Download as pdf or txt
Download as pdf or txt
You are on page 1of 616

,QVWLWXWR1

 DFLRQDOGR6HJXUR6RFLDO Ì1',&(

&21+(&,0(1726*(5$,6
e7,&$126(59,d23Ô%/,&2
&yGLJRGHeWLFD3URILVVLRQDOGR6HUYLGRU3~EOLFR&LYLOGR3RGHU([HFXWLYR)HGHUDO
/&yGLJRGHeWLFD3URILVVLRQDOGR6HUYLGRU3~EOLFR&LYLOGR3RGHU([HFXWLYR)HGHUDO
'HFUHWRQž                                               
'HFUHWRQž                                               

3 7(67(6FRP  

5(*,0(-85Ì',&2Ô1,&2
/HLQžHDOWHUDo}HV
/HLQž
//HLQž
GLUHLWRVGR6HUYLGRU3~EOLFR                                         
GHYHUHVGR6HUYLGRU3~EOLFR                                         
26HUYLoR3~EOLFRFRPR$JHQWHGH'HVHQYROYLPHQWR6RFLDO                 
/26HUYLoR3~EOLFRFRPR$JHQWHGH'HVHQYROYLPHQWR6RFLDO
6D~GHH4XDOLGDGHGH9LGDQR6HUYLoR3~EOLFR                           
/6D~GHH4XDOLGDGHGH9LGDQR6HUYLoR3~EOLFR

3 7(67(6FRP              

(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWH
ULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
'DWDGD(GLomR
2VVtPERORVHPEOHPDVGLVWLQWLYRVHGHQRPLQDo}HVXWLOL]DGRVVmRPHUDPHQWHLOXVWUDWLYRV
QmRVLJQLILFDQGRDSRLRFRODERUDomRDXWRUL]DomRRXDERQRGDUHVSHFWLYD(QWLGDGHH 
VyIRUDPHPSUHJDGRVSDUDEHPLGHQWLILFDUR&RQFXUVRDTXHVHUHIHUHHVWD$SRVWLOD
Ì1',&( ,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO

&21+(&,0(1726*(5$,6
12d¯(6'(',5(,72&2167,78&,21$/
'LUHLWRVHGHYHUHVIXQGDPHQWDLVGLUHLWRVHGHYHUHVLQGLYLGXDLVHFROHWLYRV
'LUHLWRVHGHYHUHVIXQGDPHQWDLV
/'LUHLWRVHGHYHUHVIXQGDPHQWDLV
GLUHLWR jYLGD                                                   
jOLEHUGDGH                                               
jLJXDOGDGH                                               
jVHJXUDQoD                                             
jSURSULHGDGH                                            
GLUHLWRVVRFLDLV                                                 
QDFLRQDOLGDGH                                                  
FLGDGDQLD                                                     
JDUDQWLDVFRQVWLWXFLRQDLVLQGLYLGXDLV                                
JDUDQWLDVGRVGLUHLWRVFROHWLYRVVRFLDLVHSROtWLFRV                      
'D$GPLQLVWUDomR3~EOLFD
'D$GPLQLVWUDomR3~EOLFD
/'D$GPLQLVWUDomR3~EOLFD
DUWLJRVGHDFDStWXOR9,,&RQVWLWXLomR)HGHUDOGHHDWXDOL]Do}HV         

3 7(67(6FRP  

(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWH
ULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
'DWDGD(GLomR
2VVtPERORVHPEOHPDVGLVWLQWLYRVHGHQRPLQDo}HVXWLOL]DGRVVmRPHUDPHQWHLOXVWUDWLYRV
QmRVLJQLILFDQGRDSRLRFRODERUDomRDXWRUL]DomRRXDERQRGDUHVSHFWLYD(QWLGDGHH 
VyIRUDPHPSUHJDGRVSDUDEHPLGHQWLILFDUR&RQFXUVRDTXHVHUHIHUHHVWD$SRVWLOD
,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO Ì1',&(

&21+(&,0(1726*(5$,6
12d¯(6'(',5(,72$'0,1,675$7,92
(VWDGRJRYHUQRHDGPLQLVWUDomRS~EOLFD
/(VWDGRJRYHUQRHDGPLQLVWUDomRS~EOLFD
FRQFHLWRVHOHPHQWRV                                         
SRGHUHV                                                   
RUJDQL]DomR                                                
QDWXUH]DILQVHSULQFtSLRV                                     
'LUHLWR$GPLQLVWUDWLYR
/'LUHLWR$GPLQLVWUDWLYR
FRQFHLWRIRQWHVHSULQFtSLRV                                   
2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR                          
/2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
DGPLQLVWUDomRGLUHWDHLQGLUHWD                                
$JHQWHVS~EOLFRV                                           
/$JHQWHVS~EOLFRV
HVSpFLHVHFODVVLILFDomR                                      
SRGHUHVGHYHUHVHSUHUURJDWLYDV                               
FDUJRHPSUHJRHIXQomRS~EOLFRV                              
UHJLPHMXUtGLFR~QLFR                                       
SURYLPHQWR                                               
YDFkQFLD                                                 
UHPRomRUHGLVWULEXLomRVXEVWLWXLomR                           
GLUHLWRVHYDQWDJHQV                                        
UHJLPHGLVFLSOLQDU                                          
UHVSRQVDELOLGDGHFLYLOFULPLQDOHDGPLQLVWUDWLYD                   
Ì1',&( ,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO

3RGHUHVDGPLQLVWUDWLYRV                                         
/3RGHUHVDGPLQLVWUDWLYRV
SRGHUKLHUiUTXLFRSRGHUGLVFLSOLQDUSRGHUUHJXODPHQWDU               
SRGHUGHSROtFLD                                               
XVRHDEXVRGRSRGHU                                           
$WRDGPLQLVWUDWLYR                                             
/$WRDGPLQLVWUDWLYR
YDOLGDGHHILFiFLD                                              
DWULEXWRV                                                     
H[WLQomRGHVID]LPHQWRHVDQDWyULD                                 
FODVVLILFDomR                                                  
HVSpFLHVHH[WHULRUL]DomR                                         
YLQFXODomRHGLVFULFLRQDULHGDGH                                   
6HUYLoRV3~EOLFRV
/6HUYLoRV3~EOLFRV
FRQFHLWR                                                     
FODVVLILFDomR                                                  
UHJXODPHQWDomRHFRQWUROH                                       
IRUPDPHLRVHUHTXLVLWRV                                        
GHOHJDomR                                                    
FRQFHVVmR                                                  
SHUPLVVmR                                                  
DXWRUL]DomR                                                 
&RQWUROHHUHVSRQVDELOL]DomRGDDGPLQLVWUDomR                       
/&RQWUROHHUHVSRQVDELOL]DomRGDDGPLQLVWUDomR
FRQWUROHDGPLQLVWUDWLYR                                          
FRQWUROHMXGLFLDO                                               
FRQWUROHOHJLVODWLYR                                             
UHVSRQVDELOLGDGHFLYLOGR(VWDGR                                  
 /HLQž GLVS}HVREUHDVVDQo}HVDSOLFiYHLVDRVDJHQWHVS~EOLFRVQRVFDVRVGH
HQULTXHFLPHQWRLOtFLWRQRH[HUFtFLRGHPDQGDWRFDUJRHPSUHJRRXIXQomRGDDGPLQLVWUDomR
S~EOLFDGLUHWDLQGLUHWDRXIXQGDFLRQDOHGiRXWUDVSURYLGrQFLDV                  
/HLQžHDOWHUDo}HVSRVWHULRUHV /HLGR3URFHVVR$GPLQLVWUDWLYR     
//HLQž

3 7(67(6FRP           

(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWH
ULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
'DWDGD(GLomR
2VVtPERORVHPEOHPDVGLVWLQWLYRVHGHQRPLQDo}HVXWLOL]DGRVVmRPHUDPHQWHLOXVWUDWLYRV
QmRVLJQLILFDQGRDSRLRFRODERUDomRDXWRUL]DomRRXDERQRGDUHVSHFWLYD(QWLGDGHH 
VyIRUDPHPSUHJDGRVSDUDEHPLGHQWLILFDUR&RQFXUVRDTXHVHUHIHUHHVWD$SRVWLOD
,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO Ì1',&(

LÍNGUA PORTUGUESA
1. Compreensão e Interpretação de textos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01

2. Tipologia textual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07

3. Ortografia oficial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

4. Acentuação gráfica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

5. Emprego das classes de palavras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

6. Emprego do sinal indicativo de crase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

7. Sintaxe da oração e do período . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

8. Pontuação . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

9. Concordância nominal e verbal ..................................................... 59

10. Regência nominal e verbal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

11. Significação das palavras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

12. Redação de Correspondências Oficiais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Exercícios finais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Gabarito ......................................................................... 84
Ì1',&( ,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO

RACIOCÍNIO LÓGICO
1. Conceitos básicos de raciocínio lógico: proposições; valores lógicos das proposições;
sentenças abertas; número de linhas da tabela verdade; conectivos; proposições simples;
proposições compostas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2. Tautologia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

3. Operação com conjuntos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

4. Cálculos com porcentagens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

NOÇÕES DE INFORMÁTICA
1. Conceitos de Internet e intranet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01

2. Conceitos básicos e modos de utilização de tecnologias, ferramentas, aplicativos e


procedimentos de informática. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08

3. Conceitos e modos de utilização de aplicativos para edição de textos, planilhas e apresentações


utilizando-se a suíte de escritório LibreOffice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

4. Conceitos e modos de utilização de sistemas operacionais Windows 7 e 10. . . . . . . . . . . . . . . . . . . . . . . . 40

5. Noções básicas de ferramentas e aplicativos de navegação e correio eletrônico. . . . . . . . . . . . . . . . . . . . . 58

6. Noções básicas de segurança e proteção: vírus, worms e derivados . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Bateria de Testes (CESPE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95


,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO Ì1',&(

&21+(&,0(1726(63(&Ì),&26
3$5$2&$5*2'(

7e&1,&2'26(*85262&,$/
DWXDOL]DGRGHDFRUGRFRPD/HLQž 
/HLQž QRYDVUHJUDVGHDSRVHQWDGRULD
D/HLQž
/HLQž(VWDWXWRGR'HILFLHQWH
/HLQž
D/HL&RPSOHPHQWDUQž
/HL&RPSOHPHQWDUQž/HLGD3(&GDVGRPpVWLFDV
/HL&RPSOHPHQWDUQž
D/HLQž
/HLQžD/HLQž
/HLQž /HLQžD/HLQž
/HLQž /HLQž
/HLQž
HRV'HFUHWRVQž
'HFUHWRVQžH
'HFUHWRVQž 


6HJXULGDGH6RFLDO
/6HJXULGDGH6RFLDO
2ULJHPHHYROXomROHJLVODWLYDQR%UDVLO                                   
&RQFHLWXDomR                                                      
2UJDQL]DomRHSULQFtSLRVFRQVWLWXFLRQDLV                                  
/HJLVODomR3UHYLGHQFLiULD                                               
//HJLVODomR3UHYLGHQFLiULD
&RQWH~GRIRQWHVDXWRQRPLD                                         
$SOLFDomRGDVQRUPDVSUHYLGHQFLiULDV                                   
9LJrQFLDKLHUDUTXLDLQWHUSUHWDomRHLQWHJUDomR                          
5HJLPH*HUDOGH3UHYLGrQFLD6RFLDO                                       
/5HJLPH*HUDOGH3UHYLGrQFLD6RFLDO
6HJXUDGRVREULJDWyULRV                                              
)LOLDomRHLQVFULomR                                                 
&RQFHLWRFDUDFWHUtVWLFDVHDEUDQJrQFLD
HPSUHJDGRHPSUHJDGRGRPpVWLFRFRQWULEXLQWHLQGLYLGXDO                   
WUDEDOKDGRUDYXOVRHVHJXUDGRHVSHFLDO                                   
6HJXUDGRIDFXOWDWLYR
FRQFHLWRFDUDFWHUtVWLFDVILOLDomRHLQVFULomR                               
7UDEDOKDGRUHVH[FOXtGRVGR5HJLPH*HUDO                                
(PSUHVDHHPSUHJDGRUGRPpVWLFR
/(PSUHVDHHPSUHJDGRUGRPpVWLFR
FRQFHLWRSUHYLGHQFLiULR                                               
Ì1',&( ,QVWLWXWR1
 DFLRQDOGR6HJXUR6RFLDO

)LQDQFLDPHQWRGD6HJXULGDGH6RFLDO                                      
/)LQDQFLDPHQWRGD6HJXULGDGH6RFLDO
5HFHLWDVGD8QLmR                                                  
5HFHLWDVGDVFRQWULEXLo}HVVRFLDLV
GRVVHJXUDGRVGDVHPSUHVDV                                          
GRHPSUHJDGRUGRPpVWLFR                                            
GRSURGXWRUUXUDO                                                   
GRFOXEHGHIXWHEROSURILVVLRQDO                                        
VREUHDUHFHLWDGHFRQFXUVRVGHSURJQyVWLFRV                              
UHFHLWDVGHRXWUDVIRQWHV                                              
6DOiULRGHFRQWULEXLomR
&RQFHLWR                                                     
3DUFHODVLQWHJUDQWHVHSDUFHODVQmRLQWHJUDQWHV                        
/LPLWHVPtQLPRHPi[LPR                                        
3URSRUFLRQDOLGDGH                                              
5HDMXVWDPHQWR                                                 
$UUHFDGDomRHUHFROKLPHQWRGDVFRQWULEXLo}HVGHVWLQDGDVjVHJXULGDGHVRFLDO    
&RPSHWrQFLDGR,166HGD6HFUHWDULDGD5HFHLWD)HGHUDO                
2EULJDo}HVGDHPSUHVDHGHPDLVFRQWULEXLQWHV                        
3UD]RGHUHFROKLPHQWR                                           
5HFROKLPHQWRIRUDGRSUD]RMXURVPXOWDHDWXDOL]DomRPRQHWiULD         
'HFDGrQFLDHSUHVFULomR                                                
/'HFDGrQFLDHSUHVFULomR
&ULPHVFRQWUDDVHJXULGDGHVRFLDO                                         
/&ULPHVFRQWUDDVHJXULGDGHVRFLDO
5HFXUVRGDVGHFLV}HVDGPLQLVWUDWLYDV                                      
/5HFXUVRGDVGHFLV}HVDGPLQLVWUDWLYDV
3ODQRGH%HQHItFLRVGD3UHYLGrQFLD6RFLDO                                   
/3ODQRGH%HQHItFLRVGD3UHYLGrQFLD6RFLDO
EHQHILFLiULRV                                                         
HVSpFLHVGHSUHVWDo}HVHEHQHItFLRV
GLVSRVLo}HVJHUDLVHHVSHFtILFDV                                         
SHUtRGRVGHFDUrQFLD                                                
VDOiULRGHEHQHItFLR                                                
UHQGDPHQVDOGREHQHItFLR                                           
UHDMXVWDPHQWRGRYDORUGRVEHQHItFLRV                                  
0DQXWHQomRSHUGDHUHVWDEHOHFLPHQWRGDTXDOLGDGHGHVHJXUDGR              
/0DQXWHQomRSHUGDHUHVWDEHOHFLPHQWRGDTXDOLGDGHGHVHJXUDGR
/HLQƒGHHDOWHUDo}HVSRVWHULRUHV
/HLQƒGH
//HLQƒGH                         VLWH
/HLQƒGHHDOWHUDo}HVSRVWHULRUHV
/HLQƒGH
//HLQƒGH                         VLWH
'HFUHWRQƒGHHDOWHUDo}HVSRVWHULRUHV
'HFUHWRQƒGH
/'HFUHWRQƒGH                     VLWH
/HLGH$VVLVWrQFLD6RFLDO³/2$6
/HLGH$VVLVWrQFLD6RFLDO³/2$6
//HLGH$VVLVWrQFLD6RFLDO³/2$6
FRQWH~GRIRQWHVHDXWRQRPLD                                           VLWH
/HLQžHDOWHUDo}HVSRVWHULRUHV                                   VLWH
'HFUHWRQžHDOWHUDo}HVSRVWHULRUHV                               VLWH

37(67(6FRP              

(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
(VWD$SRVWLODIRLHODERUDGDULJRURVDPHQWH
ULJRURVDPHQWHGHDFRUGRFRPR3URJUDPD2ILFLDOGR&RQFXUVR
'DWDGD(GLomR
2VVtPERORVHPEOHPDVGLVWLQWLYRVHGHQRPLQDo}HVXWLOL]DGRVVmRPHUDPHQWHLOXVWUDWLYRV
QmRVLJQLILFDQGRDSRLRFRODERUDomRDXWRUL]DomRRXDERQRGDUHVSHFWLYD(QWLGDGHH 
VyIRUDPHPSUHJDGRVSDUDEHPLGHQWLILFDUR&RQFXUVRDTXHVHUHIHUHHVWD$SRVWLOD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO eWLFDQR6HUYLoR 

e7,&$126(59,d23Ó%/,&2
2VYRFiEXORVPRUDOHpWLFDGHULYDPGHSDODYUDVTXH $VVDQo}HVSRGHPVHUSRVLWLYDVTXDQGRHVWLPXODPIRUPDV
VLJQLILFDP KiELWR RX ´FRPSRUWDPHQWR HQWUHWDQWR R DSURYDGDV GH FRPSRUWDPHQWR GHVGH D WROHUkQFLD DWp D
SDSHOGRILOyVRIRPRUDOQXQFDVHFRQFHEHXFRPRRGHXP UHFRPSHQVD RXQHJDWLYDVTXDQGRSUHYLQHPFHQVXUDPRX
KRPHPDTXHPFRXEHVVHGHVFUHYHURXH[SOLFDURVFRVWX UHSULPHPIRUPDVLQGHVHMiYHLVGHFRQGXWD GHVGHDFUtWLFDH
PHV RX R FRPSRUWDPHQWR KXPDQR 0DV UHVSRQGHU jV FHQVXUDDWpDSXQLomRHH[FRPXQKmR 9HMDPRVXPH[HP
TXHVW}HVSUiWLFDVFULWLFDUDYDOLDURXHVWLPDUFRVWXPHVH SORFRQVLGHUDPRVDOJXQVDVSHFWRVGDPRGDTXHpRPRGR
FRPSRUWDPHQWRV GHVHYHVWLUQXPDGHWHUPLQDGDpSRFDQXPDGHWHUPLQDGD
VRFLHGDGH
$VVLP D ´ppWLFDµpRHVWXGRDQiOLVHHDYDORUDomRGD
WLFD
FRQGXWDKXPDQDHPFRQVRQkQFLDFRPRVFRQFHLWRVGH $WXDOPHQWH HVWi HP PRGD QR %UDVLO D FDOoD FRPSULGD
EHPHPDOQXPDGHWHUPLQDGDVRFLHGDGHHQXPGHWHUPL SDUDPRoDVHRFDEHORFRPSULGRSDUDRVUDSD]HV(QTXDQWR
QDGRPRPHQWR HODVHHOHVDQGDUHPGHDFRUGRFRPDPRGDDWXDOWXGRFRUUH
QRUPDOPHQWH1RHQWDQWRDQRVDWUiVVHDVPRoDVGHHQ
$GYLUWDVHTXHDpWLFDQmRFULDDPRUDODLQGDTXHWRGD WmRXVDVVHPDVFDOoDVGHKRMHVHUmRWDFKDGDVGHLPR
PRUDO SUHVVXSRQKD SULQFtSLRV QRUPDV RX UHJUDV GH UDLV1DTXHODpSRFDRVUDSD]HVGHFDEHORVFXPSULGRVGH
FRPSRUWDPHQWR TXH HQWUHWDQWR QmR VmR HVWDEHOHFLGRV XQKDV HVPDOWDGDV H FDPLVDV WUDQVSDUHQWHV H FRORULGDV
SHODpWLFDDWpSRUTXHSUpH[LVWHPDHVWDFRPRH[SHULrQ VHULDPYDLDGRVFRPRVXVSHLWRVTXDQWRjVXDPDVFXOLQLGD
FLDKLVWyULFRVRFLDO GH 1R HQWDQWR KRMH LVWR p QRUPDO  ³  HP ,QWURGXomR j
6RFLRORJLDS 

pWLFDpDWHRULDRXFLrQFLDGRFRPSRUWDPHQWRPRUDO
´$pWLFD
pWLFD
GRVKRPHQVHPVRFLHGDGHRXVHMDpFLrQFLDGHXPDIRUPD 'LVS}HDLQGDD´pWLFDµVREUHDUDFLRQDOLGDGHKXPDQLGD
GH$VVLPRKRPHPpVRFLDOQmRSRUTXHHOHpUDFLRQDOH
HVSHFtILFDGHFRPSRUWDPHQWRKXPDQRµ³FRPRDFRQFHLWXD
KXPDQR PDV DR FRQWUiULR HOH p UDFLRQDO H KXPDQR
$'2/)2 6É1&+(= 9É=48(= ³ LQ eWLFD (GLWRUD &LYLOL]DomR
SRUTXHpVRFLDO)RUDGDVRFLHGDGHHOHpLUUDFLRQDOSRLVQR
%UDVLOHLUDSSH 
LQGLYtGXR LVRODGR RV DIHWRV H DV SDL[}HV SUHGRPLQDP
VREUHDUD]mR2KRPHPSRUQDWXUH]DQmRpERPQHP
'LVFRUUHQGR VREUH D QDWXUH]D GD pWLFD RX ILORVRILD
PDO6mRDVFLUFXQVWkQFLDVVRFLDLVHDHGXFDomR TXHpXP
PRUDO:,//,$0 . )5$1.(1$GD8QLYHUVLGDGHGH0LFKL
IDWRWLSLFDPHQWHVRFLDO TXHRWUDQVIRUPDPHPERPRX
JDQ HQVLQD TXH $ eWLFD p XP UDPR GD ILORVRILD p D PDOFLGDGmR
)LORVRILD
)LORVRILD0RUDORXSHQVDPHQWRILORVyILFRDFHUFDGDPRUDOL
0RUDO
GDGHGRVSUREOHPDVPRUDLVHGRVMXt]RVPRUDLV·³ LQ&XUVR ([LVWHPSHVVRDVERDVJHQHURVDVPDVVHHODVHVWLYHUHP
0RGHUQRGH)LORVRILDe7,&$=DKDU 
LVRODGDV GD VRFLHGDGH HP FLUFXQVWkQFLDV H[FHSFLRQDLV
QmRVHVDEHRQGHYDLSDUDVXDERQGDGH6mRFDSD]HVGH
$ pWLFD FRQVLVWH QRV SUHFHLWRV EiVLFRV GD YLGD HP PDWDUHPXPDVjVRXWUDVSRLVTXLQWHVVrQFLDGRVHUKXPDQR
VRFLHGDGHSUHFHLWRVHVWHVTXHGL]HPUHVSHLWRDRFRPSRU pDVREUHYLYrQFLDLQGLYLGXDO
WDPHQWR VRFLDO GR LQGLYtGXR TXH GD PHVPD PDQHLUD
DEVWUDWDLJQRUDQGRRVUHVSRQGHSRUVDQo}HVPRUDLV
2LQGLYtGXRpHJRtVWDSRUQDWXUH]DeDVRFLHGDGHTXH
FRPR EHP H[SOLFLWD -$&2% %$=$5,$1 DV SUHVV}HV RX
ODSLGDHVVHHJRtVPRHRWUDQVIRUPDHPDOWUXtVPRGHVHQ
FRHUo}HVVRFLDLVH[HUFLGRVSHORVIDWRVVRFLDLVPDQLIHVWDPVH
YROYHQGRSRUVLSUySULRRKRPHPRVHQVRpWLFRSDUDFRP
SRU PHLRV GH VDQo}HV TXH VmR UHDo}HV GH DSURYDomR RX
RVVHXVUHODFLRQDPHQWRV
UHSURYDomR SRU SDUWH GR JUXSR HP UHODomR jV IRUPDV GH
FRPSRUWDPHQWRDGPLWLGDVRXFRQGHQDGDVGHVHXVPHPEURV
 eWLFDQR6HUYLoR ,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO


eWLFD3URILVVLRQDO 1HQKXPSURILVVLRQDOLJQRUDUiRVSUHFHLWRVGRGHVHQYRO
YLPHQWRVXVWHQWiYHOQDLQWHUYHQomRVREUHRVDPELHQWHV
$ eWLFD 3URILVVLRQDO FRQVXEVWDQFLD RV IXQGDPHQWRV QDWXUDOHFRQVWUXtGRHGDLQFROXPLGDGHGDVSHVVRDVGH
pWLFRVHDVFRQGXWDVQHFHVViULDVjERDHKRQHVWDSUiWLFD VHXVEHQVHGHVHXVYDORUHV
GDVSURILVV}HVFRQIRUPHRVSDGU}HVPRUDLVYLJHQWHVQXP
GHWHUPLQDGRPHLRVRFLDO 7RGRSURILVVLRQDOGHYH]HODUSHODOLEHUGDGHGHH[HUFtFLR
GDSURILVVmRQDFRQIRUPLGDGHGDVTXDOLILFDo}HVH[LJtYHLV
6DELGDPHQWHWRGDVSURILVV}HVVmRFDUDFWHUL]DGDVSRU TXDOWRGRVGHYHPOXWDUSHODREVHUYkQFLDLQWUDQVLJHQWHGRV
VHXV SHUILV SUySULRV SHOR VDEHU FLHQWtILFR H WHFQROyJLFR SUHFHLWRV GH VHJXUDQoD QD SUiWLFD GD SURILVVmR FRPR
TXHLQFRUSRUDPSHODVH[SUHVV}HVDUWtVWLFDVTXHXWLOL]DP LQWHUHVVHFROHWLYRGDDWLYLGDGHSURILVVLRQDO
H SHORV UHVXOWDGRV VRFLDLV HFRQ{PLFRV H DPELHQWDLV GR
WUDEDOKRTXHUHDOL]DP
'HYHUHVeWLFR3URILVVLRQDLV
$VRFLHGDGHWHPSRLVDH[SHFWDWLYDGHTXHRVSURILVVLR
QDLV FRPR GHWHQWRUHV GR VDEHU HVSHFLDOL]DGR GH VXDV
3RGHVHDILUPDUTXHQRH[HUFtFLRGHTXDOTXHUSURILV
SURILVV}HVVHMDPVXMHLWRVSUyDWLYRVGRGHVHQYROYLPHQWR
VmR RV SURILVVLRQDLV WrP GHYHUHV SDUD FRP D  R VHU
HGDVDWLVIDomRGDVQHFHVVLGDGHVVRFLDLV
KXPDQR H RV YDORUHV TXH R HQYROYHP SDUD FRP E  D
$OLiVDWpSRUIRUoDGRUHFRQKHFLPHQWRLQVWLWXFLRQDOGDV SUySULD SURILVVmR TXH H[HUFH H FRP ‹ VHXV SDUHV RX
SURILVV}HV WDQWR R REMHWLYR GHVWDV FRPR D DomR GRV FRPSDQKHLURVGHSURILVVmRDOpPGRVGHYHUHVSDUDFRP G
SURILVVLRQDLVILFDPYLQFXODGRVDREHPHVWDUHRGHVHQYRO RVFOLHQWHVHPSUHJDGRUHVHFRODERUDGRUHVHDLQGDSDUD
YLPHQWRGRKRPHPHPVHXDPELHQWHHHPVXDVGLYHUVDV FRP H RPHLRDPELHQWH
GLPHQV}HVFRPRLQGLYtGXRIDPtOLDFRPXQLGDGHVRFLHGD
GHQDomRHKXPDQLGDGHQDVVXDVUDt]HVKLVWyULFDVQDV (UHODomRDR´VHUKXPDQRµHDVHXV´YDORUHVµRSURILVVL
JHUDo}HVDWXDOHIXWXUD RQDOWHPRGHYHUGHRIHUHFHU VHXVDEHUSDUDREHPGD
KXPDQLGDGH³GHKDUPRQL]DURVLQWHUHVVHVSHVVRDLVDRV
1HVVHVHQWLGRDSUiWLFDGHTXDOTXHUSURILVVmRSDVVDD FROHWLYRV³GHFRQWULEXLUSDUDDSUHVHUYDomRGDLQFROXPL
VHURULHQWDGDSRUSULQFtSLRVpWLFRVGHTXHRSURILVVLRQDO GDGHS~EOLFDH³GHGLYXOJDURVFRQKHFLPHQWRVFLHQWtIL
QmRSRGHGHVYLDUVXDFRQGXWD FRVDUWtVWLFRVHWHFQROyJLFRVLQHUHQWHVjSURILVVmR

3ULPHLUDPHQWH D SURILVVmR D FRQVFLrQFLD GH TXH VXD 1RTXHFRQFHUQHjVXDSUySULDSURILVVmRGHVWDFDPVH


SURILVVmR p XP EHP VRFLDO GD KXPDQLGDGH H TXH WRGR RVGHYHUHVpWLFRVGHVHLGHQWLILFDUHVHGHGLFDUVHFRP]HOR
SURILVVLRQDOpRDJHQWHFDSD]GHH[HUFrODWHQGRFRPR j SURILVVmR ³ GH FRQVHUYDU H GHVHQYROYHU D FXOWXUD GD
REMHWLYRV PDLRUHV D SUHVHUYDomR H R GHVHQYROYLPHQWR DWLYLGDGHSURILVVLRQDO³GHSUHVHUYDURERPFRQFHLWRHR
KDUP{QLFR GR VHU KXPDQR GH VHX DPELHQWH H GH VHXV DSUHoRVRFLDOGDSURILVVmR³GHGHVHPSHQKDUVXDSURILV
YDORUHV VmR RX IXQomR QRV OLPLWHV GH VXDV DWULEXLo}HV H GH VXD
FDSDFLGDGH SHVVRDO GH UHDOL]DomR H ³ GH VH HPSHQKDU
'HPDLVGLVVRWRGDSURILVVmRpXPDFHUYRGHH[SHULrQFL MXQWRDRVRUJDQLVPRVSURILVVLRQDLVQRVHQWLGRGDFRQVROL
DV H FRQKHFLPHQWRV YHUGDGHLUR ´EHP FXOWXUDOµ TXH D GDomRGDFLGDGDQLDHGDVROLGDULHGDGHSURILVVLRQDOHGD
KXPDQLGDGHYHPFRQVWUXLQGRSHUHQHPHQWHFRPFRQKH FRLELomRGDVWUDQVJUHVV}HVpWLFDV
FLPHQWRVWpFQLFRVHFLHQWtILFRVHFRPDFULDomRDUWtVWLFDH 1RUHODFLRQDPHQWRFRPVHXVSDUHVGHSURILVVmRGHYH
TXH VH PDQLIHVWD SHOD SUiWLFD WHFQROyJLFD H GHYH VHU
RSURILVVLRQDODWXDUFRPOHDOGDGHQRPHUFDGRGHWUDEDOKR
FRORFDGRDVHUYLoRGDPHOKRULDGDTXDOLGDGHGHYLGDGR
REVHUYDQGRRSULQFtSLRGDLJXDOGDGHGHFRQGLo}HV³TXDO
KRPHP
GHYHVHPDQWHULQIRUPDGRVREUHDVQRUPDVTXHUHJXOD
PHQWDPRH[HUFtFLRGDSURILVVmR³DOpPGHSUHVHUYDUH
$KRQUDGH]GDSURILVVmRKiGHVHUH[DOWDGDFRPRXP
DOWRWtWXORGHKRQUDHRSURILVVLRQDOTXHDSUDWLFDKiGH GHIHQGHURVGLUHLWRVGHVXDSURILVVmR
VHUHVFUDYRGDFRQGXWDKRQHVWDGLJQDHFLGDGm
$VUHODo}HVFRPRVFOLHQWHVHPSUHJDGRUHVHFRODERUD
$HILFLrQFLDSURILVVLRQDOKiGHVHUDOFDQoDGDHPWRGR GRUHV GHYH VHU PDUFDGD SRU XP WUDWDPHQWR MXVWR D VHU
H[HUFtFLRSURILVVLRQDOTXHKiGHVHUFXPSULGRGHIRUPD GLVSHQVDGRDWRGRVWHUFHLURVFRPHVWULWDREVHUYkQFLDGR
UHVSRQViYHOHFRPSHWHQWHLQVWUXPHQWDQGRVHGDVWpFQLFDV SULQFtSLRGDHTLGDGH LJXDOGDGH ³HQTXDQWRRVLJLOR
DGHTXDGDVGHVRUWHDJDUDQWLDRVUHVXOWDGRVYLVDGRVFRP SURILVVLRQDO GHYH VHU UHVJXDUGDGR VHPSUH TXH IRU GR
DPi[LPDTXDOLGDGHSRVVtYHOVHMDQRVVHUYLoRVHRXQRV LQWHUHVVH GH VHX FOLHQWH RX HPSUHJDGRU UHVVDOYDGD p
SURGXWRVDOpPGHVHSUHVHUYDUDLQGLVSHQViYHOVHJXUDQoD FODURDVVLWXDo}HVGHREULJDomROHJDOGDGLYXOJDomRRXGD
QRVSURFHGLPHQWRV LQIRUPDomR 

2UHODFLRQDPHQWRSURILVVLRQDOSULPDUiSHODKRQHVWLGDGH 2 SURILVVLRQDO QmR SRGH VRQHJDU LQIRUPDomR H GHYH


TXDO SHOD MXVWLoD WDQWR FRP RV JHVWRUHV RUGHQDGRUHV UHSDVViODGHIRUPDFHUWDSUHFLVDHREMHWLYDLQFOXVLYHHP
GHVWLQDWiULRVEHQHILFLiULRVHFRODERUDGRUHVGRVVHUYLoRV SXEOLFLGDGHHSURSDJDQGDSHVVRDO³WDQWRTXDQWRGHYH
SURILVVLRQDLV³HQDFRPXQLGDGHGHSURILVVLRQDLVFRP DWXDUFRPLPSDUFLDOLGDGHHLPSHVVRDOLGDGHHPDWRV
IUDWHUQLGDGHDWHQWDjLJXDOGDGHGHWUDWDPHQWRHjOHDOGD HPTXHWHQKDGHRSLQDURXDUELWUDURXPHVPRUHDOL]DU
GHQDFRPSHWLomRRXGLVSXWDGHPHUFDGR SHUtFLDV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO eWLFDQR6HUYLoR 

&RPR SUHVWDGRU GH VHUYLoR WRGR SURILVVLRQDO Ki GH &DStWXOR,


FRQVLGHUDU R GLUHLWR GH HVFROKD GR GHVWLQDWiULR GRV 6HomR,
VHUYLoRVRIHUWDQGROKHVHPSUHTXHSRVVtYHODOWHUQDWLYDV 'DV5HJUDV'HRQWROyJLFDV
'DV5HJUDV'HRQWROyJLFDV $UWLJRV,D;,,,
YLiYHLVHDGHTXDGDVjVGHPDQGDVHPVXDVSURSRVWDV³
FXPSULQGROKHDLQGDRGHYHUGHDOHUWDUVREUHRVULVFRVH , $GLJQLGDGHRGHFRURR]HORDHILFiFLDHDFRQV
UHVSRQVDELOLGDGHV UHODWLYRV jV SUHVFULo}HV WpFQLFDV H jV FLrQFLDGRVSULQFtSLRVPRUDLVVmRSULPDGRVPDLRUHV
FRQVHTrQFLDV SUHVXPtYHLV GH VXD LQREVHUYkQFLD ³ H TXH GHYHP QRUWHDU R VHUYLGRU S~EOLFR VHMD QR
DGHPDLV DGHTXDU VXD IRUPD GH H[SUHVVmR WpFQLFD jV H[HUFtFLRGRFDUJRRXIXQomRRXIRUDGHOHMiTXH
QHFHVVLGDGHVGRFOLHQWHHjVQRUPDVYLJHQWHVDSOLFiYHLV UHIOHWLUi R H[HUFtFLR GD YRFDomR GR SUySULR SRGHU
HVWDWDO6HXVDWRVFRPSRUWDPHQWRVHDWLWXGHVVHUmR
3RU ILQDO R PHLR DPELHQWH Ki GH VHU XPD UHIHUrQFLD GLUHFLRQDGRV SDUD D SUHVHUYDomR GD KRQUD H GD
VDJUDGD³GHYHQGRRSURILVVLRQDORULHQWDURH[HUFtFLRGH
WUDGLomRGRVVHUYLoRVS~EOLFRV
VXDVDWLYLGDGHVSURILVVLRQDLVSHORVSUHFHLWRVGRGHVHQYRO
YLPHQWRVXVWHQWiYHO³HHPWRGDVVXDVDWLYLGDGHVGHYH
,, 2VHUYLGRUS~EOLFRQmRSRGHUiMDPDLVGHVSUH]DUR
DWHQGHUDRVSULQFtSLRVHUHFRPHQGDo}HVGHFRQVHUYDomR
HOHPHQWRpWLFRGHVXDFRQGXWD$VVLPQmRWHUiTXH
GHHQHUJLDHGHPLQLPL]DomRGRVLPSDFWRVDPELHQWDLV
GHFLGLUVRPHQWHHQWUHROHJDOHRLOHJDORMXVWRHR
LQMXVWRRFRQYHQLHQWHHRLQFRQYHQLHQWHRRSRUWXQR
HRLQRSRUWXQRPDVSULQFLSDOPHQWHHQWUHRKRQHVWR
eWLFDQR6HUYLoR3~EOLFR HRGHVRQHVWRFRQVRDQWHDVUHJUDVFRQWLGDVQR$UW
FDSXWH†žGD&RQVWLWXLomR)HGHUDO

6DELGRTXHDpWLFDpRHVWXGRDQiOLVHHDYDORUDomRGD ,,, $PRUDOLGDGHGD$GPLQLVWUDomR3~EOLFDQmRVHOLPLWD


FRQGXWDKXPDQDHP FRQVRQkQFLDFRPRVFRQFHLWRVGH jGLVWLQomRHQWUHREHPHRPDOGHYHQGRVHUDFUHV
EHPHPDOQXPDGHWHUPLQDGDVRFLHGDGHHQXPGHWHUPL FLGDGDLGHLDGHTXHRILPpVHPSUHREHPFRPXP
QDGRPRPHQWR³ILFDIiFLOFRPSUHHQGHUTXHD´eWLFDQR
2 HTXLOtEULR HQWUH D OHJDOLGDGH H D ILQDOLGDGH QD
6HUYLoR3~EOLFRµpHVVDPHVPDDQiOLVHHYDORUDomRGRFRP
FRQGXWDGRVHUYLGRUS~EOLFRpTXHSRGHUiFRQVROL
SRUWDPHQWR GR VHUYLGRU S~EOLFR QR GHVHPSHQKR GH VHX
GDUDPRUDOLGDGHGRDWRDGPLQLVWUDWLYR
VHUYLoRVHMDFRPRSUHVWDGRUGHXPVHUYLoRjSRSXODomR
VHMDHPUHODomRjVH[SHFWDWLYDGHWUDWDPHQWRGLVSHQVDGR
DRVFLGDGmRVRXHPUHODomRjOLVXUDGHVXDFRQGXWDj ,9 $UHPXQHUDomRGRVHUYLGRUS~EOLFRpFXVWHDGDSHORV
KRQHVWLGDGHGHVXDVSRVWXUDVHjGHGLFDomRDRVLQWHUHVVHV WULEXWRVSDJRVGLUHWDRXLQGLUHWDPHQWHSRUWRGRVDWp
S~EOLFRV SRUHOHSUySULRHSRULVVRVHH[LJHFRPRFRQWUDSDU
WLGDTXHDPRUDOLGDGHDGPLQLVWUDWLYDVHLQWHJUHQR
eRTXHEDVWDSDUDEHPVHFRPSUHHQGHUTXHDeWLFDQD 'LUHLWRFRPRHOHPHQWRLQGLVVRFLiYHOGHVXDDSOLFD
$GPLQLVWUDomR3~EOLFDHQFHUUDDDYDOLDomRGDFRQGXWDGR omR H GH VXD ILQDOLGDGH HULJLQGRVH FRPR FRQVH
VHUYLGRUS~EOLFR ODWRVHQVX HPIDFHGRVYDORUHVVRFLDLV TXrQFLDHPIDWRUGHOHJDOLGDGH
EUDVLOHLURVFRQVDJUDGRVQRVSRVWXODGRVMXUtGLFRVPRUDLV
HSROtWLFRV 9 2 WUDEDOKR GHVHQYROYLGR SHOR VHUYLGRUS~EOLFR
SHUDQWH D FRPXQLGDGH GHYH VHU HQWHQGLGR FRPR
DFUpVFLPRDRVHXSUySULREHPHVWDUMiTXHFRPR
FLGDGmR LQWHJUDQWH GD VRFLHGDGH R r[LWR GHVVH
WUDEDOKR SRGH VHU FRQVLGHUDGR FRPR VHX PDLRU
&yGLJRGHeWLFD3URILVVLRQDO SDWULP{QLR
GR
6HUYLGRU3~EOLFR&LYLO 9, $ IXQomR S~EOLFD GHYH VHU WLGD FRPRH[HUFtFLR
GR
SURILVVLRQDOHSRUWDQWRVHLQWHJUDQDYLGDSDUWLFXODU
3RGHU([HFXWLYR)HGHUDO GHFDGDVHUYLGRUS~EOLFR
'HFUHWRQž $VVLPRVIDWRVHDWRVYHULILFDGRVQDFRQGXWDGRGLD
DGLD HP VXD YLGD SULYDGD SRGHUmR DFUHVFHU RX
GLPLQXLURVHXERPFRQFHLWRQDYLGDIXQFLRQDO

$WXDOPHQWHSRGHVHDILUPDUKDYHUXPFRQVHQVRVREUH 9,, 6DOYRRVFDVRVGHVHJXUDQoDQDFLRQDOLQYHVWLJDo}HV


D FRQGXWD LGHDO GR VHUYLoR S~EOLFR  $OLiV DLQGD TXH SROLFLDLVRXLQWHUHVVHVXSHULRUGR(VWDGRHGD$GPL
HVWDEHOHFLGRSHOR*RYHUQR)HGHUDOSDUDRVVHUYLGRUHVFLYLV
QLVWUDomR3~EOLFDDVHUHPSUHVHUYDGRVHPSURFHVVR
GR 3RGHU ([HFXWLYR )HGHUDO ³ DV UHJUDV HVWDWXtGDV QR
SUHYLDPHQWHGHFODUDGRVLJLORVRQRVWHUPRVGDOHLD
'HFUHWR Qž  GH   ³ VRE R UyWXOR GH
SXEOLFLGDGHGHTXDOTXHUDWRDGPLQLVWUDWLYRFRQVWLWXL
´&yGLJR
&yGLJR
&yGLJR GH
GH eWLFD
eWLFD 3URILVVLRQDO
3URILVVLRQDO GR
GR 6HUYLGRU
6HUYLGRU 3~EOLFR&LYLO
3~EOLFR&LYLO
UHTXLVLWR GH HILFiFLD H PRUDOLGDGH HQVHMDQGR VXD
GR
GR3RGHU
3RGHU([HFXWLYR
([HFXWLYR)HGHUDO³VmRSHUIHLWDPHQWHYiOLGDV
)HGHUDO
SDUD RV 6HUYLGRUHV 3~EOLFRV (VWDGXDLV H 0XQLFLSDLV ³ RPLVVmR FRPSURPHWLPHQWR pWLFR FRQWUD R EHP
WDQWR GR 3RGHU ([HFXWLYR FRPR GR /HJLVODWLYR H GR FRPXPLPSXWiYHODTXHPDQHJDU
-XGLFLiULR
 eWLFDQR6HUYLoR ,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO


9,,, 7RGDSHVVRDWHPGLUHLWRjYHUGDGH2VHUYLGRUQmR E H[HUFHU VXDV DWULEXLo}HV FRP UDSLGH] SHUIHLomR H


SRGHRPLWLODRXIDOVHiODDLQGDTXHFRQWUiULDDRV UHQGLPHQWRSRQGRILPRXSURFXUDQGRSULRULWDULD
LQWHUHVVHV GD SUySULD SHVVRD LQWHUHVVDGD RX GD PHQWHUHVROYHUVLWXDo}HVSURFUDVWLQDWyULDVSULQFLSDO
$GPLQLVWUDomR3~EOLFD1HQKXP(VWDGRSRGHFUHVFHU PHQWHGLDQWHGHILODVRXGHTXDOTXHURXWUDHVSpFLH
RXHVWDELOL]DUVHVREUHRSRGHUFRUUXSWLYRGRKiELWR GHDWUDVR QD SUHVWDomRGRVVHUYLoRVSHORVHWRUHP
GR HUUR GD RSUHVVmR RX GD PHQWLUD TXH VHPSUH TXH H[HUoD VXDV DWULEXLo}HV FRP R ILP GH HYLWDU
DQLTXLODPDWpPHVPRDGLJQLGDGHKXPDQDTXDQWR GDQRPRUDODRXVXiULR
PDLVDGHXPD1DomR
F VHUSURERUHWROHDOHMXVWRGHPRQVWUDQGRWRGDD
,; $ FRUWHVLD D ERD YRQWDGH R FXLGDGR H RWHPSR LQWHJULGDGH GR VHX FDUiWHU HVFROKHQGR VHPSUH
GHGLFDGRVDRVHUYLoRS~EOLFRFDUDFWHUL]DPRHVIRUoR TXDQGRHVWLYHUGLDQWHGHGXDVRSo}HVDPHOKRUHD
SHODGLVFLSOLQD7UDWDUPDOXPDSHVVRDTXHSDJDVHXV PDLVYDQWDMRVDSDUDREHPFRPXP
WULEXWRVGLUHWDRXLQGLUHWDPHQWHVLJQLILFDFDXVDUOKH
GDQRPRUDO'DPHVPDIRUPDFDXVDUGDQRDTXDO G MDPDLV UHWDUGDU TXDOTXHU SUHVWDomR GH FRQWDV
TXHU EHP SHUWHQFHQWH DR SDWULP{QLR S~EOLFR FRQGLomR HVVHQFLDO GD JHVWmR GRV EHQV GLUHLWRV H
GHWHULRUDQGRR SRU GHVFXLGR RX Pi YRQWDGH QmR VHUYLoRVGDFROHWLYLGDGHDVHXFDUJR
FRQVWLWXLDSHQDVXPD RIHQVDDRHTXLSDPHQWRHjV
LQVWDODo}HVRXDR(VWDGRPDVDWRGRVRVKRPHQVGH H WUDWDU FXLGDGRVDPHQWH RV XVXiULRV GRV VHUYLoRV
ERD YRQWDGH TXH GHGLFDUDP VXD LQWHOLJrQFLD VHX DSHUIHLoRDQGRRSURFHVVRGHFRPXQLFDomRHFRQWDWR
WHPSR VXDV HVSHUDQoDV H VHXV HVIRUoRV SDUD FRPRS~EOLFR
FRQVWUXtORV
I WHU FRQVFLrQFLD GH TXH VHX WUDEDOKR p UHJLGR SRU
SULQFtSLRVpWLFRVTXHVHPDWHULDOL]DPQDDGHTXDGD
; 'HL[DURVHUYLGRUS~EOLFRTXDOTXHUSHVVRDjHVSHUD
SUHVWDomRGRVVHUYLoRVS~EOLFRV
GHVROXomRTXHFRPSHWHDRVHWRUHPTXHH[HUoDVXDV
IXQo}HVSHUPLWLQGRDIRUPDomRGHORQJDVILODVRX
J VHUFRUWrVWHUXUEDQLGDGHGLVSRQLELOLGDGHHDWHQomR
TXDOTXHU RXWUD HVSpFLH GH DWUDVR QD SUHVWDomR GR
UHVSHLWDQGRDFDSDFLGDGHHDVOLPLWDo}HVLQGLYLGXDLV
VHUYLoRQmRFDUDFWHUL]DDSHQDVDWLWXGHFRQWUDDpWLFD
GHWRGRVRVXVXiULRVGRVHUYLoRS~EOLFRVHPTXDO
RXDWRGHGHVXPDQLGDGHPDVSULQFLSDOPHQWHJUDYH
TXHU HVSpFLH GH SUHFRQFHLWR RX GLVWLQomR GH UDoD
GDQRPRUDODRVXVXiULRVGRVVHUYLoRVS~EOLFRV
VH[R QDFLRQDOLGDGH FRU LGDGH UHOLJLmR FXQKR
SROtWLFRHSRVLomRVRFLDODEVWHQGRVHGHVVDIRUPD
;, 2VHUYLGRUGHYHSUHVWDUWRGDDVXDDWHQomRjVRUGHQV
GHFDXVDUOKHVGDQRPRUDO
OHJDLVGHVHXVVXSHULRUHVYHODQGRDWHQWDPHQWHSRU
VHX FXPSULPHQWR H DVVLP HYLWDQGR D FRQGXWD K WHUUHVSHLWRjKLHUDUTXLDSRUpPVHPQHQKXPWHPRU
QHJOLJHQWH2VUHSHWLGRVHUURVRGHVFDVRHRDF~PX GH UHSUHVHQWDU FRQWUD TXDOTXHU FRPSURPHWLPHQWR
ORGHGHVYLRVWRUQDPVHjVYH]HVGLItFHLVGHFRUULJLU LQGHYLGR GD HVWUXWXUD HP TXH VH IXQGD R 3RGHU
HFDUDFWHUL]DPDWpPHVPRLPSUXGrQFLDQRGHVHPSH (VWDWDO
QKRGDIXQomRS~EOLFD
L  UHVLVWLUDWRGDVDVSUHVV}HVGHVXSHULRUHVKLHUiUTXL
;,, 7RGDDXVrQFLDLQMXVWLILFDGDGRVHUYLGRUGHVHXORFDO FRVGHFRQWUDWDQWHVLQWHUHVVDGRVHRXWURVTXHYLVHP
GH WUDEDOKR p IDWRU GH GHVPRUDOL]DomR GR VHUYLoR REWHU TXDLVTXHU IDYRUHV EHQHVVHV RX YDQWDJHQV
S~EOLFRRTXHTXDVHVHPSUHFRQGX]jGHVRUGHPQDV LQGHYLGDVHPGHFRUUrQFLDGHDo}HVLPRUDLVLOHJDLV
UHODo}HVKXPDQDV RXDpWLFDVHGHQXQFLiODV

;,,, 2VHUYLGRUTXHWUDEDOKDHPKDUPRQLDFRPDHVWUXWX M  ]HODUQRH[HUFtFLRGRGLUHLWRGHJUHYHSHODVH[LJrQ


UDRUJDQL]DFLRQDOUHVSHLWDQGRVHXVFROHJDVHFDGD FLDV HVSHFtILFDV GD GHIHVD GD YLGD H GD VHJXUDQoD
FRQFLGDGmR FRODERUD H GH WRGRV SRGH UHFHEHU FROHWLYD
FRODERUDomRSRLVVXDDWLYLGDGHS~EOLFDpDJUDQGH
RSRUWXQLGDGH SDUD R FUHVFLPHQWR H R HQJUDQGHFL O  VHUDVVtGXRHIUHTXHQWHDRVHUYLoRQDFHUWH]DGHTXH
PHQWRGD1DomR VXDDXVrQFLDSURYRFDGDQRVDRWUDEDOKRRUGHQDGR
UHIOHWLQGRQHJDWLYDPHQWHHPWRGRRVLVWHPD

6HomR,, P FRPXQLFDULPHGLDWDPHQWHDVHXVVXSHULRUHVWRGRH
'RV3ULQFLSDLV'HYHUHVGR6HUYLGRU3~EOLFR
'RV3ULQFLSDLV'HYHUHVGR6HUYLGRU3~EOLFR TXDOTXHUDWRRXIDWRFRQWUiULRDRLQWHUHVVHS~EOLFR
H[LJLQGRDVSURYLGrQFLDVFDEtYHLV
;,9 6mRGHYHUHVIXQGDPHQWDLVGRVHUYLGRUS~EOLFR
Q PDQWHUOLPSRHHPSHUIHLWDRUGHPRORFDOGHWUDED
D GHVHPSHQKDU D WHPSR DV DWULEXLo}HV GR FDUJR OKR VHJXLQGR RV PpWRGRV PDLV DGHTXDGRV j VXD
IXQomRRXHPSUHJRS~EOLFRGHTXHVHMDWLWXODU RUJDQL]DomRHGLVWULEXLomR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO eWLFDQR6HUYLoR 

R SDUWLFLSDUGRVPRYLPHQWRVHHVWXGRVTXHVHUHODFLR I SHUPLWLU TXH SHUVHJXLo}HV VLPSDWLDV DQWLSDWLDV


QHPFRPDPHOKRULDGRH[HUFtFLRGHVXDVIXQo}HV FDSULFKRVSDL[}HVRXLQWHUHVVHVGHRUGHPSHVVRDO
WHQGRSRUHVFRSRDUHDOL]DomRGREHPFRPXP LQWHUILUDPQRWUDWRFRPRS~EOLFRFRPRVMXULVGLFLR
QDGRVDGPLQLVWUDWLYRVRXFRPFROHJDVKLHUDUTXLFD
S DSUHVHQWDUVHDRWUDEDOKRFRPYHVWLPHQWDVDGHTXD PHQWHVXSHULRUHVRXLQIHULRUHV
GDVDRH[HUFtFLRGDIXQomR
J SOHLWHDU VROLFLWDU SURYRFDU VXJHULU RX UHFHEHU
T PDQWHUVHDWXDOL]DGRFRPDVLQVWUXo}HVDVQRUPDV TXDOTXHU WLSR GH DMXGD ILQDQFHLUD JUDWLILFDomR
GHVHUYLoRHDOHJLVODomRSHUWLQHQWHVDRyUJmRRQGH SUrPLRFRPLVVmRGRDomRRXYDQWDJHPGHTXDOTXHU
HVSpFLHSDUDVLIDPLOLDUHVRXTXDOTXHUSHVVRDSDUD
H[HUFHVXDVIXQo}HV
RFXPSULPHQWRGDVXDPLVVmR RXSDUDLQIOXHQFLDU
RXWURVHUYLGRUSDUDRPHVPRILP
U FXPSULUGHDFRUGRFRPDVQRUPDVGRVHUYLoRHDV
LQVWUXo}HV VXSHULRUHV DV WDUHIDV GH VHX FDUJR RX K DOWHUDURXGHWXUSDURWHRUGHGRFXPHQWRVTXHGHYD
IXQomRWDQWRTXDQWRSRVVtYHOFRPFULWpULRVHJXUDQ HQFDPLQKDUSDUDSURYLGrQFLDV
oDHUDSLGH]PDQWHQGRWXGRVHPSUHHPERDRUGHP
L  LOXGLURXWHQWDULOXGLUTXDOTXHUSHVVRDTXHQHFHVVLWH
V IDFLOLWDUDILVFDOL]DomRGHWRGRVDWRVRXVHUYLoRVSRU GRDWHQGLPHQWRHPVHUYLoRVS~EOLFRV
TXHPGHGLUHLWR
M  GHVYLDUVHUYLGRUS~EOLFRSDUDDWHQGLPHQWRDLQWHUHV
W H[HUFHU FRP HVWULWD PRGHUDomR DV SUHUURJDWLYDV VHSDUWLFXODU
IXQFLRQDLVTXHOKHVHMDPDWULEXtGDVDEVWHQGRVHGH
ID]rORFRQWUDULDPHQWHDRVOHJtWLPRVLQWHUHVVHVGRV O  UHWLUDUGDUHSDUWLomRS~EOLFDVHPHVWDUOHJDOPHQWH
XVXiULRV GR VHUYLoR S~EOLFR H GRV MXULVGLFLRQDGRV DXWRUL]DGR TXDOTXHU GRFXPHQWR OLYUR RX EHP
DGPLQLVWUDWLYRV SHUWHQFHQWHDRSDWULP{QLRS~EOLFR

X DEVWHUVHGHIRUPDDEVROXWDGHH[HUFHUVXDIXQomR P ID]HU XVR GH LQIRUPDo}HV SULYLOHJLDGDV REWLGDV QR


SRGHU RX DXWRULGDGH FRP ILQDOLGDGH HVWUDQKD DR kPELWRLQWHUQRGHVHXVHUYLoRHPEHQHItFLRSUySULR
LQWHUHVVHS~EOLFRPHVPRTXHREVHUYDQGRDVIRUPDOL GHSDUHQWHVGHDPLJRVRXGHWHUFHLURV
GDGHV OHJDLV H QmR FRPHWHQGR TXDOTXHU YLRODomR
Q DSUHVHQWDUVH HPEULDJDGR QR VHUYLoR RX IRUD GHOH
H[SUHVVDjOHL
KDELWXDOPHQWH
Y GLYXOJDU H LQIRUPDU D WRGRV RV LQWHJUDQWHV GD VXD R GDURVHXFRQFXUVRDTXDOTXHULQVWLWXLomRTXHDWHQWH
FODVVH VREUH D H[LVWrQFLD GHVWH &yGLJR GH eWLFD FRQWUD D PRUDO D KRQHVWLGDGH RX D GLJQLGDGH GD
HVWLPXODQGRRVHXLQWHJUDOFXPSULPHQWR SHVVRDKXPDQD

S H[HUFHUDWLYLGDGHSURILVVLRQDODpWLFDRXOLJDURVHX
6HomR,,, QRPHDHPSUHHQGLPHQWRVGHFXQKRGXYLGRVR
'DV9HGDo}HVDR6HUYLGRU3~EOLFR

;9 eYHGDGRDRVHUYLGRUS~EOLFR &DStWXOR,,


'DV&RPLVV}HVGHeWLFD
D R XVR GR FDUJR RX IXQomR IDFLOLGDGHV DPL]DGHV
WHPSR SRVLomR H LQIOXrQFLDV SDUD REWHU TXDOTXHU ;9, (P WRGRV RV yUJmRV HHQWLGDGHVGD$GPLQLVWUDomR
IDYRUHFLPHQWRSDUDVLRXSDUDRXWUHP 3~EOLFD)HGHUDOGLUHWDLQGLUHWDDXWiUTXLFDHIXQGDFL
RQDORXHPTXDOTXHUyUJmRRXHQWLGDGHTXHH[HUoD
E SUHMXGLFDUGHOLEHUDGDPHQWHDUHSXWDomRGHRXWURV DWULEXLo}HVGHOHJDGDVSHORSRGHUS~EOLFRGHYHUiVHU
VHUYLGRUHVRXGHFLGDGmRVTXHGHOHVGHSHQGDP FULDGD XPD &RPLVVmR GH eWLFD HQFDUUHJDGD GH
RULHQWDUHDFRQVHOKDUVREUHDpWLFDSURILVVLRQDOGR
VHUYLGRU QR WUDWDPHQWR FRP DV SHVVRDV H FRP R
F VHU HP IXQomR GH VHX HVStULWR GH VROLGDULHGDGH
SDWULP{QLR S~EOLFR FRPSHWLQGROKH FRQKHFHU
FRQLYHQWH FRP HUUR RX LQIUDomR D HVWH &yGLJR GH
FRQFUHWDPHQWH GH LPSXWDomR RX GH SURFHGLPHQWR
eWLFDRXDR&yGLJRGHeWLFDGHVXDSURILVVmR
VXVFHSWtYHOGHFHQVXUD
G XVDU GH DUWLItFLRV SDUD SURFUDVWLQDU RX GLILFXOWDU R ;9,, 5HYRJDGRSHOR'HFUHWRQžGHž
H[HUFtFLR UHJXODU GH GLUHLWR SRU TXDOTXHU SHVVRD
FDXVDQGROKHGDQRPRUDORXPDWHULDO ;9,,, ­&RPLVVmRGHeWLFDLQFXPEHIRUQHFHUDRVRUJDQLV
PRVHQFDUUHJDGRVGDH[HFXomRGRTXDGURGHFDUUHL
UD GRV VHUYLGRUHV RV UHJLVWURV VREUH VXD FRQGXWD
H GHL[DUGHXWLOL]DURVDYDQoRVWpFQLFRVHFLHQWtILFRVDR
pWLFDSDUDRHIHLWRGHLQVWUXLUHIXQGDPHQWDUSURPR
VHX DOFDQFH RX GR VHX FRQKHFLPHQWR SDUD DWHQ
o}HVHSDUDWRGRVRVGHPDLVSURFHGLPHQWRVSUySULRV
GLPHQWRGRVHXPLVWHU GDFDUUHLUDGRVHUYLGRUS~EOLFR
 eWLFDQR6HUYLoR ,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO


;,; 5HYRJDGRSHOR'HFUHWRQžGHž Art.3º -A CEP será integrada por sete brasileiros que preen-
;; 5HYRJDGRSHOR'HFUHWRQžGHž cham os requisitos de idoneidade moral, reputação
;;, 5HYRJDGRSHOR'HFUHWRQžGHž ilibada e notória experiência em administração pública,
designados pelo Presidente da República, para manda-
;;,, $SHQDDSOLFiYHODRVHUYLGRUS~EOLFRSHOD&RPLVVmR tos de três anos, não coincidentes, permitida uma única
GHeWLFDpDGHFHQVXUDHVXDIXQGDPHQWDomRFRQVWD recondução.
UiGRUHVSHFWLYRSDUHFHUDVVLQDGRSRUWRGRVRVVHXV § 1º - A atuação no âmbito da CEP não enseja qualquer
LQWHJUDQWHVFRPFLrQFLDGRIDOWRVR remuneração para seus membros e os trabalhos nela
desenvolvidos são considerados prestação de relevan-
;;,,, 5HYRJDGRSHOR'HFUHWRQžGHž te serviço público.

;;,9 3DUDILQVGHDSXUDomRGRFRPSURPHWLPHQWRpWLFR § 2º - O Presidente terá o voto de qualidade nas deliberações


HQWHQGHVHSRUVHUYLGRUS~EOLFRWRGRDTXHOHTXHSRU da Comissão.
IRUoD GH OHLFRQWUDWRRXGHTXDOTXHUDWRMXUtGLFR § 3º - Os mandatos dos primeiros membros serão de um,
SUHVWHVHUYLoRVGHQDWXUH]DSHUPDQHQWHWHPSRUiULD dois e três anos, estabelecidos no decreto de designa-
RXH[FHSFLRQDODLQGDTXHVHPUHWULEXLomRILQDQFHL ção.
UD GHVGH TXH OLJDGR GLUHWD RX LQGLUHWDPHQWH D
Art.4º -À CEP compete:
TXDOTXHUyUJmRGRSRGHUHVWDWDOFRPRDVDXWDUTXL
DVDVIXQGDo}HVS~EOLFDVDVHQWLGDGHVSDUDHVWDWDLV I - atuar como instância consultiva do Presidente da
DVHPSUHVDVS~EOLFDVHDVVRFLHGDGHVGHHFRQRPLD República e Ministros de Estado em matéria de ética
PLVWD RX HP TXDOTXHU VHWRU RQGH SUHYDOHoD R pública;
LQWHUHVVHGR(VWDGR II - administrar a aplicação do Código de Conduta da Alta
Administração Federal, devendo:
;;9 5HYRJDGRSHOR'HFUHWRQžGHž
a) submeter ao Presidente da República medidas para
seu aprimoramento;

b) dirimir dúvidas a respeito de interpretação de suas


'HFUHWRQž normas, deliberando sobre casos omissos;

c) apurar, mediante denúncia, ou de ofício, condutas


,QVWLWXL6LVWHPDGH*HVWmRGDeWLFDGR3RGHU([HFXWLYR em desacordo com as normas nele previstas,
)HGHUDOHGiRXWUDVSURYLGrQFLDV quando praticadas pelas autoridades a ele submeti-
das;
Art.1º -Fica instituído o Sistema de Gestão da Ética do Poder III - dirimir dúvidas de interpretação sobre as normas do
Executivo Federal com a finalidade de promover Código de Ética Profissional do Servidor Público Civil
atividades que dispõem sobre a conduta ética no do Poder Executivo Federal de que trata o Decreto no
âmbito do Executivo Federal, competindo-lhe: 1.171, de 1994;

I - integrar os órgãos, programas e ações relacionadas IV - coordenar, avaliar e supervisionar o Sistema de Gestão
com a ética pública; da Ética Pública do Poder Executivo Federal;

II - contribuir para a implementação de políticas públicas V - aprovar o seu regimento interno; e


tendo a transparência e o acesso à informação como
instrumentos fundamentais para o exercício de gestão VI - escolher o seu Presidente.
da ética pública;
§ único - A CEP contará com uma Secretaria-Executiva, vincula-
da à Casa Civil da Presidência da República, à qual
III - promover, com apoio dos segmentos pertinentes, a competirá prestar o apoio técnico e administrativo aos
compatibilização e interação de normas, procedimentos trabalhos da Comissão.
técnicos e de gestão relativos à ética pública;
Art.5º -Cada Comissão de Ética de que trata o Decreto no
IV - articular ações com vistas a estabelecer e efetivar 1171, de 1994, será integrada por três membros
procedimentos de incentivo e incremento ao desempe- titulares e três suplentes, escolhidos entre servidores e
nho institucional na gestão da ética pública do Estado empregados do seu quadro permanente, e designados
brasileiro. pelo dirigente máximo da respectiva entidade ou órgão,
para mandatos não coincidentes de três anos.
Art.2º -Integram o Sistema de Gestão da Ética do Poder
Executivo Federal: Art.6º - É dever do titular de entidade ou órgão da Administra-
ção Pública Federal, direta e indireta:
I - a Comissão de Ética Pública - CEP, instituída pelo
I - assegurar as condições de trabalho para que as
Decreto de 26 de maio de 1999;
Comissões de Ética cumpram suas funções, inclusive
para que do exercício das atribuições de seus inte-
II - as Comissões de Ética de que trata o Decreto no grantes não lhes resulte qualquer prejuízo ou dano;
1.171, de 22 de junho de 1994; e
II - conduzir em seu âmbito a avaliação da gestão da ética
III - as demais Comissões de Ética e equivalentes nas conforme processo coordenado pela Comissão de
entidades e órgãos do Poder Executivo Federal. Ética Pública.
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO eWLFDQR6HUYLoR 
Art.7º - Compete às Comissões de Ética de que tratam os I - proteção à honra e à imagem da pessoa investigada;
incisos II e III do Art.2o: II - proteção à identidade do denunciante, que deverá ser
mantida sob reserva, se este assim o desejar; e
I- atuar como instância consultiva de dirigentes e servi- III - independência e imparcialidade dos seus membros na
dores no âmbito de seu respectivo órgão ou entidade; apuração dos fatos, com as garantias asseguradas
neste Decreto.
II - aplicar o Código de Ética Profissional do Servidor
Público Civil do Poder Executivo Federal, aprovado Art.11 - Qualquer cidadão, agente público, pessoa jurídica de
pelo Decreto 1.171, de 1994, devendo: direito privado, associação ou entidade de classe
poderá provocar a atuação da CEP ou de Comissão
a) submeter à Comissão de Ética Pública propostas de Ética, visando à apuração de infração ética imputa-
para seu aperfeiçoamento; da a agente público, órgão ou setor específico de ente
estatal.
b) dirimir dúvidas a respeito da interpretação de suas
normas e deliberar sobre casos omissos; § único - Entende-se por agente público, para os fins deste
Decreto, todo aquele que, por força de lei, contrato ou
c) apurar, mediante denúncia ou de ofício, conduta em qualquer ato jurídico, preste serviços de natureza
desacordo com as normas éticas pertinentes; e permanente, temporária, excepcional ou eventual,
ainda que sem retribuição financeira, a órgão ou
d) recomendar, acompanhar e avaliar, no âmbito do
entidade da administração pública federal, direta e
órgão ou entidade a que estiver vinculada, o desen-
indireta.
volvimento de ações objetivando a disseminação,
capacitação e treinamento sobre as normas de ética
Art.12 - O processo de apuração de prática de ato em desres-
e disciplina;
peito ao preceituado no Código de Conduta da Alta
III - representar a respectiva entidade ou órgão na Rede Administração Federal e no Código de Ética Profissio-
de Ética do Poder Executivo Federal a que se refere o nal do Servidor Público Civil do Poder Executivo
Art.9º; e Federal será instaurado, de ofício ou em razão de
denúncia fundamentada, respeitando-se, sempre, as
IV - supervisionar a observância do Código de Conduta da garantias do contraditório e da ampla defesa, pela
Alta Administração Federal e comunicar à CEP Comissão de Ética Pública ou Comissões de Ética de
situações que possam configurar descumprimento de que tratam o incisos II e III do Art.2º, conforme o caso,
suas normas. que notificará o investigado para manifestar-se, por
escrito, no prazo de dez dias.
§ 1º - Cada Comissão de Ética contará com uma Secreta-
ria-Executiva, vinculada administrativamente à instân- § 1º - O investigado poderá produzir prova documental
cia máxima da entidade ou órgão, para cumprir plano necessária à sua defesa.
de trabalho por ela aprovado e prover o apoio técnico
e material necessário ao cumprimento das suas § 2º - As Comissões de Ética poderão requisitar os docu-
atribuições. mentos que entenderem necessários à instrução
probatória e, também, promover diligências e solicitar
§ 2º - As Secretarias-Executivas das Comissões de Ética parecer de especialista.
serão chefiadas por servidor ou empregado do quadro
permanente da entidade ou órgão, ocupante de cargo § 3º - Na hipótese de serem juntados aos autos da investiga-
de direção compatível com sua estrutura, alocado sem ção, após a manifestação referida no caput deste
aumento de despesas. artigo, novos elementos de prova, o investigado será
notificado para nova manifestação, no prazo de dez
Art.8º - Compete às instâncias superiores dos órgãos e dias.
entidades do Poder Executivo Federal, abrangendo a
administração direta e indireta: § 4º - Concluída a instrução processual, as Comissões de
Ética proferirão decisão conclusiva e fundamentada.
I - observar e fazer observar as normas de ética e disci-
plina; § 5º - Se a conclusão for pela existência de falta ética, além
II - constituir Comissão de Ética; das providências previstas no Código de Conduta da
III - garantir os recursos humanos, materiais e financeiros Alta Administração Federal e no Código de Ética
para que a Comissão cumpra com suas atribuições; e Profissional do Servidor Público Civil do Poder Executi-
IV - atender com prioridade às solicitações da CEP. vo Federal, as Comissões de Ética tomarão as seguin-
tes providências, no que couber:
Art.9º - Fica constituída a Rede de Ética do Poder Executivo
Federal, integrada pelos representantes das Comis- I- encaminhamento de sugestão de exoneração de cargo
sões de Ética de que tratam os incisos I, II e III do ou função de confiança à autoridade hierarquicamente
Art.2o, com o objetivo de promover a cooperação superior ou devolução ao órgão de origem, conforme
técnica e a avaliação em gestão da ética.
o caso;
§ único - Os integrantes da Rede de Ética se reunirão sob a
II - encaminhamento, conforme o caso, para a Controlado-
coordenação da Comissão de Ética Pública, pelo
ria-Geral da União ou unidade específica do Sistema
menos uma vez por ano, em fórum específico, para
avaliar o programa e as ações para a promoção da de Correição do Poder Executivo Federal de que trata
ética na administração pública. o Decreto n o 5.480, de 30 de junho de 2005, para
exame de eventuais transgressões disciplinares; e
Art.10 - Os trabalhos da CEP e das demais Comissões de
Ética devem ser desenvolvidos com celeridade e III - recomendação de abertura de procedimento adminis-
observância dos seguintes princípios: trativo, se a gravidade da conduta assim o exigir.
 eWLFDQR6HUYLoR ,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO


Art.13 - Será mantido com a chancela de "reservado", até que Art.17 - As Comissões de Ética, sempre que constatarem a
esteja concluído, qualquer procedimento instaurado possível ocorrência de ilícitos penais, civis, de improbi-
para apuração de prática em desrespeito às normas dade administrativa ou de infração disciplinar, encami-
éticas. nharão cópia dos autos às autoridades competentes
para apuração de tais fatos, sem prejuízo das medidas
§ 1º - Concluída a investigação e após a deliberação da CEP de sua competência.
ou da Comissão de Ética do órgão ou entidade, os
autos do procedimento deixarão de ser reservados. Art.18 - As decisões das Comissões de Ética, na análise de
qualquer fato ou ato submetido à sua apreciação ou
§ 2º - Na hipótese de os autos estarem instruídos com por ela levantado, serão resumidas em ementa e, com
documento acobertado por sigilo legal, o acesso a a omissão dos nomes dos investigados, divulgadas no
esse tipo de documento somente será permitido a sítio do próprio órgão, bem como remetidas à Comis-
quem detiver igual direito perante o órgão ou entidade são de Ética Pública.
originariamente encarregado da sua guarda.
Art.19 - Os trabalhos nas Comissões de Ética de que tratam os
§ 3º - Para resguardar o sigilo de documentos que assim incisos II e III do Art.2o são considerados relevantes e
têm prioridade sobre as atribuições próprias dos
devam ser mantidos, as Comissões de Ética, depois
cargos dos seus membros, quando estes não atuarem
de concluído o processo de investigação, providencia-
com exclusividade na Comissão.
rão para que tais documentos sejam desentranhados
dos autos, lacrados e acautelados.
Art.20 - Os órgãos e entidades da Administração Pública
Federal darão tratamento prioritário às solicitações de
Art.14 - A qualquer pessoa que esteja sendo investigada é documentos necessários à instrução dos procedimen-
assegurado o direito de saber o que lhe está sendo tos de investigação instaurados pelas Comissões de
imputado, de conhecer o teor da acusação e de ter Ética .
vista dos autos, no recinto das Comissões de Ética,
mesmo que ainda não tenha sido notificada da existên- § 1º - Na hipótese de haver inobservância do dever funcional
cia do procedimento investigatório. previsto no caput, a Comissão de Ética adotará as
providências previstas no inciso III do § 5o do Art.12.
§ único - O direito assegurado neste artigo inclui o de obter
cópia dos autos e de certidão do seu teor. § 2º - As autoridades competentes não poderão alegar sigilo
para deixar de prestar informação solicitada pelas
Art.15 - Todo ato de posse, investidura em função pública ou Comissões de Ética.
celebração de contrato de trabalho, dos agentes
públicos referidos no parágrafo único do Art.11, deverá Art.21 - A infração de natureza ética cometida por membro de
ser acompanhado da prestação de compromisso Comissão de Ética de que tratam os incisos II e III do
solene de acatamento e observância das regras Art.2o será apurada pela Comissão de Ética Pública.
estabelecidas pelo Código de Conduta da Alta Admi-
nistração Federal, pelo Código de Ética Profissional do Art.22 - A Comissão de Ética Pública manterá banco de dados
Servidor Público Civil do Poder Executivo Federal e de sanções aplicadas pelas Comissões de Ética de
pelo Código de Ética do órgão ou entidade, conforme que tratam os incisos II e III do Art.2o e de suas
o caso. próprias sanções, para fins de consulta pelos órgãos
ou entidades da administração pública federal, em
§ único - A posse em cargo ou função pública que submeta a casos de nomeação para cargo em comissão ou de
autoridade às normas do Código de Conduta da Alta alta relevância pública.
Administração Federal deve ser precedida de consulta
da autoridade à Comissão de Ética Pública, acerca de § único - O banco de dados referido neste artigo engloba as
situação que possa suscitar conflito de interesses. sanções aplicadas a qualquer dos agentes públicos
mencionados no parágrafo único do Art.11 deste
Art.16 - As Comissões de Ética não poderão escusar-se de Decreto.
proferir decisão sobre matéria de sua competência
Art.23 - Os representantes das Comissões de Ética de que
alegando omissão do Código de Conduta da Alta
tratam os incisos II e III do Art.2o atuarão como
Administração Federal, do Código de Ética Profissional
elementos de ligação com a CEP, que disporá em
do Servidor Público Civil do Poder Executivo Federal
Resolução própria sobre as atividades que deverão
ou do Código de Ética do órgão ou entidade, que, se
desenvolver para o cumprimento desse mister.
existente, será suprida pela analogia e invocação aos
princípios da legalidade, impessoalidade, moralidade, Art.24 - As normas do Código de Conduta da Alta Administra-
publicidade e eficiência. ção Federal, do Código de Ética Profissional do
Servidor Público Civil do Poder Executivo Federal e do
§ 1º - Havendo dúvida quanto à legalidade, a Comissão de Código de Ética do órgão ou entidade aplicam-se, no
Ética competente deverá ouvir previamente a área que couber, às autoridades e agentes públicos neles
jurídica do órgão ou entidade. referidos, mesmo quando em gozo de licença.

§ 2º - Cumpre à CEP responder a consultas sobre aspectos Art.25 - Ficam revogados os incisos XVII, XIX, XX, XXI, XXIII e
éticos que lhe forem dirigidas pelas demais Comissões XXV do Código de Ética Profissional do Servidor
de Ética e pelos órgãos e entidades que integram o Público Civil do Poder Executivo Federal, aprovado
Executivo Federal, bem como pelos cidadãos e servi- pelo Decreto no 1.171, de 22 de junho de 1994, os
dores que venham a ser indicados para ocupar cargo arts. 2º e 3º do Decreto de 26 de maio de 1999, que
ou função abrangida pelo Código de Conduta da Alta cria a Comissão de Ética Pública, e os Decretos de 30
Administração Federal. de agosto de 2000 e de 18 de maio de 2001, que
dispõem sobre a Comissão de Ética Pública.
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO eWLFDQR6HUYLoR 

7(67(6

'HDFRUGRFRPRFRPDQGRGHFDGDXPDGDVTXHVW}HV   $VSHQDOLGDGHVGHGHPLVVmRVXVSHQVmRRXDGYHU


DVHJXLUPDUTXHSDUDFDGDLWHPRFDPSRGHVLJQDGR &
& WrQFLDGHYHPVHUDSOLFDGDVSHODFRPLVVmRGHpWLFD
&(57228 ( (55$'2
&(572 ( (55$'2
( (55$'2 S~EOLFD TXDQGR IRUHP FRQVWDWDGRV DSXUDGRV H
FRPSURYDGRVLOtFLWRVSHQDLVFLYLVGHLPSURELGDGH
,166  3HULWR 0pGLFR 3UHYLGHQFLiULR    1R TXH
TXH VH
VH UHIHUH
UHIHUH j DGPLQLVWUDWLYDRXGHLQIUDomRGLVFLSOLQDU
pWLFDQRVHUYLoRS~EOLFRMXOJXHRVLWHQVDVHJXLU
  8PD SHUVHJXLomR VRIULGDSRUXPVHUYLGRUSRU
  2 PDQGDWR GRV PHPEURVGDFRPLVVmRGHpWLFD SDUWHGHVHXFKHIHLPHGLDWRpPRWLYRMXVWRSDUDD
S~EOLFDVHUiGHGRLVDQRVQmRVHQGRSHUPLWLGDV DOWHUDomRQRWUDWRGHVVHVHUYLGRUFRPRS~EOLFRH
UHFRQGXo}HV FRPVHXVFROHJDVGHWUDEDOKR

  $VHFUHWDULDH[HFXWLYDGDFRPLVVmRGHpWLFDS~EOL   eGHYHUGRVHUYLGRUS~EOLFRFRPXQLFDULPHGLDWD


FDVHUiYLQFXODGDj&DVD&LYLOGD3UHVLGrQFLDGD PHQWHDVHXVVXSHULRUHVWRGRHTXDOTXHUDWRRX
5HS~EOLFD IDWR FRQWUiULR DR LQWHUHVVH S~EOLFR H[LJLQGR DV
SURYLGrQFLDVFDEtYHLV
  4XDOTXHUFLGDGmRSRGHUiSURYRFDUDDWXDomRGD
FRPLVVmRGHpWLFDS~EOLFDYLVDQGRjDSXUDomRGH $QDWHO  $QDOLVWD $GPLQLVWUDWLYR  $GPLQLVWUDomR    &RP
LQIUDomRpWLFDLPSXWDGDDDJHQWHS~EOLFRyUJmR UHODomR
UHODomR DR
DR FRPSRUWDPHQWR
FRPSRUWDPHQWR SURILVVLRQDO GR VHUYLGRU
RXVHWRUHVSHFtILFRGHHQWHHVWDWDO SUHYLVWR
SUHYLVWR QR
QR &yGLJR
&yGLJR GHGH eWLFD
eWLFD 3URILVVLRQDO
3URILVVLRQDO GR 6HUYLGRU
3~EOLFR
3~EOLFR&LYLO
&LYLOGR
GR3RGHU
3RGHU([HFXWLYR
([HFXWLYR)HGHUDO
)HGHUDOMXOJXH
MXOJXHRVRVLWHQV
  3HVVRDVTXHH[HUFHPFDUJRVGHQDWXUH]DHYHQWXDO VXEVHTXHQWHV
WHPSRUiULDRXH[FHSFLRQDOQmRSRGHPVHUVXEPH
WLGDVDSURFHGLPHQWRVGHDSXUDomRSRUPHLRGD   7RGDDXVrQFLDLQMXVWLILFDGDGRVHUYLGRUGHVHX
FRPLVVmRGHpWLFDS~EOLFD ORFDOGHWUDEDOKRpIDWRUGHGHVPRUDOL]DomRGR
VHUYLoRS~EOLFRSRGHQGRFRQGX]LUjGHVRUGHP
  4XDOTXHUSURFHGLPHQWRLQVWDXUDGRSDUDDSXUDomR QDVUHODo}HVKXPDQDV
GHSUiWLFDHPGHVUHVSHLWRjVQRUPDVpWLFDVGHYHUi
VHUPDQWLGRFRPDFKDQFHODGHUHVHUYDGRDWpTXH   eYHGDGRDRVHUYLGRUS~EOLFRPDQWHUVHKDELWX
VHMDFRQFOXtGR DOPHQWHHPEULDJDGRDLQGDTXHIRUDGRVHUYLoR

  2V DJHQWHV S~EOLFRV TXHHVWHMDPHPJR]RGH $177  (VSHFLDOLVWD HP 5HJXODomR GH 6HUYLoRV GH 7UDQVSRUWHV
OLFHQoDQmRSRGHUmRVHUVXEPHWLGRVjVQRUPDVGR 7HUUHVWUHV &RP
&RP
&RP UHODomR
UHODomR j pWLFDQRVHUYLoRS~EOLFR
pWLFDQRVHUYLoRS~EOLFR
FyGLJRGHpWLFD MXOJXHRVLWHQVTXHVHVHJXHP

  7RGD DXVrQFLD LQMXVWLILFDGDGRVHUYLGRUDRVHX   2VHUYLGRUQmRSRGHUiGHVSUH]DUDpWLFDQDVXD


ORFDO GH WUDEDOKR p IDWRU GH GHVPRUDOL]DomR GR FRQGXWDXPDYH]TXHRGHVUHVSHLWRjOHJDOLGDGH
VHUYLoRS~EOLFR H j KRQHVWLGDGH SRGHUi FDUDFWHUL]DU DWR GH
LPSURELGDGHDGPLQLVWUDWLYD

 (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2
 &(572
&(572 *DEDULWR2ILFLDO
&(572  (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2
 &(572
&(572 *DEDULWR2ILFLDO
&(572  (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2
 (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2  &(572
&(572 *DEDULWR2ILFLDO
&(572
 &(572
&(572 *DEDULWR2ILFLDO
&(572  &
&HUWR JDEDULWRRILFLDO
 (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2  &
&HUWR JDEDULWRRILFLDO
 &(572
&(572 *DEDULWR2ILFLDO
&(572  &
&HUWR JDEDULWRRILFLDO
,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO
 eWLFDQR6
HUYLoR

  2 H[HUFtFLR GR FDUJR FRP]HORHGHGLFDomR  eYHGDGRDRVHUYLGRUS~EOLFR


DOpPGHGHYHUGRVHUYLGRUUHSUHVHQWDXPDWR D RXVRGRFDUJRRXIXQomRIDFLOLGDGHVDPL]DGHV
GHFLGDGDQLDQDPHGLGDHPTXHLQWHJUDDYLGD WHPSRSRVLomRHLQIOXrQFLDVSDUDREWHUTXDOTXHU
SDUWLFXODU GR LQGLYtGXR H LQWHUIHUH QR VHX IDYRUHFLPHQWRSDUDVLRXSDUDRXWUHP
UHODFLRQDPHQWRFRPDVRFLHGDGH E WUDWDU FXLGDGRVDPHQWH RV XVXiULRV GRV VHUYLoRV
DSHUIHLoRDQGR R SURFHVVR GH FRPXQLFDomR H
FRQWDWRFRPRS~EOLFR
F WHUFRQVFLrQFLDGHTXHVHXWUDEDOKRpUHJLGRSRU
 $VVLQDOHDDOWHUQDWLYDFRUUHWD SULQFtSLRVpWLFRVTXHVHPDWHULDOL]DPQDDGHTXDGD
SUHVWDomRGRVVHUYLoRVS~EOLFRV
 $ PRUDOLGDGH
PRUDOLGDGH GD $GPLQLVWUDomR 3~EOLFD QmR VH G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
OLPLWD
OLPLWDjGLVWLQomR
GLVWLQomRHQWUH
HQWUHREHP
EHPHRPDO
PDOGHYHQGR
GHYHQGRVHU
DFUHVFLGDGDLGHLDGHTXHRILPpVHPSUH  eGHYHUGRVHUYLGRUS~EOLFR
D  REHPFRPXP D SOHLWHDU VROLFLWDU SURYRFDU VXJHULU RX UHFHEHU
E  RHTXLOtEULRGDOHJDOLGDGH TXDOTXHUWLSRGHDMXGDILQDQFHLUDRXYDQWDJHPGH
F  SUHVHUYDomRGDKRQUD TXDOTXHUHVSpFLHSDUDVLSDUDRFXPSULPHQWRGD
G  WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV VXDPLVVmR
E DOWHUDU RX GHWXUSDU R WHRU GH GRFXPHQWRV TXH
 $ IXQomR
IXQomR S~EOLFD
S~EOLFD GHYH
GHYH VHU
VHU WLGD
WLGD FRPR
FRPR H[HUFtFLR
H[HUFtFLR GHYDHQFDPLQKDUSDUDSURYLGrQFLDV
SURILVVLRQDO
SURILVVLRQDOH
HSRUWDQWR
SRUWDQWRVH
VHLQWHJUD
LQWHJUDQD
QDYLGD
YLGDSDU
SDUWLFXODU F  LOXGLURXWHQWDULOXGLUTXDOTXHUSHVVRDTXHQHFHV
GH
GH FDGD
FDGD VHUYLGRU
VHUYLGRU S~EOLFR $VVLP RV IDWRV H DWRV VLWHGRDWHQGLPHQWRHPVHUYLoRVS~EOLFRV
YHULILFDGRV
YHULILFDGRV QD
QD FRQGXWD
FRQGXWD GR
GR GLDDGLD
GLDDGLD HP VXD YLGD G  IDFLOLWDUDILVFDOL]DomRGHWRGRVDWRVRXVHUYLoRV
SULYDGDSRGHUmR SRUTXHPGHGLUHLWR
D  GLPLQXLURERPFRQFHLWRQDYLGDSULYDGD
E  DFUHVFHURFRQFHLWRQDYLGDIXQFLRQDO  2V
2V WUDEDOKRV
WUDEDOKRV GD &(3 H GDV GHPDLV &RPLVV}HV GH
F  DFUHVFHURXGLPLQXLURVHXERPFRQFHLWRQDYLGD eWLFD GHYHP VHU GHVHQYROYLGRV FRP FHOHULGDGH H
IXQFLRQDO REVHUYkQFLDGRVVHJXLQWHVSULQFtSLRV
G  WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV D  SURWHomRjKRQUDHjLPDJHPGDSHVVRDLQYHVWLJD
GD
 6mRGHYHUHVIXQGDPHQWDLVGRVHUYLGRUS~EOLFR E  SURWHomRjLGHQWLGDGHGRGHQXQFLDQWHTXHGHYHUi
D  H[HUFHUVXDVDWULEXLo}HVFRPUDSLGH]SHUIHLomRH VHUPDQWLGDVREUHVHUYDVHHVWHDVVLPRGHVHMDU
UHQGLPHQWRSRQGRILPRXSURFXUDQGRSULRULWDULD F  LQGHSHQGrQFLD H LPSDUFLDOLGDGH GRV VHXVPHP
PHQWHUHVROYHUVLWXDo}HVSURFUDVWLQDWyULDVSULQFL EURV QD DSXUDomR GRV IDWRV FRP DV JDUDQWLDV
SDOPHQWH GLDQWH GH ILODV RX GH TXDOTXHU RXWUD DVVHJXUDGDVQR'HFUHWR
HVSpFLHGHDWUDVRQDSUHVWDomRGRVVHUYLoRVSHOR G  WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
VHWRUHPTXHH[HUoDVXDVDWULEXLo}HVFRPRILP
GHHYLWDUGDQRPRUDODRXVXiULR
E  PDQWHUVHDWXDOL]DGRFRPDVLQVWUXo}HVDVQRU
PDVGHVHUYLoRHDOHJLVODomRSHUWLQHQWHVDRyUJmR
RQGHH[HUFHVXDVIXQo}HV
F  H[HUFHUFRPHVWULWD PRGHUDomRDVSUHUURJDWLYDV
IXQFLRQDLVTXHOKHVHMDPDWULEXtGDVDEVWHQGRVH
GHID]rORFRQWUDULDPHQWHDRVOHJtWLPRVLQWHUHVVHV
GRVXVXiULRVGRVHUYLoRS~EOLFRHGRVMXULVGLFLRQD
GRVDGPLQLVWUDWLYRV
G  WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV

 &
&HUWR JDEDULWRRILFLDO
 $
$ $QH[R'HF  $
$ $QH[R'HF
 '
' $QH[R'HF  '
' $QH[R'HF
 '
' $QH[R'HF  '
' DUW'HFQž
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

5(*,0(-85Ì',&2Ó1,&2
PHGLGDOLPLQDUFRQFHGLGDQD
6XFHGHXHQWUHWDQWRTXHPHGLGD
PHGLGD OLPLQDU
/HLQžHDOWHUDo}HV $',1QžVXVSHQGHXDHILFiFLDGHVVDQRYDUHGDomR
$',1 Qž
GRFDSXWGRDUW&)DWpMXOJDPHQWRILQDOVRERIXQGD
GLUHLWRVHGHYHUHVGR6HUYLGRU3~EOLFR DUWVD PHQWRGHTXHRWH[WRREWHYHDSHQDVYRWRVTXDQGR
VHULDPQHFHVViULRVYRWRVHPž7XUQRGHYRWDomRQD
&kPDUDGRV'HSXWDGRV&RQVHTXHQWHPHQWHSUHYDOHFHD
7tWXOR, LPSRVLomRGR´UHJLPHMXUtGLFR~QLFRµLQFRPSDWtYHOFRPD
&DStWXORÔQLFR ILJXUDGR´HPSUHJRS~EOLFRµ
'DV'LVSRVLo}HV3UHOLPLQDUHV
 $ GHVREULJDomR GH XP ~QLFR UHJLPH MXUtGLFR 5-8
$UWž (VWD/HLLQVWLWXLRUHJLPH
UHJLPH
UHJLPHMXUtGLFR
MXUtGLFRGRV
GRVVHUYLGRUHV SHUPLWLULDj8QLmR(VWDGRVPHPEURV'LVWULWR)HGHUDOH
S~EOLFRV
S~EOLFRVFLYLV
FLYLVGD
GD8QLmRGDVDXWDUTXLDVLQFOXVL
8QLmRGDVDXWDUTXLDVLQFOXVL 0XQLFtSLRVDGHILQLomRGHQRYDVSROtWLFDVSDUDDFRQWUDWD
YH
YHDV
DVHP
HPUHJLPH
UHJLPHHVSHFLDO
HVSHFLDOHGDV
GDVIXQGDo}HV
IXQGDo}HVS~EOL omRGHVHUYLGRUHVLQFOXVLYHSHORUHJLPHFHOHWLVWD GD&/7 
FDVIHGHUDLV HTXLSDUDQGR R IXQFLRQiULR S~EOLFR DR GD DWLYLGDGH
SULYDGDQRTXHFRQFHUQHDVHXVGLUHLWRVHGHYHUHV
)RL SRU LPSRVLomR GR DUW GD &RQVWLWXLomR )HGHUDO
$SHVDUGDUHIRUPDSRUWDQWRUHPDQHVFHYiOLGRRUHJLPH
TXH HVWDEHOHFHX D XQLIRUPLGDGH
XQLIRUPLGDGH
RUPLGDGH GRV UHJLPHV GH WRGRV
MXUtGLFRLQVWLWXtGRSHOD/HLQžSHORTXDOWDQWRRV
TXDQWRV WUDEDOKHP SDUD D $GPLQLVWUDomR 3~EOLFD HP
6HUYLGRUHV3~EOLFRV&LYLV H[FOXtGRVSRUWDQWRRVPLOLWDUHV TXH
TXDOTXHU GDV WUrV HVIHUDV GH SRGHU IHGHUDO HVWDGXDO
SUHVWDP VHUYLoRV GLUHWDPHQWH SDUD D 8QLmR TXDQWR RV
GLVWULWRIHGHUDOHPXQLFLSDO HDLQGDH[WHQVLYRjVVXDV VHUYLGRUHV&LYLVTXHSUHVWDPVHUYLoRVjV$XWDUTXLDVHjV
DXWDUTXLDVHIXQGDo}HVS~EOLFDV )XQGDo}HV³WRGRVVHVXEPHWHUmRDRFKDPDGRUHJLPH
HVWDWXWiULR
(VWDEHOHFHXROHJLVODGRUFRQVWLWXLQWHTXH´$8QLmRRV
(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVLQVWLWXLUmRQR ,VVRVLJQLILFDTXHDVUHODo}HVMXUtGLFDVTXHVHHVWDEHOH
kPELWRGHVXDFRPSHWrQFLDUHJLPH
UHJLPH
UHJLPHMXUtGLFR
MXUtGLFR~QLFRHSODQRV
~QLFR FHUmR HQWUH WDLV 6HUYLGRUHV 3~EOLFRV H D $GPLQLVWUDomR
GH FDUUHLUD SDUD RV VHUYLGRUHV GD DGPLQLVWUDomR S~EOLFD 3~EOLFDVHUmREDVHDGDVQRVGLVSRVLWLYRVFRQVWLWXFLRQDLVH
GLUHWDGDVDXWDUTXLDVHGDVIXQGDo}HVS~EOLFDV%XVFDYD QRVHVWDWXWiULRV1RXWUDVSDODYUDVQmRKiXPFRQWUDWR
D&RQVWLWXLomRSRUILPjEDOE~UGLDGRVUHJLPHVHjJUDQGH HQWUHR3RGHU3~EOLFRHRIXQFLRQiULRQHPKiGLVFXVVmR
GLILFXOGDGHGHFRQWUROHGRVGLUHLWRVHREULJDo}HVGDTXHOHV H DFHUWR GDV FRQGLo}HV GH WUDEDOKR UHPXQHUDomR HWF
TXH WUDEDOKDYDP SDUD D $GPLQLVWUDomR 3~EOLFD H QmR 7XGRpHVWDEHOHFLGRXQLODWHUDOPHQWHSRUOHLVHUHJXODPHQ
UDURFRPIXQo}HVLGrQWLFDVSRUpPVREGtVSDUHVVLWXDo}HV WRVGHVGHDVFRQGLo}HVGHH[HUFtFLRGDVIXQo}HVS~EOLFDV
QDRUGHPGRVGHYHUHVHYDQWDJHQV DWpRVGHYHUHVHRVGLUHLWRVGRVIXQFLRQiULRV

&RPDUHIRUPDDGPLQLVWUDWLYDLPSODQWDGDSHOD(PHQGD 0DLVTXHLVVRDOHLpTXHPIL[DHDOWHUDYHQFLPHQWRVH
&RQVWLWXFLRQDOQž GH SUHWHQGHXVHHOLPL H[LJHUHTXLVLWRVGHHILFLrQFLDFDSDFLGDGHVDQLGDGHItVLFD
QDUDREULJDWRULHGDGHGRUHJLPH~QLFRSDUDRVVHUYLGRUHV HPHQWDOPRUDOLGDGHHWF,VVRpRUHJLPHHVWDWXWiULRQR
GD DGPLQLVWUDomR S~EOLFD GLUHWD GDV DXWDUTXLDV H GDV LQWHUHVVH GR VHUYLoR S~EOLFR DV FRQGLo}HV SRGHUmR VHU
IXQGDo}HVS~EOLFDV DOWHUDGDV SRU OHL VHP QHFHVVLGDGH GH DTXLHVFrQFLD GR
WUDEDOKDGRU,VVRSRUpPQmRTXHUGL]HUTXHR6HUYLGRU
$UW $8QLmRRV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSL QmRDGTXLUDGLUHLWRV$GTXLUHRVHVHPSUHTXHQRUHJLPH
RVLQVWLWXLUmRFRQVHOKRGHSROtWLFDGHDGPLQLVWUDomRH DQWHULRURVHUYLGRUVDWLVIL]HUFHUWDVFRQGLo}HVSDUDDDTXL
VLomR GH XP GLUHLWR QHQKXPD OHL QRYD SRGHUi SUHMXGL
UHPXQHUDomR GH SHVVRDO LQWHJUDGR SRU VHUYLGRUHV
FiOR0DVVHRGLUHLWRDLQGDQmRIRLDGTXLULGRDOHLQRYD
GHVLJQDGRVSHORVUHVSHFWLYRV3RGHUHV VHPSUHDOWHUDUiDVLWXDomR
 5HJLPH
-XUtGLFRÔQLFR , 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

9HMD TXH Ki D LPSRVVLELOLGDGH GH D $GPLQLVWUDomR 6tPLOH D GHILQLomR GR 3URI',2*2 '( ),*8(,5('2
3~EOLFDDOWHUDUXQLODWHUDOPHQWHDVFRQGLo}HVGDUHODomR 025(,5$ 1(72 HPSUHJDGRV S~EOLFRV VmR DTXHOHV
HVWDWXWiULD GHYHUHVGLUHLWRVHUHVSRQVDELOLGDGHV FRPR VHUYLGRUHV TXH PDQWrP XP FRQWUDWR GH WUDEDOKR FRP
pSURLELGRSHORDUW(VWDWXWRPDVQmRFRQIXQGLUFRP SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGRSDUDHVWDWDLV DUW,H
DSRVVLELOLGDGHGHDOOHLDOWHUDUHVVDVFRQGLo}HV1LVVRVH
HL HQTXDQWRVREUH[LVWLUHPVHUYLGRUHVIRUDGRVUHJLPHVMXUtGLFRV
FRQVXEVWDQFLDRUHJLPHHVWDWXWiULRQmRKiFRQWUDWRPDV XQLILFDGRVWDPEpPRVFRPDVSHVVRDVMXUtGLFDVGHGLUHLWR
VXEPLVVmRSHUPDQHQWHjOHLTXHVHPSUHSRGHUiDOWHUDUDV S~EOLFR LQ &XUVR
&XUVR
&XUVR GH
GH 'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR  HG)RUHQVH
UHODo}HVHQWUHR6HUYLGRU3~EOLFR&LYLOHD$GPLQLVWUDomR S  $VVLP SDUD VLPSOLILFDU VHUYLGRUHV S~EOLFRV RV
3~EOLFDPHVPRTXHVHMDSDUDSUHMXGLFiOR GHVGHTXHHOH UHJLGRV SHOR FKDPDGR UHJLPH ~QLFR YXOJDUPHQWH
DLQGDQmRWHQKDDGTXLULGRXPGLUHLWRGHILQLWLYDPHQWH  FRQKHFLGRV FRPR HVWDWXWiULRV  VHQGR HPSUHJDGRV
RLPSRUWDQWHpDILGHOLGDGHDRLQWHUHVVHGRVHUYLoRS~EOLFR
S~EOLFRVRVTXHWrPVXDUHODomRMXUtGLFDFRPD$GPLQLVWUD
HVXDHILFLrQFLD
omRGLVFLSOLQDGDSHOD&/7

25HJLPH-XUtGLFRGH2XWURV(PSUHJDGRV3~EOLFRV
25HJLPH-XUtGLFRGH2XWURV(PSUHJDGRV
(PSUHJDGRV3~EOLFRV
25HJLPH(VSHFLDOGR7HPSRUiULR
$OpPGRVFKDPDGRVVHUYLGRUHVS~EOLFRVSURSULDPHQWH
GLWRVKiRXWUDVSHVVRDVTXHVmRFRQWUDWDGDVSDUDWUDED &RPRYLPRVDSUySULD&RQVWLWXLomR)HGHUDOSUHYLXD
OKDUHPSDUDD$GPLQLVWUDomR3~EOLFDRXHPIXQomRGH QHFHVVLGDGHH[WUDRUGLQiULDGHSHVVRDOHSRVVLELOLWRXVXD
QDWXUH]DWpFQLFDHVSHFLDOL]DGDRXHPVHUYLoRVWHPSRUi FRQWUDWDomRLQGHSHQGHQWHPHQWHGHFRQFXUVRS~EOLFROHL
ULRV HVWDEHOHFHUiRVFDVRVGHFRQWUDWDomRSRUWHPSRGHWHUPLQDGR
0HVPRDRWHPSRGRUHJLPHMXUtGLFR~QLFRDXQLIRUPL SDUD DWHQGHU D QHFHVVLGDGH WHPSRUiULD GH H[FHSFLRQDO
]DomRFRPRVHYHUiQmRHUDWmRDEUDQJHQWH3DUDHVWHV LQWHUHVVHS~EOLFR DUW,;&) 
HVSHFLDOGLIHUHQWHGR(VWDWXWiULRHWDPEpP
KiXPUHJLPHHVSHFLDO
HVSHFLDO
GD&/7³LVVRSDUDDWHQGHUGDPHOKRUIRUPDSRVVtYHOjV 6DELGDPHQWHKipSRFDVHPTXHRVVHUYLoRVDSUHVHQ
FRQYHQLrQFLDVGD$GPLQLVWUDomRQRTXHWRFDjVDWLYLGDGHV WDPVH PDLV YROXPRVRV LQYHQFtYHLV SHOR FRQWLQJHQWH
SDUDDVTXDLVVmRHOHVFRQWUDWDGRV QRUPDOGHIXQFLRQiULRVS~EOLFRV6HHOHYDVVHRQ~PHURGH
IXQFLRQiULRVTXDQGRVHVXSHUDVVHWDOSLFRKDYHULDyFLR
&RQILUDTXHDSUySULD&RQVWLWXLomR)HGHUDO DUWLQ JHQWH GHPDLV H VHUYLoR GH PHQRV  SUHMXGLFLDO j
F,; SUHYrDSRVVLELOLGDGHGHFRQWUDWDomRGHVVHSHVVRDO DGPLQLVWUDomRHVHXFUpGLWRSHUDQWHDRSLQLmR S~EOLFD
HPUHJLPHHVSHFLDODOHLHVWDEHOHFHUiRVFDVRVGHFRQWUDWD 3RULVVRD&RQVWLWXLomRDXWRUL]DDDGPLQLVWUDomRS~EOLFD
omR SRU WHPSR GHWHUPLQDGR SDUD DWHQGHU D QHFHVVLGDGH jH[FHSFLRQDOPHQWHFRQWUDWDUIXQFLRQiULRVSDUDDWHQGHU
WHPSRUiULDGHH[FHSFLRQDOLQWHUHVVHS~EOLFR DWDLVQHFHVVLGDGHVWHPSRUiULDVHGHH[FHSFLRQDOLQWHUHVVH
S~EOLFR
(KiRXWUDVSHVVRDVTXHVmRFRQWUDWDGDVSHORUHJLPH
GD&/7HPSUHJDGRVTXHVHUHODFLRQDPFRPD$GPLQLV (VVDOLEHUGDGHGHFRQWUDWDomRSURYLVyULDSRUpPDLQGD
WUDomR 3~EOLFD FRQVRDQWHPHQWH DV UHJUDV WUDEDOKLVWDV QmRSRGHVHUH[HUFLWDGDSHODDGPLQLVWUDomRS~EOLFDVHUi
SUHYLVWDVQD&RQVROLGDomRGDV/HLVGR7UDEDOKRRXVHMD RSRUWXQDPHQWHGLVFLSOLQDGDHPOHLHVSHFLDOTXHGHILQLUi
HOHVFRPRVGLUHLWRVHREULJDo}HVSUySULRVGRV(PSUHJD RVFDVRVHPTXHVHUiSHUPLWLGDDFRQWUDWDomRWHPSRUiULD
GRVFRPXQVHD$GPLQLVWUDomR3~EOLFDFRPRVGLUHLWRVH
EHPFRPRRVGLUHLWRVHJDUDQWLDVGHVVHVHPSUHJDGRV$SH
REULJDo}HVWtSLFDVGRV(PSUHJDGRUHVFRPXQV6mRHOHVRV
QDV D WtWXOR GH H[HPSOR QR (VWDGR GH 6mR 3DXOR D
(PSUHJDGRV3~EOLFRV
FKDPDGRV(PSUHJDGRV3~EOLFRV
(PSUHJDGRV3~EOLFRV
WHPSRUiULRVpSUHYLVWD
FRQWUDWDomRGHVVHVWUDEDOKDGRUHVWHPSRUiULRV
WHPSRUiULRV
HGLVFLSOLQDGDSHOD/HLQž
7DPEpPDQRYD&RQVWLWXLomR)HGHUDOSUHYLXDSRVVLELOL
GDGHGHFRQWUDWDomRGHSHVVRDVSDUDHPSUHJRVS~EOLFRV
HHPERUDFDLEDjOHLDGHILQLomRGRVFULWpULRVGHDGPLV
VmR D UHODomR TXH PDQWHUmR HOHV FRP D $GPLQLVWUDomR &RQFHLWRGH6HUYLGRU
3~EOLFDVHUiUHJLGDSHOD&/7

'H TXDOTXHUVRUWHQmRVHKiGHSHUGHUGHYLVWDTXH $UWž 3DUD


3DUDHIHLWRV
HIHLWRVGHVWD
GHVWD/HLVHUYLGRUpDSHVVRDOHJDO
/HLVHUYLGRUpDSHVVRDOHJDO
WRGRVHOHV(VWDWXWiULRVRXQmRVHUmRVHPSUHFRQVLGHUD PHQWHLQYHVWLGDHPFDUJRS~EOLFR
GRV IXQFLRQiULRV S~EOLFRV SDUD HIHLWRV FULPLQDLV H GH
UHVSRQVDELOL]DomRFLYLO 6HUYLGRUS~EOLFRpWRGRDTXHOHTXHFRQWUDWDGRGLUHWDRX
LQGLUHWDPHQWHSHOD$GPLQLVWUDomR3~EOLFDpDHODYLQFXODGR
SRU UHODo}HV SURILVVLRQDLV HP UD]mR GH LQYHVWLGXUD HP
25HJLPH7UDEDOKLVWDGR(PSUHJDGR3~EOLFR
FDUJRVHIXQo}HVDWtWXORGHHPSUHJRHFRPUHGLVWULEXLomR
SHFXQLiULD  H QHVVD FRQFHSomR VmR DEUDQJLGRV RV
2 3URI+(/< /23(6 0(,5(//(6 DILUPD TXH 2V
IXQFLRQiULRVS~EOLFRVRVWHPSRUiULRVFRPRRVGHUHJLPH
VHUYLGRUHVFRQWUDWDGRVQRUHJLPHGD&/7WDPEpPFKDPD
HVSHFLDOHRVFHOHWLVWDV
GRV HPSUHJDGRV
HPSUHJDGRV S~EOLFRV
S~EOLFRV VmR RV TXH SUHVWDP VHUYLoRV j
$GPLQLVWUDomR'LUHWDRXj$XWiUTXLFDPHGLDQWHFRQWUDWRGH
WUDEDOKRQRVWHUPRVHFRQGLo}HVGDOHJLVODomRWUDEDOKLVWD $H[SUHVVmRFLYLVpHPSUHJDGD LQFOXVLYHFRQVWLWXFLR
LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57S 
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR QDOPHQWH HPFRQWUDSRVLomRDRVPLOLWDUHV&LYLVSRUWDQ
WRVmRRVVHUYLGRUHVS~EOLFRVTXHQmRVHVXEPHWHPDR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

UHJLPH MXUtGLFR H GH GLVFLSOLQD PLOLWDU LQWHJUDQWHV GDV 0DLV TXH LVVR HVVH FRQMXQWR GH WDUHIDV H FRQGLo}HV
)RUoDV$UPDGDV3ROLFLDLV0LOLWDUHV%RPEHLURVHVHUYLGR GHYHHVWDUSUHYLDPHQWHGHILQLGRQDRUJDQL]DomRDGPLQLV
UHVUHVSHFWLYRV  WUDWLYD(ILQDOPHQWHHVVHVDID]HUHVHVXDVFLUFXQVWkQFLDV
VySRGHPVHUUHDOL]DGRVSRUXPVHUYLGRUS~EOLFRHSRU
20HVWUH-26e$)2162'$6,/9$HQVLQDTXHRVDJHQ PDLVQLQJXpP
WHVDGPLQLVWUDWLYRVVmRRVVHUYLGRUHVS~EOLFRVGHILQLQGRRV
FRPR WRGRV DTXHOHV TXH PDQWrP FRPR R 3RGHU 3~EOLFR 1D $GPLQLVWUDomR 3~EOLFD Ki PXLWR D ID]HU (VVDV
UHODomRGHWUDEDOKRQmRHYHQWXDOVREYtQFXORGHGHSHQGrQ WDUHIDV VmR GLYLGLGDV HQWUH RV FDUJRV FDEHQGR D FDGD
FLD FDUDFWHUL]DQGRVH DVVLP SHOD SURILVVLRQDOLGDGH H FDUJR SRU VHX RFXSDQWH  GHWHUPLQDGDV DWULEXLo}HV
UHODomR GH VXERUGLQDomR KLHUiUTXLFD LQ
&XUVR GH 'LUHLWR VHUYLoRV HUHVSRQVDELOLGDGHV
&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS 
1HVVDGLYLVmRGHWDUHIDVHFDUJRVKiXPDRUJDQL]DomR
$VVLP RV VHUYLGRUHV S~EOLFRV VmR HVSpFLH GR JrQHUR HPFODVVHVHFDUUHLUDV
DJHQWHS~EOLFRHR3URI',2*2'(),*8(,5('2025(,
5$1(72RVGHILQHFRPRWRGRVRVLQGLYtGXRVTXHHVWmRD &ODVVHpRDJUXSDPHQWRGHFDUJRVGDPHVPDSURILVVmR
VHUYLoRUHPXQHUDGRGHSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR HFRPLGrQWLFDVDWULEXLo}HVJDQKDQGRDPHVPDFRLVDH
LQ&XUVR
&XUVR
&XUVRGH
GH'LUHLWR
'LUHLWR$GPLQLVWUDWLYR
$GPLQLVWUDWLYRHG)RUHQVHS
UDWLYR SDUDHP WHQGRDVPHVPDVUHVSRQVDELOLGDGHV WRGRVRV2ILFLDLVGH
VHJXLGDDVVLPRVFODVVLILFDU -XVWLoD$YDOLDGRUHV VmR GD PHVPD FODVVH DVVLP FRPR
WRGR$X[LOLDU-XGLFLiULRWDPEpPpGDPHVPDFODVVH
eLQWHUHVVDQWHREVHUYDUTXHYLVDQGRjUHVSRQVDELOL]D
omR FLYLO RX j UHVSRQVDELOL]DomR FULPLQDO RX PHVPR D &DUUHLUDpRDJUXSDPHQWRGHFODVVHVGDPHVPDSURILV
GLIHUHQWH QXDQFHV GD UHVSRQVDELOL]DomR DGPLQLVWUDWLYD VmR RX DWLYLGDGH HVFDORQDGDV VHJXQGR D KLHUDUTXLD GR
SDUWLFXODUPHQWH D WULEXWiULD   YiULDV OHLV ODQoDP VHUYLoRGHIRUPDTXHDV&ODVVHVVHMDPRVGHJUDXVGHDFHV
FRQFHLWRV H[WHQVLYRV PDLV DEUDQJHQWHV  GR TXH VH VR SURPRomR QDFDUUHLUDHDVVLPjH[FHomRGRSULPHL
FRPSUHHQGHQDH[SUHVVmRIXQFLRQiULRS~EOLFRTXDQGR URLQLFLDOGHJUDXRVVXEVHTXHQWHVVySRVVDPVHUSURYLGRV
ID]HPUHIHUrQFLDDDOJXPDDWXDomRGHVWHHjVFRQVHTXrQ SUHHQFKLGRV SRUSHVVRDVMiWLWXODUHVGHFDUJR RFDUJR
FLDVMXUtGLFDVGHVVDDWXDomR DQWHULRU 

$VVLP SH[ R &yGLJR 3HQDO DR HVWDEHOHFHU TXH 0DVKiFDUJRTXHpLVRODGRRXVHMDQmRID]SDUWHGH


FRQVLGHUDVHIXQFLRQiULRS~EOLFRSDUDHIHLWRVSHQDLVTXHP FODVVH DOJXPD p XP ~QLFR FDUJR QD FDWHJRULD  6mR
HPERUDWUDQVLWRULDPHQWHRXVHPUHPXQHUDomRH[HUFHFDUJR H[FHo}HV
HPSUHJRRXIXQomRS~EOLFD DUW HVFODUHFHQGRVHX†
ž TXH (TXLSDUDVH D IXQFLRQiULR S~EOLFR TXHP H[HUFH +iWDPEpPRVFDUJRVWpFQLFRVTXHFRPRGL]RQRPH
FDUJRHPSUHJRRXIXQomRHPHQWLGDGHSDUDHVWDWDO H[LJHPGHVHXRFXSDQWHFRQKHFLPHQWRVWpFQLFRVHVSHFLDOL
]DGtVVLPRVRXFLHQWtILFRVRXDUWtVWLFRVSDUDRGHVHPSH
QKRGHVXDVIXQo}HV
&DUJR3~EOLFR -iRVFDUJRVHPFRPLVVmRVmRSURYLGRVSURYLVRULDPHQWH
SRLV VXDV UHVSHFWLYDV IXQo}HV H[LJHP XPD UHODomR GH
$UWž &DUJR FRQILDQoDHQWUHVHXRFXSDQWHHVHXVVXSHULRUKLHUiUTXLFR
&DUJR3~EOLFR
3~EOLFRpRFRQMXQWR
FRQMXQWRGH
GHDWULEXLo}HV
DWULEXLo}HVHUHV
SRQVDELOLGDGHV
SRQVDELOLGDGHVSUHYLVWDV QDHVWUXWXUDRUJDQL]D
SUHYLVWDVQD HVWUXWXUDRUJDQL]D $QRWHVH TXH RV FDUJRV HP FRPLVVmR VmR UHVHUYDGRV jV
FLRQDOTXHGHYHPVHUFRPHWLGDVDXPVHUYLGRU
FLRQDOTXHGHYHPVHUFRPHWLGDVDXPVHUYLGRU DWULEXLo}HVGHGLUHomRFKHILDHDVVHVVRUDPHQWR LQF9GR
DUW&)FIPUHGDomRGDGDSHOD(&Qž 
†~QLFR 2V
2V FDUJRV
FDUJRV S~EOLFRV
S~EOLFRV DFHVVtYHLVDWRGRVRVEUDVL
DFHVVtYHLVDWRGRVRVEUDVL
OHLURV
OHLURV VmR
VmR FULDGRV
FULDGRV SRU OHL FRP GHQRPLQDomR )LQDOPHQWH RV &DUJRV GH &KHILD VmR DTXHOHV FRP
SUySULD
SUySULDHYHQFLPHQWR
YHQFLPHQWRSDJR
SDJRSHORV
SHORVFRIUHV
FRIUHVS~EOLFRV IXQo}HVGHGLUHomRGHVHUYLoRV
SDUD
SDUDSURYLPHQWR
SURYLPHQWRGHGHFDUiWHU
FDUiWHUHIHWLYR
HIHWLYRRX
RXHP
HPFRPLV
VmR
VmR 2VFDUJRVVySRGHPVHUFULDGRVSRUOHL(HVVDOHLHP
VH WUDWDQGR GH FDUJRV GR 3RGHU ([HFXWLYR GHYH VHU
8PGRVPDLRUHV3URIHVVRUHVGH'LUHLWR$GPLQLVWUDWLYR SURSRVWD DSHQDV SHOR &KHIH GR 3RGHU ([HFXWLYR 6H R
RVDXGRVR3URI+HO\/RSHV0HLUHOOHVDVVLPGHILQLDR&DUJR FDUJRpGR([HFXWLYR)HGHUDODLQLFLDWLYDpSULYDWLYDGR
3~EOLFRpROXJDULQVWLWXtGRQDRUJDQL]DomRGRIXQFLRQDOLV 3UHVLGHQWH GD 5HS~EOLFD 1DWXUDOPHQWH RV FDUJRV GR
PR FRP GHQRPLQDomR SUySULD DWULEXLo}HV HVSHFtILFDV H 3RGHU /HJLVODWLYR VHUmR FULDGRV SRU OHLV SURSRVWDV SHOR
HVWLSrQGLRFRUUHVSRQGHQWHSDUDVHUSURYLGRHH[HUFLGRSRU SUySULR3RGHU/HJLVODWLYRHQTXDQWRRVFDUJRVGR3RGHU
XPWLWXODUQDIRUPDHVWDEHOHFLGDHPOHL -XGLFLiULRVHUmRFULDGRVHPOHLVGDLQLFLDWLYDGR3UHVLGHQWH
GR7ULEXQDOUHVSHFWLYR
&RQILUDTXHQmRpXPDGHILQLomR PXLWRGLIHUHQWHGD
WUD]LGD SHOR (VWDWXWR TXH DOLiV FRUULJLX R GHIHLWR GR eLPSRUWDQWtVVLPRVDEHURTXHpFDUJRS~EOLFRSRUTXH
YHOKR(VWDWXWRTXHFRQIXQGLDRFRQFHLWRGHFDUJRFRP VHJXQGR R (VWDWXWR WRGD SHVVRD TXH RFXSDU XP FDUJR
S~EOLFR VHUi FRQVLGHUDGD XP VHUYLGRU S~EOLFR DUWž 
RGHIXQomR$VVLPRFDUJRS~EOLFRpWXGRDTXLOR FRQ
3DUD HIHLWRV GHVWD /HL  VHUYLGRU p D SHVVRD OHJDOPHQWH
MXQWR TXHVHXRFXSDQWH VHUYLGRU GHYHUiID]HU DWULEXL
LQYHVWLGDHPFDUJRS~EOLFR
o}HV HREVHUYDUREHGHFHU UHVSRQVDELOLGDGHV 
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

4XDQGRRVFDUJRVSHUWHQFHPDXPPHVPRH~QLFRWLSR
GHVHUYLoRS~EOLFRRX3RGHU3~EOLFRDOJXQVFDUJRVHP 'LUHLWRVGR6HUYLGRU3~EOLFR
FDUUHLUD RIXQFLRQiULRFRPHoDQXPHYDLVHQGRSURPRYL
GRSDUDRVRXWURVDWpFKHJDUQR~OWLPR RXWURVFDUJRV
LVRODGRV VHPFKDQFHGHSURPRomR GL]VHTXHHVWHV %DVLFDPHQWH TXDWUR VmR RV GLUHLWRV
LUHLWRV GRV VHUYLGRUHV
FDUJRVWRGRVIRUPDPXPTXDGUR S~EOLFRVD GLUHLWRjIXQomRS~EOLFDE GLUHLWRDRH[HU
FtFLRGDIXQomRF GLUHLWRFRQH[RVDRH[HUFtFLRGDIXQ
$VVLP R TXDGUR  p R FRQMXQWR GH FDUUHLUDV FDUJRV omRFDUJRG GLUHLWRDRDPSDURVRFLDOHjGLJQLGDGHGR
LVRODGRVHIXQo}HVJUDWLILFDGDVGHXPPHVPRVHUYLoRRX VWDWXV
3RGHU2TXDGURSRGHVHUSHUPDQHQWHRXSURYLVyULRPDV
VHUiVHPSUHHVWDQTXHQmRDGPLWLQGRSURPRomRRXDFHVVR 23URI',2*2'(),*8(,5('2025(,5$1(72DVVLP
GHXPTXDGURSDUDRXWURTXDGURDUDPHOKRUVHHQWHQGHU H[SODQDVREUHFDGDXPGHVVHVGLUHLWRV
QR -XGLFLiULR Ki XP TXDGUR GH VHUYHQWXiULRV YiULRV
FDUJRV DOJXQV FRP FDUUHLUD RXWURV LVRODGRV DOJXPDV
GLUHLWR
GLUHLWRjIXQomR
2GLUHLWR IXQomRS~EOLFDTXHVXUJHFRPDHVWDELOLGDGH
S~EOLFD
IXQo}HVJUDWLILFDGDV VHPFDUJR 
RXFRPDYLWDOLFLHGDGH HVWDHPJUDXPDLVHOHYDGRFRPR
GLUHLWR DR FDUJR S~EOLFR  FRQVLVWH HP QmR SRGHU VHU
( Ki R TXDGUR GRV -Xt]HV WDPEpP FRP FDUJRV GH
FDUUHLUD H IXQo}HV JUDWLILFDGDV 1LQJXpP SRGH SDVVDU GLVFULFLRQDULDPHQWHVHQmRSRUDWRPDWHULDOHIRUPDOPHQWH
GLUHWDPHQWHGRTXDGURGHVHUYHQWXiULRVSDUDRTXDGURGD YLQFXODGRGHODGHVSURYLGR
FDUUHLUD GH -XL] SRU SURPRomR RX UHPRomR HWF 6y
PXGDUiSDUDVHIL]HUXPQRYRFRQFXUVR 2 GLUHLWR
GLUHLWR DR
DR H[HUFtFLR
H[HUFtFLR p HVSpFLH GR JrQHUR GLUHLWR DR
WUDEDOKRVHULDLQFRPSDWtYHOFRPDGLJQLGDGHGRKRPHPH
$ORWDomRpRQ~PHURGHVHUYLGRUHVTXHGHYHPWUDED FRPRLQWHUHVVHS~EOLFRTXHD$GPLQLVWUDomRUHVROYHVVHPDQ
OKDU HP FDGD VHomR UHSDUWLomR  GR VHUYLoR S~EOLFR  $ WHUSRUFRQVLGHUDo}HVLQFRQIHVViYHLVRVHUYLGRUHPDIDVWD
ORWDomR p QXPpULFD WDPEpP FKDPDGD GH EiVLFD  PHQWR2DIDVWDPHQWRWHPVHXVSUHVVXSRVWRVIL[DGRVHPOHL
TXDQGRHODGHILQHTXDQWRVFDUJRVHIXQo}HVH[LVWLUmRQDV $OpP GR PDLV p GR H[HUFtFLR TXH GHULYDUmR RV GHPDLV
VHo}HVRXVHMDQDVXQLGDGHVDGPLQLVWUDWLYDV QD6HFUHWD GLUHLWRVIXQFLRQDLVHQWUHRVTXDLVDSHUFHSomRRUGLQiULDGRV
ULDGHWDO-XQWDKDYHUiDX[LOLDUHVMXGLFLiULRV2ILFLDLV YHQFLPHQWRV
GH-XVWLoDHWF 
2V GLUHLWRV
GLUHLWRV TXH
TXH VH
VH IXQGDP
IXQGDP QR
QR H[HUFtFLR
H[HUFtFLR VmR GH YiULDV
(VHUiQRPLQDO WDPEpPFRQKHFLGDSRUVXSOHWLYD D HVSpFLHV D FRQWDJHP GR WHPSR GH VHUYLoR SDUD YiULRV
ORWDomR TXDQGR HOD GL] R QRPH GRV VHUYLGRUHV TXH HIHLWRVDHVWDELOLGDGHDVIpULDVDVOLFHQoDVHDSHUFHSomRGD
WUDEDOKDUmRQDTXHODVHomR$ORWDomRpGHOLYUHGHILQLomR UHPXQHUDomR
GR&KHIHGR3RGHUHOHS}HRVHUYLGRUQDVHomRTXHHOH
TXLVHUGHVGHTXHQmRKDMDDOJXPDOLPLWDomRH[SUHVVD 2 GLUHLWR DR DPSDUR VRFLDO H j GLJQLGDGH GR VWDWXV
QDOHL LQWHJUDPRHOHQFRFRQVDJUDQGRVHQRTXHUHVSHLWDjIXQomR
S~EOLFDFHUWRVSULQFtSLRVJHUDLVGRWUDEDOKR DUW†žGD
3URLELomRGH6HUYLoRV*UDWXLWRV &RQVWLWXLomR  (QWUH RXWURV SRGHPRV FLWDU RV VHJXLQWHV
GLUHLWR j DVVLVWrQFLD GLUHLWR j SUHYLGrQFLD H GLUHLWR j
DVVRFLDomRGLUHLWRGHSHWLomRGLUHLWRjGHIHVDHGLUHLWRGH
$UWž eSURLELGDDSUHVWDomRGHVHUYLoRV
SURLELGDDSUHVWDomRGHVHUYLoRVJUDWXLWRV UHSUHVHQWDomR LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVH
VDOYRRVFDVRVSUHYLVWRVHPOHL
VDOYRRVFDVRVSUHYLVWRVHPOHL SJ 

)RVVH DGPLWLGD D SUHVWDomR GH VHUYLoRV JUDWXLWRV 9DQWDJHQV


SRGHULDQmRDSHQDVJHUDUFRQIXV}HVIXWXUDVFRPFREUDQ
oDV GH LQGHQL]Do}HV SRU WUDEDOKRV SUHVWDGRV FRPR 6HJXQGRRSUySULR(VWDWXWR DUW R6HUYLGRU3~EOLFR
H[SORUDomRGHFRLWDGLQKRVVRESUHVVmRGR3RGHU3~EOLFR WHPGLUHLWRjVVHJXLQWHVYDQWDJHQVDD VHXVYHQFLPHQWRV
WXGRVHPIDODUQRJUDQGHHSHULJRVRULVFRGHWURFDGH E LQGHQL]Do}HVF
E F JUDWLILFDo}HVG
F G DGLFLRQDLV
G
IDYRUHVDVHUHPFREUDGDV
$V LQGHQL]Do}HV
LQGHQL]Do}HV VmR UHSRVLo}HV RX VHMD HVSpFLH GH
e PRUDOL]DGRUD D OHL  HYLWDQGR D H[SORUDomR GR UHHPEROVR DR IXQFLRQiULR SRU GHVSHVDV TXH HOH WHYH H
VHUYLoRDOKHLRJUDWXLWDPHQWHHpDFDXWHODGRUDHYLWDQ SDJRXDVJUDWLILFDo}HV
JUDWLILFDo}HVVmRFRPSHQVDo}HVLVWRpFRPRHOH
JUDWLILFDo}HV
GRTXHVHIDoDPIDYRUH]LQKRVj$GPLQLVWUDomRTXHVHQGR VHVXEPHWHDXPDVLWXDomRHVSHFLDOHOHpUHFRPSHQVDGR
JUDWXLWRVVHULDPLQHYLWDYHOPHQWHFREUDGRVQRIXWXUR UHFHEHQGR XP DFUHVFLPR]LQKR HP VHX VDOiULR YHQFL
PHQWR HRVDGLFLRQDLV
DGLFLRQDLVVmRDFUpVFLPRVLQHUHQWHVjQDWXUH
DGLFLRQDLV
0DV D OHL UHVVDOYD RV FDVRV SUHYLVWRV HP OHL ¢TXH
]D RX jV FRQGLo}HV GR VHUYLoR SUHVWDGR SHOR VHUYLGRU
VHUYLoRVVRPRVREULJDGRVDID]HUJUDWXLWDPHQWHSRUIRUoD
WDPEpP SDUD UHFRPSHQViOR SRU WDLV FRQGLo}HV
GH OHL """   9iULRV FRPR SRU H[ R VHUYLoR PLOLWDU R
GHVIDYRUiYHLV
VHUYLoRHOHLWRUDO SHUGHPRVXPGLDLQWHLURFRPRPHViUL
RV RX VHFUHWiULRV GH PHVD QDV HOHLo}HV TXDQGR QmR
QRLWHV QR HVFUXWtQLR  R VHUYLoR GH -XUDGR HWF  6mR 9HMDPRV D VHJXLU GHWDOKDGDPHQWH FRPR D /HL Qž
VHUYLoRV TXH D OHL QRV REULJD D SUHVWDU H SUHVWDPRORV GLVFLSOLQRXRV'LUHLWRV9DQWDJHQV
'LUHLWRV9DQWDJHQV
'LUHLWRV9DQWDJHQV
JUDWXLWDPHQWH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

2SULQFtSLRpFRQVWLWXFLRQDOHWDPEpPFRQVDJUDGRQD
'R9HQFLPHQWRH5HPXQHUDomR &/7VHRIXQFLRQiULRFRQWDFRPDTXHOHGLQKHLULQKRSDUD
VXD VXEVLVWrQFLD LQFOXVLYH SDJDU REULJDo}HV FRQWDV
DVVXPLGDVQmRSRGHVHUGLPLQXtGRQmRSRGHVHUUHGX]L
$UW 9HQFLPHQWR p D UHWULEXLomRSHFXQLiULDSHOR
H[HUFtFLR GR
H[HUFtFLRGH
GHFDUJR
FDUJRS~EOLFR
S~EOLFRFRP
FRPYDORU
YDORUIL[DGR
IL[DGRHP
OHL ,QWHUHVVDQWHOHPEUDUTXHRDUWLQF;9&)GLVS}H
TXH´R RVXEVtGLR
VXEVtGLRHRVYHQFLPHQWRVGRVRFXSDQWHVGHFDUJRV
6LPSOHVGHHQWHQGHUYHQFLPHQWRpQRPHGRVDOiULR HHPSUHJRV
HPSUHJRVS~EOLFRV
S~EOLFRVVmR
VmRLUUHGXWtYHLV
LUUHGXWtYHLVUHVVDOYDGR
UHVVDOYDGRRGLVSRVWR
GRVHUYLGRUS~EOLFR QRV
QRVLQFLVRV ;,H;,9
LQFLVRV;, ;,9GHVWH
GHVWHDUWLJR
DUWLJRHQRV
QRVDUWV†ž
DUWV†ž
,,,,,H†ž,µ
,,,,,H†ž,µ
†~QLFR 5HYRJDGRSHOD/HLQž
2 PHQFLRQDGR LQF;, GR DUW&) GHILQH RWHWR GR
$UW 5HPXQHUDomR
5HPXQHUDomRpRYHQFLPHQWR
YHQFLPHQWRGR
GRFDUJRHIHWLYR YHQFLPHQWRGRVHUYLGRUQHQKXPVHUYLGRUJDQKDUiPDLV
DFUHVFLGR
DFUHVFLGRGDV
GDVYDQWDJHQV
YDQWDJHQVSHFXQLiULDVSHUPDQHQ
SHFXQLiULDVSHUPDQHQ TXHRPLQLVWURGR6XSUHPR7ULEXQDO)HGHUDOVHHVWLYHU
WHVHVWDEHOHFLGDVHPOHL JDQKDQGR VHX VDOiULR GHYHUi VHU UHGX]LGR SDUD VH
DGHTXDU D WDO WHWR p GH VH FUHU TXH HVVD GLVSRVLomR
$ 5HPXQHUDomR p XP FRQFHLWR PDLV DEUDQJHQWH p FRQVWLWXFLRQDOpLQFRQVWLWXFLRQDOSRUIHULURGLUHLWRDGTXLUL
FRPSRVWRGRYHQFLPHQWRHWXGRRPDLVTXHDOHLPDQGDU GR TXH VH WUDWD GH JDUDQWLD LQGLYLGXDO FOiXVXOD SpWUHD
SDJDUDRVHUYLGRULVWRpKRUDVH[WUDVDGLFLRQDOQRWXUQR LQVXVFHWtYHOGHDOWHUDomRSRUHPHQGD 
DMXGDVGHFXVWRVHWF
2LQF;,9GRDUW&)LPSHGHDFXPXODomRGHDFUpV
†ž $UHPXQHUDomR
UHPXQHUDomRGR
GRVHUYLGRULQYHVWLGRHP
VHUYLGRULQYHVWLGRHPIXQomR FLPRV SHFXQLiULRV HP FDVFDWD RX VHMD XP QRYR TXLQ
RX
RX FDUJR
FDUJR HP
HP FRPLVVmR
FRPLVVmR VHUi SDJD QD IRUPD TXrQLRQmRSRGHLQFLGLUVREUHRYDORUGHXPTXLQTXrQLR
SUHYLVWDQRDUW DQWHULRU VH HVWLYHU LQFLGLQGR R YHQFLPHQWR GHYHUi VHU
UHGX]LGRSDUDVHDMXVWDUDWDOUHJUD WDPEpPDTXLpFUtYHO
+iDOJXQVIXQFLRQiULRVTXHVmRLQYHVWLGRVHPIXQomR
WUDWDUVHGHGLVSRVLomRFRQVWLWXFLRQDOLQFRQVWLWXFLRQDOSRU
RXFDUJR GHFRQILDQoDVmRIXQo}HVGHGLUHomRRXGH
IHULURGLUHLWRDGTXLULGRTXHVHWUDWDGHJDUDQWLDLQGLYLGX
FKHILD RX GH DVVHVVRUDPHQWR  QDWXUDOPHQWH PDLV
DOFOiXVXODSpWUHDLQVXVFHWtYHOGHDIHWDomRSRUHPHQGD 
TXDOLILFDGDVTXHDIXQomRQRUPDOTXHHOHYLQKDH[HUFHQ
GR
2 † ž GR DUW&) GHWHUPLQD TXH R PHPEUR GH
1HVVHVFDVRVHOHJDQKDUiXPDJUDWLILFDomRHHVVD
3RGHURGHWHQWRUGHPDQGDWRHOHWLYRRV0LQLVWURVGH(VWDGR
JUDWLILFDomRLQWHJUDUiWDPEpPVXDUHPXQHUDomReRTXH
GHWHUPLQD R DUW $R VHUYLGRU LQYHVWLGR HP IXQomR GH HRV6HFUHWiULRV(VWDGXDLVH0XQLFLSDLVUHFHEDPXPD~QLFD
GLUHomRFKHILDRXDVVHVVRUDPHQWRpGHYLGDXPDJUDWLILFDomR SDUFHODDWtWXORGHVXEVtGLRHSURtEHTXHUHFHEDPTXDOTXHU
SHORVHXH[HUFtFLR JUDWLILFDomRDGLFLRQDODERQRSUrPLRYHUEDGHUHSUHVHQ
WDomR RX RXWUD HVSpFLH UHPXQHUDWyULD VH DOJXP GHOHV
†ž 2VHUYLGRU
VHUYLGRULQYHVWLGRHPFDUJRHPFRPLVVmRGH HVWLYHU UHFHEHQGR WDLV SDUFHODV VHX VDOiULR WDPEpP
yUJmR
yUJmR RX
RX HQWLGDGH
HQWLGDGH GLYHUVD GD GH
GLYHUVD GD GH VXD
VXD ORWDomR GHYHUiVHUUHGX]LGRSDUDVHDMXVWDUjQRYDRUGHPFRQVWL
UHFHEHUi
UHFHEHUi D UHPXQHUDomR GH DFRUGR FRP R WXFLRQDO RXWURFDVRGHOHVmRDGLUHLWRDGTXLULGR 
HVWDEHOHFLGRQR†žGRDUW
2 LQF,, GR DUW&) SURtEH R )LVFR GH ´LQVWLWXLU
1mRUDURDFRQWHFHGHXPIXQFLRQiULRS~EOLFRGHXPD WUDWDPHQWRGHVLJXDOHQWUHFRQWULEXLQWHVTXHVHHQFRQWUHP
UHSDUWLomR VHU HPSUHVWDGR SDUD RXWUR ÐUJmR RX RXWUD HP VLWXDomR HTXLYDOHQWH SURLELGD TXDOTXHU GLVWLQomR HP
UHSDUWLomRRQGHSDVVDUiDWUDEDOKDU2SUySULR(VWDWXWR UD]mRGHRFXSDomRSURILVVLRQDORXIXQomRSRUHOHVH[HUFLGD
SHUPLWHLVVRQRDUW2VHUYLGRUSRGHUiVHUFHGLGRSDUD LQGHSHQGHQWHPHQWHGDGHQRPLQDomRMXUtGLFDGRVUHQGLPHQ
WHU H[HUFtFLR HP RXWUR yUJmR RX HQWLGDGH GRV 3RGHUHV GD WRV WtWXORV RX GLUHLWRVµ  ³ RX VHMD VH DOJXP VHUYLGRU
8QLmR GRV (VWDGRV RX GR 'LVWULWR )HGHUDO H GRV 0XQLFt HVWLYHU VHQGR SULYLOHJLDGR FRP WUDWDPHQWR HVSHFLDO
SLRV,SDUDH[HUFtFLRGHFDUJRHPFRPLVVmRRXIXQomR GHL[DQGRGHSDJDUWULEXWRSDVVDUiDSDJiOR HDVVLP
GHFRQILDQoD,,HPFDVRVSUHYLVWRVHPOHLVHVSHFtILFDV VHUiUHGX]LGRVHXYHQFLPHQWR

¢4XHPSDJDUiR YHQFLPHQWR VDOiULR GRVHUYLGRU 2LQF,,,GRDUW&)HVWDEHOHFHDFRPSHWrQFLDGD


HPSUHVWDGR""2†žGRDUWUHVSRQGHDTXHVWmR1D 8QLmRSDUDLQVWLWXLULPSRVWRVREUHUHQGDHSURYHQWRVGH
KLSyWHVHGRLQFLVR,GHVWHDUWLJRR{QXVGDUHPXQHUDomR TXDOTXHU QDWXUH]D ³ GHL[DQGR FODUR DVVLP TXH RV
VHUiGRyUJmRRXHQWLGDGHFHVVLRQiULD YHQFLPHQWRV VRIUHUmR D LQFLGrQFLD GHVVH LPSRVWR H WDO
UHGXomRpOtFLWDHVFDSDQGRDRSULQFtSLRGDLUUHGXWLELOLGD
1RXWUDVSDODYUDVVHRIXQFLRQiULRYDLWUDEDOKDUQRXWUD GH
5HSDUWLomR HVWD D FHVVLRQiULD  p TXH GHYH SDJDU VHX (ILQDOPHQWHRLQF,GR†žGRDUW&)SURFODPD
YHQFLPHQWRHQmRDVXDUHSDUWLomRTXHRFHGHX FHGHQ TXHR,PSRVWRGH5HQGDDVHUFREUDGRVREUHRVYHQFL
WH  PHQWRVGRVHUYLGRUS~EOLFR´VHUiLQIRUPDGRSHORVFULWpULRV
GDJHQHUDOLGDGHGDXQLYHUVDOLGDGHHGDSURJUHVVLYLGDGHµ
†ž 2 YHQFLPHQWR
YHQFLPHQWR GR
GR FDUJRHIHWLYRDFUHVFLGRGDV
YDQWDJHQVGH
YDQWDJHQV GHFDUiWHUSHUPDQHQWHpLUUHGXWtYHO
FDUiWHUSHUPDQHQWH $VVLPFRPRDLUUHGXWLELOLGDGHQmRLPSHGLUiRGHVFRQ
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

WRGR,PSRVWRGH5HQGD³QRSDJDPHQWRGRVIXQFLRQiUL †ž 1HQKXP


1HQKXPVHUYLGRU
VHUYLGRUUHFHEHUi
UHFHEHUiUHPXQHUDomRLQIHUL
RVS~EOLFRVD$GPLQLVWUDomR3~EOLFDREULJDWRULDPHQWH RUDRVDOiULRPtQLPR
2EVUHGDomRGDGDSHOD/HLQž
GHYHUi GHVFRQWDU R LPSRVWR GH UHQGD VHPSUH TXH IRU
VXSHULRUDRPtQLPRLVHQWRGHWRGRHTXDOTXHUIXQFLRQiULR
(VVDSURLELomRpFRQVWLWXFLRQDOQLQJXpPSRGHJDQKDU
XQLYHUVDOLGDGH TXDOTXHUTXHVHMDDYHUEDSDJD JHQHUDOL
PHQRVTXHRVDOiULRPtQLPR$VVLPQmRVHULDRIXQFLRQi
GDGH HQDSURSRUomRGRYDORUSDJR SDUDTXHPJDQKD
ULRS~EOLFRXPDH[FHomR
PDLVPDLRURGHVFRQWRSURJUHVVLYLGDGH 
$UW 1HQKXP
1HQKXPVHUYLGRU
VHUYLGRUSRGHUiSHUFHEHUPHQVDOPHQ
SRGHUiSHUFHEHUPHQVDOPHQ
(DWpPHVPRDLVHQomRGHLPSRVWRGHUHQGDRXWURUD WH
WHDWtWXOR
WtWXORGH
GHUHPXQHUDomR
UHPXQHUDomRLPSRUWkQFLD
LPSRUWkQFLDVXSHUL
FRQFHGLGD DR IXQFLRQiULR DSRVHQWDGR RX SHQVLRQLVWD  RU
RUjVRPD
VRPDGRV
GRVYDORUHV
YDORUHVSHUFHELGRV
SHUFHELGRVFRPR
FRPRUHPXQH
TXHYLYLDH[FOXVLYDPHQWHGHVVHGLQKHLURHWLQKDPDLVGH UDomR
UDomRHP
HPHVSpFLH
HVSpFLHDTXDOTXHU
TXDOTXHUWtWXOR
WtWXORQR
QRkPELWR
DQRVGHLGDGH³IRLUHYRJDGDSHODUHIRUPDGDSUHYL GRV
RV UHVSHFWLYRV
UHVSHFWLYRV 3RGHUHV
3RGHUHV SHORV
SHORV 0LQLVWURV
0LQLVWURV GH
GrQFLD (&Qž ³HWDPEpPHOHVVRIUHUmRRGHVFRQ (VWDGR SRUPHPEURVGR&RQJUHVVR
(VWDGRSRUPHPEURVGR &RQJUHVVR1DFLRQDO
1DFLRQDOH
WRGRLPSRVWRGHUHQGD 0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDO

†ž eDVVHJXUDGDDLVRQRPLDGHYHQFLPHQWRVSDUD (VWHGLVSRVLWLYRHVWiVXSHUDGRSHODQRYDUHGDomRGDGD


FDUJRV
FDUJRVGH
GHDWULEXLo}HV
DWULEXLo}HVLJXDLV
LJXDLVRX
RXDVVHPHOKDGDVGR
DVVHPHOKDGDVGR DRDUW;,&)´DUHPXQHUDomRHRVXEVtGLRGRVRFXSDQWHV
PHVPR
PHVPR 3RGHU
3RGHU RX
RX HQWUH
HQWUH VHUYLGRUHV
VHUYLGRUHV GRV WUrV GH FDUJRV IXQo}HV H HPSUHJRV S~EOLFRV GD DGPLQLVWUDomR
3RGHUHV
3RGHUHV UHVVDOYDGDV
UHVVDOYDGDV DV
DV YDQWDJHQ
YDQWDJHQV GH
GH FDUiWHU GLUHWDDXWiUTXLFDHIXQGDFLRQDOGRVPHPEURVGHTXDOTXHU
LQGLYLGXDOHDVUHODWLYDV
LQGLYLGXDOHDVUHODWLYDVjQDWXUH]DRXDRORFDO GRV3RGHUHVGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV
GHWUDEDOKR 0XQLFtSLRVGRVGHWHQWRUHVGHPDQGDWRHOHWLYRHGRVGHPDLV
DJHQWHVSROtWLFRVHRVSURYHQWRVSHQV}HVRXRXWUDHVSpFLH
$LVRQRPLDGHYHQFLPHQWRVTXHUGL]HULJXDOGDGHGH UHPXQHUDWyULD SHUFHELGRV FXPXODWLYDPHQWH RX QmR
VDOiULRDWRGRVRVTXHHVWmRHPFDUJRVIXQo}HVVHPHOKDQ LQFOXtGDV DV YDQWDJHQV SHVVRDLV RX GH TXDOTXHU RXWUD
WHVjVYH]HVQXPTXDGURGHFDUUHLUDXPDX[LOLDUID]DV QDWXUH]D QmR SRGHUmR H[FHGHU R VXEVtGLR PHQVDO HP
PHVPtVVLPDVIXQo}HVGHXPGDWLOyJUDIRSHUWHQFHQWHD HVSpFLH GRV 0LQLVWURV GR 6XSUHPR 7ULEXQDO )HGHUDOµ ³
XP RXWUR TXDGUR GH FDUUHLUD 1mR p MXVWR TXH JDQKHP UHGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDO Qž 
GLIHUHQWHPHQWH GHYHP WHU LVRQRPLD LJXDOGDGH  GH 5HIRUPD$GPLQLVWUDWLYD 
YHQFLPHQWRV
'RUDYDQWHQLQJXpP³QHPRSUySULR3UHVLGHQWHGD
'DPHVPDIRUPDQmRpMXVWRTXHRDX[LOLDUGR3RGHU 5HS~EOLFDRXTXDOTXHUPHPEURGR&RQJUHVVR1DFLRQDO³
/HJLVODWLYR TXH H[HFXWD DV PHVPDV WDUHIDV H WHQKD DV SRGHUiWHUYHQFLPHQWRVTXHH[FHGDP´RVXEVtGLRPHQVDO
PHVPDV UHVSRQVDELOLGDGHV  TXH XP DX[LOLDU RX FDUJR FRP HPHVSpFLHGRV0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDOµ
RXWURQRPH GR([HFXWLYR RXGR-XGLFLiULR JDQKHPDLV
†~QLFR ([FOXHPVH
[FOXHPVH GR WHWR GH UHPXQHUDomRDVYDQ
RX PHQRV  TXH HVWH &ODUR TXH QHVVD SURLELomR GH
WDJHQVSUHYLVWDVQRVLQF,,D9,,GRDUW
GLIHUHQoD GH YHQFLPHQWR QmR
QmR VH LQFOXHP DV YDQWDJHQV
SHVVRDLVFRPRRVDGLFLRQDLVSRUWHPSRGHVHUYLoRHWF
)XQFLRQiULR QmR SRGH JDQKDU PDLV TXH XP WHWR
6HJXQGRHVWHSDUiJUDIR~QLFRHVVHWHWRVyDWLQJLULDVHX
'HILQLWLYDPHQWHQmRpOyJLFRQHPpMXVWRTXHXP VDOiULREiVLFR RX VHMD QmR SHUPLWLU TXH R VHUYLGRU
HVFUHYHQWHGR&RQJUHVVR1DFLRQDODSHQDVHWmRVRPHQWH VXSHUDVVHRWHWRVHRWRWDOGHVHXYHQFLPHQWRXOWUDSDVVDV
SRUTXHFRQYLYHPDLVGHSHUWRFRPRVOHJLVODGRUHVJDQKH VHWDOOLPLWHSRUFDXVDGDJUDWLILFDomRQDWDOLQDRXGRDGL
PDLV  TXH XP HVFUHYHQWH GH XPD UHSDUWLomR]LQKD GR FLRQDOSRUWHPSRGHVHUYLoRRXGRDGLFLRQDOSHORH[HU
3RGHU([HFXWLYRRXGRTXHXP(VFUHYHQWHGR-XGLFLiULR FtFLRGHDWLYLGDGHVLQVDOXEUHVSHULJRVDVRXSHQRVDVRXGR
$ILQDOVHWRGRVEDWHPjPiTXLQDGLDULDPHQWHGHYHP DGLFLRQDOSHODSUHVWDomRGHVHUYLoRH[WUDRUGLQiULRRXGR
WRGRVJDQKDURPHVPRYHQFLPHQWR VDOiULR &ODURTXHVH DGLFLRQDOQRWXUQRRXGRDGLFLRQDOGHIpULDV
XPHVWiKiDQRVQRVHUYLoRS~EOLFRUHFHEHUiD
PDLV GH TXLQTXrQLR H R RXWUR TXH HQWURX Ki  DQRV (VVDVYHUEDVQmRHQWUDYDPQRFiOFXORGRYHQFLPHQWR
QHQKXP DGLFLRQDO DLQGD UHFHEHUi PDV LVVR p MXVWD SDUDHIHLWRGHREVHUYkQFLDGRWHWR0DVHVWHSDUiJUDIR
GLIHUHQoDHFRPRYDQWDJHPSHVVRDO  UHYRJDGRSHODQRYDUHGDomRGDGDDRDUW
~QLFRILFRXUHYRJDGR
UHYRJDGR
;,&) ´D UHPXQHUDomR H R VXEVtGLR GRV RFXSDQWHV GH
7DPEpPVHUiMXVWRSRUH[HPSORTXHXPHVFUHYHQWH FDUJRV IXQo}HV H HPSUHJRV S~EOLFRV GD DGPLQLVWUDomR
ORWDGRQXPDSHTXHQtVVLPDFRPDUFDQRLQWHULRUGD$PD GLUHWDDXWiUTXLFDHIXQGDFLRQDOGRVPHPEURVGHTXDOTXHU
]{QLD UHFHED D PDLV TXH R RXWUR  DOJXP DGLFLRQDO GH GRV3RGHUHVGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV
DX[tOLRPRUDGLDDTXHQmRIDULDMXVRHVFUHYHQWHORWDGR 0XQLFtSLRVGRVGHWHQWRUHVGHPDQGDWRHOHWLYRHGRVGHPDLV
QD&DSLWDOGR(VWDGR DJHQWHVSROtWLFRVHRVSURYHQWRVSHQV}HVRXRXWUDHVSpFLH
UHPXQHUDWyULD SHUFHELGRV FXPXODWLYDPHQWH RX QmR
$LVRQRPLDGHYHQFLPHQWRVGHFDUJRVDVVHPHOKDGRV LQFOXtGDV
LQFOXtGDV DV YDQWDJHQV SHVVRDLV RX GH TXDOTXHU RXWUD
QmR VH
QmR VH FRQ
FRQIXQGHFRPDHTXLSDUDomRRXDYLQFXODomRGH
IXQGH QDWXUH]D
QDWXUH]D QmR SRGHUmR H[FHGHU R VXEVtGLR PHQVDO HP
FDUJR1HVWDVRFRUUHULDXPIRUoDGRUHODFLRQDPHQWRHQWUH HVSpFLH GRV 0LQLVWURV GR 6XSUHPR 7ULEXQDO )HGHUDOµ ³
FDUJRVHFDUUHLUDVGLVWLQWDVSDUDDPDUUDURVYHQFLPHQWRV UHGDomR GDGD SHOD (PHQGD &RQVWLWXFLRQDO Qž 
GHXPHPUHODomRDRRXWUR 5HIRUPD$GPLQLVWUDWLYD 
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

2EVHUYHTXHRWH[WRFRQVWLWXFLRQDOHVWDEHOHFHTXHQR VHUYLoRGDTXHOHIXQFLRQiULR$EULUPmRGDVXVSHQVmRQmR
WRWDO GRV YHQFLPHQWRV TXH VH VXEPHWH DR WHWR HVWmR pVROXomRUD]RiYHOSRUTXHRSUHFHGHQWHGLVFLSOLQDUVHULD
´LQFOXtGDV DV YDQWDJHQV SHVVRDLV RX GH TXDOTXHU RXWUD JUDYHHVWLPXODQGRLQIUDo}HV$VROXomRpID]HURIXQFLR
QDWXUH]Dµ QiULRWUDEDOKDUSDJDQGROKHDPHWDGHGRVYHQFLPHQWRV
DWHQGHVHDRLQWHUHVVHGRVHUYLoRS~EOLFRTXHQmRVRIUH
$WHQomR
$WHQomR 'H DFRUGR FRP R DUW GD /HL Qž 
 VROXomRGHFRQWLQXLGDGHHDRPHVPRWHPSRH[HFXWDVH
1DVKLSyWHVHVGHDFXPXODomRFRQVWLWXFLRQDO DSHQDFRPRGHVFRQWRGHPHWDGH  GRVYHQFLPHQ
PHQWHDGPLWLGDROLPLWHPi[LPRGHUHPXQHUDomRPHQVDO WRVGRIXQFLRQiULR
VHUiREVHUYDGRHPUHODomRDFDGDFDUJRHPSUHJRHIXQomR
³RXVHMDQmR
QmRHUDFRQWDGRSHORWRWDOGRVYHQFLPHQWRV
QmR †~QLFR $V
$VIDOWDV
IDOWDVMXVWLILFDGDV
MXVWLILFDGDVGHFRUUHQWHV
GHFRUUHQWHVGH
GHFDVR
FDVRIRUWXL
UHFHELGRVQRVFDUJRVPDVSHORWWRWDO
WDO UHFHELGR
UHFHELGR HP
HP FDGD WR
WRRX
RXGH
GHIRUoD
IRUoDPDLRU
PDLRUSRGHUmR
SRGHUmRVHU
VHUFRPSHQVDGDV
FDUJR D FULWpULR
FULWpULR GD
GD FKHILD
FKHILD LPHGLDWD
LPHGLDWD VHQGR DVVLP
FRQVLGHUDGDVFRPRHIHWLYRH[HUFtFLR
FRQVLGHUDGDVFRPRHIHWLYRH[HUFtFLR DFUHVFLGRSHOD
/HLQž
7DPEpP HVVH GLVSRVLWLYR HVWi VXSHUDGR D QRYD
UHGDomR GR LQF;9, GR DUW DR SHUPLWLU D FXPXODomR
5LJRURVDDGLVSRVLomRDQWHVVHDIDOWDHUDMXVWLILFDGD
UHPXQHUDGDGHFHUWRVFDUJRVS~EOLFRVGHWHUPLQRXIRVVH
RVHUYLGRUQDGDSHUGLD$JRUDHOHDWpQmRVRIUHUiGHVFRQ
´REVHUYDGRHPTXDOTXHUFDVRRGLVSRVWRQRLQFLVR;,µ³H
WRQRYHQFLPHQWRPDVDTXHOHGLDQmRVHUiFRPSXWDGRHP
HVWHGLVSRVLWLYRVXEPHWHDRWHWRDWRWDOLGDGHGDVUHPXQH
VHXWHPSRGHVHUYLoR DWpSRUTXHVHULDILFWtFLDWDOFRQWD
UDo}HV´SHUFHELGRVFXPXODWLYDPHQWHRXQmRµ3RUFRQVH
JHP H D (& Qž 5HIRUPD GD 3UHYLGrQFLD SURtEH
JXLQWH ILFRX UHYRJDGD D OHL Qž  H GDTXL S·UD
H[SUHVVDPHQWHDFRQWDJHPGHWHPSRILFWtFLR ³HFRQVH
IUHQWHPHVPRTXHDFXPXODomRVHMDSHUPLWLGDDVRPD
TXHQWHPHQWH QmRVHFRQVLGHUDGRSDUDHIHLWRGHIpULDV
GDV UHPXQHUDo}HV QmR SRGHUi XOWUDSDVVDU R YDORU GRV
QHP GH DSRVHQWDGRULD SDUD FRQWRUQDU R SUREOHPD R
VXEVtGLRVGRV0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDO
VHUYLGRU SRGHUi FRPSHQVDU VXD IDOWD WUDEDOKDQGR QXP
$UW $UWLJRUHYRJDGR
UHYRJDGRSHOD/HLQž
UHYRJDGR RXWURGLDRXH[WUDRUGLQDULDPHQWHHPYiULRVRXWURVGLDV

$UW 2VHUYLGRUSHUGHUi $UW 6DOYR


6DOYRSRU
SRULPSRVLomR
LPSRVLomROHJDO
OHJDORX
RXPDQGDGR
PDQGDGRMXGLFLDO
QHQKXP
QHQKXPGHVFRQWR
GHVFRQWRLQFLGLUi
LQFLGLUiVREUH
VREUHDUHPXQHUDomR
, DUHPXQHUDomR
UHPXQHUDomRGR
GRGLD
GLDHP
HPTXHIDOWDUDRVHUYLoR RXSURYHQWR
VHPPRWLYRMXVWLILFDGR
9HQFLPHQWRpVDJUDGRQLQJXpPERWDDPmR'HVFRQ
1DGDPDLVMXVWRIDOWRXQmRWUDEDOKRXQmRJDQKRX WRVVyRVGHWHUPLQDGRVSHODOHL HPFDVRGHUHSRVLomRDRV
FRIUHVS~EOLFRVRXGHLQGHQL]DomRHPTXHRGHVFRQWRp
,, DSDUFHODGHUHPXQHUDomR
DSDUFHODGHUHPXQHUDomRGLiULDSURSRUFLRQDO OLPLWDGRD RXSRURUGHP PDQGDGR MXGLFLDO HP
DRV
DRVDWUDVRV
DWUDVRVDXVrQFLDV
DXVrQFLDVMXVWLILFDGDV
MXVWLILFDGDVUHVVDOYDGDV FDVRVGHSHQVmRDOLPHQWtFLDSH[ 
DV
DV FRQFHVV}HV GH TXH WUDWD R $UW H VDtGDV
DQWHFLSDGDV
DQWHFLSDGDVVDOYR QDKLSyWHVH
VDOYRQD KLSyWHVHGH
GHFRPSHQVDomR )RUDGLVVRILFDSURLELGRGHVFRQWDUTXDOTXHUGLQKHLUR
GH
GHKRUiULR
KRUiULRDWpRPrVVXEVHTXHQWHDRGDRFRU
DWpRPrVVXEVHTXHQWHDRGDRFRU GRVDOiULR YHQFLPHQWR GRVHUYLGRUS~EOLFR0DVHVVD
UrQFLD
UrQFLDDVHU
VHUHVWDEHOHFLGD
HVWDEHOHFLGDSHOD
SHODFKHILD
FKHILDLPHGLDWD UHJUDQmRpWmRUtJLGD9HMD
LQFLVRV,H,,WrPVXDUHGDomRGDGDSHOD/HLQž

7DPEpP p EHP MXVWR VDLX PDLV FHGR FKHJRX DWUD †ž 0HGLDQWHDXWRUL]DomRGRVHUYLGRUSRGHUiKDYHU
FRQVLJQDomRHPIROKDGHSDJDPHQWRHPIDYRUGH
VDGR GHXXPDVDLGLQKDQRPHLRGRH[SHGLHQWHQmR
WUDEDOKRX QDTXHOH KRUiULR ³ WXGR VHUi FRPSXWDGR H WHUFHLURV D FULWpULR GD DGPLQLVWUDomR H FRP
UHSRVLomRGHFXVWRVQDIRUPDGHILQLGDHPUHJX
GHVFRQWDGR
ODPHQWR DQWLJRSDUiJUDIR~QLFRUHQXPHUDGRSHOD/HLQž
,,, PHWDGHGDUHPXQHUDomRQDKLSyWHVHSUHYLVWD
PHWDGHGDUHPXQHUDomRQDKLSyWHVHSUHYLVWD
2 SUySULR VHUYLGRU SRGH DXWRUL]DU TXH VHMD IHLWR R
QR†žGRDUW
GHVFRQWRHPVXDIROKDGHSDJDPHQWRGHLPSRUWkQFLDD
VHU SDJD HP IDYRU GH WHUFHLUDV SHVVRDV 1DWXUDOPHQWH
'LVS}H R † ž GR DUW GR (VWDWXWR TXH 4XDQGR
HVVD EXURFUDFLD WHUi XP FXVWR  6HJXQGR HVWH † ž D
KRXYHUFRQYHQLrQFLDSDUDRVHUYLoRDSHQDOLGDGHGHVXVSHQ
$GPLQLVWUDomRSRGHUiFREUDUDUHSRVLomRGHVVDGHVSHVL
VmRSRGHUiVHUFRQYHUWLGDHPPXOWDQDEDVHGH FLQ
QKDTXHIL]HUSDUDGHVFRQWDURGLQKHLURHHQWUHJDUSDUD
TXHQWDSRUFHQWR SRUGLDGHYHQFLPHQWRRXUHPXQHUDomRIL
DWHUFHLUDSHVVRD QRUPDOPHQWHDV$VVRFLDo}HVGH&ODVVH
FDQGRRVHUYLGRUREULJDGRDSHUPDQHFHUHPVHUYLoR
WrPFRQYrQLRFRPRVIXQFLRQiULRVHGHVFRQWDPYDORUHVGH
HPSUpVWLPRGHFRQWDVGH6XSHUPHUFDGRHWFIHLWDVSHOR
6XVSHQVRRXDIDVWDGRRIXQFLRQiULRQmRUHFHEHVHXV
IXQFLRQiULR 
YHQFLPHQWRV VDOiULRV &DVRUHFHEHVVHRYHQFLPHQWRQmR
VHULD SXQLomR PDV SUrPLR SRLV HQWUDULD HP IpULDV
†ž 2WRWDOGHFRQVLJQDo}HVIDFXOWDWLYDVGHTXHWUDWD
GHVFDQVDQGRHUHFHEHQGR 3LRUTXHLVVRVHULDHVWLPXOD
R†žQmRH[FHGHUiD WULQWDHFLQFRSRU
GRDFRPHWHULQIUDo}HVSRLVDRLQYpVGHSXQLomRUHFHEH
FHQWR GDUHPXQHUDomRPHQVDOVHQGR FLQFR
ULDRSUrPLRGHQmRSUHFLVDUWUDEDOKDUHFRQWLQXDUUHFH
SRUFHQWR UHVHUYDGRVH[FOXVLYDPHQWHSDUD †ž
EHQGRVHXGLQKHLULQKR LQWURGX]LGRSHOD/HLQž

3RGHRFRUUHUTXHDVXVSHQVmRGRIXQFLRQiULRSUHMXGL , DDPRUWL]DomRGHGHVSHVDVFRQWUDtGDVSRUPHLR


TXH j SUySULD $GPLQLVWUDomR 3~EOLFD TXH ILFDUi VHP R GHFDUWmRGHFUpGLWRRX
 5HJLPH
-XUtGLFRÔQLFR QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
,, DXWLOL]DomRFRPDILQDOLGDGHGHVDTXHSRUPHLR 2EV 2FDSX]GHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž
GH2WH[WRDQWHULRUGL]LD´$UW2VHUYLGRUHPGpELWRFRPRHUiULR
GRFDUWmRGHFUpGLWR TXHIRUGHPLWLGRH[RQHUDGRRXTXHWLYHUVXDDSRVHQWDGRULDRXGLVSRQLELOLGDGH
FDVVDGDRXDLQGDDTXHOHFXMDGtYLGDUHODWLYDDUHSRVLomRVHMDVXSHULRUDFLQFR
YH]HVRYDORUGHVXDUHPXQHUDomRWHUiRSUD]RGHVHVVHQWDGLDVSDUDTXLWDUR
$UW $V
$V UHSRVLo}HVHLQGHQL]Do}HVDRHUiULRDWXDOL
UHSRVLo}HVHLQGHQL]Do}HVDRHUiULRDWXDOL GpELWR2EV(VWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
]DGDV
]DGDV DWp
DWp 
 GH
GH MXQKRGHVHUmRSUHYLD
MXQKRGHVHUmRSUHYLD
PHQWHFRPXQLFDGDV
PHQWHFRPXQLFDGDVDR DRVHUYLGRU
VHUYLGRUDWLYR
DWLYRDSRVHQ 6HRIXQFLRQiULRTXHFDXVRXRGDQRHWHPRGHYHUGH
WDGR
WDGR RX
RX DR
DR SHQVLRQLVWD
SHQVLRQLVWD SDUD
SDUD SDJDPHQWR
SDJDPHQWR QR LQGHQL]DU³RXDTXHOHTXHUHFHEHXDPDLVHGHYHUHSRU³
SUD]R
SUD]R Pi[LPR
Pi[LPR GHGH WULQWD
WULQWD GLDV
GLDV SRGHQGR
SRGHQGR VHU DFDERXVHQGRGHPLWLGR PDQGDGRHPERUD RXSHGLXD
SDUFHODGDVDSHGLGRGRLQWHUHVVDGR FRQWD H[RQHUDomR SDUDIXJLUGRGHVFRQWR³REYLDPHQWH
2EV
2EV 2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž VHUiLPSRVVtYHOGHVFRQWDUGHVHXVDOiULR YHQFLPHQWR D
GH2WH[WRDQWHULRUGL]LD
LQGHQL]DomRGHYLGD
$UW $V UHSRVLo}HV H LQGHQL]Do}HV DR HUiULR VHUmR SUHYLDPHQWH FRPXQLFDGDVDR
VHUYLGRUHGHVFRQWDGDVHPSDUFHODVPHQVDLVHPYDORUHVDWXDOL]DGRVDWpGH
MXQKRGH 2(VWDWXWRGHWHUPLQDTXHRH[IXQFLRQiULRSDJXHR
'HLQtFLRFXPSUHGLVWLQJXLUUHSRVLomRGHLQGHQL]DomRRGLQKHLURTXHRVHUYLGRU GpELWRHPGLDV
SHJRXHGHYHULDGHYROYHUDRVFRIUHVS~EOLFRVPDVQmRGHYROYHXGHYHUiVHUUHSRVWRMi
RV GDQRV TXH R VHUYLGRU FDXVDU j DGPLQLVWUDomR SRU FXOSD RX GROR  GHYHUmR VHU
LQGHQL]DGRV †~QLFR$
$ QmR TXLWDomR GR GpELWR QRSUD]RSUHYLVWR
'HVWDTXHVHTXHDQRYDUHGDomRGHWHUPLQRXDDWXDOL]DomRGRYDORUDFRUUHomR LPSOLFDUiVXDLQVFULomRHPGtYLGDDWLYD
PRQHWiULDIRLOLPLWDGDD TXDQGRLQVWLWXtGRRSODQRUHDO XPDYH]TXHGHOi
SDUDFiDLQIODomRQmRWHYHYXOWRPDLRUDLQGDFRPDFRUUHomRRIXQFLRQiULRGHYHGRUVDLX
EHQHILFLDGRSRLVKiXPH[SUHVVLYRUHVtGXRLQIODFLRQiULRGHVGHHQWmRPLQLPL]DQGRVHX
GpELWRSDUDFRPRVFRIUHVS~EOLFRVSULYLOHJLDQGRRHPGHWULPHQWRGRVSDWULP{QLRGR
¢0DVHVHRVHUYLGRUQmRSDJDUQRSUD]RGHGLDV
SRYR """6LPSOHVPHQWHD8QLmRLQVFUHYHUiDGtYLGDHH[HFXWD
$QHFHVVLGDGHGHFRPXQLFDomRSUpYLDYLVDDSUHYHQLURIXQFLRQiULRSDUDTXHHVWH
RUJDQL]HVXDVILQDQoDVHQmRVHMDVXUSUHHQGLGRFRPRGHVFRQWRHYLWDQGRSULYDo}HVHRX UiMXGLFLDOPHQWHRYDORUGHYLGR6HUiFRPRXPDFREUDQ
FDORWHVGHVXDVRXWUDVGtYLGDV RTXHRGHVDERQDULDGHVDFUHGLWDQGRRHGHVDERQDQGR
DSUySULDDGPLQLVWUDomRS~EOLFD 
oD TXDOTXHU HP TXH R MXL] PDQGDUi R GHYHGRU SDJDU
SHQKRUDQGRVHXVEHQVSDUDSDJDPHQWRGDGtYLGD
†ž 2YDORU
YDORUGH
GHFDGD
FDGDSDUFHOD
SDUFHODQmR
QmRSRGHUiVHULQIHULRU
DR
DRFRUUHVSRQGHQWH
FRUUHVSRQGHQWHDGH]
GH]SRU
SRUFHQWR
FHQWRGD
GDUHPXQH ¢3RUTXHDLQVFULomRGDGtYLGDHH[HFXomRVHVHULDPDLV
UDomRSURYHQWRRXSHQVmR SUiWLFRRGHVFRQWRHPIROKDGHSDJDPHQWR"eTXHQHVWH
2EV
2EV (VWH†žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQžGH DUW p GLVFLSOLQDGD D FREUDQoD GR GpELWR GR VHUYLGRU
2WH[WRDQWHULRUGL]LD
´TXHIRUGHPLWLGRH[RQHUDGRRXTXHWLYHUVXDDSRVHQWDGR
†ž $ LQGHQL]DomR VHUi IHLWD HP SDUFHODV FXMR YDORU QmR H[FHGD GH] SRUFHQWRGD
UHPXQHUDomRRXSURYHQWR
ULDRXGLVSRQLELOLGDGHFDVVDGDRXDLQGDDTXHOHFXMDGtYLGD
UHODWLYDDUHSRVLomRVHMDVXSHULRUDFLQFRYH]HVRYDORUGH
$ OLPLWDomR GR GHVFRQWR HP  WHP SRU SURSyVLWR SUHVHUYDU DV IRUoDV
HFRQ{PLFDVGRVHUYLGRUSDUDTXHFRQWLQXHHOHDVXVWHQWDUVXDFDVDIDPtOLDKRQUDUVHXV VXDUHPXQHUDomRµ³GDtDLPSRVVLELOLGDGHGHGHVFRQWRGRV
FRPSURPLVVRVHWF
GHPLWLGRVH[RQHUDGRVEHPDVVLPSDUDRVTXHWLYHUHP
7DOSHUFHQWDJHPpUD]RiYHOHDWHQGHWDQWRDRLQWHUHVVHGRIXQFLRQiULRGHYHGRU
SRLVQmRRGHVIDOFDGHPDVLDGDPHQWHTXDQWRDWHQGHDRLQWHUHVVHGRVFRIUHVS~EOLFRV
VXDDSRVHQWDGRULDRXGLVSRQLELOLGDGHFDVVDGD³MiTXH
TXHHPDSHQDVSDUFHODVVHUiUHFRPSRVWR QmRPDLVFRQVWDPHOHVGDIROKDGHSDJDPHQWR
'HVWDTXHVHSRUpPTXHDOLPLWDomRGDSDUFHODHPpUHVWULWDjLQGHQL]DomR
LQGHQL]DomR
LQGHQL]DomR
RXVHMDjTXHOHVFDVRVHPTXHRVHUYLGRUHVWiSDJDQGRRVGDQRVFDXVDGRVDRHUiULR3DUD
RVFDVRVGHUHSRVLomRROLPLWHpPDLRUMiTXHRVHUYLGRUMiSDVVRXDPmRQRGLQKHLUR
0DV H TXDQWR jTXHOHV TXH FRQWLQXDP VHUYLGRUHV ³
S~EOLFRHGHYHULDWrORGHYROYLGRGHXPDVyYH] ID]HQGRSRLVSDUWHGDIROKDGHSDJDPHQWR"3DUDHVWHVR
†ž 4XDQGR
4XDQGRRSDJDPHQWR
SDJDPHQWRLQGHYLGRKRXYHURFRUULGR GHVFRQWRQmRpUHFRPHQGiYHOTXDQGRRYDORUGDUHSRVLomR
QR
QRPrV
PrVDQWHULRU
DQWHULRUDR
DRGR
GRSURFHVVDPHQWR
SURFHVVDPHQWRGD
GDIROKD IRUVXSHULRUDFLQFRYH]HVRYDORUGHVXDUHPXQHUDomR
DUHSRVLomRVHUiIHLWDLPHGLDWDPHQWHHPXPD SRUTXDQWRRYXOWRVRYDORUGRGpELWRDORQJDULDGHPDVLD
~QLFDSDUFHOD GDPHQWH R SDJDPHQWR GR GpELWR H D UHFXSHUDomR GR
GLQKHLURS~EOLFR
2EV
2EV (VWH†žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQžGH
2WH[WRDQWHULRUGL]LD
2EV
2EV (VWH†~QLFRWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQžGH
†ž $UHSRVLomRVHUiIHLWDHPSDUFHODVFXMRYDORUQmRH[FHGDGDUHPXQHUDomRRX TXHUHWLURXR†žHWUDQVIRUPRXR†žHP~QLFR&RQILUD
SURYHQWR
†ž $QmRTXLWDomRGRGpELWRQRSUD]RSUHYLVWRLPSOLFDUiVXDLQVFULomRHPGtYLGD
2EVHUYHTXHDOLPLWDomRDTXLUHIHUHVHjUHSRVLomRROLPLWHpPDLRUSRUTXHR DWLYD
VHUYLGRUMiSDVVRXDPmRQRGLQKHLURS~EOLFRHGHYHULDWrORGHYROYLGRGHXPDVyYH]
HVyRIDWRGHHVWDUVHQGRSDUFHODGDDUHVWLWXLomRMipXPDJUDQGHYDQWDJHPSDUDHOH †ž 2VYDORUHVSHUFHELGRVSHORVHUYLGRUHPUD]mRGHGHFLVmROLPLQDUGHTXDOTXHU
PHGLGD GH FDUiWHU DQWHFLSDWyULR RX GH VHQWHQoD SRVWHULRUPHQWH FDVVDGD RX
†ž 1D
1DKLSyWHVH
KLSyWHVHGH
GHYDORUHV
YDORUHVUHFHELGRVHPGHFRUUrQ UHYLVWDGHYHUmRVHUUHSRVWRVQRSUD]RGHWULQWDGLDVFRQWDGRVGDQRWLILFDomRSDUD
ID]rORVRESHQDGHLQVFULomRHPGtYLGDDWLYD
FLDGHFXPSULPHQWR
FLDGH FXPSULPHQWRDGHFLVmR
GHFLVmROLPLQDUDWXWHOD
0XLWDVYH]HVDOJXQVVHUYLGRUHVSOHLWHDPQD-XVWLoDRUHFHELPHQWRGHYHUEDVRXJDQKDP
DQWHFLSDGD
DQWHFLSDGD RX D VHQWHQoD TXH YHQKD D VHU PHGLGDOLPLQDURXPHVPRJDQKDPDVHQWHQoDILQDOHSDVVDPDUHFHEHUWDLVYDORUHV1mR
UHYRJDGDRXUHVFLQGLGDVHUmRHOHVDWXDOL]DGRV pUDURSRUpPTXHWDLVGHFLV}HVVHMDPDOWHUDGDVQRVUHFXUVRVHRVHUYLGRUSHUFDRGLUHL
WREHQHItFLRSOHLWHDGR
DWpDGDWDGDUHSRVLomR
¢&RPRILFDULDHQWmRRGLQKHLURMiUHFHELGRHPUD]mRGDOLPLQDURXPHVPRGDVHQWHQoD
2EV
2EV (VWH†žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDGH GR-XL]GHSULPHLURJUDX"""2EYLDPHQWHRUHFHELPHQWRSDVVRXDVHULQGHYLGRHRVHUYLGRU
2WH[WRDQWHULRUGL]LD GHYHUiGHYROYHUWDOGLQKHLURDRVFRIUHVS~EOLFRVMiTXHDGHFLVmRILQDOGHFODURXTXHHOHQmR
WLQKD R GLUHLWR SOHLWHDGR H DVVLP R DGLDQWDPHQWR RX DQWHFLSDomR GHWHUPLQDGR SHOD
†ž $ UHSRVLomR VHUi IHLWD HP XPD ~QLFD SDUFHOD TXDQGRFRQVWDWDGRSDJDPHQWR PHGLGD OLPLQDU RX SHOD VHQWHQoD GH SULPHLUD LQVWkQFLD  GHYH VHU UHSRVWR DRV FRIUHV
LQGHYLGRQRPrVDQWHULRUDRGRSURFHVVDPHQWRGDIROKD S~EOLFRV7DOUHSRVLomRGHYHUiVHUIHLWDHPWULQWDGLDVTXHFRPHoDPDVHUFRQWDGRVGHSRLV
TXHRVHUYLGRUIRUQRWLILFDGRDSURFHGHUDGHYROXomRGRGLQKHLUR6HRVHUYLGRUQmRR
(VWHpXPFDVRSDUWLFXODUGHUHSRVLomRRIXQFLRQiULRUHFHEHX´DPDLVµQXPPrV GHYROYHUYROXQWDULDPHQWHGHYHUiD8QLmRLQVFUHYHURGpELWRFRPRGtYLGDDWLYDHHP
HGHYHORJRQRPrVVHJXLQWHGHYROYHUWXGRGHXPDVyYH]³DWpSDUDTXHHOHQHP VHJXLGDSURPRYHUDDomRH[HFXomR R-XL]PDQGDUiFLWDURVHUYLGRUUpXSHQKRUDUiVHXV
WHQKDWLGRWHPSRGHJDVWDUDTXHOHH[FHVVRHDVVLPQHPVLQWDDIDOWDGRGHVFRQWR~QLFR EHQV TXH VHUmR OHLORDGRV H R GLQKHLUR DSXUDGR GHVWLQDGR DR SDJDPHQWR GD 8QLmR
HQWUHJDQGRVHDRVHUYLGRURTXHVREUDUGHSRLVGHSDJDVDVFXVWDVGHVSHVDVGRSURFHVVR 
$UW 2 VHUYLGRU
VHUYLGRU HP GpELWR FRP R HUiULR TXHIRU
¢3RUTXHDLQVFULomRGDGtYLGDHH[HFXomRVHVHULDPDLVSUiWLFRRGHVFRQWRHPIROKDGH
GHPLWLGR
GHPLWLGRH[RQHUDGR
H[RQHUDGRRX
RXTXH
TXHWLYHU
WLYHUVXD
VXDDSRVHQWD SDJDPHQWR"2EVHUYHTXHHVWHDUWGLVFLSOLQDRGpELWRGRVHUYLGRU´TXHIRUGHPLWLGR
GRULD
GRULD RX
RX GLVSRQLELOLGDGH
GLVSRQLELOLGDGH FDVVDGD
FDVVDGD WHUi
WHUi R SUD]R H[RQHUDGRRXTXHWLYHUVXDDSRVHQWDGRULDRXGLVSRQLELOLGDGHFDVVDGDRXDLQGDDTXHOHFXMD
GtYLGDUHODWLYDDUHSRVLomRVHMDVXSHULRUDFLQFRYH]HVRYDORUGHVXDUHPXQHUDomRµ
GHVHVVHQWDGLDVSDUDTXLWDURGpELWR
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 
$VVLPRGHVFRQWRHPIROKDpLPSRVVtYHOSDUDRVGHPLWLGRVH[RQHUDGRVEHPDVVLPSDUD
RVTXHWLYHUHPVXDDSRVHQWDGRULDRXGLVSRQLELOLGDGHFDVVDGD³MiTXHQmRPDLVFRQVWDP
†ž $V
$V JUDWLILFDo}HVHRVDGLFLRQDLVLQFRUSRUDPVH
JUDWLILFDo}HVHRVDGLFLRQDLVLQFRUSRUDPVH
HOHVGDIROKDGHSDJDPHQWR1RTXHWDQJHjTXHOHVTXHFRQWLQXDPVHUYLGRUHV³ID]HQGR DR
DRYHQFLPHQWR
YHQFLPHQWRRX
RXSURYHQWR
SURYHQWRQRV
QRVFDVRV
FDVRVHFRQGL
SRLVSDUWHGDIROKDGHSDJDPHQWR³RGHVFRQWRQmRpUHFRPHQGiYHOTXDQGRRYDORUGD
UHSRVLomRIRUVXSHULRUDFLQFRYH]HVRYDORUGHVXDUHPXQHUDomRSRUTXDQWRRYXOWRVR o}HVLQGLFDGRVHPOHL
YDORUGRGpELWRDORQJDULDGHPDVLDGDPHQWHRSDJDPHQWRGRGpELWRHDUHFXSHUDomRGR
GLQKHLURS~EOLFR
)iFLODOyJLFDGDOHLDVJUDWLILFDo}HVVmRFRPSHQVDo}HV
$UW 2YHQFLPHQWR
YHQFLPHQWRDUHPXQHUDomR
UHPXQHUDomRHRSURYHQWRQmR GHFRUUHQWHV GR WUDEDOKR HVSHFLDO GHVHPSHQKDGR SHOR
VHUmRREMHWRGH
VHUmRREMHWRGHDUUHVWR
DUUHVWRVHTXHVWUR
VHTXHVWURRXSHQKRUD VHUYLGRU6HHOHGHVHPSHQKDWDOVHUYLoRGXUDQWHXPFHUWR
H[FHWR
H[FHWR QRV
QRV FDVRV
FDVRV GH
GH SUHVWDomR
SUHVWDomR GH
GH DOLPHQWRV WHPSR DTXHOD FRQGLomR HVSHFLDO VHMD GH GHVJDVWH RX
UHVXOWDQWHGHGHFLVmRMXGLFLDO SUHVVmRGLILFXOGDGHHWF SDVVDDLQWHJUDUVXDURWLQDGH
WUDEDOKRHQDWXUDOPHQWHDFRPSRUDMXVWDFRQWUDSUHVWD
2 VDOiULR GH WRGR WUDEDOKDGRU p LPSHQKRUiYHO RX
omRHVSHFLDO7DPEpPRVDGLFLRQDLVGHFRUUHPGDQDWXUH]D
VHMD QmR SRGH VHU XVDGR SDUD REULJiOR D SDJDU VXDV
RXFRQGLo}HVGRWUDEDOKRUHDOL]DGRSHORVHUYLGRUGHSRLV
GtYLGDV $VVLP R GHFODUD D &/7   ( FRP R VHUYLGRU
GHXPWHPSRWDOTXDODVFRQGLo}HVGHWUDEDOKRMiID]HP
S~EOLFRQmRSRGHULDVHUGLIHUHQWHWDPEpPVHXVDOiULR
SDUWH GD URWLQD GR IXQFLRQiULR Mi SURGX]LUDP QHOH R
YHQFLPHQWRV UHPXQHUDomR SURYHQWR  QmR SRGH VHU
GHVJDVWHHRSHVRSUySULRVWDPEpPDFRPSHQVDomRQmR
SHQKRUDGR
SRGHVHUDIDVWDGD
2 DUUHVWR p XPD HVSpFLH GH SHQKRUD WDO TXDO R
VHTXHVWUR SURGX] R PHVPR HIHLWR RX VHMD JDUDQWH D 1mRpMXVWRTXH³GHSRLVGHXPWHPSRPtQLPR³R
H[HFXomRMXGLFLDO1mRVHDSOLFDPHOHVDRYHQFLPHQWRGR HPSUHJDGRSHUFDRDGLFLRQDOPHVPRTXDQGRWUDQVIHULGR
VHUYLGRU S~EOLFR +i XPD ~QLFD H[FHomR
[FHomR DSHQDV SDUD RXUHPRYLGR SDUDRXWUROXJDUQmRPDLVLQVDOXEUH³MiYH]
SDJDPHQWRGHSHQVmRDOLPHQWtFLD SHQVmRTXHGHYHPRV TXHFDUUHJDHOHRFDQVDoRRGHVJDVWHRHQYHOKHFLPHQWR
D ILOKRV RX j H[HVSRVD  p TXH SRGH KDYHU SHQKRUD H SRUWHUWUDEDOKDGRWDQWRWHPSRQDTXHODVFRQGLo}HV
SRUWDQWRWDPEpPRDUUHVWRHRVHTXHVWUR 
$UW $V
$V YDQWDJHQV
YDQWDJHQV SHFXQLiULDV
SHFXQLiULDV QmR
QmR VHUmRFRPSXWD
VHUmRFRPSXWD
GDV
GDVQHP
QHPDFXPXODGDV
DFXPXODGDVSDUD
SDUDHIHLWR
HIHLWRGH
GHFRQFHVVmR
GH
GH TXDLVTXHU
TXDLVTXHU RXWURV DFUpVFLPRV SHFXQLiULRV
9DQWDJHQV XOWHULRUHV
XOWHULRUHV VRE
VRE R PHVPR
PHVPR WtWXOR
WtWXOR RX LGrQWLFR
IXQGDPHQWR
IXQGDPHQWR
$UW $OpP
$OpP GR
GR YHQFLPHQWR
YHQFLPHQWR SRGHUmR VHU SDJDVDR ,PDJLQHTXHXPVHUYLGRUYHQKDWUDEDOKDQGRHPOXJDU
VHUYLGRUDVVHJXLQWHVYDQWDJHQV
LQVDOXEUHUHFHEHQGRRUHVSHFWLYRDGLFLRQDO$PDQKmpHOH
WUDQVIHULGR RX UHPRYLGR SDUD RXWUR OXJDU LJXDOPHQWH
9DQWDJHQVVmRRVDFUpVFLPRVDRYHQFLPHQWR VDOiULR
LQVDOXEUH ¢JDQKDUi HOH R DGLFLRQDO GH LQVDOXEULGDGH
GRVHUYLGRUS~EOLFR&DGDYDQWDJHPWHPXPDFDXVD GH
UHODWLYR DR YHOKR WUDEDOKR SRUTXH LQFRUSRUDGR D VHX
VHU&RQILUD
YHQFLPHQWR H WDPEpP
WDPEpP XP QRYR DGLFLRQDO UHODWLYR DR
QRYRORFDO"""
, LQGHQL]Do}HV

6mR UHSRVLo}HV RX VHMD HVSpFLH GH UHHPEROVR DR 1mR  1HQKXP VHQWLGR WHULD Mi TXH R DGLFLRQDO GH
IXQFLRQiULRSRUGHVSHVDVTXHHOHWHYH LQVDOXEULGDGHpXPDFRPSHQVDomRSHODFRQGLomRSUHMXGL
FLDOGRDPELHQWHGHWUDEDOKR6HQmRpMXVWRTXH³GHSRLV
,, JUDWLILFDo}HV GHXPWHPSRPtQLPR³RHPSUHJDGRSHUFDRDGLFLRQDO
PHVPR TXDQGR WUDQVIHULGR RX UHPRYLGR  SDUD RXWUR
6mRFRPSHQVDo}HVLVWRpFRPRHOHVHVXEPHWHDXPD OXJDUMiQmRPDLVLQVDOXEUH³QHPSRULVVRFKHJDUtDPRV
VLWXDomR HVSHFLDO HOH p UHFRPSHQVDGR UHFHEHQGR XP DRH[WUHPRGHOKHSDJDUXPDGLFLRQDOGHLQVDOXEULGDGH
DFUHVFLPR]LQKRHPVHXVDOiULR YHQFLPHQWR  SDUDFDGDOXJDULQVDOXEUHHPTXHYLHVVHDWUDEDOKDUR
DGLFLRQDOpXPVyHVHUHIHUHjVFRQGLo}HVQDWXUH]DGR
,,, DGLFLRQDLV WUDEDOKR

6mRDFUpVFLPRVLQHUHQWHVjQDWXUH]DRXjVFRQGLo}HV
GR VHUYLoR SUHVWDGR SHOR VHUYLGRU WDPEpP SDUD ,QGHQL]Do}HV
UHFRPSHQViORSRUWDLVFRQGLo}HVGHVIDYRUiYHLV
$UW &RQVWLWXHPLQGHQL]Do}HVDRVHUYLGRU
†ž $V
$V LQGHQL]Do}HV QmR VH LQFRUSRUDPDRYHQFL
PHQWRRXSURYHQWRSDUDTXDOTXHUHIHLWR
PHQWRRXSURYHQWRSDUDTXDOTXHUHIHLWR $VLQGHQL]Do}HV³FRPRRHVFODUHFHRSUySULRQRPH³
VmRUHHPEROVRVSRUGHVSHVDVTXHRIXQFLRQiULRS~EOLFRp
$ SUySULD QDWXUH]D GD LQGHQL]DomR LPSHGH TXH WDO
IRUoDGR D ID]HU SDUD R H[HUFtFLR GH VHX FDUJR 1mR Ki
YHUED VHMD LQFRUSRUDGD DR YHQFLPHQWR VH HOD p PHUR
QHFHVVLGDGHGHXPDFRUUHODomRDULWPpWLFDSUHFLVDLVWRp
UHHPEROVR SRU DOJXP GLVSrQGLR JDVWR  TXH R VHUYLGRU
RUHHPEROVRQmRpH[DWRQDTXDQWLDFHUWDSUHYHQGRTXH
VXSRUWRXHPVHXEROVR³VyVHMXVWLILFDVHXSDJDPHQWR
RVHUYLGRUGHYHUiID]HUXPGHWHUPLQDGRWLSRGHGHVSHVD
TXDQGRHHQTXDQWRRVHUYLGRUUHDOL]RXWDLVGHVSHVDVGDt
D$GPLQLVWUDomROKHSDJDUiXPDTXDQWLDSDUDFXVWHDUWDO
PHUHFHQGRRUHHPEROVR
GHVSHVD
 5HJLPH
-XUtGLFRÔQLFR ,
QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
6HRIXQFLRQiULRJDVWDUPHQRVVRUWHGHOHTXHOXFUDUi WHU
HUSHUPDQHQWH
SHUPDQHQWHYHGDGR
YHGDGRRGXSOR
GXSORSDJDPHQWRGH
SDJDPHQWRGH
DGLIHUHQoDPDVVHRVHUYLGRUJDVWDUPDLV QRUPDOPHQWH LQGHQL]DomR
LQGHQL ]DomR D TXDOTXHU WHPSR QR FDVR GH R
pRTXHDFRQWHFH D]DUGHOHTXHQmRVRXEHHFRQRPL]DU F{QMXJH
F{QMXJHRX
RXFRPSDQKHLUR TXHGHWHQKD
FRPSDQKHLURTXH GHWHQKDWDPEpP
WDPEpPD
HDVVLPDUFDUiFRPRSUHMXt]R FRQGLomR
FRQGLomR GH
GH VHUYLGRU
VHUYLGRU YLHU
YLHU D WHU H[HUFtFLR QD
PHVPDVHGH
7UrVWLSRVGHLQGHQL]Do}HVSDJDD$GPLQLVWUDomR3~EOLFD
)HGHUDODVHXVVHUYLGRUHVFLYLV $QRWHHVVHGHWDOKHUHOHYDQWHVyVHUiSDJDDDMXGDGH
FXVWRDRVHUYLGRUTXHVHPXGDUSDUDXPDQRYDVHGHSRU
, DMXGDGHFXVWR FDXVDGRLQWHUHVVH
LQWHUHVVH
LQWHUHVVHGR
GRVHUYLoR6DEHPRVTXHWDQWRDWUDQV
VHUYLoR
IHUrQFLD DUW(VW FRPRDUHPRomR DUW SRGHPVHU
&RPRGL]RQRPHVHUYHSDUDDMXGDURVHUYLGRUDSDJDU GHWHUPLQDGD RX H[RIILFLR RX D SHGLGR
SHGLGR 1HVVD ~OWLPD
RFXVWRGHVXDPXGDQoDGHGRPLFtOLRHPFDUiWHUSHUPD KLSyWHVHDPXGDQoDGRVHUYLGRUQmRVHGHXQRLQWHUHVVH
QHQWH LVWR p TXDQGR p HOH WUDQVIHULGR RX UHPRYLGR H GRVHUYLoRHDVVLPHOHQmR
QmRIDUiMXVjDMXGDGHFXVWR
QmR
PXGDGHFLGDGH$tHQWmRQHFHVVDULDPHQWHRIXQFLRQiULR
JDVWDUiFRPGHWUDQVSRUWHPXGDQoDHWF 3UHVWH DWHQomR QmR EDVWD D PXGDQoD GH VHGH H GH
GRPLFtOLRSHUPDQHQWHVHQGRLPSUHVFLQGtYHOTXHWHQKDP
,, GLiULDV VLGR UHDOL]DGDV QR LQWHUHVVH GR VHUYLoR ³ FRQGLomR
LQGLVSHQViYHOSDUDTXHRVHUYLGRUUHFHEDDDMXGDGHFXVWR
$V GLiULDV VmR SDJDV SRUTXH R VHUYLGRU H[FHSFLRQDO
PHQWHGHYHUiVHGHVORFDUGHVXDVHGHWHQGRJDVWRVFRP ,QWHUHVVDQWHDQRWDUDLQGDTXHVHRFRUUHUGHRF{QMXJH
SDVVDJHQVKRWHOUHIHLo}HVHWF3DUDWDOFXVWHLRVHUiSDJR RX FRPSDQKHLUR  GR VHUYLGRU WDPEpP IRU VHUYLGRU H
DHOHXPDLQGHQL]DomRFKDPDGDGLiULDLVWRpXPDTXDQWLD DFDEDULJXDOPHQWHUHPRYLGRWDPEpPPXGDQGRSDUDOi
TXH GDULD RX GHYHULD GDU  SDUD FXVWHDU WDLV GHVSHVDV VHX GRPLFtOLR SHUPDQHQWHPHQWH ³ QmRQmR IDUi HOH MXV j
3DUD FDGD GLD TXH R VHUYLGRU ILFDU IRUD GH VXD VHGH LQGHQL]DomR HQILP p SURLELGR R SDJDPHQWR GXSOR GH
WUDEDOKDQGRVHUOKHiSDJDXPDGLiULD LQGHQL]DomR SDUD PDULGRPXOKHU RX PHVPR SDUD
FRPSDQKHLURV
,,, WUDQVSRUWH
WUDQVSRUWH 2EVUHGDomRGDGDSHOD/HLQž

$LQGHQL]DomRGHWUDQVSRUWHVypSDJDDRVHUYLGRUTXH †ž &RUUHP


&RUUHPSRU
SRUFRQWD
FRQWDGD
GDDGPLQLVWUDomRDVGHVSHVDV
XVD VHX SUySULR DXWRPyYHO SDUD UHDOL]DU RV VHUYLoRV GH
GH WUDQVSRUWH
WUDQVSRUWH GR
GR VHUYLGRU
VHUYLGRU H GH
GH VXD
VXD IDPtOLD
H[WHUQRVGDDGPLQLVWUDomR&RPRHOHWHPJDVWRVGHFRP FRPSUHHQGHQGR SDVVDJHP EDJDJHP H EHQV
EXVWtYHO PDQXWHQomR GR YHtFXOR DOpP GR GHVJDVWH H SHVVRDLV
FRPRD$GPLQLVWUDomR3~EOLFDHVWiVHEHQHILFLDQGRGHVVD
VLWXDomRQDGDPDLVMXVWRTXHVHUHOHLQGHQL]DGRUHFHEHQ (VVDGHVSHVDpDOJRPDLVRXVHMDXPSOXVRVHUYL
GRXPWXWX]LQKRSDUDVHUHVVDUFLUGRVSUHMXt]RVTXHYHP GRUQmRpXPVHUVROLWiULRWHPIDPtOLDPXOKHUHILOKRVH
WHQGRFRPRXVRGHVHXSUySULRFDUUR VXDPXGDQoDVLJQLILFDDPXGDQoDGHWRGRVTXHRDFRP
SDQKDUmRPXGDQGRVHWDPEpP3RULVVRVHQVLYHOPHQWH
,9 DX[tOLRPRUDGLD
DX[tOLRPRUDGLD 2EVUHGDomRGDGDSHOD/HLQž R(VWDWXWRGHWHUPLQDTXHVHMDPSDJDVWDPEpPDVGHVSH
VDVGHWUDQVSRUWHGDIDPtOLDGRVHUYLGRUGHVGHSDVVDJHQV
$UW2V
2V YDORUHV GDV LQGHQL]Do}HV HVWDEHOHFLGDVQRV DWpWUDQVSRUWHGHEDJDJHQVHEHQVSHVVRDLV
LQFLVRV
LQFLVRV,D,,,
,,,GR
GRDUW
DUW
GHVWD
GHVWD/HL
/HLDVVLP
DVVLPFRPR
FRPRDV
FRQGLo}HV
FRQGLo}HVSDUD
SDUDDVXD
VXDFRQFHVVmR
FRQFHVVmRVHUmR
VHUmRHVWDEHOHFL
HVWDEHOHFL †ž ­ IDPtOLD
IDPtOLD GR
GR VHUYLGRUTXHIDOHFHUQDQRYDVHGH
VHUYLGRUTXHIDOHFHUQDQRYDVHGH
GRVHPUHJXODPHQWR VmRDVVHJXUDGRV
VmR DVVHJXUDGRVDMXGD
DMXGDGH
GHFXVWR
FXVWRHWUDQVSRUWH
WUDQVSRUWHSDUD
2EVUHGDomRGDGDSHOD/HLQžGH
D ORFDOLGDGH
ORFDOLGDGH GH
GH RULJHP GHQWUR GR SUD]R GH 
XP DQRFRQWDGRGRyELWR
2 (VWDWXWR GDGD D FRPSOH[LGDGH SDUD VH SUDWLFDU R
SDJDPHQWRGDVLQGHQL]Do}HVGHVGHRGHWDOKDPHQWRGD 7RGDSHVVRDWHPUDt]HVQRVOXJDUHVSRURQGHSDVVD6H
TXDQWLDDVHUSDJDFRQIHUrQFLDGDSHUWLQrQFLDGRSDJD RVHUYLGRUIDOHFHKiTXHVHFRQVLGHUDUTXHHOHJXDUGDUD
PHQWRRYROXPHDVHUSDJRRWHPSRGHSDJDPHQWRHWF UDt]HVVHQWLPHQWDLVQRORFDOGHRQGHYLHUDGHRQGHI{UD
³HVWDEHOHFHXTXHWRGRVRVGHWDOKHVHDVFRQGLo}HVVHUmR WLUDGR WUDQVIHULGRRXUHPRYLGR SDUDDWHQGHURVLQWHUHVVHV
GLVFLSOLQDGRVHPUHJXODPHQWR,VVRVLJQLILFDTXHR3RGHU GRVHUYLoRS~EOLFR
([HFXWLYR GHYH H[SHGLU XP GHFUHWR UHJXODPHQWDQGR D
FRQFHVVmR GDV LQGHQL]Do}HV DMXGD GH FXVWR GLiULDV H e GD WUDGLomR EUDVLOHLUD R GHVHMR GH TXH RV PRUWRV
LQGHQL]DomRGHWUDQVSRUWH DVFRQGLo}HVHSDJDPHQWR VHMDP HQWHUUDGRV SHUWR GH VHXV IDPLOLDUHV DPLJRV H
VHXVYDORUHVHWF SDUHQWHVSDUDTXHVXDPHPyULDSRVVDVHUUHYHUHQFLDGD
,VVR HVWi QD HVVrQFLD GR FRQFHLWR GH IDPtOLD  $VVLP
UHFRQKHFHQGRTXHRVHUYLGRUWUDQVIHULGR RXUHPRYLGR
$MXGDGH&XVWR
Ki SRXFR WHPSR DLQGD WHP UDt]HV QR ORFDO GH RQGH
SURYLHUD ³ RX TXH QmR WHP UDt]HV QR QRYR ORFDO SDUD
$UW$
$ DMXGD
DMXGD GH
GH FXVWR
FXVWR GHVWLQDVH D FRPSHQVDUDV RQGHI{UDWUDQVIHULGRHDOLQmRSRGHUiVHUHQWHUUDGRHWHU
GHVSHVDV
GHVSHVDV GH
GH LQVWDODomR
LQVWDODomR GR
GR VHUYLGRU
VHUYLGRU TXH
TXH QR VXDPHPyULDFXOWXDGD³R(VWDWXWRJDUDQWHXPDDMXGDGH
LQWHUHVVH GR VHUYLoR
LQWHUHVVH GR VHUYLoR SDVVDU D WHU H[HUFtFLR HP FXVWR SDJD SDJDPHQWR GRV IXQHUDLV H WUDQVSRUWH GR
QRYDVHGHFRP
QRYDVHGHFRPPXGDQoD
PXGDQoDGHGHGRPLFtOLR
GRPLFtOLRHPFDUi GHIXQWRSDUDRORFDOGHVHMDGRSRUVXDIDPtOLD³RXSDUD
SDJDUDSUySULDPXGDQoDGDIDPtOLDUHJUHVVDQGRSDUDD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

WHUUDGHRULJHP0DVYHMDVHEHPVRPHQWHVHUiSDJDWDO 7RGRVVDEHPRVTXHFHUWRVFDUJRVVySRGHPVHURFXSD
DMXGDGHFXVWRVH D RVHUYLGRUIRLSDUDDOLWUDQVIHULGRRX GRVSRUSHVVRDVTXHJR]HPGHXPDHVSHFLDOFRQILDQoDGD
UHPRYLGRKiSRXFRWHPSR E VHHVVDWUDQVIHUrQFLDRX SHVVRDTXHRVLQGLFDSDUDQRPHDomRVmRRVFDUJRVHP
UHPRomRVHGHXQRLQWHUHVVHGRVHUYLoRS~EOLFR F VHD FRPLVVmR,PDJLQHXPHVFULWXUiULR6HUYLGRU(VWDGXDOTXH
IDPtOLDGHVHMDLQXPiOR HQWHUUiOR QRXWURORFDOGHVXD JR]DGDFRQILDQoDGR3UHVLGHQWHGD5HS~EOLFDHHVWHR
RULJHP³RXVHDSHQDVGHVHMDUHWRPDUPRUDGLDQRORFDO QRPHLD SDUD R FDUJR HP FRPLVVmR GH 6HFUHWiULR GD
GHRULJHPYROWDUDYL~YDHILOKRVjWHUUDGHRULJHPH G 3UHVLGrQFLD  7DO VHUYLGRU QHFHVVDULDPHQWH GHYHUi
VH R UHTXHULPHQWR VH GHU GHQWUR GR SUD]R GH XP DQR
PXGDUVH GH VXD FLGDGH]LQKD QR (VWDGR HP TXH HUD
GHSRLVGRyELWRGRVHUYLGRU
IXQFLRQiULR LQVWDODQGRVH HP %UDVtOLD 7HUi PXLWDV
GHVSHVDVWDQWRFRPPXGDQoDGHVXDVFRLVDVFRPRFRP
¢+i TXDQWR WHPSR HVWDULD R GHIXQWR QD ´QRYD VHGHµ
2EVHUYHTXHDOHLQmRHVWLSXODHVVHSUD]RTXHQDWXUDO SDVVDJHQV HWF  7DO PXGDQoD GH GRPLFtOLR p IHLWD SDUD
PHQWHQmRSRGHULDVHUGHRXDQRVSRLVDWDO DWHQGHU DR LQWHUHVVH S~EOLFR GD $GPLQLVWUDomR )HGHUDO
WHPSRDIDPtOLDGRGHIXQWRMiQmRPDLVWHULDUDt]HVQDVHGH QDGD PDLV MXVWR SRUWDQWR TXH VHMD HOH LQGHQL]DGR
GH RULJHP $ RPLVVmR GD OHL GHL[D YDJR R GLVSRVLWLYR UHFHEHQGRDFRUUHVSRQGHQWHDMXGDGHFXVWRLQGHSHQGHQWH
ILFDQGR D FULWpULR GD $XWRULGDGH $GPLQLVWUDWLYD TXH PHQWHGHQmRVHUVHUYLGRUGD8QLmR
MXOJDUi R UHTXHULPHQWR  2 LPSRUWDQWH p R HVStULWR GR
GLVSRVLWLYR DOJXPD UHFHQWLGDGH GHYH H[LVWLU QD UHPR †~QLFR 1R
1RDIDVWDPHQWR
DIDVWDPHQWRSUHYLVWR
SUHYLVWRQR
QRLQFLVR
LQFLVR,GRDUWD
omRWUDQVIHUrQFLDSDUDMXVWLILFDURUHWRUQRGDIDPtOLDj DMXGDGH
DMXGD GHFXVWR
FXVWRVHUi
VHUiSDJD
SDJDSHOR
SHORFHVVLRQiULR
FHVVLRQiULRTXDQ
WHUUDGHRULJHPPHUFrGDIDOWDGHUDt]HVQD´QRYDVHGHµ GRFDEtYHO
GHSRLVGHPXLWRVDQRVQmRKDYHUi´QRYDVHGHµPDVXPD
´YHOKDVHGHµ0HOKRUVHULDLGHQWLILFDUQRSUD]RGHDQR +iFDVRVHPTXHXPGHWHUPLQDGRIXQFLRQiULRpFHGLGR
WDQWRRWHPSRSDUDRUHTXHULPHQWRFRPRRWHPSRHPTXH SHOR ÐUJmR HP TXH HVWi ORWDGR H SDVVD D VHUYLU D XP
HVWDYDRGHIXQWRQD´QRYDVHGHµ RXWUR
RXWUR ÐUJmR RX (QWLGDGH GH TXDOTXHU GRV  3RGHUHV
$QWHVHOHSHUFHELDYHQFLPHQWRVGDTXHOHÐUJmR RFHGHQ
†ž 1mRVHUiFRQFHGLGDDMXGDGHFXVWRQDVKLSyWHVHV WH HXPDYH]FHGLGRSDVVDUiDUHFHErORVGRÐUJmRRX
GHUHPRomRSUHYLVWDVQRVLQFLVRV,,H,,,GRSDUi (QWLGDGHHPTXHSDVVDUiDWUDEDOKDU RFHVVLRQiULR 
JUDIR~QLFRGRDUW ,QFOXtGRSHOD/HLQžGH
¢(DDMXGDGHFXVWRGHYLGDSHODPXGDQoDGRVHUYLGRU
$UW$
$DMXGDGHFXVWRpFDOFXODGDVREUHDUHPXQHUD
TXHÐUJmRSDJDUi"""2(VWDWXWRGHWHUPLQDTXHVHPSUH
omR
omRGR
GRVHUYLGRU
VHUYLGRUFRQIRUPH
FRQIRUPHVH
VHGLVSXVHU
GLVSXVHUHP
HPUHJXOD
PHQWR
PHQWR QmR
QmR SRGHQGR
SRGHQGR H[FHGHU
H[FHGHU D LPSRUWkQFLD TXHIRUFDEtYHORSDJDPHQWRGHVVDLQGHQL]DomRGHYHUiHOH
FRUUHVSRQGHQWHD WUrV PHVHV VHUIHLWRSHORÐUJmRFHVVLRQiULR1DGDPDLVFRUUHWRDILQDO
pDRÐUJmRFHVVLRQiULRTXHRIXQFLRQiULRSDVVDUiDVHUYLU
¢4XDQWRpHPDDMXGDGHFXVWR""",VVRVHUiGHILQL HVyPXGRXSDUDDWHQGHUDRLQWHUHVVHGRVHUYLoRGHVWH
GR QR 5HJXODPHQWR D VHU H[SHGLGR FRP 'HFUHWR GR
3UHVLGHQWHGD5HS~EOLFD2LPSRUWDQWHpFRQVLGHUDUTXH $UW 2VHUYLGRU
VHUYLGRUILFDUi
ILFDUiREULJDGR
REULJDGRDUHVWLWXLU
UHVWLWXLUDDMXGD
DMXGDGH
RHVWDWXWROLPLWD
OLPLWDHVVHYDORUDXPWHWR
OLPLWD WHWRQRPi[LPRVHUiR
WHWR FXVWR
FXVWR TXDQGR
TXDQGR LQMXVWLILFDGDPHQWH
LQMXVWLILFDGDPHQWH QmR
QmR VHDSUH
VHDSUH
YDORUHTXLYDOHQWHD WUrV YHQFLPHQWRVGRVHUYLGRU  VHQWDUQD
VHQWDUQDQRYD
QRYDVHGH
VHGHQR
QRSUD]R
SUD]RGH
GH
 WULQWD 
WULQWD GLDV
VDOiULRV 0HQRVWDOYH]PDLVTXHLVVRQXQFD
'LVSRVLWLYRSDUDSUHYHQLULPRUDOLGDGHVRIXQFLRQiULR
$UW1mRVHUiFRQFHGLGDDMXGDGHFXVWRDRVHUYLGRU
1mRVHUiFRQFHGLGDDMXGDGHFXVWRDRVHUYLGRU QmRSRGHGDURJROSH]LQKRGHDUUXPDUXPDWUDQVIHUrQFLD
TXH
TXH VH
VH DIDVWDU
DIDVWDU GR
GR FDUJR
FDUJR RX
RX UHDVVXPLOR
UHDVVXPLOR HP UHFHEHU D DMXGD GHFXVWRHHPVHJXLGDQmRDVVXPLUR
YLUWXGHGHPDQGDWRHOHWLYR QRYRFDUJRQmRPXGDQGRGHGRPLFtOLR$DMXGDGHFXVWR
WHP QDWXUH]D LQGHQL]DWyULD Vy VHUYH SDUD UHHPEROVDU
,PDJLQHTXHXPGDWLOyJUDIRpHOHLWRGHSXWDGRHVWDGXDO
GHVSHVDVTXHGHYHPVHUIHLWDV6HDVGHVSHVDVQmR
QmRIRUDP
QmR
(OHH[HUFLWDUiVXDVQRYDVIXQo}HVQD$VVHPEOHLD/HJLVODWL
YD QD &DSLWDO GR (VWDGR PXGDQGRVH GD FLGDGH]LQKD IHLWDVRVHUYLGRUQmRSRGHUiILFDUFRPDJUDQDGHYHUi
LQWHULRUDQD HP TXH HVWDYD WUDEDOKDQGR H PRUDQGR GHYROYrOD
¢5HFHEHUiDDMXGDGHFXVWR"""1mR(TXDQGRHOHYROWDU
³GHSRLVGHILQGRRPDQGDWR³MiHVWDYDPRUDQGRQD ( YHMD EHP Ki XP SUD]R SDUD D DSUHVHQWDomR GR
&DSLWDOGHYHQGRPXGDUVHQRYDPHQWHSDUDRLQWHULRU VHUYLGRUQDQRYDVHGHSDUDRQGHGHYHULDPXGDUVH
SDUDUHDVVXPLURFDUJRS~EOLFR¢UHFHEHUiHOHDDMXGDGH GLDV0DVDWHQomR
DWHQomRRVHUYLGRUSRGHDWpQDGD
DWHQomR QDGDPXGDUVHMD
QDGD
FXVWR """ 7DPEpP QmR   6H D FDXVD GD PXGDQoD R GHL[DQGRVXDIDPtOLDQDORFDOLGDGHRQGHPRUDYDYLDMDQGR
DIDVWDPHQWRGRFDUJRRXDUHDVVXQomRGRFDUJRSRUTXH WRGRILPGHVHPDQDSDUDOiVHMDYHQGHQGRVXDEXJLJDQ
HOHIRLRFXSDUXPPDQGDWRHOHWLYRRVHUYLGRUQmRIDUiMXV JDVWRGDVSDUDDGTXLULUQRYDPREtOLD3RXFRLPSRUWDUi
DTXDOTXHUDMXGDGHFXVWR Mi TXH R LPSRUWDQWH p TXH HOH VH PXGH SDUD D QRYD
ORFDOLGDGHHSULQFLSDOPHQWHDVVXPDRQRYRFDUJRSDUD
6HUi FRQFHGLGDDMXGDGHFXVWRjTXHOHTXHQmR
$UW6HUi
6HUi FRQFHGLGDDMXGDGHFXVWRjTXHOHTXHQmR R TXDO IRL WUDQVIHULGR RX UHPRYLGR  SDUD DWHQGHU R
VHQGR
VHQGR VHUYLGRU
VHUYLGRU GD 8QLmR IRU QRPHDGR SDUD LQWHUHVVHGRVHUYLoRS~EOLFR
FDUJR
FDUJRHP
HPFRPLVVmR
FRPLVVmRFRP
FRPPXGDQoD
PXGDQoDGHGHGRPLFtOLR
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

†ž 7DPEpP
7DPEpPQmR
QmRIDUi
IDUiMXV
MXVDGLiULDV
GLiULDVRVHUYLGRUTXHVH
'LiULDV GHVORFDUGHQWUR
GHVORFDU GHQWURGD
GDPHVPD
PHVPDUHJLmR
UHJLmRPHWURSROLWDQD
DJORPHUDomR
DJORPHUDomR XUEDQD
XUEDQD RXRX PLFUR
PLFURUUHJLmR
UUHJLmR FRQV
WLWXtGDV
LWXtGDVSRU
SRUPXQLFtSLRV
PXQLFtSLRVOLPtWURIHVHUHJXODUPHQWH
OLPtWURIHVHUHJXODUPHQWH
$UW 2VHUYLGRUTXHDVHUYLoR
2VHUYLGRUTXHDVHUYLoRVHVHDIDVWDU
DIDVWDUGD
GDVHGH
VHGHHP
LQVWLWXtGDV
LQVWLWXtGDV RX
RX HP
HP iUHDV
iUHDV GH
GH FRQWUROH
FRQWUROH LQWHJUDGR
LQWHJUDGR
FDUiWHU
FDUiWHUHYHQWXDO
HYHQWXDORX
RXWUDQVLWyULR
WUDQVLWyULRSDUD
SDUDRXWUR
RXWURSRQWR PDQWLGDV
PDQWLGDVFRP
FRPSDtVHV
SDtVHVOLPtWURIHV
OLPtWURIHVFXMD
FXMDMXULVGLomR
MXULVGLomRH
GR
GRWHUULWyULR
WHUULWyULRQDFLRQDO
QDFLRQDORX
RXSDUD
SDUDRH[WHULRU
H[WHULRUIDUi
IDUiMXV FRPSHWrQFLD
FRPSHWrQFLDGRV
GRVyUJmRV
yUJmRVHQWLGDGHV
HQWLGDGHVHVHUYLGRUHV
D SDVVDJHQV
SDVVDJHQV H GLiULDV
GLiULDV GHVWLQDGDVDLQGHQL]DUDV
GHVWLQDGDVDLQGHQL]DUDV EUDVLOHLURV
EUDVLOHLURV FRQVLGHUDVH
FRQVLGHUDVH HVWHQGLGD VDOYR VH
SDUFHODV
SDUFHODVGH
GHGHVSHVDV
GHVSHVDVH[WUDRUGLQiULDV
H[WUDRUGLQiULDVFRP
FRPSRXVD KRXYHUSHUQRLWHIRUDGD
KRXYHUSHUQRLWHIRUDGDVHGH
VHGHKLSyWHVHV
KLSyWHVHVHP
HPTXH
GD
GDDOLPHQWDomR
DOLPHQWDomRHORFRPRomR
ORFRPRomRXUEDQDFRQIRUPH DV
DVGLiULDV
GLiULDVSDJDV
SDJDVVHUmR
VHUmRVHPSUH
VHPSUHDV
DVIL[DGDV
IL[DGDVSDUD
SDUDRV
GLVSXVHUHPUHJXODPHQWR DIDVWDPHQWRVGHQWURGRWHUULWyULRQDFLRQDO
2EVDFUHVFHQWDGRSHOD/HLQž
2EV
2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGD/HLQž
1DGDPDLVMXVWRRVHUYLGRUGH%UDVtOLDVHSUHFLVDULUD
$QRWHTXHDVGLiULDVVmRSDJDVSDUDFXVWHDUGHVSHVDVGH &HLOkQGLDHVWDUiGHQWURGRSUySULR'LVWULWR)HGHUDO³H
WUDQVSRUWH H VXEVLVWrQFLD TXH R VHUYLGRU p REULJDGR D QmR Ki UD]mR DOJXPD SDUD UHFHEHU GLiULD HOH TXH Yi H
ID]HUTXDQGRVHDIDVWD
DIDVWDWHPSRUDULDPHQWHSDUDWUDEDOKDU
DIDVWD YROWHQRPHVPRGLDSHUQRLWDQGRHPVXDFDVD,JXDOPHQWH
SDUDD$GPLQLVWUDomRHPRXWUD
RXWUDORFDOLGDGH
RXWUD R6HUYLGRUGH6mR3DXORTXHQHFHVVLWHGHVORFDUVHSDUD
6mR%HUQDUGRGR&DPSRPXQLFtSLRLQWHJUDQWHGDUHJLmR
3DUD ID]HU MXV jV GLiULDV R DIDVWDPHQWR GR VHUYLGRU PHWURSROLWDQDFRQKHFLGDFRPR*UDQGH6mR3DXORHOHTXH
GHYHWHUFDUiWHUHYHQWXDORXWUDQVLWyULRVLJQLILFDQGRTXH YiHYROWHQRPHVPRGLDSHUQRLWDQGRHPVXDFDVD
WDOWLSRGHLQGHQL]DomRQmRSRGHVHUSDJDDTXHPH[HUoD
IXQomRSHUPDQHQWHPHQWHIRUDGHVXDVHGH 0DVDUHJUDQmRpUDGLFDOVHIRULPSRVVtYHOFRPSOHWDU
RWUDEDOKRHYROWDUWRUQDQGRVHQHFHVViULRRSHUQRLWHIRUD
'HVWDTXHVHTXHRWH[WRUHPHWHDXP´UHJXODPHQWRµD GD VHGH Dt HQWmR DV GLiULDV VHUmR SDJDV ³ H QR YDORU
GLVFLSOLQDGRSDJDPHQWRGDVGLiULDVVLJQLILFDTXHR3RGHU HTXLYDOHQWH DR GDV GLiULDV GRV DIDVWDPHQWRV GHQWUR GR
([HFXWLYR WHUi OLEHUGDGH SDUD GLVFLSOLQDU D IRUPD R WHUULWyULRQDFLRQDO
WHPSR R TXDQWXP DV FRQGLo}HV H UHTXLVLWRV SDUD R
$UW 2VHUYLGRUTXHUHFHEHUGLiULDVHQmRVHDIDVWDU
SDJDPHQWRGDVGLiULDV
GD VHGH SRU TXDOTXHU PRWLYR ILFD REULJDGR D
UHVWLWXtODV
UHVWLWXtODVLQWHJUDOPHQWH
LQWHJUDOPHQWHQR
QRSUD]R
SUD]RGH
GH FLQFR
†ž $GLiULD
GLiULDVHUi
VHUiFRQFHGLGD
FRQFHGLGDSRU
SRUGLDGHDIDVWDPHQWR GLDV
VHQGRGHYLGD
VHQGR GHYLGDSHOD
SHODPHWDGHTXDQGRRGHVORFDPHQ
PHWDGHTXDQGRRGHVORFDPHQ
WR
WRQmR
QmRH[LJLU
H[LJLUSHUQRLWH
SHUQRLWHIRUD
IRUDGD
GDVHGH
VHGHRX
RXTXDQGR
TXDQGRD 0DLVXPDYH]R(VWDWXWRUHDOoDRFDUiWHULQGHQL]DWyULR
8QLmR
8QLmR FXVWHDU
FXVWHDU SRU PHLR GLYHUVR DV GHVSHVDV GDVGLiULDVVHUYHPHODVSDUDUHHPEROVDUGHVSHVDVTXHR
H[WUDRUGLQiULDVFREHUWDVSRUGLiULDV VHUYLGRUQHFHVVDULDPHQWHIH] RXIDUi VHPSUHTXHIRU
WUDEDOKDUHPRXWUROXJDUDIDVWDQGRVHGDVHGH
2EV(VWH†žWHPVXDUHGDomRGDGD/HLQž
2EV

6HRVHUYLGRUSRUTXDOTXHUPRWLYRQmRIRLjTXHOHORFDO
(VWH SDUiJUDIR UHDOoD R DVSHFWR LQGHQL]DWyULR GDV RX GHL[DQGR GH UHDOL]DU R WUDEDOKR RX FRQVHJXLQGR
GLiULDVVHRVHUYLGRUQmRSUHFLVRXGRUPLUIRUDQmRWHYH UHDOL]iOR VHP SUHFLVDU FKHJDU jTXHOH ORFDO HQWmR QmR
JDVWRVGHKRVSHGDULD KRWHO HDVVLPWHPGHGHYROYHU SRGHUiVHUUHHPEROVDGRGRTXHQmRQmRJDVWRXGHYHGHYROYHU
QmR
PHWDGHGRYDORUGDGLiULD0DLVTXHLVVRDGLiULDpSDJD DVGLiULDVTXHWHQKDUHFHELGR(WHPSUD]RSDUDID]rOR
SRUGLDHIHWLYRGHDIDVWDPHQWR GLDV

(RSDJDPHQWRVHUiWDPEpPSHODPHWDGHVHD8QLmR †~QLFR 1D KLSyWHVH GH R VHUYLGRU UHWRPDU jVHGHHP


FXVWHDU SRU PHLR GLYHUVR DV GHVSHVDV H[WUDRUGLQiULDV SUD]R
SUD]RPHQRU
PHQRUGR
GRTXH
TXHRSUHYLVWR
SUHYLVWRSDUD
UDVHX
VHXDIDVWD
FREHUWDVSRUGLiULDV¢2TXHVHULDPHLRGLYHUVR"6HULDD PHQWRUHVWLWXLUiDVGLiULDV
PHQWRUHVWLWXLUiDVGLiULDVUHFHELGDVHPH[FHV
FRQFHVVmR GH YDOHVUHIHLomR RX GH YDOHVWUDQVSRUWH RX VRQRSUD]RSUHYLVWRQRFDSXW
VRQRSUD]RSUHYLVWRQR
PHVPRRIHUHFHUDORMDPHQWRVSDUDSRXVDGDHWF
,PDJLQHTXHXPVHUYLGRUpGHVLJQDGRSDUDUHDOL]DUXP
†ž 1RV
1RVFDVRV
FDVRVHP
HPTXH
TXHRGHVORFDPHQWR
GHVORFDPHQWRGH
GHVHGHFRQV GHWHUPLQDGRWUDEDOKRGHGLDVQXPDUHSDUWLomRGHRXWUD
WLWXLU
WLWXLUH[LJrQFLD
H[LJrQFLDSHUPDQHQWH
SHUPDQHQWHGRFDUJRRVHUYLGRU
GRFDUJR FLGDGH5HFHEHRYDORUFRUUHVSRQGHQWHjVGLDVHSDUDOi
QmRIDUiMXVDGLiULDV VHGLULJH(ILFLHQWHFRQVHJXHFRQFOXLUVHXWUDEDOKRHP
GLDVUHWRUQDQGRjVXDVHGH
-i KDYtDPRV UHVVDOWDGR TXH D GLiULD Vy HUD GHYLGD
TXDQGRRDIDVWDPHQWRIRVVHHYHQWXDOSURYLVyULR$TXLHVWi ¢6HUiSUHPLDGRJDQKDQGRDVGLiULDVTXHHFRQRPL
DFRQILUPDomRTXHPpDGPLWLGRSDUDWUDEDOKDUYLDMDQGR ]RXFRQFOXLQGRVHXWUDEDOKRDQWHV"""1mR$QDWXUH]D
QmRUHFHEHUiGLiULD1DWXUDOPHQWHRXUHFHEHUiYHQFLPHQ
QmR LQGHQL]DWyULDGDVGLiULDVLPSHGHTXHRIXQFLRQiULROXFUH
WR VXILFLHQWH SDUD VXSRUWDU WDLV GHVSHVDV RX UHFHEHUi FRPDHFRQRPLDIHLWD(OHGHYHUiGHYROYHUDVGXDVGLiULDV
JUDWLILFDomR SHOD QDWXUH]D GR WUDEDOKR YHU DUW9, SRLVQmRSRGHVHUUHHPEROVDGRSHODVGHVSHVDVTXHQmRIH]
$ILQDO QLQJXpP SRGH VHU LQGHQL]DGR VH QmR VRIUHX
,,(VW 
SUHMXt]RDOJXP
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

9 RVHUYLGRU
VHUYLGRUWHQKD
WHQKDVH PXGDGRGR
VHPXGDGR GRORFDO
ORFDOGH
GHUHVLGrQ
,QGHQL]DomRGH7UDQVSRUWH FLD
FLDSDUD
SDUDRFXSDU
RFXSDUFDUJR
FDUJRHP
HPFRPLVVmR
FRPLVVmRRX RXIXQomR
IXQomRGH
FRQILDQoD
FRQILDQoD GR *UXSR'LUHomR H $VVHVVRUDPHQWR
GR *UXSR'LUHomR
$UW&RQFHGHUVHi
&RQFHGHUVHi LQGHQL]DomR GH WUDQVSRUWHDR 6XSHULRUHV
6XSHULRUHV  '$6
'$6 QtYHLV
QtYHLV 
  H 
 GH
GH 1DWXUH]D
VHUYLGRU
VHUYLGRU TXH
TXH UHDOL]DUGHVSHVDVFRPDXWLOL]DomR
UHDOL]DUGHVSHVDVFRPDXWLOL]DomR (VSHFLDO
(VSHFLDOGH
GH0LQLVWUR
0LQLVWURGH
GH(VWDGR
(VWDGRRX RXHTXLYDOHQWHV
GH
GHPHLRSUySULRGH
PHLRSUySULRGHORFRPRomR
ORFRPRomRSDUD
SDUDDH[HFXomR
GH
GH VHUYLoRV
VHUYLoRV H[WHUQRV
H[WHUQRV SRU
SRU IRUoD GDV DWULEXLo}HV
IRUoD GDV 9, R 0XQLFtSLR
0XQLFtSLR QR
QR TXDO
TXDO DVVXPD
DVVXPD R FDUJRHPFRPLV
FDUJRHPFRPLV
SUySULDV
SUySULDV GR
GR FDUJR
FDUJR FRQIRUPH VH GLVSXVHU HP VmR
VmRRX
RXIXQomR
IXQomRGH
GHFRQILDQoD
FRQILDQoDQmR
QmRVH
VHHQTXDGUH
HQTXDGUHQDV
UHJXODPHQWR KLSyWHVHVSUHYLVWDVQR†žGRDUW
KLSyWHVHVSUHYLVWDVQR†žGRDUW GHVWD
GHVWD/HL
HP
HP UHODomR
UHODomR DR
DR ORFDO
ORFDO GH
GH UHVLGrQFLD
UHVLGrQFLD RX
RX GRPLFtOLR
GRPLFtOLR
2 GLVSRVLWLYR p MXVWR VH R VHUYLGRU XVD VHX SUySULR GRVHUYLGRU
FDUURSDUDID]HURVHUYLoRS~EOLFRHOHQmRSRGHUiDUFDU
FRPHVVHSUHMXt]RHQTXDQWRD$GPLQLVWUDomRpEHQHILFLD 9,, RVHUYLGRUQmRWHQKD
RVHUYLGRUQmRWHQKDVLGR
VLGRGRPLFLOLDGR
GRPLFLOLDGRRX
RXWHQKD
GD3RU-XVWLoDHOHGHYHVHULQGHQL]DGRWDQWRQDVGHVSH UHVLGLGR QR
UHVLGLGR QR 0XQLFtSLR
0XQLFtSLR QRV
QRV ~OWLPRV
~OWLPRV  GR]H
VDVGHFRPEXVWtYHOFRPRQDV FRPSURYDGDV GHGHVJDVWH PHVHV
PHVHV DRQGHIRUH[HUFHURFDUJRHPFRPLVVmR
DRQGHIRUH[HUFHURFDUJRHPFRPLVVmR
GRYHtFXORHVXDQHFHVViULDPDQXWHQomR yOHROXEULILFD RX
RX IXQomR
IXQomR GH FRQILDQoD GHVFRQVLGHUDQGRVH
omRHWF  SUD]R
SUD]RLQIHULRU
LQIHULRUD
 VHVVHQWD GLDV
VHVVHQWD GLDVGHQWUR
GHQWURGHVVH
SHUtRGRH
0DV YHMD EHP SDUD TXH VHMD SDJD D LQGHQL]DomR p
QHFHVViULRXP5HJXODPHQWRGLVFLSOLQDQGRDVKLSyWHVHVGH R GHVORFDPHQWR
9,,, GHVORFDPHQWR QmR WHQKD VLGR SRU IRUoDGH
SDJDPHQWRHVXDDEUDQJrQFLD RTXHSRGHUiRXQmRVHU DOWHUDomR GH
DOWHUDomR GH ORWDomR
ORWDomR RX QRPHDomR SDUD FDUJR
LQGHQL]DGR  HIHWLYR
,; RGHVORFDPHQWR
GHVORFDPHQWRWHQKD
WHQKDRFRUULGR
RFRUULGRDSyV
DSyV
GHMXQKR
GH
2EVLQFLVRDFUHVFHQWDGRSHOD/HLQžGH

$X[tOLR0RUDGLD
†~QLFR 3DUD ILQV GR GLVSRVWR QR LQFLVR 9,,GRFDSXW
GHVWH
GHVWH DUWLJR
DUWLJR QmR
QmR VHUi
VHUi FRQVLGHUDGR
FRQVLGHUDGR R SUD]R QR
HVWDVXEVHomR,9IRLDFUHVFHQWDGDSHOD/HLQžGH TXDO
TXDORVHUYLGRU
VHUYLGRUHVWDYD
HVWDYDRFXSDQGR
RFXSDQGRRXWUR
RXWURFDUJR
FDUJRHP
FRPLVVmR
FRPLVVmRUHODFLRQDGR QRLQFLVR
UHODFLRQDGRQR LQFLVR9GR
GRFDSXW
FDSXWGHVWH
$UW$ 2DX[tOLRPRUDGLD
DX[tOLRPRUDGLDFRQVLVWH
FRQVLVWHQR
QRUHVVDUFLPHQWR
UHVVDUFLPHQWRGDV DUWLJR
2EVDUWLJRDFUHVFHQWDGRSHOD/HLQžGH
GHVSHVDV
GHVSHVDV FRPSURYDGDPHQWH
FRPSURYDGDPHQWH UHDOL]DGDV
UHDOL]DGDV SHOR
VHUYLGRUFRPDOXJXHOGHPRUDGLDRXFRPPHLR $UW& 5HYRJDGRSHOD/HLQžGH
GH
GH KRVSHGDJHP DGPLQLVWUDGR SRU HPSUHVD
KRWHOHLUD
KRWHOHLUDQR
QRSUD]R
SUD]RGH XP PrV
GH XP PrVDSyVDFRP $UW' 2YDORU
YDORUPHQVDO
PHQVDOGRDX[tOLRPRUDGLDpOLPLWDGR
GRDX[tOLRPRUDGLDpOLPLWDGRD
SURYDomRGDGHVSHVDSHORVHUYLGRU 
 YLQWH
YLQWHHFLQFR
FLQFRSRU
SRUFHQWR 
FHQWR GR
GRYDORU
YDORUGR
GRFDUJR
2EVDUWLJRDFUHVFHQWDGRSHOD/HLQžGH
HPFRPLVVmRIXQomRFRPLVVLRQDGD
HP FRPLVVmRIXQomRFRPLVVLRQDGDRXRXFDUJR
FDUJRGH
0LQLVWURGH(VWDGRRFXSDGR
$UW% &RQFHGHUVHi
&RQFHGHUVHi DX[tOLRPRUDGLD
DX[tOLRPRUDGLD DR
DR VHUYLGRU
VHUYLGRU VH
2EVUHGDomRGDGDSHOD/HLQž
DWHQGLGRVRVVHJXLQWHVUHTXLVLWRV
†ž 2YDORUGRDX[tOLRPRUDGLDQmRSRGHUiVXSHUDU
YDORUGRDX[tOLRPRUDGLDQmRSRGHUiVXSHUDU
, QmR
QmRH[LVWD
H[LVWDLPyYHOIXQFLRQDOGLVSRQtYHOSDUDXVR  YLQWH
 YLQWH H FLQFR
FLQFR SRU
SRU FHQWR GDUHPXQHUDomR
FHQWR GDUHPXQHUDomR
SHORVHUYLGRU GH0LQLVWURGH(VWDGR
2EVUHGDomRGDGDSHOD/HLQž
,, R F{QMXJH RX FRPSDQKHLUR GRVHUYLGRUQmR
RFXSHLPyYHOIXQFLRQDO †ž ,QGHSHQGHQWHPHQWHGRYDORUGRFDUJRHPFRPLV
,QGHSHQGHQWHPHQWHGRYDORUGRFDUJRHPFRPLV
VmR RX
VmR RX IXQomR
IXQomR FRPLVVLRQDGD
FRPLVVLRQDGD ILFD
ILFD JDUDQWLGR
JDUDQWLGR D
,,, R VHUYLGRURXVHXF{QMXJHRXFRPSDQKHLURQmR
VHUYLGRURXVHXF{QMXJHRXFRPSDQKHLURQmR WRGRV
WRGRVRV
RVTXH
TXHSUHHQFKHUHP
SUHHQFKHUHPRV
RVUHTXLVLWRV
UHTXLVLWRVRUHVVDU
VHMD
VHMD RX
RX WHQKD
WHQKD VLGR
VLGR SURSULHWiULR SURPLWHQWH FLPHQWR
FLPHQWRDWpDWpRYDORUGH5
RYDORUGH5
 PLO
PLOHRLWR
FRPSUDGRUFHVVLRQiULR
FRPSUDGRU FHVVLRQiULRRX
RXSURPLWHQWH
SURPLWHQWHFHVVLRQi FHQWRVUHDLV 
2EVUHGDomRGDGDSHOD/HLQž
ULRGHLPyYHO
ULRGHLPyYHOQR
QR0XQLFtSLR
0XQLFtSLRDRQGH
DRQGHIRU
IRUH[HUFHU
H[HUFHUR
FDUJR
FDUJRLQFOXtGD
LQFOXtGDDKLSyWHVH
KLSyWHVHGH
GHORWHHGLILFDGRVHP
ORWHHGLILFDGR
$UW( 1R
1R FDVR
FDVR GH
GH IDOHFLPHQWR
IDOHFLPHQWR H[RQHUDomRFRORFDomR
DYHUEDomR
DYHUEDomR GH
GH FRQVWUXomRQRV GR]H PHVHV
FRQVWUXomRQRV GR]H PHVHV
GH
GHLPyYHO
LPyYHOIXQFLRQDO
IXQFLRQDOjGLVSRVLomR
GLVSRVLomRGR
GRVHUYLGRU
VHUYLGRURX
TXHDQWHFHGHUHPDVXDQRPHDomR
DTXLVLomR
DTXLVLomRGH LPyYHORDX[tOLRPRUDGLD
GHLPyYHO DX[tOLRPRUDGLDFRQWLQXD
FRQWLQXD
UiVHQGRSDJRSRUXPPrV
,9 QHQKXPD
QHQKXPDRXWUD
RXWUDSHVVRD
SHVVRDTXH
TXHUHVLGD
UHVLGDFRP
FRPRVHUYLGRU
UHFHEDDX[tOLRPRUDGLD 2EVDUWLJRDFUHVFHQWDGRSHOD/HLQžGH
 5HJLPH
-XUtGLFRÔQLFR QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
LPSRUWDUiVHRVHUYLGRUS~EOLFRWUDEDOKDURXQmRHPVHU
*UDWLILFDo}HVH$GLFLRQDLV YLoRLQVDOXEUH DTXHOHVHPTXHDVFRQGLo}HVVmRDJUHVVL
YDVGHWHULRUDQGRVXDVD~GHOL[HLURSRUH[HPSOR RXTXH
WUDEDOKH HOH HP VHUYLoR SHQRVR GLItFLO iUGXR SHVDGR
$UW$OpP
$OpP
$OpP GR
GR YHQFLPHQWRHGDVYDQWDJHQVSUHYLVWDV
GHVJDVWDQWHSH[REULWDGRU RXPHVPRHPVHUYLoRSHUL
QHVWD
QHVWD /HL
/HL VHUmR
VHUmR GHIHULGRV
GHIHULGRV DRV
DRV VHUYLGRUHV
VHUYLGRUHV DV
JRVR DTXHOHV HP TXH Ki ULVFR GH YLGD ³ SH[ XP
VHJXLQWHV
VHJXLQWHV UHWULEXLo}H
UHWULEXLo}HV
V JUDWLILFDo}HV
JUDWLILFDo}HV H DGLFLR
HOHWULFLVWD GH DOWD WHQVmR  SRLV HP QHQKXPD GHVVDV
QDLV
KLSyWHVHVWHUiHOHTXDOTXHUDFUpVFLPRHPVHXVYHQFLPHQ
WRVDWtWXORGHDGLFLRQDO
DGLFLRQDO
DGLFLRQDO
, UHWULEXLomRSHOR
UHWULEXLomRSHORH[HUFtFLR
H[HUFtFLRGH
GHIXQomR
IXQomRGH
GHGLUHomR
FKHILDHDVVHVVRUDPHQWR
5HJLVWUHVHSRUpPTXHR†žGRDUWGHWHUPLQRX
2EV2FDSXWHRLQFLVR,WHPVXDUHGDomRGDGDSHOD/HLQž
TXHDIL[DomRGRVSDGU}HVGHYHQFLPHQWRREVHUYDUi´DV
4XHPFKHILDRXTXHPGLULJHRXTXHPSUHVWDDVVHVVRUD SHFXOLDULGDGHVGRVFDUJRVµ³RTXHLPSOLFDDFRQVLGHUDomR
PHQWR WHP PXLWR PDLV UHVSRQVDELOLGDGH TXH R VLPSOHV GHVVDVSHFXOLDULGDGHVGRFDUJRIXQomRWDQWRDLQVDOXEUL
H[HFXWRUGHRUGHQVeIXQomRHVSLQKRVDFRPFREUDQoD GDGH FRPR D SHQRVLGDGH H D SHULJRVLGDGH IRUQHFHUmR
SHUPDQHQWH GH SHUIHLomR D H[LJLU PDLRU GHGLFDomR H HPEDVDPHQWRSDUDTXHRVUHVSHFWLYRVFDUJRVWHQKDPXPD
FRPSHQHWUDomR³GDtSRUTXHGHYHVHUUHFRPSHQVDGRR GLIHUHQFLDGDUHPXQHUDomREDVHHPERUDQmRPDLVLQFLGDP
VHUYLGRU TXH DV GHVHPSHQKD SDJDQGRVHOKH XPD RVDGLFLRQDLV
UHWULEXLomRSHODIXQomR
8P RXWUR GHVWDTXH FRPR D UHGHILQLomR GD UHPXQH
,, JUDWLILFDomRQDWDOLQD
JUDWLILFDomRQDWDOLQD UDomREDVH GHSHQGHUi GH OHL
OHL DWp VXD IXWXUD HGLomR
FRQWLQXDUiYiOLGRRSDJDPHQWRGHVVHDGLFLRQDOGHLQVDOX
(VWDpSDJDDWRGRVRVIXQFLRQiULRVLQGLVWLQWDPHQWHR EULGDGHSHQRVLGDGHRXSHULFXORVLGDGH
ž VDOiULR SDUD TXH R VHUYLGRU SRVVD ID]HU IUHQWH jV
GHVSHVDVPDLRUHVQDWXUDOPHQWHRFRUULGDVQRQDWDOSRU 9 DGLFLRQDO
DGLFLRQDOSHOD
SHODSUHVWDomR
SUHVWDomRGH
GHVHUYLoRH[WUDRUGLQi
IRUoDGHXPDWUDGLomRVRFLDO ULR
ULR

,,, UHYRJDGRSHOD0HGLGD3URYLVyULDQžGH 1DGDDOpPGDVFRQKHFLGDVKRUDVH[WUDV2IXQFLRQiULR


S~EOLFR FRPR WRGR WUDEDOKDGRU WHP SRU REULJDomR
2EV 2 WH[WR GHVWH LQFLVR GL]LD  ´,,,  DGLFLRQDO
GLFLRQDO SRU
SRU WHPSR
WHPSR GH FXPSULUXPDMRUQDGDOLPLWDGDDKRUDVVHPDQDLV6H
VHUYLoRµ³8PDUHFRPSHQVDSDUDLQFHQWLYDUDHVWDELOLGDGHGRV
VHUYLoR
VHUYLoRVS~EOLFRVeGRLQWHUHVVHS~EOLFRTXHRIXQFLRQiULRILTXH KRXYHU QHFHVVLGDGH GH WUDEDOKDU DOJXPDV KRUDV D PDLV
QR VHUYLoR S~EOLFR HWHUQDPHQWH GHGLFDQGROKH D HILFLrQFLD QXQFDPDLVTXHKRUDVSRUGLD HOHUHFHEHUiDVKRUDV
LQHUHQWHjH[SHULrQFLDGRVDQRVGHFDUUHLUD
H[WUDVFRPDFUpVFLPR DGLFLRQDO GH FLQTXHQWDSRU
FHQWR 
,9 DGLFLRQDO
DGLFLRQDOSHOR
SHORH[HUFtFLR
H[HUFtFLRGH
GHDWLYLGDGHVLQVDOXEUHV
DWLYLGDGHVLQVDOXEUHV
SHULJRVDVRXSHQRVDV
SHULJRVDVRXSHQRVDV 9, DGLFLRQDOQRWXUQR
DGLFLRQDOQRWXUQR
2XWUDUHFRPSHQVD D D VHDVFRQGLo}HVGHWUDEDOKRVmR
D 7UDEDOKDUjQRLWHpPXLWRPDLVVDFULILFRVRDILQDOKi
UXLQV GHVJDVWDQWHV SUHMXGLFLDLV j VD~GH R VHUYLGRU
XPDEDJXQoDHPQRVVRUHOyJLRELROyJLFRHLQYHUWHPRVDV
UHFHEHUiRDGLFLRQDOGHLQVDOXEULGDGHVH E
E DVFRQGLo}HV
E KRUDV GH VRQR GH FRQFHQWUDomR GH UHIHLomR HWF WXGR
GH WUDEDOKR UHSUHVHQWDP SHULJR j VXD YLGD RX j VXD SURYRFDQGRHQRUPHGHVJDVWHItVLFRHPHQWDO3RULVVRD
LQWHJULGDGHItVLFDHOHUHFHEHUiRDGLFLRQDOGHSHULFXORVLGD &RQVWLWXLomR )HGHUDO GHWHUPLQRX TXH WRGR WUDEDOKR
GHHVH F
F DVFRQGLo}HVGHWUDEDOKRH[LJHPVRIULPHQWR
F QRWXUQRWHQKDXPDUHPXQHUDomRPDLRU
PDLRUTXHDGRWUDEDOKR
PDLRU
ItVLFRRXPHQWDOGRIXQFLRQiULROHYDQGRRDXPGHVJDVWH GLXUQR¢4XDQWRDPDLV"8PDGLFLRQDOGH YLQWHH
ItVLFRRXPHQWDOPDLRUHQWmRHOHUHFHEHUiRDGLFLRQDOSRU FLQFRSRUFHQWR 
DWLYLGDGHSHQRVD
9,, DGLFLRQDOGHIpULDV
DGLFLRQDOGHIpULDV
$WHQomRD(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD
$GPLQLVWUDWLYD ³DRDOWHUDURDUW†žGD 2XWUDGHWHUPLQDomRFRQVWLWXFLRQDOFRPRWRGRWUDED
&RQVWLWXLomR )HGHUDO HVWDEHOHFHQGR TXH ´$SOLFDVH DRV OKDGRUFRPXPWDPEpPRIXQFLRQiULRS~EOLFRWHPGLUHLWR
VHUYLGRUHVRFXSDQWHVGHFDUJRS~EOLFRRGLVSRVWRQRDUWž D UHFHEHU XP GLQKHLULQKR H[WUD SDUD SRGHU JR]DU VXDV
,99,,9,,,,;;,,;,,,;9;9,;9,,;9,,,;,;;;;;,, IpULDVYHUGDGHLUDPHQWH$QWHVRVHUYLGRUVDtDHPIpULDV
H;;;SRGHQGRDOHLHVWDEHOHFHUUHTXLVLWRVGLIHUHQFLDGRVGH HILFDYDHPFDVDYDGLDQGRVHPSRGHUID]HUXPDYLDJHQ]L
DGPLVVmRTXDQGRDQDWXUH]DGRFDUJRRH[LJLUµ³H[FOXLX QKDRXXPSDVVHLR]LQKRSRUTXHQmRWLQKDGLUHLWR RPrV
GDUHODomRGRVLQF9,H;;,,,DQWHVFRQVWDQWHVGRUHIHULGR GDV IpULDV Mi HVWDYD FRPSURPHWLGR FRP R RUoDPHQWR
SDUiJUDIRž$VVLPSRUIRUoDGDUHIRUPDDGPLQLVWUDWLYD GRPpVWLFRRUGLQiULRDOXJXHOFRPLGDHWF 
RVHUYLGRUS~EOLFRQmRPDLVWHUiGLUHLWRjLUUHGXWLELOLGD
LUUHGXWLELOLGD
GH
GH GH
GH VDOiULRV VLJQLILFDTXHSRGHUiRFRUUHUHPFRQGL
VDOiULRV $JRUD p GLIHUHQWH IXQFLRQiULR S~EOLFR TXH VDLU HP
o}HVH[FHSFLRQDLVDUHGXomRGRVDOiULRGRIXQFLRQiULRS~ IpULDVUHFHEHUiGHVHXVYHQFLPHQWRVSDUDSRGHUID]HU
EOLFR  ³ H WDPEpP QmR PDLV UHFHEHUi ´D DGLFLRQDLV
GLFLRQDLV GH XPDYLDJHQ]LQKDXPSDVVHLR]LQKRHUHID]HUVXDVIRUoDV
LQVDOXEULGDGH
LQVDOXEULGDGH SHQRVLGDGH
SHQRVLGDGH H SHULFXORVLGDGH
SHULFXORVLGDGH SRXFR YROWDQGRDWUDEDOKDUFRPFDUJDPi[LPD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

9,,, RXWURV
XWURV UHODWLYRV
UHODWLYRV DR
DR ORFDO
ORFDO RX
RX j QDWXUH]D
QDWXUH]D GR ¢,QFRUSRUDUiHOHDVYDQWDJHQVHRYHQFLPHQWRGRFDUJR
WUDEDOKR
WUDEDOKR GHFRQILDQoD"""$GHILQLomRGHVVDTXHVWmRGHSHQGHGH
GLVSRVLomR GH OHL HVSHFtILFD TXH GHILQLUi TXDO VHUi D
(VWD p DSHQDV XPD YiOYXOD GR (VWDWXWR SDUD VHUHP UHPXQHUDomRGRVFDUJRVHPFRPLVVmR GHFRQILDQoD 
FULDGDVHYHQWXDLVRXWUDVJUDWLILFDo}HVPDLVTXHDLPDJLQD
omRGROHJLVODGRUQmRDOFDQoRXHTXHVHIDoDPQHFHVViUL $UW$ )LFD
)LFDWUDQVIRUPDGD
WUDQVIRUPDGDHP
HP9DQWDJHP
9DQWDJHP3HVVRDO1RPL
3HVVRDO1RPL
DVSDUDUHFRPSHQVDUDTXHPUHDOL]HDOJXPWUDEDOKRGH QDOPHQWH
QDOPHQWH,GHQWLILFDGD
,GHQWLILFDGD931,
931,DLQFRUSRUDomR
LQFRUSRUDomRGD
QDWXUH]DHVSHFLDORXHPORFDOGLItFLO,PDJLQHSRUH[HP UHWULEXLomRSHOR
UHWULEXLomR SHORH[HUFtFLR
H[HUFtFLRGH
GHIXQomR
IXQomRGH
GHGLUHomR
SORXPDUHSDUWLomRS~EOLFDMXQWRDXPDIURQWHLUDEHP FKHILD
FKHILDRXDVVHVVRUDPHQWRFDUJR
RXDVVHVVRUDPHQWRFDUJRGH GHSURYLPHQWR
ORQJtQTXDHLQyVSLWD¢4XHPTXHUHUiWUDEDOKDUOi"""2 HP
HP FRPLVVmR
FRPLVVmR RX
RX GH
GH 1DWXUH]D
WXUH]D (VSHFLDO
(VSHFLDO D TXH
TXH VH
KHUyLTXHUHQXQFLDUDRFRPRGLVPRGDVJUDQGHVFLGDGHVH UHIHUHPRVDUWVžHGD/HLQžGH
UHIHUHPRVDUWVžHGD/HLQžGH
VHGLVSXVHUDOHYDUVXDIDPtOLDSDUDWDOVDFULItFLRGHYHUi GH
GHMXOKR
MXOKRGH
GH
HRDUWžGD/HLQž
HRDUWžGD/HLQžGH
VHUUHFRPSHQVDGRUHFHEHQGRWDOWLSRGHJUDWLILFDomR GHDEULOGH
+iPXLWRVORFDLVHPTXHVHMDSHODGLVWkQFLDVHMDSHOR
FOLPDRXRXUHYHUVRDWpSHORVRILVWLFDGRHDOWRFXVWRGH †~QLFR $ 931, GH TXH WUDWD R FDSXWGHVWHDUWLJRVR
YLGDQLQJXpPTXHULUWUDEDOKDUeQHFHVViULRLQFHQWLYDU PHQWH
PHQWHHVWDUi
HVWDUiVXMHLWD
VXMHLWDjV
jVUHYLV}HV
UHYLV}HVJHUDLV
JHUDLVGH
GHUHPX
IXQFLRQiULRV S~EOLFRV D RFXSDUHP WDLV FDUJRV (VVH QHUDomRGRVVHUYLGRUHVS~EOLFRVIHGHUDLV
LQFHQWLYR SULQFLSLD FRP R SDJDPHQWR GD JUDWLILFDomR 2EVDUWLJRDFUHVFHQWDGRSHOD0HGLGD3URYLVyULDQž
2EV
HVSHFLDO

,;JUDWLILFDomRSRUHQFDUJRGHFXUVRRXFRQFXUVR
JUDWLILFDomRSRUHQFDUJRGHFXUVRRXFRQFXUVR
*UDWLILFDomR1DWDOLQD
*UDWLILFDomR1DWDOLQD ž6DOiULR
2EVUHGDomRGDGDSHOD/HLQž

$UW $JUDWLILFDomR
JUDWLILFDomRQDWDOLQD
QDWDOLQDFRUUHVSRQGH
FRUUHVSRQGHD
 XP
GR]H
GR]H DYRV 
DYRV  GD
GD UHPXQHUDomRDTXHRVHUYLGRU
UHPXQHUDomRDTXHRVHUYLGRU
5HWULEXLomRS([HUFtFLRGH)XQomRGH'LUHomR
IL]HU
IL]HUMXV
MXVDR
DRPrV
PrVGH
GHGH]HPEUR
GH]HPEURSRU
SRUPrV
PrVGH
GHH[HUFt
&KHILDRX$VVHVVRUDPHQWR
FLRQRUHVSHFWLYRDQR

$UW $R
$RVHUYLGRU
VHUYLGRURFXSDQWH
RFXSDQWHGH
GHFDUJR
FDUJRHIHWLYRLQYHVWLGR eGDWUDGLomRGDPDLRULDGRVSRYRVDIHVWD QDWDOLQD
HP
HPIXQomR
IXQomRGH
GHGLUHomR
GLUHomRFKHILD
FKHILDRX
RXDVVHVVRUDPHQWR 1HVVDpSRFDDSUHWH[WRGHFXOWLYDURDPRUDRSUy[LPRD
FDUJR
FDUJRGH
GHSURYLPHQWR
SURYLPHQWRHP
HPFRPLVVmR
FRPLVVmRRX
RXGH
GH1DWXUH VROLGDULHGDGH FULVWm Ki IHVWDV WURFD GH SUHVHQWHV HWF
]D
]D(VSHFLDO
(VSHFLDOpGHYLGD
GHYLGDUHWULEXLomR
UHWULEXLomRSHOR
SHORVHX
VHXH[HUFt 7RGRV JDVWDP PXLWR PDLV 3DUD ID]HU IUHQWH D HVVDV
FLR GHVSHVDVRWUDEDOKDGRUFRPXPGHKiPXLWRFRQTXLVWDUD
RžVDOiULRHDQRYD&RQVWLWXLomRFRQVDJURXHVVHGLUHLWR
&RPRMiKDYtDPRVHQIDWL]DGRTXHPFKHILDRXTXHP WDPEpP DR VHUYLGRU S~EOLFR DUW† ž&)  ( SRXFR
GLULJHRXTXHPSUHVWDDVVHVVRUDPHQWRWHPPXLWRPDLV LPSRUWDVHHVWiHOHQDDWLYD WUDEDOKDQGR RXQDLQDWLYD
UHVSRQVDELOLGDGH TXH R VLPSOHV H[HFXWRU GH RUGHQV e DSRVHQWDGR 
IXQomRHVSLQKRVDFRPFREUDQoDSHUPDQHQWHGHSHUIHL
omR D H[LJLU PDLRU GHGLFDomR H FRPSHQHWUDomR ³ GDt 2žVDOiULRpVHPSUHSDJRFRPEDVHQRYHQFLPHQWR
SRUTXHGHYHVHUUHFRPSHQVDGRRVHUYLGRUTXHDVGHVHP GR PrV GH GH]HPEUR SDUD FDGD PrV GR DQR TXH R
SHQKDSDJDQGRVHOKHXPDUHWULEXLomRSHODIXQomR VHUYLGRUWUDEDOKRXUHFHEHUiHOHXPDIUDomRGH6mR
GR]HPHVHVQRDQRRTXHVLJQLILFDTXHRVHUYLGRUTXH
†~QLFR /HL HVSHFtILFD HVWDEHOHFHUi DUHPXQHUDomRGRV WUDEDOKRXRDQRWRGRUHFHEHUiXPPrVLQWHLULQKRDPDLV
FDUJRV
FDUJRVHP
HPFRPLVVmR
FRPLVVmR GHTXHWUDWDRLQF,,GR$UWž DWtWXORGHJUDWLILFDomRQDWDOLQD

9RFrVDEHTXHKiDOJXQVFDUJRVTXHVyVmRSUHHQFKLGRV 6HRVHUYLGRUFRPHoRXDWUDEDOKDUQRPrVGHPDUoR
SRUSHVVRDGHFRQILDQoDWDPEpPFKDPDGRVFDUJRVHP UHFHEHUi DR ILQDO GR DQR XPD JUDWLILFDomR QDWDOLQD GH
FRPLVVmR SUHYLVWRVQRDUWžLQF,,GR(VWDWXWR   WUDEDOKRXPHVHVSRUPrVGHH[HUFtFLR 
7HQGRFRPHoDGRHPDJRVWRUHFHEHUiSRLVIRUDP
(VVHVFDUJRVWDQWRSRGHPVHURFXSDGRVSRUSHVVRDVTXH RVPHVHVGHH[HUFtFLR
QXQFDIRUDP6HUYLGRUHV3~EOLFRVFRPRSRGHPVHUORWDGRV
SRU )XQFLRQiULRV 3~EOLFRV TXH VH DIDVWDP GH VHX FDU †~QLFR $IUDomR
IUDomRLJXDO
LJXDORX
RXVXSHULRU
VXSHULRUD
 TXLQ]H 
TXLQ]H GLDV
GLDVVH
JRIXQomR YHU DUW,(VWDWXWR  1RUPDOPHQWH HVVHV UiFRQVLGHUDGDFRPRPrVLQWHJUDO
UiFRQVLGHUDGDFRPRPrVLQWHJUDO
FDUJRVWrPXPDUHPXQHUDomRHVSHFLDO JHQWHGHFRQILDQoD
JDQKDEHPPHOKRU 6HXP6HUYLGRU3~EOLFRpQRPHDGR ,PDJLQHTXHRVHUYLGRUWRPRXSRVVHHHQWURXQRH[HU
SDUDXPDGHVVDVIXQo}HVDXWRPDWLFDPHQWHHOHSDVVDUiD FtFLRGHVXDVIXQo}HVQRGLD0$5UHFHEHUiDJUDWLILFD
JDQKDU D UHPXQHUDomR GHVVH FDUJR ³ H QmR VHX YHOKR omRQDWDOLQDGHSRLVRPrVGHPDUoRQmRFRQWDMi
YHQFLPHQWR]LQKR  'HSRLV GH DQRV H DQRV WUDEDOKDQGR TXHQmRWUDEDOKRXRPtQLPRGHGLDV³HDVVLPVyVH
QHVVHFDUJRIXQomRGHFRQILDQoDHOHUHWRUQDDVHXYHOKR FRPSXWDUDPDEULO  PDLR  GH]HPEUR  
FDUJXLQKR
0DVVHHVVHIXQFLRQiULRWLYHVVHLQLFLDGRRH[HUFtFLRHP
 5HJLPH
-XUtGLFRÔQLFR QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
0$5WHULDWUDEDOKDGRQRPrVGHPDUoRPDLVGH SRGHQGRDOHLHVWDEHOHFHUUHTXLVLWRVGLIHUHQFLDGRVGHDGPLV
GLDVHHPERUDQmRKRXYHVVHWUDEDOKDGRRPrVWRGLQKR VmR TXDQGR D QDWXUH]D GR FDUJR R H[LJLUµ ³ H[FOXLX GD
HVVDIUDomRGHDSHQDVGLDVVHULDFRPSXWDGDFRPRPrV UHODomRGRVLQF9,H;;,,,DQWHVFRQVWDQWHVGRUHIHULGR
LQWHJUDO   ( YDPRV DOpP VH HOH KRXYHVVH LQLFLDGR R SDUiJUDIRž$VVLPSRUIRUoDGDUHIRUPDDGPLQLVWUDWLYD
H[HUFtFLR GDV IXQo}HV QR GLD 0$5 WHULD WUDEDOKDGR RVHUYLGRUS~EOLFRQmRPDLVWHUiGLUHLWRjLUUHGXWLELOLGDGH
LUUHGXWLELOLGDGH
H[DWDPHQWHGLDV PDUoRWHPGLDV HHVVDIUDomRMi GH
GHVDOiULRV VLJQLILFDTXHSRGHUiRFRUUHUHPFRQGLo}HV
VDOiULRV
VHULDVXILFLHQWHSDUDFRQVLGHUDUPDUoRFRPRPrVLQWHJUDO H[FHSFLRQDLVDUHGXomRGRVDOiULRGRIXQFLRQiULRS~EOLFR
PHQWHWUDEDOKDGRFRPSXWDQGRPDLVQDJUDWLILFDomR ³HWDPEpPQmRPDLVUHFHEHUi´DGLFLRQDLV
DGLFLRQDLV
DGLFLRQDLVGH GHLQVDOXEUL
QDWDOLQDGRVHUYLGRU GDGH
GDGHSHQRVLGDGH
SHQRVLGDGHHSHULFXORVLGDGHSRXFRLPSRUWDUiVH
SHULFXORVLGDGH
RVHUYLGRUS~EOLFRWUDEDOKDURXQmRHPVHUYLoRLQVDOXEUH
$UW$
$JUDWLILFDomR
JUDWLILFDomRVHUiSDJDDWp
VHUiSDJDDWpRGLD
GLD
 YLQWH 
YLQWH GR DTXHOHVHPTXHDVFRQGLo}HVVmRDJUHVVLYDVGHWHULRUDQGR
PrVGHGH]HPEURGHFDGDDQR
PrVGHGH]HPEURGHFDGDDQR VXDVD~GHOL[HLURSRUH[HPSOR RXTXHWUDEDOKHHOHHP
VHUYLoRSHQRVR GLItFLOiUGXRSHVDGRGHVJDVWDQWHSH[
$UW 2VHUYLGRU
VHUYLGRUH[RQHUDGR
H[RQHUDGRSHUFHEHUi
SHUFHEHUiVXDJUDWLILFDomR REULWDGRU RXPHVPRHPVHUYLoRSHULJRVR DTXHOHVHP
QDWDOLQD
QDWDOLQD SURSRUFLRQDOPHQWH
SURSRUFLRQDOPHQWH DRV
DRV PHVHV
PHVHV GH TXH Ki ULVFR GH YLGD ³ SH[ XP HOHWULFLVWD GH DOWD
H[HUFtFLR
H[HUFtFLRFDOFXODGD
FDOFXODGDVREUH
VREUHDUHPXQHUDomR
UHPXQHUDomRGH
GHPrV WHQVmR  SRLV HP QHQKXPD GHVVDV KLSyWHVHV WHUi HOH
GDH[RQHUDomR TXDOTXHU DFUpVFLPR HP VHXV YHQFLPHQWRV D WtWXOR GH
DGLFLRQDO
DGLFLRQDO
DGLFLRQDO
)XQFLRQiULR 3~EOLFR H[RQHUDGR QmR
QmR p IXQFLRQiULR
SXQLGR$SHQDVVDLXGRVHUYLoRS~EOLFRRXSRUTXHTXLV 5HJLVWUHVHSRUpPTXHR†žGRDUWGHWHUPLQRX
SHGLX SDUD VDLU  RX SRUTXH GHFDLX GD FRQILDQoD GH TXHDIL[DomRGRVSDGU}HVGHYHQFLPHQWRREVHUYDUi´DV
TXHPRQRPHDUDSDUDRFDUJRHPFRPLVVmR$VVLPFRPR SHFXOLDULGDGHVGRVFDUJRVµ³RTXHLPSOLFDDFRQVLGHUDomR
WRGR WUDEDOKDGRU TXH p GHVSHGLGR LQMXVWDPHQWH WHP GHVVDVSHFXOLDULGDGHVGRFDUJRIXQomRWDQWRDLQVDOXEUL
GLUHLWRDUHFHEHUVHXžVDOiULRSURSRUFLRQDO³WDPEpP GDGH FRPR D SHQRVLGDGH H D SHULJRVLGDGH IRUQHFHUmR
RVHUYLGRUS~EOLFRH[RQHUDGRWHPHVVHGLUHLWR HPEDVDPHQWRSDUDTXHRVUHVSHFWLYRVFDUJRVWHQKDPXPD
GLIHUHQFLDGDUHPXQHUDomREDVHHPERUDQmRPDLVLQFLGDP
(YHMDEHPUHFHEHUiMiTXDQGRVDLUGRVHUYLGRUS~EOL RVDGLFLRQDLV
FRHQmRHP'(=3RULVVRRžVHUiSDJRFRPEDVH
QDUHPXQHUDomRTXHHOHUHFHELDTXDQGRIRLH[RQHUDGR 8P RXWUR GHVWDTXH FRPR D UHGHILQLomR GD
UHPXQHUDomREDVHGHSHQGHUiGHOHL
OHLDWpVXDIXWXUDHGLomR
OHL
$UW$
$ JUDWLILFDomR QDWDOLQD QmR VHUiFRQVLGHUDGD FRQWLQXDUiYiOLGRRSDJDPHQWRGHVVHDGLFLRQDOGHLQVDOX
SDUDFiOFXORGHTXDOTXHUYDQWDJHPSHFXQLiULD
SDUDFiOFXORGHTXDOTXHUYDQWDJHPSHFXQLiULD EULGDGHSHQRVLGDGHRXSHULFXORVLGDGH

1RXWUDVSDODYUDVRžQmR
QmRLQFRUSRUDRYHQFLPHQWRH
QmR &RQWLQXDP SRLV YiOLGDV DV GLVSRVLo}HV GR (VWDWXWR
VREUHHOHQmR
QmR
QmRSRGHVHUFDOFXODGRTXDOTXHUSHUFHQWXDOGH
SRGH VREUHWDLVDGLFLRQDLV
LQGHQL]DomRRXGHJUDWLILFDomRRXGHDGLFLRQDORXGH
DMXGDGHFXVWRGHIpULDVHWF $UW 2V
2VVHUYLGRUHV
VHUYLGRUHVTXH
TXHWUDEDOKHP
WUDEDOKHPFRP
FRPKDELWXDOLGDGH
HP
HPORFDLV
ORFDLVLQVDOXEUHV
LQVDOXEUHVRX
RXHP
HPFRQWDWR
FRQWDWRSHUPDQHQWH
FRP
FRP VXEVWkQFLDV
VXEVWkQFLDV Wy[LFDV
Wy[LFDV UDGLRDWLYDV RX FRP
ULVFRGHYLGDID]HPMXVDXPDGLFLRQDOVREUHR
ULVFRGHYLGDID]HPMXVDXPDGLFLRQDOVREUHR
$GLFLRQDOSRU7HPSRGH6HUYLoR YHQFLPHQWRGRFDUJRHIHWLYR

$UW 5HYRJDGRSHOD0HGLGD3URYLVyULDQžGH (VVH DGLFLRQDO p XP LQFHQWLYR SDUD UHFRPSHQVDU R


2EV 2WH[WRGHVWHDUWLJRGL]LD$UW2DGLFLRQDOSRUWHPSRGHVHUYLoRpGHYLGRjUD]mRGH
VHUYLGRU TXH QR WUDEDOKR H[S}H VXD YLGD VXD VD~GH
FLQFRSRUFHQWRDFDGDFLQFRDQRVGHVHUYLoRS~EOLFRHIHWLYRSUHVWDGRj8QLmRjVDXWDUTXLDV VXMHLWDQGRVHRXDXPORFDOLQVDOXEUHRXDRFRQWDWRFRP
HjVIXQGDo}HVS~EOLFDVIHGHUDLVREVHUYDGRROLPLWHPi[LPRGHLQFLGHQWHH[FOXVLYD
PHQWHVREUHRYHQFLPHQWREiVLFRGRFDUJRHIHWLYRDLQGDTXHLQYHVWLGRRVHUYLGRUHPIXQomR VXEVWkQFLDV Wy[LFDV RX UDGLRWLYDV RX HP VLWXDomR TXH
RXFDUJRGHFRQILDQoD†~QLFR2VHUYLGRUIDUiMXVDRDGLFLRQDODSDUWLUGRPrVHPTXH
FRPSOHWDURTXLQTXrQLR2DGLFLRQDOSRUWHPSRGHVHUYLoRpSDJRDFDGD FLQFR DQRVQD KDMDULVFRGHYLGD
IRUPDGHTXLQTXrQLRV&DGDYH]TXHRIXQFLRQiULRFRPSOHWHDQRVGHVHUYLoRS~EOLFRHOH
UHFHEH  DPDLV žSRUDQR 2EVHUYDGRpFODURROLPLWHHVWDEHOHFLGRRVHUYLGRUVy
SRGHUiSHUFHEHURVHXVDOiULRQRUPDODFUHVFLGRGHQRPi[LPRWULQWDHFLQFRSRUFHQWR
$VVLPVHRVHUYLGRUJDQKD5SRUPrVSDVVDGRVFLQFRDQRVHOHUHFHEHUi5
2 QRPH GR DGLFLRQDO EHP H[SOLFD D FDXVD GH VHX
HDSyVWULQWDHFLQFRDQRVGHVHUYLoRHIHWLYRSHUFHEHUi5 DPDLVGRVDOiULR
LQLFLDO VDOiULRHVWHTXHFRQWLQXDUiSHORUHVWRGHVXDYLGD
SDJDPHQWRRDGLFLRQDOGHLQVDOXEULGDGHpSDJRDRVHUYL
GRU TXH WUDEDOKD HP ORFDO LQVDOXEUH RX VHMD HP OXJDU
DJUHVVLYRjVXDVD~GHItVLFDHPHQWDO

$GLFLRQDLVGH,QVDOXEULGDGH 2DGLFLRQDOGHSHULFXORVLGDGHpSDJRDRVHUYLGRUTXH
3HULFXORVLGDGHRX$WLYLGDGHV3HQRVDV WUDEDOKDFRPVXEVWkQFLDVWy[LFDVRXUDGLRDWLYDVRXTXDO
TXHUVLWXDomRHPTXHKDMDRXWURWLSRGHULVFRGHYLGD
SHULJRVRHQILP
$WHQomRD(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD
$GPLQLVWUDWLYD ³DRDOWHUDURDUW†žGD&RQVWLWXLomR
( R DGLFLRQDO GH SHQRVLGDGH p SDJR DR VHUYLGRU TXH
)HGHUDO HVWDEHOHFHQGR TXH ´$SOLFDVH DRV VHUYLGRUHV
ODEXWD FRP VDFULItFLR H VRIULPHQWR ItVLFR FRP PDLRU
RFXSDQWHVGHFDUJRS~EOLFRRGLVSRVWRQRDUWž,99,,
GHVJDVWHItVLFRSHQRVRGLItFLO
9,,,,;;,,;,,,;9;9,;9,,;9,,,;,;;;;;,,H;;;
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

0DVYHMDEHPRDGLFLRQDOVyVHUiSDJRVHRWUDEDOKRp 2 (VWDWXWR REULJD D TXH D $GPLQLVWUDomR 3~EOLFD


UHDOL]DGRHPWDLVFRQGLo}HVHDLQGDSHUPDQHQWHPHQWH
SHUPDQHQWHPHQWH
SHUPDQHQWHPHQWH REVHUYHWRGDVDVVLWXDo}HVQDOHJLVODomRHVSHFtILFDSDUDVy
6LJQLILFDTXHVHRWUDEDOKDGRUVyVHVXMHLWDDWDLVFRQGL HQWmRFRQFHGHURDGLFLRQDODRIXQFLRQiULRS~EOLFRTXH
o}HVRXDWDOWUDEDOKRXPDRXRXWUDYH]HOHQmR
QmRUHFHEHUi
QmR UHDOL]DVHUYLoRSHQRVRRXLQVDOXEUHRXSHULJRVR1RXWUDV
TXDOTXHUDGLFLRQDO SDODYUDV TXHP GHILQH VH R VHUYLoR p RX QmR LQVDOXEUH
SHULJRVRRXSHQRVRQmRpR&KHIHQHPTXDOTXHURXWUR
¢4XDQWR VHUi R DGLFLRQDO""" 6HUi XP SHUFHQWXDO VXSHULRU QD RUGHP KLHUiUTXLFD e D OHL HVSHFtILFD TXH
LQFLGHQWH VREUH R YHQFLPHQWR GR VHUYLGRU D OHL TXH TXDOLILFDRVHUYLoRGHSHQRVRRXSHULJRVRRXLQVDOXEUH
GHFODUDURVHUYLoRSHULJRVRSHQRVRRXLQVDOXEUHWDPEpP GHILQHRJUDX LQWHQVLGDGH GDDJUHVVLYLGDGHHVRIULPHQWR
GHILQLUiWDOSHUFHQWXDO  EHPFRPRDVFRQGLo}HVGHWUDEDOKRSDUDRVHUYLGRUIDoD
MXVDRDGLFLRQDOHRSHUFHQWXDOTXHOKHVHUiGHYLGR
†ž 2VHUYLGRU
VHUYLGRUTXH
TXHIL]HU
IL]HUMXV
MXVDRV
DRVDGLFLRQDLVGHLQVDOX
EULGDGH
EULGDGHHGH
GHSHULFXORVLGDGH
SHULFXORVLGDGHGHYHUi
GHYHUiRSWDU
RSWDUSRU
SRUXP $UW 2DGLFLRQDO
DGLFLRQDOGH
GHDWLYLGDGH
DWLYLGDGHSHQRVD VHUiGHYLGR
SHQRVDVHUi GHYLGRDRV
GHOHV VHUYLGRUHV
VHUYLGRUHVHP
HPH[HUFtFLR
H[HUFtFLRHP
HP]RQDV
]RQDVGH
GHIURQWHLUD
IURQWHLUDRX
HP
HPORFDOLGDGHV
ORFDOLGDGHVFXMDV
FXMDVFRQGLo}HV
FRQGLo}HVGH
GHYLGD
YLGDRMXVWLIL
6HDUD]mRGRSDJDPHQWRpRGHVJDVWHItVLFRPHQWDO TXHP
TXHP QRV
QRV WHUPRV
WHUPRV FRQGLo}HV
FRQGLo}HV H OLPLWHV IL[DGRV
VRIULGRSHORVHUYLGRUFRQVLGHUDQGRVHTXHVXDYLGDpXPD HPUHJXODPHQWR
Vy H XPD Vy p VXD VD~GH HOH Vy SRGHUi UHFHEHU XP
DGLFLRQDOPHVPRTXHRORFDOGHVHXWUDEDOKRVHMDLQVDOX
$SUHPLVVDGRHVWDWXWRpTXHDIURQWHLUDpORFDOPXLWR
EUHRWUDEDOKRVHMDSHQRVRHSHULJRVR¢4XDOUHFHEHUi"""
GLItFLO SDUD VH WUDEDOKDU H SDUD VH YLYHU 2 6HUYLGRU
2 SUySULR VHUYLGRU S~EOLFR HVFROKHUi QDWXUDOPHQWH
3~EOLFRTXHVHGLVS}HDWDLVGLILFXOGDGHVGHYHVHUUHFRP
HVFROKHUiRGHPDLRUSHUFHQWXDO 
SHQVDGRID]HQGRMXVDRDGLFLRQDOGHSHQRVLGDGH$SHQDV
†ž 2 GLUHLWR DR DGLFLRQDO GHLQVDOXEULGDGHRX RSHUFHQWXDOFRQGLo}HVHOLPLWHVVHUmRIL[DGRVQRUHJXOD
SHULFX
SHULFXORVLGDGH
ORVLGDGH FHVVD
FHVVD FRP
FRP D HOLPLQDomR
HOLPLQDomR GDV PHQWR0DVXPDFRLVDMiILFDFHUWDTXHPWUDEDOKDUHP
FRQGLo}HV
FRQGLo}HV RXGRVULVFRVTXHGHUDPFDXVDjVXD
RXGRVULVFRVTXHGHUDPFDXVDjVXD IURQWHLUDRXHPORFDOLGDGHHPTXHDVFRQGLo}HVGHYLGD
FRQFHVVmR VHMD GLItFHLV GHYHUi UHFHEHU R DGLFLRQDO GH DWLYLGDGH
SHQRVD
1DGD PDLV MXVWR VH HOH UHFHELD XPD FRPSHQVDomR
SRUTXHRVHUYLoRHUDVDFULILFRVRWHUPLQDGRRVDFULItFLR $UW 2V
2VORFDLV
ORFDLVGH
GHWUDEDOKR
WUDEDOKRHRV
RVVHUYLGRUHV
VHUYLGRUHVTXHRSHUDP
QmR Ki QHQKXPD UD]mR SDUD FRQWLQXDU D UHFHEHQGR FRP
FRP 5DLRV
5DLRV ; RX
RX VXEVWkQFLDV
VXEVWkQFLDV UDGLRDWLYDV
UDGLRDWLYDV VHUm
VHUmR
&RPSHQVDomRpVHPSUHXPDPRHGDGHGXDVIDFHV PDQWLGRVVREFRQWUROHSHUPDQHQWHGHPRGRTXH
DV
DVGRVHV
GRVHVGD
GDUDGLDomR
UDGLDomRLRQL]DQWHQmRXOWUDSDVVHP
$UW+DYHUi
+DYHUi
+DYHUi SHUPDQHQWH FRQWUROH GD DWLYLGDGHGH RQtYHOPi[LPRSUHYLVWRQDOHJLVODomRSUySULD
VHUYLGRUHV
VHUYLGRUHVHP
HPRSHUDo}HV
RSHUDo}HVRX
RXORFDLV
ORFDLVFRQVLGHUDGRV
SHQRVRVLQVDOXEUHVRXSHULJRVRV 9LVDVHDTXLDSURWHJHUR6HUYLGRU7RGRGLDUHFHEHQGR
ERPEDUGHLRVGHUDLR;IDWDOPHQWHDFDEDUiDIHWDGRSHOD
2FRQWUROHpLPSRVWRHPEHQHItFLRGRVHUYLGRUSDUD UDGLDomR +i GH VH PDQWHU XP ULJRURVR FRQWUROH GD
HYLWDU TXH R VHUYLoR VH WUDQVIRUPH QXPD PiTXLQD GH DWLYLGDGHSDUDSUHYHQLUFRPRUHOD[DPHQWRQDWXUDOGR
GHVWUXLUVHUHVKXPDQRV SUySULR VHUYLGRU EHP FRPR SDUD LPSHGLU TXH HOH VH
VXMHLWHDXPDUDGLDomRDFLPDGRWROHUiYHO
†~QLFR $VHUYLGRUDJHVWDQWHRXODFWDQWHVHUiDIDVWDGD
HQTXDQWR
HQTXDQWR GXUDU
GXUDU D JHVWDomR
JHVWDomR H D ODFWDomR
ODFWDomR GDV †~QLFR 2V
2V VHUYLGRUHVDTXHVHUHIHUHHVWDDUWLJRVHUmR
RSHUDo}HV
RSHUDo}HV H ORFDLV
ORFDLV SUHYLVWRV
SUHYLVWRV QHV
QHVWH
WH DUWLJR
DUWLJR H[HU VXEPHWLGRV
VXEPHWLGRV D H[DPHV
H[DPHV PpGLFRV
PpGLFRV D FDGD  VHLV
FHQGR
FHQGR VXDV
VXDV DWLYLG
DWLYLGDGHV
DGHV HP
HP ORFDO
ORFDO VDOXEUH
VDOXEUH H HP PHVHV
VHUYLoRQmRSHQRVRHQmRSHULJRVR
1DGD PDLV FRUUHWR H[DPLQDQGRVH R VHUYLGRU TXH
$ SURWHomR j PDWHUQLGDGH p XP PDQGDPHQWR FRQV WUDEDOKDFRPUiLR;DFDGDPHVHVVHUiSRVVtYHOHYLWDU
WLWXFLRQDO DUWžFDSXW HDGHPDLV QmRVHULDKXPDQR TXHHOHVHWRUQHOHXFrPLFRSURWHJHQGRVHVXDYLGD
VXMHLWDU D JHVWDQWH PXOKHU JUiYLGD  D XP WUDEDOKR
LQVDOXEUH RX SHULJRVR RX SHQRVR ³ WDQWR TXDQWR QmR
VHULD UD]RiYHO VXEPHWHU D PXOKHU TXH DPDPHQWD D
ODFWDQWH  D WDLV WLSRV GH WUDEDOKR H FRQGLo}HV $VVLP j $GLFLRQDOSRU6HUYLoR([WUDRUGLQiULR
$GPLQLVWUDomR FDEHUi DSURYHLWDU D IRUoD GH WUDEDOKR
GHVVDVPXOKHUHV ODFWDQWHHJUiYLGD SRUpPQXPVHUYLoR
FRPSDWtYHOFRPDFRQGLomRGHODV³QXQFDLQVDOXEUHRX $UW 2 VHUYLoRH[WUDRUGLQiULRVHUiUHPXQHUDGRFRP
VHUYLoRH[WUDRUGLQiULRVHUiUHPXQHUDGRFRP
SHULJRVRRXSHQRVR DFUpVFLPR
DFUpVFLPR GH
GH 
 FLQTXHQWD
FLQTXHQWD SRU
SRU FHQWR 
FHQWR  HP
UHODomRjKRUDQRUPDOGHWUDEDOKR
$UW 1D
1DFRQFHVVmR
FRQFHVVmRGRV
GRVDGLFLRQDLVGHDWLYLGDGHV
DGLFLRQDLVGHDWLYLGDGHVSHQR
VDV
VDVGH
GHLQVDOXEULGDGH
LQVDOXEULGDGHHGH
GHSHULFXORVLGDGH
SHULFXORVLGDGHVHUmR $V KRUDV H[WUDV VmR DV KRUDV WUDEDOKDGDV DOpP
DOpP GD
REVHUYDGDVDVVLWXDo}HVHVWDEHOHFLGDVHPOHJLVOD
REVHUYDGDVDVVLWXDo}HVHVWDEHOHFLGDVHPOHJLVOD MRUQDGD GH WUDEDOKR 7RGR VHUYLGRU GHYH WUDEDOKDU GH
omRHVSHFtILFD UHJUD

KRUDV
KRUDVVHPDQDLV³REV
VHPDQDLV REVPHQRVTXHRWUDEDOKD
REV
GRUFRPXPTXHWHPXPDMRUQDGDGHKRUDVVHPDQDLV 
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

(VXDMRUQDGDGLiULDVHUiGHKRUDVGLiULDVFRPVHPDQD LQYHUWHPRVDVKRUDVGHVRQRGHFRQFHQWUDomRGHUHIHL
LQJOHVD GHD &DVRKDMDQHFHVVLGDGHGHR6HUYLGRU omRHWFWXGRJHUDQGRHQRUPHGHVJDVWHItVLFRHPHQWDO
3~EOLFR WUDEDOKDU PDLV GH  KRUDV QXP GLD HOH VHUi (VVDDUD]mRSRUTXHD&RQVWLWXLomR)HGHUDOGHWHUPLQRX
REULJDGRDID]rOR³PDVQXQFDDOpPGHGXDVGXDV  KRUDV
GXDV TXHWRGRWUDEDOKRQRWXUQRWHQKDXPDUHPXQHUDomRPDLRU
PDLRU
DPDLVSRUGLD TXHDGRWUDEDOKRGLXUQR

