7UDQVPLVVmR ´,QWHU 9LYRVµ GH %HQV ,PyYHLV H GH 'LUHLWRV 5HDLV VREUH ,PyYHLV ,PSRVWRV VREUH D 3URGXomR H D &LUFXODomR ,PSRVWR VREUH 3URGXWRV ,QGXVWULDOL]DGRV ,PSRVWR VREUH 2SHUDo}HV 5HODWLYDV j &LUFXODomR GH 0HUFDGRULDV H VREUH 3UHVWDo}HV GH 6HUYLoRV GH 7UDQVSRUWH ,QWHUHVWDGXDO H ,QWHUPXQLFLSDO H GH &RPXQLFDomR ,PSRVWR VREUH 2SHUDo}HV GH &UpGLWR &kPELR H 6HJXUR RX 5HODWLYDV D 7tWXORV RX 9DORUHV 0RELOLiULRV ,PSRVWR VREUH 6HUYLoRV GH 4XDOTXHU 1DWXUH]D ,PSRVWRV ([WUDRUGLQiULRV 7D[DV 7D[DV SHOR ([HUFtFLR GR 3RGHU GH 3ROtFLD 7D[DV SHOD 3UHVWDomR GH 6HUYLoRV &RQWULEXLomR GH 0HOKRULD 5HFHLWD GH &RQWULEXLo}HV &RQWULEXLo}HV 6RFLDLV &RQWULEXLo}HV (FRQ{PLFDV 5HFHLWD 3DWULPRQLDO 5HFHLWDV ,PRELOLiULDV 5HFHLWDV GH 9DORUHV 0RELOLiULRV 5HFHLWD GH &RQFHVV}HV H 3HUPLVV}HV 2XWUDV 5HFHLWDV 3DWULPRQLDLV 5HFHLWD $JURSHFXiULD 5HFHLWD GD 3URGXomR 9HJHWDO 5HFHLWD GD 3URGXomR $QLPDO H 'HULYDGRV 2XWUDV 5HFHLWDV $JURSHFXiULDV 5HFHLWD ,QGXVWULDO 5HFHLWD GD ,QG~VWULD ([WUDWLYD 0LQHUDO 5HFHLWD GD ,QG~VWULD GH 7UDQVIRUPDomR 5HFHLWD GD ,QG~VWULD GH &RQVWUXomR 5HFHLWD GH 6HUYLoRV 7UDQVIHUrQFLDV &RUUHQWHV 7UDQVIHUrQFLDV ,QWUDJRYHUQDPHQWDLV ,1&/8Ì'2 &21)250( $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GD 8QLmR 3DUWLFLSDomR QD 5HFHLWD GD 8QLmR &RWD3DUWH GR )XQGR GH 3DUWLFLSDomR GRV (VWDGRV H GR 'LVWULWR )HGHUDO &RWD3DUWH GR )XQGR GH 3DUWLFLSDomR GRV 0XQLFtSLRV &RWD3DUWH GR ,PSRVWR VREUH D 3URSULHGDGH 7HUULWRULDO 5XUDO &RWD3DUWH GR ,PSRVWR VREUH 3URGXWRV ,QGXVWULDOL]DGRV ² (VWDGRV ([SRUWDGRUHV GH 3URGXWRV ,QGXVWULDOL]DGRV &RWD3DUWH GD &RQWULEXLomR GR 6DOiULR(GXFDomR &RWD3DUWH GR ,PSRVWR VREUH 2SHUDo}HV GH &UpGLWR &kPELR H 6HJXUR RX 5HODWLYDV D 7tWXORV RX 9DORUHV 0RELOLiULRV ² &RPHUFLDOL]DomR GR 2XUR 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLD )LQDQFHLUD ² /& Q 'HPDLV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLDV GRV (VWDGRV 3DUWLFLSDomR QD 5HFHLWD GRV (VWDGRV 2XWUDV 7UDQVIHUrQFLDV GRV (VWDGRV 7UDQVIHUrQFLDV GRV 0XQLFtSLRV 7UDQVIHUrQFLDV 0XOWLJRYHUQDPHQWDLV H ,1&/8Ì'2 &21)250( ,1&,62 , $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 7UDQVIHUrQFLDV GH 5HFXUVRV GR )XQGR GH 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR )XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULR ² )81'() H ,1&/8Ì'2 &21)250( ,1&,62 ,, $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 7UDQVIHUrQFLDV GH 5HFXUVRV GD &RPSOHPHQWDomR DR )XQGR GH 0DQXWHQomR H 'HVHQYROYLPHQWR GR (QVLQR )XQGDPHQWDO H GH 9DORUL]DomR GR 0DJLVWpULR ² )81'() ,1&/8Ì'2 &21)250( ,1&,62 ,,, $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2XWUDV 5HFHLWDV &RUUHQWHV 0XOWDV H -XURV GH 0RUD ,QGHQL]Do}HV H 5HVWLWXLo}HV ,QGHQL]Do}HV 2XWUDV ,QGHQL]Do}HV 5HVWLWXLo}HV 5HFHLWD GD 'tYLGD $WLYD 5HFHLWD GD 'tYLGD $WLYD 7ULEXWiULD 5HFHLWD GD 'tYLGD $WLYD 1mR7ULEXWiULD 5HFHLWDV 'LYHUVDV 5HFHLWDV GH &DSLWDO 2SHUDo}HV GH &UpGLWR 2SHUDo}HV GH &UpGLWR ,QWHUQDV 2SHUDo}HV GH &UpGLWR ([WHUQDV $OLHQDomR GH %HQV $OLHQDomR GH %HQV 0yYHLV $OLHQDomR GH %HQV ,PyYHLV $PRUWL]DomR GH (PSUpVWLPRV 2XWUDV $PRUWL]Do}HV GH (PSUpVWLPRV $PRUWL]DomR GH )LQDQFLDPHQWRV 7UDQVIHUrQFLDV GH &DSLWDO 7UDQVIHUrQFLDV ,QWUDJRYHUQDPHQWDLV ,1&/8Ì'2 &21)250( $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GD 8QLmR 3DUWLFLSDomR QD 5HFHLWD GD 8QLmR 2XWUDV 7UDQVIHUrQFLDV GD 8QLmR 'HPDLV 7UDQVIHUrQFLDV GD 8QLmR 7UDQVIHUrQFLDV GRV (VWDGRV 3DUWLFLSDomR QD 5HFHLWD GRV (VWDGRV 2XWUDV 7UDQVIHUrQFLDV GRV (VWDGRV 7UDQVIHUrQFLDV GRV 0XQLFtSLRV 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2XWUDV 5HFHLWDV GH &DSLWDO ,QWHJUDOL]DomR GR &DSLWDO 6RFLDO 2XWUDV 5HFHLWDV $1(;2,, 1$785(=$'$'(63(6$ ,²'$(6758785$ $²&$7(*25,$6(&21Ñ0,&$6 ²'HVSHVDV&RUUHQWHV ²'HVSHVDVGH&DSLWDO %²*58326'(1$785(=$'('(63(6$ ²3HVVRDOH(QFDUJRV6RFLDLV ²-XURVH(QFDUJRVGD'tYLGD ²2XWUDV'HVSHVDV&RUUHQWHV ²,QYHVWLPHQWRV ²,QYHUV}HV)LQDQFHLUDV ²$PRUWL]DomRGD'tYLGD &²02'$/,'$'(6'($3/,&$d®2 ²7UDQVIHUrQFLDV,QWUDJRYHUQDPHQWDLV ,1&/8Ì'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²7UDQVIHUrQFLDVj8QLmR ²7UDQVIHUrQFLDVD(VWDGRVHDR'LVWULWR)HGHUDO ²7UDQVIHUrQFLDVD0XQLFtSLRV ²7UDQVIHUrQFLDVD,QVWLWXLo}HV3ULYDGDVVHP)LQV/XFUDWLYRV ²7UDQVIHUrQFLDVD,QVWLWXLo}HV3ULYDGDVFRP)LQV/XFUDWLYRV ²7UDQVIHUrQFLDVD,QVWLWXLo}HV0XOWLJRYHUQDPHQWDLV $/7(5$'2&21)250(,1&,62,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²7UDQVIHUrQFLDVDR([WHULRU ²$SOLFDo}HV'LUHWDV ²$'HILQLU '²(/(0(1726'('(63(6$ ²$SRVHQWDGRULDVH5HIRUPDV ²3HQV}HV ²&RQWUDWDomRSRU7HPSR'HWHUPLQDGR ²2XWURV%HQHItFLRV3UHYLGHQFLiULRV ²%HQHItFLR0HQVDODR'HILFLHQWHHDR,GRVR ²&RQWULEXLomRD(QWLGDGHV)HFKDGDVGH3UHYLGrQFLD ²2XWURV%HQHItFLRV$VVLVWHQFLDLV ²6DOiULR)DPtOLD ²2XWURV%HQHItFLRVGH1DWXUH]D6RFLDO ²9HQFLPHQWRVH9DQWDJHQV)L[DV²3HVVRDO&LYLO ²9HQFLPHQWRVH9DQWDJHQV)L[DV²3HVVRDO0LOLWDU ²2EULJDo}HV3DWURQDLV ²'LiULDV²&LYLO ²'LiULDV²0LOLWDU ²2XWUDV'HVSHVDV9DULiYHLV²3HVVRDO&LYLO ²2XWUDV'HVSHVDV9DULiYHLV²3HVVRDO0LOLWDU ²$X[tOLR)LQDQFHLURD(VWXGDQWHV ²$X[tOLR)DUGDPHQWR ²$X[tOLR)LQDQFHLURD3HVTXLVDGRUHV ²-XURVVREUHD'tYLGDSRU&RQWUDWR ²2XWURV(QFDUJRVVREUHD'tYLGDSRU&RQWUDWR ²-XURV'HViJLRVH'HVFRQWRVGD'tYLGD0RELOLiULD ²2XWURV(QFDUJRVVREUHD'tYLGD0RELOLiULD ²(QFDUJRVVREUH2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGD5HFHLWD ²2EULJDo}HVGHFRUUHQWHVGH3ROtWLFD0RQHWiULD ²(QFDUJRVSHOD+RQUDGH$YDLV*DUDQWLDV6HJXURVH6LPLODUHV ²5HPXQHUDomRGH&RWDVGH)XQGRV$XWiUTXLFRV ²0DWHULDOGH&RQVXPR ²3UHPLDo}HV&XOWXUDLV$UWtVWLFDV&LHQWtILFDV'HVSRUWLYDVH2XWUDV ,1&/8Ì'2 &21)250( 2 $57 º '$ 3257$5,$ ,17(50,1,67(5,$/ 1º '( ²0DWHULDOGH'LVWULEXLomR*UDWXLWD ²3DVVDJHQVH'HVSHVDVFRP/RFRPRomR ²2XWUDV'HVSHVDVGH3HVVRDOGHFRUUHQWHVGH&RQWUDWRVGH7HUFHLUL]DomR ²6HUYLoRVGH&RQVXOWRULD ²2XWURV6HUYLoRVGH7HUFHLURV²3HVVRD)tVLFD ²/RFDomRGH0mRGH2EUD ²$UUHQGDPHQWR0HUFDQWLO ²2XWURV6HUYLoRVGH7HUFHLURV²3HVVRD-XUtGLFD ²&RQWULEXLo}HV ²$X[tOLRV ²6XEYHQo}HV6RFLDLV ²(TXDOL]DomRGH3UHoRVH7D[DV ²$X[tOLR$OLPHQWDomR ²2EULJDo}HV7ULEXWiULDVH&RQWULEXWLYDV ²2XWURV$X[tOLRV)LQDQFHLURVD3HVVRDV)tVLFDV ²$X[tOLR7UDQVSRUWH ²2EUDVH,QVWDODo}HV ²(TXLSDPHQWRVH0DWHULDO3HUPDQHQWH ²$TXLVLomRGH,PyYHLV ²$TXLVLomRGH3URGXWRVSDUD5HYHQGD ²$TXLVLomRGH7tWXORVGH&UpGLWR ²$TXLVLomRGH7tWXORV5HSUHVHQWDWLYRVGH&DSLWDOMi,QWHJUDOL]DGR ²&RQVWLWXLomRRX$XPHQWRGH&DSLWDOGH(PSUHVDV ²&RQFHVVmRGH(PSUpVWLPRVH)LQDQFLDPHQWRV ²'HSyVLWRV&RPSXOVyULRV ²3ULQFLSDOGD'tYLGD&RQWUDWXDO5HVJDWDGR ²3ULQFLSDOGD'tYLGD0RELOLiULD5HVJDWDGR ²&RUUHomR0RQHWiULDRX&DPELDOGD'tYLGD&RQWUDWXDO5HVJDWDGD ²&RUUHomR0RQHWiULDRX&DPELDOGD'tYLGD0RELOLiULD5HVJDWDGD ²&RUUHomR0RQHWiULDGD'tYLGDGH2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGD5HFHLWD ²3ULQFLSDO&RUULJLGRGD'tYLGD0RELOLiULD5HILQDQFLDGR ²3ULQFLSDO&RUULJLGRGD'tYLGD&RQWUDWXDO5HILQDQFLDGR ²'LVWULEXLomRGH5HFHLWDV ²6HQWHQoDV-XGLFLDLV ²'HVSHVDVGH([HUFtFLRV$QWHULRUHV ²,QGHQL]Do}HVH5HVWLWXLo}HV ²,QGHQL]Do}HVH5HVWLWXLo}HV7UDEDOKLVWDV ²,QGHQL]DomRSHOD([HFXomRGH7UDEDOKRVGH&DPSR ²5HVVDUFLPHQWRGH'HVSHVDVGH3HVVRDO5HTXLVLWDGR ²$&ODVVLILFDU ,,²'26&21&(,726((63(&,),&$d¯(6 $²&$7(*25,$6(&21Ñ0,&$6 ²'HVSHVDV&RUUHQWHV &ODVVLILFDPVH QHVWD FDWHJRULD WRGDV DV GHVSHVDV TXH QmR FRQWULEXHP GLUHWDPHQWH SDUD D IRUPDomRRXDTXLVLomRGHXPEHPGHFDSLWDO ²'HVSHVDVGH&DSLWDO &ODVVLILFDPVHQHVWDFDWHJRULDDTXHODVGHVSHVDVTXHFRQWULEXHPGLUHWDPHQWHSDUDDIRUPDomR RXDTXLVLomRGHXPEHPGHFDSLWDO %²*58326'(1$785(=$'('(63(6$ ²3HVVRDOH(QFDUJRV6RFLDLV 'HVSHVDVGHQDWXUH]DUHPXQHUDWyULDGHFRUUHQWHVGRHIHWLYRH[HUFtFLRGHFDUJRHPSUHJR RXIXQomRGHFRQILDQoDQRVHWRUS~EOLFRGRSDJDPHQWRGRVSURYHQWRVGHDSRVHQWDGRULDV UHIRUPDV H SHQV}HV GDV REULJDo}HV WUDEDOKLVWDV GH UHVSRQVDELOLGDGH GR HPSUHJDGRU LQFLGHQWHVVREUHDIROKDGHVDOiULRVFRQWULEXLomRDHQWLGDGHVIHFKDGDVGHSUHYLGrQFLD RXWURV EHQHItFLRV DVVLVWHQFLDLV FODVVLILFiYHLV QHVWH JUXSR GH GHVSHVD EHP FRPR VROGR JUDWLILFDo}HV DGLFLRQDLV H RXWURV GLUHLWRV UHPXQHUDWyULRV SHUWLQHQWHV D HVWH JUXSR GH GHVSHVD SUHYLVWRVQDHVWUXWXUDUHPXQHUDWyULDGRVPLOLWDUHVHDLQGDGHVSHVDVFRPRUHV VDUFLPHQWRGHSHVVRDOUHTXLVLWDGRGHVSHVDVFRPDFRQWUDWDomRWHPSRUiULDSDUDDWHQGHUD QHFHVVLGDGHGHH[FHSFLRQDOLQWHUHVVHS~EOLFRHGHVSHVDVFRPFRQWUDWRVGHWHUFHLUL]DomRGH PmRGHREUD TXH VH UHILUDP j VXEVWLWXLomR GH VHUYLGRUHV H HPSUHJDGRV S~EOLFRV HP DWHQGLPHQWRDRGLVSRVWRQRDUWºGD/HL&RPSOHPHQWDUQRGH $/7(5$'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²-XURVH(QFDUJRVGD'tYLGD 'HVSHVDVFRPRSDJDPHQWRGHMXURVFRPLVV}HVHRXWURVHQFDUJRVGHRSHUDo}HVGHFUpGLWR LQWHUQDVHH[WHUQDVFRQWUDWDGDVEHPFRPRGDGtYLGDS~EOLFDPRELOLiULD ²2XWUDV'HVSHVDV&RUUHQWHV 'HVSHVDVFRPDTXLVLomRGHPDWHULDOGHFRQVXPRSDJDPHQWRGHGLiULDVFRQWULEXLo}HV VXEYHQo}HVDX[tOLRDOLPHQWDomRDX[tOLRWUDQVSRUWHDOpPGHRXWUDVGHVSHVDVGDFDWHJRULD HFRQ{PLFD ´'HVSHVDV &RUUHQWHVµ QmR FODVVLILFiYHLV QRV GHPDLV JUXSRV GH QDWXUH]D GH GHVSHVD $/7(5$'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²,QYHVWLPHQWRV 'HVSHVDVFRPRSODQHMDPHQWRHDH[HFXomRGHREUDVLQFOXVLYHFRPDDTXLVLomRGHLPyYHLV FRQVLGHUDGRV QHFHVViULRV j UHDOL]DomR GHVWDV ~OWLPDV H FRP D DTXLVLomR GH LQVWDODo}HV HTXLSDPHQWRVHPDWHULDOSHUPDQHQWH ²,QYHUV}HV)LQDQFHLUDV 'HVSHVDVFRPDDTXLVLomRGHLPyYHLVRXEHQVGHFDSLWDOMiHPXWLOL]DomRDTXLVLomRGHWtWXORV UHSUHVHQWDWLYRV GR FDSLWDO GH HPSUHVDV RX HQWLGDGHV GH TXDOTXHU HVSpFLH Mi FRQVWLWXtGDV TXDQGRDRSHUDomRQmRLPSRUWHDXPHQWRGRFDSLWDOHFRPDFRQVWLWXLomRRXDXPHQWRGR FDSLWDOGHHPSUHVDV ²$PRUWL]DomRGD'tYLGD 'HVSHVDVFRPRSDJDPHQWRHRXUHILQDQFLDPHQWRGRSULQFLSDOHGDDWXDOL]DomRPRQHWiULDRX FDPELDOGDGtYLGDS~EOLFDLQWHUQDHH[WHUQDFRQWUDWXDORXPRELOLiULD &²02'$/,'$'(6'($3/,&$d®2 ²7UDQVIHUrQFLDV,QWUDJRYHUQDPHQWDLV 'HVSHVDVUHDOL]DGDVPHGLDQWHWUDQVIHUrQFLDGHUHFXUVRVILQDQFHLURVDHQWLGDGHVSHUWHQ FHQWHVjDGPLQLVWUDomRS~EOLFDGHQWURGDPHVPDHVIHUDGHJRYHUQR ,1&/8Ì'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²7UDQVIHUrQFLDVj8QLmR 'HVSHVDVUHDOL]DGDVSHORV(VWDGRV0XQLFtSLRVRXSHOR'LVWULWR)HGHUDOPHGLDQWHWUDQVIHUrQFLD GHUHFXUVRVILQDQFHLURVj8QLmRLQFOXVLYHSDUDVXDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD ²7UDQVIHUrQFLDVD(VWDGRVHDR'LVWULWR)HGHUDO 'HVSHVDVUHDOL]DGDVPHGLDQWHWUDQVIHUrQFLDGHUHFXUVRVILQDQFHLURVGD8QLmRRXGRV0XQLFtSLRV DRV(VWDGRVHDR'LVWULWR)HGHUDOLQFOXVLYHSDUDVXDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD ²7UDQVIHUrQFLDVD0XQLFtSLRV 'HVSHVDVUHDOL]DGDVPHGLDQWHWUDQVIHUrQFLDGHUHFXUVRVILQDQFHLURVGD8QLmRRXGRV(VWDGRV DRV0XQLFtSLRVLQFOXVLYHSDUDVXDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD ²7UDQVIHUrQFLDVD,QVWLWXLo}HV3ULYDGDVVHP)LQV/XFUDWLYRV 'HVSHVDV UHDOL]DGDV PHGLDQWH WUDQVIHUrQFLD GH UHFXUVRV ILQDQFHLURV D HQWLGDGHV VHP ILQV OXFUDWLYRVTXHQmRWHQKDPYtQFXORFRPDDGPLQLVWUDomRS~EOLFD ²7UDQVIHUrQFLDVD,QVWLWXLo}HV3ULYDGDVFRP)LQV/XFUDWLYRV 'HVSHVDV UHDOL]DGDV PHGLDQWH WUDQVIHUrQFLD GH UHFXUVRV ILQDQFHLURV D HQWLGDGHV FRP ILQV OXFUDWLYRVTXHQmRWHQKDPYtQFXORFRPDDGPLQLVWUDomRS~EOLFD ²7UDQVIHUrQFLDVD,QVWLWXLo}HV0XOWLJRYHUQDPHQWDLV 'HVSHVDVUHDOL]DGDVPHGLDQWHWUDQVIHUrQFLDGHUHFXUVRVILQDQFHLURVDHQWLGDGHVFULDGDVH PDQWLGDVSRUGRLVRXPDLVHQWHVGD)HGHUDomRRXSRUGRLVRXPDLVSDtVHVLQFOXVLYHR %UDVLO $/7(5$'2&21)250(,1&,62,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²7UDQVIHUrQFLDVDR([WHULRU 'HVSHVDV UHDOL]DGDV PHGLDQWH WUDQVIHUrQFLD GH UHFXUVRV ILQDQFHLURV D yUJmRV H HQWLGDGHV JRYHUQDPHQWDLVSHUWHQFHQWHVDRXWURVSDtVHVDRUJDQLVPRVLQWHUQDFLRQDLVHDIXQGRVLQVWLWXtGRV SRUGLYHUVRVSDtVHVLQFOXVLYHDTXHOHVTXHWHQKDPVHGHRXUHFHEDPRVUHFXUVRVQR%UDVLO ²$SOLFDo}HV'LUHWDV $SOLFDomR GLUHWD SHOD XQLGDGH RUoDPHQWiULD GRV FUpGLWRV D HOD DORFDGRV RX RULXQGRV GH GHVFHQWUDOL]DomRGHRXWUDVHQWLGDGHVLQWHJUDQWHVRXQmRGRV2UoDPHQWRV)LVFDORXGD6HJXUL GDGH6RFLDOQRkPELWRGDPHVPDHVIHUDGHJRYHUQR ²$'HILQLU 0RGDOLGDGHGHXWLOL]DomRH[FOXVLYDGR3RGHU/HJLVODWLYRYHGDGDDH[HFXomRRUoDPHQWiULD HQTXDQWRQmRKRXYHUVXDGHILQLomRSRGHQGRVHUXWLOL]DGDSDUDFODVVLILFDomRRUoDPHQWiULD GD5HVHUYDGH&RQWLQJrQFLDQRVWHUPRVGRSDUiJUDIR~QLFRGRDUWRGHVWD3RUWDULD $/7(5$'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( '²(/(0(1726'('(63(6$ ²$SRVHQWDGRULDVH5HIRUPDV 'HVSHVDV FRP SDJDPHQWRV GH LQDWLYRV FLYLV PLOLWDUHV UHIRUPDGRV H VHJXUDGRV GR SODQR GH EHQHItFLRVGDSUHYLGrQFLDVRFLDO ²3HQV}HV 'HVSHVDVFRPSHQVLRQLVWDVFLYLVHPLOLWDUHVSHQVLRQLVWDVGRSODQRGHEHQHItFLRVGDSUHYLGrQFLD VRFLDOSHQV}HVFRQFHGLGDVSRUOHLHVSHFtILFDRXSRUVHQWHQoDVMXGLFLDLV ²&RQWUDWDomRSRU7HPSR'HWHUPLQDGR 'HVSHVDVFRPDFRQWUDWDomRGHSHVVRDOSRUWHPSRGHWHUPLQDGRSDUDDWHQGHUDQHFHV VLGDGHWHPSRUiULDGHH[FHSFLRQDOLQWHUHVVHS~EOLFRGHDFRUGRFRPOHJLVODomRHVSHFtILFD GHFDGD HQWHGD)HGHUDomRLQFOXVLYHREULJDo}HVSDWURQDLVHRXWUDVGHVSHVDVYDULiYHLV TXDQGRIRURFDVR $/7(5$'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²2XWURV%HQHItFLRV3UHYLGHQFLiULRV 'HVSHVDVFRPRXWURVEHQHItFLRVGRVLVWHPDSUHYLGHQFLiULRH[FOXVLYHDSRVHQWDGRULDUHIRUPDV HSHQV}HV ²%HQHItFLR0HQVDODR'HILFLHQWHHDR,GRVR 'HVSHVDVGHFRUUHQWHVGRFXPSULPHQWRGRDUWLWHP9GD&RQVWLWXLomR)HGHUDOTXHGLVS}H ´$UW²$DVVLVWrQFLDVRFLDOVHUiSUHVWDGDDTXHPGHODQHFHVVLWDULQGHSHQGHQWHPHQWHGH FRQWULEXLomRjVHJXULGDGHVRFLDOHWHPSRUREMHWLYRV , ,, ,,, ,9 9²DJDUDQWLDGHXPVDOiULRPtQLPRGHEHQHItFLRPHQVDOjSHVVRDSRUWDGRUDGHGHILFLrQFLD HDRLGRVRTXHFRPSURYHPQmRSRVVXLUPHLRVGHSURYHUDSUySULDPDQXWHQomRRXGH WrODSURYLGDSRUVXDIDPtOLDFRQIRUPHGLVSXVHUDOHL ²&RQWULEXLomRD(QWLGDGHV)HFKDGDVGH3UHYLGrQFLD 'HVSHVDVFRPRVHQFDUJRVGDHQWLGDGHSDWURFLQDGRUDQRUHJLPHGHSUHYLGrQFLDIHFKDGDSDUD FRPSOHPHQWDomRGHDSRVHQWDGRULD ²2XWURV%HQHItFLRV$VVLVWHQFLDLV 'HVSHVDV FRP $X[tOLR)XQHUDO GHYLGR j IDPtOLD GR VHUYLGRU RX GR PLOLWDU IDOHFLGR QD DWLYLGDGHRXDSRVHQWDGRRXDWHUFHLURTXHFXVWHDUFRPSURYDGDPHQWHDVGHVSHVDVFRP RIXQHUDOGRH[VHUYLGRURXGRH[PLOLWDU$X[tOLR5HFOXVmRGHYLGRjIDPtOLDGRVHUYLGRURX GRPLOLWDUDIDVWDGRSRUPRWLYRGHSULVmR$X[tOLR1DWDOLGDGHGHYLGRjVHUYLGRUDRXPLOLWDU