13-Analise Orçamentária
13-Analise Orçamentária
13-Analise Orçamentária
$8/$$1È/,6(25d$0(17È5,$
680È5,2 3È*,1$
1. INTRODUÇÃO 2
5. ENCARGOS SOCIAIS 24
6. SINAPI 36
7. SICRO 39
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
,1752'8d2
7DEHOD(VWUXWXUDGHXPDSODQLOKDRUoDPHQWiULDGHREUD
02707628174
S~EOLFD
Mobilização e Desmobilização
Canteiro de Obras
CUSTOS DIRETOS
Administração Local
Serviços Discriminados
Impostos
BONIFICAÇÕES E DESPESAS Administração Central
INDIRETAS (BDI) Outros
Lucro
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮĚĞϮϲϯ
PREÇO FINAL (CUSTOS DIRETOS) X (1+BDI)
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
(D7DEHODDSUHVHQWDXPDSODQLOKDRUoDPHQWiULDVLQWpWLFD
7DEHOD±([HPSORGHXPDSODQLOKDRUoDPHQWiULDVLQWpWLFD
OBRA :
XXX
LOCAL: YYY CONTRATADA: XYZ
M²
ÁREA : 375
DATA: D/M/A
CUSTO CUSTO
ITEM DISCRIMINAÇÃO QUANTIDADE UN UNITÁRIO TOTAL
1
SERVIÇOS PRELIMINARES
01.01 RASPAGEM E LIMPEZA DO TERRENO 300,00 M² 0,48 144,00
01.02 BARRACO DA OBRA 30,00 M² 105,75 3.172,50
01.03 PLACA DA OBRA 6,00 M² 20,32 121,92
01.04 LOCAÇÃO DA OBRA 260,00 M² 0,85 221,00
01.09
REMOÇÃO DE ENTULHO 4,80 M³ 6,59 31,63
01.10 ATERRO 155,00 M³ 9,62 1.491,10
01.11
CORTE 85,00 M³ 6,69 568,65
TOTAL ITEM 001 5.750,80
2 INFRAESTRUTURA
02.01 ESCAVAÇÃO MANUAL DE VALAS ATÉ 2,00 M 97,00 M³ 6,26 607,22
02.02
APILOAMENTO DE FUNDO DE VALAS 34,00 M² 2,89 98,26
02.03 REATERRO APILOADO DE VALAS 86,50 M³ 7,71 666,92
02.04 ESTACA PRÉ-MOLDADA CONCRETO 20 T 360,00 ML 21,79 7.844,40
02.05 FORMA DE TÁBUA DE CEDRINHO PARA FUNDAÇÃO 136,00 M² 10,34 1.406,24
02.06 CONCRETO ESTRUTURAL TIPO B, FCK = 150 KGF/CM² - Fundações 88,00 M³ 227,90 20.055,20
02.07 AÇO CA-50 2.620,00 KG 2,26 5.921,20
02.08
AÇO CA-60 2.205,00 KG 1,48 3.263,40
02.09 LASTRO DE CONCRETO MAGRO 1,70 M³ 96,72 164,42
TOTAL ITEM 002 40.027,26
3
SUPERESTRUTURA
03.01 FORMA EM CHAPA COMPENSADA PARA CONCRETO ESTRUTURAL 291,00 M² 28,93 8.418,63
03.02 CONCRETO ESTRUTURAL TIPO B, FCK = 150 KGF/CM² - Estruturas 140,00 M³ 243,28 34.059,20
. . . . . .
. . . . . .
. . . . . .
02707628174
19
SERVIÇOS COMPLEMENTARES
19.01 QUADRO PARA CANETAS,CONFORME DETALHE 2,00 UN 334,74 669,48
19.02 EXAUSTOR AXIAL, D = 30 CM 1,00 UN 107,76 107,76
19.03 EXAUSTOR EÓLICO, CONFORME ESPECIFICAÇÃO 1,00 UN 301,98 301,98
19.04 SISTEMA ACOPLADO DE SEGURANÇA, CONFORME ESPECIFICAÇÃO 1,00 UN 1.135,73 1.135,73
19.06 ARMÁRIOS SOB BANCADAS,CONFORME DETALHE 12,00 M² 71,73 860,76
19.07
MESA COM BANCOS EM CONCRETO APARENTE 5,00 UN 154,22 771,10
19.08 BANCADA COMPLETA 12,00 UN 698,57 8.382,87
19.09 GRAMA EM PLACAS 120,00 M² 3,48 417,60
19.10 LIMPEZA GERAL DA OBRA 374,00 M² 1,34 501,16
TOTAL ITEM 019 13.148,44
CUSTO TOTAL 195.535,09
BDI (30%) 58.660,53
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'H DFRUGR FRP D /'2 /HL GH GH DJRVWR GH
DUWHR'HFUHWRDUW
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
XWLOL]DGR DFUHVFLGR GR SHUFHQWXDO GH %HQHItFLRV H 'HVSHVDV
,QGLUHWDV%',HYLGHQFLDQGRHPVXDFRPSRVLomRQRPtQLPR
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
,9WD[DGHOXFUR³ JULIRXVH
&XVWRGLUHWRGRVVHUYLoRV±UHSUHVHQWDDVRPDGRVFXVWRVGRV
LQVXPRV HTXLSDPHQWRV PDWHULDLV H PmRGHREUD LQFOXVLYH
WUDQVSRUWHV QHFHVViULRV j UHDOL]DomR GRV VHUYLoRV GH WRGRV RV LWHQV
02707628174
GDSODQLOKD
1mR H[LVWHP SDGU}HV IL[RV SDUD HVVHV WLSRV GH LQVWDODo}HV (ODV
VmR IXQo}HV GR SRUWH H GDV SHFXOLDULGDGHV GR
HPSUHHQGLPHQWR GDV FLUFXQVWkQFLDV ORFDLV HP TXH RFRUUHUi D
FRQVWUXomR H GDV DOWHUQDWLYDV WHFQROyJLFDV H HVWUDWpJLFDV SDUD VXD
UHDOL]DomR
02707628174
7&8&HVSH 1DFRPSRVLomRGHVHUYLoRVGH
REUD RV LQVXPRV FRQVLGHUDGRV VmR RV PDWHULDLV D PmRGH
REUDHRVHTXLSDPHQWRV
±7&') 1RFiOFXORGDPRELOL]DomRRVFXVWRV
FRP HTXLSDPHQWRV GH SHTXHQR SRUWH VHUmR SDUFLDOPHQWH
DEVRUYLGRVSHODFDSDFLGDGHGHWUDQVSRUWHGRSUySULRH[HFXWRU
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$%,1 &RQVLGHUDQGRTXHSDUDDHODERUDomR RXDQiOLVH
GR RUoDPHQWR GH XPD REUD RX XP VHUYLoR GH HQJHQKDULD p
QHFHVViULR FRQKHFHU D GHILQLomR H D FODVVLILFDomR GRV FXVWRV
TXHHQYROYHPHVVHSURFHVVRGHRUoDPHQWDomRMXOJXHRVLWHQV
VXEVHTXHQWHV
2V FXVWRV LQGLUHWRV HPSUHVDULDLV VH GLYLGHP HP
FXVWRV DGPLQLVWUDWLYRV FRPHUFLDLV WULEXWiULRV H GH
PDQXWHQomRGHFDQWHLURV
8PDIRUPDDFHLWDSDUDVHGHILQLURVFXVWRVGLUHWRV
GH XPD REUD p FRQVLGHUDU TXH HOHV VmR WRGRV RV VHUYLoRV
FRQVWDQWHVGDSODQLOKDGHTXDQWLGDGHVHSUHoRV
(P UHODomR j FODVVLILFDomR GRV FXVWRV TXDQWR j
LGHQWLILFDomR FRP R SURGXWR H DR YROXPH GH SURGXomR
YHULILFDVHTXHRVFXVWRVGLUHWRVSRGHPVHUIL[RVRXYDULiYHLV
$%,1 2 RUoDPHQWR SRGH VHU GHILQLGR FRPR D
GHWHUPLQDomRGRVJDVWRVQHFHVViULRVSDUDDUHDOL]DomRGHXP
HPSUHHQGLPHQWR FRQIRUPH XP SODQHMDPHQWR SUHYLDPHQWH
UHDOL]DGR$FHUFDGRRUoDPHQWRMXOJXHRVLWHQVDVHJXLU
02707628174
2 FRHILFLHQWH GH FRUUHODomR FRUUHVSRQGH D UHODomR
HQWUH R FXVWR GH XPD SDUWH RX FRPSRQHQWH GH HGLILFDomR H D
VRPD GRV FXVWRV GH GXDV RX PDLV SDUWHV RX FRPSRQHQWHV GD
PHVPDHGLILFDomR
2RUoDPHQWRWHPFRPRXPGHVHXVREMHWLYRVVHUYLU
GH UHIHUrQFLD QD DQiOLVH GRV UHQGLPHQWRV REWLGRV FRP RV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
UHFXUVRVHPSUHJDGRVQDH[HFXomRGHXPDREUDRXVHUYLoRGH
HQJHQKDULD
(P WRGR RUoDPHQWR Ki XPD FRUUHODomR HQWUH D
TXDOLGDGH GD LQIRUPDomR TXH GHSHQGH GR JUDX GH
GHWDOKDPHQWRGRSURMHWRHDPDUJHPGHHUURH[LVWHQWH'HVVH
PRGRTXDQWRPDLVSUy[LPRGRLQtFLRGRSODQHMDPHQWRPHQRU
RHUUR
± 3)5HJLRQDO 2FXVWR XQLWiULR GHXPVHUYLoR
FRUUHVSRQGH DR VRPDWyULR GRV SURGXWRV HQWUH DV TXDQWLGDGHV
XQLWiULDV GRV LQVXPRV PDWHULDLV PmRGHREUD H
HTXLSDPHQWRV FRP VHXV UHVSHFWLYRV SUHoRV XQLWiULRV
DFUHVFLGRGDSDUFHODFRUUHVSRQGHQWHGR%',
± 3) 5HJLRQDO 2 6LVWHPD 1DFLRQDO GH
3HVTXLVDV GH &XVWRV H ËQGLFHV GD &RQVWUXomR 6,1$3, p
PDQWLGR SHOR 6LQGLFDWR GD &RQVWUXomR &LYLO H VXD EDVH RILFLDO
GHDWXDOL]DomRpRFXVWRXQLWiULREiVLFR &8%
± 3) 5HJLRQDO 2 FXVWR LQGLUHWR p VHPSUH
SURSRUFLRQDOjTXDQWLGDGHGHVHUYLoRVGHXPDREUDLQFOXLQGR
PDWHULDLVPmRGHREUDHHTXLSDPHQWRV 02707628174
*DEDULWR(UUDGD
± 7&8 1D RUoDPHQWDomR GH XPD REUD R
HQJHQKHLURQmRGHYHVHSUHRFXSDUFRPRVFXVWRVIL[RVGLUHWRV
H[SUHVVRVQDVSODQLOKDVRUoDPHQWiULDVSRLVHOHVQmRH[LVWHP
± 7&8 8PD GDV YDQWDJHQV GH VH XWLOL]DU R
SURMHWR H[HFXWLYR SDUD RUoDU XPD REUD p D JDUDQWLD GH HUUR
QXOR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± 7&8 'HVSHVDV FRP PDWHULDO GH SURWHomR
FRQWUD DFLGHQWHV QR WUDEDOKR H I{UPDV UHDSURYHLWiYHLV SDUD
FRQFUHWRVmRFODVVLILFDGDVFRPRFXVWRVGLUHWRVGHSURGXomR
± 7&8 e FRUUHWR LQFOXLU QR FXVWR GLUHWR RV
ULVFRV FRQVLGHUDGRV SUHYLVtYHLV UHODFLRQDGRV j pSRFD GH
FKXYDV
± 3) 2 SUHoR GH XP HPSUHHQGLPHQWR p
FRPSRVWR GDV VHJXLQWHV SDUFHODV FXVWR GLUHWR FXVWR LQGLUHWR
UHODWLYR j DGPLQLVWUDomR FHQWUDO FXVWR LQGLUHWR UHODWLYR j
DGPLQLVWUDomRGRFDQWHLURGHREUDVHOXFUR
%(1()Ë&,26('(63(6$6,1',5(7$6 %',
2 %', p D UHODomR HQWUH R SUHoR GH YHQGD RX SUHoR ILQDO H R
FXVWRGLUHWRGHXPDREUD6HJXHPGHPDLVFRQFHLWRVGH%',H[WUDtGRV
GRUHODWyULRTXHDFRPSDQKRXR$FyUGmRQ7&83OHQiULR
³2,QVWLWXWRGH(QJHQKDULDFRQFHLWXD%',FRPRµRUHVXOWDGRGH
XPD RSHUDomR PDWHPiWLFD SDUD LQGLFDU D PDUJHP TXH p FREUDGD GR
FOLHQWH LQFOXLQGR WRGRV RV FXVWRV LQGLUHWRV WULEXWRV HWF H
02707628174
1
Instituto de Engenharia. Metodologia de cálculo do orçamento de edificações ± composição do custo
direto e do BDI/LDI. Disponível em http://www.institutodeengenharia.org.br/IE_documentos.html.
Acesso em 03/05/2006.
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
DSOLFDGDDRFXVWRGLUHWRGHXPHPSUHHQGLPHQWR PDWHULDLVPmRGH
REUDHTXLSDPHQWRV HOHYDRDRVHXYDORUILQDO¶
27&8QD'HFLVmR3OHQiULRGHILQLXR%',µFRPRXP
SHUFHQWXDO DSOLFDGR VREUH R FXVWR SDUD FKHJDU DR SUHoR GH YHQGD D
VHUDSUHVHQWDGRDRFOLHQWH¶
PV CD 1 LDI
RQGH39 SUHoRGHYHQGD
&' FXVWRGLUHWR
/', WD[DGHOXFURHGHVSHVDVLQGLUHWDV´
2
MENDES, André Luiz e BASTOS, Patrícia Reis Leitão. Um aspecto polêmico dos orçamentos de obras
públicas: Benefícios e Despesas Indiretas (BDI). Revista do Tribunal de Contas da União. Brasília, v. 32,
n.88, abr/jun 2001.
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HDFRUGRFRPR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52
'1,7 UHSURGX]LGRQR0DQXDO,PSODQWDomR%iVLFDGH5RGRYLD
GR'1,7GHTXHGHQRPLQD%',GH/',
02707628174
FLUFXQVWkQFLDR6,&52DGRWDDOtTXRWDPpGLDGHSDUDID]HUIDFH
D HVWD GHVSHVD (QWUHWDQWR FDEH DR SURMHWLVWD SRU RFDVLmR GD
HODERUDomRGHXPRUoDPHQWRUHDOUHODWLYRDXPDREUDEHPGHILQLGD
YHULILFDUDDOtTXRWDUHDOGH,66DVHUSDJD
H[FOXVLYLGDGH6HXFXVWRpUHSUHVHQWDGRSHORVRPDWyULRGRVVDOiULRVH
HQFDUJRV GRV FRPSRQHQWHV GD UHVSHFWLYD HTXLSH TXH LQFOXL SHVVRDO
GHVHUYLoRVJHUDLVHGHDSRLR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
ª§ · º
«¨ ¸ »
«¨ 1 AC / 100 1 DF / 100 1 R / 100 1 L / 100 ¸
LDI 1» x100
«¨ § § I ··
¸ »
«¨¨ ¨¨1 ¨ ¸ ¸¸ ¸
¸ »
¬«© © © 100 ¹ ¹ ¹ ¼»
02707628174
2QGH
$& WD[DGHUDWHLRGD$GPLQLVWUDomR&HQWUDO
') WD[DGDVGHVSHVDVILQDQFHLUDV
5 WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWR
, WD[DGHWULEXWRV
/ WD[DGHOXFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$/HLGH'LUHWUL]HV2UoDPHQWiULDVDWXDO/'2 /HLGH
GHDJRVWRGH WUD]QRGRDUWRVLWHQVTXHGHYHP
FRPSRUR%',
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
XWLOL]DGR DFUHVFLGR GR SHUFHQWXDO GH %HQHItFLRV H 'HVSHVDV
,QGLUHWDV%',HYLGHQFLDQGRHPVXDFRPSRVLomRQRPtQLPR
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
02707628174
,9WD[DGHOXFUR³ JULIRXVH
(VVHPHVPRWH[WRHQFRQWUDVHQRDUWGR'HFUHWR
FDXVDUGLVWRUo}HVSRLVVHHVVHLWHPHVWLYHUSHUFHQWXDOPHQWHSUHYLVWR
QR %', H VH RFRUUHUHP DGLWLYRV SRGH RFRUUHU XPD GHVSURSRUomR
HQWUHDHOHYDomRGRSUHoRGRLWHP$GPLQLVWUDomR/RFDOHRDFUpVFLPR
GHTXDQWLGDGHGHGHWHUPLQDGRVHUYLoRSRUH[HPSOR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D
E
F
G
H
± &*8 ± (6$) %DVHDQGRVH QD PHWRGRORJLD H
QRVFRQFHLWRVHPSUHJDGRVSHOR6LVWHPDGH&XVWRV5RGRYLiULRV
GR'1,7 6,&52 R~QLFRLWHPTXHQmRLQWHJUDR/', /XFURH
'HVSHVDV,QGLUHWDV p
02707628174
D LPSRVWRVLQFLGHQWHVVREUHRIDWXUDPHQWR
E LQVWDODo}HVGHFDQWHLUR
F DGPLQLVWUDomRGDREUD
G GHVSHVDVILQDQFHLUDV
H PDUJHPGHOXFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
± 7&8 ± &HVSH $ UHGXomR GR %', GH XPD
REUD LPSOLFD QHFHVVDULDPHQWH D UHGXomR GR SUHoR JOREDO GD
REUD
±+iHUURGHFODVVLILFDomRGDVGHVSHVDVUHODFLRQDGDV
jFULDomRGDHVWUXWXUDDGPLQLVWUDWLYD
± 3) (QWHQGHVH SRU %', GH XP
HPSUHHQGLPHQWR R FXVWR LQGLUHWR RULJLQiULR GD DGPLQLVWUDomR
FHQWUDOVXEWUDtGRGHLPSRVWRVWD[DVHOXFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
± &*8 ± (6$) 1R FiOFXOR GH RUoDPHQWR GH
REUDV GH HGLILFDo}HV p QHFHVViULD D SUHVHQoD GH XP
SURILVVLRQDO FRP H[SHULrQFLD QR UDPR SDUD PRQWDU SODQLOKDV
GH FRPSRVLo}HV GH SUHoRV LGHQWLILFDU RV FRPSRQHQWHV GR
FXVWR GLUHWR HR%HQHItFLR GH 'HVSHVDV ,QGLUHWDV ± %', HQWUH
RXWUDVDWLYLGDGHV
1HVVHFRQWH[WRDVVLQDOHDRSomRFRUUHWD
D 2V(3,V(TXLSDPHQWRVGH3URWHomR,QGLYLGXDOQmRGHYHP
VHUFODVVLILFDGRVFRPRHQFDUJRVFRPSOHPHQWDUHV
&20326,d2'(&8672681,7È5,26
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2V FXVWRV XQLWiULRV GRV VHUYLoRV VmR REWLGRV D SDUWLU GDV VXDV
UHVSHFWLYDV FRPSRVLo}HV DV TXDLV VmR FRQVWLWXtGDV SHOD FRPELQDomR
GRVFRHILFLHQWHVGHFRQVXPRXQLWiULRGRVLQVXPRV PDWHULDOPmRGH
REUDHHTXLSDPHQWRV TXHLQWHJUDPRUHVSHFWLYRVHUYLoR2 YDORU GR
FXVWRXQLWiULRGRVHUYLoRUHVXOWDGRVRPDWyULRGDVPXOWLSOLFDo}HVGRV
FRHILFLHQWHV GH FRQVXPR GRV VHXV LQVXPRV SHORV FRUUHVSRQGHQWHV
FXVWRV XQLWiULRV LQFOXLQGR RV HQFDUJRV VRFLDLV GD PmRGHREUD
FRQIRUPHDWDEHODDVHJXLU
7DEHOD&RPSRVLomRGHFXVWRXQLWiULR
Alvenaria de bloco cerâmico com 10 cm de largura e espessura da
Unidade: m 2
junta de 10 mm
Descrição Coeficiente Unidade Custo Unitário Custo Total
Cimento 2,002 kg 0,40 0,80
Areia 0,013 m3 20,00 0,26
Cal 2,002 kg 0,31 0,62
Bloco cerâmico 10 x 20 x 20 25 un
02707628174
0,15 3,75
Pedreiro 0,8 h 6,16 4,93
Servente 0,866 h 4,10 3,55
Betoneira 0,008 h 3,08 0,02
Custo unitário do serviço (R$): 13,93
2V FRHILFLHQWHV GH FRQVXPR GRV LQVXPRV VmR REWLGRV SRU PHLR
GH DSURSULDo}HV UHVXOWDQWHV GD H[SHULrQFLD GH FDGD XPD GDV
HPSUHVDV GR UDPR GD FRQVWUXomR RX SRU PHLR GRV VLVWHPDV
UHIHUHQFLDLV RX SXEOLFDo}HV HVSHFLDOL]DGDV WDLV FRPR 6LQDSL 6LFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$PmRGHREUDpUHSUHVHQWDGDSHORFRQVXPRGHKRUDVRXIUDomR
GH KRUDV GH WUDEDOKDGRUHV SDUD D H[HFXomR GH XPD GHWHUPLQDGD
XQLGDGH GH VHUYLoR PXOWLSOLFDGD SHOR FXVWR KRUiULR GH FDGD
WUDEDOKDGRU2FXVWRKRUiULRpRVDOiULRKRUDGRWUDEDOKDGRUDFUHVFLGR
GRVHQFDUJRVVRFLDLV
$ IRUPD GH FRPSRVLomR GH FXVWR XQLWiULR GD 7DEHOD DFLPD
HP TXH RV FRHILFLHQWHV GH FRQVXPRSURGXWLYLGDGH UHIHUHPVH j
XQLGDGHGHVHUYLoRQRFDVRRPpDGRWDGDSHOR6,1$3,HSHOD3,1,
26,&52DGRWDRXWUDIRUPDGHFRPSRVLomRHPTXHRVFRHILFLHQWHV
UHIHUHPVHjXQLGDGHKRUiULD K FRQIRUPHFRQVWDQDFRPSRVLomRGD
7DEHODDVHJXLU
7DEHOD&RPSRVLomRGHFXVWRXQLWiULRGR6LFUR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3HUFHEDPTXHSDUDVHREWHURSUHoRXQLWiULRGLYLGHVHRFXVWR
KRUiULR GH H[HFXomR 5 SHOD SURGXomR GD HTXLSH
P REWHQGRVH 5 P (P VHJXLGD DSOLFDVH R /', GH
UHVXOWDQGRQRSUHoRXQLWiULRGH5P
9HUHPRV PDLV VREUH DV FRPSRVLo}HV GR 6,&52 QR FDStWXOR
HVSHFtILFRVREUHHVVHDVVXQWR
±7&8 1DUHDOL]DomRGHGHWHUPLQDGRVHUYLoR
TXDQWR PDLRUHV IRUHP RV FRHILFLHQWHV GH PmR GH REUD H
HTXLSDPHQWRV PDLRU VHUi D SURGXWLYLGDGH GD HTXLSH SUHYLVWD
SDUDUHDOL]DUHVWHVHUYLoR
± 7&8 $ FRPSRVLomR GR FXVWR XQLWiULR
EDVHLDVHQDGHFRPSRVLomRHPSDUWHVGRSURGXWRDH[HFXWDU
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
0DVVDHVSHFtILFDGRFRQFUHWR .JP
&XVWRDWXDOGRVDFRGHFLPHQWR 5
2 FXVWR H[DWR GR FLPHQWR SDUD D SURGXomR GH P GHVWH
FRQFUHWRp
D 5
E 5
F 5
G 5
H 2VGDGRVVmRLQVXILFLHQWHVSDUDFDOFXODURFXVWRGRFLPHQWR
25d$0(1726,17e7,&2($1$/Ë7,&2 02707628174
8P H[HPSOR GH RUoDPHQWR VLQWpWLFR HVWi QD SODQLOKD DSUHVHQWDGD
QD 7DEHOD GD QRVVD ,QWURGXomR TXH FRQWpP D OLVWDJHP GH LWHQV
HRX VHUYLoRV FRP DV UHVSHFWLYDV TXDQWLGDGHV H SUHoRV XQLWiULRV
2XWURH[HPSORHVWiQRWUHFKRGHXPDSODQLOKDRUoDPHQWiULDDEDL[R
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7DEHOD7UHFKRGHXPDSODQLOKDRUoDPHQWiULDGHPRQVWUDomR
GDVTXDQWLGDGHVHGRVSUHoRVXQLWiULRV
CUSTO CUSTO
ITEM DISCRIMINAÇÃO UNID. QUANT.
