3UHVLGrQFLDGD5HS~EOLFD

&DVD&LYLO
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV
'(&5(721'('(0$5d2'(
$SURYD D (VWUXWXUD 5HJLPHQWDO H R 4XDGUR 'HPRQVWUDWLYR GRV &DUJRV HP
&RPLVVmR GDV *UDWLILFDo}HV GH ([HUFtFLR HP &DUJR GH &RQILDQoD H GDV
*UDWLILFDo}HV GH 5HSUHVHQWDomR GD $JrQFLD %UDVLOHLUD GH ,QWHOLJrQFLD  $%,1 GR
*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFD

235(6,'(17( '$ 5(3%/,&$QR XVR GDV DWULEXLo}HV TXH OKH FRQIHUH R DUW  LQFLVRV ,9 H 9, DOtQHD D GD &RQVWLWXLomR H WHQGR HP YLVWD R
GLVSRVWRQRDUWGD/HLQRGHGHPDLRGH
'(&5(7$
$UWR  )LFDP DSURYDGRV D (VWUXWXUD 5HJLPHQWDO H R 4XDGUR 'HPRQVWUDWLYR GRV &DUJRV HP &RPLVVmR GDV *UDWLILFDo}HV GH ([HUFtFLR HP &DUJR GH
&RQILDQoD H GDV *UDWLILFDo}HV GH 5HSUHVHQWDomR GD $JrQFLD %UDVLOHLUD GH ,QWHOLJrQFLD  $%,1 GR *DELQHWH GH 6HJXUDQoD ,QVWLWXFLRQDO GD 3UHVLGrQFLD GD
5HS~EOLFDQDIRUPDGRV$QH[RV,H,,
$UWR2VDSRVWLODPHQWRVGHFRUUHQWHVGDDSURYDomRGD(VWUXWXUD5HJLPHQWDOGHTXHWUDWDRDUWRGHYHUmRRFRUUHUQRSUD]RGHYLQWHGLDVFRQWDGRGDGDWD
GHSXEOLFDomRGHVWH'HFUHWR
3DUiJUDIR ~QLFR  $SyV RV DSRVWLODPHQWRV SUHYLVWRV QR FDSXW R 0LQLVWUR GH (VWDGR &KHIH GR *DELQHWH GH 6HJXUDQoD ,QVWLWXFLRQDO GD 3UHVLGrQFLD GD
5HS~EOLFD IDUi SXEOLFDU QR 'LiULR 2ILFLDO GD 8QLmR QR SUD]R GH WULQWD GLDV FRQWDGR GD GDWD GH SXEOLFDomR GHVWH 'HFUHWR UHODomR GRV WLWXODUHV GRV FDUJRV HP
FRPLVVmRGR*UXSR'LUHomRH$VVHVVRUDPHQWR6XSHULRUHV'$6DTXHVHUHIHUHR$QH[R,,LQGLFDQGRRQ~PHURGHFDUJRVRFXSDGRVHYDJRVVXDGHQRPLQDomR
HUHVSHFWLYRQtYHO
$UWR2UHJLPHQWRLQWHUQRGD$%,1VHUiDSURYDGRSHOR0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFDH
SXEOLFDGRQR'LiULR2ILFLDOGD8QLmRQRSUD]RGHQRYHQWDGLDVFRQWDGRGDGDWDGHSXEOLFDomRGHVWH'HFUHWR
$UWR(VWH'HFUHWRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
$UWR)LFDUHYRJDGRR'HFUHWRQRGHGHGH]HPEURGH
%UDVtOLDGHPDUoRGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD
/8,=,1&,2/8/$'$6,/9$
3DXOR%HUQDUGR6LOYD
-RUJH$UPDQGR)HOL[
(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH

$1(;2,
(6758785$5(*,0(17$/'$$*1&,$%5$6,/(,5$'(,17(/,*1&,$'2*$%,1(7('(6(*85$1d$,167,78&,21$/'$35(6,'1&,$'$
5(3%/,&$
&$378/2,
'$1$785(=$(&203(71&,$
$UWR$$JrQFLD%UDVLOHLUDGH,QWHOLJrQFLD$%,1yUJmRLQWHJUDQWHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFDFULDGDSHOD/HL
QR GH  GH GH]HPEUR GH  QD FRQGLomR GH yUJmR FHQWUDO GR 6LVWHPD %UDVLOHLUR GH ,QWHOLJrQFLD WHP SRU FRPSHWrQFLD SODQHMDU H[HFXWDU FRRUGHQDU
VXSHUYLVLRQDUHFRQWURODUDVDWLYLGDGHVGH,QWHOLJrQFLDGR3DtVREHGHFLGDVDSROtWLFDHDVGLUHWUL]HVVXSHULRUPHQWHWUDoDGDVQDIRUPDGDOHJLVODomRHVSHFtILFD
R&RPSHWHDLQGDj$%,1
,H[HFXWDUD3ROtWLFD1DFLRQDOGH,QWHOLJrQFLDHDVDo}HVGHODGHFRUUHQWHVVREDVXSHUYLVmRGD&kPDUDGH5HODo}HV([WHULRUHVH'HIHVD1DFLRQDOGR
&RQVHOKRGH*RYHUQR
,,SODQHMDUHH[HFXWDUDo}HVLQFOXVLYHVLJLORVDVUHODWLYDVjREWHQomRHDQiOLVHGHGDGRVSDUDDSURGXomRGHFRQKHFLPHQWRVGHVWLQDGRVDDVVHVVRUDUR
3UHVLGHQWHGD5HS~EOLFD
,,,SODQHMDUHH[HFXWDUDSURWHomRGHFRQKHFLPHQWRVVHQVtYHLVUHODWLYRVDRVLQWHUHVVHVHjVHJXUDQoDGR(VWDGRHGDVRFLHGDGH
,9DYDOLDUDVDPHDoDVLQWHUQDVHH[WHUQDVjRUGHPFRQVWLWXFLRQDO
9SURPRYHURGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVHGDGRXWULQDGHLQWHOLJrQFLDH
9,UHDOL]DUHVWXGRVHSHVTXLVDVSDUDRH[HUFtFLRHRDSULPRUDPHQWRGDDWLYLGDGHGHLQWHOLJrQFLD
 R  $V DWLYLGDGHV GH LQWHOLJrQFLD VHUmR GHVHQYROYLGDV QR TXH VH UHIHUH DRV OLPLWHV GH VXD H[WHQVmR H DR XVR GH WpFQLFDV H PHLRV VLJLORVRV FRP
REVHUYkQFLDGRVGLUHLWRVHJDUDQWLDVLQGLYLGXDLVILGHOLGDGHjVLQVWLWXLo}HVHDRVSULQFtSLRVpWLFRVTXHUHJHPRVLQWHUHVVHVHDVHJXUDQoDGR(VWDGR
R2VyUJmRVFRPSRQHQWHVGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLDIRUQHFHUmRj$%,1QRVWHUPRVHFRQGLo}HVSUHYLVWDVQR'HFUHWRQRGHGH
VHWHPEUR GH  H GHPDLV GLVSRVLWLYRV OHJDLV SHUWLQHQWHV SDUD ILQV GH LQWHJUDomR GDGRV H FRQKHFLPHQWRV HVSHFtILFRV UHODFLRQDGRV FRP D GHIHVD GDV
LQVWLWXLo}HVHGRVLQWHUHVVHVQDFLRQDLV
&$378/2,,
'$(6758785$25*$1,=$&,21$/
$UWR$$%,1WHPDVHJXLQWHHVWUXWXUDRUJDQL]DFLRQDO
,yUJmRVGHDVVLVWrQFLDGLUHWDHLPHGLDWDDR'LUHWRU*HUDO

D*DELQHWH
E$VVHVVRULDGH&RPXQLFDomR6RFLDO
F$VVHVVRULD-XUtGLFD
G2XYLGRULD
H&RUUHJHGRULD*HUDOH
I6HFUHWDULDGH3ODQHMDPHQWR2UoDPHQWRH$GPLQLVWUDomR
'HSDUWDPHQWRGH$GPLQLVWUDomRH/RJtVWLFD
'HSDUWDPHQWRGH*HVWmRGH3HVVRDO
(VFRODGH,QWHOLJrQFLDH
'HSDUWDPHQWRGH3HVTXLVDH'HVHQYROYLPHQWR7HFQROyJLFR
,,yUJmRVHVSHFtILFRVVLQJXODUHV
D'HSDUWDPHQWRGH,QWHOLJrQFLD(VWUDWpJLFD
