You are on page 1of 19

                           














352-(72'((678'2'2

&203257$0(172$&Ò67,&2



([PRV6UV&OXEHGH7pQLVGD$PDGRUD
        

&RQVWUXomRGDVHGHGRFOXEH
 


GHWpQLVGD$PDGRUD
5XD7HQHQWH*RXYHLD±

 

9HQWHLUD±$PDGRUD
2XWXEURGH  
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


,62/$0(172621252
2SUHVHQWHHVWXGRGRLVRODPHQWRVRQRURGRHGLItFLRpRUHVXOWDGRGRFiOFXORGHWRGDVDVSRVVtYHLVFRPELQDo}HVGHSDUHV
GH HPLVVRUHV H UHFHSWRUHV VRQRURV SUHVHQWHV QR HGLItFLR FRQIRUPH D UHJXODPHQWDomR YLJHQWH 5HJXODPHQWR GRV
5HTXLVLWRV$F~VWLFRVGRV(GLItFLRV REWLGRFRPEDVHHPPpWRGRVGHFiOFXORSDUDDHVWLPDWLYDGHLVRODPHQWRVRQRURD
VRQV GH FRQGXomR DpUHD H GH SHUFXVVmR HQWUH FRPSDUWLPHQWRV H LVRODPHQWR VRQRUR D VRQV GH FRQGXomR DpUHD
SURYHQLHQWHVGRH[WHULRUGHVFULWRVQDVQRUPDV13(1
3DUDRVFiOFXORVGRtQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSURYHQLHQWHVGRH[WHULRUIRLFRQVLGHUDGRXP
WLSRGHUXtGRGRPLQDQWHGHHPLVVmRFRUUHVSRQGHQWHDXPHVSHFWURGHUXtGRURVD WHUPRGHDGDSWDomR& 
(PWRGRVRVFiOFXORVLQWHUPpGLRVDVVLPFRPRQDVFRUUHFo}HVILQDLVGRVtQGLFHVGHLVRODPHQWRFDOFXODGRVIRLXWLOL]DGR
XPWHPSRGHUHYHUEHUDomRGHUHIHUrQFLD 7 GHVHXPDiUHDGHDEVRUomRVRQRUDHTXLYDOHQWHGHUHIHUrQFLD $ GH
Pð

5HVXOWDGRVGDHVWLPDWLYDGRLVRODPHQWRVRQRUR
$SUHVHQWDPVH DTXL RV UHVXOWDGRV PDLV GHVIDYRUiYHLV GH LVRODPHQWR VRQRUR FDOFXODGRV QR HGLItFLR FODVVLILFDGRV GH
DFRUGRFRPDVGLIHUHQWHVFRPELQDo}HVGHFRPSDUWLPHQWRVHPLVVRUHVHUHFHSWRUHVSUHVHQWHVQDUHJXODPHQWDomRYLJHQWH
(P FRQFUHWR YHULILFDVH DTXL R FXPSULPHQWR GDV H[LJrQFLDV DF~VWLFDV GHVFULWDV QR $UWLJR  GR 5HJXODPHQWR GRV
5HTXLVLWRV$F~VWLFRVGRV(GLItFLRVUHIHUHQWHVDRVtQGLFHVGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSURYHQLHQWHV
GRH[WHULRUHVRQVGHSHUFXVVmR
2VUHVXOWDGRVILQDLVPRVWUDGRVVmRDFRPSDQKDGRVGRVYDORUHVLQWHUPpGLRVPDLVVLJQLILFDWLYRVDSUHVHQWDQGRRFiOFXOR
GHWDOKDGRQRFDStWXORGHMXVWLILFDomRGHUHVXOWDGRVGHVWHPHVPRGRFXPHQWRSDUDFDGDXPDGDVHQWUDGDVQDVWDEHODVGH
UHVXOWDGRV

,VRODPHQWRVRQRURDVRQVGHSHUFXVVmR

/QZ'G/QZ'I/
QZ 9 /
Q7Z G% 
,G&RPSDUWLPHQWRUHFHSWRU&RPSDUWLPHQWRHPLVVRU
G%  G%  G%  Pñ  H[LJLGRHVWLPDGR
 (VFULWyULR/RFDOGHFRQFHQWUDomRHVRVVHJR
 VHFUHWDULD 3LVR  VDODSROLYDOHQWH     
 (VFULWyULR:&GHSLVR
 VHFUHWDULD 3LVR  ZF     
1RWDV
,G,GHQWLILFDGRUGDILFKDGHFiOFXORGHWDOKDGRSDUDDHQWUDGDGHUHVXOWDGRVQDWDEHOD
/QZ'GËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQRUPDOL]DGRSDUDDWUDQVPLVVmRGLUHFWD
/QZ'IËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQRUPDOL]DGRSDUDDWUDQVPLVVmRLQGLUHFWD
/
QZËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQRUPDOL]DGR
99ROXPHGRFRPSDUWLPHQWRUHFHSWRU
 /
Q7ZËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSDGURQL]DGR

,VRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDH[WHULRU

 5'GZ 5
Z 66 9 'PQ7Z$ G% 
,G &RPSDUWLPHQWRUHFHSWRU
DEHUWXUDV G%  G%  Pð  Pñ  H[LJLGR HVWLPDGR
 JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR 3LVR       
 VHFUHWDULD (VFULWyULRV 3LVR       


