Arquivo PDF'(&5(721'('('(=(0%52'(
'HWHUPLQD D DSOLFDomR GDV PHGLGDV VDQLWiULDV VHJPHQWDGDV GH TXH WUDWD R DUW GR 'HFUHWR Q GHGHPDLRGHTXH LQVWLWXL R6LVWHPD GH'LVWDQFLDPHQWR&RQWURODGRSDUDILQVGHSUHYHQomRH GH HQIUHQWDPHQWR j HSLGHPLD FDXVDGD SHOR QRYR &RURQDYtUXV &29,' QR kPELWR GR (VWDGR GR 5LR *UDQGH GR 6XO UHLWHUD D GHFODUDomR GH HVWDGR GH FDODPLGDGHS~EOLFDHPWRGRRWHUULWyULRHVWDGXDO
2*29(51$'25'2 (67$'2'25,2*5$1'('2 68/ QR XVR GD DWULEXLomR TXH OKH FRQIHUHRDUWLQFLVRV9H9,,GD&RQVWLWXLomRGR(VWDGR
'(&5(7$
$UW )LFD GHWHUPLQDGD FRP IXQGDPHQWR QR DUW GD /HL )HGHUDO Q GH GH IHYHUHLUR GH H QR DUW GR'HFUHWR Q GH GHPDLR GH TXH LQVWLWXL R 6LVWHPD GH 'LVWDQFLDPHQWR &RQWURODGR SDUD ILQV GH SUHYHQomR H GH HQIUHQWDPHQWR j HSLGHPLD FDXVDGD SHOR QRYR &RURQDYtUXV &29,' QR kPELWR GR (VWDGR GR 5LR *UDQGH GR 6XO UHLWHUD D GHFODUDomR GH HVWDGR GH FDODPLGDGHS~EOLFDHPWRGRRWHUULWyULRHVWDGXDOHGiRXWUDVSURYLGrQFLDVGLDQWHGDVHYLGrQFLDVFLHQWtILFDVH GDDQiOLVHGDV LQIRUPDo}HVHVWUDWpJLFDVHPVD~GHGLYXOJDGDVQRGLDGHPDLRGHDDSOLFDomRGDV PHGLGDVVDQLWiULDVVHJPHQWDGDVGHILQLGDVQRVSURWRFRORVFRQVWDQWHVGR$QH[R,GHVWH'HFUHWR
$UW$VPHGLGDVGHTXHWUDWDRDUWGHVWH'HFUHWRWHUmRYLJrQFLDFRQIRUPHRGLVSRVWRQR LQFLVR9GRDUWGR'HFUHWRQGHGHPDLRGHGD]HURKRUDGRGLDGHGH]HPEURGH jVYLQWHHTXDWURKRUDVGRGLDGHMDQHLURGHHWHUmRDSOLFDomRDFDGDXPDGDV5HJL}HVGHTXH WUDWDRDUWGR'HFUHWRQGHGHPDLRGHGHDFRUGRFRPDVUHVSHFWLYDV%DQGHLUDV )LQDLVHVWDEHOHFLGDVQR$QH[R,,GHVWH'HFUHWR
$UW(VWH'HFUHWRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
3$/È&,23,5$7,1,HP3RUWR$OHJUHGHGH]HPEURGH
5$12/)29,(,5$-81,25 *RYHUQDGRUGR(VWDGRHPH[HUFtFLR
5HJLVWUHVHHSXEOLTXHVH
2720$59,9,$1 6HFUHWiULR&KHIHGD&DVD&LYLO
('8$5'2&81+$'$&267$ 3URFXUDGRU*HUDOGR(VWDGR
$5,7$%(5*0$11 6HFUHWiULDGH(VWDGRGD6D~GH
&/$8',2*$67$/ 6HFUHWiULRGH(VWDGRGH*RYHUQDQoDH*HVWmR(VWUDWpJLFD 6HFUHWiULRGH(VWDGRGR3ODQHMDPHQWR2UoDPHQWRH*HVWmR
0$5&2$85e/,2&$5'262 6HFUHWiULRGH(VWDGRGD)D]HQGD
$*267,1+20(,5(//(61(72 6HFUHWiULRGH(VWDGRGH$UWLFXODomRH$SRLRDRV0XQLFtSLRV
3URWRFROR
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
$1(;2, 0(','$66$1,7È5,$66(*0(17$'$6
$UWGR'HFUHWRQGHGHPDLRGH
%$1'(,5$$0$5(/$
3URWRFRORV REULJDWyULR V
3URWRFRO RV YDULiYHLV
5HVWULo}HV DGLFLRQDLV
7 H WR
G H 2
S H UF H QW X D OP
i [ G H WU D E D OK DG R UH V
S UH VH Q WH V Q R W XU Q R DR P H VP
R W HP
S R
UH VS H LWD Q GR R W H WR G H R FX S D om R G R
H VS D oR I tV LF R P i [ S H VV R D V 0RGRGH2SHUDomR
IRUPDGHRSHUDomRUHVSHLWDQGRRWHWRGH RSHUDomRHRWHWRGHRFXSDomRGRHVSDoR
ItVLFRPi[SHVVRDV
0 i VF D UD ' LV WD Q FL D P HQ WR 7 H WR G H
R FX S D om R + LJ LH Q L] D om R ( 3 ,V 3 UR WH om R
G H J UX SR G H U LV FR $ ID VW D P H Q WR G H
FD VR V & X LG D G R V Q R D WH Q G LP H QW R D R
S ~ E OLF R $ WH Q G LP H Q WR G LIH UH Q FL D GR S DU D
J UX S R V GH U LV FR ,Q IR UP D WLY R Y LV tY H O
0 R Q LW R UD
P HQ
WR G
H WH
V
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
/RFDLVS~EOLFRV DEHUWRVVHP FRQWUROHGH DFHVVRUXDV FDOoDGDV SDUTXHVSUDoDV IDL[DGHDUHLD PDUODJRDULRH VLPLODUHV
ORWDomR
'HFUHWRPXQLFLSDOH ILVFDOL]DomRSDUD
FRLELUDJORPHUDomR
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
WUDEDOKDGRUHV
;
WUDEDOKDGRUHV
WUDEDOKDGRUHV
5HVWDXUDQWHVD ODFDUWHSUDWR IHLWRHEXIIHW VHP DXWRVVHUYLoR
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
$OLPHQWDomR
5HVWDXUDQWHVD ODFDUWHSUDWR IHLWRHEXIIHW VHP DXWRVVHUYLoRHP EHLUDGH HVWUDGDVH URGRYLDV
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
$ORMDPHQWRH $OLPHQWDomR
WUDEDOKDGRUHV ORWDomR
RULHQWDQGRQRLQtFLR GDILODSDUDR
FRUUHWR DWHQGLPHQWRGRV
SURWRFRORV PiVFDUDiOFRRO
LQGLYLGXDOPHQWH 'HPDLVSURWRFRORV GD3RUWDULD6(6Q

7HOHQWUHJD 3HJXHH/HYH 'ULYHWKUX
3UHVHQFLDOUHVWULWR 8WLOL]DomRREULJDWyULD GHPiVFDUDDRVH VHUYLUHDRFLUFXODU 3HUPLWLGRUHWLUDUD PiVFDUDVRPHQWH SDUDVHDOLPHQWDU VHQWDGRjVPHVDV 'LVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVQDILODGR
EXIIHWFRPPDUFDomR QRFKmR
$FHVVRFRPHQWUDGDH VHQWLGR~QLFRQR
EXIIHWFRP IXQFLRQiULRD DSOLFDQGRH
RULHQWDQGRRFRUUHWR XVRGRiOFRROHPJHO 8VRREULJDWyULRGH
iOFRROHPJHOHP IULFomRLPHGLDWDPHQWH DQWHVGHVHVHUYLUQR
EXIIHW 8WLOL]DomRGHSUDWR OLPSRDFDGDYH]TXH FOLHQWHVHVHUYLU
5HIRUoRQR GLVWDQFLDPHQWR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
$ORMDPHQWR +RWpLVH VLPLODUHVJHUDO
(VWDEHOHFLPH QWRVVHPR 6HOR7XULVPR 5HVSRQViYHO GR07XU GH ORWDomR
(VWDEHOHFLPH QWRVFRP6HOR 7XULVPR 5HVSRQViYHO GR07XU GH ORWDomR
(VWDEHOHFLPH QWRVFRPDWp KDELWDo}HV XQLGDGHV LVRODGDV FKDOpV DSDUWDPHQWRV LVRODGRVH VLPLODUHVFRP EDQKHLURV H[FOXVLYRVH UHIHLo}HV LQGHSHQGHQWH VHRX DJHQGDGDV GH ORWDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 5HVWDXUDQWHV

HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV GLVWDQFLDPHQWR PtQLPRGHPH KLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q
TXDUWRV

HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV GLVWDQFLDPHQWR PtQLPRGHPH KLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; 3RUWDULD6(6Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
&RPpUFLR &RPpUFLRGH 9HtFXORV
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR $WDFDGLVWD
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
ORWDomR
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV HORWDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDOUHVWULWR 7HOHQWUHJD
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR )XQGDPHQWDO
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
(GXFDomR (QVLQR )XQGDPHQWDO
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR0pGLR (QVLQR0pGLR
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR0pGLR (QVLQR7pFQLFR GH1tYHO0pGLRH 1RUPDO
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR6XSHULRU
*UDGXDomR %DFKDUHODGR /LFHQFLDWXUD 7HFQyORJRH 3yVJUDGXDomR VWULFWRHODWX VHQVX
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR6XSHULRU
(QVLQR0pGLR 7pFQLFR &RQFRPLWDQWHH 6XEVHTHQWH (QVLQR6XSHULRU H3yV *UDGXDomR
VRPHQWH DWLYLGDGHV SUiWLFDV HVVHQFLDLVSDUD FRQFOXVmRGH FXUVRGDiUHDGD VD~GH SHVTXLVD HVWiJLRFXUULFXODU REULJDWyULR ODERUDWyULRVH SODQWmR
DOXQRV 7HOHWUDEDOKR
3UHVHQFLDOUHVWULWR
$WLYLGDGHVSUiWLFDV HPSHTXHQRVJUXSRV UHVSHLWDQGRWHWRGH
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQR5HPRWR (QVLQR+tEULGR UHPRWRHRX SUHVHQFLDO
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
(GXFDomR (QVLQR0pGLRH 6XSHULRU
(QVLQR0pGLR 7pFQLFR 6XEVHTHQWH (QVLQR6XSHULRU H3yV *UDGXDomR VRPHQWH DWLYLGDGHV SUiWLFDV HVVHQFLDLVSDUD FRQFOXVmRGH FXUVRSHVTXLVD HVWiJLRFXUULFXODU REULJDWyULR ODERUDWyULRVH SODQWmR
DOXQRV 7HOHWUDEDOKR
3UHVHQFLDOUHVWULWR
$WLYLGDGHVSUiWLFDV HPSHTXHQRVJUXSRV UHVSHLWDQGRWHWRGH
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQR5HPRWR (QVLQR+tEULGR UHPRWRHRX SUHVHQFLDO
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (GXFDomR 2XWURV
WUDEDOKDGRUHV
(QVLQRGH ,GLRPDV
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQRGH 0~VLFD
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQRGH (VSRUWHV'DQoD H$UWHV&rQLFDV
WUDEDOKDGRUHV DOXQRV
DWLYLGDGHVGHHVSRUWHV FROHWLYRV
H[FOXVLYDPHQWHHP TXDGUDVHVSRUWLYDV VHPS~EOLFRFRP LQWHUYDORGHKRUD HQWUHRVMRJRVHXVR LQWHUFDODGRGDV
TXDGUDVSDUDHYLWDU DJORPHUDomRH
SHUPLWLUKLJLHQL]DomR 5HVWDXUDQWHVH /DQFKRQHWHVHP
FRQIRUPLGDGHFRPR SURWRFRORHVSHFtILFR
; ; 3RUWDULD6(6Q
(QVLQRGH$UWHH &XOWXUDRXWURV
WUDEDOKDGRUHV DOXQRV
RFXSDomR 0DWHULDOLQGLYLGXDO
)RUPDomR SURILVVLRQDO IRUPDomR FRQWLQXDGD FXUVRV SUHSDUDWyULRV SDUDFRQFXUVR WUHLQDPHQWRVH VLPLODUHV
WUDEDOKDGRUHV DOXQRV
RFXSDomR 0DWHULDOLQGLYLGXDO
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH &RQVWUXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH &RQVWUXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
([WUDomRGH &DUYmR0LQHUDO
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD

WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD

([WUGH3HWUyOHR H0LQHUDLV 2XWURV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
$OLPHQWRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
%HELGDV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
)XPR WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
7r[WHLV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
9HVWXiULR WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
&RXURVH &DOoDGRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0DGHLUD WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
3DSHOH&HOXORVH WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
,PSUHVVmRH 5HSURGXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
'HULYDGRV 3HWUyOHR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
4XtPLFRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
%RUUDFKDH 3OiVWLFR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0LQHUDLVQmR PHWiOLFRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0HWDOXUJLD WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
3URGXWRVGH 0HWDO
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
(TXLS ,QIRUPiWLFD
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0DWHULDLV (OpWULFRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0iTXLQDVH (TXLSDPHQWRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
9HtFXORV $XWRPRWRUHV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
2XWURV (TXLSDPHQWRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0yYHLV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
3URGXWRV 'LYHUVRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
0DQXWH 5HSDUDomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDom RH([WUDWLYD
)DUPRTXtPLFRV H)DUPDFrXWLFRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
6D~GHH $VVLVWrQFLD
WUDEDOKDGRUHV

6D~GHH $VVLVWrQFLD

; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6D~GHH $VVLVWrQFLD
3DUTXHV 7HPiWLFRV 3DUTXHVGH 'LYHUVmR 3DUTXHVGH $YHQWXUD 3DUTXHV $TXiWLFRV $WUDWLYRV 7XUtVWLFRVH 6LPLODUHVIL[RV RXLWLQHUDQWHV
WUDEDOKDGRUHV S~EOLFR

5HVSRQViYHOGR 07XU
6HUYLoRV
3DUTXHVH UHVHUYDV QDWXUDLVMDUGLQV ERWkQLFRVH ]RROyJLFRV
WUDEDOKDGRUHV S~EOLFR

GHPDUFDomRQRFKmR GHiUHDVGH SHUPDQrQFLD
GLVWDQFLDGDGHJUXSRV Pi[SHVVRDV
; ;
6HUYLoRV
$UWHV&XOWXUD (VSRUWHVH/D]HU
7HDWURV DXGLWyULRVFDVDV GHHVSHWiFXORV FDVDVGHVKRZ FLUFRVH VLPLODUHV
HPDPELHQWH DEHUWRRX IHFKDGRFRP S~EOLFR H[FOXVLYDPHQWH VHQWDGRH UHVWULWRDR SHUtRGRGD DSUHVHQWDomR
$PELHQWHV )(&+$'26 ($%(5726 SHUPLWLGRV
5HVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQ WRHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
/RFDOSHUPLWH FRQVXPRGH DOLPHQWRV EHELGDV
3(50,7( GH ORWDomRFRP GLVWDQFLDPHQW RGHP
1­2 3(50,7( GH ORWDomRFRP GLVWDQFLDPHQW RGHP
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 3DUDDPELHQWH DEHUWRSHUPLWLGR LQVWDODomRGHWROGR
RXFREHUWXUD GHVGHTXHDV ODWHUDLVVHMDP LQWHLUDPHQWH
DEHUWDVSDUDSOHQD FLUFXODomRGHDU (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRH[LJLGR &LUFXODomRGHDU
FUX]DGDRXVLVWHPD GHUHQRYDomRGHDU
,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFR SDUDSHUPLWLU KLJLHQL]DomRH
HYLWDU DJORPHUDo}HV 5HVWDXUDQWHV

FRPXQLFDomRVRQRUD HYLVXDOGRV
SURWRFRORVGHKLJLHQH HGLVWDQFLDPHQWRSDUD
S~EOLFRH FRODERUDGRUHV &LUFXODomRHPSp
VRPHQWHSDUDXVRGRV VDQLWiULRVFRPXVRGH PiVFDUDHILODFRP GLVWDQFLDPHQWR GHPDUFDGR
9HGDGRLQWHUDomR ItVLFDHQWUHDUWLVWDVH
S~EOLFR
%(%,'$ GLVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
%(%,'$ GLVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV
(VSHWiFXORVWLSR GULYHLQFLQHPD VKRZVHWF
YDJDV
$OLPHQWRVH EHELGDVVROLFLWDGRV SRUDSOLFDWLYRH
HQWUHJXHVQRFDUUR
H[WHUQDDRV DXWRPyYHLV
;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
&LQHPDV
(VWDEHOHFLPH QWRSHUPLWH &216802 '( $/,0(1726 28%(%,'$6
3(50,7( GH ORWDomRFRP GLVWDQFLDPHQW RGHP
1­2 3(50,7( GH ORWDomRFRP GLVWDQFLDPHQW RGHP
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRH[LJLGR &LUFXODomRGHDU
FUX]DGDRXVLVWHPD GHUHQRYDomRGHDU
,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFR SDUDSHUPLWLU KLJLHQL]DomRH
HYLWDU DJORPHUDo}HV 5HVWDXUDQWHV

FRPXQLFDomRVRQRUD HYLVXDOGRV
SURWRFRORVGHKLJLHQH HGLVWDQFLDPHQWRSDUD
S~EOLFRH FRODERUDGRUHV &LUFXODomRHPSp
VRPHQWHSDUDXVRGRV VDQLWiULRVFRPXVRGH PiVFDUDHILODFRP GLVWDQFLDPHQWR GHPDUFDGR
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
0XVHXVFHQWURV FXOWXUDLVH VLPLODUHV
WUDEDOKDGRUHV

