Professional Documents
Culture Documents
0$18$/'(352&(',0(17263$5$$
$1È/,6('(352-(&726'(
5($5%25,=$d 2&20(63e&,(6'(
5È3,'2&5(6&,0(172
'LUHFomR1DFLRQDOGH*HVWmR)ORUHVWDO
)(9(5(,52_
Ë1',&(
35(Æ0%8/2
/(*,6/$d2$3/,&È9(/
±'(&/(,1(/(*,6/$d2&203/(0(17$5
$%25'$*(0352)
3/$12'(*(672)/25(67$/
5($5%25,=$d2(0È5($'$5(1
±5($5%25,=$d2(0È5($'$5$1
5($5%25,=$d2'(È5($6$5','$6
3/$126'(25'(1$0(172'($/%8)(,5$6
±$9$/,$d2'(,03$&7($0%,(17$/
±5(&8562'$6'(&,6®(662%5($3529$d2'(352-(&726
'2&80(1726$$35(6(17$5
352&(',0(1726
25*$1,*5$0$)81&,21$/'($1È/,6(
$1(;26
,±/,67$*(0'$/(*,6/$d2
,,±5(48(5,0(172$62/,&,7$5$8725,=$d23$5$5($5%25,=$d2
,,,352-(&72
,9 ± 5(48(5,0(172 $ 62/,&,7$5 $8725,=$d2 3$5$ $/7(5$d2 '(
(63e&,(
9±&2081,&$d2'$,17(1d2'(5($5%25,=$5&20$0(60$(63e&,(
9,5(48(5,0(172$62/,&,7$5$8725,=$d2&2575(635(0$78526
9,,±),&+$'($1È/,6('2352&(662
9,,,),&+$'(,1)250$d27e&1,&$
,;,±25*$1,*5$0$)81&,21$/'($1È/,6(
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
35(Æ0%8/2
$XWLOL]DomRGHHVSpFLHVIROKRVDVGHUiSLGRFUHVFLPHQWR)5&HVWiGHVGHKi
ODUJDV GH]HQDV GH DQRV FRQGLFLRQDGD QR TXDGUR OHJLVODWLYR SRUWXJXrV
FRPSHWLQGR j $XWRULGDGH )ORUHVWDO 1DFLRQDO $)1 D UHJXODomR GRV
SRYRDPHQWRVIORUHVWDLVRQGHHVWDVHVSpFLHVVHMDPSUHGRPLQDQWHV
(VVDUHJXODomRUHVXOWDGDDSOLFDomRFRQMXJDGDVREUHWXGRGR'HFUHWR/HLQ
GHGH0DLRTXHHVWDEHOHFHRUHJLPHHVSHFLDOGHDSURYDomRGH
DFo}HVGHDUERUL]DomRHUHDUERUL]DomRFRP)5&HPUHYROXo}HVLQIHULRUHVD
DQRVHGRVLQVWUXPHQWRVGHSODQHDPHQWRIORUHVWDOHPYLJRU
)DFHDUHFHQWHVDOWHUDo}HVOHJLVODWLYDVYHULILFDGDVHPiUHDVWHPiWLFDVTXH
GLUHFWD RX LQGLUHFWDPHQWH LQWHUIHUHP QD DSUHFLDomR GRV SURMHFWRV GH
UHDUERUL]DomRFRPUHFXUVRDHVSpFLHVIORUHVWDLVGHUiSLGRFUHVFLPHQWRQR
kPELWR GR 'HFUHWR/HL Q ± 3ODQRV 5HJLRQDLV GH 2UGHQDPHQWR
)ORUHVWDO 352) 5HVHUYD (FROyJLFD 1DFLRQDO 5(1 5HVHUYD $JUtFROD
1DFLRQDO 5$1 HVWXGRV GH $YDOLDomR GH ,PSDFWH $PELHQWDO $,$ 3ODQRV
GH *HVWmR )ORUHVWDO 3*) ± WRUQDVH QHFHVViULR VLVWHPDWL]DU DV SULQFLSDLV
OLQKDV GH RULHQWDomR HVWDEHOHFLGDV SHOD $)1 SDUD R HIHLWR EHP FRPR RV
SURFHGLPHQWRVDVVRFLDGRV
$FUHVFH TXH D RUJDQL]DomR GRV HVSDoRV IORUHVWDLV ID]VH HP FDGD UHJLmR
DWUDYpVGRUHVSHFWLYR352)QXPDySWLFDGHXVRP~OWLSORWHQGRVHPSUHSRU
EDVHDVDWLVIDomRGDVQHFHVVLGDGHVVRFLDLVHPEHQVHVHUYLoRVSUHVHQWHVH
IXWXUDV
2V 352) DR HIHFWXDUHP D GHOLPLWDomR GH VXEUHJL}HV KRPRJpQHDV H
LGHQWLILFDUHP DV VXDV IXQo}HV GRPLQDQWHV HVWDEHOHFHP XP OHTXH GH
HVSpFLHVPDLVDSURSULDGDVDRVHVSDoRVIORUHVWDLVDVVRFLDGDVD PRGHORVGH
VLOYLFXOWXUD TXH PD[LPL]DP SURGXo}HV RX RXWUDV IXQo}HV MXOJDGDV
UHOHYDQWHVGHYHQGRH[LVWLUXPDDGHTXDomRSURJUHVVLYDHDSUD]RjVPHWDV
HVWDEHOHFLGDVSDUDDFRPSRVLomRGRVHVSDoRVDUERUL]DGRVWHQGRSUHVHQWHD
UHIHUrQFLD DRV GRFXPHQWRV VHFWRULDLV FRP XPD OHLWXUD HVWUDWpJLFD VREUH
HVWDPDWpULD
&RP D VXVSHQVmR SDUFLDO GRV 352) HVWDEHOHFLGD SRU SRUWDULD SUHYLVWD QR
DFWXDO UHJLPH GH SODQHDPHQWR IORUHVWDO GHYHUmR VHU LQWHJUDGDV VREUHWXGR
DVRULHQWDo}HVHPRGHORVGHVLOYLFXOWXUDDtSURSRVWRVDGHTXDGRVjVIXQo}HV
GRPLQDQWHVLGHQWLILFDGDV
$VVLP LPSRUWD FRQFUHWL]DU DV GLUHFWUL]HV GRV GRFXPHQWRV TXH
FRQVXEVWDQFLDP R SODQHDPHQWR HVWUDWpJLFR IORUHVWDO QXPD ySWLFD GH
DGHTXDomR jV UHDOLGDGHV FRQFUHWDV LVWR p D VXD FRQVROLGDomR HP IDVH GH
SURMHFWR
(VWDV RULHQWDo}HV GHVWLQDPVH D XVR LQWHUQR GRV VHUYLoRV GD $)1
UHVSRQViYHLV SHOD DQiOLVH H GHFLVmR GHVVDV DFo}HV GH UHDUERUL]DomR H
YLJRUDUmR DWp DR LQtFLR GD DSOLFDomR GR &yGLJR )ORUHVWDO H VXD
UHJXODPHQWDomRQHVWDYHUWHQWHHVSHFtILFD
$V HVSpFLHV IROKRVDV GH UiSLGR FUHVFLPHQWR VmR DV GRV JpQHURV (XFDO\SWXV 3RSXOXV H $FDFLD TXH D
OHJLVODomRTXHUHJXODDXWLOL]DomRGHHVSpFLHVQmRLQGtJHQDVSHUPLWHFI'HF/HLQGHGH
'H]HPEUR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
±'HF/HLQHOHJLVODomRFRPSOHPHQWDU
$V DFo}HV GH DUERUL]DomR H UHDUERUL]DomR FRP UHFXUVR D HXFDOLSWR RX
FKRXSR H[SORUDGRV HP UHYROXo}HV FXUWDV LQIHULRU D DQRV HVWmR
FRQGLFLRQDGDVDDXWRUL]DomRGD$)1VHPSUHTXHHQYROYDPiUHDVKD
FRQVLGHUDQGRVHSDUDHVWHOLPLWHDLQFOXVmRGHSRYRDPHQWRVSUpH[LVWHQWHV
GD PHVPD HVSpFLH HP FRQWLQXLGDGH QR PHVPR SUpGLR RX HP SUpGLRV
GLVWLQWRV SHUWHQFHQWHV RX QmR DR PHVPR SURSULHWiULR HQWHQGHQGRVH HP
FRQWLQXLGDGHRVSRYRDPHQWRVTXHGLVWDPHQWUHVLPHQRVGHPW
&DVR QmR H[LVWD HVWD FRQWLQXLGDGH PDV R FRQFHOKR RQGH VH ORFDOL]D D
LQWHQomRGHUHDUERUL]DomRHVWLYHU OLVWDGRQD3RUWDULDQ GH GH
-XOKR DSOLFDVH R GLVSRVWR QR Q GR DUWLJR GR 'HF/HL Q
GHGH0DLRLVWRpDDXWRUL]DomRFRQWLQXDDVHUGDFRPSHWrQFLDGD$)1
1mRHVWDQGRHPFRQWLQXLGDGHHQmRVHDSOLFDQGRD3RUWDULDDFRPSHWrQFLD
SDUD OLFHQFLDU p GD FkPDUD PXQLFLSDO UHVSHFWLYD QRkPELWR GD DSOLFDomR GR
'/ Q GH GH $EULO 1HVWD VLWXDomR H FDVR D $)1 UHFHSFLRQH
DOJXP SHGLGR GHYHUi UHPHWrOR j UHVSHFWLYD FkPDUD PXQLFLSDO FRP
FRQKHFLPHQWRDRUHTXHUHQWH
(VWDQGR LPSOLFDGRV GRLV GLSORPDV R 'HF/HL Q H R 'HF/HL Q
HVTXHPDWL]DVH QR GLDJUDPD TXH VH VHJXH DV FRPSHWrQFLDV GH
DFWXDomRGD$)1HFkPDUDPXQLFLSDOHPIXQomRGDiUHDHQYROYLGD
7RGRV RV SHGLGRV GH SDUHFHU D HQWLGDGHV H[WHUQDV j $)1 GHFRUUHQWHV GH
REULJDo}HVOHJDLVVHUmRUHDOL]DGRVHPVLPXOWkQHR
6HPSUH TXH VHMD H[LJLGR SDUHFHU GH RXWUDV HQWLGDGHV S~EOLFDV R SUD]R GH
DQiOLVH p LQWHUURPSLGR SHOR SHUtRGR QHFHVViULR j UHVSRVWD GDVPHVPDV DWp
DRPi[LPRTXHOKHVpDWULEXtGR
'HVWDVLWXDomRGHYHUiVHUGDGRFRQKHFLPHQWRDRUHTXHUHQWHSDUDHIHLWRVGH
DMXVWDPHQWRGRGLVSRVWRQRQGRDUWGR'HF/HLQGH
GH0DLRTXHHVWLSXODRSUD]RPi[LPRGHDQiOLVHVHPLQWHUUXSomR
4XDQWRDHVWHDVSHFWRYHUQRWDDEDL[R