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


1RWDV
,G,GHQWLILFDGRUGDILFKDGHFiOFXORGHWDOKDGRSDUDDHQWUDGDGHUHVXOWDGRVQDWDEHOD
GHWDOKDGRSDUDDHQWUDGDGHUHVXOWDGRVQDWDEHOD
DEHUWXUDV3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH
DEHUWXUDV3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH
5'GZËQGLFHSRQGHUDGRGHUHGXomRVRQRUDSDUDDWUDQVPLVVmRGLUHFWD
ËQGLFHSRQGHUDGRGHUHGXomRVRQRUDSDUDDWUDQVPL
5
ZËQGLFHGHUHGXomRVRQRUDDSDUHQWH
66ÈUHDWRWDOHPFRQWDFWRFRPRH[WHULRU
99ROXPHGRFRPSDUWLPHQWRUHFHSWRU
'PQ7Z$ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSDGURQL]DGR
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDp
6HJXQGRD QRUPD 13(1  UHSUHVHQWDVHDVRPDHQWUH
UHSUHVHQWD RtQGLFHGHLVRODPHQWRVRQRURDVRQVDpUHRVSURYHQLHQWHVGRH[WHULRUH
VDpUHRVSURYHQLHQWHVGRH[WHULRUH R
WHUPRGHDGDSWDomRHVSHFWUDOGDVHJXLQWHIRUPD'
mRHVSHFWUDOGDVHJXLQWHIRUPD'PQ7Z& 'PQ7$

 
-XVWLILFDomRGHUHVXOWDGRVGRFiOFXORGRLVRODPHQWR
-XVWLILFDomRGHUHVXOWDGRVGRFiOFXORGRLVRODPHQWRVRQRUR
,VRODPHQWRVRQRURDVRQVGHSHUFXVVmRHQWUHFRPSDUW
,VRODPHQWRVRQRURDVRQVGHSHUFXVVmRHQWUHFRPSDUWLPHQWRV

$SUHVHQWDVHVHJXLGDPHQWHRFiOFXORGHWDOKDGRGDHVWLPDWLYDG
VHVHJXLGDPHQWHRFiOFXORGHWDOKDGRGDHVWLPDWLYDGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRHQWUHSDUHV
HLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRHQWUHSDUHVGH
FRPSDUWLPHQWRV HPLVVRU  UHFHSWRU SDUD RV YDORUHV PDLV GHVIDYRUiYHLV DSUHVHQWDGRV
DSUHVHQWDGRV QDV WDEHODV UHVXPR GR FDStWXOR
DQWHULRUVHJXQGRRPRGHORVLPSOLILFDGRSDUDDWUDQVPLVVmRHVWUXWXUDOGHVFULWR
VLPSOLILFDGRSDUDDWUDQVPLVVmRHVWUXWXUDOGHVFULWRHP13(1
HP13(1XWLOL]DQGRSDUDD
SUHYLVmR GR QtYHO GH SUHVVmR VRQRUD SRQGHUDGD GH VRQV
VRQV GH SHUFXVVmR RV QtYHLV GH SUHVVmR VRQRUD GRV HOHPHQWRV
HO
HQYROYLGRVVHJXQGRRVSURFHGLPHQWRVGHSRQGHUDomR
HQYROYLGRVVHJXQGRRVSURFHGLPHQWRVGHSRQGHUDomRGHVFULWRVQDQRUPD(1,62
3DUD D DGHTXDGD FRUUHVSRQGrQFLD HQWUH D MXVWLILFDomR
MXVWLILFDomR GHFiOFXOR H D DSUHVHQWDomR GH UHVXOWDGRV GR FDSt
FDStWXOR DQWHULRU
VHUmRQXPHUDGDVDVILFKDVVHJXLQWHVFRQIRUPHDQXPHUDomRGDVHQWUDGDVQDVWDEHODVUHVXPRGHUHVXOWDGRV
VHUmRQXPHUDGDVDVILFKDVVHJXLQWHVFRQIRUPHDQXPHUDomRGDVHQWUDGDVQDVWDEHODVUHVXPRGHUHVXOWDGRV



ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSD
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSDGURQL]DGR/
Q7Z

&RPSDUWLPHQWRUHFHSWRU VHFUHWDULD (VFULWyULRV   (VFULWyULR


/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU
/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU 3LVR
&RPSDUWLPHQWRHPLVVRU VDODSROLYDOHQWH 6DOD   /RFDOGHFRQFHQWUDomRH
/RFDOGHFRQFHQWUDomRHVRVVHJR
ÈUHDWRWDOGRHOHPHQWRH[FLWDGR66  Pð
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9  Pñ


G%…G%

 
§ ·
. /

¨¦
! "

¸ G%
$ % & ' ( ) % & * + , -
2

= G%
 

. 0 1

© = ¹
#

"



'DGRVGHHQWUDGDSDUDRFiOFXOR

(OHPHQWRH[FLWDGRDVRQVGHSHUFXVVmR
(OHPHQWRH[FLWDGRDVRQVGHSHUFXVVmR

P /QZ 5Z 3DYLPHQWR '/'Z 5HYHVWLPHQWR
5HYHVWLPHQWR '/GZ 6L
(OHPHQWRHVWUXWXUDOEiVLFR
G%  G%  FRPSDUWLPHQWRHPLVVRU G%  &RPSDUWLPHQWRUHFHSWRU
NJPð  G% &RPSDUWLPHQWRUHFHSWRU G%  Pð 
/DMHPDFLoDWLSR  
     
 
/DMHPDFLoDWLSR  
   
(OHPHQWRVPDUJLQDLV

 


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


 P 5Z '/'Z'5IZ /I 6L
(OHPHQWRHVWUXWXUDOEiVLFR 5HYHVWLPHQWR /LJDo}HV
NJPð  G%  G%  G%  P  Pð 
'/DMHPDFLoDWLSR     

I /DMHPDFLoDWLSR  LVRODPHQWR   
'/DMHPDFLoDWLSR     

I       
'/DMHPDFLoDWLSR     

I /DMHPDFLoDWLSR  LVRODPHQWR   
'/DMHPDFLoDWLSR     
 
I      

&iOFXORGRLVRODPHQWRVRQRURDVRQVGHSHUFXVVmR
GHSHUFXVVmR

&RQWULEXLomRGH'LUHFWRDODWHUDO/QZ'I

/QZ '/'Z5'Z 5IZ '5IZ .'I /I 6L /QZ'I
/DWHUDO 6L66āW'I
G%  G%  G%  G%  G%  G%  P  Pð 
G% G% 
     
   
        
