0DQXDOGHLQVWUXo}HV

 &RQWURODGRUJUiILFR

 &RQWURODGRU

9LVWDGRFRQWURODGRU(6$GYDQFHG

,QWURGXomR
2FRQWURODGRUHOHFWUyQLFRWHPDVVHJXLQWHVIXQo}HV
‡ &RQWURORGRFRPSUHVVRU
‡ 3URWHFomRGRFRPSUHVVRU
‡ 0RQLWRUL]DomRGRVFRPSRQHQWHVVXMHLWRVDDVVLVWrQFLD
‡ 5HDUUDQTXHDXWRPiWLFRDSyVIDOKDGHFRUUHQWH

&RQWURORDXWRPiWLFRGRFRPSUHVVRU
2FRQWURODGRUPDQWpPDSUHVVmRGDUHGHGHQWURGHOLPLWHVSURJUDPiYHLVDGDSWDQGRDYHORFLGDGHGRPRWRU
6mRWLGRVHPFRQWDGLYHUVRVSDUkPHWURVSURJUDPiYHLVSRUH[HPSORDVSUHVV}HVGHGHVFDUJDHFDUJDRWHPSR
GHSDUDJHPPtQLPRHRQ~PHURPi[LPRGHDUUDQTXHVGRPRWRU
2FRQWURODGRUSiUDRFRPSUHVVRUVHPSUHTXHSRVVtYHOSDUDUHGX]LURFRQVXPRGHHQHUJLDHWRUQDDDUUDQFi
ORDXWRPDWLFDPHQWHTXDQGRDSUHVVmRGDUHGHGLPLQXL6HRSHUtRGRSUHYLVWRGHIXQFLRQDPHQWRHPYD]LRIRU
GHPDVLDGRFXUWRRFRPSUHVVRUpPDQWLGRDIXQFLRQDUSDUDHYLWDUSHUtRGRVGHSDUDOLVDomRGHPDVLDGREUHYHV

3URWHFomRGRFRPSUHVVRU
&RUWHGHIXQFLRQDPHQWR
6HDWHPSHUDWXUDGHVDtGDGRHOHPHQWRFRPSUHVVRUH[FHGHURQtYHOGHFRUWHGHIXQFLRQDPHQWRSURJUDPDGR
RFRPSUHVVRUpSDUDGR(VWDVLWXDomRVHUiLQGLFDGDQRYLVRUGRFRQWURODGRU2FRPSUHVVRUWDPEpPVHUiSDUDGR
HPFDVRGHVREUHFDUJDGRPRWRUGHDFFLRQDPHQWR
2VFRPSUHVVRUHVDUUHIHFLGRVDDUWDPEpPSDUDPHPFDVRGHVREUHFDUJDGRPRWRUGRYHQWLODGRU

$QWHVGHVROXFLRQDURSUREOHPDFRQVXOWDUDV3UHFDXo}HVGHVHJXUDQoD

 
0DQXDOGHLQVWUXo}HV

$YLVRGHFRUWHGHIXQFLRQDPHQWR
8PQtYHOGHDYLVRGHFRUWHGHIXQFLRQDPHQWRpXPQtYHOSURJUDPiYHODEDL[RGRQtYHOGHFRUWHGH
IXQFLRQDPHQWR
6HXPDGDVPHGLGDVH[FHGHURQtYHOGHDYLVRGHFRUWHGHIXQFLRQDPHQWRSURJUDPDGRHVWDVLWXDomRWDPEpP
VHUiLQGLFDGDSDUDDYLVDURRSHUDGRUDQWHVGHVHUDWLQJLGRRQtYHOGHFRUWHGHIXQFLRQDPHQWR

$YLVRGHDVVLVWrQFLD
6HRWHPSRUL]DGRUGHDVVLVWrQFLDH[FHGHUXPYDORUSURJUDPDGRHVWDVLWXDomRVHUiLQGLFDGDQRYLVRUSDUD
DYLVDURRSHUDGRUSDUDHIHFWXDUDOJXPDVDFo}HVGHDVVLVWrQFLD

5HDUUDQTXHDXWRPiWLFRDSyVIDOKDGHFRUUHQWH
2FRQWURODGRUSRVVXLXPDIXQomRLQFRUSRUDGDSDUDUHDUUDQFDURFRPSUHVVRUDXWRPDWLFDPHQWHTXDQGRD
FRUUHQWHpUHVWDEHOHFLGDDSyVXPDIDOKDGHFRUUHQWH

'HVGHTXHRFRQWURODGRUHVWHMDQRPRGRGHIXQFLRQDPHQWRDXWRPiWLFRRFRPSUHVVRU
DUUDQFDUiDXWRPDWLFDPHQWHTXDQGRDWHQVmRGHDOLPHQWDomRSDUDRPyGXORIRU
UHVWDEHOHFLGD

 3DLQHOGHFRQWUROR

'HVFULomRGHWDOKDGD

%RW}HVGHIXQomRGRFRQWURODGRU

5HIHUrQFLD 'HVLJQDomR )XQomR

 9LVRU
 6tPERORGHIXQFLRQDPHQWR
DXWRPiWLFR
 /('IXQFLRQDPHQWRDXWRPiWLFR
0RVWUDtFRQHVHFRQGLo}HVGHIXQFLRQDPHQWR

,QGLFDTXHRUHJXODGRUHVWiDFRQWURODUDXWRPDWLFDPHQWH
RFRPSUHVVRURFRPSUHVVRUHQWUDHPFDUJDHQWUDHP
YD]LRSiUDHDUUDQFDGHSHQGHQGRGRFRQVXPRGHDUH
GDVOLPLWDo}HVSURJUDPDGDVQRUHJXODGRU

 
 0DQXDOGHLQVWUXo}HV

5HIHUrQFLD 'HVLJQDomR )XQomR

 6tPERORGHDYLVR
 /('DYLVR
 6tPERORGHWHQVmR
 /('SUHVHQoDGHWHQVmR
 6tPERORGHDVVLVWrQFLD
 /('DVVLVWrQFLD
 %RWmRGHDUUDQTXH

(VWiDFHVRVHH[LVWLUXPDFRQGLomRGHDYLVR

,QGLFDTXHDFRUUHQWHHVWiOLJDGD

(VWiDFHVRTXDQGRpQHFHVViULDDVVLVWrQFLD
(VWHERWmRDUUDQFDRFRPSUHVVRU2/('GH
IXQFLRQDPHQWRDXWRPiWLFRDFHQGHVH2(OHNWURQLNRQ
HVWiRSHUDFLRQDO
 %RWmRGHSDUDJHP (VWHERWmRpXWLOL]DGRSDUDSDUDURFRPSUHVVRU2/('
GHIXQFLRQDPHQWRDXWRPiWLFRDSDJDVH
 %RW}HVGHQDYHJDomR 8WLOL]DUHVWHVERW}HVSDUDSHUFRUUHURPHQX
 %RWmR(QWHU 8WLOL]DUHVWHERWmRSDUDFRQILUPDUD~OWLPDDFomR
 %RWmR(VFDSH 8WLOL]DUHVWHERWmRSDUDDFHGHUDRHFUmDQWHULRURXSDUD
WHUPLQDUDDFomRDFWXDO