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
&RPSHWrQFLDGD$)1
'/Q
ÈUHDVKD
&RQFHOKRVUHIHULGRVQD ÈUHDVHPFRQWLQXLGDGH
3RUW &RPSRYRDPHQWRV
3UpH[LVWHQWHVSHUID]HQGRKD
SDUDTXDOTXHUiUHD
ÈUHDVKD
5HVWDQWHVFRQFHOKRV
ÈUHDVHPQmR
FRQWLQXLGDGH
&RPSHWrQFLDGDV&kPDUDV0XQLFLSDLV±'/
YHUQRWD
$ 3RUWDULD Q GH GH -XOKR HVWDEHOHFH XP FRQMXQWR GH QRUPDV
WpFQLFDV H UHVWULo}HV D FRQVLGHUDU QmR Vy SRU TXHP DSURYD FRPR WDPEpP
SRUTXHPSURMHFWDHH[HFXWDUHDUERUL]Do}HVFRP)5&
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
±,QWHJUDomRGDVRULHQWDo}HVGRV352)
$ILPGHJDUDQWLUFODUH]DHREMHFWLYLGDGHQRVSURFHVVRVGHDQiOLVHHGHFLVmR
HVWDEHOHFHPVHDVVHJXLQWHVRULHQWDo}HV
$GHFLVmR$)1GHYHVHUJOREDOPHQWHDQFRUDGDQDTXHVWmRWpFQLFDGD
SURGXWLYLGDGHHDGDSWDELOLGDGHGRJpQHURHVSpFLHjVFRQGLo}HVGDV
HVWDomR}HVDEUDQJLGDVSHORSURMHFWR
$ DERUGDJHP 352) GHYH VHU FRQVLGHUDGD FRPR XPD RULHQWDomR
PDFURHWHQGHQFLDOSDUDDUHJLmRHHPWHUPRVGHPpGLRORQJRSUD]R
LQFOXLQGR DV IXQo}HV GRPLQDQWHV D DVVHJXUDU QmR p SRLV FRUUHFWD D
XWLOL]DomR GH ³PHWDV H REMHFWLYRV´ GH PpGLR H ORQJR SUD]R SDUD
LQYLDELOL]DURXFRQGLFLRQDUDiUHDGHUHDUERUL]Do}HV
6HPSUH TXH D DSOLFDomR GD OHJLVODomR HP YLJRU DVVLP R H[LJLU RV
SURMHFWRVGHYHUmRVHUDFRPSDQKDGRVGHXP3*)VXEVWLWXLQGRHVWHR
FDStWXOR ³SODQR SUHYLVLRQDO GH JHVWmR´ GR SURMHFWR GH DUERUL]DomR
SUHYLVWR QR 'HF/HL Q $ DQiOLVH GR SURMHFWR IORUHVWDO
SRGHUi SURVVHJXLU FRQWXGR SDUD DOpP GR DWUiV UHIHULGR SODQR
SURYLVLRQDO R UHTXHUHQWH GHYHUi VHU QRWLILFDGR SDUD DSUHVHQWDU 3*)
QRSUD]RGHGLDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
0DFUR]RQDJHPFRQVWDQWHGD3RUWDULDQ
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
±,QWHJUDomRGDVRULHQWDo}HVFRQVWDQWHVQRV3*)
23*)pXP LQVWUXPHQWRGHDGPLQLVWUDomRGHHVSDoRVIORUHVWDLVTXHGHDFRUGRFRP
DVRULHQWDo}HVGHILQLGDVQR352)GHWHUPLQDQRHVSDoRHQRWHPSRDVLQWHUYHQo}HVGH
QDWXUH]D FXOWXUDO H GH H[SORUDomR GRV UHFXUVRV YLVDQGR D SURGXomR VXVWHQWDGD GRV
EHQVHVHUYLoRVSRUHOHVSURSRUFLRQDGR
)LFDP VXMHLWRV j HODERUDomR GH 3*) DV DFo}HV GH UHDUERUL]DomR GH GLPHQVmR LJXDO
RXVXSHULRUjVGHILQLGDVQR352)UHVSHFWLYRDUWLJRGR'(&/(,QGH
GH-DQHLUR
'HYHUiVHUYHULILFDGRVHSDUDDiUHDHPFDXVDH[LVWHRXQmR3*)DSURYDGRSHOD$)1
HHPFDVRSRVLWLYRGHYHUiVHUYHULILFDGDDDGHTXDomRGRSURMHFWRDRGLVSRVWRQHVVH
SODQR
1HVWHV FDVRV R 3*) VXEVWLWXLUi R ³SODQR SUHYLVLRQDO GH JHVWmR´ H[LJLGR SHOR 'HF/HL
QFRQVWDQWHGRSRQWRGRDQH[RDHVWHGLSORPD
2V SURSRQHQWHV SRGHUmR DLQGD DSUHVHQWDU XP 3*) VLPSOLILFDGR GH DFRUGR FRP R
PRGHORKRPRORJDGRSHOR6()'5HGLVSRQLELOL]DGRSHOD$)1QDLQWHUQHWDSOLFiYHOQRV
FDVRVHPTXHDH[SORUDomRSRVVXDXPDVXSHUItFLHLQIHULRUDROLPLWHHVWDEHOHFLGRSHOR
352)
±5HDUERUL]Do}HVHPiUHDVLQWHJUDGDVQD5(1
7HQGR HP FRQWD R UHJLPH MXUtGLFR GD 5(1 HVWDEHOHFLGR SHOR 'HFUHWR/HL Q
GHGH$JRVWRHRGLVSRVWRQD3RUWDULDQGHGH1RYHPEUR
DV DFo}HV GH UHDUERUL]DomR DSURYDGDV SHOD $)1 DR DEULJR GR 'HF/HL Q
FDUHFHPDSHQDVGHFRPXQLFDomRSUpYLDj&&'5UHVSHFWLYD
$V iUHDV QHOD LQWHJUDGDV VmR LGHQWLILFDGDV QDV SODQWDV GH FRQGLFLRQDQWHV GRV SODQRV
PXQLFLSDLV GH RUGHQDPHQWR GR WHUULWyULR 3027 HQWUH RXWURV H FRQVWLWXHP SDUWH
LQWHJUDQWHGDVHVWUXWXUDVHFROyJLFDVPXQLFLSDLVGHYHQGRHVWDFDUWRJUDILDVHUXWLOL]DGD
SDUD GHFLVmR VREUH R WLSR GH DFWLYLGDGHV D DFo}HV D GHVHQYROYHU QHVVHV WHUUHQRV
UHOHPEUDVH TXH VmR YiULRV RV WLSRV GH ³iUHDV GD 5(1´ LGHQWLILFDGRV QR DQH[R , GR
UHIHULGR'HF/HL³iUHDVGHHOHYDGRULVFRGHHURVmRKtGULFDGRVROR´³GXQDV´HWF
$V GHOLPLWDo}HV GD 5(1 VmR GHSRVLWDGDV QD 'LUHFomR*HUDO GR 2UGHQDPHQWR GR
7HUULWyULRH'HVHQYROYLPHQWR8UEDQR'*27'8HGLVSRQLELOL]DGDVQDLQWHUQHWDWUDYpV
GR6LVWHPD1DFLRQDOGH,QIRUPDomR7HUULWRULDO61,7
e LPSRUWDQWH VDOLHQWDU TXH R GLSORPD TXH HVWDEHOHFH R UHJLPH GD 5$1 QR VHX DUW
DOtQHD E UHYRJD D DOtQHD G GR DUW GD 3RUWDULD Q D TXDO
FRQGLFLRQDYDDDUERUL]DomRFRPHVSpFLHVGHUiSLGRFUHVFLPHQWRHPWHUUHQRVLQFOXtGRV
QD5(1
$'5)GHYHQRRItFLRGHFRPXQLFDomRGDGHFLVmRGHDSURYDomRGRSURMHFWRLQIRUPDU
TXHDVXDH[HFXomRFDUHFHGRFXPSULPHQWRGDFRPXQLFDomRSUpYLDj&&'5HHYHQWXDO
SURFHGLPHQWR GH DXWRUL]DomR QHVWH FDVR DSHQDV HP ³iUHDV GH LQVWDELOLGDGH H GH
YHUWHQWHV´FRQIRUPH$1(;2,,,GD3RUWDULDGHGH1RYHPEUR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
3DUDHVVHHIHLWRFRPXQLFDomRSUpYLDj&&'5VHUiFRORFDGDQDSiJLQDGDLQWHUQHWGD
$)1XPDPLQXWDHLQVWUXo}HVDQH[DV
$LQGD QRV WHUPRV GR 'HFUHWR/HL Q GH GH $JRVWR DV DFo}HV H
RSHUDo}HV GH IORUHVWDomR H UHIORUHVWDomR HVWmR SUHYLVWDV QR DQH[R ,, GHVWH GLSORPD
TXHDVLVHQWDGDLQWHUGLomRSUHYLVWDQDDOtQHDHGRQGRDUWLJR$VVLPHHP
SDUWLFXODU QR TXH UHIHUH j DSOLFDomR GD WpFQLFD GH SUHSDUDomR GH WHUUHQR HP
³WHUUDoRV´ DSOLFDVH R GLVSRVWR QDV DOtQHDV K H L GR Q GD 3RUWDULD Q
LQWHUGLWDQGRDVXDXWLOL]DomRSDUDGHFOLYHVLQIHULRUHVD$UHIHULGD3RUWDULDQmRVH
DSOLFDDRSHUDo}HVGHWHUUDoRVSUpH[LVWHQWHVHPiUHDVDUHDUERUL]DU
±5HDUERUL]Do}HVHPiUHDVLQWHJUDGDVQD5$1
2'HFUHWR/HLQGHGH0DUoRDSURYDRQRYRUHJLPHMXUtGLFRGD5HVHUYD
$JUtFROD1DFLRQDO5$1
(VWH QRYR UHJLPH LQWURGX] QD RUGHP MXUtGLFD D XPD PHWRGRORJLD LQRYDGRUD GH
FODVVLILFDomR GDV WHUUDV FRQIRUPH UHFRPHQGDomR GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV
SDUDD$JULFXOWXUDH$OLPHQWDomR)$2:5%
$VVLPDVWHUUDVHRVVRORVSDVVDPDFODVVLILFDUVHHPFLQFRFODVVHV$$$$H
$TXHYmRGDVWHUUDVFRPDSWLGmRHOHYDGDSDUDRXVRDJUtFRODJHQpULFR$DWpjV
WHUUDVVHPDSWLGmRLQDSWDVSDUDRXVRDJUtFROD
$ 5$1 VHUi LQWHJUDGD DSHQDV SHODV FODVVHV $ H $ TXH VmR DV WHUUDV TXH WrP
DSWLGmRHOHYDGDRXPRGHUDGDSDUDRXVRDJUtFRODJHQpULFR