E'HSDUWDPHQWRGH&RQWUD,QWHOLJrQFLD
F'HSDUWDPHQWRGH&RQWUDWHUURULVPRH
G'HSDUWDPHQWRGH,QWHJUDomRGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLDH
,,,XQLGDGHVHVWDGXDLV
&$378/2,,,
'$&203(71&,$'$681,'$'(6
6HomR,
'RVUJmRVGH$VVLVWrQFLD'LUHWDH,PHGLDWDDR'LUHWRU*HUDO
$UWR$R*DELQHWHFRPSHWH
,SUHVWDUDSRLRDGPLQLVWUDWLYRHWpFQLFRDR'LUHWRU*HUDO
,,RUJDQL]DUDDJHQGDGHDXGLrQFLDVHDVYLDJHQVGR'LUHWRU*HUDO
,,,SURYLGHQFLDURDWHQGLPHQWRjVFRQVXOWDVHDRVUHTXHULPHQWRVIRUPXODGRVSHOR&RQJUHVVR1DFLRQDOH
,9FRRUGHQDUHVXSHUYLVLRQDUDVDWLYLGDGHVGHSURWRFRORJHUDO
$UWR$VVHVVRULDGH&RPXQLFDomR6RFLDOFRPSHWH
,SODQHMDUVXSHUYLVLRQDUFRQWURODUHRULHQWDUDVDWLYLGDGHVGHFRPXQLFDomRVRFLDOHFRQWDWRVFRPDLPSUHQVDDILPGHDWHQGHUVXDVGHPDQGDVHGLYXOJDU
DVVXQWRVDIHWRVj$JrQFLDUHVJXDUGDQGRDTXHOHVFRQVLGHUDGRVGHQDWXUH]DVLJLORVD
,,SODQHMDUH[HFXWDUHFRRUGHQDUDVDWLYLGDGHVGHFHULPRQLDOHDTXHODVHPTXHFRPSDUHFHUR'LUHWRU*HUDOEHPFRPRRULHQWDUDVGHPDLVXQLGDGHVQDV
VROHQLGDGHVVREVXDUHVSRQVDELOLGDGHSUHYLVWDVQRVWH[WRVQRUPDWLYRVH
,,,  RUJDQL]DU FDPSDQKDV HGXFDWLYDV H SXEOLFLWiULDV SDUD D GLYXOJDomR GD LPDJHP PLVVmR YLVmR GH IXWXUR YDORUHV H REMHWLYRV HVWUDWpJLFRV GD $JrQFLD
MXQWRjVRFLHGDGHEUDVLOHLUDHjFRPXQLGDGHLQWHUQDFLRQDO
$UWR$VVHVVRULD-XUtGLFDFRPSHWH
,FXPSULUH]HODUSHORFXPSULPHQWRGDVRULHQWDo}HVQRUPDWLYDVHPDQDGDVGD$GYRFDFLD*HUDOGD8QLmR
,,SUHVWDUDVVHVVRULDGLUHWDHLPHGLDWDDR'LUHWRU*HUDOHDRVyUJmRVTXHLQWHJUDPDHVWUXWXUDGD$%,1QRVDVVXQWRVGHQDWXUH]DMXUtGLFDDSOLFDQGRVH
QRTXHFRXEHURGLVSRVWRQRDUWGD/HL&RPSOHPHQWDUQRGHGHIHYHUHLURGH
,,,H[DPLQDUHDSURYDUPLQXWDVGHHGLWDLVGHOLFLWDomRGHLQVWUXPHQWRVGHFRQWUDWRVGHFRQYrQLRVHGHRXWURVDWRVFULDGRUHVGHGLUHLWRVHREULJDo}HVTXH
GHYDPVHUFHOHEUDGRVSHOD$%,1
,9  DQDOLVDU H DSUHVHQWDU VROXomR SDUD DV TXHVW}HV VXVFLWDGDV SHOD DSOLFDomR GDV OHLV H GRV UHJXODPHQWRV UHODWLYRV jV DWLYLGDGHV GHVHQYROYLGDV SHOD
$%,1H
9H[DPLQDUHHPLWLUSDUHFHUVREUHSURMHWRVGHDWRVQRUPDWLYRVDVHUHPH[SHGLGRVRXSURSRVWRVSHOD$%,1
$UWR2XYLGRULDFRPSHWH
,DWXDUFRPRFDQDODGLFLRQDOGHFRPXQLFDomRHQWUHRVHUYLGRUHR'LUHWRU*HUDOGD$%,1
,,RXYLUUHFODPDo}HVFUtWLFDVHHORJLRVUHODWLYRVDVHUYLoRVSUHVWDGRVSRUXQLGDGHGD$%,1
,,,DPSOLDUDFDSDFLGDGHGRVHUYLGRUHGRFLGDGmRGHFRODERUDUFRPDo}HVGD$%,1QDIRUPDGHVXJHVW}HVTXHSURSLFLHPRDSHUIHLoRDPHQWRGHVHUYLoRV
SUHVWDGRVH
,9LGHQWLILFDURSRUWXQLGDGHVGHPHOKRULDGHSURFHGLPHQWRVSRUSDUWHGD$%,1
$UWR&RUUHJHGRULD*HUDOFRPSHWH