 ËFRQHVXWLOL]DGRV

ËFRQHVGHHVWDGR

1RPH ËFRQH 'HVFULomR

3DUDGR(PIXQFLRQDPHQWR 4XDQGRRFRPSUHVVRUHVWiSDUDGRRtFRQHHVWiSDUDGR
4XDQGRRFRPSUHVVRUHVWiDIXQFLRQDURtFRQHURGD

(VWDGRGRFRPSUHVVRU 0RWRUSDUDGR

$IXQFLRQDUHPYD]LR

$IXQFLRQDUHPFDUJD

 
0DQXDOGHLQVWUXo}HV

0RGRGHFRQWURORGDPiTXLQD $UUDQTXHSDUDJHPORFDO

RX

$UUDQTXHSDUDJHPUHPRWR

&RQWURORSRUUHGH

5HDUUDQTXHDXWRPiWLFRDSyVIDOKD 5HDUUDQTXHDXWRPiWLFRDSyVIDOKDGHFRUUHQWHHVWiDFWLYR
GHFRUUHQWH

7HPSRUL]DGRUVHPDQDO 7HPSRUL]DGRUVHPDQDOHVWiDFWLYR

)XQo}HVGHSURWHFomRDFWLYDV 3DUDJHPGHHPHUJrQFLD

&RUWHGHIXQFLRQDPHQWR

$YLVR

$VVLVWrQFLD $VVLVWrQFLDQHFHVViULD

9LVXDOL]DomRGRHFUmSULQFLSDO ËFRQHGHYLVXDOL]DomRGDVOLQKDVGHYDORUHV

ËFRQHGHYLVXDOL]DomRGHJUiILFRV

ËFRQHVJHUDLV 6HPFRPXQLFDomRSUREOHPDGHUHGH

 1mRYiOLGR

 
 0DQXDOGHLQVWUXo}HV

ËFRQHVGHHQWUDGD

ËFRQH 'HVFULomR
3UHVVmR

7HPSHUDWXUD

(QWUDGDGLJLWDO

3URWHFomRHVSHFLDO

ËFRQHVGRVLVWHPD

ËFRQH 'HVFULomR
(OHPHQWRFRPSUHVVRU/3+3

6HFDGRU

9HQWLODGRU

&RQYHUVRUGHIUHTXrQFLD

3XUJD

)LOWUR

0RWRU

)DOKDQRPyGXORGHH[SDQVmR

3UREOHPDGHUHGH

$ODUPHJHUDO

ËFRQHVGHPHQX

ËFRQH 'HVFULomR

 
0DQXDOGHLQVWUXo}HV

(QWUDGDV

6DtGDV

3URWHFo}HV$YLVRVFRUWHVGHIXQFLRQDPHQWR

&RQWDGRUHV

7HVWH

5HJXODomR3DUkPHWURV

$VVLVWrQFLD

+LVWyULFRGHHYHQWRVGDGRVJXDUGDGRV

&KDYHGHDFHVVR3DODYUDSDVVHGRXWLOL]DGRU

5HGH

9DORUHVWDEHOHFLGR

,QIRUPDomR

7HPSRUL]DGRUVHPDQDO

*HQHUDOLGDGHV

6HWDVGHQDYHJDomR

ËFRQH 'HVFULomR
3DUDFLPD

3DUDEDL[R

 
 0DQXDOGHLQVWUXo}HV

 (FUmSULQFLSDO

)XQomR
2HFUmSULQFLSDOpRHFUmTXHpDSUHVHQWDGRDXWRPDWLFDPHQWHTXDQGRDFRUUHQWHHVWiOLJDGDHVHFDUUHJDQXP
GRVERW}HVeDXWRPDWLFDPHQWHGHVOLJDGRDSyVDOJXQVPLQXWRVVHQmRVHFDUUHJDUHPQHQKXPERWmR
*HUDOPHQWHSRGHPVHUHVFROKLGDVYLVWDVGLIHUHQWHVGRHFUmSULQFLSDO
 'XDVOLQKDVGHYDORUHV
 4XDWUROLQKDVGHYDORUHV
 *UiILFR$OWDUHVROXomR
 *UiILFR0pGLDUHVROXomR
 *UiILFR%DL[DUHVROXomR

(FUmVFRPOLQKDVGHGRLVRXTXDWURYDORUHV
(VWHWLSRGH(FUmSULQFLSDODSUHVHQWDRYDORUGHRXSDUkPHWURVFRQVXOWDUDVHFomR0HQXGHHQWUDGDV

(FUmSULQFLSDOWtSLFROLQKDVGHYDORUHVFRPSUHVVRUHVGHYHORFLGDGHIL[D

(FUmSULQFLSDOWtSLFROLQKDVGHYDORUHVFRPSUHVVRUHVGHYHORFLGDGHIL[D

7H[WRQDVILJXUDV

 6DtGDGR&RPSUHVVRU
 6DtGDGR(OHPHQWR
 &DUJDRWH[WRYDULDFRQVRDQWHRHVWDGRUHDOGRFRPSUHVVRU
 0HQX
 +RUDVGH)XQFLRQDP
 5HOpGHFDUJDXPGRVVLQDLVGHHQWUDGDGRVFRPSUHVVRUHVGHYHORFLGDGHIL[D
)OX[RFRPSUHVVRUHVFRPFRQYHUVRUGHIUHTXrQFLD

 
0DQXDOGHLQVWUXo}HV

‡ $VHFomR$DSUHVHQWDLQIRUPDomRUHODWLYDDRIXQFLRQDPHQWRGRFRPSUHVVRUSRUH[HPSORDSUHVVmRGH
VDtGDRXDWHPSHUDWXUDQDVDtGDGRFRPSUHVVRU(PFRPSUHVVRUHVFRPXPFRQYHUVRUGHIUHTXrQFLDR
JUDXGHFDUJDIOX[RpDSUHVHQWDGRFRPRXPDSHUFHQWDJHPGRIOX[RPi[LPR
‡ $VHFomR%DSUHVHQWDtFRQHVGHHVWDGR2VWLSRVGHtFRQHVTXHVHVHJXHPVmRDSUHVHQWDGRVQHVWHFDPSR
‡ ËFRQHVIL[RV
(VWHVtFRQHVVmRVHPSUHDSUHVHQWDGRVQRHFUmSULQFLSDOHQmRSRGHPVHUVHOHFFLRQDGRVFRPRFXUVRU
SRUH[HPSOR&RPSUHVVRUSDUDGRRXHPIXQFLRQDPHQWR(VWDGRGRFRPSUHVVRUHPIXQFLRQDPHQWR
DIXQFLRQDUHPYD]LRRXPRWRUSDUDGR
‡ ËFRQHVRSFLRQDLV
(VWHVtFRQHVDSDUHFHPDSHQDVVHDUHVSHFWLYDIXQomRIRUDFWLYDGDSRUH[HPSORWHPSRUL]DGRUVHPDQDO
UHDUUDQTXHDXWRPiWLFRDSyVIDOKDGHFRUUHQWHHWF
‡ ËFRQHVGHDYLVR
(VWHVtFRQHVVmRDSUHVHQWDGRVVHRFRUUHUXPDFRQGLomRDQRUPDODYLVRVFRUWHVGHIXQFLRQDPHQWR
DVVLVWrQFLD
3DUDDFHGHUDPDLVLQIRUPDo}HVVREUHVRVtFRQHVDSUHVHQWDGRVVHOHFFLRQDURtFRQHHPTXHVWmRXWLOL]DQGR
RVERW}HVGHQDYHJDomRHSUHPLURERWmR(QWHU
‡ $VHFomR&pGHVLJQDGDFRPRDEDUUDGHHVWDGR
(VWDEDUUDDSUHVHQWDRWH[WRFRUUHVSRQGHQWHDRtFRQHVHOHFFLRQDGR
‡ $VHFomR'DSUHVHQWDRVERW}HVGHDFomR(VWHVERW}HVVmRXWLOL]DGRV
‡ 3DUDDFHGHUDSDUkPHWURVRXSURJUDPiORV
‡ 3DUDUHDUPDUXPDVREUHFDUJDGRPRWRUPHQVDJHPGHDVVLVWrQFLDRXSDUDJHPGHHPHUJrQFLD
‡ $FHGHUDWRGRVRVGDGRVUHFROKLGRVSHORUHJXODGRU
$IXQomRGRVERW}HVGHSHQGHGRPHQXDSUHVHQWDGR$VIXQo}HVPDLVFRPXQVVmR