; ;
5HFRPHQGDo}HV DRV0XVHXVHP 7HPSRVGH&RYLG GR,QVWLWXWR %UDVLOHLURGH 0XVHXV,EUDP
6HUYLoRV
%LEOLRWHFDV DUTXLYRV DFHUYRVH VLPLODUHV
WUDEDOKDGRUHV
$WHOLrVDUWHV SOiVWLFDV UHVWDXUDomRGH REUDVGHDUWH HVFULWDDUWLVWDV LQGHSHQGHQWHVH VLPLODUHV
WUDEDOKDGRUHV
$UWHV&XOWXUD (VSRUWHVH/D]HU
$WLYLGDGHVGH RUJDQL]Do}HV DVVRFLDWLYDV OLJDGDVjDUWHH jFXOWXUD07*H VLPLODUHV
WUDEDOKDGRUHV
&RQYHQo}HV SDUWLGiULDV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR &LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH
3UHVHQFLDOUHVWULWR &DGHLUDVLQWHUFDODGRV VLPQmRQmRVLP )LODVLQWHUFDODGDV PðSRUSHVVRD (QWUDGDHVDtGD
HVFDORQDGDSRUILODV SUHYLDPHQWH GHPDUFDGDV
0DWHULDOLQGLYLGXDO FDQHWDV
; ;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
)HLUDVH ([SRVLo}HV FRUSRUDWLYDVH FRPHUFLDLV
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQ WRHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV
$UWHV&XOWXUD (VSRUWHVH/D]HU
1DWDO/X]6KRZ GR/DJR ,OOXPLQDWLRQQR /DJR-RDTXLQD 5LWD%LHU *UDPDGR
GH ORWDomR OLPLWDGRD SHVVRDV WUDEDOKDGRUHV HS~EOLFRDR PHVPR WHPSR UHVSHLWDQGR WHWRGH RFXSDomR GHILQLGDQR PRGRGH DWHQGLPHQWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
&LUFXODomRGHDU FUX]DGD
&UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
$XWRUL]DomRGRV PXQLFtSLRVVHGH VGRHYHQWRFRP DSUHVHQWDomRGH SURMHWRHOLEHUDomR
GHDOYDUi
FRPFLUFXODomRHP SpFRQWDELOL]DU
PtQLPRGHPðSRU SHVVRD
$PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRDHP GHGLVWkQFLDHQWUH RFXSDQWHVRX
RFXSDomRLQWHUFDODGD GHFDGHLUDVIL[DV VLPQmRQmRVLP
FRPILOHLUDV LQWHUFDODGDV
; ;
$WHQGLPHQWR LQWHJUDOGRV SURWRFRORV VDQLWiULRV DSUHVHQWDGRVDR *RYHUQRGR (VWDGR
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
6HPLQiULRV FRQJUHVVRV FRQYHQo}HV VLPSyVLRVH VLPLODUHV
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQ WRHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV
5HXQL}HV FRUSRUDWLYDV RILFLQDV WUHLQDPHQWRVH FXUVRV FRUSRUDWLYRV
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGR DRWHWRGH RFXSDomRH DR GLVWDQFLDPHQ WR HVWDEHOHFLGR QR0RGRGH $WHQGLPHQWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
3RUWDULD6(6Q
3RUWDULD6(6Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
(YHQWRVLQIDQWLV HPEXIIHWV FDVDVGHIHVWDV RXVLPLODUHV
HPDPELHQWH DEHUWRRX IHFKDGR
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGR WHWRGH RFXSDomRH GLVWDQFLDPHQ WR HVWDEHOHFLGR QR0RGRGH 2SHUDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
PHVDV 9HQWLODomRIRUoDGDRX
FLUFXODomRGHDU FUX]DGDFRP PDQXWHQomRGH MDQHODVHSRUWDV
DEHUWDVLQGHSHQGHQWH GRXVRGH
HTXLSDPHQWRGH FOLPDWL]DomR
$GHVLYDJHPGRSLVR GHPDUFDQGR
GLVWDQFLDPHQWRPtQ PQDVILODV )OX[R~QLFRGH HQWUDGDVDtGDH FLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH
FRPXQVFRUUHGRUHV SRUWDVHOHYDGRUHV EDQKHLURVYHVWLiULRV PHVDVDVVHQWRVH VXSHUItFLHVGH
FRQWDWRDQWHVGD DEHUWXUDGRHYHQWRH DSyVVHXWpUPLQR
+LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHVGH
FRQWDWRPHVDV FRUULPmREDOF}HVHWF
+LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH iUHDVFRPXQVGH PDLRUFLUFXODomR +LJLHQL]DomRGRV EULQTXHGRVDFDGD XVRFRPiOFRRO
HRXVROXomR VDQLWL]DQWHVLPLODU ,QWHUYDORPtQGH
KRUDHQWUHDV DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomRH HYLWDUDJORPHUDo}HV ,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV PiVFDUDH IDFHVKLHOGH KLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
WUDEDOKDGRUHVHP JUXSRV~QLFRV EROKDV
,QVWUXPHQWRVPXVLFDLV GHXVRLQGLYLGXDO
YHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH
DOLPHQWDomRHEHELGDV FRQIRUPH3RUWDULD
6(6QFRQIRUPH SURWRFRORGH
5HVWDXUDQWHVH /DQFKRQHWHVH
3RUWDULD6(6Q
'XUDomRPi[LPDGR HYHQWRSDUDR S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
'LVSRQLELOL]DUiOFRRO HPJHOHPRQLWRUSDUD RULHQWDUVREUHRXVR GDPiVFDUDHD
FRUUHWDKLJLHQL]DomR GDVPmRVDQWHVH
GHSRLVGHDFHVVDURV EULQTXHGRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp 9HGDGRXVRGH
EHEHGRXURVYHUWLFDLV 9HGDGRXVRGHSLVWD

; ;

3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
$UWHV&XOWXUD (VSRUWHVH/D]HU
(YHQWRVVRFLDLV HGH HQWUHWHQLPHQWR HPEXIIHWV FDVDVGHIHVWDV FDVDVGHVKRZV FDVDVQRWXUQDV EDUHVHSXEVRX VLPLODUHV
HPDPELHQWH IHFKDGRFRP S~EOLFRHPSp
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGR WHWRGH RFXSDomRH GLVWDQFLDPHQ WR HVWDEHOHFLGR QR0RGRGH 2SHUDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
'LVWDQFLDPHQWRPtQLPR GHPHQWUHPHVDV ÈUHDVH[FOXVLYDVSDUD DWpFRDELWDQWHVFRP GLVWDQFLDPHQWRPtQ PHGHPDUFDGDVQR FKmRQmRSHUPLWH
EHELGDDOLPHQWDomRRX SRUEDUUHLUDItVLFD
SHUPLWH EHELGDDOLPHQWDomR 9HQWLODomRIRUoDGDRX
FLUFXODomRGHDU FUX]DGDFRP
PDQXWHQomRGHMDQHODV HSRUWDVDEHUWDV
LQGHSHQGHQWHGRXVR GHHTXLSDPHQWRGH
FOLPDWL]DomR $GHVLYDJHPGRSLVR
GHPDUFDQGR GLVWDQFLDPHQWRPtQ
PQDVILODV )OX[R~QLFRGHHQWUDGD VDtGDHFLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH FDPDULQVFDPDURWHVH WRGDVDViUHDVFRPXQV FRUUHGRUHVSRUWDV
HOHYDGRUHVEDQKHLURV YHVWLiULRVJUDGHV PHVDVDVVHQWRVH
VXSHUItFLHVGHFRQWDWR DQWHVGDDEHUWXUDGR HYHQWRHDSyVVHX
WpUPLQR +LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHVGH
FRQWDWRPHVDV PDoDQHWDVFRUULPmR
EDOF}HVHWF +LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH
iUHDVFRPXQVGHPDLRU FLUFXODomR
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomRH HYLWDUDJORPHUDo}HV ,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV
PiVFDUDHIDFHVKLHOG HKLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
WUDEDOKDGRUHVHP JUXSRV~QLFRVEROKDV
,QVWUXPHQWRVPXVLFDLV GHXVRLQGLYLGXDO
YHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH
DOLPHQWDomRHEHELGDV FRQIRUPH3RUWDULD6(6
QFRQIRUPH SURWRFRORGH
5HVWDXUDQWHVH /DQFKRQHWHVH
S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 3ULRUL]DomRGH
SDJDPHQWRVVHP FRQWDWRFRQWDFWOHVV HRXKLJLHQL]DomRD
FDGDXVRGDV PiTXLQDVGH
SDJDPHQWRGHFDUWmR FRPiOFRRO 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp
9HGDGRXVRGHSLVWD GHGDQoD

; ;

