'PSOP
&MÊUSJDP
EF
&NCVUJS

'*5
-*/&

&yGLJRGRPDQXDOUHY
,PDJHQVPHUDPHQWHLOXVWUDWLYDV
,1752'8d­2
$)LVFKHUDFUHGLWDTXHRVPRPHQWRVGDYLGDGHYHPVHUYLYLGRVGDPHOKRUIRUPDSRVVtYHOeSRULVVRTXH
GHVHQYROYHPRVSURGXWRVTXHWUD]HPPRGHUQLGDGHVHJXUDQoDHDWULEXWRVQHFHVViULRVSDUDIDFLOLWDURVHX
GLDDGLD
/HLDDWHQWDPHQWHDVLQVWUXo}HVFRQWLGDVQHVWHPDQXDOHVLJDDVFRUUHWDPHQWHSDUDDSURYHLWDUDRPi[LPR
WXGRTXHRVHXQRYRSURGXWRRIHUHFH
$)LVFKHUDJUDGHFHDSUHIHUrQFLDHILFDjGLVSRVLomRSDUDTXDOTXHUG~YLGDEHPFRPRSDUDRXYLUVXD
VXJHVWmR

%UDVLOHLUDGHFRUDomRHRULJHPD)LVFKHUHVWiKiPDLVGHDQRVQRPHUFDGRFRPSURGXWRVYROWDGRV
SDUDGLYHUVRVUDPRVGHDWLYLGDGHV$OpPGRVWUDGLFLRQDLVHOHWURGRPpVWLFRVD)LVFKHUpIDEULFDQWHGH
ELFLFOHWDVVLVWHPDVFRQVWUXWLYRVPRGXODUHVHHTXLSDPHQWRVSDUDDFRQVWUXomRFLYLO
3RVLFLRQDGDHQWUHDVPDLVEHPHVWUXWXUDGDVLQG~VWULDVGRSDtVD)LVFKHUHVWiVLWXDGDHPXPSDUTXHIDEULO
GHPDLVGHPðFRQVWUXtGRVFRPXQLGDGHVIDEULVDOWDPHQWHGHVHQYROYLGDVSDUDFDGDOLQKDGH
SURGXWR,QYHVWLPRVFRQVWDQWHPHQWHQRGHVHQYROYLPHQWRHQDWHFQRORJLDSRUTXHRIHUHFHURTXHKiGH
PDLVPRGHUQRHVRILVWLFDGRDWUDYpVGHSURGXWRVSUiWLFRVHIXQFLRQDLVpDPLVVmRGD)LVFKHU1RVVRV
SURGXWRVHVWmRGLVWULEXtGRVHPWRGRRWHUULWyULRQDFLRQDOHDOJXQVSDtVHVGR0HUFRVXOVHQGRDPSDUDGRV
SRUXPDUHGHGHSRVWRVDXWRUL]DGRVDOWDPHQWHWUHLQDGRVSDUDGDUWRGRRVXSRUWHQHFHVViULR
$OpPGHWHFQRORJLDHGHVLJQRVSURGXWRV)LVFKHUDJUHJDPHPVHXFRQFHLWRRGHYHUGHUHXQLUIDPtOLDVH
DPLJRVWUDQVIRUPDQGRSHTXHQRVPRPHQWRVGRGLDDGLDHPRFDVL}HV~QLFDVHHVSHFLDLV
$/(57$6'(6(*85$1d$  

&$5$&7(5Ë67,&$67e&1,&$6  

,'(17,),&$1'22352'872  

,16758d®(6'(,167$/$d­2  

87,/,=$1'22352'872  

/,03(=$(0$187(1d­2  

&216802(&2120,$'((1(5*,$  

7(502'(*$5$17,$  

6$&  

62/8d®(6'(352%/(0$6  

48(67®(6$0%,(17$,6

3DUDPXGDURPXQGRSUHFLVDPRVWDPEpPWHUUHVSHLWRHSUHRFXSDomR
FRPRPHLRDPELHQWH3RULVVRD)LVFKHUXWLOL]DHPEDODJHQVTXHVmR
HFRORJLFDPHQWHFRUUHWDVFRQIHFFLRQDGDVHPPDWHULDOUHFLFODGR
FDXVDQGRRPHQRULPSDFWRSRVVtYHOjQDWXUH]D