F{QMXJHRXFRPSDQKHLURVHUYLGRUS~EOLFRRXPLOLWDUSRUPRWLYRGHQDVFLPHQWRGHILOKR $X[tOLR&UHFKHRX$VVLVWrQFLD3Up(VFRODUH$X[tOLR,QYDOLGH]SDJRVGLUHWDPHQWHDRVHUYL GRURXPLOLWDU $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²6DOiULR)DPtOLD %HQHItFLR SHFXQLiULR GHYLGR DRV GHSHQGHQWHV HFRQ{PLFRV GR PLOLWDU RX GR VHUYLGRU H[FOXVLYHRVUHJLGRVSHOD&RQVROLGDomRGDV/HLVGR7UDEDOKR²&/7RVTXDLVVmRSDJRVj FRQWDGRSODQRGHEHQHItFLRVGDSUHYLGrQFLDVRFLDO $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²2XWURV%HQHItFLRVGH1DWXUH]D6RFLDO 'HVSHVDVFRPDERQR3,63$6(3H6HJXUR'HVHPSUHJRHPFXPSULPHQWRDRVºHºGR DUWGD&RQVWLWXLomR)HGHUDO ²9HQFLPHQWRVH9DQWDJHQV)L[DV²3HVVRDO&LYLO 'HVSHVDVFRP9HQFLPHQWR6DOiULR3HVVRDO3HUPDQHQWH9HQFLPHQWRRX6DOiULRGH&DUJRV GH&RQILDQoD6XEVtGLRV9HQFLPHQWRGR3HVVRDOHP'LVSRQLELOLGDGH5HPXQHUDGD*UDWL ILFDo}HV WDLV FRPR *UDWLILFDomR $GLFLRQDO 3HVVRDO 'LVSRQtYHO *UDWLILFDomR GH ,QWH ULRUL]DomR *UDWLILFDomR GH 'HGLFDomR ([FOXVLYD *UDWLILFDomR GH 5HJrQFLD GH &ODVVH *UDWLILFDomRSHOD&KHILDRX&RRUGHQDomRGH&XUVRGHÉUHDRX(TXLYDOHQWH*UDWLILFDomR SRU3URGXomR6XSOHPHQWDU*UDWLILFDomRSRU7UDEDOKRGH5DLRV;RX6XEVWkQFLDV5DGLRDWL YDV*UDWLILFDomRSHOD&KHILDGH'HSDUWDPHQWR'LYLVmRRX(TXLYDOHQWH*UDWLILFDomRGH 'LUHomR*HUDORX'LUHomR0DJLVWpULRGHOºHº*UDXV*UDWLILFDomRGH)XQomR0DJLVWpULR 6XSHULRU*UDWLILFDomRGH$WHQGLPHQWRH+DELOLWDomR3UHYLGHQFLiULRV*UDWLILFDomR(VSHFLDO GH/RFDOLGDGH*UDWLILFDomRGH'HVHPSHQKRGDV$WLYLGDGHV5RGRYLiULDV*UDWLILFDomRGD $WLYLGDGHGH)LVFDOL]DomRGR7UDEDOKR*UDWLILFDomRGH(QJHQKHLUR$JU{QRPR*UDWLILFDomR GH 1DWDO *UDWLILFDomR GH (VWtPXOR j )LVFDOL]DomR H $UUHFDGDomR GH &RQWULEXLo}HV H GH 7ULEXWRV*UDWLILFDomRSRU(QFDUJRGH&XUVRRXGH&RQFXUVR*UDWLILFDomRGH3URGXWLYLGDGH GR(QVLQR*UDWLILFDomRGH+DELOLWDomR3URILVVLRQDO*UDWLILFDomRGH$WLYLGDGH*UDWLILFDomR GH5HSUHVHQWDomRGH*DELQHWH$GLFLRQDOGH,QVDOXEULGDGH$GLFLRQDO1RWXUQR$GLFLRQDO GH)pULDVDUWºLWHP;9,,GD&RQVWLWXLomR$GLFLRQDLVGH3HULFXORVLGDGH5HSUH VHQWDomR0HQVDO/LFHQoD3UrPLRSRUDVVLGXLGDGH5HWULEXLomR%iVLFD9HQFLPHQWRVRX 6DOiULRQR([WHULRU'LIHUHQoDV,QGLYLGXDLV3HUPDQHQWHV9DQWDJHQV3HFXQLiULDVGH0LQLV WUR GH (VWDGR GH 6HFUHWiULR GH (VWDGR H GH 0XQLFtSLR )pULDV $QWHFLSDGDV GH 3HVVRDO 3HUPDQHQWH$YLVR3UpYLRFXPSULGR)pULDV9HQFLGDVH3URSRUFLRQDLV3DUFHOD,QFRUSR UDGDH[TXLQWRVHH[GpFLPRV,QGHQL]DomRGH+DELOLWDomR3ROLFLDO$GLDQWDPHQWRGRº 6DOiULR º 6DOiULR 3URSRUFLRQDO ,QFHQWLYR )XQFLRQDO ² 6DQLWDULVWD $ERQR 3URYLVyULR ´3UyODERUHµGH3URFXUDGRUHVHRXWUDVGHVSHVDVFRUUHODWDVGHFDUiWHUSHUPDQHQWH $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²9HQFLPHQWRVH9DQWDJHQV)L[DV²3HVVRDO0LOLWDU 'HVSHVDVFRP6ROGR*UDWLILFDomRGH/RFDOLGDGH(VSHFLDO*UDWLILFDomRGH5HSUHVHQWDomR $GLFLRQDO GH 7HPSR GH 6HUYLoR $GLFLRQDO GH +DELOLWDomR $GLFLRQDO GH &RPSHQVDomR 2UJkQLFD $GLFLRQDO 0LOLWDU $GLFLRQDO GH 3HUPDQrQFLD $GLFLRQDO GH )pULDV $GLFLRQDO 1DWDOLQR H RXWUDV GHVSHVDV FRUUHODWDV GH FDUiWHU SHUPDQHQWH SUHYLVWDV QD HVWUXWXUD UHPXQHUDWyULDGRVPLOLWDUHV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²2EULJDo}HV3DWURQDLV 'HVSHVDV FRP HQFDUJRV TXH D DGPLQLVWUDomR WHP SHOD VXD FRQGLomR GH HPSUHJDGRUD H UHVXOWDQWHVGHSDJDPHQWRGHSHVVRDOWDLVFRPR)XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoRH FRQWULEXLo}HVSDUD,QVWLWXWRVGH3UHYLGrQFLD ²'LiULDV²&LYLO &REHUWXUDGHGHVSHVDVGHDOLPHQWDomRSRXVDGDHORFRPRomRXUEDQDFRPRVHUYLGRUS~EOLFR HVWDWXWiULRRXFHOHWLVWDTXHVHGHVORFDUGHVXDVHGHHPREMHWRGHVHUYLoRHPFDUiWHUHYHQWXDO RXWUDQVLWyULRHQWHQGLGRFRPRVHGHR0XQLFtSLRRQGHDUHSDUWLomRHVWLYHULQVWDODGDHRQGHR VHUYLGRUWLYHUH[HUFtFLRHPFDUiWHUSHUPDQHQWH ²'LiULDV²0LOLWDU 'HVSHVDV GHFRUUHQWHV GR GHVORFDPHQWR GR PLOLWDU GD VHGH GH VXD XQLGDGH SRU PRWLYR GH VHUYLoRGHVWLQDGDVjLQGHQL]DomRGDVGHVSHVDVGHDOLPHQWDomRHSRXVDGD ²2XWUDV'HVSHVDV9DULiYHLV²3HVVRDO&LYLO 'HVSHVDVUHODFLRQDGDVjVDWLYLGDGHVGRFDUJRHPSUHJRRXIXQomRGRVHUYLGRUHFXMRSDJDPHQWR Vy VH HIHWXD HP FLUFXQVWkQFLDV HVSHFtILFDV WDLV FRPR KRUDH[WUD VXEVWLWXLo}HV H RXWUDV GHVSHVDV GD HVSpFLH GHFRUUHQWHV GR SDJDPHQWR GH SHVVRDO GRV yUJmRV H HQWLGDGHV GD DGPLQLVWUDomRGLUHWDHLQGLUHWD ²2XWUDV'HVSHVDV9DULiYHLV²3HVVRDO0LOLWDU 'HVSHVDV HYHQWXDLV GH QDWXUH]D UHPXQHUDWyULD GHYLGDV HP YLUWXGH GR H[HUFtFLR GD DWLYLGDGHPLOLWDUH[FHWRDTXHODVFODVVLILFDGDVHPHOHPHQWRVGHGHVSHVDVHVSHFtILFRV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²$X[tOLR)LQDQFHLURD(VWXGDQWHV 'HVSHVDFRPDMXGDILQDQFHLUDFRQFHGLGDSHOR(VWDGRDHVWXGDQWHVFRPSURYDGDPHQWHFDUHQWHV HFRQFHVVmRGHDX[tOLRSDUDRGHVHQYROYLPHQWRGHHVWXGRVHSHVTXLVDVGHQDWXUH]DFLHQWtILFD UHDOL]DGDVSRUSHVVRDVItVLFDVQDFRQGLomRGHHVWXGDQWHREVHUYDGRRGLVSRVWRQRDUWGD/HL &RPSOHPHQWDUQºGH ²$X[tOLR)DUGDPHQWR 'HVSHVDVFRPRDX[tOLRIDUGDPHQWRSDJRGLUHWDPHQWHDRVHUYLGRURXPLOLWDU ²$X[tOLR)LQDQFHLURD3HVTXLVDGRUHV $SRLRILQDQFHLURFRQFHGLGRDSHVTXLVDGRUHVLQGLYLGXDORXFROHWLYDPHQWHH[FHWRQDFRQGLomR GHHVWXGDQWHQRGHVHQYROYLPHQWRGHSHVTXLVDVFLHQWtILFDVHWHFQROyJLFDVQDVVXDVPDLVGLYHUVDV PRGDOLGDGHVREVHUYDGRRGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQºGH ²-XURVVREUHD'tYLGDSRU&RQWUDWR 'HVSHVDVFRPMXURVUHIHUHQWHVDRSHUDo}HVGHFUpGLWRHIHWLYDPHQWHFRQWUDWDGDV ²2XWURV(QFDUJRVVREUHD'tYLGDSRU&RQWUDWR 'HVSHVDV FRP RXWURV HQFDUJRV GD GtYLGD S~EOLFD FRQWUDWDGD WDLV FRPR WD[DV FRPLVV}HV EDQFiULDVSUrPLRVLPSRVWRGHUHQGDHRXWURVHQFDUJRV ²-XURV'HViJLRVH'HVFRQWRVGD'tYLGD0RELOLiULD 'HVSHVDV FRP D UHPXQHUDomR UHDO GHYLGD SHOD DSOLFDomR GH FDSLWDO GH WHUFHLURV HP WtWXORV S~EOLFRV ²2XWURV(QFDUJRVVREUHD'tYLGD0RELOLiULD 'HVSHVDVFRPRXWURVHQFDUJRVGDGtYLGDPRELOLiULDWDLVFRPRFRPLVVmRFRUUHWDJHPVHJXURHWF ²(QFDUJRVVREUH2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGD5HFHLWD 'HVSHVDVFRPRSDJDPHQWRGHHQFDUJRVGDGtYLGDS~EOLFDLQFOXVLYHRVMXURVGHFRUUHQWHVGH RSHUDo}HVGHFUpGLWRSRUDQWHFLSDomRGDUHFHLWDFRQIRUPHDUWºGD&RQVWLWXLomR ²2EULJDo}HVGHFRUUHQWHVGH3ROtWLFD0RQHWiULD 'HVSHVDVFRPDFREHUWXUDGRUHVXOWDGRQHJDWLYRGR%DQFR&HQWUDOGR%UDVLOFRPRDXWRULGDGH PRQHWiULDDSXUDGRHPEDODQoRQRVWHUPRVGDOHJLVODomRYLJHQWH ²(QFDUJRVSHOD+RQUDGH$YDLV*DUDQWLDV6HJXURVH6LPLODUHV 'HVSHVDV TXH D DGPLQLVWUDomR p FRPSHOLGD D UHDOL]DU HP GHFRUUrQFLD GD KRQUD GH DYDLV JDUDQWLDVVHJXURVILDQoDVHVLPLODUHVFRQFHGLGRV ²5HPXQHUDomRGH&RWDVGH)XQGRV$XWiUTXLFRV (QFDUJRV GHFRUUHQWHV GD UHPXQHUDomR GH FRWDV GH IXQGRV DXWiUTXLFRV j VHPHOKDQoD GH GLYLGHQGRVHPUD]mRGRVUHVXOWDGRVSRVLWLYRVGHVVHVIXQGRV ²0DWHULDOGH&RQVXPR 'HVSHVDVFRPiOFRRODXWRPRWLYRJDVROLQDDXWRPRWLYDGLHVHODXWRPRWLYROXEULILFDQWHVDXWR PRWLYRV FRPEXVWtYHO H OXEULILFDQWHV GH DYLDomR JiV HQJDUUDIDGR RXWURV FRPEXVWtYHLV H OXEULILFDQWHVPDWHULDOELROyJLFRIDUPDFROyJLFRHODERUDWRULDODQLPDLVSDUDHVWXGRFRUWHRX DEDWHDOLPHQWRVSDUDDQLPDLVPDWHULDOGHFRXGHODULDRXGHXVR]RRWpFQLFRVHPHQWHVHPXGDV GHSODQWDVJrQHURVGHDOLPHQWDomRPDWHULDOGHFRQVWUXomRSDUDUHSDURVHPLPyYHLVPDWHULDO GHPDQREUDHSDWUXOKDPHQWRPDWHULDOGHSURWHomRVHJXUDQoDVRFRUURHVREUHYLYrQFLDPD WHULDOGHH[SHGLHQWHPDWHULDOGHFDPDHPHVDFRSDHFR]LQKDHSURGXWRVGHKLJLHQL]DomRPD WHULDOJUiILFRHGHSURFHVVDPHQWRGHGDGRVDTXLVLomRGHGLVTXHWHPDWHULDOSDUDHVSRUWHVH GLYHUV}HVPDWHULDOSDUDIRWRJUDILDHILOPDJHPPDWHULDOSDUDLQVWDODomRHOpWULFDHHOHWU{QLFD PDWHULDOSDUDPDQXWHQomRUHSRVLomRHDSOLFDomRPDWHULDORGRQWROyJLFRKRVSLWDODUHDPEX ODWRULDOPDWHULDOTXtPLFRPDWHULDOSDUDWHOHFRPXQLFDo}HVYHVWXiULRXQLIRUPHVIDUGDPHQWR WHFLGRVHDYLDPHQWRVPDWHULDOGHDFRQGLFLRQDPHQWRHHPEDODJHPVXSULPHQWRGHSURWHomR DRY{RVXSULPHQWRGHDYLDomRVREUHVVDOHQWHVGHPiTXLQDVHPRWRUHVGHQDYLRVHHVTXDGUD H[SORVLYRVHPXQLo}HVEDQGHLUDVIOkPXODVHLQVtJQLDVHRXWURVPDWHULDLVGHXVRQmRGXUDGRXUR $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²3UHPLDo}HV&XOWXUDLV$UWtVWLFDV&LHQWtILFDV'HVSRUWLYDVH2XWUDV 'HVSHVDVFRPDDTXLVLomRGHSUrPLRVFRQGHFRUDo}HVPHGDOKDVWURIpXVHWFEHPFRPR FRPRSDJDPHQWRGHSUrPLRVHPSHF~QLDLQFOXVLYHGHFRUUHQWHVGHVRUWHLRVORWpULFRV ,1&/8Ì'2&21)250(2$57º'$3257$5,$,17(50,1,67(5,$/1º'( ²0DWHULDOGH'LVWULEXLomR*UDWXLWD 'HVSHVDVFRPDTXLVLomRGHPDWHULDLVSDUDGLVWULEXLomRJUDWXLWDWDLVFRPROLYURVGLGiWLFRV PHGLFDPHQWRV JrQHURV DOLPHQWtFLRV H RXWURV PDWHULDLV RX EHQV TXH SRVVDP VHU GLV WULEXtGRVJUDWXLWDPHQWHH[FHWRVHGHVWLQDGRVDSUHPLDo}HVFXOWXUDLVDUWtVWLFDVFLHQWtILFDV GHVSRUWLYDVHRXWUDV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²3DVVDJHQVH'HVSHVDVFRP/RFRPRomR 'HVSHVDVFRPDTXLVLomRGHSDVVDJHQVDpUHDVWHUUHVWUHVIOXYLDLVRXPDUtWLPDVWD[DVGH HPEDUTXHVHJXURVIUHWDPHQWRSHGiJLRVORFDomRRXXVRGHYHtFXORVSDUDWUDQVSRUWHGH SHVVRDV H VXDV UHVSHFWLYDV EDJDJHQV HP GHFRUUrQFLD GH PXGDQoDV GH GRPLFtOLR QR LQWHUHVVHGDDGPLQLVWUDomR $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²2XWUDV'HVSHVDVGH3HVVRDOGHFRUUHQWHVGH&RQWUDWRVGH7HUFHLUL]DomR 'HVSHVDVUHODWLYDVjPmRGHREUDFRQVWDQWHVGRVFRQWUDWRVGHWHUFHLUL]DomRFODVVLILFiYHLV QRJUXSRGHGHVSHVD´²3HVVRDOH(QFDUJRV6RFLDLVµHPREHGLrQFLDDRGLVSRVWRQRDUW ºGD/HL&RPSOHPHQWDUQRGH $/7(5$'2&21)250($57º'$3257$5,$,17(50,1,67(5,$/1º'( ²6HUYLoRVGH&RQVXOWRULD 'HVSHVDVGHFRUUHQWHVGHFRQWUDWRVFRPSHVVRDVItVLFDVRXMXUtGLFDVSUHVWDGRUDVGHVHUYLoRVQDV iUHDVGHFRQVXOWRULDVWpFQLFDVRXDXGLWRULDVILQDQFHLUDVRXMXUtGLFDVRXDVVHPHOKDGDV ²2XWURV6HUYLoRVGH7HUFHLURV²3HVVRD)tVLFD 'HVSHVDVGHFRUUHQWHVGHVHUYLoRVSUHVWDGRVSRUSHVVRDItVLFDSDJRVGLUHWDPHQWHDHVWDHQmR HQTXDGUDGRVQRVHOHPHQWRVGHGHVSHVDHVSHFtILFRVWDLVFRPRUHPXQHUDomRGHVHUYLoRVGH QDWXUH]DHYHQWXDOSUHVWDGRSRUSHVVRDItVLFDVHPYtQFXORHPSUHJDWtFLRHVWDJLiULRVPRQLWRUHV GLUHWDPHQWH FRQWUDWDGRV GLiULDV D FRODERUDGRUHV HYHQWXDLV ORFDomR GH LPyYHLV VDOiULR GH LQWHUQRVQDVSHQLWHQFLiULDVHRXWUDVGHVSHVDVSDJDVGLUHWDPHQWHjSHVVRDItVLFD ²/RFDomRGH0mRGH2EUD 'HVSHVDV FRP SUHVWDomR GH VHUYLoRV SRU SHVVRDV MXUtGLFDV SDUD yUJmRV S~EOLFRV WDLV FRPR OLPSH]DHKLJLHQHYLJLOkQFLDRVWHQVLYDHRXWURVQRVFDVRVHPTXHRFRQWUDWRHVSHFLILTXHR TXDQWLWDWLYRItVLFRGRSHVVRDODVHUXWLOL]DGR ²$UUHQGDPHQWR0HUFDQWLO 'HVSHVDVFRPDORFDomRGHHTXLSDPHQWRVHEHQVPyYHLVFRPRSomRGHFRPSUDDRILQDOGR FRQWUDWR ²2XWURV6HUYLoRVGH7HUFHLURV²3HVVRD-XUtGLFD 'HVSHVDVGHFRUUHQWHVGDSUHVWDomRGHVHUYLoRVSRUSHVVRDVMXUtGLFDVSDUDyUJmRVS~EOLFRV WDLV FRPR DVVLQDWXUDV GH MRUQDLV H SHULyGLFRV WDULIDV GH HQHUJLD HOpWULFD JiV iJXD H HVJRWRVHUYLoRVGHFRPXQLFDomRWHOHIRQHWHOH[FRUUHLRVHWFIUHWHVHFDUUHWRVORFDomR GH LPyYHLV LQFOXVLYH GHVSHVDV GH FRQGRPtQLR H WULEXWRV j FRQWD GR ORFDWiULR TXDQGR SUHYLVWRV QR FRQWUDWR GH ORFDomR ORFDomR GH HTXLSDPHQWRV H PDWHULDLV SHUPDQHQWHV FRQVHUYDomRHDGDSWDomRGHEHQVLPyYHLVVHJXURVHPJHUDOH[FHWRRVGHFRUUHQWHVGH REULJDomR SDWURQDO VHUYLoRV GH DVVHLR H KLJLHQH VHUYLoRV GH GLYXOJDomR LPSUHVVmR HQFDGHUQDomRHHPROGXUDPHQWRVHUYLoRVIXQHUiULRVGHVSHVDVFRPFRQJUHVVRVVLPSy VLRVFRQIHUrQFLDVRXH[SRVLo}HVYDOHWUDQVSRUWHYDOHUHIHLomRDX[tOLRFUHFKHH[FOXVLYH DLQGHQL]DomRDVHUYLGRUVRIWZDUHKDELOLWDomRGHWHOHIRQLDIL[DHPyYHOFHOXODUHRXWURV FRQJrQHUHV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²&RQWULEXLo}HV 'HVSHVDVjVTXDLVQmRFRUUHVSRQGDFRQWUDSUHVWDomRGLUHWDHPEHQVHVHUYLoRVHQmRVHMD UHHPEROViYHOSHORUHFHEHGRULQFOXVLYHDVGHVWLQDGDVDDWHQGHUDGHVSHVDVGHPDQXWHQomR GH RXWUDV HQWLGDGHV GH GLUHLWR S~EOLFR RX SULYDGR REVHUYDGR R GLVSRVWR QD OHJLVODomR YLJHQWH $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²$X[tOLRV 'HVSHVDVGHVWLQDGDVDDWHQGHUDGHVSHVDVGHLQYHVWLPHQWRVRXLQYHUV}HVILQDQFHLUDVGHRXWUDV HVIHUDVGHJRYHUQRRXGHHQWLGDGHVSULYDGDVVHPILQVOXFUDWLYRVREVHUYDGRUHVSHFWLYDPHQWH RGLVSRVWRQRVDUWVHGD/HL&RPSOHPHQWDUQºGH ²6XEYHQo}HV6RFLDLV &REHUWXUDGHGHVSHVDVGHLQVWLWXLo}HVSULYDGDVGHFDUiWHUDVVLVWHQFLDORXFXOWXUDOVHPILQDOLGDGH OXFUDWLYDGHDFRUGRFRPRVDUWVSDUiJUDIR~QLFRHGD/HLQºGHREVHUYDGR RGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQºGH ²(TXDOL]DomRGH3UHoRVH7D[DV 'HVSHVDVSDUDFREULUDGLIHUHQoDHQWUHRVSUHoRVGHPHUFDGRHRFXVWRGHUHPLVVmRGHJrQHURV DOLPHQWtFLRVRXRXWURVEHQVEHPFRPRDFREHUWXUDGRGLIHUHQFLDOHQWUHQtYHLVGHHQFDUJRV SUDWLFDGRVHPGHWHUPLQDGRVILQDQFLDPHQWRVJRYHUQDPHQWDLVHRVOLPLWHVPi[LPRVDGPLVVtYHLV SDUDHIHLWRGHHTXDOL]DomR ²$X[tOLR$OLPHQWDomR 'HVSHVDVFRPDX[tOLRDOLPHQWDomRSDJRHPSHF~QLDGLUHWDPHQWHDRVPLOLWDUHVHVHUYLGRUHV RXHPSUHJDGRVGD$GPLQLVWUDomR3~EOLFDGLUHWDHLQGLUHWD $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²2EULJDo}HV7ULEXWiULDVH&RQWULEXWLYDV 'HVSHVDVGHFRUUHQWHVGRSDJDPHQWRGHWULEXWRVHFRQWULEXLo}HVVRFLDLVHHFRQ{PLFDV,PSRVWR GH 5HQGD ,&06 ,39$ ,378 7D[D GH /LPSH]D 3~EOLFD &2),16 3,63$6(3 &30) HWF H[FHWRDVLQFLGHQWHVVREUHDIROKDGHVDOiULRVFODVVLILFDGDVFRPRREULJDo}HVSDWURQDLVEHP FRPR RV HQFDUJRV UHVXOWDQWHV GR SDJDPHQWR FRP DWUDVR GDV REULJDo}HV GH TXH WUDWD HVWH HOHPHQWRGHGHVSHVD ²2XWURV$X[tOLRV)LQDQFHLURVD3HVVRDV)tVLFDV 'HVSHVDV FRP D FRQFHVVmR GH DX[tOLR ILQDQFHLUR GLUHWDPHQWH D SHVVRDV ItVLFDV VRE DV PDLV GLYHUVDVPRGDOLGDGHVWDLVFRPRDMXGDRXDSRLRILQDQFHLURHVXEVtGLRRXFRPSOHPHQWDomRQD DTXLVLomR GH EHQV QmR FODVVLILFDGRV H[SOLFLWD RX LPSOLFLWDPHQWH HP RXWURV HOHPHQWRV GH GHVSHVDREVHUYDGRRGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQºGH ²$X[tOLR7UDQVSRUWH 'HVSHVDVFRPDX[tOLRWUDQVSRUWHSDJRHPSHF~QLDGLUHWDPHQWHDRVPLOLWDUHVVHUYLGRUHV RXHPSUHJDGRVGD$GPLQLVWUDomR3~EOLFDGLUHWDHLQGLUHWDGHVWLQDGRDRFXVWHLRSDUFLDO GDV GHVSHVDV UHDOL]DGDV FRP WUDQVSRUWH FROHWLYR PXQLFLSDO LQWHUPXQLFLSDO RX LQWHUHV WDGXDOQRVGHVORFDPHQWRVGHVXDVUHVLGrQFLDVSDUDRVORFDLVGHWUDEDOKRHYLFHYHUVDRX WUDEDOKRWUDEDOKRQRVFDVRVGHDFXPXODomROtFLWDGHFDUJRVRXHPSUHJRV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²2EUDVH,QVWDODo}HV 'HVSHVDVFRPHVWXGRVHSURMHWRVLQtFLRSURVVHJXLPHQWRHFRQFOXVmRGHREUDVSDJDPHQWRGH SHVVRDO WHPSRUiULR QmR SHUWHQFHQWH DR TXDGUR GD HQWLGDGH H QHFHVViULR j UHDOL]DomR GDV PHVPDVSDJDPHQWRGHREUDVFRQWUDWDGDVLQVWDODo}HVTXHVHMDPLQFRUSRUiYHLVRXLQHUHQWHV DRLPyYHOWDLVFRPRHOHYDGRUHVDSDUHOKDJHPSDUDDUFRQGLFLRQDGRFHQWUDOHWF ²(TXLSDPHQWRVH0DWHULDO3HUPDQHQWH 'HVSHVDVFRPDTXLVLomRGHDHURQDYHVDSDUHOKRVGHPHGLomRDSDUHOKRVHHTXLSDPHQWRV GHFRPXQLFDomRDSDUHOKRVHTXLSDPHQWRVHXWHQVtOLRVPpGLFRRGRQWROyJLFRODERUDWRULDO