UNITÁRIO TOTAL
1 SERVIÇOS PRELIMINARES
Raspagem e Limpeza do Terreno
1.1 m2 300,00 0,48 144,00
Locação da Obra
1.4 m2 260,00 0,85 221,00
02707628174
7DEHOD&RPSRVLomRGH&XVWR8QLWiULR
/HPEUHPVHTXHGHDFRUGRFRPRLQFLVR,,GRGRDUWGD
/HLQDVREUDVHRVVHUYLoRVVRPHQWHSRGHUmRVHUOLFLWDGRV
TXDQGRH[LVWLU RUoDPHQWR GHWDOKDGR HP SODQLOKDV TXH H[SUHVVHP D
FRPSRVLomR GHWRGRVRVVHXVFXVWRVXQLWiULRV2XVHMDR RUoDPHQWR
DQDOtWLFR p LPSUHVFLQGtYHO SDUD D UHDOL]DomR GD OLFLWDomR GH REUD
S~EOLFD
02707628174
(1&$5*2662&,$,6
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2VHQFDUJRVVRFLDLVGLYLGHPVHHPWUrVQtYHLVHQFDUJRVEiVLFRVH
REULJDWyULRV HQFDUJRV LQFLGHQWHV H UHLQFLGHQWHV H HQFDUJRV
FRPSOHPHQWDUHV
'HDFRUGRFRPR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52GR
'1,7RVHQFDUJRVVRFLDLVVmRGLYLGLGRVHP TXDWUR JUXSRV
*UXSR$QHVWHJUXSRHVWmRLQFOXtGDVDVREULJDo}HVTXHLQFLGHP
GLUHWDPHQWH VREUH D IROKD GH SDJDPHQWR H TXH VmR UHJXODPHQWDGDV
GHDFRUGRFRPDOHJLVODomR
*UXSR%QHVWHJUXSRVmRFRQVLGHUDGRVRVGLDVHPTXHQmRKi
SUHVWDomR GH VHUYLoR PDV TXH R IXQFLRQiULR WHP GLUHLWR GH UHFHEHU
VXD UHPXQHUDomR 6REUH HVWHV GLDV LQFLGHP WDPEpP RV HQFDUJRV GR
JUXSR$
*UXSR&QHVWHJUXSRHVWmRRVHQFDUJRVSDJRVGLUHWDPHQWHDRV
HPSUHJDGRV H DVVLP VHQGR RV TXH QmR LQFLGHP VREUH HOHV RV
HQFDUJRVGR*UXSR$
*UXSR'QHVWHJUXSRHVWmRRVHQFDUJRVUHIHUHQWHVjLQFLGrQFLD
VREUHRXWURVHQFDUJRVLQFLGrQFLDGR*UXSR$VREUH%HLQFLGrQFLDGH
PXOWDGR)*76VREUHRVDOiULR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
3HUFHEDP TXH R JUXSR & UHIHUHVH j GLVSHQVD GR IXQFLRQiULR 2V
YDORUHV PHQFLRQDGRV QD WDEHOD DFLPD UHIHUHPVH j XPD WD[D GH
URWDWLYLGDGH PpGLD DGRWDGD SHOR 6,&52 GH PHVHV SDUD GRV
HPSUHJDGRVFRQIRUPHVHGHPRQVWUDDGLDQWH(VVHSUD]RPpGLRYDULD
GHHPSUHVDSDUDHPSUHVD3RUWDQWRYHULILFDVHTXHRVHQFDUJRV
VmRYDULiYHLVFRQIRUPHDVSHFXOLDULGDGHVGDHPSUHVD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2VHQFDUJRVDFLPDUHODFLRQDGRVUHIHUHPVHDRSURILVVLRQDOKRULVWD
TXH VH HQFRQWUD SUHYLVWR QDV FRPSRVLo}HV GH FXVWRV XQLWiULRV GRV
VHUYLoRV -i RV PHQVDOLVWDV UHSUHVHQWDGRV SRU H[HPSOR SHORV
SURILVVLRQDLV GD $GPLQLVWUDomR /RFDO GD REUD FXMD UHPXQHUDomR QmR
HVWi GLUHWDPHQWH UHODFLRQDGD j TXDQWLGDGH GH VHUYLoRV H[HFXWDGRV
QmR LQFLGH QRV HQFDUJRV R UHSRXVR VHPDQDO UHPXQHUDGR IHULDGRV
DX[tOLRHQIHUPLGDGH OLFHQoDSDWHUQLGDGH H RXWURV &RP LVVR RV
HQFDUJRV VRFLDLV GRV PHQVDOLVWDV VmR PHQRUHV TXH RV GRV KRULVWDV
FRQIRUPHVHYrQRFDEHoDOKRGDFRPSRVLomRGR6,1$3,DVHJXLU
6REUHRFXVWRGDPmRGHREUDSRGHPLQFLGLUWDPEpPRVVHJXLQWHV
HQFDUJRV
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$SDUWHSULQFLSDOGRVHQFDUJRVVRFLDLVHVWiDSUHVHQWDGDDFLPD1DV
SUy[LPDVSiJLQDVGHVVHFDStWXORDSUHVHQWRDPHPyULDGHFiOFXORGRV
SHUFHQWXDLV GR *UXSR % & H ' SDUD TXHP WLYHU LQWHUHVVH HP
FRPSUHHQGHUPHOKRURVGHWDOKHVGHVVHVJUXSRV6HQmRYRFrVSRGHP
02707628174
SXODUSDUDRSUy[LPRFDStWXOR$ILQDO
0HPyULDGH&iOFXORGR*UXSR%
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
GDV KRUDV WUDEDOKiYHLV SRU DQR GHYHP VHU GHVFRQWDGRV RV GLDV
QmR WUDEDOKDGRV SUHYLVWRV SHOD OHJLVODomR FRQIRUPH DEDL[R
LQGLFDGR SDUDVHREWHURVGLDVHIHWLYDPHQWHWUDEDOKDGRV
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
&iOFXORGDVKRUDVFRUUHVSRQGHQWHVDRVGLDVQmRWUDEDOKDGRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&iOFXORGRVSHUFHQWXDLVGR*UXSR%
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
0HPyULDGH&iOFXORGR*UXSR&
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
0HPyULDGH&iOFXORGR*UXSR'
±(QFDUJRV6RFLDLVGR6,1$3,
QRVIHULDGRVTXHQmRRQHUDPRVHQFDUJRVVRFLDLVGRVPHQVDOLVWDV
26,1$3,FRQVLGHUDQRLWHP%RVGLDVGHFKXYDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
TXHREWrPDYLVRSUpYLRLQGHQL]DGR
± 3) 5HJLRQDO 2V HQFDUJRV VRFLDLV
WUDEDOKLVWDV LQFOXLQGR YDOHWUDQVSRUWH H DX[tOLRDOLPHQWDomR
FRQIRUPH OHJLVODomR YLJHQWH GHYHP VHU LQFRUSRUDGRV QR
FiOFXORGR%',
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6,1$3,
26LVWHPD1DFLRQDOGH3HVTXLVDGH&XVWRVHËQGLFHVGD&RQVWUXomR
&LYLO±6LQDSLpRUHIHUHQFLDORILFLDODGRWDGRSDUDEDOL]DURVSUHoRVGRV
VHUYLoRV H LQVXPRV SDJRV FRP UHFXUVRV GH RULJHP GR 2UoDPHQWRGD
8QLmR FRQIRUPH R DUW GD /'2 /HL GH GH
DJRVWRGH HRDUWGR'HFUHWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
RX TXH QmR SRVVDP VHU FRQVLGHUDGRV FRPR GH FRQVWUXomR FLYLO´
JULIRXVH
)RQWH
KWWSZZZFDL[DJRYEUJRYJRYBVRFLDOPXQLFLSDOSURJUDPDBGHVBXUEDQR6,1$3,VDLE
DBPDLVDVS!
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$V VpULHV PHQVDLV GH FXVWRV H tQGLFHV GR 6,1$3, UHIHUHPVH DR
FXVWR GR PHWUR TXDGUDGR GH FRQVWUXomR FRQVLGHUDQGRVH RV
PDWHULDLV HTXLSDPHQWRV H D PmR GH REUD FRP RV HQFDUJRV VRFLDLV
1mRHVWmRLQFOXtGRVQRVFiOFXORVRV%HQHItFLRVH'HVSHVDV,QGLUHWDV±
%', DV GHVSHVDV FRP SURMHWRV HP JHUDO OLFHQoDV VHJXURV
DGPLQLVWUDomR ILQDQFLDPHQWRV H HTXLSDPHQWRV PHFkQLFRV FRPR
HOHYDGRUHVFRPSDFWDGRUHVH[DXVWRUHVHDUFRQGLFLRQDGR
0HQVDOPHQWHVmRSXEOLFDGRV
5HODWyULRVGH3UHoRVGH,QVXPRVH&XVWRVGH6HUYLoRV
2PyGXORGHRUoDPHQWDomRGR6,1$3,GHQRPLQDVH6,1$3,6,3&,
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6,&52±6,67(0$'(&8672652'29,È5,26
26,&52pXPVLVWHPDGHFiOFXORGRVFXVWRVXQLWiULRVGRVLQVXPRV
H VHUYLoRV QHFHVViULRV j H[HFXomR GDV REUDV GH FRQVWUXomR
UHVWDXUDomR H VLQDOL]DomR URGRYLiULD H GRV VHUYLoRV GH FRQVHUYDomR
URGRYLiULD H IRL GHVHQYROYLGR SDUD VHUYLU FRPR UHIHUHQFLDO GH FXVWRV
SDUDDVOLFLWDo}HVGHREUDVURGRYLiULDV
$VVLPTXHDEULPRVRDUTXLYRGR6,&52FRPDVWDEHODVGHSUHoRV
UHIHUHQFLDLVDSDUHFHDVHJXLQWHWHOD
7&8 &HVSH 2V FXVWRV XQLWiULRV GH
UHIHUrQFLD HP VXD DSUHVHQWDomR HP WDEHODV VmR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$OpP GLVVR RV SUHoRV GRV LQVXPRV PmR GH REUD PDWHULDLV H
HTXLSDPHQWRV VmR SHVTXLVDGRV PHQVDOPHQWH QDV FDSLWDLV GRV
HVWDGRV
2VSUHoRVVmRDSUHVHQWDGRVFRPDEUDQJrQFLDHVWDGXDOHUHJLRQDO
FRQIRUPHDVHJXLU
HVWDGRVGD5HJLmR
0mRGHREUDPDLRUSLVRVDODULDOGDUHJLmRSHVTXLVDGDUHVXOWDQWH
GH &RQYHQomR &ROHWLYD GH 7UDEDOKR 3DUD DV FDWHJRULDV QmR
FRQWHPSODGDV QDV &RQYHQo}HV GH 7UDEDOKR UHDOL]DVH SHVTXLVD
VDODULDOHDGRWDVHRYDORUPpGLR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
9HMDPRVPDLVGHWDOKHVVREUHDSHVTXLVDGHSUHoRVGR6,&52
&XVWRV8QLWiULRVGRV,QVXPRV
&XVWRVGD0mRGHREUD
$FROHWDGRVFXVWRVGDPmRGHREUDGHYHVHUIHLWDHPWRGRVRV
HVWDGRVDWUDYpVGH
2HVWDEHOHFLPHQWRGRVDOiULRRFRUUHGDVHJXLQWHIRUPD
3DUDDVFDWHJRULDVGHVHUYHQWHVHRSHUiULRVTXDOLILFDGRVTXH
WrPRSLVREiVLFRGHWHUPLQDGRQDVFRQYHQo}HVFROHWLYDVGHWUDEDOKR
VmRDGRWDGRVSDUDDUHJLmRRPDLRUYDORUHQFRQWUDGRQRVGLYHUVRV
HVWDGRVTXHRFRPS}HPFRQIRUPHYLPRVDQWHULRUPHQWH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3DGU}HV VDODULDLV GDV SULQFLSDLV FDWHJRULDV GDV UHJL}HV TXH
FRPS}HPR6,&52
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3HUFHQWXDLVFRUUHVSRQGHQWHVDRVLWHQVDFLPDUHODFLRQDGRV
7UDQVSRUWH
SHUFHQWXDOGRWUDQVSRUWHHPUHODomRDRVDOiULRPpGLR
SDUWLFLSDomR GRV HPSUHJDGRV GH DFRUGR FRP DUW LQFLVR ,
GRGHFUHWR
$OLPHQWDomR
VDOiULRPpGLR
SHUFHQWXDOGHGHGXomRILVFDO LQVWUXomRGR0$-85GH
)HUUDPHQWDV0DQXDLV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&XVWRGRV0DWHULDLV
6HUHILUDPDSUHoRVSDUDFRQGLo}HVGHSDJDPHQWRjYLVWD
&RQWHQKDPWRGDDFDUJDWULEXWiULDTXHVREUHHOHVLQFLGH
PDWHULDLVSHVTXLVDGRVHTXHVHMDPH[SUHVVLYRVSDUDRFRPpUFLRORFDO
3DUDRVHVWDGRVRQGHQmRVHMDSRVVtYHODSHVTXLVDGHXPLWHPGHYH
VHUFRQVLGHUDGRRSUHoRXQLWiULRHVWLPDGRSDUDDUHJLmR
26,&52EXVFDUiDXPHQWDURWDPDQKRGDVDPRVWUDVGHFROHWD
GHSUHoRVGHPDWHULDLVHHTXLSDPHQWRV LGHDOPtQLPRGHWUrVSUHoRV
GH FDGD LWHP RX QD LPSRVVLELOLGDGH XWLOL]DUi SUHoRV FROKLGRV SRU
RXWUDV HQWLGDGHV UHFRQKHFLGDPHQWH LG{QHDV FRPR DIHULGRUHV GDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
UHDLVFRQGLo}HVGHPHUFDGRSHUPLWLQGRDLQGDTXHVHDOFDQFHOHTXH
GHRIHUWDVPDLVDPSORTXHQmRHVWiVHQGRDWLQJLGRSHODVSHVTXLVDV
³$UW7RGRVRVPDWHULDLVEHWXPLQRVRVQHFHVViULRVjVREUDV
02707628174
RXVHUYLoRVURGRYLiULRVGR'1,7ILQDQFLDGDVFRP5HFXUVRV2UGLQiULRV
GR7HVRXURVHUmRLQVHULGRVQDVSODQLOKDVGHTXDQWLGDGHGHSURMHWRVH
GHSODQRVGHWUDEDOKRSDUDDTXLVLomR SHODHPSUHVDFRQWUDWDGDFRP
RV SUHoRV GHILQLGRV SHOR DFRPSDQKDPHQWR GH SUHoRV UHJLRQDLV GH
GLVWULEXLomRGHDVIDOWRVUHDOL]DGRSHOD$JrQFLD1DFLRQDOGR3HWUyOHR±
$13 DFUHVFLGRV GDV UHVSHFWLYDV DOtTXRWDV GH ,&06 H FRP /',
GH TXLQ]HSRUFHQWR ´ JULIHL
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&XVWRGRV(TXLSDPHQWRV
&XVWRGH3URSULHGDGH
'HSUHFLDomR
&XVWRGH2SRUWXQLGDGHGR&DSLWDO
6HJXURVHLPSRVWRV
&XVWRGH0DQXWHQomR
5HSDURVHPJHUDO
0DWHULDOURGDQWHSQHXV
&XVWRGH2SHUDomR
&RPEXVWtYHO
)LOWURVHOXEULILFDQWHV
0mRGHREUDGH2SHUDomR
&XVWRGH3URSULHGDGH 02707628174
D 'HSUHFLDomR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6HQGR
DXWRUL]DGRV&DVRQmRH[LVWDUHSUHVHQWDomRORFDOVmRFRQVLGHUDGRVRV
SUHoRV FREUDGRV SHORV IDEULFDQWHV RX VHXV GLVWULEXLGRUHV QDFLRQDLV
DFUHVFLGRGRUHVSHFWLYRFXVWRGHIUHWHDWpDFDSLWDOGRHVWDGR
2YDORUUHVLGXDOpREWLGRSRUPHLRGHSHVTXLVDGHPHUFDGRGH
PiTXLQDV XVDGDV QDV SUDoDV GR 5LR GH -DQHLUR H 6mR 3DXOR $OpP
GLVVR R 6,&52 SRGH DGRWDU YDORUHV SHUFHQWXDLV REWLGRV SRU
SHVTXLVD HP UHODomR DR YDORU GH FDGD WLSR GH HTXLSDPHQWR QRYR
FRQIRUPHDVHJXLU
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
9DORU5HVLGXDO
7LSRGH(TXLSDPHQWR
&DPLQKmR%DVFXODQWH
'LVWULEXLGRUGH$JUHJDGRV
(VFDYDGHLUD+LGUiXOLFD
0RWRVFUDSHU
5ROR&RPSDFWDGRU3pGH&DUQHLUR9LEUDWyULR
$YLGD~WLOpREWLGDSRUSHVTXLVDMXQWRDIDEULFDQWHVXVXiULRVH
SXEOLFDo}HV HVSHFLDOL]DGDV $ YLGD ~WLO p LQIOXHQFLDGD WDQWR SHODV
FRQGLo}HV GH PDQXWHQomR FRPR SHODV FRQGLo}HV GH WUDEDOKR 2
6,&52 FRQVLGHUD DV WUrV FRQGLo}HV GH WUDEDOKR /HYHV 0pGLDV H
3HVDGDV &RQWXGR DV FRPSRVLo}HV GH FXVWRV OHYDP HP FRQWD RV
FXVWRV KRUiULRV GRV HTXLSDPHQWRV WUDEDOKDQGR HP FRQGLo}HV
PpGLDV
6HJXHXPWUHFKRGDWDEHODDGRWDGDSHOR6,&52
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
EHQVPDWHULDLVDRORQJRGRWHPSRRFDVLRQDQGRSHUGDGHYDORU
RXGLPLQXLomRGHSUHoR'HVVDIRUPDpFRUUHWRDILUPDUTXH
E DYLGD~WLOpRWHPSRGHFRUULGRGHVGHTXHXPEHPpSRVWR
HPVHUYLoRDWpDGDWDHPTXHpDYDOLDGDVXDGHSUHFLDomR
F DGHSUHFLDomRSRGHVHUFDOFXODGDSHORPpWRGRGDOLQKDUHWD
TXH FRQVLVWH HP FRQVLGHUDU XPD SURYLVmR YDULiYHO SDUD FDGD
DQRGHVHUYLoRDRORQJRGDYLGD~WLOGREHP
7&8 &HVSH 2 VLVWHPD LQFOXL QD VXD EDVH
GH GDGRV RV FXVWRV KRUiULRV GH HTXLSDPHQWRV SDUD WUrV
FRQGLo}HV GH XWLOL]DomR OHYH PpGLD H SHVDGD PDV DV
02707628174
FRPSRVLo}HV GH VHUYLoRV GR 6,&52 OHYDP HP FRQWD RV FXVWRV
KRUiULRVGRVHTXLSDPHQWRVHPFRQGLo}HVPpGLDV
±7&') (PERUDDYLGD~WLOGRVHTXLSDPHQWRV
VHMD LQIOXHQFLDGD SHOR WLSR GH VROR H GH VXSHUItFLH GH
URODPHQWRQRFiOFXORGRVFXVWRVKRUiULRVGHYHVHFRQVLGHUDU
DSHQDVDRSHUDomRHPFRQGLo}HVPpGLDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E &XVWRGH2SRUWXQLGDGHGH&DSLWDO
F 6HJXURVH,PSRVWRV
5HJUDJHUDOGHYLGRDRDOWRFXVWRHQYROYLGRRVJUDQGHVIURWLVWDV
GHHTXLSDPHQWRVQmRID]HPVHJXURGHWRGRVVHXVHTXLSDPHQWRVHP
02707628174
FRPSDQKLDVVHJXUDGRUDVDQmRVHUHPFDVRVHVSHFLDLV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&XVWRGH0DQXWHQomR
2VFXVWRVKRUiULRVGHPDQXWHQomRXWLOL]DGRVSHOR6,&52 VmR
REWLGRVDWUDYpVGDH[SUHVVmR
6HQGR
02707628174
2VYDORUHVGRFRHILFLHQWHNYDULiYHLVSDUDFDGDPRGDOLGDGHGH
HTXLSDPHQWR H HP IXQomR GD TXDOLILFDomRKDELOLGDGH GRV RSHUDGRUHV
H GDV FRQGLo}HV GH WUDEDOKRV HVWmR FRP EDVH HP PRGHORV GRV
IDEULFDQWHVWDEHODGRVSHOR6,&52
1DWDEHODDVHJXLUVmRDSUHVHQWDGRVRVYDORUHVGH.GHDOJXQV
HTXLSDPHQWRVFDOFXODGRVSHOR6,&52
7LSRGH(TXLSDPHQWR &RHILFLHQWH.
&DPLQKmR%DVFXODQWH
'LVWULEXLGRUGH$JUHJDGRV5HERFiYHO
(VFDYDGHLUD+LGUiXOLFD
0RWRVFUDSHU
5ROR&RPSDFWDGRU3pGH&DUQHLUR9LEUDWyULR
&XVWRGH2SHUDomR
D &RPEXVWtYHO
02707628174
3DUDRVHTXLSDPHQWRVDJDVROLQDHOpWULFRVRXDiOFRRODVWD[DV
GHFRQVXPRDGRWDGDVVmRDVVHJXLQWHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E )LOWURVH/XEULILFDQWHV
F 0mRGH2EUDGH2SHUDomR
1R FXVWR KRUiULR GD PmRGH REUD GH RSHUDomR GHYHP VHU
LQFOXtGRV R VDOiULR KRUiULR GRV PRWRULVWDV H RSHUDGRUHV RV HQFDUJRV
VRFLDLVHRDGLFLRQDOjPmRGHREUD
&XVWRGH7UDQVSRUWH
26,&52FRQVLGHUDGRLVWLSRVGHWUDQVSRUWHORFDOHFRPHUFLDO
D 7UDQVSRUWH/RFDO
2VWUDQVSRUWHVORFDLVVmRDTXHOHVUHDOL]DGRVQRkPELWRGDREUD
SDUD R GHVORFDPHQWR GRV PDWHULDLV QHFHVViULRV i H[HFXomR GDV
GLYHUVDVHWDSDVGHVHUYLoR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$SURGXomRKRUiULDGHXPFDPLQKmRpGDGDSHODH[SUHVVmR
2QGH
± 7-(6 &HVSH 2V WUDQVSRUWHV ORFDLV VmR
DTXHOHVUHDOL]DGRVQRkPELWRGDREUDSDUDRGHVORFDPHQWRGRV
PDWHULDLV QHFHVViULRV j H[HFXomR GDV GLYHUVDV HWDSDV GH
VHUYLoR1HVVHVHQWLGRDSURGXomRKRUiULDGHXPFDPLQKmRp
GDGDSHODH[SUHVVmRDEDL[R
02707628174
HPTXH3+ SURGXomRKRUiULDHPWK& FDSDFLGDGH~WLOGR
FDPLQKmR HP W ( IDWRU GH HILFLrQFLD ; GLVWkQFLD GH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E 7UDQVSRUWH&RPHUFLDO
7&8&HVSH 1RTXHVHUHIHUHDVHUYLoRVGH
WHUUDSOHQDJHP H SDYLPHQWDomR QR FiOFXOR GH FXVWRV GH
WUDQVSRUWHV GH PDWHULDLV DV SDUFHODV UHODWLYDV jV RSHUDo}HV
GH PDQREUD FDUJD H GHVFDUJD GR HTXLSDPHQWR TXH
LQGHSHQGHP GD GLVWkQFLD D VHU SHUFRUULGD H GR WLSR GH
UHYHVWLPHQWR GD URGRYLD XWLOL]DGD VmR FRPSXWDGDV QR FXVWR
GHH[HFXomRGRVHUYLoRFRUUHVSRQGHQWH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
F 7UDQVSRUWHGH0DWHULDO%HWXPLQRVR
2WUDQVSRUWHGHPDWHULDOEHWXPLQRVRpUHJXODGRSHOD,QVWUXomR
GH 6HUYLoR Q GH GR '1,7 D TXDO SUHYr HTXDo}HV
WDULIiULDV TXH GLVWLQJXHP SRU XP ODGR R WUDQVSRUWH GR PDWHULDO D
TXHQWH H D IULR H SRU RXWUR R WLSR GH UHYHVWLPHQWR GD URGRYLD HP
TXH HVWH VH UHDOL]D D VDEHU URGRYLD FRP UHYHVWLPHQWR DVIiOWLFR
URGRYLDFRPUHYHVWLPHQWRSULPiULRHURGRYLDHPOHLWRQDWXUDO
±&RPSRVLo}HVGH&XVWRV8QLWiULRV
$Wp DTXL YLPRV FRPR VmR HVWDEHOHFLGRV RV SUHoRV GRV LQVXPRV
QHFHVViULRV SDUD D H[HFXomR GRV VHUYLoRV URGRYLiULRV $JRUD SDUD D
REWHQomR GR SUHoR XQLWiULR GR VHUYLoR p QHFHVViULR UHODFLRQDU RV
LQVXPRV3DUDWDQWRDSUHVHQWRDYRFrVQRVSDUiJUDIRVVHJXLQWHVDV
SULQFLSDLVSUHPLVVDVDGRWDGDVSHOR6,&52SDUDDPRQWDJHPGDVVXDV
FRPSRVLo}HV
02707628174
1D PDLRU SDUWH GRV FDVRV RV VHUYLoRV GH FRQVWUXomR VmR
UHDOL]DGRV SRU JUXSRV GH HTXLSDPHQWRV GH GLIHUHQWHV WLSRV TXH
WUDEDOKDP HP FRQMXQWR FRQVWLWXLQGR R TXH XVXDOPHQWH VH GHQRPLQD
HTXLSH PHFkQLFD RX SDWUXOKD 'R IDWR GH WHU FDGD XP GHVVHV
HTXLSDPHQWRV QDV FRQGLo}HV HP TXH WUDEDOKD XPD GHWHUPLQDGD
SURGXomR HIHWLYD UHVXOWD D QHFHVVLGDGH GH VH GLPHQVLRQDU D
TXDQWLGDGH GRV GLIHUHQWHV WLSRV GH HTXLSDPHQWRV GH IRUPD D
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2XWURSRQWRDVHUREVHUYDGRpRTXHVHUHIHUHjGHWHUPLQDomR
GD LQFLGrQFLD GRV LQVXPRV QD FRPSRVLomR TXH p D TXDQWLGDGH GH
GHWHUPLQDGR LQVXPR QHFHVViULD j UHDOL]DomR GH XPD XQLGDGH GH
SURGXomR
2VHTXLSDPHQWRVHPJHUDOUHDOL]DPRSHUDo}HVUHSHWLWLYDVRX
VHMDWUDEDOKDPHPFLFORV(QWHQGHVHSRUFLFORRFRQMXQWRGHDo}HV
RXPRYLPHQWRVTXHRHTXLSDPHQWRUHDOL]DGHVGHVXDSDUWLGDGHXPD
GHWHUPLQDGD VLWXDomR DWp VHX UHWRUQR D XPD VLWXDomR VHPHOKDQWH
TXHPDUFDRLQtFLRGHXPQRYRFLFOR2WHPSRGHFRUULGRHQWUHDVGXDV
VLWXDo}HV p GHQRPLQDGR ³GXUDomR GR FLFOR´ RX ³WHPSR WRWDO GR
FLFOR´TXHGHWHUPLQDXPLQWHUYDORGXUDQWHRTXDORHTXLSDPHQWRHP
TXHVWmRUHDOL]DFHUWDTXDQWLGDGHGHVHUYLoR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
(PFRQVHTrQFLDGHVVHVFRQFHLWRVRFXVWRKRUiULRRSHUDWLYR
p FDOFXODGR VRPDQGRVH RV FXVWRV KRUiULRV GH GHSUHFLDomR
RSHUDomR PDQXWHQomR H PmRGHREUD 2 FXVWR KRUiULR
LPSURGXWLYR p LJXDO DR FXVWR KRUiULR GD PmRGHREUD 1mR VH
FRQVLGHUDP RV RXWURV FXVWRV SRLV VH DGPLWH TXH HVWHV RFRUUDP
VRPHQWHDRORQJRGDYLGD~WLOH[SUHVVDHPKRUDVRSHUDWLYDV
2FRHILFLHQWHGHXWLOL]DomRSURGXWLYRpRTXRFLHQWHGHGLYLVmRGD
SURGXomR GD HTXLSH SHOD SURGXomR GH FDGD WLSR GH HTXLSDPHQWR H p
VHPSUHPHQRURXLJXDOD2FRHILFLHQWHGHXWLOL]DomRLPSURGXWLYDp
REWLGRSRUGLIHUHQoD
(VWiILFDQGRFRPSOLFDGRQpSHVVRDO"0DLVjIUHQWHDSUHVHQWDUHL
XPD FRPSRVLomR GR 6,&52 SDUD DSOLFDUPRV RV FRQFHLWRV DTXL
DSUHVHQWDGRVGHIRUPDDVLPSOLILFDUDFRPSUHHQVmR
(VWDSURGXomRSRGHVHUGHWHUPLQDGDSRUPpWRGRVWHyULFRVTXH
OHYDPHPFRQWDDVFDUDFWHUtVWLFDVGHFDWiORJRGRHTXLSDPHQWRRXSRU
PHLR GH PpWRGRV HPStULFRV TXH LPSOLFDP PHGLo}HV IHLWDV
GLUHWDPHQWHQRFDPSR
0pWRGR7HyULFR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQIRUPHYLPRVDQWHULRUPHQWHDSURGXomRGDSDWUXOKDpDGR
VHXHTXLSDPHQWRSULQFLSDOTXHpFDOFXODGDSRUPHLRGHIyUPXODVDV
TXDLVOHYDPHPFRQWDXPDVpULHGHYDULiYHLVLQWHUYHQLHQWHVTXHVmR
IXQomR GDV FDUDFWHUtVWLFDV GR HTXLSDPHQWR H GR VHUYLoR TXH HVWH
UHDOL]DEHPFRPRDOJXQVIDWRUHVGHFRUUHomR
