Baixe o app para aproveitar ainda mais
Prévia do material em texto
���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 � /XSD � �)HFKDU ([HUFtFLR��*67����B(;B$�B������������� 0DWUtFXOD�������������� $OXQR�D���0$*12�'26�6$1726�/,5$ 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $V�FRUUHVSRQGrQFLDV�RILFLDLV�SUHFLVDP��QHFHVVDULDPHQWH��REHGHFHU�DR�SDGUmR�FXOWR�GD�OLQJXDJHP��$VVLQDOH�D DOWHUQDWLYD�TXH�HVWi�HP�DFRUGR�FRP�HVVD�DILUPDomR� +RXYHUDP�SHVVRDV�GHVFRQWHQWHV�FRP�D�QRYD�PHGLGD�DGRWDGD�QDTXHOH�VHWRU�GD�HPSUHVD� � ,QIRUPDPRV�TXH�IRL�LPSODQWDGR��DSyV�LQWHQVRV�GHEDWHV��QRYD�WDEHOD�GH�KRQRUiULRV�PpGLFRV� $�UD]mR�SRUTXH�VDtPRV�GD�HPSUHVD�VHUi�HVFODUHFLGD�DVVLP�TXH�IRU�SRVVtYHO� � $V�ILFKDV�HVWmR�DQH[DV�DR�SURFHVVR� (OH�DGRWRX�DTXHOD�PHGLGD�DILP�GH�VH�WRUQDU�SRSXODU�HQWUH�RV�IXQFLRQiULRV� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $�UHGDomR�HPSUHVDULDO�WHP�FRPR�REMHWLYR�D�FODUH]D�SDUD�TXH�VHMDP�HYLWDGRV�RV�UXtGRV�TXH�LPSHGHP�R�ERP DQGDPHQWR�GRV�SURMHWRV�H�GRV�REMHWLYRV��3DUD�LVVR��p�QHFHVViULR�REVHUYDU�VH�WDQWR�R�WUDWDPHQWR�GD�OLQJXDJHP� FRPR�D�DSUHVHQWDomR�ItVLFD�GR�GRFXPHQWR��PDQWHQGR�VH�XP�SDGUmR�TXH�DWHQGD�jV�QRUPDV�GD�FRPXQLFDomR HPSUHVDULDO��$�SDUWLU�GHVVD�UHIOH[mR��DVVLQDOH�D�RSomR�TXH�FDUDFWHUL]D�D�FDUWD�FRPHUFLDO�RX�HPSUHVDULDO� &DUWD�FRPHUFLDO�p�XP�GRFXPHQWR�TXH�QmR�VHUYH�SDUD�LPSXOVLRQDU�RV�QHJyFLRV�D�VHUHP�WUDWDGRV� � �9LPRV�SRU�PHLR�GHVWD��p�XP�ERP�H[HPSOR�GH�LQtFLR�GH�XPD�FDUWD�FRPHUFLDO� � �,QIRUPDPRV�TXH��D�SDUWLU�GH�DJRUD��RV�SDJDPHQWRV�SRGHP�VHU�IHLWRV�SRU�PHLR�GH�EROHWR�EDQFiULR��p XP�H[HPSOR�DGHTXDGR�GH�LQtFLR�GH�FDUWD�FRPHUFLDO� &DUWD�FRPHUFLDO�p�XP�GRFXPHQWR�GH�FRUUHVSRQGrQFLD�LQWHUQD�XVDGR�FRPR�PHLR�GH�FRPXQLFDomR�LQIRUPDO HQWUH�GXDV�HPSUHVDV�RX�XPD�HPSUHVD�H�XPD�SHVVRD� $R�FRPHoDU�XPD�FDUWD�FRPHUFLDO��QmR�p�QHFHVViULR�LU�GLUHWR�DR�DVVXQWR�TXH�VHUi�WUDWDGR� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $V�QRUPDV�GH�UHGDomR�GRV�GRFXPHQWRV�RILFLDLV�HVWmR�LQWHLUDPHQWH�UHVSHLWDGDV�HP� e�FRP�D�GHYLGD�DWHQomR�TXH�HQYLDPRV�j�HVVH�yUJmR�VXSHULRU��DV�LQIRUPDo}HV�TXH�QHFHVVLWDP�SDUD�9� ([D��PDQGDU�UHDOL]DU�DOJXPDV�DOWHUDo}HV�HP�QRVVR�VHUYLoR��R�TXDO�SUHFLVD�VHU�UHPRGHODGR�SDUD�DWHQGHU FRP�PDLRU�SUHVWH]D�R�S~EOLFR� � 3DUD�TXH�9��([D��ILTXHLV�VDEHQGR��p�QRVVR�GHYHU�LQIRUPDYRV��QRVVD�HTXLSH�GH�DWHQGLPHQWR�DR�S~EOLFR YHP�GHVHQYROYHQGR�HVIRUoRV�QR�VHQWLGR�GH�EHP�HQFDPLQKDU�DV�VROLFLWDo}HV�TXH�QRV�HQYLDP� 1RV�GLULJLPRV��FRP�WRGR�UHVSHLWR��j�9��([D���SDUD�LQIRUPDU�TXH�HVWDPRV�SURYLGHQFLDQGR�PXGDQoDV�HP QRVVD�VHGH��QR�VHQWLGR�GH�DWHQGHU�HVVDV�SHVVRDV�HP�FRQGLomR�PHOKRU�H�DVVLP�HYLWDU�DV�IUHTXHQWHV TXHL[DV�TXH�FKHJDP�D�9��([D� � 'LULJLPR�QRV�D�9��([D��SDUD�HVFODUHFHU�RV�IDWRV�TXH�GHUDP�RULJHP�jV�TXHL[DV�HQYLDGDV�D�HVVH�yUJmR�H LQIRUPDU�DV�SURYLGrQFLDV�TXH�HVWmR�VHQGR�WRPDGDV�TXDQWR�j�TXDOLGDGH�H�j�DJLOLGDGH�QD�SUHVWDomR�GH QRVVRV�VHUYLoRV� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� 'HYHPRV�LQIRUPDU�D�9��([D���FRP�D�Pi[LPD�H[DWLGmR�R�TXH�YHP�DFRQWHFHQGR�QDV�QRVVDV�XQLGDGHV�GH SUHVWDomR�GH�VHUYLoRV�D�HVWD�FRPXQLGDGH��FULDQGR�HQWmR�SUREOHPDV�GH�UHFODPDo}HV�TXH�QmR�SRGHPRV DWHQGHU� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� 6DEHPRV�TXH�XPD�FDUWD�FRPHUFLDO�PDO�UHGLJLGD�SRGH�OHYDU�D�HPSUHVD�D�SHUGHU�XP�ERP�FOLHQWH�RX�XP�SDUFHLUR FRPHUFLDO�VLJQLILFDWLYR��3RU�HVVD�UD]mR��SRGHPRV�GL]HU�TXH�D�WDUHID�GH�SUHSDUDU�HVVH�WLSR�GH�FRUUHVSRQGrQFLD H[LJH