HKRVSLWDODUDSDUHOKRVHHTXLSDPHQWRVSDUDHVSRUWHHGLYHUV}HVDSDUHOKRVHXWHQVtOLRV GRPpVWLFRVDUPDPHQWRVFROHo}HVHPDWHULDLVELEOLRJUiILFRVHPEDUFDo}HVHTXLSDPHQ WRV GH PDQREUD H SDWUXOKDPHQWR HTXLSDPHQWRV GH SURWHomR VHJXUDQoD VRFRUUR H VREUHYLYrQFLDLQVWUXPHQWRVPXVLFDLVHDUWtVWLFRVPiTXLQDVDSDUHOKRVHHTXLSDPHQWRV GHXVRLQGXVWULDOPiTXLQDVDSDUHOKRVHHTXLSDPHQWRVJUiILFRVHHTXLSDPHQWRVGLYHUVRV PiTXLQDV DSDUHOKRV H XWHQVtOLRV GH HVFULWyULR PiTXLQDV IHUUDPHQWDV H XWHQVtOLRV GH RILFLQDPiTXLQDVWUDWRUHVHHTXLSDPHQWRVDJUtFRODVURGRYLiULRVHGHPRYLPHQWDomRGH FDUJD PRELOLiULR HP JHUDO REUDV GH DUWH H SHoDV SDUD PXVHX VHPRYHQWHV YHtFXORV GLYHUVRVYHtFXORVIHUURYLiULRVYHtFXORVURGRYLiULRVRXWURVPDWHULDLVSHUPDQHQWHV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²$TXLVLomRGH,PyYHLV 'HVSHVDVFRPDDTXLVLomRGHLPyYHLVFRQVLGHUDGRVQHFHVViULRVjUHDOL]DomRGHREUDVRXSDUD VXDSURQWDXWLOL]DomR ²$TXLVLomRGH3URGXWRVSDUD5HYHQGD 'HVSHVDVFRPDDTXLVLomRGHEHQVGHVWLQDGRVjYHQGDIXWXUD ²$TXLVLomRGH7tWXORVGH&UpGLWR 'HVSHVDVFRPDDTXLVLomRGHWtWXORVGHFUpGLWRQmRUHSUHVHQWDWLYRVGHTXRWDVGHFDSLWDOGH HPSUHVDV ²$TXLVLomRGH7tWXORV5HSUHVHQWDWLYRVGH&DSLWDOMi,QWHJUDOL]DGR 'HVSHVDVFRPDDTXLVLomRGHDo}HVRXTXRWDVGHTXDOTXHUWLSRGHVRFLHGDGHGHVGHTXHWDLV WtWXORVQmRUHSUHVHQWHPFRQVWLWXLomRRXDXPHQWRGHFDSLWDO ²&RQVWLWXLomRRX$XPHQWRGH&DSLWDOGH(PSUHVDV 'HVSHVDV FRP D FRQVWLWXLomR RX DXPHQWR GH FDSLWDO GH HPSUHVDV LQGXVWULDLV DJUtFRODV FRPHUFLDLVRXILQDQFHLUDVPHGLDQWHVXEVFULomRGHDo}HVUHSUHVHQWDWLYDVGRVHXFDSLWDOVRFLDO ²&RQFHVVmRGH(PSUpVWLPRVH)LQDQFLDPHQWRV &RQFHVVmRGHTXDOTXHUHPSUpVWLPRRXILQDQFLDPHQWRLQFOXVLYHEROVDVGHHVWXGRUHHPEROViYHLV ²'HSyVLWRV&RPSXOVyULRV 'HSyVLWRV FRPSXOVyULRV H[LJLGRV SRU OHJLVODomR HVSHFtILFD RX GHWHUPLQDGRV SRU GHFLVmR MXGLFLDO ²3ULQFLSDOGD'tYLGD&RQWUDWXDO5HVJDWDGR 'HVSHVDVFRPDDPRUWL]DomRHIHWLYDGRSULQFLSDOGDGtYLGDS~EOLFDFRQWUDWXDOLQWHUQDHH[WHUQD ²3ULQFLSDOGD'tYLGD0RELOLiULD5HVJDWDGR 'HVSHVDVFRPDDPRUWL]DomRHIHWLYDGRYDORUQRPLQDOGRWtWXORGDGtYLGDS~EOLFDPRELOLiULD LQWHUQDHH[WHUQD ²&RUUHomR0RQHWiULDRX&DPELDOGD'tYLGD&RQWUDWXDO5HVJDWDGD 'HVSHVDV GHFRUUHQWHV GD DWXDOL]DomR GR YDORU GR SULQFLSDO GD GtYLGD FRQWUDWXDO LQWHUQD H H[WHUQDHIHWLYDPHQWHDPRUWL]DGR ²&RUUHomR0RQHWiULDRX&DPELDOGD'tYLGD0RELOLiULD5HVJDWDGD 'HVSHVDVGHFRUUHQWHVGDDWXDOL]DomRGRYDORUQRPLQDOGRWtWXORGDGtYLGDS~EOLFDPRELOLiULD HIHWLYDPHQWHDPRUWL]DGR ²&RUUHomR0RQHWiULDGD'tYLGDGH2SHUDo}HVGH&UpGLWRSRU$QWHFLSDomRGH5HFHLWD &RUUHomR0RQHWiULDGD'tYLGDGHFRUUHQWHGHRSHUDomRGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWD ²3ULQFLSDO&RUULJLGRGD'tYLGD0RELOLiULD5HILQDQFLDGR 'HVSHVDVFRPRUHILQDQFLDPHQWRGRSULQFLSDOGDGtYLGDS~EOLFDPRELOLiULDLQWHUQDHH[WHUQD LQFOXVLYHFRUUHomRPRQHWiULDRXFDPELDOFRPUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHQRYRVWtWXORV GDGtYLGDS~EOLFDPRELOLiULD ²3ULQFLSDO&RUULJLGRGD'tYLGD&RQWUDWXDO5HILQDQFLDGR 'HVSHVDVFRPRUHILQDQFLDPHQWRGRSULQFLSDOGDGtYLGDS~EOLFDFRQWUDWXDOLQWHUQDHH[WHUQD LQFOXVLYHFRUUHomRPRQHWiULDRXFDPELDOFRPUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHWtWXORVGD GtYLGDS~EOLFDPRELOLiULD ²'LVWULEXLomR&RQVWLWXFLRQDORX/HJDOGH5HFHLWDV 'HVSHVDVGHFRUUHQWHVGDWUDQVIHUrQFLDDRXWUDVHVIHUDVGHJRYHUQRGHUHFHLWDVWULEXWiULDV GH FRQWULEXLo}HV H GH RXWUDV UHFHLWDV YLQFXODGDV SUHYLVWD QD &RQVWLWXLomR RX HP OHLV HVSHFtILFDVFXMDFRPSHWrQFLDGHDUUHFDGDomRpGRyUJmRWUDQVIHULGRU $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²6HQWHQoDV-XGLFLDLV 'HVSHVDVUHVXOWDQWHVGH DSDJDPHQWRGHSUHFDWyULRVHPFXPSULPHQWRDRGLVSRVWRQRDUWHVHXVSDUiJUDIRVGD &RQVWLWXLomRHQRDUWGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV²$'&7 E FXPSULPHQWR GH VHQWHQoDV MXGLFLDLV WUDQVLWDGDV HP MXOJDGR GH HPSUHVDV S~EOLFDV H VRFLHGDGHVGHHFRQRPLDPLVWDLQWHJUDQWHVGRV2UoDPHQWRV)LVFDOHGD6HJXULGDGH6RFLDO FFXPSULPHQWRGHVHQWHQoDVMXGLFLDLVWUDQVLWDGDVHPMXOJDGRGHSHTXHQRYDORUQDIRUPD GHILQLGDHPOHLQRVWHUPRVGRºGRDUWGD&RQVWLWXLomRH G FXPSULPHQWR GH GHFLV}HV MXGLFLDLV SURIHULGDV HP 0DQGDGRV GH 6HJXUDQoD H 0HGLGDV &DXWHODUHVUHIHUHQWHVDYDQWDJHQVSHFXQLiULDVFRQFHGLGDVHDLQGDQmRLQFRUSRUDGDVHPFDUiWHU GHILQLWLYRjVUHPXQHUDo}HVGRVEHQHILFLiULRV ²'HVSHVDVGH([HUFtFLRV$QWHULRUHV &XPSULPHQWRGRDUWGD/HLQºGHTXHGLVS}H ´$UW$VGHVSHVDVGHH[HUFtFLRVHQFHUUDGRVSDUDDVTXDLVRRUoDPHQWRUHVSHFWLYRFRQVLJQDYD FUpGLWRSUySULRFRPVDOGRVXILFLHQWHSDUDDWHQGrODVTXHQmRVHWHQKDPSURFHVVDGRQDpSRFD SUySULD EHP FRPR RV 5HVWRV D 3DJDU FRP SUHVFULomR LQWHUURPSLGD H RV FRPSURPLVVRV UHFRQKHFLGRVDSyVRHQFHUUDPHQWRGRH[HUFtFLRFRUUHVSRQGHQWHSRGHUmRVHUSDJDVjFRQWD GH GRWDomR HVSHFtILFD FRQVLJQDGD QR RUoDPHQWR GLVFULPLQDGD SRU HOHPHQWR REHGHFLGD VHPSUHTXHSRVVtYHODRUGHPFURQROyJLFDµ ²,QGHQL]Do}HVH5HVWLWXLo}HV 'HVSHVDVFRPLQGHQL]Do}HVH[FOXVLYHDVWUDEDOKLVWDVHUHVWLWXLo}HVGHYLGDVSRUyUJmRVH HQWLGDGHVDTXDOTXHUWtWXORLQFOXVLYHGHYROXomRGHUHFHLWDVTXDQGRQmRIRUSRVVtYHOHIHWXDU HVVDGHYROXomRPHGLDQWHDFRPSHQVDomRFRPDUHFHLWDFRUUHVSRQGHQWHEHPFRPRRXWUDV GHVSHVDV GH QDWXUH]D LQGHQL]DWyULD QmR FODVVLILFDGDV HP HOHPHQWRV GH GHVSHVDV HV SHFtILFRV $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²,QGHQL]Do}HVH5HVWLWXLo}HV7UDEDOKLVWDV 'HVSHVDV GH QDWXUH]D UHPXQHUDWyULD UHVXOWDQWHV GR SDJDPHQWR HIHWXDGR D VHUYLGRUHV S~EOLFRVFLYLVHHPSUHJDGRVGHHQWLGDGHVLQWHJUDQWHVGDDGPLQLVWUDomRS~EOLFDLQFOXVLYH IpULDVHDYLVRSUpYLRLQGHQL]DGRVPXOWDVHFRQWULEXLo}HVLQFLGHQWHVVREUHRVGHSyVLWRVGR )XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoRHWFHPIXQomRGDSHUGDGDFRQGLomRGHVHUYLGRU RXHPSUHJDGRSRGHQGRVHUHPGHFRUUrQFLDGDSDUWLFLSDomRHPSURJUDPDGHGHVOLJDPHQWR YROXQWiULREHPFRPRDUHVWLWXLomRGHYDORUHVGHVFRQWDGRVLQGHYLGDPHQWHTXDQGRQmR IRUSRVVtYHOHIHWXDUHVVDUHVWLWXLomRPHGLDQWHFRPSHQVDomRFRPDUHFHLWDFRUUHVSRQGHQWH $/7(5$'2&21)250(,1&,62,,,$57º'$3257$5,$,17(50,1,67(5,$/1º '( ²,QGHQL]DomRSHOD([HFXomRGH7UDEDOKRVGH&DPSR 'HVSHVDVFRPLQGHQL]Do}HVGHYLGDVDRVVHUYLGRUHVTXHVHDIDVWDUHPGHVHXORFDOGHWUDEDOKR VHPGLUHLWRjSHUFHSomRGHGLiULDVSDUDH[HFXomRGHWUDEDOKRVGHFDPSRWDLVFRPRRVGH FDPSDQKDGHFRPEDWHHFRQWUROHGHHQGHPLDVPDUFDomRLQVSHomRHPDQXWHQomRGHPDUFRV GHFLVyULRV WRSRJUDILD SHVTXLVD VDQHDPHQWR EiVLFR LQVSHomR H ILVFDOL]DomR GH IURQWHLUDV LQWHUQDFLRQDLV ²5HVVDUFLPHQWRGH'HVSHVDVGH3HVVRDO5HTXLVLWDGR 5HVVDUFLPHQWRGDVGHVSHVDVUHDOL]DGDVSHORyUJmRRXHQWLGDGHGHRULJHPTXDQGRRVHUYLGRU SHUWHQFHUDRXWUDVHVIHUDVGHJRYHUQRRXDHPSUHVDVHVWDWDLVQmRGHSHQGHQWHVHRSWDUSHOD UHPXQHUDomRGRFDUJRHIHWLYRQRVWHUPRVGDVQRUPDVYLJHQWHV ²$&ODVVLILFDU (OHPHQWRWUDQVLWyULRTXHGHYHUiVHUXWLOL]DGRHQTXDQWRVHDJXDUGDDFODVVLILFDomRHPHOHPHQWR HVSHFtILFRYHGDGDDVXDXWLOL]DomRQDH[HFXomRRUoDPHQWiULD $1(;2,,, ',6&5,0,1$d®2'$61$785(=$6'('(63(6$ &Ð',*2 '(6&5,d®2 '(63(6$6 &255(17(6 3(662$/ ( (1&$5*26 62&,$,6 7UDQVIHUrQFLDV D (VWDGRV H DR 'LVWULWR )HGHUDO &RQWULEXLo}HV 7UDQVIHUrQFLDV DR ([WHULRU &RQWUDWDomR SRU 7HPSR 'HWHUPLQDGR 2XWUDV 'HVSHVDV GH 3HVVRDO 'HFRUUHQWHV GH &RQWUDWRV GH 7HUFHLUL]DomR $/7(5$'2 &21)250( $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( 2XWUDV 'HVSHVDV GH 3HVVRDO 'HFRUUHQWHV GH &RQWUDWRV GH 7HUFHLUL]DomR $/7(5$'2 &21)250( $57 '$ 3257$5,$ ,17(50,1,67(5,$/ 1 '( $SOLFDo}HV 'LUHWDV $SRVHQWDGRULDV H 5HIRUPDV 3HQV}HV &RQWUDWDomR SRU 7HPSR 'HWHUPLQDGR &RQWULEXLomR D (QWLGDGHV )HFKDGDV GH 3UHYLGrQFLD 6DOiULR)DPtOLD 9HQFLPHQWRV H 9DQWDJHQV )L[DV ² 3HVVRDO &LYLO 9HQFLPHQWRV H 9DQWDJHQV )L[DV ² 3HVVRDO 0LOLWDU 2EULJDo}HV 3DWURQDLV 2XWUDV 'HVSHVDV 9DULiYHLV ² 3HVVRDO &LYLO 2XWUDV 'HVSHVDV 9DULiYHLV ² 3HVVRDO 0LOLWDU 2XWUDV 'HVSHVDV GH 3HVVRDO GHFRUUHQWHV GH &RQWUDWRV GH 7HUFHLUL]DomR 'HSyVLWRV &RPSXOVyULRV 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV 5HVWLWXLo}HV 7UDEDOKLVWDV 5HVVDUFLPHQWR GH 'HVSHVDV GH 3HVVRDO 5HTXLVLWDGR $ 'HILQLU $ &ODVVLILFDU -8526 ( (1&$5*26 '$ 'Ì9,'$ $SOLFDo}HV 'LUHWDV -XURV VREUH D 'tYLGD SRU &RQWUDWR 2XWURV (QFDUJRV VREUH D 'tYLGD SRU &RQWUDWR -XURV 'HViJLRV H 'HVFRQWRV GD 'tYLGD 0RELOLiULD 2XWURV (QFDUJRV VREUH D 'tYLGD 0RELOLiULD (QFDUJRV VREUH 2SHUDo}HV GH &UpGLWR SRU $QWHFLSDomR GD 5HFHLWD 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV $ 'HILQLU $ &ODVVLILFDU 2875$6 '(63(6$6 &255(17(6 7UDQVIHUrQFLDV j 8QLmR 'LiULDV ² &LYLO 0DWHULDO GH &RQVXPR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV 7UDQVIHUrQFLDV D (VWDGRV H DR 'LVWULWR )HGHUDO 'LiULDV ² &LYLO 0DWHULDO GH &RQVXPR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV 6XEYHQo}HV 6RFLDLV 'LVWULEXLomR GH 5HFHLWDV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV 7UDQVIHUrQFLDV D 0XQLFtSLRV 0DWHULDO GH &RQVXPR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV 6XEYHQo}HV 6RFLDLV 'LVWULEXLomR GH 5HFHLWDV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV VHP )LQV /XFUDWLYRV 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV 6XEYHQo}HV 6RFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV FRP )LQV /XFUDWLYRV &RQWULEXLo}HV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 0XOWLJRYHUQDPHQWDLV 1DFLRQDLV &RQWULEXLo}HV 7UDQVIHUrQFLDV DR ([WHULRU &RQWUDWDomR SRU 7HPSR 'HWHUPLQDGR 'LiULDV ² &LYLO 0DWHULDO GH &RQVXPR 3DVVDJHQV H 'HVSHVDV FRP /RFRPRomR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD /RFDomR GH 0mRGH2EUD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV $SOLFDo}HV 'LUHWDV $SRVHQWDGRULDV H 5HIRUPDV 3HQV}HV &RQWUDWDomR SRU 7HPSR 'HWHUPLQDGR 2XWURV %HQHItFLRV 3UHYLGHQFLiULRV %HQHItFLR 0HQVDO DR 'HILFLHQWH H DR ,GRVR 2XWURV %HQHItFLRV $VVLVWHQFLDLV 6DOiULR)DPtOLD 2XWURV %HQHItFLRV GH 1DWXUH]D 6RFLDO 'LiULDV ² &LYLO 'LiULDV ² 0LOLWDU $X[tOLR )LQDQFHLUR D (VWXGDQWHV $X[tOLR)DUGDPHQWR $X[tOLR )LQDQFHLUR D 3HVTXLVDGRUHV 2EULJDo}HV GHFRUUHQWHV GH 3ROtWLFD 0RQHWiULD (QFDUJRV SHOD +RQUD GH $YDLV *DUDQWLDV 6HJXURV H 6LPLODUHV 5HPXQHUDomR GH &RWDV GH )XQGRV $XWiUTXLFRV 0DWHULDO GH &RQVXPR 0DWHULDO GH 'LVWULEXLomR *UDWXLWD 3DVVDJHQV H 'HVSHVDV FRP /RFRPRomR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD /RFDomR GH 0mRGH2EUD $UUHQGDPHQWR 0HUFDQWLO 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD (TXDOL]DomR GH 3UHoRV H 7D[DV $X[tOLR$OLPHQWDomR 2EULJDo}HV 7ULEXWiULDV H &RQWULEXWLYDV 2XWURV $X[tOLRV )LQDQFHLURV D 3HVVRDV )tVLFDV $X[tOLR7UDQVSRUWH 'HSyVLWRV &RPSXOVyULRV 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV ,QGHQL]DomR SHOD ([HFXomR GH 7UDEDOKRV GH &DPSR $ 'HILQLU $ &ODVVLILFDU '(63(6$6 '( &$3,7$/ ,19(67,0(1726 7UDQVIHUrQFLDV j 8QLmR &RQWULEXLo}HV $X[tOLRV 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV 7UDQVIHUrQFLDV D (VWDGRV H DR 'LVWULWR )HGHUDO &RQWULEXLo}HV $X[tOLRV 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV 7UDQVIHUrQFLDV D 0XQLFtSLRV &RQWULEXLo}HV $X[tOLRV 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV VHP )LQV /XFUDWLYRV 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD &RQWULEXLo}HV $X[tOLRV 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV FRP )LQV /XFUDWLYRV &RQWULEXLo}HV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 0XOWLJRYHUQDPHQWDLV 1DFLRQDLV &RQWULEXLo}HV $X[tOLRV 7UDQVIHUrQFLDV DR ([WHULRU &RQWULEXLo}HV $X[tOLRV 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH $SOLFDo}HV 'LUHWDV &RQWUDWDomR SRU 7HPSR 'HWHUPLQDGR 'LiULDV ² &LYLO 2XWUDV 'HVSHVDV 9DULiYHLV ² 3HVVRDO 0LOLWDU $X[tOLR )LQDQFHLUR D 3HVTXLVDGRUHV 0DWHULDO GH &RQVXPR 3DVVDJHQV H 'HVSHVDV FRP /RFRPRomR 6HUYLoRV GH &RQVXOWRULD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD /RFDomR GH 0mRGH2EUD 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD 2EUDV H ,QVWDODo}HV (TXLSDPHQWRV H 0DWHULDO 3HUPDQHQWH $TXLVLomR GH ,PyYHLV 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV $ 'HILQLU $ &ODVVLILFDU ,19(56¯(6 ),1$1&(,5$6 7UDQVIHUrQFLDV D (VWDGRV H DR 'LVWULWR )HGHUDO &RQWULEXLo}HV $X[tOLRV $TXLVLomR GH ,PyYHLV $TXLVLomR GH 7tWXORV 5HSUHVHQWDWLYRV GH &DSLWDO Mi ,QWHJUDOL]DGR &RQVWLWXLomR RX $XPHQWR GH &DSLWDO GH (PSUHVDV &RQFHVVmR GH (PSUpVWLPRV H )LQDQFLDPHQWRV 7UDQVIHUrQFLDV D 0XQLFtSLRV &RQWULEXLo}HV $X[tOLRV $TXLVLomR GH 7tWXORV 5HSUHVHQWDWLYRV GH &DSLWDO Mi ,QWHJUDOL]DGR &RQFHVVmR GH (PSUpVWLPRV H )LQDQFLDPHQWRV 7UDQVIHUrQFLDV D ,QVWLWXLo}HV 3ULYDGDV VHP )LQV /XFUDWLYRV &RQFHVVmR GH (PSUpVWLPRV H )LQDQFLDPHQWRV 7UDQVIHUrQFLDV DR ([WHULRU &RQFHVVmR GH (PSUpVWLPRV H )LQDQFLDPHQWRV $SOLFDo}HV 'LUHWDV $TXLVLomR GH ,PyYHLV $TXLVLomR GH 3URGXWRV SDUD 5HYHQGD $TXLVLomR GH 7tWXORV GH &UpGLWR $TXLVLomR GH 7tWXORV 5HSUHVHQWDWLYRV GH &DSLWDO Mi ,QWHJUDOL]DGR &RQVWLWXLomR RX $XPHQWR GH &DSLWDO GH (PSUHVDV &RQFHVVmR GH (PSUpVWLPRV H )LQDQFLDPHQWRV 'HSyVLWRV &RPSXOVyULRV 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV $ 'HILQLU $ &ODVVLILFDU $0257,=$d®2 '$ 'Ì9,'$ $SOLFDo}HV 'LUHWDV 3ULQFLSDO GD 'tYLGD &RQWUDWXDO 5HVJDWDGR 3ULQFLSDO GD 'tYLGD 0RELOLiULD 5HVJDWDGR &RUUHomR 0RQHWiULD RX &DPELDO GD 'tYLGD &RQWUDWXDO 5HVJDWDGD &RUUHomR 0RQHWiULD RX &DPELDO GD 'tYLGD 0RELOLiULD 5HVJDWDGD &RUUHomR 0RQHWiULD GD 'tYLGD GH 2SHUDo}HV GH &UpGLWR SRU $QWHFLSDomR GD 5HFHLWD 3ULQFLSDO &RUULJLGR GD 'tYLGD 0RELOLiULD 5HILQDQFLDGR 3ULQFLSDO &RUULJLGR GD 'tYLGD &RQWUDWXDO 5HILQDQFLDGR 6HQWHQoDV -XGLFLDLV 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV ,QGHQL]Do}HV H 5HVWLWXLo}HV $ 'HILQLU $ &ODVVLILFDU 5HVHUYD GH &RQWLQJrQFLD 3257$5,$1º'('('(=(0%52 (VWDEHOHFH FRQFHLWRV UHJUDV H SURFHGLPHQWRV FRQWi EHLV SDUDFRQVROLGDomR GDVHPSUHVDVHVWDWDLVGHSHQ GHQWHVQDVFRQWDVS~EOLFDVHGiRXWUDVSURYLGrQFLDV 2 6(&5(7É5,2 '2 7(62852 1$&,21$/ QR H[HUFtFLR GDV DWULEXLo}HV TXH OKH IRUDP FRQIHULGDVSHOD3RUWDULD0)*0QGHGHDEULOGHH &RQVLGHUDQGRRGLVSRVWRQRºGRDUWGD/HL&RPSOHPHQWDUQºGHGHPDLRGH /HLGH5HVSRQVDELOLGDGH)LVFDOTXHDWULEXLHQFDUJRVDRyUJmRFHQWUDOGHFRQWDELOLGDGH GD8QLmR &RQVLGHUDQGRRGLVSRVWRQRºGRDUWºGD5HVROXomRGR6HQDGR)HGHUDOQºGHGH