$OpPGLVVRRVSURGXWRV)LVFKHUVmRFRQVWUXLGRVFRPPDWHULDLVUHFLFOiYHLVHRX
UHXWLOL]iYHLV

4XDQGRHVWHSURGXWRFKHJDUDRILPGDVXDYLGD~WLOREVHUYHDOHJLVODomRORFDO
H[LVWHQWHHYLJHQWHQDVXDUHJLmRUHDOL]DQGRRGHVFDUWHGDIRUPDPDLVVXVWHQWiYHO
SRVVtYHO
(VWHDSDUHOKRQmRVHGHVWLQDjXWLOL]DomRSRUSHVVRDVLQFOXVLYHFULDQoDVFRPFDSDFLGDGHVItVLFDVVHQVRULDLVRX
PHQWDLVUHGX]LGDVRXSRUSHVVRDVFRPIDOWDGHH[SHULrQFLDHFRQKHFLPHQWRDPHQRVTXHWHQKDPUHFHELGR
LQVWUXo}HVUHIHUHQWHVjXWLOL]DomRGRDSDUHOKRRXHVWHMDPVREUHDVXSHUYLVmRGHXPDSHVVRDUHVSRQViYHOSHOD
VHJXUDQoD
1XQFDWRFDUQRVHOHPHQWRVGHDTXHFLPHQWR
FRPRUHVLVWrQFLDVHYLGURVGXUDQWHRX
LPHGLDWDPHQWHDSyVDXWLOL]DomRGRIRUQR
&8,'$'2683(5)Ë&,(48(17(
x5HFRPHQGDVHTXHDVFULDQoDVGHYHPVHUVXSHUYLVLRQDGDVSDUDDVVHJXUDUTXHHODVQmREULQTXHPFRPR
DSDUHOKR
x1mRXWLOL]DUPiTXLQDVDYDSRUSDUDOLPSH]DGRSURGXWR
x$QWHVGHOLJDURIRUQRYHULILFDUVHDWHQVmRGDUHGHpFRPSDWtYHOFRPDWHQVmRGRSURGXWREHPFRPRVHD
LQVWDODomRHOpWULFDILRVWRPDGDVHGLVMXQWRUHVFRPSRUWDRPHVPRYLGHFDUDFWHUtVWLFDVWpFQLFDV
x1XQFDXWLOL]DUH[WHQV}HVHOpWULFDVRXEHQMDPLQVHWDPEpPQmRRSHUDURIRUQRFRPRVSpVGHVFDOoRVSDUDHYLWDU
ULVFRGHFKRTXHHOpWULFR
x&HUWLILFDUVHGHTXHRQLFKRGHHPEXWLPHQWRHVWiFRQIRUPHRHVSHFLILFDGRQHVWHPDQXDO
x5HWLUDUFXLGDGRVDPHQWHRILOPHSOiVWLFRGHSURWHomRGDVSHoDVGHVHXSURGXWR6HQmRIRUUHWLUDGRRILOPH
SOiVWLFRSRGHUiGHUUHWHUGLILFXOWDQGRDUHPRomRHOLPSH]DSRVWHULRU
x&HUWLILFDUVHGHTXHDWRPDGDRXRXWURWLSRGHFRQH[mRHPTXHVHUiOLJDGRRIRUQRHVWiGLPHQVLRQDGDSDUDR
PHVPR$WRPDGDRXFRQHFWRUHVHDILDomRHOpWULFDGHYHUmRVXSRUWDUDFRUUHQWHSRWrQFLDWHQVmRLQIRUPDGDVQD
WDEHODGHFDUDFWHUtVWLFDVWpFQLFDV
x(VWHDSDUHOKRQmRVHGHVWLQDDVHURSHUDGRSRUPHLRGHXPWHPSRUL]DGRUH[WHUQRRXVLVWHPDGHFRQWUROHUHPRWR
VHSDUDGR
x (VWH SURGXWR SUHYr DWHUUDPHQWR 3DUD VHJXUDQoD D UHGH GD UHVLGrQFLD GHYHUi FRQWHPSODU VLVWHPD GH
DWHUUDPHQWR
x(VWHSURGXWRpSDUDXVRGRPpVWLFR$XWLOL]DomRSDUDILQVFRPHUFLDLVLQGXVWULDLVRXSDUDRXWURVILQVQmRHVWDUi
FREHUWDSHODJDUDQWLDSRUSDUWHGRIDEULFDQWH
x1mRUHPRYHUDHWLTXHWDGHLGHQWLILFDomRTXHVHHQFRQWUDQRSURGXWR
x1XQFDXVDURQHXWURGDUHGHSDUDDWHUUDPHQWR
x9HULILFDUFRPXPHOHWULFLVWDVHKiVREUHFDUJDQRFLUFXLWRGHIRUoDGLVMXQWRUHV
x$WRPDGDRXFRQHFWRUHPTXHVHUiOLJDGRRSOXJXHGRIRUQRGHYHUiVHUGHIiFLODFHVVRSDUDSRVVLELOLWDUD
GHVFRQH[mRGRDSDUHOKRGDUHGHGHDOLPHQWDomRDSyVDLQVWDODomR
x6HRSURGXWRDSUHVHQWDUPDUFDVGHTXHGDRXGDQRVQDHPEDODJHPRPHVPRQmRGHYHUiVHUXWLOL]DGRSRLV
SRGHQmRVHUVHJXURSDUDRXVXiULR
x$SyVGHVHPEDODULQVSHFLRQHRIRUQRHYHULILTXHVHKiDOJXPGDQRYLVtYHOWDOFRPRSRUWDGDQLILFDGDDPDVVDGRV
QDFDYLGDGHLQWHUQD6HDOJXPGHVWHVSUREOHPDVIRUFRQVWDWDGRQmRXWLOL]HRSURGXWR
x6HDSRUWDRXDVYHGDo}HVGDSRUWDHVWLYHUHPGDQLILFDGDVQmRXWLOL]DURIRUQRDWpTXHWHQKDVLGRFRQVHUWDGRSRU
XPGRV3RVWRV$XWRUL]DGRV),6&+(5
x2FDERGHDOLPHQWDomRGHYHUiHVWDUOLYUHGHVXSHUDTXHFLPHQWRVHPQDGDRWHQVLRQDQGRRXHVWLFDQGR
x6HRFDERGHDOLPHQWDomRHVWLYHUGDQLILFDGRHOHGHYHVHUVXEVWLWXtGRSHORIDEULFDQWHRXDJHQWHDXWRUL]DGRRX
SHVVRDTXDOLILFDGDDILPGHHYLWDUULVFRV
x6HPSUHUHPRYHURFDERGHDOLPHQWDomRGDWRPDGDGXUDQWHDOLPSH]DHPDQXWHQomRGRIRUQRVHPSUHSX[DU
SHORSOXJXHQXQFDSHORFDER
x1mRWUDQVSRUWDURXPRYLPHQWDURIRUQRVHJXUDQGRRSHODSRUWD
x(VWHSURGXWRIXQFLRQDHPWHPSHUDWXUDVHOHYDGDVSRUWDQWRSDUWHVDFHVVtYHLVGRPHVPRSRGHUmRHVWDUTXHQWHV
GXUDQWHRIXQFLRQDPHQWR&XLGDGRVGHYHPVHUWRPDGRVSDUDHYLWDUFRQWDWRFRPDVPHVPDVHFRQVHTHQWHV
ULVFRVGHTXHLPDGXUDVDVFULDQoDVGHYHPVHUPDQWLGDVDIDVWDGDV
x)LFDUDWHQWRDRFR]LQKDUXWLOL]DQGRyOHRRXJRUGXUDVSRLVVHHVWHVIRUHPGHUUDPDGRVSRGHPLQFHQGLDUVH
x1mRGHL[DURIRUQRGHVDVVLVWLGRTXDQGRHPIXQFLRQDPHQWR
x2VLQYyOXFURVSOiVWLFRVHRXWURVPDWHULDLVGDHPEDODJHPGRSURGXWRGHYHUmRILFDUORQJHGRDOFDQFHGHFULDQoDV
HDQLPDLVDILPGHVHHYLWDUHPULVFRVGHVXIRFDPHQWRDREULQFDURXPDQXVHDUHVWHVUHVtGXRV
x$ILPGHDWHQGHUDVQRUPDVGHVHJXUDQoDHHYLWDUGDQRVVRPHQWHD5HGHGH3RVWRV$XWRUL]DGRV)LVFKHUGHYHUi
UHDOL]DURFRQVHUWRRXPDQXWHQomRGHVWHIRUQRYLGH5HGHGH3RVWRV$XWRUL]DGRV
x$,UPmRV)LVFKHU6$QmRDVVXPHTXDOTXHUUHVSRQVDELOLGDGHSRUDo}HVTXHYHQKDPUHVXOWDUHPGDQRVSRUXVR
LQDGHTXDGRVHHVWDVSURYLGrQFLDVQmRIRUHPREVHUYDGDV
x$WHQomRDVSDUWHVDFHVVtYHLVSRGHPILFDUTXHQWHVGXUDQWHRXVR$VFULDQoDVGHYHPVHUPDQWLGDVDIDVWDGDV
)RUQR(OHWULFR)LVFKHU)LW/LQH(PEXWLU/)URQWDOLQR[9 
)RUQR(OHWULFR)LVFKHU)LW/LQH(PEXWLU/)URQWDOLQR[9 

)RUQR(OHWULFR)LVFKHU)LW/LQH(PEXWLU/)URQWDO%UDQFR9 

)RUQR(OHWULFR)LVFKHU)LW/LQH(PEXWLU/)URQWDO%UDQFR9 

&RUUHQWH $9

$9

7HQVmR 9

9

3HVRGR3URGXWR NJ
3RWrQFLD7RWDO :
3RWrQFLD5HVLVWrQFLD6XSHULRU :
3RWrQFLD5HVLVWrQFLD,QIHULRU :

3RWrQFLDGDOkPSDGD :

&RQVXPR YLGHWDEHODSiJ

)UHTXrQFLD +]
&DSDFLGDGH OLWURV
'LPHQV}HV([WHUQDV $OWXUDPP
/DUJXUDPP

3URIXQGLGDGHPP
'LPHQV}HV,QWHUQDVFDYLGDGH $OWXUDPP
/DUJXUDPP

3URIXQGLGDGHPP

',&$6

0HVPRFRPDHFRQRPLDGHHQHUJLDSURSRUFLRQDGDSHOR)RUQR(OpWULFR
)LVFKHUWHPRVDOJXPDVGLFDVTXHOKHDX[LOLDUmRDLQGDPDLV
x 'HVFRQHFWDUVHPSUHRFDERGHDOLPHQWDomRGRIRUQRGDWRPDGD
x (YLWDULQVWDODUHXWLOL]DURIRUQRSUy[LPRGHJHODGHLUDVHIUHH]HUV
x 8VDUVHPSUHWRPDGDDGHTXDGDSDUDDSRWrQFLDGHVHXSURGXWR
x 6XEVWLWXLUWRPDGDVDQWLJDVRXGDQLILFDGDV
x 1mROLJDURIRUQRQDPHVPDWRPDGDMXQWDPHQWHFRPRXWURVDSDUHOKRV
x 1mRXWLOL]DURLQWHULRUGRIRUQRSDUDTXDOTXHUWLSRGHHVWRFDJHPFRPR
SDSpLVOLYURVGHUHFHLWDVHWF
 &KDPLQp 5HVLVWrQFLD /kPSDGD