VXEMHWLYLGDGH��FRQKHFLPHQWR�GD�QRUPD�FXOWD�H�IOH[LELOLGDGH� � GRPtQLR�GH�KDELOLGDGH�RUDO��DWHQomR�H�YLVmR�GH�PXQGR�DPSOD� FRQKHFLPHQWR�GH�PXQGR��LQIRUPDOLGDGH�H�IOXrQFLD�YHUEDO� FULDWLYLGDGH��FRQKHFLPHQWR�GDV�WpFQLFDV�GH�UHGDomR�H�GH�LQIRUPiWLFD� � KDELOLGDGH�GH�HVFULWD��FRQKHFLPHQWR�GDV�WpFQLFDV�GH�UHGDomR�H�SURILVVLRQDOLVPR� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $QDOLVH�D�ILJXUD�D�VHJXLU� �(VWDPRV�GLDQWH�GH�XPD�IRUPD�GH�FRPXQLFDomR�HPSUHVDULDO�WHFQROyJLFD��TXH�UHFHEH�R�QRPH�GH H�IULHQG� � H�FDUG� � H�PDLO� H�VHVVLRQ� H�ERRN� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� 1D�FRPXQLFDomR�HPSUHVDULDO�p�QHFHVViULR�DVVRFLDU�VH�D�REMHWLYLGDGH�j�LQWHOLJLELOLGDGH�GRV�WH[WRV��3RU�LVVR��Ki GRLV�UHTXLVLWRV�LPSRUWDQWHV�TXH�GHYHP�VHPSUH�VHU�FRQVLGHUDGRV�WDQWR�QD�FRPXQLFDomR�LQWHUQD�TXDQWR�QD H[WHUQD�D�XPD�RUJDQL]DomR��6mR�HOHV� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � 7UDWDPHQWR�GD�OLQJXDJHP�H�DSUHVHQWDomR�HVWpWLFD � $SUHVHQWDomR�HVWpWLFD�H�OLQJXDJHP�HUXGLWD $SUHVHQWDomR�HVWpWLFD�GR�DJUDGR�GR�S~EOLFR�H[WHUQR /LQJXDJHP�HUXGLWD��LQWHOLJtYHO�DSHQDV�DRV�WpFQLFRV 7UDWDPHQWR�GD�OLQJXDJHP�H�DSUHVHQWDomR�JOREDO �*DEDULWR�&RPHQWDGR �)HFKDU � � ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 � /XSD � �)HFKDU ([HUFtFLR��*67����B(;B$�B������������� 0DWUtFXOD�������������� $OXQR�D���0$*12�'26�6$1726�/,5$ 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� ([LVWHP�WUrV�SLODUHV�IXQGDPHQWDLV�SDUD�D�HIHWLYDomR�GDV�HVWUDWpJLDV�HPSUHVDULDLV��FRQIRUPH�VH�YLX�HP�QRVVD DXOD����'HQWUH�HOHV��DSHQDV�80�SRGHPRV�GHVWDFDU�D�VHJXLU� %XVFDU�VROXo}HV�SDUD�RV�SUREOHPDV� � $YDOLDU�REMHWLYDPHQWH�RV�UHFXUVRV� (VFUHYHU�EHP�R�SRUWXJXrV� 6HU�LQWHUHVVDGR�H�HQJDMDGR�QR�WUDEDOKR� ,QWHUDJLU�FRP�DV�SHVVRDV�LQWHUQDPHQWH� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $V�SHoDV�SXEOLFLWiULDV�GD�&RFD�&ROD�REHGHFHP�D�SDGU}HV�TXH�GHYHP�UHJHU�D�ERD�FRPXQLFDomR�HPSUHVDULDO� SDUWLFXODUPHQWH�FRP�R�PHUFDGR�FRQVXPLGRU��3RU�LVVR��DV�SURSDJDQGDV�GD�&RFD�&ROD�S}HP�HP�GHVWDTXH�DV TXDOLGDGHV�GH�VHXV�SURGXWRV�VHPSUH�UHVVDOWDQGR�TXH�VXD�PLVVmR�p�ID]HU�FRP�TXH�VH�WHQKD�SUD]HU�HP�FRQVXPL� ORV��'Dt��SRGH�VH�GHSUHHQGHU�TXH�D�FRPXQLFDomR�HPSUHVDULDO�GHYH�SDXWDU�VH�SRU� 8PD�LGHQWLGDGH�GD�HPSUHVD�TXH�SURYRTXH�D�UHDomR�GRV�FRQFRUUHQWHV � 8P�SDGUmR�GH�FRPXQLFDomR�TXH�UHVVDOWH�R�VXFHVVR�GR�SURGXWR 8PD�LPDJHP�RUJDQL]DFLRQDO�TXH�UHYHOH�XPD�HPSUHVD�WHFQROyJLFD � 8P�SDGUmR�GH�FRPXQLFDomR�TXH�FRQVDJUH�D�LGHQWLGDGH�GD�HPSUHVD 8PD�OLQJXDJHP�TXH�GHVSHUWH�D�FXULRVLGDGH�GR�TXH�VH�SUHWHQGH�GL]HU �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� ���2�SURFHVVR�GH�FRPXQLFDomR�p�SUySULR�D�TXDOTXHU�VHU�YLYHQWH��$Wp�PHVPR�RV�LUUDFLRQDLV�GLVS}HP�GH�XP SURFHVVR�GH�FRPXQLFDomR��TXH�OKHV�DVVHJXUD�D�VREUHYLYrQFLD��2V�VHUHV�UDFLRQDLV�SRGHP�WUDEDOKDU�OLYUHPHQWH�D FRPXQLFDomR�GH�VXDV�LGHLDV��VXDV�SUHWHQV}HV��VXDV�GHVFREHUWDV�H�DVVLP�SRU�GLDQWH��3RU�LVVR��QmR�p�SRVVtYHO KDYHU�VRFLHGDGH��QHP�LQVWLWXLomR�VHP�FRPXQLFDomR��$VVLP�VHQGR��D�UHVSRQVDELOLGDGH�SHOD�ERD�FRPXQLFDomR�HP XPD�RUJDQL]DomR�p�XPD�DWULEXLomR GD�iUHD�GH�5HODo}HV�+XPDQDV�QR�7UDEDOKR� � GH�XP�GHSDUWDPHQWR�GH�FRPXQLFDomR� GR�GHSDUWDPHQWR�GH�PDUNHWLQJ�LQVWLWXFLRQDO� � GH�WRGRV�RV�LQWHJUDQWHV�GD�RUJDQL]DomR� GRV�FDUJRV�GH�FKHILD�HP�TXDOTXHU�XQLGDGH� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� EĂ� ĂƵůĂ� ƐŽďƌĞ� Ž� WƌŽĐĞƐƐŽ� ĚĞ� �ŽŵƵŶŝĐĂĕĆŽ� ŶĂƐ� KƌŐĂŶŝnjĂĕƁĞƐ� ĂĨŝƌŵĂͲƐĞ� ƋƵĞ͗�Ž� ƐƵĐĞƐƐŽ� ĚĞ� ƋƵĂůƋƵĞƌ� ĞƐƚƌĂƚĠŐŝĂ� ĞŵƉƌĞƐĂƌŝĂů� ĚĞƉĞŶĚĞ͕ ƐƵďƐƚĂŶĐŝĂůŵĞŶƚĞ͕� ĚĞ� Ƶŵ� ďŽŵ� ĚĞƐĞŵƉĞŶŚŽ� ĚĂ� ĐŽŵƵŶŝĐĂĕĆŽ͕� ƉƌŝŶĐŝƉĂůŵĞŶƚĞ� ĚĂ� ĐƵůƚƵƌĂ� ĚĞ� ĐŽŵƵŶŝĐĂĕĆŽ� ĚĂ� ĞŵƉƌĞƐĂ͕� ŽƵ� ƐĞũĂ͕� ĚĂ� ĨƵŶĕĆŽ ĐŽŵƵŶŝĐĂĕĆŽ�ƋƵĞ�Ġ�ĞdžĞƌĐŝĚĂ�ƉŽƌ�ƚŽĚŽƐ�ĚĂ�ŽƌŐĂŶŝnjĂĕĆŽ͕�ƉĂƌĂ�ƋƵĞ�ƵŵĂ�ĞƐƚƌĂƚĠŐŝĂ�ĚĞ�ŶĞŐſĐŝŽƐ�ƐĞũĂ�ĞĨĞƚŝǀĂŵĞŶƚĞ�ŝŵƉůĞŵĞŶƚĂĚĂ͘��ƐƐŝŵ�ƐĞŶĚŽ͕�Ž ƉƌŽĐĞƐƐŽ�ĚĞ�ĐŽŵƵŶŝĐĂĕĆŽ�Ğŵ�ƵŵĂ�ŽƌŐĂŶŝnjĂĕĆŽ�ĞŶǀŽůǀĞ � WRGD�D�GLUHWRULD��WRGDV�DV�JHUrQFLDV�H�WRGRV�RV�IXQFLRQiULRV� � WRGDV�DV�GLUHWRULDV�H�JHUrQFLDV�RSHUDFLRQDLV� DSHQDV�D�DOWD�GLUHomR�HVWUDWpJLFD� VRPHQWH�DV�iUHDV�GH�FRPXQLFDomR��GH�UHODo}HV�KXPDQDV�QR�WUDEDOKR�H�GH�PDUNHWLQJ� DSHQDV�DV�iUHDV�GH�FRPXQLFDomR�H�GH�PDUNHWLQJ� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� $QWLJDPHQWH��DV�HPSUHVDV�FRQFRUUHQWHV�SURFXUDYDP�LPSHGLU�R�SURJUHVVR�XPD�GDV�RXWUDV�H�ILFDU�GLVWDQWHV�HQWUH VL��+RMH�DV�HPSUHVDV�FRQFRUUHQWHV�SHUFHEHUDP�TXH�VH�XQLQGR�HP�SRORV�RX�HP�VKRSSLQJ�FHQWHUV�IRUPDP�XPD IRUoD�DWUDWLYD�LUUHVLVWtYHO�GH�WRGD�D�FOLHQWHOD�GDTXHOH�SURGXWR�RX�VHUYLoR��DVVHJXUDQGR�ERQV�UHVXOWDGR�D�WRGDV HODV��(VVD�XQLmR�p�IUXWR�GH�XPD� &DSDFLGDGH�ILQDQFHLUD � &RPXQLFDomR�HPSUHVDULDO $QiOLVH�WH[WXDO 3URSDJDQGD�,QVWLWXFLRQDO 3URGXomR�LQRYDGRUD � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� 8PD�RUJDQL]DomR�VXVWHQWD�VH�SHOD�FRQWULEXLomR�GH�YiULRV�S~EOLFRV�GH�LQWHUHVVH�GHQRPLQDGRV�VWDNHKRGHUV��HQWUH RV�TXDLV�SRGHP�VHU�FLWDGRV�RV�IXQFLRQiULRV��RV�FOLHQWHV��RV�IRUQHFHGRUHV��RV�GLVWULEXLGRUHV�H�RV�LQYHVWLGRUHV��$R VH�FRPXQLFDU�FRP�FDGD�XP�GHVVHV�S~EOLFRV�GH�LQWHUHVVH�XPD�HPSUHVD�GHYH�XWLOL]DU� 8PD�OLQJXDJHP�FRGLILFDGD�H�XP�FDQDO�FRPXP�D�WRGRV�HOHV � $�PHVPD�OLQJXDJHP�H�R�PHVPR�FDQDO�LQVWLWXFLRQDO�SDUD�WRGRV�HOHV 8PD�OLQJXDJHP�WpFQLFD�H�XP�FDQDO�HOHWU{QLFR�GH�JUDQGH�DOFDQFH 8PD�OLQJXDJHP�SRSXODU�H�XP�FDQDO�GH�FRPXQLFDomR�GH�PDVVD � 8PD�OLQJXDJHP�H�XP�FDQDO�HVSHFtILFRV�SDUD�FDGD�XP�GHOHV �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR �)HFKDU ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � � ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 � /XSD � �)HFKDU ([HUFtFLR��*67����B(;B$�B������������� 0DWUtFXOD�������������� $OXQR�D���0$*12�'26�6$1726�/,5$ 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $�HVWUDWpJLD�BBBBBBBBBBBBBBBBBB�p�EDVWDQWH�DSOLFDGD�SDUD�FRQVWUXLU�FUHGLELOLGDGH�j�LPDJHP�H�j�SURSRVWD��2 XVR�GH�FHOHEULGDGHV�SRGH�WUD]HU�XP�ERP�UHWRUQR�j�FDPSDQKD��HQWUHWDQWR��SRGH�VH�ID]HU�XVR�WDPEpP�GR WHVWHPXQKR�GR�FRQVXPLGRU�DQ{QLPR��FRP�GHSRLPHQWRV�VREUH�DTXLOR�TXH�VH�SUHWHQGH�UHDOoDU��0DUTXH�D�UHVSRVWD FRUUHWD� GH�UHSRVLFLRQDPHQWR� � GH�WHVWHPXQKR� LQGLIHUHQFLDGD� GH�SUHVVmR� GH�LQIRUPDomR� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� (P�VH�WUDWDQGR�GH�XP�SURFHVVR��D�FRPXQLFDomR�HPSUHVDULDO��SDUD�TXH�SURGX]D�RV�HIHLWRV�RUJDQL]DFLRQDLV GHVHMDGRV��WHP�GH�WHU�PXLWR�EHP�GHILQLGRV��� � 2V�IOX[RV�GH�FRPXQLFDomR � 2V�SURGXWRV�FRPHUFLDOL]DGRV $�PDUFD�GD�LQVWLWXLomR $V�DSOLFDo}HV�GH�LQYHVWLGRUHV 2V�HQFDUJRV�WUDEDOKLVWDV �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� $VVLQDOH�D�RSomR�TXH�QmR�FRQWHQKD�XP�WLSR�GH�HVWUDWpJLD�GH�FRPXQLFDomR� $WUDomR� � ,QIRUPDomR� 7HVWHPXQKR� � ,PHUVmR� 3UHVVmR� �*DEDULWR�&RPHQWDGR ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� 6REUH�D�&RPXQLFDomR�(PSUHVDULDO�(VWUDWpJLFD�p�FRUUHWR�DILUPDU�TXH� e�XPD�IHUUDPHQWD�VHFXQGiULD�GD�DGPLQLVWUDomR��H��SRU�LVVR��QmR�ID]�SDUWH�GDV DWULEXLo}HV�GRV�OtGHUHV�H�JHVWRUHV�GD�HPSUHVD� � (OD�FRQVLVWH�HP�PDQWHU�FRQWDWR�H[FOXVLYR�FRP�RV�FOLHQWHV�DWUDYpV�GH�PDOD�GLUHWD�H