Mapa mental - Direito Administrativo.pdf

THIAGO STRAUSS MARCELO LEITE

Otimizando o aprendizado e a memorização, com a revisão esquematizada da matéria

DIREITO ADMINISTRATIVO EM

MAPAS MENTAIS 7XUPD Edição revista e atualizada

SUMÁRIO

Visão Geral ................................................................................................ 3 1. Introdução ao Direito Administrativo .................................................... 4 2. Administração Pública ........................................................................... 6 AdministraçãoS~EOLFD±QRo}HVJHUDLV 'HVFHQWUDOL]DomRDGPLQLVWUDWLYD ÏUJmR (QWLGDGHVHPHVSpFLH (QWLGDGHVHPHVSpFLH±$XWDUTXLD 7HUFHLUR6HWRU±(QWLGDGHV3DUDHVWDWDLV &RQWUDWRGHJHVWmR 3. Princípios Fundamentais ....................................................................... 18 4. Poderes Administrativos ........................................................................ 20 5. Atos Administrativos ............................................................................. 23 1Ro}HVLQWURGXWyULDV &ODVVLILFDomRGRV$WRV$GPLQLVWUDWLYRV 5HTXLVLWRVGR$WR$GPLQLVWUDWLYR $WULEXWRVGRV$WRV$GPLQLVWUDWLYRV (VSpFLHVGH$WRV$GPLQLVWUDWLYRV $WRVGLVFULFLRQiULRVHYLQFXODGRV )RUPDVGHH[WLQomRHYtFLRVGRDWRDGPLQLVWUDWLYR 6. Licitações .............................................................................................. 32 1Ro}HVJHUDLV 3ULQFtSLRVGD/LFLWDomR $OLHQDomRGHEHQVSHOD$GPLQLVWUDomR3~EOLFD &RQWUDWDomRGLUHWD 0RGDOLGDGHVGH/LFLWDomR 7LSRVGH/LFLWDomR 3URFHGLPHQWRVGH/LFLWDomR 7. Contratos Administrativos ..................................................................... 42 &RQFHLWRHIRUPDOL]DomR &OiXVXODVH[RUELWDQWHV 0XWDELOLGDGHGRVFRQWUDWRVDGPLQLVWUDWLYRV ([WLQomRGRVFRQWUDWRVDGPLQLVWUDWLYRV 8. Servidores Públicos ............................................................................... 47 $JHQWHVS~EOLFRV 1RUPDVFRQVWLWXFLRQDLV /HL 3URFHVVR$GPLQLVWUDWLYR'LVFLSOLQDU±3$' 9. Serviços Públicos ................................................................................... 56 &RQFHLWR &RQVLGHUDo}HVJHUDLV &ODVVLILFDomRGRVVHUYLoRVS~EOLFRV 'HOHJDomRGHVHUYLoRVS~EOLFRV 'HOHJDomRFRPXP±'LVSRVLo}HVGD/HL 3DUFHULDV3~EOLFR3ULYDGDV±333 10. Responsabilidade Civil do Estado ......................................................... 63 11. Controle da Administração Pública ...................................................... 65 12. Improbidade Administrativa ................................................................ 66 13. Processo Administrativo – Lei 9.784/99 .............................................. 68 14. Bens Públicos ...................................................................................... 70

ZZZSRQWRGRVFRQFXUVRVFRPEU

7KLDJR6WUDXVV 0DUFHOR/HLWH


'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV S

',5(,72$'0,1,675$7,929,62*(5$/

&RQFHLWRHIRUPDOL]DomR

,QWURGXomR DR 'LUHLWR $GPLQLVWUDWLYR

&RQWUDWRV DGPLQLVWUDWLYRV

&OiXVXODVH[RUELWDQWHV 0XWDELOLGDGHHH[WLQomR

1RUPDVFRQVWLWXFLRQDLV

5HJLPHMXUtGLFRDGPLQLVWUDWLYR

'HVFRQFHQWUDomRHyUJmR

6HUYLGRUHV S~EOLFRV

/HL 3URFHVVR$GPLQLVWUDWLYR 'LVFLSOLQDU3$'

$XWDUTXLD

$GPLQLVWUDomR 3~EOLFD

&RQFHLWRFODVVLILFDomR IRUPDVGHSUHVWDomR 'HOHJDomR 3DUFHULDV 3~EOLFR3ULYDGDV

6LVWHPDVDGPLQLVWUDWLYRV

$GPLQLVWUDomR3~EOLFDH GHVFHQWUDOL]DomRDGPLQLVWUDWLYD

$JHQWHVS~EOLFRV

&RPXP

&RQFHLWRREMHWRIRQWHV

&RQFHVVmR

(QWLGDGHV HPHVSpFLH

(PSUHVDS~EOLFD 6RFLHGDGHGH HFRQRPLDPLVWD 6LVWHPD6

(QWLGDGHV 3DUDHVWDWDLV

26 26&,3

6HUYLoRV S~EOLFRV

3HUPLVVmR

)XQGDo}HV S~EOLFDV

6XSUHPDFLDGR LQWHUHVVHS~EOLFR

$XWRUL]DomR 'LVSRVLo}HVGD/HL

,QGLVSRQLELOLGDGHGR LQWHUHVVHS~EOLFR

3DUFHULDV3~EOLFR3ULYDGDV333

/HJDOLGDGH ,PSHVVRDOLGDGH

&RQFHLWR (YROXomRKLVWyULFD 5HVSRQVDELOLGDGH H[WUDFRQWUDWXDO QD&)

5HVSRQVDELOLGDGH FLYLOGR(VWDGR

$omRGHUHSDUDomR &RQFHLWR &ODVVLILFDomR

3ULQFtSLRV IXQGDPHQWDLV

',5(,72 $'0,1,675$7,92

3URFHGLPHQWRV DGPLQLVWUDWLYRV HDo}HVMXGLFLDLV

&RQWLQXLGDGH 1Ro}HVLQWURGXWyULDV 3RGHUYLQFXODGR 3RGHUGLVFULFLRQiULR

,PSURELGDGH DGPLQLVWUDWLYD

3RGHUHV DGPLQLVWUDWLYRV

)RUPDWHPSRH OXJDUGRVDWRV

3RGHUGLVFLSOLQDU 3RGHUGHSROtFLD &RQFHLWRHDWULEXWRV &ODVVLILFDomR

3ULQFtSLRV

,PSHGLPHQWRHVXVSHLomR

3RGHUKLHUiUTXLFR 3RGHUUHJXODPHQWDU

$EUDQJrQFLDHDSOLFDomR ,QtFLRGRSURFHVVR HOHJLWLPDGRV

(ILFLrQFLD

$XWRWXWHOD

$VSHFWRVJHUDLV

6DQo}HV

3XEOLFLGDGH 5D]RDELOLGDGHH SURSRUFLRQDOLGDGH

&RQWUROH GD $GPLQLVWUDomR3~EOLFD

'HVFULomRGRVDWRV GHLPSURELGDGH

0RUDOLGDGH

5HTXLVLWRV

3URFHVVR DGPLQLVWUDWLYR

$WRV DGPLQLVWUDWLYRV

&RQFHLWRILQDOLGDGH HDEUDQJrQFLD

&RQFHLWRFODVVLILFDomR HFDUDFWHUtVWLFDV

3ULQFtSLRV

$IHWDomRHGHVDIHWDomR

8VRSULYDWLYRGH EHQVS~EOLFRV

$WRVGLVFULFLRQiULRV HYLQFXODGRV )RUPDVGH H[WLQomRHYtFLRV

5HFXUVR DGPLQLVWUDWLYR HSUD]RV

3ULQFLSDLVHVSpFLHV GHEHQVS~EOLFRV

(VSpFLHV

%HQV S~EOLFRV

/LFLWDomR

&RQWUDWDomR GLUHWD

,QH[LJLELOLGDGH 'LVSHQVD

0RGDOLGDGHV 7LSRVGHOLFLWDomR )DVHVDQXODomRHUHYRJDomR



,1752'8d2$2',5(,72$'0,1,675$7,92,

$GPLQLVWUDomR3~EOLFD HPVHQWLGR68%-(7,92

L&RQMXQWRGHyUJmRVDJHQWHVH SHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV eRUDPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR

LL )XQomR DGPLQLVWUDWLYD


$WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD

$GPLQLVWUDomR3~EOLFDHPVHQWLGR2%-(7,92

LLL*HVWmRGRVEHQVS~EOLFRV 6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHRFRQMXQWR GHSULQFtSLRVTXHUHJHPD$'0,1,675$d23Ò%/,&$ &ULWpULR GD $GPLQLVWUDomR 3~EOLFD

&RQMXQWRGHyUJmRVHSHVVRDVMXUtGLFDV

6HQWLGR VXEMHWLYR


$WLYLGDGHVGR(VWDGRGHVWLQDGDV jVDWLVIDomRFRQFUHWDHLPHGLDWD GRVLQWHUHVVHVS~EOLFRV

6HQWLGR REMHWLYR

&ULWpULR PDLV DFHLWR

+HO\ /RSHV

L2VyUJmRVDJHQWHVHSHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV TXHLQWHJUDPD$GPLQLVWUDomR3~EOLFD

5DPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR

0DULD 6\OYLD

$WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD

LL$DWLYLGDGHMXUtGLFDQmRFRQWHQFLRVDTXHH[HUFHH

LLL2VEHQVGHTXHVHXWLOL]DSDUDFRQVHFXomR GHVHXVILQVGHQDWXUH]DS~EOLFD

&RQMXQWRKDUP{QLFRGHSULQFtSLRVMXUtGLFRVTXHUHJHPRVyUJmRV RVDJHQWHVHDVDWLYLGDGHVS~EOLFDVWHQGHQWHVDUHDOL]DUFRQFUHWD GLUHWDHLPHGLDWDPHQWHRVILQVGHVHMDGRVSHOR(VWDGR 6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH OHLVDGPLQLVWUDWLYDVYLJHQWHVOHLVGHFUHWRVUHJXODPHQWRV &RQFHLWR UHVWULWLYR

&ULWpULR OHJDOLVWD &UtWLFD

&UHWHOOD

&RQFHLWR &ULWpULR GR3RGHU ([HFXWLYR

'LUHLWR $GPLQLVWUDWLYR

'HVFRQVLGHUDGHPDLVIRQWHVGR'LUHLWR$GPLQLVWUDWLYR ([3ULQFtSLRVMXUtGLFRV

$FLrQFLDMXUtGLFDpXPFRQMXQWRGHSULQFtSLRVHQmR SRGHFRQVLVWLUHPFRPHQWiULRVGDOHJLVODomRSRVLWLYD

6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGHSULQFtSLRV MXUtGLFRVTXHGLVFLSOLQDPDRUJDQL]DomRHDDWLYLGDGHGR3RGHU([HFXWLYR &UtWLFD

'HPDLV3RGHUHVWDPEpPH[HUFHPDDWLYLGDGHDGPLQLVWUDWLYD

6HJXQGRHVWHFULWpULRR'LUHLWR $GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH QRUPDVTXHUHJHPDVUHODo}HVHQWUH &ULWpULR GD UHODomRMXUtGLFD &ULWpULRV QmR DGRWDGRV

$GPLQLVWUDomR $GPLQLVWUDGR

2XWURVUDPRVGR'LUHLWRWDPEpPGLVFLSOLQDPWDLVUHODo}HVMXUtGLFDV &UtWLFD

&ULWpULR LQVXILFLHQWH

'LUHLWR$GPLQLVWUDWLYRDEUDQJHDLQGDD RUJDQL]DomRLQWHUQDGD$GPLQLVWUDomR3~EOLFD

6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDDGLVFLSOLQDMXUtGLFDTXH UHJXODDLQVWLWXLomRDRUJDQL]DomRHRIXQFLRQDPHQWRGRVVHUYLoRVS~EOLFRV &ULWpULR GR VHUYLoR S~EOLFR

,QVSLUDGRQDMXULVSUXGrQFLDGR&RQVHOKRGH(VWDGRIUDQFrV IL[DomRGDFRPSHWrQFLDGRVWULEXQDLVDGPLQLVWUDWLYRVHP IXQomRGDH[HFXomRGHVHUYLoRVS~EOLFRV &ULWpULRUHVWULWLYR &UtWLFD

$ORFXomRVHUYLoRS~EOLFRLQWHJUDRFRQFHLWRVHPHVWDUGHILQLGD 1mRGLVWLQJXHRUHJLPHMXUtGLFRDTXHVHVXMHLWDDDWLYLGDGH

&ULWpULR WHOHROyJLFR

6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRVLVWHPDGRVSULQFtSLRV MXUtGLFRVTXHUHJXODPDDWLYLGDGHGR(VWDGRSDUDFXPSULPHQWRGHVHXVILQV &UtWLFD

&ULWpULR QHJDWLYLVWD RXUHVLGXDO

$WLYLGDGHGR(VWDGR

)LQVGR(VWDGR

6HJXQGRHVWHFULWpULRR'LUHLWR$GPLQLVWUDWLYRVHULDRUDPRGR'LUHLWRTXH UHJXODWRGDDDWLYLGDGHHVWDWDOTXHQmRVHMDOHJLVODWLYDHMXULVGLFLRQDO &UtWLFD

L5HODo}HVLQWHUQDVj$GPLQLVWUDomR3~EOLFD

2EMHWR

2IHUHFHH[SUHVV}HV QmRGHILQLGDV

&RQFHLWRSRXFRDJUHJD

(QWUHRVyUJmRVHHQWLGDGHVDGPLQLVWUDWLYDVXQVFRPRVRXWURV HHQWUHDDGPLQLVWUDomRHVHXVDJHQWHVHVWDWXWiULRVHFHOHWLVWDV

LL5HODo}HVHQWUHDDGPLQLVWUDomRHRVDGPLQLVWUDGRV

LLL$WLYLGDGHVGHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO H[HUFLGDVSRUSDUWLFXODUHVVREUHJLPHGRGLUHLWRS~EOLFR

([ 3UHVWDomR GH VHUYLoRV S~EOLFRV PHGLDQWH FRQWUDWRVGHFRQFHVVmRRXGHSHUPLVVmR



,1752'8d2$2',5(,72$'0,1,675$7,92,,


eRUHJLPHDGRWDGRSHOR(VWDGRSDUDRFRQWUROHGH OHJDOLGDGHHOHJLWLPLGDGHGRVDWRVDGPLQLVWUDWLYRV

D &RQFHLWR

&RQWHQFLRVRDGPLQLVWUDWLYR 3RGHU-XGLFLiULR

L-XULVGLomRFRPXP 'XDOLGDGH GHMXULVGLomR

E 6LVWHPD IUDQFrV

-XULVGLomRHVSHFLDOGRFRQWHQFLRVRDGPLQLVWUDWLYR 5HVROYHOLWtJLRVQRVTXDLVDDGPLQLVWUDomRpSDUWH LL-XULVGLomR DGPLQLVWUDWLYD

6LVWHPDV $GPLQLVWUDWLYRV

7ULEXQDLV$GPLQLVWUDWLYRVH&RQVHOKRGH(VWDGR ,QGHSHQGrQFLDGRV3RGHUHVH GHVFRQILDQoDFRPUHODomRDR-XGLFLiULR

6LVWHPDMXGLFLiULRRXGHMXULVGLomRXQD 8QLFLGDGH GHMXULVGLomR

F 6LVWHPD LQJOrV

L3RGHU MXGLFLiULR

$SUHFLDWRGDVKLSyWHVHVGHOLWtJLRUHVROXomRGHFRQIOLWRV

LL$GPLQLVWUDomR 3~EOLFD

6LVWHPD DGPLQLVWUDWLYR XWLOL]DGRQR%5$6,/

'HFLGHMXOJD VHPMXULVGLomR 6HPGHILQLWLYLGDGH

3ULQFtSLRGDLQDIDVWDELOLGDGHGHMXULVGLomR &)DUWLQF;;;9

)RQWHSULPiULD D /HL

6HQWLGRDPSORLQFOXLQGRPHGLGDVSURYLVyULDVHUHJXODPHQWRV )RQWHVHFXQGiULD 5HLWHUDGDVGHFLV}HVMXGLFLDLVSURIHULGDVQRPHVPRVHQWLGR

E -XULVSUXGrQFLD

(PUHJUDQmRSRVVXHPIRUoDFRHUFLWLYDSDUDDDGPLQLVWUDomR ([FHWR

L&RQWUROHGHFRQVWLWXFLRQDOLGDGHH LL6~PXODYLQFXODQWHGR67)

)RQWHVHFXQGiULD F 'RXWULQD

)RUPDRVLVWHPDWHyULFRGHSULQFtSLRVDSOLFiYHLVDRGLUHLWRSRVLWLYR

)RQWHV

)RQWHVHFXQGiULD

'LUHLWR $GPLQLVWUDWLYR

5HLWHUDomRXQLIRUPHGHXPFRPSRUWDPHQWRWLGRFRPRREULJDomROHJDO 3UHVHQoDGH HOHPHQWRV G &RVWXPHV

(OHPHQWRREMHWLYRVXEVWDQFLDO

8VRFRQWLQXDGRGDSUiWLFDQRWHPSR

(OHPHQWRVXEMHWLYRUHODFLRQDO

&RQYLFomRGDREULJDWRULHGDGHGD SUiWLFDFRPRQHFHVVLGDGHVRFLDO

6RPHQWHDGPLWLGRVTXDQGRQmRIRUHPFRQWUiULRVjVOHLVFRQWUDOHJHP 1mRSRVVXLRHOHPHQWRVXEMHWLYR FRQYLFomRJHUDOGDFRUUHomRGRFRPSRUWDPHQWR

1mRVHFRQIXQGHFRPD 35$;( $'0,1,675$7,9$ URWLQDDGPLQLVWUDWLYD

5HJLPHGHGLUHLWR S~EOLFRDSOLFiYHO

D &RQFHLWR

'LRJHQHV*DVSDULQLDILUPDTXHQDRSLQLmRGDPDLRULD GRVDXWRUHVQmRpIRQWHGR'LUHLWR$GPLQLVWUDWLYR DRVyUJmRVHHQWLGDGHVTXHFRPS}HPD$GPLQLVWUDomR3~EOLFDH jDWXDomRGRVDJHQWHVDGPLQLVWUDWLYRV

&RQMXQWRVLVWHPDWL]DGRGHSULQFtSLRVHUHJUDVTXHGmRLGHQWLGDGHDR 'LUHLWR$GPLQLVWUDWLYRGLIHUHQFLDQGRRGRVGHPDLVUDPRVGR'LUHLWR $RPHVPRWHPSRTXHDV35(552*$7,9$6FRORFDPDDGPLQLVWUDomRHP SRVLomRGHVXSUHPDFLDSHUDQWHRSDUWLFXODUDVUHVWULo}HV68-(,d®(6 OLPLWDPVXDDWLYLGDGHDGHWHUPLQDGRVILQVHSULQFtSLRV 35(552*$7,9$6RXSRGHUHVHVSHFLDLVGD$GPLQLVWUDomR3~EOLFD 6mREHQHItFLRVFRQFHGLGRVSHODRUGHPMXUtGLFD

5HJLPH -XUtGLFR $GPLQLVWUDWLYR

E 6XSUHPDFLD GR LQWHUHVVHS~EOLFR

L3RVLomR SUHYLOHJLDGD

9LVDPJDUDQWLUDFRQVHFXomRGRVLQWHUHVVHVS~EOLFRV ([3UD]RVPDLRUHVHPSURFHVVRVMXGLFLDLV 9HUWLFDOLGDGHQDVUHODo}HVDGPLQLVWUDomRSDUWLFXODU

LL3RVLomRGH VXSUHPDFLD

'HYHUHV3RGHUHV

&DUiWHULQVWUXPHQWDO

([&OiXVXODVH[RUELWDQWHVGRVFRQWUDWRVDGPLQLVWUDWLYRV

,QGLVSRQLELOLGDGHSHODDGPLQLVWUDomRGRVLQWHUHVVHVS~EOLFRV

F ,QGLVSRQLELOLGDGH GRLQWHUHVVH S~EOLFR

L3ULQFtSLRGDOHJDOLGDGH

68-(,d®(6

$GPLQLVWUDUpDSOLFDUDOHLGHRItFLR

%HQVHLQWHUHVVHVS~EOLFRVQmRVHHQFRQWUDP jOLYUHGLVSRVLomRGRDGPLQLVWUDGRU LL6XMHLo}HV

eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGH

([1HFHVVLGDGHGHUHDOL]DomRGHOLFLWDo}HVSDUDFHOHEUDomRGHFRQWUDWRV




$'0,1,675$d23Ò%/,&$, (OHPHQWRItVLFR

L7HUULWyULR

(VWDGR

LL3RYR

D (OHPHQWRV GR(VWDGR

(OHPHQWRKXPDQR

LLL*RYHUQR VREHUDQR

2UJDQL]DomRGR(VWDGRRFRUUHFRQIRUPHVXDOLYUHHVREHUDQDYRQWDGH

3DUDR'LUHLWRR(VWDGRpSHVVRDMXUtGLFDWHUULWRULDOVREHUDQDUHJLGDSHORGLUHLWRS~EOLFR E $FHSomR MXUtGLFD

3RVVXL SHUVRQDOLGDGHMXUtGLFD

$SWLGmRJHQpULFDSDUDDGTXLULUGLUHLWRVHFRQWUDLUREULJDo}HV $WULEXWRQHFHVViULRSDUDVHUVXMHLWRQDVUHODo}HVMXUtGLFDV (ODERUDUQRUPDV JHUDLVHDEVWUDWDV

)XQomR /HJLVODWLYD ,GHQWLILFRXIXQo}HV GLVWLQWDVH[HUFLGDV SHORSRGHUVREHUDQR

)XQomR ([HFXWLYD

$SOLFDUDVQRUPDVJHUDLV DRVFDVRVFRQFUHWRV

)XQomR -XGLFDQWH

$SOLFDUDVQRUPDVJHUDLV SDUDGLULPLUHYHQWXDLV FRQIOLWRVRFRUULGRV

$ULVWyWHOHV

3ULQFtSLRGDVHSDUDomRGRVSRGHUHV

D 1Ro}HV KLVWyULFDV 0RQWHVTXLHX

3URS{VTXHDVIXQo}HVQmRSRGHULDP VHUH[HUFLGDVSHORPHVPRyUJmR

3DUDHYLWDUDEXVRQRH[HUFtFLRGRSRGHUDVIXQo}HVGHYHULDP VHUGLVWULEXtGDVSRUFHQWURVLQGHSHQGHQWHVHQWUHVLGHIRUPDD SRVVLELOLWDUDOLPLWDomRGRSRGHUSHORSRGHU 'LYLVmRIOH[tYHOGDVIXQo}HVHVWDWDLV

6LVWHPD DWXDO


3RGHUHV GR(VWDGR

&DGDSRGHU H[HUFH

8PDIXQomRSUHFtSXDWtSLFD H 2XWUDVIXQo}HVGHQDWXUH]DDFHVVyULD DWtSLFDV

0HFDQLVPRGHFRQWUROHV UHFtSURFRVHQWUHRV3RGHUHV

6LVWHPDGHIUHLRVHFRQWUDSHVRV

5HSUHVHQWDPXPDGLYLVmRHVWUXWXUDOLQWHUQDFRPILQDOLGDGHGHHVWDEHOHFHU RHTXLOtEULRHRFRQWUROHGRH[HUFtFLRGRSRGHUGHVREHUDQLD E &RQFHLWR

)UHLRVHFRQWUDSUHVRV 6mRVHJPHQWRVHVWUXWXUDLVHPTXHVHGLYLGHRSRGHUJHUDOHDEVWUDWRGDVREHUDQLD

&DGD3RGHUH[HUFHXPDIXQomRSUHFtSXD )XQo}HV 7Ë3,&$6

3RGHU/HJLVODWLYR

([HUFHDIXQomROHJLVODWLYDHGHFRQWUROH ([HUFHDIXQomRDGPLQLVWUDWLYD

3RGHU([HFXWLYR

([HUFHDIXQomRMXULVGLFLRQDO

3RGHU-XGLFLiULR

1mRKiH[FOXVLYLGDGHQRH[HUFtFLRGDVIXQo}HV -XOJDRVFULPHVGH UHVSRQVDELOLGDGH 3RGHU /HJLVODWLYR

F 'LVWULEXLomR GDVIXQo}HV QD&) )XQo}HV $7Ë3,&$6

$GPLQLVWUD

&ULPHVGHQDWXUH]DSROtWLFD

&)DUW

2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUWVH

([HUFHRSRGHUUHJXODPHQWDU 3RGHU ([HFXWLYR

&)DUW

1mRpGHILQLWLYRQmRID]FRLVDMXOJDGD 3ULQFtSLRGDLQDIDVWDELOLGDGHGD MXULVGLomR&)DUW;;;9

-XOJD

6HPMXULVGLomR ([HUFHDIXQomRQRUPDWLYD HODERUDUHJLPHQWRVLQWHUQRV &)DUW,D

3RGHU -XGLFLiULR

$GPLQLVWUD

2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUW




$'0,1,675$d23Ò%/,&$,, $$GPLQLVWUDomR3~EOLFD HPVHQWLGR$03/2 DEUDQJH

L*RYHUQR LL$GPLQLVWUDomR3~EOLFDVHQWLGRHVWULWR (VWDEHOHFHRVSODQRVGHDomR

3ODQHMDU $WLYLGDGHGH &RPSUHHQGH D)81d2 32/Ë7,&$

'LULJLU

'HILQHDVGLUHWUL]HV

&RPDQGDU 6DQomRHYHWR

D 6HQWLGR REMHWLYR

1RPHDomRGHPLQLVWUR

$WRVGHJRYHUQR SROtWLFRV

*XHUUDHSD] (VWDGRGHVtWLR

'HFODUDomR

(VWDGRGHHPHUJrQFLD

*RYHUQR

(QYROYHRV3RGHUHVHyUJmRVFRQVWLWXFLRQDLVUHVSRQViYHLVSHODIXQomRSROtWLFD 7UDoDGLUHWUL]HV 'LULJHHFRPDQGDD$GPLQLVWUDomR3~EOLFD

3RGHU([HFXWLYR E 6HQWLGR VXEMHWLYR

(ODERUDSODQRVGHJRYHUQR 3DUWLFLSDFRPPHQRUSUHGRPLQkQFLD

3RGHU/HJLVODWLYR $JHQWHV SROtWLFRV

$WLYLGDGHGHDSURYDomRHFRQWUROH ([HUFHPFRPSHWrQFLDVFRQVWLWXFLRQDLV 0DQLIHVWDomRGDVREHUDQLD

3RVVXHPFRQGXWDLQGHSHQGHQWH

7DPEpPFKDPDGRGHVHQWLGRPDWHULDORXIXQFLRQDO &RPSUHHQGHD )81d2 $'0,1,675$7,9$

([HFXWDU

$WLYLGDGHGH

3UHVWDUVHUYLoR $WLYLGDGHFRQFUHWDHLPHGLDWD TXHR(VWDGRH[HUFH

&RQFHLWR

6REUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR 3DUDFRQVHFXomRGHLQWHUHVVHVFROHWLYR


L 6HUYLoR 3~EOLFR

$WLYLGDGHTXHSRUVXDHVVHQFLDOLGDGH RXUHOHYkQFLDIRUDPDVVXPLGDVSHOR (VWDGRFRPRXVHPH[FOXVLYLGDGH 3RGHUGHSROtFLD

LL 3ROtFLD $GPLQLVWUDWLYD D 6HQWLGR REMHWLYR LLL)RPHQWR $EUDQJH

$GPLQLVWUDomR 3~EOLFDHP VHQWLGRHVWULWR

$GPLQLVWUDomR3~EOLFDSRGHFRQGLFLRQDU RXUHVWULQJLURXVRHRJR]RGHEHQV GLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHP EHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR

,QFHQWLYRjLQLFLDWLYDSULYDGD GHLQWHUHVVHS~EOLFR

,QWHUYHQomR GR(VWDGRQR VHWRUSULYDGR

,QWHUYHQomRQD SURSULHGDGHSULYDGD &)DUW;;,9 ,QWHUYHQomRLQGLUHWD QRGRPtQLRHFRQ{PLFR &)DUW

0DULD6\OYLDQmRFRQVLGHUD DDWXDomRGLUHWDGR(VWDGR QRGRPtQLRHFRQ{PLFRFRPR IXQomRDGPLQLVWUDWLYD

LY,QWHUYHQomR

2EV

1HVVHFDVRR(VWDGR VXEPHWHVHDRUHJLPHMXUtGLFR GHGLUHLWRSULYDGR&)DUW

7DPEpPFKDPDGRGHVHQWLGRIRUPDORXRUJkQLFR $EUDQJHRFRQMXQWRGHyUJmRV SHVVRDVMXUtGLFDV HDJHQWHVLQWHJUDQWHVGD$GPLQLVWUDomR3~EOLFD 2%UDVLODGRWDRFULWpULRIRUPDOGH$GPLQLVWUDomR3~EOLFD E 6HQWLGR VXEMHWLYR

$VHQWLGDGHVSULYDGDVTXHSUHVWDPVHUYLoRS~EOLFRPHGLDQWHGHOHJDomR FRQFHVVLRQiULDVHSHUPLVVLRQiULDV DSHVDUGHH[HUFHUHPDWLYLGDGHV SUySULDVGDIXQomRDGPLQLVWUDWLYDQmRLQWHJUDPD$GPLQLVWUDomR3~EOLFD LÏUJmRVGDDGPLQLVWUDomRGLUHWD ,QWHJUDGDSRU

LL(QWLGDGHVGDDGPLQLVWUDomRLQGLUHWD LLL$JHQWHVDGPLQLVWUDWLYRV




$'0,1,675$d23Ò%/,&$,,,

&HQWUDOL]DomR $GPLQLVWUDWLYD

D &RQFHLWR

)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR (VWDGRH[HFXWDVXDVWDUHIDVGLUHWDPHQWHSRUPHLRGRV yUJmRVHDJHQWHVLQWHJUDQWHVGD$'0,1,675$d2',5(7$ )RUPDGLUHWDHLPHGLDWD

E ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR

)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR(VWDGR GHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV D &RQFHLWR

eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPD SDUDRXWUDSHVVRDItVLFDRXMXUtGLFD )RUPDLQGLUHWDHPHGLDWD


'HVFHQWUDOL]DomRSRUVHUYLoRV

L2XWRUJD

3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFD HDHODDWULEXLD7,78/$5,'$'(HD (;(&8d2GHVHUYLoRS~EOLFR

2FRUUHPHGLDQWH/(, 3UHVVXS}HREULJDWRULDPHQWHD HGLomRGHXPDOHLTXHLQVWLWXDD HQWLGDGHRXDXWRUL]HVXDFULDomR

'HVFHQWUDOL]DomR $GPLQLVWUDWLYD

'HVFHQWUDOL]DomRSRUFRODERUDomR

F )RUPDVGH GHVFHQWUDOL]DomR

LL'HOHJDomR

3RGHU3~EOLFRDWULEXLDXPD SHVVRDMXUtGLFDGHGLUHLWRSULYDGR D(;(&8d2GHVHUYLoRS~EOLFR 2FRUUH PHGLDQWH

&2175$72RX $7281,/$7(5$/

'HVFHQWUDOL]DomRJHRJUiILFD 7HUULWyULRVIHGHUDLV


LLL7HUULWRULDO

(QWLGDGHORFDOJHRJUDILFDPHQWH GHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRP FDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDO RXJHRJUiILFD

&)DUW &)DUW

9HU0DSD0HQWDOGH'HVFHQWUDOL]DomR$GPLQLVWUDWLYD

7pFQLFDDGPLQLVWUDWLYDGHGLVWULEXLomRLQWHUQD GHFRPSHWrQFLDVGHXPDSHVVRDMXUtGLFD 5HSDUWLomRGHIXQo}HVHQWUHYiULRVyUJmRV GHVSHUVRQDOL]DGRVVHPTXHEUDGDKLHUDUTXLD D &RQFHLWR

'HVFRQFHQWUDomRHQYROYHREULJDWRULDPHQWH XPDVySHVVRDMXUtGLFD ([ 8QLmR GLVWULEXL FRPSHWrQFLDV HQWUH GLYHUVRV yUJmRV GHVXDSUySULDHVWUXWXUDFRPRRVPLQLVWpULRV


'HVFRQFHQWUDomR $GPLQLVWUDWLYD

)RUPDGLUHWDHLPHGLDWD

F &RQWUROHH[HUFLGR &21752/( +,(5È548,&2

2FRUUHQDVUHODo}HVGHKLHUDUTXLDHGH VXERUGLQDomRH[LVWHQWHVHQWUHRVyUJmRV UHVXOWDQWHVGDGHVFRQFHQWUDomR

5(/$d2'(68%25',1$d2 $872787(/$

'HFDUiWHULQWHUQR

/HJDOLGDGH $EUDQJrQFLD

9HULILFD

([5HFXUVRKLHUiUTXLFR

0pULWR

&RQYHQLrQFLD 2SRUWXQLGDGH




$'0,1,675$d23Ò%/,&$,9'(6&(175$/,=$d2$'0,1,675$7,9$ )RUPDGHDWXDomRHPTXHR(VWDGRGHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPDSDUDRXWUDSHVVRDItVLFDRXMXUtGLFD ([HFXomRGDDWLYLGDGHSUHVWDomRGRVHUYLoR

&RQFHLWR

)RUPDLQGLUHWDHPHGLDWD 1mRKiKLHUDUTXLDQDVIRUPDVGHGHVFHQWUDOL]DomR

L2XWRUJD LL'HOHJDomR

)RUPDVGH GHVFHQWUDOL]DomR

(QWUHDDGPLQLVWUDomR GLUHWDHLQGLUHWD

2EV

LLL7HUULWRULDO JHRJUiILFD

俶 +i9,1&8/$d2 1mRKiVXERUGLQDomR

'HVFHQWUDOL]DomRSRUVHUYLoRV 7,78/$5,'$'(H

3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFDHDHODDWULEXLD 3UHVVXS}HREULJDWRULDPHQWH DHGLomRGHXPD/(,TXH

$XWRUL]HVXDFULDomR 3HVVRDMXUtGLFD GHGLUHLWRS~EOLFR

3HVVRDMXUtGLFDGH GLUHLWRSULYDGR

/HL$8725,=$D FULDomRGDHQWLGDGH

&DUDFWHUtVWLFDV

(QWHSROtWLFR

2XWRUJD

,QVWLWXDDHQWLGDGHRX

/HL&5,$DHQWLGDGH

7UDQVIHUrQFLD SRUPHLRGHOHL &)DUW;,;

GHVHUYLoRS~EOLFR

D(;(&8d2

$XWDUTXLD )XQGDomRS~EOLFD GHGLUHLWR3Ò%/,&2 )XQGDomRS~EOLFDGH GLUHLWR35,9$'2 (PSUHVDS~EOLFD 6RFLHGDGHGHHFRQRPLDPLVWD

3HUGHDGLVSRQLELOLGDGHGRVHUYLoR 3DUDUHWRPiORGHSHQGHUiGHOHL

&RQWUROHH[HUFLGR 'HSHQGHGH SUHYLVmROHJDOTXH HVWDEHOHoDPHLRVDVSHFWRVH RFDVL}HVGHFRQWUROHDWRVGHWXWHOD &21752/( ),1$/Ë67,&2

'HVFHQWUDOL]DomR $GPLQLVWUDWLYD 787(/$ $'0,1,675$7,9$

5(/$d2'( 9,1&8/$d2

$EUDQJrQFLD

9LVDDDVVHJXUDUDUHDOL]DomR GRVREMHWLYRVIL[DGRVQRVDWRV GHFRQVWLWXLomRGDHQWLGDGH

1mRKiWXWHODVHP OHLTXHDSUHYHMD

9HULILFDomRGRVUHVXOWDGRV

+DUPRQL]DomRFRPDV SROtWLFDVJRYHUQDPHQWDLV

([HUFLGRSHODDGPLQLVWUDomRGLUHWD VREUHDGPLQLVWUDomRLQGLUHWD

'HFDUiWHU H[WHUQR 6XSHUYLVmR PLQLVWHULDO

([HUFLGRSHOR0LQLVWpULRDRTXDO DHQWLGDGHHVWHMDYLQFXODGD

9HULILFDRDOFDQFHGRVREMHWLYRVGDHQWLGDGHIL[DGRVQDOHL 'HYHSUHVHUYDUDDXWRQRPLDGDHQWLGDGHGHVFHQWUDOL]DGD

([&RQWUROHVSUpYLRV1RPHDomRGHGLULJHQWHV 'HVFHQWUDOL]DomRSRUFRODERUDomR 3RGHU3~EOLFRDWULEXLDXPDSHVVRDMXUtGLFDGHGLUHLWRSULYDGRD(;(&8d2GHVHUYLoRS~EOLFR 2FRUUHPHGLDQWH&2175$72RX$7281,/$7(5$/ (IHWLYDGDSRUSUD]RGHWHUPLQDGR L3RUFRQWUDWR

'HOHJDomR

0RGDOLGDGHV

&)DUW

3HUPLVVmR

(PUHJUDQmRKiSUD]RFHUWRHPUD]mRGDSUHFDULHGDGH

(VSpFLHV

3RVVLELOLGDGHGHUHYRJDomRDTXDOTXHUWHPSR LL 3RUDWR DGPLQLVWUDWLYR

0RGDOLGDGH 2EV

7HUULWyULRV )HGHUDLV

&RQFHVVmR

$XWRUL]DomRGHVHUYLoRS~EOLFR&)DUW;,H;,, $WUDQVIHUrQFLDQmRpGDSUHVWDomRPDVVLP GDH[SORUDomRGHGHWHUPLQDGRVHUYLoRS~EOLFR

(QWLGDGHORFDOJHRJUDILFDPHQWHGHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRPFDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDORXJHRJUiILFD&)DUWVH L3HUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR

7HUULWRULDO JHRJUiILFD

LL&DSDFLGDGHGHDXWRDGPLQLVWUDomR &DUDFWHUtVWLFDV

LLL'HOLPLWDomRJHRJUiILFD LY&DSDFLGDGHDGPLQLVWUDWLYDJHQpULFD Y6XMHLomRDRFRQWUROHSHORSRGHUFHQWUDO

$WXDomRHPGLYHUVDViUHDVGRVHWRUS~EOLFR




$'0,1,675$d23Ò%/,&$Ï5*2 8QLGDGHGHDWXDomRLQWHJUDQWHGDHVWUXWXUDGD DGPLQLVWUDomRGLUHWDRXDGPLQLVWUDomRLQGLUHWD

&RQFHLWR

/HLDUW 1mRWHPSHUVRQDOLGDGHMXUtGLFD

&HQWURVGHFRPSHWrQFLDLQVWLWXtGRVSDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLVSRU PHLRGHVHXVDJHQWHVFXMDDWXDomRpLPSXWDGDjSHVVRDMXUtGLFDDTXHSHUWHQFHP 6mRWHRULDVTXHVXUJLUDPSDUDH[SOLFDUDVUHODo}HVGR(VWDGRSHVVRDMXUtGLFD FRPVHXVDJHQWHV 7HRULDDGRWDGDSHODGRXWULQDHMXULVSUXGrQFLD $SHVVRDMXUtGLFDPDQLIHVWDVXDYRQWDGHSRUPHLRGRVyUJmRVGHIRUPDTXHTXDQGRRV DJHQWHVTXHRVFRPS}HPDQLIHVWDPDVXDYRQWDGHpFRPRVHRSUySULR(VWDGRRIL]HVVH $YRQWDGHGDSHVVRDMXUtGLFDGHYHVHUDWULEXtGDDRVyUJmRV TXHDFRPS}HPVHQGRHVWHVFRPSRVWRVGHDJHQWHV

俶 7HRULD GR yUJmR

3ULQFtSLRGD LPSXWDomRYROLWLYD

$SOLFDomR FRQFUHWD

-XVWLILFDDYDOLGDGHGRVDWRV SUDWLFDGRVSRUIXQFLRQiULRGHIDWR 3HVVRDSUDWLFDDWRHVWDQGR LUUHJXODUPHQWHLQYHVWLGDQRFDUJR

)XQomR GH)DWR

0DVFRPDSDUrQFLDGHOHJDOLGDGH

2DJHQWHS~EOLFRVHULDUHSUHVHQWDQWHGR(VWDGR

7HRULDV

$JHQWHS~EOLFRVHULDHTXLSDUDGRDRUHSUHVHQWDQWH WXWRURXFXUDGRU GHSHVVRDVLQFDSD]HV

俺 7HRULD GD

(TXLSDUDDSHVVRDMXUtGLFD(VWDGR DRLQFDSD]

UHSUHVHQWDomR

&ULWtFD

3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRVFDVRV QRVTXDLVRUHSUHVHQWDQWHXOWUDSDVVDVVHRVSRGHUHVGDUHSUHVHQWDomR