3DLQHO
0ROGXUD

7HUPRVWDWR

*XDUQLomR /X]3LORWR
7LPHU

*UDGH 6HQVRUGH
WHPSHUDWXUD
'RXUDGRU
$TXHFLPHQWRLQIHULRU
5HVLVWrQFLD,QIHULRU
3RUWD9LGUR
'XSOR
3X[DGRU
%DQGHMDHVPDOWDGD
SDUDUHVtGXRV

x 3X[DGRU4XDQGRSX[DGROLEHUDDSRUWDHSHUPLWHRDFHVVRDRLQWHULRUGRIRUQR

x 7HUPRVWDWR 2 WHUPRVWDWR HVWDELOL]D D WHPSHUDWXUD QR LQWHULRU GR IRUQR 4XDQGR D WHPSHUDWXUD

SURJUDPDGDpDWLQJLGDRWHUPRVWDWRGHVOLJDDXWRPDWLFDPHQWHUHOLJDQGRDVVLPTXHQHFHVViULRGHVWH
PRGRUHGX]RFRQVXPRGHHQHUJLDHQmRDOWHUDRFR]LPHQWRGRDOLPHQWR
x 6HQVRUGHWHPSHUDWXUD7HUP{PHWURTXHFRQWURODDWHPSHUDWXUDGDFDYLGDGHLQWHUQDGRIRUQR

x /X]3LORWR4XDQGRDFHVDLQIRUPDTXHRIRUQRHVWiOLJDGR

x 7LPHU7HPFRPRIXQomRSURJUDPDURWHPSRGHSUHSDURGRDOLPHQWRHPLWLQGRXPDYLVRVRQRURDR

FKHJDUQDSRVLomR³GHVOLJD´
x 3RUWDFRPJXDUQLomR9HGDRIRUQRJDUDQWLQGRDWHPSHUDWXUDLQWHUQDGDFDYLGDGH
x 9LGURGXSOR7HPDIXQomRGHPHOKRUDURLVRODPHQWRWpUPLFRHFRQRPL]DQGRHQHUJLD
x 5HVLVWrQFLD,QIHULRU$FLRQDDUHVLVWrQFLDLQIHULRU
x 'RXUDGRU$FLRQDDUHVLVWrQFLDVXSHULRU
x /kPSDGDFRPSURWHomRGHYLGUR3URSRUFLRQDPDLVVHJXUDQoDDRXVXiULR,PSHGHTXHDRTXHEUDUD
OkPSDGDRVFDFRVHQWUHPHPFRQWDWRFRPRDOLPHQWR
x $OkPSDGDIDFLOLWDDYLVXDOL]DomRGRVDVVDGRVQRLQWHULRUGRIRUQR

x 3HUPDQHFHOLJDGDVHPSUHTXHRWLPHUHVWLYHUHPIXQFLRQDPHQWR
x  %DQGHMD HVPDOWDGD SDUD UHVtGXRV (YLWD R FRQWDWR GH UHVtGXRV GRV DOLPHQWRV FRP D UHVLVWrQFLD
LQIHULRU3URWHJHDUHVLVWrQFLDHRIXQGRGRIRUQR
x 0ROGXUD&RPXPVLVWHPDGHYHQH]LDQDVTXHSHUPLWHDFLUFXODomRGRDU

x 0DQXDOGH,QVWUXo}HV x %DQGHMDHVPDOWDGDSDUDUHVtGXRV
x *UDGH x .LWGHIL[DomRFRPSDUDIXVRV
2)RUQR(OpWULFR)LVFKHUSRVVXLXPFDERGHDOLPHQWDomRFRPSLQRVMiDWHUUDGR2SOXJXHGRFDERGH
DOLPHQWDomRGHVHXSURGXWRHVWiHPFRQIRUPLGDGHFRP1%5GR,10(752HGHYHVHU
PDQWLGR(VWHSURGXWRSUHYrDWHUUDPHQWR
3RUVHJXUDQoDDUHGHHOpWULFDGDUHVLGrQFLDGHYHUiFRQWHPSODUVLVWHPDGHDWHUUDPHQWRHFDVRQmR
SRVVXDGHYHUiVHUSUHYLDPHQWHSURYLGHQFLDGRSRUPHLRGHSURILVVLRQDOFDSDFLWDGR

(/e75,&$
y $LQVWDODomRHOpWULFDGHYHUiVHUHIHWXDGDFRQIRUPHDVUHFRPHQGDo}HVGHVHJXUDQoDGDFRQFHVVLRQiULDGH
HQHUJLD2SURGXWRSRGHVHUOLJDGRVRPHQWHHPWRPDGDV9RX9$,UPmRV)LVFKHU6$QmRDVVXPH
TXDOTXHUUHVSRQVDELOLGDGHQRVFDVRVGHGHVUHVSHLWRjVQRUPDVGHVHJXUDQoDQDLQVWDODomRGRSURGXWR
y 2SOXJXHGRFDERGHDOLPHQWDomRGHVHXSURGXWRHVWiHPFRQIRUPLGDGHFRPD1%5GR,QPHWUR
HGHYHUiVHUPDQWLGR
y (VWH SURGXWR SUHYr DWHUUDPHQWR 3DUD VHJXUDQoD D UHGH GD UHVLGrQFLD GHYHUi FRQWHPSODU VLVWHPD GH
DWHUUDPHQWR1XQFDXWLOL]DURQHXWURGDUHGHSDUDDWHUUDPHQWR
y $ WRPDGD RX FRQHFWRU D TXH VHUi OLJDGR R SURGXWR GHYHUi VHU GH IiFLO DFHVVR SDUD SRVVLELOLWDU IiFLO
GHVFRQH[mRSDUDHIHLWRGHPDQXWHQomRFRQVHUWRRXLQVWDODomR
y $UHVLGrQFLDGHYHSRVVXLUXPIRUQHFLPHQWRDGHTXDGRGHHOHWULFLGDGH
y $UHGHHOpWULFDGDUHVLGrQFLDGHYHSRVVXLUDWHUUDPHQWR
([HPSOR 9LVWDWUDVHLUDGRIRUQR
1HXWUR

2 SOXJXH H FDER GH

9 DOLPHQWDomRGRIRUQRQXQFD
GHYHP VHU DOWHUDGRV RX
FRUWDGRV &RQVXOWH D 5HGH
&DERGHDOLPHQWDomR
GH3RVWRV$XWRUL]DGRVFDVR
(WLTXHWDGHWHQVmR WHQKDG~YLGDV

x 2 SOXJXH GR FDER GH DOLPHQWDomR GHYH VHU FRQHFWDGR D XPD

$'9(57(1&,$ WRPDGD GHYLGDPHQWH DWHUUDGD GH DFRUGR FRP RV SDGU}HV$%17
6HomR$WHUUDPHQWR
x 'HVOLJXH R GLVMXQWRU DQWHV GH HIHWXDU TXDOTXHU PDQXWHQomR QR
SURGXWR
x 7RPDGDUHFRPHQGDGD7RPDGD9 $ H 9 $RX
VXSHULRU
x $WRPDGDGHYHUiVHUGHDFRUGRFRPDWHQVmRGRIRUQR9RX
7RGRHTXLSDPHQWRGHYHVHU
DGHTXDGDPHQWH DWHUUDGR
SDUD HOLPLQDU R ULVFR GH
FKRTXH QXPD HYHQWXDO
GHVFDUJDGHHQHUJLD
9
x $ILDomRGHYHVHUFRPSDWtYHOFRPDDPSHUDJHPGRSURGXWR
x 1mRXWLOL]DUFRQHFWRUHVWLSR³7´
x (YLWDURXVRGHH[WHQV}HV&DVRIRUQHFHVViULRSHGLUD
RULHQWDomRGHXPHOHWULFLVWDTXDQWRjVHFomRGRVILRV
x 1mRVHJXLUHVWDVLQVWUXo}HVSRGHWUD]HUULVFRGHYLGDLQFrQGLR
FKRTXHHOpWULFRGHQWUHRXWUDV