3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
$UWHV&XOWXUD (VSRUWHVH/D]HU
(YHQWRVVRFLDLV HGH HQWUHWHQLPHQWR HPDPELHQWH DEHUWRFRP S~EOLFRHPSp
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQ WRHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
/RFDOSHUPLWH &216802 '( $/,0(1726 28%(%,'$6
3(50,7( GH ORWDomRGR 33&, UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
1­2 3(50,7( GH ORWDomRGR 33&, UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
PtQLPRGHPHQWUH PHVDV
ÈUHDVH[FOXVLYDVSDUD DWpFRDELWDQWHV FRPGLVWDQFLDPHQWR
PtQPH GHPDUFDGDVQRFKmR
QmRSHUPLWH EHELGDDOLPHQWDomR RXSRUEDUUHLUDItVLFD
SHUPLWH EHELGDDOLPHQWDomR $GHVLYDJHPGRSLVR
GHPDUFDQGR GLVWDQFLDPHQWRPtQ
PQDVILODV )OX[R~QLFRGH HQWUDGDVDtGDH FLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH
FDPDULQVFDPDURWHV HWRGDVDViUHDV
FRPXQVFRUUHGRUHV SRUWDVHOHYDGRUHV EDQKHLURVYHVWLiULRV
JUDGHVPHVDV DVVHQWRVHVXSHUItFLHV GHFRQWDWRDQWHVGD DEHUWXUDGRHYHQWRH DSyVVHXWpUPLQR
+LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHVGH
FRQWDWRPHVDV FRUULPmREDOF}HVHWF +LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH iUHDVFRPXQVGH PDLRUFLUFXODomR ,QWHUYDORPtQGH
KRUDHQWUHDV DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomR HHYLWDUDJORPHUDo}HV
,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV PiVFDUDH IDFHVKLHOGH KLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
WUDEDOKDGRUHVHP JUXSRV~QLFRV EROKDV
,QVWUXPHQWRVPXVLFDLV GHXVRLQGLYLGXDO
YHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH DOLPHQWDomRH
EHELGDVFRQIRUPH 3RUWDULD6(6Q FRQIRUPHSURWRFRORGH
5HVWDXUDQWHVH /DQFKRQHWHVH
S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 3ULRUL]DomRGH
SDJDPHQWRVVHP FRQWDWRFRQWDFWOHVV HRXKLJLHQL]DomRD
FDGDXVRGDV PiTXLQDVGH
SDJDPHQWRGHFDUWmR FRPiOFRRO 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp
9HGDGRXVRGHSLVWD GHGDQoD
; ;
WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR
$Wp SURWRFRORV HVWDGXDLV D SURWRFRORV
HVWDGXDLV SHGLGRGH
DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR
HYHQWR D SURWRFRORV
HVWDGXDLV SHGLGRGH
DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG
HQFDPLQKDGRSHOR PXQLFtSLRVHGH
5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH
DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR
SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR
GHVVDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
'HPDLVWLSRVGH HYHQWRVHP DPELHQWH IHFKDGRRX DEHUWR
)HFKDGR
6HUYLoRV
$UWHV&XOWXUD (VSRUWHVH/D]HU
6HUYLoRVGH HGXFDomRItVLFD DFDGHPLDV FHQWURVGH WUHLQDPHQWR HVW~GLRVH VLPLODUHV
WUDEDOKDGRUHV
3UHVHQFLDOUHVWULWR FRPGLVWDQFLDPHQWR VHPFRQWDWRItVLFR PDWHULDOLQGLYLGXDO
2FXSDomRGHSHVVRD SDUDFDGDPðGHiUHD ~WLOSLVFLQDDFDGHPLD
HWF
6HUYLoRVGH HGXFDomRItVLFD HPSLVFLQD DEHUWDRX IHFKDGD
WUDEDOKDGRUHV
3UHVHQFLDOUHVWULWR FRPGLVWDQFLDPHQWR VHPFRQWDWRItVLFR PDWHULDOLQGLYLGXDO
2FXSDomRGHSHVVRD SDUDFDGDPðGHiUHD ~WLOSLVFLQDDFDGHPLD
HWF
&OXEHVVRFLDLV HVSRUWLYRVH VLPLODUHV
WUDEDOKDGRUHV
ORWDomR

3UHVHQFLDOUHVWULWR FRPGLVWDQFLDPHQWR VHPFRQWDWRItVLFR PDWHULDOLQGLYLGXDO
2FXSDomRGHSHVVRD SDUDFDGDPðGHiUHD ~WLOSLVFLQDDFDGHPLD
HWF
(VSRUWHVFROHWLYRV GXDVRXPDLVSHVVRDV H[FOXVLYDPHQWHHP TXDGUDVHVSRUWLYDV VHPS~EOLFRFRP
LQWHUYDORGHKRUDHQWUH RVMRJRVHXVR LQWHUFDODGRGDV
TXDGUDVSDUDHYLWDU DJORPHUDomRHSHUPLWLU
KLJLHQL]DomR
(TXLSDPHQWRV HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV
GLVWDQFLDPHQWRPtQLPR GHPHKLJLHQL]DomR FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPHSURWRFROR
GH6HUYLoRVGH HGXFDomRItVLFD
DFDGHPLDVFHQWURVGH WUHLQDPHQWRHVW~GLRVH VLPLODUHV6HUYLoRVGH HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH(YHQWRV
VRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX
IHFKDGRH3RUWDULD6(6 Q
; ;
$UWHV&XOWXUD (VSRUWHVH/D]HU
&OXEHVGH IXWHERO SURILVVLRQDOHP GLVSXWDQR &DPSHRQDWR *D~FKR *DXFKmR ,SLUDQJD QR&DPSHRQDWR %UDVLOHLURH QD&RSD /LEHUWDGRUHV &RQPHERO /LEHUWDGRUHV
WUDEDOKDGRUHV
LQWHJUDOGRV SURWRFRORVGD)*)
GD&%)GD &RQPHPEROH

6HPS~EOLFR
; ; ;
3URWRFRORVGD )HGHUDomR*D~FKD GH)XWHERO)*) 5HFRPHQGDo}HVGR &RPLWr&LHQWtILFR 1RWD5HVSRVWDGH *XLD0pGLFRGH 6XJHVW}HV3URWHWLYDV 3DUDR5HWRUQRjV $WLYLGDGHVGR)XWHERO %UDVLOHLUR&%) 'LUHWUL]7pFQLFR 2SHUDFLRQDOGH 5HWRUQRGDV &RPSHWLo}HV&%) 3URWRFRORGH RSHUDo}HVSDUDR UHLQtFLRGDV FRPSHWLo}HVGH FOXEHVGD&RQPHERO 3URWRFRORGH UHFRPHQGDo}HV PpGLFDVSDUD WUHLQDPHQWRVYLDJHQV HFRPSHWLo}HV GXUDQWHDSDQGHPLD &29,'GD &RQPHERO &RQFHQWUDomR 6DQLWiULDGLVSRVLo}HV GD&RQPHEROSDUD GLPLQXLURFRQWiJLR FRPULVFRPpGLFR DFHLWiYHOGR &RURQDYtUXV&29,' GXUDQWHD UHDWLYDomRGRIXWHERO 6XO$PHULFDQR
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
&RPSHWLo}HV HVSRUWLYDV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR FRPDWHQGLPHQWR LQWHJUDOGD1RWD ,QIRUPDWLYDQ &2(6(656GH
$XWRUL]DomRGRV PXQLFtSLRVVHGH
$WHQGLPHQWRFROHWLYR H[FOXVLYRGHDWOHWDV
6HPS~EOLFR ; ; ;
6HUYLoRV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
;
WUDEDOKDGRUHV
;
WUDEDOKDGRUHV
S~EOLFR

3UHVHQFLDOUHVWULWR 6(3(50,7,'2R
FRQVXPRGHEHELGDV RXDOLPHQWRV
RFXSDomRLQWHUFDODGD GHDVVHQWRV UHVSHLWDQGR
GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV
6(1­23(50,7,'2 RFRQVXPRGH
EHELGDVRXDOLPHQWRV RFXSDomRLQWHUFDODGD
GHDVVHQWRV UHVSHLWDQGR
;

;
WUDEDOKDGRUHV
WUDEDOKDGRUHV
6HUYLoRV
WUDEDOKDGRUHV
6HUYLoRVGH DXGLWRULD FRQVXOWRULD HQJHQKDULD DUTXLWHWXUD SXEOLFLGDGHH RXWURV
WUDEDOKDGRUHV
6HUYLoRV SURILVVLRQDLVGH DGYRFDFLDHGH FRQWDELOLGDGH
WUDEDOKDGRUHV
6HUY$GPLQH $X[LOLDUHV 2XWURV
WUDEDOKDGRUHV
;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV
$JrQFLDGH WXULVPR SDVVHLRVH H[FXUV}HV
WUDEDOKDGRUHV
6HOR7XULVPR 5HVSRQViYHOGR
6HUYLoRV 9LJLOkQFLD 6HJXUDQoDH ,QYHVWLJDomR
9LJLOkQFLD 6HJXUDQoDH ,QYHVWLJDomR
WUDEDOKDGRUHV
GXUDQWHD SUHVWDomRGR VHUYLoRSDUD
SURWHomRGHDPERV
DEHUWDV
ÈUHDVFRPXQV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV GLVWDQFLDPHQWR PtQLPRGHPH KLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q 5HVWDXUDQWHV ODQFKRQHWHVH
HVSDoRVFROHWLYRVGH DOLPHQWDomR
3RUWDULD6(6Q
6HUYLoRVGH /LPSH]DH 0DQXWHQomRGH HILFtFLRVH FRQGRPtQLRV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
&DOOFHQWHU WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
(GLomRH(GLomR ,QWHJUDGDj ,PSUHVVmR
WUDEDOKDGRUHV

WUDEDOKDGRUHV
$WLYLGDGHVGH 5iGLRHGH 7HOHYLVmR
WUDEDOKDGRUHV
7HOHFRPXQLFDo} HV
6HUYLoRVGH7, WUDEDOKDGRUHV
WUDEDOKDGRUHV
7HOHDWHQGLPHQWR ;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRVGH 8WLOLGDGH 3~EOLFD
(OHWULFLGDGH*iV H2XWUDV 8WLOLGDGHV
WUDEDOKDGRUHV