'HVLJQDomR )XQomR
0HQX 3DUDLUSDUDRPHQX
0RGLILFDU 3DUDPRGLILFDUSDUkPHWURVSURJUDPiYHLV
5HDUPH 3DUDUHDUPDUXPWHPSRUL]DGRURXXPDPHQVDJHP

3DUDDFWLYDUXPERWmRGHDFomRUHDOoDURERWmRXWLOL]DQGRRVERW}HVGHQDYHJDomRHSUHPLURERWmR(QWHU
3DUDUHJUHVVDUDRPHQXDQWHULRUSUHPLURERWmR(VFDSH

9LVWDVGHJUiILFR
(PYH]GHVHUHPYLVXDOL]DGRVYDORUHVWDPEpPpSRVVtYHOYLVXDOL]DUXPJUiILFRGHXPGRVVLQDLVGHHQWUDGD
FRQVXOWDUDVHFomR0HQXGHHQWUDGDVHPIXQomRGRWHPSR

4XDQGRHVWiVHOHFFLRQDGR*UiILFR$OWDUHVROXomRRJUiILFRDSUHVHQWDDYDULDomRGDHQWUDGDVHOHFFLRQDGD

QHVWHFDVRDSUHVVmRSRUPLQXWR7DPEpPpDSUHVHQWDGRRYDORULQVWDQWkQHR2HFUmDSUHVHQWDRV~OWLPRV
PLQXWRV
2tFRQHGRERWmRGHFRPXWDomRSDUDVHOHFFLRQDURXWURVHFUmVpDOWHUDGRSDUDXP*UiILFRSHTXHQRHp
GHVWDFDGRDFWLYR

 
 0DQXDOGHLQVWUXo}HV

4XDQGRHVWiVHOHFFLRQDGR*UiILFR0pGLDUHVROXomRRJUiILFRDSUHVHQWDDYDULDomRGDHQWUDGDVHOHFFLRQDGD

SRUKRUD2HFUmDSUHVHQWDDV~OWLPDVKRUDV

4XDQGRHVWiVHOHFFLRQDGR*UiILFR%DL[DUHVROXomRRJUiILFRDSUHVHQWDDYDULDomRGDHQWUDGDVHOHFFLRQDGD

SRUGLD2HFUmDSUHVHQWDDHYROXomRGXUDQWHRV~OWLPRVGLDV

6HOHFomRGHXPDYLVWDGRHFUmSULQFLSDO
3DUDDOWHUQDUHQWUHGLIHUHQWHVGLVSRVLo}HVGRHFUmVHOHFFLRQDURtFRQHPDLVjGLUHLWDQDOLQKDGHtFRQHVGH
FRQWURORFRQVXOWDURtFRQHGHYLVXDOL]DomRGDVOLQKDVGHYDORUHVRXRtFRQHGHYLVXDOL]DomRGHJUiILFRVQD
VHFomRËFRQHVXWLOL]DGRVHSUHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

6HOHFFLRQDUDGLVSRVLomRSUHWHQGLGDHSUHPLURERWmR(QWHU&RQVXOWDUWDPEpPDVHFomR0HQXGHHQWUDGDV

 $FHGHUDPHQXV

'HVFULomR
4XDQGRDFRUUHQWHpOLJDGDRHFUmSULQFLSDOpDXWRPDWLFDPHQWHDSUHVHQWDGRFRQVXOWDUDVHFomR(FUm
SULQFLSDO

 
0DQXDOGHLQVWUXo}HV

‡ 3DUDDFHGHUDRHFUmGRPHQXVHOHFFLRQDURERWmR0HQXXWLOL]DQGRRVERW}HVGHQDYHJDomR
‡ 3UHPLURERWmR(QWHUSDUDVHOHFFLRQDURPHQXeDSUHVHQWDGRRVHJXLQWHHFUm

‡ 2HFUmPRVWUDYiULRVtFRQHV&DGDtFRQHLQGLFDXPLWHPGRPHQX3RUSUHGHILQLomRRtFRQHGHSDUkPHWURV
GHSUHVVmR5HJXODomRHVWiVHOHFFLRQDGR$EDUUDGHHVWDGRDSUHVHQWDRQRPHGRPHQXTXHFRUUHVSRQGH
DRtFRQHVHOHFFLRQDGR
‡ 8WLOL]DURVERW}HVGHQDYHJDomRSDUDVHOHFFLRQDUXPtFRQH
‡ 3UHPLURERWmR(VFDSHSDUDUHJUHVVDUDRHFUmSULQFLSDO

 0HQXGHHQWUDGDV

ËFRQHGHPHQX(QWUDGDV

)XQomR
‡ 3DUDDSUHVHQWDURYDORUUHDOGRVGDGRVPHGLGRVHQWUDGDVDQDOyJLFDVHRHVWDGRGDVHQWUDGDVGLJLWDLVSRU
H[HPSORFRQWDFWRGHSDUDJHPGHHPHUJrQFLDUHOpGHVREUHFDUJDGRPRWRUHWF
‡ 3DUDVHOHFFLRQDUDHQWUDGDGLJLWDODVHUDSUHVHQWDGDQRJUiILFRGRHFUmSULQFLSDO

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ 8WLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH(QWUDGDVFRQIRUPHDSUHVHQWDGRQR
HFUmVHJXLQWH

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

 
 0DQXDOGHLQVWUXo}HV

7H[WRQDLPDJHP

 (QWUDGDV
 6DtGDGR&RPSUHVVRU
 6DtGDGR(OHPHQWR
 $U$PELHQWH
 3DUDJHPGHHPHUJrQFLD

‡ 2HFUmDSUHVHQWDXPDOLVWDGHWRGDVDVHQWUDGDVFRPRVUHVSHFWLYRVtFRQHVHOHLWXUDV
‡ 6HXPDHQWUDGDHVWLYHUHPDYLVRRXFRUWHGHIXQFLRQDPHQWRRtFRQHRULJLQDOpVXEVWLWXtGR
UHVSHFWLYDPHQWHSHORtFRQHGHDYLVRRXGHFRUWHGHIXQFLRQDPHQWRQHVWHFDVRRtFRQHGHSDUDJHPHR
tFRQHGHDYLVRQRHFUmDFLPDDSUHVHQWDGR
8PSHTXHQRtFRQHGHJUiILFRDSUHVHQWDGRGHEDL[RGHXPLWHPQDOLVWDVLJQLILFDTXHHVWHVLQDOGHHQWUDGDp
DSUHVHQWDGRQRJUiILFRQRHFUmSULQFLSDO3RGHVHUVHOHFFLRQDGDTXDOTXHUHQWUDGDDQDOyJLFD