     
   
        
  


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQR
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQRUPDOL]DGR/
QZ

 /
QZ
W
G% 
/QZ'I
 


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSD
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSDGURQL]DGR/
Q7Z

/
QZ 9 $ 7 /
Q7Z
G%  Pñ  Pð  V  G% 
  




ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSD
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSDGURQL]DGR/
Q7Z

&RPSDUWLPHQWRUHFHSWRU VHFUHWDULD (VFULWyULRV   (VFULWyULR


/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU
/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU 3LVR
&RPSDUWLPHQWRHPLVVRU ZF :&GHSLVR   :&GHSLVR
ÈUHDWRWDOGRHOHPHQWRH[FLWDGR66  Pð
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9  Pñ
 

G%…G%

 


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


§ ·
B C

¨¦
4 5 6

¸ G%
8 9 : ; < = 9 : > ? @ A
F

B D
= E
3 3

© = ¹
7



'DGRVGHHQWUDGDSDUDRFiOFXOR

(OHPHQWRH[FLWDGRDVRQVGHSHUFXVVmR

P /QZ 5Z 3DYLPHQWR '/'Z 5HYHVWLPHQWR '/GZ 6L
(OHPHQWRHVWUXWXUDOEiVLFR
NJPð  G%  G%  FRPSDUWLPHQWRHPLVVRU G%  &RPSDUWLPHQWRUHFHSWRU G%  Pð 
/DMHPDFLoDWLSR       

(OHPHQWRVPDUJLQDLV

 (OHPHQWRHVWUXWXUDOEiVLFR P 5Z 5HYHVWLPHQWR '/'Z'5IZ /I 6L /LJDo}HV
NJPð  G%  G%  G%  P  Pð 
'/DMHPDFLoDWLSR     
 
I /DMHPDFLoDWLSR  LVRODPHQWR   
'/DMHPDFLoDWLSR     
  
I      

&iOFXORGRLVRODPHQWRVRQRURDVRQVGHSHUFXVVmR

&RQWULEXLomRGH'LUHFWRDODWHUDO/QZ'I

/QZ '/'Z5'Z 5IZ '5IZ .'I /I 6L /QZ'I
/DWHUDO 6L66āW'I
G%  G%  G%  G%  G%  G%  P  Pð  G% 
         
         
  


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRQRUPDOL]DGR/
QZ

 /
QZ
W
G% 
/QZ'I
 


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHSHUFXVVmRSDGURQL]DGR/
Q7Z

/
QZ 9 $ 7 /
Q7Z
G%  Pñ  Pð  V  G% 
  


,VRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDFRQWUDUXtGRGRH[WHULRU
$SUHVHQWDVH VHJXLGDPHQWH R FiOFXOR GHWDOKDGR GD HVWLPDWLYD GH LVRODPHQWR VRQRUR D VRQV GH FRQGXomR DpUHD
SURYHQLHQWHV GR H[WHULRU SDUD RV YDORUHV PDLV GHVIDYRUiYHLV DSUHVHQWDGRV QDV WDEHODV UHVXPR GR FDStWXOR DQWHULRU
VHJXQGR R PRGHOR VLPSOLILFDGR SDUD D WUDQVPLVVmR HVWUXWXUDO GHVFULWR HP 13 (1  TXH XWLOL]D SDUD D
SUHYLVmR GR tQGLFH SRQGHUDGR GH UHGXomR VRQRUD DSDUHQWH JOREDO RV tQGLFHV SRQGHUDGRV GRV HOHPHQWRV HQYROYLGRV
VHJXQGRRVSURFHGLPHQWRVGHSRQGHUDomRGHVFULWRVQDQRUPD(1,62


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


3DUD D DGHTXDGD FRUUHVSRQGrQFLD HQWUH D MXVWLILFDomR
MXVWLILFDomR GHFiOFXOR H D DSUHVHQWDomR GH UHVXOWDGRV GR FDSt
FDStWXOR DQWHULRU
LRUU
LR
VHUmRQXPHUDGDVDVILFKDVVHJXLQWHVFRQIRUPHDQXPHUDomRGDVHQWUDGDVQDVWDEHODVUHVXPRGHUHVXOWDGRV
VHUmRQXPHUDGDVDVILFKDVVHJXLQWHVFRQIRUPHDQXPHUDomRGDVHQWUDGDVQDVWDEHODVUHVXPRGHUHVXOWDGRV



ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHD
GLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSDGURQL]DGR'PQ7Z
7LSRGHFRPSDUWLPHQWRUHFHSWRU JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR 
JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR
/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU
/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU 3LVR
2ULHQWDomRGDIDFKDGD ž 1RUGHVWH 
ÈUHDWRWDOHPFRQWDFWRFRPRH[WHULRU6
FRQWDFWRFRPRH[WHULRU66 Pð
3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH
3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH 
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9 Pñ


G%ñG%

 
§ ·
S
B B B

¦ +¦ +¦ ¦
4 5 6 I 4 5 6 I
4 5 6 I 4 5 6 I 4 5 6 V

− − − − 4


¨ ¸ G%
8 9 : ; < = 9 : 9 : M N ? 9 : G N ? 9 : 9 :
L
G H ? M H ? > U @ ?