GH]HPEURGH &RQVLGHUDQGRRFRQWLGRQRLQFLVR,GRDUWºGR'HFUHWRQºGHGHVHWHPEURGH TXHFRQIHUHj6HFUHWDULDGR7HVRXUR1DFLRQDOGR0LQLVWpULRGD)D]HQGD²6710)DFRQGLomR GHyUJmRFHQWUDOGR6LVWHPDGH&RQWDELOLGDGH)HGHUDO &RQVLGHUDQGR DV FRPSHWrQFLDV GR yUJmR FHQWUDO GR 6LVWHPD GH &RQWDELOLGDGH )HGHUDO HV WDEHOHFLGDV QR DUWLJR GR 'HFUHWR Q GH FRPSOHPHQWDGDV SHOD DWULEXLomR GHILQLGDQRLQFLVR;9,GRDUWGR$QH[R,GR'HFUHWRQGHGHDEULOGHH FRQIRUPHDUWLJRGD/HLQºGHGHIHYHUHLURGH &RQVLGHUDQGRVHUQHFHVViULDDSDGURQL]DomRGRVSURFHGLPHQWRVFRQWiEHLVQRVWUrVQtYHLVGH JRYHUQRGHIRUPDDJDUDQWLUDFRQVROLGDomRGDVFRQWDVH[LJLGDVQD/HLGH5HVSRQVDELOLGDGH )LVFDO &RQVLGHUDQGRDVSHFXOLDULGDGHVDGPLQLVWUDWLYDVHHFRQ{PLFDVGDVHPSUHVDVHVWDWDLVGHSHQ GHQWHV GD 8QLmR HVWDGRV 'LVWULWR )HGHUDO H PXQLFtSLRV H VHXV HIHLWRV QD FRQVROLGDomR GDV FRQWDVS~EOLFDV &RQVLGHUDQGRDLQGDDQHFHVVLGDGHGHDX[LOLDUDRVHQWHVIHGHUDGRVYLVDQGRDDSOLFDomRGRV FRQFHLWRVGHUHFHLWDVHGHVSHVDVS~EOLFDVLQFOXVLYHQRHQWHQGLPHQWRGRVLQFLVRV,,H,,,GRDUW ºGD/HL&RPSOHPHQWDUQºGH 5(62/9( $UW º 'HILQLU SDUD 8QLmR RV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV FRQFHLWRV UHJUDV H SURFHGLPHQWRV FRQWiEHLV SDUD FRQVROLGDomR GDV HPSUHVDV HVWDWDLV GHSHQGHQWHV QDV FRQWDV S~EOLFDV $UWº3DUDILQVGHVWD3RUWDULDFRQVLGHUDVH ,²HPSUHVDFRQWURODGDVRFLHGDGHFXMDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRSHUWHQoD GLUHWDRXLQGLUHWDPHQWHDHQWHGD)HGHUDomR ,,²HPSUHVDHVWDWDOGHSHQGHQWHHPSUHVDFRQWURODGDSHOD8QLmRSHOR(VWDGRSHOR'LVWULWR )HGHUDORXSHOR0XQLFtSLRTXHWHQKDQRH[HUFtFLRDQWHULRUUHFHELGRUHFXUVRVILQDQFHLURVGH VHXFRQWURODGRUGHVWLQDGRVDRSDJDPHQWRGHGHVSHVDVFRPSHVVRDOGHFXVWHLRHPJHUDORX GH FDSLWDO H[FOXtGRV QHVWH ~OWLPR FDVR DTXHOHV SURYHQLHQWHV GH DXPHQWR GH SDUWLFLSDomR DFLRQiULD H WHQKD QR H[HUFtFLR FRUUHQWH DXWRUL]DomR RUoDPHQWiULD SDUD UHFHELPHQWR GH UHFXUVRVILQDQFHLURVFRPLGrQWLFDILQDOLGDGH $UWº$VXEYHQomRGHTXHWUDWDRFDSXWGRDUWGD/HLGHGHPDUoRGHH RUHSDVVHGHUHFXUVRVSUHYLVWRQRLQFLVR,,,GRDUWºGD/HL&RPSOHPHQWDUQºGH GHVWLQDPVH H[FOXVLYDPHQWH j FREHUWXUD GH GpILFLWV GH HPSUHVDV H GHYHP VHU DORFDGRV GLUHWDPHQWHQRRUoDPHQWRGDHPSUHVDEHQHILFLiULDQRVWHUPRVGRDUWºGD3RUWDULD,QWHUPLQLV WHULDO67162)QºGHGHPDLRGH 3DUiJUDIR ~QLFR 3DUD HIHLWRV GHVWD SRUWDULD FRQVLGHUDVH DLQGD VXEYHQomR HFRQ{PLFD D WUDQVIHUrQFLDSHUPDQHQWHGHUHFXUVRVGHFDSLWDOSDUDHPSUHVDFRQWURODGDGHILFLWiULDQRVWHUPRV GRFDSXWGHVWHDUWLJR $UWº2VRUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDOGHFDGDHQWHGD)HGHUDomRFRPSUHHQGHUmR DSURJUDPDomRGRVSRGHUHVyUJmRVDXWDUTXLDVHIXQGDo}HVLQVWLWXtGDVHPDQWLGDVSHOR3RGHU 3~EOLFR HPSUHVDV HVWDWDLV GHSHQGHQWHV H GHPDLV HQWLGDGHV HP TXH R HQWH GLUHWD RX LQ GLUHWDPHQWHGHWHQKDDPDLRULDGRFDSLWDOVRFLDOFRPGLUHLWRDYRWRHTXHGHOHUHFHEDPUHFXUVRV QRVWHUPRVGHVWDSRUWDULD 3DUiJUDIR~QLFR$SDUWLUGRH[HUFtFLRGHDVHPSUHVDVHVWDWDLVGHSHQGHQWHVGHTXHWUDWD HVWDSRUWDULDHSDUDHIHLWRVGDFRQVROLGDomRQDFLRQDOGDVFRQWDVS~EOLFDVGHYHUmRVHULQFOXtGDV QRVRUoDPHQWRVILVFDOHGDVHJXULGDGHVRFLDOREVHUYDQGRWRGDDOHJLVODomRSHUWLQHQWHDSOLFiYHO jVGHPDLVHQWLGDGHV $UW º $Wp R H[HUFtFLR GH D FRQVROLGDomR FRQWiELO GDV HPSUHVDV GHSHQGHQWHV QmR FRQVWDQWHV GR RUoDPHQWR ILVFDO H GD VHJXULGDGH VRFLDO GHYHUi VHU HIHWXDGD FRP EDVH QDV VHJXLQWHVLQIRUPDo}HVHSURFHGLPHQWRV ,²&RPEDVHQRIOX[RGHFDL[DDVHPSUHVDVGHSHQGHQWHVGHYHUmRSURFHGHUjFODVVLILFDomRGRV UHFHELPHQWRVGHDFRUGRFRPDRULJHPGRFUpGLWRFRUUHVSRQGHQWHHPUHFHLWDVGHDFRUGRFRP D3RUWDULD671QºGHGHPDLRGH DRVUHFHELPHQWRVRULJLQiULRVGHHPSUpVWLPRVILQDQFLDPHQWRVDOLHQDomRGHDWLYRVGHYHUmR VHUFODVVLILFDGRVFRPRUHFHLWDGHFDSLWDOGHDFRUGRFRPRUHVSHFWLYRGHWDOKDPHQWR ERVUHFHELPHQWRVSURYHQLHQWHVGDVGHPDLVDWLYLGDGHVGDHPSUHVDLQFOXVLYHGHVXDVRSHUDo}HV FRPHUFLDLVRXLQGXVWULDLVQRUPDLVGHYHUmRVHUFODVVLILFDGRVFRPRUHFHLWDFRUUHQWHGHDFRUGR FRPRUHVSHFWLYRGHWDOKDPHQWR FH[FOXHPVHGHVWDFODVVLILFDomRRVUHFHELPHQWRVDWtWXORGHGHSyVLWRVTXHVHUmRGHYROYLGRV DSyVFXPSULPHQWRGHFOiXVXODVFRQWUDWXDLV ,,²&RPEDVHQRIOX[RGHFDL[DDVHPSUHVDVGHSHQGHQWHVGHYHUmRSURFHGHUjFODVVLILFDomR GRVSDJDPHQWRVGHDFRUGRFRPDRULJHPGRGpELWRFRUUHVSRQGHQWHHPGHVSHVDVGHDFRUGR FRPD3RUWDULD,QWHUPLQLVWHULDO62)671QºGHGHPDLRGH DRVSDJDPHQWRVGHDPRUWL]DomRGHHPSUpVWLPRVHILQDQFLDPHQWRVLQYHVWLPHQWRVHLQYHUV}HV ILQDQFHLUDV GHYHUmR VHU FODVVLILFDGRV FRPR GHVSHVD GH FDSLWDO GH DFRUGR FRP R UHVSHFWLYR GHWDOKDPHQWR ERVSDJDPHQWRVGHREULJDo}HVGHFRUUHQWHVGDVGHPDLVDWLYLGDGHVGDHPSUHVDLQFOXVLYHRV UHIHUHQWHVjVGHVSHVDVHFXVWRVQRUPDLVGHVXDVRSHUDo}HVFRPHUFLDLVRXLQGXVWULDLVGHYHUmR VHUFODVVLILFDGRVFRPRGHVSHVDFRUUHQWHGHDFRUGRFRPRUHVSHFWLYRGHWDOKDPHQWR FH[FOXHPVHGHVWDFODVVLILFDomRDVUHVWLWXLo}HVGHGHSyVLWRVGHWHUFHLURV ,,,²2VVDOGRVGDVFRQWDVGRDWLYRHSDVVLYRGHYHUmRVHUFRQVROLGDGDVGHDFRUGRFRPDHVWUXWXUD GR EDODQoR SDWULPRQLDO SDUD ILQV GH VXEVLGLDU RV UHODWyULRV UHODWLYRV j GtYLGD S~EOLFD H DR UHVXOWDGRQRPLQDO 3DUiJUDIR~QLFR$FODVVLILFDomRGDUHFHLWDHGDGHVSHVDQDIRUPDFRQVLJQDGDQRSUHVHQWHDUWLJR GHYHUi VHU IHLWD VHP SUHMXt]R GDTXHOD GHWHUPLQDGD SHOD /HL )HGHUDO Qº GH GH GH]HPEURGH $UWº3DUDHIHLWRVGDVSRUWDULDVHGHGHVHWHPEURGHHHGH GH GH]HPEUR GH D UHFHLWD FRUUHQWH OtTXLGD VHUi DSXUDGD VRPDQGRVH DV UHFHLWDV DUUHFDGDGDVQRPrVGHUHIHUrQFLDHQRVRQ]HPHVHVDQWHULRUHVH[FOXtGDVDVGXSOLFLGDGHV 3DUiJUDIR~QLFR(QWHQGHVHSRUPrVGHUHIHUrQFLDRXDWXDORPrVLPHGLDWDPHQWHDQWHULRU jTXHOHHPTXHDUHFHLWDFRUUHQWHOtTXLGDHVWLYHUVHQGRDSXUDGD $UW(VWD3RUWDULDHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR )$%,2'(2/,9(,5$%$5%26$ 6HFUHWiULRGR7HVRXUR1DFLRQDO $1(;26'$3257$5,$1º'('('(=(0%52'( 5HODWyULRGH*HVWmR)LVFDO ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 ² ,'(17,),&$d®2 '2 32'(5 ,'(17,),&$d®2 '2 Ð5*®2 48$1'2 2 '(021675$7,92 )25 (63(&Ì),&2 '( 80 Ð5*®2 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$ '(63(6$ &20 3(662$/ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Dµ ² $QH[R , '(63(6$ &20 3(662$/ 5 0LOKDUHV '(63(6$ /,48,'$'$ $Wp R ÔOWLPRV 4XDGULPHVWUH! PHVHV! '(63(6$ /Ì48,'$ &20 3(662$/ , 3HVVRDO $WLYR 3HVVRDO ,QDWLYR H 3HQVLRQLVWDV 'HVSHVDV QmR &RPSXWDGDV DUW GD /5) 3UHFDWyULRV6HQW -XGLFLDLV UHI D 3HUtRGR $QWHULRU DR GH $SXUDomR ,QDWLYRV FRP 5HFXUVRV 9LQFXODGRV ,QGHQL]Do}HV SRU 'HPLVVmR 'HVSHVDV GH ([HUFtFLRV $QWHULRUHV 2875$6 '(63(6$6 '( 3(662$/ DUW GD /5) ,, 727$/ '$ '(63(6$ /Ì48,'$ &20 3(662$/ , ,, 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GR 727$/ '$ '(63(6$ /Ì48,'$ &20 3(662$/ VREUH D 5&/ /,0,7( 358'(1&,$/ ~QLFR DUW GD /5) ² ! /,0,7( 3(50,7,'2 DUW GD /5) ² ! /,0,7( /(*$/ LQFLVRV , ,, H ,,, DUW GD /5) ² ! )217( 1RWD ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$ 'Ì9,'$ &2162/,'$'$ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Eµ ² $QH[R ,, (63(&,),&$d®2 5 0LOKDUHV 6$/'2 '2 (;(5&Ì&,2 '( $12! 6$/'2 (;(5&Ì&,2 $Wp R $Wp R $Wp R $17(5,25 4XDGULPHVWUH 4XDGULPHVWUH 4XDGULPHVWUH 'Ì9,'$ &2162/,'$'$ '& 'tYLGD 0RELOLiULD 2XWUDV 'tYLGDV $7,92 ),1$1&(,52 $) 'LVSRQLELOLGDGH $SOLFDo}HV )LQDQFHLUDV 'HPDLV $WLYRV )LQDQFHLURV 'Ì9 &2162/,' /Ì48,'$ '&/ '& ² $) 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GD '& VREUH D 5&/ GD '&/ VREUH D 5&/ /,0,7( '(),1,'2 325 5(62/8d®2 '2 6(1$'2 )('(5$/ )217( 81,®2 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$ 'Ì9,'$ &2162/,'$'$ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Eµ ² $QH[R ,, (63(&,),&$d®2 6$/'2 (;(5&Ì&,2 $17(5,25 'Ì9,'$ &2162/,'$'$ '& 'tYLGD 0RELOLiULD GR 7HVRXUR 1DFLRQDO 'tYLGD 0RELOLiULD GR 71 ,QWHUQD HP PHUFDGR $SOLFDo}HV HP 7tWXORV 3~EOLFRV 'tYLGD 0RELOLiULD GR 71 ,QWHUQD HP FDUWHLUD %&% 'tYLGD 6HFXULWL]DGD 'tYLGD 0RELOLiULD ([WHUQD 7tWXORV GR %DQFR &HQWUDO HP PHUFDGR 'tYLGD $VVXPLGD SHOD 8QLmR /HL Q 'tYLGD ([WHUQD &RQWUDWXDO 'tYLGD %DQFiULD $7,92 ),1$1&(,52 $) 'LVSRQLELOLGDGH 'HSyVLWRV GR 71 QR %&% 'HSyVLWRV j YLVWD $UUHFDGDomR D 5HFROKHU $SOLFDo}HV )LQDQFHLUDV 'LVSRQLELOLGDGHV GR )$7 $SOLFDo}HV GH )XQGRV 'LYHUVRV -XQWR DR 6HWRU 3ULYDGR 5HFXUVRV GD 5HVHUYD 0RQHWiULD 5HQHJRFLDomR GH 'tYLGDV GH (QWHV GD )HGHUDomR 'tYLGD 5HQHJ (VWDGRV H 0XQLF /HL Q 03 Q &UpGLWRV GD /HL Q 'tYLGD ([WHUQD 5HQHJRFLDGD $YLVR 0) Q H RXWURV 'HPDLV 'HPDLV $WLYRV )LQDQFHLURV +DYHUHV ([WHUQRV *DUDQWLDV 2XWURV &UpGLWRV %DQFiULRV 'Ì9,'$ &2162/,'$'$ /Ì48,'$ '&/ '& ² $) 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GD '& VREUH D 5&/ GD '&/ VREUH D 5&/ /,0,7( '(),1,'2 325 5(62/8d®2 '2 6(1$'2 )('(5$/ 5 0LOKDUHV 6$/'2 '2 (;(5&Ì&,2 '( $12! $Wp R $Wp R $Wp R 4XDGULPHVWUH 4XDGULPHVWUH 4XDGULPHVWUH ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$6 *$5$17,$6 ( &2175$*$5$17,$6 '( 9$/25(6 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Fµ H DUW ² $QH[R ,,, 5 0LOKDUHV *$5$17,$6 6$/'2 6$/'2 '2 (;(5&Ì&,2 '( $12! (;(5&Ì&,2 $Wp R $Wp R $Wp R $17(5,25 4XDGULPHVWUH 4XDGULPHVWUH 4XDGULPHVWUH $9$,6 , 2SHUDo}HV GH &UpGLWR ([WHUQDV 2SHUDo}HV GH &UpGLWR ,QWHUQDV ),$1d$6 ,, 2SHUDo}HV GH &UpGLWR ([WHUQDV 2SHUDo}HV GH &UpGLWR ,QWHUQDV 727$/ '$6 *$5$17,$6 , ,, 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GR 727$/ '$6 *$5$17,$6 VREUH D 5&/ /,0,7( '(),1,'2 325 5(62/8d®2 '2 6(1$'2 )('(5$/ &2175$*$5$17,$6 6$/'2 6$/'2 '2 (;(5&Ì&,2 '( $12! (;(5&Ì&,2 $Wp R $Wp $Wp R $17(5,25 4XDGULPHVWUH 4XDGULPHVWUH 4XDGULPHVWUH $9$,6 , 2SHUDo}HV GH &UpGLWR ([WHUQDV 2SHUDo}HV GH &UpGLWR ,QWHUQDV ),$1d$6 ,, 2SHUDo}HV GH &UpGLWR ([WHUQDV 2SHUDo}HV GH &UpGLWR ,QWHUQDV 727$/ &2175$*$5$17,$6 , ,, )217( 1RWD ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$6 23(5$d¯(6 '( &5e',72 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , DOtQHD ´Gµ H LQFLVR ,,, DOtQHD ´Fµ ² $QH[R ,9 5(&(,7$6 '( &$3,7$/ 23(5$d¯(6 '( &5e',72 , ([WHUQDV ,QWHUQDV 325 $17(&,3$d®2 '$ 5(&(,7$ ,, 727$/ '$6 23(5$d¯(6 '( &5e',72 , ,, 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GDV 23(5$d¯(6 '( &5e',72 ,17(51$6 ( (;7(51$6 VREUH D 5&/ GDV 23(5$d¯(6 '( &5e',72 325 $17(&,3$d®2 '$ 5(&(,7$ VREUH D 5&/ /,0,7( '(),1,'2 325 5(62/8d®2 '2 6(1$'2 )('(5$/ 3$5$ $6 23(5$d¯(6 '( &5e',72 ,17(51$6 ( (;7(51$6 /,0,7( '(),1,'2 325 5(62/8d®2 '2 6(1$'2 )('(5$/ 3$5$ $6 23(5$d¯(6 '( &5e',72 325 $17(&,3$d®2 '$ 5(&(,7$ )217( 1RWD 5 0LOKDUHV 5(&(,7$6 5($/,=$'$6 $Wp R 4XDGULPHVWUH ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 ² ,'(17,),&$d®2 '2 32'(5 ,'(17,),&$d®2 '2 Ð5*®2 48$1'2 2 '(021675$7,92 )25 (63(&Ì),&2 '( 80 Ð5*®2 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$ ',6321,%,/,'$'( '( &$,;$ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW ,QFLVR ,,, DOtQHD ´Dµ ² $QH[R 9 $7,92 $7,92 ',6321Ì9(/ 'LVSRQLELOLGDGH )LQDQFHLUD &DL[D %DQFRV &RQWD 0RYLPHQWR &RQWDV 9LQFXODGDV $SOLFDo}HV )LQDQFHLUDV 9$/25 3$66,92 2%5,*$d¯(6 ),1$1&(,5$6 'HSyVLWRV GH 'LYHUVDV 2ULJHQV 5HVWRV D 3DJDU 'R ([HUFtFLR 'H ([HUFtFLRV $QWHULRUHV 2XWUDV 2EULJDo}HV )LQDQFHLUDV ,GHQWLILFDomR GDV REULJDo}HV PDLV UHOHYDQWHV GR 3RGHU RX yUJmR! 68%727$/ ,168),&,È1&,$ 727$/ )217( 1RWD 68%727$/ 68),&,È1&,$ 727$/ 5 0LOKDUHV 9$/25 ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 ² ,'(17,),&$d®2 '2 32'(5 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '26 5(6726 $ 3$*$5 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,,, DOtQHD ´Eµ ² $QH[R 9, Ð5*®2 5 0LOKDUHV 5(6726 $ 3$*$5 ,QVFULWRV 3URFHVVDGRV ([HUFtFLRV $QWHULRUHV 1mR 3URFHVVDGRV 'R ([HUFtFLR 'R ([HUFtFLR $'0,1,675$d®2 ',5(7$ ,GHQWLILFDomR GR ÐUJmR TXDQGR R GHPRQVWUDWLYR IRU HVSHFtILFR GH XP yUJmR RX UHODomR GH yUJmRV GR 3RGHU TXDQGR R GHPRQVWUDWLYR IRU GR 3RGHU ([HFXWLYR /HJLVODWLYR RX -XGLFLiULR! $'0,1,675$d®2 ,1',5(7$ ,GHQWLILFDomR GR ÐUJmR TXDQGR R GHPRQVWUDWLYR IRU HVSHFtILFR GH XP yUJmR RX UHODomR GH yUJmRV GR 3RGHU TXDQGR R GHPRQVWUDWLYR IRU GR 3RGHU ([HFXWLYR /HJLVODWLYR RX -XGLFLiULR! 