5HFRPHQGDPRVTXHDLQVWDODomRGRSURGXWRVHMDSURYLGHQFLDGDSHORXVXiULRDWUDYpV
GD5HGHGH3RVWRV$XWRUL]DGRVHQmRpFREHUWRSHOD)LVFKHU4XDOTXHUG~YLGDTXDQWR
D LQVWDODomR RX XVR VROLFLWDPRV HQWUDU HP FRQWDWR FRP QRVVR 6HUYLoR GH
$WHQGLPHQWRDR&RQVXPLGRU

6$&RXVDF#ILVFKHUFRPEU
 1,&+2((0%87,0(172
2OXJDUHDIRUPDHPTXHRIRUQRHOpWULFRGHHPEXWLUVHUiLQVWDODGRVmRPXLWRLPSRUWDQWHVSDUDRERP
GHVHPSHQKRGRPHVPRHSDUDDVHJXUDQoDGRXVXiULR3DUDXPDLQVWDODomRLGHDODOJXQVIDWRUHVGHYHPVHU
FRQVLGHUDGRV
y $LQVWDODomRGRSURGXWRSRGHUiVHUSURYLGHQFLDGDSHORXVXiULRSRUpPUHFRPHQGDPRVFRQVXOWDUD5HGH
GH3RVWRV$XWRUL]DGRVQmRVHQGRFREHUWDSHOD)LVFKHU
2V )RUQRV (OpWULFRV GH (PEXWLU )LVFKHU IRUDP SURMHWDGRV SDUD HPEXWLPHQWR HP PyYHLV GH FR]LQKD
5HFRPHQGDPRVTXHRHPEXWLPHQWRGRSURGXWRVHMDSURYLGHQFLDGRSHORXVXiULRDWUDYpVGD5HGHGH
3RVWRV$XWRUL]DGRVQmRVHQGRFREHUWRSHOD)LVFKHU
4XDOTXHU G~YLGD TXDQWR D LQVWDODomR RX XVR VROLFLWDPRV HQWUDU HP FRQWDWR FRP QRVVR 6HUYLoR GH
$WHQGLPHQWRDR&RQVXPLGRU6$&RX
(VWHSURGXWRQmRGHYHVHULQVWDODGRHPDUPiULRVTXHHVWHMDPIRUDGRSDGUmRHVSHFLILFDGRQHVWH
PDQXDO
2QLFKRGHHPEXWLPHQWRGHYHVHJXLUDVGLPHQV}HVFRQIRUPHLQGLFDGRQHVWHPDQXDO
1LFKRUHFRUWHQRPyYHOSDUDRHPEXWLPHQWRGRSURGXWR
FRUWHODWHUDOGRQLFKR 6DtGDGHDUTXHQWH
PP


YLVWDGRPyYHOFRPQLFKRV
YLVWDIURQWDOGRQLFKR



 PtQLP
R






  


 
 

iUHDYD]DGD
PP





  IUHQWH


iUHDYD]DGDPP PHGLGDVHPPLOtPHWURV


$QWHVGHLQLFLDUDLQVWDODomRGR)RUQR(OpWULFRGH(PEXWLU)LVFKHUYHULILFDUVHRQLFKRGHHPEXWLPHQWR
HVSDoRHPTXHRIRUQRVHUiHPEXWLGRHVWiVHJXLQGRULJRURVDPHQWHDVGLPHQV}HVHFRUWHVFRQIRUPH
HVSHFLILFDGRQDVILJXUDV2PyYHOSDUDHPEXWLPHQWRGHYHUiVHUGHPDGHLUDWLSR0')HRXPDFLoD
1DHPEDODJHPGRSURGXWRDFRPSDQKDXPJDEDULWRTXHGHYHVHUXWLOL]DGRSDUDDLQVWDODomRGRSURGXWR
QRQLFKR
'REUDURJDEDULWRQDPDUFDomRLQGLFDGD
&HQWUDOL]DURJDEDULWRQDSDUWHVXSHULRUGRQLFKRSDUDPDUFDUDVIXUDo}HV9HULILFDUILJXUD
$SyV D PDUFDomR LQVHULU RV SDUDIXVRV TXH DFRPSDQKDP R SURGXWR QRV IXURV GHL[DQGR PP
DSUR[LPDGDPHQWHIRUDGRQLFKRSDUDRHQFDL[HGDPROGXUD
8WLOL]DURJDEDULWRSDUDPRQWDJHPGRIRUQRHPPRYHLVWLSRWRUUHHPyYHOVREFRRNWRS

&(175$/,=$5121,&+2
)5217$/%5$1&2

)5217$/,12;

ÈUHDGHGREUD
87,/,=$53$5$0$5&$5)85$d­2),;$d­2'$02/'85$

)RUQR(OHWULFR)LVFKHU )RUQR(OHWULFR)LVFKHU
(PEXWLU/)URQWDO%UDQFR (PEXWLU/)URQWDOLQR[


1,&+2((0%87,0(172
,QIRUPDo}HVVREUHRHPEXWLPHQWRWDPEpPSRGHPVHUORFDOL]DGDVQRVLWHZZZILVFKHUFRPEU
(0%87,0(172)2512(/e75,&2()25120,&5221'$60(','$6(00,/Ë0(7526
9LVWDIURQWDOGRQLFKR &RUWHODWHUDOGLUHLWRGRQLFKR 6DtGDVXSHULRUGHDU
)RUQRHOpWULFRFKDPLQp
6DtGDVXSHULRUGHDU
PtQ 
)RUQRPLFURRQGDVFKDPLQp

&RQVXOWDU
GLPHQV}HV PP 6DtGDVXSHULRUGHDU
GRQLFKRGHVHX )RUQRHOpWULFRFKDPLQp
)RUQR  6DtGDVXSHULRUGHDU
&RQVXOWDUGLPHQV}HV 0LFURRQGDV )RUQRPLFURRQGDVFKDPLQp
GRQLFKRGHVHX
)LVFKHU
)RUQR0LFURRQGDV
GH(PEXWLU)LVFKHU






)RUQR0LFURRQGDV


GH(PEXWLU)LVFKHU






 )RUQR(OpWULFR
GH(PEXWLU)LVFKHU

 
iUHDYD]DGDPP

&DVRRIRUQRPLFURRQGDVVHMDLQVWDODGRQRPHVPRPyYHOTXHRIRUQRHOpWULFRGHHPEXWLU)LVFKHUGHYHVH
VHJXLUDVLQVWUXo}HVHVSHFtILFDVGHLQVWDODomRSDUDQLFKRIRUQRHOpWULFRHIRUQRPLFURRQGDV)LVFKHU
eQHFHVViULRSUHYHUGXDVVDtGDVGHDULQGHSHQGHQWHVXPDVDtGDSDUDRQLFKRGRIRUQRHOpWULFRHXPD
VDtGDSDUDRQLFKRGRIRUQRPLFURRQGDV1mRXWLOL]DUDPHVPDVDtGDGHDUSRLVKDYHUiWUDQVIHUrQFLDGH
FDORUHQWUHRVQLFKRVSRGHQGRSUHMXGLFDURIXQFLRQDPHQWRGRVSURGXWRV

127$ 9DSRUHV SURYHQLHQWHV GRV DVVDGRV TXH VmR HOLPLQDGRV SHOD FKDPLQp SRGHP RFDVLRQDU R
DPDUHODPHQWRGDSDUHGHPyYHOSUy[LPDGRIXQGRWUDVHLURGRIRUQRVHQmRIRUHPUHVSHLWDGDVDVGHYLGDV
HVSHFLILFDo}HV

