Issuu on Google+

5(9,67$,1)250$7,9$'(Ð%,'26 ,1)20$,/_7$;$3$*$

129(0%52H'(=(0%52

ÐELGRVYDLWHU(VFROD6XSHULRU GH&RQVHUYDomRH5HVWDXUR


D 1DWDO

























2EUDV

$XWDUTXLD

(VF6XSHULRU &RQVHUYDomR H5HVWDXUR

([SRVLomR &ROHFWLYD



)HVWLYDO &KRFRODWH

%DOWD]DU *RPHV)LJXHLUD

5,25(9,67$,1)250$7,9$'(Ð%,'26

6HF(VWDGR 'HVHQYROYLPHQWR 5HJLRQDO

*DELQHWH 7pFQLFR/RFDO

$UTXHRORJLD

129(0%52H'(=(0%52

6HF(VWDGR $GPLQLVWUDomR /RFDO

*DELQHWH 7pFQLFR/RFDO

'HOLEHUDo}HV


 (GLWRULDO

(PWHPSRGH%RDV)HVWDVGR1DWDODRLQtFLRGHQRYR$QRR PXQLFtSLRYLYHFRPRRUHVWRGRSDtVFRPDDSUHHQVmRTXDQWR DRIXWXUR$LQVWDELOLGDGHSROtWLFDYLYLGDFRPDFRQYRFDomR GHHOHLo}HVDQWHFLSDGDVHDLQFHUWH]DGDUHFXSHUDomR HFRQyPLFDDJUDYDGDFRPDDQXQFLDGDEDQDOL]DomRHOHLWRUDO QRPHDGDPHQWHFRPOHJLVODWLYDVHP)HYHUHLURUHIHUHQGRVREUH DFRQVWLWXLomRHXURSHLDHP$EULODXWiUTXLFDVHP2XWXEURH DLQGDSUHVLGHQFLDLVHP-DQHLURGHOHYDPDSHUVSHFWLYDU XPDQRH[WUDRUGLQDULDPHQWHGLItFLO3DUDXPSUHVLGHQWHGH &kPDUDHVREUHWXGRSDUDXPMRYHPSUHVLGHQWHFRPDSHQDV WUrVDQRVGHIXQo}HVQRFDUJRQmRpIiFLORXSHORPHQRV QmRpPXLWRHQWXVLDVPDQWHSDVVDUSHODLQpGLWDH[SHULrQFLDGH JRYHUQDUXPPXQLFtSLRFRPTXDWURJRYHUQRVQXPVyPDQGDWR &RPRQmRWHQKRRXWUDQmRPHUHVWDRXWUDFRLVDVHQmRSURFXUDU ID]HURPHOKRUDSHVDUGHVDEHUTXHPXLWRVGRVGRVVLHUVHGRV DVVXQWRVWHUmRTXHPDLVXPDYH]VHUUHDSUHVHQWDGRVTXHPDLV XPDYH]pSUHFLVRDJXDUGDUSDUDTXHRVVHQKRUHVJRYHUQDQWHV GDQDomRVHLQWHLUHPGRVDVVXQWRVHHQTXDQWRWXGRLVVRYDL DFRQWHFHQGRSHODVPXGDQoDVGHJRYHUQRRXGHPLQLVWURVDR SRGHUORFDOQmROKHUHVWDVHQmRHPQRPHGDVVXDVSRSXODo}HV DFUHGLWDUHWHUDFRQYLFomRGHTXHVHQGRRVSURMHFWRVERQV KDYHQGRTXDOLGDGHHFRQVLVWrQFLDH[LVWLQGRGHWHUPLQDomR HVWHVKDYHUmRGHYLQJDU -iLPDJLQDUDPQRTXDQWRVHULDFDyWLFR VHHPTXDWURDQRVWLYpVVHPRVTXDWURSUHVLGHQWHVGHFkPDUD SRUH[HPSOR" &RPRRSWLPLVWDTXHVRXSRUQDWXUH]DSUHILUR DFUHGLWDUTXHDSHVDUGHWRGDVDVGLILFXOGDGHVLQHUHQWHVj SDUDOLVDomRTXHRFRUUHQDDFWLYLGDGHJRYHUQDWLYDTXDQGRKi XPDPXGDQoDGH*RYHUQR LQGHSHQGHQWHPHQWHVHR*RYHUQRp GD´PHVPDF{UµRXQmR RQRVVR&RQFHOKRVySRGHUHDJLUFRP DIRUoDGDVVXDVREUDVHGRVVHXVSURMHFWRV 'HSRLVGHGRLVDQRVGHPXLWDFRQWHQomRFRPUHIOH[RV QRLQYHVWLPHQWRQRFRQFHOKRH[FHSomRIHLWDjVDSRVWDV FRUDMRVDV GHLQLFLDUDVJUDQGHVREUDVGD%DUUDJHPGR$UQyLD HGR,3VRXEHPRVLQLFLDUORJRHPXPFDPLQKRRQGH DGHSHQGrQFLDGRVILQDQFLDPHQWRVH[WHUQRVVHMDPRULXQGRV GD$GPLQLVWUDomR&HQWUDORXGD8QLmR(XURSHLDSXGHVVH VHUSHTXHQD'HVVHPRGRSRGHUVHLD´DJXHQWDUµPHOKRURV LPSDFWRVGDVUHVWULo}HVILQDQFHLUDVVHPFRQWULEXLUQHPUHFRUUHU DRSHUDo}HVFRPRHPSUpVWLPRVSRUH[HPSORTXHDJUDYDPR GHILFLWGDVFRQWDVS~EOLFDVGR(VWDGR$RUHYHUPRVRVPpWRGRV HRVPHLRVGHJHVWmRGDDXWDUTXLDIRLSRVVtYHOSURYRFDU FUHVFLPHQWRORJRHP FRPSDUDGRFRPRDQRDQWHULRUTXH IRLRPDLVDOWRGRVH[HFXWLYRVSUHFHGHQWHV PDQWrORHP HYHULILFDUMiQDVFRQWDVGHXPFUHVFLPHQWRDFHQWXDGR

129(0%52H'(=(0%52

GDUHDOLGDGHGDDXWDUTXLDRELGHQVH,VWRpTXDQGRRQRUPDO DQWHVGHHUDPH[HFXo}HVILQDQFHLUDVGHDPLOK}HV GH(XURVDSDUWLUGHVVHDQRIRLSRVVtYHOORJRXOWUDSDVVDU RVPLOK}HVFRQWLQXDUDFUHVFHUSDUDTXDVHPLOK}HV QRDQRVHJXLQWHHFKHJDUHVWHDQRDFHUFDGHPLOK}HV (PWUrVDQRVGXSOLFDPRVDVUHFHLWDVGRPXQLFtSLRDSHVDU GRSHUtRGRGHFRQWHQomRDQtYHOJRYHUQDWLYR3DUDTXHP SXGHVVHSHQVDUTXHDDXWDUTXLDGHÐELGRVGHSHQGHULDGR *RYHUQRDtHVWiDUHVSRVWDFRQWUiULD eFODURTXHTXDQWRPDLRUSXGHUVHURDSRLRGHXP*RYHUQR PHOKRUVREUHWXGRFRQVLGHUDQGRDVSHUVSHFWLYDVGHFRHVmR QDFLRQDOTXHWDQWRVJRVWDPGHSURFODPDUHSRXFRVDSOLFDP ,VWRpXPFRQFHOKRFRPDPpGLDGH3,%LQIHULRUDGDPpGLD QDFLRQDOQHFHVVLWDGHXPFLFORFRQWLQXDGRHGHXPDHVWUDWpJLD GHDSOLFDomRGHLQYHVWLPHQWRVS~EOLFRVGHPRGRDJDUDQWLU XPDXPHQWRGDSURGXomRGHULTXH]D1yVDFUHGLWDPRVTXHp SRVVtYHOLQYHUWHUHVWDVLWXDomRHHVWDPRVFHUWRVTXHRLUHPRV ID]HUQXPPpGLRSUD]RWRGDYLDRDSXUDPHQWRGDGLVWULEXLomR GHLQYHVWLPHQWRGHYHWHUHPFRQWDRPDSDGR´3RUWXJDOPHQRV IDYRUHFLGRµSURGX]LGRSHOR3URI'DQLHO%HVVDHDSURYDGRSHOR *RYHUQRGR'U'XUmR%DUURVRHP)HYHUHLURGH6HULD ERPDSHVDUGDFRQILDQoDTXHWHPRVQRQRVVRFDPLQKRTXHR UHVXOWDGRGDVIXWXUDVHVFROKDVGRVSRUWXJXHVHVGXUDQWH SXGHVVHID]HUHVWDGLVFULPLQDomRSRVLWLYDGHDSRLDUPDLVRV FRQFHOKRVTXHPHQRVWrPUHFHELGRGRLQYHVWLPHQWRS~EOLFR QDV~OWLPDVGpFDGDVLVWRVHTXLVHUPRVXP3RUWXJDOPDLV HTXLOLEUDGR'HFLV}HVFRPRDGHORFDOL]DUXPJUDQGHSURMHFWR FRPRDGHXPD(VFROD6XSHULRUGH&RQVHUYDomRH5HVWDXUR HPÐELGRVFRPOLFHQFLDWXUDVHPiUHDVRQGHQmRKiWpFQLFRV HTXDGURVSUHSDUDGRVDQtYHOQDFLRQDOFRPRDUTXLWHFWXUD GHUHVWDXURRXHQJHQKDULDGHUHDELOLWDomRHFRQVHUYDomRGH HGLItFLRVpRPHOKRUH[HPSORGHDSRVWDVHVWUDWpJLFDVTXHVH SRGHPID]HUHTXHUHYHODPYLVmRSUDJPDWLVPRHFRUDJHP QDGHFLVmRSROtWLFD9DPRVFRQWLQXDUDDFUHGLWDUHYDPRV VREUHWXGRFRQWLQXDUDFRQVWUXLURIXWXUR 36²'HVHMRDWRGRVRV0XQtFLSHVXP)HOL]H3UyVSHUR$QRGH 23UHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRV

7HOPR+HQULTXH&RUUHLD'DQLHO)DULD

5,25(9,67$,1)250$7,9$'(Ð%,'26




 2EUDV ²ÐELGRV$VSLVFLQDVPXQLFLSDLVJDQKDPIRUPDP 2WHOKDGRIRLFRORFDGRUHFHQWHPHQWH

2%5$6

²&DVDO%URHLUD$&02DOFDWURRXSDUWH GRFDPLQKRDJUtFRODGHOLJDomRGH7UiVGR 2XWHLURDR1DGDGRXUR

²2OKR0DULQKR-iVmRYLVtYHLVRV SULPHLURVWUDEDOKRVSDUDDIXWXUDFLUFXODU DR2OKR0DULQKR

²&DVDOGD/DGHLUD7UDEDOKRVGH VDQHDPHQWRHGHDOFDWURDPHQWRGH DUUXDPHQWRV

²6DQFKHLUD2XWURVFDPLQKRVDJUtFRODV DOFDWURDGRV(VWHOLJDD6DQFKHLUD*UDQGHj 6DQFKHLUD3HTXHQD

²2OKR0DULQKR$&02HVWiDFRORFDU SDVVHLRVHSDYLPHQWRHPDOJXPDV XUEDQL]Do}HVGHVWDORFDOLGDGH

²&DVDLVGD$UHLD-iIRLFRORFDGDD SULPHLUDFDPDGDGHDOFDWUmRQDHVWUDGD SULQFLSDOGHVWDORFDOLGDGH



5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52


²$GRV1HJURV2QRYRYLDGXWRMiFRPHoDDWRPDUIRUPD (PEUHYHDSRSXODomRSRGHUiYROWDUDRTXRWLGLDQRFRP PHOKRUHVDFHVVRV

²*DHLUDV7UDEDOKRVGHVDQHDPHQWRQD 4XLQWDGD0DUTXHVD

²ÐELGRV2FDPSRGHIXWHERO,,GR &RPSOH[R'HVSRUWLYRMiOHYRXXPDFDPDGD GHDOFDWUmR6HJXHVHDUHOYDVLQWpWLFD

²$UQyLD$EDUUDJHPHVWiSUDWLFDPHQWH FRQFOXtGD9DLVHUXPH[OLEULVGRFRQFHOKR

²6DQFKHLUD*UDQGH'HSRLVGHVWHV WUDEDOKRVGHVDQHDPHQWRHVWDORFDOLGDGH HVWiVHUYLGDDSRUFHQWRGH VDQHDPHQWREiVLFR

²9DX7UDEDOKRVGHHPEHOH]DPHQWRGD PLQDGHiJXD

²&RQFHOKR$&02HVWiDSURFHGHUj OLPSH]DGRVFXUVRVGHiJXDGRFRQFHOKR

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26

 


 $XWDUTXLD ²)HOLFLDQR%DUUHLUDV'XDUWHLQDXJXURXR&/$,GHÐELGRV

&/$, )RLLQDXJXUDGRQRSDVVDGRGLDGH1RYHPEUR QDVLQVWDODo}HVGD8QLYDGHÐELGRVR&HQWUR/RFDO GH$SRLRDR,PLJUDQWH &/$, TXHUHVXOWDGHXPSURWRFROR HQWUHD&kPDUD0XQLFLSDOGHÐELGRVHD$&,0( &RPLVVDULDGRSDUDD,PLJUDomRH0LQRULDV 1HVWHJDELQHWHRVLPLJUDQWHVUHVLGHQWHVHP3RUWXJDO SRGHUmRDFHGHUDRVGLVSRVLWLYRVGDUHGHQDFLRQDO GHDSRLRDRLPLJUDQWHFRPOLQKD626LPLJUDQWHTXH SRVVXLDWHQGLPHQWRHPSRUWXJXrVLQJOrVUXVVRHFULRXOR FDERYHUGLDQR1HVWHVHUYLoRHVWDUmRGLVSRQtYHLVGLYHUVDV LQIRUPDo}HVLPSRUWDQWHVSDUDDSRSXODomRLPLJUDGD DEUDQJHQGRDViUHDVGDVD~GHVHJXUDQoDVRFLDOHGXFDomR HTXHVW}HVUHODFLRQDGDVFRPRSURFHVVRGHUHJXODUL]DomR GDVXDVLWXDomROHJDO0DLVXPDLQLFLDWLYDGHDSRLRVRFLDO

²2FRQFHOKRGHÐELGRVHVWiDMRJDUQR1DFLRQDOGH%DVTXHWHERO

*DHLUDVQR&DPSHRQDWR1DFLRQDO GH%DVTXHWHERO

²$HTXLSDGHIXWVDOGD&02

)876$/²&kPDUD0XQLFLSDOGHÐELGRV $HTXLSDGHIXWVDOTXHUHSUHVHQWDR0XQLFtSLRGHÐELGRV ILFRXFODVVLILFDGDHPVHJXQGROXJDUQRFDPSHRQDWR'LVWULWDO GH/HLULDLQWHUPXQLFtSLRVVHQGRDSXUDGDSDUDDIDVH UHJLRQDODILPGHDSXUDURYHQFHGRUUHJLRQDOGD5HJLmR &HQWURRQGHGHIURQWRXDVRXWUDVHTXLSDVUHSUHVHQWDWLYDV GHVWD]RQDGR3DtV$SHVDUGRVUHVXOWDGRVQmRWHUHPVLGRRV PHOKRUHVQXQFDXPDHTXLSDGHIXWHEROGHVDOmRGD&kPDUD GHÐELGRVFKHJRXWmRORQJH(VWmRGHSDUDEpQV