D
=− 3

+ J K
3

J
3

K
3

+ T
R
O P Q P R P
3 3

© ¹
6 6 6

= = = = =

7


'DGRVGHHQWUDGDSDUDRFiOFXOR

)DFKDGD
P 5Z '5GZ 6L
(OHPHQWRHVWUXWXUDOEiVLFR 5HYHVWLPHQWRLQWHULRU
NJPð  G%  G%  Pð 
)DFKDGDH[WHULRUGXSODFRPPXURGHEHWmR   
)DFKDGDH[WHULRUGXSODFRPPXURGHEHWmR  
)DFKDGDH[WHULRUGXSODQRSLVR     

$EHUWXUDVHPIDFKDGD

5Z 6L
$EHUWXUDVYHUWLFDLV
G%  Pð 
-DQHODGHYLGURGXSOR


(OHPHQWRVPDUJLQDLV

 P 5Z '5Z /I 6L
(OHPHQWRHVWUXWXUDOEiVLFR
(OHPHQWRHVWUXWXUDOEiVLFR 5HYHVWLPHQWR /LJDo}HV
NJPð  G%  G%  P  Pð
Pð 
)6HPHOHPHQWRPDUJLQDOHPLVVRU    


I )DFKDGDH[WHULRUGXSODQRSLVR     
)6HPHOHPHQWRPDUJLQDOHPLVVRU    


I 3DYLPHQWRWHUUHRHQURFDPHQWRFRPLVRODPHQWR
HQURFDPHQWRFRPLVRODPHQWR     
)6HPHOHPHQWRPDUJLQDOHPLVVRU    


I /DMHPDFLoDWLSRFRPLVRODPHQWR     
))DFKDGDH[WHULRUGXSODQRSLVR    
 

I     
)6HPHOHPHQWRPDUJLQDOHPLVVRU    


I 3DYLPHQWRWHUUHRHQURFDPHQWRFRPLVRODPHQWR
HQURFDPHQWRFRPLVRODPHQWR     
)6HPHOHPHQWRPDUJLQDOHPLVVRU    


I /DMHPDFLoDWLSRFRPLVRODPHQWR     


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


&iOFXORGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDHPIDFKDGDVFREHUWXUDVHSDYLPHQWRVHPFRQWDFWRFRPRDU
H[WHULRU

&RQWULEXLomRGLUHFWD5'GZ
5'Z'5'GZ5'GZ 66 6L 5'GPZ
(OHPHQWRVHSDUDGRU W'G
G%  G%  G%  Pð  Pð  G% 
)DFKDGDH[WHULRUGXSODFRPPXURGHEHWmR     H
)DFKDGDH[WHULRUGXSODQRSLVR       H
-DQHODGHYLGURGXSOR      
  


&RQWULEXLomRGH/DWHUDODODWHUDO5)IZ

5)Z 5IZ '5)IZ .)I /I 6L 5)IZ
/DWHUDO 6L66āW)I
G%  G%  G%  G%  P  Pð  G% 
    H
 H

&RQWULEXLomRGH/DWHUDODGLUHFWR5)GZ
5)Z 5GZ '5)GZ .)G /I 6L 5)GZ
/DWHUDO 6L66āW)G
G%  G%  G%  G%  P  Pð  G% 
    H
 H

&RQWULEXLomRGH'LUHFWRDODWHUDO5'IZ
5'Z 5IZ '5'IZ .'I /I 6L 5'IZ
/DWHUDO 6L66āW'I
G%  G%  G%  G%  P  Pð  G% 
    H
    H
    H
     H
     H
    H
 H

ËQGLFHJOREDOGHUHGXomRVRQRUDDSDUHQWH5
Z
 5
Z
W
G% 
5'GZ 
5)IZ  H
5)GZH
5'IZ H
  
  

ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSDGURQL]DGR'PQ7Z
5
Z '/IV 9 7 66 'PQ7Z
G%  G%  Pñ  V  Pð  G% 
   



47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUH
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSDGURQL]DGR'PQ7$

7LSRGHFRPSDUWLPHQWRUHFHSWRU VHFUHWDULD (VFULWyULRV 


/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU
/RFDOL]DomRGRFRPSDUWLPHQWRUHFHSWRU 3LVR
2ULHQWDomRGDIDFKDGD ž 1RUGHVWH 
ÈUHDWRWDOHPFRQWDFWRFRPRH[WHULRU66 Pð
3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH
3HUFHQWDJHPGHDEHUWXUDVGDVXSHUItFLH 
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9
9ROXPHGRFRPSDUWLPHQWRUHFHSWRU9 Pñ