727$/ )217( 'LVSRQL 1mR ELOLGDGH ,QVFULWRV SRU )LQDQFHLUD ,QVXILFLrQFLD )LQDQFHLUD ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 ² ,'(17,),&$d®2 '2 32'(5 ,'(17,),&$d®2 '2 Ð5*®2 48$1'2 2 '(021675$7,92 )25 (63(&Ì),&2 '( 80 Ð5*®2 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '$ '(63(6$ &20 6(59,d26 '( 7(5&(,526 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW ² $QH[R 9,, 5 0LOKDUHV (63(&,),&$d®2 ([HUFtFLRV $QR GH UHIHUrQFLD! '(63(6$ &20 6(59,d26 '( 7(5&(,526 3DVVDJHQV H 'HVSHVDV FRP /RFRPRomR 6HUYLoRV GH &RQVXOWRULDV 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD )tVLFD /RFDomR GH 0mRGH2EUD $UUHQGDPHQWR 0HUFDQWLO 2XWURV 6HUYLoRV GH 7HUFHLURV ² 3HVVRD -XUtGLFD 727$/ '$ '(63(6$ &20 6(59,d26 '( 7(5&(,526 5(&(,7$ &255(17( /Ì48,'$ ² 5&/ GR 727$/ '$ '(63(6$ &20 6(59,d26 '( 7(5&(,526 VREUH D 5&/ )217( 1RWD /LPLWH ,'(17,),&$d®2 '$ (6)(5$ '( *29(512 ² ,'(17,),&$d®2 '2 32'(5 ,'(17,),&$d®2 '2 Ð5*®2 48$1'2 2 '(021675$7,92 )25 (63(&Ì),&2 '( 80 Ð5*®2 5(/$7Ð5,2 '( *(67®2 ),6&$/ '(021675$7,92 '26 /,0,7(6 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW ² $QH[R 9,,, 9$/25 5 0LOKDUHV 62%5( $ 5&/ 9$/25 62%5( $ 5&/ *$5$17,$6 '( 9$/25(6 7RWDO GDV *DUDQWLDV /LPLWH 'HILQLGR SRU 5HVROXomR GR 6HQDGR )HGHUDO 9$/25 62%5( $ 5&/ 23(5$d¯(6 '( &5e',72 2SHUDo}HV GH &UpGLWR ,QWHUQDV H ([WHUQDV 2SHUDo}HV GH &UpGLWR SRU $QWHFLSDomR GD 5HFHLWD /LPLWH 'HILQLGR S 6HQDGR )HGHUDO SDUD 2S GH &UpGLWR ,QWHUQDV H ([WHUQDV /LPLWH 'HILQLGR S 6HQDGR )HGHUDO SDUD 2S GH &UpGLWR SRU $QWHF GD 5HFHLWD 9$/25 62%5( $ 5&/ 5(6726 $ 3$*$5 9$/25 ',6321,%,/,'$'( ),1$1&(,5$ 6(59,d26 '( 7(5&(,526 7RWDO GD 'HVSHVD FRP 6HUYLoRV GH 7HUFHLURV /LPLWH &DOFXODGR FRP %DVH QR ([HUFtFLR GH GR 7RWDO GD 'HVSHVD FRP 6HUYLoRV GH 7HUFHLURV DUW GD /5) )217( 9$/25 62%5( $ 5&/ '(63(6$ &20 3(662$/ 7RWDO GD 'HVSHVD /tTXLGD FRP 3HVVRDO QRV ÔOWLPRV 0HVHV /LPLWH 3UXGHQFLDO ~QLFR DUW GD /5) /LPLWH 3HUPLWLGR DUW GD /5) /LPLWH /HJDO LQFLVRV , ,, H ,,, DUW GD /5) 'Ì9,'$ 'tYLGD &RQVROLGDGD 'tYLGD &RQVROLGDGD /tTXLGD /LPLWH 'HILQLGR SRU 5HVROXomR GR 6HQDGR )HGHUDO 7RWDO GRV 5HVWRV D 3DJDU $1(;26'$3257$5,$1º'('('(=(0%52'( 5(/$7Ð5,25(680,'2'$(;(&8d®225d$0(17É5,$ (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ %$/$1d2 25d$0(17É5,2 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) $UW LQFLVR , DOtQHDV ´Dµ H ´Eµ GR LQFLVR ,, H ² $QH[R , 5(&(,7$6 35(9,6®2 35(9,6®2 5(&(,7$6 5($/,=$'$6 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH DWp R ELP! D E ED F 5(&(,7$6 &255(17(6 5(&(,7$ 75,%87$5,$ ,PSRVWRV 7D[DV &RQWULEXLomR GH 0HOKRULD 5(&(,7$ '( &2175,%8,&2(6 &RQWULEXLF}HV 6RFLDLV &RQWULEXLo}HV (FRQ{PLFDV 5(&(,7$ 3$75,021,$/ 5HFHLWDV ,PRELOLiULDV 5HFHLWDV GH 9DORUHV 0RELOLiULRV 5HFHLWD GH &RQFHVV}HV H 3HUPLVV}HV 2XWUDV 5HFHLWDV 3DWULPRQLDLV 5(&(,7$ $*523(&8$5,$ 5HFHLWD GD 3URGXomR 9HJHWDO 5HFHLWD GD 3URGXomR $QLPDO H 'HULYDGRV 2XWUDV 5HFHLWDV $JURSHFXiULDV 5(&(,7$ ,1'8675,$/ 5HFHLWD GD ,QG~VWULD ([WUDWLYD 0LQHUDO 5HFHLWD GD ,QG~VWULD GH 7UDQVIRUPDomR 5HFHLWD GD ,QG~VWULD GH &RQVWUXomR 5(&(,7$ '( 6(59,&26 5HFHLWD GH 6HUYLoRV 75$16)(5(1&,$6 &255(17(6 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2875$6 5(&(,7$6 &255(17(6 0XOWDV H -XURV GH 0RUD ,QGHQL]Do}HV H 5HVWLWXLo}HV 5HFHLWD GD 'tYLGD $WLYD 5HFHLWDV &RUUHQWHV 'LYHUVDV 5(&(,7$6 '( &$3,7$/ 23(5$&2(6 '( &5(',72 2SHUDo}HV GH &UpGLWR ,QWHUQDV 5HILQDQFLDPHQWR GD 'tYLGD 0RELOLiULD 5HILQDQFLDPHQWR GH 2XWUDV 'tYLGDV 2XWUDV 2SHUDo}HV GH &UpGLWR ,QWHUQDV 2SHUDo}HV GH &UpGLWR ([WHUQDV FD 5 0LOKDUHV 6$/'2 $ 5($/,=$5 DF $/,(1$&$2 '( %(16 $OLHQDomR GH %HQV 0yYHLV $OLHQDomR GH %HQV ,PyYHLV $0257,=$d¯(6 '( (035e67,026 $PRUWL]Do}HV GH (PSUpVWLPRV 75$16)(5(1&,$6 '( &$3,7$/ 7UDQVIHUrQFLDV ,QWHUJRYHUQDPHQWDLV 7UDQVIHUrQFLDV GH ,QVWLWXLo}HV 3ULYDGDV 7UDQVIHUrQFLDV GR ([WHULRU 7UDQVIHUrQFLDV GH 3HVVRDV 7UDQVIHUrQFLDV GH &RQYrQLRV 2875$6 5(&(,7$6 '( &$3,7$/ ,QWHJUDOL]DomR GR &DSLWDO 6RFLDO 5HPXQHUDomR GDV 'LVSRQLELOLGDGHV 5HFHLWDV GH &DSLWDO 'LYHUVDV 68%727$/ '$6 5(&(,7$6 , 'e),&,7 ,, 727$/ , ,, '(63(6$6 ² ² ² '27$d®2 &5e',726 '27$d®2 ,1,&,$/ $',&,21$,6 $78$/,=$'$ D E F DE ² '(63(6$6 (03(1+$'$6 ² ² '(63(6$6 /,48,'$'$6 1R DWp R ELP! 1R DWp R ELP! %LPHVWUH H %LPHVWUH J G I 6$/'2 FJ JF '(63(6$6 &255(17(6 3(662$/ ( (1&$5*26 62&,$,6 -8526 ( (1&$5*26 '$ 'Ì9,'$ 2875$6 '(63(6$6 &255(17(6 '(63(6$6 '( &$3,7$/ ,19(67,0(1726 ,19(56¯(6 ),1$1&(,5$6 $0257,=$d®2 '$ 'Ì9,'$ 5HILQDQFLDPHQWR 5HILQDQFLDPHQWR GD 'tYLGD 0RELOLiULD 5HILQDQFLDPHQWR GH 2XWUDV 'tYLGDV 2XWUDV $PRUWL]Do}HV 5(6(59$ '( &217,1*È1&,$ 68%727$/ '$6 '(63(6$6 , 683(5É9,7 ,, ² ² ² 727$/ ,,, )217( ² ² ² ² ² (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ (;(&8d®2 '$6 '(63(6$6 325 )81d®268%)81d®2 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) $UW LQFLVR ,, DOtQHD ´Fµ ² $QH[R ,, )81d®268%)81d®2 '27$d®2 '27$d®2 ,1,&,$/ $78$/,=$'$ D 5 0LOKDUHV '(63(6$6 (03(1+$'$6 1R DWp R ELP! 1R %LPHVWUH F %LPHVWUH E G /(*,6/$7,9$ -8',&,É5,$ (66(1&,$/ $ -867,d$ $'0,1,675$d®2 '()(6$ 1$&,21$/ 6(*85$1d$ 3Ô%/,&$ 5(/$d¯(6 (;7(5,25(6 $66,67È1&,$ 62&,$/ 35(9,'È1&,$ 62&,$/ 6$Ô'( 75$%$/+2 ('8&$d®2 &8/785$ ',5(,726 '$ &,'$'$1,$ 85%$1,602 +$%,7$d®2 6$1($0(172 *(67®2 $0%,(17$/ &,È1&,$ ( 7(&12/2*,$ $*5,&8/785$ 25*$1,=$d®2 $*5É5,$ ,1'Ô675,$ &20e5&,2 ( 6(59,d26 &2081,&$d¯(6 (1(5*,$ 75$163257( '(632572 ( /$=(5 (1&$5*26 (63(&,$,6 5(6(59$ '( &217,1*È1&,$ 727$/ )217( '(63(6$6 /,48,'$'$6 DWp R ELP! H HWRWDO H 6$/'2 DH HD (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 5(&(,7$ &255(17( /Ì48,'$ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) $UW LQFLVR , ² $QH[R ,,, (63(&,),&$d®2 5 0LOKDUHV (92/8d®2 '$ 5(&(,7$ 5($/,=$'$ 126 Ô/7,026 0(6(6 727$/ 35(9, Ô/7 6®2 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$ 0$! 0 $78$ ! ! ! ! ! ! ! ! ! ! ! /,=$'$ H[HUF DWXDO! 5(&(,7$6 &255(17(6 , 5HFHLWD 7ULEXWiULD 5HFHLWD GH &RQWULEXLo}HV 5HFHLWD 3DWULPRQLDO 5HFHLWD $JURSHFXiULD 5HFHLWD ,QGXVWULDO 5HFHLWD 6HUYLoRV 7UDQVIHUrQFLDV &RUUHQWHV 2XWUDV 5HFHLWDV &RUUHQWHV '('8d¯(6 ,, 7UDQVIHUrQFLDV &RQVWLWXFLRQDLV H /HJDLV &RQWULE (PSUHJDGRUHV H 7UDE S 6HJ 6RFLDO &RQWULE 3ODQR 6HJ 6RFLDO 6HUYLGRU 6HUYLGRU 3DWURQDO &RQWULE S &XVWHLR 3HQV}HV 0LOLWDUHV &RPSHQVDomR )LQDQF HQWUH 5HJLPHV 3UHYLG 'HGXomR GH 5HFHLWD SDUD )RUPDomR GR )81'() &RQWULEXLo}HV S 3,63$6(3 3,6 3$6(3 5(&(,7$ &255(17( /Ì48,'$ , ² ,, )217( (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$6 5(&(,7$6 ( '(63(6$6 35(9,'(1&,É5,$6 '2 5(*,0( *(5$/ '( 35(9,'È1&,$ 62&,$/ 25d$0(172 '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,, ² $QH[R ,9 5(&(,7$6 5 0LOKDUHV 35(9,6®2 35(9,6®2 5(&(,7$6 5($/,=$'$6 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH ([HUFtFLR ([HUFtFLR DWXDO DWp R DQW DWp R ELP! ELP! 5(&(,7$6 35(9,'(1&,É5,$6 , &RQWULEXLomR GH (PSUHJDGRUHV H 7UDEDOKDGRUHV SDUD 3UHYLGrQFLD 6RFLDO '(63(6$6 '27$d®2 '27$d®2 '(63(6$6 /,48,'$'$6 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH ([HUFtFLR ([HUFtFLR DWXDO DWp R DQW DWp R ELP! ELP! '(63(6$6 35(9,'(1&,É5,$6 ,, %HQHItFLRV 3UHYLGHQFLiULRV 5(68/7$'2 35(9,'(1&,É5,2 , ² ,, )217( (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$6 5(&(,7$6 ( '(63(6$6 35(9,'(1&,É5,$6 '2 5(*,0( 35Ð35,2 '26 6(59,'25(6 3Ô%/,&26 25d$0(172 '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) $UW LQFLVR ,, ² $QH[R 9 5(&(,7$6 5 0LOKDUHV 35(9,6®2 35(9,6®2 5(&(,7$6 5($/,=$'$6 ,1,&,$/ $78$/,=$'$ 1R 3HUtRGR 3HUtRGR %LPHVWUH DWXDO DWp R DQWHULRU DWp ELPHVWUH! R ELPHVWUH! 5(&(,7$6 35(9,'(1&,É5,$6 &2175,%8,d®2 3$7521$/ &2175,%8,d®2 '2 6(59,'25 $7,92 &LYLO 0LOLWDU &2175,%8,d®2 6(59,'25 ,1$7,92 ( 3(16,21,67$ &LYLO 0LOLWDU 5(&(,7$6 3$75,021,$,6 2875$6 5(&(,7$6 &255(17(6 &RPSHQVDo}HV 3UHYLGHQFLiULDV 2XWUDV $/,(1$d®2 '( %(16 727$/ '$6 5(&(,7$6 35(9,'(1&,É5,$6 , '(63(6$6 '27$d®2 '27$d®2 ,1,&,$/ $78$/,=$'$ '(63(6$6 /,48,'$'$6 1R 3HUtRGR 3HUtRGR %LPHVWUH DWXDO DWp R DQWHULRU DWp ELPHVWUH! R ELPHVWUH! '(63(6$6 35(9,'(1&,É5,$6 $'0,1,675$d®2 *(5$/ 35(9,'È1&,$ 62&,$/ 6HJXUDGRV ,QDWLYRV H 3HQVLRQLVWDV 727$/ '$6 '(63(6$6 35(9,'(1&,É5,$6 ,, 5(68/7$'2 35(9,'(1&,É5,2 , ² ,, (63(&,),&$d®2 0È6 $17! 6$/'2 '( $3/,&$d¯(6 ),1$1&(,5$6 '2 5(*,0( 35Ð35,2 '( 35(9,'È1&,$ 62&,$/ )217( 0È6 5()! 3(5Ì2'2 '( 5()(5È1&,$ ([HUFtFLR ([HUFtFLR $QWHULRU! $WXDO! (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '2 5(68/7$'2 120,1$/ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,,, ² $QH[R 9, (63(&,),&$d®2 5 0LOKDUHV (P 'H] DQR! D 6$/'2 (P ELP DQWHULRU! E (P ELP DWXDO! F 'Ì9,'$ &2162/,'$'$ , 'LVSRQLELOLGDGH GH &DL[D $SOLFDo}HV )LQDQFHLUDV 'HPDLV $WLYRV )LQDQFHLURV 'Ì9,'$ &2162/,'$'$ /Ì48,'$ ,, 5(&(,7$ '( 35,9$7,=$d¯(6 ,,, 3$66,926 5(&21+(&,'26 ,9 'Ì9,'$ ),6&$/ /Ì48,'$ ,, ,,, ² ,9 (63(&,),&$d®2 1R %LPHVWUH F ² E 5(68/7$'2 120,1$/ )217( 3(5Ì2'2 '( 5()(5È1&,$ -DQ D DWp R ELP! F ² D (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '2 5(68/7$'2 35,0É5,2 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,,, ² $QH[R 9,, 5(&(,7$6 ),6&$,6 35(9,6®2 $78$/,=$'$ 5 0LOKDUHV 5(&(,7$6 5($/,=$'$6 1R %LPHVWUH SHUtRGR! SHUtRGR! '27$d®2 $78$/,=$'$ '(63(6$6 /,48,'$'$6 1R %LPHVWUH SHUtRGR! SHUtRGR! 5(&(,7$6 ),6&$,6 &255(17(6 5(&(,7$ 75,%87É5,$ 5(&(,7$ '( &2175,%8,d®2 5HFHLWD 3UHYLGHQFLiULD 2XWUDV &RQWULEXLo}HV 5(&(,7$ 3$75,021,$/ /Ì48,'$ 5HFHLWD 3DWULPRQLDO $SOLFDo}HV )LQDQFHLUDV 75$16)(5È1&,$6 &255(17(6 '(0$,6 5(&(,7$6 &255(17(6 'tYLGD $WLYD 'LYHUVDV 5HFHLWDV &RUUHQWHV 5(&(,7$6 ),6&$,6 '( &$3,7$/ 5(&(,7$6 '( &$3,7$/ /Ì48,'$6 2SHUDo}HV GH &UpGLWR $PRUWL]DomR GH (PSUpVWLPRV 5HFHLWDV GH $OLHQDomR GD $WLYRV 7UDQVIHUrQFLDV GH &DSLWDO &RQYrQLRV 2XWUDV 7UDQVIHUrQFLDV GH &DSLWDO 2XWUDV 5HFHLWDV GH &DSLWDO 727$/ , '(63(6$6 ),6&$,6 '(63(6$6 ),6&$,6 &255(17(6 '(63(6$6 &255(17(6 /Ì48,'$6 3HVVRDO H (QFDUJRV 6RFLDLV 2XWUDV 'HVSHVDV &RUUHQWHV -XURV H (QFDUJRV GD 'tYLGD '(63(6$6 ),6&$,6 '( &$3,7$/ '(63(6$6 '( &$3,7$/ /Ì48,'$6 ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV $PRUWL]DomR GD 'tYLGD &RQFHVVmR GH (PSUpVWLPRV $TXLVLomR GH 7tWXOR GH &DSLWDO Mi ,QWHJUDOL]DGR 5(6(59$ '( &217,1*È1&,$ 727$/ ,, 5(68/7$'2 35,0É5,2 , ² ,, )217( (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '2 5(68/7$'2 35,0É5,2 '$ 81,®2 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,,, ² $QH[R 9,,, 5(&(,7$6 5 0LOKDUHV 5($/,=$'$6 12 3(5Ì2'2 1R %LPHVWUH SHUtRGR! SHUtRGR! , 5(&(,7$ 727$/ 5(&(,7$6 '2 7(62852 1$&,21$/ 5HFHLWD %UXWD 5HFHLWDV GH ,PSRVWRV ,PSRVWRV V &RPpUFLR ([WHULRU ,PSRVWRV V 3DWULP{QLR H 5HQGD ,PSRVWRV V 3URGXomR H &LUFXODomR 5HFHLWDV GH &RQWULEXLo}HV 'HPDLV 5HFHLWDV &RQFHVV}HV GH 6HUYLoRV 3~EOLFRV 3DUWLFLSDo}HV H 'LYLGHQGRV 2XWUDV 5HVWLWXLo}HV ,QFHQWLYRV )LVFDLV 5(&(,7$6 '$ 35(9,'È1&,$ 62&,$/ ,, 75$16)(5È1&,$6 $ (67$'26 ( 081,&Ì3,26 ,,, 5(&(,7$ 727$/ /Ì48,'$ ,,, '(63(6$6 5($/,=$'$6 12 3(5Ì2'2 1R %LPHVWUH SHUtRGR! SHUtRGR! ,9 '(63(6$ 727$/ 3HVVRDO H (QFDUJRV 6RFLDLV %HQHItFLRV 3UHYLGHQFLiULRV &XVWHLR H GH &DSLWDO 'HVSHVD GR )$7 6XEVtGLRV H 6XEYHQo}HV (FRQ{PLFDV 2XWUDV 'HVSHVDV GH &XVWHLR H GH &DSLWDO 5(68/7$'2 35,0É5,2 9 5(68/7$'2 35,0É5,2 '2 *29(512 )('(5$/ ,,, ² ,9 7HVRXUR 1DFLRQDO 3UHYLGrQFLD 6RFLDO ² 5*36 9, 5(68/7$'2 35,0É5,2 '2 %$1&2 &(175$/ 9,, 5(68/7$'2 35,0É5,2 '$ 81,®2 99, )217( 5HFHLWD GH &RQWULEXLo}HV PHQRV %HQHItFLRV 3UHYLGHQFLiULRV 'HVSHVDV $GPLQLVWUDWLYDV GHGX]LGDV GDV 5HFHLWDV 3UySULDV 5($/,=$'2 12 3(5Ì2'2 1R %LPHVWUH SHUtRGR! SHUtRGR! 1RWD ² 2V YDORUHV QHJDWLYRV LQFOXVLYH GpILFLW HQFRQWUDPVH HQWUH SDUrQWHVHV (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '26 5(6726 $ 3$*$5 325 32'(5 ( Ð5*®2 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR 9 ² $QH[R ,; 32'(5Ð5*®2 (;(&87,92 5 0LOKDUHV 53 352&(66$'26 ,QVFULWRV &DQFHODGRV ([HUFtFLRV $QWHULRUHV H[HUF UHI! 3DJRV 53 1®2352&(66$'26 $ 3DJDU /(*,6/$7,92 -8',&,É5,2 0,1,67e5,2 3Ô%/,&2 727$/ )217( ,QVFULWRV &DQFHODGRV 3DJRV $ 3DJDU (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$6 5(&(,7$6 ( '(63(6$6 &20 0$187(1d®2 ( '(6(192/9,0(172 '2 (16,12 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /(, $UW ² $QH[R ; 5(&(,7$6 5 0LOKDUHV 35(9,6®2 35(9,6®2 5(&(,7$6 5($/,=$'$6 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH DWp R ELP! D E ED 5(&(,7$ /Ì48,'$ 5(68/7$17( '( ,0326726 &) DUW , ,PSRVWRV 5HFHLWDV GH 7UDQVIHUrQFLDV 'HGXo}HV GD 5HFHLWD S )RUPDomR GR )81'() ,, 2XWUDV 5HFHLWDV GH 7UDQVIHUrQFLDV 7UDQVIHUrQFLDV &RQVWLWXFLRQDLV H /HJDLV 75$16)(5È1&,$6 08/7,*29(51$0(17$,6 '2 )81'() ,,, &2175,%8,d®2 62&,$/ '2 6$/É5,2('8&$d®2 727$/ '$6 5(&(,7$6 ,9 '(63(6$6 &20 0$187(1d®2 ( '(6(192/9,0(172 '2 (16,12 325 9,1&8/$d®2 '(63(6$6 /,48,'$'$6 '27$d®2 '27$d®2 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH DWp R ELP! F G GF 9,1&8/$'$6 6 5(&(,7$6 5(68/7$17(6 '( ,0326726 9 9,1&8/$'$6 $2 )81'() 12 (16,12 )81'$0(17$/ 9, 5HPXQHUDomR GRV 3URILVVLRQDLV GR 0DJLVWpULR 2XWUDV 'HVSHVDV QR (QVLQR )XQGDPHQWDO 9,1&8/$'$6 &2175,%8,d®2 62&,$/ '2 6$/É5,2('8&$d®2 727$/ '$6 '(63(6$6 &20 2 (16,12 9,, 3(5'$*$1+2 1$6 75$16)(5È1&,$6 '2 )81'() 9,,, ,, ² ,,, 727$/ &216,'(5$'2 3 ),16 /,0,7( &2167,78&,21$/ ,; 9 9, 9,,, 3$57,&,3$d®2 '$6 '(63(6$6 &20 2 (16,12 1$6 5(&(,7$6 &255(6321'(17(6 '(63(6$6 &20 0$187(1d®2 ( '(6(192/9,0(172 '2 (16,12 (0 5(/$d®2 6 5(&(,7$6 5(68/7$17(6 '( ,0326726 ² /,0,7( &2167,78&,21$/ ! 9,,, , '(63(6$6 727$,6 &20 0$187(1d®2 ( '(6(1929,0(172 '2 (16,12 (0 5(/$d®2 $2 727$/ '$6 5(&(,7$6 &255(6321'(17(6 9,, ,9 '(63(6$6 &20 0$187(1d®2 ( '(6(192/9,0(172 '2 (16,12 325 68%)81d®2 '27$d®2 '27$d®2 '(63(6$6 /,48,'$'$6 ,1,&,$/ $78$/,=$'$ 1R %LPHVWUH DWp R ELP! H I IH (16,12 )81'$0(17$/ (16,12 0e',2 (16,12 352),66,21$/ (16,12 683(5,25 ('8&$d®2 ,1)$17,/ ('8&$d®2 '( -29(16 ( $'8/726 ('8&$d®2 (63(&,$/ 727$/ '$6 '(63(6$6 )217( DQXDO PtQLPR D VHU FXPSULGR QR HQFHUUDPHQWR GR H[HUFtFLR /LPLWH (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$6 5(&(,7$6 '( 23(5$d¯(6 '( &5e',72 ( '(63(6$6 '( &$3,7$/ 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR , ² $QH[R ;, 5 0LOKDUHV 5(&(,7$6 35(9,6®2 $78$/,=$'$ D 5(&(,7$6 5($/,=$'$6 1R %LPHVWUH '27$d®2 $78$/,=$'$ F 1R %LPHVWUH 5(&(,7$6 '( 23(5$d¯(6 '( &5e',72 , '(63(6$6 '(63(6$6 '( &$3,7$/ ,QFHQWLYRV )LVFDLV D &RQWULEXLQWH ,QFHQWLYRV )LVFDLV D &RQWULEXLQWH SRU ,QVWLWXLo}HV )LQDQFHLUDV '(63(6$ '( &$3,7$/ /Ì48,'$ ,, ',)(5(1d$ , ² ,, )217( DWp R ELP! E '(63(6$6 /,48,'$'$6 DWp R ELP! G 6$/'2 $ 5($/,=$5 E ² D 6$/'2 $ 5($/,=$5 G ² F (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 352-(d®2 $78$5,$/ '2 5(*,0( *(5$/ '( 35(9,'È1&,$ 62&,$/ 25d$0(172 '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,, ² $QH[R ;,, (;(5&Ì&,2 5(&(,7$6 35(9,'(1&,É5,$6 '(63(6$6 35(9,'(1&,É5,$6 9DORU D GR 3,% 9DORU E GR 3,% 5 0LOK}HV 5(68/7$'2 35(9,'(1&,É5,2 9DORU GR 3,% DE )217(6 FRQWLQXD (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 352-(d®2 $78$5,$/ '2 5(*,0( *(5$/ '( 35(9,'È1&,$ 62&,$/ 25d$0(172 '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ 7$%(/$ '( +,3Ð7(6(6 (;(5&Ì&,2 0$66$ 6$/$5,$/ &5(6&,0(172 9(*(7$7,92 5($-867( 5($-867( 9$5,$d®2 7$;$ '( 5($/ '2 3,% '2 6$/É5,2 '26 '(0$,6 ,1)/$d®2 %(1()Ì&,26 0Ì1,02 $18$/ ,*3', 0pGLD )217(6 (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 352-(d®2 $78$5,$/ '2 5(*,0( 35Ð35,2 '( 35(9,'È1&,$ 62&,$/ '26 6(59,'25(6 3Ô%/,&26 25d$0(172 '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,, ² $QH[R ;,,, (;(5&Ì&,2 5(&(,7$6 35(9,'(1&,É5,$6 '(63(6$6 35(9,'(1&,É5,$6 9DORU D GR 3,% 9DORU E )217(6 GR 3,% 5 0LOKDUHV 5(68/7$'2 35(9,'(1&,É5,2 9DORU GR 3,% DE (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 