8PDYH]TXHQHVWHGLSORPDDVDFo}HVGHDUERUL]DomRFRPUHFXUVRDTXDOTXHUHVSpFLH
IORUHVWDOVmRFRQVLGHUDGDVXWLOL]DomRDJUtFRODGRVRORQmRpQHFHVViULRSDUHFHUSUpYLR
GD HQWLGDGH TXH JHUH D 5$1 SDUD HIHLWR GH DSOLFDomR GR 'HF/HL Q WHQGR
WDPEpP VLGR UHYRJDGD D DOtQHD E GR Q GD 3RUWDULD Q TXH SURLELD D
IORUHVWDomRGHVRORVQDVFODVVHV$H%GD5$1
±5HDUERUL]Do}HVGHiUHDVDUGLGDV
1D UHDUERUL]DomR GH XP SRYRDPHQWR SHUFRUULGR SRU LQFrQGLR IORUHVWDO Ki TXH
GLVWLQJXLUGXDVVLWXDo}HVSRVVtYHLV
D $ LQWHQomR GR SURSULHWiULRJHVWRU GH PDQWHU R WLSR H D FRPSRVLomR
HVSHFtILFDSUpH[LVWHQWHjGDWDGDRFRUUrQFLDGRLQFrQGLRIORUHVWDO
E $ LQWHQomR GH DOWHUDU R WLSR H D FRPSRVLomR GR SRYRDPHQWR SUp
H[LVWHQWH
'HDFRUGRFRPR'HFUHWR/HLQGHGH$EULODLQWHQomRGHPDQWHURWLSR
GHSRYRDPHQWRHDHVSpFLHFDUHFHDSHQDVGHPHUDFRPXQLFDomRj$)1DUWLJR
MiDLQWHQomRGHDOWHUDURWLSRHDFRPSRVLomRGRSRYRDPHQWRFDUHFHGHDXWRUL]DomR
GD$)1DUWLJRGHYHQGRRSURGXWRUIORUHVWDODSUHVHQWDUSDUDRHIHLWRXPSURMHFWR
GHUHDUERUL]DomR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
1R WHUPRV GDV GHILQLo}HV VLOYtFRODV XQLYHUVDOPHQWH DFHLWHV SRU ³FRPSRVLomR GR
SRYRDPHQWR´ HQWHQGHVH D ³YDULHGDGH H QDWXUH]D HVSHFtILFD´ GRV LQGLYtGXRV
FRPSRQHQWHVGRSRYRDPHQWRHQTXDQWRR³WLSR´VHUHIHUHDRPpWRGRGHUHJHQHUDomR
GRV SRYRDPHQWRV RX VHMD DR UHJLPH GH FRQGXomR GRV SRYRDPHQWRV ± WDOKDGLD RX
DOWRIXVWH
$ DSURYDomR GH DFo}HV GH UHIORUHVWDomR GH iUHDV SHUFRUULGDV SRU LQFrQGLRV IORUHVWDLV
LQVHULGDV QD 5HGH1DFLRQDO GH ÈUHDV 3URWHJLGDV UHJLGD SHOR 'HF/HL Q GH
GH0DLRQmRpXPDDWULEXLomRGD$)1
1RFDVRGDVDFo}HVTXHLPSOLTXHPPHUDFRPXQLFDomRGHYHUi VHPSUHVHURILFLDGRR
UHTXHUHQWH QR VHQWLGR GH R LQIRUPDU GD OHJLVODomR D FXPSULU H GDV ERDV SUiWLFDV
IORUHVWDLV DSOLFiYHLV H DLQGD VROLFLWDU FRPXQLFDomR GR LQtFLR GD REUD SDUD HIHLWRV GH
YLVWRULD
1RDQH[R9,,,VHJXHPLQXWDGHRItFLRGHUHVSRVWDGD$)1VHPSUHMXt]RGHDGDSWDo}HV
TXH HP FDGD FDVR VH GHYDP LQWURGX]LU HP UD]mR GD VLWXDomR H GR WLSR GH
UHDUERUL]DomR
±5HDUERUL]DomRHPiUHDVFODVVLILFDGDV
'H DFRUGR FRP R DUWLJR GR 'HF/HL Q QDV iUHDV FODVVLILFDGDV iUHDV
SURWHJLGDV >UHVHUYDV QDWXUDLV SDUTXHV QDFLRQDLV SDUTXHV QDWXUDLV PRQXPHQWRV
QDWXUDLVSDLVDJHQVSURWHJLGDVHWF@FRQIRUPHGHILQLGDVQR'HF/HLQGH
GH-XOKRHOHJLVODomRFRPSOHPHQWDUDFRPSHWrQFLDGHDXWRUL]DomRHVWiFRPHWLGD
DRDFWXDO,&1%,3SRGHQGRD$)1HPLWLUSDUHFHU
'DGD D GLPHQVmR H FRPSOH[LGDGH R UHJLPH GDV iUHDV LQWHJUDGDV QD 5HGH 1DWXUD
FRQVWD GH GLSORPD SUySULR R 'HF/HL Q GH GH $EULO UHYLVWR SHOR
'HF/HL Q GH GH )HYHUHLUR FRPSUHHQGH DV iUHDV FODVVLILFDGDV FRPR
]RQDHVSHFLDOGHFRQVHUYDomR=(&HDV]RQDVGHSURWHFomRHVSHFLDO=3(
'HDFRUGRFRPRGLVSRVWRQRDUWLJRGRFLWDGRGLSORPDFDUHFHGHSDUHFHUIDYRUiYHO
GR,&1%,3RXGD&&'5UHVSHFWLYD
$VDFo}HVGHDUERUL]DomRHPiUHDVFRQWtQXDVVXSHULRUHVDKD
4XDQGR KDMD OXJDU D DOWHUDo}HV GD PRUIRORJLD GR VROR S H[ FRQVWUXomR GH
WHUUDoRV
,PSRUWDUHWHUSDUDWRGDVDVGHFLV}HVTXHHQYROYDSDUHFHUHVSURYHQLHQWHGR,&1%RX
GHRXWUDVHQWLGDGHVQRPHDGDPHQWHDV$5+DFRPSDWLELOL]DomRGRVSUD]RVGDVYiULDV
HQWLGDGHVSDUDHPLVVmRGHUHVSRVWDVHQGRFHUWRTXHVHGHYHSURFXUDUXPDUHVSRVWD
FRHUHQWHQRVSUD]RVHQDVXDGLYXOJDomR$VVLP
D 6HPSUH TXH VHMD H[LJLGR SDUHFHU GH RXWUDV HQWLGDGHV S~EOLFDV R SUD]R GH
DQiOLVH p LQWHUURPSLGR SHOR SHUtRGR QHFHVViULR j UHVSRVWD GDV PHVPDV DWp DR
Pi[LPRTXHOKHVpDWULEXtGR
E 'HVWD VLWXDomR GHYHUi VHU GDGR FRQKHFLPHQWR DR UHTXHUHQWH SDUD HIHLWRV GH
DMXVWDPHQWRGRGLVSRVWRQRQGRDUWGR'HF/HLQGHGH
0DLRTXHHVWLSXODRSUD]RPi[LPRGHDQiOLVHVHPLQWHUUXSomR
³7pFQLFDV GH 3URGXomR )ORUHVWDO´ $ $ 0RQWHLUR $OYHV HG ,QVWLWXWR 1DFLRQDO GH ,QYHVWLJDomR &LHQWtILFD /LVERD
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
6LVWHPDGH'HIHVDGD)ORUHVWDFRQWUD,QFrQGLRV
2'HF/HLQGHGH-XQKRFRPDVDOWHUDo}HVLQWURGX]LGDVSHOR'HF
/HLQGHGH-DQHLURHVWDEHOHFHDVPHGLGDVHDFo}HVDGHVHQYROYHUQR
kPELWRGR6LVWHPDGH3UHYHQomRH3URWHFomRGD)ORUHVWDFRQWUD,QFrQGLRV
7RGDV DV DFo}HV GH DUERUL]DomR RX UHIORUHVWDomR GHYHP REHGHFHU DR HVWDEHOHFLGR
QHVWH GLSORPD H HP HVSHFLDO DR GLVSRVWR QRV DUWLJRV H GR
GLSORPD FLWDGR EHP FRPR QR GLVSRVWR HP VHGH QRV SODQRV PXQLFLSDLV GH GHIHVD GH
IORUHVWDFRQWUDLQFrQGLRV
±3ODQRVGHRUGHQDPHQWRGHDOEXIHLUDVGHiJXDVS~EOLFDV
2VSODQRVGHRUGHQDPHQWRGHDOEXIHLUDVGHiJXDVS~EOLFDV32$$3GHDFRUGRFRPD
OHJLVODomR HP YLJRU 'HF/HL Q GH GH 0DLR H OHJLVODomR
FRPSOHPHQWDU VmR FRQVLGHUDGRV SODQRV HVSHFLDLV GH RUGHQDPHQWR GR WHUULWyULR
3(27
2V 32$$3 FRPSUHHQGHP XPD iUHD QD TXDO VH LQWHJUD R SODQR GH iJXD H D ]RQD
HQYROYHQWH GH SURWHFomR QXPD IDL[D GH P FRP SRVVLELOLGDGH GH VHU DMXVWDGD
SDUD XPD ODUJXUD Pi[LPD GH P FRQWDGRV D SDUWLU GR QtYHO GH SOHQR
DUPD]HQDPHQWRGDDOEXIHLUD
2V FULWpULRV WpFQLFRV H GLVSRVLo}HV JHUDLV FRQVLGHUDGRV QRV 32$$3 SDUD VDOYDJXDUGD
GRV UHFXUVRV KtGULFRV SRGHP LQFOXLU SDUD FHUWDV ]RQDV UHVWULo}HV j XWLOL]DomR GH
HVSpFLHVIORUHVWDLVGHUiSLGRFUHVFLPHQWRXWLOL]DGDVHPUHYROXo}HVFXUWDV
4XHU QR FDVR GH SURSRVWD GH LQVWDODomR GH QRYDV iUHDV FRP )5& TXHU VHMD XP
SURMHFWR GH UHDUERUL]DomR FRP DTXHODV HVSpFLHV D VXD HYHQWXDO DXWRUL]DomR GHYHUi
VHPSUHVHUFRQGLFLRQDGDDRVFULWpULRVWpFQLFRVFRQVWDQWHVGR32$$3UHVSHFWLYREHP
FRPRDRGLVSRVWRQRQGRDUWGR'HF/HLQQDVXDDXVrQFLD
³$V DFWLYLGDGHV D UHDOL]DU QD ]RQD WHUUHVWUH GH SURWHFomR GDV DOEXIHLUDV GH iJXDV
S~EOLFDV TXH LPSOLTXHP VLJQLILFDWLYDV PRELOL]Do}HV GR VROR TXH UHSUHVHQWHP ULVFRV
SDUDRPHLRKtGULFRRXTXHSRVVDPFRQGX]LUDRDXPHQWRGDHURVmRRXDRWUDQVSRUWH
GHPDWHULDOVyOLGRSDUDRPHLRKtGULFRHVWmRVXMHLWDVDDXWRUL]DomRGD$)1TXHGHYH