 

5,25(9,67$,1)250$7,9$'(Ð%,'26

5HDOL]RXVHQRSDVVDGRGLDGH1RYHPEURSHODSULPHLUD YH]QRFRQFHOKRHQDVLQVWDODo}HVGHXPFOXEHORFDOXPMRJR GHEDVTXHWHERODFRQWDUSDUDR&DPSHRQDWR1DFLRQDOGD,, 'LYLVmR]RQDVXO26&5*DHLUHQVHDFROKHHVWDHTXLSDTXH GLVSXWRXR8QLmRGD0DGHLUDQRSULPHLURMRJRQRFRQFHOKR $YLGDGHVWDHTXLSDSDUDRFRQFHOKR´LQFOXLVHQXP SURMHFWRHQWUHD&kPDUD0XQLFLSDOGHÐELGRVHD6&5 *DHLUHQVHGHIRPHQWRGHRXWUDVPRGDOLGDGHVGHVSRUWLYDV QRFRQFHOKRµH[SOLFRX3HGUR)pOL[YHUHDGRUGRGHVSRUWR $HTXLSDGH%DVTXHWHEROVHQLRUHVPDVFXOLQRVFRQWDQHVWH PRPHQWRFRPDWOHWDVWHQGRFRPRWUHLQDGRU(GXDUGR 1XQR*RQoDOYHVHGLUHFWRUHVGDVHFomR)HUQDQGR&OpULJR -RmR5RVDH/XtV6RXVD

-RJR,QWHUQDFLRQDOSDUWLFXODUHQWUH 3RUWXJDOH6HUYLD 0RQWHQHJUR VXE  'HFRUUHXGLDGH'H]HPEURWHUoDIHLUD RMRJRLQWHUQDFLRQDOSDUWLFXODUHPVHOHFo}HVGHVXE 3RUWXJDO²6pUYLD 0RQWHQHJURTXHVHUHDOL]RXQR (VWiGLR0XQLFLSDOGHÐELGRV2HQFRQWURFRPHoRX jVKHWHUPLQRXHPSDWDGRD]HUR 1RLQWHUYDORGRMRJRKRXYHXPSHTXHQRFRQYtYLRFRP

129(0%52H'(=(0%52


²

²2QRYRDXWRFDUURQmRSDVVDGHVSHUFHELGR

WURFDGHOHPEUDQoDVHQWUHRVGLULJHQWHVGDV6HOHFo}HV 3RUWXJXHVD6pUYLD 0RQWHQHJULQDGD)HGHUDomR 3RUWXJXHVDGH)XWHEROHGD$VVRFLDomRGH)XWHEROGH/HLULD (VWiDLQGDPDUFDGRXPWUHLQRTXDUWDIHLUDGH 'H]HPEURSHODVKSDUDD6HOHFomR3RUWXJXHVDVXE QR(VWiGLR0XQLFLSDOGHÐELGRV

1RYRDXWRFDUURPRVWUDÐELGRV SRURQGHSDVVD $&kPDUD0XQLFLSDOGHÐELGRVDGTXLULXUHFHQWHPHQWHXP QRYRDXWRFDUUR8PYHtFXORTXHSDUDDOpPGHYLUDXPHQWDU DFDSDFLGDGHGHUHVSRVWDGDDXWDUTXLDQRWUDQVSRUWH GRVPXQtFLSHVQRPHDGDPHQWHDOXQRVGDVHVFRODVGR FRQFHOKRVHUYHWDPEpPSDUDOHYDURQRPHGHÐELGRV SRURQGHTXHUTXHRDXWRFDUURSDVVH2QRYRDXWRFDUUR HVWiWRWDOPHQWHGHFRUDGRFRPXPDLPDJHPGRFDVDULRGH ÐELGRVQmRGDQGRPDUJHPSDUDG~YLGDVGDVXDRULJHP DRPHVPRWHPSRTXHPRVWUDDEHOH]DGHVWDYLODPHGLHYDO $LPDJHPIDODSRUVL

$SUHVHQWDomRGROLYUR 2VYLQKRVGD(VWUHPDGXUD

            !"#$%&     '           

)RLDSUHVHQWDGRQRSDVVDGRGLDGH'H]HPEURQD&DVD GR3HORXULQKRHPÐELGRVROLYUR´9LQKRVGD(VWUHPDGXUDµ GH-RmR&DUYDOKR*KLUDFRPIRWRJUDILDVGH5DXO(PSLV

²ÐELGRVIRLSDOFRGHODQoDPHQWRGROLYUR9LQKRVGD(VWUHPDGXUD

&RQVWkQFLR(VWHOLYURpRžYROXPHGD´(QFLFORSpGLD 9LQKRVGH3RUWXJDOµ 2OLYURWHPPDLVGHSiJLQDVHYHUVDWHPDVFRPRDV RULJHQVGDUHJLmRGD(VWUHPDGXUDDVXDYRFDomRYLQtFROD DVGLYHUVDVGHQRPLQDo}HVDVFDVWDVHQWUHPXLWRVRXWURV WHPDV $FHULPyQLDWHYHOXJDUjVKHIRLSUHVLGLGDSHOR VHFUHWiULRGH(VWDGRGD$JULFXOWXUDH$OLPHQWDomR'DYLG *HUDOGHV'HSRLVGDDSUHVHQWDomRVHJXLXVHXPDSURYD GHYLQKRVGD(VWUHPDGXUD

       

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26




 3UHYHQomR 5RGRYLiULD

,6HPLQiULRGH3UHYHQomR5RGRYLiULD QD)DPtOLDHPÐELGRV ´9LYHVHXPDVLWXDomRGHJXHUUDFLYLOQDVHVWUDGDV SRUWXJXHVDVµ)RLGHVWDIRUPDTXH$OELQR$OPHLGD SUHVLGHQWHGD&21)$3 &RQIHGHUDomR1DFLRQDOGDV $VVRFLDo}HVGH3DLV DEULXR,6HPLQiULR1DFLRQDO GH3UHYHQomR5RGRYLiULDQD)DPtOLDTXHGHFRUUHXQR SDVVDGRGLDGH2XWXEURQD&DVDGD0XVLFDHP ÐELGRV2UHVSRQViYHOJDUDQWHTXHRVSRUWXJXHVHV WrPSRXFDFRQVFLrQFLDFtYLFDQDHVWUDGDHPXLWDGHVVD PHQWDOLGDGHGHYHVH´DRGHVLQYHVWLPHQWRQDHGXFDomRµ (PUHODomRjSUHYHQomRURGRYLiULDQDIDPtOLDR SUHVLGHQWHGD&21)$3HQWHQGHTXH´KiXPFRQMXQWR GHTXHVW}HVTXHpPRWLYRGHSUHRFXSDomRTXDQGR GHL[DPRVRVQRVVRVILOKRVQDHVFRODDVXUEDQL]Do}HV PDOSHQVDGDVRVSDVVHLRVTXHPXLWDVYH]HVQmRRVmR DDXVrQFLDGHLWLQHUiULRVGHVHJXUDQoDSDUDDHVFROD KiXPFRQMXQWRGHTXHVW}HVTXHLPSRUWDFRORFDUQD HGXFDomRµIULVRX 7HOPR)DULDSUHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRV TXHHVWHYHSUHVHQWHQDDEHUWXUDGHVWH6HPLQiULR FRQVLGHUDTXHQRTXHGL]UHVSHLWRjSROtWLFDORFDO´p QHFHVViULRXPDFRQFHSomRGHSROtWLFDVWUDQVYHUVDLV TXHWHQKDPDIDPtOLDHPGHVWDTXHµ´1mREDVWDDYDQoDU VyFRPREUDVHHTXLSDPHQWRVµ'DQGRXPH[HPSOR

GHVVHWLSRGHSRVWXUDHPÐELGRVRDXWDUFDGHVWDFRXR SURMHFWR´&UHVFHU0HOKRU²5HGH0XQLFLSDOGH$7/µTXH pXPDLQLFLDWLYD´TXHWHPDIDPtOLDFRPRSUHRFXSDomRµ eTXHHQWHQGH7HOPR)DULDRDFWXDOHVWLORGHYLGDGDV SRSXODo}HV´REULJDDSROtWLFDVGHDSRLRjIDPtOLDµ 1RTXHWRFDjVLQLVWUDOLGDGHURGRYLiULDRSUHVLGHQWHGD &kPDUD0XQLFLSDOGHÐELGRVGL]TXHDDFWXDOVLWXDomR ´pXPDGDVYHUJRQKDVGDQRVVDVRFLHGDGHµ+iTXH VHJXLUXPFDPLQKRSHGDJyJLFR´HDSRVWDUQDIDPtOLDH QDHVFRODµ´1mRYDOHDSHQDIRUPDUWRGDXPDJHUDomR VHQmRKRXYHUH[HPSORVGDIDPtOLDµVXEOLQKRX3RURXWUR ODGR7HOPR)DULDDILUPDTXH´RFDPLQKRGDSHGDJRJLD QmRpVXILFLHQWH+iTXHOHJLVODUGHIRUPDIRUWHHGXUD )DFHDRVQRVVRVEUDQGRVFRVWXPHVQyVVySRGHPRVWHU SROtWLFDVIRUWHVQHVWHVHFWRUeSUHFLVRHVFRODIDPtOLDPDV WDPEpPpQHFHVViULRXPTXDGURGHUHJUDVµLQVLVWLX -RVp/HLWmRJRYHUQDGRUFLYLOGH/HLULDIRFRXRVHX GLVFXUVRQRVQ~PHURV´/LGHUDPRVDVPRUWHVQD8QLmR (XURSHLDGRVHVWDPRVSRUFHQWRGRPHOKRU GD(XURSDRXVHMDDÉXVWULDHR5HLQR8QLGRµ(SRU HQWUHHVWHVQ~PHURVQHJURVQDVHVWUDGDVSRUWXJXHVDV -RVp/HLWmRHQWHQGHTXH´RSULPHLURDOYRGRWUDEDOKR GHVHQYROYLGRpRXWHQWHFRPHGXFDomRFRQWtQXDPDV WDPEpPDVLQIUDHVWUXWXUDVURGRYLiULDVµ2REMHFWLYRp HPUHGX]LUHPSRUFHQWRRQ~PHURGHDFLGHQWHV PRUWDLVQR3DtV

     

                     

  ! "#"$#"%   &" '" ()*+,#,-) ( .)/)0*0+11()/)0*02,,



5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52


 2EUDV3RQWH $GRV1HJURV ²$VREUDVGHFRUUHUDPDERPULWPR

3RQWH GH$GRV1HJURV HQFHUUDGD DRWUkQVLWR $&kPDUD0XQLFLSDOGH ÐELGRVLQIRUPDTXHD FLUFXODomRDXWRPyYHOH SHGHVWUHQDSRQWHGH$GRV 1HJURVHQWUHRV&DVDLVGR $OYLWRH$GRV1HJURVHVWi HQFHUUDGDGHVGHRSDVVDGR GLDGH2XWXEUR 3UHYrVHTXHHVWD LQWHUUXSomRQRWUkQVLWRVH SURORQJXHSRUGLDV(P FDXVDHVWiDFRQVWUXomRGD QRYDWUDYHVVLDQDTXHOHORFDO TXHYDLSHUPLWLUDXPHQWDU RWDPDQKRGDDFWXDOSRQWH TXHDWpjGDWDDSHQDV SRVVLELOLWDYDDSDVVDJHP GHXPYHtFXORDXWRPyYHOGH FDGDYH]2UoDGDHPFHUFD GHPLOK}HVGHHXURV DQRYDSDUWHWHUiPDLVGH PHWURVHILFDUiDXPD DOWXUDVXSHULRUjDFWXDO(VWD pXPDREUDGR,QVWLWXWRGH 'HVHQYROYLPHQWR5XUDOH +LGUiXOLFD ,'5+$  $5,2DSUHVHQWDOKHQHVWD SiJLQDRPDSDFRPRV SHUFXUVRVDOWHUQDWLYRV DSUHVHQWDQGRGHVGHMiHP QRPHGD&kPDUD0XQLFLSDO GHÐELGRVRVWUDQVWRUQRV TXHHVWDLQWHUUXSomRSRVVD FDXVDUMXQWRGDSRSXODomR

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26




 6HF(VWDGR 'HVHQYROYLPHQWR 5HJLRQDO

6HFUHWiULRGH(VWDGRGR 'HVHQYROYLPHQWR5HJLRQDOHPÐELGRV 26HFUHWiULRGH(VWDGRGR'HVHQYROYLPHQWR5HJLRQDO -RVp(GXDUGR0DUWLQVHVWHYHHPÐELGRVTXDUWDIHLUD GH1RYHPEURSHODVKQR6DOmR1REUHQRHGLItFLR GRV3DoRVGR&RQFHOKRSDUDDKRPRORJDomRGHGXDV FDQGLGDWXUDVIHLWDVSRUHVWHPXQLFtSLR ´([SDQVmRGD5HGH0XVHRORJLD,,µpXPDGDVFDQGLGDWXUDV TXHRJRYHUQDQWHKRPRORJRX5HIHUHVHDXPYDVWRFRQMXQWR GHREUDVRUoDGDVQDWRWDOLGDGHHPTXDVHPLOK}HVGH HXURV'LQKHLURUHIHUHQWHDREUDVQR0XVHX$EtOLR0DWRVH 6LOYD DQWLJR0XVHX0XQLFLSDO ,JUHMDGH6DQWLDJR,JUHMDGR 0RFKDUURUHFRQYHUVmRGR6RODUGD3UDoDGH6DQWD0DULD RQGHYDLIXQFLRQDURIXWXUR0XVHX0XQLFLSDO (VSDoR 6DQWLDJR&DVDGD0XUDOKDH:HOFRPH&HQWHU $VREUDVDFLPDUHIHULGDVVmRFRILQDQFLDGDVSHOR,,,4XDGUR &RPXQLWiULRGH$SRLRHWrPXPDFRPSDUWLFLSDomRGHSRU FHQWRSRUSDUWHGR)('(5HGHSRUFHQWRGD$GPLQLVWUDomR &HQWUDO2VUHVWDQWHVSRUFHQWRVmRDVVHJXUDGRVSHOD &kPDUD0XQLFLSDOGHÐELGRV 6HJXQGR6pUJLR*RUMmRGD5HGH0XQLFLSDOGH0XVHXVH *DOHULDV´DUHDOLGDGH3DWULPRQLDOGHÐELGRVpH[WUHPDPHQWH HYLGHQWHHDVVXPHQRFRQWH[WRQDFLRQDOXPSHVR FRQVLGHUiYHOµ1XPVHQWLGRGHGHVHQYROYLPHQWRVXVWHQWDGR ´D9LODGHÐELGRVHRVHXFRQFHOKRWrPFRPRSULRULGDGH DGHIHVDHSURPRomRGRVYDORUHVGR3DWULPyQLR&XOWXUDOH 1DWXUDOµGL]DFUHVFHQWDQGRTXHGHVWHPRGR´DFULDomRH LQFUHPHQWRGHQRYRVFRQWH~GRVSDVVDSHORGHVHQYROYLPHQWR GRVVHUYLoRVGH0XVHXGHYLGDPHQWHDUWLFXODGRVFRPRV LQWHUHVVHVHGXFDWLYRVWXUtVWLFRVHHFRQyPLFRVµ 6pUJLR*RUMmRUHIHUHDLQGDTXH´FRPXPD5HGHGH0XVHXV H*DOHULDVHVWUXWXUDGRVQRVHQWLGRGHSURMHFWDUD&XOWXUD DRQtYHOQDFLRQDOHLQWHUQDFLRQDORVGLYHUVRVSyORVGH LQWHUYHQomRPXVHROyJLFDVmRDJRUDGRWDGRVGHQRYRV SURJUDPDVHTXLSDPHQWRVHOLQJXDJHQVVySRVVtYHLVJUDoDV DRFODURDSRLRGHIXQGRVFRPXQLWiULRVGR(VWDGRSDUDDOpP GRVUHFXUVRVGDSUySULDDXWDUTXLDµ 1DPHVPDRFDVLmRR6HFUHWiULRGH(VWDGRGR 'HVHQYROYLPHQWR5HJLRQDOIH]DLQGDDKRPRORJDomRGD FDQGLGDWXUD´ÐELGRV²5HGHGHLQYHVWLJDomRLQRYDomRH