'HRXWURODGRVHUiUHFRPSHQVDGRUHFHEHQGRDVKRUDV ¢0DV DILQDO R TXH p WUDEDOKR QRWXUQR"""  1mR p R


WUDEDOKDGDVDPDLVFRPXPDFUpVFLPRGH FLQTXHQWD UHDOL]DGRjQRLWHGHSRLVTXHHVFXUHFH&RPRHVVHFRQFHL
SRU FHQWR   $VVLP VH HOH JDQKD 5  SRU PrV WRpPXLWRYDJRROHJLVODGRUHVWDEHOHFHXXPSHUtRGRHP
VLJQLILFDTXHJDQKD5SRUGLDRXVHMD5SRUKRUD TXHLPDJLQRXTXHWDOGHVJDVWHPDLRUVHULDLQGLVFXWtYHOH
GHWUDEDOKR WUDEDOKDKSRUGLD 6HWUDEDOKDUH[WUDRUGL DVVLPGHILQLXFRPRQRWXUQRRWUDEDOKRUHDOL]DGRHQWUHDV
QDULDPHQWHKRUDVUHFHEHUi5DFUHVFLGRVGH GDQRLWHDWpDVGDPDGUXJDGD
GDQRLWH GDPDGUXJDGD
GDPDGUXJDGD
FLQTXHQWDSRUFHQWR RXVHMD5YDOHGL]HU5
PLODWtWXORGHDGLFLRQDOSRUVHUYLoRH[WUDRUGLQiULRSHODV $QWHVGDVKMipQRLWHPDVRWUDEDOKRQmRpQRWXU
GXDVKRUDVH[WUDVWUDEDOKDGDV QR ­V YH]HV jV  K Mi p GLD PDV R WUDEDOKR FRQWLQXD
VHQGRQRWXUQRDWpjVKRUDVGDPDQKm HRXWUDVYH]HV
$UW6RPHQWH
6RPHQWH
6RPHQWH VHUi
VHUi SHUPLWLGRVHUYLoRH[WUDRUGLQiULR
SHUPLWLGRVHUYLoRH[WUDRUGLQiULR DLQGD p PDGUXJDGDQRLWH DWp DV    K PDV R
SDUD
SDUDDWHQGHU
DWHQGHUDVLWXDo}HV
VLWXDo}HVH[FHSFLRQDLVHWHPSRUi
H[FHSFLRQDLVHWHPSRUi WUDEDOKRMiQmRpPDLVQRWXUQR 
ULDV
ULDV UHVSHLWDGR
UHVSHLWDGR R OLPLWH
OLPLWH Pi[LPR
Pi[LPR GH
GH  GXDV
KRUDVSRUMRUQDGD 2XWUD FXULRVLGDGH p TXH D KRUDQRWXUQD SHOD OHL
GHYHUiWHUDSHQDVPLQXWRVHVHJXQGRV6HDMRUQDGD
9RFrYLXTXHRVHUYLGRUpREULJDGRDWUDEDOKDUH[WUDRU GRVHUYLGRUpGHKRUDVGLiULDVHQWUDQGRHOHQRVHUYLoR
GLQDULDPHQWH(VVDREULJDomRWRGDYLDGHFRUUHGDQHFHVVL jVKRUDVH[DWDPHQWHjVKRUDVGDPDGUXJDGDWHUiHOH
GDGHGRVHUYLoRS~EOLFR(VWHGHYHVHURUJDQL]DGRSDUD WUDEDOKDGR DV  KRUDV GH VXD MRUQDGD SRLV DV  KRUDV
XPDURWLQDSHUPDQHQWH$VVLPRVHUYLGRUVyVHUiREULJD GHFRUULGDVHTXLYDOHPH[DWDPHQWHDKRUDVGHPLQH
GRVHKRXYHUXPDQHFHVVLGDGHGHFRUUHQWHGHXPDVLWXD VHJ IDoDDVFRQWLQKDV 
omRH[FHSFLRQDOHWHPSRUiULD³RXVHMD³QmRSRGHUiVHU
FRPSHOLGR DR WUDEDOKR H[WUDRUGLQiULR VH Ki DQRV R (DOpPGHWUDEDOKDUPHQRV DRLQYpVGHPLQSRU
VHUYLoR HVWi DFXPXODGR H DWUDVR H XP FKHIHWH]LQKR KRUDDSHQDVPLQSRUKRUD R6HUYLGRUTXHWUDED
UHVROYHXPRVWUDUVHUYLoR OKDU QR KRUiULR QRWXUQR DLQGD UHFHEHUi XPD DGLFLRQDO
TXHUGL]HUJDQKDUiDPDLV
6HQmRKRXYHUXPDQHFHVVLGDGHH[WUDRUGLQiULD DOJR
LPSUHYLVtYHO DOpP GD URWLQD HVWDEHOHFLGD VXSHULRU DR ¢4XDQWRDPDLV"8PDGLFLRQDOGH  YLQWHHFLQFR

ULWPRHUXPRRUGLQiULRGRVHUYLoR RVHUYLGRUQ QmRVHUi
mR SRU FHQWR  R TXH p XP SULYLOpJLR GR VHUYLGRU S~EOLFR
REULJDGRDWUDEDOKDUDVKRUDVH[WUDV0DVQmREDVWDTXH SRUTXDQWRD&/7GHWHUPLQDTXH´RWUDEDOKRQRWXUQRWHUi
KDMDXPDQHFHVVLGDGHH[WUDRUGLQiULD UHPXQHUDomRVXSHULRUjGRGLXUQRHSDUDHVVHHIHLWRVXD
UHPXQHUDomRWHUiXPDFUpVFLPRGH YLQWHSRUFHQWR SHOR
eLPSHUDWLYRTXHHVWDH[FHSFLRQDOLGDGHVHMDWHPSRUi PHQRVVREUHDKRUDGLXUQDµ DUW&/7 
ULDLVWRpXPYROXPHGHWUDEDOKRTXHHQIUHQWDGRVHMD
UHVROYLGR 'HVVD IRUPD VH KRXYHU UHHVWUXWXUDomR QD †~QLFR (P VH WUDWDQGR GH VHUYLoRH[WUDRUGLQiULRR
RUJDQL]DomRDGPLQLVWUDWLYDHQRYDVWDUHIDVHIXQo}HVVmR DFUpVFLPR
DFUpVFLPRGH
GHTXH
TXHWUDWD
WUDWDHVWH
HVWHDUWLJR
DUWLJRLQFLGLUi
LQFLGLUiVREUH
WUDQVIHULGDV SDUD XPD GHWHUPLQDGD VHomR TXH ILFD DUHPXQHUDomRSUHYLVWDQRDUW
DEDUURWDGDGHWUDEDOKRTXHMDPDLVSRGHUiYHQFHUFRPVHX
TXDGURQRUPDOGHIXQFLRQiULRV³ILFDQGRFODURTXHVHUi 0XLWRHOHPHQWDUVHRVHUYLGRUUHDOL]DUKRUDVH[WUDVQR
QHFHVViULRXPDFUpVFLPRGHSHVVRDOSDUDDGHTXDUDVHomR KRUiULRQRWXUQRQyVWHUHPRVRVGRLV
GRLVDGLFLRQDLV5HFHEHUi
GRLV
jVQRYDVWDUHIDV³QHQKXPGHOHVVHUiREULJDGRDID]HU R DGLFLRQDO SHOR VHUYLoR H[WUDRUGLQiULR DFUpVFLPR GH
KRUDVH[WUDVSRUTXHDQHFHVVLGDGHQmR
QmRpWHPSRUiULDH
QmR  HHVWHDFUHVFLGRDLQGDGHPDLVSHORDGLFLRQDO
VLPGHILQLWLYD QRWXUQR$VVLPVHVHXYHQFLPHQWRpGH5SRUPrV
VLJQLILFDTXHJDQKD5SRUGLDGHWUDEDOKR 5¸
 5 H5SRUKRUD WUDEDOKDKSRUGLD5
$GLFLRQDO1RWXUQR ¸ 5 

(VHWUDEDOKDUH[WUDRUGLQDULDPHQWHG GDV
DV 
 jV
jV 
$UW2
2 VHUYLoR QRWXUQR SUHVWDGR HPKRUiULR
KRUDV KRUDVGHPLQFDGD UHFHEHUiVHXV5
KRUDV
FRPSUHHQGLGRHQWUH
FRPSUHHQGLGRHQWUH YLQWHHGXDV KRUDV
GRHQWUH KRUDV
KRUDV GH
SRUKRUDTXHVHUmRDFUHVFLGRVGH 5 GH
XPGLDH FLQFR KRUDV
XPGLDH KRUDVGRGLD
KRUDVGR GLDVHJXLQWH
VHJXLQWHWHUiR
5 VRPDQGR5DWtWXORGHDGLFLRQDOSRUVHUYLoR
YDORUKRUD
YDORUKRUD DFUHVFLGRGH
DFUHVFLGRGH YLQWHHFLQFRSRU
VFLGRGH
FHQWR  FRPSXWDQGRVH H[WUDRUGLQiULRSHODVGXDVKRUDVH[WUDVWUDEDOKDGDVHTXH
FRPSXWDQGRVH FDGD
FDGD KRUD
KRUD FRPR
FRPR FLQ
TXHQWDHGRLVPLQXWRVHWULQWDVHJXQGRV VHUmRDLQGDDFUHVFLGRVGHPDLV 5 GH
5  SHOR DGLFLRQDO QRWXUQR WRWDOL]DQGR 5  R
-i FRQVLGHUDPRV TXH WUDEDOKDU j QRLWH p PXLWR PDLV YDORUGHFDGDKRUDH[WUDQRWXUQDGHWUDEDOKRVHQGRGXDV
VDFULILFRVRKiXPDEDJXQoDHPQRVVRUHOyJLRELROyJLFR UHFHEHUiHOH5
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

,9 SDUWLFLSDU GD DSOLFDomR ILVFDOL]DU RXDYDOLDU


$GLFLRQDOGH)pULDV SURYDV GH H[DPH YHVWLEXODU RX GH FRQFXUVR
S~EOLFRRXVXSHUYLVLRQDUHVVDVDWLYLGDGHV
$UW ,QGHSHQGHQWHPHQWH
,QGHSHQGHQWHPHQWHGH GHVROLFLWDomR
VROLFLWDomRVHUi
VHUiSDJRDR
VHUYLGRU †ž 2VFULWpULRVGHFRQFHVVmRHRVOLPLWHVGDJUDWLILFD
HUYLGRU SRU
SRU RFDVLmR
RFDVLmR GDV
GDV IpULDV
IpULDV XP
XP DGLFLRQDO
FRUUHVSRQGHQWHD XP
FRUUHVSRQGHQWH XPWHUoR 
WHUoR GD
GDUHPXQHUDomR omR GH TXH WUDWD HVWH DUWLJR VHUmR IL[DGRV HP
GRSHUtRGRGDVIpULDV UHJXODPHQWRREVHUYDGRVRVVHJXLQWHVSDUkPH
WURV
†~QLFR 1R
1RFDVR
FDVRGH
GHRVHUYLGRU
VHUYLGRUH[HUFHU
H[HUFHUIXQomR
IXQomRGH
GHGLUHomR , RYDORUGDJUDWLILFDomRVHUiFDOFXODGRHPKRUDV
FKHILD RX
FKHILD RX DVVHVVRUDPHQWRRXRFXSDUFDUJRHP
DVVHVVRUDPHQWRRXRFXSDUFDUJRHP REVHUYDGDV D QDWXUH]D H D FRPSOH[LGDGH GD
FRPLVVmR
FRPLVVmRDUHVSHFWLYD
UHVSHFWLYDYDQWDJHP
YDQWDJHPVHUi
VHUiFRQVLGHUD DWLYLGDGHH[HUFLGD
GD
GD QR
QR FiOFXOR
FiOFXOR GR
GR DGLFLRQDO
DGLFLRQDO GH
GH TXH WUDWD HVWH
DUWLJR ,, DUHWULEXLomRQmRSRGHUiVHUVXSHULRUDRHTXLYD
OHQWH D  FHQWR H YLQWH  KRUDV GH WUDEDOKR
(VVDpXPDQRYLGDGHWUD]LGDFRPDQRYD&RQVWLWXLomR DQXDLVUHVVDOYDGDVLWXDomRGHH[FHSFLRQDOLGDGH
GHVGHHQWmRR3RGHU3~EOLFRILFDUiREULJDGRDWDPEpP GHYLGDPHQWHMXVWLILFDGDHSUHYLDPHQWHDSURYDGD
SDJDUDRIXQFLRQiULRS~EOLFRXPWHUoR  GHVHXYHQ SHODDXWRULGDGHPi[LPDGRyUJmRRXHQWLGDGH
FLPHQWR QRUPDO SDUD TXH HOH SRVVD EHP JR]DU HVVH TXH SRGHUi DXWRUL]DU R DFUpVFLPR GH DWp 
SHUtRGRGHGHVFDQVR,VWRVHGHYHDRIDWRGHTXHFRPX FHQWRHYLQWH KRUDVGHWUDEDOKRDQXDLV
PHQWHRIXQFLRQiULRS~EOLFRHQWUDYDHPIpULDVPDVQmR
WLQKDRTXHID]HUSDUDEHPJR]iODVIDOWDYDOKHGLQKHLUR ,,, RYDORUPi[LPRGDKRUDWUDEDOKDGDFRUUHVSRQGH
SDUDXPSDVVHLR]LQKRRXYLVLWDUDXPSDUHQWHGLVWDQWH UiDRVVHJXLQWHVSHUFHQWXDLVLQFLGHQWHVVREUHR
PDLRU YHQFLPHQWR EiVLFR GD DGPLQLVWUDomR
(VVHGLUHLWRTXHD&RQVWLWXLomRFRQFHGHXDWRGRVRV
S~EOLFDIHGHUDO
WUDEDOKDGRUHV WDPEpP IRL HVWHQGLGR DR IXQFLRQiULR
S~EOLFR SRU IRUoD GR DUW  † ž TXH GHWHUPLQD D
D  GRLVLQWHLURVHGRLVGpFLPRVSRUFHQWR 
DSOLFDomRDRVVHUYLGRUHVS~EOLFRVFLYLVGRGLVSRVWRQRDUW
HP VH WUDWDQGR GH DWLYLGDGHV SUHYLVWDV QRV
ž ;9,, TXH DVVLP HVWi GHWHUPLQDQGRJR]R GH IpULDV
UHPXQHUDGDVFRPSHORPHQRVXPWHUoRDPDLVGRTXHRVD LQFLVRV,H,,GRFDSXWGHVWHDUWLJR
OiULRQRUPDO 2EVFRPUHGDomRGDGDSHOD/HLQžGH

E  XPLQWHLURHGRLVGpFLPRVSRUFHQWR HP


5HFHEHQGR GRUDYDQWH DGLDQWDGDPHQWH  GH VHX
VHWUDWDQGRGHDWLYLGDGHSUHYLVWDQRVLQFLVRV,,,
YHQFLPHQWRQRUPDOPHOKRUJR]DUiRIXQFLRQiULRS~EOLFR
H,9GRFDSXWGHVWHDUWLJR
VXDVIpULDVDQXDLVHDVVLPDRUHWRUQDUDRWUDEDOKRHVWDUi
HPyWLPDVFRQGLo}HVSDUDQRYDPHQWHEHPSURGX]LU( 2EVFRPUHGDomRGDGDSHOD/HLQžGH

RV&KHIHVWDPEpPUHFHEHUmR0DLVTXHLVVRRLQFLGLUi
WDPEpP VREUH D JUDWLILFDomR RX DGLFLRQDO TXH UHFHEHU †ž $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU
SHORFDUJRGH&KHILD RXDVVHVVRUDPHQWR  VRVRPHQWHVHUiSDJDVHDVDWLYLGDGHVUHIHULGDV
QRVLQFLVRVGRFDSXWGHVWHDUWLJRIRUHPH[HUFLGDV
VHPSUHMXt]RGDVDWULEXLo}HVGRFDUJRGHTXHR
VHUYLGRUIRUWLWXODUGHYHQGRVHUREMHWRGHFRP
*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXUVR SHQVDomRGHFDUJDKRUiULDTXDQGRGHVHPSHQKD
GDVGXUDQWHDMRUQDGDGHWUDEDOKRQDIRUPDGR
†žGRDUWGHVWD/HL
$UW$ $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU
VRpGHYLGDDRVHUYLGRUTXHHPFDUiWHUHYHQWXDO
†ž $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU
, DWXDUFRPRLQVWUXWRUHPFXUVRGHIRUPDomRGH VRQmRVHLQFRUSRUDDRYHQFLPHQWRRXVDOiULRGR
GHVHQYROYLPHQWRRXGHWUHLQDPHQWRUHJXODUPHQ VHUYLGRUSDUDTXDOTXHUHIHLWRHQmRSRGHUiVHU
WHLQVWLWXtGRQRkPELWRGDDGPLQLVWUDomRS~EOLFD XWLOL]DGD FRPR EDVH GH FiOFXOR SDUD TXDLVTXHU
IHGHUDO RXWUDVYDQWDJHQVLQFOXVLYHSDUDILQVGHFiOFXOR
GRVSURYHQWRVGDDSRVHQWDGRULDHGDVSHQV}HV
,, SDUWLFLSDUGHEDQFDH[DPLQDGRUDRXGHFRPLVVmR 2EVDUWLJRDFUHVFHQWDGRSHOD/HLQž
SDUDH[DPHVRUDLVSDUDDQiOLVHFXUULFXODUSDUD
FRUUHomRGHSURYDVGLVFXUVLYDVSDUDHODERUDomR
GH TXHVW}HV GH SURYDV RX SDUD MXOJDPHQWR GH )pULDV
UHFXUVRVLQWHQWDGRVSRUFDQGLGDWRV

,,, SDUWLFLSDUGDORJtVWLFDGHSUHSDUDomRHGHUHDOL]D $UW 2 VHUYLGRU


VHUYLGRU IDUi
IDUi MXV
MXV D WULQWD GLDV GH IpULDVTXH
omRGHFRQFXUVRS~EOLFRHQYROYHQGRDWLYLGDGHV SRGHP
SRGHP VHU
VHU DFXPXODGDV
DFXPXODGDV DWp DWp R Pi[LPR
Pi[LPR GH GRLV
GH SODQHMDPHQWR FRRUGHQDomR VXSHUYLVmR SHUtRGRV
SHUtRGRVQR
QRFDVR
FDVRGH
GHQHFHVVLGDGH
QHFHVVLGDGHGR GRVHUYLoR
VHUYLoRUHV
H[HFXomRHDYDOLDomRGHUHVXOWDGRTXDQGRWDLV VDOYDGDV
VDOYDGDV DV
DV KLSyWHVHV
KLSyWHVHV HP HP TXH
TXH KDMD
KDMD OHJLVODomR
DWLYLGDGHVQmRHVWLYHUHPLQFOXtGDVHQWUHDVVXDV HVSHFtILFD 2EVDUWLJRFRPUHGDomRGDGDSHOD/HLQž
2EV
DWULEXLo}HVSHUPDQHQWHV
 5HJLPH
-XUtGLFRÔQLFR ,
QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
$VIpULDVIRUDPFULDGDVSDUDSRVVLELOLWDUTXHRIXQFLRQi &XULRVRDQRWDUTXHDOHLQmRLPS}HOLPLWHPtQLPRSDUD
ULRS~EOLFRGHVFDQVHHTXDQGRUHWRUQDUDRWUDEDOKRSRVVD FDGDHWDSDWDQWRSRGHUiVHUHWDSDVGHGLDVFDGD
GDURPHOKRUGHVLDRVHXVHUYLoR'HSRLVGHXPDQRGH FRPRHWDSDVGHRXHQWmRGHHRXDWpPHVPR
WUDEDOKRRIXQFLRQiULRS~EOLFRMiVHHQFRQWUDHVJRWDGR HWDSDVGHHGLDV
GHVJDVWDGRQDVUHODo}HVFRPRVHUYLoRFRPRS~EOLFRHP
JHUDOFRPRVSUySULRVFRPSDQKHLURVGHVHVWLPXODGRQR $UW 2 SDJDPHQWR GD UHPXQHUDomR GDV IpULDVVHUi
WUDEDOKR 3UHFLVD GH XP PDLRU GHVFDQVR SDUD YROWDU HIHWXDGR
HIHWXDGRDWp
DWp GRLV 
GRLV GLDV
GLDVDQWHV
DQWHVGR
GRLQtFLR
LQtFLRGR
GRUHV
UHPRoDGR$VIpULDVVmRRMXVWRGHVFDQVRTXHDFRQVWLWXL SHFWLYR
SHFWLYR SHUtRGRREVHUYDQGRVHRGLVSRVWRQR†
SHUtRGRREVHUYDQGRVHRGLVSRVWRQR†
omRREULJDVHMDFRQFHGLGRDRWUDEDOKDGRUXPDYH]SRU žGHVWHDUWLJR
DQR(PERUDHOHQmRWUDEDOKHQHVVHSHUtRGRGHIpULDVHOH
UHFHEHUiQRUPDOPHQWHFRPRVHHVWLYHVVHWUDEDOKDQGR ÐWLPDFRQFHVVmRDRIXQFLRQiULRS~EOLFR2GLQKHLUL
WRGRVHXVDOiULRGRPrV QKRGRPrVHPTXHHVWDUiHPIpULDVQmRYLUiQRUPDO
PHQWHQRILPGRPrV RXFRPHoRGRPrVVHJXLQWH$
6HUmRGLDVFRUULGRV QmRGHVFRQWDQHP GRPLQJR DGPLQLVWUDomR3~EOLFDSDJDUiRYHQFLPHQWRGDTXHOHPrV
QHPIHULDGR SDUDRIXQFLRQiULRS~EOLFRGHVFDQVDUJR]DU GRLVGLDVDQWHVGHRIXQFLRQiULRHQWUDUHPIpULDV&ODUR
RyFLR2JR]RGDVIpULDVpREULJDWyULRHR'$63HPVXD TXHYHPDGXUH]DGHSRLVMiTXHQRILPGRPrVWDPEpP
IRUPXODomRQžLQVLVWHHPTXHSHUtRGRGHIpULDVWUDQV QmR WHUi R GLQKHLULQKR SDUD UHFHEHU SRLV Mi R UHFHEHX
IHULGDV WHUi GH VHU SDJR LQWHJUDOPHQWH GHQWUR GR DQR DGLDQWDGR
VHJXLQWHjTXHOHDTXHVHUHIHUH
†ž 5HYRJDGRSHOD/HLQžGH
†ž 5HYRJDGRSHOD/HLQžGH
$OLiVH[SUHVVDPHQWHR(VWDWXWRSURtEH
SURtEHDDFXPXODomR
SURtEH
GHIpULDV6RPHQWHVHKRXYHUQHFHVVLGDGHLQHYLWiYHOGH †ž 2 VHUYLGRUH[RQHUDGRGRFDUJR HIHWLYRRXHP
VHUYLoRpTXHDVIpULDVSRGHULDPVHUDFXPXODGDVPHVPR FRPLVVmR
FRPLVVmR SHUFHEHUi
SHUFHEHUi LQGHQL]DomR
LQGHQL]DomR UHODWLYD
UHODWLYD DR
DVVLPQXQFDSRUPDLVGHGRLVDQRV SHUtRGR GDV IpULDV D TXH WLYHU GLUHLWR H DR LQ
FRPSO
FRPSOHWR
HWR QD
QD SURSRUomR
SURSRUomR GH
GH XP
XP GR]H
GR]H DYRV
DYRV SRU
†ž 3DUD R SULPHLUR SHUtRGR DTXLVLWLYRGHIpULDV PrV
rV GH
GH HIHWLYR
HIHWLYR H[HUFtFLR
H[HUFtFLR RX
RX IUDomR
IUDomR VXSHULRU
VXSHULRU D
VHUmRH[LJLGRV GR]H PHVHVGHH[HUFtFLR TXDWRU]HGLDV
2EV(VWH†žIRLLQWURGX]LGRSHOD/HLQž
2EV

9HMD TXH R (VWDWXWR  SDUD D DTXLVLomR GR SULPHLUR $ H[RQHUDomR QmR
QmR p SXQLomR 2 VHUYLGRU H[RQHUDGR
GLUHLWR GH IpULDV  H[LJH TXH R VHUYLGRU S~EOLFR WHQKD DSHQDVVDLXGRVHUYLoRS~EOLFRRXSRUTXHSHGLX QRFDVR
WUDEDOKDGR H[HUFLWDGR  RV  PHVHV  (VVH FXLGDGR VH GRHIHWLYR RXSRUTXHFHVVRXVXDUHODomRGHFRQILDQoD
GHYHDRIDWRGHTXHPXLWRVIXQFLRQiULRVPDOHQWUDUDP FRPRFKHIHTXHWHYHRSRGHUGHQRPHiORSDUDRFDUJR
SDUDRVHUYLoRS~EOLFRHMiWLUDPDOJXPDOLFHQoDDIDVWDQ HPFRPLVVmR$VVLPVHHOHQ
QmRHVWiVHQGRSXQLGRQmR
mR
GRVH1HVVHVFDVRVQmRIDUmRMXVjVIpULDVSRUTXHQmR GHYHSHUGHUVXDVIpULDVSURSRUFLRQDLV
HVWDUmRQRHIHWLYRH[HUFtFLRGDVIXQo}HV
2 GLUHLWR DTXL FRQIHULGR p VHPHOKDQWH DR GH WRGR
†ž e YHGDGR
YHGDGR OHYDU
OHYDU j FRQWD
FRQWD GH
GH IpULDVTXDOTXHUIDOWD
IpULDVTXDOTXHUIDOWD WUDEDOKDGRUFRPXPXPDYH]GHVSHGLGRID]MXVjVIpULDV
DRVHUYLoR
QmRJR]DGDVHPGLQKHLURFRQWDQGRVHWDPEpPDVIpULDV
IpULDV
SURSRUFLRQDLVRXVHMDRSHUtRGRLQIHULRUDXPDQRTXH
SURSRUFLRQDLV
1HQKXPIXQFLRQiULRSRGHUiIDOWDUDRVHUYLoRHFRP SRU QmR WHU VLGR FRPSOHWDGR LPSHGLXOKH FRQTXLVWDVVH
ELQDUFRPVHX&KHIHSDUDDTXHODIDOWDVHUGHVFRQWDGD QRYDVIpULDV³GHYHQGRHQWmRUHFHEHUSURSRUFLRQDOPHQ
TXDQGRWLUDUIpULDV)DOWDpIDOWDHQmRSRGHVHUFRPSHQ WH
VDGDFRPIpULDV
†ž $LQGHQL]DomR
LQGHQL]DomRVHUi
VHUiFDOFXODGD
FDOFXODGDFRP
FRPEDVH
EDVHQD
QDUHPX
†ž $V
$V IpULDV SRGHUmR VHU SDUFHODGDV HPDWpWUrV QHUDomRGR
QHUDomR GRPrV
PrVHP
HPTXH
TXHIRU
IRUSXEOLFDGR
SXEOLFDGRRDWR
DWRH[R
HWDSDVGHVGHTXHDVVLPUHTXHULGDVSHORVHUYL QHUDWyULR
GRUHQRLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD 2EV(VWH†žIRLLQWURGX]LGRSHOD/HLQž 
2EV

2EV(VWH†žIRLDFUHVFHQWDGRSHOD/HLQž
2EV
1R†žGHILQHVHDUHPXQHUDomRTXHVHUYLUiGHEDVH
2SDUFHODPHQWRGDVIpULDVWDQWRSRGHVHUGRLQWHUHVVH SDUD RV FiOFXORV R VDOiULR TXH R VHUYLGRU JDQKDYD DR
GRVHUYLGRUFRPRGDSUySULDDGPLQLVWUDomRS~EOLFDGR WHPSR HP TXH IRL H[RQHUDGR 1DGD PDLV MXVWR p TXH
VHUYLGRUSRUTXHSRGHUiFRQFLOLDUVHXVSHUtRGRVIpULDVFRP QRUPDOPHQWHMiTXDQGRVDL pH[RQHUDGR pIHLWRRDFHUWR
DVIpULDVHVFRODUHVFRPVHXVSODQRVGHYLDJHQVRXRXWURV GHFRQWDVHHOHUHFHEHUiDVIpULDVSURSRUFLRQDLV
FRPSURPLVVRV IDPLOLDUHV RX VRFLDLV GD DGPLQLVWUDomR
SRUTXHRIUDFLRQDPHQWRGDDXVrQFLDGRVHUYLGRUSHUPLWLUi †ž (P
(PFDVR
FDVRGH
GHSDUFHODPHQWR
SDUFHODPHQWRRVHUYLGRUUHFHEHUiR
PHOKRURUJDQL]DomRGHVXDVXEVWLWXLomRHGDFRQWLQXLGDGH YDORUDGLFLRQDOSUHYLVWRQRLQFLVR
YDORU DGLFLRQDOSUHYLVWRQRLQFLVR;9,,
;9,,GR
GRDUWž
GRVVHUYLoRV GD
GD&RQVWLWXLomR
&RQVWLWXLomR)HGHUDO TXDQGRGD
)HGHUDOTXDQGR GDXWLOL]DomR
XWLOL]DomRGR
SULPHLURSHUtRGR
2EV†žLQWURGX]LGRSHOD/HLQž
2EV
$VVLPVHPSUHTXHVHVRPDURLQWHUHVVHGRVHUYLGRUHR
LQWHUHVVHGDDGPLQLVWUDomRS~EOLFDDVIpULDVGRIXQFLRQi
2LQF;9,,DFLPDPHQFLRQDGDFRQFHGHDRVHUYLGRUR
ULR SRGHUmR VHU SDUFHODGDV R IUDFLRQDPHQWR SRUpP
´JR]RGHIpULDVDQXDLVUHPXQHUDGDVFRPSHORPHQRVXP
QXQFDSRGHUiVHUVXSHULRUDHWDSDV
WHUoRDPDLVGRTXHRVDOiULRQRUPDOµ
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

­VYH]HVDVIpULDVVmRSDUFHODGDVRVHUYLGRUJR]D
GLDVQXPDpSRFDHGHSRLVRVRXWURVGLDV3RGHRFRUUHU /LFHQoDV
DLQGDGHHOHPHVPRUHTXHUHURJR]RGHDSHQDVGLDV
GHL[DQGRRUHVWRSDUDGHSRLV
$UW &RQFHGHUVHiDRVHUYLGRUOLFHQoD
$VVLPVHDVIpULDVIRUHPSDUFHODGDV¢TXDQGRRVHUYL $VOLFHQoDVVmRDIDVWDPHQWRVWHPSRUiULRVGRIXQFLRQi
GRUUHFHEHUiRDGLFLRQDOGHIpULDV"$UHVSRVWDpOLWHUDOGD ULRHPTXHVHSHUPLWHTXHGHOHGHL[HGHWUDEDOKDUVHP
OHLUHFHEHUi´TXDQGRGDXWLOL]DomRGRSULPHLURSHUtRGRµ TXHLVVRVHMDFRQVLGHUDGRIDOWDGLVFLSOLQDUHDVVLPQmR
SHUGHUiRFDUJRRXDIXQomRS~EOLFDQHPLQFRUUHUiHP
$UW 2VHUYLGRU
VHUYLGRUTXH
TXHRSHUD
RSHUDGLUHWD
GLUHWDHSHUPDQHQWHPHQWH DEDQGRQRGHHPSUHJR
FRP
FRP 5DLRV
5DLRV ; RX
RX VXEVWkQFLDVUDGLRDWLYDVJR]DUi
VXEVWkQFLDVUDGLRDWLYDVJR]DUi

 YLQWH 
YLQWH  GLDV
GLDV FRQVHFXWLYRV GH IpULDV SRU VH , SRUPRWLYRGHGRHQoDHPSHVVRDGDIDPtOLD
PHVWUH
PHVWUH GH
GH DWLYLGDGH
DWLYLGDGH SURILVVLRQDO
SURILVVLRQDO SURLEL
SURLELGD
GD HP
TXDOTXHUKLSyWHVHDDFXPXODomR eKXPDQLWiULDDSUHYLVmROHJDO1DGDDIOLJHPDLVGRTXH
WHUXPDSHVVRDGDIDPtOLD QRVVRVHQWHVPDLVTXHULGRV
1HQKXPIDYRUGR(VWDWXWRRLQIHOL]TXHWUDEDOKDHP DGRHQWDGD(VVDSHVVRDSUHFLVDUiGHDVVLVWrQFLDSHUPD
WDLVDWLYLGDGHVSHULJRVtVVLPDVH[S}HVXDYLGDHVD~GHD QHQWHGHVGHXPDDMXGDQRWUDWDPHQWRDWpRDS{LRPRUDO
UDGLDomR 3UHFLVD GH XP GHVFDQVR PDLRU SDUD TXH VHX GDSUHVHQoDIDPLOLDU)XQFLRQiULRS~EOLFRFRPSHVVRDGD
VRIULGRRUJDQLVPRVHUHFXSHUH IDPtOLDDGRHQWDGDQmRWUDEDOKDGLUHLWRHVWDQGRVXMHLWRD
IDOKDV ILFD GLVSHUVLYR H DFDED DWp SHUGHQGR R ERP
eWmRQHFHVViULRWDODIDVWDPHQWRIpULDVTXHHVVHIXQFLR FRQFHLWRFRQTXLVWDGRDRORQJRGRVDQRV1DGDPDLVMXVWR
QiULR QmR SRGH FXPXODU IpULDV HP QHQKXPD KLSyWHVH SRUWDQWRTXHVHSHUPLWHTXHHOHVHDIDVWHGRVHUYLoRH
*R]RREULJDWyULR SRVVDVHGHGLFDUDRIDPLOLDUDGRHQWDGR

†~QLFR 5HYRJDGRSHOD/HLQžGH ,, SRU


SRUPRWLYR
PRWLYRGHDIDVWDPHQWRGRF{QMXJHRXFRP
SDQKHLUR
$UW $V
$VIpULDV
IpULDVVRPHQWH
VRPHQWHSRGHUmR
SRGHUmRVHU
VHULQWHUURPSLGDV
LQWHUURPSLGDVSRU
PRWLYR
PRWLYRGH
GHFDODPLGDGH
FDODPLGDGHS~EOLFD
S~EOLFDFRPRomR
FRPRomRLQWHUQD 6H R F{QMXJH RX FRPSDQKHLUR  GR VHUYLGRU D  IRL
FRQYRFDomR
FRQYRFDomRSDUD
SDUDM~ULVHUYLoRPLOLWDURXHOHLWRUDO
M~ULVHUYLoRPLOLWDURXHOHLWRUDO WUDQVIHULGRRXUHPRYLGRRXSURPRYLGRHQILPGHVORFDGR
RX
RX SRU
SRU QHFHVVLGDGH
QHFHVVLGDGH GR VHUYLoR GHFODUDGD SHOD SDUDXPRXWURSRQWRGRWHUULWyULRQDFLRQDOGDVGXDV
DXWRULGDGHPi[LPDGRyUJmRRXHQWLGDGH XPDRXRVHUYLGRUS~EOLFRVHXFRPSDQKHLURODUJDR
RXWURVHUYLGRUS~EOLFR PDULGRRXPXOKHU DFDEDQGRD
/HPEUHVHTXHGHUHJUDDVIpULDVGHYHPVHUJR]DGDV IDPtOLDRXHOHODUJDRVHUYLoRS~EOLFRSDUDSRGHUDFRPSD
LQWHJUDOPHQWHQmRSRGHQGRVHUVXVSHQVDVRXLQWHUURPSL QKDUDRRXWURPXGDQGRVHFRPHOH1HPXPDQHPRX
GDV QHP HP FDVR GH SURPRomR RX  WUDQVIHUrQFLD  6y WUDHOHSRGHUiSHGLUHVWHWLSRGHOLFHQoDDIDVWDQGRVHGR
PHVPRHVWHVPRWLYRVJUDYtVVLPRVDXWRUL]DUmRDLQWHUUXS VHUYLoRS~EOLFRSDUDDFRPSDQKDUVHXF{QMXJH WDPEpP
omR RXVXVSHQVmR GDVIpULDVGRVHUYLGRU VHUYLGRUS~EOLFR RXFRPSDQKHLUR WDPEpPVHUYLGRUS~
EOLFR 
†~QLFR 2UHVWDQWH
UHVWDQWHGR
GRSHUtRGR
SHUtRGRLQWHUURPSLGRVHUi
LQWHUURPSLGRVHUiJR
]DGR
]DGRGH
GHXPD
XPDVy
VyYH]
YH]REVHUYDGR
REVHUYDGRRGLVSRVWR
GLVSRVWRQR ,,, SDUDRVHUYLoRPLOLWDU
DUW
 2EVDFUHVFHQWDGRSHOD/HLQž
2EV
6H R IXQFLRQiULR S~EOLFR IRU FRQYRFDGR SDUD SUHVWDU
2FXULRVRpTXHDVIpULDVSRGHPVHULQWHUURPSLGDVHQmR DOJXPVHUYLoRPLOLWDU DRH[pUFLWRPDULQKDRXDHURQiXWL
Ki XP OLPLWH PtQLPR GH JR]R DVVLP WDQWR SRGH VHU FD  HOH GHYHUi VH DIDVWDU OLFHQoD  GR VHUYLoR DWLYR H
LQWHUURPSLGDMiQRžGLDGHJR]RFRPRžRXžHWF DWHQGHUijFRQYRFDomR

&RPR DV IpULDV SRGHUmR VHU SDUFHODGDV HP DWp WUrV ,9 SDUDDWLYLGDGHSROtWLFD
HWDSDV ³ DWp PHVPR SRU UHTXHULPHQWR GR SUySULR
VHUYLGRU³HPRFRUUHQGRDLQWHUUXSomRHPTXDOTXHUGDV 3DUDVHFDQGLGDWDUDFDUJRHOHWLYRH[LJHPD&RQVWLWXL
HWDSDVDGHWHUPLQDomRGHJR]RGRVDOGRUHVWDQWH´GHXPD omR)HGHUDOR&yGLJR(OHLWRUDOHDVOHLVHOHLWRUDLVTXHR
IXQFLRQiULRVHDIDVWHXPGHWHUPLQDGRSHUtRGRDQWHVGDV
VyYH]µSRVLWLYDPHQWHUHIHUHVHjTXHODHWDSDTXHHVWDYD
HOHLo}HV(VVHSHUtRGRpGHILQLGRHPIXQomRGRFDUJRD
VHQGR JR]DGD HLV D FRQVHTXrQFLD GH R † ~QLFR ID]HU
TXHVHYDLFDQGLGDWDURIXQFLRQiULR
UHIHUrQFLDDRDUW
9 SDUDFDSDFLWDomR
,PDJLQH SH[ TXH XP VHUYLGRU SULQFLSLH R JR]R GH
XPDHWDSDVXDVIpULDVGHSRLVGHKDYHUUHTXHULGRVHX 2EVFRPUHGDomRGDGDSHOD/HLQž

SDUFHODPHQWRHPHWDSDV³HMiQRžGLDRFRUUHXPD &RPRVXJHUHRQRPHDOLFHQoDSDUDFDSDFLWDomRpR
FDODPLGDGHS~EOLFDHHOHpREULJDGRDUHWRUQDUDRVHUYLoR DIDVWDPHQWRGRVHUYLGRUSDUDPHOKRUVHFDSDFLWDUVHMDDR
6XSHUDGDDHPHUJrQFLDHOHVHUiREULJDGRDJR]DUGHXPD H[HUFtFLRGDIXQomRVHMDPHVPRSDUDVHXHQULTXHFLPHQWR
~QLFDVyYH]RVUHVWDQWHVGLDVGHIpULDVGDTXHODHWDSD FXOWXUDOSHVVRDOHQILPSDUDIUHTXHQWDUFXUVRVVHPLQiUL
2JR]RGDVGXDVRXWUDVHWDSDVGDUVHiRSRUWXQDPHQWH RVFRQJUHVVRVUHXQL}HVGHHVWXGRHWF
FRPRMiKDYLDVLGRGHIHULGR
 5HJLPH
-XUtGLFRÔQLFR ,
QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
9, SDUDWUDWDUGHLQWHUHVVHVSDUWLFXODUHV
/LFHQoDSRU0RWLYR
&ROKHUGHFKiSDUDTXHRIXQFLRQiULRSRVVDUHVROYHU GH'RHQoDHP3HVVRDGD)DPtOLD
VHXVSUREOHPDVSDUWLFXODUHV
$UW 3RGHUi VHU FRQFHGLGD OLFHQoD DR VHUYLGRUSRU
9,,SDUDGHVHPSHQKRGHPDQGDWRFODVVLVWD
SDUDGHVHPSHQKRGHPDQGDWRFODVVLVWD PRWLYR
PRWLYR GH
GH GRHQoD
GRHQoD GR
GR F{QMXJHRXFRPSDQKHLUR
F{QMXJHRXFRPSDQKHLUR
GRV
GRVSDLV
SDLVGRV
GRVILOKRV
ILOKRVGR
GRSDGUDVWRRXPDGUDVWDH
SDGUDVWRRXPDGUDVWDH
eFRPRQDDWLYLGDGHSULYDGDTXHPpHOHLWRUHSUHVHQ HQWHDGR
HQWHDGRRX
RXGHSHQGHQWHTXHYLYDDVXDVH[SHQ
WDQWHGDFODVVH VLQGLFDWR GHYHVHDIDVWDU pOLFHQFLDGR  VDVHFRQVWH
VDV FRQVWHGR
GRVHX
VHXDVVHQWDPHQWR
DVVHQWDPHQWRIXQFLRQDO
IXQFLRQDOPH
SDUDVHGHGLFDUjGHIHVDGRVLQWHUHVVHVGDFODVVHFRLVDTXH GLDQWHFRPSURYDomRSRUSHUtFLDPpGLFDRILFLDO
GLDQWHFRPSURYDomRSRUSHUtFLDPpGLFDRILFLDO
QmR GHYH ID]HU QD UHSDUWLomR PLVWXUDGR FRP R VHUYLoR 5HGDomRGDGDSHOD/HLQžGH

S~EOLFR
&RPR Mi YLPRV p EHP KXPDQLWiULD D SUHYLVmR OHJDO
1DGDDIOLJHPDLVGRTXHWHUXPDSHVVRDGDIDPtOLD QRVVRV
†ž $ OLFHQoD SUHYLVWD QR LQFLVR , GRFDSXWGHVWH
HQWHVPDLVTXHULGRV DGRHQWDGD(VVDSHVVRDSUHFLVDUiGH
DUWLJR
DUWLJREHP
EHPFRPR
FRPRFDGD
FDGDXPD
XPDGH
GHVXDV
VXDVSURUURJDo}HV
DVVLVWrQFLDSHUPDQHQWHGHVGHXPDDMXGDQRWUDWDPHQWR
VHUmR
VHUmR SUHFHGLGDV GH H[DPHSRUSHUtFLDPpGLFD
SUHFHGLGDV GH
DWp R DSRLR PRUDO GD SUHVHQoD IDPLOLDU )XQFLRQiULR
RILFLDO
RILFLDO REVHUYDGR
REVHUYDGR RGLVSRVWRQRDUWGHVWD
S~EOLFRFRPSHVVRDGDIDPtOLDDGRHQWDGDQmRWUDEDOKD
/HL
2EVUHGDomRGDGDSHOD/HLQž GLUHLWRHVWDQGRVXMHLWRDIDOKDVILFDGLVSHUVLYRHDFDED
DWpSHUGHQGRRERPFRQFHLWRFRQTXLVWDGRDRORQJRGRV
$OLFHQoDSRUPRWLYRGHGRHQoDHPSHVVRDGDIDPtOLD DQRV1DGDPDLVMXVWRSRUWDQWRTXHVHSHUPLWHTXHHOH
SDLPmHILOKRVDYyVLUPmRVFXQKDGRVHVSRVD VyVHUi VHDIDVWHGRVHUYLoRHSRVVDVHGHGLFDUDRIDPLOLDUDGR
FRQFHGLGDVHRIXQFLRQiULRSURYDUTXHWDOSHVVRDQHFHVVL HQWDGR
WD LQGLVSHQVDYHOPHQWH GH VXD DVVLVWrQFLD SHVVRDO DR
GRHQWHHOHIXQFLRQiULRQmRWHUiFRQGLo}HVGHDRPHVPR 0DVDWHQomRQ
QmRpTXDOTXHUIDPLOLDUTXHPHUHFHUiD
mR
WHPSRH[HUFHUVHXFDUJR1HVVDFRPSURYDomRRGRHQWH GHIHUrQFLD GD $GPLQLVWUDomR 3~EOLFD OLFHQFLDQGR R
VXEPHWHVHDXPPpGLFRRILFLDORXDXPDMXQWDPpGLFD VHUYLGRU$SHQDV
$SHQDVRVPHQFLRQDGRVQHVWHVDUWLJR
$SHQDV
YiULRVPpGLFRVMXQWRV RILFLDO
D  F{QMXJH PDULGRRXHVSRVDOHJDOPHQWHFDVDGR 
8PH[FHVVLYRFXLGDGRGDOHLSDUDTXHRIXQFLRQiULR
QmRIDoDIDOFDWUXDDSUHVHQWDQGRDWHVWDGRPpGLFRIDOVR  E  FRPSDQKHLUR QmR p RFDVLQKRHVSRUiGLFRRD
+iH[DJHURSRUTXHWDOH[DPHpXPDLQYDVmRjLQWLPLGDGH DPDQWH HYHQWXDO PDV D SHVVRD TXH YLYD VRE R
GHSHVVRDHVWUDQKD RSDUHQWHGRHQWH j$GPLQLVWUDomR PHVPR WHWR FRPSDUWLOKDQGR R GLDDGLD GR D
3~EOLFDHDLQGDRPpGLFRSDUWLFXODUQmRSRGHULDSDVVDU VHUYLGRU D  WHQGR RX QmR ILOKRV FRPXQV PDV
DWHVWDGRIDOVRSRUTXHLVVRpFULPH
FULPH
FULPH VREUHWXGRFRPHOH D FRDELWDQGR

†ž 5HYRJDGRSHOD/HLQžGH ‹ SDLV KiUHVWULomRGHJUDXSRUWDQWRQmRSRGHVHU


RDY{DYyELVDY{ELVDYyHWRGRVGDOLQKDUHWD
†ž eYHGDGRRH[HUFtFLRGHDWLYLGDGHUHPXQHUDGD TXH DLQGD HVWLYHUHP YLYRV  VRPHQWH R SDL H D
GXUDQWH
GXUDQWH R SHUtRGR
SHUtRGR GD
GD OLFHQoD
OLFHQoD SUHYLVWD
SUHYLVWD QR
QR LQFLVR PmH 
,GHVWHDUWLJR
G  ILOKRV WDPEpPKiOLPLWDomRGHJUDXSRGHQGRVHU
 G 
VRPHQWHRILOKR D RQHWR D RELVQHWR D QmR 
1DGDPDLVOyJLFRHUD]RiYHOVHDSHVVRDVHDIDVWRXGR
VHUYLoR S~EOLFR SDUD GDU DWHQGLPHQWR D XP IDPLOLDU
H SDGUDVWRRXPDGUDVWD RFRPSDQKHLURGHQRVVR
 H 
GRHQWH D TXHP SUHFLVD DMXGDU QD DVVLVWrQFLD GLUHWD H
SDLPmHTXHLQWHJUDQRVVDIDPtOLDH[HUFHQGRDV
SHVVRDOGHOHFXLGDQGRQmRWHULDQHQKXPVHQWLGRTXHR
IXQo}HVGRSDLPmH 
IXQFLRQiULRIRVVHDUUXPDUXPELTXLQKRHWUDEDOKDUQXP
RXWURHPSUHJR6HWHPFRQGLo}HVSDUDWUDEDOKDUQRRXWUR
I HQWHDGR DTXHOHTXHDFXMRSDLPmHRVHUYLGRUVH
 I 
VHUYLoRpSRUTXHQmRSUHFLVDVHDIDVWDUGRVHUYLoRS~EOLFR
MXQWRX FDVDQGR RX QmR SDVVDQGR D FRP HOHV
FRPSRU XPDIDPtOLDHQILPpRILOKRGRRXWUR
$UW$
$  OLFHQoD FRQFHGLGD GHQWUR GH  VHVVHQWD TXHIRLDVVXPLGRFULDGRHHGXFDGRTXDOXPILOKR
GLDV
GLDVGR
GRWpUPLQR
WpUPLQRGHRXWUDGD
GHRXWUD GDPHVPD
PHVPDHVSpFLH
HVSpFLHVHUi SUySULR
FRQVLGHUDGDFRPRSURUURJDomR
J GHSHQGHQWHXPDVREULQKDXPSULPRGHILFLHQWH
 J 
1DGDPDLVQDWXUDOWHUPLQDQGRXPDOLFHQoDHLPHGLD PDVGHVGHTXHFRQVWHQD´ILFKDµGRIXQFLRQiULRWDO
WDPHQWHHPVHJXLGDFRPHoDQGRRXWUDHPYHUGDGHQmR GHSHQGHQWH
VmRGXDVOLFHQoDVPDVXPDFRQWLQXDomR SURUURJDomR GD
SULPHLUD ( YHMD EHP D GRHQoD GD SHVVRD GD IDPtOLD GHYH VHU
FRPSURYDGD SRU XPD MXQWD PpGLFD YiULRV PpGLFRV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

MXQWRV RILFLDO
RILFLDO8PH[FHVVLYRFXLGDGRGDOHLSDUDTXHR
RILFLDO
IXQFLRQiULR QmR IDoD IDOFDWUXD DSUHVHQWDQGR DWHVWDGR 'RHQoDSRU0RWLYRGH$IDVWDPHQWRGR&{QMXJH
PpGLFRIDOVR
$UW 3RGHUi
3RGHUi VHU
VHU FRQFHGLGD
FRQFHGLGD OLFHQoD DR VHUYLGRUSDUD
+iH[DJHURSRUTXHWDOH[DPHpXPDLQYDVmRjLQWLPL DFRPSDQKDU
DFRPSDQKDU F{QMXJH
F{QMXJH RX
RX FRPSDQKHLUR
FRPSDQKHLUR TXH IRL
GDGHGHSHVVRDHVWUDQKD RSDUHQWHGRHQWH j$GPLQLVWUD GHVORFDGRSDUDRXWURSRQWR
GHVORFDGRSDUDRXWURSRQWRGR GRWHUULWyULR
WHUULWyULRQDFLR
omR 3~EOLFD H DLQGD R PpGLFR SDUWLFXODU QmR SRGHULD QDO
QDOSDUD H[WHULRURX
SDUDRH[WHULRU RXSDUD
SDUDRH[HUFtFLR
H[HUFtFLRGH
GHPDQ
SDVVDUDWHVWDGRIDOVRSRUTXHLVVRpFULPH
FULPH
FULPH GDGR
GDGRHOHWLYR
HOHWLYRGRV
GRV3RGHUHV
3RGHUHV([HFXWLYRH/HJLVODWLYR
([HFXWLYRH/HJLVODWLYR

†ž $OLFHQoDVRPHQWHVHUiGHIHULGD
OLFHQoDVRPHQWHVHUiGHIHULGDVH
VHDDVVLVWrQFLD 6HRF{QMXJH< RXFRPSDQKHLUR GRVHUYLGRU D ;IRL
GLUHWDGR
GLUHWD GRVHUYLGRU
VHUYLGRUIRU
IRULQGLVSHQViYHO
LQGLVSHQViYHOHQmR
QmRSXGHU WUDQVIHULGR R <  RX UHPRYLGR RX SURPRYLGR HQILP
VHU
VHU SUHVWDGD
SUHVWDGD VLPXOWDQHDPHQWH
VLPXOWDQHDPHQWH FRP
FRP R H[HUFtFLR
H[HUFtFLR GHVORFDGRSDUDXPRXWURSRQWRGRWHUULWyULRQDFLRQDO
GR
GRFDUJR
FDUJRRX
RXPHGLDQWH
PHGLDQWHFRPSHQVDomR
FRPSHQVDomRGH
GHKRUiULR GDV GXDV XPD RX D 
D R VHUYLGRU S~EOLFR R ;  SDUD
QDIRUPDGRGLVSRVWRQRLQFLVR,,GR$UW FRQWLQXDUQRVHUYLoRODUJDRVHUYLGRUS~EOLFRTXHYDL
HPERUD< PDULGRRXPXOKHU DFDEDQGRDIDPtOLDRX
1mRVHUiTXDOTXHUGRHQFLQKDTXHMXVWLILFDUiROLFHQFLD E HOH;ODUJDRVHUYLoRS~EOLFRSDUDSRGHUDFRPSDQKDU
E
PHQWR2SDUHQWHWHPGHSDGHFHUGHXPPDOWmRJUDYH DRRXWUR < PXGDQGRVHFRPHOH
TXH VHMD QHFHVViULD XPD DVVLVWrQFLD WmR LQWHQVD TXH R
VHUYLGRUQmRSRGHUiVHTXHULUWUDEDOKDU 1mRpGRLQWHUHVVHOHJDOQHPXPDQHPRXWUDVROXomR
3RULVVRHOHSRGHUiSHGLUOLFHQoDDIDVWDQGRVHGRVHUYLoR
0DLVTXHLVVRRVHUYLGRUGHYHUiSURYDURXTXHQmRKi S~EOLFRSDUDDFRPSDQKDUVHXF{QMXJH VHUYLGRUS~EOLFR
RXWUDSHVVRDSDUDSUHVWDUDDVVLVWrQFLDDRGRHQWHRXTXH GHVORFDGR  RX FRPSDQKHLUR WDPEpP VHUYLGRU S~EOLFR
DSHVDUGHKDYHURXWUDVSHVVRDVDDVVLVWrQFLDGHOHSHVVRDO GHVORFDGRSDUDRXWURSRQWR 
HGLUHWDPHQWHpLQGLVSHQViYHO
†ž $ OLFHQoD VHUi SRU SUD]R LQGHWHUPLQDGRHVHP
†ž $ OLFHQoD GH TXH WUDWD RFDSXWLQFOXtGDVDV UHPXQHUDomR
UHPXQHUDomR
SURUURJDo}HV
SURUURJDo}HV SRGHUi
SRGHUi VHU
VHU FRQFHGLGD
FRQFHGLGD D FDGD
SHUtRGR
SHUtRGRGH
GHGR]H
GR]HPHVHV
PHVHVQDV
QDVVHJXLQWHV
VHJXLQWHVFRQGLo}HV -XVWtVVLPR IRL UHVSHLWDGR R GLUHLWR GR
IXQFLRQiULRF{QMXJH RX FRPSDQKHLUR  SUHVHUYDU VXD
, SRU DWp VHVVHQWD GLDV FRQVHFXWLYRVRXQmR IDPtOLDDIDVWDQGRVHGRVHUYLoRS~EOLFRSDUDDFRPSDQKDU
PDQWLGDDUHPXQHUDomRGRVHUYLGRUH VHX F{QMXJH RX FRPSDQKHLUR  VHUYLGRU S~EOLFR ³ QmR
VHULD MXVWR TXH D $GPLQLVWUDomR 3~EOLFD DLQGD YLHVVH D
,, SRU
SRUDWp
DWp
 QRYHQWD
QRYHQWD GLDV
GLDVFRQVHFXWLYRV
FRQVHFXWLYRVRXQmR SDJDU DSHQDV SDUD TXH ILFDVVHP MXQWRV VHP TXH R
VHPUHPXQHUDomR OLFHQFLDGR WUDEDOKDVVH $ OLFHQoD QmR SRGHULD WHU SUD]R
OLPLWDGR SRUTXDQWR HVFDSD jV IRUoDV H DR FRQWUROH GR
2EV†žFRPUHGDomRGDGDSHOD/HLQž
VHUYLGRURWHPSRHPTXHVHXF{QMXJH RXFRPSDQKHLUR
+i GRHQoDV TXH GXUDP DQRV FkQFHU $,'6 HWF  FRQWLQXDUi ORWDGR QDTXHOH RXWUR SRQWR GR WHUULWyULR
H[LJLQGRXPHQRUPHVDFULItFLRGRVIDPLOLDUHVDVVLVWLQGR QDFLRQDOSDUDRQGHIRLGHVORFDGR(QTXDQWROiSHUPDQH
VHXHQWHTXHULGRDWpTXHDPRUWHROHYH1HVWHDUWLJRILFD FHUGXUDUiDOLFHQoD
FODURTXHDDMXGDKXPDQLWiULDGD$GPLQLVWUDomRpOLPLWD
GD R VHUYLGRU VHUi OLFHQFLDGR KDYHQGR XP OLPLWH GH †ž 1R
1R GHVORFDPHQWR
GHVORFDPHQWR GH VHUYLGRU FXMRF{QMXJHRX
WHPSR PDVVyVHUiUHPXQHUDGRQRVSULPHLURVGLDV
PDV FRPSDQKHLURWDPEpPVHMDVHUYLGRUS~EOLFRRX
FRPSDQKHLU RWDPEpPVHMDVHUYLGRUS~EOLFRRX
'HSRLVGHVVHVGLDVFDVRRGRHQWHFRQWLQXHYLYRDLQGD PLOLWDU
PLOLWDU GH
GH TXDOTXHU
TXDOTXHU GRV
GRV 3RGHUHV
3RGHUHV GD
GD 8QLmRGRV
QHFHVVLWDQGR GD DVVLVWrQFLD GR VHUYLGRU HVWH SRGHUi (VWDGRV
(VWDGRV GRV
GRV 'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO H 0XQ
0XQLFtSLRV
SHUPDQHFHUHPOLFHQoDPDVMi QmRPDLVUHFHEHUiVHXV
mR SRGHUi
SRGHUi KDYHU
KDYHU H[HUFtFLR
H[HUFtFLR SURYLVyULR HP yUJmR
SURYLVyULR HP yUJmR RX
YHQFLPHQWRVDOLFHQoDGHSRLVGLVVRVHUiVHP VHPUHPXQHUD HQWLGDGH
HQWLGDGH GD
GD $GPLQLVWUDomR
$GPLQLVWUDomR )HGHUDO
)HGHUDO GLUHWD
VHP
DXWiUTXLFD
DXWiUTXLFD RXRX IXQGDFLRQDO
IXQGDFLRQDO GHVGH TXH SDUD R
omR ( QmR SRGHUi VH HVWHQGHU DOpP GH GHUUDGHLURV 
GHVHPSHQKR
GHVHPSHQKRGH GHDWLYLGDGH
DWLYLGDGHFRPSDWtYHO
FRPSDWtYHOFRP
FRPRVHX
GLDV
FDUJR
2EVUHGDomRGDGDSHOD/HLQž
†ž 2 LQtFLR GR LQWHUVWtFLR GH  GR]H PHVHVVHUi
FRQWDGR D SDUWLU GD GDWD GR GHIHULPHQWR GD (VWDpXPDYiOYXODLQWHUHVVDQWtVVLPDSDUDDFRPRGDURV
SULPHLUDOLFHQoDFRQFHGLGD LQWHUHVVHVGHWRGRVSRVVLELOLWDDUHPRomRGRVHUYLGRUSDUD
XPDUHSDUWLomRGD$GPLQLVWUDomR)HGHUDOGLUHWDRXSDUD
2EV†žFRPUHGDomRGDGDSHOD/HLQž
XPDDXWDUTXLDRXSDUDXPDIXQGDomR³GDORFDOLGDGH
†ž $VRPDGDVOLFHQoDVUHPXQHUDGDVHGDVOLFHQoDV SDUDRQGHRF{QMXJHIRLGHVORFDGR 1DWXUDOPHQWHVHUi
QmRUHPXQHUDGDVLQFOXtGDVDVUHVSHFWLYDVSURUUR ERP SDUD R F{QMXJH TXH QmR SUHFLVDUi VH OLFHQFLDU
JDo}HVFRQFHGLGDVHPXPPHVPRSHUtRGRGH SRGHQGRWUDEDOKDUHJDQKDUVHXWXWX]LQKR0DVYHMDEHP
GR]H PHVHVREVHUYDGRRGLVSRVWRQR†žQmR HOH Vy SRGHUi VHU UHPRYLGR VH KRXYHU XP DWLYLGDGH
SRGHUi XOWUDSDVVDU RV OLPLWHV HVWDEHOHFLGRV QRV FRPSDWtYHOVHXFDUJR$VVLPVHpXPDGDWLOyJUDIDHKi
LQFLVRV,H,,GR†ž IXQomR GH DX[LOLDU QD ORFDOLGDGH VHQGR HVWDV IXQo}HV
2EV†žDFUHVFLGRSHOD/HLQž FRPSDWtYHLVHODSRGHUiSHGLUVXDUHPRomR
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

$WHQomR
$WHQomR HVVDUHPRomRLQGHSHQGH
LQGHSHQGHGDH[LVWrQFLDGHYDJD
LQGHSHQGH VHUYLGRU S~EOLFR SRU HVWDU YLQFXODGR j $GPLQLVWUDomR
RXVHMDHODVHUiUHPRYLGDPHVPRTXHQDUH 3~EOLFDQmRSRGHULDVHUGLPLQXtGRHPVXDFLGDGDQLDH
SDUWLomRGDORFDOLGDGHSDUDRQGHIRLGHVORFD LPSHGLGR GH VH FDQGLGDWDU H VHU HOHLWR SDUD XP FDUJR
GRVHXF{QMXJHIXQFLRQiULR QmRWHQKDYDJD
mR HOHWLYR 9HUHDGRU 'HSXWDGR *RYHUQDGRU 6HQDGRU RX
OHLDDUHVSHLWRQRDUW†~QLFRGR(VWDWXWR  3UHVLGHQWHGD5HS~EOLFD 

$RFRQWUiULRHQTXDQWRRWUDEDOKDGRUFRPXPFRQ
WLQXDWUDEDOKDQGRVXMHLWDQGRVHDXPDVpULHGHFRPSUR
/LFHQoDSDUD6HUYLoR0LOLWDU PLVVRVHREULJDo}HVRVHUYLGRUS~EOLFRpXPSULYLOHJLDGR
SRGHOLFHQFLDUVHOLYUDQGRVHGHVHXWUDEDOKR³HPERUD
$UW$R
$R
$R VHUYLGRU
VHUYLGRU FRQYRFDGR SDUD R VHUYLoRPLOLWDU QmRFRQWLQXHJDQKDQGR DOLFHQoDpVHPUHPXQHUDomR 
QmR
VHUi
VHUi FRQFHGLGD
FRQFHGLGD OLFHQoD
OLFHQoD QD
QD IRUPD
IRUPD H FRQGLo}HV
FRQGLo}HV SDUD SRGHU VH FDQGLGDWDU H Mi LU SUHSDUDQGR SDUD D
SUHYLVWDVQDOHJLVODomRHVSHFtILFD FDPSDQKDSROtWLFD2~QLFRUHTXLVLWRQHFHVViULRpTXHHOH
WHQKD VLGR HVFROKLGR FDQGLGDWR DR FDUJR HOHWLYR SHOD
9RFr VDEH TXH GHQWUH DV REULJDo}HV FLYLV GR KRPHP FRQYHQomRGHVHXSDUWLGRSROtWLFR(VVDOLFHQoDSRUpPVy
EUDVLOHLURHVWiRVHUYLoRPLOLWDUSHUtRGRREULJDWyULRHP GXUDUiGDFRQYHQomRSDUWLGiULDDWpDYpVSHUDGRUHJLVWUR
TXHpHOHDJUHJDGRDXP&RPDQGR0LOLWDURQGHUHDOL]D GHVXDFDQGLGDWXUDSHUDQWHD-XVWLoD(OHLWRUDO¢3RUTXH
DSUHQGL]DGR H WUHLQDPHQWR SDUD LQWHJUDU D UHVHUYD GH """eVLPSOHVG
GHSRLVGLVVRQmRVyDOHLHOHLWRUDOFRPR
HSRLV
XPD GDV IRUoDV DUPDGDV RX H[pUFLWR RX PDULQKD RX R†žDGLDQWHFRQFHGHPDRVHUYLGRUXPDRXWUD
RXWUD
RXWUDOLFHQoD
OLFHQoD
DHURQiXWLFD  HFRPUHPXQHUDomR
FRPUHPXQHUDomR
FRPUHPXQHUDomR

1mRREVWDQWHXPGRVUHTXLVLWRVSDUDRSURYLPHQWRGR †ž FDQGLGDWRDFDUJR


VHUYLGRUFDQGLGDWR
2VHUYLGRU FDUJRHOHWLYRQDORFDOLGD
FDUJRS~EOLFRVHMDDTXLWDomRFRPDVREULJDo}HVPLOLWDUHV GHRQGH
GH RQGHGHVHPSHQKD
GHVHPSHQKDVXDV
VXDVIXQo}HV
IXQo}HVHTXH
TXHH[HUoD
DUWž,,,(VW ³H[FHSFLRQDOPHQWHSRGHDFRQWHFHUGH FDUJR
FDUJRGH
GHGLUHomR
GLUHomRFKHILD
FKHILDDVVHVVRUDPHQWRDUUH
DVVHVVRUDPHQWRDUUH
XPDSHVVRDYLUDVHUUHFRQYRFDGDSDUDRVHUYLoRPLOLWDU6H FDGDomR
FDGDomR RX
RX ILVFDOL]DomR
ILVFDOL]DomR GHOH
GHOH VHUi
VHUi DIDVWDGR
DIDVWDGR D
WDOSHVVRDIRUXPIXQFLRQiULRS~EOLFRDXWRPDWLFDPHQWH SDUWLU
SDUWLU GR GLD LPHGLDWR DR GR UHJLVWUR GH VXD
ILFDUiOLFHQFLDGRSDUDSRGHUDWHQGHUjTXHODFRQYRFDomR FDQGLGDWXUD
FDQGLGDWXUD SHUDQWH
SHUDQWH D -XVWLoD
-XVWLoD (OHLWRUDO
(OHLWRUDO DWp
DWp R
GpFLPRGLDVHJXLQWHDRGRSOHLWR
†~QLFR &RQFOXtGR
&RQFOXtGR R VHUYLoRPLOLWDURVHUYLGRUWHUiDWp
VHUYLoRPLOLWDURVHUYLGRUWHUiDWp
 WULQWD GLDVVHPUHPXQHUDomRSDUDUHDVVXPLU
 WULQWD GLDVVHPUHPXQHUDomRSDUDUHDVVXPLU 2EV DUHGDomRGHVWH†žIRLDOWHUDGDSHOD/HLQžTXH
RH[HUFtFLRGRFDUJR
RH[HUFtFLRGRFDUJR UHGX]LXGHSDUDGLDVDSyVRSOHLWRRSHUtRGRGH
DIDVWDPHQWRGRVHUYLGRUFDQGLGDWR

1DGDPDLVOyJLFRTXHVXSHUDGDDFDXVDGRDIDVWDPHQ
WR R VHUYLGRU GHYD UHDVVXPLU VXDV IXQo}HV WHQGR SDUD 9RFr VDEH R TXDQWR p LPSRUWDQWH D IXQomR GH GL
LVVRRSUD]RGH 
 GLDV YHMDEHP
GLDV QmRpPrV6HIRL
QmR UHomRFKHILDDVVHVVRUDPHQWRDUUHFDGDomRRXILVFDOL]DomR
OLEHUDGRHPž-8/GHYHUiUHDVVXPLUHP-8/HQmR QmRVySRUTXHUHODFLRQDGDFRPRSRGHUGHGHFLGLUFRPR
HPž$*2  SRUTXHGLUHWDPHQWHOLJDGDDWRGRVRVLQWHUHVVHVTXHWUDQ
VLWDPSHOD$GPLQLVWUDomR3~EOLFDVHMDPRVLQWHUHVVHVGD
$WHQomR HVVDOLFHQoDQmRJHUDUHPXQHUDomRHSRULVVR SUySULD$GPLQLVWUDomRVHMDPRVLQWHUHVVHVGDSRSXODomR
QmRpFRPSXWDGDFRPRWHPSRGHFRQWULEXLomR HPJHUDO
SDUDHIHLWRVGHDSRVHQWDGRULD³REVHUYDQGR
VH TXH D (PHQGD &RQVWLWXFLRQDO Qž  GH 6LJQLILFDTXHpXPDIXQomRTXHSHUPLWHSUHYDULFD
LQVWLWXLXRUHJLPHGHSUHYLGrQFLDGH o}HVSRGHQGRVHUXVDGDSDUDDVDWLVIDomRGRVLQWHUHVVHV
FDUiWHUFRQWULEXWLYRµ HOHLWRUDLV GR IXQFLRQiULRFDQGLGDWR ³ IRVVH SUHVWDQGR
IDYRUHVDSRVVtYHLVHOHLWRUHV HPWURFDGHYRWR IRVVHGHOD
XVDQGR SDUD EHQHILFLDU HVWH RX DTXHOH FDER HOHLWRUDO
HQILPSDUDDOLFLDUSHVVRDVHFRQTXLVWDUYRWRV
/LFHQoDSDUD$WLYLGDGH3ROtWLFD
3UHYHQLUSDUDTXHRFKHIHFDQGLGDWRQmRVHYDOKDGH
VXDIXQomR³SURVWLWXLQGRDHPWURFDGHVHXVLQWHUHVVHV
$UW 2VHUYLGRU
VHUYLGRUWHUi
WHUiGLUHLWR
GLUHLWRDOLFHQoD
OLFHQoDVHPUHPXQHUD
HOHLWRUDLV ³ p R SURSyVLWR GHVWH † ž WRGR
omR
omRGXUDQWH
GXUDQWHRSHUtRGRTXHPHGLDUHQWUHDVXD
SHUtRGRTXHPHGLDUHQWUHDVXD
FKHIHFDQGLGDWRGHYHDIDVWDUVH
DIDVWDUVHGHVHXFDUJRIXQomRGH
DIDVWDUVH
HVFROKD
HVFROKDHP
HPFRQYHQomRSDUWLGiULDFRPRFDQGLGD
FRQYHQomRSDUWLGiULDFRPRFDQGLGD
GLUHomR FKHILD DVVHVVRUDPHQWR DUUHFDGDomR RX ILV
WR
WRDFDUJR
FDUJRHOHWLYR
HOHWLYRHDYpVSHUD
YpVSHUDGR
GRUHJLVWUR
UHJLVWURGH
GHVXD
FDOL]DomRGXUDQWHWRGRRSHUtRGRGHDOLFLDPHQWRHOHLWRUDO
FDQGLGDWXUDSHUDQWHD-XVWLoD(OHLWRUDO
TXHFRPHoDDSDUWLUGRGLDLPHGLDWRGRUHJLVWURGHVXD
$FLGDGDQLDpXPGRVGLUHLWRVPDLVLPSRUWDQWHVGR FDQGLGDWXUDQD-XVWLoD(OHLWRUDOHWHUPLQDFRPRSOHLWR
KRPHP H GD GHPRFUDFLD p R GLUHLWR GH SDUWLFLSDU GDV
GHFLV}HVGRSDtVVHMDFRPRYRWRVHMDGLULJLQGRDQDomR 2DIDVWDPHQWRVHHVWHQGHDWpRž QmRPDLVž
GLD SRVWHULRU DR GR SOHLWR SDUD TXH HOH DLQGD VRE D
HOHJHQGRVH SHOR YRWR SRSXODU ( LVVR QR %UDVLO VH ID]
SUHVVmR GRV LQWHUHVVHV HOHLWRUDLV QmR FHGD DR LPHGLDWR
DWUDYpV GRV SDUWLGRV SROtWLFRV FDPLQKR REULJDWyULR 2
FXPSULPHQWR GH IDYRUHV UHFODPDGRV SHORV HOHLWRUHV H
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

FDERVHOHLWRUDLVGLDVGHSRLVMiVHWHUiSURFODPDGRR $QRWHVHTXHRSUrPLRpDOLFHQoDSDUDSDUWLFLSDUGH
UHVXOWDGRHOHLWRUDOHVWDQGRHOHOLYUHGDVSUHVV}HVFRQH[DV FXUVR SDODYUD QR VLQJXODU  H TXH WDO DIDVWDPHQWR p
DRSURFHVVRHOHLWRUDO OLPLWDGDD´DWpWUrVPHVHVµHQmR
QmRGHPHVHVVLJQLILFDTXH
QmR
SRXFRLPSRUWDTXHRFXUVRGXUHDSHQDVPrVRXXPPrV
†ž $ SDUWLU GR UHJLVWUR GD FDQGLGDWXUD HDWpR HPHLRDOLFHQoDp~QLFDHSDUDXP~QLFRFXUVRTXHQmR
GpFLPR
GpFLPR GLD
GLD VHJXLQWH
VHJXLQWH DR
DR GD
GD HOHLomR R VHUYLGRU SRGHUi H[FHGHU GH WUrV PHVHV DVVLP QmR SRGHUi R
IDUi
IDUi MXV
MXV j OLFHQoD
OLFHQoD DVVHJXUDGRV
DVVHJXUDGRV RV
RV YHQFLPHQWRV
YHQFLPHQWRV VHUYLGRUVHLQVFUHYHUQXPVHJXQGRFXUVRSDUDFRPSOHWDU
GRFDUJRHIHWLYRVRPHQWHSHORSHUtRGRGHWUrV RVWUrVPHVHVQHPSRGHUiSOHLWHDUSHUPDQHFHUDIDVWDGR
PHVHV DWpFRPSOHWDURVWUrVPHVHV

2EV DUHGDomRGHVWH†žIRLDOWHUDGDSHOD/HLQžTXH 6H TXLVHU HOH JR]DU YDOHUVH GD VLQHFXUD WRWDO 
UHGX]LXGHSDUDGLDVDSyVRSOHLWRRSHUtRGRGH
PHVHV  GHYHUi HVFROKHU FXLGDGRVDPHQWH XP ERP H
DIDVWDPHQWRGRVHUYLGRUFDQGLGDWR
ORQJR FXUVR GH FDSDFLWDomR SURILVVLRQDO TXH GXUH WDO
(VVH p XP SULYLOpJLR GR VHUYLGRU S~EOLFR TXH R WHPSR PHVHV 
WUDEDOKDGRUFRPXPQmR QmRWHPSRGHVHGHGLFDUjFDPSDQKD
QmR
HOHLWRUDO JDQKDQGR VHP WUDEDOKDU &RPR YRFr YLX R 3RUGHUUDGHLURQmRSRGHUiRVHUYLGRUFRPSXWDU
VHUYLGRUMiSRGLDVHOLFHQFLDUGHVGHVXDFRQVDJUDomRFRPR DQRV³GRLVTXLQTXrQLRV³HSOHLWHDUGXDVOLFHQoDVRV
FDQGLGDWR SHOD &RQYHQomR 3DUWLGiULD DWp D GDWD GR SHUtRGRVQmRVmRDFXPXOiYHLV
UHJLVWURGHVXDFDQGLGDWXUDQD-XVWLoD(OHLWRUDO7RUQDGR
RILFLDOPHQWH FDQGLGDWR FRP R UHJLVWUR  Dt HQWmR HOH
HVWDUi OLEHUDGR SDUD R DOLFLDPHQWR GH VHXV HOHLWRUHV /LFHQoD3UrPLRSRU$VVLGXLGDGH
GHGLFDQGRVH j FDPSDQKD SROtWLFRHOHLWRUDO  $TXHOD
SULPHLUDOLFHQoDHUDVHPYHQFLPHQWRVPDVDOLFHQoDSDUD
DFDPSDQKDSROtWLFDpFRPFRPUHPXQHUDomR
FRP $UWVH 5HYRJDGRSHOD/HLQžGH

$UW 9HWDGR
¢4XDQWR JDQKDUi R VHUYLGRU OLFHQFLDGR SDUD D
FDPSDQKDSROtWLFD"""2PHVPtVVLPRTXHJDQKDYDDQWHV
$FDERXVHDPROH]DIXQFLRQiULRS~EOLFRIHGHUDOQmR
SRLVDOLFHQoDpFRPDUHPXQHUDomRGHTXHWUDWDRDUW
PDLVID]MXVDOLFHQoDSUrPLR
HHVWHGHILQHTXH5HPXQHUDomRpRYHQFLPHQWRGRFDUJR
HIHWLYRDFUHVFLGRGDVYDQWDJHQVSHFXQLiULDVSHUPDQHQWHV
HVWDEHOHFLGDV HP OHL  R GLVSRVLWLYR SRUpP UHVWULQJH D
´PDPDWDµjVRPHQWH WUrV PHVHV
 WUrV PHVHV /LFHQoDSDUD7UDWDUGH,QWHUHVVHV3DUWLFXODUHV

$UW $FULWpULR
FULWpULRGD
GD$GPLQLVWUDomR
$GPLQLVWUDomRSRGHUmR
SRGHUmRVHUFRQFH
/LFHQoD3UrPLRSDUD&DSDFLWDomR GLGDV
GLGDV DR
DR VHUYLGRU
VHUYLGRU RFXSDQWH
RFXSDQWH GHGH FDUJR
FDUJR HIHWLYR
GHVGH
GHVGH TXH
TXH QmR
QmR HVWHMD
HVWHMD HP
HP HVWiJLR
HVWiJLR SUREDWyULR
OLFHQoDV
LFHQoDV SDUD
SDUD R WUDWR
WUDWR GH
GH DVVXQWRV
DVVXQWRV SDUWLFXODUHV
SDUWLFXODUHV
$UW $SyV FDGD TXLQTXrQLR GH HIHWLYR H[HUFtFLRR SHOR
SHOR SUD]R
SUD]R GH
GH DWp
DWp WUrV
WUrV DQRV
DQRV FRQVHFXWLYRV
FRQVHFXWLYRV VHP
VHUYLGRU
VHUYLGRUSRGHUi
SRGHUiQR
QRLQWHUHVVH
LQWHUHVVHGD
GD$GPLQLVWUDomR UHPXQHUDomR
DIDVWDUVHGRH[HUFtFLRGRFDUJRHIHWLYRFRPD
DIDVWDUVHGRH[HUFtFLRGRFDUJRHIHWLYRFRPD
UHVSHFWLYD
UHVSHFWLYD UHPXQHUDomR SRU DWp WUrV PHVHV 2EV 2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD
SDUDSDUWLFLSDUGHFXUVRGHFDSDFLWDomRSURILVVL
SDUDSDUWLFLSDUGHFXUVRGHFDSDFLWDomRSURILVVL 0HGLGD3URYLVyULDQžGH2
RQDO WH[WRDQWHULRUGL]LD´$UW$FULWpULRGD$GPL
QLVWUDomR SRGHUi VHU FRQFHGLGD DR VHUYLGRU
†~QLFR WUDWDR´FDSXWµ
2V SHUtRGRV GH OLFHQoD GH TXH WUDWDR´FDSXW
FDSXWµ RFXSDQWHGHFDUJRHIHWLYRGHVGHTXHQmRHVWHMD
QmRVmRDFXPXOiYHLV HP HVWiJLR SUREDWyULR OLFHQoD SDUD R WUDWR GH
DVVXQWRVSDUWLFXODUHVSHORSUD]RGHDWpWUrVDQRV
,QWHUHVVDQWH DQRWDU LQLFLDOPHQWH TXH VH WUDWD GH FRQVHFXWLYRVVHPUHPXQHUDomRSURUURJiYHOXPD
SUrPLRDVVLPQmREDVWDTXHRVHUYLGRUTXHLUDVHDSUL ~QLFDYH]SRUSHUtRGRQmRVXSHULRUDHVVHOLPLWH
PRUDUHSDUWLFLSDUGHFXUVRGHFDSDFLWDomRSURILVVLRQDOp 2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGD
2EV
LPSUHVFLQGtYHOTXHSULPHLUDPHQWHHOHFXPSUDVXDSDUWH SHOD/HLQžGHµ
H WUDEDOKH HIHWLYDPHQWH GXUDQWH  FLQFR  DQRV  6y
GHSRLVGLVVRpTXHIDUiMXVWDDWDOOLFHQoDSUrPLR 0XLWDVYH]HVRVHUYLGRUSUHWHQGHID]HUDOJXPFXUVR
TXH R DEVRUYD WDQWR TXH R LPSHGH GH WUDEDOKDU RX
,PSRUWDQWtVVLPR DQRWDU TXH Vy VH FRQFHGHUi XPD SUHWHQGHSDUWLFLSDUGHXPFXUVRQRH[WHULRURXPHVPR
OLFHQoDDFDGDTXLQTXrQLR
TXLQTXrQLRWUDEDOKDGR
TXLQTXrQLR WHPGHUHVROYHUSUREOHPDVIDPLOLDUHVQmRUDURHPYiULDV
FLGDGHVHWF³HQmRTXHUSHGLUGHPLVVmRQmRTXHUGHL[DU
$ OLFHQoD VHUi UHPXQHUDGD H R VHUYLGRU GHYHUi R IXQFLRQDOLVPR 3DUD HVVHV FDVRV R (VWDWXWR SUHYr D
FRPSURYDU D  VXD LQVFULomR QR FXUVR GH FDSDFLWDomR SRVVLELOLGDGH GH R IXQFLRQiULR VH DIDVWDU OLFHQFLDQGRVH
SURILVVLRQDOH E RWHPSRGHGXUDomRGRFXUVR SRUDWpDQRV
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

2LQWHUHVVHGDDGPLQLVWUDomRpSUHVHUYDURIXQFLRQi
ULRQmRVySRUTXHpHOHHVWiYHOHSRUWDQWRMiDSURYDGR /LFHQoDSDUDR
QRHVWiJLRSUREDWyULRUHSUHVHQWDQGRDOJXpPFRPFDSDFL 'HVHPSHQKRGH0DQGDWR&ODVVLVWD
GDGH GH SURGXomR H H[SHULrQFLD FRPSURYDGDV  (VVD
OLFHQoDDWpSRUTXHPDLVDWHQGHDRLQWHUHVVHGRVHUYLGRU
$UW eDVVHJXUDGRDRVHUYLGRURGLUHLWRjOLFHQoDVHP
GRTXHDRGD$GPLQLVWUDomR3~EOLFDpVHP
VHPUHPXQHUDomR
VHP
UHPXQHUDomRSDUDRGHVHPSHQKRGHPDQGDWRHP
2IXQFLRQiULRGHL[DGHWUDEDOKDUPDVQ QmRUHFHEHQDGD
mR
FRQIHGHUDomRIHGHUDomRDVVRFLDomRGHFODVVHGH
HQTXDQWROLFHQFLDGR
kPELWR QDFLRQDO VLQGLFDWR UHSUHVHQWDWLYR GD
FDWHJRULDRXHQWLGDGHILVFDOL]DGRUDGDSURILVVmR
(QIDWL]HVHTXHDOHLLPS}HGXDVFRQGLo}HVjFRQFHV
RXDLQGDSDUDSDUWLFLSDUGHJHUrQFLDRXDGPLQLV
VmR GD OLFHQoD Vy SRGHUmR JR]iOD RV VHUYLGRUHV 
WUDomR HP VRFLHGDGH FRRSHUDWLYD FRQVWLWXtGD SRU
RFXSDQWHV GH FDUJR HIHWLYR H   TXH QmR HVWHMDP HP
VHUYLGRUHV S~EOLFRV SDUD SUHVWDU VHUYLoRV D VHXV
HVWiJLRSUREDWyULR$VVLPVHRVHUYLGRURFXSDXPFDUJR
PHPEURV REVHUYDGR R GLVSRVWR QD DOtQHD F GR
HP FRPLVVmR DTXHOHV GH OLYUH QRPHDomRH[RQHUDomR 
LQFLVR9,,,GRDUWGHVWD/HLFRQIRUPHGLVSRV
QmR SRGHUi REWHU HVVD OLFHQoD WDPEpP QmR D REWHUi R
WR HP UHJXODPHQWR H REVHUYDGRV RV VHJXLQWHV
VHUYLGRUTXHDLQGDHVWLYHUHPHVWiJLRSUREDWyULR
OLPLWHV
0DVYHMDEHPHVVDOLFHQoDQmR
QmRpXPGLUHLWROtTXLGR
QmR
2EV 2FDSXWWHYHVXDUHGDomRPRGLILFDGDSHOD/HLQž
HFHUWRGRVHUYLGRU'HSHQGHH[FOXVLYDPHQWHGDXQLODWHUDO
GHGHMDQHLURGHSDUDDFUHVFHQ
YRQWDGHGD$GPLQLVWUDomRRXVHMDVHUiFRQFHGLGDRXQmR
WDU D KLSyWHVH GH SDUWLFLSDomR GH JHUrQFLD RX
DFULWpULRGDDGPLQLVWUDomR
DGPLQLVWUDomRHPVRFLHGDGHFRRSHUDWLYDFRQVWLWX
tGDSRUVHUYLGRUHVS~EOLFRVSDUDSUHVWDUVHUYLoRV
3RU~OWLPRpLPSRUWDQWHFRQVLGHUDUTXHDOLFHQoDp
DVHXVPHPEURVRWH[WRDQWHULRUQmRFRQWLQKD
´VHPUHPXQHUDomRµHSRULVVRQmRKDYHUiGHVFRQWRGD
WmRKLSyWHVH
FRQWULEXLomRSUHYLGHQFLiULDFRPRDUHIRUPDGDSUHYLGrQ
FLD (&Qž SURtEHDFRQWDJHPGHWHPSRILFWtFLRH
, SDUDHQWLGDGHVFRPDWp FLQFRPLO DVVRFLD
FRQGLFLRQD D DSRVHQWDGRULD j HIHWLYD FRQWULEXLomR R
GRV GRLV VHUYLGRUHV 5HGDomRGDGDSHOD/HLQž
WHPSRGHOLFHQFLDPHQWRQmRVHUiFRPSXWDGRSDUDHIHLWRV
GHDSRVHQWDGRULD ,, SDUD HQWLGDGHV FRP  FLQFR PLO H XP D
 WULQWDPLO DVVRFLDGRV TXDWUR VHUYL
†~QLFR $OLFHQoDSRGHUiVHULQWHUURPSLGDDTXDOTXHU GRUHV 5HGDomRGDGDSHOD/HLQžGH
WHPSR
WHPSRDSHGLGR
SHGLGRGR
GRVHUYLGRU
VHUYLGRURX
RXQR
QRLQWHUHVVH
LQWHUHVVHGR
VHUYLoR ,,, SDUDHQWLGDGHVFRPPDLVGH WULQWDPLO
DVVRFLDGRV RLWR VHUYLGRUHV 5HGDomRGDGDSHOD/HLQž
6HDOLFHQoDpFRQFHGLGDSDUDDWHQGHUDRIXQFLRQi GH

ULRQDGDPDLVMXVWRTXHHOHYROWHDRWUDEDOKRLPHGLDWD
PHQWHDSyVUHVROYHUVHXVSUREOHPDVSDUWLFXODUHV%DVWD $ UHSUHVHQWDomR GH FODVVH ³ FRP D OLEHUDomR GR
SHGLU,JXDOPHQWHVHDOLFHQoDpFRQFHGLGDDFULWpULRGD VLQGLFDOLVPRQRVHUYLoRS~EOLFRSHODQRYD&RQVWLWXLomR
DGPLQLVWUDomR VH GH UHSHQWH IRU QHFHVViULR TXH R )HGHUDO ³ H[LJH XPD LQWHLUD GHGLFDomR GR VHUYLGRU
VHUYLGRU S~EOLFR YROWH LPHGLDWDPHQWH DR WUDEDOKR D S~EOLFR  'D PHVPD IRUPD TXH RV OtGHUHV VLQGLFDLV GR
OLFHQoDVHUiLQWHUURPSLGDHHOHGHYHUiUHDVVXPLUVHXFDU WUDEDOKDGRUFRPXPQmR
QmRFRQVHJXHWUDEDOKDUHDRPHVPR
QmR
JRIXQomR WHPSRH[HUFLWDUVXDVIXQo}HVQRVLQGLFDWRGDFDWHJRULD³
WDPEpP R UHSUHVHQWDQWH GD DVVRFLDomR GH FODVVH RX
2EV $QWLJR†žTXHIRLWUDQVIRUPDGRHP†~QLFRSHOD VLQGLFDWRIHGHUDomRRXFRQIHGHUDomR WDPEpPGHYHVH
0HGLGD3URYLVyULDQž([LVWLDP†† GHGLFDU H[FOXVLYDPHQWH j GHIHVD GRV LQWHUHVVHV GD
žHžTXHGL]LDP´†ž1mRVHFRQFHGHUiQRYDOLFHQoD FDWHJRULD IXQFLRQDOLVPRS~EOLFR 
DQWHVGHGHFRUULGRVGRLVDQRVGRWpUPLQRGDDQWHULRURX
GH VXD SURUURJDomR  2EV UHGDomR GDGD SHOD /HL Qž  GH +iTXHVHFRQVLGHUDUTXHDOLFHQoDp´VHPUHPXQHUD
(VVDOLPLWDomRWHPXPREMHWLYROyJLFRHYLWDUTXH
omRµ H SRU LVVR QmR KDYHUi GHVFRQWR GD FRQWULEXLomR
RVHUYLGRUVDLDFRQVWDQWHPHQWHHPOLFHQoDSUHMXGLFDQGR SUHYLGHQFLiULD  FRPR D5HIRUPD GD 3UHYLGrQFLD (& Qž
DERDRUGHPGRVHUYLoRS~EOLFRTXHSUHFLVDGHOH$VVLP  SURtEHDFRQWDJHPGHWHPSRILFWtFLRHFRQGLFLRQD
VH HOH Mi JR]RX XPD OLFHQoD SDUD WUDWDU GH DVVXQWRV D DSRVHQWDGRULD H RXWURV EHQHItFLRV SUHYLGHQFLiULRV j
SDUWLFXODUHVVVySRGHUiSHGLURXWUD
RXWUDGHSRLVGHSDVVDGRV
RXWUD HIHWLYDFRQWULEXLomRRWHPSRGHOLFHQFLDPHQWRQmRVHUi
GRLV
GRLV DQRV
DQRV GR ILP GDTXHOD OLFHQoD DQWHULRU &RP HVVD FRPSXWDGRSDUDHIHLWRVGHDSRVHQWDGRULDQHPGHRXWURV
FRQGLomRLPSHGHVHTXHRVHUYLGRUVDLDGHOLFHQoDSDUD EHQHItFLRVSUHYLGHQFLiULRV
WUDWDUGHDVVXQWRVSDUWLFXODUHVSRUDQRVYROWHDWUDED
OKDU H Mi HP VHJXLGD SOHLWHLH QRYD OLFHQoD † ž   0DVHVVDOLFHQoDpWmRLPSRUWDQWHTXHR(VWDWXWRD
5HYRJDGRSHOD/HLQžGH FRQVLGHUD FRPR GH HIHWLYR H[HUFtFLR ³ RX VHMD WRGR R
SHUtRGR HP TXH R VHUYLGRU S~EOLFR HVWLYHU OLFHQFLDGR
GHGLFDQGRVHDRVLQGLFDWR RXDVVRFLDomRRXIHGHUDomRRX
FRQIHGHUDomR VHUiFRPSXWDGRSDUDWRGRVRVILQVOLFHQ
oDVSURPRo}HVSRUDQWLJXLGDGHHWF
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

'HIDWRDGHWHUPLQDomRGHREVHUYkQFLDGRDUW $ILQDO VH R FDUJR GH GLUHomRUHSUHVHQWDomR H[LJH


9,,,´FµFRQGX]DWDOFRQFOXVmR GHGLFDomR LQWHJUDO LPSHGLGR GH SURUURJDU VXD OLFHQoD
VHQGR REULJDGR D WUDEDOKDU QR VHUYLoR S~EOLFR R
Art.102 - Além das ausências ao serviço previstas no VLQGLFDOLVWDIXQFLRQiULRS~EOLFRIRLSURLELGRGHVHFDQGL
art. 97, são considerados como de efetivo GDWDUHVHUHHOHJHUSDUDWDOFDUJR
exercício os afastamentos em virtude de:
....................................... $XWrQWLFD FDVVDomR GH VHX GLUHLWR FRQVWLWXFLRQDO GH
FLGDGmRHWUDEDOKDGRUGHYRWDUHVHUYRWDGRQDVRUJDQL]D
VIII -licença: o}HVVLQGLFDLV2GLVSRVLWLYRWDPEpPIHUHIXQGRD&RQV
WLWXLomR)HGHUDOTXHSURFODPDVHUHPYHGDGDVDR3RGHU
...................................... 3~EOLFR D LQWHUIHUrQFLD H D LQWHUYHQomR QD RUJDQL]DomR
VLQGLFDO DUWžLQF,&) 
c) para o desempenho de mandato classis-
ta ou participação de gerência ou admi-
nistração em sociedade cooperativa
constituída por servidores para prestar $IDVWDPHQWRV
serviços a seus membros, exceto para
efeito de promoção por merecimento;
DIDVWDPHQWRpVLPSOHVPHQWHDDXWRUL]DomREDVHDGD
2DIDVWDPHQWR
DIDVWDPHQWR
HP OHL QRUPDOPHQWH R (VWDWXWR  SDUD TXH R VHUYLGRU
Obs.: Esta alínea foi modificada pela Lei nº 11.094, de 13 de
janeiro de 2005, apenas para acrescentar a hipótese de S~EOLFRGHL[HGHFXPSULUFRPVXDREULJDomRGHWUDEDOKDU
participação de gerência ou administração em sociedade VHPTXHLVVRFRQVWLWXDLQIUDomRGLVFLSOLQDUVHPTXHHOH
cooperativa constituída por servidores públicos para SHUFD R FDUJR GH TXH p WLWXODU RX FRPHWD FULPH GH
prestar serviços a seus membros. DEDQGRQRGHIXQomR

3RU ILP D OLPLWDomR GR Q~PHUR GH VHUYLGRUHV D


VHUHPOLFHQFLDGRVFRQVRDQWHPHQWHRWDPDQKRGDHQWLGD $IDVWDPHQWR
GHFODVVLVWDWHPSRUSURSyVLWRHYLWDUDEXVRVHDWUDQVIRU SDUD6HUYLUD2XWURÐUJmRRX(QWLGDGH
PDomRGHVLQGLFDWRVHPVLQHFXUDVYHUGDGHLURVUHSRVLWyUL
RV RXFDELGHV GHVHUYLGRUHVTXHQDGDIDULDPQHPQD
$UW 2VHUYLGRU
VHUYLGRUSRGHUiVHUFHGLGRSDUDWHUH[HUFtFLR
SRGHUiVHUFHGLGRSDUDWHUH[HUFtFLR
HQWLGDGHGHFODVVHQHPQRVHUYLoRS~EOLFR
HP
HP RXWUR
RXWUR yUJmR
yUJmR RX
RX HQWLGDGH
HQWLGDGH GRV
GRV 3RGHUHV
3RGHUHV GD
8QLmR
8QLmRGRV
GRV(VWDGRV
(VWDGRVRX
RXGR
GR'LVWULWR
'LVWULWR)HGHUDO
)HGHUDOHGRV
†ž 6RPHQWHSRGHUmRVHUOLFHQFLDGRVRVVHUYLGRUHV 0XQLFtSLRVQDVVHJXLQWHVKLSyWHVHV
HOHLWRV
HOHLWRVSDUD
SDUDFDUJRV
FDUJRVGH
GHGLUHomR
GLUHomRRX
RXGH
GHUHSUHVHQWD
omR
omRQDV
QDVUHIHULGDV
UHIHULGDVHQWLGDGHV
HQWLGDGHVGHVGH
GHVGHTXH
TXHFDGDVWUD , SDUD
SDUDH[HUFtFLR
H[HUFtFLRGH
GHFDUJR
FDUJRHP
HPFRPLVVmRRXIXQomR
GDVQR
GDVQRyUJmR
yUJmRFRPSHWHQWH
FRPSHWHQWH 5HGDomRGDGDSHOD/HLQž GHFRQILDQoD
GH

,, HPFDVRVSUHYLVWRVHPOHLVHVSHFtILFDV
$H[LJrQFLDGHFDGDVWUDPHQWRGD(QWLGDGHGH&ODVVH
QR yUJmR FRPSHWHQWH YLVD D HYLWDU D SUROLIHUDomR GH
2 VHUYLoR S~EOLFR p XPDFHOHLUR GH yWLPRV YDORUHV
HQWLGDGHV IDMXWDV RX PHVPR LQIRUPDLV FULDGDV DSHQDV SURILVVLRQDLV QRUPDOPHQWH R VHUYLGRU S~EOLFR p XP
FRPRSUHWH[WRSDUDTXHIDOVRVVLQGLFDOLVWDVVHOLFHQFLHPGR SURILVVLRQDOTXDOLILFDGREHPWUHLQDGRFDSD]GHGHVHPSH
VHUYLoRS~EOLFR QKDUIXQo}HVS~EOLFDVFRQKHFHQGRDIXQGRRPHFDQLVPR
GD $GPLQLVWUDomR 3RU LVVR p FRPXP TXH JRYHUQDQWHV
,VVRHQWUHWDQWRQmRVLJQLILFDTXHRyUJmRFRPSHWHQWH DGPLQLVWUDGRUHV EXVTXHPSDUDFRPSRUVHXVTXDGURVGH
WHQKDTXDOTXHUPtQLPRSRGHUGHLQWHUIHULUQDFULDomRRX FDUJRVGHFRQILDQoDDOJXQVVHUYLGRUHVS~EOLFRVDTXHPMi
IXQFLRQDPHQWRGHVVDV(QWLGDGHVGH&ODVVH RTXHDOLiV FRQKHFHP H TXH D SDU GD FRQILDQoD SHVVRDO TXH OKHV
p SURLELGR SHOD &RQVWLWXLomR )HGHUDO  R FDGDVWUDPHQWR LQVSLUDP DLQGD VmR FUHGHQFLDGRV SHOD H[SHULrQFLD QD
DSHQDV SHUPLWH TXH WDO yUJmR WRPH FRQKHFLPHQWR GD PiTXLQDDGPLQLVWUDWLYD
UHJXODUH[LVWrQFLDGD(QWLGDGHHFRQWUROHROLFHQFLDPHQWR
GRVVHUYLGRUHVS~EOLFRVSDUDWDLVFDUJRVHOHWLYRVVLQGLFDLV 7DLV IXQFLRQiULRV UHTXLVLWDGRV RFXSDP VHXV FDU
JRVIXQo}HVHSDUDDVVXPLUHPRVQRYRVFDUJRVSDUDRV
†ž $ OLFHQoD WHUi GXUDomR LJXDO jGRPDQGDWR TXDLV IRUDP FRQYLGDGRV REYLDPHQWH GHYHUmR VH DIDVWDU
SRGHQGR
SRGHQGR VHU
VHU UHQRYDGD
UHQRYDGD QR
QR FDVR
FDVR GH
GH UHHOHLomR GDTXHOHV ³ DWp SRUTXH OKHV VHUi LPSRVVtYHO DOpP GH
5HGDomRGDGDSHOD/HLQžGH SURLELGR  R H[HUFtFLR FRQFRPLWDQWH DR PHVPR WHPSR
GRVGRLVDFXPXODQGRRV
&XULRVRHVVHGLVSRVLWLYRRVHUYLGRUHOHLWRSDUDFDUJR
GHGLUHomRRXUHSUHVHQWDomRGHVLQGLFDWRWHPGLUHLWRj $VVLPSDUDSRVVLELOLWDUTXHRVHUYLGRUS~EOLFRVHMD
OLFHQoDTXHVHUiSURUURJDGDFDVRHOHVHMDUHHOHLWR DSURYHLWDGRQXPFDUJRGHFRQILDQoD RXHPFRPLVVmR 
R(VWDWXWRSUHYrVHXDIDVWDPHQWR³GHL[DQGRFODURTXH
SRXFRLPSRUWDVHHOHLUiWUDEDOKDUSDUDDOJXP0XQLFtSLR
 5HJLPH
-XUtGLFRÔQLFR QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
RX SDUD R 'LVWULWR )HGHUDO RX SDUD DOJXP (VWDGR RX 8PDYH]FRQYLGDGRRVHUYLGRUHOHGHYHFRPXQLFDUj
PHVPRSDUDDOJXPDRXWUD(QWLGDGHRXDOJXPRXWUR3RGHU $GPLQLVWUDomR3~EOLFDVXDGLUHomRFKHILDSDUDTXHVHMD
GD 8QLmR e TXH WUDEDOKH RQGH WUDEDOKDU WUDEDOKDUi DXWRUL]DGRVHXDIDVWDPHQWRGHFODUDQGRVHHVWDUHOHFHGLGR
VHPSUHSDUDDWHQGHUDRLQWHUHVVHS~EOLFRGHXPyUJmRGD HPSUHVWDGR jTXHOHRXWURÐUJmR(QWLGDGHRQGHRFXSD
DGPLQLVWUDomRS~EOLFD UiRFDUJRHPFRPLVVmR

2IXQGDPHQWDOpTXHRVHUYLGRUS~EOLFRSRGHUiDSUR (VVHDWRGHGHFODUDomRGRDIDVWDPHQWRHGDFHVVmR
YHLWDUDERTXLQKDSDUDDTXDOIRLFRQYLGDGRDVVLPFRPR HPSUpVWLPR GHYHUiVHUIHLWRSRUSRUWDULDHHODGHYHUi
SRGHUmRRVDGPLQLVWUDGRUHVS~EOLFRVDSURYHLWDURYDORUH VHU SXEOLFDGD QR 'LiULR 2ILFLDO SDUD TXH WRGRV WRPHP
RVGRWHVGRIXQFLRQDOLVPRS~EOLFRFRQYLGDQGRVHUYLGRUHV FRQKHFLPHQWR6yDVVLPILFDUmRRILFLDOL]DGRVRDIDVWDPHQ
SDUD RV FDUJRV HP FRPLVVmR  $ILQDO VHX GHVWLQR VHUi WRHDFHVVmR
VHPSUH VDFLDU DWHQGHU DR LQWHUHVVH S~EOLFR ¢( TXHP
SDJDUiRYHQFLPHQWR VDOiULR GRVHUYLGRUDIDVWDGR"""9HMD †ž 0HGLDQWH
0HGLDQWHDXWRUL]DomR
DXWRUL]DomRH[SUHVVD
H[SUHVVDGR3UHVLGHQWHGD
DUHVSRVWD 5HS~EOLFD
HS~EOLFDRVHUYLGRU
VHUYLGRUGR
GR3RGHU
3RGHU([HFXWLYRSRGHUi
([HFXWLYRSRGHUi
WHU
WHU H[HUFtFLR
H[HUFtFLR HP
HP RXWUR
RXWUR yUJmR
yUJmR GD$GPLQLVWUDomR
GD$GPLQLVWUDomR
†ž DUWLJRVHQGRD
1D KLSyWHVH GR LQFLVR , GHVWH DUWLJRVHQGRD )HGHUDO
)HGHUDOGLUHWD
GLUHWDTXH
TXHQmR
QmRWHQKD
WHQKDTXDGUR
TXDGURSUySULR
SUySULRGH
FHVVmR SDUD
FHVVmR SDUD yUJmRVRXHQWLGDGHVGRV(VWDGRVGR
yUJmRVRXHQWLGDGHVGRV(VWDGRVGR SHVVRDOSDUDILPGHWHUPLQDGRHDSUD]RFHUWR
'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO RX GRV 0XQLFtSLRV
0XQLFtSLRV R {QXV
{QXV GD
UHPXQHUDomR
UHPXQHUDomRVHUiVHUiGRyUJmR
GRyUJmRRX
RXHQWLGDGH
HQWLGDGHFHVVLR 2EV
2EV HVWHHUDRDQWLJR†žTXHIRLUHQXPHUDGRSDUD†žHP
UD]mRGRDFUpVFLPRGHXPQRYR†žSHOD/HLQž
QiULDPDQWLGR
QiULD PDQWLGRR{QXV
{QXVSDUD
SDUDRFHGHQWH
FHGHQWHQRV
QRVGHPDLV
FDVRV
FDVRV
2EVHVWH†IRLDOWHUDGRSHOD/HLQž
2EV /HLQž
/HLQž $OJXQV yUJmRV GD $GPLQLVWUDomR )HGHUDO QmR
QmR WrP
TXDGURGHSHVVRDORXVHMDQmRGLVS}HPGHIXQFLRQiULRV
1DGDPDLVMXVWRVHHOHHVWDUiWUDEDOKDQGRSDUDD S~EOLFRVSDUDDUHDOL]DomRGHVHXVWUDEDOKRVVHMDSRUTXH
HQWLGDGH&HVVLRQiULDVHUiGRRUoDPHQWRGHODTXHVDLUiR QmR Ki WUDEDOKRV SUHYLVWRV SDUD IXQFLRQiULRV HP WDLV
YHQFLPHQWRGRVHUYLGRU$ILQDOVHIRVVHFRQWUDWDGRXPD
yUJmRVVHMDSRUTXHOLPLWDGDVDVIXQo}HVDVHXVSUySULRV
RXWUD SHVVRD TXDOTXHU D &HVVLRQiULD SDJDULD RV YHQFL
GLULJHQWHV
PHQWRVGHOD'DPHVPDIRUPDKDYHUiGHSDJDURYHQFL
PHQWR GR VHUYLGRU S~EOLFR TXH DJRUD HVWi WUDEDOKDQGR
3RGHUiRFRUUHUHQWUHWDQWRTXHWDLVGLULJHQWHVQH
SDUD HOD )DFtOLPR R HQWHQGLPHQWR VH XP GDWLOyJUDIR
FHVVLWHPGHDX[tOLRHSLVRGLFDPHQWHSDUDVHGHVLQFXPEL
VHUYLGRU GD 8QLmR p QRPHDGR &KHIH GH *DELQHWH GR
UHP GH XP VHUYLoR HVSHFLDO 1HVVH FDVR SRGHUmR VHU
3UHIHLWR0XQLFLSDOGHL[DGHUHFHEHURVYHQFLPHQWRVGH
UHTXLVLWDGRVVHUYLGRUHVGR3RGHU([HFXWLYRTXHVHDIDVWD
GDWLOyJUDIRGD8QLmRHSDVVDDUHFHEHURVYHQFLPHQWRVGH
&KHIHGH*DELQHWHGD3UHIHLWXUDSDJRVSHOD3UHIHLWXUD UmRGHVHXVFDUJRVIXQo}HVHLUmRUHDOL]DUDTXHOHWUDEDOKR
H[WUDRUGLQiULR
0DV DWHQomR
DWHQomR D DOWHUDomR SHOD /HL Qž   GD
UHGDomR GR DUWLJR GHL[D FODUR XPD FRLVD R FHVVLRQiULR (H[DWDPHQWHSRUVHWUDWDUGHXPDVLWXDomRHVSHFLDO
yUJmRHQWLGDGHRX3RGHUSDUDRTXDORVHUYLGRUSDVVDUi HVVHDIDVWDPHQWRSDUDVHUYLUDRyUJmRTXHQmRWHPTXDGUR
DWUDEDOKDU Vy
VyVHUiUHVSRQViYHOSHODUHPXQHUDomR
Vy UHPXQHUDomR7RGRV
UHPXQHUDomR SUySULRGHSHVVRDOGHSHQGHUiGHXPDH[SUHVVDDXWRUL]D
RVGHPDLVHQFDUJRV SUHYLGrQFLDDSRVHQWDGRULDVD~GH omRGR3UHVLGHQWHGD5HS~EOLFD0DVQmREDVWDHOHGL]HU
GRHQoDHWF FRQWLQXDPVRER{QXVGRÐUJmR(QWLGDGHRX SRGH RX WXGR EHP p QHFHVViULR TXH HOH HVFUHYD H
3RGHUDTXHVHPSUHHVWHYHYLQFXODGRRVHUYLGRU SXEOLTXHWDODXWRUL]DomR0DLVTXHLVVRQHVVDDXWRUL]DomR
GHYHUiFRQVWD D
D DILQDOLGDGHSDUDDTXDOWDLVVHUYLGRUHV
D
†ž 1D KLSyWHVH GH R VHUYLGRU FHGLGRDHPSUHVD VHUmR HPSUHVWDGRV H E E SRU TXDQWR WHPSR ILFDUmR
S~EOL
S~EOLFD
FD RX
RX VRFLHGDGH
VRFLHGDGH GH
GH HFRQRPLD
HFRQRPLD PLVWD
PLVWD QRV FHGLGRV
WHUPRV
WHUPRV GDV
GDV UHVSHFWLYDV
UHVSHFWLYDV QRUPDV
QRUPDV RSW DU SHOD
RSWDU
UHPXQHUDomRGRFDUJRHIHWLYRRXSHODUHPXQHUD †ž $SOLFDVH
$SOLFDVHj8QLmR
8QLmRHP
HPVH
VHWUDWDQGR
WUDWDQGRGH
GHHPSUHJDGR
omR
omRGR
GRFDUJR
FDUJRHIHWLYR
HIHWLYRDFUHVFLGD
DFUHVFLGDGH
GHSHUFHQWXDO
SHUFHQWXDOGD RX VHUYLGR
RX VHUYLGRUSRUHODUHTXLVLWDGRDVGLVSRVLo}HV
USRUHODUHTXLVLWDGRDVGLVSRVLo}HV
UHWULEXLomR GR FDUJR HP FRPLVVmR D HQWLGDGH GRV††žHžGHVWHDUWLJR
FHVVLRQ
FHVVLRQiULD
iULD HIHWXDUi
HIHWXDUi R UHHPEROVR
UHHPEROVR GDV
GDV GHVSHVDV 2EV†žFRPUHGDomRGDGDSHOD/HLQž
UHDOL]DGDVSHORyUJmRRXHQWLGDGHGHRULJHP
2EVUHGDomRGDGDSHOD/HLQžGH
6LJQLILFDTXHVHD8QLmRUHFHEHUDOJXPVHUYLGRUGRV
(VWDGRV RXGR')RXGHTXDOTXHUPXQLFtSLR SDUDRFXSDU
1DGDPDLVFRUUHWRRVHUYLGRUFRQWLQXDUiUHFHEHQGR XPFDUJRHPFRPLVVmRRXXPDIXQomRGHFRQILDQoD³
SHOD IROKD GH SDJDPHQWR GH VHX yUJmR GH RULJHP H R FDEHUi j 8QLmR SDJDU UHPXQHUDomR GHVVH VHUYLGRU
FHVVLRQiULR yUJmR HQWLGDGH RX 3RGHU SDUD R TXDO R HQTXDQWR HOH RFXSDU HVVH FDUJR DVVLP R (VWDGR TXH R
VHUYLGRUSDVVDUiDWUDEDOKDU GHYHUiUHHPEROVDURFHGHQ FHGHXILFDUiOLYUHGHVVHHQFDUJR
WHSDJDGRU
1DGDPDLV MXVWRVHHOHHVWDUiWUDEDOKDQGRSDUDD
†ž $FHVVmR
FHVVmRIDUVHi
IDUVHiPHGLDQWH3RUWDULDSXEOLFDGDQR
PHGLDQWH3RUWDULDSXEOLFDGDQR 8QLmRVHUiGRRUoDPHQWRGHODTXHVDLUiRYHQFLPHQWRGR
'LiULR2ILFLDOGD8QLmR VHUYLGRU VH XP DGYRJDGR VHUYLGRU GR (VWDGR GR $FUH
2EVHVWHHUDRDQWLJR†žTXHIRLUHQXPHUDGRSDUD†žHPUD]mRGRDFUpVFLPRGHXPQRYR
2EV
†žSHOD/HLQž
8QLmR p QRPHDGR &KHIH GH *DELQHWH GR 0LQLVWpULR GD
-XVWLoDGHL[DGHUHFHEHURVYHQFLPHQWRVGHDGYRJDGRGR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

(VWDGR GR $FUH H SDVVD D UHFHEHU RV YHQFLPHQWRV GH RVHUYLoRS~EOLFR"""$TXLWHPRVDUHVSRVWDHOHVHUiDIDV


&KHIHGH*DELQHWHGR0LQLVWpULRGD-XVWLoDSDJRVSHOD WDGRGRVHUYLoRS~EOLFRSRGHQGRVHHQWUHJDUDRH[HUFtFLR
8QLmR GRFDUJRSDUDRTXDOIRLHOHLWR
0DV DWHQomR
DWHQomR D DOWHUDomR SHOD /HL Qž   GD
UHGDomRGRDUWLJRGHL[DFODURXPDFRLVDD8QLmRVy VyVHUi
Vy , WUDWDQGRVH
WUDWDQGRVHGH
GHPDQGDWRIHGHUDOHVWDGXDORX
UHVSRQViYHOSHODUHPXQHUDomR
UHPXQHUDomR7RGRVRVGHPDLVHQFDUJRV
UHPXQHUDomR GLVWULWDOILFDUiDIDVWDGRGRFDUJR
GLVWULWDOILFDUiDIDVWDGRGRFDUJR
SUHYLGrQFLDDSRVHQWDGRULDVD~GHGRHQoDHWF FRQWLQXDPVRER
{QXVGRÐUJmR(QWLGDGHRX3RGHUDTXHVHPSUHHVWHYH 2VHUYLGRUILFDUiDIDVWDGRVHPSUHTXHIRUHOHLWRSDUD
YLQFXODGRRVHUYLGRU RVFDUJRVGH D
D PDQGDWRIHGHUDO3UHVLGHQWHGD5HS~EOL
D
E PDQGDWR HVWDGXDO
FD 6HQDGRU 'HSXWDGR )HGHUDO E 
0DVVHRVHUYLGRUFRPLVVLRQDGRDGYHLRGHDOJXPD *RYHUQDGRU 'HSXWDGR (VWDGXDO ‹ PDQGDWR GLVWULWDO
HPSUHVD S~EO
HPSUHVD S~EOLFDRXGHDOJXPDVRFLHGDGH
LFD VRFLHGDGH
VRFLHGDGH GH
GH HFRQRPLD *RYHUQDGRU'HSXWDGR'LVWULWDO
PLVWDTXHUHFHEDUHFXUVRILQDQFHLURGR7HVRXUR1DFLRQDO
PLVWD
SDUDRFXVWHLRWRWDORXSDUFLDOGHVXDIROKDGHSDJDPHQWR 1HVVHVFDVRVRVHUYLGRUS~EOLFRQmRWHUiHVFROKD
GHSHVVRDO³HQWmRQmRWHUiTXDOTXHUVHQWLGRTXHD8QLmR DIDVWDGRGRFDUJRGHL[DUiGHUHFHEHURVYHQFLPHQWRVGH
SDJXHWDOIXQFLRQiULRODQoDQGRRHPXPDQRYDIROKDGH VHUYLGRUS~EOLFRIHGHUDOTXHYLQKDUHFHEHQGRHSDVVDUi
SDJDPHQWRDILQDORGLQKHLURTXHHOHUHFHEHVHPSUHVDLUi DJDQKDURVGRFDUJRHOHWLYR
GR 7HVRXUR 1DFLRQDO VHMD SHOD IROKD GH SDJDPHQWR GD
8QLmRVHMDSHODIROKDGHSDJDPHQWRGDHPSUHVDHPTXH
HOHpHPSUHJDGR'HL[DQGRFRPRHVWi³HOHUHFHEHQGR ,, LQYHVWLGR
LQYHVWLGRQR
QRPDQGDWR
PDQGDWRGH
GH3UHIHLWRVHUiDIDV
GHVXDHPSUHVDHPSUHJDGRUD³HYLWDUVHiDEXURFUDFLD WDGR
WDGRGR
GRFDUJR
FDUJRVHQGROKH
VHQGROKHIDFXOWDGRRSWDUSHOD
IDFXOWDGRRSWDUSHOD
HQmRKDYHUiSUHMXt]RSDUDQLQJXpPQDGDVHDOWHUDQGR VXDUHPXQHUDomR
VXDUHPXQHUDomR
jPHGLGDTXHVXDUHPXQHUDomRVDLUiPHVPRGR7HVRXUR
1DFLRQDO (OHLWRSUHIHLWRPXQLFLSDORVHUYLGRUVHUiDIDVWDGR
PDV SRGHUi HVFROKHU VH TXHU FRQWLQXDU JDQKDQGR RV
†ž $VFHVV}HVGHHPSUHJDGRVGHHPSUHVDS~EOLFD YHQFLPHQWRVGHVHXFDUJRGHVHUYLGRUS~EOLFRRXVHTXHU
RX
RXGH
GHVRFLHGDGH
VRFLHGDGHGH
GHHFRQRPLD
HFRQRPLDPLVWD
PLVWDTXH
TXHUHFHED JDQKDURVGH3UHIHLWR
UHFXUVRV
UHFXUVRV GH
GH 7HVRXUR
7HVRXUR 1DFLRQDO SDUD R FXVWHLR
WRWDO
WRWDO RX
RX SDUFLDO
SDUFLDO GH
GH VXD
VXD IROKD
IROKD GH
GH SDJDPHQWR
SDJDPHQWR GH 1DWXUDOPHQWH HOHLWR 3UHIHLWR GH XPD FLGDGH FRP
SHVVRDO
SHVVRDO LQGHSHQGHP
LQGHSHQGHP GDVGDV GLVSRVLo}
GLVSRVLo}HV
HV FRQWLGDV DOJXPSRGHUHFRQ{PLFRFHUWDPHQWHJDQKDUiPDLVFRPR
QRV
QRVLQFLVRV
LQFLVRV,H,,
,,H††
††ž
žHž
žGHVWH
GHVWHDUWLJR
DUWLJRILFDQ SUHIHLWRPDVVHIRUHOHLWRSUHIHLWRGHXPDFLGDGH]LQKD
GR
GRRH[HUFtFLR
H[HUFtFLRGR
GRHPSUHJDGR
HPSUHJDGRFHGLGR
FHGLGRFRQGLFLRQD LQWHULRUDQD SREUH WDOYH] VHMD PHOKRU HOH RSWDU SRU
GR
GR D DXWRUL]DomR
DXWRUL]DomR HVSHFtILFD
HVSHFtILFD GR
GR 0LQLVWpULR
0LQLVWpULR GR FRQWLQXDUJDQKDQGRRVYHQFLPHQWRVGHVHUYLGRUS~EOLFR
3ODQHMDPHQWR2UoDPHQWR
3ODQHMDPHQWR2UoDPHQWRH*HVWmRH[FHWRQRV IHGHUDO2LPSRUWDQWHpTXHDRSomRpGHOH(VFROKHQGR
FDVRV GH RFXSDomR GH FDUJR HP FRPLVVmR RX XPDXWRPDWLFDPHQWHSHUGHUiRRXWUR
IXQomRJUDWLILFDGD
,,, LQYHVWLGRQRPDQGDWRGHYHUHDGRU
LQYHVWLGRQRPDQGDWRGHYHUHDGRU
†ž 2 0LQLVWpULR GR 3ODQHMDPHQWR2UoDPHQWRH
*HVWmR
*HVWmRFRP
FRPDILQDOLGDGH
ILQDOLGDGHGH
GHSURPRYHU
SURPRYHUDFRPSR +iDVHQRUPHVGLIHUHQoDVHQWUHRVYHQFLPHQWRVGRV
VLomR
VLomRGD
GDIRUoD
IRUoDGH
GHWUDEDOKR
WUDEDOKRGRV
GRVyUJmRV
yUJmRVHHQWLGD 9HUHDGRUHVGRVPDLVGHPLOPXQLFtSLRVGR%UDVLODVVLP
GHV
GHV GD
GD $GPLQLVWUDomR
$GPLQLVWUDomR 3~EOLFD
3~EOLFD )HG
)HGHHUDO
UDO SRGHUi FRPR p GLIHUHQWH D GHGLFDomRWUDEDOKR H[LJLGR GRV
GHWHUPLQDU
GHWHUPLQDUDORWDomR
ORWDomRRX
RXRH[HUFtFLR
H[HUFtFLRGH
GHHPSUHJD 9HUHDGRUHVGDVGLIHUHQWHVPLOFLGDGHVGR3DtV3RULVVR
GR
GR RX
RX VHUYLGRU
VHUYLGRU LQGHSHQGHQWHPHQWH GD REVHU QmRpSRVVtYHOXPGLVFLSOLQDPHQWRUtJLGRTXHUHVROYHULD
YkQFLDGRFRQVWDQWH
YkQFLDGRFRQVWDQWHQRQRLQFLVR
LQFLVR,HQRV††žHž D TXHVWmR QDOJXQV PXQLFtSLRV PDV FULDULD SUREOHPDV
GHVWHDUWLJR VpULRVQRXWURV
2EV††žHžDFUHVFHQWDGRVSHOD/HLQž
2EV

D KDYHQGR
KDYHQGRFRPSDWLELOLGDGH
FRPSDWLELOLGDGHGH
GHKRUiULR
KRUiULRSHUFH
EHUi
EHUiDV
DVYDQWDJHQV
YDQWDJHQVGH
GHVHX
VHXFDUJR
FDUJRVHP
VHPSUHMXt
$IDVWDPHQWR ]RGDUHPXQHUDomRGRFDUJRHOHWLYR
]RGDUHPXQHUDomRGRFDUJRHOHWLYR
SDUD([HUFtFLRGH0DQGDWR(OHWLYR
6H R PXQLFtSLR p SHTXHQLQR H[LJLQGR WmR SRXFR
WUDEDOKRGRYHUHDGRUVHUYLGRUS~EOLFRIHGHUDOTXHHVWH
$UW $R VHUYLGRU LQYHVWLGR HP PDQGDWRHOHWLYR DWpWHQKDWHPSRGH³DRPHVPRWHPSR³H[HUFLWDUVXDV
DSOLFDPVHDVVHJXLQWHVGLVSRVLo}HV IXQo}HVQRVHUYLoRS~EOLFRIHGHUDOHDLQGDDVWDUHIDVGD
YHUHDQoDHQWmRHOHSRGHUiWUDEDOKDUQRV
QRV
QRVGRLVHORJLFDH
GRLV
9RFrMiVDEHTXHGHVGHRODQoDPHQWRGDFDQGLGDWX MXVWDPHQWH UHFHEHU D UHPXQHUDomR GRV GRLV FDUJRV
UDSHODFRQYHQomRGRSDUWLGRDWpGLDVGHSRLVGRSOHLWR (QILPQmR
QmRVHUiQHFHVViULRVHXDIDVWDPHQWR
QmR
RVHUYLGRUS~EOLFRSRGHVHDIDVWDUGRVHUYLoRS~EOLFRSDUD
VHGHGLFDUDVXDDWLYLGDGHSROtWLFRSDUWLGiULD E QmR
QmR
QmRKDYHQGR
KDYHQGRFRPSDWLELOLGDGH
FRPSDWLELOLGDGHGH
GHKRUiULR
KRUiULRVHUi
DIDVWDGRGR
DIDVWDGR GRFDUJR
FDUJRVHQGROKH
VHQGROKHIDFXOWDGR
IDFXOWDGRRSWDU
¢(VHHOHIRUHOHLWRFRPRILFDUiVXDVLWXDomRSHUDQWH SHODVXDUHPXQHUDomR
SHODVXDUHPXQHUDomR
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

 1XPSHTXHQRPXQLFtSLRSRGHUiHOHFXPXODUDVGXDV
IXQo}HV VHUYLGRUYHUHDQoD 0DVVHRPXQLFtSLRIRU $IDVWDPHQWRSDUD(VWXGRRX0LVVmRQR([WHULRU
PDLRUMiH[LJLQGRGHOHWUDEDOKRVXILFLHQWHSDUDGLILFXOWDU
TXH WUDEDOKH  QD &kPDUD GH 9HUHDGRUHV H DR PHVPR $UW 2VHUYLGRU
VHUYLGRUQmR
QmRSRGHUi
SRGHUiDXVHQWDUVH
DXVHQWDUVHGR
GR3DtV
3DtVSDUD
WHPSRQRVHUYLoRS~EOLFRIHGHUDOHQWmRVHUiQHFHVViULR HVWXGR
HVWXGR RX
RX PLVV
PLVVmR
mR RILFLDO
RILFLDO VHP
VHP DXWRUL]DomR
DXWRUL]DomR GR
VHXDIDVWDPHQWR(YHMDEHPEDVWDDLQFRPSDWLELOLGDGHGH 3UHVLGHQWH GD5HS~EOLFD
3UHVLGHQWHGD 5HS~EOLFD3UHVLGHQWH
3UHVLGHQWHGRV
GRVÐUJmRV
KRUiULR SH[D&kPDUDVHUH~QHjWDUGH  GR
GR 3RGHU
3RGHU /HJLVODWLYR
/HJLVODWLYR H 3UHVLGHQWHGR6XSUHPR
3UHVLGHQWHGR6XSUHPR
7ULEXQDO)HGHUDO
$ TXHVWmR GR YHQFLPHQWR ¢TXDO HOH JDQKDUi"
WDPEpPWHPVROXomROyJLFDVHRPXQLFtSLRpSREUHHSDJD 2 DSHUIHLoRDPHQWR GR HVWXGRV QR ([WHULRU p XP
SRXFRDRVYHUHDGRUHVHOHSRGHUiHVFROKHURYHQFLPHQWR VRQKRGHWRGRWpFQLFR2WpFQLFRVHUYLGRUS~EOLFRSRGHUi
TXHMiWLQKDQRVHUYLoRS~EOLFRIHGHUDOPDVVHRPXQLFt EXVFDUDHYROXomRGHVHXVHVWXGRVUHDOL]DQGRFXUVRVQR
SLR p ULFR H SDJD YHQFLPHQWRV VXSHULRUHV DR TXH HOH H[WHULRU3DUDWDQWRGHYHUiUHTXHUHUVHXDIDVWDPHQWRHVy
UHFHELD QR VHUYLoR S~EOLFR IHGHUDO HQWmR R R&KHIH0i[LPRGR3RGHU DTXHSHUWHQFHRIXQFLRQiULR
pTXHSRGHUiDXWRUL]DUVXDLGD
VHUYLGRUYHUHDGRU SRGHUi HVFROKHU RV YHQFLPHQWRV
PDLRUHV
$VVLPRVHUYLGRUGR3RGHU([HFXWLYRGHYHUiREWHUD
DXWRUL]DomR GR 3UHVLGHQWH GD 5HS~EOLFD R VHUYLGRU GD
2 LPSRUWDQWH p TXH FDEHUi D HOH ³ Vy D HOH ³ &kPDUD GRV 'HSXWDGRV GHYHUi REWHU D DXWRUL]DomR GR
HVFROKHU RSWDU RXUHFHEHURVYHQFLPHQWRVGHYHUHDGRU 3UHVLGHQWH GD &kPDUD R VHUYLGRU GR 6HQDGR )HGHUDO
RX R GH VHUYLGRU S~EOLFR IHGHUDO  (VFROKHQGR XP SUHFLVDUiGDDXWRUL]DomRGR3UHVLGHQWHGD6HQDGR)HGHUDO
DXWRPDWLFDPHQWHDEULUiPmRGRRXWUR H R IXQFLRQiULR GR 3RGHU -XGLFLiULR )HGHUDO GHYHUi VHU
DXWRUL]DGRSHOR3UHVLGHQWHGR6XSUHPR7ULEXQDO)HGHUDO
†ž 1R FDVR GH DIDVWDPHQWR GR FDUJRRVHUYLGRU
FRQWULEXLUi
FRQWULEXLUiSDUD
SDUDDVHJXULGDGH
VHJXULGDGHVRFLDO
VRFLDOFRPR
FRPRVH
VHHP 'DPHVPDIRUPDVHUiQHFHVViULDWDOHVSHFLDODXWRUL
H[HUFtFLRHVWLYHVVH ]DomRGR&KHIH0i[LPRGR3RGHUVHRVHUYLGRUSUHFLVDU
VHDXVHQWDUGRSDtVSDUDFXPSULUPLVVmRRILFLDO WUDEDOKDU
$REULJDomRGHFRQWLQXDUDFRQWULEXLUSDUDDVHJXUL QRH[WHULRU 8PDYH]DXWRUL]DGRHVWDUiFRQVROLGDGRR
DIDVWDPHQWRGRVHUYLGRUMXVWLILFDQGRVHVXDDXVrQFLDDR
GDGH VRFLDO VH H[SOLFD SRUTXH p HOD FXVWHDGD HP SDUWH
VHXWUDEDOKR
SHODVFRQWULEXLo}HVGRVVHUYLGRUHV&RPRVHUmRHOHVRV
EHQHILFLiULRVIXWXURVQmRSRGHPLQWHUURPSHURSDJDPHQ
$WHQomR HVVH DIDVWDPHQWR p UHPXQHUDGR
$WHQomR UHPXQHUDGR RX VHMDR
WRGDVFRQWULEXLo}HV VHUYLGRUFRQWLQXDUiJDQKDQGR

†ž 2 VHUYLGRU LQYHVWLGR HP PDQGDWRHOHWLYRRX $VVLP R p SRUTXH D 


D p WDPEpP GR LQWHUHVVH GD
FODVVLVWDQmRSRGHU
FODVVLVWDQmR SRGHUiVHUUHPRYLGRRXUHGLVWULEXt
iVHUUHPRYLGRRXUHGLVWULEXt $GPLQLVWUDomR3~EOLFDTXHHOHVHDSHUIHLoRHHVWXGDQGR
GR
GR GH
GH RItFLR
RItFLR SDUD
SDUD ORFDOLGDGH
ORFDOLGDGH GLYHUVD
GLYHUVD GDTXHOD SDUD PHOKRU VHUYLOD TXDQGR YROWDU H E 
E QR FDVR GH
RQGHH[HUFHRPDQGDWR PLVVmRHOHHVWDUiWUDEDOKDQGRSDUDRVLQWHUHVVHVGR3DtV

3URFXUDVH DTXL HYLWDU D FULDomR GH XP SUREOHPD †ž $ DXVrQFLD


DXVrQFLD QmR H[FHGHUi D  TXDWUR DQRVH
SDUDRVHUYLGRULQYHVWLGRHPPDQGDWRHOHWLYRRXFODVVLVWD ILQGD
ILQGD D PLVVmR RX HVWXGR VRPHQWH GHFRUULGR
SDUDUHVROYHURSUREOHPDGDSHUGDGHVHXWUDEDOKRFRP LJXDOSHUtRGRVHUiSHUPLWLGDQRYDDXVrQFLD
VHXDIDVWDPHQWR-iDFRQWHFHXGHXPFKHIHWHTXDOTXHU
2SUD]RGHDQRVpPDLVTXHVXILFLHQWHSDUDFRQFOX
SHUGHQGRVHXIXQFLRQiULRTXHI{UDHOHLWRSDUDGLUHWRULD
VmR GH TXDOTXHU HVWXGR RX D FRQVXPDomR GH TXDOTXHU
GH VLQGLFDWR WHQWDU UHPRYrOR SDUD RXWUD FLGDGH RQGH
PLVVmR ³ DFDEDQGR R DIDVWDPHQWR GR VHUYLGRU TXH
KDYLDPHQRUQHFHVVLGDGHGHVHUYLGRU
GHYHUiUHDVVXPLUVHXFDUJRIXQo}HV(SDUDTXHHOHQmR
IXMDGRVHUYLoRS~EOLFRWRUQDQGRVHXPHVWXGDQWHSURILVVL
&RP LVVR VXD YDJD ILFDULD DEHUWD H XP RXWUR RQDO HOH Vy SRGHUi REWHU QRYR DIDVWDPHQWR GHSRLV
HSRLV GH
VHUYLGRUYLULDSUHHQFKrODHDVVLPRFKHIHWHQmRILFDULD WUDEDOKDUSRUDQRVGHVGHTXHHOHYROWRXGRH[WHULRU
VHP R WUDEDOKRGHXPIXQFLRQiULRQDTXHOHFDUJR,VVR
QmRSRGHDFRQWHFHU³HPXLWRPHQRVVHDLQWHQomRIRU †ž $R VHUYLGRU EHQHILFLDGR SHORGLVSRVWRQHVWH
SUHMXGLFDURVHUYLGRUHOHLWRHDIDVWDGR DUWLJR
DUWLJRQmR
QmRVHUi
VHUiFRQFHGLGD
FRQFHGLGDH[RQHUDomR
H[RQHUDomRRX
RXOLFHQoD
SDUD
SDUD WUDWDU GH LQWHUHVVH SDUWLFXODU DQWHV GH
$WpVHUiSRVVtYHODUHPRomRRXDUHGLVWULEXLomRGR GHFRUULGR SHUtRGR
GHFRUULGR SHUtRGR LJXDO
LJXDO DR
DR GR
GR DIDVWDPHQWR
DIDVWDPHQWR
VHUYLGRU S~EOLFR DIDVWDGR SRU WHU VLGR LQYHVWLGR HP UHVVDOYDGD
UHVVDOYDGD D KLSyWHVH
KLSyWHVH GH UHVVDUFLPHQWR GD
PDQGDWRHOHWLYRRXFODVVLVWD ³ GHVGH
GHVGH TXHVHMDSDUDD
TXH GHVSHVDKDYLGDFRPVHXDIDVWDPHQWR
PHVPD
PHVPDFLGDGHRQGHHOHH[HUFHVHXPDQGDWR3DUDRXWUD
FLGDGH
-XVWtVVLPD D UHVWULomR TXDQGR IRUD R VHUYLGRU Mi
QXQFD
FXLGRXEDVWDQWHGHVHXLQWHUHVVHSDUWLFXODUHVWXGDQGR
QmRWHQGRQHQKXPVHQWLGRTXHHOHVHOLFHQFLHQRYDPHQWH
SDUDFXLGDUGHLQWHUHVVHVSDUWLFXODUHV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

$VVLP SULPHLUDPHQWH SUHFLVDUi WUDEDOKDU QR SUHYLGHQFLiULRVjHIHWLYDFRQWULEXLomRRWHPSRGHOLFHQFL


PtQLPR SRU LJXDO SHUtRGR DR TXH HVWHYH IRUD SDUD Vy DPHQWRQmRVHUiFRPSXWDGRSDUDHIHLWRVGHDSRVHQWDGR
HQWmR SRGHU SOHLWHDU D OLFHQoD SDUD WUDWDU GH LQWHUHVVH ULDQHPGHRXWURVEHQHItFLRVSUHYLGHQFLiULRV
SDUWLFXODU  0DV Ki XPD H[FHomR FRPR R DIDVWDPHQWR
SDUDHVWXGRQRH[WHULRUIRLUHPXQHUDGRRVHUYLGRUSRGHUi 6HomR,9
UHVVDUFLURVFRIUHVS~EOLFRVGDGHVSHVDVTXHGHXHDtVLP 'R$IDVWDPHQWRSDUD3DUWLFLSDomRHP3URJUDPDGH
SRGHUiWLUDUOLFHQoDSDUDWUDWDUGHLQWHUHVVHSDUWLFXODU 3yV*UDGXDomR6WULFWR6HQVXQR3DtV
VHomRDFUHVFHQWDGDSHOD/HLQž
†ž 2GLVSRVWR
GLVSRVWRQHVWH
QHVWHDUWLJR
DUWLJRQmR
QmRVH
VHDSOLFDDRVVHUYL
DSOLFDDRVVHUYL
GRUHVGHFDUUHLUDGLSORPiWLFD
GRUHVGHFDUUHLUDGLSORPiWLFD $UW$ 2VHUYLGRUSRGHUiQRLQWHUHVVHGD$GPLQLVWUDomR
H GHVGH TXH D SDUWLFLSDomR QmR SRVVD RFRUUHU
ÐEYLRRGLSORPDWDH[LVWHH[DWDPHQWHSDUDWUDEDOKDU VLPXOWDQHDPHQWH FRP R H[HUFtFLR GR FDUJR RX
IRUDGR3DtV3DUDHOHQmRSRGHKDYHUOLPLWDomRGHWHPSR PHGLDQWHFRPSHQVDomRGHKRUiULRDIDVWDUVHGR
TXHILFDQRH[WHULRUSRLVWRGDVXDFDUUHLUDVHUiIRUDGR H[HUFtFLR GR FDUJR HIHWLYR FRP D UHVSHFWLYD
WHUULWyULRQDFLRQDO UHPXQHUDomR SDUD SDUWLFLSDU HP SURJUDPD GH
SyVJUDGXDomR VWULFWR VHQVX HP LQVWLWXLomR GH
†ž $VKLSyWHVHVFRQGLo}HVH
$VKLSyWHVHVFRQGLo}HVHIRUPDVSDUDDDXWRUL HQVLQRVXSHULRUQR3DtV
]DomRGHTXHWUDWDHVWHDUWLJRLQFOXVLYHQRTXH
VH
VH UHIHUH
UHIHUH j UHPXQHUDomR
UHPXQHUDomR GR
GR VHUYLGRU
VHUYLGRU VHUmR †ž $WRGRGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH
GLVFLSOLQDGDVHPUHJXODPHQWR GHILQLUi HP FRQIRUPLGDGH FRP D OHJLVODomR
YLJHQWHRVSURJUDPDVGHFDSDFLWDomRHRVFULWpUL
2EV(VWH†žIRLDFUHVFLGRSHOD/HLQž
2EV
RVSDUDSDUWLFLSDomRHPSURJUDPDVGHSyVJUD
$ GHILQLomR GDV KLSyWHVHV GDV FRQGLo}HV H GDV GXDomR QR 3DtV FRP RX VHP DIDVWDPHQWR GR
IRUPDVSDUDDDXWRUL]DomRSDUDRVHUYLGRUDXVHQWDUVHGR VHUYLGRU TXH VHUmR DYDOLDGRV SRU XP FRPLWr
HQYROYHGHWDOKHVHLQWHUHVVHVDGPLQLVWUDWLYRVGHQDWXUH]D FRQVWLWXtGRSDUDHVWHILP
WUDQVLWyULDPRPHQWkQHD³TXHVHUmRPHOKRUGLVFLSOLQD
GDV HP DWR GR &KHIH GR 3RGHU ([HFXWLYR FXMD HGLomR †ž 2VDIDVWDPHQWRVSDUDUHDOL]DomRGHSURJUDPDVGH
IRUPDOpPDLVVLPSOHVHUiSLGD XPDOHLpIHLWDFRPPXLWD PHVWUDGRHGRXWRUDGRVRPHQWHVHUmRFRQFHGLGRV
OHQWLGmRDSUHVHQWDomRGHSURMHWRGLVFXVVmRHDSURYDomR DRV VHUYLGRUHV WLWXODUHV GH FDUJRV HIHWLYRV QR
SRU FRPLVV}HV GLVFXVVmR H DSURYDomR SHOR SOHQiULR UHVSHFWLYR yUJmR RX HQWLGDGH Ki SHOR PHQRV 
VDQomRHSURPXOJDomRGDSUHVLGrQFLDSXEOLFDomR UD]mR WUrV DQRVSDUDPHVWUDGRH TXDWUR DQRVSDUD
SHODTXDODOHLGHOHJDWDOGHILQLomRDRUHJXODPHQWR GRXWRUDGRLQFOXtGRRSHUtRGRGHHVWiJLRSURED
WyULR TXH QmR WHQKDP VH DIDVWDGR SRU OLFHQoD
(LPSRUWDQWHFRQVLGHUDUTXHVHRDIDVWDPHQWRVHGHU SDUDWUDWDUGHDVVXQWRVSDUWLFXODUHVSDUDJR]RGH
VHPUHPXQHUDomRQmRKDYHUiGHVFRQWRGDFRQWULEXLomR OLFHQoD FDSDFLWDomR RX FRP IXQGDPHQWR QHVWH
SUHYLGHQFLiULD FRPR D 5HIRUPD GD 3UHYLGrQFLD (& Qž DUWLJR QRV  GRLV  DQRV DQWHULRUHV j GDWD GD
 SURtEHDFRQWDJHPGHWHPSRILFWtFLRHFRQGLFLRQD VROLFLWDomRGHDIDVWDPHQWR
D DSRVHQWDGRULD H RXWURV EHQHItFLRV SUHYLGHQFLiULRV j
HIHWLYDFRQWULEXLomRRWHPSRGHOLFHQFLDPHQWRQmRVHUi †ž 2VDIDVWDPHQWRVSDUDUHDOL]DomRGHSURJUDPDVGH
FRPSXWDGRSDUDHIHLWRVGHDSRVHQWDGRULDQHPGHRXWURV SyVGRXWRUDGR VRPHQWH VHUmR FRQFHGLGRV DRV
EHQHItFLRVSUHYLGHQFLiULRV VHUYLGRUHVWLWXODUHVGHFDUJRVHIHWLYRQRUHVSHFWL
YRyUJmRRXHQWLGDGHKiSHORPHQRVTXDWURDQRV
$UW 2DIDVWDPHQWR
DIDVWDPHQWRGH
GHVHUYLGRU
VHUYLGRUSDUD
SDUDVHUYLU
VHUYLUHPRUJD LQFOXtGRRSHUtRGRGHHVWiJLRSUREDWyULRHTXH
QLVPR
QLVPRLQWHUQDFLRQDO
LQWHUQDFLRQDOGH
GHTXH %UDVLOSDUWLFLSH
TXHR%UDVLO SDUWLFLSHRX QmRWHQKDPVHDIDVWDGRSRUOLFHQoDSDUDWUDWDUGH
FRP
FRPRTXDO
TXDOFRRSHUH
FRRSHUHGDUVHi
GDUVHiFRP
FRPSHUGD
SHUGDWRWDO
WRWDOGD DVVXQWRVSDUWLFXODUHVRXFRPIXQGDPHQWRQHVWH
UHPXQHUDomR DUWLJR QRV TXDWUR DQRV DQWHULRUHV j GDWD GD
VROLFLWDomRGHDIDVWDPHQWR
+iPXLWDMXVWLoDQHVWHGLVSRVLWLYRVHRVHUYLGRUIRL 2EV†žFRPUHGDomRGDGD/HLQž
DIDVWDGRSDUDWUDEDOKDUSDUDDOJXP2UJDQLVPR,QWHUQDFLR
QDOpHVWHTXHGHYHSDJDURVYHQFLPHQWRVGHOHSRLVpR †ž 2V VHUYLGRUHV EHQHILFLDGRVSHORVDIDVWDPHQWRV
EHQHILFLiULRGHVHXVHUYLoR SUHYLVWRVQRV††žžHžGHVWHDUWLJRWHUmRTXH
SHUPDQHFHUQRH[HUFtFLRGHVXDVIXQo}HVDSyVR
$VVLPFRUUHWRTXHRDIDVWDPHQWRVHMDVHP
VHP
VHPUHPXQH VHXUHWRUQRSRUXPSHUtRGRLJXDODRGRDIDVWD
UDomRILFDOLYUHGDVREULJDo}HVGRFDUJRIXQomRS~EOLFD
UDomR PHQWRFRQFHGLGR
YLDMDSDUDRH[WHULRUPDVQmRUHFHEHQHQKXPWRVWmRGD
$GPLQLVWUDomR3~EOLFD †ž &DVRRVHUYLGRUYHQKDDVROLFLWDUH[RQHUDomRGR
FDUJR RX DSRVHQWDGRULD DQWHV GH FXPSULGR R
0DLVXPDYH]KiTXHVHFRQVLGHUDUTXHTXDQGRR SHUtRGRGH SHUPDQrQFLDSUHYLVWRQR†žGHVWH
DIDVWDPHQWRVHGiVHPUHPXQHUDomRQmRKDYHUiGHVFRQ DUWLJRGHYHUiUHVVDUFLURyUJmRRXHQWLGDGHQD
WR GD FRQWULEXLomR SUHYLGHQFLiULD FRPR D 5HIRUPD GD IRUPDGRDUWGD/HLQžGHGHGH
3UHYLGrQFLD (&Qž SURtEHDFRQWDJHPGHWHPSR ]HPEURGHGRVJDVWRVFRPVHXDSHUIHLoRD
ILFWtFLRHFRQGLFLRQDDDSRVHQWDGRULDHRXWURVEHQHItFLRV PHQWR
 5HJLPH
-XUtGLFRÔQLFR ,QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
†ž &DVRRVHUYLGRUQmRREWHQKDRWtWXORRXJUDXTXH E  IDOHFLPHQWR
IDOHFLPHQWRGR
GRF{QMXJH
F{QMXJHFRPSDQKHLURSDLV
MXVWLILFRX VHX DIDVWDPHQWR QR SHUtRGR SUHYLVWR PDGUDVWD
PDGUDVWD RX
RX SDGUDVWR
SDGUDVWR ILOKRV HQWHDGRV
DSOLFDVHRGLVSRVWRQR†žGHVWHDUWLJRVDOYRQD PHQRUVREJXDUGDRXWXWHODHLUPmRV
KLSyWHVHFRPSURYDGDGHIRUoDPDLRURXGHFDVR
IRUWXLWRDFULWpULRGRGLULJHQWHPi[LPRGRyUJmR (VWDFRQFHVVmRpFRQKHFLGDFRPRQRMRSDUDTXHVH
RXHQWLGDGH DVVHQWH D GRU VRIULGD SHOR IXQFLRQiULR S~EOLFR FRP D
SHUGDGHXPHQWHTXHULGRWmRSUy[LPRpSHUPLWLGDDHOH
†ž $SOLFDVH j SDUWLFLSDomR HPSURJUDPDGH DIDOWDDRVHUYLoRSRUGLDVVHJXLGRV
SyVJUDGXDomRQR([WHULRUDXWRUL]DGRQRVWHUPRV
GR DUW  GHVWD /HL R GLVSRVWR QRV †† ž D ž $UW 6HUi FRQFHGLGR KRUiULR HVSHFLDO DRVHUYLGRU
GHVWHDUWLJR HVWXGDQWH TXDQGR
HVWXGDQWH TXDQGR FRPSURYDGD
FRPSURYDGD D LQFRPSDWLEL
LQFRPSDWLEL
OLGDGH
OLGDGH HQWUH
HQWUH KRUiULR
KRUiULR HVFRODU
HVFRODU H R GD
GD UHSDUWLomR
VHPSUHMXt]RGRH[HUFtFLRGRFDUJR
VHPSUHMXt]RGRH[HUFtFLRGRFDUJR
&RQFHVV}HV
2KRUiULRHVSHFLDOGHHVWXGDQWHpXPLQFHQWLYRDTXH
RVHUYLGRUVHDSHUIHLoRHDSULPRUHVHXVFRQKHFLPHQWRVH
&RQFHVVmRFRPRGL]RQRPHpXPDFROKHUGHFKi SRUFRQVHTXrQFLDPHOKRUTXDOLILFDGRVHUYLUiPHOKRUDR
GDGDSHOD$GPLQLVWUDomR3~EOLFDDRVHUYLGRUSDUDTXHHOH VHUYLoRS~EOLFR0DVYHMDEHPRHVWXGRQmRpDSULRULGD
IDOWH DR WUDEDOKR  FRQVLGHUDGD SRUpP OHJDO VXD GH (P SULPHLUR OXJDU GHYH HVWDU R H[HUFtFLR GR FDUJR
DXVrQFLD H DVVLP QmR
QmR VRIUHQGR HOH TXDOTXHU SUHMXt]R S~EOLFR$FRQFHVVmRGHVWHDUWLJRpXPDYiOYXODHUHFR
QHPQDFRQWDJHPGRWHPSRGHVHUYLoRQHPQRSHUtRGR PHQGDomR SDUD VH DFRPRGDU FRQFLOLDU  R LQWHUHVVH GR
DTXLVLWLYRGHIpULDVQHPSDUDDSRVHQWDGRULDHWF  VHUYLoR S~EOLFR FRP R LQWHUHVVH GH HVWXGR GR VHUYLGRU
1RXWUDV SDODYUDV R SULPHLUR GHYHU GR IXQFLRQiULR p R
$UW 6HP
6HPTXDOTXHU
TXDOTXHUSUHMXt]R
SUHMXt]RSRGHUiRVHUYLGRUDXVHQ
SRGHUiRVHUYLGRUDXVHQ
H[HUFtFLRGRFDUJR6HILFDUFODURTXHpSRVVtYHOGDUOKH
WDUVH
WDUVHGR
GRVHUYLoR
VHUYLoR 5HGDomRGDGDSHOD0HGLGDSURYLVyULDQž
XPD FROKHU GH FKi DUUXPDQGR SDUD HOH XP KRUiULR
, SRU KXP GLDSDUDGRDomRGHVDQJXH HVSHFLDO TXH QmR SUHMXGLFDUi VHX WUDEDOKR H DLQGD
SRU KXP GLDSDUDGRDomRGHVDQJXH
SHUPLWLUiTXHHOHHVWXGH³DtHQWmRHVyQHVVDFRQGLomR
eMXVWDDFRQFHVVmRDGRDomRGHVDQJXHpXPDWR GHYHUiVHUFRQFHGLGRDHOHRKRUiULRHVSHFLDO
DOWUXtVWDTXHVDOYDYLGDGRSUy[LPRHGHYHVHULQFHQWLYD
GR $OpP GLVVR GHSRLV GH GRDU R VDQJXH D SHVVRD ILFD †ž 3DUDHIHLWR
3DUD HIHLWRGR
GRGLVSRVWR
GLVSRVWRQHVWH
QHVWHDUWLJRVHUiH[LJLGD
IUiJLOFRPSRXFDUHVLVWrQFLDItVLFDHSUHFLVDVHUHFXSHUDU DFRPSHQVDomR
FRPSHQVDomRGHGHKRUiULR
KRUiULRQR QRyUJmR
yUJmRRX RXHQWLGDGH
$VVLPppWLFRHFRUUHWRTXHILTXHDXWRUL]DGRDIDOWDUDR TXHWLYHUH[HUFtFLRUHVSHLWDGDDGXUDomRVHPD
VHUYLoR VHP VRIUHU GHVFRQWR HP VHX YHQFLPHQWR RX QDO
QDOGR
GRWUDEDOKR
WUDEDOKR †žHUDRDQWLJR†~QLFRTXHIRLUHQXPHUDGRSHOD
/HLQž
TXDOTXHUSUHMXt]RIXQFLRQDO
†ž 7DPEpP VHUi FRQFHGLGR KRUiULRHVSHFLDODR
,, SHOR SHUtRGRFRPSURYDGDPHQWHQHFHVViULR VHUYLGRUSRUWDGRUGHGHILFLrQFLDTXDQGRFRP
VHUYLGRUSRUWDGRUGHGHILFLrQFLDTXDQGRFRP
SDUD
SDUD DOLVWDPHQWR
DOLVWDPHQWR RX RX UHFDGDVWUDPHQWRHOHLWR
UHFDGDVWUDPHQWRHOHLWR SURYDGD
SURYDGDDQHFHVVLGDGH
QHFHVVLGDGHSRU
SRUMXQWD
MXQWDPpGLFD
PpGLFDRILFLDO
UDO
UDO OLPLWDGR HP TXDOTXHU FDVR D  GRLV LQGHSHQGHQWHPHQWHGHFRPSHQVDomRGHKRUiULR
LQGHSHQGHQWHPHQWHGHFRPSHQVDomRGHKRUiULR
GLDVH 5HGDomRGDGDSHOD/HLQžGH
†ž $V
$VGLVSRVLo}HV
GLVSRVLo}HVGR
GRSDUiJUDIR
SDUiJUDIRDQWHULRUVmRH[WHQVL
DQWHULRUVmRH[WHQVL
2DOLVWDPHQWRFRPRHOHLWRUpXPGHYHUGDFLGDGDQLD
DV SHVVRDV TXH DOFDQoDP D LGDGH GR YRWR  DQRV YDV
YDV DR
DR VHUYLGRU
VHUYLGRU TXH
TXH WHQKD
WHQKD F{QMXJH
F{QMXJH ILOKR
ILOKR RX
IDFXOWDWLYDPHQWHDQRVREULJDWRULDPHQWH GHYHPGDU GHSHQGHQWH
GHSHQGHQWH SRUWDGRU
SRUWDGRU GH GHILFLrQFLD ItVLFD
VXDFRQWULEXLomRjGHPRFUDFLD(GHPRFUDFLDVHID]FRP H[LJLQGRVH
H[LJLQGRVHSRUpP
SRUpPQHVWH
QHVWHFDVR
FDVRFRPSHQVDomR
FRPSHQVDomRGH
RYRWRPDVYRWDUVypSHUPLWLGRDTXHPMiVHDOLVWRXFRPR KRUiULR
KRUiULRQD
QDIRUPD GRLQFLVR
IRUPDGR LQFLVR,,
,,GR
GRDUW
DUW
 2EV††žH
žDFUHVFHQWDGRVSHOD/HLQž
HOHLWRU3RULVVRVHRVHUYLGRUS~EOLFRSUHFLVDUIDOWDUSDUD
VHDOLVWDUFRPRHOHLWRUHOHQmRSHUGHUiRGLDQHPVRIUHUi $ OHL DTXL p KXPDQLWiULD DEUH RSRUWXQLGDGH SDUD
TXDOTXHUSUHMXt]RIXQFLRQDO(YHMDEHPWDQWRYDOHSDUD TXHRVHUYLGRUGrDVVLVWrQFLDDVHXF{QMXJHRXDXPILOKR
VHX SULPHLUR DOLVWDPHQWR FRPR SDUD WUDQVIHUrQFLD GH RXPHVPRDTXDOTXHUGHSHQGHQWHTXHVHMDSRUWDGRUGH
WtWXOR GH XPD FLGDGH SDUD RXWUD HP TXH HVWi DJRUD GHILFLrQFLDItVLFD³HGHOHQHFHVVLWHHQWUHPHLRRKRUiULR
WUDEDOKDQGRRVHUYLGRU GH H[SHGLHQWH 1HVVD KLSyWHVH SRUpP R VHUYLGRU VHUi
REULJDGRDFRPSHQVDUVXDDXVrQFLDQRKRUiULRGHWUDED
,,, SRU RLWR GLDV
 RLWR GLDVFRQVHFXWLYRVHPUD]mRGH
 RLWR GLDV OKRWUDEDOKDQGRDVKRUDVGHDIDVWDPHQWRHPXPRXWUR
GLD2UHIHULGRDUW,,HVWDEHOHFHTXH´2VHUYLGRUSHUGHUi
D  FDVDPHQWR ,,DSDUFHODGHUHPXQHUDomRGLiULDSURSRUFLRQDODRVDWUDVRV
DXVrQFLDVMXVWLILFDGDVUHVVDOYDGDVDVFRQFHVV}HVGHTXHWUDWD R
$IDPtOLDpDEDVHGR(VWDGRGDRUJDQL]DomRVRFLDO DUWHVDtGDVDQWHFLSDGDVVDOYRQDKLSyWHVHGHFRPSHQVDomRGH
'HYHVHULQFHQWLYDGD3RULVVRRIXQFLRQiULRTXHVHFDVD KRUiULRDWpRPrVVXEVHTXHQWHDRGDRFRUUrQFLDDVHUHVWDEHOHFLGD
WHP R GLUHLWR GH IDOWDU  GLDV SDUD FRQVWUXLU XPD EDVH SHODFKHILDLPHGLDWD´6LJQLILFDTXHVHRVHUYLGRUQmR QmRFRPSHQ
QmR
VyOLGDGHLQtFLRGHYLGDFRQMXJDODFRQKHFLGDOXDGHPHO VDU VXD VDtGD DQWHFLSDGD GR H[SHGLHQWH ³ SDUD GDU
7DOFRQFHVVmRpWDPEpPFRQKHFLGDFRPRJDOD DVVLVWrQFLDDVHXF{QMXJH RXDXPILOKRRXDTXDOTXHUVHX
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

GHSHQGHQWH SRUWDGRUGHGHILFLrQFLDItVLFD³HOHSHUGHUi
SHUGHUi 3RU LVVR WDO FiOFXOR GHYH VHU IHLWR GLUHLWLQKR FRP
DTXHOHGLDGHWUDEDOKRHUHIOH[DPHQWHVRIUHUiRUHVSHFWL PXLWRFXLGDGRHVREUHWXGRFULWpULRDILPGHTXHR
YRGHVFRQWRHPVXDUHPXQHUDomR IXQFLRQiULR QmR ILTXH SUHMXGLFDGR 6DEHPRV TXH WRGR
IXQFLRQiULRVHDIDVWDGHVHXWUDEDOKRjVYH]HVLOHJDOPHQWH
†ž 6HUi LJXDOPHQWH FRQFHGLGRKRUiULRHVSHFLDO IDOWDQGR RXWUDVYH]HVHPVLWXDomRDXWRUL]DGDSHODOHL
YLQFXODGR
YLQFXODG R j FRPSHQVDomR GH KRUiULR D VHU IpULDVFDVDPHQWROXWRM~ULVHUYLoRPLOLWDUHWF 2TXH
HIHWLYDGDQR
HIHWLYDGDQRSUD]R
SUD]RGH
GHDWp
DWp XP 
XP DQR
DQRDRVHUYL VHGLVFLSOLQDDTXLpH[DWDPHQWHTXDLVWHPSRVVmRFRPSX
GRU
GRU TXH
TXH GHVHPSHQKH
GHVHPSHQKH DWLYLGDGH
DWLYLGDGH SUHY
SUHYLVWD
LVWD QRV WDGRVLQWHJUDOPHQWHTXDLVVyVmRFRPSXWDGRVSDUFLDOPHQ
LQFLVRV
LQFLVRV , H ,,
,, GR
GR FDSXW
FDSXW GR DUW $ GHVWD /HL
UHGDomRGDGDSHOD/HLQžGH WH,VVRPHVPRKiDOJXQVDIDVWDPHQWRVTXHVmRDXWRUL]D
GRVPDVVHXF{PSXWRVypIHLWRSDUFLDOPHQWHRXVHMD
$UW $R VHUYLGRU HVWXGDQWH TXH PXGDU GH VHGHQR SDUDHIHLWRVGHDSRVHQWDGRULD&RQILUDQR(VWDWXWR
LQWHUHVVH
LQWHUHVVH GD
GD DGPLQLVWUDomR
DGPLQLVWUDomR p DVVHJXUDGD
DVVHJXUDGD QD
ORFDOLGDGH
ORFDOLGDGHGD
GDQRYD
QRYDUHVLGrQFLD
UHVLGrQFLDRX
RXQD
QDPDLV
PDLVSUy[L
$WHQomR
$WHQomR R WHPSR GH VHUYLoR WHP VXD LPSRUWkQFLD QR
PD
PDPDWUtFXOD HPLQVWLWXLomR
PDWUtFXODHP LQVWLWXLomRGH
GHHQVLQR
HQVLQRFRQJrQH
UH
UH HP
HP TXDOTXHU
TXDOTXHU pSRFD
pSRFD LQGHSHQGHQWHPHQWHGH
LQGHSHQGHQWHPHQWHGH SODQRDGPLQLVWUDWLYRSRUpPQRSODQRSUHYL
YDJD
YDJD GHQFLiULRMiQmRPDLVWHUiLPSRUWkQFLDSRUTXDQWRRQRYR
VLVWHPD SUHYLGHQFLiULR LQVWDXUDGR SHOD 5HIRUPD GD
(VVHGLVSRVLWLYROHJDOFRQIHUHXPGLUHLWRDRVHUYLGRU 3UHYLGrQFLD (PHQGD &RQVWLWXFLRQDO Qž   WHP
S~EOLFRHXPDREULJDomRjVHVFRODVS~EOLFDVPHVPRTXH FDUiWHUFRQWULEXWLYRH GRUDYDQWHRWHPSRSDUDDDSR
QmRWHQKDYDJD$VVLPVHXPIXQFLRQiULRS~EOLFRIHGHUDO VHQWDGRULDVyVHUiFRQWDGRHPIXQomRGDVFRQWULEXLo}HV
FXUVD)DFXOGDGHGH'LUHLWRQXPDFLGDGH]LQKDGRLQWHULRU SDJDVRXVHMD´WHPSRGHFRQWULEXLomRµHQmRPDLVWHPSR
GH0LQDV*HUDLVHpUHPRYLGRSDUD6mR%UDVtOLD³WHUi GHVHUYLoR
HOHRGLUHLWRGHWUDQVIHULUVHXFXUVRSDUDD)DFXOGDGHGH
'LUHLWRGD8QLYHUVLGDGH)HGHUDOGH%UDVtOLD(HVWDWHUiD 0DVSDUDTXHRYHOKRVHUYLGRUQmRSHUFDVHXWHPSR
REULJDomRGHDFHLWDU VXDWUDQVIHUrQFLDPHVPRTXHQmR GHVHUYLoRDSRVWLODGRHTXDVHWRGDXPDYLGDGHWUDEDOKR
WHQKDYDJD R DUWž GD (& Qž  HVWDEHOHFH TXH ´2EVHUYDGR R
GLVSRVWRQRDUW†GD&RQVWLWXLomR)HGHUDORWHPSR
0DVYHMDEHPDPXGDQoDGHVHGH GDFLGDGH]LQKD
GHVHUYLoRFRQVLGHUDGRSHODOHJLVODomRYLJHQWHSDUDHIHLWRGH
SDUD RXWUD  GHYHUi WHU VH GDGR QmRmR SRU LQWHUHVVH GR
VHUYLGRUPDVSRULQWHUHVVHGDDGPLQLVWUDomRS~EOLFD&RP DSRVHQWDGRULDFXPSULGRDWpTXHDOHLGLVFLSOLQHDPDWpULD
LVVR HYLWDVH R JROSH GH R VHUYLGRU S~EOLFR Vy ID]HU R VHUiFRQWDGRFRPRWHPSRGHFRQWULEXLomRµ
YHVWLEXODUGHXPDIDFXOGDGH]LQKDTXDOTXHUHHPVHJXL
GD SHGLU UHPRomR GH VHX VHUYLoR S~EOLFR SDUD RQGH $VVLP GDTXL S·UD IUHQWH QmR PDLV KDYHUi WHPSR
KRXYHUXPDJUDQGHXQLYHUVLGDGH³VySDUDSRGHUQHOD ILFWtFLR WHPSR GREUDGR GH OLFHQoDSUrPLR QmR JR]DGD
UHDOL]DUVHXFXUVRDFDGrPLFR WHPSRGHOLFHQoDVHYHQFLPHQWRVSDUDHVWXGRQRH[WHULRU
RXPDQGDWRHOHWLYRHWF SURLELGRSHOR†GRDUW&)
†~QLFR 2GLVSRVWR
GLVSRVWRQHVWH
QHVWHDUWLJR
DUWLJRHVWHQGHVH
HVWHQGHVHDRF{QMXJHRX PDVWRGRWHPSRMiDSRVWLODGRVHUiFRQYHUWLGRHP´WHPSR
FRPSDQKHLUR DRV
FRPSDQKHLUR DRV ILOKRVRXHQWHDGRVGRVHUYL
ILOKRVRXHQWHDGRVGRVHUYL GHFRQWULEXLomRµSUHVHUYDQGRVHSRUWDQWRRDWRMXUtGLFR
GRU
GRU TXH
TXH YLYLDP
YLYLDP QD
QD VXD
VXD FRPSDQKLD
FRPSDQKLD EHP
EHP FRPR SHUIHLWRHRGLUHLWRDGTXLULGR1mRVHUiIHLWDSRUWDQWR
DRV PHQRUHV
DRV PHQRUHV VRE D JXDUGD FRP DXWRUL]DomR
QHQKXPD UHFRQWDJHP SDUD FRQVLGHUDomR H[FOXVLYD GR
MXGLFLDO
MXGLFLDO
WHPSRGHFRQWULEXLomR
2 SULQFtSLR p R PHVPR GHYHVH HYLWDU TXH SDUD
DWHQGHUDRVLQWHUHVVHVGDDGPLQLVWUDomRWDQWRRVLQWHUHV $UW e FRQWDGR
FRQWDGR SDUD WRGRV RV HIHLWRV R WHPSRGH
VHVGHHVWXGR
HVWXGRHIRUPDomRDFDGrPLFDGRIXQFLRQiULRFRPR
HVWXGR VHUYLoR
VHUYLoRS~EOLFR
S~EOLFRIHGHUDO
IHGHUDOLQFOXVLYH
LQFOXVLYHRSUHVWDGR
SUHVWDGRjV
GHVHXVIDPLOLDUHVVHMDPSUHMXGLFDGRV+DYHULDSUHMXt]R )RUoDV$UPDGDV
PXLWRJUDQGHSDUDDIDPtOLDGRVHUYLGRUVHDFDGDWUDQVIH
UrQFLD GR VHUYLGRU SHUGHVVHP HOHV VHXV HVWXGRV ³ 1DGD PDLV MXVWR DILQDO VH R VHUYLGRU Mi SUHVWRX
LPSHGLQGRVHVXDIRUPDomRHVFRODU6HQmRKRXYHVVHWDO VHUYLoRj8QLmRHPTXDOTXHURXWURFDUJRRXHPSUHJRQmR
SRVVLELOLGDGH WRGR VHUYLGRU GHVFRODGR RSRULD Pi[LPD SRGHULDSHUGHUDTXHOHWHPSR9DOHRPHVPRVHRVHUYLoR
UHVLVWrQFLDjWUDQVIHUrQFLDGHVHGHFULDQGRPLOSUREOHPDV SUHVWDGR IRL SDUD R ([pUFLWR RX SDUD D 0DULQKD RX
jDGPLQLVWUDomR $HURQiXWLFD$VVLPVHXP2ILFLDOGH-XVWLoD$YDOLDGRU
DQWHULRUIRLVDUJHQWRGR([pUFLWRGXUDQWHDQRVGHSRLV
IRL(VFUHYHQWHQXPD5HSDUWLomRGR0LQLVWpULRGD6D~GH
7HPSRGH6HUYLoR GXUDQWH  DQRV HOH Vy WUDEDOKDUi PDLV  DQRV SDUD
DOFDQoDURVDQRVQHFHVViULRVjDSRVHQWDGRULD(QmRp
Vy $TXHOHV  DQRV VHUmR FRPSXWDGRV SDUD HIHLWRV GH
$FRQWDJHPGRWHPSRHPTXHRIXQFLRQiULRS~EOLFR DGLFLRQDLVOLFHQoDSUrPLRHWF
H[HUFLWDUVXDVIXQo}HVpPXLWRLPSRUWDQWHSRLVWDOFiOFXOR
VHUiFRQVLGHUDGRSDUDHIHLWRVGHHVWDELOLGDGH PDLVGH (pFODURWDOWHPSRGHVHUYLoRVHUiWDPEpPFRQYHUWL
DQRV GHDSRVHQWDGRULD HPUHJUDDRVDQRVGHWHPSR GRHPWHPSRGHFRQWULEXLomRQDIRUPDGRDUWžGD(&Qž
GH FRQWULEXLomR  SDUD DV FRQFHVV}HV OLFHQoDV OLFHQ 
oDSUrPLRIpULDVHWF SDUDGLVSRQLELOLGDGHHWF
 5HJLPH
-XUtGLFRÔQLFR ,
QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
$UW $DSXUDomR
DSXUDomRGR
GRWHPSR
WHPSRGH
GHVHUYLoR
VHUYLoRVHUi
VHUiIHLWDHP E SDUD
SDUD WUDWDPHQWR GD SUySULD VD~GH DWp R
GLDV
GLDVTXH
TXHVHUmR
VHUmRFRQYHUWLGRV
FRQYHUWLGRVHP
HPDQRV
DQRVFRQVLGH OLPLWH
OLPLWHGH
GHYLQWH
YLQWHHTXDWUR
TXDWURPHVHV
PHVHVFXPXODWLYR
FXPXODWLYRDR
UDGR R DQR FRPR GH WUH]HQWRV H VHVVHQWD H ORQJR
ORQJRGR
GRWHPSR
WHPSRGH
GHVHUYLoRS~EOLFRSUHVWDGR
FLQFRGLDV j8QLmRHPFDUJRGHSURYLPHQWRHIHWLYR
†~QLFR  5HYRJDGRSHOD/HLQžGH 2EVDOtQHDWHPVXDUHGDomRGDGDSHOD/HLQž
2EV

(LVDRULHQWDomRDULWPpWLFDSDUDTXHVHIDoDRFiOFXOR F SDUD
SDUDRGHVHPSHQKR
GHVHPSHQKRGHGHPDQGDWR
PDQGDWRFODVVLVWD
FODVVLVWDRX
GRWHPSRGHVHUYLoRDFRQWDJHPpHPGLDV$VVLPSDUD SDUWLFLSDomR
SDUWLFLSDomR GH
GH JHUrQFLD
JHUrQFLD RX
RX DGPLQLVWUDomR
XPVHUYLGRUVHDSRVHQWDUQmRVHUmRQHFHVViULRVDQRV HP
HP VRFLHGDGH
VRFLHGDGH FRRS
FRRSHUDWLYD
HUDWLYD FRQVWLWXtGD
FRQVWLWXtGD SRU
PDV  GLDV GH WUDEDOKR FRPSXWDGRV SRLV  VHUYLGRUHV
VHUYLGRUHVSDUD
SDUDSUHVWDU
SUHVWDUVHUYLoRV
VHUYLoRVDVHXV
VHXVPHP
GLDVGLYLGLGRVSRUGLDV XPDQR UHVXOWDUmRDQRV EURV
EURV H[FHWR
H[FHWR SDUD
SDUD HIHLWR GH SURPRomR SRU
GHWUDEDOKR PHUHFLPHQWR
   2EV (VWD DOtQHD IRL PRGLILFDGD SHOD /HL QžGHGHMDQHLURGH
DSHQDVSDUDDFUHVFHQWDUDKLSyWHVHGHSDUWLFLSDomRGHJHUrQFLDRXDGPLQLV
$UW $OpP GDV DXVrQFLDV DR VHUYLoR SUHYLVWDV QR WUDomR HP VRFLHGDGH FRRSHUDWLYD FRQVWLWXtGD SRU VHUYLGRUHV S~EOLFRV SDUD
DUW
DUW 
 VmR
VmR FRQVLGHUDGRV
FRQVLGHUDGRV FRPR
FRPR GH HIHWLYR SUHVWDUVHUYLoRVDVHXVPHPEURV

H[HUFtFLRRVDIDVWDPHQWRVHPYLUWXGHGH G SRU
SRUPRWLYR
PRWLYRGH
GHDFLGHQWH
DFLGHQWHHP
HPVHUYLoR
VHUYLoRRX
RXGRHQoD
SURILVVLRQDO
$VIDOWDVSUHYLVWDVQRDUWVmRDVFRQFHVV}HVRXVHMD
DOLEHUGDGHGHIDOWDUSRUGRDomRGHVDQJXHDOLVWDPHQWR H SDUDFDSDFLWDomRFRQIRUPHGLVSXVHU
SDUDFDSDFLWDomRFRQIRUPHGLVSXVHURUHJX
HOHLWRUDOJDODHQRMR ODPHQWR
2EVDOtQHDFRPUHGDomRGDGDSHOD/HLQž
2EV
2 TXH DTXL VH HVWDEHOHFH p TXH WDLV IDOWDV QmR VmR
FRQVLGHUDGDV H VHUmR FRPSXWDGDV LJXDO]LQKR D GLD GH I SRUFRQYRFDomRSDUDRVHUYLoRPLOLWDU
WUDEDOKR GR VHUYLGRU $VVLP HOH QmR SHUGHUi OLFHQoD
SUrPLRQmRVHUiUHWDUGDGDVXDDSRVHQWDGRULDHWF ,; GHVORFDPHQWR
GHVORFDPHQWR SDUDDQRYDVHGHGHTXHWUDWDR
SDUDDQRYDVHGHGHTXHWUDWDR
DUW
0DVKiRXWUDV
RXWUDVIDOWDVTXHWDPEpPVmRFRPSXWDGDVQR
RXWUDV
2EV 2 DUW SUHYr D PXGDQoD GH H[HUFtFLR SDUD RXWUD
WHPSR GH VHUYLoR GR IXQFLRQiULR S~EOLFR FRPR VH HOH ORFDOLGDGHRXSRUWUDQVIHUrQFLDRXSRUUHGLVWULEXLomR
WLYHVVHWUDEDOKDGRQDTXHOHSHUtRGR9HMDTXDLVVmR RXSRUUHPRomRRXDLQGDSRUTXHFHGLGRRXUHTXLVLWDGR

, IpULDV ; SDUWLFLSDomR


SDUWLFLSDomRHP
HPFRPSHWLomR
FRPSHWLomRGHVSRUWLYDQDFLRQDO
RX
RX FRQYRFDomR
FRQYRFDomR SDUD
SDUD LQWHJUDU
LQWHJUDU UHSUHVHQWDomR
UHSUHVHQWDomR
,, H[HUFtFLR
H[HUFtFLRGH
GHFDUJR
FDUJRHP
HPFRPLVVmR
FRPLVVmRRXHTXLYDOHQ GHVSRUWLYD
GHVSRUWLYD QDFLRQDO
QDFLRQDO QR
QR 3DtV
3DtV H RX
RX QR
QR H[WHULRU
WH
WH HP yUJmR RX HQWLGDGH GRV 3RGHUHV GD FRQIRUPHGLVSRVWRHPOHLHVSHFtILFD
8QLmR
8QLmR GRV
GRV (VWDGRV
(VWDGRV 0XQLFtSLRV
0XQLFtSLRV H 'LVWULWR
)HGHUDO ;, DIDVWDPHQWR
DIDVWDPHQWRSDUD
SDUDVHUYLU
VHUYLUHP
HPRUJDQLVPR
RUJDQLVPRLQWHUQDFL
RQDO
RQDO GH
GH TXH R %UDVLO SDUWLFLSH RX FRP R TXDO
,,, H[HUFtFLRGH
H[HUFtFLRGH FDUJR RX IXQomRGHJRYHUQRRX FRRSHUH
FRRSHUH
2EV(VWHLQFLVRIRLDFUHVFHQWDGRSHOD/HLQž
DGPLQLVWUDomR
DGPLQLVWUDomRHP
HPTXDOTXHUSDUWHGRWHUULWyULR
TXDOTXHUSDUWHGRWHUULWyULR
QDFLRQDO
QDFLRQDO SRU
SRU QRPHDomR
QRPHDomR GR
GR 3UHVLGHQWH
3UHVLGHQWH GD -XVWtVVLPR QHQKXPD GDV IDOWDV PHQFLRQDGDV QHVWH
5HS~EOLFD DUWLJRSRGHVHUGHELWDGDjQHJOLJrQFLDGHVLQWHUHVVHRX
IDOWDGHGHGLFDomRGRIXQFLRQiULR2EVHUYHTXHVmRIDOWDV
,9 SDUWLFLSDomR HP SURJUDPD GHWUHLQDPHQWR SUHYLVWDV SHOD SUySULD OHL FRPR OHJtWLPDV DXWRUL]DGDV
UHJXODUPHQWH
UHJXODUPHQWH LQVWLWXtGR
LQVWLWXtGR RX
RX HP
HP SURJUDPD
SURJUDPD GH /RJRQmRSRGHULDPHVPRFRQVLGHUDUIDOWDQHPGHVFRQ
SyVJUDGXDomR
SyVJUDGXDomR VWULFWR
VWULFWR VHQVX
VHQVX QR
QR 3DtV
3DtV FRQIRUPH WiODGRWHPSRGHVHUYLoRGRVHUYLGRUS~EOLFR
GLVSXVHURUHJXODPHQWR
2EVUHGDomRGDGDSHOD/HLQž $WHQomR $(PHQGD&RQVWLWXFLRQDOQžGH
DOWHUDQGRRDUWLJR†GD&RQVWLWXLomR
9 GHVHPSHQKR GHPDQGDWRHOHWLYRIHGHUDO )HGHUDO GHWHUPLQRX TXH ´D OHL QmR SRGHUi HVWDEHOHFHU
HVWDGXDO
HVWDGXDO PXQLFLSDO
PXQLFLSDO RX
RX GR
GR 'LVWULWR
'LVWULWR )HGHUDO TXDOTXHU IRUPD GH FRQWDJHP GH WHPSR GH FRQWULEXLomR
H[FHWRSDUDSURPRomRSRUPHUHFLPHQWR ILFWtFLRµ³DVVLPKiQHFHVVLGDGHGHDGHTXDURVDUWLJRV
HWDLV´WHPSRGHVHUYLoRµSRGHPVHUFRPSXWDGRV
9, M~ULHRXWURVVHUYLoRVREULJDWyULRVSRUOHL
FRPR GH HIHWLYR WUDEDOKR SDUD HIHLWR GH UHPXQHUDomR
F{PSXWRGHIpULDVFRQFHVVmRGHOLFHQoDSUrPLRUHPXQHUD
9,, PLVVmRRXHVWXGRQRH[WHULRUTXDQGRDXWRUL
GDHWF³PDVVHQmRKRXYHURFRUUHVSRQGHQWHSDJD
]DGR
]DGR R DIDVWDPHQWR
DIDVWDPHQWR FRQIRUPH
FRQIRUPH GLVSXVHU
GLVSXVHU R PHQWRGDFRQWULEXLomRSUHYLGHQFLiULDWDOSHUtRGRQmRVHUi
UHJXODPHQWR
UHJXODPHQWR
2EVFRPUHGDomRGDGDSHOD/HLQž FRPSXWDGR SDUD D DSRVHQWDGRULD QHP SDUD RXWURV
9,,, OLFHQoD EHQHItFLRVSUHYLGHQFLiULRV

D jJHVWDQWHjDGRWDQWHHjSDWHUQLGDGH &RQWDUVHiDSHQDV
$UW &RQWDUVHiDSHQDV
DSHQDVSDUD
SDUDHIHLWRGHDSRVHQWD
GRULDHGLVSRQLELOLGDGH
GRULDHGLVSRQLELOLGDGH
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

&RQILUD TXH HP WRGDV DV KLSyWHVHV GHVWH DUWLJR R GLD VHJXLQWH DR GD HOHLomR  JDQKDQGR QmR SRGHUi VHU
VHUYLGRU QDGD GHX DR VHUYLoR S~EOLFR IHGHUDO  SDUD FRQVLGHUDGR SDUD D FRQFHVVmR GH DQXrQLRV OLFHQoD
UHFHEHU HP WURFD DV YDQWDJHQV UHODWLYDV GR WHPSR GH SUrPLRHWF
VHUYLoR FRPR OLFHQoD SUrPLR DGLFLRQDLV SURPRomR SRU
DQWLJXLGDGHHWF $VVLPWDOWHPSRSUHVWDGRDWHUFHLURV H 6HRVHUYLGRUVHOLFHQFLRXHFRQWLQXRXUHFHEHQGRVHXV
QmR j 8QLmR  Vy SRGHUi VHU FRPSXWDGR SDUD ILP GH YHQFLPHQWRVGHOHIRLGHVFRQWDGDDFRQWULEXLomRSUHYLGHQ
DSRVHQWDGRULDHGHGLVSRQLELOLGDGH FLiULDHDVVLPQmRVHWUDWDGHWHPSRILFWtFLR

, RWHPSR
WHPSRGH
GHVHUYLoR
VHUYLoRS~EOLFR
S~EOLFRSUHVWDGR
SUHVWDGRDRV(VWDGRV ,9 R WHPSR FRUUHVSRQGHQWH DRGHVHPSHQKRGH
0XQLFtSLRVH'LVWULWR)HGHUDO PDQGDWR
PDQGDWRHOHWLYR
HOHWLYRIHGHUDO
IHGHUDOHVWDGXDO
HVWDGXDOPXQLFLSDO
PXQLFLSDORX
GLVWULWDO
GLVWULWDODQWHULRU
DQWHULRUDR
DRLQJUHVVR
LQJUHVVRQR
QRVHUYLoR
VHUYLoRS~EOLFR
6HRVHUYLGRUWUDEDOKRXSH[SDUDRVHUYLoRS~EOLFR IHGHUDO
HVWDGXDOQmRSRGHULDUHFHEHURVDQXrQLRVGHVVHWHPSR
6H DQWHV
DQWHV GH LQJUHVVDU QR IXQFLRQDOLVPR S~EOLFR R
DJRUDTXHHVWiWUDEDOKDQGRSDUDRVHUYLoRS~EOLFRIHGHUDO
VHUYLGRURFXSRXXPFDUJRHOHWLYR IRLYHUHDGRUGHSXWDGR
1HP TXDOTXHU RXWUD YDQWDJHP UHODWLYD DR WHPSR GH
HWF WRGRHVVHWHPSRHPTXHHOHRFXSRXWDOFDUJRQ QmR
VHUYLoR SRLV WDO WHPSR GH VHUYLoR QmR IRL GHGLFDGR j
VHUi FRQVLGHUDGR SDUD DQXrQLRV RX OLFHQoDSUrPLR
DGPLQLVWUDomRS~EOLFDIHGHUDO SURPRomRSRUDQWLJXLGDGHHWF
2EV $(PHQGD&RQVWLWXFLRQDOQžGHGHGH]HPEURGH
DOWHUDQGRRDUWLJR†žGD&RQVWLWXLomR)HGHUDOGHWHUPLQRX (VVHSHUtRGRGHPDQGDWRSRUpPGHYHUiVHUFRQWDGR
TXH ´R WHPSR GH FRQWULEXLomR IHGHUDO HVWDGXDO RX PXQLFLSDO VHUi QR WHPSR GH VHUYLoR SDUD DSRVHQWDGRULD RX HYHQWXDO
FRQWDGRSDUDHIHLWRGHDSRVHQWDGRULDHRWHPSRGHVHUYLoRFRUUHVSRQGHQ GLVSRQLELOLGDGH 
WH SDUD HIHLWR GH GLVSRQLELOLGDGHµ ³ DVVLP Ki QHFHVVLGDGH GH
PRGLILFDU HVWH LQFLVR , DGDSWDQGRR D QRYD OHJLVODomR SDUD
HIHLWR GH DSRVHQWDGRULD H GLVSRQLELOLGDGH  QmR PDLV VHUi
1mRVHWUDWDGHWHPSRILFWtFLRSRLVRH[HUFtFLRGHPDQ
FRQWDGRRWHPSRGHVHUYLoRPDVRWHPSRGHFRQWULEXLomR GDWR HOHWLYR p UHPXQHUDGR H JHUD R UHFROKLPHQWR GH
FRQWULEXLomRSUHYLGHQFLiULD
,, DOLFHQoD
OLFHQoDSDUD
SDUDWUDWDPHQWR
WUDWDPHQWRGH
GHVD~GH
VD~GHGH
GHSHVVRDOGD
IDPtOLD GR
IDPtOLD GR VHUY
VHUYLGRU
LGRU FRP
FRP UHPXQHUDomR
UHPXQHUDomR TXH 9 RWHPSR
WHPSRGH
GHVHUYLoR
VHUYLoRHP
HPDWLYLGDGHSULYDGD
DWLYLGDGHSULYDGDYLQFX
H[FHGHU
H[FHGHU D  WULQWD  GLDV HP SHUtRGR GH  ODGDj3UHYLGrQFLD6RFLDO
GR]H PHVHV
2EVLQFLVRFRPUHGDomRGDGDSHOD/HLQž (LVDREHGLrQFLDDRVLVWHPDGDSDULGDGHRWUDEDOKDGRU
QmRSRGHUiSHUGHURWHPSRGHXPDYLGDGHWUDEDOKRX
'XUDQWHWRGRRWHPSRHPTXHRVHUYLGRUVHGHGLFRXj SHUGHQGR VXD DSRVHQWDGRULD ³ DSHQDV SRUTXH VDLX GR
DVVLVWrQFLD DR IDPLOLDU GRHQWH HOH Mi WHYH R IDYRU GD VHWRUSULYDGRLQJUHVVDQGRQRVHWRUS~EOLFRRXYLFHYHUVD
DGPLQLVWUDomR S~EOLFD GH OKH SDJDU VXD UHPXQHUDomR DVVLP R TXH LPSRUWD SDUD D DSRVHQWDGRULD RX SDUD D
DOpPGHSRGHUIDOWDUHQmRSHUGHURF{PSXWRGHVVHWHPSR GLVSRQLELOLGDGH pTXHHOHWHQKDWUDEDOKDGRHFRQWULEXtGR
SDUDVXDDSRVHQWDGRULD RXHYHQWXDOGLVSRQLELOLGDGH  SDUDD3UHYLGrQFLD6RFLDO

3UHWHQGHUDLQGDTXHVHFRPSXWHWDOSUD]RSDUDRX 0DV WDO WHPSR GH VHUYLoR QmR VHUi FRPSXWDGR SDUD
SDUD DQXrQLR RX SDUD SURPRomR SRU DQWLJXLGDGH VHULD HIHLWRV GH DQXrQLRV RX OLFHQoD SUrPLR SURPRomR SRU
H[DJHURLPRUDO0DVYHMDTXHRDUW,,DGR(VWDWXWR DQWLJXLGDGHHWF6XDFRQWDJHPpUHVWULWDjDSRVHQWDGRULD
DGPLWH D FRQWDJHP GHVVH SUD]R SDUD HIHLWR GH OLFHQoD HHYHQWXDOGLVSRQLELOLGDGH 
SUrPLR Vy H[FOXL R SHUtRGR GHVVD OLFHQoD TXDQGR VHP
UHPXQHUDomR  9, RWHPSRGHVHUYLoRUHODWLYRDWLURGHJXHUUD

0DVYHMDEHPDFRPSXWDomRSDUDHIHLWRGHDSRVHQWD 2WLURGHJXHUUDpXPDGDVIRUPDVGHFXPSULPHQWRGR
GRULD HHYHQWXDOGLVSRQLELOLGDGH pVyDTXHOHSHUtRGRGH VHUYLoRPLOLWDUREULJDWyULRWRPDWHPSRGRWUDEDOKDGRU
DWpGLDV SURUURJiYHLVSRURXWURVGLDV HPTXHR H[LJHGHOHDOJXPWUDEDOKRHGHGLFDomRHQmRUDURDWpR
VHUYLGRUILFDGHOLFHQoDJDQKDQGR
JDQKDQGR'HSRLVGHVVHSHUtRGR
JDQKDQGR LPSHGLQGR GH WUDEDOKDU -XVWtVVLPR SRUWDQWR TXH VHMD
DWpSRGHUiFRQWLQXDUHPOLFHQoDGHSRLV
GHSRLVGHVVHV RX
GHSRLV FRPSXWDGRSDUDHIHLWR³UHVWULWR³GHDSRVHQWDGRULD H
GLDV³ PDVWDOOLFHQoDp
PDV VHPUHPXQHUDomRH
VHP QmRVHUi
QmR HYHQWXDOGLVSRQLELOLGDGH 
FRQVLGHUDGR R WHPSR QHP
QHP SDUD DSRVHQWDGRULD RX
HYHQWXDOGLVSRQLELOLGDGH  (VVHWHPSRWDPEpPpILFWtFLRSRLVGXUDQWHR´WLURGH
JXHUUDµ YDULDQWH GR VHUYLoR PLOLWDU  R VHUYLGRU QDGD
JDQKRX H QDGD FRQWULEXLX ³ H SRU IRUoD GD (PHQGD
6HRVHUYLGRUVHOLFHQFLRXHFRQWLQXRXUHFHEHQGRVHXV
&RQVWLWXFLRQDO Qž  DOWHUDQGR R DUWLJR † GD
YHQFLPHQWRVGHOHIRLGHVFRQWDGDDFRQWULEXLomRSUHYLGHQ
&RQVWLWXLomR)HGHUDO´DOHLQmRSRGHUiHVWDEHOHFHUTXDOTXHU
FLiULDHDVVLPQmRVHWUDWDGHWHPSRILFWtFLR
IRUPDGHFRQWDJHPGHWHPSRGHFRQWULEXLomRILFWtFLRµ
,,, D OLFHQoD SDUD DWLYLGDGH SROtWLFD QRFDVRGR 9,, R WHPSR
WHPSR GH
GH OLFHQoD
OLFHQoD SDUD
SDUD WUDWDPHQWRGDSUySULD
WUDWDPHQWRGDSUySULD
DUW†ž VD~GH TXH
VD~GH TXH H[FHGHU
H[FHGHU R SUD]R
SUD]R D TXH
TXH VH UHIHUH D
DOtQHDEGRLQF9,,,GR$UW
2WHPSRHPTXHRVHUYLGRUVHGHGLFRXjVXDFDPSDQKD
2EV(VWHLQFLVRIRLDFUHVFHQWDGRSHOD/HLQž
2EV
SROtWLFD DSDUWLUGRUHJLVWURGHVXDFDQGLGDWXUDDWpRž
,
 5HJLPH
-XUtGLFRÔQLFR QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
2DUW9,,,´EµGR(VWDWXWRGLVS}H GXUDQWHRWHPSRHPTXHWUDEDOKRXHUHFHEHXRPLOLWDU
SDJRXDFRQWULEXLomRPDVQRWHPSRUHVXOWDGRGDFRQWD
´$OpPGDVDXVrQFLDVDRVHUYLoRSUHYLVWDVQRDUWVmRFRQVLGHUD JHPGREUDGDHOHQmR
QmRFRQWULEXLXHSRULVVRWDOWHPSR³
QmR
GRVFRPRGHHIHWLYRH[HUFtFLRRVDIDVWDPHQWRVHPYLUWXGHGH GRUDYDQWH ³ Mi QmR PDLV SRGHUi VHU FRPSXWDGR SDUD
 DSRVHQWDGRULD QDWXUDOPHQWHRVYHOKRVFDVRVGHSDUWLFLSD
9,,, OLFHQoD omR HP RSHUDo}HV GH JXHUUD FRPR SH[ D  JXHUUD
 PXQGLDODLQGDVHUmRFRPSXWDGRVSRUIRUoDGR´GLUHLWR
E SDUDWUDWDPHQWRGDSUySULDVD~GHDWpROLPLWHGHYLQWHHTXDWUR
DGTXLULGRµ
PHVHVFXPXODWLYRDRORQJRGRWHPSRGHVHUYLoRS~EOLFRSUHVWDGR
j8QLmRHPFDUJRGHSURYLPHQWRHIHWLYRµ
 †ž e YHGDGDDFRQWDJHPFXPXODWLYDGHWHPSRGH
YHGDGDDFRQWDJHPFXPXODWLYDGHWHPSRGH
$VVLPDOLFHQoDSDUDWUDWDPHQWRGDSUySULDVD~GHTXH VHUYLoR
VHUYLoRSUHVWDGR
SUHVWDGRFRQFRPLWDQWHPHQWH
FRQFRPLWDQWHPHQWHHP HPPDLV
PDLVGH
H[FHGHUDPHVHVVyVHUiFRPSXWDGDHIHLWRGHDSRVHQ XP
XP FDUJR
FDUJR RX IXQomR GH
RX IXQomR GH yUJmR
yUJmR RX
RX HQWLGDGHV
HQWLGDGHV GRV
3RGHUHV
3RGHUHV GD
GD 8QLmR
8QLmR (VWDGR
(VWDGR 'LVWULWR
'LVWULWR )HGHUDO H
WDGRULDHGLVSRQLELOLGDGH
0XQLFtSLR
XQLFtSLRDXWDUTXLD
DXWDUTXLDIXQGDomR
IXQGDomRS~EOLFDVRFLHGD
S~EOLFDVRFLHGD
GHGHHFRQRPLDPLVWDHHPSUHVDS~EOLFD
5HVVDOWHVHSRUpPTXHHVWHGLVSRVLWLYRQmR
QmRpGHLQWHLUD
QmR
YDOLGDGHD(&Qž5HIRUPDGD3UHYLGrQFLDHVWDEH
&RUUHWtVVLPR Mi VH EHQHILFLDUD R IXQFLRQiULR FRP D
OHFHXXPVLVWHPDSUHYLGHQFLiULRGHQDWXUH]DFRQWULEXWLYD
DFXPXODomR GH FDUJRV S~EOLFRV 2 WHPSR SUHVWDGR p
GHVRUWHTXHRVEHQHItFLRVSUHYLGHQFLiULRVEHPDVVLPRV
FRQWDGRSRUFDUJR$VVLPVHHOHWLQKDGRLVFDUJRVDWp
SURYHQWRVGDDSRVHQWDGRULDVmRYLQFXODGRVDRWHPSRGH SRGHUiVHDSRVHQWDUHPDPERVRVFDUJRVFRQMXQWDPHQWH
FRQWULEXLomRHQmRDRWHPSRGHVHUYLoR3RULVVRVHKRX 0DVQmR
QmRSRGHUiWUDEDOKDUHPGRLVFDUJRVGXUDQWH
QmR
YHUSDJDPHQWRGHFRQWULEXLomRGXUDQWHDOLFHQoDSRXFR DQRV H SHGLU D FRQWDJHP HP GREUR SRUTXH HUDP GRLV
LPSRUWDUiDH[WHQVmRGHVHXSUD]RVHUiFRPSXWDGRSDUD FDUJRV DOFDQoDQGRRV [ HVHDSRVHQWDQGR
HIHLWRGHDSRVHQWDGRULD

†ž 2 WHPSR
WHPSR HP
HP TXHRVHUYLGRUHVWHYHDSRVHQWDGR
VHUiFRQWDGRDSHQDVSDUDQRYDDSRVHQWDGRULD 'R'LUHLWRGH3HWLomR

1mRVHHVTXHoDTXHXPIXQFLRQiULRMiDSRVHQWDGRSRGH
YROWDUDWUDEDOKDU VHHOHSRUH[HPSORVDURXGDGRHQoD 2IXQFLRQiULRS~EOLFRWHPVXDYLGDIXQFLRQDOGLUHFLRQD
TXH R LQFDSDFLWDYD   1HVVH FDVR R WHPSR HP TXH Mi GD HP UD]mR GH DWRV DGPLQLVWUDWLYRV WUDQVIHUrQFLD
UHPRomR SURPRomR DFHVVR DERQR GH IDOWDV SXQLo}HV
HVWHYHDSRVHQWDGR HPYHUGDGHDIDVWDGR QmRSRGHULDVHU
FRQFHVV}HV HWF    7DLV DWRV SRGHUmR FDXVDU DOHJULD DR
GHVFRQWDGRMiTXHHOHHVWHYHDIDVWDGROHJDOPHQWH0DV
IXQFLRQiULRFRPRSRGHUmRWDPEpPDERUUHFrORSRUVH
WDPEpPQmRSRGHULDVHEHQHILFLDUUHFHEHQGRDGLFLRQDLV
DFUHGLWDUHOHSUHMXGLFDGRRXLQMXVWLoDGR
FRQFHVV}HVHWF
2(VWDWXWRDVVHJXUDDRIXQFLRQiULRS~EOLFRRGLUHLWR
GLUHLWRGH
GLUHLWR
2WHPSRGHVVDSDVVDJHLUDDSRVHQWDGRULDVHUiFRQWDGR SHWLFLRQDURXVHMDIRUPXODUSRUHVFULWRTXDLVTXHUUHTXHUL
PDVDSHQDVSDUDRFiOFXORGRWHPSRjVXDQRYDIXWXUD PHQWRVRXUHSUHVHQWDo}HVRXSHGLUUHFRQVLGHUDomRGRV
DSRVHQWDGRULD DWRVFRPRVTXDLVWHQKDVHVHQWLGRSUHMXGLFDGR0DLVTXH
LVVR1RGLUHLWRGHSHWLomRR(VWDWXWRFRQFHGHDRIXQFLRQi
6H R VHUYLGRUDSRVHQWDGRQmRSDJDYDDFRQWULEXLomR ULRDWpRGLUHLWRGHUHFRUUHUGDGHFLVmRSURIHULGDQRVHX
SUHYLGHQFLiULD WDO WHPSR VHUi ILFWtFLR H SRUWDQWR QmR SHGLGRRXVHMDVHVXDSHWLomRIRLLQGHIHULGDHOHSRGHDWp
DXWRUL]DUiVHXF{PSXWRH[YLGDQRYDUHGDomRGRDUW† SHGLUTXHXPDDXWRULGDGHVXSHULRUjTXHOD TXHLQGHIHULX
&) UHH[DPLQHRFDVRHSURILUDXPDQRYDGHFLVmR

†ž 6HUi FRQWDGR HP GREUR R WHPSRGHVHUYLoR 'XDVFRLVDVVmRLPSRUWDQWHVQRH[HUFtFLRGRGLUHLWRGH


SUHVWDGR
SUHVWDGR jV )RUoDV $UPDGDV HP RSHUDo}HV GH SHWLomR D
D RSULQFtSLRKLHUiUTXLFRSHORTXDOR(VWDWXWR
D
JXHUUD H[LJHTXHDSHWLomRVHMDHQFDPLQKDGDSRULQWHUPpGLRGR
&KHIHGRIXQFLRQiULR HVHIRUUHFXUVRRUHFXUVRWDPEpP
8P UHFRQKHFLPHQWR GR (VWDWXWR SHOD GHGLFDomR GH GHYHVHUHQFDPLQKDGRDWUDYpVGRFKHIH H E TXHVHMD
E
TXHP QmR KHVLWRX HP VHUYLU j 3iWULD HP RSHUDo}HV GH REVHUYDGRXPSUD]RSDUDRUHTXHULPHQWR GHSRLVGHVVH
JXHUUDH[SRQGRVXDSUySULDYLGDHPEHQHItFLRGRLQWHUHV SUD]RFKDPDGRSUHVFULFLRQDORSHGLGRQHPVHUiFRQKHFL
VHQDFLRQDO-XVWRSRUWDQWRTXHWDOWHPSRVHMDFRQVLGHUD GR RX VHMD VHUi LJQRUDGR PHVPR TXH R IXQFLRQiULR
GRHPGREUR$VVLPVHHOHILFRXQXPTXDUWHO PHVPR WHQKDUD]mR 
TXH QmR WHQKD HQWUDGR HP OXWD  QXPD RSHUDomR GH
JXHUUDSRUH[HPSORGXUDQWHDQRVHOHMiWHUiDQRV R 3RU ILQDO p LQWHUHVVDQWH REVHUYDU TXH ]HODQGR SHOD
GREUR GH   GH VHUYLoR S~EOLFR D VHU FRPSXWDGR SDUD OHJDOLGDGH GRV DWRV DGPLQLVWUDWLYRV R (VWDWXWR SHUPLWH
WRGRVRVHIHLWRV YHMDRDUWGR(VWDWXWR  TXH D $GPLQLVWUDomR 3~EOLFD  LQGHSHQGHQWHPHQWH GH
H[LVWLU RX QmR UHTXHULPHQWR SHWLomR GR IXQFLRQiULR
(LVDTXLXPFDVRSDGUmRGH´WHPSRILFWtFLRµ³HTXH S~EOLFRIDoDHODPHVPDDUHYLVmRGRDWRSUDWLFDGRHVH
FRPD(&Qž 5HIRUPDGD3UHYLGrQFLD DFUHVFHQGR FRQVWDWDU DOJXPD LUUHJXODULGDGH DOJXPD LOHJDOLGDGH
XP†DRDUW&)³QmRPDLVSRGHUiVHUFRPSXWDGR PRGLILTXHRFRUULJLQGRRHUUR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

$UW eDVVHJXUDGRDRVHUYLGRURGLUHLWRGHUHTXH SRGHUi PRGLILFiOD SURIHULQGR QRYD GHFLVmR 0DV YHMD


UHU
UHUDRV
DRV3RGHUHV
3RGHUHV3~EOLFRV
3~EOLFRVHP
HPGHIHVD
GHIHVDGH
GHGLUHL EHPVySRGHVHUIHLWRXP XP
XP~QLFRSHGLGR
~QLFRSHGLGRGHUHFRQVLGHUD
RSHGLGR
WRRXLQWHUHVVHOHJtWLPR omRSDUDTXHDTXHVWmRQmRVHHWHUQL]HFRPXPSHGLGR
DWUiV GR RXWUR TXH VDELGDPHQWH PDQWHUi R DQWHULRU
7UDWDVHGHXPGLUHLWRFRQIHULGRDRVHUYLGRU&RPLVVR 8PD~QLFDUHYLVmREDVWDHpVXILFLHQWH
QmRVyHOHGHIHQGHUiVHXVLQWHUHVVHVFRPRDLQGDFRQWUL
EXLUiSDUDTXHD$GPLQLVWUDomRFRUULMDRVHUURVHLQMXVWL †~QLFR 2UHTXHULPHQWR
UHTXHULPHQWRHRSHGLGR
SHGLGRGHGHUHFRQVLGHUDomR
oDVTXHHVWHMDFRPHWHQGR GH TXH
GH TXH WUDWDP
WUDWDP RV
RV DUWLJRV
DUWLJRV DQWHULRUHVGHYHUmR
DQWHULRUHVGHYHUmR
VHU
VHUGHVSDFKDGRV
GHVSDFKDGRVQRQRSUD]R
SUD]RGH
GH FLQFR 
FLQFR GLDV
GLDVH
e GR LQWHUHVVH S~EOLFR TXH D $GPLQLVWUDomR VHMD R GHFLGLGRVGHQWURGH WULQWD GLDV
GHFLGLGRVGHQWURGH WULQWD GLDV
H[HPSORGDOLVXUDGDFRUUHomRHGRUHVSHLWRDRVGLUHLWRV
H LQWHUHVVHV DOKHLRV (QILP XP SDUDGLJPD GR +i DTXL GRLV SUD]RV GLVWLQWRV R UHTXHULPHQWR VHUi
FRPSRUWDPHQWRHSRVWXUDFRQIRUPHDRUGHPMXUtGLFD HQWUHJXH j DXWRULGDGH TXH GHYHUi UHFHErOR H GDU R
GHVSDFKRLQLFLDOSDUDTXHVHLQLFLHDUHYLVmR(VVHGHVSD
0DVRGLUHLWRGHSHWLomRQmRpQHQKXPIDYRUHVSHFLDOGR FKR UHFHEHQGR R UHTXHULPHQWR GHFODUDQGR TXH LUi UH
(VWDWXWR SDUD R IXQFLRQDOLVPR D &RQVWLWXLomR )HGHUDO DQDOLVDU D TXHVWmR H HYHQWXDOPHQWH GHWHUPLQDQGR
FRQVDJUDHVVHGLUHLWRDWRGDHTXDOTXHUSHVVRDLQGHSHQ DOJXPD SURYLGrQFLD GHYH VHU IHLWR HP  FLQFR  GLDV
GLDV
GHQWHPHQWH GR SDJDPHQWR GH WD[DV SDUD GHIHVD GH 'HSRLVGLVVRFDEHUijDXWRULGDGHUH UHHVWXGDUUH
UH UHDQDOLVDU
UH
GLUHLWRVRXFRQWUDLOHJDOLGDGHRXDEXVRGHSRGHU DUWž RSHGLGRHSURIHULUXPDQRYD
QRYDGHFLVmRVHMDPRGLILFDQGR
QRYD
;;;,9&)  VHMD PDQWHQGR D GHFLVmR DQWHULRU HVVD QRYD GHFLVmR
GHYHUiVHUSURIHULGDQRSUD]RGH WULQWD GLDV
 WULQWD GLDV
 WULQWD GLDV
$UW 2 UHTXHULPHQWR
UHTXHULPHQWR VHUi
VHUi GLULJLGR j$XWRULGDGH
FRPSHWHQWH SDUD GHFLGLOR H HQFDPLQKDGR
FRPSHWHQWH ¢'HVGHTXDQGRVHFRQWDPWDLVSUD]RV"""(PERUDQmR
SRU
SRU LQWHUPpGLR
LQWHUPpGLR GDTXHOD
GDTXHOD D TXH
TXH HVWLYHUVXERU
HVWLYHUVXERU VHMDFODURRHVWDWXWRDOyJLFDMXUtGLFDGRGLVSRVLWLYRpGH
GLQDGRRUHTXHUHQWH
GLQDGRRUHTXHUHQWH TXHRVFLQFRGLDVSDUDRGHVSDFKRLQLFLDOVmRFRQWDGRV
GHVGHRSURWRFRORGRUHTXHULPHQWRHRVGLDVSDUDD
2FXLGDGRGHVWHGLVSRVLWLYRpHYLWDUIXWULFDVHLQWULJDV GHFLVmR VHUmR FRQWDGRV D SDUWLU GD GDWD GR GHVSDFKR
QDRUJDQL]DomRDGPLQLVWUDWLYDXPPtQLPRGHGLVFLSOLQD LQLFLDO 6LJQLILFD TXH D GHFLVmR ILQDO GH MXOJDPHQWR GR
KiGHVHUREVHUYDGRQRH[HUFtFLRGRGLUHLWRGHSHWLomRR SHGLGR GH UHFRQVLGHUDomR VHUi SURIHULGD HP  GLDV
VHUYLGRUGHYHUiQHFHVVDULDPHQWHGLULJLURUHTXHULPHQWR GHVGH D GDWD GR SURWRFROR GR UHTXHULPHQWRSHGLGR GH
j$XWRULGDGHFRPSHWHQWHSDUDGHFLGLUP PDVDHQWUHJD
DV HQWUHJDGD
HQWUHJD UHFRQVLGHUDomR
SHWLomRGHYHUiVHUIHLWDDVHXFKHIH(VWHILFDSUHVHUYDGR
HPVXDDXWRULGDGH2]HORpSUHVHUYDUDKLHUDUTXLDQLVVR $UW &DEHUiUHFXUVR
FRQVWLWXLDREVHUYkQFLDGDFDGHLDGHFRPDQGR
5HFRUUHUpSOHLWHDUTXHXPDDXWRULGDGHVXSHULRUUHYHMD
$UW &DEH
&DEHSHGLGR
SHGLGRGH
GHUHFRQVLGHUDomR
UHFRQVLGHUDomRjDXWRULGDGH DGHFLVmRWRPDGDSHODDXWRULGDGHLQIHULRUHDVVLPRX
TXH
TXH KRXYHU
KRXYHU H[SHGLGR
H[SHGLGR R DWR
DWR RX
RX SURIHULGR
SURIHULGR D PRGLILTXHWDOGHFLVmRRXDPDQWHQKD2UHFXUVRWHPSRU
SULPHLUD
SULPHLUDGHFLVmR
GHFLVmRQmR
QmRSRGHQGR
SRGHQGRVHU
VHUUHQRYDGR
UHQRYDGR SUHVVXSRVWRDIDOLELOLGDGHKXPDQDRXVHMDWRGRVSRGHPRV
IDOKDUHUUDU$VVLPVHRLGHDODVHUDOFDQoDGRpDMXVWLoD
6HPSUHTXHXPDDXWRULGDGHWRPDXPDGHFLVmRTXH HVWDUHPRVWRGRVVHJXURVVHKRXYHUDSRVVLELOLGDGHGHDV
DIHWDDRVLQWHUHVVHVGHXPVHUYLGRUS~EOLFRHVWH D D RX
D GHFLV}HVVHUHPUHYLVWDVMXOJDQGRVHRFDVRPDLVXPDYH]
ILFDUiVDWLVIHLWRFRPDGHFLVmRRX E
E VHVHQWLUiSUHMXGLFD
E SHORPHQRV
GRSRUHOD1LQJXpPpREULJDGRDDFHLWDUSDVVLYDPHQWH
DV GHFLV}HV 3RGH VH LQVXUJLU FRQWUD HODV H EXVFDU VXD , GRLQGHIHULPHQWRGR
GRLQGHIHULPHQWRGRSHGLGR
SHGLGRGH
GHUHFRQVLGHUDomR
UHFRQVLGHUDomR
PRGLILFDomR3DUDLVVRH[LVWHPRVUHFXUVRVDGPLQLVWUDWL
YRVHPTXHXPD$XWRULGDGHVXSHULRUjTXHODTXHGHFLGLX -iYLPRVTXHWRPDGDXPDGHFLVmRRLQWHUHVVDGRSRGH
SRGHUiUHYHUDGHFLVmRPRGLILFDQGRDRXPDQWHQGRDe SOHLWHDUjDXWRULGDGH TXHGHFLGLX TXHUHFRQVLGHUHVXD
SRVVtYHO TXH XPD DXWRULGDGH DGPLQLVWUDWLYD WRPH XPD GHFLVmR (VVD DXWRULGDGH UHDQDOLVDUi
UH R FDVR H SURIHULUi
GHFLVmRHGHSRLVGHWRPDGDSHUFHEDTXHHUURX³VHMD XPD QRYD GHFLVmR 6H QHVVD QRYD GHFLVmR D DXWRULGDGH
SRUTXH QmR UHIOHWLX EHP VHMD SRUTXH QRYDV UD]}HV OKH PDQWLYHUDTXHODYHOKDGHFLVmRHVWDUiLQGHIHULQGRRSHGLGR
PRVWUDUDPXPPHOKRUFDPLQKR GH UHFRQVLGHUDomR  $t HQWmR R LQWHUHVVDGR SRGHUi
UHFRUUHU j DXWRULGDGH VXSHULRU SDUD TXH HOD UHYHMD D
3DUDHYLWDUTXHD$XWRULGDGHVXSHULRUVHMDDWULEXODGD GHFLVmRSURIHULQGRXPDQRYD
DIRJDGDHPWUDEDOKRGHVQHFHVViULR R(VWDWXWRSHUPLWH
TXHDSUySULDDXWRULGDGHTXHGHFLGLXDTXHVWmRUHYHMD ,, GDV GHFLV}HV VREUH RVUHFXUVRVVXFHVVLYDPHQWH
VXDSUySULDGHFLVmRSRGHQGRPRGLILFiOD LQWHUSRVWRV
LQWHUSRVWRV

3DUDLVVREDVWDUiTXHRVHUYLGRULQWHUHVVDGRHQWUHFRP $HVWUXWXUDDGPLQLVWUDWLYDWHPYiULRVQtYHLVKLHUiUTXL
XPSHGLGRGHUHFRQVLGHUDomRGHVVDIRUPDDDXWRULGDGH FRV6HPSUHTXHXPDDXWRULGDGHWRPDXPDGHFLVmRHVVD
VHUi REULJDGD D UHDQDOLVDU
UH VXD SULPHLUD GHFLVmR H GHFLVmR SRGHUi VHU UHYLVWD SRU XPD RXWUD DXWRULGDGH
FRQVLGHUDQGRRVDUJXPHQWRVWUD]LGRVSHORVHUYLGRUDWp DGPLQLVWUDWLYDTXHOKHpVXSHULRU$VVLPPHVPRTXDQGR
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

DGHFLVmRMipSURIHULGDHPJUDXGHUHFXUVRHODDLQGDVHUi 7RGRUHFXUVRSRGHWHUGRLV
GRLVHIHLWRV D
GRLV D GHYROXWLYRRX
D
XPDGHFLVmRHKDYHQGRXPDDXWRULGDGHVXSHULRUjTXHOD VHMDWRGDDPDWpULDpGHYROYLGDSDUDVHUDQDOLVDGDHUH
SRGHUi VHU LQWHUSRVWR XP QRYR UHFXUVR SDUD TXH HVWD GHFLGLGDH E
E VXVSHQVLYRRXVHMDRIDWRGHSHGLUTXHD
E
VXSHULRU UHDQDOLVH D GHFLVmR GD DXWRULGDGH LQIHULRU GHFLVmR VHMD UHYLVWD LPSHGLULD TXH VHX FRQWH~GR IRVVH
GHYHUi SRUpP KDYHU XPD SUHYLVmR GH FDELPHQWR GH H[HFXWDGR ILFDQGR VXVSHQVR DWp TXH D GHFLVmR ILQDO GR
UHFXUVRQDRUJDQL]DomRGRFRQWHQFLRVRDGPLQLVWUDWLYR  UHFXUVRYHQKDDVHUSURIHULGD

†ž 2 UHFXUVR VHUi GLULJLGR jDXWRULGDGHLPHGLDWD (QTXDQWR WRGR UHFXUVR WHP QDWXUDOPHQWH R HIHLWR
PHQWH
PHQWH VXSHULRU
VXSHULRU j TXH
TXH WLYHU
YHU H[SHGLGR
H[SHGLGR R DWR
DWR RX GHYROXWLYRRHIHLWRVXVSHQVLYRQmRpDXWRPiWLFRSRGHUi
SURIHULGR
SURIHULGRDGHFLVmR
GHFLVmRH
HVXFHVVLYDPHQWH
VXFHVVLYDPHQWHHP
HPHVFDOD RFRUUHUGHDGHFLVmRVHUWRPDGDHHPERUDRLQWHUHVVDGR
DVFHQGHQWHjVGHPDLVDXWRULGDGHV
DVFHQGHQWHjVGHPDLVDXWRULGDGHV LQWHUSRQKD XP UHFXUVR R FRQWH~GR GD GHFLVmR Mi YDL
VHQGR H[HFXWDGR LQGHSHQGHQWHPHQWH GR UHFXUVR H GH
(VVDDRUGHPQDWXUDOGDVFRLVDVVHRUHFXUVRSURYRFDUi XPDIXWXUDGHFLVmRSHODDXWRULGDGHVXSHULRU
XPDUHDQiOLVHGRFDVRSRGHQGRUHVXOWDUHPPXGDQoDGD
GHFLVmRDQWHULRUVySRGHUiSURIHULUDQRYDGHFLVmRXPD &DEHUijDXWRULGDGHFRPSHWHQWHSDUDMXOJDURUHFXUVR
$XWRULGDGHVXSHULRUjTXHWLYHUH[SHGLGRRDWRRXSURIHUL
DQDOLVDU VH p GH ERD FDXWHOD RX VH QmR p QHFHVViULR
GRDGHFLVmR6XERUGLQDGRQmRPXGDGHFLVmRGHFKHIH
VXVSHQGHUDH[HFXomRGRFRQWH~GRGDGHFLVmRTXHVHUi
6yRFKHIH VXSHULRUQDKLHUDUTXLDDGPLQLVWUDWLYD WHPR
DQDOLVDGD 6H D DXWRULGDGH FRPSHWHQWH UHSLWDVH D
SRGHUGHPXGDUDGHFLVmRGRVXERUGLQDGR
FRPSHWHQWHSDUDMXOJDURUHFXUVR QHVVDSULPHLUDDQiOLVH
SHUFHEHU TXH QmR KDYHUi QHQKXP SUHMXt]R ILQDO TXH D
†ž 2 UHFXUVR VHUi HQFDPLQKDGR SRULQWHUPpGLRGD
DXWRULGDGH GHFLVmRUHFRUULGDMiSRGHLUVHQGRH[HFXWDGDHVHQRILQDO
DXWRULGDGHDTXH
DTXHHVWLYHU
HVWLYHULPHGLDWDPHQWH
LPHGLDWDPHQWHVXERUGL
QDGRRUHTXHUHQWH
QDGRRUHTXHUHQWH IRUDOWHUDGDDDOWHUDomRQmRWUDUiFRQVHTXrQFLDPDLRUHV
HQWmRQHJDUiRHIHLWRVXVSHQVLYR
7DO TXDO QR GLUHLWR GH SHWLomR ³ WDPEpP R UHFXUVR
GHYHREVHUYDUDFDGHLDGHFRPDQGRRXVHMDQHQKXPFKHIH 0DVVHDDXWRULGDGHFRPSHWHQWHSHUFHEHUTXHXPDYH]
SRGHVHUGHVFRQVLGHUDGRHPVXDDXWRULGDGH2EULJDQGRD H[HFXWDGDDGHFLVmRUHFRUULGDRUHVXOWDGRGRUHFXUVRVHUi
TXHRUHFXUVRVHMDHQFDPLQKDGRSRULQWHUPpGLRGRFKHIH LQ~WLOSRUTXHQmRDGLDQWDUiPDLVQDGDHQWmRHODFRQFH
GR UHFRUUHQWH R (VWDWXWR SUHVHUYD D DXWRULGDGH GHVWH GHUiRHIHLWRVXVSHQVLYR
SHUDQWHRVHUYLGRUHDLQGDSRVVLELOLWDWHQKDHOHFRQKHFL
PHQWRSOHQRGDVLWXDomRGRVHUYLGRUQDTXHOHSUREOHPD †~QLFR (P
(PFDVR
FDVRGH
GHSURYLPHQWR
SURYLPHQWRGRGRSHGLGRGHUHFRQVLGH
UDomR
UDomRRX
RXGR
GRUHFXUVR
UHFXUVRRV
RVHIHLWRV
HIHLWRVGD
GDGHFLVmR
GHFLVmRUHWURD
$UW 2 SUD]R SDUD LQWHUSRVLomR GH SHGLGRGH JLUmRjGDWDGRDWRLPSXJQDGR
JLUmRjGDWDGRDWRLPSXJQDGR
UHFRQVLGHUDomR
UHFRQVLGHUDomR RX
RX GH
GH UHFXU
UHFXUVR
VR p GH
GH 
 WULQWD 
GLDV
GLDVDFRQWDUGDSXEOLFDomRRXGDFLrQFLDSHOR eRFKDPDGRHIHLWRH[WXQFVHDGHFLVmRILQDOSURIHUL
LQWHUHVVDGRGDGHFLVmRUHFRUULGD
LQWHUHVVDGRGDGHFLVmRUHFRUULGD GDQRSHGLGRGHUHFRQVLGHUDomRRXQRUHFXUVRGHXUD]mR
DR UHFRUUHQWH VLJQLILFD TXH R DWR LPSXJQDGR GHVGH
5HFRUUHUpXPDGHFLVmRUHIOHWLGDHPTXHRLQWHUHVVDGR TXDQGRI{UDSUDWLFDGRHVWDYDLQFRUUHWRLOHJDO
SULPHLUDPHQWHGHYHUiFRQKHFHUDIXQGRDGHFLVmRTXH
FRQWUDULRXVHXVLQWHUHVVHVDYDOLDUVHHVWiRXQmRFRUUHWD 3RU YLD GH FRQVHTXrQFLD QmR SRGH WHU YDOLGDGRV RV
VHXV HUURV HWF $VVLP WDQWR R LQWHUHVVDGR Vy SRGHUi HIHLWRV GHOH GHFRUUHQWHV SRLV QmR VH FRQYDOLGD R TXH
GHFLGLUVHUHFRUUHRXQmRGHSRLV
GHSRLVGHFRQKHFHUDGHFLVmR
GHSRLV QXQFDSUHVWRXQXQFDIRLOHJDO$VVLPWDQWRRDWRLPSXJ
FRPRDLQGDGHYHVHUGDGRXPSUD]RSDUDTXHHOHPHoD QDGRFRPRVHXVHIHLWRVWXGRILFDUiDQXODGR
UHIOLWDVREUHDFRQYHQLrQFLDGHUHFRUUHURXPHVPRWHQKD
WHPSRSDUDFROHWDUGDGRVHDUJXPHQWRVSDUDPRVWUDUQR $UW 2GLUHLWRGHUHTXHUHUSUHVFUHYH
2GLUHLWRGHUHTXHUHUSUHVFUHYH
UHFXUVRTXHHOHWHPUD]mRHDGHFLVmRIRLHUUDGD
$SUHVFULomRDTXLpUHIHUHQWHDRGLUHLWRGHUHTXHUHUDR
3RULVVRKiGXDVSUHPLVVDVLQVXSHUiYHLVSDUDRUHFXUVR GLUHLWR GH SHWLomR H QmR DR GLUHLWR GH UHFRUUHU RX GH
D GHYHKDYHUXPSUD]RSDUDTXHRLQWHUHVVDGRDSUHVHQ
D SHGLU UHFRQVLGHUDomR 1mR p GLItFLO GH HQWHQGHU TXH R
WHRUHFXUVR RXSHGLGRGHUHFRQVLGHUDomRTXHWDPEpP GLUHLWRGHSHWLFLRQDUWHPVHPSUHXPDFDXVDRXVHMDD
pXPUHFXUVR H E E RSUD]RVyFRPHoDDFRUUHUGHSRLV
E DIHWDomRGHXPGLUHLWRRXGHXPLQWHUHVVHDTXHSUHWHQGH
TXHRLQWHUHVVDGRWRPRXFRQKHFLPHQWRGDGHFLVmR0XLWDV R6HUYLGRUGHIHQGHUH[HUFLWDQGRRGLUHLWRGHSHWLomR
YH]HVDOHLDXWRUL]DTXHDRLQYpVGHVHGDUFRQKHFLPHQWR
SHVVRDOPHQWH DR LQWHUHVVDGR FKDPDQGRR SDUD OHU D 0DVHVVHGLUHLWRGHSHWLFLRQDUQmRSRGHVHUH[HUFLWDGR
GHFLVmR EDVWDDSXEOLFDomRGDGHFLVmRQRGLiULRRILFLDO
DG WHUQXPDWpSRUTXHQHQKXPGLUHLWRpHWHUQR+iXP
IDWR TXH D WRUQD S~EOLFD ID]HQGR SUHVXPLGD D FLrQFLD
SUD]R H VH R LQWHUHVVDGR QDGD UHTXHUHX QHVVH SUD]R
WDPEpPSHORLQWHUHVVDGR
QXQFDPDLVSRGHUiID]rOR
QXQFDPDLV
$UW 2 UHFXUVR SRGHUi VHU UHFHELGR FRPHIHLWR
$SUHVFULomRpXPDHVSpFLHGHSXQLomRSDUDTXHPQmR
VXVSHQVLYRDMXt]RGDDXWRULGDGHFRPSHWHQWH
VXVSHQVLYRDMXt]RGDDXWRULGDGHFRPSHWHQWH
DJLXQRWHPSROHJDOSRLVRGLUHLWRQmRVRFRUUHDTXHP
GRUPH GRUPLXGDQoRX RXFRPRGL]LDPRVURPDQRV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

GRUPLHQWLEXVQRQVXFXUULWMXV&RQILUDRSUD]RTXHWHPRV $UW 3DUD


3DUDRH[HUFtFLR
H[HUFtFLRGR
GRGLUHLWR
GLUHLWRGH
GHSHWLomR
SHWLomRpDVVHJX
SDUD GRUPLU H DFRUGDU DQWHV
DQWHV TXH DFDEH H ILTXHPRV UDGDYLVWD
UDGD YLVWDGR
GRSURFHVVR
SURFHVVRRX
RXGRFXPHQWR
GRFXPHQWRQD
QDUHSDUWL
LPSRVVLELOLWDGRVGHH[HUFLWDUQRVVRGLUHLWRGHSHWLomR omR
omRDR
DRVHUYLGRURX
VHUYLGRURXDSURFXUDGRU
SURFXUDGRUSRU
SRUHOH
HOHFRQVWL
WXtGR
WXtGR
, HP FLQFR DQRV
 FLQFR DQRVTXDQWRDRVDWRVGHGHPLVVmRH
 FLQFR DQRV
GHFDVVDomRGHDSRVHQWDGRULDRXGLVSRQLELOLGDGH 8PD SHVVRD Vy SRGHUi SHWLFLRQDU RX VHMD ID]HU XP
RX TXH DIHWHP LQWHUHVVH SDWULPRQLDO H FUpGLWRV UHTXHULPHQWR HP TXH H[SRUi RV IDWRV H H[SOLFDUi DV
UHVXOWDQWHVGDVUHODo}HVGHWUDEDOKR UD]}HV MXUtGLFDVHIDWXDLV SDUDDPRGLILFDomRGHXPDWR
RXGHXPDGHFLVmR³VHSXGHUYHUHVWXGDUHDQDOLVDU
,, HP 
,,  FHQWR
HQWR H YLQWH 
YLQWH  GLDV
GLDV QRV GHPDLV FDVRV GHWLGDPHQWH R SURFHVVR 6HP LVVR QmR VHULD SRVVtYHO
VDOYRTXDQGRRXWURSUD]RIRUIL[DGRHPOHL UHFRUUHU QmR VHULD SRVVtYHO WUD]HU XPD IXQGDPHQWDomR
MXUtGLFDVpULD
†~QLFR 2SUD]RGHSUHVFULomRVHUiFRQWDGRGDGDWDGD
SXEOLFDomR
SXEOLFDomR GR DWR LPSXJQDGR RX GD GDWD GD 3RULVVRVHpGDGRRGLUHLWRGHSHWLomRDRVHUYLGRUKi
FLrQFLD
FLrQFLD SHOR
SHOR LQWHUHVVDGR
LQWHUHVVDGR TXDQGR
TXDQGR R DWR
DWR QmR
QmR IRU TXHVHOKHGDUWDPEpPRGLUHLWRGHDQDOLVDURSURFHVVRRX
SXEOLFDGR
SXEOLFDGR GRFXPHQWR QD UHSDUWLomR HVVD YLVWD GR SURFHVVR RX
GRFXPHQWRWDQWRSRGHUiVHUIHLWDSHORSUySULRVHUYLGRU
'DPHVPDIRUPDTXHRSUD]RSDUDUHFRUUHUVySRGHVHU FRPRSRUXPVHXSURFXUDGRU RQRUPDOpDFRQWUDWDomRGH
FRQWDGRGHSRLVTXHRLQWHUHVVDGRWRPRXFRQKHFLPHQWRGD XPDGYRJDGRSDUDHVWXGDURFDVRHID]HURUHTXHULPHQ
GHFLVmR SHVVRDOPHQWH RX SRU SXEOLFDomR  WDPEpP R WR 
SUD]RSUHVFULFLRQDORXVHMDRSUD]RSDUDTXHHOHH[HUFLWH $UW $DGPLQLVWUDomR
DGPLQLVWUDomRGHY
GHYHUi
HUiUHYHU
UHYHUVHXV
VHXVDWRV
DWRVDTXDO
VHX GLUHLWR GH SHWLomR Vy SRGHUi FRUUHU GHSRLV TXH HOH TXHUWHPSRTXDQGRHLYDGRVGHLOHJDOLGDGH
TXHUWHPSRTXDQGRHLYDGRVGHLOHJDOLGDGH
WRPRXFLrQFLDGRDWRTXHSUHMXGLFRXVHXVLQWHUHVVHV$
SUHVFULomRpXPDHVSpFLHGHSXQLomRSDUDTXHPQmRDJLX $WRLOHJDOQmRLQWHUHVVDDQLQJXpPQHPj$GPLQLVWUD
QRWHPSROHJDOHDVVLPQmRVHULDMXVWRSXQLUDOJXpP omR3~EOLFD7RGRVWHPRVRGLUHLWRGHUHYHURVDWRVTXH
WLUDQGROKH R GLUHLWR GH SHWLFLRQDU VH HOH Vy QmR DJLX SUDWLFDGRVSDUDTXHQRVDSHUIHLoRHPRVHQRVFRQGX]DPRV
SRUTXHQmRFRQKHFLDRDWRSUHMXGLFLDO QRVOLPLWHVGDOHL'HVVDIRUPDGHYHUiSURFHGHUWDPEpP
D$GPLQLVWUDomR3~EOLFDH[HUFLWDQGRXPDXWRFRQWUROHGH
$UW 2SHGLGR
SHGLGRGH
GHUHFRQVLGHUDomR
UHFRQVLGHUDomRHRUHFXUVRTXDQGR OHJDOLGDGHGHVHXVDWRVVHPSUHTXHFRQVWDWDUDLOHJDOLGDGH
FDEtYHLVLQWHUURPSHPDSUHVFULomR
FDEtYHLVLQWHUURPSHPDSUHVFULomR GHXPDWRSUDWLFDGRGHYHUHYrORHPRGLILFiORVHDLQGD
IRUFDEtYHO
9HMDFRPRpLPSRUWDQWHFRQKHFHUDHVVrQFLDGDVFRLVDV
VHDSUHVFULomRpXPDHVSpFLHGHSXQLomRSDUDTXHPQmR ,PSRUWDQWHXPDGLVWLQomRVHD$GPLQLVWUDomRMXOJDU
DJLXQRWHPSROHJDOVHPSUHTXHRLQWHUHVVDGRLQWHUS}H TXHXPVHXDWRpLOHJDOGHYHUiDQXOiORHQmRUHYRJiOR
XPUHFXUVRRXXPSHGLGRGHUHFRQVLGHUDomRHOHHVWDUi e TXH D UHYRJDomR SUHVVXS}H D YDOLGDGH GR DWR DWp R
DJLQGR/RJRQmRKiPDLVSRUTXHIDODUHPRPLVVmR RX PRPHQWRGHVXDUHYRJDomRSHUPDQHFHQGRYiOLGRVVHXV
HIHLWRVRTXHpXPDFRQWUDGLomRSRLVDSUySULDDGPLQLV
LQDomRGDtSRUTXHDSUHVFULomRpLQWHUURPSLGD
WUDomRFRQVLGHURXRDWRLOHJDOHSRUWDQWRVHPYDOLGDGH
$LQWHUUXSomRGDSUHVFULomRVLJQLILFDTXHRSUD]RSiUD
-iFRPDDQXODomRHPUD]mRGDLOHJDOLGDGHRDWRVHUi
GHFRUUHUWHUPLQD6HRLQWHUHVVDGRGHSRLVGHSUDWLFDUR
GHFODUDGRLPSUHVWiYHOGHVGHVHXQDVFLPHQWRHDVVLPQmR
DWRLQWHUUXSWLYRQDGDPDLVID]UHFRPHoDDFRQWDJHPGR
SURGX]LUiTXDOTXHUHIHLWR
SUD]RSUHVFULFLRQDOP
PDV
DVUHFRPHoD
UHFRPHoDGR
GR]HUR
]HUR  RXVHMD

WRGRRSUD]RLQWHLURGHQRYR $UW 6mR
6mRIDWDLV
IDWDLVHLPSURUURJiYHLV
LPSURUURJiYHLVRV
RVSUD]RV
SUD]RVHVWDEHOHFL
GRV
GRVQHVWH
QHVWH&DStWXOR
&DStWXORVDOYR
VDOYRPRWLYR
PRWLYRGH
GHIRUoD
IRUoDPDLRU
PDLRU
$UW $SUHVFULomRpGHRUGHPS~EOLFDQmRSRGHQGR
VHUUHOHYDGDSHODDGPLQLVWUDomR
VHUUHOHYDGDSHODDGPLQLVWUDomR )DWDLV
)DWDLV VLJQLILFD TXH QmR SRGHP VHU VXVSHQVRV QHP
GHVFRQVLGHUDGRV 8PD YH] GHFRUULGR R SUD]R VHUmR
(VVHGLVSRVLWLYRYLVDDLPSHGLUTXH³SDUDVHDWHQGHU LPSODFiYHLVHLQFRQWRUQiYHLVRVHIHLWRVGDSHUGDGRSUD]R
D DSDQLJXDGRV RX IDYRUHFHU WUiILFR GH LQIOXrQFLD RX 2DWRRXGLUHLWRQmRSRGHUiVHUH[HUFLWDGRFDVRDSHUGD
FRUUXSomR³FRQFHGDVHDRVHUYLGRURGLUHLWRGHSHWLFLR GR SUD]R DFDUUHWH D LPSRVVLELOLGDGH GR H[HUFtFLR (
QDUHSURYRFDUDUHYLVmRGHDWRRXGHFLVmRTXH Mi QmR LPSURUURJiYHLVpXPDGHWHUPLQDomRGR(VWDWXWRUHODWLYD
LPSURUURJiYHLV
SRGHPDLVVHUUHYLVWR SRUTXDQWRpUHVVDOYDDSUHYDOrQFLDGDIRUoDPDLRU DTXHOH
DFRQWHFLPHQWRTXHpPDLVIRUWHTXHDSDUWHLQWHUHVVDGD
'HFRQVHJXLQWHVHMiHVWiSUHVFULWRRGLUHLWRGHSHWLFLR HDLPSHGHGHSUDWLFDURDWR 
QDU PHVPR TXH R VHUYLGRU WLYHVVH UD]mR TXH R DWR
GHYHULDWHUVLGRPRGLILFDGRTXHVHXGLUHLWRWHQKDVLGR $VVLPVHXPSUD]RWHUPLQDQXPGRPLQJRIHULDGRRX
RIHQGLGR WXGR ILFDUi FRPR HVWi XPD YH] SUHVFULWR R GLDHPTXHDUHSDUWLomRQmR
QmRIXQFLRQDSURUURJD
QmR SURUURJDVHRSUD]R
SURUURJD
GLUHLWRGHSHWLFLRQDURVHUYLGRUQmRSRGHUiPDLVSOHLWHDU SDUD R GLD ~WLO LPHGLDWDPHQWH VHJXLQWH ³ SRLV D SDUWH
DPRGLILFDomRGHQDGD LQWHUHVVDGDQmRWLQKDFRPRSUDWLFDURDWRQRGLDHPTXH
DUHSDUWLomRHVWDYDIHFKDGD
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

VXEPHWHPVHDUHJLPHGLVFLSOLQDUSUySULR$&RQVWLWXLomR
'RV'HYHUHV GHWHUPLQRXTXHIRVVHHGLWDGDXPD/HL&RPSOHPHQWDUSD
UDHVWDEHOHFHURUHJLPHMXUtGLFRGRV-Xt]HV PDJLVWUDGRV 
$WXDOPHQWHpD/HL&RPSOHPHQWDUQžFKDPDGD
$ GRXWULQD WHP ELSDUWLGR RV GHYHUHV GRV VHUYLGRUHV /HL2UJkQLFDGD0DJLVWUDWXUDTXHUHJXODDDWLYLGDGHGRV
S~EOLFRV HP GXDV RUGHQV RV GHYHUHV LQWHUQRV D VHUHP -Xt]HV
REVHUYDGRV HP VXD UHODomR SDUD FRP D $GPLQLVWUDomR
GHYHUHV H[WHUQRV D VHUHP REVHUYDGRV HP VXDV UHODo}HV -iQDSDUWHGLVFLSOLQDUHPERUDVHXVGHYHUHVVHMDPRV
VRFLDLVFRQH[DPHQWHjVXDFRQGLomRGHVHUYLGRUHRH[HU PHVPRV GRV GHPDLV IXQFLRQiULRV S~EOLFRV KDYHUi XP
FtFLRGHVXDIXQomRS~EOLFD  SURFHVVRSUySULRSDUDDFREUDQoDGDVUHVSRQVDELOLGDGHV
GRV0DJLVWUDGRV(LVVRVHUiUHJXODGRSRUXPDQRYD/HL
LQWHUQRVGHWRGRVRVVHUYLGRUHVS~EOLFRV
6mRGHYHUHVLQWHUQRV
LQWHUQRV &RPSOHPHQWDU FRPR GHWHUPLQD D QRYD &RQVWLWXLomR
(QTXDQWR WDOOHLQmRIRUIHLWDFRQWLQXDSUHYDOHFHQGRD
D OHDOGDGH E REHGLrQFLD DWXDO /HL 2UJkQLFD GD 0DJLVWUDWXUD /HL &RPSOHPHQWDU
F DVVLGXLGDGH G GHGLFDomRDRVHUYLoR IHGHUDOQž 
H VLJLOR I UHVLGrQFLD
J XUEDQLGDGH K SURELGDGH $VVLPDRV-Xt]HVHPJHUDOLQFOXVLYHDRV7UDEDOKLV
WDV OHPEUHVHTXHVyUHVWDUDPRVWRJDGRVSRLVIRLH[WLQWD
H[WHUQRVGHWRGRVRVVHUYLGRUHVS~EOLFRV
6mRGHYHUHVH[WHUQRV
H[WHUQRV DUHSUHVHQWDomRFODVVLVWD HVWDOHLVyVHDSOLFDVXEVLGLDULD
PHQWH ³ SRUpP RV GHPDLV VHUYHQWXiULRV GD -XVWLoD
D ERDFRQGXWD GHYHUmRREHGHFHUDVQRUPDVJHUDLVGD/HLQž
E VXMHLomRDRVLPSHGLPHQWRVIXQFLRQDLV
F SURLELomRGHLQWHUPHGLDomR 9HMDPRV DJRUD HVSHFLILFDPHQWH RV GHYHUHV GR
IXQFLRQiULR

'HYHUHVGRV6HUYLGRUHV&LYLVFRQIRUPHR(VWDWXWR
'HYHUHVGRV6HUYLGRUHV&LYLVFRQIRUPHR(VWDWXWR $UW 6mRGHYHUHVGRVHUYLGRU

2 SULPHLUR 3UHVLGHQWH GD 5HS~EOLFD HOHLWR DSyV , H[HUFHU


H[HUFHUFRP]HORHGHGLFDomRDVDWULEXLo}HV
FRP]HORHGHGLFDomRDVDWULEXLo}HV
GpFDGDVTXLVFXPSULUFRPDVSURPHVVDVGHFDPSDQKDV GRFDUJR
HP TXH VH DSUHVHQWDYD FRPR FDoDGRU GH PDUDMiV RX
VHMDSHUVHJXLGRULPSODFiYHOGRVIXQFLRQiULRVS~EOLFRVTXH (VWD p D SULPHLUD H IXQGDPHQWDO H[LJrQFLD TXH R
RX D
D JDQKDYDPGHPDLVRX E
D E QmRWUDEDOKDYDP$WXGR
E QRYR RUGHQDPHQWR GLVFLSOLQDU ID] D WRGR IXQFLRQiULR
DFUHVFHQWRX D QHFHVVLGDGH GH PRUDOL]DU R VHUYLoR GHGLFDomR)XQFLRQiULRGHGLFDGRpDTXHOHTXHVHHPSH
S~EOLFRFREUDQGRILHOFXPSULPHQWRGRVGHYHUHVSRUWRGRV QKD GH FRUSR H DOPD QD UHDOL]DomR GH VXDV WDUHIDV H
RVIXQFLRQiULRV REVHUYkQFLDGHVHXVGHYHUHVIXQFLRQDLVeRTXHQmRPHGH
VDFULItFLRVHHVIRUoRVSDUDUHDOL]DUVXDIXQomRGDPHOKRU
3ULPHLUDPHQWH IRL HGLWDGD D /HL Qž  IRUPDSRVVtYHO
$%5,/  H[WUHPDPHQWH ULJRURVD HVSDOKDIDWRVR
UHWUDWR GHVVDV EDQGHLUDV GH FDPSDQKD HOHLWRUHLUD  (UD ,, VHUOHDOjVLQVWLWXLo}HVDTXHVHUYLU
XPDDWXDOL]DomRHQGXUHFLGDGRHQYHOKHFLGR(VWDWXWRHP
SDUWLFXODUQRTXHWDQJHDRVGHYHUHVHUHVSRQVDELOLGDGHV 6HUOHDOTXHUGL]HUVHUILHOGHGLFDUVHFRPVLQFHULGD
GLVFLSOLQDUHVGRVIXQFLRQiULRV'HSRLVGLVVR³VXSHUDGD GH2IXQFLRQiULRS~EOLFRGHYHHPSHQKDUVHSDUDTXHD
DQHFHVVLGDGHGHVHPRVWUDUVpULRGHH[LELUGXUH]DH ,QVWLWXLomRRQGHHVWLYHUWUDEDOKDQGRDOFDQFHVHXREMHWLYR
LQWUDQVLJrQFLD FRP RV PDUDMiV H IXQFLRQiULRV IDQ GHDWHQGHUEHPDRLQWHUHVVHS~EOLFRHPHUHFHURUHVSHLWR
WDVPDV³FRPFDOPDHVRSHVDPHQWRIRLHGLWDGRRQRYR GD SRSXODomR  1mR VH SRGH LPDJLQDU R IXQFLRQiULR
(VWDWXWRGR)XQFLRQDOLVPR3~EOLFR)HGHUDO ILQJLQGRWUDEDOKDURXSURFXUDQGRSRUYLDLQGLUHWDIUXV
WUDU D UHDOL]DomR GD ILQDOLGDGH GH VXD ,QVWLWXLomR RX
eLPSRUWDQWHDQRWDUTXHWDOQRYRHVWDWXWRpDSOLFiYHO UHSDUWLomRDGPLQLVWUDWLYDWUDLQGRDV
D WRGRV
WRGRV RV VHUYLGRUHV GD $GPLQLVWUDomR )HGHUDO GLUHWD
IXQFLRQiULRVGRSUySULR*RYHUQR HGHSDUWHGRVIXQFLR ,,, REVHUYDUDV
REVHUYDU QRUPDVOHJDLV
DVQRUPDV OHJDLVHUHJXODPHQWDUHV
QiULRVGD$GPLQLVWUDomRLQGLUHWD IXQFLRQiULRVGHDXWDU
TXLDVHIXQGDo}HVS~EOLFDVIHGHUDLV  /HLpIHLWDSDUDVHUFXPSULGD(QLQJXpPPDLVTXHR
IXQFLRQiULR S~EOLFR WHP R GHYHU GH REVHUYiODV LVWR p
¢6HULDWDPEpPDSOLFiYHODRVIXQFLRQiULRVS~EOLFRV FXPSULODV DWp SDUD GDU R H[HPSOR D WRGRV   6HULD
GR3RGHU-XGLFLiULR"6LP
6LP23RGHU-XGLFLiULR
6LP DVVLPFRPR
LQWROHUiYHOTXHRVSDUWLFXODUHVSURFXUDVVHPXPDUHSDUWL
RVGRLVRXWURVSRGHUHV([HFXWLYRH/HJLVODWLYR WDPEpPID]
omRS~EOLFDSDUDVDWLVID]HUXPGLUHLWRRXXPDSUHWHQVmR
H VH YLVVHP YtWLPDV GH LOHJDOLGDGHV FRPHWLGDV SHORV
SDUWH GD 8QLmR /RJR VHXV IXQFLRQiULRV WDPEpP VHUmR
SUySULRVIXQFLRQiULRVS~EOLFRVTXHGHYHPGDURH[HPSOR
GLVFLSOLQDGRVSRUHVVHPHVPRUHJLPHOHJDO
GD ILHO REVHUYkQFLD H VXEPLVVmR j OHL H QRUPDV UHJXOD
PHQWDUHV5HSDUWLomRS~EOLFDQmRpSDUDUHDOL]DUFDSUL
(DV$XWRULGDGHV-XGLFLiULDVWDPEpPVHVXEPHWHUmR
FKRV GH IXQFLRQiULRV VXDV DWLYLGDGHV VmR HVWULWDPHQWH
D WDO UHJLPH GLVFLSOLQDU """ 0DLV RX PHQRV e TXH RV
SDXWDGDVQDOHL
-Xt]HV $XWRULGDGHV -XGLFLiULDV VmR DSHQDV RV MXt]HV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

,9 FXPSULU
FXPSULUDV
DVRUGHQV
RUGHQVVXSHULRUHV
VXSHULRUHVH[FHWR
H[FHWRTXDQWR 9, OHYDU
OHYDUDV
DVLUUHJXODULGDGHV
LUUHJXODULGDGHVGH
GHTXH
TXHWLYHUFLrQFLD
WLYHUFLrQFLD
PDQLIHVWDPHQWHLOHJDLV HP UD]mR
HP UD]mR GR
GR FDUJR DR FRQKHFLPHQWR GD
DXWRULGDGH
DXWRULGDGH VXSHULRURXTXDQGRKRXYHUVXV
VXSHULRU
$ KLHUDUTXLD p XP LQVWUXPHQWR LPSRUWDQWH QD SHLWDGHHQYROYLPHQWRGHVWDDRFRQKHFLPHQWR
RUJDQL]DomRDGPLQLVWUDWLYD+LHUDUTXLDSUHVVXS}HFKHILDV GHRXWUDDXWRULGDGHFRPSHWHQWHSDUDDSXUD
H VXERUGLQDo}HV  2 IXQFLRQiULR VXERUGLQDGR WHP SRU omR
GHYHUFXPSULUjVRUGHQVGHVHXVFKHIHV VXSHULRUHV  2EVUHGDomRGDGDSHOD/HLQž9LJHQWHDSDUWLUGH

&ODURTXHRIXQFLRQiULRQmRSRGHVHUXPMRJXHWHQDV 7UDWDVHGHLPSRUWDQWHGHYHUGRIXQFLRQiULR1mRp
PmRVGRFKHIH6HXGHYHUGHREHGLrQFLDQmRpXPGHYHU VHUGHGRGXUR &DEHDHOHFRPXQLFDUDVHXVVXSHULRUHV
FHJR6HDRUGHPGD&KHILDpPDQLIHVWDPHQWHRXVHMD WRGDVDVFRLVDVHUUDGDVTXHVRXEHUWHQKDPRFRUULGR1R
QRWRULDPHQWHLOHJDOHQWmRRIXQFLRQiULRGHYHUiUHFXVDUVH H[HUFtFLRGHVXDVIXQo}HVRIXQFLRQiULRYDLGHVFREULQGR
DFXPSULOD+iTXHVHWRPDUFXLGDGRQmRGHYHRIXQFLR LUUHJXODULGDGHV FRLVDVTXHVmRIHLWDVGHIRUPDLUUHJXODU
QiULRYLYHUGLVFXWLQGRVXWLVTXHVWLRQDPHQWRVGDOHJDOLGDGH FRQWUiULDjVQRUPDV 
GDVRUGHQV6XDOLEHUGDGHSDUDGHVREHGHFHUpUHVWULWDj
RUGHPVXSHULRUGHQRWyULDLOHJDOLGDGH6HKiXPDVLPSOHV 'HYHUiHOHUHSUHVHQWDU OHYDUDRFRQKHFLPHQWR GRV
G~YLGDVREUHDOHJDOLGDGHQmRSRGHRIXQFLRQiULRUHFXVDU VXSHULRUHVFRQWULEXLQGRDVVLPSDUDRDSHUIHLoRDPHQWR
DFXPSULUDRUGHPGHYHUiREHGHFHU GDPiTXLQDDGPLQLVWUDWLYDHSRUFRQVHTXrQFLDSRVVLELOL
WDURDSULPRUDPHQWRGRVHUYLoRSUHVWDGRDRS~EOLFR(

9 DWHQGHUFRPSUHVWH]D XPDLPSRUWDQWHIRUPDGHOHDOGDGH

D DR
DRS~EOLFR
S~EOLFRHP
HPJHUDO
JHUDOSUHVWDQGR
SUHVWDQGRDV
DVLQIRU 9,, ]HODU
]HODUSHOD
SHODHFRQRPLD
HFRQRPLDGRPDWHULDOHDFRQVHU
GRPDWHULDOHDFRQVHU
PDo}HVUHTXHULGDV
PDo}HV UHTXHULGDVUHVVDOYDGDV
UHVVDOYDGDVDV
DVSURWH YDomRGRSDWULP{QLRS~EOLFR
JLGDVSRUVLJLOR
1DV HPSUHVDV SULYDGDV R SUySULR GRQR FRVWXPD
YLJLDUVHXVHPSUHJDGRVLPSHGLQGRTXHHVWHVHVWUDJXHP
E jH[SHGLomR
H[SHGLomRGH
GHFHUWLG}HV
FHUWLG}HVUHTXHULGDV
UHTXHULGDVSDUD
PDWHULDORXRGHVSHUGLFHP(VVDSUHRFXSDomRpGHOyJLFD
GHIHVD
GHIHVD GH
GH GLUHLWR RX HVFODUHFLPHQWR GH
HYLGHQWHSRLVRPDWHULDOXVDGRSHORVHPSUHJDGRVFXVWD
VLWXDo}HVGHLQWHUHVVHSHVVRDO
GLQKHLURHDHFRQRPLDHYLWDGHVSHUGtFLRV
 F jV
jVUHTXLVLo}HV
UHTXLVLo}HVSDUDDGHIHVDGD
SDUDDGHIHVDGD)D]HQGD
1RVHUYLoRS~EOLFRHVVDYLJLOkQFLDpGHYHUGHWRGR
3~EOLFD
IXQFLRQiULR MiTXHQmRH[LVWHXPGRQR 6HPG~YLGDp
RXWUDIRUPDGHGHPRQVWUDURIXQFLRQiULRVXDOHDOGDGHDR
3UHVWH]DVLJQLILFDFRPUDSLGH]HGHVHPEDUDoRRX VHUYLoR S~EOLFR ,GrQWLFR GHYH VHU R SURFHGLPHQWR GR
VHMDRIXQFLRQiULRQmRILFDUHQURODQGRFULDQGRHPEDUD IXQFLRQiULRQRTXHWDQJHDRSDWULP{QLR DRVEHQVPyYHLV
oRVRXGLILFXOGDGHV$ILQDORIRUQHFLPHQWRGHLQIRUPDo}HV HLPyYHLV S~EOLFRGHYHSURFXUDUFRQVHUYiORVHYLWDQGR
H GH FHUWLG}HV p XP GRV PDLV LPSRUWDQWHV GRV VHUYLoRV GDQLILFiORVHDWpPHVPRLPSHGLQGRTXHRXWURVSURFH
S~EOLFRV$OpPGLVVRpXPGLUHLWRFRQVWLWXFLRQDOGHWRGR GDPQHVVHVHQWLGR
LQGLYtGXR)XQFLRQiULRTXHFULDGLILFXOGDGHVHVWiVHPSUH
LQVLQXDQGR TXH TXHU YHQGHU IDFLOLGDGHV RX VHMD WHP 9,,, JXDUGDUVLJLORVREUHDVVXQWRGDUHSDUWLomR
FRQWUD VL XPD VXVSHLWD GH GHVRQHVWLGDGH TXH PDFXOD
PDQFKD WRGRVRVGHPDLVIXQFLRQiULRVS~EOLFRVHRSUy 7RGR R IXQFLRQiULR WHP R GHYHU GH VHU GLVFUHWR
SULRUHVSHLWRGDDGPLQLVWUDomRS~EOLFD UHVHUYDGRSUHVHUYDQGRRVVHJUHGRVGHVXDUHSDUWLomRGH
VHXWUDEDOKRVXDIXQomR1mRGHYHHOHSURSDJDURWUDED
1mR p GHPDLV OHPEUDU TXH DWHQGHU DR SRYR HP OKR TXH GHVHPSHQKD QHP VDLU SRU Dt HQYROYLGR HP
JHUDO pDHVVrQFLDGDSUySULDH[LVWrQFLDGD$GPLQLVWUDomR OHYLDQGDGHVVREUHDVVXQWRVTXHWHYHFRQKHFLPHQWRHP
3~EOLFD6HQmRIRUSDUDDWHQGHUEHPDRS~EOLFRQHP VXDVHomR$GLVFULomRjVYH]HVVHFDUDFWHUL]DFRPRVHJUH
KDYHULD SRUTXH WHUPRV D $GPLQLVWUDomR 3~EOLFD ¢( GR REULJDQGRVH R IXQFLRQiULR D JXDUGiOR RX VHMD
SRUTXHQmROHPEUDUWDPEpPTXHpGRGLQKHLURGRSRYR PDQWHURVLJLOR
TXHRIXQFLRQiULRUHFHEHVHXYHQFLPHQWRV VDOiULRV "
1RV SURFHVVRV WUDEDOKLVWDV UDUDV YH]HV WHUVHi
$V UHTXLVLo}HV VmR H[LJrQFLDV
H[LJrQFLDV GH GRFXPHQWRV RX QHFHVVLGDGH GH PDQWHU VHJUHGR PDV QRV SURFHVVRV
LQIRUPDo}HV TXH D )D]HQGD 3~EOLFD IDUi SRUTXH GHOHV FULPLQDLVHDOJXQVSURFHVVRVFtYHLVRVLJLORpLPSRUWDQWtVVL
SUHFLVDUiSDUDHPEDVDUDOJXPDDomRMXGLFLDORXUHVSRVWD PR SRU H[ QDV FDXVDV GH IDPtOLD p FRPXQtVVLPR R
D DOJXPD DomR MXGLFLDO SURPRYLGD FRQWUD D 3UHIHLWXUD SURFHVVRWUDPLWDUFRUUHUHPVHJUHGRFXPSULQGRDR
&RPRSDUDDJLUHPMXt]RKiSUD]RVTXHQmRSRGHPVHU IXQFLRQiULRRGHYHUGHJXDUGDUVHJUHGRVREUHDFDXVD 
SHUGLGRVRIXQFLRQiULRGHYHDJLUFRPDPDLRUSUHVWH]D
DILPGH TXHD)D]HQGD3~EOLFD0XQLFLSDOQmRSHUFDR 1HQKXPIXQFLRQiULRS~EOLFRSRGHUiVHUXPLQGLVFUH
SUD]RMXGLFLDOHRVLQWHUHVVHVGD3UHIHLWXUDVHMDPGHIHQGL WRS~EOLFR6LJLORVLJQLILFDVHJUHGRRXVHMDRFRQWUiULRGD
GRVHP-Xt]R SXEOLFLGDGHGRDODUGHeSULQFtSLRGHGLUHLWRDGPLQLVWUD
WLYR TXH RV DWRV DGPLQLVWUDWLYRV GHYHP VHU S~EOLFRV
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

$VVLPGHDFRUGRFRPDOHLRIXQFLRQiULRGHYHREHGHFHU ; VHUDVVtGXRHSRQWXDODRVHUYLoR


DWDOSULQFtSLR+iHQWUHWDQWRDWRVDGPLQLVWUDWLYRVTXH
GHYHPVHUPDQWLGRVHPVLJLORHPVHJUHGRQmRSRGHPVHU $VVtGXRpRIXQFLRQiULRTXHQmRIDOWDDRWUDEDOKR
DODUGHDGRVHPS~EOLFRRXPHVPRYHLFXODGRVQDLPSUHQ 3RQWXDOpRIXQFLRQiULRTXHFXPSUHWRGRVRVKRUiULRVGH
VD FRPSDUHFLPHQWRjUHSDUWLomRWDQWRQRLQtFLRGRH[SHGL
4XDQWRDHVWHVFDEHDRIXQFLRQiULRS~EOLFRJXDUGDU HQWHTXDQWRDSyVVXDLQWHUUXSomRSDUDDOPRoRRXODQFKH
HVVHVHJUHGR$OLiVHVVDREULJDomRpWmRLPSRUWDQWHTXH
DOpPGHFRQVWLWXLUHPGHYHUGRIXQFLRQiULRFKHJDDWpD ;, WUDWDUFRPXUEDQLGDGHDVSHVVRDV
VHUFRQVLGHUDGDFULPLQRVDDFRQGXWDGRIXQFLRQiULRTXH
YLRODU R GHYHU GR VLJLOR 3RUWDQWR DOpP GD LQIUDomR DR 8UEDQRpRIXQFLRQiULRFLYLOL]DGRHGXFDGRTXHWUDWD
GHYHUIXQFLRQDOFRPHWHUiFULPHGHYLRODomRGHVLJLORR FRQGLJQDPHQWHWDQWRDVHXVFRPSDQKHLURVGHWUDEDOKR
IXQFLRQiULRTXHUHYHODURVVHJUHGRVGDDGPLQLVWUDomR FRPRDRS~EOLFRHPJHUDO

,; PDQWHU
PDQWHUFRQGXWD
FRQGXWDFRPSDWtYHO
FRPSDWtYHOFRP
FRPDPRUDOLGD
GHDGPLQLVWUDWLYD ;,, UHSUHVHQWDU
UHSUHVHQWDU FRQWUD
FRQWUD LOHJDOLGDGH
LOHJDOLGDGH RPLVVmRRX
DEXVRGHSRGHU
1HPKiQHFHVVLGDGHGHHQIDWL]DUGL]HPHFRPTXHP
DQGDVTXHWHGLUHLTXHPpVpXPDFRQKHFLGDDGYHUWrQFLD 7UDWDVHGHLPSRUWDQWHGHYHUGRIXQFLRQiULR1mRp
EtEOLFD6HRVHUYLGRUWHPSRVWXUDLPRUDOQmRDSHQDVVHXV VHU GHGRGXUR&DEHDHOHFRPXQLFDUDVHXVVXSHULRUHV
FROHJDV VHUmR GHVUHVSHLWDGRV SRU WRGD D FROHWLYLGDGH WRGDVDVFRLVDVHUUDGDVTXHVRXEHUWHQKDPRFRUULGR1R
FRPRRSUySULRVHUYLoRS~EOLFRSRUHOH V SUHVWDGRQmR H[HUFtFLRGHVXDVIXQo}HVRIXQFLRQiULRYDLGHVFREULQGR
VHUiFRQILiYHORXOHYDGRDVpULR LUUHJXODULGDGHV FRLVDVTXHVmRIHLWDVGHIRUPDLUUHJXODU
FRQWUiULDjVQRUPDV 
-i SHQVRX QXPD SHTXHQD FLGDGH LQWHULRUDQD XP
FRQKHFLGR )XQFLRQiULR 3~EOLFR H GH UHJUD WRGRV RV ( YHMD EHP R IXQFLRQiULR WHP R GHYHU
HYHU GH WRPDU
)XQFLRQiULRV3~EOLFRVVmRFRQKHFLGRVGHWRGDFROHWLYLGD SURYLGrQFLDVHPSUHTXHVRXEHUGHDOJXPDLOHJDOLGDGH
GH FRQKHFLGRWDPEpPFRPRH[SORUDGRUGHPXOKHUHV""" DWRRXVLWXDomRFRQWUiULDjOHL RXGHDOJXPDRPLVVmR
4XHP FRQILDUi QD -XVWLoD GR WUDEDOKR ORFDO"  2X XP DOJXP DWR GH TXH GHL[RX GH VHU SUDWLFDGR TXDQGR
$X[LOLDU-XGLFLiULRTXHGHGLDWUDEDOKDQD6HFUHWDULDGD GHYHULD WHU VLGR  RX GH DEXVR GH SRGHU DOJXP DWR
SUDWLFDGRDOpPGRVOLPLWHVGDOHLSUHMXGLFDQGRDOJXpPRX
-XQWDHjQRLWHpYLFLDGRHPEDUDOKRMRJDQGRIRUWXQDV
DRSUySULRVHUYLoRS~EOLFR 
TXHP FRQILDUi QD KRQHVWLGDGH GRV WUDEDOKRV GDTXHOD
6HFUHWDULD""" 
5HSUHVHQWDUVLJQLILFDWRPDULQLFLDWLYDSDUDFRUULJLU
D LUUHJXODULGDGH RX SDUD TXH D SHVVRD FRPSHWHQWH R
)XQFLRQiULR3~EOLFRGHYHVHUSDUDGLJPD H[HPSOR
FRUULMD$VVLPRIXQFLRQiULRS~EOLFRGHYHUiUHSUHVHQWDU
GDKRQHVWLGDGHGDOLVXUDGDGHFrQFLDHGDSURELGDGH
OHYDU DR FRQKHFLPHQWR  GRV VXSHULRUHV FRQWULEXLQGR
6HQmRRIRUGHVDFUHGLWDUiVHXVHUYLoRVHXVFRPSDQKHL
DVVLP SDUD R DSHUIHLoRDPHQWR GD PiTXLQD DGPLQLV
URVHWRGDD$GPLQLVWUDomR3~EOLFD2IXQFLRQiULRS~EOLFR
WUDWLYDHSRUFRQVHTXrQFLDSRVVLELOLWDURDSULPRUDPHQWR
QmRGHYHVHUGLJQRDSHQDVTXDQGRHVWiHPVXDUHSDUWLomR
GRVHUYLoRSUHVWDGRDRS~EOLFR
KRUDVGLDULDPHQWHGHYHUiHOHWHUXPFRPSRUWDPHQWR
TXHRFUHGHQFLHjDGPLUDomRHUHVSHLWRGHWRGRV
eXPDLPSRUWDQWHIRUPDGHOHDOGDGHHGH]HORSDUD
FRPDHILFLrQFLDFUHGLELOLGDGHHFRQILDQoDGD$GPLQLVWUD
¢-iSHQVRXXPIXQFLRQiULRGHXP757TXHQDV omR3~EOLFD
KRUDV YDJDV YHQGH MRJR GR ELFKR""  2X PHVPR XPD
)XQFLRQiULD 3~EOLFD TXH QDV QRLWHV H KRUDV YDJDV p †~QLFR $ UHSUHVHQWDomR
UHSUHVHQWDomR GH TXH WUDWDRLQFLVR;,,VHUi
JDUoRQHWH QXPD ERLWH" 2X TXH ID] ELFR SUDWLFDQGR R HQFDPLQKDGD SHOD
HQFDPLQKDGD SHOD YLD
YLD KLHUiUTXLFD
KLHUiUTXLFD H DSUHFLDGD
WURWWRLU"6mRVLWXDo}HVLQFRPSDWtYHLVFRPDGLJQLGDGHRX SHOD
SHODDXWRULGDGH
DXWRULGDGHVXSHULRU
VXSHULRUjTXHOD
jTXHODFRQWUD
FRQWUDDTXDO
TXDOp
QDWXUH]DGDIXQomRHSRGHUmRDWpDFDUUHWDUDGHPLVVmRGR IRUPXODGD
IRUPXODGD DVVHJXUDQGRVH DR UHSUHVHQWDQGR
IXQFLRQiULR DPSODGHIHVD

'DPHVPDIRUPDRpEULRFRQWXPD] ErEDGRKDELWXDO &RQILUDVHTXHRQRYR(VWDWXWRUHVHUYRXDUHSUHVHQ


QmRWHUiRUHVSHLWRGDSRSXODomRLUUDGLDQGRVHXGHVUHVSH WDomR HVSHFLILFDPHQWH j GHQ~QFLD DFXVDomR  FRQWUD
LWRDRVHUYLoRS~EOLFR$GHPLVVmRpD~QLFDVROXomRSDUD DOJXPRXWURIXQFLRQiULRS~EOLFRRXVHMDXPIXQFLRQiULR
TXHVHQmRPDFXOHRFRQFHLWRGHVHULHGDGHHGLJQLGDGHGR UHSUHVHQWDUiFRQWUDRXWURIXQFLRQiULRS~EOLFRH[DWDPHQ
VHUYLoR S~EOLFR SHUDQWH D SRSXODomR (
 GHVQHFHVViULR WHSRUTXHQmRSRGHFRQVHUWDUDLOHJDOLGDGHRXDEXVRSRU
UHDOoDUTXHVHXPIXQFLRQiULRSUDWLFDH[FHVVRVSXEOLFD DTXHOH FRPHWLGR QHP SRGH PDQGiOR GHVID]rOR QHP
PHQWHQmRSRGHHOHSHUPDQHFHUQRVHUYLoRS~EOLFRPD SRGHSXQLOR$VVLPGHYHUi
GHYHUiFRQWDURIDWRSDUDR&KHIH
GHYHUi
FXODQGR PDQFKDQGR  R FRQFHLWR GH WRGRV RV GHPDLV GDTXHOH DXWRULGDGHVXSHULRU SDUDTXHRPHVPRWRPHDV
IXQFLRQiULRVFRPROHYDQGRDRGHVFUpGLWRHGHVUHVSHLWRD SURYLGrQFLDVDGPLQLVWUDWLYDVHGLVFLSOLQDUHV
SUySULD$GPLQLVWUDomR3~EOLFD
'HVQHFHVViULD D H[SUHVVmR DVVHJXUDQGRVH DR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

UHSUHVHQWDQGRDPSODGHIHVD$ILQDOD&RQVWLWXLomRMiD 2FRQWUROHDJRUDpPi[LPRDWpSDUDVDLUGDUHSDUWL
DVVHJXUD D WRGRV DPSOD GHIHVD D WRGRV TXH VHMDP omR PHVPRTXHVHMDSDUDLUDREDUFRPSUDUFLJDUURVRX
DFXVDGRVHPSURFHVVRFLYLOFULPLQDORXDGPLQLVWUDWLYR( jIDUPiFLDGDHVTXLQDFRPSUDUUHPpGLR RIXQFLRQiULR
D UHSUHVHQWDomR HP YHUGDGH QmR p QDGD PDLV QDGD SUHFLVDUiGHDXWRUL]DomRGHVHXFKHIH$VVLPRVFKHIHV
PHQRVTXHXPDDFXVDomRFRQWUDRXWURIXQFLRQiULRTXH FRQWURODUmRDSUHVHQoDGHVHXVIXQFLRQiULRVQDUHSDUWLomR
WHQKD FRPHWLGR LOHJDOLGDGH RX RPLVVmR RX DEXVR GH DVVHJXUDQGRRERPDWHQGLPHQWRDRS~EOLFR
SRGHU
8PQRYR'HYHU ,, UHWLUDU VHP SUpYLD DQXrQFLDGDDXWRULGDGH
'HFODUDomR$QXDOGH%HQV/HLQž FRPSHWHQWHTXDOTXHUGRFXPHQWRRXREMHWR
FRPSHWHQWHTXDOTXHUGRFXPHQWRRXREMHWR
GDUHSDUWLomR
(VVD /HL Qž 
 GH  GH MXQKR GH 
HVWDEHOHFHXXPQRYR
QRYRGHYHU
QRYR GHYHUDWRGRDJHQWHS~EOLFR
GHYHU 1DVUHSDUWLo}HVS~EOLFDVKiWDQWRREMHWRV>PDWHULDLV@
TXDQWR GRFXPHQWRV /i GHYHUmR SHUPDQHFHU H QmR
$UW $SRVVHHRH[HUFtFLRGHDJHQWHS~EOLFRILFDPFRQGLFLRQDGRV SRGHUmRVHUUHWLUDGRV3DUDRIXQFLRQiULRS~EOLFRHYHQ
j DSUHVHQWDomR GH GHFODUDomR GRV EHQV H YDORUHV TXH WXDOPHQWH RV UHWLUDU GHYHUi WHU DXWRUL]DomR GD &KHILD
FRPS}HPRVHXSDWULP{QLRSULYDGRDILPGHVHUDUTXLYDGD UHVSHFWLYD 6H RV UHWLUDU VHMD R GRFXPHQWR VHMDP RV
QR6HUYLoRGH3HVVRDOFRPSHWHQWH
PDWHULDLVLQFRUUHUiHPIDOWDJUDYHHSRGHUiVHUSXQLGR
MiTXHHVWDFRQGXWDpSURLELGDDWRGRIXQFLRQiULRS~EOLFR
†ž $GHFODUDomRFRPSUHHQGHUiLPyYHLVPyYHLVVHPRYHQWHV
GLQKHLURWtWXORVDo}HVHTXDOTXHURXWUDHVSpFLHGHEHQVHYDORUHV
SDWULPRQLDLVORFDOL]DGRVQR3DtVRXQRH[WHULRUHTXDQGRIRUR &ODURTXHQDVVDtGDVGDVUHSDUWLo}HVS~EOLFDVQmRKi
FDVRDEUDQJHUiRVEHQVHYDORUHVSDWULPRQLDLVGRF{QMXJHRX UHYLVWD GRV IXQFLRQiULRV 0DV VH IRU GHVFREHUWR TXH R
FRPSDQKHLURGRVILOKRVHGHRXWUDVSHVVRDVTXHYLYDPVRED IXQFLRQiULRUHWLURXGRFXPHQWRVRXREMHWRVGDUHSDUWLomR
GHSHQGrQFLD HFRQ{PLFD GR GHFODUDQWH H[FOXtGRV DSHQDV RV UHVSRQGHUi HOH SHOD LQIUDomR DGPLQLVWUDWLYD H DWp SRU
REMHWRVHXWHQVtOLRVGHXVRGRPpVWLFR FULPHFRQIRUPHRFDVR
†ž $GHFODUDomRGHEHQVVHUiDQXDOPHQWHDWXDOL]DGDHQDGDWDHP
,,, UHFXVDUIpDGRFXPHQWRVS~EOLFRV
TXH R DJHQWH S~EOLFR GHL[DU R H[HUFtFLR GR PDQGDWR FDUJR
HPSUHJRRXIXQomR
'RFXPHQWR S~EOLFR WHP Ip RX VHMD GHYH VHU
†ž 6HUiSXQLGRFRPDSHQDGHGHPLVVmRDEHPGRVHUYLoRS~EOLFR UHFRQKHFLGR FRPR YiOLGR 1LQJXpP SRGH UHFXVDU XP
VHPSUHMXt]RGHRXWUDVVDQo}HVFDEtYHLVRDJHQWHS~EOLFRTXHVH GRFXPHQWRS~EOLFRDOHJDQGRTXHRTXHHVWiQHOHHVFULWR
UHFXVDU D SUHVWDU GHFODUDomR GRV EHQV GHQWUR GR SUD]R QmR p YHUGDGHLUR 6H SDUD R SRYR HP JHUDO R TXH HVWi
GHWHUPLQDGRRXTXHDSUHVWDUIDOVD HVFULWRQXPGRFXPHQWRS~EOLFRpOHLRXVHMDpDYHUGD
GHPXLWRPDLVGHYHUiVrORSDUDRVIXQFLRQiULRVS~EOLFRV
†ž 2GHFODUDQWHDVHXFULWpULRSRGHUiHQWUHJDUFySLDGDGHFODUDomR
DQXDOGHEHQVDSUHVHQWDGDj'HOHJDFLDGD5HFHLWD)HGHUDOQD
)XQFLRQiULR S~EOLFR PHWLGR D EHVWD TXH TXLVHU
FRQIRUPLGDGHGDOHJLVODomRGR,PSRVWRVREUHD5HQGDHSURYHQ
WRVGHTXDOTXHUQDWXUH]DFRPDVQHFHVViULDVDWXDOL]Do}HVSDUD FRQWHVWDU XP GRFXPHQWR S~EOLFR QmR R DFHLWDQGR RX
VXSULUDH[LJrQFLDFRQWLGDQRFDSXWHQR†žGHVWHDUWLJR GL]HQGRTXHVHXFRQWH~GRQmRpYHUGDGHLURVHUiSXQLGR
DGYHUWrQFLDHVFULWD
2EVHUYHTXHDDSUHVHQWDomRGH'HFODUDomRGH%HQV
pGHYHUGHLPSRUWkQFLDPi[LPDSDVVtYHOGHSHQD SHQDGHPLV
SHQD ,9 RSRUUHVLVWrQFLDLQMXVWLILFDGDDRDQGDPHQWR
RSRUUHVLVWrQFLDLQMXVWLILFDGDDRDQGDPHQWR
VmR D EHP GR VHUYLoR S~EOLFR † ž GD UHIHULGD /HL Qž GH GRFXPHQWR
GH GRFXPHQWR H SURFHVVR
SURFHVVR RX H[HFXomR GH
  VHUYLoR

eRILPGDFHUDRXGDRSHUDomRWDUWDUXJD2TXH
'DV3URLELo}HV D SRSXODomR PDLV UHFODPD GR VHUYLoR S~EOLFR p VXD
PRURVLGDGHDOHQWLGmRFRPTXHRIXQFLRQiULRWUDEDOKD
FULDQGRUHVLVWrQFLD GLILFXOGDGHV SDUDTXHDVFRLVDVQmR
$UW $RVHUYLGRUpSURLELGR DQGHPQRULWPRGHYLGR(QmR VH GLJDTXHDSURLELomR
UHIHUHVHDSHQDVjUHVLVWrQFLDDWLYDRXVHMDRIXQFLRQiULR
$WpDJRUDYtUDPRVRTXHRIXQFLRQiULRGHYHID]HU ID]HU DOJXPD FRLVD SDUD LPSHGLU TXH R VHUYLoR VHMD
'RUDYDQWH R TXH HOH QmR GHYH ID]HU DV SURLELo}HV D SUHVWDGR RX TXH GRFXPHQWRV SURFHVVR RX R VHUYLoR
VHUHPUHVSHLWDGDVSRUWRGRVRVIXQFLRQiULRVS~EOLFRV DQGH

, DXVHQWDUVH
DXVHQWDUVHGRVHUYLoRGXUDQWHRH[SHGLHQWH $UHVLVWrQFLDWDPEpPSRGHVHURPLVVLYD FHUD H[
VHPSUpYLDDXWRUL]DomRGRFKHIHLPHGLDWR
VHPSUpYLDDXWRUL]DomRGRFKHIHLPHGLDWR RIXQFLRQiULRTXHGHL[DRSURFHVVRQDPHVDDRLQYpVGH
OHYiORSDUDGHVSDFKRRXTXHGHL[D VHRPLWH GHODQoDU
(LVRSULPHLURVLQDODRVIXQFLRQiULRVIDQWDVPDV+i DOJXPDDQRWDomRVHPDTXDORSURFHVVR RXGRFXPHQWR
PXLWRVIXQFLRQiULRVTXHDSHQDVFRPSDUHFHPjUHSDUWLomR ILFDSDUDGR1DGDPDLVVDGLRSDUDDDGPLQLVWUDomRHSDUD
DVVLQDPRSRQWRHGHVDSDUHFHP&RPRWHPSRDFDEDP R S~EOLFR FHUD DJRUD p SURLELGD H R IXQFLRQiULR VHUi
QHP PHVPRDVVLQDQGRRSRQWR'HVDSDUHFHPGHYH] H SXQLGR
VHXVSDGULQKRVJDUDQWHPTXHQmRVHUmRGHVSHGLGRV
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

9 SURPRYHU PDQLIHVWDomR GHDSUHoRRXGH 9,, FRDJLU


FRDJLURX
RXDOLFLDU VXERUGLQDGRVQR
DOLFLDUVXERUGLQDGRV QRVHQWLGRGH
GHVDSUHoRQRUHFLQWRGDUHSDUWLomR ILOLDUHPVH
ILOLDUHPVHDDVVRFLDomR
DVVRFLDomRSURILVVLRQDO
SURILVVLRQDORX
RXVLQGL
FDORXDSDUWLGRSROtWLFR
(VWHGLVSRVLWLYRSURtEHRIXQFLRQiULRGHSURPRYHU
PDQLIHVWDo}HV GH DSUHoR RX GH GHVDSUHoR H H[WHQVLYD 2IXQFLRQiULRQmRSRGHUiMDPDLVFRDJLU LQWLPLGDU
PHQWHDWpGHID]HUFLUFXODURXVXEVFUHYHUOLVWDGHGRQDWL RXDOLFLDU VHGX]LUYDOHQGRVHGDFRQGLomRGH&KHIH XP
YRVQRUHFLQWRGRORFDOGHWUDEDOKR6DELGDPHQWHSHVVRDV RXWUR IXQFLRQiULR VHX VXERUGLQDGR SDUD REULJiOR D VH
VXFXPEHPjVYLFLVVLWXGHVGDYLGDRXVHMDWRGDVVRIUHPRV ILOLDUHPDOJXPSDUWLGRSROtWLFRRXHPDOJXPDDVVRFLDomR
LQIRUW~QLRVGDVRUWHVHMDSURILVVLRQDOPHQWHVHMDSHVVRDO GHFODVVHRXHPVLQGLFDWR
PHQWH VHMD VRFLDOPHQWH ,PDJLQH TXH XP IXQFLRQiULR
S~EOLFRFRULQWLDQRWHQKDVLGRH[SXOVRGRTXDGURDVVRFLDWL 2IXQFLRQiULRSRUPDLVKXPLOGHTXHVHMDGHYHWHU
YR GDTXHOH &OXEH ¢ VHULD MXVWR TXH RV IXQFLRQiULRV VHPSUHDVXDFRQVFLrQFLDOLYUHHSUHVHUYDGDVXDOLEHUGDGH
FRULQWLDQRVGDTXHODUHSDUWLomRIL]HVVHXPDUHXQLmRSDUD GH HVFROKD GH SDUWLFLSDU RX QmR GH TXDOTXHU GHVVDV
UDVJDU D EDQGHLUD GR &RULQWKLDQV GLVFXUVDQGR H SUR HQWLGDGHV
WHVWDQGRFRQWUDDH[SXOVmR"""
6HULDRGLRVRTXHDOJXpPVHYDOHVVHGDFRQGLomRGH
7DOPDQLIHVWDomRGHDSUHoRDR&ROHJDHGHVDSUHoRj &KHILDSDUDYLROHQWDUDFRQVFLrQFLDGRVXERUGLQDGR$OpP
GHFLVmR GR &OXEH SRVLWLYDPHQWH p LQWHLUDPHQWH LP
GLVVRQDUHSDUWLomRS~EOLFDQmRpORFDOGHVHID]HUSROtWL
SHUWLQHQWHQDUHSDUWLomRS~EOLFD2XWURVVLPQmRVmRUDUDV
FD QHP SROtWLFD SDUWLGiULD QHP SROtWLFD VLQGLFDO QHP
DVPDQLIHVWDo}HVGHVROLGDULHGDGHDWpFRPDUUHFDGDomR
TXDOTXHURXWUD
GHIXQGRVPDWHULDLVSDUDDX[tOLRDHYHQWXDLVLQIRUW~QLRV
GHDPLJRVRX&ROHJDVGH)XQFLRQDOLVPRS~EOLFR
9,,, PDQWHU
PDQWHUVRE
VREVXD
VXDFKHILD
FKHILDLPHGLDWD
LPHGLDWDHPFDUJRRX
HPFDUJRRX
IXQomR
IXQomR GH
GH FRQILDQoD
FRQILDQoD F{QMXJH
F{QMXJH FRPSDQKHLUR
$VOLVWDVGHGRQDWLYRV FRQKHFLGDVSRUDomRHQWUH
RXSDUHQWHDWpRVHJXQGRJUDXFLYLO
DPLJRV  VmR YDULDQWHV GDV PDQLIHVWDo}HV GH DSUHoR
$FHUWDGDPHQWHSURtEHDVDOHLSDUDTXHDVUHSDUWLo}HV
S~EOLFDVQmRVHWUDQVIRUPHPHPIDFDVGHFDULGDGHVHR $ OHL Qž    QmR ID]LD TXDOTXHU
IXQFLRQiULRTXLVHUID]HUFDULGDGHTXHSURFXUHRXWURORFDO H[FHomR,VVRVLJQLILFDYDTXHDSURLELomRVHHVWHQGLDGHVGH
QmR PLVWXUDQGR VHXV VHQWLPHQWRV FRP D SUHVWDomR GH SDUDRVFDUJRVFRQFXUVDGRVDWpSDUDRVFDUJRVHPFRPLV
VHUYLoRVS~EOLFRV VmR&XULRVDPHQWHSRUpPRQRYR(VWDWXWRpH[SUHVVRD
SURLELomRVyVHUHIHUHDFDUJRRXIXQomRGHFRQILDQoD
1DUHSDUWLomRHOHQmRWHPRGLUHLWRGHSHGLUGRQDWL
YRVDTXHPTXHUTXHVHMDPXLWRPHQRVVHVHUYLUGHVVD ,VVR PHVPR  $ SURLELomR QmR
QmR DOFDQoD RV FDUJRV
IXQomRSDUDREWHUYDQWDJHPTXHQmRVHMDGHEHPDGPLQLV S~EOLFRVSURYLGRVPHGLDQWHFRQFXUVRS~EOLFRHPFDUiWHU
WUDUREHPS~EOLFR HIHWLYReTXHDUHJUDpSURLELWLYD
SURLELWLYDHDVUHJUDVSURLELWLYDV
SURLELWLYD
SRUTXHOLPLWDPGLUHLWRVGHYHPVHPSUHVHULQWHUSUHWDGDV
6HULD H[WUHPDPHQWH FRQVWUDQJHGRU SDUD TXDOTXHU UHVWULWLYDPHQWHRXVHMDQmRSRGHPVHUHVWHQGLGDVDOpP
UHVWULWLYDPHQWH
SHVVRDFRPSDUHFHUDXPDUHSDUWLomRSDUDUHTXHUHUXPD GRTXHDOHLH[SUHVVDPHQWHGLVVHU3RUILQDOYHMDEHP
FHUWLGmRHVHGHIURQWDUFRPRIXQFLRQiULRS~EOLFR TXH ROLPLWHpVHJXQGRJUDX3RGHSRLVRVREULQKRRWLRHGDt
H[SHGLUi D FHUWLGmR  SHGLQGROKH TXH FRQWULEXD FRP SDUDIUHQWH
GLQKHLURSDUDDOJXPDPLJRGHVDIRUWXQDGRSRXFDVSHV
VRDVVHVHQWLULDPjYRQWDGHSDUDQHJDUDFRQWULEXLomRDWp ,; YDOHUVH
YDOHUVHGR
GRFDUJR
FDUJRSDUD
SDUDORJUDU
ORJUDUSURYHLWRSHVVR
WHPHQGR QmR VHU EHP DWHQGLGR QRXWUDV SDODYUDV R DO
DORX
RXGH
GHRXWUHP
RXWUHPHP
HPGHWULPHQWRGDGLJQLGD
SUySULRVHUYLoRS~EOLFRVHUYLULDGHIDFDDUPDSDUDTXD GHGDIXQomRS~EOLFD
VHREULJDUjVFRQWULEXLo}HVGHDSUHoR
2 IXQFLRQiULR p SURLELGR WDPEpP GH YDOHUVH GR
9, FRPHWHU
FRPHWHUDSHVVRD
SHVVRDHVWUDQKD
HVWUDQKDjUHSDUWLomRIRUD FDUJRHPSURYHLWRSHVVRDORXHPGHWULPHQWRGDGLJQLGDGH
GRV
GRVFDVRV
FDVRVSUHYLVWRV
SUHYLVWRVHP
HP/HL
/HLRGHVHPSHQKR
GHVHPSHQKRGH GDIXQomRRIXQFLRQiULRGHYHWHUVHPSUHXPDFRQGXWD
DWULEXLomR
DWULEXLomR TXH
TXH VHMD
VHMD GHVXDUHVSRQVDELOLGDGH GLJQDQRH[HUFtFLRGHVXDIXQomRHQmRSRGHHYLGHQWH
RXGHVHXVXERUGLQDGR PHQWH VHUYLUVH GR FDUJR SDUD REWHU TXDOTXHU WLSR GH
YDQWDJHPSHVVRDO
2IXQFLRQiULRWDPEpPpSURLELGRGHGDUDSHVVRD
HVWUDQKDjUHSDUWLomRIRUDGRVFDVRVSUHYLVWRVHPOHLR (VVDV YDQWDJHQV SRGHP VHU GLUHWDV H LQGLUHWDV
GHVHPSHQKRRXHQFDUJRTXHOKHFRPSHWLU,VWRTXHUGL]HU 0HVPR DTXHODV TXH GHULYDP QRUPDO GD FRQGLomR GH
RVHJXLQWHTXHRIXQFLRQiULRQmRSRGHDXWRUL]DURXWUD IXQFLRQiULRS~EOLFRRIXQFLRQiULRGHYH]HODUDRPi[LPR
SHVVRDDGHVHPSHQKDURVHUYLoRS~EOLFRTXHHOHpREUL SHOD VXD FRQGXWD SDUD TXH WHUFHLURV QmR VLQWDP QmR
JDGRDID]HUHOHQmRSRGHGHOHJDUDVXDIXQomRPXLWR SHUFHEDPTXHHOHHVWiREWHQGRTXDOTXHUSURYHLWRSHVVRDO
PHQRVFRQVWLWXLUSURFXUDGRUSDUDWDOILQDOLGDGH
HPVXDIXQomRSRUTXHVHVHFDUDFWHUL]DUHVWHSURYHLWRHOH
HVWDUi YLRODQGR R GLVSRVLWLYR H HVWDUi VXMHLWR D XPD
(OHpREULJDGRDID]HURVHUYLoRTXHSRUOHLHUHJXOD
SHQDOLGDGHTXHYDLGHVGHUHSUHHQVmRDWpDGLVSHQVDGR
PHQWRVOKHIRUDWULEXtGRVHPQHQKXPDRSRUWXQLGDGHGH
VHUYLoRS~EOLFRFRQIRUPHRJUDXGHGHVREHGLrQFLDjOHL
GHOHJDUDWHUFHLURV
LPSRVWD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