VHUSUHFHGLGD´±VHRFRUUHUHPDVFRQGLo}HVDQWHVHVSHFLILFDGDVGHSDUHFHUSUpYLR
IDYRUiYHO GD DGPLQLVWUDomR GH UHJLmR KLGURJUiILFD $5+ WHUULWRULDOPHQWH
FRPSHWHQWHDVROLFLWDomRGD$)1
±$YDOLDomRGHLPSDFWHDPELHQWDO
(VWmR VXMHLWRV D $,$RV SURMHFWRV DEUDQJLGRV SHOD DOtQHD E GR Q H SHOR Q GR
DUWLJRGR'HFUHWR/HLQGHGH1RYHPEURTXHDOWHUDR'HF/HLQ
GH GH 0DLR RX VHMD RV SURMHFWRV UHIHUHQWHV D ³G )ORUHVWDomR H
UHIORUHVWDomRGHVGHTXHLPSOLTXHDVXEVWLWXLomRGHHVSpFLHVSUHH[LVWHQWHVHPiUHDV
LVRODGDVRXFRQWtQXDVFRPHVSpFLHVGHUiSLGRFUHVFLPHQWRHGHVIORUHVWDomRGHVWLQDGD
jFRQYHUVmRSDUDRXWURWLSRGHXWLOL]DomRGDVWHUUDV´
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
&DVRJHUDO
)ORUHVWDomRUHIORUHVWDomR TXH LPSOLTXH D VXEVWLWXLomR GH HVSpFLHV SUpH[LVWHQWHV
FRP XPD iUHD KD RX KD VH HP FRQMXQWR FRP SRYRDPHQWRV
SUHH[LVWHQWHVGDPHVPDHVSpFLHGLVWDQGRHQWUHVLPHQRVGHNPGHURULJHPDXPD
iUHDIORUHVWDGDVXSHULRUDKD
(PiUHDVVHQVtYHLViUHDVSURWHJLGDLQVHULGDVQD5HGH1DWXUD=RQDV(VSHFLDLVGH
&RQVHUYDomRH=RQDVGH3URWHFomR(VSHFLDO'/GHGH-XOKRHDVÈUHDVGH
3URWHFomRGRV0RQXPHQWRV1DFLRQDLVH,PyYHLVGH,QWHUHVVH3~EOLFR±/HLQ
GHGH-XOKR
)ORUHVWDomRUHIORUHVWDomR TXH LPSOLTXH D VXEVWLWXLomR GH HVSpFLHV SUpH[LVWHQWHV
FRPXPDiUHDKDRXKDVHHPFRQMXQWRFRPSRYRDPHQWRVSUHH[LVWHQWHV
GD PHVPD HVSpFLH GLVWDQGR HQWUH VL PHQRV GH NP GHU RULJHP D XPD iUHD
IORUHVWDGDVXSHULRUDKD
7,32'(352-(&72 &$62*(5$/ È5($66(16Ë9(,6
)ORUHVWDomR H UHIORUHVWDomR ÈUHDVKD ÈUHDVKD
GHVGH TXH LPSOLTXH RX RX
VXEVWLWXLomR GH HVSpFLHV iUHDV KD VH HP FRQMXQWR iUHDVKDVHHPFRQMXQWRFRP
SUpH[LVWHQWHV FRP SRY GD PHVPD HVSpFLH SRY GD PHVPD HVSpFLH GLVWDQGR
GLVWDQGR HQWUH VL PHQRV GH NP HQWUHVLPHQRVGHNPGHURULJHP
GHURULJHPDiUHD!KD DiUHD!KD
&RPSHWHj$)1UHPHWHUj$XWRULGDGHGH$,$&&'5UHVSHFWLYDSDUDSURFHGLPHQWRGH
$,$ R (,$ Q GR DUWLJR GR 'HF/HL Q GH GH 0DLR FRP D QRYD
UHGDFomRGDGDSHOR'HF/HLQGHGH1RYHPEUR
±2XWURVFULWpULRVWpFQLFRVHDPELHQWDLV
x 3ULQFtSLRVGH%RDV3UiWLFDV)ORUHVWDLV±'*)
x %RDV3UiWLFDV)ORUHVWDLVFRQWLGDVQD1RUPD3RUWXJXHVD
x /HJLVODomR UHODWLYD D GLYHUVDV VHUYLG}HV OHJDLV WDLV FRPR GLVWkQFLDV D
PDUFRV JHRGpVLFRV SURWHFomR GR SDWULPyQLR DUTXLWHFWyQLFR H
DUTXHROyJLFRV SURWHFomR GH HVSpFLHV GD IDXQD SURWHFomR GH OLQKDV
HOpFWULFDV GD UHGH YLiULD H IHUURYLiULD SURWHFomR GH JDVRGXWRV H
ROHRGXWRVSURWHFomRGHiJXDVVXEWHUUkQHDVHWF
x 'LVSRVLo}HV FRQVWDQWHV QRV 3ODQRV 'LUHFWRUV 0XQLFLSDOV RQGH R
SURMHFWRVHLQVHUH
x 3RUIRUoDGDOHJLVODomRQDFLRQDOHHVSHFtILFDDVGLVSRVLo}HVGLUHFWDPHQWH
DSOLFiYHLV jV HVSpFLHV IORUHVWDLV FRQFUHWDV FRQVWDQWHV QHVWHV 3ODQRV
VmRLQGLFDWLYDVPDVQmRYLQFXODWLYDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
/(*,6/$d2$3/,&È9(/
x 2V SDUHFHUHV GH RXWUDV HQWLGDGHV GHYHP VHU DSUHFLDGRV QRV WHUPRV GR
QGD3RUWDULDQ
±5HFXUVRGDVGHFLV}HVVREUHDSURYDomRGHSURMHFWRV
2 '/ GH GH -XOKR HVWDEHOHFH XPD &RPLVVmR GH 5HFXUVR H $QiOLVH GH
3URMHFWRV )ORUHVWDLV FRP FDUDFWHUtVWLFDV GH ³UHFXUVR IDFXOWDWLYR´ WHQGR DV VXDV
GHFLV}HVFDUiFWHUYLQFXODWLYR
1HVWHV WHUPRV LPSRUWD TXH QR DFWR GD WUDQVPLVVmR GD GHFLVmR ILQDO DR UHTXHUHQWH
VREUH R SURMHFWR HP DSUHFLDomR VHMD FRPXQLFDGD DR LQWHUHVVDGR D H[LVWrQFLD H
REMHFWLYRVGR'/
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
'2&80(1726$$35(6(17$5
±5HDUERUL]DomRFRPHVSpFLHVIORUHVWDLVGHUiSLGRFUHVFLPHQWR
2V SHGLGRV GH DXWRUL]DomR GHYHUmR VHU DFRPSDQKDGRV GRV GRFXPHQWRV D VHJXLU
LQGLFDGRV GLIHUHQFLDQGRRV FDVR VH WUDWH GH iUHDV VXSHULRUHV D KD HP TXH p
QHFHVViULDDDSUHVHQWDomRGHXPSURMHFWRGHDUERUL]DomRHODERUDGRGHDFRUGRFRP
R IRUPXOiULR SXEOLFDGR HP DQH[R QR 'HF/HL Q FRP DV QHFHVViULDV
DGDSWDo}HVMiDQWHULRUPHQWHUHIHULGDVRXGHiUHDVLJXDLVRXLQIHULRUHVDKDQHVWH
FDVR p GHVLJQDGR SRU SHGLGR GH DXWRUL]DomR VLPSOLILFDGR XPD YH] TXH SRGHUi VHU
GLVSHQVDGDDDSUHVHQWDomRGRSURMHFWRUHIHULGRQR'HF/HLQ
'RFXPHQWRVIXQGDPHQWDLVDDSUHVHQWDU ÈUHDV!KDKD
5HTXHULPHQWRGLULJLGRDR'LUHFWRU5HJLRQDOGH)ORUHVWDV¥¥
VROLFLWDQGRDXWRUL]DomR$QH[R,,
3URMHFWRGHUHDUERUL]DomRGHDFRUGRFRPRIRUPXOiULRDQH[R¥
DR'HF/HLQ$QH[R,,,
/RFDOL]DomRGDSURSULHGDGHHPFDUWDPLOLWDU¥¥
&DUWRJUDILDHPIRUPDWRGLJLWDOYHFWRULDOFRPJHRUHIHUHQFLDomR¥
3DUHFHUGDFkPDUDPXQLFLSDODRDEULJRGR'HF/HLQ¥¥
GHGH$EULO$QH[R,9
$YDOLDomRGHLPSDFWHDPELHQWDO
QRVWHUPRVGR'HF/HLQGHGH1RYHPEUR
¥
3RUGHVSDFKRLQWHUQRGDH['*)VREUHD,QIRUPDomRQGHGH1RYHPEUR
6yGHYHUiVHUH[LJLGDHVWDFDUWRJUDILDSDUDSURMHFWRVDFLPDGHKD
2VLVWHPDGHFRRUGHQDGDVGHUHIHUrQFLDGDFDUWRJUDILDGLJLWDOGHYHUiSRVVXLURVVHJXLQWHVSDUkPHWURV
(OLSVyLGHGH+D\IRUGLQWHUQDFLRQDO'DWXP3URMHFomR+D\IRUG*DXVVWUDQVODomRGDVFRRUGHQDGDV
GHRULJHPSDUD2HVWHGH6DJUHVIDOVDRULJHP$VEDVHVGHGDGRVJHRJUiILFDVGHYHUmRVHUIRUQHFLGDV
QRIRUPDWRVKDSHILOHIRUPDWRQDWLYRGR$UF9LHZRXQXPDJHRGDWDEDVHIRUPDWRQDWLYRGR$UF*LV
(FDVRVHHQTXDGUHQXPDGDVWLSRORJLDVUHIHULGDQRSRQWR
3RU GHVSDFKR LQWHUQR GD H['*) ,QI Q GH GH 1RYHPEUR HVWDYDP LVHQWRV GH
DSUHVHQWDomRGH(VWXGRGH,PSDFWH$PELHQWDODVDFo}HVTXHLQFLGLVVHPHPiUHDVKD
&DVRQmRGLVSRQKDGRSDUHFHUHPLWLGRSHOD&0GHYHUiDSUHVHQWDURUHTXHULPHQWRGLULJLGRDR3UHVLGHQWH
GD&0FRPRFDULPERHGDWDGHHQWUDGDQDTXHODHQWLGDGH
$&0GLVS}HGHXPSUD]RGHGLDVSDUDHPLVVmRGHSDUHFHUVRESHQDGDVXDQmRH[LJLELOLGDGH
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
'2&80(1726$$35(6(17$5
5HDUERUL]DomRDSyVRFRUUrQFLDGHLQFrQGLR
(P iUHDV SHUFRUULGDV SRU LQFrQGLR RV GRFXPHQWRV D DSUHVHQWDU SHOR SURSRQHQWH
GLIHUHQFLDPVHHPIXQomRGDVXDLQWHQomRFRQIRUPHHVTXHPDWL]DRTXDGURVHJXLQWH