5,25(9,67$,1)250$7,9$'(Ð%,'26

FRQKHFLPHQWRµFRPXPLQYHVWLPHQWRHOHJtYHOGHPLO HXURVILQDQFLDGRDSRUFHQWRYDORUTXHpVXSRUWDGRHP SRUFHQWRSHOR)('(5HHPSRUFHQWRSHOD$GPLQLVWUDomR &HQWUDO2VUHVWDQWHVSRUFHQWRVmRVXSRUWDGRVSHOD DXWDUTXLDGHÐELGRV 'LRJR&RUUHDGR*DELQHWHGH*HVWmRGR3DWULPyQLR+LVWyULFR GHÐELGRVH[SOLFDTXH´HPWHUPRVJHUDLVSUHWHQGHVHFRP HVWHSURMHFWRFRQKHFHUÐELGRVHRVHXWHUULWyULRGHXPD IRUPDWmRDSURIXQGDGDTXDQWRSRVVtYHOQRVYiULRVGRPtQLRV GRVDEHUIRUQHFHQGRLQVWUXPHQWRVWpFQLFRVHFLHQWtILFRVGH DSRLRDRSODQHDPHQWRHJHVWmRGRWHUULWyULRDQtYHOFXOWXUDO DPELHQWDOHWDPEpPHFRQyPLFRµ 6HJXQGRRWpFQLFR´SUHWHQGHVHFRQVWLWXLUDVVLPXPD YHUGDGHLUDUHGHGHLQYHVWLJDomRLQRYDomRHFRQKHFLPHQWR FXMDHTXLSDGHFRRUGHQDGRUHVDGYpPGDHVWUXWXUD XQLYHUVLWiULDSRUWXJXHVDHGHQ~FOHRVFLHQWtILFRVUHSXWDGRV TXHHQJOREDPDLVGHXPDFHQWHQDGHLQYHVWLJDGRUHV GRVYiULRVGRPtQLRVGRFRQKHFLPHQWRFRPSUHHQGHQGR OLFHQFLDGRVPHVWUHVHGRXWRUHV$VVHQWDHVWUDWHJLFDPHQWH QXPDUHGHPXOWLGLVFLSOLQDUGHUHFXUVRVKXPDQRVDOWDPHQWH TXDOLILFDGRVLQpGLWDHRSRUWXQDPHQWHFRORFDGRVDRVHUYLoRGD FRPSUHHQVmRPDLVULJRURVDHDSURIXQGDGDGHXPWHUULWyULRH GDVXDLGHQWLGDGHµFRQFOXL

ÐELGRVFRPRFDUWmRGHYLVLWDGDUHJLmR -RVp(GXDUGR0DUWLQVHQWHQGHTXH´ÐELGRVpHPVLXPFDUWmR GHYLVLWDGHVWDUHJLmRµSHORTXHRLQYHVWLPHQWRDUHDOL]DU´QmR pGRFRQFHOKRµPDVVLPSDUDWRGRR2HVWH2JRYHUQDQWH H[SOLFRXTXHQHVWHPRPHQWRDDSRVWDSDVVD´SRUXPXVR GLIHUHQWHGRVIXQGRVHVWUXWXUDLVGHIRUPDPDLVLQWHOLJHQWHPDLV DEUDQJHQWHTXHHQYROYDPDVUHJL}HVµ 3DUD7HOPR)DULDSUHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRVD KRPRORJDomRGHVWDVGXDVFDQGLGDWXUDVUHSUHVHQWDPXLWRSDUD ÐELGRVPDVWDPEpPSDUDR2HVWH´$QRVVDSROtWLFDWHPVLGR FRPSUHHQGLGDSRU/LVERDHR*RYHUQRSHUFHEHTXHÐELGRV SDUDDOpPGHXPFRQFHOKRpXPDPDUFDGHXPDUHJLmRµ &RPDKRPRORJDomRGHVWDVFDQGLGDWXUDV´WRGRR2HVWHVDL DJDQKDUµ7HOPR)DULDUHPDWDDILUPDQGRTXH´HVWDVGXDV FDQGLGDWXUDVVmRH[WUHPDPHQWHLPSRUWDQWHVXPDYH]TXHVmR LQYHVWLPHQWRVGHJUDQGHUHOHYkQFLDQDiUHDGRSDWULPyQLRµ

129(0%52H'(=(0%52


 6HF(VWDGR GD$GPLQLVWUDomR /RFDO ²-RVp&HViULRFHOHEURXYiULDV716QRFRQFHOKR

$PRUHLUDH6REUDOGD/DJRDFRPQRYRV LQYHVWLPHQWRVGR0XQLFtSLRHGR*RYHUQR 26HFUHWiULRGH(VWDGRGD$GPLQLVWUDomR/RFDO-RVp &HViULRGHVORFRXVHQRSDVVDGRGLDGH'H]HPEUR j)UHJXHVLDGD$PRUHLUDFRQFHOKRGHÐELGRVSDUD DDVVLQDWXUDHKRPRORJDomRGRFRQWUDWRSURJUDPD 7167UDEDOKRVGH1DWXUH]D6LPSOHV SDUDDREUDGH ´5HFXSHUDomRGD,JUHMDGH1RVVD6HQKRUDGD$ERERUL]µ 7UDWDVHGHXPLQYHVWLPHQWRWRWDOGHPLOHXURVGRVTXDLV SRUFHQWRVHUmRILQDQFLDGRVSHOD$GPLQLVWUDomR&HQWUDOH RVUHVWDQWHVSRUFHQWRSHOR0XQLFtSLRGHÐELGRV $FHULPyQLDWHYHOXJDUQR&HQWUR6RFLDOGD$PRUHLUDSHODV KORFDORQGHIRLDLQGDDVVLQDGRHKRPRORJDGRXPRXWUR FRQWUDWRSURJUDPD 716 SDUDDREUDGH´$UUDQMRV([WHULRUHV FRP&RQVHUYDomRGR(GLItFLRGR&HQWUR6RFLDOGD$PRUHLUDµ 7UDWDVHGHXPLQYHVWLPHQWRGHPLOHXURVGRVTXDLV SRUFHQWRVHUmRILQDQFLDGRVSHOD$GPLQLVWUDomR&HQWUDOH RVUHVWDQWHVSRUFHQWRSHOR0XQLFtSLRGHÐELGRVHSHOR &HQWUR6RFLDOGD$PRUHLUD $LQGDQRPHVPRGLD-RVp&HViULRGHVORFRXVHj ORFDOLGDGHGH6REUDOGD/DJRDWDPEpPQRFRQFHOKRGH ÐELGRVSHODVKQDVHGHGD-XQWDGH)UHJXHVLDSDUD DDVVLQDWXUDHKRPRORJDomRGRFRQWUDWRSURJUDPD 716  GHUHFXSHUDomRGD,JUHMDGH66HEDVWLmR 7UDWDVHGHXPLQYHVWLPHQWRGHPLOHXURVGRVTXDLV SRUFHQWRVHUmRILQDQFLDGRVSHOD$GPLQLVWUDomR&HQWUDOH RVUHVWDQWHVSRUFHQWRSHOR0XQLFtSLRGHÐELGRV 5HFRUGHVHTXHQRSDVVDGRGLDGH1RYHPEURIRL LQDXJXUDGRSHORH[HFXWLYRPXQLFLSDOR0LUDGRXURH&DSHOD GH6DQWR$QGUpQR$UHOKRWDPEpPDOYRGRPHVPRWLSR GHFRQWUDWRVSURJUDPD7DPEpPQRSDVVDGRGLDGH 6HWHPEURHP$GRV1HJURVFRQFHOKRGHÐELGRVR 6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomR/RFDODQXQFLRXD DSURYDomRGDFDQGLGDWXUDGHUHFXSHUDomRGDLJUHMDGH 6DQWD0DULD0DGDOHQDFXMDVREUDVDUUDQFDUmRHPEUHYH 7UDWDVHQHVWHVGRLV~OWLPRVFDVRVGHLQYHVWLPHQWRV QRWRWDOGHPLOHXURVGRVTXDLVSRUFHQWRVHUmR ILQDQFLDGRVSHOD$GPLQLVWUDomR&HQWUDOHRVUHVWDQWHV SRUFHQWRSHOR0XQLFtSLR

129(0%52H'(=(0%52

²6REUDOGD/DJRDYDLYHUDVXDLJUHMDUHFXSHUDGD

²1D$PRUHLUDDLJUHMDHRODUJRGDFROHFWLYLGDGHYmRVHUDOYRGHREUDV

²,QDXJXUDomRGDFDSHODHPLUDGRXURGH6DQWR$QGUp$UHOKR

5,25(9,67$,1)250$7,9$'(Ð%,'26




 (VF6XSHULRU &RQVHUYDomR H5HVWDXUR

ÐELGRVYDLWHU(QVLQR6XSHULRU 9DLVHUFULDGDHPÐELGRVD(VFROD6XSHULRUGH &RQVHUYDomRH5HVWDXUR(VWHQRYRHVWDEHOHFLPHQWR GHHQVLQRVXSHULRUS~EOLFRSHUWHQFHQWHDR,QVWLWXWR 3ROLWpFQLFRGH/HLULD ,3/ YDLVHUXPDUHDOLGDGHQR SUy[LPRDQROHFWLYRWHQGRVLGRMiFHOHEUDGRHQWUHR,3/ HD&kPDUD0XQLFLSDOGHÐELGRV &02 XPSURWRFRORGH FRRSHUDomR 6HJXQGRRSURWRFRORDUUDQFDMiQRSUy[LPRDQROHFWLYR FRPGXDVOLFHQFLDWXUDV´QRkPELWRGD&RQVHUYDomR 5HVWDXURH5HDELOLWDomRGR3DWULPyQLR+LVWyULFRH &XOWXUDOµ $&02YDLGLVSRQLELOL]DUSDUDDVLQVWDODo}HVSURYLVyULDV TXDWURHGLItFLRVFRQWtJXRVGHQWURGRFHQWURKLVWyULFR JDUDQWLQGRDVVLPDVFRQGLo}HVSDUDDDEHUWXUDMiQR SUy[LPRDQROHFWLYR$VLQVWDODo}HVGHILQLWLYDVFRPHoDP GHVGHMiDVHUSURMHFWDGDVYLUmRDVHULQVWDODGDVQXPD iUHDFRPFHUFDGHKHFWDUHVMXQWRGD9LODGHÐELGRV &DEHDR,3/DFRQVWUXomRGRVHGLItFLRVSHGDJyJLFRV ODERUDWyULRVFDQWLQDELEOLRWHFDGHYHQGRD&02ILQDQFLDU DFRQVWUXomRGDVUHVLGrQFLDVSDUDHVWXGDQWHVHVWDQGR SUHYLVWDDFRQFOXVmRGDSULPHLUDIDVHSDUD2XWXEURGH FRPXPDUHVLGrQFLDFRPTXDUWRVSHUPLWLQGR ORJRQRDUUDQTXHGDHVFRODDOEHUJDUDOXQRV $SURSRVWDGHFULDomRGHVWHHVWDEHOHFLPHQWRGHHQVLQR HODERUDGDSHOR,3/UHIHUHTXHDPLVVmRGD(VFROD 6XSHULRUGH&RQVHUYDomRH5HVWDXURp´IRUPDUWpFQLFRV VXSHULRUHVQRGRPtQLRGDFRQVHUYDomRHUHVWDXURQDV GLIHUHQWHVHVSHFLDOLGDGHVGRWDGRVGHFRPSHWrQFLDV WpFQLFDVFLHQWtILFDVTXHOKHVSHUPLWDPDFWXDUDRQtYHOGR SODQHDPHQWRHLPSOHPHQWDomRGHDFo}HVFRQFUHWDVGH FRQVHUYDomRHUHVWDXURµ $LGHLDpWRUQDUD(VFRODQXPD´UHIHUrQFLDQDFLRQDOHP WHUPRVGHFRQVHUYDomRHUHVWDXURµGL]DLQGDR,3/ DFUHVFHQWDQGRTXHQRVHXSOHQRIXQFLRQDPHQWRWHUi FHUFDGHDOXQRVGHIRUPDomRLQLFLDODFUHVFHQWDQGR RVDOXQRVGHIRUPDomRSyVVHFXQGiULD QtYHO,9 HGH IRUPDomRSyVJUDGXDGD (VWiSUHYLVWRPLQLVWUDURVFXUVRVGH&RQVHUYDomRH



5,25(9,67$,1)250$7,9$'(Ð%,'26

²2(VSDoR6DQWLDJRYDLVHUXWLOL]DGRQHVWDSULPHLUDIDVH FRPRXPGRVORFDLVGHDXOD

5HVWDXUR$UTXLWHFWXUDH5HVWDXUR(QJHQKDULDGH &RQVHUYDomRH5HDELOLWDomRGH(GLItFLRV3DWULPyQLR +LVWyULFRH&XOWXUDO$UWHV7UDGLFLRQDLVH$UTXHRORJLD FRPXPULWPRGHLPSODQWDomRGHGRLVFXUVRVSRUDQR OHFWLYRSRUIRUPDDTXHHPRVVHLVFXUVRVVH HQFRQWUHPHPIXQFLRQDPHQWR (VWHSURMHFWRYHPQDVHTXrQFLDGDH[SDQVmRGR ,3/HYDLDRHQFRQWURGDVQRYDViUHDVFRQVLGHUDGDV SULRULWiULDVSHOR0LQLVWpULRGD&LrQFLD,QRYDomRH(QVLQR 6XSHULRU7HOPR)DULDSUHVLGHQWHGD&02DILUPDTXH ´WHQGRHPFRQWDDIDOWDGHWpFQLFRVHGHTXDGURVFRP IRUPDomRDGHTXDGDSDUDLQWHUYLUQRQRVVR3DWULPyQLR SUHWHQGHVHDVVLPFROPDWDUXPDJUDQGHODFXQDVHQWLGD QRQRVVR3DtVFULDQGRGHIXWXURDSRVVLELOLGDGHGH HPSUHVDVDXWDUTXLDVLQVWLWXLo}HVHSRSXODomRHPJHUDO SRGHUGLVSRUGHPDLRUHVUHFXUVRVQDLQWHUYHQomRGH GHIHVDHYDORUL]DomRGR3DWULPyQLR3RUWXJXrVµ ´ÐELGRVDVVXPHQHVWHPRPHQWRXPDHQRUPH UHVSRQVDELOLGDGHQHVWHVHFWRUQmRVySRUVHUDMyLD SDWULPRQLDOTXHWRGRVFRQKHFHPFRPRWDPEpP FRQFUHWL]DXPDOLQKDGHDFomRODQoDGDSHODDXWDUTXLD QRV~OWLPRVGRLVDQRVFRPDFULDomRGHHVWUXWXUDV ORFDLVGHJHVWmRHYDORUL]DomRSDWULPRQLDOFRPR SHODSULRULGDGHGDGDjHQRUPHDYDODQFKHGHREUDV GHUHFXSHUDomRHYDORUL]DomRTXHGHFRUUHPHP VLPXOWkQHRQRFHQWURKLVWyULFRGHÐELGRVµUHIHUHR