WUDEDOKDGRUHV
(VJRWRH $WLYLGDGHV 5HODFLRQDGDV

WUDEDOKDGRUHV
'HVFRQWDPLQDom RH*HVWmR'H 5HVtGXRV
WUDEDOKDGRUHV
DVVHQWRV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD MDQHODVDEHUWDV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; ; 'HFUHWRQ 6XEVHomR,,
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD MDQHODVDEHUWDV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
FDSDFLGDGH WRWDOGR YHtFXOR RXQRUPDWLYD PXQLFLSDO
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; 'HFUHWRQ 6XEVHomR,,
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
DVVHQWRV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; 'HFUHWRQ 6XEVHomR,,
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
FDSDFLGDGH WRWDOGR YHtFXOR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; 'HFUHWRQ 6XEVHomR,,
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
DVVHQWRV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU 1%5
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
DVVHQWRV MDQHOD FRDELWDQWHV FRUUHGRU
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU 1%5
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
7UDQVSRUWH 7UDQVSRUWH WHUUHVWUH
FDSDFLGDGH WRWDOGRYDJmR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; ; 'HFUHWRQ 6XEVHomR,,
7UDQVSRUWH 7UDQVSRUWH DTXDYLiULR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD
MDQHODVHRX DOoDSmRDEHUWRV RXVLVWHPDGH UHQRYDomRGHDU
7HOHDWHQGLPHQWR 3UHVHQFLDOUHVWULWR
; 'HFUHWRQ 6XEVHomR,,
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
7UDQVSRUWH 7UDQVSRUWH DpUHR
$HURFOXEHVH DHUyGURPRV
HPHUJrQFLD&RYLG
WUDEDOKDGRUHV
(VWDFLRQDPHQWR V
WUDEDOKDGRUHV
%$1'(,5$/$5$1-$
3URWRFRORV REULJDWyULR V
3URWRFROR V YDULiYHLV
5HVWULo}HV DGLFLRQDLV
7 H WR
G H 2
S H UF H QW X D OP
i [ G H WU D E D OK DG R UH V
S UH VH Q WH V Q R W XU Q R DR P H VP
R W HP
S R
UH VS H LWD Q GR R W H WR G H R FX S D om R G R
H VS D oR I tV LF R P i [ S H VV R D V 0RGRGH2SHUDomR
IRUPDGHRSHUDomRUHVSHLWDQGRRWHWRGH RSHUDomRHRWHWRGHRFXSDomRGRHVSDoR
ItVLFRPi[SHVVRDV
0 i VF D UD ' LV WD Q FL D P HQ WR 7 H WR G H
R FX S D om R + LJ LH Q L] D om R ( 3 ,V 3 UR WH om R
G H J UX SR G H U LV FR $ ID VW D P H Q WR G H
FD VR V & X LG D G R V Q R D WH Q G LP H QW R D R
S ~ E OLF R $ WH Q G LP H Q WR G LIH UH Q FL D GR S DU D
J UX S R V GH U LV FR ,Q IR UP D WLY R Y LV tY H O
0 R Q LW R UD
P HQ
WR G
H WH
V
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
/RFDLVS~EOLFRV DEHUWRVVHP FRQWUROHGH DFHVVRUXDV FDOoDGDV SDUTXHV SUDoDVIDL[DGH DUHLDPDU ODJRDULRH VLPLODUHV
ORWDomR
'HFUHWRPXQLFLSDOH ILVFDOL]DomRSDUD
FRLELUDJORPHUDomR
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
WUDEDOKDGRUHV
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
$GPLQLVWUDomR 3~EOLFD
WUDEDOKDGRUHV
;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
$JURSHFXiULD $JULFXOWXUD 3HFXiULDH6HUY 5HODFLRQDGRV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
5HVWDXUDQWHVD ODFDUWHSUDWR IHLWRHEXIIHW VHP DXWRVVHUYLoR
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
$OLPHQWDomR
5HVWDXUDQWHVD ODFDUWHSUDWR IHLWRHEXIIHW VHP DXWRVVHUYLoR HPEHLUDGH HVWUDGDVH URGRYLDV
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
WUDEDOKDGRUHV ORWDomR
RULHQWDQGRQRLQtFLR GDILODSDUDR
FRUUHWR DWHQGLPHQWRGRV
SURWRFRORV PiVFDUDiOFRRO
LQGLYLGXDOPHQWH 'HPDLVSURWRFRORV GD3RUWDULD6(6Q

7HOHQWUHJD 3HJXHH/HYH 'ULYHWKUX
3UHVHQFLDOUHVWULWR 8WLOL]DomRREULJDWyULD GHPiVFDUDDRVH VHUYLUHDRFLUFXODU 3HUPLWLGRUHWLUDUD PiVFDUDVRPHQWH SDUDVHDOLPHQWDU VHQWDGRjVPHVDV 'LVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVQDILODGR
EXIIHWFRPPDUFDomR QRFKmR
$FHVVRFRPHQWUDGDH VHQWLGR~QLFRQR
EXIIHWFRP IXQFLRQiULRD DSOLFDQGRH
RULHQWDQGRRFRUUHWR XVRGRiOFRROHPJHO 8VRREULJDWyULRGH
iOFRROHPJHOHP IULFomRLPHGLDWDPHQWH DQWHVGHVHVHUYLUQR
EXIIHW 8WLOL]DomRGHSUDWR OLPSRDFDGDYH]TXH FOLHQWHVHVHUYLU
5HIRUoRQR GLVWDQFLDPHQWR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
WUDEDOKDGRUHV ORWDomR
; 3RUWDULD6(6Q
$ORMDPHQWRH $OLPHQWDomR
$ORMDPHQWR +RWpLVH VLPLODUHVJHUDO
(VWDEHOHFLPHQ WRVVHPR6HOR 7XULVPR 5HVSRQViYHO GR07XU GH ORWDomR
(VWDEHOHFLPHQ WRVFRP6HOR 7XULVPR 5HVSRQViYHO GR07XU GH ORWDomR
(VWDEHOHFLPHQ WRVFRPDWp KDELWDo}HV XQLGDGHV LVRODGDV FKDOpV DSDUWDPHQWRV LVRODGRVH VLPLODUHVFRP EDQKHLURV H[FOXVLYRVH UHIHLo}HV LQGHSHQGHQWHV HRX DJHQGDGDV GH ORWDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 5HVWDXUDQWHV

HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV GLVWDQFLDPHQWR PtQLPRGHPH KLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q
3RUWDULD6(6Q
3RUWDULD6(6Q
3RUWDULD6(6Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
$ORMDPHQWRH $OLPHQWDomR
TXDUWRV

HVSUHJXLoDGHLUDV EULQTXHGRVLQIDQWLV GLVWDQFLDPHQWR PtQLPRGHPH KLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR $WDFDGLVWD
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
ORWDomR
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV HORWDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDOUHVWULWR 7HOHQWUHJD
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
; 3RUWDULD6(6Q
&RPpUFLR &RPpUFLR 9DUHMLVWD
WUDEDOKDGRUHV
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
(GXFDomR (QVLQR )XQGDPHQWDO
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR )XQGDPHQWDO
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR0pGLR (QVLQR0pGLR
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR0pGLR (QVLQR7pFQLFR GH1tYHO0pGLR H1RUPDO
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR6XSHULRU
*UDGXDomR %DFKDUHODGR /LFHQFLDWXUD 7HFQyORJRH 3yVJUDGXDomR VWULFWRHODWX VHQVX
5HJUD*HUDO 5HPRWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
(GXFDomR (QVLQR6XSHULRU
(QVLQR0pGLR 7pFQLFR &RQFRPLWDQWHH 6XEVHTHQWH (QVLQR6XSHULRU H3yV *UDGXDomR
VRPHQWH DWLYLGDGHV SUiWLFDV HVVHQFLDLVSDUD FRQFOXVmRGH FXUVRGDiUHD GDVD~GH SHVTXLVD HVWiJLR FXUULFXODU REULJDWyULR ODERUDWyULRVH SODQWmR
WUDEDOKDGRUHV DOXQRV
$WLYLGDGHVSUiWLFDV HPSHTXHQRVJUXSRV UHVSHLWDQGRWHWRGH
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQR5HPRWR (QVLQR+tEULGR UHPRWRHRX SUHVHQFLDO
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (QVLQR0pGLRH 6XSHULRU
(QVLQR0pGLR 7pFQLFR 6XEVHTHQWH (QVLQR6XSHULRU H3yV *UDGXDomR VRPHQWH DWLYLGDGHV SUiWLFDV HVVHQFLDLVSDUD FRQFOXVmRGH FXUVR SHVTXLVD HVWiJLR FXUULFXODU REULJDWyULR ODERUDWyULRVH SODQWmR
WUDEDOKDGRUHV DOXQRV
$WLYLGDGHVSUiWLFDV HPSHTXHQRVJUXSRV UHVSHLWDQGRWHWRGH
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQR5HPRWR (QVLQR+tEULGR UHPRWRHRX SUHVHQFLDO
3UHVHQFLDO5HVWULWR DOXQRVSRUVDOD
GHDXOD 'LVWDQFLDPHQWR
FROHWLYDVTXH HQYROYDP
3RUWDULD 6(66('8&Q 'HFUHWR (VWDGXDOQ H GHPDLV QRUPDWLYDV
(GXFDomR (GXFDomR2XWURV $WLYLGDGHVGH $SRLRj (GXFDomR
WUDEDOKDGRUHV
(QVLQRGH ,GLRPDV
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQRGH 0~VLFD
RFXSDomR 0DWHULDOLQGLYLGXDO
(QVLQRGH (VSRUWHV 'DQoDH$UWHV &rQLFDV
WUDEDOKDGRUHV DOXQRV
$SyVGLDVVHP EDQGHLUDYHUPHOKD RXSUHWDILFDP SHUPLWLGDVDV
DWLYLGDGHVGHHVSRUWHV FROHWLYRV
H[FOXVLYDPHQWHHP TXDGUDVHVSRUWLYDV VHPS~EOLFRFRP LQWHUYDORGHKRUD HQWUHRVMRJRVHXVR LQWHUFDODGRGDV
TXDGUDVSDUDHYLWDU DJORPHUDomRH
SHUPLWLUKLJLHQL]DomR 5HVWDXUDQWHVH /DQFKRQHWHVHP
FRQIRUPLGDGHFRPR SURWRFRORHVSHFtILFR
; ; 3RUWDULD6(6Q
(QVLQRGH$UWH H&XOWXUD RXWURV
WUDEDOKDGRUHV DOXQRV
RFXSDomR 0DWHULDOLQGLYLGXDO
; ; 3RUWDULD 6(66('8&Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
(GXFDomR 2XWUDV$WLYLGDGHV GH(QVLQR
)RUPDomR SURILVVLRQDO IRUPDomR FRQWLQXDGD FXUVRV SUHSDUDWyULRV SDUDFRQFXUVR WUHLQDPHQWRVH VLPLODUHV
WUDEDOKDGRUHV DOXQRV
RFXSDomR 0DWHULDOLQGLYLGXDO
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH &RQVWUXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH &RQVWUXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
([WUDomRGH &DUYmR0LQHUDO
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
([WUGH3HWUyOHRH 0LQHUDLV
([WUDomRGH 3HWUyOHRH*iV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
([WUGH3HWUyOHRH 0LQHUDLV
([WUGH 3HWUyOHRH 0LQHUDLV 2XWURV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
$OLPHQWRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
%HELGDV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
)XPR WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
7r[WHLV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
9HVWXiULR WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
&RXURVH &DOoDGRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0DGHLUD WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
3DSHOH&HOXORVH WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
,PSUHVVmRH 5HSURGXomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
'HULYDGRV 3HWUyOHR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
4XtPLFRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
%RUUDFKDH 3OiVWLFR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0LQHUDLVQmR PHWiOLFRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0HWDOXUJLD WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
3URGXWRVGH0HWDO WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
(TXLS,QIRUPiWLFD WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0DWHULDLV(OpWULFRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0iTXLQDVH (TXLSDPHQWRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
9HtFXORV $XWRPRWRUHV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
2XWURV (TXLSDPHQWRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0yYHLV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
3URGXWRV'LYHUVRV WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
0DQXWH 5HSDUDomR
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
; 3RUWDULD6(6Q HQ
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
,QG~VWULDGH 7UDQVIRUPDomRH ([WUDWLYD
)DUPRTXtPLFRVH )DUPDFrXWLFRV
WUDEDOKDGRUHV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 9HQWLODomRFUX]DGD SRUWDVHMDQHODV DEHUWDVHRX VLVWHPDGH
UHQRYDomRGHDU