6HOHFFLRQDURXWURVLQDOGHHQWUDGDFRPRVLQDOSULQFLSDOGRJUiILFR
&RPRERWmR0RGLILFDUDFWLYRIXQGRFLQ]HQWRFODURQRHFUmDFLPDSUHPLURERWmR(QWHUQRFRQWURODGRUe
DSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

2SULPHLURLWHPQDOLVWDHVWiGHVWDFDGR1HVWHH[HPSORHVWiVHOHFFLRQDGD3UHVVmRGDUHGHtFRQHGHJUiILFR
3DUDDOWHUDUSUHPLUQRYDPHQWHRERWmR(QWHUpDEHUWDXPDMDQHODGHDYLVR

 
0DQXDOGHLQVWUXo}HV

3UHPLU(QWHUQRYDPHQWHSDUDUHPRYHUHVWDHQWUDGDGRJUiILFReDEHUWDRXWUDMDQHODGHFRQILUPDomR

6HOHFFLRQDU6LPSDUDUHPRYHURX1mRSDUDVDLUGDDFomRDFWXDO
'DPHVPDIRUPDpSRVVtYHOUHDOoDURXWURVLQDOGHHQWUDGDHVHOHFFLRQiORFRPRVLQDOSULQFLSDOGRJUiILFR

'HILQLUHVWHVLQDOSJUiILFRSULQFLSDO

 0HQXGHVDtGDV

ËFRQHGHPHQX6DtGDV

 
 0DQXDOGHLQVWUXo}HV

)XQomR
3DUDDFHGHUDLQIRUPDomRVREUHRHVWDGRUHDOGHDOJXPDVVDtGDVWDLVFRPRRHVWDGRGRFRQWDFWRGHVREUHFDUJD
GRYHQWLODGRUHPFRPSUHVVRUHVDUUHIHFLGRVDDURFRQWDFWRGHSDUDJHPGHHPHUJrQFLDHWF

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ 0RYHURFXUVRUSDUDRtFRQHGH6DLGDVFRQVXOWDUVHFomRDEDL[R

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

(FUmGHVDtGDVWtSLFR

7H[WRQDILJXUD

 6DtGDV
 0RWRUGR9HQWLODGRU
 %ORZRIIFRQWDFW&RQWDFWRGHGHVFDUJD
 3DUDJHPSRUDYDULDJHUDO
 2SHUDomR$XWRPiWLFD

‡ 2HFUmDSUHVHQWDXPDOLVWDGHWRGDVDVVDtGDVFRPRVUHVSHFWLYRVtFRQHVHOHLWXUDV
6HXPDVDtGDHVWLYHUHPDYLVRRXFRUWHGHIXQFLRQDPHQWRRtFRQHRULJLQDOpVXEVWLWXtGRUHVSHFWLYDPHQWH
SHORtFRQHGHDYLVRRXGHFRUWHGHIXQFLRQDPHQWR

 
0DQXDOGHLQVWUXo}HV

 &RQWDGRUHV

ËFRQHGHPHQX&RQWDGRUHV

)XQomR
3DUDDFHGHUD
‡ +RUDVGHIXQFLRQDPHQWR
‡ +RUDVGHIXQFLRQDPHQWRHPFDUJD
‡ 1~PHURGHDUUDQTXHVGRPRWRU
‡ 1~PHURGHKRUDVTXHRUHJXODGRUHVWHYHOLJDGR
‡ 1~PHURGHFLFORVGHFDUJD

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH&RQWDGRUHVFRQVXOWDUDVHFomRDEDL[R

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

7H[WRQDILJXUD

 &RQWDGRUHV
 +RUDVGH)XQFLRQDP
 1U$UUDQTXHVGR0RWRU
 5HOpGH&DUJD
 96'530HPSHUFHQWDJHPGHWHPSRGXUDQWHDTXDODYHORFLGDGHGR
PRWRUHVWHYHHQWUHHFRPSUHVVRUHVFRPFRQYHUVRUGHIUHTXrQFLD

2HFUmDSUHVHQWDXPDOLVWDGHWRGRVRVFRQWDGRUHVFRPDVUHVSHFWLYDVOHLWXUDVUHDLV

 
 0DQXDOGHLQVWUXo}HV

1RWDRH[HPSORDFLPDUHIHUHVHDXPFRPSUHVVRUDFFLRQDGRSRUFRQYHUVRUGHIUHTXrQFLD3DUDXP
FRPSUHVVRUGHYHORFLGDGHIL[DRHFUmDSUHVHQWDGRVHUiOLJHLUDPHQWHGLIHUHQWH

 6HOHFomRGRPRGRGHFRQWUROR

)XQomR
6HOHFFLRQDURPRGRGHFRQWURORSRUH[HPSORVHRFRPSUHVVRUHVWiHPFRQWURORORFDOHPFRQWURORUHPRWR
RXVHpFRQWURODGRDWUDYpVGHXPDUHGHGHiUHDORFDO/$1

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFHUWLILFDUVHGHTXHRERWmR0HQXHVWiVHOHFFLRQDGR

(PVHJXLGDXWLOL]DURVERW}HVGHQDYHJDomRSDUDDFHGHURVtFRQHVGH(VWDGRFRQVXOWDU(FUmSULQFLSDOH
VHOHFFLRQDURtFRQHGH5HJXODomR4XDQGRRtFRQHVHHQFRQWUDDFWLYRpGHVWDFDGRFRPXPIXQGRFLQ]HQWR
3UHPLURERWmR(QWHU

([LVWHPRSo}HV
‡ &RQWURORORFDO
‡ &RQWURORUHPRWR
‡ &RQWURORHPUHGH/$1

'HSRLVGHVHOHFFLRQDURPRGRGHUHJXODomRSUHWHQGLGRSUHPLURERWmR(QWHUQRFRQWURODGRUSDUDFRQILUPDU
DVHOHFomR$QRYDGHILQLomRpDJRUDDSUHVHQWDGDQRHFUmSULQFLSDO&RQVXOWDUDVHFomRËFRQHVXWLOL]DGRVSDUD
FRQKHFHURVLJQLILFDGRGRVtFRQHV

 
0DQXDOGHLQVWUXo}HV

 0HQXGHDVVLVWrQFLD

ËFRQHGHPHQX$VVLVWrQFLD

)XQomR
‡ 3DUDUHDUPDURVSODQRVGHDVVLVWrQFLDTXHVmRHIHFWXDGRV
‡ 3DUDYHULILFDUTXDQGRGHYHPVHUHIHFWXDGRVRVSUy[LPRVSODQRVGHDVVLVWrQFLD
‡ 3DUDVDEHUTXHSODQRVGHDVVLVWrQFLDIRUDPHIHFWXDGRVDQWHULRUPHQWH
‡ 3DUDPRGLILFDURVLQWHUYDORVGHDVVLVWrQFLDSURJUDPDGRV