,UHFHEHUTXHL[DVHUHSUHVHQWDo}HVVREUHLUUHJXODULGDGHVHLQIUDo}HVFRPHWLGDVSRUVHUYLGRUHVHPH[HUFtFLRQD$%,1EHPFRPRRULHQWDUDVXQLGDGHVGD
$JrQFLDVREUHRDVVXQWR
,,DSXUDULUUHJXODULGDGHVHLQIUDo}HVFRPHWLGDVSRUVHUYLGRUHVGD$%,1
,,,GHVLJQDUPHPEURVLQWHJUDQWHVGDVFRPLVV}HVGLVFLSOLQDUHV
,9FRQWURODUILVFDOL]DUHDYDOLDURVWUDEDOKRVGDVFRPLVV}HVGLVFLSOLQDUHV
9VXEPHWHUjGHFLVmRGR'LUHWRU*HUDORVUHFXUVRVLPSHWUDGRVFRQWUDLQGHIHULPHQWRRXDUTXLYDPHQWRGHGHQ~QFLDVRXUHSUHVHQWDo}HVSDUDLQVWDXUDomRGH
SURFHGLPHQWRVDGPLQLVWUDWLYRVGLVFLSOLQDUHV
9,RULHQWDUDVXQLGDGHVGD$%,1QDLQWHUSUHWDomRHQRFXPSULPHQWRGDOHJLVODomRSHUWLQHQWHjVDWLYLGDGHVGLVFLSOLQDUHV
9,,DUWLFXODUVHFRPDiUHDGHVHJXUDQoDFRUSRUDWLYDYLVDQGRDRLQWHUFkPELRGHLQIRUPDo}HVUHODWLYDVjFRQGXWDIXQFLRQDOGHVHXVVHUYLGRUHVH
9,,,]HODUSHORFXPSULPHQWRGR&yGLJRGHeWLFD3URILVVLRQDOGR6HUYLGRUGD$%,1REVHUYDQGRDVGHOLEHUDo}HVGD&RPLVVmRGHeWLFD3~EOLFDHRULHQWDQGR
DVXQLGDGHVGD$%,1VREUHVXDDSOLFDomRYLVDQGRDJDUDQWLURH[HUFtFLRGHXPDFRQGXWDpWLFDHPRUDOFRQGL]HQWHVFRPRVSDGU}HVLQHUHQWHVDRH[HUFtFLRGR
FDUJRIXQomRRXHPSUHJRQD$JrQFLD
$UWR6HFUHWDULDGH3ODQHMDPHQWR2UoDPHQWRH$GPLQLVWUDomRFRPSHWH
,SODQHMDUFRRUGHQDUVXSHUYLVLRQDUFRQWURODUHDYDOLDUDVDWLYLGDGHVGHSODQHMDPHQWRRUoDPHQWRPRGHUQL]DomRRUJDQL]DFLRQDOFDSDFLWDomRHJHVWmRGH
SHVVRDOGHVHQYROYLPHQWRFLHQWtILFRHWHFQROyJLFRWHOHFRPXQLFDo}HVHOHWU{QLFDHGHDGPLQLVWUDomRJHUDO
,,SODQHMDUFRRUGHQDUHVXSHUYLVLRQDUHFRQWURODURGHVHQYROYLPHQWRGRSURFHVVRRUoDPHQWiULRDQXDOHGDSURJUDPDomRILQDQFHLUDHPFRQVRQkQFLDFRP
DVSROtWLFDVGLUHWUL]HVHSULRULGDGHVHVWDEHOHFLGDVSHOD'LUHomR*HUDO
,,,  SURPRYHU HP DUWLFXODomR FRP DV iUHDV LQWHUHVVDGDV D HODERUDomR GH SODQRV SURMHWRV DQXDLV H SOXULDQXDLV WHUPRV GH FRQYrQLRV DFRUGRV GH
FRRSHUDomRHLQVWUXPHQWRVFRUUHODWRVDVHUHPFHOHEUDGRVFRPHQWLGDGHVGHGLUHLWRS~EOLFRHSULYDGRQDFLRQDLVHHVWUDQJHLUDVVXEPHWHQGRDVjDSUHFLDomRGR
'LUHWRU*HUDO
,9GHVHQYROYHUHVWXGRVGHVWLQDGRVDRFRQWtQXRDSHUIHLoRDPHQWRGD$JrQFLDSURSRQGRDUHIRUPXODomRGHVXDVHVWUXWXUDVQRUPDVVLVWHPDVHPpWRGRV
HPDUWLFXODomRFRPRyUJmRVHWRULDOGHPRGHUQL]DomRGD3UHVLGrQFLDGD5HS~EOLFD
9DFRPSDQKDUMXQWRDRVyUJmRVGD$GPLQLVWUDomR3~EOLFD)HGHUDOHRXWUDVHQWLGDGHVHRUJDQL]Do}HVDDORFDomRGHUHFXUVRVGHVWLQDGRVDRFXPSULPHQWR
GRVSURJUDPDVDo}HVHDWLYLGDGHVGD$%,1H
9,RULHQWDUHSURPRYHUHVWXGRVGHUDFLRQDOL]DomRHQRUPDOL]DomRGHSURFHVVRVGHWUDEDOKRHODERUDomRGHQRUPDVHPDQXDLVYLVDQGRjSDGURQL]DomRH
RWLPL]DomRGHEHQVPDWHULDLVHTXLSDPHQWRVVHUYLoRVHVLVWHPDV
$UWR$R'HSDUWDPHQWRGH$GPLQLVWUDomRH/RJtVWLFDFRPSHWH