; SDUWLFLSDU
SDUWLFLSDU GH
GH JHUrQFLD
JHUrQFLD RXDGPLQLVWUDomRGH YDOHQGRVHGHVXDFRQGLomRGHIXQFLRQiULRS~EOLFRTXH
VRFLHGDGH SULYDGD
VRFLHGDGH SULYDGD SHUVRQLILFDGD
SHUVRQLILFDGD RX QmR OKHSURSLFLDULDIiFLOLQJUHVVRQRVUHFLQWRVRXDFHVVRDRV
SHUVRQLILFDGD
SHUVRQLILFDGDH[HUFHU
H[HUFHURFRPpUFLR
FRPpUFLRH[FHWR
H[FHWRQD IXQFLRQiULRVFROHJDV
TXDOLGDGH
TXDOLGDGHGH
GHDFLRQLVWD
DFLRQLVWDFRWLVWDRXFRPDQGLWi
FRWLVWDRXFRPDQGLWi
ULR 6ySRGHUiGHIHQGHUDGYRJDUDWXDUTXDQGRIRUSDUD
2EVUHGDomRGDGDSHOD/HLQž
SOHLWHDUDOJXPEHQHItFLRSUHYLGHQFLiULRRXDVVLVWHQFLDO(
([HUFHU FRPpUFLR p SURLELGR DR IXQFLRQiULR H PHVPRDVVLPVyHPIDYRUGHDOJXPSDUHQWH QRPi[LPR
SDUWLFLSDUGHVRFLHGDGHFRPHUFLDOH[FHWRFRPRDFLRQLVWD GRžJUDXDWpLUPmRSDLDY{HQHWRQmRSRGHVREUL
FRWLVWDRXFRPDQGLWiULR(VWHGLVSRVLWLYRpEDVWDQWHFODUR QKRRXWLRHQLQJXpPPDLVQHPELVDY{QHPELVQHWR 
QHVWDSURLELomRSRUTXHHPSULPHLUROXJDURIXQFLRQiULR 1DWXUDOPHQWHSRGHUiDWXDUFXLGDQGRGRVLQWHUHVVHVGH
QmRWHULDFRQGLo}HVQHPWHPSRVXILFLHQWHHQHFHVViULR VXDHVSRVDPDULGRRXGHVHXFRPSDQKHLUR FDVRQmRVHMD
SDUDJHUHQFLDURXDGPLQLVWUDUXPDHPSUHVDFRPHUFLDO RX OHJDOPHQWHFDVDGR 
LQGXVWULDO H[HUFHQGRRXWUDDWLYLGDGHIRUDGDUHSDUWLomR
$WHQomR
$WHQomR HVVD FRQGXWD DOpP GH FRQVWLWXLU LQIUDomR GLVFLSOLQDU  p
S~EOLFDTXHOKHWRPDVVHWHPSR WDPEpPFRQVLGHUDGDFFULPH$VVLPRIXQFLRQiULRVHUiGHPL
ULPH
WLGRDEHPGRVHUYLoRS~EOLFRHDLQGDUHVSRQGHUiDXPSUR
$OpPGRPDLVH[HUFHQGRRFRPpUFLRRIXQFLRQiULR FHVVRFULPLQDOSRGHQGRVHUFRQGHQDGRHLUSDUDDFDGHLD
SRGHULDVHSUHYDOHFHUGHVXDFRQGLomRGHVHUYLGRUS~EOLFR
HH[SRUDRVHPEDUDoRVGRVLQWHUHVVHVFRPHUFLDLVDSUySULD ;,, UHFHEHU SURSLQD FRPLVVmR SUHVHQWHRX
GLJQLGDGHHUHVSHLWRGDIXQomRS~EOLFD YDQWDJHP
YDQWDJHP GH
GH TXDOTXHU
TXDOTXHU HVSpFLH
HVSpFLH HPUD]mRGH
HPUD]mRGH
VXDVDWULEXLo}HV
,VVR SDUD QmR IDODU GRV ULVFRV GH XPD IDOrQFLD
GDTXHODHPSUHVDUHIOHWLQGRQDSUySULDFUHGLELOLGDGHGR eSURLELGRWDPEpPRIXQFLRQiULRUHFHEHUSURSLQD
VHUYLoR S~EOLFR j PHGLGD TXH R JHUHQWH LQFRPSHWHQWH FRPLVV}HVSUHVHQWHVHYDQWDJHQVGHTXDLVTXHUHVSpFLHV
FRPRRSURYDDIDOrQFLD pWDPEpPXPDGPLQLVWUDGRU HPUD]mRGHVXDVDWULEXLo}HVHIXQomR%DVWDUHFHEHUHMi
GRVEHQVS~EOLFRV WHUiFRQILJXUDGRDLQIUDomRQmRpQHFHVViULRVHTXHUTXH
HOHWHQKDSHGLGRRXH[LJLGR
'DPHVPtVVLPDIRUPDRFRUUHUiFDVRHOHHVWHMDHP
GLVSRQLELOLGDGH R IXQFLRQiULR HP GLVSRQLELOLGDGH QmR eVySHJDUDSURSLQDHMiHVWiLQFRUUHQGRQHVWHFUL
HVWiWUDEDOKDQGRPDVQHPSRULVVRILFDOLEHUDGRSDUDR PH LVVRPHVPRPDLVTXHLQIUDomRGLVFLSOLQDUFRQILJXUD
FRPpUFLR RX JHUrQFLD GH VRFLHGDGH SULYDGD $ ~QLFD WDPEpPFULPHGHFRUUXSomRSDVVLYD GDPHVPDIRUPD
VH UHFHEHU XPD FRPLVVmR WDPEpP HOH HVWi LQFRUUHQGR
SHUPLVVmRpILJXUDUSDVVLYDPHQWHFRPRDFLRQLVWD VHP
QHVWHGLVSRVLWLYR
DGPLQLVWUDU RXFRPRVyFLRFRWLVWD VHPDGPLQLVWUDUJH
UHQFLDU RXFRPDQGLWiULR TXHQmRSRGHPHVPRDGPLQLV
1mRSRGHWDPEpPUHFHEHUSUHVHQWHVRXTXDOTXHU
WUDU 
RXWUR WLSR GH YDQWDJHP (VVH ULJRU GHYHVH DR IDWR GH
(PYHUGDGHEHPVHSHUFHEHTXHDOHLQmRTXHUD
TXH VHP D SURLELomR R IXQFLRQiULR QHVVD KLSyWHVH
FRQIXVmRPLVWXUDHQWUHLQWHUHVVHVFRPHUFLDLVSULYDGRV
SDVVDULDDWUDEDOKDUVyVHUHFHEHVVHTXDOTXHUYDQWDJHP
HVHUYLoRVS~EOLFRVLQHYLWiYHLVVHXPDPHVPDSHVVRD R
DVVLPOHYDULDWRGDDDGPLQLVWUDomRjFRUUXSomRHDRFDRV
IXQFLRQiULRS~EOLFR H[HFXWDVVHRVGRLVFRQFRPLWDQWHPHQ
WH DRPHVPR  $WHQomR
$WHQomR HVVDFRQGXWDDOpPGHFRQVWLWXLULQIUDomRGLVFLSOLQDUpWDPEpP
FRQVLGHUDGDFULPLQRVD$VVLPRIXQFLRQiULRVHUiGHPLWLGRD
$UHJUDWRGDYLDQmRpDEVROXWDQR†~QLFRGHVWH EHP GR VHUYLoR S~EOLFR H DLQGD UHVSRQGHUi D XP SURFHVVR
FULPLQDOSRGHQGRVHUFRQGHQDGRHLUSDUDDFDGHLD
PHVPRDUWLJRD/HLQžDFUHVFHXGXDVH[FH
D  SHUPLVVmR SDUD ´SDUWLFLSDomR QRV FRQVHOKRV GH
o}HV D ;,,, DFHLWDU FRPLVVmR HPSUHJR RX SHQVmRGH
DGPLQLVWUDomRHILVFDOGHHPSUHVDVRXHQWLGDGHVHPTXHD HVWDGRHVWUDQJHLUR
8QLmR GHWHQKD GLUHWD RX LQGLUHWDPHQWH SDUWLFLSDomR QR
FDSLWDOVRFLDORXHPVRFLHGDGHFRRSHUDWLYDFRQVWLWXtGDSDUD $SURLELomRGHUHSUHVHQWDomRGH(VWDGRHVWUDQJHLUR
SUHVWDU VHUYLoRV D VHXV PHPEURVµ H E
E  SHUPLVVmR DR p GH H[WUHPD LPSRUWkQFLD SRLV R IXQFLRQiULR S~EOLFR
VHUYLGRUTXHHVWLYHUHP´JR]RGHOLFHQoDSDUDRWUDWRGH FRQKHFHQGR D DGPLQLVWUDomR S~EOLFD SURIXQGDPHQWH H
LQWHUHVVHV SDUWLFXODUHV QD IRUPD GR DUW  GHVWD /HL PDQWHQGRUHODo}HVFRPXPRXWURSDtVSRGHULDH[SRUD
REVHUYDGDDOHJLVODomRVREUHFRQIOLWRGHLQWHUHVVHVµ&RQILUD ULVFR D SUySULD VHJXUDQoD QDFLRQDO UHYHODQGR VHJUHGRV
OiDDQiOLVHGDVH[FHo}HV LPSRUWDQWHVTXHFRQKHoDHPUD]mRGHVHXVHUYLoR

;, DWXDU FRPR 3URFXUDGRU RXLQWHUPHGLiULR eSRULVVRTXHDOHLSURtEHRIXQFLRQiULRS~EOLFRGH


MXQWRDUHSDUWLo}HV
MXQWR UHSDUWLo}HVS~EOLFDV
S~EOLFDVVDOYR
VDOYRTXDQGR
TXDQGRVH DFHLWDU H PDQWHU WDO WLSR GH UHODFLRQDPHQWR FRP RXWUR
WUDWDU
WUDWDUGH
GHEHQHItFLRV
EHQHItFLRVSUHYLGHQFLiULRV
SUHYLGHQFLiULRVRX
RXDVVLV 3DtV$OLiVDOHJLVODomRDQWHULRUH[LJLDTXHRIXQFLRQiULR
WHQFLDLV
WHQFLDLVGH
GHSDUHQWHV
SDUHQWHVDWp
DWpRž
žJUDX
JUDXHGH
GHF{QMX SULPHLUDPHQWH REWLYHVVH OLFHQoD RX DXWRUL]DomR GR
JHRXFRPSDQKHLUR
JHRXFRPSDQKHLUR 3UHVLGHQWHGD5HS~EOLFD&RPRVHYrRQRYR(VWDWXWRp
PDLV ULJRURVR QmR SRGH DFHLWDU FRPLVVmR HPSUHJR RX
2IXQFLRQiULRWDPEpPpSURLELGRGHSOHLWHDUFRPR SHQVmRGHHVWDGRHVWUDQJHLURQHPPHVPRVHDXWRUL]DGR
SURFXUDGRURXLQWHUPHGLiULRQDVUHSDUWLo}HVS~EOLFDV1mR SHOR3UHVLGHQWHGD5HS~EOLFDSHOR%LVSRSHOR3DSDHWF
SRGH HOH DGYRJDU R LQWHUHVVH GH TXHP TXHU TXH VHMD
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

;,9 SUDWLFDUXVXUDVRETXDOTXHUGHVXDVIRUPDV DVPiWLFDHR&KHIHGR&DUWyULRPDQGDRDX[LOLDUMXGLFLiULR


FRPSUDU XP UHPpGLR QD IDUPiFLD  QmR KDYHUi LQ
$ XVXUD PDLV FDUDFWHUL]DGD p R HPSUpVWLPR  GH IULQJrQFLDGLVFLSOLQDU1HVVHFDVRR&KHIHGR&DUWyULRQmR
GLQKHLUR D MXURV GHQWUR GD UHSDUWLomR S~EOLFD  (VWH FRPHWHUiDLQIUDomRQHPVHUiSXQLGR
GLVSRVLWLYR SURtEH TXH R IXQFLRQiULR FRPHUFLH FRP
GLQKHLUR H PXLWR PHQRV FREUH WD[DV GH MXURV H PXLWR 0DV VH HOH ILFDU HVFDODGR SDUD VHPDQDOPHQWH LU
PHQRVDLQGDTXHHVWHVMXURVVHMDPHVFRUFKDQWHV FRPSUDURUHPHGLQKRGRMXL]HQWmRQHPKDYHUiHPHU
JrQFLD QHP VHUi WUDQVLWyULD 4XHP R HVFDORX SDUD WDO
3RUWDQWRQRHPSUpVWLPRGHSHTXHQDVTXDQWLDVHQWUH IXQomRHVWUDQKDVHUiSXQLGRFRPVXVSHQVmRDWpGLDVH
IXQFLRQiULRV GHYH VHPSUH VH WHU FDXWHOD SDUD TXH QmR SRGHUiDWpSHUGHUVHXFRPLVVLRQDPHQWR
SDVVH GH XP PHUR IDYRU SURYLVyULR TXH QmR VHMD XP
KiELWRGHQWURGDUHSDUWLomR ;9,,, H[HUFHU
H[HUFHU TXDLVT
TXDLVTXHU
XHU DWLYLGDGHV
DWLYLGDGHV TXH
TXH VHMDP
LQFRPSDWtYHLV FRP
LQFRPSDWtYHLV FRP R H[HUFtFLR GR FDUJR RX
;9 SURFHGHUGHIRUPDGHVLGLRVD IXQomRHFRPRKRUiULRGHWUDEDOKR

'HVtGLDTXHUGL]HUSRXFRFDVRQHJOLJrQFLDSRXFD 1DGD LPSHGH TXH R IXQFLRQiULR S~EOLFR IDoD XP


DWHQomR(MiVDEHPRVTXHXPGRVGHYHUHVGRIXQFLRQi ELTXLQKR SDUD FRPSOHPHQWDU VXD UHQGD PHQVDO 0DV
ULR p DWHQGHU FRP SUHVWH]D DUW9  H VHU ]HORVR H XPDUHJUDpDEVROXWDRFDUJRS~EOLFRpVDJUDGRHDKRUD
GHGLFDGR DUW, )XQFLRQiULRS~EOLFRYDJDEXQGR GRVHUYLoRWDPEpPRp1mRVHDGPLWLUiTXHRH[HUFtFLR
UHODSVR WHP PHVPR p TXH VHU PDQGDGR HPERUD  1mR GRFDUJRIXQomRRXRKRUiULRGHWUDEDOKRQDUHSDUWLomR
VHUYHSDUDVHUIXQFLRQiULRS~EOLFR S~EOLFDVHMDPVDFULILFDGRVGLPLQXtGRRKRUiULR RXQmR
FXPSULGRSRUTXHRIXQFLRQiULRWHPXPELTXLQKRRQGH
;9, XWLOL]DU
WLOL]DU SHVVRDO
SHVVRDO RX
RX UHFXUVRV
UHFXUVRV PDWHULDLV
PDWHULDLV GD VXD SUHVHQoD p H[LJLGD  ,VVR HUD PXLWR FRPXP FRP
UHSDUWLomR
UHSDUWLomR HP
HP VHUYLoRV
VHUYLoRV RX DWLYLGDGHV SDU PpGLFRVFRPREULJDomRGHILFDUQR3RVWRGH6D~GHSRU
WLFXODUHV KRUDVPDOFXPSULDPDPHWDGHGRKRUiULRHMiHVWDYDP
QXPRXWURHPSUHJXLQKRFRPKRUiULRFXPXODWLYR
eRFKDPDGRSHFXODWRGHXVR2FRUUHUiTXDQGRR
IXQFLRQiULR GHVYLDU SDUD VXD FDVD RX VXD FKiFDUD ,VVR DJRUD DFDERX KRUiULR p KRUiULR H GHYHUi VHU
ID]HQGD HWF  IXQFLRQiULRV S~EOLFRV SDUD OKH SUHVWDU FXPSULGR)XQFLRQiULRTXHWLYHUELTXLQKRFRPKRUiULR
VHUYLoRV  1mR p UDUR WHUVH QRWtFLD GH TXH XP &KHIHWH FRLQFLGHQWHFRPRGRVHUYLoRS~EOLFRGHYHUiRSWDUSRUXP
TXDOTXHUPDQGRXDOJXPIXQFLRQiULRILFDUWUDEDOKDQGRHP RXRXWUR6HQmRRIL]HUSRGHUiDWpVHUGHPLWLGRDEHP
VXD FDVD FRPR PRUGRPR RX FRPR HOHWULFLVWD HWF  GR VHUYLoR S~EOLFR VH SUHMXGLFDU R VHUYLoR S~EOLFR SRU
4XHPRIL]HUVHUiGHPLWLGRDEHPGRVHUYLoRS~EOLFR FDXVDGRELTXLQKR

2GHVYLRGHPDWHULDLVpDLQGDPDLVJUDYHDIRUDFRQV (QmRpVyRKRUiULRLQFRPSDWtYHOTXHDFDUUHWDUiD
WLWXLULQIUDomRSXQtYHOFRPDGHPLVVmRDEHPGRVHUYLoR GHPLVVmR7DPEpPDQDWXUH]DGDIXQomR-iSHQVRXXP
S~EOLFR FRQILJXUDUi WDPEpP FULPH GH SHFXODWR DR IXQFLRQiULR GR -XGLFLiULR TXH QDV KRUDV YDJDV YHQGH
DUW&yG3HQDO 7DPEpPQmRpUDURWHUVHQRWtFLDGH MRJRGRELFKR"""2XPHVPRXP9RJDO7UDEDOKLVWDTXH
TXHDOJXPIXQFLRQiULROHYRXSDUDVXDFDVDDOJXPDVWHOKDV QDVKRUDVYDJDVpEDOFRQLVWDGHXPEDU]LQKR6mRVLWXD
TXH VREUDYDP QD UHSDUWLomR RX IXQFLRQiULR TXH WLUD o}HV LQFRPSDWtYHLV FRP D GLJQLGDGH RX QDWXUH]D GD
[HUR[ GH VHXV WUDEDOKRV HVFRODUHV QD UHSDUWLomR ,VVR p IXQomRHSRGHUmRDFDUUHWDUDGHPLVVmRGRIXQFLRQiULR
FRLVDJUDYHGLVFLSOLQDUPHQWHHRIXQFLRQiULRQmRDSHQDV
VHUiGHPLWLGRDEHPGRVHUYLoRS~EOLFRFRPRSURFHVVDGR ;,; UHFXVDUVHDDWXDOL]DUVHXVGDGRVFDGDVWUDLV
UHFXVDUVHDDWXDOL]DUVHXVGDGRVFDGDVWUDLV
FRPRFULPLQRVR TXDQGRVROLFLWDGR
2EV(VWHLQFLVRIRLDFUHVFHQWDGRSHOD/HLQž
2EV

;9,, FRPHWHU
FRPHWHU D RXWUR
RXWUR VHUYLGRU DWULEXLo}HVHVWUD 2VGDGRVFDGDVWUDLVVmRLPSRUWDQWtVVLPRVSDUDTXHD
QKDV DR
QKDV DR FDUJR
FDUJR TXH
TXH RFXSD
RFXSD H[FHWR
H[FHWR HP
HP VLWXD $GPLQLVWUDomR FRQILUD RV GHSHQGHQWHV GR VHUYLGRU VHXV
o}HVGHHPHUJrQFLDHWUDQVLWyULDV HYHQWXDLVSHQVLRQLVWDVHPFDVRGHPRUWHRVWLWXODUHVGH
EHQHItFLRV OHJDLV FRPRVDOiULRIDPtOLD KRUiULR HVSHFLDO
3URFXUDVH DTXL DFDEDU FRP R XVR GR IXQFLRQiULR HPFDVRGHGHILFLHQWHItVLFROLFHQoDSDUDWUDWDPHQWRGH
S~EOLFR HP VHUYLoRV SDUWLFXODUHV &KHIHWHV PXLWRV QmR VD~GHHWF
KHVLWDPHPXVDURIXQFLRQiULRSDUDVHXVDID]HUHVSDUWLFX
ODUHVpR&KHIHGR&DUWyULRTXHSHGHDR$X[LOLDU-XGLFLi 6HP HVVDV LQIRUPDo}HV D $GPLQLVWUDomR 3~EOLFD
ULRSDUDFRPSUDUFLJDUURVR-XL]TXHTXHUTXHGLDULD SHUGHUiRFRQWUROHVREUHVHXSHVVRDOVREUHVXDVREULJD
PHQWHR2ILFLDOGH-XVWLoD$YDOLDGRUYiOHYDUVHXFDFKRU o}HV H VREUH RV GHVWLQDWiULRV GRV EHQHItFLRV OHJDLV ³
ULQKR SDVVHDU RX LU DR %DQFR SDJDU XPD GtYLGD VDFDU GLILFXOWDQGR VREUHPDQHLUD VHX JHUHQFLDPHQWR GRV
GLQKHLURHWF
UHFXUVRVKXPDQRV³HSRULVVRUHSDVVDUDVLQIRUPDo}HV
SDUDPDQWHUDWXDOL]DGRVHXVGDGRVFDGDVWUDLVpREULJDomR
)XQFLRQiULRS~EOLFRGHYHH[HUFHUH[FOXVLYDPHQWH
GHWRGRVHUYLGRUTXHVHQmRIRUFXPSULGDFRQVWLWXLUi
VXD IXQomR S~EOLFD H QDGD PDLV &ODUR TXH VH KRXYHU
LQIUDomRGLVFLSOLQDUSXQtYHO
XPD HPHUJrQFLD WUDQVLWyULD  R MXL] HVWi FRP FULVH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

†~QLFR $YHGDomR
YHGDomRGH
GHTXH
TXHWUDWD
WUDWDRLQFLVR
LQFLVR;GRFDSXWGHVWH
DUWLJRQmRVHDSOLFDQRVVHJXLQWHVFDVRV $FXPXODomR

, SDUWLFLSDomRQRVFRQVHOKRVGHDGPLQLVWUDomR
HILVFDOGHHPSUHVDVRXHQWLGDGHVHPTXHD $UW 5HVVDOYDGRVRV
5HVVDOYDGRVRVFDVRVSUHYLVWRVQD&RQVWLWXLomR
8QLmR GHWHQKD GLUHWD RX LQGLUHWDPHQWH p YHGDGD
YHGDGD D DFXPXODomR
DFXPXODomR UHPXQHUDGD
UHPXQHUDGD GH
GH FDUJRV
SDUWLFLSDomRQRFDSLWDOVRFLDORXHPVRFLHGDGH S~EOLFRV
FRRSHUDWLYDFRQVWLWXtGDSDUDSUHVWDUVHUYLoRV
DVHXVPHPEURVH †ž $ SURLELomR GH DFXPXODU HVWHQGHVHDFDUJRV
HPSUHJRV
HPSUHJRV H IXQo}HV
IXQo}HV HP
HP DXWDUTXLDV
DXWDUTXLDV IXQGDo}HV
2EVDFUHVFLGRSHOD/HLQž
S~EOLFDV
S~EOLFDV HPSUHVDV
HPSUHVDV S~EOLFDV
S~EOLFDV VRFLHGDGHV
VRFLHGDGHV GH
,, JR]R GH OLFHQoD SDUD R WUDWR GHLQWHUHVVHV HFRQRPLD
HFRQRPLD PLVWD
PLVWD GD
GD 8QLmR
8QLmR GR 'LVWULWR )HGHUDO
SDUWLFXODUHV QD IRUPD GR DUW  GHVWD /HL GRV(VWDGRVGRV7HUULWyULRVHGRV0XQLFtSLRV
GRV(VWDGRVGRV7HUULWyULRVHGRV0XQLFtSLRV
REVHUYDGDDOHJLVODomRVREUHFRQIOLWRGHLQWH
UHVVHV (VVDMiHUDXPDJUDQGHQRYLGDGHLQWURGX]LGDSHODOHL
2EVDFUHVFLGRSHOD/HLQž Qž $%5 2QRYR(VWDWXWRFRQVROLGRX
GHILQLWLYDPHQWH HVVD SURLELomR 'RUDYDQWH QHQKXP
$QRWHVHTXHDVH[FHo}HVEXVFDPYLDELOL]DUDSDUWLFL IXQFLRQiULRSRGHUiWHUGRLVHPSUHJRVS~EOLFRV$RIXQ
SDomR GR ´VHUYLGRUµ HP (PSUHVDV 3~EOLFDV H DWp GH FLRQiULR Vy VHUi SHUPLWLGR TXH WHQKD XP ELTXLQKR
(FRQRPLD0LVWD OHLDRLQF, HQmRTXHVHDIDVWHSDUDR SRUpPSDUWLFXODUHHPKRUiULRQmRSUHMXGLFLDODRVHUYLoR
H[HUFtFLRRUGLQiULRGHDWLYLGDGHHPSUHVDULDORXGR´FR S~EOLFR
PpUFLRµ
 6DEHPRVWDPEpPTXHIXQFLRQiULRS~EOLFRpWRGR
&DEHOHPEUDUTXHRDQWLJR&yGLJR&RPHUFLDOSURLELD DTXHOH TXH WUDEDOKD GLUHWDPHQWH SDUD R *RYHUQR RX
R H[HUFtFLR GR FRPpUFLR SRU ´IXQFLRQiULRV S~EOLFRVµ H R LQGLUHWDPHQWH LVWR p WUDEDOKD SDUD XPD DXWDUTXLD RX
DWXDO&yGLJR&LYLOQmRLQVHUHWDOFRQGLomRFRPRLQFDSDFL XPDIXQGDomRS~EOLFD YHMDRDUWžGRQRYR(VWDWXWR 
WDQWH SRUTXH D GLVFLSOLQD GD LQFRPSDWLELOLGDGH p GR ,VVR VLJQLILFD TXH TXHP WUDEDOKD SDUD XPD HPSUHVD
VLVWHPDDGPLQLVWUDWLYR S~EOLFD XPD HPSUHVD SHUWHQFHQWH H[FOXVLYDPHQWH DR
 JRYHUQR ³ H[ (PSUHVD %UDVLOHLUD GH &RUUHLR  QmR
QmR p
(QIDWL]HVHTXHQRLQF;GDOHLVmRGXDVDVFRQGLo}HV IXQFLRQiULR S~EOLFR 'D PHVPD IRUPD TXHP WUDEDOKD
jFRQFHVVmRGDOLFHQoDSDUDRWUDWRGHLQWHUHVVHVSDUWLFXOD SDUD XPD 6RFLHGDGH GH (FRQRPLD 0LVWD (PSUHVD TXH
UHV Vy SRGHUmR JR]iOD RV VHUYLGRUHV   RFXSDQWHV GH WHP FRPR VyFLR WDQWR R *RYHUQR FRPR R 3DUWLFXODU
FDUJRHIHWLYRH  TXHQmRHVWHMDPHPHVWiJLRSUREDWy FRPRSRUH[HPSORD3HWUREUiVHWF RXVHMDULJRURVD
ULR$VVLPVHRVHUYLGRURFXSDXPFDUJR´HPFRPLVVmRµRX PHQWHQmRpIXQFLRQiULRS~EOLFR VHJXQGRDGHILQLomRGD
OHL 
GH´OLYUHQRPHDomRµ HOLYUHH[RQHUDomR QmRSRGHUiREWHU
2 IXQFLRQiULR S~EOLFR p SURLELGR GH WHU GRLV HP
HVVDOLFHQoDWDPEpPQmRDREWHUiRVHUYLGRUTXHDLQGD
SUHJRVS~EOLFRV(SRXFRLPSRUWDUiVHRVGRLVHPSUHJRV
HVWLYHUHPHVWiJLRSUREDWyULR
S~EOLFRVIRUHPHPiUHDVGLIHUHQWHVXP0XQLFLSDOHRXWUR

QR (VWDGR RX QD 8QLmR ( PDLV HVVD SURLELomR DWLQJH
2XWURVVLPHVVDOLFHQoDQmRpXPGLUHLWROtTXLGRH
WDPEpPRIXQFLRQiULRTXHWLYHUXPFDUJRS~EOLFRHXP
FHUWRGRVHUYLGRUPHVPRTXH´HIHWLYRµ'HSHQGHH[FOXVL
RXWURFDUJRWDPEpPHP6RFLHGDGHGH(FRQRPLD0LVWDH
YDPHQWHGDXQLODWHUDOYRQWDGHGD$GPLQLVWUDomRRXVHMD (PSUHVDV3~EOLFDV(SRXFRLPSRUWDUiVHD6RF(FRQ0LVWD
VHUiFRQFHGLGDRXQmRDFULWpULRGDDGPLQLVWUDomR RXD(PSUHVD3~EOLFDp)HGHUDO(VWDGXDORX0XQLFLSDO
 6HXPIXQFLRQiULRGR757TXLVHUWUDEDOKDUFRPREDQ
$FUHVoDVH D WXGR TXH WDO OLFHQoD WHP QDWXUH]D FiULRjQRLWHDWpSRGH0DVHOHQmRSRGHUiWUDEDOKDUQR
´SUHFiULDµRX´WHPSRUiULDµ QLQJXpPSRGHVHOLFHQFLDUDG %DQFRGR%UDVLOQHPTXHVHMDjQRLWHRXRXWURKRUiULR
 WHUQXP  e R TXH EDVWD SDUD HYLGHQFLDU XP LPDQHQWH FRPSDWtYHOSRLVHVWHpXPDVRFLHGDGHGHHFRQRPLDPLVWD
´FRQIOLWR GH LQWHUHVVHVµ FRP D $GPLQLVWUDomR SRUTXDQWR
QHQKXP ´VHUYLGRUµ SRGHUi H[HUFHU XPD DWLYLGDGH GH (VWH DUWLJR p XP HVSHOKR GR TXH Mi GHWHUPLQD D
QDWXUH]DSURILVVLRQDOHSHUPDQHQWHFRPRRpR´H[HUFtFLR SUySULD&RQVWLWXLomR)HGHUDOHPVHXDUWLJRLQFV;9,H
GRFRPpUFLRµ ;9,,pYHGDGDDDFXPXODomRUHPXQHUDGDGHFDUJRVS~EOL
 FRVMiHUDWDPEpPGD&RQVWLWXLomR DUWLQF;9,, D
$H[FHomRGRDUW†~QLFRLQF,,/OHL H[WHQVmRGDSURLELomRGHFXPXODomRGHFDUJRVPHVPRHP
QmRpLQ~WLODSHQDVYLVDDUHVVDOYDUVLWXDo}HVH[WUDRUGLQi VHWUDWDQGRGHFDUJRGDDGPLQLVWUDomRLQGLUHWDDSURLEL
ULDVGHDWLYLGDGHVLVRODGDV HQmRSURILVVLRQDLV GHSUiWLFD omR GH DFXPXODU HVWHQGHVH D HPSUHJRV H  IXQo}HV H
GH DWRV GH QDWXUH]D HPSUHVDULDO TXH HQWUHWDQWR QmR DEUDQJH DXWDUTXLDV HPSUHVDV S~EOLFDV VRFLHGDGHV GH
FRQILJXUDPGHGLFDomRSURILVVLRQDO SRULVVRFRQFRUUHQWH HFRQRPLDPLVWDHIXQGDo}HVPDQWLGDVSHOR3RGHU3~EOLFR
HPGHGLFDomR GRVHUYLGRUOLFHQFLDGR
&RQILUDTXHpDSUySULD&RQVW)HGHUDOTXHMiDPSOLD
YD D SURLELomR GH DFXPXODomR GH FDUJRV H HPSUHJRV
 5HJLPH
-XUtGLFRÔQLFR ,
QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
S~EOLFRVDVVLPWDPEpPRVHPSUHJDGRVGDVDXWDUTXLDV GHDSRVHQWDGRULDHGHYHQFLPHQWRVSURFODPDQGRTXHHOD
>%DQFR  &HQWUDO ,166 HWF@ GDV HPSUHVDV S~EOLFDV VyVHULDSRVVtYHOQRVFDVRVHPTXHDSUySULD&RQVWLWXLomR
>(PSUHVD %UDVLOHLUD GH &RUUHLRV H 7HOpJUDIRV &DL[D SHUPLWHDFXPXODomRGHFDUJRV
(FRQ{PLFD)HGHUDO&DL[D(FRQ{PLFDGR(VWDGRGH6mR
3DXORHWF@HGDVVRFLHGDGHVGHHFRQRPLDPLVWD>'(56$ (VVDGHFLVmRGD6XSUHPD&RUWHLQVSLURXDDOWHUDomR
%DQFRGR%UDVLO3HWUREUiV7HOHVSHWF@HGDVIXQo}HV GR (VWDWXWR GR 6HUYLGRU 3~EOLFR )HGHUDO H D /HL Qž
S~EOLFDV >)XQGDomR 3DGUH $QFKLHWD )(%(0 HWF@ QmR  LQWURGX]LX XP † ƒ QR DUW  GD /HL Qž
SRGHUmRWHUGRLVFDUJRVRXHPSUHJRVS~EOLFRV HVWDEHOHFHQGRWDOSURLELomR

1mR VH LPSUHVVLRQH SRUTXH QD SUiWLFD WRGRV QyV $ VROXomR SDUD RV FDVRV Mi H[LVWHQWHV p GDGD QXP
FRQKHFHPRVYiULRVIXQFLRQiULRVS~EOLFRVTXHWUDEDOKDP 'HFUHWR)HGHUDOTXHHVWLSXODSUD]RSDUDRSomRPDVTXH
HPGRLVHPSUHJRV>FDUJRV@S~EOLFRV>XPPXQLFLSDORXWUR WHPVLGRVLVWHPDWLFDPHQWHSURUURJDGR
HVWDGXDORXIHGHUDO@³LVWRVyVHGHYHDRIDWRGHTXHD
$GPLQLVWUDomR3~EOLFDQmRWHPPXLWRFRQWUROH>VHpTXH 5HVVDOWHVHSRUpPTXHD(PHQGD&RQVWLWXFLRQDOQž
WHPDOJXP@GRTXDGURGHIXQFLRQDOLVPR2LPSRUWDQWH DVVHJXURXH[SUHVVDPHQWHRGLUHLWRDGTXLULGRDRV
SRUpPpVDEHUTXHWDOIDWRpSURLELGRWDQWRSHOD&RQVWLWX PHPEURVGH3RGHUHDRVLQDWLYRVVHUYLGRUHVHPLOLWDUHV
LomRFRPRSHORQRYR(VWDWXWRQLQJXpPSRGHWHUGRLVHP
SUHJRVS~EOLFRV (&Qž$UW $YHGDomRSUHYLVWDQRDUW
†  GD &RQVWLWXLomR QmR VH DSOLFD DRV PHPEURV GH
†ž $ DFXPXODomRGHFDUJRVDLQGDTXHOtFLWDILFD SRGHU H DRV LQDWLYRV VHUYLGRUHV H PLOLWDUHV TXH DWp D
FRQGLFLRQDGDjFRPSURYDomRGDFRPSDWLELOLGDGH
FRQGLFLRQDGDjFRPSURYDomRGDFRPSDWLELOLGDGH SXEOLFDomRGHVWD(PHQGDWHQKDPLQJUHVVDGRQRYDPHQWH
GHKRUiULRV QRVHUYLoRS~EOLFRSRUFRQFXUVRS~EOLFRGHSURYDVRXGH
SURYDV H WtWXORV H SHODV GHPDLV IRUPDV SUHYLVWDV QD
1HQKXPDUHJUDpDEVROXWD0HVPRSDUDDSURLELomR &RQVWLWXLomRVHQGROKHVSURLELGDDSHUFHSomRGHPDLVGH
GHFXPXODomRGHFDUJRVKiDOJXPDVH[FHo}HV0DVSDUD XPDDSRVHQWDGRULDSHORUHJLPHGHSUHYLGrQFLDDTXHVH
TXHWDLVH[FHo}HVVHMDPDGPLWLGDVpQHFHVViULR
QHFHVViULRTXHKDMD
QHFHVViULR UHIHUH R DUW  GD &RQVWLWXLomR DSOLFDQGRVHOKHV HP
³HVHMDFRPSURYDGD³FRPSDWLELOLGDGH
FRPSDWLELOLGDGH
FRPSDWLELOLGDGHGH
GHKRUiULRVRX
KRUiULRV TXDOTXHU KLSyWHVH R OLPLWH GH TXH WUDWD R †  GHVWH
VHMDTXHRKRUiULRGH WUDEDOKRQXPFDUJRS~EOLFRQmR PHVPRDUWLJR
DWUDSDOKHRQRUPDOWUDEDOKRQRRXWURFDUJRS~EOLFR
2EVHUYHVH HQWUHWDQWR TXH VH IRL DVVHJXUDGR R
†ž &RQVLGHUDVH
&RQVLGHUDVHDFXPXODomR
DFXPXODomRSURLELGDDSHUFHSomR
SURLELGDDSHUFHSomR GLUHLWRDGTXLULGRjSHUFHSomRVLPXOWkQHDRXDFXPXODomR
GH
GH YHQFLPHQW
YHQFLPHQWR GH
GH FDUJR
FDUJR RX
RX HPSUHJR
HPSUHJR S~EOLFR GHSURYHQWRVFRPUHPXQHUDomRGHRXWURODGRIRLLPSRVWD
HIHWLYR
HIHWLYR FRP
FRP SURYHQWRV
SURYHQWRV GD LQDWLYLGDGH VDOYR DREVHUYkQFLDGRWHWRFRQVWLWXFLRQDOFRUUHVSRQGHQWHDR
TXDQGR
TXDQGRRVFDUJRVGHTXH
RVFDUJRVGHTXHGHFRUUDP
GHFRUUDPHVVDV
HVVDVUHPX VXEVtGLRGR0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO³YDOH
QHUDo}HVIRUHPDFXPXOiYHLVQDDWLYLGDGH GL]HURVRPDWyULRGRGLQKHLURJDQKRFRPDDSRVHQWDGRULD
2EV†žIRLDFUHVFHQWDGRSHOD/HLQžGH
2EV
HFRPRQRYRFDUJRQmRSRGHUiVHUVXSHULRUDRV´VDOiULRµ
WHWRTXHpRYDORUGRVXEVtGLRGR0LQLVWURGR67)
(VWHGLVSRVLomRIRLHQFDPSDGDSHOD(PHQGD&RQVWL
WXFLRQDOQž 5HIRUPDGD3UHYLGrQFLD SXEOLFDGDHP (QmRpVyWDOVHUYLGRUQmR
QmRSRGHUiVHDSRVHQWDUQR
QmR
TXHDFUHVFHQWRXXP†DRDUW&)GLVSRQ QRYRFDUJRSRLVILFRXSURLELGDDSHUFHSomRGHPDLVGH
GRTXH XPDDSRVHQWDGRULDSHORUHJLPHGHSUHYLGrQFLDGR6HUYL
e YHGDGD
´e YHGDGD D SHUFHSomR
SHUFHSomR VLPXOWkQHD GH GRU3~EOLFR DUW&) 
SURYHQWRV
SURYHQWRVGH
GHDSRVHQWDGRULD
DSRVHQWDGRULDGHFRUUHQWHV
GHFRUUHQWHVGR
GRDUW
DUWRX
GRV
GRV DUWV
DUWV H  FRP D UHPXQHUDomR
 FRP UHPXQHUDomR GHGH FDUJR ([FHo}HV
HPSUHJR
HPSUHJR RX
RX IXQomR
IXQomR S~EOLFD
S~EOLFD UHVVDOYDGRV
UHVVDOYDGRV RV
RV FDUJRV
DFXPXOiYHLV
DFXPXOiYHLVQDQDIRUPD
IRUPDGHVWD
GHVWD&RQVWLWXLomR RVFDUJRV
&RQVWLWXLomRRV &RQIRUPH DXWRUL]D D &RQVWLWXLomR )HGHUDO WDLV
HOHWLYRV
HOHWLYRVHRV
RVFDUJRV
FDUJRVHP
HPFRPLVVmR
FRPLVVmRGHFODUDGRV
GHFODUDGRVHP
HPOHL
OHLGH H[FHo}HVVmR
H[FHo}HV
OLYUHQRPHDomRHH[RQHUDomRµ
OLYUHQRPHDomRHH[RQHUDomR
D DGHGRLVFDUJRVGHSURIHVVRU
2SURSyVLWRpID]HUHFRQRPLDHDVVHJXUDURPHUFDGR
GHWUDEDOKRS~EOLFRDRVQRYRVDQWHVHUDFRPXPTXHXPD 2SURIHVVRUTXHWLYHUVLGRDSURYDGRHPGRLVFRQFXU
SHVVRD VH DSRVHQWDVVH DLQGD MRYHP ³ SULQFLSDOPHQWH VRV S~EOLFRV SDUD RFXSDU FDUJRV GH SURIHVVRU WDQWR
3URIHVVRUHV-Xt]HV3URPRWRUHVPLOLWDUHV DUWFF SRGHUiOHFLRQDUQXPD(VFRODGR0XQLFtSLRFRPRQRXWUD
UHIHULGRV   H RXWURV SURILVVLRQDLV TXH VH EHQHILFLDYDP GR(VWDGRRXQXPD(VFRODGD8QLmR3RGHUiWDPEpPWHU
FRPWHPSRHVSHFLDOGHDSRVHQWDGRULD³HDSURYDGRQXP RVGRLVFDUJRVVyHP(VFRODVGR(VWDGRRXGD3UHIHLWXUD
QRYR FRQFXUVR S~EOLFR FRQTXLVWDYD XP QRYR FDUJR
S~EOLFRDFXPXODQGRRVSURYHQWRVGDDSRVHQWDGRULDHRV E D GH
GH XP
XP FDUJR
FDUJR GH SURIHVVRU FRP RXWUR
YHQFLPHQWRVGRQRYRFDUJR WpFQLFRRXFLHQWtILFR
WpFQLFRRXFLHQWtILFR

$TXHVWmRIRLOHYDGDDR6XSUHPR7ULEXQDO)HGHUDO e IDFLOPHQWH FRPSUHHQVtYHO TXH XPD SHVVRD TXH


TXHGHFLGLXSHODSURLELomRGHVVDFXPXODomRGHSURYHQWRV WHQKD FRQKHFLPHQWRV H YLYrQFLD QXPD iUHD WpFQLFD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

WUDEDOKDQGR FRPR WpFQLFR GHYD OHFLRQDU SDUD SDVVDU 2EV (VWHSDUiJUDIRWHPVXDUHGDomRUHGDomRGDGDSHOD0HGLGD3URYLVyULD


QžGH2WH[WRDQWHULRUGL]LD´†~QLFR2GLVSRVWR
DGLDQWHWRGDHVVDVXDEDJDJHPFXOWXUDO$VVLPXPPpGL QHVWHDUWLJRQmRVHDSOLFDjUHPXQHUDomRGHYLGDSHODSDUWLFLSDomRHPFRQVHOKRV
FROHJLVWD GR ,QVWLWXWR 0pGLFR /HJDO VHUi XP H[FHOHQWH GHDGPLQLVWUDomRHILVFDOGDVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWD
VXDVVXEVLGLiULDVHFRQWURODGDVEHPFRPRTXDLVTXHUHQWLGDGHVVREFRQWUROHGLUHWR
SURIHVVRUGH0HGLFLQD/HJDOQXPDIDFXOGDGH1DGDPDLV RXLQGLUHWRGD8QLmRREVHUYDGRRTXHDUHVSHLWRGLVSXVHUDOHJLVODomRHVSHFtILFD
2EV†~QLFRDFUHVFHQWDGRSHOD/HLQž
2EV
MXVWR H DSURSULDGR SRUWDQWR TXH VH SHUPLWD D HOH D
DFXPXODomRGHVVHVGRLVFDUJRVS~EOLFRV (LVDTXLXPDH[FHomRjSURLELomRGHUHFHEHUGXDV
UHPXQHUDo}HVRVFRQVHOKRVGHDGPLQLVWUDomRHILVFDOVmR
F DGH
GHGRLV
GRLVFDUJRV
FDUJRVRX
RXHPSUHJRV
HPSUHJRVSULYDWLYRV yUJmRVFROHWLYRVHPTXHDSDUWLFLSDomRpFKHLDGHUHVSRQ
GH
GHSURILVVLRQDLV
SURILVVLRQDLVGH
GHVD~GHFRPSURILVV}HV VDELOLGDGHVHDWULEXLo}HV³DOpPGRDVHPSUHVDVS~EOLFDV
UHJXODPHQWDGDV HVRFLHGDGHVGHHFRQRPLDPLVWD TXDOVXDVVXEVLGLiULDVH
FRQWURODGDV VmRYROWDGDVDUHVXOWDGRVILQDQFHLURVGHYXOWR
$WHQomR
$WHQomR D SHUPLVVmR GH FXPXODomR VH HVWHQGH D ³UD]mRSRUTXHWDOSDUWLFLSDomRSRGHVHUUHPXQHUDGDH
´SURILVVLRQDLVGDVD~GHµHQmRPDLVDSHQDV RVHUYLGRUJDQKDUFXPXODWLYDPHQWHWDOGLQKHLULQKR
GH´GHGRLVFDUJRVSULYDWLYRVGHPpGLFRµFRPRHVWDEHOHFLD
RWH[WRDQWHULRUeSUHFLVRSRUpPHVWDUDWHQWRVyFDUJRV $UW 2VHUYLGRU
VHUYLGRUYLQFXODGR
YLQFXODGRDR
DRUHJLPH
UHJLPHGHVWD
GHVWD/HLTXH
RX HPSUHJRV GH SURILVV}HV UHJXODPHQWDGDV PpGLFR DFXPXODU
DFXPXODUOLFLWDPHQWH
OLFLWDPHQWH GRLV 
GRLV FDUJRV
FDUJRVHIHWLYRV
HQIHUPHLUDSDGUmRHWF pTXHSRGHPVHUFXPXODGDVH TXDQGR
TXDQGRLQYHVWLGR
LQYHVWLGRHPHPFDUJR
FDUJRGH
GHSURYLPHQWR
SURYLPHQWRHP
DWpROLPLWHPi[LPRGHGRLV WUrVHPSUHJRVRXFDUJRVQmR FRPLVVmR
PLVVmR ILFDUi
ILFDUi DIDVWDGR
DIDVWDGR GH
GH DPERV
DPERV RV
RV FDUJRV
VHUiSHUPLWLGR  HIHWLYRV
HIHWLYRV VDOYR QD KLSyWHVH HP TXH KRXYHU
FRPSDWLELOLGDGH GH KRUiULR H ORFDO FRP R
$UW 2VHUYLGRUQmRSRGHUiH[HUFHUPDLVGHXP H[HUFtFLR
H[HUFtFLRGH
GHXP
XPGHOHV
GHOHVGHFODUDGD
GHFODUDGDSHODV
SHODVDXWRUL
FDUJR
FDUJR HP
HP FRPLVVmRH[FHWRQRFDVRSUHYLVWR
FRPLVVmRH[FHWRQRFDVRSUHYLVWR GDGHV
GDGHVPi[LPDV
Pi[LPDVGRV
GRVyUJmRV
yUJmRVRX
RXHQWLGDGHV
HQWLGDGHVHQYRO
QR
QR SDUiJUDIR
SDUiJUDIR ~QLFR GR DUWLJR ž QHP VHU YLGDV
2EV(VWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
2EV
UHPXQHUDGR
UHPXQHUDGR SHOD
SHOD SDUWLFLSDomRHPyUJmRGH
SDUWLFLSDomRHPyUJmRGH
GHOLEHUDomRFROHWLYD 3RGH DFRQWHFHU TXH XP IXQFLRQiULR S~EOLFR HIHWLYR
FRQFXUVDGR VHMDGDFRQILDQoDGHDOJXpPTXHRTXHLUD
2EV(VWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
2EV QRPHDU SDUD RFXSDU WDO FDUJR HP FRPLVVmR  1DGD
LPSHGLUiTXHWDOIXQFLRQiULRVHMDQRPHDGR
2EVHUYHTXHDSURLELomRGHDFXPXODUFDUJRVS~EOLFRV
QmRVHUHVWULQJH DRVFDUJRVHIHWLYRVWDPEpPRVFDUJRV 'HYHUiHOHSRUpPDIDVWDUVHGRFDUJRHIHWLYR6HSRU
HPFRPLVVmR DTXHOHVTXHVmRSUHHQFKLGRVVHP VHPFRQFXU
VHP DFDVRRFXSDUGRLVFDUJRVHIHWLYRV SH[XPPpGLFRGH
VR HVFROKLGDV DV SHVVRDV HP UD]mR GD FRQILDQoD  QmR XP3RVWRGH6D~GHTXHWDPEpPpSURIHVVRUQD8QLYHUVL
SRGHPVHUDFXPXODGRV GDGH 3~EOLFD HIRUQRPHDGRSDUDXPRXWURFDUJRHP
FRPLVVmRGHYHUiIDVWDUVHWDQWRGRFDUJRGHPpGLFRGR
0DVKiH[FHomRRVHUYLGRURFXSDQWHGHFDUJRHP 3RVWRGH6D~GHTXDQWRGRFDUJRGH3URIHVVRU³VDOYR
pFODURKDMDFRPSDWLELOLGDGHGHKRUiULRHORFDOHQWUHHOHV
FRPLVVmR RX GH QDWXUH]D HVSHFLDO SRGHUi VHU QRPHDGR
SDUD WHU H[HUFtFLR LQWHULQDPHQWH HP RXWUR FDUJR GH
$WHQomRDDSOLFDomRGHVWHGLVSRVLWLYRJDQKDLPSRUWkQ
FRQILDQoDVHPSUHMXt]RGDVDWULEXLo}HVGRTXHDWXDOPHQWH
FLDFRPD(&Qž5HIRUPD$GPLQLVWUDWLYDTXHGHX
RFXSDKLSyWHVHHPTXHGHYHUiRSWDUSHODUHPXQHUDomR
QRYD UHGDomR DR LQF9 GR DUW&) GLVSRQGR TXH ´DV
GHXPGHOHVGXUDQWHRSHUtRGRGDLQWHULQLGDGHeRTXH IXQo}HVGHFRQILDQoDH[HUFLGDVH[FOXVLYDPHQWHSRUVHUYLGR
GLVS}H R † ~QLFR GR DUWž ³ UHIHULGR QR FDSXW GHVWH UHVRFXSDQWHVGHFDUJRHIHWLYRHRVFDUJRVHPFRPLVVmRD
DUWLJR VHUHP SUHHQFKLGRV SRU VHUYLGRUHV GH FDUUHLUD QRV FDVRV
FRQGLo}HV H SHUFHQWXDLV PtQLPRV SUHYLVWRV HP OHL GHVWL
1mRVHSHUFDGHYLVWDDSDUWHILQDOGRDUWLJRIXQFLR QDPVHDSHQDVjVDWULEXLo}HVGHGLUHomRFKHILDHDVVHVVRUD
QiULR S~EOLFR TXH SDUWLFLSDU GH yUJmR GH GHOLEHUDomR PHQWRµ
FROHWLYD DTXHOHVFRPSRVWRVGHYiULDVSHVVRDVHPTXHDV
GHFLV}HVVmRWRPDGDVSHORYRWRGHFDGDXPGRVSUHVHQ $VVLPDVIXQo}HVGHFRQILDQoDVyVHUmRH[HUFLGDVSRU
WHV ³ SRU H[HPSOR RV &RQVHOKRV  QmR
QmR SRGHUi VHU VHUYLGRUHV HIHWLYRV H[FOXVLYDPHQWH  H RV FDUJRV ´HP
UHPXQHUDGR RX VHMD GHYHUi SDUWLFLSDU WUDEDOKDU  GH FRPLVVmRµWHUmRVHXSURYLPHQWRGLVFLSOLQDGRSRUOHLTXH
JUDoD(VVDSURLELomRpSRUWDQWRXPDH[FHomR
H[FHomRjUHJUDGR
H[FHomR GHYHUiIL[DURVFDVRVDVFRQGLo}HVHSHUFHQWXDLVPtQLPRV
DUWžGRQRYR(VWDWXWR HPTXHVHUmRSUHHQFKLGRVWDPEpPSRUIXQFLRQiULRVGH
FDUUHLUD
†~QLFR 2GLVSRVWR
GLVSRVWRQHVWH
QHVWHDUWLJR
DUWLJRQmR
QmRVH
VHDSOLFD
DSOLFDjUHPXQH
UDomRGHYLGD
UDomR GHYLGDSHOD
SHODSDUWLFLSDomR
SDUWLFLSDomRHP
HPFRQVHOKRV
FRQVHOKRVGH 6HP G~YLGD RV SROtWLFRV ³ TXH VH YDOLDP GHVVHV
DGPLQLVWUDomRHILVFDOGDVHPSUHVDVS~EOLFDVH FDUJRVHIXQo}HVSDUDHPSUHJDUVHXVDPLJRVHSDUHQWHV
VRFLHGDGHV
VRFLHGDGHVGH
GHHFRQRPLD
HFRQRPLDPLVWD
PLVWDVXDV
VXDVVXEVLGLiULDV QmRWHUmRDPHVPDOLEHUGDGHGHRXWURUDHSHUGHUmRERD
HFRQWURODGDV
FRQWURODGDVEHP
EHPFRPR
FRPRTXDLVTXHU
TXDLVTXHUHPSUHVDV
HPSUHVDVRX SDUWHGHVVHVHXSRGHUGHDMHLWDUDYLGDGHVHXVDSDQLJXD
HQWLGDGHVHPTXHD8QLmRGLUHWDRXLQGLUHWD GRV Mi VH WHP QRWtFLD GH SROtWLFRV IRUoDQGR
PHQWH
PHQWH GHWHQKD
GHWHQKD SDUWLFLSDomR
SDUWLFLSDomR QR
QR FDSLWDO
FDSLWDO VRFLDO DPLJRVSDUHQWHVFRPGLSORPDXQLYHUVLWiULRDVHKDELOLWD
REVHUYDGR
REVHUYDGRRTXH
TXHDUHVSHLWR
UHVSHLWRGLVSXVHU
GLVSXVHUOHJLVODomR UHP HP FRQFXUVRV S~EOLFRV SDUD FDUJRV GH ID[LQHLUR H
HVSHFtILFD RXWURVPDLVKXPLOGHVYLDELOL]DQGRVXDSRVWHULRUQRPHD
omRHPIXQomRGHFRQILDQoDRXFDUJRHPFRPLVVmR
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

SXEOLFLGDGHHHILFLrQFLD³VRPDGRVjYRFDomRDRVHUYLoR
26HUYLGRU3~EOLFR S~EOLFR IDUmR GR VHUYLGRU S~EOLFR XP LPSRUWDQWtVVLPR
FRPR IDWRUGHGHVHQYROYLPHQWRVRFLDO
$JHQWHGH'HVHQYROYLPHQWR6RFLDO

&RPSUHHQGHVHSRUGHVHQYROYLPHQWRVRFLDORFUHVFLPHQ 6D~GHH4XDOLGDGHGH9LGD
WRGDVDWLVIDomRGRVLQWHUHVVHVHQDTXDOLGDGHGHYLGDGD QR
QDomRVHMDSHORDWHQGLPHQWRjVQHFHVVLGDGHVGRVVHUYLoRV 6HUYLoR3~EOLFR
EiVLFRV H GH LQIUDHVWUXWXUD R FRPEDWH j SREUH]D VHMD
SHODSUHVWDomRGRVVHUYLoRVGHDSULPRUDPHQWRGDFLGDGD
QLD FRPR D VD~GH HGXFDomR FXOWXUD H WUDEDOKR VHMD ePLOHQDUDSUHRFXSDomRGRKRPHPHPDOLYLDUQmRVy
DLQGD SHOD H[FHOrQFLD GD FLrQFLD H WHFQRORJLD PHLR DH[HFXomRGHXPWUDEDOKRFRPRHPREWHUDOJXPFRQIRU
DPELHQWHWXULVPRHWF WR HP VXD UHDOL]DomR TXHEUDU FDVWDQKDV FRP XPD ERD
SHGUDpRDSULPRUDPHQWRGRSULPLWLYRODQoDUGDFDVWDQKD
(QILPR'HVHQYROYLPHQWRVRFLDOFRQVLVWHQDHYROXomR FRQWUDXPSDUHGmRUHDOL]DUWDODWLYLGDGHVREDFRSDGH
GRV FRPSRQHQWHV GD VRFLHGDGH HP EHQHItFLR GH VHX XPDiUYRUHpPHOKRULDGDVFRQGLo}HVRXFLUFXQVWkQFLDV
FDSLWDOKXPDQRHQDPDQHLUDFRPRHVWHVVHUHODFLRQDP GHVVHWUDEDOKR
FDSLWDOVRFLDO 
2DSHUIHLoRDPHQWRGH)HUUDPHQWDVHRVRPDWyULRGH
23URI$8*8672'()5$1&2GHVWDFDTXH´WRGR'HVHQYRO FRQKHFLPHQWRVGDItVLFDGDJHRPHWULDHRXWURVUDPRVGR
YLPHQWR p 'HVHQYROYLPHQWR 6RFLDO XPD YH] TXH WRGR FRQKHFLPHQWRVHPSUHFRQWULEXtUDPSDUDDPHOKRULDGD
GHVHQYROYLPHQWR DWLQJH WDQWR R FDSLWDO VRFLDO TXDQWR R TXDOLGDGHGHYLGDQRWUDEDOKR
KXPDQR ³ LQ ´3REUH]D  'HVHQYROYLPHQWR /RFDOµ HG %UDVtOLD
 
$ LQVWLWXLomR GH SHUtRGRV GH GHVFDQVR HQWUHPHLR j
MRUQDGD GH WUDEDOKR p XPD FRQTXLVWD UHFHQWH WDQWR
3RU yEYLR TXH R (VWDGR p IDWRU GH LQWHUIHUrQFLD QR
TXDQWRRIRLDOLPLWDomRGDVKRUDVGDSUySULDMRUQDGD
GHVHQYROYLPHQWR VRFLDO PHVPR SRUTXH ´&RQVWLWXHP
REMHWLYRVIXQGDPHQWDLVGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
2 WUDEDOKR KXPDQR p PRWLYDGR SRU QHFHVVLGDGHV
, FRQVWUXLUXPDVRFLHGDGHOLYUHMXVWDHVROLGiULD IXQGDPHQWDLVTXHVHKLHUDUTXL]DPDSDUWLUGDVQHFHVVLGD
GHVILVLROyJLFDVDEXVFDGHVHJXUDQoD HSHUSDVVDPSHOR
,, JDUDQWLURGHVHQYROYLPHQWRQDFLRQDO DPRUSHODHVWLPDHSHODDXWRUHDOL]DomR

,,, HUUDGLFDUDSREUH]DHDPDUJLQDOL]DomRHUHGX &ODURTXHRWUDEDOKRHQREUHFHDWRGRVPDVQmRSRGH


]LUDVGHVLJXDOGDGHVVRFLDLVHUHJLRQDLV SHUGHUVXDFDUDFWHUtVWLFDGHLQVWUXPHQWRGHFRQTXLVWDGD
VXEVLVWrQFLD QHP VH GLVWRUFHU FRPR ILQDOLGDGH GH XPD
,9 SURPRYHUREHPGHWRGRVVHPSUHFRQFHLWRVGH YLGDRVHUKXPDQREXVFDHPHUHFHDIHOLFLGDGHGHGLFDU
RULJHP UDoD VH[R FRU LGDGH H TXDLVTXHU VH D VL PHVPR j VXD IDPtOLD FRPSUD]HUVH FRP VXD
RXWUDVIRUPDVGHGLVFULPLQDomR H[LVWrQFLD

'DtGHFRUUHTXHWRGDDWLYLGDGHGRVHUYLGRUS~EOLFR³ +RGLHUQDPHQWH FRPR DGYHUWLX $,'$ 9(,*$ SHVVRDV


FRPRDJHQWHGD$GPLQLVWUDomR3~EOLFD³VHUiHPSUROGR YrPWUDEDOKDGRFDGDYH]PDLVHUHIOH[DPHQWHWHPWLGR
GHVHQYROYLPHQWRVRFLDO³GHVGHTXHpFODURQmRFRQIXQGD PHQRV WHPSR SDUD VL PHVPDV LQ ´7HPSRV 0RGHUQRVµ DSXG
HOHRLQWHUHVVHS~EOLFRGHVXDIXQomRFRPRVLQWHUHVVHV 5HYLVWD9HMD6mR3DXOR(GLWRUD$EULOHGLomRDQRQžSS
 
SDUWLFXODUHVVHXVRXGHVXDIDPtOLDRXGHVHXVDPLJRV

­PHGLGDTXHVHGHGLFDUYRFDFLRQDGDPHQWHDFXP $LQGDUHFHQWHPHQWH&+$5/(6 +$1'<DQRWRXTXH´2


SULUFRPILGHOLGDGHVXDIXQomRPi[LPDVHUiDFRQWULEXL SUREOHPDFRPHoRXTXDQGRWUDQVIRUPDPRVRWHPSRHP
omR GR 6HUYLGRU3~EOLFRDRGHVHQYROYLPHQWRVRFLDOSRU XPDPHUFDGRULDTXDQGRFRPSUDPRVRWHPSRGDVSHVVRDV
TXDQWRRVVHUYLoRVGR(VWDGRVmRQDWXUDOPHQWHYROWDGRV HP QRVVDV HPSUHVDV HP YH] GH FRPSUDU D SURGXoDR
j VDWLVIDomR GDV QHFHVVLGDGHV GD QDomR H GR LQGLYtGXR 4XDQWRPDLVWHPSRYRFHYHQGHQHVVDVFRQGLoRHVPDLV
TXH DLQGD FRQTXLVWDUi XPD FRQVFLrQFLD GH FLGDGDQLD GLQKHLUR IDUi (QWDR Ki XPD WURFD LQHYLWiYHO HQWUH R
TXH VH ILUPDUi GLDQWH GD FHUWH]D GH TXH RV VHUYLoRV WHPSRHRGLQKHLUR$VHPSUHVDVSRUVXDYH]WRUQDPVH
S~EOLFRV VmR HILFLHQWHPHQWH SUHVWDGRV FRP TXDOLGDGH H H[LJHQWHV 4XHUHP PHQRV WHPSR GDV SHVVRDV TXH HOHV
HVWmR j DOWXUD GRV WULEXWRV TXH FXVWHLDP D PiTXLQD SDJDPSRUKRUDSRUpPPDLVGDVSHVVRDVTXHSDJDPSRU
DGPLQLVWUDWLYD DQRSRUTXHQR~OWLPRFDVRFDGDKRUDH[WUDGXUDQWHR
DQRpJUDWXLWDµ³ LQ´$HUDGRSDUDGR[R'DQGRXPVHQWLGRSDUD
$ REVHUYkQFLD GH XPD FRQGXWD pWLFD H PRUDO TXDO RIXWXURµHG0DNURQ%RRNV6mR3DXOR 
REHGLrQFLDDRVSULQFtSLRVTXHQRUWHLDPD$GPLQLVWUDomR
3~EOLFD ³ OHJDOLGDGH LPSHVVRDOLGDGH PRUDOLGDGH TXDOLGDGH
0DVRTXHDILQDOD´T XDOLGDGH GH
GH YLGD
YLGD QR
QR WUDEDOKRµ
WUDEDOKR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 

0XLWRV$XWRUHVHQIUHQWDUDPRWKHPDHHPSUHVWDUDPVXD ³ LQ ´7UDEDOKR H 4XDOLGDGH GH 9LGDµ 4XDOLW\PDUN (GLWRUD H


FRQWULEXLomRjFRPSUHHQVmRGRDVVXQWRHVXDDEUDQJrQ 'XQ\D(GLWRUD5LRGH-DQHLUR 
FLD&RQILUD
$FUHVoDVHDLQGDRHQVLQDPHQWRGH0$',$6'$6,/9$
$&/,021*,)5$1d$HQVLQDTXH´4XDOLGDGHGHYLGDQR HGH5,&$5'2'(0$5&+,HPSRQGHUDQGRTXHDDGRomRGH
WUDEDOKR 497 pRFRQMXQWRGDVDo}HVGHXPDHPSUHVD SURJUDPDV GH TXDOLGDGH GH YLGD H SURPRomR GD VD~GH
TXH HQYROYHP D LPSODQWDomR GH PHOKRULDV H LQRYDo}HV SURSRUFLRQDULDP DR LQGLYtGXR PDLRU UHVLVWrQFLD DR
JHUHQFLDLV H WHFQROyJLFDV QR DPELHQWH GH WUDEDOKR $ HVWUHVVHPDLRUHVWDELOLGDGHHPRFLRQDOPDLRUPRWLYDomR
FRQVWUXomR GD TXDOLGDGH GH YLGD QR WUDEDOKR RFRUUH D PDLRU HILFLrQFLD QR WUDEDOKR PHOKRU DXWRLPDJHP H
SDUWLUGRPRPHQWRHPTXHVHROKDDHPSUHVDHDVSHVVRDV PHOKRU UHODFLRQDPHQWR 3RU RXWUR ODGR DV HPSUHVDV
FRPRXPWRGRRTXHFKDPDPRVGHHQIRTXHELRSVLFRVVR VHULDP EHQHILFLDGDV FRP XPD IRUoD GH WUDEDOKR PDLV
FLDO2SRVLFLRQDPHQWRELRSVLFRVVRFLDOUHSUHVHQWDRIDWRU VDXGiYHO PHQRU DEVHQWHtVPRURWDWLYLGDGH PHQRU
GLIHUHQFLDOSDUDDUHDOL]DomRGHGLDJQyVWLFRFDPSDQKDV Q~PHURGHDFLGHQWHVPHQRUFXVWRGHVD~GHDVVLVWHQFLDO
FULDomR GH VHUYLoRV H LPSODQWDomR GH SURMHWRV YROWDGRV PDLRUSURGXWLYLGDGHPHOKRULPDJHPHSRU~OWLPRXP
SDUD D SUHVHUYDomR H GHVHQYROYLPHQWR GDV SHVVRDV PHOKRUDPELHQWHGHWUDEDOKRµ³ DSXG´6D~GHH4XDOLGDGHGH
GXUDQWHRWUDEDOKRQDHPSUHVDµ³ LQ´4XDOLGDGHGHYLGDQR 9LGDQR7UDEDOKRµ(GLWRUD%HVW6HOOHU6mR3DXOR 
WUDEDOKR FRQFHLWRV DERUGDJHQV LQRYDoRHV H GHVDILRV QDV HPSUHVDV
EUDVLOHLUDVµDSXG5HYLVWD%UDVLOHLUDGH0HGLFLQD3VLFRVVRPiWLFD5LRGH 'HILQLWLYDPHQWHVHQmRVHGiXPERPOXJDUSDUDVH
-DQHLURYROQRSDEUPDLMXQ WUDEDOKDUPDWDVHHPYLGDRWUDEDOKDGRULPSHGLQGRRGH
RXWURVFRPSURPLVVRVHPVXDVYLGDVFRPRDIDPtOLDRV
1HVVHWUDEDOKRDLOXVWUH3HVTXLVDGRUDHVFODUHFHTXH´$ DPLJRV H RV KREELHV SHVVRDLV D SHUVSHFWLYD GH YLGD
RULJHPGRFRQFHLWRYHPGDPHGLFLQDSVLFRVVRPiWLFDTXH VDXGiYHOSDUDRWUDEDOKDGRUpXPDTXHVWmRIXQGDPHQWDO
SURSRHXPDYLVmRLQWHJUDGDKROtVWLFDGRVHUKXPDQRHP GH MXVWLoD R MXVWR H H[LJtYHO p TXH R ORFDO GH WUDEDOKR
RSRVLomRDDERUGDJHPFDUWHVLDQDTXHGLYLGHRVHUKXPDQR WUDJDDRLQGLYtGXRFDOPDKDUPRQLDHVWDELOLGDGHHPRFLR
HP SDUWHVµ S   ³ DSUHVHQWDQGR HQWmR D VHJXLQWH QDOPDLRUPRWLYDomRPDLRUHILFLrQFLDQRGHVHPSHQKR
FRQFOXVmR´1RFRQWH[WRGRWUDEDOKRHVWDDERUGDJHPSRGH PHOKRUDXWRLPDJHPHPHOKRUUHODFLRQDPHQWR5HIOH[D
VHU DVVRFLDGD D pWLFD GD FRQGLomR KXPDQD (VWD pWLFD PHQWHDVHPSUHVDVVHUmREHQHILFLDGDVFRPXPDIRUoDGH
EXVFDGHVGHDLGHQWLILFDomRHOLPLQDomRQHXWUDOL]DomRRX WUDEDOKRPDLVVDXGiYHOPHQRUDEVHQWHtVPRURWDWLYLGDGH
FRQWUROHGHULVFRVRFXSDFLRQDLVREVHUYiYHLVQRDPELHQWH HWF
ItVLFR SDGU}HV GH UHODo}HV GH WUDEDOKR FDUJD ItVLFD H /DSLGDU D SRQGHUDomR GH 0(67(5 )5(,7$6 GH TXH
PHQWDO UHTXHULGD SDUD FDGD DWLYLGDGH LPSOLFDo}HV ´´1mRHVWiVHQGRVROLFLWDGRTXHDVHPSUHVDV HDFUHVFHQ
SROtWLFDVHLGHROyJLFDVGLQkPLFDGDOLGHUDQoDHPSUHVDULDO WDUtDPRVQyVVHXV GLULJHQWHV DEUDPPmRGHVXDYLVmR
H GR SRGHU IRUPDO DWp R VLJQLILFDGR GR WUDEDOKR HP VL PRQHWDUL]DGDGHPXQGRPDVTXHHODVKRQUHPHPDo}HV
UHODFLRQDPHQWR H VDWLVIDomR QR WUDEDOKRµ LQ WUDEDOKR RTXHFRVWXPDPSUHJDUHPGLVFXUVRVTXHGL]HPTXHRVHU
FLWDGR  KXPDQRpRVHXSULQFLSDO¶DWLYR·2VHUKXPDQRPRUWDOH
IUiJLO WHP Oi VHXV GHIHLWRV FRPHWH HUURV H ID] VXDV
0$5&86 9 & 52'5,*8(6 UHDOoD R SHQVDPHQWR GH EREDJHQV PDV TXDQGR HOH p HVWLPXODGR D VXEVWLWXLU R
:$/721TXHHQWHQGHTXH´DH[SUHVVmR4XDOLGDGHGH9LGD FRUDomRSRUXPFKLSRXPiTXLQDUHJLVWUDGRUDRPXQGR
WHPVLGRXVDGDFRPFUHVFHQWHIUHTXHQFLDSDUDGHVFUHYHU GHYH WHU PHGRµ ³ LQ ´2 'D\$IWHU GDV 5HHVWUXWXUDoRHV $V
FHUWRVYDORUHVDPELHQWDLVHKXPDQRVQHJOLFHQFLDGRVSHODV ,UUDFLRQDOLGDGHVHD&RLVLILFDoDRGR+XPDQRµHG5$(/LJKW6DR3DXOR
VRFLHGDGHVLQGXVWULDLVHPIDYRUGRDYDQoRWHFQROyJLFRGD YQRSMDQPDU 
SURGXWLYLGDGHHGRFUHVFLPHQWRHFRQ{PLFRµ³ LQ´4XDOLGD
GHGH9LGDQR7UDEDOKR(YROXomRH$QiOLVHQRQtYHO*HUHQFLDOµ(GLWRUD
9R]HV3HWUySROLV  6HUYLoR3~EOLFR

('(3%2068&(662UHODFLRQDDVSHFWRVTXHVHFRPSUH 3RU yEYLR TXH D VLWXDomR QmR p GLIHUHQWH QR VHUYLoR


HQGHPQDTXDOLGDGHGHYLGDQRWUDEDOKR S~EOLFRQHPHPUHODomRDRVHUYLGRUS~EOLFR

D 5HQGDFDSD]GHVDWLVID]HUDVH[SHFWDWLYDVSHVVR $OLiVDIRUDDVSUHVV}HVGDKLHUDUTXLDGHXPDPiTXLQD
DLVHVRFLDLV DGPLQLVWUDWLYDWHPHOHDLQGDDSUHVVmR D GR´FLGDGmRµ
E  2UJXOKRSHORWUDEDOKRUHDOL]DGR E GRYROXPHLQYHQFtYHOGHWUDEDOKRHRTXHpSLRU F
F  9LGDHPRFLRQDOVDWLVIDWyULD GD LQWHUIHUrQFLD SROtWLFD TXH LQYDGH D $GPLQLVWUDomR
G  $XWRHVWLPD 3~EOLFDYLDQRPHDGRVHPFDUJRVFRPLVVLRQDGRViYLGRV
H  ,PDJHPGDHPSUHVDLQVWLWXLoDRMXQWRDRSLQLmR GH ´XVDUµ D HVWUXWXUD PDWHULDO H KXPDQD SDUD VDFLDU
S~EOLFD LQWHUHVVHVSROtWLFRHOHLWRUHLURV
I  (TXLOtEULRHQWUHWUDEDOKRHOD]HU
J  +RUiULRVHFRQGLo}HVGHWUDEDOKRVHQVDWRV (QILPQRVHUYLoRS~EOLFRDTXDOLGDGHGHWUDEDOKRGHYH
K  2SRUWXQLGDGHVHSHUVSHFWLYDVGHFDUUHLUD VH HQULTXHFHU GH SURWHo}HV FRQWUD WDLV ´YLROrQFLDVµ TXH
L  3RVVLELOLGDGHGHXVRGRSRWHQFLDO DVVDOWDPRVHUYLGRUS~EOLFRUHWLUDQGROKHVSD]GHHVStULWR
M  5HVSHLWRDRVGLUHLWRVH HVHJXUDQoDSDUDRGHVHPSHQKRGHVXDVIXQo}HV
O  -XVWLoDQDVUHFRPSHQVDVµ
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

7(67(6

'H DFRUGR FRP R FRPDQGR GH FDGD XPD GDV TXHVW}HV D   2 VHUYLGRU WHP GLUHLWR D GLDVFRQVHFXWLYRVGH
VHJXLUPDUTXHSDUDFDGDLWHPRFDPSRGHVLJQDGR &
& 
& &(572 IpULDVTXHSRGHPVHUDFXPXODGDVDWpRPi[LPRGH
28 ( (55$'2
( (55$'2
( (55$'2 SHUtRGRV

&RP
&RPUHODomR
UHODomRDRV
DRVGLUHLWRV
GLUHLWRVHYDQWDJHQV
YDQWDJHQVGRV
GRVDJHQWHV
DJHQWHVDGPLQLV   $VIDOWDVLQMXVWLILFDGDVDRVHUYLoRUHWDUGDUmRDFRQFHV
WUDWLYRVMXOJXHRVLWHQVDVHJXLU VmRGHOLFHQoDSUrPLRSRUDVVLGXLGDGHQDSURSRUomR
GHPrVSDUDFDGDIDOWD
  2YHQFLPHQWRGRFDUJRHIHWLYRDFUHVFLGRGDVYDQWDJHQV
SHFXQLiULDVSHUPDQHQWHVHVWDEHOHFLGDVHP/HLGHQRPL
QDVH5HPXQHUDomR 4XDQWRDRGLUHLWRGHSHWLomRDQDOLVHHMXOJXHRVLWHQVD
4XDQWRDRGLUHLWRGHSHWLomRDQDOLVHHMXOJXHRVLWHQVD
VHJXLU
  2YHQFLPHQWRGRFDUJRHIHWLYRDFUHVFLGRGDVYDQWDJHQV
GHFDUiWHUSHUPDQHQWHpYDULiYHO   1R H[HUFtFLR GR GLUHLWR GHSHWLomRRUHTXHULPHQWR
VHUiGLULJLGRj$XWRULGDGHTXHHVWLYHUVXERUGLQDGRR
  2YHQFLPHQWRDUHPXQHUDomRHRSURYHQWRQmRVHUmR UHTXHUHQWH
REMHWR GH DUUHVWR VHTXHVWUR RX SHQKRUD H[FHWR QRV
FDVRVGHSUHVWDomRGHDOLPHQWRVUHVXOWDQWHGHGHFLVmR   2SUD]RSDUDLQWHUSRVLomRGHSHGLGRGHUHFRQVLGHUD
MXGLFLDO omRRXGHUHFXUVRpGHGLDVDFRQWDUGDSXEOLFDomR
RXFLrQFLD
  3DUDHIHLWRGHFRQFHVVmRGHTXDLVTXHURXWURVDFUpVFL
PRV SHFXQLiULRV XOWHULRUHV VRE R PHVPR WtWXOR RX   $MXt]RGDDXWRULGDGHFRPSHWHQWHRUHFXUVRSRGHUi
LGrQWLFR IXQGDPHQWR QmR VHUmR FRPSXWDGDV QHP VHUUHFHELGRFRPHIHLWRVXVSHQVLYR
DFXPXODGDVDVLQGHQL]Do}HV
  ,QWHUURPSHPDSUHVFULomRRSHGLGRGHUHFRQVLGHUDomR
  ­TXHOHTXHQmRVHQGRVHUYLGRUGD8QLmRIRUQRPHDGR HRUHFXUVR
SDUDFDUJRHPFRPLVVmRFRPPXGDQoDGHGRPLFtOLR
VHUiFRQFHGLGDDMXGDGHFXVWR   $SUHVFULomRQmRSRGHVHUUHOHYDGDSHODDGPLQLVWUD
omRSRUTXHpGHRUGHPS~EOLFD
  2VHUYLGRUH[RQHUDGRUHFHEHUiVXDJUDWLILFDomRQDWDOLQD
SURSRUFLRQDOPHQWH DRV PHVHV GH H[HUFtFLR FRP D   3DUDRH[HUFtFLRGRGLUHLWRGHSHWLomRpDVVHJXUDGD
UHPXQHUDomRGRPrVGDH[RQHUDomR YLVWD GR SURFHVVRGRFXPHQWR VRPHQWH DR &KHIH GR
5HTXHUHQWHQD$GPLQLVWUDomR
  2V VHUYLGRUHV TXH WUDEDOKDPFRPKDELWXDOLGDGHHP
FRQWDWRSHUPDQHQWHFRPVXEVWkQFLDVWy[LFDVID]HPMXV   $DGPLQLVWUDomR GHYHUi UHYHU VHXVDWRVDTXDOTXHU
DXPDGLFLRQDOVREUHRYHQFLPHQWRGRFDUJRHIHWLYR WHPSRTXDQGRKRXYHUSUHVHQoDGHLOHJDOLGDGH
GHQRPLQDGRDGLFLRQDOGHSHULFXORVLGDGH
  2V SUD]RV GLVFLSOLQDGRUHV GR GLUHLWRGHSHWLomRQR
  $RVVHUYLGRUHVHPH[HUFtFLRHP]RQDVGHIURQWHLUDRX (VWDWXWRVmRLPSURUURJiYHLVPDVQmRVmRIDWDLV
HPORFDOLGDGHVFXMDVFRQGLo}HVGHYLGDRMXVWLILTXHP
VHUiGHYLGRDGLFLRQDOGHDWLYLGDGHSHQRVD

 (55$'2
(55$'2 DUW/Qž
(55$'2
 &(572
&(572 DUW†~/Qž
&(572
 &(572
&(572 DUW†ž/Qž
&(572  (55$'2
(55$'2 DUW/Qž
(55$'2
 (55$'2
(55$'2 DUW†ž/Qž
(55$'2  &(572
&(572 DUW/Qž
&(572
 &(572
&(572 DUW/Qž
&(572  &(572
&(572 DUW/Qž
&(572
 (55$'2
(55$'2 DUW/Qž
(55$'2  &(572
&(572 DUW/Qž
&(572
 &(572
&(572 DUW/Qž
&(572  &(572
&(572 DUW/Qž
&(572
 &(572
&(572 DUW/Qž
&(572  (55$'2
(55$'2 DUW/Qž
(55$'2
 &(572
&(572 DUW/Qž
&(572  &(572
&(572 DUW/Qž
&(572
 &(572
&(572 DUW/Qž
&(572  (55$'2
(55$'2 DUW/Qž
(55$'2
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 
&RQVLGHUDQGRRVGHYHUHVGRVVHUYLGRUHVIHGHUDLVVHJXQGR  2YHQFLPHQWR
YHQFLPHQWRDUHPXQHUDomR
UHPXQHUDomRHRSURYHQWR
SURYHQWRQmR
QmRVHUmR
VHUmRRE
RUHJLPH
UHJLPHGLVFLSOLQDU
GLVFLSOLQDUHVWDEHOHFLGR
HVWDEHOHFLGRQD
QD/HL
/HLQž
Qž
MXOJXH
MXOJXHRV MHWR
MHWR GH
GH DUUHVWR
DUUHVWR VHTXHVWUR
VHTXHVWUR RX
RX SHQKRUD H[FHWR QRVFDVRV
SHQKRUD H[FHWR QRVFDVRV
LWHQVDVHJXLU GH
D  SUHVWDomRGHDOLPHQWRVUHVXOWDQWHGHGHFLVmRMXGLFLDO
  2IXQFLRQiULRS~EOLFRGHYHFXPSULUjVRUGHQVVXSHULR E  SUHVWDomRGHDOLPHQWRVQRGHYLGRSURFHVVROHJDO
UHVH[FHWRVHPDQLIHVWDPHQWHLOHJDLV F  SUHVWDomRDOLPHQWtFLDFRPWUkQVLWRHPMXOJDGR
G  SHQVmRDOLPHQWtFLDUHVXOWDQWHGHGHFLVmRDGPLQLVWUDWLYD
  =HODUSHODHFRQRPLDHFRQVHUYDomRGRPDWHULDOTXH
IRU FRQILDGRDRIXQFLRQiULRS~EOLFRpXPGHYHUGH  &RQVWLWXHPLQGHQL]Do}HVDRVHUYLGRU
&RQVWLWXHPLQGHQL]Do}HVDRVHUYLGRU
WRGRIXQFLRQiULRS~EOLFR D DVJUDWLILFDo}HVHDMXGDVGHFXVWR
 E DVGLiULDVRWUDQVSRUWH
  $VUHTXLVLo}HVGHLQIRUPDo}HVHGRFXPHQWRVSHOD)D F RVDGLFLRQDLVRWUDQVSRUWH
]HQGD 3~EOLFD H RV UHTXHULPHQWRV GH H[SHGLomR GH G RVDGLFLRQDLVDVGLiULDV
&HUWLG}HVSDUDDGHIHVDGHGLUHLWRGHYHPVHUSURQWD
PHQWHDWHQGLGDV  $OpP
$OpP GR YHQFLPHQWR SRGHUmR VHU SDJDV DR VHUYLGRU DV
VHJXLQWHVYDQWDJHQV
  8PGRVGHYHUHVIXQGDPHQWDLVGRIXQFLRQiULRS~EOLFR D  LQGHQL]Do}HV
pD$VVLGXLGDGHRXVHMDFXPSULUGDVRUGHQVVXSHULR E  LQGHQL]Do}HVHDGLFLRQDLV
UHV F  LQGHQL]Do}HVJUDWLILFDo}HVHDGLFLRQDLV
G  DGLFLRQDLVHJUDWLILFDo}HV

 6mR
6mRLQFRUSRUDGDV
LQFRUSRUDGDVDRV
DRVYHQFLPHQWRV
YHQFLPHQWRVHSURYHQWRV
SURYHQWRVQRV
QRVFDVRV
 $VVLQDOHDDOWHUQDWLYDFRUUHWD HFRQGLo}HVLQGLFDGRVHP/HLDV
D  LQGHQL]Do}HV
 2YHQFLPHQWR
YHQFLPHQWRGR
GRFDUJR
FDUJRHIHWLYR
HIHWLYRDFUHVFLGR
DFUHVFLGRGDV
GDVYDQWDJHQV E  JUDWLILFDo}HVHLQGHQL]Do}HV
SHFXQLiULDV
SHFXQLiULDV SHUPDQHQWHVHVWDEHOHFLGDVHP/HLGHQRPL
SHUPDQHQWHVHVWDEHOHFLGDVHP/HLGHQRPL F  LQGHQL]Do}HVHDGLFLRQDLV
QDVH G  JUDWLILFDo}HVHDGLFLRQDLV
D  UHPXQHUDomR
E  SURYHQWRV  3DUD
3DUD HIHLWR
HIHLWR GHFRQFHVVmRGHTXDLVTXHURXWURVDFUpVFLPRV
GHFRQFHVVmRGHTXDLVTXHURXWURVDFUpVFLPRV
F  VDOiULRV SHFXQLiULRV
SHFXQLiULRV XOWHUL
XOWHULRUHV
RUHV VRE
VRE R PHVPR
PHVPR WtWXOR
WtWXOR RX
RX LGrQWLFR
G  FRPLVVmR IXQGDPHQWRQmRVHUmRFRPSXWDGDVQHPDFXPXODGDV
IXQGDPHQWRQmRVHUmRFRPSXWDGDVQHPDFXPXODGDV
D DVLQGHQL]Do}HV
 2YHQFLPHQWR
YHQFLPHQWRGR
GRFDUJR
FDUJRHIHWLYR
HIHWLYRDFUHVFLGR
DFUHVFLGRGDV
GDVYDQWDJHQV E DVJUDWLILFDo}HV
GHFDUiWHUSHUPDQHQWHp F DVJUDWLILFDo}HVHDVLQGHQL]Do}HV
D  YDULiYHO G DVYDQWDJHQVSHFXQLiULDV
E  LUUHGXWtYHO
F  IOH[tYHO  2V
2V YDORUHV
YDORUHV GDV
GDV LQGHQL]Do}HV
LQGHQL]Do}HV H DV FRQGLo}HV SDUD
DV FRQGLo}HV SDUD FRQFHV
G  IL[R VmRVHUmRHVWDEHOHFLGRV
VmRVHUmRHVWDEHOHFLGRV
D HPOHL
 1HQKXP
1HQKXPVHUYLGRUSRGHUiUHFHEHUDWtWXORGHUHPXQHUDomR E HPGHFUHWROHL
PHQVDOLPSRUWkQFLD
PHQVDOLPSRUWkQFLDVXSHULRU
VXSHULRUjVRPDGRVYDORUHVUHFHEL F HPUHJXODPHQWR
GRV
GRV FRPR
FRPR UHPXQHUDomR
UHPXQHUDomR QR kPELWR GRV UHVSHFWLYRV G HPHVWDWXWR
3RGHUHV
3RGHUHV
D SHORV0LQLVWURVGH(VWDGRH*RYHUQDGRUHVGH(VWDGR  $R
$RVHUYLGRU
VHUYLGRUTXH
TXHVH
VHDIDVWDU
DIDVWDUGRFDUJR RXUHDVVXPLOR SRU
E SHORV'HSXWDGRV6HQDGRUHVH0LQLVWURVGH(VWDGR PDQGDWRHOHWLYRQmRVHFRQFHGH
PDQGDWRHOHWLYRQmRVHFRQFHGH
F SHORV0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDOH*RYHU D LQGHQL]DomRGHWUDQVSRUWH
QDGRUHVGH(VWDGR E GLiULDV
G SHORV'HSXWDGRV6HQDGRUHVH*RYHUQDGRUHVGH(VWDGR F JUDWLILFDomRHDGLFLRQDLV
G DMXGDGHFXVWR
 1HQKXP
1HQKXP GHVFRQWR
GHVFRQWR LQFLGL
LQFLGLUi
Ui VREUH
VREUH D UHPXQHUDomR
UHPXQHUDomR RX
SURYHQWRVDOYR  ­TXHOH
­TXHOH TXH
TXH QmR
QmR VHQGR
VHQGR VHUYLGRU GD 8QLmR IRU QRPHDGR
D  PDQGDGRGHVHJXUDQoD SDUD
SDUDFDUJR
FDUJRHP
HPFRPLVVmR
FRPLVVmRFRP
FRPPXGDQoD
PXGDQoDGH
GHGRPLFtOLR
GRPLFtOLRVHUi
E  LPSRVLomROHJDO FRQFHGLGD
FRQFHGLGD
F  LPSRVLomROHJDOHPDQGDWR D JUDWLILFDomRHDGLFLRQDLV
G  LPSRVLomROHJDORXPDQGDGRMXGLFLDO E DMXGDGHFXVWR
F LQGHQL]DomRGHWUDQVSRUWH
G GLiULDV

 &(572
&(572 DUW,9/Qž
&(572  $
$ DUW/Qž
 &(572
&(572 DUW9,,/Qž
&(572  %
% DUW,,,,,/Qž
 &(572
&(572 DUW9/Qž
&(572  &
& DUW,,,,/Qž
 (55$'2
(55$'2 DUW;/Qž
(55$'2  '
' DUW†ž/Qž
 $
$ DUW†ž/Qž  '
' DUW/Qž
 %
% DUW†ž/Qž  &
& DUW/Qž
 %
% DUW/Qž  '
' DUW/Qž
 '
' DUW/Qž  %
% DUW/Qž
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

 6H
6H RVHUYLGRUUHWRUQDUjVHGHHPSUD]RPHQRUGRTXHR  $VHUYLGRUD
VHUYLGRUDJHVWDQWH
JHVWDQWHRX
RXODFWDQWH
ODFWDQWHVHUiDIDVWDGDGH
VHUiDIDVWDGD GHDWLYLGD
SUHYLVWR
SUHYLVWR SDUD
SDUD VHX
VHX DIDVWDPHQWR
DIDVWDPHQWR GHYHUi
GHYHUi HOH
HOH UHVWLWXLU
UHVWLWXLU DV GHV
GHVHP
HPRSHUDo}HV
RSHUDo}HVRX
RXORFDLV
ORFDLVFRQVLGHUDGRV
FRQVLGHUDGRVSHQRVRV
SHQRVRVLQVDOX
GLiULDVUHFHELGDV EUHVRXSHULJRVRVGXUDQWHRSHUtRGR
EUHVRXSHULJRVRVGXUDQWHRSHUtRGR
D QDWRWDOLGDGHSRUQmRKDYHUFXPSULGRRSUD]ROHJDO D GXUDQWHRV~OWLPRVPHVHVGHJHVWDomR
E  HP H[FHVVR UHIHUHQWH DR WHPSR HP TXH QmRILFRX E GRžPrVGHJHVWDomRDWpRžPrVDSyVRSDUWR
DIDVWDGR F HQTXDQWRGXUDUDJHVWDomRHDODFWDomR
F  DSHQDV D PHWDGH HPEROVDQGR R UHVWDQWH DWtWXOR G GRžPrVGHJHVWDomRDWpRžPrVGHODFWDomR
LQGHQL]DWyULR
G  QDGD UHVWLWXLUi FRPR LQFHQWLYR SDUD DEUHYLDUVHX  1D
1D FRQFHVVmR
FRQFHVVmR GRV
GRV DGLFLRQDLV GH DWLYLGDGHV SHQRVDV GH
UHWRUQR LQVDOXEULGDGH
LQVDOXEULGDGH H GH
GH SHULFXORVLGDGH
SHULFXORVLGDGH VHUi REVHUYDGDV DV
VLWXDo}HVHVWDEHOHFLGDVHP
VLWXDo}HVHVWDEHOHFLGDVHP
 $R
$RVHUYLGRU
VHUYLGRUTXH
TXHUHDOL]DU
UHDOL]DUGHVSHVDV
GHVSHVDVFRP
FRPDXWLOL]DomR
XWLOL]DomRGH
GHPHLR D GHFUHWROHL
SUySULR
SUySULRGH
GHORFRPRomR
ORFRPRomRSDUD
SDUDH[HFXomR
H[HFXomRGH
GHVHUYLoRV
VHUYLoRVH[WHUQRV E HVWDWXWR
FRQFHGHUVHi
FRQFHGHUVHi F OHJLVODomRHVSHFtILFD
D DMXGDGHFXVWR G UHJXODPHQWR
E JUDWLILFDo}HVHDGLFLRQDLV
F LQGHQL]DomRGHWUDQVSRUWH  $RV
$RVVHUYLGRUHVHPH[HUFtFLRHP]RQDV
VHUYLGRUHVHPH[HUFtFLRHP]RQDVGH GHIURQWHLUD
IURQWHLUDRX
RXHP
G GLiULDV ORFDOLGDGHV
ORFDOLGDGHV FXMDV
FXMDV FRQGLo}HV
FRQGLo}HV GH
GH YLGD
YLGD R MXVWLILTXHP VHUi
GHYLGR
GHYLGR
 $ JUDWLILFDomR
JUDWLILFDomR QDWDOLQ
QDWDOLQ D FRUUHVSRQGH
FRUUHVSRQGH D 
 XP
XP GR]H D DGLFLRQDOGHDWLYLGDGHSHQRVD
DYRV 
DYRV GD
GDUHPXQHUDomR
UHPXQHUDomRDTXH
TXHRVHUYLGRU
VHUYLGRUIL]HU
IL]HUMXV
MXVQR
QRPrV
PrVGH E DGLFLRQDOGHLQVDOXEULGDGH
GH]HPEUR
GH]HPEURSRU
SRUPrV
PrVGH
GHH[HUFtFLR
H[HUFtFLRQR
QRUHVSHFWLYR
UHVSHFWLYRDQR
DQRVHQGR F DGLFLRQDOGHSHULFXORVLGDGH
TXH
TXHDIUDomR
IUDomRLJXDO
LJXDORX
RXVXSHULRU
VXSHULRUD GLDVVHUi
GLDV VHUiFRQVLGHUDGD G DGLFLRQDOSRUVHUYLoRH[WUDRUGLQiULR
FRPR
D  LQH[LVWHQWHSDUDHIHLWRGHVWHFiOFXOR  2 VHUYLGRU
VHUYLGRU WHP
WHP GLUHLWR
GLUHLWR D 
 GLDV
GLDV FRQVHFXWLYRV
FRQVHFXWLYRV GH
GH IpULDV
E  PrVLQWHJUDO TXHSRGHPVHUDFXPXODGDVDWpRPi[LPRGH
TXHSRGHPVHUDFXPXODGDVDWpRPi[LPRGH
F  PHLRPrV D SHUtRGRV
G  H[LVWHQWHDSHQDVSDUDHIHLWRGHDSRVHQWDGRULD E SHUtRGRV
F SHUtRGRV
 2VHUYLGRUH[RQHUDGRUHFHEHUiVXDJUDWLILFDomRQDWDOLQD
2VHUYLGRUH[RQHUDGRUHFHEHUiVXDJUDWLILFDomRQDWDOLQD G SHUtRGRV
D SURSRUFLRQDOPHQWHDRVPHVHVGHH[HUFtFLRFRPDUHPX
QHUDomRGRPrVGDH[RQHUDomR  2 VHUYLGRU
VHUYLGRU SRGHUiFRQYHUWHU
SRGHUiFRQYHUWHUD
HUiFRQYHUWHU D XP
XP WHUoR 
WHUoR  GDV
GDV IpULDV
IpULDV HP
E SURSRUFLRQDOPHQWHDRVPHVHVGHH[HUFtFLRFRPDUHPX DERQRSHFXQLiULRGHVGHTXHRUHTXHLUDFRP
QHUDomRGRWHPSRGHSDJDPHQWR D  QRPtQLPRGLDVGHDQWHFHGrQFLD
F LQWHJUDOPHQWHFDOFXODGDVREUHDUHPXQHUDomRGRPrVGD E  QRPi[LPRGLDVGHDQWHFHGrQFLD
H[RQHUDomR F  SHORPHQRVGLDVGHDQWHFHGrQFLD
G LQWHJUDOPHQWHFDOFXODGDVREUHDUHPXQHUDomRGRPrVGD G  SHORPHQRVGLDVGHDQWHFHGrQFLD
H[RQHUDomR
 2 VHUYLGRU
VHUYLGRU TXH
TXH RSHUD
RSHUD GLUHWD
GLUHWD H SHUPDQHQWHPHQWH FRP
 $JUDWLILFDomR
JUDWLILFDomRQDWDOLQD
QDWDOLQDQmR
QmRVHUi
VHUiFRQVLGHUDGD
FRQVLGHUDGDSDUD
SDUDFiOFXOR 5DLRV
5DLRV;RX
RXVXEVWkQFLDV
VXEVWkQFLDVUDGLRDWLYDV
UDGLRDWLYDVWHUi
WHUiGLUHLWR
GLUHLWRDIpULDV
IpULDVGH
GH
GHTXDOTXHU
GHTXDOTXHU D GLDVFRQVHFXWLYRVSRUDQR
D DGLFLRQDO E GLDVFRQVHFXWLYRVSRUDQR
E UHPXQHUDomR F GLDVFRQVHFXWLYRVSRUVHPHVWUH
F YDQWDJHPSHFXQLiULD G GLDVFRQVHFXWLYRVSRUVHPHVWUH
G DMXGDGHFXVWR
 6HUi
6HUiFRQVLGHUDGD
FRQVLGHUDGDFRPR
FRPRSURUURJDomR
SURUURJDomRDOLFHQoD
OLFHQoDFRQFHGLGD
 2V
2V VHUYLGRUHV
VHUYLGRUHV TXH
TXH WUDEDOKDP
WUDEDOKDP FRP KDELWXDOLGDGH HP GHQWURGH
GHQWURGH
FRQWDWR
FRQWDWRSHUPDQHQWH
SHUPDQHQWHFRP
FRPVXEVWkQFLDV
VXEVWkQFLDVWy[LFDV
Wy[LFDVID]HP
ID]HPMXV
MXVD D GLDVGRWpUPLQRGHRXWUDGDPHVPDHVSpFLH
XPDGLFLRQDOVREUHRYHQFLPHQWR
XPDGLFLRQDOVREUHRYHQFLPHQWRGRFDUJRHIHWLYRGHQR E GLDVGRWpUPLQRGHRXWUDGDPHVPDHVSpFLH
PLQDGR
PLQDGR F GLDVGRWpUPLQRGHRXWUDGDPHVPDHVSpFLH
D DGLFLRQDOSRU6HUYLoR([WUDRUGLQiULR G GLDVGRWpUPLQRGHRXWUDGDPHVPDHVSpFLH
E DGLFLRQDOGHSHULFXORVLGDGH
F DGLFLRQDOSRUDWLYLGDGHVSHQRVDV  &RQFOXtGR
&RQFOXtGRRVHUYLoR
VHUYLoRPLOLWDU
PLOLWDUSDUD
SDUDTXH VHUYLGRUUHDVVXPD
TXHRVHUYLGRU
G DGLFLRQDOSRUWHPSRGHVHUYLoR RH[HUFtFLRGRFDUJRWHUiHOHRSUD]RGH
D GLDVVHPUHPXQHUDomR
E GLDVVHPUHPXQHUDomR
F GLDVUHPXQHUDGRV
G GLDVUHPXQHUDGRV

 &
& DUW†~/Qž
 &
& DUW/Qž
 %
% DUW†~/Qž  $
$ DUW/Qž
 &
& DUW/Qž  &
& DUW/Qž
 %
% DUW†~/Qž  '
' DUW†ž/Qž
 $
$ DUW/Qž  &
& DUW/Qž
 &
& DUW/Qž  '
' DUW/Qž
 %
% DUW/Qž  %
% DUW†~/Qž
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 5HJLPH-XUtGLFRÔQLFR 
 $V
$VIDOWDV
IDOWDVLQMXVWLILFDGDVDRVHUYLoRUHWDUGDUmRDFRQFHVVmR
LQMXVWLILFDGDVDRVHUYLoRUHWDUGDUmRDFRQFHVVmR  6HPTXDOTXHU
6HPTXDOTXHUSUHMXt]R
SUHMXt]RSRGHUiRVHUYLGRUDXVHQWDUVHGR
GHOLFHQoDSUrPLRSRUDVVLGXLGDGH VHUYLoRSRU XP GLDSDUD
VHUYLoRSRU XP GLDSDUD
D QDSURSRUomRGHPrVSDUDFDGDIDOWD D VHDOLVWDUFRPRHOHLWRU
E QDSURSRUomRGHPHVHVSDUDFDGDIDOWD E FDVDPHQWR
F QDSURSRUomRGHVHPDQDSDUDFDGDIDOWD F IDOHFLPHQWRGHF{QMXJH
G QDSURSRUomRGHGLDVSDUDFDGDIDOWD G GRDomRGHVDQJXH

 2 Q~PHUR
Q~PHUR GH
GH VHUYLGRUHV
VHUYLGRUHV HP
HP JR]R
JR]R VLPXOWkQHR
VLPXOWkQHR GH
GH OLFHQo
OLFHQoD  eFRQWDGR
FRQWDGRSDUD
SDUDWRGRV
WRGRVRV
RVHIHLWRV
HIHLWRVRWHPSR
WHPSRGH
GHVHUYLoR
VHUYLoRS~EOLFR
SUrPLRQmRSRGHUiVHUVXSHULRUD
SUrPLRQmRSRGHUiVHUVXSHULRUD IHGHUDOLQFOXVLYHRSUHVWDGR
IHGHUDOLQFOXVLYHRSUHVWDGR
D GDORWDomRGDUHVSHFWLYDXQLGDGHDGPLQLVWUDWLYDGR D jTXDOTXHUHQWLGDGHPHVPRQmRVHQGRS~EOLFD
yUJmRRXHQWLGDGH E jV)RUoDV$UPDGDVH[pUFLWRPDULQKDHDHURQiXWLFD
E õ XPTXDUWR GDORWDomRGDUHVSHFWLYDXQLGDGHDGPLQLV F jTXDOTXHUHQWLGDGHPXQLFLSDOHVWDGXDOHIHGHUDO
WUDWLYDGRyUJmRRXHQWLGDGH G jSROtFLDPLOLWDUGRVHVWDGRVSRUTXHpPLOLWDU
F D XPWHUoR GDORWDomRGDUHVSHFWLYDXQLGDGHDGPLQLV
WUDWLYDGRyUJmRRXHQWLGDGH  $DSXUDomRGRWHPSRGHVHUYLoRVHUiIHLWD
$DSXUDomRGRWHPSRGHVHUYLoRVHUiIHLWD
G ô GD ORWDomR GD UHVSHFWLYD XQLGDGH DGPLQLVWUDWLYD GR D HP DQRV FRQVLGHUDGR R DQR GH WUH]HQWRV H VHVVHQWD H
yUJmRRXHQWLGDGH FLQFRGLDV
E HP GLDV VHQGR QHFHVViULR  GLDV GH WUDEDOKR
 2VHUYLGRU
VHUYLGRULQYHVWLGR
LQYHVWLGRHP
HPPDQGDWR
PDQGDWRHOHWLYR
HOHWLYR)HGHUDO
)HGHUDO(VWDGXDO FRPSXWDGRSDUDDSRVHQWDGRULD
RX'LVWULWDO
RX'LVWULWDO F HPGLDVTXHVHUmRFRQYHUWLGRVHPDQRVFDGDDQRFRP
D SHUFHEHUi DV YDQWDJHQV GH VHX FDUJR PHVPR KDYHQGR WUH]HQWRVHVHVVHQWDHFLQFRGLDV
LQFRPSDWLELOLGDGHGHKRUiULR G HPDQRVTXHVHUmRFRQYHUWLGRVHPGLDVVHQGRQHFHVViULR
E VHUiIDFXOWDGRRSWDUSHODVXDUHPXQHUDomR GLDVGHWUDEDOKRFRPSXWDGRSDUDDSRVHQWDGRULD
F ILFDUiDIDVWDGRGRFDUJR
G KDYHQGR FRPSDWLELOLGDGH GH KRUiULR SHUFHEHUi DV  6mRFRQVLGHUDGRVFRPRGHHIHWLYRH[HUFtFLRRX
6mRFRQVLGHUDGRVFRPRGHHIHWLYRH[HUFtFLRRXVHMD
VHMDVHP
YDQWDJHQVGHVHXFDUJRVHPSUHMXt]RGDUHPXQHUDomRGR TXDOTXHUSUHMXt]RRVDIDVWDPHQWRVHPYLUWXGHGH
TXDOTXHUSUHMXt]RRVDIDVWDPHQWRVHPYLUWXGHGH
FDUJRHOHWLYR D FDVDPHQWRGHDPLJRV
E IDOHFLPHQWRGRWLR
 2VHUYLGRULQYHVWLGRQRPDQGDWRGH3UHIHLWR
2VHUYLGRULQYHVWLGRQRPDQGDWRGH3UHIHLWR F IpULDV
D VHUiDIDVWDGRGRFDUJRVHQGROKHIDFXOWDGRRSWDUSHODVXD G VHUYLoRH[WUDRUGLQiULR
UHPXQHUDomR
E KDYHQGR FRPSDWLELOLGDGH GH KRUiULR SHUFHEHUi DV
YDQWDJHQVGHVHXFDUJRVHPSUHMXt]RGDUHPXQHUDomRGR  (P
(P GHIHVD
GHIHVD GH
GH GLUHLWR
GLUHLWR RX
RX LQWHUHVVH
LQWHUHVVH OHJtWLPR
OHJtWLPR pDVVHJXUDGR
FDUJRHOHWLYR DRVHUYLGRU
DRVHUYLGRU
F ILFDUiDIDVWDGRGRFDUJR D LQGHQL]DomR
G QmRKDYHQGRFRPSDWLELOLGDGHGHKRUiULRVHUiDIDVWDGRGR E GLUHLWRGHUHTXHUHUDRV3RGHUHV3~EOLFRV
FDUJRVHQGROKHIDFXOWDGRRSWDUSHODVXDUHPXQHUDomR F UHFXUVR
G UHFXUVRGHHIHLWRVXVSHQVLYR
 2 DIDVWDPHQWR
DIDVWDPHQWR GH
GH VHUYLGRU
VHUYLGRU SDUD
SDUD VHUYLU
VHUYLU HP RUJDQLVPR
LQWHUQDFLRQDO GH
LQWHUQDFLRQDO GH TXH
TXH R %UDVLO
%UDVLO SDUWLFLSH
SDUWLFLSH RX FRP R TXDO  2UHFXUVRVHUiHQFDPLQKDGRSRULQWHUPpGLR
2UHFXUVRVHUiHQFDPLQKDGRSRULQWHUPpGLR
FRRSHUHGDUVHi
FRRSHUHGDUVHi D GHTXDOTXHUMXL]
D VHPSUHMXt]RGHUHPXQHUDomR E GR&KHIHGRyUJmRGDDGPLQLVWUDomR
E FRPSHUGDWRWDOGDUHPXQHUDomR F GD$XWRULGDGHFRPSHWHQWH
F RSomRSHODUHPXQHUDomR G GD$XWRULGDGHTXHHVWLYHUVXERUGLQDGRRUHTXHUHQWH
G DSHQDVDVYDQWDJHQVGRFDUJR
 2UHTXHULPHQWR
UHTXHULPHQWRHRSHGLGR
SHGLGRGH
GHUHFRQVLGHUDomRGR'LUHLWR
 $R
$RVHUYLGRU
VHUYLGRUHVWXGDQWH
HVWXGDQWHTXH
TXHPXGDU
PXGDUGH
GHVHGH
VHGHQR
QRLQWHUHVVH
LQWHUHVVHGD GH
GH3HWLomR
3HWLomRGHYHUmR
GHYHUmRVHU
VHUGHVSDFKDGRV
GHVSDFKDGRVQR
QRSUD]R
SUD]RGH
GH FLQFR
DGPLQLVWUDomRpDVVHJXUDGD
DGPLQLVWUDomRpDVVHJXUDGD GLDVHGHFLGLGRVGHQWURGH
D QDORFDOLGDGHGDQRYDUHVLGrQFLDPDWUtFXODHPLQVWLWXL D  GLDV
omRGHHQVLQRFRQJrQHUH E  GLDV
E DMXGDGHFXVWRDVVLPFRPRLQGHQL]DomRGHWUDQVSRUWH F  GLDV
SDUDHVWHFRQWLQXDUHVWXGDQGR G  GLDV
F PDWUtFXOD HP QRYD LQVWLWXLomR GH HQVLQR UHVSHLWDGD D
H[LVWrQFLDGHYDJD  2UHFXUVRVHUiHQFDPLQKDGRSRULQWHUPpGLR
2UHFXUVRVHUiHQFDPLQKDGRSRULQWHUPpGLR
G PDWUtFXODHPLQVWLWXLomRGHHQVLQRFRQJrQHUHQRSUy[L D GHTXDOTXHUMXL]
PRDQROHWLYR E GR&KHIHGRyUJmRGDDGPLQLVWUDomR
F GD$XWRULGDGHFRPSHWHQWH
G GD$XWRULGDGHTXHHVWLYHUVXERUGLQDGRRUHTXHUHQWH

 '
' DUW/Qž
 %
% DUW/Qž
 $
$ DUW†~/Qž  &
& DUW/Qž
 &
& DUW/Qž  &
& DUW/Qž
 &
& DUW,/Qž  %
% DUW/Qž
 $
$ DUW/Qž  '
' DUW/Qž
 %
% DUW/Qž  '
' DUW†~/Qž
 $
$ DUW/Qž  '
' DUW†ž/Qž
,
 5HJLPH
-XUtGLFRÔQLFR 1DFLRQDOGR6HJXUR6RFLDO
QVWLWXWR

 $ MXt]R
MXt]R GD
GD DXWRULGDGH
DXWRULGDGH FRPSHWHQWH
FRPSHWHQWH R UHFX
UHFX UVR
UVR SRGHUi
SRGHUi VHU  2V
2VSUD]RV
SUD]RVGLVFLSOLQDGRUHV
GLVFLSOLQDGRUHVGR
GRGLUHLWR
GLUHLWRGH
GHSHWLomR
SHWLomRQR
QR(VWDWX
UHFHELGR
UHFHELGR WRVmR
D FRPHIHLWRVXVSHQVLYR D SRVVLYHOPHQWHSURUURJiYHLV
E FRPHIHLWRUHWURDWLYR E IDWDLVSRGHQGRSRUH[FHomRVHUSURUURJiYHLV
F FRPHIHLWRVUHWURDWLYRVjGDWDGRDWRLPSXJQDGR F LPSURUURJiYHLVPDVQmRVmRIDWDLV
G LQWHUSRVWRFRPRXWURUHFXUVR G LPSURUURJiYHLVHIDWDLV

 $ SUHVFULomR
SUHVFULomR QmR
QmR SRGH
SRGH VHU
VHU UHOHYDGD
UHOHYDGD SHOD
SHOD DGPLQLVWUDomR  2IXQFLRQiULRS~EOLFRGHYH
2IXQFLRQiULRS~EOLFRGHYHFXPSULU
FXPSULUjV
jVRUGHQVVXSHULRUHV
SRUTXH
SRUTXH H[FHWRVH
D pGHRUGHPS~EOLFD D HVWLYHUIRUDGRDOFDQFHGRIXQFLRQiULR
E FDEHDSHQDVDRVHUYLGRUUHOHYiOD E  IRUGHGLItFLOUHDOL]DomR
F FDEHDSHQDVj$XWRULGDGHFRPSHWHQWHWDOGHFLVmR F  VHPDQLIHVWDPHQWHLOHJDLV
G pGHRUGHPSHVVRDOGRVHUYLGRU G  VHPDQLIHVWDPHQWHLPSRVVtYHLV

 3DUDRH[HUFtFLRGR
3DUDRH[HUFtFLRGRGLUHLWR
GLUHLWRGH
GHSHWLomR
SHWLomRpDVVHJXUDGDYLVWD  =HODU
=HODU SHOD
SHOD HFRQRPLD
HFRQRPLD H FRQVHUYDomR
FRQVHUYDomR GR PDWHULDO TXH IRU
GRSURFHVVRGRFXPHQWR
GRSURFHVVRGRFXPHQWR FRQILDGRDRIXQFLRQiULRS~EOLFRp
D j$XWRULGDGHFRPSHWHQWH D  SULQFtSLRLPSRVWRjHPSUHVDSULYDGDHPWUDWRVS~EOLFRV
E j$XWRULGDGHVXSHULRUDRUHTXHUHQWH E  GHYHUGHWRGRIXQFLRQiULRS~EOLFR
F DRVHUYLGRURXDSURFXUDGRUSRUHOHFRQVWLWXtGR F  IDFXOGDGHUHOHYDQWHjDSXUDomRGRPpULWRGRIXQFLRQi
G DR&KHIHGR5HTXHUHQWHQD$GPLQLVWUDomR ULR
G  GHYHUTXHQmRREULJDDRVIXQFLRQiULRVFHOHWLVWDV
 $DGPLQLVWUDomR
DGPLQLVWUDomRGHYHUi
GHYHUiUHYHU
UHYHUVHXV
VHXVDWRV
DWRVDTXDOTXHU
TXDOTXHUWHPSR 
TXDQGR
TXDQGR  $V
$VUHTXLVLo}HV
UHTXLVLo}HVGH
GHLQIRUPDo}HV
LQIRUPDo}HVHGRFXPHQWRV
GRFXPHQWRVSHOD
SHOD)D]HQGD
D RVHUYLGRUDVVLPRUHTXHUHU 3~EOLFD
3~EOLFDHRV
RVUHTXHULPHQWRV
UHTXHULPHQWRVGH
GHH[SHGLomR
H[SHGLomRGH
GH&HUWLG}HV
&HUWLG}HVSDUD
E D$XWRULGDGHFRPSHWHQWHGHWHUPLQDU DGHIHVDGHGLUHLWRGHYHPVHU
F DFKDUVHUQHFHVViULDWDOUHYLVmR D  SURQWDPHQWHDWHQGLGDV
G KRXYHUSUHVHQoDGHLOHJDOLGDGH E  H[HFXWDGDVVHJXQGRDVFRQYHQLrQFLDVGRVHUYLoR
F  DWHQGLGDVVHPWXPXOWRRXSULRULGDGH
G  H[HFXWDGDVGHQWURGDQRUPDOURWLQDGRVHUYLoR

Caro Candidato,

Alguns erros de “digitação” podem ocorrer...


Pensando nisso, colocamos ao lado de cada
resposta (de Legislação) o texto legal referente
à questão. Assim, em caso de dúvida quanto à
resposta, você poderá conferir na apostila - de
acordo com texto legal indicado - qual a respos-
ta correta (o que vale é o texto da lei - sem-
pre!!!)

 $
$ DUW/Qž  '
' DUW/Qž
 $
$ DUW/Qž  &
& DUW,9/Qž
 &
& DUW/Qž  %
% DUW9,,/Qž
 '
' DUW/Qž  $
$ DUW9/Qž
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

12d¯(6
'(

',5(,72&2167,78&,21$/
IXQGDPHQWDLV GR KRPHPLQGLYtGXR TXH VmR DTXHOHV TXH
'LUHLWRVH'HYHUHV)XQGDPHQWDLV UHFRQKHFHP DXWRQRPLD DRV SDUWLFXODUHV JDUDQWLQGR
LQLFLDWLYDHLQGHSHQGrQFLDDRVLQGLYtGXRVGLDQWHGRVGHPDLV
PHPEURVGDVRFLHGDGHSROtWLFDHGRSUySULR(VWDGRSRULVVR
6HJXQGR*20(6&$127,/+2RVSULQFtSLRVIXQGD VmR UHFRQKHFLGRV FRPR GLUHLWRV LQGLYLGXDLV FRPR p GH
PHQWDLV YLVDP HVVHQFLDOPHQWH GHILQLU H FDUDFWHUL]DU D WUDGLomRGR'LUHLWR&RQVWLWXFLRQDOEUDVLOHLURHDLQGDSRU
FROHWLYLGDGH SROtWLFD H R (VWDGR H HQXPHUDU DV SULQFLSDLV OLEHUGDGHVFLYLVHOLEHUGDGHVDXWRQRPLD )UDQoD E GLUHLWRV
RSo}HVSROtWLFRFRQVWLWXFLRQDLVGDtSRUTXHRVDUWLJRVTXH IXQGDPHQWDLVGRKRPHPPHPEURGHXPDFROHWLYLGDGHTXH
RV SURFODPDP FRQVWLWXHP SRU DVVLP GL]HU D VtQWHVH RX D &RQVWLWXLomR DGRWRX FRPR  GLUHLWRVFROHWLYRV DUW ž 
PDWUL]GHWRGDVDVUHVWDQWHVQRUPDVFRQVWLWXFLRQDLVTXH TXH QDV HGLo}HV DQWHULRUHV GHVWD REUD GHQRPLQDPRV
jTXHODVSRGHPVHUGLUHFWDRXLQGLUHFWDPHQWHUHFRQGX]LGDV OLEHUGDGHV GH H[SUHVVmR FROHWLYD HQWUH RV LQGLYLGXDLV F
LQ
'LUHLWR&RQVWLWXFLRQDO
S  GLUHLWRVIXQGDPHQWDLVGRKRPHPVRFLDOTXHFRQVWLWXHPRV
GLUHLWRVDVVHJXUDGRVDRKRPHPHPVXDVUHODo}HVVRFLDLVH
1RVVD &RQVWLWXLomR )HGHUDO FRQVDJURX QR DUWž
DUWž RV FXOWXUDLV DUW ž  G  GLUHLWRV IXQGDPHQWDLV GR KRPHP
GLUHLWRV H GHYHUHV LQGLYLGXDLV H FROHWLYRV FRQIHULQGROKHV QDFLRQDO  TXH VmR RV TXH WrP SRU FRQWH~GR H REMHWR D
DPSODSURWHomRGHVGHTXH7RGRVVmRLJXDLVSHUDQWHDOHL GHILQLomRGDQDFLRQDOLGDGHHGHVXDVIDFXOGDGHVH 'LUHLWRV
VHPGLVWLQomRGHTXDOTXHUQDWXUH]DDWpJDUDQWLQGRVHDRV IXQGDPHQWDLV GR KRPHPFLGDGmR TXH VmR RV GLUHLWRV
EUDVLOHLURVHDRVHVWUDQJHLURVUHVLGHQWHVQR3DtVDLQYLRODELOL SROtWLFRV DUW FKDPDGRVWDPEpPGLUHLWRVGHPRFUiWL
GDGHGRGLUHLWRjYLGDjOLEHUGDGHjLJXDOGDGHjVHJXUDQoD FRVRXGLUHLWRVGHSDUWLFLSDomRSROtWLFDHDLQGDLQDGHTXD
HjSURSULHGDGH GDPHQWHOLEHUGDGHVSROtWLFDV RXOLEHUGDGHVSDUWLFLSDomR 
SRLVHVWDVFRQVWLWXHPDSHQDVDVSHFWRVGRVGLUHLWRVSROtWLFRV
(VVHDEUDQJHQWHWtWXORH[LEHRPHOLQGUHGRGLVFLSOLQD ³ LQ &XUVR GH 'LUHLWR &RQVWLWXFLRQDO 3RVLWLYR 
PHQWR H HTXLOtEULR HQWUH RV GLUHLWRV LQGLYLGXDLV H RV HG5HY7ULEXQDLV 
FROHWLYRV H VRFLDLV WDQWR TXDQWR D QHFHVVLGDGH GH VHX
ULJRURVR GLVFLSOLQDPHQWR FRQVWLWXLQGRVH QD SHGUD &RQILUDVHTXHDSDUGDFRQVDJUDomRGDLJXDOGDGH
DQJXODU GDV UHODo}HV (VWDGR,QGLYtGXR 6mR GLUHLWRV FRPRSULQFtSLRIXQGDPHQWDOQDYLGDGHPRFUiWLFDQRVVD
IXQGDPHQWDLV TXH R 3DFWR 6RFLDO HVWDEHOHFH H REULJD j FRQVWLWXLomRGHILQLXRVGLUHLWRVEiVLFRVGDVSHVVRDV GL
REVHUYkQFLDSRUTXHPH[HUFLWDUR3RGHU$&RQVWLWXLomR UHLWR j YLGD j OLEHUGDGH j LJXDOGDGH j VHJXUDQoD H  j
)HGHUDORVFODVVLILFDHPGLIHUHQWHVFDStWXORVFRQIRUPHVXD SURSULHGDGH $VVLPWRGDVDVSHVVRDVGHYHPVHUWUDWDGDV
QDWXUH]D FRPLJXDOGDGHSHODOHLeDFKDPDGDLJXDOGDGHMXUtGLFD
GDVSHVVRDV
-26e$)2162'$6,/9$REVHUYDTXH$FODVVLILFDomR
TXHGHFRUUHGRQRVVR'LUHLWR&RQVWLWXFLRQDOpDTXHODTXHRV 1DWXUDOPHQWHKiGLIHUHQoDHQWUHDVSHVVRDV(VVDV
DJUXSDFRPEDVHQRFULWpULRGHVHXFRQWH~GRTXHDRPHVPR GLIHUHQoDV VHUmR REVHUYDGDV DSHQDV H WmR VRPHQWH
WHPSRVHUHIHUHjQDWXUH]DGREHPSURWHJLGRHGRREMHWRGD TXDQGRHVVDGLIHUHQoDIRUHVVHQFLDODXPDGHWHUPLQDGDVL
WXWHOD  'H DFRUGR FRP HVVH FULWpULR WHUHPRV D  GLUHLWRV WXDomR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$VVLPSH[QXPFRQFXUVRSDUDSURYHUXPFDUJRGH
PpGLFRGR,$063(HPERUDWRGRVVHMDPLJXDLVSHUDQWHD 'LUHLWRj9LGD
OHLQHPSRULVVRVHUiDGPLWLGDDSDUWLFLSDomRGHXPOHLJR
DSHQDVRPpGLFRVSRGHUmRFRQFRUUHU(HQWUHRVPpGLFRV
KDYHUiDEVROXWDLJXDOGDGHGHWUDWDPHQWRQmRSRGHUiVHU $YLGDKXPDQDTXHpRREMHWRGRGLUHLWRDVVHJXUDGRQR
HVFROKLGR XP SRUTXH p ILOKR GH IXODQR RX WHP DVFHQ DUWž FDSXW LQWHJUDVH GH HOHPHQWRV PDWHULDLV ItVLFRV H
GrQFLDQREUHRXSRUTXHpEUDQFRRXMXGHXHWF SVtTXLFRV HLPDWHULDLV HVSLULWXDLV REVHUYDR0HVWUH-26e
$)2162'$6,/9$³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO
3HORSULQFtSLRGDLJXDOGDGHpREULJDWyULRRWUDEDOKR 3RVLWLYR
HG6DUDLYDS 
LJXDOGHSHVVRDVLJXDLV3HVVRDVHPFRQGLo}HVGHVLJXDLV
WHUmRREVHUYDGDVHVVDVGHVLJXDOGDGHV&ODURTXHHVVD ,VVRVLJQLILFDTXHRGLUHLWRjYLGDFRPSUHHQGHGHVGH
GHVLJXDOGDGHQmRSRGHUiDGYLUGDQDWXUH]D FRUILOLDomR RGLUHLWRjH[LVWrQFLDDWpRGLUHLWRjLQWHJULGDGHItVLFDR
VH[RHWF  GLUHLWR j LQWHJULGDGH PRUDO H RXWURV FRQH[RV WDPEpP
FRQVDJUDGRVQRVLQFLVRVGRDUWž&)
$&RQVWLWXLomRJDUDQWHDWRGRVRVEUDVLOHLURV UHVLGDP
DTXL RX IRUD GR 3DtV  H D WRGRV RV HVWUDQJHLURV HVWHV
GHVGHTXHUHVLGDPDTXLQR%UDVLO TXHDYLGDGHOHVVHUi 'LUHLWRj,QWHJULGDGH)tVLFDH0RUDO
VHPSUHSURWHJLGD2VyUJmRVS~EOLFRVGHYHUmRID]HUWRGR
HPSHQKRSDUDSURWHJHUDYLGDGHWRGRVWDOTXDOjOLEHUGD $UWž;/,; pDVVHJXUDGR
DVVHJXUDGRDRV
DRVSUHVRV
SUHVRVRUHVSHLWR
UHVSHLWRjLQWH
GHjLJXDOGDGHjVHJXUDQoDHjSURSULHGDGH JULGDGHItVLFDHPRUDO

'HVVD IRUPD VHPSUH TXH HVWLYHUPRV FRP TXDOTXHU %DWHU HP SUHVR RX VXMHLWiOR D FDVWLJR ItVLFR RX
GHVVHVQRVVRVEHQVVRETXDOTXHUWLSRGHULVFRSRGHUHPRV KXPLOKDo}HV VHP G~YLGD QmR p DSHQDV XPD FRYDUGLD
QmR DSHQDV SHGLU PDV H[LJLU GRV 3RGHUHV &RQVWLWXtGRV FRPRXPDEXVRSVLFyWLFRGHEHVWDV
TXHQRVWXWHOHPFRQWUDTXDOTXHUDPHDoDRXPDOFRQFUHWL
]DGRHUHVWDEHOHoDPQRVVRGLUHLWR +mR GH VHU UHVSHLWDGRV RV LQIHOL]HV FULPLQRVRV TXH
SHORVFULPHVFRPHWLGRVUHVSRQGHUmRSDJDQGRRFDVWLJR
SUHYLVWRHPOHL6HDFKDPTXHDOHLpEUDQGDTXHOXWHP
SDUDPXGDUDOHL
'LUHLWRVH'HYHUHV,QGLYLGXDLVH&ROHWLYRV
$UWž,,, QLQJXpP
QLQJXpP VHUi
VHUi VXEPHWLGR D WRUWXUD QHPD
WUDWDPHQWRGHVXPDQRRXGHJUDGDQWH
&RPR YLPRV QRVVD &RQVWLWXLomR JDUDQWH DRV EUDVL
OHLURVHDRVHVWUDQJHLURVUHVLGHQWHVQR3DtVDLQYLRODELOLGDGH $WRUWXUDpDVHYtFLD WRUWXUDItVLFD RXDLQIOLomRGHXP
GRGLUHLWRj D YLGD
YLGD E OLEHUGDGH
YLGD OLEHUGDGH F LJXDOGDGH
OLEHUGDGH LJXDOGDGH G
LJXDOGDGH VRIULPHQWR SVLFROyJLFR WRUWXUD PRUDO  6XD KHGLRQGH]
VHJXUDQoDH H SURSULHGDGH
VHJXUDQoD SURSULHGDGH
SURSULHGDGH UHVXOWDGDyEYLDFLUFXQVWkQFLDGHTXHRWRUWXUDGRUpXP
FRYDUGHTXHVHYDOHGHXPDVLWXDomRGHIRUoDSUHYDOHQWH
2EVHUYDR0HVWUH3,172)(55(,5$TXH$JDUDQWLDGD SDUDVXEPHWHUDYtWLPDjVXDSVLFRSDWLD
LQYLRODELOLGDGHDLQGDVHHVWHQGHDRVHVWUDQJHLURVUHVLGHQWHV
QR3DtVFRQIRUPHVHYHULILFDQRWH[WRFRQVWLWXFLRQDOYLJHQWH 7RUWXUDGRUHVIDUGDGRVRXQmRPHUHFHULDPDPRUWH
0DV WDO JDUDQWLD DLQGD VH DPSOLD DRV HVWUDQJHLURV QmR VHKRXYHVVHSHQDGHPRUWHQR%UDVLO SRLVVmRLQGLJQRV
UHVLGHQWHV QR %UDVLO SRLV D GHFODUDomR GH GLUHLWRV SRVVXL HLQIHULRUHVjVXDSUySULDFRYDUGLD
FDUiWHU XQLYHUVDO 2 VHQWLGR GD H[SUHVVmR HVWUDQJHLUR
1DPHVPDHVWHLUDGDSUHYDOrQFLDFRYDUGHpRDEXVRGH
UHVLGHQWH GHYH VHU LQWHUSUHWDGR SDUD VLJQLILFDU TXH D
TXHPYDOHQGRVHGHXPSRGHUFLUFXQVWDQFLDOLPS}HDXP
YDOLGDGH H D IUXLomR OHJDO GRV GLUHLWRV IXQGDPHQWDLV VH
VHPHOKDQWHXPWUDWDPHQWRLQGLJQRjVXDFRQGLomRGHVHU
H[HUFHP GHQWUR GR WHUULWyULR EUDVLOHLUR 57-  
KXPDQR QHPDRVDQLPDLVVHDGPLWHDLQIOLomRGHVRIUL
1HVVHVHQWLGRRSLQDP&OiXGLR3DFKHFRH-RVp&HOVRGH0HOOR
PHQWR  VHMD QR SODQR PDWHULDO VHMD QR SODQR PRUDO
)LOKR$VVLPVHQGRRVHVWUDQJHLURVQmRUHVLGHQWHVQR%UDVLO
GHJUDGDQWH 
SRVVXHPLJXDOPHQWHDFHVVRjVDo}HVFRPRRPDQGDGRGH
VHJXUDQoD H GHPDLV UHPpGLRV SURFHVVXDLV 5)  57 $QRWDR0HVWUH-26e$)2162'$6,/9$TXH$&RQV
5'$H&RQWUD5'$ ³ LQ&RPHQWi
ULRVj&RQVWLWXLomR%UDVLOHLUDHG6DUDLYDžYROS  WLWXLomRHPSUHVWDPXLWDLPSRUWkQFLDjPRUDOFRPRYDORU
pWLFRVRFLDOGDSHVVRDHGDIDPtOLDTXHVHLPS}HDRUHVSHLWR
(GHVWDFDDLQGDRFRQVDJUDGR-XULVWDTXHDSURWHomR GRVPHLRVGHFRPXQLFDomRVRFLDO DUW,9 5HDOoRXR
GRUHJLPHMXUtGLFRGDVOLEHUGDGHVS~EOLFDVDOFDQoDWDP YDORU GD PRUDO LQGLYLGXDO WRUQDQGRD EHP LQGHQL]iYHO
EpPDVSHVVRDVMXUtGLFDVMiTXHWDPEpPHVWDVWrPGLUHLWR DUWž9H;  ³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR

HG6DUDLYDS 
jH[LVWrQFLDjVHJXUDQoDjSURSULHGDGHjSURWHomRWULEXWi
ULDHDRVUHPpGLRVFRQVWLWXFLRQDLV REUDFLWDGDS 
$UW $SURGXomRHDSURJUDPDomRGDVHPLVVRUDVGH
UiGLR
UiGLR H WHOHYLVmRDWHQGHUmRDRVVHJXLQWHVSULQ
WHOHYLVmRDWHQGHUmRDRVVHJXLQWHVSULQ
9HMDPRV FRPR R DUWž&) SURFODPD WDLV GLUHLWRV
FtSLRV
FtSLRV
GLUHLWRVIXQGDPHQWDLV

,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

,9 UHVSHLWRV
UHVSHLWRVDRV
DRVYDORUHV
YDORUHVpWLFRV
pWLFRVHVRFLDLV
VRFLDLVGD $UW†ž $OHLGLVSRUiVREUHDVFRQGLo}HVHRVUH
SHVVRDHGDIDPtOLD
SHVVRDHGDIDPtOLD TXLVLWRV
TXLVLWRV TXH
TXH IDFLOLWHP
IDFLOLWHP D UHPRomR
UHPRomR GH
GH yU
JmRV
JmRVWHFLGRV
WHFLGRVHVXEVWkQFLDV
VXEVWkQFLDVKXPDQDV
KXPDQDVSDUD
$UWž9 pDVVHJXUDGR
DVVHJXUDGRRGLUHLWR
GLUHLWRGHUHVSRVWDSURSRUFLR
GHUHVSRVWDSURSRUFLR ILQV
ILQVGH
GHWUDQVSODQWHV
WUDQVSODQWHVSHVTXLVD
SHVTXLVDHWUDWDPHQ
QDO
QDODR
DRDJUDYR
DJUDYRDOpP
DOpPGD
GDLQGHQL]DomR
LQGHQL]DomRSRU
SRUGDQR WR
WR EHP
EHP FRPR
FRPR D FRO
FROHWD
HWD SURFHVVDPHQWR
SURFHVVDPHQWR H
PDWHULDOPRUDORXjLPDJHP WUDQVIXVmR
WUDQVIXVmR GH
GH VDQJXH
VDQJXH H VHXV
VHXV GHULYDGRV
VHQGR
VHQGR YHGDGR
YHGDGR WRGR
WRGR WLSR
WLSR GH
GH FRPHUFLDOL]D
FRPHUFLDOL]D
0XLWDV YH]HV SHVVRDV YDOHQGRVH GD OLEHUGDGH GH omR
SHQVDPHQWRHPDQLIHVWDomRGHVHXSHQVDPHQWRYHLFXODP
RIHQVDV j QRVVD KRQUD j QRVVD GLJQLGDGH PDFXODQGR $FRQVWLWXLomRTXHDFDEDUFRPRVWDEXVHSUHFRQFHLWRV
QRVVRQRPHQRVVDIDPD GD LJQRUkQFLD ­V YH]HV D VD~GH GRV YLYRV GHSHQGH GH
DOJXPPRUWR0RUWRpFRLVDQmRpJHQWH7XGRTXHIRU
$&RQVWLWXLomRDVVHJXUDDWRGRVQyVTXHQHVVHVFDVRV
SRVVtYHOID]HUSDUDVDOYDUXPYLYRGHYHVHUIHLWRPHVPR
DQyVQRVVHUiJDUDQWLGRRGLUHLWRGHUHVSRVWD$VVLPVH
TXHHVVHHVIRUoRGHSHQGDGHXPFDGiYHU1mRUDURRFHJR
DOJXpPXVRXDWHOHYLVmRSDUDGL]HUDOJXPDFRLVDTXHQRV
SUHFLVDGDFyUQHDGRPRUWRSDUDYROWDUDHQ[HUJDURXWUDV
SUHMXGLFRX PRUDOPHQWH SRGHUHPRV H[LJLU TXH DTXHOH
YH]HV R FRUDomR GR PRUWR EDWHUi HP VXEVWLWXLomR DR
PHVPRFDQDOGHWHOHYLVmRQRPHVPRSURJUDPDHKRUiULR
FRQFHGDQRVDRSRUWXQLGDGHGHUHVSRQGHUPRVjRIHQVD FRUDomRGRHQWHGHXPYLYRRXXPSXOPmRHWF
FODUR TXH VH QXPD SURJUDPD GH  PLQXWRV D RIHQVD
GXURXDSHQDVPLQXWRVWHUHPRVWHPSRDSUR[LPDGRGH 1HVVH SDUWLFXODU D QRYD FRQVWLWXLomR p DYDQoDGD
PLQXWRV HQmRRV SDUDDUHVSRVWD GHWHUPLQDTXHLVVRVHMDGHYLGDPHQWHGLVFLSOLQDGRQDOHL
DWpSDUDTXHVHUHVSHLWHPRVVHQWLPHQWRVDUHOLJLRVLGDGH
2IDWRGHUHVSRQGHUPRVjRIHQVDQDGDWHPDYHUFRP GRVSDUHQWHVGRGHIXQWR PDVGHL[DFODURTXHDOHLGHYHUi
QRVVRGLUHLWRGHLQGHQL]DomR IDFLOLWDU RX VHMD HYLWDUi HPEDUDoRV H Vy HVWDEHOHFHUi
OLPLWHV LQHYLWiYHLV $QWLJDPHQWH UHWLUDU yUJmRV HUD
6HXPDSHVVRDRIHQGHXQRVVDKRQUDHGHVVDRIHQVD H[FHomRGRUDYDQWHDUHJUDVHUiDUHWLUDGDHVyH[FHSFLR
UHVXOWRXQRV SUHMXt]RV PDWHULDO PRUDO RX j LPDJHP QDOPHQWHKDYHUiHPEDUDoRV
SRGHUHPRVSURFHVViODSDUDREULJiODDQRVLQGHQL]DU
eGHVHREVHUYDUTXHDFRQVWLWXLomRSURtEHWHUPLQDQWH
$UWž; VmRLQYLROiYHLVDLQWLPLGDGHDYLGDSULYDGD PHQWHTXHKDMDFRPHUFLDOL]DomRGHVDQJXHWUDQVIXVLRQD
DKRQUD
KRQUDHDLPDJHP
LPDJHPGDV
GDVSHVVRDV
SHVVRDVDVVHJXUDGR GRVQmRTXHUGL]HUTXHHXQmRSRVVDFREUDUSDUDGRDU
RGLUHLWR
GLUHLWRDLQGHQL]DomR
LQGHQL]DomRSHOR
SHORGDQR
GDQRPDWHULDO
PDWHULDORX PHX VDQJXH RX TXH R +RVSLWDO QmR GHYD FREUDU SHOD
PRUDOGHFRUUHQWHGHVXDYLRODomR WUDQVIXVmRGHVDQJXHTXHPHIRUQHFHXQXPDFLUXUJLD$
FRQVWLWXLomR DSHQDV SURtEH TXH KDMD HPSUHVDV RX
-i YLPRV TXH D FRQVWLWXLomR QRV SURWHJH D YLGD D PHVPR R +RVSLWDO DWXDQGR QHVVD iUHD  FRPSUDQGR H
VHJXUDQoDDOLEHUGDGHDSURSULHGDGH0DVQmRpVy(VWH YHQGHQGR VDQJXH FRP LQWHUHVVH OXFUDWLYR R OXFUR p D
LQFLVRQRVGiHVSHFLDOtVVLPDSURWHomRjQRVVDLQWLPLGDGH HVVrQFLDGDFRPHUFLDOL]DomR 2+RVSLWDODWpSRGHUiWHU
$LQGLYLGXDOLGDGHGDVSHVVRDVpSOHQDHPVXDLQWLPLGD XPVHUYLoRGHFROHWDGHVDQJXHSDJDQGRDRVGRDGRUHVH
GHRXVHMDHPVHXPXQGRSDUWLFXODUHPTXHVHHQWUH FREUDQGRGRVSDFLHQWHVXPSUHoRPDLRUSDUDVHUHVVDUFLU
JDP jV VXDV YLUWXGHV H GHIHLWRV TXH Vy SHUWHQFHP D VL GRTXHSDJRXHGDVGHVSHVDVLQHUHQWHVFRPRDHQIHUPHL
PHVPDV1RVVDFRQYLYrQFLDVRFLDOSHUWHQFHDWRGRVPDV UDTXHFROHWRXIUDVFRVHVWHULOL]DomRH[DPHVHPEDODJHP
QRVVDLQGLYLGXDOLGDGHQRVVR tQWLPRVyLQWHUHVVDDQyV
FRQVHUYDomRHWF2TXHQmRSRGHpGHGLFDUVHDHVVHWLSR
PHVPRV
GHFRPpUFLR$SURLELomRGHWRGRWLSRGHFRPHUFLDOL]DomR
DEUDQJHWDPEpPRVyUJmRVWHFLGRVHVXEVWkQFLDVKXPD
2LQGLYtGXRVHULDXPDXW{QRPRGHVSURYLGRGDSUySULD
QDVpSURLELGRWHUXPDORMLQKDSDUDYHQGHUULQVItJDGRV
SHUVRQDOLGDGHFDVRVXDLQWLPLGDGHIRVVHHVFDQFDUDGDD
WRGRV­FROHWLYLGDGHVyLQWHUHVVDQRVVDYLGDVRFLDO3RU FRUDo}HVFyUQHDVHWF
LVVRpTXHDFRQVWLWXLomRSURWHJHULJRURVDPHQWHQRVVD
LQWLPLGDGHHQRVVDYLGDSDUWLFXODU SULYDGD -iDKRQUD
H D LPDJHP VmR YDORUHV TXH UHIOHWLGDV GD FRQYLYrQFLD
VRFLDO HFRDP QR UHVSHLWR LQGLVSHQViYHO j VHJXUDQoD j 'LUHLWRj/LEHUGDGH
FRQILDQoDHjHVWUXWXUDGDLQGLYLGXDOLGDGH(VVDVYLRODo}HV
SRGHUmRJHUDULQGHQL]DomRFDVRUHVXOWHPGDQRPDWHULDO
SUHMXt]RHPYDORUHVGLQKHLUR RXPHVPRPRUDO$JRUD 5HJLVWUDR0HVWUH-26e$)2162'$6,/9$$&RQVWL
pD&RQVWLWXLomRTXHJDUDQWHDUHSDUDomRPRUDO WXLomR GHWHUPLQD D OLEHUGDGH GH DomR DVVLP FRPR GH
ORFRPRomRQRDUWž,,H;9 LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO
3RVLWLYR
HG6DUDLYDSH 
2XWURVVLP 2 0HVWUH -26e $)2162 '$ 6,/9$
TXHVWLRQD6HDLQWHJULGDGHItVLFDpXPGLUHLWRLQGLYLGXDO
$UWž,, QLQJXpP
QLQJXpP VHUi
VHUi REULJDGR
REULJDGR D ID]HU
ID]HU RX
RX GHL[DUGH
GHL[DUGH
VXUJH D TXHVWmR GH VDEHU VH p OtFLWR DR LQGLYtGXR DOLHQDU
PHPEURVRXyUJmRVGHVHXFRUSR$TXHVWmRGDOLFLWXGHGH ID]HUDOJXPDFRLVDVHQmRHPYLUWXGHGHOHL
DOLHQDomRHVWiVXEPHWLGDDQRUPDFRQVWLWXFLRQDOH[SOtFLWD
TXHpRDUW†ž LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
 6DEHPRVTXHRSRYRpVREHUDQR(RSRYRpRVRPD
HG6DUDLYDS  WyULRGRVLQGLYtGXRVRXVHMDGDVSHVVRDV&RQVHTXHQWH
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

PHQWHDVSHVVRDVWDPEpPVmRVREHUDQDVVmRGRQDVGH GHSHQVDPHQWR6mRPRGDOLGDGHVHVSHFtILFDVGRSHQVD
VHXQDUL]1LQJXpPPDQGDQXPDSHVVRD$ $SHQDV
SHQDVDOHL PHQWRKXPDQR6HMiGHYHULDPVHUSURWHJLGDVVREHVVH
HPHVPRDVVLPSRUTXHQRIXQGRQRIXQGRDOHLpIHLWD DVSHFWRVmRHVSHFLDOPHQWHWXWHODGDVSRUTXHHQULTXHFHP
SRUQyVHPERUDSRULQWHUPpGLRGHQRVVRVUHSUHVHQWDQWHV  DVSHVVRDVHPVXDUHODomRVRFLDOLQFHQWLYDQGRDVROLGDULH
GDGHHRDPRUDRSUy[LPREHPDVVLPGDQGRXPVHQWLGR
1LQJXpPSRGHUiVHUREULJDGRDID]HUTXDOTXHUFRLVD HVSHFLDO j YLGD H QRV PRWLYDQGR QD FRQYLYrQFLD HP
VHHVVDRUGHPQmRSURYLHUGDOHL1HPPHVPRR3UHVLGHQ FRPXQLGDGH
WHGD5HS~EOLFDSRGHUiPDQGDUXPFLGDGmRID]HUTXDO
TXHUFRLVDVHQmRHVWLYHUSUHYLVWDWDOREULJDomRHPOHL 1mRLPSRUWDRVHJPHQWRUHOLJLRVR SHORTXDORSWDD
VROHQHPHQWHGLUHPRVDR3UHVLGHQWHTXHYiFXLGDGDVXD SHVVRDDFRQVWLWXLomRSURWHJHDWRGRVLQGLVWLQWDPHQWH
YLGD (VVDSURWHomRVHHVWHQGHDRVWHPSORV RXTXDOTXHUORFDO 
HPTXHDUHOLJLRVLGDGHpFXOWXDGD
'DPHVPDIRUPDVHHVWLYHUPRVID]HQGRDOJXPDFRLVD
QLQJXpPSRGHUiQRVPDQGDUSDUDU$SHQDVSDUDUHPRVVH 9,,, QLQJXpP
QLQJXpPVHUi
VHUiSULYDGR
SULYDGRGHGHGLUHLWRV
GLUHLWRVSRU
SRUPRWLYR
DOHLPDQGDU GHFUHQoD
GH FUHQoDUHOLJLRVD
UHOLJLRVDRX
RXGH
GHFRQYLFomR
FRQYLFomRILORVyILFD
RXSROtWLFD
RX SROtWLFDVDOYR
VDOYRVH
VHDV
DVLQYRFDU
LQYRFDUSDUD
SDUDH[LPLUVH
e R SULQFtSLR GD OHJDOLGDGH IXQGDPHQWDO SDUD D GH
GH REULJDomR
REULJDomR OHJDO
OHJDO D WRGRV
WRGRV LPSRVWD
LPSRVWD H UHFX
OLEHUGDGH LQGLYLGXDO SURWHJHQGR R LQGLYtGXR FRQWUD D VDUVH
VDUVHDFXPSULU
FXPSULUSUHVWDomR
SUHVWDomRDOWHUQDWLYD
DOWHUQDWLYDIL[DGD
WLUDQLDDSUHSRWrQFLDHRVGHVPDQGRV HPOHL

6HXPDSHVVRDYLHUDVHUREULJDGDDID]HU RXSDUDUGH 3URtEHD&RQVWLWXLomRTXHVHIDoDTXDOTXHUGLVFULPLQD


ID]HU DOJXPDFRLVDTXHQmRHVWiSUHYLVWDHPOHLKDYHUi omRFRQWUDSHVVRDVSRUTXHVHMDHODFDWyOLFDRXSURWHVWDQ
FULPH  GHFRQVWUDQJLPHQWRLOHJDO WHRXEXGLVWDRXLVODPLWDRXHVStULWDRXPDFXPEHLUR
HWF   $VVLP QLQJXpP VHUi WUDQVIHULGR GH XPD VHomR
$UWž;9 pOLYUH
OLYUHDORFRPRomR
ORFRPRomRQR
QRWHUULWyULR
WHUULWyULRQDFLRQDO SRUTXH p HVStULWD H WRGRV RV GHPDLV IXQFLRQiULRV VmR
HP WHPSR
HP WHPSR GH SD] SRGHQGR TXDOTXHU FDWyOLFRV
SHVVRD
SHVVRD QRV
QRV WHUPRV
WHUPRV GD
GD OHL
OHL QHOH HQWUDU
SHUPDQHFHURXGHOHVDLUFRPVHXVEHQV $ UHOLJLRVLGDGH QmR SRGHUi VHU R IXQGDPHQWR SDUD
TXDOTXHUSULYDomRGHGLUHLWRVGHXPDSHVVRD SRUH[QmR
1XPSDtVGHPRFUiWLFRWRGRPXQGRSRGHLUHYLUGH VHUSURPRYLGDSRUTXHR&KHIHp,VODPLWDHRIXQFLRQiULR
TXDOTXHU FDQWR H SDUD TXDOTXHU OXJDU 3RGHPRV DWp LU p DWHX  0DV HVVD OLEHUGDGH GH FUHQoD QmR SRGHUi SRU
HPERUDGR3DtVHUHWRUQDUTXDQGRTXLVHUPRV1DGDQRV RXWURODGRVHUYLUGHSUHWH[WRSDUDDSHVVRDVHVDIDUGDV
LPSHGLUipXPQRVVRGLUHLWRFRQVWLWXFLRQDO FODURTXHLVVR REULJDo}HVVRFLDLVTXHDOHLLPS}HD DWRGRVH[RVHUYLoR
WRGRV
QmRYDOHUiVHHVWLYHUPRVFRQGHQDGRVSHODMXVWLoD  PLOLWDURDOLVWDPHQWRHOHLWRUDO(PFKHJDQGRDKRUDGH
FXPSULU FRP R GHYHU OHJDO LPSRVWR D WRGR PXQGR
'HQDGDDGLDQWDULDSRUpPRGLUHLWRGHORFRPRomRQR FDWyOLFR RX WHVWHPXQKD GH -HRYi EXGLVWD RX PDFXP
3DtVRXSDUDIRUDGHOHVHQmRSXGpVVHPRVOHYDUFRQRVFR EHLURRLQGLYtGXRUHOLJLRVRRXQmRGHYHUiFXPSULUFRP
RV QRVVRV EHQV QRVVR SDWULP{QLR TXH FRQVWLWXHP QmR VHX GHYHU &DVR QmR R FXPSUD SRGHUi VHU SULYDGR GH
DSHQDVRSURGXWRGHXPDORQJDYLGDGHWUDEDOKRFRPR DOJXPGLUHLWRTXHDOHLSUHYHMD SH[SHUGDGRVGLUHLWRV
DJDUDQWLDGHXPIXWXURWUDQTXLORHWDPEpPQRVVRPHLR SROtWLFRV 
GH YLGD 3RU LVVR p TXH D &RQVWLWXLomR DFUHVFHQWRX DR
GLUHLWR GH ORFRPRomR WDPEpP R GH  OHYDUPRV FRQRVFR ( YLVDQGR D DVVHJXUDU D HIHWLYLGDGH GHVVHGLUHLWR D
QRVVRVEHQV FODURTXHLVVRQmRQRVGLVSHQVDUiGHSDJDU &RQVWLWXLomRSURLELXH[SUHVVDPHQWHDFULDomRGHFXOWR
PRVHYHQWXDLVWULEXWRV  RILFLDOFRPRH[LVWLDQDDQWLJXLGDGH VHRUHLHUD&DWyOLFR
WRGRVRVV~GLWRVGHYHULDPVrOR 
(VVH GLUHLWR GH LU H YLU FRP RV EHQV  p SUySULR GRV
UHJLPHVGHPRFUiWLFRVHPTXHDOLEHUGDGHGRLQGLYtGXRp $UW eYHGDGR
YHGDGRj8QLmR
8QLmRDRV
DRV(VWDGRV
(VWDGRVDR
DR'LVWULWR)HGH
SUHVHUYDGD1RVUHJLPHVWRWDOLWiULRV SRXFRLPSRUWDVHGH UDOHDRV0XQLFtSLRV
GLUHLWDRXGHHVTXHUGD DVSHVVRDVVmRSURLELGDVGHVDLU
GR3DtVVHPHVSHFLDOtVVLPDDXWRUL]DomRGR*RYHUQR , HVWDEHOHFHUFXOWRV
HVWDEHOHFHU FXOWRVUHOLJ
UHOLJLRVRVRXLJUHMDVVXEYHQFL
LRVRVRXLJUHMDVVXEYHQFL
RQiORV
QiORV HPEDUDoDUOKHV
HPEDUDoDUOKHV R IXQFLRQDPHQWR
IXQFLRQDPHQWR RX
PDQWHU
PDQWHUFRP
FRPHOHV
HOHVRX
RXVHXV
VHXVUHSUHVHQWDQWHV
UHSUHVHQWDQWHVUHODo}HV
'LUHLWRj/LEHUGDGHGR(VStULWR GH
GH GHSHQGrQFLD
GHSHQGrQFLD UHVVDOYDGD
UHVVDOYDGDQDIRUPDGD/HLD
QDIRUPDGD/HLD
FRODERUDomRGHLQWHUHVVHS~EOLFR
$UWž9, pLQYLROiYHODOLEHUGDGHGHFRQVFLrQFLDHGH
FUHQoD
FUHQoD VHQGR
QGR DVVHJXUDGR
DVVHJXUDGR R OLYUH
OLYUH H[HUFtFLR 2VJRYHUQRV0XQLFLSDO(VWDGXDOGR'LVWULWR)HGHUDO
GRV
GRVFXOWRV
FXOWRVUHOLJLRVRV
UHOLJLRVRVHJDUDQWLGD
JDUDQWLGDQD
QDIRUPD
IRUPDGD HGD8QLmRQmRSRGHUmRWRPDUTXDOTXHUSURYLGrQFLDSDUD
OHL
OHL D SURWHomR
SURWHomR DRV ORFDLV GH FXOWR H D VXDV SURWHJHU RX SURLELU TXDOTXHU WLSR GH FXOWR UHOLJLRVR
OLWXUJLDV $VVLPpSURLELGDDFULDomRGHXPFXOWRRILFLDO2FXOWR
UHOLJLRVRVHUiVHPSUHOLYUHHSULYDGR
$FRQVFLrQFLDHFUHQoDUHOLJLRVDLQWHJUDPDOLEHUGDGH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$UWž,9 pOLYUH
OLYUHDPDQLIHVWDomR
PDQLIHVWDomRGR
GRSHQVDPHQWR
SHQVDPHQWRVHQGR †ž $SXEOLFDomR
SXEOLFDomRGH
GHYHtFXOR
YHtFXORLPSUHVVRGHFRPXQLFD
LPSUHVVRGHFRPXQLFD
YHGDGRRDQRQLPDWR omRLQGHSHQGHGHOLFHQoDGHDXWRULGDGH
omRLQGHSHQGHGHOLFHQoDGHDXWRULGDGH

2SHQVDPHQWRpDHVVrQFLDGDLQGLYLGXDOLGDGH6yp 4XHP FRQYLYH HP FROHWLYLGDGH SUHFLVDU HQWUDU HP


VHUKXPDQRRTXHSHQVD(VypOLYUHRVHUKXPDQRTXH FRQWDWRFRPVHXVVHPHOKDQWHV1mRDSHQDVFRPXPRX
SRGHSHQVDUFRPDEVROXWDOLEHUGDGH'HQDGDHQWUHWDQ DOJXQVPDVWDPEpPFRPWRGRV
WRYDOHUiRSHQVDPHQWROLYUHDFULDomRLQWHOHFWXDOVHMD
FLHQWtILFD VHMD ILORVyILFD RX PHVPR SROtWLFD VH QmR 6HMD SDUD FRQWDU DV QRYLGDGHV VHMD SDUD ID]HU XP
SXGHUPRVPDQLIHVWDUQRVVDVLGHLDVDRVQRVVRVVHPHOKDQ HVSHWiFXOR HVSRUWLYRRXFXOWXUDO VHMDSDUDFRQWDUXPD
WHV HVWyULD TXDQGR DV SHVVRDV HQWUDP HP FRQWDWR FRP D
 $ FRQYLYrQFLD VRFLDO Vy DOFDQoRX R HVWiJLR HP TXH FRPXQLGDGHRFRUUHDFRPXQLFDomRVRFLDO
HVWDPRVSRUTXHRVKRPHQVSDVVDUDPXQVDRVRXWURVDV
ULTXH]DVSURGX]LGDVHPVHXSHQVDPHQWR (VVD FRPXQLFDomR  FRQFUHWL]D D PDQLIHVWDomR GR
SHQVDPHQWR GD FULDomR DV H[SUHVV}HV H D LQIRUPDomR
4XDQWRPDLVXPSRYRFRQYHUVDHQWUHVLPDLVFRQVFLrQFLD
$SURLELomRGRDQRQLPDWRYLVDDLPSHGLURVDEXVRV
WHP HOH GR TXH RFRUUH QD YLGD VRFLDO H GRV LQWHUHVVHV
SRLVLGHLDVGDQRVDVDPXLWRVSRGHULDPVHUYHLFXODGDVVHP
LQGLYLGXDLV H FROHWLYRV +i QD FRPXQLFDomR VRFLDO XP
TXHKRXYHVVHTXDOTXHUUHVSRQVDELOLGDGHGRSHQVDGRU1R LPSRUWDQWH LQVWUXPHQWR GH YLJtOLD H ILVFDOL]DomR VREUH
DQRQLPDWRVyVHHVFRQGHPRVFRYDUGHV3RGHPRVSHQVDU WXGR TXDQWR DFRQWHFH SURSLFLDQGR SURWHMDPRV QRVVRV
H PDQLIHVWDU QRVVRV SHQVDPHQWRV  0DV p IXQGDPHQWDO LQWHUHVVHVSHVVRDLVHRVGHQRVVDFROHWLYLGDGH
TXHDIRQWHGDVLGHLDVYHLFXODGDVVHMDFRQKHFLGD
eSRULVVRTXHD&RQVWLWXLomRSURWHJHDFRPXQLFDomR
$UW $ PDQLIHVWDomR GR SHQVDPHQWR D FULDomRD VRFLDO
H[SUHVVmRHDLQIRUPDomRVRETXDOTXHUIRUPD
H[SUHVVmRHDLQIRUPDomRVRETXDOTXHUIRUPD
SURFHVVR
SURFHVVR RX
RX YHtFXOR
YHtFXOR QmR
QmR VRIUHUmR
VRIUHUmR TXDOTXHU +i GRLV SULQFtSLRV IXQGDPHQWDLV GLVFLSOLQDQGR D
UHVWULomRREVHUYDGRR
UHVWULomRREVHUYDGRRGLVSRVWRQHVWD&RQVWLWXL FRPXQLFDomR VRFLDO D 
D R MRUQDOLVPR QmR SRGHUi VHU
omR
omR HPEDUDoDGRH E
E pSURLELGDDFHQVXUD
E

†ž 1HQKXPD OHL FRQWHUiGLVSRVLWLYRTXHSRVVD 2 0HVWUH -26e $)2162 '$ 6,/9$ OHFLRQD TXH $
FRQVWLWXLU
FRQVWLWXLUHPEDUDoR
HPEDUDoRj SOHQD
SOHQDOLEHUGDGH
OLEHUGDGHGH
GHLQIRU OLEHUGDGHGHFRPXQLFDomRFRQVLVWHQXPFRQMXQWRGHGLUHLWRV
PDomR
PDomR MRUQDOtVWLFD
MRUQDOtVWLFD HP
HP TXDOTXHU
TXDOTXHU YHtFXOR
YHtFXOR GH IRUPDVSURFHVVRVHYHtFXORVTXHSRVVLELOLWDPDFRRUGHQDomR
FRPXQLFDomR
FRPXQLFDomR VRFLDO
VRFLDO REVHUYDGR
REVHUYDGR R GLVSRVWR
GLVSRVWR QR GHVHPEDUDoDGDGDFULDomRH[SUHVVmRHGLIXVmRGRSHQVD
DUWž,99;;,,,H;,9
DUWž,99;;,,,H;,9 PHQWRHGDLQIRUPDomReRTXHVHH[WUDLGRVLQFV,99,;
;,,H;,9GRDUWžFRPELQDGRVFRPRVDUWVDGD
†ž e YHGDGD
YHGDGD WRGD
WRGD H TXDOTXHUFHQVXUDGHQDWXUH]D
TXDOTXHUFHQVXUDGHQDWXUH]D &RQVWLWXLomR LQ
&XUVR GH 'LUHLWR &RQVWLWXFLRQDO 3RVLWLYR
 
SROtWLFDLGHROyJLFDHDUWtVWLFD HG6DUDLYDS 
SROtWLFDLGHROyJLFDHDUWtVWLFD
$UWž9 pDVVHJXUDGR
DVVHJXUDGRRGLUHLWR
GLUHLWRGH
GHUHVSRVWDSURSRUFLR
†ž &RPSHWHjOHLIHGHUDO
&RPSHWHjOHLIHGHUDO
QDO
QDODR
DRDJUDYR
DJUDYRDOpP
DOpPGD
GDLQGHQL]DomR
LQGHQL]DomRSRU
SRUGDQR
PDWHULDOPRUDORXjLPDJHP
, UHJXODU DV GLYHUV}HV HHVSHWiFXORVS~EOLFRV
FDEHQGRDR3RGHU3~EOLFRLQIRUPDUVREUHDQDWX
0XLWDV YH]HV SHVVRDV YDOHQGRVH GD OLEHUGDGH GH
UH]DGHOHVDVIDL[DVHWiULDVDTXHQmRVHUHFRPHQ SHQVDPHQWRHPDQLIHVWDomRGHVHXSHQVDPHQWRYHLFXODP
GHPORFDLVHKRUiULRVHPTXHVXDDSUHVHQWDomRVH RIHQVDV j QRVVD KRQUD j QRVVD GLJQLGDGH PDFXODQGR
PRVWUHLQDGHTXDGD QRVVRQRPHQRVVDIDPD

,, HVWDEHOHFHURVPHLRVOHJDLVTXHJDUDQWDPjSHVVRD $&RQVWLWXLomRDVVHJXUDDWRGRVQyVTXHQHVVHVFDVRV


HjIDPtOLDDSRVVLELOLGDGHGHVHGHIHQGHUHPGH DQyVQRVVHUiJDUDQWLGRRGLUHLWRGHUHVSRVWD$VVLPVH
SURJUDPDVGHUiGLRHWHOHYLVmRTXHFRQWUDULHPR DOJXpPXVRXDWHOHYLVmRSDUDGL]HUDOJXPDFRLVDTXHQRV
GLVSRVWRQRDUWEHPFRPRGDSURSDJDQGDGH SUHMXGLFRX PRUDOPHQWH SRGHUHPRV H[LJLU TXH DTXHOH
SURGXWRV SUiWLFDV H VHUYLoRV TXH SRVVDP VHU PHVPRFDQDOGHWHOHYLVmRQRPHVPRSURJUDPDHKRUiULR
QRFLYRVjVD~GHHDRPHLRDPELHQWH FRQFHGDQRVDRSRUWXQLGDGHGHUHVSRQGHUPRVjRIHQVD
FODUR TXH VH QXPD SURJUDPD GH  PLQXWRV D RIHQVD
†ž $ SURSDJDQGD FRPHUFLDO GHWDEDFREHELGDV GXURXDSHQDVPLQXWRVWHUHPRVWHPSRDSUR[LPDGRGH
DOFRyOLFDV
DOFRyOLFDVDJURWy[LFRV
DJURWy[LFRVPHGLFDPHQWRVHWHUDSLDV
PHGLFDPHQWRVHWHUDSLDV PLQXWRV HQmRRV SDUDDUHVSRVWD
HVWDUi
HVWDUi VXMHLWD
VXMHLWD D UHVWULo}HV
UHVWULo}HV OHJDLV
OHJDLV QRV
QRV WHUPRV
WHUPRV GR
LQFLVR
LQFLVR ,,
,, GR
GR SDUiJUDIR
SDUiJUDIR DQWHULRU
DQWHULRU H FRQWHUiVHP
FRQWHUiVHP 2IDWRGHUHVSRQGHUPRVjRIHQVDQDGDWHPDYHUFRP
SUH
SUHTXH
TXHQHFHVViULR
QHFHVViULRDGYHUWrQFLD
DGYHUWrQFLDVREUH
VREUHRVRVPDOHIt QRVVR GLUHLWR GH LQGHQL]DomR 6H XPD SHVVRD RIHQGHX
FLRVGHFRUUHQWHVGHVHXXVR
FLRVGHFRUUHQWHVGHVHXXVR QRVVD KRQUD H GHVVD RIHQVD UHVXOWRXQRV SUHMXt]RV
PDWHULDO PRUDO RX j LPDJHP SRGHUHPRV SURFHVViOD
†ž 2V PHLRV GH FRPXQLFDomR VRFLDOQmRSRGHP SDUDREULJiODDQRVLQGHQL]DU'HRXWURODGRDOLEHUGDGH
GLUHWD
GLUHWDRX
RXLQGLUHWDPHQWH
LQGLUHWDPHQWHVHU
VHUREMHWR
REMHWRGH
GHPRQRSy QDVFRPXQLFDo}HVWDPEpPDEUDQJHDFRPXQLFDomRSHVVRDO
OLRRXROLJRSyOLR
OLRRXROLJRSyOLR RXSULYDGDSDUWLFXODU
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$UWž;,, pLQYLROiYHO
LQYLROiYHORVLJLOR
VLJLORGD
GDFRUUHVSRQGrQFLD
FRUUHVSRQGrQFLDHGDV QRWtFLDVIDOVDVSDVVDGDVFRPPiIpSRUWHUFHLURRXSHOR
FRPXQLFDo}HV WHOH
FRPXQLFDo}HV WHOHJUiILFDV
JUiILFDV GH
GH GDGRV
GDGRV H GDV SUySULRMRUQDOLVWDLQHVFUXSXORVR 0DVpXPULVFRHSUHoR
FRPXQLFDo}HV
FRPXQLFDo}HV WHOHI{QLFDV
WHOHI{QLFDV VDOYR
VDOYR QR
QR ~OWLPR TXHFRPSHQVDREHPPDLRUTXHpRDFHVVRjLQIRUPDomR
FDVR
FDVR SRU
SRU RUGHPMXGLFLDOQDVKLSyWHVHVHQD
RUGHPMXGLFLDOQDVKLSyWHVHVHQD SDUDXPDPDLRUILVFDOL]DomRGRVKRPHQVS~EOLFRV
IRUPD
IRUPD TXH
TXH D OHL
OHL HVWDEHOHFHU
HVWDEHOHFHU SDUD
SDUD ILQV GH
LQYHVWLJDomR
LQYHVWLJDomRFULPLQDO
FULPLQDORX
RXLQVWUXomR
LQVWUXomRSURFHVVXDO
SURFHVVXDO 1D OLEHUGDGH
OLEHUGDGH GH
GH LQIRUPDomR
LQIRUPDomR MRUQDOtVWLFD
MRUQDOtVWLFD
LFD UHVLGH R
SHQDO LQVWUXPHQWR SULQFLSDO SDUD YLDELOL]DU D OLEHUGDGH GDV
FRPXQLFDo}HVSRQGHUDQGRR0HVWUH-26e$)2162'$
7DPEpPID]SDUWHGHQRVVDLQWLPLGDGHLQGLYLGXDODV 6,/9$TXH2DFHVVRGHWRGRVjLQIRUPDomRpXPGLUHLWR
FRUUHVSRQGrQFLDV FDUWDVHWHOHJUDPDV HQRVVDVFRPXQL LQGLYLGXDO FRQVLJQDGR QD &RQVWLWXLomR TXH WDPEpP
FDo}HV WHOHI{QLFDV 1LQJXpP SRGH DEULU XPD FDUWD RX UHVJXDUGDRVLJLORGDIRQWHTXDQGRQHFHVViULRDRH[HUFtFLR
WHOHJUDPD QRVVDSDUDELVELOKRWDUVHXFRQWH~GRQHPD SURILVVLRQDO DUWž;,9HDEXVRVGRVPHLRVGHFRPXQLFDomR
SUHWH[WR GH VHU 3ROtFLD H HVWDU ID]HQGR LQYHVWLJDomR LQF; /LEHUGDGHGH,QIRUPDomR-RUQDOtVWLFD DUW†ž
SROLFLDO1HPXPMXL]SRGHUiDXWRUL]DU žHž ³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR

HG6DUDLYDSH 
$ ~QLFD H[FHomR UHIHUHVH DR WHOHIRQH 'H UHJUD p
SURLELGDDHVFXWDWHOHI{QLFD IDWRFRUULTXHLURFODQGHVWL
QDPHQWH 0DVDFRQVWLWXLomRSHUPLWHTXHVHMDDXWRUL]DGD 'LUHLWRj/LEHUGDGHGH&ULDomR
'LUHLWRj/LEHUGDGHGH&ULDomR
D HVFXWD WHOHI{QLFD HP FDVRV GH LQYHVWLJDomR FULPLQDO
SDUD D DSXUDomR GH FULPHV H UHVSHFWLYRV DXWRUHV (VVD 2 0HVWUH -26e $)2162 '$ 6,/9$ OHFLRQD TXH  $
DXWRUL]DomR SRUpP Vy VHUi QDV KLSyWHVHV TXH XPD OHL OLEHUGDGH GH H[SUHVVmR GD DWLYLGDGH LQWHOHFWXDO DUWtVWLFD
GHILQLUHDLQGDDVVLPVHUiGDGDSRUXPMXL] FLHQWtILFDHGHFRPXQLFDomRpDVVHJXUDGDQRDUWž,;FRP
UHVWULo}HVGRDUW†ž LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO
$UWž;,9 pDVVHJXUDGR
pDVVHJXUDGRDWRGRV
WRGRVRDFHVVR
DFHVVRjLQIRUPD 3RVLWLYR
HG6DUDLYDS 
omRHUHVJXDUGDGR
omR UHVJXDUGDGRRVLJLOR
VLJLORGD
GDIRQWH
IRQWHTXDQ
GRQHFHVViULRDRH[HUFtFLRSURILVVLRQDO $UWž,; pOLYUH
OLYUHDH[SUHVVmR
H[SUHVVmRGDDWLYLGDGHLQWHOHFWXDO
DUWtVWLFD FLHQWtILFD
DUWtVWLFD FLHQWtILFD H GH
GH FRPXQLFDomR
FRPXQLFDomR LQGH
$YLGDHPFROHWLYLGDGHSUHVVXS}HTXHXPVHPQ~PHUR SHQGHQWHPHQWHGHFHQVXUDRXOLFHQoD
GHLQWHUHVVHVFRPXQVVHMDPWUDWDGRVHGHFLGLGRVHPWRGRV
RVOXJDUHV2EYLDPHQWHWRGRVGHYHPRVVDEHURTXHHVWi e SURLELGR SURLELU $ FHQVXUD VHPSUH IRL XPD GDV
DFRQWHFHQGR$FRQVWLWXLomRJDUDQWHQRVHVVHGLUHLWRGH IRUPDVGHVHOLPLWDUDPDQLIHVWDomRGRSHQVDPHQWR8PD
REWHUPRVDVLQIRUPDo}HVVREUHRVDVVXQWRVTXHQRVGLJDP SHVVRDDUURJDQGRVHQXPDVXSHULRULGDGH " VXSUHPD
UHVSHLWRGLUHWDRXLQGLUHWDPHQWHpRDFHVVRjLQIRUPD DWUHYLDVH D GL]HU VH XPD REUD HUD RX QmR ERD SDUD R
omRDOFDQoDUREWHUDLQIRUPDomRTXHQRVLQWHUHVVD SRYR6HpYHUGDGHTXHPXLWDSRUFDULDHUDHYLWDGDQmR
HUDPHQRVYHUGDGHLURTXHPXLWDVSUHFLRVLGDGHVDUWtVWLFDV
 $ LPSUHQVD HVSHFLDOPHQWH YLYH GD SUHVWDomRGH RX FLHQWtILFDV HUDP VHSXOWDGDV VRE WDFDQKRV SUHWH[WRV
LQIRUPDo}HV WRUQDQGR S~EOLFRV RV IDWRV RFRUULGRV QD SROtWLFRPLOLWDUHVFR
VRFLHGDGHWRGDSURILVVLRQDOPHQWHRMRUQDOLVWDQmRDSHQDV
SUHFLVD WHU DFHVVR REWHU  D LQIRUPDomR FRPR SUHFLVD 6yRSRYRGHYHMXOJDURTXHOKHVHUYHRXQmR1LQJXpP
HVWDUJDUDQWLGRGHTXHQmRVHUiREULJDGRDFRQWDUTXHP SUHFLVDGHSDL]mRRXGLWDGRUGHVXDLQWHOHFWXDOLGDGH
OKHGHXDTXHODLQIRUPDomR
7DPEpP D OLFHQoD  p DEROLGD SHOD &RQVWLWXLomR $
eTXHVHXPDSHVVRDFRQWDDOJXPDFRLVDDXPMRUQD OLFHQoD VHULD XPD SUpYLD DXWRUL]DomR SDUD TXH IRVVH
OLVWDHHVWHSXEOLFDFHUWDPHQWHDVSHVVRDVLQWHUHVVDGDVRX SXEOLFDGDXPDREUDTXDOTXHUeFODURTXHVRESUHWH[WD
GHQXQFLDGDVTXHUHUmRVDEHURQGHHFRPTXHPIRLREWLGD omREXURFUiWLFDLQWHUHVVHVSROtWLFRVOHYDULDPjQHJDomRGH
DTXHODQRWtFLD HSURYDYHOPHQWHIDUmRRSRVVtYHOSDUD PXLWDVOLFHQoDV
SUHMXGLFDUDIRQWHRXVHMDTXHPSDVVRXDLQIRUPDomR 
( DRV SURGXWRUHV GH REUDV LQWHOHFWXDLV DUWtVWLFDV H
6HXPMRUQDOLVWDIRVVHREULJDGRDUHYHODURQRPHGD FLHQWtILFDVpGDGDSURWHomRHVSHFLDOSHORDUWž;;9,,H
IRQWH QLQJXpP FRQWDULD PDLV QDGD DRV MRUQDOLVWDV ;;9,,,&)
WHPHQGRVHUHQYROYLGRHSUHMXGLFDGR
$UWž;;9,, DRV
DRV DXWRUHV
DXWRUHV SHUWHQFH R GLUHLWRH[FOXVLYR
&RPLVVRWRGDDVRFLHGDGHVHULDSUHMXGLFDGDSRLVQmR GH XWLOL]DomR
GH XWLOL]DomR SXEOLFDomR
SXEOLFDomR RX
RX UHSURGXomR
UHFHEHULDDQRWtFLDHFRQVHTXHQWHPHQWHQmRH[HUFLWDULD GH
GHVXDV
VXDVREUDV
REUDVWUDQVPLVVtYHO
WUDQVPLVVtYHODRV
DRVKHUGHLURV
QHQKXP FRQWUROH RX ILVFDOL]DomR VREUH RV KRPHQV TXH SHORWHPSRTXHDOHLIL[DU
JHUHQFLDPRVLQWHUHVVHVS~EOLFRV HVHILVFDOL]DGRVSHOD
LPSUHQVDHOHVMiID]HPPLVpULDMiLPDJLQRXVHPILVFDOL]D 1RVVDFRQYLYrQFLDVRFLDOQmRpIHLWDH[FOXVLYDPHQWH
omR"  GHWUDEDOKR)D]QRVEHPDRHVStULWRDP~VLFDDOLWHUDWX
UDXPDSLQWXUDRXHVFXOWXUDXPHVSHWiFXORHVSRUWLYRRX
eSRULVVRTXHDFRQVWLWXLomRJDUDQWHRVLJLORGDIRQWH WHDWUDOHWF7RGDHVVDDWLYLGDGHDUWtVWLFDpSURGX]LGDSRU
%HPpYHUGDGHTXHPXLWRVDEXVRVSRGHUmRVHUFRPHWLGRV SHVVRDVHVSHFLDLVGRWDGDVGHHVSHFLDOSRGHUGHFULDomR(
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

FRPRVmRXVXIUXtGDV SUD]HURVDPHQWH SRUWRGRVGHUHJUD 6H VH UHXQLUDP SHVVRDV IDPRVDV H FDQWDUDP XPD
VmR SXEOLFDGDV UHSURGX]LGDV RX XVDGDV H H[SORUDGDV P~VLFD TXHP JUDYRX D P~VLFD GHYHUi SDJDU GLUHLWRV
FRPHUFLDOPHQWH DXWRUDLVDFDGDXPGRVLPSURYLVDGRVFDQWRUHV LVVRFODUR
VHKRXYHUH[SORUDomRFRPHUFLDOGHVVDREUD 6HXPJROGR
1HQKXP DUWLVWD WHULD HVWtPXOR HP SURGX]LU REUDV 3HOppH[SORUDGRFRPHUFLDOPHQWHWRGRVRVMRJDGRUHVTXH
DUWtVWLFDVDSHQDVSHORSUD]HUGHGDUYDVmRDVHXSRGHU DSDUHFHPQRILOPH RXYtGHR WHUmRGLUHLWRDXPDSDUWLFL
FULDWLYR(QTXDQWRHOHPRUUHULDGHIRPHFULDQGRRXWURV SDomR
VH HQULTXHFHULDP H[SORUDQGR VXD DUWH 6H WRGRV  VH
EHQHILFLDPpMXVWRTXHDH[SORUDomRFRPHUFLDOGHVXDV (VVDSURWHomRTXHDVVHJXUDDRVSDUWLFLSDQWHVLQGLYLGX
REUDVVHMDSULYLOpJLRGRDUWLVWDFULDGRU DLVRGLUHLWRGHVHUHPFRPSHQVDGRVQDH[SORUDomRFRPHU
FLDOGHYHVHUILVFDOL]DGR
$&RQVWLWXLomRSURWHJHRDXWRU FULDGRULQWHOHFWXDO 
3HUWHQFHDHOHRGLUHLWRGHH[SORUDU VHMDSRUH[HFXomR $ ILVFDOL]DomR p XP GLUHLWR FRQVWLWXFLRQDO GR SDU
VHMDSRUUHSURGXomRRXTXDOTXHUWLSRGHXWLOL]DomR DV WLFLSDQWHHSRGHUiVHUIHLWDSRUHOHPHVPRRXSRUXPD
DVVRFLDomR GHTXHHOHSDUWLFLSH TXHWHQKDHVVDILQDOLGD
REUDVTXHHOHFULDU6HQGRVHXSDWULP{QLRSRGHUiYHQ
GHRXDWpSHOR6LQGLFDWRGD&ODVVH
GrORDTXHPTXLVHU HVHTXLVHU 
2XWURVVLPR0HVWUH-26e$)2162'$6,/9$DQRWD
(VWD$SRVWLOD
$SRVWLODSRUH[HPSORpF
$SRVWLOD FULDomR
ULDomR LQWHOHFWXDOGR
LQWHOHFWXDO
TXH$&)WUD]XPFDStWXORVREUHDFXOWXUDQRTXDOHVWDEH
3URIHVVRUTXHVyDXWRUL]RXDHPSUHVD$SRVWLOD6ROXomR
OHFHTXHR(VWDGRJDUDQWLUiDWRGRVRSOHQRH[HUFtFLRGRV
D H[SORUiOD 6H DOJXP FRQFRUUHQWH VDIDGR D FRSLDU
GLUHLWRVFXOWXUDLVHRDFHVVRjVIRQWHVGDFXOWXUDQDFLRQDO
SODJLDUDLQGDTXHGLVIDUoDGDPHQWH HVWDUiFRPHWHQGR DSRLDUiHLQFHQWLYDUiDYDORUL]DomRHDGLIXVmRGDPDQLIHV
FULPHFRQWUDDSURSULHGDGHLQWHOHFWXDOGR3URIHVVRUVHUi
FULPH WDo}HVFXOWXUDLVHSRSXODUHVLQGtJHQDVDIUREUDVLOHLUDVHGDV
REULJDGRDLQGHQL]iORHDLQGDLUiSDUDDFDGHLDDOpPGH GH RXWURV JUXSRV SDUWLFLSDQWHV GR SURFHVVR FLYLOL]DWyULR
VHUHPDSUHHQGLGDVDVFySLDVFULPLQRVDV EUDVLOHLUR DUWH ³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO
3RVLWLYR
HG6DUDLYDS
1XQFDFRPSUHTXDOTXHUSURGXWRFULPLQRVR QHPXPD
VLPSOHVDSRVWLOD SRLVSRGHUiSHUGrOR VHUiDSUHHQGLGR  $UW 2 (VWDGR JDUDQWLUi D WRGRV R SOHQR H[HUFtFLRGRV
R EDUDWR VDLUi FDUR (VVH GLUHLWR HTXLYDOH DR GLUHLWR GH GLUHLWRV FXOWXUDLV H DFHVVR jV IRQWHV GD FXOWXUD
SURSULHGDGH3HUWHQFHDRDUWLVWDDRFULDGRULQWHOHFWXDOH QDFLRQDO
QDFLRQDOHDSRLDUi
DSRLDUiHLQFHQWLYDUi
LQFHQWLYDUiDYDORUL]DomR
YDORUL]DomRHD
SDVVDUiDVHXVKHUGHLURVFDVRHOHPRUUD GLIXVmRGDVPDQLIHVWDo}HVFXOWXUDLV
GLIXVmRGDVPDQLIHVWDo}HVFXOWXUDLV

†ž 2 (VWDGR SURWHJHUiDVPDQLIHVWDo}HVGDVFXOWXUDV


$ OHL SRUpP HVWDEHOHFHUi XP SUD]R SDUD TXH RV SRSXODUHV
SRSXODUHV LQGtJHQDV
LQGtJHQDV H DIUREUDVLOHLUDV
DIUREUDVLOHLUDV H GDV
GDV GH
KHUGHLURVH[SORUHPDREUDGRDUWLVWD'HSRLVGHVVHSUD]R RXWURV
RXWURVJUXSRV
JUXSRVSDUWLFLSDQWHVGRSURFHVVRFLYLOL]DWyULR
SDUWLFLSDQWHVGRSURFHVVRFLYLOL]DWyULR
HQWmRDREUD SHUWHQFHUiDWRGRPXQGR pSRULVVRTXH QDFLRQDO
QDFLRQDO
SRGHPRV JUDYDU XPD P~VLFD FOiVVLFD RX HQFHQDU XPD
SHoDVHPSDJDUGLUHLWRVDXWRUDLV  †ž $OHLGLVSRUiVREUH
$OHLGLVSRUiVREUHDIL[DomR
IL[DomRGHGDWDVFRPHPRUDWL
YDVGHDOWDVLJQLILFDomR
YDVGHDOWDVLJQLILFDomRSDUDRVGLIHUHQWHVVHJPHQ
$UWž;;9,,, VmRDVVHJXUDGRVQRVWHUPRVGDOHL WRVpWQLFRVQDFLRQDLV
WRVpWQLFRVQDFLRQDLV

†ž $ OHL HVWDEHOHFHUi R 3ODQR 1DFLRQDO GH&XOWXUDGH


D DSURWHomR
SURWHomRjV
jVSDUWLFLSDo}HV
SDUWLFLSDo}HVLQGLYLGXDLV
LQGLYLGXDLVHP
HPREUDV GXUDomR SOXULDQXDO YLVDQGR DR GHVHQYROYLPHQWR
FROHWLYDV
FROHWLYDVHjUHSURGXomR
UHSURGXomRGD
GDLPDJHP
LPDJHPHYR]
YR]KXPD FXOWXUDOGR3DtV HjLQWHJUDomRGDVDo}HVGRSRGHU
QDVLQFOXVLYHQDVDWLYLGDGHVHVSRUWLYDV S~EOLFRTXHFRQGX]HPj

E R GLUHLWR
GLUHLWR GH
GH ILVFDOL]DomR
ILVFDOL]DomR GR
GR DSURYHLWDPHQWR
DSURYHLWDPHQWR , GHIHVDHYDORUL]DomRGRSDWULP{QLRFXOWXUDOEUDVLOHL
HFRQ{PLFR
FRQ{PLFR GDV
GDV REUDV
REUDV TXH
TXH FULDUHP
FULDUHP RX
RX GH
GH TXH UR
,, SURGXomRSURPRomRHGLIXVmRGHEHQVFXOWXUDLV
SDUWLFLSDUHPDRVFULDGRUHVDRVLQWpUSUHWHVHjV
,,, IRUPDomR GH SHVVRDO TXDOLILFDGR SDUD D JHVWmRGD
UHVSHFWLYDVUHSUHVHQWDo}HVVLQGLFDLV
UHVSHFWLYDVUHSUHVHQWDo}HVVLQGLFDLVHDVVRFLDWL FXOWXUDHPVXDVP~OWLSODVGLPHQV}HV
YDV ,9 GHPRFUDWL]DomRGRDFHVVRDRVEHQVGHFXOWXUD
9 YDORUL]DomRGDGLYHUVLGDGHpWQLFDHUHJLRQDO
$OJXPDV REUDV DUWtVWLFDV QmR VmR FULDGDV SRU XPD
SHVVRDHPHVSHFLDO5HVXOWDPHODVGRWUDEDOKRVRPDGRGH $UW &RQVWLWXHP
&RQVWLWXHP SDWULP{QLR
SDWULP{QLR FXOWXUDO
FXOWXUDO EUDVLOHLURRVEHQV
WRGRVTXHLQWHUYLHUHP8PILOPHSH[LQH[LVWLULDVHP GH
GHQDWXUH]D
QDWXUH]DPDWHULDO
PDWHULDOHLPDWHULDO
LPDWHULDOWRPDGRV
WRPDGRVLQGLYLGX
TXHWRGRVRVDWRUHVSDUWLFLSDVVHP pXPDREUDFROHWLYD  DOPHQWH
DOPHQWH RX
RX HP
HP FRQMXQWR
FRQMXQWR SRUWDGRUHVGHUHIHUrQFLD
SRUWDGRUHVGHUHIHUrQFLD
j LGHQWLGDGH
LGHQWLGDGH j DomR
DomR j PHPyULD
PHPyULD GRV
GRV GLIHUHQWHV
'DPHVPDIRUPDXPHVSHWiFXORHVSRUWLYRGHIXWHERO VmR
JUXSRV
JUXSRV IRUPDGRUHV
IRUPDGRUHV GD VRFLHGDGH EUDVLOHLUD QRV
MRJDGRUHVMXL]EDQGHLULQKDVFDUWRODVHDWpPHVPRD TXDLVVHLQFOXHP
WRUFLGDXQLIRUPL]DGDTXHGiYLGDHYLEUDomRDRHVSHWiFX
OR  , DVIRUPDVGHH[SUHVVmR
6HPSUHTXHXPDSHVVRDWLYHUTXDOTXHUSDUWLFLSDomR ,, RVPRGRVGHFULDUID]HUHYLYHU
LQGLYLGXDOQXPDREUDFROHWLYDHVVDVXDSDUWLFLSDomRVHUi ,,, DVFULDo}HVFLHQWtILFDVDUWtVWLFDVHWHFQROyJLFDV
SURWHJLGDHPERUDDREUDVHMDGHWRGRVQHPSRULVVRVHUi ,9 DVREUDVREMHWRVGRFXPHQWRVHGLILFDo}HVHGHPDLVHV
DREUDH[SORUDGDSRUDOJXPHVSHUWDOKmRTXHVHDSURYHLWH SDoRVGHVWLQDGRVjVPDQLIHVWDo}HVDUWtVWLFRFXOWXUDLV
9 RV FRQMXQWRV XUEDQRV H VtWLRV GHYDORUKLVWyULFR
GRIDWRGHVHUGHWRGRV HFRQVHTXHQWHPHQWHQmRSRGHULD SDLVDJtVWLFRDUWtVWLFRDUTXHROyJLFRSDOHRQWROyJLFR
VHUGLWDFRPRVHQGRGHXPVy  HFROyJLFRHFLHQWtILFR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 23RGHU
3RGHU3~EOLFR
3~EOLFRFRP
FRPDFRODERUDomRGDFRPXQLGD
FRODERUDomRGDFRPXQLGD $OLEHUGDGHpXPGRVIXQGDPHQWRVFRQVWLWXFLRQDLVGD
GH
GH SURPRYHUi
SURPRYHUi H SURWHJHUi
SURWHJHUi R SDWULP{QLR
SDWULP{QLR FX OWXUDO YLGD GHPRFUiWLFD WDPEpP QD HGXFDomR Ki TXH VHU
EUDVLOHLUR
EUDVLOHLUR SRU
SRU PHLR
PHLR GH
GH LQYHQWiULRV
LQYHQWiULRV UHJLVWURV REVHUYDGD3RULVVRQLQJXpPVHUiREULJDGRDDSUHQGHU
YLJLOkQFLDWRPEDPHQWRGHVDSURSULDomRHGHRXWUDV
DOJRTXHQmRTXHLUD
IRUPDVGHDFDXWHODPHQWRHSUHVHUYDomR
IRUPDVGHDFDXWHODPHQWRHSUHVHUYDomR

†ž &DEHP
&DEHPjDGPLQLVWUDomR
DGPLQLVWUDomRS~EOLFD
S~EOLFDQD
QDIRUPDGDOHLD
IRUPDGDOHLD $VVLPVHQmRTXHURLUjHVFRODQmRYRX6HQmRTXHUR
JHVWmR
JHVWmRGD
GDGRFXPHQWDomR
GRFXPHQWDomRJRYHUQDPHQWDO
JRYHUQDPHQWDOHDV
DVSURYL DSUHQGHULQJOrVQDGDPHREULJDUi6HQmRTXHURFXUVDU
GrQFLDV
GrQFLDVSDUD
SDUDIUDQTXHDU
IUDQTXHDUVXD
VXDFRQVXOWD
FRQVXOWDDTXDQWRV
TXDQWRVGHOD PHGLFLQDQmRRIDUHL1DWXUDOPHQWHLVVRQDGDWHPDYHU
QHFHVVLWHP
QHFHVVLWHP FRPRGHYHUGHDSUHQGHUDVPDWpULDVFXUULFXODUHVSDUD
SDVVDUGHDQRVHRDOXQRVHGLVS{VDRFXUVRSUHRUGHQD
†ž $ OHL HVWDEHOHFHUi LQFHQWLYRV SDUD D SURGXomRHR GDPHQWHTXLVVXEPHWHUVHjTXHOHDSUHQGL]DGR
FRQKHFLPHQWRGHEHQVHYDORUHVFXOWXUDLV
FRQKHFLPHQWRGHEHQVHYDORUHVFXOWXUDLV
9DOHRPHVPRUDFLRFtQLRSDUDRHQVLQRSDUDDVSHVTXL
†ž 2V
2V GDQRV
GDQRV H DPHDoDV
DPHDoDV DRSDWULP{QLRFXOWXUDOVHUmR
DRSDWULP{QLRFXOWXUDOVHUmR
SXQLGRVQDIRUPDGDOHL
SXQLGRVQDIRUPDGDOHL
VDVHGLYXOJDomRGRSHQVDPHQWRGDDUWHHGRVDEHUSRVVR
VDEHU WXGR VREUH ILORVRILD PDV QHP TXHUHU HQVLQiOD
†ž )LFDP WRPEDGRV
)LFDP WRPEDGRV WRGRV
WRGRV RV GRFXPHQWRV HRVVtWLRV QHPUHDOL]DUPDLVSHVTXLVDVQHPTXHUHUGLYXOJDUPHXV
GHWHQWRUHV
GHWHQWRUHVGH
GHUHPLQLVFrQFLDV
UHPLQLVFrQFLDVKLVWyULFDV
KLVWyULFDVGRV
GRVDQWLJRV FRQKHFLPHQWRV  6HUHL XP DUTXLYR PRUWR XP ViELR
TXLORPERV
TXLORPERV LQ~WLO PDV QLQJXpP PH REULJDUi D H[WHULRUL]DU SRU
TXDOTXHUIRUPD PHXWHVRXUR
†ž eIDFXOWDGRDRV(VWDGRVHDR'LVWULWR)HGHUDOYLQFXODU
D IXQGR HVWDGXDO GH IRPHQWR j FXOWXUD DWp FLQFR ,,, SOXUDOLVPR GH LGHLDV HGHFRQFHSo}HV
GpFLPRVSRUFHQWRGHVXDUHFHLWDWULEXWiULDOtTXLGD
SHGDJyJLFDV H  FRH[LVWrQFLD GH LQVWLWXL
SDUDRILQDQFLDPHQWRGHSURJUDPDVHSURMHWRVFXOWX
UDLVYHGDGDDDSOLFDomRGHVVHVUHFXUVRVQRSDJDPHQ o}HVS~EOLFDVHSULYDGDVGHHQVLQR
WRGH
(VVHSULQFtSLRpIXQGDPHQWDOPHQWHPRGHUQRWHPSRV
, GHVSHVDVFRPSHVVRDOHHQFDUJRVVRFLDLV KRXYH HP TXH RV SURIHVVRUHV FRPR DXW{PDWRV QmR
,, VHUYLoRGDGtYLGD SRGLDPGLVFRUGDUGRVPpWRGRVSHGDJyJLFRVVRESHQDGH
,,, TXDOTXHU RXWUD GHVSHVD FRUUHQWH QmRYLQFXODGD VHUHPEDQLGRVGDUHGHGHHQVLQR(UDSURLELGRHYROXLU
GLUHWDPHQWHDRVLQYHVWLPHQWRVRXDo}HVDSRLDGRV SRU PDLV UHWUyJUDGR RX LQHILFLHQWH TXH IRVVH R PpWRGR
DGRWDGR+RMHMiQmRPDLVVHGHSHQGHGDERDYRQWDGHGH
7RGRSRYRWHPXPPRGRHVSHFLDOGHYHURPXQGRHGH XP 'LULJHQWH SDUD TXH XPD (VFROD PHVPR S~EOLFD
VH UHODFLRQDUHP DV SHVVRDV HQWUH VL    $ HVVH WLSR GH SUDWLTXHLGHLDRXFRQFHSo}HVSHGDJyJLFDVGLIHUHQWH
FRPSRUWDPHQWR FRVWXPHV WUDGLo}HV H FRQKHFLPHQWRV
FKDPDVHFXOWXUD,VVRPDUFDDSHUVRQDOLGDGHGHXP 2XWURVVLPDFRQVWLWXLomRSURFODPDDOLEHUGDGHSDUDR
SRYRSRUTXHUHWUDWDVXDDOPDVRFLDO HQVLQR SULYDGR D HGXFDomR SRGHUi VHU XPD HPSUHVD
SDUWLFXODU QDWXUDOPHQWH FRP REMHWLYR OXFUDWLYR 
6HQRVVDSHUVRQDOLGDGHLQGLYLGXDOGHYHVHUSURWHJLGD 1HQKXPDQRYLGDGHFRPRVHHYLGHQFLDHPQRVVDUHDOLGD
WDPEpPQRVVDSHUVRQDOLGDGHVRFLDOpGHVHUSUHVHUYDGD GH VRFLDO DYXOWDQGRVH D UHOHYkQFLD GDV HPSUHVDV GR
eRTXHSURFXUDQRVJDUDQWLUDFRQVWLWXLomRSURWHJHQGR HQVLQRTXHPHOKRUUHPXQHUDPRVSURIHVVRUHVHDVVLP
QRVVDVIRUPDVGHH[SUHVVmRQRVVRVPRGRGHFULDUID]HU SUHVWDPXPVHUYLoRGHPHOKRUQtYHOTXDOLWDWLYR
HYLYHUHWXGRRPDLV
 1HPDOLEHUGDGH
OLEHUGDGH
OLEHUGDGH GH
GH DomR
DomR SURILVVLRQDOGHL[RXGHVHU
SURILVVLRQDO
e GHYHU R (VWDGR JDUDQWLU QRVVD FXOWXUD H SURWHJHU DPSDUDGDQRWH[WRFRQVWLWXFLRQDO
QRVVDV PDQLIHVWDo}HV FXOWXUDLV DIHWDV jV RULJHQV GR
PLVFLJHQDGRSRYREUDVLOHLUD Fa R PDQLIHVWDo}HVFXOWXUDLV $UWž;,,, p OLYUH
OLYUH R H[HUFtFLR
H[HUFtFLR GH TXDOTXHUWUDEDOKR
SRSXODUHVLQGtJHQDVDIUREUDVLOHLUDVHRXWUDVWDQWDV ,VVR RItFLR
RItFLRRX
RXSURILVVmR
SURILVVmRDWHQGLGDV
DWHQGLGDVDV
DVTXDOLILFD
WXGRVHSURMHWDWDPEpPQDVDUWHVQDFLrQFLDQDDUTXLWH o}HVSURILVVLRQDLVTXHDOHLHVWDEHOHFHU
WXUDHWF
6yFRPRWUDEDOKRRKRPHPYLYHFRPGLJQLGDGH$
20HVWUH-26e$)2162'$6,/9$DLQGDUHJLVWUDTXH FRQVWLWXLomRJDUDQWHDWRGRVQyVRGLUHLWRGHWUDEDOKDUPRV
$OLEHUGDGHGHWUDQVPLVVmRHUHFHSomRGRFRQKHFLPHQWRIRL HPTXDOTXHUWLSRGHDWLYLGDGH$~QLFDEDUUHLUDRSRVWDp
GHVWDFDGDSHOD&)HPUHODomRDRH[HUFtFLRGRPDJLVWpULR DQHFHVVLGDGHGHVHUPRVWHFQLFDPHQWHFDSD]HVVHTXLVHU
HPVHXDUW,,H,,, ³ LQ
&XUVR GH 'LUHLWR &RQVWLWXFLRQDO PRV H[HUFHU DOJXPD DWLYLGDGH TXH H[LMD FRQKHFLPHQWR
3RVLWLYR
HG6DUDLYDS 
HVSHFtILFR
$UW 2HQVLQR
HQVLQRVHUi
VHUiPLQLVWUDGR
PLQLVWUDGRFRP
FRPEDVH
EDVHQRV
QRVVHJXLQ
eTXHHPPXLWDVSURILVV}HVVHRSURILVVLRQDOQmRWLYHU
WHVSULQFtSLRV
FRQKHFLPHQWRWpFQLFRHVSHFLDOSRGHUiUHVXOWDUSUHMXt]RV
 jVYH]HVLUUHSDUiYHLV jVSHVVRDV TXHGHOHVHVHUYLUHP 
$VVLPSH[XPPpGLFRQHFHVVDULDPHQWHGHYHWHUFR
,, OLEHUGDGH
OLEHUGDGHGH
GHDSUHQGHU
DSUHQGHUHQVLQDU
HQVLQDUSHVTXLVDU QKHFLPHQWRV GH FLrQFLD PpGLFD GHYHUi SRUWDQWR VHU
HGLYXOJDU
GLYXOJDURSHQVDPHQWR
SHQVDPHQWRDDUWH
DUWHHRVDEHU GLSORPDGR H LQVFULWR QR &50 TXH p R yUJmR TXH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

ILVFDOL]D PpGLFRV QR UHJXODU H[HUFtFLR GD PHGLFLQD  2 QmR DSHQDV SHGLU PDV H[LJLU GRV 3RGHUHV &RQVWLWXtGRV
PHVPRUDFLRFtQLRYDOHUiSDUDRGHQWLVWDSDUDRHQJHQKHL TXHQRVWXWHOHPFRQWUDTXDOTXHUDPHDoDRXPDOFRQFUHWL
UR DGYRJDGR FRUUHWRU GH LPyYHLV YHWHULQiULR HWF ]DGRHUHVWDEHOHoDPQRVVRGLUHLWR
$SHQDVQHVVDVKLSyWHVHVHPTXHDOHLH[LJLUDVDWLVIDomR
GHTXDOLILFDo}HVSURILVVLRQDLVpTXHXPDSHVVRDQmRWHUi $UWž, KRPHQV
KRPHQV H PXOKHUHV
PXOKHUHV VmR LJXDLV HP GLUHLWRVH
OLEHUGDGHGHWUDEDOKDU GHYHUiSULPHLUDPHQWHDWHQGHUD REULJDo}HVQRVWHUPRVGHVWD&RQVWLWXLomR
HVVDVTXDOLILFDo}HV 
eUHSHWLWLYDD&RQVWLWXLomRVHMiSURFODPDUDTXHWRGRV
0DV HP WRGDV DV RXWUDV DWLYLGDGHV WHUi DEVROXWD VmRLJXDLVSHUDQWHDOHLQmRSUHFLVDULDHVSHFLILFDPHQWH
OLEHUGDGH FRQVWLWXFLRQDOPHQWHSURWHJLGD SDUDWUDEDOKDU HPUHODomRDRVH[RHVWDEHOHFHUQRYDPHQWHDLJXDOGDGH
(PHVPRTXHVHMDXPDDWLYLGDGHWpFQLFDTXDOTXHUSHVVRD &HUWDPHQWHDUHSHWLomRVHGHXSHODSUHVVmRGRPRYLPHQWR
SRUH[HPSORSRGHUiDGTXLULUDOJXQVFRQKHFLPHQWRVGH IHPLQLVWDWmRSUHRFXSDGRHPGHL[DUPDLVTXHHYLGHQWH
HOHWULFLGDGH H SDVVDU D WUDEDOKDU FRPR HOHWULFLVWD RX HVVD QHFHVViULD LJXDOGDGH
PDUFHQHLURHWF
0DVHVVDLJXDOGDGHpLPSRUWDQWHSRUTXHQmRDGPLWLUi
WUDWDPHQWRGLIHUHQFLDGRHQWUHKRPHPHPXOKHUWDQWRQRV
GLUHLWRV TXDQWR QDV REULJDo}HV DPERV WHUmR D PHVPD
'LUHLWRj,JXDOGDGH FDSDFLGDGHGHJR]RRXIUXLomRHGHDVVXQomR

$UW†ž 2V
2VGLUHLWRV
GLUHLWRVHGHYHUHV
GHYHUHVUHIHUHQWHV
UHIHUHQWHVjVRFLHGD
6HJXQGRR0HVWUH-26e$)2162'$6,/9$$V&RQV FRQMXJDOVmR
GHFRQMXJDO
GH VmRH[HUFLGRV
H[HUFLGRVLJXDOPHQWH
LJXDOPHQWHSHOR
WLWXLo}HV Vy WrP UHFRQKHFLGR D LJXDOGDGH QR VHX VHQWLGR KRPHPHSHODPXOKHU
KRPHPHSHODPXOKHU
IRUPDOMXUtGLFRLJXDOGDGHSHUDQWHDOHL$&RQVWLWXLomRGH 
DEUHRFDStWXORGRVGLUHLWRVLQGLYLGXDLVFRPRSULQFt $V PXOKHUHV DJRUD VmR WUDWDGDV FRP LJXDOGDGH DRV
SLRGHTXHWRGRVVmRLJXDLVSHUDQWHDOHLVHPGLVWLQomRGH KRPHQVQRFDVDPHQWRDPERVWrPRVPHVPRVGLUHLWRVH
TXDOTXHUQDWXUH]D DUWžFDSXW  LQ
&XUVRGH'LUHLWR&RQV REULJDo}HV DJRUDWDPEpPRVKRPHQVSRGHUmRSHGLUSHQ
WLWXFLRQDO3RVLWLYR
HG6DUDLYDS  VmRjPXOKHUVHHODWLYHUUHQGLPHQWRVHHOHQmR 

$UWž 7RGRV
7RGRV VmR
VmR LJXDLV
LJXDLV SHUDQWH
SHUDQWH D OHL
OHL VHPGLVWLQomR
VHPGLVWLQomR
GH
GHTXDOTXHU
TXDOTXHUQDWXUH]D
QDWXUH]DJDUDQWLQGRVH
JDUDQWLQGRVHDRVDRVEUDVL $V'HVLJXDOGDGHV&RQVWLWXFLRQDLV
$V'HVLJXDOGDGHV
'HVLJXDOGDGHV&RQVWLWXFLRQDLV
OHLURV
OHLURV H DRV HVWUDQJHLURV UHVLGHQWHVQR3DtVD
DRV HVWUDQJHLURV UHVLGHQWHVQR3DtVD
LQYLRODELOLGDGH
LQYLRODELOLGDGHGRGRGLUHLWR
GLUHLWRjYLGD
YLGDjOLEHUGDGH
OLEHUGDGHj (VVDLJXDOGDGHHQWUHKRPHQVHPXOKHUHVDOLiVpTXH
LJXDOGDGH
LJXDOGDGH j VHJXUDQoDHjSURSULHGDGHQRV
VHJXUDQoDHjSURSULHGDGHQRV EUDGD SHOD SUySULD &RQVWLWXLomR )HGHUDO HP IDYRU GDV
WHUPRVVHJXLQWHV PXOKHUHV&RQILUD

2 SULQFtSLR GD LJXDOGDGH p IXQGDPHQWDO QD YLGD $UW†ž e DVVHJXUDGD DSRVHQWDGRULD QRUHJLPH
GHPRFUiWLFD$VSHVVRDVGHYHPVHUWUDWDGDVFRP LJXDO JHUDO
JHUDO GH
GH SUHYLGrQFLD
SUHYLGrQFLD VRFLDO
VRFLDO QRV
QRV WHUPRV
WHUPRV GD
GDGH SHOD OHL  e D FKDPDGD LJXDOGDGH
JXDOGDGH MXUtGLFD
MXUtGLFD GDV OHLREHGHFLGDVDVVHJXLQWHVFRQGLo}HV
SHVVRDV1DWXUDOPHQWHKiGLIHUHQoDVHQWUHDVSHVVRDV
(VVDVGLIHUHQoDVVHUmRREVHUYDGDVDSHQDVHWmRVRPHQWH , WULQWD
WULQWDHFLQFR
FLQFRDQRV
DQRVGH
GHFRQWULEXLomR
FRQWULEXLomRVHKRPHPH
TXDQGRHVVDGLIHUHQoDIRUHVVHQFLDODXPDGHWHUPLQDGDVL WULQWDDQRVGHFRQWULEXLomRVHPXOKHU
WXDomR$VVLPSH[QXPFRQFXUVRSDUDSURYHUXPFDUJR
GHPpGLFRGR,$063(HPERUDWRGRVVHMDPLJXDLVSHUDQWH ,, VHVVHQWD H FLQFR DQRV GH LGDGH VH KRPHPH
D OHLQHPSRULVVRVHUiDGPLWLGDDSDUWLFLSDomRGHXP VHVVHQWDDQRVGHLGDGHVHPXOKHUUHGX]LGRHP
OHLJRDSHQDVRPpGLFRVSRGHUmRFRQFRUUHU(HQWUHRV FLQFR
FLQFRDQRV
DQRVROLPLWH
OLPLWHSDUD
SDUDRV
RVWUDEDOKDGRUHV
WUDEDOKDGRUHVUXUDLV
PpGLFRVKDYHUiDEVROXWDLJXDOGDGHGHWUDWDPHQWRQmR GH
GH DPERV
DPERV RV
RV VH[RVHSDUDRVTXHH[HUoDPVXDV
VH[RVHSDUDRVTXHH[HUoDPVXDV
SRGHUiVHUHVFROKLGRXPSRUTXHpILOKRGHIXODQRRXWHP DWLYLGDGHV
DWLYLGDGHV HP
HP UHJLPH
UHJLPH GH HFRQRPLD IDPLOLDU
DVFHQGrQFLDQREUHRXSRUTXHpEUDQFRRXMXGHXHWF QHVWHV
QHVWHV LQFOXtGRV
LQFOXtGRV R SURGXWRU
SURGXWRU UXUDO
UXUDO R JDULPSHLUR
JDULPSHLUR
HRSHVFDGRUDUWHVDQDO
 3HORSULQFtSLRGDLJXDOGDGHpREULJDWyULRRWUDEDOKR
2EV D UHGDomR GHVWH † ž IRL DOWHUDGD SHOD (PHQGD &RQVWLWXFLRQDO Qž  ³
LJXDOGHSHVVRDVLJXDLV3HVVRDVHPFRQGLo}HVGHVLJXDLV 5HIRUPDGD3UHYLGrQFLDRWH[WRGRYHOKR†žGLVSXQKD´$SUHYLGrQFLDVRFLDO
WHUmRREVHUYDGDVHVVDVGHVLJXDOGDGHV&ODURTXHHVVD PDQWHUi VHJXUR FROHWLYR GH FDUiWHU FRPSOHPHQWDU H IDFXOWDWLYR FXVWHDGR SRU
FRQWULEXLo}HVDGLFLRQDLVµ
GHVLJXDOGDGHQmRSRGHUiDGYLUGDQDWXUH]D FRUILOLDomR
VH[RHWF $&RQVWLWXLomRJDUDQWHDWRGRVRVEUDVLOHLURV 2 WHPSR SDUD D DSRVHQWDGRULD DTXL GHILQLGR HVWDYD
UHVLGDPDTXLRXIRUDGR3DtV HDWRGRVRVHVWUDQJHLURV DQWHVHVWDEHOHFLGRQRDUWVHXVLQFLVRVHSDUiJUDIRV
HVWHVGHVGHTXHUHVLGDPDTXLQR%UDVLO TXHDYLGDGHOHV FRP D VXEVWDQFLDO GLIHUHQoD GH TXH R WH[WR UHYRJDGR
VHUiVHPSUHSURWHJLGD2VyUJmRVS~EOLFRVGHYHUmRID]HU UHIHULDVHD´WHPSRGHWUDEDOKRµHQTXDQWRRQRYRWH[WR
WRGRHPSHQKRSDUDSURWHJHUDYLGDGHWRGRVWDOTXDOj H[LJH ´WHPSR GH FRQWULEXLomRµ DQWHV SDUD ID]HU MXV DR
OLEHUGDGHjLJXDOGDGHjVHJXUDQoDHjSURSULHGDGH EHQHItFLREDVWDYDDFRPSURYDomRGHTXHWUDEDOKRX VHP
SURYDGRUHFROKLPHQWR HQTXDQWRDJRUDVHUiLPSUHVFLQGt
'HVVD IRUPD VHPSUH TXH HVWLYHUPRV FRP TXDOTXHU YHODSURYDGHTXHFRQWULEXLXRXVHMDGHTXH SDJRX R
GHVVHVQRVVRVEHQVVRETXDOTXHUWLSRGHULVFRSRGHUHPRV VLVWHPDSUHYLGHQFLiULR
 'LU&RQVWLWXFLRQDO
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
2EV DUHGDomRGHVWDDOtQHDIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDOQž
1RPDLVSRXFDFRLVDPXGRXâLQF,LQF,,DUW 5HIRUPDGD3UHYLGrQFLD 2WH[WRDQWHULRUGLVSXQKD´D DRVDQRVGH
DQWHVDQRVGHWUDEDOKRSDUDRKRPHPKRMHDQRV VHUYLoRVHKRPHPHDRVVHPXOKHUFRPSURYHQWRVLQWHJUDLVµ

GHFRQWULEXLomRSDUDRKRPHPDQWHVDQRVGHWUDEDOKR (LVRXWUDLQRYDomRDH[LJrQFLDGHXPDLGDGHPtQLPD
SDUD D PXOKHU  KRMH  DQRV GH FRQWULEXLomR SDUD D 1LQJXpPSRGHUiVHDSRVHQWDUQDSOHQLWXGHGHVXDMRYLDOL
PXOKHULQF,,LQF,DUWHVWDEHOHFHQGRLGrQWLFD GDGH$DSRVHQWDGRULDSDVVDDVHUUHVHUYDGDDRVYHOKRVH
LGDGHSDUDKRPHPHPXOKHUVHDSRVHQWDUHPFRPUHGX YHUGDGHLUDPHQWHFDQVDGRVGHVSURYLGRVGHIRUoDSDUDR
omR GH  DQRV SDUD WUDEDOKDGRUHV GH DWLYLGDGHV PDLV WUDEDOKR
VDFULILFDGDV
2EVHUYHVHSRUpPTXHDSUySULD&RQVWLWXLomRFRQWL
$UW $RVVHUYLGRUHVWLWXODUHVGHFDUJRVHIHWLYRVGD QXDID]HQGRDGLVFULPLQDomRHQWUHKRPHQVHPXOKHUHV
8QLmR
8QLmR GRV
GRV (VWDGRV
(VWDGRV GR
GR 'LVWULWR)HGHUDOHGRV
'LVWULWR)HGHUDOHGRV SULYLOHJLDDPXOKHUGHODH[LJLQGRTXHSDJXHPHQRVWHPSR
0XQLFtSLRV
0XQLFtSLRVLQFOXtGDV
LQFOXtGDVVXDV
VXDVDXWDUTXLDV
DXWDUTXLDVHIXQGD TXHRKRPHPDPXOKHUSDJDUiGXUDQWHDSHQDVDQRV
o}HV
o}HV p DVVHJXUDGR
DVVHJXUDGR UHJLPH
UHJLPH GH
GH SUHYLGrQFLD
SUHYLGrQFLD GH SDUDTXHSRVVDVHDSRVHQWDUPDVGRVKRPHQVVHH[LJH
FDUiWHU FRQWULEXWLYR H VROLGiULR
FDUiWHU FRQWULEXWLYR VROLGiULR PHGLDQWH DQRVDPDLV DRWRGR GHSDJDPHQWRSDUDTXHHOHVH
FRQWULEXLomR
QWULEXLomR GR
GR UHVSHFWLYR
UHVSHFWLYR HQWH
HQWH S~EOLFR
S~EOLFR GRV DSRVHQWH  'HVWD IRUPD DOFDQoDQGR HVVH WHPSR GH
VHUYLGRUHV DWLYRV H LQDWLYRV
VHUYLGRUHV DWLYRV LQDWLYRV H GRV
GRV SHQVLRQLVWDV
SHQVLRQLVWDV FRQWULEXLomRDSHVVRDSRGHUiSHGLUVHXDIDVWDPHQWRGR
REVHUYDGRVFULWpULRVTXHSUHVHUYHPRHTXLOtEULR
REVHUYDGRVFULWpULRVTXHSUHVHUYHPRHTXLOtEULR VHUYLoR DSRVHQWDGRULD  H VHP ID]HU QDGD GHVFDQVDUi
ILQDQFHLUR
ILQDQFHLURHDWXDULDOH
HDWXDULDOHRGLVSRVWR
GLVSRVWRQHVWH
QHVWHDUWLJR PHUHFLGDPHQWH  UHFHEHQGR VHX PLQJXDGR SRUpP
LQWHJUDOSURYHQWRGHDSRVHQWDGRULD VDOiULR 
†ž2V
2VVHUYLGRUHV
VHUYLGRUHVDEUDQJLGRV
DEUDQJLGRVSHOR
SHORUHJLPH
UHJLPHGHSUHYL
GrQFLDGH
GrQFLD GHTXH
TXHWUDWD
WUDWDHVWH
HVWHDUWLJR
DUWLJRVHUmR
VHUmRDSRVHQWD E VHVVHQWD
VHVVHQWDHFLQFR
FLQFRDQRV
DQRVGH
GHLGDGH
LGDGHVH
VHKRPHP
GRV
GRVFDOFXODGRV
FDOFXODGRVRV
RVVHXVSURYHQWRVDSDUWLUGRV
VHXVSURYHQWRVDSDUWLUGRV HVHVVHQWD
VHVVHQWDDQRVGHLGDGHVHPXOKHU
DQRVGHLGDGHVHPXOKHUFRP
YDORUHVIL[DGRVQDIRUPDGRV††žH SURYHQWRV SURSRUFLRQDLV
SURYHQWRV SURSRUFLRQDLV DR WHPSR GH
 FRQWULEXLomR
2EV DUHGDomRGHVWDDOtQHDIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDOQž
5HIRUPD GD 3UHYLGrQFLD  SXEOLFDGD HP  2 WH[WR DQWHULRU
,,, YROXQWDULDPHQWH
YROXQWDULDPHQWH GHVGHTXHFXPSULGRWHPSR GLVSXQKD´DRVDQRVGHHIHWLYRH[HUFtFLRHPIXQo}HVGHPDJLVWpULRVH
SURIHVVRUHVHSURIHVVRUDFRPSURYHQWRVLQWHJUDLVµ
PtQLPR
PtQLPR GH
GH GH]
GH] DQRV
DQRV GH
GH HIHWLYR
HIHWLYR H[HUFtFLR QR
VHUYLoR
VHUYLoR S~EOLFR
S~EOLFR H FLQFR
FLQFR DQRV
DQRV QR
QR FDUJR
FDUJR HIHWLYR
$LQRYDomRS{VILPjDSRVHQWDGRULDSURSRUFLRQDODR
HP
HPTXH
TXHVH
VHGDUi
GDUiDDSRVHQWDGRULD
DSRVHQWDGRULDREVHUYDGDV
REVHUYDGDVDV
WHPSRGHVHUYLoRSUHVHUYDQGRDDSRVHQWDGRULDSURSRUFLR
VHJXLQWHVFRQGLo}HV
QDOjLGDGHSRUpPDYLQFXORXDRWHPSRGHFRQWULEXLomRH
2EV D UHGDomR GHVWH LQFLVR IRL DOWHUDGD SHOD (PHQGD &RQVWLWXFLRQDO Qž  QmRPDLVDRWHPSRGHVHUYLoRFRPRRID]LDRXWURUDQD
5HIRUPDGD3UHYLGrQFLD SXEOLFDGDHP2WH[WRDQWHULRUGLVSXQKD
´,,,YROXQWDULDPHQWHµ DOtQHD´GµGHVWHPHVPRDUWLJRLQFLVR ´G DRVDQRVGH
LGDGH VH KRPHP H DRV  VH PXOKHU FRP SURYHQWRV
$JUDQGHLQRYDomRpDH[LJrQFLDGHXPWHPSRPtQLPR SURSRUFLRQDLVDRWHPSRGHVHUYLoRµ 
GHH[HUFtFLRQRVHUYLoRS~EOLFRHGHXPWHPSRPtQLPR
WDPEpPQRFDUJRVySRGHUiVHDSRVHQWDUFRPRVSURYHQ e RXWUD SRVVLELOLGDGH GH VH DSRVHQWDU R VHUYLGRU
WRVGRFDUJRTXHRFXSDTXHPMiWUDEDOKRXSHORPHQRV S~EOLFR0HVPRTXHDLQGDQmRWHQKDFRPSOHWDGRRWHPSR
DQRVGHH[HUFtFLRQRVHUYLoRS~EOLFRHDQRVQRFDUJR GHVHUYLoRFRQWULEXLomRSRGHUiVHDIDVWDUVHMiHVWLYHU
IUDTXHMDGR H YHOKLQKR R KRPHP Mi FRP  DQRV GH
(DLQGDQmRSRGHUiVHUPXLWRMRYHPVRPHQWHSRGHUi LGDGHHDPXOKHUFRPDQRVGHLGDGH
VHDSRVHQWDUTXHPWLYHUXPDLGDGHPtQLPD
(VWDRSomRVySRGHUiVHUIHLWDGHSRLVGHKDYHUDOFDQoD
1DVGXDVKLSyWHVHVDQWHULRUHVRVHUYLGRUS~EOLFRHUD GRWDOLGDGHQXQFDDQWHV(SRXFRLPSRUWDUiKiTXDQWR
DSRVHQWDGRFRPSXOVRULDPHQWHRXVHMDPHVPRTXHQmR WHPSRMiWUDEDOKRX2WHPSRMiWUDEDOKDGRVyLQIOXHQFLDUi
TXLVHVVHHUDREULJDGRDVHDIDVWDUGRVHUYLoRS~EOLFRRX QRWHPSRGHFRQWULEXLomRHHVWHQRFiOFXORGRVYHQFLPHQ
SRUTXH LQFDSDFLWDGR LQYDOLGH] RX GRHQoD  RX SRUTXH WRVSURSRUFLRQDLVTXHVHUmRSDJRVVHHOHVHDSRVHQWDU
YHOKR1DVKLSyWHVHVVHJXLQWHVRIXQFLRQiULRUHFHEHUiD 7DPEpPQHVWDKLSyWHVHRYHQFLPHQWRVHUiSURSRUFLRQDO
DSRVHQWDGRULDFRPRXPSUrPLRSRUKDYHUWUDEDOKDGRR VH R KRPHP SDJRX  DQRV UHFHEHUi  VH SDJRX
SDJRRVXILFLHQWHVH
WHPSRVXILFLHQWHHSULQFLSDOPHQWHSDJR
SDJR DSHQDVDQRVUHFHEHUi 6HPXOKHUHSDJRX
TXLVHUSRGHUiVHDIDVWDUGRVHUYLoRS~EOLFRUHFHEHQGR DQRV UHFHEHUi  VH SDJRX DSHQDV  DQRV 
VHXVYHQFLPHQWRV VDOiULRV LQWHJUDOPHQWH6HQmRTXLVHU 'HVWDTXHVH TXH D 5HIRUPD GD 3UHYLGrQFLD HOLPLQRX D
SRGHUiFRQWLQXDUWUDEDOKDQGRDWpTXHHYHQWXDOPHQWH DOtQHD´FµGHVWHDUWLJRLQFLVRTXHSHUPLWLDDDSRVHQWDGR
ILTXH LQYiOLGR RX DWLQMD D DSRVHQWDGRULD FRPSXOVyULD ULD ´F  DRV  DQRV GH VHUYLoR VH KRPHP H DRV  VH
TXDQGRHQWmRVHUiDSRVHQWDGRQDPDUUD QHVVDKLSyWH PXOKHUFRPSURYHQWRVSURSRUFLRQDLVDHVVHWHPSRµ
VHUHFHEHUiVHPSUHYHQFLPHQWRVLQWHJUDLVMiFRPSOHWDUD
WHPSRWRWDOSDUDDDSRVHQWDGRULDYROXQWiULD 
,JXDOGDGHQR7UDEDOKR
D VHVVHQWD
VHVVHQWDDQRV
DQRVGH
GHLGDGH
LGDGHHWULQWD
WULQWDHFLQFR
FLQFRGH $UWž 6mR GLUHLWRV GRV WUDEDOKDGRUHVXUEDQRVH
FRQWULEXLomR
FRQWULEXLomR VH KRPHP H FLQTXHQWD H UXUDLV
UXUDLVDOpP
DOpPGH
GHRXWURV
RXWURVTXH
TXHYLVHP
YLVHPjPHOKRULD
PHOKRULDGH
FLQFR
FLQFRDQRV
DQRVGH
GHLGDGH
LGDGHHWULQWDGH
WULQWDGHFRQWULEXL VXDFRQGLomRVRFLDO
omRVHPXOKHU 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

;;; SURLELomR
SURLELomRGH
GHGLIHUHQoD
GLIHUHQoDGH
GHVDOiULRVGHH[HUFtFLR ,9 OLYUHFRQFRUUrQFLD
OLYUHFRQFRUUrQFLD
GH
GH IXQo}HV
IXQo}HV H GH
GH FULWpULRV
FULWpULRV GH
GH DGPLVVmR
DGPLVVmR SRU
PRWLYRGHVH[RLGDGHFRURXHVWDGRFLYLO eSURLELGRRPRQRSyOLR7RGRPXQGRWHPGLUHLWRGH
GLVSXWDUTXDOTXHUPHUFDGRGHLQJUHVVDUHPTXDOTXHUWLSR
3DUDD&RQVWLWXLomRWRGRVRVWUDEDOKDGRUHVVmRLJXDLV GHDWLYLGDGH1mRKiUHVHUYDGHDWLYLGDGHFRPHUFLDO RX
1mRKiGLIHUHQoDHQWUHRKRPHPHDPXOKHUQHPHQWUH LQGXVWULDORXDJUtFROD SDUDQLQJXpP
R YHOKR H R MRYHP QHP HQWUH R EUDQFR H R SUHWR RX
YHUPHOKRHDPDUHORQHPHQWUHRFDVDGRHRVROWHLUR6H 9,, UHGXomR
UHGXomR
UHGXomRGDV
GDVGHVLJXDOGDGHV
GHVLJXDOGDGHVUHJLRQDLV
UHJLRQDLVH
GHVHPSHQKDUHPDWLYLGDGHLJXDOGHYHUmRUHFHEHUVDOiULRV VRFLDLV
LJXDLV1HPSRGHUiKDYHUSUHIHUrQFLDQDDGPLVVmRSHOR
IDWRGHVHUKRPHPRXPXOKHU (YLGHQWHPHQWHRLGHDOSDUDWRGRVQyVEUDVLOHLURVVHULD
TXHQmRKRXYHVVHUHJLmRSREUHTXHRLQWHULRUGR3LDXt
;;;, SURLELomR GH TXDOTXHU GLVFULPLQDomRQR IRVVH WmR ULFR TXDQWR R LQWHULRU GH 6mR 3DXOR TXH QmR
WRFDQWH
WRFDQWH D VDOiULR
OiULR H FULWpULRV
FULWpULRV GH
GH DGPLVVmR
DGPLVVmR GR KRXYHVVHIDYHODTXHWRGDVDVSHVVRDVWLYHVVHPPRUDGLD
WUDEDOKDGRUSRUWDGRUGHGHILFLrQFLD VHPHOKDQWHjVGD=RQD6XOGR5LRGH-DQHLUR
3URFXUDVH FRP HVVH GLUHLWR VRFLDO JDUDQWLU DRV 3RHVLD"""  $SHQDV XPD SUHRFXSDomR DVVXPLGD SHOD
GHILFLHQWHV ItVLFRRXPHQWDOD&RQVWLWXLomRQmRGLVWLQ
FRQVWLWXLomRDVHUSHUVHJXLGDSDUDTXHHVVDVGLIHUHQoDV
JXH  LPSHGLQGR TXH VHMDP HOHV GLVFULPLQDGRV DSHQDV
DR PHQRV GLPLQXDP Mi TXH DFDEDUHP QmR DFDEDUmR
SRUTXHSRUWDGRUHVGHDOJXPDGHILFLrQFLD$VVLPVHXP
MDPDLV 
GHILFLHQWH GHPRQVWUD KDELOLGDGH SDUD XP VHUYLoR VHMD
VHQGRDSURYDGRQXPFRQFXUVRRXPRVWUDQGRVHVXSHULRU
$UW $ RUGHPVRFLDOWHPFRPREDVHRSULPDGRGR
RUGHPVRFLDOWHPFRPREDVHRSULPDGRGR
QXPD SURYD GHYHUi HOH VHU DGPLWLGR QmR SRGHQGR VHU
WUDEDOKR H FRPR REMHWLYR R EHPHVWDU H D
EDUUDGRSRURXWURFDQGLGDWRDSHQDVSRUTXHHVWHQmRWHP
GHIHLWRHDTXHOHRWHP MXVWLoDVRFLDLV

(VVD GLVFULPLQDomR VHP G~YLGD DOJXPD p RGLRVD H 7URFDQGRHPPL~GRVDYLGDHPVRFLHGDGHH[LJHTXH


GHYHVHUSURLELGD3DUDDDGPLVVmRGRWUDEDOKDGRURTXH WRGRVWUDEDOKHP1mRVHDGPLWLUiDYDJDEXQGDJHP3DUD
LPSRUWDpVXDFDSDFLGDGHODERULRVDSDUDDTXHOHWUDEDOKR YLYHUPRVHPVRFLHGDGHWRGRVWHPRVRGHYHUHRGLUHLWRDR
HQmRVXDDSDUrQFLDRXGHILFLrQFLDTXHQmRVHUHIHUHj WUDEDOKR1DWXUDOPHQWHYLYHUHPRVHPVRFLHGDGHWUDED
DWLYLGDGHSDUDDTXDOVHUiFRQWUDWDGR OKDQGRSDUDTXHKDMDSD]HKDUPRQLDQHVVDFRQYLYrQFLD
SDUDTXHWRGRVVHMDPRVIHOL]HVVLQWDPRQRVEHPWHQKD
PRVVD~GHVHMDPRVDPSDUDGRV SUHYLGrQFLD HWHQKDPRV
$3ROtWLFDGH5HGXomRGDV'HVLJXDOGDGHV
$3ROtWLFDGH5HGXomRGDV'HVLJXDOGDGHV DVVLVWrQFLDHPQRVVRVLQIRUW~QLRVeSDUDLVVRTXHVHYLYH
HPVRFLHGDGHHQmRFRPRHUHPLWDLVRODGR
$UWž &RQVWLWXHPREMHWLYRVIXQGDPHQWDLVGD5HS~EOL
FD)HGHUDWLYDGR%UDVLO
FD)HGHUDWLYDGR%UDVLO $-XVWLoD6RFLDOpRXWURGRVREMHWLYRVRXVHMDPDLV
 XPDUD]mRSDUDTXHYLYDPRVMXQWRVFRPRQRVVRVVHPH
OKDQWHV2TXHpMXVWLoDVRFLDO"eRVRQKRGHTXHWRGRV
,,, HUUDGLFDU
HUUDGLFDU D SREUH]D  H  D PDUJLQDOL]DomRH WHQKDPRV WRGDV DV QRVVDV QHFHVVLGDGHV DWHQGLGDV TXH
UHGX]LUDVGHVLJXDOGDGHVVRFLDLVHUHJLRQDLV FDGDXPWHQKDRTXHpVHXHDTXLORTXHFRQTXLVWRXFRP
R VXRU GH VHX WUDEDOKR 4XH j PHGLGD GR SRVVtYHO RV
,9 SURPRYHU
SURPRYHUREHP
EHPGH
GHWRGRV
WRGRVVHP
VHPSUHFRQFHLWRVGH VHUHVKXPDQRVVHMDPWRGRVLJXDLVQmRDSHQDVSHUDQWHD
RULJHP UDoD
RULJHP UDoD VH[R
VH[R FRU LGDGH H TXDLVTXHU OHLPDVSHUDQWHDUHDOLGDGHFRPDPHVPDIDUWXUDFRPDV
RXWUDVIRUPDVGHGLVFULPLQDomR PHVPDV FRQGLo}HV PDWHULDLV FRP D PHVPD FXOWXUD
HGXFDomRHWF
$UW $ RUGHP
RUGHP HFRQ{PLFD
HFRQ{PLFD IXQGDGD
IXQGDGD QDYDORUL]DomR
GR
GR WUDEDOKRKXPDQRHQDOLYUHLQLFLDWLYDWHP
WUDEDOKRKXPDQRHQDOLYUHLQLFLDWLYDWHP &ODURTXHpXPLGHDODVHUSHUVHJXLGRHWHUQDPHQWH
SRU
SRU ILP
ILP DVVHJXUDU
DVVHJXUDU D WRGRV
WRGRV H[LVWr
H[LVWrQFLD
QFLD GLJQD SDUDLVVRYLYHPRVHPVRFLHGDGH
FRQIRUPH
FRQIRUPHRVRVGLWDPHV
GLWDPHVGD
GDMXVWLoD VRFLDOREVHUYD
MXVWLoDVRFLDO
GRVRVVHJXLQWHVSULQFtSLRV
GRVRVVHJXLQWHVSULQFtSLRV $UW $ VD~GH
VD~GH p GLUHLWR
GLUHLWR GH
GH WRGRV
WRGRV H GHYHUGR(VWDGR
GHYHUGR(VWDGR
 JDUDQWLGR
JDUDQWLGRPHGLDQWH
PHGLDQWHSROtWLFDVVRFLDLVHHFRQ{PL
FDV
FDVTXH
TXHYLVHPjUHGXomRGRULVFRGHGRHQoDH
$FRQVWLWXLomRSUHRFXSRXVHFRPDRUGHPHFRQ{PLFD GH
GH RXW
RXWURV
URV DJUDYRV H DR DFHVVR XQLYHUVDO H
HILQDQFHLUDSRLVpHODRLQVWUXPHQWRPDWHULDOGDUHDOL]D LJXDOLWiULRV
LJXDOLWiULRVjV
jVDo}HV
Do}HVHVHUYLoRV
VHUYLoRVSDUD
SDUDVXD
VXDSURPR
omRGDVQHFHVVLGDGHVGRSRYRHGR(VWDGR6HDVILQDQoDV omRSURWHomRHUHFXSHUDomR
QmRIRUHPRUJDQL]DGDVKDYHUiVHOYDJHULDTXHOHYDULDj
H[SORUDomR GR SRYR HP EHQHItFLR H[FOXVLYR GRV PDLV
,PSRUWDQWH GHVWDFDU VD~GH p GLUHLWR
GLUHLWR GH
GH WRGDV
WRGDV DV
IRUWHV HFRQRPLFDPHQWH eSRULVVRTXHDFRQVWLWXLomR
SHVVRDV
SH VVRDV
VVRDV H QmR DSHQDV GRV TXH SDJDP WULEXWRV ( p XP
GHL[RXFODURTXHRWUDEDOKRHDOLYUHLQLFLDWLYDVmRRV
GHYHUGR(VWDGR 3RGHU3~EOLFR 
GHYHUGR(VWDGR
IXQGDPHQWRVGHQRVVDRUGHPHFRQ{PLFDPDVHVWDGHYHUi
VHJXLDUGHQWUHRXWURVSULQFtSLRVSHORVVHJXLQWHV
7RGDVDVSHVVRDVGHYHPVHEHQHILFLDUGRVVHUYLoRVTXH
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

R (VWDGR 3RGHU 3~EOLFR  SUHVWDU RX GDV Do}HV TXH R -XVWLoDVGHFRPSHWrQFLDHVSHFLDORXVHMDFULDGDVSDUD


3RGHU 3~EOLFR (VWDGR  UHDOL]DU SDUD D VD~GH S~EOLFD R MXOJDPHQWR GH PDWpULDV HVSHFtILFDV -XVWLoD 0LOLWDU
$FHVVR XQLYHUVDO VLJQLILFD TXH WRGDV SHVVRDV WRGDV -XVWLoD(OHLWRUDO-XVWLoDGR7UDEDOKRSRUH[HPSOR (VWDV
PHVPR  WHP GLUHLWR DR VHUYLoRV GH VD~GH GR (VWDGR H WrPSUHYLVmRFRQVWLWXFLRQDOHHVSHFLDOL]DomRGHPDWpULD
LJXDOLWiULRTXHGL]HUTXHWRGRVWHUmRRPHVPRDWHQGLPHQ RTXHSHUPLWHXPDSULPRUDPHQWRQRFRQKHFLPHQWRQH
WRRULFRQmRWHPPDLVGLUHLWRTXHRSREUHTXHPSDJDR FHVViULRjFRPSUHHQVmRGHIDWRVHVLWXDo}HVVREMXOJDPHQ
WULEXWRVQmRWHPPDLVGLUHLWRTXHTXHPQmRSDJD WR

$UW $HGXFDomRGLUHLWRGHWRGRVHGHYHUGR(VWD
$HGXFDomRGLUHLWRGHWRGRVHGHYHUGR(VWD $,JXDOGDGHQD,PSRVLomR7ULEXWiULD
GR
GRHGDIDPtOLDVHUiSURPRYLGDHLQFHQWLYDGD
FRP
FRP D FRODERUDomR
FRODERUDomR GDGD VRFLHGDGH YLVDQGR DR $UW                                    
SOHQR
SOHQRGHVHQYROYLPHQWR
GHVHQYROYLPHQWRGD GDSHVVRD
SHVVRDVHX
VHXSUHSDUR
SDUD
SDUD R H[HUFtFLR
H[HUFtFLR GD
GD FLGDGDQLD
FLGDGDQLD H VXD
VXD TXDO
TXDOLILFD †ž 6HPSUH
6HPSUHTXH
TXHSRVVtYHO
SRVVtYHORV
RVLPSRVWRV
LPSRVWRVWHUmRFDUiWHU
omRSDUDRWUDEDOKR SHVVRDO
SHVVRDOHVHUmR
VHUmRJUDGXDGRV
JUDGXDGRVVHJXQGR
VHJXQGRDFDSDFLGD
GH HFRQ{PLFD
HFRQ{PLFD GR FRQWULEXLQWH IDFXOWDGR
GR FRQWULEXLQWH IDFXOWDGR j
0HUHFHGHVWDTXHDSURFODPDomRGDHGXFDomRFRPRXP DGPLQLVWUDomR
DGPLQLVWUDomR WULEXWiULD
WULEXWiULD HVSHFLDOPHQWH
HVSHFLDOPHQWH SDUD
GLUHLWRGHWRGDVDVSHVVRDVHXPGHYHUGR3RGHU3~EOLFR FRQIHULU
FRQIHULUHIHWLYLGDGH
HIHWLYLGDGHDHVVHVREMHWLYRV
DHVVHVREMHWLYRVLGHQWLIL
HXPGHYHUWDPEpPGDIDPtOLD,VVRVLJQLILFDTXHWRGDV FDU
FDU UHVSHLWDGRV
UHVSHLWDGRV RV GLUHLWRV LQGLYLGXDLV H QRV
DVSHVVRDVLQGLVWLQWDPHQWHSRGHUmRH[LJLUTXHR3RGHU WHUPRV
WHUPRVGD
GDOHL
OHLRSDWULP{QLRRVUHQGLPHQWRV
RSDWULP{QLRRVUHQGLPHQWRVH
3~EOLFR FXPSUD FRP VXD REULJDomR  WDPEpP D IDPtOLD DVDWLYLGDGHVHFRQ{PLFDVGRFRQWULEXLQWH
DVDWLYLGDGHVHFRQ{PLFDVGRFRQWULEXLQWH
VHUiUHVSRQVDELOL]DGDFDVRQmR]HOHSDUDTXHVHXVILOKRV
UHFHEDPHGXFDomR $UW 6HP
6HPSUHMXt]R
SUHMXt]RGH
GHRXWUDV
RXWUDVJDUDQWLDVDVVHJXUDGDV
DR
DRFRQWULEXLQWH
FRQWULEXLQWHpYHGDGR
YHGDGRj8QLmR
8QLmRDRV
DRV(VWDGRV
eERPOHPEUDUTXHDQWHVDOHLMiUHVSRQVDELOL]DYDD DR'LVWULWR)HGHUDOHDRV0XQLFtSLRV
DR'LVWULWR)HGHUDOHDRV0XQLFtSLRV
IDPtOLDSDUWLFXODUPHQWHRVGHWHQWRUHVGRSiWULRSRGHU 
REULJDQGRRVD]HODUSHODHGXFDomRGRVILOKRV6HXPSDL
,, LQVWLWXLU
LQVWLWXLUWUDWDPHQWRGHVLJXDOHQWUHFRQWULEXLQ
WUDWDPHQWRGHVLJXDO
RXPmH QmRGHUHGXFDomR HVFRODDLQGDTXHGRPpVWLFD
WHV
WHVTXH
TXHVH
VHHQFRQWUHP
HQFRQWUHPHP
HPVLWXDomR
VLWXDomRHTXLYDOHQWH
DXPILOKRSRGHUiUHVSRQGHUDWpFULPLQDOPHQWH FRPHWH
SURLELGDTXDOTXHUGLVWLQomRHPUD]mRGHRFX
FULPH GH DEDQGRQR LQWHOHFWXDO R SDL RX PmH TXH
SDomR
SDomRSURILVVLRQDO
SURILVVLRQDORX
RXIXQomR
IXQomRSRU
SRUHOHV
HOHVH[HUFLGD
'HL[DUVHPMXVWDFDXVDGHSURYHUjLQVWUXomRSULPiULDGH
LQGHSHQGHQWHPHQWHGDGHQRPLQDomRMXUtGLFD
LQGHSHQGHQWHPHQWHGDGHQRPLQDomRMXUtGLFD
ILOKRHPLGDGHHVFRODUDUW&3 (VVHGHYHUIDPLOL
GRVUHQGLPHQWRVWtWXORVRXGLUHLWRV
GRVUHQGLPHQWRVWtWXORVRXGLUHLWRV
DU DQWHV UHVWULWR j OHL RUGLQiULD  KRMH Mi p REULJDomR
DOoDGDDQtYHOFRQVWLWXFLRQDO

&XULRVRUHJLVWUDUTXHHVVHGHYHUGHYHUiVHUFXPSULGR 'LUHLWRj6HJXUDQoD
FRQWDQGRFRPDFRODERUDomRGDVRFLHGDGHVLJQLILFDTXH
DFRPXQLGDGHGHYHUiSDUWLFLSDUGLUHWDRXLQGLUHWDPHQWH
GR SURFHVVR HGXFDWLYR PHVPR SRUTXH D FRQVWLWXLomR 1DGDPDLVQDWXUDOTXHDVVRFLDURGLUHLWRjVHJXUDQoD
GHL[RXFODURDHGXFDomRYLVDH[DWDPHQWHDSUHSDUDUDV j PDWpULD SHQDO RX VHMD j QRVVD SURWHomR FRQWUD D
SHVVRDVSDUDRH[HUFtFLRGDFLGDGDQLD FRQMXQWRGHGLUHL YLROrQFLDOHJDOHLOHJDOGR(VWDGRMiTXHD&RQVWLWXLomR
WRVGHYHUHVSROtWLFRVTXHSHUPLWHPjVSHVVRDVSDUWLFLSDU FRQIHUHDHVWHSRGHUHVVREUHRLQGLYtGXRFRPRVTXDLV
GDGHPRFUDFLDRXVHMDGDJHVWmRGRVLQWHUHVVHVQDFLR WXWHODULDDSD]HDRUGHPVRFLDO
QDLV HTXDOLILFDUHPVHSDUDRWUDEDOKR
23URI0$12(/*21d$/9(6)(55(,5$),/+2DQRWD
TXH $PRQWRDPVH QRV YiULRV LWHQV GR DUWž UHJUDV GH
$,JXDOGDGHQD2EWHQomRGH-XVWLoD
$,JXDOGDGHQD2EWHQomRGH-XVWLoD SURFHVVRSHQDOGHLPSRUWkQFLDYDULiYHO1HVVHUROVHLQFOXL
RSULQFtSLRGDFRPXQLFDomRGHWRGDSULVmRDRMXL]FRPSH
$UWž;;;9,, QmRKDYHUiMXt]RRXWULEXQDOGHH[FHomR WHQWHRGDUHVSRQVDELOL]DomRGDVDXWRULGDGHVFRDWRUDV LQF
/;,, RGDSOHQDGHIHVD LQF/9 DSURLELomRGRVMXt]HVH
6HULDGHSURIXQGDLPRUDOLGDGH TXHEUDQGRDRSUySULR WULEXQDLVGHH[FHomR LQF;;;9,, GRM~UL LQF;;;9,,, (
SULQFtSLRGDLJXDOGDGH TXHSDUDFHUWDVSHVVRDVKRXYHV DRODGRGHVVHVRXWURVGHGLUHLWRVXEVWDQWLYRGHLQWHUHVVHV
VH XPD MXVWLoD j SDUWH $ DWLYLGDGH MXULVGLFLRQDO GH GHVVHPHOKDQWHRGDDQWHULRULGDGHGDOHLSHQDO LQF;/ GD
SUHVWDomRGDMXVWLoD pSUHYLVWDQD&RQVWLWXLomRVHJXQGR LQGLYLGXDOL]DomRGDSHQD LQF;/9, GDSURLELomRGHSHQDV
UHJUDVHFULWpULRVXQLYHUVDLVGHVWLQDVHSRUpPDWRGRV TXHXOWUDSDVVHPDSHVVRDGRVGHOLQTXHQWHV LQF;/9 GD
FRQIRUPHVHHQTXDGUHPRXQmRQDTXHODVUHJUDV SURLELomRGDVSHQDVGHEDQLPHQWRGHSULVmRSHUSpWXDGH
WUDEDOKRVIRUoDGRVGHPRUWHH[FHWRTXDQWRDHVWD~OWLPDRV
-Xt]RRXWULEXQDOGHH[FHomRVHULDDTXHOHTXHHVFDSDV FDVRVSUHYLVWRVQDOHJLVODomRSHQDOSDUDDJXHUUDH[WHUQD
VHjTXHODVUHJUDVHFULWpULRVXQLYHUVDLVHYLVDVVHDEHQHILFL LQF;/9,, DSURLELomRGDSULVmRFLYLOVDOYRFRPRVDQomR
DUHVSHFtILFDHH[FHSFLRQDOPHQWHDOJXPD V SHVVRD V  SDUD R LQDGLPSOHPHQWR GH REULJDomR DOLPHQWDU H SDUD D
ILGHOLGDGH GH GHSRVLWiULR LQF ;9,,  ³ LQ
&XUVR GH 'LUHLWR
1mR SRGHP VHU FRQVLGHUDGRV -Xt]RV GH H[FHomR DV &RQVWLWXFLRQDO
HG6DUDLYDSH 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$UWž/;, QLQJXpP
QLQJXpPVHUiSUHVRVHQmRHPIODJUDQWHGHOLWR
VHUiSUHVRVHQmRHPIODJUDQWHGHOLWR HWFHQmRHQFRQWUDYDPRLQIHOL] TXHKDYLDVLGRSUHVR
RX
RX SRU
SRU RUGHP
RUGHP HVFULWD
HVFULWD H IXQGDPHQW
IXQGDPHQWDGD
DGD GD LOHJDOPHQWH  H JXDUGDGR SRU DOJXP FUiSXOD TXH VH
DXWRULGDGH
DXWRULGDGH MXGLFLiULD
MXGLFLiULD FRPSHWHQWH VDOYR QRV DSURYHLWDGDIXQomRSROLFLDOSDUDVDFLDUVXDHVWXSLGH]GH
FDVRV
FDVRV GH
GH WUDQVJUHVVmR
WUDQVJUHVVmR PLOLWDU
PLOLWDU RX
RX FULPH
FULPH SUR EHVWDKXPDQD(GXUDQWHWRGRHVVHWHPSRWRUWXUDYDR
SULDPHQWHPLOLWDUGHILQLGRVHPOHL LQIHOL] jVYH]HVDWpPDWiOR SDUDTXHFRQIHVVDVVHFULPHV
HRSROLFLDODQLPDORVWHQWDVVHRPpULWRGDDSXUDomRHIL
$UHJUDpTXHWRGRVGHYHPRVWHUOLEHUGDGH3DUDTXH FLHQWH GH FULPHV $R PHVPR WHPSR GHYHUi FRPXQLFDU
VHMDPRVSUHVRVRXGHYHUHPRVHVWDUHPIODJUDQWHGHOLWR WDPEpPRMXL]FRPSHWHQWHSDUDTXHHVWHWRPHFRQKHFL
DSDQKDGRV FRPHWHQGR RX DFDEDQGR GH FRPHWHU XP PHQWRHHYHQWXDLVSURYLGrQFLDVQHFHVViULDV
FULPH RXGHYHUiH[LVWLUXPPDQGDGRMXGLFLDOGHWHUPL
QDQGRQRVVDSULVmR RMXL]VySRGHUiPDQGDUQRVSUHQGHU $ RPLVVmR D HVVH GHYHU GH FRPXQLFDomR FRQVWLWXLUi
VHKRXYHUIXQGDPHQWROHJDOSDUDLVVRSULVmRSUHYHQWLYD DWHQWDGRjVJDUDQWLDVHOLEHUGDGHVIXQGDPHQWDLVVXMHLWDQ
QXPSURFHVVRSRUFRQGHQDomRFULPLQDORXFRPRPHGLGD GRRLQIUDWRUjVVDQo}HVSHQDLVHDGPLQLVWUDWLYDV
FRHUFLWLYDHPDomRGHFREUDQoDGHDOLPHQWRVHWF 
/9 DRV OLWLJDQWHV HP SURFHVVR MXGLFLDORX
)RUDGHVVDVGXDVKLSyWHVHVQLQJXpPSRGHUiVHUSUHVR DGPLQLVW
DGPLQLVWUDWLYR
UDWLYR H DRV
DRV DFXVDGRV
DFXVDGRV HP
HP JHUDO
JHUDO VmR
(VVDJDUDQWLDSRUpPQmRpWmRDPSODSDUDRVPLOLWDUHV DVVHJXUDGRV
DVVHJXUDGRV R FRQWUDGLWyULR
FRQWUDGLWyULR H DPSOD GHIHVD
(OHV SRGHP VHU SUHVRV WDPEpP TXDQGR FRPHWHUHP FRPRVPHLRVHUHFXUVRVDHODLQHUHQWHV
WUDQVJUHVVmR GLVFLSOLQDU H QRV FULPHV PLOLWDUHV SUySULRV
TXHVyRVPLOLWDUHVFRPHWHP 8PPLOLWDUVXSHULRUGDUi (PWRGRVRVSURFHVVRVGHTXDOTXHUHVSpFLHKiVHPSUH
DRUGHPGHSULVmR XP DFXVDGRU H XP DFXVDGR GHVWH VHQGR H[LJLGD D
UHVSRQVDELOL]DomR
$WHQomR ,QWHUHVVDQWH TXHVWmR IRL IRUPXODGD QXP
FRQFXUVRS~EOLFRHQYROYHQGRHVWHWHPDVHDSULVmRGR 2 SULQFtSLR GR FRQWUDGLWyULR DVVHJXUD D WRGDV DV
PLOLWDU SRGHULD VHU REMHWR GH KDEHDVFRUSXV 7DO SULVmR SDUWHV RVHQYROYLGRVQRSURFHVVR FRQWUDSRUVHjRXWUD
WHPWUDWDPHQWRH[FHSFLRQDO VHMDSURGX]LQGRSURYDVHPVHQWLGRFRQWUiULRVHMDDQDOL
VDQGRHFULWLFDQGRDVSURYDVSURGX]LGDVSRUDTXHORXWUD
6DEHPRVTXHVyHPGXDVFRQGLo}HVXPDSHVVRDFLYLO VHMDIRUPXODQGRDFXVDo}HVVHMDGHIHQGHQGRVHGHODVVHMD
SRGHVHUSUHVDRX D SRURUGHPHVFULWDGRMXL]RX E UHFRUUHQGRRXUHVSRQGHQGRDRUHFXUVRGDSDUWHFRQWUi
HPIODJUDQWHGHOLWR$~QLFDH[FHomRpDGDTXHVWmR0DV ULD
R PLOLWDU
PLOLWDU
OLWDU WDPEpP SRGH VHU DSULVLRQDGR SRU FRPHWHU $DPSODGHIHVDFRQVWLWXLDOLEHUGDGHGHXVDURLQWHUHV
LQGLVFLSOLQD(
TXHDRUJDQL]DomRPLOLWDUpEDVHDGDQD VDGRGHWRGRVRVPHLRVHUHFXUVRVTXHDOHLSHUPLWHSDUD
KLHUDUTXLDHHVWDH[LJHILHOREHGLrQFLDHGLVFLSOLQD6H GHPRQVWUDUVHXGLUHLWRHREWHUDVDWLVIDomRGHVHXLQWHUHV
HVVHGHYHUPLOLWDUQmRGLVSXVHUGHXPDLQVWUXPHQWRIRUWH VH(VVHVSULQFtSLRVYDOHPWDQWRSDUDRVSURFHVVRVFULPLQD
GHFRHUomRDEDJXQoDVHLQVWDODULDQRPLOLWDULVPR3RU LVFRPRFtYHLVWUDEDOKLVWDDGPLQLVWUDWLYRVHWF
LVVRD&RQVWLWXLomRDEULXHVVDH[FHomRPLOLWDUSRGHVHU
SUHVR D HPIODJUDQWHGHOLWR E SRURUGHPHVFULWDGR ;;;9,, QmRKDYHUiMXt]RRXWULEXQDOGHH[FHomR
MXL]HDLQGD‹SRURUGHPGHVHXFRPDQGDQWHVHFRPH
WHULQGLVFLSOLQD 6HULDGHSURIXQGDLPRUDOLGDGH TXHEUDQGRDRSUySULR
SULQFtSLRGDLJXDOGDGH TXHSDUDFHUWDVSHVVRDVKRXYHV
6HDSROtFLDSUHQGHUDOJXpPSDUDDYHULJXDo}HV SULVmR VH XPD MXVWLoD j SDUWH $ DWLYLGDGH MXULVGLFLRQDO GH
HPTXHLQH[LVWHIODJUDQWHGHOLWRQHPRUGHPGHTXDOTXHU SUHVWDomRGDMXVWLoD pSUHYLVWDQD&RQVWLWXLomRVHJXQGR
MXL]  FRPR VHPSUH IRL FRVWXPHLUR HVWDUi
HVWDUi R SROLFLDO UHJUDVHFULWpULRVXQLYHUVDLVGHVWLQDVHSRUpPDWRGRV
DWHQWDQGRFRQWUDDVJDUDQWLDVHOLEHUGDGHVIXQGDPHQWDLV
DWHQWDQGR FRQIRUPHVHHQTXDGUHPRXQmRQDTXHODVUHJUDV
IDWR TXH FRQVWLWXL FULPH JUDYH H PRWLYDUi VXD SXQLomR
DGPLQLVWUDWLYD RXGLVFLSOLQDU HFULPLQDO -Xt]RRXWULEXQDOGHH[FHomRVHULDDTXHOHTXHHVFDSDV
VHjTXHODVUHJUDVHFULWpULRVXQLYHUVDLVHYLVDVVHDEHQHILFL
/;,, D SULVmR
SULVmR GH
GH TXDOTXHUSHVVRDHRORFDORQGHVH
TXDOTXHUSHVVRDHRORFDORQGHVH DUHVSHFtILFDHH[FHSFLRQDOPHQWHDOJXPD V SHVVRD V 
HQFRQWUH
HQFRQWUHVHUmR
VHUmRFRPXQLFDGRVLPHGLDWDPHQWHDR
FRPXQLFDGRVLPHGLDWDPHQWHDR
MXL]
MXL] FRPSHWHQWH H j IDPtOLD GR SUHVR RX j 1mR SRGHP VHU FRQVLGHUDGRV -Xt]RV GH H[FHomR DV
SHVVRDSRUHOHLQGLFDGD -XVWLoDVGHFRPSHWrQFLDHVSHFLDORXVHMDFULDGDVSDUD
R MXOJDPHQWR GH PDWpULDV HVSHFtILFDV SH[ -XVWLoD
6HPSUHTXHXPDSHVVRDIRUSUHVDVHUiGHYHUGHTXHP 0LOLWDU-XVWLoD(OHLWRUDO-XVWLoDGR7UDEDOKR (VWDVWrP
R SUHQGHX D DXWRULGDGH D FXMD GLUHomR FDUFHUiULD IRL SUHYLVmRFRQVWLWXFLRQDOHHVSHFLDOL]DomRGHPDWpULDRTXH
HQWUHJXH R SUHVR  FRPXQLFDU j VXD IDPtOLD VH HOH QmR SHUPLWHXPSULPRUQRFRQKHFLPHQWRQHFHVViULRjFRPSUH
WLYHUIDPtOLDSRGHUiLQGLFDUXPDPLJRRXTXDOTXHURXWUD HQVmRGHIDWRVHVLWXDo}HVVREMXOJDPHQWR
SHVVRD VXDSULVmRHROXJDURQGHHOHHVWiSUHVR
;;;9,,, p UHFRQKHFLGD
UHFRQKHFLGD D LQVWLWXLomR
LQVWLWXLomR GR M~UL FRPD
'HYHUi DJRUD DFDEDU DTXHOD VLWXDomR DIOLWLYD GH RUJDQL]DomRTXHOKHGHUDOHLDVVHJXUDGRV
IDPLOLDUHVTXHFRPRVXPLoRGHXPSDUHQWHSURFXUD
YDPGLDVHGLDVSHOR ,136SHORVKRVSLWDLVGHOHJDFLDV D DSOHQLWXGHGHGHIHVD
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

E RVLJLORGDVYRWDo}HV (VWDpXPDJDUDQWLDTXHWRGRVQyVWHPRVGHTXHQmR
VHUHPRVFRQVLGHUDGRVFULPLQRVRVSRUWHUPRVIHLWRDOJXPD
F DVREHUDQLDGRVYHUHGLFWRV
DVREHUDQLDGRVYHUHGLFWRV FRLVDVHQmRKDYLDXPDOHLDQWHULRUTXHQRVDYLVDVVHTXH
WDOFRQGXWDHUDFULPLQRVD
G D FRPSHWrQFLD
FRPSHWrQFLD SDUD
SDUD R MXOJDPHQWR
MXOJDPHQWR GRV
FULPHVGRORVRVFRQWUDDYLGD
FULPHVGRORVRVFRQWUDDYLGD 2PHVPRSULQFtSLRpYiOLGRSDUDDDSOLFDomRGHSHQD
FDVWLJR  3DUD TXH VRIUDPRV TXDOTXHU SHQD PXOWD RX
2 7ULEXQDO GR -~UL p XP HVSHFLDOtVVLPR yUJmR GD FDGHLD pQHFHVViULRTXHKDMDXPDOHLDQWHULRUSUHYHQGR
-XVWLoDeFRPSRVWRGHIRUPDPLVWDSRUXP-XL] WRJD WDOSHQDSDUDDTXHODFRQGXWD$VVLPVHDOHLGL]TXHSDUD
GR TXHRSUHVLGHPDVDHVVrQFLDGHVHXMXOJDPHQWRp WDOFULPHDSHQDpRSDJDPHQWRGHPXOWDHQyVFRPHWH
SURIHULGDSRUSHVVRDVGRSRYR VHWHMXUDGRV HOHVpTXH PRVRFULPHVyVHUHPRVFRQGHQDGRVDRSDJDPHQWRGD
GLUmR VH R UpX p FXOSDGR RX LQRFHQWH UHVSRQGHQGR PXOWDPHVPRTXHXPDOHL GHSRLVGRIDWR GLJDTXHD
VHFUHWDPHQWHDYiULDVSHUJXQWDVTXHOKHVIDUiR-XL]3UH
SHQDSDUDRFULPHVHUiGHDQRV
VLGHQWH
;/ DOHL
OHLSHQDO
SHQDOQmR
QmRUHWURDJLUi
UHWURDJLUiVDOYR
VDOYRSDUD
SDUDEHQHILFLDU
27ULEXQDOGR-~ULVySRGHMXOJDURVFULPHVG GRORVRV
RUpX
FRQWUDDYLGD
FRQWUDDYLGDRXVHMDKRPLFtGLRVDERUWRVLQIDQWLFtGLRV
DYLGD
H DX[tOLR RX LQGX]LPHQWR RX LQVWLJDomR  DR VXLFtGLR
&ODUR TXH VHUmR MXOJDGRV WDQWR RV DXWRUHV FRPR RV (VWH GLVSRVLWLYR FRPSOHPHQWD R DQWHULRU $ OHL TXH
FRDXWRUHV TXHPPDQGDDMXGDHWF  GLVS}HVREUHPDWpULDSHQDO SUHYHQGRFULPHVHHVWDEHOH
FHQGRSHQDV QmRSRGHUiYROWDUQRWHPSR UHWUR YROWDU
$QRWHEHPDSHQDVRVFULPHVGRORVRV
GRORVRVHFRQWUDDYLGD
GRORVRV DWUiV HLQFLGLUVREUHIDWRVDQWHULRUHV
'RORVR p R FULPH FRPHWLGR FRP LQWHQomR GLUHWD RX
LQGLUHWD 6LJQLILFDTXHRVFULPHVFXOSRVRVFRQWUDDYLGD 0DVDSUySULD&RQVWLWXLomRHVWDEHOHFHDH[FHomRVHD
QmRVHUmRMXOJDGRVSHORM~UL H[HPSORRKRPLFtGLRSRU
QmR OHLQRYDEHQHILFLDUDRUpXHQWmRHODSRGHUiVHUDSOLFDGD
DWURSHODPHQWRDFLGHQWHGHFDUURDFLGHQWHGRWUDEDOKR VREUHRVIDWRVDQWHULRUHV$VVLPSH[VHXPDOHLHVWDEHOH
RODWURFtQLRpFULPHFRQWUDRSDWULP{QLRHQmRFRQWUDD FLDXPDSHQDGHDQRVSDUDTXHPFRPHWHVVHXPFULPH
YLGDQmRpMXOJDGRSHORM~UL  TXDOTXHUTXHPSUDWLFDURFULPHVHUiFRQGHQDGRDDQRV
0DVVHXPDQRYDOHLVREUHYpPHHVWDEHOHFHTXHWDOFULPH
$ &RQVWLWXLomR GHWHUPLQD TXH WRGR UpX XPD YH] Vy VHUi SXQLGR FRP  DQR HVVD QRYD OHL VHUi DSOLFDGD
VXEPHWLGR D MXOJDPHQWR SHUDQWH R 7ULEXQDO GR -~UL jTXHOHFRQGHQDGRDFRQGHQDomRDDQRVVHUiFRUULJLGD
GHYHUiWHUDPSODGHIHVDRXVHMDVHXDGYRJDGRGHYHUiWHU SDUDDQRDSHQDV HPERUDRIDWRHDFRQGHQDomRIRVVHP
WRGDV DV RSRUWXQLGDGHV SDUD GHIHQGrOR VHMD ID]HQGR GDpSRFDGDOHLYHOKD 
DOHJDo}HVVHMDSURGX]LQGRSURYDVVHMDUHFRUUHQGRHWF
'HILQLWLYDPHQWHDOHLSHQDOVyUHWURDJHSDUDEHQHILFLDU
2V MXUDGRV SRU VXD YH] SDUD TXH QmR VHMDP YLVWRV DRVUpXV3DUDSUHMXGLFDUQXQFD
FRPRFRQGHQDGRUHVRXEDQDQDVHQILPSDUDTXHQmR
VHMDP MXOJDGRV SHOD RSLQLmR DOKHLD HP UD]mR GH VHX ;/9, DOHL
OHLUHJXODUi
UHJXODUiDLQGLYLGXDOL]DomR
LQGLYLGXDOL]DomRGD
GDSHQD
SHQDHDGR
YHUHGLFWRHWDPEpPSDUDTXHQmRVHMDPSHUVHJXLGRV WDUiHQWUHRXWUDVDVVHJXLQWHV
HPUD]mRGHOHWHUmRVHPSUHRGLUHLWRGHYRWDUHPVHFUHWD
VHFUHWD
PHQWHGLUmRVHFRQGHQDPRXDEVROYHPGHIRUPDVHFUHWD
PHQWH D SULYDomRRXUHVWULomRGDOLEHUGDGH
FRORFDPXPDFpGXODVLPRXQmRQXPDXUQDVHFUHWD  E SHUGDGHEHQV
F PXOWD
$ VREHUDQLD GRV YHUHGLFWRV p QRYLGDGH GHVVD &RQV
G SUHVWDomRVRFLDODOWHUQDWLYD
WLWXLomRVLJQLILFDTXHDVGHFLV}HVGR-~ULQmRSRGHUmRVHU
H VXVSHQVmRRXLQWHUGLomRGHGLUHLWRV
UHIRUPDGDVSHOR7ULEXQDOGH-XVWLoDPHVPRTXHFRQWUDUL
HP DV SURYDV GRV DXWRV RX j SUySULD OHWUD GD OHL 2
7ULEXQDOGH-XVWLoDQmRSRGHUiDEVROYHURUpXVHR-~ULR $&RQVWLWXLomRDSHQDVGHILQHTXHDSHQDVHUiDSOLFDGD
FRQGHQRX1HPSRGHUiFRQGHQiORVHR-~ULRDEVROYHX LQGLYLGXDOPHQWHRXVHMDHPIXQomRGDSHUVRQDOLGDGHGH
&DVRR7ULEXQDOGH-XVWLoDHQWHQGDTXHRYHUHGLWR-~ULp FDGD LQGLYtGXR H UHVSHFWLYD QHFHVVLGDGH TXH D SHQD VH
FRQWUiULR jV SURYDV R Pi[LPR TXH SRGHUi ID]HU VHUi DMXVWHjVXDUHHGXFDomR
GHWHUPLQDDUHDOL]DomRGHXPQRYRQRYR-XOJDPHQWRSHOR-~UL
QRYR
FRPRXWURV-XUDGRV  6mR GHILQLGDV WDPEpP DV HVSpFLHV GH SHQD D 
D D
SULYDomRRXUHVWULomRGHOLEHUGDGHpDFDGHLDRXDSULVmR
;;;,; QmR
QmR Ki
Ki FULPHVHPOHLDQWHULRUTXHRGHILQD
FULPHVHPOHLDQWHULRUTXHRGHILQD DOEHUJXH E
E DSHUGDGHEHQVpXPDVDQomRTXHDSHQDV
E
QHPSHQDVHPSUpYLDFRPLQDomROHJDO DWLQJLUiDVDUPDVHLQVWUXPHQWRVGRFULPHEHPFRPRRV
SURYHLWRVHSURYHQWRVGDLQIUDomRYLVDDSHQDVDLPSHGLU
&ULPH p R TXH D OHL
OHL GHILQH FRPR FULPH 4XDOTXHU TXHRFULPLQRVRDFDEHOHYDQGRYDQWDJHPFRPRFULPH
FRQGXWDSRUPDLVLPRUDOTXHSRVVDVHUFRQVLGHUDGDQmR F DPXOWDpDLPSRVLomRGHSDJDPHQWRGHXPDTXDQWLD
F
VHUiFRQVLGHUDGDFULPLQRVDVHQmRKRXYHUXPDOHLTXH GHSHQGHQGRGRWLSRGHLQIUDomRPDLVHILFLHQWHpID]HUR
GLJDTXHWDOIDWRFRQVWLWXLFULPH (QmREDVWDTXHXPDOHL FULPLQRVRVHQWLURFDVWLJRQRSUySULREROVRQmRUDUR
GHFODUHRIDWRFULPLQRVReQHFHVViULRWDPEpPTXHWDOOHL VHXyUJmRPDLVVHQVtYHO  G DSUHVWDomRVRFLDODOWHUQDWL
G
VHMDDQWHULRU
DQWHULRUjSUiWLFDGRIDWR
DQWHULRU YDYLVDDREULJDURFULPLQRVRDXPWUDEDOKRHPTXHHOH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

WHPPHOKRUFRQWDFWRFRPDQHFHVVLGDGHGHVHUHVSHLWDU 6XFHGHHQWUHWDQWRTXHSRUKDYHUR%UDVLODVVLQDGRj
DRV YDORUHV H QHFHVVLGDGHV GD FRQYLYrQFLD VRFLDO H &RQYHQomR$PHULFDQDGH'LUHLWRV+XPDQRVFRQKHFLGD
ILQDOPHQWHD H VXVSHQVmRRXLQWHUGLomRGHGLUHLWRVp
H FRPR´3DFWRGH6mR-RVpGD&RVWD5LFDµTXHQR$UWž
XPDHVSpFLHGHSHQDHPTXHVHSURtEHRFULPLQRVRGH QžFFRDUWSURtEHRDSULVLRQDPHQWRGRGHSRVLWiULR
H[HUFLWDU DLQGD TXH WHPSRUDULDPHQWH  DOJXP GLUHLWR LQILHO³QmRPDLVVXEVLVWHQRVLVWHPDQRUPDWLYREUDVLOHL
LPSRUWDQWH GLULJLUYHtFXORVSRUH[HPSORSRUXPDQR URDSULVmRFLYLOSRULQILGHOLGDGHGHSRVLWiULDLQGHSHQGHQ
jTXHOHTXHFRPDFHQWXDGDFXOSDSURYRFRXXPDJUDYH WHPHQWH GD PRGDOLGDGH GH GHSyVLWR (VVD GLVSRVLomR
FROLVmRPDWDQGRPXLWRV  LQFRUSRUDVHDRRUGHQDPHQWRFRQVWLWXFLRQDOQDIRUPDGRV
††žHžGRDUWž&)
;/9 QHQKXPD
QHQKXPDSHQD
SHQDSDVVDUi
SDVVDUiGD
GDSHVVRD
SHVVRDGRFRQGHQD
GR
GR SRGHQGR
SRGHQGR D REULJDomR
REULJDomR GH
GH UHSDUDURGDQRH
UHSDUDURGDQRH
D GHFUHWDomR
GHFUHWDomR GR
GR SHUGLPHQWR
SHUGLPHQWR GHGH EHQV
EHQV VHU
VHU QRV 2XWUDV*DUDQWLDVj6HJXUDQoD3HVVRDO
WHUPRV
WHUPRVGD
GDOHL
OHLHVWHQGLGDV
HVWHQGLGDVDRV
DRVVXFHVVRUHV
VXFHVVRUHVHFRQ
WUD
WUD HOHV
HOHV H[HFXWDGDV
H[HFXWDGDV DWp
DWp R OLPLWH
OLPLWH GR
GR YDORU GR  9HGDomRGD3HQD3HUSpWXD
SDWULP{QLRWUDQVIHULGR
SDWULP{QLRWUDQVIHULGR
1HQKXPD SHQD
SHQD QR %UDVLO VHUi HWHUQD
WHUQD (QILP QmR
e D LQWUDQVFHGrQFLD GD SHQD 2 FRPHWLPHQWR GH
KDYHUiPDOQHPRPDOOHJDOMXVWRTXHXPGLDQmR
TXDOTXHULQIUDomRpXPDWRVXEMHWLYRSHORTXDOVyGHYH
ILQGDUi6yDVVLPVHDVVHJXUDRILRGHYLGDHHVSHUDQoD
UHVSRQGHURSUySULRLQIUDWRU1HQKXPDFXOSDWHUmRVHXV
TXHKiGHHVWDUSUHVHQWHHPWRGRVHUKXPDQRSDUDTXH
IDPLOLDUHVRXSDUHQWHV/RJRQmRSRGHPVHUUHVSRQVDELOL
VHQmRWUDQVIRUPHQXPWUDSR23URI0$12(/*21d$/
]DGRV
9(6)(55(,5$),/+2SRQGHUDTXHDLPSUHVFULWLELOLGDGH
FULPLQDOUHSXJQDjVHQVLELOLGDGHGDFRPXQLGDGHMXUtGLFD
,VWRHQWUHWDQWRQmRSHUPLWLUiTXHXPDSHVVRDURXEH
8PVLVWHPDMXUtGLFRHTXLOLEUDGRQmRGHYHULDFRQVDJUDUXPD
PXLWR QHPFRPRODGUmR]LQKRQHPFRPRDGPLQLVWUDGRU
VLWXDomRGHLQFHUWH]DLQGHWHUPLQDGD&RQILJXUDXPFRQWUD
S~EOLFR  H PRUUHQGR VHXV KHUGHLURV ILTXHP FRP D
IRUWXQD VHQVRDRODGRGDGLVSRVLomRTXHSUHVFUHYHDLQH[LVWrQFLDGH
SHQDV GH FDUiWHU SHUSpWXR DUWž ;/9,, E  6H D SHQD
7RGRFULPHGiFDXVDDXPDLQGHQL]DomR2GDQRSHOR GHYHUiWHUGXUDomRGHWHUPLQDGDDSRVVLELOLGDGHGHHIHWLYD
FULPHGHYHVHUUHSDUDGR2VKHUGHLURVHVXFHVVRUHVGR omRGDSXQLomRSHQDOQmRGHYHULDVHUSHUSpWXD LQ
&XUVR
ODGUmR]LQKR QmR VHUmR SXQLGRV FULPLQDOPHQWH 0DV GH'LUHLWR&RQVWLWXFLRQDO
HG6DUDLYDS 
SRGHUmRSHUGHUDWpWXGRRTXHGHOHUHFHEHUDPeTXHWDO
SDWULP{QLRGHYHUiVHUXWLOL]DGRSDUDSDJDUDVLQGHQL]D $UWž;/9,, QmRKDYHUiSHQDV
o}HVGHYLGDVSHORVFULPHVFRPHWLGRV 

(VVDREULJDomRGHSDJDUDVLQGHQL]Do}HVQmRSRGHUi E GHFDUiWHUSHUSpWXR
VHUVXSHULRUDRYDORUGRSDWULP{QLRKHUGDGR6HSXGHVVH
VHUPDLRUHQWmRRKHUGHLUR RXVXFHVVRU HVWDULDSDJDQGR
SHORFULPHGRRXWUR(LVVRQmRpMXVWR DILQDOQLQJXpP  9HGDo}HVj([WUDGLomR
WHPFXOSDGHVHUSDUHQWH 
'HYHVHWRGDYLDGHVWDFDUHQWUHRVSULQFtSLRVUHODWLYRV
 ;/9,, QmRKDYHUiSHQDV j VHJXUDQoD HP PDWpULD SHQDO R GD QmRH[WUDGLomR GH
HVWUDQJHLURHPUD]mRGHFULPHSROtWLFRRXGHRSLQLmRHHP
D GH
GHPRUWHVDOYRHPFDVRGHJXHUUD
PRUWHVDOYRHPFDVRGHJXHUUDGHFOD FDVR DOJXP GH EUDVLOHLUR LQFV /, H /,,  'H LPSRUWkQFLD
UDGDQRVWHUPRVGRDUW;,; WDPEpP VHULD R GD DVVLVWrQFLD MXGLFLiULD SHOR (VWDGR DRV
E GHFDUiWHUSHUSpWXR QHFHVVLWDGRVVHRLQF/;;,9QmRRHQFDUDVVHFRPRPHUD
F GHWUDEDOKRVIRUoDGRV FRQFHVVmRGRSRGHUS~EOLFRpDREVHUYDomRGR3URI0$12
G GHEDQLPHQWR (/ *21d$/9(6 )(55(,5$ ),/+2 ³ LQ
&XUVR GH 'LUHLWR
H FUXpLV &RQVWLWXFLRQDO
HG6DUDLYDS 

1mRFRQWHQWHSRUMiKDYHUOLPLWDGRDVSHQDVDSOLFiYHLV /, QHQKXP EUDVLOHLUR VHUi H[WUDGLWDGR VDOYRR


H LPSOLFLWDPHQWH SURLELU DV GHPDLV D &RQVWLWXLomR QDWXUDOL]DGRHPFDVRGHFULPHFRPXPSUDWL
QDWXUDOL]DGRHPFDVRGHFULPHFRPXPSUDWL
H[SUHVVDPHQWHGHL[RXFODURTXHQmRDGPLWLUiSHQDGH FDGR
FDGRDQWHV
DQWHVGD
GDQDWXUDOL]DomR
QDWXUDOL]DomRRX
RXGH
GHFRPSURYD
PRUWH VRPHQWHHPFDVRGHJXHUUDVHUiSRVVtYHO QHP GR
GRHQYROYLPHQWRQRWUiILFRLOtFLWRGHHQWRUSH
HQYROYLPHQWRQRWUiILFRLOtFLWRGHHQWRUSH
SHQD SHUSpWXD HWHUQD  QHP GH WUDEDOKRV IRUoDGRV FHQWHVHGURJDVDILQVQRIRUPDGDOHL
SURLELX WDPEpP R EDQLPHQWR H[SXOVmR GR SDtV  H DV
SHQDV FUXpLV DTXHODV TXH WUD]HP VRIULPHQWR ItVLFR RX /XJDUGHEUDVLOHLURFULPLQRVRRXQmRpQR%UDVLO6H
PRUDOGHVXPDQR  QmRSUHVWDYDL SDUDDFDGHLDPDVSDUDDQRVVDFDGHLD
1RVVRILOKRHPQRVVDFDVD1HPREUDVLOHLURQDWXUDOL]DGR
$UWž/;9,, QmR
QmRKDYHUi
KDYHUiSULVmR
SULVmRFLYLO
FLYLOSRU
SRUGtYLGDVDOYRDGR
GtYLGDVDOYRDGR SRGHUiVHUPDQGDGRHPERUD$&RQVWLWXLomRVyDXWRUL]D
UHVSRQViYHO
UHVSRQViYHOSHOR
SHORLQDGLPSOHPHQWR
LQDGLPSOHPHQWRYROXQWiULR DH[WUDGLomR HQYLRSDUDXPSDtVGRH[WHULRUTXHRSHGLX
HLQHVFXViYHO
LQHVFXViYHOGH
GHREULJDomR
REULJDomRDOLPHQWtFLD
DOLPHQWtFLDHDGR VH R EUDVLOHLUR QDWXUDOL]DGR  FRPHWHX DOJXP FULPH
GHSRVLWiULRLQILHO FRPXPHDQWHVGHWHUVLGRQDWXUDOL]DGR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

2XWUD  KLSyWHVH p D GH KDYHU FRPHWLGR WUiILFR GH 2UDFLVPRpXPDRGLHQGDGLVFULPLQDomRTXHRVJUXSRV


HQWRUSHFHQWHV SDUDHVVHFULPHQmRKiFRQGHVFHQGrQFLD  GRPLQDQWHVID]HPFRQWUDDVHWQLDV UDoDV PLQRULWiULDV
(VWD~OWLPDKLSyWHVHKDYHUiXPDOHLSUHYHQGRDVFRQGL 6HMDDGREUDQFRFRQWUDRQHJUR RXYLFHYHUVD VHMDFRQ
o}HVSDUDDH[WUDGLomRGREUDVLOHLURQDWXUDOL]DGR WUDRDPDUHORRXRtQGLRQmRVHDGPLWLUiDGLVFULPLQDomR
 UDFLVWD%HPDQGRXD&RQVWLWXLomRHPQmRDSHQDVSURLELU
/,, QmR
QmR VHUi
VHUi FRQFHGLGD
FRQFHGLGD H[WUDGLomR
H[WUDGLomR GHHVWUDQJHLUR
GHHVWUDQJHLUR FRQVLGHUDQGRRFULPH RUDFLVPRFRPRHPHOHYiORj
SRUFULPHSROtWLFRRXGHRSLQLmR FRQGLomRGHFULPHLQDILDQoiYHO6LJQLILFDTXHTXHPIRU
DSDQKDGR H IODJUDQWH GHOLWR FRPHWHQGR R FULPH GH
7DQWRRFULPHSROtWLFRFRPRRGHRSLQLmRPXLWRPDLV UDFLVPRQmRSRGHUiSDJDUXPDILDQoDSDUDUHVSRQGHUDR
UHIOHWHP XPD VHQVLELOLGDGH LGHROyJLFD RX SROtWLFD GH SURFHVVRHPOLEHUGDGH
JRYHUQDQWHVWUDQVLWyULRVRFXSDQWHVGRSRGHUGHXPSDtV
GRTXHSURSULDPHQWHXPDFRQGXWDUHSURYiYHOVHJXQGR 1mREDVWDVVHHVVHDVSHFWRSDUDHQIDWL]DUDJUDYLGDGH
RVHQVRFRPXPGRVSRYRV GR GHOLWR D &RQVWLWXLomR DLQGD GHWHUPLQRX TXH D SHQD
GHYHUiVHUGHUHFOXVmR DTXHODHPTXHQHFHVVDULDPHQWH
6mRQDYHUGDGHFULPHVTXHVyH[LVWHPSDUDSURWHJHU RFRQGHQDGRILFDHPLVRODPHQWRFHOXODU QXPSHUtRGR
DRV LQWHUHVVHV GDV DXWRULGDGHV  SROtWLFDV GH XP SDtV LQLFLDOGRFXPSULPHQWRGDSHQD
(QWUHJDUXPHVWUDQJHLURDHOHVSRUWDLVFULPHVVHULDD
FRYDUGLDGHHQWUHJDURFKDSHX]LQKRYHUPHOKRDRORER ;/,9FRQV
FRQVWLWXLFULPHLQDILDQoiYHOHLPSUHVFULWtYHOD
FRQVWLWXLFULPHLQDILDQoiYHOHLPSUHVFULWtYHOD
PDX1R%UDVLOWUDGLFLRQDOPHQWHVyVmRH[WUDGLWDGRVRV DomR
DomR GH
GH JUXSRV
JUXSRV DUPDGRV FLYLV RX PLOLWDUHV
HVWUDQJHLURV TXH FRPHWHP FULPH FRPXP DTXHOHV TXH FRQWUD
FRQWUD D RUGHP
RUGHP FRQVWLWXFLRQDO
FRQVWLWXFLRQDO H R (VWDGR
WRGDVDVVRFLHGDGHVGHWRGRVRVSDtVHVHQWHQGHPFULPL 'HPRFUiWLFR
QRVDDFRQGXWD 
(VWHpXPDOHUWDDRVH[WUHPLVWDVTXHSRVDPSUHWHQGHU
&ULPHGHRSLQLmRRXFULPHSROtWLFRpPHUDTXHVWL~QFX GDUXPJROSHGHHVWDGR
ODGHGLVVLGrQFLDSROtWLFDTXHVyHQDOWHFHDSHVVRDSRUWHU
WLGRDFRUDJHPGHHQIUHQWDUHVHUGLVVLGHQWHGRVJRYHU 1mR SRGHUmR SHUGHU GH YLVWD R TXH DFRQWHFHX QD
QDQWHV $UJHQWLQDHPTXHDWpJHQHUDLVIRUDPFRQGHQDGRVSRU
FULPHVFRQWUDDVRFLHGDGH$&RQVWLWXLomRTXHFRQILDD
6HJXUDQoDj$VVLVWrQFLD-XUtGLFD DOJXQVRSRGHUGHPDQLSXODomRGHDUPDVQmRDGPLWHTXH
TXDOTXHUDomRDUPDGDVHMDSURPRYLGDSRUFLYLVVHMDSRU
/;;,9 R (VWDGR SUHVWDUiDVVLVWrQFLDMXUtGLFD PLOLWDUHV DWHQWH FRQWUD D RUGHP FRQVWLWXFLRQDO H QRVVD
LQWHJUDO
LQWHJUDO H JUDWX
JUDWXLWD
LWD DRV
DRV TXH
TXH FRPSURYDUHP GHPRFUDFLD
LQVXILFLrQFLDGHUHFXUVRV
$&RQVWLWXLomRGHWHUPLQDUiTXHRVSREUHVQmRILTXHP 4XHP R IL]HU PHVPR TXH FRQTXLVWH R SRGHU KRMH
VHPDVVLVWrQFLDMXUtGLFDeGHYHUGR(VWDGR SRGHUS~EOL DPDQKmTXDQGRFDLUUHVSRQGHUiSHORTXHIH]eTXHWDO
FR  SUHVWDU HVVD DVVLVWrQFLD DUUXPDU DGYRJDGR DRV IDWR FRQVWLWXL FULPH QmR DSHQDV LQDILDQoiYHO FRPR
SREUHV  JUDWXLWDPHQWH $VVLP VH XPD SHVVRD SUHFLVDU WDPEpP LPSUHVFULWtYHO LVWR p QmR FDGXFD QXQFD
SURPRYHU XPD DomR TXDOTXHU H QmR WLYHU GLQKHLUR 3RGHUiSDVVDUPHLRVpFXORRXPDLVHXPGLDDVUHVSRQVD
EDVWDUi TXH SURFXUH R 3RGHU 3~EOLFR H HQFRQWUDUi XP ELOLGDGHVSRGHUmRVHUFREUDGDV
DGYRJDGR j VXD GLVSRVLomR  SDUD OKH GDU WRGD D DVVLV
WrQFLDMXUtGLFD1R(VWDGRGH6mR3DXORSH[D3URFXUD )LFDSRLVDDGYHUWrQFLDFRQVWLWXFLRQDODRVH[WUHPLVWDV
GRULD GH $VVLVWrQFLD -XGLFLiULD yUJmR GD 3URFXUDGRULD GDIRUoDIDUGDGRVRXVHPIDUGDVTXHQmRHVFDSDUmRGDV
*HUDOGR(VWDGRSUHVWDGHKiPXLWR HFRPPXLWDHILFLrQ UHVSRQVDELOLGDGHV FULPLQDLV SRU DWHQWDUHP FRQWUD D
FLD HVVHVHUYLoR RUGHP FRQVWLWXFLRQDO H GHPRFUiWLFD 'RUDYDQWH SDUD
FRQTXLVWDURSRGHUVySHODYRQWDGHGRSRYR

6HJXUDQoDFRQWUD'LVFULPLQDo}HV
H*ROSHVGH(VWDGR
H*ROSHVGH(VWDGR
*ROSHVGH(VWDGR
'LUHLWRj3URSULHGDGH
5HJLVWUD R 3URI0$12(/ *21d$/9(6 )(55(,5$
),/+2TXH1RDImGHWHQWDUFRLELUGHWHUPLQDGRVFULPHV
FRPR D SUiWLFD GH UDFLVPR H D DomR GH JUXSRV FLYLV RX 2 0HVWUH -26e $)2162 '$ 6,/9$ DQRWH TXH 2
PLOLWDUHVFRQWUDDRUGHPFRQVWLWXFLRQDOHR(VWDGRGHPRFUi UHJLPHMXUtGLFRGDSURSULHGDGHWHPVHXIXQGDPHQWRQD&)
WLFRWRUQRXRVFULPHVLQDILDQoiYHLVHLPSUHVFULWtYHLV DUWž (VWDJDUDQWHRGLUHLWRGHSURSULHGDGHGHVGHTXHHVWHDWHQGD
LQFV;/,,H;/,9  LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO
 VXDIXQomRVRFLDO LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR

HG6DUDLYDS  HG6DUDLYDS 

;/,, DSUiWLFD
SUiWLFDGR
GRUDFLVPR
UDFLVPRFRQVWLWXL
FRQVWLWXLFULPHLQDILDQoi $UWž;;,, pJDUDQWLGRRGLUHLWRGHSURSULHGDGH
YHO
YHOHLPSUHVFULWtYHO
LPSUHVFULWtYHOVXMHLWR
VXMHLWRjSHQD
SHQDGH
GHUHFOXVmR
QRVWHUPRVGDOHL 6H R WUDEDOKR JDUDQWH D GLJQLGDGH KXPDQD QmR p
PHQRV FHUWR TXH R SURGXWR GR WUDEDOKR JDUDQWH QRVVD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

VREUHYLYrQFLD SUHVHQWH H IXWXUD ( WRGRV EXVFDPRV XP (PTXDOTXHUGHVVDVKLSyWHVHV> D QHFHVVLGDGHS~EOL


PtQLPR GH VHJXUDQoD PDWHULDO SDUD D WUDQTXLOLGDGH GH FD RX E  XWLOLGDGH S~EOLFD RX ‹ LQWHUHVVH VRFLDO  R
QRVVDYHOKLFHHGHQRVVDIDPtOLD SURSULHWiULR VHUi VHPSUH LQGHQL]DGR (VVD LQGHQL]DomR
GHYHUiVHUSDJDDQWHV
DQWHVGHOKHVHUWRPDGDDSURSULHGDGHH
DQWHV
1LQJXpPWUDEDOKDHSURGX]DSHQDVSDUDID]HUH[HUFt VHUiREULJDWRULDPHQWHHP HPGLQKHLUR
HP GLQKHLUR,PSRUWDQWHSRUpP
FLR ItVLFRRXPHQWDO 1RVVDFDSDFLGDGHGHSURGXomRp pGHTXHGHYHUiVHUMXVWD
MXVWDRXVHMDR*RYHUQRQmRSRGHUi
MXVWD
WDPEpP HVWLPXODGD SHOD SRVVLELOLGDGH GH VH UHIOHWLU QD SDJDU PHQRV GR TXH YDOH D SURSULHGDGH VHJXQGR RV
DTXLVLomRGHYDQWDJHQVPDWHULDLV FULWpULRVWpFQLFRVGHDYDOLDomR

