plano estadual de prevenção e erradicação do trabalho infantil
Transcrição
plano estadual de prevenção e erradicação do trabalho infantil
3/$12(67$'8$/'(35(9(1d2((55$',&$d2'275$%$/+2,1)$17,/ 680È5,2 $35(6(17$d2 &217(;72'((/$%25$d2'23/$12(67$'8$/ 2)(3(7,0$72*52662 /(*,6/$d2(&219(1d®(6 3$125$0$'275$%$/+2,1)$17,/(00$72*52662 3/$12(67$'8$/ (,;2(QIUHQWDPHQWRDRWUDEDOKRLQIDQWLOFRPGHVWDTXHjVSLRUHVIRUPDV (,;2$UWLFXODomRGHJHVWRUHVS~EOLFRVHGDVRFLHGDGHFLYLORUJDQL]DGDSDUDHIHWLYDLPSOHPHQWDomRGDVSROtWLFDVGHSUHYHQomRH HQIUHQWDPHQWRDRWUDEDOKRSUHFRFH (,;2&DSDFLWDomRGDUHGHSDUDGHVHQYROYHUDVDo}HVGHSUHYHQomRHQIUHQWDPHQWRHDWHQGLPHQWRjVFULDQoDVHDGROHVFHQWHVYXOQHUiYHLV DRWUDEDOKRLQIDQWLOHjTXHODVTXHMiWLYHUDPVHXVGLUHLWRVYLRODGRV (,;20RELOL]DomRHVHQVLELOL]DomRGDVRFLHGDGHSDUDRHQIUHQWDPHQWRGDFXOWXUDGHWROHUkQFLDDRWUDEDOKRLQIDQWLO (,;2)RUWDOHFLPHQWRGHSROtWLFDVS~EOLFDVTXHSURSRUFLRQHPDDGHTXDGDWUDQVLomRHVFRODWUDEDOKR (,;20XQLFLSDOL]DomRGDVDo}HVGR)(3(7, (,;2)RUWDOHFLPHQWR,QVWLWXFLRQDOGR)(3(7, (,;2$QiOLVHHDFRPSDQKDPHQWRGRGHVHQYROYLPHQWRGRSODQR $1(;2 3LRUHVIRUPDVGHWUDEDOKRLQIDQWLO'(&5(721'('(-81+2'( )RWR&ULDQoDWHPTXHEULQFDUVHGLYHUWLUHHVWXGDU$SUHVHQWDomR&XOWXUDOQR'LD0XQGLDOGH&RPEDWHDRWUDEDOKRLQIDQWLO3DUTXH0mH%RQLIiFLD $35(6(17$d2 (VWHGRFXPHQWRDSUHVHQWDDWHUFHLUDDWXDOL]DomRGR3ODQR(VWDGXDOGH3UHYHQomRH(UUDGLFDomRGR7UDEDOKR,QIDQWLOFRQVWUXtGRSHOR )yUXP(VWDGXDOGH3UHYHQomRH(UUDGLFDomRGR7UDEDOKR,QIDQWLOHP0DWR*URVVR±)(3(7,07GXUDQWHGRLVPHVHVGHDWLYLGDGHVTXHWLYHUDP LQtFLRDSDUWLUGRSODQHMDPHQWRHVWUDWpJLFRGHVHQYROYLGRSDUDDYDOLDURVDYDQoRVFRQTXLVWDGRVSHORIyUXPDOpPGHGHILQLUDVDWLYLGDGHVTXHVHUmR GHVHQYROYLGDVQRSHUtRGRGH 1HVWH SODQR IRUDP HOHQFDGRV DV Do}HV SUHYLVWDV SDUD VHUHP UHDOL]DGDV GHQWUR GH HL[RV HVWUDWpJLFRV GH Do}HV SULRULWiULDV (QIUHQWDPHQWRDRWUDEDOKRLQIDQWLOFRPGHVWDTXHjVSLRUHVIRUPDV$UWLFXODomRGHJHVWRUHVS~EOLFRVHGDVRFLHGDGHFLYLORUJDQL]DGDSDUDHIHWLYD LPSOHPHQWDomR GDV SROtWLFDV GH SUHYHQomR H HQIUHQWDPHQWR DR WUDEDOKR SUHFRFH &DSDFLWDomR GD UHGH SDUD GHVHQYROYHU DV Do}HV GH SUHYHQomR HQIUHQWDPHQWR H DWHQGLPHQWR jV FULDQoDV H DGROHVFHQWHV YXOQHUiYHLV DR WUDEDOKR LQIDQWLO H jTXHODV TXH Mi WLYHUDP VHXV GLUHLWRV YLRODGRV 0RELOL]DomR H VHQVLELOL]DomR GD VRFLHGDGH SDUD R HQIUHQWDPHQWR GD FXOWXUD GH WROHUkQFLD DR WUDEDOKR LQIDQWLO )RUWDOHFLPHQWR GH SROtWLFDV S~EOLFDV TXH SURSRUFLRQHP D DGHTXDGD WUDQVLomR HVFROD WUDEDOKR 0XQLFLSDOL]DomR GDV Do}HV GR )(3(7, )RUWDOHFLPHQWR ,QVWLWXFLRQDOGR)(3(7,H$QiOLVHHDFRPSDQKDPHQWRGRGHVHQYROYLPHQWRGRSODQR 2 SODQR DSUHVHQWD XP SDQRUDPD GR WUDEDOKR LQIDQWLO HP 0DWR *URVVR DV DWLYLGDGHV SURSRVWDV SDUD R SUy[LPR WULrQLR DOpP GH RXWUDV LQIRUPDo}HV TXH DX[LOLDP QD FRPSUHHQVmR GD WHPiWLFD $V Do}HV SUHYLVWDV QHVWH GRFXPHQWR VHUmR UHDOL]DGDV DWUDYpV GR HVIRUoR FROHWLYR GDV LQVWLWXLo}HVTXHFRPS}HPR)(3(7,07 )RWR&ULDQoDVSDUWLFLSDQGRGDVDWLYLGDGHVGR'LD&RQWUDR7UDEDOKR,QIDQWLO$UHQD3DQWDQDO )RWR5HXQLmRFRPDSDUWLFLSDomRGR)yUXP(VWDGXDOGH3UHYHQomRH(UUDGLFDomRGR7UDEDOKR,QIDQWLOHP0DWR*URVVR±)(3(7,07 2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7H*RYHUQRGR+DLWLSDUDDSUHVHQWDURVDYDQoRVFRQTXLVWDGRVQDOXWDFRQWUDQR7UDEDOKR,QIDQWLOHP 0DWR*URVVR &217(;72'((/$%25$d2'23/$12(67$'8$/ 2FRPSURPLVVRGR%UDVLOSDUDFRPDHUUDGLFDomRGRWUDEDOKRLQIDQWLOHFRPDGHIHVDGDFULDQoDHGRDGROHVFHQWHIRLILUPDGRDWUDYpVGH GLYHUVRVWUDWDGRVGRVTXDLVRSDtVpVLJQDWiULRDH[HPSORGD'HFODUDomRGH*HQHEUDGH'HFODUDomR8QLYHUVDOGRV'LUHLWRVGD&ULDQoDH $GROHVFHQWHGHHD&RQYHQomR,QWHUQDFLRQDOGRV'LUHLWRVGD&ULDQoDGHGD$VVHPEOHLD*HUDOGD2UJDQL]DomRGDV1Do}HV8QLGDV 218D&RQYHQomRHD5HFRPHQGDomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR±2,7 $LQGDQRkPELWRLQWHUQDFLRQDOR%UDVLOILUPDXPDVpULHGHFRPSURPLVVRVDWUDYpVGRGRFXPHQWR³7UDEDOKRGHVFHQWHQDV$PpULFDVXPD DJHQGD KHPLVIpULFD ´ TXH IRL XP LPSRUWDQWH PHFDQLVPR SUHFXUVRU H GH IRUWDOHFLPHQWR GD FRQVWUXomR GDV DJHQGDV QDFLRQDLV H VXEQDFLRQDLV GH WUDEDOKR GHVFHQWH 'HVWDFDVH TXH HVWDV DJHQGDV HQIRFDP R HQIUHQWDPHQWR D SUREOHPDV H[LVWHQWHV QR PXQGR GR WUDEDOKR H HVWDEHOHFHPPHWDVSDUDTXHHVWHVSUREOHPDVVHMDPVXSHUDGRVGHQWUHRVGHVDILRVHVWiRHQIUHQWDPHQWRDRWUDEDOKRLQIDQWLOFRPGHVWDTXHSDUDD HUUDGLFDomRGDVSLRUHVIRUPDV 1HVWHFRQWH[WRD&RPLVVmR1DFLRQDOGH(UUDGLFDomRGR7UDEDOKR,QIDQWLO±&21$(7,GHVGHTXHLQVWLWXtGDDWUDYpVGD3RUWDULDQGH GHVHWHPEURGHIRPHQWDHVIRUoRVSDUDRFRPEDWHDRWUDEDOKRLQIDQWLOGHQWUHRVTXDLVHVWiDFRQVWUXomRGHDJHQGDVHIyUXQVHVWDGXDLV (P0DWR*URVVRR)yUXP(VWDGXDOGH3UHYHQomRH(UUDGLFDomRGR7UDEDOKR,QIDQWLOHP0DWR*URVVR±)(3(7,IRLFULDGRHPGH MXQKR GH FRPR UHVXOWDGR GH XP SURFHVVR GH DUWLFXODomR SROtWLFD OLGHUDGD SHOD 6XSHULQWHQGrQFLD 5HJLRQDO GR 7UDEDOKR H (PSUHJR 657(07 1HVWD GDWD RFRUUHX D DVVLQDWXUD GD EDQGHLUD GR )(3(7,07 ILUPDQGR R FRPSURPLVVR PRUDO HQWUH DV HQWLGDGHV $ 3ULPHLUD UHXQLmR RUGLQiULDRFRUUHXHPFRPDSDUWLFLSDomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKRHGR)yUXP1DFLRQDOGH3UHYHQomRH(UUDGLFDomRGR 7UDEDOKR,QIDQWLO±)13(7, /RJRGHSRLVGHFULDGRR)(3(7,UHDOL]RXXPDPSORGHEDWHSDUDDFRQVWUXomRGR3ODQR(VWDGXDOSDUDD(UUDGLFDomRGR7UDEDOKR,QIDQWLO HP 0DWR *URVVR TXH IRL LQVWLWXFLRQDOL]DGR DWUDYpV GR 'HFUHWR 1 GH GH MXQKR GH 3RVWHULRUPHQWH XPD VHJXQGD YHUVmR GR SODQR IRL HODERUDGD HVWDEHOHFHQGR DWLYLGDGHV SDUD VHUHP UHDOL]DGDV HQWUH RV DQRV GH H VHQGR R SUHVHQWH GRFXPHQWR D WHUFHLUDYHUVmRGRSODQRTXHQRUWHDUiDVDo}HVQRSHUtRGRGHDWp 3DUDRVSUy[LPRVDQRVR)yUXPSUHYrXPFHQiULRSRVLWLYRQRTXDOPXLWDVDo}HVHIHWLYDVSRGHPVHUUHDOL]DGDVDH[HPSORGDFULDomRGH IyUXQVPXQLFLSDLVHGHVHQKRVGHSODQRVSDUDHVWHVIyUXQVFRQWULEXLQGRSDUDDLQWHULRUL]DomRGDVDo}HVGHFRPEDWHDRWUDEDOKRLQIDQWLOWHQGRHP FRQWD D FULVH HFRQ{PLFD H R SDQRUDPD SROtWLFR GR FRQJUHVVR QDFLRQDO TXH SRGHP H[LJLU JUDQGHV HVIRUoRV FRQMXQWRV SDUD DVVHJXUDU TXH QmR RFRUUDPUHWURFHVVRVQRFDPSRGDJDUDQWLDGHGLUHLWRVEHPFRPRWDPEpPQRFRQWH[WRVRFLDO )RWR7UDEDOKR,QIDQWLOGHL[DUGHHVWXGDUpXPGRVULVFRV&DPLQKDGDUHDOL]DGDQR'LD0XQGLDOGH&RPEDWHDRWUDEDOKRLQIDQWLOQD 8QLYHUVLGDGH)HGHUDOGH0DWR*URVVR 2)(3(7,0$72*52662 2 )yUXP (VWDGXDO GH 3UHYHQomR H (UUDGLFDomR GR 7UDEDOKR ,QIDQWLO HP 0DWR *URVVR ± )(3(7, DEDUFD TXHVW}HV HQYROYHQGR R HQIUHQWDPHQWR DR WUDEDOKR LQIDQWLO H SRVVXL FRPR PLVVmR ³$UWLFXODU VHQVLELOL]DU H PRELOL]DU DV LQVWLWXLo}HV JRYHUQDPHQWDLV D VRFLHGDGH FLYLO UHSUHVHQWDQWHV GRV HPSUHJDGRUHV H WUDEDOKDGRUHV SDUD D SUHYHQomR H HUUDGLFDomR GR WUDEDOKR LQIDQWLO QR (VWDGR GH 0DWR *URVVR´$ YLVmR GD LQVWLWXLomRp³VHUXPHVSDoRSHUPDQHQWHHGHPRFUiWLFRGHGLiORJRHQWUHJRYHUQRHVRFLHGDGHFLYLOSDUDSUHYHQLUHHUUDGLFDUWRGDVDVIRUPDVGH WUDEDOKRLQIDQWLOHDVVHJXUDUDSURWHomRDRDGROHVFHQWHWUDEDOKDGRU´ 2 IyUXP REMHWLYD HQWUHJDU j VRFLHGDGH SURGXWRV H VHUYLoRV FRPR ³D DUWLFXODomR GH HVIRUoRV GHEDWHV PRELOL]Do}HV FDPSDQKDV H IRUQHFHU VXSRUWH SDUD UHGH GH SURWHomR j FULDQoD H DR DGROHVFHQWH HP TXHVW}HV UHODFLRQDGDV j SUHYHQomR H HUUDGLFDomR GR WUDEDOKR LQIDQWLO´ 6HQGRDVVLPRIyUXPSRVVXLFRPRILQDOLGDGH )RPHQWDUDo}HVSROtWLFDVTXHSURPRYDPDSUHYHQomRHHUUDGLFDomRGRWUDEDOKRLQIDQWLO )RPHQWDURFRQWUROHVRFLDOHDFRPSDQKDPHQWRGDVDo}HVUHODFLRQDGDVDRWHPDWUDEDOKRLQIDQWLO (VWLPXODUDLQWHJUDomRGHSURJUDPDVHDo}HVGHHQIUHQWDPHQWRDRWUDEDOKRLQIDQWLO 5HDOL]DUGLVFXVV}HVFRQVWUXLUFRQVHQVRVHGHILQLUHVWUDWpJLDVHDo}HVGHSUHYHQomRHHUUDGLFDomRGRWUDEDOKRLQIDQWLO 'LYXOJDU LQIRUPDo}HV ERDV SUiWLFDV HVWXGRV SHVTXLVDV GLDJQyVWLFRV HQWUH RXWURV GDGRV UHIHUHQWHV j SUHYHQomR H HUUDGLFDomR GR WUDEDOKRLQIDQWLO 'HIHQGHUDJDUDQWLDGRVGLUHLWRVIXQGDPHQWDLVHKXPDQRVGHFULDQoDVHDGROHVFHQWHVHDSURWHomRFRQWUDRWUDEDOKRLQIDQWLO )RPHQWDURIRUWDOHFLPHQWRGDUHGHGHSUHYHQomRHQIUHQWDPHQWRHGHDWHQGLPHQWRDFULDQoDVHDGROHVFHQWHVYtWLPDVGHWUDEDOKRLQIDQWLO &RPXPDFRPSRVLomRTXDGULSDUWLWH2)(3(7,pFRQVWLWXtGRSRUHQWLGDGHVWHQGRUHSUHVHQWDQWHVGHJRYHUQRVGDVRFLHGDGHFLYLOGH HPSUHJDGRUHVHGHWUDEDOKDGRUHV 7ULEXQDO5HJLRQDOGR7UDEDOKR5HJLmR757 3URFXUDGRULD5HJLRQDOGR7UDEDOKR5HJLmR357 7ULEXQDOGH-XVWLoDGH0DWR*URVVR7-07 0LQLVWpULR3~EOLFRGR7UDEDOKR037 0LQLVWpULRGR7UDEDOKR(VWDGXDO07( 2UGHPGRV$GYRJDGRVGR%UDVLO2$% 6XSHULQWHQGrQFLD5HJLRQDOGR7UDEDOKRH(PSUHJR657( 6HFUHWDULDGH7UDEDOKRH$VVLVWrQFLD6RFLDO6(7$6 6HFUHWDULDGH-XVWLoDH'LUHLWRV+XPDQRV6(-8'+ &RRUGHQDGRULD(VWDGXDO'H3ROLWLFDV6REUH'URJDVGH0DWR*URVVR&2(6' 6HFUHWDULDGH6D~GHGH0DWR*URVVR6(6&HQWURVGH5HIHUrQFLDV(VSHFLDOL]DGRVHP6D~GHGR7UDEDOKDGRU&HUHVWH(VWDGXDOH 5HJLRQDO 6HFUHWDULDGH(VWDGRGH(GXFDomR6('8& 6HFUHWDULD0XQLFLSDOGH(GXFDomR60( 6HFUHWDULD0XQLFLSDO$VVLVWrQFLD6RFLDOH'HVHQYROYLPHQWR+XPDQR60$6'+ 6HFUHWDULD0XQLFLSDOGH$VVLVWrQFLD6RFLDOH7UDEDOKR )HGHUDomRGDV,QG~VWULDVGH0DWR*URVVR),(07 6LVWHPD1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$, )HGHUDomRGR&RPpUFLRGH0DWR*URVVR)(&20e5&,26(1$& &HQWUDOÒQLFDGRV7UDEDOKDGRUHV&87 6LQGLFDWRGRV3URIHVVRUHVGD5HGH3~EOLFD6,17(3 &RQVHOKR(VWDGXDOGH'HIHVDGRV'LUHLWRVGD&ULDQoDHGR$GROHVFHQWHGH0DWR*URVVR&('&$ &RQVHOKR0XQLFLSDOGRV'LUHLWRVGD&ULDQoDH$GROHVFHQWH&0'&$ &RQVHOKR0XQLFLSDOGH$VVLVWrQFLD6RFLDOGH&XLDEi±0760$6'+ $VVRFLDomRGRV&RQVHOKHLURV7XWHODUHVGR(VWDGRGH0DWR*URVVR$&707 2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR±2,7 )RWR&DUWmRYHUPHOKRSDUDRWUDEDOKRLQIDQWLO'LD0XQGLDOGH&RPEDWHDRWUDEDOKRLQIDQWLO(VWiGLR'XWULQKD /(*,6/$d2(&219(1d®(6 $OXWDFRQWUDRWUDEDOKRLQIDQWLOVHLQWHQVLILFRXQDV~OWLPDVWUrVGpFDGDV'XUDQWHHVWHSHUtRGRR%UDVLOYLYHRGHVDILRGHWUDQVIRUPDUR SHQVDPHQWR GH SDUWH GD SRSXODomR TXH DWp HQWmR FRQVLGHUDYD R WUDEDOKR LQIDQWLO FRPR SRVLWLYR LJQRUDQGR R SHUYHUVR OHJDGR VRFLDO TXH HVWi UHODFLRQDGRFRPDVXDH[LVWrQFLD 'LYHUVRVGRFXPHQWRVLQWHUQDFLRQDLVGRVTXDLVR%UDVLOpVLJQDWiULREHPFRPROHJLVODo}HVQDFLRQDLVDVVHJXUDUDPDGHIHVDGDFULDQoDH GRDGROHVFHQWHDH[HPSORGD&RQYHQomRGDV1Do}HV8QLGDV6REUHRV'LUHLWRVGD&ULDQoD$GRWDGDSHOD$VVHPEOHLD*HUDOGDV1Do}HV8QLGDV HPGHQRYHPEURGHHVWHGRFXPHQWRHVWDEHOHFHQRDUWTXHQmRVHUiSHUPLWLGRQHQKXPWLSRGHH[SORUDomRHFRQ{PLFDGDFULDQoDDWp RV DQRV FRQVLGHUDQGR FRPR H[SORUDomR TXDOTXHU HVSpFLH GH WUDEDOKR TXH SUHMXGLTXH D HVFRODULGDGH EiVLFD &DEH GHVWDFDU WDPEpP D &RQYHQomR H D 5HFRPHQGDomR GD 2UJDQL]DomR ,QWHUQDFLRQDO GR 7UDEDOKR ± 2,7 TXHWUDWDPVREUH D 3URLELomR GDV 3LRUHV )RUPDV GH 7UDEDOKR,QIDQWLOHD$omR,PHGLDWDSDUDVXD(OLPLQDomR(VVHVGRLV~OWLPRVGRFXPHQWRVIRUDPKRPRORJDGRVSHORJRYHUQR%UDVLOHLURSHOR'HFUHWR QRGHGHVHWHPEURGH $&RQVWLWXLomR)HGHUDOGHDUWGHWHUPLQDTXHVmRGHYHUHVGDIDPtOLDGDVRFLHGDGHHGR(VWDGR³$VVHJXUDUjFULDQoDHDR DGROHVFHQWHFRPDEVROXWDSULRULGDGHRGLUHLWRjYLGDjVD~GHjDOLPHQWDomRjHGXFDomRDROD]HUjSURILVVLRQDOL]DomRjFXOWXUDjGLJQLGDGH