129(0%52H'(=(0%52


²2DXGLWyULRGH6DQWLDJRVHUiRXWURGRVORFDLVRQGHRVDOXQRV YmRSRGHUSRUHPSUiWLFDDVWpFQLFDVDSUHQGLGDVQDVDXODV

DXWDUFD7HOPR)DULDVXEOLQKDDLQGD´DVHPSUHLWDGDV QDiUHDGRFRQKHFLPHQWRFRPRDTXHRH[HFXWLYR ODQoRXUHFHQWHPHQWHFRQWUDWDQGRHTXLSDVGH LQYHVWLJDomRTXHHQJOREDPPDLVGHLQYHVWLJDGRUHV HHVSHFLDOLVWDVGDVPHOKRUHV8QLYHUVLGDGHV3RUWXJXHVDV HTXHSHUPLWLUmRSRUH[HPSORHQWUHRXWURVREMHFWLYRV DOFDQoDUFRPr[LWRXPDFDQGLGDWXUDD3DWULPyQLR 0XQGLDOGD81(6&2µ´eXPJUDQGHVRQKRTXHVH FRQFUHWL]DµUHPDWD7HOPR)DULD

$SRVWDQDHGXFDomR $HGXFDomRWHPVLGRXPDGDVJUDQGHVDSRVWDVGD &kPDUD0XQLFLSDOGHÐELGRVDRORQJRGHVWHPDQGDWR 'HVGHDUHFXSHUDomRItVLFDGHWRGRVRVHGLItFLRV HVFRODUHVVREDWXWHODGDDXWDUTXLDSDVVDQGRSHOD FULDomRGRSURMHFWR´&UHVFHU0HOKRUµGHRFXSDomR GHWHPSRVOLYUHVFRPFDSDFLGDGHSDUDDEUDQJHUD WRWDOLGDGHGRVDOXQRVGRFRQFHOKRD&02WHPIHLWRWXGR RTXHHVWiDRVHXDOFDQFHSDUDDXPHQWDUDIRUPDomRGRV MRYHQVGRPXQLFtSLR 3DUDDOpPGRVHVIRUoRVSDUDWUD]HURHQVLQRVHFXQGiULR SDUDRFRQFHOKRUHFHQWHPHQWH7HOPR)DULDQXPMDQWDU GHUHFHSomRDSURIHVVRUHVSURS{VDR'LUHFWRU5HJLRQDO GH(GXFDomRDFULDomRGHXPSURMHFWRSLORWRGHJHVWmR GRVHVSDoRVHVFRODUHVGRFRQFHOKR2DXWDUFDLUiSURSRU DR6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomR(GXFDWLYDD

²7HOPR)DULDFRPR'LUHFWRU5HJLRQDOGH(GXFDomRQRMDQWDU GHUHFHSomRDRVSURIHVVRUHVDOHFFLRQDUQRFRQFHOKR

HODERUDomRGHXPDH[SHULrQFLDSLORWRQRFRQFHOKRSDUD ´ID]HUXPFRQWUDWRSDUDDDXWDUTXLDHDFRPXQLGDGH HVFRODUJHULUHPDHVFRODDFRPSDQKDGDGDWUDQVIHUrQFLD GRVUHFXUVRVTXHKRMHR0LQLVWpULRGD(GXFDomRMiWHP SDUDJDVWDUµ $LQGDQHVWDDSRVWDQDHGXFDomR7HOPR)DULDWHPYLQGR DUHXQLUFRPUHVSRQViYHLVGR0LQLVWpULRGD&LrQFLD ,QRYDomRH(QVLQR6XSHULRUHGR,QVWLWXWR3ROLWpFQLFRGH /HLULDSRUIRUPDDTXHD(VFROD6XSHULRUGH&RQVHUYDomR 5HVWDXURVHMDXPDUHDOLGDGH&RPDDSURYDomRHP &RQVHOKRGH0LQLVWURVQRSUy[LPRDQROHFWLYRYmR DYDQoDURVSULPHLURVFXUVRV

       



   !"# 3  1,4*..        !  " # $%  $  





" #$%&    '( )*+*,---.. // 0&       '( ),1*12,2-2

           !



         

 

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26




 )HVWLYDO &KRFRODWH ²$&DVDGH&KRFRODWHGDV&ULDQoDV FRQWLQXDDVHUXPVXFHVVR

)HVWLYDO,QWHUQDFLRQDOGH&KRFRODWH YLVLWDGRSRUPDLVGHPLOSHVVRDV 2)HVWLYDO,QWHUQDFLRQDOGH&KRFRODWHIRLPDLVXPD YH]XPYHUGDGHLURVXFHVVR0DLVGHPLOSHVVRDV YLVLWDUDPRFHUWDPHGXUDQWHVHLVGLDVWHQGRREULJDGR DRUJDQL]DomRDPHGLGDVDGLFLRQDLVGHVHJXUDQoDHGH FRQWURORGHWUiIHJR 3DUDDOpPGRVGRLVFRQFXUVRVWUDGLFLRQDLV²&KRFRODWLHU 3RUWXJXrVGRDQR SDUDSURILVVLRQDLV H&RQFXUVR ,QWHUQDFLRQDOGH5HFHLWDVGH&KRFRODWH SDUDDPDGRUHV  ²DHGLomRGHVWHDQRFRQWRXFRPXPDH[SRVLomRGH HVFXOWXUDVIHLWDVHPFKRFRODWHHGHXPFRQFXUVRGH SHoDVPRQWDGDVHPFKRFRODWH$OLiVXPGRVORFDLV GHPDLRUDWUDFomRIRLSUHFLVDPHQWHD*DOHULD2JLYD RQGHVHHQFRQWUDYDPDOJXPDVGH]HQDVGHHVFXOWXUDV GHFKRFRODWHFRPGHVWDTXHSDUDDVTXDWURSHoDVD FRQFXUVRVXERUGLQDGDVDRWHPD´&DSLWDLVGR0XQGRµH SDUDDFHVVyULRVHURXSDIHLWRVWRWDOPHQWHHPFKRFRODWH 7DPEpPD&DVDGH&KRFRODWHGDV&ULDQoDVYROWRXD VHUXPVXFHVVRFRPYiULRVPLOKDUHVGHFULDQoDVD SDVVDUHPSRUHVWHHVSDoR$QWHVGR)HVWLYDO,QWHUQDFLRQDO GH&KRFRODWHFRPHoDUMiDVLQVFULo}HVSDUDJUXSRV RUJDQL]DGRVHVWDYDPHVJRWDGDV'XUDQWHTXDVHXPD KRUDRVPDLVSHTXHQRVWLQKDPRSRUWXQLGDGHGHFRQKHFHU DKLVWyULDGRFKRFRODWHGHID]HUGHVHQKRVHSLQWDUHP DFDUDFRPPRWLYRVOLJDGRVjWHPiWLFDGRIHVWLYDOID]HU MRJRVYHUXPDSHoDGHWHDWURGHIDQWRFKHVHILQDOPHQWH FRQIHFFLRQDUHPERODFKDVTXHGHSRLVHUDPPROKDGDVHP FKRFRODWH2VXFHVVRIRLWmRJUDQGHTXHDRUJDQL]DomR SURPHWHPDLVLQLFLDWLYDVQRDQRTXHYHP $VGXDVWHQGDVORFDOL]DGDVQD&HUFDGR&DVWHORIRUDP RXWURVORFDLVEDVWDQWHYLVLWDGRV&RPUHSUHVHQWDomR GHYiULDVPDUFDVGHFKRFRODWHHHVWDEHOHFLPHQWRV FRPHUFLDLVRVYLVLWDQWHVSXGHUDPDGTXLULUFKRFRODWHVD SUHoRVHVSHFLDLVDVVLPFRPRSURYDUGLYHUVDVLJXDULDV $SHVDUGHDOJXQVDSHUWRVHGHDOJXPWHPSRGHHVSHUD QRPHDGDPHQWHQRILPGHVHPDQDDRUJDQL]DomR FRQVLGHUDTXHWXGRFRUUHXSHORPHOKRUSURPHWHQGRj VHPHOKDQoDGRTXHWHPYLQGRDID]HUGHVGHDSULPHLUD



5,25(9,67$,1)250$7,9$'(Ð%,'26

²0RWD$PDUDO3UHVLGHQWHGD$VVHPEOHLDGD5HS~EOLFD IH]DSURYDGHYLQKRVGDUHJLmRFRPFKRFRODWH

HGLomRPHOKRUDUDTXDOLGDGHGHRIHUWDGRFHUWDPHTXH pMiXPGRVPDLRUHVFDVRVGHVXFHVVRQRQRVVR3DtV ÐELGRVpVHPG~YLGDD&DSLWDOGR&KRFRODWH 2)HVWLYDO,QWHUQDFLRQDOGH&KRFRODWHGHÐELGRVIRL LQDXJXUDGRQRGLDGH1RYHPEURSHOR0LQLVWUR GR7XULVPR7HOPR&RUUHLDWHQGRDFHULPyQLDGH HQFHUUDPHQWRGLDVLGRIHLWDSHOR3UHVLGHQWHGD $VVHPEOHLDGD5HS~EOLFD0RWD$PDUDO $RUJDQL]DomRGLYXOJDDLQGDRVYHQFHGRUHVGRV FRQFXUVRVTXHGHFRUUHUDPGXUDQWHR)HVWLYDO,QWHUQDFLRQDO GH&KRFRODWHFXMRVSUpPLRVIRUDPHQWUHJXHVRQWHPGLD GH1RYHPEUR  ‡&RQFXUVR&KRFRODWLHU3RUWXJXrVGRDQR    SURILVVLRQDLV ²0DUFR&DUUHLUR  ‡&RQFXUVR,QWHUQDFLRQDOGH5HFHLWDVGH&KRFRODWH   DPDGRUHV ²0LJXHO*LO (VSDQKD

 ‡&RQFXUVRGH3HoDV0RQWDGDVHP&KRFRODWH   SURILVVLRQDLV ²&DWHGUDOGH0RVFRYR²$XWRUHV    7HOPR&RHOKR5XL6LOYDH-RVp1XQHV     9LFWRU1XQHV²FRRUGHQDGRU 

129(0%52H'(=(0%52


²$DQLPDomRIRLFRQVWDQWHSHODVUXDVGD9LOD VROWDQGRJDUJDOKDGDVDRS~EOLFRSUHVHQWH

²7HOPR&RUUHLD0LQLVWURGR7XULVPR LQDXJXURXRFHUWDPH

²1DVXDYLVLWD7HOPR&RUUHLDUHXQLXFRP HPSUHViULRVHLQYHVWLGRUHVGHWXULVPRGDUHJLmR

²0RWD$PDUDOTXHQXQFDIDOKRXXP)HVWLYDO GH&KRFRODWHYHLRPDLVXPDYH]DÐELGRV

²(VWHDQRR)HVWLYDOGH&KRFRODWHFRQWRX FRPPDLVXPDDWUDFomRGDQoDSHOR&H'H&H

²2&RUR,QIDQWLOGHÐELGRVDQLPRXRVYLVLWDQWHV FRPDVVXDVFDQo}HVGHGLFDGDVDRFKRFRODWH

²2VFXUVRGHFKRFRODWHULDIRUDPjVHPHOKDQoD GRDQRSDVVDGRPXLWRFRQFRUULGRV

²$FRPXQLFDomRVRFLDOQDFLRQDO HLQWHUQDFLRQDODMXGRXQDGLYXOJDomRGRHYHQWR

²$H[SRVLomRGRFKRFRODWHRVYLVLWDQWHV SXGHUDPFRQKHFHUWRGRRSURFHVVRGRFKRFRODWH


²0LOKDUHVGHSHVVRDVYLVLWDUDP RHVSDoRPXOWLPDUFDV

²)RUDPUHDOL]DGDVDRYLYRHVFXOWXUDV GHFKRFRODWHQDJDOHULD2JLYD

²&DWHGUDO0RVRFRYRSULPHLURSUpPLR GDVHVFXOWXUDVHPFKRFRODWH

²7HOPR&RHOKRXPGRVDXWRUHVGDHVFXOWXUD YHQFHGRUD

²2FRQFXUVR&KRFRODWLHU3RUWXJXrVGR$QR WHYHTXDWURSDUWLFLSDQWHV

²0DUFR&DUUHLURFKRFRODWLHUSRUWXJXrV GRDQR

²8PDGDVFRQFRUUHQWHVGRFRQFXUVR LQWHUQDFLRQDOGHUHFHLWDV

²0LJXHO*LOSULPHLURSUpPLRGRFRQFXUVR LQWHUQDFLRQDOGHUHFHLWDV

²2M~ULIRLVREHUDQRQDVGHFLV}HVGHSRLV GDSURYDGDVUHFHLWDVDSUHVHQWDGDVDFRQFXUVR


 1DWDO  ²0DLVXPDYH]R3DL1DWDOHQWURXHPÐELGRVGHFRFKH

0HUFDGRH&DPSDQKDGH1DWDO PRVWUDPFRQFHOKRVROLGiULR 'HFRUUHXHPÐELGRVGHDGH'H]HPEUR XP0HUFDGRGH1DWDO2HYHQWRYDLUHDOL]RXVH QD3UDoDGH6DQWD0DULDHIRLXPDSDUFHULDSLORWR HQWUHD(PSUHVD0XQLFLSDO´ÐELGRV3DWULPRQLXPµ HDHPSUHVD´([DOWDU$FFHVVµ 3UHWHQGHXVHFRPHVWH0HUFDGRFULDUXPHVSDoR LQRYDGRUFRPDSUHVHQoDGHGLYHUVLGDGHQDFLRQDOH LQWHUQDFLRQDOUHDOL]DGRFRPRPi[LPRGHH[FHOrQFLDH HVWpWLFDHTXHRIHUHFHXXPYDVWRFRQMXQWRQDRIHUWDGH HOHPHQWRVLQWHUHVVDQWHVHIRUDGRFRPXP (VWLYHUDPSUHVHQWHVQmRVyDVXVXDLVHVSHFLDOLGDGHV QDFLRQDLVFRPRWDPEpPDUWHVDQDWRDUWHFXOLQiULDDOXVLYD jpSRFDDUWLJRVGHGHFRUDomRYHODVDURPDVSUHVHQWHV OLYURVHP~VLFDEHELGDVWUDGLFLRQDLVTXHQWHVGHpSRFD QDFLRQDLVHLQWHUQDFLRQDLV HQWUHPXLWRVRXWURVSURGXWRV 7RGRVRVSDUWLFLSDQWHVGHUDPRVHXPHOKRUJDUDQWLQGRD FULDomRGHXPDPELHQWHtQWLPRFRQIRUWiYHOHHVWpWLFR2 YLVLWDQWHHQFRQWURXVHJXUDPHQWHXPDYDVWDRIHUWDHP LGHLDVRULJLQDLVSDUDSUHVHQWHVGH1DWDOHS{GHDOpPGLVVR GHVIUXWDUGHYiULDVEHELGDVTXHQWHVFRPLGDIULDHTXHQWH SDUDFRQVXPRQRORFDOHHPDPELHQWHSUySULR