$SURSULHGDGHUHSUHVHQWDWRGRXPSDWULP{QLRGHOXWD 1RXWUDVSDODYUDVHPERUDDFRQVWLWXLomRWHQKDSHUPLWL
WUDEDOKRHGHGLFDomRTXHQmRSRGHPRVDFHLWDUGLVWULEXLU GR TXH WDLV LQWHUHVVHV VH VREUHSXVHVVHP DR GLUHLWR GH
FRPYDJDEXQGRVTXHQXQFDVHGLVSXVHUDPDXPPtQLPR SURSULHGDGH QD YHUGDGH HVWH IRL SURWHJLGR SRLV R
HVIRUoReSRULVVRTXHDFRQVWLWXLomRSURWHJHDSURSULHGD SURSULHWiULR UHFHEHUi GLQKHLUR VXILFLHQWH SDUD DGTXLULU
GH SUHVHUYDU R HVWtPXOR DR WUDEDOKR H j FRQWULEXLomR XPDRXWUDSURSULHGDGH
VRFLDO
$UWž;;9 QRFDVRLPLQHQWH
QRFDVRLPLQHQWHSHULJR
SHULJRS~EOLFRDDXWRULGD
$UWž;;,,, DSURSULHGDGHDWHQGHUiDVXDIXQomRVRFLDO GH FRPSHWHQWHSRGHUiXVDUGHSURSULHGDGH
SDUWLFXODUDVVHJXUDGDDRSURSULHWiULRLQGHQL
SDUWLFXODUDVVHJXUDGDDRSURSULHWiULRLQGHQL
1mRVHUiSHORIDWRGHXPDFRLVDVHUQRVVDTXHSRGHUH ]DomRXOWHULRUVHKRXYHUGDQR
PRV ID]HU FRP HOD R TXH TXLVHUPRV 1LQJXpP SRGHUi
GL]HUDID]HQGDpPLQKDHQHODHXSODQWRRTXHTXLVHU ,PDJLQHYRFrTXHQXPDFLGDGH]LQKDTXDOTXHUKDMD
LQFOXVLYHHUYDGDQLQKDRXPDFRQKD XPWHUUHQRRXGHVWUXLQGRRXWRUQDQGRLQDELWiYHODVFDVDV
WRGDV ¢OHPEUDVH GD JUDQGH HURVmR GH &DMDPDU" 8P
$OLEHUGDGHGHGLVSRUGDSURSULHGDGH PRELOLiULDRX HQRUPHEXUDFmRVXUJLXHFRPHoRXDWUDJDUDVFDVDVGD
LPRELOLiULD pDPSODPDVQmRpDEVROXWDeDPSODSRUTXH FLGDGH SHVVRDVILFDUmRGHVDORMDGDVHWRGDDiUHD
SRGHUHPRVID]HUFRPDSURSULHGDGHRTXHGHUHPQRVVR FLWDGLQDHVWiVREULVFR1HVVDKLSyWHVHSRGHUiRSUHIHLWR
QDUL]0DVpUHODWLYDSRUTXHHPQRVVRQDUL]Vy Vy
Vy SRGH GHWHUPLQDUTXHVHMDRFXSDGDXPDID]HQGDSUy[LPDHQHOD
GDUDTXLORTXHIRUGRLQWHUHVVHVRFLDO6LJQLILFDTXHWRGD
GDU VHMDP OHYDQWDGDV EDUUDFDV FRQVWUXLQGRVH XP HQRUPH
SURSULHGDGHGHYHUiVHUXWLOL]DGDSHORSURSULHWiULRFRPR DFDPSDPHQWRHPTXHVHUmRDORMDGDVDVSHVVRDV
HOH TXLVHU PDV VHMD TXDO IRU VXD RSomR GHYHUi HOD
DWHQGHUjVXDIXQomRVRFLDORXVHMDSURGX]LUDOJRGH~WLO (VWDUi QHVVD HPHUJrQFLD D SURSULHGDGH SDUWLFXODU
jFRQYLYrQFLDVRFLDO 1HVVHWHPSRWRGRRID]HQGHLURILFDUiSULYDGRGRXVRH
JR]RGHVXDID]HQGD(RSUHIHLWRQHPSUHFLVDUiSDJDU
6HDSURSULHGDGHQmRDWHQGHUDIXQomRVRFLDOSRGHUi TXDOTXHULQGHQL]DomRSHORXVR(VWDVyVHUiGHYLGDFDVR
SHUGrODRSURSULHWiULRVHMDSRUGHVDSURSULDomR VHXPD KDMD DOJXP GDQR SUHMXt]R  GHVWUXLQGR RX HVWUDJDQGR
ID]HQGDHVWLYHUDEDQGRQDGDVHUiGHVDSURSULDGDSDUDXPD DOJXPDFRLVD(RSDJDPHQWRGHVVDLQGHQL]DomRVyVHUi
UHIRUPDDJUiULD VHMDDWpSRUFRQILVFR VHQHODVHFRPHWHU IHLWRDSHQDVGHSRLV
GHSRLV ¢OHPEUDVHTXHQDGHVDSURSULDomRR
GHSRLV
FULPHGHSODQWDUPDFRQKDVHUiFRQILVFDGD  SDJDPHQWRpSUpYLR" 

$UWž;;9, DSHTXHQD
SHTXHQDSURSULHGDGH
SURSULHGDGHUXUDODVVLPGHILQLGD
UXUDODVVLPGHILQLGD
'LUHLWRGH3URSULHGDGH;'HVDSURSULDomR
'LUHLWRGH3URSULHGDGH; HP
HP OHL
OHL GHVGH
GHVGH TXH
TXH WUDE
WUDEDOKDGD
DOKDGD SHOD
SHOD IDPtOLD
QmRVHUiREMHWRGHSHQKRUD
QmRVHUiREMHWRGHSHQKRUDSDUDSDJDPHQWR
$UWž;;,9 DOHL HVWDEHOHFHUi R SURFHGLPHQWRSDUD
GH
GHGpELWRV
GpELWRVGHFRUUHQWHV
GHFRUUHQWHVGHGHVXD
VXDDWLYLGDGH
DWLYLGDGHSUR
GHVDSURSULDomRSRUQHFHVVLGDGHRXXWLOLGDGH
GHVDSURSULDomR SRUQHFHVVLGDGHRXXWLOLGDGH GXWLYD
GXWLYD GLVSRQGR
GLVSRQGR D OHL
OHL VREUH
VREUH RV
RV PHLRV
PHLRV GH
S~EOLFD
S~EOLFDPHGLDQWH
PHGLDQWHMXVWD
MXVWDHSUpYLD
SUpYLDLQGHQL]DomR
ILQDQFLDURVHXGHVHQYROYLPHQWR
HP
HP GLQKHLUR
GLQKHLUR UHVVDOYDGRV RV FDVRV SUHYLVWRV
QHVWD&RQVWLWXLomR
0XLWRV VmR RV FDPSRQHVHV TXH WHQGR PHLR XP RX
GRLV KHFWDUHV GH WHUUD FXOWLYDPQR H GDOL UHWLUDP VHX
0XLWRHPERUDD&RQVWLWXLomRSURWHMDDSURSULHGDGH
VXVWHQWR'HVQHFHVViULRGL]HUTXHPDOSURGX]HPSDUDD
HVVDSURWHomRFRPRMiYLPRVQmRpDEVROXWD3RGHUiR
SUySULD VREUHYLYrQFLD GD IDPtOLD ( SDUD SODQWDUHP
JRYHUQRWRPDUDSURSULHGDGHGHDOJXpPVHGHODHVWLYHU
SUHFLVDPFRPSUDUVHPHQWHVHLQVWUXPHQWRV RXPDTXL
SUHFLVDQGR SDUD DWHQGHU D XPD QHFHVVLGDGH S~EOLFD D
QiULRV  DJUtFRODV 6HP GLQKHLUR EXVFDP QRV EDQFRV R
FRQVWUXomRGHXPDUHSUHVDREULJDUiRDODJDPHQWRGHXPD
ILQDQFLDPHQWRTXHH[LJHPFRPRJDUDQWLDGRSDJDPHQWR
ID]HQGDREULJDQGRVHMDHODGHVDSURSULDGD RXVHKRXYHU
DSHTXHQLQDSURSULHGDGHUXUDO6HQmRFKRYHUQmRKDYHUi
XPD VLWXDomR HP TXH VHUi HOD PDLV ~WLO DRV LQWHUHVVHV
SURGXomRHDIDPtOLDSHUGHUiWXGR
S~EOLFRV WRPDVHXPFDVDUmRGHDOJXpPSDUDQHOHFRQV
WUXLUXPDFUHFKH 
$ &RQVWLWXLomR SURFXUD SURWHJHU HVVDV IDPtOLDV TXH
3RGHUiRFRUUHUWDPEpPTXHKDMDLQWHUHVVHVRFLDOHP WHP XPD SHTXHQD SURSULHGDGH UXUDO 1HVVD SURWHomR
TXHVHMDWRPDGDDTXHODSURSULHGDGH YHMDRH[HPSORGD HVWDEHOHFHTXHDWDLVSHTXHQDVSURSULHGDGHVUXUDLVTXH
UHIRUPD DJUiULD WRPDQGRVH D SURSULHGDGH GH XPD VmRWUDEDOKDGDVSHODIDPtOLDQmRSRGHUmRVHUSHQKRUDGDV
ID]HQGDDEDQGRQDGDVHPFXOWLYRH[SORUDomRRXSURGX SDUD SDJDPHQWR GH GpELWRV GH ILQDQFLDPHQWRV REWLGRV
omR  SDUDFRPSUDGHVHPHQWHVRXLQVWUXPHQWRVDJUtFRODV
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

2TXHpSHQKRUD"4XDQGRGHYHPRVXPGLQKHLURD VHMDSRUUHSURGXomRRXTXDOTXHUWLSRGHXWLOL]DomR DV


DOJXpPHQmRSDJDPRVRFUHGRUSHGHDXPMXL]TXHQRV REUDVTXHHOHFULDU6HQGRVHXSDWULP{QLRSRGHUiYHQ
PDQGH SDJDU 6H DLQGD DVVLP QmR SDJDPRV R MXL] GrORDTXHPTXLVHU HVHTXLVHU (VWD$SRVWLOD
$SRVWLODSRUH[HP
$SRVWLOD
PDQGDUiSHJDU DSHQKRUDU XPQRVVREHP PyYHO SORpFULDomR
FULDomR
FULDomR LQWHOHFWXDOGR3URIHVVRUTXHVyDXWRUL]RX
LQWHOHFWXDO
RX LPyYHO  TXH VHUi OHYDGR D OHLOmR $UUHPDWDQGR QR DHPSUHVD$SRVWLOD6ROXomRDH[SORUiOD6HDOJXPFRQ
OHLOmR R GLQKHLUR DSXUDGR VHUi XVDGR SDUD SDJDU DR FRUUHQWHVDIDGRDFRSLDU SODJLDUDLQGDTXHGLVIDUoDGD
FUHGRUDjVGHVSHVDVGRSURFHVVR6HVREUDUDOJXPDFRLVD PHQWH  HVWDUi FRPHWHQGR FULPH
FULPH FRQWUD D SURSULHGDGH
VHUiGHYROYLGD LQWHOHFWXDO GR 3URIHVVRU VHUi REULJDGR D LQGHQL]iOR H
DLQGD LUi SDUD D FDGHLD DOpP GH VHUHP DSUHHQGLGDV DV
'RUDYDQWH PHVPR TXH R DJULFXOWRU HVWHMD GHYHQGR FySLDVFULPLQRVDV
FDVRHVVDGtYLGDVHMDFRQWUDtGD FRQWUDWDGD SDUDILQDQFLDU
DSURGXomR SRGHVHUDJUtFRODFRPRSHFXiULD DSHTXH 1XQFDFRPSUHTXDOTXHUSURGXWRFULPLQRVR QHPXPD
QDSURSULHGDGHUXUDOQmRSRGHUiVHUSHQKRUDGD SHJD VLPSOHVDSRVWLOD SRLVSRGHUiSHUGrOR VHUiDSUHHQGLGR 
SDUDSDJDUDTXHODGtYLGD R EDUDWR VDLUi FDUR (VVH GLUHLWR HTXLYDOH DR GLUHLWR GH
SURSULHGDGH3HUWHQFHDRDUWLVWDDRFULDGRULQWHOHFWXDOH
0DVPXLWDDWHQomRVyQmRVHUiSHQKRUDGDVHDGtYLGD SDVVDUiDVHXVKHUGHLURVFDVRHOHPRUUD
IRLIHLWDSDUDILQDQFLDUDSURGXomRDJUtFROD VHIRLGtYLGD
SDUDFRPSUDUXPFDUURGHSDVVHLRRXXPDFDVDQDFLGDGH $ OHL SRUpP HVWDEHOHFHUi XP SUD]R SDUD TXH RV
HWFHQWmRSRGHUi HDSHTXHQDSURSULHGDGHIRUWUDEDOKD KHUGHLURVH[SORUHPDREUDGRDUWLVWD'HSRLVGHVVHSUD]R
GDSHODIDPtOLD HQWmRDREUDSHUWHQFHUiDWRGRPXQGR p SRU LVVRTXH
SRGHPRV JUDYDU XPD P~VLFD FOiVVLFD RX HQFHQDU XPD
¢2TXHSRGHUiVHUFRQVLGHUDGDXPDSHTXHQDSURSULH SHoDVHPSDJDUGLUHLWRVDXWRUDLV 
GDGHUXUDOVyDOHLGHILQH HPWDPDQKRORFDOL]DomRUXUDORX
XUEDQDWLSRGHH[SORUDomRHWF YHU/HLQž GH $UWž;;9,,,VmRDVVHJXUDGRVQRVWHUPRVGDOHL
VmRDVVHJXUDGRVQRVWHUPRVGDOHL
)(9DUWž
D D SURWHomR
SURWHomR jV
jV SDUWLFLSDo}HV
SDUWLFLSDo}HV LQGLYLGXDLVHP
&RPHVVDSURWHomRQHQKXP%DQFRTXHUHUiILQDQFLDU REUDV
REUDVFROHWLYDV
FROHWLYDVHjUHSURGXomR
UHSURGXomRGD
GDLPDJHP
LPDJHPH
SURGXomRUXUDO DJUtFRODRXSHFXiULD SRUTXHQmRWHUi YR]KXPDQDVLQFOXVLYHQDVDWLYLGDGHVHVSRU
JDUDQWLDV$&RQVWLWXLomRHVWiPDQGDQGRVHMDIHLWDXPDOHL WLYDV
SDUD UHVROYHU R SUREOHPD FHUWDPHQWH RV %DQFRV VHUmR
REULJDGRVDILQDQFLDUHVHUmRJDUDQWLGRVSRUDOJXPWLSR E RGLUHLWRGHILVFDOL]DomRGRDSURYHLWDPHQWR
GHVHJXURSUHMXt]REDQTXHLURQXQFDWRPD  HFRQ{PLFR
HFRQ{PLFRGDV
GDVREUDV
REUDVTXH
TXHFULDUHP
FULDUHPRX
RXGH
GHTXH
SDUWLFLSDUHP
SDUWLFLSDUHP DRV
DRV FULDGRUHV
FULDGRUHV DRV
DRV LQWpUSUHWHV
LQWpUSUHWHV
H jV
jV UHVSHFWLYDV
UHVSHFWLYDV UHSUHVHQWDo}HV VLQGLFDLV H
$3URSULHGDGH,QWHOHFWXDO DVVRFLDWLYDV

$UWž;;9,, DRV
DRV DXWRUHV
DXWRUHV SHUWHQFH
SHUWHQFH R GLUHLWRH[FOXVLYR $OJXPDV REUDV DUWtVWLFDV QmR VmR FULDGDV SRU XPD
GH
GH XWLOL]DomR
XWLOL]DomR SXEOLFDomR RX UHSURGXomR SHVVRDHPHVSHFLDO5HVXOWDPHODVGRWUDEDOKRVRPDGRGH
GH
GHVXDV
VXDVREUDV
REUDVWUDQVPLVVtYHO
WUDQVPLVVtYHODRV
DRVKHUGHLURV WRGRVTXHLQWHUYLHUHP8PILOPHSH[LQH[LVWLULDVHP
SHORWHPSRTXHDOHLIL[DU TXHWRGRVRVDWRUHVSDUWLFLSDVVHP pXPDREUDFROHWLYD 
'DPHVPDIRUPDXPHVSHWiFXORHVSRUWLYRGHIXWHERO VmR
1RVVDFRQYLYrQFLDVRFLDOQmRpIHLWDH[FOXVLYDPHQWH MRJDGRUHVMXL]EDQGHLULQKDVFDUWRODVHDWpPHVPRD
GHWUDEDOKR)D]QRVEHPDRHVStULWRDP~VLFDDOLWHUDWX WRUFLGDXQLIRUPL]DGDTXHGiYLGDHYLEUDomRDRHVSHWiFX
UDXPDSLQWXUDRXHVFXOWXUDXPHVSHWiFXORHVSRUWLYRRX OR 
WHDWUDOHWF 6HPSUHTXHXPDSHVVRDWLYHUTXDOTXHUSDUWLFLSDomR
LQGLYLGXDOQXPDREUDFROHWLYDHVVDVXDSDUWLFLSDomRVHUi
7RGDHVVDDWLYLGDGHDUWtVWLFDpSURGX]LGDSRUSHVVRDV SURWHJLGDHPERUDDREUDVHMDGHWRGRVQHPSRULVVRVHUi
HVSHFLDLVGRWDGDVGHHVSHFLDOSRGHUGHFULDomR(FRPR DREUDH[SORUDGDSRUDOJXPHVSHUWDOKmRTXHVHDSURYHLWH
VmRXVXIUXtGDV SUD]HURVDPHQWH SRUWRGRVGHUHJUDVmR GRIDWRGHVHUGHWRGRV HFRQVHTXHQWHPHQWHQmRSRGHULD
SXEOLFDGDVUHSURGX]LGDVRXXVDGDVHH[SORUDGDVFRPHUFL VHUGLWDFRPRVHQGRGHXPVy 
DOPHQWH
6H VH UHXQLUDP SHVVRDV IDPRVDV H FDQWDUDP XPD
1HQKXP DUWLVWD WHULD HVWtPXOR HP SURGX]LU REUDV P~VLFD TXHP JUDYRX D P~VLFD GHYHUi SDJDU GLUHLWRV
DUWtVWLFDVDSHQDVSHORSUD]HUGHGDUYDVmRDVHXSRGHU DXWRUDLVDFDGDXPGRVLPSURYLVDGRVFDQWRUHV LVVRFODUR
FULDWLYR(QTXDQWRHOHPRUUHULDGHIRPHFULDQGRRXWURV VHKRXYHUH[SORUDomRFRPHUFLDOGHVVDREUD 6HXPJROGR
VH HQULTXHFHULDP H[SORUDQGR VXD DUWH 6H WRGRV  VH 3HOppH[SORUDGRFRPHUFLDOPHQWHWRGRVRVMRJDGRUHVTXH
EHQHILFLDPpMXVWRTXHDH[SORUDomRFRPHUFLDOGHVXDV DSDUHFHPQRILOPH RXYtGHR WHUmRGLUHLWRDXPDSDUWLFL
REUDVVHMDSULYLOpJLRGRDUWLVWDFULDGRU SDomR

$ &RQVWLWXLomR SURWHJH R DXWRU FULDGRU LQWHOHFWXDO  (VVDSURWHomRTXHDVVHJXUDDRVSDUWLFLSDQWHVLQGLYLGX


3HUWHQFHDHOHRGLUHLWRGHH[SORUDU VHMDSRUH[HFXomR DLVRGLUHLWRGHVHUHPFRPSHQVDGRVQDH[SORUDomRFRPHU
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

FLDOGHYHVHUILVFDOL]DGR$ILVFDOL]DomRpXPGLUHLWRFRQV HHVVHSDWULP{QLRGHYHVHUUHVSHLWDGRSRUWRGRV6RPRV
WLWXFLRQDO GR SDUWLFLSDQWH H SRGHUi VHU IHLWD SRU HOH RVVHQKRUHV VyQyVPDQGDPRV GDTXLORTXHDQyVQRV
PHVPRRXSRUXPDDVVRFLDomR GHTXHHOHSDUWLFLSH TXH SHUWHQFH
WHQKDHVVDILQDOLGDGHRXDWpSHOR6LQGLFDWRGD&ODVVH
,,, VRFLDOGDSURSULHGDGH
IXQomRVRFLDO
IXQomRVRFLDOGDSURSULHGDGH
GDSURSULHGDGH
$UWž;;,; D OHL DVVHJXUDUi DRV DXWRUHV GHLQYHQWRV
LQGXVWULDLV
LQGXVWULDLV SULY
SULYLOpJLR
LOpJLR WHPSRUiULR
WHPSRUiULR SDUD
SDUD VXD (VVDpXPDOLPLWDomRGDSURSULHGDGHSULYDGDVHVRPRV
XWLOL]DomREHPFRPRSURWHomRjVFULDo}HV
XWLOL]DomREHPFRPRSURWHomRjVFULDo}HV VHQKRUHV GDTXLOR TXH D QyV QRV SHUWHQFH HVVH QRVVR
LQGXVWULDLV
LQGXVWULDLV D SURSULHGDGH
SURSULHGDGH GDV PDUFDV DRV GLUHLWRSRGHUpFRQGLFLRQDGRjIXQomRVRFLDOGDSURSULH
GDGHLVWRpREULJDWRULDPHQWHGHYHUHPRVGDUXPILP~WLO
QRPHV
QRPHVGHGHHPSUHVDV RXWURVVLJQRV
HPSUHVDVHDRXWURV VLJQRVGLVWLQ
jVRFLHGDGH DRJR]RGHQRVVRSURSULHGDGH QmRSRGHUH
WLYRV
WLYRV WHQGR
WHQGR HP
HP YLVWD
YLVWD R LQWHUHVVHVRFLDOHR
PRVSRUH[HPSORQHODSODQWDUPDFRQKDRXID]HUXPD
GHVHQYROYLPHQWR
GHVHQYROYLPHQWR WHFQROyJLFR
WHFQROyJLFR H HFRQ{PLFR
IiEULFD GH FRFDtQD RX GHL[DU QRVVD ID]HQGD SDUD RV
GR3DtV LQVHWRVHFDSLQV 7RGDHTXDOTXHUQRVVDSURSULHGDGH
GHYHVHU~WLOSDUDVRFLHGDGHGHYHFRQWULEXLUSDUDWRGRV
,GrQWLFRSURSyVLWRGDSURWHomRIHLWDDRVDUWLVWDV$TXL LQGLUHWDPHQWH GHODVHEHQHILFLHPHMDPDLVVHSUHMXGL
VHSURWHJHPRVLQYHQWRUHVVmRHOHVFULDGRUHVGHXWLOLGDGHV TXHPFRPRIDWRGHWHUPRVDTXHODSURSULHGDGH6HLVVR
LQGXVWULDLVRXFRPHUFLDLV6XDVLQYHQo}HVVmRLPSRUWDQWHV QmR RFRUUHU SRGHUHPRV DWp PHVPR  SHUGHU QRVVD
jPHOKRULDGDTXDOLGDGHGHYLGDGHWRGRVQyV'HYHPVHU SURSULHGDGH
LQFHQWLYDGRVDSURVVHJXLUQHVVDDWLYLGDGHFULDGRUDeSRU
LVVRTXHVHFRQIHUHHVHSURWHJHVHXGLUHLWRGHH[SORUDU $UW $V
$VMD]LGDV
MD]LGDVHP
HPODYUD
ODYUDRX
RXQmR
QmRHGHPDLVUHFXUVRV
VXDVLQYHQo}HV'DPHVPDIRUPDTXHDREUDDUWtVWLFDR PLQHUDLV
PLQHUDLVHRVSRWHQFLDLVGHHQHUJLDKLGUiXOLFD
LQYHQWR Vy SRGHUi VHU H[SORUDGR SRU XP  GHWHUPLQDGR FRQVWLWXHP
FRQVWLWXHP SURSULHGDGH
SURSULHGDGH GLVWLQWD
GLVWLQWD GD
GD GR
GR VROR
WHPSRGHSRLVGLVVRFDLUiHPGRPtQLRS~EOLFRHSRGHUi SDUD
SDUDHIHLWR
HIHLWRGH
GHH[SORUDomR
H[SORUDomRRX
RXDSURYHLWDPHQWR
VHUH[SORUDGRSRUWRGRV H SHUWHQFHP j 8QLmR JDUDQWLGD DR
FRQFHVVLRQiULR
FRQFHVVLRQiULR D SURSULHGDGH GR SURGXWR GD
&XULRVRUHJLVWUDUTXHD&RQVWLWXLomRQmRDVVHJXURXD ODYUD
WUDQVPLVVmRSRUKHUDQoDGRSULYLOpJLRGHLQYHQomRFRPR
RIH]FRPDFULDomRDUWtVWLFD,VWRHQWUHWDQWRQmRLPSHGL †ž $ SHVTXLVD H D ODYUD GH UHFXUVRV PLQHUDLVHR
DSURYHLWDPHQWRGRVSRWHQFLDLVDTXHVHUHIHUHR
UiTXHDOHLRHVWDEHOHoD
FDSXWGHVWHDUWLJRVRPHQWHSRGHUmRVHUHIHWXD
GRVPHGLDQWHDXWRUL]DomRRXFRQFHVVmRGD8QLm
$UWž;;; pJDUDQWLGRRGLUHLWRGHKHUDQoD
pJDUDQWLGRRGLUHLWRGHKHUDQoD
R QR LQWHUHVVH QDFLRQDO SRU EUDVLOHLURV RX
HPSUHVDFRQVWLWXtGDVREDVOHLVEUDVLOHLUDVHTXH
0XLWDVYH]HVOXWDPRVWRGDXPDYLGDQmRDSHQDVSDUD WHQKD VXD VHGH H DGPLQLVWUDomR QR 3DtV QD
JDUDQWLUQRVVRIXWXURRXXPDYHOKLFHWUDQTXLODPDVSDUD IRUPD GD OHL TXH HVWDEHOHFHUi DV FRQGLo}HV
SURWHJHUQRVVDIDPtOLDQRVVDGHVFHQGrQFLD$RJDUDQWLUR HVSHFtILFDVTXDQGRHVVDVDWLYLGDGHVVHGHVHQYRO
GLUHLWR GH KHUDQoD D &RQVWLWXLomR HVWi LQFHQWLYDQGR D YHUHPHPIDL[DGHIURQWHLUDRXWHUUDVLQGtJHQDV
HVWUXWXUDomR IDPLOLDU H RV ODoRV VDQJXtQHRV *DUDQWH D
SURSULHGDGHIDPLOLDU,VVRSRUTXHDIDPtOLDpDEDVHVREUH †ž e DVVHJXUDGD SDUWLFLSDomR DRSURSULHWiULRGR
TXHVHDVVHQWDDVRFLHGDGH VRORQRVUHVXOWDGRVGDODYUDQDIRUPDHQRYDORU
TXHGLVSXVHUDOHL
+HUGHLURV VmR VHPSUH RV IDPLOLDUHV GHVFHQGHQWHV
DVFHQGHQWHV FRODWHUDLV RX F{QMXJH (  VH QmR H[LVWLU †ž $ DXWRUL]DomR GH SHVTXLVD VHUiVHPSUHSRU
QHQKXPGHVVHVDKHUDQoDVHUiFRQVLGHUDGDMDFHQWHHRV SUD]RGHWHUPLQDGRHDVDXWRUL]Do}HVHFRQFHV
EHQVILFDUmRSDUDR0XQLFtSLR VHREHPHVWLYHUHPVHX V}HV SUHYLVWDV QHVWH DUWLJR QmR SRGHUmR VHU
WHUULWyULR RXSDUDR'LVWULWR)HGHUDO VHREHPHVWLYHUHP FHGLGDVRXWUDQVIHULGDVWRWDORXSDUFLDOPHQWH
VHXWHUULWyULR RXSDUDD8QLmR VHREHPHVWLYHUHPVHX VHPSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH
WHUULWyULR IHGHUDO  $VVLP QHQKXPD OHL SRGHUi H[FOXLU †ž 1mRGHSHQGHUiGHDXWRUL]DomRRXFRQFHVVmRR
DSURYHLWDPHQWRGRSRWHQFLDOGHHQHUJLDUHQRYi
TXDOTXHUKHUGHLURUHWLUDQGROKHDFDSDFLGDGHGHUHFHEHU
YHOGHFDSDFLGDGHUHGX]LGD
DKHUDQoDGHVHXVIDPLOLDUHV
$UW &RQVWLWXHPPRQRSyOLRGD8QLmR
&RQVWLWXHPPRQRSyOLRGD8QLmR
$UW $ RUGHP
RUGHP HFRQ{PLFD IXQGDGD QDYDORUL]DomR
GR
GR WUDEDOKR
WUDEDOKR KXPDQR
KXPDQR H QD
QD OLYUHLQLFLDWLYDWHP
OLYUHLQLFLDWLYDWHP , DSHVTXLVDHDODYUDGDVMD]LGDVGHSHWUyOHRHJiV
SRU
SRU ILP
ILP DVVHJXUDU WRGRV H[LVWrQFLD
DVVHJXUDU D WRGRV H[LVWrQFLD GLJ
GLJQD QDWXUDOHRXWURVKLGURFDUERQHWRVIOXLGRV
FRQIRUPH
FRQIRUPHRVRVGLWDPHV
GLWDPHVGD
GDMXVWLoD
MXVWLoDVRFLDO
VRFLDOREVHUYD
GRVRVVHJXLQWHVSULQFtSLRV
GRVRVVHJXLQWHVSULQFtSLRV ,, DUHILQDomRGRSHWUyOHRQDFLRQDORXHVWUDQJHLUR

,,, DLPSRUWDomRHH[SRUWDomRGRVSURGXWRVGHULYD
,, SURSULHGDGHSULYDGD
SURSULHGDGHSULYDGD GRVEiVLFRVUHVXOWDQWHVGDVDWLYLGDGHVSUHYLVWDV
QRVLQFLVRDQWHULRUHV
7RGRVWHPRVRGLUHLWRGHFRQTXLVWDUQRVVRSDWULP{QLR
 'LU&RQVWLWXFLRQDO ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
,9 R WUDQVSRUWH PDUtWLPR GR SHWUyOHR EUXWRGH F DR ILQDQFLDPHQWR GH SURJUDPDV GH LQIUD
RULJHP QDFLRQDO RX GH GHULYDGRV EiVLFRV GH HVWUXWXUDGHWUDQVSRUWHV
SHWUyOHR SURGX]LGRV QR 3DtV EHP DVVLP R 2EVDFUHVFLGRSHOD(PHQGD&RQVWLWXFLRQDOQž
WUDQVSRUWH SRU PHLR GH FRQGXWR GH SHWUyOHR
EUXWRVHXVGHULYDGRVHJiVQDWXUDOGHTXDOTXHU $UW $/HLGLVSRUiVREUHDRUGHQDomRGRVWUDQVSRUWHV
RULJHP DpUHRDTXiWLFRHWHUUHVWUHGHYHQGRTXDQWRj
RUGHQDomRGRWUDQVSRUWHLQWHUQDFLRQDOREVHUYDU
9 DSHVTXLVDDODYUDRHQULTXHFLPHQWRRUHSUR RV DFRUGRV ILUPDGRV SHOD 8QLmR DWHQGLGR R
FHVVDPHQWRDLQGXVWULDOL]DomRHRFRPpUFLRGH SULQFtSLRGDUHFLSURFLGDGH
PLQpULRVHPLQHUDLVQXFOHDUHVHVHXVGHULYDGRV
†~QLFR 1D RUGHQDomR GR WUDQVSRUWH DTXiWLFRDOHL
FRPH[FHomRGRVUDGLRLVyWRSRVFXMDSURGXomR
HVWDEHOHFHUiDVFRQGLo}HVHPTXHRWUDQVSRUWH
FRPHUFLDOL]DomRHXWLOL]DomRSRGHUmRVHUDXWRUL
GH PHUFDGRULDV QD FDERWDJHP H D QDYHJDomR
]DGDV VRE UHJLPH GH SHUPLVVmR FRQIRUPH DV
LQWHULRU SRGHUmR VHU IHLWRV SRU HPEDUFDo}HV
DOtQHDVEHFGRLQFLVR;;,,,GRFDSXWGRDUW
HVWUDQJHLUDV
GHVWD&RQVWLWXLomR)HGHUDO
2EVLQF9FRPUHGDomRGDGDSHOD(&Qž
$UW $SROtWLFD
SROtWLFDGH
GHGHVHQYROYLP
GHVHQYROYLPHQWRHQWRXUEDQRH[HFX
†ž $8QLmRSRGHUiFRQWUDWDUFRPHPSUHVDVHVWDWDLV WDGD
WDGD SHOR
SHOR 3RGHU
3RGHU 3~EOLFR
3~EOLFR PXQLFLSDO
PXQLFLSDO FRQIRUPH
RXSULYDGDVDUHDOL]DomRGDVDWLYLGDGHVSUHYLVWDV GLUHWUL]HV
GLUHWUL]HVJHUDLV
JHUDLVIL[DGDV HPOHL
IL[DGDVHP OHLWHP
WHPSRU
SRUREMHWL
QRV LQFLVRV , D ,9 GHVWH DUWLJR REVHUYDGDV DV YR
YR RUGHQDU
RUGHQDU R SOHQR
SOHQR GHVHQYROYLPHQWR
GHVHQYROYLPHQWR GDVGDV IXQ
FRQGLo}HVHVWDEHOHFLGDVHPOHL o}HV
o}HV VRFLDLV
VRFLDLV GD
GD FLG
FLGDGH
DGH H JDUDQWLU
JDUDQWLU R EHPHVWDU
GHVHXVKDELWDQWHV
GHVHXVKDELWDQWHV
2EVUHGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQž

†ž $OHLDTXHVHUHIHUHR†žGLVSRUiVREUH †ž 2SODQRGLUHWRUDSURYDGRSHOD&kPDUD0XQLFL


SDOREULJDWyULRSDUDFLGDGHVFRPPDLVGHYLQWH
, D JDUDQWLD GRIRUQHFLPHQWRGRVGHULYDGRVGH PLOKDELWDQWHVpRLQVWUXPHQWREiVLFRGDSROtWL
SHWUyOHRHPWRGRRWHUULWyULRQDFLRQDO FDGHGHVHQYROYLPHQWRHGHH[SDQVmRXUEDQD

,, DVFRQGLo}HVGHFRQWUDWDomR †ž $SURSULHGDGHXUEDQDFXPSUHVXDIXQomRVRFLDO


TXDQGRDWHQGHjVH[LJrQFLDVIXQGDPHQWDLVGH
,,, DHVWUXWXUDHDWULEXLo}HVGRyUJmRUHJXODGRUGR RUGHQDomRGDFLGDGHH[SUHVVDVQRSODQRGLUHWRU
PRQRSyOLRGD8QLmR
2EVDFUHVFLGRSHOD(&Qž †ž $VGHVDSURSULDo}HVGHLPyYHLVXUEDQRVVHUmRIHL
WDVFRPSUpYLDHMXVWDLQGHQL]DomRHPGLQKHLUR
†ž $OHLGLVSRUiVREUHRWUDQVSRUWHHDXWLOL]DomRGH
PDWHULDLVUDGLRDWLYRVQRWHUULWyULRQDFLRQDO †ž eIDFXOWDGRDR3RGHU3~EOLFRPXQLFLSDOPHGLDQ
2EVDQWLJR†ƒUHQXPHUDGRSDUDƒSHOD(&Qž WH OHL HVSHFtILFD SDUD iUHD LQFOXtGD QR SODQR
GLUHWRU H[LJLU QRV WHUPRV GD OHL IHGHUDO GR
†ž $OHLTXHLQVWLWXLUFRQWULEXLomRGHLQWHUYHQomR SURSULHWiULRGRVRORXUEDQRQmRHGLILFDGRVXE
QRGRPtQLRHFRQ{PLFRUHODWLYDjVDWLYLGDGHVGH XWLOL]DGR RX QmR XWLOL]DGR TXH SURPRYD VHX
LPSRUWDomR RX FRPHUFLDOL]DomR GH SHWUyOHR H DGHTXDGRDSURYHLWDPHQWRVRESHQDVXFHVVLYD
VHXVGHULYDGRVJiVQDWXUDOHVHXVGHULYDGRVH PHQWHGH
iOFRROFRPEXVWtYHOGHYHUiDWHQGHUDRVVHJXLQWHV
UHTXLVLWRV , SDUFHODPHQWRRXHGLILFDomRFRPSXOVyULRV

, DDOtTXRWDGDFRQWULEXLomRSRGHUiVHU ,, LPSRVWRVREUHDSURSULHGDGHSUHGLDOHWHUULWRULDO


XUEDQDSURJUHVVLYRQRWHPSR
D GLIHUHQFLDGDSRUSURGXWRRXXVR
,,, GHVDSURSULDomR FRP SDJDPHQWRPHGLDQWH
E UHGX]LGD H UHVWDEHOHFLGD SRU DWR GR 3RGHU WtWXORVGHGtYLGDS~EOLFDGHHPLVVmRSUHYLDPHQWH
([HFXWLYRQmRVHOKHDSOLFDQGRRGLVSRVWRQR DSURYDGDSHOR6HQDGR)HGHUDOFRPSUD]RGH
DUW,,,E UHVJDWH GH DWp GH] DQRV HP SDUFHODV DQXDLV
LJXDLVHVXFHVVLYDVDVVHJXUDGRVRYDORUUHDOGD
,, RVUHFXUVRVDUUHFDGDGRVVHUmRGHVWLQDGRV LQGHQL]DomRHRVMXURVOHJDLV

D DRSDJDPHQWRGHVXEVtGLRVDSUHoRVRXWUDQV $UW $TXHOH


$TXHOH TXH
TXH SRVVXLUFRPRVXDiUHDXUEDQDGH
SRVVXLUFRPRVXDiUHDXUEDQDGH
SRUWH GH iOFRRO FRPEXVWtYHO JiV QDWXUDO H DWp
DWp GX]HQWRV
GX]HQWRV H FLQTXHQWD
FLQTXHQWD PHWURV
PHWURV TXDGUDGRV
VHXVGHULYDGRVHGHULYDGRVGHSHWUyOHR SRU
SRUFLQFR
FLQFRDQRV
DQRVLQLQWHUUXSWDPHQWH
LQLQWHUUXSWDPHQWHHVHP
VHPRSRVL
omR
omR XWLOL]DQGRDSDUDVXDPRUDGLDRXGHVXD
XWLOL]DQGRDSDUDVXDPRUDGLDRXGHVXD
E DRILQDQFLDPHQWRGHSURMHWRVDPELHQWDLVUH IDPtOLD
IDPtOLD DGTXLULUOKHi
DGTXLULUOKHi R GRPtQLR
GRPtQLR GHVGH TXH
ODFLRQDGRVFRPDLQG~VWULDGRSHWUyOHRHGR QmR
QmR VHMD
VHMD SURSULHWiULR
SURSULHWiULR GH
GH RXWUR
RXWUR LPyYHO
LPyYHO XUEDQR
JiV RXUXUDO
RXUXUDO
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

†ž 2WtWXORGHGRPtQLRHDFRQFHVVmRGHXVRVHUmR &RQILUDRXWUDVGLVSRVLo}HVVREUHDSURSULHGDGHS~EOL


FRQIHULGRVDRKRPHPRXjPXOKHURXDDPERV FD
LQGHSHQGHQWHPHQWHGRHVWDGRFLYLO
$UW $V MD]LGDV HP ODYUD RX QmR H GHPDLVUHFXUVRV
†ž (VVH GLUHLWR QmR VHUi UHFRQKHFLGRDRPHVPR PLQHUDLVHRVSRWHQFLDLVGHHQHUJLDKLGUiXOLFDFRQVWL
SRVVXLGRUSRUPDLVGHXPDYH] WXHPSURSULHGDGHGLVWLQWDGDGRVRORSDUDHIHLWRGH
H[SORUDomRRXDSURYHLWDPHQWRHSHUWHQFHPj8QLmR
JDUDQWLGDDRFRQFHVVLRQiULRDSURSULHGDGHGRSURGX
†ž 2V LPyYHLV S~EOLFRV QmR VHUmRDGTXLULGRVSRU WRGDODYUD
XVXFDSLmR 
†ž eDVVHJXUDGDSDUWLFLSDomRDRSURSULHWiULRGRVRORQRV
,PSRUWDQWtVVLPDpDYLQFXODomRGDSURSULHGDGHXUEDQD UHVXOWDGRVGDODYUDQDIRUPDHQRYDORUTXHGLVSXVHU
DXPDIXQomRVRFLDOVLJQLILFDTXHR0XQLFtSLRSRGHUi DOHL
LPSHGLUHVSHFXODomRFRPWHUUHQRVYD]LRVSDUDYDORUL]D
omRSHORWHPSR$SURSULHGDGHGHYHVHUXWLOL]DGDSURSLFL $UW†ž 6HUmREUDVLOHLURVRVDUPDGRUHVRVSURSULHWiULRV
DQGRPRUDGLDOD]HUWUDEDOKRHWFDWRGRV(SDUDYLDELOL RVFRPDQGDQWHVHGRLVWHUoRVSHORPHQRVGRV
]DU D HIHWLYLGDGH GD IXQomR VRFLDO GD SURSULHGDGH WULSXODQWHVGHHPEDUFDo}HVQDFLRQDLV
$UW 
XUEDQDD&RQVWLWXLomRGHXGRLVLQVWUXPHQWRVDRVPXQLFt
SLRV D DGHVDSURSULDomRQRUPDOTXHpIHLWDFRPSUpYLD †ž eIDFXOWDGRDR3RGHU3~EOLFRPXQLFLSDOPHGLDQWHOHL
HMXVWDLQGHQL]DomRHPGLQKHLURH E DGHVDSURSULDomR HVSHFtILFDSDUDiUHDLQFOXtGDQRSODQRGLUHWRUH[LJLU
SXQLomRHPTXHRSDJDPHQWRpIHLWRPHGLDQWHWtWXORVGD
SXQLomR QRV WHUPRV GD OHL IHGHUDO GR SURSULHWiULR GR VROR
GtYLGDS~EOLFD XUEDQRQmRHGLILFDGRVXEXWLOL]DGRRXQmRXWLOL]DGR
TXH SURPRYD VHX DGHTXDGR DSURYHLWDPHQWR VRE
1D GHVDSURSULDomR QRUPDO R 0XQLFtSLR WRPDUi D SHQDVXFHVVLYDPHQWHGH
SURSULHGDGH GR SDUWLFXODU SRUTXH GHOD QHFHVVLWD SDUD
, SDUFHODPHQWRRXHGLILFDomRFRPSXOVyULRV
DOJXPD REUD GR LQWHUHVVH S~EOLFR 1D GHVDSURSULDomR
SXQLomRRIXQGDPHQWRUHVLGHQRIDWRGHRSURSULHWiULR ,, LPSRVWR VREUH D SURSULHGDGH SUHGLDOHWHUULWRULDO
QmR YLU GDQGR IXQomR VRFLDO j VXD SURSULHGDGH &RPR XUEDQDSURJUHVVLYRQRWHPSR
QmR GHPRQVWUD HOH QHFHVVLWDU GDTXHOH SDWULP{QLR VXD
LQGHQL]DomR VHUi MXVWD PDV QmR VHUi SUpYLD FRPR QD ,,, GHVDSURSULDomRFRPSDJDPHQWRPHGLDQWHWtWXORVGH
GHVDSURSULDomRFRPXP HVLPSRVWHULRUMiTXHUHFHEHUi GtYLGDS~EOLFDGHHPLVVmRSUHYLDPHQWHDSURYDGDSHOR
WtWXORVGDGtYLGDS~EOLFD 6HQDGR )HGHUDO  FRP SUD]R GH UHVJDWH GH DWp GH]
DQRVHPSDUFHODVDQXDLVLJXDLVHVXFHVVLYDVDVVHJX
2XWUDQRYLGDGHpDSUHYLVmRGRXVXFDSLmRSUyPRUDG UDGRVRYDORUUHDOGDLQGHQL]DomRHRVMXURVOHJDLV
LDDSHTXHQDSURSULHGDGH DWpP VHUiDGTXLULGD
$UW $SURSULHGDGHGHHPSUHVDMRUQDOtVWLFDHGHUDGLRGLIX
SRU TXHP D HVWLYHU RFXSDQGR FRPR PRUDGLD GH VXD VmRVRQRUDHGHVRQVHLPDJHQVpSULYDWLYDGHEUDVLOH
IDPtOLD OHLDRDUWHVHXV††  LURVQDWRVRXQDWXUDOL]DGRVKiPDLVGHGH]DQRVRX
GHSHVVRDVMXUtGLFDVFRQVWLWXtGDVVREDVOHLVEUDVLOHLUDV
$VVLPQLQJXpPDEDQGRQDUiVHXWHUUHQR RXFDVLQKD  HTXHWHQKDPVHGHQR3DtV
SRUTXHSRGHUiSHUGrORjTXHOHTXHDOLVHLQVWDODUPRUDQ
GRFRPVXDIDPtOLD †ž (PTXDOTXHUFDVRSHORPHQRVVHWHQWDSRUFHQWRGR
FDSLWDOWRWDOHGRFDSLWDOYRWDQWHGDVHPSUHVDVMRUQD
OtVWLFDVHGHUDGLRGLIXVmRVRQRUDHGHVRQVHLPDJHQV
GHYHUiSHUWHQFHUGLUHWDRXLQGLUHWDPHQWHDEUDVLOHL
$3URSULHGDGH3~EOLFD
$3URSULHGDGH3~EOLFD
URVQDWRVRXQDWXUDOL]DGRVKiPDLVGHGH]DQRVTXH
H[HUFHUmRREULJDWRULDPHQWHDJHVWmRGDVDWLYLGDGHVH
20HVWUH-26e$)2162'$6,/9$REVHUYDTXH$&) HVWDEHOHFHUmRRFRQWH~GRGDSURJUDPDomR
UHFRQKHFHDSURSULHGDGHS~EOLFDDRLQFOXLUHQWUHRVEHQVGD
8QLmRDTXHOHVHQXPHUDGRVQRDUWHHQWUHRVGRV(VWDGRV †ž $ UHVSRQVDELOLGDGH HGLWRULDO H DVDWLYLGDGHVGH
RVLQGLFDGRVQRDUW$OpPGRGLVSRVWRQRDUWž;;, VHOHomR H GLUHomR GD SURJUDPDomR YHLFXODGD VmR
TXHJDUDQWHDSURSULHGDGHFRPRLQVWLWXLomRH[LVWHPRXWUDV SULYDWLYDV GH EUDVLOHLURV QDWRV RX QDWXUDOL]DGRV Ki
TXH DVVHJXUDP RXWUDV TXH DVVHJXUDP WLSRV HVSHFLDLV GH PDLVGHGH]DQRVHPTXDOTXHUPHLRGHFRPXQLFDomR
SURSULHGDGH FRPR D SURSULHGDGH GH UHFXUVRV PLQHUDLV VRFLDO
DUW DSURSULHGDGHGHHPEDUFDo}HVQDFLRQDLV DUW †ž 2VPHLRVGHFRPXQLFDomRVRFLDOHOHWU{QLFDLQGHSHQ
 † ž  H D SURSULHGDGH XUEDQD H D SURSULHGDGH UXUDO GHQWHPHQWHGDWHFQRORJLDXWLOL]DGDSDUDDSUHVWDomR
DUWV†ž DSURSULHGDGHGHHPSUHVDMRUQDOtVWLFDHGH GRVHUYLoRGHYHUmRREVHUYDURVSULQFtSLRVHQXQFLDGRV
UDGLRGLIXVmRVRQRUDHGHVRQVHLPDJHQV DUW  LQ
&XUVR QRDUWQDIRUPDGHOHLHVSHFtILFDTXHWDPEpP
GH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDSH  JDUDQWLUiDSULRULGDGHGHSURILVVLRQDLVEUDVLOHLURVQD
H[HFXomRGHSURGXo}HVQDFLRQDLV
,QWHUHVVDQWHGHVWDFDUDLQGDDWXWHODGDS SURSULHGDGH
LPRELOLiULD S~EO
LPRELOLiULD S~EOLFD
LFD LPSHGLQGR TXH GR ´DEDQGRQRµ SHOR †ž /HLGLVFLSOLQDUiDSDUWLFLSDomRGHFDSLWDOHVWUDQJHLUR
3RGHU 3~EOLFR GHULYH IRUPD GH DTXLVLomR SULYDGD  QDVHPSUHVDVGHTXHWUDWDR†ž
FRQIRUPH R HVWDEHOHFH R DUW† ž GD &RQVWLWXLomR
†ž $VDOWHUDo}HVGHFRQWUROHVRFLHWiULRGDVHPSUHVDVGH
2V
2V LPyYHLV
)HGHUDO ´2V LPyYHLV S~EOLFRV
S~EOLFRV QmR
QmR VHUmR
VHUmR DGTXLULGRV
DGTXLULGRV SRU
TXH WUDWD R † ž VHUmR FRPXQLFDGDV DR &RQJUHVVR
XVXFDSLmRµ
XVXFDSLmR 1DFLRQDO
 'LU&RQVWLWXFLRQDO ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
2%HPGH)DPtOLD
2%HPGH)DPtOLD
%HPGH)DPtOLD LQWHUHVVHVFRPXQV$VSHVVRDVUH~QHPVHSDUDVHDMXGD
UHPP~WXDHUHFLSURFDPHQWH1RVVDVQHFHVVLGDGHVEiVLFDV
$UWž;;9, DSHTXHQD
SHTXHQDSURSULHGDGH
SURSULHGDGHUXUDO
UXUDODVVLPGHIL VRPHQWHVHUmRDWHQGLGDVFRPRDX[tOLRGRSUy[LPR3RU
QLGD
QLGD HP
HP OHL
OHL GHVGH
GHVGH TXH
TXH WUDEDOKDGD
WUDEDOKDGD SHOD LVVRRVHUKXPDQRpJUHJiULRXPSUHFLVDGRRXWUR1HVVD
IDPtOLD
IDPtOLD QmR
QmR VHUi
VHUi REMHWR
REMHWR GH
GH SHQKR
SHQKRUDSDUD
UDSDUD YLGD FRPXP p SUHFLVR TXH ILTXH FODUR TXDLV VmR QRVVDV
SDJDPHQWR
SDJDPHQWRGH GHGpELWRV
GpELWRVGHFRUUHQWHV
GHFRUUHQWHVGH
GHVXD QHFHVVLGDGHV EiVLFDV H TXH GHYHUmR VHU DWHQGLGDV H
DWLYLGDGHSURGXWLYDGLVSRQGRD
DWLYLGDGHSURGXWLYDGLVSRQGRDOHLVREUH UHVSHLWDGDV SHORV DGPLQLVWUDGRUHV S~EOLFRV SULQFL
RV
RV PHLRV
PHLRV GH
GH ILQDQFLDU
ILQDQFLDU R VHX
VHX GHVHQYROYL
GHVHQYROYL SDOPHQWH
PHQWR
1RVVD&RQVWLWXLomRSURFODPDTXHpGLUHLWRGHWRGRVRV
0XLWRV VmR RV FDPSRQHVHV TXH WHQGR PHLR XP RX TXH YLYHP QD VRFLHGDGH EUDVLOHLUD UHFHEHU HGXFDomR $
GRLV KHFWDUHV GH WHUUD FXOWLYDPQR H GDOL UHWLUDP VHX H[SUHVVmRHGXFDomRFRPSUHHQGHQmRDSHQDVDDOIDEHWL]D
VXVWHQWR'HVQHFHVViULRGL]HUTXHPDOSURGX]HPSDUDD omRFRPRRHQVLQRPDLVDYDQoDGRGDVOtQJXDVGDVDUWHV
SUySULD VREUHYLYrQFLD GD IDPtOLD ( SDUD SODQWDUHP HGDVFLrQFLDV
SUHFLVDPFRPSUDUVHPHQWHVHLQVWUXPHQWRV RXPDTXL
QiULRV  DJUtFRODV 6HP GLQKHLUR EXVFDP QRV EDQFRV R $DomRGHQRVVRVJRYHUQDQWHVWDPEpPYLVDUiDTXHD
ILQDQFLDPHQWRTXHH[LJHPFRPRJDUDQWLDGRSDJDPHQWR VD~GHGDSRSXODomRVHMDSUHVHUYDGDLVWRpKDYHUiWRGR
DSHTXHQLQDSURSULHGDGHUXUDO6HQmRFKRYHUQmRKDYHUi HPSHQKR SDUD TXH R SRYR EUDVLOHLUR H WRGRV TXH DTXL
SURGXomRHDIDPtOLDSHUGHUiWXGR YLYDP WHQKDP  VXD VD~GH FXLGDGD 1DGD TXH DWHQWDU
FRQWUDDVD~GHGDSRSXODomRVHUiDGPLWLGR
$ &RQVWLWXLomR SURFXUD SURWHJHU HVVDV IDPtOLDV TXH
WHP XPD SHTXHQD SURSULHGDGH UXUDO 1HVVD SURWHomR  2 DFUpVFLPR GD ´DOLPHQWDomRµ GHQWUH RV'LUHLWRV
HVWDEHOHFHTXHDWDLVSHTXHQDVSURSULHGDGHVUXUDLVTXH 6RFLDLVUHIOHWHDSROtWLFDVRFLDOLPSODQWDGDFRPRVSURJUD
VmRWUDEDOKDGDVSHODIDPtOLDQmRSRGHUmRVHUSHQKRUDGDV PDVGHDVVLVWrQFLDFRPREROVDIDPtOLDHRXWURVRJUDQGH
SDUD SDJDPHQWR GH GpELWRV GH ILQDQFLDPHQWRV REWLGRV VRQKRpTXHDIRPHQmRWHQKDHVSDoRGHQWUHRVEUDVLOHLURV
SDUDFRPSUDGHVHPHQWHVRXLQVWUXPHQWRVDJUtFRODV HpGRUDYDQWHXPGLUHLWRVRFLDO

2TXHpSHQKRUD"4XDQGRGHYHPRVXPGLQKHLURD 2WUDEDOKRGHYHUiVHPSUHVHULQFHQWLYDGRSRUTXHp
DOJXpPHQmRSDJDPRVRFUHGRUSHGHDXPMXL]TXHQRV XP GLUHLWR VRFLDO Vy SHOR WUDEDOKR R KRPHP DOFDQoD D
PDQGH SDJDU 6H DLQGD DVVLP QmR SDJDPRV R MXL] SOHQDUHDOL]DomRHH[LEHVXDGLJQLGDGHSRVVLELOLWDUTXH
PDQGDUiSHJDU DSHQKRUDU XPQRVVREHP PyYHO WRGRVDOFDQFHPXPWUDEDOKRGHYHUiVHUXPDGDVSUHRFX
SDo}HVHWHUQDVGDVRFLHGDGHEUDVLOHLUD
RX LPyYHO  TXH VHUi OHYDGR D OHLOmR $UUHPDWDQGR QR
OHLOmR R GLQKHLUR DSXUDGR VHUi XVDGR SDUD SDJDU DR
$´PRUDGLDµFRQVXEVWDQFLDRGLUHLWRjKDELWDomRGLJQD
FUHGRUDjVGHVSHVDVGRSURFHVVR6HVREUDUDOJXPDFRLVD
RX VHMD R VRQKDGR ´WHWRµ FRP XP PtQLPR GH HVSDoR
VHUiGHYROYLGDSDUDQyV
FRQIRUWRHVDQHDPHQWREiVLFRTXHGrJXDULGDDRLQGLYt
GXRFRQWUDDVLQWHPSpULHV WHPSHUDWXUDFKXYDVYHQWRVH
'RUDYDQWH PHVPR TXH R DJULFXOWRU HVWHMD GHYHQGR
XPLGDGH 3RUyEYLRQmRVHHQWHQGHULDSRUPRUDGLDXP
FDVRHVVDGtYLGDVHMDFRQWUDtGD FRQWUDWDGD SDUDILQDQFLDU
EDUUDFRGH~QLFRF{PRGRVHPSDUHGHVRXWHWRVHJXURV
DSURGXomR SRGHVHUDJUtFRODFRPRSHFXiULD DSHTXH
VHPiJXDRXLQVWDODo}HVVDQLWiULDV³RTXHEDVWDSDUD
QDSURSULHGDGHUXUDOQmRSRGHUiVHUSHQKRUDGD SHJD
LPSHGLU TXH *RYHUQDQWHV SURPRYDP D XUEDQL]DomR GH
SDUDSDJDUDTXHODGtYLGD
IDYHODVDSUHWH[WRGHFRQFHGHUHPPRUDGLDjTXHODSRSXOD
omRGHVSULYLOHJLDGDVHRIL]HUHPKDYHUmRGHDMXVWDUWDLV
0DVPXLWDDWHQomRVyQmRVHUiSHQKRUDGDVHDGtYLGD
FXEtFXORV jV FRQGLo}HV PtQLPDV GH KDELWDELOLGDGH TXH
IRLIHLWDSDUDILQDQFLDUDSURGXomRDJUtFROD VHIRLGtYLGD
SHUPLWDPVXDLGHQWLILFDomRFRPRPRUDGLD
SDUDFRPSUDUXPFDUURGHSDVVHLRRXXPDFDVDQDFLGDGH
HWFHQWmRSRGHUi HDSHTXHQDSURSULHGDGHIRUWUDEDOKD 7DPEpPROD]HU GLYHUVmR GHYHUiVHUFXOWLYDGRSRLV
GDSHODIDPtOLD p QRV HQWUHWHQLPHQWRV TXH  R KRPHP VH GHVFRQWUDL H
FRQYLYHPDLVLQWLPDPHQWHFRPWRGRV
'LUHLWRV6RFLDLV
  $ VHJXUDQoD QmR HVFDSDUi GR ]HOR H DWHQomR GD
VRFLHGDGHEUDVLOHLUDSRLVRPHGRDDIOLomRHDDQJ~VWLD
HVWUHPHFHP DV UHODo}HV VRFLDLV DIDVWDP DV SHVVRDV H
$UWž 6mR GLUHLWRV VRFLDLV D HGXFDomR D VD~GHD IUXVWUDPDIUDWHUQLGDGHQHFHVViULDjFRQYLYrQFLDVRFLDO
DOLPHQWDomR
DOLPHQWDomRRWUDEDOKR PRUDGLDRWUDQVSRU
WUDEDOKRDPRUDGLD
WH
WHROD]HU
OD]HUDVHJXUDQoD
VHJXUDQoDDSUHYLGrQFLD
SUHYLGrQFLDVRFLDO VRFLDOD $SUHYLGrQFLDVRFLDOpDVHJXUDQoDjTXHOHVTXHSHOR
SURWHomR
SURWHomR j PDWHUQLGDGH
PDWHUQLGDGH H j LQIkQ LQIkQFLDFLD D DVVLV LQIRUW~QLRRXSHORWHPSRMiQmRSRGHPFRQWULEXLUFRP
WrQFLD
rQFLD DRV
DRV GHVDPSDUDGRV
GHVDPSDUDGRV QD QD IRUPD
IRUPD GHVWD VXDIRUoDGHWUDEDOKRVHXDPSDURSUHYLGHQFLiULRQmRp
&RQVWLWXLomR
&RQVWLWXLomR  D (&Qž  DFUHVFHX D ´PRUDGLDµ D (& Qž VHQmR XP WULEXWR VRFLDO GH TXH WRGRV XP GLD VHUHPRV
DFUHVFHXD´DOLPHQWDomRµHD(&QžDFUHVFHQWRXR´WUDQVSRUWHµ
GHQWUHRV'LUHLWRV6RFLDLV EHQHILFLiULRVXPDVRFLHGDGHIUDWHUQDQmRGHVDPSDUDVHXV
YHOKRVHGHVYDOLGRVFXOWLYDRVFRPRH[HPSORGHWUDEDOKR
7RGD VRFLHGDGH GHYH WHU SRU REMHWLYR DWHQGHU DRV
HDPRU
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$SURWHomRjPDWHUQLGDGHHjLQIkQFLDpQHFHVViULD 2 REMHWR GD FULDomR GHVVH IXQGR p SURWHJHU RV


SDUDTXHVHUHQRYHDVRFLHGDGHEUDVLOHLUDSURVVHJXLQGR WUDEDOKDGRUHVSRLVPXLWDVYH]HVDSyVDQRVGHWUDEDOKR
HPVXDPDUFKDSDUDRHWHUQR HUDPGHVSHGLGRV LQMXVWDPHQWH HRSDWUmRQmRWLQKDFRP
TXHOKHSDJDUDLQGHQL]DomR(RHPSUHJDGRMiYHOKRH
$UWž 6mR
6mRGLUHLWRV
GLUHLWRVGRV
GRVWUDEDOKDGRUHV
WUDEDOKDGRUHVXUEDQRV
XUEDQRVHUXUDLV FRPGLILFXOGDGHVGHFRQVHJXLUXPQRYRHPSUHJRILFDYD
DOpP
DOpP GH
GH RXWURV
RXWURV TXH YLVHP j PHOKRULD GH VXD GHVDPSDUDGR
FRQGLomRVRFLDO
&RP R IXQGR GH JDUDQWLD GR WHPSR GH VHUYLoR HVVHV
$&RQVWLWXLomRSURWHJHWRGRVRVWUDEDOKDGRUHVXUEDQRV GUDPDVDFDEDUDP&RPRRGHSyVLWRpPHQVDOHREULJDWy
WUDEDOKDPQDVFLGDGHV HUXUDLV WUDEDOKDPQRFDPSR ULRVHPSUHKDYHUiDOJXPGLQKHLURDVHUOHYDQWDGRSHOR
DJULFXOWXUDRXSHFXiULD HWRUQDREULJDWyULDDREVHUYkQ HPSUHJDGR-iSHORIDWRGHVHUPHQVDORGHSyVLWRSRGHVH
FLD GHVVHV VHXV GLUHLWRV H GH RXWURV GLUHLWRV TXH VHMDP SHUFHEHUTXHRWRWDODVHUOHYDQWDGRVHUiSURSRUFLRQDODR
HVWDEHOHFLGRVSRUOHLSDUDPHOKRUDUVXDTXDOLGDGHGHYLGD WHPSRGHVHUYLoRTXDQWRPDLVWHPSRHVWLYHUWUDEDOKDQGR
HFRQYLYrQFLDVRFLDO RHPSUHJDGRPDLVGHSyVLWRV PHQVDLV WHUmRVLGRIHLWRV
, UHODomR
UHODomRGH
GHHPSUHJRSURWHJLGDFRQWUDGHVSHGLGD ,9 VDOiULR
VDOiULR PtQLPR
PtQLPR IL[DGR
IL[DGR HP
HP OHLQDFLRQDOPHQWH
DUELWUiULD
DUELWUiULDRXVHPMXVWD
RXVHP MXVWDFDXVD
FDXVDQRV
QRVWHUPRV
WHUPRVGH
GHOHL XQLILFDGR
XQLILFDGRFDSD]
FDSD]GH
GHDWHQGHU
DWHQGHUDVXDV
VXDVQHFHVVLGDGHV
FRPSOHP
FRPSOHPHQWDU
HQWDU TXH
TXH SUHYHUi
SUHYHUi LQGHQL]DomR
LQGHQL]DomR FRP YLWDLV
YLWDLVEiVLFDV
EiVLFDVHjV
jVGH
GHVXD
VXDIDPtOLD
IDPtOLDFRPPRUDGLD
FRPPRUDGLD
SHQVDWyULDGHQWUHRXWURVGLUHLWRV
DOLPHQWDomR
DOLPHQWDomRHGXFDomR
HGXFDomRVD~GH
VD~GHOD]HU
OD]HUYHVWXiULR
KLJLHQH
KLJLHQH WUDQVSRUWH
WUDQVSRUWH H SUHYLGrQFLD
SUHYLGrQFLD VRFLDO FRP
3URtEHD&RQVWLWXLomRTXHRHPSUHJDGRUGHVSHoD PDQ
UHDMXVWHV
UHDMXVWHVSHULyGLFRV
SHULyGLFRVTXH
TXHOKH
OKHSUHVHUYHP
SUHVHUYHPRSRGHU
GHHPERUD RHPSUHJDGR6yVHSHUPLWHTXHRHPSUHJDGR
DTXL
DTXLVLWLYR
VLWLYR VHQGR
VHQGR YHGDGD
YHGDGD VXD
VXD YLQFXODomR
YLQFXODomR SDUD
VHMDGHVSHGLGRFDVRHOHWHQKDGDGRMXVWDFDXVDRXVHMD
TXDOTXHUILP
XPPRWLYRIRUWHTXHWRUQHLPSRVVtYHODFRQWLQXLGDGH
GDUHODomRGHWUDEDOKR EDWHUQRSDWUmRURXEDUEULJDUQR
VHUYLoRHWF (HVVHPRWLYRGHYHUiHVWDUH[SUHVVDPHQWH 2EULJDD&RQVWLWXLomRTXHWRGRHPSUHJDGRUSDJXHD
SUHYLVWRHPOHLFRPRXPDMXVWDFDXVDSDUDTXHRHP VHX HPSUHJDGR XP
XP VDOiULRPtQLPR
VDOiULRPtQLPR QLQJXpP SRGHUi
SUHJDGRVHMDPDQGDGRHPERUD SDJDUPHQRVTXHWDQWR

&DVRRSDWUmRPHVPRVHPMXVWDFDXVDTXHLUDGHVSHGLU (PERUD D &RQVWLWXLomR SUHYHMD TXH HVVD TXDQWLD


RHPSUHJDGRHQWmRHOHVHUiREULJDGRDOKHSDJDUXPD PtQLPDGHYDVDWLVID]HUjVQHFHVVLGDGHVYLWDLVEiVLFDVHjV
LQGHQL]DomR FRPSHQVDWyULD HVVD LQGHQL]DomR VHUi GH VXD IDPtOLD GHWHUPLQDQGR TXH HVVH VDOiULR GHYHVVH
FDOFXODGDHPIXQomRGRWHPSRGHWUDEDOKR 2IXQGRGH VDWLVID]HU jV GHVSHVDV GH PRUDGLD DOLPHQWDomR D
JDUDQWLD SRU WHPSR GH VHUYLoR YHP VXEVWLWXLQGR HVVD YHUGDGH p TXH R VDOiULR  PtQLPR QR %UDVLO Ki PXLWR p
LQGHQL]DomRSRGHQGRRHPSUHJDGROHYDQWDURVGHSyVLWRV LQVXILFLHQWHSDUDFXVWHDUWDLVLWHQV
TXDQGRIRUGHVSHGLGRLQMXVWDPHQWH
'H TXDOTXHU IRUPD DQWHV DSHQDV D OHL GL]LD TXH R
,, VHJXURGHVHPSUHJR HP FDVRGHGHVHPSUHJR VDOiULR PtQLPR GHYHULD  WHU WDO VXILFLrQFLD +RMH SHOR
LQYROXQWiULR PHQRVWDOPDQGDPHQWRpFRQVWLWXFLRQDOHILFDDHVSHUDQ
oDGHTXHVHUiXPGLDFXPSULGR
(VVDpXPDFRQTXLVWDGRWUDEDOKDGRUEUDVLOHLURTXHKi
PXLWR WHPSR Mi p SUDWLFDGD QRV SDtVHV HYROXtGRV 7RGR 9 SLVR
SLVR VDODULDOSURSRUFLRQDOjH[WHQVmRHjFRP
VDODULDOSURSRUFLRQDOjH[WHQVmRHjFRP
WUDEDOKDGRUTXHSHUGHUVHXHPSUHJRUHFHEHUiXPDHV SOH[LGDGHGRWUDEDOKR
SpFLHGHSHQVmRSDUDTXHSRVVDVREUHYLYHUHQTXDQWR
QmRFRQVHJXLUDUUXPDURXWURVHUYLoR *DUDQWHD&RQVWLWXLomRDRVWUDEDOKDGRUHVGHDWLYLGDGHV
PDLVFRPSOH[DVRXGHMRUQDGDHVSHFLDOTXHDHOHVVHMD
eyEYLRTXHREUDVLOHLURMiGHXXPMHLWLQKRGHIUDXGDU SDJR XP SLVR VDODULDO GLIHUHQFLDGR e RVDOiULR PtQLPR
RVHJXURGHVHPSUHJRDUUXPDXPQRYRVHUYLoRPDVQmR SURILVVLRQDOTXHYDULDUiFRQIRUPHDQDWXUH]DGDDWLYLGDGH
SHUPLWHRUHJLVWURHPFDUWHLUDHVHDSUHVHQWDSDUDUHFHEHU PpGLFRSRUH[HPSOR RXRWDPDQKRGDMRUQDGDGLiULDGH
D SHQVmR DVVLP JDQKD GXDV YH]HV FRPR HPSUHJDGR WUDEDOKR
VHPUHJLVWURHRYDORUGRVHJXURGHVHPSUHJR 
2 VDOiULR PtQLPR SURILVVLRQDO JDUDQWH D WRGRV RV
,,, IXQGRGHJDUDQWLDGRWHPSRGHVHUYLoR WUDEDOKDGRUHV GDTXHOH VHWRU GH DWLYLGDGH TXH QHQKXP
GHOHVUHFHEHUiPHQRVTXHWDOTXDQWLDPtQLPDHVWDEHOHFL
7HP VLGR QR %UDVLO R VXEVWLWXWR GD LQGHQL]DomR SHOD GDSHODFDWHJRULD
GHVSHGLGDLQMXVWD7RGRHPSUHJDGRU SDWUmR GHSRVLWD
GRYDORUGRVDOiULRSDJRDRHPSUHJDGRQXPIXQGR 9, LUUHGXWLELOLGDGH
LUUHGXWLELOLGDGHGRVDOiULRVDOYRRGLVSRVWR
GRVDOiULRVDOYRRGLVSRVWRHP
(VVH GLQKHLUR UHQGH MXURV H FRUUHomR PRQHWiULD H ILFD FRQYHQomRRXDFRUGRFROHWLYR
YLQFXODGR$RHPSUHJDGRVHUiSHUPLWLGROHYDUWRGRHVVH
GLQKHLURFDVRVHMDPDQGDGRHPERUDVHPMXVWDFDXVD D
7RGRHPSUHJDGRWHPQRVHXVDOiULRDJDUDQWLDGHTXH
OHL WDPEpP SUHYr RXWUDV KLSyWHVHV TXH SHUPLWHP R
FXVWHDUiDVGHVSHVDVEiVLFDVGHVXDVREUHYLYrQFLDRXGH
OHYDQWDPHQWRGHVVHGLQKHLUR 
VXD TXDOLGDGH GH YLGD 6H VHX VDOiULR IRU UHGX]LGR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

LQHYLWDYHOPHQWHRXQHPWHUiHOHFRQGLo}HVGHVREUHYLYHU FRPHoDHTXDQGRWHUPLQD$OHLDWXDO &/7 FRQVLGHUD


RXWHUiGHUHGX]LUDTXDOLGDGHGHVHXVXVWHQWR6HpQR TXHRWUDEDOKRQRWXUQRSULQFLSLDjVKRUDVHVHILQGD
WUDEDOKRH[FOXVLYDPHQWHTXHRHPSUHJDGRFRQVHJXHVHX jVKRUDV PDGUXJDGD 6LJQLILFDTXHTXHPWUDEDOKDDWp
VXVWHQWR D UHGXomR GH VHX VDOiULR FDXVDUi D HOH XP DVKRUDV TXHMipQRLWH QmR
QmRUHDOL]DWUDEDOKRQRWXUQR
QmR
SUREOHPDLQVXSHUiYHO$VVLPSURtEHD&DUWD0DJQDTXH 'DPHVPDIRUPDTXHTXHPFRPHoDDWUDEDOKDUjV
RVDOiULRGHTXDOTXHUWUDEDOKDGRUVHMDUHGX]LGR KRUDVPHVPRTXHDLQGDVHMDQRLWHQmRHVWDUiID]HQGR
WUDEDOKRQRWXUQR
6yPHVPRHPKLSyWHVHVH[FHSFLRQDLVTXHSRGHUmRVHU
SUHYLVWDVHPDFRUGRFROHWLYRGHWUDEDOKR jVYH]HVQXPD 1RWXUQRVypRWUDEDOKRTXHIRUUHDOL]DGRHQWUHDV
pSRFDGHFULVHGHHPSUHJRVpPHOKRUFRPELQDUFRPR HDVKRUDV6HXPWUDEDOKDGRUWLYHUMRUQDGDGHWUDEDOKR
SDWUmR HPGLILFXOGDGHVHFRQ{PLFDV TXHUHGX]DRVD FRPSDUWHGLXUQDHSDUWHQRWXUQD SRUH[HPSORGDVjV
OiULRGHWRGRVRVHPSUHJDGRVPDVQmRPDQGHQHQKXP KRUDV UHFHEHUiQRUPDOPHQWHSHODVKRUDVWUDEDOKDGDV
HPERUDJDUDQWLQGRDVVLPRHPSUHJRGHWRGRVGRTXH GDVjVHFRPDGLFLRQDOQRWXUQRSHODVKRUDVWUDED
LQVLVWLUHPJDQKDUDPHVPDTXDQWLDPDVSHUGHURHPSUH OKDGDVGDVjVKRUDV
JRHGDtSUDIUHQWHQmRJDQKDUPDLVQDGD
; SURWHomRGRVDOiULRQD
SURWHomRGRVDOiULRQDIRUPD
IRUPDGDOHLFRQVWLWXLQ
7XGRSRUpPpTXHVWmRGHEHPPHGLUDVFRQMXQWXUDV GRFULPHVXDUHWHQomRGRORVD
HFRQYHQLrQFLDVVHPSUHFRPDDVVLVWrQFLDGRVLQGLFDWRGD
FDWHJRULD
1LQJXpPSRGHUiPHWHUDPmRQRVDOiULRGRWUDEDOKD
GRU 6H R HPSUHJDGRU  UHWLYHU VHJXUDU  R VDOiULR GH
9,, JDUDQWLD
JDUDQWLDGHVDOiULRQXQFDLQIHULRUDRPtQLPR
GHVDOiULRQXQFDLQIHULRUDRPtQLPR
TXDOTXHU HPSUHJDGR D TXDOTXHU SUHWH[WR RX SDUD
SDUDRVTXHSHUFHEHPUHPXQHUDomRYDULiYHO
REULJiORDTXDOTXHUFRLVDHVVHIDWRFRQVWLWXLUiFULPH
FULPH
FULPH
+i WUDEDOKDGRUHV TXH QmR WrP VDOiULR IL[R JDQKDP
FRPLVV}HV SRU WDUHIDV GHVHPSHQKDGDV $ &RQVWLWXLomR 6HUiQHFHVViULRHQWUHWDQWRTXHVHFULHXPDOHLSDUD
JDUDQWHWDPEpPDHVWHVWUDEDOKDGRUHVHVWDEHOHFHQGRTXH SUHYHUDVKLSyWHVHVHHVWDEHOHFHUXPDSHQDFULPLQDOSDUD
HOHVUHFHEHUmRSHORPHQRVRVDOiULRPtQLPRPHVPRVHP TXHPUHWLYHURVDOiULRGRWUDEDOKDGRU,VWRGiDFHUWH]DDR
SURGX]LU R VXILFLHQWH SDUD UHFHEHUHP FRPLVV}HV TXH WUDEDOKDGRUGHTXHSRGHUiFRQWDUFRPVHXVDJUDGRVDOiULR
DWLQJLVVHPRPtQLPR DR ILQDO GR PrV H DVVLP SDJDU DV GHVSHVDV SDUD VXD
VREUHYLYrQFLD
9,,, GpFLPR
GpFLPRWHUFHLUR
WHUFHLURVDOiULR
VDOiULRFRPEDVHQDUHPXQHUD
omRLQWHJUDORXQRYDORUGDDSRVHQWDGRULD ;, SDUWLFLSDomR QRV OXFURV RXUHVXOWDGRVGHV
YLQFXODGDGDUHPXQHUDomRHH[FHSFLRQDOPHQWH
YLQFXODGDGDUHPXQHUDomRHH[FHSFLRQDOPHQWH
$DQWLJDJUDWLILFDomRGHQDWDOLQVWLWXtGDSRUOHLHTXH SDUWLFLSDomR
SDUWLFLSDomR QD JHVWmR GD
QD JHVWmR GD HPSUHVD
HPSUHVD FRQIRUPH
VHPSUHIRLFKDPDGDGHžHDJRUDDVVXPLXGHILQLWLYD GHILQLGRHPOHL
PHQWHHVVHQRPH žVDOiULR HVHWRUQRXFRQVWLWXFLR
QDOPHQWHREULJDWyULD (VVDQRYLGDGHFRQVWLWXFLRQDOpXPDIRUPDGHPHOKRUDU
DGLVWULEXLomRGDULTXH]D$ILQDOVHRHPSUHViULRLQYHVWH
eLPSRUWDQWHREVHUYDUTXHRžVDOiULRGHYHVHUSDJR VHXFDSLWDOSDUDREWHUOXFURVDSDUWLFLSDomRGRWUDEDOKD
FRQIRUPHDUHPXQHUDomRLQWHJUDORXVHMDFRPDGLFLRQDLV GRU QDJHUDomRGHVWHOXFURpGHFLVLYD6HPDIRUoD GR
KRUDV H[WUDV TXH VH WRUQDUHP KDELWXDLV  HWF ( PDLV WUDEDOKRGHQDGDDGLDQWDULDRFDSLWDO
LPSRUWDQWH DLQGD p TXH GDTXL SUD IUHQWH WDPEpP RV
DSRVHQWDGRV JDQKDUmR R ž VDOiULR p R TXH PDQGD D e MXVWR SRUWDQWR TXH R HPSUHJDGR WHQKD DOJXPD
QRYD&RQVWLWXLomR SDUWLFLSDomRQRVOXFURVJHUDGRVSHODVRPDGRFDSLWDOGR
HPSUHViULR FRP D IRUoD ODERULRVD GR HPSUHJDGR 6HP
0HVPRGHSRLVGHDSRVHQWDGRVMiYHOKLQKRVFRQWLQXD G~YLGDDGLVSRVLomRpVRFLDOL]DQWH
UHPRV D UHFHEHU R ž VDOiULR 1mR p SRUWDQWR XP
SULYLOpJLRGRVWUDEDOKDGRUHVDWLYRVWDPEpPRVLQDWLYRV Mi 5HFRPHQGDD&RQVWLWXLomRTXHVHMDFULDGDXPDOHLHP
DSRVHQWDGRV UHFHEHUmRVHXžVDOiULR TXHVHHVWDEHOHFHUiDSRVVLELOLGDGHGHH[FHSFLRQDOPHQWH
RV HPSUHJDGRV SDUWLFLSDUHP GD JHVWmR DGPLQLVWUDomR
,; UHPXQHUDomR
UHPXQHUDomRGR
GRWUDEDOKR
WUDEDOKRQRWXUQR
QRWXUQRVXSHULRUj
VXSHULRUjGR JHUrQFLD GDVHPSUHVDV
GLXUQR
e TXH WRGD HPSUHVD WHP XPD IXQomR VRFLDO QmR VH
4XHPWUDEDOKDjQRLWHGHVJDVWDVHPXLWRPDLVGRTXH GHVWLQDDSHQDVDJHUDUOXFURV PDVDFRQWULEXLUFRPR
TXHPWUDEDOKDGXUDQWHRGLD2VDFULItFLRGDLQYHUVmRGR GHVHQYROYLPHQWRVRFLDOLQFOXVLYHDVVHJXUDQGRHPSUHJRV
UHOyJLRELROyJLFRWURFDQGRDVKRUDVGHVRQRSHORWUDED HSRVVLELOLWDQGRDFULDomRGHQRYRVHPSUHJRVjPHGLGD
OKRPDLVDGLILFXOGDGHGHGRUPLUjOX]GRGLDGHYHVHU TXHFUHVFH
FRPSHQVDGR3RULVVRD&RQVWLWXLomRREULJDTXHRWUDED
OKDGRUQRWXUQRJDQKHPDLVGRTXHRWUDEDOKDGRUGLXUQR 0DQLIHVWRSRUWDQWRpRLQWHUHVVHGRVWUDEDOKDGRUHVQR
VXFHVVRGHXPDHPSUHVDHFRQVHTXHQWHPHQWHQDVXD
¢0DVRTXHpWUDEDOKRQRWXUQR"$OHLGHILQLUiTXDQGR
DGPLQLVWUDomR6HSXGHUHPSDUWLFLSDUQmRDSHQDVWHUmR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

PDLVLQWHUHVVHHPTXHHODFUHVoDGDQGRPDLRUHVOXFURV SDODYUDVVHHOHWUDEDOKDUGHDViEDGRWHUHPRVKGH
GHTXHWHUmRSDUWLFLSDomR FRPRVHGHGLFDUmRFRPPDLV  D  WRWDOL]DQGR  K PDLV  KV QR ViEDGR FRP
DPRUDRVHXWUDEDOKR SOHWDQGRDVKVHPDQDLV

;,, VDOiULRIDPtOLD
VDOiULRIDPtOLDSDJR
SDJRHP
HPUD]mR
UD]mRGRGHSHQGHQWHGR (VVDQRUPDQmRpLQIOH[tYHO$SHQDVGLVFLSOLQDRGHYHU
WUDEDOKDGRUGHEDL[DUHQGDQRVWHUPRVGDOHL PtQLPR H[LJtYHO SHOR SDWUmR 1mR LPSHGH SRUpP TXH
VHMDPWUDEDOKDGDVKRUDVH[WUDVRTXHDORQJDULDDMRUQDGD
2EV DUHGDomRGHVWHLQFLVRIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDO GLiULD HFRQVHTXHQWHPHQWHDVHPDQDO &ODURTXHWDLV
Qž 5HIRUPDGD3UHYLGrQFLD 2WH[WRDQWHULRUGLVSX KRUDVH[WUDVVHULDPSDJDVjSDUWH1mRLPSHGLUiWDP
QKD´;,,VDOiULRIDPtOLDSDUDRVVHXVGHSHQGHQWHVµ
EpP TXH XP WUDEDOKDGRU WUDEDOKH QRYH KRUDV QRUPDLV
SRUGLD GHD SDUDVHUGLVSHQVDGRGRWUDEDOKRQDV
2TXHDQWHVHUDGLUHLWRVRFLDOGHWRGRWUDEDOKDGRUFRP KRUDVGRViEDGR
D PRGLILFDomR  R SDJDPHQWR GR VDOiULRIDPtOLD ILFRX
UHVHUYDGRH[FOXVLYDPHQWHDRWUDEDOKDGRU´GHEDL[DUHQGDµ (VVDFRPSHQVDomRHQWUHWDQWRVySRGHUiVHUHVWDEHOHFL
³HGHWHUPLQRXDHGLomRGHXPDOHLTXHWDQWRGHILQLUiR GD SRU DFRUGR FROHWLYR GH WUDEDOKR FRP DVVLVWrQFLD GR
TXHpEDL[DUHQGDFRPRRYDORUGREHQHItFLR 6LQGLFDWRGDFDWHJRULD

eQDWXUDOTXHXPHPSUHJDGRTXHWHQKDRXWUDVSHVVR ;,9 MRUQDGDGHVHLVKRUDV


MRUQDGDGHVHLVKRUDVSDUD
SDUDRWUDEDOKR
WUDEDOKRUHDOL]DGR
DVTXHYLYDPjVFXVWDVGRUHQGLPHQWRGRVHXWUDEDOKR HP
HPWXUQRV
WXUQRVLQLQWHUUXSWRV
LQLQWHUUXSWRVGH
GHUHYH]DPHQWR
UHYH]DPHQWRVDOYR
WHQKD DOJXP DX[tOLR $ILQDO VXDV GHVSHVDV VmR PDLRUHV QHJRFLDomRFROHWLYD
TXH DV GH XP WUDEDOKDGRU  VHP GHSHQGHQWHV e XP
LQFHQWLYRjFRQVWLWXLomRGHXPDIDPtOLDHjVROLGDULHGDGH 9LPRVTXHDMRUQDGDGHWUDEDOKRpGHKRUDV0DVKi
KXPDQD'HVWDIRUPDSDUDFDGDGHSHQGHQWHRWUDEDOKD VHUYLoRVHPTXHQmRpSRVVtYHOLQWHUUXSomRSDUDDOPRoR
GRU UHFHEHUi XP VDODULR]LQKR TXH R DX[LOLDUi QDV 1HVVHV FDVRV R HPSUHJDGR WHP R GHYHU GH  WUDEDOKDU
GHVSHVDVUHVSHFWLYDV GLUHWRRXVHMDVHPSDUDUSDUDDOPRoDU&ODURTXHLVWRp
GHVJDVWDQWH H VHULD KXPDQDPHQWH LPSRVVtYHO TXH XP
eLPSRUWDQWHVDEHUTXHRVDOiULRIDPtOLDQDGDWHPD WUDEDOKDGRUUHDOL]DVVHDVKRUDVGDMRUQDGDGHWUDEDOKR
YHUFRPRVDOiULRPtQLPReDSHQDVXPDIUDomR SHUFHQWD VHPLQWHUUXSomR$SUySULD&RQVWLWXLomRSDUDFRPSHQVDU
JHP VREUHRVDOiULRPtQLPRTXHpSDJDSRUGHSHQGHQWH R PDLRU GHVJDVWH GHVVH  WUDEDOKDGRU HVWDEHOHFHX TXH
ILOKRVFRWDVILOKRVFRWDV  QHQKXPSDWUmRSRGHUiH[LJLUTXHVHXHPSUHJDGRWUDEDOKH
PDLVTXHKRUDVFDVRDMRUQDGDVHMDLQLQWHUUXSWD GLUH
2 VDOiULRIDPtOLD VHJXQGR D OHJLVODomR DWXDO Vy p WD 
SDJRSRUILOKRVTXHRVWHQKDRWUDEDOKDGRU0DVDQRYD
&RQVWLWXLomRGHWHUPLQDRSDJDPHQWRHPUD]mRGHGHSHQ ;9 UHSRXVR
UHSRXVRVHPDQDO
VHPDQDOUHPXQHUDGRSUHIHUHQFLDOPHQ
UHPXQHUDGRSUHIHUHQFLDOPHQ
GHQWHV WHDRVGRPLQJRV

&HUWDPHQWHDQRYDOHLDVHUFULDGDGLVFLSOLQDUiWDP 1LQJXpPpGHSHGUD'HSRLVGHPXLWRVHWUDEDOKDUp
EpPRFRQFHLWRGHGHSHQGHQWH SDUDVHHYLWDUHPDEXVRV  QHFHVViULRXPGHVFDQVRSDUDTXHVHUHIDoDPDVIRUoDV
VHVmRDSHQDVILOKRVRXHVSRVDTXHQmRWUDEDOKHIRUDRX 3RU LVVR D &RQVWLWXLomR FRQIHUH D WRGR WUDEDOKDGRU R
SDUHQWHVRXDWpHVWUDQKRVTXHYLYDPjVFXVWDVGRWUDED GLUHLWRGHGHVFDQVDUXPGLDSRUVHPDQD(HVVHGLDGH
OKDGRU2HVWDWXWRGRVVHUYLGRUHVS~EOLFRVFLYLVGD8QLmR GHVFDQVRRXVHMDHPTXHHOHQmRWUDEDOKDUiGHYHUiVHU
SRUH[HPSORUHIHUHVHDGHSHQGHQWHVHFRQ{PLFRVHGLVFUL UHPXQHUDGRTXHUGL]HUQmRVRIUHUiRHPSUHJDGRTXDO
PLQDTXHPSRGHVHUFRQVLGHUDGRFRPRWDO DUW†~QLFR TXHUGHVFRQWRGHVHXVDOiULRSRUKDYHUIDOWDGRDRWUDED
,D,,,/HLQž  OKRQDTXHOHGLD

;,,, GXUDomR
GXUDomRGR
GRWUDEDOKR
WUDEDOKRQRUPDO
QRUPDOQmR
QmRVXSHULRU
VXSHULRUDRLWR 3DUDYLDELOL]DUDPDLRUFRPXQKmRGRVWUDEDOKDGRUHV
KRUDV
KRUDV GLiULDV
GLiULDV H TXDUHQWD
TXDUHQWD H TXDWUR VHPDQDLV SRVVLELOLWDU TXH WRGRV VH  GLYLUWDP MXQWRV JR]HP HP
IDFXOWDGD
IDFXOWDGDDFRPSHQVDomRGHKRUiULRVHDUHGX
FRPSHQVDomRGHKRUiULRVHDUHGX FRQYLYrQFLDRGLDGRGHVFDQVRD&RQVWLWXLomRUHFRPHQGD
omR
omRGH
GHMRUQDGD
MRUQDGDPHGLDQWH
PHGLDQWHDFRUGR
DFRUGRRX
RXFRQYHQomR TXHHVVHGLDGHGHVFDQVRVHMDGRPLQJR,VWRHQWUHWDQWR
FROHWLYDGHWUDEDOKR QmR
QmR p REULJDWyULR &DVR QmR VHMD SRVVtYHO FRQFHGHU DR
HPSUHJDGRRGRPLQJRFRPRGLDGHGHVFDQVRRSDWUmR
1DKLVWyULDGDKXPDQLGDGHRWUDEDOKDGRUVHPSUHIRL FRQFHGHUiDHOHXPRXWURGLDTXDOTXHU
HVFUDYL]DGR+RXYHpSRFDHPTXHQmRKDYLDOLPLWHVSDUD
D MRUQDGD GH WUDEDOKR VHQGR R HPSUHJDGR REULJDGR D =HODGRUHV YLJLDV HPSUHJDGDV GRPpVWLFDV PpGLFRV
WUDEDOKDURXKRUDVVHJXLGDV0XLWRVPRUULDP UDGLDOLVWDVHPSUHJDGRVGHFDVDVGHHVSHWiFXORHGLYHU
SUHFRFHPHQWH $LQGD QR  ILP GR VpFXOR SDVVDGR V}HVHWFQHPVHPSUHJR]DPVHXGHVFDQVRVHPDQDOQR
WUDEDOKDGRUHVHPPXLWRVFDQWRVGRPXQGRWUDEDOKDYDP GRPLQJRSRLVMXVWDPHQWHQHVVHGLDpTXHVHXVHUYLoRVH
FHUFDGHKRUDVGLiULDV ID]PDLVQHFHVViULRIROJDUmRQRXWURGLDGDVHPDQD

1R%UDVLOGRUDYDQWHQHQKXPWUDEDOKDGRUVHUiREULJD ;9, UHPXQHUDomR


UHPXQHUDomRGR
GRVHUYLoRH[WUDRUGLQiULRVXSHULRU
VHUYLoRH[WUDRUGLQiULRVXSHULRU
GRDWUDEDOKDUPDLVGRTXHKRUDVSRUGLDHDLQGDDVVLP QR
QR PtQLPR
PtQLPR HP
HP FLQTXHQWD
FLQTXHQWD SRU
SRU FHQWRjGRQRU
FHQWRjGRQRU
RWRWDOGDVHPDQDQmRSRGHUiVXSHUDUDKRUDV1RXWUDV PDO
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

-i VDEHPRV TXH D &RQVWLWXLomR OLPLWRX D MRUQDGD GH SRGHUiVHUPDQGDGDHPERUD6mRTXDWURPHVHVSDUDTXH


WUDEDOKRDKRUDVGLiULDV RXKRUDVVHIRULQLQWHUUXSWD VHSUHSDUHHODSDUDRSDUWRHGHSRLVGHGLTXHVHDRVSUL
GLUHWD 3RGHUiRFRUUHUHQWUHWDQWRTXHRSDWUmRWHQKD PHLURVFXLGDGRVGHVHXEHEr
QHFHVVLGDGH GRV VHUYLoRV GH VHX HPSUHJDGR DOpP GD
MRUQDGDQRUPDO2XSRUTXHH[FHSFLRQDOPHQWHRVHUYLoR ;,; OLFHQoDSDWHUQLGDGHQRVWHUPRVIL[DGRVHP
DXPHQWRXRXSRUTXHppSRFDGHEDODQoRRXSRURXWUD OHL
UD]mRTXDOTXHURHPSUHJDGRpREULJDGRDSURVVHJXLUQR
WUDEDOKRPDVDVKRUDVTXHWUDEDOKDUH[WUDRUGLQDULDPHQ (VVD QRYLGDGH FRQVWLWXFLRQDO JHURX PXLWDV SLDGDV
WHVHUmRSDJDVHGHIRUPDVXSHULRU  jVKRUDVQRU FRPSDUDQGRVHRWUDEDOKDGRUDRtQGLRTXHILFDHPFDVD
PDLV TXDQGRDPXOKHUWHPILOKR$QWHULRUPHQWHWRGRSDLWLQKD
XPGLDGHOLFHQoDSDUDTXHSXGHVVHUHJLVWUDUVHXILOKR
&DOFXODVHTXDQWRJDQKDRHPSUHJDGRSRUKRUDWUDED
OKDGD GLYLGHVHVHXVDOiULRSRUKRUDV³SRUSRUTXHVmR 1mRVHVDEHDLQGDFRPRDOHLGLVFLSOLQDUiDOLFHQoD
KRUDVVHPDQDLVYH]HVVHPDQDV ³HDFUHVFHQWDVHDHVVHYDORU SDWHUQLGDGH8PDOHLGHYHUiVHUFULDGDHVWDEHOHFHQGRHVVH
$VVLPVHXPHPSUHJDGRJDQKD5PHQVDLV GLUHLWRDWRGRWUDEDOKDGRUTXDQGRQDVFHUXPVHXILOKR
HQXPDVHPDQDHOHIRLREULJDGRDWUDEDOKDUGLDULDPHQWH $OLFHQoDSDWHUQLGDGHGHYHUiSRVVLELOLWDUTXHRWUDEDOKD
KRUDVH[WUDVGHVHJXQGDDTXLQWDIHLUDWHUiHOHWUDED GRU Gr DVVLVWrQFLD j PmH GH VHX ILOKR QR SDUWR H QRV
OKDGRKRUDVH[WUDV*DQKDQGR5SRUKRUD 5 SULPHLURV GLDV DSyV 3RU HQTXDQWR VHJXQGR D SUySULD
 KRUDV SRUKRUDH[WUDHOHJDQKDUi5 &RQVWLWXLomR D WDO OLFHQoD p GH  GLDV
GLDV H R HVWDWXWR GR
R TXH Gi SHOR WRWDO GH  KRUDV H[WUDV WUDEDOKDGDV 5 VHUYLGRUS~EOLFRFLYLOGD8QLmR³OHLQžDUW
DPDLVHPVHXSDJDPHQWRGDTXHOHPrV UHFHEHUi ³WDPEpPHVWDEHOHFHXHPGLDVFRQVHFXWLYRVDOLFHQoD
HQWmR5  SDUDRIXQFLRQiULRS~EOLFRIHGHUDO 

;9,, JR]R
JR]R GH
GH IpULDV
IpULDV DQXDLV
DQXDLV UHPXQHUDGDV FRP SHOR ;; SURWHomR
SURWHomRGR
GRPHUFDGRGHWUDEDOKRGDPXOKHU
PHQRV
PHQRV XP
XP WHUoR
WHUoR D PDLV
PDLV GR
GR TXH
TXH R VDOiULR
VDOiULR QRU PHGLDQWH
PHGLDQWH LQFHQWLYRV
LQFHQWLYRV HVSHFtILFRV
HVSHFtILFRV QRV
QRV WHUPRV
PDO GDOHL

'HSRLV GH XP DQR GH WUDEDOKR R HPSUHJDGR Mi VH %XVFD D &RQVWLWXLomR S{U XP ILP j GLVFULPLQDomR
HQFRQWUD HVJRWDGR GHVJDVWDGR QDV  UHODo}HV FRP R VRIULGDSHODPXOKHUQRUPDOPHQWHSDJDVHjVPXOKHUHV
SDWUmRFRPRVSUySULRVFRPSDQKHLURVGHVHVWLPXODGRQR VDOiULRPHQRUGRTXHVHSDJDDRVKRPHQVPHVPRTXH
WUDEDOKR 3UHFLVD GH XP PDLRU GHVFDQVR SDUD YROWDU H[HUoDPIXQo}HVLJXDLV'HRXWURODGRPXLWDVYH]HVDV
UHPRoDGR PXOKHUHVVmRUHMHLWDGDVHPFHUWRVHPSUHJRV

$VIpULDVVmRRMXVWRGHVFDQVRTXHD&RQVWLWXLomRREUL  7RGDHVVDGLVFULPLQDomRGHYHDFDEDU$&RQVWLWXLomR
JD VHMD FRQFHGLGR DR WUDEDOKDGRU XPD YH] SRU DQR UHFRPHQGD TXH R PHUFDGR GH WUDEDOKR GD PXOKHU VHMD
(PERUDHOHQmRWUDEDOKHQRSHUtRGRGHIpULDVHOHUHFHEH SURWHJLGRJDUDQWLQGRVHjVPXOKHUHVFRQGLo}HVSDUDTXH
UiQRUPDOPHQWHFRPRVHHVWLYHVVHWUDEDOKDQGRWRGRVHX SRVVDPDVVLPFRPRRVKRPHQVH[HUFHUXPDDWLYLGD
VDOiULRGRPrV$VVLPMiRHUDWDPEpPDQWHV GHODERULRVDHFRQWULEXLUSDUDDKDUP{QLFDFRQYLYrQFLD
VRFLDO
$QRYLGDGHFRQVWLWXFLRQDOpTXHRSDWUmRILFDUiREUL
JDGRDWDPEpPSDJDUDRHPSUHJDGRXPWHUoR  GHVHX 8PD OHL GHYHUi VHU IHLWD GDQGR HVVD SURWHomR DR
VDOiULRQRUPDOSDUDTXHHOHSRVVDEHPJR]DUHVVHSHUtRGR PHUFDGR GH WUDEDOKR GD PXOKHU WDQWR REULJDQGR D
GHGHVFDQVR,VVRWXGRVHGHYHDRIDWRGHTXHFRPXPHQ FRQWUDWDomRGHXPSHUFHQWXDOGHPXOKHUHVFRPRFULDQGR
WHRWUDEDOKDGRUHQWUDYDHPIpULDVPDVQmRWLQKDRTXH LQFHQWLYRVSDUDTXHPDGPLWLUPXOKHUHVQRVHPSUHJRV
ID]HU SDUD EHP JR]iODV IDOWDYDOKH GLQKHLUR SDUD XP
SDVVHLR]LQKRRXYLVLWDUXPSDUHQWHGLVWDQWH ;;, DYLVR
DYLVRSUpYLR
SUpYLRSURSRUFLRQDO
SURSRUFLRQDODR
DRWHPSR
WHPSRGHVHUYL
oR VHQGR QR  PtQLPR GH WULQWD GLDV QRV
oR
5HFHEHQGR GRUDYDQWH DGLDQWDGDPHQWH  GH VHX WHUPRVGDOHL
VDOiULRQRUPDOPHOKRU
PHOKRU
PHOKRU JR]DUiRHPSUHJDGRVXDVIpULDV
JR]DUi
DQXDLVUHID]HQGRHQHUJLDVHUHWRUQDQGRDRWUDEDOKRHP &ULDGRSDUDHYLWDUXPDLQHVSHUDGDSHUGDQRRUoDPHQWR
ERDVFRQGLo}HVSDUDEHPSURGX]LU PHQVDO GR WUDEDOKDGRU TXH VH YHMD GHVSHGLGR R DYLVR
SUpYLRMiHUDSUHYLVWRHPOHLHJDQKRXRVWDWXVGHGLUHLWR
;9,,, OLFHQoD
OLFHQoDjJHVWDQWH
JHVWDQWHVHP
VHPSUHMXt]RGRHPSUHJR FRQVWLWXFLRQDO$QRWHTXHD&RQVWLWXLomRREULJDRSDWUmR
HGRVDOiULRFRPDGXUDomRGH
HGRVDOiULRFRPDGXUDomRGHFHQWRHYLQWH DDYLVDURHPSUHJDGRTXHLUiGHVSHGLORGDQGRDHVWHXP
GLDV WHPSR SDUD DUUXPDU RXWUR HPSUHJR  2EVHUYH WDPEpP
TXHRDYLVRSUpYLRGHYHVHUQRPtQLPRGHGLDVSRUpP
$PXOKHUJUiYLGDWHPWRGRRDPSDURGDOHL$SUySULD ´SURSRUFLRQDODRWHPSRGHVHUYLoRµSURSRUomRHVWDDVHU
&RQVWLWXLomR FRQFHGH D HOD XPD OLFHQoD GH  GLDV GHILQLGDSRUXPDOHLD VHU FULDGD(VyDJRUDDQRV
6LJQLILFD TXH D JHVWDQWH VH DIDVWDUi GH VHX WUDEDOKR H GHSRLVIRLHGLWDDWDOOHLGHQžHVWDEHOHFHQ
FRQWLQXDUiDUHFHEHUVHXVDOiULR FHUWDPHQWHVHUiSDJR GRTXH´2DYLVRSUpYLRVHUiFRQFHGLGRQDSURSRUomRGH
SHOR,166SRULQWHUPpGLRGRSDWUmR QRUPDOPHQWH(QmR  WULQWD GLDVDRVHPSUHJDGRVTXHFRQWHPDWp XP
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

DQRGHVHUYLoRQDPHVPDHPSUHVDµ DUWž HTXHSDUD GLUHLWRGHGHVFRQWDURVVDOiULRVFRUUHVSRQGHQWHVDRSUD]R


DWHQGHUjSURSRUFLRQDOLGDGH´VHUmRDFUHVFLGRV WUrV GLDV UHVSHFWLYRµ  4XLoi DJRUD TXH R YDORU VHUi PDLV DOWR
SRU DQR GH VHUYLoR SUHVWDGR QD PHVPD HPSUHVD DWp R VREUHYHQKDPLQLFLDWLYDVMXGLFLDLV
Pi[LPRGH VHVVHQWD GLDVSHUID]HQGRXPWRWDOGHDWp
 QRYHQWD GLDVµ ;;,, UHGXomR
UHGXomRGRV
GRVULVFRV
ULVFRVLQHUHQWHV
LQHUHQWHVDRWUDEDOKRSRU
PHLR
PHLRGH
GHQRUPDV GHVD~GH
QRUPDVGH VD~GHKLJLHQH
KLJLHQHHVHJXUDQ
‡ 5HJUDQžVyVHFRQWDRWHPSRGHVHUYLoR´QDPHVPD oD
HPSUHVDµ  ¢( VH R HPSUHJDGR WUDEDOKRX HP RXWUD
HPSUHVD GR PHVPR *UXSR""" /LWHUDOPHQWH QmR VH $&RQVWLWXLomRREULJDR3RGHU3~EOLFRDWUDoDUQRUPDV
FRQWDULDWDOSUD]RPDVRV7ULEXQDLVFHUWDPHQWHUHVSRQ TXHJDUDQWLUmRDVHJXUDQoDGRVWUDEDOKDGRUHVUHGX]LQGR
GHUmRDHVWDTXHVWmRDILUPDWLYDPHQWH RV ULVFRV TXH HOHV WrP QR H[HUFtFLR GH VXD DWLYLGDGH
'HYHUmRVHUHGLWDGDV FULDGDV QRUPDVJDUDQWLQGRTXHR
‡ 5HJUDQžDWpPHVHVHGLDVRHPSUHJDGRIDUi WUDEDOKRQmRDIHWDUi RXRPtQLPRSRVVtYHO DVD~GHD
MXVDGLDVGHDYLVRSUpYLRQmRSRGHVHUGHVSHGLGR KLJLHQHRXDVHJXUDQoDGRVWUDEDOKDGRUHV
DQWHVGHVWDGDWDHVHRIRUVHUiLQGHQL]DGR
;;,,, DGLFLRQDO
DGLFLRQDOGH
GHUHPXQHUDomR
UHPXQHUDomRSDUD
SDUDDVDWLYLGDGHV
‡ 5HJUDQžVHWUDEDOKRXPDLVGHXPDQR DLQGDTXHVy SHQRVDVLQVDOXEUHVRXSHULJRVDVQDIRUPD
SHQRVDVLQVDOXEUHVRXSHULJRVDVQDIRUPD
XPGLD ³HPHQRVGHDQRV³GHYHVHUDYLVDGRGH GDOHL
VXDGHPLVVmRFRPDDQWHFHGrQFLDGHGLDV
6DELGDPHQWH QHP WRGRV RV WUDEDOKRV VmR LJXDLV +i
‡ 5HJUDQžVHWUDEDOKRXPDLVGHXPGRLV DLQGDTXHVy WUDEDOKRVPROH]DHKiWUDEDOKRVGXUH]D+iRVTXHVmR
XPGLD ³HPHQRVGHDQRV³GHYHVHUDYLVDGRGH VXMRVHRVTXHVmROLPSRV7DPEpPH[LVWHPWUDEDOKRV
VXDGHPLVVmRFRPDDQWHFHGrQFLDGHGLDV WUDQTXLORV H RXWURV TXH VmR XP SHULJR  4XDQGR R
WUDEDOKRIRUGHPDVLDGDPHQWHGLItFLOiUGXRH[LJLQGRXP
‡ 5HJUDQžVHWUDEDOKRXPDLVGHXPDQRV DLQGD H[FHVVLYRGHVJDVWHItVLFRRXSVLFROyJLFRGRWUDEDOKDGRU
TXHVyXP GLD ³HPHQRVGHDQRV³GHYHVHU WHUiHOHGLUHLWRDXPDFUpVFLPR DGLFLRQDO HPVHXVDOiULR
DYLVDGRGHVXDGHPLVVmRFRPDDQWHFHGrQFLDGHGLDV HPUD]mRGHVVDSHQRVLGDGH DGLFLRQDOGHSHQRVLGDGH 6H
VHQGR GLDVSHORžDQRDQRV[GLDV  RWUDEDOKRHQYROYHUULVFRVjVD~GHHKLJLHQHGRWUDEDOKD
GLDVWRWDOL]DQGRGLDV  GRUPHUHFHUiHOHXPDGLFLRQDOSHODLQVDOXEULGDGH(VH
KRXYHUSHULJRjVXDLQWHJULGDGHItVLFDRXjVXDYLGDR
‡ 5HJUDQžVHWUDEDOKRXPDLVGHXPDQRV DLQGD WUDEDOKDGRU VHUi FRPSHQVDGR SHORV ULVFRV VRIULGRV
TXHVyXPGLD ³HPHQRVGHDQRV³GHYHVHU UHFHEHUiXPDGLFLRQDOGHSHULFXORVLGDGH2TXHSRGHVHU
DYLVDGRGHVXDGHPLVVmRFRPDDQWHFHGrQFLDGH

GLDV
GLDV FRQVLGHUDGRXPWUDEDOKRSHQRVRRXLQVDOXEUHRXSHULJRVR
VHQGRGLDVSHORžDQRDQRV[GLDV  VHUiGHILQLGRHPXPDOHL$UHPXQHUDomRGHVVHVWLSRVGH
GLDVWRWDOL]DQGRGLDV  WUDEDOKRVVHUiVHPSUHDFUHVFLGDGHXPDGLFLRQDO

‡ 5HJUDQžVHWUDEDOKRXPDLVGHXPDQRVVHMDP ;;,9 DSRVHQWDGRULD


³WDPEpPWHUiRDYLVRSUpYLRPi[LPR
GLDVMiTXHHVVHpROLPLWHPi[LPRGDSURSRUomR
GLDV 1DGD PDLV MXVWR TXH GHSRLV GH XPD YLGD WRGD GH
WUDEDOKRRWUDEDOKDGRUFRQTXLVWHRGLUHLWRGHDJXDUGDUD
QWH R DYLVR SUpYLR p REULJDomR  P~WXD H
,PSRUWDQWH
,PSRUWDQWH PRUWHFRPWUDQTXLOLGDGHHUHSRXVR$DSRVHQWDGRULDpR
UHFtSURFDQRFRQWUDWRGHWUDEDOKR DUW&/7 3DWUmR DIDVWDPHQWRGRWUDEDOKDGRUGHVHXVHUYLoRVHPSUHMXt]R
HHPSUHJDGRWrPRGHYHUGHDYLVDUSUHYLDPHQWHRRXWUR GH  FRQWLQXDU HOH UHFHEHQGR VHXV YHQFLPHQWRV 7RGR
TXHYmRUHVFLQGLUVHXFRQWUDWRGHWUDEDOKRVHRHPSUHJD WUDEDOKDGRU WHUi GLUHLWR D VH DSRVHQWDU 2FRUUHUi VXD
GRQmRGHURDYLVRSUpYLRRHPSUHJDGRUSRGH´GHVFRQWDUµ DSRVHQWDGRULDGHUHJUDGHSRLVGHKDYHUHOHWUDEDOKDGR
VHX´YDORUµGDVYHUEDVWUDEDOKLVWDVDTXHRHPSUHJDGR  DQRV RX D TXDOTXHU WHPSR VH VRIUHU DFLGHQWH RX
IDoDMXV GRHQoDGRWUDEDOKRWRUQDQGRVHLQYiOLGRLQFDSD]SDUD
FRQWLQXDUWUDEDOKDQGR$SUHYLGrQFLDVRFLDOUHVSRQGHUi
¢6HUi LJXDOPHQWHSURSRUFLRQDORDYLVRSUpYLRDVHU SHORSDJDPHQWRGRVVDOiULRVGRWUDEDOKDGRUDSRVHQWDGR
GDGRSHORHPSUHJDGR"""$&RQVWLWXLomRQmRGLVWLQJXHH (QHVVDDSRVHQWDGRULDLQFOXLVHWDPEpPRžVDOiULR
SRULVVRpVHGHLQWHUSUHWDUTXHVLP&DEHUiDRV7ULEXQD
LVGR7UDEDOKRHDR6XSUHPR7ULEXQDO)HGHUDODLQWHUSUH ;;9DVVLVWrQFLD
DVVLVWrQFLD
DVVLVWrQFLD JUDWXLWD
JUDWXLWD DRV ILOKRV HGHSHQGHQWHV
WDomRGDQRUPD GHVGH QDVFLPHQWRDWp
GHVGHRQDVFLPHQWR DWp FLQFR 
FLQFR DQRV
DQRVGH
GHLGDGH
HPFUHFKHVHSUpHVFRODV
,QWHUHVVDQWH TXH D GHVSHLWR GH R DYLVR SUpYLR HVWDU
2V D(&QžEDL[RXGH VHLV SDUD FLQFR RWHWRSDUD
LQFOXVRGHQWUHRV´GLUHLWRV
GLUHLWRV
GLUHLWRVGRV
GRVWUDEDOKDGRUHVµ DUWž
WUDEDOKDGRUHVµ DSUpHVFRODYLDELOL]DQGRRLQJUHVVRQRHQVLQREiVLFRDSDUWLU
FDSXW&) ³HSRLVQmR
QmR
QmRpGLUHLWR
GLUHLWRGR
GRHPSUHJDGRU³DWp
HPSUHJDGRU GRV VHLV DQRVGHLGDGH
KRMH QHQKXP 6LQGLFDWR RX (QWLGDGH GH 7UDEDOKDGRUHV
TXHVWLRQRX D FRQVWLWXFLRQDOLGDGH GD ´UHFLSURFLGDGHµ GR $&RQVWLWXLomRLPS}HDRV3RGHUHV3~EOLFRVDREULJDomR
DYLVR SUpYLR SUHYLVWD QR DUW&/7 † ž ´$ IDOWD GH GHGDUDVVLVWrQFLDJUDWXLWDDWRGRVRVILOKRVHGHSHQGHQWHV
DYLVRSUpYLRSRUSDUWHGRHPSUHJDGRGiDRHPSUHJDGRUR GRVWUDEDOKDGRUHV(VVDDVVLVWrQFLDpREULJDWyULDDWpRV
 'LU&RQVWLWXFLRQDO ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
DQRVGHLGDGHHVHUiSUHVWDGDSRULQWHUPpGLRGHFUHFKHV -i YLPRV TXH QmR H[LVWH QR 'LUHLWR QHQKXP GLUHLWR
H SUpHVFRODV $VVLP VHJXQGR D &RQVWLWXLomR GHYHUi HWHUQR7RGRVRVGLUHLWRVGHYHPVHUH[HUFLWDGRVGHQWURGH
KDYHUFUHFKHVHSUpHVFRODVSDUDDVFULDQoDVTXHWHQKDP XPSHUtRGR6HRWLWXODUGRGLUHLWRQmRVHPRYLPHQWDU
DWpDQRVGHLGDGH(JUDWXLWD SDUDH[LJLORGHSRLVGHXPSUD]RHOHSHUGHDH[LJLELOLGDGH
GHVVHGLUHLWR4XHUGL]HUTXHQmRPDLVSRGHUiVHUFREUD
;;9, UHFRQKHFLPHQWR
UHFRQKHFLPHQWR GDV FRQYHQo}HV HDFRUGRV GRHVVHGLUHLWR
FROHWLYRVGHWUDEDOKR
2XWURUD KDYLD XP WUDWDPHQWR GLIHUHQFLDGR HQWUH R
$&RQVWLWXLomRGiIRUoDDRVDFRUGRVHFRQYHQo}HVTXH WUDEDOKDGRUXUEDQRHRUXUDO³DTXHD(PHQGD&RQVWLWX
DV FDWHJRULDV SURILVVLRQDLV ILUPDUHP FRP VHXV SDWU}HV FLRQDOQžS{VILPRWUDEDOKDGRUUXUDOHUDSULYLOHJLDGR
'HVWD IRUPD VHUi VHPSUH UHFRQKHFLGD VXD YDOLGDGH SRLVDSUHVFULomRSDUDHOHVyFRPHoDYDDSyVDH[WLQomRGR
WRUQDQGRREULJDWyULRRFXPSULPHQWRGHWXGRRTXHIRU FRQWUDWRGHWUDEDOKRHQTXDQWRSDUDRWUDEDOKDGRUXUEDQR
FRPELQDGRHQWUHSDWU}HVHHPSUHJDGRV5HVVDOWHVHTXH DSUHVFULomRFRPHoDYDQDGDWDGDDTXLVLomRGRGLUHLWRH
DVFRQYHQo}HVHRVDFRUGRVVmRFROHWLYRVRXVHMDILUPD WHUPLQD  DQRV GHSRLV RX DWp DQWHV SRLV TXDQGR R
GRVSRUWRGDXPDFDWHJRULDGHWUDEDOKDGRUHV QmRDSHQDV FRQWUDWR GH WUDEDOKR WHUPLQDYD FRPHoDYD XP QRYR
SRUDOJXQV YDOHQGRSDUDWRGRVRVWUDEDOKDGRUHVGDFDWH SUD]RDJRUDUHGX]LGRDDQRV
JRULD1HVVHVDFRUGRV RXQDVFRQYHQo}HV RVHPSUHJD
GRV VHUmR UHSUHVHQWDGRV SHOR 6LQGLFDWR 3URILVVLRQDO GD &RP D (PHQGD &RQVWLWXFLRQDO Qž  SDUD DPERV R
&DWHJRULD SUD]RVHUiGHDQRVDSDUWLUGDFRQTXLVWDGRGLUHLWRH
VHRFRQWUDWRGHWUDEDOKRWHUPLQDUDQWHVGLVVRRSUD]R
;;9,, SURWHomR
SURWHomR HP IDFH GD DXWRPDomR QD IRUPDGD VHUiGHDQRVDSDUWLUGHVVHWpUPLQR
OHL
$VVLP GDTXL SDUD IUHQWH VHMD UXUDO RX XUEDQR R
$ WHQGrQFLD GR PXQGR PRGHUQR p WRUQDU WRGR R WUDEDOKDGRUWHUiHOHRSUD]RGHDQRVSDUDUHFODPDUVHXV
WUDEDOKRDXWRPiWLFReFODURTXHLVVRSRGHULDSURYRFDUR GLUHLWRVWUDEDOKLVWDVHQTXDQWRHOHHVWLYHUWUDEDOKDQGR
GHVHPSUHJRGHXPVHPQ~PHURGHWUDEDOKDGRUHV (QILPVHQmRUHFHEHXRžVDOiULRGHWHUiDWpR
3UHRFXSDGDFRPDSRVVtYHOFULVHVRFLDOGHGHVHPSUHJR ILPGH DQRV SDUDUHFODPDURSDJDPHQWRGHVVH
TXHDGYLULDGHVVDDXWRPDWL]DomRD&RQVWLWXLomRREULJD VHXGLUHLWR
TXHVHMDIHLWDXPDOHLHPTXHVHUiGDGDDEVROXWDJDUDQWLD
DRVWUDEDOKDGRUHVGHTXHPHVPRTXHDVHPSUHVDVVHMDP 6HSRUpPHPMiGHL[RXGHWUDEDOKDUSDUD
DXWRPDWL]DGDVQmRSHUGHUmRHOHVVHXPHUFDGRGHWUDED DTXHOHSDWUmRHQWmRWDOSUD]RVHUiPHQRUVHUiGHDSHQDV
OKR DQRVDFRQWDUGHVVDGDWDHPTXHWHUPLQRXRFRQWUDWR
IRLPDQGDGRHPERUDRXSHGLXDFRQWD HPMi
;;9,,, VHJXUR
VHJXURFRQWUD
FRQWUDDFLGHQWHV
DFLGHQWHVGH
GHWUDEDOKR
WUDEDOKRDFDUJR HVWDUi SUHVFULWR VHX GLUHLWR H QmR PDLV HP  6H R
GRHPSUHJDGRUVHPH[FOXLU
GRHPSUHJDGRUVHPH[FOXLUDLQGHQL]DomRD GLUHLWR WUDEDOKLVWD QmR IRU UHFODPDGR QHVVH SUD]R QmR
TXH
TXH HVWH
HVWH HVWi
HVWi REULJD
REULJDGR
GR TXDQGR
TXDQGR LQFRUUHU
LQFRUUHU HP PDLVSRGHULDVrOR
GRORRXFXOSD
;;; SURLELomR
SURLELomRGH
GHGLIHUHQoD
GLIHUHQoDGH
GHVDOiULRVGHH[HUFt
2V DFLGHQWHV VmR FRPXQV QD DWLYLGDGH WUDEDOKLVWD FLRGH
FLR GHIXQo}HV
IXQo}HVHGH
GHFULWpULRV
FULWpULRVGH
GHDGPLVVmR
DGPLVVmRSRU
0XLWDVYH]HVRSDWUmRpSREUHQHPWHPFRPRLQGHQL]DU PRWLYRGHVH[RLGDGHFRURXHVWDGRFLYLO
RWUDEDOKDGRULQIRUWXQDGR
3DUDD&RQVWLWXLomRWRGRVRVWUDEDOKDGRUHVVmRLJXDLV
3RULVVRD&RQVWLWXLomRGiDWRGRVRVWUDEDOKDGRUHVR 1mRKiGLIHUHQoDHQWUHRKRPHPHDPXOKHUQHPHQWUH
GLUHLWR GH VH SURWHJHUHP FRQWUD DFLGHQWHV GR WUDEDOKR R YHOKR H R MRYHP QHP HQWUH R EUDQFR H R SUHWR RX
REULJDQGRTXHVHMDPHOHVVHJXUDGRV(VVHVHJXURTXHVHUi YHUPHOKRHDPDUHORQHPHQWUHRFDVDGRHRVROWHLUR
SDJRDRWUDEDOKDGRUHPFDVRGHHOHVHDFLGHQWDUWHPXP
SUHoR FKDPDVHSUrPLR  7RGRVTXDQWRVGHVHPSHQKDUHPDWLYLGDGHLJXDOGHYHUmR
UHFHEHUVDOiULRVLJXDLV1HPSRGHUiKDYHUSUHIHUrQFLDQD
2 FXVWR GHVVH VHJXUR SUrPLR  VHUi SDJR SHOR HP DGPLVVmRSHORIDWRGHVHUKRPHPRXPXOKHU
SUHJDGRU SDWUmR ,VWRHQWUHWDQWRQmROLYUDRSDWUmRGD
UHVSRQVDELOLGDGHGHSDJDUXPDLQGHQL]DomRDRHPSUHJD &ODURTXHHVVDLJXDOGDGHQmR
QmRpDEVROXWD6mRSUHVHUYD
QmR
GR6yTXHHVVDVHJXQGDLQGHQL]DomRVyVHUiGHYLGDVHR GDVWRGDVDVGLIHUHQoDVSHVVRDLVTXHPWUDEDOKDKiPDLV
SDWUmRWLYHUFXOSDSHODRFRUUrQFLDGRDFLGHQWHRXVHIRL WHPSR RX HVWi QXP HVWiJLR PDLV HYROXtGR GH FDUUHLUD
VHXSURYRFDGRUGLUHWRDJLQGRFRPGROR LQWHQomR  QDWXUDOPHQWHSRGHUiJDQKDUXPSRXFRPDLV$VVLPDV
YDQWDJHQV SHVVRDLV QmR FRQWUDGL]HP D LJXDOGDGH GH
;;,; DomRTXDQWRDFUpGLWRVUHVXOWDQWHVGDVUHOD
DomRTXDQWRDFUpGLWRVUHVXOWDQWHVGDVUHOD VDOiULRVLPSRVWDSHOD&RQVWLWXLomR
o}HV
o}HVGH
GHWUDEDOKR
WUDEDOKRFRP
FRPSUD]R
SUD]RSUHVFULFLRQDO
SUHVFULFLRQDOGH
FLQFR
FLQFR DQRV
DQRV SDUD
SDUD RV
RV WUDEDOKDGRUHV
WUDEDOKDGRUHV XUEDQRVH
XUEDQRVH ;;;, SURLELomR GH TXDOTXHU GLVFULPLQDomRQR
UXUDLV
UXUDLVDWp
DWpROLPLWH
OLPLWHGH
GHGRLV
GRLVDQRV
DQRVDSyV
DSyVDH[WLQ WRFDQWH
WRFDQWH D VDOiULR
VDOiULR H FULWpULRVGHDGPLVVmRGR
FULWpULRVGHDGPLVVmRGR
omRGRFRQWUDWRGHWUDEDOKR WUDEDOKDGRUSRUWDGRUGHGHILFLrQFLD
2EVUHGDomRGHVWHLQFLVRPRGLILFDGDSHOD(PHQGD&RQVWLWXFLRQDOQž
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

3URFXUDVHFRPHVVHGLUHLWRVRFLDOJDUDQWLUDRVGHILFLHQ &RPDSURLELomRGRWUDEDOKRQRWXUQRRXGRWUDEDOKR
WHV ItVLFR RX PHQWDO D &RQVWLWXLomR QmR GLVWLQJXH  LQVDOXEUHRXSHULJRVRDRPHQRUGHDQRVYLVDD&RQVWL
LPSHGLQGRTXHVHMDPHOHVGLVFULPLQDGRVDSHQDVSRUTXH WXLomRDSURWHJHURPHQRULPSHGLQGRTXHHOHVHMDH[SOR
SRUWDGRUHVGHDOJXPDGHILFLrQFLD$VVLPVHXPGHILFLHQWH UDGRHPWUDEDOKRVXSHULRUjVVXDVIRUoDV8PPHQRUpXP
GHPRQVWUDKDELOLGDGHSDUDXPVHUYLoRVHMDVHQGRDSURYD VHU KXPDQR QR OLPLDU GD H[LVWrQFLD DLQGD VHP SOHQR
GRQXPFRQFXUVRRXPRVWUDQGRVHVXSHULRUQXPDSURYD GHVHQYROYLPHQWRItVLFRHPHQWDO'HYHVHUSRXSDGRSDUD
GHYHUiHOHVHUDGPLWLGRQmRSRGHQGRVHUEDUUDGRSRURX TXHQmRVHWRUQHXPLPSUHVWiYHOHPEUHYHWHPSR3RU
WUR FDQGLGDWR DSHQDV SRUTXH HVWH QmR WHP GHIHLWR H LVVRD&RQVWLWXLomRSURtEHTXHRVPHQRUHVVHMDPXVDGRV
DTXHOHRWHP HPWUDEDOKRQRWXUQR GHPDVLDGDPHQWHGHVJDVWDQWHjVXD
QHFHVVLGDGHGHVRQRHYLGDQRUPDO RXLQVDOXEUH FRP
(VVD GLVFULPLQDomR VHP G~YLGD DOJXPD p RGLRVD H ULVFRVjVXDVD~GH RXSHULJRVR FRPULVFRVjVXDLQWHJUL
GHYHVHUSURLELGD3DUDDDGPLVVmRGRWUDEDOKDGRURTXH GDGHItVLFDRXYLGD 
LPSRUWDpVXDFDSDFLGDGHODERULRVDSDUDDTXHOHWUDEDOKR
HQmRVXDDSDUrQFLDRXGHILFLrQFLDTXHQmRVHUHIHUHj (VHRFRUUHUGHXPHPSUHJDGRUVHYDOHUGHXPPHQRU
DWLYLGDGHSDUDDTXDOVHUiFRQWUDWDGR SDUDMRUQDGDQRWXUQDRXVHUYLoRLQVDOXEUHRXHPWUDED
OKRSHULJRVRQmRVyVHVXMHLWDUijVSHQDOLGDGHVDGPLQLV
;;;,, SURLELomR
SURLELomRGH
GHGLVWLQomRHQWUHWUDEDOKRPDQXDO
GLVWLQomRHQWUHWUDEDOKRPDQXDO
WUDWLYDV DXWXDGR SHOD ILVFDOL]DomR GR 0LQLVWpULR GR
WpFQLFRHLQWHOHFWXDORXHQWUHRVSURILVVLRQDLV
WpFQLFRHLQWHOHFWXDORXHQWUHRVSURILVVLRQDLV
7UDEDOKRFRPRSDJDUiDRPHQRURVUHVSHFWLYRVFRQVHFWi
UHVSHFWLYRV
ULRVVDODULDLVDGLFLRQDOQRWXUQRRXGHLQVDOXEULGDGHRX
GHSHULFXORVLGDGHFRQIRUPHRFDVR
0DLV XPD GLVFULPLQDomR RGLRVD TXH D &RQVWLWXLomR
SURtEH VH DV DWLYLGDGHV VH DVVHPHOKDP H SURGX]HP R
PHVPR UHVXOWDGR QmR SRGHUi R SDWUmR SDJDU VDOiULRV (VHRFRUUHUSH[DOJXPDFLGHQWHRXGDQRjVD~GH
GLIHUHQFLDGRV3URILVVLRQDLVTXHUHDOL]HPDPHVPDDWLYLGD ItVLFD RX PHQWDO GHVVH PHQRU TXH GHFRUUD GD QDWXUH]D
GHQHFHVVDULDPHQWHGHYHUmRUHFHEHURVPHVPRVVDOiULRV QRWXUQDGDMRUQDGDRXGDLQVDOXEULGDGHGRWUDEDOKRRX
GDSHULFXORVLGDGHGRVHUYLoRWDOSDWUmRDLQGDVHUiUHVSRQ
;;;,,, SURLELomR GH WUDEDOKR QRWXUQR SHULJRVRRX ViYHOSRULQGHQL]DomRFLYLO VHPSUHMXt]RGDSUHYLGrQFLD
LQVDOXEUH
LQVDOXEUHDPHQRUHV
PHQRUHVGH
GHGH]RLWR
GH]RLWRHGH
GHTXDOTXHU VRFLDO MiTXHPDQLIHVWDVXDFXOSDFLYLOFRPDLQIULQJrQFLD
WUDEDOKRDPHQRUHV
WUDEDOKR PHQRUHVGH
GHGH]HVVHLV
GH]HVVHLVDQRV
DQRVVDOYR
VDOYRQD jSURLELomRFRQVWLWXFLRQDO
FRQGLomR
FRQGLomR GH DSUHQGL] D SDUWLU GH TXDWRU]H
GH DSUHQGL]
DQRV
DQRV ;;;,9 LJXDOGDGH GH GLUHLWRV HQWUH RWUDEDOKDGRU
FRP
FRP YtQFXOR
YtQFXOR HPSUHJDW
HPSUHJDWtFLR
tFLR SHUPDQHQWH
SHUPDQHQWH H R
2EV D UHGDomR GHVWH LQFLVR IRL DOWHUDGD SHOD (PHQGD &RQVWLWXFLRQDO Qž 
5HIRUPD GD 3UHYLGrQFLD  SXEOLFDGD HP  2 WH[WR DQWHULRU WUDEDOKDGRUDYXOVR
GLVSXQKD´;;;,,,SURLELomRGHWUDEDOKRQRWXUQRSHULJRVRRXLQVDOXEUHDRV
PHQRUHVGHGH]RLWRHGHTXDOTXHUWUDEDOKRDPHQRUHVGHTXDWRU]HDQRVVDOYR
QDFRQGLomRGHDSUHQGL]µ 7UDEDOKDGRU DYXOVR p DTXHOH TXH SUHVWD VHUYLoRV
'XDVJUDQGHVQRYLGDGHVDQWHVVHSHUPLWLDTXHPHQRU WHPSRUDULDPHQWHDDOJXpPSURYLVRULDPHQWHVHPYtQFXOR
FRPHoDVVHDWUDEDOKDUMiDRVDQRVWDOLGDGHPtQLPDIRL HPSUHJDWtFLR$&RQVWLWXLomRHTXLSDUDRV'HVWDIRUPD
HOHYDGDSDUDDQRV$VVLPDSHQDVGHSRLVGRVDQRV R WUDEDOKDGRU DYXOVR WHUi RV PHVPRV GLUHLWRV TXH R
p TXH R DGROHVFHQWH SRGHUi VHU FRQWUDWDGR SDUD XP WUDEDOKDGRU SHUPDQHQWH UHFHEHUi ž VDOiULR IpULDV
WUDEDOKRSURILVVLRQDO GHVFDQVRVHPDQDOUHPXQHUDGRHWF

$WHQWHVHjUHIHUrQFLDD´WUDEDOKRµHQmRD´HPSUHJRµ †~QLFR 6mRDVVHJXUDGRVjFDWHJRULDGRVWUDEDOKDGRUHV


DGROHVFHQWHFRPPHQRVGHDQRVQmRSRGHVHUFRQWUDWD GRPpVWLFRVRVGLUHLWRVSUHYLVWRVQRVLQFLVRV,9
GRPpVWLFRVRVGLUHLWRVSUHYLVWRVQRVLQFLVRV,9
GRQHPSDUDXPVHUYLoRHYHQWXDOQHPSDUDXPLVRODGRH 9,
9, 9,,
9,, 9,,,
9,,, ;
; ;,,,
;,,, ;9
;9 ;9,
;9, ;9,,
;9,, ;9,,,;,;
UiSLGRWUDEDOKR QHPSH[SDUDDSHQDVFRUWDUDJUDPD ;;,
;;, ;;,,
;;,, ;;,9 ;;9, ;;; ;;;, H ;;;,,, H
GR MDUGLP GR YL]LQKR QHP DSHQDV SDUD FRORFDU XPD DWHQGLGDV
DWHQGLGDV DVDV FRQGLo}HV
FRQGLo}HV HVWDEHOHFLGDV HP OHL H
DQWHQDGH79QRWHOKDGRHWF MiTXHDSURLELomRQmRVH REVHUYDGDDVLPSOLILFDomRGR
REVHUYDGD DVLPSOLILFDomRGRFXPSULPHQWR
FXPSULPHQWRGDV
UHVWULQJH j FRQWUDWDomR HPSUHJDWtFLD PDV D ´TXDOTXHU REULJDo}HV
REULJDo}HV WULEXWiULDV
WULEXWiULDV SULQFLSDLV
SULQFLSDLV H DFHVVyULDV
WUDEDOKRµ GHFRUUHQWHV
GHFRUUHQWHV GD UHODomR GH WUDEDOKR H VXDV
SHFXOLDULGDGHV
SHFXOLDULGDGHVRV RVSUHYLVWRV
SUHYLVWRVQRV
QRVLQFLVRV
LQFLVRV, ,,,
,,,,,
( WDPEpP KDYLD XPD LGDGH PtQLPD SDUD R PHQRU ,;
,;;,,
;,,;;9
;;9H;;9,,,
;;9,,,EHPFRPRDVXDLQWHJUD
DSUHQGHUDWUDEDOKDUDQWHVRDSUHQGL]DGRSRGLDFRPHoDU omR
omR j SUHYLGrQFLD
SUHYLGrQFLD VRFLDO
VRFLDO
FLDO 2EV UHGDomR GDGD SHOD (PHQGD
DQWHVGRVDQRV QmRPDLVTXHVHJXQGRDOHL FRP &RQVWLWXFLRQDOQž

 DQRV p TXH R PHQRU


D UHIRUPD VRPHQWH GHSRLV GRV  $V FRQKHFLGDV HPSUHJDGDV GRPpVWLFDV DJRUD SRU
SRGHUiVHUFRQWUDWDGRFRPRDSUHQGL]0DLVXPDYH]ILFD GLVSRVLomR FRQVWLWXFLRQDO WrP GLUHLWR D ,9  VDOiULR
UHDOoDGDDSURLELomRGHRPHQRUWUDEDOKDUjQRLWH HQWUH PtQLPR 9, LUUHGXWLELOLGDGHGHVDOiULR 9,, ´JDUDQWLD
KHK (SRXFRLPSRUWDVHHOHMipXPSURILVVLR
GHVDOiULRµ 9,,, žVDOiULR ; ´SURWHomRGRVDOiULRµ
QDORXVHDLQGDpDSUHQGL]WRGRVTXDQWRVWHQKDPPHQRV
;,,, ´MRUQDGDGHWUDEDOKRGHKRUDVGLiULDVHKRUDV
GHDQRVGHLGDGHHVWmRLPSHGLGRVGHFXPSULUMRUQDGD
QRWXUQD QHP D MRUQDGD RUGLQiULD QRUPDO  QHP HP VHPDQDLVµ ;9  UHSRXVR VHPDQDO UHPXQHUDGR ;9,
VLVWHPDGHUHYH]DPHQWRQHPDWtWXORSURYLVyULRFRPR ´UHPXQHUDomR GR VHUYLoR H[WUDRUGLQiULRµ  KRUDV H[WUDV
KRUDH[WUDRUGLQiULD SDJDVFRPGHDGLFLRQDO ;9,, IpULDVD ;9,,,
OLFHQoDPDWHUQLGDGHGHGLDV ;,; OLFHQoDSDWHUQLG
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

DGH VHIRUXPFDVHLURRXXPGRPpVWLFR  ;;, DYLVR FULDomR H IXQFLRQDPHQWR GH XP VLQGLFDWR QmR PDLV p
SUpYLR ;;,,  ´VHJXUDQoD QR WUDEDOKRµ ;;,9 QHFHVViULDDDXWRUL]DomRGR*RYHUQREDVWDTXHVHMDHVVD
DSRVHQWDGRULD ;;9, ´DSOLFDomRGHFRQYHQo}HVHDFRUGRV FULDomRUHJLVWUDGDQR0LQLVWpULRGR7UDEDOKR
FROHWLYRVµ ;;; ´LJXDOGDGHVDODULDOµ ;;;, ´LJXDOGDGH
SDUDRSRUWDGRUGHGHILFLrQFLDµH ;;;,,, ´SURLELomRGH  ,, pYHGDGD
YHGDGDDFULDomR
FULDomRGH
GHPDLVGHXPD
PDLVGHXPDRUJDQL]DomR
WUDEDOKR QRWXUQR SHULJRVR RX LQVDOXEUH D PHQRUHV GH VLQGLFDO HP
VLQGLFDO HP TXDOTXHU
TXDOTXHU JUDX
JUDX UHSUHVHQWDWLYD
UHSUHVHQWDWLYD GH
GH]RLWR H GH TXDOTXHU WUDEDOKR D PHQRUHV GH GH]HVVHLV FDWHJRULD SURILVVLRQDORX
FDWHJRULDSURILVVLRQDO RXHFRQ{PLFD
HFRQ{PLFDQD
QDPHVPD
DQRVµ DOpP GH VH ILOLDUHP DR VLVWHPD GH 3UHYLGrQFLD EDVH
EDVH WHUULWRULDOTXHVHUiGHILQLGDSHORVWUDED
WHUULWRULDOTXHVHUiGHILQLGDSHORVWUDED
6RFLDO OKDGRUHV
OKDGRUHV RXRX HPSUHJDGRUHV
HPSUHJDGRUHV LQWHUHVVDGRV
LQWHUHVVDGRV QmR
SRGHQGRVHULQIHULRUjiUHDGHXP0XQLFtSLR
2EVHUYHVHTXH´DWHQGLGDV
DWHQGLGDV
DWHQGLGDVDV
DVFRQGLo}HV
FRQGLo}HVHVWDEHOHFLGDV
HPOHL
HP OHLHREVHUYDGD
REVHUYDGDDVLPSOLILFDomR
VLPSOLILFDomRGR
GRFXPSULPHQWR
FXPSULPHQWRGDV 6y SRGHUi KDYHU XP 6LQGLFDWR UHSUHVHQWDQGR XPD
REULJDo}HV
REULJDo}HV GH WUDEDOKRµ DRV GRPpVWLFRV WDPEpP IRL
GH WUDEDOKRµ FDWHJRULDSURILVVLRQDOQDTXHODUHJLmR3RUH[HPSORVHIRU
HVWHQGLGRRGLUHLWRD , ´LQGHQL]DomRHPFDVRGHGHVSHGLGD IXQGDGR XP 6LQGLFDWR GRV (VFUHYHQWHV GH &DUWyULR GR
3RGHU-XGLFLiULRQR(VWDGRGH6mR3DXORQmRSRGHUiVHU
DUELWUiULDµ ,, ´VHJXURGHVHPSUHJRµ ,,, ´)*76µ )XQGR
IXQGDGRXPRXWUR6LQGLFDWRSDUDUHSUHVHQWDUDPHVPD
GH*DUDQWLDSRU7HPSRGH6HUYLoR  ,; ´UHPXQHUDomRGH
FDWHJRULD
VHUYLoR QRWXUQR VXSHULRU j GR GLXUQRµ ;,,  ´VDOiULR
IDPtOLDµSDJRHPUD]mRGRGHSHQGHQWHGDWUDEDOKDGRUD
&ODUR TXH SRGHUi VHU IXQGDGR R 6LQGLFDWR GRV (V
;;9 ´FUHFKHHSUpHVFRODµJUDWXLWRVDRVILOKRVHGHSHQ
FUHYHQWHVGR3RGHU-XGLFLiULRGR(VWDGRGR3DUDQi0DV
GHQWHVGDWUDEDOKDGRUDH ;;9,,, ´VHJXURFRQWUDDFLGHQ HP6mR3DXORVyDTXHOHSULPHLUR1R3DUDQiVyDTXHOH
WHVGHWUDEDOKRµ VHJXQGR H DVVLP VXFHVVLYDPHQWH &RPR FRQVHTXrQFLD
FDGD 6LQGLFDWR UHSUHVHQWDUi RV WUDEDOKDGRUHV GH XPD
3DUWLFXODUPHQWHQRTXHUHIHUHDFHUWRV´GLUHLWRVµTXH &DWHJRULDSURILVVLRQDOGHXPDGHWHUPLQDGDUHJLmR EDVH
VH VXERUGLQDP D DOJXPD ´FRQWULEXLomRµ RX GR SUySULR WHUULWRULDO TXHQmRSRGHUiMDPDLVVHULQIHULRUjiUHDGH
WUDEDOKDGRUGRPpVWLFRRXPHVPRGRHPSUHJDGRU FDVR XP PXQLFtSLR $VVLP SRGHUHPRV WHU R 6LQGLFDWR GRV
WtSLFRGR)*76HGRVHJXURGHVHPSUHJR RJR]RGHVVHV 2ILFLDLVGH-XVWLoDGR3RGHU-XGLFLiULRGD&DSLWDOGH6mR
GLUHLWRVDLQGDGHSHQGHGH´OHLµDUHJXODUWDLVFRQWULEXL 3DXOR HVyXP6LQGLFDWR RXWUR6LQGLFDWRGRV2ILFLDLVGH
o}HVTXHRXVmRDWXDULDLVRXWrPQDWXUH]DWULEXWiULD -XVWLoDGD&RPDUFDGH6DQWRVHWF0DVQmRSRGHUHPRV
WHUR6LQGLFDWRGRV)LpLVGH&DUWyULRGR3RGHU-XGLFLiULR
$UWže OLYUH D DVVRFLDomR SURILVVLRQDO RX VLQGLFDORE GRIRUR&HQWUDOGH6mR3DXORLVWRpFRPEDVHWHUULWRULDO
VHUYDGRRVHJXLQWH OLPLWDGDDR)RUR&HQWUDO(VVDEDVHWHUULWRULDOGHYHUiVHU
QRPtQLPRPXQLFLSDO
$ &RQVWLWXLomR DVVHJXUD D WRGRV RV WUDEDOKDGRUHV R
GLUHLWRGHVHDVVRFLDUHPDXPDDVVRFLDomRSURILVVLRQDORX ,,, DR
DRVLQGLFDWR
VLQGLFDWRFDEH
FDEHDGHIHVD
GHIHVDGRV
GRVGLUHLWRV
GLUHLWRVHLQWHUHV
DXPVLQGLFDWR VHV
VHVFROHWLYRVRXLQGLYLGXDLVGD
FROHWLYRVRXLQGLYLGXDLVGDFDWHJRULD
FDWHJRULDLQFOX
VLYHHPTXHVW}HVMXGLFLDLVRXDGPLQLVWUDWLYDV
e LPSRUWDQWH OHPEUDU TXH DWp EHP SRXFR WHPSR
DOJXQV HPSUHJDGRUHV PDQGDYDP VHXV HPSUHJDGRV eRVLQGLFDWRTXHUHSUHVHQWDUiRVLQWHUHVVHVGHVXDFDWH
HPERUD TXDQGR VDELDP TXH HVWHV KDYLDP VH ILOLDGR D JRULD$FROHWLYLGDGHWUDEDOKDGRUDWUDWDUiGHVHXVGLUHLWRV
DOJXPVLQGLFDWRRXDVVRFLDomRSURILVVLRQDOGDFDWHJRULD MXQWRDRV7ULEXQDLVDRVHPSUHJDGRUHVHWFSRULQWHUPp
GLRGR6LQGLFDWReRVLQGLFDWRTXHIDUiRVDFRUGRVFROHWL
, D OHL QmR SRGHUi H[LJLUDXWRUL]DomRGR(VWDGR YRVGHWUDEDOKRRXQHJRFLDUiDVFRQYHQo}HVFROHWLYDVGH
SDUD
SDUD D IXQGDomR
IXQGDomR GH VLQGLFDWR UHVVDOYDGR R WUDEDOKR TXH EHQHILFLDUmR D WRGRV RV WUDEDOKDGRUHV GD
UHJLVWUR
UHJLVWURQR
QRyUJmR
yUJmRFRPSHWHQWH
FRPSHWHQWHYHGDGDV
YHGDGDVDR
DR3RGHU FDWHJRULD2VLQGLFDWRDOLiVQmRDSHQDVUHSUHVHQWDUiRV
3~EOLFR D LQWHUIHUrQFLD H D LQWHUYHQomR QD
3~EOLFR LQWHUHVVHV GH WRGRV RV WUDEDOKDGRUHV FRQMXQWDPHQWH
RUJDQL]DomRVLQGLFDO
RUJDQL]DomRVLQGLFDO FRPRWDPEpPRVGHFDGDWUDEDOKDGRULQGLYLGXDOPHQWH
WDQWRQDVTXHVW}HVMXGLFLDLVTXDQWRQDVDGPLQLVWUDWLYDV
2IDWRGHOLEHUDUD&RQVWLWXLomRRIXQFLRQDPHQWRGH
XPVLQGLFDWRVHPTXDOTXHUDXWRUL]DomRGR*RYHUQRWUD] ,9 DDVVHPEOHLD
DVVHPEOHLDJHUDO
JHUDOIL[DUi
IL[DUiDFRQWULEXLomR
FRQWULEXLomRTXHHP
DVHJXUDQoDGHTXHR6LQGLFDWRQmRVHUiSUHVVLRQDGRSHORV VH
VH WUDWDQGR
WUDWDQGR GH
GH FDWHJRULD
FDWHJRULD SURILVVLRQDO
SURILVVLRQDO VHUi
JRYHUQDQWHV(VVDLQGHSHQGrQFLDGR6LQGLFDWRUHSUHVHQWD GHVFRQWDGD
GHVFRQWDGD HP
HP IROKD
IROKD SDUD
SDUD FXVWHLR GR VLVWHPD
UiDFHUWH]DGHTXHVHUiHOHLQWUDQVLJHQWHQDGHIHVDGRV FRQIHGHUDWLYR
FRQIHGHUDWLYRGD
GDUHSUHVHQWDomR
UHSUHVHQWDomRVLQGLFDO
VLQGLFDOUHVSHF
LQWHUHVVHVGHVHXVILOLDGRVRVWUDEDOKDGRUHVGDFDWHJRULD WLYD
WLYDLQGHSHQGHQWHPHQWHGDFRQWULEXLomRSUHYLV
LQGHSHQGHQWHPHQWHGDFRQWULEXLomRSUHYLV
(LV XP LQVWUXPHQWR GH JDUDQWLD GD LQGHSHQGrQFLD GRV WDHPOHL
6LQGLFDWRV D SURLELomR GD LQWHUYHQomR GR *RYHUQR
SUiWLFD WmR RGLRVDPHQWH YHULILFDGD QRV UHJLPHV $V SHVVRDV TXH VH ILOLDP DR 6LQGLFDWR SDJDUmR XPD
PLOLWDUHV  &ODUR TXH GHYHUi KDYHU XP UHJLVWUR QR FRQWULEXLomR TXH VHUi IL[DGD HP DVVHPEOHLD JHUDO GR
0LQLVWpULR GR 7UDEDOKR  SDUD TXH VH SRVVD VDEHU TXH SUySULRVLQGLFDWR (VVHGLQKHLURVHUiGHVWLQDGRDRFXVWHLR
H[LVWH IRUPDOPHQWH  XP 6LQGLFDWR TXH UHSUHVHQWD RV GRVLVWHPDFRQIHGHUDWLYRGRVVLQGLFDWRV RVLQGLFDWRGRV
LQWHUHVVHVGDTXHOD FDWHJRULDSURILVVLRQDO$VVLPSDUDD VLQGLFDWRV  2XWURVVLP FRPR VDEHPRV TXDQGR XP
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

6LQGLFDWRQXPDFRUGRFROHWLYRGHWUDEDOKRRXQXPD UD]mRD&RQVWLWXLomRFRQIHULXDRDSRVHQWDGRRGLUHLWRGH
FRQYHQomRFROHWLYDGHWUDEDOKRFRQVHJXHDOJXPEHQHIt SDUWLFLSDU GD DWLYLGDGH VLQGLFDO WDQWR YRWDQGR FRPR
FLRYDQWDJHPSDUDRVWUDEDOKDGRUHVWRGRVRVWUDEDOKD VHQGRYRWDGR HOHLWRDTXDOTXHUFDUJRGHGLUHWRULD 
GRUHVILOLDGRVRXQmRDR6LQGLFDWRUHFHErORmR
9,,, pYHGDGDDGLVSHQVDGRHPSUHJDGRVLQGLFDOL]DGR
YHGDGDDGLVSHQVDGRHPSUHJDGRVLQGLFDOL]DGR
2 VLQGLFDWR QmR UHSUHVHQWD DSHQDV RV WUDEDOKDGRUHV DSDUWLUGRUHJLVWURGDFDQGLGDWXUDDFDUJRGH
ILOLDGRVPDVDWRGDDFDWHJRULDeSRULVVRTXHDSUySULD GLUHomR
GLUHomR RX
RX UHSUHVHQWDomR
UHSUHVHQWDomR VLQGLFDO
VLQGLFDO H
H VH
VH HOHLWR
&RQVWLWXLomRGHWHUPLQDTXHVHUiGHVFRQWDGDQDIROKDGH DLQGDTXHVXSOHQWH
DLQGDTXHVXSOHQWHDWpXPDQRDSyVRILQDOGR
SDJDPHQWR GH WRGRV RV WUDEDOKDGRUHV XPD SHTXHQD PDQGDWR
PDQGDWR VDOYR
VDOYR VH FRPHWHU IDOWD JUDYH QRV
FRQWULEXLomR SDUD FXVWHDU D DWLYLGDGH VLQGLFDO  $ OHL WHUPRVGDOHL
IL[DUiRYDORUGHVVDFRQWULEXLomR FRQKHFLGDFRPRLPSRV
WRVLQGLFDOHTXHKRMHHPGLDpHTXLYDOHQWHDXPGLDGH 1DWXUDOPHQWHQHQKXPSDWUmRYrFRPERQVROKRVVHXV
WUDEDOKR  HPSUHJDGRVTXHVHILOLDPDVLQGLFDWRVHPXLWRPHQRV
jTXHOHVTXHVmROtGHUHVSDUWLFLSDQGRGDGLUHomRVLQGLFDO
9 QLQJXpP
QLQJXpPVHUi
VHUiREULJDGR
REULJDGRDILOLDUVH
ILOLDUVHRX
RXDPDQWHUVH SDWUmR GH UHJUD DPD HPSUHJDGRFRUGHLULQKR RPLVVR
ILOLDGRDVLQGLFDWR ORQJHGHVLQGLFDWR 3DUDTXHHVVHWLSRGHSUHVVmR ULVFR
GH VHU GHVSHGLGR  QmR IXOPLQH DV OLGHUDQoDV VLQGLFDLV
9LPRVTXHpGLUHLWRGHWRGRWUDEDOKDGRUDVVRFLDUVHRX LQGLYLGXDOL]DQGR D RUJDQL]DomR GH VLQGLFDWRV SDUD D
ILOLDUVHDVLQGLFDWRGHFODVVH0DVpDSHQDVXPGLUHLWR GHIHVDGRVLQWHUHVVHVGRVWUDEDOKDGRUHVDSUySULD&RQV
1mRpREULJDomRGHSHQGH~QLFDHH[FOXVLYDPHQWHGD WLWXLomRSURWHJHXHVVHVOtGHUHVFRQWUDRGHVSHGLPHQWR
YRQWDGHGRWUDEDOKDGRUILOLDUVHRXQmRDRVLQGLFDWRGH
VXDFDWHJRULD'RPHVPRMHLWRTXHHQWURXFRPRTXLVVDLUi 'HXOKHVJDUDQWLDGHLQGLVSHQVDELOLGDGHGHVGHTXDQGR
TXDQGRTXLVHU7DPEpPQmRKiREULJDomRHPILFDU UHJLVWURXVXDFDQGLGDWXUDDTXDOTXHUFDUJRGHGLUHomRQR
VLQGLFDWRDWpXPDQRDSyVWHUPLQDUVHXPDQGDWRFDVR
7XGR p XPD TXHVWmR SHVVRDO GH UHVSRQVDELOLGDGH H WHQKDVLGRHOHLWR3RUFRQVHTXrQFLDVHXPHPSUHJDGR
FRQVFLrQFLD GH SDUWLFLSDomR QRV LQWHUHVVHV FRPXQV GD FDQGLGDWRXVHDRFDUJRGHWHVRXUHLURQR6LQGLFDWRGHVXD
FDWHJRULDSURILVVLRQDO2VRPLVVRVDTXLHWDPVHjPDUJHP FDWHJRULDGHVGHRGLDHPTXHUHJLVWURXVXDFDQGLGDWXUD
HQFRVWDGRVQDOXWDGRVTXHOXWDP2VUHVSRQViYHLVIL QRUPDOPHQWHKiUHJLVWURGHWRGDXPD&KDSDGH&DQGL
OLDPVHHSDUWLFLSDPGDVOXWDVSDUDDPHOKRULDGDVFRQGL GDWRV MiQmRPDLVSRGHVHUPDQGDGRHPERUD6REUHYLQ
o}HVHUHPXQHUDomRGRWUDEDOKR GDVDVHOHLo}HVVHSHUGHXFHVVDVXDLQGLVSHQVDELOLGDGHH
Mi SRGHUi VHU GHVSHGLGR FODUR TXH R SDWUmR SDJDUi DV
9, p REULJDWyULD SDUWLFLSDomRGRVVLQGLFDWRVQDV
REULJDWyULD D SDUWLFLSDo mRGRVVLQGLFDWRVQDV YHUEDVGHYLGDVSHODGHVSHGLGDLQMXVWD &DVRHQWUHWDQWR
QHJRFLDo}HVFROHWLYDVGHWUDEDOKR VHMDHOHLWRSHUPDQHFHUiLQGLVSHQViYHO)LQGRVHXPDQGD
WR GH WHVRXUHLUR YROWDUi DR WUDEDOKR H FRQWLQXDUi
1HQKXPSDWUmRSRGHUiQHJRFLDUGLUHWDHH[FOXVLYD LQGLVSHQViYHO
PHQWHFRPVHXVHPSUHJDGRV3RULPSRVLomRFRQVWLWXFLR
QDORWUDEDOKDGRUGHYHUiVHUSURWHJLGRSHODDVVLVWrQFLDGH 3DVVDGRXPDQRGRILPGRPDQGDWRVyDSDUWLUGDt
VHX 6LQGLFDWR  6HPSUH SRUWDQWR TXH XPD FDWHJRULD HQWmRSRGHUiYLUDVHUPDQGDGRHPERUD(VVDLQGLVSHQVD
SURILVVLRQDO HVWLYHU GHEDWHQGR FRP VHX HPSUHJDGRU D ELOLGDGHSRUpPQmRpDEVROXWD
DOWHUDomRGDVFRQGLo}HVHUHPXQHUDomRGHVHXWUDEDOKR
VHUiLPSUHVFLQGtYHODLQWHUYHQomRSDUWLFLSDWLYDGRUHVSHF 'HIDWRVHRHPSUHJDGRGHUMXVWDFDXVD FRPHWHUXP
WLYR6LQGLFDWRGD&ODVVH IDWRSUHYLVWRHPOHLFRPRDXWRUL]DQWHDRVHXGHVSHGL
PHQWR HQWmRRSDWUmRSRGHUiGHVSHGLORPHVPRQHVVH
6HPHVVDSDUWLFLSDomRRDFRUGRQmRWHUiYDOLGDGHHQmR SHUtRGRGDLQGLVSHQVDELOLGDGHVHSH[MiHOHLWRGLUHWRU
SRGHUi VHU H[LJLGR VHX FXPSULPHQWR 'HVVD IRUPD D GRVLQGLFDWRHOHFRPSDUHFHUjHPSUHVDHPSUHJDGRUDH
&RQVWLWXLomRSURWHJHRVWUDEDOKDGRUHVFRQWUDRVSDWU}HV GHUXPDVXUUDQRSDWUmRVHUiGHVSHGLGRSRUMXVWDFDXVD
DSDUHQWHPHQWHERQ]LQKRVTXHVHDSUHVVDPHPQHJRFLDU
GLUHWDPHQWH FRP VHXV HPSUHJDGRV VHGX]LQGRRV FRP †~QLFR $V
$VGLVSRVLo}HV
GLVSRVLo}HVGHVWH
GHVWHDUWLJR
DUWLJRDSOLFDPVH
DSOLFDPVHjRUJDQL
IDOVDVYDQWDJHQV ]DomRGH
]DomRGHVLQGLFDWRV
VLQGLFDWRVUXUDLV
UXUDLVHGH
GHFRO{QLDV
FRO{QLDVGH
GHSHV
FDGRUHV
FDGRUHV DWHQGLGDVDVFRQGLo}HVTXHDOHLHVWD
DWHQGLGDVDVFRQGLo}HVTXHDOHLHVWD
9,, R DSRVHQWDGR ILOLDGR WHP GLUHLWR D YRWDU HVHU EHOHFHU
YRWDGRQDVRUJDQL]Do}HVVLQGLFDLV
7XGRRTXHVHGLVVHDQWHVYDOHSDUDRVVLQGLFDWRVUXUDLV
+RMHRDSRVHQWDGRWHPGLUHLWRjVPHVPDVYDQWDJHQV HSDUDRVVLQGLFDWRVGHFRO{QLDVGHSHVFDGRUHV
TXHVXDFDWHJRULDSURILVVLRQDOREWLYHU$SRVHQWDGRQmRp
XPPDUJLQDOKiGHVHUDWLYRHPWXGRTXHFRQFHUQHDRV &ODUR TXH VHUi DGDSWDGR jV SHFXOLDULGDGHV GHVVDV
LQWHUHVVHV GH VXD FDWHJRULD 1DGD PDLV MXVWR SRUWDQWR DWLYLGDGHVFRQIRUPHFRQGLo}HVTXHVHUmRHVWDEHOHFLGDV
TXHSDUWLFLSHHOHDWLYDPHQWHGDVOXWDVSDUDDPHOKRULD HPOHL1HPSRGHULDVHUGLIHUHQWHWRGRVVLQGLFDWRVGHYHP
GHVVDV FRQGLo}HV H UHPXQHUDomR GR WUDEDOKR GH VXD VHUWUDWDGRVFRPLJXDOGDGH LVRQRPLD 
FDWHJRULDDWpSRUTXHpGLUHWRVHXLQWHUHVVH3RUHVVD
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$UWž eDVVHJXUDGR
DVVHJXUDGRRGLUHLWR
GLUHLWRGH
GHJUHYH
JUHYHFRPSHWLQGR
FRPSHWLQGRDRV 9, FDSWDomRHWUDWDPHQWRGHHVJRWRHOL[R
WUDEDOKDGRUHV GHFLGLU
WUDEDOKDGRUHV GHFLGLU VREUH
VREUH DRSRUWXQLGDGHGH
H[HUFrOR
H[HUFrOR H VREUH
VREUH RV
RV LQWHUHVVHV
LQWHUHVVHV TXH
TXH GHYDPSRU
GHYDPSRU 9,, WHOHFRPXQLFDo}HV
PHLRGHOHGHIHQGHU
9,,, JXDUGD XVR H FRQWUROH GH VXEVWkQFLDVUDGLRDWLYDV
2WmRFRQKHFLGRGLUHLWRGHJUHYHKRMHHPGLDpXP HTXLSDPHQWRVHPDWHULDLVQXFOHDUHV
GLUHLWRFRQVWLWXFLRQDOGRWUDEDOKDGRU4XDQGRHQWUDUHP
JUHYHRXSRUTXHHQWUDUHPJUHYHpXPDGHFLVmRVREHUD ,; SURFHVVDPHQWRGHGDGRVOLJDGRVDVHUYLoRVHVVHQFLDLV
QDHH[FOXVLYDGRVWUDEDOKDGRUHV6yRWUDEDOKDGRUWHPR
GLUHLWRSRGHUGHGHFLGLUVREUHDUHDOL]DomRGHXPDJUHYH ; FRQWUROHGHWUiIHJRDpUHR

¢3RU TXH FKDPD JUHYH" 3RUTXH RV WUDEDOKDGRUHV ;, FRPSHQVDomREDQFiULD


IUDQFHVHVDRWHPSRGDUHYROXomRLQGXVWULDOSDUDSURWHV
WDUHPFRQWUDDVFRQGLo}HVGHWUDEDOKRGLULJLDPVHWRGRV (VVDOHLpYiOLGDDSHQDVSDUDDDWLYLGDGHSULYDGDSRLV
D XPD SUDoD GH 3DULV FKDPDGD SUDoD GH *UqYHV DOL HOD PHVPD UHVVDOYD TXH SDUD RV IXQFLRQiULRV S~EOLFRV
UHXQLGRVQmRHVWDYDPWUDEDOKDQGRSDUDOLVDQGRWXGR ,U DLQGDVHUiHGLWDGDXPDOHLFRPSOHPHQWDU7DOOHLFRPSOH
jSUDoDGH*UqYHVVLJQLILFDYDSDUDUGHWUDEDOKDU'DtR PHQWDU  QRV PHVPRV PROGHV LUi WDPEpP GHILQLU RV
QRPHID]HUJUHYH OLPLWHVGDVJUHYHV SDUDTXHQmRKDMDDEXVRQRH[HUFtFLR
GHVVHGLUHLWR 
†ž $OHL
OHLGHILQLUi
GHILQLUiRV
RVVHUYLoRV
VHUYLoRVRX
RXDWLYLGDGHV
DWLYLGDGHVHVVHQFLDLV
HGLVSRUi
GLVSRUiVREUH
VREUHRDWHQGLPHQWR
DWHQGLPHQWRGDV
GDVQHFHVVLGDGHV 1mRpERPHVTXHFHUDLQGDTXHWRGDJUHYHSRGHVHU
LQDGLiYHLVGDFRPXQLGDGH MXOJDGDSHOD-XVWLoDGR7UDEDOKR6HR757GHFODUDUD
JUHYHLOHJDORHPSUHJDGRTXHGHODSDUWLFLSDUWHUiGDGR
 0XLWRWHPDIOLJLGRDSRSXODomRTXDQGRDJUHYHpIHLWD MXVWDFDXVDjUHVFLVmRGHVHXFRQWUDWRGHWUDEDOKR
SRUFDWHJRULDVTXHWUDEDOKHPHPVHUYLoRVIXQGDPHQWDLVj
FRQYLYrQFLD VRFLDO e HYLGHQWH TXH WUDEDOKDGRUHV GH *UHYH p OtFLWD H YiOLGD TXDQGR VHP
HP DEXVR
DEXVR H VHP
3URQWR6RFRUURVRXGHFRPSDQKLDVGHHOHWULFLGDGHRX SUHMXt]RDWRGDDFRPXQLGDGH$ILQDODJ
SUHMXt]R JUHYHGHYHVHU
UHYH
WHOHI{QLFDSRGHPH[SRUDSHULJRWRGDDFROHWLYLGDGHFDVR GLUHFLRQDGDDSUHVVLRQDURSDWUmR HPSUHJDGRU HQmRD
UHDOL]HP XPD JUHYH LQGLVFULPLQDGD VHP DVVHJXUDU XP
YLWLPDUWRGDDSRSXODomR
PtQLPR GH IXQFLRQDPHQWR GHVVHV VHUYLoRV HVVHQFLDLV
)RUDGLVVRVHXSRGHUGHSUHVVmR YLDJUHYH VHULDWDPD
†ž 2V
2VDEXVRVFRPHWLGRVVXMHLWDPRVUHVSRQViYHLVjV
DEXVRVFRPHWLGRVVXMHLWDPRVUHVSRQViYHLVjV
QKR TXH D JUHYH FRQILJXUDULD YHUGDGHLUD FKDQWDJHP
SHQDVGDOHL
FRQWUDDVRFLHGDGHHDVVLPREWHULDPWRGDYDQWDJHPTXH
GHVHMDVVHP
ePDLVTXHMXVWDXPDSXQLomRDRVDEXVRVVHPpGLFRV
3DUD HYLWDU WDLV H[FHVVRV HP TXH DSHQDV DOJXQV RXHQIHUPHLURV HPJUHYHIHFKDUHPXP3URQWR6RFRUUR
WUDEDOKDGRUHVVHEHQHILFLDULDPHQTXDQWRWRGRVRVGHPDLV RXXPD87,GHXPKRVSLWDORXLPSHGLUHPTXHRXWURV
DILQDO HP VRFLHGDGH RV WUDEDOKDGRUHV VmR D PDLRULD FROHJDVSUHVWHPWDLVVHUYLoRVMXVWRVHUiTXHUHVSRQGDP
DEXQGDQWH VHSUHMXGLFDULDPD&RQVWLWXLomRGHWHUPLQRX QmRDSHQDVSHORVSUHMXt]RVFDXVDGRV SDJDQGRSHQVmRDR
TXHIRVVHIHLWDXPDOHLSDUDGHILQLURVOLPLWHVGDVJUHYHV GHSHQGHQWHVGHDOJXPGHIXQWR FRPRWDPEpPLQGRSDUD
IHLWDV SRU WUDEDOKDGRUHV GHVVDV DWLYLGDGHV HVVHQFLDLV DFDGHLD
$VVLPDOOHL
HL GH
GH JUHYH /HLQžGH-81 TXH
JUHYH
GLVFLSOLQDRH[HUFtFLRGRGLUHLWRGHJUHYHHPVHXDUW 9DOHUiRPHVPRUDFLRFtQLRSDUDRVJUHYLVWDVGHWRGDV
REULJDRVVLQGLFDWRVRVHPSUHJDGRUHVHRVWUDEDOKDGRUHV DVGHPDLVFDWHJRULDVGHVHUYLoRVHVVHQFLDLVDYLGDFRPXQL
GHFRPXPDFRUGRDJDUDQWLUGXUDQWHDJUHYHDSUHVWDomR WiULD
GRVVHUYLoRVLQGLVSHQViYHLVDRDWHQGLPHQWRGDVQHFHVVLGDGHV
LQDGLiYHLVGDFRPXQLGDGH $UW eDVVHJXUDGDDSDUWLFLSDomRGRVWUDEDOKDGRUHV
H HPSUHJDGRUHV
HPSUHJDGRUHV QRV
QRV FROHJLDGRV
FROHJLDGRV GRV
GRV yUJmRV
9HMDTXDLVVmRRVVHUYLoRVRXDWLYLGDGHVHVVHQFLDLVVH S~EOLFRV
S~EOLFRVHP
HPTXH
TXHVHXV
VHXVLQWHUHVVHV
LQWHUHVVHVSURILVVLRQDLV
SURILVVLRQDLVRX
JXQGRDOHLGHJUHYH
OHLGHJUHYH /HLQž
OHLGHJUHYH 
 GH-81  SUHYLGHQFLiULRV
UHYLGHQFLiULRV VHMDP
VHMDP REMHWR
REMHWR GH
GH GLVFXVVmR
GLVFXVVmR H
GHOLEHUDomR
, WUDWDPHQWR H DEDVWHFLPHQWR GHiJXDSURGXomRH
GLVWULEXLomRGHHQHUJLDHOpWULFDJiVHFRPEXVWtYHLV (VVHGLVSRVLWLYRpH[WUHPDPHQWHVDGLR3RVVLELOLWDTXH
HP WRGRV RV yUJmRV FROHJLDGRV DTXHOHV FRPSRVWRV SRU
,, DVVLVWrQFLDPpGLFDHKRVSLWDODU YiULDV SHVVRDV  HP TXH VH GLVFXWD RX GHFLGD VREUH
LQWHUHVVH SUHYLGHQFLiULR RX GH FDWHJRULDV SURILVVLRQDLV
,,, GLVWULEXLomR H FRPHUFLDOL]DomR GH PHGLFDPHQWRVH KDYHUiXPUHSUHVHQWDQWHGRVHPSUHJDGRV,VVRQmRDSH
DOLPHQWRV QDVIDFLOLWDUiRFRQKHFLPHQWRGDVTXHVW}HVFRPVLPSDWLD
DRVWUDEDOKDGRUHVFRPRLPSHGLUiDUUDQMRVSDUDSUHMXGL
,9 IXQHUiULRV FiORV-ipSRULVVR TXHQD-XVWLoDGR7UDEDOKRKiXP
YRJDOGRV(PSUHJDGRVQR757HQR767KiMXt]HV
9 WUDQVSRUWHFROHWLYR FODVVLVWDVUHSUHVHQWDQGRRVWUDEDOKDGRUHV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

( R PHVPR YDOH SDUD RV HPSUHJDGRUHV 6H KRXYHVVH eRFULWpULRGRMXVVROXVWHUULWRULDO&RPRVHYrSDUD


DSHQDVUHSUHVHQWDQWHVGRVWUDEDOKDGRUHVRyUJmRSRGHULD QRVVD&RQVWLWXLomREDVWDTXHDSHVVRDQDVoDQRWHUULWyULR
VRIUHULQIOXrQFLDXQLODWHUDOHWHUPLQDULDVyHQ[HUJDULDRV QDFLRQDOSDUDVHUFRQVLGHUDGRXPEUDVLOHLURQDWR1mR
LQWHUHVVHVGRVWUDEDOKDGRUHV$VVLPWDPEpPRVHPSUHJD LPSRUWDVHpILOKRGHUXVVRRXFXEDQRRXDPHULFDQRRX
GRUHVWHUmRUHSUHVHQWDQWHVQHVVHVyUJmRVPDQWHQGRVHX LQJOrVHWF
HTXLOtEULR
1DVFHXDTXLpEUDVLOHLUR6yQmRVHUiEUDVLOHLURVHRV
$UW 1DV
1DVHPSUHVDV
HPSUHVDVGH
GHPDLV
PDLVGH
GHGX]HQWRVHPSUHJDGRV SDLVIRUHPHVWUDQJHLURVTXHHVWHMDPQR%UDVLODVHUYLoRGH
pDVVHJXUDGD
DVVHJXUDGDDHOHLomR
HOHLomRGH
GHXP
XPUHSUHVHQWDQWH
UHSUHVHQWDQWHGHV VHX3DtV 1HVVDKLSyWHVHRFDVDOHVWiUHSUHVHQWDQGRRV
WHV
WHVFRP
FRPDILQDOLGDGH
ILQDOLGDGHH[FOXVLYD
H[FOXVLYDGH
GHSURPRYHUOKHV LQWHUHVVHVGHVHX3DtVGHRULJHP1mRHVWiQR%UDVLOSRU
RHQWHQGLPHQWRGLUHWRFRPRVHPSUHJDGRUHV YRQWDGH SUySULD RX DPRU j WHUUD 3RU LVVR PHVPR TXH
WHQKDQDVFLGRDTXLQmRVHUiEUDVLOHLUR
(VVD SUHYLVmR FRQVWLWXFLRQDO p PDLV XP DYDQoR QRV
GLUHLWRV GRV WUDEDOKDGRUHV 'HQWUR GD SUySULD HPSUHVD E RV
RVQDVFLGRV
QDVFLGRVQR
QRHVWUDQJHLUR
HVWUDQJHLURGH
GHSDL
SDLEUDVLOHLUR
EUDVLOHLURRX
KDYHUiXPHPSUHJDGRTXHVHUiRUHSUHVHQWDQWHGHWRGRV PmHEUDVLOHLUD
PmH EUDVLOHLUDGHVGH
GHVGHTXH
TXHTXDOTXHU
TXDOTXHUGHOHV
GHOHVHVWHMD
RV GHPDLV H WHUi OLEHUGDGH SDUD GLVFXWLU GLUHWDPHQWH DVHUYLoRGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
FRPDGLUHomRGDHPSUHVDWRGRVRVDVVXQWRVGHLQWHUHVVH
GDFDWHJRULD 1mRVHGHVSUH]RXSRUpPRFULWpULRGRMXVVDQJXLQLV
RXVHMDGRVDQJXHEUDVLOHLUR$VVLPVHDFULDQoDQDVFHX
,VVR HQWUHWDQWR Vy VHUi SRVVtYHO QDV HPSUHVDV FRP QRHVWUDQJHLURPDVRSDLRXDPmHpEUDVLOHLURRILOKR
PDLVGHHPSUHJDGRVeTXHQDVSHTXHQDVHPSUHVDV VHUiWDPEpPEUDVLOHLUR
RFRQWDWRHQWUHHPSUHJDGRVHSDWU}HVpPDLVSUy[LPRH
PHQRVHPEDUDoRVR $ ~QLFD H[LJrQFLD p TXH R SDL EUDVLOHLUR  RX D PmH
EUDVLOHLUD HVWLYHVVHQRH[WHULRUDVHUYLoRGR%UDVLO6HHVWD
0DV ¢TXH FRQWtQXR GH XPD JUDQGH LQG~VWULD 9RONV YDHPSDVVHLR WXULVPR QmRVHUi DXWRPDWLFDPHQWH EUDVLOHL
SH[  FRQYHUVDULD FRP XP GLUHWRU" (VVH UHSUHVHQWDQWH URVHUmRQHFHVViULDVDOJXPDVSURYLGrQFLDVSDUDTXHWDO
VHUi HOHLWR PHGLDQWH YRWDomR  SHORV FROHJDV H SRU VHU FULDQoD SRVVD VHU FRQVLGHUDGD EUDVLOHLUD FRPR VH Yr D
HOHLWRHVWDUiHPFRQWDWRSHUPDQHQWHFRPWRGRVVDEHQGR VHJXLU
GHVXDVDIOLo}HVHSUHWHQV}HVSRGHQGRFDQDOL]iODVSDUD
FRQKHFLPHQWRHQHJRFLDomRFRPDGLUHomRGDHPSUHVD F  RV
RVQDVFLGRV
QDVFLGRVQR
QRHVWUDQJHLUR
HVWUDQJHLURGH
GHSDL
SDLEUDVLOHLURRX
PmHEUDVLOHLUD GHVGH
GHPmHEUDVLOHLUD
GH PmHEUDVLOHLUDG HVGH TXH
TXH VHMDP
VHMDP UHJLVWUDGRV
HP
HPUHSDUWLomR
UHSDUWLomREUDVLOHLUD
EUDVLOHLUDFRPSHWHQWH
FRPSHWHQWHRXRXYHQKDP
D UHVLGLU
UHVLGLU QD
QD 5HS~EOLFD
5HS~EOLFD )HGHUDWLYD
)HGHUDWLYD GR
GR %UDVLO
%UDVLO H
1DFLRQDOLGDGH RSWHP
RSWHPHP
HPTXDOTXHU
TXDOTXHUWHPSR
WHPSRGHSRLV
GHSRLVGH
GHDWLQJLGD
DPDLRULGDGHSHODQDFLRQDOLGDGHEUDVLOHLUD

1DFLRQDLVVmRSHVVRDVFRPXPDPHVPDLGHQWLGDGHGH 2EVUHGDomRGDGDSHOD(&Qž
VROR H VDQJXH TXH FRPS}HP XP FRQFHLWR PDLV DPSOR
FKDPDGRSiWULD$QDomREUDVLOHLUDpDVVLPRDJUXSDPHQ (VWDGLVSRVLomRYHPHYROXLQGRQDDFHLWDomRGDQDFLR
WRGHWRGRVRVTXHVmRFRQVLGHUDGRVEUDVLOHLURV QDOLGDGHGDV´FULDQoDVµQDVFLGDVQRH[WHULRUILOKDVGHSDL
RXPmHEUDVLOHLURV$QWLJDPHQWHSHORYHOKRWH[WRFRQV
1RUPDOPHQWHHPFHUWRVDVSHFWRVR(VWDGR%UDVLOHLUR WLWXFLRQDOKDYLDQHFHVVLGDGHGHTXHREUDVLOHLULQKRIRVVH
UHFRQKHFHUi DOJXQV HVSHFLDLV SULYLOpJLRV H SURWHomR DRV UHJLVWUDGRQRFRQVXODGR>RXHPEDL[DGD@EUDVLOHLUR³RX
EUDVLOHLURV GLUHLWRGHFLGDGDQLDLVWRpYRWDUHVHUYRWDGR HQWmRTXHRSWDVVHSHODQDFLRQDOLGDGHEUDVLOHLUDDQWHV
DQWHVGD
DQWHV
QDVHOHLo}HVRFXSDUFHUWRVFDUJRVS~EOLFRVVHUMXOJDGR PDLRULGDGHHDGHPDLVTXDQGRDOFDQoDVVHDPDLRULGDGH
SHOD-XVWLoDEUDVLOHLUDQmRVHUH[WUDGLWDGRHWF3RULVVR QmRVyDVVXPLVVHVXDFRQGLomRGHEUDVLOHLURHDLQGDYLHVVH
p LPSRUWDQWH VDEHU TXHP p EUDVLOHLUR RX SRGH VHU PRUDUQR%UDVLO
FRQVLGHUDGREUDVLOHLUR
(VVHpRWHPDGHTXHWUDWDHVWHFDStWXORFRQVWLWXFLRQDO (YROXLXVH SDUD PDLRU IOH[LELOLGDGH SDVVRXVH D
GHVLJQLILFDWLYDLPSRUWkQFLDSRLVFHUWRVFDUJRVS~EOLFRVVy DGPLWLUTXHDSHVVRDQDVFLGDQRHVWUDQJHLURWLYHVVHRXR
VHUmRRFXSDGRVSRUEUDVLOHLURVQDWRVRXWURVWDPEpPSRU SDLEUDVLOHLURRXDPmHEUDVLOHLUDHTXHYLHVVHDUHVLGLUQR
EUDVLOHLURQDWXUDOL]DGR %UDVLO SRGHQGR HQWmR ´D TXDOTXHU WHPSRµ RSWDU SHOD
QDFLRQDOLGDGHEUDVLOHLUD³GLVSHQVDGDDQHFHVVLGDGHGH
$UW6mREUDVLOHLURV
6mREUDVLOHLURV UHJLVWURQRFRQVXODGRRXGHTXHYLHVVHDPRUDUQR%UDVLO
DQWHVGDPDLRULGDGH
, QDWRV
0DVDLQRYDomRLQWURGX]LGDSHOD(&GH5HYLVmRQž
D RV
RVQDVFLGRV
QDVFLGRVQD
QD5HS~EOLFD
5HS~EOLFD)HGHUDWLYD
)HGHUDWLYDGR
GR%UDVLO HUDLQWUDQVLJHQWHVySRGHULDREWHUDQDFLRQDOLGDGH
DLQGD
DLQGD TXH
TXH GH
GH SDLV
SDLV HVWUDQJHLURV
HVWUDQJHLURV GHVGH
GHVGH TXH EUDVLOHLUDREUDVLOHLULQKRTXHYLHVVHDUHVLGLU QR %UDVLO
HVWHVQmRHVWHMDPDVHUYLoRGHVHXSDtV QmROKHFRQFHGLDQRVVDQDFLRQDOLGDGHVHHOHFRQWLQXDVVH
DUHVLGLUQRH[WHULRU
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$ (PHQGD &RQVWLWXFLRQDO Qž  DYDQoD QD D RV


RVTXH
TXHQD
QDIRUPD
IRUPDGD
GDOHL
OHLDGTXLUDP
DGTXLUDPDQDFLRQDOL
IOH[LELOL]DomR ³ DFUHVFHQGR j GLVSRVLomR DQWHULRU D GDGH EUDVLOHLUD
GDGH EUDVLOHLUD H[LJLGD
H[LJLGD DRV RULJLQiULRV GH
KLSyWHVHGHR´EUDVLOHLULQKRµ ILOKRGHSDLRXPmHEUDVLOHL SDtVHV
SDtVHVGH
GHOtQJXD
OtQJXDSRUWXJXHVD DSHQDVUHVLGrQFLD
SRUWXJXHVDDSHQDV
UR TXHDRQDVFHUIRL´UHJLVWUDGRHPUHSDUWLomREUDVLOHLUD SRUXPDQRLQLQWHUUXSWRHLGRQHLGDGHPRUDO
FRPSHWHQWHµ HPEDL[DGDRXFRQVXODGR WDPEpPDGTXLUD
QDFLRQDOLGDGH EUDVLOHLUD HPERUD QDVFLGR QR H[WHULRU  $OHL>HVWDWXWRGRHVWUDQJHLUR@HVWDEHOHFHUiRVUHTXLVLWRV
PHVPRVHPYLUDUHVLGLUQR%UDVLO SDUD TXH XPD SHVVRD SRVVD VHU EUDVLOHLUD RSWDQGR SRU
QRVVDQDFLRQDOLGDGH0DVGHDQWHPmRIDFLOLWDDQRVVRV
1DWXUDOPHQWH VHUi QHFHVViULD VXD ´YRQWDGHµ GH VHU FRLUPmRVGHSDtVHVGHOtQJXDSRUWXJXHVD>0RoDPELTXH
EUDVLOHLURHDtEDVWDUiTXHHOHHVFROKD VySRGHHVFROKHU HWF@DDTXLVLomRGDQDFLRQDOLGDGHEUDVLOHLUDEDVWDUiTXH
TXHPp´PDLRUµGHDQRVRXHPDQFLSDGR HUHTXHLUDR HVWHMDPUHVLGLQGRQR%UDVLOSRUXPDQRHVHMDPSHVVRDV
UHJLVWURILQDOGHVXDQDFLRQDOLGDGHEUDVLOHLUDFRPSURYDQ LG{QHDV
GRDSHQDVTXHDRQDVFHUMiIRUD´UHJLVWUDGRHPUHSDUWLomR
EUDVLOHLUDFRPSHWHQWHµ 6HKRXYHUFRQGHQDomRFULPLQDORXUHJLVWURVS~EOLFRV
RXWURVTXHFRPSURYDULQLGRQHLGDGHQmRVHUmRDGPLWLGRV
FRPREUDVLOHLURV
(QILPDJRUDVmRGXDVKLSyWHVHVSDUDRILOKRGHSDLRX
GHPmHEUDVLOHLURQDVFLGRQR H[WHULRU D UHTXHUHUDR
E RV
RV HVWUDQJHLURV
HVWUDQJHLURV GH
GH TXDOTXHU
TXDOTXHU QDFLRQDOLGDGH
´YLUUHVLGLUQR%UDVLORX E PHVPRPRUDQGRQR([WHULRU
UHVLGHQWHV
UHVLGHQWHVQD
QD5HS~EOLFD)HGHUDWLYDGR%UDVLOKi
5HS~EOLFD)HGHUDWLYDGR%UDVLOKi
SURYDU TXH DR QDVFHU IRL ´UHJLVWUDGR HP UHSDUWLomR
PDLV GH TXLQ]H
PDLV GH TXLQ]H DQRV
DQRV LQLQWHUUXSWRV
LQLQWHUUXSWRV H VHP
EUDVLOHLUDFRPSHWHQWHµ
FRQGHQDomR
FRQGHQDomR SHQDO GHVGH TXH UHTXHLUDP D
QDFLRQDOLGDGHEUDVLOHLUD
6DWLVIHLWDV HVVDV FRQGLo}HV RV UHTXLVLWRV VmR D VXD
PDLRULGDGH SDUD PDQLIHVWDU VXD YRQWDGH GH DGTXLULU D 2EV HVWH WH[WR IRL LQWURGX]LGR SHOD (PHQGD &RQVWLWXFLRQDO GH
QDFLRQDOLGDGHEUDVLOHLUD 5HYLVmRQž5HGX]LXVHRSUD]RGHUHVLGrQFLDSDUD
DQRVMiTXHRYHOKRDH[LJLDSRUPDLVGHWULQWDDQRV
$WHQomR D (&Qž  GLVFLSOLQRX D VLWXDomRGRV
´ILOKRVGHEUDVLOHLURVµ SDLRXPmH QDVFLGRV 6RPRVXPSDtVFRQVWUXtGRWDPEpPSHORVLPLJUDQWHVH
HQWUHPHLRDVGXDV(PHQGDV&RQVWLWXFLRQDLV PXLWRGHOHVDLQGDHVWmRQR%UDVLOFRQVHUYDQGRPDLVTXH
DOJXQVFRVWXPHVGHVXDWHUUDQDWDOWDPEpPDQDFLRQDOL
RX VHMD HQWUH D ´(PHQGD &RQVWLWXFLRQDO GH 5HYLVmR Qž
GDGHFRPTXHYLHUDPSDUDFi(RVTXHDTXLHVWLYHUHP
HD(&Qž³IDFXOWDQGRTXHHOHVDLQGDTXH
WDUGLDPHQWH SRVVDP VHU UHJLVWUDGRV HP UHSDUWLomR UHVLGLQGRKiPDLVGHDQRV D&RQVWLWXLomRGHH[LJLD
GLSORPiWLFDRXFRQVXODUEUDVLOHLUD³RXDWpPHVPRHP DQRV HTXHMDPDLVGHL[DUDPGHPRUDUQR%UDVLOSRGHUmR

&DUWyULREUDVLOHLURVHYLHUHPDPRUDUQR%UDVLO VHQDWXUDOL]DUWRUQDQGRVHEUDVLOHLURV%DVWDUiUHTXHUH
UHP D QDFLRQDOLGDGH TXH OKHV VHUi GHIHULGD FDVR QmR
3DUDWDQWRD(&Qž DUWž PDQGRXDFUHVFHU WHQKDPTXDOTXHUFRQGHQDomRFULPLQDO
RDUWDR$'&7³$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV
6HQHVVHSHUtRGRGHUHVLGrQFLD DQRV RHVWUDQJHL
7UDQVLWyULDVTXHHVWDEHOHFH
URWLYHUTXDOTXHUFRQGHQDomRFULPLQDOHQWmRQmRSRGHUi
VHQDWXUDOL]DUFRQWLQXDUmRPRUDQGRQR%UDVLOSRUpP
$UW 2VQDVFLGRVQRHVWUDQJHLURHQWUHGHMXQKRGHHD
FRPRHVWUDQJHLURVVHPGLUHLWRGHFLGDGDQLD
GDWDGDSURPXOJDomRGHVWD(PHQGD&RQVWLWXFLRQDOILOKRV
GHSDLEUDVLOHLURRXPmHEUDVLOHLUDSRGHUmRVHUUHJLVWUD
†ž $RV SRUWXJXHVHV FRPUHVLGrQFLDSHUPDQHQWH
GRV HP UHSDUWLomR GLSORPiWLFD RX FRQVXODU EUDVLOHLUD
QR
QR 3DtVVHKRXYHUUHFLSURFLGDGHHPIDYRUGH
3DtVVHKRXYHUUHFLSURFLGDGHHPIDYRUGH
FRPSHWHQWHRXHPRItFLRGHUHJLVWURVHYLHUHPDUHVLGLU
EUDVLOHLURV
EUDVLOHLURVVHUmR
VHUmRDWULEXtGRV
DWULEXtGRVRV
RVGLUHLWRV
GLUHLWRVLQHUHQ
QD5HS~EOLFD)HGHUDWLYDGR%UDVLO
WHV
WHVDR
DREUDVLOHLUR
EUDVLOHLURVDOYR
VDOYRRV
RVFDVRV
FDVRVSUHYLVWRV
SUHYLVWRVQHVWD

&RQVWLWXLomR
$UW6mREUDVLOHLURV
6mREUDVLOHLURV 2EVHVWHWH[WRIRLLQWURGX]LGRSHOD(PHQGD&RQVWLWXFLRQDO
2EV
 GH5HYLVmRQžGH

,,QDWXUDOL]DGR
QDWXUDOL]DGR 2YHOKRWH[WRFRQFHGLDDRVSRUWXJXHVHVRVPHVPtVVLPRV
GLUHLWRVGRVEUDVLOHLURVQDWRV
QDWRV³RTXHDWpUHSUHVHQWDYDXP
QDWRV
FHUWRSHULJRSRLVSRGHUtDPRVHYHQWXDOPHQWHYLUDWHU
1DWXUDOL]DGRVVmRSHVVRDVTXHQmRVmREUDVLOHLUDVQHP
XP SRUWXJXrV FRPR 2ILFLDO &RPDQGDQWH GDV )RUoDV
SRUWHUHPQDVFLGRQRWHUULWyULRQDFLRQDOQHPSRUVHUHP
$UPDGDVRXPHVPRFRPR3UHVLGHQWHRX9LFH3UHVLGHQWH
ILOKDVGHEUDVLOHLURVVmRHVWUDQJHLURVTXHVHWUDQVIRUPD
GD 5HS~EOLFD VHQmR 0LQLVWUR GR 6XSUHPR 7ULEXQDO
UmRHPEUDVLOHLURVSRUXPDWRGHVXDYRQWDGH RSomR 
)HGHUDOHWF YHMDQR†žGRDUW&)RVFDUJRVSULYDWLYRV
GHEUDVLOHLURVQDWRV 
$ &RQVWLWXLomR RV  FRORFD HP SRVLomR MXUtGLFD XP
SRXFRLQIHULRUjGREUDVLOHLURQDWRFRPRYHUHPRVDGLDQ
1RVVDUHODomRFRPDSiWULDPmHpULFDGHFDULQKRH
WH
UHVSHLWR UHFtSURFRV 9HMDVH TXH WDQWD p QRVVD FRQVL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

GHUDomR FRP RV SRUWXJXHVHV TXH QRVVD &RQVWLWXLomR GHXPHYHQWXDOHPEDL[DGRUQDWXUDOL]DGRQmRVHVHQWLU


HVWDEHOHFH TXH VH HP 3RUWXJDO RV EUDVLOHLURV IRUHP jYRQWDGHTXDQGRVHFRQIURQWDVVHFRPRVLQWHUHVVHVGH
WUDWDGRVFRPLJXDOGDGHRVSRUWXJXHVHVDTXLVHUmRFRQVL VXDH[SiWULDRULJHP
GHUDGRVEUDVLOHLURV TXDOEUDVLOHLURQDWXUDOL]DGR
QDWXUDOL]DGR 
QDWXUDOL]DGR
3RU UD]}HV GH VHJXUDQoD QDFLRQDO QmR VH SRGHULD
6LJQLILFDTXHSRUWXJXrVSRGHUiYRWDUHVHUYRWDGRSDUD HQWUHJDURFRPDQGRGHQRVVDVIRUoDVDUPDGDVDXPRILFLDO
3UHIHLWRHDWpSDUDR6HQDGR)HGHUDOVHUMXL]GHGLUHLWR QDWXUDOL]DGRQXPHPEDWHFRQWUDVHXH[SRYRFHUWDPHQ
>H[FHWRGR6XSUHPR7ULEXQDO)HGHUDO@EDVWDQGRSDUDLVVRTXH WHVHXFRQIOLWRSVLFROyJLFRHPEDUDoDULDVXDVGHFLV}HV
WHQKD UHVLGrQFLD SHUPDQHQWH QR %UDVLO H TXH 3RUWXJDO
RIHUHoDDVPHVPDVUHJDOLDVDRVEUDVLOHLURVTXHOiUHVLGDP 4XHVWmR LQWHUHVVDQWH IRL IRUPXODGD QXP FRQFXUVR
S~EOLFRLQGDJDQGRVREUHDSRVVLELOLGDGHGHXPWDO)XDG
†ž $ OHL EUDVLOHLURQDWXUDOL]DGRVHUIXQFLRQiULRS~EOLFR2EVHUYH
OHL QmR
QmR SRGHUi
SRGHUi HVWDEHOHFHUGLVWLQomRHQWUH
TXHD&RQVWLWXLomR)HGHUDOGLVS}HH[SUHVVDPHQWHTXDLV
EUDVLOHLURV QDWRV
EUDVLOHLURV QDWRV H QDWXUDOL]DGRV VDOYR QRV
RVFDUJRVTXHDSHQDV
DSHQDV
DSHQDVRVEUDVLOHLURVQDWRV
RV QDWRVSRGHPRFXSDU
QDWRV
FDVRVSUHYLVWRVQHVWD&RQVWLWXLomR
† ž GR DUW&)  H HVWDEHOHFH TXH WRGRV RV GHPDLV
SRGHPVHUSUHHQFKLGRVSRUEUDVLOHLURVVHPGLVWLQJXLUVH
8PDYH]QDWXUDOL]DGRRHVWUDQJHLURHOHSDVVDDVHUWmR
QDWRV RX QDWXUDOL]DGRV RX VHMD SHUPLWH TXH WRGRV RV
EUDVLOHLURTXDQWRREUDVLOHLURQDWR$&RQVWLWXLomRSURtEH GHPDLVVHMDPSUHHQFKLGRVWDQWRSRUEUDVLOHLURVQDWRVQDWRV RV
QDWRV
TXHHOHVRIUDTXDOTXHUGLVFULPLQDomR1HPPHVPRDOHL TXHQDVFHUDPQR%UDVLO FRPRSRUEUDVLOHLURVQDWXUDOL]D
SRGHUi HVWDEHOHFHU TXDOTXHU GLIHUHQoD >SULYLOpJLR RX GRV TXHQDVFHUDPHPRXWURVSDtVHVPDVRSWDUDPSHOD
WUDWDPHQWRGLIHUHQFLDGR@$SHQDVDSUySULD&RQVWLWXLomR QDFLRQDOLGDGHEUDVLOHLUDTXDQGRYLHUDPSDUDR%UDVLO 2
pTXHGHILQHDVUHVWULo}HVDRVEUDVLOHLURVQDWXUDOL]DGRVH )XDGGDTXHVWmRpEUDVLOHLURQDWXUDOL]DGR3RGHRFXSDU
DLQGDDVVLPSRUUD]}HVGRPDLRULQWHUHVVHQDFLRQDO>YHMD TXDOTXHUFDUJRS~EOLFRFRPH[FHomRGDTXHOHVGRDUW†
RVFRPHQWiULRVDR†VHJXLQWH@ ž&RQVW)HGHUDO

†ž
 6mRSULYDWLYRVGHEUDVLOHLURQDWRRVFDUJRV †ž 6HUi GHFODUDGD D SHUGD GDQDFLRQDOLGDGHGR
EUDVLOHLURTXH
, GH3UHVLGHQWHH9LFH3UHVLGHQWHGD5HS~EOLFD
3RGHPRVQDVFHUEUDVLOHLURVPDVPRUUHUHVWUDQJHLURV
,, GH3UHVLGHQWHGD&kPDUDGRV'HSXWDGRV >RX DSiWULGDV@ 7DPEpP XP EUDVLOHLUR QDWXUDOL]DGR
SRGHUiSHUGHUDQDFLRQDOLGDGH
,,, GH3UHVLGHQWHGR6HQDGR)HGHUDO
, WLYHU
WLYHUFDQFHODGD
FDQFHODGDVXD
VXDQDWXUDOL]DomRSRUVHQWHQoD
QDWXUDOL]DomRSRUVHQWHQoD
,9 GH0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO MXGLFLDO HP
MXGLFLDO HP YLUWXGH GH DWLYLGDGH QRFLYD DR
LQWHUHVVHQDFLRQDO
9 GHFDUUHLUDGLSORPiWLFD
(VWDGLVSRVLomRVyYDOHSDUDREUDVLOHLURQDWXUDOL]DGR
9, GHRILFLDOGDV)RUoDV$UPDGDV eQDWXUDOTXHFRPSURYDGR>HHPMXt]RPHGLDQWHSURFHV
VRSUySULRFRPDPSODGHIHVD@KDYHUHOHDWHQWDGRFRQWUD
9,,GH0LQLVWURGH(VWDGRGD'HIHVD
GH0LQLVWURGH(VWDGRGD'HIHVD RVLQWHUHVVHVGDQDomRWUDLQGRRSRYREUDVLOHLURTXHR
UHFHEHXFRPRLUPmRSHUFDHOHDQDWXUDOL]DomR
2EV (VWDDOtQHDIRLLQWURGX]LGDSHOD(PHQGD&RQVWLWXFLRQDOQž
GH +DYHUi QHVVD KLSyWHVH R FDQFHODPHQWR GD QDWXUDOL
]DomR0DVpLPSRUWDQWHTXHVHREVHUYHTXHDSHQDVFRP
2EV $SUySULD&RQVWLWXLomR)HGHUDOWDPEpPGHFODUD XPDVHQWHQoDMXGLFLDOpTXHVHUiGHFODUDGRWDOFDQFHODPHQ
TXHVyRVEUDVLOHLURVQDWRV
QDWRVSRGHUmRVHUQRPHD
QDWRV WR
GRVSDUDR&RQVHOKRGD5HS~EOLFD DUW9,, 
,, DGTXLULURXWUDQDFLRQDOLGDGHVDOYRQRVFDVRV
DGTXLULURXWUDQDFLRQDOLGDGHVDOYRQRVFDVRV
&RPRVHREVHUYDVmRWRGRVFDUJRVGHYLWDOVLJQLILFDomR
j SUySULD SUHVHUYDomR GD 1DomR EUDVLOHLUD 2V TXDWUR D GH
GH UHFRQKHFLPHQWRGHQDFLRQDOLGDGHRULJL
UHFRQKHFLPHQWRGHQDFLRQDOLGDGHRULJL
SULPHLURV SRGHP FRPDQGDU R 3DtV OHPEUDQGR  TXH R QiULDSHODOHLHVWUDQJHLUD
QiULDSHODOHLHVWUDQJHLUD
9LFH3UHVLGHQWHGD5HS~EOLFDR3UHVLGHQWHGD&kPDUDGRV
'HSXWDGRVR3UHVLGHQWHGR6HQDGR)HGHUDOHR3UHVLGHQ E GH
GH LPSRVLomR
LPSRVLomR GH
GH QDWXUDOL]DomR
QDWXUDOL]DomR SHOD
SHOD QRUPD
WH GR 6XSUHPR 7ULEXQDO )HGHUDO FRPS}HP D OLQKD GH HVWUDQJHLUD
HVWUDQJHLUD DR
DR EUDVLOHLUR
EUDVLOHLUR UHVLGHQWH HP
VXFHVVmRGR3UHVLGHQWHGD5HS~EOLFDFDVRHOHPRUUD (VW
(VWDGR
DGR HVWUDQJHLUR
HVWUDQJHLUR FRPR
FRPR FRQGLomR
FRQGLomR SDUD
SHUPDQrQFLD
SHUPDQrQFLD HP
HP VHX
VHX WHUULWyULR RX SDUD R
1DWXUDOPHQWHQmRSRGHULDPVHURFXSDGRVSRUEUDVLOHL H[HUFtFLRGHGLUHLWRVFLYLV
URVQDWXUDOL]DGRVSHVVRDVTXHSRGHULDPHVWDUYLQFXODGDV
2EV
2EV HVWHWH[WRIRLLQWURGX]LGRSHOD(PHQGD
(PHQGD
(PHQGD&RQVWLWXFLRQDO
>DLQGD TXH VHQWLPHQWDOPHQWH@ D 3DtVHV FRQWUD RV TXDLV
GH
GH 5HYLVmR
5HYLVmR Qž
Qž   2YHOKRWH[WR QmR
 GH 
SRGHULDPHVWDURSRVWRVRVLQWHUHVVHVGRSRYREUDVLOHLUR
SRVVLELOLWDYD HP QHQKXPD KLSyWHVH TXH
GXSOD
GXSOD QDFLRQDOLGDGH
XPEUDVLOHLURWLYHVVHGXSOD QDFLRQDOLGDGH
1DFDUUHLUDGLSORPiWLFDHPTXHVHWUDWDPRVLQWHUHV
FRPRpDJRUDSHUPLWLGR
VHVGR3DtVGLUHWDPHQWHFRPRXWURVSDtVHVKDYHULDULVFR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

5HYLVmR&RQVWLWXFLRQDO
5HYLVmR&RQVWLWXFLRQDOREUDVLOHLUR
&RPD5HY LVmR&RQVWLWXFLRQDO QmRGHL[DUi &RQVHQWH D &RQVWLWXLomR TXH UHJLRQDOLVPRV VHMDP
GHVHUEUDVLOHLURFDVRDGTXLUDRXWUDQDFLRQDOLGDGH DVVLP FXOWLYDGRVHFXOWXDGRV2DPRUjVXDUHJLmRpDSULPHLUD
SH[ XP EUDVLOHLUR ILOKR GH LWDOLDQR SRGH UHTXHUHU QD VHPHQWHDTXHWRGRVFXOWLYHPRVRDPRUjQRVVDSiWULD
,WiOLD TXH VHMD FRQVLGHUDGR LWDOLDQR H QHP SRU LVVR
GHL[DUi GH VHU EUDVLOHLUR FRPR DFRQWHFLD DQWHV GD
UHYLVmR 
&LGDGDQLD
'RUDYDQWHQHVVDVGXDVKLSyWHVHV DOtQHDVDHEGR
LQF,, QmR SHUGDGDQDFLRQDOLGDGHEUDVLOHL
QmRPDLVKDYHUiDSHUGD
QmR SHUGD
4XHPYLYHHPVRFLHGDGHGHYHWHURGLUHLWRGHSDUWLFL
UD
SDU GH WRGD VXD  RUJDQL]DomR DGPLQLVWUDWLYD HQILP GD
ž TXDQGRREUDVLOHLULQKR ILOKRVGHSDLVEUDVLOHL
JHUrQFLDGRVLQWHUHVVHVFRPXQV$HVVHGLUHLWRGHSDUWLFL
URV  WLYHU QDFLRQDOLGDGH Mi UHFRQKHFLGD SHOR
SDomR GLUHWD VHQGR YRWDGR FRPR PDQGDWiULR GRV
3DtV GH TXH p RULJLQiULR DVVLP HOH Mi HUDHV
FLGDGmRV RXLQGLUHWD SHORYRWRHVFROKHQGRVHXVPDQGD
WUDQJHLUR SRUTXHQDVFHXOi HDJRUDTXHUWRUQDUVH WiULRV GiVHRQRPHGHGLUHLWRVSROtWLFRV
EUDVLOHLUR QDGD LPSHGLUi TXH HOH FRQVHUYH D
QDFLRQDOLGDGH HVWUDQJHLUD TXH Mi WLQKD ³ H (QVLQD$/(;$1'5('(025$(6TXHRVGLUHLWRVSROtWLFRV
FRQTXLVWHHFRQVHUYHWDPEpPDQDFLRQDOLGDGH VmR´GLUHLWRVS~EOLFRVVXEMHWLYRVTXHLQYHVWHPRLQGLYtGXRQR
EUDVLOHLUD VWDWXVDFWLY FLYLWDWLVSHUPLWLQGROKHRH[HUFtFLRFRQFUHWR
GD OLEHUGDGH GH SDUWLFLSDomR QRV QHJyFLRV SROtWLFRV GR
ž TXDQGRREUDVLOHLULQKRVHVXEPHWHjLPSRVLomR (VWDGRGHPDQHLUDDFRQIHULURVDWULEXWRVGDFLGDGDQLDµ³
GH VHU QDWXUDOL]DGR HVWUDQJHLUR SRUTXH D OHL LQ´&RQVWLWXLomRGR%UDVLO,QWHUSUHWDGDµHG$7/$663LWHP
GDTXHOH RXWUR 3DtV H[LJH
H[LJH LPS}H  TXH HOH VH S 
QDWXUDOL]HSDUDOKHGDUGLUHLWRGHOiSHUPDQH
FHURXGHOiH[HUFHUVHXVGLUHLWRVFLYLVQHPSRU 5HFRQKHFHPVHFRPRGLUHLWRVSROtWLFRV D RGLUHLWRGH
LVVR HOH GHL[DUi GH VHU EUDVLOHLUR Mi QmR PDLV VXIUiJLR E DDOLVWDELOLGDGHUHTXLVLWRSDUDRH[HUFtFLRGR
SHUGHUi VXD QDFLRQDOLGDGH EUDVLOHLUD FRPR GLUHLWRGHYRWDUHPHOHLo}HVSOHELVFLWRVHUHIHUHQGRV F
RFRUULDDQWLJDPHQWH DHOHJLELOLGDGHRXVHMDRGLUHLWRGHVHUFDQGLGDWRHYRWDU
G RGLUHLWRDSDUWLFLSDUHVHLQWHJUDUDLQLFLDWLYDSRSXODU
$UW $ OtQJXD
OtQJXD SRUWXJXHVD p R LGLRPD RILFLDO GD GHSURSRVLWXUDGHOHL H RGLUHLWRGHSURSRUDomRSRSX
5HS~EOLFD)HGHUDWLYDGR%UDVLO ODU I  R GLUHLWR D RUJDQL]DU H SDUWLFLSDU GH SDUWLGRV
SROtWLFRV J HWF
6LJQLILFDTXHQR%UDVLOHPVXDVHVFRODVQRVGRFXPHQ
WRVS~EOLFRVHSULYDGRVVHPSUHVHUiHPSUHJDGDDOtQJXD 0DV QmR EDVWD TXH XPD SHVVRD YLYD HP VRFLHGDGH
SRUWXJXHVDeDOtQJXDQRVVRSULPHLURWUDoRGHLGHQWLGDGH SDUDTXHHODSRVVDSDUWLFLSDURXVHMDWHUGLUHLWRVSROtWL
QDFLRQDORQGHRXYLUPRVDOJXpPIDODQGRSRUWXJXrVGH FRV8PDSHVVRDQmRQDVFHFRPGLUHLWRVSROtWLFRVDGTXL
SODQRLGHQWLILFDPRVXPLUPmR UHRVDRORQJRGHVXDYLGD VDWLVID]HQGRDOJXQVUHTXLVLWRV
OHJDLV PDVWDPEpPSRGHSHUGrORV
$&RQVWLWXLomRDRSURFODPDUDOtQJXDSRUWXJXHVDFRPR
QRVVRLGLRPDRILFLDOHVWiGHFODUDQGRTXHHVVHWUDoRGH FLGDGDQLD
FLGDGDQLDQRGL]HUGR3URI0$12(/*21d$/9(6
$FLGDG DQLD
QDFLRQDOLGDGHGHYHVHUFXOWLYDGRHFXOWXDGRpRSULPHLUR )(55(,5$),/+2pXPVWDWXVOLJDGRDRUHJLPHSROtWLFR
VLQWRPDGH%UDVLO $FLGDGDQLDDWLYDFRQVLVWHHPSRGHUHVFROKHUDSDVVLYDHP
DOpPGHHVFROKHUSRGHUVHUHVFROKLGR ³ LQ
&XUVRGH'LUHLWR
†ž 6mR VtPERORV GD 5HS~EOLFD)HGHUDWLYDGR &RQVWLWXFLRQDO
HG6DUDLYDS $VVLPRDQDOIDEHWRpDSHQDV
%UDVLO
%UDVLO D EDQGHLUD
EDQGHLUD R KLQR
KLQR DV
DV DUPDV
DUPDV H R VHOR PHLRFLGDGmRSRLVWHPRGLUHLWRGHYRWDUPDVQmRp
QDFLRQDLV HOHJtYHOpGRWDGRDSHQDVGDFLGDGDQLDDWLYD

7RGRVHVVHVVtPERORVWUD]HPQRVjPHQWHRVHQWLPHQWR $UW $ VREHUDQLD


VREHUDQLD SRSXODU
SRSXODU VHUi
VHUi H[HUFLGD
H[HUFLGD SHOR
SHOR VXIUi
QDFLRQDOLVWDHOHVWRUQDPREMHWLYRYD]DQGRQDSHOHHQDV JLR
JLRXQLYHUVDO
XQLYHUVDOHSHOR
SHORYRWR
YRWRGLUHWR
GLUHWRHVHFUHWR
VHFUHWRFRP
YDORU LJXDO SDUD WRGRV H QRV WHUPRV GD OHL
HPRo}HV R RUJXOKR VH VHUPRV EUDVLOHLURV 'HYHP VHU
PHGLDQWH
FXOWLYDGRVHFXOWXDGRVSRUTXHVmRLPSRUWDQWtVVLPRVSDUD
QRVVDLGHQWLILFDomRFRPRLUPmRVEUDVLOHLURV>QmRGHYHP
, SOHELVFLWR
VHU ULGLFXODUL]DGRV DSHQDV SRUTXH QRVVRV JRYHUQDQWHV
,, UHIHUHQGR
WDOYH]QmRVHMDPGLJQRVGHXViORVHRVXVHPWDQWRSDUD
,,, LQLFLDWLYDSRSXODU
QRVHQJDQDUHP@3RGHPRVWHUYHUJRQKDGHQRVVRVJRYHU
QRV PDV WHUHPRV VHPSUH RUJXOKR GH QRVVD SiWULD WDLV &RPRGHPRFUDFLDR%UDVLOpJRYHUQDGRSHORSRYRMi
VtPERORV UHSUHVHQWDPQD H D QyV EUDVLOHLURV QXQFD TXHFRQVWLWXFLRQDOPHQWHDRSRYRSHUWHQFHRSRGHUHHOH
SRUpPDRVRSRUWXQLVWDVGRSRGHU pVREHUDQRWRGRVGHYHQGROKHREHGLrQFLD´7RGRRSRGHU
HPDQDGRSRYRTXHRH[HUFHSRUPHLRGHUHSUHVHQWDQWHV
†ž 2V
2V(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRV HOHLWRV RX GLUHWDPHQWH QRV WHUPRV GHVWD &RQVWLWXLomRµ
SRGHUmRWHUVtPERORVSUySULRV
SRGHUmRWHUVtPERORVSUySULRV DUWž†~QLFR&) 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

1LVVRFRQVLVWHDVREHUDQLDSRSXODURGLUHLWRGHHOHJHU ,PSRUWDQWH R UHIHUHQGR p R VXIUiJLR SRVWHULRU j


³VXIUDJDU³VHXVUHSUHVHQWDQWHVRXPHVPRGHGLUHWD GHFLVmRSROtWLFDSDUDYDOLGiODRXQmR
PHQWHID]HUVXDHVFROKDQDVGHFLV}HVQDFLRQDLV
 TXDQGR R SRYR TXLVHU WHU LQLFLDWLYD GH ID]HU
6REHUDQDWDLVHVFROKDVVHLPS}HPHDHODWRGRVGHYHP DOJXPDOHLFROHWDQGRDVVLQDWXUDVSDUDSURSRU
DEVROXWD REHGLrQFLD ´2 VXIUiJLR p XP GLUHLWR S~EOLFR HVVDOHL
VXEMHWLYRGHQDWXUH]DSROtWLFDTXHWHPRFLGDGmRGHHOHJHU
VHUHOHLWRHGHSDUWLFLSDUGDRUJDQL]DomRHGDDWLYLGDGHGR 'HYHPVHUFROKLGDVDVVLQDWXUDVGHQRPtQLPRXPSRU
SRGHU HVWDWDOµ ³ DQRWD $/(;$1'5( '( 025$(6 ³ LQ FHQWRGRHOHLWRUDGRQDFLRQDOGLVWULEXtGRSHORPHQRVSRU
´&RQVWLWXLomR GR %UDVLO ,QWHUSUHWDGDµ HG $7/$663  LWHP  FLQFR(VWDGRVFRPQmRPHQRVGHWUrVGpFLPRVSRUFHQWR
S 
GRVHOHLWRUHVGHFDGDXPGHOHV
´6XIUiJLRµH´YRWRµVmRH[SUHVV}HVHPSUHJDGDVFRPR
6DWLVIHLWRVWDLVUHTXLVLWRVDLQLFLDWLYDSRSXODUGHYHVHU
VLQ{QLPDVPDVQmRRVmRMiTXHD&RQVWLWXLomROKHVGi
DSUHVHQWDGD j &kPDUD GRV 'HSXWDGRV HP IRUPD GH
VHQWLGRV GLYHUVRV FRQILUDVH D GLVWLQomR QR FDSXW GR
SURMHWRGHOHL³VXEPHWHQGRVHjWUDPLWDomRQRUPDOGH
DUWRQGHVHPHQFLRQDRVXIUiJLRFRPRXQLYHUVDOHR
TXDOTXHURXWURSURMHWRHPERUDSROLWLFDPHQWHFUHGHQFLDGR
YRWRFRPRGLUHWRHVHFUHWR
SHORH[SUHVVLYRQ~PHURGHDVVLQDWXUDVGRSRYR
2VXIUiJLRpDPDQLIHVWDomRGDYRQWDGHGHHVFROKHU
†ž2DOLVWDPHQWRHOHLWRUDOHRYRWRVmR
2DOLVWDPHQWRHOHLWRUDOHRYRWRVmR
TXHpLQVWUXPHQWDGDSHORYRWR

2VXIUiJLRpXQLYHUVDOSRUTXHWRGRVWrPGLUHLWRDHOH , REULJDWyULRVSDUDRVPDLRUHVGHGH]RLWRDQRV


GHVGHTXHSUHHQFKLGRVRVUHTXLVLWRVOHJDLVGHVHUEUDVLOHL
URDOFDQoDUXPDLGDGHPtQLPDDOLVWDPHQWRHWF ,, IDFXOWDWLYRVSDUD

-i R YRWR p VHFUHWR SDUD TXH VH SUHVHUYH SOHQD D D RVDQDOIDEHWRV


OLEHUGDGH GH HVFROKD VXIUiJLR  GR HOHLWRU H TXH SDUD
WDQWRQmRSRGHRFRQWH~GRGHVHXYRWRVHUGHVYHQGDGR E RVPDLRUHVGHVHWHQWDDQRV
RXUHYHODGRVRESHQDGHYLFLDURSURFHVVRHOHLWRUDOVHD
VLJLORVLGDGHIRUYLRODGDRXDSHVVRDREULJDGDDGHFODUDU F RV
RVPDLRUHV
PDLRUHVGH
GHGH]HVVHLV
GH]HVVHLVHPHQRUHV
PHQRUHVGH
GHGH]RL
VHXYRWR WRDQRV

¢0DVTXDQGRpTXHRSRYR RVFLGDGmRV WHUiRGLUHLWR -2(/ -26e &Ç1','2 REVHUYD TXH R DOLVWDPHQWR


GH YRWDU GH VXIUDJDU VXD YRQWDGH""" $ &RQVWLWXLomR HOHLWRUDOPDLVTXHPHURDWRGHLQWHJUDomRGRLQGLYtGXRDR
)HGHUDOGL]TXHKiTXDWURRSRUWXQLGDGHV XQLYHUVRGHHOHLWRUHVpDYLDELOL]DomRGRH[HUFtFLRHIHWLYRGD
VREHUDQLDSRSXODUDWUDYpVGRYRWRHSRUWDQWRDFRQVDJUD
 TXDQGRGDVHOHLo}HVGHYHQGRYRWDUSDUDHVFR omRGDFLGDGDQLD LQ 'LUHLWR (OHLWRUDO %UDVLOHLUR   HG(GLSUR
OKHUVHXVUHSUHVHQWDQWHVQDGHPRFUDFLD S 

 TXDQGRKRXYHUSOHELVFLWRRXVHMDXPDFRQVXOWD 3DUDTXHXPDSHVVRDH[HUFLWHVHXVGLUHLWRVSROtWLFRV
JHUDO SDUD TXH R SRYR FLGDGmRV HOHLWRUHV YRWDQGRRXVHQGRYRWDGDpLPSUHVFLQGtYHOTXHHODVHDOLVWH
UHVSRQGD HOHLWRUDOPHQWH RX VHMD IDoD VHX UHJLVWUR QD -XVWLoD
(OHLWRUDOFRPRHOHLWRU RTXHRSRYRFKDPDGHWLUDUR
2SOHELVFLWR YHPGHSOHEH SRYR pDFRQVXOWDJHUDO WtWXOR (VVHDOLVWDPHQWRHOHLWRUDOpREULJDWyULRSDUDWRGD
D WRGRV RV HOHLWRUHV SDUD PDQLIHVWDU VXD YRQWDGH HP SHVVRDTXHMiWHQKDFRPSOHWDGRDQRVGHLGDGH VHQmR
UHODomRDXPWHPDHVSHFtILFRDVHURXQmRDGRWDGR H[ RIL]HUQmRSRGHUiVHUDGPLWLGDHPFDUJRS~EOLFRSDJDUi
SUHWHQGHVHUHDOL]DUXPSOHELVFLWRSDUDVDEHUVHRSRYR PXOWDHWF 
TXHURXQmRTXHDSHQDGHPRUWHVHMDRXQmRDGRWDGDQR
%UDVLORSRYRYRWDUiVLPRXQmRRUHVXOWDGRYHQFHGRU 2XWUDFXULRVLGDGHpTXHHPQRVVR3DtVRYRWRWDPEpP
SUHYDOHFHUiHVHUiFRQVDJUDGRHPOHL  pREULJDWyULRWRGDVDVSHVVRDVFRPDQRVWrPRGHYHU GHYHU
GHH[HUFLWDUVHXGLUHLWRSROtWLFRGHYRWDU KiSDtVHVHPTXHR
,PSRUWDQWHRSOHELVFLWRpRVXIUiJLRDQWHVGDGHFLVmR YRWR p IDFXOWDWLYR   6y HVFDSDUmR GHVVD REULJDomR GH VH
SROtWLFD DOLVWDUHYRWDU  RVYHOKLQKRV SHVVRDVFRPPDLVGH
DQRV HDPROHFDGD HQWUHHDQRV 
 TXDQGRKRXYHUXPUHIHUHQGRLVWRpXPDFRQ
VXOWD SDUD R SRYR FLGDGmRV HOHLWRUHV  Gr RX $OLiVDSRVVLELOLGDGHGHHVWHVVHDOLVWDUHPHYRWDUHP
QHJXHDSRLRDXPDGHFLVmRMiWRPDGDH pQRYLGDGHGD&RQVWLWXLomRSRLVDQWHULRUPHQWHQmRWL
QKDPHOHVHVVHGLUHLWR
-iRUHIHUHQGRpXPDYDULDQWHGRSOHELVFLWRSRLVR
SRYRVHUiFRQVXOWDGRSDUDFRQILUPDURXQmRXPDGHFLVmR $VVLPRVPDLRUHVGHHRVPHQRUHVGH FODUR
JRYHUQDPHQWDOMiWRPDGD9RWDQGRVLPRXQmRDPDLRULD PDLRUHVGH SRGHUmRYRWDUVHTXLVHUHPPDVQmRVHUmR
SUHYDOHFHUiHDGHFLVmRVHUiPDQWLGDRXGHVIHLWD MDPDLVREULJDGRVDID]rOR VHXYRWRVHUiIDFXOWDWLYR 
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 1mR
1mRSRGHP
SRGHPDOLVWDUVH
DOLVWDUVHFRPR
FRPRHOHLWRUHVRV
HOHLWRUHVRVHVWUDQ , DQDFLRQDOLGDGHEUDVLOHLUD
JHLURVHGXUDQWHRSHUtRGRGRVHUYLoRPLOLWDU
REULJDWyULRRVFRQVFULWRV ,, RSOHQRH[HUFtFLRGRVGLUHLWRVSROtWLFRV

-iYLPRVTXHQmREDVWDYLYHUQXPDVRFLHGDGHSDUD ,,, RDOLVWDPHQWRHOHLWRUDO


TXHVHSRVVDSDUWLFLSDUGHODH[HUFLWDQGRGLUHLWRVSROtWLFRV
(LVDTXLDSULPHLUDOLPLWDomRPHVPRTXHXPDSHVVRDYLYD ,9 RGRPLFtOLRHOHLWRUDOQDFLUFXQVFULomR
KiDQRVQR%UDVLOQmRWHUiHODRGLUHLWRGHYRWDU QHP
GH VHU YRWDGD  FDVR SHUPDQHoD FRP D QDFLRQDOLGDGH 9 DILOLDomRSDUWLGiULD
HVWUDQJHLUD
9, DLGDGHPtQLPDGH
2 GLUHLWR GH YRWDU H GH VHU YRWDGR  p SULYDWLYR GH
D WULQWD
WULQWD H FLQFR
FLQFR DQRV
DQRV SDUD 3UHVLGHQWH H 9L
EUDVLOHLUR QDWRRXQDWXUDOL]DGR 3,172)(55(,5$DQR
FH3UHVLGHQWHGD5HS~EOLFDH6HQDGRU
WD SRUpP TXH $ H[SUHVVmR EUDVLOHLURV XVDGD SHOD OHL
DEDUFDRVKRPHQVHPXOKHUHVWDQWREUDVLOHLURVQDWRVFRPR
E WULQWD
WULQWD DQRV
DQRV SDUD *RYHUQDGRU H 9LFH*RYHU
QDWXUDOL]DGRV2VSRUWXJXHVHVJR]DPGHGLUHLWRVHVSHFLDLV QDGRUGH(VWDGRHGR'LVWULWR)HGHUDO
IUHQWH DRV GHPDLV HVWUDQJHLURV GH DFRUGR FRP R 'HFUHWR
QžGHGHDEULOGHTXHSURPXOJDDFRQYHQ F YLQWH
YLQWH H XP
XP DQRV
DQRV SDUD 'HSXWDGR )HGHUDO
omRVREUHLJXDOGDGHGHGLUHLWRVHGHYHUHVHQWUHEUDVLOHLURVH 'HSXWDGR(VWDGXDORX'LVWULWDO3UHIHLWR9L
SRUWXJXHVHV YRGHFUHWRHDFRQYHQomRQD&DUWHLUD)RUHQVH FH3UHIHLWRHMXL]GHSD]
5LRGH-DQHLURYYSHV 'HFODUDRDUWž
GD FLWDGD &RQYHQomR 2 JR]R GH GLUHLWRV SROtWLFRV SRU G GH]RLWRDQRVSDUD9HUHDGRU
GH]RLWRDQRV
SRUWXJXHVHVQR%UDVLOHSRUEUDVLOHLURVHP3RUWXJDOVyVHUi
UHFRQKHFLGR DRV TXH WLYHUHP FLQFR DQRV GH UHVLGrQFLD 3DUDDOJXpPVHFDQGLGDWDUDXPFDUJRHOHWLYRQHFHVVD
SHUPDQHQWH H GHSHQGH GH UHTXHULPHQWR j DXWRULGDGH ULDPHQWH GHYHUi VHU EUDVLOHLUR QDWR RX QDWXUDOL]DGR 
FRPSHWHQWH³ LQ&yGLJR(OHLWRUDO&RPHQWDGRHG6DUDLYD HVWDUQRJR]RGHVHXVGLUHLWRVSROtWLFRV QmRWHUHPHVWHV
S  VLGRVXVSHQVRVYHMDFRPHQWiULRDR†žGRDUW WHUR
WtWXOR GH HOHLWRU QD UHJLmR HP TXH TXHU VHU HOHLWR VHU
2 GLUHLWR GH YRWDU H GH VHU YRWDGR  p SULYDWLYR GH ILOLDGR QXP SDUWLGR SROtWLFR H DLQGD WHU XPD LGDGH
EUDVLOHLUR QDWR RX QDWXUDOL]DGR  ( PHVPR VHQGR PtQLPD FRQIRUPH R FDUJR SDUD R TXDO TXHU VHU HOHLWR
EUDVLOHLURHWHQGRLGDGHPtQLPDWDPEpPQmRWHUiGLUHLWR (VVDLGDGHPtQLPDYLVDDHYLWDUTXHXPDSHVVRDLPDWXUD
DYRWDU QHPDVHUYRWDGR VHHVWLYHUSUHVWDQGRRVHUYLoR RFXSHXPFDUJRGHPDLRUUHVSRQVDELOLGDGHHPTXHVHULD
PLOLWDUHPTXDUWHO RXLQVWDODomRPLOLWDU³SRUWDQWRRV QHFHVViULRXPPDLRUDPDGXUHFLPHQWRSDUDTXHDSHVVRD
GHWLURGHJXHUUDHVFDSDPjSURLELomR  QmRWRPDVVHGHFLV}HVLQVHQVDWDV

$WHQomR
$WHQomR HVWHVQmRVmRRV~QLFRVUHTXLVLWRVjHOHJLEL
4XHVWmR LQWHUHVVDQWH IRL IRUPXODGD QXP FRQFXUVR
OLGDGH+iRUHYHUVRGDPHGDOKDRXVHMD
S~EOLFR ¢KDYHULD OLPLWDomR GH JUDGXDomR RX FRQGLo}HV
DVFRQGLo}HVGHLQHOHJLELOLGDGH(D(PHQGD&RQVWLWXFLRQDO
SDUDRH[HUFtFLRGRGLUHLWRSROtWLFRSHORVPLOLWDUHV"1mR
GH5HYLVmRQžDOWHURXR†žGHVWHDUWSDUDQHOH
KiOLPLWDomRGHJUDGXDomR FDERVDUJHQWRVXEWHQHQWH
LQFOXLUGHQWUHDVFRQGLo}HVGHHOHJLELOLGDGHRREMHWLYRGH
QHPGHSDWHQWH WHQHQWHFDSLWmRPDMRUFRURQHOJHQH
SURWHJHU WDPEpP D SURELGDGH DGPLQLVWUDWLYD H D GH
UDO  PRUDOLGDGH SDUD R H[HUFtFLR GR PDQGDWR FRQVLGHUDGD D
$SHQDVDTXHOHVTXHSUHVWDPRVHUYLoRPLOLWDUREULJD YLGDSUHJUHVVDGRFDQGLGDWR YHMDRV††VHJXLQWHV 
WyULRHHVWmRFRQVFULWRV
FRQVFULWRV DUW†ž&) HWDPEpPVmR
FRQVFULWRV
PLOLWDUHVpTXHQmRSRGHPVHUDOLVWDGRVHOHLWRUDOPHQWH †ž 6mR
6mRLQHOHJtYHLV
LQHOHJtYHLVRV
RVLQDOLVWiYHLV
LQDOLVWiYHLVHRV
RVDQDOIDEHWRV
YHMDEHPRDOLVWDPHQWRHOHLWRUDOQmRGHSHQGHGHDXWRUL
]DomRGRFRPDQGRPLOLWDU ,QHOHJtYHOTXHUGL]HUTXHDSHVVRDQmRSRGHUiQHPVHU
FDQGLGDWDQHPVHUHOHLWDSDUDTXDOTXHUFDUJRHOHWLYR'H
(ILQDOPHQWHD&RQVWLWXLomRQmRSURtEHRDOLVWDPHQWR UHJUDWRGDSHVVRDTXHQmRSXGHUVHDOLVWDURXVHMDWLUDU
GH WRGRV RV PLOLWDUHV TXH HVWHMDP SUHVWDQGR R VHUYLoR RWtWXORGHHOHLWRUWDPEpPQmRSRGHUiVHUHOHLWD
PLOLWDUREULJDWyULRPDVDSHQDVSURtEHRVFRQVFULWRV
FRQVFULWRV YHP
FRQVFULWRV
GRODWLPFRQVFULSWXTXHVLJQLILFDUHFUXWDGRDOLVWDGR RX $PDLRUFXULRVLGDGHSRUpPUHIHUHVHDRVDQDOIDEH
VHMDGDTXHOHVTXHHVWmRHQTXDUWHODGRV UHFUXWDGRVGHQWUR WRVDFDSDFLGDGHSROtWLFDGHVWHVOLPLWDVHDDSHQDVSRGHU
SRGHU
GR TXDUWHO  (P DSUHFLDQGR XPD FRQVXOWD R 7ULEXQDO YRWDUQmRWrPWRGDYLDRGLUHLWRGHVHHOHJHU QHPGHVH
YRWDU
6XSHULRU(OHLWRUDOGHFODURXTXHRHOHLWRULQVFULWRDRVHU FDQGLGDWDUHP SDUDTXDOTXHUFDUJRHOHWLYR3RULVVRWrP
LQFRUSRUDGRSDUDSUHVWDomRGRVHUYLoRPLOLWDUREULJDWyULR PHLDFLGDGDQLD
GHYHWHUVXDLQVFULomRPDQWLGDSRUpPILFDUiLPSHGLGRGH
YRWDU³ UHVROXomRQž76(GH  †ž 3UHVLGHQWHGD
23UHVLGHQWH GD5HS~EOLFD
5HS~EOLFDRV*RYHUQDGRUHVGH
RV*RYHUQDGRUHVGH
(VWDGR
WDGR H GR
GR 'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO RV
RV 3UHIHLWRV
3UHIHLWRV H
†ž 6mRFRQGLo}HVGHHOHJLELOLGDGHQDIRUPDGD TXHP
TXHP RV
RV KRXYHU
KRXYHU VXFHGLGR
VXFHGLGR RX
RX VXEVWLWXtGR
VXEVWLWXtGR QR
OHL FXUVR
FXUVRGRV
GRVPDQGDWRV
PDQGDWRVSRGHUmR
SRGHUmRVHU
VHUUHHOHLWRV
UHHOHLWRVSDUD
XP~QLFRSHUtRGRVXEVHTXHQWH
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 
2EV HVWH † ž WHYH VXD UHGDomR DOWHUDGD SHOD (&Qž  GH   2 WH[WR
DQWHULRU SURLELD D UHHOHLomR QRV VHJXLQWHV WHUPRV ´6mR LQHOHJtYHLV SDUD RV
†ž 6mR
mR LQHOHJtYHLV
LQHOHJtYHLV QR
QR WHUULWyULR
WHUULWyULR GHMXULVGLomRGR
GHMXULVGLomRGR
PHVPRVFDUJRVQRSHUtRGRVXEVHTXHQWHR3UHVLGHQWHGD5HS~EOLFDRV*RYHUQD WLWXODURF{QMXJH
WLWXODU F{QMXJHHRV
RVSDUHQWHV
SDUHQWHVFRQVDQJXtQHRV
GRUHVGH(VWDGRHGR'LVWULWR)HGHUDORV3UHIHLWRVHTXHPRVKRXYHUVXFHGLGR
RXVXEVWLWXtGRQRVVHLVPHVHVDQWHULRUHVDRSOHLWRµ RX
RXDILQV
DILQVDWp VHJXQGRJUDX
DWpRVHJXQGR JUDXRX
RXSRU
SRUDGRomR
DGRomRGR
3UHVLGHQWH
3UHVLGHQWH GD
GD 5HS~EOLFD
5HS~EOLFD GH *RYHUQDGRU GH
$H[HPSORGRTXHFRQTXLVWRX0HQHQQD$UJHQWLQDD (VWDGR
(VWDGR RX
RX 7HUULWyULR
7HUULWyULR GR 'LVWULWR )HGHUDO GH
DPELomR SHVVRDO GR 3UHVLGHQWH )HUQDQGR +HQULTXH 3UHIHLWR
3UHIHLWRRX
RXGH
GHTXHP
TXHPRV RVKDMD
KDMDVXEVWLWXtGR
VXEVWLWXtGRGHQWUR
&DUGRVR GH VH SUHVHUYDU QR PDLRU FDUJR GD 1DomR IRL GRV
GRVVHLV
VHLVPHVHV
PHVHVDQWHULRUHV
DQWHULRUHVDRSOHLWR
DRSOHLWRVDOYR
VDOYRVH
VHMi
VDFLDGDQRVVD&RQVWLWXLomRQmRPDLVSURtEHQR%UDVLOD WLWXODU
WLWXODUGH
GHPDQGDWR
PDQGDWRHOHWLYR
HOHWLYRHFDQGLGDWR
FDQGLGDWRjUHHOHL
UHHOHLomR$VVLPTXHPMiRFXSDXPFDUJRHOHWLYRSRGHUi omR
VHFDQGLGDWDUDVHUVHXSUySULRVXFHVVRU4XDOQRV(8$
HPTXHWDPEpPpDGPLWLGDXPD~QLFDUHHOHLomRDTXLQR $LQGD GLVFLSOLQDQGR DV HOHLo}HV H SURFXUDQGR HYLWDU
%UDVLODJRUDpSRVVtYHOTXHR&KHIHGR([HFXWLYR )HGHUDO VDIDGH]DVD&RQVWLWXLomRWHPRFXLGDGRGHHYLWDUTXH
(VWDGXDO RX 0XQLFLSDO  SRVVD VHU UHHOHLWR XPD
XPD ~QLFD HVVHV *RYHUQDQWHV DUUXPHP XP WHVWDGHIHUUR SDUD
RXWUDYH]
RXWUDYH] FRQWLQXDUHPQRSRGHUSRULQWHUPpGLRGHVWHV(RPHOKRU
WHVWDGHIHUURVHPG~YLGDpXPDSHVVRDGDIDPtOLD3RU
(VVD SHUPLVVmR WDPEpP DOFDQoD DV SHVVRDV TXH LVVRXP3UHIHLWRQmRSRGHUiXVDUVXDPXOKHU F{QMXJH 
SURYLVRULDPHQWH WHQKDP VXEVWLWXtGR R WLWXODU VH HVVD ODQoDQGRDFDQGLGDWDj3UHIHLWXUDSDUDVXFHGrOR1HP
VXEVWLWXLomR RFRUUHX DWp  PHVHV DQWHV GDV QRYDV HOHL VHXILOKR žJUDX QHPVHXSDLRXPmH žJUDX QHP
o}HV $VVLPVHXP9LFH3UHVLGHQWHGD5HS~EOLFDSUHWHQ VHXQHWR žJUDX QHPVHXDY{ žJUDX QHPVHXLUPmR
žJUDX PHVPRTXHVHMDILOKRDGRWLYRRXLUPmRDGRWLYR
GHUVHFDQGLGDWDUDRFDUJRGH3UHVLGHQWHGD5HS~EOLFDHOH
SRGHUiID]rORDLQGDTXHWHQKDVXEVWLWXtGRR3UHVLGHQWH
7DPEpPRF{QMXJHRXILOKRRXLUPmRGRVXEVWLWXWR
QRVVHLVPHVHVDQWHULRUHVjHOHLomR
LPSHGLGRSRUTXHDVVXPLXR3RGHUGHQWURGRVPHVHV
DQWHULRUHVjHOHLomR GRJRYHUQDQWHILFDUmRLPSHGLGRVVmR
†ž 3DUD
3DUDFRQFRUUHUHP
FRQFRUUHUHPDRXWURV
RXWURVFDUJRVR3UHVLGHQWH LQHOHJtYHLV H QmR SRGHUmR VHU XVDGRV FRPR WHV
GD
GD 5HS~EOLFDRV*RYHUQDGRUHVGH(VWDGRHR
5HS~EOLFDRV*RYHUQDGRUHVGH(VWDGRHR WDVGHIHUUR
'LVWULWR
'LVWULWR)HGHUDO
)HGHUDOHRV3UHIHLWRVGHYHP
RV3UHIHLWRV GHYHPUHQXQFLDU
DRV
DRVUHVSHFWLYRV
UHVSHFWLYRVPDQGDWRV
PDQGDWRVDWp
DWpVHLV
VHLVPHVHV
PHVHVDQWHV (VVDSURLELomRUHIHUHVHjHOHJLELOLGDGHSDUDTXDOTXHU
GRSOHLWR FDUJRHOHWLYRVHRSDLp3UHIHLWRRILOKRQHPSRGHUiVH
FDQGLGDWDU D 3UHIHLWR QHP D 9HUHDGRU VH R PDULGR p
ePXLWRFRPXPQR%UDVLOTXHXPDSHVVRDVHHOHMDSDUD *RYHUQDGRUDHVSRVDQHPSRGHUiVHFDQGLGDWDUD*RYHU
XP FDUJR PHQRU H Mi ILTXH GH ROKR QXP FDUJR PDLRU QDGRUDQHPD'HSXWDGD
9HUHDGRUQRGLDVHJXLQWHjVXDHOHLomRMiHVWiSHQVDQGR
HPVHU3UHIHLWRR3UHIHLWRPDODFDEDGHWRPDUSRVVHQD $&RQVWLWXLomRSRUpPHVWDEHOHFHXPDH[FHomRVHR
3UHIHLWXUD H Mi HVWi GH ROKR QR *RYHUQR GR (VWDGR R F{QMXJH RX SDL RX ILOKR RX QHWR RX SDL RX DY{ RX
*RYHUQDGRUDQWHVPHVPRGHFRQFOXtGDDDSXUDomRGRV LUPmR VDQJXtQHRVRXDGRWLYRV MiHVWLYHURFXSDQGRXP
YRWRV TXH R HOHJHP WHP SODQRV GH VHU 3UHVLGHQWH GD FDUJR HOHWLYR H SUHWHQGHU UHHOHJHUVH FODUR TXDQGR D
5HS~EOLFD$WpSDUHFHTXHVRPRVRSDtVGDWUDPSROLQD UHHOHLomRIRUSHUPLWLGD $VVLPVH$IRLHOHLWR3UHIHLWRH
JHP VHX LUPmR % 9HUHDGRU QD SUy[LPD HOHLomR RV ILOKRV
RXWURV LUPmRV SDL DY{ QHWR H HVSRVD GR 3UHIHLWR QmR
(VVD OLPLWDomR
OLPLWDomR
DomR FXULRVDPHQWH QmR SUHYDOHFH VH WDLV SRGHUmRFDQGLGDWDUVHDQDGD QHPD9HUHDGRUQHPD
SHVVRDV FRQFRUUHUHP j SUySULD UHHOHLomR R 76( Mi 3UHIHLWR PDVVHXLUPmR%SRGHUiUHHOHJHUVH9HUHDGRU
PDVQmRSRGHUiFDQGLGDWDUVHD3UHIHLWR 
RULHQWRXTXHR3UHVLGHQWHGD5HS~EOLFDTXDORV*RYHUQD
GRUHVH3UHIHLWRVHUHVSHFWLYRVYLFHVQmRSUHFLVDUiDIDVWDU
$WHQomR QmR FRQIXQGLU HVVDV OLPLWDo}HV FRP R TXH
VHGRFDUJRSDUDFRQFRUUHUjVXDUHHOHLomR
VXFHGHXQR(VWDGRGR5LRGH-DQHLUROiR*RYHUQDGRU
$QWKRQ\*DURWLQKRUHQXQFLRXDRPDQGDWRSDUDFRQFRUUHU
7DPEpP SDUD HYLWDU TXH D PiTXLQD S~EOLFD VHMD j 3UHVLGrQFLD GD 5HS~EOLFD DVVXPLQGR D HQWmR 9LFH
XVDGDEHQHILFLDQGRVHXPJRYHUQDQWHHPSUHMXt]RGRV *RYHUQDGRUD %HQHGLWD GD 6LOYD 37  DVVLP QHQKXP
LQWHUHVVHVGRSRYRSULYLOHJLDQGRVHHPUHODomRDRVGHPDLV LPSHGLPHQWR KRXYH j FDQGLGDWXUD H HOHLomR GH VXD
FDQGLGDWRVD&RQVWLWXLomRREULJDDWDLV&KHIHVGH3RGHU HVSRVD6U5RVD*DURWLQKR³MiTXHQmRVHWUDWDYDPDLV
([HFXWLYRTXHVHLVPHVHVDQWHVGDVHOHLo}HVUHQXQFLHP GH´F{QMXJHµGR*RYHUQDGRU´WLWXODUµHVLPGHXPPHUR
DRVVHXVFDUJRVHOHWLYRV ´F{QMXJHµGHXPPHUR(;*RYHUQDGRU

e FXULRVR REVHUYDU TXH HVVD H[LJrQFLD GH SUpYLD †ž 2 PLOLWDU DOLVWiYHO p HOHJtYHODWHQGLGDVDV
UHQ~QFLD Vy p IHLWD D TXHP GHWpP R SRGHU GH JHULU R VHJXLQWHVFRQGLo}HV
GLQKHLURS~EOLFRRVYHUHDGRUHVGHSXWDGRVHVHQDGRUHV
QmR SUHFLVDP UHQXQFLDU D VHXV PDQGDWRV QHP SDUD VH &DUDFWHUtVWLFDHVVHQFLDOGRUHJLPHPLOLWDUpDKLHUDU
UHHOHJHUHPQHPSDUDVHHOHJHUHPD3UHIHLWR*RYHUQDGRU TXLDHDGLVFLSOLQD0DLVTXHQLQJXpPRPLOLWDUpSUHSDUD
RX3UHVLGHQWHGD5HS~EOLFD GRSDUDREHGHFHURUGHQV$GHVREHGLrQFLDpJUDYHLQIUD
omRQDVUHODo}HVPLOLWDUHV$VVLPDFRQGLomRGHPLOLWDU
 'LU&RQVWLWXFLRQDO
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
SRGHDIHWDUDOLEHUGDGHGRHOHLWRUHGRRFXSDQWHGHFDUJR † 2PDQGDWR
PDQGDWRHOHWLYR
HOHWLYRSRGHUi
SRGHUiVHU
VHULPSXJQDGR
LPSXJQDGRDQWH
HOHWLYRTXHGHYHUiVHPSUHVHUXPUHSUHVHQWDQWHILHOGRV D -XVWLoD
-XVWLoD (OHLWRUDO
(OHLWRUDO QR
QR  SUD]R GH TXLQ]H GLDV
LQWHUHVVHVGDSRSXODomRHPJHUDOSRGHUiVXMHLWiORDSUHV FRQWDGRV
FRQWDGRVGD
GDGLSORPDomR
GLSORPDomRLQVWUXtGD
LQVWUXtGDDDomR
DomRFRP
V}HVLQHUHQWHVjKLHUDUTXLDHjGLVFLSOLQD SURYDVGHDEXVRGRSRGHUHFRQ{PLFR
SURYDVGHDEXVRGRSRGHUHFRQ{PLFRFRUUXS
omRRXIUDXGH
eSRULVVRTXHD&RQVWLWXLomRWUDWRXHVSHFLDOPHQWH
GDHOHJLELOLGDGHGRVPLOLWDUHV 2IHUHFH D &RQVWLWXLomR D WRGRV D SRVVLELOLGDGH GH
GHQXQFLDU j -XVWLoD (OHLWRUDO TXH DOJXP FDQGLGDWR VH
, VH
VHFRQWDU
FRQWDUPHQRV
PHQRVGH
GHGH]
GH]DQRV
DQRVGHVHUYLoRGHYHUi HOHJHXLQGHYLGDPHQWHYDOHQGRVHGHVHXSRGHUHFRQ{PL
DIDVWDUVHGDDWLYLGDGH FR RX GD FRUUXSomR RX IUDXGH (VVD GHQ~QFLD SRUpP
GHYHUiVHUIRUPXODGDHPDWpGLDVQRPi[LPRDFRQWDU
,, VH
VH FRQWDU
FRQWDU PDLV
PDLV GH
GH GH]
GH] DQRV GH VHUYLoRVHUi GDFHULP{QLDGDGLSORPDomRGRHOHLWR$-XVWLoD(OHLWRUDO
DJUHJDGRSHOD
DJUHJDGR SHODDXWRULGDGH
DXWRULGDGHVXSHULRU
VXSHULRUH
HVH
VHHOHLWR GHSRLV GH DSXUDGRV RV YRWRV GH XPD HOHLomR ID] XPD
SDVVDUiDXWRPDWLFDPHQWHQRDWRGDGLSORPD VROHQLGDGH HP  TXH HQWUHJD DRV FDQGLGDWRV HOHLWRV
omRSDUDDLQDWLYLGDGH SRUTXHPDLVYRWDGRV XPGLSORPDTXHPHQFLRQDWHU
VLGRHOHXPGRVPDLVYRWDGRVHSRUWDQWRFRQTXLVWRXR
8PPLOLWDUFRPPHQRVGHDQRVGHDWLYLGDGHDLQGD FDUJRHOHWLYR
QmR WHP D SOHQD HVWDELOLGDGH QHP HVWiJLR VHJXUR QD
QDWXUDOHYROXomRGHVXDFDUUHLUD3RULVVRpUHFRPHQGDGR 2SUD]RGHGLDVSDUDTXHVHMDIHLWDWDOGHQ~QFLD
VHXDIDVWDPHQWRHILQGRRPDQGDWRHOHWLYRSRGHUiHOH FRUUHUiDSDUWLUGHVVDVROHQLGDGH'HSRLVGHVVHSUD]RQmR
UHWRUQDUjDWLYLGDGHGDQGRFRQWLQXLGDGHjVXDFDUUHLUD PDLVSRGHUiRFDQGLGDWRVHUDFXVDGR

-iRPLOLWDUFRPPDLVGHDQRVGHVHUYLoRQRUPDO 1DWXUDOPHQWHQmREDVWDUiTXHVHMDIHLWDDDFXVDomR
PHQWHWHPQRUWHDGDHDVVHQWDGDVXDFDUUHLUDHVHRSWRX p QHFHVViULR TXH WHQKD HOD IXQGDPHQWR LVWR p VHMD
SHOD FDUUHLUD SROtWLFD TXDQGR GH VHX UHWRUQR Mi  QmR DFRPSDQKDGDGHSURYDVGHTXHRFDQGLGDWRHOHLWRDEXVRX
GLVSRUiGHWDQWRWHPSRSDUDXPDSURGXWLYDFRQWLQXLGDGH GRSRGHUHFRQ{PLFR SH[JDVWRXQDFDPSDQKDPDLVGR
GH FDUUHLUD  3RU LVVR DXWRPDWLFDPHQWH SDVVDUi D XP TXHDOHLSHUPLWH RXFRUURPSHXHOHLWRUHV SH[GHXOKHV
TXDGUR HVSHFLDO FKDPDGR DJUHJDomR HP TXH VHUi EHQVPDWHULDLVHPWURFDGHYRWRQR1RUGHVWHMiKRXYH
SUHVHUYDGDVXDFRQGLomRGHPLOLWDUPDVQmRSDUWLFLSDUi TXHPGHVVHXPSpGHERWLQDPDQGDQGREXVFDURRXWUR
GDFDUUHLUD DSyVDHOHLomR RXIUDXGH DGXOWHUDomRGHYRWRVSUHHQFKL
PHQWRGRVYRWRVHPEUDQFRRXIDOVHDPHQWRGRVPDSDVGH
†ž /HL
/HLFRPSOHPHQWDU
FRPSOHPHQWDUHVWDEHOHFHUi
HVWDEHOHFHUiRXWURVFDVRV
RXWURVFDVRVGH FRQWDJHPHWF 
LQHOHJLELOLGDGHHRVSUD]RVGHVXDFHVVDomRD
LQHOHJLELOLGDGH RVSUD]RVGHVXDFHVVDomRD
ILPGHSURWHJHUDSURELGDGHDGPLQLVWUDWLYDD
ILPGHSURWHJHUDSURELGDGHDGPLQLVWUDWLYDD † $ DomR
DomR GH
GH LPSXJQDomRGHPDQGDWRWUDPLWDUi
LPSXJQDomRGHPDQGDWRWUDPLWDUi
PRUDOLGDGH
PRUDOLGDGHSDUD
SDUDRH[HUFtFLR
H[HUFtFLRGR
GRPDQGDWR
PDQGDWRFRQVL HPVHJUHGR
HP VHJUHGRGHGHMXVWLoD
MXVWLoDUHVSRQGHQGR
UHVSRQGHQGRRDXWRU
DXWRUQD
GHUDGDDYLGDSUHJUHVVDGRFDQGLGDWRH
GHUDGDDYLGDSUHJUHVVDGRFDQGLGDWRH D QRU IRUPD
IRUPD GD
GD OHL
OHL VH
VH WHPHUiULD
WHPHUiULD RX GH PDQLIHVWD
PDOLGDGH
PDOLGDGHHOHJLWLPLGDGHGDVHOHLo}HVFRQWUDD
OHJLWLPLGDGHGDVHOHLo}HVFRQWUDD PiIp
LQIOXrQFLDGRSRGHU
LQIOXrQFLDGRSRGHUHFRQ{PLFR
HFRQ{PLFRRX
RXRDEXVR
DEXVRGR
H[HUFtFLR
H[HUFtFLR GH
GH IXQomR
IXQomR FDUJR RX HPSUHJR QD eyEYLRTXHWDPDQKRSRGHUFRQIHULGRDWRGRVGHYHVHU
DGPLQLVWUDomRGLUHWDRXLQGLUHWD EHP GLVFLSOLQDGR SDUD TXH QmR VHMD GHVYLUWXDGR SHORV
2EV
2EV (PHQGD&RQVWLWXFLRQDOGH5HYLVmRQžHVWH†žIRLDOWHUDGRSDUD
FRPD(PHQGD&RQVWLWXFLRQDOGH5HYLVmRQž
(PHQGD&RQVWLWXFLRQDOGH5HYLVmRQž
LQLPLJRVGRYHQFHGRU HOHLWR ,PDJLQHYRFrDGHVPRUDOL
QHOH VH LQFOXLU GHQWUH DV FRQGLo}HV GH HOHJLELOLGDGH R REMHWLYR GH SURWHJHU ]DomR GR FDQGLGDWR VH WDO LPSXJQDomR FRQTXLVWDU R
WDPEpPDSURELGDGHDGPLQLVWUDWLYDHDGHPRUDOLGDGHSDUDRH[HUFtFLRGRPDQ
GDWRFRQVLGHUDGDDYLGDSUHJUHVVDGRFDQGLGDWR QRWLFLiULRGHLPSUHQVDPHVPRTXHQmRWHQKDSURFHGrQFLD
DGHQ~QFLDRHOHLWRILFRXGHVDFUHGLWDGRWHYHVXDKRQUD
1HVWHSDtVGHIXQFLRQiULRVS~EOLFRVRFDUJRS~EOLFR PRUDOHQRPHRIHQGLGRVeLVVRTXHD&RQVWLWXLomRGL]TXH
GHVGH R WHPSR GD &RO{QLD  VHPSUH IRL VLQ{QLPR GH VHUi IHLWR HP VHJUHGR H TXH R GHQXQFLDQWH VHUi
VWDWXV QmR SRUTXH RV VHUYLGRUHV S~EOLFRV JDQKDVVHP UHVSRQVDELOL]DGRFDVRWHQKDDJLGRGHPiIpDEXVDGRGR
EHP PDV SRUTXH SHUWR GDV GLILFXOGDGHV EXURFUiWLFDV GLUHLWRGHDFXVDUDSHQDVSDUDPDQFKDURQRPHGRDGYHU
SRGLDPIDFLOLWDUDYLGDGRVGHPDLVFLGDGmRV ViULRHOHLWR

7DPEpPRGLQKHLUR³HVHXLQILQLWRSRGHUGHFRPSUD $UW eYHGDGD


YHGDGDDFDVVDomRGHGLUHLWRVSROtWLFRV
DFDVVDomRGHGLUHLWRVSROtWLFRVFXMD
GHKRPHQVHFRQVFLrQFLDV³VHPSUHWHYHSHVRGHFLVLYRQD SHUGDRXVXVSHQVmRVyVHGDUiQRVFDVRVGH
YLGD QDFLRQDO $VVLP QLQJXpP LJQRUD TXH D PiTXLQD
EXURFUiWLFD GD $GPLQLVWUDomR 3~EOLFD H VHX SRGHU GH -iYLPRVTXHQmRQDVFHPRVFRPGLUHLWRVSROtWLFRVH
ID]HU IDYRU]LQKR H R GLQKHLUR GRV ULFRV WrP GHFLGLGR SRGHPRV SHUGrORV VRE FHUWDV FRQGLo}HV ,PSRUWDQWH p
HOHLo}HVHPQRVVR3DtV TXHD&RQVWLWXLomRSURLELXH[SUHVVDPHQWHDFDVVDomRGRV
GLUHLWRVSROtWLFRV(VVDSUiWLFDWmRFRQVDJUDGDFRPR$,
&RPLGHDOORXYiYHOD&RQVWLWXLomRGHWHUPLQDTXHVH HQTXDQWRYLJHUHVWD&RQVWLWXLomRQmRSRGHUiPDLVVHUDGR
YHQKDDID]HUXPDOHLFRPSOHPHQWDU TXHFRPSOHPHQWH WDGD$WXDOPHQWHVyVHDGPLWHDSHUGDRXDVXVSHQVmRGRV
D&RQVWLWXLomR HPTXHVHSURWHJHUiDQRUPDOLGDGHHD GLUHLWRVSROtWLFRV
OHJLWLPLGDGH GDV HOHLo}HV FRQWUD HVVDV LPXQLGDGHV GR
SRGHUHGRGLQKHLUR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$SHUGDGHFRUUHUiGDRFRUUrQFLDGHIDWRVTXHDIDVWHP /RJR WUDWDVH GH FDVR GH VXVSHQVmR PHVPR SRUTXH Vy


UHTXLVLWRV HVVHQFLDLV j DTXLVLomR GRV GLUHLWRV SROtWLFRV SUHYDOHFHUi DWp TXH R UHQLWHQWH VH GLVSRQKD D FXPSULU
$VVLP SRU H[HPSOR SDUD DGTXLULU GLUHLWRV SROtWLFRV FRPVHXGHYHUFtYLFR
QHFHVVDULDPHQWHDSHVVRDGHYHUiVHUEUDVLOHLUD4XDQGR
XPDSHVVRDHVWUDQJHLUDVHQDWXUDOL]DEUDVLOHLUDVDWLVID]HQ 'HVVD IRUPD VH XPD SHVVRD VH UHFXVDU D SUHVWDU R
GRHODRVGHPDLVUHTXLVLWRVDGTXLULUiRVGLUHLWRVSROtWLFRV VHUYLoRPLOLWDUSHUGHUi R GLUHLWRGHYRWDUHVHUYRWDGR
&DVR QXP IXWXUR GHL[H GH VHU EUDVLOHLUD FRQVHTXHQWH PDVUHDGTXLULUiVHXVGLUHLWRVSROtWLFRVDVVLPTXHKRXYHU
PHQWHSHUGHUiWDPEpPRVGLUHLWRVSROtWLFRV FXPSULGRFRPVHXGHYHUGHFLGDGmR

( D VXVSHQVmR VH GDUi D WtWXOR GH SXQLomR SRU QmR $QRWHVHTXHWDOVXVSHQVmRVyVHGDUiFDVRDUHFXVDGH


KDYHUDSHVVRDFXPSULGRFRPDOJXPGHVHXVGHYHUHVGH FXPSULPHQWRVHUHILUDDXPDREULJDomRLPSRVWDJHQHUDOL
ERP FLGDGmR $VVLP SH[ D SHVVRD FRQGHQDGD SRU ]DGDPHQWHDWRGRPXQGR0HVPRDVVLPXPDREULJDomR
FRPHWLPHQWRGHFULPHHQTXDQWRGXUDUHPRVHIHLWRVGD LPSRVWDSRUOHL
FRQGHQDomRQmRSRGHUiH[HUFLWDUVHXVGLUHLWRVSROtWLFRV
TXHILFDUmRVXVSHQVRV pSRULVVRTXHSUHVRQmRYRWD  $WHQomR FDVR HP VHX FRQFXUVR VHMD IRUPXODGD TXHVWmR
VREUHVHUFDVRGHVXVSHQVmRRXGHSHUGDUHVSRQ
, FDQFHODPHQWR GD QDWXUDOL]DomRSRUVHQWHQoD GD WUDWDUVH GH FDVR GH SHUGD
SHUGD FRQFXUVR S~EOLFR QmR p
WUDQVLWDGDHPMXOJDGR OXJDUSDUDGHIHVDGHWHVHVRXFRQYLFo}HVSHVVRDLVHVLP
SDUDUHVSRQGHUGHDFRUGRFRPRSHQVDPHQWRSUHGRPL
eRFDVRGHSHUGDGRVGLUHLWRVSROtWLFRV'HL[DQGRGH QDQWH(QRFDVRDGRXWULQDWRGDDILUPDWUDWDUVHGHFDVR
VHU EUDVLOHLUR UHTXLVLWR IXQGDPHQWDO j  FDSDFLGDGH GH GHSHUGD
HOHLWRUHjHOHJLELOLGDGHRQDWXUDOL]DGRSHUGHUiRVVHXV
9 LPSURELGDGH DGPLQLVWUDWLYD QRVWHUPRVGR
GLUHLWRVSROtWLFRV
DUW†ž
,, LQFDSDFLGDGHFLYLODEVROXWD
eRFDVRGHVXVSHQVmR7UDWDVHGHSHQDDSOLFiYHODRV
DGPLQLVWUDGRUHV S~EOLFRV TXH QR H[HUFtFLR GD IXQomR
eFDVRGHSHUGD6HDSHVVRDILFRXJDJiSRUFRPSOHWR
S~EOLFDFRPHWHPDWRVGHLPSURELGDGHHPSUHMXt]RGRV
REYLDPHQWHQHPWHUiFRQGLo}HVGHYRWDU QmRVDEHRTXH
LQWHUHVVHVVRFLDLV(VVDSHQDVyFDEHUiVHRDGPLQLVWUDGRU
HVWi ID]HQGR  QHP GH VHU YRWDGD 2EVHUYHVH TXH D FRPHWHULPSURELGDGHDGPLQLVWUDWLYDRXVHMDDWRLQGLJQR
DEVROXWDTXHU
&RQVWLWXLomRUHIHUHVHjLQFDSDFLGDGHFLYLODEVROXWD
DEVROXWD GHVRQHVWRQDJHVWmRGRVLQWHUHVVHVS~EOLFRVRXVHMDQR
GL]HUQmRKiSHUGDGRVGLUHLWRVSROtWLFRVFDVRDLQFDSDFL H[HUFtFLRGDDGPLQLVWUDomRS~EOLFD$VVLPVHHOHGHVYLD
GDGH VHMD UHODWLYD D LQWHUGLomR GH XP SUyGLJR SRU PDWHULDLV GH XPD REUD SDUD VXD ID]HQGD SDUWLFXODU RX
H[HPSORQmRRLPSHGLUiGHYRWDU  PDQGDFRQVWUXLUXPIHUURYLDHVSHFLDOPHQWHSDUDEHQHILFL
DUVXDID]HQGLQKDTXHHVWiQRFDPLQKRKDYHUiLPSUR
,,, FRQGHQDomR FULPLQDO WUDQVLWDGD HPMXOJDGR ELGDGH DGPLQLVWUDWLYD PDV  VH HOH  p GDGR DR MRJR GH
HQTXDQWRGXUDUHPVHXVHIHLWRV EDUDOKRHFRVWXPDURXEDUQRMRJRKDYHUiLPSURELGDGH
eFDVRGHVXVSHQVmR'HQWUHRVHIHLWRVGDFRQGHQDomR PDVQmRpDGPLQLVWUDWLYDQHPPRWLYDUiDVXVSHQVmRGRV
FULPLQDOKiRHQFDUFHUDPHQWRGRFRQGHQDGR1mRGLVS}H GLUHLWRVSROtWLFRVGRJRYHUQDQWHHVSHUWDOKmR 9HMDWDPEpP
HOHGHOLEHUGDGHGHLUHYLUeyEYLRSRUWDQWRTXHQmR RVFRPHQWiULRVDRDUW†ž 
SRVVDVHUHOHLWRSDUDTXDOTXHUFDUJRHPTXHQHFHVVLWDULD
GHOLEHUGDGHSDUDJHULURVUHVSHFWLYRVLQWHUHVVHV,JXDO 1mR p GHPDVLDGD D OHPEUDQoD GH TXH QRV WHUPRV
PHQWHQmRSRGHUiGHVORFDUVHDWpDXUQDGHYRWDomRSDUD GHVWDGLVSRVLomRFRQVWLWXFLRQDOR6HQDGR)HGHUDODFROKHX
H[HUFLWDURGLUHLWRGHYRWR6mRLQFRPSDWtYHLVRHQFHUUD D DFXVDomR IRUPXODGD FRQWUD R H[3UHVLGHQWH &ROORU GH
PHQWRGDFRQGHQDomRHDOLEHUGDGHGHLUHYLULQHUHQWHDR 0HOORUHFRQKHFHQGRKDYHUHOHFRPHWLGRFULPHFRQWUDD
H[HUFtFLRGRGLUHLWRSROtWLFR SRULVVRTXHSUHVRQmRYRWDUi SURELGDGH DGPLQLVWUDWLYD H DVVLP VXVSHQGHQGROKH RV
MDPDLV  GLUHLWRVSROtWLFRVSRU RLWR DQRV

,9 UHFXVD
UHFXVD GHFXPSULUREULJDomRDWRGRVLPSRVWD
GHFXPSULUREULJDomRDWRGRVLPSRVWD $UW $ OHL
OHL TXH DOWHUDU R SURFHVVR HOHLWRUDOHQWUDUi
RXSUHVWDomRDOWHUQDWLYD
RXSUHVWDomRDOWHUQDWLYDQRV
QRVWHUPRV
WHUPRVGR
GRDUW
DUWž HP
HP YLJRU
YLJRU QD
QD GDWD
GDWD GH VXD SXEOLFDomR QmR VH
9,,, DSOLFDQGR
DSOLFDQGRjHOHLomR
HOHLomRTXH
TXHRFRUUD
RFRUUDDWp
DWp XP 
XP DQR
GDGDWDGHVXDYLJrQFLD
(PERUD D GRXWULQD HP JHUDO ³ DFRPRGDGD FRP D
VLPSOyULDOHWUDGRVWH[WRVFRQVWLWXFLRQDLVDQWHULRUHVTXH 2GLVSRVLWLYRIRLDSHUIHLoRDGRSRLVDQWHULRUPHQWHDOHL
SHUGD³DILUPHWUDWDU
WDFKDYDPDKLSyWHVHFRPRFDVRGHSHUGD
SHUGD QHPHQWUDYDHPYLJRU$JRUDDOHLWHPYLJRULPHGLDWR
QHP
VHGHFDVRGHSHUGDSDUHFHQRVTXHpFDVRGHVXVSHQVmR PDVVy
VyYDOHUiSDUDDHOHLomRTXHHVWLYHUDOpPGH XP
Vy DOpPGH XP
DQRGHSRLVGDYLJrQFLD$GLVSRVLomRpViELDYLVDDS{U
DQR
e TXH VH WUDWD GH GLVSRVLomR VDQFLRQDWyULD RX VHMD ILP DRV FKDPDGRV FDVXtVPRV GRV RFXSDQWHV GR SRGHU
XPD SHQD SDUD TXHP QmR FXPSUH FRP XP GHYHU GH (VWHVVHPSUHWLYHUDPRFRVWXPHGHPRGLILFDUDVUHJUDV
FLGDGmR DOLVWDPHQWRHVHUYLoRPLOLWDUHWF (FRPRSHQD
SHQD HOHLWRUDLVSDUDJDUDQWLUUHHOHLo}HVRXHOHLo}HVGHVHXVWHV
QmR SRGH VHU HWHUQD WDVGHIHUUR
HWHUQD HVVD WDPEpP QmR R SRGHULD VHU
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

(QILPRSUHFHLWRGDDQWHFHGrQFLDDQXDOPtQLPDYLVD 1LQJXpPSRGHUiVHUREULJDGRDID]HUTXDOTXHUFRLVD
H[DWDPHQWHDSUHVHUYDUDVHJXUDQoDGRSURFHVVRHOHLWRUDO VHHVVDRUGHPQmRSURYLHUGDOHL1HPPHVPRR3UHVLGHQ
DIDVWDQGRTXDOTXHUDOWHUDomRDRVDERUGDVFRQYHQLrQFLDV WHGD5HS~EOLFDSRGHUiPDQGDUXPFLGDGmRID]HUTXDO
GRPRPHQWRRXFDVXtVPRVGRVJUXSRVSROtWLFRVPDMRULWi TXHUFRLVDVHQmRHVWLYHUSUHYLVWDWDOREULJDomRHPOHL
ULRV VROHQHPHQWHGLUHPRVDR3UHVLGHQWHTXHYiFXLGDUGDVXD
YLGD
'RUDYDQWHILFDUiPDLVGLItFLODVUHJUDVGRMRJRHOHLWRUDO
GHYHUmRFRQVWDUGHOHL6HKRXYHUDOWHUDomRHVWDGHYHUi 'DPHVPDIRUPDVHHVWLYHUPRVID]HQGRDOJXPDFRLVD
VHUIHLWDFRPDQWHFHGrQFLDPtQLPDGHXPDQRDQRYDOHL QLQJXpPSRGHUiQRVPDQGDUSDUDU$SHQDVSDUDUHPRVVH
HVWDEHOHFHQGRQRYDVUHJUDVGHYHUiVHUSXEOLFDGDXP XP
XPDQR DOHLPDQGDU
DQWHVGRSUy[LPRSOHLWR$VVLPSH[MiSDUDGLVFLSOLQDU
DVHOHLo}HVGH287DQRYDOHL /HLQž  (
 R SULQFtSLR GD OHJDOLGDGH IXQGDPHQWDO SDUD D
WUDoDQGRQRYDVUHJUDVIRLDSUHVVDGDSDUDVHUSXEOLFDGD OLEHUGDGH LQGLYLGXDO SURWHJHQGR R LQGLYtGXR FRQWUD D
DQWHVGRGLD287 WLUDQLDDSUHSRWrQFLDHRVGHVPDQGRV6HXPDSHVVRDYLHU
DVHUREULJDGDDID]HU RXSDUDUGHID]HU DOJXPDFRLVD
(P  R 3OHQiULR GR 67) FRQVLGHURX TXHQmRHVWiSUHYLVWDHPOHLKDYHUiFULPH
FULPH  GHFRQVWUDQ
FULPH
LQDSOLFiYHOSDUDDVHOHLo}HVGHD(&QžTXH JLPHQWRLOHJDO
LQWURGX]LXPRGLILFDomRQR†žGRDUW&)DFDEDQGR
3URWHomR-XGLFLiULD
FRPDYLQFXODomRYHUWLFDO³FRQVLGHUDQGRDVVLPTXHD
(PHQGD&RQVWLWXFLRQDOpXPD´OHLµHPVHQWLGRDPSORH
$UWž;;;9 D OHL QmR H[FOXLUi GD DSUHFLDomRGR3RGHU
DVVLP GHYHULD REVHUYDU D DQWHULRULGDGH PtQLPD GH XP
-XGLFLiULROHVmRRXDPHDoDDGLUHLWRV
DQRSXEOLFDGDHPWDO(PHQGD&RQVWLWXFLRQDOVy
WHUi HILFiFLD SDUD HOHLo}HV TXH RFRUUDP D SDUWLU GH 2 3RGHU -XGLFLiULR p R JXDUGLmR PDLRU GH WRGRV RV
 GLUHLWRVVRFLDLVFROHWLYRVRXLQGLYLGXDLV4XHP SHVVRD
ItVLFD RX MXUtGLFD  VRIUHU OHVmR DR VHX GLUHLWR RX ULVFR
DPHDoD  GH VRIUrOD SRGHUi SHGLU DR -XGLFLiULR TXH R
SURWHMDeGR-XGLFLiULRRPRQRSyOLR
PRQRSyOLR
PRQRSyOLRGRGRFRQWUROH
FRQWUROHMXULVGL
*DUDQWLDV&RQVWLWXFLRQDLV,QGLYLGXDLV FLRQDO

1HQKXPDOHLSRGHUiHVWDEHOHFHUTXHHVVHRXDTXHOH
,PSRUWDQWHDTXLDGLVWLQomRHQWUHGLUHLWRHJDUDQWLD DVVXQWRQmRSRGHVHUGLVFXWLGRMXGLFLDOPHQWH DRWHPSR
SRUTXDQWR HVWD QRV DVVHJXUD D HIHWLYLGDGH GDTXHOH GH GD GLWDGXUD VRE R UHJLPH FRQVWLWXFLRQDO GR $, DV
QDGD QRV DGLDQWDULD WHUPRV GLUHLWRV VH QmR WLYpVVHPRV FDVVDo}HVGHGLUHLWRVSROtWLFRVIHLWDVFRPEDVHQR$,QmR
FRPR LPS{OR FRPR ID]HU FRP TXH IRVVH REVHUYDGR SRGLDPVHUDSUHFLDGDVSHOR-XGLFLiULR 
UHVSHLWDGRHFXPSULGR
,VWR HQWUHWDQWR QmR LPSHGLUi TXH D OHL HVWDEHOHoD
2 0HVWUH -26e $)2162 '$ 6,/9$ GLVWLQJXH FLQFR FRQGLo}HVTXHGHYHUmRVHUSUHYLDPHQWHDWHQGLGDVSDUD
WLSRVGHJDUDQWLDVLQGLYLGXDLVFRQVDJUDGDVQD&RQVWLWXLomR VyGHSRLVDSHVVRDSRGHUUHTXHUHUDR-XGLFLiULRDDSUHFLD
)HGHUDO OHJDOLGDGH SULQFtSLR GD OHJDOLGDGH  SURWHomR omR GR FDVR $VVLP SRU H[HPSOR Ki FDVRV HP TXH
MXGLFLiULD HVWDELOLGDGH GRV GLUHLWRV VXEMHWLYRV VHJXUDQoD SULPHLUDPHQWHDSHVVRDGHYHVHYDOHUGHUHFXUVRDGPLQLV
MXUtGLFD GLUHLWRjVHJXUDQoD HUHPpGLRVFRQVWLWXFLRQDLV WUDWLYR 6y GHSRLV TXH HVVH UHFXUVR DGPLQLVWUDWLYR IRU
³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS GHQHJDGR LQGHIHULGR pTXHDSHVVRDSRGHUiUHTXHUHU
XPDSURYLGrQFLDDR3RGHU-XGLFLiULR
(PREVHUYDQGRTXHRGLUHLWRjVHJXUDQoDMiRYLPRV
TXDQGRGRHVWXGRGRVGLUHLWRVLQGLYLGXDLVGHVRUWHTXH $UWž/,9 QLQJXpP VHUi SULYDGR GD OLEHUGDGH RXGH
QmRRWUDWDUHPRVVREHVWHWtWXORWDOTXDORVUHPpGLRV VHXVEHQVVHPRGHYLGRSURFHVVROHJDO
FRQVWLWXFLRQDLVVHUmRREMHWRGHWtWXORSUySULRYHMDPRV
WDLVJDUDQWLDVFRQVWLWXFLRQDLV $ SULVmR GH XPD SHVVRD FRPR SHQD VDQomR  Vy
SRGHUiVHULPSRVWDDSyVXPSURFHVVRMXGLFLDOHPTXH
VHUiDVVHJXUDGDDDPSODGHIHVDHVHREVHUYDUmRWRGDVDV
/HJDOLGDGH IRUPDOLGDGHV OHJDLV TXH JDUDQWHP D UHJXODULGDGH GR
SURFHVVR   6y FRP R GXH SURFHVV RI ODZ p TXH VHUi
$UWž,, QLQJXpP
QLQJXpPVHUi
VHUiREULJDGR
REULJDGRDID]HU
ID]HURX
RXGHL[DU
GHL[DUGH OHJtWLPD D SULYDomR GH OLEHUGDGH RX GRV EHQV GH XPD
ID]HU
ID]HUDOJXPD
DOJXPDFRLVDVHQmR
FRLVDVHQmRHP
HPYLUWXGH
YLUWXGHGH
GHOHL SHVVRD)RUDGLVVRRSURFHVVRVHUiQXORHQLQJXpPSRGHUi
VHUOHYDGRjSULVmRFRPRFRQGHQDGR
6DEHPRVTXHRSRYRpVREHUDQR(RSRYRpRVRPD
7DPEpP SDUD D SHUGD GH QRVVRV EHQV QmR DSHQDV
WyULRGRVLQGLYtGXRVRXVHMDGDVSHVVRDV&RQVHTXHQWH
GHYHUi KDYHU XP PRWLYR OHJDO  SUHYLVWR QD OHL FRPR
PHQWHDVSHVVRDVWDPEpPVmRVREHUDQDVVmRGRQDVGH
DXWRUL]DQWH GR FRQILVFR GH QRVVR SDWULP{QLR  FRPR
VHXQDUL]1LQJXpPPDQGDQXPDSHVVRD$ $SHQDV
SHQDVDOHL
GHYHUiKDYHUXPSURFHVVRHPTXHSRGHUHPRVH[HUFLWDU
HPHVPRDVVLPSRUTXHQRIXQGRQRIXQGRDOHLpIHLWD QRVVDPDLVDPSODGHIHVD
SRUQyVHPERUDSRULQWHUPpGLRGHQRVVRVUHSUHVHQWDQWHV 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$UWž/9 DRV OLWLJDQWHV HP SURFHVVR MXGLFLDORX 8PGRVSULQFtSLRVIXQGDPHQWDLVGDWUDQTXLOLGDGHGDV


DGPLQLVWUDWLYR
DGPLQLVWUDWLYRHDRV
DRVDFXVDGRV
DFXVDGRVHP
HPJHUDO
JHUDOVmR UHODo}HVVRFLDLVHMXUtGLFDVpRUHVSHLWRDRTXHMiIRLIHLWR
DVVHJXUDGRV
DVVHJXUDGRVRFRQWUDGLWyULR
FRQWUDGLWyULRHDPSOD
DPSODGHIHVD (VVH UHVSHLWR p LPSRVWR j SUySULD OHL  7RGD OHL GHYHUi
FRPRVPHLRVHUHFXUVRVDHODLQHUHQWHV UHVSHLWDURTXHMiIRLIHLWRHDFDEDGR DWRMXUtGLFRSHUIHL
WR 
(PWRGRVRVSURFHVVRVGHTXDOTXHUHVSpFLHKiVHPSUH 7XGRTXHID]HPRVGHYHPRVID]rORVRERPDQWRGD
XP DFXVDGRU H XP DFXVDGR GHVWH VHQGR H[LJLGD D OHJDOLGDGH $JLPRV QRV WHUPRV GD OHL 6H XPD QRYD OHL
FRQWUDGLWyULRDVVHJXUD
UHVSRQVDELOL]DomR2SULQFtSLRGRFRQWUDGLWyULR
FRQWUDGLWyULR PXGDRSURFHGLPHQWRQHPSRULVVRRTXHMiIRLIHLWRVRE
D WRGDV DV SDUWHV RV HQYROYLGRV QR SURFHVVR  FRQWUD D RULHQWDomR GD OHL YHOKD VHUi FRQVLGHUDGR LOHJDO $ OHL
SRUVHjRXWUDVHMDSURGX]LQGRSURYDVHPVHQWLGRFRQWUi QRYDGHYHUiUHVSHLWDUDOHJDOLGDGHGHWXGRTXHIRLIHLWRGH
ULRVHMDDQDOLVDQGRHFULWLFDQGRDVSURYDVSURGX]LGDVSRU DFRUGRFRPDOHLYHOKD HPERUDGHYDVHUIHLWRGLIHUHQ
DTXHORXWUD VHMD IRUPXODQGR DFXVDo}HV VHMD GHIHQGHQ WHPHQWHVHJXQGRDOHLQRYD 
GRVHGHODVVHMDUHFRUUHQGRRXUHVSRQGHQGRDRUHFXUVR
GDSDUWHFRQWUiULD 1HVVHPHVPRFRQFHLWRHVWiRGLUHLWRDGTXLULGR6H
XPD SHVVRD YHP XVXIUXLQGR GH XP GLUHLWR Ki DOJXP
DPSOD
DPSODGHIHVDFRQVWLWXLDOLEHUGDGHGHXVDURLQWHUHV
$DPSOD GHIHVD WHPSRGLUHLWRHVVHTXHOKHIRLFRQIHULGRFRPEDVHQXPD
VDGRGHWRGRVRVPHLRVHUHFXUVRVTXHDOHLSHUPLWHSDUD OHLTXHYLJLDQmR
QmRSRGHUiXPDQRYDOHLYROWDUQRWHPSRH
QmR
GHPRQVWUDUVHXGLUHLWRHREWHUDVDWLVIDomRGHVHXLQWHUHV GHVID]HUDTXHOHSRUTXHMiHVWDYDDGTXLULGR UHJXODUPHQ
VH WH  SRU WDO SHVVRD $ QRYD OHL Vy SRGHUi LPSHGLU TXH
(VVHVSULQFtSLRVYDOHPWDQWRSDUDRVSURFHVVRVFULPL RXWUDVSHVVRDVDGTXLUDPDTXHOHPHVPRGLUHLWRPDVQmR
QDLVFRPRFtYHLVWUDEDOKLVWDDGPLQLVWUDWLYRVHWF SRGHUiFDQFHODU FDVVDU RGLUHLWRTXHMiIRUD OHJDOPHQWH
DGTXLULGRSRURXWUHP

7DPEpPDVGHFLV}HVMXGLFLDLVGHYHPVHUSURWHJLGDV$V
'LUHLWRj-XVWLoD&pOHUH GHFLV}HVMXGLFLDLVVmRVHPSUHWRPDGDVFRPEDVHQXPDOHL
YLJHQWHeDOHLRJXLDGRVMXt]HVTXDQGRGHFLGHPXPD
TXHVWmR +DYHULD DEVROXWD LQVHJXUDQoD H LQVWDELOLGDGH
$ 5HIRUPD GR 3RGHU -XGLFLiULR ³ LQVWLWXtGD FRP D
VRFLDO QLQJXpPQXQFDWHULDFHUWH]DGHFRPRILFDULDVXD
(PHQGD &RQVWLWXFLRQDO Qž  GH 'H]  ³ 
YLGD  FDVR D OHL QRYD  QmR UHVSHLWDVVH DV VLWXDo}HV
DFUHVFHXVHGHQWUHRV'LUHLWRVH*DUDQWLDV)XQGDPHQWDLV
DVVHQWDGDV $ FRLVD MXOJDGD GHFLV}HV VHP UHFXUVR
R'LUHLWRjSUHVWDomRMXULVGLFLRQDOUiSLGD
GHILQLWLYDPHQWHWRPDGDVGHDFRUGRFRPXPDOHLYLJHQWH
QmRSRGHVHUDOWHUDGDSRUXPDOHLQRYD
$UWž/;;9,,, DWRGRV
WRGRVQR
QRkPELWR
kPELWRMXGLFLDO
MXGLFLDOHDGPLQLVWUDWL
YRVmR
YR VmRDVVHJXUDGRV
DVVHJXUDGRVDUD]RiYHO
UD]RiYHOGXUDomR
GXUDomRGR
$H[SUHVVmRGLUHLWR
GLUHLWR
GLUHLWRDGTXLULGRpGHILQLGDQRDUWž†ž
DGTXLULGR
SURFHVVR
SURFHVVRHRV
RVPHLRV
PHLRVTXH
TXHJDUDQWDP
JDUDQWDPDFHOH
GD/HLGH,QWURGXomRDR&yGLJR&LYLORVGLUHLWRVTXHRVHX
ULGDGHGHVXDWUDPLWDomR
WLWXODURXDOJXpPSRUHOHSRVVDH[HUFHUFRPRDTXHOHVFXMR
2EV LQFLVR DFUHVFLGR SHOD (PHQGD &RQVWLWXFLRQDO Qž
5HIRUPDGR-XGLFLiULR 
FRPpUFLRGRH[HUFtFLRWHQKDWHUPRSUHIL[DGRRXFRQGLomR
SUHHVWDEHOHFLGDLQDOWHUiYHODDUEtWULRGHRXWUHPeGHVVD
+LVWRULFDPHQWH D -XVWLoD VHPSUH IRL FRQVLGHUDGD PHVPD OHL D GHILQLomR GR DWR
DWR MXUtGLFR SHUIHLWR R Mi
MXUtGLFR SHUIHLWR
´OHQWDµ DIOLJLQGRVH D SRSXODomR FRP D LQHILFLrQFLD GD FRQVXPDGR VHJXQGR D OHL YLJHQWH DR WHPSR HP TXH VH
PiTXLQD MXGLFLiULD HVVH IRL R DOHQWR GD 5HIRUPD GR HIHWXRX DUWž†ž 
-XGLFLiULR TXH SULQFLSLD FRP D FRQVDJUDomR GR GLUHLWR
LQGLYLGXDO D XPD DWLYLGDGH MXULVGLFLRQDO GH ´UD]RiYHO )LQDOPHQWHpGR&yGLJRGH3URFHVVR&LYLODGHILQLomR
GXUDomR GR SURFHVVRµ H D LQVWUXPHQWDomR TXH JDUDQWD GH FRLVD
FRLVD MXOJDGD'HQRPLQDVHFRLVDMXOJDGDPDWHULDOD
MXOJDGD
FHOHULGDGHQDH[HFXomRGHVVDWDUHID HILFiFLDTXHWRUQDLPXWiYHOHLQGLVFXWtYHODVHQWHQoDQmR
PDLV VXMHLWD D UHFXUVR RUGLQiULR RX H[WUDRUGLQiULR
3RUVHWUDWDUGHXP´GLUHLWRHJDUDQWLDIXQGDPHQWDOµ DUW&yG3URF&LYLO 
HVVD GLVSRVLomR IRUoDUi j PRGLILFDomR GD OHJLVODomR
SURFHVVXDOSDUDTXHIRUPDOLGDGHVHSUD]RVVHMDPUHYLVWRV
HHQ[XJDGRV
7XWHOD,QWHUQDFLRQDOGRV´'LUHLWRV+XPDQRVµ
0DLVTXHLVVRDGHWHUPLQDomRGH´PHLRVTXHJDUDQWDP
DFHOHULGDGHµGHYHUiSURYRFDUDFULDomRGHPDLV9DUDVH
6HUYLoRV$X[LOLDUHVGD-XVWLoDSDUDTXHRDF~PXORYXOWRVR *UDVVDPXQGRDIRUDXPDSUHRFXSDomRFRPDVYLROD
GRVWUDEDOKRVVHMDYHQFLGR o}HVDRVGLUHLWRVKXPDQRV³HQmRVmRSRXFRVRVGLWDGR
UHV TXH VXSOLFLDP D SRSXODomR GH VHX SDtV FRP FULPHV
FRQWUDDKXPDQLGDGHSHUVHJXLo}HVDHWQLDVGLVFULPLQD
(VWDELOLGDGHGRV'LUHLWRV6XEMHWLYRV o}HVUDFLDLVHWF