8VRREULJDWyULRH FRUUHWRGHPiVFDUD FREULQGRERFDHQDUL]
SRUWRGRVRV SUHVHQWHV
6D~GHH $VVLVWrQFLD
WUDEDOKDGRUHV

6D~GHH $VVLVWrQFLD

6D~GHH $VVLVWrQFLD
3DUTXHV 7HPiWLFRV 3DUTXHVGH 'LYHUVmR 3DUTXHVGH $YHQWXUD 3DUTXHV $TXiWLFRV $WUDWLYRV 7XUtVWLFRVH 6LPLODUHVIL[RV RXLWLQHUDQWHV
WUDEDOKDGRUHV

5HVSRQViYHOGR 07XU
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
3DUTXHVH UHVHUYDV QDWXUDLVMDUGLQV ERWkQLFRVH ]RROyJLFRV
WUDEDOKDGRUHV

GHPDUFDomRQRFKmR GHiUHDVGH SHUPDQrQFLD
GLVWDQFLDGDGHJUXSRV Pi[SHVVRDV
; ;
6HOR7XULVPR 5HVSRQViYHO 0LQLVWpULRGR 7XULVPR
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
7HDWURV DXGLWyULRV FDVDVGH HVSHWiFXORV FDVDVGHVKRZ FLUFRVH VLPLODUHV
HPDPELHQWH DEHUWRRX IHFKDGRFRP S~EOLFR H[FOXVLYDPHQWH VHQWDGRH UHVWULWRDR SHUtRGRGD DSUHVHQWDomR
$PELHQWHV )(&+$'26( $%(5726 SHUPLWLGRV
5HVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
/RFDOSHUPLWH FRQVXPRGH DOLPHQWRV EHELGDV
3(50,7( GH ORWDomRFRP GLVWDQFLDPHQWR GHP
1­2 3(50,7( GH ORWDomRFRP GLVWDQFLDPHQWR GHP
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 3DUDDPELHQWH DEHUWRSHUPLWLGR LQVWDODomRGHWROGR
RXFREHUWXUD GHVGHTXHDV ODWHUDLVVHMDP LQWHLUDPHQWH
DEHUWDVSDUDSOHQD FLUFXODomRGHDU (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRH[LJLGR &LUFXODomRGHDU
FUX]DGDRXVLVWHPD GHUHQRYDomRGHDU
,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFR SDUDSHUPLWLU KLJLHQL]DomRH
HYLWDU DJORPHUDo}HV 5HVWDXUDQWHV

FRPXQLFDomRVRQRUD HYLVXDOGRV
SURWRFRORVGHKLJLHQH HGLVWDQFLDPHQWRSDUD
S~EOLFRH FRODERUDGRUHV &LUFXODomRHPSp
VRPHQWHSDUDXVRGRV VDQLWiULRVFRPXVRGH PiVFDUDHILODFRP GLVWDQFLDPHQWR GHPDUFDGR
9HGDGRLQWHUDomR ItVLFDHQWUHDUWLVWDVH
S~EOLFR
%(%,'$ GLVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
%(%,'$ GLVWDQFLDPHQWR
PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
(VSHWiFXORV WLSRGULYHLQ FLQHPDVKRZV HWF
YDJDV
$OLPHQWRVH EHELGDVVROLFLWDGRV SRUDSOLFDWLYRH
HQWUHJXHVQRFDUUR
H[WHUQDDRV DXWRPyYHLV
; ;
'HFUHWR(VWDGXDO Q$UW
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
&LQHPDV
(VWDEHOHFLPHQ WRSHUPLWH &216802 '( $/,0(1726 28%(%,'$6
3(50,7( GH ORWDomRFRP GLVWDQFLDPHQWR GHP
1­2 3(50,7( GH ORWDomRFRP GLVWDQFLDPHQWR GHP
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRH[LJLGR &LUFXODomRGHDU
FUX]DGDRXVLVWHPD GHUHQRYDomRGHDU
,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFR SDUDSHUPLWLU KLJLHQL]DomRH
HYLWDU DJORPHUDo}HV 5HVWDXUDQWHV

FRPXQLFDomRVRQRUD HYLVXDOGRV
SURWRFRORVGHKLJLHQH HGLVWDQFLDPHQWRSDUD
S~EOLFRH FRODERUDGRUHV &LUFXODomRHPSp
VRPHQWHSDUDXVRGRV VDQLWiULRVFRPXVRGH PiVFDUDHILODFRP GLVWDQFLDPHQWR GHPDUFDGR
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
0XVHXV FHQWURVFXOWXUDLV HVLPLODUHV
WUDEDOKDGRUHV

; ;
5HFRPHQGDo}HV DRV0XVHXVHP 7HPSRVGH&RYLG GR,QVWLWXWR %UDVLOHLURGH 0XVHXV,EUDP
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
%LEOLRWHFDV DUTXLYRV DFHUYRVH VLPLODUHV
WUDEDOKDGRUHV
$WHOLrVDUWHV SOiVWLFDV UHVWDXUDomRGH REUDVGHDUWH HVFULWDDUWLVWDV LQGHSHQGHQWHV HVLPLODUHV
WUDEDOKDGRUHV
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
$WLYLGDGHVGH RUJDQL]Do}HV DVVRFLDWLYDV OLJDGDVjDUWHH jFXOWXUD07* HVLPLODUHV
WUDEDOKDGRUHV
&RQYHQo}HV SDUWLGiULDV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR &LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH
3UHVHQFLDOUHVWULWR &DGHLUDVLQWHUFDODGRV VLPQmRQmRVLP )LODVLQWHUFDODGDV PðSRUSHVVRD (QWUDGDHVDtGD
HVFDORQDGDSRUILODV SUHYLDPHQWH GHPDUFDGDV
0DWHULDOLQGLYLGXDO FDQHWDV
;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
)HLUDVH ([SRVLo}HV FRUSRUDWLYDVH FRPHUFLDLV
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
1DWDO/X] 6KRZGR/DJR ,OOXPLQDWLRQ QR/DJR -RDTXLQD5LWD %LHU*UDPDGR
GH ORWDomR OLPLWDGRD SHVVRDV WUDEDOKDGRUHV HS~EOLFRDR PHVPRWHPSR UHVSHLWDQGR WHWRGH RFXSDomR GHILQLGDQR PRGRGH DWHQGLPHQWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR
&LUFXODomRGHDU FUX]DGD
&UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV
$XWRUL]DomRGRV PXQLFtSLRVVHGH VGRHYHQWRFRP DSUHVHQWDomRGH SURMHWRHOLEHUDomR
GHDOYDUi
FRPFLUFXODomRHP SpFRQWDELOL]DU
PtQLPRGHPðSRU SHVVRD
$PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRDHP GHGLVWkQFLDHQWUH RFXSDQWHVRX
RFXSDomRLQWHUFDODGD GHFDGHLUDVIL[DV VLPQmRQmRVLP
FRPILOHLUDV LQWHUFDODGDV
; ;
$WHQGLPHQWR LQWHJUDOGRV SURWRFRORV VDQLWiULRV DSUHVHQWDGRVDR *RYHUQRGR (VWDGR
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
6HPLQiULRV FRQJUHVVRV FRQYHQo}HV VLPSyVLRVH VLPLODUHV
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
'HFUHWR(VWDGXDO Q$UW H
3HGLGRGH DXWRUL]DomR FRQIRUPHQ~PHUR GHSHVVRDV WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR $Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR PXQLFtSLRVHGH HQFDPLQKDGRSHOD RUJDQL]DomRGR HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG HQFDPLQKDGRSHOR PXQLFtSLRVHGH DSURYDomRSRUQR PtQGRV PXQLFtSLRVGD 5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH DXWRUL]DomRGR *DELQHWHGH&ULVH HQFDPLQKDGR SHODV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG DSyVDSURYDomR GHVVDV
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
5HXQL}HV FRUSRUDWLYDV RILFLQDV WUHLQDPHQWRVH FXUVRV FRUSRUDWLYRV
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGRDR WHWRGH RFXSDomRH DR GLVWDQFLDPHQW RHVWDEHOHFLGR QR0RGRGH $WHQGLPHQWR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR (ODERUDomRGH SURMHWRFURTXLH SURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX DXWRUL]DomR
TXDQGRFRXEHU (VWDQGHV
&LUFXODomRGHDU
FUX]DGD &UHGHQFLDPHQWRH FKHFNLQRQOLQH ,QtFLRHWpUPLQRGH SURJUDPDo}HVQmR FRQFRPLWDQWHV TXDQGRKRXYHU PXOWLVVDODV 5HVWDXUDQWHV
EDUHVODQFKRQHWHV HHVSDoRVFROHWLYRV GHDOLPHQWDomR

