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1RWDV
3DUDQLYHODURDSDUHOKRQmRXWLOL]HDSRLRVHPORFDLVLQGLYLGXDLV
$VDGDSWDo}HVQDVXSHUItFLHGHWUDEDOKRWrPGHVHUHIHWXDGDV
SRUXPSUHVWDGRUGHVHUYLoRVHVSHFLDOL]DGRHPFRQIRUPLGDGH
FRP R HVERoR GH HQFDVWUDPHQWR $ DUHVWD GH FRUWH WHP GH HVWDU
OLPSD H SUHFLVD SRLV R UHERUGR GD VXSHUItFLH HVWi YLVtYHO /LPSH
HOXEULILTXHDVDUHVWDVGHFRUWHFRPXPSURGXWRGHOLPSH]D
FRUUHVSRQGHQWH
*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD
LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR
1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD
PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD
H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD
FRPIRUPDomRHVSHFtILFD
3UHSDUDomRGRPyYHOILJXUD 
0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH
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&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH
FRUWH
6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU
0RQWDJHPVREUHDJDYHWDILJXUD D
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
$GLVWkQFLDHQWUHDSDUWHVXSHULRUGDEDQFDGDHDSDUWHVXSHULRU
GDJDYHWDGHYHVHUGH PP
1RWD &DVRVHMDPJXDUGDGRVQHVWDJDYHWDSHTXHQRVREMHWRV
PHWiOLFRVFRPRSH[HVSHWRVRXFDVRRVREMHWRVPHWiOLFRV
JXDUGDGRVQDJDYHWDDTXHoDPGHYLGRjFLUFXODomRGRDUGXUDQWH
DYHQWLODomRGDSODFDGHFR]LQKDUXWLOL]HXPIXQGRLQWHUPpGLRGH
PDGHLUD ILJXUD 
$SODFDGHFR]LQKDUSRVVXLXPYHQWLODGRUQRODGRLQIHULRU6HP
IXQGRLQWHUPpGLRQmRVHSRGHJXDUGDUREMHWRVSHTXHQRVRX
SRQWLDJXGRV SDSHO RX SDQRV GH FR]LQKD QD JDYHWD $ UHIULJHUDomR
SRGH ILFDU DIHWDGD RX R YHQWLODGRU GDQLILFDGR DWUDYpV GD DVSLUDomR
(QWUH R FRQWH~GR GD JDYHWD H D HQWUDGD GR YHQWLODGRU p QHFHVViULR
UHVSHLWDUXPDGLVWkQFLDPtQLPDGHFP
0RQWDJHPVREUHRIRUQRILJXUDE
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH  PP
1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD
QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR
IRUQR
9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH
VHUQRPtQLPRGHPP
1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP
IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR
HPPDGHLUD ILJXUD
9HQWLODomRILJXUD
3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR
YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH
&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD
DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU
GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR
VHJXLQWH
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GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH
VXSHULRUGDJDYHWD ILJXUD D
XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E
FDVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO
QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD
SDUWHLQIHULRU ILJXUD F
FDVRDODUJXUDLQWHULRUGRPyYHOQmRVHMDVXSHULRUD PP
HIHWXDULQFLV}HVQDVSDUHGHVODWHUDLV ILJXUD G
1RWDV
6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO
GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR
DGHTXDGDGDSODFDGHFR]LQKDU
1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD
0RQWDURDSDUHOKRILJXUDV 
1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV
YLYDV
1RFDVRGHDSDUHOKRVVHPFDERSUpLQVWDODGRLQWURGX]DR
FDERGHUHGHQDWRPDGDGHOLJDomR
 9LUH D SODFD GH FR]LQKDU H SRXVHD VREUH R IXQGR GD HPEDODJHP
XPSDQRRXXPDRXWUDVXSHUItFLHGHIRUPDDHYLWDUULVFRV
 /HYDQWHDWDPSDGDWRPDGDGHOLJDomRFRPDDMXGDGHXPD
FKDYHGHIHQGDV ILJXUD 
 6ROWH R SDUDIXVR GH IL[DomR H OHYDQWH D EUDoDGHLUD GD PDQJXHLUD
FRPDDMXGDGHXPDFKDYHGHIHQGDV ILJXUD
 /LJXHDWRPDGDGHOLJDomRDSHQDVGHDFRUGRFRPDILJXUD
ILJXUD 
%1FDVWDQKR
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1RWDV
6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH
OLJDo}HV/1aDGLVSRVLomRGDVSRQWHVGHYHVHUDOWHUDGD
GHDFRUGRFRPRHVTXHPD
3UHVWHDWHQomRSDUDTXHRVSDUDIXVRVHVWHMDPEHP
DSHUWDGRVQDWRPDGDGHOLJDomRGHSRLVGDOLJDomRGRV
FDERV
 )L[HRFDERGHUHGHFRPDEUDoDGHLUDGDPDQJXHLUDHDSHUWHR
SDUDIXVRGHIL[DomR ILJXUD D
 )HFKHDWDPSDGDWRPDGDGHOLJDomR
1RWD $UUXPHRVFDERVQRFHQWURGDWRPDGDGHOLJDomRSDUD
IDFLOLWDURIHFKR
 6H R FDER GH UHGH LQIHULU FRP D JDYHWD HVWH GHYH VH IL[DGR FRP
RDJUXSDGRUGHFDERVIRUQHFLGRQDSDUWHLQIHULRUGDSODFDGH
FR]LQKDU ILJXUD E
1RWD 6HIRUQHFHVViULRXPFDERGHOLJDomRjUHGHPDLV
FRPSULGR FRQWDFWH D $VVLVWrQFLD WpFQLFD (VWmR GLVSRQtYHLV FDERV
GHOLJDomRDWp P
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 $SOLTXH D ILWD DGHVLYD QR UHERUGR GD EDQFDGD GH WUDEDOKR ILJXUD
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² 1mR HQWDOH R FDER GH UHGH QHP R SDVVH SRU DUHVWDV YLYDV 6H
H[LVWLUXPIRUQRLQVWDODGRSRUEDL[RSDVVHRFDERSHORV
FDQWRVSRVWHULRUHVGRIRUQRDWpjWRPDGDGHOLJDomR2FDER
WHPGHVHULQVWDODGRGHIRUPDDQmRWRFDUHPQHQKXPORFDO
TXHQWHGDSODFDGHFR]LQKDURXGRIRUQR
² 1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVYHGHDVMXQWDV
GRVODGULOKRVFRPERUUDFKDGHVLOLFRQH
 3UHVWHDWHQomRSDUDTXHDSODFDGHFR]LQKDUVHMDGDPHVPD
DOWXUDGDEDQFDGDGHWUDEDOKR&DVRDSODFDGHFR]LQKDUQmR
VHMDGDPHVPDDOWXUDLQVWDOHDVIL[Do}HVIRUQHFLGDVHDSHUWH
FRPFXLGDGR ILJXUD 
1RWD 1mRXWLOL]HDSDUDIXVDGRUDVHOpWULFDV
 $QWHVGDVHODJHPGDVYHGDo}HVILJXUD H[HFXWHXP
WHVWHGHIXQFLRQDPHQWRFRUUHVSRQGHQWH
6HOHDIROJDHPUHGRUFRPVLOLFRQHDGHTXDGRHUHVLVWHQWHDR
FDORU S H[ 1RYDVLO
6 2WWRVHDO
6 $OLVH R YHGDQWH FRP
RSURGXWRGHDOLVDPHQWRUHFRPHQGDGRSHORIDEULFDQWH6LJDDV
LQVWUXo}HVGRSURGXWRGHVLOLFRQH&RORTXHRDSDUHOKRHP
IXQFLRQDPHQWR DSHQDV TXDQGR R VLOLFRQH HVWLYHU FRPSOHWDPHQWH
VHFRSHORVPHQRV KRUDVFRQVRDQWHDWHPSHUDWXUD
DPELHQWH
3RGHUi DGTXLULU XP VLOLFRQH DGHTXDGR DWUDYpV GR QRVVR 6HUYLoR
GH$VVLVWrQFLD7pFQLFD
$WHQomR
$XWLOL]DomRGHVLOLFRQHLQDGHTXDGRSRGHSURYRFDUDOWHUDo}HV
SHUPDQHQWHVQDFRUGDVEDQFDGDVGHWUDEDOKRHPPiUPRUH
QDWXUDO
/LJDURDSDUHOKRILJXUD
7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV
/LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV
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DOWHUDUDGLVSRVLomRGRVWHUPLQDLVIRUQHFLGRVSHODIiEULFD3DUD
LVVRSRGHUiVHUQHFHVViULRHQFXUWDURVWHUPLQDLVHUHPRYHUR
LVRODPHQWRSDUDFRORFDUXPWHUPLQDOTXHXQDGRLVFDERV
1RWD 9HULILFDomR GD RSHUDFLRQDOLGDGH VH VXUJLU
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RX QRYLVRUGRDSDUHOKRLVVRVLJQLILFDTXHRDSDUHOKRQmRHVWi
OLJDGRFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDDOLPHQWDomRHOpWULFD
HYHULILTXHDOLJDomRGRFDERHOpWULFR
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