2DJHQWHS~EOLFRVHULDPDQGDWiULRGR(VWDGR

俺䢢7HRULD GR

0DQGDWR

PDQGDWR

&RQWUDWRPHGLDQWHRTXDOXPDSHVVRDPDQGDQWH RXWRUJDSRGHUHV DRXWUDPDQGDWiULR SDUD TXHHVWHH[HFXWHGHWHUPLQDGRVDWRVHP QRPHGRPDQGDQWHHVREUHVSRQVDELOLGDGHGHVWH ,QVWUXPHQWRGRFRQWUDWRGHPDQGDWR

3URFXUDomR

(VWDGRTXHQmRSRVVXLYRQWDGHSUySULDQmRSRGHRXWRUJDUPDQGDWR &UtWLFD

ÏUJmR

3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRV FDVRVQRVTXDLVRPDQGDWiULRH[RUELWDVVHRVOLPLWHVGDSURFXUDomR

L6LPSOHV

D 4XDQWRj HVWUXWXUD

&RQVWLWXtGRVSRUXPVyFHQWURGHFRPSHWrQFLD

'HVFRQFHQWUDomRLQWHUQD 5H~QHPHPVXDHVWUXWXUDGLYHUVRVyUJmRV

LL&RPSRVWR

([ eRTXHRFRUUHFRPRV0LQLVWpULRVHDV6HFUHWDULDV E 4XDQWRj DWXDomR IXQFLRQDO

L6LQJXODU

0RQRFUiWLFRGHFLV}HVVmRDWULEXLomRGHXP~QLFRDJHQWH

LL&ROHJLDGR

$WXDPHGHFLGHPPHGLDQWHPDQLIHVWDomRFRQMXQWDGHVHXVPHPEURV 2ULJLQiULRVGD&RQVWLWXLomR)HGHUDO 5HSUHVHQWDWLYRVGRV3RGHUHVGR(VWDGR

L,QGHSHQGHQWHV &DUDFWHUtVWLFDV

&ODVVLILFDomR

ÏUJmRVSULPiULRV

6HPVXERUGLQDomR KLHUiUTXLFDRXIXQFLRQDO

6XMHLWRVVRPHQWHDRVFRQWUROHVFRQVWLWXFLRQDLV GHXP3RGHUVREUHRRXWUR

6XERUGLQDGRVDRVFKHIHVGRVyUJmRVLQGHSHQGHQWHV )LQDQFHLUD $XWRQRPLD LL$XW{QRPRV

$GPLQLVWUDWLYD 2SHUDFLRQDO

([HUFHPIXQo}HVSUHFtSXDVGHSODQHMDPHQWR VXSHUYLVmRFRRUGHQDomRHFRQWUROHGDVDWLYLGDGHV

F 4XDQWRj SRVLomR HVWDWDO

([0LQLVWpULRV6HFUHWDULDVGH(VWDGR$GYRFDFLD*HUDOGD8QLmR 6XMHLWRVjVXERUGLQDomRHDRFRQWUROHKLHUiUTXLFR

LLL6XSHULRUHV

'HWrP SRGHUGH

'LUHomR

&RQWUROH 'HFLVmR &RPDQGR

1mRJR]DPGHDXWRQRPLDILQDQFHLUDDGPLQLVWUDWLYDHRSHUDFLRQDO ([6HFUHWDULDGR7HVRXUR1DFLRQDO671 LY6XEDOWHUQRV

([HUFHPDWULEXLo}HVGHPHUDH[HFXomR




$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(, 3HVVRDMXUtGLFDGH',5(,723Ò%/,&2GH FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD

D &RQFHLWR

6HUYLoRDXW{QRPRFULDGRSRUOHLFRPSHUVRQDOLGDGHMXUtGLFD SDWULP{QLRHUHFHLWDSUySULRVSDUDH[HFXWDU$7,9,'$'(67Ë3,&$6 GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUDVHXPHOKRU IXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD ([%DQFRFHQWUDO&RPLVVmRGH9DORUHV0RELOLiULRV&90 ,EDPD L$XWDUTXLDFRPXP LL$XWDUTXLDIXQGDFLRQDO

$XWDUTXLD

eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGH MXUtGLFDSUySULDFULDGDSDUDSUHVWDUVHUYLoRV JHQpULFRVjVRFLHGDGH

LLL $XWDUTXLD WHUULWRULDO E (VSpFLHV

)XQGDomRS~EOLFDGHGLUHLWRS~EOLFR

7HUULWyULRVIHGHUDLV

LY $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD

&RQVHOKRVGHILVFDOL]DomR GHSURILVV}HV

1DIRUPDGH DVVRFLDomRS~EOLFD

Y $XWDUTXLD LQWHUIHGHUDWLYD

&RQVyUFLRVS~EOLFRV

,QWHJUDDDGPLQLVWUDomRLQGLUHWD GHPDLVGHXPHQWHIHGHUDGR

9HU0DSDV0HQWDLVGH$XWDUTXLDV,H$XWDUTXLDV,, 'RWDGRGHSHUVRQDOLGDGHMXUtGLFDGH',5(,72 3Ò%/,&2RXGH',5(,7235,9$'2 3DWULP{QLR

(QWLGDGHV HP(VSpFLH

D &RQFHLWR

'HVWLQDGRSRUOHLjSUHVWDomRGH DWLYLGDGHVS~EOLFDVQDiUHDVRFLDO

$WULEXLomRGHSHUVRQDOLGDGHMXUtGLFDDGHWHUPLQDGR SDWULP{QLRGHVWLQDGRDILPHVSHFtILFR ÈUHDGHDWXDomR

/HLFRPSOHPHQWDU

&)DUW;,;

L)XQGDomRS~EOLFDGHGLUHLWR3Ò%/,&2 &ULDomR

&ULDGDSRU/(,HVSHFtILFD &)DUW;,; 5HJLPHMXUtGLFRGH',5(,723Ò%/,&2

5HJLPH MXUtGLFR

)XQGDomR 3~EOLFD

6XEPHWHVHjVPHVPDVVXMHLo}HV HSUHUURJDWLYDVTXHFDUDFWHUL]DPR UHJLPHMXUtGLFRGHGLUHLWRS~EOLFR (VSpFLHGR JrQHURDXWDUTXLD

)XQGDomRDXWiUTXLFD

([)XQDL E 1DWXUH]D -XUtGLFD

LL)XQGDomRS~EOLFDGHGLUHLWR35,9$'2

&ULDomR

&ULDGDSRU$72GR3RGHU3~EOLFR PHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFD &)DUW;,; 5HJLPHMXUtGLFRGH',5(,7235,9$'2FRP GHUURJDo}HVGHQRUPDVGH',5(,723Ò%/,&2

5HJLPH MXUtGLFR +Ë%5,'2

([HPSORVGH LQFLGrQFLDGR GLUHLWRS~EOLFR

3UHUURJDWLYDV

,PXQLGDGH UHFtSURFD &)DUW

/LFLWDomR 6XMHLo}HV

&RQFXUVRS~EOLFR 9HGDomRGH DFXPXODomRGHFDUJR




$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(,,

D &RQFHLWR

3HVVRDMXUtGLFDGH',5(,7235,9$'2LQWHJUDQWHGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDSHOR3RGHU3~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE TXDOTXHUIRUPDMXUtGLFDHFRPFDSLWDOH[FOXVLYDPHQWHS~EOLFR

$72GR 3RGHU3~EOLFR

E &ULDomR

&ULDomRGH 6XEVLGLiULD

,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH

&&DUW &)DUW;,;

$SyVDXWRUL]DomRHPOHLHVSHFtILFD

&)DUW;;

1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR

5HJLPHMXUtGLFRGHGLUHLWRSULYDGR

L([SORUD DWLYLGDGH HFRQ{PLFD

(PSUHVD 3~EOLFD

俺 1mRSUHFLVDVHUDXWRUL]DomRHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO

'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,, 5HJLPHMXUtGLFRGH GLUHLWRSULYDGR

F 5HJLPH MXUtGLFR

LL3UHVWD VHUYLoRS~EOLFR

'HUURJDGRSRU

&)

5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR

([

&)DUW

/HL &)DUW L)RUPDGHRUJDQL]DomR G 7UDoRV GLVWLQWRV

LL&RPSRVLomRGRFDSLWDO

H 5HJLPHGHSHVVRDO

D &RQFHLWR

(PSUHJR3~EOLFR

-XVWLoD )HGHUDO

([FHWRFDXVDVWUDEDOKLVWDV &)DUW,

&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR

3HVVRDMXUtGLFDGH',5(,7235,9$'2LQWHJUDQWHGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDSHOR3RGHU3~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE DIRUPDGHVRFLHGDGHDQ{QLPDHFRPFDSLWDOS~EOLFRHSULYDGR

$72GR 3RGHU3~EOLFR

E &ULDomR

([FOXVLYDPHQWHS~EOLFR

(PSUHVD 3~EOLFD)HGHUDO

LLL)RURSURFHVVXDO

(QWLGDGHV HP(VSpFLH

4XDOTXHUGDVIRUPDVDGPLWLGDVQR'LUHLWR

,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH

&&DUW

$SyVDXWRUL]DomRHPOHLHVSHFtILFD

&ULDomRGH 6XEVLGLiULD

&)DUW;;

1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR

L([SORUD DWLYLGDGH HFRQ{PLFD

6RFLHGDGH GH (FRQRPLD0LVWD

&)DUW;,;

俺 1mRSUHFLVDVHUHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO

5HJLPHMXUtGLFRGHGLUHLWRSULYDGR 'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,, 5HJLPHMXUtGLFRGHGLUHLWRSULYDGR

F 5HJLPH MXUtGLFR

LL3UHVWD VHUYLoR S~EOLFR

'HUURJDGRSRU

&)

([

5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR &)DUW

/HL &)DUW L)RUPDGHRUJDQL]DomR G 7UDoRV GLVWLQWRV

LL&RPSRVLomRGRFDSLWDO LLL)RURSURFHVVXDO

H 5HJLPHGHSHVVRDO

6RFLHGDGHDQ{QLPDFDSLWDODEHUWRRXIHFKDGR &DSLWDOS~EOLFRHSULYDGR

-XVWLoDHVWDGXDO

(PSUHJR3~EOLFR

&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR




$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,($87$548,$, 6XUJHDSDUWLUGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRURXWRUJDSRUVHUYLoRVIXQFLRQDORXWpFQLFD 3HVVRDMXUtGLFDGH',5(,723Ò%/,&2GH FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD

&RQFHLWR

eFULDGDSDUDGHVHPSHQKDU$7,9,'$'(67Ë3,&$6GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUD VHXPHOKRUIXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD'/DUW, ([%DQFRFHQWUDO&RPLVVmRGH9DORUHV0RELOLiULRV&90 ,EDPD &)DUW;,;

D &ULDomRSRU OHLHVSHFtILFD

&RPLQtFLRGDYLJrQFLDGDOHLDDXWDUTXLDDGTXLUHSHUVRQDOLGDGHMXUtGLFDHHVWiLQVWLWXtGD 3RUSRVVXLUSHUVRQDOLGDGHMXUtGLFDpWLWXODUGHGLUHLWRVHREULJDo}HV

E 3HUVRQDOLGDGHMXUtGLFD GHGLUHLWRS~EOLFR

6XMHLo}HV

5HJLPHMXUtGLFRGH',5(,723Ò%/,&2

3UHUURJDWLYDV

1mRSRVVXLFDSDFLGDGHSROtWLFD $XWDUTXLDJHRJUiILFDRXWHUULWRULDO

俶 3RVVXL

L*HQpULFD

FDSDFLGDGH DGPLQLVWUDWLYD

F &DSDFLGDGH GH DXWRDGPLQLVWUDomR

([HUFHP~OWLSORVVHUYLoRV QRkPELWRGHVHXWHUULWyULR

LL(VSHFtILFD

$XWDUTXLDGHVHUYLoRRXLQVWLWXFLRQDO ([HUFHRVHUYLoRTXHOKHpDWULEXtGRSRUOHL

&DUDFWHUtVWLFDGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRUVHUYLoRVRXIXQFLRQDO 3ULQFtSLRGD HVSHFLDOL]DomR

G (VSHFLDOL]DomR GRV ILQVRXDWLYLGDGHV

&DGDDXWDUTXLDpHVSHFLDOL]DGDQDPDWpULDTXHDOHLOKHDWULEXLX 2VVHUYLoRVSUHVWDGRVUHTXHUHPPDLRUJUDXGHHVSHFLDOL]DomR

2EV(VVDFDUDFWHUtVWLFDQmRVHDSOLFDjDXWDUTXLDJHRJUiILFDRXWHUULWRULDO 6XMHLWDDFRQWUROHGDSHVVRDSROtWLFD TXHDFULRXjTXDOpYLQFXODGD

&DUDFWHUtVWLFDV

5HODomRGHYLQFXODomR &RQWUROHILQDOtVWLFR

H 6XMHLomRDRFRQWUROHRXWXWHOD 5HVSRQVDELOLGDGHREMHWLYD

I 5HVSRQVDELOLGDGHFLYLO

/LWtJLRVFRPXQVGDVDXWDUTXLDVIHGHUDLV

J -Xt]RFRPSHWHQWH

$XWDUTXLD

9HGDGRLQVWLWXLomRGHLPSRVWRVVREUHSDWULP{QLRUHQGDHVHUYLoRVGDVDXWDUTXLDV

K ,PXQLGDGH WULEXWiULD

&)DUW L)RUPDGHLQYHVWLGXUD

&RQIRUPHSUHYLVmRQDOHLRXHVWDWXWRGDDXWDUTXLD

&RPSHWrQFLD L 'LULJHQWHV

-XVWLoD)HGHUDO&)DUW,

LL1RPHDomR

&KHIHGR([HFXWLYR&)DUW;;9

3RGHUiVHUH[LJLGDQD&)RXQDOHL D DSURYDomRSUpYLDGR6HQDGR)HGHUDO

&)DUW;,9 ([%DFHQ

1mRSRGHD OHL HVWDEHOHFHU KLSyWHVHVGH H[LJrQFLDGHDSURYDomROHJLVODWLYDSUpYLD LLL([RQHUDomR

2IHQVDDRSULQFtSLRGDVHSDUDomRGRVSRGHUHV67)

D $XWDUTXLDFRPXP E $XWDUTXLDIXQGDFLRQDO

)XQGDomRS~EOLFDLQVWLWXtGDGLUHWDPHQWHSRUOHLHVSHFtILFD FRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR

eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGHMXUtGLFDSUySULD FULDGDSDUDSUHVWDUVHUYLoRVJHQpULFRVjVRFLHGDGH eXPDH[FHomRDRSULQFtSLRGDHVSHFLDOL]DomR F $XWDUTXLD WHUULWRULDO

7HUULWyULRV IHGHUDLV

,QWHJUDPD8QLmR &ULDomRSRUOHLFRPSOHPHQWDU 3UHVWDomRGHFRQWDVGHJRYHUQR

(VSpFLHV

&RQVHOKRVGH ILVFDOL]DomR GHSURILVV}HV G $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD

H $XWDUTXLD LQWHUIHGHUDWLYD

&RQJUHVVR1DFLRQDOFRPSDUHFHUSUpYLRGR7&8

(IHWXDRVVHUYLoRVGHILVFDOL]DomRGHSURILVV}HVUHJXODPHQWDGDV ([HUFHQRTXHWDQJHjVDWLYLGDGHV SURILVVLRQDLVUHJXODPHQWDGDV

3RGHUGHSROtFLD 3RGHUGHWULEXWDU 3RGHUGHSXQLU

67)

1mRHVWi QD DGPLQLVWUDomRLQGLUHWD

0DVSRVVXLQDWXUH]DMXUtGLFDGHGLUHLWRS~EOLFR

1mRLQFOXL2

%$1DIRUPDGHDVVRFLDomRS~EOLFD

&RQVyUFLRVS~EOLFRV&)DUWFF&&DUW,9

,QWHJUDDDGPLQLVWUDomRLQGLUHWDGHPDLVGHXPHQWHIHGHUDGR




$87$548,$,,$*Ç1&,$65(*8/$'25$6 L&ULVHILQDQFHLUDILVFDO

5HIRUPDGD $GPLQLVWUDomR 3~EOLFD

&RQWH[WRGH VXUJLPHQWR

D 3UREOHPDV

L*HVWmRSULYDGDGHVHUYLoRVS~EOLFRV 3ULYDWL]DomRHP VHQWLGRDPSOR

E 6ROXomR SURSRVWD

$XWDUTXLDVREUHJLPH HVSHFLDOFRPDDWULEXLomR GHH[HUFHUD5(*8/$d2

'HILQLomR

LL,QHILFLrQFLDQDSUHVWDomRGRVVHUYLoRVS~EOLFRV

2EV

LLL'HVUHJXODomR

GHVHUYLoRVS~EOLFRV HFRQ{PLFRVFRPHUFLDLV HLQGXVWULDLV

3ULYDWL]DomRHP VHQWLGRHVWULWR

5HGXomRGDLQWHUYHQomR QDDWLYLGDGHHFRQ{PLFD

&RQFHVV}HVHSHUPLVV}HV GHVHUYLoRVS~EOLFRV

&)DUW

([$QDWHO

(VWDGRFRPRDJHQWHUHJXODGRU GDDWLYLGDGHHFRQ{PLFD

GH DWLYLGDGHV HFRQ{PLFDV

([LVWHPDLQGDDTXHODVTXHH[HUFHP IXQomRGHSROtFLDDGPLQLVWUDWLYD

LL'HVHVWDWL]DomR

&)DUW

([$13

,PS}HPOLPLWDo}HVDGPLQLVWUDWLYDVSUHYLVWDVHP OHLILVFDOL]DPUHSULPHPDSOLFDPSHQDOLGDGHV ([$1$$QYLVD$16

1mRKiREULJDWRULHGDGHH[SUHVVDQRRUGHQDPHQWRMXUtGLFRGHTXHDVDJrQFLDV UHJXODGRUDVVHFRQVWLWXDPQDIRUPDGHDXWDUTXLDV1RHQWDQWRGHYHPHPUD]mRGD QDWXUH]DGDDWLYLGDGHTXHGHVHPSHQKDPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR 'HQDWXUH]DWpFQLFD L)XQomR QRUPDWLYD

5HJXODPHQWDomRVREUHPDWpULDGHRUGHPWpFQLFD FRPEDVHQRVSDUkPHWURVHQDVGLUHWUL]HVGDOHL 5HDOL]DSURFHGLPHQWRVOLFLWDWyULRVSDUDHVFROKDGH FRQFHVVLRQiULRRXSHUPLVVLRQiULRGHVHUYLoRS~EOLFR

D ([HUFH

$JrQFLD 5HJXODGRUD

&HOHEUDFRQWUDWRVGHFRQFHVVmR HSHUPLVVmRGHVHUYLoRS~EOLFR

LL)XQomR DGPLQLVWUDWLYD

3UDWLFDDWRXQLODWHUDOGHRXWRUJDGDDXWRUL]DomR )LVFDOL]DDH[HFXomRGHDWLYLGDGHVVREVXDFRPSHWrQFLD

$SOLFDVDQo}HVDGPLQLVWUDWLYDV 5HVROXomRGHFRQIOLWRVDIHWRVjiUHDUHJXODGD

LLL)XQomR TXDVHMXGLFLDO

,QVWkQFLDDGPLQLVWUDWLYD &DUiWHUILQDOGHVXDVGHFLV}HV

L$XWRQRPLD GHFLVyULD

&DUDFWHUtVWLFDV

E 3RVVXL

1mRSDVVtYHLVGHDSUHFLDomRSRURXWURVyUJmRV RXHQWLGDGHVGD$GPLQLVWUDomR3~EOLFD 5HODWLYDHVWDELOLGDGH GHVHXVGLULJHQWHV

LL$XWRQRPLD DGPLQLVWUDWLYD

,QYHVWLGXUDDWHUPRPDQGDWRIL[R 9HGDGDH[RQHUDomRDGQXWXP

3RVVXLUHFXUVRVSUySULRV

LLL$XWRQRPLD ILQDQFHLUD

,QVWLWXLomRGHWD[DVGHUHJXODomR 6HXVDWRVQRUPDWLYRVQmRSRGHPFRQIOLWDU FRPQRUPDVFRQVWLWXFLRQDLVHOHJDLV

L&RQWUROH GR /HJLVODWLYR

F &RQWUROH

6XMHLWDDRFRQWUROHHjILVFDOL]DomR GR&RQJUHVVR1DFLRQDO 6XMHLWDDRFRQWUROHILQDQFHLUR FRQWiELOHRUoDPHQWiULR

&)DUW; &)DUW

7XWHODDGPLQLVWUDWLYDRXFRQWUROHILQDOtVWLFR LL&RQWUROHGR ([HFXWLYR

([HUFLGRSHOR0LQLVWpULRD TXHVHDFKDYLQFXODGD

6XSHUYLVmRPLQLVWHULDO &)DUWLQF,

6XMHLWDDRFRQWUROHMXULVGLFLRQDO LLL &RQWUROHGR -XGLFLiULR

)LQDOLGDGH

([HUFHURFRQWUROH HDILVFDOL]DomR

L'RVVHUYLoRVS~EOLFRV

3ULQFtSLRGDLQDIDVWDELOLGDGHGDMXULVGLomR

&)DUWLQF;;;9 'HOHJDGRV /LYUHV

LL'HDWLYLGDGHVGHLQWHUHVVHS~EOLFR




5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,

'HILQLomR

3HVVRDVSULYDGDVVHPILQVOXFUDWLYRVTXHH[HUFHPDWLYLGDGHVGHLQWHUHVVH S~EOLFRPDVQmRH[FOXVLYDVGR(VWDGRUHFHEHQGRIRPHQWRGR3RGHU3~EOLFR HTXHQmRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO

L(QWLGDGHVSULYDGDVVHPILQDOLGDGHOXFUDWLYD LL([HUFHPDWLYLGDGH GHLQWHUHVVHS~EOLFR

6HUYLoRV QmRH[FOXVLYRV GR(VWDGRDRVTXDLV R3RGHU3~EOLFRGLVSHQVDHVSHFLDOSURWHomR

LLL 5HFHEHP LQFHQWLYR GR3RGHU3~EOLFR

)RPHQWR

&DUDFWHUtVWLFDV

6HJXQGR0DULD6\OYLDSRUHVVDUD]mRVXMHLWDPVH DRFRQWUROHSHOD$GPLQLVWUDomR3~EOLFDHSHOR7&8

6HWRU3~EOLFR1mR(VWDWDO LY,QWHJUDPR 7HUFHLUR6HWRU

1mRDEUDQJHPDVHQWLGDGHVGD$GPLQLVWUDomR,QGLUHWD 2EV

3ULPHLUR6HWRU

&RPSRVWRSHOR(VWDGR

6HJXQGR6HWRU

&RPSRVWRSHORPHUFDGR

6mRSHVVRDVMXUtGLFDVSULYDGDVFULDGDVHPUHJUDSRUHQWLGDGHV SULYDGDVUHSUHVHQWDWLYDVGHFDWHJRULDVHFRQ{PLFDV&RQIHGHUDomR 1DFLRQDOGD,QG~VWULD&RQIHGHUDomR1DFLRQDOGR&RPpUFLRHWF DSyVDXWRUL]DomRHPOHLPDQWLGDVSRUFRQWULEXLo}HVSDUDILVFDLV 6HVF6HUYLoR6RFLDOGR&RPpUFLR D 'HILQLomR

([

6HQDF6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO 6HVL6HUYLoR6RFLDOGD,QG~VWULD 6HQDL6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO


/HLDXWRUL]DGRUD

E &ULDomR

6HUYLoRV 6RFLDLV $XW{QRPRV

F )LQDOLGDGH

$WRGDUHVSHFWLYD HQWLGDGH UHSUHVHQWDWLYD

,QLFLDOPHQWHVXDFULDomRpSUHYLVWDHPOHL $DTXLVLomRGHSHUVRQDOLGDGHMXUtGLFDRFRUUH TXDQGRDHQWLGDGHSULYDGDLQVWLWXLGRUDLQVFUHYH RUHVSHFWLYRDWRFRQVWLWXWLYRQRUHJLVWURFLYLOGDV SHVVRDVMXUtGLFDV&yGLJR&LYLODUW 3RVVXHPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR

3UHVWDPDWLYLGDGHVRFLDOFRPRDVVLVWrQFLDHHQVLQR SURILVVLRQDOL]DQWHDRVUHVSHFWLYRVJUXSRVVRFLDLVRXSURILVVLRQDLV L3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRV LL 0DQWLGRV SRU FRQWULEXLo}HVSDUDILVFDLV

7ULEXWR 1DWXUH]DFRPSXOVyULD &)DUW

LLL&RODERUDPFRP R3RGHU3~EOLFR

3UHVWDPDWLYLGDGHVRFLDO 1RUPDOPHQWHGLUHFLRQDGDSDUDSUHVWDomR GHXPVHUYLoRGHXWLOLGDGHS~EOLFD 1RPHDomRGHGLULJHQWHV

G &DUDFWHUtVWLFDV 5HJXODPHQWR LY&RQWUROHSHOR 3RGHU3~EOLFR

1RUPDOPHQWHDSURYDGRV SRUGHFUHWRV

6XSHUYLVmR0LQLVWHULDO 6XMHLWRV j MXULVGLomR GR7&8

'/DUW $GPLQLVWUDP UHFXUVRVS~EOLFRV

1mRVHVXMHLWDP j/HL-XULVSUXGrQFLD7&8




5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,, $SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGR

4XDOLILFDomRFRQFHGLGD SHOR3RGHU([HFXWLYR

6HPILQVOXFUDWLYRV 3DUDSUHVWDUDWLYLGDGHGHLQWHUHVVHFROHWLYR

L 3HVTXLVD&LHQWtILFD LL (QVLQR

ÈUHDGHDWXDomR 3(7&X0$6

LLL'HVHQYROYLPHQWR 7HFQROyJLFR LY &XOWXUD Y 0HLR $PELHQWH

D 'HILQLomR

YL 6D~GH 3URJUDPD1DFLRQDOGH3XEOLFL]DomR (VWDEHOHFHUGLUHWUL]HVHFULWpULRVSDUDDTXDOLILFDomRGH26

2EMHWLYR

313

$EVRUomRGHDWLYLGDGHVGHVHQYROYLGDVSRUHQWLGDGHVHyUJmRV S~EOLFRVGD8QLmRTXHDWXHPQDViUHDVFLWDGDV3(7&X0$6

)LQDOLGDGH

'HYHPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR 1mRSRGHP WHU ILQDOLGDGHOXFUDWLYD

E 5HTXLVLWRVGH KDELOLWDomR

'HYHPDWXDUHPDWLYLGDGHVUHODFLRQDGDVjViUHDVFLWDGDV3(7&X0$6 1mRVmRGHOHJDWiULDVGHVHUYLoRVS~EOLFRV

2EV

2UJDQL]Do}HV 6RFLDLV26

'HYHPLQYHVWLURVH[FHGHQWHVILQDQFHLURV QRGHVHQYROYLPHQWRGDVSUySULDVDWLYLGDGHV

$WRGH TXDOLILFDomR F 4XDOLILFDomR 0RWLYR

G 'HVTXDOLILFDomR

)RUPD

1mRH[HUFHPDWLYLGDGHVS~EOLFDVHP QRPHGR(VWDGR 'LVFULFLRQiULR &RPSHWrQFLD

LL7LWXODUGRyUJmR

3URFHVVRDGPLQLVWUDWLYR 5HYHUVmR

9tQFXORGHSDUFHULD TXHHQYROYH 'HILQLomR

L0LQLVWUR

'HVFXPSULPHQWRGDVGLVSRVLo}HVFRQWLGDVQRFRQWUDWRGHJHVWmR

&RQVHTXrQFLD


6HJXQGRFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH

$VVHJXUDGDDDPSODGHIHVD

'RVEHQVSHUPLWLGRV 'RVYDORUHVHQWUHJXHVjXWLOL]DomRGD26 )RPHQWRGR3RGHU3~EOLFR ([HFXomRGHDWLYLGDGHVSHOD26 UHODFLRQDGDVjViUHDVFLWDGDV3(7&X0$6

,QVWUXPHQWRILUPDGRHQWUHR3RGHU3~EOLFRHDHQWLGDGHTXDOLILFDGDFRPR26 YLVDQGRDIRUPDomRGHSDUFHULDHQWUHDVSDUWHVSDUDIRPHQWRHH[HFXomRGH DWLYLGDGHVUHODWLYDVjViUHDVFLWDGDV3(7&X0$6 /HL 3URJUDPDGHWUDEDOKRSURSRVWRSHOD26

H &RQWUDWR GHJHVWmR

0HWDVDVHUHPDWLQJLGDV

$EUDQJH

3UD]RVGHH[HFXomR

([HFXomR

&ULWpULRVREMHWLYRVGHDYDOLDomRGHGHVHPSHQKR 2EV$H[HFXomRVHUiILVFDOL]DGDSHORyUJmRRXHQWLGDGH VXSHUYLVRUDGDUHVSHFWLYDiUHDGHDWXDomR L5HFXUVRVRUoDPHQWiULRV $EUDQJH

)RPHQWR

LL%HQVS~EOLFRV

'LVSHQVDGDOLFLWDomR 3HUPLVVmRGHXVR

LLL&HVVmRHVSHFLDOGHVHUYLGRU 4XDOLILFDomRMXUtGLFDDWULEXtGDDDOJXPDVSHVVRDVGHGLUHLWR SULYDGRHPUD]mRGDV DWLYLGDGHVTXHYHQKDPDGHVHQYROYHUHPUHJLPHGHSDUFHULDFRPR3RGHU3~EOLFR D 'HILQLomR

3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRVLQVWLWXtGDVSRUSDUWLFXODUHVSDUD GHVHPSHQKDUVHUYLoRVVRFLDLVQmRH[FOXVLYRVGR(VWDGRFRPLQFHQWLYRHILVFDOL]DomR GR3RGHU3~EOLFRPHGLDQWHYtQFXORMXUtGLFRLQVWLWXtGRSRUWHUPRGHSDUFHULD/HL 'HVHPSHQKDPDWLYLGDGHVGHLQWHUHVVHS~EOLFRSRUPHLRGHWHUPRGHSDUFHULD 6RFLHGDGHVVHP ILQVOXFUDWLYRV

26&,3 E &DUDFWHUtVWLFDV

$WRGH TXDOLILFDomR

1mRGLVWULEXHPHQWUHVyFLRVDVVRFLDGRVFRQVHOKHLURV GLUHWRUHVRXHPSUHJDGRVOXFURVGLYLGHQGRVERQLILFDo}HV SDUWLFLSDo}HVRXSDUFHODVGRSDWULP{QLR

9LQFXODGR

$WHQGLGRVRVUHTXLVLWRVSUHYLVWRVQDOHL pH[SHGLGRFHUWLILFDGRGHTXDOLILFDomR

&RPSHWrQFLD 7HUPRGH SDUFHULD

0LQLVWURGD-XVWLoD

9tQFXORMXUtGLFR (VWDEHOHFHXPYtQFXORGHFRRSHUDomRHQWUHD26HR3RGHU3~EOLFR




&2175$72'(*(672 ,QVWUXPHQWRLQVHULGRQR'LUHLWR$GPLQLVWUDWLYRDSDUWLUGDUHIRUPD DGPLQLVWUDWLYDWDPEpPFKDPDGRSHODGRXWULQDGH$FRUGR3URJUDPD LÏUJmRRXHQWLGDGHGD $GPLQLVWUDomR3~EOLFD $MXVWHILUPDGRHQWUHD DGPLQLVWUDomRGLUHWDH

&RQFHLWR

&)DUWLQFOXtGRSHOD(& /HL

LL$XWDUTXLDRXIXQGDomRS~EOLFD

/HL

LLL2UJDQL]DomRVRFLDO

1mRSRVVXLFDUDFWHUtVWLFDVGHFRQWUDWR 2EV

,QVWUXPHQWRGHFRQWUROHSRUUHVXOWDGR &RQWH[WR

$GPLQLVWUDomRJHUHQFLDO

$(&LQVHULXQRGRDUWDEDVHFRQVWLWXFLRQDOSDUDFHOHEUDomR GRFRQWUDWRGHJHVWmRFRPDDGPLQLVWUDomRGLUHWDHDLQGLUHWD D ÏUJmRRX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD

/LJDGRDRSULQFtSLRGDHILFLrQFLDHVWDEHOHFHXPPHLRSDUDRFRQWUROH GHUHVXOWDGRVGD$GPLQLVWUDomR3~EOLFDDGPLQLVWUDomRJHUHQFLDO (VWDEHOHFHURFRQWUROH GHUHVXOWDGRVPHGLDQWH 2EMHWLYR

)L[DomRGHPHWDVGHGHVHPSHQKR &RQWUROHVHFULWpULRVGH DYDOLDomRGHGHVHPSHQKR

$PSOLDUDDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGRVyUJmRVHHQWLGDGHV

$/HLDXWRUL]RXR3RGHU([HFXWLYRDTXDOLILFDUFRPR$*Ç1&,$ (;(&87,9$DDXWDUTXLDRXDIXQGDomRS~EOLFDTXHDWHQGHQGRDGHWHUPLQDGRV UHTXLVLWRVFHOHEUHFRQWUDWRGHJHVWmRFRPRPLQLVWpULRVXSHUYLVRU 1mRVHWUDWDGHQRYRWLSRGHSHVVRDMXUtGLFD $JrQFLD ([HFXWLYD

俶 7UDWDVHGH48$/,),&$d2FRQFHGLGD

jVDXWDUTXLDVHjVIXQGDo}HVS~EOLFDV

(VWDEHOHFHURFRQWUROHGHUHVXOWDGRV 2EMHWLYR

&RQWUDWR GH*HVWmR

$PSOLDUDDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGDVHQWLGDGHVTXDOLILFDGDV L 7HU XPSODQRHVWUDWpJLFRGHUHHVWUXWXUDomRH GHGHVHQYROYLPHQWRLQVWLWXFLRQDOHPDQGDPHQWR

E $XWDUTXLD RX IXQGDomR S~EOLFD

&HOHEUDGR FRP

5HTXLVLWRVGH TXDOLILFDomR

4XDOLILFDomR

2EMHWLYDDPHOKRULDGDTXDOLGDGH GDJHVWmRHDUHGXomRGHFXVWRV LL7HUFHOHEUDGR&RQWUDWRGH *HVWmRFRP RUHVSHFWLYR0LQLVWpULRVXSHUYLVRU &RQFHGLGDSRUGHFUHWRGR3UHVLGHQWHGD5HS~EOLFD &HOHEUDGRFRPSHULRGLFLGDGHPtQLPDGHXPDQR

&RQWUDWR GH*HVWmR

2EMHWLYRVPHWDVHLQGLFDGRUHVGH GHVHPSHQKRGDHQWLGDGH

(VWDEHOHFH

5HFXUVRVQHFHVViULRVHRVFULWpULRVH LQVWUXPHQWRVSDUDDYDOLDomRGRVHXFXPSULPHQWR

(VWDEHOHFHUXPDUHODomRGHSDUFHULDFRP HQWLGDGHVVHPILQVOXFUDWLYRVSXEOLFL]DomR 5HVWULQJLUDDXWRQRPLDGDSHVVRDSULYDGD 2EMHWLYR

(ODSDVVDDVXMHLWDUVHjVH[LJrQFLDVFRQWLGDVQRFRQWUDWRDR DWLQJLPHQWRGRVUHVXOWDGRVSDFWXDGRVHDRFRQWUROHUHODWLYRj JHVWmRGRVEHQVHGRVUHFXUVRVS~EOLFRVDHODFRQFHGLGRV 23RGHU3~EOLFRGHVWLQDUHFXUVRVHFREUDRDWLQJLPHQWR GHPHWDVQDSUHVWDomRGHVHUYLoRVGHLQWHUHVVHS~EOLFR

(VWDEHOHFHXPYtQFXORGHSDUFHULD F 2UJDQL]DomR VRFLDO

3URJUDPDGHWUDEDOKR L ([HFXomR FRPSHWHj26 &RQWUDWR GH*HVWmR

(QYROYH

0HWDV 3UD]RVGHH[HFXomR &ULWpULRVREMHWLYRVGH DYDOLDomRGHGHVHPSHQKR

LL )RPHQWR FRPSHWH DR 3RGHU3~EOLFR

5HFXUVRVRUoDPHQWiULRV %HQV S~EOLFRV

'LVSHQVDGDOLFLWDomR 3HUPLVVmRGHXVR

&HVVmRHVSHFLDOGHVHUYLGRU




35,1&Ë3,26$'0,1,675$7,926, 3ULQFtSLRLPSOtFLWR

1DVUHODo}HVMXUtGLFDVHPTXHR(VWDGRDWXHFRPRUHSUHVHQWDQWHGD VRFLHGDGHVHXVLQWHUHVVHVSUHYDOHFHPFRQWUDLQWHUHVVHVSDUWLFXODUHV 'HFODUDDVXSHULRULGDGHGRLQWHUHVVHGDFROHWLYLGDGH GHWHUPLQDQGRDSUHYDOrQFLDGHOHVREUHRSDUWLFXODU

D &RQFHLWR

L,QWHUHVVHSULPiULRGR(VWDGR E 'HYHVH GLVWLQJXLU

6XSUHPDFLDGR LQWHUHVVHS~EOLFR

LL,QWHUHVVH VHFXQGiULRGR(VWDGR

,QWHUHVVHS~EOLFRSURSULDPHQWHGLWR 'LPHQVmRS~EOLFDGRVLQWHUHVVHVLQGLYLGXDLV

,QWHUHVVHV,QGLYLGXDLVGR(VWDGR 6RPHQWHYiOLGRVTXDQGRLQVWUXPHQWDLVDRLQWHUHVVHS~EOLFR 3UHVXQomRGHOHJLWLPLGDGHH YHUDFLGDGHGRVDWRVDGPLQLVWUDWLYRV

F &RQVHTXrQFLDV GRSULQFtSLR

3RGHUGHLPSpULRRXH[WURYHUVR

35(552*$7,9$6

$XWRH[HFXWRULHGDGHGRVDWRVDGPLQLVWUDWLYRV 2XWUDV

3ULQFtSLRLPSOtFLWR 2LQWHUHVVHS~EOLFRTXDOLILFDGRFRPRSUySULR GDFROHWLYLGDGHpLQGLVSRQtYHOLQDSURSULiYHO 1D$GPLQLVWUDomR3~EOLFDRVEHQVHLQWHUHVVHVQmR HVWmRjOLYUHGLVSRVLomRGDYRQWDGHGRDGPLQLVWUDGRU

D &RQFHLWR

eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGHDTXHHVWmRDGVWULWRV

,QGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR

3ULQFtSLRGDOHJDOLGDGH 2EULJDWRULHGDGHGRGHVHPSHQKRGDDWLYLGDGHS~EOLFD E &RQVHTXrQFLDV GRSULQFtSLR

68-(,d®(6

,QDOLHQDELOLGDGHGRVGLUHLWRV FRQFHUQHQWHVDLQWHUHVVHVS~EOLFRV 2XWUDV

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW

3ULQFtSLRV $GPLQLVWUDWLYRV

3DUDR SDUWLFXODU

0DULD 6\OYLD

6LJQLILFDDXWRQRPLD GDYRQWDGH

3RGHID]HUWXGRRTXHDOHLQmRSURtEH &),,

1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGH ID]HUDOJXPDFRLVDVHQmRHPYLUWXGHGHOHL

6LJQLILFDYRQWDGHOHJDO

3DUD$GPLQLVWUDomR3~EOLFD

$$GPLQLVWUDomR3~EOLFDVy SRGHID]HURTXHDOHLSHUPLWH

1D$GPLQLVWUDomR3~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO

/HJDOLGDGH +HO\/RSHV

(QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQD$GPLQLVWUDomR3~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D eSULQFtSLRHVSHFtILFRGR(VWDGRGH'LUHLWR

&HOVR $QW{QLR

)UXWRGDVXEPLVVmRGR(VWDGRjOHL

2VLQWHUHVVHVS~EOLFRVVmRGHILQLGRV SHOR/HJLVODWLYRTXHUHSUHVHQWDRSRYR

6XUJHFRPR GHFRUUrQFLD QDWXUDOGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR

6XEPLVVmRGDIXQomRDGPLQLVWUDWLYDDWRVFRQFUHWRV j IXQomROHJLVODWLYDDWRVJHUDLVLPSHVVRDLVHDEVWUDWRV

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 2VDWRVHSURYLPHQWRVDGPLQLVWUDWLYRVVmRLPSXWDGRVDRyUJmR RXjHQWLGDGHDTXHVHYLQFXODRDJHQWHS~EOLFRQmRDHOHSUySULR

0DULD 6\OYLD

D &RPUHODomRj $GPLQLVWUDomR 3~EOLFD

7HRULD GRyUJmR

俶 5HODomR GH

,0387$d2

,PSHVVRDOLGDGH E &RPUHODomR DRVDGPLQLVWUDGRV eRPHVPR SULQFtSLRGDILQDOLGDGH +HO\/RSHV

$VSHVVRDVMXUtGLFDVH[SUHVVDPVXD YRQWDGHSRUPHLRGRVVHXVyUJmRV

(VWiHQWUHODoDGRFRPR SULQFtSLRGDLJXDOGDGH

5HODFLRQDGR DRSULQFtSLR GDILQDOLGDGH

$DWLYLGDGHGRVyUJmRV LGHQWLILFDVHHUHODFLRQDVH FRPDGDHQWLGDGH

eVHPSUHRLQWHUHVVHS~EOLFRTXHGHYH QRUWHDURFRPSRUWDPHQWRGDDGPLQLVWUDomR 4XDOTXHUDWRGD$GPLQLVWUDomR3~EOLFDGHYH ]HODUSHORLQWHUHVVHS~EOLFRQmRSHVVRDO

