Anexo XI – Livro XI - Cadan - Governo do Estado de São Paulo
Transcrição
Anexo XI – Livro XI - Cadan - Governo do Estado de São Paulo
$QH[R;,±/LYUR;, 3ODQR5HJLRQDO(VWUDWpJLFRGD6XESUHIHLWXUDGH3LQKHLURV 6XPiULR 7tWXOR,± &DStWXOR,± &DStWXOR,,± &DStWXOR,,,± 9LGD 6HomR,± 6HomR,,± 6HomR,,,± 6HomR,9± 6HomR9± 6HomR9,± &DStWXOR,9± 6HomR,± 6HomR,,± 6HomR,,,± 6HomR,9± 6HomR9± 7tWXOR,,± &DStWXOR,± 6HomR,± 6HomR,,± 6HomR,,,± 6HomR,9± 7tWXOR,,,± &DStWXOR,± 6HomR,± 6XEVHomR,± 6XEVHomR,, &DStWXOR,,± 6HomR,± 6HomR,,± 6HomR,,,± 6HomR,9 6HomR9± 6XEVHomR,± 6XEVHomR,,± &DStWXOR,,,± 6HomR,± 6HomR,,± 6HomR,,,± 6HomR,9± 7tWXOR,9± 'DV3ROtWLFDV3~EOLFDV5HJLRQDLV 'RV2EMHWLYRVGD3ROtWLFDGH'HVHQYROYLPHQWR8UEDQRH$PELHQWDOGD5HJLmR 'RV2EMHWLYRVSDUDR'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO 'RV2EMHWLYRVH'LUHWUL]HVSDUDR'HVHQYROYLPHQWR+XPDQRH4XDOLGDGHGH $VVLVWrQFLD6RFLDO (GXFDomR 6D~GH &XOWXUD $EDVWHFLPHQWR (VSRUWHV 'RV2EMHWLYRVSDUDR'HVHQYROYLPHQWR8UEDQRFRP4XDOLGDGH$PELHQWDO 'UHQDJHP ÈUHDV9HUGHV /LPSH]D3~EOLFD ,QIUD±(VWUXWXUDH3DWULP{QLR 5HGH9LiULD(VWUXWXUDOH/RFDO 'R3ODQR8UEDQtVWLFR$PELHQWDO 'RV(OHPHQWRV(VWUXWXUDGRUHVH,QWHJUDGRUHV 5HGH+tGULFD$PELHQWDO 5HGH9LiULD(VWUXWXUDO 5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR 5HGH(VWUXWXUDOGH(L[RVH3yORVGH&HQWUDOLGDGH 'R8VRH2FXSDomRGR6ROR 'DV0DFUR]RQDV 0DFUR]RQDGH(VWUXWXUDomRH4XDOLILFDomR8UEDQD 0DFURiUHDGH5HHVWUXWXUDomRH5HTXDOLILFDomR8UEDQD 0DFURiUHDGH8UEDQL]DomR&RQVROLGDGD 'R=RQHDPHQWR 'DV=RQDV([FOXVLYDPHQWH5HVLGHQFLDLV=(5 'DV=RQDV3UHGRPLQDQWHPHQWH,QGXVWULDLV±=3, 'DV=RQDV0LVWDV±=0 'DV=RQDV&HQWUDOLGDGHV=& 'DV=RQDV(VSHFLDLV 'DV=RQDV(VSHFLDLVGH3UHVHUYDomR&XOWXUDO±=(3(& 'DV=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO±=(,6 'RV,QVWUXPHQWRVGH*HVWmR8UEDQD$PELHQWDO 'RV,QVWUXPHQWRV,QGXWRUHVGR8VR6RFLDOGD3URSULHGDGH 'D2XWRUJD2QHURVDGR'LUHLWRGH&RQVWUXLU 'DVÈUHDVGH,QWHUYHQomR8UEDQD 'DV2SHUDo}HV8UEDQDV&RQVRUFLDGDV 'DV'LVSRVLo}HV*HUDLV 7tWXOR,± 'DV3ROtWLFDV3~EOLFDV5HJLRQDLV &DStWXOR,± 'RV2EMHWLYRVGD3ROtWLFDGH'HVHQYROYLPHQWR8UEDQRH$PELHQWDOGD5HJLmR $UW 2 3ODQR 5HJLRQDO (VWUDWpJLFR GD 6XESUHIHLWXUD GH 3LQKHLURV HVWDEHOHFH RV REMHWLYRV H GLUHWUL]HV GD SROtWLFD GH GHVHQYROYLPHQWR XUEDQR H DPELHQWDO GD UHJLmR YLVDQGR D FRUUHomR GRV GHVHTXLOtEULRV H EXVFD DOFDQoDU D UHTXDOLILFDomR H R GHVHQYROYLPHQWR SRU PHLR GH SULRULGDGHV H Do}HVHDWUDYpVGHSURMHWRVGHOHLVHVSHFtILFDV $UW6mRREMHWLYRVGHGHVHQYROYLPHQWRXUEDQRHDPELHQWDO , YLDELOL]DURDPSORDFHVVRHDPRELOLGDGHGHQWURGDHVWUXWXUDXUEDQDGDFLGDGH ,, YLDELOL]DUDPDQXWHQomRGDLQIUDHVWUXWXUDHDFRQVHUYDomRGRPHLRDPELHQWH ,,, UHJXODPHQWDUHFRQWURODUDLQVWDODomRGHDWLYLGDGHVHHL[RVFRPHUFLDLVHGHVHUYLoR ,9 GLPLQXLUDVGHVLJXDOGDGHVUHJLRQDLVGHQWURGD&LGDGHHHQWUHHVWDHD6XESUHIHLWXUD 9 DXPHQWDUDTXDOLGDGHGHYLGDGRVFLGDGmRVHDVXVWHQWDELOLGDGHGRGHVHQYROYLPHQWR 9, XVDURVLQVWUXPHQWRVXUEDQtVWLFRVSDUDDWLQJLURVREMHWLYRVVRFLRHFRQ{PLFRVSUHWHQGLGRV 9,, DXPHQWDURVEHQHItFLRVHFRQ{PLFRVHVRFLDLVGLPLQXLQGRRVFXVWRVXUEDQRVWRUQDQGRD iUHDGD6XESUHIHLWXUDPDLVHILFLHQWHSDUDDYLGDXUEDQD $UW6mRGLUHWUL]HVGHGHVHQYROYLPHQWRXUEDQRHDPELHQWDO , UHYHUWHU D FXUYD GH GHVSRYRDPHQWR SRSXODFLRQDO DWUDYpV GH LQFHQWLYRV j KDELWDomR H DR WUDEDOKR ,, FRPEDWHUDVXEXWLOL]DomRHVSHFXODWLYDGHWHUUHQRVHPHVSHFLDOHVWDFLRQDPHQWRV ,,, DXWRUL]DURXVRGRVRORVyDWpROLPLWHVXVWHQWiYHOGHVXDLQIUDHVWUXWXUDLQVWDODGDFRPR HOHWULFLGDGHiJXDSRWiYHOHHVJRWRWHOHIRQLDFDSDFLGDGHGHWUiIHJRUXtGRXUEDQRHFROHWD GHOL[R ,9 HVWUXWXUDURHVSDoRXUEDQRDWUDYpVGHUHTXDOLILFDomRUHHVWUXWXUDomRHUHGHVHQKRXUEDQR GHiUHDVHVSHFtILFDV 9 SURPRYHUDUHXUEDQL]DomRGHSUDoDVHVSHFLDOPHQWHQRGLVWULWR$OWRGH3LQKHLURV 9, HVWLPXODU D FRRSHUDomR H R FRQVyUFLR HQWUH DV HVWUXWXUDV S~EOLFDV GHVFHQWUDOL]DGDV GR SRGHUPXQLFLSDOHDVLQVWLWXLo}HVS~EOLFDVRUJDQL]Do}HVQmRJRYHUQDPHQWDLVHHPSUHVDV SULYDGDVQDSURGXomRGHVHUYLoRVS~EOLFRVSDUDDiUHD &DStWXOR,,± 'RV2EMHWLYRVSDUDR'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO $UW 2 3ODQR 5HJLRQDO (VWUDWpJLFR GD 6XESUHIHLWXUD GH 3LQKHLURV HVWDEHOHFH RV REMHWLYRV H GLUHWUL]HV GH GHVHQYROYLPHQWR HFRQ{PLFR H VRFLDO DWUDYpV GH Do}HV SDUD D UHTXDOLILFDomR GH iUHDV SDUDFRPpUFLRHVHUYLoRHLQFHQWLYRDSDUFHULDVFRPDVRFLHGDGHFLYLO $UW6mRREMHWLYRVGHGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDOGD6XESUHIHLWXUDGH3LQKHLURV , HVWLPXODU D FULDomR GH KDELWDo}HV D SUHoRV PDLV DFHVVtYHLV FRPR PRGR GH LQWHJUDU WUDEDOKRHKDELWDomR ,, UHJXODPHQWDU H FRQWURODUDVUHGHV GHFRPXQLFDo}HV HP VHX WHUULWyULR HVSHFLDOPHQWHHP iUHDVS~EOLFDV ,,, UHJXODPHQWDU H FRQWURODU R LPSDFWR GDV DWLYLGDGHV GH FRPpUFLR H VHUYLoRV GH PRGR D IDFLOLWDUVXDH[HFXomRVHPSUHMXGLFDUDTXDOLGDGHGHYLGDORFDO ,9 LQYHVWLUHPSURJUDPDVGHTXDOLILFDomRHUHTXDOLILFDomRSURILVVLRQDO $UW6mRGLUHWUL]HVGHGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDOGD6XESUHIHLWXUDGH3LQKHLURV , HVWLPXODU D SURGXomR GH +DELWDomR GH ,QWHUHVVH 6RFLDO +,6 H +DELWDo}HV GH 0HUFDGR 3RSXODU+03 ,, HVWXGDU D SRVVLELOLGDGH GH IRUPDomR GH EROV}HV UHVLGHQFLDLV HVSHFLDOPHQWH QR $OWR GH 3LQKHLURV ,,, IRPHQWDU SURJUDPDV GH TXDOLILFDomR H UHTXDOLILFDomR SURILVVLRQDO GH PRGR D FULDU HPSUHJRVSDUDDSRSXODomRPDLVFDUHQWH ,9 IRPHQWDU D LPSODQWDomR GH SURJUDPDV H SURMHWRV GH UHTXDOLILFDomR GH UXDV GHGLFDGDV D FRPpUFLRHVHUYLoRVGDiUHD &DStWXOR,,,± 'RV 2EMHWLYRV H 'LUHWUL]HV SDUD R 'HVHQYROYLPHQWR +XPDQR H 4XDOLGDGH GH 9LGD $UW 2 3ODQR 5HJLRQDO GD 6XESUHIHLWXUD GH 3LQKHLURV HVWDEHOHFH RV REMHWLYRV H GLUHWUL]HV SDUD R GHVHQYROYLPHQWR KXPDQR H TXDOLGDGH GH YLGD SRU PHLR GH SULRULGDGHV H Do}HV QDV iUHDV GH DVVLVWrQFLD VRFLDO HGXFDomR VD~GH FXOWXUD DEDVWHFLPHQWR H HVSRUWHV YLVDQGR DWHQGHU GH IRUPD PDLVDEUDQJHQWHHLJXDOLWiULDDSRSXODomR 6HomR,± $VVLVWrQFLD6RFLDO $UW6mRREMHWLYRVHGLUHWUL]HVSDUDDiUHDGH$VVLVWrQFLD6RFLDO , UHVSRQGHU SHOD LPSODQWDomR H H[HFXomR GD SROtWLFD GH DVVLVWrQFLD VRFLDO QR kPELWR GD 6XESUHIHLWXUD ,, HODERUDUGHIRUPDSDUWLFLSDWLYDGHVHQYROYHUHPRQLWRUDUR 3ODQR5HJLRQDOGH$VVLVWrQFLD 6RFLD ,,, RSHUDU UHJLRQDOPHQWH R 6LVWHPD ÒQLFR 'HVFHQWUDOL]DGR H 3DUWLFLSDWLYR GD 3ROtWLFD GH $VVLVWrQFLD6RFLDO ,9 LQWHJUDU D SROtWLFD PXQLFLSDO GH DVVLVWrQFLD VRFLDO DRV SURMHWRV GH LQFOXVmR VRFLDO GD 6XESUHIHLWXUD 9 JHUHQFLDUHDGPLQLVWUDU D DUHGHS~EOLFDHFRQYHQLDGDGHSUHVWDomRGHVHUYLoRVFRQWLQXDGRV E RGHVHQYROYLPHQWRGHSURJUDPDVGHFDUiWHUSUHYHQWLYRHGHSURWHomRVRFLDO F RVSURMHWRVGHDVVLVWrQFLDVRFLDOGHkPELWRORFDOHUHJLRQDOSDUDDWHQomRGH