IDWRUGHHILFLrQFLD
IDWRUGHFRQYHUVmR
IDWRUGHFDUJD
D )DWRUGH(ILFLrQFLD
(PUHJUDR6,&52DGRWDDVHJXLQWH FRQVLGHUDomRSDUDFDGD
KRUD GR WHPSR WRWDO GH WUDEDOKR GR HTXLSDPHQWR VHUi HVWLPDGD D
SURGXomR HIHWLYD GH PLQXWRV SDUD TXH VHMDP OHYDGRV HP
FRQVLGHUDomR RV WHPSRV JDVWRV HP DOWHUDo}HV GH VHUYLoR RX
GHVORFDPHQWRV SUHSDUDomR GD PiTXLQD SDUD R WUDEDOKR H VXD
PDQXWHQomR
3DUDDVREUDVGHUHVWDXUDomRRIDWRUGHHILFLrQFLDDGRWDGRpGH
02707628174
PLQPLQ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E )DWRUGH&RQYHUVmR
26,&52DGRWDRVVHJXLQWHVYDORUHV
3HUFHEDPTXHRIDWRUGHFRQYHUVmRHVWiUHODFLRQDGRDRIDWRUGH
HPSRODPHQWR &DGD PDWHULDO DSUHVHQWD IDWRU GH HPSRODPHQWR
HVSHFtILFR &RQWXGR R 6,&52 DGRWRX YDORUHV UHSUHVHQWDWLYRV GH
PDWHULDLV PDLV FRPXQV HP WHUUDSOHQDJHP FRPR R LQWXLWR GH
HVWDEHOHFHUSUHoRVUHIHUHQFLDLV
F )DWRUGH&DUJD
02707628174
eDUHODomRHQWUHDFDSDFLGDGHHIHWLYDGRHTXLSDPHQWRHVXD
FDSDFLGDGHQRPLQDO
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
032*±ÈUHD, 1RTXHVHUHIHUHDWUDQVSRUWH
GH PDWHULDLV R IDWRU GH FDUJD WLSLFDPHQWH DGRWDGR SDUD
PDWHULDLV GH WHUFHLUD FDWHJRULD p PHQRU TXH R DGRWDGR SDUD
PDWHULDLVGHSULPHLUDFDWHJRULD
G &iOFXORGRSUHoRXQLWiULR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6RPDVH R FXVWR KRUiULR GD SDWUXOKD DR FXVWR KRUiULR GD PmR
GH REUD REWHQGRVH R FXVWR KRUiULR GH SURGXomR 'LYLGLQGRR SHOD
SURGXomRGDHTXLSHREWpPVHRFXVWRXQLWiULRGRVHUYLoR$SOLFDVHR
%',RX/',HHQFRQWUDVHRSUHoRXQLWiULRGRVHUYLoR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3ULPHLUDPHQWHGHVFREUHVHDSURGXomRGDHTXLSHSRUPHLRGD
SURGXomR HIHWLYD GR HTXLSDPHQWR SULQFLSDO QR FDVR R WUDWRU GH
HVWHLUDV3DUDWDQWREDVWDPXOWLSOLFDU P[[[
P (VVD p D SURGXomR HIHWLYD GR WUDWRU GH HVWHLUDV HP
PLQXWRV 3DUD VH VDEHU D SURGXomR HIHWLYD KRUiULD EDVWD PXOWLSOLFDU
SRUPLQXWRVHGLYLGLUSRUPLQXWRV PK(VVDpD
SURGXomR HIHWLYD KRUiULD GD HTXLSH &RQYpP HVFODUHFHU TXH R WUDWRU
GH HVWHLUDV QHVVD SDWUXOKD WHP D IXQomR GH SXVKHU RX VHMD GH
HPSXUUDU R PRWRVFUDSHU QR PRPHQWR TXH HOH HVWi FRUWDQGR R
WHUUHQR3RUWDQWRDSyVRWUDWRUGHHVWHLUDVHPSXUUDURPRWRVFUDSHU
HVWHILFDFDUUHJDGRFRPPGHPDWHULDOGHFDWHJRULD
HIRUDPHVWDEHOHFLGRVSHOR6,&52
+i DLQGD TXH VH FRQVLGHUDU RV FXVWRV GH WUDQVSRUWH UHIOHWLGRV
QD FRPSRVLomR DFLPD SHORV WHPSRV GH FLFOR SDUD RV TXDLV GHYHVH
FRQVLGHUDUDVHWDSDVGH &DUJD'HVFDUJD0DQREUDH7UDQVSRUWHVQD
2EUD 2V FXVWRV GH WUDQVSRUWH VmR HP JHUDO FDOFXODGRV DWUDYpV GH
HTXDo}HV OLQHDUHV TXH FRPSRUWDP GRLV WHUPRV XP IL[R H RXWUR
YDULiYHO< D[ERQGH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
<&XVWRWRWDOGDWRQHODGDWUDQVSRUWDGD
D±&XVWRXQLWiULRSRUWRQHODGDTXLO{PHWURWUDQVSRUWDGD
[±'LVWkQFLDGHWUDQVSRUWH
±&*8±(6$) $SDUWLUGDSODQLOKDGHSURGXomR
KRUiULDDSUHVHQWDGDDVHJXLUDVVLQDOHDRSomRFRUUHWD
02707628174
D $SURGXomRKRUiULDGDHTXLSHpGHP
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
H 8WLOL]DQGRVHFDPLQK}HVEDVFXODQWHVFRPFDSDFLGDGHGH
PSRUYLDJHPVXDSURGXomRKRUiULDVHUiGHP
$V TXHVW}HV D GHYHUmR VHU UHVSRQGLGDV FRP EDVH QD
&RPSRVLomR GH &XVWR 8QLWiULR GH 5HIHUrQFLD H QD 3ODQLOKD GH
3URGXomRGD(TXLSH0HFkQLFDDSUHVHQWDGDVQDILJXUDDEDL[R
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
± &*8 ± (6$) 3DUD H[HFXomR GR VHUYLoR GH
HVFDYDomR FDUJD H WUDQVSRUWH GH PDWHULDO GH FDWHJRULD
'07 D P FRP FDUUHJDPHQWR TXDO D XWLOL]DomR
RSHUDWLYD H LPSURGXWLYD GR WUDWRU GH HVWHLUDV HP KRUDV
UHVSHFWLYDPHQWH"
D H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E H
F H
G H
H H
± &*8 ± (6$) $ SODQLOKD GH 3URGXomR GD
(TXLSH 0HFkQLFD FRQVLGHUD D XWLOL]DomR GH FDPLQK}HV
EDVFXODQWHV FRP P GH FDSDFLGDGH SDUD FRPSRU D HTXLSH
PHFkQLFD 4XDO R WHPSR WRWDO GH FLFOR GHVWH HTXLSDPHQWR H R
Q~PHUR GH FDPLQK}HV QHFHVViULRV SDUD JDUDQWLU D
SURGXWLYLGDGHGDHTXLSH"
D PLQHFDPLQKmR
E PLQHFDPLQK}HV
F PLQHFDPLQK}HV
G PLQHFDPLQK}HV
H PLQHFDPLQK}HV
± &*8 ± (6$) &RQVLGHUDQGR TXH H[LVWDP
P D VHUHP H[HFXWDGRV GR VHUYLoR 6
4XDQWDV KRUDV LPSURGXWLYDV GR HTXLSDPHQWR ( VHUmR
JDVWDVSDUDUHDOL]DUHVWHYROXPHGHVHUYLoR"
02707628174
D K
E K
F K
G K
H K
± 7&') &HVSH 2 FXVWR KRUiULR GRV
HTXLSDPHQWRV GHSHQGH GLUHWDPHQWH GR VHX tQGLFH GH
DSURYHLWDPHQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
032* &HVSH 2V WUDWRUHV GH HVWHLUD HPSXUUDP
YHtFXORVPRWRHVFDYRWUDQVSRUWDGRUHVFRPRRVPRVWUDGRVQD
ILJXUD DFLPD 'HSRLV GH HPSXUUDU XP GHVVHV YHtFXORV XP
WUDWRUDJXDUGDHPPpGLDHPFDGDKRUDGHWUDEDOKRRWHPSR
DFXPXODGRGHPLQXWRVDWpDFKHJDGDGHRXWURPRWRHVFDYR
WUDQVSRUWDGRU TXDQGR HQWmR H[HFXWD QRYD RSHUDomR $ SDUWLU
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2FXVWRKRUiULRSURGXWLYRGRVWUDWRUHVGHHVWHLUDp
GH GR FXVWR GD HTXLSH PHFkQLFD SDUD FDGD KRUD
WUDEDOKDGD
2 FXVWR KRUiULR LPSURGXWLYR GRV PRWRHVFDYR
WUDQVSRUWDGRUHVp]HUR
2 FXVWR KRUiULR GHVVD HTXLSH PHFkQLFD p D VRPD
GRVFXVWRVKRUiULRVSURGXWLYRVHLPSURGXWLYRVGHFDGDXPGRV
WUDWRUHVGHHVWHLUDHGRVPRWRHVFDYRWUDQVSRUWDGRUHV
2 FXVWR XQLWiULR GR PHWUR F~ELFR GH PDWHULDO
HVFDYDGR FDUUHJDGR WUDQVSRUWDGR H GLVWULEXtGR QD
WHUUDSOHQDJHPpDVRPDGRVFXVWRVSURGXWLYRVHLPSURGXWLYRV
GD HTXLSH PHFkQLFD DFUHVFLGRV GD SDUFHOD SURSRUFLRQDO GR
FXVWRGRHQFDUUHJDGRHGRVDMXGDQWHVEHPFRPRGRYDORUGR
%',GDREUDGLYLGLGRSHODSURGXomRKRUiULDGDHTXLSH
±0pWRGR(PStULFR
FRPSRVLo}HV GH SUHoRV UHIHUHQFLDLV GR 6,&52 FRP RV GR 0pWRGR
(PStULFR EDVHDGR HP REVHUYDo}HV GH FDPSR H DLQGD QmR DGRWDGR
SHOR'1,7SDUDIRUPXODomRGDVVXDVFRPSRVLo}HVUHIHUHQFLDLVRILFLDLV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ULJRUWDLVWHPSRVSRGHPVHUFODVVLILFDGRVHP
2SHUDWLYR
3URGXWLYR
(PHVSHUDV
,PSURGXWLYR
7HPSRRSHUDWLYRpDTXHOHHPTXHRHTXLSDPHQWRHVWiGHGLFDGR
DR VHUYLoR QD IUHQWH GH WUDEDOKR FRP VHXV PRWRUHV RX DFLRQDGRUHV
OLJDGRVTXDQGRIRURFDVRRXHPFRQGLo}HVGHWUDEDOKR TXDQGRVH
WUDWDUGHHTXLSDPHQWRQmRSURSHOLGRPHFDQLFDPHQWH2HTXLSDPHQWR
RSHUDWLYRFRPSRUWDGXDVVLWXDo}HVSURGXWLYRHHPHVSHUD
02707628174
4XDQGRHPHVSHUDRHTXLSDPHQWRHVWiDJXDUGDQGRTXHDOJXP
RXWUR FRPSRQHQWH GD SDWUXOKD FRPSOHWH VXD SDUWH GH PRGR D DEULU
IUHQWH SDUD TXH HOH SRVVD DWXDU 7DLV HVSHUDV WrP VXD RULJHP HP
GHVHTXLOtEULRV LQWHUQRV H UHVXOWDP GH VH MXQWDU QXPD PHVPD
SDWUXOKD HTXLSDPHQWRV FRP FDSDFLGDGHV H QtYHLV GH SURGXWLYLGDGHV
GLIHUHQWHV GH WDO VRUWH TXH R ULWPR GR PDLV OHQWR FRQGLFLRQD D
SURGXomR GR FRQMXQWR $SOLFDVH HVWH FRQFHLWR DSHQDV TXDQGR DV
HVSHUDVIRUHPGHFXUWDGXUDomRTXHQmRMXVWLILTXHPGHVOLJDPHQWRGH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7&(51 &HVSH $ ILP GH DYDOLDU D
SURGXWLYLGDGH GH HTXLSDPHQWRV HP XPD REUD p DGHTXDGR
HPSUHJDU R PpWRGR GDV REVHUYDo}HV LQVWDQWkQHDV TXH VH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RPUHODomRDRVPRPHQWRVHPTXHVHUmRIHLWDVDVREVHUYDo}HV
LQVWDQWkQHDV DOJXQV FXLGDGRV GHYHP VHU WRPDGRV (VWHV GHFRUUHP
VREUHWXGRGRIDWRGRVVHUYLoRVREVHUYDGRVVHUHPFtFOLFRVLVWRpVH
SURFHVVDUHP QXP GHWHUPLQDGR ULWPR H GH IRUPD UHSHWLWLYD 6H SRU
YHQWXUD R LQWHUYDOR GH REVHUYDomR WDPEpP IRVVH FtFOLFR SRGHULD
RFRUUHU XP YtFLR GH REVHUYDomR SRLV HVWD HVWDULD VXMHLWD D UHFDLU
VXFHVVLYDPHQWH VREUH D PHVPD RX DV PHVPDV IDVHV (VWH
LQFRQYHQLHQWH SRGH VHU HYLWDGR ID]HQGR FRP TXH R KRUiULR GH
REVHUYDomR VHMD JHUDGR D SDUWLU GH XPD 7DEHOD GH 1~PHURV
$OHDWyULRV
,QWHUYDORVGHWHPSRTXHVHGHVHMDOHYDQWDU
7HPSR2SHUDWLYR3URGXWLYR
7HPSR2SHUDWLYRHPHVSHUDV
7HPSR2SHUDWLYRHPPDQREUDV
7HPSR,PSURGXWLYR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HVVDIRUPDRWHPSRRSHUDWLYRGDPRWRQLYHODGRUDVHUiGH
D KRUDVE KRUDVF KRUDVG KRUDVH
KRUDV
48$17,),&$d2'(0$7(5,$,6(6(59,d26
$ XQLGDGH GH PHGLomR DGRWDGD SDUD FDGD PDWHULDO HRX VHUYLoR
VLQDOL]D D IRUPD GH TXDQWLILFDomR D SDUWLU GRV SURMHWRV H GHVHQKRV
H[LVWHQWHV
6REUHHVVHDVVXQWRR&HVSHFRVWXPDH[SORUDUDTXDQWLILFDomRGH
VHUYLoRV GH WHUUDSOHQDJHP HP TXH R YROXPH GH HVFDYDomR p R
02707628174
YROXPH PHGLGR QR FRUWH SRU PHLR GRV GHVHQKRV GH SURMHWR H R
YROXPH GH DWHUUR p FRQVLGHUDGR DSyV FRPSDFWDomR 'HYHVH DWHQWDU
SDUD R YROXPH WUDQVSRUWDGR TXH FRUUHVSRQGH DR YROXPH GR FRUWH
GLYLGR SHOR IDWRU GH HPSRODPHQWR RX R YROXPH GR FRUWH
PXOWLSOLFDGRSHORHPSRODPHQWR !
6HJXHPDOJXPDVTXHVW}HVGR&HVSHVREUHHVVHDVVXQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ 9
% 9
& 9
' 9
( 9!
$ 3(752%5$6 &HVSH $R VH PRYLPHQWDU
WHUUDRXWUDQVSRUWiODGHYHVHFRQVLGHUDURHPSRODPHQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± 3) 5HJLRQDO 3DUD FiOFXOR GH YROXPHV GH
DWHUURV H FRUWHV GHYHVH FRQVLGHUDU R YROXPH GH WUDQVSRUWH
FRPRLJXDODRYROXPHGHDWHUURRXFRUWHGLYLGLGRSHORIDWRUGH
HPSRODPHQWR
± 7&8 2 PpWRGR GH RUoDPHQWDomR SHOR
SURFHVVR GH FRUUHODomR P~OWLSOD XVDGR TXDQGR R PpWRGR GH
TXDQWLILFDomR QmR p YLiYHO FRQVLVWH HP GHFRPSRU R SURMHWR
HPSDUWHVGHPRGRTXHRFXVWRWRWDOVHMDDVRPDGRVFXVWRV
GHFDGDSDUWH
&RP UHODomR DRV VHUYLoRV GH HGLILFDo}HV FDEH WUD]HU DOJXQV
FDVRV TXH GLIHUHP GD VLPSOHV LQWXLomR WRPDQGR SRU EDVH R ³0DQXDO
GH2EUDV3~EOLFDV±(GLILFDo}HV±3URMHWR´GD6($3 YDOHYHULILFDURV
FDVRVHPTXHKiGHVFRQWRGHYD]LRVHRXYmRV
6RQGDJHQV
SRUSRoRVGHLQVSHomRYROXPHHIHWLYDPHQWHHVFDYDGRHP
PñPHGLGRQRSRoR
SHUIXUDGRQRVXEVROR
(QVDLRVXQLGDGHGHHQVDLR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7DSXPHVHFHUFDViUHDHIHWLYDHPPðFRQVLGHUDQGRDDOWXUD
GHVGH R QtYHO GR VROR DWp D ERUGD VXSHULRU GR WDSXPH H R
FRPSULPHQWR FRUULGR GHVFRQWDQGRVH SRUWDV RX SRUW}HV VH HVWHV
IRUDPSDJRVjSDUWH
3RUW}HViUHDHIHWLYDGRVSRUW}HVLQVWDODGRVHPPð
'HPROLomRGHHVWUXWXUDVPHWiOLFDVSHVRHPNJGDHVWUXWXUD
GHPROLGD REWLGR DWUDYpV GH SHVDJHP HP EDODQoD RX DWUDYpV GRV
SHVRVSDGURQL]DGRVGHWDEHODV
'HPROLomRGHSLVRVPHWURF~ELFRGHSLVRGHPROLGRREWHQGR
VHRYROXPHDWUDYpVGDVGLPHQV}HVGHSURMHWR
)XQGDo}HV ± HVFDYDomR GH YDODV YROXPH HVFDYDGR HP Pñ
PHGLGR QR FRUWH FXMDV GLPHQV}HV HP SODQWD HVWmR OLPLWDGDV SRU
OLQKDV SDUDOHODV GLVWDQWHV GH P GDV IDFHV ODWHUDLV GDV
IXQGDo}HV (VVD GLVWkQFLD DGLFLRQDO GH P p QHFHVViULD SDUD
02707628174
KDYHUHVSDoRSDUDDPRQWDJHPGHIRUPDVGHQWURGDHVFDYDomR
(VWDFDV SUpPROGDGDV GH FRQFUHWR DUPDGR SURWHQGLGR H
GH PDGHLUD PHWUR GH HVWDFD FUDYDGD FRQVLGHUDQGRVH R
FRPSULPHQWR GHILQLGR SHOD FRWD GH IXQGDomR QD SRQWD GD HVWDFD H
SHOD FRWD GH DUUDVDPHQWR VHQGR WROHUDGR DSHQDV R TXH H[FHGHU QR
FRPSULPHQWRDWpPDFLPDGDIDFHLQIHULRUGREORFR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQFUHWRSURWHQGLGR±SHoDVSURWHQGLGDV±EDLQKDVPHWUR
GHEDLQKDLQVWDODGDFRQIRUPHRSURMHWR
(VWUXWXUDV PHWiOLFDV SHVR REWLGR GDV OLVWDV GH PDWHULDLV
LQGLFDGDVQRSURMHWRHPNJ
(VWUXWXUDV GH PDGHLUD YROXPH GD HVWUXWXUD FRQIRUPH R
SURMHWRHPPñ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&REHUWXUDFRPWHOKDVGHEDUURGHILEURFLPHQWRDOXPtQLR
FKDSD DFUtOLFD HWF iUHD GH SURMHomR GD FREHUWXUD QR SODQR
KRUL]RQWDOFRQIRUPHSURMHWRHPPð
3LVRV FLPHQWDGRV FHUkPLFRV GH SHGUDV GH PiUPRUH GH
JUDQLWR JUDQLOLWH GH DOWD UHVLVWrQFLD GH WDFRV HWF iUHD GH
SLVR FRQIRUPH DV GLPHQV}HV LQGLFDGDV QR SURMHWR HP Pð VHQGR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
SDUD RV VHUYLoRV TXH VmR PHGLGRV HP RXWUDV XQLGDGHV GH PHGLomR
WDLVFRPRPHPQDOLVWDJHPDVHJXLU
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E 3DUDDIDEULFDomRGHSUpPROGDGRVXVDVHDiUHD P GDV
SHoDV DFDEDGDV LQFOXLQGR IRUPDV DUPDomR FDERV H EDLQKDV
SDUD PHGLU 2 SURJUHVVR ItVLFR p R SHUFHQWXDO GD iUHD GDV
SHoDVSUpPROGDGDVSUHYLVWR
F 3DUD D GUHQDJHP XVDVH FRPR FULWpULR GH PHGLomR R
FRPSULPHQWRGDWXEXODomRDVVHQWDGDHDXQLGDGHSDUDFDL[DV
GH SDVVDJHP 2 SURJUHVVR ItVLFR p GHWHUPLQDGR SHOR
SHUFHQWXDO GR FRPSULPHQWR WRWDO GD WXEXODomR SUHYLVWR H R
SHUFHQWXDOGDTXDQWLGDGHGHFDL[DVSUHYLVWD
G 3DUD DWHUURV XVDVH R YROXPH P PHGLGR QR ORFDO 2
SURJUHVVR ItVLFR p GDGR SHOR SHUFHQWXDO GR YROXPH WRWDO GH
DWHUURSUHYLVWR
H 2VYLGURVVmRPHGLGRVSHODiUHD P GHYLGURVDVVHQWDGRV
$V SRUWDV H GLYLVyULDV HP YLGUR GHYHP LQFOXLU DV IHUUDJHQV H
DFHVVyULRV 2 SURJUHVVR ItVLFR p GDGR SHOR SHUFHQWXDO GD iUHD
WRWDOGHYLGURVSUHYLVWD
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQVLGHUDQGRHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVHJXLQWHV
2 SDJDPHQWR GDV KRUDV GH XWLOL]DomR GH EHWRQHLUD
SDUD H[HFXomR GH XPD ODMH p FRPSXWDGR FRPR GHVSHVD
LQGLUHWD
02707628174
D H
02707628174
E H
F H
G H
H H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D P
E P
F P
G P
H P
HQFKLPHQWRGHMXQWDVGHSDYLPHQWRGHFRQFUHWRpPHGLGRFRP
EDVHQDiUHDGHSDYLPHQWRWUDWDGR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
48(67®(6&20(17$'$6
7&8&HVSH 1DFRPSRVLomRGHVHUYLoRVGH
REUD RV LQVXPRV FRQVLGHUDGRV VmR RV PDWHULDLV D PmRGH
REUDHRVHTXLSDPHQWRV
*DEDULWR&RUUHWD
±7&') 1RFiOFXORGDPRELOL]DomRRVFXVWRV
FRP HTXLSDPHQWRV GH SHTXHQR SRUWH VHUmR SDUFLDOPHQWH
DEVRUYLGRVSHODFDSDFLGDGHGHWUDQVSRUWHGRSUySULRH[HFXWRU
'HDFRUGRFRPR0DQXDOGH&XVWRV5RGRYLiULRV±0HWRGRORJLDH
&RQFHLWRV GR '1,7 SDUD ILQV GH PRELOL]DomR R SDUTXH GH
HTXLSDPHQWRVpKDELWXDOPHQWHJUXSDGRHP
WUrVWLSRV
YHtFXORVOHYHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
HTXLSDPHQWRVGHSHTXHQRVSRUWH
HTXLSDPHQWRVGHJUDQGHSRUWH
WHUVHXSHVRHVWLPDGRSHOR(QJHQKHLURGH&XVWRVVHJXQGRVHX
ERPVHQVRRXFRPEDVHHPLQIRUPDo}HVGRVIDEULFDQWHV
$WRQHODJHPUHVWDQWHGHHTXLSDPHQWRFODVVLILFDGDQHVVHJUXSR
TXHQmRSXGHUVHUWUDQVSRUWDGDSHODIURWDSUySULDGR([HFXWRU WHUi
VHX FXVWR GH PRELOL]DomR HVWLPDGD D SDUWLU GRV QtYHLV GH FXVWR GH
WUDQVSRUWHFRPHUFLDOFRPXPSDUDDGLVWkQFLDFRQVLGHUDGD
*DEDULWR&RUUHWD
$%,1 &RQVLGHUDQGRTXHSDUDDHODERUDomRRXDQiOLVH
GR RUoDPHQWR GH XPD REUD RX XP VHUYLoR GH HQJHQKDULD p
QHFHVViULR FRQKHFHU D GHILQLomR H D FODVVLILFDomR GRV FXVWRV
TXHHQYROYHPHVVHSURFHVVRGHRUoDPHQWDomRMXOJXHRVLWHQV
VXEVHTXHQWHV
2V FXVWRV LQGLUHWRV HPSUHVDULDLV VH GLYLGHP HP
FXVWRV DGPLQLVWUDWLYRV FRPHUFLDLV WULEXWiULRV H GH
PDQXWHQomRGHFDQWHLURV
'H DFRUGR FRP /LPPHU RV FXVWRV LQGLUHWRV
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
8PDIRUPDDFHLWDSDUDVHGHILQLURVFXVWRVGLUHWRV
GH XPD REUD p FRQVLGHUDU TXH HOHV VmR WRGRV RV VHUYLoRV
FRQVWDQWHVGDSODQLOKDGHTXDQWLGDGHVHSUHoRV
'H DFRUGRFRPR0DQXDOGH0pWRGRH &RQFHLWRVGR6,&52GR
'1,7 UHSUHVHQWD D VRPD GRV FXVWRV GRV LQVXPRV HTXLSDPHQWRV
PDWHULDLV H PmRGHREUD QHFHVViULRV j UHDOL]DomR GRV VHUYLoRV GH
WRGRVRVLWHQVGDSODQLOKD
&RQWXGR QD SUiWLFD QmR p LVVR TXH RFRUUH D FODVVLILFDomR GR
FXVWRGHXPVHUYLoRFRPRGLUHWRRXLQGLUHWRHVWiDSHQDVUHODFLRQDGD
j VXD LQFOXVmR RX QmR QD UHVSHFWLYD SODQLOKD GH SUHoRV D VHUHP
FRWDGRV SRU RFDVLmR GD OLFLWDomR GD REUD 7RGRV RV LWHQV GD SODQLOKD
GH SUHoRV SDUD RV TXDLV VmR UHTXHULGDV FRWDo}HV HVSHFtILFDV H FXMR
SDJDPHQWR VH IDUi GH DFRUGR FRP DOJXPD IRUPD GH PHGLomR VmR
FRQVLGHUDGRVFRPRFXVWRVGLUHWRV
3RUWDQWRSRGHVH FRQVLGHUDU FRPRFXVWRVGLUHWRVGHXPDREUD
WRGRVRVVHUYLoRVFRQVWDQWHVGDSODQLOKDGHTXDQWLGDGHVHSUHoRV
*DEDULWR&RUUHWD
02707628174
3RUWDQWRDFODVVLILFDomRHQWUHFXVWRVIL[RVHYDULiYHLVQmRWrP
UHODomRFRPDLGHQWLILFDomRGRSURGXWRPDVFRPDVXDTXDQWLGDGHRX
GLPHQVmR
*DEDULWR(UUDGD
$%,1 2 RUoDPHQWR SRGH VHU GHILQLGR FRPR D
GHWHUPLQDomRGRVJDVWRVQHFHVViULRVSDUDDUHDOL]DomRGHXP
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
FRPR HP UHVHUYDWyULRV RX DLQGD D YD]mR FRPR HP HVWDomR GH
WUDWDPHQWRGHiJXDRXHVJRWR
3URFHVVR GH FRUUHODomR P~OWLSOD HP TXH R SURMHWR p
GHFRPSRVWR HP SDUWHV RX LWHQV GH PRGR TXH R FXVWR WRWDO VHMD D
VRPD GR FXVWR GH FDGD XPD GDV SDUWHV HP TXH WLYHU VLGR
GHVGREUDGR
$VVLP SRU H[HPSOR R FXVWR GH XPD HGLILFDomR p D VRPD GRV
FXVWRV GH VXD IXQGDomR GD VXD HVWUXWXUD GDV VXDV SDUHGHV GH
DOYHQDULDHGHPDLVFRPSRQHQWHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$FRPSRVLomRGRFXVWRXQLWiULREDVHLDVHQDGHFRPSRVLomRGR
SURGXWR R SURMHWR D VHU H[HFXWDGR HP FRQMXQWRV RX SDUWHV GH
DFRUGR FRP RV FHQWURV GH DSURSULDomR RX GH FXVWRV HVWDEHOHFLGRV
HPIXQomRGHXPD(VWUXWXUD$QDOtWLFDGH3DUWLomR ($3 GRSURMHWRH
GH XPD (VWUXWXUD $QDOtWLFD GH ,QVXPRV RX GH FXVWRV ($, D
SULPHLUD GHWDOKDGD QR QtYHO GH SDFRWHV GH WUDEDOKR D VHUHP
H[HFXWDGRVSRURSHUiULRVHVSHFLDOL]DGRVFRPRVPDWHULDLVDGHTXDGRV
HXVDQGRHTXLSDPHQWRVDSURSULDGRVHDVHJXQGDQRQtYHOGHWLSRVGH
LQVXPRVRXGHFXVWRV
2XWUDSUHPLVVDDTXLFRQVLGHUDGDpDGDSURSRUFLRQDOLGDGHHQWUH
RFXVWRWRWDOGHXPVHUYLoRHDTXDQWLGDGHGRPHVPRDVHUSURGX]LGD
02707628174
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2RUoDPHQWRWHPFRPRXPGHVHXVREMHWLYRVVHUYLU
GH UHIHUrQFLD QD DQiOLVH GRV UHQGLPHQWRV REWLGRV FRP RV
UHFXUVRVHPSUHJDGRVQDH[HFXomRGHXPDREUDRXVHUYLoRGH