$UWž;;;9, DOHLQmRSUHMXGLFDUiRGLUHLWRDGTXLULGR $FRQVWLWXLomRFLGDGm  MiUHFRQKHFLDDFRJrQFLD


RDWRMXUtGLFRSHUIHLWRHDFRLVDMXOJDGD GRVGLUHLWRVHJDUDQWLDVTXHDGYLHVVHPGH7UDWDGRVRX
&RQYHQo}HV,QWHUQDFLRQDLV
 'LU&RQVWLWXFLRQDO
 QVWLWXWR, 1DFLRQDOGR6HJXUR6RFLDO
†ž 2VGLUHLWRVHJDUDQWLDVH[SUHVVRVQHVWD&RQV †ž 2 %UDVLO VH VXEPHWH jMXULVGLomRGH7ULEXQDO
WLWXLomR
WLWXLomR QmR H[FOXHP RXWURV GHFRUUHQWHV GR 3HQDO
3HQDO,QWHUQDFLRQDO
,QWHUQDFLRQDODFXMD
FXMDFULDomR
FULDomRWHQKD
WHQKDPDQL
UHJLPH
UHJLPH H GRV
GRV SULQFtSLRV
SULQFtSLRV SRU
SRU HOD
HOD DGRWDGRVRX
DGRWDGRVRX IHVWDGRDGHVmR
GRVWUDWDGRVLQWHUQDFLRQDLVHPTXHD5HS~EOL
GRVWUDWDGRVLQWHUQDFLRQDLVHPTXHD5HS~EOL 2EV †žDFUHVFLGRSHOD(PHQGD&RQVWLWXFLRQDOQž 5HIRUPDGR-XGLFLiULR 
FD)HGHUDWLYDGR%UDVLOVHMDSDUWH
-iKiXP7ULEXQDO3HQDO,QWHUQDFLRQDOFRPFRPSHWrQ
0XLWRVRXWURVGLUHLWRVDOpPGRVTXHHVWmRSUHYLVWRV FLDSDUDMXOJDURVFULPHVFRQWUDDKXPDQLGDGH³HR%UDVLO
QHVWHFDStWXORIRUDPFRQIHULGRVDRVEUDVLOHLURV%DVWDUi MipXPGRV3DtVHVTXHPDQLIHVWDUDPVXDDGHVmRLQFOXVLYH
XPDOHLWXUDPDLVDWHQWDHGHWDOKDGDGD&RQVWLWXLomRH FRPSDUWLFLSDomRGHXPD-Xt]D%UDVLOHLUDQDTXHOD&RUWH
YHUHPRVRTXDQWRIRLHODSUyGLJDGLUHWDRXLQGLUHWDPHQWH
FRQIHULQGRQRORV $ LQVHUomR GHVWH SDUiJUDIR GHQWUH RV ´'LUHLWRV H
*DUDQWLDV,QGLYLGXDLVµVLJQLILFDRUHFRQKHFLPHQWRFRQVWL
( R IDWR GH WDLV GLUHLWRV QmR YLUHP H[SUHVVRV QHVWH WXFLRQDOGHTXHREUDVLOHLUR³´LQGLYtGXRµ³FRQWDFRP
FDStWXORQmRVLJQLILFDTXHQyVQmRRVWHPRV7HPRORV PDLVHVVD´JDUDQWLDµSDUDDGHIHVDGHVHXVGLUHLWRVIXQGD
DLQGD TXDQGR HVWDEHOHFLGRV HP 7UDWDGR RX &RQYHQomR PHQWDLVDVGHFLV}HVGR7ULEXQDO3HQDO,QWHUQDFLRQDOTXH
,QWHUQDFLRQDOGHTXHQRVVR3DtVVHMDVLJQDWiULR FRQVWLWXFLRQDOPHQWHSDVVDDWHUDV$XWRULGDGHV%UDVLOHLUDV
VXEPLVVDV H REHGLHQWHV jV VXDV GHFLV}HV UHIHUHQWHV DRV
$JRUDFRPD5HIRUPDGR3RGHU-XGLFLiULR³LQVWLWXtGD GLUHLWRVKXPDQRVHDRVFULPHVFRQWUDDKXPDQLGDGH
FRPD(PHQGD&RQVWLWXFLRQDOQž GH'H] ³
WDLV ´GLUHLWRV KXPDQRVµ HVWDEHOHFLGRV HP 7UDWDGRV H
&RQYHQo}HVFRQTXLVWDUDPPDLRUIRUoDOHJDO
*DUDQWLDVGRV'LUHLWRV
†ž 2VWUDWDGRVHFRQYHQo}HVLQWHUQDFLRQDLVVREUH
2VWUDWDGRV &ROHWLYRV6RFLDLVH3ROtWLFRV
GLUHLWRV
GLUHLWRVKXPDQRV
KXPDQRVDSURYDGRV
DSURYDGRVHP
HPFDGD
FDGD&DVD
&DVDGR
&RQJUHVVR
&RQJUHVVR 1DFLRQDO
1DFLRQDO HP
HP GRLVWXUQRVSRUWUrV
GRLVWXUQRVSRUWUrV
TXLQWRV
TXLQWRV GRV
GRV YRWRV
YRWRV GRV
GRV UHVSHFWLYRV
UHVSHFWLYRV PHPEURV 7DOTXDO RGLUHLWRGHFDGDLQGLYtGXRSUHFLVDGHXPD
VHUmR
VHUmRHTXLYDOHQWHV
HTXLYDOHQWHVjV
jVHPHQGDV
HPHQGDVFRQVWLWXFLRQDLV JDUDQWLDSDUDTXHVHWRUQHPHIHWLYRVWDPEpPRVGLUHLWRV
2EV †žDFUHVFLGRSHOD(PHQGD&RQVWLWXFLRQDOQž 5HIRUPDGR-XGLFLiULR 
FRQVDJUDGRVjXPDFROHWLYLGDGHSUHFLVDVHUJDUDQWLGR(
D &RQVWLWXLomR )HGHUDO IRUQHFH LQVWUXPHQWRV SDUD
2 RUGHQDPHQWR FRQVWLWXFLRQDO Mi RXWRUJD DRV DVVHJXUiORV 'D PHVPD IRUPD RV GLUHLWRV VRFLDLV H RV
7UDWDGRVH&RQYHQo}HV,QWHUQDFLRQDLVµXPVWDWXVGH´OHLµ GLUHLWRVSROtWLFRV
LQFOXVLYH SUHYDOHFHQGR VREUH D OHL DQWHULRU DVVLP TXH
DSURYDGRSHOR&RQJUHVVR1DFLRQDO

$ LQRYDomR p D HOHYDomR GR ´7UDWDGRV H &RQYHQo}HV *DUDQWLDVGRV'LUHLWRV&ROHWLYRV


,QWHUQDFLRQDLVµDRVWDWXVGH´HPHQGDFRQVWLWXFLRQDOµ³
SURGX]LQGRSRLVDOWHUDomRGRWH[WRGHQRVVD&RQVWLWXLomR
)HGHUDO 2 0HVWUH -26e $)2162 '$ 6,/9$ GHVWDFD R D
PDQGDGRGHVHJXUDQoDFROHWLYRR E E PDQGDGRGHLQMXQomR
E
$WHQWHVH SRUpP D GRLV UHTXLVLWRV EiVLFRV SDUD WDO FROHWLYRH F
F DDomRSRSXODUFRPRJDUDQWLDGRVGLUHLWRV
F
HOHYDomRGHVWDWXVSULPHLUDPHQWH
SULPHLUDPHQWHDSHQDVDVGLVSRVLo}HV FROHWLYRV³ LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDL
SULPHLUDPHQWH YDSD 
´VREUHGLUHLWRVKXPDQRVµpTXHVHLQFRUSRUDUiDRRUGHQD
PHQWRFRQVWLWXFLRQDODVGHPDLVDYHQoDVFRQVWDQWHVGR
7UDWDGRRX&RQYHQomR,QWHUQDFLRQDOFRQWLQXDUmRWHQGRD
PHVPDIRUoDGHXPDOHLRUGLQiULD DILQDODRVHUDSURYD 20DQGDGRGH6HJXUDQoD&ROHWLYR
GRUHFHEHXDVErQomRVGRVUHSUHVHQWDQWHVGRSRYRTXDO
WRGDOHL 
$UWž/;; RPDQGDGR
PDQGDGRGH
GHVHJXUDQoD
VHJXUDQoDFROHWLYR
FROHWLYRSRGHVHU
LPSHWUDGRSRU
(PVHJXQGR
VHJXQGR
VHJXQGROXJDUpLPSUHVFLQGtYHOTXHWDDSURYDomR
OXJDU
VHGrSRUV WUrVTXLQWRV GRVYRWRVGRV6HQDGRUHVHV
D SDUW
SDUWLGR
SDUWLGR SROtWLFR FRP UHSUHVHQWDomR QR
WUrVTXLQWRV GRVYRWRVGRV'HSXWDGRV)HGHUDLV³HP
&RQJUHVVR1DFLRQDO
YRWDomR VHSDUDGD RX VHMD GLVWLQWDPHQWH QR 6HQDGR
)HGHUDO H QD &kPDUD GRV 'HSXWDGRV WDO DSURYDomR H E RUJDQL]DomR
RUJDQL]DomR
RUJDQL]DomR VLQGLFDO
VLQGLFDO HQWLGDGH
HQWLGDGH GH
GH FODVVH
TXRUXPQmRVHUiIHLWDHPVHVVmRFRQMXQWD RX
RXDVVRFLDomR
DVVRFLDomROHJDOPHQWH
OHJDOPHQWHFRQVWLWXtGDHHP
FRQVWLWXtGDHHP
IXQFLRQDPHQWR Ki SHOR PHQRV XP DQR
(VHDDSURYDomRVHGHUDSHQDVSRUPDLRULDVLPSOHVRX HP
HP  GHIHVD GRV LQWHUHVVHV GH VHXV PHP
PDLRULDDEVROXWD PDLVGH """1HVVHFDVRR7UDWDGR EURVRXDVVRFLDGRV
RX &RQYHQomR HVWDUi DSURYDGR H WHUi YDOLGDGH GH  OHL
RUGLQiULD³QmR
QmRVHLQFRUSRUDQGRQRWH[WRFRQVWLWXFLRQDO
QmR (VWD p XPD QRYLGDGH FRQVWLWXFLRQDO SHUPLWH TXH
SHVVRDV MXUtGLFDV LPSHWUHP PDQGDGR GH VHJXUDQoD 2V
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

SDUWLGRVSROtWLFRVWrPOHJLWLPLGDGHSDUDLPSHWUDUPDQGD ¢(HQTXDQWRLVVRFRPRILFDUHPRVVHPHVVHVGLUHLWRV
GRGHVHJXUDQoDQDGHIHVDGRVLQWHUHVVHVFROHWLYRVTXH """³2PDQGDGRGHLQMXQomRpXPUHPpGLRTXHD&RQV
HVWHMDPVHQGRSUHMXGLFDGRVSRUDWRLOHJDORXDEXVLYRGH WLWXLomRQRVGiSDUDTXHSRVWXOHPRVMXQWRDR-XGLFLiULR
SRGHU GH XPD DXWRULGDGH S~EOLFD RX GH XP DJHQWH YLVDQGR DR UHFRQKHFLPHQWR GHVVH QRVVR GLUHLWR H TXH
GHVWD  SRVVDPRV H[HUFLWiOR GHVGH Mi VHP QHFHVVLGDGH GH
HVSHUDUPRVDOHL]LQKDTXHVHUiFULDGD
0DVQmRpDTXDOTXHUSDUWLGRSROtWLFRTXHVHUHFRQKHFH
HVVD FDSDFLGDGH QHFHVVDULDPHQWH R SDUWLGR SROtWLFR 4XDQGRTXLVHUPRVH[HUFLWDUXPGHVVHVQRVVRVGLUHLWRV
GHYHUiWHUUHSUHVHQWDomRQR&RQJUHVVR1DFLRQDOLVWRpR FRQVWLWXFLRQDLV H DOJXpP VH UHFXVDU D  UHFRQKHFHU HVVH
SDUWLGR GHYHUi WHU SHOR PHQRV XP GHSXWDGR RX XP QRVVRGLUHLWRDOHJDQGRTXHDLQGDGHSHQGHGDOHLUHJXOD
VHQDGRU PHQWDGRUDQmRILFDUHPRVFKXSDQGRRGHGRjHVSHUDGD
ERD YRQWDGH GR OHJLVODWLYR H LVVR YDL GHPRUDU PXLWR
7DPEpP RV VLQGLFDWRV H DV DVVRFLDo}HV SRGHUmR SRUTXHKiXPLQILQLWRQ~PHURGHOHLVDVHUHPFULDGDV 
LPSHWUDUPDQGDGRGHVHJXUDQoDFROHWLYR6yTXHSDUD ,PSHWUDUHPRVPDQGDGRGHLQMXQomRSDUDTXHR-XGLFLi
WHUHPHVVDFDSDFLGDGHRVLQGLFDWRRXDDVVRFLDomRGHYHUi ULR GHFODUH HVVH QRVVR 'LUHLWR H GHVGH Mi SRVVDPRV
H[LVWLUHIXQFLRQDUKiSHORPHQRVXPDQR6HIRLFULDGRD JR]iOR
PHVHVMiQmRSRGHUi

1RUPDOPHQWH R PDQGDGR GH VHJXUDQoD SURWHJH R $$omR3RSXODU


GLUHLWROtTXLGRHFHUWRGHXPDSHVVRDTXHGLUHWDPHQWH
pSUHMXGLFDGDSHORDWRLOHJDORXSHORDEXVRGHSRGHUGD $UWž/;;,,, TXDOTXHU
TXDOTXHUFLGDGmR
FLGDGmRpSDUWH
SDUWHOHJtWLPD
OHJtWLPDSDUDSUR
DXWRULGDGH SRU
SRU DomR
DomR SRSXODU
SRSXODU TXH YLVH D DQXODU DWR
OHVLYR
OHVLYRDR
DRSDWULP{QLR
SDWULP{QLRS~EOLFR
S~EOLFRRX
RXGH
GHHQWLGD
1RPDQGDGRGHVHJXUDQoDFROHWLYRKDYHUiRSUHMXt]R GH
GHGH
GHTXH
TXHR(VWDGR
(VWDGRSDUWLFLSH
SDUWLFLSHjPRUDOLGDGH
GHWRGDXPDFRPXQLGDGHHHVVDFROHWLYLGDGHSRGHUiSRU DGPLQLVWUDWLYD
DGPLQLVWUDWLYDDR
DRPHLR
PHLRDPELHQWH
DPELHQWHHDRDRSD
XPILPjLOHJDOLGDGHRXDEXVRDJLQGRSRULQWHUPpGLRGH WULP{QLR
WULP{QLR KLVWyULFR
KLVWyULFR H FXOW
FXOWXUDO
XUDO ILFDQGR
ILFDQGR R
XPD DVVRFLDomR RX VLQGLFDWR $VVLP SRU H[HPSOR VH R DXWRU
DXWRU VDOYR
VDOYR FRPSURYDGD
FRPSURYDGD PiIp
PiIp LVHQWR
LVHQWR GH
*RYHUQDGRUGHXP(VWDGRGiRUGHPDVHX6HFUHWiULRGD FXVWDV
FXVWDVMXGLFLDLV
MXGLFLDLVHGR
GR{QXV
{QXVGD
GDVXFXPErQFLD
)D]HQGDSDUDTXHQmRSDJXHRžVDOiULRDRVIXQFLRQi
ULRVS~EOLFRVHVWDGXDLVKDYHULDXPDHQ[XUUDGDGHFHQ &RPRFLGDGmRVVRPRVGRQRVGRSDWULP{QLRS~EOLFR
WHQDV GH PLOKDUHV GH PDQGDGRV GH VHJXUDQoD SDUD 2V DGPLQLVWUDGRUHV S~EOLFRV DJHP HP QRVVR QRPH
GHUUXEDUHVVDRUGHPLQFRQVWLWXFLRQDO1HPRMXGLFLiULR TXDQGRJHUHQFLDPHVVHVLQWHUHVVHV6LJQLILFDTXHWrPHOHV
DJXHQWDULD MXOJDU WRGRV HOHV FRP WHPSR H UDSLGH] R GHYHU GH DJLU GHQWUR GRV SDUkPHWURV GD PRUDOLGDGH
QHFHVViULDV QmRpSLDGD HQmRFDXVDUTXDOTXHUSUHMXt]RDRQRVVR
SDWULP{QLR
0XLWR PDLV VLPSOHV VHUi TXH D DVVRFLDomR VH QmR
H[LVWLUXP6LQGLFDWR GRVIXQFLRQiULRVS~EOLFRVLPSHWUH 'HYHPLJXDOPHQWH]HODUSHORPHLRDPELHQWH QHVWH
XP~QLFRPDQGDGRGHVHJXUDQoDFROHWLYRTXHWXWHODUiRV HVWi D TXDOLGDGH EiVLFD GH QRVVD YLGD TXHP YLYH HP
LQWHUHVVHVGHWRGRVRVDVVRFLDGRV FKLTXHLURpSRUFRDWPRVIHUDULRVHPDUHVSROXtGRVPDWDV
GHVWUXtGDVWUDQVIRUPDPQRVVRDPELHQWHQXPFKLTXHLURH
QyVHPSRUFRV 

20DQGDGRGH,QMXQomR&ROHWLYR 7DPEpP R SDWULP{QLR KLVWyULFR FXOWXUDO GHYHUi


VHPSUHVHUSUHVHUYDGR XPSRYRVHPFXOWXUDRXSDVVDGR
(PERUD SUHYLVWR FRPR JDUDQWLD LQGLYLGXDO HVWH p XP SRYR VHP IXWXUR  4XDQGR TXDOTXHU JRYHUQDQWH
UHPpGLRWDPEpPSRGHpXPDJDUDQWLDFROHWLYRMiTXHR WRPDUTXDOTXHUGHFLVmRSUDWLFDUDWRTXHSUHMXGLTXHDR
DUWž LQF,,, GD &RQVW)HG OHJLWLPD RV 6LQGLFDWRV GH SDWULP{QLRS~EOLFR QHJRFLDWDSRUH[HPSORRXFRQFRU
7UDEDOKDGRUHV D UHTXHUHU WRGD H TXDOTXHU PHGLGD HP UrQFLDIDMXWDGHVYLRGHYHUEDFRQVWUXomRGHVQHFHVViULDH
LQWHUHVVHVFROHWLYRVGDFDWHJRULD
GHIHVDGRVLQWHUHVVHVFROHWLYRV
LQWHUHVVHVFROHWLYRV SUHMXGLFLDO D WRGRV HWF  p QRVVR  GHYHU GH FLGDGmR
OXWDUPRVSDUDTXHHVVDGHFLVmRVHMDDQXODGD
$UWž/;;, FRQFHGHUVHi
FRQFHGHUVHi PDQGDGRGHLQMXQomRVHPSUH
PDQGDGRGHLQMXQomRVHPSUH
TXH
TXHDIDOWD
IDOWDGH
GHQRUPD
QRUPDUHJXODPHQWDGRUD
UHJXODPHQWDGRUDWRUQH 6y R -XGLFLiULR WHUi R SRGHU GH DQXODU HVVH DWR
LQYLiYHORH[HUFtFLRGRV
LQYLiYHORH[HUFtFLRGRVGLUHLWRV
GLUHLWRVHOLEHUGDGHV DGPLQLVWUDWLYR3DUDLVVRSUHFLVDUHPRVSURSRUXPDDomR
FRQVWLWXFLRQDLV
FRQVWLWXFLRQDLVHGDV
GDVSUHUURJDWLYDV
SUHUURJDWLYDVLQHUHQWHV &RPRTXDOTXHUFLGDGmR DTXHOHTXHHVWiQRJR]RGHVHXV
jQDFLRQDOLGDGHjVREHUDQLDHjFLGDGDQLD GLUHLWRVSROtWLFRV SRGHSURPRYHUHVVDDomRHODVHFKDPD
DomRSRSXODU$DomRSRSXODUFDEHUiWDPEpPTXDQGR
&RPR YLPRV D &RQVWLWXLomR FRQFHGHXQRV XP VHP RDWRDGPLQLVWUDWLYRIHULUDRPHLRDPELHQWHRXDRSDWULP{
Q~PHURGHGLUHLWRVHJDUDQWLDVIXQGDPHQWDLVjOLEHUGDGH QLRKLVWyULFRFXOWXUDO
(PXLWRVGHVVHVGLUHLWRVGHSHQGHUmRGHUHJXODPHQWDomR
HPOHLDVHUFULDGD ,PSRUWDQWHpTXHD&RQVWLWXLomRSDUDQRVGHL[DUEHP
DYRQWDGHQHVVDILVFDOL]DomRHOXWDLVHQWRXQRVGHTXDLV
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

TXHUFXVWDV GHVSHVDVHPROXPHQWRV SURFHVVXDLV1HPR PHQWHSRUVLQmREDVWDULDVHRXWURVPHFDQLVPRVQmRIRVVHP


DGYRJDGRGDSDUWHFRQWUiULD D$XWRULGDGHHR3RGHU3~ SUHYLVWRV SDUD WRUQiOD HILFLHQWH 9LPRV D SURSyVLWR R
EOLFR WHUHPRVGHSDJDUFDVRSHUFDPRVDDomR1mRKiR PDQGDGRGHLQMXQomR$FUHVFHQWHPRVTXHDDomRGHLQFRQV
{QXV GD VXFXPErQFLD p WXGR VHP ULVFR GH JUDoD 6y WLWXFLRQDOLGDGH SRU RPLVVmR p GD PHVPD QDWXUH]D $
WHUHPRVHVVDVGHVSHVDV FKDPDVH{QXVGDVXFXPErQFLD  LQLFLDWLYDSRSXODUSRGHPXLWREHPVHUHILFLHQWHLQVWLWXWRGH
VH ILFDU FRPSURYDGR TXH DJLPRV FRP PiIp QmR SDUD EXVFDGDLQWHJUDomRGDVQRUPDVFRQVWLWXFLRQDLVGHSHQGHQWHV
GHIHQGHUWDLVLQWHUHVVHVVRFLDLVPDVSRUSLFXLQKDVSROtWL GHOHLRUGLQiULDRXFRPSOHPHQWDUHVSHFLDOPHQWHGDTXHODV
FDVGHLQLPL]DGHSHVVRDOFRPDDXWRULGDGH  QRUPDV TXH WUDGX]DP GLUHLWRV GH LQWHUHVVH VRFLDO ³ LQ

&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS

*DUDQWLDVGRV'LUHLWRV6RFLDLV
5HPpGLRVGR'LUHLWR&RQVWLWXFLRQDO

2 0HVWUH -26e $)2162 '$ 6,/9$ FULWLFD TXH R


VLVWHPDGHSURWHomRGRVGLUHLWRVVRFLDLVpDLQGDPXLWRIUiJLO 20HVWUH-26e$)2162'$6,/9$SRQGHUDTXH$
LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDL &RQVWLWXLomRLQFOXLHQWUHDVJDUDQWLDVLQGLYLGXDLVRGLUHLWR
YDS HDSRQWDQD&RQVWLWXLomR)HGHUDODVVHJXLQWHV GH SHWLomR R KDEHDV FRUSXV R PDQGDGR GH VHJXUDQoD R
GLVSRVLo}HV GH WXWHOD GRV GLUHLWRV VRFLDLV D 
D DUW PDQGDGRGHLQMXQomRRKDEHDVGDWDDDomRSRSXODUDRV
DPSDUDQGRRVKLSRVVXILFLHQWHVQDSUHVWDomRMXULVGLFLRQDO TXDLV VH YHP GDQGR QD GRXWULQD H QD MXULVSUXGrQFLD R
WUDEDOKLVWD E
E DVLQGLFDOL]DomR DUWž,D,,, HRGLUHLWR
E QRPHGHUHPpGLRV
UHPpGLRV
UHPpGLRVGH
GH'LUHLWRV
'LUHLWRV&RQVWLWXFLRQDORXUHPpGLRV
&RQVWLWXFLRQDO
GH JUHYH DUWž  H F 
F DV SRVVLELOLGDGH GH GHFLV}HV FRQVWLWXFLRQDLVQRVHQWLGRGHPHLRVSRVWRVjGLVSRVLomRGRV
QRUPDWLYDVGD-XVWLoDGR7UDEDOKR DUW†ž  LQGLYtGXRV H FLGDGmRV SDUD SURYRFDU D LQWHUYHQomR GDV
DXWRULGDGHVFRPSHWHQWHVYLVDQGRVDQDUFRUULJLULOHJDOLGD
3RU GHUUDGHLUR UHFRQKHFH R UHQRPDGR DXWRU KDYHU GHV H DEXVR GH SRGHU HP SUHMXt]R GH GLUHLWRV H LQWHUHVVHV
JDUDQWLDDRVGLUHLWRVVRFLDLVDTXHOHWDPEpPQDVGLVSRVL LQGLYLGXDLV $OJXQV GHVVHV UHPpGLRV UHYHODPVH PHLRV GH
o}HVUHODWLYDVjSUHYLGrQFLD DUWH UHVHUYDGH SURYRFDUDDWLYLGDGHMXULVGLFLRQDOHHQWmRWrPQDWXUH]DGH
UHFXUVRV RUoDPHQWiULRV SDUD D HGXFDomR DUW  DomRVmRDo}HVFRQVWLWXFLRQDLV LQ
&XUVRGH'LUHLWR&RQVWLWXFLR
LQFHQWLYRHSURWHomRjFXOWXUD DUW PHLRDPELHQWH QDO3RVLWLYR
HG6DUDLYDS
DUW†žH†ž 

´+DEHDV&RUSXVµ
+DEHDV&RUSXVµ
*DUDQWLDVGRV'LUHLWRV3ROtWLFRV
$UWž/;9,,, FRQFHGHUVHi KDEHDVFRUSXV
FRQFHGHUVHi KDEHDVFRUSXVVHPSUHTXH
DVFRUSXVVHPSUHTXH
DOJXpPVRIUHURXVHDFKDUDPHDoDGRGH
DOJXpP VRIUHURXVHDFKDUDPHDoDGRGH
$ DWLYLGDGH SROtWLFD VH FRQIXQGH FRP R GLUHLWR j VRIUHU
VRIUHUYLROrQFLD
YLROrQFLDRX
RXFRDomR
FRDomRHP
HPVXD
VXDOLEHUGD
FLGDGDQLD H HVWi HOD JDUDQWLD SHOD LPHGLDWD
LPHGLDWD HILFiFLD H GH
GHGH
GHORFRPRomR
ORFRPRomRSRU
SRULOHJDOLGDGH
LOHJDOLGDGHRX
RXDEXVR
DSOLFDELOLGDGH
DSOLFDELOLGDGH GRV GLUHLWRV H JDUDQWLDV FRQVWLWXFLRQDLV GHSRGHU
FRQVDJUDGDQR†žGRDUWž&)
1mR EDVWDULD TXH D &RQVWLWXLomR HVWDEHOHFHVVH TXH
DUWž  QLQJXpPSRGHVHUSUHVRVHQmRHPIODJUDQWHGHOLWRRXSRU
RUGHPGHDXWRULGDGHFRPSHWHQWH
†ž DV QRUPDV GHILQLGRUDV GRV GLUHLWRVHJDUDQWLDV
IXQGDPHQWDLVWrPDSOLFDomRLPHGLDWD &RPR p GR FRQKHFLPHQWR JHUDO Ki PDLV SULV}HV
LOHJDLVDEXVLYDVGRTXHOHJDLV3RUWDOPRWLYRRXVHMD
9LPRV TXH D &RQVWLWXLomR QRV RXWRUJD XP JUDQGH SDUDSURWHJHURLQGLYtGXRFRQWUDRWRULGDGHVTXHDEXVDP
Q~PHURGHGLUHLWRVPXLWRVGRVTXDLVGHYHUmRVHUGLVFLSOL GHVHXFDUJRHIXQomRHSUHQGHPLOHJDOHDEXVLYDPHQWH
QDGRVHPOHLDVHUFULDGD SHVVRDVD&RQVWLWXLomRJDUDQWHDOLEHUGDGHGHLUHYLUFRP
XPUHPpGLRTXHVHFKDPDKDEHDVFRUSXV
,VWR HQWUHWDQWR QmR VLJQLILFD TXH DLQGD QmR SRGH
UHPRVJR]DUWDLVGLUHLWRVWRGRVHOHVWrPYDOLGDGHLPHGLD
LPHGLD 2KDEHDVFRUSXVpXPSHGLGRTXHVHID]DXPMXL]
WD'HVGHTXHD&RQVWLWXLomRHQWURXHPYLJRUWRGRVQyV QRWLFLDQGRVHDHOHTXHRGLUHLWRGHOLEHUGDGHGHDOJXpP
WHPRVWRGRVRVGLUHLWRVRXWRUJDGRVQRWtWXORGRVGLUHLWRV HVWiVRIUHQGRFRQVWUDQJLPHQWRVHMDSRUTXHMiRSUHQGH
HJDUDQWLDVIXQGDPHQWDLV6HDOJXPGHVVHVGLUHLWRVQRVIRU UDP LOHJDO H DEXVLYDPHQWH VHMD SRUTXH SUHWHQGHP
QHJDGRRPDQGDGRGHLQMXQomRVHUiRUHPpGLRTXHQRV SUHQGrOR
DVVHJXUDUiRUHVSHFWLYRJR]R
2MXL]VDEHQGRGRIDWRGHWHUPLQDUijDXWRULGDGH
20HVWUH-26e$)2162'$6,/9$OHFLRQDTXH1mR TXHHVWiFRQVWUDQJHQGRDOLEHUGDGHGDTXHODSHVVRDTXH
pSRLVVyJDUDQWLDGRVGLUHLWRVSROtWLFRVPDVGHWRGRVRV SUHVWHXUJHQWHPHQWHLQIRUPDomRGRTXHHVWiDFRQWHFHQ
GLUHLWRV IXQGDPHQWDLV LQGLYLGXDLV FROHWLYRV VRFLDLV GH GRHHPVHJXLGDFRQILUPDGDDLOHJDOLGDGHHDEXVLYLGDGH
QDFLRQDOLGDGHHSROtWLFRV(VVDGHFODUDomRSXUDHVLPSOHV GDSULVmRGHWHUPLQDUiTXHDSHVVRDVHMDLPHGLDWDPHQWH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

SRVWDHPOLEHUGDGH2SURFHGLPHQWRpHPHUJHQFLDO
HPHUJHQFLDOQHP
HPHUJHQFLDO
SUHFLVDGHDGYRJDGRSRGHQGRTXDOTXHUSHVVRDSHGLUHP 0DQGDGRGH,QMXQomR
VHXQRPHSUySULRRXGHRXWUHP
$UWž/;;, FRQFHGHUVHiPDQGDGRGHLQMXQomRVHPSUH
4XDQGR D SHVVRD HVWLYHU DSHQDV DPHDoDGD HP VHX TXH
TXHDIDOWD
IDOWDGH
GHQRUPD
QRUPDUHJXODPHQWDGRUD
UHJXODPHQWDGRUDWRUQH
GLUHLWR GH OLEHUGDGH R KDEHDVFRUSXV FKDPDVH SUH LQYLiYHOR
LQYLiYHORH[HUFtFLRGRVGLUHLWRVHOLEHUGDGHV
YHQWLYReRFDVRGDVSURVWLWXWDVTXHID]HPWURWWRLUQDV FRQVWLWXFLRQDLV
FRQVWLWXFLRQDLVHGDV
GDVSUHUURJDWLYDV
SUHUURJDWLYDVLQHUHQWHV
UXDVHVmRPROHVWDGDVSRUSROLFLDLVWUXFXOHQWRVTXHLOHJDO jQDFLRQDOLGDGHjVREHUDQLDHjFLGDGDQLD
HDEXVLYDPHQWHSUHQGHPQDV3URVWLWXLomRQmRpFULPH
ORJR QmR SRGHP SUHQGrODV 0XLWDV UHTXHUHP KDEH &RPR YLPRV D &RQVWLWXLomR FRQFHGHXQRV XP VHP
DVFRUSXVSUHYHQWLYRHREWrPXPDRUGHPMXGLFLDO VDOYR
Q~PHURGHGLUHLWRVHJDUDQWLDVIXQGDPHQWDLVjOLEHUGDGH
FRQGXWR SDUDTXHQmRVHMDPSUHVDVSRUDTXHOHPRWLYRVH
(PXLWRVGHVVHVGLUHLWRVGHSHQGHUmRGHUHJXODPHQWDomR
RSROLFLDOGHVFXPSULUDTXHODRUGHPFRPHWHUiFULPH
HPOHLDVHUFULDGD
+DEHDVFRUSXVVLJQLILFDWRPHVHXFRUSRLVWRpVXD
¢(HQTXDQWRLVVRFRPRILFDUHPRVVHPHVVHVGLUHLWRV
OLEHUGDGH
"""2PDQGDGRGHLQMXQomRpXPUHPpGLRTXHD&RQVWL
WXLomRQRVGiSDUDTXHSRVWXOHPRVMXQWRDR-XGLFLiULR
0DQGDGRGH6HJXUDQoD,QGLYLGXDO YLVDQGR DR UHFRQKHFLPHQWR GHVVH QRVVR GLUHLWR H TXH
SRVVDPRV H[HUFLWiOR GHVGH Mi VHP QHFHVVLGDGH GH
HVSHUDUPRVDOHL]LQKDTXHVHUiFULDGD
$UWž/;,; FRQFHGHUVHi PDQGDGR GHVHJXUDQoDSDUD
SURWHJHU
SURWHJHUGLUHLWR
GLUHLWROtTXLGR
OtTXLGRHFHUWR
FHUWRQmR
QmRDPSDUD 4XDQGRTXLVHUPRVH[HUFLWDUXPGHVVHVQRVVRVGLUHLWRV
GR SRU KDEHDVFRUSXV
GR SRU RX KDEHDVGDWD
KDEHDVFRUSXV RX KDEHDVGDWD FRQVWLWXFLRQDLV H DOJXpP VH UHFXVDU D  UHFRQKHFHU HVVH
TXDQGR
TXDQGR R UHVSRQViYHO
UHVSRQViYHO SHOD  LOHJDOLGDGH RX
QRVVRGLUHLWRDOHJDQGRTXHDLQGDGHSHQGHGDOHLUHJXOD
DEXVR
DEXVR GH SRGHU IRU DXWRULGDGH S~EOLFD RX
PHQWDGRUDQmRILFDUHPRVFKXSDQGRRGHGRjHVSHUDGD
DJHQWH
DJHQWH GH SHVVRD MXUtGLFD QR H[HUFtFLR GH
ERD YRQWDGH GR OHJLVODWLYR H LVVR YDL GHPRUDU PXLWR
DWULEXLo}HVGR3RGHU3~EOLFR
SRUTXHKiXPLQILQLWRQ~PHURGHOHLVDVHUHPFULDGDV 
7UDWDVHHVWHGHPDLVXPUHPpGLRFRQWUDDEXVRVGH ,PSHWUDUHPRVPDQGDGRGHLQMXQomRSDUDTXHR-XGLFLi
DXWRULGDGHV &RPR R  KDEHDVFRUSXV p HVSHFtILFR SDUD ULR GHFODUH HVVH QRVVR 'LUHLWR H GHVGH Mi SRVVDPRV
SURWHomRGDOLEHUGDGHGHORFRPRomRD&RQVWLWXLomRSDUD JR]iOR
RVRXWURVGLUHLWRVSUHYLXRPDQGDGRGHVHJXUDQoD7DLV
RXWURVGLUHLWRVSRUpPWrPGHVHUOtTXLGRV SUHFLVRVHP $QRWD R 0HVWUH -26e $)2162 '$ 6,/9$ TXH VmR
VHXV FRQWRUQRV HP VHXV OLPLWHV HP VXD TXDQWLGDGH  H SUHVVXSRVWRVLQVXSHUiYHLVDRFDELPHQWRGRPDQGDGRGH
FHUWRV LQGLVFXWtYHLVGHILQLGRVHUHFRQKHFLGRVVHPPDLRU LQMXQomR D
D IDOWDGHQRUPDUHJXODPHQWDGRUDGRGLUHLWR
D
TXHVWLRQDPHQWR  OLEHUGDGHRXSUHUURJDWLYDUHFODPDGDH E  E VHURLPSH
WUDQWHEHQHILFLiULRGLUHWRGRGLUHLWROLEHUGDGHRXSUHUURJDWL
(QTXDQWR QR KDEHDVFRUSXV R SURFHGLPHQWR p YD TXH SRVWXOD HP MXt]R LQ
&XUVR GH 'LUHLWR &RQVWLWXFLRQDO
HPHUJHQFLDOQRPDQGDGRGHVHJXUDQoDHPERUDUiSLGR 3RVLWLYR
HG6DUDLYDS 
Mi QmR p WmR XUJHQWH SRLV R 3URPRWRU GH -XVWLoD GHYH
VHPSUHVHURXYLGRDQWHVGDGHFLVmR1RPDLVpLJXDODRGR (PERUD SUHYLVWR FRPR JDUDQWLD LQGLYLGXDO HVWH
KDEHDVFRUSXVDSHQDVSUHFLVDQGRGHDGYRJDGRTXHQR UHPpGLRWDPEpPSRGHpXPDJDUDQWLDFROHWLYRMiTXHR
KDEHDVFRUSXVQmRSUHFLVD DUWž LQF,,, GD &RQVW)HG OHJLWLPD RV 6LQGLFDWRV GH
7UDEDOKDGRUHV D UHTXHUHU WRGD H TXDOTXHU PHGLGD HP
$WHQomR
$WHQomR 1XP FRQFXUVR S~EOLFR TXHVWLRQDYDVH TXDO LQWHUHVVHVFROHWLYRVGDFDWHJRULD
GHIHVDGRVLQWHUHVVHVFROHWLYRV
LQWHUHVVHVFROHWLYRV
GLUHLWRLQGLYLGXDOKDYLDVLGRIHULGRVHXPIXQ
FLRQiULR KDYLD VROLFLWDGR FHUWLGmR VREUH VHX WHPSR GH
VHUYLoR H OKH IRUD QHJDGD  $ TXHVWmR HUD GLILFtOLPD
SRUTXHLQGX]LDRFDQGLGDWRDRUDFLRFtQLRGHTXHHPVH ´+DEHDV'DWDµ
WUDWDQGRGHXPDLQIRUPDomR GDGRV VREUHVXDSHVVRD
VHXWHPSRGHVHUYLoR RUHPpGLRVHULDRKDEHDVGDWD $UWž/;;,, FRQFHGHUVHiKDEHDVGDWD
2EVHUYHVH SRUpP TXH QmR VH WUDWD GH XP VLPSOHV
UHJLVWUR RX LQIRUPDomR VREUH XPD SHVVRD
HVVRD 7UDWDVH GH D SDUDDVVHJXUDU
SDUDDVVHJXUDURFRQKHFLPHQWRGHLQIRUPD
XPDVLWXDomRGHUHJLVWURS~EOLFRGHXPIXQFLRQiULRS~ o}HVUHODWLYDV
o}HV UHODWLYDVjSHVVRD
SHVVRDGRLPSHWUDQWHFRQV
GRLPSHWUDQWHFRQV
EOLFR H VHX UHVSHFWLYR LQWHUHVVH SHVVRDO $ TXHVWmR WDQWHV
WDQWHV GH UHJLVWUR RX EDQFR GH GDGRV GH
ULJRURVDPHQWHHQYROYLDRGLUHLWR
GLUHLWRjREWHQomRGHFHUWLGmR
GLUHLWR FHUWLGmR
FHUWLGmR HQWLGDGHV
HQWLGDGHV JRYHUQDPHQWDLV
JRYHUQDPHQWDLV RX
RX GH
GH FDUiWHU
FDUiWHU
DPSDUDGRQRDUWž;;;,9GD&RQVW)HGHUDO S~EOLFR
2UHPpGLRFRQWUDDLOHJDOLGDGHGHUHFXVDGHIRUQHFL E SDUD
SDUD D UHWLILFDomR
UHWLILFDomR GH
GH GDGR
GDGR TXDQGR
TXDQGR QmR VH
PHQWRGHFHUWLGmRRXVHMDSDUDREWHQomRGHFHUWLGmRpR SUHILUDID]rOR
SUHILUD ID]rORSRU
SRUSURFHVVR
SURFHVVRVLJLORVRMXGLFLDO
PDQGDGRGHVHJXUDQoDHQmRRKDEHDVGDWD
PDQGDGRGHVHJXUDQoD RXDGPLQLVWUDWLYR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

e R GLUHLWR GH VHU [HUHWD &KHJD GH VHJUHGRV RV GHFODUDQGR TXH IRL DTXHOH DVVHQWDPHQWR UHJLVWUR  GH
IXQFLRQiULRVS~EOLFRVSRUH[HPSORWrPXPSURQWXiULR QDVFLPHQWRGDTXHODFULDQoD FRQVWDUiGDFHUWLGmRHPTXH
/iHVWmRDVVLQDODGDVPXLWDVLQIRUPDo}HVDQRVVRUHVSHLWR OLYURHIROKDVHVWiODQoDGRRUHJLVWUR 

3RGHVHUTXHDOJXPFDOKRUGDTXHQmRLDFRPDQRVVD 7RGRPXQGRWHPGLUHLWRDUHTXHUHUXPDFHUWLGmRGH
FDUD PDQGRX HVFUHYHU TXH pUDPRV FRPXQLVWDV RX TXDOTXHUDWRGHUHSDUWLomRS~EOLFD(DUHSDUWLomRS~EOLFD
WDUDGRRXDIHPLQDGRRXYDJDEXQGRRXTXDOTXHURXWUD WHUiRGHYHUFRQVWLWXFLRQDOGHH[SHGLUDFHUWLGmR7DQWRR
FRLVD ,VVR SRGH HVWDU SHVDQGR FRQWUD QyV HP QRVVD GLUHLWRGHSHWLomRFRPRRGLUHLWRGHREWHQomRGHFHUWL
FDUUHLUDSURILVVLRQDO GmR GHYHUmR VHU DWHQGLGRV LQGHSHQGHQWHPHQWH
QGHSHQGHQWHPHQWH GD
FREUDQoD GH TXDOTXHU WD[D RX GHVSHVD 0DV LVVR QmR
FREUDQoD
6HDOJXpPWLYHUDOJXPLQWHUHVVHHPVDEHURTXHKi VLJQLILFD
VLJQLILFDTXH
TXHRDWRpJUDWXLWR$SHQDVTXHUGL]HUTXHVH
RDWRpJUDWXLWR
UHJLVWUDGR HP VHX QRPH HP TXDOTXHU yUJmR S~EOLFR DSHVVRDFRPSURYDUVHUSREUHVHXGLUHLWRVHUiDWHQGLGR
SRGHUi UHTXHUHU TXH OKH VHMD LQIRUPDGR H FDVR VHMD VHPRSDJDPHQWRGDVGHVSHVDV
QHJDGRSRGHUiLPSHWUDUKDEHDVGDWD
$WHQomR 1XP FRQFXUVR S~EOLFR TXHVWLRQDYDVH TXDO GLUHLWR LQ
&RPRKDEHDVGDWDRyUJmRS~EOLFRVHUiREULJDGRD GLYLGXDOKDYLDVLGRIHULGRVHXPIXQFLRQiULRKDYLDVROLFLWDGR
GDUDLQIRUPDomRjSHVVRD(VHKRXYHUUHJLVWURHUUDGRGH FHUWLGmRVREUHVHXWHPSRGHVHUYLoRHOKHIRUDQHJDGD$TXHVWmR
GDGRV SRGHUHPRV WDPEpP PDQGDU FRUULJtORV SDUD R HUDGLILFtOLPDSRUTXHLQGX]LDRFDQGLGDWRDRUDFLRFtQLRGHTXHHPVH
HTXtYRFRQmRQRVSUHMXGLFDU WUDWDQGRGHXPDLQIRUPDomR GDGRV VREUHVXDSHVVRD VHXWHPSR
GHVHUYLoR RUHPpGLRVHULDRKDEHDVGDWD2EVHUYHVHSRUpPTXH
2KDEHDVGDWDVHUYLUiWDPEpPSDUDGHWHUPLQDUHVVD QmR VH WUDWD GH XP VLPSOHV UHJLVWUR RX LQIRUPDomR VREUH XPD
UDWLILFDomRFDVRRyUJmRS~EOLFRVHUHFXVHDSURFHGrOD SHVVRD 7UDWDVH GH XPD VLWXDomR GH UHJLVWUR S~EOLFR GH XP
IXQFLRQiULRS~EOLFRHVHXUHVSHFWLYRLQWHUHVVHSHVVRDO$TXHVWmR
9HMDVHEHPVyVHSRGHUHTXHUHUKDEHDVGDWDFDVR ULJRURVDPHQWHHQYROYLDRGLUHLWRjREWHQomRGHFHUWLGmRDPSDUDGR
RyUJmRS~EOLFRWHQKDVHQHJDGRDIRUQHFHUDVLQIRUPD QRDUWž;;;,9GD&RQVW)HGHUDO2UHPpGLRFRQWUDDLOHJDOLGDGH
o}HVRXDUHWLILFDURVGDGRVODQoDGRVFRPHUUR3ULPHLUD GHUHFXVDGHIRUQHFLPHQWRGHFHUWLGmRRXVHMDSDUDREWHQomRGH
PHQWH SRUWDQWR WHP TXH VHU IHLWR R SHGLGR DR yUJmR FHUWLGmRpRPDQGDGRGHVHJXUDQoDHQmRRKDEHDVGDWD
S~EOLFR

'LUHLWRGH3HWLomRH&HUWLG}HV
'D$GPLQLVWUDomR3~EOLFD
$UWž;;;,9 VmR D WRGRVDVVHJXUDGRVLQGHSHQGHQWH DUWLJRVGHD&DStWXOR9,,&RQVWLWXLomR)HGHUDO
PHQWHGRSDJDPHQWRGHWD[DV

D RGLUHLWR
GLUHLWRGH
GHSHWLomR
SHWLomRDRV
DRV3RGHUHV
3RGHUHV3~EOLFRV
3~EOLFRVHP &XPSUHFRQVLGHUDUTXHRVDJHQWHVS~EOLFRVVmRPHURV
GHIHVD GH GLUHLWRV RX FRQWUD LOHJDOLGDGH RX LQVWUXPHQWRV GH DomR GD $GPLQLVWUDomR 3~EOLFD H TXH
DEXVRGHSRGHU FDGDXPDGDVWUrVHVIHUDVEiVLFDVGD$GPLQLVWUDomR 8QLm
R(VWDGR0HPEURH0XQLFtSLRV EHPFRPRVXDVYDULDQ
E DREWHQomR
REWHQomRGH
GHFHUWLG}HV
FHUWLG}HVHP
HPUHSDUWLo}HV
UHSDUWLo}HVS~EOL WHVLQGLUHWDV DXWDUTXLDVIXQGDo}HVHWF SRGHUiFRQIHULU
FDV
FDVSDUD
SDUDGHIHVD
GHIHVDGH
GHGLUHLWRV
GLUHLWRVHHVFODUHFLPHQWRV SRGHUHVSUHUURJDWLYDVHGLUHLWRVDVHXVVHUYLGRUHVPDV
GHVLWXDo}HVGHLQWHUHVVHSHVVRDO RV GLUHLWRV RV SRGHUHV DV SUHUURJDWLYDV H RV GHYHUHV
EiVLFRVHVWmRSUHYLVWRVQRWH[WRFRQVWLWXFLRQDOHGHYHUmR
EiVLFRV
2GLUHLWRGHSHWLomRpRGLUHLWRGHIRUPXODUUHFODPD VHUREHGHFLGRVSRUWRGDVDVHVIHUDVGHSRGHU
omRHVFULWDGHGX]LQGR ID]HQGR DOJXPSHGLGRVHMDSDUD
DWHQGHU D XP LQWHUHVVH SHVVRDO VHMD SDUD GHIHQGHU R $&RQVWLWXLomR)HGHUDO³DRGLVFLSOLQDUD$GPLQLVWUD
LQWHUHVVH VRFLDO FRQWUD DOJXPD LOHJDOLGDGH RX FRQWUD omR 3~EOLFD ³ UHVHUYRX D 6HomR ,, DUW  H  
DOJXPDEXVRGHSRGHU3RGHPRVDVVLPHVFUHYHUSDUDD HVSHFLILFDPHQWHSDUDGLVSRUVREUHRV6HUYLGRUHV3~EOLFRV
DXWRULGDGH FRPSHWHQWH H HOD VHUi REULJDGD D WRPDU ³PDVQHPSRULVVRGHL[RXGHHVWDEHOHFHUUHJUDVJHUDLV
FRQKHFLPHQWRGHQRVVRHVFULWR SHWLomR HDSUHFLDUQRVVR
LPSRUWDQWHV VREUH RV IXQFLRQiULRV S~EOLFRV QD 6HomR ,
SHGLGRRXGHIHVDWRPDQGRDOJXPDGHFLVmR
DUWH 
$ FHUWLGmR p XP GRFXPHQWR S~EOLFR H SRUWDQWR
$VVLPpLPSRUWDQWHRFRQKHFLPHQWRLQWHJUDOGRVDUW
FRPIpS~EOLFD SUHVXQomRGHYDOLGDGH TXHFRPSURYD
DGD&DUWD0DJQDSDUDRSOHQDDYDOLDomRGRVSULQ
TXH XP DWR MXUtGLFR IRL SUDWLFDGR H HVWi SXEOLFDPHQWH
FtSLRVFRQVWLWXFLRQDLVTXHUHJHPDVUHODo}HVGRV6HUYLGR
UHJLVWUDGR$VVLPTXDQGRQDVFHXPDFULDQoDFRPSDUHFH
UHV 3~EOLFRV FRP D $GPLQLVWUDomR 3~EOLFD GHVGH VXD
PRVDRFDUWyULRGHUHJLVWURFLYLOHOHYDPRVRDVVHQWDPHQWR
DGPLVVmR REULJDWyULD SRU FRQFXUVR HVWiJLR SUREDWyULR
UHJLVWUR GRQDVFLPHQWR4XHPTXLVHUSRGHUiLUOiUH
VXDVUHVSRQVDELOLGDGHVVHXVGLUHLWRVHREULJDo}HVHVXD
TXHUHUXPDFHUWLGmRRXVHMDXPGRFXPHQWRS~EOLFRSDV
ILQDODSRVHQWDGRULD&RQILUDDVHJXLU
VDGRSHOR&DUWyULRGH5HJLVWUR&LYLOTXHVHUiH[SHGLGD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$UW $ DGPLQLVWUDomR
DGPLQLVWUDomR S~EOLFD GLUHWD H LQGLUHWDGH 3DUDFRQTXLVWDUXPFDUJRS~EOLFRREUDVLOHLUR QDWRRX
TXDOTX
TXDOTXHUHU GRV
GRV 3RGHUHV
3RGHUHV GD
GD 8QLmR
8QLmR GRV
GRV (VWDGRV QDWXUDOL]DGR GHYHUiSUHHQFKHUUHTXLVLWRVOHJDLV SDVVDUHP
GR
GR'LVWULWR
'LVWULWR)HGHUDO
)HGHUDOHGRV
GRV0XQLFtSLRV
0XQLFtSLRVREHGHFHUi FRQFXUVR WHU FHUWD LGDGH RX FRQKHFLPHQWR HVSHFtILFR
DRV SULQFtSLRV
DRV SULQFtSLRV GH
GH OHJDOLGDGH
OHJDOLGDGH LPSHVVRDO
LPSHVVRDOLGDGH HWF $(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD$GPL
PRUDOLGDGH
PRUDOLGDGH SXEOLFLGDGH
SXEOLFLGDGH H HILFLrQFLD
HILFLrQFLD H
H WDP QLVWUDWLYD WURX[HDQRYLGDGHGHSRVVLELOLWDUTXHRHVWUDQ
HVWUDQ
EpPDRVHJXLQWH JHLUR
JHLUR LQJUHVVH QR IXQFLRQDOLVPR S~EOLFR VHUi DLQGD
HGLWDGDXPDOHL
OHLTXHGLVFLSOLQDUiRLQJUHVVRGRIRUDVWHLUR
OHL
&RPRYLPRVRSULQFtSLRGDOHJDOLGDGH
OHJDOLGDGHVLJQLILFDTXH
OHJDOLGDGH QD DGPLQLVWUDomR S~EOLFD 2 REMHWLYR p SRVVLELOLWDU TXH
WDLV yUJmRV DWXDUmR VXEPLVVRV j OHLHL GHVGH D FULDomR H SURIHVVRUHVWpFQLFRVHFLHQWLVWDVSRVVDPVHULPSRUWDGRVH
H[WLQomRGHFDUJRVFRPRHPWRGDFRQWUDWDomRLQFOXVLYH SRVVDPFRQWULEXLUSDUDRDSULPRUDPHQWRWHFQROyJLFRHGR
GH SHVVRDO &(/62 $1721,2 %$1'(,5$ '( 0(//2 .QRZ+RZQR%UDVLO
DQRWDTXHDH[SUHVVmROHJDOLGDGHQmRVHUHVWULQJHDWH[WR
GHOHLQRVHQWLGRHVWULWRGDH[SUHVVmRpPDLVDEUDQJHQWH
,, D LQYHVWLGXUD HP FDUJR RXHPSUHJRS~EOLFR
HYLQFXODDDWXDomRGD$GPLQLVWUDomR3~EOLFDjFRQIRUPL
GHSHQGH
GHSHQGH GH
GH DSU
DSURYDomR
RYDomR SUpYLD
SUpYLD HP
HP FRQFXUVR
GDGH FRP R 'LUHLWR LQ (OHPHQWRV GH 'LUHLWR $GPLQLVWUDWLYR
S  S~EOLFR
S~EOLFR GH
GH SURYDV
SURYDV RX
RX GH
GH SURYDV
SURYDV H WtWXORV
WtWXORV GH
 2 SULQFtSLR GD LPSHVVRDOLGDGH
LPSHVVRDOLGDGH QD H[SUHVVmR GH DFRUGR
DFRUGR FRP D QDWXUH]D H D FRPSOH[LGDGH GR
3,172)(55(,5$VLJQLILFDTXHRDWRDGPLQLVWUDWLYRQmR FDUJR
FDUJR RX
RX HPSUHJR
HPSUHJR QD
QD IRUPDSUHYLVWDHPOHL
IRUPDSUHYLVWDHPOHL
GHYHVHUHGLWDGRQHPHODERUDGRWHQGRSRUREMHWLYREHQHILFLDU UHVVDOYDGDV
UHVVDOYDGDV DV QRPHDo}HV SDUD FDUJR HP
D SHVVRD GH DOJXpP DQRWDQGR HP VHJXLGD TXH 1R FRPLVVmRGHFODUDGRHPOHLGHOLYUHQRPHDomR
FRPLVVmRGHFODUDGRHPOHLGHOLYUHQRPHDomR
GLUHLWRFRPSDUDGRRSULQFtSLRGDLPSHVVRDOLGDGHpFKDPD HH[RQHUDomR
GR GH SULQFtSLR GD ILQDOLGDGH DGPLQLVWUDWLYD 3DUD &DLR
7iFLWRRSULQFtSLRGDILQDOLGDGHDGPLQLVWUDWLYDpFRORUiULR $ (PHQGD &RQVWLWXFLRQDO Qž  ³ 5HIRUPD
HVVHQFLDOGRSULQFtSLRGDOHJDOLGDGHSUHWHQGHQGRFRPLVVRTXHWRGD $GPLQLVWUDWLYD³UHIRUoRXDQHFHVVLGDGHFRQFXUVRS~EOLFR
D DWLYLGDGH HVWDWDO VH GLULMD DR HQWHQGLPHQWR GH XP LQWHUHVVH S~EOLFR SDUD DFHVVR DRV FDUJRV S~EOLFRV H GHWHUPLQRX TXH DV
TXDOLILFDGRU3URVVHJXHHOH$UHJUDLQYDULiYHOpSRUWDQWRDGHTXH SURYDVVHPFRQVHQWkQHDVFRP´DQDWXUH]DHDFRPSOH[LGD
HPQHQKXPDKLSyWHVHSRGHDDXWRULGDGHVXEVWLWXLURILPQDOHLSRURXWUR
GHGRFDUJRRXHPSUHJRQDIRUPDSUHYLVWDHPOHLµ³RX
S~EOLFR RX SULYDGR OtFLWR RX LOtFLWR LQ &RPHQWiULRV j &RQVWLWXLomR
%UDVLOHLUDžYROHG6DUDLYDSH 
VHMDFRQFXUVRSDUDFDUJRGHPpGLFRGHYHUiSHUTXLULURV
FRQKHFLPHQWRV GH PHGLFLQD GR FDQGLGDWR H RV WtWXORV
2SULQFtSLRGDPRUDOLGDGH
PRUDOLGDGHDGPLQLVWUDWLYDWDPEpP
PRUDOLGDGH QHVVDiUHDHQTXDQWRFRQFXUVRSDUDFDUJRGHFDUFHUHLUR
FRQKHFLGR SRU SULQFtSLR GDSURELGDGH DGPLQLVWUDWLYD  GHYHUiTXHVWLRQDUDFXOWXUDGRFDQGLGDWRVREUHDVUHJUDV
REULJDDDWXDomRGD$GPLQLVWUDomR3~EOLFDHPFRQVRQkQ GHDSULVLRQDPHQWROLEHUGDGHGHGLUHLWRVKXPDQRVXVRH
FLDDVUHJUDVPRUDLVDVVLPHQWHQGLGRRFRQMXQWRGHUHJUDV DEXVRGHSRGHUHWF
GHFRQGXWDVSUySULDVGDGLVFLSOLQDLQWHULRUGD$GPLQLVWUD
omRGHVGHVXDQDWXUH]DMXUtGLFDVXDILQDOLGDGHLQVWUX ,,, R SUD]R
SUD]R GH
GH YDOLGDGH
YDOLGDGH GR
GR FRQFXUVRS~EOLFRVHUi
FRQFXUVRS~EOLFRVHUi
PHQWDomRHSHLDVpWLFDVHOHJDLV GH
GH DWp
DWp GRLV
GRLV DQRV
DQRV SURUURJiYHO XPD YH] SRU
LJXDOSHUtRGR
2SULQFtSLRGDSXEOLFLGDGH
SXEOLFLGDGHLPSHGLUiTXHD$GPLQLV
SXEOLFLGDGH
WUDomR3~EOLFDSUDWLTXHDWRVVHFUHWRVSDUDQDPRLWD ,QRYRXD&RQVWLWXLomRHPHVWDEHOHFHQGRRSUD]RGH
SUHMXGLFDURXEHQHILFLDUDTXHPTXHUTXHVHMDDSXEOLFL YDOLGDGH GRV FRQFXUVRV HP  DQRV H HVWDEHOHFHQGR VXD
GDGHJDUDQWLUiSHODWUDQVSDUrQFLDGHVHXVDWRVOHYDGRV SURUURJDomR XPD YH] SRU PDLV  DQRV e LPSHUDWLYD D
DRFRQKHFLPHQWRJHUDOXPDILVFDOL]DomR
ILVFDOL]DomR
ILVFDOL]DomRGH
GHWRGD
WRGDFROHWLYL &RQVWLWXLomRVLJQLILFDQGRTXHWRGRHTXDOTXHUFRQFXUVR
GDGHSRVVLELOLWDQGRTXHLQWHUHVVDGRVRXPHVPRFLGDGmRV
GDGH S~EOLFRWHUiYDOLGDGHSRUDWpGRLVDQRVHDFULWpULRGDUHV
SRVVDP LQWHUSRU UHFXUVRV DGPLQLVWUDWLYRV RX SURPRYHU SHFWLYD DGPLQLVWUDomR S~EOLFD SRGHUi VXD YDOLGDGH VHU
Do}HVMXGLFLDLVDGHTXDGDVSDUDFRPEDWHURVDWRVLUUHJXOD SURUURJDGD XPD~QLFDYH] SRUQRPi[LPRPDLVGRLV
UHVRXLOHJDLV  DQRV
$ HPHQGD FRQVWLWXFLRQDO Qž  GHQRPLQDGD ,9 GXUDQWH R SUD]R LPSURUURJiYHO SUHYLVWRQR
´5HIRUPD $GPLQLVWUDWLYDµ WRUQRX H[SUHVVR PDLV XP HGLWDO
HGLWDO GH
GH FRQYRFDomR
FRQYRFDomR DTXHOH DSURYDGR HP
SULQFtSLR D VHU REVHUYDGR SHOD $GPLQLVWUDomR 3~EOLFD FRQFXUVR
FRQFXUVR S~EOLFR
S~EOLFR GH
GH SURYDV
SURYDV RX GH SURYDV H
%UDVLOHLUDRSULQFtSLRGDHILFLrQFLD
HILFLrQFLD$PiTXLQDDGPLQLV
HILFLrQFLD
WtWXORV
WtWXORV VHUi
VHUi FRQYRFDGR
FRQYRFDGR FRP SULRULGDGH VREUH
WUDWLYDpGHPDVLDGDPHQWHOHQWDHEXURFUiWLFDWDLVGHVFD
QRYRV
QRYRV FRQFXUVD
FRQFXUVDGRV
GRV SDUD
SDUD DVVXPLU
DVVXPLU FDUJR
FDUJR RX
PLQKRV EXURFUiWLFRV KDYHUmR GH VHU HOLPLQDGRV H[DWD
HPSUHJRQDFDUUHLUD
PHQWHSDUDTXHDDGPLQLVWUDomRS~EOLFDDOFDQFHUDSLGH]
HHILFiFLDQRDWHQGLPHQWRjSRSXODomR$HILFLrQFLDpQD
H[SUHVVmRVLQWpWLFDGH&$59$/+26,0$62´GHYHUGHERD 2XWUDLQRYDomRGRWH[WRFRQVWLWXFLRQDO$QWHULRUPHQ
DGPLQLVWUDomRµ LQ´0DQXDO(OHPHQWDUGH'LUHLWR$GPLQLVWUDWLYRµHG WHGXUDQWHRSUD]RGHYDOLGDGHGRFRQFXUVRD$GPLQLV
'HS  WUDomR3~EOLFDQmRSRGLDUHDOL]DUQRYRFRQFXUVR$JRUD
KiGLVWLQomRGHVVHVSUD]RVQRSULPHLURSHUtRGR QRUPDO
, RV FDUJRV HPSUHJRV HIXQo}HVS~EOLFDVVmR PHQWHXPELrQLRGRLVDQRV GHYDOLGDGHQmRSRGHVHUUHDOL]DGR
DFHVVtYHLV
DFHVVtYHLV DRV EUDVLOHLURV TXH SUHHQFKDP RV RXWURFRQFXUVRMiQRVHJXQGRSHUtRGR R SUD]R GDSURUUR
UHTXLVLWRV
UHTXLVLWRVHVWDEHOHFLGRV
HVWDEHOHFLGRVHP
HPOHL
OHLDVVLP
DVVLPFRPR
FRPRDRV JDomR HGDtSUDIUHQWHpLPSURUURJiYHORSUD]RSRLVVyVH
HVWUDQJHLURVQDIRUPDGDOHL DGPLWHXPDSURUURJDomRD$GPLQLVWUDomR3~EOLFDSRGHUi
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

UHDOL]DUXPQRYRFRQFXUVRPDVILFDUiREULJDGDDREVHUYDU ; D UHPXQHUDomR GRV VHUYLGRUHV S~EOLFRV HR


D SULRULGDGH GRV FRQFXUVDGRV DSURYDGRV QR FRQFXUVR VXEVtGLR
VXEVtGLRGH
GHTXH
TXHWUDWD
WUDWDR†ž
žGR
GRDUWVRPHQWH
DUW
DQWHULRU SDUD Vy GHSRLV DGPLWLU RV DSURYDGRV QR QRYR SRGHUmR
SRGHUmRVHU
VHUIL[DGRV
IL[DGRVRX
RXDOWHUDGRV
DOWHUDGRVSRU
SRUOHL
OHLHVSHFt
FRQFXUVR ILFD
ILFD REVHUYDGDDLQLFLDWLYDSULYDWLYDHPFDGD
REVHUYDGDDLQLFLDWLYDSULYDWLYDHPFDGD
FDVR
FDVR DVVHJXUDGD
DVVHJXUDGD UHYLVmRJHUDODQXDOVHPSUH
UHYLVmRJHUDODQXDOVHPSUH
9 DV
DV IXQo}HV
IXQo}HV GH
GH FRQILDQoDH[HUFLGDVH[FOXVLYD
FRQILDQoDH[HUFLGDVH[FOXVLYD QDPHVPDGDWDHVHPGLVWLQomRGHtQGLFHV
PHQWH
PHQWH SRU VHUYLGRUHV RFXSDQWHV GH FDUJR
HIHWLYR H RV FDUJRV HP FRPLVVmR D VHUHP $QRWHVHDQHFHVVLGDGHGHOHLHVSHFtILFDSDUDDIL[DomR
SUHHQFKLGRV
SUHHQFKLGRV SRU VHUYLGRUHV GH FDUUHLUD QRV RXDOWHUDomRGRVDOiULRGLYLGLQGRHQWUHR/HJLVODWLYRHR
FDVRV
FDVRVFRQGLo}HV
FRQGLo}HVHSHUFHQWXDLV
SHUFHQWXDLVPtQLPRV
PtQLPRVSUHYLV ([HFXWLYR D SUHVVmR GR IXQFLRQDOLVPR $OpP GLVVR D
WRV
WRV HP
HP OHL
OHL GHVWLQDPVH
GHVWLQDPVH DSHQDV
DSHQDV jV
jV DWULEXLo}HV H[LJrQFLD GH OHL HVSHFtILFD LPSHGH TXH DXPHQWRV VHMDP
GHGLUHomRFKHILDHDVVHVVRUDPHQWR
GDGRVFDPXIODGDPHQWHHQWUHPHLRDRXWUDVOHLVTXHWUDWHP
GHRXWURVDVVXQWRV
(VWDLQRYDomRLQWURGX]LGDSHOD5HIRUPD&RQVWLWXFLR
QDOSRGHUiYLQJDU$QWHVQRVVRVSROLWLTXHLURVYDOLDPVH
$ JDUDQWLD GH UHYLVmR JHUDO DQXDO QmR WHP VLGR
HOHVGRVFDUJRVHPFRPLVVmRHGDVIXQo}HVGHFRQILDQoD
SDUD HPSUHJDU VHXV DPLJRV SDUHQWHV FDERV HOHLWRUDLV UHVSHLWDGDSRUPXLWRVJRYHUQRVTXHKiDQRVQmRFRQFH
$JRUDD&RQVWLWXLomRGHWHUPLQDTXHXPSHUFHQWXDOGRV GHPTXDOTXHUFRUUHomRDVHXVVHUYLGRUHV
FDUJRV HP FRPLVVmR VHMDP RFXSDGRV SRU VHUYLGRUHV GH
FDUUHLUD H SDUD D WRWDOLGDGH GDV IXQo}HV GH FRQILDQoD ;, D UHPXQHUDomRHRVXEVtGLRGRVRFXSDQWHVGH
UHPXQHUDomRHRVXEVtGLRGRVRFXSDQWHVGH
VHMDPQRPHDGRVIXQFLRQiULRVMiHIHWLYRV FRQFXUVDGRV  FDUJRVIXQo}HVHHPSUHJRVS~EOLFRV
FDUJRVIXQo}HVHHPSUHJRV S~EOLFRVGDGDDGPL
QLVWUDomR
QLVWUDomRGLUHWD
GLUHWDDXWiUTXLFD
DXWiUTXLFDHIXQGDFLRQDO
IXQGDFLRQDOGRV
9, p JDUDQWLGRDRVHUYLGRUS~EOLFRFLYLORGLUHLWR
JDUDQWLGRDRVHUYLGRUS~EOLFRFLYLORGLUHLWR PHPEURV
PHPEURV GH GH TXDOTXHU
TXDOTXHU GRV
GRV 3RGHUHVGD8QLmR
3RGHUHVGD8QLmR
jOLYUHDVVRFLDomRVLQGLFDO GRV
GRV(VWDGRV
(VWDGRVGR
GR'LVWULWR
'LVWULWR)HGHUDOH
)HGHUDOHGRV
GRV0XQLFt
SLRV
SLRVGRV
GRVGHWHQWRUHVGHPDQGDWRHOHWLYRHGRV
2XWURUD R VHUYLGRU S~EOLFR HUD SURLELGR GH VH GHPDLVDJHQWHVSROtWLFRVHRVSURYHQWRVSHQ
DVVRFLDUDTXDOTXHUVLQGLFDWR$QRYD&DUWD0DJQDGHX V}HV
V}HVRX
RXRXWUDHVSpFLHUHPXQHUDWyULD
RXWUDHVSpFLHUHPXQHUDWyULDSHUFHEL
OKH D OLEHUGDGH GH DVVRFLDUVH D VHX VLQGLFDWR TXH p R GRV
GRV FXPXODWLYDPHQWH
FXPXODWLYDPHQWH RX RX QmR
QmR LQFOXtGDV
FOXtGDV DV
yUJmRTXHOHJDOPHQWHpUHFRQKHFLGRFRPRUHSUHVHQWDQWH YDQWDJHQV
YDQWDJHQVSHVVRDLV
SHVVRDLVRX
RXGH
GHTXDOTXHU
TXDOTXHURXWUD
RXWUDQDWX
GHFDWHJRULDWUDEDOKDGRUDFRLVDTXHQHQKXPDDVVRFLDomR UH]D
UH]D QmR
QmRSRGHUmR
SRGHUmRH[FHGHU
H[FHGHURVXEVtGLR
VXEVtGLRPHQVDO
GHFODVVHSRGHULDLQYRFDUSDUDVL HP
HP HVSpFLH
HVSpFLH GRV
GRV 0LQLVWURV
0LQLVWURV GR
GR 6XSUHPR
6XSUHPR 7ULEX
QDO
QDO )HGHUDO
)HGHUDO DSOLFDQGRVH
DSOLFDQGRVH FRPR
FRPR OLPLW
OLPLWH
H QRV
9,, R GLUHLWR
GLUHLWR GH
GH JUHYH
JUHYH VHUi H[HUFLGRQRVWHUPRVH
VHUi H[HUFLGRQRVWHUPRVH 0XQLFtSLRV
0XQLFtSLRVRVXEVtGLR
VXEVtGLRGR
GR3UHIHLWR
3UHIHLWRHQRV
QRV(VWD
QRVOLPLWHVGHILQLGRVHPOHLHVSHFtILFD GRV
GRVHQR
QR'LVWULWR
'LVWULWR)HGHUDO
)HGHUDORVXEVtGLR
VXEVtGLRPHQVDO
PHQVDOGR
*RYHUQDGRUQRkPELWRGR3RGHU([HFXWLYRR
6H R GLUHLWR GH JUHYH IRL XPD VDGLD QRYLGDGH ³ D VXEVtGLRGRV'HSXWDGRV(VWDGXDLVH'LVWULWDLV
VXEVtGLRGRV'HSXWDGRV(VWDGXDLVH'LVWULWDLV
QHFHVVLGDGH GH OHL FRPSOHPHQWDU YLQKD LPSHGLQGR VHX QR
QR kPELWR
kPELWR GRGR 3RGHU
3RGHU /HJLVODWLYR
/HJLVODWLYR H R VXEVtGLR
GLVFLSOLQDPHQWRMiTXHpGHGLILFXOWRVDDSURYDomRDOHL GRV
GRV 'HVHPEDUJDGRUHVGR7ULEXQDOGH-XVWLoD
FRPSOHPHQWDUTXHQHFHVVLWDGHTXRUXPHVSHFLDO3RULVVR OLPLWDGR
OLPLWDGR D QRYHQWD
QRYHQWD LQWHLURV H YLQWH H FLQFR
RSUySULRGLUHLWRGHID]HUJUHYHDLQGDQmRHVWDYDYDOHQGR FHQWpVLPRV
FHQWpVLPRV SRU
SRU FHQWR
FHQWR GR
GR VXEVtGLRPHQVDOHP
VXEVtGLRPHQVDOHP
HVSpFLH
HVSpFLH GR
GRVV 0LQLVWURV GR 6XSUHPR 7ULEXQDO
9,,, D OHLUHVHUYDUi
OHLUHVHUYDUi SHUFHQWXDOGRVFDUJRVHHP )HGHUDO
)HGHUDOQR
QRkPELWR
kPELWRGR
GR3RGHU
3RGHU-XGLFLiULR
-XGLFLiULRDSOLFi
SUHJRV
SUHJRV S~EOLFRV
S~EOLFRV SDUD
SDUD DV
DV SHVVRDV
SHVVRDV SRUWDGRUDV
YHO
YHO HVWH
HVWH OLPLWH
OLPLWH DRV
DRV PHPEURV GR 0LQLVWpULR
GH
GH GHILFLrQFLDHGHILQLUiRVFULWpULRVGHVXD
GHILFLrQFLDHGHILQLUiRVFULWpULRVGHVXD
3~EOLFR
3~EOLFR DRV
DRV 3URFXUDGRUHV
3URFXUDGRUHV H DRV
DRV 'HIHQVRUHV
DGPLVVmR
3~EOLFRV
(VWD QRYLGDGH FRQVWLWXFLRQDO YLVD j SURWHomR GRV
2EV DDQWHULRUUHGDomRGDGDSHOD(&Qž 5HIRUPD$GPLQLV
GHILFLHQWHVItVLFRVUHVHUYDQGRSDUDHOHVDOJXPDVYDJDVQR WUDWLYD PDLVXPDYH]IRLDOWHUDGDDJRUDSHOD(&QƒGH
HPSUHJR S~EOLFR 2 QRYR (VWDWXWR GR 6HUYLGRU 3~EOLFR DFKDPDGD´5HIRUPD3UHYLGrQFLiULDµGR*RYHUQR
&LYLO /HLQž SH[GHWHUPLQRXTXHSRGHUmRVHU /XOD37
UHVHUYDGRVDRVGHILFLHQWHVDWpGDVYDJDV9HMDEHPp
XPWHWRHQmRXPSHUFHQWXDOIL[RHGHWHUPLQDGR$VVLP 'HILQLWLYDPHQWHPRUWHDRVPDUDMiVTXHMiHUDR
DOHLTXHFULDURVFDUJRVSRGHUiUHVHUYDURXRX REMHWLYRGDSULPHLUDUHGDomRIRLDFHQWXDGDSHOD (&Qƒ
PDVQXQFDPDLVTXH HDJRUDH[DVSHUDGDSHOD(&QƒVHDQWHV
RWHWRJHUDOHUD´RVXEVtGLRPHQVDOHPHVSpFLHGRV0LQLV
,; DOHLHVWDEHOHFHUiRVFDVRVGHFRQWUDWDomRSRU WURVGR6XSUHPR7ULEXQDO)HGHUDOµ³DJRUDHVVHWHWRVHUi
WHPSR
WHPSRGHWHUPLQDGRSDUD
GHWHUPLQDGRSDUDDWHQGHU
DWHQGHUDQHFHVVLGD DLQGDPHQRUHPFRQIRUPLGDGHFRPRVYiULRVQtYHLVGR
GHWHPSRUiULDGHH[FHSFLRQDOLQWHUHVVHS~EOL IXQFLRQDOLVPR
FR
$VVLPRVHUYLGRU0XQLFLSDOQmRSRGHUiJDQKDUPDLV
(VVDFRQWUDWDomRGLVSHQVDFRQFXUVRSRLVRWUDEDOKD TXHR3UHIHLWR0XQLFLSDO
GRUVHUiDUUHJLPHQWDGRDSHQDVSDUDDWHQGHUDXPDQH
FHVVLGDGHWHPSRUiULDHGHH[FHSFLRQDOLQWHUHVVHS~EOLFR -iRVHUYLGRU(VWDGXDOWHUiVHXYHQFLPHQWROLPLWDGR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

DRVXEVtGLRGR&KHIHGR3RGHUDTXHHVWLYHUYLQFXODGRRV ;,9RV
RV DFUpVFLPRV SHFXQLiULRV SHUFHELGRVSRU
IXQFLRQiULRVGR3RGHU([HFXWLYRQmRJDQKDUmRPDLVTXH VHUYLGRU
VHUYLGRU S~EOLFR
S~EOLFR QmR
QmR VHUmR
VHUmR FRPSXWDGRV
FRPSXWDGRV QHP
R*RYHUQDGRUGR(VWDGRSDUDRVGR/HJLVODWLYRRWHWRVHUi DFXPXODGRV
DFXPXODGRVSDUD
SDUDILQV
ILQVGH
GHFRQFHVVmRGHDFUpVFL
FRQFHVVmRGH
R VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV H RV VHUYLGRUHV GD PRVXOWHULRUHV
-XVWLoD (VWDGXDO QmR YHQFHUmR PDLV TXH RV VXEVtGLRV
JDQKRVSHORV'HVHPEDUJDGRUHV ,PSHGHVHDTXLRFRQKHFLGRHIHLWRFDVFDWDTXHID]LD
FRP TXH XP EHQHItFLR LQFLGLVVH VREUH RXWUR EHQHItFLR
eFXULRVRTXHDGHILQLomRGRVWHWRVQmRIRLXQLIRUPH $VVLPXPIXQFLRQiULRTXHUHFHEHVVHTXLQTXrQLRV FRP
KiXPWHWR~QLFRWDQWRSDUDRSODQRIHGHUDO RVVXEVtGLRV DGLFLRQDOGHGHFDGDXPGHOHV DQWLJDPHQWHUHFHELD
GRV 0LQLVWURV GR 67)  TXDQWR SDUD  RV VHUYLGRUHV SHORSULPHLURPDLVSHORVHJXQGRTXHHQWUHWDQWR
PXQLFLSDLV VXEVtGLRV GR 3UHIHLWR 0XQLFLSDO  ³ PDV LQFLGLDWDPEpPVREUHRSULPHLURPDLVSHORWHUFHLUR
GLYHUVDPHQWH QR SODQR HVWDGXDO Ki WUrV WHWRV GLVWLQWRV TXHLQFLGLDWDPEpPVREUHRSULPHLURHRVHJXQGRHPDLV
FRQIRUPHR´3RGHUµDTXHHVWLYHUYLQFXODGRRVHUYLGRU SHORTXDUWRTXHLQFLGLDVREUHRžžHž$JRUDR
VHUYLGRUGR([HFXWLYRRWHWRpR´VDOiULRµGR*RYHUQDGRU IXQFLRQiULRTXHWLYHU TXLQTXrQLRVVyUHFHEHUiD
SDUD R VHUYLGRU GR -XGLFLiULR R WHWR p R VXEVtGLR GRV PDLV
'HVHPEDUJDGRUHV H SDUD R VHUYLGRU GD $VVHPEOHLD
/HJLVODWLYDRWHWRpRVXEVtGLRGRV'HSXWDGRV ;9 RVXEVtGLR
VXEVtGLRHRVYHQFLPHQWRVGRVRFXSDQWHVGH
FDUJRV H HPSUHJRV S~EOLFRV VmR LUUHGXWtYHLV
;,, RV
RVYHQFLPHQWRV
YHQFLPHQWRVGRV
GRVFDUJRV
FDUJRVGR
GR3RG
3RGHU/HJLVODWLYR UHVVDOYDGR
UHVVDOYDGRRGLVSRVWR
GLVSRVWRQRV
QRVLQFLVRV
LQFLVRV;,
;,H;,9
;,9GHVWH
HGR
GR3RGHU-XGLFLiULRQmR
3RGHU-XGLFLiULR QmRSRGHUmR
SRGHUmRVHU
VHUVXSHULR DUWLJR
DUWLJR H QRV
QRV DUWV
DUWV 
 † ž
ž 
 ,, 
 ,,,
,,, H
UHVDRVSDJRVSHOR3RGHU([HFXWLYR †ž,
(PERUDDQRYD&RQVWLWXLomRQmRPDLVIDoDUHIHUrQFLD
*DUDQWHD&DUWD0DJQDDLUUHGXWLELOLGDGHQmRDSHQDV
H[SUHVVDDLJXDOGDGHRXDVVHPHOKDomRGHDWULEXLo}HVp
SDUD RV ´VHUYLGRUHV S~EOLFRVµ VWULFWR VHQVX  FRPR SDUD
LPSOtFLWRTXHVySRGHHVWDUHVWDEHOHFHQGRDHTXLSDUDomR
WRGRV RV TXH RFXSHP ´HPSUHJRV S~EOLFRVµ $GYLUWDVH
HQWUHFDUJRVHIXQo}HVLJXDLVRXDVVHPHOKDGRV$VVLP
JDUDQWH D &RQVWLWXLomR TXH RV IXQFLRQiULRV S~EOLFRV GH SRUpPTXHDLUUHGXWLELOLGDGHQmRLPSHGHRGHVFRQWRGR
WRGRVRVSRGHUHV ([HFXWLYR/HJLVODWLYR-XGLFLiULR TXH LPSRVWRVREUHUHQGDHSURYHQWRVGHTXDOTXHUQDWXUH]D
H[HUFHUHP DWLYLGDGHV VHPHOKDQWHV WHUmR YHQFLPHQWRV
RUGHQDGRV HTXLSDUDGRV$VVLPXPGDWLOyJUDIRGR3RGHU ;9,p
pYHGDGD
YHGDGDDDFXPXODomR
DFXPXODomRUHPXQHUDGD GHFDUJRV
UHPXQHUDGDGH
-XGLFLiULR XPHVFUHYHQWH RXXPGDWLOyJUDIRGR3RGHU S~EOLFRVH[FHWRTXDQGRKRXYHUFRPSDWLELOLGD
/HJLVODWLYRQmRSRGHUmRJDQKDUPDLVTXHXPGDWLOyJUDIR GH
GHGH
GHKRUiULRV
KRUiULRVREVHUYDGR
REVHUYDGRHP
HPTXDOTXHU
TXDOTXHUFDVR
FDVRR
GR3RGHU([HFXWLYR GLVSRVWRQRLQFLVR;,

;,,, p YHGDGD D YLQFXODomR RX HTXLSDUDomRGH D DGHGRLVFDUJRVGHSURIHVVRU


TXDLVTXHU
TXDLVTXHU HVSpFLHV
HVSpFLHV UHPXQHUDWyULDV SDUD R
HIHLWRGH
HIHLWRGHUHPXQHUDomR
UHPXQHUDomRGH
GHSHVVRDO
SHVVRDOGRVHUYLoR E D GH
GH XP
XP FDUJR
FDUJR GH SURIHVVRU FRP RXWUR
S~EOLFR WpFQLFRRXFLHQWtILFR

$QWLJDPHQWHKDYLDSRUSDUWHGHDOJXPDVOHJLVODo}HV F D GH
GH GRLV
GRLV FDUJRV
FDUJRV RX
RX HPSUHJRVSULYDWLYRV
HPSUHJRVSULYDWLYRV
HVWDGXDLV RX PXQLFLSDLV H jV YH]HV DWp PHVPR OHLV GHSURILVVLRQDLVGH
GHSURILVVLRQDLVGHVD~GH
VD~GHFRP
FRPSURILVV}HV
IHGHUDLVHVWDEHOHFHQGRHPIDYRUGHFHUWDVFDWHJRULDVGH UHJXODPHQWDGDV
IXQFLRQiULRV YLQFXODomR GH VHXV YHQFLPHQWRV FRP RV 2EV HVWDDOtQHD´FµIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDOQƒ GH 
YHQFLPHQWRVGHRXWURVIXQFLRQiULRV$VVLPSRUH[HPSOR
HVWDEHOHFLDVH TXH RV ILVFDLV JDQKDULDP R HTXLYDOHQWH D 0XLWR HPERUD QD SUiWLFD WRGRV QyV FRQKHoDPRV
GRV6HFUHWiULRVGH(VWDGR/RJRTXDQGRRV6HFUHWi YiULRV IXQFLRQiULRV S~EOLFRV TXH WUDEDOKDP HP GRLV
ULRV UHFHELDP DXPHQWR DXWRPDWLFDPHQWH RV ILVFDLV HPSUHJRV FDUJRV S~EOLFRV XPPXQLFLSDORXWURHVWDGX
GHYLDPVHUDXPHQWDGRV+RMHD&RQVWLWXLomRSURLELXHVVH DORXIHGHUDO ³LVWRVyVHGHYHDRIDWRGHTXHDDGPLQLV
WLSRGHYLQFXODomRGHYHQFLPHQWR WUDomRS~EOLFDQmRWHPPXLWRFRQWUROH VHpTXHWHPDO
JXP GRTXDGURGHIXQFLRQDOLVPReSURLELGRHVHPSUHR
'DPHVPDIRUPDDHTXLSDUDomRIRLSURLELGD$HTXL IRL(QRVFDVRVSHUPLWLGRVDVRPDGR´VDOiULRµGRVGRLV
SDUDomR VLJQLILFDYD  GHWHUPLQDGR FDUJR WHUi D PHVPD FDUJRVS~EOLFRVQmRSRGHUiH[FHGHU´RVXEVtGLRPHQVDOHP
UHPXQHUDomR RXYHQFLPHQWR TXHWDORXWURFDUJR HVSpFLHGRV0LQLVWURVGR6XSUHPR7ULEXQDO)HGHUDOµ³TXH
pRWHWRGHUHPXQHUDomRGRVHUYLGRUS~EOLFRHVWDEHOHFLGR
1mR VH GHVFRQVLGHUH SRUpP TXH R † ž GR DUW QRLQF;,UHIHULGR
GLVS}HTXH´/HLGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDO
HGRV0XQLFtSLRVSRGHUiHVWDEHOHFHUDUHODomRHQWUHDPDLRU 8PDGHUUDGHLUDREVHUYDomRDDOtQHD´FµIRLDOWHUDGD
H D PHQRU UHPXQHUDomR GRV VHUYLGRUHV S~EOLFRVµ ³ SHOD(&QƒDJRUDDSHUPLVVmRGHFXPXODomRVH
DXWRUL]DQGRDVVLPDFULDomRGHXPYtQFXORSDUDPLQLPL HVWHQGHD´SURILVVLRQDLVGDVD~GHµHQmRPDLVDSHQDVGH
]DUDGLIHUHQoDHQWUHRPDLRUHRPHQRUVDOiULRSDJRVSHOD ´GHGRLVFDUJRVSULYDWLYRVGHPpGLFRµFRPRHVWDEHOHFLDR
$GPLQLVWUDomR 3~EOLFD R REMHWLYR p D GLPLQXLomR GDV WH[WRDQWHULRUeSUHFLVRSRUpPHVWDUDWHQWRVyFDUJRV
LQMXVWLoDVVRFLDLV RX HPSUHJRV GH SURILVV}HV UHJXODPHQWDGDV PpGLFR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

HQIHUPHLUDSDGUmRHWF pTXHSRGHPVHUFXPXODGDVH S~EOLFRVSDUDGDUPDLRUSRGHUDRVYHUHDGRUHVGHSXWDGRV


DWpROLPLWHPi[LPRGHGRLV WUrVHPSUHJRVRXFDUJRVQmR HVHQDGRUHV MRJXLQKRSROtWLFRPHVTXLQKRSHODPHVTXL
VHUiSHUPLWLGR  QKD FRQILDQoD TXH PHUHFHP RV DGPLQLVWUDGRUHV S~EOL
FRV 
;9,, DSURLELomR
SURLELomRGH
GHDFXPXODU
DFXPXODUHVWHQGHVH
HVWHQGHVHDHPSUH ;;,  UHVVDOYDGRV
UHVVDOYDGRVRV
RVFDVRV
FDVRVHVSHFLILFDGRV
HVSHFLILFDGRVQDOHJLVOD
JRV H IXQo}HV H DEUDQJH DXWDUTXLDV IXQGD omRDV
omR DVREUDV
REUDVVHUYLoRV
VHUYLoRVFRPSUDV
FRPSUDVHDOLHQDo}HV
o}HV
o}HV HPSUH
HPSUHVDV
VDV S~EOLFDV
S~EOLFDV VRFLHGDGHV
VRFLHGDGHV GH
GH HFR VHUmR
VHUmR FRQWUDWDGRV
FRQWUDWDGRV PHGLDQWH
PHGLDQWH SURFHVVR GH
QRPLD
QRPLDPLVWD
PLVWDVXDV
VXDVVXEVLGLiULDV
VXEVLGLiULDVHVRFLHGDGHV OLFLWDomR
OLFLWDomR S~EOLFD
S~EOLFD TXH
TXH DVVHJXUH
DVVHJXUH LJXDOGDGHGH
LJXDOGDGHGH
FRQWURODGDV
FRQWURODGDV GLUHWD RX LQGLUHWDPHQWH SHOR FRQGLo}HV
FRQGLo}HV D WRGRV
WRGRV  RV FRQFRUUHQWHV FRP
SRGHUS~EOLFR FOiXVXODV
FOiXVXODV TXH
TXH HVWDEHOHoDP
HVWDEHOHoDP REULJDo}HV GH
SDJDPHQWR
SDJDPHQWR PDQWLGDV
PDQWLGDV DV
DV FRQGLo}HV
FRQGLo}HV HIHWLYDV
(VWHGLVSRVLWLYRDPSOLDDSURLELomRGHDFXPXODomRGH GD
GDSURSRVWD
SURSRVWDQRV
QRVWHUPRV
WHUPRVGD
GDOHL
OHLRTXDO
TXDOVRPHQ
FDUJRVHHPSUHJRVS~EOLFRVDVVLPWDPEpPRVHPSUHJRV WH
WH SHUPLWLUi
SHUPLWLUi DV H[LJrQFLDV GH TXDOLILFDomR
GDVDXWDUTXLDV %DQFR&HQWUDO,136HWF GDVHPSUH WpFQLFD
pFQLFDHHFRQ{PLFD
HFRQ{PLFDLQGLVSHQViYHLVjJDUDQWLD
LQGLVSHQViYHLVjJDUDQWLD
VDVS~EOLFDV (PSUHVD%UDVLOHLUDGH&RUUHLRH7HOpJUDIRV GRFXPSULPHQWRGDVREULJDo}HV
&DL[D(FRQ{PLFD)HGHUDOHWF GDVVRFLHGDGHVGHHFRQR
PLDPLVWD '(56$%DQFRGR%UDVLO7HOHVSHWF Q QmRSR
mR $REULJDWRULHGDGHGHOLFLWDomRS~EOLFD FRQFRUUrQFLD
GHUmRWHUGRLV
GRLV
GRLV RXPDLV FDUJRVRXHPSUHJRVS~EOLFRV$ YLVDDWUDWDUFRPLJXDOGDGHWRGRVTXDQWRTXHLUDYHQGHU
UHIRUPDDGPLQLVWUDWLYDLQFOXLXQDSURLELomRGHDFXPXOD PDWHULDLV RX VHUYLoRV DR 3RGHU 3~EOLFR R TXH WLYHU R
omRWDPEpPRVHPSUHJRVQDVVRFLHGDGHV´VXEVLGLiULDVH PHOKRUSUHoRYHQFHUi
VRFLHGDGHVFRQWURODGDVGLUHWDRXLQGLUHWDPHQWHSHORSRGHU
S~EOLFRµ ;;,, DV
DV DGPLQLVWUDo}HV
DGPLQLVWUDo}HV WULEXWiULDVGD8QLmRGRV
(VWDGRV
(VWDGRVGR
GR'LVWULWR
'LVWULWR)HGHUDO
)HGHUDOHGRV
GRV0XQLFtSLRV
;9,,,D
D DGPLQLVWUDomR
DGPLQLVWUDomR ID]HQGiULD H VHXVVHUYLoRV DWLYLGDGHV
DWLYLGDGHV HVVHQFLDLV
HVVHQFLDLV DR
DR IXQFLRQDPHQWR
IXQFLRQDPHQWR GR
ILVFDLV
ILVFDLV WHUmR GHQWUR GH VXDV iUHDV GH FRP (VWDGR
(VWDGRH[HUFLGDV
H[HUFLGDVSRU
SRUVHUYLGRUHV
VHUYLGRUHVGH
GHFDUUHLUDV
SHWrQFLD
SHWrQFLD H MXULVGLomR
MXULVGLomR SUHFHGrQFLD
SUHFHGrQFLD VREUH
VREUH RV HVSHFtILFDV
HVSHFtILFDVWHUmR
WHUmRUHFXUVRV
UHFXUVRVSULRULWiULRV
SULRULWiULRVSDUD
SDUDD
GHPDLVVHWRUHVDGPLQLVWUDWLYRVQDIRUPDGD UHDOL]DomR
UHDOL]DomR GH
GH VXDV
VXDV DWLYLGDG
DWLYLGDGHV
HV H DWXDUmR
DWXDUmR GH
OHL IRUPD
IRUPD LQWHJUDGD
LQWHJUDGD LQFOXVLYH
LQFOXVLYH FRP
FRP R FRPSDUWL
OKDPHQWR
OKDPHQWR GHGH FDGDVWURV
FDGDVWURV H GH LQIRUPDo}HV
(VWH GLVSRVLWLYR FRQVWLWXFLRQDO Gi IRUoD WRWDO j ILVFDLVQDIRUPDGDOHLRXFRQYrQLR
ID]HQGD S~EOLFD H VHXV ILVFDLV GHWHUPLQDQGR TXH HOHV 2EV HVWHLQFLVR;;,,IRLLQWURGX]LGRSHOD(PHQGD&RQVWLWXFLRQDOQƒGH
WHUmRSUHFHGrQFLDVREUHRVGHPDLVVHWRUHVDGPLQLVWUDWL DFKDPDGD5HIRUPD7ULEXWiULDGR*RYHUQR/XOD37

YRVLVWRpSRGHUmRWHUDFHVVRDWRGRWLSRGHLQIRUPDomR 2 GLQKHLUR S~EOLFR p FRQVDJUDGR SULRULGDGH SDUD D


PHVPR TXH GHYHVVH VHU FRPXQLFDGD DSHQDV D RXWUD DGPLQLVWUDomRS~EOLFRR3RGHU3~EOLFRQDVWUrVHVIHUDV
UHSDUWLomRS~EOLFD³WXGRHPSUROGHPHOKRUDUDDUUHFD GHYHUiGLVSRUGHIXQFLRQiULRVHVSHFLDLVGHVRUWHDYLDELOL
GDomRGHWULEXWRV ]DURPi[LPRGHDUUHFDGDomRVHPGHVSHUGtFLRSRUIDOKD
RXGHV]HORDGPLQLVWUDWLYRV(QILPpDFRQVWLWXFLRQDOL]D
;,;  VRPHQWH
VRPHQWH SRU
SRU OHL
OHL HVSHFtILFDSRGHUiVHUFULDGD
HVSHFtILFDSRGHUiVHUFULDGD omRGRULJRUQDDGPLQLVWUDomRGDVUHFHLWDVWULEXWiULDV
DXWDUTXLD
DXWDUTXLD H DXWRUL]DGD
DXWRUL]DGD D LQVWLWXLomR
LQVWLWXLomR GH
GH HP
SUHVD
SUHVD S~EOLFD
S~EOLFD GH
GH VRFLHGDGH
VRFLHGDGH GH
GH HFRQRPLD 0HUHFHGHVWDTXHDGHWHUPLQDomRGHDWXDomRLQWHJUD
PLVWD
PLVWD H GH
GH IXQGDomR FDEHQGR j OHL
IXQGDomR FDEHQGR OHL FRPSOH GD H ´FRPSDUWLOKDPHQWRµ GH FDGDVWURV H LQIRUPDo}HV
PHQWDU
PHQWDUQHVWH
QHVWH~OWLPR
~OWLPRFDVR
FDVRGHILQLU
GHILQLUDV
DViUHDV
iUHDVGH ILVFDLVHQWUHDVDGPLQLVWUDo}HVWULEXWiULDVGD8QLmRGRV
VXDDWXDomR
(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVFHUWDPHQWH
VHUmR FULDGDV UHGHV LQIRUPDWL]DGDV TXH YLDELOL]DUmR D
(VWHGLVSRVLWLYRMiQmRGL]LDUHVSHLWRDRIXQFLRQDOLV
FRPXQLFDomRHRDFHVVRDGDGRV
PRQHPWUD]LDQRYLGDGHPDLRUDQWHULRUPHQWHR'HFUH
WROHL Qž  Mi H[LJLD  TXH SDUD WDO FULDomR VHULD
†ž $ SXEOLFLGDGH
SXEOLFLGDGH GRVDWRVSURJUDPDVREUDVVHU
GRVDWRVSURJUDPDVREUDVVHU
QHFHVViULDOHL$~QLFDDOWHUDomRHUDVHUDH[LJrQFLDIHLWD
YLoRV HFDPSDQKDVGRVyUJmRVS~EOLFRVGHYHUi
YLoRV
SHODSUySULD&RQVWLWXLomR
WHU
WHUFDUiWHU
FDUiWHUHGXFDWLYR
HGXFDWLYRLQIRUPDWLYR
LQIRUPDWLYRRX
RXGH
GHRULHQWD
omR
omR VRFLDO
VRFLDO GHOD QmR SRGHQGR FRQVWDU QRPHV
VtPERORV
VtPERORVRXRXLPDJHQVTXHFDUDFWHUL]HP
LPDJHQVTXHFDUDFWHUL]HPSURPR
;;  GHSHQGHGHDXWRUL]DomR
GHSHQGHGHDXWRUL]DomROHJLVODWLYDHPFDGD
omRSHVVRDOGHDXWRULGDGHVRXVHUYLGRUHVS~EOL
omRSHVVRDOGHDXWRULGDGHVRXVHUYLGRUHVS~EOL
FDVR
FDVRDFULDomR
FULDomRGH
GHVXEVLGLiULDVGDVHQWLGDGHV
FRV
PHQFLRQDGDVQRLQFLVRDQWHULRU
PHQFLRQDGDVQRLQFLVRDQWHULRUDVVLPFRPR
DSDUWLFLSDomR
SDUWLFLSDomRGH
GHTXDOTXHU
TXDOTXHUGHODV
GHODVHP
HPHPSUHVD
$YDLGDGHpDPDUFDGRSROtWLFRDWpSHODQHFHVVLGDGH
SULYDGD
GHVHUHHOHJHU0XLWRVDEXVDPGDQHFHVVLGDGHGHSXEOLFL
GDGHGRVDWRVSURJUDPDVREUDVVHUYLoRVHFDPSDQKDVGD
([WHQVmR GD GLVSRVLomR DQWHULRU WDPEpP QmR VH
$GPLQLVWUDomR3~EOLFR³HID]HPVXDSURPRomRSHVVRDO
UHIHUH DR IXQFLRQDOLVPR S~EOLFR FRQGLFLRQD FHUWDV
FRPRGLQKHLURGRSRYRGRUDYDQWHQRPLQKRGRVDIDGR
DWLYLGDGHVGDFKDPDGD$GPLQLVWUDomRLQGLUHWDDR3RGHU
QmR PDLV FLQWLODUi QDV SODFDV DQ~QFLRV H LQWHUYDORV GH
/HJLVODWLYR 5HWLUDVH R SRGHU GRV DGPLQLVWUDGRUHV
QRYHODV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

†ž $QmRREVHUYkQFLD
QmRREVHUYkQFLDGR
GRGLVSRVWR
GLVSRVWRQRV
QRVLQFLVRV
LQFLVRV,,H
,,H,,, †ž $VSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRHDVGH
LPSOLFDUi D QXOLGDGH
LPSOLFDUi QXOLGDGH GR
GR DWR
DWR H D SXQLomR
SXQLomR GD GLUHLWR
GLUHLWRSULYDGR
SULYDGRSUHVWDGRUDV
SUHVWDGRUDVGH
GHVHUYLoRV
VHUYLoRVS~EOLFRV
DXWRULGDGHUHVSRQViYHOQRVWHUPRVGDOHL UHVSRQGHUmR
UHVSRQGHUmR SHORV GDQRV TXH VHXV DJHQWHV
QHVVD
QHVVDTXDOLGDGH FDXVDUHPDWHUFHLURVDVVHJXUD
TXDOLGDGHFDXVDUHP WHUFHLURVDVVHJXUD
9LPRVTXHKRMHMiQmRPDLVVHSRGHFRQWUDWDUIXQFLR GR
GR R GLUHLWR
GLUHLWR GH
GH UHJUHVVR
UHJUHVVR FRQWUD
FRQWUD R UHVSRQViYHO
QiULR S~EOLFR VHP TXH KDMD FRQFXUVR S~EOLFR H[FHomR QRVFDVRVGHGRORRXFXOSD
IHLWDDRVFDUJRVHPFRPLVVmR 0DV¢HVHXPJRYHUQDQWH
UHVROYHUID]HUPDLVXPWUHPGDDOHJULD"2TXHDFRQWHFH 2VVHUYLoRVS~EOLFRVVmRSUHVWDGRVWDQWRSHOD$GPLQLV
Ui"eLPSRUWDQWHVDEHUTXHDLQYHVWLGXUDGHIXQFLRQiULR WUDomR 3~EOLFD FRPR SRU SDUWLFXODUHV HVSHFLDOPHQWH
HPFDUJRS~EOLFRVHPDREVHUYkQFLDGHFRQFXUVRS~EOLFR
FRQWUDWDGRVHJXQGRFRQFRUUrQFLDS~EOLFD 6HQDH[HFX
QmRDSHQDVJHUDDQXOLGDGHGRDWRFRPRWUDUiDUHVSRQ
omR GH XP VHUYLoR S~EOLFR IRU FDXVDGR DOJXP GDQR D
VDELOL]DomRGD$XWRULGDGHTXHDFRQFHEHX
TXDOTXHUSHVVRDHVWDVHUiLQGHQL]DGD$LQGHQL]DomRVHUi
†ž $ OHL
OHL GLVFLSOLQDUi
GLVFLSOLQDUi DV
DV IRUPDVGHSDUWLFLSDomRGR SDJD SHOR SUHVWDGRU GH VHUYLoR VHMD HOH D SUySULD $G
XVXiULRQD
XVXiULR QDDGPLQLVWUDomRS~EOLFDGLUHWDHLQGLUH
DGPLQLVWUDomRS~EOLFDGLUHWDHLQGLUH PLQLVWUDomR 3~EOLFD RX PHVPR R SDUWLFXODU FRQWUDWDGR
WDUHJXODQGRHVSHFLDOPHQWH SDUDWDQWR

, DV
DVUHFODPDo}HV
UHFODPDo}HVUHO
UHODWLYDV
DWLYDVjSUHVWDomRGRVVHUYLoRV 'H RXWUR ODGR R IXQFLRQiULR S~EOLFR RX PHVPR R
S~EOLFRV HPJHUDO
S~EOLFRVHP JHUDODVVHJXUDGDVDPDQXWHQomRGH
DVVHJXUDGDVDPDQXWHQomRGH HPSUHJDGRGDTXHODHPSUHVDSDUWLFXODUFRQWUDWDGD SRGH
VHUYLoRV
VHUYLoRV GH
GH DWHQGLPHQWR
DWHQGLPHQWR DRXVXiULRHDDYDOLD
DRXVXiULRHDDYDOLD UiVHUREULJDGRDSDJDURSUHMXt]RFDXVDGR HMiLQGHQL]D
omR
omR SHULyGLFD
SHULyGLFD H[WHUQD
H[WHUQD H LQWHUQDGDTXDOLGDGH
LQWHUQDGDTXDOLGDGH GR FDVRILTXHSURYDGRTXHHOH IXQFLRQiULR DJLXFRP
GRVVHUYLoRV GROR FRPLQWHQomRGHFDXVDURSUHMXt]R RXFXOSD
GROR FXOSD IH]
FXOSD
VHPTXHUHUPDVVHPDWHQomRQHJOLJrQFLDLPSUXGrQFLD
,, RDFHVVR
DFHVVRGRV
GRVXVXiULRV
XVXiULRVDUHJLVWURV
UHJLVWURVDGPLQLVWUDWLYRV RXLPSHUtFLD 
HDLQIRUPDo}HV
LQIRUPDo}HVVREUH
VREUHDWRV
DWRVGH
GHJRYHUQR
JRYHUQRREVHUYD
GRRGLVSRVWRQRDUWž;H;;;,,, †ž $ OHL GLVSRUi VREUH
OHL GLVSRUi VREUH RV
RV UHTXLVLWRVHDVUHVWULo}HV
UHTXLVLWRVHDVUHVWULo}HV
DR RFXSDQWHGHFDUJRRXHPSUHJRGDDGPLQLV
DR RFXSDQWHGHFDUJRRXHPSUHJRGDDGPLQLV
,,, DGLVFLSOLQD
GLVFLSOLQDGD
GDUHSUHVHQWDomR
UHSUHVHQWDomRFRQWUD
FRQWUDRH[HUFtFLR WUDomR
WUDomRGLUHWD
GLUHWDHLQGLUHWDTXHSRVVLELOLWHRDFHVVR
QHJOLJHQWH RX
QHJOLJHQWH RX DEXVLYR
DEXVLYR GH
GH FDUJR
FDUJR HPSUHJR
HPSUHJR RX DLQIRUPDo}HVSULYLOHJLDGDV
IXQomRQDDGPLQLVWUDomRS~EOLFD
$$GPLQLVWUDomR3~EOLFDpXPDIRQWHGHLPSRUWDQWtVVL
(VWHGLVSRVLWLYRGiLQVWUXPHQWRVSDUDTXHHVVDHILFLrQ
FLDVHMDILVFDOL]DGDHFREUDGDSHODSRSXODomR PDVLQIRUPDo}HVTXHVHFDtUHPHPPmRVHUUDGDVWDQWR
SRGHUmRGDUSUHMXt]RDWHUFHLUDVSHVVRDVFRPRSRGHUmR
†ž 2V
2VDWRV
DWRVGH
GHLPSURELGDGHDGPLQLVWUDWLYDLPSRUWD HQULTXHFHU GD QRLWH SDUD R GLD R VHUYLGRU RX XP VHX
UmRDVXVSHQVmRGRVGLUHLWRVSROtWLFRVDSHUGD EHQHILFLiULR ,PDJLQH SH[ XP IXQFLRQiULR GR %DQFR
GD
GDIXQomR
IXQomRS~EOLFD
S~EOLFDDLQGLVSRQLELOLGDGH
LQGLVSRQLELOLGDGHGRV
GRVEHQV &HQWUDOTXHVDLEDTXHRGyODUYDLVHUYDORUL]DGRHPIDFH
H R UHVVDUFLPHQWR
UHVVDUFLPHQWR DR
DR HUiULR
HUiULR QD
QD IRUPD
IRUPD H JUDGD GR UHDO QD SUy[LPD VHPDQD &RP HVVD LQIRUPDomR
omR
omRSUHYLVWDV
SUHYLVWDVHP
HPOHL
OHLVHP
VHPSUHMXt]R
SUHMXt]RGDGDDomR
DomRSHQDO SRGHUi FRPSUDU PLOKDUHV GH GyODUHV H HP GLDV
FDEtYHO HQULTXHFHUVHFRPWDOYDORUL]DomR

2[DOi HVWD GHWHUPLQDomR &RQVWLWXFLRQDO WRUQHVH †ž $DXWRQRPLD


DXWRQRPLDJHUHQFLDO
JHUHQFLDORUoDPHQWiULDH
RUoDPHQWiULDHILQDQFHL
UHDOLGDGH$GPLQLVWUDGRUHV3~EOLFRVTXHFRPHWDPDWRVGH UD
UD GRV
GRV yUJmRV
yUJmRV H HQWLGDGHV
HQWLGDGHV GD
GD DGPLQLVWUDomR
LPSURELGDGHVHUmRREULJDGRVDLQGHQL]DURVFRIUHVS~EOL GLUHWD
GLUHWDHLQGLUHWD
LQGLUHWDSRGHUi
SRGHUiVHU
VHUDPSOLDGD
DPSOLDGDPHGLDQWH
FRVVHXSDWULP{QLRSHVVRDOILFDUiDPDUUDGR LQGLVSRQL FRQWUDWR VHUILUPDGR
FRQWUDWRDVHU ILUPDGRHQWUH
HQWUHVHXV
VHXVDGPLQLVWUDGR
ELOLGDGH SDUDJDUDQWLUHVVDUHSDUDomR³HOHVDLQGDVHUmR UHV
UHV H R SRGHU
SRGHU S~EOLFR
S~EOLFR TXH
TXH WHQKD SRU REMHWR D
SURFHVVDGRVFULPLQDOPHQWHSRGHQGRDWpVHUFRQGHQDGRV IL[DomRGHPHWDVGHGHVHPSHQKRSDUDRyUJmR
IL[DomRGHPHWDVGHGHVHPSHQKRSDUDRyUJmR
HMRJDGRVQDFDGHLD RXHQWLGDGHFDEHQGRjOHLGLVSRUVREUH
†ž $ OHL
OHL HVWDEHOHFHUi
HVWDEHOHFHUi RVSUD]RVGHSUHVFULomRSDUD
RVSUD]RVGHSUHVFULomRSDUD
, RSUD]RGHGXUDomRGRFRQWUDWR
LOtFLWRVSUDWLFDGRV
LOtFLWRV SUDWLFDGRVSRU
SRUTXDOTXHU
TXDOTXHUDJHQWH
DJHQWHVHUYLGRU
RX
RXQmR TXHFDXVHPSUHMXt]RVDR
QmRTXH FDXVHPSUHMXt]RVDRHUiULR
HUiULRUHVVDO
YDGDVDVUHVSHFWLYDVDo}HVGHUHVVDUFLPHQWR ,, RV
RVFRQWUROHV
FRQWUROHVHFULWpULRVGHDYDOLDomRGH
FULWpULRVGHDYDOLDomRGHGHVHPSH
QKR
QKRGLUHLWRV
GLUHLWRVREULJDo}HV
REULJDo}HVHUHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHGRV
7RGR GLUHLWR GHYH VHU H[HUFLGR QXP GHWHUPLQDGR GLULJHQWHV
SUD]R GHSRLV GLVVR FDGXFD (VWH p XP SULQFtSLR GDV
UHODo}HVKXPDQDVLPSHGLQGRDHWHUQLGDGHGHTXDOTXHU ,,, DUHPXQHUDomRGRSHVVRDO
UHODomR MXUtGLFD  3RU LVVR TXDQGR XPD SHVVRD FRPHWH
XPDLQIUDomRRSRGHUS~EOLFRGHYHSURFHVViODHSXQLOD 2REMHWLYRHVWDEHOHFLGRQHVWHSDUiJUDIRpGDUOLEHUGD
QXPSUD]R IL[DGRSUHYLDPHQWHHPOHL 6HQmRRIL]HU GH JHUHQFLDO RUoDPHQWiULD H ILQDQFHLUD DRV ÐUJmRV H
QmRPDLVSRGHUiID]rOR(TXDQGRWDOSUD]RVHHVJRWDU (QWLGDGHVGDDGPLQLVWUDomRGLUHWDHLQGLUHWDOLYUiODVGD
VHPTXHRSRGHUS~EOLFRKDMDSXQLGRRLQIUDWRURFRUUHUi EXURFUDFLDpIXQGDPHQWDOSDUDTXHFXPSUDPVXDVPHWDV
DFKDPDGDSUHVFULomR
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 2 GLVSRVWR QR LQFLVR ;, DSOLFDVHjVHPSUHVDV LQFLVR;,GRFDSXW


† 3DUD RV ILQV GR GLVSRVWR QR LQFLVR;,GRFDSXW
S~EOLFDV
S~EOLFDV H jV
jV VRFLHGDGHV
VRFLHGDGHV GH
GH HFRQRPLD
HFRQRPLD PLVWD
PLVWD H GHVWH
GHVWH DUWLJR
DUWLJR ILFD
ILFD IDFXOWDGR
IDFXOWDGR DRV
DRV (VWDGRV
(VWDGRV H DR
VXDV
VXDV VXEVLGLiULDV
VXEVLGLiULDV TXH
TXH UHFHEHUHP
UHFHEHUHP UHFUHFXUVRV
XUVRV GD 'LVWULWR )HGHUDO IL[DUHPVHXkPELWRPHGLDQWH
'LVWULWR )HGHUDO IL[DUHPVHXkPELWRPHGLDQWH
8QLmR GRV (VWDGRV
8QLmR GRV (VWDGRV GR
GR 'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO RX
RX GRV HPHQGD
HPHQGDjVUHVSHFWLYDV&RQVWLWXLo}HVH/HL2UJkQL
0XQLFtSLRV
0XQLFtSLRV SDUD
SDUD SDJDPHQWR
SDJDPHQWR GH GHVSHVDV GH FD
FD FRPR
FRPR OLP
OLPLWH
LWH ~QLFR
~QLFR R VXEVtGLR
VXEVtGLR PHQVDO
PHQVDO GRV
SHVVRDORXGHFXVWHLRHPJHUDO 'HVHPE
'HVHPEDUJDGRUHV
DUJDGRUHV GRGR UHVSHFWLYR
UHVSHFWLYR 7ULEXQDO
7ULEXQDO GH
-XVWLoD
-XVWLoD OLPLWDGR
OLPLWDGR D QRYHQWD
QRYHQWD LQWHLURV H YLQWH H
FLQFR
FLQFR FHQWpVLPRV
FHQWpVLPRV SRU
SRU FHQWR
FHQWR GR
GR VXEVtGLR
VXEVtGLR PHQVDO
2 OLPLWH UHPXQHUDWyULR VXEVLVWH VRPHQWH SDUD DV
GRV
GRV0LQLVWURV
0LQLVWURVGR
GR6XSUHPR
6XSUHPR7ULEXQDO )HGHUDOQmR
7ULEXQDO)HGHUDO
HPSUHVDVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWD VH
VH DSOLFDQGR
DSOLFDQGR R GLVSRVWR
GLVSRVWR QHVWH SDUiJUDIR DRV
TXHUHFHEDPUHFXUVRVGR3RGHU3~EOLFRSDUDRSDJDPHQWR VXEVtGLRV
VXEVtGLRVGRV
GRV'HSXWDGRV
'HSXWDGRV(VWDGXDLV
(VWDGXDLVH'LVWULWDLVH
'LVWULWDLVH
GH VXDV GHVSHVDV GH SHVVRDO H GH FXVWHLR Vy HVWDV p GRV9HUHDGRUHV
HVWDUmRLPSHGLGDVGHSDJDUDVHXVHPSUHJDGRVUHPXQHUD 2EV†DFUHVFLGRSHOD(&QžGH

omR VXSHULRU DRV VXEVtGLRV GRV 0LQLVWURV GR 6XSUHPR


$GLVSRVLomRDFUHVFLGDYLVDDIDFLOLWDUDVLPSOLILFDomR
7ULEXQDO)HGHUDO$VRXWUDVQmR
GRUHJLPHUHPXQHUDWyULRQRV(VWDGRVPHPEURVH'LVWULWR
)HGHUDO SHUPLWLQGROKHV TXH LQWURGX]D XP UHJLPH
† eYHGDGDDSHUFHSomRVLPXOWkQHDGHSURYHQWRV VLPpWULFR DR UHJLPH IHGHUDO QR SODQR IHGHUDO R WHWR
GH
GH DSRVHQWDGRULD
DSRVHQWDGRULD GHFRUUHQWHV GR DUW
GHFRUUHQWHV GR DUW RX
RX GRV UHPXQHUDWyULR p R VXEVtGLR PHQVDO GRV 0LQLVWURV GR
DUWV
DUWV H 
 FRP
FRP D UHPXQHUDomR GH FDUJR 6XSUHPR 7ULEXQDO ³ WRUQDQGRVH SRVVtYHO TXH QRV
HPSUHJR
HPSUHJRRX
RXIXQomR
IXQomRS~EOLFD
S~EOLFDUHVVDOYDGRVRVFDUJRV
UHVVDOYDGRVRVFDUJRV (VWDGRVHQR'LVWULWR)HGHUDODGRWHVHXP~QLFRWHWRTXH
DFXPXOiYHLV
DFXPXOiYHLV QD
QD IRUPD GHVWD &RQVWLWX
IRUPD GHVWD &RQVWLWXLomR
LomR RV VHULDRVXEVtGLRPHQVDOGRV'HVHPEDUJDGRUHVGR7ULEXQDO
FDUJRV
FDUJRVHOHWLYRV
HOHWLYRVHRV
RVFDUJRV
FDUJRVHP
HPFRPLVVmR
FRPLVVmRGHFODUD GH -XVWLoD (VWDGXDO TXH p HTXLYDOHQWH D  GR
GRVHPOHLGHOLYUHQRPHDomRHH[RQHUDomR VXEVtGLRGRV0LQLVWURVGR67) 

2SURSyVLWRpID]HUHFRQRPLDHDVVHJXUDURPHUFDGR $UW $R


$R VHUYLGRU
VHUYLGRU S~EOLFR GD DGPLQLVWUDomRGLUHWD
GHWUDEDOKRS~EOLFRDRVQRYRVDQWHVHUDFRPXPTXHXPD DXWiUTXLFD
DXWiUTXLFD H IXQGDFLRQDO
IXQGDFLRQDO QR H[HUFtFLR GH
SHVVRD VH DSRVHQWDVVH DLQGD MRYHP ³ SULQFLSDOPHQWH PDQGDWR
PDQGDWRHOHWLYR
HOHWLYRDSOLFDPVH
DSOLFDPVHDV
DVVHJXLQWHV
VHJXLQWHVGLVSR
VLo}HV
3URIHVVRUHV-Xt]HV3URPRWRUHVPLOLWDUHV DUWFF
UHIHULGRV   H RXWURV SURILVVLRQDLV TXH VH EHQHILFLDYDP 4XDOTXHUIXQFLRQiULRSRGHFDQGLGDWDUVHDTXDOTXHU
FRPWHPSRHVSHFLDOGHDSRVHQWDGRULD³HDSURYDGRQXP FDUJR GH PDQGDWR HOHWLYR ( VH IRU HOHLWR KDYHUi XPD
QRYR FRQFXUVR S~EOLFR FRQTXLVWDYD XP QRYR FDUJR QRYLGDGH HP VXD VLWXDomR MXUtGLFD SRLV QmR WHUi HOH
S~EOLFRDFXPXODQGRRVSURYHQWRVGDDSRVHQWDGRULDHRV FRQGLo}HV KRUiULRRXQDWXUH]DGDDWLYLGDGHHWF GHSURVVHJXLU
YHQFLPHQWRVGRQRYRFDUJR FRPDVWDUHIDV IXQo}HV QRUPDLVGHVHXFDUJRS~EOLFR'H
RXWUR ODGR p GLUHLWR VHX ³ GLUHLWR j FLGDGDQLD ³ TXH
† 1mR VHUmR FRPSXWDGDV SDUDHIHLWRGRVOLPLWHV RFXSH R FDUJR HOHWLYR  ¢&RPR ILFDUi VXD VLWXDomR QR
UHPXQHUDWyULRV
UHPXQHUDWyULRVGH TXHWUDWD
GHTXHWUDWDRLQFLVR
LQFLVR;,
;,GR
GRFDSXW HPSUHJRS~EOLFR"&RQILUD
GHVWH
GHVWHDUWLJR
DUWLJRDV
DVSDUFHODV
SDUFHODVGH
GHFDUiWHU
FDUiWHULQGHQL]DWyULR
SUHYLVWDVHPOHL , WUDWDQGRVH
WUDWDQGRVHGH
GHPDQGDWRHOHWLYRIHGHUDOHVWDGX
DO RX GLVWULWDO ILFDUi DIDVWDGR GH VHX FDUJR
2EV†DFUHVFLGRSHOD(&QžGH HPSUHJRRXIXQomR
HPSUHJRRXIXQomR

$UHWULEXLomRSHFXQLiULDGRVHUYLGRUS~EOLFRpFRPSRVWD 5HJUDVLPSOHVHOHLWRSDUDFDUJRIHGHUDOHVWDGXDORX
GHXPDEDVHYDQWDJHQVGRFDUJRRXIXQomRPDLVDGLFLR GLVWULWDOVHUiHOHDIDVWDGRGDVIXQo}HVGHVHXFDUJR RX
QDLVYDQWDJHQVSHVVRDLVHWFDOHLTXHGHILQLURVVXEVtGLRV HPSUHJR  S~EOLFR ,VVR Vy QmR RFRUUHUi VH HOH IRU HOHLWR
GHYHUi GHWHUPLQDU TXH WRGDV WDLV YHUEDV LQWHJUDP D 9HUHDGRU H DLQGD DVVLP KRXYHU FRPSDWLELOLGDGH GH
UHPXQHUDomRHVHXVRPDWyULRQmRSRGHUiXOWUDSDVVDUR KRUiULRHGHVXDVIXQo}HV
WHWRFRQVWLWXFLRQDO³RYDORUPi[LPRDVHUUHFHELGRSHOR
DJHQWHS~EOLFRHTXHQmRSRGHUiVHUXOWUDSDVVDGRQHP ,, LQYHVWLGR
LQYHVWLGRQR
QRPDQGDWR
PDQGDWRGH
GH3UHIHLWR
3UHIHLWRVHUi
VHUiDIDVWDGR
GRFDUJR
GR FDUJRHPSUHJRRXIXQomRVHQGROKH
HPSUHJRRXIXQomRVHQGROKHIDFXO
PHVPRSHOR3UHVLGHQWHGD5HS~EOLFD
WDGRRSWDUSHODVXDUHPXQHUDomR
2 DFUpVFLPR GHVWH †  SHOD (&Qž  WHP (VWH p XP SULYLOpJLR GR IXQFLRQiULR S~EOLFR TXH VH
SURSyVLWR GHFODUDWyULR SDUD TXH QmR VH FRQIXQGD D HOHJH3UHIHLWRFDVRHVWHMDJDQKDQGRPDLVFRPRIXQFLRQi
UHPXQHUDomRFRPDLQGHQL]DomRHVWD~OWLPDQmRp´JD ULRS~EOLFRGRTXHLUiJDQKDUFRPR3UHIHLWRSRGHUiHOH
QKRµPDVUHHPEROVRSRUDOJXPDGHVSHVDTXHRVHUYLGRU HVFROKHUFRPTXDOUHPXQHUDomRILFDUi
WHYHGHVXSRUWDUFRPRSH[DV´GLiULDVµ'HIDWRVHXP
VHUYLGRUpREULJDGRDYLDMDUDVHUYLoRHQIUHQWDUiGHVSHVDV ,,, LQYHVWLGR
LQYHVWLGR QR PDQGDWR GH 9HUHDGRUKDYHQGR
GHSDVVDJHPKRWHODOLPHQWDomRWi[LHWF-XVWRSRLV FRPSDWLELOLGDGH
FRPSDWLELOLGDGH GH KRUiULRV SHUFHEHUi DV
TXH VH OKH SDJXHP ´GLiULDVµ SDUD R SDJDPHQWR GHVVDV YDQWDJHQV
YDQWDJHQV GH VHX FDUJR HPSUHJR RX IXQomR
GHVSHVDVLVVRQmRp´UHPXQHUDomRµPDVLQGHQL]DomRH VHP
VHPSUHMXt]R
SUHMXt]RGD
GDUHPXQHUDomR
UHPXQHUDomRGR
GRFDUJR
FDUJRHOHWLYR
DVVLPQmRSRGHVHUFRPSXWDGRQR´WHWRVDODULDOµ HQmRKDYHQGR
HQmRKDYHQGRFRPSDWLELOLGDGHVHUiDSOLFDGD
DQRUPDGRLQFLVRDQWHULRU
DQRUPDGRLQFLVRDQWHULRU
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

4XLoiSRUTXHDDWLYLGDGHGR9HUHDGRUVHUHVWULQMDDR 6XFHGHXHQWUHWDQWRTXHPHGLGDOLPLQDUFRQFHGLGDQD
PHGLGDOLPLQDU
0XQLFtSLRSUHVVXSRQGRVHTXHVHMDHODGHSRXFRVDID]H $',1QžVXVSHQGHXDHILFiFLDGHVVDQRYDUHGDomR
$',1 Qž
UHV HVWD p D UHJUD SRLV DV PHJDOySROLV VmR UDUDV H D GRFDSXWGRDUW&)DWpMXOJDPHQWRILQDOVRERIXQGD
JUDQGHPDLRULDGRVPXQLFtSLRVEUDVLOHLURVVmRPLQ~VFXORV PHQWRGHTXHRWH[WRREWHYHDSHQDVYRWRVTXDQGR
³D&RQVWLWXLomRSRVVLELOLWRXTXHRIXQFLRQiULRS~EOLFR VHULDPQHFHVViULRVYRWRVHPž7XUQRGHYRWDomRQD
HOHLWR 9HUHDGRU SURVVLJD WUDEDOKDQGR HP VHX FDUJR &kPDUDGRV'HSXWDGRV&RQVHTXHQWHPHQWHSUHYDOHFHD
S~EOLFR(RPHOKRUFRQWLQXDUiJDQKDQGRRVGRLVVDOiUL LPSRVLomRGR´UHJLPHMXUtGLFR~QLFRµLQFRPSDWtYHOFRPD
RVVHKRXYHUFRPSDWLELOLGDGHSDUDDFXPXODomR ILJXUDGR´HPSUHJRS~EOLFRµ

,9 HP
HPTXDOTXHU
TXDOTXHUFDVR
FDVRTXH
TXHH[LMD
H[LMDRDIDVWDPHQWRSDUD $ SULPHLUD QRYLGDGH VHULD R ILP GR UHJLPH MXUtGLFR
R H[HUFtFLR
H[HUFtFLR GH
GH PDQGDWR
PDQGDWR HOHWLYRVHXWHPSRGH
HOHWLYRVHXWHPSRGH ~QLFRSDUDRVVHUYLGRUHVGDDGPLQLVWUDomRS~EOLFDGLUHWD
VHUYLoR
VHUYLoR VHUi
VHUi FRQWDGR
FRQWDGR SDUD WRGRV RV HIHLWRV GDVDXWDUTXLDVHGDVIXQGDo}HVS~EOLFDV3RUHQTXDQWR
OHJDLV
OHJDLVH[FHWR
H[FHWRSDUD
SDUDSURPRomR
SURPRomRSRU
SRUPHUHFLPHQWR
PHUHFLPHQWR FRP D VXVSHQVmR GH HILFiFLD HVWDEHOHFLGD QD OLPLQDU GD
$',1QžSUHYDOHFHDLQGDDREULJDWRULHGDGHGR
(OHLWR H H[HUFHQGR VXD FLGDGDQLD R IXQFLRQiULR UHJLPHMXUtGLFR~QLFR
S~EOLFRQmRSRGHVHUSUHMXGLFDGRRWHPSRHPTXHHVWLYHU
DIDVWDGRH[HUFHQGRXPPDQGDWRHOHWLYRVHUiFRPSXWDGR $ GHVREULJDomR GH XP ~QLFR UHJLPH MXUtGLFR 5-8
VHMDSDUDILQVGHDGLFLRQDLVGHDSRVHQWDGRULDRXDWpGH SHUPLWLULDj8QLmR(VWDGRVPHPEURV'LVWULWR)HGHUDOH
SURPRomRSRUDQWLJXLGDGHVyQmRVHUiFRPSXWDGRSDUD 0XQLFtSLRVDGHILQLomRGHQRYDVSROtWLFDVSDUDDFRQWUDWD
HIHLWRGHSURPRomRSRUPHUHFLPHQWRSRLVQmRGHVHPSH omRGHVHUYLGRUHVLQFOXVLYHSHORUHJLPHFHOHWLVWD GD&/7 
QKRX DV IXQo}HV GR FDUJR H VHX PpULWR QR FDUJR QmR HTXLSDUDQGR R IXQFLRQiULR S~EOLFR DR GD DWLYLGDGH
SRGHULDVHUDYDOLDGR SULYDGDQRTXHFRQFHUQHDVHXVGLUHLWRVHGHYHUHV
9 SDUD
SDUDHIHLWR
HIHLWRGH
GHEHQHItFLR
EHQHItFLRSUHYLGHQFLiULR
SUHYLGHQFLiULRQR
QRFDVR &ODURTXHQDGDLPSHGLUiTXHTXDOTXHUVHJPHQWRGD
GHDIDVWDPHQWR
GH DIDVWDPHQWRRV
RVYDORUHV
YDORUHVVHUmR
VHUmRGHWHUPLQDGRV $GPLQLVWUDomRFRQWLQXHDGRWDQGRRUHJLPHGHRXWURUDD
FRPRVHQRH[HUFtFLRHVWLYHVVH
FRPRVHQRH[HUFtFLRHVWLYHVVH UHIRUPD DSHQDV  DIDVWD D REULJDWRULHGDGH GH XP ~QLFR
UHJLPHH[DWDPHQWHSDUDTXHVHDOFDQFHPDLRUIOH[LELOLGD
$SUHYLGrQFLDVRFLDO VHMDDGR,136VHMDDSUHYLGrQFLD GH QD DGPLVVmR GH VHUYLGRUHV GDQGR j DGPLQLVWUDomR
SUySULDGRVIXQFLRQiULRVS~EOLFRV FRQIHUHDVHXVILOLDGRV S~EOLFD QRYDV RSo}HV QD FRQGXomR GH VXDV SROtWLFDV GH
PXLWRV EHQHItFLRV (VVHV EHQHItFLRV FRQWLQXDUmR VHQGR SHVVRDO
SDJRVPHVPRTXHRILOLDGRVHMDHOHLWRSDUDTXDOTXHUPDQ
GDWR6yTXHDUHPXQHUDomRGRPDQGDWRQmRVHUiFRQVL $WHQWHVH D TXH FRQWLQXDUmR VHQGR DGPLWLGRV SHOR
GHUDGD VH HOH PRUUHU QR FDUJR GH 3UHIHLWR D YL~YD GR UHJLPHMXUtGLFRHVWDWXWiULRHSURWHJLGRVSHODHVWDELOLGDGH
WRUQHLUR PHFkQLFR QmR UHFHEHUi GR ,136 XPD SHQVmR WRGRVTXDQWRVH[HUoDPDWLYLGDGHVSUySULDVRXH[FOXVLYDV
FRPEDVHQRYDORUGRVDOiULRGHSUHIHLWRPDVGRTXHMi GH(VWDGRFRPRMXt]HVSURPRWRUHVSROLFLDLVILVFDLVGD
YLQKDFRQWULEXLQGRRPDULGRFRPRWRUQHLURPHFkQLFR 5HFHLWD)HGHUDOHGHPDLVRXWURV

2XWUD QRYLGDGH VHULD D FULDomR GH XP FRQVHOKR GH


SROtWLFDGHDGPLQLVWUDomRHUHPXQHUDomRGHSHVVRDOXP
'RV6HUYLGRUHV3~EOLFRV
yUJmRFROHJLDGRTXHVHUiRXYLGR DSHQDVRXYLGRFRPR
VXJHUH R QRPH ´FRQVHOKRµ  HPLWLQGR SDUHFHUHV VREUH D
JHVWmRGRVUHFXUVRVKXPDQRVGHVGHSODQRVGHFDUUHLUD
2 0HVWUH -26e $)2162 '$ 6,/9$ HQVLQD TXH RV GLUHLWRVGHYHUHVFULWpULRVGHSURPRomRHGLVFLSOLQDDWpD
DJHQWHV DGPLQLVWUDWLYRV VmR RV VHUYLGRUHV S~EOLFRV UHPXQHUDomR
GHILQLQGRRV FRPR WRGRV DTXHOHV TXH PDQWrP FRPR R
3RGHU3~EOLFRUHODomRGHWUDEDOKRQmRHYHQWXDOVREYtQFXOR 2IDWRGHWDOFRQVHOKRGHYHUVHULQWHJUDGRSRUVHUYLGRUHV
GHGHSHQGrQFLDFDUDFWHUL]DQGRVHDVVLPSHODSURILVVLRQDOL GHVLJQDGRVSHORVUHVSHFWLYRV3RGHUHVFRQIHUHOKHOHJLWLPLGD
GDGH H UHODomR GH VXERUGLQDomR KLHUiUTXLFD LQ
&XUVR GH GHGHUHSUHVHQWDomRDXUDTXHSRGHUiHVYD]LDUDDWLYLGDGH
'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS 
6LQGLFDOGRIXQFLRQDOLVPRVHWDLVUHSUHVHQWDQWHVQmRVH
UHYHODUHPSHOHJRVDVHUYLoRGRVSROtWLFRVGRSRGHU1mRVH
$UW $ 8QLmR
8QLmR RV
RV (VWDGRV
(VWDGRV R 'LVWULWR )HGHUDO HRV
WHQKDWRGDYLDWDOLOXVmRSRUTXDQWRRIDWRGHVHUHPHOHV
0XQLFtSLRV
0XQLFtSLRV LQVWLWXLUmR
LQVWLWXLUmR QR
QR kPELWRGHVXDFRP
kPELWRGHVXDFRP
´GHVLJQDGRVSHORVUHVSHFWLYRV3RGHUHVµFHUWDPHQWHQmRRV
SHWrQFLD
SHWrQFLD UHJLPH
UHJLPH MXUtGLFR
MXUtGLFR ~QLFR H SODQRV GH
OLYUDUi GHVVD SHFKD GH GHVFRQILDQoD GR IXQFLRQDOLVPR
FDUUHLUD
FDUUHLUD SDUD
SDUD RV
RV VHUYLGRUHV GD DGPLQLVWUDomR
VHUYLGRUHV GD
GHVDFUHGLWDQGRRVFRPRGHIHQVRUHVGDFDWHJRULDPHVPR
S~EOLFD
~EOLFDGLUHWD
GLUHWDGDV
GDVDXWDUTXLDV
DXWDUTXLDVHGDV
GDVIXQGDo}HV
IXQGDo}HV
SRUTXHQDGDOKHVDVVHJXUDPDQGDWRQHPHVWDELOLGDGHQR
S~EOLFDV
&RQVHOKRRTXHSHUPLWHDDQWHYLVmRGHVXDGHPLVVLELOLGD
2EV
2EV D(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD$GPLQLVWUDWLYD GHDGQXWXPVHFRQWUDULDUHPRVLQWHUHVVHVGRV´UHVSHFWLYRV
GHXDVHJXLQWHQRYD
QRYDUHGDomRDHVWHDUWLJR
QRYD ³$UW$8QLmR SRGHUHVµ
RV(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVLQVWLWXLUmR
FRQVHOKRGHSROtWLFDGHDGPLQLVWUDomRHUHPXQHUDomRGH †ž $ IL[DomR GRV SDGU}HV GH YHQFLPHQWRHGRV
SHVVRDO LQWHJUDGR SRU VHUYLGRUHV GHVLJQDGRV SHORV GHPDLV
GHPDLVFRPSRQHQWHV
FRPSRQHQWHVGR
GRVLVWHPD
VLVWHPDUHPXQHUDWyULR
UHVSHFWLYRV3RGHUHV´ REVHUYDUi
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

, D QDWXUH]D R JUDX GHUHVSRQVDELOLGDGHHD HPEDVDPHQWRSDUDTXHRVUHVSHFWLYRVFDUJRVWHQKDPXPD


FRPSOH[LGDGH
FRPSOH[LGDGHGRV
GRVFDUJRV
FDUJRVFRPSRQHQWHV
FRPSRQHQWHVGH
GHFDGD GLIHUHQFLDGDUHPXQHUDomREDVHHPERUDQmRPDLVLQFLGDP
FDUUHLUD RVDGLFLRQDLV

,, RVUHTXLVLWRVSDUDDLQYHVWLGXUD 0DVDLQGDVXEVLVWHPDOJXQVGLUHLWRVVRFLDLVHPIDYRU


GRIXQFLRQiULRS~EOLFR³HTXHIRUDPSUHYLVWRVHVSHFLDO
,,, DVSHFXOLDULGDGHVGRVFDUJRV PHQWH SDUD RV GHPDLV WUDEDOKDGRUHV FRPXQV $VVLP R
IXQFLRQiULR S~EOLFR DLQGD WHUi GLUHLWR D ,9  VDOiULR
'LYLVDVH QHVVD QRYD GLVSRVLomR WHU VLGR D UHIRUPD PtQLPR  9,,  JDUDQWLD GH VDOiULR PtQLPR  9,,,
DGPLQLVWUDWLYD DWHQWD j SURILVVLRQDOL]DomR GR VHUYLGRU GpFLPRWHUFHLURVDOiULR ,; DGLFLRQDOQRWXUQR ;,,
S~EOLFR RV YHQFLPHQWRV QmR PDLV VHUmR QLYHODGRV SRU VDOiULRIDPtOLDSDUDVHXVGHSHQGHQWHVH[FOXVLYDPHQWH
EDL[R SRLV VHUi REULJDWyULR TXH D UHPXQHUDomR VHMD DRWUDEDOKDGRU´GHEDL[DUHQGDµ ;,,, MRUQDGDGLiULDGH
GHILQLGD HP UD]mR GD QDWXUH]D GR FDUJR GR JUDX GH WUDEDOKR GH QR Pi[LPR  KRUDV H  KRUDV VHPDQDLV
UHVSRQVDELOLGDGHHGDFRPSOH[LGDGHGRVFDUJRVFRPSR ;9 UHSRXVRVHPDQDOUHPXQHUDGRµ ;9, KRUDVH[WUDV
QHQWHV GH FDGD FDUUHLUD 1RXWUDV SDODYUDV TXHP WHP ;9,,  IpULDV ;9,,,  OLFHQoD j JHVWDQWH ;,;
PDLRU UHVSRQVDELOLGDGH RX TXHP VH GHVHPEDUDoD GH OLFHQoDSDWHUQLGDGH  ;;  SURWHomR DR WUDEDOKR GD
WUDEDOKRV PDLV FRPSOH[RV GHYHUi JDQKDU PDLV TXH XP PXOKHU ;;,, VHJXUDQoDGHWUDEDOKRH ;;; LJXDOGD
VLPSOHVEXURFUDWD GHOHJDO

†ž $8QLmR
8QLmRRV
RV(VWDGRV
(VWDGRVHR'LVWULWR
'LVWULWR)HGHUDOPDQWH †ž 2 PHPEUR GH 3RGHU R GHWHQWRUGHPDQGDWR
UmR HVFRODV
UmR HVFRODV GH
GH JRYHUQR
JRYHUQR SDUD
SDUD D IRUPDomR
IRUPDomR H R HOHWLYR
HOHWLYRRV
RV0LQLVWURV
0LQLVWURVGH (VWDGRHRV
GH(VWDGR RV6HFUHWiULRV
DSHUIHLoRDPHQWR
DSHUIHLoRDPHQWR GRV GRV VHUYLGRUHV
VHUYLGRUHV S~EOLFRV (VWDGXDLV
(VWDGXDLV H 0XQLFLSDLV
0XQLFLSDLV VHUmR
VHUmR UHPXQHUDGRV
FRQVWLWXLQGRVH
FRQVWLWXLQGRVH D SDUWLFLSDomR
SDUWLFLSDomR QRV
QRV FXUVRV
FXUVRV XP H[FOXVLYDPHQWH
H[FOXVLYDPHQWHSRU
SRUVXEVtGLR
VXEVtGLRIL[DGR
IL[DGRHP
HPSDUFHOD
GRV
GRV UHTXLVLWRV
UHTXLVLWRV SDUD
SDUD D SURPRomR
SURPRomR QDQD FDUUHLUD
FDUUHLUD ~QLFDYHGDGRRDFUpVFLPRGH
~QLFDYHGDGRRDFUpVFLPRGHTXDOTXHUJUDWLIL
IDFXOWDGD
IDFXOWDGDSDUD
SDUDLVVR
LVVRDFHOHEUDomR
FHOHEUDomRGH
GHFRQYrQLRV FDomR
FDomR DGLFLRQDO
DGLFLRQDO DERQR SUrPLR YHUED GH
RXFRQWUDWRVHQWUHRVHQWHVIHGHUDGRV UHSUHVHQWDomR
UHSUHVHQWDomRRX
RXRXWUD
RXWUDHVSpFLH
HVSpFLHUHPXQHUDWyULD
REHGHFLGR
REHGHFLGRHP
HPTXDOTXHU
TXDOTXHUFDVR
FDVRRGLVSRVWR
GLVSRVWRQR
QRDUW
(VWDEHOHFHVH DTXL D SURILVVLRQDOL]DomR GHILQLWLYD GR ;H;,
VHUYLGRUS~EOLFR3DUDLVVRpTXHVHGHWHUPLQRXDLQVWLWXL
omR GH ´(VFRODV GH *RYHUQRµ D 8QLmR RV (VWDGRV H R 0HUHFHGHVWDTXHDGHILQLomRGH´VX VXEVtGLR
VXEVtGLR IL[DGR HP
'LVWULWR)HGHUDOGHYHUmRPDQWHUHVFRODVGHJRYHUQRSDUD SDUFHOD~QLFDµSDUDRVYHQFLPHQWRVGHTXHPVHMD´PHPEUR
SDUFHOD ~QLFD
VHXVVHUYLGRUHVRXVHMDFXUVRVUHJXODUHVGHDGPLQLVWUDomR GH3RGHUµRXGHTXHPVHMD´GHWHQWRUGHPDQGDWRHOHWLYRµ
S~EOLFDJHUDOHHVSHFLDOL]DGDPHOKRUFDSDFLWDQGRRDJHQ RX GH TXHP VHMD ´0LQLVWURV GH (VWDGR H RV 6HFUHWiULRV
WHS~EOLFRDGHVHPSHQKDUDVIXQo}HVGHVHXFDUJR (VWDGXDLV H 0XQLFLSDLVµ  $ UHPXQHUDomR SRU ´VXEVtGLR
IL[DGR HP SDUFHOD ~QLFDµ S}H ILP DR PDVFDUDPHQWR
†ž $SOLFDVH DRV VHUYLGRUHV RFXSDQWHVGHFDUJR GLVVLPXODWLYR GD UHPXQHUDomR HP TXH WDLV DJHQWHV
S~EOLFRRGLVSRVWRQRDUWž,99,,9,,,,;
S~EOLFRRGLVSRVWRQRDUWž,99,,9,,,,; S~EOLFRV JDQKDYDP VDOiULR GH SHTXHQtVVLPR YDORU TXH
;,,
;,, ;,,,
;,,, ;9;9,;9,,;9,,,;,;;;;;,,H
;9;9,;9,,;9,,,;,;;;;;,,H VXEVHTXHQWHPHQWH HUD DFUHVFLGR GH DERQRV DGLFLRQDLV
;;;SRGHQGRDOHLHVWDEHOHFHUUHTXLVLWRV
;;;SRGHQGRDOHLHVWDEHOHFHUUHTXLVLWRVGLIH YHUEDVGHUHSUHVHQWDomRHWF³HQmRUDURWLQKDVHXYDORU
UHQFLDGRV
UHQFLDGRV GHGH DGPLVVmR
DGPLVVmR TXDQGR
TXDQGR D QDWXUH]D
QDWXUH]D GR GREUDGRWULSOLFDGRVHQmRDWpGHFXSOLFDGR
FDUJRRH[LJLU
†ž /HL
/HLGD
GD8QLmR
8QLmRGRV
GRV(VWDGRV
(VWDGRVGR
GR'LVWULWR)HGHUDOH
)RUDPVXSULPLGRVRVGLUHLWRVGRLQF9,H;;,,,GRDUW GRV
GRV 0XQLFtSLRV
0XQLFtSLRV SRGHUi
SRGHUi HVWDEHOHFHU
HVWDEHOHFHU D UHODomR
žDQWHVDUURODGRV6LJQLILFDULDTXHDUHIRUPDDGPLQLVWUDWL HQWUH
HQWUH D PDLRU
PDLRU H D PHQRU
PHQRU UHPXQHUDo
UHPXQHUDomRmR GRV
YDRVHUYLGRUS~EOLFRVXSULPLXRGLUHLWRjLUUHGXWLELOLGDGH VHUYLGRUHV
VHUYLGRUHV S~EOLFRV REHGHFLGR HP TXDOTXHU
GHVDOiULRVWRUQDQGRSRVVtYHOHPFRQGLo}HVH[FHSFLRQD FDVRRGLVSRVWRQRDUW;,
LVDUHGXomRGRVDOiULRGRVHUYLGRU³HWDPEpPQmRPDLV
UHFHEHUi ´DGLFLRQDLV GH LQVDOXEULGDGH SHQRVLGDGH H SH (VWDEHOHFHVH DTXL XP YtQFXOR SDUD PLQLPL]DU D
ULFXORVLGDGHDLQGDTXHIXQFLRQiULRS~EOLFRWUDEDOKHHP GLIHUHQoD HQWUH R PDLRU H R PHQRU VDOiULR SDJRV SHOD
FRQGLo}HVLQVDOXEUHV DJUHVVLYDVGHWHULRUDQGRVXDVD~GH $GPLQLVWUDomR 3~EOLFD R REMHWLYR p D GLPLQXLomR GDV
OL[HLUR SH[  RX HP VHUYLoR SHQRVR GLItFLO iUGXR LQMXVWLoDV VRFLDLV e LPSRUWDQWH QRWDU SRUpP TXH R
SHVDGR GHVJDVWDQWH SH[ R EULWDGRU  RX HP VHUYLoR DXPHQWRGRSLVRSRGHUiDFDUUHWDUDXPHQWRSDUDRWHWRVH
SHULJRVR FRPULVFRGHYLGDSH[XPHOHWULFLVWDGHDOWD D OHL YLHU D HVWDEHOHFHU XPD JUDGXDomR RX SURSRUomR
WHQVmR QmR
QmRWHUiHOHTXDOTXHUDFUpVFLPRHPVHXVYHQFL
QmR DULWPpWLFDHQWUHHOHV
PHQWRVDWtWXORGHDGLFLRQDO
DGLFLRQDO
DGLFLRQDO
†ž 2V
2V 3RGHUHV([HFXWLYR/HJLVODWLYRH-XGLFLiULR
3RGHUHV([HFXWLYR/HJLVODWLYRH-XGLFLiULR
5HJLVWUHVHSRUpPTXHR†žGRDUWGHWHUPLQRX SXEOLFDUmR
SXEOLFDUmRDQXDOPHQWH
DQXDOPHQWHRV
RVYDORUHV
YDORUHVGR
GRVXEVtGLR
VXEVtGLRH
TXHDIL[DomRGRVSDGU}HVGHYHQFLPHQWRREVHUYDUi´DV GD
GD UHPXQHUDomR
UHPXQHUDomR GRV
GRV FDUJRVHHPSUHJRVS~EOL
FDUJRVHHPSUHJRVS~EOL
SHFXOLDULGDGHVGRVFDUJRVµ³RTXHLPSOLFDDFRQVLGHUDomR FRV
GHVVDVSHFXOLDULGDGHVGRFDUJRIXQomRWDQWRDLQVDOXEUL
GDGH FRPR D SHQRVLGDGH H D SHULJRVLGDGH IRUQHFHUmR $SXEOLFDomRGRVYDORUHVHGRVVXEVtGLRVSDJRVSHORV
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

WUrV SRGHUHV QmR WHP RXWUR SURSyVLWR VHQmR R GH ID]HU 2VLVWHPDSUHYLGHQFLiULREDVHDGRQDFRQWULEXLomR³GDt
WUDQVSDUHQWHRVLVWHPDGHUHPXQHUDomRGRIXQFLRQDOLVPR VHX´FDUiWHUFRQWULEXWLYRµ³YLQFXODYDDDSRVHQWDGRULDH
³HFRPLVVRYLDELOL]DURFRQWUROHVRFLDOVREUHHYHQWXDLV RXWURVEHQHItFLRVDRWHPSRGHFRQWULEXLomRHQmRDR´WHPSR
H[FHVVRV GH VHUYLoRµ $VVLP SH[ R SHUtRGR GH DIDVWDPHQWR GR
VHUYLGRUSH[SDUDIUHTXHQWDUFXUVRRXDSHUIHLoRDPHQWR
†ž /HL
/HLGD
GD8QLmR
8QLmRGRV
GRV(VWDGRV
(VWDGRVGR
GR'LVWULWR)HGHUDOH RXGHHVWXGRVQRH[WHULRURXHPRUJDQLVPRLQWHUQDFLRQDO
GRV
GRV 0XQLFtSLRV
0XQLFtSLRV GLVFLSOLQDUi
GLVFLSOLQDUi D DSOLFDomR
DSOLFDomR GH RXSRUIRUoDGHPDQGDWRFODVVLVWDVHP{QXVSDUDRVFRIUHV
UHFXUVRV
UHFXUVRVRUoDPHQWiULRV
RUoDPHQWiULRVSURYHQLHQWHV
SURYHQLHQWHVGD
GDHFRQR S~EOLFRVVHQmRUHIOHWLUSDJDPHQWRGDFRQWULEXLomRSUHYL
PLD
PLD FRP
FRP GHVSHVDV
GHVSHVDV FRUUHQWHV
FRUUHQWHV HP
HP FDGD
FDGD yUJmR GHQFLiULD LQWHUURPSHQGRVH VHX UHFROKLPHQWR QmRmR PDLV
DXWDUTXLD
DXWDUTXLDHIXQGDomR
IXQGDomRSDUD
SDUDDSOLFDomR
DSOLFDomRQR
QRGHVHQ SRGHUiVHUFRPSXWDGRQHPSDUDHIHLWRGHDSRVHQWDGRULD
YROYLPHQWR
YROYLPHQWRGH SURJUDPDVGHTXDOLGDGHHSURGX
GHSU RJUDPDVGHTXDOLGDGHHSURGX QHPSDUDRXWURVEHQHItFLRVTXHH[LMDPWHPSRPtQLPR
WLYLGDGH
WLYLGDGH WUH
WUHLQDPHQWR
LQDPHQWR H GHVHQYROYLPHQWR
PRGHUQL]DomR
PRGHUQL]DomRUHDSDUHOKDPHQWR
UHDSDUHOKDPHQWRHUDFLRQDOL]D 2UHJLPHFRQWULEXWLYR³FRQTXDQWREDVHDGRQDFRQWUL
omR
omRGR
GRVHUYLoR
VHUYLoRS~EOLFR
S~EOLFRLQFOXVLYH
LQFOXVLYHVRE
VREDIRUPD
IRUPDGH EXLomRSDJDSHORVVHUYLGRUHV³QmRVLJQLILFDH[FOXVLYDPHQ
DGLFLRQDORXSUrPLRGHSURGXWLYLGDGH WHSRUHOHVFXVWHDGRTXDOQRYHOKR†žDUWGHVWDFDYDVH
XPDSUHRFXSDomRHPHYLWDUTXHRGLQKHLURDUUHFDGDGRFRP
*DVWDU GLQKHLUR p ´SRGHUµ DQWHV PXLWRV yUJmRV WULEXWRV LPSRVWRV WD[DV H FRQWULEXLo}HV GH PHOKRULD 
JDVWDYDPWXGRSDUD´TXHLPDUDGRWDomRRUoDPHQWiULDµH DFDEHPGHVYLDGRVSDUDRSDJDPHQWRGDVDSRVHQWDGRULDVH
JDUDQWLUGRWDomRLJXDOQRRUoDPHQWRGRDQRVHJXLQWHD SHQV}HVGRVVHUYLGRUHV³QRUHJLPHFRQWULEXWLYRWDPEpP
SURSRVWDGHDSURYHLWDUD´HFRQRPLDµSDUDDRWLPL]DomRGR VH EXVFD TXH HVVDV GHVSHVDV GHYHP VHU GLYLGLGDV SHORV
VHUYLoR S~EOLFR LQFOXVLYH FRPR SUrPLR p UHIOH[R GR SUySULRVVHUYLGRUHVHSHOD8QLmR
SULQFtSLR GD HILFLrQFLD H SRGH DFDEDU FRP D DQWHULRU
GLVWRUomR 'DPHVPDIRUPDTXHDVDSRVHQWDGRULDVHSHQV}HVGRV
WUDEDOKDGRUHV FRPXQV VmR FXVWHDGDV SRU HOHV H VHXV
†ž $UHPXQHUDomR
UHPXQHUDomRGRV
GRVVHUYLGRUHVS~EOLFRVRUJDQL SDWU}HV SDJDQGR DPERV DR ,166 WDPEpP R VHUYLGRU
]DGRV
]DGRVHP
HPFDUUHLUD
FDUUHLUDSRGHUi
SRGHUiVHU
VHUIL[DGD
IL[DGDQRV
QRVWHUPRV S~EOLFRHVHXSDWUmR D8QLmR GHYHPFRQWULEXLUVXILFLHQ
GR†ž
GR†ž WHPHQWH SDUD SDJDU VXDV DSRVHQWDGRULDV H SHQV}HV
1RXWUDVSDODYUDVRVLVWHPDGHSUHYLGrQFLDGD8QLmRGHYH
1RXWUDV SDODYUDV SRGHUi RFRUUHU GH RV VHUYLGRUHV VHURUJDQL]DGRHDGPLQLVWUDGRFRPFRPSHWrQFLDHHILFLrQ
S~EOLFRVYLUHPDVHUUHPXQHUDGRVQmRPDLVSRUVDOiULRV FLD SDUD TXH QmR IDOWH R GLQKHLUR GDV DSRVHQWDGRULDV H
RX SRU YHQFLPHQWRV PDV H[FOXVLYDPHQWH SRU VXEVtGLR SHQV}HVPDVVHXFXVWHLRVHUiUHWLUDGRVyGDVFRQWULEXLo}HV
IL[DGRHPSDUFHOD~QLFDYHGDGRRDFUpVFLPRGHTXDOTXHU PHQVDLVSDJDVSHORVVHUYLGRUHVHSDJDVSHODHPSUHJDGRUD
JUDWLILFDomRDGLFLRQDODERQRSUrPLRYHUEDGHUHSUHVHQWD D8QLmR 
omRRXRXWUDHVSpFLHUHPXQHUDWyULDµ³PDVQHPSRULVVR
H[FHGHUi R WHWR RX VHMD QXQFD UHFHEHUi PDLV TXH R 1mR REVWDQWH D (PHQGD &RQVWLWXFLRQDO Qž 
0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO 5HIRUPDGD3UHYLGrQFLD MiVHSUHRFXSDVVHFRPDIDOWDGH
GLQKHLURSDUDRSDJDPHQWRGHSURYHQWRVGHDSRVHQWDGRULD
$UW $RV
$RV VHUYLGRUHV WLWXODUHV GH FDUJRV HIHWLYRVGD H SHQV}HV GH VHXV VHUYLGRUHV ³ VXD HVWUXWXUD LPSHGLD D
8QLmR
8QLmR GRV
GRV (VWDGRV
(VWDGRV GR
GR 'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO H GRV FREUDQoDGH´FRQWULEXLomRµGRVDSRVHQWDGRV
0XQLFtSLRVLQFOXtGDVVXDVDXWDUTXLDVHIXQGD
0XQLFtSLRVLQFOXtGDVVXDVDXWDUTXLDVHIXQGD
o}HV
o}HV p DVVHJXUDGR
DVVHJXUDGR UHJLPH GH SUHYLGrQFLD GH $DSRVHQWDGRULDHUDR´SUrPLRµFRQTXLVWDGRSRUDTXHOHV
UFRQWULEXWLYRHVROLGiULRPHGLDQWHFRQWUL
FDUiWHUFRQWULEXWLYR
FDUiWHUFRQWULEXWLYRHVROLGiULRPHGLDQWHFRQWUL TXH FRQWULEXtVVHP SRU XP GHWHUPLQDGR SHUtRGR
EXLomR
EXLomRGR
GRUHVSHFWLYR
UHVSHFWLYRHQWHS~EOLFRGRVVHUYLGRUHV WUDEDOKDYDVH H VH SDJDYD D FRQWULEXLomR DWp DOFDQoDU D
DWLYRV
DWLYRV H LQDWLYRV
LQDWLYRV H GRV
GRV SHQVLRQLVWDV
SHQVLRQLVWDV
LVWDV REVHUYDGRV YHOKLFHHDDSRVHQWDGRULDTXHVHULD´EDQFDGDµSHORVTXH
FULWpULRV
FULWpULRVTXHSUHVHUYHPR
TXHSUHVHUYHPRHTXLOtEULR
HTXLOtEULRILQDQFHLUR FRQWLQXDVVHPQRWUDEDOKRXPFtUFXORYLFLRVRHPTXHRV
HDWXDULDOHRGLVSRVWRQHVWHDUWLJR MRYHQVVXFHGLDPRVYHOKRVDWpTXHVH WRUQDVVHPYHOKRVH
2EV DUHGDomRGHVWHLQFLVRIRLDOWHUDGDSULPHLUDPHQWHSHOD(&Qž 5HIRUPD IRVVHJDUDQWLGRVSHORVMRYHQVTXHLQJUHVVDYDPQRWUDEDOKR
GD 3UHYLGrQFLD  H DJRUD SHOD (PHQGD &RQVWLWXFLRQDO Qƒ GH 
FKDPDGDGH5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD
$5HIRUPDGD3UHYLGrQFLDSHOR*RYHUQR/XOD37PDQ
$5HIRUPDGD3UHYLGrQFLDLQVWLWXLXRUHJLPHGHSUHYLGrQ WHYHU R ´UHJLPH GH SUHYLGrQFLD GH FDUiWHU FRQWULEXWLYRµ
FLD GH FDUiWHU FRQWULEXWLYR SDUD RV VHUYLGRUHV S~EOLFRV PDVDFUHVFHXOKHRFDUiWHUGH´VROLGiULRPHGLDQWHFRQWULEXL
WLWXODUHV GH FDUJRV HIHWLYRV GD 8QLmR GRV (VWDGRV GR omRGRUHVSHFWLYRHQWHS~EOLFRGRVVHUYLGRUHVDWLYRVHLQDWLYRV
'LVWULWR )HGHUDO H GRV 0XQLFtSLRV EHP DVVLP SDUD RV H GRV SHQVLRQLVWDVµ H[DWDPHQWH SDUD REULJDU RV LQDWLYRV
IXQFLRQiULRVGDVDXWDUTXLDVHIXQGDo}HV IHGHUDLVHVWDGXD DSRVHQWDGRV HDVYL~YDVSHQVLRQLVWDVHYROWDUHPDSDJDU
LV GLVWULWDLV RX PXQLFLSDLV  ³ YDOH GL]HU XP VLVWHPD
SHODDSRVHQWDGRULDTXHMiSDJDUDPDRORQJRGHVXDYLGD
SUHYLGrQFLD EDVHDGR QD FRQWULEXLomR SDJDPHQWR  GRV
ODERUDWLYD
SUySULRV VHUYLGRUHV Vy WHUi GLUHLWR TXHP SDJRX H QD
SURSRUomRGRTXHSDJRX
eHVVDDHVVrQFLDGDDOWHUDomRLQWURGX]LGDSHOD(PHQGD
&RQVWLWXFLRQDOQƒHTXHMiWHPVXDFRQVWLWXFLRQD
(VVHVLVWHPDGHYHUiVHUILQDQFHLUDPHQWHHTXLOLEUDGRR
OLGDGHTXHVWLRQDGDSHUDQWHR6XSUHPR7ULEXQDO)HGHUDOj
TXHVLJQLILFDTXHQmRSRGHUiKDYHUURPERVDVHUHPVXSRU
WDGRV SHORV FRIUHV S~EOLFRV QHP KDYHUi EHQHItFLRV TXH PHGLGDTXHIHUHGLUHLWRVDGTXLULGRVRQHUDQGRDTXHPMiIRL
H[WUDSROHPVXDSURSRUomRFRPDUHFHLWDGDVFRQWULEXLo}HV RQHUDGRSDUDFRQTXLVWDUDDSRVHQWDGRULD
 'LU&RQVWLWXFLRQDO
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
†ž 2V
2V VHUYLGRUHVDEUDQJLGRVSHORUHJLPHGHSUHYL
VHUYLGRUHVDEUDQJLGRVSHORUHJLPHGHSUHYL FRQGLo}HVGRDUWDVXJHULUTXHR0LQLVWURTXHTXLVHU
GrQFLD GH
GrQFLD GH TXH
TXH WUDWD
WUDWD HVWH
HVWH DUWLJRVHUmRDSRVHQWD
DUWLJRVHUmRDSRVHQWD VH SURUURJDU VXD LQYHVWLGXUD GHYHULD VH VXEPHWHU j
GRV
GRV FDOFXODGRV
FDOFXODGRV RV
RV VHXV SURYHQWRV D SDUWLU GRV ´VDEDWLQDHDSURYDomRµGR6HQDGR)HGHUDO-iIRLSURSRVWD
YDORUHVIL[DGRVQDIRUPDGRV††žH
YDORUHVIL[DGRVQDIRUPDGRV††žH H $',GHVVD´FRQGLomRµ
2EV HVWH†IRLLQWURGX]LGRSHOD(PHQGD&RQVWLWXFLRQDOQžHIRLDJRUDDOWHUDGR
SHOD5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37(&Qƒ³HYLQFXODD
DSRVHQWDGRULD jV SUHVWDo}HV FRQWULEXWLYDV HIHWLYDPHQWH SDJDV LQFOXVLYH VRE R
2XWURVVLPRVSURYHQWRVGDDSRVHQWDGRULDFRPSXOVyULD
UHJLPHSULYDGR †ƒ ³GHYLGDPHQWHDWXDOL]DGRV †  ¶VDOiULR· VHUmRSURSRUFLRQDLVDRWHPSRHPTXHRVHUYLGRU
$DSRVHQWDGRULDpRDIDVWDPHQWRGRIXQFLRQiULRS~EOLFR SDJRXDFRQWULEXLomRSUHYLGHQFLiULDVHSDJRXGXUDQWH
GHVHXFDUJRIXQomRUHFHEHQGRHOHXPDFHUWDUHPXQHUD DQRVUHFHEHUi VHDSHQDVDQRVUHFHEHUi 
omR³TXHVHFKDPD´SURYHQWRVµ8PDYH]DSRVHQWDGRR 1DWXUDOPHQWHHVVD´IUDomRµYDULDUiSDUDDOJXQVVHJPHQ
VHUYLGRU SHUPDQHFHUi HOH LQDWLYR SRUpP UHFHEHQGR RV WRV FRP WHPSR HVSHFLDO GH DSRVHQWDGRULD FRPR RV
SURYHQWRVGHVHXFDUJRGRUDYDQWHQmRPDLVRPHVPRYDORU SURIHVVRUHV KRPHPDQRVPXOKHUHV HWF
 TXHHOHUHFHELDHPVHXFDUJRPDVRYDORUTXHIRU
UHIOHWLGRSHODV´FRQWULEXLo}HVµTXHHOHHIHWLYDPHQWHSDJRX 5HSLWDVH SRU ´SURSRUFLRQDOPHQWHµ HQWHQGDVH D
(P UHVXPR RV SURYHQWRV GD DSRVHQWDGRULD QmR VHUmR R ´IUDomRµGRV[³FRQIRUPHRQ~PHURGHDQRVWUDEDOKD
YDORUGRVYHQFLPHQWRVDRWHPSRGDDSRVHQWDGRULDPDVD GRV³FDOFXODGDVREUHDTXHOD´PpGLDµGRVYHQFLPHQWRV
PpGLDGRVYHQFLPHQWRVTXHHOHWHYHGXUDQWHWRGDDFDUUHL DXIHULGRVGXUDQWHDFDUUHLUDHQmRVREUHR~OWLPR´VDOi
UDGHVGHRSULPHLURVDOiULRDWpR~OWLPRVDOiULR ULRµ

, SRU LQYDOLGH]SHUPDQHQWHVHQGRRVSURYHQWRV ,,, YROXQWDULDPHQWH GHVGH TXH FXPSULGRWHPSR


SURSRUFLRQDLV
SURSRUFLRQDLVDR
DRWHPSR
WHPSRGH
GHFRQWULEXLomR
FRQWULEXLomRH[FHWR PtQLPR
PtQLPR GH
GH GH]
GH] DQRV
DQRV GH HIHWLYR H[HUFtFLR QR
VH
VH GHFRUUHQWHGHDFLGHQWHHPVHUYLoRPROpVWLD
GHFRUUHQWHGHDFLGHQWHHPVHUYLoRPROpVWLD VHUYLoR
VHUYLoRS~EOLFR
S~EOLFRHFLQFR
FLQFRDQRV
DQRVQR
QRFDUJR
FDUJRHIHWLYR
HIHWLYRHP
SURILVVLRQDO
SURILVVLRQDO RX
RX GRHQoD
GRHQoD JUDYH
JUDYH FRQWDJLRVD RX TXH VH GDUi D DSRVHQWDGRULD REVHUYDGDV DV
LQFXUiYHOQD
LQFXUiYHOQDIRUPD
IRUPDGD
GDOHL
OHL DUHGDomRGHVWHLQFLVRIRLDOWHUDGD VHJXLQWHVFRQGLo}HV
SHOD (&Qž  H p VXWLOPHQWH DOWHUDGD DJRUD SHOD (& 1ƒ  D
5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37
$JUDQGHLQRYDomRpDH[LJrQFLDGHXPWHPSRPtQLPR
ePDUFDQWHRSURSyVLWRHFRQ{PLFRGDUHIRUPDDQWHVRV GH H[HUFtFLR QR VHUYLoR S~EOLFR H GH XP WHPSR PtQLPR
SURYHQWRVGDDSRVHQWDGRULDSRULQYDOLGH]HUDPFDOFXODGRV WDPEpPQRFDUJRVySRGHUiVHDSRVHQWDUFRPRVSURYHQWRV
HPIXQomRGRWHPSRGHVHUYLoR³HGRUDYDQWHSHORWHPSR GRFDUJRTXHRFXSDTXHPMiWUDEDOKRXSHORPHQRVDQRV
GHFRQWULEXLomR0DVVHDLQYDOLGH]DGYLHUGHDFLGHQWHHP GHH[HUFtFLRQRVHUYLoRS~EOLFRHDQRVQRFDUJR(DLQGD
VHUYLoR RX GH PROpVWLD SURILVVLRQDO HQWmR R VHUYLGRU QmRSRGHUiVHUPXLWRMRYHPVRPHQWHSRGHUiVHDSRVHQWDU
SRGHUi UHFHEHU VHXV SURYHQWRV LQWHJUDOPHQWH UHSLWDVH TXHPWLYHUXPDLGDGHPtQLPD
QmR R ~OWLPR YHQFLPHQWR PDV DPpGLD GRV YHQFLPHQWRV
GXUDQWHDFDUUHLUD  D VHVVHQWD DQRV GH LGDGH H WULQWD H FLQFR GH
FRQWULEXLomR
FRQWULEXLomR VH
VH KRPHP
KRPHP H FLQTXHQWDHFLQFR
FLQTXHQWDHFLQFR
,, FRPSXOVRULDPHQWHFRPSURYHQWRVSURSRUFLRQD
FRPSXOVRULDPHQWHFRPSURYHQWRVSURSRUFLRQD DQRV GH LGDGH H WULQWD GH FRQWULEXLomR VH
LV
LV DR
DR WHPSR
WHPSR GHFRQWULEXLomRDRV VHWHQWD
GHFRQWULEXLomRDRV VHWHQWD PXOKHU
DQRVGHLGDGHRXDRV
DQRVGHLGDGHRXDRV VHWHQWD
VHWHQWDHFLQFR QRV
GH
GHLGDGH
LGDGHQD
QDIRUPDGHOHLFRPSOHPHQWDU
IRUPDGHOHLFRPSOHPHQWDU
DGHOHLFRPSOHPHQWDU 2EVD E VHVVHQWD
VHVVHQWD
VHVVHQWD H FLQFR
FLQFR DQRVGHLGDGHVHKRPHPH
DQRVGHLGDGHVHKRPHPH
UHGDomRGHVWHLQFLVRIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDOQž 3(& VHVVHQWDDQRVGHLGDGHVHPXOKHUFRPSUR
VHVVHQWDDQRVGHLGDGHVHPXOKHUFRPSUR
GD´EHQJDODµ 
YHQWRV
YHQWRV SURSRUFLRQDLVDRWHPSRGHFRQWULEXL
SURSRUFLRQDLVDRWHPSRGHFRQWULEXL
omR
'RLVDVSHFWRVRVSURYHQWRVGDDSRVHQWDGRULDGHYHPVH
VXEPHWHUDRFDUiWHUFRQWULEXWLYRGRVLVWHPDSUHYLGHQFLi
†ž 2V
2VSURYHQWRV
SURYHQWRVGH
GHDSRVHQWDGRULD
DSRVHQWDGRULDHDVDVSHQV}HV
SHQV}HVSRU
ULRHVHXFiOFXORVHUiIHLWRSHORWHPSRGHFRQWULEXLomRH
RFDVLmR
RFDVLmR GH
GH VXD
VXD FRQFHVVmR
FRQFHVVmR QmR
QmR SRGHUmRH[FHGHU
QmRSHORWHPSRGHVHUYLoR
DUHPXQHUDomR
UHPXQHUDomRGR GRUHVSHFWLYR
UHVSHFWLYRVHUYLGRU
VHUYLGRUQR
QRFDUJR
HIHWLYR
HIHWLYR HP
HP TXH
TXH VH
VH GHX
GHX D DSRVHQWDGRULDRXTXH
DSRVHQWDGRULDRXTXH
$3(&GD´EHQJDODµYLVDDDGDSWDURIXQFLRQDOLVPRj VHUYLX
VHUYLXGH
GHUHIHUrQFLD
UHIHUrQFLDSDUD
SDUDDFRQFHVVmR
FRQFHVVmRGD
GDSHQVmR
ORQJHYLGDGHDWXDOSHUPLWHTXHVHHVWHQGDDRVDQRVD
DSRVHQWDGRULDFRPSXOVyULDGRVHUYLGRU8PDOHLFRPSOH 'RUDYDQWHDRVHDSRVHQWDURLQDWLYRQmRSRGHUiJDQKDU
PHQWDUGHYHUiVHUHGLWDGDSDUDGHILQLUTXDLVRVVHJPHQWRV PDLV GR TXH JDQKDYD TXDQGR HVWDYD QD DWLYD  ( VH HOH
HFDUUHLUDVTXHWHUmRHVWHQGLGDDRVDQRVVXDDSRVHQWD PRUUHUDYL~YDQmRSRGHUiUHFHEHUSHQVmRPDLRUGRTXHR
GRULDREULJDWyULDDWpOiWRGRVRVVHUYLGRUHVFRQWLQXDUmR PDULGR UHFHELD TXDQGR WUDEDOKDYD HP VHX FDUJR
DVHUDSRVHQWDGRV³FRPSXOVRULDPHQWH³DRVDQRV $FDEDUDPVHDV´SURPRo}HVµSHODDSRVHQWDGRULD FRPXQtV
6REUH D LGDGH GD DSRVHQWDGRULD Ki XPD H[FHomR  RV VLPDHQWUHPLOLWDUHVSH[ 
0LQLVWURVGR67)GR67-GR670HRVGR7&8
WLYHUDP D DSRQWDGRULD FRPSXOVyULD DOWHUDGD SDUD RV  †ž 3DUD
3DUD R FiOFXOR
FiOFXOR GRV
GRV SURYHQWRVGHDSRVHQWDGRULD
SURYHQWRVGHDSRVHQWDGRULD
DQRV (&Qž LPHGLDWDPHQWH
LPHGLDWDPHQWHDSDUWLUGDSXEOLFD
LPHGLDWDPHQWH SRURFDVLmR
SRU RFDVLmRGD
GDVXD
VXDFRQFHVVmR VHUmRFRQVLGHUDGDV
FRQFHVVmRVHUmR
omR GD (PHQGD ³ FRQIRUPH R GHWHUPLQD R DUWž GD DV
DV UHPXQHUDo}HV
UHPXQHUDo}HV XWLOL]DGDV FRPR EDVH SDUD DV
(&Qž DRDFUHVFHURDUWDR$'&7 FRQWULEXLo}HVGR
FRQWULEXLo}HV GRVHUYLGRU
VHUYLGRUDRV
DRVUHJLPHV
UHJLPHVGH
GHSUHYLGrQ
FLD
FLD GH
GH TXH
TXH WUDW
WUDWDP
DP HVWH
HVWH DUWLJR
DUWLJR H R DUW
DUW 
 QD
5HJLVWUHVH TXH HVWD ~OWLPD DOWHUDomR VH GDULD ´QDV IRUPDGDOHL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 
2EV DUHGDomRGHVWH†žIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDO $ (& Qž  SURLELUD D DGRomR GH UHTXLVLWRV H
QžD5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD372
FULWpULRVGLIHUHQFLDGRVSDUDDFRQFHVVmRGHDSRVHQWDGRULD
WH[WRDQWHULRUGLVSXQKD´2VSURYHQWRVGHDSRVHQWDGRULDSRU
RFDVLmRGDVXDFRQFHVVmRVHUmRFDOFXODGRVFRPEDVHQDUHPXQH PDV UHVVDOYD DSHQDV RV FDVRV GH DWLYLGDGHV H[HUFLGDV
UDomRGRVHUYLGRUQRFDUJRHIHWLYRHPTXHVHGHUDDSRVHQWDGRULD H[FOXVLYDPHQWHVREFRQGLo}HVHVSHFLDLVTXHSUHMXGLTXHPD
HQDIRUPDGDOHLFRUUHVSRQGHUmRjWRWDOLGDGHGDUHPXQHUDomR VD~GHRXDLQWHJULGDGHItVLFDHTXHGHYHULDPVHUGHILQLGRV
HPOHLFRPSOHPHQWDU
$DOWHUDomRHVVHQFLDOUHVLGHQDGHWHUPLQDomRGHFRQVL
GHUDomR GDV ´FRQWULEXLo}HV GR VHUYLGRU DRV UHJLPHV GH $(&DPSOLRXROHTXHGDVH[FHo}HVSHUPLWLQ
SUHYLGrQFLDGHTXHWUDWDPHVWHDUWLJRHRDUWµ GRTXHVHFULHXPUHJLPHHVSHFLDO PHQRUWHPSRGHFRQWUL
EXLomRRXSURYHQWRVPDLRUHV WDPEpPSDUD D RVSRUWDGR
1RXWUDVSDODYUDVRSURYHQWRGDDSRVHQWDGRULDQmRPDLV UHVGHGHILFLrQFLDHDLQGDSDUD E RVWUDEDOKDGRUHVTXH
VHUiRH[DWRYDORUTXHRVHUYLGRUYLQKDUHFHEHQGRHPVHX
H[HUoDPDWLYLGDGHVGHULVFR
FDUJRVHUiDPpGLDGDVFRQWULEXLo}HVTXHHOHSDJRXFRPR
VHUYLGRUS~EOLFR
&RPRVHSHUFHEHHPERUDD&RQVWLWXLomRHVWDEHOHFHVVH
TXH  D DSRVHQWDGRULD Vy VH GDULD DRV  DQRV SDUD R
( VH R VHUYLGRU WUDEDOKRX RXWURUD VRE R UHJLPH GD
SUHYLGrQFLDJHUDO ,166 SDUDRTXDOSDJRXDVUHVSHFWLYDV KRPHP  H  SDUD D PXOKHU  ³ HUD PHQRU D EUHFKD
FRQWULEXLo}HV³HVVHWHPSRGHFRQWULEXLomRDQWHULRUVHUi SDUDFDVRVHVSHFLDLV
FRQVLGHUDGRHPVHXWHPSRGHDSRVHQWDGRULDPDVWDPEpP
RYDORUGHVVDVFRQWULEXLo}HVVHUiFRPSXWDGRHLQIOXLUiQR 'RUDYDQWH WDQWR RV GHILFLHQWHV ItVLFRV SRGHUmR VH
YDORUGRVSURYHQWRVGDDSRVHQWDGRULD DSRVHQWDUFRPXPWHPSRPHQRUGHFRQWULEXLomRRXFRP
SURYHQWRV GH DSRVHQWDGRULD PDLV HOHYDGRV ³ FRPR RV
$VVLP D VHRVHUYLGRUVyWUDEDOKRXQRVHUYLoRS~EOLFR WUDEDOKDGRUHVTXHH[HUoDPDWLYLGDGHVGHULVFRSRGHUmR
VHXV SURYHQWRV GD DSRVHQWDGRULD VHUmR D PpGLD GH WXGR VHUEHQHILFLDGRVFRPXPUHJLPHHVSHFLDO
TXDQWRUHFHEHXQRVHUYLoRS~EOLFRID]HQGRVHDFRUUHomR
PRQHWiULD GRV YDORUHV GRSDVVDGR  6H E  HOH WUDEDOKRX $VVLPTXHPWUDEDOKDFRPRSROLFLDOSRGHUiWHUUHJLPH
SULPHLUDPHQWHQDDWLYLGDGHSULYDGDHOiUHFROKHXFRQWULEXL HVSHFLDOSHORULVFRSHUPDQHQWHGDDWLYLGDGH³HQTXDQWR
o}HVSUHYLGHQFLiULDVFDVRTXHLUDTXHHVVHWHPSRGHFRQWUL TXHP WUDEDOKD FRP ´UDGLRORJLDµ QmR VRIUH ULVFR H VLP
EXLomR VHMD FRPSXWDGR HP VHX WHPSR GH DSRVHQWDGRULD GLUHWRHHIHWLYRSUHMXt]RjVD~GH
GHYHUiVXMHLWDUVHjFRPSXWDomRGHVVDFRQWULEXLomRHPVHXV
SURYHQWRVGHDSRVHQWDGRULD †ž 2V
2VUHTXLVLWRV
UHTXLVLWRVGHLGDGHHGHWHPSRGH
GHLGDGHHGHWHPSRGHFRQWULEXL
omR VHUmR
omR VHUmR UHGX]LGRV
UHGX]LGRV HPHP FLQFR
FLQFR DQRVHPUHODomR
DQRVHPUHODomR
$VVLPVHRVHUYLGRUGXUDQWHDQRVUHFHEHXVDOiULR DR
DR GLVSRVWR
GLVSRVWR QR
QR † ƒ
ƒ ,,,
,,, D
D SDUD
SDUD R SURIHVVRU
SURIHVVRU TXH
PtQLPRHFRQWULEXLXVREUHHVVHYDORUHGHSRLVHPLQJUHV FRPSURYH
FRPSURYH H[FOXVLYDPHQWH
H[FOXVLYDPHQWH WHPSR GH HIHWLYR
VDQGR QR VHUYLoR S~EOLFR FRQWULEXLX PDLV  DQRV FRP H[HUFtFLR
H[HUFtFLRGDV
GDVIXQo}HV
IXQo}HVGH GHPDJLVWpULR
PDJLVWpULRQDQDHGXFDomR
EDVHHPVHXVYHQFLPHQWRVGH“VDOiULRVPtQLPRVDRVH LQIDQWLOHQRHQVLQRIXQGDPHQWDOHPpGLR
DSRVHQWDUQmRUHFHEHUiHOHRVSURYHQWRVHTXLYDOHQWHVDRV
VDOiULRVPtQLPRVGHVHXFDUJRPDVXPYDORUPHQRUMi 0DLVXPSULYLOpJLRIRLSUHVHUYDGRSURIHVVRUHVSDJDUmR
TXHD5HIRUPDGD3UHYLGrQFLDGHWHUPLQRXTXHDTXHOHV DQRVDPHQRVTXHXPSHGUHLURRXTXHXPPRWRULVWDRX
DQRVGHFRQWULEXLomRGHVDOiULRPtQLPRWDPEpPVHMDP TXHXPDGDWLOyJUDIDRXTXHXPDGYRJDGRHWF8P~QLFR
FRQVLGHUDGRVQRFiOFXORGRVSURYHQWRVGDDSRVHQWDGRULD UHTXLVLWRpQHFHVViULRTXHWRGRWHPSRGHH[HUFtFLRRVHMD
H[FOXVLYDPHQWHQDIXQomRGHSURIHVVRUGHGLFDGRjHGXFD
$WHQWHVHSRUpPTXHHVWHGLVSRVLWLYRQmRpVHOIH[HFX omRLQIDQWLOHQRHQVLQRIXQGDPHQWDOHPpGLR)LFDSRLV
WLQJ RX VHMD QmR p DXWRDSOLFiYHO VHQGR QHFHVViULD VXD H[FOXtGRRSURIHVVRUXQLYHUVLWiULR
UHJXODPHQWDomRSRUXPOHLRUGLQiULD³TXHVHUiHGLWDGD
GHWHUPLQDQGRFRPRVHUmRIHLWRVRVFiOFXORGRVSURYHQWRVGD
†ž 5HVVDOYDGDVDVDSRVHQWDGRULDVGHFRUUHQWHVGRV
DSRVHQWDGRULDFiOFXORVHPTXHGHYHUmRVHUFRPSXWDGDV
FDUJRV
FDUJRVDFXPXOiYHLV
DFXPXOiYHLVQD
QDIRUPD
IRUPDGD
GD&RQVWLWXLomR
&RQVWLWXLomRp
WDPEpPDVFRQWULEXLo}HVSDJDVDRUHJLPHJHUDOGHSUHYL
YHGDGD
YHGDGDDSHUFHSomR
SHUFHSomRGH
GHPDLV
PDLVGH
GHXPD
XPDDSRVHQWDGR
GrQFLD GLVFLSOLQDGR QR DUW GD &RQVWLWXLomR )HGHUDO
ULD
ULD j FRQWD
FRQWD GR
GR UHJLPH
UHJLPH GH SUHYLGrQFLD SUHYLVWR
VXDIRUPDGHDWXDOL]DomRPRQHWiULDHWF
QHVWHDUWLJR
†ž e YHGDGD D DGRomR GHUHTXLVLWRVHFULWpULRV
GLIHUHQFLDGRV
GLIHUHQFLDGRVSDUD
SDUDDFRQFHVVmR
FRQFHVVmRGH
GHDSRVHQWDGRULD $ SURLELomR GH FXPXODomR GH DSRVHQWDGRULD WHP R
DRV DEUDQJLGRV
DRV DEUDQJLGRV SHOR
SHOR UHJLPH
UHJLPH GH
GH TXH
TXH WUDWD
WUDWD HVWH PHVPRHVStULWRGDSURLELomRGHSHUFHSomRVLPXOWkQHDGH
DUWLJR
DUWLJRUHVVDOYDGRV
UHVVDOYDGRVQRV
QRVWHUPRV
WHUPRVGHILQLGRV
GHILQLGRVHP
HPOHLV SURYHQWRVGHDSRVHQWDGRULDFRPDUHPXQHUDomRGHFDUJR
FRPSOHPHQWDUHVRVFDVRVGHVHUYLGRUHV HPSUHJRRXIXQomRS~EOLFD³HVWDEHOHFLGDQRDUW†
LQWURGX]LGDSHOD(PHQGD&RQVWLWXFLRQDOQž³HSRU
, SRUWDGRUHVGHGHILFLrQFLD LVVR Vy KDYHUi PDLV GH XPD DSRVHQWDGRULD VH RV FDUJRV
IRUHPFXPXOiYHLVRXVHMD  GHGRLVFDUJRVGHSURIHVVRU
,, TXHH[HUoDPDWLYLGDGHVGHULVFR  GHXPFDUJRGHSURIHVVRUFRPRXWURWpFQLFRRXFLHQWtIL
FRH  GHGRLVFDUJRVSULYDWLYRVGHPpGLFR)RUDGLVVR
,,, FXMDVDWLYLGDGHVVHMDPH[HUFLGDVVREFRQGLo}HV QHPKDYHUiFXPXODomRQHPKDYHUiGXSODDSRVHQWDGRULD
HVSHFLDLV
HVSHFLDLVTXH
TXHSUHMXGLTXHP
SUHMXGLTXHPDVD~GH
VD~GHRX
RXDLQWHJUL
GDGHItVLFD †ž /HL
/HL GLVSRUi
GLVSRUi VREUH
VREUH D FRQFHVVmR
FRQFHVVmR GREHQHItFLRGH
2EVUHGDomRGDGDSHOD(&Qž SHQVmRSRUPRUWHTXHVHUiLJXDO
 'LU&RQVWLWXFLRQDO
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
2EV DUHGDomRGHVWH†žIRLDOWHUDGDSHOD(PHQGD&RQVWLWXFLRQDOQž³D
5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37³HPRGLILFDRWH[WRDQWHULRUTXH
$WHQomR MiQRLQFLVR,,³SHQVmRSDUDDYL~YDGRVHUYL
GLVSXQKD´/HLGLVSRUiVREUHDFRQFHVVmRGREHQHItFLRGDSHQVmRSRUPRUWHTXHVHUi GRUIDOHFLGRHPDWLYLGDGH³DUHIHUrQFLDpD
LJXDODRYDORUGRVSURYHQWRVGRVHUYLGRUIDOHFLGRRXDRYDORUGRVSURYHQWRVDTXHWHULD
GLUHLWRRVHUYLGRUHPDWLYLGDGHQDGDWDGHVHXIDOHFLPHQWRREVHUYDGRRGLVSRVWRQR ´WRWDOLGDGHGDUHPXQHUDomRGRVHUYLGRUQRFDUJRHIHWLYRHP
†ƒµ TXHVHGHXRIDOHFLPHQWRµRXVHMDR´VDOiULRµTXHHOHHVWDYD
$QWLJDPHQWH D ´SHQVmRµ WLQKD R PHVPR YDORU GRV JDQKDQGRHQmR
QmRDPpGLDGHVXDVFRQWULEXLo}HVDRORQJR
QmR
SURYHQWRVGRIDOHFLGR$JRUDDSHQVmRGDYL~YDVHUiGLPLQX GDFDUUHLUD
tGDMiTXHXPDSHVVRDVR]LQKD YL~YD QmRWHULDDVPHVPDV
GHVSHVDVTXHGXDV YL~YDIDOHFLGD 
$WHQomR R FRWHMR GRV GRLV LQFLVR SHUPLWH XPD WUiJLFD
, DR
DRYDORU
YDORUGD
GDWRWDOLGDGH
WRWDOLGDGHGRVSURYHQWRVGRVHUYLGRU FRQFOXVmRGHGHVLJXDOGDGHDYL~YDVHUiPHOKRU
IDOHFLGRDWpROLPLWHPi[LPRHVWDEHOHFLGR SDUD
IDOHFLGRDWpROLPLWHPi[LPRHVWDEHOHFLGR UHPXQHUDGD VH R VHUYLGRU IDOHFHU DLQGD HP DWLYLGDGH
RV
RV EHQHItFLRV
EHQHItFLRV GR
GR UHJLPH
UHJLPH JHU
JHUDO
DO GH
GH SUHYLGrQFLD PHVPRTXHjVYpVSHUDVGHVXDDSRVHQWDGRULDVHHOHPRUUHU
VRFLDO
VRFLDO GH
GH TXH
TXH WUDWD
WUDWD R DUW
DUW 
 DFUHVFLGR
DFUHVFLGR GH GHSRLVGHDSRVHQWDGRDSHQVmRGDYL~YDVHUiEHPPHQRU
VHWHQWD
VHWHQWD SRU
SRU FHQWR
FHQWR GD
GD SDUFHOD
SDUFHOD H[FHGHQWH D HVWH QmRIDOWDUmRYL~YDVVHODPHQWDQGRTXHRPDULGRPRUUHX
OLPLWHFDVRDSRVHQWDGRjGDWDGRyELWRRX ORJRDSyVDDSRVHQWDGRULDHUHFODPDQGRTXHWHULDVLGR
PHOKRUVHRIDOHFLGRKRXYHVVHDGLDQWDGRVXDSDUDRFpX
,, DR
DRYDORU
YDORUGD
GDWRWDOLGDGH
WRWDOLGDGHGD
GDUHPXQHUDomR
UHPXQHUDomRGR GRVHUYL
GRU
GRUQR
QRFDUJR
FDUJRHIHWLYR
HIHWLYRHP
HPTXH
TXHVH
VHGHX
GHXRIDOHFLPHQ †ž e DVVHJXUDGR R UHDMXVWDPHQWRGRVEHQHItFLRV
WR DWp
DWp R OLPLWH
OLPLWH Pi[LPR
Pi[LPR HVWDEHOHFLGR
HVWDEHOHFLGR SDUD
SDUD RV SDUDSUHVHUYDUOKHV
SDUDSUHVHUYDUOKHVHPFDUiWHUSHUPDQHQWHR
EHQHItFLRV
EHQHItFLRVGR
GRUHJLPH
UHJLPHJHUDO
JHUDOGH
GHSUHYLGrQFLD
SUHYLGrQFLDVRFLDO YDORU
YDORUUHDO
UHDOFRQIRUPH
FRQIRUPHFULWpULRV
FULWpULRVHVWDEHOHFLGRV
HVWDEHOHFLGRVHP
GH
GHTXH
TXHWUDWD
WUDWDRDUW
DUW
DFUHVFLGR
DFUHVFLGRGH
GHVHWHQWD
VHWHQWDSRU OHL
2EVUHGDomRGHVWH†žPRGLILFDGDSHOD(&Qƒ
FHQWR
FHQWR GD
GD SDUFHOD
SDUFHOD H[FHGHQWH
H[FHGHQWH D HVWH
HVWH OLPLWH
OLPLWH FDVR
HPDWLYLGDGHQDGDWDGRyELWR
$GLVSRVLomRDQWHULRUGHWHUPLQDYDRUHDMXVWHGDSHQVmR
6mRGXDVHGLVWLQWDVDVVLWXDo}HVHRVYDORUHVGDSHQVmR GHDFRUGRFRPDUHPXQHUDomRGRVVHUYLGRUHVHPDWLYLGD
DFDERX
GHLVVRDFDERX
DFDERX
  VHRVHUYLGRUMiHVWDYDDSRVHQWDGRTXDQGRIDOH
FHX VXD YL~YD UHFHEHUi R PHVPtVVLPR YDORU GD 'RUDYDQWH D SHQVmR VHUi UHDMXVWDGD SDUD PDQWHU R
DSRVHQWDGRULDGRIDOHFLGRFDVRHVWHJDQKDVVHDWp ´YDORUUHDOµ³RXVHMDVXDFRUUHomRPRQHWiULD³HQmRD
QRPi[LPR5 YDORU DWXDOL]iYHO D SDUWLU GH SDULGDGHFRPRVYHQFLPHQWRVGDDWLYDFRPRRXWURUD
 
&DEHUijOHL³DVHUHGLWDGD³GHILQLURVFULWpULRVSDUD
³VHRIDOHFLGRJDQKDYDPDLVTXH5 DFRUUHomRGDVSHQV}HVVHPSRGHUGHSUHVVmRDWpSRUTXH
HQWmRDYL~YDUHFHEHUi5HPDLV YL~YDVDVWLWXODUHVGHSHQV}HVYHUmRPLQJXDUVHXVEHQHIt
GDTXDQWLDTXHXOWUDSDVVDURV5DVVLP FLRVSHODDSOLFDomRGHtQGLFHVTXHDWHQGDPjVQHFHVVLGD
VHSH[RIDOHFLGRUHFHELD5DYL~YD GHVGHFDL[DGRJRYHUQRHQmRTXHUHIOLWDPDLQIODomRGR
UHFHEHUi 5PDLV5 GH SHUtRGRQmRVHUmRSRXFDVDVGHPDQGDVMXGLFLDLV
5TXDQWLDTXHXOWUDSDVVRX 
†ž 2 WHPSR
WHPSR GH
GH FRQWULEXLomRIHGHUDOHVWDGXDORX
FRQWULEXLomRIHGHUDOHVWDGXDORX
  VHRVHUYLGRUDLQGDQmRVHDSRVHQWDUDHSRUWDQWR PXQLFLSDOVHUiFRQWDGRSDUDHIHLWRGHDSRVHQWD
PXQLFLSDOVHUiFRQWDGRSDUDHIHLWRGHDSRVHQWD
PRUUHXDLQGDQDDWLYDDYL~YDUHFHEHUiRPHV GRULD
GRULDHRWHPSR
WHPSRGH
GHVHUYLoR
VHUYLoRFRUUHVSRQGHQWH
FRUUHVSRQGHQWHSDUD
PtVVLPR YDORU GH VHXV ´VDOiULRVµ FDVR HVWH HIHLWRGHGLVSRQLELOLGDGH
JDQKDVVHDWpQRPi[LPR5 YDORUDWXDOL
]iYHODSDUWLUGH  &RQVDJUDVHDTXLQmRPDLVDFRQKHFLGDUHFLSURFLGDGH
GHWHPSRGHVHUYLoRPDVDLQRYDomRGD´UHFLSURFLGDGHGR
³VHRVHUYLGRUDWLYRIDOHFLGRJDQKDYDPDLVTXH WHPSR GH FRQWULEXLomRµ QRV OLPLWHV GDV DGPLQLVWUDo}HV
5HQWmRDYL~YDUHFHEHUi5 SDJRX
S~EOLFDV'HVVDIRUPDVHXPDSHVVRDWUDEDOKRXHSDJRX
H PDLV  GD TXDQWLD TXH XOWUDSDVVDU RV FRQWULEXLomR GXUDQWH  DQRV FRPR VHFUHWiULR GH XPD
5DVVLPVHSH[RIDOHFLGRUHFHELD5
HVFRODPXQLFLSDOHLQJUHVVDQRVHUYLoRS~EOLFRGR(VWDGR
 D YL~YD UHFHEHUi 5  PDLV 5
HVVHWHPSRGHFRQWULEXLomRWHUiFRQWDELOL]DGR DSRVWLODGR
   GH 5  TXDQWLD TXH
HPVHXIDYRUHFRPSXWDGRSDUDVXDIXWXUDDSRVHQWDGRULD
XOWUDSDVVRXRV5 
† $OHL
OHLQmR
QmRSRGHUi
SRGHUiHVWDEHOHFHU
HVWDEHOHFHUTXDOTXHU
TXDOTXHUIRUPDGH
$WHQomR DWHQWHVHTXHQRLQFLVR,³SHQVmRTXHILFDUi
SDUDDYL~YDGRDSRVHQWDGR³DUHIHUrQFLDpD FRQWDJHPGHWHPSRGHFRQWULEXLomRILFWtFLR
´WRWDOLGDGH GRV SURYHQWRV GR VHUYLGRU IDOHFLGRµ RX VHMD R
YDORU TXH HOH UHFHELD D WtWXOR GH DSRVHQWDGRULD TXH QD 7HPSR ILFWtFLR VmR SHUtRGRV HP TXH VH FRPSXWDYD R
IRUPDGR†ƒIRUDFDOFXODGRSHODPpGLDGHVXDVFRQWULEXL ´WHPSRGHVHUYLoRµPDVQHPRVHUYLGRUKDYLDWUDEDOKDGR
o}HVDRWHPSR D GDFDUUHLUDH E GDDWLYLGDGHSULYDGD HIHWLYDPHQWHQHPKDYLDUHFROKLGRDFRQWULEXLomRDVVLP
HPTXHSDJDYDSHORUHJLPHJHUDO ,166 DVVLPRVSURYHQ SH[DFRQWDJHPGREUDGDGRWHPSRGHOLFHQoDSUrPLR
WRVGDDSRVHQWDGRULDQmRVHFRQIXQGHPFRPDUHPXQHUD QmR JR]DGD D OLFHQoD SDUD HVWXGRV QR H[WHULRU VHP
omRGRFDUJR UHPXQHUDomRHRXWUDVOLFHQoDVVHP{QXVSDUDRVFRIUHV
S~EOLFRV2UHJLPHSUHYLGHQFLiULRFRQWULEXWLYRpLQFRQFL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

OLiYHOFRPDFRQWDJHPGR´WHPSRILFWtFLRµSRLVFULDULDXPD UmR
UmR IL[DU
IL[DU SDUD
SDUD R YDORU
YDORU GDV
GDV DSRVHQWDGRULDV
DSRVHQWDGRULDV H
YDQWDJHP LQMXVWD DR VHUYLGRU JR]R GH  EHQHItFLR GD SHQV}HVDVHUHP
SHQV}HV FRQFHGLGDVSHOR
VHUHPFRQFHGLGDV UHJLPHGH
SHORUHJLPH GHTXH
DSRVHQWDGRULDVHPSDJDPHQWRGDFRQWULEXLomR³UD]mR WUDWD
WUDWDHVWH
HVWHDUWLJRROLPLWHPi[LPR
DUWLJRROLPLWHPi[LPRHVWDEHOHFLGR
SRUTXHD&RQVWLWXLomRSURtEHWDOFRQWDJHP SDUD
SDUDRV
RVEHQHItFLRV
EHQHItFLRVGR
GRUHJLPH
UHJLPHJHUDO
JHUDOGH
GHSUHYLGrQ
FLDVRFLDOGHTXHWUDWDRDUW
† $SOLFDVHROLPLWHIL[DGRQRDUW
$SOLFDVHROLPLWHIL[DGRQRDUW;,jVRPD
WRWDO
WRWDO GRV
GRV SURYHQWRV GH LQDWLYLGDGH LQFOXVLYH 0DVD5HIRUPDGD3UHYLGrQFLDDEULXXPDYiOYXODSDUD
TXDQGR
TXDQGR GHFRUUHQWHV
GHFRUUHQWHV GD
GD DFXPXODomRGHFDUJRV
DFXPXODomRGHFDUJRV R3RGHU3~EOLFRIXJLUGRSDJDPHQWRGRVHOHYDGRVSURYHQ
RX
RX HPSUHJRV
HPSUHJRV S~EOLFRV
S~EOLFRV EHP
EHP FRPR
FRPR GH RXWUDV WRVGDDSRVHQWDGRULDLQVWLWXLUXPUHJLPHGHSUHYLGrQFLD
DWLYLGDGHV
DWLYLGDGHVVXMHLWDV
VXMHLWDVDFRQWULEXLomR
FRQWULEXLomRSDUD
SDUDRUHJLPH FRPSOHPHQWDU RX VHMD XPD SODQR HP TXH R VHUYLGRU
JHUDO
JHUDO GH
GH SUHYLGrQFLD
SUHYLGrQFLD VRFLDO
VRFLDO H DR
DR PRQWDQWH
PRQWDQWH SDJXHGXUDQWHXPSHUtRGRXPDSUHVWDomRIRUPDQGRXP
UHVXOWDQWH
UHVXOWDQWHGD
GDDGLomR
DGLomRGH
GHSURYHQWRV
SURYHQWRVGH
GHLQDWLYLGD PRQWHSLRTXHIUXWLILFDUiQXPSDJDPHQWRSDUDHOHPHVPR
GH
GH FRP
FRP UHPXQHUDomRGHFDUJRDFXPXOiYHOQD TXDQGRHOHVHDSRVHQWDU³HFRPHVVHYDORUHOHFRPSOH
IRUPD
IRUPD GHVWD
GHVWD &RQVWLWXLomR
&RQVWLWXLomR FDUJR HP FRPLVVmR PHQWDUiRYDORUGHVXDDSRVHQWDGRULD
GHFODUDGR
GHFODUDGRHP
HPOHL
OHLGH
GHOLYUH
OLYUHQRPHDomR
QRPHDomRHH[RQHUD
omRHGHFDUJRHOHWLYR † 2UHJLPH
UHJLPHGHGHSUHYLGrQFLD
SUHYLGrQFLDFRPSOHPHQWDUGHTXH
WUDWDR†
WUDWDR† VHUi
VHUiLQVWLWXtGRSRUOHLGHLQLFLDWLYD
$LPSRVLomRGRWHWR VDODULDOpGHILQLWLYDD5HIRUPD GR
GR UHVSHFWLYR
UHVSHFWLYR 3RGHU ([HFXWLYR REVHUYDGR R
$GPLQLVWUDWLYD (&Qž MiGHWHUPLQDUDDDGHTXDomR GLVSRVWR
GLVSRVWRQR
QRDUW
DUW
HVHXVSDUiJUDIRVQRTXH
DUW GH VXDV GLVSRVLo}HV WUDQVLWyULDV  H D (PHQGD FRXEHUSRULQWHUPpGLRGHHQWLGDGHVIHFKDGDV
FRXE HUSRULQWHUPpGLRGHHQWLGDGHVIHFKDGDV
&RQVWLWXFLRQDOGD5HIRUPDGD3UHYLGrQFLDUHIRUoDDTXHOD GH
GH SUHYLGrQFLD
HYLGrQFLD FRPSOHPHQWDU
FRPSOHPHQWDU GHGH QDWXUH]D
GLVSRVLomR HVWDEHOHFHQGR TXH GRUDYDQWH QLQJXpP S~EOLFD
S~EOLFDTXH
TXHRIHUHFHUmR
RIHUHFHUmRDRV
DRVUHVSHFWLYRV
UHVSHFWLYRVSDUWLFL
JDQKDUiXPDFHQWDYRDPDLVTXHRVVXEVtGLRVGR0LQLVWUR SDQWHV
SDQWHVSODQRV
SODQRVGH
GHEHQHItFLRV
EHQHItFLRVVRPHQWH
VRPHQWHQD
QDPRGDOL
GR6XSUHPR7ULEXQDO)HGHUDO(HVVHWHWRYDOHWDPEpP GDGHGHFRQWULEXLomRGHILQLGD
SDUD RV SURYHQWRV GRV DSRVHQWDGRV PHVPR TXH KDMD
DFXPXODomRGHFDUJRVHPSUHJRVS~EOLFRV 2EV DUHGDomRGHVWH†pLQRYDomRGD(PHQGD&RQVWLWXFLRQDOQž
D5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37
† $OpP GR GLVSRVWR QHVWH DUWLJR RUHJLPHGH
SUHYLGrQFLD
SUHYLGrQFLDGRV
GRVVHUYLGRUHV
VHUYLGRUHVS~EOLFRV
S~EOLFRVWLWXODUHV
WLWXODUHVGH 7UDoDPVHDTXLDOJXQVSDUkPHWURVSDUDD HGLomRGH
FDUJR
FDUJR HIHWLYR
HIHWLYR REVHUYDUi
REVHUYDUi QR
QR TXH
TXH FRXEHU
FRXEHU RV XPDOHL³QHFHVVDULDPHQWHGHLQLFLDWLYDGR3RGHU([HFXWL
UHTXLVLWRV
UHTXLVLWRV H FULWpULRV
FULWpULRV IL[DGRV
IL[DGRV SDUD
SDUD R UHJLPH YR SURMHWRGHOHLDSUHVHQWDGRSHOR3UHVLGHQWHGD5HS~EOL
JHUDOGHSUHYLGrQFLDVRFLDO FD ³SDUDTXHD8QLmRRXRV(VWDGRVPHPEURVRXR
'LVWULWR )HGHUDO RX TXDOTXHU GRV 0XQLFtSLRV SRVVDP
$ 5HIRUPD GD 3UHYLGrQFLD VXJHUH D REVHUYkQFLD GDV LQVWLWXLU VHX UHJLPH GH SUHYLGrQFLD FRPSOHPHQWDU SDUD
VHPHOKDQoD HQWUH R UHJLPH SUHYLGHQFLiULR GRV VHUYLGRUHV VHXVVHUYLGRUHV³TXHGDUiSURSLFLDUiDHOHVXPDFRPSOH
S~EOLFRVHRUHJLPHJHUDOGHSUHYLGrQFLDVRFLDO&DEHUijV PHQWDomRGRYDORUGHVXDDSRVHQWDGRULD
UHVSHFWLYDV OHLV DWHQGHU UHTXLVLWRV H FULWpULRV IL[DGRV
GLIHUHQFLDGDPHQWH QD &RQVWLWXLomR SRGHQGR DLQGD )XQGDPHQWDODTXLpTXHDSUHYLGrQFLDFRPSOHPHQWDU
DGRWDUDOJXQVRXWURVTXHDWHQGDPjVSHFXOLDULGDGHVORFDLV GHYHUiSUHYHUEHQHItFLRVQDIRUPD´FRQWULEXLomRGHILQLGDµ
HVWDGXDLVRXPXQLFLSDLV ³HQRUHVWRDVVHPHOKiORDR
UHJLPHJHUDOGHSUHYLGrQFLDVRFLDO (PERUDPXLWRFULWLTXHPDH[SUHVVmRWDFKDQGRDGH
YD]LDSRUQDGDVLJQLILFDUDYRQWDGHGROHJLVODGRUFRQVWL
† 2VHUYLGRU
VHUYLGRURFXSDQWH
RFXSDQWHH[FOXVLYDPHQWH
H[FOXVLYDPHQWHGH
GHFDUJR WXLQWHIRLFODUDHVWDEHOHFHUXPDFRUUHODomRGLUHWDHQWUHD
HPFRPLVVmR
HP FRPLVVmRGHFODUDGR
GHFODUDGRHP
HPOHL
OHLGHOLYUH
GHOLYUHQRPHD SUHVWDomR H R EHQHItFLR RX VHMD SDUD TXHP SDJD ´;µ
omR
omR H H[RQHUDomR
H[RQHUDomR EHP
EHP FRPR
FRPR GH
GH RXWUR
RXWUR FDU
FDUJR GXUDQWHXPWHPSR´<µFRUUHVSRQGHUiXPDDSRVHQWDGRULD
WHPSRUiULR
WHPSRUiULRRX
RXGH
GHHPSUHJR
HPSUHJRS~EOLFR
S~EOLFRDSOLFDVH
DSOLFDVHR QRYDORU´=µ
UHJLPHJHUDOGHSUHYLGrQFLDVRFLDO
'HVVDIRUPDTXHPRSWDUSRUSDJDUDDSRVHQWDGRULD
(PSUHJDGRVWHPSRUiULRVHRVVHUYLGRUHVTXHRFXSDP FRPSOHPHQWDUWHUiH[DWDQRomRGHTXDOVHUiREHQHItFLR
FDUJR HP FRPLVVmR WDPEpP VH DSRVHQWDP VH DQWHV TXH UHFHEHUi HP UD]mR GD FRQWULEXLomR TXH HVWDUi
PXLWRVSOHLWHDYDPDDSRVHQWDGRULDjVFXVWDVGRV&RIUHV SDJDQGR H SRU TXDQWR WHPSR GHYHUi SDJDU LVVR WUDUi
3~EOLFRV FRQVRQDQWHPHQWH R VLVWHPD SUHYLGHQFLiULR VHJXUDQoDDRVHUYLGRUHPERUDSRVVDVHUIRQWHGHSUREOH
SUySULRGRVHUYLGRUS~EOLFR ³ GRUDYDQWHSRUIRUoDGD PDVILQDQFHLURVSDUDPXLWDVRSHUDGRUDVTXHH[SORUDUmR
(PHQGD &RQVWLWXFLRQDO Qž  VRPHQWH SRGHUmR DSUHYLGrQFLDFRPSOHPHQWDU
SOHLWHDUVXDDSRVHQWDGRULDVRERUHJLPHJHUDOGHSUHYL
GrQFLDVRFLDO³TXHKRMHpJHUHQFLDGRSHOR,166 † 6RPHQWH
6RPHQWHPHGLDQWH
PHGLDQWHVXD
VXDSUpYLD
SUpYLDHH[SUHVVD
H[SUHVVDRSomR
R GLVSRVWR
GLVSRVWR QRV††HSRGHUiVHUDSOLFDGR
QRV††HSRGHUiVHUDSOLFDGR
† $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO HRV DR VHUYLGRU
DR VHU YLGRU TXH WLYHU LQJUHVVDGR QR VHUYLoR
0XQLFtSLRV
0XQLFtSLRV GHVGH
GHVGH TXH
TXH LQVWLWXDP UHJLPH GH S~EOLFR
S~EOLFR DWp
DWp D GDWD
GDWD GD
GD SXEOLFDomR
SXEOLFDomR GR DWR GH
SUHYLGrQFLD
SUHYLGrQFLD FRPSOHPHQWDU
FRPSOHPHQWDU SDUD
SDUD VHXV
VHXV UHVSHFWL
UHVSHFWL LQVWLWXLomR
LQVWLWXLomRGR
GRFRUUHVSRQGHQWH
FRUUHVSRQGHQWHUHJLPH
UHJLPHGH
GHSUHYL
YRV
YRVVHUYLGRUHV
VHUYLGRUHVWLWXODUHV
WLWXODUHVGH
GHFDUJR
FDUJRHIHWLYR
HIHWLYRSRGH GrQFLDFRPSOHPHQWDU
 'LU&RQVWLWXFLRQDO ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
&RQVDJUDVHDTXLDIDFXOWDWLYLGDGHGHDGHVmRGRVYHOKRV XP DERQRGH
XPDERQR GHSHUPDQrQFLD
SHUPDQrQFLDHTXLYDOHQWH
HTXLYDOHQWHDR
DRYDORU
VHUYLGRUHVS~EOLFRVDRUHJLPHGHSUHYLGrQFLDFRPSOHPHQ GD VXD FRQWULEXLomR SUHYLGHQFLiULD DWp FRP
WDU 4XHP QmR TXLVHU QmR SDUWLFLSD H SRLV QmR SDJD SOHWDU
SOHWDU DV
DV H[LJrQFLDV
H[LJrQFLDV SDUD DSRVHQWDGRULD FRP
QHPWHUiRVUHVSHFWLYRVEHQHItFLRV SXOVyULDFRQWLGDVQR†ž,,
 2EV HVWH †  IRL DFUHVFLGR SHOD(&QƒGHD5HIRUPDGD
† 7RGRV
7RGRVRV
RVYDORUHV
YDORUHVGHUHPXQHUDomR
GHUHPXQHUDomRFRQVLGHUDGRV 3UHYLGrQFLDGR*RYHUQR/XOD37

SDUD
SDUD R FiOFXOR
FiOFXOR GR EHQHItFLR SUHYLVWR QR † ƒ 4XDQGRXPVHUYLGRUVHDSRVHQWDR*RYHUQRSDJDGXDV
VHUmR
VHUmRGHYLGDPHQWH
GHYLGDPHQWHDWXDOL]D
DWXDOL]DGRV
GRVQD
QDIRUPD
IRUPDGD
GDOHL YH]HV  SDJDDDSRVHQWDGRULDH  SDJDRVDOiULRGR
2EV HVWH†IRLDFUHVFLGR SHOD (&QƒGHD5HIRUPDGD VHUYLGRUTXHRFXSDUiRFDUJRGRDSRVHQWDGR,VVRVDQJUD
3UHYLGrQFLDGR*RYHUQR/XOD37
RVFRIUHVS~EOLFRVHRRQHUDVREUHPDQHLUD
2 UHIHULGR † ž GHWHUPLQD TXH ´3DUD R FiOFXOR GRV
SURYHQWRVGHDSRVHQWDGRULDSRURFDVLmRGDVXDFRQFHV 3DUD GLPLQXLU D DYDODQFKH GH DSRVHQWDGRULDV R
VmRVHUmR´FRQVLGHUDGDVDVUHPXQHUDo}HVXWLOL]DGDVFRPR OHJLVODGRU FRQVWLWXLQWH SURS}H XPD ´EDUJDQKDµ DRV
EDVH SDUD DV FRQWULEXLo}HV GR VHUYLGRU DRV UHJLPHV GH VHUYLGRUHV S~EOLFRV TXH Mi SRGHULDP VH DSRVHQWDU XP
SUHYLGrQFLDGHTXHWUDWDPHVWHDUWLJRHRDUWQDIRUPD SHTXHQR´DXPHQWRµGHVDOiULRGHFRUUHQWHGDLVHQomRGH
GDOHLµ SDJDUDFRQWULEXLomRSUHYLGHQFLiULD

6LJQLILFDTXHRYDORUGRVSURYHQWRVGDDSRVHQWDGRULD $VVLPVHRVHUYLGRUMiWHPFRQGLo}HVGHVHDSRVHQWDU
VHUiD´PpGLDµGDVUHPXQHUDo}HVTXHRVHUYLGRUUHFHEHX DR LQYpV GH UHTXHUHU VXD DSRVHQWDGRULD SRGHUi HOH
GXUDQWHWRGRRWHPSRGHFRQWULEXLomR SHUPDQHFHUWUDEDOKDQGRHGHL[DUiGHVRIUHUR´GHVFRQWRµ
GDSUHYLGrQFLDHVWDWDOTXHVRIULDWRGRPrVVHXVYHQFL
¢1RFiOFXORGHVVDPpGLDFRPRHQWUDULDRYDORUSDJR PHQWRVOtTXLGRVILFDUmRPDLRUHV
Ki  DQRV DWUiV""" 6HULD HFRQRPLFDPHQWH DEXVLYR H
GHVDVWURVRSDUDRVHUYLGRUTXHRVYDORUHVSDJRVKi &XULRVR UHJLVWUDU XPD SRVVtYHO GLVWRUomR D HPHQGD
HWFDQRVDWUiVVHMDPFRPSXWDGRVQRPLQDOPHQWH FRQVWLWXFLRQDOHVWDEHOHFHXP´DERQRGHSHUPDQrQFLDµRX
GHYHPVHUDWXDOL]DGRV FRUUHomRPRQHWiULD SDUDTXHR VHMD R VHUYLGRU VRIUHUi R GHVFRQWR GD SUHYLGrQFLD H
FiOFXORGRYDORUGDDSRVHQWDGRULDQmRVHMDGLVWRUFLGR FRPSHQVDWyULDHFRQFRPLWDQWHPHQWHUHFHEHUiXPFUpGLWR
HTXLYDOHQWHVRERWtWXORGH´DERQRGHSHUPDQrQFLDµ³H
¢&RPR VHUi IHLWD HVVD DWXDOL]DomR" &DEHUi j OHL VDLUiSHUGHQGRSRLVSDJDUiPDLVLPSRVWRGHUHQGDGRTXH
RUGLQiULDGHILQLUHVVHFiOFXORFHUWDPHQWHSHQGHUiSDUD MiYLQKDSDJDQGRHPDOJXQVFDVRVSRGHUiDWpSDVVDUGD
DWHQGHUDRVSUREOHPDVGHFDL[DGR*RYHUQR3UHYLGrQFLD IDL[DGHSDUDDGH
HPSUHMXt]RGRVVHUYLGRUHV
† )LFD
)LFDYHGDGD
YHGDGDDH[LVWrQFLD
H[LVWrQFLDGH
GHPDLV
PDLVGH
GHXP
XPUHJLPH
† ,QFLGLUi FRQWULEXLomR VREUHRVSURYHQWRVGH SUySULRGH
SUySULR GHSUHYLGrQFLD
SUHYLGrQFLDVRFLDO
VRFLDOSDUD
SDUDRV
RVVHUYLGRUHV
DSRVHQWDGRULDV
DSRVHQWDGRULDV H SHQV}HV
SHQV}HV FRQFHGLGDV
FRQFHGLGDV SHOR WLWXODUHVGHFDUJRVHIHWLYRVHGHPDLVGHXPD
WLWXODUHVGHFDUJRVHIHWLYRVHGHPDLVGHXPD
UHJLPH
UHJLPHGHGHTXH
TXHWUDWD
WUDWDHVWH DUWLJRTXH
HVWHDUWLJR TXHVXSH
VXSHUHP
UHPR XQLGDGH
XQLGDGHJHVWRUDGRUHVSHFWLYR
JHVWRUDGRUHVSHFWLYRUHJLPH
UHJLPHHP
HPFDGD
OLPLWH
OLPLWH Pi[LPR
Pi[LPR HVWDEHOHFLGR
HVWDEHOHFLGR SDUD
SDUD RV
RV EHQHItFLRV HQWH
HQWHHVWDWDO
HVWDWDOUHVVDOYDGRRGLVSRVWRQR
UHVVDOYDGRRGLVSRVWRQRDUW
DUW
GR
GR UHJLPH
UHJLPH JHUDO
JHUDO GH
GH SUHYLGrQFLD
SUHYLGrQFLD VRFLDO
VRFLDO GH
GH TXH †ž;
WUDWD
WUDWD R DUW
DUW 
 FRP
FRP SHUFHQWXDOLJXDODRHVWD
SHUFHQWXDOLJXDODRHVWD 2EV HVWH †  IRL DFUHVFLGRSHOD(&QƒGHD5HIRUPDGD
EHOHFLGR
EHOHFLGRSDUD
SDUDRV
RVVHUYLGRUHV
VHUYLGRUHVWLWXODUHVGHFDUJRV
WLWXODUHVGHFDUJRV 3UHYLGrQFLDGR*RYHUQR/XOD37

HIHWLYRV
2EVHVWH†IRLDFUHVFLGRSHOD(&QƒGH $SURLELomRGHPDLVGHXPUHJLPHGHSUHYLGrQFLDYLVD
D5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37
j XQLILFDomR GRV UHJLPHV SUHYLGHQFLiULRV ³ H PDLRU
&RQVXPRXVHDTXLRDEVXUGRRVHUYLGRUTXHFRQWUDWD FRQWUROH DGPLQLVWUDWLYRILQDQFHLUR GD SUHVWDomR GH
UD H SDJDUD SRU VXD DSRVHQWDGRULD GXUDQWH ORQJRV  EHQHItFLRVGHVRUWHDLPSHGLUTXHRVHUYLGRUUHFHEDGXDV
DQRVGHYHUiFRQWLQXDUSDJDQGRSHORTXHMi´FRPSURXµH DSRVHQWDGRULDVDRPHVPRWHPSRFRPRRFRUUHXRXWURUD
Mi´SDJRXµ
$UHVVDOYDHPUHODomRDRDUW†ž;UHIHUHVHDRV
3DUDDPHQL]DUHVVHDEVXUGRROHJLVODGRUFRQVWLWXLQWH PLOLWDUHVSRUTXHHVWHVVHVXEPHWHPDXPUHJLPHSDUWLFX
IH] XPD MRJDGD GHPDJyJLFD OLPLWDQGRVH D FREUDU GRV ODUGHSUHYLGrQFLDGLIHUHQWHGRUHJLPHSDUDRVVHUYLGRUHV
´PDUDMiVµTXHPUHFHEHUDSRVHQWDGRULDRXSHQVmRGHDWp S~EOLFRVHPJHUDO
5  QmR SUHFLVDUi FRQWULEXLU   D REULJDomR p
UHVWULWD jTXHOHV TXH UHFHEHUHP PDLV GH 5  † )LFD
)LFDYHGDGD
YHGDGDDH[LVWrQFLD
H[LVWrQFLDGH
GHPDLV
PDLVGH
GHXPUHJLPH
DWXDOL]iYHO TXHpR´OLPLWHPi[LPRHVWDEHOHFLGRSDUDRV SUySULRGH
SUySULR GHSUHYLGrQFLD
SUHYLGrQFLDVRFLDO
VRFLDOSDUD
SDUDRV
RVVHUYLGRUHV
EHQHItFLRVGRUHJLPHJHUDOGHSUHYLGrQFLDVRFLDOµGHDFRUGR WLWXODUHVGHFDUJRVHIHWLYRVHGHPDLVGHXPD
WLWXODUHVGHFDUJRVHIHWLYRVHGHPDLVGHXPD
FRPRDUWƒGD(PHQGD&RQVWLWXFLRQDOQƒ XQLGDGHJHVWRUD
XQLGDGH JHVWRUDGRUHVSHFWLYRUHJLPH
GRUHVSHFWLYRUHJLPHHP
HPFDGD
HQWH
HQWHHVWDWDO
HVWDWDOUHVVDOYDGRRGLVSRVWRQR
UHVVDOYDGRRGLVSRVWRQRDUW
DUW
† 2 VHUYLGRU
VHUYLGRU GH
GH TXHWUDWDHVWHDUWLJRTXHWHQKD
TXHWUDWDHVWHDUWLJRTXHWHQKD †ž;
FRPSOHWDGR
FRPSOH WDGR DV H[LJrQFLDV SDUD DSRVHQWDGRULD 2EV HVWH †  IRL DFUHVFLGR SHOD (&Qƒ  GH D
YROXQWiULD HVWDEHOHFLGDV QR † ž ,,, D H TXH 5HIRUPDGD3UHYLGrQFLDGR*RYHUQR/XOD37
RSWH
RSWH SRU
SRU SHUPDQHFHU
SHUPDQHFHU HP
HP DWLYLGDGH
DWLYLGDGH IDUi MXV D
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 

$SURLELomRGHPDLVGHXPUHJLPHGHSUHYLGrQFLDYLVD &RQILUDVHTXHD5HIRUPD$GPLQLVWUDWLYDQmR QmRS{VILP


QmR
j XQLILFDomR GRV UHJLPHV SUHYLGHQFLiULRV ³ H PDLRU jHVWDELOLGDGHDSHQDVFULRXGXDVQRYDVUHJUDVTXHSHUPL
FRQWUROH DGPLQLVWUDWLYRILQDQFHLUR GD SUHVWDomR GH WLUmRDGHPLVVmRGHVHUYLGRUHVHVWiYHLV$SULPHLUDQ QmR
EHQHItFLRVGHVRUWHDLPSHGLUTXHRVHUYLGRUUHFHEDGXDV SUHYLVWDDTXLQHVWDVHomRPDVQRDUW†ž&)³SDUD
DSRVHQWDGRULDVDRPHVPRWHPSRFRPRRFRUUHXRXWURUD DWHQGHUj/HL&DPDWD /HL&RPSOHPHQWDUQž ³
DXWRUL]D j 8QLmR DRV (VWDGRVPHPEURV DR 'LVWULWR
$UHVVDOYDHPUHODomRDRDUW†ž;UHIHUHVHDRV )HGHUDO H DRV PXQLFtSLRV D GHPLWLUHP IXQFLRQiULRV
PLOLWDUHVSRUTXHHVWHVVHVXEPHWHPDXPUHJLPHSDUWLFX HVWiYHLV FDVR HVWHMDP JDVWDQGR FRP R SDJDPHQWR GH
ODUGHSUHYLGrQFLDGLIHUHQWHGRUHJLPHSDUDRVVHUYLGRUHV SHVVRDOPDLVGHGHVXDUHFHLWDOtTXLGD$VHJXQGDp
S~EOLFRVHPJHUDO QRYLGDGH PRUDOL]DGRUD ³ SUHYLVWD QR LQFLVR ,,, GHVWH
DUW&) ³ H YLVD D SRU ILP j LQHILFLrQFLD GR VHUYLoR
† $ FRQWULEXLomR SUHYLVWD QR †GHVWHDUWLJR S~EOLFRpDSRVVLELOLGDGHGDGHPLVVmRSRULQVXILFLrQFLDGH
LQFLGLUiDSHQDVVREUHDVSDUFHODVGH
LQFLGLUiDSHQDVVREUHDVSDUFHODVGHSURYHQWRV GHVHPSHQKR
GH
GH DSRVHQWDGRULD
DSRVHQWDGRULD H GH
GH SHQVmR
SHQVmR TXH
TXH VXSHUHP
VXSHUHP R
GREUR
GREUR GR OLPLWH Pi[LPR HVWDEHOHFLGR SDUD RV †ž ,QYDOLGDGD
,QYDOLGDGDSRU
SRUVHQWHQoD MXGLFLDODGHPLVVmRGR
VHQWHQoDMXGLFLDO
EHQHItFLRV
EHQHItFLRVGR
GRUHJLPH JHUDOGH
UHJLPHJHUDO GHSUHYLGrQFLD
SUHYLGrQFLDVRFLDO VHUYLGRU
VHUYLGRUHVWiYHO
HVWiYHOVHUi
VHUiHOH
HOHUHLQWHJUDGR
UHLQWHJUDGRHRHYHQ
GH
GH TXH
TXH WUDWD
WUDWD R DUW
DUW 
 GHVWD
GHVWD &RQVWLWX
&RQVWLWXLomR WXDO
WXDORFXSDQWH
RFXSDQWHGD
GDYDJD
YDJDVH
VHHVWiYHO
HVWiYHOUHFRQGX]LGR
TXDQGR
TXDQGR R EHQHILFLiULR
EHQHILFLiULR QD IRUPD GD OHL IRU DR
DRFDUJR
FDUJRGH
GHRULJHP
RULJHPVHP
VHPGLUHLWR
GLUHLWRDLQGHQL]DomR
SRUWDGRUGHGRHQoDLQFDSDFLWDQWH DSURYHLWDGR
DSURYHLWDGRHP
HPRXWUR
RXWURFDUJR
FDUJRRX
RXSRVWR
SRVWRHP
HPGLVSR
QLELOLGDGH
QLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDO DR
FRP UHPXQHUDomR
2EVHVWH†IRLDFUHVFLGRSHOD(&QƒGH
WHPSRGHVHUYLoR
$(&QžDPHQL]RXDLQGDPDLVDRQHURVLGDGH
GDFRQWULEXLomRGRDSRVHQWDGRTXHIRUSRUWDGRUGHGRHQoD eVHGHREVHUYDUTXHDUHIRUPDDGPLQLVWUDWLYDGHILQLX
LQFDSDFLWDQWHWDODSRVHQWDGR RXSHQVLRQLVWD VySDJDUi DUHPXQHUDomRGRVHUYLGRUFRORFDGRHPGLVSRQLELOLGDGH
DFRQWULEXLomRVREUHDVSDUFHODVGHSURYHQWRV RXSHQVmR DQWHV SRUTXH QDGD GLVSXQKD R WH[WR FRQVWLWXFLRQDO D
TXHVXSHUDUHPRGREURGROLPLWHPi[LPR MXULVSUXGrQFLD SURFODPRX TXH HOH GHYHULD UHFHErOD
LQWHJUDOPHQWH PDV GRUDYDQWH WDO UHPXQHUDomR VHUi
'HVWDTXHVHTXHHVWH†UHIHUHVHD´GRHQoDµRTXH SURSRUFLRQDODRWHPSRGHVHUYLoR
H[FOXLR´DFLGHQWHµ³OHPEUDQGRTXHD´GRHQoDµpXPD
DIHWDomRItVLFDRXPHQWDOGHRULJHPHQGyJHQDDLQGDTXH †ž ([WLQWRRFDUJRRXGHFODUDGDD
([WLQWRRFDUJRRXGHFODUDGDDVXDGHVQHFHVVL
SRUFDXVDH[WHUQDTXHVHLQVWDODQRRUJDQLVPRKXPDQR GDGHRVHUYLGRU
GDGH VHUYLGRUHVWiYHO
HVWiYHOILFDUi
ILFDUiHP
HPGLVSRQLELOLGD
DOWHUDQGR VHX QRUPDO IXQFLRQDPHQWR ³ HQTXDQWR R GHFRPUHPXQHUDomRSURSRUFLRQDODRWHPSRGH
DFLGHQWH p GH RULJHP H[yJHQD RX VHMD RFDVLRQDGR SRU VHUYLoR
HUYLoR DWp
DWp VHX DSURYHLWDPHQWRHP
DGHTXDGR DSURYHLWDPHQWRHP
VHX DGHTXDGR
FDXVDH[WHUQDV~ELWDHYLROHQWD RXWURFDUJR

$UW 6mR
6mRHVWiYHLV
HVWiYHLVDSyV
DSyVWUrV
WUrVDQRV
DQRVGH
GHHIHWLYRH[HUFtFLR ,JXDOPHQWHDTXLRYHOKRWH[WRQmRHVFODUHFLDRYDORU
RV
RV VHUYLGRUHV
VHUYLGRUHV QRPHDGRV
QRPHDGRV SDUD
SDUD FDUJR GH SURYL GD UHPXQHUDomR TXDQGR R VHUYLGRU IRVVH FRORFDGR HP
PHQWR HIHWLYRHP
PHQWRHIHWLYR HPYLUWXGH
YLUWXGHGH
GHFRQFXUVR
FRQFXUVRS~EOLFR GLVSRQLELOLGDGH PHUFr GD H[WLQomR GH VHX FDUJR RX GD
GHFODUDomRGDGHVQHFHVVLGDGHGHVVHFDUJR7DPEpPQHVWH
$ DOWHUDomR DTXL Vy VH UHIHUH DR SUD]R GR HVWiJLR FDVRDMXULVSUXGrQFLDSDVVRXDRULHQWDUTXHDGLVSRQLELOL
SUREDWyULRDQWHVDHVWDELOLGDGHYLQKDDSyVGRLVDQRVGH GDGH IRVVH UHPXQHUDGD FRP YHQFLPHQWRV LQWHJUDLV
HVWiJLRHGRUDYDQWHVyKDYHUiHVWDELOLGDGHSDUDTXHP DILQDO R VHUYLGRU QmR HVWi WUDEDOKDQGR PDV HVWi j
VXSHUDU WUrV
WUrV DQRV
DQRV GH HVWiJLR 2V VHUYLGRUHV DGPLWLGRV GLVSRVLomRGD$GPLQLVWUDomR3~EOLFDDOpPGRPDLVQmR
DQWHULRUPHQWH DLQGD TXH HVWDYDP SUHVWHV D DOFDQoDU D SRGHDUUDQMDURXWURHPSUHJRRXFDUJRS~EOLFRHQTXDQWR
HVWDELOLGDGHVHUmRHVWiYHLVDSyVRVDQRVPDVQmRVH QmRVHUHVROYHUWDOSHQGrQFLD &RPDUHIRUPDDGPLQLVWUD
OLYUDUmRGDDYDOLDomRSUpYLD DUW(&Qž  WLYD HVVD SHQGrQFLD ILFRX GHILQLWLYDPHQWH GLULPLGD D
UHPXQHUDomRGRVHUYLGRUHPGLVSRQLELOLGDGHVHUiVHPSUH
†ž 2VHUYLGRUS~EOLFRHVWiYHOVySHUGHUiRFDUJR SURSRUFLRQDODRWHPSRGHVHUYLoR

, HP
HP YLUWXGHGHVHQWHQoDMXGLFLDOWUDQVLWDGDHP
YLUWXGHGHVHQWHQoDMXGLFLDOWUDQVLWDGDHP †ž &RPR
&RPRFRQGLomRSDUDD
FRQGLomRSDUDDDTXLVLomR
DTXLVLomRGD
GDHVWDELOLGD
MXOJDGR GH
GHpREULJDWyULD
REULJDWyULDDDYDOLDomR
DYDOLDomRHVSHFLDO
HVSHFLDOGH
GHGHVHP
SHQKRSRU
SHQKRSRUFRPLVVmRLQVWLWXtGDSDUDHVVDILQDOL
,, PHGLDQWHSURFHVVRDGPLQLVWUDWLYRHPTXHOKH GDGH
GDGH
VHMDDVVHJXUDGDDPSODGHIHVD
(LVRXWUDQRYLGDGHLQWURGX]LGDSHOD5HIRUPD$GPLQLV
,,, PHGLDQWH
PHGLDQWHSURFHGLPHQWR
SURFHGLPHQWRGH DYDOLDomRSHULyGLFD
GHDYDOLDomR WUDWLYD RILFLDOL]DVH FRQVWLWXFLRQDOPHQWH R HVWiJLR
GH
GHGHVHPSHQKR
GHVHPSHQKRQD
QDIRUPD
IRUPDGH
GHOHL
OHLFRPSOHPHQWDU REULJDWyULRLQFOXVLYHFRPDVROHQHHIRUPDODYDOLDomRGH
DVVHJXUDGDDPSODGHIHVD GHVHPSHQKRGRVHUYLGRUSRUXPDFRPLVVmRHVSHFLDOPHQWH
LQVWLWXtGDSDUDHVVHILP
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

7(67(6

 $VVHJXUD
$VVHJXUDQRVVD&RQVWLWXLomRTXHQLQJXpP
QRVVD&RQVWLWXLomRTXHQLQJXpPVHUi
VHUiVXEPHWLGR D HPTXDOTXHUWHPSR
D E HPWHPSRGHFDODPLGDGHS~ELFD
D WRUWXUD F HPWHPSRGHSD]
E WUDWDPHQWRGHVXPDQR G HPWHPSRGHJXHUUD
F WUDWDPHQWRGHJUDGDQWH
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV  1D
1D LQGLYLGXDOL]DomR GD SHQD D SULYDomR RX UHVWULomR GH
OLEHUGDGHVHULD
 $OpPGRGLUHLWRGHUHVSRVWDRRIHQGLGRWHUiGLUHLWRj D SDJDPHQWRGHPXOWD
D LQGHQL]DomRSRUGDQRPDWHULDO E DSUHHQVmRGHEHQV
E LQGHQL]DomRSRUGDQRPRUDO F FDGHLDRXSULVmRDOEHUJXH
F LQGHQL]DomRSRUGDQRjLPDJHP G SUHVWDomRGHVHUYLoRVVRFLDLV
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
 2RUGHQDPHQWRMXUtGLFRFRQVWLWXFLRQDOEUDVLOHLURFRQVDJUD
 2 GLUHLWR
GLUHLWR GH UHVSRVWD p DVVHJXUDGR SHOD &RQVWLWXLomR DLQYLRODELOLGDGHGRVVHJXLQWHVGLUHLWRVIXQGDPHQWDLV
)HGHUDOGHVGHTXH D GLUHLWRjYLGDHjOLEHUGDGH
D GHVSURSRUFLRQDODRDJUDYR E GLUHLWRjLJXDOGDGHHjVHJXUDQoD
E SURSRUFLRQDODRDJUDYR F GLUHLWRjSURSULHGDGH
F LJXDODRGHVDJUDYR G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
G DFHLWRSHORDJUDYDGR
 1R
1RWH[WR
WH[WRGH QRVVD&RQVWLWXLomRDJDUDQWLDGH
GHQRVVD &RQVWLWXLomRDJDUDQWLDGHLQYLRODELOL
 6HXPDSHVVRDYLHUDVHUREULJDGDDID]HU RXSDUDU
6HXPDSHVVRDYLHUDVHUREULJDGDDID]HU RXSDUDUGHID GDGHDLQGDVHHVWHQGH
]HU DOJXPDFRLVDTXHQmRHVWiSUHYLVWDHPOHLKDYHUi D DRHVWUDQJHLURFRPIDPtOLDEUDVLOHLUDHQDWXUDOL]DGRQR
D FULPHGHFRQVWUDQJLPHQWRLOHJDO %UDVLO
E FRQWUDYHQomRSHQDO E DRVSRUWXJXHVHVTXHUHVLGHPQRSDtVRXHP3RUWXJDO
F LQIUDomRGLVFLSOLQDU F DRHVWUDQJHLURUHVLGHQWHQRSDtV
G FULPHGHFRQFXVVmR G QGD

 $VSHVVRDVGHYHPVHUWUDWDGDVFRPLJXDOGDGHSHODOHLe  1D
1DYLGD
YLGDGHPRFUiWLFD
GHPRFUiWLFDRSULQFtSLR
SULQFtSLRGD
GDLJXDOGDGH
LJXDOGDGHpFRQVLGHUD
DFKDPDGDLJXDOGDGH GR
D SDULHWiULD D IDFXOWDWLYR
E MXUtGLFDGDVSHVVRDV E IXQGDPHQWDO
F ItVLFDGDVSHVVRDV F HVSHFLDO
G QDFLRQDO G QDWXUDO

 2SUHVRWHPRVHXUHVSHLWRjLQWHJULGDGHItVLFDHPRUDO  1LQJXpP
1LQJXpP VHUi
VHUi  SUHVR VHQmR HP IODJUDQWH GHOLWR RX SRU
D DVVHJXUDGRVSHOR'LUHLWRVGR&LGDGmR5HFOXVR RUGHP
RUGHP HVFULWD
HVFULWD H IXQGDPHQWDGD GH DXWRULGDGH MXGLFLiULD
E DVVHJXUDGRVSHOD&RQVWLWXLomR)HGHUDO FRPSHWHQWHVDOYRQRVFDVRVGH
F DVVHJXUDGRVSHOD,JUHMD%DWLVWD D WUDQVJUHVVmR PLOLWDU RX FULPH SURSULDPHQWH PLOLWDU
G DVVHJXUDGRVSHOR3DSD-RmR3DXOR,, GHILQLGRVHPOHL
E WUDQVJUHVVmRFLYLO
 6HJXQGR
6HJXQGR D &RQVWLWXLomR
&RQVWLWXLomR )HGHUDO
)HGHUDO p OLY
OLYUH
UH D ORFRPRomR
ORFRPRomR QR F FULPHVGHFRUUXSomRDGPLQLVWUDWLYD
WHUULWyULRQDFLRQDO G FULPHVGHUHVSRQVDELOLGDGH

 '
' DUWž,,,&)
 '
' DUWž9&)
 %
% DUWž9&)  &
& DUWž;/9,´Dµ&)
 $
$ DUWž,,&)  '
' DUWž&)
 %
% DUWž&)  &
& DUWž&)
 %
% DUWž;/,;&)  %
% DUWž&)
 &
& DUWž;9&)  $
$ DUWž/;,&)
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 
 $VVLQDOH
$VVLQDOH D DOWHUQDWLYD
DOWHUQDWLYD FRUUHWD 6mR DVVHJXUDGRV QRV  3RGHUmRVHUUHGX]LGRVRVVDOiULRVTXDQGR
WHUPRVGDOHL D RGLVSRVWRHPFRQYHQomR
D DSURWHomRjVSDUWLFLSDo}HVLQGLYLGXDLVHPREUDVFROHWLYDV E RGLVSRVWRHPDFRUGRFROHWLYR
HjUHSURGXomRGDLPDJHPHYR]KXPDQDVLQFOXVLYHQDV F RGLVSRVWRHPFRQYHQomRRXDFRUGRFROHWLYR
DWLYLGDGHVHVSRUWLYDV G QGD
E DSURWHomRjVSDUWLFLSDo}HVFROHWLYDVPHVPRFRPUHSUR
GXomRGDLPDJHPLQGLYLGXDORXGHYR]KXPDQDVH[FHWR  3DUD
3DUD RV
RV WUDEDOKDGRUHV
WUDEDOKDGRUHV TXH
TXH SHUFHEHP
SHUFHEHP UHPXQHUDomRYDULi
UHPXQHUDomRYDULi
QDVDWLYLGDGHVHVSRUWLYDV YHOVHUiJDUDQWLGRXPVDOiULR
F DSURWHomRjVSDUWLFLSDo}HVLQGLYLGXDLVHPREUDVFROHWLYDV D SURSRUFLRQDODRVGLDVWUDEDOKDGRV
HjUHSURGXomRGDLPDJHPHYR]KXPDQDVH[FHWRQDV E QXQFDLQIHULRUDRVDOiULRPtQLPR
DWLYLGDGHVHVSRUWLYDV F GHDWpGRLVWHUoRGRVDOiULRPtQLPRGDFDWHJRULD
G D SURWHomR jV SDUWLFLSDo}HV LQGLYLGXDLV HP TXDLVTXHU G QXQFDVXSHULRUDGRLVVDOiULRVGDFDWHJRULD
REUDVPDVVHjUHSURGXomRGDLPDJHPRXGHYR]KXPD
QDLQFOXVLYHQDVDWLYLGDGHVHVSRUWLYDV  2'pFLPRWHUFHLURVDOiULRWHUiFRPREDVH
D DUHPXQHUDomRLQWHJUDO
 $DXWRULGDGH
DXWRULGDGHFRPSHWHQWH
FRPSHWHQWHSRGHUi
SRGHUiID]HU
ID]HUXVR
XVRGD
GDSURSULHGDGH E RYDORUGDDSRVHQWDGRULD
SDUWLFXODU
SDUWLFXODUJDUDQWLQGR
JDUDQWLQGRDR
DRSURSULHWiULRLQGHQL]DomRXOWHULRU
SURSULHWiULRLQGHQL]DomRXOWHULRU F DUHPXQHUDomREUXWD
SRUGDQRHPTXHFDVRGH G DUHPXQHUDomRLQWHJUDORXRYDORUGDDSRVHQWDGRULD
D GHVDSURSULDomRSRUXWLOLGDGHS~EOLFD
E GHVDSURSULDomRSRUQHFHVVLGDGHS~EOLFD  $ FRPSHQVDomR GH KRUiULRV
FRPSHQVDomR GH KRUiULRV H D UHGXomR
UHGXomR GH MRUQDGD GH
F GHVDSURSULDomRSRULPLQHQWHSHULJRS~EOLFR WUDEDOKRVHUiSRVVtYHO
G DHEHVWmRFRUUHWDV D DWUDYpVGHDFRUGRSDUWLFXODU
E FRQYHQomRFROHWLYD
 3DUDD&RQVWLWXLomR)HGHUDODHGXFDomRpFRQVLGHUDGD F DFRUGRRXFRQYHQomRSDUWLFXODUGHFDGDWUDEDOKDGRU
D GLUHLWRVRFLDO G DFRUGRRXFRQYHQomRFROHWLYDGHWUDEDOKR
E GHYHUVRFLDO
F REULJDomRVRFLDO  6DOYR
6DOYRQHJRFLDomR
QHJRFLDomRFROHWLYD
FROHWLYDDV
DVMRUQDGDV
MRUQDGDVGH
GHVHLV
VHLVKRUDV
KRUDVVHUmR
G JDUDQWLDLQGLYLGXDO DSOLFDGDVDRWUDEDOKRUHDOL]DGR
D GLXUQDPHQWH
 2WUDEDOKRSDUDD&RQVWLWXLomR)HGHUDOpFRQVLGHUDGR E QRWXUQDPHQWH
D GHYHUVRFLDO F HPWXUQRVLQLQWHUUXSWRVGHUHYH]DPHQWR
E GLUHLWRVRFLDO G SRUWDUHID
F REULJDomRVRFLDO
G JDUDQWLDLQGLYLGXDO  $V QRUPDV GH VD~GH KLJLHQH H VHJXUDQoD GR WUDEDOKR
VHUYHPSDUD
 6mR
6mRGLUHLWRV
GLUHLWRVGRV
GRVWUDEDOKDGRUHV
WUDEDOKDGRUHVDOpP
DOpPGH
GHRXWURV
RXWURVTXH
TXHYLVHP D DXPHQWDURVULVFRVLQHUHQWHVDRWUDEDOKR
jPHOKRULD
PHOKRULDGH
GHVXD
VXDFRQGLomR
FRQGLomRVRFLDODUHODomRGHHPSUHJR
VRFLDODUHODomRGHHPSUHJR E UHGXomRGRVULVFRVLQHUHQWHVDRWUDEDOKR
SURWHJLGDFRQWUD F SURWHomRGRWUDEDOKDGRUUXUDO
D GHVSHGLGDDUELWUiULDRXVHPMXVWDFDXVD G SURWHomRGRWUDEDOKDGRUXUEDQR
E RKRUiULRIL[RGHWUDEDOKR
F RGLUHLWRGHUHFHELPHQWRGHKRUDVH[WUDV  $&RQVWLWXLomR
&RQVWLWXLomR)HGHUDO
)HGHUDOJDUDQWH
JDUDQWHXP
XPDGLFLRQDO
DGLFLRQDOGH
GHUHPXQHUD
G QGD omRSDUD
D DVDWLYLGDGHVSHQRVDV
 eFRQVLGHUDGR
FRQVLGHUDGRXP
XPGLUHLWR
GLUHLWRGR
GRWUDEDOKDGRU
WUDEDOKDGRURUHFHELPHQWR
UHFHELPHQWRGH E DWLYLGDGHVLQVDOXEUHV
VDOiULR
VDOiULR PtQLPR
PtQLPR IL[DGR
IL[DGR HP
HP OHL
OHL QDFLRQDOPHQWH
QDFLRQDOPHQWH XQLILFDGR F DWLYLGDGHVSHULJRVDV
FDSD]
FDSD]GH
GHDWHQGHU
DWHQGHUDVXDV
VXDVQHFHVVLGDGHV
QHFHVVLGDGHVYLWDLV
YLWDLVEiVLFDV
EiVLFDVHjV
jVGH G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
VXDIDPtOLDFRPR
D PRUDGLDHDOLPHQWDomR  $SHUGD
SHUGDGR
GRFDUJR
FDUJRS~EOLFR
S~EOLFRRX
RXSDUWLFXODUSHORWUDEDOKDGRU
SDUWLFXODUSHORWUDEDOKDGRU
E HGXFDomRVD~GHHOD]HU VHP
VHPSUHMXt]R GHFRQWLQXDU
SUHMXt]RGH FRQWLQXDUUHFHEHQGR
UHFHEHQGRVHXV
VHXVYHQFLPHQWR
YHQFLPHQWRRX
F YHVWXiULRKLJLHQHWUDQVSRUWHHSUHYLGrQFLDVRFLDO VDOiULRVGHQRPLQDVH
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV D OLFHQoD
E YDQWDJHP
 27UDEDOKDGRU
7UDEDOKDGRUXUEDQR
XUEDQRHUXUDO
UXUDOWHP
WHPGLUHLWR
GLUHLWRDSLVR
SLVRVDODULDO F DSRVHQWDGRULD
D SURSRUFLRQDOjH[WHQVmRHjFRPSOH[LGDGHGRWUDEDOKR G VHJXURGHVHPSUHJR
E SURSRUFLRQDOjH[WHQVmRGRWUDEDOKR
F SURSRUFLRQDOjFRPSOH[LGDGHGRWUDEDOKR
G LQYHUVDPHQWHSURSRUFLRQDOjFRPSOH[LGDGHGRVHUYLoR

 &
& DUWž9,&)
 $
$ DUWž;;9,,,D&)  %
% DUWž9,,&)
 '
' DUWž;;,9;;9&)  '
' DUWž9,,,&)
 $
$ DUWž&)  '
' DUWž;,,,&)
 %
% DUWž&)  &
& DUWž;,9&)
 $
$ DUWž,&)
$  %
% DUWž;;,,&)
 '
' DUWž,9&)  '
' DUWž;;,,,&)
 $
$ DUWž9&)  &
& DUWž;;,9&)
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

 5H]D
5H]D D &RQVWLWXLomR
&RQVWLWXLomR )HGHUDO
)HGHUDO TXH
TXH KDYHUi
KDYHUi DVVLVWrQFLD  6HJXQGR
6HJXQGRD&RQVWLWXLomR
&RQVWLWXLomR)HGHUDO
)HGHUDOD&DUUHLUD
&DUUHLUD'LSORPiWLFD
'LSORPiWLFDp
JUDWXLWD
JUDWXLWD DRV
DRV ILOKRV H GHSHQGHQWHV GRV WUDEDOKDGRUHV D pXPFDUJRSULYDWLYRGHEUDVLOHLURQDWR
GHVGH
GHVGHRQDVFLPHQWR
QDVFLPHQWRDWp
DWpFLQFR
FLQFRDQRV
DQRVGH
GHLGDGH
LGDGHHP
HPFUHFKHV
FUHFKHVH E DFHVVtYHODWRGRVMiTXHQmRVHGLVWLQJXHEUDVLOHLURQDWR
SUpHVFRODVSRUVHU GHQDWXUDOL]DGR
D XPGLUHLWRH[FOXVLYRGRWUDEDOKDGRUUXUDO F QmRpXPFDUJRSULYDWLYRGHEUDVLOHLURQDWR
E XPIDYRUDRWUDEDOKDGRUXUEDQR G pXPFDUJRSULYDWLYRGHEUDVLOHLURQDWXUDOL]DGR
F XPGLUHLWRGRWUDEDOKDGRU
G XPIDYRUGRHVWDGRSDUDTXDOTXHUSHVVRD  2V
2VGRFXPHQWRVS~EOLFRVHSULYDGRVVHUmRHODERUDGRVQR
GRFXPHQWRVS~EOLFRVHSULYDGRVVHUmRHODERUDGRVQR
LGLRPDRILFLDOGD5HS~EOLFD)HGHUDWLYDGR%UDVLOTXHp
 $FRQYHQo}HVHRVDFRUGRVFROHWLYRVGHWUDEDOKRVHUmR D DOtQJXDSRUWXJXHVD
D UHFRQKHFLGRVSHOD&RQVWLWXLomR E DOtQJXDEUDVLOHLUD
E IHLWRVDQXDOPHQWH F DOtQJXDQDFLRQDO
F UHFRPSHQVDGRVSHORSDWUmR G TXDOTXHU LGLRPD TXH VHMD HQWHQGLGR SRU TXHP XVH R
G DVVLPLODGRVSHORVHPSUHJDGRV GRFXPHQWR
 $ &RQVWLWXLomR
&RQVWLWXLomR SUHRFXSDGD
SUHRFXSDGD FRP
FRP R DYDQoR
DYDQoR GD
GD WHFQRORJLD
WHFQRORJLD  (P
(P WRGDV
WRGDV DV
DV UHSDUWLo}HV
UHSDUWLo}HV S~EOLFDV
S~EOLFDV p KDVWHDGD
KDVWHDGD D %DQGHLUD
PRGHUQDHHPIDFHGDDXWRPDomRGDVIiEULFDVGHYHUi %UDVLOHLUDSRUTXHHODpFRQVLGHUD
D DVVHJXUDURHPSHQKRGRWUDEDOKDGRU D RUJXOKRQDFLRQDO
E FULDUOHLVSDUDSURWHomRGRWUDEDOKDGRU E LGHQWLGDGHGRSRYR
F DVVHJXUDUDHYROXomRGDLQG~VWULDQDFLRQDO
F VtPERORGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
G DVVHJXUDUDFDSDFLWDomRSURILVVLRQDOGRWUDEDOKDGRU
G PDUFRQDFLRQDO
 2SDJDPHQWR
SDJDPHQWRGH VHJXURFRQWUD
GHVHJXUR FRQWUDDFLGHQWHV
DFLGHQWHVGH
GHWUDEDOKR
WUDEDOKRVHUi
 (P
(PVROHQLGDGH
VROHQLGDGHRQGH
RQGHVH
VHHQFRQWUD 3UHVLGHQWHGD
HQFRQWUDR3UHVLGHQWH GD5HS~EOL
IHLWRSHOR
FD
FDFRVWXPDVH
FRVWXPDVHKDVWHDU
KDVWHDUDEDQGHLUD
EDQGHLUDQDFLRQDO
QDFLRQDOHFDQWDU
FDQWDURKLQR
D (VWDGR
QDFLRQDOTXHVmRFRQVLGHUDGRV
E WUDEDOKDGRU
D RUJXOKRQDFLRQDO
F ,QVWLWXWRGH3UHYLGrQFLD6RFLDO
G HPSUHJDGRU E LGHQWLGDGHGRSRYR
F PDUFRQDFLRQDO
 6mREUDVLOHLURVQDWRV G VtPERORGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
D 2VHVWUDQJHLURVGHTXDOTXHUQDFLRQDOLGDGHUHVLGHQWHVQD
5HS~EOLFD )HGHUDWLYD GR %UDVLO Ki PDLV GH  DQRV  $V
$VDUPDV
DUPDVHRVHOR
VHORQDFLRQDO
QDFLRQDOVmR
VmRFRQVLGHUDGRV
FRQVLGHUDGRVVtPERORV
VtPERORVGD
LQLQWHUUXSWRVHVHPFRQGHQDomRSHQDOGHVGHTXHUHTXHL 5HS~EOLFD)HGHUDWLYDGR%UDVLOFRQVDJUDGRVSHOD
UDPDQDFLRQDOLGDGHEUDVLOHLUD D DXWRULGDGHS~EOLFD
E 2VQDVFLGRVQRHVWUDQJHLURFXMRVDYyVVHMDPEUDVLOHLURV E &RQVWLWXLomR)HGHUDO
F 2VQDVFLGRVQD5HS~EOLFD)HGHUDWLYDGR%UDVLODLQGDTXH F DXWRULGDGHMXGLFLiULD
GH SDLV HVWUDQJHLURV GHVGH TXH HVWHV QmR HVWHMDP D G &kPDUD)HGHUDO
VHUYLoRGHVHXSDtV
G 2VTXHQDIRUPDGDOHLDGTXLUDPQDFLRQDOLGDGHEUDVLOHL  $ &RQVWLWXLomR WDPEpP DVVHJXUD DRV (VWDGRV 'LVWULWR
UDH[LJLGDVDRVRULJLQiULRVGHSDtVHVGHOtQJXDSRUWXJXH )HGHUDOHDRV0XQLFtSLRVSRVVXtUHP
VDDSHQDVUHVLGrQFLDSRUXPDQRLQLQWHUUXSWR D DUPDVPLOLWDUHV
 -DPHV
-DPHV H VXD
VXD HVSRVD
HVSRVD 0DU\ VmR  DPHULFDQRV TXH HVWmR E VHORVS~EOLFRV
PRUDQGR QR %UDVLO Ki GRLV DQRV DEULUDP XPD ORMD GH F VtPERORVSUySULRV
EULQTXHGRV
EULQTXHGRV LPSRUWDGRV
LPSRUWDGRV HPHP 6mR
6mR 3DXOR
3DXOR
 1R PrVTXHYHP G UHVHUYDVQDFLRQDLV
0DU\
0DU\ GDUi
GDUi D OX]
OX] DTXL
DTXL QR
QR %UDVLO
%UDVLO D XPILOKRGRFDVDO(VWH
ILOKRVHUiFRQVLGHUDGR  4XDQGR
4XDQGR RSRYRTXLVHUWHULQLFLDWLYDGHID]HUDOJXPDOHL
D EUDVLOHLURQDWXUDOL]DGR FROHWDQGR
OHWDQGR DVVLQDWXUDV
DVVLQDWXUDV SDUD
SDUD SURSRU
SURSRU HVVD
HVVD OHL
OHL HOH
HOH HVWDUi
E HVWUDQJHLUR H[HUFHQGRDVREHUDQLDSRSXODUDWUDYpV
F EUDVLOHLURQDWR D VXIUiJLRHOHLWRUDO
G HVWUDQJHLURQDWXUDOL]DGR E UHIHUHQGR
F LQLFLDWLYDSRSXODU
 8PFDVDOGH
8PFDVDOGHDOHPmHV
DOHPmHVIRL
IRLHQYLDGRDR%UDVLOSDUDWUDEDOKDU G HOHLomRGLUHWD
QR &RQVXODGR
QR &RQVXODGR $OHPmR
$OHPmR Ki PDLV GH FLQFR DQRV  GXUDQWH
HVWH
HVWH SHUtRGRWLYHUDPGRLVILOKRVTXHDTXLQR%UDVLOVmR
SHUtRGRWLYHUDPGRLVILOKRVTXHDTXLQR%UDVLOVmR  $ YLDELOL]DomR
YLDELOL]DomR GR
GR H[HUFtFLR
H[HUFtFLR HIHWLYR
HWLYR GD
GD VREHUDQLD
VREHUDQLD SRSXODU
FRQVLGHUDGRV DWUDYpV
DWUDYpVGR
GRYRWR
YRWRHSRUWDQWR
SRUWDQWRDFRQVDJUDomR
FRQVDJUDomRGD
GDFLGDGDQLD
FLGDGDQLDVH
D EUDVLOHLURVQDWXUDOL]DGR GDUiSHOR
E HVWUDQJHLURV D DOLVWDPHQWRHOHLWRUDO
F EUDVLOHLURVQDWR E LQLFLDWLYDSRSXODU
G HVWUDQJHLURVQDWXUDOL]DGR F HOHLo}HVGLUHWD
G UHIHUHQGXP

 $
$ DUW,,†ž9&)
 &
& DUWž;;9&)  $
$ DUW&)
 $
$ DUWž;;9,&)  &
& DUW†ž&)
 %
% DUWž;;9,,&)  '
' DUW†ž&)
 '
' DUWž;;9,,,&)  %
% DUW†ž&)
 &
& DUW,D&)  &
& DUW†ž&)
 &
& DUW,D&)  &
& DUW,,,&)
 %
% DUW,D&)  $
$ DUW†ž&)
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU&RQVWLWXFLRQDO 
 2 PLOLWDU
PLOLWDU DOLVWiYHO
DOLVWiYHO TXH
TXH FRQWDU
FRQWDU FRP
FRP PDLV
PDLV GH GH]DQRVGH  3RGHUi
3RGHUiVHU
VHUFULDGDDXWDUTXLDHDXWRUL]DGDD
FULDGDDXWDUTXLDHDXWRUL]DGDDLQVWLWXLomR
LQVWLWXLomRGH
VHUYLoR
VHUYLoRFDVR
FDVRTXHLUD
TXHLUDFRQFRUUHUD
FRQFRUUHUDFDUJR
FDUJRHOHWLYR
HOHWLYRVHUi
VHUiFRQVL HPSUHVD
HPSUHVD S~EOLFD
S~EOLFD GH VRFLHGDGH GH
GH VRFLHGDGH GH HFRQRPLD
HFRQRPLD PLVWD
PLVWD H GH
GHUDGR IXQGDomRVRPHQWHDWUDYpVGH
D LQHOHJtYHOSRUVHUPLOLWDU D OHLHVSHFtILFD
E HOHJtYHOPDVGHYHUiDIDVWDUVHGDDWLYLGDGHPLOLWDU E GHFUHWROHL
F HOHJtYHOPDVVHUiDJUHJDGRSHODDXWRULGDGHVXSHULRU F OHLGHOHJDGD
G LQDWLYRFDVRFRQFRUUDDHOHLomR G PHGLGDSURYLVyULD

 6mR
6mR 3ULQFtSLRV
3ULQFtSLRV GD $GPLQLVWUDomR 'LUHWD H ,QGLUHWD GH  6H
6HRVHUYLGRU
VHUYLGRUS~EOLFR
S~EOLFRWHP
WHPPDQGDWR
PDQGDWRHOHWLYR
HOHWLYRGH
GH9HUHDGRU
9HUHDGRUH
TXDOTXHU
TXDOTXHU GRV
GRV 3RGHUHV
3RGHUHV GD8QLmRGRV(VWDGRVGR'LVWULWR
GD8QLmRGRV(VWDGRVGR'LVWULWR KDYHQGRFRPSDWLELOLGDGHGHKRUiULRVSHUFHEHUi
)HGHUDOHGRV0XQLFtSLRV D HPGREUR
D OHJDOLGDGHHLPSHVVRDOLGDGH E DVYDQWDJHQVGHVHXFDUJRVHPSUHMXt]RGDUHPXQHUDomR
E PRUDOLGDGHHSXEOLFLGDGH GRFDUJRHOHWLYR
F OHJDOLGDGHHHILFLrQFLD F UHPXQHUDomRFRPDGLFLRQDOGHUHSUHVHQWDomR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV G QGD

 $V
$V IXQo}HV
IXQo}HV GH FRQILDQoD H[HUFLGDV H[FOXVLYDPHQWH SRU  $ 8QLmR
8QLmR RV
RV (VWDGRV
(VWDGRV R 'LVWULWR
'LVWULWR )HGHUDO
)HGHUDO H RV 0XQLFtSLRV
VHUYLGRUHV
VHUYLGRUHV RFXSDQWHV
RFXSDQWHV GH
GH FDUJR
FDUJR HIHWLYR
HIHWLYR H RV
RV FDUJRV
FDUJRV HP LQVWLWXLUmR
LQVWLWXLUmRFRQVHOKR
FRQVHOKRGHSROtWLFD
GHSROtWLFDGH
GHDGPLQLVWUDomR
DGPLQLVWUDomRHUHPX
FRPLVVmR
FRPLVVmRDVHUHP
VHUHPSUHHQFKLGRV
SUHHQFKLGRVSRU
SRUVHUYLGRUHV
VHUYLGRUHVGHGHFDUUHLUD QHUDomR
QHUDomR GH
GH SHVVRDO
SHVVRDO LQWHJUDGR
LQWHJUDGR SRU
SRU VHUYLGRUHV
VHUYLGRUHV GHVLJQDGRV
QRVFDVRVFRQGLo}HVHSHUFHQWXDLVPtQLPRVSUHYLVWRVHP SHORV
OHLGHVWLQDPVHDSHQDVjVDWULEXLo}HVGH D 3RGHU([HFXWLYR
D GLUHomR E 3RGHU/HJLVODWLYR
E FKHILD F 3RGHU-XGLFLiULR
F DVVHVVRUDPHQWR G UHVSHFWLYRV3RGHUHV
G GLUHomRFKHILDHDVVHVVRUDPHQWR
 5HVVDOYDGDV
5HVVDOYDGDV DV DSRVHQWDGRULDV GHFRUUHQWHV GRV FDUJRV
 $SURLELomR
SURLELomRGH
GHDFXPXODU
DFXPXODUHVWHQGHVH
HVWHQGHVHDHPSUHJRV
HPSUHJRVHIXQo}HV DFXPXOiYHLV
DFXPXOiYHLV QD
QD IRUPD
IRUPD GHVWD
GHVWD &RQ
&RQ VWLWXLomR
VWLWXLomR p YHGDGD
YHGDGD D
H DEUDQJH DXWDUTXLDV IXQGDo}HV HPSUHVDV S~EOLFDV SHUFHSomRGH
VRFLHGDGHVGHHFRQRPLDPLVWDVXDV
VRFLHGDGHVGHHFRQRPLDPLVWDVXDVVXEVLGLiULDV
VXEVLGLiULDVHVRFLH D PDLVGHXPDDSRVHQWDGRULDjFRQWDGRUHJLPHGHSUHYL
GDGHVFRQWURODGDV GrQFLD
D GLUHWDPHQWHSHORSRGHUS~EOLFR E PDLVGHGXDVDSRVHQWDGRULDjFRQWDGRUHJLPHGHSUHYL
E LQGLUHWDPHQWHSHORSRGHUS~EOLFR GrQFLD
F GLUHWDRXLQGLUHWDPHQWHSHORSRGHUS~EOLFR F PHQRV  GH WUrV DSRVHQWDGRULD j FRQWD GR UHJLPH GH
G QGD SUHYLGrQFLD
G QGD

Caro Candidato,

Alguns erros de “digitação” podem ocor-


rer... Pensando nisso, colocamos ao lado
de cada resposta (de Legislação) o texto
legal referente à questão. Assim, em caso
de dúvida quanto à resposta, você poderá
conferir na apostila - de acordo com texto
legal indicado - qual a resposta correta (o
que vale é o texto da lei - sempre!!!)