,HODERUDURVSODQRVHSURMHWRVDQXDLVHSOXULDQXDLVGDiUHDDGPLQLVWUDWLYD
,,H[HFXWDUHPDUWLFXODomRFRPDXQLGDGHUHVSRQViYHOSHODLPSOHPHQWDomRGRSODQHMDPHQWRLQVWLWXFLRQDOGRyUJmRDGRWDomRRUoDPHQWiULDDQXDOGD$%,1QDV
VXDViUHDVGHFRPSHWrQFLD
,,,H[HFXWDUFRRUGHQDUHFRQWURODUDVDWLYLGDGHVGHWHFQRORJLDGDLQIRUPDomRWHOHFRPXQLFDo}HVHOHWU{QLFDIRWRFLQHPDWRJUDILDHGHQRUPDVHSURFHVVRV
DGPLQLVWUDWLYRV
,9H[HFXWDUFRQWURODUHDYDOLDUDVDWLYLGDGHVSHUWLQHQWHVDJHVW}HVDGPLQLVWUDWLYDVHSDWULPRQLDLVPDWHULDOGHFRQVXPRVHUYLoRVJHUDLVVHUYLoRVJUiILFRV
HDUTXLYRGHGRFXPHQWRVDGPLQLVWUDWLYRV
9ILVFDOL]DUHFRQWURODUDH[HFXomRGHUHIRUPDVFRQVWUXo}HVHORFDo}HVGHHGLItFLRVREMHWLYDQGRDLQVWDODomRRXPDQXWHQomRGHXQLGDGHVH
9,H[HFXWDUFRRUGHQDUHFRQWURODUDDTXLVLomRHORJtVWLFDUHIHUHQWHDRVUHFXUVRVPDWHULDLVLQFOXVLYHQRTXHWDQJHDRVPHLRVGHWUDQVSRUWHVDUPDPHQWR
PXQLo}HVHHTXLSDPHQWRVGHFRPXQLFDo}HVHLQIRUPiWLFD
$UW$R'HSDUWDPHQWRGH*HVWmRGH3HVVRDOFRPSHWH
,H[HFXWDUHFRRUGHQDUDVDWLYLGDGHVUHODFLRQDGDVDR6LVWHPDGH3HVVRDO&LYLOGD$GPLQLVWUDomR)HGHUDO6,3(&
,,HODERUDUSDUHFHUHVQRUPDWLYRVFRPEDVHHPHVWXGRGDOHJLVODomRSHUWLQHQWH
,,,SURPRYHURGHVHQYROYLPHQWRGHHVWXGRVFRQWtQXRVGHVWLQDGRVjDGHTXDomRGRTXDQWLWDWLYRHGRSHUILOSURILVVLRQDOHSHVVRDOGRVVHUYLGRUHVGD$%,1
FRPYLVWDVDRSOHQRFXPSULPHQWRGDVDWULEXLo}HVGRyUJmRH
,9SURPRYHURUHFUXWDPHQWRHDVHOHomRGHFDQGLGDWRVSDUDLQJUHVVRQD$%,1
$UW(VFRODGH,QWHOLJrQFLDFRPSHWH
,SURPRYHUDFDSDFLWDomRHRGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVHGDGRXWULQDGH,QWHOLJrQFLD
,,HVWDEHOHFHULQWHUFkPELRFRPHVFRODVFHQWURVGHHQVLQRELEOLRWHFDVHRXWUDVRUJDQL]Do}HVFRQJrQHUHVQDFLRQDLVHHVWUDQJHLUDV
,,,SURPRYHUDHODERUDomRGHSODQRVHVWXGRVHSHVTXLVDVSDUDRH[HUFtFLRHDSULPRUDPHQWRGDDWLYLGDGHGHLQWHOLJrQFLDH
,9IRUPDUSHVVRDOVHOHFLRQDGRSRUPHLRGHFRQFXUVR
$UW$R'HSDUWDPHQWRGH3HVTXLVDH'HVHQYROYLPHQWR7HFQROyJLFRFRPSHWH
,SURPRYHURULHQWDUFRRUGHQDUVXSHUYLVLRQDUHDYDOLDUDVSHVTXLVDVFLHQWtILFDVHWHFQROyJLFDVDSOLFDGDVDSODQRVHSURMHWRVGHVHJXUDQoDGRVVLVWHPDV
GHLQIRUPDomRFRPXQLFDo}HVHGHWHFQRORJLDGDLQIRUPDomR
,,  SURPRYHU RULHQWDU H FRRUGHQDU DWLYLGDGHV GH SHVTXLVD FLHQWtILFD H GHVHQYROYLPHQWR WHFQROyJLFR D VHUHP DSOLFDGDV QD LGHQWLILFDomR DQiOLVH DYDOLDomR
DTXLVLomRIRUQHFLPHQWRHLPSOHPHQWDomRGHGLVSRVLWLYRVSURFHVVRVVLVWHPDVHVROXo}HVQDiUHDGHLQWHOLJrQFLDGHVLQDLVH
,,,DSRLDUD6HFUHWDULD([HFXWLYDGR&RQVHOKRGH'HIHVD1DFLRQDOQRWRFDQWHDDWLYLGDGHVGHFDUiWHUFLHQWtILFRHWHFQROyJLFRUHODFLRQDGDVjVHJXUDQoDGD
LQIRUPDomR