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH$VVLVWrQFLDFRQVXOWDUDVHFomRDEDL[R

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRRVHJXLQWHHFUm

7H[WRQDILJXUD

 $VVLVWrQFLD
 9LVXDOL]DomR*HUDO
 3ODQRGH$VVLVWrQFLD
 3Uy[LPD$VVLVWrQFLD
 +LVWyULFR

‡ 3HUFRUUHURVLWHQVSDUDVHOHFFLRQDURSUHWHQGLGRHSUHPLURERWmR(QWHUSDUDFRQVXOWDURVGHWDOKHVFRQIRUPH
H[SOLFDGRDVHJXLU

 
 0DQXDOGHLQVWUXo}HV

9LVmRJHUDO

7H[WRQDILJXUD

 9LVXDOL]DomR*HUDO
 +RUDV7RWDLV
 +RUDVHP7HPSR5HDO
 5HDUPH

([HPSORGHQtYHOGHDVVLVWrQFLD$
2VQ~PHURVDSUHVHQWDGRVjHVTXHUGDVmRRVLQWHUYDORVGHDVVLVWrQFLDSURJUDPDGRV3DUDRLQWHUYDORGH
DVVLVWrQFLD$RQ~PHURSURJUDPDGRGHKRUDVGHIXQFLRQDPHQWRpGHKRUDVILODVXSHULRUYHUGHHR
Q~PHURSURJUDPDGRGHKRUDVHPWHPSRUHDOpGHKRUDVRTXHFRUUHVSRQGHDXPDQRVHJXQGDILODD]XO
,VWRVLJQLILFDTXHRFRQWURODGRULUiODQoDUXPDYLVRGHDVVLVWrQFLDTXDQGRDWLQJLUKRUDVGHIXQFLRQDPHQWR
RXKRUDVHPWHPSRUHDOFRQVRDQWHRTXHRFRUUHUSULPHLUR7HUHPDWHQomRTXHRFRQWDGRUGHKRUDVHP
WHPSRUHDOQmRpLQWHUURPSLGRTXDQGRRFRQWURODGRUHVWiGHVOLJDGR
2VQ~PHURVMXQWRjVEDUUDVVmRRQ~PHURGHKRUDVUHVWDQWHVSDUDDSUy[LPDLQWHUYHQomRGHDVVLVWrQFLD1R
H[HPSORDFLPDRFRPSUHVVRUDFDERXGHDUUDQFDURTXHVLJQLILFDTXHDLQGDUHVWDPKRUDVGH
IXQFLRQDPHQWRRXKRUDVSDUDDSUy[LPDLQWHUYHQomRGHDVVLVWrQFLD

3ODQRVGHDVVLVWrQFLD
'LYHUVDVRSHUDo}HVGHDVVLVWrQFLDVmRDJUXSDGDVGHVLJQDGDV1tYHO$1tYHO%HWF&DGDQtYHOUHSUHVHQWD
XPQ~PHURGHDFo}HVGHDVVLVWrQFLDDVHUHPHIHFWXDGDVQRVLQWHUYDORVGHWHPSRSURJUDPDGRVQRFRQWURODGRU
(OHNWURQLNRQ
4XDQGRpDWLQJLGRXPLQWHUYDORGRSODQRGHDVVLVWrQFLDDSDUHFHXPDPHQVDJHPQRHFUm
$SyVHIHFWXDUDVDFo}HVGHDVVLVWrQFLDGRVQtYHLVFRUUHVSRQGHQWHVLQGLFDGRVRVWHPSRUL]DGRUHVWrPGHVHU
UHDUPDGRV
$SDUWLUGRPHQX$VVLVWrQFLDDFLPDVHOHFFLRQDU3ODQRGH$VVLVWrQFLDHSUHPLU(QWHUeDSUHVHQWDGRR
VHJXLQWHHFUm

7H[WRQDILJXUD

 
0DQXDOGHLQVWUXo}HV

 3ODQRGH$VVLVWrQFLD
 1tYHO
 +RUDVGH)XQFLRQDP
 +RUDV7HPSR5HDO
 0RGLILFDU

0RGLILFDomRGHXPSODQRGHDVVLVWrQFLD
&RQVRDQWHDVFRQGLo}HVGHIXQFLRQDPHQWRSRGHUiVHUQHFHVViULRPRGLILFDURVLQWHUYDORVGHDVVLVWrQFLD3DUD
RID]HUXWLOL]DURVERW}HVGHQDYHJDomRSDUDVHOHFFLRQDURYDORUDPRGLILFDUeDSUHVHQWDGRXPHFUmVHPHOKDQWH
DRVHJXLQWH

3UHPLURERWmR(QWHUeDSUHVHQWDGRRVHJXLQWHHFUm

0RGLILFDURYDORUFRQIRUPHQHFHVViULRXWLOL]DQGRRVERW}HVGHQDYHJDomRĹRXĻHSUHPLURERWmR(QWHUSDUD
FRQILUPDU
1RWD$VKRUDVGHIXQFLRQDPHQWRSRGHPVHUPRGLILFDGDVHPSDVVRVGHKRUDVDVKRUDVHPWHPSRUHDO
SRGHPVHUPRGLILFDGDVHPSDVVRVGHKRUD

3Uy[LPD$VVLVWrQFLD

 
 0DQXDOGHLQVWUXo}HV

7H[WRQDILJXUD

 3Uy[LPD$VVLVWrQFLD
 1tYHO
 +RUDVGH)XQFLRQDP
 $FWXDO

1RH[HPSORDFLPDRQtYHOGHDVVLVWrQFLD$HVWiSURJUDPDGRSDUDKRUDVGHIXQFLRQDPHQWRGDVTXDLV
GHFRUUHUDPKRUDV

+LVWyULFR
2HFUm+LVWyULFRDSUHVHQWDXPDOLVWDGHWRGDVDVDFo}HVGHDVVLVWrQFLDHIHFWXDGDVQRSDVVDGRRUGHQDGDVSRU
GDWD$GDWDQDSDUWHVXSHULRUpDGDWDGDDFomRGHDVVLVWrQFLDPDLVUHFHQWH3DUDFRQVXOWDURVGHWDOKHVGHXPD
DFomRGHDVVLVWrQFLDFRQFOXtGDSRUH[HPSORQtYHOGHDVVLVWrQFLDKRUDVGHIXQFLRQDPHQWRRXKRUDVHPWHPSR
UHDOXWLOL]DURVERW}HVGHQDYHJDomRSDUDVHOHFFLRQDUDDFomRSUHWHQGLGDHSUHPLURERWmR(QWHU

 0HQXGHUHJXODomR

ËFRQHGHPHQX6HWSRLQW9DORU(VWDEHOHFLGR

)XQomR
(PFRPSUHVVRUHVGHYHORFLGDGHIL[DRRSHUDGRUSRGHSURJUDPDUGXDVEDQGDVGHSUHVVmRGLIHUHQWHV(VWH
PHQXWDPEpPpXWLOL]DGRSDUDVHOHFFLRQDUDEDQGDGHSUHVVmRDFWLYD