 &
& DUW†ž&)  $
$ DUW;,;&)
 '
' DUW&)  %
% DUW,,,&)
 '
' DUW9&)  '
' DUW&)
 &
& DUW;9,,&)  $
$ DUW†ž&)
 'LU&RQVWLWXFLRQDO , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$127$d¯(6
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

1Ro}HV
GH

',5(,72$'0,1,675$7,92
UHVSHLWRjVVXDVJDUDQWLDVHGLUHLWRV1DWXUDOPHQWHHVVHV
(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD GLUHLWRV H JDUDQWLDV LQGLYLGXDLV VmR EHP GHILQLGRV QXP
HVWDWXWRPDLRUTXHH[SULPHRVSRGHUHVHRVGHYHUHVGR
&RQFHLWRH(OHPHQWRV (VWDGREHPFRPRDSURWHomRGRVLQGLYtGXRV

$$GPLQLVWUDomR3XEOLFDpWRGRR DSDUDWR
DSDUDWR GR
GR (VWDGR
(VWDGRpDRUJDQL]DomRSROtWLFDFRPRILPHVSHFtILFR
2(VWDGR
(VWDGR SDUD UHDOL]DU R PLVWHU WDUHID  SDUD R TXDO IRL FULDGR
H HVVHQFLDO GH UHJXODPHQWDU JOREDOPHQWH DV UHODo}HV GHVGHDSURWHomRGDVIURQWHLUDVVHJXUDQoDGDSD]DWpDV
VRFLDLVHQWUHRVPHPEURVGDSRSXODomRGHVHXWHUULWyULR PtQLPDVQHFHVVLGDGHVFRPXQVGDVSHVVRDVTXHWDPEpP
2(VWDGR%UDVLOHLURpGHQRPLQDGR5HS~EOLFD)HGHUDWLYD VHFRPSUHHQGHPQDTXHODWDUHID(QILPDDGPLQLVWUDomR
GR%UDVLOQRPHTXHWUDGX]QRVVDIRUPDGHJRYHUQR D S~EOLFDpDJHVWmRGRVLQWHUHVVHVGDFROHWLYLGDGHUHDOL]DGD
UHS~EOLFD  SHOR (VWDGR TXH FRQFUHWDPHQWH DJH SDUD VDWLVID]HU D
FRQVHUYDomRGDHVWUXWXUDVRFLDOGREHPHVWDULQGLYLGXDO
*RYHUQRpRFRQMXQWRGHyUJmRVVXSUHPRVDTXHPD
2*RYHUQR
*RYHUQR GDVSHVVRDVHRSURJUHVVRVRFLDO
FRQVWLWXLomRLQFXPEHRH[HUFtFLRGRSRGHUGHSROtWLFR
3RULVVRR3URI+(/</23(60(,5(//(6HQVLQDTXH$
-i D $GPLQLVWUDomR
$GPLQLVWUDomR 3~EOLFD
3~EOLFD p R FRQMXQWR GH yUJmRV $GPLQLVWUDomRpRLQVWUXPHQWDOGHTXHGLVS}HR(VWDGRSDUD
GHSHQGHQWHV VXERUGLQDGRV DR 3RGHU 3ROtWLFR *RYHUQR  SRUHPSUiWLFDDVRSo}HVSROtWLFDVGR*RYHUQR,VWRQmRTXHU
RUJDQL]DGRVPDWHULDOILQDQFHLUDHKXPDQDPHQWHSDUDD GL]HUTXHD$GPLQLVWUDomRQmRWHQKDSRGHUGHGHFLVmR7HP
H[HFXomRGDVGHFLV}HVSROtWLFDV 0DVRWHPVRPHQWHQDiUHDGHVXDVDWULEXLo}HVHQRVOLPLWHV
OHJDLVGHVXDFRPSHWrQFLDH[HFXWLYDVySRGHQGRRSLQDUH
2 0HVWUH -26e $)2162 '$ 6,/9$ OHFLRQD TXH $ GHFLGLUVREUHDVVXQWRVMXUtGLFRVWpFQLFRVILQDQFHLURVRXGH
RUJDQL]DomRDGPLQLVWUDWLYDQR(VWDGRIHGHUDOpFRPSOH[D FRQYHQLrQFLDHRSRUWXQLGDGHDGPLQLVWUDWLYDVVHPTXDOTXHU
SRUTXH D IXQomR DGPLQLVWUDWLYD p LQVWLWXFLRQDOPHQWH IDFXOGDGHGHRSomRSROtWLFDVREUHDPDWpULD³ LQ'LUHLWR
'LUHLWR

LPSXWDGDDGLYHUVDVHQWLGDGHVJRYHUQDPHQWDLVDXW{QRPDV $GPLQLVWUDWLYR%UDVLOHLURHG57S
$GPLQLVWUDWLYR%UDVLOHLUR 
TXH QR FDVR EUDVLOHLUR HVWmR H[SUHVVDPHQWH UHIHULGDV QR
SUySULR DUW  GH RQGH GHFRUUH D H[LVWrQFLD GH YiULDV
$GPLQLVWUDo}HV 3~EOLFDV D IHGHUDO GD 8QLmR D GH FDGD (OHPHQWRVGR(VWDGR
(VWDGR $GPLQLVWUDomRHVWDGXDO DGR'LVWULWR)HGHUDOHD
GH FDGD 0XQLFtSLR $GPLQLVWUDomR PXQLFLSDO RX ORFDO 
FDGDTXDOVXEPHWLGDDXP3RGHUSROtWLFRSUySULRH[SUHVVR 2(VWDGRpFRPSRVWRGHWUrVHOHPHQWRVLQVHSDUiYHLV
SRUXPDRUJDQL]DomRJRYHUQDPHQWDODXW{QRPD³ LQ
&XUVR SRYR DVSHVVRDVVHUHVKXPDQRVTXHRLQWHJUDP VHX
VHXSRYR
SRYR
GH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS  7HUULWyULR
7HUULWyULR R HVSDoR GH WHUUD GHQWUR GRV UHVSHFWLYRV
OLPLWHV TXH FRQVWLWXL VHX FRUSR ItVLFR  H R *RYHUQR
(VWDGRPRGHUQDPHQWHpFULDomRGRKRPHPSDUD
2(VWDGR
(VWDGR 6REHUDQR
6REHUDQR R SRGHU DEVROXWR FRP TXH DTXHOH SRYR VH
LQVWUXPHQWDU D UHDOL]DomR GDV QHFHVVLGDGHV FRPXQV H DXWRGHWHUPLQD H VH DXWRRUJDQL]D LPSRQGRVH SHUDQWH
LGHQWLGDGHVGHQDFLRQDLV&RPRFULDomRGRVLQGLYtGXRVR RXWURV(VWDGRV 
(VWDGR Ki GH VH UHODFLRQDU FRP HOHV FRP R Pi[LPR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

3RGHUHVGR(VWDGR (QWLGDGHV3ROtWLFDVH$GPLQLVWUDWLYDV
(QWLGDGHV3ROtWLFDV

2 (VWDGR PRGHUQR SHUILOKDQGR D FOiVVLFD GLYLVmR GH 7RGDRUJDQL]DomRDGPLQLVWUDWLYDpFRUUHODFLRQDGDFRP


0RQWHVTXLHXWHPVXDHVWUXWXUDomRSROtWLFRFRQVWLWXFLRQDO DHVWUXWXUDGR(VWDGRHVXDUHVSHFWLYDIRUPDGHJRYHUQR
WULSDUWLGDHP3RGHUHVFRPRVTXDLVQRUWHDUiDVXDRUJDQL 1R FDVR EUDVLOHLUR HP TXH R (VWDGR p )HGHUDWLYR VRE
]DomRHVHXGHVLGHUDWXP3RGHU([HFXWLYR3RGHU/HJLVOD JRYHUQR 5HSXEOLFDQR 3UHVLGHQFLDOLVWD QXPD GHPRFUDFLD
WLYRH3RGHU-XGLFLiULR&DGDXPGHVVHVSRGHUHVDGPL UHSUHVHQWDWLYD³RSHUDVHDUHSDUWLomRDTXDWURHQWLGDGHV
HQWLGDGHV
QLVWUDUi UHDOL]DUiVXDVWDUHIDV HPXPDGLVWLQWDiUHD SROtWLFDV8QLmRDRV(VWDGRV0HPEURV'LVWULWR)HGHUDOH
SROtWLFDV
DRV0XQLFtSLRV³FDGDXPDGHODVFRPDXWRQRPLDDGPL
R([HFXWLYR
([HFXWLYRH[HFXWDUiDVOHLVHUHDOL]DUiREUDVH
([HFXWLYR QLVWUDWLYD
VHUYLoRVSDUDRDWHQGLPHQWRGDVQHFHVVLGDGHVGD
eRTXHHVWDEHOHFHRDUWGD&RQVWLWXLomR)HGHUDODR
SRSXODomR
SURFODPDUTXH´$RUJDQL]DomRSROtWLFRDGPLQLVWUDWLYDGD
5HS~EOLFD)HGHUDWLYDGR%UDVLOFRPSUHHQGHD8QLmRRV(VWD
R /HJLVODWLYR
/HJLVODWLYR DGPLQLVWUDUi D ILVFDOL]DomR GD
GRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVWRGRVDXW{QRPRV
DWLYLGDGHGR([HFXWLYRHGR-XGLFLiULRHDLQGD
QRVWHUPRVGHVWD&RQVWLWXLomRµ
WUDoDUiDVUHJUDV OHLV GHFRQYLYrQFLDVRFLDO
$WHQWHVHDTXHQRVVDHVWUXWXUDomRIHGHUDWLYDGHQWUH
R-XGLFLiULR
-XGLFLiULRSUHVWDUiRVHUYLoRGHUHVROYHUWRGRV
-XGLFLiULR DV(QWLGDGHV3ROtWLFDVLQXVLWDGDPHQWHLQFOXLRVPXQLFtSL
PXQLFtSL
RVFRQIOLWRVHQWUHRVLQWHUHVVHVGDVSHVVRDVDSOL RV
RV GHQWUH VHXV FRPSRQHQWHV ³ DOJR HVWUDQKR SDUD D
FDQGRDOHLFRUUHWDSDUDFDGDFDVRDWXDUiDLQGD FRQFHSomRGRXWULQiULDGHTXHXPD)HGHUDomRpXPDIRUPD
QR FRQWUROH GRV DWRV DGPLQLVWUDWLYRV WDQWR GR GH HVWDGR TXH VH FDUDFWHUL]D SHOD H[LVWrQFLD GH YiULRV
/HJLVODWLYRTXDQWRGR([HFXWLYR (VWDGRV TXDVH3DtVHV TXHLQWHUQDPHQWHVmREDVWDQWH
DXW{QRPRVPDVSHUDQWHRVGHPDLV3DtVHVDSUHVHQWDPVH
UHXQLGRVVREXP~QLFRSRGHUFHQWUDOVREHUDQR

(VWUXWXUD$GPLQLVWUDWLYD 3RU LVVR QRVVD HVWUXWXUD IHGHUDWLYD ³ FRP TXDWUR


(QWLGDGHV3ROtWLFDV³pWDFKDGDSHORV&RQVWLWXFLRQDOLVWDV
FRPR DUUHPDWDGD DQRPDOLD DUJXPHQWDQGR TXH RV
(VVDDUD]mRSHODTXDODHVWUXWXUDomRDGPLQLVWUDWLYDp
0XQLFtSLRVQmRSDVVDPGHGLYLVmRWHUULWRULDOHDGPLQLVWUD
FRUUHODFLRQDGD FRP D RUJDQL]DomR GR (VWDGR H VXD
WLYDGRV(VWDGRVPHPEURV³FRQIRUPHVHYrQDFUtWLFDGH
UHVSHFWLYDIRUPDGHJRYHUQR1RFDVREUDVLOHLURHPTXH
-26e$)2162'$6,/9$GHTXH)RLHTXtYRFRRFRQVWLWX
R(VWDGRp)HGHUDWLYRVREJRYHUQR5HSXEOLFDQR3UHVLGHQFL
LQWHLQFOXLURV0XQLFtSLRVFRPRFRPSRQHQWHGDIHGHUDomR
DOLVWD QXPD GHPRFUDFLD UHSUHVHQWDWLYD DVVHJXUDQGRVH 0XQLFtSLR p GLYLVmR SROtWLFD GR (VWDGRPHPEUR ( DJRUD
DXWRQRPLDj8QLmRDRV(VWDGRV0HPEURVHDRV0XQLFtSL WHPRV XPD IHGHUDomR GH 0XQLFtSLRV H (VWDGRV RX XPD
RV³DH HVWUXWXUD
VWUXWXUD DGPLQLVWUDWLYDVHGHVHQYROYHUiQHVVHV
DGPLQLVWUDWLYD IHGHUDomR GH (VWDGRV" IDOWDP RXWURV HOHPHQWRV SDUD D
TXDWURGLVWLQWRVQtYHLVJRYHUQDPHQWDLV
TXDWURGLVWLQWRVQtYHLVJRYHUQDPHQWDLV FDUDFWHUL]DomRGHIHGHUDomRGH0XQLFtSLRV³ LQ
&XUVRGH
'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG5HY7ULES 
$VVLP ULJRURVDPHQWH TXDWUR VmR DV HVSpFLHV GH
$GPLQLVWUDomR3~EOLFD ,QVSLUDomR GD &RQVWLWXLomR GRV (VWDGRV 8QLGRV GD
$PpULFDDUHSDUWLomRGRSRGHUHVWDWDOHQWUHDV(QWLGDGHV
 D$GPLQLVWUDomR3~EOLFD0XQLFLSDO
0XQLFLSDOTXH]HODUiSHORV
0XQLFLSDO 3ROtWLFDVYLVDDGHVFHQWUDOL]DURSRGHUHVWDWDOPLQLPL]DQ
LQWHUHVVHVGDSRSXODomRORFDODWXDQGRQRVOLPLWHVGR GR RV ULVFRV GH XPD H[FHVVLYD FRQFHQWUDomR GH SRGHU
WHUULWyULRGRPXQLFtSLR SROtWLFRHPDLVTXHLVVRDSUR[LPDQGRR3RGHU3ROtWLFR
GDVSHFXOLDULGDGHVUHJLRQDLVGHXPWHUULWyULRHORFDLVQR
 D$GPLQLVWUDomR3~EOLFD (VWDGXDOTXHSURPRYHUi
VWDGXDO FDVR EUDVLOHLUR FRP D LQFOXVmR GR 0XQLFtSLR GHQWUH DV
WRGDV DV LQLFLDWLYD SDUD VDWLVID]HU RV LQWHUHVVHV GD (QWLGDGHV3ROtWLFDV
SRSXODomR GH VXD UHJLmR (VWDGR  DWXDQGR QRV
OLPLWHVGRWHUULWyULRGR(VWDGRPHPEUR
(QWLGDGHV$GPLQLVWUDWLYDV
 D$GPLQLVWUDomR3~EOLFDGR'LVWULWR
'LVWULWR
'LVWULWR)HGHUDOTXHVH
)HGHUDO
HPSHQKDUiHPDWHQGHURVLQWHUHVVHVGDSRSXODomR &RPRVHFRQIHUHQRWH[WRGRPHVPRDUWGD&RQVWLWX
DGPLQLVWUDWLYDGD
LomR)HGHUDO³´$RUJDQL]DomRSROtWLFRDGPLQLVWUDWLYD
DGPLQLVWUDWLYD
UHVLGHQWHQDiUHDWHUULWRULDOGR'LVWULWR)HGHUDO
5HS~EOLFD)HGHUDWLYDGR%UDVLOFRPSUHHQGHD8QLmRRV(VWD
GRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVWRGRVDXW{QRPRV
 D$GPLQLVWUDomR3~EOLFD)HGHUDO
)HGHUDOUHSUHVHQWDGDSHOD
)HGHUDO
QRVWHUPRVGHVWD&RQVWLWXLomRµ³ROHJLVODGRUFRQVWLWXLQWH
8QLmRTXHWHUiSRUGHYHUDGPLQLVWUDURVLQWHUHVVHV
8QLmR
QmRVyUHFRQKHFHXHVVDVTXDWUR(QWLGDGHVFRPRSDUWHGD
QDFLRQDLVHPJHUDODWXDQGRHPWRGDDH[WHQVmRGR
RUJDQL]DomR SROtWLFD FRPR FRPHWHX D HODV D SUySULD
WHUULWyULRQDFLRQDO
RUJDQL]DomR DGPLQLVWUDWLYD GD 5HS~EOLFD )HGHUDWLYD GR
%UDVLO
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

-i DV DWLYLGDGH SHOD TXDO DV DXWRULGDGHV VDWLVID]HP DWLYLGDGHVGHSHVVRDVJHULQGRLQWHUHVVHVQDSURVVHFXomRGH


QHFHVVLGDGHVGRLQWHUHVVHS~EOLFRYDOHQGRVHGDVSUHUUR GHWHUPLQDGRV REMHWLYRV DGPLQLVWUDomR S~EOLFD FRPR R
JDWLYDVGRSRGHU³HVWDVVmRGHVHPSHQKDVSHODV(QWLGD FRQMXQWR GH DWLYLGDGHV SUHSRQGHUDQWHPHQWH H[HFXWyULDV
GHV$GPLQLVWUDWLYDV³YDOHGL]HUSHORVÐUJmRVH$JHQWHV SUDWLFDV SHODV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR RX SRU
3~EOLFRVGHFDGDXPDGDTXHODV(QWLGDGHV3ROtWLFDV³TXH VXDVGHOHJDWiULDVJHULQGRLQWHUHVVHVS~EOLFRVQDSURVVHFX
FRPSRUmRD$GPLQLVWUDomR3~EOLFDSURSULDPHQWHGLWD omRGRVILQVOHJDOPHQWHFRPHWLGRVDR(VWDGR³ LQ&XUVRGH
'LUHLWR$GPLQLVWUDWLYRHG)RUHQVHS 
(IHWLYDPHQWH R RUGHQDPHQWR MXUtGLFR FRQVWLWXFLRQDO
UHSDUWHDWDUHIDDGPLQLVWUDWLYDjV(QWLGDGHV$GPLQLVWUDWL
YDV ³ ID]HQGR H[SUHVVD D FRPSHWrQFLD GD 8QLmR H
UHVLGXDODFRPSHWrQFLDGRV(VWDGRVPHPEURVDFRPSH 2UJDQL]DomRGR(VWDGR
WrQFLD GHVWHV p WXGR TXH QmR VHMD GD FRPSHWrQFLD GD
8QLmR 2 %UDVLO p XP (VWDGR IHGHUDO H DVVLP QRVVD &RQV
WLWXLomRLPS}HOKHXPDRUJDQL]DomRTXDWHUQiULDRXVHMD
'HVWDTXHVHDTXLDVLPLOLWXGHFRQVWLWXFLRQDOGR'LVWULWR UHFRQKHFHDXWRQRPLDSROtWLFDDTXDWURQtYHLVGH$GPLQLV
)HGHUDO DRV (VWDGRVPHPEURV H TXH WDPEpP LQWHJUD
WUDomRGHVHPSHQKDGDSRUTXDWURGLVWLQWDV(QWLGDGHV³
DLQGDRUJDQL]DomRIHGHUDWLYDFRPRXPDGDV(QWLGDGHV
WDPEpPFKDPDGDVGHSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
$GPLQLVWUDWLYDVJR]DQGRGHLJXDODXWRQRPLDHGRWDGRGH
LQWHUQR D  D 8QLmR E  RV (VWDGRV0HPEURV  F  RV
SHUVRQDOLGDGH MXUtGLFRSROtWLFD H FRPSHWrQFLD SUySULD
0XQLFtSLRVH G R'LVWULWR)HGHUDO
DUWVH†ƒGD&) 

0DVFRPR(QWLGDGH$GPLQLVWUDWLYDD8QLmRWDPEpP
pGRWDGDGHDOJXPDFRPSHWrQFLD RXSRGHUHV LPSOtFLWD 2UJDQL]DomRGD$GPLQLVWUDomR
DVVLPHQWHQGLGDDTXHODTXHpGHFRUUrQFLDOyJLFDGHVXDV
FRPSHWrQFLDV H[SUHVVDV RX DTXHOD LPSUHVFLQGtYHO SDUD
TXHVXDVFRPSHWrQFLDVSRVVDPVHUH[HUFLGDV 5HSLWDVHFRPR(VWDGRIHGHUDOR%UDVLOpRUJDQL]DGRGH
IRUPDTXDWHUQiULDKDYHQGRD&RQVWLWXLomRGD5HS~EOLFD
7DPEpP R 0XQLFtSLR p UHFRQKHFLGR FRPR (QWLGDGH UHSDUWLGR D $GPLQLVWUDomR S~EOLFD D TXDWUR GLVWLQWDV
$GPLQLVWUDWLYD LQFOXVLYH JR]DQGR GH DXWRQRPLD ³ D SHVVRDVMXUtGLFDVGH'LUHLWR3~EOLFR,QWHUQR D D8QLmR
SRQWRGHHODERUDUVXDSUySULDFRQVWLWXLomR /HL2UJkQLFD E RV(VWDGRV0HPEURV F RV0XQLFtSLRVH G R'LVWULWR
RX&DUWD0XQLFLSDODUWFDSXW&) ³HGLVS}HGH )HGHUDO
FRPSHWrQFLDVWDQWRHQXPHUDGDV DUWVHLQF,OD,;
&) FRPRGHRXWUDVQmRHQXPHUDGDVWUDGX]LGDVQXPD
IyUPXODJHQpULFDGHFDEHUOKHRDWHQGLPHQWRDR´LQWHUHVVH (VVDVTXDWUR(QWLGDGHVDJHPGHGXDVGLVWLQWDVIRUPDV
ORFDOµ DUWLQF,&) RXQDFRQFHSomRFRQVDJUDGD
DUHDOL]DomRGRSHFXOLDUHSUHGRPLQDQWHLQWHUHVVHORFDO ±GLUHWDPHQWH
GLUHWDPHQWHDWUDYpVGHVHXVÐUJmRV
GLUHWDPHQWH ÐUJmRVDRVTXDLV
ÐUJmRV
VmR FRPHWLGDVIXQo}HVTXHVHUmRGHVHPSHQKDGDVSHORV
(QILPFRPRHQVLQDR0HVWUH-26e$)2162'$6,/9$ UHVSHFWLYRV$JHQWHV3~EOLFRV
$JHQWHV3~EOLFRV
$RUJDQL]DomRDGPLQLVWUDWLYDQR(VWDGRIHGHUDOpFRPSOH
[DSRUTXHD IXQomR
IXQomR DGPLQLVWUDWLYDp
DGPLQLVWUDWLYD LQVWLWXFLRQDOPHQWH 2V ÐUJmRV 3~EOLFRV VmR XQLGDGHV TXH DJHP SHOR
LPSXWDGDDGLYHUVDVHQWLGDGHVJRYHUQDPHQWDLVDXW{QRPDV (VWDGRQRVOLPLWHVSDUDRVTXDLVIRUDPFULDGRVSRUOHL
TXH QR FDVR EUDVLOHLUR HVWmR H[SUHVVDPHQWH UHIHULGDV QR $VVLP WRGR ÐUJmR S~EOLFR WHP QHFHVVDULDPHQWH VXDV
SUySULR DUW GH RQGH GHFRUUH D H[LVWrQFLD GH YiULDV IXQo}HVPXLWRVFDUJRVHDJHQWHV
$GPLQLVWUDo}HV 3~EOLFDV D IHGHUDO GD 8QLmR D GH FDGD
(VWDGR $GPLQLVWUDomRHVWDGXDO DGR'LVWULWR)HGHUDOHD
GH FDGD 0XQLFtSLR $GPLQLVWUDomR PXQLFLSDO RX ORFDO  ²LQGLUHWDPHQWH
LQGLUHWDPHQWHSRULQWHUPpGLRGH,QVWLWXLo}HVjV
LQGLUHWDPHQWH
FDGDTXDOVXEPHWLGDDXP3RGHUSROtWLFRSUySULRH[SUHVVR TXDLVVHFRQILDUiDH[HFXomRGDVWDUHIDVDGPLQLVWUDWLYDV
SRU XPD RUJDQL]DomR JRYHUQDPHQWDO DXW{QRPD ³ LQ SUySULDV GR (VWDGR RX GR LQWHUHVVH GR (VWDGR D  DV

&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS  DXWDUTXLDV E DVHPSUHVDVS~EOLFDV F DVVRFLHGDGHVGH
HFRQRPLDPLVWDH G DVIXQGDo}HVS~EOLFDV
$VVLPD$GPLQLVWUDomR3XEOLFDpWRGRRDSDUDWRGHTXH
VHYDOHPDV(QWLGDGHV$GPLQLVWUDWLYDV³FDGDXPDGHODV
QD HVIHUD GH VXDV FRPSHWrQFLDV ³ SDUD UHDOL]DU VHX R 7HRULDGRÐUJmR3~EOLFR
PLVWHU WDUHID GHVGHDSURWHomRGDVIURQWHLUDVVHJXUDQ
oDGDSD]QRkPELWRIHGHUDOSDVVDQGRSHODVUHDOL]DomR 3DUDR3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72(P
GDVQHFHVVLGDGHVUHJLRQDLVDWpDVPtQLPDVQHFHVVLGDGHV UHJUD FDEH DR SUySULR (VWDGR HP VHXV GHVGREUDPHQWRV
ORFDLVFRPXQVGDVSHVVRDVTXHWDPEpPVHFRPSUHHQGHP SROtWLFRV H DGPLQLVWUDWLYRV H[HFXWDU DV DWLYLGDGHV GH
QDTXHODWDUHID DGPLQLVWUDomR S~EOLFD 7mR YROXPRVD H GLYHUVLILFDGD p
SRUpPHVVDWDUHIDGHPDQGDGDGHXP(VWDGRFRQWHPSRUk
23URI',2*2'(),*8(,5('2025(,5$1(72DQRWD QHRTXHSDVVRXDVHUFRPXPDWUDQVIHUrQFLDDHQWLGDGHV
TXHSRUDGPLQLVWUDomRJHQHULFDPHQWHSRGHVHHQWHQGHU SULYDGDVGRVHQFDUJRVGHH[HFXomRPHGLDQWHLQVWUXPHQWRV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

MXUtGLFRV GH GHOHJDomR $ GRXWULQD FRQVLGHUD TXH FHUWDV $VVLPQDVHDUDGD$GPLQLVWUDomR3~EOLFDSUySULD


DWLYLGDGHV
DWLYLGDGHV VmR WRGDYLD LQGHOHJiYHLV
LQGHOHJiYHLV DV GHQRPLQDGDV DTXHODGHVHPSHQKDGDGLUHWDPHQWHSHORSUySULR(VWDGR
DWLYLGDGHV MXUtGLFDV GR (VWDGR TXH OKH VmR SUySULDV H pHODHVWUXWXUDGDHP ÐUJmRV
UJmRV DRV TXDLVVmRFRPHWLGDV
LPSRVWDV FRPR FRQGLomR QHFHVViULD GH VXD H[LVWrQFLD $V IXQo}HVTXHVHUmRGHVHPSHQKDGDVSHORV$$JHQWHV
JHQWHV 3~EOL
GHPDLVGHOHJiYHLVVmRDVFKDPDGDVDWLYLGDGHVVRFLDLVRX FRV
FRV
LPSUySULDVTXHVmRFRPHWLGDVDR(VWDGRQDPHGLGDHPTXH
DROHJLVODGRUSDUHoDP~WHLVjVRFLHGDGHHPERUDQmRVHMDP $WLYLGDGH$GPLQLVWUDWLYD
IXQGDPHQWDLVjVXDSUHVHUYDomR LQ&XUVRGH'LUHLWR$GPLQLVWUD
WLYRHG)RUHQVHS  1DWXUH]D)LQVH3ULQFtSLRV

(VVDVDWLYLGDGHVLQGHOHJiYHLVHUDPH[HUFLGDVSRUDJHQWHV
GR(VWDGRHSDUWHGDGRXWULQDH[SOLFDYDDTXHODDWXDomR 2 3URI+(/< /23(6 0(,5(//(6 REVHUYD TXH $
GDQGROKH QDWXUH]D GH ´PDQGDWRµ RX VHMD WDLV DJHQWHV QDWXUH]D GD DGPLQLVWUDomR S~EOLFD p D GH XP P~QXV
QDWXUH]D
HUDPPDQGDWiULRVGDSHVVRDMXUtGLFDGHGLUHLWRS~EOLFR³ S~EOLFR
S~EOLFR SDUD TXHP D H[HUFH LVWR p D GH XP HQFDUJR GH
H[SOLFDomRTXHIDOKDYDSRUQmRH[LVWLUDSHVVRDGRPDQ GHIHVDFRQVHUYDomRHDSULPRUDPHQWRGRVEHQVVHUYLoRVH
GDQWH LQWHUHVVHVGDFROHWLYLGDGH&RPRWDOLPS}HVHDRDGPLQLV
WUDGRUS~EOLFRDREULJDomRGHFXPSULUILHOPHQWHRVSUHFHLWRV
2XWUDSDUWHGDGRXWULQDFRQVLGHUDYDWDLVDJHQWHVXP GR GLUHLWR H GD PRUDO DGPLQLVWUDWLYD TXH UHJHP D VXD
´UHSUHVHQWDQWHµ GD SHVVRD MXUtGLFD GH GLUHLWR S~EOLFR DWXDomR$RVHULQYHVWLGRHPIXQomRRXFDUJRS~EOLFRWRGR
DJHQWHGRSRGHUDVVXPHSDUDFRPDFROHWLYLGDGHRFRPSUR
UHSUHVHQWDomRTXHVHGDYDTXDOQDDWXDomRGRWXWRUHP
PLVVRGHEHPVHUYLODSRUTXHRXWURQmRpRGHVHMRGRSRYR
QRPHGRWXWHODGRRXGRFXUDGRUGHLQFDSD]HVHPQRPHGR
FRPROHJtWLPRWLWXODUGRVEHQVVHUYLoRVHLQWHUHVVHVDGPLQLV
LQFDSD]  WDPEpP IDOKDQGR WDO H[SOLFDomR SRUTXH R
WUDGRVSHOR(VWDGR³ LQ 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR 
WXWRUHRFXUDGRUVmRHVFROKLGRVSRUXPMXL]HQmRSHOR HG57S 
WXWHODGRQHPSHORLQFDSD]
'DtVHSRGHLQIHULUTXHD$GPLQLVWUDomR3~EOLFDWHP
)RLGDQHFHVVLGDGHGHIXQGDPHQWDUDQDWXUH]DMXUtGLFD SRUILQDOLGDGH
ILQDOLGDGHDUHDOL]DomRGREHPFRPXPGDFRPXQLGD
ILQDOLGDGH
GHVVDDWXDomRHPQRPHGR3RGHU3~EOLFRTXHVXUJLXD GHRXVHMDDWHQGHUDRLQWHUHVVHGDFROHWLYLGDGHGHVGHD
7HRULD
7HRULD GR
´7HRULD GR ÐUJmR
ÐUJmR 3~EOLFRµH[SOLFDQGRTXHWDLVSHVVRDV
3~EOLFR SURWHomRGDVIURQWHLUDVVHJXUDQoDGDSD]DWpDVPtQLPDV
MXUtGLFDV GH GLUHLWR S~EOLFR DJHP H PDQLIHVWDP VXD QHFHVVLGDGHVFRPXQVGDVSHVVRDVTXHWDPEpPVHFRPSUH
YRQWDGHSRULQWHUPpGLRGHVHXVSUySULRVyUJmRVRQGH HQGHPQDTXHODWDUHID
QDWXUDOPHQWHXPDJHQWHUHVSRQGHSRUWDLVDWRV
3DUDR3URI',2*2'(),*8(,5('2025(,5$1(72
2772*,(5.(DILUPDTXHRÐUJmR´pSDUWHGRFRUSRGD DVDWLYLGDGHVDGPLQLVWUDWLYDVWHPSRUILQDOLGDGH
ILQDOLGDGHJHULDRV
ILQDOLGDGH
HQWLGDGHHDVVLPWRGDVDVVXDVPDQLIHVWDo}HVGHYRQWDGH LQWHUHVVHV S~EOLFRV QD SURVVHFXomR GRV ILQV OHJDOPHQWH
VmR FRQVLGHUDGDV FRPR GD SUySULD HQWLGDGHµ LQ ´'LH FRPHWLGRVDR(VWDGR³ LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR
*HQRVVHQVFKDIWVWKHRULHLQ'LH'HXWVFKH5HFKWVSUHFKQJµ HG)RUHQVH S  ³ SURFODPDQGR R VDXGRVR +(/< /23(6
%HUOLQ  0(,5(//(6TXH2VILQVGDDGPLQLVWUDomRS~EOLFDVHUHVX
PHP QXP ~QLFR REMHWLYR R EHP FRPXP GD FROHWLYLGDGH
ÐUJmR GHULYD GR JUHJR RQGH VLJQLILFD
$ SDODYUD ´ÐUJmR
ÐUJmRµ DGPLQLVWUDGD 7RGD DWLYLGDGH GR DGPLQLVWUDGRU S~EOLFR
´LQVWUXPHQWRµ³RTXHEHPH[SOLFDTXHRÐUJmR3~EOLFR GHYHVHURULHQWDGDSHDUDHVVHREMHWLYR6HGHOHRDGPLQLVWUD
p D SDUWH LQVWUXPHQWDO GR 3RGHU 3~EOLFR RX VHMD R GRUVHDIDVWDRXGHVYLDWUDLRPDQGDWRGHTXHHVWiLQYHVWL
LQVWUXPHQWRGHTXHVHYDOHSDUDDJLU GR SRUTXH D FRPXQLGDGH QmR LQVWLWXLX D $GPLQLVWUDomR
VHQmR FRPR PHLR GH DWLQJLU R EHPHVWDU VRFLDO ,OtFLWR H
(QILPTXDQGRRVDJHQWHVDWXDPSHOD3HVVRD-XUtGLFD LPRUDOVHUiWRGRDWRDGPLQLVWUDWLYRTXHQmRIRUSUDWLFDGR
GH'LUHLWR3~EOLFRHOHVQmRRID]HPFRPRSURFXUDGRUHV QR LQWHUHVVH GD FROHWLYLGDGH ³ LQ 'LUHLWR $GPLQLVWUDWLYR
%UDVLOHLURHG57S 
QHPFRPRUHSUHVHQWDQWHVVmRDSUySULD3HVVRD-XUtGLFDGH
'LUHLWR3~EOLFRDWXDQGRDWUDYpVGHVHXÐUJmRFRPSHWHQWH
GHVHXLQVWUXPHQWRFRPSHWHQWH
3ULQFtSLRV%iVLFRV
´$QRomRGHyUJmRpDVVLPLQGLVVRFLiYHOGDGHIXQomR
XPDSUHVVXS}HDRXWUDµHQVLQDR3URI',2*2'(),*8(,5(
'2 025(,5$ 1(72 ³ LQ &XUVR GH 'LUHLWR $GPLQLVWUDWLYR  $QRYD
QRYD&RQVWLWXLomR)HGHUDO GH HPVHXDUW
QRYD
HG)RUHQVHS  H[SUHVVDPHQWHGHWHUPLQRXTXHD$GPLQLVWUDomR3~EOLFD
VHMDQDHVIHUDGR([HFXWLYRVHMDQDHVIHUDGR/HJLVODWL
2VDXGRVR+(/</23(60(,5(//(6DILQDGRFRPDWHRULD YRRXPHVPRQDGR-XGLFLiULRREVHUYDVVHREULJDWRULD
GR yUJmR S~EOLFR FRQFHLWXDR FRPR ´WRGR FHQWUR GH PHQWHYiULRVSULQFtSLRVEiVLFRV
SULQFtSLRVEiVLFRV
FRPSHWrQFLDSDUDGHVHPSHQKRGHIXQo}HVDWUDYpVGHXPRX
YiULRVDJHQWHVFXMDDWXDomRpVHPSUHLPSXWDGDjSHVVRD $UW $ DGPLQLVWUDomR S~EOLFD GLUHWD H LQGLUHWDGH
LQGLUHWD
TXDOTXHUGRV3RGHUHVGD8QLmRGRV(VWDGRVGR
MXUtGLFDDTXHSHUWHQFHµ³ LQ´'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURµ
'LVWULWR)HGHUDOHGRV0XQLFtSLRVRREHGHFHUi
EHGHFHUi DRV
HG57QRWDQžS 
SULQFtSLRV
SULQFtSLRV GH
GH OHJDOLGDGH
OHJDOLGDGH LPSHVVRDOLGDGH
LPSHVVRDOLGDGH PR
UDOLGDGHSXEOLFLGDGHHHILFLrQFLDH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

&RQILUD TXH H[SUHVVDPHQWH D &RQVWLWXLomR )HGHUDO HVFRQGLGDV1DWXUDOPHQWHDSXEOLFLGDGHVHUiSUDWLFDGD


YLQFXORXQmRDSHQDVDDGPLQLVWUDomRS~EOLFDGLUHWD RV FRP D SXEOLFDomR GH WRGRV RV DWRV HP 'LiULR 2ILFLDO H
yUJmRV H DJHQWHV S~EOLFRV SURSULDPHQWH GLWRV  PDV RXWURVMRUQDLVGHJUDQGHFLUFXODomRFRQIRUPHDLPSRU
WDPEpPRVGDDGPLQLVWUDomRLQGLUHWDRXVHMDDTXHOHVGH WkQFLDHQDWXUH]DGRVDWRV
TXHVHYDOHDDGPLQLVWUDomRS~EOLFDSDUDDFRQVHFXomRGH
RXWUDVWDUHIDV6LJQLILFDDVVLPTXHWDLVSULQFtSLRVYDOHUmR
WDQWRSDUDRVyUJmRVS~EOLFRVFRPRSDUDDVDXWDUTXLDV 23ULQFtSLRGD(ILFLrQFLD
,166 %DQFR &HQWUDO HWF  SDUD DV HPSUHVDV S~EOLFDV LQWURGX]LGRSHOD5HIRUPD$GPLQLVWUDWLYD
LQWURGX]LGRSHOD5HIRUPD$GPLQLVWUDWLYD
&DL[DV(FRQ{PLFDV&07&HWF HSDUDDVVRFLHGDGHV
GHHFRQRPLDPLVWD '(56$HWF  $ HPHQGD FRQVWLWXFLRQDO Qž  GHQRPLQDGD
´5HIRUPD $GPLQLVWUDWLYDµ WRUQRX H[SUHVVR PDLV XP
1mRREVWDQWHDUHGDomRPRGLILFDGDSHOD(&Qƒ SULQFtSLR D VHU REVHUYDGR SHOD $GPLQLVWUDomR 3~EOLFD
KRXYHVVH VXSULPLGR D PHQomR j DGPLQLVWUDomR S~EOLFD %UDVLOHLUDRSULQFtSLRGDHILFLrQFLD
HILFLrQFLD
HILFLrQFLD
´IXQGDFLRQDOµQHPSRULVVRWDLVSULQFtSLRVGHL[DUDPGHVHU 'HVQHFHVViULRUHDOoDUTXHDPiTXLQDDGPLQLVWUDWLYDp
DSOLFDGDV D HOD QmR jV IXQGDo}HV SULYDGDV  FDEH D UHFRQKHFLGD FRPR GHPDVLDGDPHQWH EXURFUiWLFD R TXH
OHPEUDQoDGHTXHDVIXQGDo}HVVmRLQVWLWXLo}HVFULDGDV SURGX]XPGLVWDQFLDPHQWRHQRUPHHQWUHDFRJLWDomRGH
FRP D GRWDomR GH XP SDWULP{QLR D VHU JHULGR SDUD D TXDOTXHUQHFHVVLGDGHGHDomRHDFRQFUHomRGDVUHVSHFWL
FRQVHFXomRGHXPGHWHUPLQDGRILPVHWDOSDWULP{QLRp YDVSURYLGrQFLDVWXGRpGHPRUDGRSHUGHQGRVHHQRUPH
S~EOLFRDIXQGDomRVHUiS~EOLFD )XQGDomR3DGUH$QFKLH WHPSRQRVFDULPERVHHVFDQLQKRVGDEXURFUDFLD
WD VHDFRQVWLWXLomRGHVVHSDWULP{QLRpIHLWDSRUSDUWLFX
ODUDIXQGDomRVHUiSULYDGD )XQGDomR&iVSHU/tEHUR  8PDYH]HULJLGDjFDWHJRULDGHSULQFtSLRFRQVWLWXFLRQDO
$H[FOXVmRIRLGHRUGHPWpFQLFDMiTXHDVIXQGDo}HVMiVH DHILFLrQFLD
HILFLrQFLDPXLWRVGHVFDPLQKRVEXURFUiWLFRVKDYHUmRGH
HILFLrQFLD
FRPSUHHQGHPGHQWUHRVGHPDLVyUJmRVGDDGPLQLVWUDomR VHU HOLPLQDGRV H[DWDPHQWH SDUD TXH D DGPLQLVWUDomR
LQGLUHWDVHQGRSRLVSOHRQiVWLFDRXUHSHWLWLYDVXDPHQ S~EOLFD DOFDQFH UDSLGH] H HILFiFLD QR DWHQGLPHQWR j
omR SRSXODomR

&RQILUDDJRUDXPDXPRVSULQFtSLRVFRQVWLWXFLRQDLV $ HILFLrQFLD p QD H[SUHVVmR VLQWpWLFD GH &$59$/+2


GDDGPLQLVWUDomRSXEOLFD 6,0$6 2 ´GHYHU GH ERD DGPLQLVWUDomRµ ³ LQ ´0DQXDO
(OHPHQWDUGH'LUHLWR$GPLQLVWUDWLYRµHG'HS 
2 SULQFtSLR GD OHJDOLGDGH
HJDOLGDGH VLJQLILFD TXH WDLV yUJmRV
DWXDUmRVXEPLVVRVjOHLWDQWRQDFULDomRHH[WLQomRGH 'H IDWR D ´HILFLrQFLD SUHVVXS}H D UHDOL]DomR GDV
FDUJRVFRPRQDFRQWUDWDomRGHSHVVRDO DWULEXLo}HVFRPPi[LPDSUHVWH]D UDSLGH]HSURQWLGmR 
FRPTXDOLGDGHSHUIHLWDHGHIRUPDSURILFLHQWH$HILFLrQFLD
2 SULQFtSLR GD LPSHVVRDOLGDGH
SHVVRDOLGDGH REULJD WDLV SHVVRDV KiGHVHUFRPSUHHQGLGDWDQWRTXDOLWDWLYDFRPRTXDQWLWDWL
MXUtGLFDVHQDDGPLQLVWUDomRGRVLQWHUHVVHVUHODWLYRV DR YDPHQWHRXVHMDD$GPLQLVWUDomR3~EOLFDKiGHDWHQGHU
IXQFLRQDOLVPR DGPLVVmRSURPRomRUHPRomRHWF QmR HVHUYLUDWRGRVFRPHOHYDGDTXDOLGDGHHVHRUJDQL]DU
SUDWLFDU DWRV YLVDQGR DRV LQWHUHVVHV SHVVRDLV GH VHXV SDUDXPDSURGXomRGHYROXPHTXDQWLWDWLYR
DGPLQLVWUDGRUHVRXGRVVHXVJRYHUQDQWHVWRGDDWLYLGDGH
VHUiGLWDGDSDUDDWHQGHUDRVLQWHUHVVHVVRFLDLVHQmRVH 20HVWUH+(/</23(60(,5(//(6VHPSUHGHVWDFRXTXHR
YLQFXODUijFRQYHQLrQFLDGHTXDOTXHUSHVVRD VHX3UHVL HILFLrQFLDpRTXHVHLPS}HDWRGRDJHQWHS~EOLFR
´'HYHUGHHILFLrQFLD
HILFLrQFLD
GHQWHRX'LUHWRUHVRX3UHIHLWRRX*RYHUQDGRUGR(VWDGR GH UHDOL]DU VXDV DWULEXLo}HV FRP SUHVWH]D SHUIHLomR H
RXR3UHVLGHQWHGD5HS~EOLFDHWF $VVLPDFRQVDJUDGD UHQGLPHQWR IXQFLRQDO e R PDLV PRGHUQR SULQFtSLR GD
WUDGLomR GR DSDQLJXDPHQWR GLVWLQJXLQGR DOJXQV FRP IXQomR DGPLQLVWUDWLYD TXH Mi QmR VH FRQWHQWD HP VHU
SURWHomRHEHQHItFLRVSHORPHQRVQDWHRULDOHJDOKiGH GHVHPSHQKDGDDSHQDVFRPOHJDOLGDGHH[LJLQGRUHVXOWDGRV
DFDEDU SRVLWLYRVSDUDRVHUYLoRS~EOLFRHVDWLVIDWyULRDWHQGLPHQWR
GDVQHFHVVLGDGHVGDFRPXQLGDGHHGHVHXVPHPEURVµ³ LQ
2 SULQFtSLR GD PRUDOLGDGH
PRUDOLGDGH REULJD D DGPLQLVWUDomR ´'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURµHG57S 
S~EOLFD D SUDWLFDU RV DWRV UHIHUHQWHV DR IXQFLRQDOLVPR
FRP REVHUYkQFLDGDVUHJUDVPRUDLVRXVHMDQHQKXPD
LPRUDOLGDGHFRPRSHUVHJXLo}HVRXSURWHo}HVRGLHQWDVRX
DMXVWHVGHFRQYHQLrQFLDSROtWLFDVHUiSUDWLFDGD7XGRTXH &HQWUDOL]DomRH'HVFHQWUDOL]DomR
FRQWUDULDU D PRUDO VHUi LQFRQVWLWXFLRQDO QmR SRGHQGR GD
SUHYDOHFHU $WLYLGDGH$GPLQLVWUDWLYDGR(VWDGR

2SULQFtSLRGDSXEOLFLGDGH
SXEOLFLGDGHLPSHGLUiTXHDDGPLQLVWUD
SXEOLFLGDGH &RPRYLPRVHPUD]mRGDIRUPDGH(VWDGRHGDIRUPD
omRS~EOLFDFRQFHUQHQWHPHQWHDRIXQFLRQDOLVPRS~EOLFR GH*RYHUQRDGRWDGDQR%UDVLODDGPLQLVWUDomRS~EOLFDHP
SUDWLTXHDWRVVHFUHWRVSDUDVHFUHWDPHQWHSUHMXGLFDURX QRVVR(VWDGR)HGHUDOpGHVFHQWUDOL]DGD
GHVFHQWUDOL]DGDHPWUrV
WUrVGLVWLQWDV
GHVFHQWUDOL]DGD WUrV
EHQHILFLDU HVWH RX DTXHOH IXQFLRQiULR D SXEOLFLGDGH HVIHUDVGHDWXDomR D DQDFLRQDO 8QLmR  E
E XPDUH
D E
JDUDQWLUi SHOD WUDQVSDUrQFLD GH VHXV DWRV OHYDGRV DR
JLRQDO (VWDGRV0HPEURVH'LVWULWR)HGHUDO H F XPD
F
FRQKHFLPHQWR JHUDO XPD ILVFDOL]DomR GD FROHWLYLGDGH
ORFDO 0XQLFLSDO 
LPSHGLQGRVDIDGH]DVWmRFRPXQVRXWURUDHSUDWLFDGDVjV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

&DGD GHVVDV HVIHUDV WHP VXD DXWRQRPLD WDQWR kPELWRGD$GPLQLVWUDomR3~EOLFD³pFULDURXWURVFHQWURV


DGPLQLVWUDWLYDTXDQWRILQDQFHLUDHFXPSUHVXDVSUHFtSXDV GHGHFLV}HVHDWLYLGDGHVDJLOL]DQGRDVVLPD$GPLQLVWUDomR
WDUHIDV$8QLmRUHDOL]DUiRVVHUYLoRVHREUDVGRLQWHUHVVH 3~EOLFD  6HJXQGR R 'HFU/HL Qž  WUrV VmR RV
GHWRGDDQDomRRV(VWDGRV0HPEURVWUDEDOKDUmRSDUDDV SULQFLSDLVSODQRVGHGHVFHQWUDOL]DomR
SHVVRDVGHWRGDDTXHODUHJLmRWHUULWRULDOHRV0XQLFtSLRV
FXLGDUmR GRV SUREOHPDV H QHFHVVLGDGHV GDV SHVVRDV GH D GHQWUR GRV TXDGURV GD $GPLQLVWUDomR )HGHUDO
XPDSHTXHQDORFDOLGDGH GLVWLQJXLQGRVHFODUDPHQWHRQtYHOGHGLUHomRGR
GHH[HFXomR
(VVDGHVFHQWUDOL]DomRGHQDWXUH]DWHUULWRULDOpFRPSOH
PHQWDGDSHODGHVFHQWUDOL]DomRLQVWLWXFLRQDO
LQVWLWXFLRQDORXPHUDPHQ
LQVWLWXFLRQDO E GD $GPLQLVWUDomR )HGHUDO SDUD D GDV XQLGDGHV
WHDGPLQLVWUDWLYDFRPGLVWULEXLomRGHIXQo}HVS~EOLFDVHGH IHGHUDGDVTXDQGRHVWHMDPGHYLGDPHQWHDSDUHOKD
LQWHUHVVHFROHWLYRDHQWHVDXWiUTXLFRVHSDUDHVWDWDLVFRPR GDVHPHGLDQWHFRQYrQLR
DSRQWD R VDXGRVR 3URI+(/< /23(6 0(,5(//(6 ³ LQ
'LUHLWR$GPLQLVWUDWLYRHG57S 
F GD$GPLQLVWUDomR)HGHUDOSDUDDyUELWDSULYDGD
PHGLDQWHFRQWUDWRVRXFRQFHVV}HV
$VVLP FDGD GHVVDV HQWLGDGHV 8QLmR (VWDGRV0HP
EURV'LVWULWR)HGHUDOH0XQLFtSLRV DWXDUiRXGHIRUPD
&RQILUDVHRSURSyVLWRGHGHVHPEDUDoDUD$GPLQLVWUD
GLUHWD TXHU GL]HU UHDOL]DQGR HOD PHVPD DV REUDV H
omR3~EOLFDHDJLOL]DUVXDDWXDomRR†žGRDUWGR
VHUYLoRVSDUDDWHQGHUjSRSXODomRRXLQGLUHWDPHQWHLVWR
p SRU LQWHUPpGLR GH SHVVRDV MXUtGLFDV TXH HODV FRQVWL 'HFU/HLQžH[SUHVVDPHQWHGHWHUPLQDTXH(P
WXLUmR H[DWDPHQWH SDUD D UHDOL]DomR GD WDUHIDV HVSHFt FDGD yUJmR GD $GPLQLVWUDomR )HGHUDO RV VHUYLoRV TXH
ILFDV FRPS}HPDHVWUXWXUDFHQWUDOGHGLUHomRGHYHPSHUPDQHFHU
OLEHUDGRV GDV URWLQDV GH H[HFXomR H GDV WDUHIDV GH PHUD
$ UHDOL]DomR GH WDUHIDV GLUHWDPHQWH SHOD SUySULD IRUPDOL]DomR GH DWRV DGPLQLVWUDWLYRV SDUD TXH SRVVDP
SDUD TXH
$GPLQLVWUDomR3~EOLFDFKDPDVH$GPLQLVWUDomR'LUHWDRX FRQFHQWUDUVH
FRQFHQWUDUVHQDV
QDVDWLYLGDGHV
DWLYLGDGHVGH
GHSODQHMDPHQWR
SODQHMDPHQWRVXSHUYLVmR
$GPLQLVWUDomR &HQWUDOL]DGD H R PRGR GH DWXDomR SRU FRRUGHQDomRHFRQWUROH
FRRUGHQDomRHFRQWUROH
RXWUDVSHVVRDVLQGLUHWDPHQWHFKDPDVH$GPLQLVWUDomR
,QGLUHWDRX$GPLQLVWUDomR'HVFHQWUDOL]DGD $VVLP$DGPLQLVWUDomRFDVXtVWLFDDVVLPHQWHQGLGDD D
GHFLVmR GH
GHFLVmR GH FDVRV
FDVRV LQGLYLGXDLV FRPSHWH HP SULQFLSLR DR
$$GPLQLVWUDomR3~EOLFD'LUHWDpUHDOL]DGDSHORVyUJmRV QtYHO
QtYHO GH
GH H[HFXomRHVSHFLDOPHQWHDRVVHUYLoRVGHQDWXUH]D
H[HFXomR
H DJHQWHV S~EOLFRV HQTXDQWR D $GPLQLVWUDomR 3~EOLFD ORFDOTXHHVWmRHPFRQWDWRFRPRVIDWRVHFRPRS~EOLFR †
,QGLUHWD p GHVHPSHQKDGD SHODV $XWDUTXLDV RX SHODV ž 
(PSUHVDV 3~EOLFDV RX SHODV 6RFLHGDGHV GH (FRQRPLD
0LVWD RX DLQGD SHODV )XQGDo}HV 3~EOLFDV  SRGHQGR
DFUHVFHQWDUVHRVVHUYLoRVVRFLDLVDXW{QRPRVQDUHDOL]DomR &RQFHQWUDomRH'HVFRQFHQWUDomR
GHVHUYLoRVS~EOLFRV

(QVLQD&(/62$1721,2%$1'(,5$'(0(//2TXH &XPSUHQmRFRQIXQGLUDFHQWUDOL]DomRGHVFHQWUDOL]DomR
1D$GPLQLVWUDomRFHQWUDOL]DGDRVVHUYLoRV HyUJmRVTXHRV FRQFHQWUDomRRXG
GD$GPLQLVWUDomR3~EOLFDFRPVXDFRQFHQWUDomR
FRQFHQWUDomR GHV
SUHVWDP VHHQFRQWUDPUHODFLRQDGRVSRUXPOLDPHXQLILFD FRQFHQWUDomR(QTXDQWRQDSULPHLUDILJXUDVHFRQVWDXP
FRQFHQWUDomR
GRUGHQRPLQDGRKLHUDUTXLD$DGPLQLVWUDomRpGHVFHQWUDOL HVSUDLDPHQWRGDDWLYLGDGHDGPLQLVWUDWLYDFRPRXPWRGR
]DGDTXDQGRKiWUDQVIHUrQFLDGHDWLYLGDGHDGPLQLVWUDWLYD VXD FRQVWLWXFLRQDO UHSDUWLomR HQWUH DV YiULDV SHVVRDV
RXVLPSOHVPHQWHGRH[HUFtFLRGHODSDUDRXWUDSHVVRD,VWR MXUtGLFDVGHGLUHLWRS~EOLFRQRVWUrVQtYHLVJRYHUQDPHQWD
pGHVORFDVHGR(VWDGRTXHDGHVHPSHQKDULDDWUDYpVGHVXD LVHGHVWDVSDUDVXDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD
$GPLQLVWUDomR &HQWUDO SDUD RXWUD SHVVRD QRUPDOPHQWH DXWDUTXLDVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLD
SHVVRDMXUtGLFD LQ3UHVWDomRGH6HUYLoRV3~EOLFRVH$GPLQLVWUDomR PLVWD QDFRQFHQWUDomRGHVFRQFHQWUDomRWHUHPRVD
,QGLUHWDHG57SH  RUJDQL]DFLRQDO GLYLVmR LQWHUQD GD DWLYLGDGH DRV YiULRV
yUJmRVLQFXPELGRVGD$GPLQLVWUDomR

$'HVFHQWUDOL]DomRGHQWUH GHVFRQFHQWUDomRUHVXOWD
$RUHYHUVRGDFRQFHQWUDomRDGHVFRQFHQWUDomR
GHVFRQFHQWUDomR
RV3ULQFtSLRVGD$GPLQLVWUDomR3~EOLFD)HGHUDO DGLYLVmRGHXPDSHVVRDMXUtGLFDGHGLUHLWRS~EOLFRHP
YiULRVyUJmRVTXHPDQWrPHQWUHVLUHODo}HVKLHUiUTXLFDVGH
2'HFUHWR/HLQžHVWDEHOHFHXTXHD$GPLQLV VXERUGLQDomRHGHFRRUGHQDomRYLVDQGRjHVSHFLDOL]DomRGH
WUDomR 3~EOLFD GLUHWD H LQGLUHWD  KDYHULD GH REVHUYDU IXQo}HVHjJUDGDomRGHUHVSRQVDELOLGDGHVFRPRRREVHUYD
DOJXQVSULQFtSLRV
SULQFtSLRV
SULQFtSLRVIXQGDPHQWDLVSHORVTXDLVVHKDYHULDGH
IXQGDPHQWDLV R 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72 LQ
RULHQWDUREULJDWRULDPHQWHQDUHDOL]DomRGHVXDVDWLYLGD &XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVHS
GHVDGPLQLVWUDWLYDV D RSODQHMDPHQWR
SODQHMDPHQWR E DFRRUGHQD
SODQHMDPHQWR FRRUGHQD UHJLVWUDQGRTXH$VJUDQGHVILJXUDVGHGHVFRQFHQWUDomR
omR GHVFHQWUDOL]DomR G DGHOHJDomR
omR F DGHVFHQWUDOL]DomR
GHVFHQWUDOL]DomR GHOHJDomR
GHOHJDomRGH
GHFRPSHWrQ VmRRV0LQLVWpULRVQRSODQRIHGHUDOHDV6HFUHWDULDVQRV
FLDVH H RFRQWUROH
FLDV FRQWUROH
FRQWUROH
GHPDLV SODQRV VHJXLQGRVH RV GHSDUWDPHQWRV GLYLV}HV
VHo}HVVHUYLoRVHyUJmRVDXW{QRPRVHVHPLDXW{QRPRV
&RPR R GHILQH R SUySULR QRPHGHVFHQWUDOL]DU ³ QR
HP WRGDV HODV H[LVWLQGR DSHQDV DXWRQRPLD WpFQLFD VHP
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

UXSWXUDGDOLQKDKLHUiUTXLFDHVHPFULDomRGHQRYDSHVVRD OHJDOLGDGHHOHJLWLPLGDGHQDSURVVHFXomRGRVLQWHUHVVHV
MXUtGLFDGHGLUHLWRS~EOLFR LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR S~EOLFRV H[FOXtGDV D FULDomR GD QRUPD OHJDO H VXD
HG)RUHQVHS  DSOLFDomRMXGLFLiULDFRQWHQFLRVDµ³ LQ´2'LUHLWR$GPLQLVWUD
WLYRµHG)RUHQVHS 
'LYHUVR QmR p R HQVLQDPHQWR GH &(/62 $1721,2
%$1'(,5$'(0(//2$GHVFRQFHQWUDomRVHUHDOL]DHP 1DWXUDOPHQWHp LPSRUWDQWHFRQKHFHUDGHILQLomRGR
IXQomRGRVVHJXLQWHVFULWpULRVD GHVFRQFHQWUDomRSRUJUDX 3URI+(/< /23(6 0(,5(//(6 FRQMXQWR KDUP{QLFR GH
pDGLVWULEXLomRGHFRPSHWrQFLDVGHFLVyULDVDWUDYpVGRV SULQFtSLRV MXUtGLFRV TXH UHJHP RV yUJmRV RV DJHQWHV H DV
GLIHUHQWHVQtYHLVKLHUiUTXLFRV0LQLVWUR'LUHWRU GHGHSDUWD DWLYLGDGHVS~EOLFDVWHQGHQWHVDUHDOL]DUFRQFUHWDGLUHWDH
PHQWRGH'LYLVmRGH6HUYLoR &KHIH 6HomR (QFDUUHJDGR LPHGLDWDPHQWHRVILQVGHVHMDGRVSHOR(VWDGR³ LQ'LUHLWR
6HWRU E GHVFRQFHQWUDomRSRUPDWpULDpDSURFHGLGD $GPLQLVWUDWLYR%UDVLOHLURHG57S 
HP UD]mR GD QDWXUH]D GR REMHWR GD DWLYLGDGH $VVLP RV
0LQLVWpULRVHQIHL[DPFDGDTXDOSRGHUHVFRQFHUQHQWHVDXP
UDPR GD DWLYLGDGH DGPLQLVWUDWLYD 6D~GH (GXFDomR
 2EMHWR
7UDQVSRUWHV&RPXQLFDo}HV$JULFXOWXUD7UDEDOKRHWF F
GHVFRQFHQWUDomR JHRJUiILFD RX WHUULWRULDO  HP TXH VH
GLVWULEXHP FRPSHWrQFLDV GHFLVyULDV D RUJDQLVPRV ORFDLV (PVHFRQWHPSODQGRWRGDVWDLVGHILQLo}HVFRQFOXLVH
UHVSRQViYHLVSHODUHVROXomRGH TXHVW}HVTXHLQWHUHVVDPD TXHRREMHWR UHJHUDDWLYLGDGH
REMHWRGR'LUHLWR$GPLQLVWUDWLYRpUHJHU
REMHWR UHJHU
XPDGHWHUPLQDGDiUHDJHRJUiILFD³ LQ3UHVWDomRGH6HUYLoRV GRV ÐUJmRV H $JHQWHV 3~EOLFRV SDUD TXH HVWHV SRVVD
3~EOLFRVH$GPLQLVWUDomR,QGLUHWDHG57S  UHDOL]DU FRQFUHWD GLUHWD H LPHGLDWDPHQWH RV ILQV GR
(VWDGR

(QILP RUGHQDU
RUGHQDU D HVWUXWXUD H R SHVVRDO GR VHUYLoR
'LUHLWR$GPLQLVWUDWLYR S~EOLFR GLVFLSOLQDQGR VXDV DWLYLGDGHV p D REMHWR GR
'LUHLWR$GPLQLVWUDWLYR
&RQFHLWR)RQWHVH3ULQFtSLRV
2 VHPSUH VDXGRVR 3URI+(/< /23(6 0(,5(//(6
UHFRQKHFHVVHQDH[SUHVVmRWHQGHQWHVDUHDOL]DUFRQFUHWD
7DQWRDGRXWULQDQDFLRQDOFRPRDHVWUDQJHLUDIRUQHFHP GLUHWD H LPHGLDWDPHQWH RV ILQV GHVHMDGRV SHOR (VWDGR D
XPVHPQ~PHURGHGHILQLo}HVGR'LUHLWR$GPLQLVWUDWLYR FDUDFWHUL]DomR H D GHOLPLWDomR GR REMHWR GR 'LUHLWR
FDGD XPD UHDOoDQGR XP RX RXWUR DVSHFWR TXH PDLV $GPLQLVWUDWLYRREVHUYDQGRTXH2VWUrVSULPHLURVWHUPRV
LPSUHVVLRQDDRUHVSHFWLYRDXWRU ³FRQFUHWDGLUHWDHLPHGLDWDPHQWH³DIDVWDPDLQJHUrQ
FLDGHVVHUDPRGR'LUHLWRQDDWLYLGDGHHVWDWDODEVWUDWDTXH
'HQWUHRVDXWRUHVQDFLRQDLVPRGHUQRVGHVWDFDPVH pDOHJLVODWLYDQDDWLYLGDGHLQGLUHWDTXHpDMXGLFLDOHQD
DWLYLGDGHPHGLDWDTXHpDDomRVRFLDOGR(VWDGR$V~OWLPDV
6 0É5,20$6$*®2SDUDTXHPRGLUHLWRDGPLQLVWUDWLYR H[SUHVV}HVGDGHILQLomR³ILQVGHVHMDGRVSHORHVWDGR³
pRFRQMXQWRGRVSULQFtSLRVTXHUHJXODPDDWLYLGDGHQmR HVWmRDLQGLFDUTXHDR'LUHLWR$GPLQLVWUDWLYRQmRFRPSHWH
FRQWHQFLRVDGR(VWDGRHDFRQVWLWXLomRGRVyUJmRVHPHLR GL]HUTXDLVVmRRVILQVGR(VWDGR2XWUDVFLrQFLDVVHLQFXP
GHVXDDomRHPJHUDO LQ&RQFHLWRGH'LUHLWR$GPLQLVWUDWLYR ELUmRGLVWR LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57S 
S 

6 7+(0Ì672&/(6%5$1'®2&$9$/&$17,TXHGHILQH $XWRQRPLDGR'LUHLWR$GPLQLVWUDWLYR
R GLUHLWR DGPLQLVWUDWLYR FRPR R UDPR GR 'LUHLWR
3~EOLFR ,QWHUQR TXH UHJXOD D DWLYLGDGH MXUtGLFD QmR $DXWRQRPLDGHVWDFDTXHWmRSDUWLFXODUHSUySULDpD
FRQWHQFLRVDGR(VWDGRHDFRQVWLWXLomRGRVyUJmRVHPHLRV RUJDQL]DomRWpFQLFRFLHQWtILFDGRGLUHLWRDGPLQLVWUDWLYR
GHVXDDomRHPJHUDO LQ7UDWDGRGH'LUHLWR$GPLQLVWUDWLYR WmRHVSHFLDLVVmRVXDVUHJUDVWmRGHWDOKDGRpRFRPSOH[R
YRO,S  GHUHJUDVTXHFRPS}HPDUHODomRMXUtGLFDGD$GPLQLVWUD
omRH$GPLQLVWUDGRUHVQDJHVWmRGRVLQWHUHVVHVS~EOLFRVH
6 -26e &5(7(//$ -5 GHILQLQGRR FRPR FRQMXQWR GH VRFLDLVSRGHUHVGHYHUHVHUHVSRQVDELOLGDGHVTXHMipHOH
SULQFtSLRV MXUtGLFRV TXH GLVFLSOLQDP D RUJDQL]DomR H D UHFRQKHFLGRFRPRXPUDPRDXW{QRPR
DXW{QRPRGR'LUHLWR
DXW{QRPR
DWLYLGDGH GR 3RGHU ([HFXWLYR LQFOXVLYH GRV yUJmRV
GHVFHQWUDOL]DGRV EHP FRPR DV DWLYLGDGHV WLSLFDPHQWH $DXWRQRPLDQmRVLJQLILFDTXHR'LUHLWR$GPLQLVWUDWLYR
DGPLQLVWUDWLYDVH[HUFLGDVSHORVRXWURV3RGHUHV LQ'LUHLWR VHMD HVWDQTXH LQFRPXQLFiYHO FRP RV GHPDLV UDPRV GR
$GPLQLVWUDWLYRGR%UDVLOHGYRO,S 
'LUHLWR PDV VLP TXH DOFDQoRX PDWXULGDGH D SRQWR GH
JR]DU GD OLEHUGDGH GH VH RULHQWDU SRU VHXV SUySULRV
6 ',2*2'(),*8(,5('2025(,5$1(72TXHGHILQH SULQFtSLRVHHVVHQFLDOPHQWHWHQGRFDUDFWHUtVWLFDVGHXP
R'LUHLWR$GPLQLVWUDWLYRFRPRVHQGR´RUDPRGR'LUHLWR UDPRHVSHFLDOGRGLUHLWR
3~EOLFRTXHHVWXGDRVSULQFtSLRVHQRUPDVTXHUHJHPDV
DWLYLGDGHV MXUtGLFDV GR (VWDGR H GH VHXV GHOHJDGRV DV /HPEUD $5RFFR TXH SDUD TXH XP UDPR FLHQWtILFR
UHODo}HVGHVXERUGLQDomRHGHFRRUGHQDomRGHODVGHULYD FRPSRQKD XP FRUSR SUySULR GH GRXWULQDV LQVWLWXWRV H
GDV H DV JDUDQWLDV GH OLPLWDomR H GH FRQWUROH GH VXD UHJUDVVmRQHFHVViULRVRVVHJXLQWHVUHTXLVLWRV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

D TXH VHMD EDVWDQWH YDVWR D SRQWR GH PHUHFHU XP H SUDWLFDGDV SHOD SRSXODomR H SHOD $GPLQLVWUDomR DR
HVWXGRDGHTXDGRHSDUWLFXODU ORQJRGRWHPSR 

E TXHFRQWHQKDGRXWULQDVKRPRJrQHDVGRPLQDGDVSRU 6HPSUHLOXVWUDWLYDVDVOLo}HVGR0HVWUH+(/</23(6
FRQFHLWRV JHUDLV FRPXQV H GLVWLQWRV GRV FRQFHLWRV 0(,5(//(6VREUHDVIRQWHVGR'LUHLWR$GPLQLVWUDWLYR
JHUDLVLQIRUPDGRUHVGHRXWUDVGLVFLSOLQDV
´'LUHLWR$GPLQLVWUDWLYRDEHEHUDVHSDUDVXDIRUPD
F TXHSRVVXDPpWRGRSUySULRLVWRp TXHHPSUHJXH omRHPTXDWURIRQWHVSULQFLSDLVDVDEHUDOHLDGRXWULQD
SURFHVVRVHVSHFLDLVSDUDRFRQKHFLPHQWRGDVYHUGD DMXULVSUXGrQFLDHRVFRVWXPHV
GHVTXHFRQVWLWXHPRREMHWRGDVVXDVLQYHVWLJDo}HV
OHLHPVHQWLGRDPSORpDIRQWHSULPiULDGR'LUHLWR
$OHL
OHL
( VRE HVVH SULPD QmR Ki FRPR QHJDU TXH 'LUHLWR $GPLQLVWUDWLYR DEUDQJHQGR HVWD H[SUHVVmR GHVGH D
$GPLQLVWUDWLYRH[LEHGHVHQYROYLPHQWRSHFXOLDUGHQWUHRV &RQVWLWXLomR DWp RV UHJXODPHQWRV H[HFXWLYRV  (
GHPDLV UDPRV GR 'LUHLWR 3~EOLFR VHQGR DFHQWXDGD VXD FRPSUHHQGHVHTXHDVVLPVHMDSRUTXHWDLVDWRVLPSRQGR
DXWRQRPLDjPHGLGDTXHpHQULTXHFLGRSRUXPVLVWHPD
DXWRQRPLD RVHXSRGHUQRUPDWLYRDRVLQGLYtGXRVHDRSUySULR(VWDGR
GH QRUPDV MXUtGLFDV UHJLGDV SRU SULQFtSLRV SUySULRV HVWDEHOHFHPUHODo}HVGHDGPLQLVWUDomRGHLQWHUHVVHGLUHWR
HVSHFtILFRVHGLVWLQWRVGRVGHPDLV HLPHGLDWRGR'LUHLWR$GPLQLVWUDWLYR

GRXWULQDIRUPDQGRRVLVWHPDWHyULFRGHSULQFtSLRV
$GRXWULQD
GRXWULQD
DSOLFiYHLVDRGLUHLWRSRVLWLYRpHOHPHQWRFRQVWUXWLYRGD
 )RQWHV
FLrQFLDMXUtGLFDjTXDOSHUWHQFHDGLVFLSOLQDHPFDXVD$
GRXWULQDpTXHGLVWLQJXHDVUHJUDVTXHFRQYrPDR'LUHLWR
)RQWH p WXGR DTXLOR GH RQGH HPDQD MRUUD DOJXPD 3~EOLFR H DR 'LUHLWR 3ULYDGR H PDLV SDUWLFXODUPHQWH D
FRLVDeIRQWHGRGLUHLWRWXGRTXDQWRSRVVDMRUUDUUHJUDV FDGDXPGRVVXEUDPRVGRVDEHUMXUtGLFR,QIOXLHODQmRVy
RXQRUPDVTXHGLVFLSOLQHPXPDDWLYLGDGHRXFRPSRUWD QDHODERUDomRGDOHLFRPRQDVGHFLV}HVFRQWHQFLRVDVH
PHQWRKXPDQR&KDPDPVHIRQWHVGHGLUHLWRRVGLYHUVRV QmR FRQWHQFLRVDV RUGHQDQGR DVVLP R SUySULR 'LUHLWR
PRGRV SHORV TXDLV VH HVWDEHOHFHP DV UHJUDV MXUtGLFDV $GPLQLVWUDWLYR
&RVWXPDPRVDXWRUHVGLYLGLUDVIRQWHVGRGLUHLWRHPIRQWHV
PDWHULDLV RX VHMD RV HOHPHQWRV TXH FRQFRUUHP SDUD D MXULVSUXGrQFLDWUDGX]LQGRDUHLWHUDomRGRVMXOJDPHQ
$MXULVSUXGrQFLD
MXULVSUXGrQFLD
IRQWHV
IRQWHVIRUPDLVTXHVmRDIRUPDH[WHUQD
FULDomRGDVOHLVHIRQWHV IRUPDLV WRV QXP PHVPR VHQWLGR LQIOXHQFLD SRGHURVDPHQWH D
GH PDQLIHVWDUVH R GLUHLWR SRVLWLYR HQILP DV OHLV
OHLV QR FRQVWUXomR GR 'LUHLWR H HVSHFLDOPHQWH D GR 'LUHLWR
VHQWLGRODWRGDH[SUHVVmR  $GPLQLVWUDWLYRTXHVHUHVVHQWHGHVLVWHPDWL]DomRGRXWULQi
ULDHGHFRGLILFDomROHJDO$MXULVSUXGrQFLDWHUiXPFDUiWHU
2 3URI&HOVR 5LEHLUR %DVWRV WDPEpP HQVLQD TXH 2 PDLVSUiWLFRPDLVREMHWLYRTXHDGRXWULQD H D OHLPDV
WHUPRIRQWHpXWLOL]DGRDQDORJLFDPHQWH&RPRGHODEURWD QHPSRULVVRVHDSDUWDGHSULQFtSLRVWHyULFRVTXHSRUVXD
D iJXD DVVLP WDPEpP MRUUD R 'LUHLWR D SDUWLU GDV VXDV SHUVLVWrQFLDQRVMXOJDGRVDFDEDSRUSHQHWUDUHLQWHJUDUD
IRQWHV(PVLVWHPDVGHGLUHLWRHVFULWRFRPRRQRVVRDOHLp SUySULDFLrQFLDMXUtGLFD2XWUDFDUDFWHUtVWLFDGDMXULVSUX
DIRQWHVXSUHPDHTXDVH~QLFDGR'LUHLWR(VWHQRHQWDQWR GrQFLDpRVHXQDFLRQDOLVPR(QTXDQWRDGRXWULQDWHQGH
UHVXOWDGHXPFRQMXQWRKLHUDUTXL]DGRGHQRUPDVMXUtGLFDV DXQLYHUVDOL]DUVHDMXULVSUXGrQFLDWHQGHDQDFLRQDOL]DUVH
HP
&XUVRGH'LUHLWR)LQDQFHLURH'LUHLWR7ULEXWiULR
 SHODFRQWtQXDDGDSWDomRGDOHLHGRVSULQFtSLRVWHyULFRVDR
HG6DUDLYDS  FDVR FRQFUHWR 6HQGR R 'LUHLWR $GPLQLVWUDWLYR PHQRV
JHUDOTXHRVGHPDLVUDPRVMXUtGLFRVSUHRFXSDVHGLUHWD
&RPR VDEHPRV DWp SHOD H[SHULrQFLD SHVVRDO D YLGD PHQWHFRPD$GPLQLVWUDomRGHFDGD(VWDGRHSRULVVR
VRFLDOpGLVFLSOLQDGDSHOR(VWDGR R3RGHU3~EOLFR TXHQRV PHVPR HQFRQWUD PXLWDV YH]HV PDLV DILQLGDGH FRP D
LPS}HFRQGXWDVDWUiVGHPDQGDPHQWRVQRUPDVRXUHJUDV MXULVSUXGrQFLDSiWULDTXHFRPDGRXWULQDHVWUDQJHLUD$
HQILPSUHFHLWRVMXUtGLFRVTXHUHFHEHPRQRPHGHOHLV MXULVSUXGrQFLDHQWUHWDQWRQmRREULJDTXHUD$GPLQLVWUD
omR TXHU R -XGLFLiULR SRUTXH QmR YLJRUD HQWUH QyV R
6DELGDPHQWHDPDLRUGHWRGDVDVOHLV³DPDLRUGDV SULQFtSLRQRUWHDPHULFDQRGRVWDUHGHFLVHVVHJXQGRRTXDO
)RQWHVGH'LUHLWRSRVLWLYRpD&RQVWLWXLomR
&RQVWLWXLomR
&RQVWLWXLomR DGHFLVmRMXGLFLDOVXSHULRUYLQFXODDVLQVWkQFLDVLQIHULRUHV
SDUDRVFDVRVLGrQWLFRV
(PHVSHFLDOQR'LUHLWR$GPLQLVWUDWLYRQmRVHGHVFRQVL
GHUDUiTXHRVDWRV
DWRV
DWRVDGPLQLVWUDWLYRVGHFDUiWHUQRUPDWLYR
DGPLQLVWUDWLYRV QRUPDWLYR
QRUPDWLYR 2FRVWXPHWHPSHUGLGRPXLWRGHVXDLPSRUWkQFLDQD
SULQFLSDOPHQWHRVGHFUHWRV
GHFUHWRVHRVUHJXODPHQWRV
GHFUHWRV UHJXODPHQWRVVmRIRQWHV
UHJXODPHQWRV IRQWHV FRQVWUXomRGR'LUHLWRGHVGHD/HLGD%RD5D]mR  
GHPi[LPDUHOHYkQFLD TXHGHVDXWRUL]RXRVHXDFROKLPHQWRTXDQGRFRQWUiULRj
OHLDWpDSURPXOJDomRGHQRVVR&yGLJR&LYLO  TXH
0DVWDPEpPVmRIRQWHVGH'LUHLWR$GPLQLVWUDWLYR E E D
E GHFODURX UHYRJDGRV RV XVRV H FRVWXPHV FRQFHUQHQWHV jV
GRXWULQD R HQVLQDPHQWR GRV GRXWRV VREUH R DOFDQFH PDWpULDV GH GLUHLWR FLYLO SRU HOH UHJXODGDV DUW 
FRQWH~GR H LQWHUSUHWDomR GDV QRUPDV MXUtGLFDV  ‹ D 3HUVLVWHHQWUHWDQWRHFRPJUDQGHSUHVWtJLRQR'LUHLWR
MXULVSUXGrQFLD D IRUPD SHOD TXDO RV 7ULEXQDLV YrP &RPHUFLDO TXH RV DGPLWH H[SUHVVDPHQWH GHVGH TXH
LQWHUSUHWDQGRDDSOLFDELOLGDGHGDVQRUPDVMXUtGLFDVVREUH VHFXQGXPOHJHP &yGLJR&RPHUFLDODUWVH 
RVIDWRV H G
G RVFRVWXPHV DVFRQGXWDVUHLWHUDGDVDFHLWDV
G
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

1R'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURRFRVWXPHH[HUFH
 3ULQFtSLRV&RQVWLWXFLRQDLVGR'LUHLWR$GPLQLVWUDWLYR
3ULQFtSLRV&RQVWLWXFLRQDLV
SRGHURVDLQIOXrQFLDHPUD]mRGDGHILFLrQFLDGDOHJLVOD
omR$SUiWLFDDGPLQLVWUDWLYDYHPVXSULQGRRWH[WRHVFULWR
H VHGLPHQWDGD QD FRQVFLrQFLD GRV DGPLQLVWUDGRUHV H 3ULQFtSLR MXUtGLFR QD IHOL] GHILQLomR GR 3URI &(/62
DGPLQLVWUDGRVDSUD[HEXURFUiWLFDSDVVDDVXSULUDOHLRX $1721,2 %$1'(,5$ '( 0(//2 p R PDQGDPHQWR
DWXDFRPRHOHPHQWRLQIRUPDWLYRGDGRXWULQDµ³ LQ'LUHLWR QXFOHDUGHXPVLVWHPDYHUGDGHLURDOLFHUFHGHOHGLVSRVLomR
$GPLQLVWUDWLYR%UDVLOHLURHG57S 
IXQGDPHQWDOTXHVHLUUDGLDVREUHGLIHUHQWHVQRUPDVFRP
SRQGROKHVRHVStULWRHVHUYLQGRGHFULWpULRSDUDVXDH[DWD
FRPSUHHQVmRHLQWHOLJrQFLDH[DWDPHQWHSRUGHILQLUDOyJLFD
 3ULQFtSLRVGR'LUHLWR$GPLQLVWUDWLYR HDUDFLRQDOLGDGHGRVLVWHPDQRUPDWLYRQRTXHOKHFRQIHUH
D W{QLFD H OKH Gi VHQWLGR KDUP{QLFR ³ LQ
(OHPHQWRV GH
'HULJRUWUrVVmRRVSULQFtSLRVIXQGDPHQWDLVGRGLUHLWR 'LUHLWR$GPLQLVWUDWLYR
HG57S 
DGPLQLVWUDWLYR
¢4XDLVVHULDPHQWmRSULQFtSLRVLQIRUPDWLYRVGR'LUHLWR
D SULQFtSLR
SULQFtSLR GD
GD SUHYDOrQFLD
SUHYDOrQFLD GD $GPLQLVWUDomR 3~EOLFD
3~EOLFD $GPLQLVWUDWLYR³TXHVHH[SRQKDPLPSOtFLWDRXH[SUHV
SRGHSDUHFHULQMXVWRFRQVLGHUDUDGHVLJXDOGDGHHQWUHD VDPHQWHQRRUGHQDPHQWRMXUtGLFRFRQVWLWXFLRQDOEUDVLOHL
DGPLQLVWUDomRHRVDGPLQLVWUDGRVHPVHFRQVLGHUDQGR UR"""
TXHXPGRVSULQFtSLRVEiVLFRVGDVUHODo}HVSULYDGDVp
DLJXDOGDGHGDVSDUWHV0DVSDUDR'LUHLWR$GPLQLVWUD &RQVWDWDVHQRDUW&)RHQXQFLDGRGHFLQFRSULQFtSL
WLYRH[DWDPHQWHSRUTXHVXDVOHLV YLVDPDJDUDQWLUD
RV TXH VH UHSRUWDP HVSHFLILFDPHQWH j $GPLQLVWUDomR
VXSUHPDFLDGR3RGHU3~EOLFRVREUHRVLQGLYtGXRVSDUD
3~EOLFD³PDVDSDUGHVWHRXWURVSULQFtSLRVLQIRUPDWLYRV
TXHVHLPSRQKDHOHHUHDOL]HPREHPFRPXPpLPSRU
WDQWH D GHVLJXDOGDGH
GHVLJXDOGDGH HP SURO GR 3RGHU 3~EOLFR GR  'LUHLWR $GPLQLVWUDWLYR SRGHP VHU UHFRQKHFLGRV QR
FRQIHULQGRVH D HVWH SULYLOpJLRV H SUHUURJDWLYDV TXH WH[WR GD 0DJQD &DUWD H[SUHVVDPHQWH DOJXQV RXWURV
YLDELOL]HPDFRQVHFXomRGRVREMHWLYRVGDDGPLQLVWUDomR UHVXOWDQWHV LPSOtFLWD H ORJLFDPHQWH GD HVWUXWXUDomR
S~EOLFD  1DWXUDOPHQWH DR DSOLFDU D OHL Ki TXH VH VLVWrPLFDGRRUGHQDPHQWRMXUtGLFRFRQVWLWXFLRQDO
EXVFDUXPDVROXomRPDLVSUy[LPDSRVVtYHOGRHTXLOtEULR
HQWUHRVSULYLOpJLRVHSUHUURJDWLYDVHVWDWDLVHRVGLUHLWRV 6mR SULQFtSLRV GH 'LUHLWR $GPLQLVWUDWLYR HVFULWRV
VFULWRV QR
LQGLYLGXDLV  VHPSUH SRUpP VHP GHVFRQVLGHUDU D WH[WRFRQVWLWXFLRQDO
QHFHVVLGDGHGHVXSUHPDFLDGDTXHOH
/ OHJDOLGDGH DUWž,,DUWFDSXWHDUW,9
E SULQFtSLR
SULQFtSLR GD
GD SUHVXQomR
SUHVXQomR GH
GH OHJLWLPLGDGH
OHJLWLPLGDGH GRV
GRV DWRV / LPSHVVRDOLGDGH DUWžFDSXWHDUWFDSXW
DGPLQLVWUDWLYRVHPERUDVHMDUHODWLYDWDOSUHVXQomRR
DGPLQLVWUDWLYRV / PRUDOLGDGHDGPLQLVWUDWLYD DUWž/;;,,,DUWFDSXWH†
IDWRpTXHRDWRSUDWLFDGRSHORDGPLQLVWUDGRUS~EOLFR žHDUW9
pVHPSUHFRQVLGHUDGROHJtWLPRGLVSHQVDQGRTXDOTXHU
/ SXEOLFLGDGH DUWž;;;,,,H;;;,9EHDUWFDSXW 
SURYDGHVXDOHJLWLPLGDGH&DEHUiDTXHPDOHJDUVXD
/ HILFLrQFLD DUWFDSXW 
LOHJLWLPLGDGHSURYDUWDOYtFLR5HVXPLGDPHQWHRDWRp
OHJtWLPRHYiOLGRDWpSURYDHPFRQWUiULR / PRWLYDomR DUWVž,,H†~QLFRHDUWž;;;,9 
/ ILQDOLGDGH DUWž,,DUWFDSXWHDUW,9
F SULQFtSLR
SULQFtSLRGD
GDQHFHVVLGDGH
QHFHVVLGDGHGRV
GRVSRGHUHV
SRGHUHVGLVFULFLRQiULRV
GLVFULFLRQiULRV / GHYLGRSURFHVVROHJDO DUWž/,9H/9 
R DGPLQLVWUDGRU DJHP VHPSUH SDUD D UHDOL]DomR GR / DPSODGHIHVD DUWž/,9H/9 
EHPFRPXPSDUDDVDWLVIDomRGRVLQWHUHVVHVGDFRPX / FRQWUROH MXGLFLDO GRV DWRV DGPLQLVWUDWLYRV DUWž 
QLGDGH3DUDLVVRGHYHHOHJR]DUGHPXLWDOLEHUGDGH ;;;9 
SDUD DJLU WHU GHVHPEDUDoR GH DWXDomR SRGHQGR HOH / UHVSRQVDELOLGDGHGR(VWDGRSRUDWRVDGPLQLVWUDWLYRV
SUySULRGHILQLUDVFRQYHQLrQFLDVHDVRSRUWXQLGDGHVGH DUW†ž 
VXDDomR$VVLPVDOYRQRVFDVRVHPTXHR$GPLQLVWUD
GRU3~EOLFRpREULJDGRDDJLUQRVHVWUHLWRVOLPLWHVGH 1mR
1mR HVWmR HVFULWRV
HVFULWRV PDV SRGHP VHU UHFRQKHFLGRV
XPDYLQFXODomROHJDODUHJUDpTXHGLVSRUiHOHVHPSUH LPSOLFLWDPHQWHQRRUGHQDPHQWRMXUtGLFRFRQVWLWXFLRQDORV
GH OLEHUGDGH SDUD DJLU OLPLWDGR DSHQDV j ILQDOLGDGH VHJXLQWHVSULQFtSLRV
S~EOLFDjUHDOL]DomRGREHPFRPXPHjVDWLVIDomRGR
LQWHUHVVHGDFRPXQLGDGH
/ SULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFRVREUHR
23URI',2*2'(),*8(,5('2025(,5$1(72HOHQ LQWHUHVVHSULYDGR³LQHUHQWHDRFRQFHLWRHHVWUXWX
FDSULQFtSLRVGH'LUHLWR$GPLQLVWUDWLYR&RQVLGHUDUVH UDomRGR(VWDGR
iHPGHVWDTXHRVVHJXLQWHVRQ]HSULQFtSLRVGDILQDOLGDGH
RXGLPSHVVRDOLGDGHGDPRUDOLGDGHGDGLVFULFLRQDULHGDGH / SULQFtSLR GD UD]RDELOLGDGH UHVXOWDQWH GD MXQomR
GDUD]RDELOLGDGHGDH[HFXWRULHGDGHGDFRQWLQXLGDGHGD OyJLFDGDOHJDOLGDGHFRPVXDILQDOLGDGH
HVSHFLDOLGDGHRKLHUiUTXLFRRPRQRFUiWLFRRFROHJLDGRHR
GLVFLSOLQDU LQ &XUVR
&XUVR
&XUVR GH
GH 'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR  HG)RUHQVH / SULQFtSLRGDSURSRUFLRQDOLGDGHpLJXDOPHQWHXPD
SD VHQGRTXHRVTXDWURSULPHLURVVmRLPSRVWRVSHOR GHSXUDomRGDOHJDOLGDGHHPSUROGRDOFDQFHGHXPD
DUWGD&RQVWLWXLomR)HGHUDOHMiRVHVWXGDPRVDWUiV ILQDOLGDGH
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

&RQWH~GRGRV3ULQFtSLRV&RQVWLWXFLRQDLV SHUVHJXLUSDUDSXQLU HVWDWDO´2VLQWHUHVVHVWXWHODGRVSHODV


QRUPDV SHQDLV VmR VHPSUH HPLQHQWHPHQWH S~EOLFRV
,QGLIHUHQWHPHQWHGDGLVWLQomRGHVXDQDWXUH]DHVFULWD VRFLDLVVXDDWXDomRLPS}HVHDR(VWDGRQmRFRPRVLPSOHV
RXQmRHVFULWDFXPSUHDQDOLVDUVHRFRQWH~GRGHFDGDXP IDFXOGDGHGHFRQVHFXomRGHXPHVFRSRQmRHVVHQFLDOPDV
GHVVHVSULQFtSLRV FRPRREULJDomRIXQFLRQDOGHUHDOL]DUXPGRVILQVHVVHQFLDLV
GHVXDSUySULDFRQVWLWXLomRTXHpDPDQXWHQomRHUHLQWH
JUDomR GD RUGHP MXUtGLFD 'LVVR GHFRUUH R SULQFtSLR GD
3UHYDOrQFLDGR,QWHUHVVH3~EOLFRVREUHR3ULYDGR LQGLVSRQLELOLGDGHGRUHIHULGRSRGHUGHYHURVyUJmRVGHDomR
GR(VWDGRGHOHQmRSRGHPGLVSRUDUHQ~QFLDFRQGLFLRQDGD
7UDWDVH GH SULQFtSLR TXH KD GH VHU UHFRQKHFLGR QmR RX QmR DR SRGHU GH SUHWHQGHU D SXQLomR H GH UHDOL]iOD
DSHQDV QR 'LUHLWR $GPLQLVWUDWLYR PDV HP TXDOTXHU HYHQWXDOPHQWHpLQDGPLVVtYHOVDOYRGLVSRVLomRH[SUHVVDGH
VRFLHGDGHPLQLPDPHQWHRUJDQL]DGDjPHGLGDTXHpVXD OHLµ³ LQ´3ULQFtSLRV)XQGDPHQWDLVGR3URFHVVR3HQDOµHG5HYLVWDGRV
SUySULDFRQGLomRGHH[LVWrQFLD 7ULEXQDLVS 

1mR Ki GH SDUHFHU LQMXVWR FRQVLGHUDU D GHVLJXDOGDGH 'HFRUUHP GHVVH SULQFtSLR YLQFXODWyULR GR (VWDGR DR
HQWUHDDGPLQLVWUDomRHRVDGPLQLVWUDGRVHPVHFRQVLGH LQWHUHVVHS~EOLFRGRLVSULQFtSLRVGHJUDQGHLPSRUWkQFLDD
UDQGRTXHXPGRVSULQFtSLRVEiVLFRVGDVUHODo}HVSULYDGDV RSULQFtSLRGDSUHVXQomRGHOHJLWLPLGDGHGRVDWRVDGPL
p D LJXDOGDGH GDV SDUWHV 0DV SDUD R 'LUHLWR $GPLQLV QLVWUDWLYRV H E  SULQFtSLR GD QHFHVVLGDGH GRV SRGHUHV
WUDWLYRH[DWDPHQWHSRUTXHVXDVOHLVYLVDPDJDUDQWLUD GLVFULFLRQiULRV
VXSUHPDFLD GR 3RGHU 3~EOLFR VREUH RV LQGLYtGXRV SDUD
TXHVHLPSRQKDHOHHUHDOL]HPREHPFRPXPpLPSRUWDQ 2 SULQFtSLR GD SUHVXQomR
SUHVXQomR GH OHJLWLPLGDGH
OHJLWLPLGDGH GRV DWRV
WHDGHVLJXDOGDGH
GHVLJXDOGDGHHPSUROGR3RGHU3~EOLFRFRQIHULQGR
GHVLJXDOGDGH DGPLQLVWUDWLYRVpGHQDWXUH]DUHODWLYD³MXULVWDQWXP³
VH D HVWH SULYLOpJLRV H SUHUURJDWLYDV TXH YLDELOL]HP D YDOHGL]HUDGPLWLUiVHPSUHSURYDGHVXDLOHJDOLGDGH³
FRQVHFXomR GRV REMHWLYRV GD DGPLQLVWUDomR S~EOLFD PDVSRUHOHWHPVHTXHRDWRSUDWLFDGRSHORDGPLQLVWUD
1DWXUDOPHQWH DR DSOLFDU D OHL Ki TXH VH EXVFDU XPD GRUS~EOLFRpVHPSUHFRQVLGHUDGROHJtWLPRGLVSHQVDQGR
VROXomR PDLV SUy[LPD SRVVtYHO GR HTXLOtEULR HQWUH RV TXDOTXHUSURYDGHVXDOHJLWLPLGDGH&DEHUiDTXHPDOHJDU
SULYLOpJLRVHSUHUURJDWLYDVHVWDWDLVHRVGLUHLWRVLQGLYLGXDLV VXDLOHJLWLPLGDGHSURYDUWDOYtFLR5HVXPLGDPHQWHRDWR
³VHPSUHSRUpPVHPGHVFRQVLGHUDUDQHFHVVLGDGHGH pOHJtWLPRHYiOLGRDWpSURYDHPFRQWUiULR
VXSUHPDFLDGDTXHOH
3HORSULQFtSLRGDQHFHVVLGDGH
QHFHVVLGDGH
QHFHVVLGDGHGRV
GRVSRGHUHV
SRGHUHVGLVFULFLRQi
GLVFULFLRQi
(IHWLYDPHQWH D VXSUHPDFLD
VXSUHPDFLD GR
GR LQWHUHVVH
LQWHUHVVH S~EOLFR
S~EOLFR ULRVSDUDTXHRDGPLQLVWUDGRUDWHQGDVHPSUHDUHDOL]DomR
ULRV
SURFODPDDVXEDOWHUQLGDGHGRLQWHUHVVHSDUWLFXODUGLDQWH GREHPFRPXPVDWLVIDoDRVLQWHUHVVHVGDFRPXQLGDGH
GRLQWHUHVVHJHUDO GDFROHWLYLGDGH ³DQRWDQGR0$5,$ GHYHUiHOHJR]DUGHPXLWDOLEHUGDGHSDUDDJLUWHUGHVHP
6</9,$ =$1(//$ ', 3,(752 TXH ´DOJXPDV YHUGDGHV EDUDoRGHDWXDomRSRGHQGRHOHSUySULRGHILQLUDVFRQYH
SHUPDQHFHP HP SULPHLUR OXJDU DV QRUPDV GH GLUHLWR QLrQFLDVHDVRSRUWXQLGDGHVGHVXDDomR$VVLPVDOYRQRV
S~EOLFRHPERUDSURWHMDPUHIOH[DPHQWHRLQWHUHVVHLQGLYLGX FDVRVHPTXHR$GPLQLVWUDGRU3~EOLFRpREULJDGRDDJLU
DOWrPRREMHWLYRSULPRUGLDOGHDWHQGHUDRLQWHUHVVHS~EOL QRVHVWUHLWRVOLPLWHVGHXPDYLQFXODomROHJDODUHJUDp
FRDREHPHVWDUFROHWLYR$OpPGLVVRSRGHVHGL]HUTXHR TXHGLVSRUiHOHVHPSUHGHOLEHUGDGHSDUDDJLUOLPLWDGR
GLUHLWRS~EOLFRVRPHQWHFRPHoRXDVHGHVHQYROYHUTXDQGR DSHQDVjILQDOLGDGHS~EOLFDjUHDOL]DomRGREHPFRPXP
GHSRLVGHVXSHUDGRVRSULPDGRGRGLUHLWRFLYLO TXHGXURX HjVDWLVIDomRGRLQWHUHVVHGDFRPXQLGDGH
PXLWRV VpFXORV  H R LQGLYLGXDOLVPR TXH WRPRX FRQWD GRV
YiULRVVHWRUHVGDFLrQFLDLQFOXVLYHDGR'LUHLWRVXEVWLWXLXVH
DLGpLDGRKRPHPFRPRILP~QLFRGRGLUHLWR SUySULDGR 3ULQFtSLRGD5D]RDELOLGDGH
LQGLYLGXDOLVPR SHORSULQFtSLRTXHKRMHVHUYHGHIXQGDPHQWR
SDUDWRGRRGLUHLWRS~EOLFRHTXHYLQFXODD$GPLQLVWUDomR 1mRHVFULWRPDVGHOyJLFDREMHWLYDRUHFRQKHFLPHQWR
HPWRGDVDVVXDVGHFLV}HVRGHTXHRVLQWHUHVVHVS~EOLFRV GHVVH SULQFtSLR R DGPLQLVWUDGRU GHYH DJLU GHQWUR GD
WrPVXSUHPDFLDVREUHRVLQGLYLGXDLVµ³ LQ´'LUHLWR$GPLQLVWUD OHJDOLGDGH YDOHQGRVH GRV PHFDQLVPRV LQVWUXPHQWRV H
WLYRµHG$WODVS  UHPpGLRV TXH FRQGX]DP UD]RDYHOPHQWH
UD]RDYHOPHQWH j ILQDOLGDGH
REMHWLYDGD
$SURHPLQrQFLDGRLQWHUHVVHS~EOLFRHVRFLDOUHIOHWHP
DLQGLVSRQLELOLGDGHGRSURFHVVRDGPLQLVWUDWLYRGHLPSRVL (QILP QmR EDVWD D OHJDOLGDGH FHJD GR DWR QHP D
omRGHPXOWDSRULQIUDomRGHWUkQVLWRjPHGLGDTXH´DV ILQDOLGDGH FRPR SURSyVLWR p LQGLVSHQViYHO TXH HVVH
SHVVRDV DGPLQLVWUDWLYD QmR WrP SRUWDQWR GLVSRQLELOLGDGH ELQ{PLR VH H[LED UD]RiYHO ³ TXH SDUkPHWURV UHMDP R
VREUH RV LQWHUHVVHV S~EOLFRV FRQILDGRV j VXD JXDUGD H SRGHU GLVFULFLRQiULR GD $XWRULGDGH YLQFXODQGR VXD
UHDOL]DomRµ³QDODSLGDUDGYHUWrQFLDGH&(/62$1721,2 OLEHUGDGH GH DJLU j HIHWLYD VDWLVIDomR GH XP LQWHUHVVH
%$1'(,5$'(0(//2 S~EOLFR RX VHMD LPSULPH XP FDUiWHU WHOHROyJLFR DR
H[HUFtFLR GR SRGHU GLVFULFLRQiULR $VVLP SH[ QmR p
$ QDWXUH]D SXQLWLYD GR SURFHVVR DGPLQLVWUDWLYR GH SRUTXH GLVS}H GR SRGHU GH GHWHUPLQDU D UHDOL]DomR GH
LPSRVLomRGHPXOWDSRULQIUDomRGHWUkQVLWRRXLQIUDo}HV SURYDV TXH D $XWRULGDGH $GPLQLVWUDWLYD RSWDUi SHOD
WULEXWiULDV³SRUH[HPSOR³ID]SHUWLQHQWHDLQFLGrQFLD UHDOL]DomR GH XPD SHUtFLD GLVSHQGLRVD TXDQGR QHP
GDV OLo}HV GR 3URI -&$1872 0(1'(6 '( $/0(,'$ HVWDYDRIDWRHPGHEDWHRXQHPHUDREMHWRGHFRQWURYpU
VREUHDLQGLVSRQLELOLGDGHGDMXVSHUVHTXHQGL GLUHLWRGH VLD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

  3DUD &(/62 $17Ñ1,2 %$1'(,5$ '( 0(//2 ´D &DEH PDLV GHVWD IHLWD R DERQR GD OLomR GH &(/62
$GPLQLVWUDomRDRDWXDUQRH[HUFtFLRGHGLVFULomRWHUiGH $17Ñ1,2%$1'(,5$'(0(//2´'LWRSULQFtSLRLPSOLFD
REHGHFHUDFULWpULRVDFHLWiYHLVGRSRQWRGHYLVWDUDFLRQDOHP SDUD D $GPLQLVWUDomR R GHYHU GH MXVWLILFDU VHXV DWRV
VLQWRQLD FRP R VHQVR QRUPDO GH SHVVRDV HTXLOLEUDGDV H DSRQWDQGROKHVRVIXQGDPHQWRVGHGLUHLWRHGHIDWRDVVLP
UHVSHLWRVDV GDV ILQDOLGDGHV TXH SUHVLGLUDP D RXWRUJD GD FRPRDFRUUHODomROyJLFDHQWUHRVHYHQWRVHVLWXDo}HVTXH
FRPSHWrQFLD H[HUFLGD 9DOH GL]HU SUHWHQGHVH FRORFDU HP GHXSRUH[LVWHQWHVHDSURYLGrQFLDWRPDGDQRVFDVRVHP
FODURTXHQmRVHUmRDSHQDVLQFRQYHQLHQWHVPDVWDPEpP TXHHVWH~OWLPRDFODUDPHQWRVHMDQHFHVViULRSDUDDIHULUVH
LOHJtWLPDV³HSRUWDQWRMXULVGLFLRQDOPHQWHLQYDOLGiYHLV³ DFRQVRQkQFLDGDFRQGXWDDGPLQLVWUDWLYDFRPDOHLTXHOKH
DVFRQGXWDVGHVDUUD]RDGDVEL]DUUDVLQFRHUHQWHVRXSUDWLFD VHUYLXGHDUULPR$PRWLYDomRGHYHVHUSUpYLDRXFRQWHP
GDVFRPGHVFRQVLGHUDomRjVVLWXDo}HVHFLUFXQVWkQFLDVTXH SRUkQHD j H[SHGLomR GR DWR (P DOJXPDV KLSyWHVHV GH
VHULDP DWHQGLGDV SRU TXHP WLYHVVH DWULEXWRV QRUPDLV GH DWRV YLQFXODGRV LVWR p QDTXHOHV HP TXH Ki DSOLFDomR
SUXGrQFLDVHQVDWH]HGLVSRVLomRGHDFDWDPHQWRjVILQDOLGD TXDVHDXWRPiWLFDGDOHLSRUQmRH[LVWLUFDPSRSDUDLQWHU
GHVGDOHLDWULEXWLYDGDGLVFULomRPDQHMDGDµ³ LQ´&XUVRGH IHUrQFLDGHMXt]RVVXEMHWLYRVGRDGPLQLVWUDGRUDVLPSOHV
'LUHLWR$GPLQLVWUDWLYRµHG0DOKHLURVS  PHQomRGRIDWRHGDUHJUDGH'LUHLWRDSOLFDQGDSRGHVHU
VXILFLHQWHSRUHVWDULPSOtFLWDDPRWLYDomR1DTXHORXWURV
WRGDYLDHPTXHH[LVWHGLVFULFLRQDULHGDGHDGPLQLVWUDWLYD
3ULQFtSLRGD3URSRUFLRQDOLGDGH RXHPTXHDSUiWLFDGRDWRYLQFXODGRGHSHQGHGHDWXUDGD
DSUHFLDomRHVRSHVDPHQWRGRVIDWRVHGDVUHJUDVMXUtGLFDV
$Wp VH SRGHULD YLVOXPEUDU WDO SULQFtSLR tQVLWR QR GD HPFDXVDHLPSUHVFLQGtYHOPRWLYDomRGHWDOKDGDeRTXH
UD]RDELOLGDGHjPHGLGDTXHWRGRHVIRUoRGHVSURSRUFLRQDO VXFHGHSRUH[HPSORQDWRPDGDGHGHFLV}HVHPSURFHGL
pWDPEpPGHVUD]RiYHO$VVLPSH[QmRVHRSWDUiSHOD PHQWRVQRVTXDLVH[LVWDXPDVLWXDomRFRQWHQFLRVDFRPR
UHDOL]DomRGHXPDSHUtFLDGLVSHQGLRVDVHPHLRVGHSURYDV QRFKDPDGRSURFHVVRDGPLQLVWUDWLYRGLVFLSOLQDULGHPHP
PDLVEDUDWDVRXPDLVVLPSOHVFRQGX]HPDRPHVPRILP FHUWRV SURFHGLPHQWRV HP TXH YiULRV LQWHUHVVDGRV FRQ
FRUUHPDXPPHVPRREMHWRFRPRQDVOLFLWDo}HV
$SURSRUFLRQDOLGDGHFRQGX]jDYDOLDomRGRVOLPLWHVQR
H[HUFtFLR GR SRGHU GLVFULFLRQiULR QHP VH PDWD SDUGDO IXQGDPHQWRFRQVWLWXFLRQDOGDREULJDomRGHPRWLYDU
FRPFDQKmRQHPVHWUDQVSRUWDXPDJHODGHLUDQXPDHQRU HVWiFRPRVHHVFODUHFHGHVHJXLGDLPSOtFLWRWDQWRQR
PHFDUUHWDQHPVHGiSXEOLFLGDGHGHXPDWRDGPLQLVWUD DUWž LQFLVR ,, TXH LQGLFD D FLGDGDQLD FRPR XP GRV
WLYRRUGLQiULRFRPDQ~QFLRVQRKRUiULRQREUHGDWHOHYL IXQGDPHQWRV GD 5HS~EOLFD TXDQWR QR SDUiJUDIR ~QLFR
VmRHWF (QILPDSURSRUFLRQDOLGDGHLPS}HXPDDGH GHVWHSUHFHSWLYRVHJXQGRRTXDOWRGRRSRGHUHPDQDGR
TXDomRHQWUHPHLRVHILQVYHGDGDDLPSRVLomRGHREUL SRYRFRPRDLQGDQRDUWž;;;9TXHDVVHJXUDRGLUHLWR
JDo}HVUHVWULo}HVHVDQo}HVHPPHGLGDVXSHULRUjTXHODV j DSUHFLDomR MXGLFLDO QRV FDVRV GH DPHDoD RX OHVmR GH
HVWULWDPHQWH QHFHVViULDV DR DWHQGLPHQWR GR LQWHUHVVH GLUHLWReTXHRSULQFtSLRGDPRWLYDomRpUHFODPDGRTXHU
S~EOLFR FRPR DILUPDomR GR GLUHLWR SROtWLFR GRV FLGDGmRV DR
HVFODUHFLPHQWR GR SRUTXr GDV Do}HV GH TXHP JHUH
'H FRQVHJXLQWH WRGRV RV DWRV TXH GHVERUGDUHP GR QHJyFLRV TXH OKHV GL]HP UHVSHLWR SRU VHUHP WLWXODUHV
QHFHVViULRjVXDILQDOLGDGHSRGHUiVHUWDFKDGRGHLOHJtWL ~OWLPRVGRSRGHUTXHUFRPRGLUHLWRLQGLYLGXDODQmRVH
PRFDVRGDQRVRDTXDOTXHULQWHUHVVHS~EOLFRRXSULYDGR DVVXMHLWDUHP D GHFLV}HV DUELWUiULDV SRLV Vy WrP TXH VH
FRQIRUPDUjVTXHIRUHPDMXVWDGDVjVOHLV3RULVVR5DPyQ
( VH ILFDUHP DTXpP GHVVH QHFHVViULR PtQLPR QmR 5HDO GLVVH TXH R GHYHU GH PRWLYDU p H[LJrQFLD GH XPD
DOFDQoDQGR R ILP FROLPDGR RXWURVVLP DIURQWDUmR R DGPLQLVWUDomRGHPRFUiWLFD³HRXWUDQmRVHFRQFHEHHP
SULQFtSLR GD HILFLrQFLD H LJXDOPHQWH SRGHUmR JHUDU D XP(VWDGRTXHVHGHFODUD(VWDGR'HPRFUiWLFRGH'LUHLWR
UHVSRQVDELOL]DomRDGPLQLVWUDWLYDHFLYLOGRDGPLQLVWUDGRU DUWžFDSXW ³SRLVRPtQLPRTXHRVFLGDGmRVSRGHP
S~EOLFR SUHWHQGHUpVDEHUDVUD]}HVSHODVTXDLVVmRWRPDGDVDV
GHFLV}HVH[SHGLGDVSRUTXHPWHPGHVHUYLORVµ³ LQ´&XUVR
3ULQFtSLRGD0RWLYDomR GH'LUHLWR$GPLQLVWUDWLYRµHG0DOKHLURVS 

0HUFrGRSULQFtSLRGDPRWLYDomR
PRWLYDomRWRGDVDVGHFLV}HVGD
PRWLYDomR 2XWURVVLPDREULJDomRGHPRWLYDURVDWRVGHFLVyULRV
$GPLQLVWUDomR 3~EOLFD KDYHUmR GH VHU IXQGDPHQWDGDV QmRLPSHGHTXHDRVROXFLRQDUYiULRVDVVXQWRVGDLGrQWLFD
FXPSULQGRjDXWRULGDGHH[SRUDVUD]}HVREMHWLYDVLQGLFDU QDWXUH]D D $XWRULGDGH $GPLQLVWUDWLYD XWLOL]H PHLR
RVSUHVVXSRVWRVGHIDWRHGHGLUHLWRTXHMXVWLILFDPVXD PHFkQLFR UHSURJUDILDVLPSUHVV}HVFRPSXWDGRUHWF TXH
GHFLVmReGHYHULQDUUHGiYHOGD$XWRULGDGH$GPLQLVWUDWLYD UHSURGX]DRVIXQGDPHQWRVLJXDLVGHRXWUDVGHFLV}HV8P
SURLELGRVRVODF{QLFRV´GHILURµRX´LQGHILURµ³´GHWHUPLQRµ ~QLFRyELFHH[VXUJLULDHYHQWXDODGLUHLWRRXJDUDQWLDGRV
RX´RUGHQRµ LQWHUHVVDGRV³VLWXDomRHPTXHDUHSURGXomRQXOLILFDULD
RGHFLVXP
(DPRWLYDomRGHYHVHUGLUHWDH[SOtFLWDFODUDHFRQJUX
HQWHRTXHQmRLPSHGHTXHFRQVLVWDHPVLPSOHVLQYRFD ¢( TXDO VHULD D PRWLYDomR QDV GHFLV}HV GRV yUJmRV
omRGHIXQGDPHQWRVGHDQWHULRUHVSDUHFHUHVLQIRUPDo}HV FROHJLDGRVRXQDVGHFLV}HVRUDLV"""1HVVHVFDVRVKDYHUi
GHFLV}HVRXSURSRVWDV³PDVQHVVDKLSyWHVHRFRQWH~GR XPDDWDRXXPWHUPRHVFULWRHPTXHGHYHUiFRQVWDUD
GHVVDV SHoDV VHUmR SDUWH LQWHJUDQWH GRV PRWLYRV GR DWR IXQGDPHQWDomRTXHRULHQWRXDGHFLVmR
DGPLQLVWUDWLYRRXGRGHFLVXP
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

3ULQFtSLRGD)LQDOLGDGH DGPLQLVWUDWLYRFRPGLUHLWRjFRQWUDSURGXomRGHSURYDV
j DSUHVHQWDomR GH DOHJDo}HV ILQDLV H j LQWHUSRVLomR GH
1HQKXPD$XWRULGDGH$GPLQLVWUDWLYDDJHSRUDJLUPDV UHFXUVRV³HPWRGRVRVSURFHVVRVGHTXHSRVVDPUHVXOWDU
DJHVHPSUHGHQWURGHXPSURSyVLWRHVSHFtILFRQDSHUHQH VDQo}HVQDTXHOHVHPTXHKDMDFRQIOLWRGHLQWHUHVVHVFRP
EXVFDGHVDWLVID]HURVLQWHUHVVHVS~EOLFRVEXVFDVHPSUHR D$GPLQLVWUDomR
DWHQGLPHQWRDILQVGHLQWHUHVVHJHUDORFKDPDGRLQWHUHVVH
S~EOLFRWXWHODGRSHODOHL 2SULQFtSLR GD DPSOD
PSOD GHIHVDLPSHGHTXHRSURFHVVR
GHIHVD
DGPLQLVWUDWLYRVHMDXPDIDUVDDILQDORSURFHVVRH[LVWH
'HFRUUHQWHPHQWHYHGDVHj$XWRULGDGH$GPLQLVWUDWLYD H[DWDPHQWHSDUDTXHDVSDUWHVLQWHUHVVDGDVLQWHUYHQKDP
TXDOTXHUOLEHUGDGHGHUHQ~QFLDWRWDORXSDUFLDOGHSRGHUHV IDoDPDOHJDo}HVSURGX]DPSURYDVHQILPGHIHQGDPVHXV
RXFRPSHWrQFLDVVDOYRVHDOHLRDXWRUL]DU LQWHUHVVHV

+iGHVHWHUVHPSUHSUHVHQWHTXHDWRDGPLQLVWUDWLYR 2EVHUYD R 3URI+(/< /23(6 0(,5(//(6 TXH 3RU


TXHQmRWHQKDSRUSURSyVLWRDWHQGHUDDOJXPLQWHUHVVH JDUDQWLDGHGHIHVDGHYHVHHQWHQGHUQmRVyDREVHUYkQFLDGR
S~EOLFRVHUiDWRDEXVLYRHQmRWHUiYDOLGDGH ULWRDGHTXDGRFRPRDFLHQWLILFDomRGRSURFHVVRDRLQWHUHV
VDGRDRSRUWXQLGDGHSDUDFRQWHVWDUDDFXVDomRSURGX]LU
2SULQFtSLRGDILQDOLGDGHHQFRQWUDODVWURFRQVWLWXFLRQDO SURYD GH VHX GLUHLWR DFRPSDQKDU RV DWRV GD LQVWUXomR H
QRVDUWžLQF,,DUWFDSXWHDUW,9GD&DUWD0DJQD XWLOL]DUVH GRV UHFXUVRV FDEtYHLV LQ 'LUHLWR $GPLQLVWUDWLYR
³KDYHQGR&$,27É&,72REVHUYDGRTXH´$GHVWLQDomRGD %UDVLOHLUR  HG57 S  $ QmR REVHUYkQFLD GHVVH
FRPSHWrQFLDGRDJHQWHSUHFHGHDVXDLQYHVWLGXUD$OHLQmR SULQFtSLR WUDQVIRUPD R SURFHVVR DGPLQLVWUDWLYR QXP
FRQFHGH DXWRUL]DomR GH DJLU VHP XP REMHWLYR SUySULR $ VLPXODFURLQWHLUDPHQWHQXOR QXOR
QXOR
REULJDomRMXUtGLFDQmRpXPDREULJDomRLQFRQVHTHQWHHOD
YLVDDXPILPHVSHFLDOSUHVXPHXPHQGHUHoRDQWHFLSDXP 1RPHVPRVHQWLGRHVWmRDVSRQGHUDo}HVGR3URI)(5
DOFDQFHSUHGHWHUPLQDRSUySULRDOYR³ LQ´'LUHLWR$GPLQLVWUD 1$1'2'$&267$7285,1+2DSRQWDQGRTXH´HP
WLYRµHG6DUDLYDS  WRGRRSURFHVVRWLSRDFXVDWyULRFRPRRQRVVRYLJRUDWDO
SULQFtSLRVHJXQGRRTXDORDFXVDGRLVWRpDSHVVRDFRQWUD
TXHPVHSURS}HDDomRSHQDOJR]DGRGLUHLWRSULQFtSLRH
3ULQFtSLRGR'HYLGR3URFHVVR/HJDO DEVROXWRGDGHIHVD2UpXGHYHFRQKHFHUDDFXVDomRTXHVH
OKHLPSXWDSDUDSRGHUFRQWUDULiODHYLWDQGRDVVLPSRVVD
7DO SULQFtSLR LPS}H D REULJDWRULHGDGH GH DGRomR GH VHUFRQGHQDGRVHPVHURXYLGR$VVLPGHDFRUGRFRPWDO
XPDIyUPXODSURFHGLPHQWDOVDFUDPHQWDGDLGHQWLILFDGD SULQFtSLRDGHIHVDQmRSRGHVRIUHUUHVWULo}HVPHVPRSRUTXH
QDH[SUHVVmR´GXHSURFHVVRIODZµ GHYLGRSURFHVVROHJDO R SULQFtSLR VXS}H FRPSOHWD LJXDOGDGH HQWUH DFXVDomR H
³HSRUHOHSHUPLWHKDXULUVHDVXEVHUYLrQFLDGRSURFHVVR GHIHVDµ³>LQ3URFHVVR3HQDOYROHG-DORYLHGS@
DGPLQLVWUDWLYRDSULQFtSLRVHFULWpULRVTXHDVVHJXUHPD
FRQVHFXomRGDVHJXUDQoDMXUtGLFDQDSRVWXUDGD$GPLQLV ,QVHUHVH DLQGD QD DPSOD
DPSOD GHIHVD
GHIHVD R SULQFtSLR GR
WUDomR 3~EOLFD OLYUDQGR D LPSRVLomR VDQFLRQDWyULD GD FRQWUDGLWyULR³pVLQWRPDHVVHQFLDOGDELODWHUDOLGDGHGR
FRQWUDGLWyULR
SHFKD GH VHU XPD LPSRVWXUD .DINLDQD XPD LQVHJXUD H SURFHVVRGRDQWDJRQLVPRGRVLQWHUHVVHVGDVSDUWHV
DIOLWLYDLQIOLomR³YtFLRVTXHPDLVTXHDGHVDFUHGLWDUHP
QXOLILFiODmR +iHPWRGRSURFHVVRXPFRQIURQWRGHLQWHUHVVHVGH
XP ODGR D SUHWHQVmR GR 3RGHU 3~EOLFR GH LPSRU XPD
2SULQFtSLRpHQXQFLDGRFRPRGLUHLWRHJDUDQWLDLQGLYL VDQomRHGRRXWURODGRDSDUWHTXHQmRTXHUVHVXEPHWHU
GXDOQDOHWUDH[SUHVVDGRDUWžFRPELQDomRGRVLQF/,9 jSXQLomRDGPLQLVWUDWLYDREULJDGrVHDDPEDVDVSDUWHV
H/9GD&RQVWLWXLomR)HGHUDO´QLQJXpPVHUiSULYDGRGD XPWUDWDPHQWRLJXDOLWiULRGHRSRUWXQLGDGHGHUHVSRVWDD
OLEHUGDGH RX GH VHXV EHQV VHP R GHYLGR
GHYLGR SURFHVVR
SURFHVVR OHJDOµ
OHJDO WXGRTXDQWRXPDSDUWHRSXVHUjRXWUDjVSURYDVSURGX]L
LQF/,9   ´DRV OLWLJDQWHV HP SURFHVVR MXGLFLDO RX GDVDUHVSRVWDWDQWRVHULDVXDDYDOLDomRFUtWLFRYDORUDWLYD
DGPLQLVWUDWLYRHDRVDFXVDGRVHPJHUDOVmRDVVHJXUDGRVR TXDQWRDFRQWUDSURGXomRGHSURYDRXWUDjVPDQLIHVWD
FRQWUDGLWyULRHDPSODGHIHVDFRPRVPHLRVHUHFXUVRVDHOD o}HVRXWUDVRGLUHLWRGHUHVSRQGHUjVDOHJDo}HVDRGLUHLWR
LQHUHQWHVµ LQF/9  GHUHFXUVRRFRUUHVSRQGHQWHGLUHLWRGHFRQWUDDUUD]RiOR
HWF
3RQGHUD0$5,$6</9,$=$1(//$',3,(752TXHR
3ULQFtSLRGD$PSOD'HIHVD SULQFtSLRGRFRQWUDGLWyULR´pLQHUHQWHDRGLUHLWRGHGHIHVD
pGHFRUUHQWHGDELODWHUDOLGDGHGRSURFHVVRTXDQGRXPDGDV
7DPEpPpSURFODPDGRQRWH[WRFRQVWLWXFLRQDOFRPR SDUWHV DOHJD DOJXPD FRLVD Ki GH VHU RXYLGD WDPEpP D
GLUHLWRHJDUDQWLDLQGLYLGXDO DUWžLQF/9  RXWUDGDQGRVHOKHRSRUWXQLGDGHGHUHVSRVWD(OHVXS}HR
´DRVOLWLJDQWHVHPSURFHVVRMXGLFLDORXDGPLQLVWUDWLYRHDRV FRQKHFLPHQWR GRV DWRV SURFHVVXDLV SHOR DFXVDGR H R VHX
DFXVDGRVHPJHUDOVmRDVVHJXUDGRVRFRQWUDGLWyULRHDPSOD
DPSOD GLUHLWRGHUHVSRVWDRXGHUHDomR([LJHQRWLILFDomRGRV
GHIHVDFRPRVPHLRVHUHFXUVRVDHODLQHUHQWHVµ
GHIHVD DWRV SURFHVVXDLV j SDUWH LQWHUHVVDGD  SRVVLELOLGDGH GH
H[DPH GDV SURYDV FRQVWDQWHV GR SURFHVVR  GLUHLWR GH
$DPSOD
DPSOD
DPSOD GHIH
GHIHVDpRSULQFtSLRTXHDVVHJXUDDWRGRVR
VD DVVLVWLUjLQTXLULomRGHWHVWHPXQKDVGLUHLWRGHDSUHVHQ
GLUHLWRGHFLrQFLDGDVLPSXWDo}HVHGHFLV}HVGHDYDOLDU WDU GHIHVD HVFULWDµ ³ LQ ´'LUHLWR $GPLQLVWUDWLYRµ  HG$WODV
FUtWLFD OyJLFD H MXULGLFDPHQWH R FRQWH~GR GR SURFHVVR S 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

3ULQFtSLRGR&RQWUROH-XGLFLDO FLDQRVFDVRVHPTXHVHKRXYHVVHDDomRRGDQRVHULD
HYLWDGR$VVLPSDUHFHQRV³HWDPEpPQLVWRDFDWDPRV
6H´DOHLQmRH[FOXLUiGDDSUHFLDomRGR3RGHU-XGLFLiULR UHYHUHQWHPHQWH RV HQVLQDPHQWRV GRXWULQiULRV VHPSUH
OHVmR RX DPHDoD D GLUHLWRµ DUWž LQF ;;;9 &)  ³ OXPLQRVRVGH2VZDOGR$UDQKD%DQGHLUDGH0HOOR³TXH
SDUHFHOyJLFRTXHRWtWXORGHTXDOTXHULQWHUHVVHFRQWUDULD DUHJUDHPQRVVR'LUHLWR&RQVWLWXFLRQDOpDGDUHVSRQVDEL
GRSHORDWRDGPLQLVWUDWLYRSRGHUiTXHVWLRQiORHPMXt]R OLGDGH REMHWLYD SDUD RV FRPSRUWDPHQWRV FRPLVVLYRV GR
(VWDGRHVDOYRFDVRVH[FHSFLRQDLVUHVSRQVDELOLGDGHVXE VXE
MHWLYD
MHWLYD SRU FXOSD GR VHUYLoR  SDUD RV FRPSRUWDPHQWRV
3ULQFtSLRGD5HVSRQVDELOLGDGHGR(VWDGR RPLVVLYRVDVDEHUTXDQGRR(VWDGRGHYHQGROHJDOPHQWH
RPLVVLYRV
DJLUSDUDHYLWDUXPGDQRHSRGHQGRID]rORQmRRIH]RX
3URFODPDRDUW†žGD&RQVWLWXLomR)HGHUDOTXH´$V QmRRIH]WHPSHVWLYDRXHILFLHQWHPHQWHG HVWHVPHVPRV
SHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRHDVGHGLUHLWRSULYDGR FULWpULRVGHUHVSRQVDELOLGDGHFRQFHUQHPWDPEpP³FRPR
SUHVWDGRUDV GH VHUYLoRV S~EOLFRV UHVSRQGHUmR SHORV GDQRV HVWi H[SOtFLWR QR UHIHULGR DUW † ž ³ jV SHVVRDV GH
TXH VHXV DJHQWHV QHVVD TXDOLGDGH FDXVDUHP D WHUFHLURV GLUHLWRSULYDGRSUHVWDGRUDVGHVHUYLoRS~EOLFRµ³ LQ´&XUVR
DVVHJXUDGRRGLUHLWRGHUHJUHVVRFRQWUDRUHVSRQViYHOQRV GH'LUHLWR$GPLQLVWUDWLYRµHG0DOKHLURVS 
FDVRVGHGRORRXFXOSDµ

2VVHUYLoRVS~EOLFRVVmRSUHVWDGRVWDQWRSHOD$GPLQLV
WUDomR 3~EOLFD FRPR SRU SDUWLFXODUHV HVSHFLDOPHQWH
2UJDQL]DomR$GPLQLVWUDWLYDGD8QLmR
FRQWUDWDGRVHJXQGRFRQFRUUrQFLDS~EOLFD 6HQDH[HFX
omR GH XP VHUYLoR S~EOLFR IRU FDXVDGR DOJXP GDQR D
TXDOTXHUSHVVRDHVWDVHUiLQGHQL]DGD$LQGHQL]DomRVHUi
$ RUJDQL]DomR DGPLQLVWUDWLYD p D IRUPD FRPR DV
SDJD SHOR SUHVWDGRU GH VHUYLoR VHMD HOH D SUySULD $G
SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR LQWHUQR ³ 8QLmR
PLQLVWUDomR 3~EOLFD RX PHVPR R SDUWLFXODU FRQWUDWDGR
(VWDGRV0XQLFtSLRVH'LVWULWR)HGHUDO³VmRHVWUXWXUDGDV
SDUDWDQWR FODURTXHVHHVWHQmRWLYHUFDSDFLGDGHHFRQ{
RV yUJmRV GH TXH GLVS}HP H  DV WDUHIDV TXH OKHV VmR
PLFDSDUDUHVSRQGHUSHORVGDQRVD$GPLQLVWUDomR3~EOLFD
UHSDUWLGDV FRPSHWrQFLDV GHVRUWHDTXHVHFXPSUDPRV
GHYHUiSDJDUDLQGHQL]DomR 
PLVWHUHVTXHD&RQVWLWXLomR)HGHUDOFRQILRXDFDGDXPD
GHVVDVSHVVRDV
UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGH REMHWLYD
$GRWRXVH D WHRULD GD UHVSRQVDE REMHWLYD GR
3RGHU3~EOLFR 8QLmR(VWDGR0HPEUR'LVWULWR)HGHUDO0XQLFtSLR
1RGL]HUGR3URI+(/</23(60(5(,//(6DRUJDQL]DomR
$XWDUTXLDV)XQGDo}HV3~EOLFDVHWF SDUDUHVVDUFLUDRSDUWLFX
DGPLQLVWUDWLYDpREMHWRGHHVWXGRVGRGHQRPLQDGRGLUHLWR
ODUTXHVRIUDGDQRVFDXVDGRVSRUVHUYLGRUHVQRH[HUFtFLR
DGPLQLVWUDWLYRRUJDQL]DWyULRTXHFXLGDGRRUGHQDPHQWR
GDIXQomR%DVWDjSHVVRDSUHMXGLFDGDSURYDUTXHRGDQR
HVWUXWXUDOGRVyUJmRVGD$GPLQLVWUDomR
IRL FDXVDGR SHOR IXQFLRQiULR QR H[HUFtFLR GD IXQomR
LQGHSHQGHQWHPHQWHGHWHURXQmRFXOSDRXGRORRIXQFLR
(PVHWUDWDQGRR%UDVLOGHXPD´5HS~EOLFD)HGHUDWLYD
QiULRHR3RGHU3~EOLFRGHYHUiSDJDUDLQGHQL]DomR
IRUPDGDSHODXQLmRLQGLVVRO~YHOGRV(VWDGRVH0XQLFtSLRVH
GR'LVWULWR)HGHUDOµ DUWž&) ³SRGHVHFRQIHULUTXHD
  $ UHVSRQVDELOLGDGH
HVSRQVDELOLGDGH GR 3RGHU 3~EOLFR SRUWDQWR p
RUJDQL]DomR DGPLQLVWUDWLYD WDQWR GHVVD 8QLmR IHGHUDO
REMHWLYD SRXFRLPSRUWDVHD$GPLQLVWUDomRWHYHRXQmR
REMHWLYD
FRPR GH FDGD XPD GH VXDV FpOXODV p HVWUHLWDPHQWH
FXOSDVHRIXQFLRQiULRDJLXRXQmRFXOSRVDPHQWHEDVWD
FRUUHODFLRQDGD D HVVD HVWUXWXUD GR 3DtV H VXD IRUPD
TXH VH FRPSURYH TXH R GDQR IRL UHVXOWDGR GD VLPSOHV
UHSXEOLFDQDGHPRFUiWLFDHSUHVLGHQFLDOLVWDGHJRYHUQR
DWXDomRGRDJHQWHS~EOLFR 
DWXDomR
5HIOHWHVH DOLiV QHVVD HVWUXWXUD D DXWRQRPLD SROtWL
FRDGPLQLVWUDWLYDQmRVyGRV(VWDGRVPHPEURVFRPRGRV
5HVSRQVDELOLGDGHSRU2PLVVmR
0XQLFtSLRV H GR SUySULR 'LVWULWR )HGHUDO ³ TXH VmR
SRVWXODGRVFRQVWLWXFLRQDLVTXHQmRSRGHUmRVHUDSDUWDGRV
6HpREMHWLYDDUHVSRQVDELOLGDGHGR3RGHU3~EOLFRSHORV
GDRUJDQL]DomRDGPLQLVWUDWLYDGHQHQKXPGHVVHV(QWHVGD
DWRVGD
DWRV GDDGPLQLVWUDomR³GLIHUHQWHPHQWHKiGHVHGDUHP
DGPLQLVWUDomR
)HGHUDomR6LJQLILFDDGHPDLVTXHKiXPDUHSDUWLomRGH
UHODomR jV RPLVV}HV
RPLVV}HV GR DGPLQLVWUDGRU S~EOLFR QHVVHV
FDVRV FDEHUi DR SUHMXGLFDGR GHPRQVWUDU TXH R GDQR FRPSHWrQFLDVHQWUHHVVHV TXDWUR QtYHLVGHJRYHUQR³
XPDGHVFHQWUDOL]DomRWHUULWRULDOHPTXHRFRPDQGRGD
GHFRUUHXGDRPLVVmRHDLQGDTXHFXPSULDj$GPLQLVWUD
DGPLQLVWUDomR VHUi FRQILDGR DRV UHVSHFWLYRV &KHIH GR
omRWHUDJLGRHTXHQmRRIH]SRUGRORRXFXOSD
3RGHU([HFXWLYRQD8QLmRDR3UHVLGHQWHGD5HS~EOLFD
QRV(VWDGRVPHPEURVH'LVWULWR)HGHUDODVHX*RYHUQDGRU
(DQDOLVDQGRR†žGRDUW&)&(/62$17Ñ1,2
HQR0XQLFtSLRDR3UHIHLWR
%$1'(,5$'(0(//2DSRQWDTXHGHIDWRDUHVSRQVDELOL
GDGHREMHWLYD´VyHVWiFRQVDJUDGDFRQVWLWXFLRQDOPHQWH
3RU FHUWR TXH HVVD GHVFHQWUDOL]DomR VH RSHUD SHOR
SDUD DWRV FRPLVVLYRV
FRPLVVLYRV GR (VWDGR RX VHMD SDUD RV
FRPDQGRFRQVWLWXFLRQDOjPHGLGDTXHVyD&DUWD0DJQD
FRPSRUWDPHQWRV SRVLWLYRV GHOH ,VWR SRUTXH R WH[WR
GLVS}HGHIRUoDVSDUDHQWUHJDUj8QLmRDRV(VWDGRVDR
PHQFLRQDGDQRVTXHVHXVDJHQWHVFDXVDUHP$RPLVVmR
RPLVVmR
RPLVVmR
'LVWULWR)HGHUDOHDRV0XQLFtSLRVRH[HUFtFLRGHSRGHUHV
ULJRURVDPHQWHIDODQGRQmRpFDXVDGHGDQRFRQTXDQWR
HPVXDiUHDGHLQIOXrQFLDDGPLQLVWUDWLYD
VHMDFHUWRTXHFRQGLFLRQDHLUUHVLVWLYHOPHQWHVXDRFRUUrQ
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

'HVWDTXHVHVHUHPDOJRVLPpWULFDVjHVWUXWXUDIHGHUDODV ,,, 6HWRU6RFLDO


RUJDQL]Do}HV DGPLQLVWUDWLYDV GRV (VWDGRV GR 'LVWULWR 0LQLVWpULRGD(GXFDomR
)HGHUDOHGRV0XQLFtSLRVXPDFKHILDGH3RGHU([HFXWLYR 0LQLVWpULRGD6D~GH
DX[LOLDGDSRU0LQLVWURVRX6HFUHWiULRVXP3RGHU/HJLVODWL 0LQLVWpULRGR7UDEDOKR
YRFRPSRGHUHVVtPLOHVHDWDUHIDMXULVGLFLRQDOSUHVWDGD 0LQLVWpULRGD3UHYLGrQFLD6RFLDO
SHOR3RGHU-XGLFLiULR³SDUWLFXODU~QLFRHPTXHGLVFUHSD 0LQLVWpULRGDV&RPXQLFDo}HV
R 0XQLFtSLR Mi TXH D &RQVWLWXLomR QmR OKH HQWUHJD D
WDUHIDMXULVGLFLRQDOLQH[LVWHSRLVQDRUJDQL]DomRDGPLQLV ,9 6HWRU0LOLWDU
WUDWLYDEUDVLOHLUDXP3RGHU-XGLFLiULRPXQLFLSDO 0LQLVWpULRGD'HIHVD FRQFHQWUDQGRRVDQWLJRV0LQLVWpUL
RVGD0DULQKDGR([pUFLWRHGD$HURQiXWLFD
&DVD0LOLWDUGD3UHVLGrQFLDGD5HS~EOLFD

$GPLQLVWUDomR'LUHWD

$GPLQLVWUDomR,QGLUHWD
$ UHDOL]DomR GH WDUHIDV GLUHWDPHQWH SHOD SUySULD
$GPLQLVWUDomR 3~EOLFD FKDPDVH $GPLQLVWUDomR 'LUHWD
WDPEpPFRQKHFLGDSRU$GPLQLVWUDomR&HQWUDOL]DGDeR $V (QWLGDGHV 'HVFHQWUDOL]DGDV DXWDUTXLDV HPSUHVDV
SUySULR *RYHUQR VHMD R )HGHUDO VHMD R (VWDGXDO RX R S~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWD VXUJLUDPHP
0XQLFLSDO DWXDQGRGLUHWDPHQWHQDSUHVWDomRGHVHUYLoRV GHFRUUrQFLDGDHQRUPHLQWHUYHQomRGR(VWDGRQDVYiULDV
S~EOLFRVRXGHXWLOLGDGHS~EOLFDjSRSXODomR DWLYLGDGHVHFRQ{PLFDVHVRFLDLVRUDDVVXPLQGRLQLFLDWLYDV
HP TXH R (PSUHVDULDGR 3ULYDGR QmR WHULD IRUoDV SDUD
 2EYLDPHQWH R *RYHUQR 3RGHU 3~EOLFR  DWXDUiSRU LQYHVWLURUDHPSUHVWDQGROKHFDSLWDOHFRPHOHVHDVVRFL
LQWHUPpGLRGHVXDVUHSDUWLo}HVHPVHXSUySULRQRPHH DQGRSDUDGHVHQYROYHUDOJXPDDWLYLGDGHLVVRTXDQGR
VREVXDH[FOXVLYDUHVSRQVDELOLGDGH23RGHU3~EOLFRpDR QmR LQVWLWXLQGR R PRQRSyOLR SDUD SUHVHUYDU DOJXP
PHVPRWHPSRRWLWXODUHRSUHVWDGRUGHVHUYLoR LQWHUHVVHHVSHFLDO

1RkPELWRGD8QLmR
8QLmRFKDPDGDHVIHUDIHGHUDO
8QLmR IHGHUDODDGPL
IHGHUDO $OpP GLVVR EXVFDYDVH FRP D GHVFHQWUDOL]DomR XPD
QLVWUDomRGLUHWD
GLUHWDpH[HUFLGDSHOD3UHVLGrQFLD
GLUHWD 3UHVLGrQFLD
3UHVLGrQFLDGD
GD5HS~EOLFD PRELOLGDGH PDLRU GD DWLYLGDGH TXH VH GHVHPSHQKDGD
HSHORV0LQLVWpULRV
0LQLVWpULRV
0LQLVWpULRV GLUHWDPHQWH SHOR (VWDGR HVWDULDP VXMHLWDV D SHLDV
EXURFUiWLFRIRUPDLVGHTXHVHOLYUDUDPDTXHODV(QWLGDGHV
$3UHVLGrQFLD
3UHVLGrQFLD HP VH OKH FRQIHULQGR SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR
3UHVLGrQFLDGD
GD5HS~EOLFDpFRQVWLWXtGDSHOR*DELQHWH
5HS~EOLFD
&LYLOSHOR*DELQHWH0LOLWDU&RQVXOWRULD*HUDOGD5HS~EOL SULYDGR
FDHYiULDV6HFUHWDULDV TXHVmRXPTXDVH0LQLVWpULR 
2EVHUYD D SURSyVLWR &(/62 $1721,2 %$1'(,5$ '(
0(//2 TXH 2 3RGHU 3~EOLFR LQYHMDQGR D HILFLrQFLD GDV
2V0LQLVWpULRV
0LQLVWpULRVHPERUDFDGD3UHVLGHQWHHOHLWRDOWHUHD
0LQLVWpULRV
VRFLHGDGHVHFRPHUFLDLVWRPRXGHHPSUpVWLPRRVILJXULQRV
UHODomR GH 0LQLVWpULRV RUD H[WLQJXLQGR DOJXQV RUD
GRGLUHLWRSULYDGRHSDVVRXDDGRWDUOKHVRVSURFHVVRVGH
FULDQGRRXWURV³KiDOJXQVTXHVHPDQWrPSHUPDQHQWH
DomRFRQVWLWXLQGRSHVVRDVPRGHODGDVjVHPHOKDQoDGHODV
PHQWH
SDUD SUHVWDomR GRV PDLV YDULDGRV VHUYLoRV 4XHU SDUD D
SUHVWDomRGHVHUYLoRVS~EOLFRVSURSULDPHQWHGLWRVTXHUSDUD
20HVWUH-26e$)2162'$6,/9$DSyVDQRWDUTXHRV
RGHVHPSHQKRGHDWLYLGDGHVGHH[SORUDomRHFRQ{PLFDHP
0LQLVWpULRVVmRDJUXSDGRVSRUREMHWLYRVDVHUHPDWLQJLGRV
VHWRUHVRQGHVHID]LDQHFHVViULDVXDDWXDomRVXSOHWLYDRX
SHODDomRJRYHUQDPHQWDOQRVVHWRUHVSROtWLFRHFRQ{PLFR
DWp PHVPR PRQRSROtVWLFD R (VWDGR DFROKHX R VLVWHPD
VRFLDOHPLOLWDU LQ
&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYR

SUySULRGRGLUHLWRSULYDGR$LVWRIRLLPSHOLGRWDQWRSHOR
HG6DUDLYDS FODVVLILFDRVGDVHJXLQWHIRUPD
REMHWLYRGHJDQKDUPDLVHILFLrQFLDTXDQWRHPFHUWRVFDVRV
SHODQDWXUH]DSHFXOLDUGDDWLYLGDGHTXHSRUDVVLPGL]HU
, 6HWRU3ROtWLFR
, 6HWRU3ROtWLFR
QmR VH FRPSDWLELOL]DULD FRP RXWUR PHLR GH DomR ³ LQ
0LQLVWpULRGD-XVWLoD 3UHVWDomRGH6HUYLoRV3~EOLFRVH$GPLQLVWUDomR,QGLUHWDHG57
0LQLVWpULRGDV5HODo}HV([WHULRUHV S 
&DVD&LYLOGD3UHVLGrQFLDGD5HS~EOLFD
0DV RV WHPSRV PXGDUDP 2 QHROLEHUDOLVPR TXH VH
,, 6HWRU(FRQ{PLFR
,, 6HWRU(FRQ{PLFR YHPLPSRQGRQRPXQGRJHQHUDOL]DGDPHQWHDSUHJRDD
0LQLVWpULRGD)D]HQGD FRQYLFomR GH TXH R (VWDGR GHYH UHWLUDUVH GH WRGDV DV
0LQLVWpULRGD$JULFXOWXUD LQLFLDWLYDV TXH QmR VHMDP DV HVWULWDPHQWH
VWULWDPHQWH SUySULDV
SUySULDV GR
0LQLVWpULRGRV7UDQVSRUWHV (VWDGR VHJXUDQoDLQWHUQDH[WHUQDMXVWLoDHWF 
0LQLVWpULR GR 'HVHQYROYLPHQWR ,QGXVWULDO &LrQFLD H
7HFQRORJLD $SDUGLVVRRVDEXVRVGHGHWHQWRUHVHSLVyGLFRVGR3RGHU
0LQLVWpULRGDV0LQDVH(QHUJLD LQVWUXPHQWDQGRVHXVLQWHUHVVHVSROLWLTXHLURVRXHOHLWRUHL
0LQLVWpULRGR,QWHULRU URVFRPDDomRGDV(QWLGDGHV'HVFHQWUDOL]DGDV YHMDVH
HPSDVVDGRUHFHQWHRHVFkQGDOR%$1(63$%DQFR&HQWUDO
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

HWDQWRVWDQWRVRXWURVDIRUDDLQHILFLrQFLDHDVLWXDomR $WHQomR
$WHQomR RSHVVRDOGDVDXWDUTXLDVWDPEpPpFRQVLGHUD
GHILFLWiULDTXHVHPSUHLPSXVHUDPjTXHODV OHYRXD1DomR GRVHUYLGRUS~EOLFRVXMHLWDQGRVHDR(VWDWXWR
D LPSRU QR 3DFWR 6RFLDO D &RQVWLWXLomR )HGHUDO  XPD GR6HUYLGRU3~EOLFR /HLQžFXMRDUWžDVVLP
PDLRUFRQWUROHGDDWLYLGDGHDGPLQLVWUDWLYDHVWHQGHQGRD GLVS}H(VWD/HLLQVWLWXLRUHJLPHMXUtGLFRGRVVHUYLGRUHV
WDPEpP jTXHODV (QWLGDGHV GD $GPLQLVWUDomR ,QGLUHWD S~EOLFRVFLYLVGD8QLmRGDVDXWDUTXLDVLQFOXVLYHDVHP
YHMDDUW&)  UHJLPHHVSHFLDOHGDVIXQGDo}HVS~EOLFDVIHGHUDLV

%XURFUDWL]DGDVHHQWUHJXHVDSROLWLTXHLURVDPLJRVGR
UHLDV(QWLGDGHVGD$GPLQLVWUDomRKRMHQmRJR]DPPDLV )XQGDo}HV3~EOLFDV
GD OLEHUGDGH GH TXH DQWHV JR]DYDP VXEPHWHQGRVH jV
PHVPDVOLPLWDo}HVHFRQWUROHTXHVHLPS}HPDRVyUJmRV
WRGRV GD $GPLQLVWUDomR 3~EOLFD 'LUHWD SULQFLSDOPHQWH 8PD)XQGDomRpXPFRQMXQWRGHEHQVTXHVmRUHXQLGRV
SDUDDFRQWUDomRHOLFLWDomR  HYLQFXODGRVSDUDTXHVHMDPH[SORUDGRVHFRPRUHQGL
PHQWR VHMD FXPSULGD XPD GHWHUPLQDGD ILQDOLGDGH ³
3HUGHDUD]mRGHVHUDGHVFHQWUDOL]DomRHQXPIXWXUR GHILQLGDSHODSHVVRDTXHHQWUHJRXWDLVEHQV$)XQGDomR
QmR PXLWR GLVWDQWH  D SURVVHJXLU R HQ[XJDPHQWR GR 3~EOLFD p XP FRQMXQWR GH EHQV DIHWDGRV GRDGRV  SHOR
(VWDGR H VHX DIDVWDPHQWR GH WRGDV DV LQLFLDWLYDV TXH 3RGHU3~EOLFRGHYHQGRHVVHVEHQVVHUH[SORUDGRVHFRP
SRVVDPVHUWUDQVIHULGDVjLQLFLDWLYDSULYDGDDWHQGrQ R UHQGLPHQWR VHU UHDOL]DGR XP LQWHUHVVH S~EOLFR
SUpGHILQLGR
FLDVHUiDVXSUHVVmRGHWRGDVHVVDV(QWLGDGHV
6HJXQGRRDUWžLQF,9GR'HFUHWR/HLQžD
&RPS}HPKRMHD$GPLQLVWUDomR'LUHWDGD$GPLQLVWUD
IXQGDomRS~EOLFD
IXQGDomR SHUVRQDOLGDGH
S~EOLFDp´DHQWLGDGHGRWDGDGHSHUVRQDOLGDGH
S~EOLFD
omR
MXUtGLFD
MXUtGLFD GH
GH GLUHLWR
GLUHLWR SULYDGR
SULYDGRVHPILQVOXFUDWLYRVFULDGDHP
LYDGR
YLUWXGHGHDXWRUL]DomROHJLVODWLYDSDUDRGHVHQYROYLPHQWR
$XWDUTXLDV GH DWLYLGDGHV TXH QmR H[LMDP H[HFXomR SRU yUJmRV RX
HQWLGDGHVGHGLUHLWRS~EOLFRFRPDXWRQRPLDDGPLQLVWUDWLYD
SDWULP{QLR SUySULR JHULGR SHORV UHVSHFWLYRV yUJmRV GH
$V$XWDUTXLDV
$XWDUTXLDVWrPSRUFDUDFWHUtVWLFDDQHFHVVLGDGHGH
$XWDUTXLDV GLUHomRHIXQFLRQDPHQWRFXVWHDGRSRUUHFXUVRVGD8QLmRH
D VHUHPFULDGDVSRUOHL E WHUHPSHUVRQDOLGDGHMXUtGLFD GHRXWUDVIRQWHVµ³ WH[WRLQFOXtGRSHOD/HLQž 
GH GLUHLWR S~EOLFR F  WHUHP SDWULP{QLR SUySULR G
WHUHP FDSDFLGDGH GH DXWRDGPLQLVWUDomR H  VXEPHWH 8OWLPDPHQWH R 3RGHU 3~EOLFR YHP FRQVWLWXLQGR
UHPVHDFRQWUROHGR3RGHU3~EOLFRH I GHVHPSHQKDUHP )XQGDo}HVSDUDUHDOL]DomRGHFHUWRVLQWHUHVVHVFROHWLYRV
IXQo}HVWLSLFDPHQWHS~EOLFDV FRPRQDiUHDGHHGXFDomRHQVLQRSHVTXLVDDVVLVWrQFLD
VRFLDOHWF
1DVLVWHPiWLFDGR'HFUHWR/HLQž$XWDUTXLD
$XWDUTXLDp
$XWDUTXLD
yUJmRGD$GPLQLVWUDomR,QGLUHWDeTXHFRPRREVHUYDR $V)XQGDo}HV3~EOLFDVHPYHUGDGHVmRPHURVHQWHVGH
3URI&(/62$1721,2%$1'(,5$'(0(//2HPVXDPRQRJUD FRRSHUDomRFRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYD
ILD 3UHVWDomR GH 6HUYLoRV 3~EOLFRV H $GPLQLVWUDomR GR HPERUD FRQVWLWXtGDV SHOR 3RGHU 3~EOLFR  (PERUD
,QGLUHWD HGLomR57 RFULWpULROHJDOGLVWLQWLYR VXEPHWDPVH j GLVFLSOLQD H ILVFDOL]DomR GR 0LQLVWpULR
GH DGPLQLVWUDomR GLUHWD H LQGLUHWD IRL XQLFDPHQWH R GD (VWDWDO D TXH HVWmR YLQFXODGDV HODV VmR UHJLGDV SHOR
SHVVRDGRVXMHLWRDWXDQWHHQmRDTXDOLGDGHGDDWLYLGDGH 'LUHLWR&LYLO SULYDGR 
SRUHOHGHVHQYROYLGD
6LJQLILFDSRLVHPERUDVHMDLGHQWLILFDGDFRPR3RGHU $ FULDomR GH XPD )XQGDomR 3~EOLFD GHSHQGH GH
DXWRUL]DomROHJDORXVHMDGHYHVHUIHLWDXPDOHLDXWRUL
3~EOLFR *RYHUQR  D DXWDUTXLD
DXWDUTXLD QmR p HQWLGDGH HVWDWDO
]DQGR D LQVWLWXLomR GD )XQGDomR 3~EOLFD (P VHQGR R
QmR p JRYHUQR  PDV XP VLPSOHV GHVPHPEUDPHQWR
SDWULP{QLR GDGR SHOR 3RGHU 3~EOLFR HVVH SDWULP{QLR
DGPLQLVWUDWLYRGR3RGHU3~EOLFR
GHYHVHUFRQVLGHUDGRS~EOLFRHPERUDVXDGHVWLQDomRVHMD
HVSHFLDO H HVWHMD VXMHLWR j DGPLQLVWUDomR SDUWLFXODU GD
3RULVVRSRGHGLYHUVLILFDUVHGDVUHSDUWLo}HVS~EOLFDV
)XQGDomR  $VVLP WDO SDWULP{QLR SRGH VHU XWLOL]DGR
SDUDPHOKRUVHDGDSWDUjVH[LJrQFLDVHVSHFtILFDVGRVVHUYL RQHUDGR H DOLHQDGR VHJXQGR DV UHJUDV HVWDWXWiULDV GD
oRVTXHSUHVWDUiDOLiVUD]mRSHODTXDOHODVVmRFULDGDV )XQGDomRVHPRVHQWUDYHVEXURFUiWLFRVHOHJDLVSUySULRV
PDLRUGHVHPEDUDoRDGPLQLVWUDWLYROLEHUWDVGDVEXURFUDFL DRVEHQVS~EOLFRVHPJHUDO
DVTXHDPDUUDPDR3RGHU3~EOLFR
&RPDHGLomRGD(PHQGD&RQVWLWXFLRQDOQž
(VWDUiHODYLQFXODGDDR3RGHU3~EOLFRVXMHLWDDFRQ FRQIHULXVHTXHDV)XQGDo}HVSDVVDUDPDVHVXEPHWHUDR
WUROHSROtWLFR HVFROKDGRVQRPHVGHVHXVGLULJHQWHV D PHVPRUHJLPHMXUtGLFRGDV$XWDUTXLDV³FRPRDVVXEPH
FRQWUROH DGPLQLVWUDWLYR VXSHUYLVmR PLQLVWHULDO VH WHQGRDRUHJLPHGHOLFLWDomR DUW;;9,, WHWROLPLWHGH
IHGHUDORXVXSHUYLVmRGD6HFUHWDULDVHIRUHVWDGXDORX UHPXQHUDomR DUW;,  H VREUHWXGR H[LJLU SDUD VXD
PXQLFLSDO  H FRQWUROH ILQDQFHLUR FRP REULJDomR GH FULDomRXPDOHLFRPSOHPHQWDUTXHGHYH´GHILQLUDViUHDV
SUHVWDomRGHFRQWDVDR7ULEXQDOGH&RQWDV GHVXDDWXDomRµ DUW;,; 
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

)RL R TXH EDVWRX SDUD VH HVWDEHOHFHU D SROrPLFD 3DUDTXHD´IXQGDomRS~EOLFDµSUHVHUYHVXDSHUVRQDOLGD


GRUDYDQWH DIRUD DV ´YHOKDVµ IXQGDo}HV S~EOLFDV FRP GH MXUtGLFD GH GLUHLWR SULYDGR IDUVHi QHFHVViULR TXH
SHUVRQDOLGDGHMXUtGLFDGHGLUHLWR
GLUHLWR
GLUHLWRSULYDGR³TXHILFDUDP
SULYDGR GHVHQYROYDHODVXDVDWLYLGDGHVFRPVHXVSUySULRVUHFXUVRV
SUHVHUYDGDVFRPRDWRMXUtGLFRSHUIHLWR³VREUHYLUmRDV HQmRFRPUHFXUVRVSURYHQLHQWHVGRRUoDPHQWRS~EOLFR
´QRYDVµIXQGDo}HVS~EOLFDVTXHWHUiD´SHUVRQDOLGDGHµTXH 1HVVD~OWLPDKLSyWHVHLQH[RUDYHOPHQWHVXDQDWXUH]DVHUi
D OHL FRPSOHPHQWDU HVWDEHOHFHU H DR GHILQLU HP TXH S~EOLFDDLQGDTXHDOHLTXHDLQVWLWXLXHVHXHVWDWXWRD
SRGHGHYH D IXQGDomR DWXDU D OHL GHWHUPLQDUi VXDV GHFODUHPSULYDGD
FDUDFWHUtVWLFDV
¢(RVHPSUHJDGRVVHUmRIXQFLRQiULRVS~EOLFRV"6LP 6LP2
6LP
(QILPQDGDREVWDTXHDVIXQGDo}HVS~EOLFDVWHQKDP DUWžGRQRYR(VWDWXWRGR)XQFLRQDOLVPR3~EOLFR)HGHUDO
SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR SULYDGR ³ H[ YL GD /HLQž HVWDEHOHFHX(VWD/HLLQVWLWXLRUHJLPH
SUHYLVmRGR'HFUHWR/HLQž³PDVFDEHUijOHL MXUtGLFRGRVVHUYLGRUHVS~EOLFRVFLYLVGD8QLmRGDVDXWDUTXL
FRPSOHPHQWDUTXHYLHUDFULDU´QRYDVµIXQGDo}HVS~EOLFDV DVLQFOXVLYHDVHPUHJLPHHVSHFLDOHGDVIXQGDo}HV
IXQGDo}HV
IXQGDo}HVS~EOLFDV
HQWUHJDUOKHV´iUHDVGHDWXDomRµHGHILQLUVXDSHUVRQDOLGD IHGHUDLV
IHGHUDLV
GHMXUtGLFDRUDGHGLUHLWRS~EOLFRRUDGHGLUHLWRSULYDGR

23URI&(/62$17Ñ1,2%$1'(,5$'(0(//2HQVLQDTXHe (PSUHVDV3~EOLFDV
DEVROXWDPHQWHLQFRUUHWDDDILUPDomRQRUPDWLYDGHTXHDV
IXQGDo}HV S~EOLFDV VmR SHVVRDV GH GLUHLWR SULYDGR 1D $V (PSUHVDV
(PSUHVDV 3~EOLFDV
3~EOLFDV  VmR SHVVRDV MXUtGLFDV FULDGDV
YHUGDGHVmRSHVVRDVGHGLUHLWRS~EOLFRFRQVRDQWHDOLiV SHOR 3RGHU 3~EOLFR PDV VmR FRPR VH IRVVHP HPSUHVDV
XQLYHUVDOHQWHQGLPHQWRTXHVyQR%UDVLOIRLFRQWHQGLGR SULYDGDV FRPR VH IRVVHP ILUPDV SDUWLFXODUHV WrP
6DEHUVHVHXPDSHVVRDFULDGDSHOR(VWDGRpGH'LUHLWR SHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR$VVLPRpSDUD
3ULYDGRRXGH'LUHLWR3~EOLFRpPHUDPHQWHXPDTXHVWmR TXHR3RGHU3~EOLFR *RYHUQR WHQKDDLQGDPDLRUOLEHUGD
GHH[DPLQDURUHJLPHMXUtGLFRHVWDEHOHFLGRQDOHLTXHD GH H GHVHPEDUDoR SDUD JHULU DGPLQLVWUDU  FHUWDV DWL
FULRX6HOKHDWULEXLXDWLWXODULGDGHGHSRGHUHVS~EOLFRV YLGDGHVGHLQWHUHVVHS~EOLFRDJLQGRFRPRVHIRVVHXPD
H QmR PHUDPHQWH R H[HUFtFLR GHOHV H GLVFLSOLQRXD GH HPSUHVDSDUWLFXODUVHPDEXURFUDFLDWtSLFDHREULJDWyULD
PDQHLUDDTXHVXDVUHODo}HVVHMDPUHJLGDVSHOR'LUHLWR DR*RYHUQR
3~EOLFRDSHVVRDVHUiGH'LUHLWR3~EOLFRDLQGDTXHVHOKH
DWULEXDRXWUDTXDOLILFDomR1D 1D
1DVLWXDomR
VLWXDomRLQYHUVD
LQYHUVDDSHVVRD 'HYHP WDPEpP VHU D  FULDGDV SRU OHL H E  FRP
VHUi
VHUi GH
GH 'LUHLWR
'LUHLWR 3ULYDGR PHVPR LQDGHTXDGDPHQWH FDSLWDO H[FOXVLYR GR 3RGHU 3~EOLFR F  VRE FRQWUROH GR
GHQRPLQDGD³
GHQRPLQDGD LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG0DOKHLURV
3RGHU 3~EOLFR PDV G  FRP SHUVRQDOLGDGH GH GLUHLWR
(GLWRUHV6mR3DXORS 
SULYDGR H  UHJHQGRVH VXDV DWLYLGDGHV SHORV SUHFHLWRV
FRPHUFLDLV
267)MiRULHQWRXTXHDV´)XQGDo}HVLQVWLWXLGDVSHOR
SRGHUS~EOLFRGHVGHTXHDVVXPDPDJHVWmRGHVHUYLoR 9HMDTXHR'HFUHWR/HLQž DUWž,, GHILQHD
HVWDWDOHVHMDPPDQWLGDVSRUUHFXUVRVRUFDPHQWDULRVVRE (PSUHVD3~EOLFDFRPR$HQWLGDGHGRWDGDGHSHUVRQDOLGDGH
D GLUHomR GR 3RGHU 3~EOLFR LQWHJUDP D DGPLQLVWUDomR MXUtGLFDGHGLUHLWRSULYDGRFRPSDWULP{QLRSUySULRHFDSLWDO
LQGLUHWD H VmR MXULVGLFLRQDGDV D -XVWLoD )HGHUDO VH H[FOXVLYR GD 8QLmR FULDGD SRU OHL SDUD D H[SORUDomR GH
LQVWLWXLGDV SHOR JRYHUQR IHGHUDOµ LQ 5HF([WUQž DWLYLGDGHHFRQ{PLFDTXHRJRYHUQRVHMDOHYDGRDH[HUFHUSRU
')SXEOLFHP  IRUoD GH FRQWLQJrQFLD RX GH FRQYHQLrQFLD DGPLQLVWUDWLYD
SRGHQGRUHYHVWLUVHGHTXDOTXHUGDVIRUPDVDGPLWLGDVHP
$6XSUHPD&RUWHWDPEpPSURFODPRXTXH´$)XQGDomR GLUHLWR
1DFLRQDOGH6D~GHTXHpPDQWLGDSRUUHFXUVRVRUoDPHQWi
ULRV RILFLDLV GD 8QLmR H SRU HOD LQVWLWXtGD p HQWLGDGH GH $WHQomR
$WHQomR RV WUDEDOKDGRUHV GDV HPSUHVDV S~EOLFDV QmR
GLUHLWR S~EOLFRµ LQ 5HF ([WU Qž 6( SXEOLFHP VHUmRFRQVLGHUDGRVVHUYLGRUHVS~EOLFRVPDV
 ³WDQWRTXDQWR´$)XQGDomR8QLYHUVLGDGH VLP FHOHWLVWDV UHJLGRV SHOD &/7  PDV QmR SRGHUmR
GR5LRGH-DQHLURWHPQDWXUH]DGHIXQGDomRS~EOLFDSRLV DFXPXODUFDUJRVQD$GPLQLVWUDomR3~EOLFDGLUHWDRXLQ
DVVXPHDJHVWmRGHVHUYLoRHVWDWDOVHQGRHQWLGDGHPDQWLGD GLUHWDHVmRHTXLSDUDGRVDRVIXQFLRQiULRVS~EOLFRVSDUD
SRUUHFXUVRVRUoDPHQWiULRVVREDGLUHomRGR3RGHU3~EOLFR HIHLWRVSHQDLV FRPHWHPFULPHVWtSLFRVGRVIXQFLRQiULRV
H SRUWDQWR LQWHJUDQWH GD $GPLQLVWUDomR ,QGLUHWDµ LQ S~EOLFRVHPERUDQmRRVHMDP³OHLDRDUWGR&yGLJR
5HF([WUQž')  3HQDO 
5HOHYDQWH HVVD FRQFHSomR SRUTXH GDt GHFRUUH TXH
´&RPSHWH j -XVWLoD )HGHUDO SURFHVVDU H MXOJDU DomR HP 6RFLHGDGHVGH(FRQRPLD0LVWD
TXHILJXUDFRPRSDUWHIXQGDomRS~EOLFDWHQGRHPYLVWD
VXDVLWXDomRMXUtGLFDFRQFHLWXDODVVHPHOKDUVHHPVXD
RULJHPjVDXWDUTXLDV$LQGDTXHRDUWLJR,GD -i DV 6RFLHGDGHV
6RFLHGDGHV GH
GH (FRQRPLD 0LVWD
0LVWD VmR SHVVRDV
&RQVWLWXLomR )HGHUDO QmR VH UHILUD H[SUHVVDPHQWH jV MXUtGLFDV GH GLUHLWR SULYDGR GH TXH SDUWLFLSD R 3RGHU
IXQGDo}HV R HQWHQGLPHQWR GHVWD &RUWH p R GH TXH D 3~EOLFR DVVRFLDQGRVH D SDUWLFXODUHV SRU LVVR p TXH p
ILQDOLGDGHDRULJHPGRVUHFXUVRVHRUHJLPHDGPLQLVWUDWL PLVWD SDUDMXQWRVH[SORUDUHPDOJXPDDWLYLGDGHHFRQ{
YRGHWXWHODDEVROXWDDTXHSRUOHLHVWmRVXMHLWDVID]HP PLFDRXVHUYLoRGHLQWHUHVVHFROHWLYRDWLYLGDGHVHUYLoR
GHODV HVSpFLH GR JrQHUR DXWDUTXLDµ ³ 67) LQ 5HF([WUQž HVWHTXHVHUiRXWRUJDGRRXGHOHJDGRSHOR3RGHU3~EOLFR
6(SXEOLFHP  (ODVGHSHQGHPGR3RGHU3~EOLFRSDUDVHUHPFULDGDVH
LJXDOPHQWHGHYHPVHUFULDGDVSRUOHL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

9HMDTXHR'HFUHWR/HLQž DUWž,,, FRPD PHVPR RV DWRV GH VHXV GLULJHQWHV UHYHVWLQGRVH GH FHUWD
PRGLILFDomRGR'HFUHWR/HLQžGHILQHD6RFLHGDGH DXWRULGDGHVXMHLWDPVHDPDQGDGRGHVHJXUDQoD /HL
GH(FRQRPLD0LVWDDHQWLGDGHGRWDGDGHSHUVRQDOLGDGH GH  DUWž † ž  H j DomR SRSXODU /HL Qž  GH
MXUtGLFDGHGLUHLWRSULYDGRFULDGDSRUOHLSDUDDH[SORUDomR DUWž ³ LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57
GHDWLYLGDGHHFRQ{PLFDVREDIRUPDGHVRFLHGDGHDQ{QLPD S 
FXMDVDo}HVFRPGLUHLWRDYRWRSHUWHQoDPHPVXDPDLRULDj
8QLmRRXDHQWLGDGHGD$GPLQLVWUDomR,QGLUHWD $$GPLQLVWUDomR3~EOLFD,QGLUHWDVHJXQGRR'HFUH
WR/HL Qž  Vy SRGH VHU GHVHPSHQKDGD SHODV
2EVHUYHTXHD8QLmRDRFRQVWLWXLUXPD6RFLHGDGHGH $XWDUTXLDVRXSHODV SDUDHVWDWDLVRXVHMDDV(PSUHVDV
DUDHVWDWDLV
(FRQRPLD 0LVWD GHYHUi REULJDWRULDPHQWH REVHUYDU D 3~EOLFDVDV6RFLHGDGHVGH(FRQRPLD0LVWDHDLQGDDV
IRUPDXPDVRFLHGDGHDQ{QLPD 6$ eSRGHUiID]rORVH )XQGDo}HV3~EOLFDVHRV6HUYLoRV3~EOLFRV$XW{QRPRV
KRXYHUOHLDXWRUL]DQGRDFULDomRGHYHQGRRFDSLWDOVRFLDO
VHU FRQVWLWXtGR SRU EHQV S~EOLFRV H VXEVFULo}HV GH $VVLPWDPEpPDV(QWLGDGHV3DUDHVWDWDLVWrPGHFLVLYR
SDUWLFXODUHV SDSHOQDDGPLQLVWUDomRLQGLUHWD

,PSRUWDQWH DLQGD p TXH D 8QLmR GHYHUi GHWHU D


PDLRULD GDV Do}HV FRP GLUHLWR D YRWR  QDWXUDOPHQWH
6HUYLoRV6RFLDLV$XW{QRPRV
SDUDTXHWHQKDRFRQWUROHGDVRFLHGDGHSRGHQGRHVFROKHU
VXDSUHVLGrQFLDGLUHWRULDHWF
VHUYLoRV
VHUYLoRV VRFLDLV
2V VHUYLoRV VRFLDLV DXW{QRPRV
DXW{QRPRV FRQVWLWXHP D ~OWLPD
$WHQomR
$WHQomR R SHVVRDO WUDEDOKDGRUHV  GDV VRFLHGDGHV GH HVSpFLHGDV(QWLGDGHVSDUDHVWDWDLVVmRRVVHUYLoRVLQVWLWXt
HFRQRPLDPLVWDVHUmRFHOHWLVWDVVXMHLWRVDUH GRVSRUOHLTXHOKHVGiSHUVRQDOLGDGHGHGLUHLWRSULYDGR
JLPHSUHYLGHQFLiULRGHWRGRWUDEDOKDGRUFRPXP(QWUH FULDQGRRVFRPILPGHJUDWXLWDPHQWHSUHVWDUHPDVVLVWrQ
WDQWR HPERUD QmR VHMDP IXQFLRQiULRV S~EOLFRV ILFDP FLDRXHQVLQRDGHWHUPLQDGDVFDWHJRULDVVRFLDLVRXSURILV
VXMHLWRVjSURLELomRGHDFXPXODomRGHFDUJRVQD$GPL VLRQDLV &RPR R VHUYLoR TXH SUHVWDP p JUDWXLWR VmR
QLVWUDomRGLUHWDRXLQGLUHWDHSDUDHIHLWRVSHQDLVVHUmR VXVWHQWDGDVSRUGRWDo}HVRUoDPHQWiULDVRXSRUFRQWULEXL
FRQVLGHUDGRVIXQFLRQiULRVS~EOLFRVFRQIRUPHRVUHFRQKH o}HV WULEXWiULDV ([HPSOR SDGUmR 6(6, 6(1$, 6(6&
FHRDUWGR&yGLJR3HQDO 6(6,/%$HWF

2V 6HUYLoRV 6RFLDLV $XW{QRPRV ILFDP YLQFXODGRV DR


yUJmRHVWDWDOUHODFLRQDGRFRPVXDDWLYLGDGHTXHVREUH
(QWLGDGHV3DUDHVWDWDLV HOHVH[HUFHFRQWUROHGHDWLYLGDGHVSUHVWDomRGHFRQWDVGDV
YHUEDVS~EOLFDVSDVVDGDVHWF
3DUDHVWDWDOTXHUGL]HUSDUDOHODPHQWHDR(VWDGR
6HXV IXQFLRQiULRV VXMHLWDPVH j &/7 H Vy VH HTXL
'LIHUHPGDVDXWDUTXLDVSRUTXHHVWDVVmRFULDGDVSDUDD
SDUDPDRIXQFLRQiULRS~EOLFRSDUDILQVGHUHVSRQVDELOL]D
H[HFXomR GH XPD DWLYLGDGH WtSLFD SUySULD GR (VWDGR
omRFULPLQDO DUW&yG3HQDO 
HQTXDQWRDVSDUDHVWDWDLVUHDOL]DUmRDWLYLGDGHVSDUDOHODV
23URI',2*2'(),*8(,5('2025(,5$1(72DQRWDTXH
jVGR(VWDGR DWtSLFDV PDVTXHWDPEpPVmRGRLQWHUHVVH
6mR HQWLGDGHV SDUDHVWDWDLV RUJDQL]DGDV SDUD ILQV GH
FROHWLYR
DPSDURHGXFDomRRXDVVLVWrQFLDFRPXQLWiULDRXDFDWHJRUL
DVSURILVVLRQDLVFRPSDWULP{QLRSUySULRHUHQGDSUHIHUHQWH
$V (QWLGDGHV 3DUDHVWDWDLV VmR SHVVRDV MXUtGLFDV GH
PHQWHDGYLQGDGHFRQWULEXLo}HVSDUDILVFDLV2UJDQL]DGDV
GLUHLWRSULYDGR SDUWLFXODUHV PDVTXHVmRFULDGDVDSHQDV
VRE PRGHOR WRWDOPHQWH SULYDGR FRPR DVVRFLDo}HV FLYLV
FRPDXWRUL]DomROHJDOHWrPSDWULP{QLRS~EOLFR RXQR
GLVWLQJXHPVH QR HQWDQWR GHVWDV SHODV SUHUURJDWLYDV GH
Pi[LPR PLVWR  WHQGR SRU REMHWLYR D UHDOL]DomR GH
DXIHULUHPUHFHLWDDUUHFDGDGDLPSRVLWLYDPHQWH³FRQWULEXL
DWLYLGDGHVREUDVRXVHUYLoRVGHLQWHUHVVHJHUDO(QTXDQWR
o}HVVRFLDLV³HSHODGHOHJDomROHJDO³ LQ&XUVRGH'LUHLWR
DV DXWDUTXLDV JR]DP GH SULYLOpJLRV SUySULRV GR (VWDGR
$GPLQLVWUDWLYRHG)RUHQVHSS 
LPXQLGDGHWULEXWiULDIRURSULYLOHJLDGRSUD]RVMXGLFLDLV
GLODWDGRV  GH UHJUD DV (QWLGDGHV 3DUDHVWDWDLV QmR WrP 23URI+(/</23(60(,5(//(6GHVWDTXHUHDOL]DP
TXDOTXHUWUDWDPHQWRHVSHFLDO DWLYLGDGHV S~EOLFDV RX GH LQWHUHVVH S~EOLFR GHOHJDGDV RX
UHFRQKHFLGDV³ LQ 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR  HG57
3DUDR6DXGRVR3URI+(/</23(60(,5(//(6(QWLGD S 
GHV SDUDHVWDWDLV VmR SHVVRDV MXUtGLFDV GH GLUHLWR SULYDGR
FXMDFULDomRpDXWRUL]DGDSRUOHLFRPSDWULP{QLRS~EOLFR
RXPLVWRSDUDUHDOL]DomRGHDWLYLGDGHVREUDVRXVHUYLoRVGH
$JHQWHV3~EOLFRV
LQWHUHVVHFROHWLYRVREQRUPDVHFRQWUROHGR(VWDGR1mRVH
FRQIXQGHPFRPDVDXWDUTXLDVQHPVHLGHQWLILFDPFRPDV
HQWLGDGHVHVWDWDLV2SDUDHVWDWDOQmRpHVWDWDOQHPpR
2V$JHQWHV
$JHQWHV
$JHQWHV 3~EOLFRV
3~EOLFRVVmRWRGDVDVSHVVRDVQDWXUDLVD
OLFRV
SDUWLFXODU p R PHLR WHUPR HQWUH R S~EOLFR H R SULYDGR
TXHPVHFRQILDRH[HUFtFLRGHDOJXPDIXQomRGR(VWDGR
-XVWDS}HVHDR(VWDGRVHPRLQWHJUDUFRPRRDXWiUTXLFR
3RXFR LPSRUWD VH HVVD WDUHID ID]HU DOJXPD FRLVD GR
RXDOKHDUVHFRPRRSDUWLFXODU7HPSHUVRQDOLGDGHSULYDGD
(VWDGR  p SDVVDGD GHILQLWLYDPHQWH SDUD VHPSUH  RX
PDV UHDOL]D DWLYLGDGHV GH LQWHUHVVH S~EOLFR H SRU LVVR
DSHQDVSURYLVRULDPHQWH WUDQVLWyULD 
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

6HDSHVVRDItVLFD VHUKXPDQR WHPDOJXPDWDUHIDD


UHDOL]DU H VH HVVD WDUHID p WDUHID GR (VWDGR HQWmR WDO 6HUYLGRUHV3~EOLFRV
SHVVRDVHUiXPDJHQWHS~EOLFR1RUPDOPHQWHRV$JHQWHV $JHQWHV
3~EOLFRVGHVHPSHQKDPIXQo}HVGRyUJmRTXHVmRGLVWUL
3~EOLFRV (VVH PHVPR VDXGRVR 0HVWUH UHJLVWUD KDYHUHP YiULDV
EXtGDVDRVYiULRVFDUJRVGHVVHyUJmR6LJQLILFDSRUWDQWR
VXEHVSpFLHV GH DJHQWHV DGPLQLVWUDWLYRV   VHUYLGRUHV
TXHRDJHQWHS~EOLFRHPUHJUDpWLWXODUGHXPFDUJR
S~EOLFRVGD$GPLQLVWUDomR'LUHWD
 VHUYLGRUHVDXWiUTXL

FRV
 GLULJHQWHVSDUDHVWDWDLV

0DV WDPEpP SRGHUHPRV HQFRQWUDU XP DJHQWH VHP
FDUJRLVWRpXPDJHQWH TXHVyWHQKDIXQomRPDVQmR
WHQKDFDUJR 23URI-26e$)2162'$6,/9$HQVLQDTXHRVDJHQWHV
DGPLQLVWUDWLYRV VmR RV VHUYLGRUHV S~EOLFRV GHILQLQGRRV
FRPR WRGRV DTXHOHV TXH PDQWrP FRPR R 3RGHU 3~EOLFR
(VSpFLHVH&ODVVLILFDomR UHODomRGHWUDEDOKRQmRHYHQWXDOVREYtQFXORGHGHSHQGrQ
FLDFDUDFWHUL]DQGRVHDVVLPSHODSURILVVLRQDOLGDGHHUHOD
omR GH VXERUGLQDomR KLHUiUTXLFD LQ
&XUVR GH 'LUHLWR
+i TXDWUR WLSRV GH DJHQWHV S~EOLFRV  D  RV DJHQWHV
&RQVWLWXFLRQDO3RVLWLYR
HG6DUDLYDS 
SROtWLFRV E RVDJHQWHVDGPLQLVWUDWLYR F RVDJHQWHV
KRQRUtILFRVH G RVDJHQWHVGHOHJDGRV
$VVLP RV VHUYLGRUHV S~EOLFRV VmR HVSpFLH GR JrQHUR
DJHQWHS~EOLFRHR3URI',2*2'(),*8(,5('2025(,
DJHQWHV
DJHQWHVSROtWLFR
2VDJHQWHV SROtWLFRVFRPS}HPR*RYHUQRVHXFRPDQ
GRHHVWmRLQYHVWLGRVQRVFDUJRVIXQo}HVPDQGDWRRX 5$1(72RVGHILQHFRPRWRGRVRVLQGLYtGXRVTXHHVWmRD
FRPLVV}HVDWXDQGRFRPSOHQDOLEHUGDGHIXQFLRQDOSDUD VHUYLoRUHPXQHUDGRGHSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
GHVHPSHQKRGDVDWULEXLo}HVTXHOKHVVmRFRPHWLGDVSHOD LQ&X
&XUVRGH'LUHLWR$GPLQLVWUDWLYR
&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVHS
UVRGH'LUHLWR$GPLQLVWUDWLYR SDUDHP
&RQVWLWXLomRRXOHLVHVSHFLDLV5LJRURVDPHQWHQmRVmR VHJXLGDDVVLPRVFODVVLILFDU
IXQFLRQiULRVS~EOLFRVDQmRVHUQRVHQWLGRPDLVDEUDQ
JHQWHGDH[SUHVVmRHSDUDILQVSHQDLV D 6HUYLGRUHV3~EOLFRVGH1DWXUH]D/HJDO

-i RV DJHQWHV


DJHQWHV DGPLQLVWUDWLYRV
DGPLQLVWUDWLYRV VmR HPSUHJDGRV GD D 6HUYLGRUHV3~EOLFRV&LYLV UHJLPHHVWDWXWiULR
D
DGPLQLVWUDomR WHQGR UHWULEXLomR SHFXQLiULD RFXSDQGR
FDUJRV RX IXQo}HV ³ PDV QmR VmR PHPEURV GH 3RGHU  6HUYLGRUHV3~EOLFRVGD$GPLQLVWUDomR'LUHWD
QHPGH*RYHUQRVmRXQLFDPHQWHVHUYLGRUHVS~EOLFRVFRP
PDLRURXPHQRUKLHUDUTXLDHQFDUJRVHUHVSRQVDELOLGDGHV  6HUYLGRUHV3~EOLFRV$XWiUTXLFRV
SURILVVLRQDLVGHQWURGRyUJmRRXGDHQWLGDGHDTXHVHUYHP
FRQIRUPHRFDUJRRXDIXQomRHPTXHHVWHMDPLQYHVWLGRV'H  6HUYLGRUHV3~EOLFRVGDV)XQGDo}HVGH'LUHLWR
DFRUGRFRPDSRVLomRKLHUiUTXLFDTXHRFXSDPHDVIXQo}HV 3~EOLFR
TXHOKHVVmRFRPHWLGDVUHFHEHPDFRUUHVSRQGHQWHSDUFHODGH
DXWRULGDGH S~EOLFD SDUD R VHX GHVHPSHQKR QR SODQR D 6HUYLGRUHV3~EOLFRV0LOLWDUHV UHJLPHHVWDWXWiULR
D
DGPLQLVWUDWLYR VHP TXDOTXHU SRGHU SROtWLFD p R TXH
REVHUYDR3URI+(/</23(60(,5(//(6³ LQ'LUHLWR$GPLQLV ,QWHJUDQWHVGDV)RUoDV$UPDGDV
WUDWLYR%UDVLOHLURHG57S 

D GD0DULQKD
2V DJHQWHV
DJHQWHV KRQRUtILFRV
KRQRUtILFRV VmR SHVVRDV HVSHFLDLV TXH
E GR([pUFLWR
H[DWDPHQWHSRUVHUHPKRQRUiYHLV VHMDSRUVXDFRQGLomR
F GD$HURQiXWLFD
FtYLFD VHMD SRU VHX UHVSHLWR VHMD SRU VXD FDSDFLGDGH
SURILVVLRQDO VmRHVSHFLDOPHQWHFRQYRFDGDVRXGHVLJQD
GDVSDUDSUHVWDUHPGHWHUPLQDGRVVHUYLoRVSDUDR(VWDGR ,QWHJUDQWHVGDV3ROtFLDV0LOLWDUHV
1mRWHUmRYtQFXORHPSUHJDWtFLRQHPHVWDWXWiULRHQmR
UHFHEHUmRUHPXQHUDomRRMXUDGRVRVPHViULRVHOHLWRUDLV  ,QWHJUDQWHVGRV&RUSRVGH%RPEHLURV0LOLWDUHV
RVFRPLVViULRVGHPHQRUHVHWF
E 6HUYLGRUHV3~EOLFRVGH1DWXUH]D&RQWUDWXDO
2V DJHQWHV
DJHQWHV GHOHJDGRV
GHOHJDGRV VmR SDUWLFXODUHV TXH UHFHEHP D
LQFXPErQFLDGDH[HFXomRGHGHWHUPLQDGDDWLYLGDGHREUDRX E &RQWUDWDGRV SRU 7HPSR 'HWHUPLQDGR UHJLPH
VHUYLoRS~EOLFRHRUHDOL]DPHPQRPHSUySULRSRUVXDFRQWD DGPLQLVWUDWLYRHVSHFLDO
HULVFRPDVVHJXQGRDVQRUPDVGR(VWDGRHVREDSHUPD
QHQWH ILVFDOL]DomR GR GHOHJDQWH (VVHV DJHQWHV QmR VmR E (PSUHJDGRV3~EOLFRV UHJLPHWUDEDOKLVWD
(PSUHJDGRV3~EOLFRV
VHUYLGRUHVS~EOLFRVQHPKRQRUtILFRVQHPUHSUHVHQWDQWHVGR
(VWDGRHQVLQDR3URI+(/</23(60(,5(//(6³ LQ'LUHLWR  (PSUHJDGRV3~EOLFRVGD$GPLQLVWUDomR'LUHWD
$GPLQLVWUDWLYR%UDVLOHLURHG57S ³HHPVHJXLGDH[HP $XWiUTXLFDH)XQGDFLRQDO
SOLILFD RV FRQFHVVLRQiULRV H SHUPLVVLRQiULRV GH VHUYLoRV
S~EOLFRV R VHUYHQWXiULRV GH RItFLRV RX FDUWyULRV QmR  (PSUHJDGRV3~EOLFRVGD$GPLQLVWUDomR3DUD
HVWDWL]DGRV RV OHLORHLURV RV WUDGXWRUHV H LQWpUSUHWHV HVWDWDO
S~EOLFRVHWF
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

GLVS}HGHTXDOTXHUSRGHUSHVVRDOHWRGDVXDOLEHUGDGHRX
6HUYLGRUHV3~EOLFRV&LYLV VXDSRVVLELOLGDGHGHDomRpYLQFXODGDDRH[HUFtFLRGHVXD
IXQomRS~EOLFDHDRVOLPLWHVHSURSyVLWRVGHOD
6HUYLGRUS~EOLFRpWRGRDTXHOHTXHFRQWUDWDGRGLUHWD
RX LQGLUHWDPHQWH SHOD $GPLQLVWUDomR 3~EOLFD p D HOD 3DUDUHDOL]DUDVDWLYLGDGHVTXHDWHQGDPDRLQWHUHVVH
YLQFXODGRSRUUHODo}HVSURILVVLRQDLVHPUD]mRGHLQYHVWLGX FROHWLYRR$GPLQLVWUDGRUSUHFLVDUSRGHUDJLU3RULVVR
UDHPFDUJRVHIXQo}HVDWtWXORGHHPSUHJRHFRPUHGLVWUL WRGRDJHQWHDGPLQLVWUDWLYRpLQYHVWLGRGHDOJXPSRGHU
EXLomRSHFXQLiULD1HVVDFRQFHSomRVmRDEUDQJLGRVRV TXHGHYHHVWDUYROWDGRHVWULWDPHQWHjUHDOL]DomRGHVVH
IXQFLRQiULRVS~EOLFRVRVWHPSRUiULRVRVFRQWUDWDGRVHP LQWHUHVVHFROHWLYR³IDWRTXHRWRUQDDRPHVPRWHPSR
UHJLPHHVSHFLDOHRVFHOHWLVWDV$H[SUHVVmRFLYLVFRPR TXHXPSRGHUGHDJLUWDPEpPXPGHYHUGHDJLUMiTXH
WDO DomR p D HVVrQFLD H H[FHOrQFLD GR $GPLQLVWUDGRU
HPSUHJDGDQD&RQVWLWXLomRFRQWUDS}HVHDRVPLOLWDUHV
3~EOLFR
&LYLVSRUWDQWRVmRRVVHUYLGRUHVS~EOLFRVTXHQmRVH
3DUD R SDUWLFXODU  ID]HU RX GHL[DU GH ID]HU DOJXPD
VXEPHWHP DR UHJLPH MXUtGLFR H GH GLVFLSOLQD PLOLWDU
FRLVDpXPDGHFLVmRGHVXDPDLVOLYUHYRQWDGH DUFDQGR
LQWHJUDQWHVGDV)RUoDV$UPDGDV3ROLFLDLV0LOLWDUHV%RP
HOH p FODUR FRP RV GDQRV FRQVHTXHQWHV GD DomR RX
EHLURVHVHUYLGRUHVUHVSHFWLYRV 
RPLVVmR

-i SDUD R $GPLQLVWUDGRU 3~EOLFR XP LQWUDQVLJHQWH


&RQFHLWRGH6HUYLGRUVHJXQGRR(VWDWXWR
&RQFHLWRGH6HUYLGRU GHIHQVRUGRLQWHUHVVHHSDWULP{QLRGDFROHWLYLGDGHDJLU
TXDQGR GHYH p XP GHYHU GH TXH QmR SRGH DEULU PmR
SDUD QmR SUHMXGLFDU jTXHOH LQWHUHVVH TXH UHSUHVHQWD
$UWž 3DUD
3DUDHIHLWRV
HIHLWRVGHVWD
GHVWD/HLVHUYLGRUpDSHVVRDOHJDO
/HLVHUYLGRUpDSHVVRDOHJDO DILQDORSUHMXt]RQmRVHUiGHOHPDVGHWRGDDFRPXQLGD
PHQWHLQYHVWLGDHPFDUJRS~EOLFR GH 
3RUWDQWRSDUDRDJHQWH S~EOLFRSDUDDDXWRULGDGH
$QRWHVHTXHDSHQDVRVTXHHVWLYHUHPLQYHVWLGRVHP S~EOLFDSRGHUHGHYHUVmRVHPSUHFRLQFLGHQWHVVLQ{QL
FDUJRVS~EOLFRVpTXHVHUmRFRQVLGHUDGRV´IXQFLRQiULRµ PRV $IRUD R SRGHUGHYHU GH DJLU R $GPLQLVWUDGRU
e R TXH EDVWD SDUD H[FOXLU RV VmR UHTXLVLWDGRV SDUD 3~EOLFR WHP DOJXQV GHYHUHV
HYHUHV UHOHYDQWHV D  R GHYHU GH
DWLYLGDGHVRXIXQo}HVJUDWXLWDVRXRQHURVDVTXHQmR HILFLrQFLD
HILFLrQFLD E  R GHYHU GH SURELGDGH
SURELGDGH H F  R GHYHU GH
FRUUHVSRQGDPDXPFDUJRS~EOLFR SUHVWDUFRQWDV
SUHVWDUFRQWDV

$VVLPQmR
QmRVmRIXQFLRQiULRVS~EOLFRVSDUDRVHIHLWRV
QmR 2GHYHUGHHILFLrQFLDLPS}HDR$GPLQLVWUDGRU3~EOLFR
HVWDWXWiULRVRVFRQYRFDGRVSDUDR-~ULSDUDRVHUYLoRV D UHDOL]DomR GH VXDV DWULEXLo}HV FRP Pi[LPD SUHVWH]D
HOHLWRUDO PHViULRV  HWF WDQWR TXDQWR QmR R VHUmR RV UDSLGH]HSURQWLGmR FRPTXDOLGDGHSHUIHLWDHGHIRUPD
HPSUHJDGRVS~EOLFRVFRQWUDWDGRVSRUUD]}HVSUHFiULDVH SURILFLHQWH
WUDQVLWyULDVSDUDIXQo}HVGHVYLQFXODGDVGHFDUJRVS~EOL
FRV 3HOR GHYHU GH SURELGDGH HVWi HOH REULJDGR D VHU
eLQWHUHVVDQWHREVHUYDUTXHYLVDQGRjUHVSRQVDELOL]D KRQHVWRLQVXVSHLWRHLQFRUUXSWtYHO QmRpSLDGD FUHGLEL
omR FLYLO RX j UHVSRQVDELOL]DomR FULPLQDO RX PHVPR D OL]DQGRFDGDGHVHXVDWRVFRPDFHUWH]DGHTXHDWHQGHUi
GLIHUHQWH QXDQFHV GD UHVSRQVDELOL]DomR DGPLQLVWUDWLYD H[FOXVLYDPHQWHDRLQWHUHVVHS~EOLFR
SDUWLFXODUPHQWH D WULEXWiULD   YiULDV OHLV ODQoDP
FRQFHLWRV H[WHQVLYRV PDLV DEUDQJHQWHV  GR TXH VH &RQH[R D WDO GHYHU Ki R GHYHU GH SUHVWDU FRQWDV
FRPSUHHQGHQDH[SUHVVmRIXQFLRQiULRS~EOLFRTXDQGR REULJDomRPtQLPDGHWRGDSHVVRDTXHJHUHFRLVDHLQWHUHV
ID]HP UHIHUrQFLD D DOJXPD DWXDomR GHVWH H jV FRQVH VHVDOKHLRV$ILQDOVHR$GPLQLVWUDGRU3~EOLFRWHPVREVXD
TXrQFLDVMXUtGLFDVGHVVDDWXDomR$VVLPSH[R&yGLJR JXDUGDUHVSRQVDELOLGDGHHJHVWmRXPLPHQVRSDWULP{QLR
3HQDODRHVWDEHOHFHUTXHFRQVLGHUDVHIXQFLRQiULRS~EOLFR S~EOLFRHLQWHUHVVHVFROHWLYRVGHWRGDRUGHPGHYHVDWLVID
SDUDHIHLWRVSHQDLVTXHPHPERUDWUDQVLWRULDPHQWHRXVHP omRGRTXHIH]TXDQWRJDVWRXSRUTXHQmRJDVWRXPHQRV
UHPXQHUDomR H[HUFH FDUJR HPSUHJR RX IXQomR S~EOLFD HWF
DUW  HVFODUHFHQGR VHX † ž TXH (TXLSDUDVH D
IXQFLRQiULRS~EOLFRTXHPH[HUFHFDUJRHPSUHJRRXIXQomR 'HYHUHV
HPHQWLGDGHSDUDHVWDWDO
$VLVWHPiWLFDOHJLVODWLYDSHUPLWHUHVXPDPVHDGRLVRV
GHYHUHVIXQGDPHQWDLVGRVHUYLGRUS~EOLFRRGDOHDOGDGH
GHYHUHV OHDOGDGH
³ TXH PXLWRV FKDPDP GH ILGHOLGDGH ³ H R GHYHU GH
$JHQWH$GPLQLVWUDGRU3~EOLFR
REHGLrQFLD
REHGLrQFLD
3RGHUHV'HYHUHVH3UHUURJDWLYDV
0HUFr GR GHYHU GH OHDOGDGH HVSHUDVH GR VHUYLGRU
S~EOLFRDPi[LPDGHGLFDomRDRVHUYLoRS~EOLFRDREVHU
3RGHUHVDGPLQLVWUDWLYRVVmRRVSRGHUHVLQVWUXPHQWDLV YkQFLDGDOHLHRUHVSHLWRjV,QVWLWXLo}HVOHJDLV³DOpPGH
GH TXH D $GPLQLVWUDomR GLVS}H SDUD D UHDOL]DomR GDV VHXHPSHQKRQDVDWLVIDomRGRVVXSHULRUHVLQWHUHVVHVGR
WDUHIDVDGPLQLVWUDWLYDV³RXVHMDRVHUYLGRUS~EOLFRQmR
QmR (VWDGRHGDVRFLHGDGH³HFRPRDGYHUWHRVDXGRVR+(/<
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

/23(6 0(,5(//(6 ´7DO GHYHU LPSHGH TXH R VHUYLGRU DWXH HVSpFLHV D FRQWDJHP GR WHPSR GH VHUYLoR SDUD YiULRV
FRQWUDRVILQVHRVREMHWLYRVOHJtWLPRVGD$GPLQLVWUDomRSRLV HIHLWRVDHVWDELOLGDGHDVIpULDVDVOLFHQoDVHDSHUFHSomRGD
TXH VH DVVLP DJLVVH LQFRUUHULD HP LQILGHOLGDGH IXQFLRQDO UHPXQHUDomR
HQVHMDGRUDGDPDLVJUDYHSHQDOLGDGHTXHpDGHPLVVmRµ
³ LQ´'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURµHG5763S  2 GLUHLWR
GLUHLWR DR
DR DPSDUR
DPSDUR VRFLDO
VRFLDO H j GLJQLGDGH
GLJQLGDGH GR VWDWXV
LQWHJUDPRHOHQFRFRQVDJUDQGRVHQRTXHUHVSHLWDjIXQomR
-iRGHYHUGHREHGLrQFLDVXEPHWHRIXQFLRQiULRS~EOLFR S~EOLFDFHUWRVSULQFtSLRVJHUDLVGRWUDEDOKR DUW†žGD
jKLHUDUTXLDHjERDH[HFXomRGDVRUGHQVGHVHXVVXSHULR &RQVWLWXLomR  (QWUH RXWURV SRGHPRV FLWDU RV VHJXLQWHV
UHVUHVSHLWDQGRDGLVFLSOLQDHPTXHVHIXQGDDRUJDQL]D GLUHLWR j DVVLVWrQFLD GLUHLWR j SUHYLGrQFLD H GLUHLWR j
omRDGPLQLVWUDomR DVVRFLDomRGLUHLWRGHSHWLomRGLUHLWRjGHIHVDHGLUHLWRGH
UHSUHVHQWDomR ³ LQ &XUVR GH 'LUHLWR $GPLQLVWUDWLYR 
&ODUR TXH R GHYHU GH REHGLrQFLD QmR WUDQVIRUPD R HG)RUHQVHS 
VHUYLGRU QXP DXW{PDWR QHP QXP FXPSULGRU FHJR GDV
RUGHQVPHVPRSRUTXHHVEDUUDHVVHGHYHUQDOHJDOLGDGH
$JHQWHV3~EOLFRV
GDVRUGHQVRXVHMDDTXHODVTXHHPDQDPGDDXWRULGDGH
FRPSHWHQWHDSUHVHQWDPVHFRPOLFLWXGHGHFRQWH~GRHVH &DUJR(PSUHJRH)XQomR
UHYHVWHPGDIRUPDDGHTXDGDQmRSRGHRVHUYLGRUSHUGHU
DFRQVFLrQFLDGHTXHWDQWRRGHVFXPSULPHQWRGDRUGHP
OHJDOTXDQWRRFXPSULPHQWRGDRUGHPLOHJDOFRQGX]HP 8PGRVPDLRUHV3URIHVVRUHVGH'LUHLWR$GPLQLVWUDWLYR
QRjUHVSRQVDELOL]DomRGLVFLSOLQDUFLYLOHFULPLQDO RVDXGRVR3URI+HO\/RSHV0HLUHOOHVDVVLPGHILQLDR&DUJR
3~EOLFRpROXJDULQVWLWXtGRQDRUJDQL]DomRGRIXQFLRQDOLV
2XWURVGHYHUHVHVSHFtILFRVGRFDUJRGDIXQomRRXGDV PR FRP GHQRPLQDomR SUySULD DWULEXLo}HV HVSHFtILFDV H
FLUFXQVWkQFLDVVmRDUURODGRVQRUHVSHFWLYR(VWDWXWRPDV HVWLSrQGLRFRUUHVSRQGHQWHSDUDVHUSURYLGRHH[HUFLGRSRU
WRGRV WrP UDL] FRPXP QRV GHYHUHV GH OHDOGDGH H GH XP WLWXODU QD IRUPD HVWDEHOHFLGD HP OHL LQ 'LUHLWR
'LUHLWR
REHGLrQFLD $GPLQLVWUDWLYR%UDVLOHLURHG57S 
$GPLQLVWUDWLYR%UDVLOHLUR

'LUHLWRV3UHUURJDWLYDV &RQILUDDGHILQLomRGD/HLQž

$FODUHLHVHTXHSUHUURJDWLYDVQmRVmRPDLVTXHYDQWD $UWž &DUJR 3~EOLFR p R FRQMXQWR GH DWULEXLo}HVH


JHQVTXHVmRFRQFHGLGDVDSHVVRDV³LQFDVXRVHUYLGRU UHVSRQVDELOLGDGHV
UHVSRQVDELOLGDGHVSUHYLVWDV
SUHYLVWDVQD
QDHVWUXWXUD
HVWUXWXUDRUJD
³ HP UD]mR GH VXD FRQGLomR SDUWLFXODU ³ HQILP RV QL]DFLRQDO
QL]DFLRQDOTXH
TXHGHYHP
GHYHPVHU
VHUFRPHWLGDV
FRPHWLGDVDXP
XPVHU
GLUHLWRVDTXHRIXQFLRQiULRS~EOLFRID]HPGHFRUUrQFLDGH YLGRU
YLGRU
VHXFDUJRRXGRH[HUFtFLRGDIXQomRS~EOLFD
†~QLFR 2V
2VFDUJRV
FDUJRVS~EOLFRV
S~EOLFRVDFHVVtYHLV
DFHVVtYHLVDWRGRVRVEUDVL
%DVLFDPHQWHTXDWURVmRRVG GLUHLWRVRXSUHUURJDWLYDV
LUHLWRV OHLURV
OHLURV VmR
VmR FULDGRV
FULDGRV SRU
SRU OHL
OHL FRP
FRP GHQRPLQDomR
LQHUHQWHVjFRQGLomRGHVHUYLGRUS~EOLFR SUySULDHYHQFLPHQWRSDJR
SUySULDHYHQFLPHQWRSDJRSHORVFRIUHVS~EOL
FRV
FRVSDUD
SDUDSURYLPHQWR
SURYLPHQWRGH
GHFDUiWHU
FDUiWHUHIHWLYR
HIHWLYRRX
RXHP
D GLUHLWRjIXQomRS~EOLFD FRPLVVmR
FRPLVVmR
E GLUHLWRDRH[HUFtFLRGDIXQomR
F GLUHLWRFRQH[RVDRH[HUFtFLRGDIXQomRFDUJR &RQILUDTXHQmRpXPDGHILQLomRPXLWRGLIHUHQWHGD
G GLUHLWRDRDPSDURVRFLDOHjGLJQLGDGHGRVWDWXV WUD]LGD SHOR (VWDWXWR TXH DOLiV FRUULJLX R GHIHLWR GR
YHOKR(VWDWXWRTXHFRQIXQGLDRFRQFHLWRGHFDUJRFRP
2 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72 RGHIXQomR$VVLPRFDUJRS~EOLFRpWXGRDTXLOR FRQ
DVVLPH[SODQDVREUHFDGDXPGHVVHVGLUHLWRV MXQWR TXHVHXRFXSDQWH VHUYLGRU GHYHUiID]HU DWULEXL
o}HV HREVHUYDUREHGHFHU UHVSRQVDELOLGDGHV 
GLUHLWR
GLUHLWRjIXQomR
2GLUHLWR IXQomRS~EOLFDTXHVXUJHFRPDHVWDELOLGD
S~EOLFD
GHRXFRPDYLWDOLFLHGDGH HVWDHPJUDXPDLVHOHYDGRFRPR 0DLVTXHLVVRHVVHFRQMXQWRGHWDUHIDVHFRQGLo}HV
GLUHLWR DR FDUJR S~EOLFR  FRQVLVWH HP QmR SRGHU VHU GHYHHVWDUSUHYLDPHQWHGHILQLGRQDRUJDQL]DomRDGPLQLV
GLVFULFLRQDULDPHQWHVHQmRSRUDWRPDWHULDOHIRUPDOPHQWH WUDWLYD(ILQDOPHQWHHVVHVDID]HUHVHVXDVFLUFXQVWkQFLDV
YLQFXODGRGHODGHVSURYLGR VySRGHPVHUUHDOL]DGRVSRUXPVHUYLGRUS~EOLFRHSRU
PDLVQLQJXpP
2 GLUHLWR DR H[HUFtFLR
H[HUFtFLR p HVSpFLH GR JrQHUR GLUHLWR DR
WUDEDOKRVHULDLQFRPSDWtYHOFRPDGLJQLGDGHGRKRPHPH 1D $GPLQLVWUDomR 3~EOLFD Ki PXLWR D ID]HU (VVDV
FRPRLQWHUHVVHS~EOLFRTXHD$GPLQLVWUDomRUHVROYHVVHPDQ WDUHIDV VmR GLYLGLGDV HQWUH RV FDUJRV FDEHQGR D FDGD
WHUSRUFRQVLGHUDo}HVLQFRQIHVViYHLVRVHUYLGRUHPDIDVWD FDUJR SRU VHX RFXSDQWH  GHWHUPLQDGDV DWULEXLo}HV
PHQWR2DIDVWDPHQWRWHPVHXVSUHVVXSRVWRVIL[DGRVHPOHL VHUYLoRV HUHVSRQVDELOLGDGHV
$OpP GR PDLV p GR H[HUFtFLR TXH GHULYDUmR RV GHPDLV
GLUHLWRVIXQFLRQDLVHQWUHRVTXDLVDSHUFHSomRRUGLQiULDGRV 1HVVDGLYLVmRGHWDUHIDVHFDUJRVKiXPDRUJDQL]DomR
YHQFLPHQWRV HPFODVVHVHFDUUHLUDV

2V GLUHLWRV
GLUHLWRV TXH
TXH VH
VH IXQGDP
IXQGDP QR
QR H[HUFtFLR
H[HUFtFLR
FLR VmRGHYiULDV &ODVVHpRDJUXSDPHQWRGHFDUJRVGDPHVPDSURILVVmR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

HFRPLGrQWLFDVDWULEXLo}HVJDQKDQGRDPHVPDFRLVDH VHUiVHPSUHHVWDQTXHQmRDGPLWLQGRSURPRomRRXDFHVVR
WHQGRDVPHVPDVUHVSRQVDELOLGDGHV WRGRVRV2ILFLDLVGH GHXPTXDGURSDUDRXWURTXDGUR
-XVWLoD$YDOLDGRUHV VmR GD PHVPD FODVVH DVVLP FRPR
WRGR$X[LOLDU-XGLFLiULRWDPEpPpGDPHVPDFODVVH 3DUDPHOKRUVHHQWHQGHUQR-XGLFLiULRKiXPTXDGUR
GH VHUYHQWXiULRV YiULRV FDUJRV DOJXQV FRP FDUUHLUD
&DUUHLUD  p R DJUXSDPHQWR GH FODVVHV GD PHVPD RXWURVLVRODGRVDOJXPDVIXQo}HVJUDWLILFDGDV VHPFDUJR 
SURILVVmRRXDWLYLGDGHHVFDORQDGDVVHJXQGRDKLHUDUTXLD (KiRTXDGURGRV-Xt]HVWDPEpPFRPFDUJRVGHFDUUHLUD
GRVHUYLoRGHIRUPDTXHDV&ODVVHVVHMDPRVGHJUDXVGH HIXQo}HVJUDWLILFDGDV1LQJXpPSRGHSDVVDUGLUHWDPHQWH
DFHVVR SURPRomR  QD FDUUHLUD H DVVLP j H[FHomR GR GRTXDGURGHVHUYHQWXiULRVSDUDRTXDGURGDFDUUHLUDGH
SULPHLURLQLFLDOGHJUDXRVVXEVHTXHQWHVVySRVVDPVHU -XL]SRUSURPRomRRXUHPRomRHWF6yPXGDUiSDUDVH
SURYLGRV SUHHQFKLGRV SRUSHVVRDVMiWLWXODUHVGHFDUJR IL]HUXPQRYRFRQFXUVR
RFDUJRDQWHULRU 
$ ORWDomR  p R Q~PHUR GH VHUYLGRUHV TXH GHYHP
0DVKiFDUJRTXHpLVRODGRRXVHMDQmRID]SDUWHGH WUDEDOKDUHPFDGDVHomR UHSDUWLomR GRVHUYLoRS~EOLFR
FODVVH DOJXPD p XP ~QLFR FDUJR QD FDWHJRULD  6mR $ ORWDomR p QXPpULFD WDPEpP FKDPDGD GH EiVLFD 
H[FHo}HV TXDQGRHODGHILQHTXDQWRVFDUJRVHIXQo}HVH[LVWLUmRQDV
VHo}HVRXVHMDQDVXQLGDGHVDGPLQLVWUDWLYDV QD6HFUHWD
+iWDPEpPRVFDUJRVWpFQLFRVTXHFRPRGL]RQRPH ULDGHWDO-XQWDKDYHUiDX[LOLDUHVMXGLFLiULRV2ILFLDLV
H[LJHPGHVHXRFXSDQWHFRQKHFLPHQWRVWpFQLFRVHVSHFLDOL GH-XVWLoDHWF 
]DGtVVLPRVRXFLHQWtILFRVRXDUWtVWLFRVSDUDRGHVHPSH
QKR GH VXDV IXQo}HV -i RV FDUJRV HP FRPLVVmR VmR (VHUiQRPLQDO WDPEpPFRQKHFLGDSRUVXSOHWLYD D
SURYLGRVSURYLVRULDPHQWHSRLVVXDVUHVSHFWLYDVIXQo}HV ORWDomR TXDQGR HOD GL] R QRPH GRV VHUYLGRUHV TXH
H[LJHPXPDUHODomRGHFRQILDQoDHQWUHVHXRFXSDQWHH WUDEDOKDUmRQDTXHODVHomR
VHXVVXSHULRUKLHUiUTXLFR
$ORWDomRpGHOLYUHGHILQLomRGR&KHIHGR3RGHUHOH
)LQDOPHQWH RV &DUJRV GH &KHILD VmR DTXHOHV FRP S}HRVHUYLGRUQDVHomRTXHHOHTXLVHUGHVGHTXHQmR
IXQo}HVGHGLUHomRGHVHUYLoRV KDMDDOJXPDOLPLWDomRH[SUHVVDQDOHL

2VFDUJRVVySRGHPVHUFULDGRVSRUOHL(HVVDOHLHP
VH WUDWDQGR GH FDUJRV GR 3RGHU ([HFXWLYR GHYH VHU
SURSRVWD DSHQDV SHOR &KHIH GR 3RGHU ([HFXWLYR 6H R $)XQomR3~EOLFD
FDUJRpGR([HFXWLYR)HGHUDODLQLFLDWLYDpSULYDWLYDGR
3UHVLGHQWHGD5HS~EOLFD $IIXQomR
XQomR S~EOLFDpRFRQMXQWRGHDWLYLGDGHVTXHRV
S~EOLFD
VHUYLGRUHV ODWRVHQVX GHVHPSHQKDUmRQDUHDOL]DomRGDV
2VFDUJRVVySRGHPVHUFULDGRVSRUOHL(HVVDOHLHP WDUHIDV GR 3RGHU 3~EOLFR 1RXWUDV SDODYUDV D IXQomR
VH WUDWDQGR GH FDUJRV GR 3RGHU ([HFXWLYR GHYH VHU S~EOLFD p WXGR DTXLOR TXH R $JHQWH
$JHQWH 3~EOLFR
3~EOLFR UHDOL]D QR
SURSRVWD DSHQDV SHOR &KHIH GR 3RGHU ([HFXWLYR 6H R FXPSULPHQWR GH VHX PLVWHU RX VHMD VXDV WDUHIDV H
FDUJRpGR([HFXWLYR)HGHUDODLQLFLDWLYDpSULYDWLYDGR DWXDo}HVDGPLQLVWUDWLYDV
3UHVLGHQWHGD5HS~EOLFD
0DLVDEUDQJHQWHpDGHILQLomRGHIIXQomR
XQomRDGPLQLVWUDWL
1DWXUDOPHQWH RV FDUJRV GR 3RGHU /HJLVODWLYR VHUmR
YDSURSRVWDSRU5e*,6)(51$1'(6'(2/,9(,5$pD
YD
FULDGRVSRUOHLVSURSRVWDVSHORSUySULR3RGHU/HJLVODWLYR
DWLYLGDGHH[HUFLGDSHOR(VWDGRRXSRUTXHPHVWHMDID]HQGR
HQTXDQWRRVFDUJRVGR3RGHU-XGLFLiULRVHUmRFULDGRVHP
VXDVYH]HVFRPRSDUWHLQWHUHVVDGDQXPDUHODomRMXUtGLFD
OHLVGDLQLFLDWLYDGR3UHVLGHQWHGR7ULEXQDOUHVSHFWLYR
HVWDEHOHFLGDVREDOHLRXGLUHWDPHQWHUHDOL]DGDDWUDYpVGH
GHFUHWRVH[SHGLGRVSRUDXWRUL]DomRFRQVWLWXFLRQDOSDUDD
eLPSRUWDQWtVVLPRVDEHURTXHpFDUJRS~EOLFRSRUTXH
H[HFXomR GDV ILQDOLGDGHV HVWDEHOHFLGDV QR RUGHQDPHQWR
VHJXQGR R (VWDWXWR WRGD SHVVRD TXH RFXSDU XP FDUJR
MXUtGLFR LQ$WR$GPLQLVWUDWLYRHG57S 
S~EOLFR VHUi FRQVLGHUDGD XP VHUYLGRU S~EOLFR DUWž 
3DUD HIHLWRV GHVWD /HL  VHUYLGRU p D SHVVRD OHJDOPHQWH
2 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72
LQYHVWLGDHPFDUJRS~EOLFR
IXQomR
IXQomRS~EOLFDVHOLJDjDWLYLGDGH
REVHUYDTXHDLGHLDGHIXQomR S~EOLFD
TXH GHYHUi VHU GHVHPSHQKDGD SHOR VHUYLGRU S~EOLFR FLYLO
4XDQGRRVFDUJRVSHUWHQFHPDXPPHVPRH~QLFRWLSR
(VVDVDWLYLGDGHVVmRRUGHQDGDVHVSHFLDOL]DGDVHFRRUGHQD
GHVHUYLoRS~EOLFRRX3RGHU3~EOLFRDOJXQVFDUJRVHP
GDVGHPRGRDVXSULUHPDQHFHVVLGDGHGRVHUYLoRS~EOLFR
FDUUHLUD RIXQFLRQiULRFRPHoDQXPHYDLVHQGRSURPRYL
&DGDXPDGHVVDVDWLYLGDGHVVHGHQRPLQDDWULEXLomR8PD
GRSDUDRVRXWURVDWpFKHJDUQR~OWLPR RXWURVFDUJRV
IXQomRS~EOLFDUHVXOWDUiSRUWDQWRGRFRPHWLPHQWRGHXPD
LVRODGRV VHPFKDQFHGHSURPRomR GL]VHTXHHVWHV
RX PDLV DWULEXLo}HV D DOJXpP 2 (VWDWXWR )HGHUDO QmR
FDUJRVWRGRVIRUPDPXPTXDGUR
FRQFHLWXUDIXQomR
IXQomR
IXQomRS~EOLFDHPVHQWLGRDXW{QRPRRTXHYDOH
S~EOLFD
GL]HU TXH TXDLVTXHU IXQo}HV S~EOLFDV jV TXDLV QmR FRU
$VVLP R TXDGUR  p R FRQMXQWR GH FDUUHLUDV FDUJRV
UHVSRQGDPFDUJRVHVSHFtILFRVQmRHVWmRDHOHVXMHLWDVFRPR
LVRODGRVHIXQo}HVJUDWLILFDGDVGHXPPHVPRVHUYLoRRX
RVmRSRUH[HPSORDVGHWUDGXWRUHVMXUDPHQWDGRVHWF2
3RGHU2TXDGURSRGHVHUSHUPDQHQWHRXSURYLVyULRPDV
(VWDWXWR VH UHIHUH WRGDYLD D IXQo}HV S~EOLFDV HQTXDQWR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

FRQMXQWRGHDWULEXLo}HVDFUHVFLGDVDFDUJRVS~EOLFRVFRPR GLUHWDGDVDXWDUTXLDVHGDVIXQGDo}HVS~EOLFDV%XVFDYD
DVGHGLUHomRFKHILDHDVVHVVRUDPHQWR DUW††žHž D&RQVWLWXLomRSRUILPjEDOE~UGLDGRVUHJLPHVHjJUDQGH
DUW,HDUW $H[LVWrQFLDGHIXQomRS~EOLFDDXW{QR GLILFXOGDGHGHFRQWUROHGRVGLUHLWRVHREULJDo}HVGDTXHOHV
PDHVWDWXWiULDpLQFRPSDWtYHOFRPDREULJDomRFRQVWLWXFLR TXH WUDEDOKDYDP SDUD D $GPLQLVWUDomR 3~EOLFD H QmR
QDOGHGLVSRVLomRHPFDUUHLUDV DUWFDSXWGD&RQVWLWXL UDURFRPIXQo}HVLGrQWLFDVSRUpPVREGtVSDUHVVLWXDo}HV
omR  LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVHS  QDRUGHPGRVGHYHUHVHYDQWDJHQV

$VVLPpLPSRUWDQWHVDEHUPRVTXHPpRDJHQWHS~EOLFR &RPDUHIRUPDDGPLQLVWUDWLYDLPSODQWDGDSHOD(PHQGD
RXVHMDDTXHOHTXHH[HFXWDUHDOL]DID]DJHHPQRPHDV &RQVWLWXFLRQDOQž GH SUHWHQGHXVHHOLPLQDU
YiULDVHGLIHUHQWHVWDUHIDVDGPLQLVWUDWLYDV2QRPHSRUVL DREULJDWRULHGDGHGRUHJLPH~QLFRSDUDRVVHUYLGRUHVGD
PHVPR p VXJHVWLYR DJHQWHV VmR DTXHOHV TXH DJHP RX DGPLQLVWUDomRS~EOLFDGLUHWDGDVDXWDUTXLDVHGDVIXQGD
VHMDRVDJHQWHVS~EOLFRVVmRDTXHOHVTXHDJHPSHORSRGHU o}HVS~EOLFDV
S~EOLFR
$UW $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO HRV0XQLFtSLRV
LQVWLWXLUmRFRQVHOKRGHSROtWLFDGHDGPLQLVWUDomRHUHPXQHUD
2(PSUHJR3~EOLFR omRGHSHVVRDOLQWHJUDGRSRUVHUYLGRUHVGHVLJQDGRVSHORV
UHVSHFWLYRV3RGHUHV

2 3URI+(/< /23(6 0(,5(//(6 DILUPD TXH 2V 6XFHGHXHQWUHWDQWRTXHPHGLGDOLPLQDUFRQFHGLGDQD


PHGLGDOLPLQDU
VHUYLGRUHVFRQWUDWDGRVQRUHJLPHGD&/7WDPEpPFKDPD $',1QžVXVSHQGHXDHILFiFLDGHVVDQRYDUHGDomR
$',1 Qž
GRV HPSUHJDGRV S~EOLFRV
S~EOLFRV VmR RV TXH SUHVWDP VHUYLoRV j GRFDSXWGRDUW&)DWpMXOJDPHQWRILQDOVRERIXQGD
PHQWRGHTXHRWH[WRREWHYHDSHQDVYRWRVTXDQGR
$GPLQLVWUDomR'LUHWDRXj$XWiUTXLFDPHGLDQWHFRQWUDWRGH
VHULDPQHFHVViULRVYRWRVHPž7XUQRGHYRWDomRQD
WUDEDOKRQRVWHUPRVHFRQGLo}HVGDOHJLVODomRWUDEDOKLVWD
³ LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57S 
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
&kPDUDGRV'HSXWDGRV&RQVHTXHQWHPHQWHSUHYDOHFHD
LPSRVLomRGR´UHJLPHMXUtGLFR~QLFRµLQFRPSDWtYHOFRPD
6tPLOH D GHILQLomR GR 3URI',2*2 '( ),*8(,5('2 ILJXUDGR´HPSUHJRS~EOLFRµ
025(,5$ 1(72 HPSUHJDGRV S~EOLFRV VmR DTXHOHV
VHUYLGRUHV TXH PDQWrP XP FRQWUDWR GH WUDEDOKR FRP $GHVREULJDomRGHXP~QLFRUHJLPHMXUtGLFR 5-8
SHUPLWLULDj8QLmR(VWDGRVPHPEURV'LVWULWR)HGHUDOH
SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGRSDUDHVWDWDLV DUW,H
0XQLFtSLRVDGHILQLomRGHQRYDVSROtWLFDVSDUDDFRQWUDWD
HQTXDQWRVREUH[LVWLUHPVHUYLGRUHVIRUDGRVUHJLPHVMXUtGLFRV
omRGHVHUYLGRUHVLQFOXVLYHSHORUHJLPHFHOHWLVWD GD&/7 
XQLILFDGRVWDPEpPRVFRPDVSHVVRDVMXUtGLFDVGHGLUHLWR
HTXLSDUDQGR R IXQFLRQiULR S~EOLFR DR GD DWLYLGDGH
S~EOLFR LQ &XUVR
&XUVR
&XUVR GH
GH 'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR 
SULYDGDQRTXHFRQFHUQHDVHXVGLUHLWRVHGHYHUHV
HG)RUHQVH S  $VVLP SDUD VLPSOLILFDU VHUYLGRUHV
S~EOLFRVRVUHJLGRVSHORFKDPDGRUHJLPH~QLFRYXOJDU $SHVDU GD UHIRUPD SRUWDQWR UHPDQHVFH YiOLGR R
PHQWHFRQKHFLGRVFRPRHVWDWXWiULRVVHQGRHPSUHJDGRV UHJLPHMXUtGLFRLQVWLWXtGRSHOD/HLQžSHORTXDO
S~EOLFRVRVTXHWrPVXDUHODomRMXUtGLFDFRPD$GPLQLVWUD WDQWR RV 6HUYLGRUHV 3~EOLFRV &LYLV H[FOXtGRV SRUWDQWR RV
omRGLVFLSOLQDGDSHOD&/7 PLOLWDUHV TXHSUHVWDPVHUYLoRVGLUHWDPHQWHSDUDD8QLmR
TXDQWR RV VHUYLGRUHV &LYLV TXH SUHVWDP VHUYLoRV jV
$XWDUTXLDV H jV )XQGDo}HV ³ WRGRV VH VXEPHWHUmR DR
$JHQWHV3~EOLFRV FKDPDGRUHJLPHHVWDWXWiULR

5HJLPH-XUtGLFRÔQLFR ,VVRVLJQLILFDTXHDVUHODo}HVMXUtGLFDVTXHVHHVWDEHOH
FHUmR HQWUH WDLV 6HUYLGRUHV 3~EOLFRV H D $GPLQLVWUDomR
3~EOLFDVHUmREDVHDGDVQRVGLVSRVLWLYRVFRQVWLWXFLRQDLVH
$/HLQžHVWDEHOHFH QRVHVWDWXWiULRV1RXWUDVSDODYUDVQmRKiXPFRQWUDWR
HQWUHR3RGHU3~EOLFRHRIXQFLRQiULRQHPKiGLVFXVVmR
$UWž (VWD/HLLQVWLWXLRUHJLPH
UHJLPH
UHJLPHMXUtGLFR
MXUtGLFRGRVVHUYLGRUHV H DFHUWR GDV FRQGLo}HV GH WUDEDOKR UHPXQHUDomR HWF
S~EOLFRV
S~EOLFRV FLYLV
FLYLV GD
GD 8QLmR
8QLmR  GDV DXWDUTXLDV 7XGRpHVWDEHOHFLGRXQLODWHUDOPHQWHSRUOHLVHUHJXODPHQ
LQFOXVLYH
LQFOXVLYH DV
DV HP
HP UHJLPH
UHJLPH HVSHFLDO
HVSHFLDO H GDV
GDV IXQGD WRVGHVGHDVFRQGLo}HVGHH[HUFtFLRGDVIXQo}HVS~EOLFDV
o}HVS~EOLFDVIHGHUDLV DWpRVGHYHUHVHRVGLUHLWRVGRVIXQFLRQiULRV

)RLSRULPSRVLomRGRDUWGD&RQVWLWXLomR)HGHUDO 0DLVTXHLVVRDOHLpTXHPIL[DHDOWHUDYHQFLPHQWRVH
TXH HVWDEHOHFHX D XQLIRUPLGDGH
QLIRUPLGDGH GRV UHJLPHV GH WRGRV H[LJHUHTXLVLWRVGHHILFLrQFLDFDSDFLGDGHVDQLGDGHItVLFD
TXDQWRV WUDEDOKHP SDUD D $GPLQLVWUDomR 3~EOLFD HP HPHQWDOPRUDOLGDGHHWF,VVRpRUHJLPHHVWDWXWiULRQR
TXDOTXHU GDV WUrV HVIHUDV GH SRGHU IHGHUDO HVWDGXDO LQWHUHVVH GR VHUYLoR S~EOLFR DV FRQGLo}HV SRGHUmR VHU
GLVWULWRIHGHUDOHPXQLFLSDO HDLQGDH[WHQVLYRjVVXDV DOWHUDGDV SRU OHL VHP QHFHVVLGDGH GH DTXLHVFrQFLD GR
DXWDUTXLDVHIXQGDo}HVS~EOLFDV WUDEDOKDGRU,VVRSRUpPQmRTXHUGL]HUTXHR6HUYLGRU
QmRDGTXLUDGLUHLWRV$GTXLUHRVHVHPSUHTXHQRUHJLPH
(VWDEHOHFHXROHJLVODGRUFRQVWLWXLQWHTXH´$8QLmRRV DQWHULRURVHUYLGRUVDWLVIL]HUFHUWDVFRQGLo}HVSDUDDDTXL
(VWDGRVR'LVWULWR)HGHUDOHRV0XQLFtSLRVLQVWLWXLUmRQR VLomR GH XP GLUHLWR QHQKXPD OHL QRYD SRGHUi SUHMXGL
kPELWRGHVXDFRPSHWrQFLDUHJLPH
UHJLPH
UHJLPHMXUtGLFR
MXUtGLFR~QLFRHSODQRV
~QLFR FiOR0DVVHRGLUHLWRDLQGDQmRIRLDGTXLULGRDOHLQRYD
GH FDUUHLUD SDUD RV VHUYLGRUHV GD DGPLQLVWUDomR S~EOLFD VHPSUHDOWHUDUiDVLWXDomR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

9HMD TXH Ki D LPSRVVLELOLGDGH GH D $GPLQLVWUDomR 6tPLOH D GHILQLomR GR 3URI',2*2 '( ),*8(,5('2
3~EOLFDDOWHUDUXQLODWHUDOPHQWHDVFRQGLo}HVGDUHODomR 025(,5$ 1(72 HPSUHJDGRV S~EOLFRV VmR DTXHOHV
HVWDWXWiULD GHYHUHVGLUHLWRVHUHVSRQVDELOLGDGHV FRPR VHUYLGRUHV TXH PDQWrP XP FRQWUDWR GH WUDEDOKR FRP
pSURLELGRSHORDUW(VWDWXWRPDVQmRFRQIXQGLUFRP SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGRSDUDHVWDWDLV DUW,H
DSRVVLELOLGDGHGHDOHL
OHLDOWHUDUHVVDVFRQGLo}HV1LVVRVH
OHL HQTXDQWRVREUH[LVWLUHPVHUYLGRUHVIRUDGRVUHJLPHVMXUtGLFRV
FRQVXEVWDQFLDRUHJLPHHVWDWXWiULRQmRKiFRQWUDWRPDV XQLILFDGRVWDPEpPRVFRPDVSHVVRDVMXUtGLFDVGHGLUHLWR
VXEPLVVmRSHUPDQHQWHjOHLTXHVHPSUHSRGHUiDOWHUDUDV S~EOLFR LQ &XUVR
&XUVR
&XUVR GH
GH 'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR  HG)RUHQVH
UHODo}HVHQWUHR6HUYLGRU3~EOLFR&LYLOHD$GPLQLVWUDomR S  $VVLP SDUD VLPSOLILFDU VHUYLGRUHV S~EOLFRV RV
3~EOLFDPHVPRTXHVHMDSDUDSUHMXGLFiOR GHVGHTXHHOH UHJLGRV SHOR FKDPDGR UHJLPH ~QLFR YXOJDUPHQWH
DLQGDQmRWHQKDDGTXLULGRXPGLUHLWRGHILQLWLYDPHQWH  FRQKHFLGRV FRPR HVWDWXWiULRV  VHQGR HPSUHJDGRV
RLPSRUWDQWHpDILGHOLGDGHDRLQWHUHVVHGRVHUYLoRS~EOLFR S~EOLFRVRVTXHWrPVXDUHODomRMXUtGLFDFRPD$GPLQLVWUD
HVXDHILFLrQFLD omRGLVFLSOLQDGDSHOD&/7

25HJLPH-XUtGLFRGH2XWURV(PSUHJDGRV3~EOLFRV
25HJLPH-XUtGLFRGH2XWURV(PSUHJDGRV
(PSUHJDGRV3~EOLFRV
25HJLPH(VSHFLDOGR7HPSRUiULR
$OpPGRVFKDPDGRVVHUYLGRUHVS~EOLFRVSURSULDPHQWH
GLWRVKiRXWUDVSHVVRDVTXHVmRFRQWUDWDGDVSDUDWUDED &RPRYLPRVDSUySULD&RQVWLWXLomR)HGHUDOSUHYLXD
OKDUHPSDUDD$GPLQLVWUDomR3~EOLFDRXHPIXQomRGH QHFHVVLGDGHH[WUDRUGLQiULDGHSHVVRDOHSRVVLELOLWRXVXD
QDWXUH]DWpFQLFDHVSHFLDOL]DGDRXHPVHUYLoRVWHPSRUi FRQWUDWDomRLQGHSHQGHQWHPHQWHGHFRQFXUVRS~EOLFROHL
ULRV HVWDEHOHFHUiRVFDVRVGHFRQWUDWDomRSRUWHPSRGHWHUPLQDGR
0HVPRDRWHPSRGRUHJLPHMXUtGLFR~QLFRDXQLIRU SDUD DWHQGHU D QHFHVVLGDGH WHPSRUiULD GH H[FHSFLRQDO
PL]DomR FRPR VH YHUi QmR HUD WmR DEUDQJHQWH  3DUD LQWHUHVVHS~EOLFR DUW,;&) 
HVWHV Ki XP UHJLPH HVSHFLDO
HVSHFLDO GLIHUHQWH GR (VWDWXWiULR H
WDPEpPGD&/7³LVVRSDUDDWHQGHUGDPHOKRUIRUPD 6DELGDPHQWHKipSRFDVHPTXHRVVHUYLoRVDSUHVHQ
SRVVtYHOjVFRQYHQLrQFLDVGD$GPLQLVWUDomRQRTXHWRFD WDPVH PDLV YROXPRVRV LQYHQFtYHLV SHOR FRQWLQJHQWH
jVDWLYLGDGHVSDUDDVTXDLVVmRHOHVFRQWUDWDGRV QRUPDOGHIXQFLRQiULRVS~EOLFRV6HHOHYDVVHRQ~PHURGH
IXQFLRQiULRVTXDQGRVHVXSHUDVVHWDOSLFRKDYHULDyFLR
&RQILUDTXHDSUySULD&RQVWLWXLomR)HGHUDO DUWLQ JHQWH GHPDLV H VHUYLoR GH PHQRV  SUHMXGLFLDO j
F,; SUHYrDSRVVLELOLGDGHGHFRQWUDWDomRGHVVHSHVVRDO DGPLQLVWUDomRHVHXFUpGLWRSHUDQWHDRSLQLmRS~EOLFD
HPUHJLPHHVSHFLDODOHLHVWDEHOHFHUiRVFDVRVGHFRQWUDWD 3RULVVRD&RQVWLWXLomRDXWRUL]DDDGPLQLVWUDomRS~EOLFD
omR SRU WHPSR GHWHUPLQDGR SDUD DWHQGHU D QHFHVVLGDGH jH[FHSFLRQDOPHQWHFRQWUDWDUIXQFLRQiULRVSDUDDWHQGHU
WHPSRUiULDGHH[FHSFLRQDOLQWHUHVVHS~EOLFR DWDLVQHFHVVLGDGHVWHPSRUiULDVHGHH[FHSFLRQDOLQWHUHVVH
S~EOLFR
(KiRXWUDVSHVVRDVTXHVmRFRQWUDWDGDVSHORUHJLPH
GD&/7HPSUHJDGRVTXHVHUHODFLRQDPFRPD$GPLQLV (VVDOLEHUGDGHGHFRQWUDWDomRSURYLVyULDSRUpPDLQGD
WUDomR 3~EOLFD FRQVRDQWHPHQWH DV UHJUDV WUDEDOKLVWDV QmRSRGHVHUH[HUFLWDGDSHODDGPLQLVWUDomRS~EOLFDVHUi
SUHYLVWDVQD&RQVROLGDomRGDV/HLVGR7UDEDOKRRXVHMD RSRUWXQDPHQWHGLVFLSOLQDGDHPOHLHVSHFLDOTXHGHILQLUi
HOHVFRPRVGLUHLWRVHREULJDo}HVSUySULRVGRV(PSUHJD RVFDVRVHPTXHVHUiSHUPLWLGDDFRQWUDWDomRWHPSRUiULD
GRVFRPXQVHD$GPLQLVWUDomR3~EOLFDFRPRVGLUHLWRVH EHPFRPRRVGLUHLWRVHJDUDQWLDVGHVVHVHPSUHJDGRV$SH
REULJDo}HVWtSLFDVGRV(PSUHJDGRUHVFRPXQV6mRHOHVRV QDV D WtWXOR GH H[HPSOR QR (VWDGR GH 6mR 3DXOR D
(PSUHJDGRV3~EOLFRV
FKDPDGRV(PSUHJDGRV3~EOLFRV
(PSUHJDGRV3~EOLFRV WHPSRUiULRVpSUHYLVWD
FRQWUDWDomRGHVVHVWUDEDOKDGRUHVWHPSRUiULRV
WHPSRUiULRV
HGLVFLSOLQDGDSHOD/HLQž
7DPEpPDQRYD&RQVWLWXLomR)HGHUDOSUHYLXDSRVVLELOL
GDGHGHFRQWUDWDomRGHSHVVRDVSDUDHPSUHJRVS~EOLFRV
HHPERUDFDLEDjOHLDGHILQLomRGRVFULWpULRVGHDGPLV
VmR D UHODomR TXH PDQWHUmR HOHV FRP D $GPLQLVWUDomR 3URYLPHQWR
3~EOLFDVHUiUHJLGDSHOD&/7
'HTXDOTXHUVRUWHQmRVHKiGHSHUGHUGHYLVWDTXH
WRGRVHOHV(VWDWXWiULRVRXQmRVHUmRVHPSUHFRQVLGHUD 6H XP FDUJR S~EOLFR HVWi YDJR KRXYH YDFkQFLD  p
GRV IXQFLRQiULRV S~EOLFRV SDUD HIHLWRV FULPLQDLV H GH QHFHVViULRSUHHQFKrOR4XHPRFXSDUiXPFDUJRTXHILFRX
UHVSRQVDELOL]DomRFLYLO YDJR " &RP D QRYD &RQVWLWXLomR R SURYLPHQWR SUH
HQFKLPHQWR  GRV &DUJRV 3~EOLFRV GH LQtFLR GH FDUUHLUD
EDVLFDPHQWHGHYHVHUIHLWRSRUFRQFXUVR
25HJLPH7UDEDOKLVWDGR(PSUHJDGR3~EOLFR
1DWXUDOPHQWHMiSDUDSDUWLFLSDUGRFRQFXUVRDSHVVRD
2 3URI+(/< /23(6 0(,5(//(6 DILUPD TXH 2V GHYHUiDWHQGHUDDOJXQVUHTXLVLWRVTXHVHUmRQHFHVViULRV
VHUYLGRUHVFRQWUDWDGRVQRUHJLPHGD&/7WDPEpPFKDPD SDUDTXHHOHSRVVDRFXSDURFDUJRYDJR FDVRDSURYDGRQR
GRV HPSUHJDGRV
HPSUHJDGRV S~EOLFRV
S~EOLFRV VmR RV TXH SUHVWDP VHUYLoRV j FRQFXUVRpORJLFR +iWDPEpPFDUJRVTXHVmRSURYLGRVHP
$GPLQLVWUDomR'LUHWDRXj$XWiUTXLFDPHGLDQWHFRQWUDWRGH FRPLVVmRRXVHMDVHPFRQFXUVR
WUDEDOKRQRVWHUPRVHFRQGLo}HVGDOHJLVODomRWUDEDOKLVWD
LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57S 
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR $ &RQVWLWXLomR %UDVLOHLUD GH  GLVSXQKD HP VHX
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

DUWLQF,TXHRVFDUJRVHPSUHJRVHIXQo}HVS~EOLFDV 0DVHVVHVGLUHLWRVSROtWLFRV YRWDUHVHUHOHLWR QyVSRGH


VmRDFHVVtYHLVDRVEUDVLOHLURVTXHSUHHQFKDPRVUHTXLVLWRV PRVSHUGHU$&RQVWLWXLomR)HGHUDOHVWDEHOHFHQRDUW
HVWDEHOHFLGRVHPOHL³PDVFRPD5HIRUPD$GPLQLVWUDWLYD TXH(
YHGDGDDFDVVDomRGRVGLUHLWRVSROtWLFRVFXMDSHUGD
LQVWLWXtGD SHOD (PHQGD &RQVWLWXFLRQDO Qž  ILFRX RXVXVSHQVmRVyVHGDUiQRVFDVRVGH,FDQFHODPHQWRGD
DOWHUDGDWDOGLVSRVLomRDXWRUL]DQGRTXHDOHLSHUPLWDD QDWXUDOL]DomR SRU VHQWHQoD WUDQVLWDGD HP MXOJDGR
FRQWUDWDomR GH HVWUDQJHLURV SDUD R VHUYLoR S~EOLFR´RV ,,LQFDSDFLGDGHFLYLODEVROXWD,,,FRQGHQDomRFULPLQDOWUDQ
FDUJRV HPSUHJRV H IXQo}HV S~EOLFDV VmR DFHVVtYHLV DRV VLWDGDHPMXOJDGDHQTXDQWRGXUDUHPVHXVHIHLWRV,9UHFXVD
EUDVLOHLURVTXHSUHHQFKDPRVUHTXLVLWRVHVWDEHOHFLGRVHPOHL GH FXPSULU REULJDomR D WRGRV LPSRVWD RX SUHVWDomR
DVVLPFRPRDRVHVWUDQJHLURVQDIRUPDGDOHLµ DOWHUQDWLYD QRV WHUPRV GR DUWž9,,, H 9LPSURELGDGH
DGPLQLVWUDWLYDQRVWHUPRVGRDUW†ž
 (DOHLSRUVXDYH]QmRSRGHUiHVWDEHOHFHUUHTXLVLWRV
TXHDWHQWHPFRQWUDRVSULQFtSLRVGDLPSHVVRDOLGDGHRX $VVLP SDUD RFXSDU SURYHU  XP FDUJR S~EOLFR
GDPRUDOLGDGHRXRXWURVSULQFtSLRVFRQVWLWXFLRQDLV6HUmR QHFHVVDULDPHQWHDSHVVRDGHYHUiHVWDUQRJR]RGHVHXV
UHTXLVLWRVTXHWRGREUDVLOHLURFRPVHXHVIRUoRSHVVRDO GLUHLWRV SROtWLFRV 1HP SRGH WrORV SHUGLGR QHP SRGH
SRVVDDOFDQoDUQDYLGDGHQtYHOFXOWXUDORXH[SHULrQFLD WrORVVXVSHQVRSRUTXDOTXHUGDVKLSyWHVHVGRDUWGD
HVSHFtILFDRXDSWLGmRItVLFDRXRXWURVFRQVWDWiYHLVHP &RQVW)HGHUDO
SURYDVRXWtWXORV
7DPEpPDTXLKDYHUiUHIOH[RVGDDOWHUDomRLQWURGX]LGD
9HMDPRV TXDLV VmR HVVHV UHTXLVLWRV TXH R (VWDWXWR SHOD5HIRUPD$GPLQLVWUDWLYDDSRVVLELOLGDGHGHFRQWUDWD
HVWDEHOHFHXFRPRQHFHVViULRVSDUDRSURYLPHQWRGRFDUJR omR GH HVWUDQJHLUR DXWRPDWLFDPHQWH HVEDUUDUi QR
S~EOLFR GHVDWHQGLPHQWRDHVVHUHTXLVLWRSRLVRHVWUDQJHLURQmR
JR]DGHGLUHLWRVSROtWLFRVEUDVLOHLURV
$UWž 6mR UHTXLVLWRV EiVLFRV SDUDLQYHVWLGXUDHP
FDUJRS~EOLFR
FDUJRS~EOLFR ,,, DTXLWDomR
TXLWDomRFRP
FRPDV
DVREULJDo}HV
REULJDo}HVPLOLWDUHV
PLOLWDUHVHHOHLWR
UDLV
, DQDFLRQDOLGDGHEUDVLOHLUD
6DELGDPHQWHWRGRVWHPRVGHYHUHVS~EOLFRV7HPRVGH
2VFDUJRVS~EOLFRVVmRQDWXUDOPHQWHFRELoDGRVSRU VHUYLUDRH[pUFLWR RXjPDULQKDRXjDHURQiXWLFD  H
PXLWDV SHVVRDV D FRQVWLWXLomR DVVHJXUD D TXDOTXHU VRPRV REULJDGRV D YRWDU 4XHP QmR FXPSULU FRP WDLV
EUDVLOHLUR VHMDQDWRRXQDWXUDOL]DGR RDFHVVRDRVFDUJRV
EUDVLOHLUR REULJDo}HVWDPEpPQmRSRGHUiRFXSDURFDUJRS~EOLFR
S~EOLFRV  ( YHMD EHP GH UHJUD Vy R EUDVLOHLUR SRGH
RFXSDUFDUJRS~EOLFR (FRPRVHSURYDUiTXHFXPSULX"$REULJDomRGHFXP
SULPHQWRGRVHUYLoRPLOLWDU TXHSRUHQTXDQWRVyH[LJLGR
0DV
0DV R HVWUDQJHLUR QmR
QmR PDLV
PDLV HVWiLPSRVVLELOLWDGRGH
HVWiLPSRVVLELOLWDGRGH SDUDRVKRPHQV VHSURYDFRPR&HUWLILFDGRGH5HVHUYLVWD
VHUIXQFLRQiULRS~EOLFR HRGHYHUHOHLWRUDOFRPRWtWXORGHHOHLWRUHSDSHOHWDGH
TXHYRWRXQD~OWLPDHOHLomR
$ &RQVWLWXLomR %UDVLOHLUD GH  GLVSXQKD HP VHX 0DLVXPDYH]KDYHUiUHIOH[RVGDDOWHUDomRLQWURGX]LGD
DUWLQF,TXHRVFDUJRVHPSUHJRVHIXQo}HVS~EOLFDV SHOD5HIRUPD$GPLQLVWUDWLYDDSRVVLELOLGDGHGHFRQWUDWD
VmRDFHVVtYHLVDRVEUDVLOHLURVTXHSUHHQFKDPRVUHTXLVLWRV omR GH HVWUDQJHLUR DXWRPDWLFDPHQWH HVEDUUDUi QR
HVWDEHOHFLGRVHPOHL³SRUpPFRPD5HIRUPD$GPLQLVWUD GHVDWHQGLPHQWRDHVVHUHTXLVLWRSRLVRHVWUDQJHLURQmR
WLYDLQVWLWXtGDSHOD(PHQGD&RQVWLWXFLRQDOQžILFRX HVWDUi TXLWH FRP DV REULJDo}HV PLOLWDUHV H HOHLWRUDLV
DOWHUDGDWDOGLVSRVLomRDXWRUL]DQGRTXHDOHLSHUPLWDD EUDVLOHLUDV
FRQWUDWDomR GH HVWUDQJHLURV SDUD R VHUYLoR S~EOLFR´RV
FDUJRV HPSUHJRV H IXQo}HV S~EOLFDV VmR DFHVVtYHLV DRV ,9 R QtYHO
QtYHO GHHVFRODULGDGHH[LJLGRSDUDRH[HUFtFLR
GHHVFRODULGDGHH[LJLGRSDUDRH[HUFtFLR
EUDVLOHLURVTXHSUHHQFKDPRVUHTXLVLWRVHVWDEHOHFLGRVHPOHL GRFDUJR
GRFDUJR
DVVLPFRPRDRVHVWUDQJHLURVQDIRUPDGDOHLµ
$OJXQV FDUJRV H[LJHP XP PtQLPR GH FXOWXUD GR
$VVLPMiQmRPDLVpDEVROXWDPHQWHYiOLGRRUHTXLVLWR FDQGLGDWR&RQIRUPHRFDUJRKiXPQtYHOHVFRODUH[LJLGR
GHVWHLQFLVR,TXHSRGHUiVHUH[FHSFLRQDGRSRUXPDRXWUD 2 FDQGLGDWR DSURYDGR QR FRQFXUVR GHYHUi MXQWDU R
OHL GLSORPDHVFRODUSURYDQGRTXHSRVVXLRQtYHOHVFRODU
H[LJLGR6HRFDUJRpGHHFRQRPLVWDRFDQGLGDWRGHYH
,, RJR]RGRVGLUHLWRVSROtWLFRV SRVVXLU GLSORPD GH FXUVR GH HFRQRPLD VH p FDUJR GH
DGYRJDGRGHYHSRVVXLUGLSORPDGHFLrQFLDVMXUtGLFDVHVR
'LUHLWR3ROtWLFRpRGLUHLWRGHYHUTXHWrPDVSHVVRDV FLDLVVHpFDUJRTXHH[LJHžJUDXRFDQGLGDWRGHYHH[LELU
GHSDUWLFLSDUHPGDJHUrQFLD DGPLQLVWUDomRHGHFLVmR GD RUHVSHFWLYRGLSORPDGHžJUDX
YLGDGD1DomR¢(FRPRSDUWLFLSDPRV"7DQWRYRWDQGR
HPHOHLo}HVSDUDHVFROKDGHQRVVRVUHSUHVHQWDQWHVFRPR 9 DLGDGHPtQLPDGHGH]RLWRDQRV
QRVSOHELVFLWRVHDWpSURSRQGRSURMHWRGHOHLDWUDYpVGH
DEDL[RDVVLQDGR FRPPLOK}HVGHDVVLQDWXUDV RXDLQGD &ULDQoDQmRSRGHVHUIXQFLRQiULRS~EOLFR6yDSyVRV
QRVFDQGLGDWDQGRSDUDVHUPRVYRWDGRVHHOHLWRV DQRVGHLGDGHeDVVLPSRUTXHVyDSDUWLUGRVDQRV
p TXH VH SRGHP H[LJLU FHUWDV UHVSRQVDELOLGDGHV GDV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

SHVVRDV $QWHV GRV  DQRV SRU H[HPSOR QLQJXpP $TXLR(VWDWXWRREHGHFHDRTXHREULJDD&RQVWLWXLomR


UHVSRQGHSRUFULPHFRPHWLGR6HRIXQFLRQiULRS~EOLFR )HGHUDOHPVHXDUWLQF9,,,DOHLUHVHUYDUiSHUFHQWXDO
SXGHVVH WHU PHQRV GH  DQRV HOH SRGHULD DSURQWDU GRVFDUJRVHHPSUHJRVS~EOLFRVSDUDDVSHVVRDVSRUWDGRUDV
PXLWDVVDIDGH]DVHQmRVHULDUHVSRQVDELOL]DGRFULPLQDO GHGHILFLrQFLDVHGHILQLUiRVFULWpULRVSDUDVXDDGPLVVmR
PHQWH,VVRGDULDLQVHJXUDQoDHUHSUHVHQWDULDVpULRULVFR
DRSDWULP{QLRS~EOLFRHDRVLQWHUHVVHVGDVSHVVRDVMXQWR  (VWD QRYLGDGH FRQVWLWXFLRQDO YLVD j SURWHomRGRV
j$GPLQLVWUDomR3~EOLFD GHILFLHQWHVItVLFRVUHVHUYDQGRSDUDHOHVDOJXPHPSUHJR
S~EOLFR$VVLPGHYHUiRVHUYLoRS~EOLFRUHVHUYDUDOJXQV
9, DSWLGmRItVLFDHPHQWDO FDUJRVSDUDWDLVSHVVRDVHVWLPXODQGRDVXDRFXSDomRH
GDQGRH[HPSORjLQLFLDWLYDSULYDGDSDUDTXHQmRVHMDP
$ DSWLGmR ItVLFD p D FRQGLomR GH GHVHPSHQKDU DV HODVWUDWDGDVFRPRLQ~WHLV TXHQmRVmR 
IXQo}HVGRVFDUJRV6HRFDUJRH[LJHDOJXPDTXDOLGDGHGH
2SHUFHQWXDOSRUWDQWRVHUiGH GDVYDJDVHP

IRUoD RX PRYLPHQWDomRItVLFDDSHVVRDWHYHDWHQGHUD
WRGR FRQFXUVR S~EOLFR VH KRXYHU  YDJDV  YDJDV
HVVD QHFHVVLGDGH 8PD SHVVRD FRP DOJXPD GHILFLrQFLD
 GH   GHYHUmR VHU UHVHUYDGDV  H DVVLP Vy
ItVLFD IDOWDGHXPDSHUQDSRUH[HPSOR SRGHVHUXPH[
SRGHUmRVHUSUHHQFKLGDVSRUSHVVRDVTXHWHQKDPGHILFLrQ
FHOHQWHDVFHQVRULVWDDIDOWDGHXPDSHUQDQmRpLQDSWLGmR
FLDV1DWXUDOPHQWHDGHILFLrQFLDQmRSRGHUiLPSHGLUR
SDUDVHUDVFHQVRULVWDRXHVFUHYHQWHPDVMiRVHUiSDUD H[HUFtFLRGDIXQomR
XPYLJLODQWH
$WHQomR
$WHQomR HVWHOLPLWHGHpRWHWR
WHWRFRQIRUPHVHGHGX]
WHWR
$DSWLGmRPHQWDOVHUiQmRDSHQDVDVDQLGDGHPHQWDO GD H[SUHVVmR DWp 6LJQLILFD TXH QmR VHUmR
SURSULDPHQWHGLWDFRPRRQtYHOLQWHOHFWXDOHGHPDWXUL UHVHUYDGDV QHFHVVDULDPHQWH  GDV YDJDV
GDGHSDUDRH[HUFtFLRGDTXHODIXQomRS~EOLFDHVSHFLDO 3RGHUi R DGPLQLVWUDGRU UHVHUYDU XP Q~PHUR
PHQWH PHQRUGHYDJDV
PHQRU

$WHQomR QmRpGHPDVLDGDDOHPEUDQoDGHTXHD&RQVWL -DPDLVSRGHUiUHVHUYDUPDLVGHGDVYDJDV6HR


WXLomR)HGHUDOHPVHXDUWLQF9,,,REULJD GHILFLHQWHItVLFRGHYHVHUSURWHJLGRQHPSRULVVRVHKiGH
jUHVHUYDGHXPSHUFHQWXDO DWp GRVFDUJRVHHPSUH SURGX]LUXPDGLVFULPLQDomRWmRIDYRUiYHODHOHTXHDFDEH
JRVS~EOLFRVSDUDDVSHVVRDVSRUWDGRUDVGHGHILFLrQFLDVH HVWLPXODQGRSHVVRDVDVHDXWRPXWLODUHPVySDUDWHUHP
GHILQLUiRVFULWpULRVSDUDVXDDGPLVVmR (VWDQRYLGDGH IDFLOLGDGHVQDGLVSXWDHFRQTXLVWDGHXPQ~PHURSULYLOHJL
FRQVWLWXFLRQDO YLVD j SURWHomR GRV GHILFLHQWHV ItVLFRV DGRGHYDJDVHPFDUJRVS~EOLFRV
UHVHUYDQGR SDUD HOHV DOJXP HPSUHJR S~EOLFR $VVLP
GHYHUiRVHUYLoRS~EOLFRUHVHUYDUDOJXQVFDUJRVSDUDWDLV 0DV PXLWD DWHQomR SDUD D TXHVWmR GD GHILFLrQFLD
SHVVRDVHVWLPXODQGRDVXDRFXSDomRHGDQGRH[HPSORj ItVLFD D DSWLGmR ItVLFD p XPD LQDIDVWiYHO FRQGLomR GH
LQLFLDWLYDSULYDGDSDUDTXHQmRVHMDPHODVWUDWDGDVFRPR GHVHPSHQKDU DV IXQo}HV GRV FDUJRV 6H R FDUJR H[LJH
LQ~WHLV TXHQmRVmR 0DVQHPSRULVVRVHWUDWDVHGH DOJXPD TXDOLGDGH GH IRUoD RX PRYLPHQWDomR ItVLFD D
H[FHomR DR UHTXLVLWR GD DSWLGmR ItVLFD H PHQWDO SRLV DR SHVVRDWHYHDWHQGHUDHVVDQHFHVVLGDGH8PDSHVVRDFRP
´GHILFLHQWH ItVLFRµ SHUPLWHPVH DV GHILFLrQFLDV TXH QmR R DOJXPD GHILFLrQFLD ItVLFD IDOWD GH XPD SHUQD SRU
UHYHOHPLQFDSDFLWDGRSDUDRH[HUFtFLRGDIXQomRGHVHX H[HPSOR SRGHVHUXPH[FHOHQWHDVFHQVRULVWDDIDOWDGH
FDUJR³RXQRXWUDVSDODYUDVHOHQmRSRGHUiWHUTXDOTXHU XPD SHUQD QmR p LQDSWLGmR SDUD VHU DVFHQVRULVWD RX
GHILFLrQFLDRXLQFDSDFLGDGHTXHRLQDELOLWHDRH[HUFtFLRGH HVFUHYHQWHPDVMiRVHUiSDUDXPYLJLODQWH
VHXFDUJR VHpFHJRQmRSRGHUiVHUHVFUHYHQWHVHpVXUGR
$VVLPKDYHUiDUHVHUYDGHDWpGDVYDJDVSDUD
QmRSRGHUiVHUWDTXtJUDIRRQGHGHYHHVFXWDUHHVFUHYHU
GHILFLHQWHVItVLFRVPDVQHQKXPGHILFLHQWHVHUiDGPLWLGR
HWF 
HPFDUJRSDUDRTXDOVXDGHILFLrQFLDVLJQLILTXHLQDSWLGmR
DRH[HUFtFLRGDVUHVSHFWLYDVIXQo}HV
†ž $V DWULEXLo}HV GR FDUJR SRGHPMXVWLILFDUD
H[LJrQFLDGHUHTXLVLWRVHVWDEHOHFLGRVHPOHL †ž $V XQLYHUVLGDGHV H LQVWLWXLo}HVGHSHVTXLVD
FLHQWtILFD
FLHQWtILFDHWHFQROyJLFD
WHFQROyJLFDIHGHUDLV
IHGHUDLVSRGHUmR
SRGHUmRSURYHU
(VWDEHOHFHVH DTXL D SRVVLELOLGDGH GH D OHL ID]HU VHXV
VHXVFDUJRV
FDUJRVFRPSURIHVVRUHVWpFQLFRVHFLHQWLV
RXWUDVH[LJrQFLDVFRQIRUPHDQHFHVVLGDGHGRFDUJRSRU WDVHVWUDQJHLURVGHDFRUGRFRPDVQRUPDVHRV
H[HPSORH[LJLUDOJXPDKDELOLGDGHHVSHFLDO VHDSURYDGR SURFHGLPHQWRVGHVWD/HL
HPSURYDGHWLURHVHUERPDWLUDGRUSDUDVHUSROLFLDO RX
2EV†DFUHVFHQWDGRSHOD/HLQž
2EV
VH[RFRQIRUPHRFDUJR PXOKHUSDUDFDUFHUHLURGHSHQL
WHQFLiULDIHPLQLQD HWF (VWD GLVSRVLomR HPERUD SUHFHGHQWH j UHIRUPD
DGPLQLVWUDWLYDIRLLQWHLUDPHQWHDJDVDOKDGDSRUHODFRP
†ž $V
$VSHVVRDV
SHVVRDVSRUWDGRUDV
SRUWDGRUDVGHGHGHILFLrQFLD
GHILFLrQFLDpDVVHJXUD D(PHQGD&RQVWLWXFLRQDOQžWRUQRXVHSRVVtYHOTXH
GR
GRRGLUHLWR
GLUHLWRGH
GHVH
VHLQVFUHYHU
LQVFUHYHUHP
HPFRQFXUVR
FRQFXUVRS~EOLFR XP HVWUDQJHLURYHQKDDVHU
HVWUDQJHLUR IXQFLRQiULRS~EOLFRDJRUD
XQFLRQiULRS~EOLFR
SDUD
SDUD SURYLPHQWR
RYLPHQWR GHGH FDUJR
FDUJR FXMDV
FXMDV DWULEXLo}HV SHUPLWHVHTXHDOHL
OHLGLVFLSOLQHRLQJUHVVRGRIRUDVWHLURQD
OHL
VHMDP
VHMDPFRPSDWtYHLV
FRPSDWtYHLVFRP
FRPDGHILFLrQFLD
GHILFLrQFLDGH
GHTXH
TXHVmR DGPLQLVWUDomR S~EOLFD 2 REMHWLYR p H[DWDPHQWH HVVH
SRUWDGRUDV
SRUWDGRUDV SDUD
SDUD WDLV
WDLV SHVVRDV
SHVVRDV VHUmR
VHUmR UHVHUYDGDV SRVVLELOLWDUTXHSURIHVVRUHVWpFQLFRVHFLHQWLVWDVSRVVDPVHU
DWp
DWp
 YLQWHSRUFHQWR GDV
YLQWHSRUFHQWR GDVYDJDV
YDJDVRIHUHFLGDV LPSRUWDGRV H SRVVDP FRQWULEXLU SDUD R DSULPRUDPHQWR
QRFRQFXUVR WHFQROyJLFRHGR.QRZ+RZQR%UDVLO
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$UWž 2 SURYLPHQWR GRV FDUJRVS~EOLFRVIDUVHi ,,, UHYRJDGRSHOD/HLQž


,9 UHYRJDGRSHOD/HLQž
PHGLDQWH
PHGLDQWHDWR
DWRGD
GDDXWRULGDGH
DXWRULGDGHFRPSHWHQWH
FRPSHWHQWHGH
GHFDGD
3RGHU
9 UHDGDSWDomR
2SURYLPHQWRpRDWRSHORTXDOD$XWRULGDGHFRP
SHWHQWHGHFODUDUiRFDUJRSUHHQFKLGRFRPSHWHQWHVHUiD 6HRIXQFLRQiULRSHUGHVXDFDSDFLGDGHSDUDUHDOL]DU
$XWRULGDGH GHILQLGD SHOD RUJDQL]DomR DGPLQLVWUDWLYD RWUDEDOKRTXHYLQKDID]HQGRHGHUHSHQWHQmRWHPPDLV
3UHVLGHQWHRX0LQLVWURHWF  FRQGLo}HV SDUD GHVHPSHQKDU DTXHOH PHVPR VHUYLoR 
LPDJLQH R DVFHQVRULVWD TXH SHUFD DV GXDV PmRV   R
$UWž $LQYHVWLGXUD
LQYHVWLGXUDHPFDUJRS~EOLFRRFRUUHUiFRPD
HPFDUJRS~EOLFRRFRUUHUiFRPD IXQFLRQiULRSRGHUiVHUFRORFDGRQXPDRXWUDWDUHIDSDUD
SRVVH DTXDOVHUiUHDGDSWDGR

,QYHVWLUQRFDUJRS~EOLFRVLJQLILFDHQWUDUWRPDU $VVLPDUHDGDSWDomRpDLQYHVWLGXUDGHXPIXQFLR
FRQWDRFXSDURFDUJRS~EOLFR QiULRHPRXWURFDUJRPDLVFRPSDWtYHOFRPVXDFDSDFLGD
GH1DWXUDOPHQWHRIXQFLRQiULRVHUiVXEPHWLGRDXPD
$ SHVVRDQRPHDGDSDUDRFDUJRS~EOLFRHVWiTXD LQVSHomRPpGLFD,PSRUWDQWHpTXHFRPDUHDGDSWDomR
OLILFDGDOHJDOPHQWHSDUDRFXSiOR0DVSUHFLVDUiHQWUDU RIXQFLRQiULRQmRVRIUHUiQHPGLPLQXLomRQHPDXPHQWR
QRFDUJRSDUDTXHVHFRPSOHWHRSURYLPHQWR6HDSHVVRD GHYHQFLPHQWR
pQRPHDGDRXSURPRYLGDPDVDQWHVGHHQWUDUQRFDUJR
HODGHVLVWHGHVLQWHUHVVDVHSHORFDUJRRSURYLPHQWRQmR $ UHDGDSWDomR VHUi IHLWD DWUDYpV GH WUDQVIHUrQFLD
WHUiVHDSHUIHLoRDGR UHPRomR 

$LQYHVWLGXUDDSHUIHLoRDRSURYLPHQWR¢(TXDQGR 9, UHYHUVmR


VHGiHVVHDSHUIHLoRDPHQWR"4XDQGRDSHVVRDWRPDSRVVH
GRVHXFDUJRHODHVWDUiDRPHVPRWHPSRRFXSDQGRVHX 6HXPIXQFLRQiULRS~EOLFRVHDSRVHQWDHOHSRGHUi
FDUJRVHQGRLQYHVWLGDHPVHXFDUJR DLQGDYROWDUDRVHUYLoRS~EOLFR,PDJLQHTXHXPIXQFLRQi
ULRS~EOLFRVHDSRVHQWHSRUGRHQoDTXHRWRUQRXLQYiOLGR
)RUPDVGH3URYLPHQWR 'HSRLVGLVVRHOHVDUDILFDFXUDGRHPSHUIHLWDVFRQGLo}HV
SDUDRWUDEDOKR'HYHUiYROWDUDWUDEDOKDU QLQJXpPSRGH
$UWž 6mRIRUPDVGHSURYLPHQWRGHFDUJRS~EOLFR FXUWLU XPD YDJDEXQGDJHP VHP DOJXP PRWLYR MXVWR 
(VVDYROWDGRDSRVHQWDGRDRWUDEDOKRVHFKDPDUHYHUVmR
9iULDVVmRDVPDQHLUDVSHODVTXDLVRVFDUJRVSRGHP
VHUSURYLGRV SUHHQFKLGRVRFXSDGRV  9,, DSURYHLWDPHQWR
, QRPHDomR
4XDQGRXPFDUJRpH[WLQWRRIXQFLRQiULRS~EOLFR
ILFDHPGLVSRQLELOLGDGHRXVHMDILFDHPFDVD JDQKDQ
$QRPHDomRpRDWRGHFRQIHULUDWLWXODULGDGHGHXP
GR jGLVSRVLomRGD$GPLQLVWUDomR3~EOLFD6HD$GPLQLV
FDUJRS~EOLFRDDOJXpPDXPQRPH4XDQGRVHGHFODUD
WUDomR3~EOLFDFKDPDUGHYROWDRIXQFLRQiULRSDUDTXHHOH
RQRPHGDSHVVRDTXHRFXSDUiRFDUJRS~EOLFRID]VHD
YROWHDWUDEDOKDURFRUUHUiRDSURYHLWDPHQWR$VVLPR
QRPHDomR'HFODUDQGRVHRQRPHGHTXHPFRQTXLVWRX
DTXHOHFDUJRID]VHRSURYLPHQWRGRFDUJRS~EOLFR DSURYHLWDPHQWR p R UHLQJUHVVR QR VHUYLoR S~EOLFR GR
VHUYLGRUTXHIRUDFRORFDGRHPGLVSRQLELOLGDGH
,, SURPRomR
9,,, UHLQWHJUDomR
6HU SURPRYLGR VLJQLILFD DOFDQoDU XP GHJUDX
VXSHULRUQDFDUUHLUD2IXQFLRQDOLVPRS~EOLFRpHVWUXWXUD 1mRUDURRIXQFLRQiULRS~EOLFRpPDQGDGRHPERUD
GRHPGHJUDXVRXVHMDQXPDRUJDQL]DomRTXHSHUPLWH 'HSRLVGLVVRSRGHRFRUUHUTXHHOHHQWUHFRPXPDDomR
DR IXQFLRQiULR DOFDQoDU FDUJRV PHOKRUHV FRP PDLV SHUDQWHR-XGLFLiULRHHVWHGHFODUHQXODDGHPLVVmR
UHVSRQVDELOLGDGHVHPDLRUUHPXQHUDomR $VVLPRpSDUD
TXH R IXQFLRQiULR VH VLQWD HVWLPXODGR D GDU VHPSUH R ¢(FRPRILFDUiDVLWXDomRGRIXQFLRQiULR"""6LP
PHOKRUGHVLDVHHPSHQKDUSDUDPHUHFHUXPFDUJRVXSH SOHV GHYH YROWDU DR WUDEDOKR Mi TXH VXD GHPLVVmR IRL
ULRUXPDSURPRomR4XDQGRYDJDUXPFDUJRVXSHULRU DQXODGD7UDQVLWDQGRHPMXOJDGRDGHFLVmRMXGLFLDO TXH
VHUiHOHSUHHQFKLGRQmRSRUFRQFXUVRS~EOLFRPDVFRPD GHFODURXDQXOLGDGHGDGHPLVVmR GHYHUiD$GPLQLVWUDomR
SURPRomRGHXPIXQFLRQiULRGHFDUJRLQIHULRU$VVLPR UHDGPLWLU R IXQFLRQiULR RX VHMD HOH VHUi UHLQWHJUDGR
SURYLPHQWRGRFDUJRVXSHULRUVHGDUiSHORIXQFLRQiULRGR
SURYLPHQWR 0DLV TXH LVVR R IXQFLRQiULR UHLQWHJUDGR WHUi WRGRV RV
FDUJRLQIHULRUTXHVHUiSURPRYLGR
SURPRYLGR
SURPRYLGR GLUHLWRVUHODWLYRVDRWHPSRHPTXHHVWHYHIRUDRVYHQ
FLPHQWRVTXHQmRUHFHEHXSURPRo}HV SRUDQWLJXLGDGH 
$SURPRomRSRGHRFRUUHUFRPEDVHHPGRLVFULWp JUDWLILFDo}HVIpULDVOLFHQoDVSUrPLRVžHWF5HFHEHUi
ULRVSRUPHUHFLPHQWRHDQWLJXLGDGH2PHUHFLPHQWR
PHUHFLPHQWRVHUi
PHUHFLPHQWR WXGLQKR
DSXUDGR HPIXQomRGDGHGLFDomRHFDSDFLGDGHGRIXQ
FLRQiULRHDDQWLJXLGDGH
DQWLJXLGDGHVHUiDSXUDGDSRUVHXWHPSRQR
DQWLJXLGDGH 9HMDRTXHGLVS}HD&RQVWLWXLomRVREUHDUHLQWHJUD
FDUJRVHUYLoRS~EOLFR omR DUW † ž  ,QYDOLGDGD SRU VHQWHQoD MXGLFLDO D
GHPLVVmR GR VHUYLGRU HVWiYHO VHUi HOH UHLQWHJUDGR H R
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

HYHQWXDO RFXSDQWH GD YDJD UHFRQGX]LGR DR FDUJR GH RFXSHFDUJRHIHWLYR QRVFDVRVGHSURPRomRDVFHQVmR


RULJHPVHPGLUHLWRDLQGHQL]DomRDSURYHLWDGRHPRXWUR WUDQVIHUrQFLDHWF 
FDUJRRXSRVWRHPGLVSRQLELOLGDGH
0DVVHIRUXPFDUJRHPFRQILDQoDFKDPDGRFDUJRHP
(FRQILUDDLQGDTXHpSUHYLVWDDKLSyWHVHGHRFRUUHU FRPLVVmRHQWmRRQRPHpGHOLYUHHVFROKDSHORVXSHULRU
TXHDTXHOHFDUJRMiWHQKDVLGRSUHHQFKLGRSRUXPRXWUR KLHUiUTXLFR6DELGDPHQWHQLQJXpPLQJUHVVDQRIXQFLRQD
IXQFLRQiULR1HVVDKLSyWHVHHVWHIXQFLRQiULRTXHRFXSDYD OLVPRS~EOLFRDQmRVHUSRUFRQFXUVRQRTXDOGHYHUiVHU
DYDJDGRTXHHVWiYROWDQGR RUHLQWHJUDGR SHUGHUiVHX DSURYDGR (VVH FRQFXUVR SRGHUi VHU DSHQDV GH SURYDV
FDUJR(QmRWHUiQHQKXPDLQGHQL]DomRRXGLUHLWRSRUTXH FRPRSRGHUiVHUGHSURYDVHWtWXORV1HVWD~OWLPDPRGDOL
SHUGHXVXDYDJDFDUJR$SHQDVSRGHUiVHUDSURYHLWDGR GDGHDOpPGDVSURYDVRVFDQGLGDWRVGHYHUmRWDPEpP
HPRXWURFDUJRYDJR6HQmRKRXYHURXWURFDUJRYDJRHOH DSUHVHQWDURVWtWXORVTXHSRVVXDP GHGRXWRURXHVSHFLD
SRGHUi DWp ILFDU HP GLVSRQLELOLGDGH VHP ID]HU QDGD OLVWDOLYURVRXWHVHVHVFULWDVDSURYDomRHPRXWURVFRQ
HVSHUDQGRXPDYDJDPDVUHFHEHQGRYHQFLPHQWRV  FXUVRVS~EOLFRVHWF HTXHFRQWDUmRSRQWRVHPIDYRUGH
TXHPSRVVXDPDLVWtWXORV9HMDVHEHPWtWXORQmRpRGH
,; UHFRQGXomR QREUH]D FRPR EDUmR GXTXH RX PLOLWDU FRPR FRURQHO
PDMRURXGHVDQJXLQLGDGHFRPRSDUHQWHILOKR
+i RXWUD KLSyWHVH HP TXH R H[IXQFLRQiULR S~EOLFR
YROWDDRVHUYLoRS~EOLFRGHSRLVGHGHVOLJDGRRXH[RQHUD 6yH[FHSFLRQDOPHQWHDOJXpPLQJUHVVDUiQRIXQFLRQDOLV
GR3ULPHLUDPHQWHGHYHUiHVWDUYDJRXPFDUJR'HSRLV PR S~EOLFR LQGHSHQGHQWHPHQWH GH FRQFXUVR D OHL
GLVVRRIXQFLRQiULRGHYHUiUHTXHUHUVXD´UHDGPLVVmRµ HQWUHWDQWRHVWDEHOHFHUiWDLVFDVRV$OLiVDSUySULD&RQV
WLWXLomR)HGHUDOHVWDEHOHFHTXHRVFDUJRVHPFRPLVVmRQmR
$UHFRQGXomRSURYRFDUiRUHWRUQR
UHWRUQRGRVHUYLGRUHVWiYHO
UHWRUQR VHUmR SUHHQFKLGRV SRU SHVVRDV DSURYDGDV HP FRQFXUVR
DRFDUJRTXHHOHDQWHULRUPHQWHRFXSDYDHGRTXDOVDLX S~EOLFR2VFDUJRVHPFRPLVVmRVmRRVFDUJRVFKDPDGRV
SDUDXPRXWURFDUJRPDVQmRIRLKDELOLWDGRQRUHVSHFWLYR GHFRQILDQoD
HVWiJLR SUREDWyULR RX HQWmR SRUTXH R VHUYLGRU TXH
GHVRFXSDUDHVVHRXWURFDUJRDFDERXVHQGRUHLQWHJUDGRQR eTXHKiFHUWDVIXQo}HVQDDGPLQLVWUDomRS~EOLFDTXH
FDUJR³REULJDQGRFRPLVVRDYROWDGRVXFHVVRUDRYHOKR Vy SRGHP VHU SUHHQFKLGDV SRU SHVVRDV TXH JR]DP GH
FDUJRTXHRFXSDYD FRQILDQoDWpFQLFDRXSHVVRDOGHGHWHUPLQDGRFKHIHGH
XPD VHomR 2 DVVHVVRU MXUtGLFR GH XP 6HFUHWiULR GH
$WHQomR
$WHQomR HQTXDQWRQDUHLQWHJUDomRRIXQFLRQiULRVHUi (VWDGRRXVHXFKHIHGHJDELQHWHRSUySULRFDUJRGH0L
UHDGPLWLGRUHFHEHQGRWRGRVVHXVGLUHLWRVUHOD QLVWURRXVHFUHWiULRGHHVWDGRRXR6HFUHWiULRSDUWLFXODU
WLYRVDRWHPSRHPTXHHVWHYHIRUD³QD´UHFRQGXomRµHOH GR3UHVLGHQWHGD5HS~EOLFDRX*RYHUQDGRUGR(VWDGRHYL
VHUiUHDGPLWLGRVHPTXDOTXHUGLUHLWRDUHVVDUFLPHQWRGH GHQWHPHQWHQmRSRGHUmRVHURFXSDGRVSRUSHVVRDVGHVFR
SUHMXt]RV H Vy FRQWDUi R WHPSR GH VHUYLoR HP FDUJRV QKHFLGDV GD SHVVRD D TXHP SUHVWDUmR DX[tOLR  RX QmR
DQWHULRUHVSDUDHIHLWRGHDSRVHQWDGRULDHGLVSRQLELOLGDGH SRGHUmRVHUVHQmRSHVVRDVTXHJR]HPGDFRQILDQoDGRV
PHVPRV

6HWDLVFDUJRVIRVVHPSUHHQFKLGRVPHGLDQWHFRQFXUVR
1RPHDomR KDYHULDRULVFRGHR3UHVLGHQWHGD5HS~EOLFDWHUFRPRVHX
6HFUHWiULR 3DUWLFXODU RX FRPR VHX 0LQLVWUR XP VHX
LQLPLJRRXDOJXpPTXHIL]HVVHSDUWHGDRSRVLomRFRQFOX
$UWž $QRPHDomRIDUVHi VmRHOHQmRWHULDSD]QHPVHJXUDQoDSDUDGHVHPSHQKDU
VXDIXQo}HVSRUTXHQmRSRGHULDFRQILDUQDTXHOHIXQFLR
1RPHDUVLJQLILFDUGDURQRPHRXVHMDpRDWR QiULR
SHORTXDOpGHFODUDGRRQRPHGDSHVVRDTXHRFXSDUiR
FDUJRS~EOLFR $VVLPRVFDUJRVHPFRPLVVmR GHFRQILDQoD QmRVmR
SUHHQFKLGRVSRUSHVVRDVDSURYDGDVHPFRQFXUVRPDVSRU
, HPFDUiWHUHIHWLYRTXDQGRVHWUDWDUGHFDUJR SHVVRDVLQGLFDGDVGLUHWDPHQWHSHORGRQRGDTXHOHFDUJR
LVRODGRGHSURYLPHQWRHIHWLYRRXGHFDUUHLUD DSHVVRDDTXHPVHUYLUi 1RUPDOPHQWHVmRLQGLFDGRV
DPLJRV QLQJXpPPHUHFHPDLVFRQILDQoDTXHRVDPLJRV
,, HPFRPLVVmRLQFOXVLYHQDFRQGLomRGHLQWHULQR SDUDSUHHQFKHUWDLVFDUJRV9HMDVHSRUpPRRXWURODGRGD
SDUDFDUJRVGHFRQILDQoDYDJRV PRHGD4XDQGRRGRQR WLWXODUGRSRGHUGHQRPHDU GR
2EV (VWHLQFLVR,,WHPVXDUHGDomRGDGDSHOD/HLQž FDUJRFDLU SHUGHUVHXFDUJR RIXQFLRQiULRGHFRQILDQoD
HPFRPLVVmR FDLUiWDPEpPLVWRpWDPEpPSHUGHUiVHX
¢ 4XDO D SHVVRD TXH VHUi D HVFROKLGD SDUD R FDUJR
FDUJRHILFDUiGHVHPSUHJDGR1mRWrPSRUWDQWRHVWDELOL
S~EOLFR"(VVDHVFROKDpSDUDVHPSUHRXDSHVVRDSRGHUi
GDGH
VHUPDQGDGDHPERUD"4XDODQDWXUH]DGHVVDHVFROKDGR
DWRGHGHFODUDUWDOQRPH"
2SUy[LPRWLWXODUGRSRGHUGHQRPHDUDOJXpPGHVXD
FRQILDQoDHVFROKHUiRXWUDSHVVRDTXHFRPHOHILFDUiDWp
'HSHQGHGRWLSRGHFDUJRVHIRUFDUJRHIHWLYRGHYHUi
TXHRXHOHFDLDRXSHUFDDFRQILDQoDGRPHVPR
VHU HVFROKLGR DOJXpP TXH IRL DSURYDGR HP FRQFXUVR
S~EOLFR QRVFDVRVGHFDUJRLQLFLDO RXGHDOJXpPTXHMi
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
$QRPHDomRpRDWRGHFRQIHULUDWLWXODULGDGHGHXP ,PSRUWDQWH
,PSRUWDQWH DQRPHDomRGRVDSURYDGRVHPFRQFXUVR
FDUJRS~EOLFRDDOJXpP$H[RQHUDomRpRGHVSHGLPHQWR REHGHFHUiDULJRURVD
ULJRURVD
ULJRURVDRUGHPGHFODVVLILFD
RUGHP
GRIXQFLRQiULRS~EOLFRTXHSHUGHVHXFDUJR QmRFRQIXQ omR(VySRGHVHUIHLWDVHRFRQFXUVRDLQGDWLYHUYDOLGDGH
GLUFRPDGHPLVVmRTXHpSHQD 'HVVDIRUPDWDQWRD 7HUPLQDGD D YDOLGDGH GR FRQFXUVR RXWUR WHP TXH VHU
QRPHDomRTXDQWRDH[RQHUDomRGRRFXSDQWHGRFDUJRHP IHLWR(VHDRUGHPIRUEXUODGDTXDOTXHUSUHMXGLFDGRSR
FRPLVVmRVmR OLYUHVQmRKiHVWDELOLGDGH,PSRUWDQWHp
OLYUHV GHLPSHWUDUPDQGDGRGHVHJXUDQoDHDQXODUDQRPHDomR
FRQVLGHUDUTXHDQRPHDomRWHUiFDUiWHUHIHWLYRVHPSUH
TXHRFDUJRIRUHIHWLYRHDQRPHDomRVHUiHPFRPLVVmR †~QLFR 2V
2VGHPDLV
GHPDLVUHTXLVLWRV
UHTXLVLWRVSDUD
SDUDRLQJUHVVR
LQJUHVVRHRGHVHQ
VHIRUSDUDXPFDUJRGHFRQILDQoD YROYLPHQWR GR
YROYLPHQWR GR VHUYLGRU
VHUYLGRU QD
QD FDUUHLUD
FDUUHLUD PHGLDQWH
SURPRomR
SURPRomRVHUmR
VHUmRHVWDEHOHFLGRV
HVWDEHOHFLGRVSHOD
SHODOHL
OHLTXH
TXHIL[DU
$WHQomRFRPDUHIRUPDDGPLQLVWUDWLYD (&Qž  DV
DVGLUHWUL]HV
GLUHWUL]HVGR
GRVLVWHPD
VLVWHPDGH
GHFDUUHLUD
FDUUHLUDQD
QD$GPLQLV
WDQWRRVFDUJRVHPFRPLVVmRFRPRDVIXQo}HVGHFRQILDQoD WUDomR3~EOLFD)HGHUDOHVHXVUHJXODPHQWRV
ILFDUDP UHVHUYDGRV ´jV DWULEXLo}HV GH GLUHomR FKHILD H
2EV†FRPUHGDomRGDGDSHOD/HLQž
2EV
DVVHVVRUDPHQWRµ ³ H PDLV TXH LVVR SDUD DVIXQo}HV GH
FRQILDQoDVySRGHUmRQRPHDGRVRV´VHUYLGRUHVRFXSDQWHV $UHRUJDQL]DomRGDFDUUHLUDGRVHUYLGRUS~EOLFRpXPD
GHFDUJRHIHWLYRµ QHFHVVLGDGHWDQWRSDUDPHOKRUVXDHILFLrQFLDFRPRSDUD
SURILVVLRQDOL]DU R IXQFLRQDOLVPR ³ GDt D SUHYLVmR GH
-iRVFDUJRVHPFRPLVVmRSRGHUmRVHURFXSDGRVWDQWR HGLomR GH XPD OHL TXH HVWDEHOHFHUi DV GLUHWUL]HV GR
SRUVHUYLGRUHVGHFDUUHLUDFRPRSRUSHVVRDVHVWUDQKDVDR VLVWHPDGHFDUUHLUD DYDOLDomRGHPpULWRSURPRo}HVHWF
IXQFLRQDOLVPR³GHYHUiVHUHGLWDGDXPDOHLTXHIL[DUiRV ³ PHVPR SRUTXH VHP FDUUHLUD VHP HYROXomR KDYHUi
FDVRV DV FRQGLo}HV H SHUFHQWXDLV PtQLPRV HP TXH WDLV DSHQDVHVWDJQDomRGHVLQWHUHVVHHLQHILFLrQFLD
FDUJRV VHUmR SUHHQFKLGRV DSHQDV SRU IXQFLRQiULRV GH
FDUUHLUD

-i VH WHP QRWtFLD GH SROtWLFRV IRUoDQGR DPLJRVSD &RQFXUVR3~EOLFR


UHQWHVDWpFRPGLSORPDXQLYHUVLWiULRDVHKDELOLWDUHPHP
FRQFXUVRVS~EOLFRVSDUDFDUJRVGHID[LQHLURHRXWURVPDLV
KXPLOGHVYLDELOL]DQGRVXDSRVWHULRUQRPHDomRHPIXQomR $ &RQVWLWXLomR )HGHUDO HP VHX DUW LQF,,
GHFRQILDQoDRXFDUJRHPFRPLVVmR LPSHUDWLYDPHQWH GHWHUPLQD TXH RV FDUJRV H HPSUHJRV
S~EOLFRV Vy SRGHUmR VHU SUHHQFKLGRV SHODV SHVVRDV TXH
†~QLFR 2VHUYLGRURFXSDQWHGHFDUJRHPFRPLVVmRRXGH SDVVDUHP IRUHP DSURYDGDV  HP FRQFXUVR S~EOLFR ´D D
QDWXUH]D HVSHFLDO SRGHUi VHU QRPHDGR SDUD WHU LQYHVWLGXUD
LQYHVWLGXUDHPHPFDUJR
FDUJRRX
RXHPSUHJR
HPSUHJRS~EOLFR
S~EOLFRGHSHQGH
GHSHQGHGH
GHDSUR
H[HUFtFLRLQWHULQDPHQWHHPRXWURFDUJRGHFRQIL YDomR
YDomRSUpYLDHPFRQFXUVRS~EOLFRGH
SUpYLDHPFRQFXUVRS~EOLFRGHSURYDV
SURYDVRX
RXGH
GHSURYDV
DQoDVHPSUHMXt]RGDVDWULEXLo}HVGRTXHDWXDO H WtWXORV
WtWXORV GH
GH DFRUGR
DFRUGR FRP
FRP D QDWXUH]D
QDWXUH]D H D FRPSOH[LGDGHGR
FRPSOH[LGDGHGR
PHQWHRFXSDKLSyWHVHHPTXHGHYHUiRSWDUSHOD FDUJR
FDUJR RX
RX HPSUHJR
HPSUHJR QD
QD IRUPD
IRUPD SUHYLVWDHPOHLUHVVDOYDGDV
SUHYLVWDHPOHLUHVVDOYDGDV
UHPXQHUDomR GH XP GHOHV GXUDQWH R SHUtRGR GD DV QRPHDo}HVSDUD
DVQRPHDo}HV SDUDFDUJR
FDUJRHP
HPFRPLVVmR
FRPLVVmRGHFODUDGR
GHFODUDGRHP
HPOHL
OHLGH
LQWHULQLGDGH OLYUHQRPHDomRHH[RQHUDomR
2EV(VWH†WHPVXDUHGDomRGDGD/HLQž
2EV

$ QDWXUH]D LQWHULQD GD QRPHDomR UHYHOD VHU HOD 'HILQLWLYDPHQWHQLQJXpPLQJUHVVDQRIXQFLRQDOLVPR


SURYLVyULDRXWHPSRUiULD³YDOHGL]HU³DQRPHDomRGH S~EOLFR D QmR VHU SRU FRQFXUVR QR TXDO GHYHUi VHU
DOJXpPSDUDH[HUFHUDVIXQo}HVGHRXWUHPDSHQDVGXUDQWH DSURYDGR (VVH FRQFXUVR SRGHUi VHU DSHQDV GH SURYDV
XP GHWHUPLQDGR WHPSR HP TXH WDO VHUYLGRU HVWDUi FRPRSRGHUiVHUGHSURYDVHWtWXORV1HVWD~OWLPDPRGDOL
DIDVWDGR IpULDVOLFHQoDLPSHGLPHQWRHWF  GDGH DOpP GDV SURYDV RV FDQGLGDWRV GHYHUmR WDPEpP
DSUHVHQWDU RV WtWXORV TXH SRVVXDP GH GRXWRU RX
$UW $ QRPHDomR SDUD FDUJR GH FDUUHLUD RXFDUJR HVSHFLDOLVWDOLYURVRXWHVHVHVFULWDVDSURYDomRHPRXWURV
LVRODGR
LVRODGR GH
GH SURYLPHQWR HIHWLYR GHSHQGH GH FRQFXUVRVS~EOLFRVHWF HTXHFRQWDUmRSRQWRVHPIDYRU
SUpYLD
SUpYLD KDELOLWDomR HP FRQFXUVR S~EOLFR GH GHTXHPSRVVXDPDLVWtWXORV
SURYDV
SURYDV RX
RX GH
GH SURYDV
SURYDV H WtWXORV
WtWXORV REHGHFLGRV D
RUGHP
RUGHPGH FODVVLILFDomRHRSUD]RGH
GHFODVVLILFDomR SUD]RGHVXD
VXDYDOLGD 9HMDVHEHPWtWXORQmRpRGHQREUH]DFRPREDUmR
GH GXTXH RX PLOLWDU FRPR FRURQHO PDMRU RX GH VDQJXL
QLGDGHFRPRSDUHQWHILOKR
(PERUD QmR HVWHMD HVFULWR GLUHWDPHQWH R TXH R
(VWDWXWR GLVS}H p TXH R SULPHLUR FDUJR GD FDUUHLUD R
6yH[FHSFLRQDOPHQWHDOJXpPLQJUHVVDUiQRIXQFLRQDOLV
FDUJRLQLFLDO VySRGHVHUSURYLGRSRUTXHPIRLDSURYDGR
PR S~EOLFR LQGHSHQGHQWHPHQWH GH FRQFXUVR D OHL
HPFRQFXUVR6HPFRQFXUVRQLQJXpPSRGHHQWUDUSDUD
HQWUHWDQWRHVWDEHOHFHUiWDLVFDVRV$SUySULD&RQVWLWXLomR
RIXQFLRQDOLVPRS~EOLFRHVHUQRPHDGRSDUDFDUJRHIHWLYR
)HGHUDOQHVWHLQFLVRHVWDEHOHFHTXHRVFDUJRVHPFRPLV
VHMDGHFDUUHLUDVHMDLVRODGR
VmRQmRVHUmRSUHHQFKLGRVSRUSHVVRDVDSURYDGDVHPFRQ
1DWXUDOPHQWHSDUDRVGHPDLVFDUJRVGDFDUUHLUD IRUD FXUVRS~EOLFR2FDUJRHPFRPLVVmRpRFDUJRFKDPDGR
RLQLFLDO DQRPHDomRVHUiIHLWDSRUSURPRomRDVFHQVmR GHGHFRQILDQoD
HWFHLVVRSRUTXHPMiRFXSDXPFDUJR SDUDRTXDOIRL
QRPHDGRDSyVVHUDSURYDGRQRFRQFXUVR  +i FHUWDV IXQo}HV QD DGPLQLVWUDomR S~EOLFD TXH Vy
SRGHPVHUSUHHQFKLGDVSRUSHVVRDVTXHJR]DPGHFRQIL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

DQoDWpFQLFDRXSHVVRDOGHGHWHUPLQDGRFKHIHGHXPD $UW 2FRQFXUVRVHUiGHSURYDVRXGHSURYDVHWtWXORV


VHomR2DVVHVVRUMXUtGLFRGHXPVHFUHWiULRGHHVWDGRRX SRGHQGRVHUUHDOL]DGRHPGXDVHWDSDVFRQIRUPH
VHX FKHIH GH JDELQHWH R SUySULR FDUJR GH 0LQLVWUR RX GLVSXVHUHPDOHLHRUHJXODPHQWRGRUHVSHFWLYR
VHFUHWiULRGHHVWDGRRXR6HFUHWiULRSDUWLFXODUGR3UH SODQR GH FDUUHLUD FRQGLFLRQDGD D LQVFULomR GR
VLGHQWH GD 5HS~EOLFD RX *RYHUQDGRU GR HVWDGR HYL FDQGLGDWR DR SDJDPHQWR GR YDORU IL[DGR QR
GHQWHPHQWH QmR SRGHUmR VHU RFXSDGRV SRU SHVVRDV HGLWDO TXDQGR LQGLVSHQViYHO DR VHX FXVWHLR H
GHVFRQKHFLGDVGDSHVVRDDTXHPSUHVWDUmRDX[tOLRRX
UHVVDOYDGDVDVKLSyWHVHVGHLVHQomRQHOHH[SUHVVD
QmRSRGHUmRVHUVHQmRSHVVRDVTXHJR]HPGDFRQILDQoD
PHQWHSUHYLVWDV
GRVPHVPRV
2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
2EV

6HWDLVFDUJRVIRVVHPSUHHQFKLGRVPHGLDQWHFRQFXUVR
+iGXDVIRUPDVRXRFRQFXUVRVyWHUiDSURYD H[DPH
KDYHULDRULVFRGHR3UHVLGHQWHGD5HS~EOLFDWHUFRPRVHX
6HFUHWiULR 3DUWLFXODU RX FRPR VHX 0LQLVWUR XP VHX GHFRQKHFLPHQWRV RXRFRQFXUVRWHUiDSURYDHVXEVH
LQLPLJRRXDOJXpPTXHIL]HVVHSDUWHGDRSRVLomRFRQFOX TXHQWHPHQWHRVDSURYDGRVQDSULPHLUDIDVHMXQWDUmRGRV
VmRHOHQmRWHULDSD]QHPVHJXUDQoDSDUDGHVHPSHQKDU WtWXORV GLSORPDV GH FXUVRV HVSHFLDOL]Do}HV WUDEDOKRV
VXDIXQo}HVSRUTXHQmRSRGHULDFRQILDUQDTXHOHIXQFLR HWF TXHSRVVXHPSDUDTXHVHMDPDYDOLDGRVHFRPSXWDGRV
QiULR HPVHXIDYRU

$VVLPRVFDUJRVHPFRPLVVmR FKDPDGRVGHFDUJRV &RPRWDLVWtWXORVVHUmRDYDOLDGRVHFRQWDUmRSRQWRV


GHFRQILDQoD QmRVmRSUHHQFKLGRVSRUSHVVRDVDSURYD HVVHV SRQWRV VHUmR VRPDGRV DRV GD SURYD GH FRQKHFL
GDVHPFRQFXUVRPDVSRUSHVVRDVLQGLFDGDVGLUHWDPHQWH PHQWRDSXUDQGRVHDFODVVLILFDomRILQDO2FRQFXUVRFRP
SHOR GRQR GDTXHOH FDUJR D SHVVRD D TXHP VHUYLUi  SURYDVHWtWXORVpPDLVFRPXPSDUDRVFDUJRVWpFQLFRVHP
1RUPDOPHQWH VmR LQGLFDGRV DPLJRV H SDUHQWHV SDUD TXHKiQHFHVVLGDGHGHGLSORPDVH[SHULrQFLDVHWUDEDOKRV
SUHHQFKHUWDLVFDUJRV TXH FUHGHQFLDP PDLV DRV TXH WrP PHOKRU FXUUtFXOR 2
FRQFXUVRSDUD-XL]GH'LUHLWR-XL]GR7UDEDOKR3URPRWRU
9HMDSRUpPRRXWURODGRGDPRHGD4XDQGRRGRQR
GH-XVWLoD3URFXUDGRUGD5HS~EOLFDHRXWURVVmRWRGRV
WLWXODUGRSRGHUGHQRPHDU GRFDUJRFDLU SHUGHUVHX
FDUJR RIXQFLRQiULRGHFRQILDQoD HPFRPLVVmR FDLUi FRQFXUVRGHSURYDVHWtWXORV
WDPEpP LVWR p WDPEpP SHUGHUi VHX FDUJR H ILFDUi
GHVHPSUHJDGR 1mR WrP SRUWDQWR HVWDELOLGDGH 2 $ SRVVLELOLGDGH GH UHDOL]DomR GR FRQFXUVR HP GXDV
SUy[LPR WLWXODU GR SRGHU GH QRPHDU DOJXpP GH VXD HWDSDV WHP XP SURSyVLWR HVSHFtILFR SHUPLWLU TXH D
FRQILDQoDHVFROKHUiRXWUDSHVVRDTXHFRPHOHILFDUiDWp $GPLQLVWUDomR3~EOLFDVXEPHWDRFDQGLGDWR DSURYDGRQD
TXHRXHOHFDLDRXSHUFDDFRQILDQoDGRPHVPR SULPHLUDHWDSD DXPDHVFRODRQGHDSUHQGHUiDSUiWLFDH
D WHRULD GH VXDV IXQo}HV VXEPHWHQGRVH D XPD ~OWLPD
1RPHDomR p R DWR GH FRQIHULU D WLWXODULGDGH GH XP DYDOLDomR GH VHXV FRQKHFLPHQWRV TXDQGR HQWmR Vy RV
FDUJRS~EOLFRDDOJXpP$H[RQHUDomRpRGHVSHGLPHQWR PDLV DSWRV VHUmR FODVVLILFDGRV H DSURYHLWDGRV ³ R TXH
GRIXQFLRQiULRS~EOLFRTXHSHUGHVHXFDUJR HOHYDUiRtQGLFHGHHILFLrQFLDGDDGPLQLVWUDomR

3RUWDQWRWDQWRDQRPHDomRTXDQWRDH[RQHUDomRGR $UW 2FRQFXUVR


FRQFXUVRS~EOLFR
S~EOLFRWHUi
WHUiYDOLGDGH
YDOLGDGHGH
GHDWp
DWp GRLV
RFXSDQWHGRFDUJRHPFRPLVVmRVmROLYUHV1mRKiHVWDEL
DQRV VHU SURUURJDGD
SRGHQGR VHU
QRV SRGHQGR SURUURJDGD XPD
XPD ~QLFD
~QLFD YH]
OLGDGH
SRULJXDOSHUtRGR
'HVWDTXHVHDLQGDTXHRLQF,,GRDUWIRLDOWHUDGR
SHOD(&Qž 5HIRUPD$GPLQLVWUDWLYD HGHWHUPLQRX $TXL R (VWDWXWR Vy UHSHWH R TXH Mi GHWHUPLQDYD D
FRQFXUVR
FRQFXUVRS~EOLFRVHMDIHLWR´GH
TXHFRQFXUVR S~EOLFR GH
GHDFRUGR
DFRUGRFRP
FRPDQDWXUH]D &RQVWLWXLomR)HGHUDOQRDUWLQF,,,9HMD
HDFRPSOH[LGDGHGR
HDFRPSOH[LGDGH GRFDUJRRXHPSUHJRµHSRULVVRWRGR
FDUJRRXHPSUHJR
FRQFXUVR SDUD FDUJR GH PpGLFR GHYHUi SHUTXLULU RV ,,,
,,, R SUD]R GH YDOLGDGH GRFRQFXUVRS~EOLFR
FRQKHFLPHQWRV GH PHGLFLQD GR FDQGLGDWR H RV WtWXORV VHUiGHDWpGRLVDQRVSURUURJiYHOXPDYH]
QHVVDiUHDHQTXDQWRFRQFXUVRSDUDFDUJRGHFDUFHUHLUR SRULJXDOSHUtRGR
GHYHUiTXHVWLRQDUDFXOWXUDGRFDQGLGDWRVREUHDVUHJUDV
GHDSULVLRQDPHQWROLEHUGDGHGHGLUHLWRVKXPDQRVXVRH -iWLQKDLQRYDGRD&RQVWLWXLomRTXDQGRHVWDEHOHFHX
DEXVRGHSRGHUHWF RSUD]RGHYDOLGDGHGRVFRQFXUVRVHPDQRVHHVWDEHOH
FHQGRVXDSURUURJDomRXPDYH]SRUDWpPDLVDQRV
+i(VWDGRRQGHRVFRQFXUVRVSH[GD$FDGHPLDGH
3ROtFLD SDUD RV FDUJRV GH ,QYHVWLJDGRU RX PHVPR GH
(HODpLPSHUDWLYDVLJQLILFDQGRTXHWRGRHTXDOTXHU
&DUFHUHLUR OLPLWDPVH j SHUTXLULomR GRV FRQKHFLPHQWR
VREUH´+LVWyULDH*HRJUDILDµPDWpULDVVHPTXDOTXHUQH[R FRQFXUVRS~EOLFRWHUiYDOLGDGHSRUGRLVDQRVHDFULWpULR
FRPDQDWXUH]DRXFRPSOH[LGDGHGHVVHVFDUJRV¢GHTXH GDUHVSHFWLYDDGPLQLVWUDomRS~EOLFDSRGHUiVXDYDOLGDGH
DGLDQWDUiTXHR,QYHVWLJDGRUVDLEDRH[DWR´GLDGRILFRµGH VHU SURUURJDGD XPD ~QLFD YH]  SRU QR Pi[LPR PDLV
'3HGUR,PDVQmRVDLEDTXHQmRSRGHSUHQGHUQLQJXpP RXWURVGRLVDQRV$VVLPVHIRLIHLWRXPFRQFXUVRS~EOLFR
VHQmRHPIODJUDQWHGHOLWRRXFXPSULPHQWRGHPDQGDGR DQXQFLDQGRTXHVHXSUD]RGHYDOLGDGHVHULDGHDQRV 
MXGLFLDO" ¢ 0DV H WDO FRQFXUVR FRPR VH ID] """ 2 VHQGR  DSURYDGRV H  QRPHDGRV H HPSRVVDGRV
(VWDWXWRUHVSRQGH GHQWURGRSUD]RGHDQRVQRYRVFDUJRV YDJDV IRUHP
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

DEHUWRVD$GPLQLVWUDomR3~EOLFDQmRSUHFLVDUiID]HUQRYR
FRQFXUVRSRGHUiDSURYHLWDURVDSURYDGRVHUHPDQHV 3RVVH
FHQWHVGRFRQFXUVRDQWHULRU
$UW $ SRVVH
SRVVH GDUVHi
GDUVHi SHODDVVLQDWXUDGRUHVSHFWLYR
6H D DGPLQLVWUDomR 3~EOLFD TXLVHU WDO SUD]R GH
WHUPR
WHUPR QR
QR TXDO
TXDO GHYHUmR
GHYHUmR FRQVWDU
FRQVWDU DV
DV DWULEXLo}HV
DWULEXLo}HV
YDOLGDGHSRGHUiVHUSURUURJDGRSRUPDLVRXWURVGRLVDQRV
RV GHYHUHV DV UHVSRQVDELOLGDGHV H RV GLUHLWRV
IDFLOLWDQGR DVVLP R DSURYHLWDPHQWR GRV DSURYDGRV H
LQHUHQWHV
LQHUHQWHV DR
DR FDUJR
FDUJR RFXSDGR
RFXSDGR TXH QmR SRGHUmR
HFRQRPL]DQGR D UHDOL]DomR GLVSHQGLRVD  GH XP QRYR
VHU
VHUDOWHUDGRV
DOWHUDGRVXQLODWHUDOPHQWH
XQLODWHUDOPHQWHSRU
SRUTXDOTXHU
TXDOTXHUGDV
GLVSHQGLRVRHGHPRUDGR FRQFXUVR
SDUWHV
SDUWHVUHVVDOYDGRV
UHVVDOYDGRVRV
RVDWRV
DWRVGH
GHRItFLR
RItFLRSUHYLVWRV
SUHYLVWRVHP
OHL
†ž 2SUD]R
SUD]RGH
GHYDOLGDGH
YDOLGDGHGR
GRFRQFXUVR
FRQFXUVRHDVFRQGLo}HV
GH
GH VXD
VXD UHDOL]DomR
UHDOL]DomR VHUmR
VHUmR IL[DGRV
IL[DGRV HP
HP HGLWDO
HGLWDO TXH
$ SRVVH p XP DWR MXUtGLFR QHFHVViULR SDUD TXH
VHUiSXEOLFDGRQR
VHUi SXEOLFDGRQR'LiULR
'LiULR2ILFLDO
2ILFLDOGD
GD8QLmR
8QLmRHHP
DOJXpPSRVVDH[HUFHUXPDIXQomRS~EOLFD6HPWHUVLGR
MRUQDOGLiULRGHJUDQGHFLUFXODomR
HPSRVVDGRQLQJXpPSRGHHQWUDUQRH[HUFtFLRGHXPD
IXQomRS~EOLFD
$FDXWHODGR(VWDWXWRYLVDDSHQDVDHYLWDUHTXtYRFRV
RXPDODQGUDJHQVIXWXUDV2SUD]RGHYHVHUGHILQLGRMi
(YHMDEHPVyGHSRLVGHWRPDUSRVVHpTXHDSHVVRD
TXDQGRVHDEULURFRQFXUVR&RQVWDUiGRHGLWDOSDUDTXH
SRGHUiWUDEDOKDUH[HUFHUDVIXQo}HVGRFDUJR$QWHVGLVVR
WRGRV RV FDQGLGDWRV SRVVDP LQFOXVLYH ILVFDOL]DU H H[LJLU
QmRSRGHpFULPH,VVRPHVPRUHVSRQGHSURFHVVRFULPL
VHXGLUHLWRQRIXWXURGHVHUDSURYHLWDGRLPSHGLQGRTXH
QDOHDWpYDLSDUDDFDGHLDTXHPWUDEDOKDUQXPDIXQomR
VHDEUDQRYRFRQFXUVRTXDQGRDLQGDKiFDQGLGDWRVDSUR
RX FDUJR S~EOLFR VHP WHU WRPDGR SRVVH GHOH
YDGRVQRDQWHULRUHHVVHFRQFXUVRDQWHULRUDLQGDHVWHMD
DUW&yG3HQDO 
GHQWURGRSUD]RGHYDOLGDGH
1DWXUDOPHQWHVyVHUiHPSRVVDGRQXPFDUJRTXHP
†ž 1mRVHDEULUiQRYRFRQFXUVRHQTXDQWRKRXYHU
IRL QRPHDGR SDUD DTXHOH FDUJR RX TXHP DVFHQGHX
FDQGLGDWR
FDQGLGDWR DSURYDGR
DSURYDGR HP
HP FRQFXUVR
FRQFXUVR DQWHULRU
DQWHULRU FRP
VXELX RXTXHPWHYHDFHVVRDRFDUJR
SUD]RGHYDOLGDGHQmRH[SLUDGR
'HILQLGDDSHVVRDTXHGHYHUiRFXSDURFDUJRHQWmR
9HMDFRPRR(VWDWXWRpVpULRHUHVSHLWRVRSDUDFRPR
WDOSHVVRDDVVLQDUiXPGRFXPHQWR WHUPR DVVXPLQGRD
FDQGLGDWRILFDSURLELGDDDEHUWXUDGHQRYRFRQFXUVRVH
REULJDomR GH H[HFXWDU WRGDV DV DWULEXLomR WDUHIDV
RDQWHULRUDLQGDpYiOLGRHUHVWDPFDQGLGDWRVDSURYDGRV
GDTXHOHFDUJRGHFODUDQGRVHFLHQWHGHWRGRVRVGHYHUHV
D VHUHP DSURYHLWDGRV 0DV QmR p EHP GHVVD IRUPD D
D TXH VH VXEPHWHUi WRPDQGR FRQKHFLPHQWR GH VXDV
&RQVWLWXLomR  TXH WURX[H D LQRYDomR  SHUPLWH D
UHVSRQVDELOLGDGHVHFRQVHTXHQWHPHQWHILFDQGRDSDUGRV
DEHUWXUDGHQRYRFRQFXUVRHPERUDDLQGDVHMDYiOLGRR
GLUHLWRVTXHJR]DUiHPGHFRUUrQFLDGRFDUJR
FRQFXUVRDQWHULRU&RQILUDRDUWLQF,9&)GXUDQWHR
SUD]RLPSURUURJiYHOSUHYLVWRQRHGLWDOGHFRQYRFDomRDTXH
2EVHUYHDLQGDTXHQRDWRGDSRVVHVHUiDVVLQDGRXP
OHDSURYDGRHPFRQFXUVRS~EOLFRGHSURYDVRXGHSURYDVH
WHUPR XP GRFXPHQWR  QR TXDO GHYHUmR FRQVWDU DV
WtWXORVVHUiFRQYRFDGRFRPSULRULGDGHVREUHQRYRVFRQFXUVD
DWULEXLo}HV RV GHYHUHV DV UHVSRQVDELOLGDGHV H RV GLUHLWRV
GRVSDUDDVVXPLUFDUJRRXHPSUHJRQDFDUUHLUD
LQHUHQWHVDRFDUJRRFXSDGRTXHQmRSRGHUmRVHUDOWHUDGRV
XQLODWHUDOPHQWH SRU TXDOTXHU GDV SDUWHV UHVVDOYDGRV RV
6HP G~YLGD TXH HUD XPD ERD LQRYDomR GR WH[WR
DWRV GH RItFLR SUHYLVWRV HP OHL  1RXWUDV SDODYUDV HVVH
&RQVWLWXFLRQDO $QWHULRUPHQWH GXUDQWH R SUD]R GH
GRFXPHQWRVHUiXPDHVSpFLHGHFRQWUDWRHQWUHD$GPL
YDOLGDGHGRFRQFXUVRD$GPLQLVWUDomR3~EOLFDQmRSRGLD
QLVWUDomR3~EOLFDHR6HUYLGRUHOHDVVXPHFHUWRVGHYHUHV
UHDOL]DUQRYRFRQFXUVR
HWHUiFHUWRVGLUHLWRVHORJLFDPHQWHWDLVGHYHUHVVHUmR
FREUDGRVSHOD$GPLQLVWUDomRDTXHFXPSULUiRUHVSHLWR
$JRUDKiGLVWLQomRGHVVHVSUD]RVQRSULPHLURELrQLR
DRVGLUHLWRVGRVHUYLGRU
GRLV DQRV  GH YDOLGDGH QmR  SRGH VHU UHDOL]DGR RXWUR
FRQFXUVRMiQRVHJXQGRELrQLR SUD]RGHSURUURJDomRH
(SRUVHUXPDHVSpFLHGHFRQWUDWDomRILFDSURLELGD
GDtSDUDIUHQWHpLPSURUURJiYHORSUD]RSRLVVyVHDGPLWH
TXDOTXHUDOWHUDomRGRFRQWUDWLQKRSRUDSHQDVXPDGDV
XPD SURUURJDomR  D $GPLQLVWUDomR 3~EOLFD SRGHUi
SDUWHV XQLODWHUDOPHQWH VySRGHUiKDYHUPXGDQoDVQRV
UHDOL]DUXPQRYRFRQFXUVRPDV PDVILFDUiREULJDGDDREVHU
PDV
GLUHLWRV H REULJDo}HV VH DV GXDV SDUWHV FRQFRUGDUHP
YDUDSULRULGDGHGRVFRQFXUVDGRVDSURYDGRVQRFRQFXUVR
&ODURTXHLVVRQmRLPSHGHTXHDOHLDXWRUL]HDOJXPDVDOWH
DQWHULRU SDUD Vy GHSRLV DGPLWLU RV DSURYDGRV QR QRYR
UDo}HVSRUDWRVGHRItFLR XQLODWHUDOPHQWHSHOD$GPLQLV
FRQFXUVR
WUDomR 0DVVyYDOHUiVHDOHLDXWRUL]DU
$H[SUHVVmRFDUJRRXHPSUHJRID]GLVWLQomRHQWUHRV
†ž $SRVVH
SRVVHRFRUUHUi
RFRUUHUiQR
QRSUD]R
SUD]RGHWULQWDGLDVFRQWD
IXQFLRQiULRV HVWDWXWiULRV H FHOHWLVWDV FRQWUDWDGRV SHOD
&/7 $PERVVXEPHWHPVHDFRQFXUVRPDVDOJXQVVmR GRVGDSXEOLFDomRGRDWRGHSURYLPHQWR
UHJLGRVSHORHVWDWXWRGRIXQFLRQDOLVPRS~EOLFRHRXWURV 2EV(VWH†WHPVXDUHGDomRGDGDSHOD/HLQž
2EV
SHODFRQVROLGDomRGDVOHLVGRWUDEDOKR &/7 
-iVDEHPRVTXHWRGDSHVVRDQRPHDGD RXWRGDSHVVRD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