HQJHQKDULD
*DEDULWR&RUUHWD
(P WRGR RUoDPHQWR Ki XPD FRUUHODomR HQWUH D
TXDOLGDGH GD LQIRUPDomR TXH GHSHQGH GR JUDX GH
GHWDOKDPHQWRGRSURMHWRHDPDUJHPGHHUURH[LVWHQWH'HVVH
PRGRTXDQWRPDLVSUy[LPRGRLQtFLRGRSODQHMDPHQWRPHQRU
RHUUR
3HORFRQWUiULRTXDQWRPDLVSUy[LPRGRLQtFLRGRSODQHMDPHQWR
PHQRUpRGHWDOKDPHQWRGRSURMHWRHPDLRUpDPDUJHPGHHUUR
GH D DWp D HP IXQomR GR QtYHO GH
GHWDOKDPHQWRGRSURMHWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
(HOHFRPSOHPHQWDTXHDTXDOLGDGHGHLQIRUPDomRGHSHQGHGR
JUDX GH GHWDOKDPHQWR GR SURMHWR QD IDVH GH GHILQLo}HV GH
HQJHQKDULD
*DEDULWR(UUDGD
± 3)5HJLRQDO 2FXVWR XQLWiULRGHXPVHUYLoR
FRUUHVSRQGH DR VRPDWyULR GRV SURGXWRV HQWUH DV TXDQWLGDGHV
XQLWiULDV GRV LQVXPRV PDWHULDLV PmRGHREUD H
HTXLSDPHQWRV FRP VHXV UHVSHFWLYRV SUHoRV XQLWiULRV
DFUHVFLGRGDSDUFHODFRUUHVSRQGHQWHGR%',
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
8PH[HPSORGHFXVWRLQGLUHWRQmRSURSRUFLRQDOjTXDQWLGDGHGH
VHUYLoRV VHULD D $GPLQLVWUDomR &HQWUDO TXH GHSHQGH GR SRUWH GD
HPSUHVDGHVXDHVWUXWXUDRUJDQL]DFLRQDOGDTXDQWLGDGHGHFRQWUDWRV
YLJHQWHVSDUDDEVRUomRGRVFXVWRVFHQWUDLVSRUUDWHLRHQWUHRXWURV
3RUWDQWRRWHUPRVHPSUHWRUQDDTXHVWmRHUUDGD
*DEDULWR(UUDGD
± 7&8 1D RUoDPHQWDomR GH XPD REUD R
HQJHQKHLURQmRGHYHVHSUHRFXSDUFRPRVFXVWRVIL[RVGLUHWRV
H[SUHVVRVQDVSODQLOKDVRUoDPHQWiULDVSRLVHOHVQmRH[LVWHP
/LPPHU SURS}HDVHJXLQWHFODVVLILFDomR
D FXVWR GLUHWR JDVWR IHLWR FRP LQVXPRV FRPR PmRGHREUD
PDWHULDLVHDLQGDHTXLSDPHQWRVHPHLRVLQFRUSRUDGRVRXQmR
DRSURGXWR
E FXVWRV LQGLUHWRV VRPDWyULR GH WRGRV RV JDVWRV FRP
HOHPHQWRV FRDGMXYDQWHV QHFHVViULRV j FRUUHWD HODERUDomR GR
SURGXWR RX HQWmR GH JDVWRV GH GLItFLO DORFDomR D XPD
GHWHUPLQDGD DWLYLGDGH RX VHUYLoRV VHQGR SRU LVVR GLOXtGRV SRU
FHUWRJUXSRGHDWLYLGDGHVRXPHVPRSHORSURMHWRWRGR
02707628174
$OpP GR SRQWR GH YLVWD GD LGHQWLILFDomR FRP R SURGXWR RV
FXVWRV WDPEpP SRGHP VHU FODVVLILFDGRV GH DFRUGR FRP R YROXPH GH
SURGXomRHP
D FXVWRV IL[RV VmR RV TXH SUDWLFDPHQWH QmR YDULDP SDUD
XPDGDGDIDL[DGHYROXPHGHSURGXomR
E FXVWRVYDULiYHLVVmRRVTXHYDULDPGHIRUPDSURSRUFLRQDO
HGLUHWDHPIXQomRGDTXDQWLGDGHRXGDGLPHQVmRGRVSURGXWRV
SURGX]LGRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3HODFODVVLILFDomRHGHILQLo}HVHVWDEHOHFLGRVSRU/LPPHU
QmRKiFXVWRIL[RGLUHWRQDREUDSRLVHOHFRQVLGHUDFRPRFXVWRGLUHWR
RJDVWRFRPLQVXPRVHPHLRVSDUDDUHDOL]DomRGRVVHUYLoRV
([HPSORV GH FXVWRV IL[RV VHULDP D 0RELOL]DomR H
'HVPRELOL]DomRSRLVQmRYDULDPGHIRUPDSURSRUFLRQDOGLUHWDFRPD
TXDQWLGDGHRXGLPHQVmRGRVSURGXWRVSURGX]LGRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQWXGRHPWHUPRVJHUDLVHVVDTXHVWmRSRGHVHUFRQVLGHUDGD
SROrPLFDSRLVVHFRQVLGHUDUPRVRVFXVWRVGLUHWRVVRERXWURSRQWRGH
YLVWDDFHLWRHPTXHDFODVVLILFDomRGRFXVWRGHXPVHUYLoRSRGHVHU
GLUHWR RX LQGLUHWR HP IXQomR GD VXD LQFOXVmR RX QmR QD UHVSHFWLYD
SODQLOKDGHSUHoRVHPTXHWRGRVRVLWHQVGDSODQLOKDGHSUHoRVSDUD
RV TXDLV VmR UHTXHULGDV FRWDo}HV HVSHFtILFDV H FXMR SDJDPHQWR VH
IDUi GH DFRUGR FRP DOJXPD IRUPD GH PHGLomR VmR FRQVLGHUDGRV
FRPR FXVWRV GLUHWRV D 0RELOL]DomR SRGHULD SRU H[HPSOR VHU
FRQVLGHUDGDFRPRLWHPFODVVLILFDGRFRPRFXVWRIL[RGLUHWR
$RTXHSDUHFHDEDQFDFRQVLGHURXDGHILQLomRGHFXVWRVGLUHWRV
HLQGLUHWRVDVVLPFRPRIL[RVHYDULiYHLVGH/LPPHU
*DEDULWR&RUUHWD
± 7&8 8PD GDV YDQWDJHQV GH VH XWLOL]DU R
SURMHWR H[HFXWLYR SDUD RUoDU XPD REUD p D JDUDQWLD GH HUUR
QXOR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
*DEDULWR(UUDGD
± 7&8 'HVSHVDV FRP PDWHULDO GH SURWHomR
FRQWUD DFLGHQWHV QR WUDEDOKR H I{UPDV UHDSURYHLWiYHLV SDUD
FRQFUHWRVmRFODVVLILFDGDVFRPRFXVWRVGLUHWRVGHSURGXomR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
DGPLQLVWUDomRGRFDQWHLURGHREUDVHOXFUR
3HVVRDO DWXDOPHQWH HVWD TXHVWmR HVWDULD HUUDGD SRLV IDOWDP
GHPDLV LWHQV TXH FRPS}HP R %', UHODFLRQDGRV QD /HL GH 'LUHWUL]HV
2UoDPHQWiULDV DWXDO /'2 /HL GH GH DJRVWR GH
DUW
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
,9WD[DGHOXFUR³ JULIRXVH
*DEDULWR&RUUHWD
± &*8 ± (6$) 3DUDD REWHQomR GR SUHoR ILQDO
HVWLPDGR GH XP HPSUHHQGLPHQWR p SUHFLVR DSOLFDU VREUH R
FXVWR GLUHWR WRWDO GD REUD D WD[D GH %HQHItFLR H 'HVSHVDV
,QGLUHWDV %', (VVD WD[D FRQWHPSOD R OXFUR GD HPSUHVD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D
E 02707628174
F
G
H
+RXYH D WURFD GR , GH LPSRVWRV SRU QD IyUPXOD &RQWXGR
SDUDTXHPMiFRQKHFLDHVVDIyUPXODS{GHFDOFXODURVHJXLQWH
%', > [ & [
%',
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3HUFHEDP TXH D $GPLQLVWUDomR /RFDO H R ,53- QmR HQWUDP QD
IyUPXODGR%',GHDFRUGRFRP2$57GD/'2
*DEDULWR3UHOLPLQDU'
*DEDULWR'HILQLWLYR$QXODGD
± &*8 ± (6$) %DVHDQGRVH QD PHWRGRORJLD H
QRVFRQFHLWRVHPSUHJDGRVSHOR6LVWHPDGH&XVWRV5RGRYLiULRV
GR'1,7 6,&52 R~QLFRLWHPTXHQmRLQWHJUDR/', /XFURH
'HVSHVDV,QGLUHWDV p
D LPSRVWRVLQFLGHQWHVVREUHRIDWXUDPHQWR
E LQVWDODo}HVGHFDQWHLUR
F DGPLQLVWUDomRGDREUD
G GHVSHVDVILQDQFHLUDV
H PDUJHPGHOXFUR
(P UHJUD QRV RUoDPHQWRV GH REUDV S~EOLFDV HVWH LWHP QmR GHYH
02707628174
FRQVWDUQR%',&RQWXGRSRUUD]}HVGHHFRQRPLFLGDGHHVSHFtILFDVGR
VHWRU GH REUDV URGRYLiULDV GR '1,7 R 7&8 WHP DGPLWLGR D SUHVHQoD
GHVWHLWHPQDFRPSRVLomRGH%',GR'1,7
6HJXH D YHUVmR GD FRPSRVLomR GR %', GR '1,7 GH GH MXQKR GH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR%
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$$GPLQLVWUDomR&HQWUDOHQYROYHRVFXVWRVGDVHGHGDHPSUHVD
H[HFXWRUDWDLVFRPRKRQRUiULRVGHGLUHWRULDGHVSHVDVFRPHUFLDLVH
GHUHSUHVHQWDomRDGPLQLVWUDomRFHQWUDOGHSHVVRDODGPLQLVWUDomRGR
SDWULP{QLR DOXJXpLV GD VHGH FRPXQLFDo}HV PDWHULDLV GH
H[SHGLHQWH WUHLQDPHQWR H GHVHQYROYLPHQWR WHFQROyJLFR YLDJHQV GR
SHVVRDOORWDGRQDVHGHHWF
4XDQWR PDLRU D GLVWkQFLD HQWUH D VHGH H D REUD PDLRU VHUi R
FXVWR UHODWLYR DRV GHVORFDPHQWRV GRV SURILVVLRQDLV ORWDGRV QD VHGH
SDUDYLVLWDUDREUDHYLFHYHUVD
3RUWDQWR R %', p DIHWDGR SHOD GLVWkQFLD HQWUH D VHGH GD
FRQVWUXWRUDHRORFDOGDREUD
*DEDULWR(UUDGD
3HVVRDOYDPRVVXSRUTXHKDMDGHWHUPLQDomRSDUDTXHVHWUDQVILUD
XP LWHP SHUFHQWXDO GR %', SDUD D SDUWH GRV FXVWRV GLUHWRV GD
SODQLOKD 3RU H[HPSOR D $GPLQLVWUDomR /RFDO &RP LVVR KDYHUi
02707628174
UHGXomR GR %', H FRQVHTHQWH DXPHQWR GD RXWUD SDUWH GD SODQLOKD
PDQWHQGRVH R YDORU JOREDO ILQDO LQDOWHUDGR 3RUWDQWR D UHGXomR GR
%', QmR LPSOLFD QHFHVVDULDPHQWH QD UHGXomR GR YDORU JOREDO GD
REUD
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
XWLOL]DGR DFUHVFLGR GR SHUFHQWXDO GH %HQHItFLRV H 'HVSHVDV
,QGLUHWDV%',HYLGHQFLDQGRHPVXDFRPSRVLomRQRPtQLPR
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
,9WD[DGHOXFUR³ JULIRXVH
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2%',pDUHODomRHQWUHRSUHoRGHYHQGDRXSUHoRILQDOHRFXVWR
GLUHWRGHXPDREUD
$/HLGH'LUHWUL]HV2UoDPHQWiULDVDWXDO/'2 /HLGH
GH DJRVWR GH DUW GHILQH %', GD VHJXLQWH
PDQHLUD
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
XWLOL]DGR DFUHVFLGR GR SHUFHQWXDO GH %HQHItFLRV H 'HVSHVDV
,QGLUHWDV%',HYLGHQFLDQGRHPVXDFRPSRVLomRQRPtQLPR
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
,9WD[DGHOXFUR³ JULIRXVH
*DEDULWR&RUUHWD
02707628174
±+iHUURGHFODVVLILFDomRGDVGHVSHVDVUHODFLRQDGDV
jFULDomRGDHVWUXWXUDDGPLQLVWUDWLYD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$WXDOPHQWHHVVHLWHPQmRID]SDUWHGR%',FRQIRUPHD~OWLPD
YHUVmRGD/HLGH'LUHWUL]HV2UoDPHQWiULDV /'2
3RUWDQWR KRMH HP GLD HVWD TXHVWmR HVWDULD FRUUHWD SRLV Ki
HUURHPLQFOXLUD$GPLQLVWUDomR/RFDOQR%',
*DEDULWR(UUDGD
(QWHQGHVH SRU %', D UHODomR HQWUH R SUHoR GH YHQGD RX SUHoR
ILQDOHRFXVWRGLUHWRGHXPDREUDRTXDOLQFOXLRVLWHQVSUHYLVWRVQD
/'2
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
02707628174
,9WD[DGHOXFUR
*DEDULWR(UUDGD
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$$GPLQLVWUDomR&HQWUDOHQYROYHRVFXVWRVGDVHGHGDHPSUHVD
H[HFXWRUDWDLVFRPRKRQRUiULRVGHGLUHWRULDGHVSHVDVFRPHUFLDLVH
GHUHSUHVHQWDomRDGPLQLVWUDomRFHQWUDOGHSHVVRDODGPLQLVWUDomRGR
SDWULP{QLR DOXJXpLV GD VHGH FRPXQLFDo}HV PDWHULDLV GH
H[SHGLHQWHWUHLQDPHQWRHGHVHQYROYLPHQWRWHFQROyJLFRYLDJHQVGR
SHVVRDOORWDGRQDVHGHHWF
*DEDULWR(UUDGD
± &*8 ± (6$) 1R FiOFXOR GH RUoDPHQWR GH
REUDV GH HGLILFDo}HV p QHFHVViULD D SUHVHQoD GH XP
SURILVVLRQDO FRP H[SHULrQFLD QR UDPR SDUD PRQWDU SODQLOKDV
GH FRPSRVLo}HV GH SUHoRV LGHQWLILFDU RV FRPSRQHQWHV GR
FXVWR GLUHWR HR%HQHItFLR GH 'HVSHVDV ,QGLUHWDV ± %', HQWUH
RXWUDVDWLYLGDGHV
1HVVHFRQWH[WRDVVLQDOHDRSomRFRUUHWD
D 2V(3,V(TXLSDPHQWRVGH3URWHomR,QGLYLGXDOQmRGHYHP
02707628174
VHUFODVVLILFDGRVFRPRHQFDUJRVFRPSOHPHQWDUHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
)HUUDPHQWDV0DQXDLV
SHUFHQWXDO VREUH D PmR GH REUD GR FXVWR FRP IHUUDPHQWDV
PDQXDLV QHFHVViULD D H[HFXomR GH GHWHUPLQDGRV VHUYLoRV p GH
2 6,1$3, FRQVLGHUD QD SODQLOKD GH HQFDUJRV VRFLDLV GR 5LR
*UDQGH GR 6XO RV LWHQV 9DOH7UDQVSRUWH H (3, FRPR HQFDUJRV
FRPSOHPHQWDUHV
7LVDND FRQVLGHUD FRPR HQFDUJRV FRPSOHPHQWDUHV RV
VHJXLQWHVLWHQV
7UDQVSRUWH GR WUDEDOKDGRU GH VXD UHVLGrQFLD DR ORFDO GH
WUDEDOKR±/HLQH'HFUHWR
&DIpGD0DQKm±$FRUGR&ROHWLYRGH7UDEDOKR
$OPRoRHRXMDQWDU±$FRUGRFROHWLYRGHWUDEDOKR
(3,±(TXLSDPHQWRGH3URWHomR,QGLYLGXDO±$UWGD&/7H
15H15GD/HLQ
)HUUDPHQWDVPDQXDLV±IRUQHFLPHQWRGDHPSUHVD
6HJXURGHYLGD±VHFRQVWDUGR$FRUGR&ROHWLYR
3RUWDQWRRV(3,VID]HPSDUWHGRVHQFDUJRVFRPSOHPHQWDUHV
*DEDULWR(UUDGD
02707628174
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
*DEDULWR&RUUHWD
*DEDULWR(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± $%,1 1D FRPSRVLomR GH FXVWR XQLWiULR
EiVLFRGHXPVHUYLoRRFRHILFLHQWHpDTXDQWLGDGHQHFHVViULD
GHGHWHUPLQDGRLQVXPRSDUDH[HFXWDUXPDXQLGDGHGHPHGLGD
GRUHVSHFWLYRVHUYLoR
2V FXVWRV XQLWiULRV GRV VHUYLoRV VmR REWLGRV D SDUWLU GDV VXDV
UHVSHFWLYDV FRPSRVLo}HV DV TXDLV VmR FRQVWLWXtGDV SHOD FRPELQDomR
GRVFRHILFLHQWHVGHFRQVXPRXQLWiULRGRVLQVXPRV PDWHULDOPmRGH
REUDHHTXLSDPHQWRV TXHLQWHJUDPRUHVSHFWLYRVHUYLoR
2 YDORU GR FXVWR XQLWiULR GR VHUYLoR UHVXOWD GR VRPDWyULR GDV
PXOWLSOLFDo}HV GRV FRHILFLHQWHV GH FRQVXPR GRV VHXV LQVXPRV SHORV
FRUUHVSRQGHQWHV FXVWRV XQLWiULRV LQFOXLQGR RV HQFDUJRV VRFLDLV GD
PmRGHREUDFRQIRUPHDWDEHODDVHJXLU
Alvenaria de bloco cerâmico com 10 cm de largura e espessura da
Unidade: m 2
junta de 10 mm
Descrição Coeficiente Unidade Custo Unitário Custo Total
Cimento 2,002 kg 0,40 0,80
Areia 0,013 m3 20,00 0,26
Cal 2,002 kg 0,31 0,62
Bloco cerâmico 10 x 20 x 20 25 un 0,15 3,75
Pedreiro 0,8 h 6,16 4,93
Servente 0,866 h 4,10 3,55
Betoneira 0,008 h 3,08 0,02
02707628174
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
VDtGDVDOpPGRPHVPRSHUtRGRGHWHPSR
3RUWDQWRTXDQWRPDLRUHVIRUHPRVFRHILFLHQWHVGHFRQVXPRGRV
LQVXPRVPmRGHREUDHHTXLSDPHQWRVVLJQLILFDTXHHVWiVHJDVWDQGR
PDLV KRUDV SDUD UHDOL]DU XPD XQLGDGH GH VHUYLoR UHSUHVHQWDQGR
PHQRUSURGXWLYLGDGH
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
/LPPHU
*DEDULWR&RUUHWD
± 7&') 2 FXVWR KRUiULR GRV HTXLSDPHQWRV
GHSHQGHGLUHWDPHQWHGRVHXtQGLFHGHDSURYHLWDPHQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
± 7&(51 ± (6$) 'DGRV 7UDoR GH XP
FRQFUHWRHPPDVVDHDUHLDVHFD
0DVVDHVSHFtILFDGRFRQFUHWR .JP
&XVWRDWXDOGRVDFRGHFLPHQWR 5
2 FXVWR H[DWR GR FLPHQWR SDUD D SURGXomR GH P GHVWH
FRQFUHWRp
D 5
E 5
F 5
G 5 02707628174
H 2VGDGRVVmRLQVXILFLHQWHVSDUDFDOFXODURFXVWRGRFLPHQWR
2 WUDoR HP PDVVD VLJQLILFD TXH SDUD FDGD NJ GH FLPHQWR
FRQVRPHVHNJGHDUHLDNJGHEULWDHNJGHiJXD
2 YROXPH GH P FRUUHVSRQGH D NJ GH FRQFUHWR
NJP
6HFRQVLGHUDUPRVRWRGRGRFRQFUHWRGLYLGLGRHPSDUWHV
WHUHPRV TXH XPD SDUWH VHUi GH FLPHQWR
3RUWDQWRGLYLGLPRVNJSRU NJ VDFRVGH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
FLPHQWR GH NJ TXH PXOWLSOLFDGRV SRU 5 UHVXOWD HP 5
*DEDULWR'
7&8 &HVSH 2V DQH[RV GHVVH SURMHWR FRQWLQKDP
XPD SODQLOKD HQWLWXODGD RUoDPHQWR VLQWpWLFR HP TXH VH
HQFRQWUDYDP OLVWDGDV FULWHULRVDPHQWH DV FRPSRVLo}HV GRV
VHUYLoRVTXHVHULDPH[HFXWDGRVHXPDFXUYD$%&
¬ OX] GD OHJLVODomR HP YLJRU H FRQVLGHUDQGR D GRFXPHQWDomR
GHVFULWDQDVLWXDomRKLSRWpWLFDDFLPDMXOJXHRLWHPDVHJXLU
2 WtWXOR GD WDEHOD FRQVWDQWH GR DQH[R GR SURMHWR
EiVLFR HVWi HTXLYRFDGR SRLV HP XP RUoDPHQWR VLQWpWLFR QmR
VH HVSHFLILFDP GHWDOKDGDPHQWH RV VHUYLoRV D VHUHP
H[HFXWDGRV
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
,,2VHQFDUJRVVRFLDLVVmRGLYLGLGRVHPWUrVQtYHLV(QFDUJRV
6RFLDLV %iVLFRV H 2EULJDWyULRV (QFDUJRV ,QFLGHQWHV H
5HLQFLGHQWHVH(QFDUJRV&RPSOHPHQWDUHV
,,,2VFXVWRVFRPIHUUDPHQWDVPDQXDLVH(3, (TXLSDPHQWRV
GH 8VR ,QGLYLGXDLV ID]HP SDUWH GRV HQFDUJRV
FRPSOHPHQWDUHV
D $SHQDVRLWHP,HVWiFRUUHWR
E $SHQDVRLWHP,,HVWiFRUUHWR
F $SHQDVRVLWHQV,H,,,HVWmRFRUUHWRV
G $SHQDVRVLWHQV,H,,HVWmRFRUUHWRV
H 7RGRVRVLWHQVHVWmRFRUUHWRV
'H DFRUGR FRP 0DoDKLNR 7LVDND QR OLYUR 2UoDPHQWDomR QD
&RQVWUXomR &LYLO RV (QFDUJRV 6RFLDLV VREUH D PmR GH REUD VmR
HQFDUJRV REULJDWyULRV H[LJLGRV SHODV /HLV 7UDEDOKLVWDV RX UHVXOWDQWH
GH$FRUGRV6LQGLFDLVDGLFLRQDGRVDRVVDOiULRVGRVWUDEDOKDGRUHV
2V(QFDUJRV6RFLDLVGLYLGHPVHHPWUrVQtYHLV
(QFDUJRV%iVLFRVH2EULJDWyULRV
(QFDUJRV,QFLGHQWHVH5HLQFLGHQWHV
(QFDUJRV&RPSOHPHQWDUHV
2V(QFDUJRV&RPSOHPHQWDUHVVmR
9DOHWUDQVSRUWH 02707628174
5HIHLomR0tQLPD
5HIHLomR$OPRoR
5HIHLomR-DQWDU
(3,(TXLSDPHQWRGH3URWHomR,QGLYLGXDO
)HUUDPHQWDVPDQXDLV
/RJRWRGRVRVLWHQVHVWmRFRUUHWRV
*DEDULWR(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2V HQFDUJRV VRFLDLV LQFLGHP VREUH RV FXVWRV GD PmR GH REUD
GHQWUR GDV FRPSRVLo}HV GH FXVWR XQLWiULR GRV VHUYLoRV GHYHQGR VHU
LQFRUSRUDGRVQDSDUWHGRFXVWRGLUHWRGDREUD
2LWHPGR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR'1,7GH
WUD]TXHRVHQFDUJRVVRFLDLVLQFLGHPVREUHRVVDOiULRVGDPmR
GHREUDHTXHID]HPSDUWHGRVFXVWRVGLUHWRV
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± 7&8 2 FXVWR GR WUDQVSRUWH GH SHVVRDO GR
FDQWHLUR GH REUDV DWp D IUHQWH GH WUDEDOKR QmR SRGH VHU
LQFOXtGR QR FiOFXOR GDV ERQLILFDo}HV H GHVSHVDV LQGLUHWDV
%', QHPQDDGPLQLVWUDomRORFDOSRLVMiFRQVWDQRVHQFDUJRV
VRFLDLVGDPmRGHREUDGRVFXVWRVGLUHWRV
'HDFRUGRFRPR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR'1,7D
$GPLQLVWUDomR /RFDO FRPSUHHQGH R FRQMXQWR GH DWLYLGDGHV UHDOL]DGDV
QR ORFDO GR HPSUHHQGLPHQWR SHOR H[HFXWRU QHFHVViULDV j FRQGXomR
GDREUDHjDGPLQLVWUDomRGRFRQWUDWReH[HUFLGDSRUSHVVRDOWpFQLFR
H DGPLQLVWUDWLYR HP FDUiWHU GH H[FOXVLYLGDGH 6HX FXVWR p
UHSUHVHQWDGR SHOR VRPDWyULR GRV VDOiULRV H HQFDUJRV GRV
FRPSRQHQWHV GD UHVSHFWLYD HTXLSH TXH LQFOXL SHVVRDO GH VHUYLoRV
JHUDLVHGHDSRLR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
± 7&8 1R FiOFXOR GH HQFDUJRV VRFLDLV R
FXVWR FRP DX[tOLRHQIHUPLGDGH SRGH YDULDU GH XPD HPSUHVD
SDUDRXWUD
*DEDULWR&RUUHWD
±3) 1DFRPSRVLomRGHFXVWRVGHXPDREUD
VmR FRQVLGHUDGRV HQFDUJRV VRFLDLV EiVLFRV HQWUH RXWURV D
SUHYLGrQFLDVRFLDORIXQGRGHJDUDQWLDSRUWHPSRGHVHUYLoRH
RVHJXURFRQWUDDFLGHQWHVGHWUDEDOKR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2V HQFDUJRV VRFLDLV EiVLFRV VmR RV SHUWHQFHQWHV GR *UXSR $ RX
VHMD VmR DV REULJDo}HV TXH LQFLGHP GLUHWDPHQWH VREUH D IROKD GH
SDJDPHQWRHTXHVmRUHJXODPHQWDGDVGHDFRUGRFRPDOHJLVODomR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
02707628174
7&8 &HVSH 2V FXVWRV XQLWiULRV GH
UHIHUrQFLD HP VXD DSUHVHQWDomR HP WDEHODV VmR
GLVFULPLQDGRV GH DFRUGR FRP DV GLIHUHQWHV FDWHJRULDV GH
REUDV SRU H[HPSOR FRQVWUXomR FRQVHUYDomR VLQDOL]DomR H
UHVWDXUDomR HPERUD SRVVDP WHU RULJHP HP FRPSRVLo}HV GH
VHUYLoRV DX[LOLDUHV VHQGR DJUHJDGRV VHJXQGR FULWpULRV
FRQYHQLHQWHVDFDGDFDVR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'H DFRUGR FRP R 0DQXDO GH &XVWRV 5RGRYLiULRV GR '1,7 RV
FXVWRVXQLWiULRVGHUHIHUrQFLDHPVXDDSUHVHQWDomRQDVWDEHODVVmR
GLVFULPLQDGRV GH DFRUGR FRP DV GLIHUHQWHV FDWHJRULDV GH REUDV
FRQVWUXomR FRQVHUYDomR VLQDOL]DomR H UHVWDXUDomR PXLWR HPERUD
SRVVDPWHURULJHPHPFRPSRVLo}HVGHVHUYLoRVDX[LOLDUHVDJUHJDGRV
VHJXQGRFULWpULRVFRQYHQLHQWHVDFDGDFDVR
7H[WRVLPLODUDRGRPDQXDO
*DEDULWR&RUUHWD
7&8 &HVSH 1D GHWHUPLQDomR GRV SUHoRV
UHJLRQDLV SDUD D PmRGHREUD p FRQVLGHUDGR R PDLRU SLVR
VDODULDO GD UHJLmR SHVTXLVDGD HQTXDQWR SDUD PDWHULDLV H
HTXLSDPHQWRV p FRQVLGHUDGR R PHQRU YDORU SHVTXLVDGR QD
UHJLmR
6HJXQGR R 0DQXDO GH &XVWRV 5RGRYLiULRV GR '1,7 D
GHWHUPLQDomRGHSUHoRVUHJLRQDLVREHGHFHUiDRVHJXLQWHFULWpULR
0mR GH REUD PDLRU SLVR VDODULDO GD UHJLmR SHVTXLVDGD
UHVXOWDQWH GH &RQYHQomR &ROHWLYD GH 7UDEDOKR 3DUD DV FDWHJRULDV
QmRFRQWHPSODGDVQDV&RQYHQo}HVGH7UDEDOKRUHDOL]DVHSHVTXLVD
02707628174
VDODULDOHDGRWDVHRYDORUPpGLR