5(&(,7$ '( $/,(1$d®2 '( $7,926 ( $3/,&$d®2 '26 5(&85626 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ /5) DUW LQFLVR ,,, ² $QH[R ;,9 5(&(,7$6 35(9,6®2 $78$/,=$'$ D 5(&(,7$6 5($/,=$'$6 E 5 0LOKDUHV 6$/'2 $ 5($/,=$5 D ² E '27$d®2 $78$/,=$'$ F '(63(6$6 /,48,'$'$6 G 6$/'2 $ 5($/,=$5 F ² G (;(5&Ì&,2 $17(5,25 H '2 (;(5&Ì&,2 I E ² G 6$/'2 $78$/ H I 5(&(,7$6 '( &$3,7$/ $/,(1$d®2 '( $7,926 $OLHQDomR GH %HQV 0yYHLV $OLHQDomR GH %HQV ,PyYHLV 727$/ '(63(6$6 $3/,&$d®2 '26 5(&85626 '$ $/,(1$d®2 '( $7,926 $PRUWL]DomR5HILQDQFLDPHQWR GD 'tYLGD 727$/ 6$/'2 ),1$1&(,52 $ $3/,&$5 )217( (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$6 '(63(6$6 &20 6$Ô'( 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ $'&7 DUW ² $QH[R ;9 '(63(6$6 &20 6$Ô'( 3RU *UXSR GH 1DWXUH]D GD 'HVSHVD '27$d®2 ,1,&,$/ '27$d®2 $78$/,=$'$ D 5 0LOKDUHV '(63(6$6 /,48,'$'$6 DWp R ELP! E ED '(63(6$6 &255(17(6 3HVVRDO H (QFDUJRV 6RFLDLV 2XWUDV 'HVSHVDV &RUUHQWHV '(63(6$6 '( &$3,7$/ ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV 727$/ (63(&,),&$d®2 9$5,$d®2 120,1$/ '2 3,% '(63(6$6 /,48,'$'$6 ([HUFtFLR GH ([HUFtFLR GH DQW! DWXDO! G F 9$5,$d®2 '( $3/,&$d®2 GF 727$/ '$6 '(63(6$6 &20 6$Ô'( '(63(6$6 &20 6$Ô'( 3RU 6XEIXQomR '27$d®2 ,1,&,$/ '27$d®2 $78$/,=$'$ '(63(6$6 /,48,'$'$6 DWp R ELP! H HWRWDO H $WHQomR %iVLFD $VVLVWrQFLD +RVSLWDODU H $PEXODWRULDO 6XSRUWH 3URILOiWLFR H 7HUDSrXWLFR 9LJLOkQFLD 6DQLWiULD 9LJLOkQFLD (SLGHPLROyJLFD $OLPHQWDomR H 1XWULomR 727$/ )217( 1mR LQFOXL DV GHVSHVDV FRP SDJDPHQWR GH ,QDWLYRV H 3HQVLRQLVWDV 2V UHFXUVRV PtQLPRV DSOLFDGRV VHUmR HTXLYDOHQWHV DR YDORU DSXUDGR QR DQR DQWHULRU FRUULJLGR SHOD YDULDomR QRPLQDO GR 3URGXWR ,QWHUQR %UXWR FRQIRUPH DOtQHD ´Eµ GR LQFLVR , GR DUWLJR GR $'&7 GD &) (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 5(&(,7$ /Ì48,'$ '( ,0326726 ( '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ $'&7 DUW ² $QH[R ;9, 5 0LOKDUHV 35(9,6®2 5(&(,7$6 5($/,=$'$6 $78$/,=$'$ DWp R ELP! D E ED 5(&(,7$6 ,PSRVWRV 5HFHLWD GD 'tYLGD $WLYD GH ,PSRVWRV 5HFHLWDV GH 7UDQVIHUrQFLDV 7UDQVIHUrQFLDV &RQVWLWXFLRQLDV H /HJDLV 5(&(,7$ /Ì48,'$ '( ,0326726 , '(63(6$6 &20 6$Ô'( 3RU *UXSR GH 1DWXUH]D GD 'HVSHVD '(63(6$6 &255(17(6 3HVVRDO H (QFDUJRV 6RFLDLV 2XWUDV 'HVSHVDV &RUUHQWHV '(63(6$6 '( &$3,7$/ ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV 727$/ ,, 75$16)(5È1&,$6 '( 5(&85626 '2 6,67(0$ Ô1,&2 '( 6$Ô'(686 ,,, 'D 8QLmR SDUD R (VWDGR 'RV 0XQLFtSLRV SDUD R (VWDGR 727$/ '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( ,9 ,, ² ,,, '27$d®2 '(63(6$6 /,48,'$'$6 $78$/,=$'$ DWp R ELP! F G GF 3$57,&,3$d®2 '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( 1$ 5(&(,7$ /Ì48,'$ '( ,0326726 ² /,0,7( &2167,78&,21$/ ! ,9 , (92/8d®2 '2 3(5&(178$/ 0Ì1,02 '$ '(63(6$ 35Ð35,$ &20 6$Ô'( 5(&(,7$ /Ì48,'$ '( ,0326726 $QR 0tQLPR D $SOLFDU '(63(6$6 &20 6$Ô'( 3RU 6XEIXQomR $WHQomR %iVLFD $VVLVWrQFLD +RVSLWDODU H $PEXODWRULDO 6XSRUWH 3URILOiWLFR H 7HUDSrXWLFR 9LJLOkQFLD 6DQLWiULD 9LJLOkQFLD (SLGHPLROyJLFD $OLPHQWDomR H 1XWULomR 727$/ )217( 1mR LQFOXL DV GHVSHVDV FRP SDJDPHQWR GH ,QDWLYRV H 3HQVLRQLVWDV /LPLWH DQXDO PtQLPR D VHU FXPSULGR QR HQFHUUDPHQWR GR H[HUFtFLR '27$d®2 '(63(6$6 /,48,'$'$6 $78$/,=$'$ DWp R ELP! H HWRWDO H (6)(5$ '( *29(512 5(/$7Ð5,2 5(680,'2 '$ (;(&8d®2 25d$0(17É5,$ '(021675$7,92 '$ 5(&(,7$ '( ,0326726 ( '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( 25d$0(1726 ),6&$/ ( '$ 6(*85,'$'( 62&,$/ 3(5Ì2'2 '( 5()(5È1&,$ $'&7 DUW ² $QH[R ;9,, 5 0LOKDUHV 35(9,6®2 5(&(,7$6 5($/,=$'$6 $78$/,=$'$ DWp R ELP! D E ED 5(&(,7$6 ,PSRVWRV 5HFHLWD GD 'tYLGD $WLYD GH ,PSRVWRV 5HFHLWDV GH 7UDQVIHUrQFLDV 'D 8QLmR 'R (VWDGR 727$/ '$ 5(&(,7$ '( ,0326726 , '(63(6$6 &20 6$Ô'( 3RU *UXSR GH 1DWXUH]D GD 'HVSHVD '(63(6$6 &255(17(6 3HVVRDO H (QFDUJRV 6RFLDLV 2XWUDV 'HVSHVDV &RUUHQWHV '(63(6$6 '( &$3,7$/ ,QYHVWLPHQWRV ,QYHUV}HV )LQDQFHLUDV 727$/ ,, 75$16)(5È1&,$ '( 5(&85626 '2 6,67(0$ Ô1,&2 '( 6$Ô'(686 ,,, 'D 8QLmR SDUD R 0XQLFtSLR 'R (VWDGR SDUD R 0XQLFtSLR 'HPDLV 0XQLFtSLRV SDUD R 0XQLFtSLR 727$/ '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( ,9 ,, ² ,,, '27$d®2 '(63(6$6 /,48,'$'$6 $78$/,=$'$ DWp R ELP! F G GF 3$57,&,3$d®2 '$6 '(63(6$6 35Ð35,$6 &20 6$Ô'( 1$ 5(&(,7$ '( ,0326726 ² /,0,7( &2167,78&,21$/ ! ,9 , (92/8d®2 '2 3(5&(178$/ 0Ì1,02 '$ '(63(6$ 35Ð35,$ &20 6$Ô'( 5(&(,7$ /Ì48,'$ '( ,0326726 $QR 0tQLPR D $SOLFDU '(63(6$6 &20 6$Ô'( 3RU 6XEIXQomR $WHQomR %iVLFD $VVLVWrQFLD +RVSLWDODU H $PEXODWRULDO 6XSRUWH 3URILOiWLFR H 7HUDSrXWLFR 9LJLOkQFLD 6DQLWiULD 9LJLOkQFLD (SLGHPLROyJLFD $OLPHQWDomR H 1XWULomR 727$/ )217( 1mR LQFOXL DV GHVSHVDV FRP SDJDPHQWR GH ,QDWLYRV H 3HQVLRQLVWDV /LPLWH DQXDO PtQLPR D VHU FXPSULGR QR HQFHUUDPHQWR GR H[HUFtFLR '27$d®2 '(63(6$6 /,48,'$'$6 $78$/,=$'$ DWp R ELP! H HWRWDO H /(*,6/$d®23(1$/ /(,1º'('(2878%52'( $OWHUDR'HFUHWR/HLQGHGHGH]HPEURGH ²&yGLJR3HQDOD/HLQGHGHDEULOGH HR'HFUHWR/HLQGHGHIHYHUHLURGH 235(6,'(17('$5(3Ô%/,&$ )DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH/HL $UWº2DUWGR'HFUHWR/HLQºGHGHGH]HPEURGHSDVVDDYLJRUDUFRPD VHJXLQWHUHGDomR ´$UW'DUFDXVDjLQVWDXUDomRGHLQYHVWLJDomRSROLFLDOGHSURFHVVRMXGLFLDOLQVWDXUDomRGH LQYHVWLJDomR DGPLQLVWUDWLYD LQTXpULWR FLYLO RX DomR GH LPSURELGDGH DGPLQLVWUDWLYD FRQWUD DOJXpPLPSXWDQGROKHFULPHGHTXHRVDEHLQRFHQWHµ15 ´3HQD ´ºµ ´ºµ $UWº27tWXOR;,GR'HFUHWR/HLQºGHSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWH &DStWXORHDUWLJRV ´&DStWXOR,9 '26&5,0(6&2175$$6),1$1d$63Ô%/,&$6µ$& ´&RQWUDWDomRGHRSHUDomRGHFUpGLWRµ$& ´$UW$2UGHQDUDXWRUL]DURXUHDOL]DURSHUDomRGHFUpGLWRLQWHUQRRXH[WHUQRVHPSUpYLD DXWRUL]DomROHJLVODWLYDµ$& ´3HQD²UHFOXVmRGHXPDGRLVDQRVµ$& ´3DUiJUDIR~QLFR,QFLGHQDPHVPDSHQDTXHPRUGHQDDXWRUL]DRXUHDOL]DRSHUDomRGHFUpGLWR LQWHUQRRXH[WHUQRµ$& ´,²FRPLQREVHUYkQFLDGHOLPLWHFRQGLomRRXPRQWDQWHHVWDEHOHFLGRHPOHLRXHPUHVROXomR GR6HQDGR)HGHUDOµ$& ´,,²TXDQGRRPRQWDQWHGDGtYLGDFRQVROLGDGDXOWUDSDVVDROLPLWHPi[LPRDXWRUL]DGRSRUOHLµ $& ´,QVFULomRGHGHVSHVDVQmRHPSHQKDGDVHPUHVWRVDSDJDUµ$& ´$UW%2UGHQDURXDXWRUL]DUDLQVFULomRHPUHVWRVDSDJDUGHGHVSHVDTXHQmRWHQKDVLGR SUHYLDPHQWHHPSHQKDGDRXTXHH[FHGDOLPLWHHVWDEHOHFLGRHPOHLµ$& ´3HQD²GHWHQomRGHVHLVPHVHVDGRLVDQRVµ$& ´$VVXQomRGHREULJDomRQR~OWLPRDQRGRPDQGDWRRXOHJLVODWXUDµ$& ´$UW&2UGHQDURXDXWRUL]DUDDVVXQomRGHREULJDomRQRVGRLV~OWLPRVTXDGULPHVWUHVGR ~OWLPRDQRGRPDQGDWRRXOHJLVODWXUDFXMDGHVSHVDQmRSRVVDVHUSDJDQRPHVPRH[HUFtFLR ILQDQFHLURRXFDVRUHVWHSDUFHODDVHUSDJDQRH[HUFtFLRVHJXLQWHTXHQmRWHQKDFRQWUDSDUWLGD VXILFLHQWHGHGLVSRQLELOLGDGHGHFDL[Dµ$& ´3HQD²UHFOXVmRGHXPDTXDWURDQRVµ$& ´2UGHQDomRGHGHVSHVDQmRDXWRUL]DGDµ$& ´$UW'2UGHQDUGHVSHVDQmRDXWRUL]DGDSRUOHLµ$& ´3HQD²UHFOXVmRGHXPDTXDWURDQRVµ$& ´3UHVWDomRGHJDUDQWLDJUDFLRVDµ$& ´$UW(3UHVWDUJDUDQWLDHPRSHUDomRGHFUpGLWRVHPTXHWHQKDVLGRFRQVWLWXtGDFRQWUDJD UDQWLDHPYDORULJXDORXVXSHULRUDRYDORUGDJDUDQWLDSUHVWDGDQDIRUPDGDOHLµ$& ´3HQD²GHWHQomRGHWUrVPHVHVDXPDQRµ$& ´1mRFDQFHODPHQWRGHUHVWRVDSDJDUµ$& ´$UW)'HL[DUGHRUGHQDUGHDXWRUL]DURXGHSURPRYHURFDQFHODPHQWRGRPRQWDQWHGH UHVWRVDSDJDULQVFULWRHPYDORUVXSHULRUDRSHUPLWLGRHPOHLµ$& ´3HQD²GHWHQomRGHVHLVPHVHVDGRLVDQRVµ$& ´$XPHQWRGHGHVSHVDWRWDOFRPSHVVRDOQR~OWLPRDQRGRPDQGDWRRXOHJLVODWXUDµ$& ´$UW*2UGHQDUDXWRUL]DURXH[HFXWDUDWRTXHDFDUUHWHDXPHQWRGHGHVSHVDWRWDOFRP SHVVRDOQRVFHQWRHRLWHQWDGLDVDQWHULRUHVDRILQDOGRPDQGDWRRXGDOHJLVODWXUDµ$& ´3HQD²UHFOXVmRGHXPDTXDWURDQRVµ$& ´2IHUWDS~EOLFDRXFRORFDomRGHWtWXORVQRPHUFDGRµ$& ´$UW+ 2UGHQDUDXWRUL]DU RXSURPRYHU DRIHUWDS~EOLFD RXD FRORFDomR QRPHUFDGR ILQDQFHLURGHWtWXORVGDGtYLGDS~EOLFDVHPTXHWHQKDPVLGRFULDGRVSRUOHLRXVHPTXHHVWHMDP UHJLVWUDGRVHPVLVWHPDFHQWUDOL]DGRGHOLTXLGDomRHGHFXVWyGLDµ$& ´3HQD²UHFOXVmRGHXPDTXDWURDQRVµ$& $UWº$/HLQºGHGHDEULOGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV ´$UW ´GHL[DUGHRUGHQDUDUHGXomRGRPRQWDQWHGDGtYLGDFRQVROLGDGDQRVSUD]RVHVWDEHOHFLGRV HPOHLTXDQGRRPRQWDQWHXOWUDSDVVDURYDORUUHVXOWDQWHGDDSOLFDomRGROLPLWHPi[LPRIL[DGR SHOR6HQDGR)HGHUDOµ$& ´RUGHQDURXDXWRUL]DUDDEHUWXUDGHFUpGLWRHPGHVDFRUGRFRPRVOLPLWHVHVWDEHOHFLGRVSHOR 6HQDGR )HGHUDO VHP IXQGDPHQWR QD OHL RUoDPHQWiULD RX QD GH FUpGLWR DGLFLRQDO RX FRP LQREVHUYkQFLDGHSUHVFULomROHJDOµ$& ´GHL[DUGHSURPRYHURXGHRUGHQDUQDIRUPDGDOHLRFDQFHODPHQWRDDPRUWL]DomRRXD FRQVWLWXLomRGHUHVHUYDSDUDDQXODURVHIHLWRVGHRSHUDomRGHFUpGLWRUHDOL]DGDFRPLQREVHU YkQFLDGHOLPLWHFRQGLomRRXPRQWDQWHHVWDEHOHFLGRHPOHLµ$& ´ GHL[DU GH SURPRYHU RX GH RUGHQDU D OLTXLGDomR LQWHJUDO GH RSHUDomR GH FUpGLWR SRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDLQFOXVLYHRVUHVSHFWLYRVMXURVHGHPDLVHQFDUJRVDWpR HQFHUUDPHQWRGRH[HUFtFLRILQDQFHLURµ$& ´RUGHQDURXDXWRUL]DUHPGHVDFRUGRFRPDOHLDUHDOL]DomRGHRSHUDomRGHFUpGLWRFRP TXDOTXHU XP GRV GHPDLV HQWHV GD )HGHUDomR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWDDLQGDTXHQDIRUPDGHQRYDomRUHILQDQFLDPHQWRRXSRVWHUJDomRGHGtYLGDFRQWUDtGD DQWHULRUPHQWHµ$& ´FDSWDUUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDGHWULEXWRRXFRQWULEXLomRFXMRIDWR JHUDGRUDLQGDQmRWHQKDRFRUULGRµ$& ´RUGHQDURXDXWRUL]DUDGHVWLQDomRGHUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHWtWXORVSDUD ILQDOLGDGHGLYHUVDGDSUHYLVWDQDOHLTXHDDXWRUL]RXµ$& ´ UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP OLPLWH RX FRQGLomR HVWDEHOHFLGDHPOHLµ$& ´$UW $ &RQVWLWXHP WDPEpP FULPHV GH UHVSRQVDELOLGDGH GR 3UHVLGHQWH GR 6XSUHPR 7ULEXQDO)HGHUDORXGHVHXVXEVWLWXWRTXDQGRQRH[HUFtFLRGD3UHVLGrQFLDDVFRQGXWDVSUHYLVWDV QRDUWGHVWD/HLTXDQGRSRUHOHVRUGHQDGDVRXSUDWLFDGDVµ$& ´3DUiJUDIR~QLFR2GLVSRVWRQHVWHDUWLJRDSOLFDVHDRV3UHVLGHQWHVHUHVSHFWLYRVVXEVWLWXWRV TXDQGRQRH[HUFtFLRGD3UHVLGrQFLDGRV7ULEXQDLV6XSHULRUHVGRV7ULEXQDLVGH&RQWDVGRV 7ULEXQDLV5HJLRQDLV)HGHUDLVGR7UDEDOKRH(OHLWRUDLVGRV7ULEXQDLVGH-XVWLoDHGH$OoDGDGRV (VWDGRVHGR'LVWULWR)HGHUDOHDRV-Xt]HV'LUHWRUHVGH)RURRXIXQomRHTXLYDOHQWHQRSULPHLUR JUDXGHMXULVGLomRµ$& ´$UW$&RQVWLWXHPWDPEpPFULPHVGHUHVSRQVDELOLGDGHGR3URFXUDGRU*HUDOGD5HS~EOL FDRXGHVHXVXEVWLWXWRTXDQGRQRH[HUFtFLRGDFKHILDGR0LQLVWpULR3~EOLFRGD8QLmRDV FRQGXWDVSUHYLVWDVQRDUWGHVWD/HLTXDQGRSRUHOHVRUGHQDGDVRXSUDWLFDGDVµ$& ´3DUiJUDIR~QLFR2GLVSRVWRQHVWHDUWLJRDSOLFDVHµ$& ´,²DR$GYRJDGR*HUDOGD8QLmRµ$& ´,,²DRV3URFXUDGRUHV*HUDLVGR7UDEDOKR(OHLWRUDOH0LOLWDUDRV3URFXUDGRUHV*HUDLVGH-XVWLoD GRV(VWDGRVHGR'LVWULWR)HGHUDODRV3URFXUDGRUHV*HUDLVGRV(VWDGRVHGR'LVWULWR)HGHUDOH DRVPHPEURVGR0LQLVWpULR3~EOLFRGD8QLmRHGRV(VWDGRVGD$GYRFDFLD*HUDOGD8QLmRGDV 3URFXUDGRULDVGRV(VWDGRVHGR'LVWULWR)HGHUDOTXDQGRQRH[HUFtFLRGHIXQomRGHFKHILDGDV XQLGDGHVUHJLRQDLVRXORFDLVGDVUHVSHFWLYDVLQVWLWXLo}HVµ$& ´$UW$5HVSHLWDGDDSUHUURJDWLYDGHIRURTXHDVVLVWHjVDXWRULGDGHVDTXHVHUHIHUHPR SDUiJUDIR~QLFRGRDUW$HRLQFLVR,,GRSDUiJUDIR~QLFRGRDUW$DVDo}HVSHQDLVFRQWUD HODVDMXL]DGDVSHODSUiWLFDGRVFULPHVGHUHVSRQVDELOLGDGHSUHYLVWRVQRDUWGHVWD/HLVHUmR SURFHVVDGDVHMXOJDGDVGHDFRUGRFRPRULWRLQVWLWXtGRSHOD/HLQºGHGHPDLRGH SHUPLWLGRDWRGRFLGDGmRRRIHUHFLPHQWRGDGHQ~QFLDµ$& $UW2DUWGR'HFUHWR/HLQGHGHIHYHUHLURGHSDVVDDYLJRUDUFRPD VHJXLQWHUHGDomR ´$UWº ´;9, ² GHL[DU GH RUGHQDU D UHGXomR GR PRQWDQWH GD GtYLGD FRQVROLGDGD QRV SUD]RV HV WDEHOHFLGRVHPOHLTXDQGRRPRQWDQWHXOWUDSDVVDURYDORUUHVXOWDQWHGDDSOLFDomRGROLPLWH Pi[LPRIL[DGRSHOR6HQDGR)HGHUDOµ$& ´;9,,²RUGHQDURXDXWRUL]DUDDEHUWXUDGHFUpGLWRHPGHVDFRUGRFRPRVOLPLWHVHVWDEHOHFLGRV SHOR6HQDGR)HGHUDOVHPIXQGDPHQWRQDOHLRUoDPHQWiULDRXQDGHFUpGLWRDGLFLRQDORXFRP LQREVHUYkQFLDGHSUHVFULomROHJDOµ$& ´;9,,,²GHL[DUGHSURPRYHURXGHRUGHQDUQDIRUPDGDOHLRFDQFHODPHQWRDDPRUWL]DomR RX D FRQVWLWXLomR GH UHVHUYD SDUD DQXODU RV HIHLWRV GH RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQREVHUYkQFLDGHOLPLWHFRQGLomRRXPRQWDQWHHVWDEHOHFLGRHPOHLµ$& ´;,;²GHL[DUGHSURPRYHURXGHRUGHQDUDOLTXLGDomRLQWHJUDOGHRSHUDomRGHFUpGLWRSRU DQWHFLSDomRGHUHFHLWDRUoDPHQWiULDLQFOXVLYHRVUHVSHFWLYRVMXURVHGHPDLVHQFDUJRVDWpR HQFHUUDPHQWRGRH[HUFtFLRILQDQFHLURµ$& ´;;²RUGHQDURXDXWRUL]DUHPGHVDFRUGRFRPDOHLDUHDOL]DomRGHRSHUDomRGHFUpGLWRFRP TXDOTXHU XP GRV GHPDLV HQWHV GD )HGHUDomR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWDDLQGDTXHQDIRUPDGHQRYDomRUHILQDQFLDPHQWRRXSRVWHUJDomRGHGtYLGDFRQWUDtGD DQWHULRUPHQWHµ$& ´;;,²FDSWDUUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDGHWULEXWRRXFRQWULEXLomRFXMRIDWR JHUDGRUDLQGDQmRWHQKDRFRUULGRµ$& ´;;,,²RUGHQDURXDXWRUL]DUDGHVWLQDomRGHUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHWtWXORVSDUD ILQDOLGDGHGLYHUVDGDSUHYLVWDQDOHLTXHDDXWRUL]RXµ$& ´;;,,, ² UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP OLPLWH RX FRQGLomR HVWDEHOHFLGDHPOHLµ$& ´µ $UWº&RQVWLWXLLQIUDomRDGPLQLVWUDWLYDFRQWUDDVOHLVGHILQDQoDVS~EOLFDV ,²GHL[DUGHGLYXOJDURXGHHQYLDUDR3RGHU/HJLVODWLYRHDR7ULEXQDOGH&RQWDVRUHODWyULRGH JHVWmRILVFDOQRVSUD]RVHFRQGLo}HVHVWDEHOHFLGRVHPOHL ,,²SURSRUOHLGHGLUHWUL]HVRUoDPHQWiULDVDQXDOTXHQmRFRQWHQKDDVPHWDVILVFDLVQDIRUPDGDOHL ,,,²GHL[DUGHH[SHGLUDWRGHWHUPLQDQGROLPLWDomRGHHPSHQKRHPRYLPHQWDomRILQDQFHLUD QRVFDVRVHFRQGLo}HVHVWDEHOHFLGRVHPOHL ,9²GHL[DUGHRUGHQDURXGHSURPRYHUQDIRUPDHQRVSUD]RVGDOHLDH[HFXomRGHPHGLGD SDUDDUHGXomRGRPRQWDQWHGDGHVSHVDWRWDOFRPSHVVRDOTXHKRXYHUH[FHGLGRDUHSDUWLomR SRU3RGHUGROLPLWHPi[LPR º$LQIUDomRSUHYLVWDQHVWHDUWLJRpSXQLGDFRPPXOWDGHWULQWDSRUFHQWRGRVYHQFLPHQWRV DQXDLVGRDJHQWHTXHOKHGHUFDXVDVHQGRRSDJDPHQWRGDPXOWDGHVXDUHVSRQVDELOLGDGH SHVVRDO º$LQIUDomRDTXHVHUHIHUHHVWHDUWLJRVHUiSURFHVVDGDHMXOJDGDSHOR7ULEXQDOGH&RQWDVD TXHFRPSHWLUDILVFDOL]DomRFRQWiELOILQDQFHLUDHRUoDPHQWiULDGDSHVVRDMXUtGLFDGHGLUHLWR S~EOLFRHQYROYLGD $UWº(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR %UDVtOLDGHRXWXEURGH )(51$1'2+(15,48(&$5'262 -RVp*UHJRUL '(&5(72/(,1º'('()(9(5(,52'( 'LVS}HVREUHDUHVSRQVDELOLGDGHGRV3UHIHLWRVH9HUHD GRUHVHGiRXWUDVSURYLGrQFLDV 235(6,'(17('$5(3Ô%/,&$XVDQGRGDDWULEXLomRTXHOKHFRQIHUHRSDUiJUDIRºGRDUWLJR