TXHFRQTXLVWRXRFDUJRSRUDVFHQVmRRXSRUDFHVVROKH D jJHVWDQWHjDGRWDQWHHjSDWHUQLGDGH
IRLGDGRRSURYLPHQWRGDTXHOHFDUJR GHYHUiWRPDUSRVVH
E SDUD WUDWDPHQWR GD SUySULD VD~GH DWp R OLPLWH GH
GRFDUJRSDUDVyGHSRLVGDSRVVHSRGHUWUDEDOKDUQHOH YLQWHHTXDWURPHVHVFXPXODWLYRDRORQJRGRWHPSR
H[HUFHUVXDVIXQo}HV GH VHUYLoR S~EOLFR SUHVWDGR j 8QLmR HP FDUJR GH
SURYLPHQWRHIHWLYR

¢4XDQGRGHYHUiRFRUUHUDSRVVH"$WpGLDVGHSRLV
TXHIRLSXEOLFDGRRDWRGHSURYLPHQWR DQRPHDomRRXD G SRUPRWLYRGHDFLGHQWHHPVHUYLoRRXGRHQoDSURILV
DVFHQVmRRXRDFHVVR 6HDSHVVRD DTXHPIRLGDGRR VLRQDO
SURYLPHQWR GR FDUJR  QmR R RFXSRX RX VHMD QmR YHLR
H SDUDFDSDFLWDomRFRQIRUPHGLVSXVHURUHJXODPHQWR
DVVXPLOR QmR WRPRX SRVVH GHOH HQWmR R FDUJR VHUi
GHFODUDGRYDJR KDYHUiYDFkQFLD HVHUmRWRPDGDVSURYL I SRUFRQYRFDomRSDUDRVHUYLoRPLOLWDU
GrQFLDV SDUD TXH R FDUJR VHMD GDGR D SURYLPHQWR SRU
RXWUDSHVVRD ,; GHVORFDPHQWRSDUDDQRYDVHGHGHTXHWUDWDR$UW


†ž (P
(P VH
VH WUDWDQGR
WUDWDQGR GH
GH VHUYLGRU
VHUYLGRU TXH
TXH HVWHMDQDGDWD
HVWHMDQDGDWD ; SDUWLFLSDomRHPFRPSHWLomRGHVSRUWLYDQDFLRQDORX
GHSXEOLFDomR
GH SXEOLFDomRGRGRDWR
DWRGH
GHSURYLPHQWR
SURYLPHQWRHP HPOLFHQoD FRQYRFDomRSDUDLQWHJUDUUHSUHVHQWDomRGHVSRUWLYD
SUHYLVWDQRVLQFLVRV,,,,H9GR
SUHYLVWDQRVLQFLVRV,,,,H9GRDUW
DUWRX
RXDIDV QDFLRQDOQR3DtVRXQRH[WHULRUFRQIRUPHGLVSRVWR
HPOHLHVSHFtILFD
WDGR
WDGR QDV
QDV KLSyWHVHV
KLSyWHVHV GRV LQFLVRV , ,9 9, 9,,,

DOtQHDV
DOtQHDVD
DE
EG
GH
HHI
I,;
,;;GRDUWR
SUD]R
SUD]RVHUi
VHUiFRQWDGR
FRQWDGRGRGRWpUPLQR
WpUPLQRGRGRLPSHGLPHQWR
†ž $ SRVVH SRGHUi GDUVHPHGLDQWHSURFXUDomR
2EV†FRPUHGDomRGDGDSHOD/HLQž
2EV
HVSHFtILFD
-iVDEHPRVTXHDSRVVHGHXPFDUJRS~EOLFRpRDWR ,VVRIDFLOLWDDYLGDXPSURFXUDGRUSRGHLUOiHWRPDU
SHORTXDODSHVVRDWRPDFRQWDGRFDUJR6HHUDXPFDUJR SRVVHQROXJDUHHPQRPHGDSHVVRD1HPLPDJLQH
GHFDUUHLUDVHUiHOHRFXSDGRSRUDOJXpPTXHMipIXQFLR TXHRSURFXUDGRURFXSDUiRFDUJRWRGRSURFXUDGRUDJH
QiULRS~EOLFR6DEHPRV WDPEpPTXHDSHVVRDWHP HPQRPHGRPDQGDQWH DTXHOHTXHGiDSURFXUDomR RX
GLDVSDUDWRPDUSRVVH VHMD SUDWLFD RV DWRV HP QRPH GHVWH H QmR HP QRPH
SHVVRDO/RJRTXHPDVVXPLUiRFDUJRVHUiRPDQGDQWH
¢(VHDFRQWHFHUHQWmRGHRIXQFLRQiULR SRUH[HP
SORFRQTXLVWRXDDVFHQVmR QmRSRGHUWRPDUSRVVHGHVHX 0DVPXLWDDWHQomR
DWHQomRQDSURFXUDomRGHYHFRQVWDUTXH
DWHQomR
FDUJRSRUTXHHVWiHPOLFHQoDYLDMDQGRSDUDRH[WHULRU DSURFXUDomRHVWiVHQGRSDVVDGD RXWRUJDGD HVSHFLILFD
RQGHGHYHUiILFDUPHVHV"3HUGHUiHOHRFDUJR"""1mR PHQWHSDUDTXHRPDQGDWiULR SURFXUDGRU WRPHSRVVHGR
1HPVHULDMXVWRMiTXHKiXPLPSHGLPHQWROHJDO DIL
FDUJR [ HP QRPH GR PDQGDQWH  6H QmR FRQVWDU R
QDOVHKiOLFHQoDpSRUTXHIRLGHIHULGD 1HVVHVFDVRVHP
PDQGDWiULR SURFXUDGRU  QmR SRGHUi WRPDU SRVVH H R
TXHRFRUUDTXDOTXHUPRWLYROHJDORXVHMDDLPSRVVLELOLGD
PDQGDQWH QmR WHUi FXPSULGR FRP VHX GHYHU GH WRPDU
GH p OtFLWD HQWmR R IXQFLRQiULR SRGHUi WRPDU SRVVH GR
SRVVHGRFDUJR
QRYRFDUJRTXDQGRDFDEDUDOLFHQoDRXLPSHGLPHQWRTXDO
TXHU6yDtpTXHFRPHoDUiDFRQWDURSUD]RGHGLDV
†ž 6y KDYHUi SRVVH QRV FDVRV GHSURYLPHQWRGH
FDUJRSRUQRPHDomR
(PWRGRVWDLVFDVRVRSUD]RGHGLDVFRPHoDUiD
FRUUHUDSyV
DSyV
DSyV R ILPGDOLFHQoDRXGRDIDVWDPHQWRHQ
ILP QmRD
mR 2EVHVWH†WHPVXDUHGDomRGDGDSHOD/HLQžGH
2EV

SDUWLUGDGDWDSXEOLFDomRGRDWRGRSURYLPHQWR9HMDDV $WHQomRTXHPIRUSURPRYLGRRXUHLQWHJUDGRRXUHYHUWL
$WHQomR
KLSyWHVHV GRHWFQmRSUHFLVDWRPDUSRVVHDXWRPDWLFD
PHQWHMiHVWDUiGRQRGRFDUJRHSRGHUiQHOH
$UW &RQFHGHUVHiDRVHUYLGRUOLFHQoD
WUDEDOKDU D SDUWLU GD SXEOLFDomR GR DWR GH
, SRUPRWLYRGHGRHQoDHPSHVVRDGDIDPtOLD SURYLPHQWR

,,, SDUDRVHUYLoRPLOLWDU $ SRVVH p LPSUHVFLQGtYHO QR FDVR GH QRPHDomR $

9 SDUDFDSDFLWDomR
QRPHDomRRFRUUHQRVFDUJRVLQLFLDLVGHFDUUHLUDRXHIHWLYR
RX HP FRPLVVmR RX SDUD FDUJR LVRODGR TXH QmR WHP
$UW $OpPGDVDXVrQFLDVDRVHUYLoRSUHYLVWDVQRDUWVmR FDUUHLUD &RPRYLPRVpRDWRGHGHFODUDURQRPHGH
FRQVLGHUDGRVFRPRGHHIHWLYRH[HUFtFLRRVDIDVWDPHQWRV TXHPYDLRFXSDUGRFDUJR
HPYLUWXGHGH

, IpULDV †ž 1R


1RDWR
DWRGD
GDSRVVH
SRVVHRVHUYLGRUDSUHVHQWDUiGHFODUD
 omR
omRGH
GHEHQV
EHQVHYDORUHV
YDORUHVTXH
TXHFRQVWLWXHP
FRQVWLWXHPVHX
VHXSDWUL
,9 SDUWLFLSDomRHPSURJUDPDVGHWUHLQDPHQWRUHJXODUPHQWH P{QLR
P{QLRHGHFODUDomR
GHFODUDomRTXDQWR
TXDQWRDR
DRH[HUFtFLRRXQmR
LQVWLWXtGRFRQIRUPHGLVSXVHURUHJXODPHQWR

GHRXWURFDUJRHPSUHJRRXIXQomRS~EOLFD
9, M~ULHRXWURVVHUYLoRVREULJDWyULRVSRUOHL
 0RUDOL]DGRUD D SUHWHQVmR GHVWH GLVSRVLWLYR FRP D
9,,,OLFHQoD GHFODUDomRGHEHQVHSDWULP{QLRRIXQFLRQiULRSRGHUiVHU
ILVFDOL]DGRTXDQGRDXPSRVVtYHOHQULTXHFLPHQWRLOtFLWR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

REWLGRjVFXVWDVGD$GPLQLVWUDomR3~EOLFDVHMDURXEDQ †~QLFR 6y


6ySRGHUi
SRGHUiVHU
VHUHPSRVVDGR
HPSRVVDGRDTXHOH
DTXHOHTXH
TXHIRU
IRUMXOJDGR
GRD GLUHWDPHQWH VHMD GHOD VH YDOHQGR LQGLUHWDPHQWH DSWR ItVLFD
DSWR ItVLFD H PHQWDOPHQWH
PHQWDOPHQWH SDUD
SDUD R H[HUFtFLR
H[HUFtFLR GR
SDUDREWHUYDQWDJHQV FDUJR

0XLWDVSHVVRDVVmRSREUHVHGHSRLVGHSRXFRVDQRV 'LVSRVLWLYRGHFDXWHODQRUPDOtVVLPDRFDUJRS~EOLFR
WUDEDOKDQGRQD$GPLQLVWUDomR3~EOLFDILFDPULTXtVVLPRV GHYH VHU RFXSDGR SRU TXHP WHQKD FRQGLo}HV GH QHOH
TXDQGRWRGRVVDEHPRVTXHRYHQFLPHQWR VDOiULR GHXP WUDEDOKDU1mRSRGHVHUHQFRVWRGHGRHQWHVRXSHVVRDV
VHUYLGRU QmR HQULTXHFH QLQJXpP TXHP ID] RPHOHWH H VHPVD~GHItVLFDRXPHQWDODHILFLrQFLDGRVHUYLoRS~EOLFR
JDOLQKDQmRWHPGHDOJXPOXJDUWLURXRVRYRVROKRQHOH HVWDUiHPMRJR)LFDUGRHQWHGHSRLVGHWHPSRVGHWUDEDOKR
pRGLWDGRSRSXODU p XPD FRLVD &RPHoDU Mi GRHQWH H VHP FRQGLomR GH
WUDEDOKDUpRXWUDFRLVDHLQDGPLVVtYHO6HDSHVVRDQmR
$WHQomR /HL
$WHQomRD/HLQž
QžUHIRUoRXHVWHGLVSRVLWLYR WHP VD~GH VHUi LPSHGLGD GH WRPDU SRVVH QR FDUJR
HVWDEHOHFHQGRRVHJXLQWH 5HVXPLGDPHQWHFDUJRS~EOLFRQmRpSUHYLGrQFLDVRFLDO

$UW $SRVVHHRH[HUFtFLRGHDJHQWHS~EOLFRILFDPFRQGLFLR
QDGRV j DSUHVHQWDomR GH GHFODUDomR GRV EHQV H
YDORUHVTXHFRPS}HPRVHXSDWULP{QLRSULYDGRDILP ([HUFtFLR
GHVHUDUTXLYDGDQR6HUYLoRGH3HVVRDOFRPSHWHQWH

†ž $GHFODUDomRFRPSUHHQGHUiLPyYHLVPyYHLVVHPRYHQWHV $UW ([HUFtFLR


([HUFtFLR p R HIHWLYR GHVHPSHQKR GDVDWULEXL
GLQKHLURWtWXORVDo}HVHTXDOTXHURXWUDHVSpFLHGHEHQVH o}HV
o}HVGRFDUJRS~EOLFRRXGD
GRFDUJRS~EOLFRRXGDIXQomR
IXQomRGH
GHFRQILDQ
YDORUHVSDWULPRQLDLVORFDOL]DGRVQR3DtVRXQRH[WHULRUH oD
TXDQGRIRURFDVRDEUDQJHUiRVEHQVHYDORUHVSDWULPRQLD 2EVFDSXWFRPUHGDomRGDGDSHOD/HLQž
2EV
LV GR F{QMXJH RX FRPSDQKHLUR GRV ILOKRV H GH RXWUDV
SHVVRDV TXH YLYDP VRE D GHSHQGrQFLD HFRQ{PLFD GR &RPVLPSOLFLGDGHH[HUFLWDUDIXQomRpWUDEDOKDUQHOD
GHFODUDQWHH[FOXtGRVDSHQDVRVREMHWRVHXWHQVtOLRVGHXVR ([HUFtFLRGHXPFDUJRHID]HUDVWDUHIDVFDEtYHLVjTXHOH
GRPpVWLFR FDUJR

†ž $GHFODUDomRGHEHQVVHUiDQXDOPHQWHDWXDOL]DGDHQDGD †ž eGH


GHTXLQ]H
TXLQ]HGLDV
GLDVRSUD]R
SUD]RSDUD
SDUDRVHUYLGRU
VHUYLGRUHPSRVVD
HPTXHRDJHQWHS~EOLFRGHL[DURH[HUFtFLRGRPDQGDWR GR
GR HP
HP FDUJR
FDUJR  S~EOLFR HQWUDU HP H[HUFtFLR FRQ
FDUJRHPSUHJRRXIXQomR WDGRVGDGDWDGDSRVVH
2EV†žWHPVXDUHGDomRGDGDSHOD/HLQžGH
2EV
†ž 6HUiSXQLGRFRPDSHQDGHGHPLVVmRDEHPGRVHUYLoR
S~EOLFRVHPSUHMXt]RGHRXWUDVVDQo}HVFDEtYHLVRDJHQWH /HPEUDVHTXHRIXQFLRQiULRWHPGLDVSDUDWRPDU
S~EOLFRTXHVHUHFXVDUDSUHVWDUGHFODUDomRGRVEHQVGHQ SRVVHQRFDUJR'HSRLVGLVVR³HDOpPGLVVR³HOHWHUi
WURGRSUD]RGHWHUPLQDGRRXTXHDSUHVWDUIDOVD GLDVVyTXHDJRUDpSDUDFRPHoDUDWUDEDOKDU
QRYRV

9HMDEHPRFDUJRMipGHOHHHOHMipIXQFLRQiULRS~EOLFR
†ž 2 GHFODUDQWH D VHX FULWpULR SRGHUi HQWUHJDUFySLDGD $Wp DQWHV GH WRPDU SRVVH R FDUJR VHULD GHOH 6H QmR
GHFODUDomR DQXDO GH EHQV DSUHVHQWDGD j 'HOHJDFLD GD WRPDVVHSRVVHRSURYLPHQWRVHULDDQXODGR7RPRXSRVVH
5HFHLWD)HGHUDOQDFRQIRUPLGDGHGDOHJLVODomRGR,PSRVWR HOHSDVVDDVHURWLWXODUGRFDUJR'HYHDVVLPFXPSULU
VREUHD5HQGDHSURYHQWRVGHTXDOTXHUQDWXUH]DFRPDV FRPDREULJDomRGHWRGRIXQFLRQiULRS~EOLFRWUDEDOKDU
QHFHVViULDVDWXDOL]Do}HVSDUDVXSULUDH[LJrQFLDFRQWLGD ( WHUi  GLDV SDUD FRPHoDU ¢( VH R IXQFLRQiULR QmR
QRFDSXWHQR†žGHVWHDUWLJR FRPHoDUDWUDEDOKDU"""9HMD

2EVHUYHTXHDDSUHVHQWDomRGH'HFODUDomRGH%HQVp †ž 6HUi H[RQHUDGR GR FDUJR RXGLVSHQVDGRGD


SHQD GHPLVVmR
GHYHUGHLPSRUWkQFLDPi[LPDSDVVtYHOGHSHQD
SHQDGHPLVVmR IXQomR
IXQomRRVHUYLGRUHPSRVVDGRTXHQmRHQWUDUHP
VHUYLGRUHPSRVVDGRTXHQmRHQWUDUHP
DEHP
EHPGR
GRVHUYLoR
VHUYLoRS~EOLFR †žGDUHIHULGD/HLQž
S~EOLFR  H[HUFtFLR
H[HUFtFLRQR
QRSUD]R
SUD]RSUHYLVWR
SUHYLVWRQR
QRSDUiJUDIR
SDUiJUDIRDQWHULRU
 

2EVHVWH†žWHPVXDUHGDomRGDGDSHOD/HLQž
2EV

†ž 6HUi
6HUi WRUQDGR
WRUQDGR VHP HIHLWR R DWR
VHP HIHLWR DWR GHSURYLPHQWR
GHSURYLPHQWR &RPRHOHMipIXQFLRQiULRS~EOLFR RXSRUTXHSDVVRX
VH
VHDSRVVH
SRVVHQmRRFRUUHUQRSUD]RSUHYLVWR
QmRRFRUUHUQRSUD]RSUHYLVWRQR QR† DVHUFRPDSRVVHRXSRUTXHMiHUD QmRKDYHUiVLPSOHV
žGHVWHDUWLJR FDQFHODPHQWR DQXODomR GRVDWRVDQWHULRUHV3RUpPHP
QmRVHWUDWDQGRGHIDOWDLQGLVFLSOLQDPDVGHREMHWLYR
1HQKXPDQRYLGDGHDSHVVRDWHYHXPSUD]R GLDV GHVLQWHUHVVHSHORFDUJRWDQWRTXHQHPFRPHoRXDWUDED
SDUDWRPDUSRVVH6HQmRWRPRXSRVVHpSRUTXHQmRTXHU OKDURFDVRHQWmRpGHH[RQHUDomRHQmRGHGHPLVVmR
PDLVRFDUJR1DGDPDLVMXVWRTXHFDQFHODURSURYLPHQWR TXHpSHQD 
SDUDTXHXPQRYRSURYLPHQWRVHMDIHLWR$ILQDOD$GPL
QLVWUDomR3~EOLFDQmRSRGHSDUDUHXPFDUJRVHPWLWXODU $WHQomR
$WHQomR GHSRLVTXHRIXQFLRQiULRHQWUDUQRH[HUFtFLR
WUDEDOKDQGRVLJQLILFDVHUYLoRVHPUHDOL]DU RXVHMDGHSRLVTXHFRPHoDUDWUDEDOKDU QHP
TXH VHMD SRU XP GLD  VH SDUDU KDYHUi DEDQGRQR GR
$UW $ SRVVH
SRVVH HP
HP FDUJRS~EOLFRGHSHQGHUiGHSUpYLD
FDUJRS~EOLFRGHSHQGHUiGHSUpYLD FDUJRIXQomRTXHpLQIUDomRGLVFLSOLQDUSXQtYHOFRPD
LQVSHomRPpGLFDRILFLDO GHPLVVmRDOpPGHVHUWDPEpPFULPH GiFDGHLD 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

0DVDQWHVGHFRPHoDUDWUDEDOKDU DQWHVGRH[HUFtFLR IDPtOLD H RXWUDV FRQVLGHUDo}HV  (VVD DSUHVHQWDomR GH


QmRVHSRGHIDODUHPDEDQGRQRHVLPGHVLPSOHVGHVLQWH HOHPHQWRVQHFHVViULRpGHYHUGRIXQFLRQiULRSDVVtYHOGH
UHVVHpFDVRGHH[RQHUDomR TXHQmRpSXQLomR  SXQLomR

†ž ­ DXWRULGDGH
DXWRULGDGH FRPSHWHQWHGRyUJmRRXHQWLGDGH $UW $SURPRomRQmRLQWHUURPSHRWHPSR
$SURPRomRQmRLQWHUURPSHRWHPSRGH GHH[HU
SDUD
SDUDRQGH
RQGHIRU
IRUQRPHDGR
QRPHDGRRX
RXGHVLJQDGR
GHVLJQDGRRVHUYLGRU FtFLR
FtFLR TXH FRQWDGR QR
TXH p FRQWDGR QR QRYRSRVLFLRQDPHQWR
QRYRSRVLFLRQDPHQWR
FRPSHWHGDUOKHH[HUFtFLR QD
QD FDUUHLUD
FDUUHLUD D SDUWLU
SDUWLU GD
GD GDWD
GDWD GH
GH SXEOLFDomR
SXEOLFDomR GR
2EVHVWH†žWHPVXDUHGDomRGDGDSHOD/HLQž
2EV
DWRTXHSURPRYHURVHUYLGRU
2EV(VWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
2EV
1DGDPDLVFRUUHWRRQGHHOHYDLWUDEDOKDUH[LVWHXP
&KHIH XPD RUJDQL]DomR  /i KDYHUi XPD $XWRULGDGH 2FRQWUROHGRWHPSRGHH[HUFtFLRpPXLWRLPSRUWDQWH
PDLRUTXHGHYHUiVDEHUTXHHOHYDLFRPHoDUDWUDEDOKDU GHOH GHFRUUHUmR YiULRV GLUHLWRV IpULDV ž OLFHQoDV
HTXHFRQWDUiFRPHOH DSRVHQWDGRULDHWF2IXQFLRQiULRTXHIRUSURPRYLGRWDO
TXDORTXHFRQTXLVWDUDVFHQVmRWHUiXPWHPSRGHH[HUFt
(VVD $XWRULGDGH GR ÐUJmR RX (QWLGDGH RQGH R FLRQRFDUJRDQWHULRU(VVHWHPSRGHH[HUFtFLRFRQWLQXD
VHUYLGRU Mi HPSRVVDGR  LUi WUDEDOKDU p TXH GHYHUi YDOHQGRSDUDWRGRVRVHIHLWRV
DWHQGrORUHFHErORHHQWUHJDUOKHRVHUYLoRSDUDTXHHOH
FRPHFH D WUDEDOKDU GDUOKHi R H[HUFtFLR S{ORi QR 0DLV TXH LVVR p FRPSXWDGR FRQWDGR  WDPEpP QR
WUDEDOKR QRYRSRVLFLRQDPHQWRQDFDUUHLUDRXVHMDQRQRYRFDUJR
$VVLPVHHOHMiWLQKDPHVHVGHH[HUFtFLRQRYHOKRFDUJR
†ž 2 LQtFLR GR H[HUFtFLR GH IXQomRGHFRQILDQoD HIRLSURPRYLGR RXWHYHDVFHQVmR GHSRLVGHPHVHVQR
FRLQFLGLUi
FRLQFLGLUi FRP
FRP D GDWD
GDWD GH
GH SXEOLFDomR
SXEOLFDomR GR
GR DWR GH QRYRFDUJRMiWHUiGLUHLWRDIpULDV,VVRSRUTXHRWHPSRGH
GHVLJQDomR
GHVLJQDomR VDOYR
VDOYR TXDQGR
TXDQGR R VHUYLGRU
VHUYLGRU HVWLYHU
HVWLYHU HP H[HUFtFLRGHYHVHUWDPEpPFRQWDGR
OLFHQoD RX
OLFHQoD RX DIDVWDGR SRU TXDOTXHU RXWUR PRWLYR
OHJDO
OHJDOKLSyWHVH
KLSyWHVHHP
HPTXH
TXHUHFDLUi
UHFDLUiQR
QRSULPHLUR
SULPHLURGLD
GLD~WLO $UW 2 VHUYLGRU TXH GHYD WHU H[HUFtFLR HPRXWUR
DSyV
DSyVRWpUPLQR
WpUPLQRGR
GRLPSHGLPHQWR
LPSHGLPHQWRTXH QmRSRGHUi
TXHQmR PXQLFtSLR
PXQLFtSLR HP
HP UD]mR
UD]mR GH
GH WHU
WHU VLGR UHPRYLGR
H[FHGHUDWULQWDGLDVGDSXEOLFDomR UHGLVWULEXtGR
UHGLVWULEXtGRUHTXLVLWDGR
UHTXLVLWDGRFHGLGR
FHGLGRRX
RXSRVWR
SRVWRHP
2EVHVWH†žIRLDFUHVFHQWDGRSHOD/HLQžGH
2EV
H[HUFtFLR
H[HUFtFLRSURYLVyULR
SURYLVyULRWHUi
WHUiQR
QRPtQLPR
PtQLPRGH]
GH]H
HQR
Pi[LPR
i[LPR WULQWD
WULQWD GLDV
GLDV GH
GH SUD]R
SUD]R FRQWDGRV
FRQWDGRV GD
&RQILUD TXH R DJHQWH S~EOLFR ´FRPLVVLRQDGRµ ³ SXEOLFDomR
SXEOLFDomRGR
GRDWR
DWRSDUD
SDUDDUHWRPDGD
UHWRPDGDGRGRHIHWLYR
QRPHDGR SDUD XPD IXQomR GH FRQILDQoD ³ WHP UHJUD GHVHPSHQKR
GHVHPSHQKRGDVGDVDWULEXLo}HV
DWULEXLo}HVGR
GRFDUJR
FDUJRLQFOXtGR
SDUWLFXODUSDUDLQLFLDURH[HUFtFLRGHVXDIXQomRHQTXDQWR QHVVH
QHVVHSUD]R
SUD]RRWHPSR
WHPSRQHFHVViULR
QHFHVViULRSDUD
SDUDRGHVORFD
RVHUYLGRUFRQFXUVDGRSULPHLURWRPDSRVVHHRH[HUFtFLR PHQWRSDUDDQRYDVHGH
VySULQFLSLDTXDQGRHOHHIHWLYDPHQWHFRPHoDDWUDEDOKDU
2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQž
2EV
RDJHQWHFRPLVVLRQDGRWHPSUHVXPLGRRLQtFLRGHVHXH[HU
FtFLRFRLQFLGHQWHFRPDGDWDGDSXEOLFDomRGRDWRGHVXD 2(VWDWXWRDTXLGiXPWHPSLQKRSDUDRIXQFLRQiULR
GHVLJQDomR RTXHQHPVHPSUHFRUUHVSRQGHjUHDOLGDGH UHPRYLGRUHGLVWULEXtGRUHTXLVLWDGRFHGLGRRXSRVWRHP
RXRGHVLJQDGRQmRFRPHoRXDWUDEDOKDUHVyLQLFLDUiQR H[HUFtFLRSURYLVyULRUHFRPHoDUDWUDEDOKDUQRQRYRFDUJR
GLDVHJXLQWHDRGDSXEOLFDomRRXMiFRPHoRXLQIRUPDO
PHQWHDH[HUFHUDVIXQo}HV  eMXVWtVVLPRHOHGHYHUiPXGDUVXDYLGDFRPPXGDQ
oD GH FLGDGH  ,VVR Gi WUDEDOKR GHVRUJDQL]D D YLGD GD
$UW 2LQtFLRDVXVSHQVmRDLQWHUUXSomRHRUHLQt SHVVRDTXHQmRWHULDDPtQLPDFRQGLomRSDUDPXGDUHDR
FLR
FLR GR
GR H[HUFtFLR
H[HUFtFLR VHUmR
VHUmR UHJLVWUDGRV
UHJLVWUDGRV QR
QR DVVHQWD
DVVHQWD PHVPRWHPSRWUDEDOKDU
PHQWRLQGLYLGXDOGRVHUYLGRU
,PSRUWDQWHFRQVLGHUDUTXHQHVVHSUD]R PtQLPRGH
'LVSRVLWLYREXURFUiWLFRSDUDFRQWUROHGDYLGDIXQFLR HPi[LPRGHGLDV MiHVWiLQFOXtGRRWHPSRQHFHVViULR
QDOGRVHUYLGRUS~EOLFRpSUHFLVRVDEHUTXDQGRFRPHoRX SDUD R GHVORFDPHQWR SDUD D QRYD VHGH RX VHMD QmR
D WUDEDOKDU VH SDURX GH WUDEDOKDU TXDQGR UHFRPHoRX SRGHUiHOHSOHLWHDUGLDVSDUDDPXGDQoDPDLVGLDV
HWF7XGRGHYHVHUUHJLVWUDGRQRSURQWXiULR QRPHGR SDUDUHWRPDURH[HUFtFLRGHVXDVIXQo}HV
DVVHQWDPHQWR LQGLYLGXDO  GR IXQFLRQiULR SDUD TXH VH
SRVVDLQFOXVLYHVDEHUQRIXWXURRVGLUHLWRVDTXHID]MXV †ž 1D
1DKLSyWHVH
KLSyWHVHGH
GHRVHUYLGRU
VHUYLGRUHQFRQWUDUVH
HQFRQWUDUVHHPOLFHQoD
SURPRo}HVDVFHQV}HVIpULDVDSRVHQWDGRULDHWF  RX
RX DIDVWDGR
DVWDGR OHJDOPHQWH
OHJDOPHQWH R SUD]R TXH VH
SUD]R D TXH VH UHIHUH
HVWH
HVWH DUWLJRVHUiFRQWDGRDSDUWLUGRWpUPLQRGR
DUWLJRVHUiFRQWDGRDSDUWLUGRWpUPLQRGR
†~QLFR $R
$RHQWUDU
HQWUDUHP
HPH[HUFtFLR
H[HUFtFLRRVHUYLGRUDSUHVHQWDUi LPSHGLPHQWR
2EV†žDFUHVFHQWDGRSHOD/HLQž
2EV
DR
DRyUJmR
yUJmRFRPSHWHQWH
FRPSHWHQWHRV
RVHOHPHQWRV
HOHPHQWRVQHFHVViULRV
DRVHXDVVHQWDPHQWRLQGLYLGXDO &ODURTXHVHRVHUYLGRUHVWiSRUH[HPSORHPOLFHQoD
QmRGHYHUiLQWHUURPSHUVHXDIDVWDPHQWRSDUDID]HUVXD
([LJrQFLD LJXDOPHQWH EXURFUiWLFD &ODUR TXH QR PXGDQoDHUHFRPHoDUDWUDEDOKDUHPRXGLDV
SURQWXiULRGRVHUYLGRUGHYHUmRFRQVWDUWRGRVVHXVGDGRV 6HVHXDIDVWDPHQWRpOHJDOKiTXHVHREVHUYDUWDOOHJDOL
SHVVRDLV SDUD TXH SRVVD VHU GHYLGDPHQWH LGHQWLILFDGR GDGH SULPHLUDPHQWH TXH DFDEH R DIDVWDPHQWR GHSRLV
$OpPGHFpGXODGHLGHQWLGDGHFDUWHLUDGHUHVHUYLVWD SDUD TXHVHOKHGHHPRVRXGLDVSDUDTXHPXGHHVy
KRPHQV WtWXORGHHOHLWRU&,&HWFWDPEpPDVLQIRUPD GHSRLVUHDVVXPDRWUDEDOKR
o}HV IDPLOLDUHV SDUD HIHLWR GH SDJDPHQWR GH VDOiULR
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
†ž eIDFXOWDGR
IDFXOWDGRDR
DRVHUYLGRU
VHUYLGRUGHFOLQDU
GHFOLQDUGR
GRSUD]R
SUD]RHVWDEH †ž 2 RFXSDQWH
RFXSDQWH GH
GH FDUJR
FDUJR HP
HP FRPLVVmRRXIXQomRGH
OHFLGRQR´FDSXWµ FRQILDQoDVXEPHWHVHDUHJLPHGHLQWHJUDOGHGLFD
2EVHVWH†IRLDFUHVFHQWDGRSHOD/HLQž
2EV omR
omRDR
DRVHUYLoR REVHUYDGRRGLVSRVWR
VHUYLoRREVHUYDGRR GLVSRVWRQR
QRDUW
&RPDSURILVVLRQDOL]DomRHDHVWUXWXUDomRGDFDUUHLUD SRGHQGR
SRGHQGR VHU
VHU FRQYRFDGR
FRQYRFDGR VHPSUH
VHPSUH TXH
TXH KRXYHU
LQWHUHVVHGD$GPLQLVWUDomR
LQWHUHVVHGD$GPLQLVWUDomR
³LQFHQWLYDQGRRIXQFLRQiULRS~EOLFRDVHUPDLVGHGLFDGR
³ QmR VHUi UDUR TXH R SUySULR VHUYLGRU DEUD PmR GR 2EV FRPUHGDomRGDGDSHOD/HLQž2DUWDFLPDUHIHULGRGLVS}H
´2VHUYLGRUYLQFXODGRDRUHJLPHGHVWD/HLTXHDFXPXODUOLFLWDPHQWHGRLV
SUD]R H DSUHVVH VXD PXGDQoD DEUHYLDQGR R Pi[LPR FDUJRVHIHWLYRVTXDQGRLQYHVWLGRHPFDUJRGHSURYLPHQWRHPFRPLVVmR
ILFDUi DIDVWDGR GH DPERV RV FDUJRV HIHWLYRV  VDOYR QD KLSyWHVH HP TXH
SRVVtYHODUHWRPDGDGHVXDVIXQo}HV KRXYHU FRPSDWLELOLGDGH GH KRUiULR H ORFDO FRP R H[HUFtFLR GH XP GHOHV
GHFODUDGDSHODVDXWRULGDGHVPi[LPDVGRVyUJmRVRXHQWLGDGHVHQYROYLGRVµ

1DWXUDOPHQWHHVVDPDLRUGHGLFDomRVHUiDQRWDGDQR (VWD HVSHFLDO H[LJrQFLD Vy DWLQJH DRV TXH RFXSDP


SURQWXiULRHRSRUWXQDPHQWHVHUiGHYLGDPHQWHDYDOLDGD FDUJR HP FRPLVVmR RX VHMD DTXHOHV TXH HVWmR QXP
QRPHUHFLPHQWRGHVVHVHUYLGRUSDUDHIHLWRGHSURPRomR FDUJR GH FRQILDQoD ( Vy PHUHFH FRQILDQoD TXHP VH
GHGLFD GH FRUSR H DOPD DR WUDEDOKR j FRQTXLVWD H
$UW 2V
2V VHUYLGRUHV
VHUYLGRUHV FXPSULUmR MRUQDGDGHWUDEDOKR SUHVHUYDomR GHVVD FRQILDQoD SULPHLUD GHPRQVWUDomR
IL[DGDHPUD]mRGDVDWULEXLo}HVSHUWLQHQWHVDRV REMHWLYD GHVVH PHUHFLPHQWR GH FRQILDQoD p D LQWHJUDO
UHVSHFWLYRV
UHVSHFWLYRVFDUJRV
FDUJRVUHVSHLWDGD
UHVSHLWDGDDGXUDomR
GXUDomRPi[L GHGLFDomRDRVHUYLoR
PD
PD GR
GR WUDEDOKR
WUDEDOKR VHPDQDO
VHPDQDO GH
GH TXDUHQWD
TXDUHQWD 
KRUDVHREVHUYDGRVRVOLPLWHVPtQLPRHPi[L 6LJQLILFD TXH WDO VHUYLGRU QmR SRGH WHU RXWUR
PR
PR GH
GH VHLV
VHLV  
  H RLWR
RLWR  
  KRUDV
KRUDV GLiULDV
GLiULDV HPSUHJXLQKR(PVHJXQGROXJDUGHYHUiHVWDUVHPSUHj
UHVSHFWLYDPHQWH GLVSRVLomR GD $GPLQLVWUDomR SDUD DWHQGHU D TXDOTXHU
2EVDOWHUDGRSHOD/HLQž
2EV /HLQž
/HLQž FKDPDGR FRQYRFDomR  GLVSRQGRVH D WUDEDOKDU HP
TXDOTXHUKRUDHFRQGLomR7RGDPRHGDWHPGRLVODGRVVH
$&RQVWLWXLomR)HGHUDOHVWDEHOHFHXXPDMRUQDGDGH R IXQFLRQiULR p HVSHFLDO RX HVWi QR FDUJR SRU XPD
WUDEDOKR GH  KRUDV VHPDQDLV SDUD WRGR WUDEDOKDGRU TXDOLGDGHHVSHFLDOGHOHWDPEpPVHH[LJHPDLVTXHGRV
DUWžLQF;,,,&) HHVVHGLVSRVLWLYRIRLHVWHQGLGRFRPR RXWURV  $RV LJXDLV WUDWDPHQWR LJXDO $RV HVSHFLDLV
GLUHLWRWDPEpPGRVHUYLGRUS~EOLFR DUW†ž&) ,VVR GHYHUHVHREULJDo}HVHVSHFLDLV
TXHUGL]HUTXHRIXQFLRQiULRS~EOLFRQmRSRGHVHUREUL
JDGRDRWUDEDOKRQRUPDODOpPGHKRUDVVHPDQDLV0DLV ¢(VHRVHUYLGRUFXPXODGRLVFDUJRVHIHWLYRV SH[
TXHLVVRFRPSDJDPHQWRGHKRUDH[WUD XPPpGLFRFRPGRLVFDUJRV HpQRPHDGRSDUDXPFDUJR
HP FRPLVVmR SH[ SDUD &KHIH GH XP 'HSDUWDPHQWR
4XDQGRHGLWDGRR(VWDWXWRFRQFHGLDVHPDLVPROH]D 0pGLFR """  1HVVH FDVR WDO PpGLFR VHUi DIDVWDGR GH
DRVHUYLGRUVHXWUDEDOKRVyVHULDGH TXDUHQWD KRUDV DPERV RV FDUJRV HIHWLYRV H H[HUFHUi H[FOXVLYDPHQWH D
VHPDQDLV7UDEDOKDULDPHQRVTXHXPWUDEDOKDGRUFRPXP &KHILDGR'HSDUWDPHQWR0pGLFR0DVVHQXPGRVFDUJRV
REULJDGRDWUDEDOKDUDSHQDVKRUDV SRUpPQXQFDDOpP GHPpGLFRHOHWUDEDOKDjQRLWHHD&KHILDQmRRLPSHGH
GHKRUDV FDVRDOJXPDOHL]LQKDDVVLPRREULJDVVH(VH GHFRQWLQXDUQHVVHVHJXQGRFDUJR jQRLWH HQWmRFRPR
KiFRPSDWLELOLGDGHGHKRUiULRHORFDOFRPRH[HUFtFLRGH
QHQKXPDOHLH[LJLVVHPDLVTXHKRUDV HQXQFDDFLPD
XPGHOHVHOHSRGHUiFXPXODUDIXQomRGH&KHILD FRPLVVL
GHK HOHVyWUDEDOKDULDKRUDVSRUVHPDQD PDLVRX
RQDGR HDVIXQo}HVGHVHXFDUJRGHPpGLFRjQRLWH
PHQRVKSRUGLDGHD 
†ž 2 GLVSRVWR
GLVSRVWR QHVWH
QHVWH DUWLJR
DUWLJR QmR
QmR VHDSOLFDjGXUDomR
VHDSOLFDjGXUDomR
7UDEDOKR DOpP GHVVD MRUQDGD QHP TXH VHMD XP GRWUDEDOKRHVWDEHOHFLGDHPOHLVHVSHFLDLV
VHJXQGR VyFRPSDJDPHQWRGHKRUDH[WUD&RPDDOWHUD
omRLQWURGX]LGDSHOD/HLQžRVVHUYLGRUHVILFDP 2GLVSRVLWLYRQHPHUDQHFHVViULRSRUXPDTXHVWmRGH
REULJDGRV D FXPSULU XPD MRUQDGD GH WUDEDOKR D VHU KHUPHQrXWLFD FLrQFLDGDLQWHUSUHWDomRGDVOHLV eTXHR
GHILQLGD HP UD]mR GDV DWULEXLo}HV SHUWLQHQWHV RX VHMD (VWDWXWR p XPD OHL GH QDWXUH]D JHQpULFD HVWDEHOHFHQGR
FRQIRUPHDQDWXUH]DDLPSRUWkQFLDHDUHVSRQVDELOLGDGH UHJUDV JHUDLV VREUH D MRUQDGD GH WUDEDOKR GR VHUYLGRU
GHVHXFDUJR $VVLPVHDOJXPVHUYLGRUWLYHUVXDVIXQo}HVHVXDMRUQDGD
GHWUDEDOKRGHILQLGDHPXPDOHL OHL
OHL HVSHFLDO
HVSHFLDOQDWXUDOPHQWH
,VVR SRUpP QmR VLJQLILFDUi TXH R WUDEDOKDGRU VHUi SUHYDOHFHUiDGLVSRVLomRGDOHLHVSHFLDOXPDYH]TXHOH[
REULJDGR D WUDEDOKDU PDLV GH TXDUHQWD   KRUDV SRU VSHFLDOLVGHURJDWOH[JHQHUDOLV DOHLHVSHFLDOGHUURJDDOHL
VHPDQDQHPTXHVHUiREULJDGRDWUDEDOKDUPDLVGHVHLV JHQpULFD 
 KRUDVQRUPDLVSRUGLDRXDOpPGHRLWR  KRUDV
GLiULDV FRPGXDVKRUDVH[WUDRUGLQiULDV 
(VWiJLR3UREDWyULR
(PWHUPRVSUiWLFRVFRQFHGHXVHj$GPLQLVWUDomRR
SRGHUGHUHGHILQLUDMRUQDGDGHWUDEDOKRGRVHUYLGRUVHMD $UW $R
$R HQWUDU
HQWUDU HP
HP H[HUFtFLR RVHUYLGRUQRPHDGR
REULJDQGRRDWUDEDOKDUGHVHJXQGDDViEDGRUHGX]LQGR SDUD
SDUDFDUJR
FDUJRGH
GHSURYLPHQWR
SURYLPHQWRHIHWLYR
HIHWLYRILFDUi
ILFDUiVXMHLWR
VXDMRUQDGDGLiULDRXGHVHJXQGDDVH[WD HPMRUQDGD D HVWiJLR
HVWiJLR SUREDWyULR
SUREDWyULR SRU
SRU SHUtRGRGH  YLQWH
YLQWH H
Pi[LPD  VHP SUHFLVDU SDJDUOKH KRUDV H[WUDRUGLQiULDV TXDWUR  PHVHV GXUDQWH
TXDWUR  GXUDQWH R TXDO D VXD DSWLGmR H
TXHVyVHUmRGHYLGDVVHRVHUYLGRUWLYHUMRUQDGDDOpPGH FDSDFLGDGH
FDSDFLGDGH VHUmR
VHUmR REMHWR GH DYDOLDomR SDUD R
KRUDVVHPDQDLVRXDOpPGHKRUDVGLiULDV GHVHPSHQKR
GHVHPSHQKRGR GRFDUJR
FDUJRREVHUYDGRV
REVHUYDGRVRV
RVVHJXLQWHV
IDWRUHV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

&RPRVXJHUHRSUySULRQRPHRHVWiJLRSUREDWyULRp 9HMDWRGRVRVkQJXORVVRERVTXDLVRIXQFLRQiULRVHUi
XP SHUtRGR HP TXH R IXQFLRQiULR VHUi DFRPSDQKDGR DQDOLVDGRGXUDQWHRHVWiJLRSUREDWyULR
DQDOLVDGRHDYDOLDGRSDUDVHWHUDFHUWH]DGHTXHHOHp
YRFDFLRQDGRDRVHUYLoRS~EOLFRRXVHMDVHHOHpPHVPR , DVVLGXLGDGH
FRPSHWHQWHHWHPFRQGLo}HVGHEHPVHUYLUj$GPLQLV
WUDomR3~EOLFDQRFDUJRSDUDRTXDOIRLQRPHDGRLQYHVWL $VVtGXRpRIXQFLRQiULRTXHQmRIDOWDDRVHUYLoRRX
GRHWUDEDOKD TXH IDOWD R PtQLPR SRVVtYHO  6H GXUDQWH R HVWiJLR
SUREDWyULRRIXQFLRQiULRIDOWDUPXLWRHVWDUiPRVWUDQGR
$WHQomR
$WHQomR R SHUtRGR GXUDQWH R TXDO R VHUYLGRU LQLFLDQWH XPD IDFHWD PXLWR QHJDWLYD GH TXDOTXHU HPSUHJDGR H
HVWDUiVREDYDOLDomR³TXHDRHVWDWXWRPHQ HVSHFLDOPHQWHXPDIDFHWDLQDFHLWiYHOSDUDXPIXQFLRQi
FLRQD FRPR GH  PHVHV RX GRLV DQRV p D ULRS~EOLFRMiTXHRVVHUYLoRVS~EOLFRVQmRSRGHPVRIUHU
PHVPDFRLVD IRL
IRL
IRL DOWHUDGRSHOD5HIRUPD$GPL
DOWHUDGR LQWHUUXSomR6HRIXQFLRQiULRIDOWDUPXLWRHOHGHYHUiVHU
QLVWUDWLYD (PHQGD &RQVWLWXFLRQDO Qž  UHSURYDGRQRHVWiJLRSUREDWyULRHFRQVHTXHQWHPHQWH
SDUDWUrV
WUrV
WUrVDQRVFRQIRUPHVHFRQVWDWDQDVHJXLQ
DQRV H[RQHUDGR
WHQRYDUHGDomRGDGDDRDUW&)
,, GLVFLSOLQD
DSyV
DSyV WUrV
6mRHVWiYHLVDSyV WUrV DQRV
DQRV GH
GH HIHWLYRH[HUFtFLR
HIHWLYRH[HUFtFLR
RVVHUYLGRUHVQRPHDGRVSDUDFDUJRGHSURYLPHQWR 6HUGLVFLSOLQDGRVLJQLILFDFXPSULUDRVFRPDQGRVGRV
HIHWLYRHPYLUWXGHGHFRQFXUVRS~EOLFRµ &KHIHVjVRUGHQVGRV6XSHULRUHVjVQRUPDVGHFRQGXWD
HSURFHGLPHQWR5LJRURVDPHQWHVLJQLILFDVHUREHGLHQWHH
$VVLPRSUD]RGRHVWiJLRSUREDWyULRTXHDQWHVHUDGH GHGLFDGRDR6HUYLoR3~EOLFR2IXQFLRQiULRLQGLVFLSOLQDGR
GRLVDQRVGRUDYDQWHVHUiGHWUrVDQRV
WUrVDQRV
WUrVDQRV DOpP GH VHU XP PDO H[HPSOR DRV GHPDLV WXPXOWXD R
WUDEDOKRHRGHVRUJDQL]DVHXIXQFLRQDPHQWRWRUQDQGRR
0DLVTXHLVVRDH[WHQVmRGRSUD]RROHJLVODGRUFRQV LQHILFLHQWH6HGXUDQWHRHVWiJLRSUREDWyULRRIXQFLRQiULR
WLWXLQWHEHEHURXRHQVLQDPHQWRGRHVWDWXWRYHMDTXHDUW VH PRVWUDU LQGLVFLSOLQDGR HOH GHYHUi VHU GLVSHQVDGR
GR(VWDWXWRFRQGLFLRQDYDDDTXLVLomRGDHVWDELOLGDGHj H[RQHUDGR SRUVHPRVWUDUGHVDILQDGRFRPDHVVrQFLDGR
DYDOLDomR GH GHVHPSHQKR GR FDUJR SHOR VHUYLGRU (VVD VHUYLoRS~EOLFR
H[LJrQFLDVyYDOLDSDUDRVIXQFLRQiULRVS~EOLFRVIHGHUDLV
HQTXDQWR RV VHUYLGRUHV HVWDGXDLV RX PXQLFLSDLV Vy VH ,,, FDSDFLGDGHGHLQLFLDWLYD
VXEPHWHULDPDWDODYDOLDomRIRVVHH[LJLGDSHORVUHVSHFWL
YRVHVWDWXWRVGHVHX(VWDGRRXGHVHX0XQLFtSLR³MiTXH 7RGRVVDEHPRVTXHXPWUDEDOKDGRUGHYHWHULQLFLDWL
D DYDOLDomR QmR HUD LPSRVWD SHOD &RQVWLWXLomR &RP D YDRXVHMDWRPDQGRDVSURYLGrQFLDVID]HQGRDVFRLVDV
5HIRUPD $GPLQLVWUDWLYD (PHQGD &RQVWLWXFLRQDO Qž VHPTXHVHMDQHFHVViULRXPDRUGHPSDUDFDGDFRLVLQKD
 WRGRVRVVHUYLGRUHVS~EOLFRVLQLFLDQWHVGHYHUmR TXHHOHGHYHID]HU)XQFLRQiULRTXHSUHFLVDVHUPDQGDGR
FXPSULU HVWiJLR SUREDWyULR GH  DQRV H Vy DGTXLULUmR DWp SDUD VH VHQWDU p DQWHV GH WXGR LQHILFLHQWH H SRU
HVWDELOLGDGHVHIRUHPDSURYDGRVQXPDSUpYLDDYDOLDomRGH LVVRQmRVHUYHSDUDRVHUYLoRS~EOLFR
HILFLrQFLD&RQILUDDQRYDUHGDomRGRDUW†ž&)
6HU GLVFLSOLQDGR H REHGLHQWH p XPD YLUWXGH PDV VHU
´&RPRFRQGLomRSDUDDDTXLVLomRGDHVWDELOLGDGH FRPSOHWDPHQWH SDVVLYR LQFDSD] GH WRPDU TXDOTXHU
pREULJDWyULDDDYDOLDomRHVSHFLDOGHGHVHPSHQKRSRU PHGLGD VHP XPD RUGHP p VHU SREUH GH LQLFLDWLYD XP
FRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH JUDYtVVLPRGHIHLWRGHSHUVRQDOLGDGHSDUDXPVHUYLGRUGR
SRYR 1mR VHUYLUi SDUD R IXQFLRQDOLVPR S~EOLFR H VHUi
7UDWDVHGHQRYLGDGHPRUDOL]DGRUDTXHYLVDDSRUILP UHSURYDGRQRHVWiJLRSUREDWyULRVHQGRH[RQHUDGR
j LQHILFLrQFLD GR VHUYLoR S~EOLFR p D SRVVLELOLGDGH GD
GHPLVVmRSRULQVXILFLrQFLDGHGHVHPSHQKRSRULQFRPSHWrQ ,9 SURGXWLYLGDGH
FLD IODJUDGD Mi QR HVWiJLR SUREDWyULR DQWHV R VLPSOHV
SDVVDU GR WHPSR SURGX]LD D HVWDELOLGDGH DJRUD Vy RV 7HP JHQWH TXH TXDQGR SHJD XP VHUYLFLQKR SDUD
HILFLHQWHVILFDUmRQRVHUYLoRS~EOLFR ID]HU OHYD XP GLD WRGR H QmR DFDED QXQFD )D] EHP
IHLWLQKR PDV QmR SURGX] )XQFLRQiULR GHVVH WLSR Vy
¢&RPRILFDUmRRVVHUYLGRUHVTXHDGPLWLGRVUHFHQWH FRQWULEXLUiSDUDRPDOFRQFHLWRGRVHUYLoRS~EOLFR TXHMi
PHQWHHVWDYDPSUHVWHVDDOFDQoDUDHVWDELOLGDGH"6HUmR WHPSpVVLPDIDPDGHVHUHPSHUUDGR 26HUYLGRUGHYHVHU
HVWiYHLVORJRTXHFRPSOHWDUHPRVGRLVDQRVDXWRPDWLFD H[SHGLWRUiSLGRHILFLHQWHSURGX]LURPi[LPRTXHSXGHU
PHQWHRXVyWHUmRHVWDELOLGDGHDSyVDQRVGHHVWiJLRH SDUDTXHRSRYRVHMDEHPVHUYLGRSDUDTXHVHXVHUYLoR
DLQGD SUHFLVDUmR VH VXEPHWHU j DYDOLDomR SUpYLD"  $ UHQGD$SURGXWLYLGDGH p XPDYLUWXGHTXHVHH[LJHGH
UHVSRVWDpGDGDSRUXPDGLVSRVLomRWUDQVLWyULDGD5HIRU WRGRWUDEDOKDGRUHSULQFLSDOPHQWHGRVHUYLGRUS~EOLFR
PD$GPLQLVWUDWLYD³RDUWGD(PHQGD&RQVWLWXFLRQDO
&DVR R IXQFLRQiULR GXUDQWH R HVWiJLR SUREDWyULR PRV
Qž ´eDVVHJXUDGRRSUD]RGHGRLVDQRVGHHIHWLYR
WUHVH XPD OHVPD QmR UHQGHQGR VHX VHUYLoR VHUi
H[HUFtFLRSDUDDTXLVLomRGDHVWDELOLGDGHDRVDWXDLVVHUYLGR
UHSURYDGRHH[RQHUDGR
UHVHPHVWiJLRSUREDWyULRVHPSUHMXt]RGDDYDOLDomRDTXH
VHUHIHUHR†žGRDUWGD&RQVWLWXLomR)HGHUDOµ$VVLP
9 UHVSRQVDELOLGDGH
RHVWiJLRGHOHVVHUiGHDSHQDVDQRVPDVQmRVHOLYUDUmR
GDDYDOLDomRSUpYLD
$UHVSRQVDELOLGDGHpDTXDOLGDGHGHXPDSHVVRDVHU
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

FXPSULGRUD GH VXDV REULJDo}HV GH WHU FRQVFLrQFLD GD $VVLP p VHUYLGRU S~EOLFR HVWiYHO
VWiYHO HP UHODomR DR
LPSRUWkQFLDHVHULHGDGHGHVHXWUDEDOKRHGHVHSRUWDUj YHOKRFDUJR HHPHVWiJLRSUREDWyULRQRQRYRFDUJR
DOWXUDGHOH8PIXQFLRQiULRUHVSRQViYHOpDTXHOHTXHQmR &DVR QmR VHMD DSURYDGR QR QRYR FDUJR YROWDUi SDUD R
VH HVTXHFH GH VHXV GHYHUHV TXH RV FXPSUH GD PHOKRU YHOKRFDUJR SRUTXHpHVWiYHO 
IRUPDSRVVtYHOTXHVHHPSHQKDFRPWRGDGHGLFDomRSDUD
TXHVHXVHUYLoRDOFDQFHVHXSURSyVLWRDTXDOTXHUFXVWR †ž 2VHUYLGRU
VHUYLGRUHP
HPHVWiJLR
HVWiJLRSUREDWyULRSRGHUiH[HUFHU
TXDLVTXHU
TXDLVTXHUFDUJRV
FDUJRVGH
GHSURYLPHQWR
SURYLPHQWRHP
HPFRPLVVmR
FRPLVVmRRX
0DVVHRIXQFLRQiULRGXUDQWHRHVWiJLRSUREDWyULR IXQo}HV
IXQo}HVGH
GHGLUHomR
GLUHomRFKHILD
FKHILDRX
RXDVVHVVRUDPHQWR
DVVHVVRUDPHQWRQR
PRVWUDUVHXPGHVOLJDGRGHVLQWHUHVVDGRSRUVHXWUDED yUJmRRXHQWLGDGHGH
yUJmRRXHQWLGDGHGHORWDomRHVRPHQWHSRGHUi
OKR QmR VH LPSRUWDQGR FRP VXDV WDUHIDV H VHXV FRP VHU
VHUFHGLGR
FHGLGRDRXWUR
RXWURyUJmR
yUJmRRX
RXHQWLGDGH
HQWLGDGHSDUD
SDUDRFXSDU
SURPLVVRVIDOKDQGRQDKRUDHPTXHPDLVVHHVSHUDGHOH FDUJRV
FDUJRVGH
GH1DWXUH]D
1DWXUH]D(VSHFLDO
(VSHFLDOFDUJRV
FDUJRVGH
GHSURYLPHQ
VHUiXPLUUHVSRQViYHOHDVVLPUHSURYDGRQRHVWiJLR WR
WR HP
HP FRPLVVmR
FRPLVVmR GR *UXSR'LUHomR H $VVHVVRUD
SUREDWyULRGHYHQGRVHUH[RQHUDGRGRVHUYLoRS~EOLFR PHQWR
PHQWR 6XSHULRUHV
6XSHULRUHV  '$6
'$6 GH
GH QtYHLV
QtYHLV 
  H  RX
HTXLYDOHQWHV
†ž  TXDWUR  PHVHV DQWHV GH ILQGR RSHUtRGRGR
HVWiJLR
HVWiJLR SUREDWyULR
SUREDWyULR VHUi
VHUi VXEPHWLGD
VXEPHWLGD j KRPRORJD 2TXHVHUHVVDOYDQHVWHSDUiJUDIRpDOLEHUGDGHSDUD
omR
omR GD
GD DXWRULGDGH
DXWRULGDGH FRPSHWHQWH
FRPSHWHQWH D DYDOLDomR
DYDOLDomR GR TXHRVHUYLGRU³DLQGDHPHVWiJLRSUREDWyULR³SRVVD
GHVHPSHQKR
GHVHPSHQKRGR GRVHUYLGRU
VHUYLGRUUHDOL]DGD
UHDOL]DGDSRU
SRUFRPLVVmR RFXSDUXPFDUJRGHFRQILDQoD6HGHXPODGRRGLVSRVLWL
FRQVWLWXtGD
FRQVWLWXtGDSDUD
SDUDHVVD
HVVDILQDOLGDGH
ILQDOLGDGHGH
GHDFRUGR
DFRUGRFRP FRPR YR Gi PDLRU OLEHUGDGH j DGPLQLVWUDomR GH RXWUR ODGR
TXH
TXHGLVSXVHU
GLVSXVHUDOHL
OHLRX
RXRUHJXODPHQWR
UHJXODPHQWRGDGDUHVSHFWLYD SRGHUiSURYRFDULQFRHUrQFLDVLPDJLQHRLPSDVVHVHXP
FDUUHLUD
FDUUHLUD RX
RX FDUJR
FDUJR VHP
VHP SUHMXt]R
SUHMXt]R GD
GD FRQWLQXLGDGH VHUYLGRU DLQGD HP HVWiJLR SUREDWyULR GHSRLV GH KDYHU
GHDSXUDomR
GHDSXUDomRGRV
GRVIDWRUHV
IDWRUHVHQXPHUDGRV
HQXPHUDGRVQRV QRVLQFLVRV DVVXPLGRDOJXPDFKHILDHPYROWDQGRDRFDUJRFRQFXUVD
,D9GRFDSXWGHVWHDUWLJR UHGDomRGDGDSHOD/HL GR YLHU D VHU UHSURYDGR HP VXD DYDOLDomR WHUi VHUYLGR
SDUDRPDLVHQmRSUHVWRXSDUDRPHQRV
,PSRUWDQWHHVWHGLVSRVLWLYRIL[DXPWHPSRFHUWRSDUD
TXHVHMDUHDOL]DGDDDYDOLDomRGRGHVHPSHQKRGRVHUYLGRU †ž $R VHUYLGRU HP HVWiJLRSUREDWyULRVRPHQWH
HPHVWiJLRSUREDWyULRPHVHVDQWHVGHFRPSOHWDURVGRLV SRGHUmR
SRGHUmR VHU
VHU FRQFHGLGDV
FRQFHGLGDV DV OLFHQoDV H RV DIDVWD
DQRVRXVHMDDQRHPHVHVDSyVHOHHVWDUQRHIHWLYR PHQWRV
PHQWRV SUHYLVWRV
SUHYLVWRV QRV
QRV DUWV
DUWV 
 LQF
LQFLVRV
LVRV , D ,9
,9 
H[HUFtFLR GH VXDV IXQo}HV D $XWRULGDGH FRPSHWHQWH 
 H 
 EHP
EHP DVVLP
DVVLP DIDVWDPHQWRSDUDSDUWLFLSDU
DIDVWDPHQWRSDUDSDUWLFLSDU
GHYHUiUHFHEHURUHODWyULRGHVXDDYDOLDomR6HWXGRIRU GHFXUVRGHIRUPDomRGHFRUUHQWHGHDSURYDomR
GHFXUVRGHIRUPDomRGHFRUUHQWHGHDSURYDomR
SRVLWLYRRIXQFLRQiULRVHUiFRQILUPDGRQRFDUJRS~EOLFR HP
HPFRQFXUVRSDUDRXWURFDUJRQD$GPLQLVWUDomR
FRQFXUVRSDUDRXWURFDUJRQD$GPLQLVWUDomR
0DV VH R IRU QHJDWLYR HOH VHUi UHSURYDGR QR HVWiJLR 3~EOLFD)HGHUDO
3~EOLFD)HGHUDO
SUREDWyULR(Dt
&RQILUD DV OLFHQoDV TXH SRGHUmR VHU JR]DGDV SHORV
†ž 2 VHUYLGRU
VHUYLGRU QmR
QmR DSURYDGR QRHVWiJLRSUREDWyULR HVWDJLiULRV
VHUi
VHUi H[RQHUDGR
H[RQHUDGR RX
RX VH
VH HVWiYHO
HVWiYHO UHFRQGX]LGR DR
FDUJR
FDUJR DQWHULRUPHQWH
DQWHULRUPHQWH RFXSDGR
RFXSDGR REVHUYDGR
REVHUYDGR R $UW &RQFHGHUVHiDRVHUYLGRUOLFHQoD
GLVSRVWRQR†~QLFRGRDUW
, SRUPRWLYRGHGRHQoDHPSHVVRDGDIDPtOLD
,, SRUPRWLYRGHDIDVWDPHQWRGRF{QMXJHRXFRPSDQKHLUR
6HRIXQFLRQiULRIRUUHSURYDGRQRHVWiJLRSUREDWyULR ,,, SDUDRVHUYLoRPLOLWDU
RXVHMDVHHOHQmRPRVWUDUERPGHVHPSHQKRHVSHFLDO ,9 SDUDDWLYLGDGHSROtWLFD
PHQWHQRVLWHQVGHDVVLGXLGDGHGLVFLSOLQDFDSDFLGDGHGH
LQLFLDWLYDSURGXWLYLGDGHHUHVSRQVDELOLGDGHHOHVHUi /RJRRHVWDJLiULRQmRSRGHUiOLFHQFLDVH
PDQGDGRHPERUD,VVRPHVPRGLVSHQVDGRHSHUGHUiR
FDUJRS~EOLFR 9SDUDFDSDFLWDomR
9,SDUDWUDWDUGHLQWHUHVVHVSDUWLFXODUHV
0DV p FDVR GH H[RQHUDomR RX VHMD QmR p SXQLomR 9,,SDUDGHVHPSHQKRGHPDQGDWRFODVVLVWD
DSHQDVXPDGHFODUDomRGHTXHQmRKRXYHDILQLGDGHHQWUH
HOHDTXHOHVHUYLoRS~EOLFR6LPSOHVPHQWHQmRIRLDSURYD &RQILUDRVDIDVWDPHQWRVTXHSRGHUmRVHUXVXIUXtGRV
GRQDH[SHULrQFLD SHORVHVWDJLiULRV

9RFr GHYH HVWDU HVWUDQKDQGR ¢FRPR VH HVWiYHO D DIDVWDPHQWR SDUD H[HUFtFLR GH PDQGDWR HOHWLYR
UHFRQGX]LGRDRFDUJRDQWHULRUPHQWHRFXSDGR """ VHR DUW(VWDWXWR 
IXQFLRQiULRHVWDYDHPHVWiJLRSUREDWyULR0DVpLVVRPHV
PR3RGHDFRQWHFHUGHXPDSHVVRDMiIXQFLRQiULDS~EOL E DIDVWDPHQWR SDUD HVWXGR RX PLVVmR QR H[WHULRU
FD ID]HU XP RXWUR FRQFXUVR VHU DSURYDGR QRPHDGR DUW(VWDWXWR H
LQYHVWLGRHH[HUFLWDUXPQRYRFDUJRS~EOLFR&RPRMiHUD
IXQFLRQiULR S~EOLFR Mi WLQKD HVWDELOLGDGH QR VHUYLoR F DIDVWDPHQWRSDUDVHUYLUHPRUJDQLVPRLQWHUQDFLR
S~EOLFR0DVQRQRYRFDUJRS~EOLFRGHYHUiVHVXEPHWHU QDOGHTXHR%UDVLOSDUWLFLSHRXFRPRTXDOFRRSHUH
DXPHVWiJLRSUREDWyULR ³ FRP SHUGD WRWDO GD UHPXQHUDomR
DUW(VWDWXWR 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

/RJRRHVWDJLiULRQmRSRGHUiDSHQDVVHDIDVWDUSDUD $VVLP ILFD DOWHUDGR R SUD]R GR HVWiJLR SUREDWyULR


VHUYLU D RXWUR yUJmR RX HQWLGDGH ³ HPERUD SRVVD VHU DQWHVDHVWDELOLGDGHYLQKD DSyV GRLVDQRVGHHVWiJLRH
FHGLGRDRXWURyUJmRRXHQWLGDGHSDUDRFXSDUFDUJRVGH GRUDYDQWHVyKDYHUiHVWDELOLGDGHSDUDTXHPVXSHUDUWUrV
1DWXUH]D(VSHFLDOFDUJRVGHSURYLPHQWRHPFRPLVVmRGR DQRVGHHVWiJLR
*UXSR'LUHomR H $VVHVVRUDPHQWR 6XSHULRUHV  '$6 GH
QtYHLVHRXHTXLYDOHQWHV
¢&RPRILFDUmRRVVHUYLGRUHVTXHDGPLWLGRVUHFHQWH
PHQWHHVWDYDPSUHVWHVDDOFDQoDUDHVWDELOLGDGH"6HUmR
†ž 2 HVWiJLR
HVWiJLR SUREDWyULR
SUREDWyULR ILFDUi
ILFDUi VXVSHQVRGXUDQWHDV
VXVSHQVRGXUDQWHDV
HVWiYHLVORJRTXHFRPSOHWDUHPRVGRLVDQRVDXWRPDWLFD
OLFHQoDV
OLFHQoDVHRV
RVDIDVWDPHQWRV
DIDVWDPHQWRVSUHYLVWRV
SUHYLVWRVQRV
QRVDUWV
DUWV
PHQWHRXVyWHUmRHVWDELOLGDGHDSyVDQRVGHHVWiJLRH

 † ž
ž 
 H 
 H VHUi
VHUi UHWRPDGR
UHWRPDGR D SDUWLU
SDUWLU GR
DLQGD SUHFLVDUmR VH VXEPHWHU j DYDOLDomR SUpYLD"  $
WpUPLQRGRLPSHGLPHQWR
WpUPLQRGRLPSHGLPHQWR
UHVSRVWDpGDGDSRUXPDGLVSRVLomRWUDQVLWyULDGD5HIRU
2EV ††žžHžIRUDPDFUHVFHQWDGRVSHOD/HLQž PD$GPLQLVWUDWLYD³RDUWGD(PHQGD&RQVWLWXFLRQDO
Qž´eDVVHJXUDGRRSUD]R GH GRLVDQRVGHHIHWLYR
&RQILUDRWHRUGRVGLVSRVLWLYRVPHQFLRQDGRV H[HUFtFLRSDUDDTXLVLomRGDHVWDELOLGDGHDRVDWXDLVVHUYLGR
UHVHPHVWiJLRSUREDWyULRVHPSUHMXt]RGDDYDOLDomRDTXH
$UW 3RGHUiVHUFRQFHGLGDOLFHQoDDRVHUYLGRUSRUPRWLYRGH VHUHIHUHR†žGRDUWGD&RQVWLWXLomR)HGHUDOµ$VVLP
GRHQoDGRF{QMXJHRXFRPSDQKHLURGRVSDLVGRVILOKRV
GRSDGUDVWRRXPDGUDVWDHHQWHDGRRXGHSHQGHQWHTXH RHVWiJLRGHOHVVHUiGHDSHQDVDQRVPDVQmRVHOLYUDUmR
YLYD jV VXDV H[SHQVDV H FRQVWH GR VHX DVVHQWDPHQWR GDDYDOLDomRSUpYLD
IXQFLRQDO PHGLDQWH FRPSURYDomR SRU MXQWD PpGLFD
RILFLDO $WHQomR
$WHQomR DQWHV R VLPSOHV SDVVDU GR WHPSR SURGX]LD D

HVWDELOLGDGHDJRUDVyRVHILFLHQWHVILFDUmR
$UW 3RGHUiVHUFRQFHGLGDOLFHQoDDRVHUYLGRUSDUDDFRPSDQKDU QRVHUYLoRS~EOLFRMiTXHDOpPGDH[WHQVmRGRSUD]RGR
F{QMXJH RX FRPSDQKHLUR TXH IRL GHVORFDGR SDUD RXWUR HVWiJLRROHJLVODGRUFRQVWLWXLQWHSDVVRXDVXERUGLQDUD
SRQWR GR WHUULWyULR QDFLRQDO SDUD R H[WHULRU RX SDUD R
DTXLVLomRGDHVWDELOLGDGHjSUpYLDDYDOLDomRGHGHVHPSH
H[HUFtFLR GH PDQGDGR HOHWLYR GRV 3RGHUHV ([HFXWLYR H
/HJLVODWLYR QKR GR FDUJR SHOR VHUYLGRU H DVVLP H Vy DGTXLULUmR
HVWDELOLGDGHVHIRUHPDSURYDGRVQXPDSUpYLDDYDOLDomRGH
†ž $OLFHQoDVHUiSRUSUD]RLQGHWHUPLQDGRHVHPUHPXQH HILFLrQFLD&RQILUDDQRYDUHGDomRGRDUW†ž&)
UDomR

´&RPRFRQGLomRSDUDDDTXLVLomRGDHVWDELOLGDGH
$UW 2 VHUYLGRU WHUi GLUHLWR j OLFHQoD VHPUHPXQHUDomR pREULJDWyULDDDYDOLDomRHVSHFLDOGHGHVHPSHQKRSRU
GXUDQWH R SHUtRGR TXH PHGLDU HQWUH D VXD HVFROKD HP
FRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH
FRQYHQomRSDUWLGiULDFRPRFDQGLGDWRDFDUJRHOHWLYRHD
YpVSHUDGRUHJLVWURGHVXDFDQGLGDWXUDSHUDQWHD-XVWLoD
(OHLWRUDO
 $(VWDELOLGDGH
$UW 2 DIDVWDPHQWR GH VHUYLGRU SDUD VHUYLU HPRUJDQLVPR
LQWHUQDFLRQDO GH TXH R %UDVLO SDUWLFLSH RX FRP R TXDO $HVWDELOLGDGHLPSHGHTXHRIXQFLRQiULRS~EOLFRVHMD
FRRSHUHGDUVHiFRPSHUGDWRWDOGDUHPXQHUDomR PDQGDGRHPERUD$GHPLVVmRGRIXQFLRQiULRHVWiYHOVy
 SRGHUiRFRUUHUFDVRILTXHSURYDGRTXHHOHFRPHWHXXPD
IDOWDJUDYHSUHYLVWDHPOHLFRPRFDXVDjVXDGHPLVVmR
,VVRWXGRHPSURFHVVRMXGLFLDORXDGPLQLVWUDWLYRHPTXH
RIXQFLRQiULRHVWiYHOWHUiDPDLVDPSODGHIHVD
(VWDELOLGDGH
1mREDVWDVHUIXQFLRQiULRS~EOLFRSDUDWHUHVWDELOLGD
$UW 2 VHUYLGRU
VHUYLGRU KDELOLWDGR HP FRQFXUVRS~EOLFRH GHeQHFHVViULRTXHHVWHMDQRH[HUFtFLRGRFDUJRIXQomR
HPSRVVDGR
HPSRVVDGR HP
HP FDUJR
FDUJR GH
GH SURYLPHQWR
SURYLPHQWR HIHWLY
HIHWLYR KiGRLVDQRVpRSUD]RPtQLPRTXHHQWHQGHXRFRQVWLWX
DGTXLULUi
DGTXLULUi HVWDELOLGDGH
HVWDELOLGDGH QR
QR VHUYLoR
VHUYLoR S~EOLFR DR LQWHVXILFLHQWHSDUDTXHILTXHGHPRQVWUDGRTXHRVHUYLGRU
FRPSOHWDU GRLV DQRVGHHIHWLYRH[HUFtFLR WHP TXDOLGDGHV PRUDLV H SURILVVLRQDLV SDUD LQWHJUDU D
DGPLQLVWUDomRS~EOLFD
$WHQomR HVWHDUWLJRFRPRXWUDVSDODYUDVUHSHWLDRTXH
HUDpGHILQLGRSHORDUWGD&RQVWLWXLomR)HGH 2EVHUYH TXH R IXQFLRQiULR Vy DGTXLUH HVWDELOLGDGH
UDO6mRHVWiYHLVDSyVGRLVDQRVGHHIHWLYRH[HUFtFLRRV DSyVDSURYDGRQDDYDOLDomRSRVWHULRUDRHVWiJLRSUREDWy
VHUYLGRUHV QRPHDGRV HP YLUWXGH GH FRQFXUVR S~EOLFR ULRHPTXHSRUWUrVDQRV DQWHVHUDPDSHQDVGRLVDQRV 
6XFHGHSRUpPTXHRUHIHULGRDUW&)IRLDOWHUDGRSHOD HOHGHYHVHPRVWUDUGLJQRHILFLHQWHFRPSHWHQWHHDILQDGR
(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD$GPLQLVWUDWLYD  jVFRQGLo}HVGRWUDEDOKRS~EOLFR
SDVVDQGRDWHUDVHJXLQWHUHGDomR
6HGHSRLVGHWUrVDQRVGHHIHWLYRH[HUFtFLR VHHVWHYH
6mRHVWiYHLVDSyVWWUrV
UrV DQRV
DQRV GH
GH HIHWLYR
HIHWLYR H[HUFtFLRRV
H[HUFtFLR DIDVWDGRQmRVHFRPSXWDRSHUtRGRGHDIDVWDPHQWR HOH
VHUYLGRUHVQRPHDGRVSDUDFDUJRGHSURYLPHQWRHIHWLYR IRLDSURYDGRQHVVHHVWiJLRSUREDWyULRHQWmRVHUiFRQVL
HPYLUWXGHGHFRQFXUVRS~EOLFRµ GHUDGRHVWiYHO
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

,PSRUWDQWH
,PSRUWDQWH DSHQDV RV IXQFLRQiULRV FRQFXUVDGRV VH , HPYLUWXGHGHVHQWHQoDMXGLFLDOWUDQVLWDGDHP
UmRHVWiYHLV1RXWUDVSDODYUDVRVVHUYLGR MXOJDGR
UHV DGPLWLGRV SDUD FDUJRV HP FRPLVVmR TXH QmR VH
VXEPHWHP D FRQFXUVR S~EOLFR QmR VHUmR MDPDLV ,, PHGLDQWHSURFHVVR DGPLQLVWUDWLYR HPTXHOKH
FRQVLGHUDGRV HVWiYHLV  3RGHUmR VHPSUH VHU PDQGDGRV VHMDDVVHJXUDGDDPSODGHIHVD
HPERUD H[RQHUDGRV  LQGHSHQGHQWHPHQWH GH KDYHUHP
GDGRRXQmRDOJXPPRWLYR OHLDVREUHH[RQHUDomRORJR ,,, PHGLDQWHSURFHGLPHQWRGHDYDOLDomRSHULyGLFD
DWUiV  GHGHVHPSHQKRQDIRUPDGHOHLFRPSOHPHQWDU
DVVHJXUDGDDPSODGHIHVD
¢( VH GHSRLV GH FRQTXLVWDU R IXQFLRQiULR VXD
HVWDELOLGDGHRFRUUHUGHVHXFDUJRVHUH[WLQWR&RPRILFDUi 1RUHJLPHDQWHULRUVyPHVPRVHKRXYHVVHFRPHWLGR
DVLWXDomRGRIXQFLRQiULR"""­VYH]HVDDGPLQLVWUDomR XPDJUDYtVVLPDIDOWDpTXHRIXQFLRQiULRS~EOLFRHVWiYHO
S~EOLFDVHUHRUJDQL]DSDUDPHOKRUDWHQGHUjVQHFHVVLGD VHULDGHPLWLGR(HVVHIDWR FRPHWLPHQWRGHIDOWDJUDYH
GHVGHSUHVWDomRGHVHUYLoRS~EOLFR(QmRUDURH[WLQJXH FRQWLQXDPRWLYDQGRDGHPLVVmRVHPSUHTXHILFDUSURYDGR
DOJXPyUJmRRXVHFUHWDULD jVYH]HVDWpPLQLVWpULRV RX RXHPSURFHVVRMXGLFLDORXHPSURFHVVRDGPLQLVWUDWLYR³
DSHQDVVHo}HV(PGHFRUUrQFLDWDPEpPDOJXQVFDUJRVVmR HPTXDOTXHUKLSyWHVHREVHUYDGRRGLUHLWRFRQVWLWXFLRQDO
H[WLQWRV GR IXQFLRQiULR S~EOLFR GHIHQGHUVH SDUD SURYDU VXD
LQRFrQFLD
¢( HQWmR FRPR ILFDULDP RV IXQFLRQiULRV HVWiYHLV
RFXSDQWHVGHXPFDUJRTXHVHH[WLQJXLX""6HUiDSUR &RQILUDVHTXHD5HIRUPD$GPLQLVWUDWLYDQmR
QmRS}HILP
QmR
YHLWDGR HP DOJXP RXWUR FDUJRYDJR TXH SHUPLWD VHX jHVWDELOLGDGHDSHQDVFULRXGXDVQRYDVUHJUDVTXHSHUPL
DGHTXDGRDSURYHLWDPHQWR VHRFXSDYDFDUJRGHPpGLFR WLUmRDGHPLVVmRGHVHUYLGRUHVHVWiYHLV
HVyKiYDJDVHPFDUJRVGHHQJHQKHLURGDWLOyJUDIRVHWF
QmR SRGHUi VHU DSURYHLWDGR  &DVR LQH[LVWD XP FDUJR $ SULPHLUD QmR
QmR SUHYLVWD DTXL QHVWD VHomR PDV QR
FRPSDWtYHORVHUYLGRUS~EOLFRILFDUiHPGLVSRQLELOLGDGH DUW†ž&)³SDUDDWHQGHUj/HL&DPDWD /HL&RP
SHUPDQHFHUi j GLVSRVLomR GD $GPLQLVWUDomR 3~EOLFD j SOHPHQWDUQž  ³DXWRUL]Dj8QLmRDRV(VWDGRV
HVSHUDGHXPDYDJDHPTXHVHUiUHDSURYHLWDGR PHPEURVDR'LVWULWR)HGHUDOHDRVPXQLFtSLRVDGHPLWL
UHPIXQFLRQiULRVHVWiYHLVFDVRHVWHMDPJDVWDQGRFRPR
(PERUDR(VWDWXWRQD6HomRUHIHUHQWHj(VWDELOLGDGH SDJDPHQWRGHSHVVRDOPDLVGHGHVXDUHFHLWDOtTXLGD
QmRUHVROYDRSUREOHPDYDOHRTXHGHWHUPLQDD&RQVWL +DYHUi SRUpP LPSRUWDQWHV SUHPLVVDV LQLFLDOPHQWH
WXLomR )HGHUDO HP VHX DUW† ž ´([WLQWR R FDUJR RX VHUmRFRUWDGRVGRVFDUJRVHPFRPLVVmRHPVHJXLGD
GHFODUDGDDVXDGHVQHFHVVLGDGHRVHUYLGRUHVWiYHOILFDUiHP VHUmRH[RQHUDGRVRVVHUYLGRUHVQmRHVWiYHLVSRUILQDOVy
GLVSRQLELOLGDGHFRPUHPXQHUDomRSURSRUFLRQDODRWHPSR VHUi SRVVtYHO D H[RQHUDomR GR IXQFLRQiULR HVWiYHO VH R
GH VHUYLoR DWp VHX DGHTXDGR DSURYHLWDPHQWR HP RXWUR UHVSHFWLYRFDUJRWDPEpPIRUH[WLQWRHVHQmRREDVWDVVH
FDUJRµ QRYDUHGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQž ILFDUi SURLELGD D FULDomR GH RXWURV FDUJRV SDUD VXEVWL
FKDPDGD5HIRUPD$GPLQLVWUDWLYD 1DWXUDOPHQWH WXtORVSRUXPSHUtRGRPtQLPRGHTXDWURDQRV
QmR VH DGPLWLULD TXH WDO IXQFLRQiULR YLYHVVH GH EULVD
ILFDVVHjPLVpULDUHFHEHUiHQWmRVHXVYHQFLPHQWRV $ VHJXQGD p QRYLGDGH PRUDOL]DGRUD ³ SUHYLVWD QR
LQFLVR,,,GHVWHDUW&)³HYLVDDSRUILPjLQHILFLrQFLD
eFXULRVRDVVLQDODUTXHDYHOKD&RQVWLWXLomRHVWDEHOH GR VHUYLoR S~EOLFR p D SRVVLELOLGDGH GD GHPLVVmR SRU
FLDTXHDUHPXQHUDomRGDGLVSRQLELOLGDGHVHULDSURSRUFLR LQVXILFLrQFLDGHGHVHPSHQKR
QDODRWHPSRGHVHUYLoR-iD QRYDFRQVWLWXLomRQmRVH
RYD
UHIHULXjSURSRUFLRQDOLGDGHSHUPLWLQGRDLQWHUSUHWDomR 1DWXUDOPHQWHVHUiLQGLVSHQViYHOXPDSUpYLDDYDOLD
GRSUySULR67) GHTXHDGLVSRQLELOLGDGHVHULDUHPXQH omRGRIXQFLRQiULRVHJXQGRUHJUDVTXHVHUmRGHILQLGDV
UDGDFRPYHQFLPHQWRVLQWHJUDLV$5HIRUPD$GPLQLVWUDWLYD HPOHLFRPSOHPHQWDU2LPSRUWDQWHpTXHR´LQFRPSHWHQ
S{VILPDWDOSROrPLFDHUHVWDEHOHFHXRVLVWHPDDQWHULRU WHµQmR VH DFRPRGDUiPDLVRVHLRGD$GPLQLVWUDomRH
FRPDH[WLQomRGRFDUJRRIXQFLRQiULRHVWiYHOHPGLVSRQL DVVLPQmRVDFULILFDUiPDLVRS~EOLFRVHUYLGRUTXHQmR
ELOLGDGH WHUi UHPXQHUDomR SURSRUFLRQDO DR WHPSR GH WLYHUGHVHPSHQKRjDOWXUDGDVQHFHVVLGDGHVGRFDUJRVHUi
VHUYLoR H[RQHUDGR

$UW 2 VHUYLGRU
VHUYLGRU HVWiYHO Vy SHUGHUi R FDUJRHP $QRWHVH TXH IRL DFUHVFLGR R DUW DR WH[WR FRQV
YLUWXGH
YLUWXGH GH
GH VHQWHQoD
VHQWHQoD MXGLFLDO WUDQVLWDGD HP WLWXFLRQDOGLVSRQGRTXHKDYHUiGHVHUHGLWDGDXPDOHL
MXOJDGR RXGH
MXOJDGRRX GHSURFHVVR
SURFHVVRDGPLQLVWUDWLYR
DGPLQLVWUDWLYRQR
QRTXDO TXH HVWDEHOHFHUi FULWpULRV H JDUDQWLDV HVSHFLDLV SDUD D
OKHVHMDDVVHJXUDGDDPSODGHIHVD SHUGD GR FDUJR SHOR VHUYLGRU S~EOLFR HVWiYHO TXH HP
GHFRUUrQFLDGDVDWULEXLo}HVGHVHXFDUJRHIHWLYRGHVHQ
(VWHDUWLJRILFDVXSHUDGRSHORQRYRWH[WRGR†žGR YROYDDWLYLGDGHVH[FOXVLYDVGH(VWDGRR-XL]GH'LUHLWRR
DUW  DOWHUDGR SHOD 5HIRUPD $GPLQLVWUDWLYD (PHQGD 3URPRWRUGH-XVWLoDR'HOHJDGRGH3ROtFLDR)LVFDO HP
&RQVWLWXFLRQDOQž ³TXHDVVLPGLVS}H JHUDO GR3RGHU3~EOLFRHRXWURVQmRVHUmRGHPLWLGRVFRP
D PHVPDIDFLOLGDGHFRPTXHRVHULDXPRXWURVHUYLGRU
†ž 2VHUYLGRUS~EOLFRHVWiYHOVySHUGHUiRFDUJR TXDOTXHU
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

( R † ~QLFR GR UHIHULGR DUW HVWDEHOHFH TXH QD $UHDGDSWDomRpDWHQWDWLYDGHDSURYHLWDURVHUYLGRU


KLSyWHVHGHGHPLVVmRSRULQVXILFLrQFLDGHGHVHPSHQKRVHUi S~EOLFRTXHSRUDFLGHQWHRXGRHQoDQmRQmRpLQ~WLOQmR
QmR QmRp
QmR
LQGLVSHQViYHOXPSURFHVVRDGPLQLVWUDWLYRILHODRSULQFt LQYiOLGRPDVWDPEpPMiQmRPDLVSRGHGHVHPSHQKDUDV
SLR GR FRQWUDGLWyULR H GD DPSOD GHIHVD VRE SHQD GH PHVPDVIXQo}HVTXHDQWHVH[HUFLD$VVLPSRUH[HPSOR
LQYDOLGDGHGDGHFLVmRGHSHUGDGRFDUJR RGDWLOyJUDIRTXHYHPDSDGHFHUGHDUWULWHUHXPDWyLGHH
SUHMXGLFDGRHPVXDDUWLFXODomRQmRPDLVSRGHGDWLORJUD
2 FRQWUDGLWyULR p IDFXOGDGH TXH VH FRQIHULUi DR IDU GHYHUi VHU DSURYHLWDGR HP XPD QRYD IXQomR (VVD
IXQFLRQiULRGHUHEDWHUWRGDVDVDOHJDo}HVFRQWUiULDVDHOH GRHQoDQmRRWRUQDLQYiOLGRPDVWDPEpPQmRSHUPLWH
VHMDPDFXVDWyULDVRXUHFXUVDLVWDQWRQDSULPHLUDLQVWkQFLD TXHHOHFRQWLQXHGDWLORJUDIDQGRHQWmRHOHVHUiUHDGDSWD
FRPRQDLQVWkQFLDDGPLQLVWUDWLYDVXSHULRU³HQTXDQWR GRDXPDQRYDIXQomRFRPRDWHQGLPHQWRDRS~EOLFRRX
SRUDPSODGHIHVDHQWHQGHVHDSRVVLELOLGDGHGHFRQWUDWDU QXPDUTXLYRHWF
DGYRJDGR SURGX]LU SURYDV GRFXPHQWRV WHVWHPXQKDV
HWF HLQWHUSRUWRGRVRVUHFXUVRVTXHDOHLSHUPLWLU(Vy 0DV YHMD EHP D GLPLQXLomR GD FDSDFLGDGH WDQWR
GHSRLVTXHVHHVJRWDUHPHVVHVUHFXUVRVpTXHRFRUUHUiR SRGHUiVHUItVLFDFRPRPHQWDOHHPDPEDVDVKLSyWHVHV
FKDPDGRWUkQVLWRHPMXOJDGRVyHQWmRSRGHUiRIXQFLR GHYHUiVHUGHFODUDGDSRUXPDLQVSHomRPpGLFDHRQRYR
QiULRHVWiYHOVHUGHPLWLGR PDQGDGRHPERUD  FDUJRGHYHUiVHUFRPSDWtYHOFRPHVVDVOLPLWDo}HV

5HJLVWUHVHDLQGDTXHVHPSUHTXHIRUH[RQHUDGRR †ž 6H MXOJDGR LQFDSD] SDUD R VHUYLoRS~EOLFRR


VHUYLGRUIDUiMXVDXPDLQGHQL]DomRTXHFRUUHVSRQGHUiD UHDGDSWDQGRVHUiDSRVHQWDGR
XPVDOiULRSRUFDGDDQRWUDEDOKDGR
4XDQGRVHFRQVWDWDUTXHRVHUYLGRUDGRHQWDGRMiQmR
9ROWDQGR DR WH[WR OHJDO FRQILUD TXH FRQWLQXDP WHPPDLVFRQGLo}HVGHH[HUFHUDVIXQo}HVTXHYLQKDH[HU
SUHVHUYDGDV D REULJDWRULHGDGH GH SURFHVVR H DPSOD FHQGRVHUiHOHVXEPHWLGRDXPD,QVSHomR0pGLFDIHLWR
GHIHVD3RUDPSODGHIHVDHQWHQGHVHDSRVVLELOLGDGHGH RH[DPHSRGHUiVHUFRQVWDWDGRRX D D TXHHOHFRQWLQXD
D
FRQWUDWDU DGYRJDGR SURGX]LU SURYDV GRFXPHQWRV DSWRFDSD]GHH[HUFHURXWUDVIXQo}HVHPERUDMiQmRPDLV
WHVWHPXQKDVHWF HLQWHUSRUWRGRVRVUHFXUVRVTXHDOHL SRVVDH[HUFHUDTXHODVTXHYLQKDH[HUFHQGRRX E E TXH
E
SHUPLWLU6yGHSRLVTXHVHHVJRWDUHPHVVHVUHFXUVRVpTXH HOHMiQmRWHPPDLVQHQKXPDFRQGLomRItVLFD RXPHQWDO
RFRUUHUiRFKDPDGRWUkQVLWRHPMXOJDGRVyHQWmRSRGHUi SDUDTXDOTXHUWUDEDOKRQD$GPLQLVWUDomR3~EOLFD
RIXQFLRQiULRHVWiYHOVHUGHPLWLGR PDQGDGRHPERUD 
1D SULPHLUD KLSyWHVH RX VHMD HOH DLQGD WHP PXLWD
¢0DVHVHQDKRUDGHUHLQWHJUDURIXQFLRQiULRHVWiYHO FDSDFLGDGHGHWUDEDOKRHOHVHUiUHDSURYHLWDGRTXHUGL]HU
FRQVWDWDUVHTXHVHXFDUJRQmRH[LVWHPDLVSRUTXHIRL VHUiUHDGDSWDGRQXPDRXWUDIXQomR
H[WLQWR"""  (PERUD R (VWDWXWR QD 6HomR UHIHUHQWH j
(VWDELOLGDGH QmR UHVROYD R SUREOHPD  YDOH R TXH 1DVHJXQGDKLSyWHVHQmRVHUiGHPLWLGRDILQDOQmRp
GHWHUPLQD D &RQVWLWXLomR )HGHUDO HP VHX DUW† ž UHVSRQViYHOSHORLQIRUW~QLRHSRUWDQWRVHUiDSRVHQWDGR
´([WLQWR R FDUJR RX GHFODUDGD D VXD GHVQHFHVVLGDGH R SRULQYDOLGH]
VHUYLGRUHVWiYHOILFDUiHPGLVSRQLELOLGDGHFRPUHPXQHUDomR
SURSRUFLRQDODRWHPSRGHVHUYLoRDWpVHXDGHTXDGRDSURYHL †ž $UHDGDSWDomR
UHDGDSWDomRVHUi
VHUiHIHWLYDGD
HIHWLYDGDHP
HPFDUJRGHDWULEXL
WDPHQWRHPRXWURFDUJRµ QRYDUHGDomRGDGDSHOD(PHQGD o}HV
o}HVDILQV
DILQVUHVSHLWDGD
UHVSHLWDGDDKDELOLWDomR
KDELOLWDomRH[LJLGD
H[LJLGDQtYHO
&RQVWLWXFLRQDOQžFKDPDGD5HIRUPD$GPLQLVWUDWL GH
GHHVFRODULGDGH
HVFRODULGDGHHHTXLYDOrQFLD
HTXLYDOrQFLDGH
GHYHQFLPHQWRV
YHQFLPHQWRVH
YD 1DWXUDOPHQWHQmRVHDGPLWLULDTXHWDOIXQFLRQiULR QD
QD KLSyWHVH
KLSyWHVH GH LQH[LVWrQFLD GR FDUJR YDJR R
YLYHVVHGHEULVDILFDVVHjPLVpULDUHFHEHUiHQWmRVHXV VHUYLGRU
VHUYLGRUH[HUFHUi
H[HUFHUiVXDV
VXDVDWULEXLo}HV
DWULEXLo}HVFRPR
FRPRH[FHGHQ
YHQFLPHQWRVSRUpPSURSRUFLRQDOPHQWHDRVHXWHPSRGH WHDWpDRFRUUrQFLDGHYDJD
VHUYLoR
2EVHVWH†žWHPVXDUHGDomRGDGDSHOD/HLQž

7UDQVIHUrQFLD &ODURTXHRVHUYLGRUUHDGDSWDGRQmRVHUiSURPRYLGR
GHYHUiRFXSDUXP FDUJRSDUHFLGR VHPHOKDQWH DRVHX
WDQWRQRVGHYHUHVTXDQWRQRVGLUHLWRV
$UW 5HYRJDGRSHOD/HLQž
0DLVTXHLVVRWDOQRYRFDUJRWHPVHXVUHTXLVLWRVGH
SUHHQFKLPHQWRFRPRJUDXGHHVFRODULGDGHRXIRUPDomR
WpFQLFDHWF1DUHDGDSWDomRGHYHUmRVHUREVHUYDGRVRV
5HDGDSWDomR UHTXLVLWRVGRFDUJRRXVHMDRVHUYLGRUDGRHQWDGRGHYHUi
WHURVSUHGLFDGRVH[LJLGRVSDUDRFXSDUDTXHOHQRYRFDUJR
$UW 5HDGDSWDomR
5HDGDSWDomR p D LQYHVWLGXUD GR VHUYLGRUHP
FDUJR
FDUJRGH
GHDWULEXLo}HV
DWULEXLo}HVHUHVSRQVDELOLGDGHV
UHVSRQVDELOLGDGHVFRP  'HVVDIRUPDSURWHJHVHWDQWRD$GPLQLVWUDomR3~EOLFD
SDWtYHLV
SDWtYHLVFRP
FRPDOLPLWDomR
OLPLWDomRTXH
TXHWHQKD
WHQKDVRIULGR
VRIULGRHP FRPRRVHUYLGRUHVWHQmRVHUiREULJDGRDGDURTXHQmR
VXDFDSDFLGDGHItVLFDRX
VXDFDSDFLGDGHItVLFDRXPHQWDO
PHQWDOYHULILFDGD
YHULILFDGDHP WHPQHPDTXHODVHUiREULJDGDDDWXUDUXPLQFDSD]QXP
LQVSHomRPpGLFD FDUJRSDUDRTXDOQmRWHULDHOHFRPSHWrQFLDHILFLrQFLD
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 2VHUYLGRUTXHUHWRUQDUjDWLYLGDGHSRULQWHUHVVH
5HYHUVmR GDDGPLQLVWUDomRSHUFHEHUiHPVXEVWLWXLomRDRV
SURYHQWRV GD DSRVHQWDGRULD D UHPXQHUDomR GR
FDUJRTXHYROWDUDH[HUFHULQFOXVLYHFRPDVYDQWD
$UW 5HYHUVmR
5HYHUVmR p R UHWRUQR
UHWRUQR j DWLYLGDGH
DWLYLGDGH GHVHUYLGRU JHQV GH QDWXUH]D SHVVRDO TXH SHUFHELD DQWHULRU
DSRVHQWDGR PHQWHjDSRVHQWDGRULD
, SRU LQYDOLGH] TXDQGRMXQWDPpGLFDRILFLDO †ž 2VHUYLGRUGHTXHWUDWDRLQFLVR,,VRPHQWHWHUiRV
GHFODUDU
GHFODUDULQVXEVLVWHQWHVRVPRWLYRVGDDSRVHQWD
LQVXEVLVWHQWHVRVPRWLYRVGDDSRVHQWD SURYHQWRVFDOFXODGRVFRPEDVHQDVUHJUDVDWXDLVVH
GRULDRX
GRULD SHUPDQHFHUSHORPHQRVFLQFRDQRVQRFDUJR
3RGHRFRUUHUGHXPIXQFLRQiULRVHUDFRPHWLGRGHXPD †ž 23RGHU([HFXWLYRUHJXODPHQWDUiRGLVSRVWRQHVWH
WHUUtYHOGRHQoDHGHFRUUHQWHPHQWHDFDEDUVHQGRDSRVHQ DUWLJR
WDGRSRULQYDOLGH]7HPSRVGHSRLVTXDOXPPLODJUHD
GRHQoD GHVDSDUHFH H R DSRVHQWDGR SRU LQYDOLGH] H[LEH 2EV (VWHDUWLJRIRLLQWHLUDPHQWHPRGLILFDGRSHOD0HGLGD3URYLVyULD
XPDVD~GHGHXPWRXUR QžGH2WH[WRDQWHULRUGL]LD
$UW 5HYHUVmR
5HYHUVmRpRUHWRUQR
UHWRUQRjDWLYLGDGH
DWLYLGDGHGH
GHVHUYLGRU
VHUYLGRUDSRVHQWDGR
DSRVHQWDGRSRU
SRULQYDOLGH]TXDQ
&XULRVD VLWXDomR D  UXLP SDUD R VHUYLGRU VH IRL GRSRU
GRSRUMXQWD
MXQWDPpGLFD
PpGLFDRILFLDO
RILFLDOIRUHP
IRUHPGHFODUDGRV
GHFODUDGRVLQVXEVLVWHQWHV
LQVXEVLVWHQWHVRV
RVPRWLYRVGD
DSRVHQWDGRULD
DSRVHQWDGRFRPYHQFLPHQWRVSURSRUFLRQDLVH E UXLP
3RGHRFRUUHUGHXPIXQFLRQiULRVHUDFRPHWLGRGHXPDWHUUtYHOGRHQoDHGHFRUUHQWH
SDUDD$GPLQLVWUDomRTXHSDJDXPIXQFLRQiULRVHPWHU PHQWH DFDEDU VHQGR DSRVHQWDGR SRU LQYDOLGH]  7HPSRV GHSRLV TXDO XP PLODJUH D
VHXVSUpVWLPRV WUDEDOKR  GRHQoDGHVDSDUHFHHRDSRVHQWDGRSRULQYDOLGH]H[LEHXPDVD~GHGHXPWRXUR

&XULRVD VLWXDomR D  UXLP SDUD R VHUYLGRU VH IRL DSRVHQWDGR FRP YHQFLPHQWRV
SURSRUFLRQDLVH E UXLPSDUDD$GPLQLVWUDomRTXHSDJDXPIXQFLRQiULRVHPWHUVHXV
&RPR VROXomR VHUi FRQYRFDGD XPD -XQWD 0pGLFD SUpVWLPRV WUDEDOKR 
RILFLDOTXHUGL]HUGHPpGLFRVVHUYLGRUHVGD8QLmR TXH
&RPRVROXomRVHUiFRQYRFDGDXPD-XQWD0pGLFD RILFLDOTXHUGL]HUGHPpGLFRV
H[DPLQDUiRVHUYLGRUHFRQFOXLUiVHWHPHOHFRQGLo}HVRX VHUYLGRUHVGD8QLmR TXHH[DPLQDUiRVHUYLGRUHFRQFOXLUiVHWHPHOHFRQGLo}HVRXQmR
GHUHWRUQDUDRWUDEDOKRRXVHMDVHSDGHFHHOHDLQGD RXQmR GDGRHQoDTXHGHWHUPLQRX
QmRGHUHWRUQDUDRWUDEDOKRRXVHMDVHSDGHFHHOHDLQGD VXDDSRVHQWDGRULDSRULQYDOLGH]
RXQmR GDGRHQoDTXHGHWHUPLQRXVXDDSRVHQWDGRULD
6HD-XQWD0pGLFD2ILFLDOFRQFOXLUTXHRH[VHUYLGRUMiHVWiFXUDGRRXVHMDTXHMi
SRULQYDOLGH] QmRPDLVVXEVLVWHPRVPRWLYRV DGRHQoD TXHGHWHUPLQDUDPRUHFRQKHFLPHQWRGHVXD
LQYDOLGH]HVXDFRQVHTXHQWHDSRVHQWDGRULDHQWmRVHUiHOHUHYHUWLGRDRVHUYLoRS~EOLFR

6HD-XQWD0pGLFD2ILFLDOFRQFOXLUTXHRH[VHUYLGRU $VVLPDUHYHUVmRpRUHWRUQRGRVHUYLGRUDSRVHQWDGRSRULQYDOLGH]jVXDDWLYLGDGH
DQWHULRUQDWXUDOPHQWHSRUTXHHOHQmRPDLVHVWiLQYiOLGR VDURX 
Mi HVWi FXUDGR RX VHMD TXH Mi QmR PDLV VXEVLVWHP RV
PRWLYRV DGRHQoD TXHGHWHUPLQDUDPRUHFRQKHFLPHQWR $UW 5HYRJDGRSHOD0HGLGD3URYLVyULDQžGH
GH VXD LQYDOLGH] H VXD FRQVHTXHQWH DSRVHQWDGRULD 
2EV 2WH[WRDQWHULRUGL]LD
HQWmRVHUiHOHUHYHUWLGRDRVHUYLoRS~EOLFR
$UW $ UHYHUVmR IDUVHi QR PHVPR FDUJR RX QR FDUJR UHVXOWDQWH GHVXD
WUDQVIRUPDomR
$VVLPDUHYHUVmRpRUHWRUQRGRVHUYLGRUDSRVHQWDGR
SRULQYDOLGH]jVXDDWLYLGDGHDQWHULRUQDWXUDOPHQWH 1DGDPDLVMXVWRVHHOHIRLDSRVHQWDGRTXDQGRHUDGDWLOyJUDIRGHYHUiYROWDUFRPR
GDWLOyJUDIRVySHUGHXRFDUJRSRUTXHHVWDYDGRHQWHVDURXRFDUJRVHUiVHXGHYROWD
SRUTXHHOHQmRPDLVHVWiLQYiOLGR VDURX 
†~QLFR (QFRQWUDQGRVH
(QFRQWUDQGRVHSURYLGR
SURYLGRRFDUJRRVHUYLGRUH[HUFHUiVXDV
RFDUJRRVHUYLGRUH[HUFHUiVXDVDWULEXLo}HV
DWULEXLo}HVFRPR
H[FHGHQWHDWpDRFRUUrQFLDGHYDJD
,, QRLQWHUHVVHGDDGPLQLVWUDomRGHVGHTXH
(VVD KLSyWHVH p VHPSUH D PDLV SURYiYHO QD UHDOLGDGH TXDQGR R VHUYLGRU IRL
DSRVHQWDGRQDWXUDOPHQWHVXDYDJDIRLSUHHQFKLGDSRURXWUR¢&RPRHQWmRSRGHUiHOH
UHWRUQDUDRVHXFDUJRHjVVXDVIXQo}HV"""(LVDTXLDUHVSRVWDHOHVHUiXPH[FHGHQWHQmR
D WHQKDVROLFLWDGRDUHYHUVmR
WHQKDVROLFLWDGRDUHYHUVmR WHUiRFDUJRPDVH[HUFHUiDVIXQo}HVGHGDWLOyJUDIR4XDQGRVREUDUXPDYDJDGHFDUJR
GHGDWLOyJUDIRHQWmRRVHUYLGRURFXSDUiWDOQRYDYDJDFDUJR

E DDSRVHQWDGRULDWHQKDVLGRYROXQWiULD
DDSRVHQWDGRULDWHQKDVLGRYROXQWiULD (VVHSDUiJUDIRpXPERPH[HPSORSDUDTXHVHHQWHQGDDGLIHUHQoDHQWUHFDUJRH
IXQomRRFDUJRpROXJDUQDHVWUXWXUDDGPLQLVWUDWLYDFRPGLUHLWRVGHYHUHVHUHVSRQVDELOL
GDGHVSDUDVHXWLWXODU-iDIXQomRpVLPSOHVPHQWHRFRQMXQWRGHWDUHIDVTXHRVHUYLGRU
F HVWiYHOTXDQGRQDDWLYLGDGH
HVWiYHOTXDQGRQDDWLYLGDGH GHVHPSHQKD1RUPDOPHQWHWRGRFDUJRWHPXPDIXQomRFRUUHVSRQGHQWH0DVKiPXLWDV
IXQo}HV WDUHIDVVHUYLoRVLQFXPErQFLDV TXHQmRFRUUHVSRQGHPDXPFDUJRS~EOLFR

G DDSRVHQWDGRULD
DSRVHQWDGRULDWHQKD
WHQKDRFRUULGR
RFRUULGRQRV
QRVFLQFR
FLQFRDQRV 2 VHUYLGRU UHYHUWLGR FDVR VHX DQWLJR FDUJR Mi WHQKD VLGR RFXSDGR H[HUFHUi DV
PHVPDVIXQo}HVPDVVHUiXPH[FHGHQWHWHUiIXQomR WUDEDOKDUi PDVQmRWHUiFDUJR Vy
DQWHULRUHVjVROLFLWDomR
DQWHULRUHVjVROLFLWDomR RWHUiTXDQGRVXUJLUXPDYDJD 


H KDMDFDUJRYDJR
KDMDFDUJRYDJR $UW 1mR
1mRSRGHUi
SRGHUiUHYHUWHU
UHYHUWHURDSRVHQWDGR
DSRVHQWDGRTXH
TXHMiWLYHU
FRPSOHWDGR VHWHQWDDQRV GHLGDGH
†ž $UHYHUVmRIDUVHiQRPHVPRFDUJRRXQRFDUJR
UHVXOWDQWHGHVXDWUDQVIRUPDomR
9RFrVDEHTXHROLPLWHPi[LPRGHLGDGHGRVHUYLGRU
S~EOLFRpDQRVWRGRVHUYLGRUpDSRVHQWDGRFRPSXOVRUL
†ž 2WHPSRHPTXH R VHUYLGRU HVWLYHUHPH[HUFtFLR
DPHQWH REULJDWRULDPHQWH  TXDQGR DWLQJH WDO LGDGH
VHUiFRQVLGHUDGRSDUDFRQFHVVmRGDDSRVHQWDGRULD
SRXFRLPSRUWDQGRTXDQWRWHPSRWHQKDGHVHUYLoRS~EOL
FR  $VVLP QmR WHULD VHQWLGR UHYHUWHU SDUD D DWLYD XP
†ž 1R FDVR GR LQFLVR , HQFRQWUDQGRVHSURYLGRR
VHUYLGRU TXH VH HVWLYHVVH QD DWLYD VHULD REULJDWyULD H
FDUJRRVHUYLGRUH[HUFHUiVXDVDWULEXLo}HVFRPR
DXWRPDWLFDPHQWHDSRVHQWDGRQRLQVWDQWHHPTXHFRP
H[FHGHQWHDWpDRFRUUrQFLDGHYDJD
SOHWDVVHDQRVGHLGDGH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

6HRVHUYLGRUIRLDSRVHQWDGRSRULQYDOLGH]DRVDQRV ¢0DVHVHRFDUJRIRLH[WLQWRHMiQmRPDLVH[LVWHQD
GHLGDGHHDRVDQRVILFRXFXUDGRHFDSD]GHUHWRUQDU RUJDQL]DomR DGPLQLVWUDWLYD""" 1HVVD KLSyWHVH QmR Ki
QmR VHUi UHYHUWLGR SRUTXH Mi DOFDQoRX D
DR WUDEDOKR QmR VROXomR R VHUYLGRU ILFDUi HP GLVSRQLELOLGDGH 1RXWUDV
DSRVHQWDGRULDFRPSXOVyULD SDODYUDVILFDUijGLVSRVLomRGDDGPLQLVWUDomRS~EOLFD
SDUD TXH HOD R FRORTXH QXP RXWUR FDUJR TXDOTXHU ³
QDWXUDOPHQWH FRP DWULEXLo}HV UHVSRQVDELOLGDGHV H
YHQFLPHQWRVFRPSDWtYHLVFRPRFDUJRDQWHULRU
5HLQWHJUDomR
†ž (QFRQWUDQGRVH
(QFRQWUDQGRVH SURYLGR
SURYLGR R FDUJRRVHXHYHQWXDO
FDUJRRVHXHYHQWXDO
$UW $ UHLQWHJUDomR
UHLQWHJUDomR p D UHLQYHVWLGXUD
UHLQYHVWLGXUD GRVHUYLGRU RFXSDQWH
RFXSDQWH VHUi
VHUi UHFRQGX]LGR
UHFRQGX]LGR DR
DR FDUJR
FDUJR GH
GH RULJHP
HVWiYHO
HVWiYHOQR
QRFDUJR
FDUJRDQWHULRUPHQWH
DQWHULRUPHQWHRFXSDGR
RFXSDGRRX
RXQR VHP
VHP GLUHLWR
GLUHLWR D LQGHQL]DomR
LQGHQL]DomR RX
RX DSURYHLWDGR
DSURYHLWDGR HP
FDUJR
FDUJRUHVXOWDQWH
UHVXOWDQWHGH
GHVXD
VXDWUDQVIRUPDomR
WUDQVIRUPDomRTXDQGR RXWUR
RXWURFDUJR
FDUJRRX
RXDLQGD
DLQGDSRVWR
SRVWRHP
HPGLVSRQLELOLGDGH
LQYDOLGDGD
LQYDOLGDGDDVXD
VXDGHPLVV
GHPLVVmR
mRSRU
SRUGHFLVmR
GHFLVmRDGPLQLV
WUDWLYD
WUDWLYDRX
RXMXGLFLDO
MXGLFLDOFRP
FRPUHVVDUFLPHQWR
UHVVDUFLPHQWRGH
GHWRGDV ¢(VHRFDUJRTXHDQWHULRUPHQWHRFXSDYDRVHUYLGRU
DVYDQWDJHQV GHPLWLGR HFXMDGHPLVVmRIRLDQXODGD HVWLYHURFXSDGR
SRU XP RXWUR IXQFLRQiULR  ³ RQGH VHUi UHLQWHJUDGR
,PDJLQHTXHXPVHUYLGRUS~EOLFRIRLGHPLWLGR PDQ DTXHOH"""  $ VROXomR QmR
mR p PXLWR MXVWD SDUD FRP R
GDGR HPERUD  SRUTXH ILFRX SURYDGR TXH HOH SUDWLFRX VHUYLGRUTXHYHLRDRFXSDURFDUJRGRGHPLWLGRHOHVHUi
FRQFXVVmR H[LJLX GLQKHLUR GH DOJXpP D SUHWH[WR GH UHFRQGX]LGRDVHXFDUJRDQWHULRUVHPGLUHLWRDLQGHQL]D
UHDOL]DUVXDIXQomR &RPRSDVVDUGRWHPSRHOHDUUXPD omR 6H IRU PDLV FRQYHQLHQWH SDUD WRGRV VHUYLGRU H
SURYDV GH TXH WXGR IRL XPD IDUVD TXH HOH p LQRFHQWH $GPLQLVWUDomR SRGHUiVHUDLQGDDSURYHLWDGRQXPRXWUR
¢&RPR ILFDUi D VLWXDomR GHOH""" $ UHVSRVWD HVWi QHVWH FDUJRHVHQDGDGLVVRIRUSRVVtYHOHQWmRVHUiFRORFDGR
DUWHOHVHUiUHLQWHJUDGRQRVHXFDUJRDQWHULRU HPGLVSRQLELOLGDGH

¢(VHRVFDUJRVGHGDWLOyJUDIRVWRGRVIRUDPWUDQVIRU 1RXWUDV SDODYUDV R VHUYLGRU WHP TXH WHU PXLWR


PDGRVHPFDUJRVGHDX[LOLDU"""1HQKXPSUREOHPDSRLV FXLGDGRTXDQGRSOHLWHDUWUDQVIHUrQFLDRXSURPRomRRX
R(VWDWXWRFRQIHUHDRVHUYLGRURGLUHLWRGHVHUUHLQYHVWLGR DVFHQVmRHWFSDUDRXWURFDUJRS~EOLFRFDVRRH[RFXSDQ
RXQRPHVPRFDUJRTXHRFXSDYDRXQRFDUJRUHVXOWDQWH WHGHVVHFDUJRWHQKDVLGRGHPLWLGRHHVWHMDOXWDQGRSDUD
GHVXDWUDQVIRUPDomR0DLVTXHLVVRRVHUYLGRUWHUiGLUHLWR DQXODUVXDGHPLVVmR³SRGHUiRFRUUHUGHHOHVHULQRFHQWD
DWRGDVDVYDQWDJHQVTXHSHUFHEHULDQRWHPSRHPTXH GRHDVVLPUHLQWHJUDGRQRFDUJRTXHHUDVHXHRIXQFLR
HVWHYHDIDVWDGRRYHQFLPHQWR VDOiULR TXHQmRUHFHEHX QiULRTXHRVXFHGHXRXYROWDUiSDUDRFDUJRYHOKRRXLUi
DVSURPRo}HV SRUDQWLJXLGDGH HWF XPOXFUmRGHSRLV SDUDXPRXWURFDUJRRXDWpPHVPRVHUiFRORFDGRHP
GHWDQWRVRIULPHQWR  GLVSRQLELOLGDGH
$QRWH EHP D LQYDOLGDomR GH VXD GHPLVVmR WDQWR
SRGHUiVHGDUSRUGHFLVmRMXGLFLDO DomRPRYLGDSHUDQWH
R 3RGHU -XGLFLiULR  TXDQWR SRU GHFLVmR DGPLQLVWUDWLYD
5HFRQGXomR
XPUHTXHULPHQWRSHGLQGRj$XWRULGDGH$GPLQLVWUDWLYD
FRPSHWHQWHTXHUHYHMDDGHFLVmRDQWHULRUOHLDRDUW
HVHJXLQWHVGR(VWDWXWR  $UW 5HFRQGXomR
5HFRQGXomRpRUHWRUQR
UHWRUQRGR
GRVHUYLGRU
VHUYLGRUHVWiYHO
HVWiYHODR
FDUJRDQWHULRUPHQWHRFXSDGRHGHFRUUHUiGH
†ž 1D
1DKLSyWHVH
KLSyWHVHGH
GHRFDUJR
FDUJRWHU
WHUVLGR
VLGRH[WLQWRRVHUYLGRU
ILFDUi
ILFDUiHP
HPGLVSRQLELOLGDGH REVHUYDQGRRGLVSRVWR
GLVSRQLELOLGDGHREVHUYDQGR , LQDELOLWDomR
LQDELOLWDomRHP
HPHVWiJLR
HVWiJLRSUREDWyULRUHODWLYR
SUREDWyULRUHODWLYRD
QRVDUWVH
RXWURFDUJR
&RQILUDDVGLVSRVLo}HVGRVDUWHUHIHULGRVQR†
,, UHLQWHJUDomRGRDQWHULRURFXSDQWH
ž
$UW 2UHWRUQRjDWLYLGDGHGHVHUYLGRUHPGLVSRQL
ELOLGDGH IDUVHi PHGLDQWH DSURYHLWDPHQWR ,PDJLQHPRVTXHXP$X[LOLDU-XGLFLiULRSDUWLFLSHGH
REULJDWyULRHPFDUJRGHDWULEXLo}HVHYHQFL FRQFXUVRS~EOLFRFRQTXLVWDQGRXPFDUJRYDJRGH2ILFLDO
PHQWRV FRPSDWtYHLV FRP R DQWHULRUPHQWH GH-XVWLoD$YDOLDGRU,QYHVWLGRQRFDUJRIXQo}HVGHSRLV
RFXSDGR GHGRLVDQRVUHYHODVHLQHILFLHQWHDSRQWRGHVHUGHFODUD
GRLQDELOLWDGRQRUHVSHFWLYRHVWiJLRSUREDWyULRQmR
QmRVHUYH
QmR
$UW2yUJmR&HQWUDOGR6LVWHPDGH3HVVRDO&LYLO FRPR2ILFLDOGH-XVWLoD$YDOLDGRU
GHWHUPLQDUi R LPHGLDWR DSURYHLWDPHQWR GH
VHUYLGRUHPGLVSRQLELOLGDGHHPYDJDTXHYLHU ¢2 TXH ID]HU FRP HOH FRQVLGHUDQGRVH TXH HUD XP
DRFRUUHUQRVyUJmRVRXHQWLGDGHVGDDGPLQLV yWLPR $X[LOLDU -XGLFLiULR FRPSHWHQWtVVLPR SDUD WDLV
WUDomRS~EOLFDIHGHUDO IXQo}HV H Vy D GHL[RX SDUD RFXSDU XP FDUJR PHOKRU
QRXWURTXDGURGHFDUUHLUD""" $ VROXomRpFRORFDUR
&RPRYLPRVRVHUYLGRUFXMDGHPLVVmRIRUDQXODGD WDOHQWRFHUWRQROXJDUFHUWRHOHVHUiUHFRQGX]LGRDVHX
VHUi UHLQWHJUDGR HP VHX FDUJR DQWHULRU RX QXP QRYR FDUJRGH$X[LOLDU-XGLFLiULR
FDUJRFDVRVHXFDUJRDQWHULRUWHQKDVLGRWUDQVIRUPDGR
QXPQRYRFDUJR $KLSyWHVHGRLQFLVR,,MiIRLYLVWDRVHUYLGRUWHPTXH
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

WHU PXLWR FXLGDGR TXDQGR SOHLWHDU WUDQVIHUrQFLD RX UHTXHUHU DR 3RGHU -XGLFLiULR D DQXODomR RX GD GHFLVmR
SURPRomR RX DVFHQVmR HWF SDUD RXWUR FDUJR S~EOLFR DGPLQLVWUDWLYDRXDWpPHVPRGDVHQWHQoDMXGLFLDO HVWD
FDVR R H[RFXSDQWH GHVVH FDUJR WHQKD VLGR GHPLWLGR H SRUH[HPSORHPDomRUHVFLVyULD 
HVWHMDOXWDQGRSDUDDQXODUVXDGHPLVVmR³SRGHUiRFRUUHU
GHHOHVHULQRFHQWDGRHDVVLPUHLQWHJUDGRQRFDUJRTXH 6H QHVVD QRYD DomR IRU LQYDOLGDGD D GHPLVVmR HOH
HUD VHX H R IXQFLRQiULR TXH R VXFHGHX RX D 
D YROWDUi VHUiREULJDWRULDPHQWHUHLQWHJUDGRLVWRpVHUiUHFRORFD
SDUDRFDUJRYHOKRRX E
E LUiSDUDXPRXWURFDUJRRX‹
E ‹ GRHPVHXFDUJRDQWHULRU
DWpPHVPRVHUiFRORFDGRHPGLVSRQLELOLGDGH
3RGHUiHQWUHWDQWRRFRUUHUTXHDTXHOHFDUJRMiWHQKD
$SULPHLUDDOWHUQDWLYD³YROWDUSDUDRYHOKRFDUJR³ VLGRSUHHQFKLGRSRUXPRXWURIXQFLRQiULR1HVVDKLSyWHVH
UHFRQGXomR
FRQVLVWHH[DWDPHQWHQDUHFRQGXomR
UHFRQGXomR HVWHIXQFLRQiULRTXHRFXSDYDDYDJDGRTXHHVWiYROWDQGR
RUHLQWHJUDGR SHUGHUiVHXFDUJR
†~QLFR (QFRQWUDQGRVHSURYLGRRFDUJRGHRULJHPR
VHUYLGRU
VHUYLGRUVHUi
VHUiDSURYHLWDGR
DSURYHLWDGRHP
HPRXWUR
RXWURREVHUYDGR (QmRWHUiQHQKXPDLQGHQL]DomRRXGLUHLWRSRUTXH
RGLVSRVWRQRDUW SHUGHXVXDYDJDFDUJR$SHQDVSRGHUiVHUDSURYHLWDGR
HPRXWURFDUJRYDJR6HQmRKRXYHURXWURFDUJRYDJR
2FLWDGRDUWGLVS}H´2UHWRUQRjDWLYLGDGHGH HOHSRGHUiDWpILFDUHPGLVSRQLELOLGDGH VHPID]HUQDGD
VHUYLGRUHPGLVSRQLELOLGDGHIDUVHiPHGLDQWHDSURYHLWD HVSHUDQGRXPDYDJDPDVUHFHEHQGRYHQFLPHQWRVSURSRU
PHQWRREULJDWyULRHPFDUJRGHDWULEXLo}HVHYHQFLPHQWRV FLRQDLVDRWHPSRGHVHUYLoR 
FRPSDWtYHLVFRPRDQWHULRUPHQWHRFXSDGRµ
E VH R FDUJR RFXSDGR SHOR VHUYLGRU HVWiYHO IRU
(VWDpPDLVXPDDOWHUQDWLYDSDUDEHPVHDSURYHLWDU H[WLQWR RXWDOFDUJRIRUGHFODUDGRGHVQHFHVVi
RVHUYLGRUVHQmRIRUSRVVtYHOUHFRORFiORHPVHXFDUJR ULR  ³ Dt R IXQFLRQiULR ILFDUi VHP FDUJR H
DQWHULRUWHQWDVHFRORFiORQXPRXWURFDUJRQDWXUDOPHQ IXQomRHQDGDWHQGRDID]HUILFDUiGLVSRQtYHO
WHFRPDWULEXLo}HVUHVSRQVDELOLGDGHVHYHQFLPHQWRVFRP DJXDUGDQGRVHUDSURYHLWDGRQXPRXWURFDUJR
SDWtYHLVFRPRFDUJRTXHHOHRFXSDYD
&RQILUDDGLVSRVLomRGRDUW†ž&)([WLQWRRFDUJR
RXGHFODUDGDDVXDGHVQHFHVVLGDGHRVHUYLGRUHVWiYHOILFDUi
HP GLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDO DR
'LVSRQLELOLGDGH WHPSR GH VHUYLoR DWp VHX DGHTXDGR DSURYHLWDPHQWR HP
RXWUR FDUJRµ ³ Mi FRP UHGDomR GDGD SHOD (PHQGD
&RQVWLWXFLRQDOQž 5HIRUPD$GPLQLVWUDWLYD 
$GLVSRQLELOLGDGHpSUHYLVWDQD&RQVWLWXLomR)HGHUDO
SDUDGXDVGLVWLQWDVKLSyWHVHV
,JXDOPHQWHDTXLRYHOKRWH[WRQmRHVFODUHFLDRYDORU
GD UHPXQHUDomR TXDQGR R VHUYLGRU IRVVH FRORFDGR HP
D TXDQGRRVHUYLGRUGHPLWLGRFRQVHJXHLQYDOLGDU
GLVSRQLELOLGDGH PHUFr GD H[WLQomR GH VHX FDUJR RX GD
DVHQWHQoDMXGLFLDOGHVXDGHPLVVmRHGHYHQGR
GHFODUDomRGDGHVQHFHVVLGDGHGHVVHFDUJR7DPEpPQHVWH
VHUUHLQWHJUDGRQRFDUJRGHRULJHPWDOFDUJRMiMi
FDVRDMXULVSUXGrQFLDSDVVRXDRULHQWDUTXHDGLVSRQLELOL
HVWi RFXSDGR SRU RXWUR IXQFLRQiULR Dt HQWmR
GDGH IRVVH UHPXQHUDGD FRP YHQFLPHQWRV LQWHJUDLV
DTXHOH GHPLWLGR QmR
mR VHUi UHLQWHJUDGR PDV DILQDO R VHUYLGRU QmR HVWi WUDEDOKDQGR PDV HVWi j
FRORFDGRHPGLVSRQLELOLGDGH
GLVSRVLomRGD$GPLQLVWUDomR3~EOLFDDOpPGRPDLVQmR
SRGHDUUDQMDURXWURHPSUHJRRXFDUJRS~EOLFRHQTXDQWR
&RQILUD R WH[WR GR DUW† ž&) ,QYDOLGDGD SRU QmRVHUHVROYHUWDOSHQGrQFLD 
VHQWHQoD MXGLFLDO D GHPLVVmR GR VHUYLGRU HVWiYHO VHUi HOH
UHLQWHJUDGR H R HYHQWXDO RFXSDQWH GD YDJD VH HVWiYHO &RP D UHIRUPD DGPLQLVWUDWLYD HVVD SHQGrQFLD ILFD
UHFRQGX]LGRDRFDUJRGHRULJHPVHPGLUHLWRDLQGHQL]DomR GHILQLWLYDPHQWHGLULPLGDDUHPXQHUDomRGRVHUYLGRUHP
DSURYHLWDGR HP RXWUR FDUJR RX SRVWR HP GLVSRQLELOLGDGH GLVSRQLELOLGDGH VHUi VHPSUH SURSRUFLRQDO DR WHPSR GH
FRPUHPXQHUDomRSURSRUFLRQDODRWHPSRGHVHUYLoR³ Mi VHUYLoR
FRPDUHGDomRGDGDSHOD(PHQGD&RQVWLWXFLRQDOQž
5HIRUPD$GPLQLVWUDWLYD  ­VYH]HVDDGPLQLVWUDomRS~EOLFRVHUHRUJDQL]DSDUD
PHOKRUDWHQGHUjVQHFHVVLGDGHVGHSUHVWDomRGHVHUYLoR
2EVHUYH TXH D UHIRUPD DGPLQLVWUDWLYD GHILQLX D S~EOLFR(QmRUDURH[WLQJXHDOJXPyUJmRRXVHFUHWDULD
UHPXQHUDomR GR VHUYLGRU FRORFDGR HP GLVSRQLELOLGDGH jVYH]HVDWpPLQLVWpULRV RXDSHQDVVHo}HV(PGHFRUUrQ
DQWHV SRUTXH QDGD GLVSXQKD R WH[WR FRQVWLWXFLRQDO D FLDWDPEpPDOJXQVFDUJRVVmRH[WLQWRV¢&RPRILFDULDR
MXULVSUXGrQFLD SURFODPRX TXH HOH GHYHULD UHFHErOD IXQFLRQiULRRFXSDQWHGHXPFDUJRTXHVHH[WLQJXLX"
LQWHJUDOPHQWH PDV GRUDYDQWH WDO UHPXQHUDomR VHUi
SURSRUFLRQDODRWHPSRGHVHUYLoR 6HUi DSURYHLWDGR HP DOJXP RXWUR FDUJRYDJR TXH
SHUPLWDVHXDGHTXDGRDSURYHLWDPHQWR VHRFXSDYDFDUJR
&RPRVDEHPRVRIXQFLRQiULRS~EOLFRHVWiYHOTXHIRU GH PpGLFR H Vy Ki YDJDV HP FDUJRV GH HQJHQKHLUR
PDQGDGR HPERUD DLQGD TXH WHQKD KDYLGR VHQWHQoD GDWLOyJUDIRVHWFQmRSRGHUiVHUDSURYHLWDGR 
WUDQVLWDGDHPMXOJDGRRXSURFHVVRDGPLQLVWUDWLYR SRGHUi
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

&DVRSRUpPLQH[LVWDXPFDUJRFRPSDWtYHORVHUYLGRU DVVLPQmRpGRLQWHUHVVHS~EOLFRTXHVHUYLGRUHVILTXHP
S~EOLFR ILFDUi HP GLVSRQLELOLGDGH RX VHMD ILFDUi j HP GLVSRQLELOLGDGH SRLV UHFHEHP YHQFLPHQWRV VHP
GLVSRVLomR GD $GPLQLVWUDomR 3~EOLFD j HVSHUD GH TXH WUDEDOKDU³HTXHPRVSDJDVRPRVQyVFRQWULEXLQWHV
VXUMDXPYDJDHPTXHVHUiUHDSURYHLWDGR
6LJQLILFD TXH D GLVSRQLELOLGDGH p XPD IDFXOGDGH
1DWXUDOPHQWH QmR VH DGPLWLULD TXH WDO IXQFLRQiULR FRQIHULGD SHOD /HL j $GPLQLVWUDomR 3~EOLFD SDUD VH
YLYHVVH GH EULVD UHFHEHUi HQWmR VHXV YHQFLPHQWRV RUJDQL]DUGHYHQGRHVWDSRUpPDSURYHLWDURPDLVUiSLGR
SRUpPSURSRUFLRQDOPHQWHDVHXWHPSRGHVHUYLoR SRVVtYHO R IXQFLRQiULR GLVSRQtYHO SDUD QmR VRIUHU R
SUHMXt]RGHSDJiORVHPTXHHOHWUDEDOKH
eFXULRVRDVVLQDODUTXHD&RQVWLWXLomR GH 
HVWDEHOHFLDTXHDUHPXQHUDomRGDGLVSRQLELOLGDGHVHULD ¢2QGHWUDEDOKDUiRVHUYLGRUFRORFDGRHPGLVSRQLELOL
SURSRUFLRQDO DR WHPSR GH VHUYLoR 2 WH[WR GD QRYD GDGH"""'HSHQGHQGRGDFDXVDSHODTXDOHOHIRLDIDVWDGR
&RQVWLWXLomR  QmRVHUHIHULXjSURSRUFLRQDOLGDGH³ GR FDUJR TXH RFXSDYD ³ RX VHUi UHDSURYHLWDGR QXP
RTXHDXWRUL]RXDLQWHUSUHWDomRMXULVSUXGHQFLDOGHTXHD RXWURFDUJRRXDWpPHVPRQDTXHOHTXHRFXSDYD
GLVSRQLELOLGDGHGHYHULDVHUUHPXQHUDGDFRPYHQFLPHQWRV
LQWHJUDLV
LQWHJUDLV $ (& Qž  5HIRUPD $GPLQLVWUDWLYD  1D KLSyWHVH GH UHLQWHJUDomR GH YHOKR RFXSDQWH
HQWUHWDQWRUHVWDEHOHFHXRUHJLPHDQWHULRUHGRUDYDQWH LPSRVVtYHO D LPHGLDWD UHFRQGXomR R VHUYLGRU ILFDUi HP
D UHPXQHUDomR GD GLVSRQLELOLGDGH VHUi SURSRUFLRQDO DR GLVSRQLELOLGDGH H VHX DSURYHLWDPHQWR IXWXUR VHUi QR
WHPSRGHVHUYLoR PHVPR FDUJR TXH RFXSDYD DVVLP TXH QRYDPHQWH ILFDU
YDJR OHLDRDUWHGR(VWDWXWR 
$WHQomR
$WHQomR QXPFRQFXUVRS~EOLFRTXHVWLRQDYDVHFRPRIL
FDULDDVLWXDomRGRIXQFLRQiULRS~EOLFRTXHHP -i QD KLSyWHVH GH VHU LPSRVVtYHO D UHLQWHJUDomR
GLVSRQLELOLGDGHDWLQJLVVHRVDQRVGHLGDGH6DELGD DUW RXDUHFRQGXomR DUW SRUTXHRFDUJRDQWHUL
PHQWHVHRIXQFLRQiULRILFDUHPGLVSRQLELOLGDGHDWpRV RUIRLH[WLQWRHQWmRVHUiUHDSURYHLWDGRQXPRXWUR
RXWURFDUJR
RXWUR
DQRVGHLGDGHQmRPDLVSRGHUiVHUUHDSURYHLWDGR6HUi 0DV DWHQomR
DWHQomR SDUD R DSURYHLWDPHQWR GR VHUYLGRU QXP
HQWmRDSRVHQWDGRFRPSXOVRULDPHQWHFRPRRGHWHUPLQD RXWURFDUJRVHUiQHFHVViULDDREVHUYkQFLDGH D D DWULEXL
D
R DUW,,&RQVW)HG  UHFHEHQGR SURYHQWRV SURSRU o}HV WDUHIDV IXQo}HV HWF  E 
E UHVSRQVDELOLGDGHV H ‹
FLRQDLVDRWHPSRGHVHUYLoR YHQFLPHQWRV³RVWUrVUHTXLVLWRVFRPSDWtYHLVFRPRFDUJR
DQWHULRUGRVHUYLGRU

1RXWUDVSDODYUDVHOHQHPSRGHUiVHUEHQHILFLDGRQHP
$SURYHLWDPHQWR SRGHUiVHUSUHMXGLFDGRQRUHDSURYHLWDPHQWRHPDPEDVDV
VLWXDo}HVKDYHULDLQMXVWLoDIRVVHSDUDHOH QDKLSyWHVHGH
VHU SUHMXGLFDGR  IRVVH SDUD RV GHPDLV VHUYLGRUHV QD
$UW 2UHWRUQRj
2UHWRUQRjDWLYLGDGH
DWLYLGDGHGH
GHVHUYLGRU
VHUYLGRUHPGLVSRQL KLSyWHVHGHVHUEHQHILFLDGR 
ELOLGDGH
ELOLGDGH IDUVHi
IDUVHi PHGLDQWH
PHGLDQWH DSURYHLWDPHQWR
REULJDWyULR
REULJDWyULR HP
HP FDUJR
FDUJR GH DWULEXLo}HV H YHQFL $VVLPGHYHUiID]HUQRQRYRFDUJRVWDUHIDVVHPHOKDQ
PHQWRV
PHQWRVFRPSDWtYHLV
FRPSDWtYHLVFRP
FRPRDQWHULRUPHQWH
DQWHULRUPHQWHRFX WHVjVTXHID]LDQRYHOKRHJDQKDUDPHVPDFRLVD QHP
SDGR PDLVQHPPHQRV 

2VHUYLGRUFRORFDGRHPGLVSRQLELOLGDGHpDTXHOHTXH $UW 2 yUJmR &HQWUDO GR 6LVWHPD GH 3HVVRDO&LYLO


QmRWHQGRRQGHWUDEDOKDUILFDjGLVSRVLomRGD$GPLQLVWUD GHWHUPLQDUi
GHWHUPLQDUi R LPHGLDWR
LPHGLDWR DSURYHLWDPHQWR
DSURYHLWDPHQWR GH
omR3~EOLFDSDUDTXHHVWDRFRORTXHRQGHIRUSRVVtYHOH VHUYLGRUHPGLVSRQLELOLGDGHHPYDJDTXHYLHU
VHUYLGRUHPGLVSRQLELOLGDGHHPYDJDTXHYLHU
DSURYHLWHVXDFDSDFLGDGHGHWUDEDOKR DRFRUUHU
RFRUUHUQRV
QRVyUJmRV
yUJmRVRX
RXHQWLGDGHV
HQWLGDGHVGD
GDDGPLQLV
WUDomRS~EOLFDIHGHUDO
(PPHDGRVGHRJRYHUQR&ROORU³DSUHWH[WR
GHUHRUJDQL]DUD$GPLQLVWUDomR3~EOLFD)HGHUDODFDEDQGR 1RXWUDVSDODYUDVDVVLPTXHKRXYHUXPDYDJXLQKDR
FRPRVIDQWDVPDVHRVPDUDMiV³FRORFRXPLOKDUHVGH IXQFLRQiULRHPGLVSRQLELOLGDGHGHYHVHUDSURYHLWDGRQmR
VHUYLGRUHV S~EOLFRV FLYLV GD 8QLmR HP GLVSRQLELOLGDGH p UDFLRQDO DOpP GH FRQILJXUDU GHVSHUGtFLR GR GLQKHLUR
3UHWHQGLD SDJDU D WRGRV HOHV YHQFLPHQWRV VDOiULRV S~EOLFRUHDOL]DUFRQFXUVRVSDUDFRQWUDWDUQRYRVVHUYLGR
SURSRUFLRQDLVDRWHPSRGHVHUYLoR TXHPHUDVHUYLGRUKi UHVVHKiVHUYLGRUHPGLVSRQLELOLGDGHTXHSRGHHGHYH
DQRVUHFHEHULDGHVHXVYHQFLPHQWRVTXHPR VHU LPHGLDWDPHQWH DSURYHLWDGR FODUR REVHUYDGDV DV
HUDKiDQRVUHFHELDHWF /HYDGDDTXHVWmRDR TXDOLILFDo}HVHUHTXLVLWRVH[LJLGRVSDUDRFDUJR 
6XSUHPR7ULEXQDO)HGHUDOHVWHGHFODURXLQFRQVWLWXFLRQDO
DPHGLGDGHFODUDQGRTXHRVHUYLGRUHPGLVSRQLELOLGDGH †~QLFR 1D
1DKLSyWHVH
KLSyWHVHSUHYLVWD
SUHYLVWDQR
QR†ž
žGR
GRDUW
DUWRVHUYL
ID]LDMXVDYHQFLPHQWRV
YHQFLPHQWRV
YHQFLPHQWRVLQWHJUDLVRXVHMDGHYHUHFHEHURV
LQWHJUDLV GRUSRVWR
GRU HPGLVSRQLELOLGDGH
SRVWRHP GLVSRQLELOLGDGHSRGHUiVHUPDQWL
SRGHUiVHUPDQWL
PHVPtVVLPRVVDOiULRVTXHUHFHELDTXDQGRWUDEDOKDYD GR VRE UHVSRQVDELOLGDGH GR yUJmR FHQWUDO GR
6LVWHPD
6LVWHPD GH
GH 3HVVRDO
3HVVRDO  &LYLO GD $GPLQLVWUDomR
)HGHUDO
)HGHUDO6,3(&
6,3(&DWp
DWpRVHX
VHXDGHTXDGR
DGHTXDGRDSURYHLWD
+RMHFRPDUHIRUPDDGPLQLVWUDWLYD (&Qž 
PHQWRHPRXWURyUJmRRXHQWLGDGH
GHILQLXVHTXHDUHPXQHUDomRGRVHUYLGRUHPGLVSRQLELOL
GDGHVHUiSURSRUFLRQDODRWHPSRGHVHUYLoR³PDVDLQGD  2EV†~QLFRDFUHVFHQWDGRSHOD/HLQž
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

2 UHIHULGR † ž GR DUW GR (VWDWXWR GLVS}H ´1RV S~EOLFR QRPHDGR HP FRPLVVmR GHFDLU SHUGHU  GD
FDVRVGHUHRUJDQL]DomRRXH[WLQomRGHyUJmRRXHQWLGDGH FRQILDQoDGHTXHPRQRPHRX 9RFrVDEHTXHKiFHUWRV
H[WLQWRRFDUJRRXGHFODUDGDVXDGHVQHFHVVLGDGHQRyUJmRRX FDUJRVHPTXHQmRKiFRQFXUVRRGRQRGHFHUWDVIXQ
HQWLGDGHRVHUYLGRUHVWiYHOTXHQmRIRUUHGLVWULEXtGRVHUi o}HVWHPRSRGHUHVFROKHUDOJXQVDX[LOLDUHVEDVHDQGRVH
FRORFDGR HP GLVSRQLELOLGDGH DWp VHX DSURYHLWDPHQWR QD HP VXD SHUVRQDOtVVLPD FRQILDQoD SRUTXH D IXQomR TXH
IRUPDGRVDUWVHµ GHYHUmR GHVHPSHQKDU H[LJH HVVD SHVVRDO UHODomR GH
FRQILDQoD³H[0LQLVWURVGH(VWDGR$VVHVVRUHV6HFUHWi
$UW 6HUi
6HUi WRUQDGR
WRUQDGR VHP
VHP HIHLWR R DSURYHLWDPHQWRH ULRV3DUWLFXODUHV&KHIHVGH*DELQHWHVHWF 6HRGRQR
FHVVDGD
FHVVDGD D GLVSRQLELOLGDGH
GLVSRQLELOLGDGH VH
VH R VHUYLGRU QmR GHVVDV IXQo}HV D SHVVRD TXH WHP R SRGHU HVFROKHU R
HQWUDU
HQWUDUHP
HPH[HUFtFLR
H[HUFtFLRQR
QRSUD]R
SUD]ROHJDO
OHJDOVDOYR
VDOYRGRHQ DX[LOLDUHVEDVHDQGRVHHPVXDFRQILDQoDSHUGHUDFRQ
oDFRPSURYDGDSRUMXQWDPpGLFDRILFLDO ILDQoDQHVVHDX[LOLDUWHPTXHWHUDPHVPDOLEHUGDGHGD
PDQGDUHPERUDTXHWHYHSDUDHVFROKHUHQRPHDU
&RPRYLPRVR6HUYLGRUHPGLVSRQLELOLGDGHJDQKDVHP
WUDEDOKDU3RULVVRpGRLQWHUHVVHS~EOLFRVHXUHDSURYHLWD (VVD HVSpFLH GH GHPLVVmR QmR p QHQKXPD SHQD 2
PHQWRRPDLVUiSLGRSRVVtYHOLVWRpTXHYROWHDWUDEDOKDU IXQFLRQiULR FRPLVVLRQDGR QmR FRPHWHX QHQKXPD IDOWD
XUJHQWHPHQWH  $VVLP WmR ORJR VHMD DUUDQMDGD XPD QHQKXPDLUUHJXODULGDGH3XUDHVLPSOHVPHQWHVHX&KHIH
YDJXLQKDSDUDHOHHOHGHYHFRPHoDUDWUDEDOKDULVWRp QmRPDLVFRQILDQHOHQmRRTXHUPDLVDOL(OHVHUiHQWmR
HQWUDUQRH[HUFtFLRGDVIXQo}HVGRFDUJRUHVSHFWLYR H[RQHUDGR

1DWXUDOPHQWH Ki XP SUD]R SDUD HOH SULQFLSLDU R 7DPEpPKDYHUiH[RQHUDomRTXDQGRRIXQFLRQiULR


H[HUFtFLRGHVXDVIXQo}HV³VRESHQDGHVHUSXQLGR
SXQLGRFRP
SXQLGR QmRSDVVDUSHORHVWiJLRSUREDWyULRRXVHMDGXUDQWHR
DFDVVDomRGHVXDGLVSRQLELOLGDGH YHUDUW,9&3 $ HVWiJLRSUREDWyULRHOHQmRVHPRVWUDUEHPDILQDGRFRPR
~QLFD GHVFXOSD DFHLWiYHO p HVWDU HOH GRHQWH H PHVPR VHUYLoR S~EOLFR (QILP VH QRV GRLV SULPHLURV DQRV GH
WUDEDOKRQRVHUYLoRS~EOLFRILFDUSURYDGRTXHHOHpPXLWR
DVVLP QmR EDVWD XP DWHVWDGR]LQKR TXDOTXHU GHYHUi R
LQFRPSHWHQWH
VHUYLGRUVHVXEPHWHUDXPD-XQWD0pGLFD2ILFLDOTXHLUi
FRQIHULUVHHIHWLYDPHQWHVXDGRHQoDLPSHGLXRGHYROWDU
)LQDOPHQWHpFDVRWDPEpPGHH[RQHUDomRTXDQGR
DWUDEDOKDU
RIXQFLRQiULRQHPFRPHoDUDWUDEDOKDURXVHMDHOHWRPRX
SRVVH IRLLQYHVWLGRQRFDUJR PDVQXQFDIRLDRWUDEDOKR
&RPSURYDGDVXDGRHQoDWHUiHOHDFRQVLGHUDomRTXH
(OHWHUiRSUD]RGHGLDVSDUDHQWUDUQRH[HUFtFLRGR
R(VWDWXWRGHGLFDDRVGRHQWHV&RPSURYDGRSRUpPTXH
FDUJRGHSRLVGHWRPDUSRVVH6HGHSRLVGHVVHVGLDVHOH
VXDGRHQoDQmRLPSHGLULDTXHHOHYROWDVVHDWUDEDOKDU
QXQFDFRPHoRXDWUDEDOKDUVHUiH[RQHUDGR
HQWmRVHUi FDVVDGDVXDGLVSRQLELOLGDGH >HVVDSXQLomRVH
HTXLSDUDDXPDGHPLVVmRHOHGHL[DGHLQWHJUDUD$GPLQLV
0DVPXLWRDWHQomRH[RQHUDomRQmRpSHQDQmRp
WUDomR3~EOLFDSHUGHRGLUHLWRDYROWDUDRFXSDUXPFDUJR
SXQLomR(
GLVSHQVDGRVHUYLoRS~EOLFRRXDSHGLGRGR
DOpPGHSHUGHURVDODULR]LQKR YHQFLPHQWRV TXHYLQKD IXQFLRQiULR HIHWLYR RX FRPLVVLRQDGR  RX GLVSHQVD GR
UHFHEHQGR@@ IXQFLRQiULRFRPLVVLRQDGRRXGLVSHQVDSRUTXHHOHQmRVH
GHXEHPQRVHUYLoRS~EOLFRRXGLVSHQVDSRUTXHHOHQHP
TXLVFRPHoDUDWUDEDOKDU$H[RQHUDomRpXPDGDVIRUPDV
9DFkQFLD GHYDFkQFLDGRFDUJRS~EOLFRSRUTXHVHRIXQFLRQiULRYDL
HPERUD SHGLXGLVSHQVD RXIRLHPERUDSRUTXHSHUGHXD
FRQILDQoDDTXHOHFDUJRILFDUiYDJRHPYDFkQFLDDWp
$UW $9DFkQFLDGRFDUJRS~EOLFRGHFRUUHUiGH TXHVHMDSUHHQFKLGR SURYLGR QRYDPHQWH

4XDQGRXPFDUJRILFDUYDJRRFRUUHUiDYDFkQFLDGR
FDUJRS~EOLFRRXVHMDHOHHVWiYD]LRQLQJXpPRRFXSD ,,GHPLVVmR
GHPLVVmR
GHPLVVmR
1DWXUDOPHQWHVHRFDUJRHVWiYDJRGHYHUiVHUSURYLGHQFL
DGDVXDRFXSDomR 7DPEpP QD GHPLVVmR KDYHUi XPD GLVSHQVD GR
IXQFLRQiULR6yTXHDTXLHOHpPDQGDGRHPERUD1HVWH
¢4XDQGRXPFDUJRILFDYDJR"2EYLDPHQWHRXORJR FDVRKDYHUiVHPSUHXPDSXQLomRDRIXQFLRQiULR)XQFLR
TXDQGR p FULDGR H DLQGD QLQJXpP IRL QRPHDGR SDUD QiULR3~EOLFRGHPLWLGRpIXQFLRQiULRS~EOLFRSXQLGR+i
RFXSiORRXTXDQGRTXHPRRFXSDYDGHL[DURFDUJR9HMD FDVRVHPTXHHVVDSXQLomRDWppTXDOLILFDGDGL]VHTXHR
DVKLSyWHVHVGDOHL IXQFLRQiULRIRLGHPLWLGRDEHPGRVHUYLoRS~EOLFR(VHR
IXQFLRQiULRS~EOLFRIRUGHPLWLGRVHXFDUJRYDJDUiILFDUi
, H[RQHUDomR HPYDFkQFLD

2IXQFLRQiULRS~EOLFRSRGHSHGLUSDUDVDLUGRVHUYLoR ,,,SURPRomR
SURPRomR
S~EOLFR 4XDQGR LVVR RFRUUHU H IRU DFHLWR VHX SHGLGR
ILFDQGRHOHGLVSHQVDGRGRVHUYLoRS~EOLFRWHUiRFRUULGR 9RFrMiVDEHTXHFRPDSURPRomRRIXQFLRQiULRGHL[D
VXDH[RQHUDomR VHXFDUJRSDUDVXELUXPGHJUDXQDFDUUHLUDRFXSDQGR
XPFDUJRVXSHULRU2UDVHHOHGHL[DVHXFDUJRHVWHILFDUi
7DPEpPRFRUUHUiH[RQHUDomRTXDQGRRIXQFLRQiULR HPYDFkQFLD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
,9 UHYRJDGRSHOD/HLQžGH HVVDQDWXUH]DGDH[RQHUDomRPHVPRTXDQGRRVHUYLGRUp
9 UHYRJDGRSHOD/HLQžGH
H[RQHUDGR GH RItFLR D H[RQHUDomR QmR
QmR p SXQLomR
SXQLomR PDV
VLPSOHVGHFODUDomRGHTXHQmRpHOHDSWR HILFLHQWH SDUD
9,UHDGDSWDomR
UHDGDSWDomR
UHDGDSWDomR RVHUYLoRS~EOLFR
eWDPEpPRTXHRFRUUHUiQDUHDGDSWDomR2GDWLOy
,GHQWLFDPHQWH VH R VHUYLGRU QmR KRXYHU WRPDGR
JUDIRVRIUHXXPDFLGHQWHHWHYHGHFHSDGRVTXDVHWRGRVRV
SRVVH9RFrMiVDEHTXHWRGRIXQFLRQiULRQRPHDGRWHP
GHGRV1mRSRGHUiPDLVVHUGDWLOyJUDIRPDVQHPSRULVVR
XPSUD]R GLDV SDUDWRPDUSRVVHVHQmRWRPDUSRVVH
VHUi FRQVLGHUDGR LQYiOLGR H DSRVHQWDGR SRU LQYDOLGH]
GRFDUJRQmRILFDUiDDGPLQLVWUDomRHVSHUDQGRSRUVXD
6HUiUHDGDSWDGRQXPDRXWUDIXQomRFRPSDWtYHO-iYLPRV
ERD YRQWDGH GH WUDEDOKDU 6HUi H[RQHUDGR SRLV VH
TXH D UHDGDSWDomR VH Gi SRU WUDQVIHUrQFLD ILFDUi YDJR
SUHVXPH TXH QmR WHP HOH LQWHUHVVH HP LQJUHVVDU QR
HPYDFkQFLD RFDUJRTXHHUDRFXSDGRSHORIXQFLRQiULR VHUYLoRS~EOLFR VHWLYHVVHDSDUHFHULD 
UHDGDSWDGR
$UW $ H[RQHUDomR GH FDUJR HP FRPLVVmR H DGLV
9,,DSRVHQWDGRULD
DSRVHQWDGRULD
DSRVHQWDGRULD SHQVDGHIXQomRGHFRQILDQoDGDUVHi
0XLWRyEYLRVHRIXQFLRQiULRVHDSRVHQWRXGHL[RXGH 2EVFRPUHGDomRGDGDSHOD/HLQž
WUDEDOKDUSDVVDQGRSDUDDLQDWLYDVHXFDUJRILFRXYD]LR
HPYDFkQFLD , DMXt]RGDDXWRULGDGHFRPSHWHQWH
,, DSHGLGRGRSUySULRVHUYLGRU
9,,,SRVVHHPRXWURFDUJRLQDFXPXOiYHO
SRVVHHPRXWURFDUJRLQDFXPXOiYHO
SRVVHHPRXWURFDUJRLQDFXPXOiYHO
2 IXQFLRQiULR FRPLVVLRQDGR SRGH VHU PDQGDGR
­VYH]HVRIXQFLRQiULRS~EOLFRVHDSHUIHLoRDHSUHVWD HPERUDFRPDPHVPDIDFLOLGDGHFRPTXHIRLDGPLWLGR
RXWURFRQFXUVRS~EOLFRVHQGRDSURYDGRHQRPHDGRSDUD &DUJRGHFRQILDQoDpDVVLPRSDGULQKRWHPRSRGHUGH
R RXWUR FDUJR 0DV WRGRV VDEHPRV TXH p SURLELGD D QRPHDUjKRUDTXHTXLVHUHSRGHPDQGiORHPERUDWDP
DFXPXODomR GH FDUJRV S~EOLFRV YHMD R DUW;9, GD EpPjKRUDHPTXHTXLVHU,VVRQmRpSHQDpH[RQHUDomR
&RQVW)HGHUDO 1HVVHFDVRRIXQFLRQiULRRXQmRWRPDUi RXVHMDpPDQGDUHPERUDSRUTXHTXHUPDQGDUHQmR
SRVVHQRFDUJRQRYR SDUDRTXDOIH]FRQFXUVRHSDVVRX XPDSXQLomR
RXGHYHUiVHUH[RQHUDGRGRFDUJRTXHYLQKDRFXSDQGR
4XDQGR WRPDU SRVVH QR QRYR FDUJR  VH QmR KRXYHU $RXWUDKLSyWHVHpTXDQGRRSUySULRIXQFLRQiULRTXHU
SRVVLELOLGDGHGHFXPXODomRGHFDUJRVDXWRPDWLFDPHQWH VDLUHSHGH9HMDEHPIXQFLRQiULRTXHSHGHDFRQWDQmR
VHXYHOKRFDUJRILFDUiYDJRHPYDFkQFLD pGHPLWLGR'HPLVVmRpSHQD SXQLomR 4XHPSHGHSDUD
VDLUGR6HUYLoR3~EOLFRSHGHVXDH[RQHUDomR
,; IDOHFLPHQWR
IDOHFLPHQWR
†~QLFR 5HYRJDGRSHOD/HLQžGH
(VVDDPDLVQDWXUDOGDVIRUPDVSHODVTXDLVXPFDUJR
ILFDYDJRHPYDFkQFLDDPRUWHGRIXQFLRQiULRS~EOLFR

$UW $H[RQHUDomR
H[RQHUDomRGH
GHFDUJR
FDUJRHIHWLYR
HIHWLYRGDUVHi
GDUVHiDSHGL 5HPRomR
GRGRVHUYLGRURXGHRItFLR
GRGRVHUYLGRURXGHRItFLR
$ H[RQHUDomR p XPD GDV IRUPDV GH SHUGD GR FDUJR
S~EOLFRRXSRUTXHRSUySULRVHUYLGRUTXHUSHUGHURFDUJR $UW 5HPRomR p R GHVORFDPHQWR GRVHUYLGRUD
TXHUGHL[iORHOLYUDUVHGHVXDVREULJDo}HV³RXSRUTXH SHGLGR
SHGLGR RX
RX GH
GH RItFLR
RItFLR QR
QR kPELWR
kPELWR GR
GR PHVPR
TXHPRGHVLJQRXQmRPDLVRTXHUQDTXHOHFDUJR&RPR TXDGURFRPRXVHPPXGDQoDGHVHGH
TXDGURFRPRXVHPPXGDQoDGHVHGH
VXJHUHDSDODYUD´H[RQHUDomRµTXHUGL]HUUHWLUDUR{QXV
RXILFDUOLYUH H[ GDVREULJDo}HV {QXV GRFDUJRS~EOLFR 5HPRYHU p WUDQVIHULU R IXQFLRQiULR (OH WUDEDOKD
QXP OXJDU ; H SDVVDUi D WUDEDOKDU QR OXJDU <  0DV
&RQWUDULDPHQWH j GHPLVVmR TXH p XPD SXQLomR FRQWLQXDUi QR PHVPR
PHVPR TXDGUR
TXDGUR GH FDUUHLUD D TXH Mi
DSOLFDGDDRIXQFLRQiULRS~EOLFRIDOWRVRDH[RQHUDomRQmR SHUWHQFLDVHHUDGDWLOyJUDIRGDFDUUHLUDGHHVFULWXUiULRV
WHPTXDOTXHUQDWXUH]DSXQLWLYD FRQWLQXDUi VHQGR GDWLOyJUDIR GD FDUUHLUD GH HVFULWXUi
ULRV
$H[RQHUDomRGHRItFLRGDUVHi
†~QLFR $H[RQHUDomRGHRItFLR
GHRItFLRGDUVHi
†~QLFR 3DUD
3DUDILQV
ILQVGR
GRGLVSRVWRQHVWH
GLVSRVWRQHVWHDUWLJR
DUWLJRHQWHQGHVH
, TXDQGRQmRVDWLVIHLWDVDVFRQGLo}HVGRHVWiJLR
TXDQGRQmRVDWLVIHLWDVDVFRQGLo}HVGRHVWiJLR SRUPRGDOLGDGHVGHUHPRomR

,,TXDQGR
TXDQGR WHQGR WRPDGR SRVVH R VHUYLGRUQmR , GHRItFLRQRLQWHUHVVHGD$GPLQLVWUDomR
HQWUDUHPH[HUFtFLRQRSUD]RHVWDEHOHFLGR
HQWUDUHPH[HUFtFLRQRSUD]RHVWDEHOHFLGR
,, DSHGLGRDFULWpULRGD$GPLQLVWUDomR
'HRItFLRTXHGL]HUTXHDSUySULDDXWRULGDGHWRPDUi
DLQLFLDWLYDRXVHMDQmRHVSHUDUiRSHGLGRGRVHUYLGRU ,,, DSHGLGR
SHGLGRSDUD
SDUDRXWUDORFDOLGDGH
RXWUDORFDOLGDGHLQGHSHQGHQ
$VVLPVHHOHQmRIRLDSURYDGRGRHVWiJLRSUREDWyULRD WHPHQWHGRLQWHUHVVHGD$GPLQLVWUDomR
SUySULD DXWRULGDGH R GLVSHQVDUi +i TXH VH DWHQWDU D
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
D SDUDDFRPSDQKDUF{QMXJHRXFRPSDQKHLUR $REVHUYkQFLDGRVUHTXLVLWRVpLPSUHVFLQGtYHOWDQWR
WDPEpPVHUYLGRUS~EOLFRFLYLORXPLOLWDUGH SDUDTXHQmRVHOHVHRVHUYLGRUTXDQWRSDUDTXHQmRVH
TXDOTXHUGRV3RGHUHVGD8QLmRGRV(VWDGRV SUHMXGLTXHDDGPLQLVWUDomRS~EOLFDQHPFRPDFRORFDomR
GR'LVWULWR)HGHUDOHGRV0XQLFtSLRVTXHIRL GHXPLQFRPSHWHQWHQXPFDUJRVXSHULRUjVXDKDELOLGDGH
GHVORFDGRQRLQWHUHVVHGD$GPLQLVWUDomR QHPFRPDFRORFDomRGHXPVXSHUFRPSHWHQWHQXPVHUYLoR
VLPSOyULR HQILP GH ULJKW PDQ LQ ULJKW SODFH ´KRPHP
E SRU PRWLYR GH VD~GH GR VHUYLGRU F{QMXJH FHUWRSDUDROXJDUFHUWRµ 
FRPSDQKHLURRXGHSHQGHQWHTXHYLYDjVVXDV
H[SHQVDVHFRQVWHGRVHXDVVHQWDPHQWRIXQFL †ž $UHGLVWULEXLomR RFRUUHUi´H[
UHGLVWULEXLomRRFRUUHUi H[RIILFLRµSDUDDMXV
RIILFLRµSDUDDMXV
RQDOFRQGLFLRQDGDjFRPSURYDomRSRUMXQWD WDPHQWR GH
WDPHQWR ORWDomR
GH ORWDo mR H GD
GD IRUoD
IRUoD GH
GH WUDEDOKR
WUDEDOKR jV
PpGLFDRILFLDO QHFHVVLGDGHV
QHFHVVLGDGHV GRV
GRV VHUYLoRV
VHUYLoRV LQFOXVLYH
LQFOXVLYH QRV
QRV FDVRV
GH
GHUHRUJDQL]DomR
UHRUJDQL]DomRH[WLQomR
H[WLQomRRXRXFULDomR
FULDomRGH
GHyUJmR
F HPYLUWXGHGHSURFHVVRVHOHWLYRSURPRYLGR RXHQWLGDGH
QDKLSyWHVHHPTXHRQ~PHURGHLQWHUHVVDGRV
IRUVXSHULRUDRQ~PHURGHYDJDVGHDFRUGR †ž $ UHGLVWULEXLomR GH FDUJRV HIHWLYRVYDJRVVH
FRPQRUPDVSUHHVWDEHOHFLGDVSHORyUJmRRX
GDUi
GDUi PHGLDQWH
PHGLDQWH DWR
DWR FRQMXQWR
FRQMXQWR HQWUH R yUJmR
HQWLGDGHHPTXHDTXHOHVHVWHMDPORWDGRV
FHQWUDO GR 6,3(& H RV yUJmRV H HQWLGDGHV GD
2EV SDUiJUDIRDFUHVFHQWDGRSHOD/HLQž $GPLQLVWUDomR3~EOLFD)HGHUDOHQYROYLGRV
$GPLQLVWUDomR3~EOLFD)HGHUDOHQYROYLGRV
2EV††žHžFRPUHGDomRGDGDSHOD/HLQž
2EV

5HGLVWULEXLomR †ž 1RV FDVRV GH UHRUJDQL]DomR RXH[WLQomRGH


yUJmR
yUJmRRX
RXHQWLGDGH
HQWLGDGHH[WLQWR
H[WLQWRRFDUJR
FDUJRRX
RXGHFODUDGD
VXD
VXD GHVQHFHVVLGDGH
GHVQHFHVVLGDGH QRQR yUJmR
yUJmR RX HQWLGDGH R
$UW 5HGLVWULEXLomR p R GHVORFDPHQWR GH FDUJRGH VHUYLGRU
VHUYLGRU HVWiYHO
HVWiYHO TXH
TXH QmR
QmR IRU
IRU UHGLVWULEXtGR
UHGLVWULEXtGR VHUi
SURYLPHQWR
SURYLPHQWRHIHWLYR
HIHWLYRRFXSDGR
RFXSDGRRXYDJRQRkPELWR FRORFDGR
FRORFDGR HP
HP GLVSRQLELOLGDGH
GLVSRQLELOLGDGH DWp VHX DSUR
GR
GR TXDGUR
TXDGUR JHUDO
JHUDO GH
GH SHVVRDO
SHVVRDO SDUD
SDUD RXWURyUJmR
RXWURyUJmR YHLWDPHQWRQDIRUPDGRVDUWVH
RX
RX HQWLGDGH
HQWLGDGH GR
GR PHVPR
PHVPR 3RGHU FRP SUpYLD
DSUHFLDomR
DSUHFLDomRGR
GRyUJmR
yUJmRFHQWUDO
FHQWUDOGR
GR6,3(&
6,3(&REVHUYD †ž 2VHUYLGRU
VHUYLGRUTXH
TXHQmR
QmRIRU
IRUUHGLVWULEXtGR
UHGLVWULEXtGRRXFRORFD
GRVRVVHJXLQWHVSUHFHLWRV
GRVRVVHJXLQWHVSUHFHLWRV GRHPGLVSRQLELOLGDGHSRGHUiVHUPDQWLGRVRE
UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHGR
GRyUJmR
yUJmRFHQWUDO
FHQWUDOGR
GR6,3(&
6,3(&RX
2EV FDSXWFRPUHGDomRGDGDSHOD/HLQž WHU
WHU H[HUFtFLR
H[HUFtFLR SURYLVyULR
SURYLVyULR HP
HP RXWUR
RXWUR yUJmR
yUJmR RX
, LQWHUHVVHGDDGPLQLVWUDomR HQWLGDGHDWpVHXDGHTXDGRDSURYHLWDPHQWR
2EV††žHžIRUDPDFUHVFHQWDGRVSHOD/HLQž
2EV
,,HTXLYDOrQFLDGHYHQFLPHQWRV
HTXLYDOrQFLDGHYHQFLPHQWRV

,,, PDQXWHQomR GD HVVrQFLD GDV DWULEXLo}HVGR


FDUJR 6XEVWLWXLomR
,9YLQFXODomR
YLQFXODomR
YLQFXODomR HQWUH
HQWUH RV
RV JUDXVGHUHVSRQVDELOLGDGH
HFRPSOH[LGDGHGDVDWLYLGDGHV $UW 2V
2VVHUYLGRUHV
VHUYLGRUHVLQYHVWLGRV
LQYHVWLGRVHPHPFDUJR
FDUJRRX
RXIXQomR
IXQomRGH
GLUHomR
GLUHomR RX
RX FKHILD
FKHILD H RV
RV RFXSDQWHVGHFDUJRGH
RFXSDQWHVGHFDUJRGH
9 PHVPR
PHVPRQtYHO
QtYHOGH
GHHVFRODULGDGHHVSHFLDOLGDGH
HVFRODULGDGHHVSHFLDOLGDGHRX 1DWXUH]D (VSHFLDO WHUmR VXEVWLWXWRV LQGLFDGRV
KDELOLWDomRSURILVVLRQDO
QR
QR UHJLPHQWR
UHJLPHQWR LQWHUQR
LQWHUQR RX
RX QR
QR FDVR
FDVR GH
GH RPLVVmR
SUHYLDPHQWH
SUHYLDPHQWHGHVLJQDGRV
GHVLJQDGRVSHOR
SHORGLULJHQWH
GLULJHQWHPi[LPR
9, FRPSDWLELOLGDGH
FRPSDWLELOLGDGHHQWUH
HQWUHDVDWULEXLo}HVGR
DVDWULEXLo}HVGRFDUJRH
GRyUJmRRXHQWLGDGH
DV
DVILQDOLGDGHV
ILQDOLGDGHVLQVWLWXFLRQDLV
LQVWLWXFLRQDLVGR
GRyUJmR
yUJmRRX
RXHQWLGD
GH 2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD/HLQžGH
2EV
2EVLQFLVRVDFUHVFHQWDGRVSHOD/HLQž
2EV
2VHUYLoRS~EOLFRQmRSRGHSDUDU6HXPFKHIHIDOWDU
(VVH p XP LQVWUXPHQWR QRYR SDUD UHRUJDQL]DU R RXVDLUGHIpULDVRXWLUDUOLFHQoDDOJXpPGHYHILFDUHP
IXQFLRQDOLVPR IHGHUDO VH VREUD IXQFLRQiULR QXP VHWRU
VHXOXJDUDVVXPLQGRD DXWRPDWLFDPHQWHVXDVIXQo}HVH
XWRPDWLFDPHQWH
PDVIDOWDHPRXWURQDGDPDLVFRUUHWRTXHWUDQVIHULUGH
FRPDQGDQGRRVHUYLoRS~EOLFR3RULVVRpTXHRVXEVWLWXWR
OiSDUDFi5HSLWDVHLVVRVyVHUiSRVVtYHOVHKRXYHUXPD
GHYH HVWDU SUHYLDPHQWH
SUHYLDPHQWH GHVLJQDGR RX QR UHJLPHQWR
FRUUHODomRHQQmR
mRPDLVDLGHQWLGDGHGHSODQRVGHFDUJRV
PDLV
LQWHUQRRXSHODDXWRULGDGHFRPSHWHQWH
HYHQFLPHQWRV
†ž 2VXEVWLWXWR
VXEVWLWXWRDVVXPLUi
DVVXPLUiDXWRPiWLFD
DXWRPiWLFDHFXPXODWLYD
$ UHGLVWULEXLomR p IXQGDPHQWDO SDUD UHPDQHMDU RV
PHQWH VHP SUHMXt]R GR FDUJR TXH RFXSD R
IXQFLRQiULRVGRVyUJmRVH[WLQWRVFRORFDQGRRVHPQRYRV
yUJmRVRXHQWLGDGHV4XHPSHUWHQFLDDXPyUJmRH[WLQWR H[HUFtFLR GR FDUJR RX IXQomR GH GLUHomR RX
H QmR SXGHU LU SDUD QHQKXP RXWUR ÐUJmR(QWLGDGH FKHILD
FKHILD QRV
QRV DIDVWDPHQWRV
DIDVWDPHQWRV RX LPSHGLPHQWRV
SRUTXHQmR
QmRKRXYHFRUUHODomRGDVDWULEXLo}HVHHTXLYDOrQFLD
QmR OHJDLVRXUHJXODPHQWDUHVGRWLWXODU
GRVYHQFLPHQWRV³ILFDUiHPGLVSRQLELOLGDGH
GLVSRQLELOLGDGH
GLVSRQLELOLGDGH 2EVHVWH†žWHPVXDUHGDomRGDGDSHOD/HLQž
2EV
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$XWRPDWLFDPHQWH TXHU GL]HU EDVWD HVWDU DXVHQWH R 9DQWDJHQV


FKHIH RXGLUHWRU HRVVXERUGLQDGRVMiVDEHUmRDTXHP
SURFXUDUDRVXEVWLWXWR 6HJXQGRRSUySULR(VWDWXWR DUW R6HUYLGRU3~EOLFR
WHPGLUHLWRjVVHJXLQWHVYDQWDJHQVDD VHXVYHQFLPHQWRV
´&XPXODWLYDPHQWHµVLJQLILFDTXHRVHUYLGRUVXEVWLWXWR E LQGHQL]Do}HVF
E F JUDWLILFDo}HVG
F G DGLFLRQDLV
G
QmRODUJDUiVXDIXQomRFRQWLQXDUiGHVHPSHQKDQGRVXDV 9HMDPRVDVHJXLUGHWDOKDGDPHQWHFRPRR(VWDWXWR
WDUHIDVHWDPEpPDVXEVWLWXLomRDXWRPiWLFD³YDOHGL]HU GLVFLSOLQRXRV'LUHLWRV9DQWDJHQV
'LUHLWRV9DQWDJHQV
'LUHLWRV9DQWDJHQV
H[HUFLWDUiDVGXDVIXQo}HVDRPHVPRWHPSR
&DStWXOR,
†ž 2VXEVWLWXWR
VXEVWLWXWRIDUi
IDUiMXV
MXVjUHWULEXLomRSHORH[HUFtFLR 'R9HQFLPHQWRHGD5HPXQHUDomR
GR
GR FDUJR
FDUJR RX
RX IXQomR
IXQomR GH
GH GLUHomRRXFKHILDRXGH
GLUHomRRXFKHILDRXGH
FDUJR
FDUJRGH
GH1DWXUH]D
1DWXUH]D(VSHFLDO
(VSHFLDOQRV
QRVFDVRV
FDVRVGRV
GRVDIDVWD $UW 9HQFLPHQWR p D UHWULEXLomR SHFXQLiULDSHOR
PHQWRV
PHQWRV RX
RX LPSHGLPHQWRV
LPSHGLPHQWRV OHJDLV
OHJDLV GR GR WLWXODU H[HUFtFLR
H[HUFtFLRGH
GHFDUJR
FDUJRS~EOLFR
S~EOLFRFRP
FRPYDORU
YDORUIL[DGR
IL[DGRHP
VXSHULRUHV
VXSHULRUHV D WULQWD
WULQWD GLDV
GLDV FRQVHFXWLYR
FRQVHFXWLYRV V SDJD
SDJD QD OHL
SURSRUomR
SURSRUomR GRV
GRV GLDV
GLDV GH
GH HIHWLYDVXEVWLWXLomRTXH
HIHWLYDVXEVWLWXLomRTXH
H[FHGHUHP
H[FHGHUHP R UHIHULGR
UHIHULGR SHUtRGR  2EV
EV HVWH † ž WHP VXD 6LPSOHVGHHQWHQGHUYHQFLPHQWRpQRPHGRVDOiULRGR
UHGDomRGDGDSHOD/HLQž
VHUYLGRUS~EOLFR
$UW2
2GLVSRVWRQRDUWLJRDQWHULRUDSOLFDVHDRVWLWX
GLVSRVWRQRDUWLJRDQWHULRUDSOLFDVHDRVWLWX †~QLFR 5HYRJDGRSHOD/HLQž
ODUHV
ODUHV GH
GH XQLGDGHV
XQLGDGHV DGPLQLVWUDWLYDV
DGPLQLVWUDWLYDV RUJDQL]DGDV
HPQtYHOGHDVVHVVRULD
HPQtYHOGHDVVHVVRULD $UW 5HPXQHUDomR
5HPXQHUDomR p R YHQFLPHQWRGRFDUJRHIHWLYR
YHQFLPHQWRGRFDUJRHIHWLYR
DFUHVFLGR
DFUHVFLGRGDV
GDVYDQWDJHQV
YDQWDJHQVSHFXQLiULDV
SHFXQLiULDVSHUPDQHQ
WHVHVWDEHOHFLGDVHPOHL
'LUHLWRVH9DQWDJHQV $ 5HPXQHUDomR p XP FRQFHLWR PDLV DEUDQJHQWH p
FRPSRVWRGRYHQFLPHQWRHWXGRRPDLVTXHDOHLPDQGDU
SDJDUDRVHUYLGRULVWRpKRUDVH[WUDVDGLFLRQDOQRWXUQR
%DVLFDPHQWH TXDWUR VmR RV GLUHLWRV
GLUHLWRV
LWRV GRV VHUYLGRUHV DMXGDVGHFXVWRVHWF
S~EOLFRVD GLUHLWRjIXQomRS~EOLFDE GLUHLWRDRH[HU
FtFLRGDIXQomRF GLUHLWRFRQH[RVDRH[HUFtFLRGDIXQ †ž $UHPXQHUDomRGRVHUYLGRULQYHVWLGRHPIXQomR
omRFDUJRG GLUHLWRDRDPSDURVRFLDOHjGLJQLGDGHGR RXFDUJRHPFRPLVVmRVHUiSDJDQDIRUPDSUHYLVWD
VWDWXV QR$UW

23URI',2*2'(),*8(,5('2025(,5$1(72DVVLP †ž 2 VHUYLGRU LQYHVWLGR HP FDUJR HPFRPLVVmRGH


H[SODQDVREUHFDGDXPGHVVHVGLUHLWRV yUJmR RX HQWLGDGH GLYHUVD GD GH VXD ORWDomR
UHFHEHUiDUHPXQHUDomRGHDFRUGRFRPRHVWDEH
GLUHLWR
GLUHLWRjIXQomR
2GLUHLWR IXQomRS~EOLFDTXHVXUJHFRPDHVWDELOLGDGH
S~EOLFD OHFLGRQR†žGR$UW
RXFRPDYLWDOLFLHGDGH HVWDHPJUDXPDLVHOHYDGRFRPR
GLUHLWR DR FDUJR S~EOLFR  FRQVLVWH HP QmR SRGHU VHU †ž 2 YHQFLPHQWR GR FDUJR HIHWLYRDFUHVFLGRGDV
GLVFULFLRQDULDPHQWHVHQmRSRUDWRPDWHULDOHIRUPDOPHQWH YDQWDJHQVGHFDUiWHUSHUPDQHQWHpLUUHGXWtYHO
YLQFXODGRGHODGHVSURYLGR
†ž e DVVHJXUDGD D LVRQRPLD GHYHQFLPHQWRVSDUD
2 GLUHLWR
LUHLWR DR
DR H[HUFtFLR
H[HUFtFLR p HVSpFLH GR JrQHUR GLUHLWR DR FDUJRVGHDWULEXLo}HVLJXDLVRXDVVHPHOKDGDVGR
WUDEDOKRVHULDLQFRPSDWtYHOFRPDGLJQLGDGHGRKRPHPH PHVPR3RGHURXHQWUHVHUYLGRUHVGRVWUrV3RGH
FRPRLQWHUHVVHS~EOLFRTXHD$GPLQLVWUDomRUHVROYHVVHPDQ UHVUHVVDOYDGDVDVYDQWDJHQVGHFDUiWHULQGLYLGXDO
WHUSRUFRQVLGHUDo}HVLQFRQIHVViYHLVRVHUYLGRUHPDIDVWD HDVUHODWLYDVjQDWXUH]DRXDRORFDOGHWUDEDOKR
PHQWR2DIDVWDPHQWRWHPVHXVSUHVVXSRVWRVIL[DGRVHPOHL
$OpP GR PDLV p GR H[HUFtFLR TXH GHULYDUmR RV GHPDLV †ž 1HQKXPVHUYLGRUUHFHEHUiUHPXQHUDomRLQIHULRU
GLUHLWRVIXQFLRQDLVHQWUHRVTXDLVDSHUFHSomRRUGLQiULDGRV DRVDOiULRPtQLPR 2EVUHGDomRGDGDSHOD/HLQž
YHQFLPHQWRV
$UW 1HQKXPVHUYLGRUSRGHUiSHUFHEHUPHQVDOPHQWH
2V GLUHLWRV
GLUHLWRV TXH
TXH VH
VH IXQGDP
IXQGDP QR
QR H[HUFtFLR
H[HUFtFLR VmR GH YiULDV DWtWXORGHUHPXQHUDomRLPSRUWkQFLDVXSHULRUj
HVSpFLHV D FRQWDJHP GR WHPSR GH VHUYLoR SDUD YiULRV VRPDGRVYDORUHVSHUFHELGRVFRPRUHPXQHUDomR
HIHLWRVDHVWDELOLGDGHDVIpULDVDVOLFHQoDVHDSHUFHSomRGD HP HVSpFLH D TXDOTXHU WtWXOR QR kPELWR GRV
UHPXQHUDomR UHVSHFWLYRV 3RGHUHV SHORV 0LQLVWURV GH (VWDGR
SRUPHPEURVGR&RQJUHVVR1DFLRQDOH0LQLVWURV
2 GLUHLWR DR DPSDUR VRFLDO H j GLJQLGDGH GR VWDWXV GR6XSUHPR7ULEXQDO)HGHUDO
LQWHJUDPRHOHQFRFRQVDJUDQGRVHQRTXHUHVSHLWDjIXQomR
S~EOLFDFHUWRVSULQFtSLRVJHUDLVGRWUDEDOKR DUW†žGD †~QLFR ([FOXHPVHGRWHWRGHUHPXQHUDomRDVYDQWDJHQV
&RQVWLWXLomR  (QWUH RXWURV SRGHPRV FLWDU RV VHJXLQWHV SUHYLVWDVQRVLQFLVRV,,D9,,GR$UW
GLUHLWR j DVVLVWrQFLD GLUHLWR j SUHYLGrQFLD H GLUHLWR j
$UW 5HYRJDGRSHOD/HLQžGH
DVVRFLDomRGLUHLWRGHSHWLomRGLUHLWRjGHIHVDHGLUHLWRGH
UHSUHVHQWDomR LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVH $UW2VHUYLGRUSHUGHUi
S 
 'LU$GPLQLVWUDWLYR
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
, DUHPXQHUDomRGRGLDHPTXHIDOWDUDRVHUYLoR 2EV †žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž
VHPPRWLYRMXVWLILFDGR 5HGDomRGDGDSHOD/HLQž GH2WH[WRDQWHULRUGL]LDµ$UHSRVLomRVHUiIHLWDHP
XPD~QLFDSDUFHODTXDQGRFRQVWDWDGRSDJDPHQWRLQGHYLGRQR
PrVDQWHULRUDRGRSURFHVVDPHQWRGDIROKDµ
,, DSDUFHODGHUHPXQHUDomRGLiULDSURSRUFLRQDODRV
DWUDVRV DXVrQFLDV MXVWLILFDGDV UHVVDOYDGDV DV
$UW 2VHUYLGRUHPGpELWRFRPRHUiULRTXHIRUGHPL
FRQFHVV}HVGHTXHWUDWDR$UWHVDtGDVDQWHFL
WLGRH[RQHUDGRRXTXHWLYHUVXDDSRVHQWDGRULDRX
SDGDV VDOYR QD KLSyWHVH GH FRPSHQVDomR GH
KRUiULRDWpRPrVVXEVHTXHQWHDRGDRFRUUrQFLD GLVSRQLELOLGDGHFDVVDGDWHUiRSUD]RGHVHVVHQWD
DVHUHVWDEHOHFLGDSHODFKHILDLPHGLDWD 5HGDomRGDGD GLDVSDUDTXLWDURGpELWR
SHOD/HLQžGH

†~QLFR $QmRTXLWDomRGRGpELWRQRSUD]RSUHYLVWRLPSOL
†~QLFR $VIDOWDVMXVWLILFDGDVGHFRUUHQWHVGHFDVRIRUWXLWR FDUiVXDLQVFULomRHPGtYLGDDWLYD
RX GH IRUoD PDLRU SRGHUmR VHU FRPSHQVDGDV D
FULWpULRGDFKHILDLPHGLDWDVHQGRDVVLPFRQVLGH 2EV (VWHDUWIRLWRWDOPHQWHPRGLILFDGRSHOD0HGLGD3URYLVyULD
UDGDVFRPRHIHWLYRH[HUFtFLR ,QFOXtGRSHOD/HLQž QžGH2WH[WRDQWHULRUGL]LD´2
VHUYLGRUHPGpELWRFRPRHUiULRTXHIRUGHPLWLGRH[RQHUDGR
$UW6DOYRSRULPSRVLomROHJDORXPDQGDGRMXGLFLDO RXTXHWLYHUVXDDSRVHQWDGRULDRXGLVSRQLELOLGDGHFDVVDGDRX
QHQKXPGHVFRQWRLQFLGLUiVREUHDUHPXQHUDomR DLQGDDTXHOHFXMDGtYLGDUHODWLYDDUHSRVLomR VHMDVXSHULRUD
FLQFR YH]HV R YDORU GH VXD UHPXQHUDomR WHUi R SUD]R GH
RXSURYHQWR VHVVHQWDGLDVSDUDTXLWDURGpELWR†ž$QmR TXLWDomRGR
GpELWR QR SUD]R SUHYLVWR LPSOLFDUi VXD LQVFULomR HP GtYLGD
†ž 0HGLDQWHDXWRUL]DomRGRVHUYLGRUSRGHUiKDYHU DWLYD†ž2VYDORUHVSHUFHELGRVSHORVHUYLGRUHPUD]mRGH
FRQVLJQDomRHPIROKDGHSDJDPHQWRHPIDYRUGH GHFLVmROLPLQDUGHTXDOTXHUPHGLGDGHFDUiWHUDQWHFLSDWyULR
WHUFHLURV D FULWpULR GD DGPLQLVWUDomR H FRP RXGHVHQWHQoDSRVWHULRUPHQWHFDVVDGDRXUHYLVWDGHYHUmRVHU
UHSRVLomRGHFXVWRVQDIRUPDGHILQLGDHPUHJX UHSRVWRVQRSUD]RGHWULQWDGLDVFRQWDGRVGDQRWLILFDomRSDUD
ID]rORVRESHQDGHLQVFULomRHPGtYLGDDWLYDµ
ODPHQWR DQWLJRSDUiJUDIR~QLFRUHQXPHUDGRSHOD/HLQž
$UW2YHQFLPHQWRDUHPXQHUDomRHRSURYHQWRQmR
†ž 2WRWDOGHFRQVLJQDo}HVIDFXOWDWLYDVGHTXHWUDWD
VHUmR REMHWR GH DUUHVWR VHTXHVWUR RX SHQKRUD
R † ž QmR H[FHGHUi D  WULQWD H FLQFR SRU
FHQWR GDUHPXQHUDomRPHQVDOVHQGR FLQFR H[FHWRQRVFDVRVGHSUHVWDomRGHDOLPHQWRVUHVXO
SRUFHQWR UHVHUYDGRVH[FOXVLYDPHQWHSDUD † ž WDQWHGHGHFLVmRMXGLFLDO
LQWURGX]LGRSHOD/HLQž

&DStWXOR,,
, DDPRUWL]DomRGHGHVSHVDVFRQWUDtGDVSRUPHLRGH 'DV9DQWDJHQV
FDUWmRGHFUpGLWRRX
$UW $OpPGRYHQFLPHQWRSRGHUmRVHUSDJDVDRVHUYL
,, DXWLOL]DomRFRPDILQDOLGDGHGHVDTXHSRUPHLR GRUDVVHJXLQWHVYDQWDJHQV
GRFDUWmRGHFUpGLWR
$UW$VUHSRVLo}HVHLQGHQL]Do}HVDRHUiULRDWXDOL]D 9DQWDJHQVVmRRVDFUpVFLPRVDRYHQFLPHQWR VDOiULR GR
GDVDWpGHMXQKRGHVHUmRSUHYLDPHQWH VHUYLGRUS~EOLFR&DGDYDQWDJHPWHPXPDFDXVDGHVHU
FRPXQLFDGDVDRVHUYLGRUDWLYRDSRVHQWDGRRXDR &RQILUD
SHQVLRQLVWDSDUDSDJDPHQWRQRSUD]RPi[LPR
GHWULQWDGLDVSRGHQGRVHUSDUFHODGDVDSHGLGR , LQGHQL]Do}HV
GRLQWHUHVVDGR
2EV 2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž 6mR UHSRVLo}HV RX VHMD HVSpFLH GH UHHPEROVR DR
GH2WH[WRDQWHULRUGL]LD´$VUHSRVLo}HVHLQGHQL]Do}HVDRHUiULR
VHUmRSUHYLDPHQWHFRPXQLFDGDVDRVHUYLGRUHGHVFRQWDGDVHPSDUFHODVPHQVDLVHP IXQFLRQiULRSRUGHVSHVDVTXHHOHWHYH
YDORUHVDWXDOL]DGRVDWpGHMXQKRGHµ

†ž 2YDORUGHFDGDSDUFHODQmRSRGHUiVHULQIHULRUDR ,, JUDWLILFDo}HV


FRUUHVSRQGHQWHDGH]SRUFHQWRGDUHPXQHUDomR
SURYHQWRRXSHQVmR 6mRFRPSHQVDo}HVLVWRpFRPRHOHVHVXEPHWHDXPD
2EV
2EV †žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQžGH2
VLWXDomR HVSHFLDO HOH p UHFRPSHQVDGR UHFHEHQGR XP
WH[WRDQWHULRUGL]LDµ$LQGHQL]DomRVHUiIHLWDHPSDUFHODVFXMRYDORUQmRH[FHGD DFUHVFLPR]LQKRHPVHXVDOiULR YHQFLPHQWR 
GDUHPXQHUDomRRXSURYHQWRµ

†ž 4XDQGRRSDJDPHQWRLQGHYLGRKRXYHURFRUULGR ,,,DGLFLRQDLV


DGLFLRQDLV
QRPrVDQWHULRUDRGRSURFHVVDPHQWRGDIROKDD
UHSRVLomRVHUiIHLWDLPHGLDWDPHQWHHPXPD~QLFD 6mRDFUpVFLPRVLQHUHQWHVjQDWXUH]DRXjVFRQGLo}HVGR
SDUFHOD VHUYLoRSUHVWDGRSHORVHUYLGRUWDPEpPSDUDUHFRPSHQVi
2EV
2EV †žWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQžGH2
ORSRUWDLVFRQGLo}HVGHVIDYRUiYHLV
WH[WRDQWHULRUGL]LD$UHSRVLomRVHUiIHLWDHPSDUFHODVFXMRYDORUQmRH[FHGD
GDUHPXQHUDomRRXSURYHQWR
†ž $VLQGHQL]Do}HVQmRVHLQFRUSRUDPDRYHQFLPHQWR
†ž 1DKLSyWHVHGHYDORUHVUHFHELGRVHPGHFRUUrQFLD RXSURYHQWRSDUDTXDOTXHUHIHLWR
GHFXPSULPHQWRDGHFLVmROLPLQDUDWXWHODDQWHFL
SDGDRXDVHQWHQoDTXHYHQKDDVHUUHYRJDGDRX †ž $VJUDWLILFDo}HVHRVDGLFLRQDLVLQFRUSRUDPVHDR
UHVFLQGLGDVHUmRHOHVDWXDOL]DGRVDWp D GDWDGD YHQFLPHQWRRXSURYHQWRQRVFDVRVHFRQGLo}HV
UHSRVLomR LQGLFDGRVHPOHL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW$VYDQWDJHQVSHFXQLiULDVQmRVHUmRFRPSXWDGDV 6XEVHomR,
QHP DFXPXODGDV SDUD HIHLWR GH FRQFHVVmR GH 'D$MXGDGH&XVWR
TXDLVTXHURXWURVDFUpVFLPRVSHFXQLiULRVXOWHULR
UHVVRERPHVPRWtWXORRXLGrQWLFRIXQGDPHQWR $UW $DMXGDGHFXVWRGHVWLQDVHDFRPSHQVDUDVGHVSH
VDVGHLQVWDODomRGRVHUYLGRUTXHQRLQWHUHVVHGR
6HomR, VHUYLoRSDVVDUDWHUH[HUFtFLRHPQRYDVHGHFRP
'DV,QGHQL]Do}HV PXGDQoD GH GRPLFtOLR HP FDUiWHU SHUPDQHQWH
YHGDGR R GXSOR SDJDPHQWR GH LQGHQL]DomR D
$UW&RQVWLWXHPLQGHQL]Do}HVDRVHUYLGRU
&RQVWLWXHPLQGHQL]Do}HVDRVHUYLGRU TXDOTXHUWHPSRQRFDVRGHRF{QMXJHRXFRPSD
QKHLURTXHGHWHQKDWDPEpPDFRQGLomRGHVHUYL
GRUYLHUDWHUH[HUFtFLRQDPHVPDVHGH 5HGDomR
$VLQGHQL]Do}HV³FRPRRHVFODUHFHRSUySULRQRPH³ GDGDSHOD/HLQžGH
VmRUHHPEROVRVSRUGHVSHVDVTXHRIXQFLRQiULRS~EOLFRp
IRUoDGR D ID]HU SDUD R H[HUFtFLR GH VHX FDUJR 1mR Ki †ž &RUUHPSRUFRQWDGDDGPLQLVWUDomRDVGHVSHVDV
QHFHVVLGDGHGHXPDFRUUHODomRDULWPpWLFDSUHFLVDLVWRp GHWUDQVSRUWHGRVHUYLGRUHGHVXDIDPtOLDFRP
RUHHPEROVRQmRpH[DWRQDTXDQWLDFHUWDSUHYHQGRTXH SUHHQGHQGRSDVVDJHPEDJDJHPHEHQVSHVVRDLV
RVHUYLGRUGHYHUiID]HUXPGHWHUPLQDGRWLSRGHGHVSHVD
D$GPLQLVWUDomROKHSDJDUiXPDTXDQWLDSDUDFXVWHDUWDO †ž ­IDPtOLDGRVHUYLGRUTXHIDOHFHUQDQRYDVHGHVmR
GHVSHVD6HRIXQFLRQiULRJDVWDUPHQRVVRUWHGHOHTXH DVVHJXUDGRV DMXGD GH FXVWR H WUDQVSRUWH SDUD D
OXFUDUiDGLIHUHQoDPDVVHRVHUYLGRUJDVWDUPDLV QRU ORFDOLGDGHGHRULJHPGHQWURGRSUD]RGH XP
PDOPHQWHpRTXHDFRQWHFH D]DUGHOHTXHQmRVRXEH DQRFRQWDGRGRyELWR
HFRQRPL]DUHDVVLPDUFDUiFRPRSUHMXt]R
†ž 1mRVHUiFRQFHGLGDDMXGDGHFXVWRQDVKLSyWHVHV
7UrVWLSRVGHLQGHQL]Do}HVSDJDD$GPLQLVWUDomR3~EOLFD GHUHPRomRSUHYLVWDVQRVLQFLVRV,,H,,,GRSDUi
)HGHUDODVHXVVHUYLGRUHVFLYLV JUDIR~QLFRGRDUW ,QFOXtGRSHOD/HLQžGH

, DMXGDGHFXVWR $UW $DMXGDGHFXVWRpFDOFXODGDVREUHDUHPXQHUDomR


GRVHUYLGRUFRQIRUPHVHGLVSXVHUHPUHJXODPHQ
WR QmR SRGHQGR H[FHGHU D LPSRUWkQFLD FRUUHV
&RPRGL]RQRPHVHUYHSDUDDMXGDURVHUYLGRUDSDJDU
SRQGHQWHD WUrV PHVHV
RFXVWRGHVXDPXGDQoDGHGRPLFtOLRHPFDUiWHUSHUPD
QHQWH LVWR p TXDQGR p HOH WUDQVIHULGR RX UHPRYLGR H $UW1mR VHUi FRQFHGLGD DMXGD GH FXVWR DRVHUYLGRU
PXGDGHFLGDGH$tHQWmRQHFHVVDULDPHQWHRIXQFLRQiULR TXH VH DIDVWDU GR FDUJR RX UHDVVXPLOR HP
JDVWDUiFRPGHWUDQVSRUWHPXGDQoDHWF YLUWXGHGHPDQGDWRHOHWLYR

,, GLiULDV $UW6HUi FRQFHGLGD DMXGD GH FXVWR jTXHOH TXHQmR


VHQGRVHUYLGRUGD8QLmRIRUQRPHDGRSDUDFDUJR
$V GLiULDV VmR SDJDV SRUTXH R VHUYLGRU H[FHSFLRQDO HPFRPLVVmRFRPPXGDQoDGHGRPLFtOLR
PHQWHGHYHUiVHGHVORFDUGHVXDVHGHWHQGRJDVWRVFRP
SDVVDJHQVKRWHOUHIHLo}HVHWF3DUDWDOFXVWHLRVHUiSDJR †~QLFR 1RDIDVWDPHQWRSUHYLVWRQRLQFLVR,GR$UWD
DHOHXPDLQGHQL]DomRFKDPDGDGLiULDLVWRpXPDTXDQWLD DMXGDGHFXVWRVHUiSDJDSHORyUJmRFHVVLRQiULR
TXH GDULD RX GHYHULD GDU  SDUD FXVWHDU WDLV GHVSHVDV TXDQGRFDEtYHO
3DUD FDGD GLD TXH R VHUYLGRU ILFDU IRUD GH VXD VHGH
WUDEDOKDQGRVHUOKHiSDJDXPDGLiULD $UW2VHUYLGRUILFDUiREULJDGRDUHVWLWXLUDDMXGDGH
FXVWRTXDQGRLQMXVWLILFDGDPHQWHQmRVHDSUHVHQ
,,, WUDQVSRUWH
WUDQVSRUWH 2EVUHGDomRGDGDSHOD/HLQžGH
WDUQDQRYDVHGHQRSUD]RGH WULQWD GLDV

$LQGHQL]DomRGHWUDQVSRUWHVypSDJDDRVHUYLGRUTXH 6XEVHomR,,
XVD VHX SUySULR DXWRPyYHO SDUD UHDOL]DU RV VHUYLoRV 'DV'LiULDV
H[WHUQRVGDDGPLQLVWUDomR&RPRHOHWHPJDVWRVGHFRP
EXVWtYHO PDQXWHQomR GR YHtFXOR DOpP GR GHVJDVWH H $UW2VHUYLGRUTXHDVHUYLoRDIDVWDUVHGDVHGHHP
FRPRD$GPLQLVWUDomR3~EOLFDHVWiVHEHQHILFLDQGRGHVVD FDUiWHUHYHQWXDORXWUDQVLWyULRSDUDRXWURSRQWR
VLWXDomRQDGDPDLVMXVWRTXHVHUHOHLQGHQL]DGRUHFHEHQ GRWHUULWyULRQDFLRQDORXSDUDRH[WHULRUIDUiMXV
GRXPWXWX]LQKRSDUDVHUHVVDUFLUGRVSUHMXt]RVTXHYHP D SDVVDJHQV H GLiULDV GHVWLQDGDV D LQGHQL]DU DV
WHQGRFRPRXVRGHVHXSUySULRFDUUR SDUFHODVGHGHVSHVDVH[WUDRUGLQiULDFRPSRXVDGD
DOLPHQWDomR H ORFRPRomR XUEDQD FRQIRUPH
GLVSXVHUHPUHJXODPHQWR 5HGDomRGDGDSHOD/HLQž
,9 DX[tOLRPRUDGLD
DX[tOLRPRUDGLD  UHGDomRGDGDSHOD/HLQž
$UW2V
2V YDORUHV GDV LQGHQL]Do}HV HVWDEHOHFLGDVQRV †ž $GLiULDVHUiFRQFHGLGDSRUGLDGHDIDVWDPHQWR
LQFLVRV
LQFLVRV,D,,,
,,,GR
GRDUW
DUW
GHVWD
GHVWD/HL
/HLDVVLP
DVVLPFRPRFRPRDV VHQGRGHYLGDSHODPHWDGHTXDQGRRGHVORFDPHQ
FRQGLo}HV
FRQGLo}HVSDUD
SDUDDVXD
VXDFRQFHVVmR
FRQFHVVmRVHUmRHVWDEHOHFL
VHUmRHVWDEHOHFL WRQmRH[LJLUSHUQRLWHIRUDGDVHGHRXTXDQGRD
GRV
GRV HP
HP UHJXODPHQWR UHGDomR GDGD SHOD /HL Qž  GH 8QLmR FXVWHDU SRU PHLR GLYHUVR DV GHVSHVDV
 H[WUDRUGLQiULDVFREHUWDVSRUGLiULDV 5HGDomRGDGD
SHOD/HLQžGH
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
†ž 1RVFDVRVHPTXHRGHVORFDPHQWRGDVHGHFRQVWL ULRGHLPyYHOQR0XQLFtSLRDRQGHIRUH[HUFHUR
WXLU H[LJrQFLD SHUPDQHQWH GR FDUJR R VHUYLGRU FDUJRLQFOXtGDDKLSyWHVHGHORWHHGLILFDGRVHP
QmRIDUiMXVDGLiULDV DYHUEDomRGHFRQVWUXomRQRV GR]H PHVHV
TXHDQWHFHGHUHPDVXDQRPHDomR
†ž 7DPEpPQmRIDUiMXVDGLiULDVRVHUYLGRUTXHVH
GHVORFDUGHQWURGDPHVPDUHJLmRPHWURSROLWDQD ,9 QHQKXPDRXWUDSHVVRDTXHUHVLGDFRPRVHUYLGRU
DJORPHUDomRXUEDQDRXPLFURUUHJLmRFRQVWLWXtGDV UHFHEDDX[tOLRPRUDGLD
SRUPXQLFtSLRVOLPtWURIHVHUHJXODUPHQWHLQVWLWXt
GDVRXHPiUHDVGHFRQWUROHLQWHJUDGRPDQWLGDV 9 RVHUYLGRUWHQKDVHPXGDGRGRORFDOGHUHVLGrQ
FRPSDtVHVOLPtWURIHVFXMDMXULVGLomRHFRPSHWrQ FLDSDUDRFXSDUFDUJRHPFRPLVVmRRXIXQomRGH
FLDGRVyUJmRVHQWLGDGHVHVHUYLGRUHVEUDVLOHLURV FRQILDQoD GR *UXSR'LUHomR H $VVHVVRUDPHQWR
FRQVLGHUDVHHVWHQGLGDVDOYRVHKRXYHUSHUQRLWH 6XSHULRUHV '$6QtYHLVHGH1DWXUH]D
IRUDGDVHGHKLSyWHVHVHPTXHDVGLiULDVSDJDV (VSHFLDOGH0LQLVWURGH(VWDGRRXHTXLYDOHQWHV
VHUmR VHPSUH DV IL[DGDV SDUD RV DIDVWDPHQWRV
GHQWURGRWHUULWyULRQDFLRQDO ,QFOXtGRSHOD/HLQž 9, R0XQLFtSLRQRTXDODVVXPDRFDUJRHPFRPLVVmR
RX IXQomR GH FRQILDQoD QmR VH HQTXDGUH QDV
$UW 2VHUYLGRUTXHUHFHEHUGLiULDVHQmRVHDIDVWDUGD KLSyWHVHVSUHYLVWDVQR†žGRDUWGHVWD/HL
VHGHSRUTXDOTXHUPRWLYRILFDREULJDGRDUHVWL HPUHODomRDRORFDOGHUHVLGrQFLDRXGRPLFtOLRGR
WXtODVLQWHJUDOPHQWHQRSUD]RGH FLQFR GLDV VHUYLGRU

†~QLFR 1D KLSyWHVH GH R VHUYLGRU UHWRUQDU jVHGHHP 9,, RVHUYLGRUQmRWHQKDVLGRGRPLFLOLDGRRXWHQKD


SUD]RPHQRUGRTXHRSUHYLVWRSDUDRVHXDIDVWD UHVLGLGR QR 0XQLFtSLR QRV ~OWLPRV  GR]H
PHQWRUHVWLWXLUiDVGLiULDVUHFHELGDVHPH[FHVVR PHVHVDRQGHIRUH[HUFHURFDUJRHPFRPLVVmR
QRSUD]RSUHYLVWRQRFDSXW RX IXQomR GH FRQILDQoD GHVFRQVLGHUDQGRVH
SUD]R LQIHULRU D  VHVVHQWD  GLDV GHQWUR GHVVH
SHUtRGRH
6XEVHomR,,,
'D,QGHQL]DomRGH7UDQVSRUWH 9,,, R GHVORFDPHQWR QmR WHQKD VLGR SRU IRUoDGH
DOWHUDomR GH ORWDomR RX QRPHDomR SDUD FDUJR
$UW&RQFHGHUVHi LQGHQL]DomR GH WUDQVSRUWHDR HIHWLYR
VHUYLGRUTXHUHDOL]DUGHVSHVDVFRPDXWLOL]DomRGH
PHLRSUySULRGHORFRPRomRSDUDDH[HFXomRGH ,; RGHVORFDPHQWRWHQKDRFRUULGRDSyVGHMXQKR
VHUYLoRV H[WHUQRV SRU IRUoD GDV DWULEXLo}HV GH
SUySULDV GR FDUJR FRQIRUPH VH GLVSXVHU HP
UHJXODPHQWR †~QLFR 3DUDILQVGRGLVSRVWRQRLQFLVR9,,GRFDSXWGHVWH
DUWLJRQmRVHUiFRQVLGHUDGRRSUD]RQRTXDOR
6XEVHomR,9 VHUYLGRUHVWDYDRFXSDQGRRXWURFDUJRHPFRPLV
$X[tOLR0RUDGLD VmR UHODFLRQDGR QR LQFLVR 9 GR FDSXW GHVWH
HVWDVXEVHomR,9HVHXVDUWLJRVIRUDPDFUHVFLGRVSHOD/HLQž DUWLJR

$UW$ 2DX[tOLRPRUDGLDFRQVLVWHQRUHVVDUFLPHQWRGDV $UW& 5HYRJDGRSHOD/HLQžGH


GHVSHVDV FRPSURYDGDPHQWH UHDOL]DGDV SHOR
$UW' 2YDORUPHQVDOGRDX[tOLRPRUDGLDpOLPLWDGRD
VHUYLGRUFRPDOXJXHOGHPRUDGLDRXFRPPHLRGH
 YLQWHHFLQFRSRUFHQWR GRYDORUGRFDUJR
KRVSHGDJHPDGPLQLVWUDGRSRUHPSUHVDKRWHOHLUD
HPFRPLVVmRIXQomRFRPLVVLRQDGDRXFDUJRGH
QRSUD]RGH XP PrVDSyVDFRPSURYDomRGD
0LQLVWURGH(VWDGRRFXSDGR
GHVSHVDSHORVHUYLGRU
2EVUHGDomRGDGDSHOD/HLQž

$UW% &RQFHGHUVHi DX[tOLRPRUDGLD DR VHUYLGRU VH †ž 2YDORUGRDX[tOLRPRUDGLDQmRSRGHUiVXSHUDU


DWHQGLGRVRVVHJXLQWHVUHTXLVLWRV  YLQWHHFLQFRSRUFHQWR GDUHPXQHUDomR
GH0LQLVWURGH(VWDGR
, QmRH[LVWDLPyYHOIXQFLRQDOGLVSRQtYHOSDUDXVR
2EVUHGDomRGDGDSHOD/HLQž
SHORVHUYLGRU
†ž ,QGHSHQGHQWHPHQWHGRYDORUGRFDUJRHPFRPLV
,, R F{QMXJH RX FRPSDQKHLUR GR VHUYLGRUQmR VmR RX IXQomR FRPLVVLRQDGD ILFD JDUDQWLGR D
RFXSHLPyYHOIXQFLRQDO WRGRVRVTXHSUHHQFKHUHPRVUHTXLVLWRVRUHVVDU
FLPHQWRDWpRYDORUGH5 PLOHRLWR
,,, RVHUYLGRURXVHXF{QMXJHRXFRPSDQKHLURQmR FHQWRVUHDLV 
VHMD RX WHQKD VLGR SURSULHWiULR SURPLWHQWH 2EVUHGDomRGDGDSHOD/HLQž

FRPSUDGRUFHVVLRQiULRRXSURPLWHQWHFHVVLRQi
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW( 1RFDVRGHIDOHFLPHQWRH[RQHUDomRFRORFDomR GH


GH GH
GH VDOiULRV VLJQLILFDTXHSRGHUiRFRUUHUHPFRQGL
VDOiULRV
GHLPyYHOIXQFLRQDOjGLVSRVLomRGRVHUYLGRURX o}HVH[FHSFLRQDLVDUHGXomRGRVDOiULRGRIXQFLRQiULRS~
DTXLVLomRGHLPyYHORDX[tOLRPRUDGLDFRQWLQXD EOLFR  ³ H WDPEpP QmR PDLV UHFHEHUi ´D DGLFLRQDLV
GLFLRQDLV GH
UiVHQGRSDJRSRUXPPrV LQVDOXEULGDGH
LQVDOXEULGDGH SHQRVLGDGH
SHQRVLGDGH H SHULFXORVLGDGH
ULFXORVLGDGH SRXFR
LPSRUWDUiVHRVHUYLGRUS~EOLFRWUDEDOKDURXQmRHPVHU
YLoRLQVDOXEUH DTXHOHVHPTXHDVFRQGLo}HVVmRDJUHVVL
6HomR,, YDVGHWHULRUDQGRVXDVD~GHOL[HLURSRUH[HPSOR RXTXH
'DV*UDWLILFDo}HVH$GLFLRQDLV WUDEDOKH HOH HP VHUYLoR SHQRVR GLItFLO iUGXR SHVDGR
GHVJDVWDQWHSH[REULWDGRU RXPHVPRHPVHUYLoRSHUL
$UW $OpP
$OpPGRYHQFLPHQWRH
GRYHQFLPHQWRHGDV
GDVYDQWDJHQV
YDQWDJHQVSUHYLVWDV JRVR DTXHOHV HP TXH Ki ULVFR GH YLGD ³ SH[ XP
QHVWD/HLVHUmRGHIHULGRV
QHVWD/HLVHUmRGHIHULGRVDRVVHUYLGRUHVDVVH HOHWULFLVWD GH DOWD WHQVmR  SRLV HP QHQKXPD GHVVDV
JXLQWHV
JXLQWHVUHWULEXLo}HV
UHWULEXLo}HVJUDWLILFDo}HV
JUDWLILFDo}HVHDGLFLRQDLV KLSyWHVHVWHUiHOHTXDOTXHUDFUpVFLPRHPVHXVYHQFLPHQ
WRVDWtWXORGHDGLFLRQDO
DGLFLRQDO
DGLFLRQDO
, UHWULEXLomR
UHWULEXLomRSHOR
SHORH[HUFtFLR
H[HUFtFLRGH
GHIXQomRGHGLUHomR
FKHILDHDVVHVVRUDPHQWR 5HJLVWUHVHSRUpPTXHR†žGRDUWGHWHUPLQRX
2EV2FDSXWHRLQFLVR,WrPVXDVUHGDo}HVGDGDVSHOD/HLQž
2EV
TXHDIL[DomRGRVSDGU}HVGHYHQFLPHQWRREVHUYDUi´DV
SHFXOLDULGDGHVGRVFDUJRVµ³RTXHLPSOLFDDFRQVLGHUDomR
4XHPFKHILDRXTXHPGLULJHRXTXHPSUHVWDDVVHVVR GHVVDVSHFXOLDULGDGHVGRFDUJRIXQomRWDQWRDLQVDOXEUL
UDPHQWRWHPPXLWRPDLVUHVSRQVDELOLGDGHTXHRVLPSOHV GDGH FRPR D SHQRVLGDGH H D SHULJRVLGDGH IRUQHFHUmR
H[HFXWRUGHRUGHQVeIXQomRHVSLQKRVD FRPFREUDQoD HPEDVDPHQWRSDUDTXHRVUHVSHFWLYRVFDUJRVWHQKDPXPD
SHUPDQHQWH GH SHUIHLomR D H[LJLU PDLRU GHGLFDomR H GLIHUHQFLDGDUHPXQHUDomREDVHHPERUDQmRPDLVLQFLGDP
FRPSHQHWUDomR³GDtSRUTXHGHYHVHUUHFRPSHQVDGRR RVDGLFLRQDLV
VHUYLGRU TXH DV GHVHPSHQKD SDJDQGRVHOKH XPD
UHWULEXLomRSHODIXQomR 8P RXWUR GHVWDTXH FRPR D UHGHILQLomR GD UHPXQH
UDomREDVH GHSHQGHUi GH OHL
OHL DWp VXD IXWXUD HGLomR
,, JUDWLILFDomRQDWDOLQD
JUDWLILFDomRQDWDOLQD FRQWLQXDUiYiOLGRRSDJDPHQWRGHVVHDGLFLRQDOGHLQVDOX
EULGDGHSHQRVLGDGHRXSHULFXORVLGDGH
(VWDpSDJDDWRGRVRVIXQFLRQiULRVLQGLVWLQWDPHQWH
RžVDOiULRSDUDTXHRVHUYLGRUSRVVDID]HUIUHQWHjV 9 DGLFLRQDO
DGLFLRQDOSHODSUHVWDomRGHVHUYLoRH[WUDRUGLQi
SHODSUHVWDomRGHVHUYLoRH[WUDRUGLQi
GHVSHVDVPDLRUHVQDWXUDOPHQWHRFRUULGDVQRQDWDOSRU ULR
ULR
IRUoDGHXPDWUDGLomRVRFLDO
1DGDDOpPGDVFRQKHFLGDVKRUDVH[WUDV2IXQFLRQi
,,, UHYRJDGRSHOD0HGLGD3URYLVyULDQžGH
ULR S~EOLFR FRPR WRGR WUDEDOKDGRU WHP SRU REULJDomR
2EV 2WH[WRGHVWHLQFLVRGL]LD´,,,D
DGLFLRQDOSRUWHPSRGHVHUYLoRµ
GLFLRQDOSRUWHPSRGHVHUYLoR
FXPSULUXPDMRUQDGDOLPLWDGDDKRUDVVHPDQDLV6H
³ 8PD UHFRPSHQVD SDUD LQFHQWLYDU D HVWDELOLGDGH GRV VHUYLoRV KRXYHU QHFHVVLGDGH GH WUDEDOKDU DOJXPDV KRUDV D PDLV
S~EOLFRVeGRLQWHUHVVHS~EOLFRTXHRIXQFLRQiULRILTXHQRVHUYLoR QXQFDPDLVTXHKRUDVSRUGLD HOHUHFHEHUiDVKRUDV
S~EOLFRHWHUQDPHQWHGHGLFDQGROKHDHILFLrQFLDLQHUHQWHjH[SHULrQ
FLDGRVDQRVGHFDUUHLUD H[WUDVFRPDFUpVFLPR DGLFLRQDO GH FLQTXHQWDSRU
FHQWR 
,9 DGLFLRQDO
DGLFLRQDO SHOR
SHOR H[HUFtFLR GH DWLYLGDGHVLQVDOX
EUHVSHULJRVDVRXSHQRVDV
EUHVSHULJRVDVRXSHQRVDV 9, DGLFLRQDOQRWXUQR
DGLFLRQDOQRWXUQR

2XWUDUHFRPSHQVD D D VHDVFRQGLo}HVGHWUDEDOKRVmR
D 7UDEDOKDUjQRLWHpPXLWRPDLVVDFULILFRVRDILQDOKi
UXLQV GHVJDVWDQWHV SUHMXGLFLDLV j VD~GH R VHUYLGRU XPDEDJXQoDHPQRVVRUHOyJLRELROyJLFRHLQYHUWHPRVDV
UHFHEHUiRDGLFLRQDOGHLQVDOXEULGDGHVH E
E DVFRQGLo}HV
E KRUDV GH VRQR GH FRQFHQWUDomR GH UHIHLomR HWF WXGR
GH WUDEDOKR UHSUHVHQWDP SHULJR j VXD YLGD RX j VXD SURYRFDQGRHQRUPHGHVJDVWHItVLFRHPHQWDO3RULVVRD
LQWHJULGDGHItVLFDHOHUHFHEHUiRDGLFLRQDOGHSHULFXORVLGD &RQVWLWXLomR )HGHUDO GHWHUPLQRX TXH WRGR WUDEDOKR
GHHVH F
F DVFRQGLo}HVGHWUDEDOKRH[LJHPVRIULPHQWR
F QRWXUQRWHQKDXPDUHPXQHUDomRPDLRU
PDLRUTXHDGRWUDEDOKR
PDLRU
ItVLFRRXPHQWDOGRIXQFLRQiULROHYDQGRRDXPGHVJDVWH GLXUQR¢4XDQWRDPDLV"8PDGLFLRQDOGH YLQWHH
ItVLFRRXPHQWDOPDLRUHQWmRHOHUHFHEHUiRDGLFLRQDOSRU FLQFRSRUFHQWR 
DWLYLGDGHSHQRVD
9,, DGLFLRQDOGHIpULDV
DGLFLRQDOGHIpULDV
$WHQomRD(PHQGD&RQVWLWXFLRQDOQž 5HIRUPD
$GPLQLVWUDWLYD ³DRDOWHUDURDUW†žGD 2XWUDGHWHUPLQDomRFRQVWLWXFLRQDOFRPRWRGRWUDED
&RQVWLWXLomR )HGHUDO HVWDEHOHFHQGR TXH ´$SOLFDVH DRV OKDGRUFRPXPWDPEpPRIXQFLRQiULRS~EOLFRWHPGLUHLWR
VHUYLGRUHVRFXSDQWHVGHFDUJRS~EOLFRRGLVSRVWRQRDUWž D UHFHEHU XP GLQKHLULQKR H[WUD SDUD SRGHU JR]DU VXDV
,99,,9,,,,;;,,;,,,;9;9,;9,,;9,,,;,;;;;;,, IpULDVYHUGDGHLUDPHQWH$QWHVRVHUYLGRUVDtDHPIpULDV
H;;;SRGHQGRDOHLHVWDEHOHFHUUHTXLVLWRVGLIHUHQFLDGRVGH HILFDYDHPFDVDYDGLDQGRVHPSRGHUID]HUXPDYLDJHQ]L
DGPLVVmRTXDQGRDQDWXUH]DGRFDUJRRH[LJLUµ³H[FOXLX QKDRXXPSDVVHLR]LQKRSRUTXHQmRWLQKDGLUHLWR RPrV
GDUHODomRGRVLQF9,H;;,,,DQWHVFRQVWDQWHVGRUHIHULGR GDV IpULDV Mi HVWDYD FRPSURPHWLGR FRP R RUoDPHQWR
SDUiJUDIRž$VVLPSRUIRUoDGDUHIRUPDDGPLQLVWUDWLYD GRPpVWLFRRUGLQiULRDOXJXHOFRPLGDHWF 
RVHUYLGRUS~EOLFRQmRPDLVWHUiGLUHLWRjLUUHGXWLELOLGD
LUUHGXWLELOLGD
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
$JRUD p GLIHUHQWH IXQFLRQiULR S~EOLFR TXH VDLU HP †~QLFR $ IUDomR LJXDO RX VXSHULRU D  TXLQ]H GLDV
IpULDVUHFHEHUiGHVHXVYHQFLPHQWRVSDUDSRGHUID]HU VHUiFRQVLGHUDGDFRPRPrVLQWHJUDO
XPDYLDJHQ]LQKDXPSDVVHLR]LQKRHUHID]HUVXDVIRUoDV
YROWDQGRDWUDEDOKDUFRPFDUJDPi[LPD $UW $JUDWLILFDomRVHUiSDJDDWpRGLD YLQWH GR
PrVGHGH]HPEURGHFDGDDQR
9,,, RXWURV
RXWURV UHODWLYRV DR ORFDO RX j QDWXUH]D GR
WUDEDOKR
WUDEDOKR †~QLFR 9(7$'2 

(VWD p DSHQDV XPD YiOYXOD GR (VWDWXWR SDUD VHUHP $UW 2VHUYLGRUH[RQHUDGRSHUFHEHUiVXDJUDWLILFDomR
FULDGDVHYHQWXDLVRXWUDVJUDWLILFDo}HVPDLVTXHDLPDJLQD QDWDOLQDSURSRUFLRQDOPHQWHDRVPHVHVGHH[HUFt
omRGROHJLVODGRUQmRDOFDQoRXHTXHVHIDoDPQHFHVViUL FLRFDOFXODGDVREUHDUHPXQHUDomRGRPrVGD
DVSDUDUHFRPSHQVDUDTXHPUHDOL]HDOJXPWUDEDOKRGH H[RQHUDomR
QDWXUH]DHVSHFLDORXHPORFDOGLItFLO,PDJLQHSRUH[HP $UW $JUDWLILFDomRQDWDOLQDQmRVHUiFRQVLGHUDGDSDUD
SORXPDUHSDUWLomRS~EOLFDMXQWRDXPDIURQWHLUDEHP FiOFXORGHTXDOTXHUYDQWDJHPSHFXQLiULD
ORQJtQTXDHLQyVSLWD¢4XHPTXHUHUiWUDEDOKDUOi"""2
KHUyLTXHUHQXQFLDUDRFRPRGLVPRGDVJUDQGHVFLGDGHVH
6XEVHomR,,,
VHGLVSXVHUDOHYDUVXDIDPtOLDSDUDWDOVDFULItFLRGHYHUi
'R$GLFLRQDOSRU7HPSRGH6HUYLoR
VHUUHFRPSHQVDGRUHFHEHQGRWDOWLSRGHJUDWLILFDomR
$UW 5HYRJDGRSHOD0HGLGD3URYLVyULDQžGH
+iPXLWRVORFDLVHPTXHVHMDSHODGLVWkQFLDVHMDSHOR
FOLPDRXRXUHYHUVRDWpSHORVRILVWLFDGRHDOWRFXVWRGH 2EV 2WH[WRGHVWHDUWLJRGL]LD$UW2DGLFLRQDOSRUWHPSRGHVHUYLoRpGHYLGRj
UD]mRGHFLQFRSRUFHQWRDFDGDFLQFRDQRVGHVHUYLoRS~EOLFRHIHWLYRSUHVWDGRj
YLGDQLQJXpPTXHULUWUDEDOKDUeQHFHVViULRLQFHQWLYDU 8QLmRjVDXWDUTXLDVHjVIXQGDo}HVS~EOLFDVIHGHUDLVREVHUYDGRROLPLWHPi[LPR
GHLQFLGHQWHH[FOXVLYDPHQWHVREUHRYHQFLPHQWREiVLFRGRFDUJRHIHWLYR
IXQFLRQiULRV S~EOLFRV D RFXSDUHP WDLV FDUJRV (VVH DLQGDTXHLQYHVWLGRRVHUYLGRUHPIXQomRRXFDUJRGHFRQILDQoD†~QLFR2
LQFHQWLYR SULQFLSLD FRP R SDJDPHQWR GD JUDWLILFDomR VHUYLGRUIDUiMXVDRDGLFLRQDODSDUWLUGRPrVHPTXHFRPSOHWDURTXLQTXrQLR
2 DGLFLRQDO SRU WHPSR GH VHUYLoR p SDJR D FDGD  FLQFR  DQRV QD IRUPD GH
HVSHFLDO TXLQTXrQLRV&DGDYH]TXHRIXQFLRQiULRFRPSOHWHDQRVGHVHUYLoRS~EOLFRHOH
UHFHEH  D PDLV ž SRU DQR  2EVHUYDGR p FODUR R OLPLWH HVWDEHOHFLGR R
VHUYLGRUVySRGHUiSHUFHEHURVHXVDOiULRQRUPDODFUHVFLGRGHQRPi[LPRWULQWD
,;JUDWLILFDomRSRUHQFDUJRGHFXUVRRXFRQFXUVR
JUDWLILFDomRSRUHQFDUJRGHFXUVRRXFRQFXUVR HFLQFRSRUFHQWR$VVLPVHRVHUYLGRUJDQKD5SRUPrVSDVVDGRVFLQFR
DQRV HOH UHFHEHUi 5  H DSyV WULQWD H FLQFR DQRV GH VHUYLoR HIHWLYR
2EVUHGDomRGDGDSHOD/HLQž SHUFHEHUi5 DPDLVGRVDOiULRLQLFLDO VDOiULRHVWHTXHFRQWLQXDUi
SHORUHVWRGHVXDYLGD

6XEVHomR,
'D5HWULEXLomRSHOR([HUFtFLRGH)XQomRGH'LUHomR 6XEVHomR,9
&KHILDH$VVHVVRUDPHQWR 'RV$GLFLRQDLVGH,QVDOXEULGDGH
5HGDomRGDGDSHOD/HLQžGH
3HULFXORVLGDGHRX$WLYLGDGHV3HQRVDV
$UW $RVHUYLGRURFXSDQWHGHFDUJRHIHWLYRLQYHVWLGR
HPIXQomRGHGLUHomRFKHILDRXDVVHVVRUDPHQWR $UW 2VVHUYLGRUHVTXHWUDEDOKHPFRPKDELWXDOLGDGH
FDUJRGHSURYLPHQWRHPFRPLVVmRRXGH1DWXUH HPORFDLVLQVDOXEUHVRXHPFRQWDWRSHUPDQHQWH
]D(VSHFLDOpGHYLGDUHWULEXLomRSHORVHXH[HUFt FRPVXEVWkQFLDVWy[LFDVUDGLRDWLYDVRXFRPULVFR
FLR 5HGDomRGDGDSHOD/HLQžGH
GHYLGDID]HPMXVDXPDGLFLRQDOVREUHRYHQFL
PHQWRGRFDUJRHIHWLYR
†~QLFR /HL HVSHFtILFD HVWDEHOHFHUi DUHPXQHUDomRGRV
FDUJRVHPFRPLVVmRGHTXHWUDWDRLQFLVR,,GR
$UWž 5HGDomRGDGDSHOD/HLQžGH †ž 2VHUYLGRUTXHIL]HUMXVDRVDGLFLRQDLVGHLQVDOX
EULGDGHHGHSHULFXORVLGDGHGHYHUiRSWDUSRUXP
$UW$ )LFDWUDQVIRUPDGDHP9DQWDJHP3HVVRDO1RPL GHOHV
QDOPHQWH,GHQWLILFDGD931,DLQFRUSRUDomRGD
UHWULEXLomRSHORH[HUFtFLRGHIXQomRGHGLUHomR †ž 2GLUHLWRDRDGLFLRQDOGHLQVDOXEULGDGHRXSHUL
FKHILDRXDVVHVVRUDPHQWRFDUJRGHSURYLPHQWR FXORVLGDGHFHVVDFRPDHOLPLQDomRGDVFRQGLo}HV
HPFRPLVVmRRXGH1DWXUH]D(VSHFLDODTXHVH RXGRVULVFRVTXHGHUDPFDXVDDVXDFRQFHVVmR
UHIHUHPRVDUWVžHGD/HLQžGHGH
MXOKRGHHRDUWžGD/HLQžGHGH $UW +DYHUi SHUPDQHQWH FRQWUROH GD DWLYLGDGHGH
DEULOGH VHUYLGRUHVHPRSHUDo}HVRXORFDLVFRQVLGHUDGRV
SHQRVRVLQVDOXEUHVRXSHULJRVRV
†~QLFR $931,GHTXHWUDWDRFDSXWGHVWHDUWLJRVRPHQWH
HVWDUiVXMHLWDjVUHYLV}HVJHUDLVGHUHPXQHUDomR †~QLFR $VHUYLGRUDJHVWDQWHRXODFWDQWHVHUiDIDVWDGD
GRVVHUYLGRUHVS~EOLFRVIHGHUDLV 2EVDUWLJRDFUHV HQTXDQWR GXUDU D JHVWDomR H D ODFWDomR GDV
FHQWDGRSHOD0HGLGD3URYLVyULDQž
RSHUDo}HVHORFDLVSUHYLVWRVQHVWHDUWLJR H[HU
6XEVHomR,, FHQGR VXDV DWLYLGDGHV HP ORFDO VDOXEUH H HP
'D*UDWLILFDomR1DWDOLQD VHUYLoRQmRSHQRVRHQmRSHULJRVR

$UW $JUDWLILFDomRQDWDOLQDFRUUHVSRQGHD XP $UW 1DFRQFHVVmRGRVDGLFLRQDLVGHDWLYLGDGHVSHQR


GR]H DYRV  GD UHPXQHUDomR D TXH R VHUYLGRU VDVGHLQVDOXEULGDGHHGHSHULFXORVLGDGHVHUmR
IL]HUMXVQRPrVGHGH]HPEURSRUPrVGHH[HUFt REVHUYDGDVDVVLWXDo}HVHVWDEHOHFLGDVHPOHJLVOD
FLRQRUHVSHFWLYRDQR omRHVSHFtILFD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW 2DGLFLRQDOGHDWLYLGDGHSHQRVDVHUiGHYLGRDRV , DWXDUFRPRLQVWUXWRUHPFXUVRGHIRUPDomRGH


VHUYLGRUHVHPH[HUFtFLRHP]RQDVGHIURQWHLUDRX GHVHQYROYLPHQWRRXGHWUHLQDPHQWRUHJXODUPHQ
HPORFDOLGDGHVFXMDVFRQGLo}HVGHYLGDRMXVWLIL WHLQVWLWXtGRQRkPELWRGDDGPLQLVWUDomRS~EOLFD
TXHPQRVWHUPRVFRQGLo}HVHOLPLWHVIL[DGRVHP IHGHUDO
UHJXODPHQWR
,, SDUWLFLSDUGHEDQFDH[DPLQDGRUDRXGHFRPLVVmR
$UW 2VORFDLVGHWUDEDOKRHRVVHUYLGRUHVTXHRSHUDP SDUDH[DPHVRUDLVSDUDDQiOLVHFXUULFXODUSDUD
FRP 5DLRV ; RX VXEVWkQFLDV UDGLRDWLYDV VHUmR FRUUHomRGHSURYDVGLVFXUVLYDVSDUDHODERUDomR
PDQWLGRVVREFRQWUROHSHUPDQHQWHGHPRGRTXH GH TXHVW}HV GH SURYDV RX SDUD MXOJDPHQWR GH
DVGRVHVGHUDGLDomRLRQL]DQWHQmRXOWUDSDVVHP UHFXUVRVLQWHQWDGRVSRUFDQGLGDWRV
RQtYHOPi[LPRSUHYLVWRQDOHJLVODomRSUySULD
,,, SDUWLFLSDUGDORJtVWLFDGHSUHSDUDomRHGHUHDOL]D
†~QLFR 2VVHUYLGRUHVD TXH VH UHIHUH HVWHDUWLJRVHUmR omRGHFRQFXUVRS~EOLFRHQYROYHQGRDWLYLGDGHV
VXEPHWLGRV D H[DPHV PpGLFRV D FDGD  VHLV GHSODQHMDPHQWRFRRUGHQDomRVXSHUYLVmRH[H
PHVHV FXomR H DYDOLDomR GH UHVXOWDGR TXDQGR WDLV
6XEVHomR9 DWLYLGDGHVQmRHVWLYHUHPLQFOXtGDVHQWUHDVVXDV
'R$GLFLRQDOSRU6HUYLoR([WUDRUGLQiULR DWULEXLo}HVSHUPDQHQWHV

$UW 2VHUYLoRH[WUDRUGLQiULRVHUiUHPXQHUDGRFRP ,9 SDUWLFLSDU GD DSOLFDomR ILVFDOL]DU RXDYDOLDU


DFUpVFLPR GH  FLQTXHQWD SRU FHQWR  HP SURYDVGHH[DPHYHVWLEXODURXGHFRQFXUVRS~
UHODomRjKRUDQRUPDOGHWUDEDOKR EOLFRRXVXSHUYLVLRQDUHVVDVDWLYLGDGHV

$UW 6RPHQWH VHUi SHUPLWLGR VHUYLoRH[WUDRUGLQiULR †ž 2VFULWpULRVGHFRQFHVVmRHRVOLPLWHVGDJUDWLILFD


SDUDDWHQGHUDVLWXDo}HVH[FHSFLRQDLVHWHPSRUi omR GH TXH WUDWD HVWH DUWLJR VHUmR IL[DGRV HP
ULDV UHVSHLWDGR R OLPLWH Pi[LPR GH  GXDV UHJXODPHQWRREVHUYDGRVRVVHJXLQWHVSDUkPH
KRUDVSRUMRUQDGD WURV

6XEVHomR9, , RYDORUGDJUDWLILFDomRVHUiFDOFXODGRHPKRUDV


'R$GLFLRQDO1RWXUQR REVHUYDGDV D QDWXUH]D H D FRPSOH[LGDGH GD
DWLYLGDGHH[HUFLGD
$UW 2VHUYLoRQRWXUQRSUHVWDGRHPKRUiULRFRPSUH
HQGLGRHQWUH YLQWHHGXDV KRUDVGHXPGLD ,, DUHWULEXLomRQmRSRGHUiVHUVXSHULRUDRHTXLYD
H  FLQFR  KRUDV GR GLD VHJXLQWH WHUi R YD OHQWH D  FHQWR H YLQWH  KRUDV GH WUDEDOKR
ORUKRUD DFUHVFLGR GH  YLQWH H FLQFR SRU DQXDLVUHVVDOYDGDVLWXDomRGHH[FHSFLRQDOLGDGH
FHQWR FRPSXWDQGRVHFDGDKRUDFRPRFLQTXHQ GHYLGDPHQWHMXVWLILFDGDHSUHYLDPHQWHDSURYDGD
WDHGRLVPLQXWRVHWULQWDVHJXQGRV SHODDXWRULGDGHPi[LPDGRyUJmRRXHQWLGDGH
TXH SRGHUi DXWRUL]DU R DFUpVFLPR GH DWp 
†~QLFR (P VH WUDWDQGR GH VHUYLoRH[WUDRUGLQiULRR FHQWRHYLQWH KRUDVGHWUDEDOKRDQXDLV
DFUpVFLPRGHTXHWUDWDHVWHDUWLJRLQFLGLUiVREUH
DUHPXQHUDomRSUHYLVWDQR$UW ,,, RYDORUPi[LPRGDKRUDWUDEDOKDGDFRUUHVSRQGH
UiDRVVHJXLQWHVSHUFHQWXDLVLQFLGHQWHVVREUHR
6XEVHomR9,, PDLRU YHQFLPHQWR EiVLFR GD DGPLQLVWUDomR
'R$GLFLRQDOGH)pULDV S~EOLFDIHGHUDO

$UW ,QGHSHQGHQWHPHQWHGHVROLFLWDomRVHUiSDJRDR D  GRLVLQWHLURVHGRLVGpFLPRVSRUFHQWR 


VHUYLGRU SRU RFDVLmR GDV IpULDV XP DGLFLRQDO HP VH WUDWDQGR GH DWLYLGDGHV SUHYLVWDV QR
FRUUHVSRQGHQWHD XPWHUoR GDUHPXQHUD LQFLVR,H,,GRFDSXWGHVWHDUWLJR
omRGRSHUtRGRGDVIpULDV
E  XPLQWHLURHGRLVGpFLPRVSRUFHQWR 
†~QLFR 1RFDVRGHRVHUYLGRUH[HUFHUIXQomRGHGLUHomR HP VH WUDWDQGR GH DWLYLGDGHV SUHYLVWD QRV
FKHILDRXDVVHVVRUDPHQWRRXRFXSDUFDUJRHP LQFLVRV,,,D,9GRFDSXWGHVWHDUWLJR
FRPLVVmRDUHVSHFWLYDYDQWDJHPVHUiFRQVLGHUD 2EVDOtQHDV´DµH´EµFRPUHGDomRGDGDSHOD/HLQž
GD QR FiOFXOR GR DGLFLRQDO GH TXH WUDWD HVWH
DUWLJR †ž $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU
VRVRPHQWHVHUiSDJDVHDVDWLYLGDGHVUHIHULGDV
6XEVHomR9,,, QRVLQFLVRVGRFDSXWGHVWHDUWLJRIRUHPH[HUFLGDV
'D*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXUVR VHPSUHMXt]RGDVDWULEXLo}HVGRFDUJRGHTXHR
VXEVHomRDFUHVFHQWDGDSHODSHOD/HLQž VHUYLGRUIRUWLWXODUGHYHQGRVHUREMHWRGHFRP
SHQVDomRGHFDUJDKRUiULDTXDQGRGHVHPSHQKD
$UW$ $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU GDVGXUDQWHDMRUQDGDGHWUDEDOKRQDIRUPDGR
VRpGHYLGDDRVHUYLGRUTXHHPFDUiWHUHYHQWXDO †žGRDUWGHVWD/HL
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
†ž $*UDWLILFDomRSRU(QFDUJRGH&XUVRRX&RQFXU †~QLFR 2UHVWDQWHGRSHUtRGRLQWHUURPSLGRVHUiJR]DGR
VRQmRVHLQFRUSRUDDRYHQFLPHQWRRXVDOiULRGR GHXPDVyYH]REVHUYDGRRGLVSRVWRQR$UW
VHUYLGRUSDUDTXDOTXHUHIHLWRHQmRSRGHUiVHU ,QFOXtGRSHOD/HLQžGH

XWLOL]DGD FRPR EDVH GH FiOFXOR SDUD TXDLVTXHU


RXWUDVYDQWDJHQVLQFOXVLYHSDUDILQVGHFiOFXOR
GRVSURYHQWRVGDDSRVHQWDGRULDHGDVSHQV}HV &DStWXOR,9
2EVDUWLJRDFUHVFHQWDGRSHOD/HLQž
'DV/LFHQoDV

&DStWXOR,,, $V OLFHQoDV VmR DIDVWDPHQWRV WHPSRUiULRV GR


'DV)pULDV IXQFLRQiULRHPTXHVHSHUPLWHTXHGHOHGHL[HGHWUDED
OKDU VHP TXH LVVR VHMD FRQVLGHUDGR IDOWD GLVFLSOLQDU H
$UW 2 VHUYLGRU IDUi MXV D WULQWD GLDV GH IpULDVTXH DVVLP QmR SHUGHUi R FDUJR RX D IXQomR S~EOLFD QHP
SRGHP VHU DFXPXODGDV DWp R Pi[LPR GH GRLV LQFRUUHUiHPDEDQGRQRGHHPSUHJR
SHUtRGRV QR FDVR GH QHFHVVLGDGH GR VHUYLoR
UHVVDOYDGDVDVKLSyWHVHVHPTXHKDMDOHJLVODomR 6HomR,
HVSHFtILFD 5HGDomRGDGDSHOD/HLQžGH 'LVSRVLo}HV*HUDLV

†ž 3DUDRSULPHLURSHUtRGRDTXLVLWLYRGHIpULDVVHUmR $UW &RQFHGHUVHiDRVHUYLGRUOLFHQoD


H[LJLGRV GR]H PHVHVGHH[HUFtFLR
, SRUPRWLYRGHGRHQoDHPSHVVRDGDIDPtOLD
†ž eYHGDGROHYDUjFRQWDGHIpULDVTXDOTXHUIDOWD
DRVHUYLoR eKXPDQLWiULDDSUHYLVmROHJDO1DGDDIOLJHPDLVGR
TXHWHUXPDSHVVRDGDIDPtOLD QRVVRVHQWHVPDLVTXHUL
†ž $V IpULDV SRGHUmR VHU SDUFHODGDV HPDWpWUrV
GRV  DGRHQWDGD (VVD SHVVRD SUHFLVDUi GH DVVLVWrQFLD
HWDSDVGHVGHTXHDVVLPUHTXHULGDVSHORVHUYLGRU
SHUPDQHQWHGHVGHXPDDMXGDQRWUDWDPHQWRDWpRDS{LR
HQRLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD ,QFOXt
GRSHOD/HLQžGH PRUDO GD SUHVHQoD IDPLOLDU )XQFLRQiULR S~EOLFR FRP
SHVVRDGDIDPtOLDDGRHQWDGDQmRWUDEDOKDGLUHLWRHVWDQ
$UW 2 SDJDPHQWR GD UHPXQHUDomR GDV IpULDVVHUi GRVXMHLWRDIDOKDVILFDGLVSHUVLYRHDFDEDDWpSHUGHQGRR
HIHWXDGR DWp  GRLV  GLDV DQWHV GR LQtFLR GR ERPFRQFHLWRFRQTXLVWDGRDRORQJRGRVDQRV1DGDPDLV
UHVSHFWLYRSHUtRGRREVHUYDQGRVHRGLVSRVWRQR MXVWRSRUWDQWRTXHVHSHUPLWHTXHHOHVHDIDVWHGRVHUYLoR
†žGHVWHDUWLJR HSRVVDVHGHGLFDUDRIDPLOLDUDGRHQWDGR

†ƒH†ƒ 5HYRJDGRVSHOD/HLQžGH ,, SRU


SRUPRWLYR
PRWLYRGH
GHDIDVWDPHQWR
DIDVWDPHQWRGR
GRF{QMXJH
F{QMXJHRXFRP
SDQKHLUR
†ž 2 VHUYLGRU H[RQHUDGRGRFDUJRHIHWLYRRXHP
FRPLVVmR SHUFHEHUi LQGHQL]DomR UHODWLYD DR
6H R F{QMXJH RX FRPSDQKHLUR  GR VHUYLGRU D  IRL
SHUtRGRGDVIpULDVDTXHWLYHUGLUHLWRHDRLQFRP
WUDQVIHULGRRXUHPRYLGRRXSURPRYLGRHQILPGHVORFDGR
SOHWRQDSURSRUomRGHXPGR]HDYRVSRUPrVGH
SDUDXPRXWURSRQWRGRWHUULWyULRQDFLRQDOGDVGXDV
HIHWLYRH[HUFtFLRRXIUDomRVXSHULRUDTXDWRU]H
GLDV ,QFOXtGRSHOD/HLQžGH XPDRXRVHUYLGRUS~EOLFRVHXFRPSDQKHLURODUJDR
RXWURVHUYLGRUS~EOLFR PDULGRRXPXOKHU DFDEDQGRD
†ž $LQGHQL]DomRVHUiFDOFXODGDFRPEDVHQDUHPX IDPtOLDRXHOHODUJDRVHUYLoRS~EOLFRSDUDSRGHUDFRPSD
QHUDomR GR PrV HP TXH IRU SXEOLFDGR R DWR QKDUDRRXWURPXGDQGRVHFRPHOH1HPXPDQHPRX
H[RQHUDWyULR ,QFOXtGRSHOD/HLQžGH WUDHOHSRGHUiSHGLUHVWHWLSRGHOLFHQoDDIDVWDQGRVHGR
VHUYLoRS~EOLFRSDUDDFRPSDQKDUVHXF{QMXJH WDPEpP
†ž (PFDVRGHSDUFHODPHQWRRVHUYLGRUUHFHEHUiR VHUYLGRUS~EOLFR RXFRPSDQKHLUR WDPEpPVHUYLGRUS~
YDORUDGLFLRQDOSUHYLVWRQRLQFLVR;9,,GR$UWR EOLFR 
GD&RQVWLWXLomR)HGHUDOTXDQGRGDXWLOL]DomRGR
SULPHLURSHUtRGR ,QFOXtGRSHOD/HLQžGH ,,, SDUDRVHUYLoRPLOLWDU

$UW 2VHUYLGRUTXHRSHUDGLUHWDHSHUPDQHQWHPHQWH 6HRIXQFLRQiULRS~EOLFRIRUFRQYRFDGRSDUDSUHVWDU


FRP5DLRV;RXVXEVWkQFLDVUDGLRDWLYDVJR]DUi DOJXPVHUYLoRPLOLWDU DRH[pUFLWRPDULQKDRXDHURQiXWL
 YLQWH GLDVFRQVHFXWLYRVGHIpULDVSRUVHPHV FD  HOH GHYHUi VH DIDVWDU OLFHQoD  GR VHUYLoR DWLYR H
WUHGHDWLYLGDGHSURILVVLRQDOSURLELGDHPTXDO DWHQGHUijFRQYRFDomR
TXHUKLSyWHVHDDFXPXODomR
,9 SDUDDWLYLGDGHSROtWLFD
†~QLFR 5HYRJDGRSHOD/HLQžGH

$UW $VIpULDVVRPHQWHSRGHUmRVHULQWHUURPSLGDVSRU 3DUDVHFDQGLGDWDUDFDUJRHOHWLYRH[LJHPD&RQVWLWXL


PRWLYRGHFDODPLGDGHS~EOLFDFRPRomRLQWHUQD omR)HGHUDOR&yGLJR(OHLWRUDOHDVOHLVHOHLWRUDLVTXHR
FRQYRFDomRSDUDM~ULVHUYLoRPLOLWDURXHOHLWRUDO IXQFLRQiULRVHDIDVWHXPGHWHUPLQDGRSHUtRGRDQWHVGDV
RX SRU QHFHVVLGDGH GR VHUYLoR GHFODUDGD SHOD HOHLo}HV(VVHSHUtRGRpGHILQLGRHPIXQomRGRFDUJRD
DXWRULGDGH Pi[LPD GR yUJmR RX HQWLGDGH  TXHVHYDLFDQGLGDWDURIXQFLRQiULR
5HGDomRGDGDSHOD/HLQžGH
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

9 SDUDFDSDFLWDomR 2EVFRPUHGDomRGDGDSHOD/HLQž , SRU DWp VHVVHQWD GLDV FRQVHFXWLYRVRXQmR


PDQWLGDDUHPXQHUDomRGRVHUYLGRUH
&RPRVXJHUHRQRPHDOLFHQoDSDUDFDSDFLWDomRpR
DIDVWDPHQWRGRVHUYLGRUSDUDPHOKRUVHFDSDFLWDUVHMDDR ,, SRUDWp QRYHQWD GLDVFRQVHFXWLYRVRXQmR
H[HUFtFLRGDIXQomRVHMDPHVPRSDUDVHXHQULTXHFLPHQWR VHPUHPXQHUDomR
FXOWXUDOSHVVRDOHQILPSDUDIUHTXHQWDUFXUVRVVHPLQiUL
2EV†žFRPUHGDomRGDGDSHOD/HLQž
RVFRQJUHVVRVUHXQL}HVGHHVWXGRHWF
†ž 2LQtFLRGRLQWHUVWtFLRGH GR]H PHVHVVHUi
9, SDUDWUDWDUGHLQWHUHVVHVSDUWLFXODUHV FRQWDGR D SDUWLU GD GDWD GR GHIHULPHQWR GD
SULPHLUDOLFHQoDFRQFHGLGD
&ROKHUGHFKiSDUDTXHRIXQFLRQiULRSRVVDUHVROYHU
2EV†žFRPUHGDomRGDGDSHOD/HLQž
VHXVSUREOHPDVSDUWLFXODUHV
†ž $VRPDGDVOLFHQoDVUHPXQHUDGDVHGDVOLFHQoDV
9,, SDUDGHVHPSHQKRGHPDQGDWRFODVVLVWD QmRUHPXQHUDGDVLQFOXtGDVDVUHVSHFWLYDVSURU
URJDo}HVFRQFHGLGDVHPXPPHVPRSHUtRGRGH
eFRPRQDDWLYLGDGHSULYDGDTXHPpHOHLWRUHSUHVHQ  GR]H PHVHVREVHUYDGRRGLVSRVWRQR†ž
WDQWHGDFODVVH VLQGLFDWR GHYHVHDIDVWDU pOLFHQFLDGR  QmRSRGHUiXOWUDSDVVDURVOLPLWHVHVWDEHOHFLGRV
SDUDVHGHGLFDUjGHIHVDGRVLQWHUHVVHVGDFODVVHFRLVDTXH QRVLQFLVRV,H,,GR†ž
QmR GHYH ID]HU QD UHSDUWLomR PLVWXUDGR FRP R VHUYLoR 2EV†žDFUHVFLGRSHOD/HLQž
S~EOLFR
6HomR,,,
†ž $ OLFHQoD SUHYLVWD QR LQFLVR , GRFDSXWGHVWH 'D/LFHQoDSRU0RWLYRGH$IDVWDPHQWRGR&{QMXJH
DUWLJREHPFRPRFDGDXPDGHVXDVSURUURJDo}HV
VHUmRSUHFHGLGDVGHH[DPHSRUSHUtFLDPpGLFD $UW 3RGHUi VHU FRQFHGLGD OLFHQoD DR VHUYLGRUSDUD
RILFLDOREVHUYDGRRGLVSRVWRQRDUWGHVWD DFRPSDQKDU F{QMXJH RX FRPSDQKHLUR TXH IRL
/HL GHVORFDGRSDUDRXWURSRQWRGRWHUULWyULRQDFLR
2EVUHGDomRGDGDSHOD/HLQž
QDOSDUDRH[WHULRURXSDUDRH[HUFtFLRGHPDQ
†ž 5HYRJDGRSHOD/HLQžGH
GDWRHOHWLYRGRV3RGHUHV([HFXWLYRH/HJLVODWLYR
†ž eYHGDGRRH[HUFtFLRGHDWLYLGDGHUHPXQHUDGD
GXUDQWHRSHUtRGRGDOLFHQoDSUHYLVWDQRLQFLVR, †ž $ OLFHQoD VHUi SRU SUD]RLQGHWHUPLQDGRHVHP
GHVWHDUWLJR UHPXQHUDomR

$UW $  OLFHQoD FRQFHGLGD GHQWUR GH  VHVVHQWD †ž 1R GHVORFDPHQWR GH VHUYLGRUFXMRF{QMXJHRX
GLDV
GLDVGR
GRWpUPLQR
WpUPLQRGH
GHRXWUD
RXWUDGD
GDPHVPD
PHVPDHVSpFLH
HVSpFLHVHUi FRPSDQKHLURWDPEpPVHMDVHUYLGRUS~EOLFRFLYLO
FRQVLGHUDGDFRPRSURUURJDomR RX PLOLWDUGHTXDOTXHUGRV3RGHUHVGD8QLmR
GRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSL
1DGDPDLVQDWXUDOWHUPLQDQGRXPDOLFHQoDHLPHGLD RVSRGHUiKDYHUH[HUFtFLRSURYLVyULRHPyUJmR
WDPHQWHHPVHJXLGDFRPHoDQGRRXWUDHPYHUGDGHQmR RX HQWLGDGH GD $GPLQLVWUDomR )HGHUDO GLUHWD
VmRGXDVOLFHQoDVPDVXPDFRQWLQXDomR SURUURJDomR GD DXWiUTXLFD RX IXQGDFLRQDO GHVGH TXH SDUD R
SULPHLUD H[HUFtFLR GH DWLYLGDGH FRPSDWtYHO FRP R VHX
FDUJR 5HGDomRGDGDSHOD/HLQžGH
6HomR,, 6HomR,9
/LFHQoDSRU0RWLYRGH'RHQoDHP3HVVRDGD)DPtOLD 'D/LFHQoDSDUDR6HUYLoR0LOLWDU
$UW 3RGHUi VHU FRQFHGLGD OLFHQoD DR VHUYLGRUSRU $UW $RVHUYLGRUFRQYRFDGRSDUDRVHUYLoRPLOLWDUVHUi
PRWLYRGHGRHQoDGRF{QMXJHRXFRPSDQKHLUR FRQFHGLGDOLFHQoDQDIRUPDHFRQGLo}HVSUHYLV
GRVSDLVGRVILOKRVGRSDGUDVWRRXPDGUDVWDH WDVQDOHJLVODomRHVSHFtILFD
HQWHDGRRXGHSHQGHQWHTXHYLYDjVVXDVH[SHQ
VDV H FRQVWH GR VHX DVVHQWDPHQWR IXQFLRQDO †~QLFR &RQFOXtGRRVHUYLoRPLOLWDURVHUYLGRUWHUiDWp
PHGLDQWHFRPSURYDomRSRUMXQWDPpGLFDRILFLDO  WULQWD GLDVVHPUHPXQHUDomRSDUDUHDVVXPLU
5HGDomRGDGDSHOD/HLQžGH
RH[HUFtFLRGRFDUJR
†ž $OLFHQoDVRPHQWHVHUiGHIHULGDVHDDVVLVWrQFLD
GLUHWDGRVHUYLGRUIRULQGLVSHQViYHOHQmRSXGHU 6HomR9
VHUSUHVWDGDVLPXOWDQHDPHQWHFRPRH[HUFtFLRGR 'D/LFHQoDSDUD$WLYLGDGH3ROtWLFD
FDUJRRXPHGLDQWHFRPSHQVDomRGHKRUiULRQD
IRUPDGRGLVSRVWRQRLQFLVR,,GR$UW 5HGDomR $UW 2VHUYLGRUWHUiGLUHLWRDOLFHQoDVHPUHPXQHUD
GDGDSHOD/HLQžGH
omRGXUDQWHRSHUtRGRTXHPHGLDUHQWUHDVXD
†ž $ OLFHQoD GH TXH WUDWD RFDSXWLQFOXtGDVDV HVFROKDHPFRQYHQomRSDUWLGiULDFRPRFDQGLGD
SURUURJDo}HV SRGHUi VHU FRQFHGLGD D FDGD WRDFDUJRHOHWLYRHDYpVSHUDGRUHJLVWURGHVXD
SHUtRGRGHGR]HPHVHVQDVVHJXLQWHVFRQGLo}HV FDQGLGDWXUDSHUDQWHD-XVWLoD(OHLWRUDO
 'LU$GPLQLVWUDWLYR
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
†ž 2VHUYLGRUFDQGLGDWRDFDUJRHOHWLYRQDORFDOLGD FDWHJRULDRXHQWLGDGHILVFDOL]DGRUDGDSURILVVmR
GHRQGHGHVHPSHQKDVXDVIXQo}HVHTXHH[HUoD RXDLQGDSDUDSDUWLFLSDUGHJHUrQFLDRXDGPL
FDUJRGHGLUHomRFKHILDDVVHVVRUDPHQWRDUUHFD QLVWUDomRHPVRFLHGDGHFRRSHUDWLYDFRQVWLWXtGD
GDomRRXILVFDOL]DomRGHOHVHUiDIDVWDGRDSDUWLU SRU VHUYLGRUHVS~EOLFRVSDUDSUHVWDUVHUYLoRV D
GRGLDLPHGLDWRDRGRUHJLVWURGHVXDFDQGLGDWX VHXVPHPEURVREVHUYDGRRGLVSRVWRQDDOtQHDF
UDSHUDQWHD-XVWLoD(OHLWRUDODWpRGpFLPRGLD GR LQFLVR 9,,, GR $UW GHVWD /HL FRQIRUPH
VHJXLQWHDRGRSOHLWR 5HGDomRGDGDSHOD/HLQž GLVSRVWR HP UHJXODPHQWR H REVHUYDGRV RV VH
JXLQWHVOLPLWHV 5HGDomRGDGDSHOD/HLQžGH 
†ž $SDUWLUGRUHJLVWURGDFDQGLGDWXUDHDWpRGpFL
PRGLDVHJXLQWHDRGDHOHLomRRVHUYLGRUIDUiMXV , SDUDHQWLGDGHVFRPDWp FLQFRPLO DVVRFLD
jOLFHQoDDVVHJXUDGRVRVYHQFLPHQWRVGRFDUJR GRV GRLV VHUYLGRUHV 5HGDomRGDGDSHOD/HLQž
HIHWLYR VRPHQWH SHOR SHUtRGR GH WUrV PHVHV
5HGDomRGDGDSHOD/HLQžGH
,, SDUD HQWLGDGHV FRP  FLQFR PLO H XP D
 WULQWDPLO DVVRFLDGRV TXDWUR VHUYL
6HomR9, GRUHV 5HGDomRGDGDSHOD/HLQžGH
'D/LFHQoDSDUD&DSDFLWDomR
5HGDomRGDGDSHOD/HLQžGH
,,, SDUDHQWLGDGHVFRPPDLVGH WULQWDPLO
$UW $SyV FDGD TXLQTXrQLR GH HIHWLYR H[HUFtFLRR DVVRFLDGRV RLWR VHUYLGRUHV 5HGDomRGDGDSHOD/HLQž
VHUYLGRUSRGHUiQRLQWHUHVVHGD$GPLQLVWUDomR GH

DIDVWDUVHGRH[HUFtFLRGRFDUJRHIHWLYRFRPD
UHVSHFWLYDUHPXQHUDomRSRUDWpWUrVPHVHVSDUD †ž 6RPHQWHSRGHUmRVHUOLFHQFLDGRVRVVHUYLGRUHV
SDUWLFLSDUGHFXUVRGHFDSDFLWDomRSURILVVLRQDO HOHLWRVSDUDFDUJRVGHGLUHomRRXGHUHSUHVHQWD
5HGDomRGDGDSHOD/HLQžGH omRQDVUHIHULGDVHQWLGDGHVGHVGHTXHFDGDVWUD
†~QLFR 2VSHUtRGRVGHOLFHQoDGHTXHWUDWDRFDSXWQmR GDVQRyUJmRFRPSHWHQWH 5HGDomRGDGDSHOD/HLQž
GH
VmRDFXPXOiYHLV 5HGDomRGDGDSHOD/HLQž
$UW 5HYRJDGRSHOD/HLQžGH †ž $ OLFHQoD WHUi GXUDomR LJXDO jGRPDQGDWR
$UW 5HYRJDGRSHOD/HLQžGH
$UW 9(7$'2 
SRGHQGR VHU UHQRYDGD QR FDVR GH UHHOHLomR
5HGDomRGDGDSHOD/HLQžGH

6HomR9,, &DStWXOR9
'D/LFHQoDSDUD7UDWDUGH,QWHUHVVHV3DUWLFXODUHV
'RV$IDVWDPHQWRV
$UW $FULWpULRGD$GPLQLVWUDomRSRGHUmRVHUFRQFH
GLGDV DR VHUYLGRU RFXSDQWH GH FDUJR HIHWLYR 2 DIDVWDPHQWR
DIDVWDPHQWR p VLPSOHVPHQWH D DXWRUL]DomR
GHVGH TXH QmR HVWHMD HP HVWiJLR SUREDWyULR EDVHDGD HP OHL QRUPDOPHQWH R (VWDWXWR  SDUD TXH R
OLFHQoDV SDUD R WUDWR GH DVVXQWRV SDUWLFXODUHV VHUYLGRUS~EOLFRGHL[HGHFXPSULUFRPVXDREULJDomRGH
SHOR SUD]R GH DWp WUrV DQRV FRQVHFXWLYRV VHP WUDEDOKDUVHPTXHLVVRFRQVWLWXDLQIUDomRGLVFLSOLQDUVHP
UHPXQHUDomR TXHHOHSHUFDRFDUJRGHTXHpWLWXODURXFRPHWDFULPH
GHDEDQGRQRGHIXQomR9HMDPRVTXDLVVmRRVFDVRV
2EV 2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž
GH2WH[WRDQWHULRUGL]LD´$UW$FULWpULRGD$GPLQLVWUDomRSRGHUi
VHUFRQFHGLGDDRVHUYLGRURFXSDQWHGHFDUJRHIHWLYRGHVGHTXHQmRHVWHMDHP 6HomR,
HVWiJLRSUREDWyULROLFHQoDSDUDRWUDWRGHDVVXQWRVSDUWLFXODUHVSHORSUD]RGHDWp
WUrVDQRVFRQVHFXWLYRVVHPUHPXQHUDomRSURUURJiYHOXPD~QLFDYH]SRUSHUtRGR $IDVWDPHQWRSDUD6HUYLUD2XWURÐUJmRRX(QWLGDGH
QmRVXSHULRUDHVVHOLPLWH2EV
2EV2FDSXWGHVWHDUWLJRWHPVXDUHGDomRGDGDSHOD
2EV
/HLQžGHµ
$UW 2VHUYLGRUSRGHUiVHUFHGLGRSDUDWHUH[HUFtFLR
†~QLFR $ OLFHQoD SRGHUi VHU LQWHUURPSLGDDTXDOTXHU HP RXWUR yUJmR RX HQWLGDGH GRV 3RGHUHV GD
WHPSRDSHGLGRGRVHUYLGRURXQRLQWHUHVVHGR 8QLmRGRV(VWDGRVRXGR'LVWULWR)HGHUDOHGRV
VHUYLoR 0XQLFtSLRV QDV VHJXLQWHV KLSyWHVHV 5HGDomR
2EV $QWLJR†žTXHIRLWUDQVIRUPDGRHP†~QLFRSHOD0HGLGD3URYLVyULDQž
GDGDSHOD/HLQžGH
GH([LVWLDP††žHžTXHGL]LDP´†ž1mRVHFRQFHGHUiQRYD
OLFHQoDDQWHVGHGHFRUULGRVGRLVDQRVGRWpUPLQRGDDQWHULRURXGHVXDSURUURJD
omR2EVUHGDomRGDGDSHOD/HLQžGH(VVDOLPLWDomRWHPXP , SDUDH[HUFtFLRGHFDUJRHPFRPLVVmRRXIXQomR
REMHWLYROyJLFRHYLWDUTXHRVHUYLGRUVDLDFRQVWDQWHPHQWHHPOLFHQoDSUHMXGLFDQ
GRDERDRUGHPGRVHUYLoRS~EOLFRTXHSUHFLVDGHOH$VVLPVHHOHMiJR]RXXPD
GH FRQILDQoD 5HGDomR GDGD SHOD /HL Qž  GH
OLFHQoDSDUDWUDWDUGHDVVXQWRVSDUWLFXODUHV VySRGHUiSHGLU RXWUDGHSRLVGH
RXWUD 
SDVVDGRVGRLV
GRLV
GRLVDQRVGRILPGDTXHODOLFHQoDDQWHULRU&RPHVVDFRQGLomRLPSHGH
DQRV
VHTXHRVHUYLGRUVDLDGHOLFHQoDSDUDWUDWDUGHDVVXQWRVSDUWLFXODUHVSRUDQRV
YROWHDWUDEDOKDUHMiHPVHJXLGDSOHLWHLHQRYDOLFHQoD†ž5HYRJDGRSHOD/HL ,, HPFDVRVSUHYLVWRVHPOHLVHVSHFtILFDV 5HGDomR
QžGH
GDGDSHOD/HLQžGH

6HomR9,,, †ž 1D KLSyWHVH GR LQFLVR , VHQGR DFHVVmRSDUD


'D/LFHQoDSDUDR'HVHPSHQKRGH0DQGDWR&ODVVLVWD yUJmRV RX HQWLGDGHV GRV (VWDGRV GR 'LVWULWR
)HGHUDORXGRV0XQLFtSLRVR{QXVGDUHPXQHUD
$UW eDVVHJXUDGRDRVHUYLGRURGLUHLWRjOLFHQoDVHP omR VHUi GR yUJmR RX HQWLGDGH FHVVLRQiULD
UHPXQHUDomR SDUD R GHVHPSHQKR GH PDQGDWR PDQWLGRR{QXVSDUDRFHGHQWHQRVGHPDLVFDVRV
HPFRQIHGHUDomRIHGHUDomRDVVRFLDomRGHFODVVH 5HGDomRGDGDSHOD/HLQžGH
GHkPELWRQDFLRQDOVLQGLFDWRUHSUHVHQWDWLYRGD
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

†ž 1D KLSyWHVH GH R VHUYLGRU FHGLGRDHPSUHVD D  KDYHQGRFRPSDWLELOLGDGHGHKRUiULRSHUFH


S~EOLFD RX VRFLHGDGH GH HFRQRPLD PLVWD QRV EHUiDVYDQWDJHQVGHVHXFDUJRVHPSUHMXt]R
WHUPRVGDVUHVSHFWLYDVQRUPDVRSWDUSHODUHPX GDUHPXQHUDomRGRFDUJRHOHWLYR
QHUDomRGRFDUJRHIHWLYRRXSHODUHPXQHUDomR
GR FDUJR HIHWLYR DFUHVFLGD GH SHUFHQWXDO GD E  QmRKDYHQGRFRPSDWLELOLGDGHGHKRUiULRVHUi
UHWULEXLomR GR FDUJR HP FRPLVVmR D HQWLGDGH DIDVWDGRGRFDUJRVHQGROKHIDFXOWDGRRSWDU
FHVVLRQiULD HIHWXDUi R UHHPEROVR GDV GHVSHVDV SHODVXDUHPXQHUDomR
UHDOL]DGDVSHORyUJmRRXHQWLGDGHGHRULJHP
†ž 1R FDVR GH DIDVWDPHQWR GR FDUJRRVHUYLGRU
2EVUHGDomRGDGDSHOD/HLQžGH
FRQWULEXLUiSDUDDVHJXULGDGHVRFLDOFRPRVHHP
†ž $FHVVmRIDUVHiPHGLDQWH3RUWDULDSXEOLFDGDQR H[HUFtFLRHVWLYHVVH
'LiULR2ILFLDOGD8QLmR 5HGDomRGDGDSHOD/HLQž
GH †ž 2 VHUYLGRU LQYHVWLGR HP PDQGDWRHOHWLYRRX
FODVVLVWDQmRSRGHUiVHUUHPRYLGRRXUHGLVWULEXt
†ž 0HGLDQWHDXWRUL]DomRH[SUHVVDGR3UHVLGHQWHGD GR GH RItFLR SDUD ORFDOLGDGH GLYHUVD GDTXHOD
5HS~EOLFDRVHUYLGRUGR3RGHU([HFXWLYRSRGHUi RQGHH[HUFHRPDQGDWR
WHUH[HUFtFLRHPRXWURyUJmRGD$GPLQLVWUDomR
)HGHUDOGLUHWDTXHQmRWHQKDTXDGURSUySULRGH 6HomR,,,
SHVVRDOSDUDILPGHWHUPLQDGRHDSUD]RFHUWR 'R$IDVWDPHQWRSDUD(VWXGRRX0LVVmRQR([WHULRU
,QFOXtGRSHOD/HLQžGH

$UW 2VHUYLGRUQmRSRGHUiDXVHQWDUVHGR3DtVSDUD
†ž $SOLFDVHj8QLmRHPVHWUDWDQGRGHHPSUHJDGR HVWXGR RX PLVVmR RILFLDO VHP DXWRUL]DomR GR
RX VHUYLGRU SRU HOD UHTXLVLWDGR DV GLVSRVLo}HV 3UHVLGHQWHGD5HS~EOLFD3UHVLGHQWHGRVÐUJmRV
GRV††žHžGHVWHDUWLJR 5HGDomR GDGD SHOD /HL Qž GR 3RGHU /HJLVODWLYR H 3UHVLGHQWH GR 6XSUHPR

7ULEXQDO)HGHUDO
†ž $VFHVV}HVGHHPSUHJDGRVGHHPSUHVDS~EOLFDRX †ž $ DXVrQFLD QmR H[FHGHUi D  TXDWUR DQRVH
GH VRFLHGDGH GH HFRQRPLD PLVWD TXH UHFHED ILQGD D PLVVmR RX HVWXGR VRPHQWH GHFRUULGR
UHFXUVRVGH7HVRXUR1DFLRQDOSDUDRFXVWHLRWRWDO LJXDOSHUtRGRVHUiSHUPLWLGDQRYDDXVrQFLD
RXSDUFLDOGDVXDIROKDGHSDJDPHQWRGHSHVVRDO
LQGHSHQGHPGDVGLVSRVLo}HVFRQWLGDVQRVLQFLVRV †ž $R VHUYLGRU EHQHILFLDGR SHORGLVSRVWRQHVWH
,H,,H††žHžGHVWHDUWLJRILFDQGRRH[HUFt DUWLJRQmRVHUiFRQFHGLGDH[RQHUDomRRXOLFHQoD
FLRGRHPSUHJDGRFHGLGRFRQGLFLRQDGRDDXWRUL SDUD WUDWDU GH LQWHUHVVH SDUWLFXODU DQWHV GH
]DomRHVSHFtILFDGR0LQLVWpULRGR3ODQHMDPHQWR GHFRUULGR SHUtRGR LJXDO DR GR DIDVWDPHQWR
2UoDPHQWRH*HVWmRH[FHWRQRVFDVRVGHRFXSD UHVVDOYDGDDKLSyWHVHGHUHVVDUFLPHQWRGDGHVSH
omRGHFDUJRHPFRPLVVmRRXIXQomRJUDWLILFDGD VDKDYLGDFRPVHXDIDVWDPHQWR
,QFOXtGRSHOD/HLQžGH

†ž 2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDDRVVHUYLGR
†ƒ 2 0LQLVWpULR GR 3ODQHMDPHQWR2UoDPHQWRH UHVGDFDUUHLUDGLSORPiWLFD
*HVWmRFRPDILQDOLGDGHGHSURPRYHUDFRPSR
VLomRGDIRUoDGHWUDEDOKRGRVyUJmRVHHQWLGDGHV †ž $VKLSyWHVHVFRQGLo}HVHIRUPDVSDUDDDXWRUL]D
GD$GPLQLVWUDomR3~EOLFD)HGHUDOSRGHUiGHWHU omRGHTXHWUDWDHVWHDUWLJRLQFOXVLYHQRTXHVH
PLQDUDORWDomRRXRH[HUFtFLRGHHPSUHJDGRRX UHIHUHjUHPXQHUDomRGRVHUYLGRUVHUmRGLVFLSOL
VHUYLGRULQGHSHQGHQWHPHQWHGDREVHUYkQFLDGR QDGDVHPUHJXODPHQWR ,QFOXtGRSHOD/HLQžGH
FRQVWDQWH QR LQFLVR , H QRV † † ž H ž GHVWH 
DUWLJR ,QFOXtGRSHOD/HLQž
$UW 2DIDVWDPHQWRGHVHUYLGRUSDUDVHUYLUHPRUJD
QLVPRLQWHUQDFLRQDOGHTXHR%UDVLOSDUWLFLSHRX
6HomR,, FRPRTXDOFRRSHUHGDUVHiFRPSHUGDWRWDOGD
'R$IDVWDPHQWRSDUD([HUFtFLRGH0DQGDWR(OHWLYR UHPXQHUDomR

$UW $RVHUYLGRULQYHVWLGRHPPDQGDWRHOHWLYRDSOL 6HomR,9


FDPVHDVVHJXLQWHVGLVSRVLo}HV 'R$IDVWDPHQWRSDUD3DUWLFLSDomRHP3URJUDPDGH
3yV*UDGXDomR6WULFWR6HQVXQR3DtV
VHomRDFUHVFHQWDGDSHOD/HLQž
, WUDWDQGRVH GH PDQGDWR IHGHUDOHVWDGXDORX
GLVWULWDOILFDUiDIDVWDGRGRFDUJR $UW$ 2VHUYLGRUSRGHUiQRLQWHUHVVHGD$GPLQLVWUD
omRHGHVGHTXHDSDUWLFLSDomRQmRSRVVDRFRU
,, LQYHVWLGRQRPDQGDWRGH3UHIHLWRVHUiDIDVWDGR UHUVLPXOWDQHDPHQWHFRPRH[HUFtFLRGRFDUJRRX
GR FDUJR VHQGROKH IDFXOWDGR RSWDU SHOD VXD PHGLDQWHFRPSHQVDomRGHKRUiULRDIDVWDUVHGR
UHPXQHUDomR H[HUFtFLR GR FDUJR HIHWLYR FRP D UHVSHFWLYD
UHPXQHUDomR SDUD SDUWLFLSDU HP SURJUDPD GH
,,, LQYHVWLGRQRPDQGDWRGHYHUHDGRU SyVJUDGXDomR VWULFWR VHQVX HP LQVWLWXLomR GH
HQVLQRVXSHULRUQR3DtV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž $WRGRGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH FRQVLGHUDGD SRUpP OHJDO VXD DXVrQFLD H DVVLP QmR
GHILQLUi HP FRQIRUPLGDGH FRP D OHJLVODomR VRIUHQGR HOH TXDOTXHU SUHMXt]R QHP QD FRQWDJHP GR
YLJHQWHRVSURJUDPDVGHFDSDFLWDomRHRVFULWpUL WHPSR GH VHUYLoR QHP QR SHUtRGR DTXLVLWLYR GH IpULDV
RV SDUD SDUWLFLSDomR HP SURJUDPDV GH QHPSDUDDSRVHQWDGRULDHWF 
SyVJUDGXDomRQR3DtVFRPRXVHPDIDVWDPHQWR
GRVHUYLGRUTXHVHUmRDYDOLDGRVSRUXPFRPLWr $UW 6HPTXDOTXHUSUHMXt]RSRGHUiRVHUYLGRUDXVHQ
6HPTXDOTXHUSUHMXt]RSRGHUiRVHUYLGRUDXVHQ
FRQVWLWXtGRSDUDHVWHILP WDUVH
WDUVHGR
GRVHUYLoR
VHUYLoR 5HGDomRGDGDSHOD0HGLGDSURYLVyULDQž

†ž 2VDIDVWDPHQWRVSDUDUHDOL]DomRGHSURJUDPDV , SRU KXP GLDSDUDGRDomRGHVDQJXH


SRU KXP GLDSDUDGRDomRGHVDQJXH
GHPHVWUDGRHGRXWRUDGRVRPHQWHVHUmRFRQFHGL
GRVDRVVHUYLGRUHVWLWXODUHVGHFDUJRVHIHWLYRVQR eMXVWDDFRQFHVVmRD GRDomRGHVDQJXHpXPDWR
UHVSHFWLYRyUJmRRXHQWLGDGHKiSHORPHQRV DOWUXtVWDTXHVDOYDYLGDGRSUy[LPRHGHYHVHULQFHQWLYD
WUrV DQRVSDUDPHVWUDGRH TXDWUR DQRVSDUD GR $OpP GLVVR GHSRLV GH GRDU R VDQJXH D SHVVRD ILFD
GRXWRUDGRLQFOXtGRRSHUtRGRGHHVWiJLRSURED IUiJLOFRPSRXFDUHVLVWrQFLDItVLFDHSUHFLVDVHUHFXSHUDU
WyULR TXH QmR WHQKDP VH DIDVWDGR SRU OLFHQoD $VVLPppWLFRHFRUUHWRTXHILTXHDXWRUL]DGRDIDOWDUDR
SDUDWUDWDUGHDVVXQWRVSDUWLFXODUHVSDUDJR]RGH VHUYLoR VHP VRIUHU GHVFRQWR HP VHX YHQFLPHQWR RX
OLFHQoD FDSDFLWDomR RX FRP IXQGDPHQWR QHVWH TXDOTXHUSUHMXt]RIXQFLRQDO
DUWLJR QRV  GRLV  DQRV DQWHULRUHV j GDWD GD
VROLFLWDomRGHDIDVWDPHQWR ,, SHOR SHUtRGRFRPSURYDGDPHQWHQHFHVViULR
SDUD
SDUD DOLVWDPHQWR
DOLVWDPHQWR RX RX UHFDGDVWUDPHQWR
UHFDGDVWUDPHQWR HOHLWR
†ž 2VDIDVWDPHQWRVSDUDUHDOL]DomRGHSURJUDPDV UDO
DO OLPLWDGR
OLPLWDGR HP
HP TXDOTXHU
TXDOTXHU FDVR FDVR D  GRLV
GRLV
GHSyVGRXWRUDGRVRPHQWHVHUmRFRQFHGLGRVDRV GLDVH 5HGDomRGDGDSHOD/HLQžGH
VHUYLGRUHVWLWXODUHVGHFDUJRVHIHWLYRQRUHVSHFWL
YR yUJmR RX HQWLGDGH Ki SHOR PHQRV TXDWUR 2DOLVWDPHQWRFRPRHOHLWRUpXPGHYHUGDFLGDGDQLD
DQRVLQFOXtGRRSHUtRGRGHHVWiJLRSUREDWyULRH DV SHVVRDV TXH DOFDQoDP D LGDGH GR YRWR  DQRV
TXH QmR WHQKDP VH DIDVWDGR SRU OLFHQoD SDUD IDFXOWDWLYDPHQWHDQRVREULJDWRULDPHQWH GHYHPGDU
WUDWDU GH DVVXQWRV SDUWLFXODUHV RX FRP IXQGD VXDFRQWULEXLomRjGHPRFUDFLD(GHPRFUDFLDVHID]FRP
PHQWRQHVWHDUWLJRQRVTXDWURDQRVDQWHULRUHVj RYRWRPDVYRWDUVypSHUPLWLGRDTXHPMiVHDOLVWRXFRPR
GDWD GD VROLFLWDomR GH DIDVWDPHQWR 2EV † ž FRP HOHLWRU3RULVVRVHRVHUYLGRUS~EOLFRSUHFLVDUIDOWDUSDUD
UHGDomRGDGD/HLQž VHDOLVWDUFRPRHOHLWRUHOHQmRSHUGHUiRGLDQHPVRIUHUi
TXDOTXHUSUHMXt]RIXQFLRQDO(YHMDEHPWDQWRYDOHSDUD
†ž 2V VHUYLGRUHV EHQHILFLDGRVSHORVDIDVWDPHQWRV
VHX SULPHLUR DOLVWDPHQWR FRPR SDUD WUDQVIHUrQFLD GH
SUHYLVWRVQRV††žžHžGHVWHDUWLJRWHUmRTXH
WtWXOR GH XPD FLGDGH SDUD RXWUD HP TXH HVWi DJRUD
SHUPDQHFHUQRH[HUFtFLRGHVXDVIXQo}HVDSyVR
WUDEDOKDQGRRVHUYLGRU
VHXUHWRUQRSRUXPSHUtRGRLJXDODRGRDIDVWD
PHQWRFRQFHGLGR
,,, SRU RLWR GLDV
 RLWR GLDVFRQVHFXWLYRVHPUD]mRGH
 RLWR GLDV
†ž &DVRRVHUYLGRUYHQKDDVROLFLWDUH[RQHUDomRGR
D  FDVDPHQWR
FDUJR RX DSRVHQWDGRULD DQWHV GH FXPSULGR R
SHUtRGRGHSHUPDQrQFLDSUHYLVWRQR†žGHVWH
$IDPtOLDpDEDVHGR(VWDGRGDRUJDQL]DomRVRFLDO
DUWLJRGHYHUiUHVVDUFLURyUJmRRXHQWLGDGHQD
'HYHVHULQFHQWLYDGD3RULVVRRIXQFLRQiULRTXHVHFDVD
IRUPDGRDUWGD/HLQžGHGHGH
WHP R GLUHLWR GH IDOWDU  GLDV SDUD FRQVWUXLU XPD EDVH
]HPEURGHGRVJDVWRVFRPVHXDSHUIHLoRD
VyOLGDGHLQtFLRGHYLGDFRQMXJDODFRQKHFLGDOXDGHPHO
PHQWR
7DOFRQFHVVmRpWDPEpPFRQKHFLGDFRPRJDOD
†ž &DVRRVHUYLGRUQmRREWHQKDRWtWXORRXJUDXTXH
E  IDOHFLPHQWR
IDOHFLPHQWRGR
GRF{QMXJH
F{QMXJHFRPSDQKHLUR
FRPSDQKHLURSDLV
MXVWLILFRXVHXDIDVWDPHQWRQRSHUtRGRSUHYLVWR PDGUDVWD
PDGUDVWD RX
RX SDGUDVWR
SDGUDVWR ILOKRV HQWHDGRV
ILOKRV HQWHDGRV
DSOLFDVHRGLVSRVWRQR†žGHVWHDUWLJRVDOYRQD PHQRUVREJXDUGDRXWXWHODHLUPmRV
KLSyWHVHFRPSURYDGDGHIRUoDPDLRURXGHFDVR
IRUWXLWRDFULWpULRGRGLULJHQWHPi[LPRGRyUJmR (VWDFRQFHVVmRpFRQKHFLGDFRPRQRMRSDUDTXHVH
RXHQWLGDGH DVVHQWH D GRU VRIULGD SHOR IXQFLRQiULR S~EOLFR FRP D
SHUGDGHXPHQWHTXHULGRWmRSUy[LPRpSHUPLWLGDDHOH
†ž $SOLFDVH j SDUWLFLSDomR HPSURJUDPDGH DIDOWDDRVHUYLoRSRUGLDVVHJXLGRV
SyVJUDGXDomR QR ([WHULRU DXWRUL]DGR QRV
WHUPRVGRDUWGHVWD/HLRGLVSRVWRQRV††ž $UW 6HUi FRQFHGLGR KRUiULR HVSHFLDO DRVHUYLGRU
DžGHVWHDUWLJR HVWXGDQWHTXDQGRFRPSURYDGDDLQFRPSDWLELOL
GDGHHQWUHRKRUiULRHVFRODUHRGDUHSDUWLomR
&DStWXOR9, VHPSUHMXt]RGRH[HUFtFLRGRFDUJR
'DV&RQFHVV}HV
†ž 3DUDHIHLWRGRGLVSRVWRQHVWHDUWLJRVHUiH[LJLGD
$V FRQFHVV}HV VmR XPD PRGDOLGDGH GLIHUHQWH GH DFRPSHQVDomRGHKRUiULRQRyUJmRRXHQWLGDGH
OLFHQoDVVmR´SHTXHQDVOLFHQoDVµ&RQFHVVmRFRPRGL]R TXHWLYHUH[HUFtFLRUHVSHLWDGDDGXUDomRVHPDQDO
QRPH p XPD FROKHU GH FKi GDGD SHOD $GPLQLVWUDomR GRWUDEDOKR 3DUiJUDIRUHQXPHUDGRHDOWHUDGRSHOD/HLQž
3~EOLFD DR VHUYLGRU SDUD TXH HOH IDOWH DR WUDEDOKR 
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

†ž 7DPEpP VHUi FRQFHGLGR KRUiULRHVSHFLDODR 0DVSDUDTXHRYHOKRVHUYLGRUQmRSHUFDVHXWHPSRGH


VHUYLGRU SRUWDGRU GH GHILFLrQFLD TXDQGR FRP VHUYLoRDSRVWLODGRHTXDVHWRGDXPDYLGDGHWUDEDOKRR
SURYDGDDQHFHVVLGDGHSRUMXQWDPpGLFDRILFLDO DUWž GD (& Qž  HVWDEHOHFH TXH ´2EVHUYDGR R
LQGHSHQGHQWHPHQWHGHFRPSHQVDomRGHKRUiULR GLVSRVWRQRDUW†GD&RQVWLWXLomR)HGHUDORWHPSR
,QFOXtGRSHOD/HLQž
GHVHUYLoRFRQVLGHUDGRSHODOHJLVODomRYLJHQWHSDUDHIHLWRGH
†ž $VGLVSRVLo}HVGRSDUiJUDIRDQWHULRUVmRH[WHQVL DSRVHQWDGRULDFXPSULGRDWpTXHDOHLGLVFLSOLQHDPDWpULD
YDV DR VHUYLGRU TXH WHQKD F{QMXJH ILOKR RX VHUiFRQWDGRFRPRWHPSRGHFRQWULEXLomRµ
GHSHQGHQWHSRUWDGRUGHGHILFLrQFLDItVLFDH[LJLQ
GRVHSRUpPQHVWHFDVRFRPSHQVDomRGHKRUi  $VVLP GDTXL S·UD IUHQWH QmR PDLV KDYHUi WHPSR
ULRQDIRUPDGRLQFLVR,,GR$UW ,QFOXtGRSHOD/HLQž ILFWtFLR WHPSR GREUDGR GH OLFHQoDSUrPLR QmR JR]DGD
GH WHPSRGHOLFHQoDVHYHQFLPHQWRVSDUDHVWXGRQRH[WHULRU
RXPDQGDWRHOHWLYRHWF SURLELGRSHOR†GRDUW&)
†ž 6HUi LJXDOPHQWH FRQFHGLGRKRUiULRHVSHFLDO PDVWRGRWHPSRMiDSRVWLODGRVHUiFRQYHUWLGRHP´WHPSR
YLQFXODGR
YLQFXODGR j FRPSHQVDomR
FRPSHQVDomR GHGH KRUiULR
KRUiULR D VHU GHFRQWULEXLomRµSUHVHUYDQGRVHSRUWDQWRRDWRMXUtGLFR
HIHWLYDGD
HIHWLYDGDQR
QRSUD]R
SUD]RGH
GHDWpXPDQRDRVHUYLGRU
DWpXPDQRDRVHUYLGRU SHUIHLWRHRGLUHLWRDGTXLULGR1mRVHUiIHLWDSRUWDQWR
TXH
TXHGHVHPSHQKH
GHVHPSHQKHDWLYLGDGH
DWLYLGDGHSUHYLVWD
SUHYLVWDQRV
QRVLQFLVRV QHQKXPD UHFRQWDJHP SDUD FRQVLGHUDomR H[FOXVLYD GR
,H,,GRDUW$GHVWD/HL
,H,,GRDUW$GHVWD/HL WHPSRGHFRQWULEXLomR
2EVUHGDomRGDGDSHOD/HLQž

$UW e FRQWDGR SDUD WRGRV RV HIHLWRV R WHPSRGH


$UW $R VHUYLGRU HVWXGDQWH TXH PXGDU GH VHGHQR
VHUYLoRS~EOLFRIHGHUDOLQFOXVLYHRSUHVWDGRjV
LQWHUHVVH GD DGPLQLVWUDomR p DVVHJXUDGD QD
)RUoDV$UPDGDV
ORFDOLGDGHGDQRYDUHVLGrQFLDRXQDPDLVSUy[L
PDPDWUtFXODHPLQVWLWXLomRGHHQVLQRFRQJrQH
$UW $DSXUDomRGRWHPSRGHVHUYLoRVHUiIHLWDHP
UHHPTXDOTXHUpSRFDLQGHSHQGHQWHPHQWHGH
GLDVTXHVHUmRFRQYHUWLGRVHPDQRVFRQVLGHUD
YDJD
GRRDQRFRPRGHWUH]HQWRVHVHVVHQWDHFLQFR
GLDV
†~QLFR 2GLVSRVWRQHVWHDUWLJRHVWHQGHVHDRF{QMXJHRX
FRPSDQKHLURDRVILOKRVRXHQWHDGRVGRVHUYLGRU †~QLFR 5HYRJDGRSHOD/HLQžGH 

TXHYLYDPQDVXDFRPSDQKLDEHPFRPRDRVPH $UW $OpP GDV DXVrQFLDV DR VHUYLoR SUHYLVWDVQR


QRUHVVREVXDJXDUGDFRPDXWRUL]DomRMXGLFLDO $UWVmRFRQVLGHUDGRVFRPRGHHIHWLYRH[HU
FtFLRRVDIDVWDPHQWRVHPYLUWXGHGH
&DStWXOR9,,
'R7HPSRGH6HUYLoR , IpULDV