0DWHULDLVHHTXLSDPHQWRVPHQRUYDORUSHVTXLVDGRQDUHJLmR
&RQVWDWDVH R HUUR QD JHQHUDOL]DomR GR FULWpULR GH SUHoRV
UHJLRQDLVGDPmRGHREUDSRLVSDUDDVFDWHJRULDVQmRFRQWHPSODGDV
SHODVFRQYHQo}HVDGRWDVHRYDORUPpGLR
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7&(51&HVSH 8PGRVSULQFLSDLVDVSHFWRV
GD PHWRGRORJLD GR 6,&52 p D SHVTXLVD GH SUHoRV 2 6,&52
EXVFDDPSOLDURWDPDQKRGDVDPRVWUDVGHFROHWDGHSUHoRVGH
PDWHULDLV H HTXLSDPHQWRV FRP QR PtQLPR WUrV SUHoRV GH
FDGDLWHP3DUDWDQWRSRGHXWLOL]DUSUHoRVFROKLGRVSRURXWUDV
HQWLGDGHVTXHVHMDPUHFRQKHFLGDPHQWHLG{QHDV
1R LWHP ± 6LVWHPD GH 3HVTXLVD GH 3UHoRV GR 0DQXDO GH
&XVWRV5RGRYLiULRVGR'1,7FRQVWDTXHR6,&52EXVFDUiDXPHQWDUR
WDPDQKR GDV DPRVWUDV GH FROHWD GH SUHoRV GH PDWHULDLV H
HTXLSDPHQWRV LGHDO PtQLPR GH WUrV SUHoRV GH FDGD LWHP RX QD
LPSRVVLELOLGDGH XWLOL]DUi SUHoRV FROKLGRV SRU RXWUDV HQWLGDGHV
UHFRQKHFLGDPHQWH LG{QHDV FRPR DIHULGRUHV GDV UHDLV FRQGLo}HV GH
PHUFDGR SHUPLWLQGR DLQGD TXH VH DOFDQFH OHTXH GH RIHUWDV PDLV
DPSORTXHQmRHVWiVHQGRDWLQJLGRSHODVSHVTXLVDV
*DEDULWR&RUUHWD
± 032* ± (6$) $ GHSUHFLDomR p XP WHUPR
JHUDOHDPSORTXHHQJOREDWRGDVDVLQIOXrQFLDVTXHDWDFDPRV
EHQVPDWHULDLVDRORQJRGRWHPSRRFDVLRQDQGRSHUGDGHYDORU
RXGLPLQXLomRGHSUHoR'HVVDIRUPDpFRUUHWRDILUPDUTXH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'H DFRUGR FRP R JUiILFR DSUHVHQWDGR SRGHVH YHU TXH RV
YDORUHV GH GHSUHFLDomR YmR GLPLQXLQGR FRP R Q~PHUR GH DQRV HP
TXH R HTXLSDPHQWR p XWLOL]DGR HQTXDQWR R FXVWR GRV UHSDURV SDUD
PDQWrOR HP FRQGLo}HV GH XWLOL]DomR YDL DXPHQWDQGR FRP R SDVVDU
GRVDQRV
([LVWH XP PRPHQWR HP TXH DV HFRQRPLDV GH FXVWR GH
PDQXWHQomR TXH VH SRGH REWHU SHOD XWLOL]DomR GH XP HTXLSDPHQWR
QRYR VmR VXILFLHQWHV SDUD FREULU D GLIHUHQoD SDUD PDLV QR FXVWR GH
02707628174
GHSUHFLDomR (VWH VHULD R SRQWR LGHDO GH WURFD SRLV HPERUD QHVVH
SUHFLVRLQVWDQWHRVFXVWRVWRWDLVGDVGXDVRSo}HVVHMDPRVPHVPRV
R HTXLSDPHQWR DQWLJR HQWUDUi GDt SRU GLDQWH HP UHJLPH GH FXVWRV
FUHVFHQWHVHRQRYRHPUHJLPHGHFXVWRVGHFUHVFHQWHV
3RUWDQWRDGHSUHFLDomRFRQVWLWXLDSHUGDGHYDORUPRQHWiULRGH
XPEHP
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E DYLGD~WLOpRWHPSRGHFRUULGRGHVGHTXHXPEHPpSRVWR
HPVHUYLoRDWpDGDWDHPTXHpDYDOLDGDVXDGHSUHFLDomR
26,&52FRQVLGHUDFRPRYLGD~WLOGRHTXLSDPHQWRRQ~PHURGH
DQRV LQGLFDGR SHORV IDEULFDQWHV PXOWLSOLFDGR SHOR Q~PHUR GH KRUDV
WUDEDOKDGDVGHVGHDVXDDTXLVLomRDWpRPRPHQWRGHQHFHVVLGDGHGH
VXD WURFD TXH SRGH VHU GHILQLGR FRPR R PRPHQWR HP TXH R
HTXLSDPHQWRHQWUDHPUHJLPHGHFXVWRVFUHVFHQWHV
*DEDULWR(UUDGD
F DGHSUHFLDomRSRGHVHUFDOFXODGDSHORPpWRGRGDOLQKDUHWD
TXH FRQVLVWH HP FRQVLGHUDU XPD SURYLVmR YDULiYHO SDUD FDGD
DQRGHVHUYLoRDRORQJRGDYLGD~WLOGREHP
1RPpWRGRGDOLQKDUHWDRYDORUKRUiULRGDGHSUHFLDomRpGDGR
SHODIyUPXODOLQHDU
(PTXH
GK GHSUHFLDomRKRUiULD
9D 9DORUGHDTXLVLomR
5 9DORUUHVLGXDO
Q 9LGD~WLO HPDQRV
+7$ 4XDQWLGDGHGHKRUDVWUDEDOKDGDVSRUDQR
02707628174
3RUWDQWR YHULILFDVH TXH R PpWRGR GD OLQKD UHWD FRQVLGHUD D
GHSUHFLDomRFRQVWDQWHDRORQJRGRWHPSR
*DEDULWR(UUDGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQIRUPHLWHPGR0DQXDOGH&XVWRV5RGRYLiULRVGR'1,7
R 6,&52 SUHYr RV FXVWRV KRUiULRV GRV HTXLSDPHQWRV QDV WUrV
FRQGLo}HVGHWUDEDOKROHYHVPpGLDVHSHVDGDV
02707628174
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± 7-(6 &HVSH 1RV RUoDPHQWRV R FXVWR
KRUiULR GRV HTXLSDPHQWRV p FRPSRVWR SHODV VHJXLQWHV
SDUFHODV GHSUHFLDomR PDQXWHQomR RSHUDomR FXVWR GH
RSRUWXQLGDGHGHFDSLWDO MXURV VHJXURVHLPSRVWRV
6HJXQGR R 0DQXDO GH 0HWRGRORJLD H &RQFHLWRV GR 6,&52 DV
GHVSHVDVTXHVmRFRQVLGHUDGDVSDUDRFiOFXORGRFXVWRKRUiULRGHXP
HTXLSDPHQWRVmRDVVHJXLQWHV
&XVWRVGH3URSULHGDGH
'HSUHFLDomR
&XVWRGH2SRUWXQLGDGHGR&DSLWDO
6HJXURVH,PSRVWRV
&XVWRVGH0DQXWHQomR
5HSDURVHPJHUDO
0DWHULDOURGDQWHSQHXV
3DUWHV GH GHVJDVWH ERUGDV FRUWDQWHV GHQWHV GH FDoDPED
IHUUDPHQWDGHSHQHWUDomRQRVRORHQWUHRXWUDV
&XVWRVGH2SHUDomR
&RPEXVWtYHO 02707628174
)LOWURVHOXEULILFDQWHV
0mRGHREUDGH2SHUDomR
2 FXVWR KRUiULR GH XP HTXLSDPHQWR p D VRPD GRV FXVWRV GH
SURSULHGDGH PDQXWHQomR H RSHUDomR UHIHULGRV j XQLGDGH GH WHPSR
KRUD
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±7&') (PERUDDYLGD~WLOGRVHTXLSDPHQWRV
VHMD LQIOXHQFLDGD SHOR WLSR GH VROR H GH VXSHUItFLH GH
URODPHQWRQRFiOFXORGRVFXVWRVKRUiULRVGHYHVHFRQVLGHUDU
DSHQDVDRSHUDomRHPFRQGLo}HVPpGLDV
WUDWRUHVGHHVWHLUDV
³PRWRVFUDSHUV´
SiVFDUUHJDGHLUDVGHURGDV
02707628174
SiVFDUUHJDGHLUDVGHHVWHLUDV
HVFDYDGHLUDVKLGUiXOLFDV
UHWURHVFDYDGHLUDV
PRWRQLYHODGRUDV
FDPLQK}HV HPJHUDO
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
± 7-(6 &HVSH 1RV RUoDPHQWRV R FXVWR
KRUiULR GRV HTXLSDPHQWRV p FRPSRVWR SHODV VHJXLQWHV
SDUFHODV GHSUHFLDomR PDQXWHQomR RSHUDomR FXVWR GH
RSRUWXQLGDGHGHFDSLWDO MXURV VHJXURVHLPSRVWRV
6HJXQGRR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52DVGHVSHVDV
TXH VmR FRQVLGHUDGDV SDUD R FiOFXOR GR FXVWR KRUiULR GH XP
HTXLSDPHQWRVmRDVVHJXLQWHV
&XVWRVGH3URSULHGDGH 02707628174
'HSUHFLDomR
&XVWRGH2SRUWXQLGDGHGR&DSLWDO
6HJXURVH,PSRVWRV
&XVWRVGH0DQXWHQomR
5HSDURVHPJHUDO
0DWHULDOURGDQWHSQHXV
3DUWHV GH GHVJDVWH ERUGDV FRUWDQWHV GHQWHV GH FDoDPED
IHUUDPHQWDGHSHQHWUDomRQRVRORHQWUHRXWUDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&XVWRVGH2SHUDomR
&RPEXVWtYHO
)LOWURVHOXEULILFDQWHV
0mRGHREUDGH2SHUDomR
2 FXVWR KRUiULR GH XP HTXLSDPHQWR p D VRPD GRV FXVWRV GH
SURSULHGDGH PDQXWHQomR H RSHUDomR UHIHULGRV j XQLGDGH GH WHPSR
KRUD
*DEDULWR&RUUHWD
02707628174
)RQWH0DQXDOGH,PSODQWDomR%iVLFDGH5RGRYLDGR'1,7
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± 7-(6 &HVSH 2V WUDQVSRUWHV ORFDLV VmR
DTXHOHVUHDOL]DGRVQRkPELWRGDREUDSDUDRGHVORFDPHQWRGRV
PDWHULDLV QHFHVViULRV j H[HFXomR GDV GLYHUVDV HWDSDV GH
VHUYLoR1HVVHVHQWLGRDSURGXomRKRUiULDGHXPFDPLQKmRp
GDGDSHODH[SUHVVmRDEDL[R
HPTXH3+ SURGXomRKRUiULDHPWK& FDSDFLGDGH~WLOGR
FDPLQKmR HP W ( IDWRU GH HILFLrQFLD ; GLVWkQFLD GH
WUDQVSRUWHHPNP9 YHORFLGDGHPpGLDHPNPK7 WHPSR
WRWDOGHPDQREUDVFDUJDHGHVFDUJDHPK
6HJXQGRR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52
³2VWUDQVSRUWHVORFDLVVmRDTXHOHVUHDOL]DGRVQRkPELWRGDREUD
SDUD R GHVORFDPHQWR GRV PDWHULDLV QHFHVViULRV i H[HFXomR GDV
GLYHUVDVHWDSDVGHVHUYLoR
$ SURGXomR GR HTXLSDPHQWR GH WUDQVSRUWH GHSHQGH GR WLSR GH
5RGRYLD H GD GLVWkQFLD SHUFRUULGD DV TXDLV LUmR GHWHUPLQDU D
YHORFLGDGHPpGLDGHWUDMHWR
$ SURGXomR WDPEpP p GHSHQGHQWH GRV WHPSRV JDVWRV HP
02707628174
PDQREUDVSDUDFDUJDHGHVFDUJDHGRVWHPSRVGHFDUJDHGHVFDUJD
$SURGXomRKRUiULDGHXPFDPLQKmRpGDGDSHODH[SUHVVmR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3RUWDQWRDTXHVWmRHVWiFRUUHWD
*DEDULWR&RUUHWD
7&8&HVSH 1RTXHVHUHIHUHDVHUYLoRVGH
WHUUDSOHQDJHP H SDYLPHQWDomR QR FiOFXOR GH FXVWRV GH
WUDQVSRUWHV GH PDWHULDLV DV SDUFHODV UHODWLYDV jV RSHUDo}HV
GH PDQREUD FDUJD H GHVFDUJD GR HTXLSDPHQWR TXH
LQGHSHQGHP GD GLVWkQFLD D VHU SHUFRUULGD H GR WLSR GH
UHYHVWLPHQWR GD URGRYLD XWLOL]DGD VmR FRPSXWDGDV QR FXVWR
GHH[HFXomRGRVHUYLoRFRUUHVSRQGHQWH
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HDFRUGRFRPR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52
R IDWRU GH FRQYHUVmR p D UHODomR HQWUH R YROXPH GR PDWHULDO SDUD R
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2EV IRL WURFDGD D RUGHP HQWUH ³H[SDQVmR´ H ³)DWRUHV GH
HPSRODPHQWR´ GR WtWXOR GR TXDGUR DFLPD SRLV HQFRQWUDPVH FRP
RUGHPWURFDGDQR0DQXDOGH,PSODQWDomR%iVLFDGH5RGRYLD±
3HOR TXDGUR GR 0DQXDO GH ,PSODQWDomR %iVLFD GH 5RGRYLD GR
'1,7 ± YHULILFDVH TXH R HPSRODPHQWR GRV PDWHULDLV GH
02707628174
*DEDULWR(UUDGD
032*±ÈUHD, 1RTXHVHUHIHUHDWUDQVSRUWH
GH PDWHULDLV R IDWRU GH FDUJD WLSLFDPHQWH DGRWDGR SDUD
PDWHULDLV GH WHUFHLUD FDWHJRULD p PHQRU TXH R DGRWDGR SDUD
PDWHULDLVGHSULPHLUDFDWHJRULD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HDFRUGRFRPR0DQXDOGH0HWRGRORJLDH&RQFHLWRVGR6,&52
R IDWRU GH FDUJD p D UHODomR HQWUH D FDSDFLGDGH HIHWLYD GR
HTXLSDPHQWR H VXD FDSDFLGDGH QRPLQDO 2V YDORUHV DGRWDGRV
HQFRQWUDPVH QDV IDL[DV UHFRPHQGDGDV SHORV IDEULFDQWHV H VmR RV
VHJXLQWHV
*DEDULWR&RUUHWD
±&*8±(6$) $SDUWLUGDSODQLOKDGHSURGXomR
KRUiULDDSUHVHQWDGDDVHJXLUDVVLQDOHDRSomRFRUUHWD
02707628174
D $SURGXomRKRUiULDGDHTXLSHpGHP
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
H 8WLOL]DQGRVHFDPLQK}HVEDVFXODQWHVFRPFDSDFLGDGHGH
PSRUYLDJHPVXDSURGXomRKRUiULDVHUiGHP
*DEDULWR(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$V TXHVW}HV D GHYHUmR VHU UHVSRQGLGDV FRP EDVH QD
&RPSRVLomR GH &XVWR 8QLWiULR GH 5HIHUrQFLD H QD 3ODQLOKD GH
3URGXomRGD(TXLSH0HFkQLFDDSUHVHQWDGDVQDILJXUDDEDL[R
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
± &*8 ± (6$) 3DUD H[HFXomR GR VHUYLoR GH
HVFDYDomR FDUJD H WUDQVSRUWH GH PDWHULDO GH FDWHJRULD
'07 D P FRP FDUUHJDPHQWR TXDO D XWLOL]DomR
RSHUDWLYD H LPSURGXWLYD GR WUDWRU GH HVWHLUDV HP KRUDV
UHVSHFWLYDPHQWH"
D H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E H
F H
G H
H H
1D SULPHLUD SODQLOKD YHULILFDVH TXH D SURGXomR KRUiULD GD
HTXLSHpGHPK$SURGXomRGDHTXLSHPHFkQLFDFRUUHVSRQGHj
SURGXomR GR HTXLSDPHQWR TXH D FRPDQGD 9HULILFDVH QD VHJXQGD
SODQLOKD TXH R WUDWRU GH HVWHLUDV SRGH SURGX]LU PK &RQWXGR
HOH SUHFLVD GH XP WHPSR GH HVSHUD SDUD VH DGHTXDU j SURGXomR GD
HTXLSH GH PK &RP LVVR WHPVH RX GR
WHPSRRSHUDWLYRH ± RXGRWHPSRLPSURGXWLYR
*DEDULWR%
± &*8 ± (6$) $ SODQLOKD GH 3URGXomR GD
(TXLSH 0HFkQLFD FRQVLGHUD D XWLOL]DomR GH FDPLQK}HV
EDVFXODQWHV FRP P GH FDSDFLGDGH SDUD FRPSRU D HTXLSH
PHFkQLFD 4XDO R WHPSR WRWDO GH FLFOR GHVWH HTXLSDPHQWR H R
Q~PHUR GH FDPLQK}HV QHFHVViULRV SDUD JDUDQWLU D
SURGXWLYLGDGHGDHTXLSH"
D PLQHFDPLQKmR 02707628174
E PLQHFDPLQK}HV
F PLQHFDPLQK}HV
G PLQHFDPLQK}HV
H PLQHFDPLQK}HV
2 WHPSR WRWDO GR FLFOR FRUUHVSRQGH j VRPD GR WHPSR IL[R
FDUJD GHVFDUJD H PDQREUD WHPSR GH SHUFXUVR LGD H WHPSR GH
UHWRUQR PLQ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HDFRUGRFRPR0DQXDOGH&XVWRV5RGRYLiULRV±0HWRGRORJLDH
&RQFHLWRVGR'1,7RVFRQFHLWRVHRPRGHORPDWHPiWLFRDGRWDGRVQR
FiOFXOR GRV SUHoRV XQLWiULRV FRQVLGHUDP GRLV SHUtRGRV GH WHPSR
GLIHUHQWHV QD DWXDomR GRV HTXLSDPHQWRV D KRUD RSHUDWLYD H D KRUD
LPSURGXWLYD
'XUDQWH D KRUD RSHUDWLYD R HTXLSDPHQWR HVWi RSHUDQGR
QRUPDOPHQWHVXMHLWRjVUHVWULo}HVTXHVmROHYDGDVHPFRQWDTXDQGR
VHDSOLFDRIDWRUHILFLrQFLD1DKRUDLPSURGXWLYDRHTXLSDPHQWRHVWi
SDUDGRFRPRPRWRUGHVOLJDGRDJXDUGDQGRTXHRHTXLSDPHQWRTXH
FRPDQGDDHTXLSHSHUPLWDOKHRSHUDU
(PFRQVHTXrQFLDGHVVHVFRQFHLWRVRFXVWRKRUiULRRSHUDWLYRp
FDOFXODGR VRPDQGRVH RV FXVWRV KRUiULRV GH GHSUHFLDomR RSHUDomR
PDQXWHQomR H PmRGHREUD 2 FXVWR KRUiULR LPSURGXWLYR p LJXDO DR
FXVWR KRUiULR GD PmRGHREUD 1mR VH FRQVLGHUDP RV RXWURV FXVWRV
SRLV VH DGPLWH TXH HVWHV RFRUUDP VRPHQWH DR ORQJR GD YLGD ~WLO
H[SUHVVDHPKRUDVRSHUDWLYDV
0DWHPDWLFDPHQWH D LPSURGXWLYLGDGH DSDUHFH TXDQGR VH
FRPSDUD D SURGXomR KRUiULD GD HTXLSH FRP D GRV HTXLSDPHQWRV
LQGLYLGXDLV 2 FRHILFLHQWH GH XWLOL]DomR SURGXWLYR p R TXRFLHQWH GH
GLYLVmR GD SURGXomR GD HTXLSH SHOD SURGXomR GH FDGD WLSR GH
HTXLSDPHQWR H p VHPSUH PHQRU RX LJXDO D 2 FRHILFLHQWH GH
XWLOL]DomRLPSURGXWLYDpREWLGRSRUGLIHUHQoD
1DIDVHGHRUoDPHQWRKiDLQGDTXHFRQVLGHUDUQDFRPSRVLomR
02707628174
GRVFXVWRVGRVLWHQVGHVHUYLoRDLQFLGrQFLDGRVWHPSRVLPSURGXWLYRV
GHYLGRV DV FRQGLo}HV FOLPiWLFDV QRWDGDPHQWH D RFRUUrQFLD GH
FKXYDV
2 FXVWR KRUiULR GR HTXLSDPHQWR p REWLGR SHOD VRPD GD
PXOWLSOLFDomR HQWUH R FRHILFLHQWH GH XWLOL]DomR RSHUDWLYD H R FXVWR
KRUiULR RSHUDWLYR H GD PXOWLSOLFDomR HQWUH R FRHILFLHQWH GH XWLOL]DomR
LPSURGXWLYDHRFXVWRKRUiULRLPSURGXWLYR
4XDQWRPDLRURFRHILFLHQWHGHXWLOL]DomRRSHUDWLYDRXtQGLFHGH
DSURYHLWDPHQWRPDLRUpRFXVWRKRUiULRGRHTXLSDPHQWRUHVXOWDQWH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
7&8 &HVSH 1D FRPSRVLomR GH FXVWR
XQLWiULR GH UHIHUrQFLD SDUD D H[HFXomR GH EDVH GH EULWD
JUDGXDGDGHYHVHUSUHYLVWDDXWLOL]DomRGHURORFRPSDFWDGRU
GLVWULEXLGRU GH DJUHJDGRV H FDPLQKmRWDQTXH HQWUH RXWURV
HTXLSDPHQWRV
&RQIRUPH YHULILFDVH QD HTXLSH PHFkQLFD TXH FRQVWD QD
FRPSRVLomRGR6LFUR
9HULILFDVH TXH DOpP GRV HTXLSDPHQWRV FLWDGRV QD TXHVWmR R 6LFUR
02707628174
SUHYrWDPEpPFDPLQKmRWDQTXHGHOLWURV
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
032* &HVSH 2V WUDWRUHV GH HVWHLUD HPSXUUDP
YHtFXORVPRWRHVFDYRWUDQVSRUWDGRUHVFRPRRVPRVWUDGRVQD
ILJXUD DFLPD 'HSRLV GH HPSXUUDU XP GHVVHV YHtFXORV XP
WUDWRUDJXDUGDHPPpGLDHPFDGDKRUDGHWUDEDOKRRWHPSR
DFXPXODGRGHPLQXWRVDWpDFKHJDGDGHRXWURPRWRHVFDYR
WUDQVSRUWDGRU TXDQGR HQWmR H[HFXWD QRYD RSHUDomR $ SDUWLU
GHVVDV LQIRUPDo}HV DFHUFD GRV WUDWRUHV GH HVWHLUD MXOJXH RV
LWHQVVXEVHTHQWHV
2 GLPHQVLRQDPHQWR DGHTXDGR GD IURWD GH
HTXLSDPHQWRVSDUDDUHDOL]DomRGHFDGDHWDSDGRVVHUYLoRVD
VHU UHDOL]DGR QR SURMHWR EiVLFR YLVD j UHGXomR GR FXVWR ILQDO
GDREUD
02707628174
3DUD D HODERUDomR GR RUoDPHQWR UHIHUHQFLDO LQWHJUDQWH GR
3URMHWR %iVLFR ID]VH QHFHVViULR SUHYHU DV SDWUXOKDV TXH H[HFXWDUmR
RVVHUYLoRVVHQGRQHFHVViULRGLPHQVLRQiODVFRPEDVHHPSUHPLVVDV
GHHFRQRPLFLGDGH
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2FXVWRKRUiULRSURGXWLYRGRVWUDWRUHVGHHVWHLUDp
GH GR FXVWR GD HTXLSH PHFkQLFD SDUD FDGD KRUD
WUDEDOKDGD
2 WUDWRU GH HVWHLUDV ILFD SDUDGR GXUDQWH PLQ D FDGD KRUD QD
HVSHUD GR PRWRHVFUHLSHU R TXH VLJQLILFD TXH R VHX FXVWR WRWDO p
FRPSRVWR SRU GR FXVWR GD KRUD SURGXWLYD H GH FXVWR GD
KRUD LPSURGXWLYD H QmR R GD HTXLSH PHFkQLFD WRGD LQWHJUDGD SHOR
FRQMXQWRGHPRWRHVFUHLSHUVHGHPDLVHTXLSDPHQWRVQHFHVViULRV
2X VHMD R FXVWR SURGXWLYR GR WUDWRU GH HVWHLUDV HTXLYDOH D EHP
PHQRVTXHGRFXVWRGDHTXLSHPHFkQLFDSRLVVyKiWUDWRUGH
HVWHLUDVSDUDPDLVGHPRWRHVFUHLSHUV
*DEDULWR(UUDGD
2 FXVWR KRUiULR LPSURGXWLYR GRV PRWRHVFDYR
WUDQVSRUWDGRUHVp]HUR
1R PtQLPR R FXVWR LPSURGXWLYR p LJXDO DR FXVWR KRUiULR GR
RSHUDGRUFRQIRUPHFRQVLGHUDomRGDVWDEHODVUHIHUHQFLDLVGR6LFUR
+i RXWURV FXVWRV HQYROYLGRV QD KRUD LPSURGXWLYD WDLV FRPR
GHSUHFLDomR H FXVWR GH RSRUWXQLGDGH OHPEUDQGR TXH R 6LFUR Vy
FRQVLGHUDRFXVWRGRRSHUDGRUHPVHXVSUHoRVUHIHUHQFLDLV
02707628174
*DEDULWR(UUDGD
2 FXVWR KRUiULR GHVVD HTXLSH PHFkQLFD p D VRPD
GRVFXVWRVKRUiULRVSURGXWLYRVHLPSURGXWLYRVGHFDGDXPGRV
WUDWRUHVGHHVWHLUDHGRVPRWRHVFDYRWUDQVSRUWDGRUHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&DEHOHPEUDUTXHR6LFURFRQVLGHUDWDPEpPDPRWRQLYHODGRUD
QDHTXLSHPHFkQLFDGHVVHWLSRGHVHUYLoR
*DEDULWR&RUUHWD
&RQIRUPHSRGHPRVYHULILFDUQRVLWHQVGDFRPSRVLomRGRVHUYLoR
GH (VFDYDomR &DUJD H 7UDQVSRUWH ± (&7 GR 6LFUR QD ILJXUD D
VHJXLUYHULILFDPRVTXHDTXHVWmRHVWiFRUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6HJXHDUHVSHFWLYDPHPyULDGHFiOFXORTXHDPSDUDDFRPSRVLomR
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD 02707628174
7&(51 &HVSH $ ILP GH DYDOLDU D
SURGXWLYLGDGH GH HTXLSDPHQWRV HP XPD REUD p DGHTXDGR
HPSUHJDU R PpWRGR GDV REVHUYDo}HV LQVWDQWkQHDV TXH VH
EDVHLD HP PHGLGDV GRV WHPSRV FDUDFWHUtVWLFRV GDV IDVHV GH
WUDEDOKRGRVHTXLSDPHQWRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
REVHUYDo}HVUHDOL]DGDVGXUDQWHRGLD
'HVVDIRUPDRWHPSRRSHUDWLYRGDPRWRQLYHODGRUDVHUiGH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D KRUDVE KRUDVF KRUDVG KRUDVH
KRUDV
2SURFHGLPHQWRGHVFULWRQDTXHVWmRpRGDDYDOLDomRHPStULFD
GHVFULWD QR LWHP GR 0DQXDO GH 0HWRGRORJLD H &RQFHLWRV GR
6,&52GR'1,7GH
1D DYDOLDomR HPStULFD R WHPSR RSHUDWLYR FRQVLGHUD GXDV
VLWXDo}HVGRHTXLSDPHQWRRSHUDWLYRHHPHVSHUD
2V WHPSRV LPSURGXWLYRV SRU VXD YH] FRPSRUWDP SDUDGDV GH
PDLV ORQJD GXUDomR HP TXH RV HTXLSDPHQWRV FRQWLQXDP YLQFXODGRV
DR VHUYLoR H VHXV RSHUDGRUHV SHUPDQHFHP PRELOL]DGRV PHVPR TXH
VHXV PRWRUHV WHQKDP VLGR GHVOLJDGRV 7DLV SDUDGDV SRGHP WHU DV
PDLV GLYHUVDV UD]}HV FRPR SRU H[HPSOR FKXYD IDOWD GH PDWHULDO
QHFHVVLGDGHV GR RSHUDGRU TXHEUD RX IDOKD GR HTXLSDPHQWR HP
TXHVWmRRXGHDOJXPRXWURFRPSRQHQWHGDSDWUXOKDUHDEDVWHFLPHQWR
GHFRPEXVWtYHOHWF
&RP EDVH QD WDEHOD DFLPD SHOD PHWRGRORJLD GD DYDOLDomR
HPStULFDREVHUYDVHTXHGRWHPSRWRWDOpLPSURGXWLYRHp
RSHUDWLYR 2 SHUtRGR WRWDO FRQVLGHUDGR p GH KRUDV K ± K
3RUWDQWRGHKUHVXOWDHPKGHWHPSRRSHUDWLYR
*DEDULWR$ 02707628174
,166 &HVSH 1D HVFDYDomR GH YDOD R
YROXPH GH PDWHULDO TXH GHYH VHU WUDQVSRUWDGR p LJXDO DR
YROXPHPHGLGR FXELFDGR QRFRUWH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
PHGLGR QR FRUWH SHOR IDWRU GH HPSRODPHQWR RX PXOWLSOLFiOR SRU
PDLVRHPSRODPHQWR I
*DEDULWR(UUDGD
$ 9
% 9
& 9
' 9
( 9!