'RFXPHQWRVIXQGDPHQWDLVDDSUHVHQWDU 0DQXWHQomRGD $OWHUDomRGDHVSpFLH
HVSpFLHSUpH[LVWHQWH SUpH[LVWHQWH$UW
$UWGR'/Q GR'/Q
3HGLGRGH
&RPXQLFDomR $XWRUL]DomR
5HTXHULPHQWRGLULJLGRDR'LUHFWRU5HJLRQDOGH ¥
)ORUHVWDVVROLFLWDQGRDXWRUL]DomRSDUDDDOWHUDomR
GRWLSRHFRPSRVLomRGRSRYRDPHQWRSUp
H[LVWHQWHGHVWUXtGRSHORLQFrQGLRDQH[R9
&RPXQLFDomRGLULJLGDDR'LUHFWRU5HJLRQDOGH ¥
)ORUHVWDVGDLQWHQomRGHUHDUERUL]DomRVHP
DOWHUDomRGDHVSpFLHDQH[R9,
3URMHFWRGH5HDUERUL]DomR
/RFDOL]DomRGDSURSULHGDGHHPFDUWDPLOLWDU
¥
¥ ¥
³FURTXLV´FRPDSURSRVWDGHUHDUERUL]DomRj ¥ ¥
HVFDODRXVXSHULRU
&DUWRJUDILDHPIRUPDWRGLJLWDOYHFWRULDOFRP ¥
JHRUHIHUHQFLDomR
3ODQRGH*HVWmR)ORUHVWDOFDVRR352)RH[LMD
¥
3DUHFHU GD &kPDUD 0XQLFLSDO DR DEULJR GR '/ ¥
QGHGH$EULO
(YHQWXDOPHQWHRXWURVSDUHFHUHV5(15$1 ¥
,&1%,33$$5«
1mRSRGHVHUH[LJLGDDDSUHVHQWDomRGR3*)QR
kPELWRGD&RPXQLFDomRQRHQWDQWRRSURSRQHQWH
SRGHVHUDOHUWDGRSDUDDQHFHVVLGDGHGHWHUGH
DSUHVHQWDU3*)
&DVRQmRGLVSRQKDGRSDUHFHUHPLWLGRSHOD&0GHYHUi
DSUHVHQWDU R UHTXHULPHQWR GLULJLGR DR 3UHVLGHQWH
GD &0 FRP R FDULPER H GDWD GH HQWUDGD QDTXHOD
HQWLGDGH
$&0GLVS}HGHXPSUD]RGHGLDVSDUDHPLVVmR
GHSDUHFHUVRESHQDGDVXDQmRH[LJLELOLGDGH
3HGLGR GH DXWRUL]DomR SDUD D UHDOL]DomR GH FRUWHV ILQDLV SUHPDWXURV ±
'HF/HLQGHGH0DLR
&DUHFHPGHDXWRUL]DomRGD$)1RVFRUWHVILQDLVGHSRYRDPHQWRVIORUHVWDLVGH
3LQKHLUREUDYR HP TXH SHOR PHQRV GDV VXDV iUYRUHV QmR WHQKDP XP
GLkPHWUR j DOWXUD GR SHLWR FP RX XP SHUtPHWUR j DOWXUD GR SHLWR
FP6yVHDSOLFDDH[SORUDo}HV!KD
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
'2&80(1726$$35(6(17$5
(XFDOLSWRHPTXHSHORPHQRVGDVVXDViUYRUHVQmRWHQKDPXPGLkPHWUR
jDOWXUDGRSHLWRFPRXXPSHUtPHWURjDOWXUDGRSHLWRFP6yVH
DSOLFDDH[SORUDo}HV!KD
2VSHGLGRVVmRLQVWUXtGRVFRPRVVHJXLQWHVGRFXPHQWRV
5HTXHULPHQWRGLULJLGRDR'LUHFWRU5HJLRQDOGDV)ORUHVWDVVROLFLWDQGRDXWRUL]DomRSDUDR
HIHLWRFRPMXVWLILFDomRDGHTXDGDQRVWHUPRVGRV$UWVH$QH[R9,
/RFDOL]DomRGDSURSULHGDGHHPFDUWDPLOLWDU
³&URTXLV´FRPDSURSRVWDGHFRUWHVIDVHDGRVjHVFDODTXDQGRVHWUDWHGHJUDQGHV
iUHDVQRUPDOPHQWHRVFRUWHVSUHPDWXURVVmRSRQWXDLVHQmRSDUDJUDQGHViUHDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
/RFDOGHUHFHSomRGRSHGLGRGHDXWRUL]DomRHLQVWUXomRGRSURFHVVR
2V GRFXPHQWRV UHIHULGRV DQWHULRUPHQWH GHYHP SUHIHUHQFLDOPHQWH VHU UHFHELGRV QDV
XQLGDGHV GH JHVWmR IORUHVWDO 8*) GDV '5) PDV SRGHP VHU UHFHSFLRQDGRV HP
TXDOTXHU RXWUR VHUYLoR GD $)1 1HVWH ~OWLPR FDVR VHUmR LPHGLDWD H GLUHFWDPHQWH
UHHQFDPLQKDGRVSDUDDUHIHULGD8*)
'HSRLVGHUHFHSFLRQDGRSHOD8*)GHYHUiVHUDQDOLVDGRRSHGLGRGHDXWRUL]DomRVRER
SRQWRGHYLVWDGRFRQWH~GRGRFXPHQWDOGHYHQGRQRSUD]RGHGLDV~WHLVVROLFLWDUVH
SRU HVFULWR DR SURSRQHQWHHQWLGDGH GRFXPHQWRV HP IDOWD HRX HVFODUHFLPHQWRV
DGLFLRQDLVQRVWHUPRVGR&yGLJRGR3URFHGLPHQWR$GPLQLVWUDWLYR1RRItFLRGHYHUiVHU
GDGR XP SUD]R SDUD R HQYLR GRV HOHPHQWRV HP IDOWD ILFDQGR R SUD]R GH DQiOLVH H
GHFLVmRVXVSHQVRDWpjUHFHSomRGHWRGRVRVHOHPHQWRVVROLFLWDGRV
1HVWDIDVHFDEHjV8*)DLQIRUPDWL]DomRGRVGDGRVTXHFRQVWDPQDILFKDGHDQiOLVH
GRSURFHVVRFRQVWLWXLQGRXPUHJLVWRGHGDGRVUHJLRQDOHSRVWHULRUPHQWHLQWHJUDGRV
QXPD EDVH GH GDGRV QDFLRQDO 1HVWD IDVH p DWULEXtGR XP Q~PHUR GH HQWUDGD TXH
LGHQWLILFDUiRSURFHVVRSHGLGRHPWRGDVDIDVHVVHJXLQWHV
$ ILFKD GH DQiOLVH GR SURFHVVR p XPD SHoD IXQGDPHQWDO SDUD TXHP YDL WHU D
LQFXPErQFLD GH DQDOLVDU WHFQLFDPHQWH R SURFHVVR SRLV WHP WRGR R UHVXPR WpFQLFRH
GRFXPHQWDOQHFHVViULRSDUDVHIXQGDPHQWDUDDYDOLDomRHGHFLVmRILQDO
$ LQIRUPDWL]DomR p LJXDOPHQWH LPSRUWDQWH SRLV SHUPLWH R FUX]DPHQWR GH LQIRUPDomR
FRP RXWURV SURMHFWRV RX SODQRV HP YLJRU SDUD D PHVPD SURSULHGDGH SDUD PHOKRU
RUGHQDPHQWR GR HVSDoR H FXPSULPHQWR GH RXWUD OHJLVODomR IORUHVWDO QRPHDGDPHQWH
GRVLQFrQGLRVHRFUX]DPHQWRFRPHYHQWXDLVSURFHVVRVGHFRQWUDRUGHQDomR3&2H
FRP DXWRV GH QRWtFLD TXH FDVR H[LVWDP LPSOLFDP D VXVSHQVmR GR SHGLGR GH
DXWRUL]DomRSDUDUHDUERUL]DomRDWpFRQFOXVmRGR3&2
9LVWRULD
$ YLVWRULD WpFQLFD p GD UHVSRQVDELOLGDGH GD 8*) UHVSHFWLYD GHYHQGR R WpFQLFR
SUHHQFKHU D UHVSHFWLYD ILFKD GH LQIRUPDomR WpFQLFD FRP D VXD SURSRVWD
DSURYDomRLQGHIHULPHQWRRXDSURYDomRFRQGLFLRQDGD
'HSRLV GH DQDOLVDGR R SURMHFWR H HODERUDGD D ILFKD GH LQIRUPDomR WpFQLFD FRP R
SDUHFHU GR WpFQLFR TXH UHDOL]RX D YLVWRULD H SDUHFHU GR *HVWRU )ORUHVWDO GHYHUi R
SURFHVVR VHU UHPHWLGR j VHGH GD '5) SDUD SDUHFHU ILQDO H GHVSDFKR GR 'LUHFWRU
5HJLRQDO
3RU YH]HV QD IDVH GH DQiOLVH WpFQLFD Ki QHFHVVLGDGH GH FRQWDFWDU RXWUDV HQWLGDGHV
HYHQWXDOPHQWHHQYROYLGDV,&1%,*(63$5«VROLFLWDQGROKHVRVHXSDUHFHU&DVRR
SURFHVVR ILTXH D DJXDUGDU HVWHV HYHQWXDLV SDUHFHUHV GHYHUi VHU VXVSHQVR R SUD]R
SDUD GHFLVmR FRPXQLFDQGR DR SURSRQHQWH D VLWXDomR GH IRUPD D HYLWDU DSURYDo}HV
WiFLWDV
±2ULHQWDo}HVSDUDHQTXDGUDPHQWRGDGLVFULFLRQDULHGDGHWpFQLFD
$ YLVWRULD H DQiOLVH GRV GRFXPHQWRV SUHVHQWHV QR SURFHVVR GLWDP XPD RSLQLmR GR
WpFQLFRFXMDGLVFULFLRQDULHGDGHGHQWURGHFHUWRVOLPLWHVVHWHPGHDFHLWDU
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
$V SUHVHQWHV ³2ULHQWDo}HV´ SRGHP QmR VHU VHJXLGDV j OHWUD VH RULHQWDo}HV GLYHUVDV
IRUHPGHYLGDPHQWHMXVWLILFDGDV
D 1RV SURMHFWRV LQFLGHQWHV VREUH ]RQDV $ H % DUERUL]Do}HV H UHDUERUL]Do}HV GD
3RUWDULDQmRVHMXVWLILFDTXDOTXHUUHVWULomRQDRFXSDomRGRWHUULWyULRFRP(5&
SDUDDOpPGDVTXHGHFRUUHPGDPHUDDSOLFDomRGDVERDVSUiWLFDVVLOYtFRODV
E ,GHP SDUD UHDUERUL]Do}HV TXH RFRUUDPQD ]RQD & RX SDUD DUERUL]Do}HV HP TXHR
SURSRQHQWH EHQHILFLD GH FHUWLILFDomR IORUHVWDO VLVWHPDV )6& HRX 3()& RX GH 3*)
DSURYDGR