(0%87,0(17262%)2*­20(','$6(00,/Ë0(7526
&RUWHODWHUDOGRQLFKR
,OXVWUDomRIRUQRVREFRRNWRS 
PP
)XQGRGRIRJmR
'LYLVyULD 






*DEDULWR

'LYLVyULD






9LVWDIURQWDOGRQLFKR
%DVHGH
DSRLRIRUQR


 iUHDYD]DGDPP  

PtQLPR



y 5HVSHLWDU D GLVWkQFLD PtQLPD GH  PP DEDL[R GR IXQGR GR FRRNWRS DWp D
GLYLVyULD
y 7DQWRD,UPmRV)LVFKHUTXDQWRRUHYHQGHGRUQmRWrPTXDOTXHUUHVSRQVDELOLGDGH
SRUGDQRVDRIRUQRRXOHVmRSHVVRDOUHVXOWDQWHVGHXPDIDOKDSRUSURFHGLPHQWR
LQFRUUHWRGHLQVWDODomR

&21+(&(1'227,0(5(27(50267$72
2WLPHUpPHFkQLFRHSRUWDQWRSRGHVHUDMXVWDGRFRQIRUPHDQHFHVVLGDGH6HQmRIRUXWLOL]DUWRGRRWHPSR
DMXVWDGRQRWLPHUSRGHVHYROWDUPDQXDOPHQWHDWpRSRQWRµ
GHVOLJDJLUDQGRRQRVHQWLGRDQWLKRUiULR
2WHUPRVWDWRJLUDURERWmRQRVHQWLGRKRUiULRSRVLFLRQDQGRRLQGLFDGRUGRERWmRQDWHPSHUDWXUDGHVHMDGD
127$2WHUPRVWDWRHVWDELOL]DDWHPSHUDWXUDQRLQWHULRUGRIRUQR4XDQGRDWHPSHUDWXUDSURJUDPDGDp
DWLQJLGD R WHUPRVWDWR GHVOLJD DXWRPDWLFDPHQWH UHOLJDQGR DVVLP TXH QHFHVViULR GHVWH PRGR UHGX] R
FRQVXPRGHHQHUJLDHQmRDOWHUDRFR]LPHQWRGRDOLPHQWR
6RPHQWH DSyV D UHJXODJHP GR WLPHU H GR WHUPRVWDWR QD WHPSHUDWXUD GHVHMDGD R IRUQR HVWDUi HP
IXQFLRQDPHQWR
7,0(5*LUDURERWmRQRVHQWLGRKRUiULRDWpRILQDOH
UHWRUQDORHPVHQWLGRDQWLKRUiULRDWpRWHPSRGHVHMDGR 'HWDOKHGDJUDGXDomRGRWHUPRVWDWR

*UDGXDomRGR3DLQHO *UDGXDomRGR3DLQHO
,QGLFDGRUGR%RWmR ,QGLFDGRUGR%RWmR
2VQ~PHURVLQGLFDPRVPLQXWRV 2VQ~PHURVLQGLFDPD
HRVSRQWRVDGLYLVmRGHPLQXWRV WHPSHUDWXUDHPJUDXV&HOFLXVH
RVSRQWRVDGLYLVmRDFDGD
VHJXQGRV

5HFRPHQGDPRVDRXWLOL]DURIRUQRSHODSULPHLUDYH]OLJiORGHDPLQYD]LRFRP
DSRUWDHQWUHDEHUWD
7RPDUFXLGDGRSDUDFRLQFLGLUDRPi[LPRRLQGLFDGRUGRERWmRFRPDJUDGXDomRGR
SDLQHO
'XUDQWHRSUpDTXHFLPHQWRDVUHVLVWrQFLDVLQIHULRUHVXSHULRUGHYHPHVWDUVHPSUH
DFLRQDGDV$SyVSUpDTXHFHUFDVRGHVHMDUSRGHUiVHUPDQWLGRVRPHQWHDUHVLVWrQFLD
LQIHULRUOLJDGDGHSHQGHQGRGDQHFHVVLGDGHGHFDGDUHFHLWD
$SyV SURJUDPDGR R WHPSR GH DVVDGR D OkPSDGD LQWHUQD DFHQGH SHUPDQHFHQGR
DFHVDDWpRWHUPLQRGRWHPSRSURJUDPDGR
2V)RUQRV(OpWULFRVGH(PEXWLU)LVFKHUVmRVLPSOHVHSUiWLFRVSRUpPDQWHVGHFRPHoDUDXWLOL]iORV
FHUWLILFDUVHGHTXHWRGDVDVFRQGLo}HVSUHVFULWDVQDVSiJLQDVDQWHULRUHVWHQKDPVLGRFXPSULGDV3DUD
LQLFLDURSUHSDURGHXPDOLPHQWRpLQGLVSHQViYHORSUpDTXHFLPHQWRGRIRUQR3URFHGHUGDVHJXLQWHIRUPD
5HJXODURWHUPRVWDWRQDWHPSHUDWXUDGHVHMDGDDMXVWDURWLPHUHPPLQXWRVHDFLRQDUDVWHFODVGH
DTXHFLPHQWRLQIHULRUHVXSHULRUGRXUDGRU
$SyVRDYLVRVRQRURFRORFDU
R DOLPHQWR QR IRUQR H
GHVO

 GHVO
 
UHDMXVWDU R WLPHU QR WHPSR
QHFHVViULRSDUDRSUHSDUR

([HPSORGHSUHSDUR%ROR,QJOrV$MXVWDURWHUPRVWDWRQDWHPSHUDWXUDGHž&DMXVWDURWLPHUHPPLQ

DFLRQDUDVWHFODVGHDTXHFLPHQWRLQIHULRUHVXSHULRUGRXUDGRU$JXDUGDURDYLVRVRQRUR$SyVRSUp
DTXHFLPHQWRFRORFDUDPDVVDQRIRUQRHUHDMXVWDURWLPHUHPPLQGHL[DQGRDWHFODGHDTXHFLPHQWR
VXSHULRUDFLRQDGD'HFRUULGRVRVPLQRIRUQRGHVOLJDUiDXWRPDWLFDPHQWH

7$%(/$'(326,d­2 &RQMXQWRFRUSRLQWHUQR

1tYHO(QFDL[HGDEDQGHMDHVPDOWDGDSDUDUHVtGXRV 

1tYHO6XSRUWHGDJUDGHLQGLFDGRSDUDDOLPHQWRV 1Ë9(/

TXH QHFHVVLWDP GH XP FR]LPHQWR PDLRU QD SDUWH 1Ë9(/
1Ë9(/
LQIHULRU
1tYHO6XSRUWHGDJUDGHLQGLFDGRSDUDDOLPHQWRV
TXHQHFHVVLWDPGRXUDUDiUHDVXSHULRU
$JUDGHSRVVXHXPVLVWHPDGHVHJXUDQoDSDUDHYLWDUDFLGHQWHV
2EDWHQWHWUDVHLURHYLWDTXHRUHFLSLHQWHHVFRUUHJXHGHVOL]HTXDQGRDJUDGHIRUSX[DGD
$WUDYDGHVHJXUDQoDLPSHGHTXHDJUDGHVDLDWRWDOPHQWHGRVXSRUWH
 *UDGH 5HVLVWrQFLD6XSHULRU
',675,%8,d­2'26$/,0(1726

4XDQGRXWLOL]DUVRPHQWHXPUHFLSLHQWHSRVLFLRQDORQR
FHQWURGRIRUQR4XDQGRXWLOL]DUGRLVUHFLSLHQWHV / / + /
DVVDGRVGLVWULEXtORVGHPRGRTXHSRVVLELOLWHPD
FLUFXODomRGRDUTXHQWHGHPDQHLUDXQLIRUPHFRQIRUPH
RGHVHQKRDRODGR
127$1mRFRORFDUH[FHVVRGHSHVRDFLPDGHNJ
QDJUDGHLQWHUQD