DRUHVSHLWRjOLEHUGDGHHjFRQYLYrQFLDIDPLOLDUHFRPXQLWiULDDOpPGHFRORFiORVDVDOYRGHWRGDIRUPDGHQHJOLJrQFLDGLVFULPLQDomRH[SORUDomR YLROrQFLDFUXHOGDGH H RSUHVVmR´ -i R DUW LQFLVR ;;;,,, DOWHUDGR SHOD (PHQGD Q GH GH GH]HPEUR GH HVWDEHOHFHFRPR LGDGH PtQLPDGHDQRVSDUDRLQJUHVVRQRPHUFDGRGHWUDEDOKRH[FHWRQDFRQGLomRGHDSUHQGL]DSDUWLUGRVDQRV 2XWUDOHJLVODomRTXHDERUGDHVWiWHPiWLFDpR(VWDWXWRGD&ULDQoDHGR$GROHVFHQWH±(&$/HLQGHGHMXOKRGHTXH QR&DSLWXOR9WUDWDGRRGLUHLWRjSURILVVLRQDOL]DomRHjSURWHomRGRDGROHVFHQWHWUDEDOKDGRU $UWeSURLELGRTXDOTXHUWUDEDOKRDPHQRUGHTXDWRU]HDQRVGHLGDGHVDOYRQDFRQGLomRGHDSUHQGL] $UW$SURWHomRDRWUDEDOKRGRVDGROHVFHQWHVpUHJXODGDSRUOHJLVODomRHVSHFLDOVHPSUHMXt]RGRGLVSRVWRQHVWD/HL $UW &RQVLGHUDVH DSUHQGL]DJHP D IRUPDomR WpFQLFRSURILVVLRQDO PLQLVWUDGD VHJXQGR DV GLUHWUL]HV H EDVHV GD OHJLVODomR GH HGXFDomRHPYLJRU $UW$IRUPDomRWpFQLFRSURILVVLRQDOREHGHFHUiDRVVHJXLQWHVSULQFtSLRV ,JDUDQWLDGHDFHVVRHIUHTXrQFLDREULJDWyULDDRHQVLQRUHJXODU ,,DWLYLGDGHFRPSDWtYHOFRPRGHVHQYROYLPHQWRGRDGROHVFHQWH ,,,KRUiULRHVSHFLDOSDUDRH[HUFtFLRGDVDWLYLGDGHV $UW$RDGROHVFHQWHDWpTXDWRU]HDQRVGHLGDGHpDVVHJXUDGDEROVDGHDSUHQGL]DJHP $UW$RDGROHVFHQWHDSUHQGL]PDLRUGHTXDWRU]HDQRVVmRDVVHJXUDGRVRVGLUHLWRVWUDEDOKLVWDVHSUHYLGHQFLiULRV $UW$RDGROHVFHQWHSRUWDGRUGHGHILFLrQFLDpDVVHJXUDGRWUDEDOKRSURWHJLGR $UW $R DGROHVFHQWH HPSUHJDGR DSUHQGL] HP UHJLPH IDPLOLDU GH WUDEDOKR DOXQR GH HVFROD WpFQLFD DVVLVWLGR HP HQWLGDGH JRYHUQDPHQWDORXQmRJRYHUQDPHQWDOpYHGDGRWUDEDOKR ϭ ƌĂƐŝů͘WůĂŶŽEĂĐŝŽŶĂůĚĞWƌĞǀĞŶĕĆŽĞƌƌĂĚŝĐĂĕĆŽĚŽdƌĂďĂůŚŽ/ŶĨĂŶƚŝůĞWƌŽƚĞĕĆŽĚŽĚŽůĞƐĐĞŶƚĞdƌĂďĂůŚĂĚŽƌ͘ WůĂŶŽEĂĐŝŽŶĂůĚĞWƌĞǀĞŶĕĆŽĞƌƌĂĚŝĐĂĕĆŽĚŽdƌĂďĂůŚŽ/ŶĨĂŶƚŝůĞWƌŽƚĞĕĆŽĚŽĚŽůĞƐĐĞŶƚĞdƌĂďĂůŚĂĚŽƌͬŽŵŝƐƐĆŽEĂĐŝŽŶĂůĚĞ ƌƌĂĚŝĐĂĕĆŽĚŽdƌĂďĂůŚŽ/ŶĨĂŶƚŝů͘ʹϮ͘ĞĚ͘ʹƌĂƐşůŝĂ͗DŝŶŝƐƚĠƌŝŽĚŽdƌĂďĂůŚŽĞŵƉƌĞŐŽ͕ϮϬϭϭ͘ ,QRWXUQRUHDOL]DGRHQWUHDVYLQWHHGXDVKRUDVGHXPGLDHjVFLQFRKRUDVGRGLDVHJXLQWH ,,SHULJRVRLQVDOXEUHRXSHQRVR ,,,UHDOL]DGRHPORFDLVSUHMXGLFLDLVjVXDIRUPDomRHDRVHXGHVHQYROYLPHQWRItVLFRSVtTXLFRPRUDOHVRFLDO ,9UHDOL]DGRHPKRUiULRVHORFDLVTXHQmRSHUPLWDPDIUHTXrQFLDjHVFROD $UW 2 SURJUDPD VRFLDO TXH WHQKD SRU EDVH R WUDEDOKR HGXFDWLYR VRE UHVSRQVDELOLGDGH GH HQWLGDGH JRYHUQDPHQWDO RX QmR JRYHUQDPHQWDO VHP ILQV OXFUDWLYRV GHYHUi DVVHJXUDU DR DGROHVFHQWH TXH GHOH SDUWLFLSH FRQGLo}HV GH FDSDFLWDomR SDUD R H[HUFtFLR GH DWLYLGDGHUHJXODUUHPXQHUDGD (QWHQGHVHSRUWUDEDOKRHGXFDWLYRDDWLYLGDGHODERUDOHPTXHDVH[LJrQFLDVSHGDJyJLFDVUHODWLYDVDRGHVHQYROYLPHQWRSHVVRDO HVRFLDOGRHGXFDQGRSUHYDOHFHPVREUHRDVSHFWRSURGXWLYR $UHPXQHUDomRTXHRDGROHVFHQWHUHFHEHSHORWUDEDOKRHIHWXDGRRXDSDUWLFLSDomRQDYHQGDGRVSURGXWRVGHVHXWUDEDOKRQmR GHVILJXUDRFDUiWHUHGXFDWLYR $UW2DGROHVFHQWHWHPGLUHLWRjSURILVVLRQDOL]DomRHjSURWHomRQRWUDEDOKRREVHUYDGRVRVVHJXLQWHVDVSHFWRVHQWUHRXWURV ,UHVSHLWRjFRQGLomRSHFXOLDUGHSHVVRDHPGHVHQYROYLPHQWR ,,FDSDFLWDomRSURILVVLRQDODGHTXDGDDRPHUFDGRGHWUDEDOKR $/HLGD$SUHQGL]DJHP/HLQGHGHGH]HPEURGHDOWHURXD&RQVROLGDomRGDV/HLVGR7UDEDOKR±&/7GHQWUHRVDUWLJRV PRGLILFDGRVGHVWDFDVHRDUWLJRTXHSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR $UWeSURLELGRTXDOTXHUWUDEDOKRDPHQRUHVGHGH]HVVHLVDQRVGHLGDGHVDOYRQDFRQGLomRGHDSUHQGL]DSDUWLUGRVTXDWRU]HDQRV 3DUiJUDIR ~QLFR 2 WUDEDOKR GR PHQRU QmR SRGHUi VHU UHDOL]DGR HP ORFDLV SUHMXGLFLDLV j VXD IRUPDomR DR VHX GHVHQYROYLPHQWR ItVLFR SVtTXLFRPRUDOHVRFLDOHHPKRUiULRVHORFDLVTXHQmRSHUPLWDPDIUHTXrQFLDjHVFROD 7RGRVRVGLUHLWRVDVVHJXUDGRVSHOR(&$HVWmROLJDGRVDR6LVWHPDGH*DUDQWLDGH'LUHLWRVTXHWHPSRUIXQomRGHVHQYROYHUSROtWLFDVGH FRPEDWHDRWUDEDOKRLQIDQWLOHGHSURWHomRDRDGROHVFHQWHWUDEDOKDGRU(VVHVLVWHPDIXQFLRQDQDVHVIHUDVIHGHUDOHVWDGXDOHPXQLFLSDODWUDYpV GRVFRQVHOKRVGHGLUHLWRV 8P GRV ~OWLPRV DYDQoRV DOFDQoDGRV GHQWUR GR kPELWR OHJLVODWLYR IRL FRQTXLVWDGR FRP D KRPRORJDomR GR 'HFUHWR 1 GH GH -XQKRGHTXHUHJXODPHQWDRVDUWLJRVDOtQHD³G´HGD&RQYHQomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR±2,7TXHWUDWDGD SURLELomRGDVSLRUHVIRUPDVGHWUDEDOKRLQIDQWLOHDomRLPHGLDWDSDUDVXDHOLPLQDomR1HVWHGHFUHWRILFRHVWDEHOHFLGRTXH $UW3DUDILQVGHDSOLFDomRGDVDOtQHDV³D´³E´H³F´GRDUWLJRGD&RQYHQomRGD2,7LQWHJUDPDVSLRUHVIRUPDVGHWUDEDOKRLQIDQWLO , WRGDV DV IRUPDV GH HVFUDYLGmR RX SUiWLFDV DQiORJDV WDLV FRPR YHQGD RX WUiILFR FDWLYHLUR RX VXMHLomR SRU GtYLGD VHUYLGmR WUDEDOKR IRUoDGRRXREULJDWyULR ,, D XWLOL]DomR GHPDQGD RIHUWD WUiILFR RX DOLFLDPHQWR SDUD ILQV GH H[SORUDomR VH[XDO FRPHUFLDO SURGXomR GH SRUQRJUDILD RX DWXDo}HV SRUQRJUiILFDV ,,,DXWLOL]DomRUHFUXWDPHQWRHRIHUWDGHDGROHVFHQWHSDUDRXWUDVDWLYLGDGHVLOtFLWDVSDUWLFXODUPHQWHSDUDDSURGXomRHWUiILFRGHGURJDVH ,9RUHFUXWDPHQWRIRUoDGRRXFRPSXOVyULRGHDGROHVFHQWHSDUDVHUXWLOL]DGRHPFRQIOLWRVDUPDGRV 7RGDYLD PHVPR FRP WRGR R DSDUDWR OHJDO FRQVROLGDGR D 3HVTXLVD 1DFLRQDO SRU $PRVWUD GH 'RPLFtOLRV 31$',%*( GH GHPRQVWUD TXH QR SDtV DLQGD H[LVWHP DSUR[LPDGDPHQWH PLOK}HV GH PHQLQRV H PHQLQDV GH D DQRV WUDEDOKDQGR SDUD DMXGDU D FRPSOHPHQWDUDUHQGDIDPLOLDU'HQWUHHVWHS~EOLFRPLOKDUHVGHFULDQoDVHDGROHVFHQWHFRQWLQXDPH[SRVWDVDVSLRUHVIRUPDVGHWUDEDOKRLQIDQWLO PRVWUDQGRDVVLPTXHDLQGDH[LVWHXPJUDQGHGHVDILRSDUDVHUHQIUHQWDQGR )RWR$SUHVHQWDomRGRFRUDOLQIDQWLOGXUDQWHR'LD&RQWUDR7UDEDOKR,QIDQWLO$UHQD3DQWDQDO 3$125$0$'275$%$/+2,1)$17,/(00$72*52662 2WUDEDOKRLQIDQWLOHVWiUHODFLRQDGRDXPDVpULHGHIDWRUHV'HVWHVGHVWDFDVHDFXOWXUDGDVRFLHGDGHHPUHODomRjWROHUkQFLDDRWUDEDOKR LQIDQWLOFRPRXPDGDVJUDQGHVGLILFXOGDGHVDVHUHPHQIUHQWDGDV,QIHOL]PHQWHDLQGDH[LVWHPSHVVRDVTXHXWLOL]DPDUJXPHQWRVFRPR³DQWHVHVWDU WUDEDOKDQGRGRTXHURXEDQGR´RX³DQWHVHVWDUWUDEDOKDQGRGRTXHSDVVDQGRIRPH´DILUPDo}HVLQYHUtGLFDVTXHWUD]HPXPDFDUJDSHUYHUVDHTXH IDOVDPHQWHVXJHUHPTXHDV~QLFDVDOWHUQDWLYDVSDUDHVWDVFULDQoDVHDGROHVFHQWHVVHMDPHVWHVFDPLQKRV $V FRQVHTXrQFLDV GR WUDEDOKR LQIDQWLO WUD]HP UHIOH[RV SDUD WRGD D YLGD QR FRUSR H QD PHQWH GDV YtWLPDV 1D VRFLHGDGH SRGHPRV UHODFLRQDU HVVH IHQ{PHQR FRP PXLWRV SUREOHPDV VRFLDLV H[LVWHQWHV FRPR D HYDVmR HVFRODU TXH QR IXWXUR SRGHP VLJQLILFDU VDOiULRV EDL[RV H FRQGLo}HVVRFLDLVSUHFiULDV2SRQWRPDLVFUtWLFRGHVWHFHQiULRpTXHHVWDVLWXDomRVRFLDODFDEDVHQGRSDVVDGDDRORQJRGDVJHUDo}HVFULDQGR XPFLFORVRFLDOIDPLOLDUGHJUDGDQWHTXHOHYDDSHUSHWXDomRGRWUDEDOKRLQIDQWLO Ϯ ĞĐƌĞƚŽĞŵŶĞdžŽ $OXWDFRQWUDRWUDEDOKRLQIDQWLOWHPDYDQoDGRQRHVWDGRGH0DWR*URVVRFRQWXGRIDWRUHVFRPRDGLPHQVmRWHUULWRULDODIDOWDGH FRQKHFLPHQWRGDOHJLVODomRDIDOWDGHFRQKHFLPHQWRVREUHDVFRQVHTXrQFLDVGRWUDEDOKRLQIDQWLOGLILFXOGDGHVSDUDTXHDVSROtWLFDVDWLQMDPR S~EOLFRPDLVQHFHVVLWDGRILVFDOL]DomRLQVXILFLHQWHHGLILFXOGDGHGHILVFDOL]DUSULQFLSDOPHQWHRVHPSUHHQGLPHQWRVLQIRUPDLVGHILFLrQFLDHHP DOJXQV FDVRV DXVrQFLD GH SROtWLFDV GH FRQWUD WXUQR HVFRODU H GHVLJXDOGDGHV HFRQ{PLFDV H VRFLDLV HQWUH DV UHJL}HV H PXQLFtSLRV GH 0DWR *URVVR e SUHFLVR DYDQoDU QR GHVHQYROYLPHQWR GDV SROtWLFDV H HVWUXWXUDV GR HVWDGR TXH SRVVLELOLWHP D JDUDQWLD GH GLUHLWRV H SURSRUFLRQHP D DGHTXDGDWUDQVLomRHVFRODWUDEDOKRSDUDRS~EOLFRLQIDQWRMXYHQLOHDOpPGHUHDOL]DUDDXWRQRPLDGDIDPtOLDSRUPHLRGDLQFOXVmRVyFLRSURGXWLYD 3DUDTXHRSUREOHPDVHMDPHOKRUFRPSUHHQGLGRVHUmRDSUHVHQWDGRVDVHJXLUDOJXQVGDGRV 1RDQRGHD3HVTXLVD1DFLRQDOSRU$PRVWUDGH'RPLFtOLRV31$'HVWLPRXTXHQDVHPDQDGHUHIHUrQFLDGDSHVTXLVDQR%UDVLO GDVFULDQoDVHQWUHDDQRVH[HUFHUDPDOJXPWLSRGHRFXSDomRQDVIDL[DVHWiULDVVHJXLQWHVDSHVTXLVDDSRQWRXRVVHJXLQWHVQ~PHURV HQWUHDDQRVHQWUHDDQRVHQRJHUDOQDIDL[DHWiULDGHDDRFXSDomRGHFULDQoDVHDGROHVFHQWHVHUDGH $PHVPDSHVTXLVDDSRQWRXTXHHP0DWR*URVVRPLOSHVVRDVFRPLGDGHHQWUHHDQRVHQFRQWUDYDPVHRFXSDGDVVHQGRDPDLRULDGHODV KRPHQV7DEHOD, 1tYHOGHRFXSDomR )DL[DHWiULD D D 0DWR*URVVR +RPHP0DWR*URVVR 0XOKHU0DWR*URVVR 7DEHOD,1tYHOGHRFXSDomRHP0DWR*URVVRFRQIRUPHD31$' D 2V Q~PHURV HP WRGDV DV IDL[DV HWiULDV VXSHUDP D PHGLD QDFLRQDO GHQWUR GR HVWDGR H[LVWHP WDPEpP PXLWDV DVVLPHWULDV HQWUH RV PXQLFtSLRVHPUHODomRDVLWXDomRGRWUDEDOKRLQIDQWLO&RQIRUPHR&(162GHGRVPXQLFtSLRVGHOHVSRVVXHPtQGLFHVGHQWUHH GH RFXSDomR SDUD FULDQoDV HQWUH H DQRV HP GHVWHV PXQLFtSLRV RV tQGLFHV HVWmR HQWUH H HP PXQLFtSLRV RV GDGRV DSUHVHQWDGRVHVWmRHQWUHHHPFLQFRFDVRVRVtQGLFHVHVWmRHQWUHHHQRVFDVRVGRVPXQLFtSLRVGH5HVHUYDGR&DEDoDOH 7HUUD1RYDGR1RUWHDRFXSDomRGHFULDQoDVHQWUHHDQRVVXSHUDRVRXVHMDDRPHQRVHPFDGDFULDQoDVHVWmRWUDEDOKDQGR $UHDOL]DomRGDDGHTXDGDWUDQVLomRHVFRODWUDEDOKRpXPGRVGHVDILRVH[LVWHQWHVQRHVWDGRGH0DWR*URVVRRVQ~PHURVEHPDFLPDGD PpGLDQDFLRQDOGHFULDQoDVHDGROHVFHQWHVRFXSDGDVUHJLVWUDGRVSHOD31$'SDUDDVIDL[DVHWiULDVGHDHGHDDQRVDVVRFLDGRV FRPRDOWRtQGLFHGHDFLGHQWHVGHWUDEDOKRUHJLVWUDGRVSDUDHVWDVIDL[DVHWiULDVGHPRQVWUDPTXHpSUHFLVRGHVHQYROYHUSROtWLFDVHVSHFtILFDVSDUD HVWHS~EOLFR 2 5HODWyULR GD &RPLVVmR GH ,QTXpULWR 3DUODPHQWDU &3, FRQVWUXtGR DWUDYpV GH GHEDWHV UHDOL]DGRV SHOD &kPDUD GRV 'HSXWDGRV DSUHVHQWRXGDGRVGD31$'GHVWDFDQGRRSHUILOGRVWUDEDOKDGRUHVLQIDQWRMXYHQLV6HJXQGRHVWHVHVWXGRVQDGDWDGHUHIHUrQFLDGD SRSXODomRMRYHPRFXSDGDpKRPHPHVmRPXOKHUHVRUHQGLPHQWRPpGLRPHQVDOIDPLOLDUSHUFDSLWDGRVWUDEDOKDGRUHVRFXSDGRVpGH5 UHDLV 5 GH D DQRV 5 GH RX DQRV H 5 GH RX DQRV R UHQGLPHQWR PpGLR PHQVDO GR RFXSDGR VDOiULRpGH5UHDLV5GHDDQRV5GHRXDQRV5GHRXDQRVDMRUQDGDPpGLDVHPDQDKRUDV GH WUDEDOKR HUD GH DWp KRUDV SDUD GH D KRUDV H WUDEDOKDYDP KRUDV RX PDLV H GHQWUH HVWDV FULDQoDV H DGROHVFHQWHVIUHTXHQWDYDPDHVFRODGHDDQRVGHRXDQRVHGHRXDQRV 3DUDFRPSUHHQGHUPHOKRURFHQiULRTXHHQYROYHRWUDEDOKRLQIDQWLORHVWDGRUHDOL]RXHPHXPGLDJQyVWLFR1HVWHHVWXGRR HVWDGRIRLVXEGLYLGLGRHPVHWHPHVRUUHJL}HV7DEHOD,, &RPEDVHQHVWHSDQRUDPDpSRVVtYHOLGHQWLILFDUTXHRWUDEDOKRLQIDQWLOVHPROGDFRQIRUPHDVFDUDFWHUtVWLFDVHFRQ{PLFDVUHJLRQDLVWRGD YLD HVWi SUHVHQWH GHVGH FLGDGHV HP SOHQR GHVHQYROYLPHQWR HFRQ{PLFR DWp QDV FLGDGHV GH HFRQRPLD HVYDtGD 2V GDGRV GHPRQVWUDP TXH HQTXDQWR QDV PHVRUUHJL}HV 1RURHVWH 1RUGHVWH H 1RUWH SUHGRPLQDP R WUDEDOKR UXUDO OLJDGR DV DWLYLGDGHV H[WUDWLYLVWDV H DJURSHFXiULDV QDV PHVRUUHJL}HV0pGLR1RUWH2HVWHH6XGHVWHGHYLGRDHVWDUHPVLWXDGDVQRVHL[RVGHHVFRDPHQWRGRHVWDGRDUHSDUDomRGHYHtFXORVSDVVDDVHU DSULQFLSDODWLYLGDGHRQGHVHHQFRQWUDRWUDEDOKRLQIDQWLO-iQDPHVRUUHJLmR6XOGHYLGRjGLYHUVLGDGHHFRQ{PLFDRWUDEDOKRLQIDQWLOpHQFRQWUDGR HPLQ~PHUDVDWLYLGDGHV 2 WUDEDOKR LQIDQWLO p GHVHQYROYLGR SULQFLSDOPHQWH QR kPELWR GRPpVWLFR RX HP HPSUHVDV GH SHTXHQR SRUWH 3RU HIHLWR GH RIHUWD R WHUULWyULR DSUHVHQWD FRQWUDGLo}HV H[SOtFLWDV TXDQGR SRVVXL GHVHPSUHJR DEHUWR FRP RIHUWD GH HPSUHJR H p H[DWDPHQWH QHVVHV FDVRV TXH VH PRWLYDPDVRFXSDo}HVPDLVSHULJRVDVHDVPDLVGHJUDGDQWHVTXHYmRGHVGHRWUDEDOKRFRPRSHTXHQRVWUDILFDQWHVDWpRVSHULJRVRVVHUYLoRVQDV LQG~VWULDVFHUkPLFDVHQDFRQVWUXomRFLYLOGHUHVLGrQFLDVHGHUHIRUPDVGRPpVWLFD 5HJLmR ?VHWRU 1RURHVWH 1RUWH $JURSHFXiULD ,QG~VWULD 5HSDUDomR GHYHtFXORV &RQVWUXomR FLYLO $ORMDPHQWRH $OLPHQWDomR 6HUYLoRV 