G%ñG%

 
§ ·
S
B B B

¦ +¦ +¦ ¦
4 5 6 I 4 5 6 I
4 5 6 I 4 5 6 I 4 5 6 V

− − − − 4


¨ ¸ G%
M N W G N W
8 9 : ; < = 9 : 9 : 9 : 9 : 9 :
L G H W M H W > U @ W

=− 3

+ J K
3

J
3

K
3

+ T
R
O P Q P R P
3 3

© ¹
6 6 6

= = = = =

7


'DGRVGHHQWUDGDSDUDRFiOFXOR

)DFKDGD

P 5$ '5G$ 6L
(OHPHQWRHVWUXWXUDOEiVLFR 5HYHVWLPHQWRLQWHULRU
NJPð  G%
G%  G%  Pð 
 
)DFKDGDUHYHVWLGDDYLURF    
 
)DFKDGDUHYHVWLGDDYLURF    
 
)DFKDGDUHYHVWLGDDYLURF    

$EHUWXUDVHPIDFKDGD

5Z & 5$ 6L
$EHUWXUDVYHUWLFDLV
G%  G%  G%
G%  Pð 
-DQHODGHYLGURGXSOR  

-DQHODGHYLGURGXSOR  


(OHPHQWRVPDUJLQDLV

 P 5$ '5$ /I 6L
(OHPHQWRHVWUXWXUDOEiVLFR 5HYHVWLPHQWR /LJDo}HV
NJPð  G%  G%  P  Pð 
)6HPHOHPHQWRPDUJLQDOHPLVVRU    
 
I )DFKDGDUHYHVWLGDDYLURF     
)/DMHPDFLoDWLSRFRPLVRODPHQWR    
 
I /DMHPDFLoDWLSR  LVRODPHQWR  
)6HPHOHPHQWRPDUJLQDOHPLVVRU    
 
I /DMHPDFLoDWLSRFRPLVRODPHQWR     
)/DMHPDFLoDWLSRFRPLVRODPHQWR    
 
I /DMHPDFLoDWLSR  LVRODPHQWR  
)6HPHOHPHQWRPDUJLQDOHPLVVRU    
 
I /DMHPDFLoDWLSRFRPLVRODPHQWR     
))DFKDGDUHYHVWLGDDYLURF    
  
I     
)/DMHPDFLoDWLSRFRPLVRODPHQWR    
 
I /DMHPDFLoDWLSR  LVRODPHQWR  

47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


)6HPHOHPHQWRPDUJLQDOHPLVVRU    
  
I /DMHPDFLoDWLSRFRPLVRODPHQWR    

&iOFXORGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDHPIDFKDGDVFREHUWXUDVHSDYLPHQWRVHPFRQWDFWRFRPRDU
H[WHULRU

&RQWULEXLomRGLUHFWD5'G$
5'$'5'G$5'G$ 66 6L 5'GP$
(OHPHQWRVHSDUDGRU W'G
G%  G%  G%  Pð  Pð  G% 
)DFKDGDUHYHVWLGDDYLURF      H
)DFKDGDUHYHVWLGDDYLURF      H
)DFKDGDUHYHVWLGDDYLURF      H
-DQHODGHYLGURGXSOR       
-DQHODGHYLGURGXSOR       
  


&RQWULEXLomRGH/DWHUDODODWHUDO5)I$

5)$ 5I$ '5)I$ .)I /I 6L 5)I$
/DWHUDO 6L66āW)I
G%  G%  G%  G%  P  Pð  G% 
      H
       H
      H
      H
  H


&RQWULEXLomRGH/DWHUDODGLUHFWR5)G$

5)$ 5G$ '5)G$ .)G /I 6L 5)G$
/DWHUDO 6L66āW)G
G%  G%  G%  G%  P  Pð  G% 
      H
      H
      H
      H
 H


&RQWULEXLomRGH'LUHFWRDODWHUDO5'I$

5'$ 5I$ '5'I$ .'I /I 6L 5'I$
/DWHUDO 6L66āW'I
G%  G%  G%  G%  P  Pð  G% 
       H
      H
      H
      H
      H
      H
      H
      H
 H


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


 9DORUPtQLPRSDUDRtQGLFHGHUHGXomRVRQRUDR
9DORUPtQLPRSDUDRtQGLFHGHUHGXomRVRQRUDREWLGRVHJXQGRUHODo}HVGHFRPSULPHQWRHVXSHUItFLH
EWLGRVHJXQGRUHODo}HVGHFRPSULPHQWRHVXSHUItFLHQDOLJDomRHQWUH
QWUH
UH
HOHPHQWRVFRQVWUXWLYRVFRQIRUPHDHTXDomRGH(1
HOHPHQWRVFRQVWUXWLYRVFRQIRUPHDHTXDomRGH(1

ËQGLFHJOREDOGHUHGXomRVRQRUDDSDUHQWH5
$

 5
$
W
G% 
5'G$ 
5)I$  H
5)G$H
5'I$ H
  


ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUH
ËQGLFHGHLVRODPHQWRVRQRURDVRQVGHFRQGXomRDpUHDSDGURQL]DGR'PQ7$

5
$ '/IV 9 7 66 'PQ7$
G%  G%  Pñ  V  Pð  G% 
   


$&21',&,21$0(172$&Ò67,&2
$&21',&,21$0(172$&Ò67,&2
&iOFXORGRWHPSRGHUHYHUEHUDomR
&iOFXORGRWHPSRGHUHYHUEHUDomR
5HVXOWDGRVREWLGRVSDUDRWHPSRGHUHYHUEHUDomR
5HVXOWDGRVREWLGRVSDUDRWHPSRGHUHYHUEHUDomR
2V WHPSRV GH UHYHUEHUDomR GRV FRPSDUWLPHQWRV FDOFXODGRV
FDOFXODGRV QR HGLItFLR REWLGRV DWUDYpV GD HTXDomR GH 6DELQH H RV
tQGLFHVGHDYDOLDomRGDDEVRUomRGHILQLGRVQDQRUPD
tQGLFHVGHDYDOLDomRGDDEVRUomRGHILQLGRVQDQRUPD13(1,62VmRRVVHJXLQWHV

7HPSRGHUHYHUEHUDomR
9 $ 7 V 
,G &RPSDUWLPHQWR
Pñ  Pð  H[LJLGRHVWLPDGR
 JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR 3LVR
JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR 3LVR  
1RWDV
,G,GHQWLILFDGRUGDILFKDGHFiOFXORGHWDOKDGRGH
,G,GHQWLILFDGRUGDILFKDGHFiOFXORGHWDOKDGRGHMXVWLILFDomRGHUHVXOWDGRV
99ROXPHGRFRPSDUWLPHQWR
$ÈUHDGHDEVRUomRVRQRUDHTXLYDOHQWHVHJXQGRIyU
$ÈUHDGHDEVRUomRVRQRUDHTXLYDOHQWHVHJXQGRIyUPXODGH6DELQH
 77HPSRGHUHYHUEHUDomRUHVXOWDQWH