+ FP 5HFLSLHQWH 5HFLSLHQWH

/ FP %DQGHMD 5HVLVWrQFLD,QIHULRU

x 'HVURVTXHDUDSURWHomRGDOkPSDGDJLUDQGRDQRVHQWLGRDQWLKRUiULR
x 5HWLUDUDOkPSDGDGDQLILFDGDGHVFRQHFWDQGRDGRVRTXHWH6XEVWLWXLUSHODOkPSDGDQRYD
x &RORFDUHURVTXHDUDSURWHomRGDOkPSDGDQRVHQWLGRKRUiULR
x 6RPHQWHDSyVHIHWXDUDWURFDFRQHFWDURFDERGHDOLPHQWDomRQDUHGHHOpWULFD
x $OkPSDGDGHYHUiVHUDGTXLULGDDWUDYpVGD5HGHGH3RVWRV
$XWRUL]DGRV)LVFKHUREHGHFHQGRDVVHJXLQWHVFDUDFWHUtVWLFDV
 5HVLVWHQWHDWHPSHUDWXUDVDFLPDGHƒ&
 7HQVmR9RX9FRQIRUPHRPRGHORGRIRUQR 6RTXHWH
/kPSDGD GDOkPSDGD
 3RWrQFLD:
 7LSRGDEDVH* 3URWHomRGDOkPSDGD

y $QWHVGDWURFDDVVHJXUDUVHTXHRIRUQRHVWHMDGHVFRQHFWDGRGDUHGHHOpWULFD
y $RVXEVWLWXLUDOkPSDGDQmRXWLOL]DUOkPSDGDGH/('

$QWHVGHTXDOTXHURSHUDomRGHOLPSH]DGHVFRQHFWDURIRUQRGDUHGHHOpWULFD

x 1mR XWLOL]DU R  IRUQR FDVR UHVtGXRV GH JRUGXUD Do~FDU RX FKRFRODWH HVWHMDP HP FRQWDWR FRP DV
UHVLVWrQFLDVSRLVHVWDVSRGHPSURYRFDUYDSRUHVDPDUHODGRVTXHYLUmRDPDQFKDUDVSDUWHVH[WHUQDVH
GHFRUDWLYDVGRSURGXWR
x 1HVWHFDVRSURFHGHUFRPDOLPSH]DGDVUHVLVWrQFLDVIULDFRPXPSDQRPDFLR
x 1mRGHL[DUUHVtGXRVGHVDOQRLQWHULRUGRIRUQRSDUDTXHQmRRFRUUDFRUURVmRGDFDYLGDGHLQWHUQD
x 1mRDUPD]HQDUDOLPHQWRVHUHFLSLHQWHVQRLQWHULRUGRIRUQR
x 1XQFDXWLOL]DUIOXLGRVLQIODPiYHLVFRPRiOFRROTXHURVHQHJDVROLQDWKLQHUVROYHQWHVGHWHUJHQWHVFRP
DPRQtDFRUHPRYHGRUHVYLQDJUHVRGDDEUDVLYRVWLSRVDSyOLRHVSRQMDVRXOmGHDoRRXRXWURVSURGXWRV
TXHOLEHUHPYDSRUHVTXtPLFRVFRUURVLYRV7RGRVHVWHVSURGXWRVGDQLILFDUmRRIRUQR


x $ROLPSDUDVXSHUItFLHH[WHUQDXWLOL]DUVRPHQWHGHWHUJHQWHRXVDEmRQHXWURVDSOLFDGRVFRPSDQRPDFLR
x /LPSDURSDLQHOVRPHQWHFRPSDQR~PLGRSDUDQmRGDQLILFDURVFRQWUROHVPHFkQLFRV([FHVVRGHiJXD
GDQLILFDRSURGXWR
$SyVOLPSDUDSDUWHH[WHUQDHQ[DJXDURSDQRHUHPRYHURUHVtGXRGHGHWHUJHQWHRXVDEmRVHFDQGRFRP
SDSHOWRDOKDRXRXWURSDQRPDFLRVHFR
x 3DUDOLPSH]DGDVSHoDVHPDoRLQR[XWLOL]DUSURGXWRV HVSHFtILFRVSDUDDoRLQR[RXVRPHQWHSDQR
~PLGRFRPGHWHUJHQWHQHXWUR6HFDUEHPDSyVDOLPSH]D

x 8WLOL]DUiJXDPRUQDSDQRPDFLRHGHWHUJHQWHQHXWUR
x 1XQFDXWLOL]DUSDQR~PLGRQRYLGURDLQGDTXHQWH
x 1mRXVDUSURGXWRVGHOLPSH]DDEUDVLYRVRXUDVSDGRUHVPHWiOLFRVDILDGRVSDUDOLPSDURYLGURGD
SRUWDSRLVSRGHPDUUDQKDUDVXSHUItFLHHSURYRFDUDTXHEUD
127$$RSUHSDUDUDOLPHQWRVJRUGXURVRVWRPDURFXLGDGRGHDQWHVHQYROYrORVHPSDSHODOXPtQLR
RXFHORIDQHSDUDHYLWDUUHVSLQJRVQRFRUSRLQWHUQRHIDFLOLWDUDOLPSH]DGRIRUQR

/,03(=$'$*5$'(('$%$1'(-$3$5$5(6,'826
x $JUDGHGHYHVHUUHPRYLGDSDUDIDFLOLWDUDOLPSH]D
x $OLPSH]DGHYHUiVHUIHLWDFRPHVSRQMDHGHWHUJHQWHQHXWUR
x 1mRXWLOL]DUSURGXWRVDEUDVLYRVVDSRQiFHRVVRGDHWF
x 5HWLUDQGRDJUDGHGHSRLVGHIULDSX[HDJUDGHOHQWDPHQWHGHVOL]DQGRDWpHVWDUWRWDOPHQWHIRUDGRIRUQR

2UHYHVWLPHQWRDXWROLPSDQWHpXPHVPDOWHHVSHFLDOTXHQmRpWy[LFRQmRDOWHUDRVDERUGRVDOLPHQWRV
2 SURFHGLPHQWR GH DXWROLPSH]D RFRUUH SHOD DEVRUomR GH JRUGXUD H SHOD VXD HOLPLQDomR DWUDYpV GH
DJHQWHVGHVVHHVPDOWH
5HFRPHQGDPRVHYLWDURFRQWDWRGRVDOLPHQWRVFRPDVSDUHGHVLQWHUQDVGRIRUQRSRLVRVPHVPRVSRGHP
GHL[DUUHVtGXRVTXHSUHMXGLFDPRGHVHPSHQKRGDDXWROLPSH]D&DVRKRXYHURFRQWDWRGRDOLPHQWRFRP
DVSDUHGHVGRIRUQRUHFRPHQGDPRVDOLPSH]DPDQXDO3DUDLVVRSURFHGHUGDVHJXLQWHIRUPD
x 8WLOL]DUHVSRQMDPDFLDRXSDQRXPHGHFLGR
x $SyVDOLPSH]DOLJDURIRUQRHPWHPSHUDWXUDPi[LPDSRUGH]PLQXWRVFRPDSRUWDHQWUHDEHUWDSDUD
HOLPLQDUDXPLGDGHUHVXOWDQWHGDOLPSH]D
x 181&$XWLOL]DUHVSRQMDVGHDoR
x 181&$XWLOL]DUSURGXWRVFiXVWLFRVRXDEUDVLYRV
x 1mRXWLOL]DU³OLPSDIRUQR´QDVXSHUItFLHDXWROLPSDQWHSDUDQmRGDQLILFiOD

3DUD TXH D DXWROLPSH]D RFRUUD

GH PDQHLUD HILFLHQWH p
LPSRUWDQWH DOWHUQDU DVVDGRV GH
DOLPHQWRV JRUGXURVRV FRP
DOLPHQWRV QmR JRUGXURVRV
HYLWDQGR D LPSUHJQDomR GH
JRUGXUDQRHVPDOWH
2)RUQR(OpWULFRGH(PEXWLU)LVFKHUSRVVXLLVRODPHQWRWpUPLFRHWHUPRVWDWRGHH[FHOHQWHTXDOLGDGHRTXH
JDUDQWHDRSURGXWRXPPHOKRUGHVHPSHQKRHFRQRPLDGHWHPSRHPHQRUFRQVXPRGHHQHUJLD
$EDL[RVHJXHPVXJHVW}HVGHWHPSRHWHPSHUDWXUDSDUDWLSRVGLIHUHQWHVGHSUHSDURVFRQVLGHUDQGRR
DFLRQDPHQWRGDVUHVLVWrQFLDVVXSHULRUHLQIHULRU