F 1DV DUERUL]Do}HV TXH RFRUUDP QD ]RQD & H RQGH QmR VH YHULILTXHP DV FRQGLo}HV
SUHYLVWDV QD DOtQHD E FHUWLILFDomR HRX 3*) DV UHVWULo}HV SDUD D RFXSDomR GR
WHUULWyULR FRP (5& QmR GHYHP SRU UHJUD H[FHGHU RV GD iUHD WRWDO GR
SURMHFWRRFXSDGDSRU(5&
G1DVDUERUL]Do}HVHUHDUERUL]Do}HVTXHRFRUUDPQD]RQD'DPHQRVGHNPGH
XQLGDGH IDEULO WUDQVIRUPDGRUD FRP 3*) DSURYDGR HRX iUHD FHUWLILFDGD D iUHD
RFXSDGD SRU (5& QmR GHYH SRU UHJUD H[FHGHU GDiUHD WRWDO GR SURMHFWR
SDUDLQIUDHVWUXWXUDVSURWHFomRGHOLQKDVGHiJXDGHVFRQWLQXLGDGHVHWF
H1DVUHDUERUL]Do}HVTXHRFRUUDPHP]RQD'DPHQRVGHNPGHXQLGDGHIDEULO
WUDQVIRUPDGRUDVHPFHUWLILFDomRRX3*)DSURYDGRDiUHDRFXSDGDSRU(5&QmRGHYH
SRUUHJUDH[FHGHUGDiUHDWRWDOGRSURMHFWR
I 1DV DUERUL]Do}HV H UHDUERUL]Do}HV TXH RFRUUHP QD ]RQD ' HQWUH H NP GH
XQLGDGH IDEULO WUDQVIRUPDGRUD FRP FHUWLILFDomR HRX 3*) DSURYDGR D iUHD RFXSDGD
SRU(5&QmRGHYHSRUUHJUDH[FHGHUGDiUHDWRWDOGRSURMHFWR
J1DVUHDUERUL]Do}HVTXHRFRUUDPHP]RQD'HQWUHHNPGHXQLGDGHIDEULO
WUDQVIRUPDGRUDVHPFHUWLILFDomRRX3*)DSURYDGRDiUHDRFXSDGDSRU(5&QmRGHYH
SRUUHJUDH[FHGHUGDiUHDWRWDOGRSURMHFWR
K1RVUHVWDQWHVFDVRVDUERUL]Do}HVHUHDUERUL]Do}HVQD]RQD'DiUHDRFXSDGDSRU
(5&QmRGHYHSRUUHJUDH[FHGHUGDiUHDWRWDOGRSURMHFWR
5HFRUGDVH SRU ~OWLPR TXH R Q~PHUR GD 3RUWDULD GH GH 1RYHPEUR
SUHYrDSRVVLELOLGDGHGHRUHTXHUHQWHVROLFLWDUIXQGDPHQWDQGRDR3UHVLGHQWHGD$)1
TXH XP SURMHFWR JHRJUDILFDPHQWH LQFOXtGR HP TXDOTXHU GDV ]RQDV GH SRWHQFLDOLGDGH
QHOD GHILQLGDV VHMD DQDOLVDGR H FRQVLGHUDGR FRPR HVWDQGR LQFOXtGR HP TXDOTXHU GDV
RXWUDV]RQDV
'HFLVmR)LQDO
$FRPXQLFDomRGD'HFLVmRDSURYDomRLQGHIHULPHQWRRXDSURYDomRFRQGLFLRQDGDDR
SURSRQHQWH VHUi HIHFWXDGD SHOD '5) GHYHQGR D 8*) SURFHGHU DR UHVSHFWLYR
DFRPSDQKDPHQWR H ILVFDOL]DomR R TXDO SRGHUi HQYROYHU D *XDUGD 1DFLRQDO
5HSXEOLFDQD VH VROLFLWDGD SDUD HVVH HIHLWR SHOR *HVWRU )ORUHVWDO QRV WHUPRV GD
3RUWDULDQGHGH$JRVWR$SRVVLELOLGDGHGHUHFXUVR'/FLWDGR
HPGHYHVHUPHQFLRQDGD
1R FDVR GD SURSRVWD GH GHFLVmR TXH FRQVWD QD )LFKD GH ,QIRUPDomR 7pFQLFD VHU GH
5HIRUPXODomR GHYHUi VHU VROLFLWDGR SHOD '5) DR SURSRQHQWH DWUDYpV GH RItFLR DV
FRUUHFo}HV QHFHVViULDV VHQGR VXVSHQVR R SUD]R GH 'HFLVmR DWp HQWUHJD GD
UHIRUPXODomR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
$SyV D FRQFOXVmR GR SURFHVVR GHYHUi VHU FDUUHJDGD D LQIRUPDomR QD EDVH GH GDGRV
UHJLRQDO H IDFXOWDGD D LQIRUPDomR j '8*() SDUD DFWXDOL]DomR GD EDVH GH GDGRV
QDFLRQDOSURFHGLPHQWRTXHYLJRUDUiDWpDRLQtFLRGRIXQFLRQDPHQWRGHXPVLVWHPDGH
LQIRUPDomRLQWHJUDGRSDUDSURMHFWRVIORUHVWDLV
2UJDQLJUDPDIXQFLRQDOGHDQiOLVH
$SUHVHQWDVH RV GLYHUVRV GLDJUDPDV IXQFLRQDLV GH DQiOLVH D HVWHV SURFHVVRV 3DUD
FDGD GHFLVmR VHUi DSOLFDGR XPD JUHOKD DXWRPiWLFD GH GHFLVmR FRP WH[WR SUp
IRUPDWDGR
2REMHFWLYRVHUiSURGX]LUXPRUJDQLJUDPDTXHVLUYDGHEDVHSDUDDGHVPDWHULDOL]DomR
GHVWHV SURFHGLPHQWRV (VWi SUHYLVWD D SURGXomR GH LQWHUIDFH LQIRUPiWLFRVLVWHPD GH
LQIRUPDomRTXHSHUPLWLUiRWpFQLFRHRDQDOLVWDSURFHGHUHPjDFWXDOL]DomRDXWRPiWLFD
GRV SURMHFWRV UHODWLYRV jV HVSpFLHV GH UiSLGR FUHVFLPHQWR PHOKRUDQGR
VXEVWDQFLDOPHQWHDOLJDomRFRPRJHVWRUIORUHVWDOSURPRWRURWHPSRGHUHVSRVWDQRV
SURFHGLPHQWRVDVVRFLDGRVDHVWHVSURMHFWRVHDSURGXomRGHHVWDWtVWLFDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
352&(',0(1726
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
$1(;2,±/(*,6/$d2
±/(*,6/$d2&21',&,21$'25$'$5($5%25,=$d2
x 'HF/HLQGHGH0DLR±$XWRUL]DomRGD$)1SDUDUHIORUHVWDo}HV
FRPHVSpFLHVGHUiSLGRFUHVFLPHQWR
x 3RUWDULDQGHGH-XOKR±1RUPDVGHUHDUERUL]DomRSDUDHVSpFLHV
GHUiSLGRFUHVFLPHQWR
x 3RUWDULDQGHGH-XOKR±/LVWDJHPGHFRQFHOKRVHPTXHDRFXSDomR
GRVRORFRPHVSpFLHVIORUHVWDLVGHUiSLGRFUHVFLPHQWRDWLQJHXPDiUHDVXSHULRU
DGDiUHDGRFRQFHOKR
x '(&/(,QGHGH6HWHPEURGH±'LVWkQFLDVGHSODQWDomR
x '/ Q GH GH $EULO ± /LFHQFLDPHQWR RX SDUHFHU SRU SDUWH GDV
&kPDUDV0XQLFLSDLVjVDFo}HVGHDOWHUDomRGRFREHUWRYHJHWDOTXHQmRWHQKDP
ILQVDJUtFRODV
x '(&/(,Q GH GH -DQHLUR ± 5HJLPH -XUtGLFR GRV 3ODQRV GH
2UGHQDPHQWRGH*HVWmRHGH,QWHUYHQomRGHÆPELWR)ORUHVWDO352)3*)
±5($5%25,=$d2$3Ï6,1&Ç1',2)/25(67$/
x '/ Q GH GH $EULO ± 5HIORUHVWDomR DSyV D RFRUUrQFLD GH LQFrQGLR
IORUHVWDO
x 'HFUHWR/HLQGHGH-XQKRFRPDVDOWHUDo}HVLQWURGX]LGDVSHOR
'HFUHWR/HLQ GHGH-DQHLUR±(VWDEHOHFHDVPHGLGDVHDFo}HVD
GHVHQYROYHU QR kPELWR GR 6LVWHPD 1DFLRQDO GH 3UHYHQomR H 3URWHFomR GD
)ORUHVWDFRQWUD,QFrQGLRV
x '(&/(,Q GH GH 0DLR 5HIORUHVWDomR GH iUHDV SHUFRUULGDV SRU
LQFrQGLRVIORUHVWDLVLQVHULGDVQD5HGH1DFLRQDOGHÈUHDV3URWHJLGDV
x '(&/(,Q GH GH 2XWXEUR DOWHUDGR SHOD /HL Q GH GH
$JRVWRHSHOR'(&/(,QGHGH)HYHUHLURH'(&/(,QGH
GH0DUoR±'HIHVDGRSDWULPyQLRIORUHVWDOSHUFRUULGRSRULQFrQGLRVIORUHVWDLV
/(*,6/$d25(/$7,9$$&257(6),1$,6
x '(&/(,Q GH GH 0DLR ± $XWRUL]DomR SDUD FRUWHV SUHPDWXURV HP
SRYRDPHQWRVGH3LQKHLUREUDYRH(XFDOLSWR
x '/ Q GH GH 0DLR ± 2EULJDWRULHGDGH GH GHFODUDomR GH FRUWH RX
DUUDQTXHGHiUYRUHV
±287526',3/20$6/(*,6/$7,926
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
x &yGLJR &LYLO $UW 3ODQWDomR GH iUYRUHV H DUEXVWRV WHUPRV HP TXH
SRGHVHUIHLWD
x '(&/(,QGHGH0DUoR±5HVHUYD$JUtFROD1DFLRQDO
x '(&/(,QGHGH'H]HPEUR±3URWHFomRDRD]HYLQKR
x '(&/(,QGHGH$JRVWR±5HVHUYD(FROyJLFD1DFLRQDO
x 3RUWDULD Q GH GH 1RYHPEUR 'HILQH DV FRQGLo}HV SDUD D
YLDELOLGDGHGRVXVRVHDFo}HVHVSHFtILFDVUHIHULGRVQR'/
x '(&/(,QGHGH1RYHPEURTXHDOWHUDR'(&/(,QGH
GH0DLR± 6XMHLomR D$YDOLDomR GH ,PSDFWH $PELHQWDOGH SURMHFWRV FRP (VWXGR
GH,PSDFWH$PELHQWDO
x '(&/(,QGHGH0DLR±3URWHFomRGR6REUHLURHGD$]LQKHLUD