'RPpVWLFRV 2XWUDV $WLYLGDGHV ϯ ŝĂŐŶŽƐƚŝĐŽĚŽdƌĂďĂůŚŽ/ŶĨĂŶƚŝůĞŵDĂƚŽ'ƌŽƐƐŽ͕ϮϬϭϮͲϮϬϭϯ͕^ĞĐƌĞƚĂƌŝĂĚĞƐƚĂĚŽĚĞdƌĂďĂůŚŽĞƐƐŝƐƚġŶĐŝĂ^ŽĐŝĂů͕ϮϬϭϯ͘ dĞdžƚŽƌĞƚŝƌĂĚŽĚŽŝĂŐŶŽƐƚŝĐŽĚŽdƌĂďĂůŚŽ/ŶĨĂŶƚŝůĞŵDĂƚŽ'ƌŽƐƐŽ͕ϮϬϭϮͲϮϬϭϯ͕^ĞĐƌĞƚĂƌŝĂĚĞƐƚĂĚŽĚĞdƌĂďĂůŚŽĞƐƐŝƐƚġŶĐŝĂ ^ŽĐŝĂů͕ϮϬϭϯ͘ ϱ EŽƌŽĞƐƚĞ͗ƌŝƉƵĂŶĆ͕ƌĂƐŶŽƌƚĞ͕ĂƐƚĂŶŚĞŝƌĂ͕ŽůŶŝnjĂ͕ŽƚƌŝŐƵĂĕƵ͕:ƵĂƌĂ͕:ƵŝŶĂ͕:ƵƌƵĞŶĂ͕EŽǀŽ,ŽƌŝnjŽŶƚĞĚŽEŽƌƚĞ͕WŽƌƚŽĚŽƐ 'ĂƵĐŚŽƐ͕ZŽŶĚŽůąŶĚŝĂĞdĂďĂƉŽƌĂ͖ ϲ EŽƌƚĞ͗ůƚĂ&ůŽƌĞƐƚĂ͕ƉŝĂĐĄƐ͕ĂƌůŝŶĚĂ͕ŽůŝĚĞƌ͕'ƵĂƌĂŶƚĆĚŽEŽƌƚĞ͕/ƚĂƷďĂ͕DĂƌĐĞůąŶĚŝĂ͕DĂƚƵƉĂ͕EŽǀĂĂŶĚĞŝƌĂŶƚĞƐ͕EŽǀŽ ĂŶĂĆĚŽEŽƌƚĞ͕EŽǀĂ'ƵĂƌŝƚĂ͕EŽǀĂDŽŶƚĞsĞƌĚĞ͕EŽǀĂ^ĂŶƚĂ,ĞůĞŶĂ͕EŽǀŽDƵŶĚŽ͕WĂƌĂŶĂşƚĂ͕WĞŝdžŽƚŽĚĞnjĞǀĞĚŽĞdĞƌƌĂ EŽǀĂĚŽEŽƌƚĞ͖ ϰ 1RUGHVWH 0pGLR1RUWH 2HVWH 6XO 6XGHVWH 7DEHOD,,'LDJQyVWLFRGR7UDEDOKR,QIDQWLOHP0DWR*URVVR $VYtWLPDVGRWUDEDOKRLQIDQWLOVmRPDLVFRPXPHQWHGHIDPtOLDVGHEDL[DUHQGDFRQIRUPHGHPRQVWURXRVGDGRVDSUHVHQWDGRVSHOD&3, FLWDGRVDFLPDQHVWHWH[WR$7DEHOD,,,TXHDSUHVHQWDDUHQGDIDPLOLDUHRSHUFHQWXDOGHSHVVRDVHPVLWXDomRGH7UDEDOKR,QIDQWLOFRPD$QRV 0DWR*URVVR7RWDOGH3HVVRDVHFRP0DUFDomRGH7UDEDOKR,QIDQWLOFRPD$QRVGH,GDGH,QVFULWDVQR &DG8QLFR6HJXQGRR3HUILOGH5HQGD)DPLOLDUSRU3HVVRD-XQKR )DL[DGD5HQGD)DPLOLDUSRU 3HVVRD 7RWDO 3HVVRDFRP0DUFDomRGH7UDEDOKR ,QIDQWLO 3HVVRDHP7UDEDOKR ,QIDQWLO $Wp5 (QWUH5DWp5 (QWUH5DWp60 $FLPDGH60 7RWDO 7DEHOD,,,3HUILOGRVMRYHQVHPH[WUHPDSREUH]DHP0DWR*URVVR 2&(162GHGHPRQVWURXWDPEpPXPDJUDQGHGLVSDULGDGHHPUHODomRjGLVWULEXLomRGHUHQGDQRHVWDGRGH 0DWR*URVVRHP HVSHFLDOQRWRFDQWHDH[LVWrQFLDGHIDPtOLDHPFRQGLomRGHH[WUHPDSREUH]D'RVPXQLFtSLRVGHOHVSRVVXHPHQWUHHGDVIDPtOLDV FRPUHQGDSHUFDSLWDGHDWpUHDLVHPPXQLFtSLRVDUHQGDHVWiHQWUHHPXQLFtSLRVHQWUHHQRVPXQLFtSLRVGH&ROQL]D $OWR%RD9LVWD6mR)pOL[GR$UDJXDLD&RWULJXDoXHQWUHHGDVIDPtOLDVHVWmRDEDL[RGDOLQKDGDSREUH]DHQRVPXQLFtSLRVGH-DQJDGDH &DPSLQiSROLVHVWHVQ~PHURVVXSHUDPRVRXVHMDDRPHQRVHPFDGDIDPtOLDVHVWiDEDL[RGDOLQKDGDSREUH]D 2&HQVRGHPRJUiILFRGHGHPRQVWUD7DEHOD9,TXHDLQGDH[LVWHPFULDQoDVHDGROHVFHQWHVIRUDGDVVDODVGHDXODVHTXHHVWmR RFXSDGDV RX VHMD FULDQoDV H DGROHVFHQWHV TXH DR LQYpV GH HVWXGDU HVWmR WUDEDOKDQGR 2 DFHVVR j HGXFDomR p XP GLUHLWR GH WRGD FULDQoD H DGROHVFHQWHV H D HYDVmR HVFRODU SRVVXL XP UHIOH[R PXLWR QHJDWLYR QD YLGD SHVVRD OLPLWDQGR DV RSRUWXQLGDGHV GH WUDEDOKR H HPSUHJR FRQVHTXHQWHPHQWHVXEPHWHQGR R FLGDGmR DPHQRUHV UHPXQHUDo}HV H D XPD SLRU TXDOLGDGH GH YLGD VH FRPSDUDGD FRP SHVVRDV TXH WHP XP QtYHOGHHVFRODULGDGHVXSHULRU *UXSRVGH,GDGH 7RWDO 7RWDO 0DWR*URVVR DDQRV DDQRV DDQRV DQRV DQRV RXDQRV 3HVVRDVGHDQRVRXPDLVGHLGDGH )UHTXrQFLDDHVFROD )UHTXHQWDYDP 1mRIUHTXHQWDYDP 6LWXDomRGHRFXSDomRQD 7RWDO 6LWXDomRGHRFXSDomRQDVHPDQDGH VHPDQDGHUHIHUrQFLD UHIHUrQFLD 2FXSDGDV 1mRRFXSDGDV 2FXSDGDV 1mRRFXSDGDV 7DEHOD9,)RQWH,%*(&HQVR'HPRJUiILFR ϳ EŽƌĚĞƐƚĞ͗EŽǀŽ^ĂŶƚŽŶƚŽŶŝŽ͕WŽƌƚŽůĞŐƌĞĚŽEŽƌƚĞ͕YƵĞƌġŶĐŝĂ͕ZŝďĞŝƌĆŽĂƐĐĂůŚĞŝƌĂ͕^ĂŶƚĂƌƵnjĚŽyŝŶŐƵ͕^ĂŶƚĂdĞƌĞnjŝŶŚĂ͕ ^ĆŽ&ĞůŝnjĚŽƌĂŐƵĂŝĂ͕^ĆŽ:ŽƐĠĚŽyŝŶŐƵ͕^ĞƌƌĂEŽǀĂŽƵƌĂĚĂĞsŝůĂZŝĐĂ͖ ϴ DĠĚŝŽEŽƌƚĞ͗ůĄƵĚŝĂ͕&ĞůŝnjEĂƚĂů͕/ƉŝƌĂŶŐĂĚŽEŽƌƚĞ͕/ƚŚĂŶŚĂŶŐĄ͕>ƵĐĂƐĚŽZŝŽsĞƌĚĞ͕EŽǀĂDĂƌŝŶŐĄ͕EŽǀĂDƵƚƵŵ͕EŽǀĂ hďŝƌĂƚĆ͕^ĂŶƚĂĂƌŵĞŵ͕^ĂŶƚĂZŝƚĂĚŽdƌŝǀĞůĂƚŽ͕^ĆŽ:ŽƐĠĚŽZŝŽůĂƌŽ͕^ŝŶŽƉ͕^ŽƌƌŝƐŽ͕dĂƉƵƌĂŚ͕hŶŝĆŽĚŽ^ƵůĞsĞƌĂ͖ ϵ KĞƐƚĞ͗ƌĂƉƵƚĂŶŐĂ͕ĂŵƉŽEŽǀŽĚŽWĂƌĞĐŝƐ͕ĂŵƉŽƐĚĞ:ƷůŝŽ͕ŽŵŽĚŽƌŽ͕ŽŶƋƵŝƐƚĂĚ͛KĞƐƚĞ͕ƵƌǀĞůĂŶĚŝĂ͕&ŝŐƵĞŝƌŽƉſůŝƐ Ě͛KĞƐƚĞ͕'ůŽƌŝĂĚ͛KĞƐƚĞ͕/ŶĚŝǀĂş͕:ĂƵƌƵ͕>ĂŵďĂƌŝĚ͛KĞƐƚĞ͕DŝƌĂƐƐŽůĚ͛KĞƐƚĞ͕EŽǀĂ>ĂĐĞƌĚĂ͕WŽŶƚĞƐĞ>ĂĐĞƌĚĂ͕WŽƌƚŽƐƉĞƌŝĚŝĆŽ͕ ZĞƐĞƌǀĂĚŽĂďĂĕĂů͕ZŝŽƌĂŶĐŽ͕^ĂůƚŽĚŽĠƵ͕^ĆŽ:ŽƐĠĚŽƐYƵĂƚƌŽDĂƌĐŽƐ͕^ĂƉĞnjĂů͕sĂůĞĚŽ^ĆŽŽŵŝŶŐŽƐĞsŝůĂĞůĂĚĂ ^ĂŶƚşƐƐŝŵĂdƌŝŶĚĂĚĞ͖ ϭϬ ^Ƶů͗EŽǀĂKůŝŵƉŝĂ͕WŽĐŽŶĠ͕WŽƌƚŽƐƚƌĞůĂ͕ZŽƐĄƌŝŽKĞƐƚĞ͕^ĂŶƚŽĨŽŶƐŽ͕^ĂŶƚŽŶƚƀŶŝŽĚŽ>ĞǀĞƌŐĞƌ͕dĂŶŐĂƌĄĚĂ^ĞƌƌĂ͕sĄƌnjĞĂ 'ƌĂŶĚĞ͕ĐŽƌŝnjĂů͕ůƚŽWĂƌĂŐƵĂŝ͕ƌĞŶĄƉŽůŝƐ͕ĂƌĆŽĚĞDĞůŐĂĕŽ͕ĂƌƌĂĚŽƵŐƌĞƐ͕ĄĐĞƌĞƐ͕ŚĂƉĂĚĂĚŽƐ'ƵŝŵĂƌĆĞƐ͕ƵŝĂďĄ͕ ĞŶŝƐĞ͕ŝĂŵĂŶƚŝŶŽ͕:ĂŶŐĂĚĂ͕EŽďƌĞƐ͕EŽƌƚĞůąŶĚŝĂ͕EŽǀĂDĂƌŝůąŶĚŝĂ͕EŽƐƐĂ^ĞŶŚŽƌĂĚŽ>ŝǀƌĂŵĞŶƚŽ͖ ϭϭ ^ƵĚĞƐƚĞ͗ůƚŽƌĂŐƵĂŝĂ͕ůƚŽ'ĂƌĕĂƐ͕ůƚŽdĂƋƵĂƌŝ͕ƌĂŐƵĂŝĂŶĂ͕ƌĂŐƵĂŝŶŚĂ͕ĂƌƌĂĚŽ'ĂƌĕĂƐ͕ĂŵƉŽsĞƌĚĞ͕ŽŵƋƵŝŶŽ͕ 'ĞŶĞƌĂůĂƌŶĞŝƌŽ͕'ƵŝƌĂƚŝŶŐĂ͕/ƚŝƋƵŝƌĂ͕:ĂĐŝĂƌĂ͕:ƵƐĐŝŵĞŝƌĂ͕EŽǀĂƌĂƐŝůąŶĚŝĂ͕EŽǀŽ^ĆŽ:ŽĂƋƵŝŵ͕WĂƌĂŶĂƚŝŶŐĂ͕WĞĚƌĂWƌĞƚĂ͕ WůĂŶĂůƚŽĚĂ^ĞƌƌĂ͕WŽŶƚĂůĚŽƌĂŐƵĂŝĂ͕WŽŶƚĞƌĂŶĐĂ͕WŽdžŽƌĠƵ͕WƌŝŵĂǀĞƌĂĚŽ>ĞƐƚĞ͕ZŝďĞŝƌĆŽnjŝŶŚŽ͕ZŽŶĚŽŶſƉŽůŝƐ͕^ĂŶƚŽŶƚƀŶŝŽ ĚŽ>ĞƐƚĞĞ^ĆŽ:ŽƐĠĚŽWŽǀŽ͘ 2VQ~PHURVIRUQHFLGRVSHOR6LVWHPDGH,QIRUPDomRGH$JUDYRVGH1RWLILFDomR±6,1$1GHPRQVWUDPTXHDLQGDpFRPXPQDVRFLHGDGH RFRUUHUDFLGHQWHVGHWUDEDOKRFRPFULDQoDVHDGROHVFHQWHVHPHVSHFLDOHQWUHHDQRV2VGDGRVDEDL[RDSUHVHQWDHVVHSDQRUDPDGLYLGLGR SRUIDL[DVHWiULDV 'LVWULEXLomRHWiULDGRVDFLGHQWHVGHWUDEDOKRUHJLVWUDGRVSHOD6,1$1HQWUHH-XOKRGH ,GDGH 7RWDO 4XDQWLGDGH 7DEHOD9$FLGHQWHVGHWUDEDOKRHQYROYHQGRFULDQoDVHDGROHVFHQWHVUHJLVWUDGRVSHOD6LVWHPDGH,QIRUPDomRGH$JUDYRVGH1RWLILFDomR 6,1$1HQWUHH-XOKRGH $R WRGR R 6,1$1 UHJLVWURX HQWUH H -XOKR GH XP WRWDO GH DFLGHQWHV GH WUDEDOKR GHQWUH WRGDV DV IDL[DV HWiULDV R SHUFHQWXDOGHDFLGHQWHVFRPFULDQoDVHDGROHVFHQWHVUHSUHVHQWDGRWRWDOGHDFLGHQWHVUHJLVWUDGRVQRSHUtRGR 'HQWH jV FULDQoDV RX DGROHVFHQWHV YtWLPDV GHODV ILFDUDP FRP LQFDSDFLGDGH WHPSRUiULD FRP LQFDSDFLGDGH SDUFLDO FRP LQFDSDFLGDGH WRWDO H HP FDVRV RFRUUHXRyELWR2VDFLGHQWHVRFRUUHUDPSULQFLSDOPHQWHQDUHSDUDomRGHYHtFXORVHQDFRQVWUXomRFLYLOFRQIRUPHD7DEHOD9,-iTXDQGRDQDOLVDGR DGLVWULEXLomRGRVFDVRVSRUPXQtFLSLRVOLGHUDPRUDQNLQJ0DUFHOkQGLD3HL[RWRGR$]HYHGRH6LQRS7DEHOD9,, 3URILVV}HVFRPPDLRULQFLGrQFLDGHDFLGHQWHV 0HFkQLFRGHPDQXWHQomRGHDXWRPyYHLVPRWRFLFOHWDVHYHtFXORVVLPLODUHV (VWXGDQWH (PSUHJDGRGRPpVWLFRQRVVHUYLoRVJHUDLV 6HUYHQWHGHREUDV 0DUFHQHLUR 7UDEDOKDGRUDJURSHFXiULRHPJHUDO 'HVHPSUHJDGRFU{QLFRRXFXMDRFXSDomRKDELWXDOQmRIRLSRVVtYHOREWHU 3HGUHLUR 6HUUDOKHLUR 7UDEDOKDGRUGDH[SORUDomRGHPDGHLUDVWDQDQWHV 7UDEDOKDGRUYRODQWHGDDJULFXOWXUD 6HUUDGRUGHPDGHLUD 9HQGHGRUGHFRPHUFLRYDUHMLVWD $oRXJXHLUR 3DGHLUR $X[LOLDUGHSHVVRDO %RUUDFKHLUR (OHWULFLVWDGHLQVWDODo}HV ,JQRUDGD 9LGUDFHLUR 2XWURV 7DEHOD9,3URILVV}HVH[HUFLGDVSHODVFULDQoDVHDGROHVFHVWHVYLWLPDVGHDFLGHQWHVGHWUDEDOKR)RQWH6LVWHPDGH,QIRUPDomRGH $JUDYRVGH1RWLILFDomR6,1$1HQWUHH-XOKRGH e LPSRUWDQWH UHVVDOWDU TXH RV GDGRV UHODWLYRV D DFLGHQWHV GH WUDEDOKR SRGHP VHU PXLWR SLRUHV TXH RV DSUHVHQWDGRV DFLPD YLVWR TXH DOJXQVFDVRVQmRFKHJDPjUHGHGHVD~GHRXTXDQGRFKHJDPDYLWLPDQmRLQIRUPDRQGHRXFRPRRDFLGHQWHRFRUUHX 2VDFLGHQWHVGHWUDEDOKRRFRUUHPHPJUDQGHSDUWHHPDWLYLGDGHVTXHFRQVWDPQDOLVWDGHSLRUHVIRUPDVGHWUDEDOKRLQIDQWLOGHVWDFDQGR TXHDVFULDQoDVHDGROHVFHQWHVHVWmRHPIDVHGHGHVHQYROYLPHQWRWDQWRGRFRUSRTXHSDVVDSRUXPDVpULHWUDQVIRUPDo}HVDWpFKHJDUjLGDGH DGXOWDFRPRWDPEpPGHIRUPDomRLQWHOHFWXDO6HQGRDVVLPDVFULDQoDVHDGROHVFHQWHVILFDPPXLWRPDLVVXVFHSWtYHLVTXHRVDGXOWRVDDFLGHQWHV GHWUDEDOKR 2VPXQLFtSLRVTXHPDLVWLYHUDPFDVRVUHJLVWUDGRVIRUDP 0XQLFtSLR 0DUFHOkQGLD 3HL[RWR'H$]HYHGR 6LQRS -XtQD 3ULPDYHUD'R/HVWH 5RQGRQySROLV %UDVQRUWH &DPSR9HUGH -XUXHQD *XDUDQWmGR1RUWH 6RUULVR &iFHUHV &DQDUDQD &ROQL]D 0DWXSi 4XDQWLGDGHGHFDVRV 1RYD0XWXP &ROtGHU 6DQWD&DUPHP %DUUDGR%XJUHV 1RYR6mR-RDTXLP 7HUUD1RYD'R1RUWH 8QLmRGR6XO 2XWURV 7DEHOD9,,0XQLFtSLRVFRPPDLRULQFLGrQFLDGHDFLGHQWHVGHWUDEDOKR )RWR$SUHVHQWDomRGR)ODXWD0iJLFDGXUDQWHRGLD&RQWUDR7UDEDOKR,QIDQWLO$UHQD3DQWDQDO 3/$12(67$'8$/ )RUDPGHILQLGRVRLWRHL[RVSULRULWiULRVSDUDRWULrQLR (QIUHQWDPHQWRDRWUDEDOKRLQIDQWLOFRPGHVWDTXHjVSLRUHVIRUPDV $UWLFXODomR GH JHVWRUHV S~EOLFRV H GD VRFLHGDGH FLYLO RUJDQL]DGD SDUD HIHWLYD LPSOHPHQWDomR GDV SROtWLFDV GH SUHYHQomR H HQIUHQWDPHQWRDRWUDEDOKRSUHFRFH &DSDFLWDomRGDUHGHSDUDGHVHQYROYHUDVDo}HVGHSUHYHQomRHQIUHQWDPHQWRHDWHQGLPHQWRjVFULDQoDVHDGROHVFHQWHVYXOQHUiYHLVDR WUDEDOKRLQIDQWLOHjTXHODVTXHMiWLYHUDPVHXVGLUHLWRVYLRODGRV 0RELOL]DomRHVHQVLELOL]DomRGDVRFLHGDGHSDUDRHQIUHQWDPHQWRGDFXOWXUDGHWROHUkQFLDDRWUDEDOKRLQIDQWLO )RUWDOHFLPHQWRGHSROtWLFDVS~EOLFDVTXHSURSRUFLRQHPDDGHTXDGDWUDQVLomRHVFRODWUDEDOKR 0XQLFLSDOL]DomRGDVDo}HVGR)(3(7, )RUWDOHFLPHQWR,QVWLWXFLRQDOGR)(3(7, $QiOLVHHDFRPSDQKDPHQWRGRGHVHQYROYLPHQWRGRSODQR $VHJXLUHVWmRHOHQFDGRVRVREMHWLYRVDomRDWRUHVHQYROYLGRVFURQRJUDPDUHVSRQViYHLVLQGLFDGRUHV HUHVXOWDGRVHVSHUDGRVSDUDFDGD XPDGDVDWLYLGDGHVSUHYLVWDV )RWR$SUHVHQWDomRGHSHoDGHWHDWURQR'LD0XQGLDOGH&RPEDWHDRWUDEDOKRLQIDQWLO3DUTXH0mH%RQLIiFLD (,;2(QIUHQWDPHQWRDRWUDEDOKRLQIDQWLOFRPGHVWDTXHjVSLRUHVIRUPDV 2EMHWLYR $omR $WRUHV(QYROYLGRV &URQRJUDPD 0DSHDU R &RQVWUXLU &('&$ &0'&$V D WUDEDOKR LQIDQWLO LQIRUPDo}HV &5$6 &RQVHOKRV HP WRGR R SDUD IDFLOLWDU D 7XWHODUHV 03 -XL]DGR HVWDGR GH 0DWR EXVFD DWLYD GH GD,QIkQFLDH-XYHQWXGH *URVVR FULDQoDV H 5HVSRQViYHO 6(7$6 &RQVHOKR 7XWHODU 5HVXOWDGR ,QGLFDGRUHV 'LDJQyVWLFR ,QIRUPDo}HV UHDOL]DGR HRX OHYDQWDGDV PDSHDGR EXVFD DWLYD UHDOL]DGD UHODWyULR GHVWDFDQGR DV SLRUHVIRUPDV $UWLFXODU XPD DJHQGD GH WUDEDOKRV ,QWHU VHWRULDO SDUD HUUDGLFDomR GDV SLRUHV IRUPDV GH WUDEDOKR LQIDQWLO 2ULHQWDU D JHVWmR PXQLFLSDO VREUH D SULRUL]DomR GH LQVHULU DV IDPtOLDV FRP DGROHVFHQWHV TXH VH HQFRQWUDP YXOQHUiYHO DR WUDEDOKR LQIDQWLO HjTXHOHVTXHMi WLYHUDP VHXV GLUHLWRVYLRODGRV ,PSODQWDomR &RRUGHQDGRULD GH YLJLOkQFLD VyFLR DVVLVWHQFLDO YROWDGDV j HODERUDomR GH HVWXGRV H GLDJQyVWLFRV VREUH R WUDEDOKR LQIDQWLO SDUD DSRLDU RV 0XQLFtSLRV FRP UHSDVVH SHULyGLFR GH LQIRUPDo}HV $UWLFXODU Do}HV LQWHJUDGDV GDV LQVWLWXLo}HV HQYROYLGDV QR )(3(7, 0XQLFLSDOL]DomR )(3(7, Do}HV FRQWLQXDGDV 3XEOLFLGDGHVGDV $o}HV PDLRU FKDPDPHQWR H HQYROYLPHQWR GD VRFLHGDGH FLYLO RUJDQL]DGD ,QVWLWXLU XP JUXSR GH WUDEDOKR FRPSRVWR SHODV LQVWLWXLo}HV TXH WHP FRPSHWrQFLD OHJDO ILVFDOL]DGRUD SDUD HODERUDomR GH XPD DJHQGD FRQMXQWD EXVFDQGR LQWHQVLILFDU D Do}HV UHSUHVVLYDV FRP IRFR QDV SLRUHV IRUPDV &RQVWUXLU XPD DJHQGD ,QWHU VHWRULDO GH Do}HV 2ULHQWDomR H 0RQLWRUDPHQWR GRV UHJLVWUR GDV Do}HV GHVHQYROYLGDV QRV PXQLFtSLRV SDUD D HUUDGLFDomR GR WUDEDOKRLQIDQWLO HODERUDGR 6(7$6 6(7$6 2EWHU GDGRV FRQILiYHLV VREUH DV QHFHVVLGDGHV GD SRSXODomR VXD GLQkPLFD H VHXWHUULWyULR &RRUGHQDGRULD LPSOHPHQWDGD GDGRV OHYDQWDGRV 03 &('&$ &0'&$V -8,=$'2 '$ ,1)$1&,$ ( -89(178'( 6HWDV 757 6HGXF (QWLGDGHV &RPXQLWiULDV ,PSUHQVD (VFULWD )DODGD 7HOHYLVLRQDGD 3(50$1(17 ( )(3(7, 5HGXomR GR WUDEDOKR LQIDQWLO QDVVXDVSLRUHV IRUPDV 'LPLQXLomR GD (YDVmR (VFRODU PHOKRUHV tQGLFHV HGXFDFLRQDLV FRUUHWD WUDQVLomR HVFRODWUDEDOKR 657( 037 &('&$ 657(H037 5HGXomR GH FULDQoDV H DGROHVFHQWHV VXEPHWLGRV jV SLRUHV IRUPDV GH WUDEDOKR LQIDQWLO 6LVWHPDV IHGHUDLV 03707( 6(7$66('8&6(& (63257( /$6(5 ( &8/785$-867,d$ ',5(,726 +80$126 ( &216(/+26 787(/$5(6 6(7$66$$6668$66( &081,&,3$,6 6(7$6 'HVHQYROYLPHQ WR GH Do}HV ,QWHJUDGDV $JHQGD HODERUDGD Do}HV H[HFXWDGDV 6(7$66$$6668$ 6 7pFQLFRV GH UHIHUHQFLD TXDOLILFDGRV QRVPXQLFtSLRV 7pFQLFRV RULHQWDGRV 'DGRV PRQLWRUDGRV )RUWDOHFHU YtQFXORV IDPLOLDUHV H DPSOLDU WURFDV FXOWXUDLV $PSOLDU DV HVWUDWpJLDV GH