SHVVRD $PELHQWHVFRP S~EOLFRVHQWDGR
FRQWDELOL]DUPtQLPRGH PðSRUSHVVRD FRQVLGHUDQGRVHR
ORFDOSHUPLWH DOLPHQWDomRRX
EHELGD
3(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
GDVILOHLUDV
1­23(50,7( $/,0(17$d­2%(%, '$GLVWDQFLDPHQWR PtQLPRGHPHQWUH SHVVRDVHRXJUXSRV GHFRDELWDQWHV28
RFXSDomRLQWHUFDODGD GHDVVHQWRV
; ;
3RUWDULD6(6Q
3RUWDULD6(6Q
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
(YHQWRVLQIDQWLV HPEXIIHWV FDVDVGHIHVWDV RXVLPLODUHV
HPDPELHQWH DEHUWRRX IHFKDGR
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGR WHWRGH RFXSDomRH GLVWDQFLDPHQW RHVWDEHOHFLGR QR0RGRGH 2SHUDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
PHVDV 9HQWLODomRIRUoDGDRX
FOLPDWL]DomR $GHVLYDJHPGRSLVR
GHPDUFDQGR GLVWDQFLDPHQWRPtQ
PQDVILODV )OX[R~QLFRGH HQWUDGDVDtGDH FLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH FDPDULQVFDPDURWHVH WRGDVDViUHDVFRPXQV FRUUHGRUHVSRUWDV
HOHYDGRUHVEDQKHLURV YHVWLiULRVPHVDV
DVVHQWRVHVXSHUItFLHV GHFRQWDWRDQWHVGD DEHUWXUDGRHYHQWRH DSyVVHXWpUPLQR
+LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHVGH
FRQWDWRPHVDV FRUULPmREDOF}HVHWF +LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH iUHDVFRPXQVGH PDLRUFLUFXODomR +LJLHQL]DomRGRV
EULQTXHGRVDFDGDXVR FRPiOFRROHRX VROXomRVDQLWL]DQWH
VLPLODU ,QWHUYDORPtQGH
KRUDHQWUHDV DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomRH HYLWDUDJORPHUDo}HV ,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV
PiVFDUDHIDFHVKLHOG HKLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
WUDEDOKDGRUHVHP JUXSRV~QLFRVEROKDV
,QVWUXPHQWRVPXVLFDLV GHXVRLQGLYLGXDO
YHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH
DOLPHQWDomRHEHELGDV FRQIRUPH3RUWDULD6(6
QFRQIRUPH SURWRFRORGH
5HVWDXUDQWHVH /DQFKRQHWHVH
S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
'LVSRQLELOL]DUiOFRRO HPJHOHPRQLWRUSDUD RULHQWDUVREUHRXVR GDPiVFDUDHD
FRUUHWDKLJLHQL]DomR GDVPmRVDQWHVH
GHSRLVGHDFHVVDURV EULQTXHGRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp 9HGDGRXVRGH
EHEHGRXURVYHUWLFDLV 9HGDGRXVRGHSLVWD
; ;

3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
(YHQWRVVRFLDLV HGH HQWUHWHQLPHQWR HPEXIIHWV FDVDVGHIHVWDV FDVDVGH VKRZVFDVDV QRWXUQDVEDUHV HSXEVRX VLPLODUHV
HPDPELHQWH IHFKDGRFRP S~EOLFRHPSp
0i[LPRGH SHVVRDV WUDEDOKDGRUHV HS~EOLFRV UHVSHLWDQGR WHWRGH RFXSDomRH GLVWDQFLDPHQW RHVWDEHOHFLGR QR0RGRGH 2SHUDomR
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
'LVWDQFLDPHQWRPtQLPR GHPHQWUHPHVDV ÈUHDVH[FOXVLYDVSDUD DWpFRDELWDQWHVFRP GLVWDQFLDPHQWRPtQ PHGHPDUFDGDVQR FKmRQmRSHUPLWH
EHELGDDOLPHQWDomRRX SRUEDUUHLUDItVLFD
SHUPLWH EHELGDDOLPHQWDomR 9HQWLODomRIRUoDGDRX
FLUFXODomRGHDU FUX]DGDFRP
PDQXWHQomRGHMDQHODV HSRUWDVDEHUWDV
LQGHSHQGHQWHGRXVR GHHTXLSDPHQWRGH
FOLPDWL]DomR $GHVLYDJHPGRSLVR
GHPDUFDQGR GLVWDQFLDPHQWRPtQ
PQDVILODV )OX[R~QLFRGHHQWUDGD VDtGDHFLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH FDPDULQVFDPDURWHVH WRGDVDViUHDVFRPXQV FRUUHGRUHVSRUWDV
HOHYDGRUHVEDQKHLURV YHVWLiULRVJUDGHV PHVDVDVVHQWRVH
VXSHUItFLHVGHFRQWDWR DQWHVGDDEHUWXUDGR HYHQWRHDSyVVHX
WpUPLQR +LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHVGH
FRQWDWRPHVDV PDoDQHWDVFRUULPmR
EDOF}HVHWF +LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH
iUHDVFRPXQVGHPDLRU FLUFXODomR
,QWHUYDORPtQGH KRUDHQWUHDV
DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomRH HYLWDUDJORPHUDo}HV ,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV
PiVFDUDHIDFHVKLHOG HKLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
WUDEDOKDGRUHVHP JUXSRV~QLFRVEROKDV
,QVWUXPHQWRVPXVLFDLV GHXVRLQGLYLGXDO
YHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH
DOLPHQWDomRHEHELGDV FRQIRUPH3RUWDULD6(6
QFRQIRUPH SURWRFRORGH
5HVWDXUDQWHVH /DQFKRQHWHVH
S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 3ULRUL]DomRGH
SDJDPHQWRVVHP FRQWDWRFRQWDFWOHVV HRXKLJLHQL]DomRD
FDGDXVRGDV PiTXLQDVGH
SDJDPHQWRGHFDUWmR FRPiOFRRO 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp
9HGDGRXVRGHSLVWD GHGDQoD
; ;