ÐELGRV6ROLGiULR $SDUGHVWDLQLFLDWLYDUHDOL]RXVHDWUDGLFLRQDOFDPSDQKD ´ÐELGRV6ROLGiULRµ$HTXLSDGHYROXQWiULRVGR´ÐELGRV 6ROLGiULRµOHYRXDFDERGXUDQWHRVGLDVHGH'H]HPEUR XPDQRYDFDPSDQKDGHUHFROKDGHDOLPHQWRVjSRUWDGR ,QWHUPDUFKpGHÐELGRVGR0RGHORGR)HLUD1RYDGR( /HFUHUFHGR,QWHUPDUFKpGH&DOGDVGD5DLQKD2VXFHVVR GDFDPSDQKDIRLGHWDOIRUPDTXHDRUJDQL]DomRFDQFHORX R~OWLPRGLDGHUHFROKDGHDOLPHQWRVSRUMiWHUFRQVHJXLGR DUPD]HQDURQHFHVViULR $VFDUrQFLDVDOLPHQWDUHVFRPTXHVHGHEDWHPDVFHUFDGH IDPtOLDVFRPGLILFXOGDGHVGRFRQFHOKRGHÐELGRVTXH WHPWHQGrQFLDDDJUDYDUVHHPSHUtRGRVGHDEUDQGDPHQWR GDDFWLYLGDGHHFRQyPLFDYmRVHUPLQRUDGDVFRPR FRQWULEXWRLQGLYLGXDOGDGRQHVWDFDPSDQKDSRUWRGRV DTXHOHVTXHFRQWULEXtUDP (VWDFDPSDQKDPRELOL]RXFHUFDGHYROXQWiULRV TXHUHFROKHUDPDVFRQWULEXLo}HVHIHFWXDGDVQRV HVWDEHOHFLPHQWRVFRPHUFLDLV2VEHQVDOLPHQWDUHVIRUDP HQWUHWDQWRHQFDPLQKDGRVSDUDXPDUPD]pPGR´ÐELGRV 6ROLGiULRµ2VSURGXWRVGDFDPSDQKDDLQGDFRPUHFXUVR DRYROXQWDULDGRIRUDPGLVWULEXtGRVORFDOPHQWHQRVGLDV HGH'H]HPEURDSHVVRDVFRPFDUrQFLDVDOLPHQWDUHV FRPSURYDGDV

7HOPR+HQULTXH&RUUHLD'DQLHO)DULDOLFHQFLDGRHP+LVWyULDH3UHVLGHQWHGD&kPDUD0XQLFLSDOGH ÐELGRVQRXVRGDFRPSHWrQFLDTXHPHpFRQIHULGDSHORGLVSRVWRQDDOtQHDE QžGRDUWžžGD /HLQžGHGH6HWHPEURQDVXDDFWXDOUHGDFomRGHVLJQRDIXQFLRQiULD0DULD2QGLQD&D EUDOGRV6DQWRV%UDQTXLQKRSDUDRH[HUFtFLRGDVIXQo}HVGH1RWiULD6XEVWLWXWDGD1RWiULD3ULYDWLYD $IXQFLRQiULDGHVLJQDGDGHWDLVIXQo}HVDFXPXOiODViFRPDVIXQo}HVGHFKHIHGHVHFomR DVVLVWLQGROKH R GLUHLWR j SHUFHSomR GRV HPROXPHQWRV QRWDULDLV GHYLGRV SHORV DFWRV GH WDO QDWXUH]DHPTXHLQWHUYHQKD 'HVWHGHVSDFKRGHYHUiVHUGDGRFRQKHFLPHQWRjLQWHUHVVDGD ÐELGRVGH2XWXEURGH 23UHVLGHQWHGD&kPDUD

'(63$&+2

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26




²23DL1DWDOGHÐELGRVGLVWULEXLXFHQWHQDV GHSUHVHQWHVSHODVFULDQoDV

²20HUFDGRGH1DWDOSURFXURXVHU PDLVXPDIRUPDGHDWUDFomRDÐELGRV

²)RUDPPXLWRVRVJUXSRVGRFRQFHOKR TXHDQLPDUDPDYLODHDVDOGHLDVGRPXQLFtSLR

²23DL1DWDOSHUGHXDPHPyULDIRLDSHoD GHWHDWURSDUDWRGDVDVFULDQoDVGRFRQFHOKR

²2DXGLWyULRGD&DVDGD0~VLFDHVWHYHVHPSUH FKHLRGHFULDQoDVSDUDDVVLVWLUDHVWDSHoD

²7DPEpPSHODVHVFRODVGRFRQFHOKR R3DL1DWDOGHÐELGRVDQGRXDGLVWULEXLUSUHVHQWHV

²$DOHJULDGHSRLVGDSDVVDJHPGR3DL1DWDO GHÐELGRVpHYLGHQWH

²$FDPSDQKDÐELGRV6ROLGiULRUHFROKHX EDVWDQWHVGRQDWLYRV

²'HSRLVGHDUPD]HQDGRVHFDWDORJDGRVRVGRQD WLYRV IRUDP GLVWULEXtGRV SHODV IDPtOLDV FDUHQFLDGDV


 7URoR 2OKR0DULQKR$ ²$QWyQLR0H[LDQRPRPHQWRGRDFWRGHFRQVLJQDomR GR~OWLPRWURoRGR,3

0LQLVWURGDV2EUDV3~EOLFDV SUHVLGHjFHULPyQLDGHFRQVLJQDomR GRODQoRGR,3 2~OWLPRWURoRGR,3TXHOLJDUiR2OKR0DULQKRj$IRL FRQVLJQDGRQRSDVVDGRGLDGH'H]HPEURSHOR0LQLVWUR GDV2EUDV3~EOLFDV7UDQVSRUWHVH&RPXQLFDo}HV$QWyQLR 0H[LD$FHULPyQLDTXHGHFRUUHXQD&DVDGD0~VLFDHP ÐELGRVFRQWRXDLQGDFRPDSUHVHQoDGH7HOPR)DULD SUHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRVHGH$QWyQLR -HVXV*UHJR'LUHFWRUGH(PSUHHQGLPHQWRVGR,QVWLWXWRGH (VWUDGDVGH3RUWXJDO 5HFRUGHVHTXHRSULPHLURWURoRGR,3TXHOLJD3HQLFKH DRQyGD6HUUDG·(O5HL2OKR0DULQKRIRLLQDXJXUDGRQR SDVVDGRGLDGH$EULOSHORH[SULPHLURPLQLVWUR'XUmR %DUURVR1DRFDVLmRRJRYHUQDQWHSURPHWHXDYDQoDU RTXDQWRDQWHVFRPDFRQVWUXomRGRVFHUFDGH TXLOyPHWURVGRWURoRHPIDOWD 2OKR0DULQKR$  (VWHVHJXQGRWURoRIRLDGMXGLFDGRj6RPDJXHHVWiRUoDGR HPPLOK}HVGHHXURV PDLV,9$ VHQGRRSUD]RGH H[HFXomRGHGLDV$PRURVLGDGHGDREUDGHYHVH DRIDFWRGDPDLRUSDUWHGRVTXLOyPHWURVVHUIHLWDHP YLDGXWR (PWHUPRVJHUDLVGHVGH3HQLFKHj$R,3WHPNPGH WUDoDGRTXHLQFOXHPWUrVURWXQGDVGRLVQyVGHGLVWULEXLomR GHWUiIHJRHUHVWDEHOHFLPHQWRVSDUDDFLUFXODomR LQWHUIHULGD6HQRSULPHLURWURoRHQWUH3HQLFKHH6HUUDG·(O 5H\2OKR0DULQKRDHVWUDGDWHPGXDVIDL[DVGHURGDJHP KDYHQGR]RQDVFRPGXDVWUrVRXTXDWURYLDVRWUDoDGR GHVWHVHJXQGRWURoRWHUiGXDVIDL[DVGHURGDJHPHGXDV YLDVGHFLUFXODomR (VWDpXPDREUDPXLWRLPSRUWDQWHSDUDWRGDDUHJLmR QRPHDGDPHQWHSDUDÐELGRVXPDYH]TXHFRPHVWD OLJDomRIHLWDRWUkQVLWRYLQGRGH/LVERDRXGH/HLULDDWUDYpV GD$VHUiPDLVIDFLOLWDGR7HOPR)DULDGLVVHQmRWHU ´G~YLGDVGRGHVHQYROYLPHQWRTXHLUiSRWHQFLDUHQYROYHQGR DHFRQRPLDORFDOHUHJLRQDOUHTXDOLILFDQGRHDXPHQWDQGR DTXDOLGDGHGHYLGDGDVSRSXODo}HVHPSULPHLUROXJDU RXDSUR[LPDQGRDUHJLmRWXUtVWLFDTXHVRPRVHPHVSHFLDO QRFRQFHOKRGHÐELGRVRQGHPLOK}HVHPLOK}HVGHHXURV

129(0%52H'(=(0%52

WrPYLQGRDVHULQYHVWLGRVRQGHMiWHPRVXPGRVPHOKRUHV FDPSRVGHJROIHGHWRGDD(XURSDHXP+RWHO0DUULRWWGH FLQFRHVWUHODVSDUDDOpPGHRXWURVSURMHFWRVHPFXUVRGH SDUWLFXODUTXDOLGDGHµH[SOLFRX7HOPR)DULD &RPR,3FRQFOXtGRVHUiSRVVtYHOOLJDUDRQyGR2OKR 0DULQKR´HVWH$WOkQWLFRGHDOWDTXDOLGDGHTXHHVWDPRV DSURPRYHUDWUDYpVGHXPQRYRHL[RPXQLFLSDOGH TXLOyPHWURVSURMHFWRTXHWHUiXPDSDUFHULDS~EOLFR SULYDGRMXVWLILFiYHOSHODHVWUDWpJLFDLPSRUWkQFLDGRV LQYHVWLPHQWRVMiDSURYDGRVHTXHHVWH,3YHPSRWHQFLDUH DFHOHUDUµFRQFOXLX(VWDQRYDHVWUDGDOLJDUiRQyGD6HUUD '·(O5HL2OKR0DULQKRj]RQDGR%pOWLFRH%RP6XFHVVR

5,25(9,67$,1)250$7,9$'(Ð%,'26




 *DELQHWH 7pFQLFR/RFDO ²-RVp&HViULRDVVLQDRSURWRFRORGHFRQVWLWXLomRGR*7/

3DUDVDOYDJXDUGDU R3DWULPyQLRGHÐELGRVH$GD*RUGD ÐELGRVYDLWHU*DELQHWH7pFQLFR/RFDO -RVp&HViULR6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomR/RFDO FHOHEURXGLDGH'H]HPEURFRPD&kPDUD0XQLFLSDO GHÐELGRVXPSURWRFRORSDUDDLQVWDODomRGR*DELQHWH 7pFQLFR/RFDOGHÐELGRV *7/  6HJXQGRRWH[WRGRSURWRFRORR*7/WHUiFRPRiUHDGH LQWHUYHQomRR&HQWUR+LVWyULFRGHÐELGRVHDORFDOLGDGH GH$GD*RUGD(VWHJDELQHWHIRLFULDGRSDUD´HODERUDU RV3ODQRVGH3RUPHQRUGH6DOYDJXDUGDµGDiUHDGH LQWHUYHQomRHD´UHVSHFWLYDJHVWmRXUEDQtVWLFDµGL]R GRFXPHQWR2SURWRFRORDYDQoDDLQGDTXHR*7/LUi ´SUHSDUDUXPFRQMXQWRGHLQWHUYHQo}HVGHUHDELOLWDomR HUHTXDOLILFDomRDRQtYHOGRHGLILFDGRHGRVHVSDoRV S~EOLFRVEHPFRPRDSRLDURSURFHVVRGHFDQGLGDWXUDGH ÐELGRVD3DWULPyQLR0XQGLDOµ (VWH*7/TXHVHUiDFRPSDQKDGRSHOD&RPLVVmRGH &RRUGHQDomRH'HVHQYROYLPHQWR5HJLRQDOGH/LVERDH 9DOHGR7HMRVHUiFRPSRVWRSRUDUTXLWHFWRVHQJHQKHLURV KLVWRULDGRUHVVRFLyORJRVGHVHQKDGRUHVHQWUHRXWURVQXP WRWDOGHWpFQLFRVFXMRRVYHQFLPHQWRVVHUmRSDJRVD SRUFHQWRSHOD&&'5HSRUFHQWRSHOD&02$VXD GXUDomRpGHGRLVDQRV



5,25(9,67$,1)250$7,9$'(Ð%,'26

²2ODUJRGH$GD*RUGDYDLVHUXPGRVORFDLVDLQWHUYHQFLRQDU SHODHTXLSDGR*DELQHWH7pFQLFR/RFDO

7HOPR)DULDSUHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRV GLVVHQDRFDVLmRHPTXHRSURWRFRORIRLFHOHEUDGRTXH ´HVWHpXPDSRLRPXLWRLPSRUWDQWHSDUDRFRQFHOKRµ 2DXWDUFDDILUPRXTXH´QmRVHSRGHGHL[DURVORFDLV SULQFLSDLVGHVWHFRQFHOKRDRDEDQGRQRµ´2PHXSDSHOIRL GHPRQVWUDUHVVDQHFHVVLGDGHMXQWRGRJRYHUQRµFRQFOXLX JDUDQWLQGRDLQGDTXHD&02SUHWHQGHDYDQoDUFRPSODQRV GHSRUPHQRUHDFo}HVGHSURWHFomRGRSDWULPyQLRGR FRQFHOKRjVSULQFLSDLVORFDOLGDGHV