FULDQoDVDGROHVFHQWHVHMRYHQVHPVLWXDomRGHULVFRSHVVRDOHVRFLDO FULDQoDV DGROHVFHQWHV H MRYHQV HP FRQIOLWR FRP D OHL DWUDYpV GD DSOLFDomR GH PHGLGDV VyFLR HGXFDWLYDV HP PHLR DEHUWR SUHVWDomR GH VHUYLoRV FRPXQLWiULRV H OLEHUGDGHDVVLVWLGDGHWHUPLQDGDVSHORV-XL]HVGDV9DUDVGH,QIkQFLDH-XYHQWXGH DGXOWRVHPVLWXDomRGHUXDDWUDYpVGDJDUDQWLDGHDFROKLGDFRQYtYLRDXWRQRPLDH HTXLGDGH IDPtOLDV SULQFLSDOPHQWH DV XQLSDUHQWDLV FKHILDGDV SRU PXOKHUHV JDUDQWLQGR SURJUDPDVHVHUYLoRVSDUDVHXIRUWDOHFLPHQWR LGRVRV SHVVRDV FRP GHILFLrQFLD PLQRULDV pWQLFDV PXOKHUHV H RXWURV VHJPHQWRV GHIHQGHQGRVHXVGLUHLWRVGHHTXLGDGHHSURWHomR 9, PDQWHU SODQWmR GH DWHQGLPHQWR j SRSXODomR YtWLPD GH VLWXDo}HV GH HPHUJrQFLD GHFRUUHQWHVGHHQFKHQWHVLQFrQGLRVHGHVDEDPHQWRV 9,, PDQWHUSODQWmRGHDWHQGLPHQWRjSRSXODomRHPVLWXDomRGHUXD 9,,, PDQWHUWUDEDOKRVRFLDOQDVUXDVHHPiUHDVGHULVFRGHPRGRDDILDQoDUDVHJXUDQoDGH DFROKLGDDFULDQoDVDGROHVFHQWHVMRYHQVDGXOWRVHIDPtOLDVHPVLWXDomRGHULVFRSHVVRDO HVRFLDO ,; PDQWHU &HQWURV GH 5HIHUrQFLD GH $VVLVWrQFLD 6RFLDO SDUD DWHQGLPHQWR jV QHFHVVLGDGHV EiVLFDVHHPHUJHQFLDLVGHVREUHYLYrQFLDGDSRSXODomR ; RSHUDUHDYDOLDUDFRQFHVVmRGHEHQHItFLRVFRQWLQXDGRVHHYHQWXDLVDWUDYpVGHVLVWHPDGH DFRPSDQKDPHQWRGDVIDPtOLDVGHIRUPDGLUHWDHFRQYHQLDGD ;, GHVHQYROYHU FRP R 1~FOHR GH 3URJUDPDV (VSHFLDLV GD 6XESUHIHLWXUD DV PHGLGDV QHFHVViULDVSDUDJDUDQWLUDVHJXUDQoDGHDXWRQRPLDSRUPHLRGHSROtWLFDVGHWUDEDOKRH UHQGDSDUDDSRSXODomRMXYHQLOHDGXOWD ;,, GHVHQYROYHU SROtWLFD GH SDUFHULD FRP DV RUJDQL]Do}HV GH DVVLVWrQFLD VRFLDO GD iUHD GH DEUDQJrQFLDGD6XESUHIHLWXUD ;,,, PDQWHU FDGDVWUR ~QLFR LQIRUPDWL]DGR H DUWLFXODGR FRP R &RQVHOKR 0XQLFLSDO GD $VVLVWrQFLD6RFLDOHR&RQVHOKR0XQLFLSDOGRV'LUHLWRVGD&ULDQoDHGR$GROHVFHQWHGD UHGH PXQLFLSDO GH VHUYLoRV H GH RUJDQL]Do}HV GH DVVLVWrQFLD VRFLDO DFHVVtYHO DRV FLGDGmRV ;,9 PDQWHUFDGDVWURLQIRUPDWL]DGRGRVXVXiULRVGDDVVLVWrQFLDVRFLDO ;9 PDQWHU R VLVWHPD GH PRQLWRUDPHQWR GDV Do}HV REHGHFLGRV RV LQGLFDGRUHV GD SROtWLFD PXQLFLSDOGHDVVLVWrQFLDVRFLDO ;9, PDQWHU D TXDOLGDGH H RV SDGU}HV GRV VHUYLoRV H SURJUDPDV PXQLFLSDLV GH DVVLVWrQFLD VRFLDO ;9,, GLVFXWLU GH PRGR SDUWLFLSDWLYR H SURSRU R RUoDPHQWR UHJLRQDO GH DVVLVWrQFLD VRFLDO D VHU FRPSDWLELOL]DGRQRRUoDPHQWRGD3ROtWLFD0XQLFLSDOGH$VVLVWrQFLD6RFLDO ;9,,, DFRPSDQKDUSDUWLFLSDUHVXEVLGLDUR6XESUHIHLWRTXDQWRjVGHFLV}HVUHODWLYDjDVVLVWrQFLD VRFLDO $UW6mRDo}HVHVWUDWpJLFDVSDUDDiUHDGH$VVLVWrQFLD6RFLDO , FULDUQ~FOHRVGHFRQYLYrQFLDHPFDGDGLVWULWRGD6XESUHIHLWXUDFRPDVHJXLQWHSULRULGDGH 'LVWULWR-DUGLP3DXOLVWD 'LVWULWR$OWRGH3LQKHLURV 'LVWULWR,WDLP%LEL ,, DPSOLDURQ~FOHRGHFRQYLYrQFLDMiH[LVWHQWHQR'LVWULWRGH3LQKHLURV ,,, FULDUXP&HQWURGH5HIHUrQFLDID]HQGRJHVW}HVMXQWRDR*RYHUQRGR(VWDGRGH6mR3DXOR SDUD LQVWDODU XP PLQL ³3RXSD7HPSR´ SDUD GRFXPHQWDomR HQFDPLQKDPHQWRV DWHQGLPHQWR VRFLDO LQIRUPDo}HVRULHQWDo}HV VDODV SDUD DWLYLGDGHV H UHXQL}HV EDQFR GH HPSUHJRV 6HomR,,± (GXFDomR $UW6mRREMHWLYRVSDUDDiUHDGH(GXFDomR , GHPRFUDWL]DomRGRDFHVVRHJDUDQWLDGDSHUPDQrQFLDQDHVFROD ,, GHPRFUDWL]DomRGDJHVWmR ,,, TXDOLGDGHVRFLDOGDHGXFDomR $UW6mRGLUHWUL]HVSDUDDiUHDGH(GXFDomR , UHDOL]DomRGHFHQVRHGXFDFLRQDOSDUDGHWHFWDUDVUHDLVGHPDQGDVH[LVWHQWHV ,, FULDomRGHFRPLVV}HVSHUPDQHQWHVGHSDUWLFLSDomRGDFRPXQLGDGH ,,, DPSOLDU R DWHQGLPHQWR GD HGXFDomR LQIDQWLO GH D DQRV DWUDYpV GD FULDomR GH QRYRV &(,¶V&HQWURGH(GXFDomR,QIDQWLO ,9 WUDQVIRUPDUSDXODWLQDPHQWHRDWHQGLPHQWRGDV(VFRODV0XQLFLSDLVGH(GXFDomR,QIDQWLOGH SDUDRXKRUDV 9 FULDomRGHQRYDVVDODVGH029$0RYLPHQWRGH$OIDEHWL]DomRGH-RYHQVH$GXOWRVSDUD GLPLQXLURtQGLFHGHDQDOIDEHWLVPRQDUHJLmR 9, DPSOLDU R DWHQGLPHQWR GD VXSOrQFLD , H ,, YLVDQGR WDPEpP D GLPLQXLomR GR Q~PHUR GH DQDOIDEHWRVHHOHYDQGRDHVFRODULGDGHGRVPRUDGRUHVHWUDEDOKDGRUHV 9,, LQYHVWLUQRSODQHMDPHQWRFRQMXQWRFRPRXWUDVLQVWkQFLDVSDUDRDWHQGLPHQWRGDGHPDQGD HDHODERUDomRGHXP3ODQRGH$omRQDiUHDGH(GXFDomR 9,,, DPSOLDURSURMHWRLQWHUVHFUHWDULDOSDUDRDWHQGLPHQWRDRVPRUDGRUHVGHUXD ,; FULDU DV FRQGLo}HV PDWHULDLV H SHGDJyJLFDV SDUD R DWHQGLPHQWR DRV SRUWDGRUHV GH QHFHVVLGDGHVHVSHFLDLV $UW6mRDo}HVHVWUDWpJLFDVSDUDDiUHDGH(GXFDomRSRUPRGDOLGDGHGHDWHQGLPHQWR , FHQWURV GH HGXFDomR LQIDQWLO D DQRV DPSOLDU R DWHQGLPHQWR FRQIRUPH D VHJXLQWH SULRULGDGH D ,WDLP%LEL±-DUGLP(GLWHDWHQGLPHQWRSDUDFULDQoDV E 3LQKHLURV TXDGULOiWHUR $Y )DULD /LPD 5 &DUGHDO $UFRYHUGH 5 7HRGRUR 6DPSDLR H $Y+HQULTXH6FKDXPDQQDWHQGLPHQWRSDUDFULDQoDV F $OWRGH3LQKHLURV±9LOD0DGDOHQDSUy[LPRj)DYHOD'MDOPD&RHOKRDWHQGLPHQWRSDUD FULDQoDV ,,HQVLQRIXQGDPHQWDO D DWHQGHUGHIRUPDLQWHJUDODIDL[DGHDDQRV E DUWLFXODUDHVFRODFRPRXWURVHTXLSDPHQWRVVRFLDLVHFXOWXUDLV ,,,MRYHQVHDGXOWRV DHUUDGLFDURDQDOIDEHWLVPR EDXPHQWDURtQGLFHGHYDJDVQDVXSOrQFLD,H,, FLPSODQWDUQRYDVVDODVGH029$¶V G LPSODQWDU (VSDoRV *HQWH -RYHP (*- GH D DQRV GH LGDGH FRQIRUPH D VHJXLQWH SULRULGDGH ,WDLP%LEL±-DUGLP(GLWHDWHQGLPHQWRSDUDFULDQoDV 3LQKHLURVTXDGULOiWHUR$Y)DULD/LPD5&DUGHDO$UFRYHUGH57HRGRUR6DPSDLR H$Y+HQULTXH6FKDXPDQQDWHQGLPHQWRSDUDFULDQoDV $OWRGH3LQKHLURV±9LOD0DGDOHQDSUy[LPRj)DYHOD'MDOPD&RHOKRDWHQGLPHQWR SDUDFULDQoDV ,9 HGXFDomRHVSHFLDO D UHIRUPDUDVHVFRODVH[LVWHQWHV 9 E FDSDFLWDUSURIHVVRUHV HQVLQRSURILVVLRQDOL]DQWH D IOH[LELOL]DURVHQVLQRVSURILVVLRQDOL]DQWHV E LPSODQWDUFHQWURVGHIRUPDomRHRULHQWDomRSURILVVLRQDO F LPSODQWDUFXUVRVVXSOHWLYRVSURILVVLRQDOL]DQWHV 6HomR,,,± 6D~GH $UW6mRREMHWLYRVHGLUHWUL]HVSDUDDiUHDGH6D~GH , IRUPXODU H LPSODQWDU SROtWLFDV TXH YLVHP SURPRYHU SURWHJHU H UHFXSHUDU D VD~GH GD SRSXODomR ,, PD[LPL]DU H DPSOLDU RV UHFXUVRV GLVSRQtYHLV QR DWHQGLPHQWR j SRSXODomR HJUHVVD GRV SODQRVGHVD~GH ,,, DGRWDU PHGLGDV GH SUHYHQomR GH SDWRORJLDV H PHOKRULD GH TXDOLGDGH GH YLGD SDUD D SRSXODomRLGRVD ,9 DWHQGHUGHIRUPDDEUDQJHQWHjSRSXODomRGHUXD 9 DGRWDU PHGLGDV SUHYHQWLYDV QR WRFDQWH D VHTHODV j SUHVHUYDomR GD DXWRQRPLD GRV LQGLYtGXRV DR GHVHQYROYLPHQWR GD FRQVFLrQFLD VDQLWiULD H j SURPRomR GD VD~GH H TXDOLGDGHGHYLGDGDVIDPtOLDV $UW6mRDo}HVHVWUDWpJLFDVSDUDDiUHDGH6D~GH , DPSOLDUR3URJUDPDGH6D~GHGD)DPtOLD36) ,, DPSOLDURDWHQGLPHQWRGDV8%6¶V8QLGDGHV%iVLFDVGH6D~GH ,,, LQVWDODomRGH&HQWURGH&RQYLYrQFLDGH,GRVRVDVHULPSODQWDGRQRSDUTXHSURSRVWRQD 5XD6XPLGRXUR ,9 DPSOLDU RV UHFXUVRV PDWHULDLV H KXPDQRV SDUD R FRPEDWH H FRQWUROH GH GRHQoDV FRPR GHQJXH$,'6WXEHUFXORVHKDQVHQtDVHHGHPDLVGRHQoDVQRWLILFiYHLV 9 FULDU LQVWDODo}HV H UHFXUVRV SDUD R DWHQGLPHQWR H UHVJDWH GH SHVVRDV HP VLWXDomR GH HPHUJrQFLDHXUJrQFLDV 9, FULDU LQVWDODo}HV H UHFXUVRV SDUD UHPRomR H DWHQGLPHQWR GH SHVVRDV