,PSULPLU %ROVDXPIXQLOFDGDYH]PDLVHVWUHLWR 3RU%HDWUL]&XWDLW ¬SULPHLUDYLVWDXPLQYHVWLGRUQRYDWRSRGHULDVHLPSUHVVLRQDUDRROKDUROHTXHGHRSo}HVSDUDLQLFLDUDMRUQDGD QRPXQGRGDUHQGDYDULiYHO$WXDOPHQWHKiHPSUHVDVOLVWDGDVQD%0)%RYHVSDGDVTXDLVFRP QHJRFLDomRGHDo}HVXQLWVRX%'5VSDWURFLQDGRV6HOHYDGRHPFRQWDXPGRVFULWpULRVSULPRUGLDLVSDUDD LQFOXVmRGHXPDDomRQDFDUWHLUDDOLTXLGH]ROHTXHFDLFRQVLGHUDYHOPHQWH6HJXQGRDSURYHGRUDGHLQIRUPDo}HV ILQDQFHLUDV4XDQWXPDRILPGHRXWXEURDSHQDVSDSpLVGDEROVDEUDVLOHLUDWLQKDPYROXPHPpGLRGLiULR QHJRFLDGRDFLPDGH5PLOKmRSDWDPDUTXHVHUYHFRPRXPDUHIHUrQFLDSDUDJUDQGHVFDVDV(VVHpRPHQRU Q~PHURGHDo}HVFRPOLTXLGH]GHVGH 3DUDHIHLWRGHFRPSDUDomRQD%ROVDGH9DORUHVGH1RYD<RUN1\VHGHXPWRWDOGHHPSUHVDVOLVWDGDV JLUDUDPPDLVGH86PLOKmRDRGLDQRSULPHLURVHPHVWUHGHVWHDQR(GDVHPSUHVDVEUDVLOHLUDVFRP QHJRFLDomRQDTXHODEROVDFHUFDGHVHHQTXDGUDUDPQHVVHFULWpULRGHOLTXLGH] $RFRQVLGHUDUVHFRQWXGRRVILOWURVDSOLFDGRVSRUJHVWRUDVGHIXQGRV GHDo}HVHPVHXVSURFHVVRVGHVHOHomRTXHDEDUFDPDOpPGRYROXPH ILQDQFHLURQHJRFLDGRJRYHUQDQoDFRPSHWLWLYLGDGHTXDOLGDGH UHWRUQRVREUHRSDWULP{QLRJHUDomRGHFDL[DHOXFURSRUDomRGHQWUH RXWURVWDQWRVHVVHXQLYHUVRVHPRVWUDDLQGDPDLVUHVWULWR 2GHVDTXHFLPHQWRHFRQ{PLFREUDVLOHLURWHPFRQWULEXtGRHPJUDQGH SDUWHSDUDDPDLRUGLILFXOGDGHGHVHHQFRQWUDUERQVQRPHVQDEROVD (VVHPRYLPHQWRIRLLQLFLDGRDLQGDTXHHPPHQRUJUDXDRILPGH TXDQGRDLQIODomRGHVDOiULRVFRPHoRXDSUHVVLRQDUDVPDUJHQVGDVHPSUHVDVGL]&ODXGLR'HOEUXHFNJHVWRU GD6RODQD&DSLWDO (DSDUWLUGHFRPDGHVDFHOHUDomRPDLVDFHQWXDGDGDHFRQRPLDHDLQFHUWH]DSROtWLFDREVHUYDRSRWHQFLDOGH UHWRUQRGDVDo}HVGHPXLWDVFRPSDQKLDVILFRXPDLVOLPLWDGReQDWXUDOTXHRQ~PHURGHHPSUHVDVFRP SHUVSHFWLYDVSRVLWLYDVGLPLQXDTXDQGRDHFRQRPLDHQWUDHPUHFHVVmR0XLWDVGHODVWrPXPDFRUUHODomRHOHYDGD GHVXDVUHFHLWDVFRPR3,%$OpPGLVVRFRPRERDSDUWHGRVFXVWRVpIL[DjPHGLGDTXHDUHFHLWDUHWUDLKiWDPEpP XPDWHQGrQFLDQDWXUDOGHTXHGDQDVPDUJHQVLPSDFWDQGRROXFURFRPXPDPDJQLWXGHPDLRUGRTXHQDUHFHLWD SRQWXD &DVVLDQR/HPHJHVWRUHXPGRVVyFLRVIXQGDGRUHVGD&RQVWkQFLD13DVVLQDODTXHDSUySULDFRQGLomRQHJDWLYDGR PHUFDGRDFLRQiULRQRV~OWLPRVWHPSRVWHPFRQWULEXtGRSDUDHVVDPDLRUHVFDVVH]GHDWLYRV(PPHLRDXP