129(0%52H'(=(0%52


 %RP 6XFHVVR

(PSUHHQGLPHQWRGHOX[RQR%RP6XFHVVR FRPH[SRVLomRQR&&% $PDQLIHVWDomRGHLQWHUHVVHS~EOLFRGRSURMHFWRQDFLRQDOH LQWHUQDFLRQDOGHVSHUWDGDQDVXDGLYXOJDomRPRWLYRXDUHDOL ]DomRGDH[SRVLomR©$UTXLWHFWRVSURMHFWRVGR%RP6XFHV VRªSDUDDDSUHVHQWDomRGRVHVWXGRVSUpYLRV  GHFDGD DXWRU1RVHXFRQMXQWRVmRXPDSHoDGHYDORUDUTXLWHFWyQLFR H[HPSODUHXPFRQWULEXWRUHOHYDQWHSDUDRDSURYHLWDPHQWRGD LQWHOLJrQFLDQDFLRQDOSDUDRGHVHQYROYLPHQWRGRWHUULWyULRH SURMHFomRGDLPDJHPGH3RUWXJDO $H[SRVLomRHVWHYHSDWHQWHGHGH1RYHPEURDGH 'H]HPEURQR&HQWUR&XOWXUDOGH%HOpP &&% HSXGHUDPVHU YLVWRVRVHVWXGRVSUpYLRVGRVSURMHFWRVGHFDGDXPGRV DUTXLWHFWRVDVVLPFRPRDVPDTXHWDVGHHVWXGRUHSUHVHQWDomR GDVSODQWDVDOoDGRVHGHVHQKRV 6L]D9LHLUD$OFLQR6RXWLQKR5RJpULR&DYDFD6RXWR0RXUD 1XQR*UDoD0RXUD5XL3DVVRV,QrV/RER&DUULOKRGD *UDoD/XtV3HVVDQKD0RUHLUD0DGDOHQD&DUGRVR0HQH]HV )UDQFLVFR7HL[HLUD%DVWRV0DQXHO$LUHV0DWHXV*RQoDOR %\UQHH*RQoDOR&DUGRVR0HQH]HVVmRRVDUTXLWHFWRV UHVSRQViYHLVSHORHPSUHHQGLPHQWRWXUtVWLFRQR%RP 6XFHVVRXP¶UHVRUW·GHDUTXLWHFWXUDFRQWHPSRUkQHDVHQGR XPDH[SHULrQFLD~QLFDHP3RUWXJDOHQR0XQGR 6mRKHFWDUHVMXQWRj/DJRDGHÐELGRVHRFHDQR$WOkQWLFR TXHQXPDSULPHLUDIDVHFRQWDUmRFRPORWHVHPRUDGLDV HPEDQGDRXVHMDGRLVWHUoRVGRHPSUHHQGLPHQWRFRPDV REUDVDLQLFLDUVHQRVHJXQGRWULPHVWUHGH 3DUDDOpPGDVFDVDVSURMHFWDGDVRHPSUHHQGLPHQWRYDLWHUXP FDPSRGHJROIHFRPEXUDFRVXPVSDXPKRWHOXPFHQWUR HTXHVWUHXPD]RQDFRPHUFLDOXPFOXEHGHUHPRPHUJXOKR HYHODXPFOXEHGHWpQLVXPFDPSRGHIXWHEROUHOYDGRXP KHOLSRUWRHXPKRWHOSDUDDQLPDLVHQWUHRXWURVHTXLSDPHQWRV 8PHPSUHHQGLPHQWRGHOX[RFXMRVSURPRWRUHVTXHUHPTXH VHMDDSULQFLSDOUHIHUrQFLDQD(XURSDQHVWHWLSRGH¶UHVRUWV· $DSUHVHQWDomRGHVWHHPSUHHQGLPHQWRTXHFRQWRXFRPD SUHVHQoDGRDUTXLWHFWR6L]D9LHLUDGH7HOPR)DULDSUHVLGHQWH GD&kPDUD0XQLFLSDOGHÐELGRVHGH5RTXH0DUWLQV SUHVLGHQWHGD$FRUGR6*36DHQWLGDGHSURPRWRUDDFRQWHFHX QRGLDGH1RYHPEURQR&&%6L]D9LHLUDJDUDQWLXTXH QHVWHVDUTXLWHFWRVGHYiULDVJHUDo}HVVHPQHQKXPHVWLORD

129(0%52H'(=(0%52

²5RTXH0DUWLQV7HOPR)DULDH6L]D9LHLUD

²$H[SRVLomRIRLYLVWDSRUPLOKDUHVGHSHVVRDV

XQLORVRHOHPHQWRGHOLJDomRIRLRUHVSHLWRSHODSDLVDJHP 7HOPR)DULDDVVHJXURXTXHQmRKDYHUiH[FHVVRGHRFXSDomR XPDYH]TXHPHQRVGHVHWHSRUFHQWRGRVKHFWDUHVYmR VHURFXSDGRVFRPQRYDVFRQVWUXo}HV6DOLHQWRXDLQGDTXHR LQYHVWLPHQWRpGDPDLRULPSRUWkQFLDSHODTXDOLGDGHTXHWUD] ´)RUDPGHIDFWRWUrVDQRVGHPXLWRWUDEDOKRSDUDUHGLQDPL]DU XPSURMHFWRSUDWLFDPHQWHSDUDGR(VWRXFHUWRTXHRV RELGHQVHVYmRWHUPDLVXPDUHIHUrQFLDGHJUDQGHTXDOLGDGH 2[DOiWXGRFRQWLQXHDFRUUHUEHPµ $RWRGRHVWHpXPLQYHVWLPHQWRGHPLOK}HVGHHXURVTXH YDLSHUPLWLUWHUHQWUHDUHVLGHQWHVDOpPGHXPD SRSXODomRIOXWXDQWH2KRWHOWHUiTXDUWRVHVHUmRFULDGRV QRYRVSRVWRVGHWUDEDOKR

5,25(9,67$,1)250$7,9$'(Ð%,'26




 ([SRVLomR &ROHFWLYD ²*ORULD(OHQDH$JQHWDgKUVWU|P

([SRVLomRFROHFWLYD GH$JQHWDgKUVWU|PH*ORULD(OHQD (VWiSDWHQWHGHGH'H]HPEURGHDGH-DQHLUR GHQD&DVDGR3HORXULQKRHPÐELGRVXPD H[SRVLomRFROHFWLYDGH$JQHWDgKUVWU|PH*ORULD(OHQD $JQHWDgKUVWU|PSDUWHGDVVXDVSUySULDVH[SHULrQFLDV HVHQWLPHQWRVQmRUHDOL]DQGRQRHQWDQWRXPDREUD DXWRELRJUiILFD1HVWDH[SRVLomR$JQHWDVHUYHVHGHYiULRV PDWHULDLVyOHRWLQWDGDFKLQDSDVWHOVHFRHVXSRUWHVWHODV SDSHOFHUkPLFDD]XOHMRSDUDUHSUHVHQWDUVHUHV~QLFRV HVWUDQKRVPXOKHUHVSiVVDURVTXLPHUDVYRDQGRRXDLQGD QmRjEHLUDGRSUHFLStFLR $REUDGH*ORULD(OHQDWUDGX]VHQXPH[HUFtFLRRQGHD GHSXUDomRIRUPDOGHWRGRVRVPRWLYRVQDWXUDLVHHVSLULWXDLV GHLQVSLUDomRPH[LFDQDpXPDFRQVWDQWH&RPXPDULFD SDOHWDGHFRUHVHDPLQ~FLDGRGHWDOKHDWULEXLDOPDHSHVR QDUUDWLYRDRVVHXVTXDGURVFRPRVHGHFRQWRVGHIDGDVRX PLWRVVHWUDWDVVHP $JQHWDgKUVWU|PQDVFHXQD6XpFLDRQGHYLYHXHHVWXGRX DWpDRVDQRV9LYHXHP3DULV%DUFHORQD6DQWLDJRGR &KLOHH%DVLOHLDDQWHVGHYLUSDUDR3RUWRHPRQGH WUDEDOKRXFRPRGHVLJQHUHPDLVWDUGHFRPRIRWyJUDID (QWUHHYLYHXQD*XLQp%LVVDXRQGHWUDEDOKRX FRPRDVVLVWHQWHFXOWXUDOGD2UJDQL]DomR6XHFDSDUDR 'HVHQYROYLPHQWR(PUHWRPRXRVHVWXGRVGH3LQWXUD

IUHTXHQWDQGRR$5&2²&HQWURGH$UWHH&RPXQLFDomR 9LVXDOHP/LVERDDWp(VWiUHSUHVHQWDGDHP0XVHXV &ROHFo}HV3DUWLFXODUHVH3~EOLFDVQD6XpFLD3RUWXJDO (VSDQKDH6XtoD *ORULD(OHQDQDVFHXQR0p[LFRHP)RUPDomRHP 4XtPLFD)DUPiFLDH%LRORJLDQD8QLYHUVLGDGH1DFLRQDO $XWyQRPDGR0p[LFR7UDEDOKRXGXUDQWHDQRVQD ,QG~VWULD)DUPDFrXWLFD9LYHHWUDEDOKDHP/LVERDGHVGH )RUPDomRHP3LQWXUDQR$5&2²&HQWURGH$UWHH &RPXQLFDomR9LVXDO3URIHVVRUDQR$5&2GHD 3DUWLFLSDHPH[SRVLo}HVFROHFWLYDVQR0p[LFRHQR%UDVLOGHVGH HHP3RUWXJDOGHVGH(VWiUHSUHVHQWDGDHP0XVHXV H&ROHFo}HV3DUWLFXODUHVQD6XpFLD6XtoD(VSDQKDH3RUWXJDO

²$H[SRVLomRHVWDUiSDWHQWHDWpGH-DQHLURGH

   

 

      

  

          !   "#   " $   % & "

   

5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52


 0XVHX 0XQLFLSDO ²2LQWHULRUGRUHFpPHQFHUUDGR0XVHX0XQLFLSDO

0XVHX0XQLFLSDOGHÐELGRVHQFHUUDGR $SyVDQRVGHIXQFLRQDPHQWRR0XVHX0XQLFLSDO GHÐELGRVVLWXDGRQRVDQWLJRV3DoRVGR&RQFHOKR HFDGHLDQD3UDoDGH6DQWD0DULDHQFHUURXRVVHXV VHUYLoRVFRPYLVWDjUHLQVWDODomRIXWXUDQR6RODUGD 3UDoDGH6DQWD0DULD $RFRPSOHWDUDQRVQR9HUmRGHR0XVHXVHUi UHDEHUWRFRPQRYRVVHUYLoRVFRPDVREUDVGHDUWH GHYLGDPHQWHUHVWDXUDGDVHXPQRYRGLVFXUVRPXVHROyJLFR DSUHVHQWDQGRDOJXPDVGDVPDLVVLJQLILFDWLYDVREUDVGHDUWH GD9LODGHÐELGRVHPH[SRVLomRSHUPDQHQWH 20XVHX0XQLFLSDOFRPRVHGHGD5HGHGH0XVHXV H*DOHULDV0XQLFLSDLVHVWiDUWLFXODGRFRPGLYHUVRV VHUYLoRVGHQDWXUH]DPXVHROyJLFDQRPHDGDPHQWHFRP R0XVHX3DURTXLDOD*DOHULD2JLYD H[WHQVmRGHDUWH FRQWHPSRUkQHD D*DOHULDGD&DVDGR3HORXULQKRHFRPR IXWXUR0XVHX$EtOLRGH0DWRVH6LOYD TXHYDLIXQFLRQDUQR HGLItFLRGRDFWXDO0XVHX0XQLFLSDO  2HGLItFLRTXHDOEHUJRXDFROHFomRGR0XVHX0XQLFLSDO VHUiWDPEpPDOYRGHREUDVGHUHHVWUXWXUDomRFRP SURMHFWRFRRUGHQDGRSHODGHVLJQHUGHLQWHULRUHV0DULD -RVp6DODYLVDSDVVDQGRDDOEHUJDUSDUWHGDFROHFomRGH $EtOLRGH0DWRVH6LOYD3RUVXDYH]HVWHVHUYLoRDLQGD VHPSUHYLVmRGHGDWDVGHDEHUWXUDVHUiDUWLFXODGRFRPD UHVLGrQFLDGHVVHDUWLVWDSOiVWLFRFHQyJUDIRHILJXULQLVWD 'HIRUPDDFROPDWDUDQHFHVVLGDGHGHUHIHUHQFLDomR PXVHROyJLFDSDUDRVSUy[LPRVPHVHVVHUiLQDXJXUDGDD H[SRVLomRFRPHPRUDWLYDGRVDQRVGHQDVFLPHQWRGH %DOWD]DU*RPHV)LJXHLUD  SUHYLVWDSDUDGH -DQHLUR IHULDGRPXQLFLSDO DGH0DLRGHQR6RODU GD3UDoDGH6DQWD0DULD $VREUDVDFLPDUHIHULGDVVmRFRPSDUWLFLSDGDVSHOR ,,,4XDGUR&RPXQLWiULRGH$SRLRQRkPELWRGD FDQGLGDWXUD´([SDQVmRGD5HGH0XVHROyJLFD,,µQXP PRQWDQWHWRWDOGHFHUFDGHPLOK}HVGHHXURVGRV TXDLVSRUFHQWRVmRGHFRPSDUWLFLSDomRSHOR)('(5 HSRUFHQWRGD$GPLQLVWUDomR&HQWUDO2VUHVWDQWHV SRUFHQWRVmRDVVHJXUDGRVSHOD&kPDUD0XQLFLSDOGH ÐELGRV YHUSiJLQD 

129(0%52H'(=(0%52

²1HVWHHGLItFLRIXQFLRQDUiHPEUHYHR0XVHX$EtOLR0DWRVH6LOYD

²$*DOHULD2JLYDID]SDUWHGD5HGH0XVHROyJLFDGHÐELGRV

²1R6RODUGH6DQWD0DULDYDLVHULQVWDODGRR0XVHX0XQLFLSDO

5,25(9,67$,1)250$7,9$'(Ð%,'26




 %DOWD]DU *RPHV)LJXHLUD

62/$5'$35$d$'(6$17$0$5,$²)87852086(8081,&,3$/

([SRVLomR%DOWD]DU*RPHV)LJXHLUD 3LQWRUGHÐELGRV ©TXHQRVSDL]HVIRLFpOHEUHª 26RODUGD3UDoDGH6DQWD0DULDHPÐELGRVTXH UHFHQWHPHQWHIRLDOYRGHREUDVGHUHFXSHUDomRYDL DFROKHUGHGH-DQHLURIHULDGRPXQLFLSDODWpGH 0DLRGHDH[SRVLomRGH%DOWD]DU*RPHV)LJXHLUD 3LQWRUGHÐELGRV©TXHQRVSDL]HVIRLFpOHEUHª %DOWD]DU*RPHV)LJXHLUDSDLGDFRQKHFLGDSLQWRUD-RVHID GHÐELGRVpXPGRVSULQFLSDLVSLQWRUHVGRVpFXOR;9,, WHQGRDJRUDHPÐELGRVVXDWHUUDQDWDODPHUHFLGD KRPHQDJHPFRPXPDPRVWUDGRVVHXVSULQFLSDLV WUDEDOKRV-RUJH(VWUHOD6pUJLR*RUMmRH9tWRU6HUUmRVmR RVFRPLVViULRVGHVWDH[SRVLomRTXHLQDXJXUDDVQRYDV LQVWDODo}HVGR6RODUGD3UDoDGH6DQWD0DULDGHSRLVGDV REUDVGHUHFXSHUDomR $H[SRVLomROLPLWDGDjDPRVWUDJHPGHTXDVHWUrV GH]HQDVGHSHoDVGH%DOWD]DUHGRVHXWHPSRGDGDV DVGLILFXOGDGHVHPUHXQLUREUDVSDWHQWHVHPFROHFo}HV SULYDGDVHHPPXVHXVHVWUDQJHLURV FRPRR/RXYUH GH3DULVHRV8IIL]LGH)ORUHQoD DVVXPHVHFRPRXP YLUDUGHSiJLQDQRFRQKHFLPHQWRGDFXOWXUDDUWtVWLFDGR %DUURFRSRUWXJXrVHQRSURFHVVRGHUHGHVFREULPHQWR GDTXHOHTXHIRLXPGRVVHXVH[SRHQWHVFULDWLYRV

7UDWDQGRVHGHXPDH[SRVLomRGHkPELWRQDFLRQDOH LQWHUQDFLRQDOHVWHHYHQWRUHYHODRHVIRUoRHRLQWHUHVVH SRVWRHPÐELGRVSHORHVWXGRGRVHXSDVVDGRH VREUHWXGRSRUFULDUFRQGLo}HVGHIUXLomRHFRQKHFLPHQWR GRH[WHQVR3DWULPyQLR&XOWXUDOGHVWD9LODKLVWyULFD $QWHFHGHQGRDDEHUWXUDGR0XVHX0XQLFLSDOQR6RODUGD 3UDoDGH6DQWD0DULDSUHYLVWDSDUDDH[SRVLomR ©%DOWD]DU*RPHV)LJXHLUDªpXPPDUFRKLVWyULFRQDV DFWLYLGDGHVFXOWXUDLVGHÐELGRVSHUPLWLQGRIRFDUDV DWHQo}HVGRVLQYHVWLJDGRUHVVREUHÐELGRVHFRQWULEXLU SDUDRHQULTXHFLPHQWRGRHVSHFWUR3DWULPRQLDO SRUWXJXrV

²3RUPHQRUGR5HSRXVRQD)XJDSDUDR(JLSWR%DOWD]DU *RPHV)LJXHLUD,JUHMDGH6DQWR$QWyQLRGH$GD*RUGD

   

  !"  #$      

 



5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52






 $UTXHRORJLD ²,QVWDODo}HVGR*DELQHWHGH$UTXHRORJLD

VRED3UDoDGH6DQWD0DULD

(63Ð/,2$548(2/Ð*,&2

&RPRIXQFLRQDR*DELQHWHGH$UTXHRORJLD GD&kPDUD0XQLFLSDOGHÐELGRV &RPRpGRFRQKHFLPHQWRJHUDOD$UTXHRORJLDHQYROYH WUDEDOKRGHFDPSRHGHJDELQHWH (IHFWLYDPHQWHQRILQDOGDFDPSDQKDGHHVFDYDo}HVR HVSyOLRDUTXHROyJLFRUHFROKLGRDSHQDVSRVVXLDUHIHUrQFLD FRQWH[WXDOHPTXHIRLHQFRQWUDGR$VVLPpQR*DELQHWH TXHVHSURFHGHDXPFXLGDGRVRWUDWDPHQWRGHOLPSH]DD VHFRRXPHGLDQWHODYDJHP $SyVHVWDIDVHVHJXHVHDPDUFDomRGHFDGDIUDJPHQWR SHoDRQGHGHYHUiFRQVWDURQRPHGRVtWLRRDQRGH HVFDYDomRHRVHXQ~PHURVHTXHQFLDO(VWDPDUFDomR GHYHUiVHUIHLWDFRPWLQWDGDFKLQDHQWUHGXDVFDPDGDVGH SHOtFXODSURWHFWRUDRXFRORFDGDQXPDHWLTXHWDGHSDSHO QHXWUR1ROLYURGHLQYHQWiULRFRQVWDUiDGHVFULomRGDIRUPD HGDVFDUDFWHUtVWLFDVGHSURGXomR 1DIDVHVHJXLQWHVHSDUDVHRHVSyOLRSRUWLSRVGH SURGXomRTXHpGLVWULEXtGRVREUHDVPHVDVGHWUDEDOKRH WHQWDQGRVHUHVROYHUXPDHVSpFLHGHSX]]OHDUTXHROyJLFR SDUDREWHUDIRUPDGDVSHoDV4XDQGRRVIUDJPHQWRV HQFDL[DPHIHFWXDVHDFRODJHP3RUYH]HVFRQVHJXHVH REWHUDIRUPDFRPSOHWD (PGHWHUPLQDGRVFDVRVRPDXHVWDGRGHFRQVHUYDomR LPSOLFDUiDFRQVROLGDomRGDSHoDHPHVPRDLQWHUYHQomR GRVSURILVVLRQDLVHPFRQVHUYDomRHUHVWDXUR 3RVWHULRUPHQWHSURFHGHVHDRGHVHQKRRTXDOSRGH SHUPLWLUDUHFRQVWLWXLomRGDSHoD7DPEpPVHUHFRUUHj IRWRJUDILDFRPRPpWRGRGHUHJLVWR 1DVHTXrQFLDGRWUDEDOKRGHVHQYROYLGRVHJXHVHRHVWXGR FODVVLILFDomRHGDWDomRGDSHoDHPIXQomRGRFRQWH[WR DUTXHROyJLFRHGRVSDUDOHORVHQFRQWUDGRVQDELEOLRJUDILD HVSHFLDOL]DGD(VWHVGDGRVFRQWULEXHPSDUDDLQWHUSUHWDomR GDRFXSDomRGRVtWLRHFRQVWDPGRUHODWyULRTXHGHYHUi VHUHQWUHJXHDR,QVWLWXWR3RUWXJXrVGH$UTXHRORJLD 2HVSyOLRGHYHUiVHUGHYLGDPHQWHFRQVHUYDGRH DUPD]HQDGRSDUDIXWXURVHVWXGRVRXH[SRVLo}HV 1DSUy[LPD5,2KDYHUiPDLVKLVWyULDVGDQRVVD DUTXHRORJLD

129(0%52H'(=(0%52

²1RPHLRGRSX]]OHWUDEDOKRPRURVRHGHSDFLrQFLD

²1DIDVHGHFRODJHPpSUHFLVRUHPRYHURVH[FHVVRVGH

FRODHRXWURVTXHQmRIDoDPSDUWHGDSHoD

²2GHVHQKRDUTXHROyJLFRSRVVXLWpFQLFDVSUySULDVH

GHSHQGHQGRGDSHoDSRGHVHUFRPSOH[R

5,25(9,67$,1)250$7,9$'(Ð%,'26




 'RFXPHQWRV FRP+LVWyULD

$pSRFDGHFDoDGH QRFRQFHOKRGHÐELGRV $DFWLYLGDGHFLQHJpWLFDQDUHJLmRGHÐELGRVFREHUWDHP VpFXORVSDVVDGRVSRUGHQVDVIORUHVWDVSDUHFHWHUVLGR XPDSUiWLFDFRQVWDQWHHPXLWRDSUHFLDGD0DVWDOFRPR KRMHHVWDDFWLYLGDGHHQFRQWUDYDVHVXMHLWDDUHJUDVWDQWR PDLVTXHDPDLRUSDUWHGDIORUHVWDRELGHQVHHVWDYDGLYLGLGD HPFHUFDGHTXLQ]HPDWDVUHDLVFRQVWDQWHPHQWHYLJLDGDV SRUTXDUHQWDHFLQFRPRQWHLURVSHTXHQRV JXDUGDV IORUHVWDLV QRPHDGRVSHOD&DVD5HDO 4XDQGRFDoDUHRTXHFDoDUGHSHQGLDPSRUWDQWRGH DOYDUiUpJLR3RUH[HPSORVDEHPRVTXHYiULRVPRQDUFDV QRPHDGDPHQWH'$IRQVR,,,H'6HEDVWLmRUHVHUYDYDP H[FOXVLYDPHQWHSDUDVLDFDoDjSHUGL]1HVVDVH[WHQVDV PDWDVKRMHTXDVHWRWDOPHQWHGHVDSDUHFLGDVHUDWDPEpP SURLELGRUHFROKHUTXDOTXHUWLSRGHSURGXWRDQLPDORX YHJHWDO OHQKDPDGHLUDERORWD VHPDGHYLGDDXWRUL]DomR (VWDQGRDGHFRUUHUDpSRFDGHFDoDD5,2 HVFROKHXXPDSURYLVmRUpJLDFRQFHGLGDDR´3DGUH-R]H 6RDUHVGH$OPH\GD3UHVELWHURGRKDELWRGH6DP3HGUR HPRUDGRUQD9LOODGHRELGRVµDSHGLGRGHVWHHTXHGL] UHVSHLWRj´eSRFDGH&DoDµGH5HJLVWDD SURYLVmRTXHRUHIHULGRSDGUHKDYLDLQIRUPDGRTXHHUD XVR´HQWUHRVPRUDGRUHVGDYLOODHWHUPRDGHYHUWLUHP6H HPYiULDVTXDOLGDGHVGHFDVVDVTXHQmRHUDPSURKLELGDV H[FHSWRQRVPH]HVGD/H\µRTXHHUDFRQVLGHUDGR~WLOSRLV LPSHGLDDGHVWUXLomRGDVVHDUDV1RHQWDQWRLQIRUPDYDR UHTXHUHQWHTXHR-Xt]GH)RUDRELGHQVHRTXHULD´SURKLELU PDQGDQGRSUHQGHUHWRPDQGRDHVSLQJDUGDµSHORTXH SHGLDOLFHQoDGHFDoD '-RVpDWHQGHRSHGLGRHFRQFHGH´DR6XSOLFDQWH/LFHQoD SDUDTXHQRVPH]HVGH2XWXEUR  WD[DWLYDPHQWHDWp HQWUDGDGHPDUoRSRVVDXVDUGHHVSLQJDUGDGHSHGHUQHLUDH FRPHOODDWLUDUFRPPXQLo}HVjGLWDFDVVD  VHPHPEDUJR GDSURKLELomRTXHKiHGDRUGHQDomRHPFRQWUDLURµ (VWDPRVSRLVDFUHUQDV~OWLPDSDODYUDVGDDXWRUL]DomR GDWDGDGHTXLQ]HGH2XWXEURSHUDQWHXPDOLFHQoDHVSHFLDO TXHSHUPLWHDXWLOL]DomRHQWmRFRQWUiULDjOHLGHXPD HVSLQJDUGDGHSHGHUQHLUD



5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52


 4XHPpTXHP

1RPH

1RPH

$QDEHOD6DQWDQD

/XtV7DYDUHV

,GDGH

,GDGH





4XHWLSRGHIXQomRGHVHPSHQKD QD&kPDUD0XQLFLSDOGHÐELGRV"

4XHWLSRGHIXQomRGHVHPSHQKD QD&kPDUD0XQLFLSDOGHÐELGRV"

6RX7pFQLFD3URILVVLRQDO7HQKRGHVHPSHQKDGRIXQo}HV DGPLQLVWUDWLYDVMXQWRGRV*DELQHWHVGH$SRLRj3UHVLGrQFLD Hj9HUHDomR

6RXVRQRSODVWDHH[HUoRIXQo}HVQR$UPD]pP*HUDOHQR $XGLWyULR&DVDGD0~VLFDVHPSUHTXHRVHUYLoRRMXVWLILFD 1R$UPD]pPJHUDOHODERURUHTXLVLo}HVHIDoRDJHVWmRGRV IXQFLRQiULRVDQtYHOGHUHFXUVRVKXPDQRVHIDoRWDPEpPD JHVWmRGRSDUTXHDXWRPyYHOGR0XQLFtSLRGHÐELGRV

'HWRGDVDVDFo}HVTXHR0XQLFtSLRWHPUHDOL]DGR RXYDLUHDOL]DURTXHGHVWDFDULD" (VWD&kPDUDWHPVHLQWHUHVVDGRQRTXHVHUHIHUHDR EHPHVWDUGRVPXQtFLSHV2VSURMHFWRVSDUDR6HFWRUGD (GXFDomRH&XOWXUDIRUDPSDUDDOpPGDVH[SHFWDWLYDV 'HVWDFRR3URJUDPD´&UHVFHU0HOKRUµ$7/RVHYHQWRV FXOWXUDLVHGHVSRUWLYRVTXHMiVHWRUQDUDP´KLWVµQDFLRQDLV (PWHUPRVGHLQIUDHVWUXWXUDVEiVLFDVDLQGHSHQGrQFLD QRDEDVWHFLPHQWRGHiJXDFHQWHQDVGHNPVGHHVWUDGDV DOFDWURDGDVHWF«

'HWRGDVDVDFo}HVTXHR0XQLFtSLRWHPUHDOL]DGR RXYDLUHDOL]DURTXHGHVWDFDULD"

4XHVXJHVWmRJRVWDYDGHID]HU j&kPDUD0XQLFLSDOGHÐELGRV"

'HVWDFRHPSULPHLUROXJDUDSURMHFomRTXHWHPVLGR GDGDDR&RQFHOKRGHVGHTXHHVWHH[HFXWLYRLQLFLRX IXQo}HVEHPFRPRRVPHOKRUDPHQWRVGDUHGHYLiULDH GRVHVWDEHOHFLPHQWRVGHHQVLQRRTXHHPJUDQGHSDUWH IRLFRQVHJXLGRFRPDYDORUL]DomRHUHTXDOLILFDomRGRV UHFXUVRVMiH[LVWHQWHVQHVWH0XQLFtSLR 'HVWDFRWDPEpPDDQLPDomRTXHWHPKDYLGRDRORQJRGR DQRHPWRGRR&RQFHOKRWHQGRFRPR´H[OLEULVµR0HUFDGR 0HGLHYDOHR)HVWLYDOGR&KRFRODWH

(VSHURTXHHVWD&kPDUDSRVVDFRQWLQXDURWUDEDOKRGH EDVHTXHWHPYLQGRDLPSOHPHQWDUSRLVDLQGDKiPXLWRSRU ID]HU

4XHVXJHVWmRJRVWDYDGHID]HU j&kPDUD0XQLFLSDOGHÐELGRV" 4XHFRQWLQXHPRERPWUDEDOKRUHDOL]DGRDWpDTXLHPWRGDV DViUHDV3HQVRTXHVHULDEHQpILFRSDUDRVVHUYLoRVHSDUD RVIXQFLRQiULRVXPDPHOKRULDGDVFRQGLo}HVQRHGLItFLRGR $UPD]pP*HUDO

129(0%52H'(=(0%52

5,25(9,67$,1)250$7,9$'(Ð%,'26




 7tWXORV GH,PSUHQVD



5,25(9,67$,1)250$7,9$'(Ð%,'26

129(0%52H'(=(0%52


 'HOLEHUDo}HV

GH6HWHPEURGH ‡ 'HOLEHUDGRSRUXQDQLPLGDGHDWULEXLUXPVXEVtGLR H[WUDRUGLQiULRDRV%RPEHLURV9ROXQWiULRVGHÐELGRVQR YDORUGHHXURVSDJRHPSUHVWDo}HVDSDUWLU GH6HWHPEUR ‡ )RLDSURYDGRSRUXQDQLPLGDGHRSURMHFWRUHODWLYRj HPSUHLWDGD´&RQVWUXomRGD([WHQVmRGH6D~GHGH $PRUHLUDµ)RLODQoDGRRUHVSHFWLYRFRQFXUVRS~EOLFR ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPVXEVtGLR QRYDORUGHHXURVDR*UXSR'HVSRUWLYRGH$GRV 1HJURVSRUIRUPDDFXVWHDUDVGHVSHVDVUHVXOWDQWHVGD LQVWDODomRGDVDODGRSURMHFWR´&UHVFHU0HOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPVXEVtGLR QRYDORUGHHXURVj$VVRFLDomR5HFUHDWLYDH &XOWXUDOGD*UDFLHLUDSRUIRUPDDFXVWHDUDVGHVSHVDV UHVXOWDQWHVGDLQVWDODomRGDVDODGRSURMHFWR´&UHVFHU 0HOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPVXEVtGLR QRYDORUGHHXURVDR&HQWUR6RFLDO$UHOKHQVHSRU IRUPDDFXVWHDUDVGHVSHVDVUHVXOWDQWHVGDLQVWDODomRGD VDODGRSURMHFWR´&UHVFHU0HOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPVXEVtGLR QRYDORUGHHXURVj6RFLHGDGH5HFUHDWLYD *DHLUHQVHSRUIRUPDDFXVWHDUDVGHVSHVDVUHVXOWDQWHV GDLQVWDODomRGDVDODGRSURMHFWR´&UHVFHU0HOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPVXEVtGLR QRYDORUGHHXURVDR&HQWUR6RFLDOGD$PRUHLUD SRUIRUPDDFXVWHDUDVGHVSHVDVUHVXOWDQWHVGD LQVWDODomRGDVDODGRSURMHFWR´&UHVFHU0HOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHXPDSRLRILQDQFHLURj )iEULFDGD,JUHMD3DURTXLDOGH6DQWD0DULDQRYDORU GHHXURVSDUDSDJDPHQWRDRVYLJLODQWHVGDV ,JUHMDVSDUDRDQRGH ‡ $SURYDGRSRUXQDQLPLGDGHXPDSRLRILQDQFHLURj)iEULFD GD,JUHMDGH1RVVD6HQKRUDGD$ERERUL]QRYDORUGH HXURVSRUIRUPDDSHUPLWLUDFRQVWUXomRGHXPD DUUHFDGDomRGHDSRLRXPDFDVDGHEDQKRHSLQWXUD GD,JUHMD3DURTXLDOGH1RVVD6HQKRUDGD$ERERUL]QD VHTXrQFLDGRVPHOKRUDPHQWRVHQYROYHQWHVjUHIHULGD LJUHMD

129(0%52H'(=(0%52

‡ )RLGHOLEHUDGRSRUXQDQLPLGDGHDWULEXLUXPVXEVtGLRGH PLOHXURVj6RFLHGDGH&XOWXUDOH5HFUHDWLYD3LQKDOHQVH SDUDFXVWHDUDVGHVSHVDVFRPDFRPSUDGHEDFDOKDX SDUDDIHVWDWUDGLFLRQDODQXDO

GH6HWHPEUR ‡ $SURYDGDSRUXQDQLPLGDGHDGHFODUDomRGHLQWHUHVVH S~EOLFRGD(VWUDGD$WOkQWLFDGR2OKR0DULQKR QyGR,3  DRV&RY}HV

GH2XWXEURGH ‡ $SURYDGRSRUXQDQLPLGDGHDWULEXLUXPDSRLRILQDQFHLUR j6RFLHGDGH0XVLFDOH5HFUHDWLYD2ELGHQVHSRUIRUPD DFXVWHDUDVGHVSHVDVFRPRYHQFLPHQWRGDSURIHVVRUD GH0~VLFDGDTXHODDVVRFLDomRQRSURMHFWR´&UHVFHU PHOKRUµ ‡ $SURYDGRSRUXQDQLPLGDGHDGRDomRGHHTXLSDPHQWR LQIRUPiWLFRDXPHVWDEHOHFLPHQWRHVFRODUGHÐELGRV (VWDGRGR3DUi%UDVLO ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPDSRLRj /LJDGRV$PLJRVGH(EXUREULWWLXPQRYDORUGHHXURV SRUIRUPDDDSRLDUDDFWLYLGDGHGHVHQYROYLGDQR6REUDO GD/DJRDSRUGXDVDUTXLWHFWDVHVWDJLiULDV ‡ $SURYDGRSRUXQDQLPLGDGHDDTXLVLomRGHXPSUpGLR XUEDQRQD$PRUHLUDSDUDLQVWDODomRGRV$UPD]pQV 0XQLFLSDLV

GH2XWXEURGH ‡ )RLGHOLEHUDGRSRUXQDQLPLGDGHDWULEXLUXPDSRLR ILQDQFHLURQRYDORUGHHXURVj&DVDGR3RYRGH ÐELGRVFRPYLVWDjSDYLPHQWDomRGRSLVRVLQWpWLFRGR SiWLRXWLOL]DGRSHODVFULDQoDV

GH1RYHPEURGH ‡ $SURYDGRSRUXQDQLPLGDGHDDWULEXLomRGHXPDSRLR ILQDQFHLURj6DQWD&DVDGD0LVHULFyUGLDGD9LODGH ÐELGRVQRYDORUGHPLOHXURVSRUIRUPDDFXVWHDUDV GHVSHVDVGHFRQVWUXomRGHXPDUPD]pPSDUDDSRLRDR IXQFLRQDPHQWRGR/DUGH,GRVRVGDLQVWLWXLomR

5,25(9,67$,1)250$7,9$'(Ð%,'26




 'HOLEHUDo}HV

‡ $SURYDGRSRUXQDQLPLGDGHDSURSRVWDGH3URWRFRORGH &RRSHUDomRDFHOHEUDUHQWUHR$OWR&RPLVVDULDGRSDUD D,PLJUDomRH0LQRULDVeWQLFDVHD&kPDUD0XQLFLSDOGH ÐELGRV

GH1RYHPEURGH ‡ )RLGHOLEHUDGRSRUXQDQLPLGDGHFRQFHGHUXPDSRLR ILQDQFHLURDRV6HUYLoRV6RFLDLVGRV7UDEDOKDGRUHV GD&kPDUD0XQLFLSDOGHÐELGRVQRYDORUGHPLOH TXLQKHQWRVHXURVHVVHQFLDLVSDUDDUHDOL]DomRGDV DFo}HVSUHYLVWDVQRkPELWRGDVDFWLYLGDGHVGH1DWDO ‡ )RLDSURYDGRSRUXQDQLPLGDGHFRQFHGHUVXEVtGLRVDRV FOXEHVGRFRQFHOKRGHÐELGRV ‡ )RLDSURYDGRSRUXQDQLPLGDGHFRQFHGHUEROVDV626

GH1RYHPEURGH

352*5$0$

‡ $SURYDGRSRUXQDQLPLGDGHRSURMHFWRGHFRQVWUXomR



-DQHLUR -DQHLUR -DQHLUR  -DQHLUR  -DQHLUR        -DQHLUR   -DQHLUR     -DQHLUR -DQHLUR 

5,25(9,67$,1)250$7,9$'(Ð%,'26

K K K K K K K K K K  K  K K  K K K K K K  K K

GR-DUGLPGH,QIkQFLDGD$PRUHLUDHODQoDPHQWRGR UHVSHFWLYRFRQFXUVRS~EOLFR ‡ $SURYDGRSRUXQDQLPLGDGHRSURMHFWRGHFRQVWUXomRGR -DUGLPGH,QIkQFLDGR$UHOKRHODQoDPHQWRGRUHVSHFWLYR FRQFXUVRS~EOLFR ‡ $SURYDGDSRUXQDQLPLGDGHDSURSRVWDGHSURWRFRORD HVWDEHOHFHUHQWUHD&kPDUD0XQLFLSDOGHÐELGRVHR &HQWUR6RFLDOGR2OKR0DULQKR ‡ $SURYDGRSRUXQDQLPLGDGHRSURMHFWRGHFRQVWUXomR GR&HQWUR6RFLDOGR2OKR0DULQKR²&UHFKHH$7/H ODQoDPHQWRGRUHVSHFWLYRFRQFXUVRS~EOLFR ‡ $SURYDGRSRUXQDQLPLGDGHRSURMHFWRGHFRQFHSomR FRQVWUXomR²DPSOLDomRGD&UHFKH-DUGLPGH,QIkQFLD H$7/GR%DLUURGRV$UFRVHODQoDPHQWRGRUHVSHFWLYR FRQFXUVRS~EOLFR ‡ $SURYDGRSRUXQDQLPLGDGHRSURMHFWRGHFRQFHSomR FRQVWUXomRGD&UHFKHQDV*DHLUDVHODQoDPHQWRGR UHVSHFWLYRFRQFXUVRS~EOLFR

-DQWDUGHIXQFLRQiULRVGD&kPDUD0XQLFLSDOGHÐELGRV ,,,*$/$'(Ð%,'26*DHLUDV 6DOmRGD6RF)LODUPyQLFD5HF*DHLUHQVH

,&257$0$72'(Ð%,'26 &RPSOH[R'HVSRUWLYR0XQLFLSDO

0,66$62/(1( ,JUHMDGH63HGUR

/DQoDPHQWRHDSUHVHQWDomRGRSURMHFWR´6$Ô'(0(/+25µ 6DOmR1REUHGRV3DoRVGR&RQFHOKR

129$,/80,1$d®2'$6085$/+$66(*8,'$'()2*2'($57,)Ì&,2 +$67($5'$%$1'(,5$ 3DoRVGR&RQFHOKR

6(66®262/(1( 6DOmR1REUHGRV3DoRVGR&RQFHOKR

,QDXJXUDomRGDH[SRVLomRGHSLQWXUDGH%$/7$=$5*20(6),*8(,5$ 6RODUGD3UDoDGH6DQWD0DULD

$SUHVHQWDomRGRSURMHFWR´5('('(,19(67,*$d®2,129$d®2(&21+(&,0(172µ $XGLWyULR0XQLFLSDO&DVDGD0~VLFD

$SUHVHQWDomRGD(6&2/$683(5,25'(&216(59$d®2(5(67$852'(Ð%,'26 $XGLWyULR0XQLFLSDO&DVDGD0~VLFD

$FWXDomRGR&RUR,QIDQWLOGHÐELGRV $XGLWyULR0XQLFLSDO&DVDGD0~VLFD

3URJUDPD'HVFREULUÐELGRV&ROyTXLRÐELGRVQR6pF;,;´GDV,QYDV}HV)UDQFHVDVj0RQDUTXLD/LEHUDOµ $XGLWyULRGR+RWHO5HDO'·ÐELGRV

,,)Ð580Ð%,'26 $XGLWyULR0XQLFLSDO&DVDGD0~VLFD

0LVVDQD,JUHMDGH1RVVD6HQKRUDGD3LHGDGH9DX ,QDXJXUDomRGDQRYDÉUHDGH/D]HUGR/DUJRGD0LQDGH6DQWR$QWyQLR9DX ,QDXJXUDomRGD(VFXOWXUD(YRFDWLYDGR&tULRHP+RQUDGH1RVVD6HQKRUDGR%RP6XFHVVR9DX $OPRoRFRPLGRVRVGHWRGRRFRQFHOKRRQGHWHUiOXJDUDSUHVHQWDomRGR3URMHFWR´0(/+25,'$'(µ9DX /DQoDPHQWRGDREUD´2ULJHQVGD)UHJXHVLDGR9DXµ $VVRFLDomR5HF'HVSRUWLYDH&XOWXUDO9DXHQVH  )HVWD7UDGLFLRQDOGH6DQWR$QWmR 3DVVHLRGH%77QD/DJRDGHÐELGRVSDUWLGDHFKHJDGDMXQWRDR3DYLOKmR0XQLFLSDO ,QDXJXUDomRGR3LVRH5HOYDGR6LQWpWLFRGR&DPSRGH)XWHERO,,GR&RPSOH[R'HVSRUWLYR0XQLFLSDO

129(0%52H'(=(0%52


'HVHMRUHFHEHUD5HYLVWD,QIRUPDWLYDGHÐELGRV 1RPH 0RUDGD &yGLJR3RVWDO 



/RFDOLGDGH

HPDLO

&kPDUD0XQLFLSDOGHÐELGRV*DELQHWHGH&RPXQLFDomR /JGH6mR3HGUR ÐELGRV

$WHQGLPHQWRDR 3~EOLFRGR([HFXWLYR 3UHVLGHQWHGD&kPDUD 'U7HOPR)DULD +RUiULRGH$WHQGLPHQWR 7HUoDV)HLUDV  *DELQHWH GRV9HUHDGRUHV -RVp&DUORV-XOLmR$UD~MR 3HGUR-RVp%DUURV)pOL[ +RUiULRGH$WHQGLPHQWR 7HUoDV)HLUDV  *DELQHWHGH$SRLR DR'HVHQYROYLPHQWR5XUDO -RVp)LOLSH/HLWmR5LEHLUR JGUXUDO#FPRELGRVSW 7HO +RUiULRGH$WHQGLPHQWR 7HUoDV)HLUDVH4XLQWDV)HLUDV  3RUIRUPDDIDFLOLWDUR DWHQGLPHQWRDVHQWUHYLVWDV GHYHUmRVHUSUHYLDPHQWH PDUFDGDV $WHQGLPHQWR*HUDO 7HO )D[ JHUDO#FPRELGRVSW *DELQHWHGH$SRLR j3UHVLGrQFLD -RVp3DUUHLUD 7HO JDS#FPRELGRVSW



*DELQHWHGH$SRLR j9HUHDomR 5LFDUGR&DSLQKD 7HO JDY#FPRELGRVSW 5HGHGH0XVHXVH*DOHULDV 6pUJLR*RUMmR 7HO FXOWXUD#FPRELGRVSW *DELQHWHGH7XULVPR )UDQFLVFR6DOYDGRU 7HO WXULVPR#FPRELGRVSW *DELQHWHGH&RPXQLFDomR H'HVLJQ /XtV6DQWRV)pOL[ 7HO JFRPXQLFDFDR#FPRELGRVSW 'DYLG9LHLUD6XVDQD6DQWRV 7HO ULR#FPRELGRVSW *DELQHWHGH(GXFDomR 7HO ÐELGRV YLVWR SHODV FULDQoDV 7HO RELGRVFULDQoDV#FPRELGRVSW (QVLQR5HFRUUHQWH 7HO 0XVHX0XQLFLSDO GHÐELGRV 7HO PXVHXPXQLFLSDO#FPRELGRVSW %LEOLRWHFD0XQLFLSDO GHÐELGRV 7HO ELEOLRWHFD#FPRELGRVSW  129(0%52H'(=(0%52

&DVDGD0~VLFD 7HO 3RVWRGH,QIRUPDomR GH7XULVPR 7HO SRVWRWXULVPR#FPRELGRVSW (VSDoR6mR7LDJR 7HO &RPSOH[R'HVSRUWLYR 7HO 5725HJLmRGH7XULVPR GR2HVWH 7HO UWRHVWH#PDLOWHOHSDFSW %RPEHLURV9ROXQWiULRV GHÐELGRV 8UJrQFLDV 7HO $WHQGLPHQWR*HUDO 7HO )D[ 3URWHFomR&LYLO 7HO )D[

$&&&52$VVRFLDomR &RPHUFLDOGH&DOGDV GD5DLQKDHÐELGRV 7HO DFFFUR#QHWYLVDRSW -XQWDGH)UHJXHVLD GH$'261(*526 7HO -XQWDGH)UHJXHVLD GH$025(,5$ 7HO -XQWDGH)UHJXHVLD GH*$(,5$6 7HO -XQWDGH)UHJXHVLD GH2/+20$5,1+2 7HO -XQWDGH)UHJXHVLD GH6®23('52 7HO -XQWDGH)UHJXHVLD GH6$17$0$5,$ 7HO

3LTXHWHÉJXDV 7HO 7OP SLTXHWH#FPRELGRVSW 3$& 3RVWRGH$WHQGLPHQWRDR&LGDGmR

7HO SDF#FPRELGRVSW 3DUDPDLVLQIRUPDo}HVFRQVXOWH DQRVVDSiJLQDQDLQWHUQHWHP ZZZFPRELGRVSW

-XQWDGH)UHJXHVLD GH62%5$/'$/$*2$ 7HO  -XQWDGH)UHJXHVLD GH866(,5$ 7HO  -XQWDGH)UHJXHVLD GH9$8 7HO

5,25(9,67$,1)250$7,9$'(Ð%,'26




5,25(9,67$,1)250$7,9$'(Ð%,'26 $QR $QR 1ž 'DWD1RYHPEURH'H]HPEUR 'LUHFWRU3UHVLGHQWHGD&kPDUD0XQLFLSDOGHÐELGRV 7HOPR+HQULTXH&RUUHLD'DQLHO)DULD 3URSULHGDGH&kPDUD0XQLFLSDOGHÐELGRV (GLWRU'DYLG9LHLUD 3DJLQDomR6XVDQD6DQWRV )RWRJUDILD$UTXLYRGD&kPDUD0XQLFLSDOGHÐELGRV ,PSUHVVmR*726RFGH$UWHV*UiILFDV/GD 'HSyVLWR/HJDO 7LUDJHP([ 3XEOLFDomR0HQVDO


oBIDOS VAI TER ESCOLA SUPERIOR DE CONSERVACAO E RESTAURO