ºGR$WR,QVWLWXFLRQDOQºGHGHGH]HPEURGH '(&5(7$ $UWº6mRFULPHVGHUHVSRQVDELOLGDGHGRV3UHIHLWRV0XQLFLSDOVXMHLWRVDRMXOJDPHQWRGR3RGHU -XGLFLiULRLQGHSHQGHQWHPHQWHGRSURQXQFLDPHQWRGD&kPDUDGRV9HUHDGRUHV ,²DSURSULDUVHGHEHQVRXUHQGDVS~EOLFDVRXGHVYLiORVHPSURYHLWRSUySULRRXDOKHLR ,, ² XWLOL]DUVH LQGHYLGDPHQWH HP SURYHLWR SUySULR RX DOKHLR GH EHQV UHQGDV RX VHUYLoRV S~EOLFRV ,,,²GHVYLDURXDSOLFDULQGHYLGDPHQWHUHQGDVRXYHUEDVS~EOLFDV ,9 ² HPSUHJDU VXEYHQo}HV DX[tOLRV HPSUpVWLPRV RX UHFXUVRV GH TXDOTXHU QDWXUH]D HP GHVDFRUGRFRPRVSODQRVRXSURJUDPDVDTXHVHGHVWLQDP 9²RUGHQDURXHIHWXDUGHVSHVDVQmRDXWRUL]DGDVSRUOHLRXUHDOL]i,DVHPGHVDFRUGRFRPDV QRUPDVILQDQFHLUDVSHUWLQHQWHV 9,²GHL[DUGHSUHVWDUFRQWDVDQXDLVGDDGPLQLVWUDomRILQDQFHLUDGR0XQLFtSLRD&kPDUDGH 9HUHDGRUHV RX DR yUJmR TXH D &RQVWLWXLomR GR (VWDGR LQGLFDU QRV SUD]RV H FRQGLo}HV HVWDEHOHFLGRV 9,, ² 'HL[DU GH SUHVWDU FRQWDV QR GHYLGR WHPSR DR yUJmR FRPSHWHQWH GD DSOLFDomR GH UHFXUVRVHPSUpVWLPRVVXEYHQo}HVRXDX[tOLRVLQWHUQRVRXH[WHUQRVUHFHELGRVDTXDOTXHUWLWXOR 9,,,²&RQWUDLUHPSUpVWLPRHPLWLUDSyOLFHVRXREULJDUR0XQLFtSLRSRUWtWXORVGHFUpGLWRVHP DXWRUL]DomRGD&kPDUDRXHPGHVDFRUGRFRPDOHL ,; ² &RQFHGHU HPSUpVWLPR DX[tOLRV RX VXEYHQo}HV VHP DXWRUL]DomR GD &kPDUD RX HP GHVDFRUGRFRPDOHL ;²$OLHQDURXRQHUDUEHQVLPyYHLVRXUHQGDVPXQLFLSDLVVHPDXWRUL]DomRGD&kPDUDRXHP GHVDFRUGRFRPDOHL ;,²$GTXLULUEHQVRXUHDOL]DUVHUYLoRVHREUDVVHPFRQFRUUrQFLDRXFROHWDGHSUHoRVQRVFDVRV H[LJLGRVHPOHL ;,,²$QWHFLSDURXLQYHUWHUDRUGHPGHSDJDPHQWRDFUHGRUHVGR0XQLFtSLRVHPYDQWDJHP SDUDRHUiULR ;,,,²1RPHDUDGPLWLURXGHVLJQDUVHUYLGRUFRQWUDH[SUHVVDGLVSRVLomRGHOHL ;,9²1HJDUH[HFXomRDOHLIHGHUDOHVWDGXDORXPXQLFLSDORXGHL[DUGHFXPSULURUGHPMXGLFLDO VHPGDURPRWLYRGDUHFXVDRXGDLPSRVVLELOLGDGHSRUHVFULWRjDXWRULGDGHFRPSHWHQWH ;9²'HL[DUGHIRUQHFHUFHUWLG}HVGHDWRVRXFRQWUDWRVPXQLFLSDLVGHQWURGRSUD]RHVWDEHOHFLGR HPOHL º2VFULPHVGHILQLGRVQHVWHDUWLJRVmRGHDomRS~EOLFDSXQLGRVRVGRVLWHQV,H,,FRPD SHQDGHUHFOXVmRGHGRLVDGR]HDQRVHRVGHPDLVFRPDSHQDGHGHWHQomRGHWUrVPHVHVD WUrVDQRV º$FRQGHQDomRGHILQLWLYDHPTXDOTXHUGRVFULPHVGHILQLGRVQHVWHDUWLJRDFDUUHWDDSHUGD GHFDUJRHDLQDELOLWDomRSHORSUD]RGHFLQFRDQRVSDUDRH[HUFtFLRGHFDUJRRXIXQomRS~EOLFD HOHWLYR RX GH QRPHDomR VHP SUHMXt]R GD UHSDUDomR FLYLO GR GDQR FDXVDGR DR SDWULP{QLR S~EOLFRRXSDUWLFXODU $UW º 2 SURFHVVR GRV FULPHV GHILQLGRV QR DUWLJR DQWHULRU p R FRPXP GR MXt]R VLQJXODU HVWDEHOHFLGRSHOR&yGLJRGH3URFHVVR3HQDOFRPDVVHJXLQWHVPRGLILFDo}HV ,²$QWHVGHUHFHEHUDGHQ~QFLDR-XL]RUGHQDUiDQRWLILFDomRGRDFXVDGRSDUDDSUHVHQWDU GHIHVDSUpYLDQRSUD]RGHFLQFRGLDV6HRDFXVDGRQmRIRUHQFRQWUDGRSDUDDQRWLILFDomR VHUOKHiQRPHDGRGHIHQVRUDTXHPFDEHUiDSUHVHQWDUDGHIHVDGHQWURQRPHVPRSUD]R ,,²$RUHFHEHUDGHQ~QFLDR-XL]PDQLIHVWDUVHiREULJDWyULDHPRWLYDGDPHQWHVREUHDSULVmR SUHYHQWLYDGRDFXVDGRQRVFDVRVGRVLWHQV,H,,GRDUWLJRDQWHULRUHVREUHRVHXDIDVWDPHQWR GRH[HUFtFLRGRFDUJRGXUDQWHDLQVWUXomRFULPLQDOHPWRGRVRVFDVRV ,,,²'RGHVSDFKRFRQFHVVLYRRXGHQHJDWyULRGHSULVmRSUHYHQWLYDRXGHDIDVWDPHQWRGR FDUJRGRDFXVDGRFDEHUiUHFXUVRHPVHQWLGRHVWULWRSDUDR7ULEXQDOFRPSHWHQWHQRSUD]R GHFLQFRGLDVHPDXWRVDSDUWDGRV2UHFXUVRGRGHVSDFKRTXHGHFUHWDDSULVmRSUHYHQWLYDRX RDIDVWDPHQWRGRFDUJRWHUiHIHLWRVXVSHQVLYR º2VyUJmRVIHGHUDLVHVWDGXDLVRXPXQLFLSDLVLQWHUHVVDGRVQDDSXUDomRGDUHVSRQVDELOLGDGH GR3UHIHLWRSRGHPUHTXHUHUDDEHUWXUDGRLQTXpULWRSROLFLDORXDLQVWDXUDomRGDDomRSHQDO SHOR0LQLVWpULR3~EOLFREHPFRPRLQWHUYLUHPTXDOTXHUIDVHGRSURFHVVRFRPRDVVLVWHQWHGD DFXVDomR º6HDVSUHYLGrQFLDVSDUDDDEHUWXUDGRLQTXpULWRSROLFLDORXLQVWDXUDomRGDDomRSHQDOQmR IRUHP DWHQGLGDV SHOD DXWRULGDGH SROLFLDO RX SHOR 0LQLVWpULR 3~EOLFR HVWDGXDO SRGHUmR VHU UHTXHULGDVDR3URFXUDGRU*HUDOGD5HS~EOLFD $UWº29LFH3UHIHLWRRXTXHPYLHUDVXEVWLWXLUR3UHIHLWRILFDVXMHLWRDRPHVPRSURFHVVRGR VXEVWLWXtGRDLQGDTXHWHQKDFHVVDGRDVXEVWLWXLomR $UW º6mRLQIUDo}HVSROtWLFRDGPLQLVWUDWLYDVGRV3UHIHLWRV0XQLFLSDLVVXMHLWDVDRMXOJDPHQWR SHOD&kPDUDGRV9HUHDGRUHVHVDQFLRQDGDVFRPDFDVVDomRGRPDQGDWR ,²,PSHGLURIXQFLRQDPHQWRUHJXODUGD&kPDUD ,,²,PSHGLURH[DPHGHOLYURVIROKDVGHSDJDPHQWRHGHPDLVGRFXPHQWRVTXHGHYDPFRQVWDU GRVDUTXLYRVGD3UHIHLWXUDEHPFRPRDYHULILFDomRGHREUDVHVHUYLoRVPXQLFLSDLVSRUFRPLVVmR GHLQYHVWLJDomRGD&kPDUDRXDXGLWRULDUHJXODUPHQWHLQVWLWXtGD ,,,²'HVDWHQGHUVHPPRWLYRMXVWRDVFRQYRFDo}HVRXRVSHGLGRVGHLQIRUPDo}HVGD&kPDUD TXDQGRIHLWRVDWHPSRHHPIRUPDUHJXODU ,9²5HWDUGDUDSXEOLFDomRRXGHL[DUGHSXEOLFDUDVOHLVHDWRVVXMHLWRVDHVVDIRUPDOLGDGH 9 ² 'HL[DU GH DSUHVHQWDU j &kPDUD QR GHYLGR WHPSR H HP IRUPD UHJXODU D SURSRVWD RUoDPHQWiULD 9,²'HVFXPSULURRUoDPHQWRDSURYDGRSDUDRH[HUFtFLRILQDQFHLUR 9,,²3UDWLFDUFRQWUDH[SUHVVDGLVSRVLomRGHOHLDWRGHVXDFRPSHWrQFLDRXHPLWLUVHQDVXD SUiWLFD 9,,,²2PLWLUVHRXQHJOLJHQFLDUQDGHIHVDGHEHQVUHQGDVGLUHLWRVRXLQWHUHVVHVGR0XQLFtSLR VXMHLWRjDGPLQLVWUDomRGD3UHIHLWXUD ,; ² $XVHQWDUVH GR 0XQLFtSLR SRU WHPSR VXSHULRU DR SHUPLWLGR HP OHL RX DIDVWDUVH GD 3UHIHLWXUDVHPDXWRUL]DomRGD&kPDUDGRV9HUHDGRUHV ;²3URFHGHUGHPRGRLQFRPSDWtYHOFRPDGLJQLGDGHHRGHFRURGRFDUJR $UWº2SURFHVVRGHFDVVDomRGRPDQGDWRGR3UHIHLWRSHOD&kPDUDSRULQIUDo}HVGHILQLGDV QRDUWLJRDQWHULRUREHGHFHUiDRVHJXLQWHULWRVHRXWURQmRIRUHVWDEHOHFLGRSHODOHJLVODomRGR (VWDGRUHVSHFWLYR ,²$GHQ~QFLDHVFULWDGDLQIUDomRSRGHUiVHUIHLWDSRUTXDOTXHUHOHLWRUFRPDH[SRVLomRGRV IDWRVHDLQGLFDomRGDVSURYDV6HRGHQXQFLDQWHIRU9HUHDGRUILFDUiLPSHGLGRGHYROWDUVREUH DGHQ~QFLDHGHLQWHJUDUD&RPLVVmRSURFHVVDQWHSRGHQGRWRGDYLDSUDWLFDUWRGRVRVDWRVGH DFXVDomR6HRGHQXQFLDQWHIRUR3UHVLGHQWHGD&kPDUDSDVVDUiD3UHVLGrQFLDDRVXEVWLWXWR OHJDO SDUD RV DWRV GR SURFHVVR H Vy YRWDUi VH QHFHVViULR SDUD FRPSOHWDU R TXRUXP GH MXOJDPHQWR6HUiFRQYRFDGRRVXSOHQWHGR9HUHDGRULPSHGLGRGHYRWDURTXDOQmRSRGHUi LQWHJUDUD&RPLVVmRSURFHVVDQWH ,,²'HSRVVHGDGHQ~QFLDR3UHVLGHQWHGD&kPDUDQDSULPHLUDVHVVmRGHWHUPLQDUiVXDOHLWXUD HFRQVXOWDUiD&kPDUDVREUHRVHXUHFHELPHQWR'HFLGLGRRUHFHELPHQWRSHORYRWRGDPDLRULD GRVSUHVHQWHVQDPHVPDVHVVmRVHUiFRQVWLWXtGDD&RPLVVmRSURFHVVDQWHFRPWUrV9HUHDGRUHV VRUWHDGRVHQWUHRVGHVLPSHGLGRVRVTXDLVHOHJHUmRGHVGHORJRR3UHVLGHQWHHR5HODWRU ,,,²5HFHEHQGRRSURFHVVRR3UHVLGHQWHGD&RPLVVmRLQLFLDUiRVWUDEDOKRVGHQWURHPFLQFR GLDVQRWLILFDQGRRGHQXQFLDGRFRPDUHPHVVDGHFySLDGDGHQ~QFLDHGRFXPHQWRVTXHD LQVWUXtUHPSDUDTXHQRSUD]RGHGH]GLDVDSUHVHQWHGHIHVDSUpYLDSRUHVFULWRLQGLTXHDV SURYDVTXHSUHWHQGHUSURGX]LUHDUUROHWHVWHPXQKDVDWpRPi[LPRGHGH]6HHVWLYHUDXVHQWH GR0XQLFtSLRDQRWLILFDomRIDUVHiSRUHGLWDOSXEOLFDGRGXDVYH]HVQRyUJmRRILFLDOFRP LQWHUYDORGHWUrVGLDVSHORPHQRVFRQWDGRRSUD]RGDSULPHLUDSXEOLFDomR'HFRUULGRRSUD]R GH GHIHVD D &RPLVVmR SURFHVVDQWH HPLWLUi SDUHFHU GHQWUR HP FLQFR GLDV RSLQDQGR SHOR SURVVHJXLPHQWRRXDUTXLYDPHQWRGDGHQ~QFLDRTXDOQHVWHFDVRVHUiVXEPHWLGRDR3OHQiULR 6H D&RPLVVmRRSLQDUSHORSURVVHJXLPHQWR R 3UHVLGHQWHGHVLJQDUi GHVGHORJRRLQtFLRGD LQVWUXomRHGHWHUPLQDUiRVDWRVGLOLJrQFLDVHDXGLrQFLDVTXHVHIL]HUHPQHFHVViULRVSDUDR GHSRLPHQWRGRGHQXQFLDGRHLQTXLULomRGDVWHVWHPXQKDV ,9²2GHQXQFLDGRGHYHUiVHULQWLPDGRGHWRGRVRVDWRVGRSURFHVVRSHVVRDOPHQWHRXQD SHVVRDGHVHXSURFXUDGRUFRPDDQWHFHGrQFLDSHORPHQRVGHYLQWHHTXDWURKRUDVVHQGR OKHSHUPLWLGRDVVLVWLUDVGLOLJrQFLDVHDXGLrQFLDVEHPFRPRIRUPXODUSHUJXQWDVHUHSHUJXQWDV jVWHVWHPXQKDVHUHTXHUHURTXHIRUGHLQWHUHVVHGDGHIHVD 9²&RQFOXtGDDLQVWUXomRVHUiDEHUWDYLVWDGRSURFHVVRDRGHQXQFLDGRSDUDUD]}HVHVFULWDV QRSUD]RGHFLQFRGLDVHDSyVD&RPLVVmRSURFHVVDQWHHPLWLUiSDUHFHUILQDOSHODSURFHGrQFLD RXLPSURFHGrQFLDGDDFXVDomRHVROLFLWDUiDR3UHVLGHQWHGD&kPDUDDFRQYRFDomRGHVHVVmR SDUDMXOJDPHQWR1DVHVVmRGHMXOJDPHQWRRSURFHVVRVHUiOLGRLQWHJUDOPHQWHHDVHJXLURV 9HUHDGRUHV TXH R GHVHMDUHP SRGHUmR PDQLIHVWDUVH YHUEDOPHQWH SHOR WHPSR Pi[LPR GH TXLQ]HPLQXWRVFDGDXPHDRILQDORGHQXQFLDGRRXVHXSURFXUDGRUWHUiRSUD]RPi[LPR GHGXDVKRUDVSDUDSURGX]LUVXDGHIHVDRUDO 9,²&RQFOXtGDDGHIHVDSURFHGHUVHiDWDQWDVYRWDo}HVQRPLQDLVTXDQWDVIRUHPDVLQIUDo}HV DUWLFXODGDVQDGHQ~QFLD&RQVLGHUDUVHiDIDVWDGRGHILQLWLYDPHQWHGRFDUJRRGHQXQFLDGR TXHIRUGHFODUDGRSHORYRWRGHGRLVWHUoRVSHORPHQRVGRVPHPEURVGD&kPDUDHPFXUVR GHTXDOTXHUGDVLQIUDo}HVHVSHFLILFDGDVQDGHQ~QFLD&RQFOXtGRRMXOJDPHQWRR3UHVLGHQWHGD &kPDUDSURFODPDUiLPHGLDWDPHQWHRUHVXOWDGRHIDUiODYUDUDWDTXHFRQVLJQHDYRWDomRQRPLQDO VREUHFDGDLQIUDomRHVHKRXYHUFRQGHQDomRH[SHGLUiRFRPSHWHQWHGHFUHWROHJLVODWLYRGH FDVVDomR GR PDQGDWR GH 3UHIHLWR 6H R UHVXOWDGR GD YRWDomR IRU DEVROXWyULR R 3UHVLGHQWH GHWHUPLQDUiRDUTXLYDPHQWRGRSURFHVVR(PTXDOTXHUGRVFDVRVR3UHVLGHQWHGD&kPDUD FRPXQLFDUij-XVWLoD(OHLWRUDORUHVXOWDGR 9,,²2SURFHVVRDTXHVHUHIHUHHVWHDUWLJRGHYHUiHVWDUFRQFOXtGRGHQWURHPQRYHQWDGLDV FRQWDGRVGDGDWDHPTXHVHHIHWLYDUDQRWLILFDomRGRDFXVDGR7UDQVFRUULGRRSUD]RVHPR MXOJDPHQWRRSURFHVVRVHUiDUTXLYDGRVHPSUHMXt]RGHQRYDGHQ~QFLDDLQGDTXHVREUHRV PHVPRVIDWRV $UW º ([WLQJXHVH R PDQGDWR GH 3UHIHLWR H DVVLP GHYH VHU GHFODUDGR SHOR 3UHVLGHQWH GD &kPDUDGH9HUHDGRUHVTXDQGR ,²2FRUUHUIDOHFLPHQWRUHQ~QFLDSRUHVFULWRFDVVDomRGRVGLUHLWRVSROtWLFRVRXFRQGHQDomR SRUFULPHIXQFLRQDORXHOHLWRUDO ,,²'HL[DUGHWRPDUSRVVHVHPPRWLYRMXVWRDFHLWRSHOD&kPDUDGHQWURGRSUD]RHVWDEHOHFLGR HPOHL ,,,²,QFLGLUQRVLPSHGLPHQWRVSDUDRH[HUFtFLRGRFDUJRHVWDEHOHFLGRVHPOHLHQmRVHGHVLQFRP SDWLELOL]DUDWpDSRVVHHQRVFDVRVVXSHUYHQLHQWHVQRSUD]RTXHDOHLRXD&kPDUDIL[DU 3DUiJUDIR~QLFR$H[WLQomRGRPDQGDWRLQGHSHQGHGHGHOLEHUDomRGRSOHQiULRHVHWRUQDUi HIHWLYDGHVGHDGHFODUDomRGRIDWRRXDWRH[WLQWLYRSHOR3UHVLGHQWHHVXDLQVHUomRHPDWD $UWº$&kPDUDSRGHUiFDVVDURPDQGDWRGH9HUHDGRUTXDQGR ,²8WLOL]DUVHGRPDQGDWRSDUDDSUiWLFDGHDWRVGHFRUUXSomRRXGHLPSURELGDGHDGPLQLVWUDWLYD ,,²)L[DUUHVLGrQFLDIRUDGR0XQLFtSLR ,,,²3URFHGHUGHPRGRLQFRPSDWtYHOFRPDGLJQLGDGHGD&kPDUDRXIDOWDUFRPRGHFRURQD VXDFRQGXWDS~EOLFD º2SURFHVVRGHFDVVDomRGHPDQGDWRGH9HUHDGRUpQRTXHFRXEHURHVWDEHOHFLGRQRDUW ºGHVWHGHFUHWROHL º23UHVLGHQWHGD&kPDUDSRGHUiDIDVWDUGHVXDVIXQo}HVR9HUHDGRUDFXVDGRGHVGHTXH D GHQ~QFLD VHMD UHFHELGD SHOD PDLRULD DEVROXWD GRV PHPEURV GD &kPDUD FRQYRFDQGR R UHVSHFWLYRVXSOHQWHDWpRMXOJDPHQWRILQDO2VXSOHQWHFRQYRFDGRQmRLQWHUYLUiQHPYRWDUi QRVDWRVGRSURFHVVRGRVXEVWLWXtGR $UWº([WLQJXHVHRPDQGDWRGR9HUHDGRUHDVVLPVHUiGHFODUDGRSHOR3UHVLGHQWHGD&kPDUD TXDQGR ,²2FRUUHUIDOHFLPHQWRUHQ~QFLDSRUHVFULWRFDVVDomRGRVGLUHLWRVSROtWLFRVRXFRQGHQDomR SRUFULPHIXQFLRQDORXHOHLWRUDO ,,²'HL[DUGHWRPDUSRVVHVHPPRWLYRMXVWRDFHLWRSHOD&kPDUDGHQWURGRSUD]RHVWDEHOHFLGR HPOHL ,,,²'HL[DUGHFRPSDUHFHUVHPTXHHVWHMDOLFHQFLDGRDFLQFRVHVV}HVRUGLQiULDVFRQVHFXWLYDV RXDWUrVVHVV}HVH[WUDRUGLQiULDVFRQYRFDGDVSHOR3UHIHLWRSDUDDDSUHFLDomRGHPDWpULDXUJHQWH ,9²,QFLGLUQRVLPSHGLPHQWRVSDUDRH[HUFtFLRGRPDQGDWRHVWDEHOHFLGRVHPOHLHQmRVH GHVLQFRPSDWLELOL]DUDWpDSRVVHHQRVFDVRVVXSHUYHQLHQWHVQRSUD]RIL[DGRHPOHLRXSHOD &kPDUD º 2FRUULGR H FRPSURYDGR R DWRRXIDWRH[WLQWLYRR3UHVLGHQWHGD&kPDUDQDSULPHLUD VHVVmRFRPXQLFDUiDRSOHQiULRHIDUiFRQVWDUGDDWDDGHFODUDomRGDH[WLQomRGRPDQGDWRH FRQYRFDUiLPHGLDWDPHQWHRUHVSHFWLYRVXSOHQWH º6HR3UHVLGHQWHGD&kPDUDRPLWLUVHQDVSURYLGrQFLDVQRSDUiJUDIRDQWHULRURVXSOHQWHGR 9HUHDGRURXR3UHIHLWR0XQLFLSDOSRGHUiUHTXHUHUDGHFODUDomRGHH[WLQomRGRPDQGDWRSRU YLDMXGLFLDOHVHSURFHGHQWHRMXL]FRQGHQDUiR3UHVLGHQWHRPLVVRQDVFXVWDVGRSURFHVVRH KRQRUiULRV GH DGYRJDGR TXH IL[DUi GH SODQR LPSRUWDQGR D GHFLVmR MXGLFLDO QD GHVWLWXLomR DXWRPiWLFD GR FDUJR GD 0HVD H QR LPSHGLPHQWR SDUD QRYD LQYHVWLGXUD GXUDQWH WRGD D OHJLVODWXUD $UWº2SUHVHQWHGHFUHWROHLHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRUHYRJDGDVDV/HLVQV GHGHMDQHLURGHHGHGHMDQHLURGHHGHPDLVGLVSRVLo}HVHP FRQWUiULR %UDVtOLDGHIHYHUHLURGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD +&$67(//2%5$1&2 &DUORV0HGHLURV6LOYD /(,1º'('(-81+2'( 'LVS}HVREUHDVVDQo}HVDSOLFiYHLVDRVDJHQWHVS~EOLFRV QRV FDVRV GH HQULTXHFLPHQWR LOtFLWR QR H[HUFtFLR GH PDQGDWRFDUJRHPSUHJRRXIXQomRQDDGPLQLVWUDomR S~EOLFD GLUHWD LQGLUHWD RX IXQGDFLRQDO H Gi RXWUDV SURYLGrQFLDV 235(6,'(17('$5(3Ô%/,&$ )DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWHOHL &DStWXOR, '$6',6326,d¯(6*(5$,6 $UWº2VDWRVGHLPSURELGDGHSUDWLFDGRVSRUTXDOTXHUDJHQWHS~EOLFRVHUYLGRURXQmRFRQWUD DDGPLQLVWUDomRGLUHWDLQGLUHWDRXIXQGDFLRQDOGHTXDOTXHUGRV3RGHUHVGD8QLmRGRV(VWDGRV GR'LVWULWR)HGHUDOGRV0XQLFtSLRVGH7HUULWyULRGHHPSUHVDLQFRUSRUDGDDRSDWULP{QLRS~EOLFR RXGHHQWLGDGHSDUDFXMDFULDomRRXFXVWHLRRHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPDLVGH FLQTHQWDSRUFHQWRGRSDWULP{QLRRXGDUHFHLWDDQXDOVHUmRSXQLGRVQDIRUPDGHVWDOHL 3DUiJUDIR ~QLFR (VWmR WDPEpP VXMHLWRV jV SHQDOLGDGHV GHVWD OHL RV DWRV GH LPSURELGDGH SUDWLFDGRVFRQWUDRSDWULP{QLRGHHQWLGDGHTXHUHFHEDVXEYHQomREHQHItFLRRXLQFHQWLYR ILVFDORXFUHGLWtFLRGHyUJmRS~EOLFREHPFRPRGDTXHODVSDUDFXMDFULDomRRXFXVWHLRRHUiULR KDMDFRQFRUULGRRXFRQFRUUDFRPPHQRVGHFLQTHQWDSRUFHQWRGRSDWULP{QLRRXGDUHFHLWD DQXDO OLPLWDQGRVH QHVWHV FDVRV D VDQomR SDWULPRQLDO j UHSHUFXVVmR GR LOtFLWR VREUH D FRQWULEXLomRGRVFRIUHVS~EOLFRV $UW5HSXWDVHDJHQWHS~EOLFRSDUDRVHIHLWRVGHVWDOHLWRGRDTXHOHTXHH[HUFHDLQGDTXH WUDQVLWRULDPHQWH RX VHP UHPXQHUDomR SRU HOHLomR QRPHDomR GHVLJQDomR FRQWUDWDomR RX TXDOTXHU RXWUD IRUPD GH LQYHVWLGXUD RX YtQFXOR PDQGDWR FDUJR HPSUHJR RX IXQomR QDV HQWLGDGHVPHQFLRQDGDVQRDUWLJRDQWHULRU $UWº$VGLVSRVLo}HVGHVWDOHLVmRDSOLFiYHLVQRTXHFRXEHUjTXHOHTXHPHVPRQmRVHQGR DJHQWHS~EOLFRLQGX]DRXFRQFRUUDSDUDDSUiWLFDGRDWRGHLPSURELGDGHRXGHOHVHEHQHILFLH VRETXDOTXHUIRUPDGLUHWDRXLQGLUHWD $UWº2VDJHQWHVS~EOLFRVGHTXDOTXHUQtYHORXKLHUDUTXLDVmRREULJDGRVDYHODUSHODHVWULWD REVHUYkQFLDGRVSULQFtSLRVGHOHJDOLGDGHLPSHVVRDOLGDGHPRUDOLGDGHHSXEOLFLGDGHQRWUDWR GRVDVVXQWRVTXHOKHVmRDIHWRV $UWº2FRUUHQGROHVmRDRSDWULP{QLRS~EOLFRSRUDomRRXRPLVVmRGRORVDRXFXOSRVDGR DJHQWHRXGHWHUFHLURGDUVHiRLQWHJUDOUHVVDUFLPHQWRGRGDQR $UWº1RFDVRGHHQULTXHFLPHQWRLOtFLWRSHUGHUiRDJHQWHS~EOLFRRXWHUFHLUREHQHILFLiULRRV EHQVRXYDORUHVDFUHVFLGRVDRVHXSDWULP{QLR $UWº4XDQGRRDWRGHLPSURELGDGHFDXVDUOHVmRDRSDWULP{QLRS~EOLFRRXHQVHMDUHQULTXH FLPHQWRLOtFLWRFDEHUiDDXWRULGDGHDGPLQLVWUDWLYDUHVSRQViYHOSHORLQTXpULWRUHSUHVHQWDUDR 0LQLVWpULR3~EOLFRSDUDDLQGLVSRQLELOLGDGHGRVEHQVGRLQGLFLDGR 3DUiJUDIR~QLFR$LQGLVSRQLELOLGDGHDTXHVHUHIHUHRFDSXWGHVWHDUWLJRUHFDLUiVREUHEHQVTXH