H�PDLOV� (OD�p�D�UHVSRQViYHO�SHOD�FRPXQLFDomR�LQWHUQD�GH�XPD�HPSUHVD��Mi�TXH�D�H[WHUQD�p GH�UHVSRQVDELOLGDGH�GD�SXEOLFLGDGH� (OD�HVWDEHOHFH�D�0LVVmR�H�RV�9DORUHV�GH�XPD�HPSUHVD��-i�D�YLVmR�p�GHILQLGD�SHOR VHWRU�GH�0DUNHWLQJ�H�SXEOLFLGDGH� � (OD�GHYH�HVWDEHOHFHU�XP�FRQWDWR�SHUPDQHQWH�FRP�RV�GLYHUVRV�S~EOLFRV�FRP�RV TXDLV�XPD�HPSUHVD�GHYH�VH�FRPXQLFDU� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� � ĚŝĂůŽŐŽƐƉŽůŝƚŝĐŽƐ͘ǁŽƌĚƉƌĞƐƐ͘ĐŽŵ sĞŶĚŽ�Ă�ĨŝŐƵƌĂ�ĚŽ�ĐŚĞĨĞ�ĐŽŵ�Ž�ĨƵŶĐŝŽŶĄƌŝŽ͕�ƉŽĚĞŵŽƐ�ĐŽŶĐůƵŝƌ�ƋƵĞ�Ž�ƚŝƉŽ�ĚĞ�ĐŽŵƵŶŝĐĂĕĆŽ�ƵƐĂĚŽ�ƉĞůŽ�ĐŚĞĨĞ�Ġ�ĚĞ �ƌĞĚŝďŝůŝĚĂĚĞ͘ ^ŝŵƉůŝĐŝĚĂĚĞ͘ � �ƵƚŽƌŝƚĂƌŝƐŵŽ͘ �ŝĨĞƌĞŶĐŝĂĕĆŽ͘ /ŵƉĂĐƚŽ͘ �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� ZZZ�IDFHERRN�FRP�EU 4XDQGR�IDODPRV�HP�WLSRV�GH�HVWUDWpJLD�HPSUHJDGR�HP�XPD�HPSUHVD�QD�iUHD�GH�FRPXQLFDomR��SRGHPRV�ID]HU�XP�UHIHUHQFLDO�FRP�D ILJXUD�FRPR�XP�WLSR�GH�HVWUDWpJLD�GH � /ŵƉĂĐƚŽ͘ �ƌĞĚŝďŝůŝĚĂĚĞ͘ �ĞƐƚĂƋƵĞ͘ � ^ŝŵƉůŝĐŝĚĂĚĞ͘ � �ŝĨĞƌĞŶĐŝĂĕĆŽ͘ �*DEDULWR�&RPHQWDGR �)HFKDU ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � � ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 � /XSD � �)HFKDU ([HUFtFLR��*67����B(;B$��B������������� 0DWUtFXOD�������������� $OXQR�D���0$*12�'26�6$1726�/,5$ 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� $VVLQDOH�D�RSomR�TXH�12�FRQWHQKD�DSHQDV�SDVVRV�D�VHJXLU�SDUD�D�FRQVWUXomR�GH�XP�3ODQR�GH�&RPXQLFDomR� $QiOLVH�H�FRQWH[WXDOL]DomR�GR�SUREOHPD�H�LGHQWLILFDomR�GRV�REMHWLYRV�GD�FRPXQLFDomR� � $�UHDOL]DomR�GH�XP�PL[�GH�FRPXQLFDomR�H�D�GHILQLomR�GRV�PHLRV�GH�FRPXQLFDomR� $�GHILQLomR�GR�RUoDPHQWR�H�D�GHILQLomR�GR�PpWRGRV�GH�FRQWUROH�H�DYDOLDomR� $�LGHQWLILFDomR�GR�S~EOLFR�DOYR�H�GD�HVWUDWpJLD�GH�FRPXQLFDomR� � $�LGHQWLILFDomR�GR�S~EOLFR�DOYR�H�R�FRQWUROH�GR�RUoDPHQWR�H�GD�JHVWmR� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� 2�SODQHMDPHQWR�p�XP�VLVWHPD�GH�WUDEDOKR�TXH�WUDWD�GD�SUHYLVLELOLGDGH�H�HVWi�VXMHLWR�jV�YDULiYHLV�LQFRQWUROiYHLV H[WHUQDV��GHYHQGR��SRUWDQWR��HVWDU�SUHSDUDGR�SDUD�DGPLWLU�FRUUHo}HV�DR�FXUVR�GH�VXD�DSOLFDomR��GDQGR FRQWLQXLGDGH�DR�SODQHMDGR�DQWHULRUPHQWH��3DUD�WHU�VXFHVVR�HOH�GHYH�UHXQLU�DV�VHJXLQWHV�FDUDFWHUtVWLFDV��H[FHWR� 0DQWHU�R�HTXLOtEULR�HQWUH�R�SURSRVWR�H�D�UHDOLGDGH�GH�PHUFDGR� � 7HU�D�FRQVLVWrQFLD�GDV�Do}HV�H�D�VXD�FRQWLQXLGDGH� � )D]HU�XP�SODQR�SDUD�TXH�SRVVD�VHU�XWLOL]DGR�SDUD�YiULDV�HPSUHVDV�DR�PHVPR�WHPSR� 3RVVXLU�D�IOH[LELOLGDGH�QHFHVViULD�SDUD�VH�DGDSWDU�jV�SRVVtYHLV�PXGDQoDV�GH�PHUFDGR� 6HUYLU�FRPR�SDGUmR�GH�UHIHUrQFLD�SDUD�DV�Do}HV�SURSRVWDV� �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� 'HQWUH�DV�FDUDFWHUtVWLFDV�GH�XP�SODQHMDPHQWR�GH�VXFHVVR��HVWi�R�IDWR�GH�R�SODQHMDPHQWR VHU�XP�FRPSRVWR�GH�GHVFRQWLQXLGDGH�H�GH�UHIHUrQFLDV�GLiULDV� � FRQWHU�GDGRV�IOH[tYHLV�H�PHWDV�LQFRQVLVWHQWHV�GD�UHDOLGDGH� VHU�XP�SDGUmR�LQIOH[tYHO�H�LPXWiYHO�IUHQWH�jV�YDULiYHLV�GLiULDV� � VHU�XP�LQVWUXPHQWR�GH�WUDEDOKR�GR�FRWLGLDQR�GRV�H[HFXWLYRV� PDQWHU�PHQRV�GDGRV�GD�UHDOLGDGH�GH�WUDEDOKR�H�PDLV�PHWDV� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBH[HUFLFLRBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI�����������������)yUXP�GH�'~YLGDV�����������6DLED� ���� (QWUH�DV�WDUHIDV�GD�FRPXQLFDomR��12�SRGHPRV�FLWDU� � 'HVHQYROYHU�FRPSRUWDPHQWR�VpULR�H�LQIOH[tYHO��PDV�JHUDQGR�VLPSDWLD�H�ERD�YRQWDGH� � &RQVWUXLU�SHUFHSomR�H�OHPEUDQoD� %XVFDU�D�PXGDQoD�GH�FRPSRUWDPHQWRV�GH�PHUFDGR�RX�R�UHIRUoR�GH�GHFLV}HV�H�DWLWXGHV� (QYROYHU�VH�H�UHVSRQVDELOL]DU�VH�SRU�JHUDU�FRQKHFLPHQWR�H�FRQVFLHQWL]DomR� $OWHUDU�KiELWRV�H�DWLWXGHV� � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV����GH����������6DLED� ���� 