,PS}HDRDGPLQLVWUDGRUS~EOLFRTXH VySUDWLTXHRDWRSDUDRVHXILPOHJDO $ILQDOLGDGHWHPVHPSUHFRPRREMHWLYR FHUWRHLQDIDVWiYHORLQWHUHVVHS~EOLFR ,PS}Hj$GPLQLVWUDomRWUDWDULJXDOPHQWHDWRGRV TXHHVWHMDPQDPHVPDVLWXDomRIiWLFDHMXUtGLFD




35,1&Ë3,26$'0,1,675$7,926,, 3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 1mRVHWUDWDGDPRUDOFRPXP

$FHSomRVXEMHWLYD

$FHSomRREMHWLYD 7UDWDVH GD PRUDOMXUtGLFD

D &RQFHLWR

0RUDOLGDGH

&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGD GLVFLSOLQDLQWHULRUGD$GPLQLVWUDomR3~EOLFD 0RUDOLQWHUQDGDLQVWLWXLomRFRPSOHPHQWDUjOHL 2VDWRVGHYHPVHUDOpPGHOHJDLVKRQHVWRVH VHJXLURVERQVFRVWXPHVHDERDDGPLQLVWUDomR

E 7HRULD GRV FtUFXORV FRQFrQWULFRV

$QWLJDpDGLVWLQomRHQWUHPRUDOHGLUHLWRDPERVUHSUHVHQWDGRVSRUFtUFXORV FRQFrQWULFRVVHQGRRPDLRUFRUUHVSRQGHQWHjPRUDOHRPHQRUDRGLUHLWR

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 5HJUD

7RGRVRVDWRVGHYHPVHUS~EOLFRVJDUDQWLQGRDWUDQVSDUrQFLDHVWDWDO 'HYHPVHUOHJDOPHQWHSUHYLVWDVHWDPEpPDWHQGHUHPDRLQWHUHVVHS~EOLFR

([FHo}HV DRSULQFtSLR

3XEOLFLGDGH

2EV

&)DUW;;;,,,

6HJXUDQoD1DFLRQDO ([

'HIHVDGDLQWLPLGDGH

&)DUW/;

3XEOLFDomRRILFLDOGRVDWRV H[WHUQRVGDDGPLQLVWUDomRS~EOLFD

eUHTXLVLWRGHHILFiFLD 1mRpSUHVVXSRVWRGHYDOLGDGH

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXWLQVHULGRSHOD(&

(ILFLrQFLD

3UHJDDPD[LPL]DomRGHUHVXOWDGRVQDDWXDomRGD $GPLQLVWUDomR3~EOLFDTXHGHYHVHUUiSLGD~WLOHFRQ{PLFD 3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW/,9 L$GHTXDomR 2SULQFtSLR FRQGX]jV LGHLDVGH

3ULQFtSLRV $GPLQLVWUDWLYRV

&RQGXWDDSWDDSURGX]LURVHIHLWRVGHVHMDGRV &RQGXWDGHQWURGRVSDGU}HV QRUPDLVGHDFHLWDELOLGDGH

LL1HFHVVLGDGH

,QH[LVWrQFLDGHRXWURPHLRPHQRV JUDYRVRSDUDDOFDQoDURILPGHVHMDGR

D &RQFHLWR

5D]RDELOLGDGHH SURSRUFLRQDOLGDGH

3RQGHUDomRHQWUH

LLL3URSRUFLRQDOLGDGH

0HLRVHPSUHJDGRV )LQVDOFDQoDGRV

/LPLWDomRjGLVFULFLRQDULHGDGHDGPLQLVWUDWLYD $PSOLDomRGRkPELWRGHDSUHFLDomRGRDWRDGPLQLVWUDWLYRSHOR3RGHU-XGLFLiULR

E $SOLFDomR

3RGHU-XGLFLiULRDSUHFLD VHDVUHVWULo}HVVmR

$GHTXDGDV -XVWLILFDGDVSHORLQWHUHVVHS~EOLFR

)RUPDGHFRQWUROHGRH[FHVVRGHSRGHU &DEHj$GPLQLVWUDomR3~EOLFDUHYHUVHXVSUySULRVDWRVDQXODQGR RVLOHJDLVHUHYRJDQGRRVLQFRQYHQLHQWHVRXLQRSRUWXQRV eFRQWUROHLQWHUQR D &RQFHLWR

'LIHUHQWHGDWXWHODTXHpFRQWUROHH[WHUQRVXMHLomRH[HUFLGDSRURXWUDSHVVRD

eRSRGHUTXHWHPD$GPLQLVWUDomRSDUDUHYHUVHXVSUySULRVDWRV

L$VSHFWRGHOHJDOLGDGHHOHJLWLPLGDGH

$XWRWXWHOD

E $EUDQJrQFLD

6~PXOD67)

LL$VSHFWRGHPpULWR

&RQGX]D

$QXODomR &RQYDOLGDomR

$QiOLVHGHFRQYHQLrQFLDHGHRSRUWXQLGDGH

&RQGX]D

5HYRJDomR

$$GPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRVGHYtFLRV TXHRVWRUQHPLOHJDLVSRUTXHGHOHVQmRVHRULJLQDPGLUHLWRVRXSRGH UHYRJiORVSRUPRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRV GLUHLWRVDGTXLULGRVHUHVVDOYDGDHPWRGRVRVFDVRVDDSUHFLDomRMXGLFLDO

3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW,9

&RQWLQXLGDGH

(VWDEHOHFHDQHFHVVLGDGHGHTXHD$GPLQLVWUDomR3~EOLFDQmRLQWHUURPSDD SUHVWDomRGHVHXVVHUYLoRVSRLVVmRIXQGDPHQWDLVHHVVHQFLDLVjFROHWLYLGDGH &RQFHLWR

3DUDD/HLVHUYLoRDGHTXDGRpDTXHOHTXH VDWLVID]HQWUHRXWUDVDVFRQGLo}HVGHFRQWLQXLGDGH




32'(5(6$'0,1,675$7,926,

3UHUURJDWLYDVFRQFHGLGDVSHORRUGHQDPHQWRMXUtGLFRj $GPLQLVWUDomR3~EOLFDSDUDFRQVHFXomRGRVILQVS~EOLFRV D &RQFHLWR

'HFRUUrQFLDGLUHWDGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR L8VRGR SRGHU

&RQFHLWR

2FRUUHTXDQGRKiH[HUFtFLR LOHJtWLPRGHVVDVSUHUURJDWLYDV

LL $EXVR GHSRGHU

1Ro}HV LQWURGXWyULDV E $EXVR GHSRGHU

3UHUURJDWLYDHVSHFLDOFRQFHGLGDSHOR'LUHLWR 3~EOLFRSDUDFRQVHFXomRGRVILQVS~EOLFRV

$JHQWHDWXDIRUDGRVOLPLWHV GDVXDFRPSHWrQFLD

L ([FHVVR GHSRGHU

9tFLRQRHOHPHQWRFRPSHWrQFLD /HLDUWD

0RGDOLGDGHV GH$%862 '(32'(5

$JHQWHHPERUDGHQWURGHVXDyUELWDGH FRPSHWrQFLDVDIDVWDVHGRLQWHUHVVHS~EOLFR LL 'HVYLR GHSRGHU

%XVFDDOFDQoDUILPGLYHUVRGDTXHOHTXHD OHLOKHSHUPLWLXH[SOtFLWDRXLPSOLFLWDPHQWH 9tFLRQRHOHPHQWR ILQDOLGDGH

'HVYLRGHILQDOLGDGH

/HLDUWH eRSRGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDSUiWLFDGHDWRVYLQFXODGRV D &RQFHLWR

$OHLGHWHUPLQDWRGRVRV HOHPHQWRVQHFHVViULRV jSUiWLFDGRDWR

3RGHU YLQFXODGR

3RGHUHV $GPLQLVWUDWLYRV

7UDWDVHPDLVGHXPGHYHUGRTXHSURSULDPHQWHGHXPSRGHU &RPSHWrQFLD )LQDOLGDGH )RUPD 0RWLYR

E $WR YLQFXODGR

2EMHWR 1mRKiPDUJHPGHOLEHUGDGHDRDGPLQLVWUDGRUFRQYHQLrQFLDHRSRUWXQLGDGH eRSRGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDSUiWLFDGHDWRVGLVFULFLRQiULRV

D &RQFHLWR

2'LUHLWRFRQFHGHj$GPLQLVWUDomRGHPRGRH[SOtFLWRRXLPSOtFLWRR SRGHUSDUDSUiWLFDGHDWRVDGPLQLVWUDWLYRVFRPOLEHUGDGHGHHVFROKD 0pULWRDGPLQLVWUDWLYR

/LEHUGDGHGHHVFROKD

&RQYHQLrQFLD 2SRUWXQLGDGH

&RPSHWrQFLD E (OHPHQWRV YLQFXODGRV

)LQDOLGDGH )RUPD

0RWLYR F (OHPHQWRVGLVFULFLRQiULRV

2EMHWR $EUDQJHHOHPHQWRVYLQFXODGRV

3RGHU GLVFULFLRQiULR

&RQWUROHGH /(*$/,'$'(H /(*,7,0,'$'( G &RQWUROH H[HUFLGRSHOR 3RGHU-XGLFLiULR

$EUDQJH HOHPHQWRV GLVFULFLRQiULRV

)XQGDPHQWR

/LPLWDo}HVLPSRVWDVSHORV SULQFtSLRVJHUDLVGRGLUHLWR 3ULQFtSLRGDLQDIDVWDELOLGDGH GDMXULVGLomR &)DUW;;;9

1mRKiFRQWUROHGH0e5,72 $EUDQJHHOHPHQWRVYLQFXODGRV

H &RQWUROH H[HUFLGRSHOD $GPLQLVWUDomR 3~EOLFD

&RQWUROHGH /(*$/,'$'(H /(*,7,0,'$'(

$EUDQJH HOHPHQWRV GLVFULFLRQiULRV )XQGDPHQWR

&RQWUROHGH0e5,72

3ULQFtSLRGDUD]RDELOLGDGH HGDSURSRUFLRQDOLGDGH FRQWUROHGHOHJLWLPLGDGH 3ULQFtSLRGDDXWRWXWHOD




32'(5(6$'0,1,675$7,926,, 3RGHUGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUD

L'LVWULEXLUHHVFDORQDUIXQo}HV LL2UGHQDUHUHYHUDWXDomRGHVHXVDJHQWHV

(VWiUHODFLRQDGRjSUySULDIRUPDGHRUJDQL]DomRGDIXQomRDGPLQLVWUDWLYD eDUHODomRGHVXERUGLQDomRH[LVWHQWHHQWUH yUJmRVHDJHQWHVGD$GPLQLVWUDomR3~EOLFD +LHUDUTXLD D &RQFHLWR

5HODomRGHVXERUGLQDomRFRQVLVWHHP

'LVWULEXLomRGHIXQo}HV *UDGXDomRGDDXWRULGDGHGRVDJHQWHV

1mRKiKLHUDUTXLDHQWUHGLIHUHQWHVSHVVRDVMXUtGLFDV 1mRKiKLHUDUTXLDQR-XGLFLiULRH /HJLVODWLYRQDVVXDVIXQo}HVSUySULDV 2EV

)XQomRMXULVGLFLRQDOOLYUHFRQYLFomRGRMXL] )XQomROHJLVODWLYD

$UHODomRH[LVWHQWHHQWUHDDGPLQLVWUDomRGLUHWDHDVHQWLGDGHV GDDGPLQLVWUDomRLQGLUHWDpDUHODomRGH9,1&8/$d2

7XWHODDGPLQLVWUDWLYD &RQWUROHILQDOtVWLFR 6XSHUYLVmR

'HYHUGHREHGLrQFLD

&RQVHTXrQFLD

L2UGHQDU

$VGHWHUPLQDo}HVVXSHULRUHVGHYHPVHUILHOPHQWHFXPSULGDV DPHQRVTXHVHMDPPDQLIHVWDPHQWHLOHJDLV 0DQXWHQomRGHDWRVYiOLGRVFRQYHQLHQWHVHRSRUWXQRV

3RGHU +LHUiUTXLFR

5HYRJDomRGHDWRVGLVFULFLRQiULRV LQFRQYHQLHQWHVRXLQRSRUWXQRV

&RQVHTXrQFLD

LL&RQWURODU

$QXODomRGHDWRVLOHJDLV &RQYDOLGDomRGHDWRVFRPGHIHLWRVVDQiYHLV

E )DFXOGDGHV GHFRUUHQWHV GR3RGHU +LHUiUTXLFR

$WRGLVFULFLRQiULRUHYRJiYHODTXDOTXHUWHPSRQRTXDOR DJHQWHRULJLQDOPHQWHFRPSHWHQWHGHOHJDQWH FRQIHUHDRXWUR DJHQWHGHOHJDGR RH[HUFtFLRWHPSRUiULRGHDOJXPDVDWULEXLo}HV LLL'HOHJDU

$JHQWHGHOHJDGR

1mRSUHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW

$WRGLVFULFLRQiULRQRTXDORVXSHULRUKLHUiUTXLFRWUD]SDUDVL RH[HUFtFLRWHPSRUiULRGHDWULEXLomRGHXPVXERUGLQDGR LY$YRFDU


$JHQWHGHOHJDGR

L6XERUGLQDomR DGPLQLVWUDWLYD

1mR FRQIXQGLU

LL9LQFXODomR DGPLQLVWUDWLYD

D &RQFHLWR

eDIDFXOGDGHGH

3UHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW (VWDEHOHFLGRHQWUHyUJmRVGHXPD PHVPDSHVVRDDGPLQLVWUDWLYD

&DUiWHULQWHUQR

'HFRUUHGD$872787(/$ &DUiWHU H[WHUQR

5HVXOWDGRFRQWUROHTXHSHVVRDVIHGHUDWLYDVH[HUFHP VREUHSHVVRDVSHUWHQFHQWHVjDGPLQLVWUDomRLQGLUHWD

'HFRUUHGD787(/$

L3XQLULQWHUQDPHQWH LQIUDo}HVIXQFLRQDLV GRVVHXVVHUYLGRUHV LL3XQLU LQIUDo}HVDGPLQLVWUDWLYDV FRPHWLGDV SRU SHVVRDV VXMHLWDV jGLVFLSOLQDGRVyUJmRVHVHUYLoRVGD$GPLQLVWUDomR3~EOLFD 3RGHUGLVFLSOLQDUpFRUUHODWRDRSRGHU KLHUiUTXLFRPDVFRPHOHQmRVHFRQIXQGH

6DQomRGLVFLSOLQDUHPDJHQWH L5HODomR FRPSRGHU S~EOLFRLQIUDomRIXQFLRQDO KLHUiUTXLFR 6DQomRSRUGHVFXPSULPHQWR GHFRQWUDWRDGPLQLVWUDWLYR LQIUDomRDGPLQLVWUDWLYD

3RGHU 'LVFLSOLQDU

LL'HFRUUHGD VXSUHPDFLD HVSHFLDO E &DUDFWHUtVWLFDV

'HFRUUrQFLDGLUHWDGRSRGHUGLVFLSOLQDU 'HFRUUrQFLDLQGLUHWDGRSRGHUKLHUiUTXLFR +iH[HUFtFLRGRSRGHUGLVFLSOLQDU 1mRH[LVWHUHODomRKLHUiUTXLFD

$$GPLQLVWUDomR3~EOLFDH[HUFHVXSUHPDFLDHVSHFLDOVREUHWRGRV DTXHOHVTXHDHODVHYLQFXODPSRUUHODo}HVGHTXDOTXHUQDWXUH]D VXERUGLQDQGRVHjVQRUPDVGHIXQFLRQDPHQWRGRVHUYLoRRXGR HVWDEHOHFLPHQWRTXHSDVVDPDLQWHJUDUGHILQLWLYDHWUDQVLWRULDPHQWH 'HFRUUHGDVXSUHPDFLDHVSHFLDO

LLL1mRVHFRQIXQGH FRPRSRGHU SXQLWLYRGR(VWDGR

)XQomR MXULVGLFLRQDO

LY'LVFULFLRQDULHGDGH

4XDQWR

9tQFXORMXUtGLFRHVSHFtILFR

5HSUHVVmRGHFULPHVHFRQWUDYHQo}HVSHQDLV

'HFRUUHGDVXSUHPDFLDJHUDO

4XDQWRj Y9LQFXODomR 0RWLYDomR

¬JUDGXDomRGDSHQDOLGDGHGLVFLSOLQDU $RHQTXDGUDPHQWRGDFRQGXWDGHQWUHDVKLSyWHVHV SUHYLVWDVQDOHLFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV

$SXUDomRGDUHVSRQVDELOLGDGH/HLDUWVH $SOLFDomRGDSHQDFDEtYHO 2DWRGHDSOLFDomRGHSHQDOLGDGHGHYHVHUPRWLYDGR




32'(5(6$'0,1,675$7,926,,,

3UHUURJDWLYDFRQIHULGDDRFKHIHGR3RGHU([HFXWLYRSDUDHGLWDU GHFUHWRVHUHJXODPHQWRVSDUDDILHOH[HFXomRGDVOHLV&)DUW,9 $FRPSHWrQFLDSDUDH[SHGLomRGRVGHFUHWRVRXUHJXODPHQWRVGH H[HFXomRQmRpSDVVtYHOGHGHOHJDomR&)DUWS~QLFR eHVSpFLHGRJrQHURSRGHUQRUPDWLYR

D &RQFHLWR 2EV

3RGHUQRUPDWLYR

3UHUURJDWLYDFRQIHULGDj$GPLQLVWUDomR3~EOLFD SDUDHGLWDUDWRVQRUPDWLYRVJHUDLVHDEVWUDWRVSDUD FRPSOHPHQWDUDVOHLVHSHUPLWLUVXDHIHWLYDDSOLFDomR 5HJXODPHQWDomRWpFQLFD

&RPSHWrQFLDSDUD 3RGHU UHJXODGRU

3RGHU 5HJXODPHQWDU

ÆPELWR

L&RQWUROHOHJLVODWLYR

E )RUPDV GHFRQWUROH

$WLYLGDGHVDGPLQLVWUDWLYDVGHDOWDFRPSOH[LGDGHWpFQLFD


eDWRQRUPDWLYRGHULYDGR

([LVWrQFLDGHOHL

'RGHFUHWR UHJXODPHQWDU

&RQWUROHGHOHJDOLGDGHHOHJLWLPLGDGH eDWRQRUPDWLYRRULJLQiULR

,QH[LVWrQFLDGHOHL

LL&RQWUROH MXULVGLFLRQDO

1mRSRGHFULDUGLUHLWRVHREULJDo}HV

D &RQFHLWR

6XVWDDWRVQRUPDWLYRVGR3RGHU([HFXWLYRTXH H[RUELWHPGRSRGHUUHJXODPHQWDU&)DUW9

'HFUHWR /HJLVODWLYR

'RGHFUHWR DXW{QRPR

F /LPLWHV

0HGLDQWHSDUkPHWURVSUHYLDPHQWH HVWDEHOHFLGRVQDOHL

&RQWUROHGH FRQVWLWXFLRQDOLGDGH

&DUiWHU 1RUPDWLYR

67) 3UHVVXSRVWRV

&DUiWHU $XW{QRPR

$WRQRUPDWLYRH[WUDSRODRVOLPLWHVGDOHL 3ULQFtSLRGDOHJDOLGDGH&)DUW,,

1mRSRGHFRQWUDULDURVFRPDQGRVOHJDLV

)DFXOGDGHGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDFRQGLFLRQDURXUHVWULQJLURXVRHR JR]RGHEHQVGLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHPEHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR %HQV ,QFLGHVREUH

'LUHLWRV $WLYLGDGHV

1mRLQFLGHVREUH3(662$6

ÏUJmRV DGPLQLVWUDWLYRV

E ,QFLGrQFLD 2EV

3ROtFLD

,QFLGHVREUHEHQV GLUHLWRVHDWLYLGDGHV ,QFLGHQRkPELWRGDV LQIUDo}HVDGPLQLVWUDWLYDV

3ROtFLDGHPDQXWHQomR GDRUGHPS~EOLFD ÏUJmRVGH VHJXUDQoD FRUSRUDo}HV HVSHFLDOL]DGDV

3RGHU GH3ROtFLD

3ROtFLD DGPLQLVWUDWLYD

3ROtFLDMXGLFLiULD

,QFLGHGLUHWDPHQWH VREUHSHVVRDV

,QFLGHQRkPELWR GRVLOtFLWRVSHQDLV

俺1mRVHWUDWDGRSRGHUGHSROtFLD HVWXGDGRQR'LUHLWR$GPLQLVWUDWLYR

L'LVFULFLRQDULHGDGH F $WULEXWRV

LL$XWRH[HFXWRULHGDGH LLL&RHUFLELOLGDGH

L([SHGLomR GHQRUPDV OLPLWDGRUDVH VDQFLRQDGRUDV GDFRQGXWD G 0HLRVGH DWXDomR

([FHWRQDFREUDQoDGHPXOWDV

1mRVHDSOLFDDWRGRVRVFDVRV 3RGHU/HJLVODWLYRHVWDEHOHFHSRU OHLDVOLPLWDo}HVDGPLQLVWUDWLYDV

&RQGLo}HV 5HTXLVLWRV

$$GPLQLVWUDomR3~EOLFDH[SHGHDWRVQRUPDWLYRVUHJXODPHQWDUHVjVOHLV $$GPLQLVWUDomR3~EOLFD H[SHGHDWRVQHJRFLDLV GHFRQVHQWLPHQWR

LL)LVFDOL]DomR GDV DWLYLGDGH H EHQV VXMHLWRV DRFRQWUROHGD$GPLQLVWUDomR3~EOLFD H &RPSHWrQFLD

)L[D

2XWRUJDR $/9$5È

$OYDUiGHOLFHQoD $OYDUiGH DXWRUL]DomR

'HILQLWLYRH YLQFXODQWH

3UHFiULRH GLVFULFLRQiULR

([SHGLomRGHDWRV SXQLWLYRVVDQFLRQDWyULRV

0XOWD

7HPFRPSHWrQFLDSDUDSROLFLDUDHQWLGDGHTXHGLVS}HGRSRGHUGHUHJXODUDPDWpULD



$726$'0,1,675$7,92612d®(6,1752'87Ï5,$6


2VDWRVDGPLQLVWUDWLYRVVmRHVSpFLHGRJrQHURDWRMXUtGLFR $72 -85Ë',&2

0DQLIHVWDomRXQLODWHUDOGHYRQWDGHVHPFRQWH~GRQHJRFLDO TXHGHWHUPLQDDSURGXomRGHHIHLWRVOHJDOPHQWHSUHYLVWRV

$WRDGPLQLVWUDWLYRpWRGDPDQLIHVWDomRXQLODWHUDOGHYRQWDGHGD $GPLQLVWUDomR3~EOLFDTXHDJLQGRQHVWDTXDOLGDGHWHQKDSRUILPLPHGLDWR DGTXLULUUHVJXDUGDUWUDQVIHULUPRGLILFDUH[WLQJXLUHGHFODUDU GLUHLWRVRXLPSRUREULJDo}HVDRVDGPLQLVWUDGRVRXDVLSUySULR

+HO\ /RSHV

'HFODUDomRGR(VWDGRRXGHTXHPRUHSUHVHQWHTXHSURGX]HIHLWRV MXUtGLFRVLPHGLDWRVFRPREVHUYkQFLDGDOHLVREUHJLPHMXUtGLFRGH GLUHLWRS~EOLFRHVXMHLWDDFRQWUROHSHOR3RGHU-XGLFLiULR

0DULD 6\OYLD

,$JHQWHVGD $GPLQLVWUDomR3~EOLFD

&RQFHLWR

L6XEMHWLYR

,,'HOHJDWiULRV

(OHPHQWRV LL2EMHWLYR

$WRV $GPLQLVWUDWLYRV

([6HUYLGRUHVS~EOLFRV

&RQFHVVLRQiULRVHSHUPLVVLRQiULRV GHVHUYLoRS~EOLFR ([3URPRomRH[SURSULDWyULD

3URGXomRGHHIHLWRVMXUtGLFRVFRPILPS~EOLFR

LLL5HJLPHMXUtGLFR

'LUHLWRS~EOLFR

L$WRV /HJLVODWLYRV &DWHJRULDV GHDWRV H[LVWHQWHVQRH[HUFtFLR GDDWLYLGDGHS~EOLFD

LL$WRV -XGLFLDLV

(ODERUDomRGHQRUPDVSULPiULDV $SOLFDomRGDVQRUPDVQDVROXomR GHFRQIOLWRVGHLQWHUHVVH

LLL$WRV DGPLQLVWUDWLYRV

$SOLFDomRGDVQRUPDVQR FDVRFRQFUHWRQDJHVWmR GRVLQWHUHVVHVFROHWLYRV

1DVXDDFHSomRPDLVDPSOD DWRVGDDGPLQLVWUDomR VH UHIHUHPDWRGRVRVDWRVSUDWLFDGRVSHOD$GPLQLVWUDomR3~EOLFD L$WRV MXUtGLFRV

$WRVGD $GPLQLVWUDomR

$EUDQJHP

LL$WRV DMXUtGLFRV

,'HGLUHLWRSULYDGR ,,'HGLUHLWRS~EOLFR

,$WRV PDWHULDLV

$WRVDGPLQLVWUDWLYRV

6mRDWRVGHPHUDH[HFXomRGH GHWHUPLQDo}HVDGPLQLVWUDWLYDV 1mRWrPFRPRFRQWH~GRXPD PDQLIHVWDomRGHYRQWDGH ([&RQVWUXomRGHXPDHVFROD

,,$WRVGHFRQKHFLPHQWR RSLQLmRMXt]RHYDORU




&/$66,),&$d2'26$726$'0,1,675$7,926 4XDQWRj LPSHUDWLYLGDGH

D $WRVGHLPSpULR

,PSRVWRVDRSDUWLFXODULQGHSHQGHQWHPHQWHGHVHXFRQVHQWLPHQWR 5HVXOWDPGRFRQVHQWLPHQWRGHDPEDVDV SDUWHV$GPLQLVWUDomR3~EOLFDHSDUWLFXODU

E $WRVQHJRFLDLV

([/LFHQoDDXWRUL]DomRQRPHDomRH[RQHUDomRDSHGLGR

'HFODUDomRGHYRQWDGHGHXP~QLFRyUJmR

D 6LPSOHV

0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV

4XDQWRj IRUPDomR GDYRQWDGH

9RQWDGHVVHIXQGHPSDUDIRUPDU~QLFRDWRUHTXLVLWRGHSHUIHLomR

E &RPSOH[RV

9RQWDGHVDXW{QRPDV

&RQMXJDomRGHYRQWDGHV

0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV $XW{QRPRGHWHUPLQDRFRQWH~GRGRDWR

3ULQFLSDO

F &RPSRVWRV

'RLVDWRV

$FHVVyULR

,QVWUXPHQWDODXWRUL]DRDWRRXOKHFRQIHUHHILFiFLD

,QFHUWRV

'HVWLQDWiULRV

,QGHWHUPLQDGRV

$WLQJHPTXDQWLGDGHLQGHWHUPLQDGDGHSHVVRDVTXHVHHQFRQWUDPQDPHVPDVLWXDomRIiWLFD

D *HUDLV

([5HJXODPHQWRVSRUWDULDV

$WRVQRUPDWLYRV

4XDQWRDRV GHVWLQDWiULRV

&HUWRV

'HVWLQDWiULRV

'HWHUPLQDGRV

$WLQJHGHVWLQDWiULRVLQGLYLGXDOL]DGRVGHILQLGRVPHVPRFROHWLYDPHQWH 3URGX]HPHIHLWRMXUtGLFRQRFDVRFRQFUHWR

E ,QGLYLGXDLV

1RPHDomR

$WRVFRQFUHWRV

([

/LFHQoD $XWRUL]DomR

&RPSOHWRXFLFORGHIRUPDomR

&ODVVLILFDomR GRV$WRV $GPLQLVWUDWLYRV

D 3HUIHLWR

(VWiHPFRQGLo}HVGHSURGX]LUHIHLWRV 1mRFRPSOHWRXFLFORGHIRUPDomR

4XDQWRj H[HTXLELOLGDGH

E ,PSHUIHLWR F 3HQGHQWH

([$XVrQFLDGHKRPRORJDomR 3HUIHLWRPDVVXMHLWRDFRQGLomRRXWHUPRSDUDTXHSURGX]DHIHLWRV

G &RQVXPDGR

-iH[DXULXVHXVHIHLWRV

eDTXHOHHPTXHD$GPLQLVWUDomRFULDPRGLILFDRXH[WLQJXHGLUHLWRV D &RQVWLWXWLYR

4XDQWRDRV HIHLWRV

([3HUPLVVmRDXWRUL]DomR eDTXHOHHPTXHD$GPLQLVWUDomRDSHQDVUHFRQKHFHGLUHLWRH[LVWHQWH

E 'HFODUDWyULR

([/LFHQoD $WHVWDRXUHFRQKHFHVLWXDomRGHIDWRRXGHGLUHLWR

F (QXQFLDWLYR

D 9iOLGR

(QFHUUDMXt]RFRQKHFLPHQWRRSLQLmR 0HURVDWRVDGPLQLVWUDWLYRV

eRTXHHVWiHPWRWDOFRQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $IHWDGRGHYtFLRLQVDQiYHO

,QIULQJrQFLDjOHL ,QIULQJrQFLDDRVSULQFtSLRVGRGLUHLWRS~EOLFR

6LVWHPDGLFRW{PLFRWHRULDGXDOLVWD

4XDQWRj YDOLGDGHH H[LVWrQFLD

E 1XOR

L$WRV QXORV

1XOLGDGHDEVROXWD 9tFLRLQVDQiYHO

7HRULDGDV QXOLGDGHV

1mRSRGHVHUFRQYDOLGDGR

1XOLGDGHUHODWLYD 3RGHVHUFRQYDOLGDGR LL$WRVDQXOiYHLV

9tFLRVDQiYHO

&RPSHWrQFLDQmRH[FOXVLYD )RUPDQmRHVVHQFLDO

$SHQDVWHPDSDUrQFLDGHPDQLIHVWDomRUHJXODUGD$GPLQLVWUDomR 1mRFKHJDDVHDSHUIHLoRDUFRPRDWRDGPLQLVWUDWLYR F ,QH[LVWHQWH

(TXLSDUDVHDRVDWRVQXORVHVHVXERUGLQDjVPHVPDVUHJUDVGHLQYDOLGDomR ([$WRSUDWLFDGRSRUXVXUSDGRUGHIXQomRS~EOLFD




5(48,6,726'26$726$'0,1,675$7,926,

D &RQFHLWR

3RGHUOHJDOSDUDSUiWLFDGRDWR

'RWDGRVGH SHUVRQDOLGDGHMXUtGLFD L(QWHV SROtWLFRV

&RQVWLWXLomR )HGHUDO&)

6mRWLWXODUHVGH GLUHLWRVHREULJDo}HV

'HILQHDVFRPSHWrQFLDV GHFDGDHQWHSROtWLFR &)DUW

6mRFHQWURVGHFRPSHWrQFLDLQVWLWXtGRV SDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLV

E 'LVWULEXLomR GHFRPSHWrQFLD LLÏUJmRV DGPLQLVWUDWLYRV

LLL$JHQWHV

([HUFHPDVIXQo}HVTXH FRPSHWHPDRVHQWHVSROtWLFRV /HL

'HWHUPLQDDFRPSHWrQFLD &)DUW,,FFDUW9,D

1RUPDVDGPLQLVWUDWLYDVGHFDUiWHULQWHUQR GLVWULEXHPDFRPSHWrQFLDIL[DGDLQLFLDOPHQWH SDUDRyUJmRQRTXDODWXDP

L'HFRUUHVHPSUHGHOHL LL,QWUDQVIHUtYHO

&RPSHWrQFLD

LLL,PRGLILFiYHOSHODYRQWDGHGRDJHQWH LY,PSUHVFULWtYHO

Y,UUHQXQFLiYHO

5HTXLVLWRV GR$WR $GPLQLVWUDWLYR

2QmRH[HUFtFLRGDFRPSHWrQFLDQmR LPSRUWDQGRSRUTXDQWRWHPSRQmRDH[WLQJXH 6DOYRDXWRUL]DomROHJDO /HLDUWSDUiJUDIR~QLFR,,

3ULQFtSLRGDDGPLQLVWUDomRS~EOLFD 3DUDyUJmRKLHUDUTXLFDPHQWHVXERUGLQDGRRXQmR 5HYRJiYHODTXDOTXHUWHPSR SHODDXWRULGDGHGHOHJDQWH

F &DUDFWHUtVWLFDV YL'HOHJDomR

9HGDGDD GHOHJDomR

,$WRVQRUPDWLYRV ,,'HFLVmRGHUHFXUVRV DGPLQLVWUDWLYRV ,,,&RPSHWrQFLDH[FOXVLYD

/HLDUWV &DUiWHUH[FHSFLRQDOHPRWLYRV UHOHYDQWHVGHYLGDPHQWHMXVWLILFDGRV YLL$YRFDomR

6RPHQWHSDUDyUJmRKLHUDUTXLFDPHQWHVXERUGLQDGR /HLDUW

,QWHUHVVHS~EOLFR D 6HQWLGRDPSOR

)LQDOLGDGH

0RWLYR 2EMHWR

'HVYLRGHILQDOLGDGHJHQpULFR

)LPOHJDOHVSHFLILFDGRQDOHL E 6HQWLGRHVWULWR

)RUPD

'HIHLWR

'HIHLWR

'HVYLRGHILQDOLGDGHHVSHFtILFR

([5HPRomRFRPRIRUPDGHSXQLomR




5(48,6,726'26$726$'0,1,675$7,926,, &RPSHWrQFLD )LQDOLGDGH D &RQFHLWR

5HYHVWLPHQWRH[WHULRUL]DGRUGRDWRDGPLQLVWUDWLYR 5HYHVWLPHQWRPDWHULDOGRDWR

)RUPD +HO\ /RSHV

'LVWLQJXH

&RQMXQWRGHRSHUDo}HVH[LJLGDVSDUDSHUIHLomRGRDWR

3URFHGLPHQWR

0RGRSHORTXDODGHFODUDomRVHH[WHULRUL]D

([WHULRUL]DomRGRDWR

&RQFHSomR UHVWULWLYD

([(VFULWDYHUEDOGHFUHWRSRUWDULD L([WHULRUL]DomRGRDWR )RUPDOLGDGHVTXHGHYHP VHUREVHUYDGDVGXUDQWHR SURFHVVRGHIRUPDomRGD YRQWDGHGDDGPLQLVWUDomR

$EUDQJH

&RQFHSomR DPSOD

LL3URFHGLPHQWR

LLL3XEOLFLGDGH

E 'RXWULQD

2DVSHFWRIRUPDOFRQVWLWXLJDUDQWLDMXUtGLFDSDUDRDGPLQLVWUDGR HSDUDDSUySULD$GPLQLVWUDomRSRLVSRVVLELOLWDRFRQWUROHGRDWR

0DULD 6\OYLD 2EV

2EVHUYkQFLD

$VSHFWRIRUPDO

)RUPD

)RUPD 3URFHGLPHQWR

2EVHUYkQFLDREULJDWyULD L(VVHQFLDO

&ODVVLILFDomR

5HTXLVLWRV GR$WR $GPLQLVWUDWLYR

$IHWDD YDOLGDGHGRDWR

,QREVHUYkQFLDWRUQDRDWRQXOR *DUDQWLDGHUHVSHLWR DRVGLUHLWRVLQGLYLGXDLV

([ 'HFUHWRTXHGHFODUDLPyYHO FRPR GHLQWHUHVVHVRFLDO&)DUW LL1mRHVVHQFLDO

5HIHUHQWHjH[SRVLomRGRVPRWLYRVGRDWRDGPLQLVWUDWLYR

'HILQLomR

$PRWLYDomRpHOHPHQWRIRUPDOtVWLFRGRDWRDGPLQLVWUDWLYR L5HJUDGH'LUHLWR

F 0RWLYDomR

'HYHFRQWHU

5HTXLVLWRV

LL)DWRV

3UHVVXSRVWRVGH'LUHLWR )XQGDPHQWRMXUtGLFR

3UHVVXSRVWRVGHIDWR

LLL5HODomRGHSHUWLQrQFLDOyJLFD

0RGDOLGDGHV

0RWLYRFRQWLGRQRSUySULRDWR

L&RQWH[WXDO LL$OLXQGH

0RWLYRH[SUHVVRIRUDGRDWR

/HLDUW eRSUHVVXSRVWRGHIDWRTXHDXWRUL]DRXH[LJHDSUiWLFDGRDWR

&$%DQGHLUDGH0HOOR D 'HILQLomR 'LRJHQHV*DVSDULQL

3RGHVHUSUHYLVWRHPOHLRXQmR &LUFXQVWkQFLDGHIDWRRXGHGLUHLWRTXHDXWRUL]DRX LPS}HDRDJHQWHS~EOLFRDSUiWLFDGRDWRDGPLQLVWUDWLYR

6LWXDomRREMHWLYDUHDOHPStULFD

0RWLYR

E 0RWLYRGHIDWR

0XQGRGRVIDWRVSODQRGDH[LVWrQFLD

([&RQVWUXomRLUUHJXODUSRGHHQVHMDUDHGLomRGHXPDWRDGPLQLVWUDWLYRHPEDUJR 3UHYLVmRDEVWUDWDGHXPDVLWXDomRIiWLFDQRUPDMXUtGLFD

2PRWLYRSRGHHVWDURXQmRQDOHL F 0RWLYRGH GLUHLWR

'LRJHQHV*DVSDULQL

6HRPRWLYRGHGLUHLWRIRUFRQVWDQWHGDOHLDSUiWLFDGR DWRGHSHQGHUiGDHIHWLYDRFRUUrQFLDGDVLWXDomRSUHYLVWD

([ 'HPLVVmRGHVHUYLGRUSRUDFXPXODomRLOHJDOGHFDUJRV/HLDUW G 7HRULDGRVPRWLYRV GHWHUPLQDQWHV

2EMHWR

2VIDWRVTXHVHUYLUDPGHVXSRUWHjVXDGHFLVmRLQWHJUDPDYDOLGDGHGRDWR 2DWRVRPHQWHVHUiYiOLGRVHRVPRWLYRVHQXQFLDGRVHIHWLYDPHQWHDFRQWHFHUDP

eR()(,72-85Ë',&2,0(',$72TXHRDWRSURGX]




$75,%8726'26$726$'0,1,675$7,926

6HDDWXDomRDGPLQLVWUDWLYDRFRUUHVRPHQWHTXDQGRDXWRUL]DGD SRUOHLKiGHVHSUHVXPLUVHUHPOHJtWLPRVVHXVDWRV

'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH

$72 5HIHUHVHDRSUySULRDWR

D 3UHVXQomRGHOHJLWLPLGDGH HPVHQWLGRHVWULWR

&RQIRUPLGDGHFRPDOHLLQWHUHVVHS~EOLFR

)$72 5HIHUHVHDRVIDWRVDOHJDGRV SHOD$GPLQLVWUDomR3~EOLFD3UHVXPHPVHYHUGDGHLURV L (QTXDQWR QmR GHFUHWDGD LQYDOLGDGH R DWRSURGX]LUiHIHLWRVHGHYHVHUFXPSULGR