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH9DORUHVWDEHOHFLGRFRQVXOWDUDVHFomR
DEDL[R

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRRVHJXLQWHHFUm

 
0DQXDOGHLQVWUXo}HV

7H[WRQDILJXUD

 5HJXODomR
 3UHVVmRGH9D]LR
 3UHVVmRGH&DUJD
 3UHVVmRGH9D]LR
 3UHVVmRGH&DUJD
 0RGLILFDU

‡ 2HFUmDSUHVHQWDRVSDUkPHWURVUHDLVGHSUHVVmRGHGHVFDUJDHFDUJDSDUDDPEDVDVEDQGDVGHSUHVVmR
3DUDPRGLILFDURVSDUkPHWURVPRYHURFXUVRUSDUDRERWmRGHDFomR0RGLILFDUHSUHPLURERWmR(QWHUe
DSUHVHQWDGRRVHJXLQWHHFUm

‡ $SULPHLUDOLQKDGRHFUmHVWiUHDOoDGD8WLOL]DURVERW}HVGHQDYHJDomRSDUDVHOHFFLRQDURSDUkPHWURD
PRGLILFDUHSUHPLURERWmR(QWHUeDSUHVHQWDGRRVHJXLQWHHFUm

‡ 2VOLPLWHVVXSHULRUHLQIHULRUGRSDUkPHWURVmRDSUHVHQWDGRVDFLQ]HQWRRYDORUUHDOpDSUHVHQWDGRDSUHWR
8WLOL]DURVERW}HVGHQDYHJDomRĹRXĻSDUDPRGLILFDURVSDUkPHWURVFRQIRUPHQHFHVViULRHSUHPLURERWmR
(QWHUSDUDDFHLWDU
6HIRUSUHFLVRDOWHUDURVRXWURVSDUkPHWURVFRQIRUPHQHFHVViULRGDIRUPDGHVFULWDDFLPD

 
 0DQXDOGHLQVWUXo}HV

 0HQXGRKLVWyULFRGHHYHQWRV

ËFRQHGHPHQX+LVWyULFRGH(YHQWRV

)XQomR
3DUDDFHGHUDRGDGRVGR~OWLPRFRUWHGHIXQFLRQDPHQWRHGD~OWLPDSDUDJHPGHHPHUJrQFLD

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH+LVWRULFRGH(YHQWRVFRQVXOWDUDVHFomR
DEDL[R

‡ 3UHPLURERWmR(QWHU
ePRVWUDGDDOLVWDGRV~OWLPRVFDVRVGHFRUWHGHIXQFLRQDPHQWRHSDUDJHPGHHPHUJrQFLD

([HPSORGRHFUmGH+LVWRULFRGH(YHQWRV

‡ 3HUFRUUHURVLWHQVSDUDVHOHFFLRQDURHYHQWRGHFRUWHGHIXQFLRQDPHQWRRXGHSDUDJHPGHHPHUJrQFLD
SUHWHQGLGR
‡ 3UHPLURERWmR(QWHUSDUDDFHGHUjGDWDKRUDHRXWURVGDGRVTXHUHIOHFWLDPRHVWDGRGRFRPSUHVVRUTXDQGR
RFRUUHXHVVHFRUWHGHIXQFLRQDPHQWRRXSDUDJHPGHHPHUJrQFLD

 0HQXGRUHOyJLRVHPDQDO

ËFRQHGHPHQX5HOyJLRVHPDQDO

 
0DQXDOGHLQVWUXo}HV

)XQomR
‡ 3URJUDPDUFRPDQGRVGHDUUDQTXHSDUDJHPWHPSRUL]DGRVSDUDRFRPSUHVVRU
‡ 3URJUDPDUFRPDQGRVGHFRPXWDomRWHPSRUL]DGRVSDUDDEDQGDGHSUHVVmRGDUHGH
‡ 3RGHPVHUSURJUDPDGRVTXDWURHVTXHPDVGHVHPDQDGLIHUHQWHV
‡ 3RGHVHUSURJUDPDGRXPFLFORGHVHPDQDVXPFLFORGHVHPDQDVpXPDVHTXrQFLDGHVHPDQDV3DUD
FDGDVHPDQDGRFLFORSRGHVHUVHOHFFLRQDGRXPGRVTXDWURHVTXHPDVGHVHPDQDSURJUDPDGRV

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ 8WLOL]DURVERW}HVGHQDYHJDomRSDUDVHOHFFLRQDURtFRQHGRWHPSRUL]DGRUFRQVXOWDUDVHFomRDEDL[R

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRRVHJXLQWHHFUm

7H[WRQDILJXUD

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 &LFOR6HPDQDO
 (VWDGR
 5HOyJLR6HPDQDO,QDFWLYR
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

2SULPHLURLWHPQHVWDOLVWDHVWiGHVWDFDGR6HOHFFLRQDURLWHPSUHWHQGLGRHSUHPLURERWmR(QWHUQR
FRQWURODGRUSDUDPRGLILFDU

3URJUDPDUHVTXHPDVGHVHPDQD
‡ 6HOHFFLRQDU7DEHODGH$Fo}HV6HPDQDOHSUHPLU(QWHUeDEHUWDXPDMDQHODQRYD2SULPHLURLWHPQDOLVWD
HVWiGHVWDFDGRDYHUPHOKR3UHPLURERWmR(QWHUQRFRQWURODGRUSDUDPRGLILFDU7DEHODGH$Fo}HV6HPDQDO


 
 0DQXDOGHLQVWUXo}HV

 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO

‡ eDSUHVHQWDGDXPDOLVWDVHPDQDO$RSomR6HJXQGDpDXWRPDWLFDPHQWHVHOHFFLRQDGDHGHVWDFDGDD
YHUPHOKR3UHPLURERWmR(QWHUQRFRQWURODGRUSDUDGHILQLUXPDDFomRSDUDHVWHGLD

 7DEHODGH$Fo}HV6HPDQDO
 6HJXQGD
 7HUoD
 4XDUWD
 4XLQWD
 6H[WD
 6iEDGR
 'RPLQJR

‡ eDEHUWDXPDMDQHODQRYD2ERWmRGHDFomR0RGLILFDUHVWiVHOHFFLRQDGR3UHPLURERWmR(QWHUQR
FRQWURODGRUSDUDFULDUXPDDFomR

 
0DQXDOGHLQVWUXo}HV

 6HJXQGD
 0RGLILFDU

‡ eDEHUWDXPDQRYDMDQHODGHDYLVR6HOHFFLRQDUXPDDFomRDSDUWLUGHVWDOLVWDFRPRVERW}HVGHQDYHJDomR
QRFRQWURODGRU'HSRLVGHVHOHFFLRQDUSUHPLURERWmR(QWHUSDUDFRQILUPDU

 6HJXQGD
 $Fo}HV
 5HPRYHU
 $UUDQTXH
 3DUDJHP
 $MXVWH3UHVVmR
 0RGLILFDU

‡ eDEHUWDXPDMDQHODQRYD$DFomRpDJRUDYLVtYHOQRSULPHLURGLDGDVHPDQD

 
 0DQXDOGHLQVWUXo}HV

 6HJXQGD
 $UUDQTXH
 *XDUGDU
 0RGLILFDU

‡ 3DUDDFHUWDUDKRUDXWLOL]DURVERW}HVGHQDYHJDomRQRFRQWURODGRUHSUHPLURERWmR(QWHUSDUDFRQILUPDU

 6HJXQGD
 $UUDQTXH
 *XDUGDU
 0RGLILFDU

‡ eDEHUWDXPDMDQHODGHDYLVR8WLOL]DURERWmRGHQDYHJDomRĹRXĻSDUDPRGLILFDURYDORUGDVKRUDV
8WLOL]DURVERW}HVGHQDYHJDomRĸRXĺSDUDPRGLILFDURVPLQXWRV