8P�3ODQHMDPHQWR�GH�FRPXQLFDomR��SDUD�VHU�EHP�VXFHGLGR��SUHFLVD�GH XP�SURFHVVR�DGPLQLVWUDWLYR�H�VLVWHPiWLFR��FRPSUHHQGLGR�FRPR�XP�GHULYDGR�GR�SODQHMDPHQWR�GH PDUNHWLQJ� � XPD�GHILQLomR�GRV�PpWRGRV��VHP�HQYROYHU�DV�HWDSDV��SDUD�D�UHDOL]DomR�GH�XP�SODQR�GH�PHWDV� XPD�FRRUGHQDomR�GRV�REMHWLYRV�H�GDV�HVWUDWpJLDV�JHUDLV�GH�XPD�HPSUHVD� XP�FRQMXQWR�GH�PHGLGDV�SURMHWDGDV�SDUD�UHDOL]DU�DOJXPD�FRLVD�RX�DOFDQoDU�XP�REMHWLYR� � XPD�FRRUGHQDomR�GH�Do}HV�SDUD�VH�REWHU�R�Pi[LPR�GH�UHVXOWDGRV�FRP�R�PtQLPR�GH�GLVSrQGLR�GH UHFXUVRV�KXPDQRV�H�ILQDQFHLURV� �*DEDULWR�&RPHQWDGR �*DEDULWR�&RPHQWDGR � �D�4XHVWmR��5HI���������������� �)yUXP�GH�'~YLGDV�����������6DLED� ���� (QWUH�DV�HVWUDWpJLDV�SDUD�VH�GHWHUPLQDU�R�S~EOLFR�DOYR��12�SRGHPRV�OHYDU�HP�FRQWD 4XH�SDSHO�RFXSD�QR�SURFHVVR�GH�GHFLVmR" � 2�TXDQWR�FRQVRPH" 4XHP�p" 4XDLV�VmR�VHX�KiELWRV" � 4XDO�D�VXD�UHODomR�FRP�R�3ODQR�GH�&RPXQLFDomR" �*DEDULWR�&RPHQWDGR �)HFKDU � � ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 6LPXODGR��*67����B60B�������������9��� �)HFKDU $OXQR�D���0$*12�'26�6$1726�/,5$ 0DWUtFXOD�������������� 'HVHPSHQKR������GH���� 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� ���$�SUyFOLVH�RFRUUH�TXDQGR�R�SURQRPH�YHP�DQWHV�GR�YHUER��&RPR�QRUPD�JHUDO��GHYH�VH�FRORFDU�R�SURQRPH iWRQR�DQWHV�GR�YHUER��TXDQGR�DQWHV�GHOH�KRXYHU�XPD�SDODYUD�SHUWHQFHQWH�D�XP�GRV�VHJXLQWHV�JUXSRV� FKDPDGRV�GH�SDODYUDV�DWUDWLYDV��SDODYUDV�QHJDWLYDV��UHODWLYDV��LQWHUURJDWLYDV�H�FRQMXQo}HV�VXERUGLQDWLYDV� %DVHDGR�QHVVH�FRQFHLWR��Gr�XP�H[HPSOR�GH�SUyFOLVH�XWLOL]DQGR��SDODYUDV�LQWHUURJDWLYDV�� 6XD�5HVSRVWD��(P�TXH�OKH�SRVVR�VHU�~WLO" &RPSDUH�FRP�D�VXD�UHVSRVWD��,QWHUURJDWLYDV��TXHP���R��TXH��TXDO��TXDQWR�D��V���FRPR��RQGH��TXDQWR� ([HPSORV��4XHP�QRV�DSUHVHQWRX��R�SURMHWR"�4XDQWR��WHPSR��VH�SHUGH� � �D�4XHVWmR��5HI���������������� 7HQGR�HP�YLVWD�D�EXVFD�SRU�HILFLrQFLD�QD�FRPXQLFDomR�HP�DPELHQWH�FRUSRUDWLYR��H[DPLQH�RV�GRLV�DVSHFWRV IXQGDPHQWDLV�TXH�DVVLQDODP�R�SURFHVVR�DWXDO�GH�FRPXQLFDomR�GHQWUR�H�IRUD�GDV�HPSUHVDV�H�TXH�GHPRQVWUDP TXH�QmR�p�PDLV�VXILFLHQWH�DSHQDV�FRQKHFHU�DV�HVWUDWpJLDV�GD�7HRULD�&OiVVLFD�GD�&RPXQLFDomR��WDO�FRPR IRUPXODGD�SRU�5RPDQ�-DNREVRQ� 6XD�5HVSRVWD��1mR�VHL�UHVSRQGHU &RPSDUH�FRP�D�VXD�UHVSRVWD��2V�GRLV�DVSHFWRV�VmR�����D�QHFHVVLGDGH�GH�DGHTXDU�D�FRPXQLFDomR�DR�FRQWH[WR�H DR�LQWHUORFXWRU��HYLWDQGR�DVVLP�R�UXtGR�FRPXQLFDWLYR��H����D�LQIOXrQFLD�GDV�LQRYDo}HV�WHFQROyJLFDV�VREUH�D OLQJXDJHP��SURPRYHQGR�R�VXUJLPHQWR�GH�QRYRV�PHLRV�H�QRYDV�IRUPDV�GH�FRPXQLFDomR�H�D�IXVmR�GH�YiULDV OLQJXDJHQV�QD�SURFXUD�SHOR�r[LWR�QD�FRPXQLFDomR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ +DLD����VHW��()(����2�PXVHX�9DQ�*RJK�GH�$PVWHUGm�DQXQFLRX�QHVWD�VHJXQGD�IHLUD��DSyV�GRLV�DQRV�GH�SHVTXLVD� D�GHVFREHUWD�GH�XP�TXDGUR�DWp�DJRUD�GHVFRQKHFLGR�GR�DXWRU�GH��2V�*LUDVVyLV���TXH�GDWD�GH������H�UHSUHVHQWD XPD�SDLVDJHP�FRP�iUYRUHV�H�DUEXVWRV� 2�WtWXOR�GD�WHOD��GHVFREHUWR�HP�XP�FROHomR�SULYDGD��p��3{U�GR�6RO�HP�0RQWPDMRXU��H�LQVFUHYH�VH�QD�pSRFD�QD TXDO�9LQFHQW�9DQ�*RJK�������������SLQWRX�VHXV�FRQKHFLGRV�TXDGURV�IORUDLV� 2�GLUHWRU�GD�SLQDFRWHFD��$[HO�5JHU��GLVVH�j�LPSUHQVD�TXH��XPD�GHVFREHUWD�GHVWD�PDJQLWXGH�QXQFD�DFRQWHFHX QD�KLVWyULD�GHVWH�PXVHX��e�XPD�UDULGDGH�TXH�VH�SRVVD�DFUHVFHQWDU�XPD�QRYD�SLQWXUD�j�REUD�GH�9DQ�*RJK�� 