DFDPDGDV WHPSRUiULDRXGHILQLWLYDPHQWHHFRPLQFDSDFLGDGHVSDUFLDLVRXWRWDLV 9,, FULDU LQVWDODo}HV GH VHUYLoRV FDSD]HV GH VDWLVID]HU DV QHFHVVLGDGHV LQWHJUDLV ItVLFD PHQWDO H VRFLDO QRV DVSHFWRV GH SURPRomR SURWHomR H UHFXSHUDomR GD VD~GH GD SRSXODomRLGRVDHGHPDLVJUXSRVSULRULWiULRVSRUWDGRUHVGHSDWRORJLDVFU{QLFDVJUXSRVGH ULVFRPRUDGRUHVGHUXDHEROV}HVGHSREUH]D 9,,, SURPRYHU HVWXGRV SDUD GLPHQVLRQDU H DYDOLDU D QHFHVVLGDGH GH H[SDQVmR ItVLFD H PRGHUQL]DomR GRV KRVSLWDLV H[LVWHQWHV HP =RQDV ([FOXVLYDPHQWH 5HVLGHQFLDLV FRQVLGHUDQGR DV UHVWULo}HV GH XVR H RFXSDomR GD =RQD FRP R REMHWLYR GH VXEVLGLDU D UHYLVmRGR3'(HP 6HomR,9± &XOWXUD $UW6mRREMHWLYRVHGLUHWUL]HVSDUDDiUHDGD&XOWXUD , PD[LPL]DU H DPSOLDU RV UHFXUVRV GLVSRQtYHLV SDUD DWHQGHU GH IRUPD PDLV DEUDQJHQWH DV SDUFHODVGHSRSXODomRGHPHQRUSRGHUDTXLVLWLYR ,, LPSOHPHQWDUSURMHWRVGHDOIDEHWL]DomRGLJLWDOSDUDJUXSRVHVSHFtILFRVGHFULDQoDVHLGRVRV SRUPHLRHOHWU{QLFR ,,, LQFHQWLYDUDWURFDFXOWXUDOHQWUHVHJPHQWRVGDVOtQJXDVGHRULJHPODWLQD ,9 FULDU QRYRV HVSDoRV JHUDGRUHV GH GHEDWHV FRP DFHVVR j LQIRUPDomR H HVWtPXOR j LQFOXVmRVRFLRFXOWXUDO 9 FULDUFLQHFOXEHVQDVELEOLRWHFDV $UW6mRDo}HVHVWUDWpJLFDVSDUDDiUHDGD&XOWXUD , PDQXWHQomRSUHYHQWLYDGRHGLItFLRGD%LEOLRWHFD3~EOLFD$OFHX$PRURVR/LPDQR'LVWULWR GH3LQKHLURVFRPDWXDOL]DomRHFRPSOHPHQWDomRGRDFHUYR ,, ,,, ,9 9 9, UHIRUPD GD %LEOLRWHFD 3~EOLFD $QQH )UDQN QR 'LVWULWR GH ,WDLP %LEL FRP DPSOLDomR H HQULTXHFLPHQWRGRDFHUYRHLQVWDODomRGHHTXLSDPHQWRVHLQIUDHVWUXWXUDPDLVDGHTXDGRV SDUDRDXGLWyULR UHIRUPDGD%LEOLRWHFD3~EOLFDÈOYDUR*XHUUDQR'LVWULWRGH$OWRGH3LQKHLURVFRPFULDomR GD³%LEOLRWHFDGDV*HUDo}HV´ SURSRURWRPEDPHQWRGRVSUpGLRVOLVWDGRVSDUDVHUHP=(3(& FRQVWUXomRGHXPWHDWURHXPFHQWURFXOWXUDOS~EOLFRVQD$,8/DUJRGD%DWDWD FULDU D SULPHLUD ELEOLRWHFD LQWHUJHUHQFLDO LQWHJUDQGR QXP ~QLFR VHUYLoR UHSHUWyULRV SUiWLFDVHSURGXWRVYROWDGRVjLQIkQFLDHjYHOKLFH 3DUiJUDIR ~QLFR )LFD HVWDEHOHFLGR FRPR KRUL]RQWH R DQR GH SDUD D FRQFOXVmR GDV Do}HV UHIHUHQWHV j UHIRUPD GDV ELEOLRWHFDV S~EOLFDV H DPSOLDomR GRV WHOHFHQWURV H D FRQFOXVmR GD FRQVWUXomRGRVHTXLSDPHQWRVFXOWXUDLVSDUDRDQRGH 6HomR9± $EDVWHFLPHQWR $UW6mRREMHWLYRVHGLUHWUL]HVSDUDDiUHDGH$EDVWHFLPHQWR , FRPSOHPHQWDU R DEDVWHFLPHQWR GH JrQHURV GH QHFHVVLGDGH SDUD D SRSXODomR PDLV FDUHQWH ,, VXEVWLWXLUDVIHLUDVGHUXDVSRUIHLUDVIL[DVHVDFRO}HVHPiUHDVS~EOLFDVVXEWLOL]DGDVTXH QmRLQWHUILUDPQRWUkQVLWR ,,, ID]HURFRQWUROHHUHJXODPHQWDomRGHIHLUDVHVDFRO}HV ,9 DWXDU FRPR DX[LOLDU GD 6(0$% QD ORJtVWLFD GH GLVWULEXLomR GD PHUHQGD HVFRODU TXDQGR QHFHVViULR 9 UHJXODPHQWDUDVIHLUDVGHDUWHVDQDWRGDUHJLmR 6HomR9,±(VSRUWHV $UW6mRREMHWLYRVHGLUHWUL]HVSDUDDiUHDGH(VSRUWHV , VXSHUYLVLRQDURVHTXLSDPHQWRVGHHVSRUWHVHOD]HUFRQVWUXtGRVHDFRPSDQKDURVSURMHWRV GHQRYRVHTXLSDPHQWRV ,, H[HFXWDURVSURJUDPDVUHJXODPHQWDGRUHVGHHVSRUWHVYROWDGRVSDUDDSRSXODomR ,,, LPSOHPHQWDUIRUPDVGHJHVWmRSDUWLFLSDWLYDQRVHTXLSDPHQWRVGHHVSRUWHVHOD]HU ,9 LGHQWLILFDUHHVWDEHOHFHUSDUFHULDVSDUDH[HFXomRGDVDo}HVHVWUDWpJLFDV $UW6mRDo}HVHVWUDWpJLFDVSDUDDiUHDGH(VSRUWHV , FRQVWUXomR GH &HQWUR (VSRUWLYR 0XQLFLSDO HP iUHD PXQLFLSDO FRP SHUPLVVmR HVSHFtILFD SDUD LQVWDODomR GH &'0 &HQWUR 'HVSRUWLYR 0XQLFLSDO D VHU GHWHUPLQDGD FRP HTXLSDPHQWRVHVSRUWLYRVHGHDSRLR ,, SURPRYHU Do}HV GH HVSRUWH UHJLRQDOL]DGDV FRP D LPSOHPHQWDomR GH UXDV GH OD]HU SDVVHLRVFLFOtVWLFRVQ~FOHRVPDLVHVSRUWHHFRUULGDVGHUXD &DStWXOR,9± 'RV2EMHWLYRVSDUDR'HVHQYROYLPHQWR8UEDQRFRP4XDOLGDGH$PELHQWDO $UW23ODQR5HJLRQDOGD6XESUHIHLWXUDGH3LQKHLURVHVWDEHOHFHRVREMHWLYRVHGLUHWUL]HVSDUDR GHVHQYROYLPHQWR XUEDQR FRP TXDOLGDGH DPELHQWDO SRU PHLR GH SULRULGDGHV H Do}HV QDV iUHDV GH GUHQDJHP GH iJXDV SOXYLDLV iUHDV YHUGHV OLPSH]D S~EOLFD PDQXWHQomR GD LQIUDHVWUXWXUD H UHJXODPHQWDomRGDViUHDVGHULVFR 6HomR, 'UHQDJHP $UW±$HODERUDomRGR3ODQR5HJLRQDOGH'UHQDJHPDWHQGHUiDRVVHJXLQWHVREMHWLYRVHGLUHWUL]HV , HODERUDU HVWXGR KtGULFR GDV EDFLDV KLGURJUiILFDV GD UHJLmR OHYDQGR HP FRQVLGHUDomR DV FRQGLo}HVDWXDLVGHJUDQGHLPSHUPHDELOL]DomRGRVRORDVDOWHUDo}HVRFRUULGDVQRUHJLPH GH FKXYD H R FUHVFHQWH ERPEHDPHQWR SDUD DV UHGHV GH GUHQDJHP GDV iJXDV GR OHQoRO IUHiWLFRTXHVmRDIORUDGDVQRVXEVRORSRURFDVLmRGHQRYDVFRQVWUXo}HV ,, ,,, ,9 9 9, HODERUDUGLDJQyVWLFRFRPSOHWRGDVLWXDomRGDUHGHGHPDFUR HPLFURGUHQDJHPDOpPGH SURSRVWDVSDUDFDGDEDFLDHVXEEDFLDGHGUHQDJHP LPSOHPHQWDUR3URJUDPDGH5HFXSHUDomR$PELHQWDOGRVFXUVRVG¶iJXDHIXQGRVGHYDOH HPQtYHOUHJLRQDO UHDOL]DU D FRQVWUXomR GH QRYDV JDOHULDV H SLVFLQ}HV HVSHFLDOPHQWH QR &yUUHJR GDV &RUXMDV UHDOL]DUDUHFRQVWUXomRRUHIRUoRHRUHGLPHQVLRQDPHQWRGDVJDOHULDVH[LVWHQWHV LPSOHPHQWDU DV Do}HV H RV SURFHGLPHQWRV DGPLQLVWUDWLYRV YLVDQGR j DJLOL]DomR GDV SURYLGrQFLDVUHODWLYDV DR VHUYLoR GH PRQLWRUDPHQWRGRVLVWHPD GH GUHQDJHPQRV SRQWRV GHHQFKHQWHVHPVLWXDo}HVGHHPHUJrQFLD 6HomR,,± ÈUHDV9HUGHV $UW±$HODERUDomRGR3ODQR5HJLRQDOGH'HVWLQDomRGHÈUHDV3~EOLFDVHVWDEHOHFHUiFULWpULRVH SURFHGLPHQWRV GH XWLOL]DomR GDV iUHDV YHUGHV HP FRQIRUPLGDGH FRP D YL]LQKDQoD DGHTXDQGR R SDLVDJLVPRHRVHTXLSDPHQWRVDRSHUILOHjVGHPDQGDVGRVXVXiULRVGHFDGDiUHD 3DUiJUDIR ~QLFR 2 3ODQR 5HJLRQDO GH 'HVWLQDomR GH ÈUHDV 3~EOLFDV GHYHUi VHU FRQFOXtGR H WHU LQLFLDGDDVXDLPSODQWDomRDWp $UW ± $ HODERUDomR GR 3ODQR 5HJLRQDO GH ÈUHDV 9HUGHV DWHQGHUi DRV VHJXLQWHV REMHWLYRV H GLUHWUL]HV , FRQVHJXLUGDUVREUHYLGDGHQRPtQLPRDQRVDRVLVWHPDDUEyUHRH[LVWHQWH ,, HVWDEHOHFHU FRQGLo}HVHIHWLYDV SDUD D UHDOL]DomR GHXP PDQHMR DGHTXDGR GDYHJHWDomR H[LVWHQWHFRPRLQWXLWRGHSUHVHUYiOD ,,, JDUDQWLU D FRQVHUYDomR H D SRGD GH WRGDV DV iUYRUHV HP ORJUDGRXURV S~EOLFRV FRP UHFXUVRV GD 6XESUHIHLWXUD GH 3LQKHLURV RX SRU PHLR GH FRQYrQLR FRP HPSUHVDV FRQFHVVLRQiULDVGHVHUYLoRVS~EOLFRVTXHXWLOL]DPDYLDDUERUL]DGD ,9 SURPRYHUDGHVFXSLQL]DomRGHWRGDVDViUYRUHV 9 HVWDEHOHFHU FRQGLo}HVHIHWLYDV SDUD DUHDOL]DomR GHXP PDQHMR DGHTXDGR GDYHJHWDomR H[LVWHQWHYLVDQGRSUHVHUYiODQROLPLWHPi[LPRSRVVtYHO 9, H[HFXWDURUHSODQWLRGHHVSpFLPHVYHJHWDLVFRQGHQDGRVWURFDQGRVHHVSpFLPHVH[yWLFRV SRUHVSpFLPHVQDWLYRVUHVSHLWDGDHPFDGDFDVRDLGHQWLGDGHSDLVDJtVWLFDGRORFDO 9,, SURPRYHUFDPSDQKDHGDULQFHQWLYRVSDUDRHVWDEHOHFLPHQWRGH7HUPRVGH&RRSHUDomR YLVDQGR j PDQXWHQomR H FRQVHUYDomR GDV iUHDV YHUGHV SRU PHLR GD VXD DGRomR SRU HPSUHVDV H HQWLGDGHV GD VRFLHGDGH FLYLO GH PRGR D DXPHQWDU R Q~PHUR GH WHUPRV GH FRRSHUDomRMiH[LVWHQWHV 9,,, SURPRYHUHLQFHQWLYDUDHGXFDomRDPELHQWDOYLVDQGRHVWLPXODUDSRSXODomRDFRQVHUYDUD DUERUL]DomRXUEDQDHDViUHDVYHUGHVHPJHUDO ,; SURPRYHUQRVEDLUURVMDUGLQVXPSODQRDUEyUHRHVSHFtILFRFRPRSODQWLRGHPXGDVGH