3ULPHLUDPHQWHFDOFXODVHDiUHDGRWULkQJXORQRFRUWH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR%
&RQIRUPHDVTXHVW}HVDQWHULRUHVDDVVHUWLYDHVWiFRUUHWD
*DEDULWR&RUUHWD
FRQIRUPH R 0DQXDO GH ,PSODQWDomR %iVLFD GH 5RGRYLD GR '1,7 GH
TXDQGRVHHVFDYDRWHUUHQRQDWXUDODWHUUDTXHVHHQFRQWUDYD
QXP FHUWR HVWDGR GH FRPSDFWDomR SURYHQLHQWH GR VHX SUySULR
SURFHVVR GH IRUPDomR H[SHULPHQWD XPD H[SDQVmR YROXPpWULFD TXH
FKHJDDVHUFRQVLGHUiYHOHPFHUWRVFDVRV
&RPLVVRRYROXPHGHWUDQVSRUWHQHFHVViULRSDUDRDWHUURVHULD
R YROXPH GR FRUWH GLYLGLGR SHOR IDWRU GH KRPRJHQHL]DomR H GLYLGLGR
SHORIDWRUGHHPSRODPHQWR
*DEDULWR(UUDGD
± 7&8 2 PpWRGR GH RUoDPHQWDomR SHOR
SURFHVVR GH FRUUHODomR P~OWLSOD XVDGR TXDQGR R PpWRGR GH
TXDQWLILFDomR QmR p YLiYHO FRQVLVWH HP GHFRPSRU R SURMHWR
HPSDUWHVGHPRGRTXHRFXVWRWRWDOVHMDDVRPDGRVFXVWRV
GHFDGDSDUWH
'H DFRUGR FRP /LPPHU HP IXQomR GD TXDOLGDGH GD
LQIRUPDomR GR SURMHWR RX VHMD GR JUDX GH GHWDOKDPHQWR GHVWH
SRGHP VHU HVWDEHOHFLGRV GRLV PpWRGRV GH RUoDPHQWDomR R GH
FRUUHODomR H R GH TXDQWLILFDomR 2 VHJXQGR H[LJH PDLRU QtYHO GH
GHWDOKDPHQWRGRSURMHWRTXHRSULPHLURPpWRGR
2 PpWRGR GH FRUUHODomR EDVHLDVH QD HVWLPDWLYD GR FXVWR SRU
FRUUHODomRGHVWHFRPXPDRXPDLVYDULiYHLVGHPHGLGDGDJUDQGH]D
GR SURGXWR FXMR FXVWR VH TXHU GHWHUPLQDU (VWH PpWRGR DGPLWH GRLV
SURFHVVRV
02707628174
3URFHVVRGHFRUUHODomRVLPSOHVQRTXDOSURGXWRVVHPHOKDQWHV
H GH XP PHVPR WLSR SRUpP GH GLPHQV}HV GLIHUHQWHV WrP FDGD XP
FXVWR SURSRUFLRQDO j VXD GLPHQVmR FDUDFWHUtVWLFD TXH SRGH VHU
FRQVLGHUDGDFRPRVXDYDULiYHOOLYUHRXFDUDFWHUtVWLFD
(VVD YDULiYHO FDUDFWHUtVWLFD SRGH VHU R FRPSULPHQWR FRPR HP
HVWUDGDV H FDQDLV D iUHD FRQVWUXtGD FRPR HP HGLItFLRV R YROXPH
FRPR HP UHVHUYDWyULRV RX DLQGD D YD]mR FRPR HP HVWDomR GH
WUDWDPHQWRGHiJXDRXHVJRWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQVLGHUDQGRHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVHJXLQWHV
2 SDJDPHQWR GDV KRUDV GH XWLOL]DomR GH EHWRQHLUD
SDUD H[HFXomR GH XPD ODMH p FRPSXWDGR FRPR GHVSHVD
LQGLUHWD
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
DVQHUYXUDVHUHVLVWLQGRjFRPSUHVVmR
(QWUH DV QHUYXUDV Ki PDWHULDO GH HQFKLPHQWR SUHHQFKHQGR RV
YmRVHQWUHHODV
3RUWDQWRDGLIHUHQoDHQWUHDHVSHVVXUDGDODMHHGRPDWHULDOGH
HQFKLPHQWRFRUUHVSRQGHjHVSHVVXUDGDPHVD
*DEDULWR&RUUHWD
4XDQWR PDLRU IRU D HVSHVVXUD GD ODMH PDLRU VHUi R
VHXFXVWRGHPmRGHREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6LPSRLVFRQIRUPHVHYHULILFDQDFRPSRVLomRGRFXVWRXQLWiULR
GD WDEHOD DFLPD R VHUYHQWH JDVWDUi K D PDLV SRU P GH ODMH
SURGX]LGDFRPDPDLRUHVSHVVXUD
3DUD D ODMH GH FP JDVWDVH K GH VHUYHQWH H SDUDD ODMH
GHFPJDVWDVHKGHVHUYHQWH
*DEDULWR&RUUHWD
± &*8 ± (6$) &RQVLGHUDQGRVH R FURTXL
DSUHVHQWDGR D VHJXLU UHIHUHQWH j SODQWD GH IRUPD GD
FREHUWXUD GD HVWUXWXUD GH FRQFUHWR DUPDGR GH XP JDOSmR H
KDYHQGR D QHFHVVLGDGH GH UHDOL]DU R TXDQWLWDWLYR SDUD R
RUoDPHQWR GDV IRUPDV GH FRQFUHWR WHPVH TXH RV
TXDQWLWDWLYRVGHIRUPDV HPP SDUDRSLODU3HSDUDDYLJD
9VmRUHVSHFWLYDPHQWH
02707628174
D H
E H
F H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
G H
H H
ÈUHDGRSLODURSLODUpTXDGUDGRQDVGLPHQV}HVP[P
$OWXUDGRSLODUGLVWkQFLDHQWUHSLVRVVXEWUDtGDGDDOWXUDGDVYLJDV
TXHpGHPGHXPDODGRHPGHRXWUR
ÈUHDGDIDFHGRSLODU ± [ P
ÈUHDGDIDFHGRSLODU ± [ P
ÈUHDGDVIDFHVH[WHUQDVGRSLODU[[ P
6RPDQGRDViUHDVDFLPDUHVXOWDQDiUHDWRWDOGHIRUPDGRSLODU
3GHP
$iUHDGHIRUPDGDYLJD9VHUi
EDVHGH9[ P
ODWHUDOLQWHUQDGH9[ ± P
ODWHUDOH[WHUQDGH9[ P
6RPDQGRDViUHDVDFLPDUHVXOWDQDiUHDWRWDOGHIRUPDGDYLJD
9GHP
*DEDULWR3UHOLPLQDU(
*DEDULWR'HILQLWLYR$QXODGD
3HVVRDO SDUD R FiOFXOR GD iUHD GH IRUPD DFLPD IRL QHFHVViULR
02707628174
RQGHHPXPDGDVIDFHVDIRUPDDYDQoDDOpPGDODUJXUDGHVVDIDFH
DHVSHVVXUDGDFKDSDGDRXWUDIDFHGRSLODU
± 032* ± (6$) 3DUD H[HFXWDU D VDSDWD GD
ILJXUDVHUiSUHFLVRXPYROXPHGHFRQFUHWRGH
D P
E P
F P
G P
H P
3DUDFDOFXODURYROXPHGHVVDSHoDSRGHPRVGHVPHPEUiODHP
XPDSLUkPLGHGHEDVHTXDGUDGDFRQIRUPHDVHJXLU
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3DUDDVDSDWDGLYLGHVHHVVHYROXPHSRU P
9ROXPHGDVSDUWHVUHVWDQWHV
*DEDULWR%
2VVHUYLoRVGHLPSULPDomRHSLQWXUDGHOLJDomRVmRPHGLGRVSRU
iUHD H QmR SRU YROXPH SRLV D HVSHVVXUD GH VXDV FDPDGDV p
GHVSUH]tYHOSDUDHIHLWRGHFiOFXORGHYROXPH
3DUD VH VDEHU DV XQLGDGHV GH PHGLomR GH FDGD VHUYLoR
FRQVLGHUDGR SHOR 6LFUR QR LQtFLR GR PDQXDO GH FDGD JUXSR GH
VHUYLoRV FRQVWD XPD OLVWDJHP FRP RV VHUYLoRV H DV UHVSHFWLYDV
XQLGDGHVGHPHGLomRFRQIRUPHWUHFKRGHVVDOLVWDJHPDVHJXLU
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
7&8 &HVSH 2 VHUYLoR GH OLPSH]D H
HQFKLPHQWRGHMXQWDVGHSDYLPHQWRGHFRQFUHWRpPHGLGRFRP
02707628174
EDVHQDiUHDGHSDYLPHQWRWUDWDGR
(VVH VHUYLoR p PHGLGR SRU FRPSULPHQWR OLQHDU P $ MXQWD
DSUHVHQWDSHTXHQD HVSHVVXUDGHPPDPPH SURIXQGLGDGH
PP HP UHODomR DR FRPSULPHQWR GD MXQWD YDULiYHO GRV
SDYLPHQWRVUtJLGRVGHFRQFUHWRGHFLPHQWRSRUWODQGFRQIRUPHILJXUD
DEDL[RTXHDSUHVHQWDDVHomRWUDQVYHUVDOGHVVDVMXQWDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
±48(67®(6$35(6(17$'$61(67$$8/$
7&8&HVSH 1DFRPSRVLomRGHVHUYLoRVGH
REUD RV LQVXPRV FRQVLGHUDGRV VmR RV PDWHULDLV D PmRGH
REUDHRVHTXLSDPHQWRV
±7&') 1RFiOFXORGDPRELOL]DomRRVFXVWRV
FRP HTXLSDPHQWRV GH SHTXHQR SRUWH VHUmR SDUFLDOPHQWH
DEVRUYLGRVSHODFDSDFLGDGHGHWUDQVSRUWHGRSUySULRH[HFXWRU
02707628174
$%,1 &RQVLGHUDQGRTXHSDUDDHODERUDomRRXDQiOLVH
GR RUoDPHQWR GH XPD REUD RX XP VHUYLoR GH HQJHQKDULD p
QHFHVViULR FRQKHFHU D GHILQLomR H D FODVVLILFDomR GRV FXVWRV
TXHHQYROYHPHVVHSURFHVVRGHRUoDPHQWDomRMXOJXHRVLWHQV
VXEVHTXHQWHV
2V FXVWRV LQGLUHWRV HPSUHVDULDLV VH GLYLGHP HP
FXVWRV DGPLQLVWUDWLYRV FRPHUFLDLV WULEXWiULRV H GH
PDQXWHQomRGHFDQWHLURV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
8PDIRUPDDFHLWDSDUDVHGHILQLURVFXVWRVGLUHWRV
GH XPD REUD p FRQVLGHUDU TXH HOHV VmR WRGRV RV VHUYLoRV
FRQVWDQWHVGDSODQLOKDGHTXDQWLGDGHVHSUHoRV
(P UHODomR j FODVVLILFDomR GRV FXVWRV TXDQWR j
LGHQWLILFDomR FRP R SURGXWR H DR YROXPH GH SURGXomR
YHULILFDVHTXHRVFXVWRVGLUHWRVSRGHPVHUIL[RVRXYDULiYHLV
$%,1 2 RUoDPHQWR SRGH VHU GHILQLGR FRPR D
GHWHUPLQDomRGRVJDVWRVQHFHVViULRVSDUDDUHDOL]DomRGHXP
HPSUHHQGLPHQWR FRQIRUPH XP SODQHMDPHQWR SUHYLDPHQWH
UHDOL]DGR$FHUFDGRRUoDPHQWRMXOJXHRVLWHQVDVHJXLU
2 FRHILFLHQWH GH FRUUHODomR FRUUHVSRQGH D UHODomR
HQWUH R FXVWR GH XPD SDUWH RX FRPSRQHQWH GH HGLILFDomR H D
VRPD GRV FXVWRV GH GXDV RX PDLV SDUWHV RX FRPSRQHQWHV GD
PHVPDHGLILFDomR
2RUoDPHQWRWHPFRPRXPGHVHXVREMHWLYRVVHUYLU
GH UHIHUrQFLD QD DQiOLVH GRV UHQGLPHQWRV REWLGRV FRP RV
UHFXUVRVHPSUHJDGRVQDH[HFXomRGHXPDREUDRXVHUYLoRGH
HQJHQKDULD 02707628174
(P WRGR RUoDPHQWR Ki XPD FRUUHODomR HQWUH D
TXDOLGDGH GD LQIRUPDomR TXH GHSHQGH GR JUDX GH
GHWDOKDPHQWRGRSURMHWRHDPDUJHPGHHUURH[LVWHQWH'HVVH
PRGRTXDQWRPDLVSUy[LPRGRLQtFLRGRSODQHMDPHQWRPHQRU
RHUUR
± 3)5HJLRQDO 2FXVWR XQLWiULRGHXPVHUYLoR
FRUUHVSRQGH DR VRPDWyULR GRV SURGXWRV HQWUH DV TXDQWLGDGHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
FRQFUHWRVmRFODVVLILFDGDVFRPRFXVWRVGLUHWRVGHSURGXomR
± 7&8 e FRUUHWR LQFOXLU QR FXVWR GLUHWR RV
ULVFRV FRQVLGHUDGRV SUHYLVtYHLV UHODFLRQDGRV j pSRFD GH
FKXYDV
± 3) 2 SUHoR GH XP HPSUHHQGLPHQWR p
FRPSRVWR GDV VHJXLQWHV SDUFHODV FXVWR GLUHWR FXVWR LQGLUHWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
D
E
F
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
G
H
± &*8 ± (6$) %DVHDQGRVH QD PHWRGRORJLD H
QRVFRQFHLWRVHPSUHJDGRVSHOR6LVWHPDGH&XVWRV5RGRYLiULRV
GR'1,7 6,&52 R~QLFRLWHPTXHQmRLQWHJUDR/', /XFURH
'HVSHVDV,QGLUHWDV p
D LPSRVWRVLQFLGHQWHVVREUHRIDWXUDPHQWR
E LQVWDODo}HVGHFDQWHLUR
F DGPLQLVWUDomRGDREUD
G GHVSHVDVILQDQFHLUDV
H PDUJHPGHOXFUR
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
± 7&8 ± &HVSH $ UHGXomR GR %', GH XPD
REUD LPSOLFD QHFHVVDULDPHQWH D UHGXomR GR SUHoR JOREDO GD
REUD
± 7&8 ± &HVSH 2 UDWHLR GRV FXVWRV GD
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±+iHUURGHFODVVLILFDomRGDVGHVSHVDVUHODFLRQDGDV
jFULDomRGDHVWUXWXUDDGPLQLVWUDWLYD
± 3) (QWHQGHVH SRU %', GH XP
HPSUHHQGLPHQWR R FXVWR LQGLUHWR RULJLQiULR GD DGPLQLVWUDomR
FHQWUDOVXEWUDtGRGHLPSRVWRVWD[DVHOXFUR
±7&') $VERQLILFDo}HVHGHVSHVDVLQGLUHWDV
%', SRUVHUHPIL[DVQmRVmRDIHWDGDVSHODGLVWkQFLDHQWUHD
VHGHGDFRQVWUXWRUDHRORFDOGDREUD
± &*8 ± (6$) 1R FiOFXOR GH RUoDPHQWR GH
REUDV GH HGLILFDo}HV p QHFHVViULD D SUHVHQoD GH XP
SURILVVLRQDO FRP H[SHULrQFLD QR UDPR SDUD PRQWDU SODQLOKDV
GH FRPSRVLo}HV GH SUHoRV LGHQWLILFDU RV FRPSRQHQWHV GR
FXVWR GLUHWR HR%HQHItFLR GH 'HVSHVDV ,QGLUHWDV ± %', HQWUH
RXWUDVDWLYLGDGHV
1HVVHFRQWH[WRDVVLQDOHDRSomRFRUUHWD 02707628174
D 2V(3,V(TXLSDPHQWRVGH3URWHomR,QGLYLGXDOQmRGHYHP
VHUFODVVLILFDGRVFRPRHQFDUJRVFRPSOHPHQWDUHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
± $%,1 1D FRPSRVLomR GH FXVWR XQLWiULR
EiVLFRGHXPVHUYLoRRFRHILFLHQWHpDTXDQWLGDGHQHFHVViULD
GHGHWHUPLQDGRLQVXPRSDUDH[HFXWDUXPDXQLGDGHGHPHGLGD
GRUHVSHFWLYRVHUYLoR
± 7&8 3DUD R FiOFXOR GD GHSUHFLDomR GH XP
HTXLSDPHQWR GHYHVH GLYLGLU R YDORU GH DTXLVLomR GHVVH
HTXLSDPHQWRSHORVHXWHPSRWRWDOGHDSOLFDomRHPXPDREUD
±7&8 1DUHDOL]DomRGHGHWHUPLQDGRVHUYLoR
TXDQWR PDLRUHV IRUHP RV FRHILFLHQWHV GH PmR GH REUD H
HTXLSDPHQWRV PDLRU VHUi D SURGXWLYLGDGH GD HTXLSH SUHYLVWD
SDUDUHDOL]DUHVWHVHUYLoR 02707628174
± 7&8 $ FRPSRVLomR GR FXVWR XQLWiULR
EDVHLDVHQDGHFRPSRVLomRHPSDUWHVGRSURGXWRDH[HFXWDU
FRP SUHPLVVD GD H[LVWrQFLD GH SURSRUFLRQDOLGDGH HQWUH FXVWR
HTXDQWLGDGHSURGX]LGD
± 7&') 2 FXVWR KRUiULR GRV HTXLSDPHQWRV
GHSHQGHGLUHWDPHQWHGRVHXtQGLFHGHDSURYHLWDPHQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
0DVVDHVSHFtILFDGRFRQFUHWR .JP
&XVWRDWXDOGRVDFRGHFLPHQWR 5
2 FXVWR H[DWR GR FLPHQWR SDUD D SURGXomR GH P GHVWH
FRQFUHWRp
D 5
E 5
F 5
G 5
H 2VGDGRVVmRLQVXILFLHQWHVSDUDFDOFXODURFXVWRGRFLPHQWR
7&8 &HVSH 2V DQH[RV GHVVH SURMHWR FRQWLQKDP
XPD SODQLOKD HQWLWXODGD RUoDPHQWR VLQWpWLFR HP TXH VH
HQFRQWUDYDP OLVWDGDV FULWHULRVDPHQWH DV FRPSRVLo}HV GRV
VHUYLoRVTXHVHULDPH[HFXWDGRVHXPDFXUYD$%&
¬ OX] GD OHJLVODomR HP YLJRU H FRQVLGHUDQGR D GRFXPHQWDomR
GHVFULWDQDVLWXDomRKLSRWpWLFDDFLPDMXOJXHRLWHPDVHJXLU
02707628174
2 WtWXOR GD WDEHOD FRQVWDQWH GR DQH[R GR SURMHWR
EiVLFR HVWi HTXLYRFDGR SRLV HP XP RUoDPHQWR VLQWpWLFR QmR
VH HVSHFLILFDP GHWDOKDGDPHQWH RV VHUYLoRV D VHUHP
H[HFXWDGRV
± &*8 ±(6$) $VVLQDOH DRSomRFRUUHWDVREUH
RVHQFDUJRVVRFLDLV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
%', QHPQDDGPLQLVWUDomRORFDOSRLVMiFRQVWDQRVHQFDUJRV
VRFLDLVGDPmRGHREUDGRVFXVWRVGLUHWRV
± 7&8 1R FiOFXOR GH HQFDUJRV VRFLDLV R
FXVWR FRP DX[tOLRHQIHUPLGDGH SRGH YDULDU GH XPD HPSUHVD
SDUDRXWUD
±3) 1DFRPSRVLomRGHFXVWRVGHXPDREUD
VmR FRQVLGHUDGRV HQFDUJRV VRFLDLV EiVLFRV HQWUH RXWURV D
SUHYLGrQFLDVRFLDORIXQGRGHJDUDQWLDSRUWHPSRGHVHUYLoRH
RVHJXURFRQWUDDFLGHQWHVGHWUDEDOKR
7&8 &HVSH 2V FXVWRV XQLWiULRV GH
UHIHUrQFLD HP VXD DSUHVHQWDomR HP WDEHODV VmR
GLVFULPLQDGRV GH DFRUGR FRP DV GLIHUHQWHV FDWHJRULDV GH
REUDV SRU H[HPSOR FRQVWUXomR FRQVHUYDomR VLQDOL]DomR H
UHVWDXUDomR HPERUD SRVVDP WHU RULJHP HP FRPSRVLo}HV GH
VHUYLoRV DX[LOLDUHV VHQGR DJUHJDGRV VHJXQGR FULWpULRV
FRQYHQLHQWHVDFDGDFDVR
7&8 &HVSH 1D GHWHUPLQDomR GRV SUHoRV
UHJLRQDLV SDUD D PmRGHREUD p FRQVLGHUDGR R PDLRU SLVR
VDODULDO GD UHJLmR SHVTXLVDGD HQTXDQWR SDUD PDWHULDLV H
02707628174
± 032* ± (6$) $ GHSUHFLDomR p XP WHUPR
JHUDOHDPSORTXHHQJOREDWRGDVDVLQIOXrQFLDVTXHDWDFDPRV
EHQVPDWHULDLVDRORQJRGRWHPSRRFDVLRQDQGRSHUGDGHYDORU
RXGLPLQXLomRGHSUHoR'HVVDIRUPDpFRUUHWRDILUPDUTXH
E DYLGD~WLOpRWHPSRGHFRUULGRGHVGHTXHXPEHPpSRVWR
HPVHUYLoRDWpDGDWDHPTXHpDYDOLDGDVXDGHSUHFLDomR
F DGHSUHFLDomRSRGHVHUFDOFXODGDSHORPpWRGRGDOLQKDUHWD
TXH FRQVLVWH HP FRQVLGHUDU XPD SURYLVmR YDULiYHO SDUD FDGD
DQRGHVHUYLoRDRORQJRGDYLGD~WLOGREHP
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
HPTXH3+ SURGXomRKRUiULDHPWK& FDSDFLGDGH~WLOGR
FDPLQKmR HP W ( IDWRU GH HILFLrQFLD ; GLVWkQFLD GH
WUDQVSRUWHHPNP9 YHORFLGDGHPpGLDHPNPK7 WHPSR
WRWDOGHPDQREUDVFDUJDHGHVFDUJDHPK
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7&8&HVSH 1RTXHVHUHIHUHDVHUYLoRVGH
WHUUDSOHQDJHP H SDYLPHQWDomR QR FiOFXOR GH FXVWRV GH
WUDQVSRUWHV GH PDWHULDLV DV SDUFHODV UHODWLYDV jV RSHUDo}HV
GH PDQREUD FDUJD H GHVFDUJD GR HTXLSDPHQWR TXH
LQGHSHQGHP GD GLVWkQFLD D VHU SHUFRUULGD H GR WLSR GH
UHYHVWLPHQWR GD URGRYLD XWLOL]DGD VmR FRPSXWDGDV QR FXVWR
GHH[HFXomRGRVHUYLoRFRUUHVSRQGHQWH
$%,1 &HVSH (P XP VHUYLoR GH
WHUUDSOHQDJHP R FLFOR p R FRQMXQWR GH RSHUDo}HV TXH XP
HTXLSDPHQWR H[HFXWD HP FHUWR LQWHUYDOR GH WHPSR YROWDQGR
HPVHJXLGDjSRVLomRLQLFLDOSDUDUHFRPHoiODV
032* ± ÈUHD , (P FiOFXORV UHODWLYRV j
FRQYHUVmR GH YROXPHV GH FRUWHV R IDWRU GH FRQYHUVmR D VHU
DGRWDGR SDUD PDWHULDLV GH SULPHLUD FDWHJRULD GHYH VHU
VXSHULRUD
032*±ÈUHD, 1RTXHVHUHIHUHDWUDQVSRUWH
GH PDWHULDLV R IDWRU GH FDUJD WLSLFDPHQWH DGRWDGR SDUD
PDWHULDLV GH WHUFHLUD FDWHJRULD p PHQRU TXH R DGRWDGR SDUD
PDWHULDLVGHSULPHLUDFDWHJRULD
02707628174
±&*8±(6$) $SDUWLUGDSODQLOKDGHSURGXomR
KRUiULDDSUHVHQWDGDDVHJXLUDVVLQDOHDRSomRFRUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D $SURGXomRKRUiULDGDHTXLSHpGHP
H 8WLOL]DQGRVHFDPLQK}HVEDVFXODQWHVFRPFDSDFLGDGHGH
PSRUYLDJHPVXDSURGXomRKRUiULDVHUiGHP
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$V TXHVW}HV D GHYHUmR VHU UHVSRQGLGDV FRP EDVH QD
&RPSRVLomR GH &XVWR 8QLWiULR GH 5HIHUrQFLD H QD 3ODQLOKD GH
3URGXomRGD(TXLSH0HFkQLFDDSUHVHQWDGDVQDILJXUDDEDL[R
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
± &*8 ± (6$) 3DUD H[HFXomR GR VHUYLoR GH
HVFDYDomR FDUJD H WUDQVSRUWH GH PDWHULDO GH FDWHJRULD
'07 D P FRP FDUUHJDPHQWR TXDO D XWLOL]DomR
RSHUDWLYD H LPSURGXWLYD GR WUDWRU GH HVWHLUDV HP KRUDV
UHVSHFWLYDPHQWH"
D H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
E H
F H
G H
H H
± &*8 ± (6$) $ SODQLOKD GH 3URGXomR GD
(TXLSH 0HFkQLFD FRQVLGHUD D XWLOL]DomR GH FDPLQK}HV
EDVFXODQWHV FRP P GH FDSDFLGDGH SDUD FRPSRU D HTXLSH
PHFkQLFD 4XDO R WHPSR WRWDO GH FLFOR GHVWH HTXLSDPHQWR H R
Q~PHUR GH FDPLQK}HV QHFHVViULRV SDUD JDUDQWLU D
SURGXWLYLGDGHGDHTXLSH"
D PLQHFDPLQKmR
E PLQHFDPLQK}HV
F PLQHFDPLQK}HV
G PLQHFDPLQK}HV
H PLQHFDPLQK}HV
± &*8 ± (6$) &RQVLGHUDQGR TXH H[LVWDP
P D VHUHP H[HFXWDGRV GR VHUYLoR 6
4XDQWDV KRUDV LPSURGXWLYDV GR HTXLSDPHQWR ( VHUmR
JDVWDVSDUDUHDOL]DUHVWHYROXPHGHVHUYLoR"
02707628174
D K
E K
F K
G K
H K
± 7&') &HVSH 2 FXVWR KRUiULR GRV
HTXLSDPHQWRV GHSHQGH GLUHWDPHQWH GR VHX tQGLFH GH
DSURYHLWDPHQWR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'HVVDIRUPDRWHPSRRSHUDWLYRGDPRWRQLYHODGRUDVHUiGH
D KRUDVE KRUDVF KRUDVG KRUDVH
KRUDV
032* &HVSH 2V WUDWRUHV GH HVWHLUD HPSXUUDP
YHtFXORVPRWRHVFDYRWUDQVSRUWDGRUHVFRPRRVPRVWUDGRVQD
ILJXUD DFLPD 'HSRLV GH HPSXUUDU XP GHVVHV YHtFXORV XP
WUDWRUDJXDUGDHPPpGLDHPFDGDKRUDGHWUDEDOKRRWHPSR
DFXPXODGRGHPLQXWRVDWpDFKHJDGDGHRXWURPRWRHVFDYR
WUDQVSRUWDGRU TXDQGR HQWmR H[HFXWD QRYD RSHUDomR $ SDUWLU