x '/QGHGH6HWHPEUR&RPHUFLDOL]DomRGH0DWHULDLV)ORUHVWDLV
GH 5HSURGXomR QR TXH VH UHIHUH j REULJDWRULHGDGH GH REWHU HP 9LYHLURV
&HUWLILFDGRVSODQWDVRXVHPHQWHVGH(XFDO\SWXVJOREXOXV
x '/QGHGH'H]HPEUR±8WLOL]DomRGHHVSpFLHVQmRLQGtJHQDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
,,5HTXHULPHQWRDVROLFLWDUDXWRUL]DomRSDUDUHDUERUL]DomR
([PR6HQKRU
'LUHFWRU5HJLRQDOGDV)ORUHVWDVGR«
1RPH «««««««««««««««««««««««« UHVLGHQWH HP
5XD««««««««««««««««««« /RFDOLGDGH ««««« &yGLJR
3RVWDO3RUWDGRUGR%LOKHWHGH,GHQWLGDGHFDUWmRGRFLGDGmRQ
««««««««« HPLWLGR HP ««««««« SHOR $UTXLYR GH ,GHQWLILFDomR GH
«««« 7HOHIRQH Q««««««SURSULHWiULR GR SUpGLR U~VWLFR
1RPH««««««««««««««««««««««««««VLWXDGR QR OXJDU GH
««««««««««««««««)UHJXHVLDGH«««««««««««&RQFHOKRGH
««««««««««« D FRQIURQWDU GH 1RUWH FRP ««««««««««««« GH
6XO FRP «««««««««««««« 1DVFHQWH FRP ««««««««««««« H
3RHQWHFRP«««««««««««LQVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOVRER
Q «««««««« H FRP D iUHD WRWDO GH «««««P DFWXDOPHQWH RFXSDGD FRP
HVSpFLH««««««««««««« UHTXHU D 9 ([ VH GLJQH DXWRUL]DU D
UHDUERUL]DomRGHiUHDSURSRVWD««««PFRPHXFDOLSWRVFKRXSRVDRDEULJRGRQ
GR$UWGR'HFUHWR/HLQGHGH0DLR
3HGH'HIHULPHQWR
/RFDOLGDGH««««««««GH««««««GH«
25(48(5(17(
$VVLQDWXUD««««««««««««««««««««
,QGLFDUWLSRGHFXOWXUDQRPHDGDPHQWH³5HJDGLR´³OLQKDGHiJXD´³UHGHURGRYLiULD´³(XFDOLSWDLVH
&KRXSDLV´³2XWURVHVSDoRVIORUHVWDLV´³2XWUDVFXOWXUDV´
6HDiUHDSURSRVWDSDUDUHDUERUL]DomRIRUVXSHULRUDKDP GHYHUiRSURSRQHQWHDSUHVHQWDU
XP3URMHFWRGHUHDUERUL]DomRGHDFRUGRFRPR)RUPXOiULRDQH[RDR'/Q$QH[R,,,
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
,,,3URMHFWRGHDUERUL]DomR
)RUPXOiULRDTXHVHUHIHUHRQGRDUWLJRGR'HFUHWR/HLQGHGH
0DLR
(OHPHQWRVJHUDLV
ÈUHDGRSURMHFWR
ÈUHDGRVSUpGLRVHGHVFULomRVXPiULDGDXWLOL]DomRDFWXDO
&DUWDPLOLWDU
&URTXLVHVFDOD
&DUDFWHUL]DomRVXPiULDGRVSRYRDPHQWRVIORUHVWDLVFLUFXQGDQWHV
(QTXDGUDPHQWRJHRJUiILFRHHFROyJLFR
/RFDOL]DomRYLDVGHDFHVVRRUWRJUDILDHKLGURJUDILD
9HJHWDomRHVSRQWkQHDIUDFDPpGLDRXDEXQGDQWH
1tYHLVGHDOWLWXGHFRWDV
([SRVLo}HVGRPLQDQWHV
'HFOLYHV
6RORV
)DFWRUHVGHULVFRLQFrQGLRVHRXWURVIDFWRUHV
2EMHFWLYRVJHUDLVGRSURMHFWR
'HVFULomRWpFQLFDGRSURMHFWR
$Fo}HVTXHRSURMHFWRFRQWHPSOD
'HVFULomRWpFQLFDGDVDFo}HVSURSRVWDV
$UERUL]DomR>iUHDHVSpFLHVSUHSDUDomRGRWHUUHQRHFRPSDVVR@
,QIUDHVWUXWXUDVIORUHVWDLVFDPLQKRVDFHLURVHRXWUDVOLQKDVFRUWDIRJRSHTXHQDV
EDUUDJHQVHRXWUDVLQIUDHVWUXWXUDV
3ODQRSUHYLVLRQDOGHJHVWmR
3HUtRGRGHLQVWDODomRGRVSRYRDPHQWRVWLSRGHSRYRDPHQWRWLSRGHLQWHUYHQomR
iUHDDQRRXSHUtRGRGHLQWHUYHQomR
3HUtRGRGHFRQGXomRGRVSRYRDPHQWRVWLSRGHSRYRDPHQWRWLSRGHLQWHUYHQomR
iUHDDQRRXSHUtRGRGHLQWHUYHQomR
,GHQWLILFDomRGRSURSRQHQWHGRDXWRUGRSURMHFWRHGRUHVSRQViYHOSHODH[HFXomRGD
REUD
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
,9 ± 5HTXHULPHQWR D VROLFLWDU j &kPDUD 0XQLFLSDO SDUHFHU SDUD PRELOL]DomR
GHVROR
([PR6HQKRU
3UHVLGHQWHGD&kPDUD0XQLFLSDOGH«««««««««
1RPH «««««««««««««««««««««««« UHVLGHQWH HP
5XD««««««««««««««««««« /RFDOLGDGH ««««« &yGLJR
3RVWDO3RUWDGRUGR%LOKHWHGH,GHQWLGDGHFDUWmRGRFLGDGmRQ
««««««««« HPLWLGR HP ««««««« SHOR $UTXLYR GH ,GHQWLILFDomR GH
«««« 7HOHIRQH Q«««««« SURSULHWiULR GR SUpGLR U~VWLFR
1RPH«««««««««««««««« VLWXDGR QR OXJDU GH
««««««««««««««««)UHJXHVLDGH«««««««««««&RQFHOKRGH
«««««««««««LQVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOVRERQ««««
HFRPDiUHDWRWDOGH«««««PVROLFLWRD9([SDUHFHUSDUDPRELOL]DomRGRVROR
QRVWHUPRVGR'HFUHWR/HLQGHGH$EULOFRPYLVWDDLQYHVWLPHQWRVIORUHVWDLV
3HGH'HIHULPHQWR
/RFDOLGDGH««««««««GH««««««GH«
25(48(5(17(
$VVLQDWXUD««««««««««««««««««««
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
([PR6HQKRU
'LUHFWRU5HJLRQDOGDV)ORUHVWDVGR«««
1RPH «««««««««««««««««««««««« UHVLGHQWH HP
5XD««««««««««««««««««« /RFDOLGDGH ««««« &yGLJR
3RVWDO3RUWDGRUGR%LOKHWHGH,GHQWLGDGHFDUWmRGRFLGDGmRQ
««««««««« HPLWLGR HP ««««««« SHOR $UTXLYR GH ,GHQWLILFDomR GH
«««« 7HOHIRQH Q««««««SURSULHWiULR GR SUpGLR U~VWLFR
1RPH««««««««««««««««VLWXDGR QR OXJDU GH
««««««««««««««««)UHJXHVLDGH«««««««««««&RQFHOKRGH
«««««««««««LQVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOVRERQ««««
H FRP D iUHD WRWDO GH «««««P RQGH KRXYH XP LQFrQGLR IORUHVWDO HP DQR
«««««««UHTXHUD9([VHGLJQHDXWRUL]DUDDOWHUDURWLSRHDFRPSRVLomRGR
SRYRDPHQWR SUpH[LVWHQWH j RFRUUrQFLD GR LQFrQGLR UHIHULU D
HVSpFLHUHDUERUL]DQGRFRPUHIHULUDHVSpFLH«QRVWHUPRVGR
QGR$UWGR'HFUHWR/HLQGHGH$EULO
3HGH'HIHULPHQWR
/RFDOLGDGH««««««««GH««««««GH«
25(48(5(17(
$VVLQDWXUD««««««««««««««««««««
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
9, ± &RPXQLFDomR GD LQWHQomR GH UHDUERUL]DU FRP D PHVPD HVSpFLH HP
SRYRDPHQWRVSHUFRUULGRVSRULQFrQGLR
([PR6HQKRU
'LUHFWRU5HJLRQDOGDV)ORUHVWDVGR«««
1RPH «««««««««««««««««««««««« UHVLGHQWH HP
5XD««««««««««««««««««« /RFDOLGDGH ««««« &yGLJR
3RVWDO3RUWDGRUGR%LOKHWHGH,GHQWLGDGHFDUWmRGRFLGDGmRQ
««««««««« HPLWLGR HP ««««««« SHOR $UTXLYR GH ,GHQWLILFDomR GH
«««« 7HOHIRQH Q««««««SURSULHWiULR GR SUpGLR U~VWLFR
1RPH««««««««««««««««VLWXDGR QR OXJDU GH
««««««««««««««««)UHJXHVLDGH«««««««««««&RQFHOKRGH
««««««««««« D FRQIURQWDU GH 1RUWH FRP ««««««««««««« GH
6XO FRP «««««««««««««« 1DVFHQWH FRP ««««««««««««« H
3RHQWHFRP«««««««««««LQVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOVRER
Q««««HFRPDiUHDWRWDOGH«««««PRQGHKRXYHXPLQFrQGLRIORUHVWDOHP
DQR ««««««« FRPXQLFD D 9 ([ D LQWHQomR GH UHDUERUL]DU PDQWHQGR D