FP GH GLkPHWUR GH DOWXUD GR SHLWR '$ 3 H GH D PHWURV GH DOWXUD FRP HVSpFLHV QDWLYDV ; SUHVHUYDU D 0DQFKD 9HUGH &HQWUDO 0HWURSROLWDQD FRPSRVWD SHODV iUHDV H[FOXVLYDPHQWH UHVLGHQFLDLVRVSDUTXHVS~EOLFRVHRVFDPLQKRVYHUGHVHYLDVDUERUL]DGDVLQFRUSRUDQGRR SDUTXH OLQHDU DR ORQJR GR 5LR 3LQKHLURV FRPR R SULQFLSDO FDPLQKR DUWLFXODGRU GDV iUHDV YHUGHV 6HomR,,,± /LPSH]D3~EOLFD $UW ± $ HODERUDomR GR 3ODQR 5HJLRQDO GH /LPSH]D 3~EOLFD FRUUHVSRQGHUi j OLPSH]D S~EOLFD GH YLDVHGHORJUDGRXURVS~EOLFRVFROHWDHWUDQVSRUWHGHUHVtGXRVGRPLFLOLDUHVHFROHWDHWUDQVSRUWHGH UHVtGXRVUHVXOWDQWHVGHYDUULomRGHIHLUDVOLYUHVHGHWRGRVRVVHUYLoRVGHOLPSH]DXUEDQD $UW6mRRVREMHWLYRVHGLUHWUL]HVSDUDR3ODQR5HJLRQDOGH/LPSH]D3~EOLFD , UHGX]LU R YROXPH GH OL[R H PLQLPL]DU RV FXVWRV GR SRGHU S~EOLFR PDQWHQGR PHOKRU TXDOLGDGHGHYLGDQDUHJLmR ,, HOLPLQDUDVGH]HQDVGHSRQWRVFUtWLFRVGHODQoDPHQWRGHHQWXOKRHYLWDQGRVHDUHPRomR VLVWHPiWLFDSHODPXQLFLSDOLGDGH ,,, ,9 9 9, 9,, 9,,, ,; ; UHJXODPHQWDUHILVFDOL]DURDFRQGLFLRQDPHQWRGRVUHVtGXRVGHPRGRDHYLWDUTXHRFRUUDP SRQWRV GH DODJDPHQWRV QRV GLDV GH IRUWHV FKXYDV GHYLGR DRV VDFRV GH OL[R FRORFDGRV OLYUHPHQWHVREUHSDVVHLRVRVTXDLVVmRFDUUHDGRVSHODViJXDVSDUDDVERFDVGHORERH RVIXQGRVGHYDOH HVWDEHOHFHUSURJUDPDVGHPRELOL]DomRHHGXFDomRDPELHQWDO HVWLPXODUDFROHWDVHOHWLYDGRPLFLOLDU DPSOLDURV3RVWRVGH(QWUHJD9ROXQWiULD±3(9¶V SURPRYHUSURJUDPDVGHLQFOXVmRVRFLDOGRVFDWDGRUHVQRVLVWHPDGHFROHWDVHOHWLYD FULDUHVWDo}HVGHHQWUHJDGHHQWXOKR SURPRYHU FDPSDQKDV S~EOLFDV GH YDUULomR GRV SDVVHLRV S~EOLFRV SHORV SURSULHWiULRV GDV HGLILFDo}HV SURPRYHU D PHFDQL]DomR JUDGXDO GD YDUULomR GR VLVWHPD YLiULR GDV YLDV HVWUXWXUDLV H GH JUDQGHPRYLPHQWR 6HomR,9± ,QIUD(VWUXWXUDH3DWULP{QLR $UW±$HODERUDomRGR3ODQR5HJLRQDOGH0DQXWHQomRGD,QIUD(VWUXWXUDHGR3DWULP{QLRDWHQGHUi DRVVHJXLQWHVREMHWLYRVHGLUHWUL]HV , SULRUL]DURVSRQWRVGHHQFKHQWHVSDUDDVREUDVGHPDQXWHQomR ,, UHDOL]DUDFRQVHUYDomRGDSDYLPHQWDomRGDPDOKDYLiULD ,,, UHDOLQKDUHVXEVWLWXLUJXLDVHVDUMHWDVTXHEUDGDV ,9 UHIRUPDUJDOHULDVGHiJXDVSOXYLDLV 9 UHFRQVWUXLU H UHIRUPDU FDOoDGDV H SDVVHLRV GDV iUHDV S~EOLFDV PXQLFLSDLV VREUHWXGR TXDQGR ORFDOL]DGRV HP IUHQWH D HVFRODV KRVSLWDLV FHQWURV GH VD~GH SUDoDV H RXWURV HTXLSDPHQWRVS~EOLFRVPXQLFLSDLV 9, UHDOL]DU D FRQVHUYDomR H PDQXWHQomR GRV LPyYHLV SHUWHQFHQWHV DR SDWULP{QLR GD 6XESUHIHLWXUD 9,, UHDOL]DU D FRQVHUYDomR H PDQXWHQomR GH PDTXLQDV H HTXLSDPHQWRV GH JUDQGH SRUWH SHUWHQFHQWHVDRSDWULP{QLRGD6XESUHIHLWXUDQHFHVViULRVjH[HFXomRGHVHUYLoRV 6HomR9± 5HGH9LiULD(VWUXWXUDOH/RFDO $UW6mRREMHWLYRVGD5HGH9LiULD(VWUXWXUDOH/RFDO , UHGX]LURYROXPHGHWUiIHJRHDYHORFLGDGHHPUXDVORFDLV ,, UHGX]LUDQHFHVVLGDGHGHYLDJHQVSRUPRWLYRGHWUDEDOKR ,,, UHGX]LURWUiIHJRQRVKRUiULRVGHSLFR ,9 HVWLPXODURSHGHVWULDQLVPRHDUHWRPDGDGRVHVSDoRVS~EOLFRV 9 HVWLPXODUDGLUHomRFRPSDUWLOKDGDVROLGiULD 9, UHGX]LURWUiIHJRSHVDGRGHDXWRPyYHLVHYHtFXORVGHVHUYLoR 9,, UHHVWXGDUDTXHVWmRGRHVWDFLRQDPHQWRQRWHUULWyULRGD6XESUHIHLWXUD 9,,, KLHUDUTXL]DURVLVWHPDYLiULR $UW6mRGLUHWUL]HVSDUDD5HGH9LiULD(VWUXWXUDOH/RFDO , FRQWHU H GLPLQXLU R LPSDFWR GR WUiIHJR H GR HVWDFLRQDPHQWR HP LQVWLWXLo}HV H HPSUHHQGLPHQWRVDRUHGRUGH]RQDVUHVLGHQFLDLVHPLVWDV ,, HVWDEHOHFHU DV]RQDVGHEDL[D YHORFLGDGH HP iUHDV UHVLGHQFLDLVH LPSODQWDUGLVSRVLWLYRV PRGHUDGRUHVGHYHORFLGDGH ,,, DOWHUQDURVKRUiULRVGHHQWUDGDHVDtGDGRWUDEDOKR ,9 HVWLPXODU HYHQWRV H DWLYLGDGHV GD VRFLHGDGH FLYLO H HQWLGDGHV JRYHUQDPHQWDLV SDUD SHUtRGRVQmRFRLQFLGHQWHVFRPRVKRUiULRVGHPDLRUWUiIHJR 9 PHOKRUDU D TXDOLGDGH GR PRELOLiULR XUEDQR QDV FDOoDGDV GH UXDV H DYHQLGDV H UHJXODPHQWDUDXWLOL]DomRGHVVHPRELOLiULRQRHVSDoRS~EOLFR 9, DPSOLDUFDOoDGDVHPiUHDVFRPHUFLDLVRXGHDOWDVGHQVLGDGHV 9,, FRQIHULU VHJXUDQoD j FLUFXODomR GH SHGHVWUHV FRP WUDMHWRV GLVWkQFLDV H VLQDOL]Do}HV DGHTXDGRV 9,,, HVWLPXODUDVYLDVVROLGiULDVSDUDGLUHomRFRPSDUWLOKDGD ,; UHGHILQLUUHVWULo}HVDRWUiIHJRSHVDGR ; ;, ;,, ;,,, ;,9 ;9 ;9, ;9,, ;9,,, ;,; ;; ;;, ;;,, ;;,,, ;;,9 HVWXGDUDSRVVLELOLGDGHGHUHHVWUXWXUDomRGDPDOKDYLiULDORFDOHVSHFLDOPHQWHQRV%DLUURV GD9LOD0DGDOHQDHGR%URRNOLQ1RYRHQDV]RQDV=(5H=(5 GHVHQYROYHUHPDQWHUDUWHULDLVGHPRGRDSURYHUURWDVHILFLHQWHVHGLUHWDVSDUDYHtFXORVGH VHUYLoRVHFDPLQK}HVVHPSHUWXUEDUiUHDVUHVLGHQFLDLVHRWUkQVLWRORFDO HVWXGDUFRQMXQWDPHQWHFRP&(7DDSURYDomRGH3yORV*HUDGRUHVGH7UiIHJR3*7 YLQFXODUDOHJLVODomRGHHVWDFLRQDPHQWRVHPiUHDVFRPHUFLDLVDRXVRGRVROR HVWXGDU D SRVVLELOLGDGH GH UHGHVHQKR YLiULR QR HQWURFDPHQWR GD 5XD /XtV 0XUDW $Y +HQULTXH 6FKDXPDQQ H$Y 3DXOR 9, GH PRGR D UHGX]LU R WUkQVLWR GHSDVVDJHP QD5XD ÈVLDHDGMDFrQFLDV HVWDEHOHFHUDKLHUDUTXL]DomRYLiULDGHUXDVDILPGHSUHVHUYDURVXVRVORFDLV HYLWDU R WUkQVLWR GH SDVVDJHP SRU YLDV ORFDLV H iUHDV UHVLGHQFLDLV H GHILQLU OLPLWHV GH LQF{PRGRHWROHUDELOLGDGH UHGX]LU RV QtYHLV GH WUiIHJR HP UXDV UHVLGHQFLDLV TXH VRIUDP FRP WUiIHJR H[FHVVLYR DWUDYpVGRJHUHQFLDPHQWRGRVVLVWHPDVGHWUDQVSRUWHHVHXVUHFXUVRV JHUHQFLDPHQWRGDVGHPDQGDVGHWUkQVLWR FRQVWLWXLomRGR&RQVHOKR5HJLRQDOGH7UkQVLWRGD6XESUHIHLWXUDGH3LQKHLURV XVDURVLVWHPDGHWUDQVSRUWHFRPRXPPHLRGHGLUHFLRQDUHPHOKRUDURPHLRDPELHQWH FULDU GLVSRVLWLYRV SDUD PHOKRUDU R LPSDFWR VREUH R PHLR DPELHQWH H PLWLJDU VXDV FRQVHTrQFLDV UHJXODPHQWDURWUiIHJRGHKHOLFySWHURVEDUFRVHEDOVDVPRWRVPLFUR{QLEXVHYDQV PHOKRUDU D UHGH UHJLRQDO H[LVWHQWH GH URWDV GH FDPLQKmR SRU PHLR GH SURJUDPDV JHUDGRUHV GH 6LVWHPD GH ,QIRUPDo}HV *HRUHIHUHQFLDGDV 6,* H DFRPSDQKDPHQWR YLD ³*OREDO3RVLWLRQ6\VWHP±*36´ UHGX]LURWUiIHJRGHSDVVDJHPGHYHtFXORVGHVHUYLoRTXHWrPRULJHQVHGHVWLQRVIRUDGD 6XESUHIHLWXUDSURPRYHQGRURWDVDOWHUQDWLYDVYLiYHLV $UW6mRREMHWLYRVGD5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR&ROHWLYR , DXPHQWDUUDFLRQDOL]DURUJDQL]DUHLQWHJUDURWUDQVSRUWHS~EOLFR ,, WURFDURDXWRPyYHOSRUPRGRVDOWHUQDWLYRVGHYLDJHQV ,,, HVWLPXODURFLFOLVPR ,9 DXPHQWDUDDFHVVLELOLGDGHHDPRELOLGDGHSULQFLSDOPHQWHGDSRSXODomRGHPHQRUUHQGD 9 DXPHQWDU H DPSOLDU D FLUFXODomR GH JUXSRV HVSHFLDLV FRPR RV LGRVRV GHILFLHQWHV H FULDQoDV 9, VXEPHWHURSODQHMDPHQWRGRVWUDQVSRUWHVDRSODQHMDPHQWRGRXVRGRVRORXUEDQR $UW6mRGLUHWUL]HVGD5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR&ROHWLYR , HVWDEHOHFHURWUDQVSRUWHS~EOLFRFRPRRULHQWDGRUGRGHVHQYROYLPHQWRIXWXURDXPHQWDQGR DPRELOLGDGHHDTXDOLGDGHGRDU ,, SULRUL]DURWUDQVSRUWHFROHWLYR ,,, UHGX]LUWHPSRVGHYLDJHQVGLVWkQFLDVHFXVWRV ,9 HVWLPXODUDVYLDJHQVDOWHUQDWLYDVHRWUDQVSRUWHFROHWLYRVHJXURHFRQIRUWiYHO 9 LPSOHPHQWDUFLFORYLDVGHIRUPDHILFLHQWHHVHJXUDFRPRPHLRGHWUDQVSRUWHHUHFUHDomR 9, HVWDEHOHFHUURWHLURVGHFLFOLVPRSRUPHLRGRV&DPLQKRV9HUGHVSUHYLVWRV 9,, HVWLPXODU D LQWHJUDomR GRV WUDQVSRUWHV S~EOLFRV FROHWLYRV HP WRGRV RV QtYHLV JRYHUQDPHQWDLV 9,,, DGDSWDUDVYLDVHFDOoDGDVSDUDWUDQVSRUWHFROHWLYR ,; SODQR GH WUDQVSRUWH VHWRULDO REHGHFHQGR DR 3ODQR 'LUHWRU (VWUDWpJLFR H DR 3ODQR 5HJLRQDO 7tWXOR,,± 'R3ODQR8UEDQtVWLFR$PELHQWDO &DStWXOR,± 'RV(OHPHQWRV(VWUXWXUDGRUHVH,QWHJUDGRUHV 6HomR,± 5HGH+tGULFD$PELHQWDO $UW±$5HGH+tGULFD$PELHQWDOEHPFRPRRVSDUTXHVHFDPLQKRVYHUGHVSURSRVWRVQHVWH3ODQR 5HJLRQDOFRQVWDPGRV4XDGURV$%&HGR0DSDLQWHJUDQWHVGHVWH/LYUR $UW±6mRGLUHWUL]HVHPHWDVGD5HGH+tGULFD$PELHQWDO , ,, ,,, ,9 SDUTXHV D RV SDUTXHV SURSRVWRV QHVWH 3ODQR 5HJLRQDO GHYHUmR VHU LPSODQWDGRV DWp R DQR GH FDPLQKRVYHUGHV D RV FDPLQKRV YHUGHV SURSRVWRV QHVWH 3ODQR 5HJLRQDO GHYHUmR VHU LPSODQWDGRV DWp R DQRGH GUHQDJHP D DV SULQFLSDLV LQWHUYHQo}HV SUHYLVWDV FRQVLGHUDGDV HPHUJHQFLDLV SDUD PLQLPL]DU RV SUREOHPDVGHDODJDPHQWRVVmRDVFRQVWDQWHVGR4XDGUR%LQWHJUDQWHGHVWH/LYUR E ILFDHVWDEHOHFLGRTXHSDUDDVQRYDVFRQVWUXo}HVDiJXDGROHQoROIUHiWLFRSURYHQLHQWH GR VXEVROR GHYHUi REULJDWRULDPHQWH VHU ODQoDGD HP JDOHULD GH iJXD SOXYLDO FRP FDSDFLGDGHSDUDDEVRUYrODWRWDOPHQWHLQFOXVLYHQRVGLDVGHIRUWHVFKXYDV F QR FDVR GH HGLILFDomR FRP iUHD FRQVWUXtGD VXSHULRU D Pð FXMR SRQWR GH UHFHELPHQWR GDV iJXDV SOXYLDLV QR VLVWHPD S~EOLFR GH GUHQDJHP HVWHMD VXEGLPHQVLRQDGRHQHFHVVLWDQGRGHFRQVWUXomRRXGHUHDGHTXDomRGDVJDOHULDVVHUi H[LJLGDGRSURSULHWiULRDH[HFXomRGHREUDFRUULJLQGRRSUREOHPDTXHGHYHUiREHGHFHU DV RULHQWDo}HV H RV SURFHGLPHQWRV WpFQLFRV D VHUHP IRUQHFLGRV SHOD 6XESUHIHLWXUD TXDQGRGDDSURYDomRGRSURMHWR iUHDVVXMHLWDVDULVFR D SDUD DV iUHDV VXMHLWDV D ULVFR GHPDUFDGDV QR 0DSD H GHVFULWDV QR 4XDGUR & LQWHJUDQWHVGHVWH /LYUR ILFD HVWDEHOHFLGD WD[D GH SHUPHDELOLGDGHPtQLPD LJXDO D WUrV GpFLPRV GD iUHD GR ORWH H tQGLFH GH DMDUGLQDPHQWR PtQLPR LJXDO D FLQFR GpFLPRVGDiUHDSHUPHiYHO E QDV YLDV HVWUXWXUDLV ORFDOL]DGDV HP iUHDV GH ULVFR GHPDUFDGDV QR 0DSD Q H GHVFULWDVQR4XDGUR&RVtQGLFHVHVWDEHOHFLGRVQRLWHPDGHVWHDUWLJRVHDSOLFDPD XPDIDL[DGHPWUH]HQWRVPHWURVGHFDGDODGRGDYLD F DViUHDVGHULVFRJHROyJLFRILFDPVXMHLWDVDH[LJrQFLDVFRPSOHPHQWDUHVQRVSURFHVVRV GHDSURYDomRGHSURMHWRVFRQIRUPHUHJXODPHQWDomRDVHUDSURYDGD 6HomR,,± 5HGH9LiULD(VWUXWXUDOH/RFDO $UW$5HGH9LiULD(VWUXWXUDOFRQVWDGR4XDGURGR3'(H0DSDLQWHJUDQWHVGHVWH/LYUR 3DUiJUDIR~QLFR$VFLFORYLDVRXURWDVGHFLFOLVPRGHVWH35(FRQVWDPGR4XDGUR&HGR0DSD LQWHJUDQWHVGHVWH/LYUR $UW 3DUD UHFHEHUHP WUDQVSRUWH FROHWLYR DV YLDV HVWUXWXUDLV 1 FRQVWDQWHV GR 4XDGUR ' LQWHJUDQWH GHVWH /LYUR HP YLUWXGH GH VXDV FDUDFWHUtVWLFDV ItVLFDV IXQFLRQDLV H GH XVR GHYHUmR WHU WUDWDPHQWR GLIHUHQFLDGR HP HVSHFLDO FRP UHODomR j DGHTXDomR GRV YHtFXORV XWLOL]DGRV RX GD FDUDFWHUtVWLFDItVLFDGDYLD $UW ± 3DUD R VLVWHPD YLiULR ORFDO FRPSUHHQGHQGR DV YLDV FROHWRUDV TXH DWUDYHVVDP DV =RQDV ([FOXVLYDPHQWH5HVLGHQFLDLV±=(5GHYHPVHUDGRWDGDVPHGLGDVGHPRGHUDomRGHWUiIHJRFRP UHGXWRUHV GH WUiIHJR H GH YHORFLGDGH FRQWURODGD HOHWURQLFDPHQWH QRV ORFDLV HP TXH R YROXPH GH WUiIHJR H R H[FHVVR GH YHORFLGDGH JHUH RX SRVVD YLU D JHUDU LPSDFWRV QHJDWLYRV QDV iUHDV UHVLGHQFLDLV 2VSURMHWRVSDUDPRGHUDomRGHWUiIHJRSRGHPWUDWDUGHVROXo}HVSRQWXDLVRXSDUDXPDUHGHGH UXDV GH DFRUGR FRP FRPSDWLELOL]DomR MXQWR DR yUJmR PXQLFLSDO FRPSHWHQWH H GHYHUmR LQWHJUDU R 3ODQR2SHUDFLRQDOGD5HGH9LiULD $V PHGLGDV GH PRGHUDomR GH WUiIHJR GH TXH WUDWD R ³FDSXW´ GHVWH DUWLJR GHYHP HVWDU FRQWHPSODGDVQRV3ODQRVGH%DLUURFRPRREMHWLYRGHGHVHVWLPXODURWUiIHJRGHSDVVDJHPHRXVRGR DXWRPyYHOSDUWLFXODU 6HomR,,,± 5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR $UW±$5HGH(VWUXWXUDOGH7UDQVSRUWH&ROHWLYR3~EOLFREHPFRPRDVSURSRVWDVHVSHFtILFDVGHVWH 3ODQR5HJLRQDOFRQVWDPGR4XDGURHGR0DSDLQWHJUDQWHVGHVWH/LYUR $UW±)LFDHVWDEHOHFLGRTXHSDUDRVFRUUHGRUHVGH{QLEXVSURSRVWRVVHUiH[LJLGR(,9,±5,9, (VWXGRGH,PSDFWRGH9L]LQKDQoD5HODWyULRGH,PSDFWRGH9L]LQKDQoD 3DUiJUDIR~QLFR2VSURMHWRVGHFRUUHGRUHVGHWUDQVSRUWHFROHWLYRDTXHVHUHIHUHR³FDSXW´GHYHUmR VHUVXEPHWLGRVDDXGLrQFLDVS~EOLFDV 6HomR,9± 5HGH(VWUXWXUDOGH(L[RVH3yORVGH&HQWUDOLGDGH $UW $ 5HGH (VWUXWXUDO GH (L[RV H 3yORV GH &HQWUDOLGDGHV GHVWH 3ODQR 5HJLRQDO FRQVWD GR 4XDGUR'H(HGR0DSDLQWHJUDQWHVGHVWH/LYURHWrPFRPRREMHWLYRVHGLUHWUL]HV , UHTXDOLILFDU DV FHQWUDOLGDGHV FRQVROLGDGDV FRP LQFHQWLYR j GLYHUVLGDGH GH XVRV HP HVSHFLDODRXVRUHVLGHQFLDOGRWLSR+,6H+03 ,, UHTXDOLILFDUHUHJXODPHQWDURXVRGRVRORQRVHL[RVFRPHUFLDLVH[LVWHQWHV ,,, UHTXDOLILFDUHFRQVROLGDURXVRGRVRORQDVUXDVFRPHUFLDLV $UW±)LFDPGHILQLGDVFRPRYLDVFRPHUFLDLVFRQVROLGDGDVHVXMHLWDVDSURJUDPDVGHLQWHUYHQo}HV SDUDUHTXDOLILFDomRDTXHODVFRQVWDQWHVGR4XDGUR)LQWHJUDQWHGHVWH/LYUR $UW ± 1DV ]RQDV GH FHQWUDOLGDGHV R FRHILFLHQWH GH DSURYHLWDPHQWR Pi[LPR VHUi LJXDO D VRPHQWHSDUDRVXVRV+,6H+03FRPDWpPGHiUHD~WLOWRWDOSRUXQLGDGHKDELWDFLRQDO $UW ± )LFD H[FOXtGD D 3UDoD 3DQDPHULFDQD GDV FHQWUDOLGDGHV SRODUHV FRQVWDQWHV GR 0DSD LQWHJUDQWHGD/HL1GHGHVHWHPEURGH 7tWXOR,,,± 'R8VRH2FXSDomRGR6ROR &DStWXOR,± 'DV0DFUR]RQDV 6HomR,± 0DFUR]RQDGH(VWUXWXUDomRH4XDOLILFDomR8UEDQD $UW ± $ 6XESUHIHLWXUD GH 3LQKHLURV HQFRQWUDVH LQWHJUDOPHQWH FRQWLGD QD 0DFUR]RQD GH (VWUXWXUDomR H 4XDOLILFDomR 8UEDQD FRQILJXUDQGR iUHDV GH GLIHUHQWHV JUDXV GH FRQVROLGDomR H PDQXWHQomRFRPSUHHQGHDVVHJXLQWHV]RQDVGHXVR , =RQDV([FOXVLYDPHQWH5HVLGHQFLDLV±=(5 ,, =RQDV3UHGRPLQDQWHPHQWH,QGXVWULDLV±=3, ,,, =RQDV0LVWDV±=0 ,9 =RQDV&HQWUDOLGDGHV±=& $UW ± $ 0DFUR]RQD GH (VWUXWXUDomR H 4XDOLILFDomR 8UEDQD QD 6XESUHIHLWXUD GH 3LQKHLURV FRPSUHHQGH , 0DFURiUHDGH5HHVWUXWXUDomRH5HTXDOLILFDomR ,, 0DFURiUHDGH8UEDQL]DomR&RQVROLGDGD 6XEVHomR, 0DFURiUHDGH5HHVWUXWXUDomRH5HTXDOLILFDomR8UEDQD $UW ± $ 0DFURiUHD GH 5HHVWUXWXUDomR H 5HTXDOLILFDomR 8UEDQD p FRQVWLWXtGD SRU SDUWH GRV SHUtPHWURVGDV2SHUDo}HV8UEDQDV&RQVRUFLDGDVTXHFRQVWDPGR0DSDLQWHJUDQWHGHVWH/LYUR 6XEVHomR,, 0DFURiUHDGH8UEDQL]DomR&RQVROLGDGD $UW ± $ 0DFURiUHD GH 8UEDQL]DomR &RQVROLGDGD p FRPSRVWDV SHORV GLVWULWRV 3LQKHLURV $OWR GH 3LQKHLURV ,WDLP %LEL -DUGLP 3DXOLVWD H %URRNOLQ H[FHWXDGDV DV iUHDV FRQWLGDV QRV SHUtPHWURV GDV RSHUDo}HVXUEDQDVFRQVRUFLDGDVLQWHJUDQWHVGD0DFURiUHDGH5HHVWUXWXUDomRH5HTXDOLILFDomR $UW6mRREMHWLYRVHGLUHWUL]HVSDUDD0DFURiUHDGH8UEDQL]DomR&RQVROLGDGD , FRQWUROH GR SURFHVVR GH DGHQVDPHQWR FRQVWUXWLYR H GD VDWXUDomR YLiULD DWUDYpV GD FRQWHQomR GR DWXDO SDGUmR GH YHUWLFDOL]DomR HGD UHYLVmR GHFRQGLo}HVGH LQVWDODomR GH SyORVJHUDGRUHVGHWUiIHJR ,, ,,, SUHVHUYDomR H SURWHomR GDV iUHDV HVWULWDPHQWH UHVLGHQFLDLV H GDV iUHDV YHUGHV VLJQLILFDWLYDV HVWtPXORDRXVRUHVLGHQFLDOFRPRIRUPDGHRWLPL]DUDLQIUDHVWUXWXUDH[LVWHQWHHHTXLOLEUDU DUHODomRHQWUHRIHUWDGHHPSUHJRVHPRUDGLD &DStWXOR,,± 'R=RQHDPHQWR $UW±$VFDUDFWHUtVWLFDVGHGLPHQVLRQDPHQWRRFXSDomRHDSURYHLWDPHQWRGRVORWHVQDV]RQDVGH XVRFRQWLGDVQD6XESUHIHLWXUDGH3LQKHLURVVmRDVFRQVWDQWHVGR4XDGURLQWHJUDQWHGHVWH/LYUR 3DUiJUDIR ÒQLFR 2V SHUtPHWURV GDV ]RQDV GH XVR FRQWLGDV QD 6XESUHIHLWXUD GH 3LQKHLURV VmR RV FRQVWDQWHVGR4XDGUR$HGHOLPLWDGRVQR0DSDLQWHJUDQWHVGHVWH/LYUR 6HomR, 'DV=RQDV([FOXVLYDPHQWH5HVLGHQFLDLV±=(5 $UW±$V=RQDV([FOXVLYDPHQWH 5HVLGHQFLDLVFRPGHQVLGDGHGHPRJUiILFDHFRQVWUXWLYDEDL[D± =(5 HVWmR GHILQLGDV QD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWRHRFXSDomRGRVRORHVWmRGHILQLGDVQR4XDGURGHVWH/LYUR 3DUiJUDIR~QLFR$V=RQDV([FOXVLYDPHQWH5HVLGHQFLDLVHPFRQMXQWRFRPRVSDUTXHVHDVPDUJHQV GR5LR3LQKHLURVFRPS}HPDiUHDGHQRPLQDGD0DQFKD9HUGH&HQWUDO0HWURSROLWDQDSRUHVWH3ODQR 5HJLRQDO $UW±1D=(5DVUHVWULo}HVFRQYHQFLRQDLVGHORWHDPHQWRVDSURYDGRVSHOD3UHIHLWXUDUHIHUHQWHV DGLPHQVLRQDPHQWRGRORWHVFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRWD[DGHRFXSDomRUHFXRVDOWXUD H Q~PHUR GH SDYLPHQWRV GDV HGLILFDo}HV Q~PHUR GH XQLGDGHV KDELWDFLRQDLV SRU ORWH GHYHUmR VHU DWHQGLGDVTXDQGR , DVUHIHULGDVUHVWULo}HVIRUHPPDLRUHVGRTXHDVH[LJLGDVSRUHVWD/HLHSHODOHJLVODomRGH 3DUFHODPHQWR8VRH2FXSDomRGR6ROR ,, DV UHIHULGDV UHVWULo}HV HVWHMDP HVWDEHOHFLGDV HP GRFXPHQWR S~EOLFR H UHJLVWUDGR QR &DUWyULRGH5HJLVWURGH,PyYHLV $V FDWHJRULDV GH XVR SHUPLWLGDV QRV ORWHDPHQWRV UHIHULGRV QR ³FDSXW´ GHVWH DUWLJR VHUmR DTXHODVGHILQLGDVSDUDD=RQDGHXVR=(5SRUHVWD/HL $ DOWHUDomR GDV UHVWULo}HV FRQYHQFLRQDLV GRV ORWHDPHQWRV GHSHQGHUi GH DFRUGR HQWUH R ORWHDGRU H RV SURSULHWiULRV GRV ORWHV DWLQJLGRV SHODDOWHUDomR DOpP GD DQXrQFLD H[SUHVVDGR 3RGHU 3~EOLFR DWUDYpV GH SDUHFHU IDYRUiYHO GD &kPDUD 7pFQLFD GH /HJLVODomR 8UEDQtVWLFD ± &7/8 GH DFRUGRFRPRGLVSRVWRQD3DUWH,,,GHVWDOHL $UW±2VLPyYHLVOLQGHLURVD$YHQLGD'LyJHQHV5LEHLURGH/LPDHQWUHD5XDGRV0DFXQLVHD5XD %HUOLR] ILFDP HQTXDGUDGRV FRPR =RQD H[FOXVLYDPHQWH UHVLGHQFLDO ± =(5 H GHYHP DWHQGHU DV VHJXLQWHVGLVSRVLo}HV , RJDEDULWRGHDOWXUDPi[LPRSHUPLWLGRGDHGLILFDomRpGHPHWURVFRQWDGRGRSLVRGR SDYLPHQWRWpUUHRDWpRWRSRGHVXDSDUWHPDLVHOHYDGD ,, RUHFXRPtQLPRGHIXQGRVpGHPHWURVQmRSRGHQGRFRQWHUTXDOTXHUHGLILFDomR ,,, DV iUHDV QmR HGLILFDGDV GHVWLQDGDV D HVWDFLRQDPHQWR GH YHtFXORV GHYHUmR WHU SLVR SHUPHiYHOHPDQWHUDPDVVDDUEyUHDH[LVWHQWH ,9 DiUHDGRLPyYHOTXHH[FHGHUDIDL[DGHPHWURVPHGLGRVDSDUWLUGRDOLQKDPHQWRSDUD YLDS~EOLFDVHUiFRQVLGHUDGD³QRQDHGLILFDQGL´ 9 DV FDUDFWHUtVWLFDV GH GLPHQVLRQDPHQWR UHFXRV RFXSDomR H DSURYHLWDPHQWR GR ORWH FRHILFLHQWH GH DSURYHLWDPHQWR EiVLFR H Pi[LPR H WD[D GH SHUPHDELOLGDGH VmR DV PHVPDVDSOLFiYHLVj]RQDGHXVR=(5 $UW$VFDUDFWHUtVWLFDVGHDSURYHLWDPHQWRGLPHQVLRQDPHQWRHRFXSDomRGRVORWHVHRVXVRVGD =7/],,VmRDVGD=(5OLQGHLUDFRPH[FHomRGRJDEDULWRGHDOWXUDGDVHGLILFDo}HVGHILQLGRHP TXLQ]HPHWURVFRQIRUPHGLVSRVWRQRLQFLVR9,,GRDUWLJRGDSDUWH,,,GHVWD/HL 3DUiJUDIRÒQLFR±2VWUHFKRVGHORJUDGRXURVS~EOLFRVHQTXDGUDGRVFRPR=RQDVGH7UDQVLomR/LQHDU GH=(5±=7/],,HQFRQWUDPVHUHODFLRQDGRVHGHVFULWRVQR4XDGUR(LQWHJUDQWHGHVWH/LYUR 6HomR,,± 'DV=RQDV3UHGRPLQDQWHPHQWH,QGXVWULDLV±=3, $UW±$=RQD3UHGRPLQDQWHPHQWH,QGXVWULDO±=3,GD6XESUHIHLWXUDGH3LQKHLURVHVWiGHILQLGDQD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmRSUHYLVWDVQR4XDGURGHVWH/LYUR 3DUiJUDIR ~QLFR ± 3RU HVWDU FRP VHX SHUtPHWUR FRQWLGR QD 2SHUDomR 8UEDQD &RQVRUFLDGD ÈJXD (VSUDLDGDDRXWRUJDRQHURVDGRGLUHLWRGHFRQVWUXLUQRVLPyYHLVQHODFRQWLGRVVmRRVGHILQLGRVSHOD /HLQUHJXODPHQWDGDSHOR'HFUHWRQGHGHMXQKRGH 6HomR,,,± 'DV=RQDV0LVWDV±=0 $UW±$V=RQDV0LVWDVFRPGHQVLGDGHGHPRJUiILFDHFRQVWUXWLYDEDL[D±=0HVWmRGHILQLGDVQD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmRSUHYLVWDVQR4XDGURGHVWH/LYUR $UW±$V=RQDV0LVWDVFRPGHQVLGDGHGHPRJUiILFDHFRQVWUXWLYDPpGLD±=0HVWmRGHILQLGDVQD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmRSUHYLVWDVQR4XDGURGHVWH/LYUR 1DV=0=0=0=0=0=0GD6XESUHIHLWXUDGH3LQKHLURVQmR pH[LJLGRRJDEDULWRGHDOWXUDGHILQLGRQR4XDGURLQWHJUDQWHGHVWH/LYUR $UW±$V=RQDV0LVWDVFRPGHQVLGDGHGHPRJUiILFDHFRQVWUXWLYDDOWD±=0DHVWmRGHILQLGDVQD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmRSUHYLVWDVQR4XDGURGHVWH/LYUR 3DUiJUDIR ÒQLFR ± $ =0D p XPD ÈUHD GH ,QWHUYHQomR 8UEDQD H VHUi REMHWR GH OHL HVSHFtILFD SRGHQGRRFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRFKHJDUDTXDWURSDUD+DELWDo}HVGH,QWHUHVVH 6RFLDO±+,6H+DELWDo}HVGR0HUFDGR3RSXODU±+03FRQIRUPHGHILQLGDVQRDUWLJRQGR3'( $UW±$V=RQDV0LVWDVFRPGHQVLGDGHGHPRJUiILFDHFRQVWUXWLYDDOWD±=0EHVWmRGHILQLGDVQD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmRSUHYLVWDVQR4XDGURGHVWH/LYUR 1DV =0E =0E =0E =0E =0E H =0E ILFD HVWDEHOHFLGR R FRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRLJXDODGRLVHJDEDULWRGHDOWXUDPi[LPDLJXDODP YLQWHHFLQFRPHWURV 1D=0EH=0EILFDHVWDEHOHFLGRRFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRLJXDOD GRLV 1DV=0E=0E=0E=0EH=0EILFDHVWDEHOHFLGRRFRHILFLHQWHGH DSURYHLWDPHQWRPi[LPRLJXDODTXDWURSDUD+DELWDo}HVGH,QWHUHVVH6RFLDO±+,6H+DELWDo}HV GR0HUFDGR3RSXODU±+03FRQIRUPHGHILQLGDVQRDUWLJRQGR3'( 1DV=0EILFDHVWDEHOHFLGRRFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRLJXDODTXDWUR $UW±$V]RQDVGHXVR=0=0=0E=0E=0E=0EHSDUWHGD =0 SRU HVWDUHP FRP VHXV SHUtPHWURV FRQWLGRV QD 2SHUDomR 8UEDQD &RQVRUFLDGD )DULD /LPD WrP RV FRHILFLHQWHV GH DSURYHLWDPHQWR PtQLPRV H Pi[LPRV H DV FRQGLo}HV H SDUkPHWURV SDUD D LQVWDODomRGHXVRVGHILQLGRVQRVWHUPRVGD/HLQ $UW±$V]RQDVGHXVR=0=0=0=0ESDUWHGD=(5HSDUWHGD=0 SRUHVWDUHPFRPVHXVSHUtPHWURVFRQWLGRVQD2SHUDomR8UEDQD&RQVRUFLDGDÈJXD(VSUDLDGD D RXWRUJD RQHURVD GR GLUHLWR GH FRQVWUXLU QRV LPyYHLV QHOD FRQWLGRV DWp R FRHILFLHQWH GH DSURYHLWDPHQWR Pi[LPR H GDV FRQGLo}HV H SDUkPHWURV SDUD D LQVWDODomR GH XVRV VmR RV GHILQLGRV SHOD/HLQGHUHJXODPHQWDGDSHOR'HFUHWRQGHGHIHYHUHLURGH $UW±1DV=RQDV0LVWDVDWD[DGHRFXSDomRPi[LPDSRGHUiDWLQJLUVHWHGpFLPRVQRFDVR GHXVRVUHVLGHQFLDLVFRPFRPpUFLRHVHUYLoRVQRWpUUHR $UW±1DV=RQDV0LVWDVDWD[DGHSHUPHDELOLGDGHPtQLPDpLJXDODTXLQ]HFHQWpVLPRVGD iUHDGRORWHHRtQGLFHGHDMDUGLQDPHQWRPtQLPRpGHFLQFRGpFLPRVGDiUHDSHUPHiYHO 3DUiJUDIR~QLFR1DViUHDVGHYiU]HDHQXPDIDL[DGHPWUH]HQWRVPHWURVGHFDGDODGRGDV YLDVHVWUXWXUDLVORFDOL]DGDVHPiUHDVGHULVFRGHVFULWDVQR4XDGUR&LQWHJUDQWHGHVWH/LYURDWD[D GHSHUPHDELOLGDGHPtQLPDpLJXDODWUrVGpFLPRVGDiUHDGRORWHHRtQGLFHGHDMDUGLQDPHQWR