&iOFXORGHWDOKDGRGRWHPSRGHUHYHUEHUDomR
UHYHUEHUDomR
0RVWUDPVH
VH VHJXLGDPHQWH DV ILFKDV GHWDOKDGDV GR FiOFXOR GR WHPSR GH UHYHUEHUDomR SDUD RV FRPSDUWLPHQWRV
FRQVLGHUDGRV QR HGLItFLR OLPLWDGRV SHOD UHJXODPHQWDomR
UHJXODPHQWDomR YLJHQWH QXPHUDGDV FRQIRUPH D VXD DSUHVHQWDomR
DSUHVHQWDomR QD WDEHOD
UHVXPRGHUHVXOWDGRV


7HPSRGHUHYHUEHUDomR
7LSRGHFRPSDUWLPHQWR JLQiVLR 6DODGHGHVFDQVRHFRQYtYLR   3LVR
6XSHUItFLHGRFRPSDUWLPHQWR6  Pð
9ROXPHGRFRPSDUWLPHQWR9  Pñ
 
7 V…ā9 V
 

 


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


9DORUHVGHDEVRUomRVRQRUDGRVUHYHVWLPHQWRV

&RHILFLHQWHGH
DEVRUomR ÈUHD6L
(OHPHQWR $FDEDPHQWR 3RVLomR VRQRUD
D+]L D+]L D+]L Pð 
3DYLPHQWRWHUUHRHQURFDPHQWR
3DYLPHQWRWpUUHR 3DYLPHQWR    
FRPLVRODPHQWR
/DMHPDFLoDWLSRFRPLVRODPHQWR $UJDPDVVDHUHERFRWUDGLFLRQDO    
/DMHPDFLoDWLSR $UJDPDVVDHUHERFRWUDGLFLRQDO    
7HFWR
(VWXTXHSURMHFWDGRRXILQRRXGH
/DMHPDFLoDWLSR    
HOHYDGDGXUH]D
)DFKDGDH[WHULRUGXSODQRSLVR $UJDPDVVDHUHERFRWUDGLFLRQDO    
)DFKDGDH[WHULRUGXSODFRPPXUR
$UJDPDVVDHUHERFRWUDGLFLRQDO    
GHEHWmR
 $UJDPDVVDHUHERFRWUDGLFLRQDO (OHPHQWR    
YHUWLFDO
0XURGHFDYHHPEHWmR $UJDPDVVDHUHERFRWUDGLFLRQDO    
-DQHOD -DQHODGHYLGURGXSOR    
3RUWDLQWHULRU 3RUWDLQWHULRU    
    
$U 

&iOFXORGDiUHDGHDEVRUomRVRQRUDHTXLYDOHQWHHGRWHPSRGHUHYHUEHUDomR

ÈUHDGHDEVRUomRVRQRUD Pð 
$FDEDPHQWR 3RVLomR
$+] $+] $+]
3DYLPHQWRWpUUHR 3DYLPHQWR   
$UJDPDVVDHUHERFRWUDGLFLRQDO   
$UJDPDVVDHUHERFRWUDGLFLRQDO 7HFWR   
(VWXTXHSURMHFWDGRRXILQRRXGHHOHYDGDGXUH]D   
$UJDPDVVDHUHERFRWUDGLFLRQDO   
$UJDPDVVDHUHERFRWUDGLFLRQDO   
$UJDPDVVDHUHERFRWUDGLFLRQDO   
(OHPHQWRYHUWLFDO
$UJDPDVVDHUHERFRWUDGLFLRQDO   
-DQHODGHYLGURGXSOR   
3RUWDLQWHULRU   
$U    
ÈUHDGHDEVRUomRVRQRUD Pð 
2EMHFWRV 1~PHUR
$+] $+] $+]
0iTXLQDV    
3HVVRDV    
%DVHV    
6HFUHWiULD    
&RQWUROR    

ÈUHDGHDEVRUomRVRQRUD Pð    
7HPSRGHUHYHUEHUDomR V    
 0pGLDDULWPpWLFDV




47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
                           

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±(678'2$&Ò67,&2
2
7,&2


7HPSRVGHUHYHUEHUDomRQRXWURVFRPSDUWLPHQWRVGRHGLItFLR
2V WHPSRV GH UHYHUEHUDomR GRV FRPSDUWLPHQWRV FDOFXODGRV QR HGLItFLR GH PDQHLUD PHUDPHQWH LQIRUPDWLYD VHP
UHVWULo}HVLPSRVWDVSHODUHJXODPHQWDomRYLJHQWHVmRRVVHJXLQWHV

7HPSRGHUHYHUEHUDomR
9 $ 7
,G &RPSDUWLPHQWR
Pñ  Pð  V 
 WHFQLFR &RPSDUWLPHQWRWpFQLFR 3LVR   
 KDOO +DOOGHHQWUDGD 3LVR   
 VDOD 6DOD 3LVR   
 DUUXPR 2XWURV 3LVR   
 VDODSROLYDOHQWH 6DOD 3LVR   
 VHFUHWDULD (VFULWyULRV 3LVR   
1RWDV
,G,GHQWLILFDGRUGDILFKDGHFiOFXORGHWDOKDGRGHMXVWLILFDomRGHUHVXOWDGRV
99ROXPHGRFRPSDUWLPHQWR
$ÈUHDGHDEVRUomRVRQRUDHTXLYDOHQWHVHJXQGRIyUPXODGH6DELQH
 77HPSRGHUHYHUEHUDomRUHVXOWDQWH




47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6


6,67(0$(192/9(17(
(QYROYHQWHH[WHULRU
)DFKDGDV


)DFKDGDH[WHULRUGXSODQRSLVR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFR
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
%ORFRGHEHWmROHYH [[
%ORFRGHEHWmROHYH [[  FP
3ROLHVWLUHQRH[WUXGLGR ;36
3ROLHVWLUHQRH[WUXGLGR ;36  FP
7LMRORFHUkPLFRIXUDGR FP
7LMRORFHUkPLFRIXUDGR FP  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP



&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD



)DFKDGDH[WHULRUGXSODFRPPXURGHEHWmR
)DFKDGDH[WHULRUGXSODFRPPXURGHEHWmR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
%HWmRDUPDGRFRPDUPDGXUD
%HWmRDUPDGRFRPDUPDGXUD FP
&DL[D
&DL[DGHDUQmRYHQWLODGD FP
3ROLHVWLUHQRH[WUXGLGR ;36
3ROLHVWLUHQRH[WUXGLGR ;36  FP
7LMRORFHUkPLFRIXUDGR 
7LMRORFHUkPLFRIXUDGR FP  %  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP


&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
$SRLDGDHPEDQGDVHOiVWLFDV %
$SRLDGDHPEDQGDVHOiVWLFDV % 
,VRODPHQWR
,VRODPHQWRDF~VWLFR5 Z &&WU   G%

 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD



)DFKDGDUHYHVWLGDDYLURF 6XSHUItFLHWRWDOPð


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6



/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
3DLQpLVGHDJORPHUDGRGHSDUWtFXODVGHPDGHLUD
3DLQpLVGHDJORPHUDGRGHSDUWtFXODVGHPDGHLUD FP
&DL[D
&DL[DGHDUQmRYHQWLODGD FP
3ROLHVWLUHQRH[WUXGLGR ;36
3ROLHVWLUHQRH[WUXGLGR ;36  FP
%ORFRGHEHWmRQRUPDO [[
%ORFRGHEHWmRQRUPDO [[  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP



&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDO
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRDOHLH[SHULPHQWDOGDPDVVDHIUH
&DOFXODGRVHJXQGRDOHLH[SHULPHQWDOGDPDVVDHIUHTXrQFLD

0XURVDEDL[RGDUDVDQWH


0XURGHFDYHHPEHWmR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH FP
%HWmRDUPDGRFRPDUPDGXUD
%HWmRDUPDGRFRPDUPDGXUD FP
&DL[D
&DL[DGHDUQmRYHQWLODGD FP
3ROLHVWLUHQRH[WUXGLGR ;36  %
3ROLHVWLUHQRH[WUXGLGR ;36  %  FP
7LMRORFHUkPLFR
7LMRORFHUkPLFRIXUDGR FP  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP


&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
$SRLDGDHPEDQGDVHOiVWLFDV %
$SRLDGDHPEDQGDVHOiVWLFDV % 
,VRODPHQWR
,VRODPHQWRDF~VWLFR5 Z &&WU   G%

 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD

3DYLPHQWRV
/DMHVWpUUHDV


3DYLPHQWRWpUUHRHQURFDPHQWRFRPLVRODPHQWR
HQURFDPHQWRFRPLVRODPHQWR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
$UJDPDVVDEDVWDUGD FP
3ROLHVWLUHQRH[WUXGLGR ;36  FP
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH FP
%HWmRDUPDGR FP

(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6


,VRODPHQWRDF~VWLFR5Z &&WU   G%
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/
 &DOFXODGRVHJXQGRRPpWRGRVLPSOLILFDGRGD(1
&DOFXODGRVHJXQGRRPpWRGRVLPSOLILFDGRGD(1

&REHUWXUDV
&REHUWXUDVSODQDV


/DMHPDFLoDWLSRFRPLVRODPHQWR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
$UJDPDVVDEDVWDUGD FP
3ROLHVWLUHQRH[WUXGLGR ;36  FP
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH FP
/DMHPDFLoDFP FP
 $UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD



/DMHPDFLoDWLSR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
$UJDPDVVDEDVWDUGD FP
3ROLHVWLUHQRH[WUXGLGR ;36  FP
/DMHPDFLoDFP FP
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
 (VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD



/DMHPDFLoDWLSRFRPLVRODPHQWR 6XSHUItFLHWRWDOPð


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6



/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
%HWmRQRUPDO FP
3ROLHVWLUHQRH[WUXGLGR ;36  FP
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH FP
/DMHPDFLoDFP FP
$UJDPDVVDHUHERFRWUDGLFLRQDO FP

(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmR
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD

$EHUWXUDVYHUWLFDLV
-DQHODV
(QYLGUDoDGR 0 0 'LPHQV}HV )0 5Z &&WU 
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    
YLGURGXSOR 9mRV
9mRV [    

$EUHYLDWXUDVXWLOL]DGDV
0 0 0DWHULDOGDFDL[LOKDULD )0 )UDomRGHDUR
'LPHQV}HV /DUJXUD[$OWXUD FP  5Z &&WU  9DORUHVGHLVRODPHQWRVRQRUR G% 
9DORUHVGHLVRODPHQWRVRQRUR G%
 



6,67(0$'(&203$57,0(17$d­2
6,67(0$'(&203$57,0(17$d­2
3DUHGHVGLYLVyULDV


3DUHGHLQWHULRUGHFPFRPLVRODPHQWR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
3ROLHVWLUHQRH[WUXGLGR ;36
3ROLHVWLUHQRH[WUXGLGR ;36  FP
7LMRORFHUkPLFRIXUDGR FP
7LMRORFHUkPLFRIXUDGR FP  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP



&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6


0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%
 &DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD



3DUHGHLQWHULRUGHFP 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
7LMRORFHUkPLFRIXUDGR FP  %
7LMRORFHUkPLFRIXUDGR FP  %  FP
$UJDPDVVDHUHERFRWUDGLFLRQDO
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP



&RPSRUWDPHQWRDF~VWLFR 55$( 0DVVDVXSHUILFLDONJPð
VXSHUILFLDONJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z &&WU   G%
 5HIHUrQFLDGRHQVDLR
5HIHUrQFLDGRHQVDLR

3DYLPHQWRVHQWUHSLVRV


/DMHPDFLoDWLSR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
%HWmRFHOXODUDXWRFODYDGR FP
/DMHPDFLoDFP FP
(VWXTXHSURMHWDGRRXILQRRXGHHOHYDGDGXUH]D FP
(VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z &&WU   G%
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
 1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/