3Up 7HPSHUDWXUD 7HPSR7RWDO &RQVXPR

$OLPHQWR
DTXHFLPHQWR GRDVVDGR GRDVVDGR HPN:K
%ROR,QJOrV ƒ&
PLQƒ& PLQ 
PLVWXUDSURQWD
%ROR,QJOrV
PLQƒ& ƒ& PLQ 
PDVVDFDVHLUD
&R[DH6REUH
PLQƒ& ƒ& PLQ 
&R[DNJ
)UDQJR,QWHLUR
PLQƒ& ƒ& PLQ 
5HVIULDGR
%DWDWD3DOLWR
PLQž& ƒ& PLQ 
&RQJHODGDJ
3mRGH4XHLMR
PLQƒ& ƒ& PLQ 
&RQJHODGRJ
3L]]D5HVIULDGD
PLQƒ& ƒ& PLQ 
J
7DLQKD5HFKHDGD
PLQƒ& ƒ& PLQ 
NJ
3mRGH)RUPD
PLQƒ& ƒ& PLQ 
XQ
(PSDGmR
PLQƒ& ƒ& PLQ 
IRUPDFP
/DVDQKD5HVIULDGD
PLQƒ& ƒ& DPLQ 
NJ
3mRGH/y
PLQƒ& ƒ& PLQ 
IRUPDPpGLD

3DUDFDOFXODURYDORU5PXOWLSOLFDURFRQVXPRHPN:KUHIHUHQWHDR
SUHSDURGHFDGDDOLPHQWRGDWDEHODSHORYDORUGDWDULIDUHVLGHQFLDOGD
$1((/ $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD SDUD R %UDVLO GD VXD
UHJLmR


 2VHXIRUQR(OpWULFR)LVFKHUGH(PEXWLUpJDUDQWLGRFRQWUDGHIHLWRVHYtFLRVGHIDEULFDomRSHORSUD]RGH
GR]H PHVHV FRQWDGRV D SDUWLU GD GDWD GH HPLVVmR GD 1RWD )LVFDO DR FRQVXPLGRU FRPSUHHQGLGR GD
VHJXLQWHIRUPD
x WUrVSULPHLURVPHVHVGHJDUDQWLDOHJDO
x QRYH~OWLPRVPHVHVGHJDUDQWLDFRQWUDWXDOHVSHFLDO

3DUDID]HUXVRGRVVHUYLoRVFREHUWRVSHODJDUDQWLDID]VHQHFHVViULRD
DSUHVHQWDomRGD1RWD)LVFDOGHDTXLVLomRGRSURGXWR

'XUDQWHRSHUtRGRGHYLJrQFLDGDJDUDQWLDVRPHQWHRIDEULFDQWHHVXD5HGHGH3RVWRV$XWRUL]DGRVRX
TXHP HOD LQGLFDU VHUmR UHVSRQViYHLV SHOD FRQVWDWDomR GH YtFLR GHIHLWR H  H[HFXomR GH UHSDURV QRV
SURGXWRV$JDUDQWLDFRPSUHHQGHDVXEVWLWXLomRGHSHoDVHPmRGHREUDQRUHSDURGHYtFLRVRXGHIHLWRV
GHYLGDPHQWHFRQVWDWDGRVSHORIDEULFDQWHRXVXD5HGHGH3RVWRV$XWRUL]DGRV
2FRQVXPLGRUSHUGHUiDXWRPDWLFDPHQWHDJDUDQWLD/HJDOH&RQWUDWXDOTXDQGR
x 2XVRGRIRUQRHOpWULFRGHHPEXWLUQmRIRUH[FOXVLYDPHQWHGRPpVWLFRXVRSDUDILQVFRPHUFLDLV
ODERUDWRULDLVLQGXVWULDLVHWF
x 2SURGXWRIRULQVWDODGRRXXWLOL]DGRHPGHVDFRUGRFRPDVLQVWUXo}HVFRQWLGDVQRPDQXDOGHLQVWUXo}HVGR
SURGXWRWDLVFRPRQLFKRGHHPEXWLPHQWRVDtGDGHDUQRPyYHOQLYHODPHQWRGRSURGXWRUHGHHOpWULFD
FRPSDWtYHOHWF
x 2SURGXWRIRUYLRODGRDGXOWHUDGRPRGLILFDGRRXFRQVHUWDGRSRUSHVVRDRXHQWLGDGHQmRFUHGHQFLDGD
HRXDXWRUL]DGDSHOD,UPmRV)LVFKHU6$,QGH&RP
x )RUHP LQFRUSRUDGRV DR SURGXWR SHoDV FRPSRQHQWHV H DFHVVyULRV QmR RULJLQDLV DLQGD TXH
FRPHUFLDOL]DGRVSHOD5HGHGH3RVWRV$XWRUL]DGRV
x +RXYHUUHPRomRHRXDOWHUDomRGRQ~PHURGHVpULHRXGDHWLTXHWDGHLGHQWLILFDomRGRSURGXWR
$VJDUDQWLDV/HJDOH&RQWUDWXDOQmRFREUHP
x 'HVSHVDVFRPDLQVWDODomRGRSURGXWREHPFRPRFRPPDWHULDLVSHoDVHPmRGHREUDSDUDDV
DGDSWDo}HV QHFHVViULDV j SUHSDUDomR GR ORFDO SDUD D LQVWDODomR DWHUUDPHQWR QLFKR VHUYLoRV GH
DOYHQDULDPDUFHQDULDDDGHTXDomRLQVWDODomRHOpWULFDSLQWXUDJHVVRHDFDEDPHQWRV
x 6HUYLoRVGHPDQXWHQomRHOLPSH]DGRSURGXWR
x )DOKDVQRIXQFLRQDPHQWRGRSURGXWRHPGHFRUUrQFLDGHSUREOHPDVQRIRUQHFLPHQWRGHHQHUJLD
HOpWULFDWDLVFRPRRVFLODo}HVHWF
x 'HIHLWRVGHFRUUHQWHVGHDFLGHQWHVPDXDFRQGLFLRQDPHQWRXVRLQDGHTXDGRDJHQWHGDQDWXUH]D
PDXVWUDWRVIDOWDGHOLPSH]DRXOLPSH]DLQFRUUHWDH[FHVVRGHiJXDXPLGDGHUHVtGXRVDVVLPFRPRRXVR
GHSURGXWRVDEUDVLYRVSDUDDPDQXWHQomRHOLPSH]DGRHOHWURGRPpVWLFR
x 'DQRVHPGHFRUUrQFLDGHIDWRVGDQDWXUH]DWDLVFRPRUHOkPSDJRFKXYDLQXQGDomRHWF
x 3UREOHPDGHR[LGDomRIHUUXJHPFDXVDGRVSHORVVHJXLQWHVIDWRUHV
,QVWDODomRHPDPELHQWHVGHDOWDFRQFHQWUDomRVDOLQDWDLVFRPRUHJL}HVOLWRUkQHDV
,QVWDODo}HVHPDPELHQWHVRQGHRSURGXWRHVWHMDH[SRVWRDRXWURVSURGXWRVTXtPLFRViFLGRVRXDOFDOLQRV
TXHSRVVDPDJUHGLUDSLQWXUDGRPHVPR
$JDUDQWLD&RQWUDWXDOQmRFREUH
x 0ROGXUD YLGURV OkPSDGDV FDER GH DOLPHQWDomRHOpWULFR DFHVVyULRV RX SHoDV VXMHLWDV DR GHVJDVWH
QDWXUDO GHFRUUHQWH GR XVR FRPR JUDGH EDQGHMD FROHWRUD GH UHVtGXRV PDQLSXODGRUHV ERW}HV H
SX[DGRUHVHVWHVFRPSRQHQWHVSRVVXHPVRPHQWHDJDUDQWLDFRQWUDGHIHLWRGHIDEULFDomRSHORSUD]ROHJDO
GHWUrVPHVHV
x 'HIHLWRVHVWpWLFRVSURGXWRVULVFDGRVRXDPDVVDGRVRXFRPIDOWDGHSHoDVLQWHUQDVRXH[WHUQDVGH
SURGXWRVYHQGLGRVQRHVWDGRVDOGRRXSURGXWRVGHPRVWUXiULRHVVHVSURGXWRVWHPJDUDQWLDHPHVHV
DSHQDVSDUDGHIHLWRVIXQFLRQDLVQmRGLVFULPLQDGRVQDQRWDILVFDOGHFRPSUDGRSURGXWR
x 'HVORFDPHQWRVSDUDDWHQGLPHQWRVGHSURGXWRVLQVWDODGRVIRUDGRPXQLFtSLRVHGHGD5HGHGH3RVWRV
$XWRUL]DGRV


(VFODUHFLPHQWR
&DVRFRQWUDWDUDLQVWDODomRMXQWRDQRVVD5HGHGH3RVWRV$XWRUL]DGRVVROLFLWDURRUoDPHQWRSUpYLRH
YHULILFDUFRQGLo}HVGLIHUHQFLDGDVGHLQVWDODomR1RFDVRGR3RVWR$XWRUL]DGRRIHUHFHUDWHQGLPHQWRD
GRPLFtOLRIRUDGRPXQLFtSLRVHGHQRSHUtRGRGDJDUDQWLDFRQWUDWXDOILFDHQWHQGLGRTXHWUDWDVHGH
VHUYLoRFRPSOHPHQWDUQmRFREHUWRSHODJDUDQWLDGHYHQGRDWD[DGH³GHVORFDPHQWRHRXYLVLWD´VHU
FXVWHDGDSHORFRQVXPLGRU

$),6&+(51­26(5(63216$%,/,=$3259Ë&,2'(6(59,d2635(67$'263257(5&(,526
SRUWDQWRUHFRPHQGDPRVTXHQRDWRGDHQWUHJDFRQILUDVHXSURGXWRQDSUHVHQoDGRWUDQVSRUWDGRU
9HULILTXHDTXDOLGDGHGDHQWUHJDDTXDQWLGDGHVHRSURGXWRHVWiGHDFRUGRFRPDFRPSUDHD
GHVFULomRGD1RWD)LVFDOTXHRDFRPSDQKD&DVRH[LVWDTXDOTXHUSUREOHPDUHFXVHRSURGXWRUHJLVWUHR
PRWLYRQRYHUVRGD1RWD)LVFDOHHQWUHHPFRQWDWRFRPRUHVSRQViYHOSHORVHUYLoRGH
WUDQVSRUWHHHQWUHJD

x $,UPmRV)LVFKHU6$QmRDXWRUL]DQHQKXPDSHVVRDRXHQWLGDGHDDVVXPLUHPVHXQRPHRXWUD
UHVSRQVDELOLGDGHUHODWLYDjJDUDQWLDGHVHXVSURGXWRVDOpPGDVDTXLH[SOLFLWDGDV
x $,UPmRV)LVFKHU6$UHVHUYDVHRGLUHLWRGHDOWHUDURSURGXWRVXDVFDUDFWHUtVWLFDVJHUDLVWpFQLFDV
HHVWpWLFDVEHPFRPRDVHVSHFLILFDo}HVGRVHXPDQXDOVHPSUpYLRDYLVR
x $JDUDQWLDpYiOLGDVRPHQWHSDUDSURGXWRVYHQGLGRVHXWLOL]DGRVQRWHUULWyULREUDVLOHLUR
x &KDPDGRVUHODFLRQDGRVDRULHQWDomRGHXVRGRHOHWURGRPpVWLFRFXMDH[SOLFDomRHVWHMDSUHVHQWH
QRPDQXDOGHLQVWUXo}HVRXHPHWLTXHWDVRULHQWDWLYDVTXHDFRPSDQKDPRSURGXWRHVWmRVXMHLWRVj
FREUDQoDGRFRQVXPLGRU

3DUDHVFODUHFHUG~YLGDVHUHFHEHUVXJHVW}HVD
,50­26),6&+(5GLVSRQLELOL]DXPDHTXLSH
DOWDPHQWHTXDOLILFDGDHWUHLQDGDSDUDDWHQGHUVHXV
FRQVXPLGRUHV/LJXHJUiWLVWHUHPRVRPDLRUSUD]HU
HPDWHQGrOR
3DUDFRQVXOWDDWXDOL]DGDGD
H 5HGHGH3RVWRV$XWRUL]DGRVH
GRVPDQXDLVGHLQVWUXo}HV
VDF#ILVFKHUFRPEU GRVQRVVRVSURGXWRVDFHVVH
RVLWHRILFLDOGDHPSUHVD
+RUiULRGH$WHQGLPHQWR
6HJXQGDDTXLQWDIHLUDKjVKHGDVKjVK ZZZILVFKHUFRPEU
6H[WDIHLUDKjVKHGDVKjVK


3UREOHPD 1DVSRVVtYHLVFDXVDVYHULILTXH
x 6HRFDERGHDOLPHQWDomRHVWiFRQHFWDGRjWRPDGD
x 6HRGLVMXQWRUGRSDLQHOHOpWULFRGHVXDUHVLGrQFLDHVWiGHVDUPDGRRX
2IRUQR
RIXVtYHOTXHLPDGR
QmRIXQFLRQD
x 6HKiIDOWDGHHQHUJLDHOpWULFD
x 6HDVUHVLVWrQFLDVHVWmRDTXHFHQGR
$OkPSDGD x 6HDOkPSDGDHVWiEHPHQFDL[DGD
QmRDFHQGH x 6HDOkPSDGDHVWiTXHLPDGD
x 6HDWHFOD³OX]´IRLSUHVVLRQDGD
2VUHVXOWDGRVGRV x 6HRIRUQRHVWiQLYHODGR
DVVDGRVQmRVmR x 6HDWHPSHUDWXUDRWHPSRHDVUHVLVWrQFLDVIRUDPDFLRQDGDV
RVHVSHUDGRV x 6HYRFrHVWiXVDQGRXPDDVVDGHLUDDGHTXDGD3URFXUHQXPOLYURGHUHFHLWDV
FRQILiYHORWLSRGHDVVDGHLUDUHFRPHQGDGR
x 6HRIRUQRQmRIRLSUpDTXHFLGR
x 6HDJUDGHHVWiQLYHODGDFRUUHWDPHQWHQRLQWHULRUGRIRUQR
x 6HRWHPSRHDWHPSHUDWXUDLQVHULGRVQDVUHFHLWDVSDUDFDGDWLSRGHDVVDGR
HVWmRFRUUHWRV
$JXDUQLomRTXH x $JXDUQLomRpIL[DDWUDYpVGH³JDQFKRV´(QFDL[iORVFRUUHWDPHQWHQRV
YHGDDSRUWDGR SRQWRVGHIL[DomR
IRUQRHVWDVROWD

2IRUQRHVWi x 3DUDDPHQL]DURDF~PXORGHYDSRUGCiJXDRXDFRQGHQVDomRQRLQWHULRU
FRQGHQVDQGR GRIRUQRUHFRPHQGDVHTXHQRVDVVDGRVTXHSRVVXHP³iJXD´EDQKRPDULD
XWLOL]DUWDPSDHQXQFDGHL[DURDOLPHQWRUHVIULDQGRGHQWURGRIRUQRDSyVRWpUPLQR
GRDVVDGR
x 6HRQLFKRGHLQVWDODomRSRVVXLYHQWLODomRDGHTXDGDFRQIRUPHDVLQVWUXo}HV
GHLQVWDODomRGHVWHPDQXDO