2�DXWRU�GD�QRWtFLD�XWLOL]RX�DV�SDODYUDV�GR�GLUHWRU�GD�SLQDFRWHFD�SDUD�FRQILUPDU�D�LQIRUPDomR��2�MRUQDOLVWD�XVRX�R FRQFHLWR +LSHUWH[WXDOLGDGH� ,QWHUSHVVRDOLGDGH� $UJXPHQWDOLGDGH� � ,QWHUWH[WXDOLGDGH� 3HVVRDOLGDGH� �*DEDULWR�&RPHQWDGR� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 1D�DXOD�VREUH�7pFQLFDV�GH�5HGDomR�(PSUHVDULDO��HVWi�GLWR�TXH�D�FRPXQLFDomR�HPSUHVDULDO�GHYH�IDFLOLWDU�R HQWHQGLPHQWR�GRV�FROHJDV��LPSHGLU�TXH�SHUFDP�WHPSR�H�PLQLPL]DU�RV�SUREOHPDV�GH�LQWHUSUHWDo}HV HTXLYRFDGDV��&RP�HVVHV�REMHWLYRV�GH�DEUHYLDU�DV�FRPXQLFDo}HV�QDV�HPSUHVDV�GHYHP�VH�XWLOL]DU�PDLV�GD WpFQLFD�GH &U{QLFDV� 5HVHQKD� 3DUiIUDVH� &LWDo}HV� � 5HVXPR� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ �Ž�ĞƐĐƌĞǀĞƌ͕�ĚĞǀĞŵŽƐ�ƚĞƌ�ĂůŐƵŶƐ�ĐƵŝĚĂĚŽƐ�ŶŽ�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚŽ�ƉĂƌĄŐƌĂĨŽ͘�KƐ�ƉĂƌĄŐƌĂĨŽƐ�ůŽŶŐŽƐ�ƐĆŽ�ĂĚĞƋƵĂĚŽƐ Ğŵ�ŶŽƚşĐŝĂƐ�ĚĞ�ũŽƌŶĂŝƐ�Ğ�ƌĞǀŝƐƚĂƐ͘ Ğŵ�ƚĞdžƚŽƐ�ƉĂƌĂ�ĐŝƌĐƵůĂĕĆŽ�ŶĂ�ŝŶƚĞƌŶĞƚ͘ Ğŵ�ƚĞdžƚŽƐ�ƉĞƋƵĞŶŽƐ�Ğ�ƐƵƉĞƌĨŝĐŝĂŝƐ͘ � Ğŵ�ƚĞdžƚŽƐ�ĐŝĞŶƚşĨŝĐŽƐ�Ğ�ĂĐĂĚġŵŝĐŽƐ͘ Ğŵ�ƚĞdžƚŽƐ�ĐƵũŽƐ�ƌĞĚĂƚŽƌĞƐ�ŶĆŽ�ƐĞũĂŵ�ĞdžƉĞƌŝĞŶƚĞƐ͘ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 4XDQWR�jV�FRQGLo}HV�H[LJtYHLV�SDUD�D�UHGDomR�H�D�DSUHVHQWDomR�GH�UHVXPRV�H DR�HVWLOR�D�VHU�XWLOL]DGR��D�QRUPD�UHFRPHQGD�TXH � R�UHVXPR�GHYH�VHU�FRPSRVWR�GH�XPD�VHTXrQFLD�FRUUHQWH�GH�IUDVHV FRQFLVDV� R�UHVXPR�GHYH��VHPSUH�TXH�SRVVtYHO��FRQWHPSODU�XPD�HQXPHUDomR�GH WySLFRV� VH�GHYH�GDU�VHPSUH�SUHIHUrQFLD�DR�XVR�GH�IyUPXODV�H�HTXDo}HV��VHP QHFHVVLGDGH�GH�GHILQL�ODV�LQLFLDOPHQWH� R�UHVXPR�GHYH�VHU�FRQFOXtGR�FRP�XPD�IUDVH�VLJQLILFDWLYD��TXH�H[SOLTXH�R FRQWH~GR�GR�GRFXPHQWR� D�SULPHLUD�LQIRUPDomR�D�VHU�LQFOXtGD�QR�UHVXPR�p�D�FDWHJRULD�GR WUDWDPHQWR��PHPyULD�FLHQWtILFD��HVWXGR�GH�FDVR��HWF�� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ �ƐƐĞ�ŐġŶĞƌŽ�ƚĞdžƚƵĂů͕�Ğŵ�ƋƵĞ�ƐĞ�ƌĞĞƐĐƌĞǀĞ�Ƶŵ�ƚĞdžƚŽ͕�ƌĞĚƵnjŝŶĚŽͲŽ�ăƐ�ƐƵĂƐ�ƉĂƌƚĞƐ�ŵĂŝƐ�ŝŵƉŽƌƚĂŶƚĞƐ�ĚĞǀĞ�ƐĞƌ�ƉƌŽĚƵnjŝĚŽ�ĐŽŵ�ƌĞƐƉĞŝƚŽ�ƉĞůĂ ƐĞƋƵġŶĐŝĂ�ĚĞ�ŝĚĞŝĂƐ�ĚŽ�ƚĞdžƚŽ�ŽƌŝŐŝŶĂů͖��ĚĞǀĞ�ƉƌŝŵĂƌ�ƉĞůĂ�ĐůĂƌĞnjĂ͕�ũĄ�ƋƵĞ�ŽƐ�ĨĂƚŽƐ�ĂƉƌĞƐĞŶƚĂĚŽƐ�ĚĞǀĞŵ�ƐĞƌ�ŽďũĞƚŝǀŽƐ͖�ŽƵƚƌĂ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂ�ƐƵĂ�Ġ�Ž ƌŝŐŽƌ͕�ƉŽŝƐ�ĂƐ�ŝĚĞŝĂƐ�ƉƌŝŶĐŝƉĂŝƐ�ĚĞǀĞŵ�ƐĞƌ�ƌĞƉƌŽĚƵnjŝĚĂƐ�ƐĞŵ�ĞƌƌŽƐ͘ �Ɛ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ�ĂĐŝŵĂ�ĚŝnjĞŵ�ƌĞƐƉĞŝƚŽ͗ ��ƐŝŶŽƉƐĞ͖ ��ŵŽŶŽŐƌĂĨŝĂ͖ ���ƌƀŶŝĐĂ � �Ž�ƌĞƐƵŵŽ͖ ��ƌĞƐĞŶŚĂ͖ �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ ��1mR�WLQKD�PHGR�R�WDO�-RmR�GH�6DQWR�&ULVWR�(UD�R�TXH�WRGRV�GL]LDP�TXDQGR�HOH�VH�SHUGHX�'HL[RX�SUD�WUiV�WRGR�R PDUDVPR�GD�ID]HQGD�6y�SUD�VHQWLU�QR�VHX�VDQJXH�R�yGLR�TXH�-HVXV�OKH�GHX�4XDQGR�FULDQoD�Vy�SHQVDYD�HP�VHU EDQGLGR�$LQGD�PDLV�TXDQGR�FRP�XP�WLUR�GH�VROGDGR�R�SDL�PRUUHX�(UD�R�WHUURU�GD�VHUWDQLD�RQGH�PRUDYD�(�QD HVFROD�DWp�R�SURIHVVRU�FRP�HOH�DSUHQGHX�,D�SUD�LJUHMD�Vy�SUi�URXEDU�R�GLQKHLUR�4XH�DV�YHOKLQKDV�FRORFDYDP�QD FDL[LQKD�GR�DOWDU�6HQWLD�PHVPR�TXH�HUD�PHVPR�GLIHUHQWH�6HQWLD�TXH�DTXLOR�DOL�QmR�HUD�R�VHX�OXJDU�(OH�TXHULD VDLU�SDUD�YHU�R�PDU�(�DV�FRLVDV�TXH�HOH�YLD�QD�WHOHYLVmR�-XQWRX�GLQKHLUR�SDUD�SRGHU�YLDMDU�'H�HVFROKD�SUySULD� HVFROKHX�D�VROLGmR���� $�OHWUD�GD�P~VLFD�)DURHVWH�&DERFOR��GD�EDQGD�/HJLmR�8UEDQD��p�XP�H[HPSOR�GH�WLSRORJLD�WH[WXDO � 1DUUDWLYD� $UJXPHQWDWLYD� 'HVFULWLYD� ([SRVLWLYD� ,QMXQWLYD� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 8PD�FRUUHVSRQGrQFLD�FRPHUFLDO�Ki�VpFXORV�LPSXOVLRQD�QHJyFLRV�H�GLUHFLRQD�ULTXH]DV�LQFDOFXOiYHLV��SRU�LVVR UHGLJLU�GH�IRUPD�DGHTXDGD�XPD�FDUWD�FRPHUFLDO�H[LJH�DOJXPDV�KDELOLGDGHV��'HQWUH�HODV� ,QWHUSUHWDomR�H�FRPSUHHQVmR � 7pFQLFD�GH�UHGDomR�H�SURILVVLRQDOLVPR 3URILVVLRQDOLVPR�H�LQWHUSUHWDomR 3URILVVLRQDOLVPR�H�UHDOLVPR 7pFQLFD�GH�UHGDomR�H�PHUFDGRORJLD �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW���������� ��� � ��D�4XHVWmR��5HI���������������� 3RQWRV������������ ^ŽďƌĞ�Ž�dſƉŝĐŽ�&ƌĂƐĂů͕�ƉŽĚĞͲƐĞ�ĂĨŝƌŵĂƌ�ƋƵĞ͗ ^ĆŽ�ĂƐ�ĨƌĂƐĞƐ�ŽƵ�ƉĞƌşŽĚŽƐ�ƋƵĞ�ĂďƌĞŵ�Ƶŵ�ƚĞdžƚŽ�ŝŶũƵŶƚŝǀŽ�ĐŽŵŽ�ƵŵĂ�ďƵůĂ�ŽƵ�ƵŵĂ�ƌĞĐĞŝƚĂ͕�ƉŽƌ�ĞdžĞŵƉůŽ͖ � ^ĆŽ�ĂƐ�ĨƌĂƐĞƐ�ŽƵ�ƉĞƌşŽĚŽƐ�ƋƵĞ�ĐŽŶƚġŵ�Ă�ŝĚĞŝĂͲŶƷĐůĞŽ�ĚŽ�ƉĂƌĄŐƌĂĨŽ�Ğŵ�ƚĞdžƚŽ�ĚŝƐƐĞƌƚĂƚŝǀŽ͕�ĚĞƐĐƌŝƚŝǀŽ�ŽƵ�ŶĂƌƌĂƚŝǀŽ͖ ^ĆŽ�ĂƐ�ĨƌĂƐĞƐ�ŽƵ�ƉĞƌşŽĚŽƐ�ƋƵĞ�ĚĞƐĞŶǀŽůǀĞŵ�Ă�ŝĚĞŝĂ�ĂƉƌĞƐĞŶƚĂĚĂ�ŶŽ�ŝŶşĐŝŽ�ĚŽ�ƉĂƌĄŐƌĂĨŽ�ĚŝƐƐĞƌƚĂƚŝǀŽ�ŽƵ�ĂƌŐƵŵĞŶƚĂƚŝǀŽ͖ 6mR�DV�IUDVHV�RX�SHUtRGRV�TXH�HQFHUUDP�XP�SDUiJUDIR��DSUHVHQWDQGR�D�FRQFOXVmR�GD�LGHLD�GHIHQGLGD� ^ĆŽ�ĂƐ�ĨƌĂƐĞƐ�ŽƵ�ƉĞƌşŽĚŽƐ�ƋƵĞ�ĚĞƐĐƌĞǀĞŵ�Ğŵ�ĚĞƚĂůŚĞƐ�ƵŵĂ�ƐŝƚƵĂĕĆŽ͕�Ƶŵ�ƉĞƌƐŽŶĂŐĞŵ�ŽƵ�ĐĞŶĂ͖ �*DEDULWR�&RPHQWDGR� � ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �&2081,&$d2�1$6�(035(6$6 6LPXODGR��*67����B60B�������������9��� �)HFKDU $OXQR�D���0$*12�'26�6$1726�/,5$ 0DWUtFXOD�������������� 'HVHPSHQKR������GH���� 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� &LWH�H�H[SOLTXH�80$�HVWUDWpJLD�FRPXQLFDWLYD�XVDGD�HP�Do}HV�GH�FRPXQLFDomR�HPSUHVDULDO� 6XD�5HVSRVWD� &RPSDUH�FRP�D�VXD�UHVSRVWD��2�DOXQR�GHYHUi�FLWDU�80$�GDV�HVWUDWpJLDV�HVWXGDGDV�QD�DXOD���H�DLQGD�H[SOLFDU�R TXH�HOD�VLJQLILFD��FRPR�HOD�IXQFLRQD� � �D�4XHVWmR��5HI���������������� �2�WH[WR��GR�ODWLP�WH[WXP� !�WHFLGR��p�XPD�XQLGDGH�EiVLFD�GH�RUJDQL]DomR�H�WUDQVPLVVmR�GH�LGHLDV��FRQFHLWRV�H LQIRUPDo}HV�GH�PRGR�JHUDO����0(/2��������&RQIRUPH�D�GHILQLomR�GH�WH[WR�DSUHVHQWDGD��UHVSRQGD�D�TXHVWmR�D VHJXLU��MXVWLILFDQGR�D��$V�SODFDV�GH�VLQDOL]DomR�GH�WUkQVLWR�SRGHP�VHU�FRQVLGHUDGDV�FRPR�H[HPSORV�GH�WH[WR" -XVWLILTXH�VXD�UHVSRVWD� 6XD�5HVSRVWD��6LP��SRLV�HOH�p�FRQVWUXtGR�D�SDUWLU�GH�XPD�OLQJXDJHP��QR�FDVR�QmR�YHUEDLV��TXH�QRV�UHPHWHP�D VLJQLILFDGRV��ID]HQGR�FRP�TXH�R�WH[WR�QRV�FRPXQLTXH�DOJR� &RPSDUH�FRP�D�VXD�UHVSRVWD��6LP��SRLV�HOH�p�FRQVWUXtGR�D�SDUWLU�GH�XPD�OLQJXDJHP��RX�VHMD��D�SDUWLU�GH�VLJQRV� QR�FDVR�QmR�YHUEDLV��TXH�QRV�UHPHWHP�D�VLJQLILFDGRV��ID]HQGR�FRP�TXH�R�WH[WR�QRV�FRPXQLTXH�DOJR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 6DEHPRV� TXH� D� FDUWD� FRPHUFLDO� �RX� HPSUHVDULDO�� p� XP� GRFXPHQWR� GH� FRUUHVSRQGrQFLD� H[WHUQD� XVDGR� FRPR PHLR�GH�FRPXQLFDomR�IRUPDO�HQWUH�GXDV�HPSUHVDV�RX�XPD�HPSUHVD�H�XPD�SHVVRD��RX�YLFH�YHUVD���&RP�LVVR HP�PHQWH��SRGHPRV�GL]HU�TXH�HVVH�WLSR�GH�FRUUHVSRQGrQFLD ,��LPSXOVLRQD�QHJyFLRV�H�GLUHFLRQD�ULTXH]DV�LQFDOFXOiYHLV�Ki�VpFXORV� ,,��p�GRFXPHQWR�RILFLDO��H[FOXVLYDPHQWH�KLHUDUTXL]DGR��SDUD�UHDOL]DU�QHJyFLRV� ,,,��SRGH�VHU�R�SRQWR�GH�SDUWLGD�SDUD�D�FRQFUHWL]DomR�GH�ERQV�QHJyFLRV� ,9��GHYH�DFRPSDQKDU�D�FRQVWDQWH�PRGHUQL]DomR�GDV�HPSUHVDV� � (VWmR�FRUUHWRV�DSHQDV�RV�FRPHQWiULRV� � ,��,,,�H�,9 � ,�H�,9 � ,,,�H�,9 � ,��,,�H�,,, � ,�H�,, ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 6HJXQGR�3DXOR�1DVVDU� ��������GLUHWRU�JHUDO�GD�$VVRFLDomR�%UDVLOHLUD�GH�&RPXQLFDomR�(PSUHVDULDO� �$EHUMH���D FRPXQLFDomR��HP�XPD�RUJDQL]DomR��HQYROYH��GR�SRUWHLUR�DR�SUHVLGHQWH���,VVR�VLJQLILFD�GL]HU�TXH ,��WRGRV�ID]HP�FRPXQLFDomR�QD�HPSUHVD� ,,��D�LQIRUPDomR�GHYH�VHU�WUDWDGD�FRPR�XP�EHP�HVWUDWpJLFR�GD�RUJDQL]DomR� ,,,��R�IRFR�GD�HPSUHVD�GHYH�VHU�DSHQDV�D�UHGH�IRUPDO�GH�FRPXQLFDomR� ,9��D�FRQVWUXomR�GH�XPD�FXOWXUD�GH�FRPXQLFDomR�HQYROYH�D�UHGH�IRUPDO�H�LQIRUPDO�GH�FRPXQLFDomR� � (VWmR�FRUUHWRV�DSHQDV�RV�FRPHQWiULRV� � ,��,,�H�,,,� � ,��,,�H�,9 � ,,��,,,�H�,9� � ,��,,,�H�,9 � ,,��,,,�H�,9 �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 3RGHPRV�FRQVLGHUDU�TXH�RV�VWDNHKROGHUV�VmR� $SHQDV�DTXHOHV�TXH�XWLOL]DP�RV�VHUYLoRV�H�RX�SURGXWRV�GH�XPD�RUJDQL]DomR� 7RGDV�DV�RSo}HV�DFLPD�QmR�HVWmR�FRUUHWDV� � 3~EOLFRV�GH�LQWHUHVVH�GH�XPD�RUJDQL]DomR� ([FOXVLYDPHQWH�R�JUXSR�GH�LQYHVWLGRUHV� $SHQDV�DTXHOHV�TXH�FRPDQGDP�D�RUJDQL]DomR� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ ([LVWHP�WUrV�SLODUHV�IXQGDPHQWDLV�SDUD�D�HIHWLYDomR�GDV�HVWUDWpJLDV�HPSUHVDULDLV��FRQIRUPH�VH�YLX�HP�QRVVD DXOD����'HQWUH�HOHV��DSHQDV�80�SRGHPRV�GHVWDFDU�D�VHJXLU� � $YDOLDU�REMHWLYDPHQWH�RV�UHFXUVRV� ,QWHUDJLU�FRP�DV�SHVVRDV�LQWHUQDPHQWH� %XVFDU�VROXo}HV�SDUD�RV�SUREOHPDV� 6HU�LQWHUHVVDGR�H�HQJDMDGR�QR�WUDEDOKR� (VFUHYHU�EHP�R�SRUWXJXrV� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 6REUH�HVWUDWpJLDV�GH�FRPXQLFDomR��OHLD�R�IUDJPHQWR�GH�WH[WR�D�VHJXLU���3RGH�VH�XWLOL]i�OD�WDPEpP�TXDQGR�XP SURGXWR�IRU�UHIRUPXODGR�RX�TXDQGR�VRIUHU�XPD�DOWHUDomR�HP�VXD�HPEDODJHP���4XDO�HVWUDWpJLD�GH�FRPXQLFDomR HVWi�DVVRFLDGD�DR�IUDJPHQWR�GH�WH[WR" (VWUDWpJLD�GH�SXVK� (VWUDWpJLD�RIHQVLYD� (VWUDWpJLD�GH�SXOO� � (VWUDWpJLD�GH�LQIRUPDomR� (VWUDWpJLD�GH�WHVWHPXQKR� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ KWWS���ULGHQWHV�EORJVSRW�FRP�����B��B��BDUFKLYH�KWPO � ^ŽďƌĞ�Ž�ŽƐ�ĚŽŝƐ�ƋƵĂĚƌŽƐ͕�ĐŽŶƐŝĚĞƌĞ�ĂƐ�ƐĞŐƵŝŶƚĞƐ�ĂĨŝƌŵĂƚŝǀĂƐ͗ �/�Ͳ�K�ĞŶƚƌĞǀŝƐƚĂĚŽƌ�ĞƐƚƌĂŶŚĂ�Ă�ƌĞƐƉŽƐƚĂ�ĚŽ�ƌĂƉĂnj�Ğ�ĂĨŝƌŵĂ�ƋƵĞ�ĞůĞ�Ġ�ŵĂůƵĐŽ�ƉŽƌ�ĚĞƐĞũĂƌ�ŝŶŝĐŝĂƌ�ŶĂ ĞŵƉƌĞƐĂ�ũĄ�ƉŽƌ�Ƶŵ�ĐĂƌŐŽ�ĂůƚŽ͘ �//�Ͳ�K�ĞŶƚƌĞǀŝƐƚĂĚŽ�ĞŶƚĞŶĚĞ�ƋƵĞ�Ă�ƉĞƌŐƵŶƚĂ�ΗK�ƐĞŶŚŽƌ�ĨŝĐŽƵ�ŵĂůƵĐŽ͍Η�ĨŽŝ�ĨĞŝƚĂ�ƉĂƌĂ�ǀĞƌ�ƐĞ�ĞůĞ ƉƌĞĞŶĐŚĞ�Ƶŵ�ĚŽƐ�ƉƌĠͲƌĞƋƵŝƐŝƚŽƐ�ƉĂƌĂ�Ž�ĐĂƌŐŽ�ĚĞ�ŐĞƌĞŶƚĞ͘ �///�Ͳ�K�ĞŶƚƌĞǀŝƐƚĂĚŽƌ�ĨĂnj�Ă�ƉĞƌŐƵŶƚĂ�ΗK�ƐĞŶŚŽƌ�ĨŝĐŽƵ�ŵĂůƵĐŽ͍Η�ƉĂƌĂ�ǀĞƌ�ƐĞ�Ž�ĞŶƚƌĞǀŝƐƚĂĚŽ�ĂƚĞŶĚĞ�Ƶŵ ĚŽƐ�ƉƌĠͲƌĞƋƵŝƐŝƚŽƐ�ƉĂƌĂ�Ž�ĐĂƌŐŽ�ĚĞ�ŐĞƌĞŶƚĞ͘ �/s�Ͳ���ƷůƚŝŵĂ�ƉĞƌŐƵŶƚĂ�ĚŽ�ĞŶƚƌĞǀŝƐƚĂĚŽ�ŵŽƐƚƌĂ�ƋƵĞ�ĞůĞ�ŶĆŽ�ĐŽŵƉƌĞĞŶĚĞƵ�Ž�ƚŽŵ�ĐŽŵ�Ž�ƋƵĂů�Ă ƉĞƌŐƵŶƚĂ�ΗK�ƐĞŶŚŽƌ�ĨŝĐŽƵ�ŵĂůƵĐŽ͍Η�ĨŽŝ�ĨĞŝƚĂ͘ ��ƐƚĆŽ�ĐŽƌƌĞƚĂƐ�ĂƐ�ĂĨŝƌŵĂĕƁĞƐ͗ � ,,�H�,,, ,,,�H�,9 ���������� %'4�3URYD KWWS���VLPXODGR�HVWDFLR�EU�EGTBVLPXODGRVBHDGBHQVBSUHYLHZ�DVS"FULSWBKLVW ���������� ��� ,,�H�,9 ,��,,,�H�,9 � ,��,,�H�,9 �*DEDULWR�&RPHQWDGR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ (P�UHODomR�DR�PHPRUDQGR��RX�FRPXQLFDomR�LQWHUQD���DQDOLVH�DV�DILUPDWLYDV�D�VHJXLU��,��6XD�SULQFLSDO FDUDFWHUtVWLFD�p�D�DJLOLGDGH��,,��4XDQWR�j�IRUPD��R�PHPRUDQGR�VHJXH�R�PRGHOR�GR�SDGUmR�RItFLR��FRP�D GLIHUHQoD�GH�TXH�R�VHX�GHVWLQDWiULR�GHYH�VHU�PHQFLRQDGR�SHOR�FDUJR�TXH�RFXSD��,,,��7HP�FDUiWHU�HVWULWDPHQWH DGPLQLVWUDWLYR�H[WHUQR��$VVLQDOH� VH�QHQKXPD�DILUPDWLYD�HVWLYHU�FRUUHWD� VH�VRPHQWH�DV�DILUPDWLYDV�,,�H�,,,�HVWLYHUHP�FRUUHWDV� VH�WRGDV�DV�DILUPDWLYDV�HVWLYHUHP�FRUUHWDV� VH�VRPHQWH�DV�DILUPDWLYDV�,�H�,,,�HVWLYHUHP�FRUUHWDV� � VH�VRPHQWH�DV�DILUPDWLYDV�,�H�,,�HVWLYHUHP�FRUUHWDV� �*DEDULWR�&RPHQWDGR� �*DEDULWR�&RPHQWDGR� � ��D�4XHVWmR��5HI���������������� 3RQWRV������������ ([LVWHP�IHFKRV�TXH�GHYHPRV�XWLOL]DU�HP�&DUWDV�&RPHUFLDLV��&RQWXGR��SDUD�UHDOL]DU�TXDOTXHU�WH[WR�p SUHFLVR�TXH�VHMDPRV�HILFLHQWHV�QD�FRPXQLFDomR��'RV�IHFKRV�DEDL[R��R�~QLFR�SRVVtYHO�SDUD�VHU XWLOL]DGR�HP�&DUWD�&RUSRUDWLYD�p 6HP�PDLV�SDUD�R�PRPHQWR� )LFR�QR�DJXDUGR� � &RUGLDOPHQWH� 5HQRYDPRV�QRVVR�VHQWLPHQWR�GH�DSUHoR� 6XEVFUHYR�PH� �*DEDULWR�&RPHQWDGR� � ATV 1 ATV 2 ATV 3 ATV 4 ATV 5 ATV 6 ATV 7 ATV 8 ATV 9 ATV 10 SIMULADO 1 SIMULADO 2
Compartilhar