3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
(YHQWRVVRFLDLV HGH HQWUHWHQLPHQWR HPDPELHQWH DEHUWRFRP S~EOLFRHPSp
3HUPLWLGR UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQW RHj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
/RFDOSHUPLWH &216802 '( $/,0(1726 28%(%,'$6
3(50,7( GH ORWDomRGR 33&, UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQWR Hj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
1­2 3(50,7( GH ORWDomRGR 33&, UHVSHLWDQGRj ORWDomRDR GLVWDQFLDPHQWR Hj QHFHVVLGDGH GH DXWRUL]DomR FRQIRUPH Q~PHURWRWDO GHSHVVRDV YHU 5HVWULo}HV $GLFLRQDLV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR 7HWRGHRFXSDomR PtQLPRGHPðSRU
SHVVRDUHVSHLWDQGRD ORWDomRPi[LPDGD
EDQGHLUD (ODERUDomRGHSURMHWR FURTXLHSURWRFRORV
GLVSRQtYHOSDUD ILVFDOL]DomRHRX
DXWRUL]DomRTXDQGR FRXEHU
PtQLPRGHPHQWUH PHVDV
ÈUHDVH[FOXVLYDVSDUD DWpFRDELWDQWHV FRPGLVWDQFLDPHQWR
PtQPH GHPDUFDGDVQRFKmR
QmRSHUPLWH EHELGDDOLPHQWDomR RXSRUEDUUHLUDItVLFD
SHUPLWH EHELGDDOLPHQWDomR $GHVLYDJHPGRSLVR
GHPDUFDQGR GLVWDQFLDPHQWRPtQ
PQDVILODV )OX[R~QLFRGH HQWUDGDVDtGDH FLUFXODomR
$EHUWXUDDQWHFLSDGDH LQJUHVVRHVFDORQDGR
DRHYHQWR 5HIRUoRFRQVWDQWHQD FRPXQLFDomRYLVXDOH VRQRUDGRVSURWRFRORV
GHKLJLHQHH GLVWDQFLDPHQWR
'LVWDQFLDPHQWRPtQ PHQWUHDUWLVWDVH S~EOLFRYHGDGRR FRQWDWRItVLFR
7DSHWHVVDQLWL]DQWHV HPWRGDVDVHQWUDGDV
+LJLHQL]DomRGH
JUDGHVPHVDV DVVHQWRVH
DEHUWXUDGRHYHQWRH DSyVVHXWpUPLQR
+LJLHQL]DomRDFDGD KRUDGHVXSHUItFLHV GHFRQWDWRPHVDV
FRUULPmREDOF}HVHWF +LJLHQL]DomRDFDGD KRUDVGHEDQKHLURH iUHDVFRPXQVGH PDLRUFLUFXODomR ,QWHUYDORPtQGH
KRUDHQWUHDV DSUHVHQWDo}HVFRP WURFDGHS~EOLFRSDUD SHUPLWLUKLJLHQL]DomR HHYLWDUDJORPHUDo}HV
,QtFLRHWpUPLQRQmR FRQFRPLWDQWHVGH SURJUDPDo}HVFRP WURFDGHS~EOLFR
5HIRUoRQRV(3,VGH FRODERUDGRUHV PiVFDUDH IDFHVKLHOGH KLJLHQL]DomR
FRQVWDQWHGDVPmRV 2UJDQL]DomRH
HVFDORQDPHQWRGD HTXLSHGH
,QVWUXPHQWRV PXVLFDLVGHXVR
LQGLYLGXDOYHGDGRR FRPSDUWLOKDPHQWR 9HGDGRVDOLPHQWRVH EHELGDVH[SRVWRV PHVDGHGRFHV
VDOJDGRVHEHELGDV 6HUYLoRVGH DOLPHQWDomRH
EHELGDVFRQIRUPH 3RUWDULD6(6Q FRQIRUPHSURWRFROR GH5HVWDXUDQWHVH /DQFKRQHWHVH
3RUWDULD6(6Q
S~EOLFRKRUDV 0iVFDUDGHXVR
REULJDWyULRVHPSUHj H[FHomRGRPRPHQWR
GRFRQVXPRGH DOLPHQWRVRXEHELGDV
UHSRQGR LPHGLDWDPHQWHGHSRLV
3ULRUL]DomRGDYHQGD HFRQIHUrQFLDGH
LQJUHVVRVRXFRQYLWHV SRUPHLRYLVXDORX GLJLWDOVHPFRQWDWR 5HJLVWURGRVFRQWDWRV GHWRGRVRVSUHVHQWHV
WUDEDOKDGRUHVH S~EOLFRHGRFXPHQWR MXUtGLFRDXWRUL]DWLYRGH
FRQWDWRSDUD UDVWUHDELOLGDGHHP FDVRGHSRVWHULRU FRQILUPDomRRX
VXVSHLWDGH&RYLG 3ULRUL]DomRGH
SDJDPHQWRVVHP FRQWDWRFRQWDFWOHVV HRXKLJLHQL]DomRD
FDGDXVRGDV PiTXLQDVGH
SDJDPHQWRGHFDUWmR FRPiOFRRO 'LVSRQLELOL]DomRGH WRWHQVHGLVSHQVHUV GHiOFRROHPJHOFRP
DFLRQDPHQWR DXWRPiWLFRVHP FRQWDWRHHP GLIHUHQWHVORFDLV HVWUDWpJLFRV
.LWFRPSOHWRQRV EDQKHLURViOFRROJHO
VDERQHWH OtTXLGRWRDOKDVGH SDSHOHOL[HLUDFRP
WDPSDGH DFLRQDPHQWRVHPXVR
GDVPmRV 9HGDGRFRQVXPRGH
DOLPHQWRVHGH EHELGDVHPSp
9HGDGRXVRGHSLVWD GHGDQoD
; ;
WUDEDOKDGRUHVH S~EOLFRSUHVHQWHV DRPHVPRWHPSR
$Wp SURWRFRORV HVWDGXDLV D SURWRFRORV HVWDGXDLV SHGLGRGH
DXWRUL]DomRGR PXQLFtSLRVHGH
HQFDPLQKDGRSHOD RUJDQL]DomRGR
HYHQWR D SURWRFRORV HVWDGXDLV SHGLGRGH
DXWRUL]DomRGDV DVVRFLDomR}HV GHPXQLFtSLRVGD 5HJLmR&RYLG
HQFDPLQKDGRSHOR PXQLFtSLRVHGH
5HJLmR DQR Pi[SURWRFRORV HVWDGXDLV SHGLGRGH
DXWRUL]DomRGR *DELQHWHGH&ULVH
HQFDPLQKDGR SHODV
GHVVDV
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
'HPDLVWLSRVGH HYHQWRVHP DPELHQWH IHFKDGRRX DEHUWR
)HFKDGR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
6HUYLoRVGH HGXFDomRItVLFD DFDGHPLDV FHQWURVGH WUHLQDPHQWR HVW~GLRVH VLPLODUHV
WUDEDOKDGRUHV
HWF
6HUYLoRVGH HGXFDomRItVLFD HPSLVFLQD DEHUWDRX IHFKDGD
WUDEDOKDGRUHV
HWF
&OXEHVVRFLDLV HVSRUWLYRVH VLPLODUHV
WUDEDOKDGRUHV
ORWDomR

HWF
(VSRUWHVFROHWLYRV GXDVRXPDLV SHVVRDV
H[FOXVLYDPHQWHHP TXDGUDVHVSRUWLYDV VHPS~EOLFRFRP LQWHUYDORGHKRUD HQWUHRVMRJRVHXVR LQWHUFDODGRGDV
TXDGUDVSDUDHYLWDU DJORPHUDomRH
SHUPLWLUKLJLHQL]DomR
FRQVWDQWHFRPiOFRRO RXVROXomR
VDQLWL]DQWHVLPLODU ÈUHDGHSLVFLQDVH iJXDVVDXQDV
DFDGHPLDVTXDGUDV HWFFRQIRUPH
SURWRFRORGH6HUYLoRV GHHGXFDomRItVLFD DFDGHPLDVFHQWURV GHWUHLQDPHQWR
HVW~GLRVHVLPLODUHV 6HUYLoRVGH
HGXFDomRItVLFDHP SLVFLQDDEHUWDRX
IHFKDGDH3RUWDULD 6(6QH DOWHUDo}HV
(YHQWRVFRQIRUPH SURWRFRORVGH
(YHQWRVVRFLDLVHGH HQWUHWHQLPHQWRHP DPELHQWHDEHUWRRX IHFKDGRH3RUWDULD
6(6Q
'HFUHWR(VWDGXDO Q$UW
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
&OXEHVGH IXWHERO SURILVVLRQDOHP GLVSXWDQR &DPSHRQDWR *D~FKR *DXFKmR ,SLUDQJD QR&DPSHRQDWR %UDVLOHLUR HQD&RSD /LEHUWDGRUHV &RQPHERO /LEHUWDGRUHV
WUDEDOKDGRUHV
LQWHJUDOGRV SURWRFRORVGD)*)
GD&%)GD &RQPHPEROH

; ; ;
3URWRFRORVGD )HGHUDomR *D~FKDGH )XWHERO)*) 5HFRPHQGDo}HV GR&RPLWr &LHQWtILFR1RWD 5HVSRVWDGH *XLD0pGLFRGH 6XJHVW}HV 3URWHWLYDV3DUDR 5HWRUQRjV $WLYLGDGHVGR )XWHERO%UDVLOHLUR &%) 'LUHWUL]7pFQLFR 2SHUDFLRQDOGH 5HWRUQRGDV &RPSHWLo}HV &%) 3URWRFRORGH RSHUDo}HVSDUDR UHLQtFLRGDV FRPSHWLo}HVGH FOXEHVGD &RQPHERO 3URWRFRORGH UHFRPHQGDo}HV PpGLFDVSDUD WUHLQDPHQWRV YLDJHQVH FRPSHWLo}HV GXUDQWHD SDQGHPLD&29,' GD&RQPHERO &RQFHQWUDomR 6DQLWiULD GLVSRVLo}HVGD &RQPHEROSDUD GLPLQXLURFRQWiJLR FRPULVFRPpGLFR DFHLWiYHOGR &RURQDYtUXV &29,' GXUDQWHD UHDWLYDomRGR IXWHERO6XO $PHULFDQR
6HUYLoRV $UWHV&XOWXUD (VSRUWHVH/D]HU
&RPSHWLo}HV HVSRUWLYDV
7HOHWUDEDOKR 3UHVHQFLDOUHVWULWR FRPDWHQGLPHQWR LQWHJUDOGD1RWD ,QIRUPDWLYDQ &2(6(656GH
$XWRUL]DomRGRV PXQLFtSLRVVHGH
$WHQGLPHQWRFROHWLYR H[FOXVLYRGHDWOHWDV
6HPS~EOLFR ; ; ;
6HUYLoRV 2XWURV6HUYLoRV 2XWURV6HUYLoRV 2XWURV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
WUDEDOKDGRUHV
;
WUDEDOKDGRUHV
;
WUDEDOKDGRUHV
;
3RUWR$OHJUH6HJXQGDIHLUDGH'H]HPEURGH 'LiULR2ILFLDO1HGLomR
6HUYLoRV 2XWURV6HUYLoRV 0LVVDVH VHUYLoRV UHOLJLRVRV
S~EOLFR

3UHVHQFLDOUHVWULWR 6(3(50,7,'2R
FRQVXPRGHEHELGDV RXDOLPHQWRV
RFXSDomRLQWHUFDODGD GHDVVHQWRV UHVSHLWDQGR
GLVWDQFLDPHQWR PtQLPRGHPHQWUH S