GHVVDV LQIRUPDo}HV DFHUFD GRV WUDWRUHV GH HVWHLUD MXOJXH RV
02707628174
LWHQVVXEVHTHQWHV
2 GLPHQVLRQDPHQWR DGHTXDGR GD IURWD GH
HTXLSDPHQWRVSDUDDUHDOL]DomRGHFDGDHWDSDGRVVHUYLoRVD
VHU UHDOL]DGR QR SURMHWR EiVLFR YLVD j UHGXomR GR FXVWR ILQDO
GDREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2FXVWRKRUiULRSURGXWLYRGRVWUDWRUHVGHHVWHLUDp
GH GR FXVWR GD HTXLSH PHFkQLFD SDUD FDGD KRUD
WUDEDOKDGD
2 FXVWR KRUiULR LPSURGXWLYR GRV PRWRHVFDYR
WUDQVSRUWDGRUHVp]HUR
2 FXVWR KRUiULR GHVVD HTXLSH PHFkQLFD p D VRPD
GRVFXVWRVKRUiULRVSURGXWLYRVHLPSURGXWLYRVGHFDGDXPGRV
WUDWRUHVGHHVWHLUDHGRVPRWRHVFDYRWUDQVSRUWDGRUHV
2 FXVWR XQLWiULR GR PHWUR F~ELFR GH PDWHULDO
HVFDYDGR FDUUHJDGR WUDQVSRUWDGR H GLVWULEXtGR QD
WHUUDSOHQDJHPpDVRPDGRVFXVWRVSURGXWLYRVHLPSURGXWLYRV
GD HTXLSH PHFkQLFD DFUHVFLGRV GD SDUFHOD SURSRUFLRQDO GR
FXVWRGRHQFDUUHJDGRHGRVDMXGDQWHVEHPFRPRGRYDORUGR
%',GDREUDGLYLGLGRSHODSURGXomRKRUiULDGDHTXLSH
,166 &HVSH 1D HVFDYDomR GH YDOD R
YROXPH GH PDWHULDO TXH GHYH VHU WUDQVSRUWDGR p LJXDO DR
YROXPHPHGLGR FXELFDGR QRFRUWH
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&RQVLGHUDQGRHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVHJXLQWHV
2 SDJDPHQWR GDV KRUDV GH XWLOL]DomR GH EHWRQHLUD
SDUD H[HFXomR GH XPD ODMH p FRPSXWDGR FRPR GHVSHVD
LQGLUHWD
02707628174
02707628174
D H
E H
F H
G H
H H
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
D P
E P
F P
G P
H P
7&8 &HVSH 2V VHUYLoRV GH LPSULPDomR H
SLQWXUD GH OLJDomR VmR PHGLGRV FRP EDVH QR YROXPH GH
PDWHULDOXWLOL]DGRQRVHUYLoR
7&8 &HVSH 2 VHUYLoR GH OLPSH]D H
HQFKLPHQWRGHMXQWDVGHSDYLPHQWRGHFRQFUHWRpPHGLGRFRP
02707628174
EDVHQDiUHDGHSDYLPHQWRWUDWDGR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±*$%$5,72
1) Correta 21) Correta 41) Errada 61) Errada
2) Correta 22) Correta 42) Correta 62) Errada
3) Errada 23) Errada 43) D 63) Correta
4) Correta 24) Errada 44) Correta 64) Correta
5) Errada 25) Errada 45) Correta 65) Correta
6) Correta 26) E 46) Correta 66) A
7) Correta 27) Correta 47) Correta 67) Errada
8) Errada 28) Errada 48) Correta 68) B
9) Anulada 29) Errada 49) Correta 69) Correta
10) Errada 30) Correta 50) Correta 70) Errada
11) Errada 31) Correta 51) Correta 71) Correta
12) Correta 32) D 52) Errada 72) B
13) Errada 33) Correta 53) Correta 73) Errada
14) Errada 34) E 54) E 74) Correta
15) Correta 35) Correta 55) B 75) Correta
16) Correta 36) Errada 56) C 76) Correta
17) Anulada 37) Errada 57) E 77) Anulada
18) B 38) Correta 58) Correta 78) B
19) Errada 39) Correta 59) Correta 79) Errada
20) Errada 40) Correta 60) Correta 80) Errada
48(67®(6&20(17$'$6'$)&&
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
( GHWHPSRQHFHVViULDSDUDDHODERUDomRGHXPGHWHUPLQDGR
VHUYLoR
*DEDULWR%
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ ±
%
&
'
( ±
QDREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2EVHUYDVHTXHQmRID]HPSDUWHGDFRPSRVLomRGRFRQFUHWRRV
LWHQVH
*DEDULWR$
02707628174
&XVWRXQLWiULRGRVHUYLoR
Custo
unitário Custo
Insumo Unidade Qdade (R$) total (R$)
Carpinteiro hora 2 4,20 8,40
Ajudante de
carpinteiro hora 2 3,50 7,00
Pontalete pinho de
3"x3" m 3 4,00 12,00
Tábua de pinho de
1"x12" m2 0,1 17,00 1,70
Chapa compensada
plastificada e = 12 mm m2 0,3 28,00 8,40
TOTAL 38,50
*DEDULWR%
$ RVSUHoRVXQLWiULRVGRVLQVXPRV
% RVFRHILFLHQWHVGHFRQVXPRGRVPDWHULDLV
& RV FRHILFLHQWHV GH SURGXWLYLGDGH GH PmR GH REUD SRU
FDWHJRULDGHRSHUiULRV
' RVFRHILFLHQWHVGHXWLOL]DomRGHHTXLSDPHQWRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'H DFRUGR FRP R SDUiJUDIR GR DUW GD /'2 /HL
HQWHQGHVH SRU FRPSRVLo}HV GH FXVWRV XQLWiULRV
DTXHODV TXH DSUHVHQWHP GHVFULomR VHPHOKDQWH D GR VHUYLoR D VHU
H[HFXWDGR FRP GLVFULPLQDomR GRV LQVXPRV HPSUHJDGRV
TXDQWLWDWLYRVHFRHILFLHQWHVDSOLFDGRV
/HPEUHPVHTXHRVFXVWRVXQLWiULRVGRVVHUYLoRVVmRREWLGRVD
SDUWLU GDV VXDV UHVSHFWLYDV FRPSRVLo}HV DV TXDLV VmR FRQVWLWXtGDV
SHOD FRPELQDomR GRV FRHILFLHQWHV GH FRQVXPR XQLWiULR GRV LQVXPRV
PDWHULDO PmRGHREUD H HTXLSDPHQWRV TXH LQWHJUDP R UHVSHFWLYR
VHUYLoR
2 YDORU GR FXVWR XQLWiULR GR VHUYLoR UHVXOWD GR VRPDWyULR GDV
PXOWLSOLFDo}HV GRV FRHILFLHQWHV GH FRQVXPR GRV VHXV LQVXPRV SHORV
FRUUHVSRQGHQWHV FXVWRV XQLWiULRV LQFOXLQGR RV HQFDUJRV VRFLDLV GD
PmRGHREUDFRQIRUPHDWDEHODDVHJXLU
02707628174
*DEDULWR(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
1D FRPSRVLomR GR FXVWR XQLWiULR GH H[HFXomR GH XP PHWUR
F~ELFR GH DOYHQDULD GH IXQGDomR H HPEDVDPHQWR FRP WLMRORV
PDFLoRVFRPXQV
$ RFXVWRGDPmRGHREUDUHSUHVHQWDPDLVGHGRFXVWR
XQLWiULR
55
*DEDULWR&RUUHWD
FXVWRXQLWiULR
*DEDULWR(UUDGD
& DUHODomRHQWUHRVFXVWRVGHPDWHULDLVHRFXVWRGDPmRGH
REUDpPHQRUTXH
55
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(UUDGD
2PDLRUFXVWRSHUFHQWXDOpGRWLMRORTXHUHSUHVHQWD55
*DEDULWR(UUDGD
( RVFXVWRVGRVWLMRORVUHSUHVHQWDPGRFXVWRXQLWiULR
&RQIRUPHYLPRVDFLPDHOHVUHSUHVHQWDPGRFXVWRXQLWiULR
*DEDULWR(UUDGD
*DEDULWR$
'12&6±)&& 3DUDUHVSRQGHUjVTXHVW}HVGHQ~PHURV
D FRQVLGHUH D WDEHOD GH YDORUHV GH UHIHUrQFLD DEDL[R
REWLGDGHXPEDQFRGHGDGRVGHHQJHQKDULDSDUDRFiOFXORGH
SUHoRVXQLWiULRVHRUoDPHQWRV
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2 YDORU FRUUHWR SDUD R FXVWR HP UHDLV GH PmR GH
REUD GH P GH FRQFUHWR ODQoDGR HP XPD ODMH GH HVSHVVXUD
PpGLDGHFPFRUUHVSRQGHD
$
%
&
'
(
2YDORUWRWDOGDPmRGHREUDVHUi
[ 5
*DEDULWR(
%
&
02707628174
'
(
9DORUWRWDOGHPDWHULDLV
[ 5
*DEDULWR$
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
RILFLDLV GH SUHoRV DGRWDGRV SDUD EDOL]DU RV SUHoRV GRV VHUYLoRV H
LQVXPRV SDJRV FRP UHFXUVRV GH RULJHP GR 2UoDPHQWR GD 8QLmR
FRQIRUPH R DUW GD /'2 /HL GH GH DJRVWR GH
FRQIRUPHDVHJXLU
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
6LVWHPD1DFLRQDOGH3HVTXLVDGH&XVWRVHËQGLFHVGD&RQVWUXomR&LYLO
6,1$3, PDQWLGR H GLYXOJDGR QD LQWHUQHW SHOD &DL[D (FRQ{PLFD
)HGHUDO H SHOR ,%*( H QR FDVR GH REUDV H VHUYLoRV URGRYLiULRV j
WDEHOD GR 6LVWHPD GH &XVWRV GH 2EUDV 5RGRYLiULDV 6,&52
H[FHWXDGRVRVLWHQVFDUDFWHUL]DGRVFRPRPRQWDJHPLQGXVWULDORXTXH
QmRSRVVDPVHUFRQVLGHUDGRVFRPRGHFRQVWUXomRFLYLO´
26LQDSLpXPVLVWHPDGHSHVTXLVDPHQVDOTXHLQIRUPDRVFXVWRV
HtQGLFHVGDFRQVWUXomRFLYLOHWHPD&$,;$HR,QVWLWXWR%UDVLOHLURGH
*HRJUDILD H (VWDWtVWLFD ,%*( FRPR UHVSRQViYHLV SHOD GLYXOJDomR
RILFLDOGRVUHVXOWDGRVPDQXWHQomRDWXDOL]DomRHDSHUIHLoRDPHQWRGR
FDGDVWURGHUHIHUrQFLDVWpFQLFDVPpWRGRVGHFiOFXORHGRFRQWUROHGH
TXDOLGDGHGRVGDGRVGLVSRQLELOL]DGRVSHOR6,1$3,
-iD7&32WUDWDVHGHXPDSXEOLFDomRGDHGLWRUD3,1,FRP7DEHODV
02707628174
GH&RPSRVLo}HVGH3UHoRVSDUD2UoDPHQWRV
(7&8FRUUHVSRQGHD7ULEXQDOGH&RQWDVGD8QLmR
*DEDULWR'
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ H[HFXomR GH XP PHWUR TXDGUDGR GH DOYHQDULD GH WLMROR GH
EDUURPDFLoRFRPHVSHVVXUDGHXPWLMRORUHTXHU RVVHJXLQWHV
PDWHULDLV P GH DUHLD 5 P NJ GH FDO
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$
%
&
'
(
6HJXHDFRPSRVLomRGHFXVWRXQLWiULRGDDOYHQDULDGHWLMRORGH
EDUURPDFLoRGHVFULWDQRFRPDQGRGDTXHVWmR
ůǀĞŶĂƌŝĂĚĞ
ƚŝũŽůŽŵĂĐŝĕŽ ĐƵƐƚŽ ĐƵƐƚŽ
;ŵϮͿ ƵŶŝĚĂĚĞ ĐŽŶƐƵŵŽ ƵŶŝƚĄƌŝŽ ƚŽƚĂů
ĂƌĞŝĂ ŵϯ Ϭ͕Ϭϴ ϴϬ͕ϬϬ ϲ͕ϰϬ
ĐĂůŚŝĚƌĂƚĂĚĂ ŬŐ ϭϰ Ϭ͕ϯϱ ϰ͕ϵϬ
ĐŝŵĞŶƚŽ ŬŐ ϳ Ϭ͕ϰϬ Ϯ͕ϴϬ
ƚŝũŽůŽŵĂĐŝĕŽ ƵŶ͘ ϭϰϬ Ϭ͕ϮϬ Ϯϴ͕ϬϬ
ƉĞĚƌĞŝƌŽ Ś Ϯ͕ϰ ϱ͕ϬϬ ϭϮ͕ϬϬ
ƐĞƌǀĞŶƚĞ Ś ϯ͕Ϯ ϰ͕ϬϬ ϭϮ͕ϴϬ
dKd> ϲϲ͕ϵϬ
*DEDULWR'
02707628174
1D FRPSRVLomR GR FXVWR XQLWiULR GH H[HFXomR GH XP
PHWUR TXDGUDGR GH DOYHQDULD GH WLMROR GH EDUUR PDFLoR FRP
HVSHVVXUDGHXPWLMROR
$ RFXVWRGDPmRGHREUDUHSUHVHQWDPDLVGHGRFXVWR
XQLWiULR
&RQIRUPHDFRPSRVLomRDFLPDD02UHSUHVHQWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
*DEDULWR(UUDGD
& DUHODomRHQWUHRVFXVWRVGHPDWHULDLVHRFXVWRGDPmRGH
REUDp
$UHODomRHQWUHRV0$7HD02p
*DEDULWR(UUDGD
' D UHODomR HQWUH RV FXVWRV GD PmR GH REUD H R FXVWR GH
PDWHULDLVp
$UHODomRHQWUHD02HRV0$7p
*DEDULWR(UUDGD
( RVFXVWRVGRVWLMRORVUHSUHVHQWDPGRFXVWRXQLWiULR
2VWLMRORVUHSUHVHQWDP GRFXVWRXQLWiULR
*DEDULWR(UUDGD
02707628174
*DEDULWR$
GHVSHVDVLQGLUHWDVGHIXQFLRQDPHQWRGDREUD
FXVWRGDDGPLQLVWUDomRFHQWUDO PDWUL]
FXVWRVILQDQFHLURV
IDWRUHVLPSUHYLVWRV
LPSRVWRV
OXFUR
7DQWR R WHUPR EHQHItFLRV TXDQWR ERQLILFDomR TXHUHP GL]HU
OXFUR
(PWHUPRVSUiWLFRVR%',pRSHUFHQWXDOTXHGHYHVHUDSOLFDGR
VREUHRFXVWRGLUHWRGRVLWHQVGDSODQLOKDGDREUDSDUDVHFKHJDUDR
SUHoRGHYHQGD
6HJXQGR 7LVDND R %', p FRPSRVWR GRV VHJXLQWHV
HOHPHQWRV
'HVSHVDV RX &XVWRV ,QGLUHWRV VmR RV FXVWRV HVSHFtILFRV GD
$GPLQLVWUDomR &HQWUDO GLUHWDPHQWH OLJDGRV D XPD GHWHUPLQDGD REUD
02707628174
7ULEXWRV
7D[DGHFRPHUFLDOL]DomR
%HQHItFLRRX/XFUR
$ HTXLSHDGPLQLVWUDWLYDGHFDPSR
% YLJLDGRFDQWHLUR
2YLJLDGRFDQWHLURWDPEpPID]SDUWHGD$GPLQLVWUDomR/RFDOGD
REUD
& iJXDHOX]QRFDQWHLUR
$V GHVSHVDV GH iJXD H OX] QR FDQWHLUR VmR GHVSHVDV GH
IXQFLRQDPHQWRGDREUDDVTXDLVSDUD0DWWRV ID]HPSDUWHGR
%', 'H DFRUGR FRP 7LVDND HVVDV GHVSHVDV ID]HP SDUWH GD
02707628174
$GPLQLVWUDomR/RFDOFXMRVSULQFLSDLVLWHQVGHGHVSHVDVVmR
$/'2DRUHJXODUVREUHREUDVFXVWHDGDVFRPUHFXUVRVIHGHUDLV
WDPEpPQmRDVSUHYrQR%',FRQIRUPHDTXHVWmRDQWHULRU
2 '1,7GHIRUPDH[FHSFLRQDOSUHYrD$GPLQLVWUDomR /RFDOQR
%',
' DOXJXHOGHHTXLSDPHQWRV
(VVH LWHP ID] SDUWH GDV GHVSHVDV JHUDLV GRV FXVWRV LQGLUHWRV
02707628174
FRQVWLWXLQGRSRUWDQWRR%',VHJXQGR0DWWRV
$/'2DRUHJXODUVREUHREUDVFXVWHDGDVFRPUHFXUVRVIHGHUDLV
WDPEpPQmRSUHYrDOXJXHOGHHTXLSDPHQWRVQR%',
( PDWpULDSULPD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(
±7-3,±$UTXLWHWXUD±)&& 1DFRPSRVLomRGR
%', EHQHItFLRHFXVWRVLQGLUHWRV DWD[DHQWHQGLGDFRPRXPD
SURYLVmR GH RQGH VHUi UHWLUDGR R OXFUR GR FRQVWUXWRU DSyV R
GHVFRQWR GH WRGRV RV HQFDUJRV GHFRUUHQWHV GH LQ~PHUDV
LQFHUWH]DV TXH SRGHP RFRUUHU GXUDQWH D REUD GLItFHLV GH
VHUHPPHQVXUDGDVQRVHXFRQMXQWRpDWD[DGHQRPLQDGDGH
$ 5DWHLRGD$GPLQLVWUDomR
% 5LVFRGH([HFXomR
& 5HVHUYDGH&RQWLJrQFLD
' %HQHItFLR
( 2SHUDFLRQDOGH5LVFR
TXDQWRERQLILFDomRTXHUHPGL]HUOXFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3DJDPHQWRVGHDVVHVVRULDVMXUtGLFDVRXFXVWDVMXGLFLDLV
(YHQWXDLVIDOKDVQDHODERUDomRGRRUoDPHQWR
$WUDVRVQRVSDJDPHQWRVDEVRUYLGRVSHODHPSUHVD
)DOKDQRGLPHQVLRQDPHQWRGDPmRGHREUDLQGLUHWD
02707628174
*DEDULWR'
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ 0DUJHPGHFXVWR
% &XVWRV,QGLUHWRV
& /XFUR
' %HQHItFLRVH'HVSHVDV,QGLUHWDV
( 0DUJHPGHSUHoR
'HDFRUGRFRPD/HLGH'LUHWUL]HV2UoDPHQWiULDVDWXDO/'2
/HL GH GH DJRVWR GH DUW D WD[D GH
UDWHLRGD$GPLQLVWUDomR&HQWUDOID]SDUWHGR%',
³2 SUHoR GH UHIHUrQFLD GDV REUDV H VHUYLoRV GH HQJHQKDULD VHUi
02707628174
DTXHOH UHVXOWDQWH GD FRPSRVLomR GR FXVWR XQLWiULR GLUHWR GR VLVWHPD
XWLOL]DGR DFUHVFLGR GR SHUFHQWXDO GH %HQHItFLRV H 'HVSHVDV
,QGLUHWDV%',HYLGHQFLDQGRHPVXDFRPSRVLomRQRPtQLPR
,WD[DGHUDWHLRGDDGPLQLVWUDomRFHQWUDO
,,,WD[DGHULVFRVHJXURHJDUDQWLDGRHPSUHHQGLPHQWRH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
,9WD[DGHOXFUR³ JULIRXVH
*DEDULWR'
$ HTXLSDPHQWRVFRPRFRPSXWDGRUHV
% RDOXJXHOGRVLPyYHLV 02707628174
& RDORMDPHQWR
' PmRGHREUDLQGLUHWD
( VHUYLoRVGHFRSLDGRUDV
2DORMDPHQWRID]SDUWHGR&DQWHLURGH2EUDVHRVGHPDLVLWHQV
ID]HPSDUWHGD$GPLQLVWUDomR/RFDOGDREUD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'H DFRUGR FRP 7LVDND DFHUFD GD HVWUXWXUD GH XP
FDQWHLUR GH REUDV D LQIUDHVWUXWXUD ItVLFD GD REUD TXH SRVVLELOLWH R
SHUIHLWRGHVHQYROYLPHQWRGDH[HFXomRFRQVLVWHQRVHJXLQWH
$ORMDPHQWRVFRPSOHWRVUHIHLWyULRVYHVWLiULRVJXDULWDVHWF
,QVWDODo}HVSURYLVyULDVGHiJXDHVJRWRWHOHIRQHHOHWULFLGDGH
LOXPLQDomRWDSXPHVFHUFDVHWF
(VWUDGDVGHDFHVVRSDYLPHQWDomRSURYLVyULDHWF
3ODFDVGHREUDGHDFRUGRFRPDVHVSHFLILFDo}HVGRFOLHQWH
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3HUFHEDP TXH R &DQWHLUR GH 2EUDV QmR ID] SDUWH GR %', GR
'1,7
02707628174
*DEDULWR&
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2SUHoRGHYHQGDpRSUHoRILQDOGDREUD
2%',pSHUFHQWXDOREWLGRSHODGLYLVmRHQWUHRVFXVWRVLQGLUHWRV
HOXFURHRFXVWRGLUHWRGDREUD
*DEDULWR&RUUHWD
,,SUD]RGHH[HFXomRGDREUD
&RQIRUPHYLPRVD)&&FRQVLGHUDTXHD$GPLQLVWUDomR/RFDOID]
SDUWHGR%',2FXVWRWRWDOGD$GPLQLVWUDomR/RFDOGHSHQGHGRSUD]R
GD REUD SRLV DEUDQJH RV SURILVVLRQDLV PHQVDOLVWDV H GHPDLV FXVWRV
DGPLQLVWUDWLYRVPHQVDLVGDREUD
02707628174
*DEDULWR&RUUHWD
,,,,66GDSUHIHLWXUDORFDO
&RQIRUPH YLPRV QD DXOD R ,66 ID] SDUWH GRV WULEXWRV TXH
LQWHJUDPR%',
*DEDULWR&RUUHWD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2 OXFUR ID] SDUWH GR %', $ IRUPD FRPR R OXFUR GD HPSUHVD p
DSXUDGR FRQWDELOPHQWH LQWHUIHUH QD EDVH GH FiOFXOR GR ,53- H GD
&6// 3RUWDQWR D DOWHUDomR GD DOtTXRWD GHVVHV WULEXWRV LQWHUIHUH QR
%',
*DEDULWR&RUUHWD
eFRUUHWRRTXHFRQVWDHP
$ ,H,9DSHQDV
% ,,H,,,DSHQDV
& ,,,,,H,9DSHQDV
' ,,,,,,H,9
( ,,DSHQDV
*DEDULWR'
02707628174
% &XVWRVGHWHOHIRQHVDOiULRVGHRSHUiULRVFRQWDVGHiJXDH
HQHUJLD
& ,378,55/870*36
' &2),16,66/XFUR&6//,PSRVWRGH5HQGD
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR'
75(3%±)&& 3DUDUHVSRQGHUDVTXHVW}HVGHQ~PHURV
HFRQVLGHUHRWH[WR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
1RFiOFXORGDVOHLVHHQFDUJRVVRFLDLV12pFRUUHWR
FRQVLGHUDU
$ SDUWHGRVDOiULRUHIHLomRFXVWHDGRSHORHPSUHJDGRU
02707628174
SHUFHQWXDOGHGHGXomRILVFDO LQVWUXomRGR0$-85GH
$OLPHQWDomR >[ @; ;
3RUWDQWRGHYHVHUFRQVLGHUDGDQRVHQFDUJRVVRFLDLV
% SDUWHGRYDOHWUDQVSRUWHFXVWHDGRSHORHPSUHJDGRU
'DQGRFRQWLQXLGDGHDRLWHPDQWHULRU
(TXLSDPHQWR GH 3URWHomR ,QGLYLGXDO SHUFHQWXDO PtQLPR GH
(3,GHVHJXUDQoDVREUHDPmRGHREUDpGH
7UDQVSRUWH
SHUFHQWXDO GR WUDQVSRUWH HP UHODomR DR VDOiULR PpGLR
SDUWLFLSDomR GRV HPSUHJDGRV GH DFRUGR FRP DUW
LQFLVR,GRGHFUHWRGH
SHUFHQWXDO GH GHGXomR ILVFDO GH DFRUGR FRP LQVWUXomR
GR0$-85GH
7UDQVSRUWH > [ @ ; ;
)HUUDPHQWDV0DQXDLV
SHUFHQWXDO VREUH D PmR GH REUD GR FXVWR FRP IHUUDPHQWDV
PDQXDLV QHFHVViULD D H[HFXomR GH GHWHUPLQDGRV VHUYLoRV p GH
02707628174
2 6,1$3, FRQVLGHUD QD SODQLOKD GH HQFDUJRV VRFLDLV GR 5LR
*UDQGH GR 6XO RV LWHQV 9DOH7UDQVSRUWH H (3, FRPR HQFDUJRV
FRPSOHPHQWDUHV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3RUWDQWRGHYHVHUFRQVLGHUDGRQRVHQFDUJRVVRFLDLV
& OLFHQoDSDWHUQLGDGH
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
3RUWDQWRGHYHVHUFRQVLGHUDGRQRVHQFDUJRVVRFLDLV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
' R3,63$6(3TXHLQFLGHVREUHRIDWXUDPHQWREUXWR
&RQIRUPHYLPRVQDVTXHVW}HVVREUH%',R3,63$6(3LQWHJUDR
%',QmRID]HQGRSDUWHSRUWDQWRGRV HQFDUJRVVRFLDLV TXHLQFLGHP
GLUHWDPHQWHVREUHRVVDOiULRVGDPmRGHREUD
( GLDVGHFKXYDIDOWDVMXVWLILFDGDVHDFLGHQWHVGHWUDEDOKR
&RQIRUPHYLPRVQDFRPSRVLomRDFLPDHVVHVLWHQVLQWHJUDPRV
HQFDUJRVVRFLDLV
*DEDULWR'
12 VH GHYH FRQVLGHUDU QR FiOFXOR GRV FXVWRV
LQGLUHWRVFKDPDGRVGH%', %HQHItFLRH'HVSHVDV,QGLUHWDV
$ D DGPLQLVWUDomR FHQWUDO DSRLR WpFQLFR VXSHUYLVmR
DGPLQLVWUDomRHWF
% GHVSHVDVFRPPDQXWHQomRGRFDQWHLURGHREUD
& FXVWRVILQDQFHLURV
02707628174
*DEDULWR%
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±0HWU{63±)&& (PIXQomRGDIDVHHPTXHR
HPSUHHQGLPHQWR VH HQFRQWUD R GHWDOKDPHQWR GR SURMHWR p
GLVWLQWR H SRU LVVR DV LQIRUPDo}HV GLVSRQtYHLV SDUD D
RUoDPHQWDomRWDPEpPGLIHUHPSULQFLSDOPHQWHFRPUHODomRj