UHSUHVVmR DR WUDEDOKRLQIDQWLO (ODERUDomR H DSOLFDomR GH LQVWUXPHQWR GH FROHWDVGHGDGRV VREUH LQFLGrQFLD GH WUDEDOKR LQIDQWLO QRV PXQLFtSLRV 2ULHQWDomR GD HTXLSH GH UHIHUrQFLD QR FDGDVWUDPHQWR GRXVXiULRHVXD IDPtOLD FRP PDUFDomR GH WUDEDOKR LQIDQWLO SUHIHUHQFLDOPHQW H FRP YLVLWD GRPLFLOLDU SDUD YHULILFDU D RV LQIRUPDo}HV (QFDPLQKDPHQW R GDV IDPtOLDV DWHQGLGDV QR &5$6 SHORV VHUYLoRVGH3$), H 6&)9 H &5($6 R VHUYLoR GH 3$(), 0RQLWRUDU H DFRPSDQKDU DV PHWDV GH FRQGLFLRQDOLGDGH V H PHWDV DWXDOL]DomR GH FDGDVWUR GH IDPtOLDV FRP LQFLGrQFLD GH WUDEDOKRLQIDQWLO )RUWDOHFHU D UHGH DVVLVWHQFLDO SULQFLSDOPHQWH R 3URJUDPD 3(7, R 6HUYLoR GH &RQYLYrQFLD H R )RUWDOHFLPHQWR GH9tQFXORV 5HDOL]DU R DFRPSDQKDPHQW R H DQiOLVH GRV FDVRV UHJLVWUDGRV QR 6,1$1 6(7$66$$6668$66( &081,&,3$,6 6(7$66$$6668$ 6 ,QIRUPDo}HV DQDOLVDGDVSDUD SODQHMDPHQWR GH 68$6 GHQWUR GRV SDUkPHWURV GR 31$6 ,QIRUPDo}HV GHVHQYROYLGDV 6(7$66$$6668$6 *(6725(6 081,&,3$,6 ( 7e&1,&26 ± 6(7$66(& 081,&,3$,6 0HOKRUDU DV LQIRUPDo}HV VREUH DV IDPtOLDV GH EDL[DUHQGD (TXLSHV RULHQWDGDV IDPtOLDV FDGDVWUDGDV 6(7$66(& 081,&,3$,6&5$6 &5($6 ± 6(7$66(& 081,&,3$,6 $WHQGLPHQWR LQWHJUDO DV IDPtOLDV )DPtOLDV HQFDPLQKDGDV 6(7$6675*(672 '( %2/6$ )$0,/,$6('8&(6(6 ± 6(7$6675 %2/6$ 0DQWHU )$0,/,$081,&,3$ tQGLFHV 60(606 DVVHJXUDU UHFXUVRV 6(7$6675*(672 '( %2/6$ )$0,/,$6('8&(6(6 ± 6(6 6(-8'+ 6(7$6 03 &('&$ &0'&$V -8,=$'2 '$ ,1)$1&,$ (-89(178'( &ULDomR GD FRPLVVmR GH PRELOL]DomR H DUWLFXODomR GDV LQVWLWXLo}HV SDUD GHVHQYROYHU D UHSUHVVmR H DWHQomRDYLWLPD $UWLFXODU DV LQVWLWXLo}HV GD UHGH H D VRFLHGDGH SDUD DPSOLDU DV GHQXQFLD VREUH RFRUUrQFLDV GH WUDEDOKRLQIDQWLO ( RV H RV )DPtOLDV DFRPSDQKDGDV FRQGLFLRQDOLGDG HVFXPSULGDV 6(7$6 H 6HFUHWDULDV 0XQLFLSDLV GH $VVLVWrQFLDVRFLDO &RPSOHPHQWDU DV Do}HV GD IDPtOLD QD SURWHomR H QR IRUWDOHFLPHQWR GH YtQFXORV IDPLOLDUHV H VRFLDLV 9LQFXOR IDPLOLDU IRUWDOHFLGR 6(6 &DVRV DFRPSDQKDGRV HDQDOLVDGRV 5HVSRQViYHLV SXQLGRV 6(-8'+ 6(7$6 35) 03 &('&$ &0'&$V -8,=$'2 '$ ,1)$1&,$ (-89(178'( )(3(7, 03 &('&$ 6(-8'+ 60$6 &0'&$V -8,=$'2 '$ ,1)$1&,$ ( -89(178'( 6HWDV 757 6HGXF (QWLGDGHV &RPXQLWiULDV ,PSUHQVD (VFULWD )DODGD 7HOHYLVLRQDGD )(3(7, &RPLVVmR GHUHSUHVVmR ,GHQWLILFDomR GDV FDXVDV H WRPDGD GH SURYLGHQFLDV SDUD SXQLomR GRV UHVSRQViYHLV 0RELOL]DomR H DUWLFXODomR GDV LQVWLWXLo}HV SDUD GHVHQYROYHU D UHSUHVVmR H DWHQomR D YLWLPD $PSOLDomR GR Q~PHUR GH GHQXQFLDV H GH DWHQGLPHQWR D YLWLPDV &RPLVVmR FULDGD ,QVWLWXLo}HV DUWLFXODGDV (,;2$UWLFXODomRGHJHVWRUHVS~EOLFRVHGDVRFLHGDGHFLYLORUJDQL]DGDSDUDHIHWLYDLPSOHPHQWDomRGDVSROtWLFDVGHSUHYHQomRH HQIUHQWDPHQWRDRWUDEDOKRSUHFRFH 2EMHWLYR $omR $WRUHV(QYROYLGRV &URQRJUDPD 5HVSRQViYHO 5HVXOWDGR ,QGLFDGRUHV $PSOLDU )RUWDOHFHUR 6(7$66$$6&216(/+26(17,'$'(6 ± 36( 0RELOL]DomRGRV &RQVHOKRV DUWLFXODUH WUDEDOKDU GLYHUVRV IRUWDOHFLGRV LQWHJUDUDV FRP VHJPHQWRV GLYHUVDV SROtWLFDVSRU PHLRGH SURJUDPDV SURMHWRV VHUYLoRVH Do}HVTXH FRQWULEXHP SDUDD HUUDGLFDomR GR7UDEDOKR ,QIDQWLO )RUWDOHFHUH SURPRYHUD DUWLFXODomR GRVGLYHUVRV yUJmRVGH GHIHVDGRV GLUHLWRVGH FULDQoDVH DGROHVFHQWHV QR(VWDGR YLVDQGRj SUHYHQomRH HUUDGLFDomR GRWUDEDOKR LQIDQWLO 6RFLHGDGH &LYLODWUDYpV GRV &RQVHOKRV GH'LUHLWRVH &RQWUROH 6RFLDO &(7%07 &($607 &('&$ $UWLFXODomR FRPRV PXQLFtSLRV FRPD ILQDOLGDGHGH LGHQWLILFDUH GHVHQYROYHU Do}HVSDUD HUUDGLFDomR GRWUDEDOKR LQIDQWLO 0RELOL]DUVH SDUD JDUDQWLU D LQFOXVmR GDV Do}HV FRQWLGDV QHVWH SODQR HP LQVWUXPHQWRV TXH JDUDQWDP VXD HIHWLYD H[HFXomR WDLV FRPR 33$ /'2 H /2$ 3URPRYHUD DUWLFXODomR HQWUHDV VHFUHWDULDV PXQLFLSDLV GHVD~GH HGXFDomR FXOWXUDH FLGDGDQLDH RVGHPDLV yUJmRVGR VLVWHPDGH JDUDQWLDVGH GLUHLWRVGH FULDQoDVH DGROHVFHQWHV SDUDDo}HV GHSUHYHQomR GRWUDEDOKR VRFLDLV 6(7$66(&'($66,67(1&,$62&,$/ 081,&,3$/&5$6&5($6&216(/+26 787(/$5(6 6$$6668$6 $o}HV LQWHJUDGDVQR SURFHVVRGH HUUDGLFDomRGR WUDEDOKRLQIDQWLO 7UDEDOKR LQIDQWLO LGHQWLILFDGR QRPXQLFtSLR 7RGRVRVPHPEURVGR)(3(7,2$% 6(7$6 037 757 7- &('&$ &DSDFLGDGH GH YLDELOL]DomR GDV Do}HVSRUPHLR GH LQVWUXPHQWRV OHJDLV $o}HV GHVWH SODQR FRQWLGDV QRV RUoDPHQWRV S~EOLFRV )(3(7, )(3(7, )RUWDOHFLPHQWRV GDVSDUFHULDV FRPRVyUJmRV GR6LVWHPDGH *DUDQWLDGRV 'LUHLWRV $UWLFXODomR GHVHQYROYLGD (,;2&DSDFLWDomRGDUHGHSDUDGHVHQYROYHUDVDo}HVGHSUHYHQomRHQIUHQWDPHQWRHDWHQGLPHQWRjVFULDQoDVHDGROHVFHQWHV YXOQHUiYHLVDRWUDEDOKRLQIDQWLOHjTXHODVTXHMiWLYHUDPVHXVGLUHLWRVYLRODGRV $WRUHV 2EMHWLYR $omR &URQRJUDPD 5HVSRQViYHO 5HVXOWDGR ,QGLFDGRUHV (QYROYLGRV 2IHUHFHU &DSDFLWDomR &('&$(6&2/$ &('&$(6&2/$ $WRUHVFDSDFLWDGRV &DSDFLWDomR FDSDFLWDomR SHUPDQHQWHGRV '( 3(50$1(17( '( SHUPDQHQWH SHUPDQHQWHSDUD SULQFLSDLVDWRUHV &216(/+26 &216(/+26 UHDOL]DGD RVSULQFLSDLV HQYROYLGRVFRPR 07036(6 0703 DWRUHV WHPDDWUDYpVGH 6('8&)(3(7, HQYROYLGRVQR IRUPDomRLQLFLDOH -8,=$'2'$ HQIUHQWDPHQWR FRQWLQXDGD ,1)$1&,$( DR7UDEDOKR VHPLQiULRVH -89(178'( ,QIDQWLO HQFRQWURV )RUPDomR H FDSDFLWDomR FRQWLQXDGD GRV DJHQWHV S~EOLFRV SDUD LGHQWLILFDomR H DWHQGLPHQWR GD FULDQoD H GR DGROHVFHQWH YtWLPD GR WUDEDOKR SUHFRFH RX HP VLWXDomR GH YXOQHUDELOLGDGH 6(7$6 &('&$ 037 757 6(7$6 &('&$ 6(6 6('8& 5HDOL]DomRGH (QFRQWURWpFQLFRGH FDSDFLWDomR 0RQLWRUDPHQWRH DFRPSDQKDPHQWR DRV0XQLFtSLRVQR FXPSULPHQWRGDV QRUPDWLYDVGR3(7, QRkPELWRGR68$6 H,QVWLWXLUDo}HV SUHYHQWLYDVH SURDWLYDV 6(7$66(& 081,&,3$/'( $66,67Ç1&,$ 62&,$/ 6(7$66$$6 $JHQWHV S~EOLFRV VHQVLELOL]DGRV DSWRV H FDSD]HV SDUD LGHQWLILFDomR H DWHQGLPHQWRGRS~EOLFR $JHQWHV S~EOLFRV VHQVLELOL]DGRV DSWRV H FDSD]HVSDUDPDQXVHDU RV VLVWHPDVIHUUDPHQWDV GLVSRQtYHLV 68$66,1$1HWF *HVWmRH(TXLSH TXDOLILFDGDSDUD H[HUFtFLRGDV68$6 IXQo}HVGHQWURGRV SDUDPHQWRVGR31$6 5HODWyULRV GDV Do}HV GH FDSDFLWDomR &RUUHWD XWLOL]DomR GRV VLVWHPDV GH LQIRUPDo}HV GLVSRQtYHLV (QFRQWURV WpFQLFRV UHDOL]DGRV (,;20RELOL]DomRHVHQVLELOL]DomRGDVRFLHGDGHSDUDRHQIUHQWDPHQWRGDFXOWXUDGHWROHUkQFLDDRWUDEDOKRLQIDQWLO 5HVSRQViY 2EMHWLYR $omR $WRUHV(QYROYLGRV &URQRJUDPD 5HVXOWDGR HO 'HVHQYROY 'LVVHPLQDUR )(3(7,03&('&$&0'&$V )(3(7, &RQKHFLPHQW HU FRQKHFLPHQWRSDUD -8,=$'2'$,1)$1&,$( 3(50$1(17 03 R HVWUDWpJLDV SRSXODomRHPJHUDO -89(178'(6(7$6 ( 75,%81$/ GLVVHPLQDGR GH DUHVSHLWRGRWHPD '( PHOKRULD DWUDYpVGH -867,d$ GDV VHPLQiULRVGHEDWHV &0'&$V FRQGLo}HV SXEOLFLGDGHQD VyFLRV PtGLDSDQIOHWDJHPH IDPLOLDUHV FULDomRGHXPEORJ DWUDYpVGH SDUDUHODWRVGHERDV SURJUDPDV SUiWLFDVQR HRX HQIUHQWDPHQWRDR SURMHWRV WUDEDOKRLQIDQWLO RIHUHFLGRV %OLW]QDVIHLUDV 657(0376HFUHWDULDPXQLFLSDOGH 657( (UUDGLFDUR QDUHGH /LYUHVGH&RP $VVLVWrQFLD6RFLDO 60$6'+ 7UDEDOKR Do}HVGH ,QIDQWLOHP VHQVLELOL]DomRMXQWR IHLUDVOLYUHV DRV PLFURHPSUHHQGHGRU HV ,QGLYLGXDLV 5HDOL]DomRGH )(3(7,&('&$&0'&$V*HVWRUHV DWpILQDO )(3(7, $XGLrQFLDV 3URPRomR DXGLrQFLDVS~EOLFDV S~EOLFRV&RQVHOKRV7XWHODUHV03 GRSODQR *HVWRUHV UHDOL]DGDV GH HQYROYHQGRJHVWRUHV )yUXP 3~EOLFRV 0RELOL]Dom HWRGDVRFLHGDGH 03 RH FLYLO ,QGLFDGRUHV 0RELOL]DomR UHDOL]DGD EORJFULDGR )HLUDQWHV VHQVLELOL]DGR V *HVWRUHV PRELOL]DGRV 'HVHQYROYHU DQXDOPHQWHD FDPSDQKDGH FRPEDWHDRWUDEDOKR LQIDQWLOQRPrVGH -XQKR 'HILQLomRXPD DJHQGDXQLILFDGD HQWUHRVPHPEURV GRIyUXPSDUD UHDOL]DomRGH FDPSDQKDV PDVVLYDVTXH DOFDQFHWRGDD VRFLHGDGH(VFROKHU XPWHPDSRUYH] ([SUHMXt]RVj VD~GHItVLFDGDQRV SVLFROyJLFRV UHQGLPHQWRHVFRODU H[FOXVmRVRFLDO HQWUHRXWURV $UWLFXODUFRPRV &RQVHOKRVGH 'LUHLWRVH&RQWUROH 6RFLDODWUDYpVGD VRFLHGDGHFLYLO ,QVWLWXLo}HVPHPEURVGR)(3(7, IHGHUDo}HVDVVRFLDo}HVHHVFRODV )(3(7, 7RGRVRVPHPEURVGR)(3(7, 6(7$6 037 757 2$% 668$6&('&$&(7%&($6&216(/ +2787(/$5)2580'$ 62&,('$'('$6(17,'$'(612 *29(51$0(17$/ 668$636( 0RELOL]DomR GDVRFLHGDGH SDUDR FRPEDWHDR WUDEDOKR LQIDQWLO 6RFLHGDGH VHQVLELOL]DGD HPRELOL]DGD &DPSDQKD UHDOL]DGD ÏUJmRVGH SURWHomR DWXDQWHVQR SURFHVVRGH HUUDGLFDomR GRWUDEDOKR LQIDQWLO &RQWUROH VRFLDO IRPHQWDGR 1~PHUR GH FDPSDQKDV UHDOL]DGDV (,;2)RUWDOHFLPHQWRGHSROtWLFDVS~EOLFDVTXHSURSRUFLRQHPDDGHTXDGDWUDQVLomRHVFRODWUDEDOKR $WRUHV 2EMHWLYR $omR &URQRJUDPD 5HVSRQViYHO 5HVXOWDGR (QYROYLGRV )RPHQWDUD 'LDORJDUMXQWRDR 6,1( &(( )(3(7, 6(7$6 $GROHVFHQWHV LPSODQWDomRGR &RQVHOKR 6,67(0$ 6 3(50$1(17( 6('8& SUHSDUDGRV H HQVLQRPpGLR (VWDGXDOGD 03 6LVWHPD LQVHULGRV QR LQWHJUDGRQDUHGH (GXFDomRSDUD 66('8& PHUFDGR GH S~EOLFDHVWDGXDO LPSODQWDomRQD WUDEDOKR HP UHGHS~EOLFDR FRQIRUPLGDGH FRP HQVLQRPpGLR DOHL DVVRFLDGRFRP HQVLQRWpFQLFR ,PSOHPHQWDUR 6(7$6 6(7$66('8& ,QFHQWLYD D 3URMHWR1RYR 6('8& 3(50$1(17( SHUPDQrQFLD GR +RUL]RQWHSDUD )(3(7, HVWXGDQWH QD FRPEDWHUR HVFROD H UHDOL]D WUDEDOKRLQIDQWLOH WUDQVIHUrQFLD GH DHYDVmRHVFRODU UHQGD SDUD S~EOLFR DWUDYpVGR HP VLWXDomR GH IRPHQWRD YXOQHUDELOLGDGH LQLFLDomR FLHQWLILFD $SRLDU H 7RGRV RV 6(7$6 3URJUDPD GH HVWLPXODU PHPEURV GR 6('8& SHUPDQrQFLD QD SURJUDPDV TXH )(3(7, &('&$ HVFROD HP YLVHP D SHUtRGR LQWHJUDO SHUPDQrQFLD GD LPSODQWDGR FULDQoD H DGROHVFHQWH QD HVFROD HP SHUtRGRLQWHJUDO $FRPSDQKDUDV $QiOLVHGRV 0DQWHURVtQGLFHV 6(7$66$$6 6$$6 PHWDVGH UHODWyULRV HDVVHJXUDURV FRQGLFLRQDOLGDGHGD UHFXUVRV 7UDQVIHUrQFLDGH 5HQGDMXQWRD (GXFDomRH6D~GH *HUDU 'LYXOJDUH 7RGRVRV 6(7$6H )RUWDOHFLPHQWR RSRUWXQLGDGHVGH LQFHQWLYDURV SDUFHLURV LQVWLWXLo}HVGH GRVSURJUDPDVGH TXDOLILFDomRSDUD DGROHVFHQWHVD )(3(7, HQVLQR ,QVHUomRGRV DGROHVFHQWHVHP SDUWLFLSDUHPGH SURILVVLRQDOL]DQWH DGROHVFHQWHV VLWXDomRGH SROLWLFDVS~EOLFDV VLVWHPD6 UHWLUDGRVGR WUDEDOKRLQIDQWLORX GHHQVLQR WUDEDOKRLQIDQWLO HPULVFRGH DSUHQGL]DGR PDLRUHVGH ,QGLFDGRUHV 'LDORJRUHDOL]DGR (QVLQR WpFQLFR LPSOHPHQWDGR 3URJUDPD LPSOHPHQWDGR (VWXGDQWHV FRQWHPSODGRV $PSOLDomR GH DWHQGLPHQWR j FULDQoDV H DGROHVFHQWHV QRV SURJUDPDV GH FRQWUD WXUQR HVFRODU 5HODWyULRV DQDOLVDGRV $GROHVFHQWHV LQFOXtGRV HQYROYLPHQWRFRP DVSLRUHVIRUPDVGH WUDEDOKRLQIDQWLODV HQWUHDDQRV PHGLDQWH HVWUDWpJLDVGH IRUPDomR SURILVVLRQDOWHyULFD HSUiWLFDQR VLVWHPDGH $SUHQGL]DJHP &RQWULEXLUSDUDR FRPEDWHDR WUDEDOKRLQIDQWLO HPHVSHFLDO VXDVSLRUHV IRUPDVQR FRQWH[WRGHXPD DomRLQWHJUDOH DUWLFXODGDQR HVWDGRGH0DWR JURVVRDWUDYpV GD $SUHQGL]DJHP 3URILVVLRQDO &RPHUFLDOQRV PROGHVGR SURJUDPDGH $omR³0H (QFRQWUHL´ $PSOLDUH IRUWDOHFHUD SROtWLFDGR SULPHLUR HPSUHJRDWUDYpV GRSURJUDPD MRYHPDSUHQGL] MXQWRjV HPSUHVDVHP FRQIRUPLGDGH FRPDOHL 6LVWHPD 6 6('8& 657(6(7$6 6(7$6 6LVWHPD 6('8& 6(7$6 6(7$6 6 DQRVHPFXUVRVGH DSUHQGL]DJHP 4XDOLILFDomR H LQFOXVmR GH DGROHVFHQWHV HP VLWXDomR GH YXOQHUDELOLGDGH QR PXQGRGRWUDEDOKR DWUDYpV GD SROtWLFD GHDSUHQGL]DJHP )RUWDOHFLPHQWR GH SROtWLFDV GH LQFOXVmR GR MRYHP QR PHUFDGR GH WUDEDOKR $GROHVFHQWHV LQFOXtGRV 3ROLWLFDV GH SULPHLUR HPSUHJR IRUWDOHFLGDV -RYHQV LQFOXVRV QR SULPHLUR HPSUHJR (,;20XQLFLSDOL]DomRGDVDo}HVGR)(3(7, $WRUHV 2EMHWLYR $omR (QYROYLGRV *DUDQWLUD $X[tOLRjRUJDQL]DomR &RRUGHQDGRUHV DWXDomRHIHWLYD GHIyUXQVPXQLFLSDLV GRV3RORV HLQWHJUDGDGH 5HJLRQDLV WRGDDUHGHGH SURWHomRj FULDQoDHDR DGROHVFHQWH 3URPRYHURILFLQDVH VHPLQiULRV UHJLRQDOL]DGRVFRP DV6HFUHWDULDV 0XQLFLSDLV)UHQWHVH )yUXQVUHJLRQDLVGD FULDQoDHGR DGROHVFHQWHH HQWLGDGHVVLQGLFDLV VREUHRWHPD 3URPRYHUD LQWHUVHWRULDOLGDGHGDV SROtWLFDVS~EOLFDV GHVHQYROYLGDVSHODV 6HFUHWDULDV(VWDGXDLV H(QWLGDGHV &RQVHOKHLURV 7XWHODUHV &0'&$V)yUXP '&$ )DPtOLDV5HGHV GHDWHQomRj VD~GHHGXFDomR DVVLVWrQFLDVRFLDO HGLUHLWRV KXPDQRV )HGHUDo}HVH 6LQGLFDWRVGH 7UDEDOKDGRUHV &RQVHOKRV 7XWHODUHV 6HFUHWDULDVH ÏUJmRV(VWDGXDLV IyUXQVH FRPLVV}HV &URQRJUDPD 5HVSRQViYHO $Wp 3HUPDQHQWH &('&$(VFROD GH&RQVHOKR 6(7$6 $&707 81,),&$5 &('&$(VFROD GH&RQVHOKR 6(7$6 $&707 81,),&$5 &('&$(VFROD GH&RQVHOKR 6(7$6 $&707 81,),&$5 5HVXOWDGR )yUXQVQRV PXQLFtSLRVGH 07HPDLRU LQWHJUDomRGDV SROtWLFDVS~EOLFDV GHVHQYROYLGDV SHODV6HFUHWDULDV HÏUJmRV HVWDGXDLVFRPRV PXQLFtSLRV $o}HV GHVHQYROYLGDV FRPPDLRU HQYROYLPHQWRH DUWLFXODomRHQWUH JRYHUQRH VRFLHGDGHFLYLO 0DLRULQWHJUDomR GDVSROtWLFDV S~EOLFDV GHVHQYROYLGDV SHODV6HFUHWDULDV HÏUJmRV HVWDGXDLVFRPRV PXQLFtSLRV ,QGLFDGRUHV )yUXQVPXQLFLSDLV LPSOHPHQWDGRV 6HPLQiULRV UHDOL]DGRV $XPHQWRJUDGDWLYR GDV3ROtWLFDV S~EOLFDV DVVHJXUDGDVQRV 0XQLFtSLRV6(( 6(66HFUHWDULDV 0XQLFLSDLV6D~GHH (GXFDomR *HVWRUHV PXQLFLSDLV FRQVHOKHLURVGH GLUHLWRVHGD DVVLVWrQFLD (,;2)RUWDOHFLPHQWR,QVWLWXFLRQDOGR)(3(7, $WRUHV 2EMHWLYR $omR (QYROYLGRV 6HQVLELOL]DomRGR )(3(7, JHVWRUS~EOLFDSDUDD 6(7$6 FULDomRGHXPD *HVWRU )RUWDOHFHUD VHFUHWDULDH[HFXWLYD 3~EOLFR HVWUXWXUD SDUDR)(3(7, RUJDQL]DFLRQDOGR IyUXP &ULDUDUWLFXODo}HV )(3(7, UHJLRQDLV FRQVHOKRVGH GLUHLWRV VRFLHGDGHFLYLO H*HVWRU 3~EOLFR &URQRJUDPD 5HVSRQViYHO 5HVXOWDGR ,QGLFDGRUHV )(3(7, 6HFUHWiULD ([HFXWLYDFULDGD 6HQVLELOL]DomR UHDOL]DGD )(3(7, )RUWDOHFHUD DWXDomRGRIyUXP QRLQWHULRU $UWLFXODo}HV FULDGDV ,QVWLWXLU DVVRFLDomR FLYLO YLQFXODGD DR )(3(7,07 FRP SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR SULYDGR VHP ILQV OXFUDWLYRV SDUD GDU DSRLR WpFQLFR ILQDQFHLUR DR)yUXP FRP D ILQDOLGDGH GH FHOHEUDU FRQYrQLRV DFRUGRV H GHPDLV LQVWUXPHQWRV MXUtGLFRV TXH GHHP DXWRVVXILFLrQFLD QDV Do}HVGHJHVWmRGR )yUXP 'HILQLUPHFDQLVPR GHILQDQFLDPHQWRGR IyUXP 7RGRV RV PHPEURV GR )(3(7, 6(7$6 757 037 )RUWDOHFLPHQWR GR )(3(7,07 LQVWLWXLomR YLQFXODGD DR )(3(7, HP IXQFLRQDPHQWR )(3(7, )13(7, )(3(7, (VWDEHOHFHUXPD IRQWHGH ILQDQFLDPHQWRHXP IOX[RSDUD UHDOL]DomRGDV DWLYLGDGHV 0HFDQLVPRGH ILQDQFLDPHQWR HVWDEHOHFLGR (ODERUDUHVWUDWpJLD GHGLYXOJDomRGR )(3(7, )(3(7, )(3(7, 6(7$6 'LYXOJDomR LQVWLWXFLRQDOGR )(3(7,QRV GLYHUVRVVHJPHQWRV GDVRFLHGDGH (VWUDWpJLD HVWDEHOHFLGD (,;2$QiOLVHHDFRPSDQKDPHQWRGRGHVHQYROYLPHQWRGRSODQR $WRUHV 2EMHWLYR $omR &URQRJUDPD (QYROYLGRV $FRPSDQKDU R (ODERUDU XP UHODWyULR )(3(7, GHVHQYROYLPHQWR GR DQXDO DSRQWDQGR DV DWLYLGDGHV SODQR GHVHQYROYLGDV SHOR )(3(7, H RV DYDQoRV DOFDQoDGRV QD OXWD FRQWUD R WUDEDOKR LQIDQWLO 5HVSRQViYHO )(3(7, 5HVXOWDGR 'LDJQRVWLFR DQXDO GDV DWLYLGDGHV UHDOL]DGDV ,QGLFDGRUHV 5HODWyULRV HODERUDGRV 5HDOL]DU XPD UHXQLmR DQXDO GH DYDOLDomR SODQHMDPHQWR DQXDO H UHGLUHFLRQDPHQWR VH IRU R FDVR SDUD DYDOLDomR GR 3ODQR GH $omR &RQVWUXLU XPD FRPLVVmR SHUPDQHQWH GHDYDOLDomRGRSODQR 7RGRV RV PHPEURV GR )(3(7, 6(7$6 VHFUHWDULD H[HFXWLYD GR )(3(7,07 3ODQRPRQLWRUDGR UHXQLmR DQXDO )(3(7, )(3(7, &RPLVVmR SHUPDQHQWH GH DYDOLDomR HP IXQFLRQDPHQWR SDUD DFRPSDQKDU HIHWLYDomR GR SODQR &RPLVVmR FRQVWLWXtGD $1(;2 3LRUHVIRUPDVGHWUDEDOKRLQIDQWLO'(&5(721'('(-81+2'( 5HJXODPHQWDRVDUWLJRVDOtQHD³G´HGD&RQYHQomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7TXHWUDWDGDSURLELomRGDV SLRUHVIRUPDVGHWUDEDOKRLQIDQWLOHDomRLPHGLDWDSDUDVXDHOLPLQDomRDSURYDGDSHOR'HFUHWR/HJLVODWLYRQRGHGHGH]HPEURGHH SURPXOJDGDSHOR'HFUHWRQRGHGHVHWHPEURGHHGiRXWUDVSURYLGrQFLDV 2 35(6,'(17( '$ 5(3Ò%/,&$ QR XVR GDV DWULEXLo}HV TXH OKH FRQIHUH R DUW LQFLVR ,9 GD &RQVWLWXLomR H WHQGR HP YLVWD R GLVSRVWRQRVDUWLJRVDOtQHD³G´HGD&RQYHQomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7'(&5(7$ $UW)LFDDSURYDGDD/LVWDGDV3LRUHV)RUPDVGH7UDEDOKR,QIDQWLO/LVWD7,3QDIRUPDGR$QH[RGHDFRUGRFRPRGLVSRVWRQRVDUWLJRV³G´H GD&RQYHQomRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7DSURYDGDSHOR'HFUHWR/HJLVODWLYRQRGHGHGH]HPEURGHH SURPXOJDGDSHOR'HFUHWRQRGHGHVHWHPEURGH $UW)LFDSURLELGRRWUDEDOKRGRPHQRUGHGH]RLWRDQRVQDVDWLYLGDGHVGHVFULWDVQD/LVWD7,3VDOYRQDVKLSyWHVHVSUHYLVWDVQHVWHGHFUHWR $SURLELomRSUHYLVWDQRFDSXWSRGHUiVHUHOLGLGD , QD KLSyWHVH GH VHU R HPSUHJR RX WUDEDOKR D SDUWLU GD LGDGH GH GH]HVVHLV DQRV DXWRUL]DGR SHOR 0LQLVWpULR GR 7UDEDOKR H (PSUHJR DSyV FRQVXOWDjVRUJDQL]Do}HVGHHPSUHJDGRUHVHGHWUDEDOKDGRUHVLQWHUHVVDGDVGHVGHTXHILTXHPSOHQDPHQWHJDUDQWLGDVDVD~GHDVHJXUDQoDHD PRUDO GRV DGROHVFHQWHV H ,, QD KLSyWHVH GH DFHLWDomR GH SDUHFHU WpFQLFR FLUFXQVWDQFLDGR DVVLQDGR SRU SURILVVLRQDO OHJDOPHQWH KDELOLWDGR HP VHJXUDQoDHVD~GHQRWUDEDOKRTXHDWHVWHDQmRH[SRVLomRDULVFRVTXHSRVVDPFRPSURPHWHUDVD~GHDVHJXUDQoDHDPRUDOGRVDGROHVFHQWHV GHSRVLWDGR QD XQLGDGH GHVFHQWUDOL]DGD GR 0LQLVWpULR GR 7UDEDOKR H (PSUHJR GD FLUFXQVFULomR RQGHRFRUUHUHP DV UHIHULGDV DWLYLGDGHV $V FRQWURYpUVLDVVREUHDHIHWLYDSURWHomRGRVDGROHVFHQWHVHQYROYLGRVHPDWLYLGDGHVFRQVWDQWHVGRSDUHFHUWpFQLFRUHIHULGRQRLQFLVR,,VHUmR REMHWRGHDQiOLVHSRUyUJmRFRPSHWHQWHGR0LQLVWpULRGR7UDEDOKRH(PSUHJRTXHWRPDUiDVSURYLGrQFLDVOHJDLVFDEtYHLV $FODVVLILFDomRGHDWLYLGDGHVORFDLVHWUDEDOKRVSUHMXGLFLDLVjVD~GHjVHJXUDQoDHjPRUDOQRVWHUPRVGD/LVWD7,3QmRpH[WHQVLYDDRV WUDEDOKDGRUHVPDLRUHVGHGH]RLWRDQRV$UW2VWUDEDOKRVWpFQLFRVRXDGPLQLVWUDWLYRVVHUmRSHUPLWLGRVGHVGHTXHIRUDGDViUHDVGHULVFRj VD~GHjVHJXUDQoDHjPRUDODRPHQRUGHGH]RLWRHPDLRUGHGH]HVVHLVDQRVHDRPDLRUGHTXDWRU]HHPHQRUGHGH]HVVHLVQDFRQGLomRGH DSUHQGL] $UW3DUDILQVGHDSOLFDomRGDVDOtQHDV³D´³E´H³F´GRDUWLJRGD&RQYHQomRQRGD2,7LQWHJUDPDVSLRUHVIRUPDVGHWUDEDOKRLQIDQWLO ,WRGDVDVIRUPDVGHHVFUDYLGmRRXSUiWLFDVDQiORJDVWDLVFRPRYHQGDRXWUiILFRFDWLYHLURRXVXMHLomRSRUGtYLGDVHUYLGmRWUDEDOKRIRUoDGRRX REULJDWyULR ,, D XWLOL]DomR GHPDQGD RIHUWD WUiILFR RX DOLFLDPHQWR SDUD ILQV GH H[SORUDomR VH[XDO FRPHUFLDO SURGXomR GH SRUQRJUDILD RX DWXDo}HV SRUQRJUiILFDV ,,,DXWLOL]DomRUHFUXWDPHQWRHRIHUWDGHDGROHVFHQWHSDUDRXWUDVDWLYLGDGHVLOtFLWDVSDUWLFXODUPHQWHSDUDDSURGXomRHWUiILFRGHGURJDVH,9R UHFUXWDPHQWRIRUoDGRRXFRPSXOVyULRGHDGROHVFHQWHSDUDVHUXWLOL]DGRHPFRQIOLWRVDUPDGRV $UW $ /LVWD 7,3 VHUi SHULRGLFDPHQWH H[DPLQDGD H VH QHFHVViULR UHYLVWD HP FRQVXOWD FRP DV RUJDQL]Do}HV GH HPSUHJDGRUHV H GH WUDEDOKDGRUHVLQWHUHVVDGDV 3DUiJUDIR~QLFR&RPSHWHDR0LQLVWpULRGR7UDEDOKRH(PSUHJRRUJDQL]DURVSURFHVVRVGHH[DPHHFRQVXOWDDTXHVHUHIHUHRFDSXW $UW(VWH'HFUHWRHQWUDHPYLJRUQRYHQWDGLDVDSyVDGDWDGHVXDSXEOLFDomR %UDVtOLDGHMXQKRGHGD,QGHSHQGrQFLDHGD5HS~EOLFD /8,=,1È&,2/8/$'$6,/9$ &DUORV/XSL /,67$'$63,25(6)250$6'(75$%$/+2,1)$17,/ /,67$7,3 ,WHP ,WHP 75$%$/+2635(-8',&,$,6¬6$Ò'((¬6(*85$1d$ $WLYLGDGH$JULFXOWXUD3HFXiULD6LOYLFXOWXUDH([SORUDomR)ORUHVWDO 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 1DGLUHomRHRSHUDomRGHWUDWRUHV $FLGHQWHVFRPPiTXLQDVLQVWUXPHQWRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV PiTXLQDVDJUtFRODVHHVPHULV RXIHUUDPHQWDVSHULJRVDV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV TXDQGRPRWRUL]DGRVHHP PXWLODo}HVHVPDJDPHQWRVIUDWXUDV PRYLPHQWR 1RSURFHVVRSURGXWLYRGRIXPR (VIRUoRItVLFRHSRVWXUDVYLFLRVDV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV DOJRGmRVLVDOFDQDGHDo~FDUH H[SRVLomRDSRHLUDVRUJkQLFDVHVHXV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV DEDFD[L FRQWDPLQDQWHVFRPRIXQJRVH SQHXPRFRQLRVHVLQWR[LFDo}HVH[yJHQDV DJURWy[LFRVFRQWDWRFRPVXEVWkQFLDV FkQFHUHVELVVLQRVHVKDQWDYLURVHVXUWLFiULDV Wy[LFDVGDSUySULDSODQWDDFLGHQWHVFRP HQYHQHQDPHQWRVLQWHUPDo}HVTXHLPDGXUDVQD DQLPDLVSHoRQKHQWRVH[SRVLomRVHP SHOHHQYHOKHFLPHQWRSUHFRFHFkQFHUGHSHOH SURWHomRDGHTXDGDjUDGLDomRVRODU GHVLGUDWDomRGRHQoDVUHVSLUDWyULDVFHUDWRVHV FDORUXPLGDGHFKXYDHIULRDFLGHQWHV DFWtQLFDVIHULPHQWRVHPXWLODo}HVDSDJDPHQWRGH FRPLQVWUXPHQWRVSpUIXURFRUWDQWHV GLJLWDLV 1DFROKHLWDGHFtWULFRVSLPHQWD (VIRUoRItVLFROHYDQWDPHQWRHWUDQVSRUWH $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV PDODJXHWDHVHPHOKDQWHV PDQXDOGHSHVRSRVWXUDV WHQGLQLWHVGRUVDOJLDVLQRYLWHVWHQRVVLQRYLWHV YLFLRVDVH[SRVLomRVHPSURWHomR LQWHUPDo}HVTXHLPDGXUDVQDSHOH DGHTXDGDjUDGLDomRVRODUFDORU HQYHOKHFLPHQWRSUHFRFHFkQFHUGHSHOH XPLGDGHFKXYDHIULRFRQWDWRFRPiFLGR GHVLGUDWDomRGRHQoDVUHVSLUDWyULDVFHUDWRVHV GDFDVFDDFLGHQWHVFRPLQVWUXPHQWRV DFWtQLFDVDSDJDPHQWRGHGLJLWDLVIHULPHQWRV SpUIXURFRUWDQWHV PXWLODo}HV 1REHQHILFLDPHQWRGRIXPRVLVDO (VIRUoRItVLFROHYDQWDPHQWRHWUDQVSRUWH )DGLJDItVLFDDIHFo}HVP~VFXORHVTXHOpWLFDV FDVWDQKDGHFDMXHFDQDGH GHSHVRH[SRVLomRDSRHLUDVRUJkQLFDV EXUVLWHVWHQGLQLWHVGRUVDOJLDVVLQRYLWHV Do~FDU iFLGRVHVXEVWkQFLDVWy[LFDV WHQRVVLQRYLWHVLQWR[LFDo}HVDJXGDVHFU{QLFDV ULQLWHEURQTXLWHY{PLWRVGHUPDWLWHVRFXSDFLRQDLV DSDJDPHQWRGDVGLJLWDLV 1DSXOYHUL]DomRPDQXVHLRH ([SRVLomRDVXEVWkQFLDVTXtPLFDVWDLV ,QWR[LFDo}HVDJXGDVHFU{QLFDVSROLQHXURSDWLDV DSOLFDomRGHDJURWy[LFRV FRPRSHVWLFLGDVHIHUWLOL]DQWHV GHUPDWLWHVGHFRQWDWRGHUPDWLWHVDOpUJLFDV DGMXYDQWHVH DEVRUYLGRVSRUYLDRUDOFXWkQHDH RVWHRPDOiFLDVGRDGXOWRLQGX]LGDVSRUGURJDV SURGXWRVDILQVLQFOXLQGROLPSH]D UHVSLUDWyULD FkQFHUHVDUULWPLDVFDUGtDFDVOHXFHPLDVH GHHTXLSDPHQWRV HSLVyGLRVGHSUHVVLYRV GHVFRQWDPLQDomR GLVSRVLomRHUHWRUQRGHUHFLSLHQWHV YD]LRV (PORFDLVGHDUPD]HQDPHQWRRX ([SRVLomRDSRHLUDVHVHXV %LVVLQRVHVDVPDEURQTXLWHULQLWHDOpUJLFD GHEHQHILFLDPHQWRHPTXHKDMD FRQWDPLQDQWHV HQIL]HPDSQHXPRQLDHLUULWDomRGDVYLDVDpUHDV OLYUHGHVSUHQGLPHQWRGHSRHLUDVGH VXSHULRUHV FHUHDLVHGHYHJHWDLV (PHVWiEXORVFDYDODULoDVFXUUDLV $FLGHQWHVFRPDQLPDLVHFRQWDWR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV HVWUHEDULDVRXSRFLOJDVVHP SHUPDQHQWHFRPYtUXVEDFWpULDV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV FRQGLo}HVDGHTXDGDVGH SDUDVLWDVEDFLORVHIXQJRV FRQWXV}HVWXEHUFXORVHFDUE~QFXOREUXFHORVH KLJLHQL]DomR OHSWRVSLURVHWpWDQRSVLWDFRVHGHQJXHKHSDWLWHV YLUDLVGHUPDWRILWRVHVFDQGLGtDVHVOHLVKPDQLRVHV FXWkQHDVHFXWkQHRPXFRVDVHEODVWRPLFRVHV 1RLQWHULRURXMXQWRDVLORVGH ([SRVLomRDSRHLUDVHVHXV $VIL[LDGLILFXOGDGHUHVSLUDWyULDDVPDRFXSDFLRQDO HVWRFDJHPGHIRUUDJHPRXJUmRV FRQWDPLQDQWHVTXHGDGHQtYHO SQHXPRQLDEURQTXLWHULQLWHWUDXPDWLVPRV FRP H[SORV}HVEDL[DSUHVVmRSDUFLDOGH FRQWXV}HVHTXHLPDGXUDV DWPRVIHUDVWy[LFDVH[SORVLYDVRX R[LJrQLR FRPGHILFLrQFLDGHR[LJrQLR &RPVLQDOL]DGRUQDDSOLFDomR ([SRVLomRDVXEVWkQFLDVTXtPLFDVWDLV ,QWR[LFDo}HVH[yJHQDVDJXGDVHFU{QLFDV DpUHDGHSURGXWRVRXGHIHQVLYRV FRPRSHVWLFLGDVHIHUWLOL]DQWHV SROLQHXURSDWLDVGHUPDWLWHVULQLWHEURQTXLWH DJUtFRODV DEVRUYLGRVSRUYLDRUDOFXWkQHDH OHXFHPLDVDUULWPLDFDUGtDFDFkQFHUHVOHXFHPLDV UHVSLUDWyULD QHXUDVWHQLDHHSLVyGLRVGHSUHVVLYRV 1DH[WUDomRHFRUWHGHPDGHLUD $FLGHQWHVFRPTXHGDGHiUYRUHVVHUUD $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV GHFRUWHPiTXLQDVHRILGLVPR WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV HVPDJDPHQWRVDPSXWDo}HVODFHUDo}HV PXWLODo}HVFRQWXV}HVIUDWXUDVHQYHQHQDPHQWRH EODVWRPLFRVH (PPDQJXH]DLVHODPDoDLV ([SRVLomRjXPLGDGHFRUWHV 5LQLWHUHVIULDGRVEURQTXLWHHQYHQHQDPHQWRV SHUIXUDo}HVRILGLVPRHFRQWDWRFRP LQWR[LFDo}HVH[yJHQDVGHUPDWLWHVOHSWRVSLURVH ([FUHPHQWRV KHSDWLWHVYLUDLVGHUPDWRILWRVHVHFDQGLGtDVHV $WLYLGDGH3(6&$ 'HVFULomRGRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 7UDEDOKRV 1DFDWDGHLVFDV 7UDEDOKRQRWXUQRH[SRVLomRjUDGLDomR 7UDQVWRUQRGRFLFORYLJtOLDVRQRTXHLPDGXUDVQDSHOH DTXiWLFDV VRODUXPLGDGHIULRHDDQLPDLV HQYHOKHFLPHQWRSUHFRFHKLSRWHUPLDOHV}HV FDUQtYRURVRXSHoRQKHQWRVDIRJDPHQWR HQYHQHQDPHQWRVSHUIXUDomRGDPHPEUDQDGRWtPSDQR SHUGDGDFRQVFLrQFLDODELULQWLWHHRWLWHPpGLDQmR VXSXUDWLYDHDSQpLDSURORQJDGD 1DFDWDGHPDULVFRV ([SRVLomRjUDGLDomRVRODUFKXYDIULR 4XHLPDGXUDVQDSHOHHQYHOKHFLPHQWRSUHFRFHFkQFHUGH SRVWXUDVLQDGHTXDGDVHPRYLPHQWRV SHOHGHVLGUDWDomRGRHQoDVUHVSLUDWyULDVFHUDWRVHV UHSHWLWLYRVDFLGHQWHVFRPLQVWUXPHQWRV DFWtQLFDVKLSHUWHPLDIDGLJDItVLFDGRUHVPXVFXODUHVQRV SpUIXURFRUWDQWHVKRUiULRIOXWXDQWHFRPR PHPEURVHFROXQDYHUWHEUDOIHULPHQWRVIDGLJDGLVW~UELRV DVPDUpViJXDVSURIXQGDV GRVRQRDIRJDPHQWR 4XHH[LMDPPHUJXOKR $SQpLDSURORQJDGDHDXPHQWRGR $IRJDPHQWRSHUIXUDomRGDPHPEUDQDGRWtPSDQRSHUGD FRPRXVHP HTXLSDPHQWR QLWURJrQLRFLUFXODQWH (PFRQGLo}HV KLSHUEiULFDV ([SRVLomRDFRQGLo}HVKLSHUEiULFDVVHP SHUtRGRVGHFRPSUHVVmRH GHVFRPSUHVVmR ,WHP 'HVFULomRGRV7UDEDOKRV (PFDQWDULDVHQRSUHSDURGH FDVFDOKR 'HH[WUDomRGHSHGUDVDUHLDH DUJLODUHWLUDGDFRUWHHVHSDUDomR GHSHGUDVXVRGHLQVWUXPHQWRV FRQWXVRFRUWDQWHVWUDQVSRUWHH DUUXPDomRGHSHGUDV 'HH[WUDomRGHPiUPRUHV JUDQLWRVSHGUDVSUHFLRVDV VHPLSUHFLRVDVHRXWURVPLQHUDLV (PHVFDYDo}HVVXEWHUUkQHRV SHGUHLUDVJDULPSRVPLQDVHP VXEVRORHDFpXDEHUWR (PORFDLVRQGHKDMDOLYUH GHVSUHQGLPHQWRGHSRHLUDV PLQHUDLV (PVDOLQDV ,WHP GHFRQVFLrQFLDEDURWUDXPDHPEROLDJDVRVDVtQGURPHGH 5D\QDXGDFURFLDQRVHRWLWHEDURWUDXPiWLFDVLQXVLWH EDURWUDXPiWLFDODELULQWLWH HRWLWHPpGLDQmRVXSXUDWLYD 0RUWHSHUGDGDFRQVFLrQFLDSHUIXUDomRGDPHPEUDQDGR WtPSDQRLQWR[LFDomRSRUJDVHVR[LJrQLRRXQLWURJrQLR EDURWUDXPDHPEROLDJDVRVDVtQGURPHGH5D\QDXG DFURFLDQRVHRWLWHEDURWUDXPiWLFDVLQXVLWHEDURWUDXPiWLFD ODELULQWLWHRWLWHPpGLDQmRVXSXUDWLYDRVWHRQHFURVH DVVpSWLFDHPDOGRVFDL[}HVGRHQoDGHVFRPSUHVVLYD $WLYLGDGH,1'Ò675,$(;75$7,9$ 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH (VIRUoRItVLFRSRVWXUDVYLFLRVDV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV DFLGHQWHVFRPLQVWUXPHQWRV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV'257/(5 SpUIXURFRUWDQWHVH[SRVLomRDSRHLUDV IHULPHQWRVHPXWLODo}HVULQLWHDVPD PLQHUDLVLQFOXVLYHVtOLFD SQHXPRFRQLRVHVWXEHUFXORVH ([SRVLomRjUDGLDomRVRODUFKXYD 4XHLPDGXUDVQDSHOHHQYHOKHFLPHQWRSUHFRFHFkQFHU H[SRVLomRjVtOLFDOHYDQWDPHQWRH GHSHOHGHVLGUDWDomRGRHQoDVUHVSLUDWyULDV WUDQVSRUWHGHSHVRH[FHVVLYR KLSHUWHUPLDIDGLJDItVLFDGRUHVPXVFXODUHVQRV SRVWXUDVLQDGHTXDGDVHPRYLPHQWRV PHPEURVHFROXQDYHUWHEUDOOHV}HVHGHIRUPLGDGHV UHSHWLWLYRVDFLGHQWHVFRP RVWHRPXVFXODUHVFRPSURPHWLPHQWRGR LQVWUXPHQWRVSpUIXURFRUWDQWHV GHVHQYROYLPHQWRSVLFRPRWRUIHULPHQWRVPXWLODo}HV FRQGLo}HVVDQLWiULDVSUHFiULDVFRUSRV SDUDVLWRUHVP~OWLSODVHJDVWURHQWHULWHVIHULPHQWRVQRV HVWUDQKRV ROKRVFyUQHDHHVFOHUD /HYDQWDPHQWRHWUDQVSRUWHGHSHVR )DGLJDItVLFDDIHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV H[FHVVLYRDFLGHQWHVFRP WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV LQVWUXPHQWRVFRQWXGHQWHVHSpUIXUR HVPDJDPHQWRVWUDXPDWLVPRVIHULPHQWRVPXWLODo}HV FRUWDQWHVH[SRVLomRDSRHLUDV TXHLPDGXUDVVLOLFRVHEURQTXLWHEURQTXLROLWHULQLWH LQRUJkQLFDVDFLGHQWHVFRP WXEHUFXORVHDVPDRFXSDFLRQDOHQILVHPDILEURVH HOHWULFLGDGHHH[SORVLYRVJDVHV SXOPRQDUFKRTXHHOpWULFRTXHLPDGXUDVHPXWLODo}HV DVIL[LDQWHV DVIL[LD (VIRUoRVItVLFRVLQWHQVRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV VRWHUUDPHQWRH[SRVLomRDSRHLUDV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVDVIL[LDDQy[LD LQRUJkQLFDVHDPHWDLVSHVDGRV KLSy[LDHVPDJDPHQWRVTXHLPDGXUDVIUDWXUDV VLOLFRVHVWXEHUFXORVHDVPDRFXSDFLRQDOEURQTXLWHV HQILVHPDSXOPRQDUFkQFHUHVOHV}HVRFXODUHV FRQWXV}HVIHULPHQWRVDOWHUDo}HVPHQWDLVIDGLJDH HVWUHVVH ([SRVLomRDSRHLUDVLQRUJkQLFDV 3QHXPRFRQLRVHVDVVRFLDGDVFRPWXEHUFXORVHDVPD RFXSDFLRQDOULQLWHVLOLFRVHEURQTXLWHHEURQTXLROLWH (VIRUoRVItVLFRVLQWHQVRV OHYDQWDPHQWRHWUDQVSRUWHPDQXDOGH SHVRPRYLPHQWRVUHSHWLWLYRV H[SRVLomRVHPSURWHomRDGHTXDGDj UDGLDomRVRODUFKXYDHIULR )DGLJDItVLFDVWUHVVDIHFo}HVP~VFXORHVTXHOpWLFDV EXUVLWHVWHQGLQLWHVGRUVDOJLDVVLQRYLWHV WHQRVVLQRYLWHV'257/(5LQWHUPDo}HV TXHLPDGXUDVQDSHOHHQYHOKHFLPHQWRSUHFRFHFkQFHU GHSHOHGHVLGUDWDomRGRHQoDVUHVSLUDWyULDVFHUDWRVHV DFWtQLFDV $WLYLGDGH,1'Ò675,$'(75$16)250$d2 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 'HOL[DQDVIiEULFDVGHFKDSpX $FLGHQWHVFRPPiTXLQDVHLQVWUXPHQWRV )HULPHQWRVODFHUDo}HVPXWLODo}HVDVPDH RXIHOWUR SHULJRVRVH[SRVLomRjSRHLUD EURQTXLWH 'HMDWHDPHQWRHPJHUDOH[FHWR ([SRVLomRjSRHLUDPLQHUDO 6LOLFRVHDVPDEURQTXLWHEURQTXLROLWHVWUHVVH HPSURFHVVRVHQFODXVXUDGRV DOWHUDo}HVPHQWDLV 'HGRXUDomRSUDWHDomR ([SRVLomRDIXPRVPHWiOLFRVFiGPLR ,QWR[LFDo}HVDJXGDVHFU{QLFDVDVPD QLTXHODomRJDOYDQRSODVWLD DOXPtQLRQtTXHOFURPRHWFQpYRDV RFXSDFLRQDOULQLWHIDULQJLWHVLQXVLWHEURQTXLWH DQRGL]DomRGHDOXPtQLREDQKRV YDSRUHVHVROXo}HViFLGDVHFiXVWLFDV SQHXPRQLDHGHPDSXOPRQDUHVWRPDWLWH PHWiOLFRVRXFRP H[SRVLomRDDOWDVWHPSHUDWXUDV XOFHUDWLYDFU{QLFDGHUPDWLWHGHFRQWDWRQHRSODVLD GHVSUHQGLPHQWRGHIXPRV XPLGDGH PDOLJQDGRVEU{QTXLRVHSXOP}HVXOFHUDomRRX PHWiOLFRV QHFURVHGRVHSWRQDVDOTXHLPDGXUDV 1DRSHUDomRLQGXVWULDOGH ([SRVLomRDULVFRVELROyJLFRVEDFWpULDV 'HUPDWRVHVRFXSDFLRQDLVGHUPDWLWHVGHFRQWDWR UHFLFODJHPGHSDSHOSOiVWLFRH YtUXVIXQJRVHSDUDVLWDVFRPR DVPDEURQTXLWHYLURVHVSDUDVLWRVHVFkQFHUHV PHWDO FRQWDPLQDQWHVGRPDWHULDODVHU UHFLFODGRJHUDOPHQWHDGYLQGRGHFROHWD GHOL[R 1RSUHSDURGHSOXPDVHFULQDV ([SRVLomRDRPHUF~ULRHTXHURVHQH 7UDQVWRUQRVGDSHUVRQDOLGDGHHGH DOpPGHSRHLUDRUJkQLFD FRPSRUWDPHQWRHSLVyGLRVGHSUHVVLYRV QHXUDVWHQLDDWD[LDFHUHEHORVDHQFHIDORSDWLD WUDQVWRUQRH[WUDSLUDPLGDOGRPRYLPHQWRJHQJLYLWH FU{QLFDHVWRPDWLWHXOFHUDWLYDHDUULWPLDV FDUGtDFDV 1DLQGXVWULDOL]DomRGRIXPR ([SRVLomRjQLFRWLQD ,QWR[LFDo}HVH[yJHQDVWRQWXUDVHY{PLWRV 1DLQGXVWULDOL]DomRGHFDQDGH ([SRVLomRDSRHLUDVRUJkQLFDV %DJDoRVHDVPDEURQTXLWHHSQHXPRQLWH Do~FDU (PIXQGLo}HVHPJHUDO ([SRVLomRDSRHLUDVLQRUJkQLFDVD ,QWR[LFDo}HVVLGHURVHVDWXUQLVPREHULOLRVH IXPRVPHWiOLFRVIHUUREURQ]HDOXPtQLR HVWDQKRVHEURQTXLWHFU{QLFDEURQTXLWHDVPiWLFD FKXPERPDQJDQrVHRXWURVH[SRVLomR EURQTXLWHREVWUXWLYDVLQXVLWHFkQFHUHVXOFHUDomR DDOWDVWHPSHUDWXUDVHVIRUoRVItVLFRV RXQHFURVHGRVHSWRQDVDOGHVLGUDWDomRH LQWHQVRV LQWHUPDomRDIHFo}HVP~VFXORHVTXHOpWLFDV EXUVLWHVWHQGLQLWHVGRUVDOJLDVVLQRYLWHV (PWHFHODJHP 1REHQHILFLDPHQWRGHPiUPRUHV JUDQLWRVSHGUDVSUHFLRVDV VHPLSUHFLRVDVHRXWURVEHQV PLQHUDLV 1DSURGXomRGHFDUYmRYHJHWDO (PFRQWDWRFRPUHVtGXRVGH DQLPDLVGHWHULRUDGRVJOkQGXODV YtVFHUDVVDQJXHRVVRVFRXURV SrORVRXGHMHWRVGHDQLPDLV 1DSURGXomRSURFHVVDPHQWRH PDQXVHLRGHH[SORVLYRV LQIODPiYHLV OtTXLGRVJDVRVRVRXOLTXHIHLWRV 1DIDEULFDomRGHIRJRVGH DUWLItFLRV ([SRVLomRjSRHLUDGHILRVHILEUDV PLVWDVHVLQWpWLFDVH[SRVLomRD FRUDQWHVSRVWXUDLQDGHTXDGDVH HVIRUoRVUHSHWLWLYRV (VIRUoRVItVLFRVLQWHQVRVDFLGHQWHVFRP PiTXLQDVSHULJRVDVHLQVWUXPHQWRV SpUIXURFRUWDQWHVH[SRVLomRDSRHLUDV LQRUJkQLFDVDFLGHQWHVFRPHOHWULFLGDGH ([SRVLomRjUDGLDomRVRODUFKXYD FRQWDWRFRPDPLDQWRSLFDGDVGHLQVHWRV HDQLPDLVSHoRQKHQWRVOHYDQWDPHQWRH WUDQVSRUWHGHSHVRH[FHVVLYRSRVWXUDV LQDGHTXDGDVHPRYLPHQWRVUHSHWLWLYRV DFLGHQWHVFRPLQVWUXPHQWRV SpUIXURFRUWDQWHV TXHGDGHWRUDVH[SRVLomRjYLEUDomR H[SORV}HVHGHVDEDPHQWRVFRPEXVWmR HVSRQWkQHDGRFDUYmRPRQRWRQLD HVWUHVVHGDWHQVmRGDYLJtOLDGR IRUQRIXPDoDFRQWHQGRVXESURGXWRVGD SLUyOLVHHFRPEXVWmRLQFRPSOHWDiFLGR SLUROHQKRVRDOFDWUmRPHWDQRODFHWRQD DFHWDWRPRQy[LGRGHFDUERQRGLy[LGR GHFDUERQRHPHWDQR ([SRVLomRDYtUXVEDFWpULDVEDFLORV IXQJRVHSDUDVLWDV WHQRVVLQRYLWHV %LVVLQRVHEURQTXLWHFU{QLFDEURQTXLWHDVPiWLFD EURQTXLWHREVWUXWLYDVLQXVLWHIDGLJDItVLFD '257/(5 $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV WUDXPDWLVPRVIHULPHQWRVPXWLODo}HVVLOLFRVH EURQTXLWHEURQTXLROLWHULQLWHWXEHUFXORVHDVPD RFXSDFLRQDOHQILVHPDILEURVHSXOPRQDUFKRTXH HOpWULFR 4XHLPDGXUDVQDSHOHHQYHOKHFLPHQWRSUHFRFH FkQFHUGHSHOHGHVLGUDWDomRGRHQoDV UHVSLUDWyULDVKLSHUWHPLDUHDo}HVQDSHOHRX JHQHUDOL]DGDVIDGLJDItVLFDGRUHVPXVFXODUHVQRV PHPEURVHFROXQDYHUWHEUDOOHV}HVH GHIRUPLGDGHVRVWHRPXVFXODUHVFRPSURPHWLPHQWR GRGHVHQYROYLPHQWRSVLFRPRWRU'257/(5 IHULPHQWRVPXWLODo}HVWUDXPDWLVPRVOHV}HV RVWHRPXVFXODUHVVtQGURPHVYDVFXODUHV TXHLPDGXUDVVRIULPHQWRSVtTXLFRLQWR[LFDo}HV DJXGDVHFU{QLFDV 7XEHUFXORVHFDUE~QFXOREUXFHORVHKHSDWLWHV YLUDLVWpWDQRSVLWDFRVHRUQLWRVHGHUPDWRVHV RFXSDFLRQDLVHGHUPDWLWHVGHFRQWDWR ([SRVLomRDYDSRUHVHJDVHVWy[LFRV ULVFRGHLQFrQGLRVHH[SORV}HV 4XHLPDGXUDVLQWR[LFDo}HVULQLWHDVPD RFXSDFLRQDOGHUPDWRVHVRFXSDFLRQDLVH GHUPDWLWHVGHFRQWDWR ([SRVLomRDLQFrQGLRVH[SORV}HV FRUDQWHVGHFKDPDVFORUHWRGHSRWiVVLR DQWLP{QLRWULVXOILWRHSRHLUDV (VIRUoRVItVLFRVLQWHQVRVHDFLGHQWHV FRPVLVWHPDVFLUFXLWRVHFRQGXWRUHVGH HQHUJLDHOpWULFD 4XHLPDGXUDVLQWR[LFDo}HVHQILVHPDFU{QLFRH GLIXVREURQTXLWHHDVPDRFXSDFLRQDO 'HGLUHomRHRSHUDomRGH PiTXLQDVHHTXLSDPHQWRV HOpWULFRVGHJUDQGHSRUWH (PFXUWXPHVLQGXVWULDOL]DomRGH FRXURVHIDEULFDomRGHSHOHVH SHOLoDV (PPDWDGRXURVRXDEDWHGRXURV HPJHUDO (PSURFHVVDPHQWRRX HPSDFRWDPHQWRPHFDQL]DGRGH FDUQHV 1DIDEULFDomRGHIDULQKDGH PDQGLRFD (VIRUoRVItVLFRVLQWHQVRVDFLGHQWHVFRP LQVWUXPHQWRVSpUIXURFRUWDQWHVSRVLo}HV LQDGHTXDGDVPRYLPHQWRVUHSHWLWLYRV DOWDVWHPSHUDWXUDVHSRHLUDV (PLQG~VWULDVFHUkPLFDV /HYDQWDPHQWRHWUDQVSRUWHGHSHVR SRVWXUDVLQDGHTXDGDVHPRYLPHQWRV UHSHWLWLYRVH[SRVLomRDRFDORUHj XPLGDGHH[SRVLomRjSRHLUDDFLGHQWHV FRPPiTXLQDVHTXHGDV (PRODULDVQDViUHDVGHIRUQRV RXFRPH[SRVLomRjXPLGDGH H[FHVVLYD /HYDQWDPHQWRHWUDQVSRUWHGHSHVR SRVWXUDVLQDGHTXDGDVHPRYLPHQWRV UHSHWLWLYRVH[SRVLomRDRFDORUHj XPLGDGHH[SRVLomRjSRHLUDDFLGHQWHV FRPPiTXLQDVHTXHGDV 1DIDEULFDomRGHERW}HVHRXWURV DUWHIDWRVGHQiFDUFKLIUHRX RVVR $FLGHQWHVFRPPiTXLQDVHIHUUDPHQWDV SpUIXURFRUWDQWHVHVIRUoRVUHSHWLWLYRVH YLEUDo}HVSRHLUDVHUXtGRV 1DIDEULFDomRGHFLPHQWRRXFDO (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD SRHLUDVVtOLFDDOWDVWHPSHUDWXUDV HIHLWRVDEUDVLYRVVREUHDSHOH (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD FRUDQWHVDOYHMDQWHViOFDOLV GHVHQJRUGXUDQWHViFLGRVDOXPtQLR EUDQTXHDGRUHVYtUXVEDFWpULDVEDFLORV IXQJRVHFDORU (VIRUoRVItVLFRVLQWHQVRVULVFRVGH DFLGHQWHVFRPDQLPDLVHIHUUDPHQWDV SpUIXURFRUWDQWHVHH[SRVLomRDDJHQWHV ELROyJLFRV $FLGHQWHVFRPPiTXLQDVIHUUDPHQWDVH LQVWUXPHQWRVSpUIXURFRUWDQWHVHVIRUoRV UHSHWLWLYRVHULVFRVELROyJLFRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV PXWLODo}HVHVPDJDPHQWRVIUDWXUDV TXHLPDGXUDVSHUGDWHPSRUiULDGDFRQVFLrQFLD FDUERQL]DomRSDUDGDFiUGLRUHVSLUDWyULD $IHFo}HVP~VFXORHVTXHOpWLFDEXUVLWHVWHQGLQLWHV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVWXEHUFXORVH FDUE~QFXOREUXFHORVHDQWUD[FkQFHUHVULQLWH FU{QLFDFRQMXQWLYLWHSQHXPRQLWHGHUPDWLWHVGH FRQWDWRGHUPDWRVHRFXSDFLRQDOHTXHLPDGXUDV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV FRQWXV}HVIHULPHQWRVWXEHUFXORVHFDUE~QFXOR EUXFHORVHHSVLWDFRVHDQWUD[ $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV FRQWXVmRDPSXWDomRFRUWH'257/(5 WXEHUFXORVHFDUE~QFXOREUXFHORVHSVLWDFRVH $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV FRQWXVmRDPSXWDo}HVFRUWHVTXHLPDGXUDV '257/(5FLIRVHHVFROLRVHDIHFo}HV UHVSLUDWyULDVHGHUPDWRVHVRFXSDFLRQDLV )DGLJDItVLFDGRUHVPXVFXODUHVQRVPHPEURVH FROXQDYHUWHEUDOOHV}HVHGHIRUPLGDGHV RVWHRPXVFXODUHVFRPSURPHWLPHQWRGR GHVHQYROYLPHQWRSVLFRPRWRUGHVLGUDWDomR LQWHUPDomRGRHQoDVUHVSLUDWyULDVFRPULVFRGH VLOLFRVHIUDWXUDVPXWLODo}HVFKRTXHVHOpWULFRV )DGLJDItVLFDGRUHVPXVFXODUHVQRVPHPEURVH FROXQDYHUWHEUDOOHV}HVHGHIRUPLGDGHV RVWHRPXVFXODUHVFRPSURPHWLPHQWRGR GHVHQYROYLPHQWRSVLFRPRWRUGHVLGUDWDomR LQWHUPDomRGRHQoDVUHVSLUDWyULDVFRPULVFRGH VLOLFRVHIUDWXUDVPXWLODo}HVFKRTXHVHOpWULFRV &RQWXV}HVSHUIXUDo}HVFRUWHVGRUVDOJLD FHUYLFDOJLDVtQGURPHFHUYLFREUDTXLDOWHQGLQLWHV EXUVLWHV'257/(5DOWHUDo}HVWHPSRUiULDGR OLPLDUDXGLWLYRKLSRDFXVLDHSHUGDGDDXGLomR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV VLOLFRVHDVPDRFXSDFLRQDOEURQTXLWHGHUPDWLWHV GHUPDWRVHVRFXSDFLRQDLVLQWHUPDomRIHULPHQWRV 1DIDEULFDomRGHFROFK}HV ([SRVLomRDVROYHQWHVRUJkQLFRV SLJPHQWRVGHFKXPERFiGPLRH PDQJDQrVHSRHLUDV 1DIDEULFDomRGHFRUWLoDV FULVWDLVHVPDOWHVHVWRSDV JHVVRORXoDVYLGURVRXYHUQL]HV 1DIDEULFDomRGHSRUFHODQDV (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD SRHLUDVVtOLFDPHWDLVSHVDGRVDOWDV WHPSHUDWXUDVFRUDQWHVHSLJPHQWRV PHWiOLFRVFKXPERFURPRHRXWURVH FDORU ([SRVLomRDSRHLUDVPLQHUDLVHDRFDORU SRVLo}HVLQDGHTXDGDV 1DIDEULFDomRGHDUWHIDWRVGH ERUUDFKD (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD SURGXWRVTXtPLFRVDQWLR[LGDQWHV SODVWLILFDQWHVGHQWUHRXWURVHDRFDORU (PGHVWLODULDVGHiOFRRO 1DIDEULFDomRGHEHELGDV DOFRyOLFDV 1RLQWHULRUGHUHVIULDGRUHVFDVDV GHPiTXLQDVRXMXQWRGH DTXHFHGRUHVIRUQRVRXDOWR IRUQRV (PVHUUDOKHULDV ([SRVLomRDYDSRUHVGHHWDQROPHWDQRO HRXWURVULVFRVTXtPLFRVULVFRGH LQFrQGLRVHH[SORV}HV ([SRVLomRDYDSRUHVGHHWDQROHD SRHLUDGHFHUHDLVH[SRVLomRDEHELGDV DOFRyOLFDVDRFDORUjIRUPDomRGH DWPRVIHUDVH[SORVLYDVLQFrQGLRVH RXWURVDFLGHQWHV ([SRVLomRDWHPSHUDWXUDVH[WUHPDVIULR HFDORU (PLQG~VWULDVGHPyYHLV 1REHQHILFLDPHQWRGHPDGHLUD (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRj SRHLUDGHPDGHLUDVULVFRGHDFLGHQWHV FRPPiTXLQDVVHUUDVHTXLSDPHQWRVH IHUUDPHQWDVSHULJRVDV &RPH[SRVLomRDYLEUDo}HV ORFDOL]DGDVRXGHFRUSRLQWHLUR 9LEUDo}HVORFDOL]DGDVRXJHQHUDOL]DGDV 'HGHVPRQWHRXGHPROLomRGH QDYLRVHHPEDUFDo}HVHPJHUDO (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD IXPRVPHWiOLFRVIHUUREURQ]HDOXPtQLR FKXPERHRXWURVXVRGHIHUUDPHQWDV SHVDGDVDOWDVWHPSHUDWXUDV ,WHP ,WHP ([SRVLomRDSRHLUDVPHWiOLFDVWy[LFDV FKXPERDUVrQLFRFiGPLRPRQy[LGR GHFDUERQRHVWLOKDoRVGHPHWDOFDORUH DFLGHQWHVFRPPiTXLQDVH HTXLSDPHQWRV (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRj SRHLUDGHPDGHLUDVVROYHQWHVRUJkQLFRV WLQWDVHYHUQL]HVULVFRVGHDFLGHQWHV FRPPiTXLQDVVHUUDVHIHUUDPHQWDV SHULJRVDV PXWLODo}HVIDGLJDHHVWUHVVH (QFHIDORSDWLDVWy[LFDVDJXGDVHFU{QLFDV KLSHUWHQVmRDUWHULDODUULWPLDVFDUGtDFDV LQVXILFLrQFLDUHQDOKLSRWLUHRLGLVPRDQHPLDV GHUPDWRVHVRFXSDFLRQDLVHLUULWDomRGDSHOHH PXFRVDV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV TXHLPDGXUDVFDWDUDWDVLOLFRVHDVPD RFXSDFLRQDOEURQTXLWHHQILVHPDLQWR[LFDomR GHUPDWRVHVRFXSDFLRQDLVLQWHUPDomR 3QHXPRFRQLRVHVHGHUPDWLWHVIDGLJDItVLFDH LQWHUPDomRDIHFo}HVP~VFXOR HVTXHOpWLFDVEXUVLWHVWHQGLQLWHVGRUVDOJLDV VLQRYLWHVWHQRVVLQRYLWHV'257/(5 $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV FkQFHUGHEH[LJDHSXOPmRDVPDRFXSDFLRQDO EURQTXLWHHQILVHPDLQWR[LFDomRGHUPDWRVHV RFXSDFLRQDLVLQWHUPDomRHLQWR[LFDo}HV TXHLPDGXUDV &kQFHUHVGHUPDWRVHVRFXSDFLRQDLVGHUPDWLWHV GHFRQWDWRLQWHUPDomRDVPDRFXSDFLRQDO EURQTXLWHVTXHLPDGXUDV 4XHLPDGXUDVDVIL[LDWRQWXUDVLQWR[LFDomR LUULWDomRGDVYLDVDpUHDVVXSHULRUHVLUULWDomRGD SHOHHPXFRVDVFHIDOpLDHHPEULDJXH] )ULRKLSRWHUPLDFRPGLPLQXLomRGDFDSDFLGDGH ItVLFDHPHQWDOFDORUKLSHUWHUPLDIDGLJD GHVLGUDWDomRGHVHTXLOtEULRKLGURHOHWUROtWLFRH HVWUHVVH 1HRSODVLDPDOLJQDGRVEU{QTXLRVHSXOP}HV EURQTXLWHSQHXPRQLWHHGHPDSXOPRQDUDJXGR HQILVHPDLQWHUVWLFLDOTXHLPDGXUDVFRUWHV DPSXWDo}HVWUDXPDWLVPRVFRQMXQWLYLWHFDWDUDWDH LQWR[LFDo}HV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV QHRSODVLDPDOLJQDGRVEU{QTXLRVHSXOP}HV EURQTXLWHSQHXPRQLWHHGHPDSXOPRQDUDJXGR HQILVHPDLQWHUVWLFLDODVPDRFXSDFLRQDOFRUWHV DPSXWDo}HV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV DVPDRFXSDFLRQDOEURQTXLWHSQHXPRQLWHHGHPD SXOPRQDUDJXGRHQIL]HPDLQWHUVWLFLDODVPD RFXSDFLRQDOGHUPDWRVHRFXSDFLRQDO HVPDJDPHQWRVIHULPHQWRVDPSXWDo}HV PXWLODo}HVIDGLJD VWUHVVH'257/(5 6tQGURPHFHUYLFREUDTXLDOGRUDUWLFXODUPROpVWLD GH'XSX\WUHQFDSVXOLWHDGHVLYDGRRPEUR EXUVLWHVHSLFRQGLOLWHODWHUDORVWHRFRQGURVHGR DGXOWRGRHQoDGH.RKOHUKpUQLDGHGLVFR DUWURVHVHDXPHQWRGDSUHVVmRDUWHULDO $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV DVIL[LDSHUGDGDFRQVFLrQFLDILEULODomRYHQWULFXODU TXHLPDGXUDVIUDWXUDVFRQWXV}HVLQWHUPDomR SHUIXUDomRGDPHPEUDQDGRWtPSDQR $WLYLGDGH352'8d2(',675,%8,d2'((/(75,&,'$'(*È6(È*8$ 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH (PVLVWHPDVGHJHUDomR ([SRVLomRjHQHUJLDGHDOWDWHQVmR (OHWURFKRTXHILEULODomRYHQWULFXODUSDUDGDFiUGLR WUDQVPLVVmRHGLVWULEXLomRGH FKRTXHHOpWULFRHTXHGDGHQtYHO UHVSLUDWyULDWUDXPDWLVPRVHVFRULDo}HVIUDWXUDV HQHUJLD (OpWULFD $WLYLGDGH&216758d2 'HVFULomRGRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 7UDEDOKRV &RQVWUXomRFLYLOHSHVDGD (VIRUoRVItVLFRVLQWHQVRVULVFRGH $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHVGRUVDOJLDV LQFOXLQGRFRQVWUXomR DFLGHQWHVSRUTXHGDGHQtYHOFRP VLQRYLWHVWHQRVVLQRYLWHVPXWLODo}HVIUDWXUDVHVPDJDPHQWRV UHVWDXUDomRUHIRUPDH PiTXLQDVHTXLSDPHQWRVH WUDXPDWLVPRVDIHFo}HVUHVSLUDWyULDVGHUPDWLWHVGHFRQWDWR GHPROLomR IHUUDPHQWDVH[SRVLomRjSRHLUDGH LQWHUPDomRVtQGURPHFHUYLFREUDTXLDOGRUHVDUWLFXODUHV WLQWDVFLPHQWRSLJPHQWRVPHWiOLFRV LQWR[LFDo}HVSROLQHXURSDWLDSHULIpULFDGRHQoDVGRVLVWHPD HVROYHQWHVSRVLo}HVLQDGHTXDGDV KHPDWRSRLpWLFROHXFRFLWRVHHSLVyGLRVGHSUHVVLYRV FDORUYLEUDo}HVHPRYLPHQWRV QHXUDVWHQLDGHUPDWRVHVRFXSDFLRQDLV'257/(5FRUWHV UHSHWLWLYRV FRQWXV}HVWUDXPDWLVPRV ,WHP ,WHP ,WHP ,WHP $WLYLGDGH&20e5&,25(3$5$d2'(9(Ë&8/26$87202725(62%-(7263(662$,6('20e67,&26 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH (PERUUDFKDULDVRXORFDLV (VIRUoRVItVLFRVLQWHQVRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV RQGHVHMDPIHLWRV H[SRVLomRDSURGXWRVTXtPLFRV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVTXHLPDGXUDVFkQFHUGH UHFDSHDPHQWRRX DQWLR[LGDQWHV EH[LJDHSXOPmRDVPDRFXSDFLRQDOEURQTXLWHHQILVHPD UHFDXFKXWDJHPGHSQHXV SODVWLILFDQWHVHQWUHRXWURVHFDORU LQWR[LFDomRGHUPDWRVHVRFXSDFLRQDLVLQWHUPDomRH LQWR[LFDo}HV $WLYLGDGH75$163257(($50$=(1$*(0 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 1RWUDQVSRUWHHDUPD]HQDJHPGH ([SRVLomRDYDSRUHVWy[LFRVULVFRGH ,QWR[LFDo}HVTXHLPDGXUDVULQLWHHGHUPDWLWHVGH iOFRROH[SORVLYRVLQIODPiYHLV LQFrQGLRHH[SORV}HV FRQWDWR OtTXLGRVJDVRVRVHOLTXHIHLWRV (PSRUmRRXFRQYpVGHQDYLR (VIRUoRVItVLFRVLQWHQVRVULVFRGH $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV TXHGDGHQtYHOLVRODPHQWRFDORUH GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVOHV}HVIUDWXUDV RXWURVULVFRVLQHUHQWHVjVFDUJDV FRQWXV}HVWUDXPDWLVPRVIRELDHWUDQVWRUQRGRFLFOR WUDQVSRUWDGDV YLJtOLDVRQR (PWUDQVSRUWHGHSHVVRDVRX $FLGHQWHVGHWUkQVLWR )HULPHQWRVFRQWXV}HVIUDWXUDVWUDXPDWLVPRVH DQLPDLVGHSHTXHQRSRUWH PXWLODo}HV $WLYLGDGH6$Ò'((6(59,d2662&,$,6 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 1RPDQXVHLRRXDSOLFDomRGHSURGXWRV ([SRVLomRDTXLPLRWHUiSLFRVH ,QWR[LFDo}HVDJXGDVHFU{QLFDVSROLQHXURSDWLD TXtPLFRVLQFOXLQGROLPSH]DGH RXWUDVVXEVWkQFLDVTXtPLFDVGHXVR GHUPDWLWHVGHFRQWDWRGHUPDWLWHDOpUJLFD HTXLSDPHQWRVGHVFRQWDPLQDomR WHUDSrXWLFR RVWHRPDOiFLDGRDGXOWRLQGX]LGDSRUGURJDV GLVSRVLomRHUHWRUQRGHUHFLSLHQWHVYD]LRV FkQFHUHVDUULWPLDFDUGtDFDOHXFHPLDV QHXUDVWHQLDHHSLVyGLRVGHSUHVVLYRV (PFRQWDWRFRPDQLPDLVSRUWDGRUHVGH ([SRVLomRDYtUXVEDFWpULDV 7XEHUFXORVHFDUE~QFXOREUXFHORVHSVLWDFRVH GRHQoDVLQIHFWRFRQWDJLRVDVHHPSRVWRV SDUDVLWDVHEDFLORV UDLYDDVPDULQLWHFRQMXQWLYLWHSQHXPRQLD GHYDFLQDomRGHDQLPDLV GHUPDWLWHGHFRQWDWRHGHUPDWRVHRFXSDFLRQDO (PKRVSLWDLVVHUYLoRVGHHPHUJrQFLD ([SRVLomRDYtUXVEDFWpULDV 7XEHUFXORVH$,'6KHSDWLWHPHQLQJLWH HQIHUPDULDVDPEXODWyULRVSRVWRVGH SDUDVLWDVHEDFLORVVWUHVVSVtTXLFR FDUE~QFXORWR[DSODVPRVHYLURVHVSDUDVLWRVHV YDFLQDomRHRXWURVHVWDEHOHFLPHQWRV HVRIULPHQWRDFLGHQWHVFRP ]RRQRVHSQHXPRQLDVFDQGLGtDVHVGHUPDWRVHV GHVWLQDGRVDRFXLGDGRGD PDWHULDOELROyJLFR HSLVyGLRVGHSUHVVLYRVHVRIULPHQWRPHQWDO VD~GHKXPDQDHPTXHVHWHQKDFRQWDWR GLUHWRFRPRVSDFLHQWHVRXVH PDQXVHLHREMHWRVGHXVRGRVSDFLHQWHV QmRSUHYLDPHQWHHVWHULOL]DGRV (PODERUDWyULRVGHVWLQDGRVDRSUHSDURGH ([SRVLomRDYtUXVEDFWpULDV (QYHQHQDPHQWRVFRUWHVODFHUDo}HVKHSDWLWH VRURGHYDFLQDVHGHRXWURVSURGXWRV SDUDVLWDVEDFLORVHFRQWDWRFRP $,'6WXEHUFXORVHFDUE~QFXOREUXFHORVH VLPLODUHV DQLPDLVGHODERUDWyULR SVLWDFRVHUDLYDDVPDULQLWHFU{QLFDFRQMXQWLYLWH ]RRQRVHVDQVLHGDGHHVRIULPHQWRPHQWDO $WLYLGDGH6(59,d26&2/(7,92662&,$,63(662$,6(287526 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH (PODYDQGHULDVLQGXVWULDLV ([SRVLomRDVROYHQWHVFORURVDE}HV 3ROLQHXULWHVGHUPDWRVHVRFXSDFLRQDLVEOHIDULWHV GHWHUJHQWHVFDORUHPRYLPHQWRV FRQMXQWLYLWHVLQWHUPDomRIDGLJDHTXHLPDGXUDV UHSHWLWLYRV (PWLQWXUDULDVHHVWDPSDULDV ([SRVLomRDVROYHQWHVFRUDQWHV +LSRWLUHRLGLVPRDQHPLDVSROLQHXURSDWLDV SLJPHQWRVPHWiOLFRVFDORUHXPLGDGH HQFHIDORSDWLDV KLSHUWHQVmRDUWHULDODUULWPLDFDUGtDFDLQVXILFLrQFLD UHQDO LQIHUWLOLGDGHPDVFXOLQDTXHLPDGXUDVLQWHUPDomRH GHSUHVVmRGR6LVWHPD1HUYRVR&HQWUDO (PHVJRWRV (VIRUoRVItVLFRVLQWHQVRVH[SRVLomRD $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV SURGXWRVTXtPLFRVXWLOL]DGRVQRV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVHVFROLRVHV SURFHVVRVGHWUDWDPHQWRGHHVJRWR GLVIXQomRROIDWLYDDOFRROLVPRDVPDEURQTXLWHOHV}HV WDLVFRPRFORURR]{QLRVXOIHWRGH RFXODUHVGHUPDWLWHVGHUPDWRVHVDVIL[LD KLGURJrQLRHRXWURVULVFRVELROyJLFRV VDOPRQHORVHVOHSWRVSLURVHHGLVIXQo}HVROIDWLYDV HVSDoRVFRQILQDGRVHULVFRVGH H[SORV}HV 1DFROHWDVHOHomRH (VIRUoRVItVLFRVLQWHQVRVH[SRVLomR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV EHQHILFLDPHQWRGHOL[R DRVULVFRVItVLFRVTXtPLFRVH GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVIHULPHQWRV ELROyJLFRVH[SRVLomRDSRHLUDV ODFHUDo}HVLQWHUPDo}HVUHVIULDGRV'257/(5 Wy[LFDVFDORUPRYLPHQWRVUHSHWLWLYRV GHIRUPLGDGHVGDFROXQDYHUWHEUDOLQIHFo}HV SRVLo}HVDQWLHUJRQ{PLFDV UHVSLUDWyULDVSLRGHUPLWHVGHVLGUDWDomRGHUPDWRVHV RFXSDFLRQDLVGHUPDWLWHVGHFRQWDWRDOFRROLVPRH GLVIXQo}HVROIDWLYDV (PFHPLWpULRV (VIRUoRVItVLFRVLQWHQVRVFDORUULVFRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV ELROyJLFRVEDFWpULDVIXQJRVUDWRVH GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVIHULPHQWRV RXWURVDQLPDLVLQFOXVLYHSHoRQKHQWRV FRQWXV}HVGHUPDWRVHVRFXSDFLRQDLVDQVLHGDGH ULVFRGHDFLGHQWHVHHVWUHVVHSVtTXLFR DOFRROLVPRGHVLGUDWDomRFkQFHUGHSHOHQHXURVH SURILVVLRQDOHDQVLHGDGH (PVHUYLoRVH[WHUQRVTXH $FLGHQWHVGHWUkQVLWRHH[SRVLomRj 7UDXPDWLVPRVIHULPHQWRVDQVLHGDGHHHVWUHVVH LPSOLTXHPHPPDQXVHLRHSRUWH YLROrQFLD GHYDORUHVTXHFRORTXHPHPULVFR DVXDVHJXUDQoD2IILFHER\V PHQVDJHLURVFRQWtQXRV (PUXDVHRXWURVORJUDGRXURV ([SRVLomRjYLROrQFLDGURJDVDVVpGLR )HULPHQWRVHFRPSURPHWLPHQWRGRGHVHQYROYLPHQWR S~EOLFRVFRPpUFLRDPEXODQWH VH[XDOHWUiILFRGHSHVVRDVH[SRVLomR DIHWLYR JXDUGDGRU GHFDUURVJXDUGDVPLULQVJXLDV WXUtVWLFRVWUDQVSRUWHGHSHVVRDV RX DQLPDLVHQWUHRXWURV jUDGLDomRVRODUFKXYDHIULR DFLGHQWHVGHWUkQVLWRDWURSHODPHQWR (PDUWHVDQDWR /HYDQWDPHQWRHWUDQVSRUWHGHSHVR PDQXWHQomRGHSRVWXUDVLQDGHTXDGDV PRYLPHQWRVUHSHWLWLYRVDFLGHQWHVFRP LQVWUXPHQWRVSpUIXURFRUWDQWHVFRUSRV HVWUDQKRVMRUQDGDVH[FHVVLYDV 'HFXLGDGRHYLJLOkQFLDGH FULDQoDVGHSHVVRDVLGRVDVRX GRHQWHV (VIRUoRVItVLFRVLQWHQVRVYLROrQFLD ItVLFDSVLFROyJLFDHDEXVRVH[XDO ORQJDVMRUQDGDVWUDEDOKRQRWXUQR LVRODPHQWRSRVLo}HVDQWLHUJRQ{PLFDV H[SRVLomRDULVFRVELROyJLFRV GHSHQGrQFLDTXtPLFDGRHQoDVVH[XDOPHQWH WUDQVPLVVtYHLV DWLYLGDGHVH[XDOSUHFRFHJUDYLGH]LQGHVHMDGD TXHLPDGXUDVQDSHOHHQYHOKHFLPHQWRSUHFRFHFkQFHU GHSHOHGHVLGUDWDomRGRHQoDVUHVSLUDWyULDV KLSHUWHPLDWUDXPDWLVPRVIHULPHQWRV )DGLJDItVLFDGRUHVPXVFXODUHVQRVPHPEURVH FROXQDYHUWHEUDOOHV}HVHGHIRUPLGDGHV RVWHPXVFXODUHVFRPSURPHWLPHQWRGR GHVHQYROYLPHQWRSVLFRPRWRU'257/(5IHULPHQWRV PXWLODo}HVIHULPHQWRVQRVROKRVIDGLJDHVWUHVVH GLVW~UELRVGRVRQR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV'257/(5 DQVLHGDGHDOWHUDo}HVQDYLGDIDPLOLDUVtQGURPHGR HVJRWDPHQWRSURILVVLRQDOQHXURVHSURILVVLRQDOIDGLJD ItVLFDWUDQVWRUQRVGRFLFORYLJtOLDVRQRGHSUHVVmRH GRHQoDVWUDQVPLVVtYHLV $WLYLGDGH6(59,d2'20e67,&2 ,WHP 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 'RPpVWLFRV (VIRUoRVItVLFRVLQWHQVRVLVRODPHQWR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHVWHQGLQLWHV DEXVRItVLFRSVLFROyJLFRHVH[XDO GRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHVFRQWXV}HVIUDWXUDV ORQJDVMRUQDGDVGHWUDEDOKRWUDEDOKR IHULPHQWRVTXHLPDGXUDVDQVLHGDGHDOWHUDo}HVQDYLGD QRWXUQRFDORUH[SRVLomRDRIRJR IDPLOLDUWUDQVWRUQRVGRFLFORYLJtOLDVRQR'257/(5 SRVLo}HVDQWLHUJRQ{PLFDVH GHIRUPLGDGHVGDFROXQDYHUWHEUDOORPEDOJLDV PRYLPHQWRVUHSHWLWLYRV ORPERFLDWDOJLDVHVFROLRVHVFLIRVHVORUGRVHVVtQGURPH WUDFLRQDPHQWRGDFROXQDYHUWHEUDO GRHVJRWDPHQWRSURILVVLRQDOHQHXURVHSURILVVLRQDO VREUHFDUJDPXVFXODUHTXHGDGHQtYHO WUDXPDWLVPRVWRQWXUDVHIRELDV $WLYLGDGH72'$6 ,WHP 'HVFULomRGRV7UDEDOKRV 3URYiYHLV5LVFRV2FXSDFLRQDLV 3URYiYHLV5HSHUFXVV}HVj6D~GH 'HPDQXWHQomROLPSH]DODYDJHPRX ([SRVLomRDVROYHQWHVRUJkQLFRV 'HUPDWRVHVRFXSDFLRQDLVHQFHIDORSDWLDV OXEULILFDomRGHYHtFXORVWUDWRUHVPRWRUHV QHXURWy[LFRVGHVHQJUD[DQWHV TXHLPDGXUDVOHXFRFLWRVHVHODLFRQLRVHHSLVyGLRV FRPSRQHQWHVPiTXLQDVRXHTXLSDPHQWRV QpYRDViFLGDVHDOFDOLQDV GHSUHVVLYRVWUHPRUHVWUDQVWRUQRVGD HPTXHVHXWLOL]HPVROYHQWHVRUJkQLFRVRX SHUVRQDOLGDGHHQHXUDVWHQLD LQRUJkQLFRVyOHRGLHVHOGHVHQJUD[DQWHV iFLGRVRXEiVLFRVRXRXWURVSURGXWRV GHULYDGRVGHyOHRVPLQHUDLV &RPXWLOL]DomRGHLQVWUXPHQWRVRX 3HUIXUDo}HVHFRUWHV )HULPHQWRVHPXWLODo}HV IHUUDPHQWDVSHUIXURFRQWDQWHVVHPSURWHomR DGHTXDGDFDSD]GHFRQWURODURULVFR (PFkPDUDVIULJRUtILFDV ([SRVLomRDEDL[DVWHPSHUDWXUDVH +LSRWHUPLDHULWHPDSpUQLRJHODGXUD)URVWELWH DYDULDo}HVV~ELWDV FRPQHFURVHGHWHFLGRVEURQTXLWHULQLWH SQHXPRQLDV &RPOHYDQWDPHQWRWUDQVSRUWHFDUJDRX (VIRUoRItVLFRLQWHQVR $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV GHVFDUJDPDQXDOGHSHVRVTXDQGR WUDFLRQDPHQWRGDFROXQDYHUWHEUDO WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV UHDOL]DGRVUDUDPHQWHVXSHULRUHVDTXLORV VREUHFDUJDPXVFXODU ORPEDOJLDVORPERFLDWDOJLDVHVFROLRVHVFLIRVHV SDUDRJrQHUR ORUGRVHVPDWXUDomRSUHFRFHGDVHStILVHV PDVFXOLQRHVXSHULRUHVDTXLORVSDUDR JrQHURIHPLQLQRHVXSHULRUHV DTXLORVSDUDRJrQHURPDVFXOLQRH VXSHULRUHVDTXLORVSDUDRJrQHURIHPLQLQR TXDQGRUHDOL]DGRVIUHTXHQWHPHQWH $RDUOLYUHVHPSURWHomRDGHTXDGDFRQWUD ([SRVLomRVHPSURWHomR ,QWHUPDo}HVTXHLPDGXUDVQDSHOH H[SRVLomRjUDGLDomRVRODUFKXYDIULR DGHTXDGDjUDGLDomRVRODUFKXYD HQYHOKHFLPHQWRSUHFRFHFkQFHUGHSHOH HIULR GHVLGUDWDomRGRHQoDVUHVSLUDWyULDVFHUDWRVHV DFWtQLFDVKLSHUWHPLDGHUPDWRVHVGHUPDWLWHV FRQMXQWLYLWHTXHUDWLWHSQHXPRQLWHIDGLJD LQWHUPDomR (PDOWXUDVVXSHULRUHVDGRLVPHWURV 4XHGDGHQtYHO )UDWXUDVFRQWXV}HVWUDXPDWLVPRVWRQWXUDV IRELDV &RPH[SRVLomRDUXtGRFRQWtQXRRX ([SRVLomRDQtYHLVHOHYDGRVGH $OWHUDomRWHPSRUiULDGROLPLDUDXGLWLYR LQWHUPLWHQWHDFLPDGRQtYHOSUHYLVWRQD SUHVVmRVRQRUD KLSRDFXVLDSHUGDGDDXGLomRKLSHUWHQVmR OHJLVODomRSHUWLQHQWHHPYLJRURXDUXtGRGH DUWHULDOUXSWXUDWUDXPiWLFDGRWtPSDQRDOWHUDo}HV LPSDFWR HPRFLRQDLVDOWHUDo}HVPHQWDLVHHVWUHVVH &RPH[SRVLomRRXPDQXVHLRGHDUVrQLFRH ([SRVLomRDRVFRPSRVWRV 1HRSODVLDPDOLJQDGRVEU{QTXLRVHSXOP}HV VHXVFRPSRVWRVDVEHVWRVEHQ]HQRFDUYmR TXtPLFRVDFLPDGRVOLPLWHVGH DQJLRVDUFRPDGRItJDGRSROLQHXURSDWLDV PLQHUDOIyVIRURHVHXVFRPSRVWRV WROHUkQFLD HQFHIDORSDWLDVQHRSODVLDPDOLJQDGRHVW{PDJR KLGURFDUERQHWRVRXWURVFRPSRVWRVGH ODULQJHHSOHXUDPHVRWHOLRPDVDVEHVWRVHV FDUERQRPHWDLVSHVDGRVFiGPLRFKXPER DUULWPLDFDUGtDFDOHXFHPLDVVtQGURPHV FURPRHPHUF~ULRHVHXVFRPSRVWRV PLHORGLVSOiVLFDVWUDQVWRUQRVPHQWDLVFRU VLOLFDWRViFLGRR[iOLFRQtWULFRVXOI~ULFR SXOPRQDOHVLOLFRVHHVtQGURPHGH&DSODQ EURPtGULFRIRVIyULFRStFULFRiOFDOLV FiXVWLFRVRXVXEVWkQFLDVQRFLYDVjVD~GH FRQIRUPHFODVVLILFDomRGD2UJDQL]DomR 0XQGLDOGD6D~GH206 (PHVSDoRVFRQILQDGRV ,VRODPHQWRFRQWDWRFRPSRHLUDV 7UDQVWRUQRGRFLFORYLJtOLDVRQRULQLWHEURQTXLWH JDVHVWy[LFRVHRXWURV LUULWDELOLGDGHHHVWUHVVH FRQWDPLQDQWHV 'HDILDomRGHIHUUDPHQWDVHLQVWUXPHQWRV $FLGHQWHVFRPPDWHULDOFRUWDQWHH )HULPHQWRVHPXWLODo}HV PHWiOLFRVHPDILDGRUDUHERORRXHVPHULO VHPSURWHomRFROHWLYDFRQWUDSDUWtFXODV YRODQWHV 'HGLUHomRRSHUDomRGHYHtFXORVPiTXLQDV RXHTXLSDPHQWRVTXDQGRPRWRUL]DGRVHHP PRYLPHQWRPiTXLQDVGHODPLQDomRIRUMDH GHFRUWHGHPHWDLVPiTXLQDVGHSDGDULD FRPRPLVWXUDGRUHVHFLOLQGURVGHPDVVD PiTXLQDVGHIDWLDUPiTXLQDVHPWUDEDOKRV FRPPDGHLUDVHUUDVFLUFXODUHVVHUUDVGHILWD HJXLOKRWLQDVHVPHULVPRLQKRVFRUWDGRUHVH PLVWXUDGRUHVTXLSDPHQWRVHPIiEULFDVGH SDSHOJXLQGDVWHVRXRXWURVVLPLODUHV &RPH[SRVLomRDUDGLDo}HVLRQL]DQWHHQmR LRQL]DQWHVPLFURRQGDV XOWUDYLROHWDRXODVHU 'HPDQXWHQomRHUHSDURGHPiTXLQDVH HTXLSDPHQWRVHOpWULFRVTXDQGR HQHUJL]DGRV ,WHP FRPH[SRVLomRDSDUWtFXODV PHWiOLFDVFRUWDQWHVGHVSUHQGLGDV GDDILDGRUD (VIRUoRVItVLFRVDFLGHQWHVFRP IHUUDPHQWDVHFRPVLVWHPDV FRQGXWRUHVGHHQHUJLDHOpWULFD ([SRVLomRDUDGLDo}HVQmR LRQL]DQWHHLRQL]DQWHUDLRV; JDPDDOIDHEHWDHPSURFHVVRV LQGXVWULDLVWHUDSrXWLFRVRX SURSHGrXWLFRVHPVD~GHKXPDQD RXDQLPDORXHPSURVSHFomR SURFHVVDPHQWRHVWRFDJHPH WUDQVSRUWHGHPDWHULDLVUDGLRDWLYRV $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV PXWLODo}HVHVPDJDPHQWRVIUDWXUDV TXHLPDGXUDVHSDUDGDFiUGLRUHVSLUDWyULD &DUFLQRPDVEDVRFHOXODUHHVSLQRFHOXODU QHRSODVLDPDOLJQDGDFDYLGDGHQDVDOEU{QTXLRV SXOP}HVRVVRVHFDUWLODJHQVDUWLFXODUHV VDUFRPDVyVVHRVOHXFHPLDVVtQGURPH PLHORGLVSOiVLFDVDQHPLDDSOiVWLFDKHPRUUDJLDV DJUDQXORFLWRVHSROLQHXURSDWLDEOHIDULWH FRQMXQWLYLWHFDWDUDWDJDVWURHQWHULWHDIHFo}HVGD SHOHHGRWHFLGRFRQMXQWLYRUHODFLRQDGDVFRPD UDGLDomRRVWHRQHFURVHHLQIHUWLOLGDGHPDVFXOLQD $IHFo}HVP~VFXORHVTXHOpWLFDVEXUVLWHV WHQGLQLWHVGRUVDOJLDVVLQRYLWHVWHQRVVLQRYLWHV PXWLODo}HVHVPDJDPHQWRVIUDWXUDV TXHLPDGXUDVSHUGDWHPSRUiULDGDFRQVFLrQFLD FDUERQL]DomRSDUDGDFiUGLRUHVSLUDWyULD (VIRUoRVItVLFRVLQWHQVRV H[SRVLomRDDFLGHQWHVFRP VLVWHPDVFLUFXLWRVHFRQGXWRUHVGH HQHUJLDHOpWULFDHDFLGHQWHVFRP HTXLSDPHQWRVHIHUUDPHQWDV FRQWXVRFRUWDQWHV ,,75$%$/+2635(-8',&,$,6¬025$/,'$'( 'HVFULomRGRV7UDEDOKRV $TXHOHVSUHVWDGRVGHTXDOTXHUPRGRHPSURVWtEXORVERDWHVEDUHVFDEDUpVGDQFHWHULDVFDVDVGHPDVVDJHPVDXQDV PRWpLVVDODVRXOXJDUHVGHHVSHWiFXORVREVFHQRVVDODVGHMRJRVGHD]DUHHVWDEHOHFLPHQWRVDQiORJRV 'HSURGXomRFRPSRVLomRGLVWULEXLomRLPSUHVVmRRXFRPpUFLRGHREMHWRVVH[XDLVOLYURVUHYLVWDVILWDVGHYtGHRRX FLQHPDHFGVSRUQRJUiILFRVGHHVFULWRVFDUWD]HVGHVHQKRVJUDYXUDVSLQWXUDVHPEOHPDVLPDJHQVHTXDLVTXHURXWURV REMHWRVSRUQRJUiILFRVTXHSRVVDPSUHMXGLFDUDIRUPDomRPRUDO 'HYHQGDDYDUHMRGHEHELGDVDOFRyOLFDV &RPH[SRVLomRDDEXVRVItVLFRVSVLFROyJLFRVRXVH[XDLV
Documentos relacionados
Principais alterações nos TLVS e BEIS introduzidas na publicação
DVFRQGLo}HVjVTXDLVVHDFUHGLWDTXHDPDLRULDGRV WUDEDOKDGRUHV SRVVD VHU UHSHWLGDPHQWH H[SRVWD VHPHYROXLUSDUDDOpPGRHVWiJLRGR6LVWHPDGH &ODVVLILFDomR GR :RUNVKRS GH (VWRFROPR...
Leia mais- Revista Folha da Praia
RSURFHVVRGHUHGHVHQYROYLPHQWR 2V LQVWLWXWRV WpFQLFRV IHGHUDLV ,)%D H ,IEDLDQR D 8(6& D IXWXUD 8QLYHUVLGDGH)HGHUDOGR6XOGD%DKLD 8)6%DRFHQWURGHWHFQRORJLDTXH R 6HQDL D...
Leia maisPrefeitura Municipal de Ourolândia publica
$UW 2 SDUiJUDIR SULPHLUR GR DUWLJR GD /HL 0XQLFLSDO GH GH GH]HPEURGHSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
Leia maisarte arte - Boys Hope Girls Hope
LQWHUQDFLRQDO YROWDGDV j SUHYHQomR UHSUHVVmR UHVSRQVDELOL]DomR GRV DFXVDGRV H DWHQGLPHQWR jV YtWLPDV GHVVH WLSR GH FULPH2,/$'+pXPGRVIXQGDGRUHVGR0RYLPHQWR1DFLRQDO&RQWUDR...
Leia mais