6HomR,,
'RVUJmRV(VSHFtILFRV6LQJXODUHV
$UW$R'HSDUWDPHQWRGH,QWHOLJrQFLD(VWUDWpJLFDFRPSHWH
,REWHUGDGRV H LQIRUPDo}HV H SURGX]LU FRQKHFLPHQWRV GH LQWHOLJrQFLD VREUH D VLWXDomR QDFLRQDO H LQWHUQDFLRQDO QHFHVViULRV SDUD R DVVHVVRUDPHQWR DR
SURFHVVRGHFLVyULRGR3RGHU([HFXWLYR
,,SODQHMDUFRRUGHQDUVXSHUYLVLRQDUHFRQWURODUDH[HFXomRGDVDWLYLGDGHVGH,QWHOLJrQFLDHVWUDWpJLFDGR3DtV
,,,SURFHVVDUGDGRVLQIRUPDo}HVHFRQKHFLPHQWRVIRUQHFLGRVSHORVDGLGRVFLYLVEUDVLOHLURVQRH[WHULRUDGLGRVHVWUDQJHLURVDFUHGLWDGRVMXQWRDRJRYHUQR
EUDVLOHLURHSHORVVHUYLoRVLQWHUQDFLRQDLVFRQJrQHUHVH
,9LPSOHPHQWDURVSODQRVDSURYDGRVSHOD$%,1
$UW$R'HSDUWDPHQWRGH&RQWUD,QWHOLJrQFLDFRPSHWH
,REWHULQIRUPDo}HVHH[HUFHUDo}HVGHVDOYDJXDUGDGHDVVXQWRVVHQVtYHLVHGHLQWHUHVVHGR(VWDGRHGDVRFLHGDGHEHPFRPRGDViUHDVHGRVPHLRV
TXHRVUHWHQKDPRXHPTXHWUDQVLWHP
,,VDOYDJXDUGDULQIRUPDo}HVFRQWUDRDFHVVRGHSHVVRDVRXyUJmRVQmRDXWRUL]DGRVREMHWLYDQGRDSUHVHUYDomRGDVREHUDQLDQDFLRQDODGHIHVDGR(VWDGR
'HPRFUiWLFRGH'LUHLWRHDGLJQLGDGHGDSHVVRDKXPDQDREVHUYDQGRRVWUDWDGRVFRQYHQo}HVDFRUGRVHDMXVWHVLQWHUQDFLRQDLVHPTXHD5HS~EOLFD)HGHUDWLYD
GR%UDVLOVHMDSDUWHRXVLJQDWiULD
,,,FRRUGHQDUILVFDOL]DUHDGPLQLVWUDUR6LVWHPDGH*HUHQFLDPHQWRGH$UPDVH0XQLo}HVGD$JrQFLD%UDVLOHLUDGH,QWHOLJrQFLDH
,9LPSOHPHQWDURVSODQRVDSURYDGRVSHOD$%,1
$UW$R'HSDUWDPHQWRGH&RQWUDWHUURULVPRFRPSHWH
,  SODQHMDU D H[HFXomR GDV DWLYLGDGHV GH SUHYHQomR jV Do}HV WHUURULVWDV QR WHUULWyULR QDFLRQDO EHP FRPR REWHU LQIRUPDo}HV H SURGX]LU FRQKHFLPHQWRV
VREUHWDLVDWLYLGDGHV
,,SODQHMDUFRQWURODURULHQWDUHH[HFXWDUDFROHWDHDQiOLVHGHGDGRVHLQIRUPDo}HVVREUHRUJDQL]Do}HVWHUURULVWDVH
,,,LPSOHPHQWDURVSODQRVDSURYDGRVSHOD$%,1
$UW$R'HSDUWDPHQWRGH,QWHJUDomRGR6LVWHPD%UDVLOHLUDGH,QWHOLJrQFLDFRPSHWH
,LQWHUFDPELDUGDGRVHLQIRUPDo}HVHQWUHRVPHPEURVGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLDYLVDQGRDDSULPRUDUDVDWLYLGDGHVQDVVXDVUHVSHFWLYDViUHDV
GHDWXDomR
,,LQWHJUDUDVDo}HVGHSODQHMDPHQWRHH[HFXomRGR&HQWURGH,QWHJUDomRGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLDHPFRQVRQkQFLDFRPDVSUHVFULo}HVGR
3ODQR1DFLRQDOGH,QWHOLJrQFLDH
,,,VHFUHWDULDUHSURYHUVXSRUWHWpFQLFRHDGPLQLVWUDWLYRjVUHXQL}HVGR&RQVHOKR&RQVXOWLYRGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLD
6HomR,,,
'DV8QLGDGHV(VWDGXDLV
$UWVXQLGDGHVHVWDGXDLVFRPSHWHSODQHMDUFRRUGHQDUVXSHUYLVLRQDUFRQWURODUHGLIXQGLUDSURGXomRGHFRQKHFLPHQWRVGHLQWHUHVVHGDDWLYLGDGHGH
LQWHOLJrQFLDQDVUHVSHFWLYDViUHDVGHDFRUGRFRPDVGLUHWUL]HVIL[DGDVSHOR'LUHWRU*HUDO
&$378/2,9
'$6$75,%8,d(6'26',5,*(17(6
6HomR,
'R'LUHWRU*HUDO
$UW$R'LUHWRU*HUDOLQFXPEH
,DVVLVWLUDR0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFDQRVDVVXQWRVGHFRPSHWrQFLDGD$%,1
,,FRRUGHQDUDVDWLYLGDGHVGHLQWHOLJrQFLDQRkPELWRGR6LVWHPD%UDVLOHLURGH,QWHOLJrQFLD
,,,HODERUDUHHGLWDURUHJLPHQWRLQWHUQRGD$%,1VXEPHWHQGRRjDSURYDomRGR0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDO
,9SODQHMDUGLULJLURULHQWDUVXSHUYLVLRQDUDYDOLDUHFRQWURODUDH[HFXomRGRVSURMHWRVHDWLYLGDGHVGD$%,1
9HGLWDUDWRVQRUPDWLYRVVREUHDRUJDQL]DomRHRIXQFLRQDPHQWRGD$%,1HDSURYDUPDQXDLVGHQRUPDVSURFHGLPHQWRVHURWLQDV
9,  SURSRU D FULDomR RX H[WLQomR GDV XQLGDGHV HVWDGXDLV VXEXQLGDGHV HVWDGXDLV H SRVWRV QR H[WHULRU RQGH VH IL]HU QHFHVViULR REVHUYDGRV RV TXDQWLWDWLYRV
IL[DGRVQDHVWUXWXUDUHJLPHQWDOGD$%,1
9,,  LQGLFDU QRPHV SDUD SURYLPHQWR GH FDUJRV HP FRPLVVmR LQFOXVLYH GR 'LUHWRU$GMXQWR EHP FRPR SURSRU D H[RQHUDomR GH VHXV RFXSDQWHV H GRV
VXEVWLWXWRV
9,,,GDUSRVVHDRVWLWXODUHVGHFDUJRVHIHWLYRVHHPFRPLVVmRFRQFHGHUDSRVHQWDGRULDVHSHQV}HVGHFLGLUVREUHSHGLGRVGHUHYHUVmRDRVHUYLoRS~EOLFR
SURPRYHURHQTXDGUDPHQWRHRUHSRVLFLRQDPHQWRGHVHUYLGRUHVHGHFLGLUVREUHPRYLPHQWDomRGRVVHUYLGRUHVGD$%,1
,;DSURYDUDLQGLFDomRGHVHUYLGRUHVSDUDFXUVRVGHHVSHFLDOL]DomRDSHUIHLoRDPHQWRHWUHLQDPHQWRQRH[WHULRU
;LQGLFDUDR0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFDRVVHUYLGRUHVSDUDDVIXQo}HVGHDGLGRFLYLO
MXQWRjVUHSUHVHQWDo}HVGLSORPiWLFDVEUDVLOHLUDVDFUHGLWDGDVQRH[WHULRU
;,ILUPDUFRQWUDWRVHFHOHEUDUFRQYrQLRVDFRUGRVGHFRRSHUDomRDMXVWHVHRXWURVLQVWUXPHQWRVFRQJrQHUHVLQFOXLQGRVHXVWHUPRVDGLWLYRV

;,,  DYRFDU SDUD GHFLVmR RX UHYLVmR DVVXQWRV GH QDWXUH]D DGPLQLVWUDWLYD H RX GH ,QWHOLJrQFLD VHP SUHMXt]R GDV DWULEXLo}HV SUHYLVWDV DRV GHPDLV
GLULJHQWHV
;,,,GHFLGLUVREUHRVSURFHVVRVDGPLQLVWUDWLYRVGLVFLSOLQDUHVTXDQGRDSHQDIRUGHVXVSHQVmRDWpWULQWDGLDV
;,9  SURSRU DR 0LQLVWUR GH (VWDGR &KHIH GR *DELQHWH GH 6HJXUDQoD ,QVWLWXFLRQDO GD 3UHVLGrQFLD GD 5HS~EOLFD D DSOLFDomR GH SHQDV VXSHULRUHV jV
SUHYLVWDVQRLWHPDQWHULRU
;9  GHFLGLU VREUH RV UHFXUVRV LPSHWUDGRV FRQWUD LQGHIHULPHQWR RX DUTXLYDPHQWR GH GHQ~QFLDV RX UHSUHVHQWDo}HV SDUD LQVWDXUDomR GH SURFHGLPHQWRV
DGPLQLVWUDWLYRVGLVFLSOLQDUHV
;9,GHOHJDUFRPSHWrQFLDSDUDRH[HUFtFLRGHTXDLVTXHUGHVXDVDWULEXLo}HVVDOYRDTXHODVTXHSHODVXDSUySULDQDWXUH]DRXYHGDomROHJDOVySRVVDPVHU
LPSOHPHQWDGDVSULYDWLYDPHQWH
;9,,DSURYDUSODQRVGHRSHUDo}HVGHLQWHOLJrQFLDFRQWUDLQWHOLJrQFLDHFRQWUDWHUURULVPRH
;9,,,UHDOL]DURXWUDVDWLYLGDGHVGHWHUPLQDGDVSHOR0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFD
$UW   2 'LUHWRU*HUDO VHUi VXEVWLWXtGR QRV VHXV LPSHGLPHQWRV OHJDLV SHOR 'LUHWRU$GMXQWR TXH SRGHUi H[HUFHU RXWUDV DWULEXLo}HV H FRPSHWrQFLDV
GHILQLGDVQRUHJLPHQWRLQWHUQRSHOR'LUHWRU*HUDOGD$%,1
6HomR,,
'RVGHPDLV'LULJHQWHV
$UW   $R 6HFUHWiULR GH 3ODQHMDPHQWR 2UoDPHQWR H $GPLQLVWUDomR DRV 'LUHWRUHV DR &KHIH GH *DELQHWH H DRV GHPDLV GLULJHQWHV LQFXPEH SODQHMDU
GLULJLUFRRUGHQDUVXSHUYLVLRQDUHDYDOLDUDH[HFXomRGDVDWLYLGDGHVGDVXQLGDGHVVXERUGLQDGDVHH[HUFHURXWUDVDWULEXLo}HVTXHOKHVIRUHPFRPHWLGDV
&$378/29
'$6',6326,d(6*(5$,6
$UW2SURYLPHQWRGRVFDUJRVGD$%,1REVHUYDUiDVVHJXLQWHVGLUHWUL]HV
,RVGH$VVHVVRU(VSHFLDO0LOLWDURVGH$VVHVVRU0LOLWDUHRVGH$VVHVVRU7pFQLFR0LOLWDUVHUmRRFXSDGRVSRU2ILFLDLV6XSHULRUHVGDV)RUoDV$UPDGDV
RXGDV)RUoDV$X[LOLDUHV
,,RVGH$VVLVWHQWH0LOLWDUVHUmRRFXSDGRVHPSULQFtSLRSRU2ILFLDLV,QWHUPHGLiULRVGDV)RUoDV$UPDGDVRXGDV)RUoDV$X[LOLDUHVH
,,,RVGH$VVLVWHQWH7pFQLFR0LOLWDUVHUmRRFXSDGRVHPSULQFtSLRSRU2ILFLDLV6XEDOWHUQRVGDV)RUoDV$UPDGDVRXGDV)RUoDV$X[LOLDUHV
$UW2UHJLPHQWRLQWHUQRGHILQLUiRGHWDOKDPHQWRGDVFRPSHWrQFLDVGDVGHPDLVXQLGDGHVLQWHJUDQWHVGDHVWUXWXUDUHJLPHQWDOGD$%,1HGDVDWULEXLo}HV
GRVUHVSHFWLYRVGLULJHQWHV
3DUiJUDIR~QLFR$HODERUDomRHHGLomRGRUHJLPHQWRLQWHUQRGD$%,1VHUmRGHUHVSRQVDELOLGDGHGHVHX'LUHWRU*HUDOTXHRVXEPHWHUiDDSURYDomRGR
0LQLVWURGH(VWDGR&KHIHGR*DELQHWHGH6HJXUDQoD,QVWLWXFLRQDOGD3UHVLGrQFLDGD5HS~EOLFD
$UW2&RUUHJHGRU*HUDOGD$%,1VHUiLQGLFDGRSHOR'LUHWRU*HUDORXYLGDD&RQWURODGRULD*HUDOGD8QLmRHQRPHDGRQDIRUPDGDOHJLVODomRYLJHQWH
$1(;2,,
D48$'52'(021675$7,92'26&$5*26(0&20,662'$6*5$7,),&$d(6'((;(5&&,2(0&$5*2'(&21),$1d$('$6
*5$7,),&$d(6'(5(35(6(17$d2'$$*1&,$%5$6,/(,5$'(,17(/,*1&,$$%,1