 6HJXQGD
 +RUD
 *XDUGDU
 0RGLILFDU

‡ 3UHPLURERWmR(VFDSHQRFRQWURODGRU2ERWmRGHDFomR0RGLILFDUHVWiVHOHFFLRQDGR8WLOL]DURVERW}HV
GHQDYHJDomRSDUDVHOHFFLRQDUDDFomR*XDUGDU

 
0DQXDOGHLQVWUXo}HV

 6HJXQGD
 $UUDQTXH
 *XDUGDU
 0RGLILFDU

‡ eDEHUWDXPDQRYDMDQHODGHDYLVR8WLOL]DURVERW}HVGHQDYHJDomRQRFRQWURODGRUSDUDVHOHFFLRQDUDV
DFo}HVFRUUHFWDV3UHPLURERWmR(QWHUSDUDFRQILUPDU

 6HJXQGD
 7HPDFHUWH]D"
 1mR
 6LP
 *XDUGDU
 0RGLILFDU

3UHPLURERWmR(VFDSHSDUDVDLUGHVWDMDQHOD
‡ $DFomRpDSUHVHQWDGDVRERGLDSDUDDTXDOHVWiSODQHDGD

 7DEHODGH$Fo}HV6HPDQDO

 
 0DQXDOGHLQVWUXo}HV

 6HJXQGD$UUDQTXH
 7HUoD
 4XDUWD
 4XLQWD
 6H[WD
 6iEDGR
 'RPLQJR

3UHPLURERWmR(VFDSHQRFRQWURODGRUSDUDVDLUGHVWHHFUm

3URJUDPDURFLFORGHVHPDQDV
8PFLFORGHVHPDQDVpXPDVHTXrQFLDGHVHPDQDV3DUDFDGDVHPDQDGRFLFORSRGHVHUVHOHFFLRQDGRXP
GRVTXDWURHVTXHPDVGHVHPDQDSURJUDPDGRV
‡ 6HOHFFLRQDU&LFOR6HPDQDODSDUWLUGDOLVWDQRPHQXSULQFLSDO5HOyJLR6HPDQDO

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 &LFOR6HPDQDO
 (VWDGR
 5HOyJLR6HPDQDO,QDFWLYR
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

‡ eDSUHVHQWDGDXPDOLVWDGHVHPDQDV

 &LFOR6HPDQDO
 6HPDQD
 6HPDQD

 
0DQXDOGHLQVWUXo}HV

 6HPDQD
 6HPDQD
 0RGLILFDU

3UHPLUGXDVYH]HVRERWmR(QWHUQRFRQWURODGRUSDUDPRGLILFDUDSULPHLUDVHPDQD
‡ eDEHUWDXPDMDQHODQRYD6HOHFFLRQDUDDFomRSRUH[HPSOR7DEHODGH$Fo}HV6HPDQDO

 &LFOR6HPDQDO
 6HPDQD
 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 0RGLILFDU

‡ 9HULILFDURHVWDGRGR5HOyJLR6HPDQDO
8WLOL]DURERWmR(VFDSHQRFRQWURODGRUSDUDUHJUHVVDUDRPHQXSULQFLSDO5HOyJLR6HPDQDO6HOHFFLRQDUR
HVWDGRGR5HOyJLR6HPDQDO

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 &LFOR6HPDQDO
 (VWDGR
 5HOyJLR6HPDQDO,QDFWLYR
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

‡ eDEHUWDXPDMDQHODQRYD6HOHFFLRQDU6HPDQDSDUDGHILQLUR5HOyJLR6HPDQDOFRPRDFWLYR

 
 0DQXDOGHLQVWUXo}HV

 5HOyJLR6HPDQDO
 6HPDQD
 5HOyJLR6HPDQDO,QDFWLYR
 6HPDQD

‡ 3UHPLURERWmR(VFDSHQRFRQWURODGRUSDUDVDLUGHVWDMDQHOD2HVWDGRLQGLFDTXHD6HPDQDHVWiDFWLYD

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 &LFOR6HPDQDO
 (VWDGR
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

‡ 3UHPLURERWmR(VFDSHQRFRQWURODGRUSDUDUHJUHVVDUDRPHQXSULQFLSDO5HOyJLR6HPDQDO6HOHFFLRQDU
7HPSRGH)XQFLRQDPHQWR5HVWDQWHDSDUWLUGDOLVWDHSUHPLURERWmR(QWHUQRFRQWURODGRUSDUDPRGLILFDU

 
0DQXDOGHLQVWUXo}HV

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 &LFOR6HPDQDO
 (VWDGR
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

‡ (VWHWHPSRUL]DGRUpXWLOL]DGRTXDQGRRWHPSRUL]DGRUVHPDQDOVHHQFRQWUDGHILQLGRHSRUGHWHUPLQDGRV
PRWLYRVpQHFHVViULRTXHRFRPSUHVVRUFRQWLQXHDIXQFLRQDUGXUDQWHSRUH[HPSORKRUD(VWDRSomR
SRGHVHUGHILQLGDQHVWHHFUm(VWHWHPSRUL]DGRUpDQWHULRUjDFomRGR5HOyJLR6HPDQDO

 5HOyJLR6HPDQDO
 7DEHODGH$Fo}HV6HPDQDO
 7HPSRGH)XQFLRQDPHQWR5HVWDQWH

 0HQXGHWHVWH

ËFRQHGHPHQX7HVWH

)XQomR
‡ 3DUDHIHFWXDUXPWHVWHGRYLVRURXVHMDSDUDYHULILFDUVHRYLVRUHRV/('VDLQGDHVWmRLQWDFWRV

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ 8WLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH7HVWHFRQVXOWDUDVHFomRDEDL[R

 
 0DQXDOGHLQVWUXo}HV

‡ 3UHPLURERWmR(QWHUpDSUHVHQWDGRRVHJXLQWHHFUm

7H[WRQDILJXUD

 7HVWH
 7HVWHGD9iOY6HJXUDQoD
 1mR3HUPLWLGR
 $XGLW'DWH'DWDGHDXGLWRULD

‡ 2WHVWHGDYiOYXODGHVHJXUDQoDVySRGHVHUHIHFWXDGRSRUSHVVRDODXWRUL]DGRHVWDQGRSURWHJLGRSRUXP
FyGLJRGHVHJXUDQoD
‡ 6HOHFFLRQDURLWHPGRWHVWHGRYLVRUHSUHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmSDUDLQVSHFFLRQDUR
YLVRUDRPHVPRWHPSRWRGRVRV/('VVmRDFHVRV