HVSpFLHSUpH[LVWHQWHjRFRUUrQFLDGRLQFrQGLRUHIHULUDHVSpFLHQRV
WHUPRVGRQGR$UWGR'HFUHWR/HLQGHGH$EULO
&RPRVPHOKRUHVFXPSULPHQWRV
/RFDOLGDGH««««««««GH««««««GH«
25(48(5(17(
$VVLQDWXUD««««««««««««««««««««
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
9,,5HTXHULPHQWRDVROLFLWDUDXWRUL]DomR&RUWHV3UHPDWXURV
([PR6HQKRU
'LUHFWRU5HJLRQDOGDV)ORUHVWDVGR«««
1RPH «««««««««««««««««««««««« UHVLGHQWH HP
5XD««««««««««««««««««« /RFDOLGDGH ««««« &yGLJR
3RVWDO3RUWDGRUGR%LOKHWHGH,GHQWLGDGHFDUWmRGRFLGDGmRQ
««««««««« HPLWLGR HP ««««««« SHOR $UTXLYR GH ,GHQWLILFDomR GH
«««« 7HOHIRQH Q««««««SURSULHWiULR GR SUpGLR U~VWLFR
1RPH««««««««««««««««VLWXDGR QR OXJDU GH
««««««««««««««««)UHJXHVLDGH«««««««««««&RQFHOKRGH
««««««««««« LQVFULWR QD &RQVHUYDWyULD GR 5HJLVWR 3UHGLDO VRE R Q
««««HFRPDiUHDWRWDOGH«««««KDUHTXHUD9([ VHGLJQHDXWRUL]DUQRV
WHUPRV GR$UW $UW GR 'HFUHWR/HLQGHGH 0DLR D SURFHGHU DR FRUWH
DQWHFLSDGRGRSRYRDPHQWRGHLQGLFDUHVSpFLH«««SHORIDFWRGHUHIHULURPRWLYRGR
FRUWH««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««
«««««««««««HTXHLQFLGLUiQXPDiUHDGH«««KD
(PDQH[RMXQWDVH
L &DUWRJUDILDFRPDGHOLPLWDomRGDiUHDDFRUWHHRXQDLPSRVVLELOLGDGHGHDV
FDUWRJUDIDUQDWRWDOLGDGH
LL 4XDQWLILFDomRGDViUYRUHVDFRUWH
3HGH'HIHULPHQWR
/RFDOLGDGH««««««««GH««««««GH«
25(48(5(17(
$VVLQDWXUD««««««««««««««««««««
6yVHDSOLFDDH[SORUDo}HVIORUHVWDLVFRPPDLVGHKDHXFDOLSWRRXFRPPDLVGHKDSLQKHLUREUDYR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
9,,,0LQXWDGHRItFLRUHODWLYDjFRQILUPDomRGDUHFHSomRGDFRPXQLFDomRGH
UHDUERUL]DomRGHiUHDDUGLGD±DUWGR'HF/HLQ
$VVXQWR &RQILUPDomR GD UHFHSomR GH FRPXQLFDomR GH UHDUERUL]DomR GH iUHD DUGLGD
«««««««QRVWHUPRVGRDUWGR'HFUHWR/HLQGHGH$EULO
5HODWLYDPHQWH DR DVVXQWR HP HStJUDIH LQIRUPDVH 9 ([ TXH D FRPXQLFDomR GH UHDUERUL]DomR GD iUHD
DUGLGD SDUD RV SUpGLRVSURSULHGDGHV IRL UHFHSFLRQDGR HP GDWD QR
ORFDOVHUYLoRFRPRQGHUHJLVWR
(VWDFRPXQLFDomRQmRGLVSHQVDRFXPSULPHQWRGDOHJLVODomRHPYLJRUGHVLJQDGDPHQWHDUHIHUHQWHDRV
6LVWHPD GH 'HIHVD GD )ORUHVWD FRQWUD ,QFrQGLRV DR UHJLPH GH &RQVHUYDomR GD 1DWXUH]D H GD
%LRGLYHUVLGDGH jV DYDOLDo}HV GH LPSDFWH DPELHQWDO H jV UHVWULo}HV GH XWLOLGDGH S~EOLFD H VHUYLG}HV
DGPLQLVWUDWLYDVHYHQWXDOPHQWHDSOLFiYHLVEHPFRPRDDGRSomRGHERDVSUiWLFDVIORUHVWDLV
$FUHVFHQWDUQRFDVRGRSURSULHWiULRJHVWRUIORUHVWDOSRVVXLU3*)DSURYDGRSHOD$)1
0DLVVHLQIRUPDTXHR3*)DSURYDGRSHOD$)1HP«««««GHYHUiVHUDOYRGHDOWHUDomRGHDFRUGRFRP
DLQWHUYHQomRDJRUDFRPXQLFDGD
$FUHVFHQWDUQRFDVRGDH[SORUDomRQmRSRVVXLU3*)DSURYDGRVHQGRDVXSHUItFLHGRSUpGLRSURSULHGDGH
VXSHULRUDRGHILQLGRQR352)UHVSHFWLYR
0DLV VH LQIRUPD TXH QRV WHUPRV GD OHJLVODomR YLJHQWH HVWD H[SORUDomR IORUHVWDO GHYH SRVVXLU SODQR GH
JHVWmRIORUHVWDO3*)DSURYDGRSHORTXHVHQRWLILFD9([SDUDDVXDHQWUHJDQHVWHVVHUYLoRVQRSUD]R
GHGLDV
&RPRVPHOKRUHVFXPSULPHQWRV
2'LUHFWRU5HJLRQDO
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
,;±)LFKDGH$QiOLVHGR3URFHVVR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
;)LFKDGHLQIRUPDomR7pFQLFD
$5%25,=$d2(5($%25,=$d2&20)2/+26$6'(5È3,'2&5(6&,0(172)5&
)LFKDGH$QiOLVHHGH,QIRUPDomR7pFQLFD
5HTXHULPHQWRQ«««'5)««
'DWDGHHQWUDGDQD$)1««««««««««««
'DWDGHHQWUDGDQD8*)««««««««««««
'DWDOLPLWHGHGHFLVmR««««««««««««
3DUHFHUGD8*) 'HVSDFKR'5)
'DWD 'DWD
$VVLQDWXUD $VVLQDWXUD
(OHPHQWRVGHLGHQWLILFDomR
13URSRQHQWH
3URSULHGDGHV
)UHJXHVLD
&RQFHOKR
'LVWULWR
$XWRUGRSURMHFWR
5HVSRQViYHOSHODH[HFXomR
(OHPHQWRVGHPDFURFDUDFWHUL]DomRIORUHVWDO
'HVLJQDomR352)
'HVLJQDomR65+
'HVLJQDomR=,)FDVRVHDSOLTXH
&yGLJR3*)FDVRREULJDWyULR
&yGLJR3(,)FDVRH[LVWD
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
(OHPHQWRVGRSURMHFWR
ÈUHD)5& 2XWUDVHVSpFLHV
ÈUHD (VSpFLH ÈUHD
KD KD
ÈUHDWRWDOKD
$UERUL]DomR
5HDUERUL]DomR 727$/
)5&XWLOL]DGDVGHVLJQDomRFLHQWtILFD
,QIUDHVWUXWXUDVSURSRVWDV
7LSRORJLD 'LPHQVmR.P 1~PHUR
5HGHYLiULD
5HGHGLYLVLRQDO
3RQWRVGHiJXD
(QTXDGUDPHQWRJHUDOGDiUHDGHLQWHUYHQomR
8VRDFWXDO
([LVWrQFLD GH Q~FOHRV GH IROKRVDV D SUHVHUYDU HRX HVSpFLHV IORUHVWDLV SURWHJLGDV
VREUHLURD]LQKHLUDD]HYLQKR
6LQDLVHVXVFHSWLELOLGDGHGHiHURVmR
$SWLGmRJHUDO
ÈUHDSHUFRUULGDSRULQFrQGLRVQRV~OWLPRVDQRV
6HUYLG}HVPDUFRVJHRGpVLFRVOLQKDVHOpFWULFDVSDWULPyQLRFXOWXUDOHDUTXHROyJLFR«
5HJLPHGHSURSULHGDGHSULYDGD&RPXQLWiULDS~EOLFD
3ULQFLSDLVFODVVHVGHGHFOLYH
,QIUDHVWUXWXUDVH[LVWHQWHVHSURSRVWDV
2XWUDV
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
(QTXDGUDPHQWRGDiUHDGHLQWHUYHQomRHPSODQRVH]RQDJHQV
0DFUR]RQDJHPGD3RUWDULDQ;;;;;
(QTXDGUDPHQWRHPVHGHGH3'05(15$15HJLPH)ORUHVWDORXWUDV
(QTXDGUDPHQWRHPPDWpULDGH')&,6')&,H30')&,
(QTXDGUDPHQWRHPVHGHGH32$$3HRXGHRXWURVSODQRVGLSORPDV
(QTXDGUDPHQWRGDHQYROYHQWHjiUHDGHLQWHUYHQomR
ÈUHDRFXSDGDSRU(5&FRPDLPSOHPHQWDomRGRSURMHFWR
&RQWLQXLGDGHDWpPHWURV &RQWLQXLGDGHDWpPHWURV
VXEVWLWXLomRGHHVSpFLH
!KD!KD!KD !KD!KD!KD
9LWDOLGDGHHVWDGRILWRVVDQLWiULRGRVSRYRDPHQWRV
5HFXUVRVKtGULFRV
*UDXGHH[LVWrQFLDIRQWHVQDVFHQWHVHHVSHOKRVGHiJXD
5HJLPHGHGLVSRQLELOLGDGHSHUPDQHQWHRXVD]RQDO
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
$1(;26
FRQVXPR
*UDX H WLSR GH XWLOL]DomR GH
iJXD D MXVDQWH GD iUHD GH DJULFXOWXUD
LQWHUYHQomR
2XWUDVXWLOL]Do}HV
(QTXDGUDPHQWRVRFLROyJLFR
/HJLVODomRHVSHFtILFDHGRFXPHQWDomRLQVWUXWyULD
'RFXPHQWR ([LVWHQWHQRSURFHVVR (PIDOWD
3DUHFHU7pFQLFR
0$18$/'(352&(',0(1726_(63e&,(6'(5È3,'2&5(6&,0(172
(VWHGRFXPHQWRHQFRQWUDVHGLVSRQtYHOHP
KWWSZZZDIQPLQDJULFXOWXUDSWSRUWDOSURGXFDRPUIF
'LUHFomR1DFLRQDOGH*HVWmR)ORUHVWDO