3UHVXQomRGH /HJLWLPLGDGH

$$GPLQLVWUDomR3~EOLFD QmRQHFHVVLWDFRPSURYDU DYDOLGDGHFRQIRUPLGDGH GRDWRFRPR'LUHLWR

E 3UHVXQomR GHYHUDFLGDGH

LL 3UHVXQomR UHODWLYD MXULV WDQWXP

(IHLWRV

5HJUD

&DEHDRDGPLQLVWUDGR R{QXVGDSURYD ,QYHUVmRGR{QXVGDSURYD /HLDUW

([FHomR

$WULEXWRV GRV$WRV $GPLQLVWUDWLYRV

5HODWLYDPHQWHDRV yUJmRVGHFRQWUROH &DEHj$GPLQLVWUDomR3~EOLFD DFRPSURYDomRGDOHJDOLGDGH HGDUHJXODULGDGHGDGHVSHVD

4XDOLGDGHGHVHLPSRUDWHUFHLURV LQGHSHQGHQWHPHQWHGDYRQWDGHGRDGPLQLVWUDGR ,PSRU

&ULDXPDREULJDomR 3RGHUH[WURYHUVR

,PSHUDWLYLGDGH 1mRpDEVROXWD

1mRH[LVWHHPDWRVTXH RXWRUJXHPGLUHLWRV

([

3HUPLVVmR $XWRUL]DomR

4XDOLGDGHGHFRPSHOLUPDWHULDOPHQWHRDGPLQLVWUDGR LQGHSHQGHQWHPHQWHGHRUGHPMXGLFLDO ([HFXWDU

L$XWRUL]DomRH[SUHVVD

$XWRH[HFXWRULHGDGH 'HFRUUH

4XDOLGDGHGHH[LJLU

([LJLELOLGDGH

0HLRVGLUHWRVGHFRHUomR

LL$XWRUL]DomR LPSOtFLWD

/HL

6LWXDomRLQGLVSHQViYHOD JDUDQWLDGRLQWHUHVVHS~EOLFR

8UJrQFLD

([$WRGHGHPROLomRGHSUpGLRTXHDPHDoDUXLU

,PSHOHRGHVWLQDWiULRjREHGLrQFLDGHREULJDo}HVLPSRVWDV

0HLRVLQGLUHWRVGHFRHUomR ([LJLU

'HVFXPSULPHQWR

6DQomR ([0XOWD

$WULEXWRSHORTXDORDWRGHYHFRUUHVSRQGHUDILJXUDVSUHYLDPHQWHGHILQLGDVHPOHL

7LSLFLGDGH

'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH

$GPLQLVWUDomR3~EOLFD 3DUWLFXODU

9RQWDGHOHJDODXWRUL]DGD

$XWRQRPLDGDYRQWDGH

5HSUHVHQWDXPDJDUDQWLDSDUDRDGPLQLVWUDGR




(63e&,(6'($726$'0,1,675$7,926,

2VDWRVQRUPDWLYRVFRQWrPGHWHUPLQDo}HVJHUDLVLPSHVVRDLVHDEVWUDWDV , ,QGHSHQGHQWH RXDXW{QRPR L1RUPDWLYR *HUDO

D 'HFUHWR

,, 5HJXODPHQWDU RXGHH[HFXomR

&)DUW9, &)DUW,9

1mRpDWRQRUPDWLYR LL(VSHFtILFR ,QGLYLGXDO

1RUPDWLYRV

$WRGHHIHLWRFRQFUHWRSRLV SURYrVLWXDo}HVSDUWLFXODUHV 1RPHDomRHH[RQHUDomR

([

'HVDSURSULDomR

$WRVDGPLQLVWUDWLYRVQRUPDWLYRVGHDWXDomRLQWHUQD 6HGHVWLQDPDUHJHURIXQFLRQDPHQWR GHyUJmRVHFRUSRUDo}HVOHJLVODWLYDV

E 5HJLPHQWR

([SHGLGRVSRU0LQLVWURVGH(VWDGRSDUD H[HFXomRGDVOHLVUHJXODPHQWRVHGHFUHWRV F ,QVWUXomRQRUPDWLYD

2EV

&)DUW,,

2XWURVH[HPSORV5HVROXo}HVGHOLEHUDo}HVHSRUWDULDV

'LVFLSOLQDPRIXQFLRQDPHQWR GD$GPLQLVWUDomRHDFRQGXWD IXQFLRQDOGHVHXVDJHQWHV

(VSpFLHV GH$WRV $GPLQLVWUDWLYRV

2UGLQDWyULRV

([

(PDQDPGRSRGHUKLHUiUTXLFR $EUDQJrQFLDLQWHUQD

,QVWUXo}HVFLUFXODUHVDYLVRVSRUWDULDV RUGHQVGHVHUYLoRGHVSDFKR

6mRDTXHOHVSHORTXDOD$GPLQLVWUDomRDSHQDVDWHVWDRXUHFRQKHFH GHWHUPLQDGDVLWXDomRGHIDWRRXGHGLUHLWRGHFODUDRTXHMiH[LVWH 6ROLFLWDomRDFULWpULRGD$GPLQLVWUDomR L)DFXOWDWLYR

&DUiWHU RSLQDWLYR

$XWRULGDGH QmR HVWi YLQFXODGD DR VHXWHRU 俺QmRpDWRDGPLQLVWUDWLYR

/HLH[LJHFRPRSUHVVXSRVWRSDUDSUiWLFDGRDWR 2EULJDWRULHGDGHTXDQWRjVROLFLWDomR LL2EULJDWyULR D 3DUHFHU

&DUiWHU RSLQDWLYR

$XWRULGDGH QmR HVWi YLQFXODGD DR VHXWHRU QmRpDWRDGPLQLVWUDWLYR

$GPLQLVWUDomRpREULJDGDD VROLFLWiORHDDFDWDUVXDGHFLVmR 3HUGHP R FDUiWHURSLQDWLYR

(QXQFLDWLYRV

LLL9LQFXODQWH ([

E &HUWLGmR F $SRVWLOD

eDWRDGPLQLVWUDWLYR

-XQWDPpGLFDRILFLDO /HLDUW,

'HFODUDomRGHFRQKHFLPHQWR (QXQFLDPRXGHFODUDPVLWXDomRDQWHULRUFULDGDSRUOHL

2EV'RXWULQD

2VDWRVHQXQFLDWLYRVGHFDUiWHURSLQDWLYRVmRPHURVDWRV DGPLQLVWUDWLYRVSRLVHQFHUUDPMXt]RFRQKHFLPHQWRRXRSLQLmR HQmRPDQLIHVWDomRGHYRQWDGHSURGXWRUDGHHIHLWRVMXUtGLFRV 1mRVmRDWRVDGPLQLVWUDWLYRVSURSULDPHQWHGLWRVHSXURV




(63e&,(6'($726$'0,1,675$7,926,,

'HFODUDomRGDYRQWDGHGR3RGHU3~EOLFRFRLQFLGHQWHFRPDSUHWHQVmRGRSDUWLFXODU ,QWHUHVVHUHFtSURFRGD $GPLQLVWUDomRHGRDGPLQLVWUDGR

1mRSRVVXHPR$75,%872'(,03(5$7,9,'$'( $WRDGPLQLVWUDWLYRYLQFXODGRH GHILQLWLYRSHORTXDOR3RGHU3~EOLFR YHULILFDQGRTXHRLQWHUHVVDGRDWHQGHX WRGDVDVH[LJrQFLDVOHJDLVIDFXOWDOKH

L2GHVHPSHQKRGHDWLYLGDGHV LL$UHDOL]DomRGHIDWRVPDWHULDLV DQWHVYHGDGRVDRSDUWLFXODU

/HLHVWDEHOHFHRVUHTXLVLWRVSDUDVXDIRUPDomR D /LFHQoD

'LUHLWRLQGLYLGXDOGRUHTXHUHQWH

L9LQFXODGR

&DUDFWHUtVWLFDV

$WRGHFODUDWyULRGHGLUHLWR

3UDWLFDGRHPIDFHGHXPGLUHLWR LQGLYLGXDOGRUHTXHUHQWH

LL'HILQLWLYR

([/LFHQoDSDUDRH[HUFtFLRGHSURILVVmRDOYDUiSDUDFRQVWUXomRGHXPDREUD

L$UHDOL]DomRGHFHUWDDWLYLGDGHVHUYLoR

$WRDGPLQLVWUDWLYRGLVFULFLRQiULRH SUHFiULRSRUPHLRGRTXDOR3RGHU 3~EOLFRWRUQDSRVVtYHODRSUHWHQGHQWH

LL $XWLOL]DomRGHGHWHUPLQDGRV EHQVSDUWLFXODUHVRXS~EOLFRV ,QWHUHVVH

([FOXVLYRRXSUHGRPLQDQWH LQWHUHVVHGRSUHWHQGHQWH

&RQIRUPHFULWpULRVGH FRQYHQLrQFLDHRSRUWXQLGDGH

1HJRFLDLV

(VSpFLHV GH$WRV $GPLQLVWUDWLYRV

&DUDFWHUtVWLFDV

6XUJHGHXPDOLEHUDOLGDGH GD$GPLQLVWUDomR3~EOLFD L'LVFULFLRQiULR

1mR Ki GLUHLWR VXEMHWLYR DVXDREWHQomR $WRFRQVWLWXWLYR

LL3UHFiULR

3RGHPVHUUHYRJDGRVDTXDOTXHUWHPSR

E $XWRUL]DomR

$WLYLGDGHSULYDGDTXHQHFHVVLWD GHFRQVHQWLPHQWRS~EOLFR

3RUWHGHDUPD

L$WRGHSROtFLD DGPLQLVWUDWLYD

([

3URGXomRHFRPpUFLR GHPDWHULDOEpOLFR

)DFXOWDDRSDUWLFXODUDXWLOL]DomR GHXPEHPS~EOLFR

+LSyWHVHV LL'HXVRGH EHPS~EOLFR

([8WLOL]DomR GH YLDV S~EOLFDV SDUDIHLUDVOLYUHV

'HOHJDDRSDUWLFXODUDH[SORUDomR GHVHUYLoRS~EOLFRDWtWXORSUHFiULR LLL'HVHUYLoRS~EOLFR

([$XWRUL]DomR SDUD SUHVWDomR GHVHUYLoRGHWi[L

$WRDGPLQLVWUDWLYRGLVFULFLRQiULRHSUHFiULRJUDWXLWR RXRQHURVRSHORTXDOD$GPLQLVWUDomRIDFXOWDDR SDUWLFXODUDXWLOL]DomRSULYDWLYDGHEHPS~EOLFR F 3HUPLVVmR

8VRGHEHP S~EOLFR

,QWHUHVVHVFRQFRUUHQWHVGRSHUPLWHQWH GRSHUPLVVLRQiULRHGRS~EOLFR

3HUPLVVmR GH VHUYLoRVS~EOLFRV

1mRpDWRDGPLQLVWUDWLYR &RQWUDWRDGPLQLVWUDWLYR/HL

9LVDPSXQLUHUHSULPLULQIUDo}HVDGPLQLVWUDWLYDV L0XOWD

3XQLWLYRV

D 'HDWXDomRH[WHUQD

LL,QWHUGLomRGHDWLYLGDGH LLL'HVWUXLomRGHFRLVD 9LVDPjGLVFLSOLQDGRVVHUYLGRUHV

E 'HDWXDomRLQWHUQD

&RQIRUPHHVWDEHOHFLGRQRUHJLPHMXUtGLFRDTXHHVWmRVXMHLWRV




$726',6&5,&,21È5,26(9,1&8/$'26 /LEHUGDGHGHQWURGDOHL

D 'LVFULFLRQDULHGDGH

3RGHUFRQIHULGRSHODOHLDRDJHQWHS~EOLFRSDUDTXH HOHGHFLGDVREUHDFRQYHQLrQFLDHRSRUWXQLGDGH GHSUDWLFDUGHWHUPLQDGRDWRGLVFULFLRQiULR

9DORUDomRGRVPRWLYRV (VFROKDGRREMHWR

5HODFLRQDGDjXWLOLGDGHGRDWR

E 0pULWR DGPLQLVWUDWLYR

L&RQYHQLrQFLD

,QWHUHVVHS~EOLFR 5HODFLRQDGDDRPRPHQWR

LL2SRUWXQLGDGH

,&RPSHWrQFLD ,,)LQDOLGDGH 4XDQGRH[LJLGDSRUOHL L9LQFXODGRV

([ 'HFODUDomR GHLPyYHO GHLQWHUHVVH VRFLDO SDUD ILQVGHUHIRUPDDJUiULD

,,,)RUPD

,/HLQmRGHILQH RPRWLYR

F (OHPHQWRV

)RUPD'HFUHWR &)DUW

([([RQHUDomRDGQXWXP

,,8WLOL]DomRGHFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV

$WR 'LVFULFLRQiULR

,QVXERUGLQDomRJUDYHH FRQGXWDHVFDQGDORVD

([ 3HQDV H[SXOVLYDV

,0RWLYR

LL'LVFULFLRQiULRV

2EV&DUYDOKR)LOKRHQWHQGHTXHD GLVFULFLRQDULHGDGH QmRSUHVVXS}H LPSUHFLVmRGHVHQWLGR ,,2EMHWR L ([SUHVVR QDOHL

$WRV 'LVFULFLRQiULRV H9LQFXODGRV

5HYHUVmRQRLQWHUHVVHGD$GPLQLVWUDomR/HLDUW

([

5HPRomRH[RIILFLRHDFULWpULRGD$GPLQLVWUDomR

LL/HLpRPLVVD

G +LSyWHVHV

LLL /HLSUHY r GHWHUPLQDGD FRPSHWrQFLD PDVQmRHVWDEHOHFHDFRQGXWD &RQWUROHGH OHJDOLGDGH

9HULILFDDFRQIRUPLGDGHFRPDOHLGRV HOHPHQWRVFRPSHWrQFLDILQDOLGDGHHIRUPD

&RQWUROHGH OHJLWLPLGDGH

9HULILFDVHRPRWLYRHRREMHWRGRDWR HVWmRHPFRQIRUPLGDGHFRPRVSULQFtSLRV GR'LUHLWR$GPLQLVWUDWLYRHPHVSHFLDOR GDUD]RDELOLGDGHHGDSURSRUFLRQDOLGDGH

L 3RGHU -XGLFLiULR H &RQWUROH GRVDWRV GLVFULFLRQiULRV

&RQWUROHGHOHJDOLGDGH LL$GPLQLVWUDomR3~EOLFD

&RQWUROHDPSOR

&RQWUROHGHOHJLWLPLGDGH &RQWUROHGHPpULWR

7LSLILFDomROHJDO

6LWXDomRGHIDWR GHOLQHDGDQDQRUPDOHJDO

1mRH[LVWHDSUHFLDomRVXEMHWLYD 1mRKiPDUJHPGHOLEHUGDGHSDUDGHFLGLURXDJLU

D 9LQFXODomR

$WR 9LQFXODGR

([0DWpULDVDIHWDVDRSRGHUGHSROtFLD

/HLGHILQHWRGRVRVHOHPHQWRV

E (OHPHQWRV F &RQVHTXrQFLD

'LUHLWRVXEMHWLYRGRDGPLQLVWUDGR

([2XWRUJDGHOLFHQoDSDUDFRQVWUXLU $WRFRPSOHWRRXIRUPDGR D 3HUIHLWR

3HUIHLomR YDOLGDGH H HILFiFLD

E 9iOLGR

&RPSOHWRXVHXFLFORGHIRUPDomR &RQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $SWRDSURGX]LUHIHLWRVMXUtGLFRV &RQGLomR

F (ILFD]

1mR VXMHLWRD

7HUPR

(YHQWRIXWXURHLQFHUWRTXHVXERUGLQDDHILFiFLDGRDWR (YHQWRIXWXURHFHUWRTXHVXERUGLQDDHILFiFLDGRDWR

$WRGH&RQWUROH

$SURYDomRKRPRORJDomR




)250$6'((;7,1d2(9Ë&,26'26$726$'0,1,675$7,926 ([*R]RGHIpULDV

L(VJRWDPHQWRGRHIHLWRMXUtGLFR D &XPSULPHQWR GRVHIHLWRV

LLL,PSOHPHQWRGHFRQGLomRUHVROXWLYDRXWHUPRILQDO ([0RUWHGHVHUYLGRUH[WLQJXHDQRPHDomR

L6XMHLWR E 'HVDSDUHFLPHQWR

([([HFXomRGHRUGHPGHGHPROLomRGHFDVD

LL([HFXomRPDWHULDO

LL2EMHWR

3RGHUS~EOLFRHPLWHDWRFRPHIHLWRH[WLQWLYR 'HVID]LPHQWRGHDWRDGPLQLVWUDWLYRGLVFULFLRQiULRH YiOLGRSRUUD]}HVGHRSRUWXQLGDGHHFRQYHQLrQFLD

&RQFHLWR L5HYRJDomR

'HFRUUHGDDXWRWXWHOD

1mRUHWURDWLYRH[QXQF

(IHLWR

'HVID]LPHQWRGRDWRDGPLQLVWUDWLYRSRUUD]}HVGHLOHJDOLGDGH

&RQFHLWR

)RUPDVGH H[WLQomR

'HFRUUHGDDXWRWXWHOD 3ULQFtSLRGDOHJDOLGDGHHVWULWD

0RWLYR

'HYHUGHDQXODUDWRVLOHJDLV

5HWURDWLYRH[WXQF

(IHLWR F 5HWLUDGD

$WRWRUQRXVHLQFRQYHQLHQWHHLQRSRUWXQR

,QWHUHVVHS~EOLFR

0RWLYR

7HRULDGXDOLVWD

LL$QXODomR

,$WRQXOR 7HRULDGDV QXOLGDGHV

1XOLGDGHDEVROXWD 'HIHLWRLQVDQiYHO 1XOLGDGHUHODWLYD

,,$WRDQXOiYHO

3RGHVHUFRQYDOLGDGR 'HIHLWRVDQiYHO

'HVWLQDWiULRGRDWRDGPLQLVWUDWLYRGHVFXPSULXFRQGLo}HV LLL&DVVDomR

,OHJDOLGDGHQDH[HFXomR 5HWLUDGDDWRDGPLQLVWUDWLYRSRUTXHVREUHYHLRQRUPDMXUtGLFD

LY&DGXFLGDGH

)RUPDVGH ([WLQomRH 9tFLRV

(PLVVmRGHDWRFRQWUDSRVWRDWRSRVWHULRUFRQWUiULRDRDWRLQLFLDO Y&RQWUDSRVLomR

([1RPHDomRHH[RQHUDomR &ULPH ,8VXUSDomRGHIXQomR

L,QFRPSHWrQFLD

,,([FHVVRGHSRGHU ,,,)XQomRGHIDWR

D &RPSHWrQFLD

,,PSHGLPHQWR LL,QFDSDFLGDGH

3UiWLFDGHDWRVHPLQYHVWLGXUD QRFDUJRHPSUHJRRXIXQomR (VSpFLHGHDEXVRGHSRGHU $JHQWHH[FHGHOLPLWHVGDFRPSHWrQFLD

,QYHVWLGXUDLUUHJXODUQRFDUJRHPSUHJRRXIXQomR $SDUrQFLDGHOHJDOLGDGH

$XWRULGDGHWHPGHYHUGHFRPXQLFDU 3UHVXQomRUHODWLYDGHLQFDSDFLGDGH

,,6XVSHLomR

/HL DUW

3UHVXQomRDEVROXWDGHLQFDSDFLGDGH

'HYHVHUDUJXLGDSHORLQWHUHVVDGR

/HL DUW

(VSpFLHGHDEXVRGHSRGHU

9tFLRV GRDWR

E )LQDOLGDGH

'HVYLRGHILQDOLGDGH

L$PSOR LL5HVWULWR

,QWHUHVVHS~EOLFR /HL ([5HPRomRH[RIItFLRFRPREMHWLYRGHSXQLU

F )RUPD L,QH[LVWrQFLDIDOVLGDGHGRPRWLYR G 0RWLYR

LL)DOWDGHFRQJUXrQFLDHQWUH L/tFLWR

H 2EMHWR

'HYHVHU

LL3RVVtYHO LLL0RUDO

5HVXOWDGRGRDWR

9tFLRLOLFLWXGH 9tFLRLPSRVVLELOLGDGH 9tFLRLPRUDOLGDGH

LY'HWHUPLQDGR /HLDUW

0RWLYR

9tFLRLQFHUWH]D




/,&,7$d®(6 /LFLWDomRpXPSURFHGLPHQWRDGPLQLVWUDWLYRPHGLDQWHRTXDOD$GPLQLVWUDomR 3~EOLFDVHOHFLRQDDSURSRVWDPDLVYDQWDMRVDSDUDRFRQWUDWR

&RQFHLWR

'HFRUUH GLUHWDPHQWHGR

L3ULQFtSLRGDOHJDOLGDGH

L6HOHFLRQDUDSURSRVWD PDLVYDQWDMRVDSDUDD $GPLQLVWUDomR

)LQDOLGDGH GDOLFLWDomR

6XMHLo}HV

LL3ULQFtSLRGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR &XVWR

PHOKRU UHODomR

2QHURVLGDGH

%HQHItFLR

LL $VVHJXUDUD REVHUYkQFLD GR SULQFtSLRFRQVWLWXFLRQDOGD LVRQRPLD

4XDOLGDGH /HLDUW

&RPSHWLomR

LLL3URPRYHURGHVHQYROYLPHQWRQDFLRQDOVXVWHQWiYHO 5HIHUHVHDTXHPVHVXEPHWHjOHJLVODomRGHOLFLWDomRS~EOLFD DEUDQJrQFLDVXEMHWLYD HSDUDTXDLVKLSyWHVHVDEUDQJrQFLDREMHWLYD &RPSUDV &$62

$OLHQDo}HV

&)DUWLQF;;,

6HUYLoRV 2EUDV

/RFDo}HV

/HLDUW

D 2EMHWLYD RTXH

L'HXVRGHEHQVS~EOLFRV &RQFHVV}HV HSHUPLVV}HV LL'HVHUYLoR S~EOLFR

/LFLWDo}HV E 6XEMHWLYD TXHP

$SOLFDomRVXEVLGLiULD GD/HLFDVRV TXHQmRFRQIOLWHPFRP DOHJLVODomRHVSHFtILFD /HJLVODomRHVSHFtILFD

/HL DUW /HL /HL

L$GPLQLVWUDomRGLUHWD

LL$GPLQLVWUDomRLQGLUHWD , 5HSDUWLo}HV VHGLDGDVQRH[WHULRU GHYHPREVHUYDU

3HFXOLDULGDGHVORFDLVH 2VSULQFtSLRVEiVLFRVGD /HL QDIRUPDGHUHJXODPHQWDomRHVSHFtILFD

/HLDUW

$EUDQJrQFLD ,,(PSUHVD S~EOLFDH VRFLHGDGHGH HFRQRPLDPLVWD 7&8 H[SORUDGRUDV GHDWLYLGDGH HFRQ{PLFD 2EV

67)

5HJUD

6XEPHWHPVHj/HLHQTXDQWR QmRHGLWDGRRHVWDWXWRMXUtGLFRSUHYLVWR QRDUWGD&)

5HVVDOYD 3RGHPSUHVFLQGLU GD/HL

3HWUREUiV

3DUDFRQWUDWDo}HVGH EHQV H VHUYLoRV TXH FRQVWLWXDP VXDDWLYLGDGHILP 1RVFDVRV HPTXHDOHL FRQVWLWXDyELFHLQWUDQVSRQtYHO jDWLYLGDGHQHJRFLDOGDHVWDWDO

8WLOL]DR5HJXODPHQWRGH 3URFHGLPHQWR/LFLWDWyULR6LPSOLILFDGR

'HFUHWRFFDUWGD/HL ,,,(QWLGDGHV SDUDHVWDWDLV

&)DUW;;9,, &)DUW;;,

F 1RUPDV

&)DUW,,, /HL /HL

1mRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO 1mRVHVXMHLWDPj/HL 0DVGHYHPVHJXLURVSULQFtSLRVGD $GPLQLVWUDomR3~EOLFDSDUDDFRQWUDWDomR




35,1&Ë3,26'$/,&,7$d2 1D$GPLQLVWUDomR3~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO +HO\ /RSHV

/HJDOLGDGH

(QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQDDGPLQLVWUDomRS~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D

3DUWLFXODU

0DULD 6\OYLD

$XWRQRPLD GDYRQWDGH

3RGHID]HUWXGRRTXHDOHLQmRSURtEH 1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGHID]HU DOJXPDFRLVDVHQmRHPYLUWXGHGHOHL&)DUW,, $$GPLQLVWUDomR3~EOLFDVySRGHID]HU RTXHDOHLSHUPLWH&)DUWFDSXW

9RQWDGH OHJDO

$GPLQLVWUDomR S~EOLFD

2SULQFtSLRLPS}HDRDGPLQLVWUDGRUDEXVFDGRLQWHUHVVHS~EOLFR

,PSHVVRDOLGDGH

,QWLPDPHQWHOLJDGRDRVSULQFtSLRVGD LVRQRPLDHGRMXOJDPHQWRREMHWLYR

7RGRVRVOLFLWDQWHVGHYHPVHUWUDWDGRV LJXDOPHQWHHPWHUPRVGHGLUHLWRVHREULJDo}HV

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUW;;, 9HGDRHVWDEHOHFLPHQWRGHFRQGLo}HVTXHLPSOLTXHP SUHIHUrQFLDHPIDYRUGHOLFLWDQWHVHPGHWULPHQWRGRVGHPDLV

$GPLVVLELOLGDGHGHFULWpULRVGHKDELOLWDomRTXHYLVHP DJDUDQWLUDDGHTXDGDH[HFXomRGRREMHWROLFLWDGR

L(PLJXDOGDGH GH FRQGLo}HV FRPRFULWpULRGHGHVHPSDWH pDVVHJXUDGDDSUHIHUrQFLD /HLDUW

2EV

7UDWDPHQWRLJXDOLWiULRDRVVHPHOKDQWHV

eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR

,PSOtFLWRDRSULQFtSLR GDFRPSHWLWLYLGDGH

,JXDOGDGH LVRQRPLD

9HGDomRDGLVFULPLQDo}HVLQMXVWLILFDGDV

LL3URFHGLPHQWRV OLFLWDWyULRVQRVTXDLV SRGHVHHVWDEHOHFHU PDUJHQVGH SUHIHUrQFLD

L%HQVHVHUYLoRVSURGX]LGRVQRSDtV LL%HQVHVHUYLoRV SURGX]LGRVRXSUHVWDGRV SRUHPSUHVDVEUDVLOHLUDV LLL%HQVHVHUYLoRVSURGX]LGRVRXSUHVWDGRVSRU HPSUHVDVTXHLQYLVWDPHPSHVTXLVDHQR GHVHQYROYLPHQWRGHWHFQRORJLDQRSDtV

,0DUJHP EiVLFD

,,0DUJHP DGLFLRQDO

3ULQFtSLRV GD/LFLWDomR

3DUDSURGXWRVPDQXIDWXUDGRVHSDUDVHUYLoRV QDFLRQDLVTXHDWHQGDPDQRUPDVWpFQLFDVEUDVLOHLUDV

2EV$PDUJHPEiVLFDpH[WHQVtYHODRVEHQVH VHUYLoRVRULJLQiULRVGRV(VWDGRV3DUWHVGR0HUFRVXO 3DUDSURGXWRVPDQXIDWXUDGRVHVHUYLoRV QDFLRQDLVUHVXOWDQWHVGHGHVHQYROYLPHQWR HLQRYDomRWHFQROyJLFDUHDOL]DGRVQRSDtV

7DLVPDUJHQVQmRSRGHPXOWUDSDVVDURPRQWDQWHGH VREUHRSUHoRGRVUHVSHFWLYRVSURGXWRVRXVHUYLoRV

2EV

/HLDUWD

LLL3UHIHUrQFLDQDFRQWUDWDomRGHPLFURHPSUHVDVH HPSUHVDVGHSHTXHQRSRUWH/&DUW &RQGXWDSDXWDGD QDPRUDOMXUtGLFD

0RUDOLGDGH

&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGDGLVFLSOLQDLQWHULRUGD$GPLQLVWUDomR

([LJrQFLDGHDWXDomRpWLFDGRVDJHQWHVGD$GPLQLVWUDomRGXUDQWHWRGRRSURFHGLPHQWROLFLWDWyULR 2VDWRVGRSURFHGLPHQWR OLFLWDWyULRVHUmRS~EOLFRV

3XEOLFLGDGH

6DOYRTXDQWRDR6,*,/2'$63523267$6 DWpDUHVSHFWLYDDEHUWXUD

5HTXLVLWRGHHILFiFLDGRFRQWUDWR/HLDUW &RQFHLWR

$GMXGLFDUVLJQLILFDHQWUHJDURREMHWRGDOLFLWDomRDRYHQFHGRU 2SULQFtSLRLPSHGHTXHD$GPLQLVWUDomRFRQFOXtGRRSURFHGLPHQWR DWULEXDRREMHWRGDOLFLWDomRDRXWUHPTXHQmRRYHQFHGRU 2SULQFtSLRQmRREULJDD$GPLQLVWUDomRDFRQYRFDURYHQFHGRUSDUDFHOHEUDURFRQWUDWR

$GMXGLFDomR FRPSXOVyULD

&XLGDGR

3RVVtYHLV FRQVHTXrQFLDV GDOLFLWDomR

L5HYRJDomRGRFHUWDPH

([LVWrQFLDGHMXVWDFDXVDVXSHUYHQLHQWH ([LVWrQFLDGHYtFLRGHOHJDOLGDGH

LL$QXODomRGRFHUWDPH LLL&HOHEUDomRGRFRQWUDWR

9LQFXODomR DR LQVWUXPHQWRFRQYRFDWyULR

-XOJDPHQWRREMHWLYR

,QVWUXPHQWRFRQYRFDWyULRGDOLFLWDomR

(GLWDORXFDUWDFRQYLWH eDOHLLQWHUQDGDOLFLWDomR

9LQFXODDRVVHXVWHUPRVWDQWRRVOLFLWDQWHVFRPRDDGPLQLVWUDomRTXHRH[SHGLX

$DSUHFLDomRGDVSURSRVWDVRFRUUHVHJXQGRFULWpULRVREMHWLYRV FODURVHGHILQLGRVQRLQVWUXPHQWRFRQYRFDWyULR

2SULQFtSLRLPS}HRGHYHUGHDPSOLDomRGRDFHVVRGRVLQWHUHVVDGRVDRFHUWDPH

&RPSHWLomR

eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR




$/,(1$d2'(%(163(/$$'0,1,675$d23Ò%/,&$

L ,QWHUHVVH S~EOLFR GHYLGDPHQWHMXVWLILFDGR 5HTXLVLWRV D $GPLQLVWUDomR GLUHWD DXWDUTXLDV H IXQGDo}HVS~EOLFDV

LL$YDOLDomRSUpYLD LLL$XWRUL]DomROHJLVODWLYD &RQFRUUrQFLD

0RGDOLGDGH

5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD

/HLDUW,

L ,QWHUHVVH S~EOLFR GHYLGDPHQWHMXVWLILFDGR 5HTXLVLWRV

%HQV LPyYHLV

LL$YDOLDomRSUpYLD 2EV

E (PSUHVDV S~EOLFDV HVRFLHGDGHVGH HFRQRPLDPLVWD

1mRKi H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

&RQFRUUrQFLD 0RGDOLGDGH


/HLDUW,

(QYROYHEHQVLPyYHLVGH TXDOTXHUyUJmRRXHQWLGDGH GD$GPLQLVWUDomR3~EOLFD DGTXLULGRVSRU

$OLHQDomR GH%HQV

L3URFHGLPHQWRV MXGLFLDLV

LL'DomR HP SDJDPHQWR

L$YDOLDomRGRVEHQVDOLHQiYHLV F %HQVDGTXLULGRV GHSURFHGLPHQWRV MXGLFLDLVRXGH GDomRHPSDJDPHQWR

5HTXLVLWRV

LL &RPSURYDomRGDQHFHVVLGDGH RXXWLOLGDGHGDDOLHQDomR 2EV

0RGDOLGDGH

1mR Ki H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

&RQFRUUrQFLDRX /HLOmR

/HLDUW

D $EUDQJrQFLD

(QYROYHEHQVPyYHLVGHTXDOTXHUyUJmR RXHQWLGDGHGD$GPLQLVWUDomR3~EOLFD L,QWHUHVVHS~EOLFRGHYLGDPHQWHMXVWLILFDGR LL$YDOLDomRSUpYLD

E 5HTXLVLWRV

%HQV PyYHLV

2EV

1mRKi H[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

L3DUDYHQGDGHEHQVPyYHLV DYDOLDGRVHP TXDQWLDQmRVXSHULRUD5/HLOmR

F 0RGDOLGDGH

LL 3DUDRV GHPDLVFDVRV

$OHLQmRHVWDEHOHFHPRGDOLGDGH HVSHFtILFDGHOLFLWDomR





&2175$7$d2',5(7$ 5HJUD JHUDO

([LJHVHOLFLWDomRSUpYLDSDUDFRQWUDWDo}HVGD$GPLQLVWUDomR3~EOLFD

'HFRUUrQFLDGRSULQFtSLRGDLQGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR

([FHomR

1Ro}HV JHUDLV

+iVLWXDo}HVHPTXHDOLFLWDomRWRUQDVHLPSRVVtYHORX LQDGHTXDGDSDUDDUHDOL]DomRGDVIXQo}HVHVWDWDLV 3DUDHVVHVFDVRVD&)SUHYrDUW;;, DSRVVLELOLGDGHGHFRQWUDWDomR GLUHWDKLSyWHVHVHPTXHDOLFLWDomRQmRRFRUUHUiRXSRGHUiQmRRFRUUHU

L,QH[LJLELOLGDGH

(VSpFLHV GH FRQWUDWDo}HVGLUHWD

,/LFLWDomR',63(16$'$

LL'LVSHQVD

,,/LFLWDomR',63(16È9(/

$VKLSyWHVHVGHFRQWUDWDomRGLUHWDQmRVHDSOLFDP jV&21&(66®(6H3(50,66®(6GHVHUYLoRS~EOLFR $OLFLWDomRp,1(;,*Ë9(/QDVKLSyWHVHVHPTXHKDMD,19,$%,/,'$'( MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHLPSRVVtYHO 5ROH[HPSOLILFDWLYR

/HLDUW )RUQHFHGRUH[FOXVLYR

L$TXLVLo}HV

9HGDGDSUHIHUrQFLDGH0$5&$ L6HUYLoRWpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(

,QH[LJLELOLGDGH

LL&RQWUDWDomR GH VHUYLoR WpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(

+LSyWHVHV

LL 1DWXUH]DVLQJXODU GRREMHWR

5HTXLVLWRV

LLL1RWyULDHVSHFLDOL]DomR GRFRQWUDWDGR 9HGDGRSDUD VHUYLoRVGH 38%/,&,'$'(H',98/*$d2

&RQWUDWDomR 'LUHWD

'LUHWDPHQWHRXSRUPHLRGHHPSUHViULRH[FOXVLYR

LLL&RQWUDWDomRGH SURILVVLRQDOGR VHWRUDUWtVWLFR

'HYHVHUDUWLVWD FRQVDJUDGR

3HODFUtWLFDHVSHFLDOL]DGDRX

3HODRSLQLmRS~EOLFD

$',63(16$GHOLFLWDomRRFRUUHQDVKLSyWHVHVSUHYLVWDVQDOHLTXDQGRKDMD 9,$%,/,'$'(MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHSRVVtYHO

D /LFLWDomR ',63(16$'$

6mRKLSyWHVHVYLQFXODGDV

2DGPLQLVWUDGRU'(9(GLVSHQVDU

7UDWDVHGHGLVSHQVDGH OLFLWDomRSDUDDOLHQDo}HV

5ROH[DXVWLYR/HLDUW

$OLHQDomR

'LVSHQVD

eD WUDQVIHUrQFLD YROXQWiULDGRGRPtQLRGHXPEHPRXGLUHLWR

6mRKLSyWHVHV GLVFULFLRQiULDV

E /LFLWDomR ',63(16È9(/

5ROH[DXVWLYR

2DGPLQLVWUDGRU32'(GLVSHQVDU &RQIRUPHFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH /HLDUW

9HU0DSD0HQWDO3ULQFLSDLV&DVRVGH/LFLWDomR'LVSHQViYHO L&DUDFWHUL]DomRGD VLWXDomR HPHUJHQFLDORXFDODPLWRVD TXHMXVWLILTXHDGLVSHQVDTXDQGRIRURFDVR

5HTXLVLWRV

2VSURFHVVRVGHGLVSHQVDH LQH[LJLELOLGDGHGHYHPFRQWHU

LL5D]mRGDHVFROKDGRIRUQHFHGRURXH[HFXWDQWH

/HLDUW

LY'RFXPHQWRGHDSURYDomRGRVSURMHWRVGH SHVTXLVDDRVTXDLVRVEHQVVHUmRDORFDGRV

LLL-XVWLILFDWLYDGRSUHoR

eREULJDWyULDDPRWLYDomRGRDWRDGPLQLVWUDWLYRTXH GHFLGDVREUHDGLVSHQVDRXDLQH[LJLELOLGDGHGHOLFLWDomR

/HLDUW,9



35,1&,3$,6&$626'(/,&,7$d2',63(16È9(/

2EUDVVHUYLoRV HFRPSUDVGH SHTXHQRYDORU


L2EUDVHVHUYLoRV GHHQJHQKDULD

9DORUDWpFRQYLWHPLOUHDLV

LL2XWURVVHUYLoRV HFRPSUDV

9DORUDWpGRFRQYLWHPLOUHDLV &RQVyUFLRS~EOLFR

/LPLWHGH GRFRQYLWH

6RFLHGDGHGH HFRQRPLDPLVWD (PSUHVDS~EOLFD

/HLDUW SDUiJUDIR~QLFR

$JrQFLDH[HFXWLYD 9HGDGR IUDFLRQDPHQWR GHGHVSHVD

&RQILJXUD IDOWDGHSODQHMDPHQWR DGLVSHQVDGH OLFLWDomRSDUDFRQWUDWDo}HVDTXLVLo}HVGHPHVPD QDWXUH]DHPLGrQWLFRH[HUFtFLRILQDQFHLURFXMRV YDORUHVJOREDLVH[FHGDPROLPLWHSUHYLVWR

*XHUUDRXJUDYHSHUWXUEDomRGDRUGHP %HQVQHFHVViULRVDRDWHQGLPHQWRGDVLWXDomR

3DUFHODVGHREUDVVHUYLoRVFRQFOXtGDVQRSUD]R Pi[LPRGHGLDVFRQVHFXWLYRVFRQWDGRVGD RFRUUrQFLDGDHPHUJrQFLDFDODPLGDGH

$EUDQJrQFLD

(PHUJrQFLD RX FDODPLGDGH S~EOLFD

3UHVVXSRVWRV SDUDDGLVSHQVD

L(PHUJrQFLDRXFDODPLGDGHS~EOLFD LL8UJrQFLDGH DWHQGLPHQWR

2FDVLRQDUSUHMXt]R &RPSURPHWHUVHJXUDQoD

9HGDGDSURUURJDomRGRVUHVSHFWLYRVFRQWUDWRV

/LFLWDomR 'LVSHQViYHO

2FRUUHTXDQGRDOLFLWDomRpFRQYRFDGDPDVQmRDSDUHFHPLQWHUHVVDGRV

/LFLWDomR GHVHUWD


L'HPRQVWUDomRGHTXHD UHSHWLomRGDOLFLWDomR FDXVDUiSUHMXt]RSDUDD$GPLQLVWUDomR LL 0DQXWHQomR QD FRQWUDWDomR GLUHWD GH WRGDVDVFRQGLo}HVSUHHVWDEHOHFLGDV

$OLFLWDomRIUDFDVVDGDRFRUUHTXDQGR DSDUHFHPLQWHUHVVDGRVPDVQHQKXP pVHOHFLRQDGRHPUD]mRGH

,QDELOLWDomRGRVOLFLWDQWHV 'HVFODVVLILFDomRGDVSURSRVWDV

$OLFLWDomRIUDFDVVDGDSRGHUiUHVXOWDUHP FRQWUDWDomRGLUHWDHVSHFLILFDPHQWHTXDQGR WRGRVRVOLFLWDQWHVIRUHPGHVFODVVLILFDGRV SRUDSUHVHQWDUHPSURSRVWDVFRP

/LFLWDomR IUDFDVVDGD

6RPHQWHGLVSHQVDUi DSyVIL[DUDRVOLFLWDQWHV 3UHVVXSRVWRV SDUDDGLVSHQVD

3HUVLVWLQGR DVLWXDomR

3UHoRVPDQLIHVWDPHQWHVXSHULRUHV DRVSUDWLFDGRVQRPHUFDGRQDFLRQDO 3UHoRVLQFRPSDWtYHLVFRPRVIL[DGRV SRUyUJmRVRILFLDLVFRPSHWHQWHV 3UD]RGHGLDV~WHLVSDUDQRYDSURSRVWD &RQYLWH

3UD]RGHGLDV~WHLV

6HUiDGPLWLGDDDGMXGLFDomRGLUHWDGRVEHQVRX VHUYLoRVSRUYDORUQmRVXSHULRUDRFRQVWDQWH GRUHJLVWURGHSUHoRVRXGRVVHUYLoRV

/HLDUW9,,FFDUW &RQWUDWDomRGHUHPDQHVFHQWHGHREUDVHUYLoRRX IRUQHFLPHQWRHPFRQVHTXrQFLDGHUHVFLVmRFRQWUDWXDO

5HPDQHVFHQWH


L$WHQGLGDDRUGHPGHFODVVLILFDomRGDOLFLWDomRDQWHULRU LL $FHLWDV DV PHVPDVFRQGLo}HV GR YHQFHGRU LQFOXVLYHTXDQWRDRSUHoRFRUULJLGRPRQHWDULDPHQWH




02'$/,'$'(6'(/,&,7$d2,

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR 4XDOTXHULQWHUHVVDGRTXHFRPSURYHUHTXLVLWRVPtQLPRV

6XMHLWR

([LJHKDELOLWDomRSUHOLPLQDU

L2EUDVHVHUYLoRVGHHQJHQKDULDDFLPDGH5

&RQFRUUrQFLD

$EUDQJrQFLD

LL&RPSUDVHVHUYLoRVTXH QmR VHMDP GHHQJHQKDULDDFLPDGH5

2EMHWR

LLL&RPSUDHDOLHQDomRGHEHQVLPyYHLV LY&RQFHVV}HVGHGLUHLWRUHDOGHXVR Y/LFLWDo}HVLQWHUQDFLRQDLV

$FRQFRUUrQFLDVHDSOLFDDRVFDVRVHPTXHFRXEHUWRPDGDGHSUHoRVHFRQYLWH

2EV

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR L,QWHUHVVDGRVGHYLGDPHQWHFDGDVWUDGRV ([LJH FDGDVWUDPHQWR

6XMHLWR

7RPDGD GHSUHoRV

&RUUHVSRQGHjIDVHGH+DELOLWDomR eSUpYLR

LL,QWHUHVVDGRVQmRFDGDVWUDGRV TXHDWHQGHUHPFRQGLo}HV H[LJLGDVSDUDRFDGDVWUDPHQWR

$EUDQJrQFLD

L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 LL&RPSUDVHVHUYLoRVTXH QmRVHMDP GHHQJHQKDULDDWp5

2EMHWR

LLL/LFLWDo}HVLQWHUQDFLRQDLV 2EV

0RGDOLGDGHV GHOLFLWDomR

$WpRGLDDQWHULRUjGDWDGR UHFHELPHQWRGDVSURSRVWDV

6HD$GPLQLVWUDomRSRVVXLU FDGDVWURLQWHUQDFLRQDO

$WRPDGDGHSUHoRVHDSOLFDDRVFDVRVHPTXHFRXEHUFRQYLWH

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR L &RQYLGDGRVLQWHUHVVDGRV GR UDPRSHUWLQHQWHDRVHXREMHWR 6XMHLWR D $EUDQJrQFLD

LL&RPSUDVHVHUYLoRVTXHQmRVHMDPGHHQJHQKDULDDWp5 LLL/LFLWDomRLQWHUQDFLRQDOTXDQGRQmRKRXYHU IRUQHFHGRUGREHPRXVHUYLoRQRSDtV

5HJUDJHUDO E 1~PHUR GH SURSRVWDV

F 3XEOLFLGDGH

$WpKRUDVDQWHVGRSUD]R SDUDHQWUHJDGDVSURSRVWDV

L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 2EMHWR

&RQYLWH

LL &DGDVWUDGRVTXH PDQLIHVWDUHPLQWHUHVVH

&DGDVWUDGRVRXQmR 1RQ~PHURPtQLPR GHSDUWLFLSDQWHV

([FHomR

6HQmRKRXYHUSHORPHQRVSURSRVWDVUHSHWHVHRFRQYLWH /LPLWDo}HVGHPHUFDGR 0DQLIHVWRGHVLQWHUHVVHGRVFRQYLGDGRV

)HLWDGLUHWDPHQWHDRVFRQYLGDGRV &DUWDFRQYLWH

G ,QVWUXPHQWRFRQYRFDWyULR 2EV

1mRKiHGLWDO

6HFRXEHUFRQYLWHD$GPLQLVWUDomRSRGHUiXWLOL]DUD WRPDGDGHSUHoRVHHPTXDOTXHUFDVRDFRQFRUUrQFLD

eSULQFtSLRGHYHVHUREVHUYDGR

2EV

3DUFHODPHQWR GRREMHWR

2EMHWRGH QDWXUH]DGLYLVtYHO

/HLDUW

2EULJDWyULDDDGMXGLFDomRSRULWHP HQmRSRUSUHoRJOREDO 'HVGHTXHWpFQLFDHHFRQRPLFDPHQWHYLiYHO 6~PXODGR7&8

eYHGDGR )UDFLRQDPHQWR GDGHVSHVD

/HLDUW

4XDQGRSDUFHODGRGHYHVHUHVFROKLGDDPRGDOLGDGH SHUWLQHQWHDRREMHWRWRGRRXVHMDRVRPDWyULRGDVSDUFHODV




02'$/,'$'(6'(/,&,7$d2,,

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR D &RQFHLWR

$GRWDGRSDUDDOLHQDo}HV ,QVHUYtYHLVSDUDD$GPLQLVWUDomR

L%HQVPyYHLV

/HLOmR

E 2EMHWR GROHLOmR

$WpRYDORUGH5 &XMDDTXLVLomR KDMDGHULYDGRGH

LL%HQVLPyYHLV LLL3URGXWRV

3URFHGLPHQWRVMXGLFLDLV 'DomRHPSDJDPHQWR

/HJDOPHQWHDSUHHQGLGRVRXSHQKRUDGRV

3HUPLWHDSDUWLFLSDomRGHTXDOTXHULQWHUHVVDGR 1mRKiH[LJrQFLDGHKDELOLWDomR

F &DUDFWHUtVWLFDV

eYHQFHGRUGROHLOmRDTXHOHTXHRIHUHFHURPDLRU ODQFHLJXDORXVXSHULRUDRYDORUGDDYDOLDomR 3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR L7UDEDOKRWpFQLFRFLHQWtILFRRXDUWtVWLFR

8WLOL]DGRSDUD HVFROKDGH

D &RQFHLWR

6HOHFLRQDGRV SUHIHUHQFLDOPHQWH PHGLDQWHFRQFXUVR

LL6HUYLoRV WpFQLFRVSURILVVLRQDLV HVSHFLDOL]DGRV673(

&RQVWLWXLomRGHFRPLVVmRHVSHFLDOLQWHJUDGDSRUSHVVRDV GHUHSXWDomRLOLEDGDHUHFRQKHFLGRFRQKHFLPHQWRGD PDWpULDHPH[DPH/HLDUW

&RQFXUVR

1mRXWLOL]DRVWLSRVGHOLFLWDomR E 3URFHGLPHQWR

-XOJDPHQWR

/HLDUW 5HDOL]DGRSHODFRPLVVmRHVSHFLDOFRQIRUPH GHILQLGRQRUHJXODPHQWRSUySULRGRFRQFXUVR

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR

0RGDOLGDGHV GH/LFLWDomR

D &RQFHLWR

8WLOL]DGRSDUDDTXLVLomRGHEHQVHVHUYLoRVFRPXQV /HLDUW

%HQV H VHUYLoRV FRPXQV E 2EMHWR GRSUHJmR

6mRDTXHOHVFXMRV SDGU}HVGHGHVHPSHQKR HTXDOLGDGHSRVVDPVHU

2EMHWLYDPHQWH GHILQLGRVSHORHGLWDO 6HJXQGRHVSHFLILFDo}HV XVXDLVGHPHUFDGR

1mRVHDSOLFDD FRQWUDWDomRGHREUDVGHHQJHQKDULDORFDo}HV LPRELOLiULDVHDOLHQDo}HVHPJHUDO'HFUHWRDUW 3RGHVHUXWLOL]DGRSDUDTXDOTXHUYDORUGHFRQWUDWR 2EULJDWyULR

3UHJmR

F $GRomRGRSUHJmR

G 7LSRGHOLFLWDomR

)DFXOWDWLYR 0HQRUSUHoR

8QLmR

'HFUHWRDUW (VWDGRV')H0XQLFtSLRV /HLDUW /HLDUW;

3UHVHQFLDO H 0RGDOLGDGHVGHSUHJmR

(OHWU{QLFD

,QYHUVmRGDVIDVHV I 3HFXOLDULGDGHV GRSUHJmR

+RPRORJDomR RFRUUHGHSRLV GDDGMXGLFDomR

$KDELOLWDomRGRVOLFLWDQWHVpIDVHSRVWHULRU jGHMXOJDPHQWRGDVSURSRVWDV

俶 5HJUD

([FHomR

3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD 4XDQGRKiLQWHUSRVLomRGHUHFXUVRVD DXWRULGDGHFRPSHWHQWHDGMXGLFDHKRPRORJD /HLDUW;;,H;;,,

0RGDOLGDGHGHOLFLWDomRDSOLFiYHOH[FOXVLYDPHQWHjVDJrQFLDVUHJXODGRUDV

&RQVXOWD

8WLOL]DGDSDUDDTXLVLomRGH EHQVHVHUYLoRVQmRFRPXQV

([FHWXDGRVREUDVHVHUYLoRVGHHQJHQKDULDFLYLO




7,326'(/,&,7$d2 eRFULWpULRXWLOL]DGRSDUDMXOJDPHQWRGDVSURSRVWDV 6RPHQWHDGPLWHPVHRVWLSRVSUHYLVWRVQD OHJLVODomRSHUWLQHQWHjOLFLWDomRS~EOLFD

&RQFHLWR

'HYHVHU

2EV

/LVWDH[DXVWLYD /HLDUW

2EMHWLYR 3UHYLDPHQWHHVWDEHOHFLGRQR,167580(172&2192&$7Ï5,2 L&RQFXUVR

1mRVHDSOLFDD

9HQFHGRU D 0HQRUSUHoR

LL&RQFHVVmRHSHUPLVVmRGHVHUYLoRS~EOLFR

$TXHOHTXHDSUHVHQWDUDSURSRVWDGHDFRUGRFRPDV HVSHFLILFDo}HVGRHGLWDORXFRQYLWHHRIHUWDURPHQRUSUHoR -XOJDPHQWRFRQFHQWUDGRHPTXHVW}HVHFRQ{PLFRILQDQFHLUDV

2EV3UHJmR

6RPHQWHDGPLWHRWLSRPHQRUSUHoR

7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO L,QVWUXPHQWRFRQYRFDWyULRIL[DRSUHoRPi[LPR LL$EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV

E 0HOKRU WpFQLFD

3URFHGLPHQWR

7LSRVGH /LFLWDomR

$YDOLDomRHFODVVLILFDomR

6RPHQWHGRVOLFLWDQWHVTXH DWLQJLUDPYDORUDomRPtQLPD LLL$EHUWXUD GDV SURSRVWDV GHSUHoR

5HIHUrQFLD 1HJRFLDomR 2UGHP

3URSRVWDGH PHQRUSUHoR

$SDUWLUGDSURSRQHQWH PHOKRUFODVVLILFDGD

/HLDUW,,FFDUW 7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO L $EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV

7LSRV

3URFHGLPHQWR

$YDOLDomRHFODVVLILFDomR GDVSURSRVWDVWpFQLFDV

LL$EHUWXUDGDV SURSRVWDVGHSUHoR$YDOLDomRHYDORUDomRGDVSURSRVWDVGHSUHoR

LLL5HVXOWDGR

0pGLDSRQGHUDGDGDVYDORUDo}HV GDVSURSRVWDVGHWpFQLFDHSUHoR

/HLDUW,,,FFDUW F 7pFQLFD HSUHoR

2EV%HQVHVHUYLoRV GH,1)250È7,&$ %HQVHVHUYLoRVGH LQIRUPiWLFDFRPXQV L3DGURQL]DGRV

6mRDTXHOHVFXMRVSDGU}HVGH GHVHPSHQKRHTXDOLGDGHSRVVDP VHUREMHWLYDPHQWHGHILQLGRVQRHGLWDO

3HUPLWHPDXWLOL]DomRGD PRGDOLGDGHSUHJmR7LSRPHQRUSUHoR %HQVHVHUYLoRVGHLQIRUPiWLFDHVSHFtILFRV

LL1mRSDGURQL]DGRV

8WLOL]DVHRWLSR WpFQLFDHSUHoR

/HLDUW

&DVRVGHDOLHQDomRGHEHQVRXFRQFHVVmRGHGLUHLWRUHDOGHXVR G 0DLRUODQFHRXRIHUWD

/HLDUW,9




352&(',0(1726'(/,&,7$d2,

,QLFLDVHQDUHSDUWLomRLQWHUHVVDGDFRPDDEHUWXUDGRSURFHVVR D ,QtFLR

eGHILQLGRRREMHWRGDOLFLWDomRHRUHFXUVRSUySULRSDUDDGHVSHVD /HLDUW

E (ODERUDomR GRHGLWDO

(GLWDO

eDOHLLQWHUQDGD/LFLWDomR

9LQFXODD$GPLQLVWUDomRHRV SURSRQHQWHVDRVVHXVWHUPRV

1mRpXWLOL]DGRQDPRGDOLGDGH&219,7(

&DUWDFRQYLWH

&RQFXUVR 5HJLPHGH HPSUHLWDGDLQWHJUDO

GLDV

&RQFRUUrQFLD

7LSRPHOKRUWpFQLFD 7LSRWpFQLFDHSUHoR

3UD]RPtQLPRHQWUHD SXEOLFDomR GR UHVXPR GRHGLWDOHRUHFHELPHQWR GDVSURSRVWDV

&RQFRUUrQFLD

'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD

GLDV 7RPDGDGHSUHoRV

F 3UD]RV 7RPDGDGHSUHoRV

GLDV

7LSRPHOKRUWpFQLFD

7LSRWpFQLFDHSUHoR 'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD

/HLOmR

)DVH LQWHUQD

3URFHGLPHQWRV GH/LFLWDomR

)RUPDVGH H[HFXomR

GLDV~WHLV

&RQYLWH

GLDV~WHLV

3UHJmR

L'LUHWD

LL,QGLUHWD

eDTXHODIHLWDGLUHWDPHQWH SHOD$GPLQLVWUDomR3~EOLFD eDTXHODIHLWDSRUWHUFHLURVPHGLDQWHFRQWUDWR FHOHEUDGRFRPD$GPLQLVWUDomR3~EOLFD

6mRUHJLPHVHVSpFLHV GHH[HFXomRLQGLUHWD

L(PSUHLWDGD SRU SUHoRJOREDO

1mR FRQIXQGLU

5HJLPHVGH H[HFXomR

LL(PSUHLWDGD SRU SUHoRXQLWiULR

LY7DUHID

$QXODomRHUHYRJDomR

&RQWUDWDDH[HFXomRGDREUD RXGRVHUYLoRSRUSUHoRFHUWR GHXQLGDGHVGHWHUPLQDGDV

(PSUHHQGLPHQWRHP VXDLQWHJUDOLGDGH LLL(PSUHLWDGD LQWHJUDO

)DVHH[WHUQD

&RQWUDWDDH[HFXomRGDREUDRXGR VHUYLoRSRUSUHoRFHUWRHWRWDO

&RQWUDWDXP

(QWUHJDDRFRQWUDWDQWH HPFRQGLo}HVGH HQWUDGDHPRSHUDomR

0mRGHREUDSDUDSHTXHQRV WUDEDOKRVSRUSUHoRFHUWR




352&(',0(1726'(/,&,7$d2,, )DVHLQWHUQD /HLJHUDOGDVOLFLWDo}HV

(WDSDUHODFLRQDGDjDYDOLDomRGDVTXDOLGDGHVGRVOLFLWDQWHV $DGPLQLVWUDomRYHULILFDDDSWLGmRGR FDQGLGDWRSDUDDIXWXUDFRQWUDWDomR 3UHFOXVmR GR GLUHLWR GHSDUWLFLSDU

2OLFLWDQWHLQDELOLWDGRQmRSRGHUi SDUWLFLSDUGRVDWRVVXEVHTXHQWHV

2EV

L+DELOLWDomRMXUtGLFD LL4XDOLILFDomRWpFQLFD

([LJrQFLDGH GRFXPHQWDomR UHODWLYDD

LLL4XDOLILFDomRHFRQ{PLFRILQDQFHLUD LY5HJXODULGDGHILVFDOHWUDEDOKLVWD Y&XPSULPHQWRGD &)DUW;;;,,,

L+DELOLWDomR TXDOLILFDomR

5HVWULo}HVHSURLELo}HV DRWUDEDOKRGRVPHQRUHV

1DVPRGDOLGDGHVFRQYLWHOHLOmRHFRQFXUVR 3DUDIRUQHFLPHQWRGHEHQVSDUDSURQWDHQWUHJD

3RGHVHU ',63(16$'$ /HL

/HLDUW

2EV 3RGHVHU 68%67,78Ë'$

$UHJXODULGDGHILVFDOUHIHUHQWHj VHJXULGDGHVRFLDOQmRSRGHVHU GLVSHQVDGDHPQHQKXPFDVR &)DUW

1RFDVRGRFHUWLILFDGRGHUHJLVWURFDGDVWUDO /HLDUW

(WDSDUHODFLRQDGDjDYDOLDomRGDVSURSRVWDV

)DVH H[WHUQD

, $QiOLVH GD DGPLVVLELOLGDGH GDSURSRVWD

LL-XOJDPHQWR FODVVLILFDomR

3URFHGLPHQWRV GH/LFLWDomR

)DVHV

$QiOLVH IRUPDO

$GHTXDomRDRHGLWDO

$QiOLVH PDWHULDO

([HTXLELOLGDGH

,,$QiOLVHGD YDQWDMRVLGDGHGDSURSRVWD

$GHTXDomRDRV UHTXLVLWRVOHJDLV 4XDOLGDGH

5HODFLRQDGDDRV WLSRVGHOLFLWDomR

$XWRULGDGHFRPSHWHQWHDSURYDRSURFHGLPHQWR

LLL+RPRORJDomR

LY$GMXGLFDomR

&RQWUROHGHOHJDOLGDGHGRSURFHGLPHQWROLFLWDWyULR /LFLWDQWHDGTXLUHTXDOLGDGHGHYHQFHGRUHGHWLWXODU GDSUHIHUrQFLDSDUDFHOHEUDomRGRFRQWUDWR

/HLGR3UHJmR /LFLWDQWHVRIHUWDPODQFHV

L)DVHFRPSHWLWLYD

5HDOL]DGDFRPROLFLWDQWHTXHDSUHVHQWRX PHOKRUSURSRVWDQDIDVHFRPSHWLWLYD LL)DVHGHKDELOLWDomR

/HL

LLL$GMXGLFDomR

/HLDUW;,,

3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD

LY+RPRORJDomR

([FHomR

&RQWUROHGH/(*$/,'$'(

D $QXODomR

$QXODomRH 5HYRJDomR

1mR JHUD REULJDomR GHLQGHQL]DU

4XDQGROLFLWDQWHLPSHWUDUHFXUVRDDXWRULGDGH FRPSHWHQWHDGMXGLFDHKRPRORJD /HLDUW;;,H;;,, 'HRItFLR 3RUSURYRFDomRGHWHUFHLURV

(QWUHWDQWRDQXOLGDGHGRFRQWUDWRQmRH[RQHUDD DGPLQLVWUDomRGRGHYHUGHLQGHQL]DURFRQWUDWDGR SHORTXHHVWHKRXYHUH[HFXWDGR

&RQWUROHGH0e5,72 E 5HYRJDomR

3RUUD]}HVGHLQWHUHVVHS~EOLFRGHFRUUHQWHGH IDWRVXSHUYHQLHQWHGHYLGDPHQWHFRPSURYDGR 2VHXIXQGDPHQWRGHYHVHUSRVWHULRUjDEHUWXUDGDOLFLWDomR




&2175$726$'0,1,675$7,926

$MXVWHTXHD$GPLQLVWUDomR3~EOLFDDJLQGRQHVVDTXDOLGDGH ILUPDFRPSDUWLFXODURXFRPRXWUDHQWLGDGHDGPLQLVWUDWLYDSDUD FRQVHFXomRGHREMHWLYRVGHLQWHUHVVHS~EOLFRQDVFRQGLo}HV GHVHMDGDVSHODSUySULD$GPLQLVWUDomR

&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR +HO\ /RSHV

L$FRUGRGHYRQWDGHVELODWHUDOLGDGH &DUDFWHUtVWLFDV

LL 5HJLPH MXUtGLFR GHGLUHLWRS~EOLFR

,QFLGrQFLDGHSUHUURJDWLYDVHVSHFLDLV

$FHSomRDPSODDEUDQJHQGRWRGRVRVDMXVWHV GRVTXDLVD$GPLQLVWUDomR3~EOLFDVHMDSDUWH L 3ULQFtSLR GD LJXDOGDGH HQWUHDVSDUWHV LL$XWRQRPLDGDYRQWDGH &DUDFWHUtVWLFDV

D 6REUHJLPH GH GLUHLWR 35,9$'2

3DFWDVXQWVHUYDQGD ([&RQWUDWRGHORFDomRQRTXDO D$GPLQLVWUDomR3~EOLFD ILJXUHFRPRORFDWiULD

&RQFHLWR

0DULD 6\OYLD

6mR GHQRPLQDGRV FRQWUDWRVDGPLQLVWUDWLYRV

&RQWUDWRVGD DGPLQLVWUDomR

L 3ULQFtSLR GD VXSUHPDFLD GD DGPLQLVWUDomR S~EOLFD HPUHODomRDRSDUWLFXODU &OiXVXODVH[RUELWDQWHV

E 6REUHJLPH GHGLUHLWR 3Ò%/,&2

LL3ULQFtSLRGDOHJDOLGDGH &DUDFWHUtVWLFDV

&RQWUDWRV $GPLQLVWUDWLYRV

$WXDomRDGPLQLVWUDWLYD QRVOLPLWHVDXWRUL]DGRV SRUOHL LLL 0XWDELOLGDGH GDV FOiXVXODVUHJXODPHQWDUHV

$MXVWHVTXHD$GPLQLVWUDomRQHVVDTXDOLGDGHFHOHEUDFRP SHVVRDItVLFDRXMXUtGLFDS~EOLFDVRXSULYDGDVSDUDFRQVHFXomR GHILQVS~EOLFRVVHJXQGRUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR

&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR

&RQWUDWRVDGPLQLVWUDWLYRV

6mRVHPSUHIRUPDLVHHVFULWRV

eDTXHOHODYUDGRQDVUHSDUWLo}HVLQWHUHVVDGDV

&RQWUDWRHVFULWR 5HJUD &RQWUDWRVROHQH

)RUPDOL]DomR

LLL)RUoD REULJDWyULD GDVFRQYHQo}HV

([FHomR

&RQWUDWR YHUEDO

5HODWLYRDGLUHLWRVUHDLV VREUHEHQVLPyYHLV

eDTXHOHODYUDGRQR FDUWyULRGHQRWDV

3HTXHQDVFRPSUDVGH SURQWRSDJDPHQWR

/HLDUW 9DORUQmRVXSHULRUD5 6REUHJLPHGHDGLDQWDPHQWR

/HLDUWSDUiJUDIR~QLFR

$SXEOLFDomRGRUHVXPRGRLQVWUXPHQWRGHFRQWUDWRRXGHVHXV DGLWDPHQWRVpFRQGLomRLQGLVSHQViYHOjHILFiFLDGRFRQWUDWR /HLDUWSDUiJUDIR~QLFR 3RWHQFLDOLGDGHGHSURGXomRGHHIHLWRVMXUtGLFRV 3XEOLFLGDGH

1mR FRQIXQGLU

(ILFiFLD

9LJrQFLD

$SWLGmRSDUDSURGXomRFRQFUHWDGHHIHLWRV 3HUtRGRQRTXDORDGLPSOHPHQWRGRFRQWUDWR SHUPDQHFHREULJDWyULRHQWUHDVSDUWHV




&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6, 6mRSUHUURJDWLYDVGHGLUHLWRS~EOLFRFRQIHULGDVSRUOHLj$GPLQLVWUDomR 3~EOLFDTXHDFRORFDPHPVLWXDomRGHVXSHULRULGDGHIUHQWHDRFRQWUDWDGR

&RQFHLWR

([RUELWDPGDVFOiXVXODVFRPXQVGRGLUHLWRSULYDGR 6mRGHFRUUHQWHVGRUHJLPHMXUtGLFR GRVFRQWUDWRVDGPLQLVWUDWLYRV

'HULYDPGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR

$FULWpULRGDDXWRULGDGHFRPSHWHQWHGHVGHTXHSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR SRGHVHUH[LJLGDSUHVWDomRGHJDUDQWLDQDVFRQWUDWDo}HVGHREUDVVHUYLoRVHFRPSUDV

D &RQFHLWR

$FULWpULRGDDXWRULGDGHFRPSHWHQWH

'LVFULFLRQiULD E &DUDFWHUtVWLFDV

'HYHVHUSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR/HLDUW HPGLQKHLUR

L&DXomR

HPWtWXORVGDGtYLGDS~EOLFD

LL6HJXURJDUDQWLD

F 0RGDOLGDGHV

LLL)LDQoDEDQFiULD $VPRGDOLGDGHVHVWmRSUHYLVWDVQDOHLUHODomRH[DXVWLYD

2EV

&DEHDRFRQWUDWDGRDHVFROKDGDPRGDOLGDGH/HLDUW

([LJrQFLD GHJDUDQWLD

1mRH[FHGHUiDGRYDORUGRFRQWUDWR

5HJUDJHUDO

*UDQGHYXOWRHQYROYHQGRDOWDFRPSOH[LGDGH WpFQLFDHULVFRVILQDQFHLURVFRQVLGHUiYHLV

(OHYDomRGR OLPLWHDWp

([LJrQFLD GHJDUDQWLD DGLFLRQDO

G 3HUFHQWXDLV 5HJUDV HVSHFtILFDV

$JDUDQWLDVHUiDFUHVFLGD GRYDORUGHVVHVEHQV

/HLDUW

([LJrQFLDGHJDUDQWLD SDUDSURSRVWDVGH EDL[RYDORU

&OiXVXODV ([RUELWDQWHV

2FRQWUDWDGRILFDUi FRPRGHSRVLWiULR

3DUDRVFRQWUDWRVTXH LPSRUWHPQDHQWUHJDGHEHQV SHOD$GPLQLVWUDomR3~EOLFD

2EUDV 6HUYLoRV GH(QJHQKDULD

7LSRPHQRUSUHoR

6LWXDomRGHULVFR

3URSRVWDGR OLPLWHSUHYLVWRQDOHL

/HLDUW 3UHUURJDWLYDFRQFHGLGDj$GPLQLVWUDomR3~EOLFDSDUDXQLODWHUDOPHQWH DOWHUDURVFRQWUDWRVDGPLQLVWUDWLYRV/HLDUW, $RVFRQWUDWRVDGPLQLVWUDWLYRVQmRVHDSOLFDLQWHJUDOPHQWHRSULQFtSLRGRSDFWDVXQWVHUYDQGD D &RQFHLWR 3DFWDVXQWVHUYDQGD

2EULJDomRTXHWrPDVSDUWHVGHFXPSULU ILHOPHQWHRTXHIRLHQWUHHODVDYHQoDGR

&OiXVXODVUHJXODPHQWDUHVRXGHVHUYLoR$OFDQoD 1mRDOFDQoD/HLDUWH E $EUDQJrQFLD

&OiXVXODV (FRQ{PLFDV

7DLVFOiXVXODVHVWDEHOHFHP DUHODomRHQWUH

5HPXQHUDomRGRFRQWUDWDGR (QFDUJRVDVVXPLGRV

1mR SRGHP VHU DOWHUDGDV VHP SUpYLD FRQFRUGkQFLDGRFRQWUDWDGR

*DUDQWLDDRHTXLOtEULR HFRQ{PLFRILQDQFHLUR

7UDWDVHGHDOWHUDomRFRQWUDWXDOTXH DIHWDRHTXLOtEULRHFRQ{PLFRILQDQFHLUR

$OWHUDomR XQLODWHUDO GRFRQWUDWR

1mR FRQIXQGLU

5HYLVmR

$UHYLVmRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRHYLVDR UHHVWDEHOHFLPHQWRGRHTXLOtEULRHFRQ{PLFRILQDQFHLUR 7UDWDGDSUHYLVmRDQWHFLSDGDGDRFRUUrQFLDGDLQIODomR HGDDGRomRGHVROXomRSDUDQHXWUDOL]DUVHXVHIHLWRV

5HDMXVWH

1mRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRPDV VLPDWXDOL]DomRGRYDORUSDJRIUHQWHjLQIODomR

0RGLILFDomRGRSURMHWR RXGDVHVSHFLILFDo}HV L4XDOLWDWLYDV

LL4XDQWLWDWLYDV

9DORULQLFLDODWXDOL]DGRGRFRQWUDWR 5HIRUPD

/HL DUW,,,H DUW

0HOKRUDGHTXDomRWpFQLFDDRVVHXVREMHWLYRV

1mRVXMHLWDDOLPLWHVREMHWLYRV

F 7LSRV

/HL DUWH DUWG H

,(GLItFLR ,,(TXLSDPHQWR

1mRKiOLPLWH SDUD6835(66®(6

'HVGHTXHUHVXOWDQWHGHDFRUGR HQWUHRVFRQWUDWDQWHV




&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6,, /HLDUW,D;,,H;9,, 3UHUURJDWLYDFRQFHGLGDj$GPLQLVWUDomR3~EOLFDSDUD H[WLQJXLUXQLODWHUDOPHQWHRFRQWUDWRDQWHVGRSUD]R VHPDQHFHVVLGDGHGHUHFRUUHUDR3RGHU-XGLFLiULR

D &RQFHLWR

L,QDGLPSOHPHQWRGRFRQWUDWDGR

5HVFLVmR XQLODWHUDO GRFRQWUDWR

LL'HVDSDUHFLPHQWRGRVXMHLWR

E &DVRV

'HDOWDUHOHYkQFLDHDPSORFRQKHFLPHQWR

LLL ,QWHUHVVH S~EOLFR

-XVWLILFDGDVHGHWHUPLQDGDVSHODPi[LPDDXWRULGDGH GDHVIHUDDGPLQLVWUDWLYDDTXHHVWiVXERUGLQDGRR FRQWUDWDQWHHH[DUDGDVQRSURFHVVRDGPLQLVWUDWLYR

LY&DVRIRUWXLWRRXIRUoDPDLRU

5HSUHVHQWDQWHGD$GPLQLVWUDomRILVFDOL]DDH[HFXomRGRFRQWUDWR

)LVFDOL]DomR

1mRH[FOXLRXUHGX]DUHVSRQVDELOLGDGHGRFRQWUDWDGRSHORVGDQRV TXHSRUFXOSDRXGRORDH[HFXomRYHQKDDFDXVDUDWHUFHLURV

D $GYHUWrQFLD

LL,QH[HFXomR E 0XOWD 2EV

&OiXVXODV ([RUELWDQWHV

/HLDUW

/HLDUW, /HLDUW

L$WUDVRLQMXVWLILFDGR

$SOLFDomR GH SHQDOLGDGHV

/HLDUW

/HLDUW,,

$VPXOWDVSRGHPVHUGLUHWDPHQWH GHVFRQWDGDVGDJDUDQWLDGRFRQWUDWR 7UDWDVHGHH[FHSFLRQDODXWRH[HFXWRULHGDGHGDFREUDQoDGHPXOWD 6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR

$EUDQJH

F 6XVSHQVmR WHPSRUiULD

0RWLYR

,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD ,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR

'XUDomR

0i[LPRDQRV

$XWRULGDGHFRPSHWHQWH

&RPSHWrQFLD

6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR $EUDQJH

G 'HFODUDomR GH LQLGRQHLGDGH

0RWLYR 'XUDomR

,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD ,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR

0tQLPRDQRV

&RPSHWrQFLD

([FOXVLYDGH0LQLVWURGH(VWDGRRX 6HFUHWiULR(VWDGXDO0XQLFLSDO

/HLDUW9

D &RQFHLWR

3DUDRVVHUYLoRVHVVHQFLDLVD$GPLQLVWUDomR3~EOLFDSRVVXLD SUHUURJDWLYDGHRFXSDUSURYLVRULDPHQWHEHQVPyYHLVLPyYHLV SHVVRDOHVHUYLoRVYLQFXODGRVDRREMHWRGRFRQWUDWR L &RPR PHGLGD DFDXWHODWyULD SDUD DSXUDomR DGPLQLVWUDWLYD GH LUUHJXODULGDGHV QD H[HFXomRGRFRQWUDWR

2FXSDomR WHPSRUiULD E +LSyWHVHV

LL ,PHGLDWDPHQWH DSyV D UHVFLVmR XQLODWHUDOGRFRQWUDWRDGPLQLVWUDWLYR

2EMHWLYDDSXUDU DLUUHJXODULGDGH

2EMHWLYDDVVHJXUDUD FRQWLQXLGDGHGDSUHVWDomR GRVHUYLoRS~EOLFR



087$%,/,'$'('26&2175$726$'0,1,675$7,926


俶 &OiXVXODVUHJXODPHQWDUHV

$EUDQJH

$PXWDELOLGDGHQmR GHFRUUHQWHGHDF RUGR QmRDOFDQoDDVFOiXVXODVHFRQ{PLFRILQDQFHLUDV

$EUDQJrQFLD

1mR DEUDQJH

&OiXVXODV HFRQ{PLFR ILQDQFHLUDV

eGLUHLWRGRFRQWUDWDGRDPDQXWHQomRGRHTXLOtEULR HFRQ{PLFRILQDQFHLUR/HLDUW,,G (TXLOtEULR HFRQ{PLFR ILQDQFHLUR

(TXLOtEULRHQWUHRHQFDUJRDVVXPLGRSHOR FRQWUDWDGRHDFRQWUDSUHVWDomRSHFXQLiULD DVVHJXUDGDSHOD$GPLQLVWUDomR

7HRULDHODERUDGDFRPYLVWDVDDQDOLVDURVGLYHUVRVHOHPHQWRV GHLQVHJXUDQoDULVFRV TXHFDUDFWHUL]DPDPXWDELOLGDGHGRV FRQWUDWRVDGPLQLVWUDWLYRVHVXDVUHVSHFWLYDVFRQVHTXrQFLDV

D &RQFHLWR

6mRRVULVFRVTXHRSDUWLFXODUHQIUHQWDDRFRQWUDWDUFRPD$GPLQLVWUDomR E ÈOHDV ULVFRV

'LYLGLGRVHP

LÈOHDRUGLQiULDHPSUHVDULDO LLÈOHDH[WUDRUGLQiULD

5LVFRLQHUHQWHDRQHJyFLR

L ÈOHDRUGLQiULD HPSUHVDULDO

5HVXOWDGRGDSUySULDIOXWXDomRGRPHUFDGR 7RGRFRQWUDWRSRVVXLGHWHUPLQDGRULVFR HFRQ{PLFRGHQRPLQDGRiOHDFRQWUDWXDORUGLQiULD

&RQVHTXrQFLD

3RUVHUSUHYLVtYHORSDUWLFXODUUHVSRQGHSHORULVFR

L $OWHUDomR XQLODWHUDO GRFRQWUDWR

0XWDELOLGDGH GRV&RQWUDWRV $GPLQLVWUDWLYRV

,$GPLQLVWUDWLYD

(TXLOtEULR HFRQ{PLFR GRVFRQWUDWRV DGPLQLVWUDWLYRV

LL)DWRGR SUtQFLSH

4XDOLWDWLYD 4XDQWLWDWLYD

0HGLGDVGHRUGHPJHUDOQmR GLUHWDPHQWHUHODFLRQDGDVDRFRQWUDWR PDVTXHQHOHUHSHUFXWHPFDXVDQGR GHVHTXLOtEULRHFRQ{PLFRILQDQFHLUR

LLL)DWRGD DGPLQLVWUDomR

&RQGXWDGD$GPLQLVWUDomR TXHFRPRSDUWHFRQWUDWXDO WRUQHLPSRVVtYHODH[HFXomR GRFRQWUDWRRXSURYRTXHVHX GHVHTXLOtEULRHFRQ{PLFR

$DGPLQLVWUDomRUHVSRQGHSHOR UHHVWDEHOHFLPHQWRGRHTXLOtEULRURPSLGR &RQVHTXrQFLD

'LUHLWRGRFRQWUDWDGRjPDQXWHQomR GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR

/HLDUW,,G LLÈOHD H[WUDRUGLQiULD

$FRQWHFLPHQWRH[WHUQRDRFRQWUDWR LPSUHYLVtYHOHVWUDQKRjYRQWDGHGDVSDUWHV &DXVDGHVHTXLOtEULRPXLWRJUDQGH H[FHVVLYDPHQWHRQHURVRSDUDRFRQWUDWDGR $SOLFDomRGDUHJUDUHEXVVLFVWDQWLEXV

&RQYHQomRQmRSHUPDQHFHHPYLJRU VHDVFRLVDVQmRSHUPDQHFHUHPFRPR HUDPQRPRPHQWRGDFHOHEUDomR ,,(FRQ{PLFD 7HRULDGD LPSUHYLVmR

6HGHXPODGRDRFRUUrQFLDGH FLUFXQVWkQFLDVH[FHSFLRQDLVQmROLEHUD RSDUWLFXODUGDREULJDomRFRQWUDWXDO SRURXWURQmRpMXVWRTXHHOHUHVSRQGD VR]LQKRSHORVSUHMXt]RVVRIULGRV

&DVRIRUWXLWR &DXVDV

)RUoDPDLRU

,QWHUIHUrQFLDVLPSUHYLVWDV &RQVHTXrQFLD

(PSULQFtSLRUHSDUWHPVHRVSUHMXt]RV




(;7,1d2'26&2175$726$'0,1,675$7,926

'HFRUUHGRDGLPSOHPHQWRGRFRQWUDWR

7pUPLQRQRUPDOGRYtQFXORREULJDFLRQDO

2UGLQiULD

3RGHGHFRUUHUGH

L&RQFOXVmRGRREMHWRGRFRQWUDWR LL7pUPLQRGRSUD]RGRFRQWUDWR

L,OHJDOLGDGHQDFHOHEUDomR

([WLQomRGRFRQWUDWR GHFRUUHQWHGH

LL9tFLR LQVDQiYHO QDOLFLWDomR

/HLDUW 'HVFRQVWLWXLRVHIHLWRV MXUtGLFRVMiSURGX]LGRV

$GHFODUDomRGHQXOLGDGH RSHUDUHWURDWLYDPHQWH

D $QXODomR &RQVHTXrQFLDV

,PSHGHRVHIHLWRVTXHR FRQWUDWRGHYHULDSURGX]LU

$GHFODUDomRGHQXOLGDGHQmRH[RQHUDD$GPLQLVWUDomR GRGHYHUGHLQGHQL]DURFRQWUDWDGRSHORTXHHOHKRXYHU H[HFXWDGRDWpDGDWDGDGHFODUDomR /HLDUW

'HVID]LPHQWRGRFRQWUDWRDGPLQLVWUDWLYR GXUDQWHVXDH[HFXomR/HLDUW

eFOiXVXOD H[RUELWDQWH

$WRXQLODWHUDOGDDGPLQLVWUDomR

L5HVFLVmR XQLODWHUDO DGPLQLVWUDWLYD

([WLQomRGRV &RQWUDWRV $GPLQLVWUDWLYRV

)DOWDVFRQWUDWXDLV

,3RUFXOSDGRFRQWUDWDGR ,,6HPFXOSD GRFRQWUDWDGR

LL5HVFLVmRDPLJiYHO

,QWHUHVVHS~EOLFR &DVRIRUWXLWRRXIRUoDPDLRU

6LWXDo}HVHPTXHKiGHVFXPSULPHQWR FRQWUDWXDOSRUSDUWHGD$GPLQLVWUDomR

ÒQLFRPRGRjGLVSRVLomRGRFRQWUDWDGR

([WUDRUGLQiULD

LLL5HVFLVmR MXGLFLDO

2FRQWUDWDGRVRPHQWHSRGHSOHLWHDUD UHVFLVmRGRFRQWUDWRSHODYLDMXGLFLDO ([FHSWLRQRQDGLPSOHWLFRQWUDFWXV 'HILQLomR

eDVXVSHQVmRGDH[HFXomRGRFRQWUDWRSHOD SDUWHSUHMXGLFDGDSRUPRWLYRGHLQDGLPSOrQFLD GRRXWURFRQWUDWDQWH&&DUW

E 5HVFLVmR

5HJUD JHUDO

,QRSRQLELOLGDGHGR SULQFtSLR FRQWUDD$GPLQLVWUDomR3~EOLFD 3ULQFtSLRGDVXSUHPDFLDHGD FRQWLQXLGDGHGRVHUYLoRS~EOLFR

([FHomRGR FRQWUDWRQmR FXPSULGR

$WUDVR GHSDJDPHQWR VXSHULRUDGLDV &RQWUDWDGRSRGH SOHLWHDUDUHVFLVmR MXGLFLDO

$SOLFDELOLGDGH QRVFRQWUDWRV DGPLQLVWUDWLYRV

&DODPLGDGH S~EOLFD

$EUDQGDPHQWR

([FHWR

*UDYH SHUWXUEDomR GDRUGHP *XHUUD

/HLDUW;9

LY5HVFLVmRGH SOHQRGLUHLWR

'HFRUUHGHIDWRH[WLQWLYR

2EMHWR 6XMHLWR

,QGHSHQGHGHPDQLIHVWDomRGHYRQWDGH




6(59,'25(63Ò%/,&26$*(17(63Ò%/,&26

&RQFHLWR

$JHQWHVS~EOLFRVVmRWRGRVDTXHOHVTXHH[HUFHP IXQomRS~EOLFDFRPRSUHSRVWRVGR(VWDGR

6mRDTXHOHVYLQFXODGRVDR(VWDGRSRU XPDUHODomRSHUPDQHQWHGHWUDEDOKR D &RQFHLWR

([HUFHPFRPFDUiWHUGHSHUPDQrQFLDXPDIXQomRS~EOLFD 6mRRVXVXDOPHQWHFRQKHFLGRVFRPR6(59,'25(63Ò%/,&26 ([HUFHPHIHWLYDSURILVVmRTXDQGR QRGHVHPSHQKRGHVXDVIXQo}HV

L3URILVVLRQDOLGDGH E &DUDFWHUtVWLFDV

LL'HILQLWLYLGDGH

5HJUDJHUDORVHUYLGRUH[HUFHVXD IXQomRFRPFXQKRGHSHUPDQrQFLD )XQomRGHFDUiWHUWHPSRUiULR

([FHomR

LLL5HODomRMXUtGLFDGHWUDEDOKR 0HPEURVGR3RGHU-XGLFLiULR

,9LWDOtFLR 2FXSDP FDUJR S~EOLFR

$JHQWH DGPLQLVWUDWLYR L6HUYLGRU HVWDWXWiULR

0HPEURVGRV 7ULEXQDLVGH&RQWDV

3DUWHGDGRXWULQDFODVVLILFDRV RFXSDQWHVGHFDUJRVYLWDOtFLRV FRPRDJHQWHVSROtWLFRV

,,(IHWLYR

2FXSDQWH GHFDUJRV

,VRODGRVRX 2UJDQL]DGRV HPFDUUHLUD

,,,(PFRPLVVmR

F 7LSRV

$JHQWHV 3~EOLFRV

0HPEURVGR0LQLVWpULR3~EOLFR

5HJLPHOHJDO

(VWDWXWRMXUtGLFRHVWDWXWiULR

2FXSDPHPSUHJRS~EOLFR LL(PSUHJDGRS~EOLFR

5HJLPHFRQWUDWXDO

&/7

([HUFHPIXQomRS~EOLFD LLL6HUYLGRU WHPSRUiULR

1HFHVVLGDGHWHPSRUiULDGH H[FHSFLRQDOLQWHUHVVHS~EOLFR 5HJLPHMXUtGLFRHVSHFLDOPLVWR &)DUW,;

D &RQFHLWR

6mRRVDJHQWHVS~EOLFRVTXHH[HUFHPDIXQomRSROtWLFD

$JHQWH SROtWLFR

3RVVXHPVWDWXV FRQVWLWXFLRQDO E &DUDFWHUtVWLFDV

俶 6XMHLWRVjVUHJUDVGD&RQVWLWXLomR)HGHUDO 俺1mRVXMHLWRVjV UHJUDV GRVVHUYLGRUHVS~EOLFRV

1mRHVWmRHPUHJUDVXMHLWRVjKLHUDUTXLD

5HFHEHPGR(VWDGRDFRPSHWrQFLDSDUDH[HFXWDUGHWHUPLQDGDDWLYLGDGHS~EOLFD

$JHQWHHP GHOHJDomR $JHQWH KRQRUtILFR

([

/HLORHLURVSHULWRVVHUYLoRVQRWDULDLV &RQFHVVLRQiULRVSHUPLVVLRQiULRVHDXWRUL]DWiULRV

&RODERUDPFRPR(VWDGRWHPSRUDULDPHQWH 1mRSRVVXHPYtQFXORSURILVVLRQDOFRPD$GPLQLVWUDomR3~EOLFD ([-XUDGRVPHViULRVHWF

$JHQWHFUHGHQFLDGR

5HFHEHPDLQFXPErQFLDGHUHSUHVHQWDUD $GPLQLVWUDomR3~EOLFDHPGHWHUPLQDGDVDWLYLGDGHV




6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,

1RUPDGHHILFiFLDFRQWLGD

'HYHSUHHQFKHURVUHTXLVLWRVHVWDEHOHFLGRVQDOHL

5HTXLVLWRVSDUD DFHVVRDFDUJRVH HPSUHJRVS~EOLFRV

L%UDVLOHLUR

俺 (GLWDOQmRSRGH HVWDEHOHFHU

,'HYHPVHU SUHYLVWRVHPOHL

UHTXLVLWRVRXUHVWULo}HVDRDFHVVR

,,'HYHPREVHUYDURSULQFtSLRGDUD]RDELOLGDGH HHVWDUUHODFLRQDGRV jQDWXUH]DGDVDWULEXLo}HV GRFDUJRRXHPSUHJR ,,,'HYHPVHSDXWDUHPFULWpULRVREMHWLYRV

D &DUJR HPSUHJR HIXQomR S~EOLFD

&)DUW, 1DIRUPDGDOHL

LL(VWUDQJHLUR

1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD

&)DUW, ,3UHVLGHQWHH9LFH3UHVLGHQWHGD5HS~EOLFD

$FHVVR

,,3UHVLGHQWHGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDO

LLL&DUJRV SULYDWLYRV GHEUDVLOHLURQDWR

,,,0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO ,90LQLVWURGH(VWDGRGD'HIHVD

&)DUW

92ILFLDOGDV)RUoDV$UPDGDV 9,&DUUHLUDGLSORPiWLFD (IHWLYR

2EULJDWyULR

L&DUJRS~EOLFR

LL E &RQFXUVR S~EOLFR

3UD]RGH YDOLGDGH

俺 &RPLVVmR

/LYUHQRPHDomRHH[RQHUDomR 1mRSUHFLVDGHFRQFXUVR

(PSUHJRS~EOLFR

$WpDQRV

3URUURJiYHO

YH]SRULJXDOSHUtRGR

&)DUW,,,

'XUDQWHRSUD]RLPSURUURJiYHORDSURYDGRVHUi FRQYRFDGRFRPSULRULGDGHVREUHQRYRVFRQFXUVDGRV

&)DUW,9 6~PXOD67)

eXPDJDUDQWLDGHRUGHPFRQVWLWXFLRQDO

6HUYLGRUHV 3~EOLFRV

D &RQFHLWR

&RQIHULGDDRFXSDQWHVGHFDUJRS~EOLFR()(7,92 9LVDDVVHJXUDUVXDSHUPDQrQFLDQRFDUJRHQTXDQWRDWHQGLGRVRVUHTXLVLWRVOHJDLV L$SURYDomRHPFRQFXUVRS~EOLFRSDUDFDUJRS~EOLFRGHSURYLPHQWRHIHWLYR

E 5HTXLVLWRV

LL7UrVDQRVGHHIHWLYRH[HUFtFLR LLL$YDOLDomRHVSHFLDOGHGHVHPSHQKRSRUFRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH L6HQWHQoDMXGLFLDOWUDQVLWDGDHPMXOJDGR

(VWDELOLGDGH

LL3URFHVVRDGPLQLVWUDWLYRDVVHJXUDGDDPSODGHIHVD F +LSyWHVHV GH SHUGD GRFDUJR DSyVDHVWDELOLGDGH

LLL3URFHGLPHQWR GH DYDOLDomRSHULyGLFD GHGHVHPSHQKR

1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD 1DIRUPDGDOHLFRPSOHPHQWDU &)DUW

LY&XPSULPHQWRGRVOLPLWHVFRPD GHVSHVDFRPSHVVRDODWLYRHLQDWLYR

俺 9HGDGD

1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD &)DUW

$FXPXODomRUHPXQHUDGDGHFDUJRVHPSUHJRVRXIXQo}HV &)DUW;9,H;9,, FDUJRVGHSURIHVVRU &DUJRGHSURIHVVRU FDUJRWpFQLFRRXFLHQWtILFR +DYHQGR FRPSDWLELOLGDGH GHKRUiULRV

([FHWR

$FXPXODomR

FDUJRVSULYDWLYRVGDiUHDGHVD~GH 0DQGDWRGHYHUHDGRU 3HUPLVVmRSDUDMXt]HV H[HUFHUHPRPDJLVWpULR

&)DUW,,, &)DUWS~QLFR,

3HUPLVVmRSDUDPHPEURVGR0LQLVWpULR 3~EOLFRH[HUFHUHPRPDJLVWpULR

俺9HGDGD

DFXPXODomR

$FXPXODomRGHUHPXQHUDomR FRPSURYHQWRVGHDSRVHQWDGRULD GRUHJLPHGHSUHYLGrQFLD SUySULRGRVVHUYLGRUHV5336

&)DUW,,G

3URYHQWRVGHDSRVHQWDGRULDGR5336FRP 5HPXQHUDomRGHFDUJRHPSUHJRRXIXQomR &DUJRVDFXPXOiYHLVQDIRUPDGD&RQVWLWXLomR

([FHWR SDUD &)DUW

&DUJRVHOHWLYRV &DUJRVHPFRPLVVmR




6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,

$RVHUYLGRUS~EOLFRFLYLOpJDUDQWLGRRGLUHLWRjOLYUHDVVRFLDomRVLQGLFDO

'LUHLWRD $VVRFLDomR6LQGLFDO

1RUPDFRQVWLWXFLRQDOGHHILFiFLDSOHQD )L[DomRGHYHQFLPHQWRV GRVVHUYLGRUHVS~EOLFRV

俺1mRSRGHVHUREMHWRGHFRQYHQomRFROHWLYD 6~PXOD67)

)L[DGDHPSDUFHOD~QLFD

0RGDOLGDGHGHUHPXQHUDomR FRQIHULGDDFHUWRVFDUJRV

9HGDGRRDFUpVFLPRGHJUDWLILFDomRDGLFLRQDO DERQRSUrPLR YHUEDGHUHSUHVHQWDomRRXRXWUD HVSpFLHUHPXQHUDWyULD

&KHIHVGR3RGHU([HFXWLYR

0LQLVWURVGH(VWDGR 2EULJDWyULR SDUD

D 6XEVtGLR

6HFUHWiULRV(VWDGXDLVH0XQLFLSDLV 3RGHU/HJLVODWLYR 3RGHU-XGLFLiULR

0HPEURVGR

0LQLVWpULR3~EOLFR 7ULEXQDLVGH&RQWDV

3RGHPDGRWDU

6HUYLGRUHVS~EOLFRVRUJDQL]DGRVHPFDUUHLUD

E 9HQFLPHQWRVUHPXQHUDomRHPVHQWLGRHVWULWR $SOLFDGRDRVVHUYLGRUHVHVWDWXWiULRV

5HWULEXLomRSHFXQLiULDSHORH[HUFtFLRGRFDUJRS~EOLFR &RPSRVLomR

9HQFLPHQWRV

9HQFLPHQWREiVLFR GRFDUJR

9DQWDJHQVSHFXQLiULDV SHUPDQHQWHV

2YHQFLPHQWRGRFDUJRHIHWLYRDFUHVFLGRGHYDQWDJHQVSHUPDQHQWHVpLUUHGXWtYHO

6HUYLGRUHV 3~EOLFRV

F 6DOiULR

&RQWUDSUHVWDomRSHFXQLiULDSDJDDRVHPSUHJDGRVS~EOLFRV 6XEVtGLRGR0LQLVWURGR67) L8QLmR

6LVWHPD 5HPXQHUDWyULR

)L[DGRSRUOHLGHLQLFLDWLYDGR67)

eRWHWRJHUDOSDUDWRGRVRV3RGHUHV HPWRGDVDVHVIHUDVGD)HGHUDomR 3RGHU([HFXWLYR

3RGHU/HJLVODWLYR

6XEVtGLRGR*RYHUQDGRU 6XEVtGLRGRV'HSXWDGRV (VWDGXDLV'LVWULWDLV

6XEVtGLRGRV'HVHPEDUJDGRUHVGR 7ULEXQDOGH-XVWLoDOLPLWDGRD GRVXEVtGLRGR0LQLVWURGR67) LL(VWDGRV')

3RGHU -XGLFLiULR

/LPLWHDSOLFiYHO WDPEpPDRV

,0HPEURVGR 0LQLVWpULR3~EOLFR

,,3URFXUDGRUHV ,,,'HIHQVRUHV3~EOLFRV

G /LPLWHV

)DFXOWDGRDRV(VWDGRV')IL[DUFRPROLPLWH ~QLFRRVXEVtGLRGRV'HVHPEDUJDGRUHVGR72EV

LLL0XQLFtSLRV

0HGLDQWHHPHQGDj&RQVWLWXLomR(VWDGXDO

1mRVHDSOLFDROLPLWHDRVXEVtGLR GRV 'HSXWDGRV (VWDGXDLV'LVWULWDLV QHPGRV9HUHDGRUHV

6XEVtGLRGR3UHIHLWR

&)DUW LY6DOiULR GRV HPSUHJDGRV S~EOLFRV

$SOLFDELOLGDGHGRWHWRVRPHQWHjVHVWDWDLVTXH UHFHEHUHPUHFXUVRVGRHQWHSROtWLFRSDUDSDJDPHQWR GHGHVSHVDVGHSHVVRDORXGHFXVWHLRHPJHUDO

Y3DUFHODV GH FDUiWHU LQGHQL]DWyULRSUHYLVWDVHPOHL

1mRVmRFRPSXWDGDVQDDSOLFDomRGRWHWR &)DUW




6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,, ([HUFLGRQRVWHUPRVHQRVOLPLWHV GHILQLGRVHPOHLHVSHFtILFD

'LUHLWR GH*UHYH

67)

1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD &)DUW9,,

$SOLFDomRHQTXDQWRQmRHGLWDGDDOHLTXHUHJXODPHQWDRLQFLVR9,,GR DUWGD&)QRTXHFRXEHUGDOHLGHJUHYHYLJHQWHQRVHWRUSULYDGR

6HUYLGRUHVS~EOLFRVWLWXODUHVGHFDUJRHIHWLYR D $EUDQJrQFLD

$SOLFDVH R 5HJLPH *HUDO GH 3UHYLGrQFLD 6RFLDO&)DUW

&DUJRHPFRPLVVmR

俺 1mRVHDSOLFD

DRRFXSDQWHGH

(PSUHJRS~EOLFR &DUJRWHPSRUiULR

3DUDFRQFHVVmRGHDSRVHQWDGRULDRTXHLPSRUWDpRWHPSR GHFRQWULEXLomR HQmRRWHPSRGHVHUYLoR俺

L5HJLPH FRQWULEXWLYR E &DUDFWHUtVWLFDV

LL5HJLPH VROLGiULR

/HJLWLPRXDH[LJrQFLDGHFRQWULEXLomRGRV DSRVHQWDGRVHSHQVLRQLVWDV&)DUW

&DOFXODGRVDSDUWLUGDVUHPXQHUDo}HVXWLOL]DGDVFRPR EDVHSDUDFRQWULEXLomRGRVHUYLGRUQDIRUPDGDOHL F 3URYHQWRV GH DSRVHQWDGRULD

5HSUHVHQWRXRILPGDVDSRVHQWDGRULDVFRPSURYHQWRVLQWHJUDLVSDUD RVVHUYLGRUHVTXHLQJUHVVDUDPQRVHUYLoRS~EOLFRGHSRLVGD(& $(&VXSULPLXDUHJUDTXHDVVHJXUDYDSDULGDGHHQWUHRVSURYHQWRV GHDSRVHQWDGRULDHSHQVmRHDUHPXQHUDomRGRVVHUYLGRUHVDWLYRV 3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR L$FLGHQWHHPVHUYLoR LL0ROpVWLDSURILVVLRQDO

LLL'RHQoDJUDYHFRQWDJLRVDRXLQFXUiYHO L,QYDOLGH] SHUPDQHQWH

6HUYLGRUHV 3~EOLFRV

俺 ([FHWR

LY 6HUYLGRUHV DSRVHQWDGRV SRU LQYDOLGH] TXHWHQKDPLQJUHVVDGRQR VHUYLoR S~EOLFRDWp(& 2VSURYHQWRVVHUmRFDOFXODGRVFRPEDVH QRYDORUGDUHPXQHUDomRGRFDUJRHIHWLYR HPTXHVHGHUDDSRVHQWDGRULDDVVHJXUDGD DSDULGDGHGHUHDMXVWHFRPRVDWLYRV

5HJLPHGH 3UHYLGrQFLD 3UySULRGRV 6HUYLGRUHV 3~EOLFRV

3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR LL&RPSXOVyULD

DQRV 5HTXLVLWRGH WHPSRPtQLPR SDUDRVGRLVFDVRV

LLL9ROXQWiULD G +LSyWHVHVGH DSRVHQWDGRULD

,3URYHQWRV QmR SURSRUFLRQDLV DRWHPSRGH FRQWULEXLomR

DQRVGHHIHWLYRH[HUFtFLR QRVHUYLoRS~EOLFR DQRVQRFDUJRHIHWLYRHP TXHVHGDUiDDSRVHQWDGRULD

3URYHQWRVFDOFXODGRVDSDUWLUGDV UHPXQHUDo}HVXWLOL]DGDVFRPREDVH SDUDDVFRQWULEXLo}HVGRVHUYLGRU ,GDGHPtQLPD +RPHP

0XOKHU

&DVRV

DQRV

7HPSRGH FRQWULEXLomR

DQRV

,GDGHPtQLPD

DQRV

7HPSRGH FRQWULEXLomR

DQRV

2EV3URIHVVRUH[FOXVLYRGDHGXFDomRLQIDQWLO HGRHQVLQRIXQGDPHQWDOHPpGLR 7HPSRGHFRQWULEXLomRHLGDGHUHGX]LGRVHPDQRV 1mRYDOHSDUDSURIHVVRUHVXQLYHUVLWiULRV ,,3URYHQWRV SURSRUFLRQDLVDR WHPSRGHFRQWULEXLomR

+RPHP 0XOKHU

DQRV

,GDGHPtQLPD

,GDGHPtQLPD

DQRV

%HQHItFLRFRQFHGLGRDRVHUYLGRUTXH SHUPDQHFHWUDEDOKDQGR DSyVWHUFXPSULGRWRGRVRVUHTXLVLWRVSDUDDDSRVHQWDGRULD YROXQWiULDQmRSURSRUFLRQDODRWHPSRGHFRQWULEXLomR H $ERQRGH SHUPDQrQFLD

6HUYLGRUILFDGLVSHQVDGRGRSDJDPHQWRGDFRQWULEXLomRSUHYLGHQFLiULD DWpFRPSOHWDUDVH[LJrQFLDVSDUDDDSRVHQWDGRULDFRPSXOVyULD




6(59,'25(63Ò%/,&26/(,, $WRDGPLQLVWUDWLYRSHORTXDOVHSUHHQFKHRFDUJRYDJR L2ULJLQiULR D &RQFHLWR

9tQFXORLQLFLDOGRVHUYLGRUDRFDUJR 1RPHDomR 'HSHQGHGHYtQFXORDQWHULRUFRPD$GPLQLVWUDomR3~EOLFD

3RGHVHU LL'HULYDGR

9HGDGRV

$&(662RX$6&(162 HD75$16)(5Ç1&,$

'HFODUDGRV LQFRQVWLWXFLRQDLV

)RUPDGHSURYLPHQWRRULJLQiULR L1RPHDomR

&DUJRHIHWLYRPHGLDQWHFRQFXUVRS~EOLFR &DUJRHPFRPLVVmR

1mRH[LJHFRQFXUVRS~EOLFR

)RUPDGHSURYLPHQWRGHULYDGR LL3URPRomR

)RUPDGHYDFkQFLDGRFDUJRDQWHULRU (PFDUJRHIHWLYRRUJDQL]DGRHPFDUUHLUD )RUPDGHSURYLPHQWRGHULYDGR ,QYHVWLGXUDGRVHUYLGRUHPFDUJRGHDWULEXLo}HVFRPSDWtYHLVFRPD OLPLWDomRTXHWHQKDVRIULGRHPVXDFDSDFLGDGHItVLFDRXPHQWDO

LLL5HDGDSWDomR

9HULILFDGDHPLQVSHomRPpGLFD &DVRQmRKDMDFDUJRYDJRRVHUYLGRUILFDUiFRPRH[FHGHQWH )RUPDGHSURYLPHQWRGHULYDGR -XQWDPpGLFDRILFLDOGHFODUDLQVXEVLVWHQWHV RVPRWLYRVGDDSRVHQWDGRULD

,3RU LQYDOLGH]

LY5HYHUVmR

3URYLPHQWR

(QFRQWUDQGRVHSURYLGRRFDUJR RVHUYLGRUILFDUiFRPRH[FHGHQWH 1RLQWHUHVVHGD$GPLQLVWUDomR3~EOLFD

5HWRUQRj DWLYLGDGHGR DSRVHQWDGR

L7HQKDVROLFLWDGRDUHYHUVmR ,,9ROXQWiULR

LL $DSRVHQWDGRULDWHQKD VLGRYROXQWiULD 5HTXLVLWRV

LLL(VWiYHOTXDQGRQDDWLYLGDGH LY$SRVHQWDGRULDRFRUULGDQRV DQRVDQWHULRUHVjVROLFLWDomR

E )RUPDV

Y+DMDFDUJRYDJR

/HL

)RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRVHUYLGRUHPGLVSRQLELOLGDGH Y$SURYHLWDPHQWR

(QTXDQWRHPGLVSRQLELOLGDGHpUHPXQHUDGRSURSRUFLRQDOPHQWH DRWHPSRGHVHUYLoRHQmRDRWHPSRGHFRQWULEXLomR ([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRLOHJDOPHQWHGHPLWLGR 5HVVDUFLPHQWRGHWRGRVRVSUHMXt]RVVRIULGRV 2VHUYLGRUVHUiDSURYHLWDGRHPRXWURFDUJRRX ([WLQWRRFDUJR

YL5HLQWHJUDomR (YHQWXDORFXSDQWH GRFDUJRSRGHUiVHU

)LFDUiHPGLVSRQLELOLGDGHFRPUHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR ,5HFRQGX]LGRDRFDUJRGHRULJHP VHPGLUHLWRjLQGHQL]DomR ,,$SURYHLWDGRHPRXWURFDUJR ,,,3RVWRHPGLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR

([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR

YLL5HFRQGXomR

,(VWiJLR SUREDWyULR UHODWLYRDRXWURFDUJR &DVRV

,QDELOLWDomR 'HVLVWrQFLD6~PXOD$*8

,,5HLQWHJUDomRGRDQWHULRURFXSDQWH

([FOXVLYRSDUDVHUYLGRUHVWiYHO $WRELODWHUDOHQWUHRDSURYDGRHPFRQFXUVRS~EOLFRHD$GPLQLVWUDomR3~EOLFD D &RQFHLWR

3RVVH

1mRFRQIXQGLU FRP120($d2 3UD]RSDUD 3266(

E 3UD]R

$WRXQLODWHUDOGD$GPLQLVWUDomR3~EOLFD IRUPDGHSURYLPHQWRRULJLQiULRGRFDUJR

GLDVFRQWDGRVGDSXEOLFDomRGRDWRGHSURYLPHQWR 2EV

3UD]RSDUDR(;(5&Ë&,2

6HUiWRUQDGRVHPHIHLWRRDWRGHSURYLPHQWR VHDSRVVHQmRRFRUUHUQRSUD]RSUHYLVWR GLDVFRQWDGRVGDGDWDGDSRVVH




6(59,'25(63Ò%/,&26/(,,, 6mRDVKLSyWHVHVSUHYLVWDVQDOHLQDVTXDLVRVHUYLGRUGHVRFXSD RFDUJRWRUQDQGRRSDVVtYHOGHVHUSUHHQFKLGRSRURXWUDSHVVRD

,5HSURYDomRHPHVWiJLRSUREDWyULR &DUJR HIHWLYR

'HRItFLR

,,7RPDSRVVHHQmRHQWUDHP H[HUFtFLRQRSUD]ROHJDO

$SHGLGR

/HLDUW $MXt]RGDDXWRULGDGHFRPSHWHQWH &DUJRHPFRPLVVmR

L([RQHUDomR

$SHGLGR /HLDUW

([FHVVRGHGHVSHVDVFRPSHVVRDODWLYRHLQDWLYR 2EV

)RUPDV

&)DUW

1mRpVDQomR

eVDQomRSHQDOLGDGHGLVFLSOLQDUDVHU DSOLFDGDQRVFDVRVOHJDOPHQWHSUHYLVWRV

9DFkQFLD

LL'HPLVVmR

/HLDUW

LLL3URPRomR LY5HDGDSWDomR

Y$SRVHQWDGRULD

3DVVDJHPGRVHUYLGRUGDDWLYLGDGHSDUD DLQDWLYLGDGHVHJXQGRDVUHJUDVSUySULDV

YL)DOHFLPHQWR

YLL3RVVHHPRXWURFDUJRLQDFXPXOiYHO 2HVWDWXWRQmRLQFOXLQRUROGHYDFkQFLDVDUHFRQGXomR &RQWXGRQDSUiWLFDTXDQGRGHVXDRFRUUrQFLDKiSURYLPHQWR GHXPFDUJRHDRPHVPRWHPSRRXWURILFDYDJR 2EV

/HL

)RUPDVGHSURYLPHQWR HYDFkQFLD

3URPRomRHUHDGDSWDomR

/HL 'RXWULQD

3URPRomRUHDGDSWDomRHUHFRQGXomR

3HUtRGRGHH[HUFtFLRGRVHUYLGRUGXUDQWHRTXDOpREVHUYDGDHDSXUDGDSHOD$GPLQLVWUDomR DFRQYHQLrQFLDRXQmRGHVXDSHUPDQrQFLDQRVHUYLoRS~EOLFRPHGLDQWHDYHULILFDomRGRV UHTXLVLWRVHVWDEHOHFLGRVHPOHLSDUDDDTXLVLomRGDHVWDELOLGDGH DQRV

3UD]R

L$VVLGXLGDGH

(VWiJLR 3UREDWyULR

LL'LVFLSOLQD

LLL&DSDFLGDGHGHLQLFLDWLYD

&ULWpULRV

/HLDUW

LY3URGXWLYLGDGH Y5HVSRQVDELOLGDGH 'HVORFDPHQWRGR6(59,'25QRkPELWRGRPHVPRTXDGURFRPRXVHPPXGDQoDGHVHGH /HLDUW

5HPRomR

)RUPDV

L$SHGLGR

,$FULWpULRGD$GPLQLVWUDomR3~EOLFD ,,,QGHSHQGHQWHPHQWHGRLQWHUHVVHGD$GPLQLVWUDomR3~EOLFD

LL'HRItFLR 2EV

1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD

'HVORFDPHQWRGR&$5*2GHSURYLPHQWRHIHWLYRRFXSDGRRXYDJRQRkPELWR GRTXDGURJHUDOGHSHVVRDOSDUDRXWURyUJmRRXHQWLGDGHGRPHVPR3RGHU

5HGLVWULEXLomR

/HLDUW 2EV

1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD

6HUYLGRUHVLQYHVWLGRVHPFDUJRRXIXQomRGHGLUHomRRXFKHILDHRVRFXSDQWHVGHFDUJRGH 1DWXUH]D(VSHFLDOWHUmRVXEVWLWXWRVLQGLFDGRVQRUHJLPHQWRLQWHUQRRXQRFDVRGHRPLVVmR SUHYLDPHQWHGHVLJQDGRVSHORGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH

6XEVWLWXLomR

/HLDUWVH




6(59,'25(63Ò%/,&26352&(662$'0,1,675$7,92',6&,3/,1$53$' ,OtFLWRDVVRFLDGRDR H[HUFtFLRGRFDUJR

,OtFLWRV DGPLQLVWUDWLYRV GLVFLSOLQDUHV

$SXUDIDWRVUHODFLRQDGRVj GLVFLSOLQDGRVVHUYLGRUHV

L2EMHWLYD

D $EUDQJrQFLD

6HUYLGRUHVHVWDWXWiULRV LL6XEMHWLYD

(IHWLYR

2FXSDQWHVGHFDUJR

&RPLVVmR

$XWRULGDGHTXHWLYHUFLrQFLDGHLUUHJXODULGDGH QRVHUYLoRS~EOLFRpREULJDGDDSURPRYHUDVXD DSXUDomRPHGLDQWH

,QWURGXomR

E &LrQFLDGH LUUHJXODULGDGH

3$'

'HYHUGHDSXUDomR /HLDUW 1mRSRGH VHUDQ{QLPD

L,GHQWLILFDomRHHQGHUHoR GRGHQXQFLDQWH 5HTXLVLWRVGH DGPLVVLELOLGDGH

F 'HQ~QFLD

6LQGLFkQFLD

LL)RUPXODGDSRUHVFULWR

)RUPDO

LLL2REMHWRGDGHQ~QFLDGHYH FRQILJXUDULQIUDomRGLVFLSOLQDU 'HYHUGRVHUYLGRU

/HLDUW9,H;,,

(QFDPLQKDGDSHODYLDKLHUiUTXLFDHDSUHFLDGDSHOD DXWRULGDGHVXSHULRUjTXHODFRQWUDDTXDOpIRUPXODGD

G 5HSUHVHQWDomR

3$' 3URFHGLPHQWRDGPLQLVWUDWLYRTXH YLVDjDSXUDomRGHLUUHJXODULGDGH

6LQGLFkQFLDHPVHQWLGRDPSOR

3URFHGLPHQWRDGPLQLVWUDWLYRLQYHVWLJDWLYR GLVFULFLRQiULRHGHQDWXUH]DLQTXLVLWRULDO

L6LQGLFkQFLD LQTXLVLWRULDO

D &RQFHLWR 7LSRORJLD

LL6LQGLFkQFLD FRQWUDGLWyULD

3URFHGLPHQWRFpOHUHGHVWLQDGRDDSXUDU UHVSRQVDELOLGDGHGHPHQRUJUDYLGDGH /HL

RXVHUYLGRUHVHVWiYHLV

E &RPLVVmR

$/HLQmRHVWDEHOHFHQHQKXPDIDVH

6LQGLFkQFLD

F )DVHV

5HFRPHQGDPHVPRUHJUDPHQWRGR3$'5LWR2UGLQiULR

'RXWULQD

L$UTXLYDPHQWRGRSURFHVVR G &RQVHTXrQFLDV

LL$SOLFDomRGHSHQDOLGDGHGH

$GYHUWrQFLD 6XVSHQVmRGHDWpGLDV

LLL,QVWDXUDomRGH3$' L$GYHUWrQFLD H 3HQDOLGDGHV

I 3UD]RV

LL6XVSHQVmRSRUDWpGLDV

&RQFOXVmR

$WpGLDV 3URUURJDomR

3RULJXDOSUD]R



6(59,'25(63Ò%/,&263$'5,7225',1È5,2


L1RH[HUFtFLRGHVXDVDWULEXLo}HV28

,QVWUXPHQWRGHVWLQDGRDDSXUDUUHVSRQVDELOLGDGH GHVHUYLGRUSRULQIUDomRSUDWLFDGD

LL4XHWHQKDUHODomRFRPDVDWULEXLo}HV GRFDUJRHPTXHVHHQFRQWUHLQYHVWLGR

L6XVSHQVmRSRUPDLVGHGLDV 2EULJDWyULRTXDQGR LOtFLWR SUDWLFDGRHQVHMDUSHQDOLGDGHGH

&RQFHLWR

LL 2XWUDV PDLVJUDYHV

,'HPLVVmR

$SRVHQWDGRULD

,,&DVVDomRGH

'LVSRQLELOLGDGH

,,,'HVWLWXLomRGHFDUJRHPFRPLVVmR )RUPDGDSRUWUrV VHUYLGRUHVHVWiYHLV 2SUHVLGHQWHGD FRPLVVmRGHYHWHU

&RPLVVmR

3UD]RV

L&DUJRHIHWLYRGHPHVPRQtYHORXVXSHULRUHRX LL1tYHOGHHVFRODULGDGHLJXDORXVXSHULRUDRGRLQGLFLDGR 1mRH[FHGHUiGLDVFRQWDGRVGDSXEOLFDomRGRDWRFRQVWLWXWLYRGDFRPLVVmR

&RQFOXVmRGR3$'

3URUURJiYHOSRULJXDOSHUtRGR

,QLFLDFRPDSXEOLFDomRGRDWRTXHFRQVWLWXLUDFRPLVVmR D ,QVWDXUDomR

$QiOLVHSUpYLDHPTXHDDXWRULGDGHFRPSHWHQWH GHFLGHVHGHWHUPLQDRXQmRDLQVWDXUDomRGR3$'

'HYHVHUSUHFHGLGDGH H[DPHGHDGPLVVLELOLGDGH

'HYHKDYHU LQGtFLRVGH

L0DWHULDOLGDGHIDWR HRX LL$XWRULDVXMHLWR

%XVFDHOHPHQWRVSDUDDPSDUDUDIRUPDomRGH FRQYLFomRGDFRPLVVmRHGDDXWRULGDGHMXOJDGRUD 2EMHWLYDDFROHWDGHSURYDV $WRVGHLQVWUXomRSUREDWyULD UROH[HPSOLILFDWLYR

'LOLJrQFLDV 3HUtFLDV 'HSRLPHQWRVGHWHVWHPXQKDV ,QWHUURJDWyULRGRDFXVDGR

ÒOWLPRDWRGDLQVWUXomR ,QVWUXPHQWRGHDFXVDomRIRUPDOGRVHUYLGRU

L,QVWUXomR

3$' 5LWR 2UGLQiULR

6HUYLGRUSDVVDGHDFXVDGRSDUD,1',&,$'2

,QGLFLDomR

)DVHV

$LQGLFLDomR GHOLPLWDD DFXVDomR TXDQWRD

L$XWRULD

4XDOLILFDRVHUYLGRU

&RQWUDGLWyULR 'HVFUHYH RVIDWRV

LL0DWHULDOLGDGH E ,QTXpULWR DGPLQLVWUDWLYR

'LUHLWRGH FLrQFLD 'LUHLWRGH FRQWHVWDomR

$SRQWDDVSURYDV )RUPD

)RUPDHVFULWD 3ULQFtSLRGRIRUPDOLVPRPRGHUDGRLQVWUXPHQWDOLGDGHGDVIRUPDV 1mRDSUHVHQWDomRGDGHIHVDQRSUD]R

LL'HIHVD

5HYHOLD

(IHLWRVGD UHYHOLD

L'HVLJQDomR GH GHIHQVRUGDWLYR

6HUYLGRUHVWiYHORXQmR 5HTXLVLWRV

LL&RPSHWrQFLDSDUD GHVLJQDURGHIHQVRUGDWLYR

&DUJRHRX (VFRODULGDGH

$XWRULGDGHLQVWDXUDGRUD

'LULJLGRjDXWRULGDGHLQVWDXUDGRUD 0HQomRjVSURYDV

LLL5HODWyULR

'HYHVHU FRQFOXVLYR TXDQWRj

'HYHFRQWHUJUDXGHFRQYLFomR

,,QRFrQFLD 'LVSRVLWLYROHJDOWUDQVJUHGLGR

,,5HVSRQVDELOLGDGH

&LUFXQVWkQFLDV

F -XOJDPHQWR 'HYHPVHUFRQFHGLGRVDSDUWLUGDIDVHGRLQTXpULWRDGPLQLVWUDWLYR

&RQWUDGLWyULRHDPSODGHIHVD

/HLDUW

&DEtYHO

$IDVWDPHQWR SUHYHQWLYR

0HGLGDFDXWHODU 3UD]R

3DUDTXHVHUYLGRUQmRYHQKDLQIOXLUQDDSXUDomR 1mRpSHQDOLGDGH

$WpGLDV 3URUURJiYHOSRULJXDOSHUtRGR

$JUDYDQWHV $WHQXDQWHV




6(59,'25(63Ò%/,&263$'5,72680È5,2(35$=26 &DUJRV L$FXPXODomRLOHJDOGH

(PSUHJRVRX )XQo}HVS~EOLFDV

LL$EDQGRQR GHFDUJR

D +LSyWHVHV

$XVrQFLDLQWHQFLRQDOSRUPDLVGHGLDV /HLDUW )DOWDLQMXVWLILFDGDSRUGLDV

LLL,QDVVLGXLGDGH KDELWXDO

,QWHUSRODGDPHQWHHP SHUtRGRGHPHVHV

5LWR 6XPiULR

/HLDUW VHUYLGRUHVHVWiYHLV

E &RPLVVmR

L,QVWDXUDomR

F )DVHV

,QGLFDomR

$XWRULD 0DWHULDOLGDGHGDWUDQVJUHVVmR

,,QGLFLDomR LL,QVWUXomRVXPiULD

,,'HIHVD

,,,5HODWyULR

3$' 5LWR 6XPiULR H3UD]RV

LLL-XOJDPHQWR

3UD]RSDUDFRQFOXVmRPDLVSUD]RSDUDMXOJDPHQWR

L6LQGLFkQFLD D 3UD]RGR SURFHVVR

GLDV

LL3$'5LWRRUGLQiULR LLL3$'5LWRVXPiULR

GLDV

GLDV

L3HQDVH[SXOVLYDVFDSLWDLV

3UD]RV

LL6XVSHQVmR LLL$GYHUWrQFLD E 3UHVFULomR

DQRV GLDV ,&RPHoD DFRUUHU

PRPHQWRV

DQRV

,,,QWHUURPSH

,,,5HFRPHoD

$SDUWLUGHTXDQGRRIDWR VHWRUQRXFRQKHFLGR $EHUWXUDVLQGLFkQFLD ,QVWDXUDomR3$' $SyVSUD]RGHFLVmRILQDO SUD]RSURFHVVR



&21&(,72'(6(59,d23Ò%/,&2

,QWURGXomR


$WXDOPHQWHDOJXQVDXWRUHVDGRWDPXPFRQFHLWRDPSORSDUDVHUYLoR S~EOLFRHQTXDQWRRXWURVDGRWDPXPFRQFHLWRUHVWULWRQmRVH SRGHQGRDILUPDUFRQWXGRTXHXPVHMDPDLVFRUUHWRTXHRRXWUR

2VVHUYLoRVS~EOLFRVLQFOXLULDPWRGDVDVDWLYLGDGHVGR(VWDGRIXQomRS~EOLFD /HJLVODomR

俶 ,QFOXL 0DLV DPSOR

-XULVGLomR

([HFXomR

2EV

2&HVSHDGRWRXHVVHFRQFHLWR7&8 DRFRQVLGHUDUHUUDGDDDILUPDWLYD VHJXQGRDTXDOR')GHYHULDSUHVWDURVVHUYLoRVS~EOLFRVSUHYLVWRVFRPRGH FRPSHWrQFLDGRV(VWDGRVHGRV0XQLFtSLRVFXPXODWLYDPHQWH

2VVHUYLoRVS~EOLFRVDEUDQJHULDPDVDWLYLGDGHV GHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO ([FOXL

/HJLVODomR -XULVGLomR 6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRS~EOLFR

$PSOR

俶 ,QFOXL

([HFXomR

6HUYLoRVDGPLQLVWUDWLYRV GD$GPLQLVWUDomR3~EOLFD

3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR

&RQFHLWRGH 6HUYLoR 3~EOLFR

2VVHUYLoRV S~EOLFRV DEUDQJHULDP

L6HUYLoRS~EOLFR HP VHQWLGRHVWULWR

3UHVWDo}HVGHXWLOLGDGHVRXFRPRGLGDGHV PDWHULDLVHIHWXDGDV',5(7$0(17(j SRSXODomRSHOD$GPLQLVWUDomR3~EOLFDRX VHXVGHOHJDWiULRV

LL 6HUYLoRVDGPLQLVWUDWLYRV GD$GPLQLVWUDomR3~EOLFD

$WLYLGDGHVLQWHUQDVDWLYLGDGHVPHLR GD$GPLQLVWUDomR3~EOLFDYROWDGDV ,1',5(7$0(17(DRVLQWHUHVVHVRX QHFHVVLGDGHVGRVDGPLQLVWUDGRV

/HJLVODomR

5HVWULWR

-XULVGLomR 3ROtFLDDGPLQLVWUDWLYD

([FOXL ([HFXomR

)RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR

,QFOXL 2EV

6HUYLoRS~EOLFR

6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRVDGPLQLVWUDWLYRVGD$GPLQLVWUDomR3~EOLFD

&RQFHLWRDGRWDGRSRU0DULD6\OYLD'L3LHWUR

2VVHUYLoRVS~EOLFRVDEUDQJHULDPVRPHQWHDVSUHVWDo}HVGH XWLOLGDGHVRXFRPRGLGDGHVPDWHULDLVHIHWXDGDV',5(7$0(17( jSRSXODomRSHOD$GPLQLVWUDomR3~EOLFDRXVHXVGHOHJDWiULRV

6HUYLoRS~EOLFRHP VHQWLGRHVWULWR

/HJLVODomR -XULVGLomR

0DLV UHVWULWR

6HUYLoRVDGPLQLVWUDWLYRVGD$GPLQLVWUDomR3~EOLFD

([FOXL ([HFXomR

3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR

俶 ,QFOXL

6RPHQWHRVHUYLoRS~EOLFRHPVHQWLGRHVWULWR

2EV&RQFHLWRDGRWDGRSRU&HOVR$QW{QLR0DUFHOR$OH[DQGULQRH9LFHQWH3DXOR



6(59,d263Ò%/,&26&216,'(5$d®(6*(5$,6


(PVXDVRULJHQVRVDXWRUHVDGRWDYDP &5,7e5,26SDUDFRQFHLWXDUVHUYLoRS~EOLFR 6HUYLoRVS~EOLFRVVHULDPVRPHQWHDTXHOHVSUHVWDGRVGLUHWDPHQWH SHOR(67$'2PHGLDQWHVHXVyUJmRVRXHQWLGDGHVHVWDWDLV D &ULWpULR RUJkQLFR VXEMHWLYR

&UtWLFD

(VVHFULWpULRHQWURXHPGHFOtQLRFRPRVXUJLPHQWRGHIRUPDVGH SUHVWDomRLQGLUHWDGHVHUYLoRVS~EOLFRVGHOHJDomRDSHVVRDVSULYDGDV

$GRWDGRSHODHVFRODRXFRUUHQWHHVVHQFLDOLVWD 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFRDQDWXUH]DGDDWLYLGDGHUHOHYkQFLD 6HUYLoRVS~EOLFRVVHULDPDTXHOHVUHODFLRQDGRVj VDWLVIDomRGH1(&(66,'$'(6(66(1&,$,6GD FROHWLYLGDGHLQWHUHVVHVFROHWLYRVSULPiULRV

E &ULWpULR PDWHULDO REMHWLYR

6HUYLoRV HVVHQFLDLV

1HPVHPSUHRVVHUYLoRVS~EOLFRVFRQVWLWXHPDWLYLGDGHVHVVHQFLDLVjFROHWLYLGDGH &UtWLFD

&ULWpULRV

([LVWHPDWLYLGDGHVSUHVWDGDVSHOR(VWDGRHPUD]mRGDVXD FRQYHQLrQFLDLQWHUHVVHVFROHWLYRVQmRHVVHQFLDLV 6HUYLoRV~WHLV

$GRWDGRSHODHVFRODRXFRUUHQWHIRUPDOLVWDOHJDOLVWD 'HIHQGHDWHVHGHTXHQmRpSRVVtYHOLGHQWLILFDUXPQ~FOHRUHODWLYRj QDWXUH]DGDDWLYLGDGHTXHDOHYHDVHUFODVVLILFDGDFRPRVHUYLoRS~EOLFR 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFR RUHJLPHMXUtGLFRVRERTXDODDWLYLGDGHpGHVHQYROYLGD F &ULWpULR IRUPDO

6HUYLoRVS~EOLFRVVHULDPDVDWLYLGDGHV HVWDWDLVH[HUFLGDVVREUHJLPHMXUtGLFR GH',5(,723Ò%/,&2

6XSUHPDFLDGRLQWHUHVVHS~EOLFR ,QGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR

&RQFHLWRPXLWRDPSORTXHDEUDQJHULDDOpPGD IXQomRDGPLQLVWUDWLYDDMXULVGLFLRQDOHDOHJLVODWLYD &UtWLFD

(PDOJXQVFDVRVLQFLGHPUHJUDVGHGLUHLWRSULYDGR UHJLPHMXUtGLFRKtEULGR SULQFLSDOPHQWHTXDQGRR VHUYLoRS~EOLFRpH[HFXWDGRSRUSHVVRDVSULYDGDV

2VHUYLoRpSUHVWDGRSHODDGPLQLVWUDomRGLUHWD

D &HQWUDOL]DGD

6HUYLoRV 3~EOLFRV

2VHUYLoRpSUHVWDGRSRUSHVVRDGLIHUHQWHGRHQWH IHGHUDGRDTXHD&RQVWLWXLomRDWULEXLDWLWXODULGDGH

2VHUYLoRpSUHVWDGRSRUHQWLGDGHGDDGPLQLVWUDomR LQGLUHWDjTXDODOHLWUDQVIHUHDVXDWLWXODULGDGH

)RUPDVGH SUHVWDomR

L3RUVHUYLoRV

'HVFHQWUDOL]DomRPHGLDQWHRXWRUJDOHJDO

E 'HVFHQWUDOL]DGD

2VHUYLoRpSUHVWDGRSRUSDUWLFXODUHVDRV TXDLVPHGLDQWHGHOHJDomRGR3RGHU3~EOLFR pDWULEXtGDDVXDPHUDH[HFXomR LL3RUFRODERUDomR

'HVFHQWUDOL]DomRPHGLDQWHGHOHJDomR

,QFXPEHDR3RGHU3~EOLFRGLUHWDPHQWHRXVREUHJLPH GHFRQFHVVmRRXSHUPLVVmRVHPSUHDWUDYpVGH OLFLWDomRDSUHVWDomRGHVHUYLoRVS~EOLFRV 'LVSRVLo}HV FRQVWLWXFLRQDLV &)DUW

$OHLGLVSRUi VREUH

&)DUW

6HUYLoRVS~EOLFRV HFRQ{PLFRV

L 5HJLPH GDV HPSUHVDV FRQFHVVLRQiULDV H SHUPLVVLRQiULDV FRQWUDWRH FRQGLo}HV GH FDGXFLGDGH ILVFDOL]DomR H UHVFLVmRGDFRQFHVVmRRXSHUPLVVmR LL'LUHLWRVGRVXVXiULRV LLL3ROtWLFDWDULIiULD LY2EULJDomRGHPDQWHUVHUYLoRDGHTXDGR

,6HUYLoRS~EOLFR L&RPXP

'HOHJDomRGH VHUYLoRS~EOLFR

/HL

D &RQFHVVmR (VSpFLHV

,,6HUYLoRS~EOLFRSUHFHGLGRGD H[HFXomRGHREUDS~EOLFD ,&RQFHVVmRSDWURFLQDGD

LL3DUFHULDV 3~EOLFR3ULYDGDV

E 3HUPLVVmR

,,&RQFHVVmRDGPLQLVWUDWLYD /HL 9HUPDSD3DUFHULDV3~EOLFR3ULYDGDV

/HL

F $XWRUL]DomR 9HUPDSDV'HOHJDomRH'LVSRVLo}HVGD/HL




&/$66,),&$d2'266(59,d263Ò%/,&26 ,QGLYLVtYHLV

4XDQWRDR XVXiULR

D *HUDLV XWLXQLYHUVL

E ,QGLYLGXDLV XWLVLQJXOL

4XDQWRj SUHVWDomR

D 'HOHJiYHLV QmRH[FOXVLYRV E ,QGHOHJiYHLV H[FOXVLYRV

3UHVWDGRVDWRGDDFROHWLYLGDGHLQGLVWLQWDPHQWH 6mRXVXIUXtGRVDSHQDVLQGLUHWDPHQWHSHORVLQGLYtGXRV

8VXiULRVVmRLQGHWHUPLQDGRVHLQGHWHUPLQiYHLV (['HIHVDS~EOLFDVHUYLoRVDGPLQLVWUDWLYRVLOXPLQDomRS~EOLFDOLPSH]DXUEDQD (VSHFtILFRV

9LVDPjVDWLVIDomRLQGLYLGXDOHGLUHWD GDVQHFHVVLGDGHVGRVFLGDGmRV

3RGHPVHUUHPXQHUDGRVPHGLDQWHWD[DUHJLPHOHJDO RXWDULIDVUHJLPHFRQWUDWXDO ([)RUQHFLPHQWRGHiJXDHQFDQDGDJiVFDQDOL]DGRHQHUJLDHOpWULFD 3RGHPVHUSUHVWDGRVSHOR(VWDGRRXDOWHUQDWLYDPHQWH VHUHPGHOHJDGRVDSDUWLFXODUHV

俶 $GPLWHPGHOHJDomR 6RPHQWHSRGHPVHUSUHVWDGRVSHOR(VWDGR 1mRDGPLWHPGHOHJDomR $WHQGHPDQHFHVVLGDGHVLQWHUQDVGD$GPLQLVWUDomR3~EOLFD 1mRVmRXVXIUXtGRVGLUHWDPHQWHSHODFRPXQLGDGH

D $GPLQLVWUDWLYRV

([,PSUHQVDRILFLDO $WHQGHPDRVGLUHLWRV VRFLDLVGDSRSXODomR

$WHQGHPDQHFHVVLGDGHVFROHWLYDVHP TXHDDWLYLGDGHGR(VWDGRpHVVHQFLDO 3RVVXHPQDWXUH]D62&,$/ E 6RFLDLV

&)DUWH7tWXOR9,,,

23RGHU3~EOLFRRVSUHVWDVHPLQWXLWRGHOXFUR

4XDQGRH[HUFLGR 1mRVmRGHWLWXODULGDGH SRUSDUWLFXODUHV H[FOXVLYDGR3RGHU3~EOLFR

1mR p VHUYLoRS~EOLFR

俶 eVHUYLoRSULYDGR

([ 6D~GHHGXFDomRSUHYLGrQFLDFXOWXUD

&ODVVLILFDomR GRV6HUYLoRV 3~EOLFRV

$WHQGHPDQHFHVVLGDGHVFROHWLYDVGHRUGHPHFRQ{PLFD&)DUW

4XDQWR DRREMHWR

([SORUDGRVFRPD SRVVLELOLGDGHGHOXFUR

3RVVXHPQDWXUH]D(&21Ð0,&$

俶 6mRGH F (FRQ{PLFRV FRPHUFLDLVRX LQGXVWULDLV

WLWXODULGDGH )RUPDGH H[FOXVLYDGR SUHVWDomR 3RGHU3~EOLFR

3UHVWDGRSRUSDUWLFXODUHVPHGLDQWH GHOHJDomRGHVHUYLoRS~EOLFR

5HJLPHGH FRQFRUUrQFLD 5HJLPHGH PRQRSyOLR

([SORUDomRGLUHWDGH DWLYLGDGHHFRQ{PLFD &)DUW ([FOXVLYRVGD8QLmR &)DUW

6mRDTXHOHVTXHDWHQGHQGRDQHFHVVLGDGHVFROHWLYDVR(VWDGR DVVXPHFRPRVHXVHRVH[HFXWDGLUHWDPHQWHSRUPHLRGHVHXV DJHQWHV RXLQGLUHWDPHQWHPHGLDQWHFRQFHVVLRQiULRVHSHUPLVVLRQiULRV

D 6HUYLoR S~EOLFRSUySULR

6mR DWLYLGDGHVSULYDGDV H[HUFLGDVSRU SDUWLFXODUHV PDVTXHSRU DWHQGHUHPDQHFHVVLGDGHVFROHWLYDVGHSHQGHPGHDXWRUL]DomR GR3RGHU3~EOLFRVHQGRSRUHOH UHJXODPHQWDGDV H ILVFDOL]DGDV E 6HUYLoR S~EOLFR LPSUySULR

3UySULRVH LPSUySULRV

,QGLUHWD

3UHVWDGRSHOR3RGHU3~EOLFR

([7UDQVSRUWHHQHUJLDHOpWULFDWHOHFRPXQLFDo}HV 1mRVHFRQIXQGHP FRP DWXDomR GLUHWD GR(VWDGR QRGRPtQLRHFRQ{PLFR

0DULD 6\OYLD

'LUHWD

1mRpUHDOPHQWHVHUYLoRS~EOLFRHPVHQWLGRMXUtGLFR ([ 6HUYLoRVGHVHJXURHGHSUHYLGrQFLDSULYDGD 6mRDTXHOHVUHODFLRQDGRVjVDWULEXLo}HVGR3RGHU3~EOLFR HSDUDRVTXDLVD$GPLQLVWUDomRXVDGH6835(0$&,$

D 6HUYLoR S~EOLFRSUySULR

6yGHYHPVHUSUHVWDGRVSRUyUJmRVHHQWLGDGHV S~EOLFDVVHPGHOHJDomRDSDUWLFXODUHV 6mRDTXHOHVTXHQmRDIHWDPVXEVWDQFLDOPHQWHDVQHFHVVLGDGHV GDFRPXQLGDGHPDVVDWLVID]HPDLQWHUHVVHVFRPXQV

+HO\ /RSHV E 6HUYLoR S~EOLFR LPSUySULR

$DGPLQLVWUDomRRVSUHVWD UHPXQHUDGDPHQWH SRULQWHUPpGLRGH

6HXVyUJmRV $GPLQLVWUDomRLQGLUHWD &RQFHVVLRQiULRV SHUPLVVLRQiULRVDXWRUL]DWiULRV



6(59,d263Ò%/,&26'(/(*$d2

0HGLDQWHOLFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD

'HOHJDomR GDSUHVWDomR

L&RQFHVVmRGH VHUYLoRS~EOLFR


)HLWDDSHVVRDMXUtGLFDRXDFRQVyUFLRGHHPSUHVDV 3RUSUD]RGHWHUPLQDGR /LFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD

D &RQFHLWR LL&RQFHVVmRGHVHUYLoR S~EOLFRSUHFHGLGDGD H[HFXomRGHREUDS~EOLFD

&RQVWUXomR GHOHJDGD

)HLWDDSHVVRDMXUtGLFDRX DFRQVyUFLRGHHPSUHVDV ,QYHVWLPHQWRUHPXQHUDGRDPRUWL]DGR PHGLDQWHDH[SORUDomRGRVHUYLoRRXGDREUD 3RU SUD]RGHWHUPLQDGR

L3UHVWDomRGHVHUYLoRSUHFHGLGDRXQmRGHREUD 5HJUDJHUDO

&RQFRUUrQFLD

1RVFDVRVGHSULYDWL]DomRVLPXOWDQHDPHQWHFRP RXWRUJDGHFRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGR SRUSHVVRDVMXUtGLFDVVREFRQWUROHGD8QLmR

&RQFHVVmR &RPXP

LL0RGDOLGDGH GHOLFLWDomR

([FHWRSDUDVHUYLoRVGHWHOHFRPXQLFDomR /HLDUW /HLOmR

E &DUDFWHUtVWLFDV

5HJUDDSOLFiYHOWDPEpPQRVFDVRVHPTXHRWLWXODUGD FRQFHVVmRGHFRPSHWrQFLDGD8QLmRIRUHPSUHVDVRE FRQWUROHGRV(VWDGRV')RXGRV0XQLFtSLRVGHVGHTXH DVSDUWHVDFRUGHPTXDQWRjVUHJUDVHVWDEHOHFLGDV /HLDUW

3HVVRDMXUtGLFD

LLL&RQFHVVLRQiULR

&RQVyUFLRGHHPSUHVDV

LY3RUSUD]RGHWHUPLQDGR Y1mRpFDEtYHOUHYRJDomRGRFRQWUDWR

2EV

'HOHJDomR

3ULYDWL]DomRVLPXOWDQHDPHQWHFRPRXWRUJDGH FRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGRSHODVHVWDWDLV

/LFLWDomRQD PRGDOLGDGHOHLOmR

([FHWRVHUYLoRVGH7HOHFRP

/HLDUW 9HUPDSDGH'LVSRVLo}HVGD/HL $WtWXORSUHFiULR

'HOHJDomRGDSUHVWDomR GHVHUYLoRVS~EOLFRV

0HGLDQWHOLFLWDomR )HLWDDSHVVRDItVLFDRXSHVVRDMXUtGLFD

D &RQFHLWR

L3UHVWDomRGHVHUYLoRS~EOLFR LL0RGDOLGDGHGHOLFLWDomR

3HUPLVVmR E &DUDFWHUtVWLFDV

LLL3HUPLVVLRQiULR LY$WtWXOR SUHFiULR

&DEtYHOFRQIRUPHRFDVR

3HVVRDItVLFD 3HVVRDMXUtGLFD

(PERUDD/HLQmRHVWDEHOHoDH[SUHVVDPHQWHRVFRQWUDWRVGH SHUPLVVmRGHVHUYLoRS~EOLFRGHYHPVHUFHOHEUDGRVSRUSUD]RGHWHUPLQDGR

9HUPDSDGH'LVSRVLo}HVGD/HL 6HUYLoRGHLQWHUHVVHSUHGRPLQDQWHRXH[FOXVLYRGRSDUWLFXODU 1mRKiRFDUiWHUGH JHQHUDOLGDGHXQLYHUVDOLGDGH

5HJUDJHUDORVHUYLoRpSUHVWDGRDXVXiULRVUHVWULWRV VHQGRR EHQHILFLiULR SUySULRSDUWLFXODUDXWRUL]DGR

1mRKiOLFLWDomRSUpYLD 8QLODWHUDO 'HSHQGHGRFRQWUROHGHPpULWRGD$GPLQLVWUDomR 3~EOLFDFRQYHQLrQFLDHRSRUWXQLGDGH 'LVFULFLRQiULR

$XWRUL]DomR eDWR DGPLQLVWUDWLYR

2EV$/HL*HUDOGH 7HOHFRPXQLFDo}HV GHILQHDXWRUL]DomR FRPRDWRYLQFXODGR

1HVVHFDVRQmRFDEHUiDDQiOLVHGHPpULWR $WR GHFODUDWyULR

'LUHLWRVXEMHWLYRGRSDUWLFXODU TXHSUHHQFKHURVUHTXLVLWRV OHJDLVHUHJXODPHQWDUHV

5HJUDJHUDOpRXWRUJDGDVHPSUD]RGHWHUPLQDGR ,QH[LVWrQFLDGHGLUHLWRjLQGHQL]DomRQRFDVRGHUHYRJDomR 3UHFiULR 2EV

([FHSFLRQDOPHQWHQRVFDVRVHPTXHDDXWRUL]DomRWHQKDVLGR RXWRUJDGDSRUSUD]RFHUWRDVXDUHYRJDomRDQWHVGRWHUPR ILQDO HVWLSXODGRSRGHJHUDUGLUHLWRjLQGHQL]DomRGRVSUHMXt]RV TXHRSDUWLFXODUWHQKDVRIULGRGDQRVHPHUJHQWHV




6(59,d263Ò%/,&26'(/(*$d2&2080/(,

/HLGHQRUPDVJHUDLVVREUHRVUHJLPHVGHFRQFHVVmRHGHSHUPLVVmRGHVHUYLoRVS~EOLFRV

/HL

L5HJXODULGDGH

6HUYLoR DGHTXDGR

6HUYLoR DGHTXDGRpR TXHVDWLVID]DV FRQGLo}HVGH

,QWHUUXSomRHPVLWXDomRGHHPHUJrQFLD 1mRFDUDFWHUL]D 2UGHPWpFQLFD ,0RWLYDGDSRU GHVFRQWLQXLGDGH $SyV UD]}HVGH 6HJXUDQoDGDV GRVHUYLoR SUpYLR LQVWDODo}HV DYLVR ,,3RULQDGLPSOHPHQWRGRXVXiULR FRQVLGHUDGRRLQWHUHVVHGDFROHWLYLGDGH

LL&RQWLQXLGDGH

LLL(ILFLrQFLD LY6HJXUDQoD Y$WXDOLGDGH

&RPSUHHQGH

,0RGHUQLGDGH

'DVWpFQLFDVHTXLSDPHQWRV LQVWDODo}HVHFRQVHUYDomR

,,0HOKRULDHH[SDQVmRGRVHUYLoR

YL*HQHUDOLGDGH YLL&RUWHVLDQDVXDSUHVWDomR YLLL0RGLFLGDGHGDVWDULIDV 3UHoRS~EOLFRTXHUHSUHVHQWDDFRQWUDSUHVWDomRSHFXQLiULDGHXP VHUYLoRS~EOLFRSDJRGLUHWDPHQWHSHORXVXiULRDRUHVSHFWLYRSUHVWDGRU D 7DULID

)L[DGDSHORSUHoRGDSURSRVWDYHQFHGRUDGDOLFLWDomR $OWHUDo}HVSRQWXDLVQRYDORUGDWDULIDSDUD5(67$%(/(&(5RHTXLOtEULRHFRQ{PLFRILQDQFHLUR 'HFRUUHGHIDWRUHVTXHDOWHUDPGHPRGRH[WUDRUGLQiULRDV FRQGLo}HVH[LVWHQWHVQRPRPHQWRGDFHOHEUDomRGRFRQWUDWR

3ROtWLFD WDULIiULD

&ULDomRDOWHUDomRRXH[WLQomRGHWULEXWRVRX HQFDUJRVOHJDLVDSyVDDSUHVHQWDomRGD SURSRVWDTXDQGRFRPSURYDGRVHXLPSDFWR

)DWRGR 3UtQFLSH

E 5HYLVmR

5HVVDOYDGRV RV LPSRVWRVVREUHDUHQGD

/HLDUW

&DVRV

)DWRGD $GPLQLVWUDomR

'LVSRVLo}HVGD /HL

ÈOHDH[WUDFRQWUDWXDOHH[WUDRUGLQiULD

$OWHUDomRXQLODWHUDOGRFRQWUDWRTXHDIHWHR VHXLQLFLDOHTXLOtEULRHFRQ{PLFRILQDQFHLUR /HLDUW

$OWHUDo}HVSHULyGLFDVQRYDORUGDWDULIDSDUDDWXDOL]iODHPUHODomRDSHUGDVLQIODFLRQiULDV 2EMHWLYDD0$187(1d2GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR

F 5HDMXVWH

%DVHDGRHPtQGLFHVTXHUHIOLWDPDYDULDomRGRVSUHoRVGRVLQVXPRV L&RQFHVVmR

D 0RGDOLGDGH

LL3HUPLVVmR

&RQFRUUrQFLD /HLOmR

/HL

&DEtYHO

0HQRUYDORUGDWDULID

/LFLWDomR

0DLRURIHUWD E 7LSR

1RVFDVRVGHSDJDPHQWRDRSRGHUFRQFHGHQWHSHODRXWRUJDGDFRQFHVVmR

0HOKRUSURSRVWDWpFQLFDFRPSUHoRIL[R 0HOKRURIHUWDGHSDJDPHQWRSHODRXWRUJDDSyVTXDOLILFDomRGHSURSRVWDVWpFQLFDV &RPELQDomRGHWLSRVQRVWHUPRVGD/HL

2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRHMXOJDPHQWR L$OWHUDomRXQLODWHUDOGDVFOiXVXODVGHH[HFXomR

/HLDUW$

'HYHDVVHJXUDUDPDQXWHQomRGRHTXLOtEULR HFRQ{PLFRILQDQFHLURGRFRQWUDWR

LL([WLQomRXQLODWHUDOGDFRQFHVVmRRXGDSHUPLVVmRDQWHVGRWpUPLQRGRSUD]RHVWDEHOHFLGR LLL,QVSHomRHILVFDOL]DomR LY$SOLFDomRGHSHQDOLGDGHVFRQWUDWXDLVHDGPLQLVWUDWLYDV 3URFHGLPHQWRDFDXWHODWyULRDGRWDGRQRFDVRGHSUHVWDomRLQDGHTXDGDGRVHUYLoR

3ULQFLSDLV SUHUURJDWLYDV GRSRGHU FRQFHGHQWH

)LQDOLGDGH

$VVHJXUDUDDGHTXDomRQDSUHVWDomRGRVHUYLoR EHPFRPRRILHOFXPSULPHQWRGDVQRUPDV $SXUDUHYHQWXDLVLUUHJXODULGDGHVKDYLGDVQDSUHVWDomRGRVHUYLoR )HLWDPHGLDQWH'(&5(72GR SRGHUFRQFHGHQWHTXHFRQWHUi

'HVLJQDomRGRLQWHUYHQWRU 3UD]RGDLQWHUYHQomR 2EMHWLYRVHOLPLWHVGDPHGLGD

Y,QWHUYHQomR GLDVSDUDLQVWDXUDU SURFHGLPHQWR DGPLQLVWUDWLYRSDUD

3URFHGLPHQWR 3UD]RV

&RPSURYDUDVFDXVDV GHWHUPLQDQWHVGDLQWHUYHQomR $SXUDUUHVSRQVDELOLGDGHV $VVHJXUDURGLUHLWRGHDPSODGHIHVD

'HDWpGLDVSDUDFRQFOXVmRGRSURFHGLPHQWRDGPLQLVWUDWLYR &HVVDGDDLQWHUYHQomRVHQmRIRUH[WLQWDDFRQFHVVmRVHUiGHYROYLGD jFRQFHVVLRQiULDSUHFHGLGDGHSUHVWDomRGHFRQWDVSHORLQWHUYHQWRU




6(59,d263Ò%/,&26'(/(*$d2&2080/(,

2FRQWUDWRSRGHUiSUHYHUPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVUHODFLRQDGDV DRFRQWUDWRLQFOXVLYHDUELWUDJHPGHYHVHUUHDOL]DGDQR%UDVLOHHPOLQJXDSRUWXJXHVD

D $UELWUDJHP

俶 2 FRQFHVVLRQiULR SRGHUi FRQWUDWDUFRPWHUFHLURV

L'HVHQYROYLPHQWRGHDWLYLGDGHVLQHUHQWHVDFHVVyULDV RXFRPSOHPHQWDUHVDRVHUYLoRFRQFHGLGR LL,PSOHPHQWDomRGHSURMHWRVDVVRFLDGRV

1mRVHWUDWDGDFRQWUDWDomRGHWHUFHLURVSDUDSUHVWDomRGRVHUYLoRS~EOLFRFRQFHGLGR

E &RQWUDWDomR GHWHUFHLURV

1DWXUH]DMXUtGLFDGH',5(,7235,9$'2VHPTXDOTXHU UHODomRMXUtGLFDHQWUHWHUFHLURVHRSRGHUFRQFHGHQWH

&RQWUDWR SULYDGR

eDWUDQVIHUrQFLDSDUFLDOGDH[HFXomRGRSUySULRVHUYLoRS~EOLFRFRQFHGLGR $VXEFRQFHVVmRWHPDPHVPDQDWXUH]DS~EOLFDGRFRQWUDWRGHFRQFHVVmR F 6XEFRQFHVVmR

&RQWUDWRGH FRQFHVVmR

'HYHHVWDUSUHYLVWDQRFRQWUDWRGHFRQFHVVmR 'HYHVHUH[SUHVVDPHQWHDXWRUL]DGDSHORSRGHUFRQFHGHQWH 5HTXLVLWRV

'HYHVHUSUHFHGLGDGHFRQFRUUrQFLD $VXEFRQFHVVLRQiULDVHVXEURJDUiDVVXPLUi WRGRVRVGLUHLWRVH DVREULJDo}HVGDFRQFHVVLRQiULDGHQWURGRVOLPLWHVGDVXEFRQFHVVmR

eDHQWUHJDGRREMHWRGDFRQFHVVmRDRXWUDSHVVRD 'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH G 7UDQVIHUrQFLD GDFRQFHVVmR

5HTXLVLWRV

3UHWHQGHQWH GHYH

$WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU

eDWUDQVIHUrQFLDGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULDQmRVHDOWHUDQGRDSHVVRD MXUtGLFDXPDYH]TXHRVVyFLRVSRVVXHPSHUVRQDOLGDGHMXUtGLFDGLVWLQWDGDHQWLGDGH H 7UDQVIHUrQFLD GRFRQWUROH DFLRQiULR

2EV

5HTXLVLWRV

'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH $WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH 3UHWHQGHQWH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR GHYH &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU

$WUDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULDVHP SUpYLDDQXrQFLDGRSRGHUFRQFHGHQWHLPSOLFDDFDGXFLGDGHGDFRQFHVVmR eRDGYHQWRGRWHUPRFRQWUDWXDOWpUPLQRGRSUD]RHVWDEHOHFLGRQRFRQWUDWR

'LVSRVLo}HVGD /HL

([WLQWDDFRQFHVVmRRVEHQVUHYHUVtYHLVHVSHFLILFDGRVQR FRQWUDWRDUW; SDVVDPjSURSULHGDGHGRSRGHUFRQFHGHQWH D 5HYHUVmR

3URFHGLPHQWR

%HQV UHYHUVtYHLV

6mRDTXHOHVGHVFULWRVQRFRQWUDWRTXHSDVVDPDXWRPDWLFDPHQWH jSURSULHGDGHGRSRGHUFRQFHGHQWHFRPDH[WLQomRGDFRQFHVVmR

$UHYHUVmRpIHLWDFRPDLQGHQL]DomRGRV LQYHVWLPHQWRVYLQFXODGRVDEHQVUHYHUVtYHLV DLQGDQmRDPRUWL]DGRVRXGHSUHFLDGRV

9LVDJDUDQWLUDFRQWLQXLGDGHH DWXDOLGDGHGRVHUYLoR

5HWRPDGDGRVHUYLoRDQWHVGRWpUPLQRGRSUD]R GDFRQFHVVmRSRUPRWLYRGHLQWHUHVVHS~EOLFR $GRWDGDPHGLDQWHOHLDXWRUL]DWLYDHVSHFtILFDDSyVSUpYLRSDJDPHQWRGDLQGHQL]DomR E (QFDPSDomR

&RQGLo}HVSDUD HQFDPSDomR

,QWHUHVVHS~EOLFR /HLDXWRUL]DWLYDHVSHFtILFD 3DJDPHQWRSUpYLRGDLQGHQL]DomR

([WLQomRGDFRQFHVVmRHPUD]mRGHLQH[HFXomRWRWDO RXSDUFLDOGRFRQWUDWRSRUSDUWHGDFRQFHVVLRQiULD

([WLQomRGD FRQFHVVmR

7LSRV

L9LQFXODGD

7UDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHDFLRQiULR VHPSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH

LL'LVFULFLRQiULD

'HFRUUHGHLQH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR

L&RPXQLFDomRj FRQFHVVLRQiULD GRV GHVFXPSULPHQWRV FRQWUDWXDLV GDQGROKHXPSUD]RSDUDFRUULJLUDVIDOKDVHWUDQVJUHVV}HVDSRQWDGDV

F &DGXFLGDGH

LL,QVWDXUDomRGH3URFHVVR $GPLQLVWUDWLYRRQGH 3URFHGLPHQWR LLL'HFODUDomR GDFDGXFLGDGH

9HULILFDVHDLQDGLPSOrQFLD $VVHJXUDVHRGLUHLWRDDPSODGHIHVD

0HGLDQWH'(&5(72 ,QGHSHQGHQWHGHLQGHQL]DomRSUpYLD $LQGHQL]DomRVHUiFDOFXODGDQRGHFRUUHUGRSURFHVVR

)RUPDMXGLFLDOGHH[WLQomRGDFRQFHVVmRSRULQLFLDWLYDGDFRQFHVVLRQiULD 'HFRUUHGHGHVFXPSULPHQWRGDVQRUPDVFRQWUDWXDLVSHORSRGHUFRQFHGHQWH G 5HVFLVmR

H $QXODomR

$GRWDGDH[FOXVLYDPHQWHSRUDomRMXGLFLDO 6HUYLoRVSUHVWDGRVQmRSRGHUmRVHULQWHUURPSLGRVRXSDUDOLVDGRVDWpDGHFLVmRMXGLFLDO WUDQVLWDGDHPMXOJDGRLQDSOLFDELOLGDGHSOHQDGRH[FHSWLRQQRPDGLPSOHWLFRQWUDWR ([WLQomRGRFRQWUDWRHPGHFRUUrQFLDGHYtFLRPRWLYRGHLOHJDOLGDGHRXOHJLWLPLGDGH

I )DOrQFLDH[WLQomRGDFRQFHVVLRQiULD




6(59,d263Ò%/,&26&21&(6623$5&(5,$63Ò%/,&235,9$'$6 $V3DUFHULDV3~EOLFR3ULYDGDV333 VmRPRGDOLGDGHVHVSHFtILFDV GHFRQWUDWRVGHFRQFHVVmRGLVSRVWDVQD/HL

7UDWDVHGHFRQFHVVmRGHVHUYLoRS~EOLFRTXDQGRHQYROYHU DGLFLRQDOPHQWHjWDULIDFREUDGDGRVXVXiULRVFRQWUDSUHVWDomR SHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR

L&RQFHVVmR 3DWURFLQDGD 0RGDOLGDGHV GH333

&RQFHLWR

eRFRQWUDWRGHSUHVWDomRGHVHUYLoRVGHTXHD$GPLQLVWUDomR 3~EOLFDVHMDDXVXiULDGLUHWDRXLQGLUHWDDLQGDTXHHQYROYD H[HFXomRGHREUDRXIRUQHFLPHQWRHLQVWDODomR

LL&RQFHVVmR $GPLQLVWUDWLYD

1mRFRQVWLWXL333DFRQFHVVmRFRPXPSRLVHVWDQmRHQYROYH FRQWUDSUHVWDomRSHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR 9HGDo}HV j 333

0RGDOLGDGH &RQGLo}HV SDEHUWXUD GRSURFHVVR

L9DORUGRFRQWUDWRVHMDLQIHULRUDPLOK}HVGHUHDLV LL3HUtRGRGHSUHVWDomRLQIHULRUDDQRV LLL7HQKDFRPRREMHWR~QLFRIRUQHFLPHQWRGHPmRGHREUD GHHTXLSDPHQWRVRXDH[HFXomRGHREUDS~EOLFD &RQFRUUrQFLD $V GHVSHVDV FULDGDVRXDXPHQWDGDVQmRSRGHUmRDIHWDUDV PHWDVGHUHVXOWDGRVILVFDLV (VWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLURQRVH[HUFtFLRVHPTXHGHYDYLJRUDUD333 6HXREMHWRHVWDUSUHYLVWRQR33$HPYLJRU 3DUDDVFRQFHVV}HVSDWURFLQDGDVHPTXHPDLVGHGD UHPXQHUDomRGRSDUFHLURSULYDGRIRUSDJDSHOD$GP3~EOLFD

$XWRUL]DomROHJLVODWLYD HVSHFtILFD 2HGLWDO SRGHUiSUHYHU

([LJrQFLDGHJDUDQWLDGHSURSRVWDGROLFLWDQWH (PSUHJRGRVPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVLQFOXVLYHDUELWUDJHP 2MXOJDPHQWRSRGHUiVHUSUHFHGLGRGHHWDSDGHTXDOLILFDomRGHSURSRVWDVWpFQLFDV GHVFODVVLILFDQGRVHRVOLFLWDQWHVTXHQmRDOFDQoDUHPDSRQWXDomRPtQLPD L0HQRUYDORUGDWDULID

/LFLWDomR

3DUFHULDV 3~EOLFR 3ULYDGD

&ULWpULRVGH MXOJDPHQWR

LL0HOKRUSURSRVWDHP UD]mR GDFRPELQDomR GRFULWpULR GHPHQRUYDORUGDWDULIDFRPRGHPHOKRUWpFQLFD LLL0HQRUYDORUGDFRQWUDSUHVWDomRDVHUSDJDSHOD$GPLQLVWUDomR3~EOLFD LY0HOKRUSURSRVWDHPUD]mRGDFRPE LQDomRGRFULWpULRGHPHQRU YDORUGD FRQWUDSUHVWDomRDVHUSDJDSHOD$GP3~EOLFDFRPRGHPHOKRUWpFQLFD

3URFHGLPHQWR

L3URSRVWDVHVFULWDVHPHQYHORSHVODFUDGRV $SUHVHQWDomR GDVSURSRVWDV HFRQ{PLFDV

LL 3URSRVWDV HVFULWDV VHJXLGDVGHODQFHV HPYLYDYR]

)HLWRVQDRUGHPLQYHUVDGDFODVVLILFDomRGDV SURSRVWDVHVFULWDVVHQGRYHGDGRDRHGLWDO OLPLWDUDTXDQWLGDGHGHODQFHV 3RGHUiKDYHUUHVWULomRDRVOLFLWDQWHV FXMDSURSRVWDHVFULWDIRUQRPi[LPR PDLRUTXHDPHOKRUSURSRVWD

2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRHMXOJDPHQWR $VFOiXVXODVGRVFRQWUDWRVGH333DWHQGHUmRQRTXHFRXEHUjVGRFRQWUDWRGHFRQFHVVmRFRPXP 3UD]RGH YLJrQFLD

&RQWUDWR GH333

'HYHVHUFRPSDWtYHOFRPDDPRUWL]DomRGRVLQYHVWLPHQWRVUHDOL]DGRV 1mRSRGHVHULQIHULRUD DQRVQHPVXSHULRUDDQRVLQFOXLQGRHYHQWXDOSURUURJDomR

&RQWUDSUHVWDomR GD$GPLQLVWUDomR 3~EOLFD

$FRQWUDSUHVWDomR SRGHVHUIHLWDSRU

L2UGHPEDQFiULD LL&HVVmRGHFUpGLWRV12WULEXWiULRV LLL2XWRUJDGHGLUHLWRVHPIDFHGD$GPLQLVWUDomR3~EOLFD LY2XWRUJDGHGLUHLWRVVREUHEHQVS~EOLFRVGRPLQLFDLV

$UHPXQHUDomRSRGHUiVHUYDULiYHOFRQIRUPHR GHVHPSHQKRGRSDUFHLURSULYDGR $FRQWUDSUHVWDomRGD$GP3~EOLFDVHUiREULJDWRULDPHQWH SUHFHGLGDGD GLVSRQLELOL]DomR GR VHUYLoR REMHWRGD333

5HDMXVWH

3RGHUiKDYHUFOiXVXODVGH DWXDOL]DomRDXWRPiWLFD

$QWHVGDFHOHEUDomRGRFRQWUDWR GHYHUiVHUFRQVWLWXtGDXPD63(

2SDJDPHQWRSRGHUi VHUSDUFHODGR

$SOLFDGDVVHPQHFHVVLGDGHGHKRPRORJDomRSHOD$GP3~EOLFD ([FHWRSRU UD]}HVIXQGDPHQWDGDV SDUDD UHMHLomRGRUHDMXVWH ,QFXPELGDGHLPSODQWDUHJHULURREMHWRGDSDUFHULD 3RGHUiDVVXPLUDIRUPDGHFRPSDQKLDGHFDSLWDODEHUWR

$WUDQVIHUrQFLDGRFRQWUROHGD63(pFRQGLFLRQDGDjDXWRUL]DomRH[SUHVVDGD$GPLQLVWUDomR3~EOLFD

6RFLHGDGH GHSURSyVLWR HVSHFtILFR 63(

2SUHWHQGHQWHjDTXLVLomR GRFRQWUROHGHYHUi

$WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDLGRQHLGDGHILQDQFHLUD HUHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR &RPSURPHWHUVHDFXPSULUWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU

eYHGDGRj$GP3~EOLFDVHUWLWXODUGD PDLRULDGRFDSLWDOYRWDQWHGDV63(

([FHWRSRU LQVWLWXLomRILQDQFHLUDFRQWURODGDSHOR3RGHU 3~EOLFR HPFDVRGH LQDGLPSOHPHQWR GRILQDQFLDPHQWR




5(63216$%,/,'$'(&,9,/'2(67$'2, 7DPEpPFKDPDGDGH 5HVSRQVDELOLGDGH ([WUDFRQWUDWXDOGR(VWDGR

&RQFHLWR

2EULJDomRGHUHSDUDU GDQRVSDWULPRQLDLV

L5HVSRQVDELOLGDGHFLYLO LL([WUDFRQWUDWXDO

1mRGHFRUUHGH GHVFXPSULPHQWRGHFRQWUDWR

2EULJDomRTXHWHPR(VWDGRGHLQGHQL]DURVGDQRVSDWULPRQLDLVRXPRUDLVTXH VHXVDJHQWHVDWXDQGRHPVHXQRPHRXVHMDQDTXDOLGDGHGHDJHQWHVS~EOLFRV FDXVHPjHVIHUDMXULGLFDPHQWHWXWHODGDGRVSDUWLFXODUHV

D 7HRULDGD LUUHVSRQVDELOLGDGH

(VWDGRVQmRSRGLDPVHUUHVSRQVDELOL]DGRV SRLVHUDPSHUVRQLILFDGRVSHODILJXUDGRUHL 7KHNLQJFDQGRQRZURQJ 7HRULDGDFXOSDFLYLOFRPXPGR(VWDGR 3UHWHQGLDHTXLSDUDUR(VWDGRDRLQGLYtGXR

E 7HRULDVFLYLOLVWDV

7HRULDGDUHVSRQVDELOLGDGHVXEMHWLYDGRDJHQWHS~EOLFR 5HTXLVLWRV

L&XOSDRXGRORGRDJHQWHS~EOLFR LL'DQR

7HRULDGDFXOSDGRVHUYLoR FXOSDDQ{QLPDGRVHUYLoRS~EOLFR 7UDQVLomRHQWUHDWHRULDGDUHVSRQVDELOLGDGHVXEMHWLYD HDWHRULDGRULVFRDGPLQLVWUDWLYRUHVSRQVDELOLGDGHREMHWLYD $UHVSRQVDELOLGDGHSRULQGHQL]DUSDVVDDVHU GR(VWDGRHQmRPDLVGRDJHQWHDQ{QLPD F 7HRULDGDFXOSD DGPLQLVWUDWLYD

$REULJDomRGHLQGHQL]DU VXUJHGHXPDGDVIRUPDV GDIDOWDGRVHUYLoR

L,QH[LVWrQFLDGRVHUYLoR LL0DXIXQFLRQDPHQWRGRVHUYLoR LLL5HWDUGDPHQWRGRVHUYLoR

5HVSRQVDELOLGDGH &LYLOGR(VWDGR

5HTXLVLWRV

'HYHVHUFRPSURYDGD

L)DOWDGRVHUYLoR LL'DQR

7HRULDGDUHVSRQVDELOLGDGH2%-(7,9$

$REULJDomRGHUHSDUDURGDQRRFRUUH LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGDIDOWD GRVHUYLoRRXGDFXOSDGRDJHQWHS~EOLFR