 0RGLILFDomRGHSDUkPHWURVJHUDLV

ËFRQHGHPHQX3DUkPHWURV

)XQomR
$SUHVHQWDUHPRGLILFDUYiULRVSDUkPHWURVJHUDLV

3URFHGLPHQWR
$SDUWLUGRHFUmSULQFLSDOFRQVXOWDU(FUmSULQFLSDO
‡ 0RYHURFXUVRUSDUDRERWmRGHDFomR0HQXHSUHPLURERWmR(QWHU
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH3DUkPHWURVFRQVXOWDUDVHFomRDEDL[R

 
0DQXDOGHLQVWUXo}HV

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRXPVHJXQGRHFUmGHPHQX

‡ (VWHHFUmGHVXEPHQXDSUHVHQWDQRYDPHQWHYiULRVtFRQHV2tFRQHGH3DVVZRUGGR8WLOL]DGRUHVWi
VHOHFFLRQDGRSRUSUHGHILQLomR3DUDDOpPGLVVRDEDUUDGHHVWDGRDSUHVHQWDRQRPHGRPHQXTXH
FRUUHVSRQGHDRtFRQHVHOHFFLRQDGR

 0HQX*HUDO

ËFRQHGHPHQX*HUDO

)XQomR
(VWHPHQXDEUDQJHXPDOLVWDGHSDUkPHWURVJHUDLV
‡ ,GLRPD
‡ +RUD
‡ 'DWD
‡ )RUPDWRGD'DWD
‡ 8QLGDGHV

3URFHGLPHQWR
$SDUWLURHFUmGHVXEPHQXFRQVXOWH0RGLILFDomRGHSDUkPHWURVJHUDLV
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQH*HUDOFRQVXOWDUDVHFomRDEDL[R

 
 0DQXDOGHLQVWUXo}HV

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRXPHFUmVHPHOKDQWHDRVHJXLQWH

7H[WRQDILJXUD

 *HUDO
 ,GLRPD8WLOL]DGR
 +RUD
 'DWD
 )RUPDWRGD'DWD
 0RGLILFDU

‡ eDSUHVHQWDGRXPHFUmVHPHOKDQWHDRDSUHVHQWDGRDFLPDFRPXPDEDUUDGHVHOHFomRVREUHRSULPHLUR
LWHP,GLRPD8WLOL]DURERWmRGHQDYHJDomRĻSDUDVHOHFFLRQDURSDUkPHWURDPRGLILFDUHSUHPLURERWmR
(QWHU
‡ 3DUDPRGLILFDUVHOHFFLRQDURERWmR0RGLILFDUFRPRVERW}HVGHQDYHJDomRHSUHPLURERWmR(QWHU
‡ eDSUHVHQWDGRXPDYLVRQRHFUm8WLOL]DURERWmRĹRXĻSDUDVHOHFFLRQDURSDUkPHWURSUHWHQGLGRHSUHPLU
RERWmR(QWHUSDUDFRQILUPDU

 0HQXGDSDODYUDSDVVHGRXWLOL]DGRU

ËFRQHGHPHQX3DVVZRUG3DODYUDSDVVH

)XQomR
2FOLHQWHILQDOSRGHDFWLYDUHVHOHFFLRQDUXPDSDODYUDSDVVHSHVVRDO'HSRLVGDRSomRGHSDODYUDSDVVHHVWDU
DFWLYDGDpLPSRVVtYHOTXHSHVVRDVQmRDXWRUL]DGDVPRGLILTXHPSDUkPHWURV

3URFHGLPHQWR
$SDUWLURHFUmGHVXEPHQXFRQVXOWH0RGLILFDomRGHSDUkPHWURVJHUDLV

 
0DQXDOGHLQVWUXo}HV

‡ 8WLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH3DVVZRUGGR8WLOL]DGRUFRQVXOWDUD
VHFomRDFLPD

‡ 3UHPLURERWmR(QWHUeDSUHVHQWDGRRHFUmVHJXLQWH

‡ 6HOHFFLRQDURERWmR$FWLYDUHSUHPLURERWmR(QWHU
‡ (PVHJXLGDSUHHQFKHUD3DVVZRUGGR8WLOL]DGRUHSUHPLURERWmR(QWHUpDSUHVHQWDGDXPDMDQHODGH
FRQILUPDomR
‡ 3UHHQFKDDSDODYUDSDVVHGHQRYRHSULPDRERWmR(QWHUSDUDFRQILUPDU

7H[WRQDILJXUD

 3DVVZRUGGR8WLOL]DGRU
 ,QDFWLYR
 $FWLYDU

 0HQXGDFKDYHGHDFHVVR

ËFRQHGHPHQX&KDYHGH$FHVVR

)XQomR
2HFUmGH0HQXDSUHVHQWDDSHQDVDOJXQVtFRQHVEiVLFRV8WLOL]DUD&KDYHGH$FHVVRFRPRFyGLJRGHDFHVVR
DGHTXDGRSHUPLWHDRXWLOL]DGRUYHUPDLVtFRQHVRXDFHGHUDPDLVSDUkPHWURV

 
 0DQXDOGHLQVWUXo}HV

3URFHGLPHQWR
$SDUWLURHFUmGHVXEPHQXFRQVXOWH0RGLILFDomRGHSDUkPHWURVJHUDLV
‡ XWLOL]DQGRRVERW}HVGHQDYHJDomRPRYHURFXUVRUDWpDRtFRQHGH&KDYHGH$FHVVRFRQVXOWDUDVHFomR
DFLPD

‡ ([LVWHPWUrVQtYHLVGHDFHVVR
‡ eSRVVtYHOYLVXDOL]DUXPFRQMXQWREiVLFRGHSDUkPHWURVVHPVHUQHFHVViULDXPDSDODYUDSDVVH
‡ eSRVVtYHOPRGLILFDUXPFRQMXQWREiVLFRGHSDUkPHWURV
‡ eSRVVtYHOYLVXDOL]DUHPRGLILFDUSDUkPHWURVDGLFLRQDLV
‡ 21tYHOGH$FHVVRSRGHVHUDOWHUDGRDWUDYpVGRERWmR0RGLILFDU6HUiDFWLYDGDXPDMDQHODGHDYLVRD
VROLFLWDUDLQWURGXomRGHXPD&KDYHGH$FHVVR

 3DUkPHWURVSURJUDPiYHLV

3DUkPHWURVSUHVV}HVGHGHVFDUJDFDUJD

3DUkPHWUR 'HILQLomRGH 3DUkPHWUR

PtQLPR IiEULFD Pi[LPR
3UHVV}HVGHGHVFDUJDFDUJD FRQVXOWDU FRQVXOWDU FRQVXOWDU
'DGRVGR 'DGRVGR 'DGRVGR
FRPSUHVVRU FRPSUHVVRU FRPSUHVVRU

3DUkPHWURVDFFLRQDPHQWRGHYHORFLGDGHYDULiYHO

3DUkPHWUR 'HILQLomRGH 3DUkPHWUR

PtQLPR IiEULFD Pi[LPR
7HPSRGHIXQFLRQDPHQWRGRPRWRUHP VHJ 1' 1' 1'
HVWUHOD
7HPSRGHUHWDUGDPHQWRGHFDUJDHVWUHOD VHJ 1' 1' 1'
WULkQJXOR
1~PHURGHDUUDQTXHVGRPRWRU DUUDQTXHVGLD 1' 1' 1'
7HPSRGHSDUDJHPPtQLPR VHJ