/DMHPDFLoDWLSR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
$UJDPDVVDEDVWDUGD FP
3ROLHVWLUHQRH[WUXGLGR ;36  FP
/DMHPDFLoDFP FP
$UJDPDVVDHUHERFRWUDGLFLRQDO FP
 (VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP

&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRDF~VWLFR5Z &&WU   G%


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6


&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
&DOFXODGRVHJXQGRRPpWRGRGHSUHYLVmRJUiILFD
1tYHO
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGR/
L]DGR/QG%
 &DOFXODGRVHJXQGRRPpWRGRGRLQYDULDQWH , G% 
G



/DMHPDFLoDWLSRLVRODPHQWR 6XSHUItFLHWRWDOPð

/LVWDJHPGHFDPDGDV
/LVWDJHPGHFDPDGDV
(VSXPDGHSROLHWLOHQRGHJUkQXORVOHYHVRXILEUDVVROWDV 3()
JUkQXORVOHYHVRXILEUDVVROWDV 3()  FP
&HUkPLFDYLGUDGDJUpVFHUkPLFR FP
%HWmRFHOXODUDXWRFODYDGR FP
/DMHPDFLoDFP FP
(VWXTXHSURMHWDGRRXILQRRXGHHOHYDGDGXUH]D FP
 (VSHVVXUDWRWDO
(VSHVVXUDWRWDO FP


&RPSRUWDPHQWRDF~VWLFR 55$(  0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDONJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
0DVVDVXSHUILFLDOGRHOHPHQWREDVHNJPð
,VRODPHQWRVRQRURSRUHQVDLR5Z &&WU   G%
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
5HIHUrQFLDGRHQVDLRSDYLPHQWRFRPLVRODPHQWRFRPOmGHILEUDGHF{FR
0HOKRULDGRtQGLFHJOREDOGHUHGXomRVRQRUDSRQGHUDGR$GHYLGRDRSDYLPHQWRIOXWXDQWH
0HOKRULDGRtQGLFHJOREDOGHUHGXomRVRQRUDSRQGHUDGR$GHYLGRDRSDYLPHQWRIOXWXDQWH
'5$G% $ 
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/QG%
1tYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRQRUPDOL]DGRSRUHQVDLR/
5HGXomRGRQtYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRGHYLGRDRSDYLPHQWR
5HGXomRGRQtYHOJOREDOGHSUHVVmRVRQRUDDVRQVGHSHUFXVVmRGHYLGRDRSDYLPHQWR
 IOXWXDQWH 'ZG%
IOXWXDQWH'/

$EHUWXUDVYHUWLFDLVLQWHULRUHV
3RUWDV
7LSR 'LPHQV}HV
'LPHQV}HV
3RUWDLQWHULRU [  [
3RUWDLQWHULRU [
3RUWDLQWHULRU [
3RUWDLQWHULRU [
3RUWDLQWHULRU [
3RUWDLQWHULRU [
3RUWDLQWHULRU [
3RUWDLQWHULRU [

$EUHYLDWXUDVXWLOL]DGDV
'LPHQV}HV /DUJXUD[$OWXUD FP  5Z &&WU  9DORUHVGHLVRODPHQWRVRQRUR G% 
9DORUHVGHLVRODPHQWRVRQRUR G%
 



0$7(5,$,6
&DPDGDV
0DWHULDO H U O 57 &S
$UJDPDVVDEDVWDUGD     
$UJDPDVVDEDVWDUGD     
$UJDPDVVDHUHERFRWUDGLFLRQDO     
$UJDPDVVDHUHERFRWUDGLFLRQDO     
%HWmRDUPDGR     
%HWmRDUPDGRFRPDUPDGXUD     
%HWmRFHOXODUDXWRFODYDGR     
%HWmRQRUPDO     


47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y
47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/
Y Z [ \ ] ^ _ ` ^ ` _ \ a b c d e b f b Y Z b \ ] a ] g

3iJ
J
 352-(72'((678'2$&Ò67,&2'$&216758d­2'$6('('2&/8%('(7e1,6'$$0$'25$±'(6&5,d­20$7(5,$,6
,6
5,$,6


&DPDGDV
0DWHULDO H U O 57 &S
%ORFRGHEHWmROHYH [[      
%ORFRGHEHWmRQRUPDO [[      
&HUkPLFDYLGUDGDJUpVFHUkPLFR     
(VSXPDGHSROLHWLOHQRGHJUkQXORVOHYHVRXILEUDVVROWDV 3()      
(VWXTXHSURMHWDGRRXILQRRXGHHOHYDGDGXUH]D     
/DMHPDFLoDFP     
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH     
0HPEUDQDVIOH[tYHLVLPSUHJQDGDVFRPEHWXPH     
3DLQpLVGHDJORPHUDGRGHSDUWtFXODVGHPDGHLUD     
3ROLHVWLUHQRH[WUXGLGR ;36      
3ROLHVWLUHQRH[WUXGLGR ;36      
7LMRORFHUkPLFRIXUDGR FP      
7LMRORFHUkPLFRIXUDGR FP      

$EUHYLDWXUDVXWLOL]DGDV
H (VSHVVXUD FP  57 5HVLVWrQFLDWpUPLFD Pðāƒ&: 
U 'HQVLGDGH NJPñ  &S &DORUHVSHFtILFR - NJāƒ& 
 
O &RQGXWLELOLGDGH : Pāƒ& 



9LGURV
0DWHULDO
YLGURGXSOR

&DL[LOKRV
0DWHULDO
$OXPtQLR




47$9$5(6$UTXLWHFWXUDH(QJHQKDULD/GD_$Y$EULO/RWHž$QGDU±/

You might also like