SHUtRGRGHVHLVDQRVUXLQVSDUDDEROVDQDGDPHQRVTXHHPSUHVDVFDQFHODUDPRUHJLVWURHPEROVDGHVGHR LQtFLRGHDVVLPFRPRDOLTXLGH]GHGLYHUVRVSDSpLVWDPEpPGLPLQXLXFRPRPHQRULQWHUHVVHSHODFODVVHGH DWLYRVGHIRUPDPDLVDPSOD ,VVRUHGX]RQ~PHURGHDOWHUQDWLYDVTXHVHWHPSDUDXPDHVWUDWpJLDGHUHQGDYDULiYHODILUPD/HPHeXPD TXHVWmRSUHVHQWHXPDFDUDFWHUtVWLFDGHVVHPRPHQWRGR%UDVLOGHKRMHFRPUHFHVVmRIDOWDGHFRQILDQoD(YHP SLRUDQGRDRORQJRGRVDQRV $RH[FOXLUDo}HVGHEDQFRVWUDWDGDVGHIRUPDVHSDUDGDHFRQVLGHUDQGROLTXLGH]DFLPDGH5PLOHSUHVHQoD GHQRVSUHJ}HVGRV~OWLPRVGLDV/HPHHQ[HUJDRXQLYHUVRGHSDSpLVDVHLQYHVWLUFRPRUD]RDYHOPHQWH SHTXHQRSDUDRIXQGRGHDo}HVWUDGLFLRQDOVmRFRQVLGHUDGDVDSHQDVFHUFDGHHPSUHVDV 1RVVRVIXQGRVVmRSHTXHQRV2TXHGLILFXOWDpTXHFRQIRUPHRSDWULP{QLRLQYHVWLGRFUHVFHRQ~PHURGHDo}HV LQYHVWtYHLV SDUDTXHVHWHQKDPDLVHVFDODFDL1HVVHPRPHQWRH[LVWHDWpXPDYDQWDJHPGHJHVWmRSDUDIXQGRV PHQRUHVPDVHVVHpXPSUREOHPDSDUDGHVHQYROYLPHQWRGDLQG~VWULDFRPRXPWRGRDYDOLD/HPH $OpPGRVILOWURVPDLVFOiVVLFRVQDVHOHomRGHDWLYRVD(GJH,QYHVWLPHQWRVH[FOXLHPSUHVDVSUpRSHUDFLRQDLVGD FDUWHLUDHHVWDWDLVGLDQWHGDSUHRFXSDomRFRPXPGHVDOLQKDPHQWRGHLQWHUHVVHVGRVFRQWURODGRUHVHGRV DFLRQLVWDVFRPRXPWRGRGL]%HUQDUGR'DQWDVVyFLRGDFDVD +RMHYRFrYrJHVWRUHVROKDQGRSDUDXPOHTXHFDGDYH]PDLVUHGX]LGRGHDo}HVHVWiFDGDYH]PDLVGLItFLO HQFRQWUDUGLVWRUo}HVQRPHUFDGRRTXHOHYDQRVVRIXQGRDWHUXPFDL[DHPWRUQRGHUHVXOWDGRGDQRVVD GLILFXOGDGHGHDFKDURSRUWXQLGDGHVGHHPSUHVDVTXHDWHQGDPQRVVRFULWpULRGHUHWRUQRDILUPD $OpPGDVSRXFDVRSRUWXQLGDGHVSDUDVHOHFLRQDUQXPIXQGRGHDo}HVHGRPRYLPHQWRGHIHFKDPHQWRGHFDSLWDO YLVWRRPHUFDGRDLQGDWHPVHPRVWUDGRSUDWLFDPHQWHIHFKDGRSDUDDHQWUDGDGHQRYDVFRPSDQKLDVQDEROVD GHVWDFD'DQWDV1HVWHDQRSRUH[HPSORDSHQDVD3DU&RUUHWRUDDEULXRFDSLWDO 3HGUR$QGUDGHVyFLRGDJHVWRUDGHUHFXUVRV,3&DSLWDO3DUWQHUVFRQWDTXHRJUXSRGHHPSUHVDVFRQVLGHUDGDV LQWHUHVVDQWHVFRPERQVJHVWRUHVHERQVQHJyFLRVVHJXHQDFDVDGHHPERUDDFDVDDORTXHHPDSHQDVFLQFR GHODV 2TXHWHPVLGRPDLVGLItFLOpHQFRQWUDUQDVPHOKRUHVHPSUHVDVSUHoRVTXHFRPSHQVHPRVULVFRVTXHHVWDPRV WRPDQGRDRLQYHVWLUQRQHJyFLRGL]1mRWHPVLGRIiFLOQRV~OWLPRVWUrVDQRVHQFRQWUDUXPERPQHJyFLREHP JHULGRHQXPSUHoRERP -iRPHUFDGRLQWHUQDFLRQDOWHPWUD]LGRRSRUWXQLGDGHVSDUDDJHVWRUD$,3SDVVRXDLQYHVWLUIRUDHP TXDQGRRWUDGHRIIHQWUHHPSUHVDVEUDVLOHLUDVHDPHULFDQDVHUDJLJDQWHQDVSDODYUDVGH$QGUDGH&RPLVVR Do}HVGHFRPSDQKLDVFRPR$PHULFDQ([SUHVV*RRJOHH0LFURVRIWHUDPQHJRFLDGDVDSUHoRVWLGRVFRPRPXLWR EDL[RVDILUPDHQTXDQWRHPSUHVDVVLPLODUHVQR%UDVLOHVWDYDPFDUDV$RSRUWXQLGDGHIRLYLVWDHDSURSRUomRGH DORFDomRLQWHUQDFLRQDOIRLDXPHQWDQGRFRPRWHPSRFRPDPXGDQoDGHUHJXODPHQWRSDUDDSRVVtYHOLQFOXVmRGH %'5VQRVIXQGRV (PHVPRFRPDGHVDFHOHUDomRGDDOWDGRPHUFDGRDFLRQiULRDPHULFDQRHPDSyVXPDVHTXrQFLDGHVHLVDQRV SRVLWLYRVFRPH[FHomRGHRDPSORQ~PHURGHHPSUHVDVVHPSUHJDUDQWHRSRUWXQLGDGHVSDUDDJHVWRUD VHJXQGR$QGUDGH-iQR%UDVLODSHVDUGDWRDGDQHJDWLYDGDEROVDTXHSRGHULDDEULURSRUWXQLGDGHVSDUDFRPSUDV DSUHoRVDWUDWLYRVRVyFLRDYDOLDTXHRPRPHQWRLQVSLUDFDOPD$LQGDQmRpXPDVLWXDomRHPTXHDFUHGLWDPRV TXHRPHUFDGRHVWHMDUHSOHWRGHRSRUWXQLGDGHVTXHVHMDKRUDGHFRPSUDUWXGRQR%UDVLO $DPSOLDomRGRVSDUkPHWURVGHDORFDomRHPDWLYRVQRH[WHULRUSDUDDLQG~VWULDGHIXQGRVGHLQYHVWLPHQWRV WUD]LGDSHODVLQVWUXo}HV&90HHVWiOHYDQGRDOJXPDVFDVDVDDOWHUDURVUHJXODPHQWRVGHVXDVFDUWHLUDVGH IRUPDDWHUPDLRUH[SRVLomROiIRUD(VVHpRFDVRGD$SH[&DSLWDOTXHHVWiGHROKRQDVEROVDVHVWUDQJHLUDV&RPR IRFRSULQFLSDOPHQWHQROXFURSRUDomRGHERDVHPSUHVDVEUDVLOHLUDVRXLQWHUQDFLRQDLV'LQH\9DUJDVGLUHWRU H[HFXWLYRGDFDVDH[SOLFDTXHDLGHLDpEXVFDUSDSpLVGHFRPSDQKLDVTXHDWXDPHPVHWRUHVMiDFRPSDQKDGRVQR PHUFDGRGRPpVWLFRRXDWpPHVPRFRPH[SRVLomRQR%UDVLO $(GJHWDPEpPHVWiSURPRYHQGRPXGDQoDVHPVHXIXQGRGHDo}HVSDUDTXHHOHSRVVDLQYHVWLUDWpGRV UHFXUVRVHP%'5VQmRSDWURFLQDGRV+iXPOHTXHPXLWRJUDQGHGHHPSUHVDVPXOWLQDFLRQDLVTXHDWXDPQR PXQGRLQWHLURTXHWUD]XPDRSRUWXQLGDGHLQWHUHVVDQWHGHQWURGRQRVVRFtUFXORGHFRPSHWrQFLDGL]'DQWDV UHVVDOWDQGRTXHRPRYLPHQWRVHUiJUDGXDOHOHPEUDQGRTXHRV%'5VWDPEpPHQIUHQWDPGHVDILRVQRTXHWDQJHj OLTXLGH]GRVDWLYRV $WXDOPHQWHD(GJHDFRPSDQKDFHUFDGHHPSUHVDVHLQYHVWHHPGHODV&RQIRUPHRVyFLR$OH[DQGUH0DUWLQV RXQLYHUVRGHFREHUWXUDMiIRLPDLRUQRSDVVDGRPDVQDGDLPSHGHTXHDVLWXDomRPHOKRUHPDLVDGLDQWH2 PHUFDGRpFtFOLFR(VWDPRVQXPPRPHQWRGHPHUFDGREUDVLOHLURPXLWRGHSUHFLDGRHTXHHVWiFKDPDQGRDWHQomR GHLQYHVWLGRUHVHVWUDWpJLFRVDVVLQDOD