DVVHJXUHPRLQWHJUDOUHVVDUFLPHQWRGRGDQRRXVREUHRDFUpVFLPRSDWULPRQLDOUHVXOWDQWHGR HQULTXHFLPHQWRLOtFLWR $UWº2VXFHVVRUGDTXHOHTXHFDXVDUOHVmRDRSDWULP{QLRS~EOLFRRXVHHQULTXHFHULOLFLWDPHQWH HVWiVXMHLWRjVFRPLQDo}HVGHVWDOHLDWpROLPLWHGRYDORUGDKHUDQoD &DStWXOR,, '26$726'(,0352%,'$'($'0,1,675$7,9$ 6HomR, 'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYDTXH,PSRUWDP(QULTXHFLPHQWR,OtFLWR $UWº&RQVWLWXLDWRGHLPSURELGDGHDGPLQLVWUDWLYDLPSRUWDQGRHQULTXHFLPHQWRLOtFLWRDXIHULU TXDOTXHUWLSRGHYDQWDJHPSDWULPRQLDOLQGHYLGDHPUD]mRGRH[HUFtFLRGHFDUJRPDQGDWR IXQomRHPSUHJRRXDWLYLGDGHQDVHQWLGDGHVPHQFLRQDGDVQRDUWºGHVWDOHLHQRWDGDPHQWH ,²UHFHEHUSDUDVLRXSDUDRXWUHPGLQKHLUREHPPyYHORXLPyYHORXTXDOTXHURXWUDYDQWDJHP HFRQ{PLFDGLUHWDRXLQGLUHWDDWtWXORGHFRPLVVmRSHUFHQWDJHPJUDWLILFDomRRXSUHVHQWHGH TXHPWHQKDLQWHUHVVHGLUHWRRXLQGLUHWRTXHSRVVDVHUDWLQJLGRRXDPSDUDGRSRUDomRRX RPLVVmRGHFRUUHQWHGDVDWULEXLo}HVGRDJHQWHS~EOLFR ,,²SHUFHEHUYDQWDJHPHFRQ{PLFDGLUHWDRXLQGLUHWDSDUDIDFLOLWDUDDTXLVLomRSHUPXWDRX ORFDomRGHEHPPyYHORXLPyYHORXDFRQWUDWDomRGHVHUYLoRVSHODVHQWLGDGHVUHIHULGDVQR DUWºSRUSUHoRVXSHULRUDRYDORUGHPHUFDGR ,,,²SHUFHEHUYDQWDJHPHFRQ{PLFDGLUHWDRXLQGLUHWDSDUDIDFLOLWDUDDOLHQDomRSHUPXWDRX ORFDomRGHEHPS~EOLFRRXRIRUQHFLPHQWRGHVHUYLoRSRUHQWHHVWDWDOSRUSUHoRLQIHULRUDR YDORUGHPHUFDGR ,9²XWLOL]DUHPREUDRXVHUYLoRSDUWLFXODUYHtFXORVPiTXLQDVHTXLSDPHQWRVRXPDWHULDOGH TXDOTXHUQDWXUH]DGHSURSULHGDGHRXjGLVSRVLomRGHTXDOTXHUGDVHQWLGDGHVPHQFLRQDGDV QRDUW ºGHVWDOHL EHP FRPR R WUDEDOKR GH VHUYLGRUHV S~EOLFRVHPSUHJDGRVRXWHUFHLURV FRQWUDWDGRVSRUHVVDVHQWLGDGHV 9 ² UHFHEHU YDQWDJHP HFRQ{PLFD GH TXDOTXHU QDWXUH]D GLUHWD RX LQGLUHWD SDUD WROHUDU D H[SORUDomRRXDSUiWLFDGHMRJRVGHD]DUGHOHQRFtQLRGHQDUFRWUiILFRGHFRQWUDEDQGRGH XVXUDRXGHTXDOTXHURXWUDDWLYLGDGHLOtFLWDRXDFHLWDUSURPHVVDGHWDOYDQWDJHP 9, ² UHFHEHU YDQWDJHP HFRQ{PLFD GH TXDOTXHU QDWXUH]D GLUHWD RX LQGLUHWD SDUD ID]HU GHFODUDomRIDOVDVREUHPHGLomRRXDYDOLDomRHPREUDVS~EOLFDVRXTXDOTXHURXWURVHUYLoRRX VREUHTXDQWLGDGHSHVRPHGLGDTXDOLGDGHRXFDUDFWHUtVWLFDGHPHUFDGRULDVRXEHQVIRUQHFLGRV DTXDOTXHUGDVHQWLGDGHVPHQFLRQDGDVQRDUWºGHVWDOHL 9,,²DGTXLULUSDUDVLRXSDUDRXWUHPQRH[HUFtFLRGHPDQGDWRFDUJRHPSUHJRRXIXQomR S~EOLFDEHQVGHTXDOTXHUQDWXUH]DFXMRYDORUVHMDGHVSURSRUFLRQDOjHYROXomRGRSDWULP{QLR RXjUHQGDGRDJHQWHS~EOLFR 9,,,²DFHLWDUHPSUHJRFRPLVVmRRXH[HUFHUDWLYLGDGHGHFRQVXOWRULDRXDVVHVVRUDPHQWRSDUD SHVVRDItVLFDRXMXUtGLFDTXHWHQKDLQWHUHVVHVXVFHWtYHOGHVHUDWLQJLGRRXDPSDUDGRSRUDomR RXRPLVVmRGHFRUUHQWHGDVDWULEXLo}HVGRDJHQWHS~EOLFRGXUDQWHDDWLYLGDGH ,;²SHUFHEHUYDQWDJHPHFRQ{PLFDSDUDLQWHUPHGLDUDOLEHUDomRRXDSOLFDomRGHYHUEDS~EOLFD GHTXDOTXHUQDWXUH]D ;²UHFHEHUYDQWDJHPHFRQ{PLFDGHTXDOTXHUQDWXUH]DGLUHWDRXLQGLUHWDPHQWHSDUDRPLWLU DWRGHRItFLRSURYLGrQFLDRXGHFODUDomRDTXHHVWHMDREULJDGR ;, ² LQFRUSRUDU SRU TXDOTXHU IRUPD DR VHX SDWULP{QLR EHQV UHQGDV YHUEDV RX YDORUHV LQWHJUDQWHVGRDFHUYRSDWULPRQLDOGDVHQWLGDGHVPHQFLRQDGDVQRDUWGHVWDOHL ;,, ² XVDU HP SURYHLWR SUySULR EHQV UHQGDV YHUEDV RX YDORUHV LQWHJUDQWHV GR DFHUYR SDWULPRQLDOGDVHQWLGDGHVPHQFLRQDGDVQRDUWºGHVWDOHL 6HomR,, 'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYDTXH&DXVDP3UHMXt]RDR(UiULR $UW&RQVWLWXLDWRGHLPSURELGDGHDGPLQLVWUDWLYDTXHFDXVDOHVmRDRHUiULRTXDOTXHUDomR RXRPLVVmRGRORVDRXFXOSRVDTXHHQVHMHSHUGDSDWULPRQLDOGHVYLRDSURSULDomRPDOEDUDWD PHQWR RX GLODSLGDomR GRV EHQV RX KDYHUHV GDV HQWLGDGHV UHIHULGDV QR DUW º GHVWD OHL H QRWDGDPHQWH ,²IDFLOLWDURXFRQFRUUHUSRUTXDOTXHUIRUPDSDUDDLQFRUSRUDomRDRSDWULP{QLRSDUWLFXODUGH SHVVRDItVLFDRXMXUtGLFDGHEHQVUHQGDVYHUEDVRXYDORUHVLQWHJUDQWHVGRDFHUYRSDWULPRQLDO GDVHQWLGDGHVPHQFLRQDGDVQRDUWºGHVWDOHL ,,²SHUPLWLURXFRQFRUUHUSDUDTXHSHVVRDItVLFDRXMXUtGLFDSULYDGDXWLOL]HEHQVUHQGDVYHUEDV RXYDORUHVLQWHJUDQWHVGRDFHUYRSDWULPRQLDOGDVHQWLGDGHVPHQFLRQDGDVQRDUWºGHVWDOHL VHPDREVHUYkQFLDGDVIRUPDOLGDGHVOHJDLVRXUHJXODPHQWDUHVDSOLFiYHLVjHVSpFLH ,,,²GRDUjSHVVRDItVLFDRXMXUtGLFDEHPFRPRDRHQWHGHVSHUVRQDOL]DGRDLQGDTXHGHILQV HGXFDWLYRV RX DVVLVWrQFLDV EHQV UHQGDV YHUEDV RX YDORUHV GR SDWULP{QLR GH TXDOTXHU GDV HQWLGDGHV PHQFLRQDGDV QR DUW º GHVWD OHL VHP REVHUYkQFLD GDV IRUPDOLGDGHV OHJDLV H UHJXODPHQWDUHVDSOLFiYHLVjHVSpFLH ,9²SHUPLWLURXIDFLOLWDUDDOLHQDomRSHUPXWDRXORFDomRGHEHPLQWHJUDQWHGRSDWULP{QLRGH TXDOTXHUGDVHQWLGDGHVUHIHULGDVQRDUWºGHVWDOHLRXDLQGDDSUHVWDomRGHVHUYLoRSRUSDUWH GHODVSRUSUHoRLQIHULRUDRGHPHUFDGR 9²SHUPLWLURXIDFLOLWDUDDTXLVLomRSHUPXWDRXORFDomRGHEHPRXVHUYLoRSRUSUHoRVXSHULRU DRGHPHUFDGR 9,²UHDOL]DURSHUDomRILQDQFHLUDVHPREVHUYkQFLDGDVQRUPDVOHJDLVHUHJXODPHQWDUHVRXDFHLWDU JDUDQWLDLQVXILFLHQWHRXLQLG{QHD 9,,²FRQFHGHUEHQHItFLRDGPLQLVWUDWLYRRXILVFDOVHPDREVHUYkQFLDGDVIRUPDOLGDGHVOHJDLVRX UHJXODPHQWDUHVDSOLFiYHLVjHVSpFLH 9,,,²IUXVWUDUDOLFLWXGHGHSURFHVVROLFLWDWyULRRXGLVSHQViORLQGHYLGDPHQWH ,;²RUGHQDURXSHUPLWLUDUHDOL]DomRGHGHVSHVDVQmRDXWRUL]DGDVHPOHLRXUHJXODPHQWR ;²DJLUQHJOLJHQWHPHQWHQDDUUHFDGDomRGHWULEXWRRXUHQGDEHPFRPRQRTXHGL]UHVSHLWR jFRQVHUYDomRGRSDWULP{QLRS~EOLFR ;,²OLEHUDUYHUEDS~EOLFDVHPDHVWULWDREVHUYkQFLDGDVQRUPDVSHUWLQHQWHVRXLQIOXLUGHTXDOTXHU IRUPDSDUDDVXDDSOLFDomRLUUHJXODU ;,,²SHUPLWLUIDFLOLWDURXFRQFRUUHUSDUDTXHWHUFHLURVHHQULTXHoDLOLFLWDPHQWH ;,,,²SHUPLWLUTXHVHXWLOL]HHPREUDRXVHUYLoRSDUWLFXODUYHtFXORVPiTXLQDVHTXLSDPHQWRV RXPDWHULDOGHTXDOTXHUQDWXUH]DGHSURSULHGDGHRXjGLVSRVLomRGHTXDOTXHUGDVHQWLGDGHV PHQFLRQDGDVQRDUWºGHVWDOHLEHPFRPRRWUDEDOKRGHVHUYLGRUS~EOLFRHPSUHJDGRVRX WHUFHLURVFRQWUDWDGRVSRUHVVDVHQWLGDGHV 6HomR,,, 'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYDTXH$WHQWDP&RQWUDRV3ULQFtSLRVGD $GPLQLVWUDomR3~EOLFD $UW &RQVWLWXL DWR GH LPSURELGDGH DGPLQLVWUDWLYD TXH DWHQWD FRQWUD RV SULQFtSLRV GD DGPLQLVWUDomR S~EOLFD TXDOTXHU DomR RX RPLVVmR TXH YLROH RV GHYHUHV GH KRQHVWLGDGH LPSDUFLDOLGDGHOHJDOLGDGHHOHDOGDGHjVLQVWLWXLo}HVHQRWDGDPHQWH ,²SUDWLFDUDWRYLVDQGRILPSURLELGRHPOHLRXUHJXODPHQWRRXGLYHUVRGDTXHOHSUHYLVWRQD UHJUDGHFRPSHWrQFLD ,,²UHWDUGDURXGHL[DUGHSUDWLFDULQGHYLGDPHQWHDWRGHRItFLR ,,,²UHYHODUIDWRRXFLUFXQVWkQFLDGHTXHWHPFLrQFLDHPUD]mRGDVDWULEXLo}HVHTXHGHYD SHUPDQHFHUHPVHJUHGR ,9²QHJDUSXEOLFLGDGHDRVDWRVRILFLDLV 9²IUXVWUDUDOLFLWXGHGHFRQFXUVRS~EOLFR 9,²GHL[DUGHSUHVWDUFRQWDVTXDQGRHVWHMDREULJDGRDID]rOR 9,, ² UHYHODU RX SHUPLWLU TXH FKHJXH DR FRQKHFLPHQWR GH WHUFHLUR DQWHV GD UHVSHFWLYD GLYXOJDomRRILFLDOWHRUGHPHGLGDSROtWLFDRXHFRQ{PLFDFDSD]GHDIHWDURSUHoRGHPHUFDGRULD EHPRXVHUYLoR &DStWXOR,,, '$63(1$6 $UW,QGHSHQGHQWHPHQWHGDVVDQo}HVSHQDLVFLYLVHDGPLQLVWUDWLYDVSUHYLVWDVQDOHJLVODomR HVSHFtILFDHVWiRUHVSRQViYHOSHORDWRGHLPSURELGDGHVXMHLWRjVVHJXLQWHVFRPLQDo}HV ,²QDKLSyWHVHGRDUWºSHUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDRSDWULP{QLR UHVVDUFLPHQWR LQWHJUDO GR GDQR TXDQGR KRXYHU SHUGD GD IXQomR S~EOLFD VXVSHQVmR GRV GLUHLWRVSROtWLFRVGHRLWRDGH]DQRVSDJDPHQWRGHPXOWDFLYLOGHDWpWUrVYH]HVRYDORUGR DFUpVFLPRSDWULPRQLDOHSURLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHUEHQHItFLRVRX LQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRXLQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRD MXUtGLFDGDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGHGH]DQRV ,,²QDKLSyWHVHGRDUWUHVVDUFLPHQWRLQWHJUDOGRGDQRSHUGDGRVEHQVRXYDORUHVDFUHVFLGRV LOLFLWDPHQWHDRSDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLDSHUGDGDIXQomRS~EOLFDVXVSHQVmR GRVGLUHLWRVSROtWLFRVGHFLQFRDRLWRDQRVSDJDPHQWRGHPXOWDFLYLOGHDWpGXDVYH]HVRYDORU GRGDQRHSURLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHUEHQHItFLRVRXLQFHQWLYRV ILVFDLVRXFUHGLWtFLRVGLUHWDRXLQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFDGD TXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGHFLQFRDQRV ,,,²QDKLSyWHVHGRDUWUHVVDUFLPHQWRLQWHJUDOGRGDQRVHKRXYHUSHUGDGDIXQomRS~EOLFD VXVSHQVmRGRVGLUHLWRVSROtWLFRVGHWUrVDFLQFRDQRVSDJDPHQWRGHPXOWDFLYLOGHDWpFHPYH]HV RYDORUGDUHPXQHUDomRSHUFHELGDSHORDJHQWHHSURLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFR RXUHFHEHUEHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRXLQGLUHWDPHQWHDLQGDTXH SRULQWHUPpGLRGHSHVVRDMXUtGLFDGDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGHWUrVDQRV 3DUiJUDIR~QLFR1DIL[DomRGDVSHQDVSUHYLVWDVQHVWDOHLRMXL]OHYDUiHPFRQWDDH[WHQVmRGR GDQRFDXVDGRDVVLPFRPRRSURYHLWRSDWULPRQLDOREWLGRSHORDJHQWH &DStWXOR,9 '$'(&/$5$d®2'(%(16 $UW $ SRVVH H R H[HUFtFLR GH DJHQWH S~EOLFR ILFDP FRQGLFLRQDGRV j DSUHVHQWDomR GH GHFODUDomRGRVEHQVHYDORUHVTXHFRPS}HPRVHXSDWULP{QLRSULYDGRDILPGHVHUDUTXLYDGD QRVHUYLoRGHSHVVRDOFRPSHWHQWH º $ GHFODUDomR FRPSUHHQGHUi LPyYHLV PyYHLV VHPRYHQWHV GLQKHLUR WtWXORV Do}HV H TXDOTXHURXWUDHVSpFLHGHEHQVHYDORUHVSDWULPRQLDLVORFDOL]DGRQR3DtVRXQRH[WHULRUH TXDQGRIRURFDVRDEUDQJHUiRVEHQVHYDORUHVSDWULPRQLDLVGRF{QMXJHRXFRPSDQKHLURGRV ILOKRVHGHRXWUDVSHVVRDVTXHYLYDPVREDGHSHQGrQFLDHFRQ{PLFDGRGHFODUDQWHH[FOXtGRV DSHQDVRVREMHWRVHXWHQVtOLRVGHXVRGRPpVWLFR º$GHFODUDomRGHEHQVVHUiDQXDOPHQWHDWXDOL]DGDHQDGDWDHPTXHRDJHQWHS~EOLFRGHL[DU RH[HUFtFLRGRPDQGDWRFDUJRHPSUHJRRXIXQomR º6HUiSXQLGRFRPDSHQDGHGHPLVVmRDEHPGRVHUYLoRS~EOLFRVHPSUHMXt]RGHRXWUDV VDQo}HVFDEtYHLVRDJHQWHS~EOLFRTXHVHUHFXVDUDSUHVWDUGHFODUDomRGRVEHQVGHQWURGR SUD]RGHWHUPLQDGRRXTXHDSUHVWDUIDOVD º2GHFODUDQWHDVHXFULWpULRSRGHUiHQWUHJDUFySLDGDGHFODUDomRDQXDOGHEHQVDSUHVHQWDGD j'HOHJDFLDGD5HFHLWD)HGHUDOQDFRQIRUPLGDGHGDOHJLVODomRGR,PSRVWRVREUHD5HQGDH SURYHQWRV GH TXDOTXHU QDWXUH]D FRP DV QHFHVViULDV DWXDOL]Do}HV SDUD VXSULU D H[LJrQFLD FRQWLGDQRFDSXWHQRºGHVWHDUWLJR &DStWXOR9 '2352&(',0(172$'0,1,675$7,92('2352&(662-8',&,$/ $UW4XDOTXHUSHVVRDSRGHUiUHSUHVHQWDUjDXWRULGDGHDGPLQLVWUDWLYDFRPSHWHQWHSDUDTXH VHMDLQVWDXUDGDLQYHVWLJDomRGHVWLQDGDDDSXUDUDSUiWLFDGHDWRGHLPSURELGDGH $UHSUHVHQWDomRTXHVHUiHVFULWDRXUHGX]LGDDWHUPRHDVVLQDGDFRQWHUiDTXDOLILFDomR GRUHSUHVHQWDQWHDVLQIRUPDo}HVVREUHRIDWRHVXDDXWRULDHDLQGLFDomRGDVSURYDVGHTXH WHQKDFRQKHFLPHQWR º$DXWRULGDGHDGPLQLVWUDWLYDUHMHLWDUiDUHSUHVHQWDomRHPGHVSDFKRIXQGDPHQWDGRVHHVWD QmR FRQWLYHU DV IRUPDOLGDGHV HVWDEHOHFLGDV QR º GHVWH DUWLJR $ UHMHLomR QmR LPSHGH D UHSUHVHQWDomRDR0LQLVWpULR3~EOLFRQRVWHUPRVGRDUWGHVWDOHL º$WHQGLGRVRVUHTXLVLWRVGDUHSUHVHQWDomRDDXWRULGDGHGHWHUPLQDUiDLPHGLDWDDSXUDomR GRVIDWRVTXHHPVHWUDWDQGRGHVHUYLGRUHVIHGHUDLVVHUiSURFHVVDGDQDIRUPDSUHYLVWDQRVDUWV DGD/HLQºGHGHGH]HPEURGHHHPVHWUDWDQGRGHVHUYLGRUPLOLWDU GHDFRUGRFRPRVUHVSHFWLYRVUHJXODPHQWRVGLVFLSOLQDUHV $UW$FRPLVVmRSURFHVVDQWHGDUiFRQKHFLPHQWRDR0LQLVWpULR3~EOLFRHDR7ULEXQDORX &RQVHOKRGH&RQWDVGDH[LVWrQFLDGHSURFHGLPHQWRDGPLQLVWUDWLYRSDUDDSXUDUDSUiWLFDGHDWR GHLPSURELGDGH 3DUiJUDIR~QLFR20LQLVWpULR3~EOLFRRX7ULEXQDORX&RQVHOKRGH&RQWDVSRGHUiDUHTXHUL PHQWRGHVLJQDUUHSUHVHQWDQWHSDUDDFRPSDQKDURSURFHGLPHQWRDGPLQLVWUDWLYR $UW+DYHQGRIXQGDGRVLQGtFLRVGHUHVSRQVDELOLGDGHDFRPLVVmRUHSUHVHQWDUiDR0LQLVWpULR 3~EOLFRRXjSURFXUDGRULDGRyUJmRSDUDTXHUHTXHLUDDRMXt]RFRPSHWHQWHDGHFUHWDomRGR VHTHVWURGRVEHQVGRDJHQWHRXWHUFHLURTXHWHQKDHQULTXHFLGRLOLFLWDPHQWHRXFDXVDGRGDQR DRSDWULP{QLRS~EOLFR º2SHGLGRGHVHTHVWURVHUiSURFHVVDGRGHDFRUGRFRPRGLVSRVWRQRVDUWVHGR &yGLJRGH3URFHVVR&LYLO º4XDQGRIRURFDVRRSHGLGRLQFOXLUiDLQYHVWLJDomRRH[DPHHREORTXHLRGHEHQVFRQWDV EDQFiULDVHDSOLFDo}HVILQDQFHLUDVPDQWLGDVSHORLQGLFLDGRQRH[WHULRUQRVWHUPRVGDOHLHGRV WUDWDGRVLQWHUQDFLRQDLV $UW$DomRSULQFLSDOTXHWHUiRULWRRUGLQiULRVHUiSURSRVWDSHOR0LQLVWpULR3~EOLFRRX SHODSHVVRDMXUtGLFDLQWHUHVVDGDGHQWURGHWULQWDGLDVGDHIHWLYDomRGDPHGLGDFDXWHODU ºeYHGDGDDWUDQVDomRDFRUGRRXFRQFLOLDomRQDVDo}HVGHTXHWUDWDRFDSXW º$)D]HQGD3~EOLFDTXDQGRIRURFDVRSURPRYHUiDVDo}HVQHFHVViULDVjFRPSOHPHQWDomR GRUHVVDUFLPHQWRGRSDWULP{QLRS~EOLFR º 1RFDVR GDDomRSULQFLSDO WHUVLGRSURSRVWDSHOR0LQLVWpULR3~EOLFRDSHVVRDMXUtGLFD LQWHUHVVDGDLQWHJUDUiDOLGHQDTXDOLGDGHGHOLWLVFRQVRUWHGHYHQGRVXSULUDVRPLVV}HVHIDOKDV GDLQLFLDOHDSUHVHQWDURXLQGLFDURVPHLRVGHSURYDGHTXHGLVSRQKD º20LQLVWpULR3~EOLFRVHQmRLQWHUYLUQRSURFHVVRFRPRSDUWHDWXDUiREULJDWRULDPHQWH FRPRILVFDOGDOHLVRESHQDGHQXOLGDGH $UW$VHQWHQoDTXHMXOJDUSURFHGHQWHDomRFLYLOGHUHSDUDomRGHGDQRRXGHFUHWDUDSHUGD GRVEHQVKDYLGRVLOLFLWDPHQWHGHWHUPLQDUiRSDJDPHQWRRXDUHYHUVmRGRVEHQVFRQIRUPHR FDVRHPIDYRUGDSHVVRDMXUtGLFDSUHMXGLFDGDSHORLOtFLWR &DStWXOR9, '$6',6326,d¯(63(1$,6 $UW &RQVWLWXL FULPH D UHSUHVHQWDomR SRU DWR GH LPSURELGDGHFRQWUD DJHQWH S~EOLFR RX WHUFHLUREHQHILFLiULRTXDQGRRDXWRUGDGHQ~QFLDRVDEHLQRFHQWH 3HQDGHWHQomRGHVHLVDGH]PHVHVHPXOWD 3DUiJUDIR~QLFR$OpPGDVDQomRSHQDORGHQXQFLDQWHHVWiVXMHLWRDLQGHQL]DURGHQXQFLDGR SHORVGDQRVPDWHULDLVPRUDLVRXjLPDJHPTXHKRXYHUSURYRFDGR $UW$SHUGDGDIXQomRS~EOLFDHDVXVSHQVmRGRVGLUHLWRVSROtWLFRVVyVHHIHWLYDPFRPR WUkQVLWRHPMXOJDGRGDVHQWHQoDFRQGHQDWyULD 3DUiJUDIR ~QLFR $ DXWRULGDGH MXGLFLDO RX DGPLQLVWUDWLYD FRPSHWHQWH SRGHUi GHWHUPLQDU R DIDVWDPHQWRGRDJHQWHS~EOLFRGRH[HUFtFLRGRFDUJRHPSUHJRRXIXQomRVHPSUHMXt]RGD UHPXQHUDomRTXDQGRDPHGLGDVHIL]HUQHFHVViULDjLQVWUXomRSURFHVVXDO $UW$DSOLFDomRGDVVDQo}HVSUHYLVWDVQHVWDOHLLQGHSHQGH ,²GDHIHWLYDRFRUUrQFLDGHGDQRDRSDWULP{QLRS~EOLFR ,,²GDDSURYDomRRXUHMHLomRGDVFRQWDVSHORyUJmRGHFRQWUROHLQWHUQRRXSHOR7ULEXQDORX &RQVHOKRGH&RQWDV $UW 3DUD DSXUDU TXDOTXHU LOtFLWR SUHYLVWR QHVWD OHL R 0LQLVWpULR 3~EOLFR GH RItFLR D UHTXHULPHQWRGHDXWRULGDGHDGPLQLVWUDWLYDRXPHGLDQWHUHSUHVHQWDomRIRUPXODGDGHDFRUGR FRPRGLVSRVWRQRDUWSRGHUiUHTXLVLWDUDLQVWDXUDomRGHLQTXpULWRSROLFLDORXSURFHGLPHQWR DGPLQLVWUDWLYR &DStWXOR9,, '$35(6&5,d®2 $UW$VDo}HVGHVWLQDGDVDOHYDUDHIHLWRVDVVDQo}HVSUHYLVWDVQHVWDOHLSRGHPVHUSURSRVWDV ,²DWpFLQFRDQRVDSyVRWpUPLQRGRH[HUFtFLRGHPDQGDWRGHFDUJRHPFRPLVVmRRXGHIXQomR GHFRQILDQoD ,,²GHQWURGRSUD]RSUHVFULFLRQDOSUHYLVWRHPOHLHVSHFtILFDSDUDIDOWDVGLVFLSOLQDUHVSXQtYHLV FRPGHPLVVmRDEHPGRVHUYLoRS~EOLFRQRVFDVRVGHH[HUFtFLRGHFDUJRHIHWLYRRXHPSUHJR &DStWXOR9,,, '$6',6326,d¯(6),1$,6 $UW(VWDOHLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR $UW)LFDPUHYRJDGDVDV/HLVQVGHGHMXQKRGHHGHGHGH]HPEUR GHHGHPDLVGLVSRVLo}HVHPFRQWUiULR 5LRGH-DQHLURGHMXQKRGHºGD,QGHSHQGrQFLDHºGD5HS~EOLFD )(51$1'2&2//25 &pOLR%RUMD