DGHUrQFLD GDV TXDQWLGDGHV HVWLPDGDV GDV H[HFXWDGDV $
DYDOLDomR GR SUHoR JOREDO GD REUD REWLGD DWUDYpV GR
OHYDQWDPHQWR GRV VHUYLoRV H TXDQWLWDWLYRV REWLGRV GRV
SURMHWRVEiVLFRVIXQGDPHQWDGRHPSODQLOKDVTXHH[SUHVVHPD
FRPSRVLomRGHWRGRVRVFXVWRVpFRQKHFLGDSRURUoDPHQWR
$ GHWDOKDGR
% HVWLPDWLYR
(PJHUDODHVWLPDWLYDGHFXVWRVpIHLWDDSDUWLUGHLQGLFDGRUHV
JHQpULFRV Q~PHURV FRQVDJUDGRV TXH VHUYHP SDUD XPD SULPHLUD
DERUGDJHP GD IDL[D GH FXVWR GD REUD $ WUDGLomR UHSUHVHQWD XP
DVSHFWRUHOHYDQWHQDHVWLPDWLYD
1RFDVRGHREUDVGHHGLILFDo}HVXPLQGLFDGRUEDVWDQWHXVDGRp
R FXVWR GR PHWUR TXDGUDGR FRQVWUXtGR ,Q~PHUDV VmR DV IRQWHV GH
UHIHUrQFLD GHVVH SDUkPHWUR VHQGR R &XVWR 8QLWiULR %iVLFR &8% R
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
PDLV XWLOL]DGR &DGD FRQVWUXWRUD QR HQWDQWR SRGH LU JHUDQGR VHXV
SUySULRVLQGLFDGRUHVFRPRSDVVDUGRWHPSR
2XWURVLQGLFDGRUHVJHQpULFRVVmR
&XVWRSRUPHWUROLQHDUGHUHGHGHGUHQDJHPRXHVJRWR
&XVWRSRUKHFWDUHGHXUEDQL]DomR
&XVWRGRTXLO{PHWURGHHVWUDGD
&XVWRGRTXLO{PHWURGHOLQKDGHWUDQVPLVVmRGHDOWDWHQVmR
& SUHOLPLQDU
VHQVLELOLGDGHGHSUHoRV
(PREUDVVLPLODUHVDFRQVWUXWRUDSRGHLUJHUDQGRVHXVSUySULRV
LQGLFDGRUHV (PERUD RV SUpGLRV WHQKDP SURMHWRV DUTXLWHW{QLFRV
GLVWLQWRV H DFDEDPHQWRV GLIHUHQWHV QRWDVH TXH RV LQGLFDGRUHV QmR
IOXWXDPPXLWR
' DQDOtWLFR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
( VLQWpWLFR
*DEDULWR2ILFLDO%
*DEDULWR3URSRVWR$QXODomR
±'HIHQVRULD±)&& $VVLQDOHDDOWHUQDWLYDTXH
DSUHVHQWDFRHUrQFLDGHPDUJHPGHHUURH HOHPHQWRVWpFQLFRV
QHFHVViULRVSDUDRWLSRGHRUoDPHQWRFLWDGR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3RUWDQWRRLWHP&HVWiFRUUHWR
*DEDULWR&
$ WDPDQKRGDREUDHVXDVLQWHUIHUrQFLDVHVSHFLILFLGDGHGDV
WHFQRORJLDV DGRWDGDV QR FDQWHLUR LPSOLFDo}HV HVWDEHOHFLGDV
QRVSDGU}HVFRPSRUWDPHQWDLVGRVUHFXUVRVKXPDQRV
% DRFXSDomRGRVWUDEDOKDGRUHVRYROXPHGHWUDEDOKRDVHU
H[HFXWDGR D LPSRUWkQFLD GR FXPSULPHQWR GR RUoDPHQWR
HVWDEHOHFLGRQDVDXGLWRULDVGDTXDOLGDGH
& DGLVSRQLELOLGDGHGHPDWHULDODORFDGRQRFDQWHLURDHVFDOD
GHWUDEDOKRHVWDEHOHFLGDSHODJHUrQFLDGH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR(
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
,,$OYHQDULDíGHVFRQWDUDSHQDVDiUHDTXHH[FHGHUDP
HPFDGDYmR3RUH[HPSORFDOFXODVHDiUHDGDSDUHGHLQWHLUD
GHSRLV GHVFRQWDVH RV YmRV SDUD DTXHOHV FRP P VHUmR
FRQVLGHUDGRV DSHQDV P $ iUHD GH P p GHYLGR DR
WUDEDOKRTXHRSHGUHLURWHUiSDUDUHTXDGUDURYmR
'H DFRUGR FRP 0DWWRV D iUHD GH DOYHQDULD VHUYLUi GH
EDVH SDUD R OHYDQWDPHQWR GH TXDQWLGDGHV GH RXWURV VHUYLoRV WDLV
FRPRFKDSLVFRHPERoRUHERFRSLQWXUDHD]XOHMR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&RUUHWD
,,,&RQFUHWRíPHGHVHQDSODQWDRXQDSUySULDREUD$OJXQV
tQGLFHV PpGLRV GH FRQVXPR QDV HVWUXWXUDV GH FRQFUHWR 3HVR
GRDoRíDNJPGHFRQFUHWRDSOLFDGRÈUHDGHIRUPDV
í D PP GH FRQFUHWR DSOLFDGR $JUHJDGR SDUD
FRQFUHWR ± DV VRPD GRV YROXPHV GH DUHLD EULWD EULWD
SDUDDSUHSDUDomRGHPGHFRQFUHWRpGHP
'H DFRUGR FRP 0DWWRV R YROXPH GH FRQFUHWR GH XP
SDYLPHQWR HQJORED SLODUHV YLJDV ODMHV H HVFDGDV 'HILQHVH
HVSHVVXUD PpGLD FRPR D HVSHVVXUD TXH R YROXPH GH FRQFUHWR GR
SDYLPHQWR DWLQJLULD VH IRVVH GLVWULEXtGR UHJXODUPHQWH SHOD iUHD GR
SDYLPHQWR0DWWRV VXJHUHRVVHJXLQWHVLQGLFDGRUHV
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$TXHVWmRDSUHVHQWDRVVHJXLQWHVGDGRV
WUDoRHPYROXPH±
FRQVXPRGHFLPHQWRVDFRVP
VDFR /
&RPLVVRWHPRVTXH
3DUDPGHFRQFUHWRFRQVRPHVHVDFRVGHFLPHQWR
NJGHFLPHQWRHTXLYDOHQWHD/
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7D[DVSRUPGHI{UPDV
SUHJRVDNJP 02707628174
GHVPROGDQWH/P
3RUWDQWRDVWD[DV DSUHVHQWDGDVQRLWHP,,,DSUR[LPDPVHGDV
LQGLFDGDV SHOD OLWHUDWXUD HVSHFLDOL]DGD SDUD HVWLPDWLYDV
RUoDPHQWiULDV
*DEDULWR&RUUHWD
(VWiFRUUHWRRTXHVHDILUPDHP
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ ,DSHQDV
% ,H,,DSHQDV
& ,,,H,,,
' ,,H,,,DSHQDV
( ,,,DSHQDV
2EV'DGRWUDoRHPYROXPHFRQVXPRGHFLPHQWR
VDFRVPVDFR /
*DEDULWR&
$
%
&
'
(
02707628174
*DEDULWR$
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3DUDRSURGXWR3XQLGDGHVPpWULFDV
3DUDRSURGXWR3XQLGDGHVPpWULFDV
)RLIHLWRRVHJXLQWHSODQRGHSURGXomRSDUDIHYHUHLURGH
3URGXWR3SHoDV
3URGXWR3SHoDV
3DUDRILQDOGHMDQHLURGHXQLGDGHVPpWULFDV
3DUDRILQDOGHIHYHUHLURGHXQLGDGHVPpWULFDV
$
%
&
02707628174
'
(
SURGXWR3[ XQLGDGHVPpWULFDV
SURGXWR3[ XQLGDGHVPpWULFDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
7RWDODVHUFRQVXPLGR XQLGDGHVPpWULFDV
*DEDULWR(
$ 5
% 5
& 5
' 5
( 5
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
2FRHILFLHQWHGHLQFKDPHQWRpGDGRSHODUHODomRHQWUHRYROXPH
~PLGRGDDUHLDHRYROXPHVHFRGDDUHLD 9K9R
2YROXPHVHFRGDDUHLD 9R p
2LQFKDPHQWRpGH&RPLVVRWHPRV
*DEDULWR'
% WRWDOGRWHUUHQRHYROXPHWUDQVSRUWDGRSHORFDPLQKmR
02707628174
& GH SURMHomR GD HGLILFDomR H YROXPH GH WHUUD PHGLGR QD
YDOD
' WRWDOGRWHUUHQRHiUHDGRWDOXGH
( WRWDOGRWHUUHQRHYROXPHGHWHUUDPHGLGRQDYDOD
'H DFRUGR FRP R 0DQXDO GH 3URMHWR GD 6($3 D PHGLomR GD
ORFDomR VHUi HIHWXDGD SRU PHWUR TXDGUDGR DSXUDQGRVH D iUHD GH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR&
%
&
(
(P XPD SODQWD FRP P GH FRPSULPHQWR FDEHULD DWp
P GH FRPSULPHQWR QR WHUUHQR GHVFRQVLGHUDQGRVH DV PDUJHQV GR
GHVHQKR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
*DEDULWR$
'DGRV
ÈUHDVGHFRQVWUXomR
VXEVRORP
WpUUHRHGHPDLVSDYLPHQWRVPFDGD
(VSHVVXUDVPpGLDVGHFRQFUHWR
IXQGDo}HVFPP
RXWUDVODMHVFPP
3UHoRGRFRQFUHWR5P
$
%
&
'
(
)XQGDo}HVP[PGHFRQFUHWR P
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
/DMHGRVXEVRORP[PGHFRQFUHWR P
2XWUDVODMHV[[P P
9ROXPHWRWDO P
3UHoRWRWDOGDHVWUXWXUD[ 5[
*DEDULWR%
3DUDXPSLVRUHWDQJXODUGHPDVTXDQWLGDGHVGHDUHLDFDO
FLPHQWRHSODFDVGHSLVRFHUkPLFRVHUmRUHVSHFWLYDPHQWHGH
4XDQWLGDGHV
[ PGHDUHLD
02707628174
[ NJGHFDOKLGUDWDGD
$ PNJVDFRVGHNJSODFDV
% PNJVDFRVGHNJSODFDV
& PNJVDFRVGHNJSODFDV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
' PNJVDFRVGHNJSODFDV
( PNJVDFRVGHNJSODFDV
*DEDULWR&
±7&(6(±)&& &RQVLGHUHRVGDGRVDEDL[R
9ROXPHWRWDO PĺFDoDPEDVĺFDoDPEDV
*DEDULWR$
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±/,67$'(48(67®(6'$)&&
( GHWHPSRQHFHVViULDSDUDDHODERUDomRGHXPGHWHUPLQDGR
VHUYLoR
HPREUD$3(1$6
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ ±
%
&
'
( ±
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
XPVHUYLoR(;&(72
$ RVSUHoRVXQLWiULRVGRVLQVXPRV
% RVFRHILFLHQWHVGHFRQVXPRGRVPDWHULDLV
& RV FRHILFLHQWHV GH SURGXWLYLGDGH GH PmR GH REUD SRU
FDWHJRULDGHRSHUiULRV
' RVFRHILFLHQWHVGHXWLOL]DomRGHHTXLSDPHQWRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
1D FRPSRVLomR GR FXVWR XQLWiULR GH H[HFXomR GH XP PHWUR
F~ELFR GH DOYHQDULD GH IXQGDomR H HPEDVDPHQWR FRP WLMRORV
PDFLoRVFRPXQV
$ RFXVWRGDPmRGHREUDUHSUHVHQWDPDLVGHGRFXVWR
XQLWiULR
& DUHODomRHQWUHRVFXVWRVGHPDWHULDLVHRFXVWRGDPmRGH
REUDpPHQRUTXH
( RVFXVWRVGRVWLMRORVUHSUHVHQWDPGRFXVWRXQLWiULR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
'12&6±)&& 3DUDUHVSRQGHUjVTXHVW}HVGHQ~PHURV
D FRQVLGHUH D WDEHOD GH YDORUHV GH UHIHUrQFLD DEDL[R
REWLGDGHXPEDQFRGHGDGRVGHHQJHQKDULDSDUDRFiOFXORGH
SUHoRVXQLWiULRVHRUoDPHQWRV
2 YDORU FRUUHWR SDUD R FXVWR HP UHDLV GH PmR GH
REUD GH P GH FRQFUHWR ODQoDGR HP XPD ODMH GH HVSHVVXUD
PpGLDGHFPFRUUHVSRQGHD
$
%
&
(
%
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&
'
(
( 7&8±7DEHODGH&XVWRV8QLWiULRV
± 7&(35 ± )&& 3DUD D FRQFUHWDJHP GH XP
WXEXOmR FLOtQGULFR FRP GLkPHWUR LJXDO D FP H DOWXUD GH
P GHYHUi VHU HQFRPHQGDGR FRQFUHWR D VHU WUDQVSRUWDGR HP
FDPLQKmR EHWRQHLUD 5HFRPHQGDVH TXH R YROXPH PtQLPR GH
HQWUHJD GH FRQFUHWR QmR VHMD LQIHULRU D GD FDSDFLGDGH
Pi[LPD GR FDPLQKmR EHWRQHLUD &RQVLGHUDQGR TXH RV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
$ H[HFXomR GH XP PHWUR TXDGUDGR GH DOYHQDULD GH WLMROR GH
EDUURPDFLoRFRPHVSHVVXUDGHXPWLMRORUHTXHU RVVHJXLQWHV
PDWHULDLV P GH DUHLD 5 P NJ GH FDO
KLGUDWDGD 5 NJ NJ GH FLPHQWR 5 NJ
XQLGDGHVGHWLMRORFRPXPPDFLoR 5XQLGDGH DOpPGH
KRUDV GH SHGUHLUR 5 K H KRUDV GH VHUYHQWH
5K
HQFDUJRVHOHLVVRFLDLVpHPUHDLV
$
%
&
'
(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰϵĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
1D FRPSRVLomR GR FXVWR XQLWiULR GH H[HFXomR GH XP
PHWUR TXDGUDGR GH DOYHQDULD GH WLMROR GH EDUUR PDFLoR FRP
HVSHVVXUDGHXPWLMROR
$ RFXVWRGDPmRGHREUDUHSUHVHQWDPDLVGHGRFXVWR
XQLWiULR
& DUHODomRHQWUHRVFXVWRVGHPDWHULDLVHRFXVWRGDPmRGH
REUDp
' D UHODomR HQWUH RV FXVWRV GD PmR GH REUD H R FXVWR GH
PDWHULDLVp
( RVFXVWRVGRVWLMRORVUHSUHVHQWDPGRFXVWRXQLWiULR
$ HTXLSHDGPLQLVWUDWLYDGHFDPSR
% YLJLDGRFDQWHLUR
& iJXDHOX]QRFDQWHLUR
' DOXJXHOGHHTXLSDPHQWRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
( PDWpULDSULPD
±7-3,±$UTXLWHWXUD±)&& 1DFRPSRVLomRGR
%', EHQHItFLRHFXVWRVLQGLUHWRV DWD[DHQWHQGLGDFRPRXPD
SURYLVmR GH RQGH VHUi UHWLUDGR R OXFUR GR FRQVWUXWRU DSyV R
GHVFRQWR GH WRGRV RV HQFDUJRV GHFRUUHQWHV GH LQ~PHUDV
LQFHUWH]DV TXH SRGHP RFRUUHU GXUDQWH D REUD GLItFHLV GH
VHUHPPHQVXUDGDVQRVHXFRQMXQWRpDWD[DGHQRPLQDGDGH
$ 5DWHLRGD$GPLQLVWUDomR
% 5LVFRGH([HFXomR
& 5HVHUYDGH&RQWLJrQFLD
' %HQHItFLR
( 2SHUDFLRQDOGH5LVFR
$ 0DUJHPGHFXVWR
% &XVWRV,QGLUHWRV
& /XFUR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
' %HQHItFLRVH'HVSHVDV,QGLUHWDV
( 0DUJHPGHSUHoR
$ HTXLSDPHQWRVFRPRFRPSXWDGRUHV
% RDOXJXHOGRVLPyYHLV
& RDORMDPHQWR
' PmRGHREUDLQGLUHWD
( VHUYLoRVGHFRSLDGRUDV
,,SUD]RGHH[HFXomRGDREUD
,,,,66GDSUHIHLWXUDORFDO
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
eFRUUHWRRTXHFRQVWDHP
$ ,H,9DSHQDV
% ,,H,,,DSHQDV
& ,,,,,H,9DSHQDV
' ,,,,,,H,9
( ,,DSHQDV
% &XVWRVGHWHOHIRQHVDOiULRVGHRSHUiULRVFRQWDVGHiJXDH
HQHUJLD
& ,378,55/870*36
' &2),16,66/XFUR&6//,PSRVWRGH5HQGD
75(3%±)&& 3DUDUHVSRQGHUDVTXHVW}HVGHQ~PHURV
HFRQVLGHUHRWH[WR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϯĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
1RFiOFXORGDVOHLVHHQFDUJRVVRFLDLV12pFRUUHWR
FRQVLGHUDU
$ SDUWHGRVDOiULRUHIHLomRFXVWHDGRSHORHPSUHJDGRU
% SDUWHGRYDOHWUDQVSRUWHFXVWHDGRSHORHPSUHJDGRU
& OLFHQoDSDWHUQLGDGH
' R3,63$6(3TXHLQFLGHVREUHRIDWXUDPHQWREUXWR
( GLDVGHFKXYDIDOWDVMXVWLILFDGDVHDFLGHQWHVGHWUDEDOKR
% GHVSHVDVFRPPDQXWHQomRGRFDQWHLURGHREUD
& FXVWRVILQDQFHLURV
±0HWU{63±)&& (PIXQomRGDIDVHHPTXHR
HPSUHHQGLPHQWR VH HQFRQWUD R GHWDOKDPHQWR GR SURMHWR p
GLVWLQWR H SRU LVVR DV LQIRUPDo}HV GLVSRQtYHLV SDUD D
RUoDPHQWDomRWDPEpPGLIHUHPSULQFLSDOPHQWHFRPUHODomRj
DGHUrQFLD GDV TXDQWLGDGHV HVWLPDGDV GDV H[HFXWDGDV $
DYDOLDomR GR SUHoR JOREDO GD REUD REWLGD DWUDYpV GR
OHYDQWDPHQWR GRV VHUYLoRV H TXDQWLWDWLYRV REWLGRV GRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϰĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
SURMHWRVEiVLFRVIXQGDPHQWDGRHPSODQLOKDVTXHH[SUHVVHPD
FRPSRVLomRGHWRGRVRVFXVWRVpFRQKHFLGDSRURUoDPHQWR
$ GHWDOKDGR
% HVWLPDWLYR
& SUHOLPLQDU
' DQDOtWLFR
( VLQWpWLFR
±'HIHQVRULD±)&& $VVLQDOHDDOWHUQDWLYDTXH
DSUHVHQWDFRHUrQFLDGHPDUJHPGHHUURH HOHPHQWRVWpFQLFRV
QHFHVViULRVSDUDRWLSRGHRUoDPHQWRFLWDGR
02707628174
$ WDPDQKRGDREUDHVXDVLQWHUIHUrQFLDVHVSHFLILFLGDGHGDV
WHFQRORJLDV DGRWDGDV QR FDQWHLUR LPSOLFDo}HV HVWDEHOHFLGDV
QRVSDGU}HVFRPSRUWDPHQWDLVGRVUHFXUVRVKXPDQRV
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϱĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
% DRFXSDomRGRVWUDEDOKDGRUHVRYROXPHGHWUDEDOKRDVHU
H[HFXWDGR D LPSRUWkQFLD GR FXPSULPHQWR GR RUoDPHQWR
HVWDEHOHFLGRQDVDXGLWRULDVGDTXDOLGDGH
& DGLVSRQLELOLGDGHGHPDWHULDODORFDGRQRFDQWHLURDHVFDOD
GHWUDEDOKRHVWDEHOHFLGDSHODJHUrQFLDGH
,,$OYHQDULDíGHVFRQWDUDSHQDVDiUHDTXHH[FHGHUDP
HPFDGDYmR3RUH[HPSORFDOFXODVHDiUHDGDSDUHGHLQWHLUD
GHSRLV GHVFRQWDVH RV YmRV SDUD DTXHOHV FRP P VHUmR
FRQVLGHUDGRV DSHQDV P $ iUHD GH P p GHYLGR DR
WUDEDOKRTXHRSHGUHLURWHUiSDUDUHTXDGUDURYmR
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϲĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
,,,&RQFUHWRíPHGHVHQDSODQWDRXQDSUySULDREUD$OJXQV
tQGLFHV PpGLRV GH FRQVXPR QDV HVWUXWXUDV GH FRQFUHWR 3HVR
GRDoRíDNJPGHFRQFUHWRDSOLFDGRÈUHDGHIRUPDV
í D PP GH FRQFUHWR DSOLFDGR $JUHJDGR SDUD
FRQFUHWR ± DV VRPD GRV YROXPHV GH DUHLD EULWD EULWD
SDUDDSUHSDUDomRGHPGHFRQFUHWRpGHP
(VWiFRUUHWRRTXHVHDILUPDHP
$ ,DSHQDV
% ,H,,DSHQDV
& ,,,H,,,
' ,,H,,,DSHQDV
( ,,,DSHQDV
2EV'DGRWUDoRHPYROXPHFRQVXPRGHFLPHQWR
VDFRVPVDFR /
$ 02707628174
%
&
'
(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϳĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
3DUDRSURGXWR3XQLGDGHVPpWULFDV
3DUDRSURGXWR3XQLGDGHVPpWULFDV
)RLIHLWRRVHJXLQWHSODQRGHSURGXomRSDUDIHYHUHLURGH
3URGXWR3SHoDV
3URGXWR3SHoDV
3DUDRILQDOGHMDQHLURGHXQLGDGHVPpWULFDV
3DUDRILQDOGHIHYHUHLURGHXQLGDGHVPpWULFDV
$
%
&
02707628174
'
(
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱϴĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
VHFDGHNJP6HRFXVWRGRPGHDUHLDp5R
FXVWRWRWDOGRLQVXPRDUHLDp
$ 5
% 5
& 5
' 5
( 5
% WRWDOGRWHUUHQRHYROXPHWUDQVSRUWDGRSHORFDPLQKmR
& GH SURMHomR GD HGLILFDomR H YROXPH GH WHUUD PHGLGR QD
YDOD
' WRWDOGRWHUUHQRHiUHDGRWDOXGH
02707628174
( WRWDOGRWHUUHQRHYROXPHGHWHUUDPHGLGRQDYDOD
%
&
'
(
± 75($0 ± )&& 1XP WHUUHQR GH P
HVWi VHQGR LPSODQWDGR XP HGLItFLR GH SDYLPHQWRV WpUUHR
PDLV HXPVXEVRORFRPDViUHDVGHFRQVWUXomRDEDL[R
'DGRV
ÈUHDVGHFRQVWUXomR
VXEVRORP
WpUUHRHGHPDLVSDYLPHQWRVPFDGD
(VSHVVXUDVPpGLDVGHFRQFUHWR
IXQGDo}HVFPP 02707628174
RXWUDVODMHVFPP
3UHoRGRFRQFUHWR5P
$
%
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲϬĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
&
'
(
3DUDXPSLVRUHWDQJXODUGHPDVTXDQWLGDGHVGHDUHLDFDO
FLPHQWRHSODFDVGHSLVRFHUkPLFRVHUmRUHVSHFWLYDPHQWHGH
$ PNJVDFRVGHNJSODFDV
% PNJVDFRVGHNJSODFDV
& PNJVDFRVGHNJSODFDV
' PNJVDFRVGHNJSODFDV
02707628174
( PNJVDFRVGHNJSODFDV
±7&(6(±)&& &RQVLGHUHRVGDGRVDEDL[R
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲϭĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
02707628174
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲϮĚĞϮϲϯ
ĚŝĨŝĐĂĕƁĞƐʹƵƌƐŽZĞŐƵůĂƌϮϬϭϰ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϭϯ
±*$%$5,72'$)&&
21) B 9) B 17) D 25) E
22) A 10) D 18) D 26) D
23) B 11) A 19) B 27) C
24) E 12) E 20) B 28) A
25) A 13) D 21) C 29) B
26) E 14) D 22) E 30) C
27) A 15) C 23) C 31) A
28) D 16) D 24) A
±5()(5Ç1&,$6%,%/,2*5È),&$6
ÈYLOD $ 9 /LEUHORWWR /, /RSHV 2& 2UoDPHQWR GH 2EUDV
8QLYHUVLGDGH GR 6XO GH 6DQWD &DWDULQD ± &XUVR GH $UTXLWHWXUD H
8UEDQLVPR±3ODQHMDPHQWRH*HUHQFLDPHQWRGH2EUDV
*RQoDOYHV&LOHQH0DULD0DUTXHV 0pWRGRSDUD*HVWmRGR&XVWR
GD &RQVWUXomR QR 3URFHVVR GH 3URMHWR GH (GLILFDo}HV
'LVVHUWDomRGH0HVWUDGR863
/LPPHU&DUO9LFHQWH3ODQHMDPHQWR2UoDPHQWDomRH&RQWUROH
GH3URMHWRVH2EUDV5LRGH-DQHLUR/7&
02707628174
0DWWRV$OGR'yUHD&RPRSUHSDUDURUoDPHQWRVGHREUDVGLFDV
SDUD RUoDPHQWLVWDV HVWXGRV GH FDVR H[HPSORV 6mR 3DXOR
3LQL
7LVDND 0DoDKLNR 2UoDPHQWR QD &RQVWUXomR &LYLO ±
&RQVXOWRULD3URMHWRH([HFXomR6mR3DXOR(GLWRUD3,1,
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲϯĚĞϮϲϯ