Convenção Coletiva de Trabalho - 2010/2011

&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3HORSUHVHQWHLQVWUXPHQWRGHXPODGRUHSUHVHQWDQGRDFDWHJRULDHFRQ{PLFDD)HGHUDomR1DFLRQDOGRV%DQFRV)HQDEDQ
R 6LQGLFDWR GRV %DQFRV QRV (VWDGRV GH 6mR 3DXOR 3DUDQi 0DWR *URVVR 0DWR *URVVR GR 6XO $FUH $PD]RQDV 3DUi
$PDSi5RQG{QLDH5RUDLPDR6LQGLFDWRGRV%DQFRVGRV(VWDGRVGD%DKLDHGH6HUJLSHR6LQGLFDWRGRV%DQFRVGR(VWDGR
GR5LRGH-DQHLURFRPEDVHWHUULWRULDOQR(VWDGRGR(VStULWR6DQWRR6LQGLFDWRGRV%DQFRVGRV(VWDGRVGH0LQDV*HUDLV
*RLiV 'LVWULWR )HGHUDO H 7RFDQWLQV R 6LQGLFDWR GRV %DQFRV QRV (VWDGRV GR 5LR *UDQGH GR 6XO H 6DQWD &DWDULQD R
6LQGLFDWRGRV%DQFRVGRV(VWDGRVGH3HUQDPEXFR$ODJRDV3DUDtEDH5LR*UDQGHGR1RUWHR6LQGLFDWRGRV%DQFRVGRV
(VWDGRV GR &HDUi 0DUDQKmR H 3LDXt FRP VHGH QDV FDSLWDLV GRV HVWDGRV PHQFLRQDGRV HP SULPHLUR OXJDU GH VXD
GHQRPLQDomRSRUVHXV3UHVLGHQWHVHGHRXWURODGRUHSUHVHQWDQGRDFDWHJRULDSURILVVLRQDO&RQIHGHUDomR1DFLRQDOGRV
7UDEDOKDGRUHV GR 5DPR )LQDQFHLUR &RQWUDI D )HGHUDomR GRV 7UDEDOKDGRUHV HP (PSUHVDV GH &UpGLWR GR 3DUDQi H
)HGHUDomR GRV 7UDEDOKDGRUHV HP (PSUHVDV GH &UpGLWR GH 6mR 3DXOR D )HGHUDomR GRV 7UDEDOKDGRUHV HP (PSUHVDV GH
&UpGLWR GR &HQWUR 1RUWH&1 D )HGHUDomR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GRV (VWDGRV GD %DKLD H
6HUJLSHD)HGHUDomRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGRV(VWDGRVGR5LRGH-DQHLURH(VStULWR6DQWRHD
)HGHUDomR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GR (VWDGR GR 5LR *UDQGH GR 6XO RV 6LQGLFDWRV GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GR (VWDGR GR $FUH 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV GH
&UpGLWR GR (VWDGR GH $ODJRDV 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH $OHJUHWH H 5HJLmR 56
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &RQFyUGLD H 5HJLmR 6& 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH $QJUD GRV 5HLV 5- 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
$SXFDUDQD 35 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH $UDSRWL H 5HJLmR 35 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH $UDUDTXDUD 63 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV
%DQFiULRVGH$VVLV636LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH$VVLV&KDWHXEULDQG356LQGLFDWR
GRV %DQFiULRV GH %DJp H 5HJLmR 56 6LQGLFDWR GRV %DQFiULRV GD %DKLD %$ 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHOFLPHQWRV %DQFiULRV GH %DUUD GR *DUoDV H 5HJLmR 07 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV
%DQFiULRV GH %DL[DGD )OXPLQHQVH 5- 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH %DUUHWRV 63
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV H )LQDQFLiULRV GH %DXUX H 5HJLmR 63 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH %HOR +RUL]RQWH H 5HJLmR 0* 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH %OXPHQDX H 5HJLmR 6& 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
%UDJDQoD 3DXOLVWD 63 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH %UDVtOLD ') 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &DPSLQD *UDQGH H 5HJLmR 3% 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH &DPDTXm H 5HJLmR 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
&DPSR0RXUmRH5HJLmR356LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH&DPSRVGH*R\WDFD]HV5-
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &DUD]LQKR H 5HJLmR 56 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGH&D[LDVGR6XOH5HJLmR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRV
GH &DWDJXDVHV 0* 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &DWDQGXYD H 5HJLmR 63 6LQGLFDWR
GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GR &DULUL &( 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV
%DQFiULRV QR (VWDGR GR &HDUi &( 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &KDSHFy ;DQ[HUr H
5HJLmR 6& 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &RUQpOLR 3URFySLR 35 6LQGLFDWR GRV
(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH&ULFL~PDH5HJLmR6&6LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV
%DQFiULRV GH &UX] $OWD 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH &XULWLED 35 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 'LYLQySROLV H 5HJLmR 0* 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGH'RXUDGRV066LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH(UHFKLPH
5HJLmR 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV QR (VWDGR GR (VStULWR 6DQWR (6 6LQGLFDWR GRV
%DQFiULRVGR([WUHPR6XOGD%DKLD,WDPDUDMX%$6LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH)HLUD
GH6DQWDQD%$6LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH)UHGHULFR:HVWSKDOHQ566LQGLFDWRGRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH )ORULDQySROLV H 5HJLmR 6& 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH *XDSRUp H 5HJLmR 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
*XDUDSXDYD 35 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH *XDUXOKRV 63 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH +RUL]RQWLQD H 5HJLmR 56 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH ,MXt 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH ,OKpXV %$
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH ,SDWLQJD H 5HJLmR 0* 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGH,UHFrH5HJLmR%$6LQGLFDWRGRV%DQFiULRVGH,WDEXQD%$6LQGLFDWRGRV(PSUHJDGRV
HP (VWDEHOHFLPHQWRV %DQFiULRV GH ,WDSHUXQD 5- 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
-DFRELQDH5HJLmR%$6LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH-HTXLpH5HJLmR%$6LQGLFDWR
GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH -XQGLDt H 5HJLmR 63 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH /LPHLUD 63 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV H 6LPLODUHV RX
&RQH[RVGH/RQGULQDH5HJLmR356LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH0DFDpH5HJLmR5-
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GR (VWDGR GR 0DUDQKmR 0$ 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGH0DWR*URVVR076LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH0RJLGDV
&UX]HV636LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH1LWHUyL5-6LQGLFDWRGRV(PSUHJDGRVHP
Página 1 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
(VWDEHOHFLPHQWRV %DQFiULRV GH 1RYD )ULEXUJR 5- 6LQGLFDWR GRV (PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH1RYR
+DPEXUJRH5HJLmR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH2HVWH&DWDULQHQVH-RDoDED6&
6LQGLFDWRGRV%DQFiULRVGR/LWRUDO1RUWH566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGRV(VWDGRVGR
3DUiHGR$PDSi3$$36LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVQR(VWDGRGD3DUDtED3%6LQGLFDWR
GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 3DUDQDYDt H 5HJLmR 35 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGH3DVVR)XQGR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH3DWRVGH
0LQDV 0* 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 3HORWDV H 5HJLmR 56 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV GH &UpGLWR QR (VWDGR GH 3HUQDPEXFR 3( 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVHQR5DPR)LQDQFHLURGRV0XQLFtSLRVGH3HWUySROLVH6mR-RVpGRV9DOHGR5LR3UHWR5-
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV QR (VWDGR GR 3LDXt 3, 6LQGLFDWR GRV %DQFiULRV GH 3RUWR
$OHJUHH5HJLmR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH3UHVLGHQWH3UXGHQWH636LQGLFDWR
GRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH5LR*UDQGHH5HJLmR6mR-RVpGR1RUWHH6DQWD9LWyULDGR3DOPDU
56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV H GR 0XQLFtSLR GR 5LR GH -DQHLUR 5- 6LQGLFDWR GRV
(PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV QR (VWDGR GR 5LR *UDQGH GR 1RUWH 51 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV%DQFiULRVGR(VWDGRGH5RQG{QLD526LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH
5RQGRQySROLV H 5HJLmR GH 0DWR *URVVR 07 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GR (VWDGR GH
5RUDLPD556LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH5RViULRGR6XO566LQGLFDWRGRV%DQFiULRV
GH6DQWD&UX]GR6XOH5HJLmR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH6DQWD0DULDH5HJLmR
566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH6DQWD5RVDH5HJLmR566LQGLFDWRGRV(PSUHJDGRV
HP (VWDEHOHFLPHQWRV %DQFiULRV GH 6DQWDQD GR /LYUDPHQWR 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV
%DQFiULRVGH6DQWLDJR566LQGLFDWRGRV7UDEDOKDGRUHVHP(PSUHVDVGR5DPR)LQDQFHLURGR*UDQGH$%&636LQGLFDWR
GRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH6DQWRÇQJHOR566LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV
%DQFiULRV GH 6mR %RUMD H ,WDTXL 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 6mR *DEULHO 56
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 6mR /HRSROGR 56 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH 6mR /XL] *RQ]DJD 56 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV H GH
&UpGLWR GH 6mR 0LJXHO '· 2HVWH 6& 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 6mR 3DXOR 63
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 6HUJLSH 6( 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GH 6XO )OXPLQHQVH 5- 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
7DXEDWp636LQGLFDWRGRV7UDEDOKDGRUHVGR5DPR)LQDQFHLURGH7HyILOR2WRQLH5HJLmR0*6LQGLFDWRGRV(PSUHJDGRV
HP (VWDEHOHFLPHQWRV %DQFiULRV GH 7HUHVySROLV 5- 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH
7ROHGR H 5HJLmR 35 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 7UrV 5LRV 5- 6LQGLFDWR GRV
(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH8EHUDEDH5HJLmR0*6LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV
%DQFiULRVGH8PXDUDPD356LQGLFDWRGRV(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGH9DFDULD566LQGLFDWRGRV
(PSUHJDGRVHP(VWDEHOHFLPHQWRV%DQFiULRVGR$UDUDQJXi6&6LQGLFDWR%DQFiULRVH)LQDQFLiULRVGR9DOHGR&Dt56
6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 9DOH GR 3DUDQKDQD 56 6LQGLFDWR GRV (PSUHJDGRV HP
(VWDEHOHFLPHQWRV %DQFiULRV GR 9DOH GR 5LEHLUD 63 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV H
)LQDQFLiULRV GH 9LGHLUD 6& 6LQGLFDWR GRV (PSUHJDGRV HP (VWDEHOHFLPHQWRV %DQFiULRV GH 9LWyULD GD &RQTXLVWD %$ H
6LQGLFDWRGRV7UDEDOKDGRUHVGR5DPR)LQDQFHLURGD=RQDGD0DWD6XOGH0LQDV-8,='()25$0*SRUVHXV3UHVLGHQWHVH
SRUVXD$GYRJDGD'HERUDK5HJLQD5RFFR&DVWDQR%ODQFR2$%63FHOHEUDP&RQYHQomR&ROHWLYDGH7UDEDOKRQRV
VHJXLQWHVWHUPRV
6$/É5,26
&/É868/$35,0(,5$
5($-867(6$/$5,$/
$ SDUWLU GH ž GH VHWHPEUR GH VREUH D UHPXQHUDomR IL[D PHQVDO SUDWLFDGD QR PrV GH DJRVWR HP FDGD
EDQFRVHUmRDSOLFDGRVRVVHJXLQWHVUHDMXVWHV
D RV VDOiULRV GRV HPSUHJDGRV TXH SHUFHELDP HP DJRVWR UHPXQHUDomR IL[D PHQVDO GH DWp 5 FLQFR PLO GX]HQWRV H FLQTXHQWD UHDLV VHUmR FRUULJLGRV PHGLDQWH D DSOLFDomR GR UHDMXVWH GH VHWH
YtUJXODFLQTXHQWDSRUFHQWR
E RVVDOiULRVGRVHPSUHJDGRVTXHSHUFHELDPHPDJRVWRUHPXQHUDomRIL[DPHQVDOVXSHULRUD5
FLQFRPLOGX]HQWRVHFLQTXHQWDUHDLVVHUmRFRUULJLGRVPHGLDQWHDDGLomRGDLPSRUWkQFLDIL[DGH5
WUH]HQWRVHQRYHQWDHWUrVUHDLVHVHWHQWDHFLQFRFHQWDYRVRXPHGLDQWHDDSOLFDomRGRUHDMXVWHGH
TXDWURYtUJXODYLQWHHQRYHSRUFHQWRRTXHIRUPDLRU
Página 2 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR3ULPHLUR
6HUmR FRPSHQViYHLV WRGDV DV DQWHFLSDo}HV FRQFHGLGDV QR SHUtRGR GH VHWHPEUR D DJRVWR H[FHWR RV
DXPHQWRVUHDLVHRVGHFRUUHQWHVGHSURPRomRWUDQVIHUrQFLDHTXLSDUDomRVDODULDOHWpUPLQRGHDSUHQGL]DJHP$V
FRUUHo}HVVDODULDLVSUHYLVWDVQHVWDFOiXVXODDEUDQJHPRSHUtRGRGHžD
3DUiJUDIR6HJXQGR
3DUD HIHLWR GH DSOLFDomR GRV UHDMXVWHV SUHYLVWRV QHVWD FOiXVXOD FRQVLGHUDVH UHPXQHUDomR IL[D PHQVDO R
VRPDWyULR GR VDOiULR EDVH H YHUEDV IL[DV PHQVDLV GH QDWXUH]D VDODULDO H[FOXtGR R YDORU GR $76 ² $GLFLRQDO SRU
7HPSRGH6HUYLoRTXHpWUDWDGRHVSHFLILFDPHQWHQDFOiXVXODVH[WDGHVWD&RQYHQomR
3DUiJUDIR7HUFHLUR
1D KLSyWHVH GH HPSUHJDGR DGPLWLGR DSyV ž RX HP VH WUDWDQGR GH EDQFR FRQVWLWXtGR H HP
IXQFLRQDPHQWR GHSRLV GHVWD GDWD R UHDMXVWH VHUi FDOFXODGR GH IRUPD SURSRUFLRQDO HP UHODomR j GDWD GH
DGPLVVmRFRPSUHVHUYDomRGDKLHUDUTXLDVDODULDOHUHVSHLWDGRVRVSDUDGLJPDVTXDQGRH[LVWHQWHV
3DUiJUDIR4XDUWR
1mR VHUmR FRQVLGHUDGDV DV YHUEDV TXH WLYHUHP UHJUDV SUySULDV QHVWD &RQYHQomR SDUD HIHLWR GH DSOLFDomR GRV
UHDMXVWHVSUHYLVWRVQHVWDFOiXVXOD
&/É868/$6(*81'$
6$/É5,2'(,1*5(662
'XUDQWH D YLJrQFLD GHVWD &RQYHQomR SDUD D MRUQDGD GH VHLV KRUDV QHQKXP EDQFiULR SRGHUi VHU DGPLWLGR FRP
VDOiULRLQIHULRUDRVVHJXLQWHVYDORUHV
D 3HVVRDOGH3RUWDULD&RQWtQXRVH6HUYHQWHV
5VHWHFHQWRVHQRYHQWDHTXDWURUHDLVHQRYHQWDHRLWRFHQWDYRV
E 3HVVRDOGH(VFULWyULR
5PLOFHQWRHTXDUHQWDUHDLVHWUH]HFHQWDYRV
F 7HVRXUHLURV&DL[DVHRXWURVHPSUHJDGRVGH7HVRXUDULDTXHHIHWXDPSDJDPHQWRVRXUHFHELPHQWRV
5PLOFHQWRHTXDUHQWDUHDLVHWUH]HFHQWDYRV
3DUiJUDIR3ULPHLUR
1D FRQWUDWDomR GH HVWDJLiULR VHP YtQFXOR HPSUHJDWtFLR FRPR DGPLWLGR HP /HL VHUi REVHUYDGR R VDOiULR GH
LQJUHVVRHVWDEHOHFLGRQHVWDFOiXVXODQDSURSRUomRGDVKRUDVGHVXDMRUQDGDGHWUDEDOKR
3DUiJUDIR6HJXQGR
4XDQGRRVDOiULRUHVXOWDQWHGDDSOLFDomRGRUHDMXVWHSUHYLVWRQDFOiXVXODSULPHLUDIRUGHYDORULQIHULRUDRVDOiULR
GH LQJUHVVR DTXL HVWDEHOHFLGR SUHYDOHFHUi FRPR QRYR VDOiULR D SDUWLU GH ž GH VHWHPEUR GH R YDORU
PtQLPRSUHYLVWRQHVWDFOiXVXOD
&/É868/$7(5&(,5$ 6$/É5,2$3Ð6',$6'$$'0,66®2
2VHPSUHJDGRVTXHWHQKDPRXYHQKDPDFRPSOHWDUQRYHQWDGLDVGHEDQFRQmRSRGHUmRSHUFHEHUUHPXQHUDomR
LQIHULRUDRVVHJXLQWHVYDORUHV
D 3HVVRDOGH3RUWDULD&RQWtQXRVH6HUYHQWHV
5RLWRFHQWRVHVHWHQWDUHDLVHRLWHQWDHTXDWURFHQWDYRV
E 3HVVRDOGH(VFULWyULR
5PLOGX]HQWRVHFLQTXHQWDUHDLV
F 7HVRXUHLURV&DL[DVHRXWURVHPSUHJDGRVGH7HVRXUDULDTXHHIHWXDPSDJDPHQWRVRXUHFHELPHQWRV
5PLOGX]HQWRVHFLQTXHQWDUHDLV
3DUiJUDIR3ULPHLUR
2V7HVRXUHLURV&DL[DVHRXWURVHPSUHJDGRVGH7HVRXUDULDSHUFHEHUmRPHQVDOPHQWHDUHPXQHUDomRWRWDOPtQLPD
GH 5 PLO VHWHFHQWRV H QRYH UHDLV H FLQFR FHQWDYRV QHVWD FRPSUHHQGLGRV R 6DOiULR GH ,QJUHVVR D
Página 3 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
*UDWLILFDomRGH&DL[DSUHYLVWRVQHVWD&RQYHQomRH2XWUDV9HUEDVGH&DL[DSDJDVDWtWXORGHDMXGDGHFXVWRRX
DERQRVGHTXDOTXHUQDWXUH]DQmRFXPXODWLYDVFRPDVSUpH[LVWHQWHV
3DUiJUDIR6HJXQGR
2YDORUGRLWHP´2XWUDV9HUEDVGH&DL[DµUHIHULGRQRSDUiJUDIRDQWHULRUVHUiGH5FHQWRHTXDUHQWDH
VHWHUHDLVHWULQWDHRLWRFHQWDYRV
3DUiJUDIR7HUFHLUR 2V HPSUHJDGRV TXH FRPSOHWDUHP QRYHQWD GLDV GH EDQFR DWp R GLD TXLQ]H GH FDGD PrV UHFHEHUmR R
QRYR VDOiULR SUHYLVWR QR FDSXW GHVWD FOiXVXOD D SDUWLU GR GLD ž GHVWH PHVPR PrV 2V TXH FRPSOHWDUHP QRYHQWDGLDVDSyVRGLDTXLQ]HGRPrVIDUmRMXVDRQRYRVDOiULRDSDUWLUGRGLDSULPHLURGRPrVVHJXLQWH
3DUiJUDIR4XDUWR
$VUHJUDVGHVWDFOiXVXODDSOLFDPVHLJXDOPHQWHDRVHVWDJLiULRVVHPYtQFXORHPSUHJDWtFLR
&/É868/$48$57$
$',$17$0(172'(ž6$/É5,2
$RVDGPLWLGRVDWpGHGH]HPEURGHRVEDQFRVSDJDUmRDWpRGLDGHPDLRGHPHWDGHGRVDOiULRGR
PrV D WtWXOR GH DGLDQWDPHQWR GD *UDWLILFDomR GH 1DWDO UHODWLYD DR DQR GH VDOYR VH R HPSUHJDGR Mi R WLYHU
UHFHELGRSRURFDVLmRGRJR]RGHIpULDV
3DUiJUDIRÔQLFR
2DGLDQWDPHQWRGD*UDWLILFDomRGH1DWDOSUHYLVWRQR†žGRDUWLJRžGD/HLQžGHGHDJRVWRGH
HQRDUWLJRžGR'HFUHWRQžGHGHQRYHPEURGHQDIRUPDHVWDEHOHFLGDQRFDSXWGHVWDFOiXVXOD
DSOLFDVHWDPEpPDRHPSUHJDGRTXHUHTXHUHURJR]RGHIpULDVSDUDRPrVGHMDQHLURGH
&/É868/$48,17$
6$/É5,2'268%67,7872
'XUDQWH D YLJrQFLD GHVWD &RQYHQomR DR HPSUHJDGR DGPLWLGR SDUD D IXQomR GH RXWUR GLVSHQVDGR VHUi JDUDQWLGR
VDOiULRLJXDODRGRHPSUHJDGRGHPHQRUVDOiULRQDIXQomRVHPFRQVLGHUDUYDQWDJHQVSHVVRDLV
$',&,21$,66$/$5,$,6
&/É868/$6(;7$
$',&,21$/3257(032'(6(59,d2
2 DGLFLRQDO SRU WHPSR GH VHUYLoR QR YDORU GH 5 GH]HVVHWH UHDLV H RLWHQWD H WUrV FHQWDYRV UHVSHLWDGDV DV
FRQGLo}HVPDLVYDQWDMRVDVVHUiFRQFHGLGRQDYLJrQFLDGDSUHVHQWHFRQYHQomRQDVVHJXLQWHVFRQGLo}HV
D 2 HPSUHJDGR DGPLWLGR DWp LQFOXVLYH TXH QmR WHQKD H[HUFLGR D RSomR SRU LQGHQL]DomR GR
DGLFLRQDO SRU WHPSR GH VHUYLoR FRQVRDQWH &OiXVXOD 6pWLPD GD &RQYHQomR &ROHWLYD GH 7UDEDOKR ID]MXVDR´DGLFLRQDOSRUWHPSRGHVHUYLoRµQRYDORURUDHVWDEHOHFLGRSRUDQRFRPSOHWRGHVHUYLoRRXTXH
YLHUDFRPSOHWDUVHQDYLJrQFLDGD&RQYHQomR&ROHWLYDGH7UDEDOKRDRPHVPRHPSUHJDGRU
E 2 HPSUHJDGR DGPLWLGR DWp LQFOXVLYH TXH QmR WHQKD H[HUFLGR D RSomR SRU LQGHQL]DomR GR
DGLFLRQDO SRU WHPSR GH VHUYLoR FRQVRDQWH &OiXVXOD 6pWLPD GD &RQYHQomR &ROHWLYD GH 7UDEDOKR SRGHUi PDQLIHVWDU SRU HVFULWR MXQWR DR EDQFR D RSomR SRU UHFHEHU LQGHQL]DomR HP YDORU ~QLFR GH 5
XPPLOHFHPUHDLVSDUDQmRWHUDJUHJDGRVQRYRVDGLFLRQDLVDSDUWLUGDGDWDGDRSomRREVHUYDQGR
VHWRGRVRVFULWpULRVHVWDEHOHFLGRVQD&OiXVXOD6pWLPDGD&RQYHQomR&ROHWLYDGH7UDEDOKR
F 2 HPSUHJDGR TXH WHQKD H[HUFLGR D RSomR SRU LQGHQL]DomR GR DGLFLRQDO SRU WHPSR GH VHUYLoR FRQVRDQWH
&OiXVXOD 6pWLPD GD &RQYHQomR &ROHWLYD GH 7UDEDOKR FRQWLQXDUi SHUFHEHQGR RV DGLFLRQDLV
DGTXLULGRVDWpDGDWDGDRSomRQRYDORURUDHVWDEHOHFLGR
Página 4 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR3ULPHLUR
$VFRQGLo}HVSUHYLVWDVQDVDOtQHDVDEHFQmRVHDSOLFDPDRVEDQFRVTXHIRUDPH[FOXtGRVGR3OHELVFLWRUHDOL]DGR
QRVGLDVGRPrVGHGH]HPEURGRDQR
3DUiJUDIR6HJXQGR
$RV HPSUHJDGRV DGPLWLGRV D SDUWLU GH LQFOXVLYH QRV EDQFRV VXEPHWLGRV DR FXPSULPHQWR GR TXH
GLVS}H D &OiXVXOD 6pWLPD GHVWD &RQYHQomR &ROHWLYD GH 7UDEDOKR QmR VHUi FRQFHGLGR R $GLFLRQDOSRU7HPSRGH
6HUYLoR
3DUiJUDIR7HUFHLUR
2$GLFLRQDOSUHYLVWRQHVWD&OiXVXODGHYHUiVHUVHPSUHFRQVLGHUDGRHSDJRGHVWDFDGDPHQWHGRVDOiULRPHQVDO
&/É868/$6e7,0$
23d®2325,1'(1,=$d®2'2$',&,21$/3257(032'(6(59,d2
2HPSUHJDGRDGPLWLGRDWpSRGHUiRSWDUMXQWRDREDQFRSRUXPDGDVGLVSRVLo}HVDEDL[R
D UHFHEHU LQGHQL]DomR HP YDORU ~QLFR GH 5 XP PLO H FHP UHDLV SDUD QmR WHU DJUHJDGRV QRYRV
DGLFLRQDLVDSDUWLUGDGDWDGDRSomRRX
E FRQWLQXDUPDQWHQGRRGLUHLWRDQRYRVDGLFLRQDLVHPVXDVGDWDVGHDQLYHUViULRGHWHPSRGHVHUYLoRSUHVWDGR
DRPHVPRHPSUHJDGRUQDVFRQGLo}HVGD&OiXVXOD6H[WDOHWUD´DµGHVWD&RQYHQomR
3DUiJUDIR3ULPHLUR
$RSomRPHQFLRQDGDDFLPDGHYHUiVHUIRUPDOL]DGDSRUHVFULWR
3DUiJUDIR6HJXQGR
2SWDQGRRHPSUHJDGRSHORUHFHELPHQWRGDLQGHQL]DomRRSDJDPHQWRSHOREDQFRVHUiSURFHGLGRREVHUYDQGRVH
DVVHJXLQWHVFRQGLo}HV
D 4XDQGRDRSomRIRUIHLWDMXQWRDREDQFRDWpRGLDGH]RFUpGLWRVHUiHIHWXDGRDWpDGDWDGDIROKDGH
SDJDPHQWRGRPrV
E 4XDQGRDRSomRIRUIHLWDMXQWRDREDQFRDSyVRGLDGH]RFUpGLWRVHUiHIHWXDGRDWpDGDWDGDIROKDGH
SDJDPHQWRGRPrVVHJXLQWH
3DUiJUDIR7HUFHLUR
1mRKDYHUiVXSUHVVmRRXH[WLQomRGRV$GLFLRQDLVSRU7HPSRGH6HUYLoRDGTXLULGRVDWpDGDWDGDRSomRSUHYLVWDQD
OHWUD´DµGRFDSXWGHVWD&OiXVXOD
3DUiJUDIR4XDUWR
2$GLFLRQDOSRU7HPSRGH6HUYLoRSUHYLVWRQDV&OiXVXODV6H[WDH6pWLPDWHUiVHXYDORUUHDMXVWDGRQDGDWDEDVH
GDFDWHJRULDSHORPHVPRtQGLFHGHFRUUHomRGRVVDOiULRVFRQVWDQWHGH&RQYHQomR&ROHWLYDGH7UDEDOKRHGHYHUi
VHUVHPSUHFRQVLGHUDGRHSDJRGHVWDFDGDPHQWH
3DUiJUDIR4XLQWR
$ SUHVHQWH &OiXVXOD QmR VH DSOLFD DRV %DQFRV TXH IRUDP H[FOXtGRV GR 3OHELVFLWR FDEHQGROKHV D DSOLFDomR GR
FDSXW H GR † ž GD &OiXVXOD 6H[WD 2 FXPSULPHQWR RX QmR GHVWD&OiXVXODDRVHPSUHJDGRVGR%$13$5ÉVHUi
GHILQLGDSRUWUDWDWLYDVHQWUHR%DQFRHR6LQGLFDWR3URILVVLRQDOGDVXDVHGHVRFLDO
3DUiJUDIR6H[WR
$ LQFOXVmR GHVWD FOiXVXOD QD &RQYHQomR &ROHWLYD GH 7UDEDOKR IRL DSURYDGD DWUDYpV GH 3OHELVFLWR 1DFLRQDO
UHDOL]DGR QRV GLDV H FRQVRDQWH WHUPRV GR † ž GD &OiXVXOD 6pWLPD GD &RQYHQomR &ROHWLYD GH
7UDEDOKR
&/É868/$2,7$9$
$',&,21$/'(+25$6(;75$6
$VKRUDVH[WUDRUGLQiULDVVHUmRSDJDVFRPRDGLFLRQDOGHFLQTXHQWDSRUFHQWR
Página 5 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR3ULPHLUR
4XDQGR SUHVWDGDV GXUDQWH WRGD D VHPDQD DQWHULRU RV EDQFRV SDJDUmR WDPEpP R YDORU FRUUHVSRQGHQWH DR
UHSRXVRVHPDQDOUHPXQHUDGRLQFOXVLYHViEDGRVHIHULDGRV
3DUiJUDIR6HJXQGR
2 FiOFXOR GR YDORU GD KRUDH[WUDVHUiIHLWRWRPDQGRVHSRUEDVHRVRPDWyULRGHWRGDVDVYHUEDVVDODULDLVIL[DV
HQWUHRXWUDVRUGHQDGRDGLFLRQDOSRUWHPSRGHVHUYLoRJUDWLILFDomRGHFDL[DHJUDWLILFDomRGHFRPSHQVDGRU
&/É868/$121$
$',&,21$/1278512
$ MRUQDGD GH WUDEDOKR HP SHUtRGR QRWXUQR DVVLP GHILQLGRRSUHVWDGRHQWUHDVYLQWHHGXDVKRUDVHVHLVKRUDVVHUi
UHPXQHUDGDFRPDFUpVFLPRGHWULQWDHFLQFRSRUFHQWRVREUHRYDORUGDKRUDGLXUQDUHVVDOYDGDVDVVLWXDo}HV
PDLVYDQWDMRVDV
&/É868/$'e&,0$
,16$/8%5,'$'(3(5,&8/26,'$'(
4XDQGRKRXYHUODXGRSHULFLDODFXVDQGRH[LVWrQFLDGHLQVDOXEULGDGHRXSHULFXORVLGDGHHPSRVWRVGHVHUYLoRVEDQFiULRV
ORFDOL]DGRVHPHPSUHVDVVHUiFRQFHGLGRDRVEDQFiULRVQHOHVORWDGRVRDGLFLRQDOSUHYLVWRQDOHJLVODomRYLJHQWH
3DUiJUDIRÔQLFR
3RU RFDVLmR GD FHVVDomR GR FRQWUDWR LQGLYLGXDO GH WUDEDOKR RV EDQFRV IRUQHFHUmR DR HPSUHJDGR TXH WHQKD
H[HUFLGRVXDVIXQo}HVQDVFRQGLo}HVGRFDSXWGHVWDFOiXVXODDOpPGRVGRFXPHQWRVH[LJLGRVSRUOHLDWHVWDGRGH
VD~GH
*5$7,),&$d¯(6
&/É868/$'e&,0$35,0(,5$
*5$7,),&$d®2'()81d®2
2YDORUGD*UDWLILFDomRGH)XQomRGHTXHWUDWDR†žGRDUWLJRGD&RQVROLGDomRGDV/HLVGR7UDEDOKRQmRVHUi
LQIHULRU D FLQTXHQWD H FLQFR SRU FHQWR j H[FHomR GR (VWDGR GR 5LR *UDQGH GR 6XO FXMR SHUFHQWXDO p GH FLQTXHQWDSRUFHQWRVHPSUHLQFLGHQWHVREUHRVDOiULRGRFDUJRHIHWLYRDFUHVFLGRGRDGLFLRQDOSRUWHPSRGHVHUYLoR
Mi UHDMXVWDGRV QRV WHUPRV GD FOiXVXOD SULPHLUD UHVSHLWDGRV RV FULWpULRV PDLV YDQWDMRVRV H DV GHPDLV GLVSRVLo}HV
HVSHFtILFDVSUHYLVWDVQDV&RQYHQo}HV&ROHWLYDVGH7UDEDOKR$GLWLYDV
&/É868/$'e&,0$6(*81'$
*5$7,),&$d®2'(&$,;$
)LFD DVVHJXUDGR DRV HPSUHJDGRV TXH HIHWLYDPHQWH H[HUoDP H DRV TXH YHQKDP D H[HUFHU QD YLJrQFLD GD SUHVHQWH
&RQYHQomRDVIXQo}HVGH&DL[DH7HVRXUHLURRGLUHLWRjSHUFHSomRGH5WUH]HQWRVHRQ]HUHDLVHVHVVHQWDH
VHWHFHQWDYRVPHQVDLVDWtWXORGHJUDWLILFDomRGHFDL[DUHVSHLWDQGRVHRGLUHLWRGRVTXHMiSHUFHEHPHVWDPHVPD
YDQWDJHPHPYDORUPDLVHOHYDGR
3DUiJUDIRÔQLFR
$ JUDWLILFDomR SUHYLVWD QHVWD FOiXVXOD QmR p FXPXODWLYD FRP D JUDWLILFDomR GH IXQomR HVWDEHOHFLGD QD FOiXVXOD
DQWHULRU
&/É868/$'e&,0$7(5&(,5$
*5$7,),&$d®2'(&203(16$'25'(&+(48(6
$RVHPSUHJDGRVTXHH[HUFHPDIXQomRGH&RPSHQVDGRUGH&KHTXHVTXDQGRHVWLYHUHPFUHGHQFLDGRVSHOD&kPDUDGH
&RPSHQVDomRGR%DQFRGR%UDVLO6$HQTXDQWRQRH[HUFtFLRHIHWLYRGHWDLVIXQo}HVRVEDQFRVSDJDUmRDLPSRUWkQFLD
PHQVDO GH 5 FHQWR H XP UHDLV H FLQTXHQWD H VHLV FHQWDYRV D WtWXOR GH JUDWLILFDomR GH FRPSHQVDGRU GH
FKHTXHVREVHUYDGDVDVFRQGLo}HVPDLVDPSODVSUHYLVWDVQDV&RQYHQo}HV&ROHWLYDVGH7UDEDOKR$GLWLYDV
Página 6 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIRÔQLFR
2V TXH Mi SHUFHEHP HVWD JUDWLILFDomR H QmR HVWHMDP FUHGHQFLDGRV SHOD &kPDUD GH &RPSHQVDomR GR %DQFR GR
%UDVLO6$FRQWLQXDUmRDUHFHErODHQTXDQWRQRH[HUFtFLRHIHWLYRGDIXQomR
$8;Ì/,26
&/É868/$'e&,0$48$57$
$8;Ì/,25()(,d®2
2V EDQFRV FRQFHGHUmR DRV VHXV HPSUHJDGRV DX[tOLRUHIHLomRQRYDORUGH5GH]RLWRUHDLVHTXLQ]HFHQWDYRV
VHP GHVFRQWRV SRU GLD GH WUDEDOKR VRE D IRUPD GH WtTXHWHV UHIHLomR RX WtTXHWHV DOLPHQWDomR IDFXOWDGR
H[FHSFLRQDOPHQWHRVHXSDJDPHQWRHPGLQKHLURUHVVDOYDGDVDVVLWXDo}HVPDLVIDYRUiYHLVUHODFLRQDGDVjVGLVSRVLo}HV
GDFOiXVXODHVHXVSDUiJUDIRVLQFOXVLYHTXDQWRjpSRFDGHSDJDPHQWR
3DUiJUDIR3ULPHLUR
2V WtTXHWHV UHIHLomR UHIHULGRV QR FDSXW SRGHUmR VHU WDPEpP VXEVWLWXtGRV SRU FDUWmR HOHWU{QLFR FRP D
GLVSRQLELOLGDGH PHQVDO QD IRUPD SUHYLVWD QR FDSXW GHVWD FOiXVXOD QDV ORFDOLGDGHV HP TXH HVVH PHLR GH
SDJDPHQWR VHMD QRUPDOPHQWH DFHLWR SHORV HVWDEHOHFLPHQWRV FRPHUFLDLV FRQYHQLDGRV (QWUHWDQWR KDYHQGR
GLILFXOGDGH GH DFHLWDomR QRUPDO SHORV HVWDEHOHFLPHQWRV FRQYHQLDGRV R FDUWmR VHUi UHYHUWLGR SDUD WtTXHWHV
UHIHLomR
3DUiJUDIR6HJXQGR
2DX[tOLRUHIHLomRVHUiFRQFHGLGRDQWHFLSDGDHPHQVDOPHQWHDWpR~OWLPRGLD~WLOGRPrVDQWHULRUDREHQHItFLR
j UD]mR GH YLQWH H GRLV GLDV IL[RV SRU PrV LQFOXVLYH QRV SHUtRGRV GH JR]R GH IpULDV H DWp R ž GpFLPR
TXLQWRGLDQRVDIDVWDPHQWRVSRUGRHQoDRXDFLGHQWHGHWUDEDOKR1RVFDVRVGHDGPLVVmRHGHUHWRUQRDRWUDEDOKR
GR HPSUHJDGR QR FXUVR GR PrV R DX[tOLR VHUi GHYLGR SURSRUFLRQDOPHQWH DRV GLDV WUDEDOKDGRV (P TXDOTXHU
VLWXDomRQmRFDEHUiUHVWLWXLomRGRVWtTXHWHVMiUHFHELGRV
3DUiJUDIR7HUFHLUR
2V EDQFRV TXH FRQFHGHP DX[tOLR VHPHOKDQWH DRV VHXV HPSUHJDGRV PHGLDQWH R IRUQHFLPHQWR GH UHIHLomR
SRGHUmR RSWDU SHOD FRQFHVVmR DTXL DVVHJXUDGD SRU LQWHUPpGLR GR VLVWHPD GH UHIHLo}HVFRQYrQLR FUHGHQFLDGR
SDUDWDOILPSHOR0LQLVWpULRGR7UDEDOKRH(PSUHJR
3DUiJUDIR4XDUWR
2VHPSUHJDGRVTXHFRPSURYDGDPHQWHVHXWLOL]DUHPGHIRUPDJUDWXLWDRXVXEVLGLDGDGRVUHVWDXUDQWHVGREDQFR
QmRIDUmRMXVjFRQFHVVmRGRDX[tOLRUHIHLomR
3DUiJUDIR4XLQWR
2 HPSUHJDGR SRGHUi RSWDU SRU HVFULWR H FRP D DQWHFHGrQFLD PtQLPD GH WULQWD GLDV SRU WtTXHWH
DOLPHQWDomRVHQGRSRVVtYHOPXGDUDRSomRDSyVRWUDQVFXUVRGHFHQWRHRLWHQWDGLDV
3DUiJUDIR6H[WR
2DX[tOLRVRETXDOTXHUGDVIRUPDVSUHYLVWDVQHVWDFOiXVXODQmRWHUiQDWXUH]DUHPXQHUDWyULDQRVWHUPRVGD/HL
QžGHGHDEULOGHGHVHXVGHFUHWRVUHJXODPHQWDGRUHVHGD3RUWDULD*007(QžGH
'28FRPDVDOWHUDo}HVGDGDVSHOD3RUWDULD*007(QžGH
&/É868/$'e&,0$48,17$
$8;Ì/,2&(67$$/,0(17$d®2
2V EDQFRV FRQFHGHUmR DRV VHXV HPSUHJDGRV FXPXODWLYDPHQWH FRP R EHQHItFLR GD FOiXVXOD DQWHULRU $X[tOLR &HVWD
$OLPHQWDomR QR YDORU PHQVDO GH 5 WUH]HQWRV H RQ]H UHDLV H RLWR FHQWDYRV VRE D IRUPD GH TXDWUR
WtTXHWHV QR YDORU GH 5 VHWHQWD H VHWH UHDLV H VHWHQWD H VHWH FHQWDYRV FDGD XP MXQWR FRP D HQWUHJD GR
$X[tOLR5HIHLomRSUHYLVWRQDFOiXVXODDQWHULRUREVHUYDGDVDVPHVPDVFRQGLo}HVHVWDEHOHFLGDVQRVHXFDSXWH††žH
ž
Página 7 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR3ULPHLUR
2V WtTXHWHV DOLPHQWDomR UHIHULGRV QR FDSXW SRGHUmR VHU VXEVWLWXtGRV SHOD HPLVVmR GH FDUWmR HOHWU{QLFR FRP D
GLVSRQLELOLGDGH PHQVDO QR YDORU GH 5 WUH]HQWRV H RQ]H UHDLV H RLWR FHQWDYRV QDV ORFDOLGDGHV HP TXH
HVVH PHLR GH SDJDPHQWR VHMD QRUPDOPHQWH DFHLWR SHORV HVWDEHOHFLPHQWRV FRPHUFLDLV FRQYHQLDGRV (QWUHWDQWR
KDYHQGR GLILFXOGDGH GH DFHLWDomR QRUPDO SHORV HVWDEHOHFLPHQWRV FRQYHQLDGRV R FDUWmR VHUi UHYHUWLGR SDUD
WtTXHWHVDOLPHQWDomR
3DUiJUDIR6HJXQGR
2$X[tOLR&HVWD$OLPHQWDomRpH[WHQVLYRjHPSUHJDGDTXHVHHQFRQWUHHPJR]RGHOLFHQoDPDWHUQLGDGH
3DUiJUDIR7HUFHLUR
2HPSUHJDGRDIDVWDGRSRUDFLGHQWHGRWUDEDOKRRXGRHQoDIDUiMXVjFHVWDDOLPHQWDomRSRUXPSUD]RGH
FHQWRHRLWHQWDGLDVFRQWDGRVGRSULPHLURGLDGHDIDVWDPHQWRGRWUDEDOKR
3DUiJUDIR4XDUWR
(VWH DX[tOLR QmR VHUi GHYLGR SHOR EDQFR TXH Mi FRQFHGH RXWUR VLPLODU FRP YDORU QR PtQLPR HTXLYDOHQWH
UHVSHLWDGRVFULWpULRVPDLVYDQWDMRVRV
&/É868/$'(&,0$6(;7$
'e&,0$7(5&(,5$&(67$$/,0(17$d®2
2V EDQFRV FRQFHGHUmR DWp R GLD GR PrV GH QRYHPEUR GH DRV HPSUHJDGRV TXHQDGDWDGDVXDFRQFHVVmR
HVWLYHUHP QR HIHWLYR H[HUFtFLR GH VXDV DWLYLGDGHV D 'pFLPD 7HUFHLUD &HVWD $OLPHQWDomR QR YDORU GH 5 WUH]HQWRV H RQ]H UHDLV H RLWR FHQWDYRV DWUDYpV GH FUpGLWR HP FDUWmR HOHWU{QLFR RX VRE D IRUPD GH TXDWUR
WtTXHWHV QR YDORU GH GH 5 VHWHQWD H VHWH UHDLV H VHWHQWD H VHWH FHQWDYRV UHVVDOYDGDV FRQGLo}HV PDLV
YDQWDMRVDV
3DUiJUDIR3ULPHLUR
2 EHQHItFLR SUHYLVWR QR FDSXW GHVWD FOiXVXOD p H[WHQVLYR j HPSUHJDGD TXH VH HQFRQWUH HP JR]R GH OLFHQoD
PDWHUQLGDGHQDGDWDGDFRQFHVVmR
3DUiJUDIR6HJXQGR
2HPSUHJDGRDIDVWDGRSRUDFLGHQWHGRWUDEDOKRRXGRHQoDIDUiMXVj&HVWD$OLPHQWDomRGHVGHTXHQDGDWD
GDVXDFRQFHVVmRHVWHMDDIDVWDGRGRWUDEDOKRKiPHQRVGHFHQWRHRLWHQWDGLDV
3DUiJUDIR7HUFHLUR
$ &HVWD $OLPHQWDomR FRQFHGLGD QRV WHUPRV GHVWD FOiXVXOD p GHVYLQFXODGD GR VDOiULR H QmR WHP QDWXUH]D
UHPXQHUDWyULD
&/É868/$'e&,0$6e7,0$
$8;Ì/,2&5(&+($8;Ì/,2%$%É
2VEDQFRVUHHPEROVDUmRDRVVHXVHPSUHJDGRVQDYLJrQFLDGRFRQWUDWRGHWUDEDOKRDWpRYDORUPHQVDOGH5
GX]HQWRVHVHVVHQWDHXPUHDLVHWULQWDHWUrVFHQWDYRVSDUDFDGDILOKRQDVFLGRDSDUWLUGHGHVHWHPEURGH
DWp D LGDGH GH VHWHQWD HXPPHVHVDVGHVSHVDVUHDOL]DGDVHFRPSURYDGDVPHQVDOPHQWHFRPRLQWHUQDPHQWR
GHVWH HP FUHFKHV RX LQVWLWXLo}HV DQiORJDV GH VXD OLYUH HVFROKD 5HHPEROVDUmR WDPEpP QDV PHVPDV FRQGLo}HV H
YDORUDVGHVSHVDVHIHWXDGDVFRPRSDJDPHQWRGDHPSUHJDGDGRPpVWLFDEDEiPHGLDQWHDHQWUHJDGHFySLDGRUHFLER
GHVWD GHVGH TXH WHQKD VHX FRQWUDWR GH WUDEDOKR UHJLVWUDGR HP &DUWHLUD GH 7UDEDOKR H 3UHYLGrQFLD 6RFLDO H VHMD
LQVFULWDQR,166
3DUiJUDIR3ULPHLUR
4XDQGRDPERVRVF{QMXJHVIRUHPHPSUHJDGRVGRPHVPREDQFRRSDJDPHQWRQmRVHUiFXPXODWLYRREULJDQGRVH
RVHPSUHJDGRVDGHVLJQDUHPSRUHVFULWRDREDQFRRF{QMXJHTXHGHYHUiSHUFHEHUREHQHItFLR
Página 8 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR6HJXQGR
2DX[tOLRFUHFKHQmRVHUiFXPXODWLYRFRPRDX[tOLREDEiGHYHQGRREHQHILFLiULRID]HURSomRHVFULWDSRUXPRX
RXWURSDUDFDGDILOKR
3DUiJUDIR7HUFHLUR
$FRQFHVVmRGDYDQWDJHPFRQWLGDQHVWDFOiXVXODHVWiHPFRQIRUPLGDGHFRPRVLQFLVRV;;9H;;9,GRDUWLJRžGD
&RQVWLWXLomR)HGHUDOHDWHQGHWDPEpPDRGLVSRVWRQRV††žHžGR$UWLJRGD&/7Hj3RUWDULDQž
GR 0LQLVWpULR GR 7UDEDOKR '28 GH FRP DV DOWHUDo}HV LQWURGX]LGDV SHOD 3RUWDULD 07E Qž GH
'28 GH 2V UHHPEROVRV DTXL SUHYLVWRV DWHQGHP WDPEpP RV UHTXLVLWRV H[LJLGRV SHOR
5HJXODPHQWR GD 3UHYLGrQFLD 6RFLDO 'HFUHWR /HL Qž GH QD UHGDomR GDGD SHOR 'HFUHWR GH
HPVHXDUWLJRSDUiJUDIRžLQFLVRV;;,,,H;;,9
3DUiJUDIR4XDUWR
([FHSFLRQDOPHQWHSDUDRHPSUHJDGRDGPLWLGRDWpGHDJRVWRGHRYDORUPHQVDOGHVVHDX[tOLRVHUiGH5
GX]HQWRVHYLQWHHWUrVUHDLVHFLQTXHQWDHFLQFRFHQWDYRVSDUDFDGDILOKRQDVFLGRDWpGHDJRVWRGH
DWpTXHHVWHFRPSOHWHDLGDGHGHRLWHQWDHWUrVPHVHVPDQWLGRVRVFULWpULRVHVWDEHOHFLGDVQRFDSXWH
SDUiJUDIRVGDFOiXVXODGD&RQYHQomR&ROHWLYDGH7UDEDOKR
&/É868/$'e&,0$2,7$9$ $8;Ì/,2),/+26(;&(3&,21$,628'(),&,(17(6)Ì6,&26
,GrQWLFRV UHHPEROVRV H SURFHGLPHQWRV SUHYLVWRV QR FDSXW H SDUiJUDIRV ž ž H ž GD FOiXVXOD $X[tOLR
&UHFKH$X[tOLR %DEi FRP H[FHomR GR † ž HVWHQGHPVH DRV HPSUHJDGRV RX HPSUHJDGDV TXH WHQKDP ILOKRV
H[FHSFLRQDLVRXGHILFLHQWHVItVLFRVTXHH[LMDPFXLGDGRVSHUPDQHQWHVVHPOLPLWHGHLGDGHGHVGHTXHWDOFRQGLomR
VHMD FRPSURYDGD SRU DWHVWDGR IRUQHFLGR SHOR ,166 RX LQVWLWXLomR SRU HOH DXWRUL]DGD RX DLQGD SRU PpGLFR
SHUWHQFHQWHD&RQYrQLRPDQWLGRSHOREDQFR
&/É868/$'e&,0$121$
$8;Ì/,2)81(5$/
2V EDQFRV SDJDUmR DRV VHXV HPSUHJDGRV DX[tOLR IXQHUDO QRYDORUGH5TXLQKHQWRVHQRYHQWDHQRYHUHDLVH
VHVVHQWDHXPFHQWDYRVSHORIDOHFLPHQWRGHF{QMXJHHGHILOKRVPHQRUHVGHGH]RLWRDQRV,JXDOSDJDPHQWRVHUi
HIHWXDGRDRVGHSHQGHQWHVGRHPSUHJDGRTXHYLHUDIDOHFHU(PTXDOTXHUGDVVLWXDo}HVVHUiH[LJtYHODDSUHVHQWDomR
GRDWHVWDGRQRSUD]RPi[LPRGHWULQWDGLDVDSyVRyELWR
3DUiJUDIRÔQLFR
2EDQFRTXHMiFRQFHGHREHQHItFLRTXHUGLUHWDPHQWHTXHUDWUDYpVGHHQWLGDGHGH3UHYLGrQFLD3ULYDGDGDTXDO
VHMDSDWURFLQDGRUILFDGHVREULJDGRGHVXDFRQFHVVmRUHVSHLWDQGRVHRVFULWpULRVPDLVYDQWDMRVRV
&/É868/$9,*e6,0$
$-8'$3$5$'(6/2&$0(1721278512
3DUD UHVVDUFLPHQWR GH GHVSHVDV FRP WUDQVSRUWH GH UHWRUQR j UHVLGrQFLD RV EDQFRV SDJDUmR DRV VHXV HPSUHJDGRV
FUHGHQFLDGRV SHOD &kPDUD GH &RPSHQVDomR GR %DQFR GR %UDVLO 6$ TXH SDUWLFLSHP GH VHVVmR GH FRPSHQVDomR HP
SHUtRGRSRUHVWD&RQYHQomRFRQVLGHUDGRQRWXUQRHDRV,QYHVWLJDGRUHVGH&DGDVWURDMXGDSDUDGHVORFDPHQWRSRUPrV
HIHWLYDPHQWHWUDEDOKDGRDLPSRUWkQFLDGH5VHVVHQWDHGRLVUHDLVHFLQTXHQWDHQRYHFHQWDYRVDWtWXORGH
DMXGDSDUDGHVORFDPHQWRQRWXUQRUHVSHLWDQGRVHRGLUHLWRGRVTXHMiSHUFHEDPHVWDPHVPDYDQWDJHPHPYDORUPDLV
HOHYDGR
3DUiJUDIR3ULPHLUR
,JXDODMXGDSDUDGHVORFDPHQWRQRWXUQRVHUiFRQFHGLGDDRVHPSUHJDGRVFXMDMRUQDGDGHWUDEDOKRWHUPLQHHQWUH
PHLDQRLWHHVHLVKRUDV
3DUiJUDIR6HJXQGR
'DGR VHX FDUiWHU LQGHQL]DWyULR D DMXGD GH FXVWR SDUD GHVORFDPHQWR QRWXUQR QmR LQWHJUD R VDOiULR GRV TXH D
SHUFHEHP
Página 9 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR7HUFHLUR
2 GLVSRVWR QHVWD FOiXVXOD QmR SUHMXGLFDUi RV HPSUHJDGRV TXH UHFHEHP D DMXGD GH FXVWR GH WUDQVSRUWH
LQGHSHQGHQWHPHQWHGRKRUiULRGHSUHVWDomRGHWUDEDOKR
3DUiJUDIR4XDUWR
2EDQFRTXHMiIRUQHFHFRQGXomRQmRSRGHUiVXEVWLWXtODSHODYHUEDGHVWDFOiXVXOD
3DUiJUDIR4XLQWR
$DMXGDSDUDGHVORFDPHQWRQRWXUQRSUHYLVWDQHVWDFOiXVXODVHUiFXPXODWLYDFRPREHQHItFLRGRYDOHWUDQVSRUWH
&/É868/$9,*e6,0$35,0(,5$ 9$/(75$163257(
2V EDQFRV FRQFHGHUmR R YDOHWUDQVSRUWH RX R VHX YDORU FRUUHVSRQGHQWH SRU PHLR GH SDJDPHQWR DQWHFLSDGR HP
GLQKHLURDWpRTXLQWRGLD~WLOGHFDGDPrVHPFRQIRUPLGDGHFRPRLQFLVR;;9,GRDUWLJRžGD&RQVWLWXLomR)HGHUDO
HWDPEpPHPFXPSULPHQWRjVGLVSRVLo}HVGD/HLQžGHGHGH]HPEURGHFRPDUHGDomRGDGDSHOD/HL
QžGHGHVHWHPEURGHUHJXODPHQWDGDSHOR'HFUHWRQžGHGHQRYHPEURGHHDLQGD
HPFRQIRUPLGDGHFRPDGHFLVmRGR&767QR3URFHVVR767$$$&6'&SXEOLFDGDQR'-8
VHomR S &DEH DR HPSUHJDGR FRPXQLFDU SRU HVFULWR DR EDQFR DV DOWHUDo}HV QDV FRQGLo}HV GHFODUDGDV
LQLFLDOPHQWH
3DUiJUDIRÔQLFR
7HQGRHPYLVWDRTXHGLVS}HRSDUiJUDIR~QLFRGRDUWLJRžGD/HLGHGHGH]HPEURGHRYDORUGD
SDUWLFLSDomRGRVEDQFRVQRVJDVWRVGHGHVORFDPHQWRGRHPSUHJDGRVHUiHTXLYDOHQWHjSDUFHODTXHH[FHGHUD
TXDWURSRUFHQWRGRVHXVDOiULREiVLFR
$%212'()$/7$6$26(59,d2
&/É868/$9,*e6,0$6(*81'$ $%212'()$/7$'2(678'$17(
2HPSUHJDGRHVWXGDQWHWHUiDERQDGDVXDIDOWDDRVHUYLoRHFRQVLGHUDGDFRPRGLDGHWUDEDOKRHIHWLYRSDUDWRGRVRV
HIHLWRVOHJDLVQDVVHJXLQWHVFRQGLo}HV
D 1RV GLDV HP TXH HVWLYHU FRPSURYDGDPHQWH UHDOL]DQGR SURYDV GH H[DPH YHVWLEXODU SDUD LQJUHVVR HP
HVWDEHOHFLPHQWR GH HQVLQR VXSHULRU /HL Qž GH '28 $ FRPSURYDomR VH IDUi
PHGLDQWH j DSUHVHQWDomR GD UHVSHFWLYD LQVFULomR H GR FDOHQGiULR GRV UHIHULGRV H[DPHV SXEOLFDGRV SHOD
LPSUHQVDRXIRUQHFLGRVSHODSUySULDHVFROD
E 1RV GLDV GH SURYD HVFRODU REULJDWyULD PHGLDQWH DYLVR SUpYLR GH TXDUHQWD H RLWR KRUDV GHVGH TXH
FRPSURYDGD VXD UHDOL]DomR HP GLD H KRUD LQFRPSDWtYHLV FRP D SUHVHQoD GR HPSUHJDGR DR VHUYLoR $
FRPSURYDomR GD SURYD HVFRODU REULJDWyULD GHYHUi VHU HIHWXDGD SRU PHLR GH GHFODUDomR HVFULWD GR
HVWDEHOHFLPHQWRGHHQVLQR
&/É868/$9,*e6,0$7(5&(,5$ $86È1&,$6/(*$,6
)LFDP DPSOLDGDV DV DXVrQFLDV OHJDLV SUHYLVWDV QRV LQFLVRV , ,, ,,, H ,9 GR DUWLJR GD &/7 H DFUHVFLGDV RXWUDV
UHVSHLWDGRVRVFULWpULRVPDLVYDQWDMRVRVQRVVHJXLQWHVWHUPRV
,
TXDWURGLDV~WHLVFRQVHFXWLYRVHPFDVRGHIDOHFLPHQWRGHF{QMXJHDVFHQGHQWHGHVFHQGHQWHLUPmRRX
SHVVRDTXHFRPSURYDGDPHQWHYLYDVREVXDGHSHQGrQFLDHFRQ{PLFD
,,
FLQFRGLDV~WHLVFRQVHFXWLYRVHPYLUWXGHGHFDVDPHQWR
,,,
FLQFR GLDV FRQVHFXWLYRV DR SDL JDUDQWLGR R PtQLPR GH WUrV GLDV ~WHLV QR GHFRUUHU GD SULPHLUD
VHPDQDGHYLGDGRILOKR
,9 XPGLDSDUDGRDomRGHVDQJXHFRPSURYDGD
9 XPGLDSDUDLQWHUQDomRKRVSLWDODUSRUPRWLYRGHGRHQoDGHF{QMXJHILOKRSDLRXPmH
9, GRLV GLDV SRU DQR SDUD OHYDU ILOKR RX GHSHQGHQWH PHQRU GH FDWRU]H DQRV DR PpGLFR PHGLDQWH
FRPSURYDomRHPDWpTXDUHQWDHRLWRKRUDVDSyV
Página 10 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
9,, QRVWHUPRVGD/HLQžGH'28TXDQGRRHPSUHJDGRWLYHUTXHFRPSDUHFHUDMXt]R
3DUiJUDIR3ULPHLUR
3DUDHIHLWRGHVWDFOiXVXODViEDGRQmRVHUiFRQVLGHUDGRGLD~WLO
3DUiJUDIR6HJXQGR
(QWHQGHVHSRUDVFHQGHQWHVSDLPmHDYyVELVDYyVHSRUGHVFHQGHQWHVILOKRVHQHWRVQDFRQIRUPLGDGHGDOHL
FLYLO
&/É868/$9,*e6,0$48$57$
$03/,$d®2'$/,&(1d$0$7(51,'$'(
$GXUDomRGDOLFHQoDPDWHUQLGDGHSUHYLVWDQRLQFLVR;9,,,GRDUWƒGD&)SRGHUiVHUSURUURJDGDSRUGLDVGHVGH
TXH KDMD DGHVmR H[SUHVVD GR EDQFR HPSUHJDGRU DR 3URJUDPD (PSUHVD &LGDGm LQVWLWXtGR SHOD /HL Qž GH
HWDPEpPVROLFLWDomRHVFULWDGDHPSUHJDGDDWpRILQDOGRSULPHLURPrVDSyVRSDUWR
3DUiJUDIR3ULPHLUR
$ SURUURJDomR GD OLFHQoDPDWHUQLGDGH WHUi LQtFLR QR GLD LPHGLDWDPHQWH SRVWHULRU DR WpUPLQR GD IUXLomR GD
OLFHQoDGHTXHWUDWDRLQFLVR;9,,,GRFDSXWGRDUWžGD&)
3DUiJUDIR6HJXQGR
$HPSUHJDGDTXHDGRWDURXREWLYHUJXDUGDMXGLFLDOSDUDILQVGHDGRomRGHFULDQoDIDUiMXVjSURUURJDomRUHIHULGD
QRFDSXWGHVGHTXHDUHTXHLUDQRSUD]RGHGLDVDSyVDUHVSHFWLYDDGRomRRXVHQWHQoDMXGLFLDO
3DUiJUDIR7HUFHLUR
$FRQFHVVmRGHVVDDPSOLDomRILFDFRQGLFLRQDGDjSOHQDYLJrQFLDGRLQFHQWLYRILVFDOHPIDYRUGRHPSUHJDGRUGH
TXHWUDWDPRVDUWLJRVƒHžGD/HLQžGH
3527(d®2$2(035(*2
&/É868/$9,*e6,0$48,17$
(67$%,/,'$'(63529,6Ð5,$6'((035(*2
*R]DUmRGHHVWDELOLGDGHSURYLVyULDQRHPSUHJRVDOYRSRUPRWLYRGHMXVWDFDXVDSDUDGHPLVVmR
D JHVWDQWH$JHVWDQWHGHVGHDJUDYLGH]DWpVHVVHQWDGLDVDSyVRWpUPLQRGDOLFHQoDPDWHUQLGDGH
E DOLVWDGR 2 DOLVWDGR SDUD R VHUYLoR PLOLWDU GHVGH R DOLVWDPHQWR DWp WULQWD GLDV GHSRLV GH VXD
GHVLQFRUSRUDomRRXGLVSHQVD
F GRHQoD3RUVHVVHQWDGLDVDSyVWHUUHFHELGRDOWDPpGLFDTXHPSRUGRHQoDWHQKDILFDGRDIDVWDGRGR
WUDEDOKRSRUWHPSRLJXDORXVXSHULRUDVHLVPHVHVFRQWtQXRV
G DFLGHQWH 3RU GR]H PHVHV DSyV D FHVVDomR GR DX[tOLR GRHQoD DFLGHQWiULR LQGHSHQGHQWHPHQWH GD
SHUFHSomRGRDX[tOLRDFLGHQWHFRQVRDQWHDUWLJRGD/HLGH
H SUpDSRVHQWDGRULD 3RU GR]H PHVHV LPHGLDWDPHQWH DQWHULRUHV j FRPSOHPHQWDomR GR WHPSR SDUD
DSRVHQWDGRULD SURSRUFLRQDO RX LQWHJUDO SHOD SUHYLGrQFLD VRFLDO UHVSHLWDGRV RV FULWpULRV HVWDEHOHFLGRV SHOD
/HJLVODomRYLJHQWHRVTXHWLYHUHPRPtQLPRGHFLQFRDQRVGHYLQFXODomRHPSUHJDWtFLDFRPREDQFR
I SUpDSRVHQWDGRULD 3RU YLQWH H TXDWUR PHVHV LPHGLDWDPHQWH DQWHULRUHV j FRPSOHPHQWDomR GR WHPSR
SDUD DSRVHQWDGRULD SURSRUFLRQDO RX LQWHJUDO SHOD SUHYLGrQFLD VRFLDO UHVSHLWDGRV RV FULWpULRV HVWDEHOHFLGRV
SHOD /HJLVODomR YLJHQWH RV TXH WLYHUHP R PtQLPR GH YLQWH H RLWR DQRV GH YLQFXODomR HPSUHJDWtFLD
LQLQWHUUXSWDFRPRPHVPREDQFR
J SUpDSRVHQWDGRULD3DUD D PXOKHU VHUi PDQWLGR R GLUHLWR j HVWDELOLGDGH SHOR SUD]R GH YLQWH H TXDWUR
PHVHV LPHGLDWDPHQWH DQWHULRUHV j FRPSOHPHQWDomR GR WHPSR SDUD DSRVHQWDGRULD SURSRUFLRQDO RX LQWHJUDO
SHOD SUHYLGrQFLD VRFLDO UHVSHLWDGRV RV FULWpULRV HVWDEHOHFLGRV SHOD /HJLVODomR YLJHQWH GHVGH TXH WHQKD R
PtQLPRGHYLQWHHWUrVDQRVGHYLQFXODomRHPSUHJDWtFLDLQLQWHUUXSWDFRPRPHVPREDQFR
K SDL 2 SDL SRU VHVVHQWD GLDV DSyV R QDVFLPHQWR GR ILOKR GHVGH TXH D FHUWLGmR UHVSHFWLYD WHQKD VLGR
HQWUHJXHDREDQFRQRSUD]RPi[LPRGHTXLQ]HGLDVFRQWDGRVGRQDVFLPHQWR
Página 11 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
L
JHVWDQWHDERUWR$JHVWDQWHSRUVHVVHQWDGLDVHPFDVRGHDERUWRFRPSURYDGRSRUDWHVWDGRPpGLFR
3DUiJUDIR3ULPHLUR
4XDQWRDRVHPSUHJDGRVQDSUR[LPLGDGHGHDSRVHQWDGRULDGHTXHWUDWDHVWDFOiXVXODGHYHREVHUYDUVHTXH
,
DRV FRPSUHHQGLGRV QD DOtQHD ´Hµ D HVWDELOLGDGH SURYLVyULD VRPHQWH VHUi DGTXLULGD D SDUWLU GR
UHFHELPHQWR SHOR EDQFR GH FRPXQLFDomR GR HPSUHJDGR SRU HVFULWR GHYLGDPHQWH SURWRFRODGD VHP
HIHLWR UHWURDWLYR GH UHXQLU HOH DV FRQGLo}HV SUHYLVWDV DFRPSDQKDGD GRV GRFXPHQWRV FRPSUREDWyULRV
GHQWURGRSUD]RGHWULQWDGLDVDSyVREDQFRRVH[LJLU
,,
RVDEUDQJLGRVSHODVDOtQHDVHIH´JµDHVWDELOLGDGHQmRVHDSOLFDDRVFDVRVGHGHPLVVmRSRUIRUoD
PDLRUFRPSURYDGDGLVSHQVDSRUMXVWDFDXVDRXSHGLGRGHGHPLVVmRHVHH[WLQJXLUiVHQmRIRUUHTXHULGD
D DSRVHQWDGRULD LPHGLDWDPHQWH DSyV FRPSOHWDGR R WHPSR PtQLPR QHFHVViULR j DTXLVLomR GR GLUHLWR D
HOD
3DUiJUDIR6HJXQGR
1DKLSyWHVHGHDHPSUHJDGDJHVWDQWHVHUGLVSHQVDGDVHPRFRQKHFLPHQWRSHOREDQFRGHVHXHVWDGRJUDYtGLFR
WHUiHODRSUD]RGHGLDVDFRQWDUGDFRPXQLFDomRGDGLVSHQVDSDUDUHTXHUHUREHQHItFLRSUHYLVWRQDDOtQHDD
GHVWDFOiXVXODVRESHQDGHSHUGDGRSHUtRGRHVWDELOLWiULRVXSOHPHQWDUDRSUHYLVWRQRDUWLJRLQFLVR,,OHWUD
EGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV
&/É868/$9,*e6,0$6(;7$
23d®23(/2)*76&20()(,725(752$7,92
0DQLIHVWDQGRVHRHPSUHJDGRRSWDQWHRXQmRSHORUHJLPHGR)*76SRUHVFULWRQRVHQWLGRGHH[HUFHURGLUHLWRGH
RSomRUHWURDWLYDHVSHFLILFDGRQDV/HLVQžVHH'HFUHWRQžGHDUWLJRVžHžQmR
SRGHUi RSRUVH R EDQFR TXH QR SUD]R Pi[LPR GH KRUDV GHYHUi HQFDPLQKDU D GHFODUDomR j &DL[D (FRQ{PLFD
)HGHUDOSDUDDUHJXODUL]DomRGDRSomRUHWURDWLYD
3DUiJUDIRÔQLFR
$RSomRUHWURDWLYDGR)*76QDIRUPDGDSUHVHQWHFOiXVXODQmRLPSOLFDUiSUHMXt]RUHODWLYDPHQWHDRVGLUHLWRV
WUDEDOKLVWDVHSUHYLGHQFLiULRVGRHPSUHJDGRHDREHQHItFLRGHDERQRFRPSOHPHQWDUGHDSRVHQWDGRULDSUHYLVWR
QRUHJXODPHQWRGREDQFR
%(1()Ì&,26
&/É868/$9,*e6,0$6e7,0$
&203/(0(17$d®2'($8;Ì/,2'2(1d$35(9,'(1&,É5,2H
$8;Ì/,2'2(1d$$&,'(17É5,2
(PFDVRGDFRQFHVVmRGHDX[tOLRGRHQoDSUHYLGHQFLiULRRXGHDX[tOLRGRHQoDDFLGHQWiULRSHOD3UHYLGrQFLD6RFLDOILFD
DVVHJXUDGDDRHPSUHJDGRFRPSOHPHQWDomRVDODULDOHPYDORUHTXLYDOHQWHjGLIHUHQoDHQWUHDLPSRUWkQFLDUHFHELGDGR
,166HRVRPDWyULRGDVYHUEDVIL[DVSRUHOHSHUFHELGDVPHQVDOPHQWHDWXDOL]DGDV
3DUiJUDIR3ULPHLUR
$FRQFHVVmRGREHQHItFLRSUHYLVWRQHVWDFOiXVXODREVHUYDDVVHJXLQWHVFRQGLo}HV
D VHUi GHYLGD SHOR SHUtRGR Pi[LPR GH YLQWH H TXDWUR PHVHV SDUD FDGD OLFHQoD FRQFHGLGD D SDUWLU GH
ž 2V HPSUHJDGRV TXH HP ž Mi HVWDYDP DIDVWDGRV H SHUFHEHQGR D FRPSOHPHQWDomR
IDUmRMXVDREHQHItFLRDWpFRPSOHWDUYLQWHHTXDWURPHVHV
E D FDGD SHUtRGR GH VHLV PHVHV GH OLFHQoD p IDFXOWDGR DR EDQFR VXEPHWHU R HPSUHJDGR j MXQWD PpGLFD
GHYHQGR SDUD LVWR QRWLILFDU R HPSUHJDGR SRU HVFULWR DWUDYpV GH FDUWD UHJLVWUDGD RX WHOHJUDPD H
VLPXOWDQHDPHQWH GDU FLrQFLD GR IDWR SRU HVFULWR DR VLQGLFDWR SURILVVLRQDO UHVSHFWLYR VROLFLWDQGROKH
DLQGDDLQGLFDomRGRPpGLFRSDUDFRPSRUDMXQWD
Página 12 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
F
G
GHVGHTXHGHFRUULGRVGR]HPHVHVGDFRQFHVVmRGDFRPSOHPHQWDomRHFRQVWDWDGRSHODMXQWDPpGLFDTXH
R HPSUHJDGR HVWi HP FRQGLo}HV GH H[HUFHU QRUPDOPHQWH VXDV IXQo}HV D FRPSOHPHQWDomR GHL[DUi GH VHU
SDJDSHOREDQFRPHVPRTXHQmRWHQKDUHFHELGRDOWDPpGLFDGR,166
UHFXVDQGRRHPSUHJDGRDVHVXEPHWHUjMXQWDPpGLFDDFRPSOHPHQWDomRGHL[DUiGHVHUSDJDSHOREDQFR
PHVPRTXHQmRWHQKDUHFHELGRDOWDGR,166
3DUiJUDIR6HJXQGR
$ MXQWD PpGLFD VHUi FRPSRVWD SRU GRLV PpGLFRV VHQGR XP GH OLYUH HVFROKD GR EDQFR H RXWUR SRU HVWH
HVFROKLGRGHQWUHRPtQLPRGHGRLVPpGLFRVLQGLFDGRVSHORVLQGLFDWRSURILVVLRQDO'HFRUULGRVYLQWHGLDVGD
VROLFLWDomRSRUHVFULWRGDIRUPDomRGDMXQWDPpGLFDDQmRLQGLFDomRGHPpGLFRSDUDFRPSRUDMXQWDSRUXPD
GDVSDUWHVUHVXOWDUiQRUHFRQKHFLPHQWRSDUDWRGRVRVHIHLWRVGRODXGRGRPpGLFRLQGLFDGRSHODRXWUDSDUWH
3DUiJUDIR7HUFHLUR
$OpP GH SDJDU R SURILVVLRQDO SRU HOH LQGLFDGR R EDQFR DUFDUi FRP DV GHVSHVDV GR PpGLFR SRU HOH HVFROKLGR
GHQWUHRVLQGLFDGRVSHORVLQGLFDWRSURILVVLRQDODWpROLPLWHGDWDEHODGD$VVRFLDomR0pGLFD%UDVLOHLUD$0%
3DUiJUDIR4XDUWR
1D RFRUUrQFLD GH SDUHFHUHV GLYHUJHQWHV HQWUH RV PpGLFRV GD MXQWD VHUi LQGLFDGR GH FRPXP DFRUGR HQWUH R
EDQFR H R VLQGLFDWR XP WHUFHLUR PpGLFR SDUD R GHVHPSDWH FXMDV GHVSHVDV GH FRQWUDWDomR VHUmR GH
UHVSRQVDELOLGDGHGREDQFRDWpROLPLWHGDWDEHODGD$VVRFLDomR0pGLFD%UDVLOHLUD$0%
3DUiJUDIR4XLQWR
4XDQGR R HPSUHJDGR QmR IL]HU MXV j FRQFHVVmR GR DX[tOLRGRHQoD SRU QmR WHU DLQGD FRPSOHWDGR R SHUtRGR GH
FDUrQFLDH[LJLGRSHOD3UHYLGrQFLD6RFLDOUHFHEHUiDFRPSOHPHQWDomRVDODULDOQDVFRQGLo}HVGRV††žHžGHVGH
TXHFRQVWDWDGDDGRHQoDSRUPpGLFRLQGLFDGRSHOREDQFR
3DUiJUDIR6H[WR
$FRPSOHPHQWDomRSUHYLVWDQHVWDFOiXVXODVHUiGHYLGDWDPEpPTXDQWRDRžVDOiULR
3DUiJUDIR6pWLPR
2EDQFRTXHMiFRQFHGHREHQHItFLRVXSUDTXHUGLUHWDPHQWHTXHUDWUDYpVGHHQWLGDGHGH3UHYLGrQFLD3ULYDGD
GDTXDOVHMDSDWURFLQDGRUILFDGHVREULJDGRGHVXDFRQFHVVmRUHVSHLWDQGRVHRVFULWpULRVPDLVYDQWDMRVRV
3DUiJUDIR2LWDYR
2 EDQFR IDUi R DGLDQWDPHQWR GR DX[tOLR GRHQoD SUHYLGHQFLiULR RX DX[tOLR GRHQoD DFLGHQWiULR DR HPSUHJDGR
HQTXDQWR HVWH QmR UHFHEHU GD 3UHYLGrQFLD 6RFLDO R YDORU D HOH GHYLGR SURFHGHQGR DR DFHUWR TXDQGR GR
UHVSHFWLYRSDJDPHQWRSHORyUJmRSUHYLGHQFLiULRTXHGHYHUiVHUFRPXQLFDGRLPHGLDWDPHQWHSHORHPSUHJDGR
1D RFRUUrQFLD GD UHVFLVmR GR FRQWUDWR GH WUDEDOKR SRU LQLFLDWLYD GR HPSUHJDGR RX SRU LQLFLDWLYD GR EDQFR
UHVSHLWDGRVRVSHUtRGRVGHHVWDELOLGDGHVSURYLVyULDVHKDYHQGRGpELWRVGHFRUUHQWHVGRDGLDQWDPHQWRUHIHULGRR
EDQFRHIHWXDUiDFRUUHVSRQGHQWHFRPSHQVDomRQDVYHUEDVUHVFLVyULDV
3DUiJUDIR1RQR
1mRVHQGRFRQKHFLGRRYDORUEiVLFRGRDX[tOLRGRHQoDDVHUFRQFHGLGRSHOD3UHYLGrQFLD6RFLDODFRPSOHPHQWDomR
VDODULDO GHYHUi VHU SDJD HP YDORUHV HVWLPDGRV 6H RFRUUHUHP GLIHUHQoDV D PDLV RX D PHQRV GHYHUmR VHU
FRPSHQVDGDVQRSDJDPHQWRLPHGLDWDPHQWHSRVWHULRU
3DUiJUDIR'pFLPR
2SDJDPHQWRSUHYLVWRQHVWDFOiXVXODGHYHUiRFRUUHUMXQWRFRPRGRVGHPDLVHPSUHJDGRV
&/É868/$9,*e6,0$2,7$9$
6(*852'(9,'$(0*5832
2EDQFRDUFDUiFRPR{QXVGRSUrPLRGHVHJXURGHYLGDHPJUXSRTXDQGRSRUHOHPDQWLGRHPIDYRUGRHPSUHJDGR
QRSHUtRGRHPTXHHVWLYHUHPJR]RGHDX[tOLRGRHQoDSHOD3UHYLGrQFLD6RFLDOGXUDQWHDYLJrQFLDGHVWD&RQYHQomRH
GHVGHTXHQmRHVWHMDSHUFHEHQGRDFRPSOHPHQWDomRVDODULDOGHTXHWUDWDDFOiXVXODDQWHULRU
Página 13 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
&21',d¯(6'(75$%$/+2
&/É868/$9,*e6,0$121$
,1'(1,=$d®23250257(28,1&$3$&,'$'('(&255(17('($66$/72
(PFRQVHTXrQFLDGHDVVDOWRRXDWDTXHFRQVXPDGRRXQmRRURXERDTXDOTXHUGHVHXVGHSDUWDPHQWRVDHPSUHJDGRV
RX D YHtFXORV TXH WUDQVSRUWHP QXPHUiULR RX GRFXPHQWRV RV EDQFRV SDJDUmR LQGHQL]DomR DR HPSUHJDGR RX D VHXV
GHSHQGHQWHVOHJDLVQRFDVRGHPRUWHRXLQFDSDFLGDGHSHUPDQHQWHQDLPSRUWkQFLDGH5RLWHQWDHQRYH
PLOTXDWURFHQWRVHWUH]HUHDLVHVHWHQWDHQRYHFHQWDYRV
3DUiJUDIR3ULPHLUR
(QTXDQWR R HPSUHJDGR HVWLYHU SHUFHEHQGR GR ,166 EHQHItFLR SRU DFLGHQWH GH WUDEDOKR GHFRUUHQWH GR HYHQWR
SUHYLVWR QR FDSXW VHP GHILQLomR TXDQWR j LQYDOLGH] SHUPDQHQWH R EDQFR FRPSOHPHQWDUi R EHQHItFLR
SUHYLGHQFLiULRDWpRPRQWDQWHGRVDOiULRGDDWLYDLQFOXVLYHRžVDOiULRVDOYRVHDFRPSOHPHQWDomRIRUSDJDSRU
RXWUDHQWLGDGHYLQFXODGDRXQmRDREDQFR
3DUiJUDIR6HJXQGR
$LQGHQL]DomRGHTXHWUDWDDSUHVHQWHFOiXVXODSRGHUiVHUVXEVWLWXtGDSRUVHJXURDFULWpULRGREDQFR
&/É868/$75,*e6,0$ 6(*85$1d$%$1&É5,$²352&(',0(1726(63(&,$,6
1DRFRUUrQFLDGDVVLWXDo}HVSUHYLVWDVQD&OiXVXOD9LJpVLPD1RQDHVHPSUHMXt]RGDLQGHQL]DomRDOLSUHYLVWDRV%DQFRV
DGRWDUmRDVVHJXLQWHVPHGLGDV
D 1R FDVR GH DVVDOWR D TXDOTXHU DJrQFLD RX SRVWR GH DWHQGLPHQWR EDQFiULR WRGRV RV HPSUHJDGRV SUHVHQWHV
WHUmR GLUHLWR D DWHQGLPHQWR PpGLFR RX SVLFROyJLFR ORJR DSyV R RFRUULGR H VHUi IHLWD FRPXQLFDomR j &,3$
RQGHKRXYHU.
E
F
G
(PFDVRGHDVVDOWRRXDWDTXHFRQWUDTXDOTXHUDJrQFLDRXSRVWRGHDWHQGLPHQWREDQFiULRFRQVXPDGRRXQmR
RURXERRXDLQGDHPFDVRGHVHTXHVWURFRQVXPDGRREDQFRUHJLVWUDUiR%ROHWLPGH2FRUUrQFLD3ROLFLDO
2EDQFRDYDOLDUiRSHGLGRGHUHDORFDomRSDUDRXWUDDJrQFLDRXSRVWRGHDWHQGLPHQWREDQFiULRDSUHVHQWDGR
SHORHPSUHJDGRTXHIRUYtWLPDGHVHTXHVWURFRQVXPDGR
2V GDGRV HVWDWtVWLFRV QDFLRQDLV VREUH RFRUUrQFLDV GH DVVDOWRV H DWDTXHV FXMRV URXERV WHQKDP VLGR
FRQVXPDGRV RX QmR VHUmR GLVFXWLGRV VHPHVWUDOPHQWH QD &RPLVVmR %LSDUWLWH GH 6HJXUDQoD %DQFiULD
UHIHULGDQD&OiXVXODGHVWD&RQYHQomR
&/É868/$75,*e6,0$35,0(,5$ 08/7$325,55(*8/$5,'$'(1$&203(16$d®2
$VPXOWDVGHFRUUHQWHVGHIDOKDVQRVVHUYLoRVGHFRPSHQVDomRGHFKHTXHVHDVWD[DVGHGHYROXomRILFDUmRSRUFRQWD
GRVEDQFRVHQmRSRGHUmRVHUGHVFRQWDGDVGRVHPSUHJDGRV
&/É868/$75,*e6,0$6(*81'$ 81,)250(
4XDQGR H[LJLGR RX SUHYLDPHQWH SHUPLWLGR SHOR EDQFR VHUi SRU HOH IRUQHFLGR JUDWXLWDPHQWH R XQLIRUPH GR
HPSUHJDGR
&/É868/$75,*e6,0$7(5&(5,$ ',*,7$'25(6,17(59$/23$5$'(6&$162
1RVVHUYLoRVSHUPDQHQWHVGHGLJLWDomRDFDGDSHUtRGRGHFLQTXHQWDPLQXWRVGHWUDEDOKRFRQVHFXWLYRFDEHUiXP
LQWHUYDORGHGH]PLQXWRVSDUDGHVFDQVRQmRGHGX]LGRGDMRUQDGDGHWUDEDOKRQRVWHUPRVGD15GD3RUWDULD
0736QžGH
Página 14 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
/,%(5'$'(6,1',&$/
&/É868/$75,*e6,0$48$57$ )5(48È1&,$/,95('2',5,*(17(6,1',&$/
)LFDDVVHJXUDGDDGLVSRQLELOLGDGHUHPXQHUDGDGRVHPSUHJDGRVLQYHVWLGRVGHPDQGDWRVLQGLFDOHIHWLYRVHVXSOHQWHV
TXH HVWHMDP QR SOHQR H[HUFtFLR GH VXDV IXQo}HV QD 'LUHWRULD &RQVHOKR )LVFDO H 'HOHJDGRV 5HSUHVHQWDQWHV MXQWR j
)HGHUDomRFRPWRGRVRVGLUHLWRVHYDQWDJHQVGHFRUUHQWHVGRHPSUHJRFRPRVHHPH[HUFtFLRHVWLYHVVHPREVHUYDGRV
SRUpP SDUD FDGD HQWLGDGH R Q~PHUR GH GLUHWRUHV OLEHUDGRV H DV FRQGLo}HV GH DSOLFDomR HVWDEHOHFLGDV QDV
&RQYHQo}HV&ROHWLYDVGH7UDEDOKR$GLWLYDVTXHLQWHJUDPRSUHVHQWHLQVWUXPHQWR
3DUiJUDIR3ULPHLUR
3DUD HIHLWR GH IUHTXrQFLD OLYUH RV 'LUHWRUHV GH (QWLGDGHV 6LQGLFDLV GH (PSUHJDGRV HP (VWDEHOHFLPHQWRV
%DQFiULRV TXH HP YLUWXGH GH XQLILFDomR GH EDQFRV GRV TXDLV VHMDP HPSUHJDGRV WHQKDP SDVVDGR D VHU RX
YLHUHPDVHUGHXPVyEDQFRFRQWLQXDUmRDFRQVLGHUDUVHFRPRGHEDQFRVGLIHUHQWHVDWpjVHOHLo}HVVHJXLQWHV
VLWXDomRHVVDTXHSHUPDQHFHUiQRFDVRGHVHUPDQWLGDDFRLQFLGrQFLDHPYLUWXGHGHVXDUHHOHLomR
3DUiJUDIR6HJXQGR
1D FRPXQLFDomR GD IUHTXrQFLD OLYUH DR EDQFR DV HQWLGDGHV LQGLFDUmR FRP PHQomR GR EDQFR D FXMR TXDGUR
SHUWHQFHURQRPHGRVGHPDLVGLUHWRUHVDIDYRUGRVTXDLVVHUiIHLWDRXIRLIHLWDDOLEHUDomRGHTXHWUDWDHVWD
FOiXVXOD
3DUiJUDIR7HUFHLUR
'XUDQWH R SHUtRGR HP TXH R HPSUHJDGR HVWLYHU j GLVSRVLomR GDV HQWLGDGHV D HVWDV FDEHUi GHVLJQDomR GH VXDV
IpULDVPHGLDQWHDFRPXQLFDomRDREDQFRHPSUHJDGRUSDUDFRQFHVVmRGRUHVSHFWLYRDGLDQWDPHQWR
&/É868/$75,*e6,0$48,17$
48$'52'($9,626
2V EDQFRV FRORFDUmR j GLVSRVLomR GDV HQWLGDGHV SURILVVLRQDLV FRQYHQHQWHV TXDGUR SDUD DIL[DomR GH FRPXQLFDGRV
RILFLDLV GH LQWHUHVVH GD FDWHJRULD TXH VHUmR HQFDPLQKDGRV SUHYLDPHQWH DR VHWRU FRPSHWHQWH GR EDQFR SDUD RV
GHYLGRV ILQV LQFXPELQGRVH HVWH GD VXD DIL[DomR GHQWUR GDV YLQWH H TXDWUR KRUDV SRVWHULRUHV DR UHFHELPHQWR 1mR
VHUmRSHUPLWLGDVPDWpULDVSROtWLFRSDUWLGiULDVRXRIHQVLYDVDTXHPTXHUTXHVHMD
&/É868/$75,*e6,0$6(;7$
6,1',&$/,=$d®2
)DFLOLWDUVHijVHQWLGDGHVVLQGLFDLVSURILVVLRQDLVDUHDOL]DomRGHFDPSDQKDGHVLQGLFDOL]DomRDFDGDGR]HPHVHV
HPGLDORFDOHKRUiULRSUHYLDPHQWHDFRUGDGRVFRPDGLUHomRGREDQFR
6$Ô'(1275$%$/+2
&/É868/$75,*e6,0$6e7,0$
&,3$&20,66®2,17(51$'(35(9(1d®2'($&,'(17(6
2V EDQFRV HQFDPLQKDUmR FySLD GR DWR FRQYRFDWyULR GH HOHLo}HV GD &,3$ j HQWLGDGH VLQGLFDO SURILVVLRQDO ORFDO QD
PHVPDGDWDGDVXDGLYXOJDomRDRVHPSUHJDGRV
&/É868/$75,*e6,0$2,7$9$
(;$0(60e',&26(63(&Ì),&26
2 HPSUHJDGR SRGHUi VROLFLWDU H[DPHV PpGLFRV HVSHFtILFRV TXH VHUmR UHDOL]DGRV D FULWpULR GH PpGLFR LQGLFDGR SHOR
EDQFR2VUHVXOWDGRVVHUmRIRUQHFLGRVDRHPSUHJDGRVROLFLWDQWH
Página 15 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
&/É868/$75,*e6,0$121$
32/Ì7,&$62%5($,'6
$VSDUWHVDMXVWDPHQWUHVLDPDQXWHQomRHFRQWLQXLGDGHGRVWUDEDOKRVGDFRPLVVmRSDULWiULDFRQVWLWXtGDQRVWHUPRV
GD &OiXVXOD 7ULJpVLPD 6pWLPD GD &RQYHQomR &ROHWLYD GH 7UDEDOKR H PDQWLGD QRV LQVWUXPHQWRV
VXEVHTXHQWHV
3DUiJUDIRÔQLFR
eYHGDGRDREDQFRDH[LJrQFLDGHH[DPHVPpGLFRVSDUDGLDJQyVWLFRGRYtUXVGDGRHQoD
&/É868/$48$'5$*e6,0$
$66,67È1&,$ 0e',&$ ( +263,7$/$5 (035(*$'2 '(63(','2
2HPSUHJDGRGLVSHQVDGRVHPMXVWDFDXVDDSDUWLUGHžSRGHUiXVXIUXLUGRVFRQYrQLRVGHDVVLVWrQFLDPpGLFD
HKRVSLWDODUFRQWUDWDGRVSHOREDQFRSHORVSHUtRGRVDEDL[RHVSHFLILFDGRVFRQWDGRVGR~OWLPRGLDGHWUDEDOKRHIHWLYRH
GHWHUPLQDGRVFRQIRUPHWHPSRGHFDVDPDQWLGDVDVFRQGLo}HVGRSODQRDRTXDOVHYLQFXODRHPSUHJDGRUHVSHLWDGDV
DVVLWXDo}HVPDLVIDYRUiYHLV
9tQFXOR(PSUHJDWtFLRFRPR%DQFR
3HUtRGRGH8WLOL]DomRGR&RQYrQLR
$WpFLQFRDQRV
VHVVHQWDGLDV
0DLVGHFLQFRDWpGH]DQRV
QRYHQWDGLDV
0DLVGHGH]DWpYLQWHDQRV
FHQWRHRLWHQWDGLDV
0DLVGHYLQWHDQRV
GX]HQWRVHVHWHQWDGLDV
3DUiJUDIRÔQLFR
2V HPSUHJDGRV GLVSHQVDGRV VHP MXVWD FDXVD DWp GH DJRVWR GH HVWmR DEUDQJLGRV SHODV FRQGLo}HV
SUHYLVWDVQD&RQYHQomR&ROHWLYDGH7UDEDOKR
&/É868/$48$'5$*e6,0$35,0(,5$
352*5$0$'(5($%,/,7$d®2352),66,21$/
2V EDQFRV SRGHUmR LQVWLWXLU R 3URJUDPD GH 5HDELOLWDomR 3URILVVLRQDO FXMR REMHWLYR p DVVHJXUDU DWUDYpV GH HTXLSH
PXOWLSURILVVLRQDO FRQGLo}HV SDUD D PDQXWHQomR RX D UHLQVHUomR GR HPSUHJDGR QR WUDEDOKR DSyV R GLDJQyVWLFR GH
SDWRORJLDGHRULJHPRFXSDFLRQDORXQmRTXHWHQKDFRPSURPHWLGRVXDFDSDFLGDGHODERUDWLYD
3DUiJUDIR3ULPHLUR
)DUmRSDUWHGR3URJUDPDRVHPSUHJDGRVTXH
D WHQKDP D FHVVDomR GR EHQHItFLR SHOR ,166 DSyV R DIDVWDPHQWR SRU $X[tOLR 'RHQoD % RX SRU $X[tOLR
'RHQoD $FLGHQWiULR % SRU TXDOTXHU SHUtRGR H TXH QR H[DPH GH UHWRUQR DR WUDEDOKR WHQKDP VLGR
FRQVLGHUDGRVLQDSWRVSDUDRH[HUFtFLRGDIXQomRLPHGLDWDPHQWHDQWHULRUDRDIDVWDPHQWR
E WHQKDP VLGR HQFDPLQKDGRV SDUD UHWRUQR DR WUDEDOKR SHOR ,166 HP GHFRUUrQFLD GH VXVSHQVmR GD
DSRVHQWDGRULD SRU LQYDOLGH] H TXH QR H[DPH GH UHWRUQR DR WUDEDOKR IRUHP FRQVLGHUDGRV LQDSWRV SDUD R
H[HUFtFLRGDIXQomRH[HUFLGDLPHGLDWDPHQWHDQWHULRUDRDIDVWDPHQWR
F WHQKDPVLGROLFHQFLDGRVSHOR,166LQGHSHQGHQWHPHQWHGRWHPSRGHDIDVWDPHQWRSRU$X[tOLR'RHQoD%
RX$X[tOLR'RHQoD$FLGHQWiULR%HHQFDPLQKDGRVSHOR,166SDUDUHDELOLWDomRSURILVVLRQDO
3DUiJUDIR6HJXQGR
(PFDUiWHUH[FOXVLYDPHQWHSUHYHQWLYRQRVFDVRVGHHPSUHJDGRVHPDWLYLGDGHFRPGLDJQyVWLFRGHSDWRORJLDTXH
SURYRTXH D UHGXomR GD FDSDFLGDGH ODERUDWLYD R EDQFR DWUDYpV GD HTXLSH PXOWLSURILVVLRQDO SRGHUi LQGLFDU D
QHFHVVLGDGH GH UHDYDOLDomR GR SRVWR GH WUDEDOKR RX GD DWLYLGDGH GHVHQYROYLGD DWUDYpV GD UHDELOLWDomR
SURILVVLRQDO
3DUiJUDIR7HUFHLUR
$LPSOHPHQWDomRHRDFRPSDQKDPHQWRGR3URJUDPDGH5HDELOLWDomR3URILVVLRQDOVHUiGHUHVSRQVDELOLGDGHGDiUHD
GH6D~GH2FXSDFLRQDOGR%DQFR
Página 16 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIR4XDUWR
23URJUDPDGH5HDELOLWDomR3URILVVLRQDOREVHUYDUiDVVHJXLQWHVHWDSDVQRVHXGHVHQYROYLPHQWR
D
E
F
G
$9$/,$d®2 '$ &$3$&,'$'( /$%25$7,9$ 3DUD D DYDOLDomR GD FDSDFLGDGH ODERUDWLYD VHUmR FRQVLGHUDGRV RV
H[DPHVFRPSOHPHQWDUHVHRKLVWyULFRPpGLFR
'(),1,d$2'$6$7,9,'$'(6$HTXLSHPXOWLSURILVVLRQDOMXQWDPHQWHFRPRJHVWRUHRHPSUHJDGRGHILQLUiDV
DWLYLGDGHV TXH SRGHUmR VHU H[HFXWDGDV SHOR HPSUHJDGR GH DFRUGR FRP D VXD FDSDFLGDGH ODERUDWLYD
FRQVLGHUDQGRRVUHODWyULRVGDHTXLSHGHUHDELOLWDomRGR,166TXDQGRIRURFDVR
$d¯(6 '( '(6(192/9,0(172 $ iUHD GH 6D~GH 2FXSDFLRQDO LGHQWLILFDUi DV QHFHVVLGDGHV GH UHTXDOLILFDomR
SURILVVLRQDO H HQFDPLQKDUi R HPSUHJDGR DRV SURJUDPDV GH GHVHQYROYLPHQWR QHFHVViULRV 2 HPSUHJDGR VH
SDUWLFLSDQWHGRSURJUDPDVRPHQWHUHWRUQDUiDRWUDEDOKRDSyVDH[HFXomRGHWRGDVDVHWDSDVUHFRPHQGDGDV
RXDSyVDFHVVDomRGREHQHItFLRSHOR,166
$&203$1+$0(172 ² $ SDUWLU GR WpUPLQR GR 3URJUDPD GH 5HDELOLWDomR R HPSUHJDGR SHUPDQHFHUi HP
DFRPSDQKDPHQWR SHOD iUHD GH 6D~GH 2FXSDFLRQDO SRU XP SHUtRGR GH DWp VHLV PHVHV SDUD DGRomR GH
HYHQWXDLVPHGLGDVQHFHVViULDVYLVDQGRUHFXSHUDUDFDSDFLGDGHODERUDWLYD
3DUiJUDIR4XLQWR
+DYHQGR QHFHVVLGDGH GD FRQWLQXLGDGH GR SURFHVVR GH UHDELOLWDomR HVWH SUD]R SRGHUi VHU SURUURJDGR SRU DWp VHLV PHVHV 6H DSyV HVWD SURUURJDomR R HPSUHJDGR QmR HVWLYHU KDELOLWDGR SDUD R H[HUFtFLR GH DWLYLGDGHV
SURILVVLRQDLVGHYHUiVHUUHHQFDPLQKDGRDR,166
&/É868/$48$'5$*e6,0$6(*81'$
$&,'(17(6'(75$%$/+2
2V EDQFRV UHPHWHUmR DRV VLQGLFDWRV SURILVVLRQDLV FRQYHQHQWHV PHQVDOPHQWH DV &RPXQLFDo}HV GH $FLGHQWHV GH
7UDEDOKR&$7V
&/É868/$48$'5$*e6,0$7(5&(,5$
&20,66®2'(6(*85$1d$%$1&É5,$
$VSDUWHVDMXVWDPHQWUHVLDPDQXWHQomRHFRQWLQXLGDGHGRVWUDEDOKRVGD&RPLVVmRGH6HJXUDQoD%DQFiULDFRQVWLWXtGD
SHOD &OiXVXOD 4XDGUDJpVLPD 7HUFHLUD GD &RQYHQomR &ROHWLYD GH 7UDEDOKR H PDQWLGD QRV LQVWUXPHQWRV
VXEVHTXHQWHV
3DUDJUiIRÔQLFR
$V SDUWHV HVWDEHOHFHP TXH QR SUD]R GH TXLQ]H GLDV FRQWDGRV GD GDWD GH DVVLQDWXUD GHVWD &RQYHQomR
&ROHWLYDGH7UDEDOKRHVWDEHOHFHUmRFDOHQGiULRGHUHXQL}HVGHVWDFRPLVVmR
',9(56,'$'(
&/É868/$48$'5$*e6,0$48$57$
,*8$/'$'('(2325781,'$'(6
$V SDUWHV DMXVWDP HQWUH VL D PDQXWHQomR GD &RPLVVmR %LSDUWLWH TXH GHVHQYROYHUi SURSRVWDV GH RULHQWDomR D
HPSUHJDGRV JHVWRUHV H HPSUHJDGRUHV QR VHQWLGR GH SUHYHQLU HYHQWXDLV GLVWRUo}HV TXH OHYHP D DWRV H SRVWXUDV
GLVFULPLQDWyULDVQRVDPELHQWHVGHWUDEDOKRHQDVRFLHGDGHGHIRUPDJHUDO
3DUiJUDIRÔQLFR
23URJUDPD)(%5$%$1GH9DORUL]DomRGD'LYHUVLGDGHQR6HWRU%DQFiULRHR3URJUDPD)(%5$%$1GH&DSDFLWDomR
3URILVVLRQDOH,QFOXVmR6RFLDOGH3HVVRDVFRP'HILFLrQFLDGR6HWRU%DQFiULRVHUYLUmRGHSUHPLVVDSDUDRULHQWDomR
GRV EDQFRV QD LPSOHPHQWDomR GH VXDV Do}HV GH DFRUGR FRP DV GLUHWUL]HV H SODQRV GH DomR GHILQLGRV RX TXH
YLHUHPDVHUGHILQLGRVQR3URJUDPD
Página 17 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
&/É868/$48$'5$*e6,0$48,17$
(;7(16®2'(9$17$*(16²5(/$d®2+202$)(7,9$
$V YDQWDJHQV GHVWD &RQYHQomR &ROHWLYD GH 7UDEDOKR DSOLFiYHLV DRV F{QMXJHV GRV HPSUHJDGRV DEUDQJHP RV FDVRV HP
TXHDXQLmRGHFRUUDGHUHODomRKRPRDIHWLYDHVWiYHOGHYLGDPHQWHFRPSURYDGD
3DUiJUDIRÔQLFR
2 UHFRQKHFLPHQWR GD UHODomR KRPRDIHWLYD HVWiYHO GDUVHi FRP R DWHQGLPHQWR D LJXDLV UHTXLVLWRV REVHUYDGRV
SHOD 3UHYLGrQFLD 6RFLDO FRQVRDQWH GLVFLSOLQDP R DUW GD ,QVWUXomR 1RUPDWLYD ,16635(6 Qž '28'(
&(66$d®2'2&2175$72,1',9,'8$/'(75$%$/+2
&/É868/$48$'5$*e6,0$6(;7$
35$=23$5$+202/2*$d®2'(5(6&,6®2&2175$78$/
4XDQGR H[LJLGD SHOD OHL R EDQFR VH DSUHVHQWDUi SHUDQWH R yUJmR FRPSHWHQWH SDUD D KRPRORJDomR GD UHVFLVmR
FRQWUDWXDO GRV HPSUHJDGRV H SDJDPHQWR GDV SDUFHODV GHFRUUHQWHV DWp R SULPHLUR GLD ~WLO LPHGLDWR DR WpUPLQR GR
FRQWUDWRRXGHQWURGHGH]GLDVFRQWDGRVGDGDWDGDQRWLILFDomRGDGHPLVVmRTXDQGRGDDXVrQFLDGRDYLVRSUpYLRGH
VXDLQGHQL]DomRRXGDGLVSHQVDGRVHXFXPSULPHQWR)LFDUHVVDOYDGDDKLSyWHVHGHDEDQGRQRGHHPSUHJR
3DUiJUDIR3ULPHLUR
6H H[FHGLGR R SUD]R R EDQFR DWp VXD DSUHVHQWDomR SDUD KRPRORJDomR SDJDUi DR H[HPSUHJDGR LPSRUWkQFLD
LJXDOjTXHHVWHUHFHEHULDVHYLJRUDVVHRFRQWUDWRGHWUDEDOKR
3DUiJUDIR6HJXQGR
1mR FRPSDUHFHQGR R HPSUHJDGR R EDQFR GDUi GR IDWR FRQKHFLPHQWR j HQWLGDGH SURILVVLRQDO PHGLDQWH
FRPSURYDomR GR HQYLR DR HPSUHJDGR FRP D DQWHFHGrQFLD PtQLPD GH WUrV GLDV GH FDUWD RX WHOHJUDPD GH
QRWLILFDomRGRDWRRTXHRGHVREULJDUiGRGLVSRVWRQRSDUiJUDIRDQWHULRU
3DUiJUDIR7HUFHLUR
&RPSDUHFHQGR R HPSUHJDGRU PDV QmR R HPSUHJDGR SDUD D KRPRORJDomR R yUJmR KRPRORJDGRU GDUi
FRPSURYDomRGDSUHVHQoDGREDQFRQHVVHDWReDGPLWLGDDKRPRORJDomRFRPUHVVDOYD
3DUiJUDIR4XDUWR
$VGLVSRVLo}HVGHVWDFOiXVXODQmRSUHYDOHFHUmRHPIDFHGHQRUPDOHJDOPDLVYDQWDMRVDVREUHDPDWpULD
&/É868/$48$'5$*e6,0$6e7,0$
)e5,$6352325&,21$,6
2HPSUHJDGRFRPPHQRVGHXPDQRGHVHUYLoRTXHUHVFLQGLUHVSRQWDQHDPHQWHRVHXFRQWUDWRGHWUDEDOKRIDUi
MXV D IpULDV SURSRUFLRQDLV GH XP GR]H DYRV SDUD FDGD PrV FRPSOHWR GH HIHWLYR VHUYLoR RX IUDomR VXSHULRU D
FDWRU]HGLDV
&/É868/$48$'5$*e6,0$2,7$9$
&$57$'(',63(16$
$GHPLVVmRLPSRVWDSHORHPSUHJDGRUVHUiFRPXQLFDGDDRHPSUHJDGRSRUHVFULWR
$3/,&$d®2(5(9,6®2&2175$78$/
&/É868/$48$'5$*e6,0$121$
08/7$325'(6&8035,0(172'$&219(1d®2&2/(7,9$
6HYLRODGDTXDOTXHUFOiXVXODGHVWD&RQYHQomRILFDUiRLQIUDWRUREULJDGRDSDJDUDPXOWDQRYDORUGH5YLQWHH
XP UHDLV H VHVVHQWD H WUrV FHQWDYRV D IDYRU GR HPSUHJDGR TXH VHUi GHYLGD SRU DomR TXDQGR GD H[HFXomR GD
GHFLVmRMXGLFLDOTXHWHQKDUHFRQKHFLGRDLQIUDomRTXDOTXHUTXHVHMDRQ~PHURGHHPSUHJDGRVSDUWLFLSDQWHV
Página 18 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
&/É868/$48,148$*e6,0$
&21',d¯(6(63(&Ì),&$6²&219(1d¯(6$',7,9$6
$VSDUWHVDMXVWDPTXHDVFRQGLo}HVHVSHFtILFDVLQFOXVLYHRGHVFRQWRDVVLVWHQFLDOHPIDYRUGRVVLQGLFDWRVGHOLEHUDGRV
HP DVVHPEOpLD JHUDO DSOLFiYHLV DRV EDQFiULRV GD EDVH WHUULWRULDO GDV HQWLGDGHV ILUPDWiULDV VHUmR IRUPDOL]DGDV HP
&RQYHQo}HV&ROHWLYDVGH7UDEDOKR$GLWLYDVDVTXDLVIDUmRSDUWHLQWHJUDQWHGDSUHVHQWH&RQYHQomRSDUDWRGRVRV
HIHLWRVOHJDLV
&/É868/$48,148$*e6,0$35,0(,5$ 35272&2/23$5$35(9(1d®2'(&21)/,72612$0%,(17('(
75$%$/+2$'(6®292/817É5,$
)LFDLQVWLWXtGDSRUDGHVmRYROXQWiULD3URWRFRORSDUD3UHYHQomRGH&RQIOLWRVQR$PELHQWHGH7UDEDOKRTXHREVHUYDUi
RVVHJXLQWHVSULQFtSLRV
D 9DORUL]DomR GH WRGRV RV HPSUHJDGRV SURPRYHQGR R UHVSHLWR j GLYHUVLGDGH jFRRSHUDomRHDRWUDEDOKRHP
HTXLSH
E &RQVFLHQWL]DomRGRVHPSUHJDGRVVREUHDQHFHVVLGDGHGHFRQVWUXomRGHXPDPELHQWHGHWUDEDOKRVDXGiYHOH
F 3URPRomRGHYDORUHVpWLFRVPRUDLVHOHJDLV
3DUiJUDIR3ULPHLUR
2 REMHWLYR GR 3URWRFROR SDUD 3UHYHQomR GH &RQIOLWRV QR $PELHQWH GH 7UDEDOKR SRU $GHVmR 9ROXQWiULD p
SURPRYHU D SUiWLFD GH Do}HV H FRPSRUWDPHQWRV DGHTXDGRV GRV HPSUHJDGRV GRV EDQFRV DGHUHQWHV TXH SRVVDP
SUHYHQLUFRQIOLWRVLQGHVHMiYHLVQRDPELHQWHGHWUDEDOKR
3DUiJUDIR6HJXQGR
$DGHVmRDR3URWRFRORSDUD3UHYHQomRGH&RQIOLWRVQR$PELHQWHGH7UDEDOKRpYROXQWiULDHVHUiIRUPDOL]DGDSRU
SDUWHGRVEDQFRVHVLQGLFDWRVSURILVVLRQDLVDGHUHQWHVSRUPHLRGH$&25'2$',7,92
',6326,d¯(675$16,7Ð5,$6
&/É868/$48,148$*e6,0$6(*81'$ ',$61®275$%$/+$'26*5(9(
2VGLDVQmRWUDEDOKDGRVHQWUHGHVHWHPEURGHHGHRXWXEURGHSRUPRWLYRGHSDUDOLVDomRQmRVHUmR
GHVFRQWDGRV H VHUmR FRPSHQVDGRV FRP D SUHVWDomR GH MRUQDGD VXSOHPHQWDU GH WUDEDOKR QR SHUtRGR FRPSUHHQGLGR
HQWUH D GDWD GD DVVLQDWXUD GHVWD &RQYHQomR &ROHWLYD GH 7UDEDOKR DWp GH GH]HPEUR GH LQFOXVLYH H SRU
FRQVHTXrQFLDQmRVHUiFRQVLGHUDGDFRPRMRUQDGDH[WUDRUGLQiULDQRVWHUPRVGDOHL
3DUiJUDIRSULPHLUR
3DUD RV HIHLWRV GR FDSXW GHVWD FOiXVXOD QmR VHUmR FRQVLGHUDGRV RV GLDV HP TXH KRXYH WUDEDOKR SDUFLDO SHOR
HPSUHJDGRGXUDQWHDMRUQDGDGLiULDFRQWUDWDGD
3DUiJUDIR6HJXQGR
$FRPSHQVDomRVHUiOLPLWDGDDGXDVKRUDVGLiULDVGHVHJXQGDDVH[WDIHLUDH[FHWXDGRVRVIHULDGRV
3DUiJUDIR7HUFHLUR
$VKRUDVH[WUDRUGLQiULDVUHDOL]DGDVDQWHULRUPHQWHjDVVLQDWXUDGHVWD&RQYHQomR&ROHWLYDGH7UDEDOKRQmRSRGHUmR
FRPSHQVDURVGLDVQmRWUDEDOKDGRV
&/É868/$48,148$*e6,0$7(5&(,5$ &203/(0(17$d®2'(3$*$0(172
(YHQWXDLV GLIHUHQoDV GH VDOiULR GH WtTXHWHVUHIHLomR RX GH FHVWD DOLPHQWDomR UHODWLYDV DRV PHVHV GH VHWHPEUR H
RXWXEURVHUmRVDWLVIHLWDVDWpDIROKDGHSDJDPHQWRGRPrVGHQRYHPEUR
Página 19 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
3DUiJUDIRÔQLFR
2VHPSUHJDGRVGHPLWLGRVDSDUWLUGHUHFHEHUmRDVGLIHUHQoDVDSyVRGLDQRSUD]RGH
GH]GLDV~WHLVGDGDWDGRUHFHELPHQWRSHOREDQFRGHVXDVROLFLWDomRSRUHVFULWR
&/É868/$48,148$*e6,0$48$57$ ,1'(1,=$d®2$',&,21$/
2 HPSUHJDGR GLVSHQVDGR VHP MXVWD FDXVD FRP GDWD GH FRPXQLFDomR GD GLVSHQVD HQWUH D GDWD GD DVVLQDWXUD GD
SUHVHQWH&RQYHQomRDWpRGLDQmRFRPSXWDGRSDUDHVWHILPRSUD]RGRDYLVRSUpYLRLQGHQL]DGRIDUiMXV
DXPDLQGHQL]DomRDGLFLRQDOQRVYDORUHVDEDL[RGLVFULPLQDGRVDVHUSDJDMXQWDPHQWHFRPDVYHUEDVUHVFLVyULDV3DUD
RV HIHLWRV GHVWD FOiXVXOD R HPSUHJDGR FRP GDWD GH FRPXQLFDomR GH GLVSHQVD DQWHULRU D GDWD GD DVVLQDWXUD GD
SUHVHQWH&RQYHQomRPHVPRTXHRSHUtRGRGHDYLVRSUpYLRFRLQFLGDRXXOWUDSDVVHHVWDGDWDQmRID]MXVjLQGHQL]DomR
DGLFLRQDO
9tQFXOR(PSUHJDWtFLRFRPR%DQFR
,QGHQL]DomR$GLFLRQDO
$WpFLQFRDQRV
XPYDORUGRDYLVRSUpYLR
0DLVGHFLQFRDWpGH]DQRV
XPHPHLRYDORUGRDYLVRSUpYLR
0DLVGHGH]DWpYLQWHDQRV
GRLVYDORUHVGRDYLVRSUpYLR
0DLVGHYLQWHDQRV
WUrVYDORUHVGRDYLVRSUpYLR
&/É868/$48,148$*e6,0$48,17$
5(48$/,),&$d®2352),66,21$/
1R SHUtRGR GH YLJrQFLD GHVWD &RQYHQomR &ROHWLYD GH 7UDEDOKR R EDQFR DUFDUi FRP GHVSHVDV UHDOL]DGDV SHORV VHXV
HPSUHJDGRV GLVSHQVDGRV VHP MXVWD FDXVD D SDUWLU GH ž DWp R OLPLWH GH 5 RLWRFHQWRV H QRYHQWD H
WUrV UHDLV H VHVVHQWD H WUrV FHQWDYRV FRP &XUVRV GH 4XDOLILFDomR HRX 5HTXDOLILFDomR 3URILVVLRQDO PLQLVWUDGRV SRU
HPSUHVDHQWLGDGHGHHQVLQRRXHQWLGDGHVLQGLFDOSURILVVLRQDOUHVSHLWDGRVFULWpULRVPDLVYDQWDMRVRV
3DUiJUDIR3ULPHLUR
2 H[HPSUHJDGR WHUi R SUD]R GH QRYHQWD GLDV FRQWDGRV GD GDWD GD GLVSHQVD SDUD UHTXHUHU DR EDQFR D
YDQWDJHPHVWDEHOHFLGD
3DUiJUDIR6HJXQGR
2 EDQFR HIHWXDUi R SDJDPHQWR GLUHWDPHQWH j HPSUHVD RX HQWLGDGH DSyV UHFHEHU GR H[HPSUHJDGR DV
VHJXLQWHV LQIRUPDo}HV LGHQWLILFDomR GD HQWLGDGH SURPRWRUD GR FXUVR QDWXUH]D GXUDomR YDORU H IRUPD GH
SDJDPHQWRGRFXUVR
3DUiJUDIR7HUFHLUR
2EDQFRSRGHUiRSWDUSRUID]HURUHHPEROVRDRH[HPSUHJDGR
3DUiJUDIR4XDUWR
2VHPSUHJDGRVGLVSHQVDGRVDWpHVWmRDEUDQJLGRVSHODVFRQGLo}HVGD&RQYHQomR&ROHWLYDGH7UDEDOKR
&/É868/$48,148$*e6,0$6(;7$
&20,66¯(63$5,7É5,$6
$V SDUWHV DMXVWDPHQWUHVLDPDQXWHQomRGD&RPLVVmR3DULWiULDGH6D~GHGR7UDEDOKRHGD&RPLVVmR3DULWiULDVREUH
7HUFHLUL]DomR
3DUDJUiIRÔQLFR
$V SDUWHV HVWDEHOHFHP TXH QR SUD]R GH TXLQ]H GLDV FRQWDGRV GD GDWD GH DVVLQDWXUD GHVWD &RQYHQomR
&ROHWLYDGH7UDEDOKRHVWDEHOHFHUmRFDOHQGiULRGHUHXQL}HVGHVWDVFRPLVV}HV
Página 20 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
&/É868/$48,148$*e6,0$6e7,0$
&20,66¯(67(0É7,&$6
$OpPGDV&RPLVV}HV3DULWiULDVSUpH[LVWHQWHVILFDPWDPEpPPDQWLGDVDVVHJXLQWHV&RPLVV}HV3DULWiULDVSDUDGLVFXWLU
HFRQYHQFLRQDURVWHPDVDEDL[R
D
IXQFLRQDPHQWRGDVDJrQFLDVHPKRUiULRVHVSHFLDLV
E
MRUQDGDVHVSHFLDLV
F
FRPSHQVDomRGHKRUDVH[WUDV
G
HKRUDV
H
DX[tOLRHGXFDFLRQDO
I
JUDWLILFDomRVHPHVWUDO
J
HVWUDWpJLDVGHJHUDomRGHHPSUHJR
K
HVWDELOLGDGHGHGLULJHQWHVVLQGLFDLV
3DUDJUiIRÔQLFR
$V SDUWHV DMXVWDP HQWUH VL TXH QR SUD]R GH TXLQ]H GLDV FRQWDGRV GDGDWDGHDVVLQDWXUDGHVWD&RQYHQomR
&ROHWLYDGH7UDEDOKRHVWDEHOHFHUmRFDOHQGiULRSDUDGLVFXWLUWHPDVREMHWRGHVWDFOiXVXOD
&/É868/$48,148$*e6,0$2,7$9$
$%5$1*È1&,$7(55,725,$/
$ SUHVHQWH &RQYHQomR &ROHWLYD GH 7UDEDOKR DSOLFDVH jV SDUWHV FRQYHQHQWHV QR kPELWR WHUULWRULDO GH VXDV
UHSUHVHQWDo}HV
&/É868/$48,148$*e6,0$121$
9,*È1&,$
$SUHVHQWH&RQYHQomR&ROHWLYDGH7UDEDOKRWHUiDGXUDomRGHXPDQRGHžGHVHWHPEURGHDGHDJRVWR
GH
6mR3DXOR63GHRXWXEUR
)(1$%$1)('(5$d®21$&,21$/'26%$1&26
6,1',&$72 '26 %$1&26 126 (67$'26 '( 6$2 3$8/2 3$5$1É 0$72 *52662 0$72 *52662 '2 68/ $&5( $0$=21$6
3$5É$0$3É521'Ñ1,$(525$,0$
S3URFXUDomR6,1',&$72'26%$1&26'26(67$'26'$%$+,$('(6(5*,3(R6,1',&$72'26%$1&26'2(67$'2'25,2
'(-$1(,52FRPEDVHWHUULWRULDOQR(VWDGRGR(VStULWR6DQWRR6,1',&$72'26%$1&26'26(67$'26'(0,1$6*(5$,6
*2,É6',675,72)('(5$/(72&$17,16R6,1',&$72'26%$1&26126(67$'26'25,2*5$1'('268/(6$17$&$7$5,1$
R6,1',&$72'26%$1&26'26(67$'26'(3(51$0%8&2$/$*2$63$5$Ì%$(5,2*5$1'('21257(R6,1',&$72'26
%$1&26'26(67$'26'2&($5É0$5$1+®2(3,$8Ì
)DELR&%DUERVD
3UHVLGHQWH
&3)
0DJQXV5LEDV$SRVWyOLFR
'LUHWRUGH5HODo}HVGR7UDEDOKR
&3)
0DULOHQD0RUDHV%DUERVD)XQDUL
2$%63
&20,66®21$&,21$/'(1(*2&,$d¯(6)(1$%$1
$QWRQLR&DUORV6FKZHUWQHU
'LUHWRUGH5HODo}HV,QGXVWULDLV
&3)
*LOEHUWR7UD]]L&DQWHUDV
'LUHWRU
&3)
ÉXUHD)DULDV0DUWLQV
*HUHQWH([HFXWLYD
&3)
-HU{QLPR7DGHXGRV$QMRV
6XSHULQWHQGHQWHGH5HODo}HV6LQGLFDLV
&3)
Página 21 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
-RVp/XL]5RGULJXHV%XHQR
'LUHWRU'HSDUWDPHQWDO
&3)
0DULD6DOHWH&DYDOFDQWL
6XSHULQWHQGHQWH1DFLRQDO
&3)
1LFROLQR(XJrQLRGD6LOYD-~QLRU
$VVHVVRUGH5HODo}HV7UDEDOKLVWDVH6LQGLFDLV
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'(6®23$8/2
-XYkQGLD0RUHLUD/HLWH
3UHVLGHQWH
&3)
(ULFVRQ&ULYHOOL
2$%63Qž
5HQDQ%HUQDUGL.DOLO
2$%63Qž
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'2(67$'2'20$5$1+®2
S3URFXUDomR6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&$5,26(),1$1&,$5,26'(%$858(5(*,$2
'DYLG6i%DUURV
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,2612(67$'2'25,2*5$1'('21257(
0DUFRVGH0DFHGR7LQRFR
'LUHWRU
&3)
(PQRPHSUySULR)('(5$d®2'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'26(67$'26'$%$+,$(6(5*,3(
S3URFXUDomR ² 6((% '( )(,5$ '( 6$17$1$ 6((% ,/+e86 6((% '( ,5(&È 6((% '( ,7$%81$ 6((% '( -$&2%,1$ 6((% '(
-(48,eH6((%'(9,7Ð5,$'$&2148,67$
S3URFXUDomR6((%'(6(5*,3(
(PDQRHO6RX]DGH-HVXV
3UHVLGHQWH
&3)
6,1',&$72'26%$1&É5,26'$%$+,$
(XFOLGHV)DJXQGHV1HYHV
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'(&85,7,%$
2WiYLR'LDV
3UHVLGHQWH
&3)
Página 22 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
)('(5$d®2'2675$%$/+$'25(6(0(035(6$6'(&5e',72'23$5$1ɲ)(7(&35
(OLDV+HQQHPDQQ-RUGmR
3UHVLGHQWH
&3)
)('(5$d®2 '26 (035(*$'26 (0 (67$%(/(&,0(1726 %$1&É5,26 '26 (67$'26 '2 5,2 '( -$1(,52 ( '2
(63Ì5,726$172
33URFXUDomR 6((% '($1*5$'265(,66((%%$,;$'$)/80,1(16(6((%'(&$0326'(*2<7$&$6(667(5)'(
,7$3(581$6((%0$&$e6((%'(1,7(5Ð,6((%'(129$)5,%85*26((%'(75È65,26H6((%'(7(5(6Ð32/,6
)DELDQR3DXORGD6LOYD-~QLRU
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'2(67$'2'2(63Ì5,726$172
,GHOPDU&DVDJUDQGH
'LUHWRU
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'(%5$6Ì/,$
5RGULJR/RSHV%ULWWR
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'(%(/2+25,=217(
&ORWiULR&DUGRVR
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,2612(67$'2&($5É
&DUORV(GXDUGR%H]HUUD0DUTXHV
3UHVLGHQWH
&3)
)('(5$d®2'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'2&(17521257(
6{QLD0DULD5RFKD
3UHVLGHQWD
&3)
Página 23 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
(PQRPHSUySULR²6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'(&$03,1$*5$1'(3%
S3URFXUDomR6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'$3$5$Ì%$
5RVWDQG6LOYD/XFHQD
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'2081,&Ì3,2'25,2'(-$1(,52
$OPLU&RVWDGH$JXLDU
3UHVLGHQWH
&3)
6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726'(&5e',7212(67$'2'(3(51$0%8&2
-DTXHOLQH0DULD)RQVHFD0HOOR
3UHVLGHQWH
&3)
&21)('(5$d®21$&,21$/'2675$%$/+$'25(6'25$02),1$1&(,52&2175$)&87
S3URFXUDomR)('(5$d®2'26(035(*$'26(0(67$%(/(&,0(1726%$1&É5,26'2(67$'2'25,2*5$1'('268/
6((%'($/(*5(7(6((%'(%$*e6((%'(&$0$48®6((%'(&$5$=,1+26((%'(&$;,$6'268/6((%'(&58=
$/7$(5(*,®26((%'((5(&+,06((%'()5('(5,&2:(673+$/(16((%'(*8$325e6((%'(+25,=217,1$6((%
'(,-8Ì6((%'(1292+$0%85*2(5(*,®26((%'2/,725$/1257(6((%'(3$662)81'26((%'(3(/27$6(
5(*,®26,1',&$72'26%$1&É5,26'(32572$/(*5((5(*,®26((%'(5,2*5$1'(6®2-26('21257(H6$17$
9,7Ð5,$'23$/0$56((%'(526É5,2'268/6((%'(6®2%25-$(,7$48,6((%'(6®2*$%5,(/6((%'(6®2
/(232/'2 6((% '( 6®2 /8,= *21=$*$ 6((% '( 6$17$ &58= '2 68/ ( 5(*,®2 6((% '( 6$17$0$5,$(5(*,®2
6((%'(6$17$526$(5(*,®26((%'(6$17,$*26((%'(6$172Ç1*(/26((%'(6$17$1$'2/,95$0(1726((%
'(9$&$5,$6((%'29$/('2&$ÌH6((%'29$/('23$5$1+$1$
S3URFXUDomR6((%3(75Ð32/,66((%'(68/)/80,1(16(
S3URFXUDomR6((%'('285$'26066((%12(67$'2'(0$72*52662076((%'(521'21Ð32/,6
S3URFXUDomR 6((% '( $38&$5$1$ 6((% '( $5$327, 6((% '( $66,6 &+$7(8%5,$1' 6((% '( &$032 0285®2
6((% '( &251e/,2 352&Ð3,2 6((% '( *8$5$38$9$ 6((% '( /21'5,1$ 6((% '( 3$5$1$9$Ì 6((% '( 72/('2 H
6((%'(808$5$0$
S3URFXUDomR 6((% &21&Ð5',$ ( 5(*,®2 6((% '( %/80(1$8 6((% '( &+$3(&Ð ;$1;(5È ( 5(*,®2 6((% '(
&5,&,Ô0$6((%'()/25,$1Ð32/,66((%'(-2$d$%$6((%'(6®20,*8(/'·2(67(H6((%'2$5$5$1*8É6((%
'(9,'(,5$
S3URFXUDomR 6((% '( &$7$*8$6(6 6((% '( ',9,1Ð32/,6 ( 5(*,®2 6((% '( ,3$7,1*$ 6,1',&$72 '26
75$%$/+$'25(6'25$02),1$1&(,52'$=21$'$0$7$(68/'(0,1$6-8,=)25$0*6((%'(3$726'(0,1$6
6((%'(7(Ð),/22721,H6((%'(8%(5$%$
S3URFXUDomR ² 6((% '2 (67$'2 '2 $&5( 6((% '( %$55$ '2 *$5d$6 ( 5(*,®2 07 6((% '( 525$,0$ 6((% '(
521'Ñ1,$ 6((% '2 &$5,5, &( 6((% 3$5É ( $0$3É 6,1',&$72 '26 (035(*$'26 (0 (67$%(/(&,0(1726 '(
&5e',7212(67$'2'($/$*2$6H6,1',&$72'26(035(*$'26(0(67$%(/(&,0(1726%$1&$5,26(),1$1&,$5,26
12(67$'2'23,$8,
S3URFXUDomR6((%'2(;75(0268/'$%$+,$
S3URFXUDomR )('(5$d®2 '26 75$%$/+$'25(6 (0 (035(6$6 '( &5e',72 '2 (67$'2 '( 6®2 3$8/2 6,1',&$72
'26 75$%$/+$'25(6 (0 (035(6$6 '2 5$02 ),1$1&(,52 '2 *5$1'( $%& 6((% '( $5$5$48$5$ 6((% '( $66,6
Página 24 de 25
&ZKE/KE>K^EK^
KE&ZKE/KE>K^dZ>,KZ^KZDK&/EE/ZK
&219(1d®2&2/(7,9$'(75$%$/+2
6((%'(%$55(7266((%'(%5$*$1d$3$8/,67$6((%&$7$1'89$6((%'(*8$58/+266((%'(-81',$Ì6((%'(
/,0(,5$6((%02*,'$6&58=(66((%'(35(6,'(17(358'(17(6((%'(7$8%$7e6((%'29$/('25,%(,5$
S3URFXUDomR)('(5$d®2'2675$%$/+$'25(6(0(035(6$6'(&5e',72'23$5$1É
(PQRPHSUySULR²&21)('(5$d®21$&,21$/'2675$%$/+$'25(6'25$02),1$1&(,52&2175$)&87
&DUORV$OEHUWR&RUGHLURGD6LOYD
'HERUDK5HJLQD5RFFR&DVWDQR%ODQFR
3UHVLGHQWH&2175$)&87
2$%63
&3)
Página 25 de 25