&$5*2
)81d2




$VVHVVRU(VSHFLDO



$VVHVVRUGH&RQWUROH,QWHUQR



*$%,1(7(

&KHIHGH*DELQHWH






'LYLVmR








$VVHVVRU
$VVLVWHQWH
$VVLVWHQWH7pFQLFR
&KHIH








$66(6625,$'(&2081,&$d262&,$/









&KHIHGH$VVHVVRULD
$VVHVVRU7pFQLFR
$VVLVWHQWH







81,'$'(


$66(6625,$-85',&$


289,'25,$




























'(120,1$d2
&$5*2)81d2

'LUHWRU*HUDO
'LUHWRU*HUDO$GMXQWR

&KHIHGH$VVHVVRULD
$VVLVWHQWH

2XYLGRU

$VVHVVRU(VSHFLDO0LOLWDU
$VVHVVRU0LOLWDU
$VVHVVRU7pFQLFR0LOLWDU
$VVLVWHQWH0LOLWDU
$VVLVWHQWH7pFQLFR0LOLWDU
6XSHUYLVRU
$VVLVWHQWH
6HFUHWiULR
(VSHFLDOLVWD
$X[LOLDU

1('$6
5035*$

1(
1(






503*UXSR$
503*UXSR%
503*UXSR&
503*UXSR'
503*UXSR(
5*$
5*$
5*$
5*$
5*$

289,'25,$
5HGDomRGDGDSHOR'HFUHWRQGH9LJrQFLD














2XYLGRU










$VVHVVRU(VSHFLDO0LOLWDU
$VVHVVRU0LOLWDU
$VVHVVRU7pFQLFR0LOLWDU
$VVLVWHQWH0LOLWDU
$VVLVWHQWH7pFQLFR0LOLWDU
6XSHUYLVRU

503*UXSR$
503*UXSR%
503*UXSR&
503*UXSR'
503*UXSR(
5*$





$VVLVWHQWH
6HFUHWiULR
(VSHFLDOLVWD

5*$
5*$
5*$



$X[LOLDU

5*$

&255(*('25,$*(5$/


&RRUGHQDomR
'LYLVmR

6(&5(7$5,$'(3/$1(-$0(17225d$0(172(
$'0,1,675$d2


'LYLVmR

'(3$57$0(172'($'0,1,675$d2(/2*67,&$

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR
'LYLVmR

'(3$57$0(172'(*(672'(3(662$/

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR

(6&2/$'(,17(/,*1&,$

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR
'LYLVmR

'(3$57$0(172'(3(648,6$('(6(192/9,0(172
7(&12/*,&2

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR

'(3$57$0(172'(,17(/,*1&,$(675$7e*,&$

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR
'LYLVmR

'(3$57$0(172'(&2175$,17(/,*1&,$

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR

'(3$57$0(172'(&2175$7(5525,602

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR

'(3$57$0(172'(,17(*5$d2'26,67(0$
%5$6,/(,52'(,17(/,*1&,$

'LYLVmR
&RRUGHQDomR*HUDO
&RRUGHQDomR

81,'$'(6(67$'8$,6
8QLGDGH7LSR$
&RRUGHQDomR
'LYLVmR

6XEXQLGDGH

8QLGDGH7LSR%








&RUUHJHGRU
$VVHVVRU7pFQLFR

&RRUGHQDGRU
&KHIH



































6HFUHWiULR
$VVHVVRU(VSHFLDO
$VVHVVRU
&KHIH

'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU
&KHIH

'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU

'LUHWRU
$VVLVWHQWH
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU
&KHIH






















































'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU

'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU
&KHIH

'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU

'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU











































'LUHWRU
$VVHVVRU7pFQLFR
&KHIH
&RRUGHQDGRU*HUDO
&RRUGHQDGRU


6XSHULQWHQGHQWH
&RRUGHQDGRU
&KHIH
$VVLVWHQWH7pFQLFR
&KHIH

6XSHULQWHQGHQWH
















E48$'525(6802'(&86726'26&$5*26(0&20,662'$$*1&,$%5$6,/(,5$'(,17(/,*1&,$$%,1
&',*2

'$681,75,2

1(



'$6
'$6
'$6
'$6
'$6

'$6
'$6
'$6
'$6
'$6

6,78$d2$78$/
9$/25727$/


47'(













727$/




























F48$'525(6802'$6*5$7,),&$d(6'((;(5&&,2(0&$5*2'(&21),$1d$'$$*1&,$%5$6,/(,5$'(,17(/,*1&,$$%,1
&',*2
'$681,75,2
503*UXSR$

503*UXSR%

503*UXSR&

503*UXSR'

503*UXSR(

727$/

47'(







9$/25727$/







G48$'525(6802'$6*5$7,),&$d(6'(5(35(6(17$d2'$$*1&,$%5$6,/(,5$'(,17(/,*1&,$$%,1
&',*2
5*$
5*$
5*$
5*$
5*$

'$681,75,2





727$/

47'(







9$/25727$/