PtQLPRpGHFLQFRGpFLPRVGDiUHDSHUPHiYHO 6HomR,9± 'DV=RQDV&HQWUDOLGDGHV±=& $UW $V =RQDV &HQWUDOLGDGHV /LQHDUHV GH ]RQDV H[FOXVLYDPHQWH UHVLGHQFLDLV ± =&/] HVWmR GHILQLGDVQD3DUWH,,,GHVWD/HLHDVFDUDFWHUtVWLFDVGHDSURYHLWDPHQWRGLPHQVLRQDPHQWRHRFXSDomR GRVORWHVHVWmRSUHYLVWDVQR4XDGURLQWHJUDQWHGHVWH/LYUR $UW 1RV LPyYHLV OLQGHLURV D WUHFKRV GH ORJUDGRXURV S~EOLFRV HQTXDGUDGRV FRPR =RQD &HQWUDOLGDGH /LQHDU ± =&/],, FRQWLGRV QD =(5 GD 6XESUHIHLWXUD GH 3LQKHLURV DV DWLYLGDGHV SHUPLWLGDVGHYHUmRVHUDVUHODFLRQDGDVQRVLQFLVRV,,,H,,,GHVWHDUWLJR , DVVXEFDWHJRULDVGHXVR5H5K ,, RVVHJXLQWHVHVWDEHOHFLPHQWRVHDWLYLGDGHV D HVFULWyULRV DGPLQLVWUDWLYRV VHQGR YHGDGD D DWLYLGDGH ³VKRZ URRPV´ H VHP RSHUDomR GH YHQGD GH PHUFDGRULDV GH ILUPDV HPSUHVDV UHSUHVHQWDomR SXEOLFLGDGH H SURSDJDQGDDJrQFLDVGHFkPELRHGHWXULVPRHVFULWyULRVGHILQDQFHLUDVFRUUHWRUDVGH VHJXURV DGPLQLVWUDGRUDV GH EHQV H LQFRUSRUDGRUDV FRQVXOWyULRV GH HVSHFLDOLGDGHV PpGLFDV H RGRQWROyJLFDV VHP LQWHUQDomR RX H[DPHV ODERUDWRULDLV HVFULWyULRV GH SURILVVLRQDLV OLEHUDLV SODQHMDPHQWR SURMHWRV DXGLWRULD FRQVXOWRULD H DVVHVVRULD FRQVXODGRV H UHSUHVHQWDo}HV GLSORPiWLFDV HVW~GLRV IRWRJUiILFRV H[FHWR HVW~GLRV GH SURGXomRGHYHtFXORVGHPDVVDHJDOHULDVGHDUWHVSOiVWLFDV E PXVHXV F HVWDFLRQDPHQWRGHYHtFXORVLPSODQWDGRVSRUXPRXPDLVHVWDEHOHFLPHQWRVGHVHUYLoRV LQVWDODGRV QR FRUUHGRU VHQGR YHGDGD D DWLYLGDGH HVWDFLRQDPHQWR GHVYLQFXODGD GH HVWDEHOHFLPHQWRVSHUWHQFHQWHVDRFRUUHGRU ,,, RV HVWDFLRQDPHQWRV H DWLYLGDGHV FRQVWDQWHV GR LQFLVR ,, DWHQGHUmR DRV VHJXLQWHV UHTXLVLWRV D DVDWLYLGDGHVFRQVWDQWHVGDDOtQHD³D´GRLQFLVR,,GHVWHDUWLJRSRGHUmRVHLQVWDODUHP HGLILFDo}HVUHJXODUPHQWHH[LVWHQWHVGHVGHTXHVHMDDWHQGLGDD UHVHUYDGHXPDYDJD GH HVWDFLRQDPHQWR GH YHtFXORV SDUD FDGD P WULQWD H FLQFR PHWURV TXDGUDGRV GH iUHDFRQVWUXtGD E QmR KDYHQGR QR LPyYHO GLVSRQLELOLGDGH GH iUHD SDUD DWHQGLPHQWR GDV H[LJrQFLDV GH YDJDV GH HVWDFLRQDPHQWR FRQVWDQWHV GDV DOtQHDV ³D´ H ³E´ GHVWH LQFLVR SRGHUi VHU XWLOL]DGR RXWUR LPyYHO j GLVWkQFLD Pi[LPD GH P GX]HQWRV PHWURV PHGLDQWH YLQFXODomRFRPRXVRDVHULQVWDODGRGHVGHTXHHVWHLPyYHOHVWHMDORFDOL]DGRHP]RQD GHXVRRQGHDDWLYLGDGH³HVWDFLRQDPHQWR´VHMDSHUPLWLGD $V FDUDFWHUtVWLFDV GH GLPHQVLRQDPHQWR UHFXRV RFXSDomR H DSURYHLWDPHQWR GR ORWH VmR DV PHVPDVDSOLFiYHLVj]RQDGHXVR=(5 $DWLYLGDGHLQVWDODGDSRGHVHULGHQWLILFDGDSRUPHLRGH SODFDGHSXEOLFLGDGHFRPDGLPHQVmR Pi[LPDGHPðXPPHWURTXDGUDGRQmRSRGHQGRVHUOXPLQRVDRXLOXPLQDGD $UW ± 1RV LPyYHLV OLQGHLURV D 5XD *URHQOkQGLD HQTXDGUDGRV FRPR =RQD &HQWUDOLGDGH /LQHDU ± =&/],,QmRVmRSHUPLWLGDVDVDWLYLGDGHVGHSURGXWRUDVSXEOLFLWiULDVDJrQFLDVGHPRGHORDJrQFLDV GHFkPELRHGHWXULVPRPXVHXVFOtQLFDVPpGLFDVHFOtQLFDVRGRQWROyJLFDV $ViUHDVQmRHGLILFDGDVGHVWLQDGDVDHVWDFLRQDPHQWRGHYHtFXORVGHYHUmRWHUSLVRSHUPHiYHO FRPLQWHUVWtFLRVSDUDSHQHWUDomRGHiJXDSOXYLDOSUHHQFKLGRVFRPYHJHWDomRUDVWHLUDDGHTXDGD $SODFDGHSXEOLFLGDGHTXDQGRIL[DGDHPWRWHPWHUiDOWXUDPi[LPDGHFHQWtPHWURV $UW ± 1RV LPyYHLV OLQGHLURV j 5XD *XDUDUDSHV HQTXDGUDGRV FRPR =RQD &HQWUDOLGDGH /LQHDU ± =&/],, DOpP GRV XVRV SHUPLWLGRV QHVWD ]RQD VmR WDPEpP SHUPLWLGDV DV DWLYLGDGHV GH ODYDQGHULD DVVHVVRULDGHLPSRUWDomRHH[SRUWDomRSHULWRVDYDOLDGRUHV³VKRZURRP´DVVRFLDo}HVEHQHILFHQWHV FRPXQLWiULDVHFXOWXUDLVDPEXODWyULRSRVWRVGHVD~GHHYDFLQDomRHVHUYLoRVGHHPHUJrQFLD $UW ± 1RV LPyYHLV OLQGHLURV D 5XD 3DWiSLR 6LOYD HQTXDGUDGRV FRPR =RQD &HQWUDOLGDGH /LQHDU =&/],, p SHUPLWLGD DSHQDV D DWLYLGDGH GH (VFULWyULRV GH 3URILVVLRQDLV /LEHUDLV WpFQLFRV RX XQLYHUVWiULRV $UW±6mR=RQDV&HQWUDOLGDGHV/LQHDUHVGH3URWHomR$PELHQWDO±=&/SRVORWHVOLQGHLURVDWUHFKRV GHYLDVLQWHUQRVRXOLQGHLURVD=RQDV([FOXVLYDPHQWH5HVLGHQFLDLV±=(5GHVWLQDGRVjORFDOL]DomR GH DWLYLGDGHV WtSLFDV GH VXEFHQWURV UHJLRQDLV FDUDFWHUL]DGRV SHOD FRH[LVWrQFLD HQWUH RV XVRV UHVLGHQFLDLVHQmRUHVLGHQFLDLVFRPDSUHGRPLQkQFLDGHXVRVQmRUHVLGHQFLDLV $UW±$V=RQDV&HQWUDOLGDGHV/LQHDUHVGHDOWDGHQVLGDGH±=&/EHVWmRGHILQLGDVQD3DUWH,,,GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmR SUHYLVWRV QR4XDGURGHVWH/LYUR $UW ± $V =RQDV &HQWUDOLGDGHV /LQHDUHV GH PpGLD GHQVLGDGH ± =&/D HVWmR GHILQLGDV QD 3DUWH ,,, GHVWD /HL H DV FDUDFWHUtVWLFDV GH DSURYHLWDPHQWR GLPHQVLRQDPHQWR H RFXSDomR GRV ORWHV HVWmR SUHYLVWRVQR4XDGURGHVWH/LYUR $UW±2VWUHFKRVGHORJUDGRXURVS~EOLFRVHQTXDGUDGRVQDV=RQDV&HQWUDOLGDGHV/LQHDUHV±=&/] , =RQDV &HQWUDOLGDGHV /LQHDUHV ± =&/],, =RQDV &HQWUDOLGDGHV /LQHDUHV GH 3URWHomR $PELHQWDO ± =&/S =RQDV &HQWUDOLGDGHV /LQHDUHV ± =&/D H =RQDV &HQWUDOLGDGHV /LQHDUHV GH DOWD GHQVLGDGH ± =&/EHQFRQWUDPVHUHODFLRQDGRVHGHVFULWRVQR4XDGUR(LQWHJUDQWHGHVWH/LYUR 6HomR9± 'DV=RQDV(VSHFLDLV 6XEVHomR,± 'DV=RQDV(VSHFLDLVGH3UHVHUYDomR&XOWXUDO±=(3(& $UW3RGHUiVHUVROLFLWDGRRHQTXDGUDPHQWRFRPR=(3(&GHFRQMXQWRVXUEDQRVFRQVWLWXtGRVSRU YLODV GH PLROR GH TXDUWHLUmR UXDV VHP VDtGD YLODV GH OLJDomR HQWUH UXDV RILFLDLV H RXWURV WLSRV GH RFXSDomR TXH DSUHVHQWHP FDUDFWHUtVWLFDV GHVWDFiYHLV QR TXH VH UHIHUH D WUDoDGR YROXPHWULD TXDOLGDGHDUTXLWHW{QLFDHTXHPDQWHQKDPDVFDUDFWHUtVWLFDVGHFRQMXQWRLGHQWLILFiYHLV 3DUDRHQTXDGUDPHQWRRVPRUDGRUHVHSURSULHWiULRVGHYHUmRHQYLDUVROLFLWDomRj6XESUHIHLWXUD 3LQKHLURVFRPDDQXrQFLDGHSHORPHQRVGRLVWHUoRVGRV SURSULHWiULRVHGRLVWHUoRVGH PRUDGRUHV $ SHUPLVVmR SDUD LQVWDODomR GH XVRV QmR UHVLGHQFLDLV ILFDUi D FULWpULR GRV SURSULHWiULRV H PRUDGRUHVHGHYHUiVHULQGLFDGDQDVROLFLWDomRILFDQGRUHVWULWDDRVXVRVGHHVFULWyULRVHFRQVXOWyULRV GH SURILVVLRQDLV OLEHUDLV XWLOL]DGRV SHOR SUySULR SURILVVLRQDO UHVLGHQWH FRQWDQGR FRP QR Pi[LPR XPHPSUHJDGRHPiUHDTXHQmRXOWUDSDVVHGDHGLILFDomR $ DSURYDomR GD VROLFLWDomR VHUi DYDOLDGD QR kPELWR GD &RRUGHQDGRULD GH 3ODQHMDPHQWR H 'HVHQYROYLPHQWR8UEDQRHPFRQMXQWRFRPD&RRUGHQDGRULDGH$omR6RFLDOH'HVHQYROYLPHQWRGD 6XESUHIHLWXUDGHYHQGRVHUVROLFLWDGRSDUHFHUGR'HSDUWDPHQWRGH3DWULP{QLR+LVWyULFRGD6HFUHWDULD 0XQLFLSDOGH&XOWXUD $UW3DUDRVFRQMXQWRVXUEDQRVLQGLFDGRVSDUDHQTXDGUDPHQWRHP=(3(&SHORVSURSULHWiULRVH PRUDGRUHVVmRHVWDEHOHFLGDVDVVHJXLQWHVGLUHWUL]HV , ,, ,,, GHYHPVHUPDQWLGDVQRPtQLPRDVFDUDFWHUtVWLFDVGHWUDoDGRGDVYLDVDYROXPHWULDHD LPSODQWDomRGDVHGLILFDo}HV DV UHIRUPDV RX UHFRQVWUXo}HV QRV ORWHV TXH FRPS}HP R FRQMXQWR VHUmR VXEPHWLGDV j DSURYDomRGD6XESUHIHLWXUD D LPSODQWDomR GDV HGLILFDo}HV QRV ORWHV OLPtWURIHV DRV ORWHV GH YLODV GHYHUi REHGHFHU D UHFXRVPtQLPRVFRPRVHJXH D GHPSDUDHGLILFDo}HVFRPPDLVGHPGHDOWXUD E GHPSDUDHGLILFDo}HVHQWUHPHPGHDOWXUD F GHPSDUDHGLILFDo}HVLQIHULRUHVDPGHDOWXUD $UW )LFDP LQGLFDGDV SDUD DQiOLVH GRV yUJmRV FRPSHWHQWHV H SRVWHULRU HQTXDGUDPHQWR FRPR =RQDV(VSHFLDLVGH3UHVHUYDomR&XOWXUDO=(3(&VGHDFRUGRFRPDVGLVSRVLo}HVGD3DUWH,,,GHVWD /HLDViUHDVGHVFULWDVHFRPFDUDFWHUtVWLFDVGHILQLGDVQR0DSDH4XDGUR%LQWHJUDQWHVGHVWH /LYUR 3DUiJUDIR ~QLFR $V iUHDV TXH IRUHP RX YLHUHP D VHU WRPEDGDV SHORV yUJmRV S~EOLFRV HVWDUmR VXMHLWDVjVGLVSRVLo}HVHVWDEHOHFLGDVQHVWH/LYURHQRVDUWLJRVGD3DUWH,,,GHVWD/HLSDUDDV=(3(& $UW $SOLFDVH jV HGLILFDo}HV SDUWLFXODUHV ORFDOL]DGDV HP =(3(& D 7UDQVIHUrQFLD GH 3RWHQFLDO &RQVWUXWLYRFRQIRUPHGLVS}HPRGRDUWLJRRVDUWLJRVHHLQFLVRV,H,,GRDUWLJR GR3'(HDVGLVSRVLo}HVGHVWD/HL 6XEVHomR,,±'DV=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO±=(,6 $UW ± 2V SHUtPHWURV GDV =(,6 VmR RV FRQVWDQWHV GR 4XDGUR % H GHOLPLWDGRV QR 0DSD LQWHJUDQWHVGHVWH/LYUR 3DUiJUDIR~QLFR1RFDVRGHDWHQGLPHQWRSRUSURYLVmRKDELWDFLRQDOGHWRGDVDVIDPtOLDVPRUDGRUDV QD=(,6&2SRGHUiVHUDOWHUDGRR]RQHDPHQWRGHILQLGRSDUDDiUHDGHPDUFDGDQDUHYLVmRGR 3ODQR'LUHWRUHPYLVDQGRPRGLILFDUVXDVFDUDFWHUtVWLFDVGHDSURYHLWDPHQWRXVRHRFXSDomR $UW±3DUDD=RQD(VSHFLDOGH,QWHUHVVH6RFLDO'MDOPD&RHOKRORFDOL]DGDHPiUHDSDUWLFXODUILFD R([HFXWLYRDXWRUL]DGRDID]HUSDUFHULDFRPDLQLFLDWLYDSULYDGDSDUDFRQVWUXomRGHQRYDVKDELWDo}HV SDUDRVDWXDLVRFXSDQWHV &DStWXOR,,,±'RV,QVWUXPHQWRVGH*HVWmR8UEDQD$PELHQWDO 6HomR,± 'RV,QVWUXPHQWRV,QGXWRUHVGR8VR6RFLDOGD3URSULHGDGH $UW ± 1DV ÈUHDV GH ,QWHUYHQomR 8UEDQD ± $,8 GHOLPLWDGDV QR 0DSD LQWHJUDQWH GHVWH 3ODQR 5HJLRQDO (VWUDWpJLFR SRU DWR GR ([HFXWLYR GHYHUmR VHU QRWLILFDGRV RV SURSULHWiULRV GH WHUUHQRV H HGLILFDo}HVVXEXWLOL]DGRVQRVWHUPRVGRDUWLJRGD/HL)HGHUDOQGHGHMXOKRGH TXHQmRDWHQGDPDRVREMHWLYRVHGLUHWUL]HVHVWDEHOHFLGDVSDUDDVWUDQVIRUPDo}HVXUEDQtVWLFDVTXHVH GHVHMDDOFDQoDUQHVVDViUHDV 3DUiJUDIR~QLFR2VSURSULHWiULRVGRVLPyYHLVGHTXHWUDWDR³FDSXW´GHVWHDUWLJRSRGHUmRSURSRUDR ([HFXWLYRRHVWDEHOHFLPHQWRGHFRQVyUFLRLPRELOLiULRFRQIRUPHGLVS}HRDUWLJRGD/HL)HGHUDOQ GH 6HomR,,±'D2XWRUJD2QHURVDGR'LUHLWRGH&RQVWUXLU $UW)LFDPVXMHLWRVj2XWRUJD2QHURVDGR'LUHLWRGH&RQVWUXLURVLPyYHLVSDUWLFXODUHVORFDOL]DGRV QDV]RQDVRQGHRFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRIRUPDLRUGRTXHREiVLFRGHDFRUGRFRP DVUHJUDVHVWDEHOHFLGDVQRVDUWLJRVDGR3'(HQDVGLVSRVLo}HVGHVWD/HL $UW ± 1DV ÈUHDV GH ,QWHUYHQomR 8UEDQD ± $,8 GHOLPLWDGDV QR 0DSD LQWHJUDQWH GHVWH /LYUR HQTXDQWR HVWDV QmR IRUHP UHJXODPHQWDGDV SRU OHLV HVSHFtILFDV R ([HFXWLYR 0XQLFLSDO SRGHUi RXWRUJDU GH IRUPD RQHURVD R GLUHLWR GH FRQVWUXLU QRV LPyYHLV QHODV FRQWLGRV DWp R FRHILFLHQWH GH DSURYHLWDPHQWRPi[LPRSHUPLWLGRSDUDDV]RQDVQDVTXDLVHODVHVWLYHUHPLQVHULGDVUHVSHLWDGRVRV HVWRTXHVGHSRWHQFLDOFRQVWUXWLYRDGLFLRQDOHVWDEHOHFLGRVQHVWD/HL $UW 1mR VH DSOLFD D RXWRUJD RQHURVD GR GLUHLWR GH FRQVWUXLU QDV =RQDV ([FOXVLYDPHQWH 5HVLGHQFLDLV±=(5HQRVLPyYHLVSUHVHUYDGRVHQTXDGUDGRVFRPR=(3(&GHOLPLWDGRVQR0DSD LQWHJUDQWHGHVWD/HL 3DUiJUDIR~QLFR1mRVHUiDGPLWLGDDRXWRUJDRQHURVDSDUDDUHJXODUL]DomRGHXVRVQmRFRQIRUPHV 6HomR,,,±'DVÈUHDVGH,QWHUYHQomR8UEDQD $UW±$VÈUHDVGH,QWHUYHQomR8UEDQDGHILQLGDVSRUHVWH3ODQR5HJLRQDOVmRDTXHODVFRQVWDQWHV GR0DSDH4XDGURLQWHJUDQWHVGHVWH/LYURFRPDVVHJXLQWHVGLUHWUL]HVHVSHFtILFDV , QD$,8/DUJRGD%DWDWDFULDGDSHOD/HLGHGHVHWHPEURGHGHYHUiVHU LPSODQWDGR SURJUDPD GH UHTXDOLILFDomR SHOD (PSUHVD 0XQLFLSDO GH 8UEDQL]DomR ± (085% QR kPELWR GD 2SHUDomR 8UEDQD )DULD /LPD H GH DFRUGR FRP D SURSRVWD YHQFHGRUDGHFRQFXUVRUHDOL]DGRHP ,, D $,8 ,JXDWHPL WHP FRPR REMHWLYR HVWDEHOHFHU PHGLGDV PLWLJDGRUDV GH LPSDFWR GR IXQFLRQDPHQWRGR6KRSSLQJVREUHD$YHQLGD%ULJDGHLUR)DULD/LPDHVREUHD=(5OLQGHLUD FRQIRUPHRVVHJXLQWHVSDUkPHWURV D QRSHUtPHWURGD$,8VHUiSHUPLWLGRRXVRGHHVWDFLRQDPHQWRHPVXEVRORQDVTXDGUDV GHVGHTXHVHMDPDWHQGLGDVDVVHJXLQWHVGHWHUPLQDo}HV RSURSULHWiULRFRQFHGDj6XESUHIHLWXUDGH3LQKHLURVRGLUHLWRGHVXSHUItFLHGRVRORH GR HVSDoR DpUHR UHODWLYR DR VHX WHUUHQR SRU WHPSR LQGHWHUPLQDGR SDUD D LPSODQWDomRGHXPDiUHDYHUGHS~EOLFD DiUHDYHUGHVHMDLPSODQWDGDSHORSURSULHWiULRGRLPyYHO DWD[DGHRFXSDomRPi[LPDGRVXEVRORVHMDGHFLQTHQWDSRUFHQWR DWD[DGHSHUPHDELOLGDGHPtQLPDGRLPyYHOVHMDGHFLQTHQWDSRUFHQWR R FRHILFLHQWH GH DSURYHLWDPHQWR Pi[LPR DSOLFDGR DR VXEVROR VHMD LJXDO D GRLV E SHUPDQHFHPDVGHPDLVGLVSRVLo}HVHVWDEHOHFLGDVSDUD=(5 SDUiJUDIR~QLFR2SHUtPHWURGD$,8/DUJRGD%DWDWDpDTXHOHGHOLPLWDGRQR0DSD 6HomR,9±'DV2SHUDo}HV8UEDQDV&RQVRUFLDGDV $UW)LFDH[FOXtGDGRSHUtPHWURGD2SHUDomR8UEDQD6DQWR$PDURSUHYLVWDQD/HL0XQLFLSDOQ GHGHVHWHPEURGHDSDUWHGHVWDFRQWLGDQRWHUULWyULRGD6XESUHIHLWXUD3LQKHLURV 7tWXOR,9± 'DV'LVSRVLo}HV*HUDLV $UW±$6XESUHIHLWXUDGHYHUiSURPRYHU$FRUGRGH&RQYLYrQFLDQRVWHUPRVGRDUWLJRGR3'( TXH VHUi LQFRUSRUDGR QD UHYLVmR GR 3'( GD OHL GH XVR H RFXSDomR RX SRU OHL HVSHFtILFD FRP R REMHWLYR GH EXVFDU VROXomR TXH HQYROYD R HTXDFLRQDPHQWR QR HQWRUQR GD 3UDoD 3DQDPHULFDQD H D FRPSDWLELOL]DomRGRXVRGRVROR $UW±,QWHJUDPHVWH/LYUR , 2VPDSDV D 0DSD± 5HGH(VWUXWXUDO+tGULFD$PELHQWDO±3LQKHLURV3, E 0DSD± 5HGH9LiULD(VWUXWXUDO±3LQKHLURV3, F 0DSD± 5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR3LQKHLURV3, G 0DSD± H 0DSD± I (VETADO) ,, 2VTXDGURV D 4XDGUR± E 4XDGUR$± F 4XDGUR% G 4XDGUR& H 4XDGUR&± I 4XDGUR' J 4XDGUR K 4XDGUR± L 4XDGUR$± M 4XDGUR%± N 4XDGUR'± O 4XDGUR(± P4XDGUR) Q 4XDGUR± =RQDVGH8VR(VSHFLDLVHGH3URWHomR$PELHQWDO ÈUHDVGH,QWHUYHQomR8UEDQDH2SHUDomR8UEDQD&RQVRUFLDGD 5HGH+tGULFD$PELHQWDO±3DUTXHVOLQHDUHV 5HGH+tGULFD$PELHQWDOO±&DPLQKRVYHUGHV 2EUDVGH'UHQDJHP ÈUHDVGH5LVFR 5HGH9LiULD(VWUXWXUDO±&LFORYLDVHURWDVGHFLFOLVPR 9LDV(VWUXWXUDLV1 5HGH(VWUXWXUDOGH7UDQVSRUWH3~EOLFR &DUDFWHUtVWLFDVGH8VRH2FXSDomRGDV=RQDVGH8VR =RQDVGH8VRGD0DFUR]RQDGH(VWUXWXUDomRH4XDOLILFDomR8UEDQD =RQDV(VSHFLDLV (L[RVGH&HQWUDOLGDGH &HQWUDOLGDGHV/LQHDUHVHP=(5 5XDV&RPHUFLDLVD4XDOLILFDU ÈUHDVGH,QWHUYHQomR8UEDQD±$,8
Documentos relacionados
Informativo do Curso - MFE - Master Financial Economics
VREUH TXDLV VmR RV SULQFLSDLV LQVWUXPHQWRV GH UHQGD À[D H[LVWHQWHV QR PHUFDGR ÀQDQFHLUR EUDVLOHLURHVHXIXQFLRQDPHQWRQRGLDDGLDGRVQHJyFLRV 'HULYDWLYRV5HQGD)L[D &XUVR TXH...
Leia maisSimulado 9
VHPHOKDQoDHQWUHHODV GDSROtFLDLPSHGLXDUHDOL]DomRGHXPDIHVWDSDUDFRQYLGDGRV H$UPDQLXVDGHWHUPLQDGRVWHFLGRVTXHDJULGHPRPHLRDPELHQWH ,QIHUHVHGRWH[WRTXH DRVFRPSRQH...
Leia maisUntitled - Caixa de Previdência dos Servidores Municipais de Cubatão
DPSOD UHGH FUHGHQFLDGD ILUPDQGR QRYDV SDUFHULDV EXVFDQGR LQFOXLU QRYDV WHFQRORJLDV QRYRV SURFHGLPHQWRV YLVDQGRDWLQJLUD Pi[LPD HILFLrQFLD H HILFiFLD GRV VHUYLoRV PpGLFRV S...
Leia mais