(YROXomR KLVWyULFD

,)DWRGR VHUYLoR

1mRVHH[LJHD FRPSURYDomRGHFXOSD

,,'DQR 5HTXLVLWRV

L5LVFR DGPLQLVWUDWLYR G 7HRULD GRULVFR

5HODomRGHFDXVDOLGDGH HQWUHDSUHVWDomRGH VHUYLoRS~EOLFRHRGDQR ,,,1H[RGH FDXVDOLGDGH FDXVDGRDWHUFHLUR

([FOXGHQWHV GH UHVSRQVDELOLGDGH

,&XOSDH[FOXVLYDGDYtWLPD ,,&XOSDGHWHUFHLURV

,,,)RUoDPDLRU ÐQXVGDSURYDGHFXOSDGRSDUWLFXODUVH H[LVWHQWHFDEHVHPSUHj$GPLQLVWUDomR $YtWLPDILFDGLVSHQVDGDGH FRPSURYDUDFXOSDGD$GPLQLVWUDomR &)DUW 1mRKiH[FOXGHQWHVGHUHVSRQVDELOLGDGH

LL5LVFR LQWHJUDO

$REULJDomRGHLQGHQL]DURFRUUHPHVPRTXHR GDQRGHFRUUDGHFXOSDH[FOXVLYDGRSDUWLFXODU %DVWDDH[LVWrQFLDGHHYHQWRGDQRVRHQH[RFDXVDO 3DUD+HO\/RSHVHVVDWHRULDMDPDLVIRL DGRWDGDHPQRVVRRUGHQDPHQWRMXUtGLFR



5(63216$%,/,'$'(&,9,/'2(67$'2,,


5(63216$%,/,'$'(2%-(7,9$GR(VWDGR&)DUW 7HRULDGRULVFRDGPLQLVWUDWLYR

&RQGXWDFRPLVVLYD

L3HVVRD MXUtGLFD GHGLUHLWRS~EOLFR

$GPLQLVWUDomR'LUHWD $XWDUTXLDVHIXQGDo}HVS~EOLFDV (PSUHVDVS~EOLFDVSUHVWDGRUDV GHVHUYLoRS~EOLFR

$EUDQJrQFLD

LL3HVVRD MXUtGLFD GHGLUHLWRSULYDGR

5HVSRQVDELOLGDGH ([WUDFRQWUDWXDO QD&)

6RFLHGDGHVGHHFRQRPLDPLVWD SUHVWDGRUDVGHVHUYLoRS~EOLFR )XQGDo}HVS~EOLFDVGHGLUHLWR SULYDGRTXHSUHVWHPVHUYLoRS~EOLFR &RQFHVVLRQiULDV

'HOHJDWiULDVGH VHUYLoRVS~EOLFRV

3HUPLVVLRQiULDV

$XWRUL]DGDV 1mR LQFOXL DV HPSUHVDVS~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD (;3/25$'25$6'($7,9,'$'((&21Ð0,&$

2EV

(VWDVVmRUHJLGDVSHOR'LUHLWR &LYLOHRXSHOR'LUHLWR&RPHUFLDO

$UHVSRQVDELOLGDGHFLYLOREMHWLYDGDVSUHVWDGRUDVGHVHUYLoR S~EOLFRDEUDQJHRVGDQRVFDXVDGRVDRVXVXiULRVGRVHUYLoR S~EOLFRHWDPEpPDWHUFHLURVQmRXVXiULRVGRVHUYLoRS~EOLFR

$JHQWHHVWDWDOGHYHHVWDUH[HUFHQGRVHXRItFLRRX IXQomRRXSURFHGHUFRPRVHDHVWLYHVVHH[HUFHQGR 7HRULDGDFXOSDDGPLQLVWUDWLYD $&)QmRWUD]UHJUDVUHODWLYDVDUHVSRQVDELOLGDGHFLYLOSRU HYHQWXDLVGDQRVFDXVDGRVSRURPLVV}HVGR3RGHU3~EOLFR 0DVDMXULVSUXGrQFLDFRQVWUXLXRHQWHQGLPHQWRTXHHVWDpSRVVtYHO

5HVSRQVDELOLGDGH &LYLOGR(VWDGR

5HVSRQVDELOLGDGH 6XEMHWLYD GD $GPLQLVWUDomR

&XOSDDQ{QLPDRXFXOSDGRVHUYLoR &RQGXWDRPLVVLYD GR3RGHU3~EOLFR

([FOXGHQWHV GH UHVSRQVDELOLGDGH

2PLVVmRFXOSRVD 'HYHVHUFRPSURYDGD DIDOWDGRVHUYLoR

2{QXVGDSURYD pGRSDUWLFXODU

L([FOXVLYDPHQWHDWRVGHWHUFHLURV LL)RUoDPDLRUIHQ{PHQRVGDQDWXUH]D

(PUHJUDQmRDFDUUHWDPUHVSRQVDELOLGDGHH[WUDFRQWUDWXDOGR(VWDGR

$WRV /HJLVODWLYRV

([FHomR

L(GLomRGHOHLVLQFRQVWLWXFLRQDLV LL(GLomRGHOHLVGHHIHLWRVFRQFUHWRV

$UHJUDJHUDOpDLUUHVSRQVDELOLGDGHGR(VWDGRSHORVDWRVMXULVGLFLRQDLV

$WRV -XULVGLFLRQDLV

ÈUHDFULPLQDO

D $FRUGR DGPLQLVWUDWLYR

2(VWDGRLQGHQL]DUiRFRQGHQDGRSRUHUURMXGLFLiULR&)DUW/;;9 1mRDOFDQoDDHVIHUDFtYHO 5HFRQKHFLGRRGDQRSHOR3RGHU3~EOLFRHKDYHQGRDFRUGRHQWUHDV SDUWHVSRGHKDYHULQGHQL]DomRGLUHWDPHQWHSHODYLDDGPLQLVWUDWLYD 5HSDUDomRGRGDQRDPLJDYHOPHQWH &RQWUDD$GPLQLVWUDomRVRPHQWH

E $omR MXGLFLDO

&RQWUDD$GPLQLVWUDomR HR DJHQWHS~EOLFRHPOLWLVFRQVyUFLR &RQWUDRDJHQWHS~EOLFRVRPHQWH

$omRGH 5HSDUDomR GRGDQR

67)pFRQWUiULRD HVVDSRVVLELOLGDGH 67)pFRQWUiULR D HVVDSRVVLELOLGDGH -XULVSUXGrQFLD67-

3UD]RGHSUHVFULomR GDDomRGHUHSDUDomR

DQRV

'HFUHWRDUW /HLDUW&

2(VWDGRLQGHQL]DRWHUFHLURHRDJHQWHS~EOLFRLQGHQL]DR(VWDGR F $omR UHJUHVVLYD

L4XH D$GPLQLVWUDomRMi WHQKDVLGRFRQGHQDGD DLQGHQL]DUDYtWLPDSHORGDQRH

5HTXLVLWRV

LL4XHWHQKDKDYLGRFXOSDRXGRORSRUSDUWH GRDJHQWHFXMDDWXDomRRFDVLRQRXRGDQR

&)DUW



&21752/('$$'0,1,675$d23Ò%/,&$


2FRQWUROHGD$GPLQLVWUDomR3~EOLFDHVWiHPEDVDGRQRSULQFtSLRGDOHJDOLGDGH

&RQFHLWR

&RQMXQWRGHLQVWUXPHQWRVSHORVTXDLVDSUySULD$GPLQLVWUDomR3~EOLFDRV 3RGHUHV-XGLFLiULR H/HJLVODWLYRHDLQGDRSRYRGLUHWDPHQWHRXSRUPHLRGHVHXVyUJmRVHVSHFLDOL]DGRVSRVVDP H[HUFHURSRGHUGHILVFDOL]DomRRULHQWDomRHUHYLVmRGDDWXDomRDGPLQLVWUDWLYDGHWRGRVRV yUJmRVHQWLGDGHVHDJHQWHVS~EOLFRVHPWRGDVDVHVIHUDVGR3RGHU ([HUFLGRQRkPELWRLQWHUQRGRPHVPR3RGHU SRUyUJmRVSUHVHQWHVHPVXDHVWUXWXUD L,QWHUQR D &RQIRUPH DRULJHP

'iVHVREUHOHJDOLGDGHHILFLrQFLDHPpULWRGRVVHXVDWRV&)DUW ([HUFLGRGHXP3RGHUVREUHRXWURUHODWLYDPHQWHDDWRVDGPLQLVWUDWLYRV 7DPEpPpH[WHUQRRFRQWUROHGDDGPLQLVWUDomRGLUHWDVREUHDLQGLUHWD

LL([WHUQR

([$XGLWRULDUHDOL]DGDSHOR7&8VREUHGHVSHVDVUHDOL]DGDVSHOR3([HFXWLYR 7UDWDVHGDSRVVLELOLGDGHGHDFROHWLYLGDGHILVFDOL]DUD$GPLQLVWUDomR3~EOLFD

LLL3RSXODU

([3URSRVLomRGHDomRSRSXODU&)DUW/;;,,, &KDPDVHSUHYHQWLYRSUpYLRRXDSULRUL

L3UpYLR E &RQIRUPH R PRPHQWRGH H[HUFtFLR

2FRUUHTXDQGRpHIHWLYDGRDQWHVGRLQtFLRRXGDFRQFOXVmRGRDWR &RQWUROHGXUDQWHDUHDOL]DomRGRDWR

LL&RQFRPLWDQWH

([ $XGLWRULDGXUDQWHDH[HFXomRGRRUoDPHQWR

&KDPDGRFRQWUROHSRVWHULRUVXEVHTXHQWHRXFRUUHWLYR 2FRUUHDSyVDILQDOL]DomRGRDWR

LLL3RVWHULRU

6HXREMHWLYRpGHVID]rORVHLOHJDORXLQFRQYHQLHQWH HLQRSRUWXQRFRUULJLORRXDLQGDFRQILUPiOR 9HULILFDVHVHRDWRIRLSUDWLFDGRHPFRQIRUPLGDGHFRPDRUGHPMXUtGLFD

L/HJDOLGDGH OHJLWLPLGDGH

&RQWUROHGD $GPLQLVWUDomR 3~EOLFD

)D]VHRFRQIURQWRHQWUHXPDFRQGXWD DGPLQLVWUDWLYDHXPDQRUPDMXUtGLFD 5HVXOWDQDYDOLGDGHDQXODomRRXFRQYDOLGDomRGRDWRFRQWURODGR

9LVDYHULILFDUDRSRUWXQLGDGHHDFRQYHQLrQFLD DGPLQLVWUDWLYDVGRDWRFRQWURODGR

F 4XDQWR DRDVSHFWR FRQWURODGR

7UDWDVHGHDWXDomRGLVFULFLRQiULDH[HUFLGDVREUHDWRVGLVFULFLRQiULRV (PUHJUDFRPSHWHH[FOXVLYDPHQWHDRSUySULR 3RGHUTXHHGLWRXRDWRDGPLQLVWUDWLYR LL0pULWR

5HVXOWDQDUHYRJDomRSHODDGPLQLVWUDomRGH DWRVGLVFULFLRQiULRVSRUHODSUySULDHGLWDGRV 3RGHU-XGLFLiULRH[HUFHFRQWUROHGH/(*$/,'$'(H/(*,7,0,'$'( VREUHRV OLPLWHV GDDWXDomR GLVFULFLRQiULD GDDGPLQLVWUDomR

&ODVVLILFDomR

1XQFDUHDOL]DFRQWUROHGHPpULWRGHDWRSUDWLFDGRSRURXWUR3RGHU 'HFRUUHGRHVFDORQDPHQWRYHUWLFDOGHyUJmRVGD PHVPDSHVVRDMXUtGLFDGDDGPLQLVWUDomRS~EOLFD L+LHUiUTXLFR

eVHPSUHXP FRQWUROHLQWHUQR

5HODomRGH68%25',1$d2 HQWUHFRQWURODGRHFRQWURODGRU

([0LQLVWpULRVH[HUFHPFRQWUROHKLHUiUTXLFRVREUHVXDVVHFUHWDULDV

G 4XDQWRj DPSOLWXGH

([HUFLGRSHODDGPLQLVWUDomRGLUHWDVREUH DVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD LL)LQDOtVWLFR

5HVXOWDGDGHVFHQWUDOL]DomR DGPLQLVWUDWLYD

5HODomRGH 9,1&8/$d2 HQWUHDVSHVVRDV

'HSHQGHGHQRUPDOHJDOTXHHVWDEHOHoDPHLRVHRFDVL}HVGHFRQWUROH 7DPEpPGHQRPLQDGRWXWHODDGPLQLVWUDWLYDRXVXSHUYLVmRPLQLVWHULDO $VSHFWRVGHOHJDOLGDGHHGHPpULWRGHIRUPD SURYRFDGDRXSRULQLFLDWLYDSUySULDH[RIILFLR

L$GPLQLVWUDWLYR

eRFRQWUROHLQWHUQRIXQGDGRQRSRGHU GHDXWRWXWHODOHJDOLGDGHHPpULWR $$GPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRV GHYtFLRVTXHRVWRUQDPLOHJDLVRXUHYRJiORVSRUPRWLYRGH FRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRVGLUHLWRVDGTXLULGRV ([HUFLGRVRERVDVSHFWRVSROtWLFRHILQDQFHLUR

H 4XDQWRDR yUJmRTXH RH[HUFH

,&3, ,,&RQYRFDomRGHDXWRULGDGHVHSHGLGRGHLQIRUPDomR LL/HJLVODWLYR RX3DUODPHQWDU

0HLRV

,,,3DUWLFLSDomRQDIXQomRDGPLQLVWUDWLYD ,9)XQomRMXULVGLFLRQDO 9)LVFDOL]DomRFRQWiELOILQDQFHLUDHRUoDPHQWiULD 9,6XVWDomRGHDWRVQRUPDWLYRV

([HUFLGRSHOR-XGLFLiULRVREUHDWRVDGPLQLVWUDWLYRV HPDQDGRVGHTXDOTXHUGRV3RGHUHV LLL-XGLFLiULR

9HULILFDH[FOXVLYDPHQWHDOHJDOLGDGHRXOHJLWLPLGDGH GRVDWRVDGPLQLVWUDWLYRVQXQFDRPpULWR




,0352%,'$'($'0,1,675$7,9$, &)DUW

D %DVH FRQVWLWXFLRQDO

2VDWRVGHLPSURELGDGH DGPLQLVWUDWLYDLPSRUWDUmRHP

L6XVSHQVmRGRVGLUHLWRVSROtWLFRV LL3HUGDGDIXQomRS~EOLFD

LLL,QGLVSRQLELOLGDGHGRVEHQV LY5HVVDUFLPHQWRDRHUiULR

/HL

5HJXODPHQWDomROHJDO

L$GPLQLVWUDomR3~EOLFDGLUHWDHLQGLUHWDGHTXDOTXHUGR 3RGHUHVGD8QLmRGRV(VWDGRVGR')HGRV0XQLFtSLRV

E 6XMHLWRV SDVVLYRV

$VSHFWRV JHUDLV

F 6XMHLWRV DWLYRV

LL(PSUHVDHVWDWDORXHQWLGDGHSDUDFXMDFULDomRRX FXVWHLRRHUiULRFRQFRUUDFRPPDLVGHFLQTXHQWDSRU FHQWRGRSDWULP{QLRRXGDUHFHLWDDQXDO LLL(QWLGDGHTXHUHFHEDVXEYHQomREHQHItFLRRXLQFHQWLYRILVFDORX FUHGLWtFLRGHyUJmRS~EOLFREHPFRPRDTXHODVSDUDFXMDFULDomRRX FXVWHLRRHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPHQRVGHGR SDWULP{QLRRXGDUHFHLWDDQXDOOLPLWDQGRVHDVDQomRSDWULPRQLDOj UHSHUFXVVmRGRLOtFLWRVREUHDFRQWULEXLomRGRVFRIUHVS~EOLFRV L([HUoDPDQGDWRFDUJRHPFRPLVVmR RXIXQomRGHFRQILDQoD

$JHQWHVS~EOLFRV HPVHQWLGRDPSOR

LL([HUoDFDUJRHIHWLYRRXHPSUHJRS~EOLFR

/HLDUW 3HUGDGDIXQomRS~EOLFD

L$GPLQLVWUDWLYD

3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFR

5HVVDUFLPHQWRDRHUiULR

,PSURELGDGH $GPLQLVWUDWLYD

G 1DWXUH]D GDV VDQo}HV

LL&LYLO

3HUGDGRVEHQVHYDORUHVLOtFLWRV 0XOWDFLYLO

LLL3ROtWLFD

6XVSHQVmRGRVGLUHLWRVSROtWLFRV

$ /HL QmR HVWDEHOHFH 6$1d®(6 3(1$,6SHODSUiWLFDGHDWRVGHLPSURELGDGH

9DQWDJHPSDWULPRQLDO LQGHYLGDHPUD]mRGR H[HUFtFLRGH

&DUJR 0DQGDWR

3~EOLFRV

)XQomR (PSUHJR

D (QULTXHFLPHQWR LOtFLWR

$WLYLGDGHV /HLDUW

'HVFULomR GRVDWRVGH LPSURELGDGH

$omRRXRPLVVmR GRORVDRXFXOSRVD TXHHQVHMH

3HUGDSDWULPRQLDO GRVEHQVRXKDYHUHV GR3RGHU3~EOLFR

'HVYLR $SURSULDomR 0DOEDUDWHDPHQWR

E 3UHMXt]R DRHUiULR

'LODSLGDomR /HLDUW 6DQo}HV $omRRXRPLVVmRTXH YLROHRVGHYHUHVGH

F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP3~EOLFD

+RQHVWLGDGH

,PSDUFLDOLGDGH /HJDOLGDGH /HDOGDGH

/HLDUW 6DQo}HV




,0352%,'$'($'0,1,675$7,9$,,

L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH2,72D'(=DQRV LL3HUGDGDIXQomRS~EOLFD

LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDRSDWULP{QLR LY5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU D (QULTXHFLPHQWR LOtFLWR

Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH'(=DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp75Ç6 YH]HVRYDORUGRDFUpVFLPRSDWULPRQLDO

L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH&,1&2D2,72DQRV LL3HUGDGDIXQomRS~EOLFD

6DQo}HV

LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWH DRSDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLD

E 3UHMXt]R DRHUiULR

LY5HVVDUFLPHQWRLQWHJUDOGRGDQR Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH&,1&2DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp'8$6YH]HVRYDORUGRGDQR L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH75Ç6D&,1&2DQRV LL3HUGDGDIXQomRS~EOLFD LLL5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU

F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP3~EOLFD

LY 3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH75Ç6DQRV Y3DJDPHQWRGHPXOWDFLYLOGHDWp&(0YH]HVR YDORUGDUHPXQHUDomRSHUFHELGDSHORDJHQWH

,PSURELGDGH $GPLQLVWUDWLYD

4XDOTXHUSHVVRDSRGHUHSUHVHQWDUjDXWRULGDGHDGPLQLVWUDWLYDFRPSHWHQWH SDUDTXHVHMDLQVWDXUDGDLQYHVWLJDomR/HLDUW /HLDUW /HJLWLPDGRV DGFDXVDP SDUDSURSRUDDomR

3URFHGLPHQWRV DGPLQLVWUDWLYRVH Do}HVMXGLFLDLV

L0LQLVWpULR3~EOLFR

4XDQGRQmRIRUSDUWHQRSURFHVVR DWXDUiFRPRILVFDOGDOHL

LL 3HVVRD MXUtGLFD LQWHUHVVDGD TXHWHQKDVRIULGROHVmRSDWULPRQLDO eYHGDGD DWUDQVDomRDFRUGRRXFRQFLOLDomRQDV Do}HVSRUDWRVGHLPSURELGDGHDGPLQLVWUDWLYD $SHUGDGDIXQomRS~EOLFDHDVXVSHQVmRGRVGLUHLWRVSROtWLFRV VyVHHIHWLYDPFRPRWUkQVLWRHPMXOJDGRGDVHQWHQoDFRQGHQDWyULD /HLDUW $XWRULGDGHMXGLFLDORXDGPLQLVWUDWLYDSRGHUiWRGDYLD GHWHUPLQDURDIDVWDPHQWRWHPSRUiULRGRDJHQWHS~EOLFR 1mRKiIRURHVSHFLDOQDDomRGHLPSURELGDGHDGPLQLVWUDWLYD

-Xt]RFRPSHWHQWH

1DWXUH]DFtYHO

/HLDUW D 0DQGDWR FDUJR HP FRPLVVmR IXQomRGHFRQILDQoD

3UHVFULomR

E &DUJRHIHWLYRRX HPSUHJRS~EOLFR

3UHVFUHYHPHPDWpFLQFRDQRVDSyVRWpUPLQR

(VWDEHOHFLGRHPOHLHVSHFtILFDSDUDIDOWDV GLVFLSOLQDUHVSXQtYHLVFRPGHPLVVmR

,PSUHVFULWtYHLV F 5HVVDUFLPHQWRDRHUiULR

&)DUW




352&(662$'0,1,675$7,92, 'LVFLSOLQDRSURFHVVRDGPLQLVWUDWLYRQR kPELWRGDDGPLQLVWUDomRS~EOLFD)('(5$/

/HL

$EUDQJrQFLD HDSOLFDomR

$SOLFiYHOj$GPLQLVWUDomR3~EOLFDIHGHUDOGLUHWDH LQGLUHWDLQFOXVLYH yUJmRVGR/HJLVODWLYRH-XGLFLiULR

/HL DGPLQLVWUDWLYD )('(5$/

1mRREULJD(VWDGRVH0XQLFtSLRV

1mRpOHLQDFLRQDO

7HPFDUiWHU VXSOHWLYRRX VXEVLGLiULR

6HKRXYHUOHLHVSHFtILFDD/HLUHJXODVRPHQWHHYHQWXDORPLVVmR ([3URFHVVRDGPLQLVWUDWLYRGLVFLSOLQDU3$'/HLOHLHVSHFtILFD /HJDOLGDGH )LQDOLGDGH 0RWLYDomR 5D]RDELOLGDGH

$$GPLQLVWUDomR3~EOLFD REHGHFHUiGHQWUHRXWURV DRVSULQFtSLRVGD

3URSRUFLRQDOLGDGH 0RUDOLGDGH

/HLDUW

$PSODGHIHVD

D 3ULQFtSLRV H[SUHVVRV

&RQWUDGLWyULR 6HJXUDQoDMXUtGLFD ,QWHUHVVHS~EOLFR

3ULQFtSLRV

(ILFLrQFLD

L,QIRUPDOLVPR

E 3ULQFtSLRV LPSOtFLWRV

LL2ILFLDOLGDGH

6yVmRH[LJLGDVIRUPDVGHWHUPLQDGDVSDUDRV DWRVSURFHVVXDLVVHDOHLDVVLPHVWDEHOHFHU ,QLFLDGRRSURFHVVRSHORDGPLQLVWUDGRFRPSHWH j$GPLQLVWUDomRPRYLPHQWiORDWpDGHFLVmRILQDO

LLL9HUGDGHPDWHULDO

3URFHVVR $GPLQLVWUDWLYR

LY*UDWXLGDGH

'HYHVHEXVFDURFRQKHFLPHQWR GRVIDWRVHIHWLYDPHQWHRFRUULGRV

1mRH[LVWHP{QXVFRPRVXFXPErQFLDFXVWDVRXKRQRUiULRV

/HLDUW L'HRItFLR

'HFRUUrQFLDGRSULQFtSLRGDRILFLDOLGDGH 0HGLDQWHSURYRFDomRGRLQWHUHVVDGR

D ,QtFLRGR SURFHVVR LL$SHGLGR

,QtFLRGRSURFHVVR HOHJLWLPDGRV

'HYHUiDSUHVHQWDUj$GPLQLVWUDomR UHTXHULPHQWRHVFULWR

eYHGDGDDVLPSOHV5(&86$,027,9$'$ /HLDUW L 7LWXODUHV GH GLUHLWRV RX LQWHUHVVHV LQGLYLGXDLV RXQRH[HUFtFLRGRGLUHLWRGHUHSUHVHQWDomR E /HJLWLPDGRV

LL3RVVXLGLUHLWRRXLQWHUHVVHVDIHWDGRVSHODGHFLVmRGRSURFHVVR

LLL 2UJDQL]Do}HV H DVVRFLDo}HV UHSUHVHQWDWLYDV GLUHLWRVHLQWHUHVVHVFROHWLYRV LY3HVVRDVRXDVVRFLDo}HVTXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV

/HLDUW L7HQKDLQWHUHVVHGLUHWRRXLQGLUHWRQDPDWpULD

D ,PSHGLPHQWR

eLPSHGLGRGHDWXDUQR SURFHVVRDGPLQLVWUDWLYRR VHUYLGRURXDXWRULGDGHTXH

,PSHGLPHQWR H6XVSHLomR

LL 3DUWLFLSDGR FRPR SHULWR WHVWHPXQKD RXUHSUHVHQWDQWH

LLL 2FRUUHP VLWXDo}HV TXDQWR DR F{QMXJH FRPSDQKHLURRXSDUHQWHHDILQVDWpR WHUFHLURJUDX LY(VWHMD OLWLJDQGRMXGLFLDO RX DGPLQLVWUDWLYDPHQWHFRPRLQWHUHVVDGR RXUHVSHFWLYRF{QMXJHRXFRPSDQKHLUR

/HLDUW E 6XVSHLomR

$XWRULGDGHRXVHUYLGRUTXHWHQKDDPL]DGHtQWLPDRXLQLPL]DGHQRWyULDFRP DOJXPGRVLQWHUHVVDGRVRXUHVSHFWLYRVF{QMXJHVRXSDUHQWHVDWpWHUFHLURJUDX $OHJDomRGHVXVSHLomRpIDFXOGDGHGRLQWHUHVVDGR




352&(662$'0,1,675$7,92,,

3ULQFtSLRGRLQIRUPDOLVPR

)RUPDWHPSR HOXJDUGRVDWRV

D )RUPD

/HLDUW

2VDWRVGRSURFHVVRQmRGHSHQGHPGHIRUPDGHWHUPLQDGD VHQmRTXDQGRDOHLH[SUHVVDPHQWHDH[LJLU /HLDUW

E 7HPSR HOXJDU

D ,QWLPDU

$UHDOL]DomRGRVDWRVGRSURFHVVRVHGiHPGLDV~WHLV QRKRUiULRGHIXQFLRQDPHQWRGDUHSDUWLomRQDTXDOWUDPLWDU

'DUFLrQFLDDR LQWHUHVVDGRGH

DOJXPDWR SUDWLFDGRQR SURFHVVRRX

GHSHQGDRXQmRGR FRPSDUHFLPHQWRGR LQWHUHVVDGRjUHSDUWLomR

GHDOJXPD SURYLGrQFLDTXH GHYDVHUDGRWDGD

/HLDUW

,QWLPDomR GR LQWHUHVVDGR

E $WRVTXH QHFHVVLWDP VHULQWLPDGRV

L5HVXOWHPDRLQWHUHVVDGRLPSRVLomRGHGHYHUHV LLÐQXV VDQo}HVRXUHVWULomRDRH[HUFtFLRGHGLUHLWRVH DWLYLGDGHVHRVDWRVGHRXWUDQDWXUH]DGHVHXLQWHUHVVH

L3HVVRDOSURYDGDDFLrQFLDGRLQWHUHVVDGR LL9LDSRVWDOFRPDYLVRGHUHFHELPHQWR

3URFHVVR $GPLQLVWUDWLYR

F )RUPDV

LLL2XWURV PHLRV GHVGH TXH DVVHJXUHP DFHUWH]DGDFLrQFLDGRLQWHUHVVDGR LY3RUPHLRGHSXEOLFDomRRILFLDOHPFDVRGHLQWHUHVVDGRV LQGHWHUPLQDGRVRXFRPGRPLFtOLRLQGHILQLGR

/HLDUW 'HVWLQDVHjDYHULJXDomRHFRPSURYDomRGRVGDGRV QHFHVViULRVjWRPDGDGHXPDGHFLVmRIXQGDPHQWDGD D ,QVWUXomR

,QVWUXomR HGHFLVmR

ÐQXVGDSURYDpGRLQWHUHVVDGRLVWRp FDEHDHOHSURYDURVIDWRVDOHJDGRV

/HLDUW

(QFHUUDGDDLQVWUXomRDEUHVHXPSUD]RGH GLDVSDUDPDQLIHVWDomRGRLQWHUHVVDGR &RQFOXtGDDLQVWUXomRDDGPLQLVWUDomRWHP RSUD]RGHDWpGLDVSDUDHPLWLUDGHFLVmR E 'HFLVmR

$HGLomRGHXPDGHFLVmRH[SOtFLWDp REULJDWyULDSDUDDDGPLQLVWUDomR

/HLDUW

$/HLFRQVDJUDRGLUHLWRDRGXSORJUDXGHMXULVGLomRDGPLQLVWUDGD

5HFXUVR DGPLQLVWUDWLYR

7UDWDVHGHUHFXUVRKLHUiUTXLFRHRFRUUHSRU UD]}HVGHOHJDOLGDGHHGHPpULWRDGPLQLVWUDWLYR (PUHJUDRFRUUHDLQH[LJLELOLGDGHGHJDUDQWLDGHLQVWkQFLD FDXomR SDUDLQWHUSRVLomRGHUHFXUVRVVDOYRH[LJrQFLDOHJDO 5HFXUVRVVDOYRGLVSRVLomROHJDOQmRWrPHIHLWRVXVSHQVLYR




%(163Ò%/,&26,

6mRS~EOLFRVRVEHQVGRGRPtQLRQDFLRQDOSHUWHQFHQWHVjVSHVVRDV MXUtGLFDVGHGLUHLWR3Ò%/,&2LQWHUQRWRGRVRVRXWURVVmRSDUWLFXODUHV 8QLmR 3HVVRDVMXUtGLFDVGH GLUHLWR3Ò%/,&2

D &RQFHLWR

(VWDGRV 'LVWULWR)HGHUDO 0XQLFtSLRV $XWDUTXLDVHIXQGDo}HVS~EOLFDV GHQDWXUH]DDXWiUTXLFD

1Ro}HV JHUDLV

&RQFHLWRUHODFLRQDGRDRDVSHFWRIRUPDO&yGLJR&LYLODUW 2VEHQVGDVSHVVRDVMXUtGLFDVGHGLUHLWR35,9$'2LQWHJUDQWHV GDDGPLQLVWUDomRS~EOLFD1262%(163Ò%/,&26 (PSUHVDVHVWDWDLV 35(67$'25$6'( 6(59,d23Ò%/,&2

3RGHPHVWDUVXMHLWDVDUHJUDVSUySULDV GRUHJLPHMXUtGLFRGRVEHQVS~EOLFRV

6mRDTXHOHVTXHSRGHPVHUXWLOL]DGRVVHPTXDOTXHUIRUPDOLGDGH (PUHJUDVmRFRORFDGRVjGLVSRVLomRGDSRSXODomRJUDWXLWDPHQWH

D 8VRFRPXP GRSRYR

&ODVVLILFDomR TXDQWRj GHVWLQDomR

([5LRVPDUHVHVWUDGDVUXDVHSUDoDV 'HVWLQDGRVHVSHFLILFDPHQWHjH[HFXomRGHGHWHUPLQDGRVHUYLoRS~EOLFR

E 8VR HVSHFLDO

([(GLItFLRVGDDGPLQLVWUDomRS~EOLFDHPJHUDO &RQVWLWXHPRSDWULP{QLRGLVSRQtYHOGDV SHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRLQWHUQR 1mRHVWmRDIHWDGRVDTXDOTXHUILQDOLGDGHS~EOLFD

F 'RPLQLFDLV

([7HUUHQRVS~EOLFRVEDOGLRVWHUUDVGHYROXWDV

%HQVS~EOLFRVGHXVRFRPXPGRSRYRHGHXVR HVSHFLDOQmRSRGHPVHUYHQGLGRV&&DUW

%HQV 3~EOLFRV

%HQVGRPLQLFDLVHGHVDIHWDGRVSRGHPVHU DOLHQDGRVREVHUYDGDVDVH[LJrQFLDVOHJDLV D ,QDOLHQDELOLGDGH

([FHomR

([LJrQFLDV OHJDLVDUW /HL

'HPRQVWUDomRGRLQWHUHVVHS~EOLFR 3UpYLDDYDOLDomR /LFLWDomR $XWRUL]DomROHJLVODWLYD HPFDVRGHEHPLPyYHO

&DUDFWHUtVWLFDV

1mRVHVXMHLWDPjSHQKRUD,PSDVVtYHLVGHH[HFXomRMXGLFLDO E ,PSHQKRUDELOLGDGH

'pELWRVGD)D]HQGD3~EOLFDVHUmRSDJRVSRUSUHFDWyULRV&)DUW 3URLELGDDTXLVLomRGHEHQVS~EOLFRVSRU868&$3,2

F ,PSUHVFULWLELOLGDGH

8VXFDSLmR

3UHVFULomRDTXLVLWLYDGRGLUHLWRGHSURSULHGDGH

&)DUWSDUiJUDIR~QLFR %HQVS~EOLFRVQmRSRGHPVHUJUDYDGRVSRUGLUHLWRVUHDLVGHJDUDQWLD

G 1mRRQHUDomR

'LUHLWRVUHDLV GHJDUDQWLD

3HQKRU $QWLFUHVH +LSRWHFD

'L]UHVSHLWRjXWLOL]DomRGREHPS~EOLFR 2FRUUHTXDQGRGHWHUPLQDGREHPS~EOLFRHVWHMD VHQGRXWLOL]DGRSDUDXPDILQDOLGDGHS~EOLFD D $IHWDomR

([ 8PSUpGLRHPTXHIXQFLRQHXPDUHSDUWLomR S~EOLFDHVWDDIHWDGRDRILPS~EOLFR %HQVDIHWDGRVQmRSRGHPHQTXDQWR SHUPDQHFHUHPQHVVDVLWXDomRVHUDOLHQDGRV

$IHWDomRH GHVDIHWDomR

2FRUUHTXDQGRXPEHPS~EOLFRQmRHVWi VHQGRXWLOL]DGRSDUDTXDOTXHUILPS~EOLFR ([ ,PyYHOGD8QLmRTXHQmRHVWHMDVHQGR XVDGRSDUDTXDOTXHUILPS~EOLFR E 'HVDIHWDomR

6RPHQWHRVEHQVGHVDIHWDGRVSRGHPVHUDOLHQDGRV &DVRRVEHQVGHXVRFRPXPGRSRYRHRVEHQVGHXVRHVSHFLDO YHQKDPDVHUGHVDIHWDGRVFRQYHUWHUVHmRHPEHQVGRPLQLFDLV




%(163Ò%/,&26,, (QTXDGUDPVHFRPREHQVGRPLQLFDLV D 7HUUDV GHYROXWDV

6mRWRGDVDTXHODVTXHSHUWHQFHQWHVDRGRPtQLRS~EOLFRGHTXDOTXHUGDV HQWLGDGHVHVWDWDLVQmRVHDFKDPGHVWLQDGDVDTXDOTXHUILPS~EOLFRHVSHFtILFR 3HUWHQFHPj8QLmR&)DUW9,,

E 7HUUHQRVGDPDULQKD

3HUWHQFHPj8QLmR&)DUW;, 6mRDVKDELWDGDVSRUtQGLRVHPFDUiWHUSHUPDQHQWHDVXWLOL]DGDV SDUDVXDVDWLYLGDGHVSURGXWLYDVDVLPSUHVFLQGtYHLVjSUHVHUYDomR GRVUHFXUVRVDPELHQWDLVQHFHVViULRVDVHXEHPHVWDUHDV QHFHVViULDVDVXDUHSURGXomRItVLFDHFXOWXUDO&)DUW

F 7HUUDV WUDGLFLRQDOPHQWH RFXSDGDVSHORV tQGLRV

3ULQFLSDLV HVSpFLHVGH EHQVS~EOLFRV

(QTXDGUDPVHFRPREHQVGHXVRHVSHFLDO

3HUWHQFHPj8QLmR&)DUW9 G 3ODWDIRUPD FRQWLQHQWDO

eDH[WHQVmRGDViUHDVFRQWLQHQWDLVVRERPDU DWpDSURIXQGLGDGHGHFHUFDGHPHWURV

3RGHPVHUODFXVWUHVIOXYLDLVHPDUtWLPDVFRVWHLUDVHRFHkQLFDV (PUHJUDSHUWHQFHPj8QLmR

,OKDV PDUtWLPDV H ,OKDV

0DVRV(VWDGRVSRGHUmRWHUiUHDVGDVLOKDV FRVWHLUDVHRFHkQLFDV&)DUW,9

,OKDVIOXYLDLV HODFXVWUHV

(PUHJUDSHUWHQFHPDRV(VWDGRVPHPEURV ([FHWRVH HVWLYHUHPHP

=RQDVOLPtWURIHVFRPRXWURVSDtVHV 5LRVTXHEDQKDPPDLVGHXP(VWDGR

3HUWHQFHPj8QLmR &)DUW,,,

ÈUHDGHDWpNPGHODUJXUDSDUDOHODjGLYLVDFRPRXWURVSDtVHV I )DL[DGHIURQWHLUD

3HUWHQFHPj8QLmR&)DUW 'LVFULFLRQiULR 7UDWDVHGHDWR DGPLQLVWUDWLYR

%HQV 3~EOLFRV

D $XWRUL]DomR GHXVRGH EHPS~EOLFR

8QLODWHUDO 5HYRJiYHLVDTXDOTXHUWHPSRVHPLQGHQL]DomR 3UHFiULR

&DEHLQGHQL]DomRVHRXWRUJDGD FRPSUD]RRXFRQGLFLRQDGD

6HPSUHYLVmRGHSUD]RGHGXUDomR 1mRKiOLFLWDomRSUpYLDjRXWRUJDGHDXWRUL]DomRGHXVR 3UHGRPtQLRGRLQWHUHVVHSDUWLFXODU ([)HFKDPHQWRGHXPDUXDSDUDUHDOL]DomRGHIHVWDSRSXODU 'LVFULFLRQiULR 7UDWDVHGHDWR DGPLQLVWUDWLYR

E 3HUPLVVmR GHXVRGH EHPS~EOLFR

8QLODWHUDO 5HYRJiYHLVDTXDOTXHUWHPSRVHPLQGHQL]DomR 3UHFiULR

&DEHLQGHQL]DomRVHRXWRUJDGD FRPSUD]RRXFRQGLFLRQDGD

6HPSUHYLVmRGHSUD]RGHGXUDomR (PUHJUDGHYHVHUSUHFHGLGDGHOLFLWDomR ,QWHUHVVHVGRSDUWLFXODUHFROHWLYLGDGH ([2FXSDomRGHiUHDS~EOLFDSDUDLQVWDODomRGHEDQFDGHUHYLVWD

8VRSULYDWLYR GHEHQVS~EOLFRV

7UDWDVHGH FRQWUDWR DGPLQLVWUDWLYR

3UHFHGLGRSRUDXWRUL]DomROHJLVODWLYDHRXOLFLWDomR 5HVFLVmRQDVKLSyWHVHVSUHYLVWDVHPOHL

1mRKi SUHFDULHGDGH

&DEHLQGHQL]DomRVHDFDXVDQmR IRULPSXWiYHODRFRQFHVVLRQiULR

'HYHWHUSUD]RGHWHUPLQDGR F &RQFHVVmR GHXVRGH EHPS~EOLFR

,QWHUHVVHVGRSDUWLFXODUHFROHWLYLGDGH 7UDWDVHGH GLUHLWRSHVVRDO

1mRpGLUHLWRUHDO 1mRSRGHVHUWUDQVIHULGRVHPDSUHYLVmR FRQWUDWXDORXDQXrQFLDGD$GPLQLVWUDomR3~EOLFD

([5HVWDXUDQWHODQFKRQHWHHPUHSDUWLomRS~EOLFD 7UDWDVHGH FRQWUDWR DGPLQLVWUDWLYR

7UDQVIHUrQFLDDRSDUWLFXODUGRXVRGHXPWHUUHQR S~EOLFRRXGRUHVSHFWLYRHVSDoRDpUHR 3RUSUD]RFHUWRRXLQGHWHUPLQDGR 'HIRUPDUHPXQHUDGDRXJUDWXLWD (PUHJUDGHYHVHUSUHFHGLGDGHOLFLWDomR

G &RQFHVVmRGH GLUHLWRUHDOGHXVR GHEHPS~EOLFR

7UDWDVHGHGLUHLWRUHDO

1mRpGHGLUHLWRSHVVRDO 7UDQVIHUHVHSRUDWRLQWHUYLYRVRXSRUVXFHVVmR

&RQIHUHDRSDUWLFXODUXP ',5(,725($/5(62/Ò9(/

3RGHVHH[WLQJXLUQDVKLSyWHVHV SUHYLVWDVQDOHLRXQRFRQWUDWR

Mapa mental - Direito Administrativo.pdf

Recommend Documents