$FRQWDJHPGRWHPSRHPTXHRIXQFLRQiULRS~EOLFR ,, H[HUFtFLRGHFDUJRHPFRPLVVmRRXHTXLYDOHQWH


H[HUFLWDUVXDVIXQo}HVpPXLWRLPSRUWDQWHSRLVWDOFiOFXOR HPyUJmRRXHQWLGDGHGRV3RGHUHVGD8QLmR
VHUiFRQVLGHUDGRSDUDHIHLWRVGHHVWDELOLGDGH PDLVGH GRV(VWDGRV0XQLFtSLRVH'LVWULWR)HGHUDO
DQRV GHDSRVHQWDGRULD HPUHJUDDRVDQRVGHWHPSR
GH FRQWULEXLomR  SDUD DV FRQFHVV}HV OLFHQoDV OLFHQ ,,, H[HUFtFLR GH FDUJR RX IXQomR GH JRYHUQR RX
oDSUrPLRIpULDVHWF SDUDGLVSRQLELOLGDGHHWF3RULVVR DGPLQLVWUDomRHPTXDOTXHUSDUWHGRWHUULWyULR
WDOFiOFXORGHYHVHUIHLWRGLUHLWLQKRFRPPXLWRFXLGDGRH QDFLRQDO SRU QRPHDomR GR 3UHVLGHQWH GD
VREUHWXGRFULWpULRDILPGHTXHRIXQFLRQiULRQmRILTXH 5HS~EOLFD
SUHMXGLFDGR6DEHPRVTXHWRGRIXQFLRQiULRVHDIDVWDGH
VHXWUDEDOKRjVYH]HVLOHJDOPHQWH IDOWDQGR RXWUDVYH]HV ,9 SDUWLFLSDomR HP SURJUDPD GHWUHLQDPHQWR
HPVLWXDomRDXWRUL]DGDSHODOHL IpULDVFDVDPHQWROXWR UHJXODUPHQWH LQVWLWXtGR RX HP SURJUDPD GH
M~UL VHUYLoR PLOLWDU HWF  2 TXH VH GLVFLSOLQD DTXL p SyVJUDGXDomRVWULFWRVHQVXQR3DtVFRQIRUPH
H[DWDPHQWHTXDLVWHPSRVVmRFRPSXWDGRVLQWHJUDOPHQWH GLVSXVHURUHJXODPHQWR
TXDLVVyVmRFRPSXWDGRVSDUFLDOPHQWH,VVRPHVPRKi
2EVUHGDomRGDGDSHOD/HLQž
DOJXQVDIDVWDPHQWRVTXHVmRDXWRUL]DGRVPDVVHXF{PSX
WRVypIHLWRSDUFLDOPHQWHRXVHMDSDUDHIHLWRVGHDSR
9 GHVHPSHQKRGHPDQGDWRHOHWLYRIHGHUDOHVWD
VHQWDGRULD&RQILUDQR(VWDWXWR
GXDOPXQLFLSDORXGR'LVWULWR)HGHUDOH[FHWR
SDUDSURPRomRSRUPHUHFLPHQWR
$WHQomR R WHPSR GH VHUYLoR WHP VXD LPSRUWkQFLD QR
$WHQomR
SODQRDGPLQLVWUDWLYRSRUpPQRSODQRSUHYL
9, M~ULHRXWURVVHUYLoRVREULJDWyULRVSRUOHL
GHQFLiULRMiQmRPDLVWHUiLPSRUWkQFLDSRUTXDQWRRQRYR
VLVWHPD SUHYLGHQFLiULR LQVWDXUDGR SHOD 5HIRUPD GD
9,, PLVVmRRXHVWXGRQRH[WHULRUTXDQGRDXWRUL]D
3UHYLGrQFLD (PHQGD &RQVWLWXFLRQDO Qž   WHP
GRRDIDVWDPHQWRFRQIRUPHGLVSXVHURUHJXOD
FDUiWHUFRQWULEXWLYRHGRUDYDQWHRWHPSRSDUDDDSR PHQWR 5HGDomRGDGDSHOD/HLQžGH
VHQWDGRULDVyVHUiFRQWDGRHPIXQomRGDVFRQWULEXLo}HV
SDJDVRXVHMD´WHPSRGHFRQWULEXLomRµHQmRPDLVWHPSR 9,,, OLFHQoD
GHVHUYLoR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

D jJHVWDQWHjDGRWDQWHHjSDWHUQLGDGH †ž 2WHPSRHPTXHRVHUYLGRUHVWHYHDSRVHQWDGR


VHUiFRQWDGRDSHQDVSDUDQRYDDSRVHQWDGRULD
E  SDUD WUDWDPHQWR GD SUySULD VD~GH DWpR
OLPLWHGHYLQWHHTXDWURPHVHVFXPXODWLYR †ž 6HUi FRQWDGR HP GREUR R WHPSRGHVHUYLoR
DRORQJRGRWHPSRGHVHUYLoRS~EOLFRSUHV SUHVWDGRjV)RUoDV$UPDGDVHPRSHUDo}HVGH
WDGR j 8QLmR HP FDUJR GH SURYLPHQWR JXHUUD
HIHWLYR 5HGDomRGDGDSHOD/HLQž
†ž eYHGDGDDFRQWDJHPFXPXODWLYDGHWHPSRGH
F  SDUDRGHVHPSHQKRGHPDQGDWRFODVVLVWDRX VHUYLoRSUHVWDGRFRQFRPLWDQWHPHQWHHPPDLV
SDUWLFLSDomRGHJHUrQFLDRXDGPLQLVWUDomR GHXPFDUJRRXIXQomRGHyUJmRRXHQWLGDGHV
HP VRFLHGDGH FRRSHUDWLYD FRQVWLWXtGD SRU GRV3RGHUHVGD8QLmR(VWDGR'LVWULWR)HGHUDO
VHUYLGRUHV SDUD SUHVWDU VHUYLoRV D VHXV H0XQLFtSLRDXWDUTXLDIXQGDomRS~EOLFDVR
PHPEURVH[FHWRSDUDHIHLWRGHSURPRomR FLHGDGHGHHFRQRPLDPLVWDHHPSUHVDS~EOLFD
SRUPHUHFLPHQWR 5HGDomRGDGDSHOD/HLQž
G  SRUPRWLYRGHDFLGHQWHHPVHUYLoRRXGRHQ &DStWXOR9,,,
oDSURILVVLRQDO 'R'LUHLWRGH3HWLomR
H  SDUD FDSDFLWDomR FRQIRUPH GLVSXVHUR 2IXQFLRQiULRS~EOLFRWHPVXDYLGDIXQFLRQDOGLUHFLR
UHJXODPHQWR 5HGDomRGDGDSHOD/HLQž QDGD HP UD]mR GH DWRV DGPLQLVWUDWLYRV WUDQVIHUrQFLD
UHPRomR SURPRomR DFHVVR DERQR GH IDOWDV SXQLo}HV
I  SRUFRQYRFDomRSDUDRVHUYLoRPLOLWDU
FRQFHVV}HV HWF    7DLV DWRV SRGHUmR FDXVDU DOHJULD DR
IXQFLRQiULRFRPRSRGHUmRWDPEpPDERUUHFrORSRUVH
,; GHVORFDPHQWRSDUDDQRYDVHGHGHTXHWUDWDR
DFUHGLWDUHOHSUHMXGLFDGRRXLQMXVWLoDGR
$UW

; SDUWLFLSDomRHPFRPSHWLomRGHVSRUWLYDQDFLR 2(VWDWXWRDVVHJXUDDRIXQFLRQiULRS~EOLFRRGLUHLWRGLUHLWR


QDORXFRQYRFDomRSDUDLQWHJUDUUHSUHVHQWDomR GH SHWLFLRQDU RX VHMD IRUPXODU SRU HVFULWR TXDLVTXHU
GHVSRUWLYD QDFLRQDO QR 3DtV RX QR H[WHULRU UHTXHULPHQWRVRXUHSUHVHQWDo}HVRXSHGLUUHFRQVLGHUDomR
FRQIRUPHGLVSRVWRHPOHLHVSHFtILFD GRVDWRVFRPRVTXDLVWHQKDVHVHQWLGRSUHMXGLFDGR0DLV
TXH LVVR 1R GLUHLWR GH SHWLomR R (VWDWXWR FRQFHGH DR
;, DIDVWDPHQWRSDUDVHUYLUHPRUJDQLVPRLQWHUQD IXQFLRQiULRDWpRGLUHLWRGHUHFRUUHUGDGHFLVmRSURIHULGD
FLRQDOGHTXHR%UDVLOSDUWLFLSHRXFRPRTXDO QRVHXSHGLGRRXVHMDVHVXDSHWLomRIRLLQGHIHULGDHOH
FRRSHUH ,QFOXtGRSHOD/HLQžGH SRGHDWpSHGLUTXHXPDDXWRULGDGHVXSHULRUjTXHOD TXH
LQGHIHULX UHH[DPLQHRFDVRHSURILUDXPDQRYDGHFLVmR
$UW &RQWDUVHiDSHQDVSDUDHIHLWRGHDSRVHQWDGR
ULDHGLVSRQLELOLGDGH 'XDVFRLVDVVmRLPSRUWDQWHVQRH[HUFtFLRGRGLUHLWRGH
SHWLomR D
D RSULQFtSLRKLHUiUTXLFRSHORTXDOR(VWDWXWR
D
, RWHPSRGHVHUYLoRS~EOLFRSUHVWDGRDRV(VWD H[LJHTXHDSHWLomRVHMDHQFDPLQKDGDSRULQWHUPpGLRGR
GRV0XQLFtSLRVH'LVWULWR)HGHUDO &KHIHGRIXQFLRQiULR HVHIRUUHFXUVRRUHFXUVRWDPEpP
GHYHVHUHQFDPLQKDGRDWUDYpVGRFKHIH H E TXHVHMD
E
,, DOLFHQoDSDUDWUDWDPHQWRGHVD~GHGHSHVVRDO REVHUYDGRXPSUD]RSDUDRUHTXHULPHQWR GHSRLVGHVVH
GDIDPtOLDGRVHUYLGRUFRPUHPXQHUDomRTXH SUD]RFKDPDGRSUHVFULFLRQDORSHGLGRQHPVHUiFRQKHFL
H[FHGHU D  WULQWD  GLDV HP SHUtRGR GH  GR RX VHMD VHUi LJQRUDGR PHVPR TXH R IXQFLRQiULR
GR]H PHVHV 2EVFRPUHGDomRGDGDSHOD/HLQž WHQKDUD]mR 

,,, D OLFHQoD SDUD DWLYLGDGH SROtWLFD QR FDVRGR 3RUILQDOpLQWHUHVVDQWHREVHUYDUTXH]HODQGRSHOD


$UW†ž OHJDOLGDGH GRV DWRV DGPLQLVWUDWLYRV R (VWDWXWR SHUPLWH
TXH D $GPLQLVWUDomR 3~EOLFD  LQGHSHQGHQWHPHQWH GH
,9 R WHPSR FRUUHVSRQGHQWH DR GHVHPSHQKRGH H[LVWLU RX QmR UHTXHULPHQWR SHWLomR GR IXQFLRQiULR
PDQGDWRHOHWLYRIHGHUDOHVWDGXDOPXQLFLSDORX S~EOLFRIDoDHODPHVPDDUHYLVmRGRDWRSUDWLFDGRHVH
GLVWULWDODQWHULRUDRLQJUHVVRQRVHUYLoRS~EOLFR FRQVWDWDU DOJXPD LUUHJXODULGDGH DOJXPD LOHJDOLGDGH
IHGHUDO PRGLILTXHRFRUULJLQGRRHUUR
9 R WHPSR GH VHUYLoR HPDWLYLGDGHSULYDGD $UW eDVVHJXUDGRDRVHUYLGRURGLUHLWRGHUHTXHUHU
YLQFXODGDj3UHYLGrQFLD6RFLDO DRV3RGHUHV3~EOLFRVHPGHIHVDGHGLUHLWRRX
LQWHUHVVHOHJtWLPR
9, RWHPSRGHVHUYLoRUHODWLYRDWLURGHJXHUUD
$UW 2 UHTXHULPHQWR VHUi GLULJLGR jDXWRULGDGH
9,, RWHPSRGHOLFHQoDSDUDWUDWDPHQWRGDSUySULD
FRPSHWHQWHSDUDGHFLGLORHHQFDPLQKDGRSRU
VD~GH TXH H[FHGHU R SUD]R D TXH VH UHIHUH D
LQWHUPpGLRGDTXHODDTXHHVWLYHULPHGLDWDPHQ
DOtQHD E GR LQFLVR 9,,, GR $UW ,QFOXtGR
SHOD/HLQžGH WHVXERUGLQDGRRUHTXHUHQWH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW &DEH SHGLGR GH UHFRQVLGHUDomR jDXWRULGDGH $UW $ DGPLQLVWUDomR GHYHUi UHYHU VHXV DWRVD
TXH KRXYHU H[SHGLGR R DWR RX SURIHULGR D TXDOTXHUWHPSRTXDQGRHLYDGRVGHLOHJDOLGDGH
SULPHLUDGHFLVmRQmRSRGHQGRVHUUHQRYDGR
$UW 6mRIDWDLVHLPSURUURJiYHLVRVSUD]RVHVWDEHOH
†~QLFR 2UHTXHULPHQWRHRSHGLGRGHUHFRQVLGHUDomR FLGRV QHVWH &DStWXOR VDOYR PRWLYR GH IRUoD
GHTXHWUDWDPRVDUWLJRVDQWHULRUHVGHYHUmRVHU PDLRU
GHVSDFKDGRV QR SUD]R GH  FLQFR  GLDV H
GHFLGLGRVGHQWURGH WULQWD GLDV

$UW &DEHUiUHFXUVR 5HJLPH'LVFLSOLQDU


, GRLQGHIHULPHQWRGRSHGLGRGHUHFRQVLGHUDomR
$ GRXWULQD WHP ELSDUWLGR RV GHYHUHV GRV VHUYLGRUHV
,, GDVGHFLV}HVVREUHRVUHFXUVRVVXFHVVLYDPHQWH S~EOLFRV HP GXDV RUGHQV RV GHYHUHV LQWHUQRV D VHUHP
LQWHUSRVWRV REVHUYDGRV HP VXD UHODomR SDUD FRP D $GPLQLVWUDomR
GHYHUHV H[WHUQRV D VHUHP REVHUYDGRV HP VXDV UHODo}HV
†ž 2UHFXUVRVHUiGLULJLGRjDXWRULGDGHLPHGLDWD VRFLDLVFRQH[DPHQWHjVXDFRQGLomRGHVHUYLGRUHRH[HU
PHQWHVXSHULRUjTXHWLYHUH[SHGLGRRDWRRX
FtFLRGHVXDIXQomRS~EOLFD 
SURIHULGR D GHFLVmR H VXFHVVLYDPHQWH HP
HVFDODDVFHQGHQWHjVGHPDLVDXWRULGDGHV
LQWHUQRVGHWRGRVRVVHUYLGRUHVS~EOLFRV
6mRGHYHUHVLQWHUQRV
LQWHUQRV
†ž 2UHFXUVRVHUiHQFDPLQKDGRSRULQWHUPpGLRGD
D OHDOGDGH E REHGLrQFLD
DXWRULGDGHDTXHHVWLYHULPHGLDWDPHQWHVXERU
GLQDGRRUHTXHUHQWH F DVVLGXLGDGH G GHGLFDomRDRVHUYLoR
H VLJLOR I UHVLGrQFLD
$UW 2SUD]RSDUDLQWHUSRVLomRGHSHGLGRGHUHFRQVL J XUEDQLGDGH K SURELGDGH
GHUDomRRXGHUHFXUVRpGH WULQWD GLDVD
FRQWDUGDSXEOLFDomRRXGDFLrQFLDSHORLQWH H[WHUQRVGHWRGRVRVVHUYLGRUHVS~EOLFRV
6mRGHYHUHVH[WHUQRV
H[WHUQRV
UHVVDGRGDGHFLVmRUHFRUULGD
D ERDFRQGXWD
$UW 2 UHFXUVR SRGHUi VHU UHFHELGR FRPHIHLWR E VXMHLomRDRVLPSHGLPHQWRVIXQFLRQDLV
VXVSHQVLYRDMXt]RGDDXWRULGDGHFRPSHWHQWH F SURLELomRGHLQWHUPHGLDomR

†~QLFR (PFDVRGHSURYLPHQWRGRSHGLGRGHUHFRQVL
GHUDomR RX GR UHFXUVR RV HIHLWRV GD GHFLVmR 'HYHUHVGRV6HUYLGRUHV&LYLVFRQIRUPHR(VWDWXWR
'HYHUHVGRV6HUYLGRUHV&LYLVFRQIRUPHR(VWDWXWR
UHWURDJLUmRjGDWDGRDWRLPSXJQDGR
2 SULPHLUR 3UHVLGHQWH GD 5HS~EOLFD HOHLWR DSyV
$UW 2GLUHLWRGHUHTXHUHUSUHVFUHYH GpFDGDVTXLVFXPSULUFRPDVSURPHVVDVGHFDPSDQKDV
HPTXHVHDSUHVHQWDYDFRPRFDoDGRUGHPDUDMiVRXVHMD
, HP FLQFR DQRVTXDQWRDRVDWRVGHGHPLVVmR SHUVHJXLGRULPSODFiYHOGRVIXQFLRQiULRVS~EOLFRVTXHRX
HGHFDVVDomRGHDSRVHQWDGRULDRXGLVSRQLELOL D 
D JDQKDYDP GHPDLV RX E 
E QmR WUDEDOKDYDP $ WXGR
GDGH RX TXH DIHWHP LQWHUHVVH SDWULPRQLDO H DFUHVFHQWRX D QHFHVVLGDGH GH PRUDOL]DU R VHUYLoR
FUpGLWRVUHVXOWDQWHVGDVUHODo}HVGHWUDEDOKR S~EOLFRFREUDQGRILHOFXPSULPHQWRGRVGHYHUHVSRUWRGRV
RVIXQFLRQiULRV
,, HP FHQWRHYLQWH GLDVQRVGHPDLVFDVRV
VDOYRTXDQGRRXWURSUD]RIRUIL[DGRHPOHL 3ULPHLUDPHQWHIRLHGLWDGDD/HLQž  
H[WUHPDPHQWH ULJRURVD HVSDOKDIDWRVR UHWUDWR GHVVDV
†~QLFR 2SUD]RGHSUHVFULomRVHUiFRQWDGRGDGDWDGD EDQGHLUDVGHFDPSDQKDHOHLWRUHLUD(UDXPDDWXDOL]DomR
SXEOLFDomR GR DWR LPSXJQDGR RX GD GDWD GD HQGXUHFLGDGRHQYHOKHFLGR(VWDWXWRHPSDUWLFXODUQRTXH
FLrQFLDSHORLQWHUHVVDGRTXDQGRRDWRQmRIRU WDQJHDRVGHYHUHVHUHVSRQVDELOLGDGHVGLVFLSOLQDUHVGRV
SXEOLFDGR IXQFLRQiULRV'HSRLVGLVVRVXSHUDGDDQHFHVVLGDGHGH
VHPRVWUDUVpULRGHH[LELUGXUH]DHLQWUDQVLJrQFLDFRP
$UW 2SHGLGRGHUHFRQVLGHUDomRHRUHFXUVRTXDQ RVPDUDMiVHIXQFLRQiULRVIDQWDVPDVFRPFDOPDH
GRFDEtYHLVLQWHUURPSHPDSUHVFULomR VRSHVDPHQWRIRLHGLWDGRRQRYR(VWDWXWRGR)XQFLRQDOLV
PR3~EOLFR)HGHUDO
$UW $SUHVFULomRpGHRUGHPS~EOLFDQmRSRGHQGR
VHUUHOHYDGDSHODDGPLQLVWUDomR
eLPSRUWDQWHDQRWDUTXHWDOQRYRHVWDWXWRpDSOLFiYHO
D WRGRV
WRGRV RV VHUYLGRUHV GD $GPLQLVWUDomR )HGHUDO GLUHWD
$UW 3DUDRH[HUFtFLRGRGLUHLWRGHSHWLomRpDVVHJX
IXQFLRQiULRVGRSUySULR*RYHUQR HGHSDUWHGRVIXQFLR
UDGDYLVWDGRSURFHVVRRXGRFXPHQWRQDUHSDU
QiULRVGD$GPLQLVWUDomRLQGLUHWD IXQFLRQiULRVGHDXWDU
WLomR DR VHUYLGRU RX D SURFXUDGRU SRU HOH
FRQVWLWXtGR TXLDVHIXQGDo}HVS~EOLFDVIHGHUDLV 
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

¢6HULDWDPEpPDSOLFiYHODRVIXQFLRQiULRVS~EOLFRVGR 9, OHYDUDVLUUHJXODULGDGHVGHTXHWLYHUFLrQFLDHP


3RGHU-XGLFLiULR7UDEDOKLVWD" VLP23RGHU-XGLFLiULR
LP UD]mRGRFDUJRDRFRQKHFLPHQWRGDDXWRULGDGH
DVVLPFRPRRVGRLVRXWURVSRGHUHV([HFXWLYRH/HJLVODWL VXSHULRURXTXDQGRKRXYHUVXVSHLWDGHHQYRO
YR WDPEpPID]SDUWHGD8QLmR/RJRVHXVIXQFLRQiULRV YLPHQWR GHVWD DR FRQKHFLPHQWR GH RXWUD
WDPEpPVHUmRGLVFLSOLQDGRVSRUWDOUHJLPHOHJDO DXWRULGDGHFRPSHWHQWHSDUDDSXUDomR
2EVUHGDomRGDGDSHOD/HLQž9LJHQWHDSDUWLUGH
(DV$XWRULGDGHV-XGLFLiULDVWDPEpPVHVXEPHWHUmR
9,, ]HODUSHODHFRQRPLDGRPDWHULDOHDFRQVHUYD
D WDO UHJLPH GLVFLSOLQDU """ 0DLV RX PHQRV e TXH RV
omRGRSDWULP{QLRS~EOLFR
-Xt]HV $XWRULGDGHV -XGLFLiULDV VmR DSHQDV RV MXt]HV
VXEPHWHPVHDUHJLPHGLVFLSOLQDUSUySULR 9,,, JXDUGDUVLJLORVREUHDVVXQWRGDUHSDUWLomR

$&RQVWLWXLomRGHWHUPLQRXTXHIRVVHHGLWDGDXPD/HL ,; PDQWHUFRQGXWDFRPSDWtYHOFRPDPRUDOLGDGH


&RPSOHPHQWDU SDUD HVWDEHOHFHU R UHJLPH MXUtGLFR GRV DGPLQLVWUDWLYD
-Xt]HV PDJLVWUDGRV $WXDOPHQWHpD /HL&RPSOQž
FKDPDGD/HL2UJkQLFDGD0DJLVWUDWXUDTXHGLVFLSOLQDD ; VHUDVVtGXRHSRQWXDODRVHUYLoR
DWLYLGDGHGRV-Xt]HV$VVLPRV-Xt]HVHPJHUDOLQFOXVLYH
RV7UDEDOKLVWDV WDQWRRVWRJDGRVTXDQWRRVFODVVLVWDV HRV ;, WUDWDUFRPXUEDQLGDGHDVSHVVRDV
GHPDLV GHYHUmR REHGHFHU DV QRUPDV JHUDLV GD /HL Qž
 ;,, UHSUHVHQWDU FRQWUD LOHJDOLGDGH RPLVVmRRX
DEXVRGHSRGHU
0DVQDSDUWHGLVFLSOLQDUHPERUDVHXVGHYHUHVVHMDP
RVPHVPRVGRVGHPDLVIXQFLRQiULRVS~EOLFRVKDYHUiXP †~QLFR $UHSUHVHQWDomRGHTXHWUDWDRLQFLVR;,,VHUi
SURFHVVRSUySULRSDUDDFREUDQoDGHVXDVUHVSRQVDELOLGD HQFDPLQKDGDSHODYLDKLHUiUTXLFDHDSUHFLDGD
GHV(LVVRVHUiUHJXODGRSRUXPDQRYD/HL&RPSOHPHQ SHODDXWRULGDGHVXSHULRUjTXHODFRQWUDDTXDOp
WDUFRPRGHWHUPLQDDQRYD&RQVWLWXLomR(QTXDQWRWDOOHL IRUPXODGD DVVHJXUDQGRVH DR UHSUHVHQWDQGR
QmRIRUIHLWDFRQWLQXDSUHYDOHFHQGRDDWXDO/HL2UJkQLFD DPSODGHIHVD
GD0DJLVWUDWXUD /HL&RPSOQž 
&DStWXOR,,
9HMDPRV DJRUD HVSHFLILFDPHQWH RV GHYHUHV GR 'DV3URLELo}HV
IXQFLRQiULR
$UW $RVHUYLGRUpSURLELGR
&DStWXOR,
, DXVHQWDUVH GR VHUYLoR GXUDQWHRH[SHGLHQWH
'RV'HYHUHV VHPSUpYLDDXWRUL]DomRGRFKHIHLPHGLDWR

$UW 6mRGHYHUHVGRVHUYLGRU ,, UHWLUDU VHP SUpYLD DQXrQFLD GDDXWRULGDGH


FRPSHWHQWHTXDOTXHUGRFXPHQWRRXREMHWRGD
, H[HUFHUFRP]HORHGHGLFDomRDVDWULEXLo}HVGR UHSDUWLomR
FDUJR
,,, UHFXVDUIpDGRFXPHQWRVS~EOLFRV
,, VHUOHDOjVLQVWLWXLo}HVDTXHVHUYLU
,9 RSRUUHVLVWrQFLDLQMXVWLILFDGDDRDQGDPHQWRGH
,,, REVHUYDUDVQRUPDVOHJDLVHUHJXODPHQWDUHV GRFXPHQWRHSURFHVVRRXH[HFXomRGHVHUYLoR

,9 FXPSULU DV RUGHQV VXSHULRUHV H[FHWRTXDQGR 9 SURPRYHUPDQLIHVWDomRGHDSUHoRRXGHVDSUHoR


PDQLIHVWDPHQWHLOHJDLV QRUHFLQWRGDUHSDUWLomR

9 DWHQGHUFRPSUHVWH]D 9, FRPHWHU D SHVVRD HVWUDQKD j UHSDUWLomRIRUD


GRV FDVRV SUHYLVWRV HP OHL R GHVHPSHQKR GH
D  DRS~EOLFRHPJHUDOSUHVWDQGRDVLQIRUPD DWULEXLomRTXHVHMDGHVXDUHVSRQVDELOLGDGHRX
GHVHXVXERUGLQDGR
o}HVUHTXHULGDVUHVVDOYDGDVDVSURWHJLGDV
SRUVLJLOR
9,, FRDJLU RX DOLFLDU VXERUGLQDGRV QR VHQWLGRGH
ILOLDUHPVHDDVVRFLDomRSURILVVLRQDORXVLQGLFDO
E  j H[SHGLomR GH FHUWLG}HV UHTXHULGDVSDUD RXDSDUWLGRSROtWLFR
GHIHVD GH GLUHLWR RX HVFODUHFLPHQWR GH
VLWXDo}HVGHLQWHUHVVHSHVVRDO 9,,, PDQWHUVREVXDFKHILDLPHGLDWDHPFDUJRRX
IXQomRGHFRQILDQoDF{QMXJHFRPSDQKHLURRX
F  jV UHTXLVLo}HV SDUD D GHIHVD GD)D]HQGD SDUHQWHDWpRVHJXQGRJUDXFLYLO
3~EOLFD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

,; YDOHUVHGRFDUJRSDUDORJUDUSURYHLWRSHVVRDO †ž $SURLELomRGH


$SURLELomRGHDFXPXODUHVWHQGHVHDFDUJRV
RXGHRXWUHPHPGHWULPHQWRGDGLJQLGDGHGD HPSUHJRV
HPSUHJRVHIXQo}HV
IXQo}HVHPDXWDUTXLDVIXQGDo}HV
HP IXQGDo}HV
IXQomRS~EOLFD S~EOLFDV
S~EOLFDV HPSUHVDV S~EOLFDV VRFLHGDGHV GH
HFRQRPLDPLVWDGD8QLmRGR'LVWULWR)HGHUDO
; SDUWLFLSDU GH JHUrQFLD RXDGPLQLVWUDomRGH GRV(VWDGRVGRV7HUULWyULRVHGRV0XQLFtSLRV
VRFLHGDGHSULYDGDSHUVRQLILFDGDRXQmRSHUVR
QLILFDGDH[HUFHURFRPpUFLRH[FHWRQDTXDOLGD ([FHo}HV
GHGHDFLRQLVWDFRWLVWDRXFRPDQGLWiULR
2EVUHGDomRGDGDSHOD/HLQž &RQIRUPH DXWRUL]D D &RQVWLWXLomR )HGHUDO WDLV
H[FHo}HVVmR
H[FHo}HV
;, DWXDUFRPRSURFXUDGRURXLQWHUPHGLiULRMXQWR
DUHSDUWLo}HVS~EOLFDVVDOYRTXDQGRVHWUDWDU D DGHGRLVFDUJRVGHSURIHVVRU
GHEHQHItFLRVSUHYLGHQFLiULRVRXDVVLVWHQFLDLVGH
SDUHQWHVDWpRVHJXQGRJUDXHGHF{QMXJHRX 2SURIHVVRUTXHWLYHUVLGRDSURYDGRHPGRLVFRQFXU
FRPSDQKHLUR VRV S~EOLFRV SDUD RFXSDU FDUJRV GH SURIHVVRU WDQWR
SRGHUiOHFLRQDUQXPD(VFRODGR0XQLFtSLRFRPRQRXWUD
;,, UHFHEHUSURSLQDFRPLVVmRSUHVHQWHRXYDQWD GR(VWDGRRXQXPD(VFRODGD8QLmR3RGHUiWDPEpPWHU
JHP GH TXDOTXHU HVSpFLH HP UD]mR GH VXDV RVGRLVFDUJRVVyHP(VFRODVGR(VWDGRRXGD3UHIHLWXUD
DWULEXLo}HV
E D GH
GH XP
XP FDUJR GH SURIHVVRU FRP
;,,, DFHLWDUFRPLVVmRHPSUHJRRXSHQVmRGHHVWDGR
RXWURWpFQLFRRXFLHQWtILFR
HVWUDQJHLUR
e IDFLOPHQWH FRPSUHHQVtYHO TXH XPD SHVVRD TXH
;,9 SUDWLFDUXVXUDVRETXDOTXHUGHVXDVIRUPDV WHQKD FRQKHFLPHQWRV H YLYrQFLD QXPD iUHD WpFQLFD
WUDEDOKDQGR FRPR WpFQLFR GHYD OHFLRQDU SDUD SDVVDU
;9 SURFHGHUGHIRUPDGHVLGLRVD DGLDQWHWRGDHVVDVXDEDJDJHPFXOWXUDO$VVLPXPPpGL
FROHJLVWD GR ,QVWLWXWR 0pGLFR /HJDO VHUi XP H[FHOHQWH
;9, XWLOL]DUSHVVRDORXUHFXUVRVPDWHULDLVGDUHSDU
SURIHVVRUGH0HGLFLQD/HJDOQXPDIDFXOGDGH1DGDPDLV
WLomRHPVHUYLoRVRXDWLYLGDGHVSDUWLFXODUHV
MXVWR H DSURSULDGR SRUWDQWR TXH VH SHUPLWD D HOH D
DFXPXODomRGHVVHVGRLVFDUJRVS~EOLFRV
;9, FRPHWHUDRXWURVHUYLGRUDWULEXLo}HVHVWUDQKDV
DR FDUJR TXH RFXSD H[FHWR HP VLWXDo}HV GH
F DGH
GHGRLV
GRLVFDUJRV
FDUJRVRX
RXHPSUHJRV
HPSUHJRVSULYD
HPHUJrQFLDHWUDQVLWyULDV
WLYRVGH
WLYRV SURILVVLRQDLVGH
GHSURILVVLRQDLV GHVD~GH
VD~GHFRP
SURILVV}HVUHJXODPHQWDGDV
;9,,, H[HUFHUTXDLVTXHUDWLYLGDGHVTXHVHMDPLQFRP
SDWtYHLVFRPRH[HUFtFLRGRFDUJRRXIXQomRH
$WHQomR
$WHQomR D SHUPLVVmR GH FXPXODomR VH HVWHQGH D
FRPRKRUiULRGHWUDEDOKR
´SURILVVLRQDLVGDVD~GHµHQmRPDLVDSHQDV
GH´GHGRLVFDUJRVSULYDWLYRVGHPpGLFRµFRPRHVWDEHOHFLD
;,; UHFXVDUVH D DWXDOL]DU VHXV GDGRVFDGDVWUDLV
RWH[WRDQWHULRUeSUHFLVRSRUpPHVWDUDWHQWRVyFDUJRV
TXDQGRVROLFLWDGR ,QFOXtGRSHOD/HLQž
RX HPSUHJRV GH SURILVV}HV UHJXODPHQWDGDV PpGLFR
HQIHUPHLUDSDGUmRHWF pTXHSRGHPVHUFXPXODGDVH
†~QLFR $ YHGDomR GH TXH WUDWD R LQFLVR ;GRFDSXW
DWpROLPLWHPi[LPRGHGRLV WUrVHPSUHJRVRXFDUJRVQmR
GHVWHDUWLJRQmRVHDSOLFDQRVVHJXLQWHVFDVRV
VHUiSHUPLWLGR 
, SDUWLFLSDomRQRVFRQVHOKRVGHDGPLQLVWUDomRH
†ž $DFXPXODomRGHFDUJRVDLQGDTXHOtFLWDILFD
ILVFDOGHHPSUHVDVRXHQWLGDGHVHPTXHD8QLmR
FRQGLFLRQDGDjFRPSURYDomRGDFRPSDWLELOLGD
GHWHQKDGLUHWDRXLQGLUHWDPHQWHSDUWLFLSDomR
GHGHKRUiULRV
QRFDSLWDOVRFLDORXHPVRFLHGDGHFRRSHUDWLYD
FRQVWLWXtGDSDUDSUHVWDUVHUYLoRVDVHXVPHP
†ž &RQVLGHUDVHDFXPXODomRSURLELGDDSHUFHSomR
EURVH 2EVDFUHVFLGRSHOD/HLQž
GH YHQFLPHQWR GH FDUJR RX HPSUHJR S~EOLFR
,, JR]R GH OLFHQoD SDUD R WUDWRGHLQWHUHVVHV HIHWLYR FRP SURYHQWRV GD LQDWLYLGDGH VDOYR
SDUWLFXODUHV QD IRUPD GR DUW  GHVWD /HL TXDQGRRVFDUJRVGHTXHGHFRUUDPHVVDVUHPX
REVHUYDGDDOHJLVODomRVREUHFRQIOLWRGHLQWHUHV QHUDo}HV IRUHP DFXPXOiYHLV QD DWLYLGDGH
VHV 2EVDFUHVFLGRSHOD/HLQž ,QFOXtGRSHOD/HLQžGH

&DStWXOR,,, $UW 2 VHUYLGRU QmR SRGHUi H[HUFHU PDLV GHXP


'D$FXPXODomR FDUJRHPFRPLVVmRH[FHWRQRFDVRSUHYLVWRQR
SDUiJUDIR~QLFRGR$UWžQHPVHUUHPXQHUDGR
$UW 5HVVDOYDGRVRVFDVRVSUHYLVWRVQD&RQVWLWXLomR SHOD SDUWLFLSDomR HP yUJmR GH GHOLEHUDomR
pYHGDGD
YHGDGDDDFXPXODomR
DFXPXODomRUHPXQHUDGD
UHPXQHUDGDGH
GHFDUJRV FROHWLYD 5HGDomRGDGDSHOD/HLQžGH
S~EOLFRV
 'LU$GPLQLVWUDWLYR
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
†~QLFR 2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDjUHPXQH FULPLQDOSHODDomRSHQDOFDEtYHOQR†žIRLSUHYLVWDVXD
UDomRGHYLGDSHODSDUWLFLSDomRHPFRQVHOKRVGH UHVSRQVDELOL]DomR FLYLO TXH Vy HVEDUUDUi HP HYHQWXDO
DGPLQLVWUDomRHILVFDOGDVHPSUHVDVS~EOLFDVH SUHVFULomRHQR†žVXDUHVSRQVDELOLGDGH³YLDDomR
VRFLHGDGHVGHHFRQRPLDPLVWDVXDVVXEVLGLiULDV UHJUHVVLYD³SHORVDWRVGRORVRVHFXOSRVRVTXHFDXVHP
HFRQWURODGDVEHPFRPRTXDLVTXHUHPSUHVDV GDQRVDWHUFHLURVHSHORVTXDLVRVFRIUHVS~EOLFRVVHMDP
RXHQWLGDGHVHPTXHD8QLmRGLUHWDRXLQGLUH REULJDGRVDLQGHQL]DU
WDPHQWHGHWHQKDSDUWLFLSDomRQRFDSLWDOVRFLDO
REVHUYDGRRTXHDUHVSHLWRGLVSXVHUOHJLVODomR UHVSRQVDELOLGDGHFLYLOGHFRUUHGHDWRRPLVVL
$UW $UHVSRQVDELOLGDGH FLYLO
HVSHFtILFD YRRXFRPLVVLYRGRORVRRXFXOSRVRTXHUHVXOWH
2EV (VWHSDUiJUDIRWHPVXDUHGDomRUHGDomRGDGDSHOD0HGLGD3URYLVyULDQž
HPSUHMXt]RDRHUiULRRXDWHUFHLURV
GH2WH[WRDQWHULRUGL]LD´†~QLFR2GLVSRVWRQHVWHDUWLJRQmR
VHDSOLFDjUHPXQHUDomRGHYLGDSHODSDUWLFLSDomRHPFRQVHOKRVGHDGPLQLVWUD
omR H ILVFDO GDV HPSUHVDV S~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD VXDV †ž $LQGHQL]DomRGHSUHMXt]RGRORVDPHQWHFDXVDGR
VXEVLGLiULDVHFRQWURODGDVEHPFRPRTXDLVTXHUHQWLGDGHVVREFRQWUROHGLUHWR
RX LQGLUHWR GD 8QLmR REVHUYDGR R TXH D UHVSHLWR GLVSXVHU D OHJLVODomR
DRHUiULRVRPHQWHVHUiOLTXLGDGDQDIRUPDSUHYLVWD
HVSHFtILFD2EV†~QLFRDFUHVFHQWDGRSHOD/HLQž QR$UWQDIDOWDGHRXWURVEHQVTXHDVVHJXUHP
DH[HFXomRGRGpELWRSHODYLDMXGLFLDO
$UW 2VHUYLGRUYLQFXODGRDRUHJLPHGHVWD/HLTXH
DFXPXODU OLFLWDPHQWH GRLV FDUJRV HIHWLYRV
†ž 7UDWDQGRVHGHGDQRFDXVDGRDWHUFHLURVUHV
TXDQGRLQYHVWLGRHPFDUJRGHSURYLPHQWRHP
SRQGHUiRVHUYLGRUSHUDQWHD)D]HQGD3~EOLFD
FRPLVVmRILFDUiDIDVWDGRGHDPERVRVFDUJRV
HPDomRUHJUHVVLYD
HIHWLYRV VDOYR QD KLSyWHVH HP TXH KRXYHU
FRPSDWLELOLGDGHGHKRUiULRHORFDOFRPRH[HU
†ž $REULJDomRGHUHSDUDURGDQRHVWHQGHVHDRV
FtFLRGHXPGHOHVGHFODUDGDSHODVDXWRULGDGHV
VXFHVVRUHVHFRQWUDHOHVVHUiH[HFXWDGDDWpR
Pi[LPDVGRVyUJmRVRXHQWLGDGHVHQYROYLGRV
OLPLWHGRYDORUGDKHUDQoDUHFHELGD
5HGDomRGDGDSHOD/HLQžGH
$UW $ UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHSHQDODEUDQJHRVFULPHVH
SHQDO
FRQWUDYHQo}HV LPSXWDGDV DR VHUYLGRU QHVVD
TXDOLGDGH
5HVSRQVDELOLGDGH&LYLO
&ULPLQDOH$GPLQLVWUDWLYD $UW $UHVSRQVDELOLGDGHFLYLODGPLQLVWUDWLYD
UHVSRQVDELOLGDGH DGPLQLVWUDWLYDUHVXOWD
DGPLQLVWUDWLYD
GH DWR RPLVVLYR RX FRPLVVLYR SUDWLFDGR QR
GHVHPSHQKRGRFDUJRRXIXQomR
$UW 2VHUYLGRU
VHUYLGRUUHVSRQGH
UHVSRQGHFLYLO
FLYLOSHQDO
SHQDOHDGPLQLVWUD
WLYDPHQWH
WLYDPHQWH SHOR
SHOR H[HUFtFLR
H[HUFtFLR LUUHJXODU GH VXDV $UW $V VDQo}HV FLYLV SHQDLV HDGPLQLVWUDWLYDV
DWULEXLo}HV SRGHUmR
SRGHUmR FXPXODUVH
FXPXODUVH VHQGR
VHQGR LQGHSHQGHQWHV
HQWUHVL
,PSRUWDQWtVVLPRHVWHDUWLJRGHL[DFODURTXHKiWUrV
  WLSRV GH UHVSRQVDELOL]DomR GR IXQFLRQiULR TXH DJLU ,PSRUWDQWtVVLPRHVWHDUWLJRGHL[DFODURTXHKiWUrV
LUUHJXODUPHQWH$RPHVPRWHPSRHOHUHVSRQGHUiDXP   WLSRV GH UHVSRQVDELOL]DomR GR IXQFLRQiULR TXH DJLU
LQTXpULWRDGPLQLVWUDWLYR SDUDVHUSXQLGRDGPLQLVWUDWLYD LUUHJXODUPHQWH$RPHVPRWHPSRHOHUHVSRQGHUiDXP
PHQWH DXPSURFHVVRSHQDO VHDFRQGXWDIRUFULPLQRVD LQTXpULWRDGPLQLVWUDWLYR SDUDVHUSXQLGRDGPLQLVWUDWLYD
HSRGHUiLUSDUDDFDGHLDHDXPSURFHVVRFLYLOSDUDVHU PHQWH DXPSURFHVVRSHQDO VHDFRQGXWDIRUFULPLQRVD
REULJDGRDLQGHQL]DURSUHMXt]RTXHFDXVRX HSRGHUiLUSDUDDFDGHLDHDXPSURFHVVRFLYLOSDUDVHU
REULJDGRDLQGHQL]DURSUHMXt]RTXHFDXVRX
( QHQKXP IXQFLRQiULR SRGHUi DOHJDU TXH Mi IRL
GHPLWLGR RX SUHVR H QmR GHYHULD LQGHQL]DU 2X TXH Mi ( QHQKXP IXQFLRQiULR SRGHUi DOHJDU TXH Mi IRL
LQGHQL]RXHQmRSRGHULDVHUGHPLWLGRQHPSUHVR8PD GHPLWLGR RX SUHVR H QmR GHYHULD LQGHQL]DU 2X TXH Mi
FRLVDQmRWHPQDGDDYHUFRPDRXWUDRIXQFLRQiULRS~ LQGHQL]RXHQmRSRGHULDVHUGHPLWLGRQHPSUHVR
EOLFR TXH FRPHWHU LUUHJXODULGDGH VHUi UHVSRQVDELOL]DGR
QDVWUrVHVIHUDVFRQFRPLWDQWHPHQWH DRPHVPRWHPSR  8PDFRLVDQmRWHPQDGDDYHUFRPDRXWUDRIXQFLR
VHUiSXQLGRGLVFLSOLQDUPHQWHLUiSDUDDFDGHLD VHRIDWR QiULRS~EOLFRTXHFRPHWHULUUHJXODULGDGHVHUiUHVSRQVDEL
IRU FULPH  H SDJDUi D LQGHQL]DomR GHYLGD VH FDXVRX OL]DGRQDVWUrVHVIHUDVFRQFRPLWDQWHPHQWH DRPHVPR
SUHMXt]R  WHPSRVHUiSXQLGRGLVFLSOLQDUPHQWHLUiSDUDDFDGHLD VH
R IDWR IRU FULPH  H SDJDUi D LQGHQL]DomR GHYLGD VH
$ UHVSRQVDELOL]DomR GR VHUYLGRU S~EOLFR WHP ODVWUR FDXVRXSUHMXt]R 
FRQVWLWXFLRQDOQRV††žžHžGRDUW&)QR†žHP
UHODomRDDWRVGHLPSURELGDGHDGPLQLVWUDWLYDVXMHLWDQGRR $UW $UHVSRQVDELOLGDGHDGPLQLVWUDWLYDGRVHUYLGRU
j VXVSHQVmR GRV GLUHLWRV SROtWLFRV j SHUGD GD IXQomR VHUi DIDVWDGD QR FDVR GH DEVROYLomR FULPLQDO
S~EOLFD j LQGLVSRQLELOLGDGH GH VHXV EHQV H DLQGD DR TXHQHJXHDH[LVWrQFLDGRIDWRRXVXDDXWRULD
UHVVDUFLPHQWRDRHUiULREHPFRPRjUHVSRQVDELOL]DomR
,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW$ 1HQKXPVHUYLGRUSRGHUiVHUUHVSRQVDELOL]DGR 9, GHVWLWXLomRGHIXQomRFRPLVVLRQDGD


FLYLO SHQDO RX DGPLQLVWUDWLYDPHQWH SRU GDU
FLrQFLDjDXWRULGDGHVXSHULRURXTXDQGRKRX 1D RUJDQL]DomR DGPLQLVWUDWLYD Ki VHUYLoRV TXH VmR
YHUVXVSHLWDGHHQYROYLPHQWRGHVWDDRXWUDDX UHDOL]DGRVPDVQmRKiXPFDUJRHVSHFtILFRTXHDTXHOD
WRULGDGHFRPSHWHQWHSDUDDSXUDomRGHLQIRUPD DWULEXLomR6mRIXQo}HVVHPFDUJRV(KiDOJXPDVGHVVDV
omRFRQFHUQHQWHjSUiWLFDGHFULPHVRXLPSUR IXQo}HVTXHVmRH[HUFLGDVSRUSHVVRDVGHFRQILDQoDRX
ELGDGHGHTXHWHQKDFRQKHFLPHQWRDLQGDTXH VHMDHVFROKLGDVHPFRPLVVmR6HWDLVSHVVRDVFRPHWHUHP
HPGHFRUUrQFLDGRH[HUFtFLRGHFDUJRHPSUHJR LQIUDo}HV GLVFLSOLQDUHV SRGHUmR SHUGHU VXD IXQomR FR
RXIXQomRS~EOLFD PLVVLRQDGD


2EVDUWLJRLQFOXtGRSHOD/HLQž 9LJHQWHDSDUWLUGH $UW 1D
1DDSOLFDomR
DSOLFDomRGDV
GDVSHQDOLGDGHV
SHQDOLGDGHVVHUmRFRQVLGHUD
GDV
GDV D QDWXUH]D
QDWXUH]D H D JUDYLGDGH
JUDYLGDGH GD
GD LQIUDomR
FRPHWLGD
FRPHWLGDRV
RVGDQRV
GDQRVTXH
TXHGHOD
GHODSURYLHUHP
SURYLHUHPSDUD
SDUDR
&DStWXOR9 VHUYLoR
VHUYLoR S~EOLFR
S~EOLFR DV
DV FLUFXQVW
FLUFXQVWkQFLDV
kQFLDV DJUDYDQWHV
'DV3HQDOLGDGHV RXDWHQXDQWHVHRVDQWHFHGHQWHVIXQFLRQDLV

$UW 6mRSHQDOLGDGHVGLVFLSOLQDUHV $UHJUDpDVHJXLQWHTXDQWRPDLRUIRURSUHMXt]RSDUD


RVHUYLoRS~EOLFRHTXDQWRPDLVJUDYHDLQIUDomRPDLRU
, DGYHUWrQFLD GHYHUiVHUDSHQDDSOLFDGDDRIXQFLRQiULR(VHIRUPXLWR
JUDYHFDUDFWHUL]DQGRLPSURELGDGHDGPLQLVWUDWLYDRIXQ
eXPSLWRXPDFKDPDGDGHDWHQomRXPDFHQVXUD FLRQiULRDOpPGHGHPLWLGRSHUGHQGRDIXQomRS~EOLFDH
IHLWDSRUHVFULWRGL]HQGRDRIXQFLRQiULRTXHFRPHWHXHOH VHUREULJDGRDLQGHQL]DURSUHMXt]RDLQGDWHUiVXVSHQVRV
XPDIDOWDGLVFLSOLQDUSDUDTXHHOHQmRDUHSLWD VHXVGLUHLWRVSROtWLFRV GLUHLWRGHYRWDUHVHUYRWDGRHWF 

,, VXVSHQVmR eLVVRTXHSUHYrRDUW†ž&)2VDWRVGHLPSUR


ELGDGHDGPLQLVWUDWLYDLPSRUWDUmRDVXVSHQVmRGRVGLUHLWRV
2IXQFLRQiULRpDIDVWDGRGRVHUYLoRSRUXPSHUtRGR SROtWLFRVDSHUGDGDIXQomRS~EOLFDDLQGLVSRQLELOLGDGHGRV
ILFDSURLELGRGHFRPSDUHFHUDRWUDEDOKRHQDWXUDOPHQWH EHQVHRUHVVDUFLPHQWRGRHUiULRQDIRUPDHJUDGDomRSUH
SHUGHDUHPXQHUDomRFRUUHVSRQGHQWH YLVWDVHPOHLVHPSUHMXt]RGDDomRSHQDOFDEtYHO

,,, GHPLVVmR 0DV QmR p Vy R ODGR REMHWLYR GDQRV FDXVDGRV  GD


LQIUDomRTXHVHUiFRQVLGHUDGRWDPEpPRODGRVXEMHWLYR
'HPLWLUVLJQLILFDPDQGDUHPERUDGHVSHGLURIXQFLRQi SHVDUi$VVLPVHRIXQFLRQiULRMiWHPSpVVLPRSDVVDGR
VHXSURQWXiULRPRVWUDTXHHOHMiFRPHWHXPXLWDVRXWUDV
ULR$GHPLVVmRpSXQLomRGLIHUHQFLDQGRGDH[RQHUDomR
IDOWDVpPDOFRQFHLWXDGRSRXFRGHGLFDGRGHVLGLRVRHWF
TXHQmRWHPHVVDQDWXUH]D
³VXDSHQDVHUiPDLRUGRTXHVHIRVVHHOHXPYLUWXRVRH
GHGLFDGRVHUYLGRU
,9 FDVVDomR
FDVVDomRGH
GHDSRVHQWDGRULDRXGLVSRQLELOLGDGH
DSRVHQWDGRULDRXGLVSRQLELOLGDGH
†~QLFR 2DWR
DWRGH
GHLPSRVLomR
LPSRVLomRGD
GDSHQDOLGDGH
SHQDOLGDGHPHQFLRQDUi
&RPRRIXQFLRQiULRDSRVHQWDGRQmRSRGHVHUPDQGD
VHPSUH
VHPSUH R IXQGDPHQWR OHJDO H D FDXVD GD
GR HPERUD SRUTXDQWR Mi QmR PDLV WUDEDOKD HQWmR HOH VDQomRGLVFLSOLQDU
SHUGHRGLUHLWRjSHQVmRGDDSRVHQWDGRULD2IXQFLRQiULR
HPGLVSRQLELOLGDGHWDPEpPQmRWUDEDOKD YHUDUW† $ H[LJrQFLD GH PHQomR GR IXQGDPHQWR OHJDO YLVD D
~QLFRDGLDQWH PDVUHFHEHXPVDODULR]LQKR3HUGHUiHVVH SRVVLELOLWDU R FRQWUROH GH OHJDOLGDGH GR DWR SXQLWLYR
VDODULR]LQKRFRPWDOWLSRGHSXQLomR LQFOXVLYHSHOR-XGLFLiULRSUHYHQLQGRDEXVRVHDUELWUDULH
GDGHV  $ PHQomR GD FDXVD GD VDQomR GLVFLSOLQDU p D
9 GHVWLWXLomRGHFDUJRHPFRPLVVmR UHIHUrQFLDDRIDWRTXHPRWLYRXDDSOLFDomRGDSHQD
+iDOJXQVFDUJRVTXHVmRRFXSDGRVSRUIXQFLRQiULRV ,PSRUWDQWHFRQVLGHUDUDGLUHWDHLQDIDVWiYHOYLQFXOD
GHFRQILDQoDGHDOJXpP6mRFDUJRVSUHYLVWRVQDRUJDQL]D omRHQWUHRIDWR FDXVDGDVDQomR LQIULQJHQWHHRIXQGD
omRDGPLQLVWUDWLYDPDVSURYLGRVSRUSHVVRDHVFROKLGDSRU PHQWROHJDOVRESHQDGHLQYDOLGDUDSXQLomRpTXHWRGD
TXHPWHPRSRGHUGHQRPHDU(HVVDQRPHDomRpIHLWD SHQDVySRGHVHUDSOLFDGDVHKRXYHUXPIDWRSUHYLVWRHP
VXEMHWLYDPHQWHVHJXQGRRSHVVRDOFULWpULRGHVVDSHVVRD OHLTXHMXVWLILTXHWDOSXQLomR$VVLPDRPHQFLRQDURIDWR
3RULVVRVHFKDPDPFDUJRVHPFRPLVVmR HRIXQGDPHQWROHJDODDXWRULGDGHDGPLQLVWUDWLYDWRUQDUi
REMHWLYDDOHJDOLGDGHGDSXQLomRHWHUiGHPRQVWUDGRTXH
6HRIXQFLRQiULRTXHRFXSDXPFDUJRHPFRPLVVmR FXPSULXDOHLHTXHQmRIRLDUELWUiULRQHPSUHSRWHQWH
FRPHWHUDOJXPDIDOWDDGPLQLVWUDWLYDHOHSRGHUiVHUSX 
QLGRFRPDSHUGDGHVVHFDUJR HPFRPLVVmR 9HMDEHP $UW $ DGYHUWrQFLD
DGYHUWrQFLD VHUi
VHUi DSOLFDGD
DSOLFDGD SRU HVFULWRQRV
WUDWDVHGHIXQFLRQiULRS~EOLFRHIHWLYRTXHRFXSDFDUJR FDVRV
FDVRV GH
GH YLRODomR
YLRODomR GH
GH SURLELomR
SURLELomR FRQVWDQWH
FRQVWDQWH GR
HIHWLYRPDVWUDQVLWRULDPHQWHHVWiRFXSDQGRXPRXWUR $UW
$UWLQFLVRV
LQFLVRV,D9,,,
9,,,H;,;
;,;HGH
GHLQREVHUYkQ
FDUJRSURYLGRHPFRPLVVmR(OHDSHQDVVHUiGHVWLWXtGRGR FLD
FLDGH
GHGHYHU
GHYHUIXQFLRQDO
IXQFLRQDOSUHYLVWR
SUHYLVWRHP
HPOHL
OHLUHJXOD
FDUJR HP FRPLVVmR UHWRUQDQGR SRLV SDUD VHX RXWUR H PHQWDomR
PHQWDomR RXRX QRUPD
QRUPD LQWHUQDTXHQmRMXVWLIL
LQWHUQDTXHQmRMXVWLIL
DQWHULRUFDUJR TXH
TXH LPSRVLomR
LPSRVLomR GHGH SHQDOLGDGH
SHQDOLGDGH PDLV
PDLV JUDYH
5HGDomRGDGDSHOD/HLQžGH
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
$UW $VXVSHQVmRVHUiDSOLFDGD HP FDVRGHUHLQFL 9, LQVXERUGLQDomRJUDYHHPVHUYLoR
GrQFLDGDVIDOWDVSXQLGDVFRPDGYHUWrQFLDHGH
YLRODomRGDVGHPDLVSURLELo}HVTXHQmRWLSLIL 9,, RIHQVDItVLFDHPVHUYLoRDVHUYLGRURXDSDUWLFX
TXHPLQIUDomRVXMHLWDDSHQDOLGDGHGHGHPLV ODU VDOYR HP OHJtWLPD GHIHVD SUySULD RX GH
VmR QmR SRGHQGR H[FHGHU GH  QRYHQWD RXWUHP
GLDV
9,,, DSOLFDomRLUUHJXODUGHGLQKHLURVS~EOLFRV
†ž 6HUiSXQLGRFRPVXVSHQVmRGHDWp TXLQ]H
GLDV R VHUYLGRU TXH LQMXVWLILFDGDPHQWH UHFX ,; UHYHODomRGHVHJUHGRGRTXDOVHDSURSULRXHP
VDUVHDVHUVXEPHWLGRDLQVSHomRPpGLFDGHWHU UD]mRGRFDUJR
PLQDGDSHODDXWRULGDGHFRPSHWHQWHFHVVDQGR
RVHIHLWRVGDSHQDOLGDGHXPDYH]FXPSULGDD ; OHVmRDRVFRIUHVS~EOLFRVHGLODSLGDomRGRSDWUL
GHWHUPLQDomR P{QLRQDFLRQDO

†ž 4XDQGRKRXYHUFRQYHQLrQFLDSDUDRVHUYLoRD ;, FRUUXSomR


SHQDOLGDGHGHVXVSHQVmRSRGHUiVHUFRQYHUWLGD
HP PXOWD QD EDVH GH  FLQTXHQWD SRU ;,, DFXPXODomR LOHJDO GH FDUJRV HPSUHJRVRX
FHQWR SRUGLDGHYHQFLPHQWRRXUHPXQHUDomR IXQo}HVS~EOLFDV
ILFDQGRRVHUYLGRUREULJDGRDSHUPDQHFHUHP
VHUYLoR ;,,, WUDQVJUHVVmRGRVLQFLVRV,;D;9,GR$UW

$UW $VSHQDOLGDGHVGHDGYHUWrQFLDHGHVXVSHQVmR $UW 'HWHFWDGDDTXDOTXHUWHPSRDDFXPXODomRLOHJDO


WHUmRVHXVUHJLVWURVFDQFHODGRVDSyVRGHFXUVR GH FDUJRV HPSUHJRV RX IXQo}HV S~EOLFDV D
GH WUrV H FLQFR DQRVGHHIHWLYRH[HUFtFLR DXWRULGDGHDTXHVHUHIHUHR$UWQRWLILFDUi
UHVSHFWLYDPHQWH VH R VHUYLGRU QmR KRXYHU RVHUYLGRUSRULQWHUPpGLRGHVXDFKHILDLPHGLD
QHVVHSHUtRGRSUDWLFDGRQRYDLQIUDomRGLVFLSOL WDSDUDDSUHVHQWDURSomRQRSUD]RLPSURUURJi
QDU YHOGHGH]GLDVFRQWDGRVGDGDWDGDFLrQFLDH
QDKLSyWHVHGHRPLVVmRDGRWDUiSURFHGLPHQWR
†~QLFR 2 FDQFHODPHQWR GD SHQDOLGDGHQmRVXUWLUi VXPiULR SDUD D VXD DSXUDomR H UHJXODUL]DomR
HIHLWRVUHWURDWLYRV LPHGLDWDFXMRSURFHVVRDGPLQLVWUDWLYRGLVFLSOL
QDUVHGHVHQYROYHUiQDVVHJXLQWHVIDVHV 5HGDomR
GDGDSHOD/HLQžGH
$UW $GHPLVVmRVHUiDSOLFDGDQRVVHJXLQWHVFDVRV
, LQVWDXUDomRFRPDSXEOLFDomRGRDWRTXHFRQVWL
, FULPHFRQWUDDDGPLQLVWUDomRS~EOLFD WXLUDFRPLVVmRDVHUFRPSRVWDSRUGRLVVHUYLGR
UHVHVWiYHLVHVLPXOWDQHDPHQWHLQGLFDUDDXWRULD
2EV 6HDOJXPIXQFLRQiULRSUDWLFDUFULPHFRQWUDDDGPLQLVWUDomRS~EOL
FDVHUiPDQGDGRHPERUD6mRFULPHVFRQWUDD$GPLQLVWUDomR3~ H D PDWHULDOLGDGH GD WUDQVJUHVVmR REMHWR GD
EOLFDRSHFXODWR VXEWUDLURXVHDSURSULDUGHFRLVDS~EOLFDDUW†† DSXUDomR ,QFOXtGRSHOD/HLQžGH
DUW DUW$ H % GR &yG3HQDO  R H[WUDYLR VRQHJDomR RX
LQXWLOL]DomRGHOLYURRXGRFXPHQWR VXPLUFRPXPOLYURRXGRFXPHQWRGD ,, LQVWUXomRVXPiULDTXHFRPSUHHQGHLQGLFLDomR
UHSDUWLomR  DUW GR &yG3HQDO  R HPSUHJR LUUHJXODU GH YHUEDV RX
UHQGDVS~EOLFDV DSOLFDURGLQKHLURS~EOLFRGHIRUPDGLIHUHQWHjSUHYLVWD GHIHVDHUHODWyULR ,QFOXtGRSHOD/HLQžGH
QDOHLDUW&yG3HQDO DFRQFXVVmR H[LJLUGLQKHLURRXYDQWDJHP
HPUD]mRGDIXQomRDUW&yG3HQDO RH[FHVVRGHH[DomR FREUDU
,,, MXOJDPHQWR ,QFOXtGRSHOD/HLQžGH
WULEXWRDOpPGRTXHDSHVVRD GHYHRXGHIRUPDKXPLOKDQWHDUW†
ž&3 DFRUUXSomRSDVVLYD SHGLURXDFHLWDUFDL[LQKDDUWGR&3 
DSUHYDULFDomR GHL[DUGHID]HURVHUYLoRSRUVHQWLPHQWRRXLQWHUHVVH †ž $LQGLFDomR GD DXWRULD GH TXH WUDWDRLQFLVR,
SHVVRDODUW&3 DFRQGHVFHQGrQFLDFULPLQRVD GHL[DUGHUHVSRQVD
ELOL]DURVXERUGLQDGRLQIUDWRUDUW&3 DDGYRFDFLDDGPLQLVWUDWLYD
GDUVHiSHORQRPHHPDWUtFXODGRVHUYLGRUHD
GHIHQGHU LQWHUHVVH DOKHLR MXQWR GD DGPLQLVWUDomR  DUW GR &3  D PDWHULDOLGDGHSHODGHVFULomRGRVFDUJRVHPSUH
YLROrQFLD DUELWUiULD SUDWLFDU YLROrQFLD QR H[HUFtFLR GD IXQomR  JRVRXIXQo}HVS~EOLFDVHPVLWXDomRGHDFXPX
DUW&3 RDEDQGRQRGHIXQomR ODUJDUDEDQGRQDURFDUJRSRUPDLV
GH  GLDV  DUW  R H[HUFtFLR IXQFLRQDO LOHJDOPHQWH DQWHFLSDGR RX ODomRLOHJDOGRVyUJmRVRXHQWLGDGHVGHYLQFXOD
SURORQJDGR H[HUFHU D IXQomR VHP DWHQGHU DV H[LJrQFLDV OHJDLV  DUW omRGDVGDWDVGHLQJUHVVRGRKRUiULRGHWUDED
&3 DYLRODomRGHVLJLOR IXQFLRQDO FRQWDUVHJUHGRTXHVRXEHQR
FDUJRDUWH††&3 HDYLRODomRGHVLJLORGHSURSRVWDGHFRQFRUUrQ
OKRHGRFRUUHVSRQGHQWHUHJLPHMXUtGLFR 5HGDomR
GDGDSHOD/HLQžGH
FLD GHYDVVDURVHJUHGRGDVFDUWDVGHSURSRVWDVGHFRQFRUUrQFLDS~EOLFD
DUW&3 
†ž $FRPLVVmRODYUDUiDWpWUrVGLDVDSyVDSXEOLFD
,, DEDQGRQRGHFDUJR omRGRDWRTXHDFRQVWLWXLXWHUPRGHLQGLFLDomR
HPTXHVHUmRWUDQVFULWDVDVLQIRUPDo}HVGHTXH
,,, LQDVVLGXLGDGHKDELWXDO WUDWDRSDUiJUDIRDQWHULRUEHPFRPRSURPRYHUi
DFLWDomRSHVVRDOGRVHUYLGRULQGLFLDGRRXSRU
,9 LPSURELGDGHDGPLQLVWUDWLYD LQWHUPpGLR GH VXD FKHILD LPHGLDWD SDUD QR
SUD]RGHFLQFRGLDVDSUHVHQWDUGHIHVDHVFULWD
9 LQFRQWLQrQFLDS~EOLFDHFRQGXWDHVFDQGDORVDQD DVVHJXUDQGRVHOKHYLVWDGRSURFHVVRQDUHSDUWL
UHSDUWLomR omRREVHUYDGRRGLVSRVWRQRVDUWVH
5HGDomRGDGDSHOD/HLQžGH
 ,QVWLWXWR1DFLRQDOGR
 6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

†ž $SUHVHQWDGD D GHIHVD DFRPLVVmRHODERUDUi $UW $GHPLVVmRRXDGHVWLWXLomRGHFDUJRHPFRPLV


UHODWyULR FRQFOXVLYR TXDQWR j LQRFrQFLD RX j VmRSRULQIULQJrQFLDGR$UWLQFLVRV,;H;,
UHVSRQVDELOLGDGHGRVHUYLGRUHPTXHUHVXPLUi LQFRPSDWLELOL]DRH[VHUYLGRUSDUDQRYDLQYHVWL
DVSHoDVSULQFLSDLVGRVDXWRVRSLQDUiVREUHD GXUDHPFDUJRS~EOLFRIHGHUDOSHORSUD]RGH
OLFLWXGH GD DFXPXODomR HP H[DPH LQGLFDUi R FLQFR DQRV
UHVSHFWLYRGLVSRVLWLYROHJDOHUHPHWHUiRSURFHV
VRjDXWRULGDGHLQVWDXUDGRUDSDUDMXOJDPHQWR †~QLFR 1mRSRGHUiUHWRUQDUDRVHUYLoRS~EOLFRIHGHUDO
,QFOXtGRSHOD/HLQžGH R VHUYLGRU TXH IRU GHPLWLGR RX GHVWLWXtGR GR
FDUJRHPFRPLVVmRSRULQIULQJrQFLDGR$UW
†ž 1RSUD]RGHFLQFRGLDVFRQWDGRVGRUHFHELPHQ
LQFLVRV,,99,,,;H;,
WRGRSURFHVVRDDXWRULGDGHMXOJDGRUDSURIHULUi
DVXDGHFLVmRDSOLFDQGRVHTXDQGRIRURFDVR $UW &RQILJXUDDEDQGRQRGHFDUJRDDXVrQFLDLQWHQ
RGLVSRVWRQR†RGR$UW ,QFOXtGR SHOD /HL Qž FLRQDOGRVHUYLGRUDRVHUYLoRSRUPDLVGHWULQWD
GH
GLDVFRQVHFXWLYRV
†ž $RSomRSHORVHUYLGRUDWpR~OWLPRGLDGHSUD]R
SDUDGHIHVDFRQILJXUDUiVXDERDIpKLSyWHVHHP $UW (QWHQGHVHSRULQDVVLGXLGDGHKDELWXDODIDOWDDR
TXHVHFRQYHUWHUiDXWRPDWLFDPHQWHHPSHGLGR VHUYLoRVHPFDXVDMXVWLILFDGDSRUVHVVHQWDGLDV
GH H[RQHUDomRGRRXWURFDUJR ,QFOXtGR SHOD /HL Qž LQWHUSRODGDPHQWH GXUDQWH R SHUtRGR GH GR]H
GH PHVHV
†ž &DUDFWHUL]DGDDDFXPXODomRLOHJDOHSURYDGDD
$UW 1DDSXUDomRGHDEDQGRQRGHFDUJRRXLQDVVLGXL
PiIpDSOLFDUVHiDSHQDGHGHPLVVmRGHVWLWXL
GDGH KDELWXDO WDPEpP VHUi DGRWDGR R SUR
omRRXFDVVDomRGHDSRVHQWDGRULDRXGLVSRQLELOL
FHGLPHQWRVXPiULRDTXHVHUHIHUHR$UW
GDGHHPUHODomRDRVFDUJRVHPSUHJRVRXIXQ
REVHUYDQGRVHHVSHFLDOPHQWHTXH 5HGDomRGDGD
o}HVS~EOLFDVHPUHJLPHGHDFXPXODomRLOHJDO SHOD/HLQžGH
KLSyWHVH HP TXH RV yUJmRV RX HQWLGDGHV GH
YLQFXODomR VHUmR FRPXQLFDGRV ,QFOXtGR SHOD /HL Qž , DLQGLFDomRGDPDWHULDOLGDGHGDUVHi ,QFOXtGR
GH SHOD/HLQžGH

†ž 2SUD]RSDUDDFRQFOXVmRGRSURFHVVRDGPLQLV
D  QD KLSyWHVH GH DEDQGRQR GH FDUJRSHOD
WUDWLYR GLVFLSOLQDU VXEPHWLGR DR ULWR VXPiULR
LQGLFDomR SUHFLVD GR SHUtRGR GH DXVrQFLD
QmRH[FHGHUiWULQWDGLDVFRQWDGRVGDGDWDGH
LQWHQFLRQDOGRVHUYLGRUDRVHUYLoRVXSHULRU
SXEOLFDomR GR DWR TXH FRQVWLWXLU D FRPLVVmR
DWULQWDGLDV ,QFOXtGRSHOD/HLQžGH
DGPLWLGDDVXDSURUURJDomRSRUDWpTXLQ]HGLDV
TXDQGRDVFLUFXQVWkQFLDVRH[LJLUHP ,QFOXtGRSHOD E  QR FDVR GH LQDVVLGXLGDGH KDELWXDOSHOD
/HLQžGH
LQGLFDomRGRVGLDVGHIDOWDDRVHUYLoRVHP
†ž 2SURFHGLPHQWRVXPiULRUHJHVHSHODVGLVSRVL FDXVD MXVWLILFDGD SRU SHUtRGR LJXDO RX
o}HVGHVWHDUWLJRREVHUYDQGRVHQRTXHOKHIRU VXSHULRUDVHVVHQWDGLDVLQWHUSRODGDPHQWH
DSOLFiYHOVXEVLGLDULDPHQWHDVGLVSRVLo}HVGRV GXUDQWHRSHUtRGRGHGR]HPHVHV ,QFOXtGR
7tWXORV,9H9GHVWD/HL ,QFOXtGRSHOD/HLQž SHOD/HLQžGH

$UW 6HUiFDVVDGDDDSRVHQWDGRULDRXDGLVSRQLELOLGD ,, DSyV D DSUHVHQWDomR GD GHIHVD DFRPLVVmR


GHGRLQDWLYRTXHKRXYHUSUDWLFDGRQDDWLYLGD HODERUDUiUHODWyULRFRQFOXVLYRTXDQWRjLQRFrQ
FLDRXjUHVSRQVDELOLGDGHGRVHUYLGRUHPTXH
GHIDOWDSXQtYHOFRPDGHPLVVmR
UHVXPLUiDVSHoDVSULQFLSDLVGRVDXWRVLQGLFDUi
R UHVSHFWLYR GLVSRVLWLYR OHJDO RSLQDUi QD
$UW $GHVWLWXLomRGHFDUJRHPFRPLVVmRH[HUFLGRSRU
KLSyWHVHGHDEDQGRQRGHFDUJRVREUHDLQWHQFL
QmRRFXSDQWHGHFDUJRHIHWLYRVHUiDSOLFDGDQRV
RQDOLGDGH GD DXVrQFLD DR VHUYLoR VXSHULRU D
FDVRVGHLQIUDomRVXMHLWDjVSHQDOLGDGHVGHVXV WULQWDGLDVHUHPHWHUiRSURFHVVRjDXWRULGDGH
SHQVmRHGHGHPLVVmR LQVWDXUDGRUDSDUDMXOJDPHQWR ,QFOXtGRSHOD/HLQž
GH
†~QLFR &RQVWDWDGDDKLSyWHVHGHTXHWUDWDHVWHDUWLJR
D H[RQHUDomR HIHWXDGD QRV WHUPRV GR $UW $UW $VSHQDOLGDGHVGLVFLSOLQDUHVVHUmRDSOLFDGDV
VHUi FRQYHUWLGD HP GHVWLWXLomR GH FDUJR HP
FRPLVVmR , SHOR3UHVLGHQWHGD5HS~EOLFDSHORV3UHVLGHQWHV
GDV&DVDVGR3RGHU/HJLVODWLYRHGRV7ULEXQDLV
$UW $GHPLVVmRRXDGHVWLWXLomRGHFDUJRHPFRPLV )HGHUDLVHSHOR3URFXUDGRU*HUDOGD5HS~EOLFD
VmR QRV FDVRV GRV LQFLVRV ,9 9,,, ; H ;, GR TXDQGR VH WUDWDU GH GHPLVVmR H FDVVDomR GH
$UWLPSOLFDDLQGLVSRQLELOLGDGHGRVEHQVH DSRVHQWDGRULD RX GLVSRQLELOLGDGH GH VHUYLGRU
RUHVVDUFLPHQWRDRHUiULRVHPSUHMXt]RGDDomR YLQFXODGRDRUHVSHFWLYR3RGHUyUJmRRXHQWLGD
SHQDOFDEtYHO GH
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

,, SHODVDXWRULGDGHVDGPLQLVWUDWLYDVGHKLHUDUTXLD JUDPDRUJDQL]DomRFRQVWLWXFLRQDO2VSRGHUHV


SRGHUHV
SRGHUHVDGPLQLVWUD
LPHGLDWDPHQWHLQIHULRUjTXHODVPHQFLRQDGDVQR WLYRVQDVFHPFRPD$GPLQLVWUDomRHVHDSUHVHQWDPGLYHUVLIL
WLYRV
LQFLVRDQWHULRUTXDQGRVHWUDWDUGHVXVSHQVmR FDGRVVHJXQGRDVH[LJrQFLDVGRVHUYLoRS~EOLFRRLQWHUHVVH
VXSHULRUD WULQWD GLDV GDFROHWLYLGDGHHRVREMHWLYRVDTXHVHGLULJHP LQ'LUHLWR
$GPLQLVWUDWLYR%UDVLOHLURHG57S 
,,, SHORFKHIHGDUHSDUWLomRHRXWUDVDXWRULGDGHVQD
IRUPDGRVUHVSHFWLYRVUHJLPHQWRVRXUHJXODPHQ (QILP SDUD UHDOL]DU DV DWLYLGDGHV TXH DWHQGDP DR
WRVQRVFDVRVGHDGYHUWrQFLDRXGHVXVSHQVmR LQWHUHVVHFROHWLYRR$GPLQLVWUDGRUSUHFLVDUSRGHUDJLU
GHDWp WULQWD GLDV 3RULVVRWRGRDJHQWHDGPLQLVWUDWLYRpLQYHVWLGRGHDOJXP
SRGHUTXHGHYHHVWDUYROWDGRHVWULWDPHQWHjUHDOL]DomR
,9 SHODDXWRULGDGHTXHKRXYHUIHLWRDQRPHDomR GHVVHLQWHUHVVHFROHWLYR  IDWRTXHRWRUQDDRPHVPR
TXDQGR VH WUDWDU GH GHVWLWXLomR GH FDUJR HP WHPSRTXHXPSRGHUGHDJLUWDPEpPXPGHYHUGHDJLU
FRPLVVmR MiTXHWDODomRpDHVVrQFLDHH[FHOrQFLDGR$GPLQLVWUDGRU
3~EOLFR
$UW $DomRGLVFLSOLQDUSUHVFUHYHUi

3UHVFUHYHUVLJQLILFDRSHUDUDSUHVFULomRTXHpDSHUGD 3RGHU9LQFXODGRH3RGHU'LVFULFLRQiULR
GRSRGHUGHDJLUDVVLPVLJQLILFDTXHR*RYHUQR $GPL
QLVWUDomR3~EOLFD QmRSRGHUiPDLVSXQLURIXQFLRQiULR
2 3RGHU YLQFXODGR WDPEpP FKDPDGR GH 3RGHU
3RGHU YLQFXODGR
SRUTXHMiSDVVRXRSUD]RHPTXHGHYHULDWHUSXQLGR4XH
5HJUDGR p DTXHOH TXH D OHL FRQIHUH DR DJHQWH S~EOLFR
5HJUDGR
SUD]RpHVVH"""9HMDPRV
SDUDDSUiWLFDGHDWRVGHWHUPLQDQGRRVHOHPHQWRVHRV
, HP FLQFR DQRVTXDQWRjVLQIUDo}HVSXQtYHLV UHTXLVLWRVQHFHVViULRVjVXDIRUPDOL]DomR
FRP GHPLVVmR FDVVDomR GH DSRVHQWDGRULD RX
GLVSRQLELOLGDGHHGHVWLWXLomRGHFDUJRHPFRPLV 3RUHVWHSRGHUD$GPLQLVWUDomRILFDWRWDOPHQWHSUHVD
VmR DRTXHDOHLGHWHUPLQDUHVHRFRUUHUXPGHVYLRGRSUHYLVWR
HPOHLSUDWLFDUiDWRLOHJDOHQXOR2DGPLQLVWUDGRUWHP
,, HP GRLV DQRVTXDQWRjVXVSHQVmR PtQLPDFRQGLomRGHOLEHUGDGHSDUDDJLUILFDQGRGHSHQ
GHQWHGRHQXQFLDGRPLQXFLRVRGRGLUHLWRSRVLWLYR$DomR
,,, HP FHQWRHRLWHQWD GLDVTXDQWRiDGYHU DGPLQLVWUDWLYDHQFRQWUDVHGHOLPLWDGDSHODOHL
WrQFLD
'RVHOHPHQWRVGRDWRDGPLQLVWUDWLYRDFRPSHWrQFLD
†ž 2SUD]RGHSUHVFULomRFRPHoDDFRUUHUGDGDWD DILQDOLGDGHHDIRUPDVmRVHPSUHYLQFXODGDV1DSUiWLFD
HPTXHRIDWRVHWRUQRXFRQKHFLGR GHXPDDWLYLGDGHYLQFXODGDD$GPLQLVWUDomRGHYHUiDWHU
VHjQRUPDSUHGHWHUPLQDGDRXUHJXODGRUDGHVXDSUiWLFD
ILFDUiDGVWULWDjOHLHPWRGRVRVUHTXLVLWRVIRUPDGRUHVGR
†ž 2VSUD]RVGHSUHVFULomRSUHYLVWRVQDOHLSHQDO DWR
DSOLFDPVHjVLQIUDo}HVGLVFLSOLQDUHVFDSLWXODGDV -i'LVFULFLRQDULHGDGHpDLQWHJUDomRGDYRQWDGHOHJDO
WDPEpPFRPRFULPH IHLWDSHORDGPLQLVWUDGRUTXHHVFROKHXPFRPSRUWDPHQWR
SUHYLDPHQWH YDOLGDGR SHOD QRUPD GHQWUR GRV OLPLWHV GH
†ž $DEHUWXUDGHVLQGLFkQFLDRXDLQVWDXUDomRGH OLEHUGDGHUHVXOWDQWHVGDLPSUHFLVmRGDOHLSDUDDWLQJLUD
SURFHVVRGLVFLSOLQDULQWHUURPSHDSUHVFULomRDWp ILQDOLGDGHS~EOLFDpDGHILQLomRGH5(*,6)(51$1'(6
DGHFLVmRILQDOSURIHULGDSRUDXWRULGDGHFRPSH '( 2/,9(,5$ HP VXD REUD $WR $GPLQLVWUDWLYR 
WHQWH HGLomR6357S

†ž ,QWHUURPSLGR R FXUVR GD SUHVFULomRRSUD]R eRH[HUFLGRSHOD$GPLQLVWUDomRDRSUDWLFDURVDWRV


FRPHoDUiDFRUUHUDSDUWLUGRGLDHPTXHFHVVDU DGPLQLVWUDWLYRVFRPOLEHUGDGHQDHVFROKDGHVXDFRQYH
DLQWHUUXSomR QLrQFLDRSRUWXQLGDGHHFRQWH~GR2DGPLQLVWUDGRUDR
SUDWLFDUXPDWRGLVFULFLRQiULRpOLYUHGHDWXDUGHQWURGRV
SDUkPHWURV IL[DGRV SHOD OHL 0HVPR QR FDVR GH DWR
GLVFULFLRQiULRDFRPSHWrQFLDDILQDOLGDGHHDIRUPDVmR
3RGHUHV$GPLQLVWUDWLYRV VHPSUHUHTXLVLWRVYLQFXODGRV

1mRKiSRVVLELOLGDGHGR3RGHU-XGLFLiULRVXEVWLWXLUD
&RPR EHP REVHUYD +(/< /23(6 0(,5(//(6 SDUD GLVFULFLRQDULHGDGHGR$GPLQLVWUDGRUSHODGR0DJLVWUDGR
EHP DWHQGHU DR LQWHUHVVH S~EOLFR TXH VH FRQIHUHP 3RU LVVR TXH GH PRGR HTXtYRFR DILUPDP TXH R 3RGHU
SRGHUHVj$GPLQLVWUDomRH[SOLFDQGRRVDXGRVR
HVSHFLDLVSRGHUHV
SRGHUHV -XGLFLiULRQmRSRGHDSUHFLDUDWRVGLVFULFLRQiULRV
0HVWUHVTXH7DLVSRGHUHVVmRYHUGDGHLURVLQVWUXPHQWRVGH
WUDEDOKRDGHTXDGRVjUHDOL]DomRGDVWDUHIDVDGPLQLVWUDWL 2-XGLFLiULRVHPSUHSRGHUiDJLUVyTXHQDDSUHFLDomR
YDV 'Dt R VHUHP FRQVLGHUDGRV SRGHUHV
SRGHUHV LQVWUXPHQWDLV
LQVWUXPHQWDLV GRDWRGLVFULFLRQiULROLPLWDUVHiDYHULILFDUDOHJDOLGDGH
GLYHUVDPHQWH GRV SRGHUHV SROtWLFRV TXH VmR HVWUXWXUDLV H GRDWRHVHIRUDPREVHUYDGRVRVOLPLWHVGDGLVFULFLRQDULH
RUJkQLFRVSRUTXHFRPS}HPDHVWUXWXUDGR(VWDGR HLQWH GDGHSHOR$GPLQLVWUDGRU
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

2V/LPLWHVGD3RGHU9LQFXODGR jV SUHVFULo}HV OHJDLV $ $GPLQLVWUDomR PDQLIHVWD VXD


HGR3RGHU'LVFULFLRQiULR YRQWDGHQDRSRUWXQLGDGHHSDUDRVHIHLWRVSUHYLVWRVHPOHL
2DJHQWHQmRWHPTXDOTXHUPDUJHPGHHVFROKDGHDWXDomR
3DUDDSUiWLFDGRDWRDGPLQLVWUDWLYRRDJHQWHSRGHUi VHMDGHWHPSRRXGHFRQWH~GR LQ&XUVRGH'LUHLWR$GPLQLVWUDWL
GLVSRU GH PDLRU RX PHQRU OLEHUGDGH GH SRGHURGHU YRHG)RUHQVHS 
VXERUGLQDUVHRXQmRDUHJUDVRXSDUkPHWURV$OJXQVVmR
RXQmRSUDWLFDGRVSHOR$GPLQLVWUDGRUDVHXEHOSUD]HUH 'LVFULFLRQDULHGDGHpDLQWHJUDomRGDYRQWDGHOHJDO
-iD'LVFULFLRQDULHGDGH
'LVFULFLRQDULHGDGH
RXWURV GHYHP VHU SUDWLFDGRV REULJDWRULDPHQWH SHOR IHLWDSHORDGPLQLVWUDGRUTXHHVFROKHXPFRPSRUWDPHQWR
$GPLQLVWUDGRUQDKRUDGHWHUPLQDGDHGRMHLWRGHWHUPL SUHYLDPHQWH YDOLGDGR SHOD QRUPD GHQWUR GRV OLPLWHV GH
QDGRSHODSUySULDOHL9HMDPRV OLEHUGDGHUHVXOWDQWHVGDLPSUHFLVmRGDOHLSDUDDWLQJLUD
ILQDOLGDGHS~EOLFDpDGHILQLomRGH5(*,6)(51$1'(6
$WRV9LQFXODGRV
$WRV9LQFXODGRV WDPEpP FRQKHFLGRVFRPRDWRV '( 2/,9(,5$ HP VXD REUD $WR $GPLQLVWUDWLYR 
UHJUDGRVVmRDTXHOHVFXMRVUHTXLVLWRVHFRQGLo}HVGHVXD HGLomR6357S $VVLPR3RGHU'LVFULFLRQiULR
UHDOL]DomRYHPHVWDEHOHFLGRVSHODOHL7RGRVRVHOHPHQWRV pRH[HUFLGRSHOD$GPLQLVWUDomRDRSUDWLFDURVDWRVDGPL
GRDWRDGPLQLVWUDWLYRYrPSUHYLVWRVHPOHLHVHGHOHVVH QLVWUDWLYRVFRPOLEHUGDGHQDHVFROKDGHVXDFRQYHQLrQFLD
DIDVWDURDGPLQLVWUDGRUSUDWLFDUiDWRQXOR$VVLPVHXP RSRUWXQLGDGHHFRQWH~GR
3UHIHLWR GHFLGH FRQVWUXLU XPD SRQWH HOH GHYHUi
GHYHUi DEULU
FRQFRUUrQFLDS~EOLFD 2DGPLQLVWUDGRUDRSUDWLFDUXPDWRGLVFULFLRQiULRp
OLYUH GH DWXDU GHQWUR GRV SDUkPHWURV IL[DGRV SHOD OHL
$WRV
$WRV 'LVFULFLRQiULRV
'LVFULFLRQiULRV  VmR RV TXH D $GPLQLVWUDomR 0HVPRQRFDVRGHDWRGLVFULFLRQiULRDFRPSHWrQFLD D
3~EOLFDSUDWLFDOHYDQGRHPFRQWDPDLVTXHDRSRUWXQLGD ILQDOLGDGHHDIRUPDVmRVHPSUHUHTXLVLWRVYLQFXODGRV
GHRXDFRQYHQLrQFLDGDPHGLGD1RDWRGLVFULFLRQiULRR
DGPLQLVWUDGRUWHPOLEHUGDGHGHHVFROKDGRFRQWH~GRGR 23URI+(/</23(60(,5(//(6HQVLQDTXH$GLVFULFLR
DWRGHVHXGHVWLQDWiULRGRPRGRGHVXDUHDOL]DomRGH QDULHGDGHHVWiGRXWULQD)OHLQHUHPSHUPLWLUROHJLVOD
VXDRSRUWXQLGDGHHVXDFRQYHQLrQFLD1RH[HPSORDFLPD GRU TXH D DXWRULGDGH DGPLQLVWUDWLYD HVFROKD HQWUH DV
DGHFLVmRGR3UHIHLWRGHFRQVWUXLURXQmRXPDSRQWHHP YiULDVSRVVLELOLGDGHVGHVROXomRDTXHODTXHPHOKRUFRUUHV
VXDFLGDGHHVVDGHFLVmRpWRWDOPHQWHGLVFULFLRQiULDHOH SRQGD QR FDVR FRQFUHWR DR GHVHMR GD OHL  0DV GHYHUi
HVFROKHUi R ORFDO HOH HVFROKHUi TXH WLSR GH SRQWH IDUi VHPSUHHVWULWDREVHUYkQFLDjOHLSRUTXHDH[RUELWkQFLDGR
FRQFUHWRPDGHLUDIHUURHWF HOHGHILQLUiTXDQGRIDUiD SRGHU GLVFULFLRQiULR FRQVWLWXL DWR LOtFLWR FRPR WRGD DomR
SRQWHHWF YROXQWiULD FDUHQWH GH GLUHLWR  LQ 'LUHLWR $GPLQLVWUDWLYR
%UDVLOHLURHG57S 
2LQHVTXHFtYHO9,&725181(6/($/HQVLQDYDTXHQmR
KiDWRDGPLQLVWUDWLYRYLQFXODGRPDVDWRDGPLQLVWUDWLYR 2XWUD DGYHUWrQFLD GR VDXGRVR 0HVWUH p D GH TXH
GHFRUUHQWH GR SRGHU
SRGHU YLQFXODGR
YLQFXODGR
GR WDQWR TXDQWR Vy SRU 'LVFULFLRQiULRVVySRGHPVHURVPHLRVHPRGRVGHDGPL
WROHUkQFLD VH SRGHULD FRQVLGHUDU XP DWR GLVFULFLRQiULR QLVWUDUQXQFDRVILQVDDWLQJLU(PWHPDGHILQVDOLomR
TXDQGR QmR SDVVD HOH GH XP DWR GHFRUUHQWH GR SRGHU pGH%RQQDUGQmRH[LVWHMDPDLVSDUDD$GPLQLVWUDomR
GLVFULFLRQiULRGD$GPLQLVWUDomR LQ3RGHU'LVFULFLRQiULR
GLVFULFLRQiULR XPSRGHUGLVFULFLRQiULR3RUTXHQmROKHpQXQFDGHL[DGR
H$omR$UELWUiULDGD$GPLQLVWUDomR5'$  SRGHUGHOLYUHDSUHFLDomRTXDQWRDRILPDDOFDQoDU2ILP
pVHPSUHLPSRVWRSHODVOHLVHUHJXODPHQWRVVHMDH[SOtFLWD
$VVLP R DWR DGPLQLVWUDWLYR SUDWLFDGR SRU IRUoD GR VHMDLPSOLFLWDPHQWH ³ LQ 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR 
3RGHU 9LQFXODGR p DTXHOH TXH D OHL FRQIHUH DR DJHQWH HG57S 
S~EOLFRSDUDDSUiWLFDGHDWRVGHWHUPLQDQGRRVHOHPHQ
WRVHRVUHTXLVLWRVQHFHVViULRVjVXDIRUPDOL]DomR 'HRXWURODGRQmR
QmRKiSRVVLELOLGDGHGR3RGHU-XGLFLiULR
QmR
VXEVWLWXLUDGLVFULFLRQDULHGDGHGR$GPLQLVWUDGRUSHODGR
3RUHVWHSRGHUD$GPLQLVWUDomRILFDWRWDOPHQWHSUHVD 0DJLVWUDGR3RULVVRTXHGHPRGRHTXtYRFRDILUPDPTXH
DRTXHDOHLGHWHUPLQDUHVHRFRUUHUXPGHVYLRGRSUHYLVWR R3RGHU-XGLFLiULRQmRSRGHDSUHFLDUDWRVGLVFULFLRQiULRV
HPOHLSUDWLFDUiDWRLOHJDOHQXOR2DGPLQLVWUDGRUWHP 2-XGLFLiULRVHPSUHSRGHUiDJLUVyTXHQDDSUHFLDomRGR
PtQLPDFRQGLomRGHOLEHUGDGHSDUDDJLUILFDQGRGHSHQ DWRGLVFULFLRQiULROLPLWDUVHiDYHULILFDUDOHJDOLGDGHGR
GHQWHGRHQXQFLDGRPLQXFLRVRGRGLUHLWRSRVLWLYR$DomR DWRHVHIRUDPREVHUYDGRVRVOLPLWHVGDGLVFULFLRQDULHGDGH
DGPLQLVWUDWLYDHQFRQWUDVHGHOLPLWDGDSHODOHL SHOR$GPLQLVWUDGRU

'RVHOHPHQWRVGRDWRDGPLQLVWUDWLYRDFRPSHWrQFLDD
ILQDOLGDGHHDIRUPDVmRYLQFXODGDVVHPSUH1DSUiWLFDGH
XPDDWLYLGDGHYLQFXODGDD$GPLQLVWUDomRGHYHUiDWHUVH 3RGHU+LHUiUTXLFR
jQRUPDSUHGHWHUPLQDGDRXUHJXODGRUDGHVXDSUiWLFD
ILFDUiDGVWULWDjOHLHPWRGRVRVUHTXLVLWRVIRUPDGRUHVGR e R H[HUFLGR SHOR 3RGHU ([HFXWLYR SDUD RUGHQDU
DWR FRRUGHQDUFRQWURODUHFRUULJLUDDWXDomRGHVHXVDJHQWHV
eRTXHGLVS}HR([HFXWLYRSDUDGLVWULEXLUHHVFDORQDUDV
(VVH WDPEpP p R HQVLQDPHQWR GR 3URI',2*2 '(
IXQo}HVGHVHXVyUJmRVRUGHQDUHUHYHUDDWXDomRGHVHXV
),*8(,5('2 025(,5$ 1(72 $WR $WR
$WR YLQFXODGR
YLQFXODGR RX
DJHQWHVHVWDEHOHFHQGRDUHODomRGHVXERUGLQDomRHQWUHRV
UHJUDGRpDTXHOHTXHpSUDWLFDGRHPHVWULWDFRQIRUPLGDGH
VHUYLGRUHV GR VHX TXDGUR GH SHVVRDO FRQIRUPH GHILQH R
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

VDXGRVR +(/< /23(6 0(,5(//(6 HP VHX FRQVDJUDGR 23RGHU'LVFLSOLQDUWHPVXDRULJHPHUD]mRGHVHUQR


'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURS LQWHUHVVHHQDQHFHVVLGDGHGHDSHUIHLoRDPHQWRSURJUHVVLYRGR
VHUYLoR S~EOLFR HVFUHYH 0$5&(/2 &$(7$12 HP VHX
'R 3RGHU +LHUiUTXLFR GHFRUUH D SRVVLELOLGDGH GH R OLYUR'R3RGHU'LVFLSOLQDU/LVERDS
VXSHULRU GDU RUGHQV ILVFDOL]DU GHOHJDU DYRFDU H
UHYHUDWRVGRVVXEDOWHUQRVHGHVWHVRGHYHUGHREHGLrQ $VSULQFLSDLVSHQDVGLVFLSOLQDUHVVmRD
D UHSUHHQVmR
D
FLD E PXOWD F 
E F VXVSHQVmR G 
G GHVWLWXLomR GHIXQomRHH
$'
'HOHJDomRpDIDFXOGDGHGHTXHGLVS}HD$XWRULGD
HOHJDomR GHPLVVmRI
I FDVVDomRGHDSRVHQWDGRULDRXGLVSRQLELOLGD
I
GH$GPLQLVWUDWLYDGHFRPHWHUDRXWURDJHQWHDGPLQLVWUDWL GH
YRRSRGHUGHYHUGHDJLU
DJLUQDWXUDOPHQWHVySRGHDXWRUL]DU
DJLU $DSXUDomRGHIDOWDGHYHUiVHUSRUPHLRGHSURFHVVR
TXHDOJXpPIDoDSRUHOHDSHVVRDDTXHPDOHLFRQIHULXD DGPLQLVWUDWLYRRXSRUPHLRVVXPiULRVFRQIRUPHDPDLRU
RXPHQRUJUDYLGDGHGDLQIUDomRRXGDQDWXUH]DGDSHQD
FRPSHWrQFLDSDUDDWXDU
DVHULPSRVWDGDQGRVHRGLUHLWRGHGHIHVDDRDJHQWHHR
DSOLFDGRUGHYHUiPRWLYDUDVDQomRLPSRVWD
+(/</23(60(,5(//(6GHILQHDGHOHJDomRFRPRR
DWRGH´FRQIHULUDRXWUHPDWULEXLo}HVTXHRULJLQDULDPHQWH
OKHFRPSHWLDP$VGHOHJDo}HVGHQWURGRPHVPR3RGHUVmR
HPSULQFtSLRDGPLVVtYHLVGHVGHTXHDDXWRULGDGHGHOHJDGD 3RGHU5HJXODPHQWDU
HVWHMDHPFRQGLo}HVGHH[HUFrODV2TXHQmRpSRVVtYHOQR
QRVVRVLVWHPDFRQVWLWXFLRQDOpDGHOHJDomRGHDWULEXLo}HVGH
XP 3RGHU D RXWUR FRPR SRU H[HPSOR GR ([HFXWLYR DR eRH[HUFLGRSHORV&KHIHVGR3RGHU([HFXWLYRQDV
/HJLVODWLYRRXYLFHYHUVDµ LQ 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR WUrV HVIHUDV FRQVWLWXFLRQDLV  3UHVLGHQWH GD 5HS~EOLFD
S  *RYHUQDGRUGR(VWDGRH3UHIHLWR0XQLFLSDOTXDQGRD
-iD$YRFDomR
$YRFDomRpDIDFXOGDGHGD$XWRULGDGHGHWLUDU
$YRFDomR OHLDVHUFXPSULGDUHFODPDDLQWHUIHUrQFLDGD$GPLQLVWUD
D IXQomR GH XP VXERUGLQDGR SDUD TXH HOD PHVPD D omRFRPRUHTXLVLWRGHVXDDSOLFDomRFRPRREVHUYD&(/62
H[HUFrOD H[FHSFLRQDOPHQWH ´GHL[D TXH HX PHVPR IDoR $1721,2 %$1'(,5$ '( 0(//2 LQ $WR $GPLQLVWUDWLYR H
'LUHLWRVGRV$GPLQLVWUDGRUHV6357S 
LVVRµ 6yGHWpPRSRGHUGHDYRFDUTXHPpKLHUDUTXLFD
PHQWH VXSHULRU jTXHOH DJHQWH TXH WHULD D FRPSHWrQFLD
23RGHU5HJXODPHQWDUFRQIHUHDRV&KHIHVGR([HFXWLYR
SDUDDWXDURXVHMDQmRSRGHDYRFDUXPD$XWRULGDGHGR
DSRVVLELOLGDGHGHH[SOLFLWDUDOHLSDUDVXDFRUUHWDH[HFXomR
PHVPRQtYHODWpSRUTXHLQFRUUHULDHPXVXUSDomRGH
RX GH H[SHGLU GHFUHWRV DXW{QRPRV VREUH PDWpULD GH VXD
IXQomRS~EOLFDTXHpFULPH FRPSHWrQFLD DLQGD QmR GLVFLSOLQDGD SRU OHL +(/< /23(6
0(,5(//(6REUDFLWDGDS 
(PDYRFDQGRDIXQomRD$XWRULGDGHDOLYLDUiDUHVSRQ
VDELOLGDGH GR VXERUGLQDGR FRPSHWHQWH H DVVXPLUi D (QILPpRSRGHUGHEDL[DUUHJXODPHQWRV
UHJXODPHQWRVTXHH[SOLFL
UHJXODPHQWRV
UHVSRQVDELOLGDGH FLYLO DGPLQLVWUDWLYD H FULPLQDO SHOD WDPRVPRGRVGHVHH[HFXWDUXPDOHLRXSURYHUVLWXDo}HV
OLFLWXGHHUHJXODULGDGHGRDWR DLQGDQmRGLVFLSOLQDGDVHPOHL

$YRFDUpFKDPDUDVLIXQo}HVRULJLQDULDPHQWHDWULEXtGDV
´$YRFDU
$YRFDU
DXPVXERUGLQDGR1DGDLPSHGHWDOSUiWLFDTXHSRUpPVy
GHYHVHUDGRWDGDSHORVXSHULRUKLHUiUTXLFRTXDQGRKRXYHU 3RGHUGH3ROtFLD
PRWLYRV UHOHYDQWHV SDUD WDO VXEVWLWXLomR LVWR SRUTXH D
DYRFDomR GH XP DWR VHPSUH GHVSUHVWLJLD R LQIHULRU H QmR eRFRQMXQWRGHDWULEXLo}HVFRQFHGLGDVj$GPLQLVWUDomR
UDURGHVRUJDQL]DRQRUPDOIXQFLRQDPHQWRGRVHUYLoR3HOD SDUDGLVFLSOLQDUHUHVWULQJLUHPIDYRUGRLQWHUHVVHS~EOLFR
DYRFDomR VXEVWLWXLVH D FRPSHWrQFLD GR LQIHULRU SHOD GR DGHTXDGRGLUHLWRVHOLEHUGDGHVLQGLYLGXDLV &DLR7iFLWR3RGHU
VXSHULRU KLHUiUTXLFR FRP WRGDV DV FRQVHTrQFLDV GHVVD GH3ROtFLDHVHXVOLPLWHVSXEOLFDGRHP5HYLVWDGH'LUHLWR$GPLQLVWUDWL
VXEVWLWXLomRQRWDGDPHQWHDGHVORFDomRGRMXt]RRXGDLQV YRYROS 
WkQFLDSDUDDMXVWiORDRGDDXWRULGDGHDYRFDQWHHPFDVRGH
GHPDQGD$VVLQDOHVHWDPEpPTXHDDYRFDomRGHVRQHUDR eRFRQMXQWRGHSRGHUHVFRHUFLWLYRVH[HUFLGRVSRUDJHQWHV
LQIHULRU GH WRGD UHVSRQVDELOLGDGH SHOR DWR DYRFDGR SHOR GR (VWDGR VREUH DV DWLYLGDGHV GR FLGDGmR PHGLDQWH D
VXSHULRUµ  HQVLQD +(/< /23(6 0(,5(//(6 HP VHX LPSRVLomRGHUHVWULo}HVDWDLVDWLYLGDGHVDILPGHDVVHJXUDU
FRQVDJUDGR'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURS  D RUGHP S~EOLFD -RVp &UHWHOOD -~QLRU 'LUHLWR $GPLQLVWUDWLYR
)RUHQVH5-S 

eDDWXDomRTXHD$GPLQLVWUDomR3~EOLFDH[HUFHVREUH
DV DWLYLGDGHV H RV EHQV HP WXGR R TXH VH UHIHUHP j
3RGHU'LVFLSOLQDU
FROHWLYLGDGH2VDXGRVR+(/</23(60(,5(//(6HQVLQD
YD TXH $WUDYpV GH UHVWULo}HV LPSRVWDV jV DWLYLGDGHV GR
3RU HOH D $GPLQLVWUDomR FRQWUROD R GHVHPSHQKR GDV LQGLYtGXR TXH DIHWHP D FROHWLYLGDGH FDGD FLGDGmR FHGH
IXQo}HV DGPLQLVWUDWLYDV H R FRPSRUWDPHQWR LQWHUQR GH SDUFHODVPtQLPDVGHVHXVGLUHLWRVjFRPXQLGDGHHR(VWDGR
VHXV DJHQWHV SXQLQGRRV SHODV IDOWDV DSXUDGDV 0DV OKHUHWULEXLHPVHJXUDQoDRUGHPKLJLHQHVRVVHJRPRUDOL
DWHQomRDSXQLomRSHOR3RGHU'LVFLSOLQDUVyDEUDQJHDV GDGHHRXWURVEHQHItFLRVS~EOLFRVSURSLFLDGRUHVGRFRQIRUWR
IDOWDVUHODFLRQDGDVFRPRVHUYLoR LQGLYLGXDO H GR EHP HVWDU JHUDO LQ 'LUHLWR $GPLQLVWUDWLYR
%UDVLOHLURHG57S 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

)XQGDPHQWR $DXWRH[HFXWRULHGDGHHVWiQDIDFXOGDGHGHD$GPLQLV
WUDomRGHFLGLUHH[HFXWDURVDWRVGH3RGHUGH3ROtFLD
eDLQGDGRHWHUQR+(/</23(60(,5(//(6DHQVLQDQ SRUVLPHVPDVHPQHFHVVLGDGHGRDX[tOLRRXDXWRUL]DomR
oDGHTXH$UD]mRGRSRGHUGHSROtFLDpRLQWHUHVVHVRFLDO GR-XGLFLiULR
HRVHXIXQGDPHQWR
IXQGDPHQWRHVWiQDVXSUHPDFLDJHUDOTXHR(VWDGR
IXQGDPHQWR
H[HUFH HP VHX WHUULWyULR VREUH WRGDV DV SHVVRDV EHQV H )LQDOPHQWH D FRHUFLELOLGDGH VLJQLILFD R SRGHU GH D
DWLYLGDGHV VXSUHPDFLD TXH VH UHYHOD QRV PDQGDPHQWRV $GPLQLVWUDomR3~EOLFDLPSRUPHGLGDVFRDWLYDVLQFOXVLYH
FRQVWLWXFLRQDLVHQDVQRUPDVGHRUGHPS~EOLFDTXHDFDGD XWLOL]DQGRIRUoDItVLFDVHKRXYHURSRVLomRGRLQIUDWRURX
SDVVR RS}HP FRQGLFLRQDPHQWRV H UHVWULo}HV DRV GLUHLWRV VHKRXYHUQHFHVVLGDGHGHVXSULUDOJXPDRPLVVmR
LQGLYLGXDLVHPIDYRUGDFROHWLYLGDGHLQFXPELQGRDR3RGHU
3~EOLFR R VHX SROLFLDPHQWR DGPLQLVWUDWLYR LQ 'LUHLWR
$GPLQLVWUDWLYR%UDVLOHLURHG57S  0HLRVGH$WXDomR

23RGHUGH3ROtFLDpH[HUFLGRDWUDYpVGHRUGHQVSURLEL
2EMHWRH)LQDOLGDGH o}HV H QRUPDV OLPLWDGRUDV H VDQFLRQDGRUDV GR FRP
SRUWDPHQWRGRVLQGLYtGXRVTXHFRQYLYHPQDVRFLHGDGH
,QHVFRQGLYHOPHQWHVyVHUHFRQKHFHDOHJLWLPLGDGHGR *HUDOPHQWHQRXVRGRVEHQVHQRH[HUFtFLRGDVDWLYLGD
SRGHUGHSROtFLD TXDQGRYLVDHOHDSURWHJHURLQWHUHVVH GHVRFRQWUROHGR3RGHUGH3ROtFLDpPDWHULDOL]DGRSRU
S~EOLFR  DVVLP HQWHQGLGR R VXSHULRU LQWHUHVVH GD DOYDUiV
FRPXQLGDGHFRPSUHHQGLGRVGHVGHRLQWHUHVVHSDWULPR
QLDOPDWHULDOPRUDODWpRLQWHUHVVHHVSLULWXDOGRSRYR $OYDUi p R LQVWUXPHQWR GD OLFHQoD RX GD DXWRUL]DomR
$OYDUi
DWXWHODGDVLQVWLWXLo}HVHGRVDQVHLRVQDFLRQDLV SDUDDSUiWLFDGHDWRUHDOL]DomRGHDWLYLGDGHRXH[HUFtFLR
GHGLUHLWRGHSHQGHQWHGHSROLFLDPHQWRDGPLQLVWUDWLYR +HO\
2 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72 /RSHV0HLUHOOHVREUDFLWDGDSiJ 
GHVWDFDTXHRSRGHUGHSROtFLDWHPSRUREMHW REMHWR
REMHWROLPLWDUH
FRQGLFLRQDU R H[HUFtFLR GH GLUHLWRV IXQGDPHQWDLV 2 DOYDUi VH GHILQLWLYR FKDPDVH OLFHQoD
OLFHQoD R DOYDUi
FRPSDWLELOL]DQGRRV FRP LQWHUHVVHV S~EOLFRV OHJDOPHQWH SUHFiULRpDDXWRUL]DomR
DXWRUL]DomR
DXWRUL]DomR
GHILQLGRVHTXHVXDILQDOLGDGH
ILQDOLGDGHpSHUPLWLUXPDFRQYLYrQFLD
ILQDOLGDGH
RUGHLUDHYDOLRVD LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQ
VHS  6DQo}HV

([WHQVmRH/LPLWHV 23RGHUGH3ROtFLDYHPUHYHVWLGRGHVDQo}HVTXHVmR
HOHPHQWRVGHFRDomRHLQWLPLGDomR1HQKXPDRUGHPVHULD
23RGHUGH3ROtFLDHQFRQWUDOLPLWHVIXQGDPHQWDLVRV LPSHUDWLYDRXVHMDQmRWHULDRSRGHUGHVHID]HUREHGH
GLUHLWRV GRV FLGDGmRV DV SUHUURJDWLYDV LQGLYLGXDLV GRV FHU VH QmR KRXYHVVH D DPHDoD GH XPD FRQVHTrQFLD
FLGDGmRVHDVOLEHUGDGHVS~EOLFDV0DVSRURXWURODGRp QHJDWLYDGHXPFDVWLJR XPDVDQomR 
R3RGHUGH3ROtFLDTXHHYLWDHFRQWpPRVDEXVRVGRGLUHLWR
LQGLYLGXDO $VPDLVFRQKHFLGDVVDQo}HVTXHVHUYHPGHLQVWUXPHQ
WR GH FRDomR H LQWLPLGDomR SDUD TXH R SDUWLFXODU VH
2VDXGRVR+(/</23(60(,5(//(6REVHUYDTXH2V VXEPHWD DR SRGHU GH SROtFLD  OHPEUDGDV SRU +(/<
OLPLWHVGRSRGHUGHSROtFLDDGPLQLVWUDWLYDVmRGHPDUFDGRV /23(60(,5(//(6 LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
SHORLQWHUHVVHVRFLDOHPFRQFLOLDomRFRPRVGLUHLWRVIXQGD  HG57 S   VmR DV PXOWDV D LQWHUGLomR GH
PHQWDLVGRLQGLYtGXRDVVHJXUDGRVQD&RQVWLWXLomR$WUDYpV DWLYLGDGHRIHFKDPHQWRGHHVWDEHOHFLPHQWRDGHPROLomR
GH UHVWULo}HV LPSRVWDV jV DWLYLGDGHV GR LQGLYtGXR TXH GH FRQVWUXomR R HPEDUJR DGPLQLVWUDWLYR GH REUD D
DIHWHPDFROHWLYLGDGHFDGDFLGDGmRFHGHSDUFHODVPtQLPDV GHVWUXLomRGHREMHWRVDLQXWLOL]DomRGHJrQHURVDSURLEL
GHVHXVGLUHLWRVjFRPXQLGDGHHR(VWDGROKHUHWULEXLHP omR GH IDEULFDomR RX FRPpUFLR GH FHUWRV SURGXWRV D
VHJXUDQoD RUGHP KLJLHQH VRVVHJR PRUDOLGDGH H RXWURV YHGDomRGHORFDOL]DomRGHLQG~VWULDVRXGHFRPpUFLRHP
EHQHItFLRVS~EOLFRVSURSLFLDGRUHVGRFRQIRUWRLQGLYLGXDOH GHWHUPLQDGDV]RQDVHWF
GREHPHVWDUJHUDO LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57
S 
&RQGLo}HVGH9DOLGDGH
$WULEXWRV
2V DWRV SUDWLFDGRV D WtWXOR GH H[HUFtFLR GH SRGHU GH
6mRDWULEXWRVGR3RGHUGH3ROtFLD/GLVFULFLRQDULHGDGH SROtFLD VmR DWRV DGPLQLVWUDWLYRV FRPR TXDOTXHU RXWUR
/DXWRH[HFXWRULHGDGH/FRHUFLELOLGDGH UD]mRSRUTXHVHXVUHTXLVLWRVGHYDOLGDGHVmRH[DWDPHQWH
RVPHVPRVGHYHPVHUSUDWLFDGRVSHORDJHQWHFRPSHWHQWH
$GLVFULFLRQDULHGDGHpUHFRQKHFLGDQDOLEHUGDGHGHD GHYHWHUSRUILQDOLGDGHDWXWHODGHXPLQWHUHVVHS~EOLFRH
$GPLQLVWUDomR3~EOLFDHVFROKHUDRSRUWXQLGDGHHDFRQYH VHUSUDWLFDGRQDIRUPDSUHYLVWDHPOHL
QLrQFLD GH H[HUFLWDU VHX SRGHU GH SROtFLD DSOLFDQGR DV
VDQo}HVHYDOHUVHGRVPHLRVQHFHVViULRVjSURWHomRGR $FUHVFHQWHVHDSHQDV D SURSRUomR
D DQHFHVVLGDGHGHSURSRUomR
D
LQWHUHVVHS~EOLFR HQWUHDVDQomRDSOLFDGDjQDWXUH]DHJUDYLGDGHGDLQIUD
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

omR SDUD TXH QmR UHVXOWH GHVSURSRUFLRQDO VDFULItFLR GH GR TXH D OHL OKH SHUPLWH 2 H[FHVVR GH SRGHU WRUQD R DWR
GLUHLWRRXOLEHUGDGHVHPDFRUUHVSRQGHQWHYDQWDJHPSDUD DUELWUiULRLOtFLWRHQXOR LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
R LQWHUHVVH S~EOLFR QmR VH PDWD R FDFKRUUR DSHQDV HG57S 
SRUTXHRGRQRROHYRXjSUDLD  E E OHJDOLGDGHLQGLVSHQ
E DOHJDOLGDGH
OHJDOLGDGH
ViYHOjOHJLWLPLGDGHGRVDWRVGHSROtFLD 2'HVYLRGH)LQDOLGDGH

 +(/</23(60(,5(//(6DSURSyVLWRDGYHUWHTXH 0HQRVHVW~SLGRSRUpPGHLJXDOLPRUDOLGDGHpR
$GHVSURSRUFLRQDOLGDGHGRDWRGHSROtFLDRXRVHXH[FHVVR GHVYLR
GHVYLRGH
DEXVRGHSRGHUGHVYLR GHILQDOLGDGHHPTXHDDXWRULGD
ILQDOLGDGH
HTXLYDOHDDEXVRGHSRGHUHFRPRWDOWLSLILFDLOHJDOLGDGH GHDWXDQGRQRVOLPLWHVGHVXDFRPSHWrQFLDHPYHUGDGH
QXOLILFDGRUDGDVDQomRHTXHQmRVHFRPSUHHQGHRSRGHU SUHWH[WDDOFDQoDUXPILPPDVQDSUiWLFDYLVDDSURGX]LU
GH XWLOL]DU PHLRV LOHJDLV SDUD D VXD FRQVHFXomR HPERUD XPUHVXOWDGRGLYHUVRHLOHJDO
OtFLWRHOHJDORILPSUHWHQGLGR LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHL
URHG57S  DEXVR
DEXVRGH
1DOHLTXHGLVFLSOLQDYDDDomRSRSXODURDEXVR GHSRGHU
SRU GHVYLR
SRU GHVYLR GH
GH ILQDOLGDGHpUHFRQKHFLGRFRPRDTXHOHHP
ILQDOLGDGH
TXHRDJHQWHSUDWLFDRDWRYLVDQGRDILPGLYHUVRGDTXHOH
SUHYLVWRH[SOtFLWDRXLPSOLFLWDPHQWHQDUHJUDGHFRPSHWrQ
8VRH$EXVRGH3RGHU
FLD(KiDLQGDRDEXVRGHSRGHUSRUSRU
SRU RPLVVmRHPTXH
RPLVVmR
DDXWRULGDGHS~EOLFDFDXVDDOHVmRDRGLUHLWRLQGLYLGXDOGD
&RPR YLPRV R $GPLQLVWUDGRU 3~EOLFR WHP SRGHUHV YtWLPDGHL[DQGRGHH[HFXWDURVHUYLoRS~EOLFRTXHpGH
SDUDID]HULPSRURVLQWHUHVVHVGDDGPLQLVWUDomRS~EOLFD VHXGHYHU
QmRUDURID]HQGRVXFXPELULQWHUHVVHVGHSDUWLFXODUHV2
H[HUFtFLRGHVVHSRGHUGHYHUiREHGHFHUVHPSUHDRVOLPL 1RVVD&RQVWLWXLomR)HGHUDOSURFXUDSURWHJHUQRVFRQWUD
WHV H FRQGLo}HV GD OHL 1mR SRGHUi R $GPLQLVWUDGRU RVDEXVRVGHSRGHUGDQGRQRV D D RPDQGDGRGHVHJX
3~EOLFRSUHWH[WDURH[HUFtFLRGHXPDWDUHIDS~EOLFDSDUD UDQoD EE RKDEHDVFRUSXVRKDEHDVGDWDHR‹GLUHLWRGH
UHDOL]DU SHUVHJXLo}HV SHVVRDLV RX DSDQLJXDU DPLJRV UHSUHVHQWDomRFRPRLQVWUXPHQWRVLPHGLDWRVDIRUDp
DPDQWHVHWF FODUR D SURWHomR GR 3RGHU -XGLFLiULR FRP DV Do}HV
RUGLQiULDV
7RGR DWR GH DXWRULGDGH Ki GH VHU SDXWDGR QD OHL
DILQDGRFRPDPRUDOHYLVDQGRDDWHQGHUH[FOXVLYDPHQWH +DYHQGRDEXVRGHSRGHUHPTXDOTXHUGDVPRGDOLGD
DRLQWHUHVVHS~EOLFR$VVLPRXVRGRSRGHUSHODDXWRULGD GHV H[FHVVRRXGHVYLRGHILQDOLGDGH RDWRDGPLQLVWUDWLYR
GH S~EOLFD p XPD SUHUURJDWLYD GHOD PDV VXEPLVVD jV SDGHFHUiGHQXOLGDGH
QXOLGDGH
QXOLGDGH
QRUPDVOHJDLVjILQDOLGDGHHVSHFtILFDGRDWRREMHWLYDGRH
DRLQWHUHVVHS~EOLFR +(/< /23(6 0(,5(//(6 DQRWD TXH 2 GHVYLR HVYLR GH
ILQDOLGDGH RX GH
ILQDOLGDGH GH SRGHU
SRGHU VH YHULILFD TXDQGR D DXWRULGDGH
XVRGRSRGHUVHUiVHPSUH
2EVHUYDGDVWDLVGLUHWUL]HVRXVR
XVR HPERUDDWXDQGRQRVOLPLWHVGHVXDFRPSHWrQFLDSUDWLFDR
OtFLWRSRUTXHFRQVRDQWHDOHL DWRSRUPRWLYRVRXFRPILQVGLYHUVRVGRVREMHWLYDGRVSHODOHL
RXH[LJLGRVSHORLQWHUHVVHS~EOLFR2GHVYLRGHILQDOLGDGHRX
DEXVR
DEXVRGR
+DYHUiWRGDYLDDEXVR GRSRGHUVHPSUHTXHDDXWRUL
SRGHU GH SRGHU p DVVLP D YLRODomR LGHROyJLFD GD OHL RX SRU
GDGH XOWUDSDVVDU RV OLPLWHV GH VXDV DWULEXLo}HV RX VH RXWUDV SDODYUDV D YLRODomR PRUDO GD OHL FROLPDQGR R
GHVYLDUGDVILQDOLGDGHVDGPLQLVWUDWLYDV5HSXJQDQWHPHQWH DGPLQLVWUDGRUS~EOLFRILQVQmRTXHULGRVSHOROHJLVODGRURX
LOHJDOHHVVHQFLDOPHQWHLPRUDORDEXVRGHSRGHUVHUHYHOD XWLOL]DQGRPRWLYRVHPHLRVLPRUDLVSDUDDSUiWLFDGHXP
GH YiULDV IRUPDV GDV PDLV JURVVHLUDV FRP YLROrQFLD H DWR DGPLQLVWUDWLYR DSDUHQWHPHQWH OHJDO ³ LQ 'LUHLWR
WUXFXOrQFLD FRPXPQDDWLYLGDGHFRQH[DDRSRGHUGHSROtFLD RX $GPLQLVWUDWLYR%UDVLOHLURHG57S 
GLVVLPXODGD HVWHOLRQDWDULDPHQWH DFREHUWDQGRVH QXPD
DSDUHQWHVDWLVIDomRGHXPLQWHUHVVHFROHWLYRLPHGLDWRRUD
VXWLV HQWUDQKDGDV QR H[FHVVR
H[FHVVR GH
GH SRGHU
SRGHU RX QR GHVYLR
GHVYLR GH
ILQDOLGDGH
ILQDOLGDGH
$WR$GPLQLVWUDWLYR
2([FHVVR

2FRUUHUiH[FHVVR
H[FHVVR
H[FHVVR GH
GH SRGHUVHPSUHTXHDDXWRULGDGH
SRGHU 7RGDDomRKXPDQDWHPDOJXPSURSyVLWR2VDWRVGH
IRUDOpPGRTXHVHXGHYHUGHDJLUOKHSHUPLWLULDH[RUEL EHQHPHUrQFLDWrPRREMHWLYRGHVDWLVID]HUDVROLGDULHGDGH
WDQGRDVVLPQRXVRGDVIDFXOGDGHVQHFHVViULDVHFRQVHQ KXPDQDHVRFLDO2VDWRVMXUtGLFRVYLVDPjSURGXomRGH
WLGDVSHODOHL DOJXPHIHLWRMXUtGLFR2VDWRVDGPLQLVWUDWLYRVVmRSUDWLFD
GRVSDUDJHULURVLQWHUHVVHVGDDGPLQLVWUDomRS~EOLFD
2 VDXGRVR +(/< /23(6 0(,5(//(6 HQVLQD TXH 2
H[FHVVR GH SRGHU RFRUUH TXDQGR D DXWRULGDGH HPERUD 2VDWRVDGPLQLVWUDWLYRVVmRDWRVMXUtGLFRVHSRUWDQWR
FRPSHWHQWHSDUDSUDWLFDURDWRYDLDOpPGRSHUPLWLGRHVH WrPSRUREMHWLYRLPHGLDWRRXDDTXLVLomRRXRUHVJXDUGR
H[RUELWDQRXVRGHVXDVIDFXOGDGHVDGPLQLVWUDWLYDV([FHGH RX D WUDQVIHUrQFLD RX D PRGLILFDomR RX D H[WLQomR GH
SRUWDQWRDVXDFRPSHWrQFLDOHJDOHFRPLVVRLQYDOLGDRDWR DOJXPGLUHLWR
SRUTXHQLQJXpPSRGHDJLUHPQRPHGD$GPLQLVWUDomRIRUD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$ILQDOLGDGH
ILQDOLGDGH
ILQDOLGDGHS~EOLFDpDGLIHUHQoDHVVHQFLDOHQWUHRDWR
S~EOLFD 1RVDWRVGLVFULFLRQiULRVRREMHWRpHVFROKtYHOOLYUHPHQ
DGPLQLVWUDWLYRHGRVDWRVMXUtGLFRVHPJHUDO WHSHORDGPLQLVWUDGRUS~EOLFR

5e*,6)(51$1'(6'(2/,9(,5$GHSRLVGHSURIXQGD
DQiOLVHGRDWRDGPLQLVWUDWLYRFRQFHLWXDRFRPRGHFODUD
omRXQLODWHUDOGR(VWDGRRXGHTXHPIDoDVXDVYH]HVQR 9DOLGDGHH(ILFiFLD
H[HUFtFLR GD IXQomR DGPLQLVWUDWLYD TXH SURGX]D HIHLWRV
MXUtGLFRV LQGLYLGXDLV H LPHGLDWRV LQ $WR $GPLQLVWUDWLYR 
HG57S  7DQWRDYDOLGDGHFRPRDHILFiFLDHDDXWRH[HFXWRULH
GDGHSUHPLVVDVGDSHUIHLomRGR$WR$GPLQLVWUDWLYRVmR
( R 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72 DWULEXWRVLPDQHQWHVjVXDSUySULDFRQGLomRFRQVRDQWHVH
DVVLP FRQFHLWXD R DWR DGPLQLVWUDWLYR D PDQLIHVWDomR LQIHUHGRHQVLQDPHQWRGR3URI',2*2'(),*8(,5('2
XQLODWHUDOGHYRQWDGHGD$GPLQLVWUDomR3~EOLFDTXHWHPSRU 025(,5$ 1(72 DR FRQVLGHUDU TXH $ $WR
WR 3HUIHLWR
3HUIHLWR p R
REMHWRFRQVWLWXLUGHFODUDUFRQILUPDUDOWHUDURXGHVFRQVWL GRWDGR GH HILFiFLD H H[HTLELOLGDGH UH~QH RV HOHPHQWRV
WXLUXPDUHODomRMXUtGLFDHQWUHHODHRVDGPLQLVWUDGRVRX QHFHVViULRVjVXDH[HFXomR
QHFHVViULRV LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR
HQWUHVHXVyUJmRVHHQWLGDGHV LQ&XUVRGH'LUHLWR$GPLQLVWUDWL HG)RUHQVHS 
YRHG)RUHQVHS 
3RVLWLYDPHQWHVHUiLPSHUIHLWRRDWRDGPLQLVWUDWLYRVH
OKHIDOWDUDOJXPGRVHOHPHQWRVGHPRGRDOKHH[FOXLUD
SRVVLELOLGDGHGHVHUH[HFXWDGR³MiTXHDSHUIHLomRVyp
5HTXLVLWRV DWLQJLGDTXDQGRRDWRpHILFD]PHQWHH[HTtYHO

9DOLGDGHVyWHUiR
9DOLGDGH DWRDGPLQLVWUDWLYRTXHSURYLHUGH
( SDUD WHU YDOLGDGH
YDOLGDGH WRGR DWR DGPLQLVWUDWLYR GHYHUi
DXWRULGDGH FRPSHWHQWH SDUD SUDWLFiOR H FRQWLYHU RV
DWHQGHU D FLQFR SUHVVXSRVWRV TXH VmR VHXV UHTXLVLWRV
UHTXLVLWRVLQGLVSHQViYHLVjVXDHILFiFLD$VVLPSDUDWHU
HVVHQFLDLV FRPSHWrQFLD ILQDOLGDGH IRUPD PRWLYR H
HVVHQFLDLV
YDOLGDGHWRGRDWRDGPLQLVWUDWLYRGHYHUiDWHQGHUDFLQFR
YDOLGDGH
REMHWR
UHTXLVLWRVTXHVmRVHXVUHTXLVLWRVHVVHQFLDLV
UHTXLVLWRVHVVHQFLDLVFRPSHWrQFLD
UHTXLVLWRVHVVHQFLDLV
ILQDOLGDGHIRUPDPRWLYRHREMHWR
&RPSHWrQFLD
&RPSHWrQFLD VLJQLILFDTXHRDWRDGPLQLVWUDWLYRVy
SRGHVHUSUDWLFDGRSHORDJHQWHDTXHPDOHLDXWRUL]RX
FRPHWHX HQWUHJRX  VXD SUiWLFD QD RUJDQL]DomR $QRWD5(*,6)(51$1'(6'(2/,9(,5$TXH´2DWRp
DGPLQLVWUDWLYDFDGDyUJmRHFDGDDJHQWHWHPVXDIXQomR YiOLGRTXDQGRQHOHVHFRQWrPWRGRVRVUHTXLVLWRVOHJDLV
VXDWDUHIDGHILQLGDHPOHL8PQmRSRGHUiXVXUSDUDIXQ RX VHMD TXDQGR WRGDV DV FRQGLo}HV GH YDOLGDGH IRUDP
omRGRRXWUR FDGDPDFDFRQRVHXJDOKR  DWHQGLGDV RX DLQGD TXDQGR IRL SUDWLFDGR FRQIRUPH R
RUGHQDPHQWRMXUtGLFR(VFODUHFH*DUULGR)DOODTXH´SXHV
)LQDOLGDGH
)LQDOLGDGH TXHGL]HUTXHWRGR DWRDGPLQLVWUDWLYR VL HO DFWR HV YiOLGR DQWHV GH VHU FRPXQLFDGR TXLpUHVH
GHYH WHU 8P SURSyVLWR D DOFDQoDU H QDWXUDOPHQWH XP GHFLUFRQHOORTXH\DHVWDSURYLVWRGHWRGRVVHXVHOHPHQ
LQWHUHVVHS~EOLFR$WRDGPLQLVWUDWLYRTXHQmRWHQKDSRU WRVQHFHVViULRVµ³ LQ´$WR$GPLQLVWUDWLYRµ5HYLVWDGRV7ULEXQDLV
S 
SURSyVLWRDWHQGHUDDOJXPLQWHUHVVHS~EOLFRVHUiDWRDEX
VLYRHQmRWHUiYDOLGDGH
$OLiV R UHIHULGR $XWRU DSRQWD FRPR FRQGLo}HV RX
UHTXLVLWRVGHYDOLGDGHGRDWRDGPLQLVWUDWLYR´D VXMHLWRE
)RUPD
)RUPD p D PDQHLUD SHOD TXDO R DWR GHYHVHU
FRQWH~GRF ILQDOLGDGHG IRUPDOLGDGHH PRWLYRHI
SUDWLFDGR7RGRDWRDGPLQLVWUDWLYRGHYHVHUSUDWLFDGRGH
IRUPD HVFULWD  $ UD]mR p VLPSOHV R DWR DGPLQLVWUDWLYR FDXVD$IDOWDGDSUHVHQoDGHWRGDVDVFRQGLo}HVPHQFLR
GHYHILFDUVHPSUHUHJLVWUDGRWDQWRSDUDTXHKDMDFRQWUROH QDGDV WDO FRPR FRQFHELGDV WHUVHi D QXOLGDGH GR DWR
GRV DWRV GD DGPLQLVWUDomR TXDQWR SURYD GH VXD H[LV DGPLQLVWUDWLYRRXPHOKRUGL]HQGRH[LVWLUiDOJXPYtFLR
WrQFLD DPDFXODUDKLJLGH]GRDWRRXVXUJHGHILFLHQWHPHQWHR
REMHWLYRGRDGPLQLVWUDGRUµ LQREUDFLWDGDS 
0RWLYR
0RWLYR pDFDXVDDLQVSLUDomRSDUDDSUiWLFDGRDWR
DGPLQLVWUDWLYR+DYHUiVHPSUHXPIDWRTXHGHWHUPLQRX $HILFiFLDH[RUQDRDWR´TXDQGRVHHQFRQWUDHPHVWDGR
DUHDOL]DomRGRDWRDGPLQLVWUDWLYR6HXPSUHIHLWRYDLGH DWXDOGHSURGXWLYLGDGHGHVHXVHIHLWRVRXVHMDTXDQGR
PLWLU XP IXQFLRQiULR D PRWLYDomR FDXVD  WHUi VLGR D QDGD LPSHGH D HFORVmR GRV HIHLWR TXH R DWR SRVVXL
SUiWLFDGHXPDLQIUDomRGLVFLSOLQDUJUDYH6HYDLFRQVWUX LQWULQVHFDPHQWH1mRPDLVGHSHQGHGHTXDOTXHUPDQLIHV
LUXPDSRQWHDFDXVD PRWLYDomR VHUiDQHFHVVLGDGHGH WDomRRXGHVROXomRXOWHULRUeLPHGLDWDDGHIODJUDomRGRV
WUkQVLWRRXDFHVVRGHGHWHUPLQDGDUHJLmRGRPXQLFtSLR HIHLWRVTXHRDWRSRVVXLµ
1RV DWRV DGPLQLVWUDWLYRV GLVFULFLRQiULRV p GLVSHQViYHO
H[SOLFLWDUDPRWLYDomR $ HILFiFLDGRDWRDGPLQLVWUDWLYRpVXDFDSDFLGDGHGH
HILFiFLD
SURGX]LU RV HIHLWRV SDUD RV TXDLV H SHORV TXDLV HOH IRL
2EMHWR
2EMHWR pRSUySULRFRQWH~GRGRDWRDGPLQLVWUDWLYR SUDWLFDGR,QHILFD]pRDWRTXHQmRSRGHSURGX]LUTXDOTXHU
VXD HVVrQFLD $VVLP WRGR DWR DGPLQLVWUDWLYR WHUi SRU HIHLWR RX VHMD p QXOR $VVLP D HILFiFLD
HILFiFLD p GLUHWDPHQWH
REMHWLYRRDFULDomRRXDPRGLILFDomRRDFRPSURYDomRGH VXERUGLQDGDjYDOLGDGH
YDOLGDGHGRDWRDGPLQLVWUDWLYR
YDOLGDGH
VLWXDo}HVMXUtGLFDVUHODWLYDVDSHVVRDVFRLVDVRXDWLYLGDGHV
VXMHLWDVjDomRGR3RGHU3~EOLFR HILFiFLD
23URI+(/</23(60(,5(//(6HQVLQDTXH$HILFiFLD
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

pDLGRQHLGDGHTXHVHUHFRQKHFHDRDWRDGPLQLVWUDWLYRSDUD )LQDOPHQWH R DWULEXWR GH DXWRH[HFXWRULHGDGH


SURGX]LU VHXV HIHLWRV HVSHFtILFRV 3UHVVXS}H SRUWDQWR D FRQVLVWHHPSRVVLELOLWDUTXHD$GPLQLVWUDomR3~EOLFDIRVVH
UHDOL]DomR GH WRGDV DV IDVHV H RSHUDo}HV QHFHVViULDV j H[HFXWiORGLUHWDRXLPHGLDWDPHQWHQmRSUHFLVDQGRGH
IRUPDomRGRDWRILQDOVHJXQGRRGLUHLWRSRVLWLYRYLJHQWH LQ RUGHP RX DXWRUL]DomR MXGLFLDO QHP HP FDVRV GH IRUoD
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57S  ItVLFD$VVLPSRUH[HPSORVHXPDSHVVRDFRQVWUyLXPD
FDVDFODQGHVWLQDHFRQWUDULDPHQWHjVSRVWXUDVPXQLFLSDLV
1HPSRULVVRVHFRQIXQGDDHILFiFLDFRPVXDH[HTLELOL VREUHFRQVWUXomRFLYLOD3UHIHLWXUDSRGHUiLQWHUGLWDUD
GDGHSRLVRDWRSRGHUiVHUHILFD]PDVWHUVXDH[HTLELOL REUDHHODPHVPDSRGHUiPDQGDUGHPROLUDTXHODREUD
GDGH VXVSHQVD RX SRUTXH VXERUGLQDGR D TXDOTXHU QHPSUHFLVDQGRGHRUGHP PDQGDGR MXGLFLDO
FRQGLomRVXVSHQVLYDRXDXPWHUPRRXPHVPRjRFRU
UrQFLDGHXPDWRFRPSOHPHQWDULQGLVSHQViYHODRLQtFLRGH $GYHUWHRVDXGRVR+(/</23(60(,5(//(6TXH´2V
VXDH[HFXomR DXWRUHVPDLVPRGHUQRVQmRVHFDQVDPGHDSRQWDUHVVH
DWULEXWRQRVDWRVDGPLQLVWUDWLYRVTXHRSRVVXHP(QWUH
WDQWRDVQRVVDV$GPLQLVWUDo}HVVHPRVWUDPWtPLGDVQD
$WULEXWRV VXDXWLOL]DomRHDQRVVD-XVWLoDQHPVHPSUHDWXDOL]DGD
FRP R GLUHLWR S~EOLFR HP SURQXQFLDPHQWRV IHOL]PHQWH
UDURV WHP SUHWHQGLGR FRQGLFLRQDU D H[HFXomR GH DWRV
3RUTXHHPDQDPGR3RGHU3~EOLFRRV$WRV$GPLQLVWUD WLSLFDPHQWHDXWRH[HFXWyULRVjSUpYLDDSUHFLDomRMXGLFLDO
WLYRVWrPDOJXPDVHVSHFLDLVFDUDFWHUtVWLFDVFRPDVTXDLV 0DV HP FRQWUDSRVLomR D HVVHV MXOJDGRV HVSRUiGLFRV H
HOHVVHLPS}HP$VVLPWRGRDWRDGPLQLVWUDWLYRWHP D HUU{QHRVILUPDVHFDGDYH]PDLVDMXULVSUXGrQFLDQDERD
SUHVXQomR
SUHVXQomR GH
GH OHJLW
OHJLWLPLGDGH
LPLGDGH E  LPSHUDWLYLGDGH
LPSHUDWLYLGDGH H ‹ GRXWULQDUHFRQKHFHQGRj$GPLQLVWUDomR³HVSHFLDOPHQ
DXWRH[HFXWRULHGDGH
DXWRH[HFXWRULHGDGH WHTXDQWRDRVDWRVGHSROtFLD³RSRGHUGHH[HFXWDUGLUHWD
H LPHGLDWDPHQWH VHXV DWRV LPSHUDWLYRV LQGHSHQGHQWH
$SUHVXQomR
SUHVXQomR GH
GH OHJLWLPLGDGH
OHJLWLPLGDGHVLJQLILFDTXHWRGR PHQWHGHSHGLGRFRPLQDWyULRRXPDQGDGRMXGLFLDO
DWRDGPLQLVWUDWLYRVyVHUiFRQVLGHUDGRLOHJtWLPRVHKRXYHU
XPDSURYDFDEDOVHJXUDGHVHULQYiOLGR (QWUH QyV HVVD GRXWULQD p FRUUHQWH FRPR QRV UHYHOD
6HDEUD)DJXQGHVFRPVXDLPHQVDDXWRULGDGHQRDVVXQWR
1RXWUDVSDODYUDVVHQmRKRXYHUQHQKXPDSURYDTXH 7DOSURFHVVRH[HFXWyULRWHPFDELPHQWRTXDQGRDVFLUFXQV
SHUPLWDDGHFODUDomRGDLQYDOLGDGHGRDWRDGPLQLVWUDWLYR WkQFLDVLQGLFDPDQHFHVVLGDGHSUHPHQWHGDREWHQomRGRIDWR
HOHGHYHVHPSUHVHUFRQVLGHUDGRSHUIHLWDPHQWHYiOLGRp RXFRLVD$WXDSHODXWLOL]DomRSRUSDUWHGRDGPLQLVWUDGRU
DSUHVXQomRGHOHJLWLPLGDGH GRVFKDPDGRVPHLRVGLUHWRVGHFRHUomRDGPLQLVWUDWLYDGH
PRGR D WRUQDU SRVVtYHO REWHU SRU FRDomR DEVROXWD D
1LQJXpPSRGHUiSRUWDQWRUHFXVDUREVHUYDURXFXP SUySULD SUHVWDomR H[LJLGD GR DGPLQLVWUDGR RX QD VXD
SULUXPDWRDGPLQLVWUDWLYRDOHJDQGRVHUHOHLQYiOLGRVy LPSRVVLELOLGDGH RXWUD HTXLYDOHQWHµ ³ LQ &XUVR GH 'LUHLWR
$GPLQLVWUDWLYR%UDVLOHLURHG57S 
SRGHUi ID]rOR GHSRLV GH SURYDGD WDO LQYDOLGDGH $
DUJLomR GH QXOLGDGH GH XP DWR DGPLQLVWUDWLYR p {QXV
GHYHU GHTXHPDDOHJDU$DGPLQLVWUDomR3~EOLFDQmR
SUHFLVDUSURYDUVXDYDOLGDGHHODpSUHVXPLGD ([WLQomR'HVID]LPHQWRH6DQDWyULD

$LPSHUDWLYLGDGHpRSRGHUGRDWRDGPLQLVWUDWLYRGH
LPSRUVHXFXPSULPHQWRVXDH[HFXomR7RGRDWRDGPLQLV $GLVWLQomRHQWUHDWRQXORHDQXOiYHOpIHLWDHPIXQomR
WUDWLYR TXH FRQVXEVWDQFLDU WLYHU HP VXD HVVrQFLD  XP GDQDWXUH]DGHVHXGHIHLWRHDLQGDHPUD]mRGDSURGX
SURYLPHQWRRXXPDRUGHPDGPLQLVWUDWLYDVHUiVHPSUH omRRXQmRGHDOJXPHIHLWR³TXDOGDSRVVLELOLGDGHGHVXD
LPSHUDWLYR RX VHMD REULJDUi D VHX ILHO DWHQGLPHQWR FRQYDOLGDomR
VXMHLWDQGRVH RV UHQLWHQWHV WHLPRVRV  UHVLVWHQWHV j
H[HFXomR IRUoDGD RX VHMD DR HPSUHJR GH IRUoD SHOD 2DWRQXORpGHWmRJUDYHLOHJLWLPLGDGHHLOHJDOLGDGH
SUySULD $GPLQLVWUDomR S~EOLFD R FDVR GRV DWRV DX TXHQmRLUUDGLDUiHOHQHQKXPHIHLWRGDtGHFRUUHQGRTXH
WRH[HFXWyULRV RXSHOR-XGLFLiULR QRFDVRGRVDWRVQmR VXDDQXODomRVHRSHUDUiH[WXQFLVWRpUHWURDJHDWpD
DXWRH[HFXWyULRV  RULJHP GR DWR LPSHGLQGR R UHFRQKHFLPHQWR GH KDYHU
GHOHUHVXOWDGRTXDOTXHUFRQVHTrQFLD0DLVTXHLVVRRDWR
0DV QHP WRGR DWR DGPLQLVWUDWLYR p GRWDGR GH QXOR MDPDLV SRGHUi VHU VDOYR RX VHMD p LQVXVFHWtYHO GH
LPSHUDWLYLGDGHRVDWRVHQXQFLDWLYRVHRVQHJRFLDLVSRU FRQYDOLGDomR
H[HPSOR QmR SUHFLVDP GH LPSHUDWLYLGDGH SRUTXH VXD
2 YLVFHUDO GHIHLWR GR DWR QXOR FUHGHQFLD WDQWR R
QDWXUH]DQmRH[LJHH[HFXomR$VVLPWRGRDWRDGPLQLVWUD
-XGLFLiULR FRPR D SUySULD $GPLQLVWUDomR 3~EOLFD j
WLYRTXHIRUGRWDGRGHLPSHUDWLYLGDGHGHYHVHUFXPSULGR
SURFODPDomRGHVXDLQYDOLGDGHHLQHILFiFLD
REHGHFLGRDWHQGLGR(SRXFRLPSRUWDVHHOHpYiOLGRRX
QmR(QTXDQWRQmRIRUGHFODUDGD MXGLFLDORXDGPLQLVWUD
-i QR DWR DQXOiYHO R GHIHLWR QmR p GH WmR LQWHQVD
WLYDPHQWH  VXD LQYDOLGDGH DQXODomR  RX HOH QmR IRU
JUDYLGDGHHWDQWRTXDQWRSRGHUiVHUDQXODGRWDPEpP
UHYRJDGRHOHFRQWLQXDUiVHQGRXPDWRFRPLPSHUDWLYL
LPSHUDWLYL
SRGHUiVHUFRQVHUWDGRVXSHUDQGRVHVHXGHIHLWRHFRPR
GDGH
GDGH RX VHMD XP DWR HP TXH D $GPLQLVWUDomR SRGHUi VDQHDPHQWRSUHVHUYDQGRVHVHXVHIHLWRV$OLiVPHVPR
XWLOL]DUVHGDIRUoDSDUDVHXFXPSULPHQWRREULJDWyULR TXHVHMDDQXODGRDRLQYpVGHVDQDGRRVHIHLWRVGRDWR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

DQXOiYHO SUHVHUYDUVHmR YiOLGRV DWp R PRPHQWR GD WRUQDPLOHJDLVSRUTXHGHOHVQmRVHRULJLQDPGLUHLWRV³RX


DQXODomRYDOHGL]HUVXDDQXODomRQmRWHPHIHLWRVUHWURD UHYRJiORV SRU PRWLYR GH FRQYHQLrQFLD RX RSRUWXQLGDGH
WLYRRSHUDQGRVHH[QXQF UHVSHLWDGRVRVGLUHLWRVDGTXLULGRVHUHVVDOYDGDHPWRGRVRV
FDVRVDDSUHFLDomRMXGLFLDOµ
3DUD&(/62$17Ñ1,2%$1'(,5$'(0(//2SH[
´6mRQXORV D RVDWRVTXHDOHLDVVLPRVGHFODUHH E RV
DWRV HP TXH p UDFLRQDOPHQWH LPSRVVtYHO D FRQYDOLGDomR
SRLV VH R PHVPR FRQWH~GR p GL]HU R PHVPR DWR  IRVVH ([WLQomR
QRYDPHQWH SURGX]LGR VHULD UHSURGX]LGD D LQYDOLGDGH
DQWHULRU6LUYDPGHH[HPSORRVDWRVGHFRQWH~GR REMHWR
$QRWD R 3URI',2*2 '( ),*8(,5('2 025(,5$
LOtFLWRRVSUDWLFDGRVFRPGHVYLRGHSRGHURVSUDWLFDGRVFRP
1(72TXH(PSULQFtSLRDUHODomRMXUtGLFDDGPLQLVWUDWLYD
IDOWDGHPRWLYRYLQFXODGRRVSUDWLFDGRVFRPIDOWDGHFDXVD
pFRQVWLWXtGDRXSDUDGXUDULQGHWHUPLQDGDPHQWHRXFRP
6mRDQXOiYHLV D RVTXHDOHLDVVLPRVGHFODUH E RVTXH
YLJrQFLDGHWHUPLQDGD6XFHGHTXHFHUWDVFRQVLGHUDo}HVGH
SRGHPVHUUHSUDWLFDGRVVHPYtFLR6LUYDPGHH[HPSORRV
QDWXUH]DMXUtGLFDRXIiWLFDSRGHUmRDFDUUHWDUXPDGHVFRQV
DWRVH[SHGLGRVSRUVXMHLWRLQFRPSHWHQWH RVHGLWDGRVFRP
WLWXLomRH[WUDRUGLQiULD$VVLPpTXHRUDDGHVFRQVWLWXLomR
YtFLRGHYRQWDGHRVSURIHULGRVFRPGHIHLWRGHIRUPDOLGDGHµ
³>LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR0DOKHLURV(GLWRUHVHG GH DSUHVHQWDUi FRPR DFRQWHFLPHQWR QRUPDO
RUPDO QD YLGD GDV
S@ UHODo}HVMXUtGLFDVDGPLQLVWUDWLYDVVHFULDGDVFRPYLJrQFLD
GHWHUPLQDGDRUDFRPRDFRQWHFLPHQWRDQRUPDO
DQRUPDOVHDTXHODV
DQRUPDO
HPYLJrQFLDIRUHPUHWLUDGDVGRPXQGRMXUtGLFRVHMDSRUXP
5HYRJDomR
DWR GD SUySULD $GPLQLVWUDomR VHMD FRPR VH H[DPLQDUi
RSRUWXQDPHQWH GR 3RGHU -XGLFLiULR LQ &XUVR GH 'LUHLWR
$YLQFXODomRGRDWRDGPLQLVWUDWLYRDRLQWHUHVVHS~EOLFR $GPLQLVWUDWLYRHG)RUHQVHS 
ID]FRPTXHWRGRVHVWHMDPVHPSUHDWHQWRVjVXDYDOLGDGH
H HILFLrQFLD DOpP GD FRQYHQLrQFLD RSRUWXQLGDGH H 1RXWUDVSDODYUDVKDYHUiDH[WLQomR
H[WLQomRGDUHODomRMXUtGLFD
H[WLQomR
OHJLWLPLGDGH DGPLQLVWUDWLYDRXVHRDWRDGPLQLVWUDWLYRIRUGHFODURQXOR
SHODSUySULD$GPLQLVWUDomR3~EOLFDRXVHHVWDRUHYRJDU
3DUWLFXODUPHQWH QR TXH UHIHUH j HILFLrQFLD H j 1LVVRFRQVLVWLUiRGHVID]LPHQWR
GHVID]LPHQWRGRDWRDGPLQLVWUDWLYR1D
GHVID]LPHQWR
FRQYHQLrQFLDRSRUWXQLGDGHRSUySULR3RGHU3~EOLFRPDQ DQXODomRD$GPLQLVWUDomR3~EOLFDGHVIDUi
GHVIDUiRDWRSRUQHOH
GHVIDUi
WpPSHUPDQHQWHYLJLOkQFLDVREUHRDWRDGPLQLVWUDWLYR6H HQ[HUJDUGHIHLWRGHOHJDOLGDGHHDSHQDVRUHYRJDUiTXDQ
SHUFHEHUTXHRDWRDGPLQLVWUDWLYR QmRPDLVYHPVHQGR
QmR GRHQWHQGHUTXHVHXPpULWRGHYHVHUUHDYDOLDGR
HILFLHQWH RX GHL[RX GH VHU GH FRQYHQLHQWH D SUySULD
DXWRULGDGHDGPLQLVWUDWLYDSRGHUiSRUILPjYLGDGRDWR
DXWRULGDGH 7DPEpPVHRSHUDUiDH[WLQomRGDUHODomRDGPLQLVWUDWL
DGPLQLVWUDWLYR ,VVR VH GDUi FRP D UHYRJDomR GR DWR Mi YDVHDQXOLGDGHIRUVHQWHQFLDGDSHOR3RGHU-XGLFLiULR
SUDWLFDGR

UHYRJDomRpRGHVID]LPHQWRGRDWRDGPLQLVWUDWLYR
$UHYRJDomR
UHYRJDomR $&RQYDOLGDomRGR$WR$GPLQLVWUDWLYR
eDVXSUHVVmRGHXPDWRDGPLQLVWUDWLYROHJtWLPRHHILFD]
UHDOL]DGDSHODSUySULD$GPLQLVWUDomR3~EOLFD HVRPHQWH
6LPSOLVWDPHQWHDVDQDWyULDGRDWRDGPLQLVWUDWLYRp
SRUHOD SRUQmRPDLVOKHFRQYLUDVXDH[LVWrQFLD
VHX FRQVHUWR H DSURYHLWDPHQWR RX VHMD D VXSHUDomR GH
VHXVGHIHLWRVSDUDTXHVHDOFDQFHVXDYDOLGDGHHILFiFLDH
1RFRQFHLWRGR3URI',2*2'(),*8(,5('2025(,
H[HTLELOLGDGH
5$1(72$UHYRJDomRpGHVVDUWHXPDWRGHVFRQVWLWXWLYR
PHOKRUGLWRFRQVWLWXWLYRQHJDWLYRHPTXHD$GPLQLVWUDomR
1DWXUDOPHQWHDSHQDVRVDWRVDQXOiYHLVVmRSDVVtYHLV
HVyHODUHWLUDDHILFiFLDGHXPDWRDQWHFHGHQWHSRUFRQVLGH
UDo}HVH[FOXVLYDPHQWHDGPLQLVWUDWLYDVQXQFDMXUtGLFDV3RU GHFRQYDOLGDomRMiTXHDLPSUHVWDELOLGDGHDEVROXWDGRDWR
LVWRpTXHR3RGHU-XGLFLiULRDJLQGRQRH[HUFtFLRGRSRGHU QXORLPSHGHVHXUHDSURYHLWDPHQWR
MXGLFDQWH QmR SRGH UHYRJDU SRLV VXD iUHD GH DWXDomR
FLUFXQVFUHYHVHDRWHPDMXUtGLFRH[DPLQDQGRHVWULWDPHQWH 23URI+(/</23(60(,5(//(6UHJLVWUDTXH2TXHD
R ELQ{PLR OHJDOLGDGH H LOHJDOLGDGH HP &XUVR GH 'LUHLWR GRXWULQDDGPLWHpDFKDPDGDFRQYHUVmRRXVVDQDWyULDGH
DQDWyULD
$GPLQLVWUDWLYRHG)RUHQVHS  DWR DGPLQLVWUDWLYR LPSUHVWiYHO SDUD XP GHWHUPLQDGR
QHJyFLRMXUtGLFRPDVDSURYHLWiYHOHPRXWURSDUDRTXDO
$WHQomR
$WHQomR WHQWHVHDTXHVRPHQWHDSUySULD$GPLQLVWUD WHPRVQHFHVViULRVUHTXLVLWRVOHJDLV([HPSOLILFDQGRXPD
omR3~EOLFDSRGHUHYRJDURDWRDGPLQLVWUDWLYR OLFHQoDSDUDHGLILFDomRGHILQLWLYDQXODFRPROLFHQoDSRGHUi
2 -XGLFLiULR MDPDLV
DPDLV SRGHUi UHYRJDU XP DWR VHU DFHLWD H YDOLGDGH FRPR DXWRUL]DomR SDUD HGLILFDomR
DGPLQLVWUDWLYR SURYLVyULD&RQYHUWHVHDVVLPRDWRQXORSDUDXPHIHLWR
SDUDRTXDOOKHIDOWDPRVUHTXLVLWRVOHJDLVQXPDWRYiOLGR
SDUDRXWURHIHLWRHPUHODomRDRTXDODSUHVHQWDRVQHFHVViUL
,QLFLDWLYD RVUHTXLVLWRVGHOHJLWLPLGDGH LQ'LUHLWR
'LUHLWR
'LUHLWR$GPLQLVWUDWLYR
$GPLQLVWUDWLYR%UDVLOHL
URHG57S 
UR
$6~PXODQžGR6XSUHPR7ULEXQDO)HGHUDOEHP
GHILQHDRULHQWDomRMXULVSUXGHQFLDO´$$GPLQLVWUDomRSRGH -iR3URI',2*2'(),*8(,5('2025(,5$1(72
DQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRVGHYtFLRVTXHRV DQRWD TXH UHFRQKHFHQGR DV GLILFXOGDGHV SUiWLFDV FRPR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

VHMDPDLQRSRUWXQLGDGHHRVLQFRQYHQLHQWHVGDDQXODomRGH $GHPDLVKiYtFLRVTXHSRXFRRXTXDVHQDGDDIHWDP
XPDWR~WLOHPWHUPRVGHLQWHUHVVHS~EOLFRHPERUDFRP RLQWHUHVVHILQDOtVWLFRSURFXUDGRSHOR'LUHLWReRFDVRGRV
GHIHLWRGHOHJDOLGDGHROHJLVODGRUSRGHLJXDOPHQWHDEULUj GHIHLWRVGHFRPSHWrQFLDQRVDWRVGHFRQWH~GRYLQFXODGR
$GPLQLVWUDomR D DOWHUQDWLYD GLVFULFLRQiULD GD VDQD VDQDWyULD $RSDUWLFXODUpTXDVHLQGLIHUHQWHVHXDXWRUHDRLQWHUHVVH
SDUDVDOYiOR'XDVVmRDVFRQGLo}HVSDUDTXHD$GPLQLVWUD S~EOLFR LPSRUWD SRXFR HVWD DXWRULD SRLV DV UHJUDV GH
omRHPSUHJXHDVDQDWyULD
VDQDWyULDFRPH[FHomRjUHJUDGHGHVID]L
VDQDWyULD FRPSHWrQFLD HVWmR SRVWDV QHVWH FDVR HP UD]mR GH
PHQWRGRVDWRVOHJDOPHQWHGHIHLWXRVRVDH[LVWrQFLDGRDWR REMHWLYRVGHRUJDQL]DomRWpFQLFRDGPLQLVWUDWLYDHQmRHP
YLFLDGRDVHUVDQDGRHDDGPLVVLELOLGDGHGDGLVFULFLRQDULHGD DWHQomRDREHPMXUtGLFRDVHUDWHQGLGR
GHSDUDID]rOR LQ&XUVR
&XUVR
&XUVRGH
GH'LUHLWR
'LUHLWR$GPLQLVWUDWLYRHG)RUHQ
$GPLQLVWUDWLYR
VHS  )LQDOPHQWHYDOHFRQVLGHUDUTXHXPGRVLQWHUHVVHV
IXQGDPHQWDLV GR 'LUHLWR p D HVWDELOLGDGH GDV UHODo}HV
(VVHPHVPRDXWRUFODVVLILFDDVVDQDWyULDV
VDQDWyULDVGDVHJXLQWH
VDQDWyULDV FRQVWLWXtGDVeDSDFLILFDomRGRVYtQFXORVHVWDEHOHFLGRVD
IRUPD ILPGHVHSUHVHUYDUDRUGHP(VWHREMHWLYRLPSRUWDPXLWR
PDLVQR'LUHLWR$GPLQLVWUDWLYRGRTXHQR'LUHLWR3ULYDGR
D  YROXQWiULD DWUDYpVGHXPRXWURDWR
YROXQWiULD e TXH RV DWRV DGPLQLVWUDWLYRV WrP UHSHUFXVVmR PDLV
DPSODDOFDQoDQGRLQ~PHURVVXMHLWRVXQVGLUHWDHRXWURV
 5DWLILFDomR XP QRYR DWR FRUULJH R GHIHLWRGR LQGLUHWDPHQWHFRPRREVHUYRX6HDEUD)DJXQGHV,QWHUIH
RXWURGHFODUDQGRRtQWHJURHYiOL UHPFRPDRUGHPHHVWDELOLGDGHGDVUHODo}HVVRFLDLVHP
GRGHVGHDRULJHP HVFDODPXLWRPDLRU

 5HIRUPD XPQRYRDWRFRQVHUWDRGHIHLWXRVR 'Dt TXH D SRVVLELOLGDGH GH FRQYDOLGDomR GH FHUWDV


GHOHH[FOXLQGRDLOHJDOLGDGH VLWXDo}HV ³ QRomR DQWDJ{QLFD j GH QXOLGDGH HP VHX
VHQWLGRFRUUHQWH³WHPHVSHFLDOUHOHYRQR'LUHLWR$GPL
 &RQYHUVmR DSURYHLWDVH DSHQDV D SDUWHYiOLGD QLVWUDWLYR
GRDWRGHIHLWXRVR FRPRQRH[HP
SOR DFLPD WUD]LGR SHOR 3URI+HO\ 1mR EULJDP FRP R SULQFtSLR GD OHJDOLGDGH DQWHV
/RSHV0HLUHOOHV  DWHQGHPOKH R HVStULWR DV VROXo}HV TXH VH LQVSLUHP QD
WUDQTLOL]DomR GDV UHODo}HV TXH QmR FRPSURPHWHP
E  QmRYROXQWiULD
QmRYROXQWiULD LQVXSULYHOPHQWHRLQWHUHVVHS~EOLFRFRQTXDQWRWHQKDP
UHVXOWDQWHGHXPIDWRDSUHVFULomR VLGRSURGX]LGDVGHPDQHLUDLQYiOLGDeTXHDFRQYDOLGDomR
pXPDIRUPDGHUHFRPSRVLomRGDOHJDOLGDGHIHULGD
 ,QWHUQD SUHVFULomRTXHSURGX]HIHLWRQD
HVIHUDDGPLQLVWUDWLYD 3RUWDQWRQmRpUHSXJQDQWHDR'LUHLWR$GPLQLVWUDWL
YRDKLSyWHVHGHFRQYDOHVFLPHQWRGRVDWRVLQYiOLGRV
  ([WHUQD SUHVFULomRTXHSURGX]HIHLWRQD
HVIHUDMXGLFLiULD  'HWRGRPRGRQmRKiQHJDUTXHXPDWRSDGHFHQWH
GHYtFLRpLQYDOLGiYHO$SRVVLELOLGDGHGHFRQYDOLGDomRLUi
&(/62 $17Ñ1,2 %$1'(,5$ '( 0(//2 EHP FDWHJRUL]iOR QD FODVVH GRV DQXOiYHLV HP RSRVLomR DRV
DQDOLVDRJUDXGHLQWROHUkQFLDHPUHODomRDFDWHJRULDVGH QXORVHDRVLQH[LVWHQWHVPDVDPHQRUJUDYLGDGHGRYLFLR
DWRVLQYiOLGRVLQVLVWLQGRTXH´KiGHVHUFRPSDVVDGRFRP QmRSRGHVLJQLILFDULPXQLGDGHFRQWUDHYHQWXDOIXOPLQD
RWLSRGHLOHJLWLPLGDGH6HHVWDpVXVFHWtYHOGHVHUVDQDGD omR(PVXPDTXDOTXHUDWRLQYiOLGRpRXQmRFRQYDOLGi
UHFXVDUOKH HP WHVH D SRVVLELOLGDGH GH VXSULPHQWR p YHO PDV HQWUH RV QmRFRQYDOLGiYHLV DOJXQV VmR QXORV H
UHQHJDUDVDWLVIDomRGHLQWHUHVVHVS~EOLFRVHPP~OWLSORV RXWURVLQH[LVWHQWHVSRUTXHHVWHV~OWLPRVFRPRDRGLDQWH
FDVRV VHGLUiGLIHUHPGRVQXORVWDQWRSRUTXHVmRLQVXVFHWtYHLV
GHSUHVFULomRTXDQWRSRUTXHSHUDQWHHOHVH[LVWHXP´GL
UHLWRGHUHVLVWrQFLDµ
&RPHIHLWRPXLWDVYH]HVQDUHODomRDGPLQLVWUDWLYD
HVWDUmRHPSDXWDVLQWHUHVVHVSULYDGRVSXUDPHQWHSDWULPR
'DGD D LPSRUWkQFLD TXH VH DWULEXL j FRQYDOLGDomR
QLDLVGRVLQGLYtGXRVHTXHVmRLQWHUHVVHVGLVSRQtYHLV3RGH
FRPRFULWpULRSDUDGLVWLQJXLUHQWUHGRLVJUDQGHVJUXSRVGH
FRLQFLGLUFRPRLQWHUHVVHS~EOLFROHJDOPHQWHDVVLQDGRR
DWRVYLFLDGRV DQXOiYHLVGHXPODGRHQXORVHLQH[LVWHQ
FRQYDOHVFLPHQWR GH XP DWR H[SHGLGR FRP GHVFRQKH
WHVGHRXWUR pLPSUHVFLQGtYHOHVFODUHFHURVLJQLILFDGRH
FLPHQWR GH GLUHLWRV GR SDUWLFXODU VH HVWH PDQLIHVWDU
XOWHULRUPHQWH VXD DTXLHVFrQFLD RX VH D $GPLQLVWUDomR DOFDQFHGHVWHLQVWLWXWR´ ³>LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR
0DOKHLURV(GLWRUHVHGS@
FRUULJLU R YtFLR UHWURDWLYDPHQWH DQWHV GH R LQWHUHVVDGR
UHVLVWLUDRDWRRXLPSXJQDUOKHRYtFLR
(IHLWRVGD$QXODomRHGD5HYRJDomR
$OpP GLVVR FRPR EHP R HQVLQD R 3URI 2VZDOGR
$UDQKD%DQGHLUDGH0HOORQmRpGHVSUH]iYHODKLSyWHVH
4XDQGRXPDWRDGPLQLVWUDWLYRpDQXODGRHOHQmR
GHXPDJHQWHDGPLQLVWUDWLYRSUDWLFDUDWRQRH[HUFtFLRGH
SURGX]QHQKXPHIHLWRRXVHMDVHUiFRQVLGHUDGRFRPRVH
FRPSHWrQFLDGLVFULFLRQiULDVREFRDomR YtFLRGHYRQWDGH
HOHQmRWLYHVVHH[LVWLGR)LFDUmRGHVIHLWRVWRGRVRVYtQFX
HXOWHULRUPHQWHFRQFOXLUVHUDTXHODDSURYLGrQFLDDGHTXD ORVHQWUHDVSDUWHVHDVFRLVDVILFDUmRFRPRHVWDYDPDQWHV
GDGHVGHDRULJHP3RUTXHQHJDUOKHDSRVVLELOLGDGHGH GD H[LVWrQFLD GR DWR DQXODGR GL]VH TXH D DQXODomR
UDWLILFDUUHWURDWLYDPHQWHRDWR" SURGX]HIHLWRVH[WXQF 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$VVLPVHUiSRUTXHDDQXODomRGRDWRDGPLQLVWUDWLYR Art.55 - Em decisão na qual se evidencie não acarretarem


Vy SRGH WHU SRU IXQGDPHQWR D VXD LOHJLWLPLGDGH RX lesão ao interesse público nem prejuízo a terceiros, os
atos que apresentarem defeitos sanáveis poderão ser
LOHJDOLGDGH  ( D $GPLQLVWUDomR S~EOLFD QmR SRGH GDU
convalidados pela própria Administração.
QHQKXPD YDOLGDGH QHP SDUFLDO  D TXDOTXHU DWR TXH
UHSUHVHQWHLQIULQJrQFLDGLUHWDRXLQGLUHWDGDVQRUPDVH .................................................
SULQFtSLRV OHJDLV TXH VmR VHPSUH LPSUHVFLQGtYHLV QD
DWLYLGDGHGR3RGHU3~EOLFR

0DVVHRDWRIRUDSHQDVUHYRJDGRHOHSURGX]HIHLWRV &ODVVLILFDomR
GHVGHTXHIRLSUDWLFDGRDWpDGDWDGHVXDUHYRJDomR6HXV
HIHLWRV FHVVDUmR DSHQDV GHSRLV GH VXD UHYRJDomR D
UHYRJDomRSURGX]HIHLWRVH[QXQF  7RGDVDVFRLVDVSRGHPVHUYLVWDVVREYiULRVDVSHFWRV
&RQIRUPHRkQJXORHPTXHVHROKHSDUDTXDOTXHUFRLVD
GLIHUHQWHVHUiVXDDQiOLVH8PVHUKXPDQRSRUH[HPSOR
SRGHVHUYLVWRVRERDVSHFWRGDHOHJkQFLD HRVFODVVLILFD
$QXODomR;5HYRJDomRGR0pULWR
$QXODomR;5HYRJDomRGR0pULWR
0pULWR UtDPRV HP FKLTXHV FRPXQV H EUHJDV  RX VRE R DV
GR$WR$GPLQLVWUDWLYR SHFWR GD EHOH]D HVWpWLFD H VHULDP FODVVLILFDGRV FRPR
OLQGRVFRPXQVHIHLRVRV RXVRERDVSHFWRGDHVWDWXUD
2 PpULWR
PpULWR GR DWR DGPLQLVWUDWLYR p GLUHWDPHQWH ItVLFD HRVFODVVLILFDUtDPRVFRPRDOWRVPpGLRVHQRU
UHODFLRQDGRjFRQYHQLrQFLDHRSRUWXQLGDGHGHVXDSUiWLFD PDLV RXDWpVREkQJXORVGHYLUWXGHVDEVWUDWDV FRPRD
EHPDVVLPjVXDHILFLrQFLDFRPRSURYLGrQFLDDGPLQLVWUD LQWHOLJrQFLDRXDERQGDGHRXDVLPSDWLDHWF 
WLYD HVFROKLGD SHOD DGPLQLVWUDomR SDUD DOFDQoDU XPD
GHWHUPLQDGDILQDOLGDGH 7DPEpPRVDWRVDGPLQLVWUDWLYRVSRGHPVHUDQDOLVD
GRV VRE YiULRV kQJXORV H FRQIRUPH R DVSHFWR HP TXH
3DUD R VDXGRVR 3URI+(/< /23(6 0(,5(//(6 2 IRUHP YLVWRV UHFHEHUmR FODVVLILFDo}HV YiULDV 9HMDPRV
PpULWRDGPLQLVWUDWLYRVHFRQVXVEWDQFLDQDYDORUDomRGRV HQWmRTXHkQJXORVVmRRVPDLVFRPXQVSDUDDDQiOLVHGRV
PRWLYRVHQDHVFROKDGRREMHWRGRDWRIHLWDVSHOD$GPLQLV DWRVDGPLQLVWUDWLYRV
WUDomR LQFXPELGD GH VXD SUiWLFD TXDQGR DXWRUL]DGD D
GHFLGLUVREUHDFRQYHQLrQFLDRSRUWXQLGDGHHMXVWLoDGRDWR , 4XDQWRDRVVHXVGHVWLQDWiULRV
DUHDOL]DU ³  HP 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR HG57
S  D $WRV
$WRV*HUDLV FRPILQDOLGDGHQRUPDWLYDRXRUGLQi
*HUDLV
1RPHVPRVHQWLGRDSRQGHUDomRGR3URI',2*2 ULD RVTXHQmRWrPGHVWLQDWiULRVFHUWRVDEUDQ
'(),*8(,5('2025(,5$1(72TXH2PpULWRpR JHQGR D WRGRV RV VXMHLWRV TXH VH HQFRQWUHP QD
UHVXOWDGRGRH[HUFtFLRGDGLVFULFLRQDULHGDGH$GLVFULFLRQDUL PHVPD VLWXDomR IiWLFD SUHYLVWD SHORV VHXV SUH
HGDGH p XPD WpFQLFD R PpULWR R VHX SURGXWR 3RU HVVD FHLWRV 6mR VHPHOKDQWHV DRV SUHFHLWRV GD OHL
UD]mRRH[HUFtFLRYLFLRVRGDGLVFULFLRQDULHGDGHFRPSURPHWH DEVWUDWRVHLPSHVVRDLV([VUHJXODPHQWRVLQVWUX
RPpULWR HP
&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG)RUHQVH o}HVFLUFXODUHV
S  FRQFOXLQGR TXH 2 PpULWR VH ORFDOL]D GHQWUR GD
HVFDQVmRIXQGDPHQWDOGRDWRDGPLQLVWUDWLYRRPRWLYRHR E $WRV
$WRV ,QGLYLGXDLV
,QGLYLGXDLV RX
RX (VSHFLDLV
(VSHFLDLV  GLULJHPVH D
REMHWR REHSFLW  GHVWLQDWiULRV FHUWRV FULDQGROKHV XPD VLWXDomR
MXUtGLFDSDUWLFXODU([VGHFUHWRVGHQRPHDomRGH
H[RQHUDomR RXWRUJDV GH OLFHQoD DXWRUL]DomR H
/HLQž³ SHUPLVVmR
'D$QXODomR5HYRJDomRH&RQYDOLGDomR
,, 4XDQWRDRVHXDOFDQFH
Art.53 - A Administração deve anular seus próprios atos,
quando eivados de vício de legalidade, e pode revogá- D $WRV
$WRV ,QWHUQRVSURGX]HPHIHLWRVQRLQWHULRUGDV
,QWHUQRV
los por motivo de conveniência ou oportunidade,
UHSDUWLo}HVDGPLQLVWUDWLYDVVmRDWRVGHRSHUDWLYL
respeitados os direitos adquiridos.
GDGHLQWHUQDGDVUHSDUWLo}HVS~EOLFDV([VSRUWD
Art.54 - O direito da Administração de anular os atos adminis- ULDVLQVWUXo}HVPLQLVWHULDLV
trativos de que decorram efeitos favoráveis para os
destinatários decai em cinco anos, contados da data E $WRV
$WRV GH
GH (IHLWRV([WHUQRV
(IHLWRV([WHUQRVVmRWRGRVDTXHOHVTXH
([WHUQRV
em que foram praticados, salvo comprovada má-fé. DOFDQoDPRVDGPLQLVWUDGRVRVFRQWUDWDQWHVHHP
§ 1º - No caso de efeitos patrimoniais contínuos, o prazo de FHUWRVFDVRVRVSUySULRVVHUYLGRUHVSURYHQGRVREUH
decadência contar-se-á da percepção do primeiro VHXV GLUHLWRV REULJDo}HV QHJyFLRV RX FRQGXWD
pagamento. SHUDQWH D $GPLQLVWUDomR +HO\ /RSHV 0HLUHOOHV REUD
FLWSOO 
§ 2º - Considera-se exercício do direito de anular qualquer
medida de autoridade administrativa que importe 6y HQWUDP HP YLJRU D SDUWLU GH VXD SXEOLFDomR QR
impugnação à validade do ato. yUJmR RILFLDO 2 3URI +HO\ /RSHV 0HLUHOOHV WDPEpP
FRQVLGHUDDWRVH[WHUQRVRVTXHSURGX]HPHIHLWRVIRUDGDV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

UHSDUWLo}HVHPERUDQmRDWLQMDGLUHWDPHQWHRDGPLQLVWUD E $WR
$WR ([WLQWLYR
([WLQWLYR  FRPR GL] R QRPH HOH H[WLQJXH
GREHPFRPRDTXHOHVTXHRQHUHPDGHVSHVDRXRSDWUL XPDVLWXDomRMXUtGLFDSUHH[LVWHQWHSRQGRILPD
P{QLRS~EOLFR XPD UHODomR MXUtGLFD GR LQGLYtGXR SHUDQWH D
$GPLQLVWUDomR
,,, 4XDQWRDRVHXREMHWR
F $WR
$WR 'HFODUDWyULRpRTXHGHFODUDXPDVLWXDomR
'HFODUDWyULR
D $WRV
$WRV GH
GH ,PSpULRSUDWLFDGRVSHOD$GPLQLVWUDomR
,PSpULR SUHH[LVWHQWH UHFRQKHFHQGR VXD HIHWLYLGDGH H
QRXVRGHVXDVXSUHPDFLDVREUHRSDUWLFXODUVmR SRVVLELOLWDQGRRH[HUFtFLRGRVGLUHLWRVGHFRUUHQWHV
PDQLIHVWDo}HV XQLODWHUDLV GD $GPLQLVWUDomR QR
XVRGHVHXSRGHUVREHUDQR([GHFODUDomRH[SUR G $WR
$WR$OLHQDWLYRDOLHQDUpWUDQVIHULUSURSULHGDGH
$OLHQDWLYR
SULDWyULD DRXWUHPORJRWDODWRpDTXHOHSHORTXDOD$GPL
QLVWUDomRWUDQVIHUHEHQVRXGLUHLWRVGHXPWLWXODU
E $WRV
$WRV GH
GH *HVWmR$$GPLQLVWUDomRSUDWLFDVHPR
HVWmR DRXWURQRUPDOPHQWHRVDWRVDOLHQDWLYRVGHSHQ
XVRGHVHXSRGHUGHFRHUomRVREUHRVGHVWLQDWiUL GHP GH SUpYLD DXWRUL]DomR SRU  OHL R H[HFXWLYR
RV QmRSRGHDOLHQDUVHPXPDOHLDXWRUL]DQGRDTXHOD
HVSHFtILFDWUDQVIHUrQFLDGHSURSULHGDGH
F $WRV
$WRV GH
GH ([SHGLHQWH
([SHGLHQWH
LHQWH  GHVWLQDPVH D GDU DQGD
PHQWR DRV SDSpLV QR UHFHVVR GDV UHSDUWLo}HV H $WR
$WR0RGLILFDWLYRFRPRGL]RQRPHpDTXHOHTXH
0RGLILFDWLYR
S~EOLFDVSUHSDUDQGRRVSDUDDGHFLVmRGRPpULWR PRGLILFD DOWHUD  XPD VLWXDomR SUHH[LVWHQWH
TXHVHUiSURIHULGDSHODDXWRULGDGHFRPSHWHQWH SRUpP SUHVHUYDQGR RV GLUHLWRV RX REULJDo}HV
FRQH[DVH[HPSORWtSLFRpDDOWHUDomRGHKRUiULRV
,9 4XDQWRjIRUPDGRDWR SHUFXUVRVORFDLVGHUHXQL}HVHWF

D $WR
$WR6LPSOHVpRTXHVHDSHUIHLoRDSHODPDQLIHVWD
6LPSOHV I  $WR
$WR $EGLFDWLYRDEGLFDUTXHUGL]HUDEULUPmR
$EGLFDWLYR
omRGDYRQWDGHGHXP~QLFRyUJmRXQLSHVVRDORX QHVWHVDWRV Ki DDEGLFDomRGHXPGLUHLWRFRPR
FROHJLDGR WRGD DEGLFDomR WDLV DWRV VmR LUUHYHUVtYHLV QmR
SRGHPVHUUHWUDWDGRVRXPRGLILFDGRVGHRXWUR
E $WR
$WR &RPSRVWRVHDSHUIHLoRDSHODPDQLIHVWDomR
&RPSRVWR ODGRFRPRDEULUPmRGHXPGLUHLWRTXHpS~EOLFR
GHYRQWDGH~QLFDGHXPyUJmRPDVGHSHQGHGD QRIXQGRpXPDWRGHDOLHQDomRWDOTXDORVDWRV
YHULILFDomRSDUDVHWRUQDUH[HTXtYHOGDYHULILFD DOLHQDWLYRVWDPEpPRVDWRVDEGLFDWLYRVGHYHPVHU
omRSRUSDUWHGHRXWURyUJmRGDUDWLILFDomRSRU DXWRUL]DGRVSRUOHLSUHYLDPHQWH
RXWUDDXWRULGDGH

F $WR
$WR &RPSOH[R
&RPSOH[RVHDSHUIHLoRDSHODPDQLIHVWDomR
PSOH[R 9,, 4XDQWRjH[HTXLELOLGDGH
GDYRQWDGHGHPDLVGHXPyUJmRGD$GPLQLVWUD
omR+iRFRQFXUVRGHYRQWDGHVGHyUJmRVGLYHU D $WR
$WR3HUIHLWRUH~QHWRGRVRVHOHPHQWRVSDUDVXD
3HUIHLWR
VRVSDUDDIRUPDomRGHXP~QLFRDWR RSHUDWLYLGDGHVHQGRDSWRDSURGX]LUVHXVUHJXOD
UHVHIHLWRV
9 4XDQWRjHILFiFLD
E $WR,PSHUIHLWRLQFRPSOHWRQDVXDIRUPDomRRX
$WR,PSHUIHLWR
D $WR
$WR9iOLGRSUDWLFDGRSRUDXWRULGDGHFRPSHWHQWH
9iOLGR IDOWDOKHRDWRFRPSOHPHQWDUSDUDWRUQDUVHH[H
H FRQWpP WRGRV RV UHTXLVLWRV QHFHVViULRV SDUD TXtYHO
HQWUDUQRPXQGRMXUtGLFR
F $WR
$WR3HQGHQWHHPERUDSHUIHLWRQmRSURGX]DLQGD
3HQGHQWH
E $WR
$WR 1XOR
1XOR  QDVFH FRP YtFLR LQVDQiYHO HP VHXV HIHLWRVSRLVQmRVHYHULILFRXRWHUPRRXFRQGLomR
HOHPHQWRVFRQVWLWXWLYRVRXQRVHXSURFHGLPHQWR
IRUPDWLYReXPDWRLOHJtWLPRHLOHJDOHQmR
QmRSURGX]
QmR G $WR
$WR &RQVXPDGRSURGX]LXWRGRVVHXVHIHLWRVp
&RQVXPDGR
QHQKXPHIHLWR6XDQXOLGDGHSRGHVHUGHFODUDGD LUUHWUDWiYHORXLPRGLILFiYHO
SHODSUySULD$GPLQLVWUDomRRXSHOR3RGHU-XGLFLi
ULR$QXOLGDGHRSHUDH[WXQFLVWRpUHWURDJHDWp 9,,, 4XDQWRj5HWUDWDELOLGDGH
DRULJHPGRDWR
D $WR ,UUHYRJiYHO
,UUHYRJiYHO  Mi SURGX]LX VHXV HIHLWRV RX
F $WR
$WR,QH[LVWHQWHHTXLSDUDVHDRDWRQXOR$SHQDV
,QH[LVWHQWH JHURXGLUHLWRVXEMHWLYRDREHQHILFLiULRRXDLQGD
WHPDDSDUrQFLDGHPDQLIHVWDomRUHJXODUGD$GPL SRUUHVXOWDUGHFRLVDMXOJDGDDGPLQLVWUDWLYD
QLVWUDomR
E $WR
$WR 5HYRJiYHO
5HYRJiYHO  VmR RV DWRV LQYDOLGDGRV SHOD
9, 4XDQWRDRFRQWH~GR $GPLQLVWUDomR H Vy HOD SRU TXHVWmR GH PpULWR
DGPLQLVWUDWLYR FRQYHQLrQFLD RSRUWXQLGDGH H
D $WR
$WR &RQVWLWXWLYR
&RQVWLWXWLYR  DTXHOH TXH FULD XPD QRYD MXVWLoD 
VLWXDomRMXUtGLFDSDUDRLQGLYtGXRSHUDQWHD$GPL
QLVWUDomR $ UHYRJDomR RSHUD H[ QXQF H RV HIHLWRV Mi
SURGX]LGRVSUHYDOHFHUmR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

F $WR
$WR6XVSHQVtYHOTXDQGRD$GPLQLVWUDomR3~EOLFD
6XVSHQVtYHO -iRVUHJLPHQWRVVmRDWRVGHDWXDomRLQWHUQDSDUD
ID]FHVVDURVHIHLWRVGRDWRHPGHWHUPLQDGDVFLU RUJDQL]DU R IXQFLRQDPHQWR GH yUJmRV FROHJLDGRV H GH
FXQVWkQFLDVHSRUFHUWRWHPSR FRUSRUDo}HV OHJLVODWLYDV (
 GLUHFLRQDGR jTXHOHV TXH
GHYHPH[HFXWDURVHUYLoRRXUHDOL]DUDDWLYLGDGHIXQFLRQDO
23RGHU-XGLFLiULRSRGHWDPEpPVXVSHQGHUOLPL UHJXODPHQWDGDQmRREULJDQGRDRVSDUWLFXODUHVHPJHUDO
QDUPHQWHXPDWRDGPLQLVWUDWLYR
$VUHVROXo}HVVmRH[SHGLGDVSHODVDOWDVDXWRULGDGHGR
,; 4XDQWRDRPRGRGHH[HFXomR 3RGHU([HFXWLYR H[FHWRR&KHIHGR([HFXWLYRTXHGHYH
VHYDOHUGHGHFUHWRV 
D $WR
$WR$XWR([HFXWyULRDTXHOHVTXHVmRH[HFXWDGRV
$XWR([HFXWyULR
GLUHWDPHQWHSHODSUySULD$GPLQLVWUDomRLQGHSHQ 1RUPDOPHQWH DV UHVROXo}HV VmR H[SHGLGDV SHORV
GHQWHPHQWHGHDXWRUL]DomRMXGLFLDO 0LQLVWURV6HFUHWiULRVGH(VWDGRRX6HFUHWiULRV0XQLFLSD
LV6mRDWRVLQIHULRUHVDRVGHFUHWRVDRUHJXODPHQWRHDR
E $WR
$WR1®2
1®2$XWR([HFXWyULRDRFRQWUiULRGRRXWUR
$XWR([HFXWyULR UHJLPHQWRQmRRVSRGHQGRFRQWUDULDU
HVWHVySRGHVHUH[HFXWDGRGHSRLVGHXPSURQXQFL
DPHQWRMXGLFLDO$FREUDQoDGDGtYLGDILVFDO FUpGL )LQDOPHQWHDVGHOLEHUDo}HVVmRDWRV HGLWDGRVSHORV
WRVWULEXWiULRV GRVGHYHGRUHVUHQLWHQWHSRUH[HP yUJmRVFROHJLDGRV6HWLYHUHPSRUREMHWRHVWDEHOHFHUXPD
SORVypSRVVtYHOFRPRDX[tOLRGR-XGLFLiULR UHJUD JHUDO VHUmR DWRV QRUPDWLYRV JHUDLV PDV VH FRQ
VXEVWDQFLDUHP XP MXOJDPHQWR VHUmR DWRV QRUPDWLYRV
; 4XDQWR
4XDQWRDR
DRREMHWLYR
REMHWLYRYLVDGR
YLVDGRSHOD
SHOD$GPLQLV LQGLYLGXDLV
WUDomR
WUDomR E $WRV2UGLQDWyULRV
D $WR
$WR 3ULQFLSDO
3ULQFLSDO  HQFHUUD D YRQWDGH ILQDO GD $G 2VDWRVDGPLQLVWUDWLYRVRUGLQDWyULRVWrPSRUSURSyVL
PLQLVWUDomR WRGLVFLSOLQDURIXQFLRQDPHQWRGD$GPLQLVWUDomR3~EOLFD
HDFRQGXWDIXQFLRQDOGRVDJHQWHV6mRDWRVHGLWDGRVSRU
E $WR
$WR &RPSOHPHQWDU
&RPSOHPHQWDU  DSURYD RX UDWLILFD R DWR &KHIHVSDUDVHUHPFXPSULGRVSHORVVHUYLGRUHVVXEDOWHU
SULQFLSDOWRUQDQGRRH[HTXtYHO QRVQRH[HUFtFLRGHVXDVIXQo}HV(QTXDGUDPVHQHVVD
HVSpFLHDVLQVWUXo}HVDVFLUFXODUHVRVDYLVRVDVSRUWDULDV
F $WR
$WR,QWHUPHGLiULRFRQFRUUHSDUDDIRUPDomRGH
,QWHUPHGLiULR DVRUGHQVGHVHUYLoRRVRItFLRVHRVGHVSDFKRV
XPDWRSULQFLSDOHILQDO
F $WRV1HJRFLDLV
G $WR&RQGLomRDQWHS}HVHDRXWURSDUDSHUPLWLU
$WR&RQGLomR
VXDUHDOL]DomR 6mR DWRV DGPLQLVWUDWLYRV TXH HPERUD XQLODWHUDLV
SUDWLFDGRVDSHQDVSHOD$GPLQLVWUDomR3~EOLFD FRQWrP
H $WR
$WRGH
GH-XULVGLomRFRQWpPXPDGHFLVmRDGPLQLV
-XULVGLomR LQWHUHVVHUHFtSURFRGD$GPLQLVWUDomRHGRSDUWLFXODU
WUDWLYDVREUHDPDWpULDFRQWURYHUWLGD HPERUDQmRFKHJXHPDVHUXPFRQWUDWR6mRDWRVDGPL
QLVWUDWLYRV FRQWHQGR XP GHFODUDomR GH YRQWDGH GD
$GPLQLVWUDomR DSWD D FRQFUHWL]DU GHWHUPLQDGR QHJyFLR
(VSpFLHVH([WHULRUL]DomR MXUtGLFR RX D GHIHULU FHUWD IDFXOGDGH DR SDUWLFXODU QDV
FRQGLo}HVLPSRVWDVRXFRQVHQWLGDVSHOR3RGHU3~EOLFR

1HVVDHVSpFLHHQTXDGUDPVHDOLFHQoDDSHUPLVVmR
D $WRV1RUPDWLYRV DDXWRUL]DomRDDGPLVVmRRYLVWRDDSURYDomRDKRPROR
JDomRDGLVSHQVDHDUHQ~QFLD
&RPR GL] R SUySULR QRPH QRUPDWLYRV VmR RV DWRV
DGPLQLVWUDWLYRVTXHFRQWrPXPFRPDQGRJHUDO QRUPD G $WRV(QXQFLDWLYRV
UHJUD  GR ([HFXWLYR  6mR HGLWDGRV FRP R REMHWLYR GH
DOFDQoDUDFRUUHWDDSOLFDomRGDOHLSHORVyUJmRVHDJHQWHV 1HVWHVDWRVQmRKiXPDQRUPDRXXPDRUGHPQHP
S~EOLFRV6mRWLSLFDPHQWHDWRVQRUPDWLYRVRVGHFUHWRV XPDUHODomRQHJRFLDOHQWUHR3RGHU3~EOLFRHRSDUWLFXODU
RV UHJXODPHQWRV RV UHJLPHQWRV DV UHVROXo}HV H DV 1RVDWRVDGPLQLVWUDWLYRVHQXQFLDWLYRVFRPRGL]RSUySULR
GHOLEHUDo}HV QRPHR3RGHU3~EOLFRDSHQDVDQXQFLDXPIDWRRXXPD
RSLQLmRVREUHXPDVVXQWR
2V GHFUHWRV VmR DWRV DGPLQLVWUDWLYRV HGLWDGRV
H[FOXVLYDPHQWHSHORVFKHIHVGRSRGHUH[HFXWLYR 3UHIHLWR 6mRDWRVDGPLQLVWUDWLYRVHQXQFLDWLYRVSRUH[HPSOR
*RYHUQDGRU 3UHV5HS~EOLFD  SDUD SRVVLELOLWDU D ILHO DVFHUWLG}HVRVDWHVWDGRVHRVSDUHFHUHVDGPLQLVWUDWLYRV
DSOLFDomRGDOHJLVODomRHPJHUDO
H $WRV3XQLWLYRV
2VUHJXODPHQWRVWHPSRUPLVVmRH[SOLFDUHPLQXGHQ
FLDU D OHL WXGR GHQWUR GRV OLPLWHV GD SUySULD OHL 1mR 1RV DWRV SXQLWLYRV KDYHUi VHPSUH D LPSRVLomR GH
SRGHPQHPDFRQWUDULDUQHPLUDOpPGRTXHOKHSHUPLWLX XPDVDQomR SHQD LPSRVWDSHOD$GPLQLVWUDomR3~EOLFD
DOHL1RUPDOPHQWHVmRSRVWRVHPYLJrQFLDDWUDYpVGHXP jTXHOHVTXHWLYHUHPLQIULQJLGRXPDSURLELomRGDOHLGR
GHFUHWR UHJXODPHQWRRXGHGLVSRVLomRRUGLQDWyULD
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

2REMHWLYRpSXQLUHUHSULPLURVLQIUDWRUHVWDQWRQR GLVFULFLRQiULRGD$GPLQLVWUDomR LQ3RGHU'LVFULFLRQiULRH$omR


SODQR LQWHUQR GLVFLSOLQD IXQFLRQDO  FRPR QR SODQR $UELWUiULDGD$GPLQLVWUDomR5HY'LU$GPQžS 
H[WHUQR PXOWDVSH[ 6mRDWRVDGPLQLVWUDWLYRVWLSLFD
PHQWH SXQLWLYRV D PXOWD D LQWHUGLomR GH DWLYLGDGH D $VVLPRDWR DGPLQLVWUDWLYRSUDWLFDGRSRUIRUoDGR
GHVWUXLomRGHFRLVDVHRDIDVWDPHQWRGRFDUJRRXIXQomR 3RGHU 9LQFXODGR p DTXHOH TXH D OHL FRQIHUH DR DJHQWH
S~EOLFRSDUDDSUiWLFDGHDWRVGHWHUPLQDQGRRVHOHPHQ
I $WRVGH&RQKHFLPHQWR WRVHRVUHTXLVLWRVQHFHVViULRVjVXDIRUPDOL]DomR

2VHVWXGLRVRVGH'LUHLWR$GPLQLVWUDWLYRUHFRQKHFH 3RUHVWHSRGHUD$GPLQLVWUDomRILFDWRWDOPHQWHSUHVD
UDPHVVDQRYDHVSpFLHGHDWRVVmRRVDWRVUHJLVWUDLVRX DRTXHDOHLGHWHUPLQDUHVHRFRUUHUXPGHVYLRGRSUHYLVWR
VHMDDTXHOHVTXHDDGPLQLVWUDomRS~EOLFDSUiWLFDFRPR HPOHLSUDWLFDUiDWRLOHJDOHQXOR2DGPLQLVWUDGRUWHP
SURSyVLWRGHSRVVLELOLWDUHPRFRQKHFLPHQWRGHIDWRVRX PtQLPDFRQGLomRGHOLEHUGDGHSDUDDJLUILFDQGRGHSHQ
DWRV SRU WRGRV LQWHUHVVDGRV 6mR UHJLVWURV IHLWRV SHOD GHQWHGRHQXQFLDGRPLQXFLRVRGRGLUHLWRSRVLWLYR$DomR
DGPLQLVWUDomRS~EOLFDTXHSRUVHUHPS~EOLFRVSRGHP DGPLQLVWUDWLYDHQFRQWUDVHGHOLPLWDGDSHODOHL
VHUFRQVXOWDGRVDWRGRWHPSRLQFOXVLYHSDUDSURGXomRGH
SURYDGDH[LVWrQFLDGHDWRVHIDWRV 'RVHOHPHQWRVGRDWRDGPLQLVWUDWLYRDFRPSHWrQFLD
DILQDOLGDGHHDIRUPDVmRYLQFXODGDVVHPSUH1DSUiWLFD
GHXPDDWLYLGDGHYLQFXODGDD$GPLQLVWUDomRGHYHUiDWHU
VHjQRUPDSUHGHWHUPLQDGDRXUHJXODGRUDGHVXDSUiWLFD
9LQFXODomRH'LVFULFLRQDULHGDGH ILFDUiDGVWULWDjOHLHPWRGRVRVUHTXLVLWRVIRUPDGRUHVGR
DWR
(VVH WDPEpP p R HQVLQDPHQWR GR 3URI',2*2 '(
$RFRQWUiULRGRSDUWLFXODUJR]DGHSOHQDOLEHUGDGH ),*8(,5('2 025(,5$ 1(72 $WR $WR
$WR YLQFXODGR
YLQFXODGR RX
SDUD ID]HU WXGR TXH QmR p SURLELGR R DGPLQLVWUDGRU UHJUDGRpDTXHOHTXHpSUDWLFDGRHPHVWULWDFRQIRUPLGDGH
S~EOLFRpOLPLWDGRSHODOHLHVyDJHHPFRQVRQkQFLDFRP jV SUHVFULo}HV OHJDLV $ $GPLQLVWUDomR PDQLIHVWD VXD
DDXWRUL]DomROHJDOYDOHGL]HUVySUDWLFDUiRVDWRVTXHD YRQWDGHQDRSRUWXQLGDGHHSDUDRVHIHLWRVSUHYLVWRVHPOHL
OHL RX OKH RUGHQDU RX SHOR PHQRV DXWRUL]DU TXH R 2DJHQWHQmRWHPTXDOTXHUPDUJHPGHHVFROKDGHDWXDomR
SUDWLTXH VHMDGHWHPSRRXGHFRQWH~GR LQ&XUVR
&XUVR
&XUVRGH
GH'LUHLWR
'LUHLWR$GPLQLVWUDWL
YRHG)RUHQVHS 
YR
3DUDDSUiWLFDGRDWRDGPLQLVWUDWLYRRDJHQWHSRGHUi
GLVSRUGHPDLRURXPHQRUOLEHUGDGHVXERUGLQDUVHRXQmR
DUHJUDVRXSDUkPHWURV$OJXQVVmRRXQmRSUDWLFDGRVSHOR 'LVFULFLRQDULHGDGHGRV$WRV$GPLQLVWUDWLYRV
$GPLQLVWUDGRU D VHX EHO SUD]HU H RXWURV GHYHP VHU
SUDWLFDGRVREULJDWRULDPHQWHSHOR$GPLQLVWUDGRUQDKRUD 'LVFULFLRQDULHGDGH
-i D 'LVFULFLRQDULHGDGH p D LQWHJUDomR GD YRQWDGH
GHWHUPLQDGD H GR MHLWR GHWHUPLQDGR SHOD SUySULD OHL OHJDOIHLWDSHORDGPLQLVWUDGRUTXHHVFROKHXPFRPSRUWD
9HMDPRV PHQWRSUHYLDPHQWHYDOLGDGRSHODQRUPDGHQWURGRVOLPLWHV
GHOLEHUGDGHUHVXOWDQWHVGDLPSUHFLVmRGDOHLSDUDDWLQJLU
2VDWRV
DWRV
DWRVYLQFXODGRVWDPEpPFRQKHFLGRVFRPRDWRV
YLQFXODGRV DILQDOLGDGHS~EOLFDpDGHILQLomRGH5(*,6)(51$1'(6
UHJUDGRVVmRDTXHOHVFXMRVUHTXLVLWRVHFRQGLo}HVGHVXD '(2/,9(,5$HPVXDREUD$WR$GPLQLVWUDWLYRHGLomR6357
UHDOL]DomRYrPHVWDEHOHFLGRVSHODOHL7RGRVRVHOHPHQWRV S 
GRDWRDGPLQLVWUDWLYRYrPSUHYLVWRVHPOHLHVHGHOHVVH
DIDVWDURDGPLQLVWUDGRUSUDWLFDUiDWRQXOR$VVLPVHXP $VVLP R 3RGHU 'LVFULFLRQiULR p R H[HUFLGR SHOD
3UHIHLWR GHFLGH FRQVWUXLU XPD SRQWH HOH GHYHUi
GHYHUi DEULU $GPLQLVWUDomRDRSUDWLFDURVDWRVDGPLQLVWUDWLYRVFRP
FRQFRUUrQFLDS~EOLFD OLEHUGDGHQDHVFROKDGHVXDFRQYHQLrQFLDRSRUWXQLGDGH
HFRQWH~GR
-iRVDWRV
DWRV
DWRVGLVFULFLRQiULRVVmRRVTXHD$GPLQLVWUDomR
GLVFULFLRQiULRV
3~EOLFDSUDWLFDOHYDQGRHPFRQWDPDLVTXHDRSRUWXQLGD 2DGPLQLVWUDGRUDRSUDWLFDUXPDWRGLVFULFLRQiULRp
GHRXDFRQYHQLrQFLDGDPHGLGD1RDWRGLVFULFLRQiULRR OLYUH GH DWXDU GHQWUR GRV SDUkPHWURV IL[DGRV SHOD OHL
DGPLQLVWUDGRUWHPOLEHUGDGHGHHVFROKDGRFRQWH~GRGR 0HVPRQRFDVRGHDWRGLVFULFLRQiULR DFRPSHWrQFLDD
DWRGHVHXGHVWLQDWiULRGRPRGRGHVXDUHDOL]DomRGH ILQDOLGDGHHDIRUPDVmRVHPSUHUHTXLVLWRVYLQFXODGRV
VXDRSRUWXQLGDGHHVXDFRQYHQLrQFLD1RH[HPSORDFLPD
DGHFLVmRGR3UHIHLWRGHFRQVWUXLURXQmRXPDSRQWHHP 2 3URI+(/< /23(6 0(,5(//(6 HQVLQD TXH $
VXDFLGDGHHVVDGHFLVmRpWRWDOPHQWHGLVFULFLRQiULDHOH GLVFULFLRQDULHGDGHHVWiGRXWULQD)OHLQHUHPSHUPLWLU
HVFROKHUi R ORFDO HOH HVFROKHUi TXH WLSR GH SRQWH IDUi ROHJLVODGRUTXHDDXWRULGDGHDGPLQLVWUDWLYDHVFROKDHQWUH
FRQFUHWRPDGHLUDIHUURHWF HOHGHILQLUiTXDQGRIDUiD DV YiULDV SRVVLELOLGDGHV GH VROXomR DTXHOD TXH PHOKRU
SRQWHHWF FRUUHVSRQGDQRFDVRFRQFUHWRDRGHVHMRGDOHL0DVGHYHUi
VHPSUHHVWULWDREVHUYkQFLDjOHLSRUTXHDH[RUELWkQFLDGR
2LQHVTXHFtYHO9,&725181(6/($/HQVLQDYDTXH SRGHUGLVFULFLRQiULRFRQVWLWXLDWRLOtFLWRNFRPRWRGDDomR
QmRKiDWRDGPLQLVWUDWLYRYLQFXODGRPDVDWRDGPLQLVWUD YROXQWiULD FDUHQWH GH GLUHLWR  LQ 'LUHL
'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
WLYRGHFRUUHQWHGRSRGHUYLQFXODGRWDQWRTXDQWRVySRU %UDVLOHLURHG57S 
%UDVLOHLUR
WROHUkQFLD VH SRGHULD FRQVLGHUDU XP DWR GLVFULFLRQiULR
TXDQGR QmR SDVVD HOH GH XP DWR GHFRUUHQWH GR SRGHU 2XWUD DGYHUWrQFLD GR VDXGRVR 0HVWUH p D GH TXH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

'LVFULFLRQiULRVVySRGHPVHURVPHLRVHPRGRVGHDGPL RUHFRQKHFLPHQWRGHSULYLOpJLRVSDUDD$GPLQLV
QLVWUDUQXQFDRVILQVDDWLQJLU(PWHPDGHILQVDOLomR WUDomRFRPRRGHHQFDPSDomRRGHXVRFRPSXO
pGH%RQQDUGQmRH[LVWHMDPDLVSDUDD$GPLQLVWUDomR VyULRGRVUHFXUVRVKXPDQRVHPDWHULDLVGDHPSUH
XPSRGHUGLVFULFLRQiULR3RUTXHQmROKHpQXQFDGHL[DGR VDFRQWUDWDGDTXDQGRQHFHVViULRSDUDGDUFRQWL
SRGHUGHOLYUHDSUHFLDomRTXDQWRDRILPDDOFDQoDU2ILP QXLGDGHjH[HFXomRGRVHUYLoR
pVHPSUHLPSRVWRSHODVOHLVHUHJXODPHQWRVVHMDH[SOtFLWD
VHMD LPSOLFLWDPHQWH LQ 'LUHLWR
'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR %UDVLOHLUR
%UDVLOHLUR  4XDQWRDRH[HUFtFLRGDIXQomRS~EOLFDFRQVWLWXHP
HG57S  DSOLFDomRGRSULQFtSLRGDFRQWLQXLGDGH

'HRXWURODGRQmR
QmRKiSRVVLELOLGDGHGR3RGHU-XGLFLi
QmR DVQRUPDVTXHH[LJHPDSHUPDQrQFLDGRVHUYLGRU
ULRVXEVWLWXLUDGLVFULFLRQDULHGDGHGR$GPLQLVWUDGRUSHOD HPVHUYLoRTXDQGRSHGHH[RQHUDomRSHORSUD]R
GR0DJLVWUDGR3RULVVRTXHGHPRGRHTXtYRFRDILUPDP IL[DGRHPOHL
TXHR3RGHU-XGLFLiULRQmRSRGHDSUHFLDUDWRVGLVFULFLRQi
ULRV RVLQVWLWXWRVGDVXEVWLWXLomRVXSOrQFLDHGHOHJD
2 -XGLFLiULR VHPSUH SRGHUi DJLU Vy TXH QD DSUH omR
FLDomR GR DWR GLVFULFLRQiULR OLPLWDUVHi D YHULILFDU D
OHJDOLGDGH GR DWR H VH IRUDP REVHUYDGRV RV OLPLWHV GD D SURLELomR GR GLUHLWR GH JUHYH KRMHEDVWDQWH
GLVFULFLRQDULHGDGHSHOR$GPLQLVWUDGRU DIHWDGDQmRVyQR%UDVLOFRPRHPRXWURVSDtVHV
FRPRD)UDQoDSRUH[HPSOR/iVHHVWDEHOHFHUDP
GHWHUPLQDGDV UHJUDV TXH SURFXUDP FRQFLOLDU R
GLUHLWRGHJUHYH FRP DVQHFHVVLGDGHVGRVHUYLoR
6HUYLoRV3~EOLFRV S~EOLFRSURtEHVHDJUHYHURWDWLYDTXHDIHWDQGR
SRUHVFDODRVGLYHUVRV HOHPHQWRVGHXPVHUYLoR
&RQFHLWR SHUWXUED R VHX IXQFLRQDPHQWR DOpP GLVVR LP
S}HVH DRV VLQGLFDWRV D REULJDWRULHGDGH GH XPD
GHFODUDomRSUpYLDjDXWRULGDGHQRPtQLPRFLQFR
GLDVDQWHVGDGDWDSUHYLVWDSDUDRVHXLQtFLR
$SUHVWDomRGRVVHUYLoRVS~EOLFRVVXEPHWHVHDUHJUDV
EiVLFDVGHREVHUYkQFLDREULJDWyULD
1R %UDVLO R DUWLJR  LQFLVR 9,, GD &RQVWLWXLomR
DVVHJXUDRGLUHLWRGHJUHYHDRVVHUYLGRUHVS~EOLFRVQRV
$'RXWULQDWHPGHVWDFDGRFRPRSULQFtSLRVIXQGDPHQ
WHUPRVHQRVOLPLWHVDVHUHPHVWDEHOHFLGRVHPOHLFRPSOH
WDLVGDSUHVWDomRGRVHUYLoRS~EOLFR D VXDFRQWLQXLGDGH
PHQWDU´³ LQ´'LUHLWR$GPLQLVWUDWLYRHG$WODVSS 
E DPXWDELOLGDGHGHVXDVUHJUDVH F DLJXDOGDGHHQWUH
VHXVXVXiULRV
2VHJXQGRSULQFtSLRLPSHGHDYLQFXODomRGRVHUYLoR
S~EOLFR D UHJUDV UtJLGDV TXH LQYLDELOL]HP VXD SUySULD
2SULQFtSLRGDFRQWLQXLGDGHHVWDEHOHFHDSURLELomRGH RWLPL]DomRRXVHXDMXVWHjVFLUFXQVWkQFLDVGRWHPSRGR
VXDLQWHUUXSomRWDQWRTXDQWRpHVVHQFLDOjFRQYLYrQFLD HVSDoRRXGDUHDOLGDGHVRFLDO
VRFLDORVHUYLoRS~EOLFRKDYHQGRR(VWDGRVLGRFULDGRV
SDUDSUHVWiORVXDLQWHUUXSomRH[LELULDDLQHILFLrQFLDGD (QVLQDD3URI0$5,$6</9,$=$1(//$',3,(752TXH´
$GPLQLVWUDomRQRJRYHUQRGR(VWDGR SULQFtSLR GD
SULQFtSLR GD PXWDELOLGDGH
PXWDELOLGDGH GRGR UHJLPH
UHJLPH MXUtGLFR
MXUtGLFR
FR RX GD
IOH[LELOLGDGH GRV PHLRV DRV ILQV DXWRUL]D PXGDQoDV QR
(QILPRVVHUYLoRVS~EOLFRVGHYHPVHULQLQWHUUXSWRV UHJLPHGHH[HFXomRGRVHUYLoRSDUDDGDSWiORDRLQWHUHVVH
SDUD TXH QmR UHVXOWH SUHMXGLFDGR R DWHQGLPHQWR GR S~EOLFRTXHpVHPSUHYDULiYHOQRWHPSR(PGHFRUUrQFLD
LQWHUHVVHGDFROHWLYLGDGHTXHFULRXR(VWDGRHOHJLWLPDD GLVVRQHPRVVHUYLGRUHVS~EOLFRVQHPRVXVXiULRVGRV
$GPLQLVWUDomR3~EOLFD VHUYLoRVS~EOLFRVQHPRVFRQWUDWDGRVSHOD$GPLQLVWUDomR
WrP GLUHLWR DGTXLULGR j PDQXWHQomR GH GHWHUPLQDGR
$QRWDD3URI0$5,$6</9,$=$1(//$',3,(752TXH´2 UHJLPH MXUtGLFR R HVWDWXWR GRV IXQFLRQiULRV SRGH VHU
SULQFtSLRGDFRQWLQXLGDGH
FRQWLQXLGDGH
FRQWLQXLGDGHGR GRVHUYLoR
VHUYLoRS~EOLFRHPGHFRU
S~EOLFR DOWHUDGR RV FRQWUDWRV WDPEpP SRGHP VHU DOWHUDGRV RX
UrQFLD GR TXDO R VHUYLoR S~EOLFR QmR SRGH SDUDU WHP PHVPR UHVFLQGLGRV XQLODWHUDOPHQWH SDUD DWHQGHU DR
DSOLFDomR HVSHFLDOPHQWH FRP UHODomR DRV FRQWUDWRV LQWHUHVVHS~EOLFRRDXPHQWRGDVWDULIDVpIHLWRXQLODWHUDO
DGPLQLVWUDWLYRVHDRH[HUFtFLRGDIXQomRS~EOLFD PHQWHSHOD$GPLQLVWUDomRVHQGRGHDSOLFDomRLPHGLDWDµ
³ LQREUDHSiJLQDVFLWDV 
1R TXH FRQFHUQH DRV FRQWUDWRV R SULQFtSLR WUD] FRPR
FRQVHTrQFLDV 3RUGHUUDGHLURRSULQFtSLRGDLJXDOGDGH
LJXDOGDGH
LJXDOGDGHGRV
GRVXVXiULRV
YHGD VXD XWLOL]DomR SDUD GLVFULPLQDo}HV GH TXDOTXHU
DLPSRVLomRGHSUD]RVULJRURVRVDRFRQWUDHQWHD QDWXUH]DQHPSULYLOHJLDQGRDTXHPTXHUTXHVHMDQHP
SUHMXGLFDQGR SRU GLVWLQo}HV GH FDUiWHU VXEMHWLYR RX
DSOLFDomRGDWHRULDGDLPSUHYLVmRSDUDUHFRPSRU SHVVRDO
R HTXLOtEULR HFRQ{PLFR ILQDQFHLUR GR FRQWUDWR H
SHUPLWLUDFRQWLQXDomRGRVHUYLoR 2VHUYLoRS~EOLFRDVHUSUHVWDGRDRULFRHDRSREUHKi
GHVHURPHVPRWDQWRTXDQWRDRKRPHPHjPXOKHUDR
DLQDSOLFDELOLGDGHGDH[FHSWLRQRQDGLPSOHWLFRQ QHJURHDREUDQFRDRVUHOLJLRVRVGHTXDOTXHUVHLWDDRV
WUDFWXVFRQWUDD$GPLQLVWUDomR SROtWLFRVHDRVHOHLWRUHVHWF
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

&RQILUDDGLVWLQomRQRVHUYLoRS~EOLFRSURSULDPHQWH
&ODVVLILFDomR GLWRKiXPDQHFHVVLGDGHHVVHQFLDOjYLGDGDVRFLHGDGH
QR VHUYLoR GH XWLOLGDGH S~EOLFD QmR PDV DSHQDV XPD
IDFLOLGDGHjYLGDGDVSHVVRDV FRQIRUWREHPHVWDU 
1D GRXWULQD WHP SUHSRQGHUDGR D FODVVLILFDomR GRV
VHUYLoRVS~EOLFRVVREDyWLFDGDJUDGXDomRGHVXDHVVHQFLD ž  &RQVLGHUDQGRVH D DGHTXDomR
DGHTXDomR GR VHUYLoR VmR
OLGDGH RX VHMD GH VXD LPSUHVFLQGLELOLGDGH DR S~EOLFR HOHVFODVVLILFDGRVHP
GHVWLQDWiULR ( VRE WDO DVSHFWR WrP VLGR UHFRQKHFLGDV
PRGDOLGDGHVGHVHUYLoRVS~EOLFRV
GXDVPRGDOLGDGHV
PRGDOLGDGHV D VHUYLoRVSUySULRVGR(VWDGR
D RVVHUYLoRVS~EOLFRVH 2VVHUYLoRVSUySULRVGR(VWDGRVmRRVTXHVHUHIHUHP
E RVGHXWLOLGDGHS~EOLFD jSUySULDUD]mRGHVHUGR3RGHU3~EOLFR$VSHVVRDVVH
RUJDQL]DUDP HP VRFLHGDGHV H[DWDPHQWH SDUD REWHU
-iVREDyWLFDGHVXDYLQFXODomRjHVVrQFLDGR(VWDGR
VHJXUDQoDVD~GHHWF$$GPLQLVWUDomR3~EOLFDWHPSRU
RXGHVXDDGHTXDomRDRVILQVGR(VWDGRVHUmRHOHV
ILQDOLGDGH H[DWDPHQWH DWHQGHU D HVVDV QHFHVVLGDGHV
IXQGDPHQWDLVGD FRQYLYrQFLDVRFLDOVHJXUDQoDS~EOLFD
F VHUYLoRVSUySULRVRX
SROtFLD QR VHQWLGR GH ILVFDOL]DomR GDV DWLYLGDGHV HP
G LPSUySULRVGR(VWDGR
JHUDO KLJLHQH VDQHDPHQWREiVLFR HWFVmRVHUYLoRVVHPRV
(PDWHQWDQGRjQDWXUH]DGRSUySULRVHUYLoRSRGHUmR TXDLVVHWRUQDULDLPSRVVtYHOFRQYLYHUHPVRFLHGDGH
HOHVVHU
H DGPLQLVWUDWLYRVRX 2(VWDGRGHYHGHVHPSHQKDUHVVHVVHUYLoRVLPSRQ
I LQGXVWULDLV GRVHVREUHDVSHVVRDVDWpSDUDTXHRLQWHUHVVHFROHWLYR
GHWRGDVDV GHPDLVSHVVRDV VHMDSUHVHUYDGR3RUHVVD
(GHSHQGHQGRGRQ~PHURGHSHVVRDVGHVWLQDWiULDV UD]mRWDLVVHUYLoRVQmRSRGHPVHUGHOHJDGRV WUDQVIHUL
GRVVHUYLoRVS~EOLFRVHVWHVVHUmR GRV DWHUFHLURV

J VHUYLoRVXWLXQLYHUVLRX E VHUYLoRVLPSUySULRVGR(VWDGR
K XWLVLQJXOL
+iLQWHUHVVHVTXHQmRGL]HPUHVSHLWRjFRPXQLGDGH
&RQILUDFDGDXPDGHVVDVPRGDOLGDGHV FRPRXPWRGRPDVjJUDQGHPDLRULDGDVSHVVRDVTXH
YLYHPQDVRFLHGDGH (PHVPRDVVLPDFDGDXPDGDV
ž &RQVLGHUDQGRVHDHVVH
HVVHQFLDOLGDGH
HVVHQFLDOLGDGHGRVHUYLoRVmR
QFLDOLGDGH SHVVRDVLQGLYLGXDOPHQWH(VVHVVHUYLoRVVmRFKDPDGRVGH
HOHVFODVVLILFDGRVHP VHUYLoRVLPSUySULRVGR(VWDGR

D VHUYLoRVS~EOLFRV $ SUHVWDomR GHVVHV VHUYLoRV SRGH VHU GHOHJDGD


WUDQVIHULGD DSDUWLFXODUHV(VVDWUDQVIHUrQFLDVHGiRX
6mR DTXHOHV TXH D SUySULD $GPLQLVWUDomR 3~EOLFD SRU DD FRQFHVVmRRXSRU E
E SHUPLVVmRRXSRU‹DXWRUL]D
SUHVWDjFRPXQLGDGHGLUHWDPHQWHSRUTXHVmRHVVHQFLDLV omR
HQHFHVViULRVjYLGDVRFLDOHDRSUySULR3RGHU3~EOLFRR 1DWXUDOPHQWH R 3RGHU 3~EOLFR UHJXODPHQWDUi H
VHUYLoR GH VHJXUDQoD S~EOLFD SROtFLD  VD~GH S~EOLFD FRQWURODUiWDOSUHVWDomRGHVHUYLoRVSHORVFRQFHVVLRQiULRV
GHIHVDQDFLRQDOHWF SHUPLVVLRQiULRVRXDXWRUL]DWiULRVTXHRVSUHVWDUmRSRU
VXDFRQWDHULVFRFREUDQGRXPDUHPXQHUDomRGRVXVXi
1RUPDOPHQWHR3RGHU3~EOLFRQmRSRGHGHOHJDUD ULRV
SDUWLFXODUHV WDLV VHUYLoRV XPD YH] TXH VXD UHDOL]DomR ž &RQVLGHUDQGRVHDILQDOLGDGH
ILQDOLGDGHGRVHUYLoRVmRHOHV
ILQDOLGDGH
H[LJHLPSRVLo}HVVXEPHWHQGRDVSHVVRDVjIRUoD LPSp FODVVLILFDGRVHP
ULR GHFHUWDVPHGLGDVREULJDWyULDV
D VHUYLoRVDGPLQLVWUDWLYRV
E VHUYLoRVGHXWLOLGDGHS~EOLFD
$GPLQLVWUDWLYRVVmRRVVHUYLoRVTXHD$GPLQLVWUDomR
6mR DTXHOHV TXH  QmR VHQGR HVVHQFLDLV QHP H[HFXWDSDUDDWHQGHUVXDVSUySULDVQHFHVVLGDGHVLQWHUQDV
LPSUHVFLQGtYHLVjVSHVVRDVD$GPLQLVWUDomRRXSUHVWD RX HQWmR SDUD SUHSDUDU RXWURV VHUYLoRV TXH VHUmR
GLUHWDPHQWHRXFRQVHQWHTXHWHUFHLURV FRQFHVVLRQiULRV
SUHVWDGRV DR S~EOLFR  ([HPSOR WtSLFR p R VHUYLoR GD
SHUPLVVLRQiULRVRXDXWRUL]DWiULRV RVSUHVWHP(FRPRKi
,PSUHQVDRILFLDOGHSHVTXLVDVHWF
XP LQWHUHVVH GH WRGD D SRSXODomR D $GPLQLVWUDomR
3~EOLFDHVWDEHOHFHFRQGLo}HVUHJXODPHQWDGDVHH[HUFHXP
UtJLGR FRQWUROH VREUH RV SUHVWDGRUHV SDUWLFXODUHV (VWHV E VHUYLoRVLQGXVWULDLV
SUHVWDPWDLVVHUYLoRVSRUVXDFRQWDHULVFRFREUDQGRXPD
UHPXQHUDomR GRV XVXiULRV ([ VHUYLoRV GH WUDQVSRUWH ,QGXVWULDLV VmR RV VHUYLoRV SUHVWDGRV PHGLDQWH
FROHWLYR WHOHIRQH IRUQHFLPHQWR GH JiV GH HQHUJLD FREUDQoD GH XPD WDULID RX SUHoR S~EOLFR RX VHMD RV
HOpWULFDHWF VHUYLoRV SURGX]HP UHQGLPHQWR SDUD TXHP R SUHVWD H
SRXFRLPSRUWDVHR3RGHU3~EOLFRRVSUHVWDGLUHWDPHQWH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

RX VH WUDQVIHUH VXD SUHVWDomR D FRQFHVVLRQiULRV SHU 7RGDVDVDWLYLGDGHVLQHUHQWHVDRUHVSHFWLYRWHUULWyULR


PLVVLRQiULRVRXDXWRUL]DWiULRVSDUDTXHHVWHVRVSUHVWHP GR PXQLFtSLR VHXV LQWHUHVVHV H VXD RUJDQL]DomR ³
SRUVXDFRQWDHULVFRFREUDQGRDWDULIDGRVXVXiULRV FRPSRUmRRDFHUYRGHSUHVWDomRGHVHUYLoRVGDFRPSHWrQ
FLDPXQLFLSDO
ž &RQVLGHUDQGRVHRVGHVWLQDWiULRV
GHVWLQDWiULRVGRVHUYLoRVmR
GHVWLQDWiULRV
HOHVFODVVLILFDGRVHP $PHVPDGLUHWUL]QRUWHDUiRVVHUYLoRVGDFRPSHWrQFLD
GRV (VWDGRVPHPEURV TXDO GR 'LVWULWR )HGHUDO H GD
VHUYLoRXWLXQLYHUVL
D VHUYLoRXWLXQLYHUVL
XWLXQLYHUVL SUySULD8QLmR

(VWHVVHUYLoRVQmRVmRGHVWLQDGRVHVSHFLDOPHQWHD 6HUYLoRVGD&RPSHWrQFLDGD8QLmR
DOJXPWLSRGHXVXiULRGHVWLQDPVHHOHVDWRGDDFROHWLYL
GDGHHQmRDSHVVRDVHPHVSHFLDO2LQWHUHVVHGHWRGDD $&RQVWLWXLomR)HGHUDOGHILQHRVVHUYLoRVGDFRPSHWrQ
SRSXODomRLQGLVFULPLQDGDPHQWHpVDWLVIHLWR(RTXHp FLDGD8QLmR
GHWRGRVQmRpGLUHLWRHVSHFLILFDPHQWHGHDOJXP([RV
VHUYLoRVGHSROLFLDPHQWRLOXPLQDomRS~EOLFDFDOoDPHQWR $UW &RPSHWHj8QLmR
HWF
VHUYLoRXWLVLQJXOL
E VHUYLoRXWLVLQJXOL
XWLVLQJXOL , PDQWHU UHODo}HVFRP(VWDGRVHVWUDQJHLURVH
SDUWLFLSDUGHRUJDQL]Do}HVLQWHUQDFLRQDLV
&RPRGL]RSUySULRQRPHHVWHVVHUYLoRpHQGHUHoDGR
jXWLOL]DomRGHSHVVRDVSDUWLFXODUPHQWH([RVHUYLoRGH ,, GHFODUDUDJXHUUDHFHOHEUDUDSD]
IRUQHFLPHQWRGHiJXDJiVHQHUJLDHOpWULFDHWF
,,, DVVHJXUDUDGHIHVDQDFLRQDO
'HSRLVGHRIHUWDGRVWDLVVHUYLoRVDVSHVVRDVEHQHIL
FLiULDVSDVVDPDWHUGLUHLWRVXEMHWLYRDRVHUYLoRRXVHMD ,9 SHUPLWLU QRV FDVRV SUHYLVWRV HP OHLFRPSOH
SRGHP H[LJLU VXD SUHVWDomR VH WRGDV DV UHVSHFWLYDV PHQWDUTXHIRUoDVHVWUDQJHLUDVWUDQVLWHPSHOR
FRQGLo}HVHVWmRDWHQGLGDV WHUULWyULRQDFLRQDORXQHOHSHUPDQHoDPWHPSR
UDULDPHQWH

9 GHFUHWDURHVWDGRGHVtWLRRHVWDGRGHGHIHVDH
&RPSHWrQFLDSDUDSUHVWDomRGRVHUYLoR DLQWHUYHQomRIHGHUDO

9, DXWRUL]DUHILVFDOL]DUDSURGXomRHRFRPpUFLR
6DELGDPHQWH D $GPLQLVWUDomR 3~EOLFD p WRGR R GHPDWHULDOEpOLFR
DSDUDWRGR(VWDGRSDUDUHDOL]DURPLVWHU WDUHID SDUDR
TXDOIRLFULDGRGHVGHDSURWHomRGDVIURQWHLUDVVHJXUDQoD 9,, HPLWLUPRHGD
GDSD]DWpDVPtQLPDVQHFHVVLGDGHVFRPXQVGDVSHVVRDV
TXH WDPEpP VH FRPSUHHQGHP QRV VHUYLoRV D VHUHP 9,,, DGPLQLVWUDU DV UHVHUYDV FDPELDLV GR 3DtVH
SUHVWDGRVSHOR(VWDGR ILVFDOL]DUDVRSHUDo}HVGHQDWXUH]DILQDQFHLUD
HVSHFLDOPHQWHDVGHFUpGLWRFkPELRHFDSLWDOL
(VVDDUD]mRSHODTXDODRUJDQL]DomRDGPLQLVWUDWLYD ]DomREHPFRPRDVGHVHJXURVHGHSUHYLGrQFLD
pFRUUHODFLRQDGDFRPDHVWUXWXUDGR(VWDGRHVXDUHVSHFWL SULYDGD
YDIRUPDGHJRYHUQR1RFDVREUDVLOHLURHPTXHR(VWDGR
p )HGHUDWLYR VRE JRYHUQR 5HSXEOLFDQR 3UHVLGHQFLDOLVWD ,; HODERUDUHH[HFXWDUSODQRVQDFLRQDLVHUHJLRQDLV
QXPDGHPRFUDFLDUHSUHVHQWDWLYDDVVHJXUDQGRVHDXWRQR GHRUGHQDomRGRWHUULWyULRHGHGHVHQYROYLPHQ
PLDj8QLmRDRV(VWDGRV0HPEURVDRV0XQLFtSLRVHDR WRHFRQ{PLFRHVRFLDO
'LVWULWR)HGHUDO³HDVVLPQmRVyDRUJDQL]DomRDGPLQLV
WUDWLYDVHGHVHQYROYHUiQHVVHVWUrVQtYHLVJRYHUQDPHQWDLV
WUrVQtYHLVJRYHUQDPHQWDLV
WUrVQtYHLVJRYHUQDPHQWDLV ; PDQWHURVHUYLoRSRVWDOHRFRUUHLRDpUHRQDFLR
FRPRDFRPSHWrQFLD
FRPSHWrQFLDSDUDSUHVWDomRGHVHUYLoRVS~EOLFRV
FRPSHWrQFLD QDO
VHUiUHSDUWLGDSDUD8QLmR(VWDGRV0XQLFtSLRVH'LVWULWR
)HGHUDO ;,  H[SORUDU GLUHWDPHQWHRXPHGLDQWHDXWRUL]D
omR FRQFHVVmR RX SHUPLVVmR RV VHUYLoRV
VHUYLoRV
oRV GH
eRTXHREVHUYDR3URI+(/</23(60(,5(//(6TXH WHOHFRPXQLFDo}HVQRVWHUPRVGDOHLTXHGLVSR
2HVWXGRGD$GPLQLVWUDomR3~EOLFDHPJHUDOFRPSUHHQGHQ UiVREUHDRUJDQL]DomRGRVVVHUYLoRVDFULDomR
HUYLoRV
GR D VXD HVWUXWXUD
HVWUXWXUD H DV VXDV DWLYLGDGHV GHYH SDUWLU GR GHXPyUJmRUHJXODGRUHRXWURVDVSHFWRVLQVWL
FRQFHLWRGH(VWDGRVREUHRTXDOUHSRXVDWRGDDFRQFHSomR
WXFLRQDLV
PRGHUQD GH RUJDQL]DomR H IXQFLRQDPHQWR GRV VHUYLoRV
S~EOLFRVDVHUHPSUHVWDGRVDRVDGPLQLVWUDGRV³ LQ'LUHLWR
;,, H[SORUDUGLUHWDPHQWHRXPHGLDQWHDXWRUL]DomR
$GPLQLVWUDWLYR%UDVLOHLURHG57S 
FRQFHVVmRRXSHUPLVVmR
(LV Dt R FULWpULR IXQGDPHQWDO SDUD D GHILQLomR GD
D RVVHUYLoRV
VHUYLoRVGHUDGLRGLIXVmRVRQRUDHGHVRQV
VHUYLoRV
FRPSHWrQFLDSDUDSUHVWDURVHUYLoRS~EOLFR
FRPSHWrQFLD
HLPDJHQV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

E RVVHUYLoRV
VHUYLoRVHLQVWDODo}HVGHHQHUJLDHOpWULFDHR
VHUYLoRV D WRGDDWLYLGDGHQXFOHDUHPWHUULWyULRQDFLRQDO
DSURYHLWDPHQWRHQHUJpWLFRGRVFXUVRVGHiJXD VRPHQWH VHUi DGPLWLGD SDUD ILQV SDFtILFRV H
HPDUWLFXODomRFRPRV(VWDGRVRQGHVHVLWXDP PHGLDQWHDSURYDomRGR&RQJUHVVR1DFLRQDO
RVSRWHQFLDLVKLGURHQHUJpWLFRV
E VRE UHJLPH GH SHUPLVVmR VmR DXWRUL]DGDV D
F D QDYHJDomR DpUHD DHURHVSDFLDO H D LQIUD FRPHUFLDOL]DomRHDXWLOL]DomRGHUDGLRLVyWRSRV
HVWUXWXUDDHURSRUWXiULD SDUD D SHVTXLVD H XVRV PpGLFRV DJUtFRODV H
LQGXVWULDLV
G RVVHUYLoRV
VHUYLoRVGHWUDQVSRUWHIHUURYLiULRHDTXDYLi
VHUYLoRV
ULRHQWUHSRUWRVEUDVLOHLURVHIURQWHLUDVQDFLRQD F VRE UHJLPH GH SHUPLVVmR VmR DXWRUL]DGDV D
LVRXTXHWUDQVSRQKDPRVOLPLWHVGH(VWDGRRX SURGXomR FRPHUFLDOL]DomR H XWLOL]DomR GH
7HUULWyULR UDGLRLVyWRSRVGHPHLDYLGDLJXDORXLQIHULRUD
GXDVKRUDV
H RVVHUYLoRV
VHUYLoRVGHWUDQVSRUWHURGRYLiULRLQWHUHVWD
VHUYLoRV
GXDOHLQWHUQDFLRQDOGHSDVVDJHLURV G D UHVSRQVDELOLGDGH FLYLO SRU GDQRV QXFOHDUHV
LQGHSHQGHGDH[LVWrQFLDGHFXOSD
I RVSRUWRVPDUtWLPRVIOXYLDLVHODFXVWUHV
;;,9 RUJDQL]DU PDQWHU H H[HFXWDU D LQVSHomRGR
;,,, RUJDQL]DUHPDQWHUR3RGHU-XGLFLiULRR0LQLV WUDEDOKR
WpULR3~EOLFRGR'LVWULWR)HGHUDOHGRV7HUULWy
ULRVHD'HIHQVRULD3~EOLFDGRV7HUULWyULRV ;;9 HVWDEHOHFHUDViUHDVHDVFRQGLo}HVSDUDRH[HU
FtFLRGDDWLYLGDGHGHJDULPSDJHP HPIRUPD
 ;,9 RUJDQL]DU H PDQWHU D SROtFLDFLYLODSROtFLD DVVRFLDWLYD
PLOLWDU H R FRUSR GH ERPEHLURV PLOLWDU GR
'LVWULWR)HGHUDOEHPFRPRSUHVWDUDVVLVWrQFLD 6HUYLoRVGD&RPSHWrQFLD'RV(VWDGRVPHPEURV
ILQDQFHLUDDR'LVWULWR)HGHUDOSDUDDH[HFXomR
GH VHUYLoRVS~EOLFRVSRUPHLRGHIXQGRSUy
VHUYLoRV $UW 2V(VWDGRVRUJDQL]DPVHHUHJHPVHSHODV&RQVWL
SULR WXLo}HVHOHLVTXHDGRWDUHPREVHUYDGRVRVSULQFt
SLRVGHVWD&RQVWLWXLomR
;9 RUJDQL]DU H PDQWHU RV VHUYLoRVRILFLDLVGH
VHUYLoRV
HVWDWtVWLFDJHRJUDILDJHRORJLDHFDUWRJUDILDGH †ž 6mRUHVHUYDGDVDRV(VWDGRVDVFRPSHWrQFLDVTXH
kPELWRQDFLRQDO QmROKHVVHMDPYHGDGDVSRUHVWD&RQVWLWXLomR
;9, H[HUFHUDFODVVLILFDomRSDUDHIHLWRLQGLFDWLYR †ž &DEHDRV(VWDGRVH[SORUDUGLUHWDPHQWHRXPHGL
GHGLYHUV}HVS~EOLFDVHGHSURJUDPDVGHUiGLR DQWHFRQFHVVmRRVVHUYLoRV
VHUYLoRVORFDLVGHJiVFDQDOL]D
VHUYLoRV
HWHOHYLVmR GRQDIRUPDGDOHLYHGDGDDHGLomRGHPHGLGD
SURYLVyULDSDUDDVXDUHJXODPHQWDomR
;9,, FRQFHGHUDQLVWLD
†ž 2V(VWDGRVSRGHUmRPHGLDQWHOHLFRPSOHPHQWDU
;9,,, SODQHMDUHSURPRYHUDGHIHVDSHUPDQHQWHFRQ LQVWLWXLU UHJL}HV PHWURSROLWDQDV DJORPHUDo}HV
WUDDVFDODPLGDGHVS~EOLFDVHVSHFLDOPHQWHDV XUEDQDVHPLFURUUHJL}HVFRQVWLWXtGDVSRUDJUXSD
VHFDVHDVLQXQGDo}HV PHQWRVGH0XQLFtSLRVOLPtWURIHVSDUDLQWHJUDUD
RUJDQL]DomR R SODQHMDPHQWR H D H[HFXomR GH
;,; LQVWLWXLUVLVWHPDQDFLRQDOGHJHUHQFLDPHQWRGH
IXQo}HVS~EOLFDVGHLQWHUHVVHFRPXP
UHFXUVRVKtGULFRVHGHILQLUFULWpULRVGHRXWRUJD
GHGLUHLWRVGHVHXXVR
6HUYLoRVGD&RPSHWrQFLDGRV0XQLFtSLRV
;; LQVWLWXLU GLUHWUL]HV SDUDRGHVHQYROYLPHQWR
XUEDQRLQFOXVLYHKDELWDomRVDQHDPHQWREiVLFR
$UW&RPSHWHDRV0XQLFtSLRV
HWUDQVSRUWHVXUEDQRV

9 RUJDQL]DUHSUHVWDUGLUHWDPHQWHRXVREUHJLPH
;;, HVWDEHOHFHUSULQFtSLRVHGLUHWUL]HVSDUDRVLVWH
GHFRQFHVVmRRXSHUPLVVmRRVVH VHUYLoRV
VHUYLoRVS~EOL
UYLoRV
PDQDFLRQDOGHYLDomR
FRVGHLQWHUHVVHORFDOLQFOXtGRRGHWUDQVSRUWH
FROHWLYRTXHWHPFDUiWHUHVVHQFLDO
;;,, H[HFXWDURVVHUYLoRV
VHUYLoRVGHSROtFLDPDUtWLPDDHUR
VHUYLoRV
SRUWXiULDHGHIURQWHLUDV
9, PDQWHUFRPDFRRSHUDomRWpFQLFDHILQDQFHLUD
H[SORUDURVVHUYLoRV
VHUYLoRVHLQVWDODo}HVQXFOHDUHVGH GD8QLmRHGR(VWDGRSURJUDPDVGHHGXFDomR
;;,,, VHUYLoRV
TXDOTXHUQDWXUH]DHH[HUFHUPRQRSyOLRHVWDWDO LQIDQWLOHGHHQVLQRIXQGDPHQWDO
VREUHDSHVTXLVDDODYUDRHQULTXHFLPHQWRH
UHSURFHVVDPHQWRDLQGXVWULDOL]DomRHRFRPpU 9,, SUHVWDUFRPDFRRSHUDomRWpFQLFDHILQDQFHLUD
FLR GH PLQpULRV QXFOHDUHV H VHXV GHULYDGRV GD8QLmRHGR(VWDGRVHUYLoRV
VHUYLoRVGHDWHQGLPHQWR
VHUYLoRV
DWHQGLGRVRVVHJXLQWHVSULQFtSLRVHFRQGLo}HV jVD~GHGDSRSXODomR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

9,,, SURPRYHU QR TXH FRXEHU DGHTXDGRRUGHQD DTXHOHVVHUYLoRVDILQDGRVjQDWXUH]DGR(VWDGRFRPRD


PHQWR WHUULWRULDO PHGLDQWH SODQHMDPHQWR H SUHVWDomRGH-XVWLoDVHJXUDQoDS~EOLFDVD~GHDGPLQLV
FRQWUROHGRXVRGRSDUFHODPHQWRHGDRFXSD WUDomRHWFeFpOHUHDPDUFKDSDUDSULYDWL]DomRTXHEUD
omRGRVRORXUEDQR GHPRQRSyOLRHVWDWDOHQILPRDIDVWDPHQWRPi[LPRGR
(VWDGRGDDWLYLGDGHHFRQ{PLFRHPSUHVDULDO
,; SURPRYHUDSURWHomRGRSDWULP{QLRKLVWyULFR
FXOWXUDOORFDOREVHUYDGDDOHJLVODomRHDDomR 1RVVD&RQVWLWXLomR)HGHUDOHPVHXDUWHVWDEHOH
ILVFDOL]DGRUDIHGHUDOHHVWDGXDO ,QFXPEH
,QFXPEH DR
FH TXH ,QFXPEH DR 3RGHU
3RGHU 3~EOLFR
3~EOLFR QD IRUPD GD OHL
GLUHWDPHQWH
GLUHWDPHQWH RX
RX VRE
VRE UHJLPH
UHJLPH GH FRQFHVVmR RX SHUPLVVmR
VHPSUH
VHPSUH DWUDYpV
DWUDYpV GH
GH OLFLWDomR
OLFLWDomR D SUHVWDomR GH VHUYLoRV
6HUYLoRVGD&RPSHWrQFLDGR'LVWULWR)HGHUDO S~EOLFRVHREULJRXDHGLomRGHXPDOHLGLVSRQGRVREUH
S~EOLFRV
D RUHJLPHGDVHPSUHVDVFRQFHVVLRQiULDVHSHUPLVVLRQi
(PVHQGRXPPLVWRGH(VWDGRH0XQLFtSLRR'LVWULWR ULDVGHVHUYLoRVS~EOLFRVRFDUiWHUHVSHFLDOGHVHXFRQWUD
)HGHUDOWHPXPDFRPSHWrQFLDFXPXODWLYDGHYHSUHVWDU WR H GH VXD SURUURJDomR EHP FRPR DV FRQGLo}HV GH
HPVHXWHUULWyULRRVVHUYLoRVTXHFRPSHWHPDXP(VWDGR FDGXFLGDGH ILVFDOL]DomR H UHVFLVmR GD FRQFHVVmR RX
HRVVHUYLoRVTXHFRPSHWHPDXPPXQLFtSLR SHUPLVVmRVREUH E RVGLUHLWRVGRVXVXiULRV G SROtWLFD
WDULIiULD H VREUH H  D REULJDomR GH PDQWHU VHUYLoR
DGHTXDGR

5HJXODPHQWDomRH&RQWUROH )RL HQWmR HGLWDGD D /HL


/HL Qž
Qž 

 SDUD DWHQGHU
jTXHOHPDQGDPHQWRFRQVWLWXFLRQDOHWUDoRXR PRGHUQR
SHUILOGR6HUYLoR3~EOLFRQR%UDVLOVXMHLWDQGRDVFRQFHV
SHUILO
6HRVHUYLoRpS~EOLFRRXGHXWLOLGDGHS~EOLFDTXHPR V}HVHSHUPLVV}HVjVHYHUDIILVFDOL]DomRGR3RGHU3~EOLFR
LVFDOL]DomR
GLVFLSOLQD WDQWR UHJXODPHQWDQGR
UHJXODPHQWDQGR D IRUPD H PHLR GH FRQFHGHQWH GR VHUYLoR TXH SDUD LVVR FRQWDUi FRP D
SUHVWDomR VHXV OLPLWHV H DOFDQFHV FRPR FRQWUR
FRQWURODQGR
ODQGR FRRSHUDomRGRVXVXiULRV DUWž 
FRRSHUDomR
PHGLDQWHVHYHUDILVFDOL]DomRpD$GPLQLVWUDomR3~EOLFD
LQGHSHQGHQWHPHQWH GH TXDO VHMD D PRGDOLGDGH GH VXD /HLGHDXWRULDGRHQWmR6HQDGRU)HUQDQGR+HQULTXH
SUHVWDomRjFROHWLYLGDGHQRXWUDVSDODYUDVVHMDRVHUYLoR &DUGRVRHVWDEHOHFHXPQRYRUHJLPHSDUDDVFRQFHVV}HVGH
FRQFHGLGRRXSHUPLWLGRRXDXWRUL]DGRFXPSULUiDR3RGHU VHUYLoRS~EOLFRHEXVFDGDUPDLRUIOH[LELOLGDGHSDUDTXH
3~EOLFRVXDUHJXODPHQWDomR
UHJXODPHQWDomRHFRQWUROH
UHJXODPHQWDomR FRQWUROH
FRQWUROH R3RGHU3~EOLFRSRVVDHQWUHJDUDOJXQVVHUYLoRVS~EOLFRVjV
HPSUHVDVSULYDGDV$VVLPHVWLPXODVHDSURGXomRGHQRYD
3RQGHUDRLQHVTXHFtYHO3URI+(/</23(60(,5(//(6 DWLYLGDGHSULYDGDFULDomRGHHPSUHJRVHR3RGHU3~EOLFR
TXH 2 ILP SUHFtSXR GR VHUYLoR SXEOLFR RX GH XWLOLGDGH ILFDOLEHUDGRGHPDLVHVVDREULJDomRS~EOLFD
S~EOLFDFRPRRSUySULRQRPHHVWiDLQGLFDUp VHUYLU
VHUYLU DR
S~EOLFR
S~EOLFR H VHFXQGDULDPHQWH SURGX]LU UHQGD D TXHP R $ H[SHFWDWLYD p GH TXH D SRSXODomR VH EHQHILFLH
H[SORUD'DtGHFRUUHRGHYHULQGHFOLQiYHOGHRFRQFHGHQWH SRUTXDQWRDHPSUHVDSDUWLFXODUFREUDUiXPDMXVWDWDULID
UHJXODPHQWDU ILVFDOL]DU H LQWHUYLU QR VHUYLoR FRQFHGLGR HH[HFXWDUiRVHUYLoRFRPPHOKRUTXDOLGDGHTXHR3RGHU
VHPSUH TXH QmR HVWLYHU VHQGR SUHVWDGR D FRQWHQGR GR 3~EOLFR TXH VH OLPLWDUi D ILVFDOL]DU H JDUDQWLU D ERD
S~EOLFR D TXH p GHVWLQDGR LQ 'LUHLWR
'LUHLWR
'LUHLWR $GPLQLVWUDWLYR SUHVWDomRGRVHUYLoRS~EOLFR
%UDVLOHLURHG57S 
%UDVLOHLUR
e LVVR TXH Mi DFRQWHFH SRU H[HPSOR FRP RV WUDQV
2V WHPSRV DWXDLV YrP GHPRQVWUDQGR TXH RV FRIUHV SRUWHVXUEDQRVFRPRVVHUYLoRVIXQHUiULRVFRPDHQHUJLD
S~EOLFRVQmRGLVS}HPGHUHFXUVRVSDUDFXVWHDUWRGDVVXDV HOpWULFD HWF $ DWXDO LQHILFLrQFLD QD SUHVWDomR GHVVHV
QmRDWHQGHPVDWLVIDWRULD
REULJDo}HVRVVHUYLoRVS~EOLFRVQmR
QmR VHUYLoRVQmRLQYDOLGDDLGpLDPHVPRSRUTXHWDLVIDOKDVVy
PHQWHjSRSXODomRHpSURSRUFLRQDODREDL[tVVLPRVDOiULR VH GHYHP DR IDWR GH R 3RGHU 3~EOLFR QmR H[HUFHU D
GR IXQFLRQDOLVPR ( YHMD TXH QR %UDVLO D FREUDQoD GH ILVFDOL]DomR TXH OKH FXPSUH $EUHVH DJRUD SRUpP D
WULEXWRVpXPDGDVPDLVSHVDGDVGRPXQGR1HPDVVLPKi SHUVSHFWLYD GH R XVXiULR SDUWLFLSDU GHVVD ILVFDOL]DomR
GLQKHLUR SDUD EDQFDU R HVEDQMDPHQWR S~EOLFR H RV DX[LOLDQGRRFRQWUROHGR3RGHU3~EOLFRVREUHRFRQFHVVLR
GHVSHUGtFLRV HP FXVWHLR GH FDSULFKRV IHUURYLiULRV GH QiULRRXSHUPLVVLRQiULR DUWž 
3UHVLGHQWHV SDVVDGRV RX ILQDQFLDPHQWR GD EDQFDUURWD
IUDXGXOHQWDGHQRUDEDQTXHLUDSRUVHXVXFHVVRUDJUDYD 6REUH D HIHWLYLGDGH GHVVD FRQWULEXLomR ILVFDOL]DGRUD
GRVSHORDFXPSOLFLDPHQWRILVLRORJLVPRGHXP&RQJUHVVR GRVXVXiULRV&$5/263,172&2(/+20277$REVHUYRX
TXHEDUJDQKDYRWRVHWULSXGLDVREUHDpWLFDHDPRUDO TXH e FDGD YH] PDLV IUHTHQWH HP WH[WRV OHJLVODWLYRV D
PHQomRjSDUWLFLSDomRSRSXODUQRFRQWUROHGD$GPLQLVWUD
,VVRGHFRUUHXGRDJLJDQWDPHQWRGR3RGHU3~EOLFRTXH omR HPERUD D HILFiFLD GHVVD SDUWLFLSDomR HVWHMD DLQGD
VH LQWURPHWHX QD DYHQWXUD GDV DWLYLGDGH HFRQ{PLFDV FRQGLFLRQDGD DR GHVHQYROYLPHQWR GH IyUPXODV H PpWRGRV
H[SORUDQGREDQFRVVLGHU~UJLFDVHQHUJLDHOpWULFDWUDQV PDLVFRQFUHWRVHUHDOLVWDVSDUDVHXH[HUFtFLR LQ(ILFiFLDQDV
SRUWHV HWF 2 SpVVLPR HPSUHViULR TXH VH PRVWURX R /LFLWDo}HVH&RQWUDWRVHG'HO5H\S 
(VWDGRHPWRGRVRVFDQWRVGR3ODQHWDSURYRXDWHQGrQFLD
PXQGLDO GH DIDVWDU R 3RGHU 3~EOLFR GR PDLRU Q~PHUR 1mRpGHPDVLDGDDLQGDDREVHUYDomRGHTXHDJRUDVH
SRVVtYHO GH DWLYLGDGHV UHVHUYDQGROKH H[FOXVLYDPHQWH LQVWLWXFLRQDOL]RX  H[ OHJH  D REULJDWRULHGDGH GH R
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

VHUYLoRFRQFHGLGRRXSHUPLWLGRVHMDDGHTXDGRGHSOHQR DXWDUTXLDRXSDUDHVWDWDORXRSUySULRFRQFHVVLRQiULR
DWHQGLPHQWRGRVXVXiULRVDOpPGHVXEPLVVRjVGLVSRVL RXRSHUPLVVLRQiULRRXRDXWRUL]DWiULR 
o}HVOHJDLVHUHVSHFWLYRFRQWUDWR(SDUDTXHDH[SUHVVmR
VHUYLoRDGHTXDGRQmRFDtVVHQRHVYD]LDPHQWRGDVGLVFXV 6HHQWUHWDQWRDSHVVRDUHVSRQViYHOSHODSUHVWDomRGR
V}HVVHPkQWLFDVDSUySULDOHLFXLGRXGHGHILQLORFRPR VHUYLoRS~EOLFR SRXFRLPSRUWDVHR(VWDGRXPDDXWDU
DTXHOHTXHVDWLVID]DVFRQGLo}HVGHUHJXODULGDGHFRQWLQXL TXLDRXSDUDHVWDWDORXRSUySULRFRQFHVVLRQiULRRXR
GDGH HILFLrQFLD VHJXUDQoD DWXDOLGDGH JHQHUDOLGDGH SHUPLVVLRQiULRRXRDXWRUL]DWiULR FRPHWH WUDQVIHUH D
FRUWHVLDQDVXDSUHVWDomRHPRGLFLGDGHGDVWDULIDV DUWž WHUFHLURVVXDUHDOL]DomRWHUHPRVHQWmRRVHUYLoRH[HFXWD
†ž/HLQž  LQGLUHWDPHQWH
GRLQGLUHWDPHQWH
LQGLUHWDPHQWH

'HVVD HQVLQDQoD SRUpP GLYHUJH R 3URI',2*2 '(


),*8(,5('2025(,5$1(72DRFRQFHLWXDUDSUHVWDomR SUHVWDomR
)RUPDPHLRVHUHTXLVLWRV GLUHWDFRPRDTXHODTXHVHID]SHODVSHVVRDVMXUtGLFDVGH
GLUHWD
GLUHLWRS~EOLFRFHQWUDLVeSRUWDQWRRSUySULR(VWDGRTXH
GHFLGHHH[HFXWDTXDQWRjVVXDVDWLYLGDGHVSUySULDVWLGDV
6HMDRVHUYLoRS~EOLFRRXDSHQDVGHXWLOLGDGHS~EOLFD FRPRLQGHOHJiYHLVHQTXDQWRDSUHVWDomR
SUHVWDomR
SUHVWDomRLQGLUHWD
LQGLUHWDeDTXH
VXD SUHVWDomR WDQWR SRGH VHU D  FHQWUDOL]DGD
FHQWUDOL]DGD
]DGD FRPR VHH[HFXWDRXDWUDYpVGDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
GHVFHQWUDOL]DGD RXGHVFRQFHQWUDGD HVXDH[HFXomR
GHVFHQWUDOL]DGD DXWiUTXLFDV RX DWUDYpV GH SHVVRDV GH GLUHLWR SULYDGR
SRGHUiVHUUHDOL]DGDGLUHWDPHQWH
GLUHWDPHQWHRXLQGLUHWDPHQWH
GLUHWDPHQWH LQGLUHWDPHQWH
LQGLUHWDPHQWH GHOHJDWiULDVGR3RGHU3~EOLFR$VDXWDUTXLDVSRGHPSUHVWDU
VHUYLoRVS~EOLFRVHVVHQFLDLV DWLYLGDGHVSUySULDV RXQmRDV
2VHUYLoRVHUiSUHVWDGRFHQWUDOL]DGDPHQWHTXDQGRR GHOHJDWiULDVVySRGHUmRSUHVWDUVHUYLoRVGHXWLOLGDGHS~EOLFD
SUySULR 3RGHU 3~EOLFR R IL]HU SRU LQWHUPpGLR GH VXDV DWLYLGDGHVLPSUySULDV ³ LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYR
SUySULDV UHSDUWLo}HV HP VHX SUySULR QRPH H VRE VXD HG)RUHQVHS 
H[FOXVLYDUHVSRQVDELOLGDGH([RVHUYLoRGHSROLFLDPHQWR
(PVHFRQVLGHUDQGRTXHQRVVD&RQVWLWXLomR)HGHUDO
6HUiSUHVWDGRGHVFHQWUDOL]DGDPHQWHRVHUYLoRTXDQGR ,QFXPEH
,QFXPEH DR 3RGHU
HP VHX DUW  HVWDEHOHFH TXH ,QFXPEH
R3RGHU3~EOLFRKRXYHUWUDQVIHULGRRX D
D VXDWLWXODULGDGH 3~EOLFR
3~EOLFR QD
QD IRUPD
IRUPD GD
GD OHL
OHL GLUHWDPHQWH
GLUHWDPHQWH RX
RX VRE
VRE UHJLPH GH
RX E
E VXDH[HFXomR FRQFHVVmR
FRQFHVVmR RX
RX SHUPLVVmR
SHUPLVVmR VHPSUH
VHPSUH DWUDYpV
DWUDYpV GH OLFLWDomR D
GH OLFLWDomR
SUHVWDomR
SUHVWDomRGH
GHVHUYLoRV
VHUYLoRVS~EOLFRVFRQFOXLVHTXHRHQWHQGL
S~EOLFRV
3RGHR(VWDGRWUDQVIHULUDSUHVWDomRGHVHUYLoRVSRU PHQWRGR3URI',2*2'(),*8(,5('2025(,5$1(72
GHOHJDomR +DYHUi RXWRUJD TXDQGR R
RXWRUJD RX SRU GHOHJDomR
RXWRUJD VH DPSDUD QR GLUHLWR SRVLWLYR TXH GHL[D FODUR TXH D
3RGHU 3~EOLFR FULDU SRU OHL  XPD HQWLGDGH H WUDQVIHULU SUHVWDomR
SUHVWDomRGLUHWDpDIHLWDSHOR3RGHU3~EOLFRHDLQGLUHWD
GLUHWD LQGLUHWD
WDPEpPSRUOHL DHODDSUHVWDomRGRVHUYLoRS~EOLFRRX pDH[HFXWDGDSHODVGHOHJDWiULDVRXVHMDHPUHJLPHGH
GHXWLOLGDGHS~EOLFDH[D'(56$IRLFULDGDSDUDSUHVWDU FRQFHVVmRRXSHUPLVVmR
RVHUYLoRHFRQVHUYDomRGHFHUWDVHVWUDGDVGHURGDJHPD
6$%(63IRLFULDGDSDUDSUHVWDURVHUYLoRGHIRUQHFLPHQWR
GHiJXD
5HTXLVLWRVGR6HUYLoR3~EOLFR
+DYHUi GHOHJDomR TXDQGR R 3RGHU 3~EOLFR RX SRU
FRQWUDWR FRQFHVVmR RXSRUDWRXQLODWHUDO SHUPLVVmRRX 0RGHUQDPHQWH LQVWLWXFLRQDOL]RXVH  H[ OHJH  D
DXWRUL]DomR WUDQVIHUHXQLFDPHQWHDH[HFXomRGRVHUYLoR REULJDWRULHGDGHGHRVHUYLoRFRQFHGLGRRXSHUPLWLGRVHMD
SDUDTXHRGHOHJDGRRSUHVWHDRS~EOLFR FRQFHVVLRQiULRV DGHTXDGRGHSOHQRDWHQGLPHQWRGRVXVXiULRVDOpPGH
DGHTXDGR
SHUPLVVLRQiULRV RX DXWRUL]DWiULRV  RV SUHVWDUi SRU VXD VXEPLVVRjVGLVSRVLo}HVOHJDLVHUHVSHFWLYRFRQWUDWR
FRQWDHULVFRFREUDQGRXPDUHPXQHUDomRGRVXVXiULRV
WXGRGHDFRUGRFRPDVFRQGLo}HVUHJXODPHQWDUHVHVRE (SDUDTXHDH[SUHVVmRVHUYLoRDGHTXDGRQmRFDtVVHQR
FRQWUROHHVWDWDO HVYD]LDPHQWR GDV GLVFXVV}HV VHPkQWLFDV D SUySULD OHL
FXLGRXGHGHILQLORFRPRDTXHOHTXHVDWLVID]DVFRQGLo}HV
2EVHUYHTXHQDRXWRUJDDWUDQVIHUrQFLDGHYHVHGDU GH UHJXODULGDGH FRQWLQXLGDGH HILFLrQFLD VHJXUDQoD
SRUOHLHQTXDQWRQDGHOHJDomRKiVLPSOHVDWRDGPLQLVWUD DWXDOLGDGH JHQHUDOLGDGH FRUWHVLD QD VXD SUHVWDomR H
WLYR ELODWHUDORXXQLODWHUDO  PRGLFLGDGHGDVWDULIDV DUWž†ž/HLQž 

6HJXQGRHQWHQGLDRVDXGRVR3URI+(/</23(60(, 6REUHWDLVUHTXLVLWRVMiHQVLQDYDR3URI+(/</23(6
5(//(6 LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG57 0(,5(//(6 TXH 2V UHTXLVLWRV
UHTXLVLWRV GR
GR VHUYLoR S~EOLFR
S~EOLFR RX GH
S WDQWRRVVHUYLoRV D
D FHQWUDOL]DGRVFRPRRV EE XWLOLGDGHS~EOLFDVmRVLQWHWL]DGRVPRGHUQDPHQWH
PRGHUQDPHQWHHPFLQFR
PRGHUQDPHQWH
GHVFHQWUDOL]DGRV RX GHVFRQFHQWUDGRV SRGHUmR WHU SRU SULQFtSLRVTXHD$GPLQLVWUDomRGHYHWHUVHPSUHSUHVHQWHV
PHLRVGHH[HFXomRWDQWRDSUHVWDomRGLUHWD
GLUHWDTXDQWRLQ
GLUHWD LQ SDUDH[LJLORVGHTXHPRSUHVWHRSULQFtSLRGDSHUPDQrQFLD
SHUPDQrQFLD
GLUHWD
GLUHWD LPS}H FRQWLQXLGDGH QR VHUYLoR R GD JHQHUDOLGDGH
JHQHUDOLGDGH LPS}H
VHUYLoRLJXDOSDUDWRGRVRGDHILFLrQFLD
HILFLrQFLDH[LJHDWXDOL]DomR
HILFLrQFLD
GLUHWDTXDQWRUHDOL]DGD
$H[HFXomRGRVVHUYLoRVVHUiGLUHWD
GLUHWD GRVHUYLoRRGDPRGLFLGDGH
PRGLFLGDGHH[LJHWDULIDVUD]RiYHLVHRGD
PRGLFLGDGH
SHORV SUySULRV PHLRV GD SHVVRD UHVSRQViYHO SHOD VXD FRUWHVLDVHWUDGX]HPERPWUDWDPHQWRSDUDFRPRS~EOLFR
FRUWHVLD
SUHVWDomR DR S~EOLFR SRXFR LPSRUWD VH R (VWDGR XPD )DOWDQGRTXDOTXHUGHVVHVUHTXLVLWRVHPXPVHUYLoRS~EOLFR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

RXGHXWLOLGDGHS~EOLFDpGHYHUGD$GPLQLVWUDomRLQWHUYLU 2 3URI&(/62 $17Ñ1,2 %$1'(,5$ '( 0(//2


SDUDUHVWDEHOHFHURVHXUHJXODUIXQFLRQDPHQWRRXUHWRPDU HVFUHYHXTXH(QWHQGHVHSRUFFRQFHVVmRGHVHUYLoRS~EOLFR
RQFHVVmR
DVXDSUHVWDomR LQ'LUHLWR
'LUHLWR
'LUHLWR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR %UDVLOHLURHG57
%UDVLOHLUR RDWRFRPSOH[RDWUDYpVGRTXDOR(VWDGRDWULEXLDDOJXpP
S  RH[HUFtFLRGHXPVHUYLoRS~EOLFRHHVWHDFHLWDDSUHVWiORHP
QRPHGR3RGHU3~EOLFRVREDVFRQGLo}HVIL[DGDVHDOWHUiYHLV
+iTXHVHQRWDUDLQGDTXHDFRQFHVVmR RXSHUPLVVmR XQLODWHUDOPHQWH SHOR (VWDGR PDV SRU VXD FRQWD ULVFR H
GRVHUYLoRS~EOLFRDJRUDH[YLOHJLV DUW/HLQž SHULJRVUHPXQHUDQGRVHSHODFREUDQoDGHWDULIDVGLUHWDPHQ
 QmR
QmR H[FOXVLYLGDGHRXVHMDR3RGHU3~EOLFR
QmRVLJQLILFDUiH[FOXVLYLGDGH
H[FOXVLYLGDGH WHGRVXVXiULRVGRVHUYLoRHWHQGRDJDUDQWLDGHXPHTXL
WHUiOLEHUGDGHGHFRQFHGHUDTXHOHPHVPRVHUYLoRDXPD OtEULRHFRQ{PLFRILQDQFHLUR LQ3UHVWDomRGH6HUYLoRV3~EOLFRVH
RXWUDHPSUHVDFDVRDSULPHLUDQmRHVWHMDFXPSULQGRD $GPLQLVWUDomR,QGLUHWDHG5HYLVWDGRV7ULEXQDLVS 
FRQWHQWR TXDQWLWDWLYD RX TXDOLWDWLYDPHQWH  R VHUYLoR
FRQFHGLGRRXSHUPLWLGR $ /HL
/HL Qž
Qž  FRQFHVVmR GH
 GHILQLX D FRQFHVVmR GH VHU
VHUYLoR
YLoR
S~EOLFR FRPR D GHOHJDomR GH VXD SUHVWDomR IHLWD SHOR
S~EOLFR
$ REULJDWRULHGDGH GH OLFLWDomR
LFLWDomR LPSRVWD SHOD &RQV SRGHU FRQFHGHQWH PHGLDQWH OLFLWDomR QD PRGDOLGDGH GH
WLWXLomR)HGHUDOHUHDILUPDGDQDGHWHUPLQD/HLQž FRQFRUUrQFLD j SHVVRD MXUtGLFD RX FRQVyUFLR GH HPSUHVDV
DVVHJXUDUiDGHPDLVXPDRIHUWDGRPHOKRUVHUYLoRSHOR TXH GHPRQVWUH FDSDFLGDGH SDUD VHX GHVHPSHQKR SRU VXD
PHQRUSUHoRSRVVtYHODVHUFREUDGRGDSRSXODomRXVXiULD FRQWDHULVFRHSRUSUD]RGHWHUPLQDGR DUWžLQF,, 

+iSRLVXPFRQWUDWRDGPLQLVWUDWLYRTXHpELODWHUDO
DPEDVDVSDUWHVWrPREULJDo}HV RQHURVR pUHPXQHUD
'HOHJDomR GR FRPXWDWLYR SRUTXHKiUHFLSURFLGDGHHHTXLYDOrQFLD
QDV REULJDo}HV H GLUHLWRV  H UHDOL]DGR LQWXLWX SHUVRQ 
SRUTXHRFRQWUDWDQWHGHYHH[HFXWiORSHVVRDOPHQWH 
2VVHUYLoRVS~EOLFRVFRPRIRLYLVWRSRGHPVHUH[HFX
WDGRVGLUHWDPHQWHSHOR(VWDGRRXDWpSRUS SDUWLFXODUHV
DUWLFXODUHV 23RGHU3~EOLFRFRQFHGHQWHQDGDWUDQVIHUHDRFRQFHV
3RGH R (VWDGR WUDQVIHULU D SUHVWDomR GH VHUYLoRV SRU VLRQiULR TXH H[HFXWDUi R VHUYLoR VHJXQGR OLPLWHV H
RXWRUJD RX SRU GHOHJDomR H R HPSUHViULR SDUWLFXODU FRQGLo}HVGDOHLHGRFRQWUDWRHVHPSUHVXMHLWRjUHJXOD
H[SORUDUiHFRQRPLFDPHQWHRVHUYLoRS~EOLFRQDWXUDOPHQ PHQWDomRFRQWUROHHILVFDOL]DomRGRFRQFHGHQWHTXH
WHSUHVWDQGRRSDUDDXIHULUOXFUR$UHFHLWDGDDWLYLGDGH SRUVXDYH]FRQWLQXDUHVSRQViYHOSHUDQWHDFROHWLYLGDGH
HPSUHVDULDOVHUiSDJDRXSHOREHQHILFLiULRGRVHUYLoRRX SHORVGDQRVGRVHUYLoR
SHORSUySULR3RGHU3~EOLFR
7HUiR3RGHU3~EOLFRFRQFHGHQWHRSRGHUGHGHQXQFLDU
+DYHUiRXWRUJDTXDQGRR3RGHU3~EOLFRFULDU SRUOHL RFRQWUDWRDTXDOTXHUKRUDQDWXUDOPHQWHLQGHQL]DQGR
XPD HQWLGDGH H WUDQVIHULU WDPEpP SRU OHL  D HOD D RFRQFHVVLRQiULR
SUHVWDomRGRVHUYLoRS~EOLFRRXGHXWLOLGDGHS~EOLFDH[
D'(56$IRLFULDGDSDUDSUHVWDURVHUYLoRHFRQVHUYDomR
GHFHUWDVHVWUDGDVGHURGDJHPD6$%(63IRLFULDGDSDUD ([WLQomRGD&RQFHVVmRGH6HUYLoRV3~EOLFRV
SUHVWDURVHUYLoRGHIRUQHFLPHQWRGHiJXD
$H[WLQomRGDFRQFHVVmR
H[WLQomRGDFRQFHVVmRSRGHUiVHGDU
H[WLQomRGDFRQFHVVmR
+DYHUi GHOHJDomR TXDQGR R 3RGHU 3~EOLFR RX SRU
FRQFHVVmR RXSRUDWRXQLODWHUDO SHUPLVVmR
FRQWUDWR FRQFHVVmR
FRQFHVVmR SHUPLVVmRRX
SHUPLVVmR D SHORHVJRWDPHQWRGRSUD]RFRQWUDWXDORX
DXWRUL]DomR WUDQVIHUHXQLFDPHQWHDH[HFXomRGRVHUYLoR
DXWRUL]DomR
SDUDTXHRGHOHJDGRRSUHVWHDRS~EOLFR FRQFHVVLRQiULRV E SHOD HQFDPSDomR R 3RGHU 3~EOLFR DVVXPH R
SHUPLVVLRQiULRVRXDXWRUL]DWiULRV HRSUHVWDUiSRUVXD VHUYLoR RX
FRQWDHULVFRFREUDQGRXPDUHPXQHUDomRGRVXVXiULRV
WXGRGHDFRUGRFRPDVFRQGLo}HVUHJXODPHQWDUHVHVRE F SHODFDGXFLGDGH TXDQGRRVHUYLoRIRLLQDGHTXDGR
FRQWUROHHVWDWDO RXLQHILFLHQWHRXVHKRXYHULQIULQJrQFLDFRQWUDWX
DO ODWRVHQVX SHODFRQFHVVLRQiULDRX
2EVHUYHTXHQDRXWRUJDDWUDQVIHUrQFLDGHYHVHGDU
SRUOHLHQTXDQWRQDGHOHJDomRKiVLPSOHVDWRDGPLQLVWUD G VHDFRQFHVVLRQiULDUHVFLQGLURFRQWUDWRSRUDomR
WLYR ELODWHUDO RX XQLODWHUDO  $VVLP D GHOHJDomR GR MXGLFLDO EDVHDGD QR LQDGLPSOHPHQWR FRQWUDWXDO
VHUYLoR S~EOLFR DRV SDUWLFXODUHV SRGH VHU IHLWD GH WUrV SHORSRGHUFRQFHGHQWHRX
IRUPDV D SRUFRQFHVVmR
D E  SRU SHUPLVVmRRX ‹SRU
E
DXWRUL]DomR H VHRFRQWUDWRIRUDQXODGRRXILQDOPHQWH

I VHIRUH[WLQWDDFRQFHVVLRQiULD IDOrQFLDPRUWHGR
&RQFHVVmR WLWXODUHWF 

$FRQFHVVmR
FRQFHVVmRpDGHOHJDomRGDH[HFXomRGRVHUYLoR
FRQFHVVmR ,QWHUHVVDQWHFRQKHFHUDDQiOLVHGR3URI&(/62$17Ñ
S~EOLFR SRU FRQWUDWR H QD IRUPD DXWRUL]DGD SHOD OHL H 1,2%$1'(,5$'(0(//2VREUHFDGDXPDGHVVDVIRUPDV
UHJXODPHQWDGDSHOR3RGHU([HFXWLYR H[WLQomRGDFRQFHVVmRGHVHUYLoRS~EOLFR
GHH[WLQomR
H[WLQomR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

´ 3RUH[SLUDomRGRSUD]RIL[DGRQRDWRGDFRQFHVVmR(VWD  &RP HIHLWR D DPRUWL]DomR SDXODWLQD GR FDSLWDO


p REYLDPHQWH D PDQHLUD QRUPDO PDLV FRPXP GH LQYHVWLGR SHOR FRQFHVVLRQiULR H RV OXFURV SUHYLVWRV
H[WLQomRGDFRQFHVVmR9HQFLGDDGLODomRHVWDWXtGDQR RFRUUHPDRORQJRGHXPDGLODomRWHPSRUDO'DtTXHR
DWRFRQFHVVLYRILQGDVHDFRQFHVVmRHRVEHQVDSOLFD 3RGHU 3~EOLFR GHYHQGR JDUDQWLU R HTXLOtEULR
GRVDRVHUYLoRILFDPVHMiDPRUWL]DGRVVHPLQGHQL]D HFRQ{PLFRILQDQFHLURSRUVHUGHQDWXUH]DFRQWUDWXDO
omRDOJXPDHPSRGHUGRFRQFHGHQWHRSHUDQGRVHD HQFHUUDUiDFRQFHVVmRTXDQGRTXHLUDPDVJDUDQWLUiD
FKDPDGDUHYHUVmRDUHVSHLWRGDTXDOVmRQHFHVViULRV H[SUHVVmR HFRQ{PLFD TXH VH UHDOL]DULD DR ORQJR GH
DOJXQVHVFODUHFLPHQWRVH[SHQGLGRVPDLVDOpP FHUWR SUD]R DTXHOH WRPDGR FRPR UHIHUrQFLD GH VHX
YDORU 3RUWDQWR FRPSHQVDUi DV LPSRUWkQFLDV TXH
  3RU UHVFLVmR MXGLFLDO D SHGLGR GRFRQFHVVLRQiULR GHL[DUmRGHVHUSHUFHELGDVHRUHVWDQWHGRFDSLWDOQmR
TXDQGRLQDGLPSOHQWHR3RGHUFRQFHGHQWHRXDSHGLGR DPRUWL]DGR
GRFRQFHGHQWHTXDQGRLQDGLPSOHQWHRFRQFHVVLRQiULR
VHR3RGHU3~EOLFRRSWDUSHORUHFXUVRjVYLDVMXGLFLDLV E  &DGXFLGDGH RX GHFDGrQFLD TXH p D PRGDOLGDGHGH
HQFHUUDPHQWRGDFRQFHVVmRSRUDWRGRFRQFHGHQWH
$FRPSRVLomRSDWULPRQLDOHQWUHDVSDUWHVVXS}H DQWHVGDFRQFOXVmRGRSUD]RLQLFLDOPHQWHIL[DGRHP
LQGHQL]DomR GR FDSLWDO DLQGD QmR DPRUWL]DGR GR UD]mRGHLQDGLPSOrQFLDGRFRQFHVVLRQiULRLVWRpSRU
FRQFHVVLRQiULR H UHYHUVmR SDUD R 3RGHU 3~EOLFR GR PRWLYR GH IDWR FRPLVVLYR RX RPLVVLYR GRORVR RX
HTXLSDPHQWR QHFHVViULR j SUHVWDomR GR VHUYLoR 6H FXOSRVRLPSXWiYHODRFRQFHVVLRQiULRHFDUDFWHUL]iYHO
WLYHUKDYLGRFXOSDGRFRQFHGHQWHRMXL]IL[DUiDFRP FRPRYLRODomRJUDYHGHVXDVREULJDo}HV1RFDVRSRU
SRVLomRGRVOXFURVTXHRFRQFHVVLRQiULRKDMDGHL[DGR WHU VLGR R FRQFHVVLRQiULR D GDU FDXVD j H[WLQomR GD
GHDXIHULUSRUIRUoDGDH[WLQomRGDFRQFHVVmR FRQFHVVmRSRUYLRODGRUGHVXDVREULJDo}HVR3RGHU
3~EOLFRQmRWHPTXHLQGHQL]iORVHQmRFRPUHODomRj
 3RUUHVFLVmRFRQVHQVXDOTXDQGRSRUP~WXRDFRUGR SDUFHODQmRDPRUWL]DGDGRFDSLWDOUHSUHVHQWDGDSHORV
FRQFHGHQWH H FRQFHVVLRQiULR UHVROYHP DQWHFLSDU D HTXLSDPHQWRVQHFHVViULRVjDRFRQFHGHQWH
H[WLQomR GD UHODomR MXUtGLFD $TXL D FRPSRVLomR
SDWULPRQLDOHQWUHDVSDUWHVVHID]DPLJDYHOPHQWH  )DOrQFLDGRFRQFHVVLRQiULR$GHFUHWDomRMXGLFLDOGD
IDOrQFLDGRFRQFHVVLRQiULRTXHSRGHRFRUUHUHPUD]mR
 3RUDWRXQLODWHUDOGR3RGHU FRQFHGHQWH7HPOXJDU GHVXDLQVROYrQFLDRULXQGDGHLQFDSDFLGDGHRXGHILFLrQ
TXDQGR R 3RGHU 3~EOLFR SRU DWR SUySULR DQWHV GD FLDGHVWHQDJHVWmRGDVDWLYLGDGHVDTXHVHREULJRXVH
H[SLUDomR GR SUD]R LQLFLDOPHQWH HVWDWXtGR UHVROYH SRUYHQWXUDFKHJDUDRFRUUHUDQWHVGD$GPLQLVWUDomR
H[WLQJXLUDFRQFHVVmR H[WLQJXLUDFRQFHVVmRSRUYHULILFDUDGHWHULRUDomRGRV
VHUYLoRVDFDUUHWDUiDXWRPDWLFDPHQWHDH[WLQomRGD
$ H[WLQomR SRU DWR XQLODWHUDO GR FRQFHGHQWH FRQFHVVmR SRU VHU GHFODUDomR PDQLIHVWD GH TXH R
FRPSUHHQGHGXDVPRGDOLGDGHV FRQFHVVLRQiULRQmRHVWiHPFRQGLo}HVGHSURVVHJXLUR
VHUYLoR1HVWHFRPRQRUPDOPHQWHHPWRGRVRVFDVRV
D (QFDPSDomR RX UHVJDWH TXH p R HQFHUUDPHQWR GD GHH[WLQomRGDFRQFHVVmRRVEHQVGRFRQFHVVLRQiULR
FRQFHVVmR SRU DWR GR FRQFHGHQWH GXUDQWH R WUDQV UHYHUWHPDRSRGHUFRQFHGHQWHSDVVDQGRDSHUWHQFHU
FXUVR GR SUD]R LQLFLDOPHQWH IL[DGR SRU PRWLYR GH OKH,VWRVXVFLWDRLQWHUHVVDQWHSUREOHPDWHyULFRGHVH
FRQYHQLrQFLDHRSRUWXQLGDGHDGPLQLVWUDWLYDVHPTXH VDEHUFRPRILFDUiDVLWXDomRGRVFUHGRUHVGDPDVVDID
RFRQFHVVLRQiULRKDMDGDGRFDXVDDRDWRH[WLQWLYR,VWR OLGD $ TXHVWmR VHUi H[DPLQDGD ORJR DGLDQWH DR VH
VXFHGHTXDQGRR3RGHU3~EOLFRHQWHQGHSRUDOJXPD FRJLWDU GD UHVSRQVDELOLGDGH SDWULPRQLDO GR (VWDGR
UD]mRGHRUGHPDGPLQLVWUDWLYDRXSROLWLFDGHDVVXPLU SHORVDWRVGRVFRQFHVVLRQiULRV
GLUHWDPHQWHRVHUYLoRFRQFHGLGRRXGHVXEVWLWXLORSRU
RXWUR WLSR GH VHUYLoR PDLV FDSD] GH VDWLVID]HU DV &RVWXPDVH LQGLFDU WDPEpP D GHVDSURSULDomR FRPR
QHFHVVLGDGHVS~EOLFDV6HULDRFDVRSRUH[HPSORGH IRUPD GH H[WLQomR GD FRQFHVVmR HQWUHWDQWR LVWR QmR p
H[WLQomR GH VHUYLoR GH WUDQVSRUWH FROHWLYR UHDOL]DGR FRPXPSHODVUD]}HVDVHJXLUDGX]LGDV1mRVHGHVDSURSUL
DWUDYpVGHIHUURFDUULVHOpWULFRVXUEDQRV ERQGHV SRU DP SHVVRDV PDV DSHQDV EHQV /RJR QmR p SRVVtYHO
RXWURPHLRKDYLGRFRPRPDLVDGHTXDGRSHOR3RGHU GHVDSURSULDU XPD FRQFHVVLRQiULD TXH p XP VXMHLWR GH
3~EOLFR 7DPEpP VHUYH GH H[HPSOR D H[WLQomR GR GLUHLWRV e FHUWR TXH RV EHQV GH XPD FRQFHVVLRQiULD
VHUYLoR GH LOXPLQDomR S~EOLFD D JiV GH UXD SHOD FRQWXGR SRGHP VHU REMHWR GH GHVDSURSULDomR 6H LVWR
LOXPLQDomRHOpWULFD1HVWHVFDVRVSRUQmRKDYHURFR RFRUUHUDSHVVRDFRQFHVVLRQiULDQmRGHVDSDUHFHDSHQDV
QFHVVLRQiULR GDGR FDXVD DR DWR H[WLQWLYR ID] MXV j KiPXGDQoDGRWLWXODUGRVEHQVGDHPSUHVDTXHFRQWLQXD
LQGHQL]DomRSHODDQWHFLSDomRGRWHUPRILQDOGDFRQFHV DH[LVWLUPDVVHPTXDOLGDGHGHFRQFHVVLRQiULD1HVWHFDVR
VmR 1RWHaVH TXH WDO VXFHGH QmR SRUTXH R 3RGHU VLPDFRQFHVVmRVHH[WLQJXH
3~EOLFRVHMDLQDGLPSOHQWHXPDYH]TXHpGLUHLWRVHX
H[WLQJXLU D TXDOTXHU PRPHQWR D FRQFHVVmR PDV 3RU RXWUR ODGR D SUySULD FRQFHVVmR QmR SRGH VHU
SRUTXHDDQWHFLSDomRGHVHXHQFHUUDPHQWRDRSUD]R H[SURSULDGD&RPHIHLWRVyVHH[SURSULDDOJRGRTXDOQmR
SUHYLVWR UHSHUFXWH GLUHWDPHQWH VREUH D HTXDomR VHpWLWXODU/RJRRSUySULRSRGHUFRQFHGHQWHQmRSRGH
HFRQ{PLFDILQDQFHLUDDTXDOFRPRpOyJLFRpFDOFXOD H[SURSULDUXPVHUYLoRTXHMipVHXVREUHRTXDOWHPSOHQD
GDHPIXQomRGHFHUWRODSVRGHWHPSR GLVSRQLELOLGDGHSRLVTXHOKHSHUWHQFH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

6XUJLULDDLQGDRSUREOHPDGHH[SURSULDomRIHLWDSRU 'LIHUHQWHQmRpRHQVLQDPHQWRGH&(/62$17Ñ1,2
RXWUDSHVVRDGHGLUHLWRS~EOLFRTXHQmRRSUySULRFRQFH %$1'(,5$'(0(//2DRSRQGHUDUTXH´$UHYHUVmR UHYHUVmRpD
UHYHUVmR
GHQWH6HULDRFDVRSRUH[HPSORGHD8QLmRSUHWHQGHU SDVVDJHPDRSRGHUFRQFHGHQWHGRVEHQVGRFRQFHVVLRQi
H[SURSULDU D SUySULD FRQFHVVmR HVWDGXDO RX PXQLFLSDO ULR DSOLFDGRV DR VHUYLoR XPD YH] H[WLQWD D FRQFHVVmR
QmRRVEHQVGDFRQFHVVLRQiULD XPDYH]TXHDVUHFtSUR 3RUWDQWR DWUDYpV GD FKDPDGD UHYHUVmR RV EHQV GR
FDVGHVGHORJRVHULDPLPSRVVtYHLVSRLVDOHJLVODomRVREUH FRQFHVVLRQiULR QHFHVViULRV DR H[HUFtFLR GR VHUYLoR
GHVDSURSULDomRHVWDEHOHFHXPDJUDGDomRHQWUHDVSHVVRDV S~EOLFRLQWHJUDPVHQRSDWULP{QLRGRFRQFHGHQWHDRVH
S~EOLFDVTXDQWRDRH[HUFtFLRGRSRGHUH[SURSULDWyULRGH ILQGDUDFRQFHVVmR(VWiYLVWRTXHDUHYHUVmRWDPEpPQmR
XPDV HP UHODomR jV RXWUDV  0DV WDPEpP DTXL QmR pGHPRGRDOJXPDRFRQWUiULRGRTXHjVYH]HVVHYr
FDEHULDH[SURSULDomRXPDYH]TXHVHRVVHUYLoRVIRVVHP DILUPDGRXPDIRUPDGHH[WLQomRGDFRQFHVVmReLVWR
GDDOoDGDGR(VWDGRRXGR0XQLFtSLRQmRFDEHULDLQWHUIH VLPXPDFRQVHTrQFLDGHODSRUWDQWRDSUHVVXS}H6HP
UrQFLD GH RXWUD SHVVRD GH GLUHLWR S~EOLFR VRE SHQD GH
D H[WLQomRGDFRQFHVVmRQmRKiUHYHUVmR(VWDSURFHGH
YLROrQFLDDRSULQFtSLRFRQVWLWXFLRQDOGDGLVFULPLQDomRGDV
GHOD PDV HYLGHQWHPHQWH QmR VH FRQIXQGHP DV GXDV
FRPSHWrQFLDV(VWDDVVHJXUDDDXWRQRPLDGRV(VWDGRVH
FRLVDV
0XQLFtSLRVDTXDOWDPEpPVHPDQLIHVWDSHODJHVWmRGRV
UHVSHFWLYRVVHUYLoRVS~EOLFRV
eSHUIHLWDPHQWHMXVWRHUD]RiYHOTXHRFRUUDDUHYHUVmR
$GHVDSURSULDomRGHDo}HVUHSUHVHQWDWLYDVGRFDSLWDO FRPRHQFHUUDPHQWRGDFRQFHVVmR&RPHIHLWRRVEHQV
GHXPDHPSUHVDFRQFHVVLRQiULDWDPEpPQmRGHWHUPLQDD DSOLFDGRV DR VHUYLoR SRXFD RX QHQKXPD VLJQLILFDomR
H[WLQomRGDFRQFHVVmRPDVFRPRDGHTXDLVTXHUEHQVD HFRQ{PLFDWHULDPSDUDRFRQFHVVLRQiULRDSUHVHQWDQGR
VLPSOHV PXGDQoD GRV DFLRQLVWDV SHUVLVWLQGR D SHVVRD SHORFRQWUiULRSURIXQGRLQWHUHVVHSDUDRFRQFHGHQWH
MXUtGLFD
5HDOPHQWHDXWLOLGDGHGRVEHQVDSOLFDGRVDRVHUYLoRVy
$OpPGLVWRDSUySULDOHLQžGHTXHpR H[LVWH SDUD R FRQFHVVLRQiULR HQTXDQWR GHVIUXWD GHVWD
GLSORPDEiVLFRVREUHGHVDSURSULDomRHVWDEHOHFHUHVWUL VLWXDomR MXUtGLFD )LJXUHPRV DOJXQV H[HPSORV SDUD
o}HVDRH[HUFtFLRGHWDOIDFXOGDGHDRGLVSRUQRDUWž† GHPRQVWUiOR2VYDJ}HVIHUURYLiULRVDVORFRPRWLYDVRV
ž DFUHVFHQWDGRTXHIRLSHORGHFUHWROHLQžGH SiWLRVGHPDQREUDVDVHVWDo}HVGHHPEDUTXHHGHVHPEDU
 TXHeYHGDGDDGHVDSURSULDomRSHORV(VWDGRV TXH GH SDVVDJHLURV RX FDUJDV RV WULOKRV Vy SRGHP VHU
'LVWULWR)HGHUDO7HUULWyULRVH0XQLFtSLRVGHDo}HVFRWDVH XWLOL]DGRVDGTXLULQGRDVVLPH[SUHVVmRHFRQ{PLFDSRUXP
GLUHLWRVUHSUHVHQWDWLYRVGRFDSLWDOGHLQVWLWXLo}HVHHPSUHVDV FRQFHVVLRQiULRGHWUDQVSRUWHIHUURYLiULR6HPHVWDTXD
FXMR IXQFLRQDPHQWR GHSHQGD GH DXWRUL]DomR GR *RYHUQR OLGDGH D HPSUHVD QDGD SRGHUi ID]HU FRP HOHV H SRXFR
)HGHUDOHVHVXERUGLQHDVXDILVFDOL]DomRVDOYRPHGLDQWH SURYHLWRHFRQ{PLFRSRGHUiH[WUDLUGHOHV5HYHUVDPHQWH
SUpYLDDXWRUL]DomRSRUGHFUHWRGR3UHVLGHQWHGD5HS~EOLFD SDUDS3RGHU3~EOLFRHOHVVHFRQVWLWXHPSUHFLVDPHQWHQDV
³>LQ´3UHVWDomRGH6HUYLoRV3~EOLFRVH$GPLQLVWUDomR,QGLUHWDµHG
5HYLVWDGRV7ULEXQDLVS@
FRQGLo}HVLQGLVSHQViYHLVSDUDSURVVHJXLURVHUYLoR

2VGLTXHVRVFDLVGHHPEDUTXHHGHVHPEDUTXHHPXP
$5HYHUVmRGRV%HQV SRUWR PDUtWLPR RV JXLQGDVWHV RV SHTXHQRV UDPDLV
IHUURYLiULRVGHWUDQVSRUWHRVDUPD]pQVDVGUDJDVPDUtWL
PDVVyDSUHVHQWDPVLJQLILFDomRGHDOWDYDOLDHFRQ{PLFD
0XLWRVVmRRVEHQVTXHVHLQFRUSRUDPjSUHVWDomRGR
VHUYLoRFRQFHGLGRSUpGLRVYHtFXORVPDTXLQiULRVHWF³ SDUDXPFRQFHVVLRQiULRGHVHUYLoRVSRUWXiULRVHQTXDQWR
VmR LQVWUXPHQWRV LPSRUWDQWHV SDUD D UHDOL]DomR GH GHVIUXWDUGHVWDTXDOLGDGHMXUtGLFD$RGHVDIHWiORVGDTXHOD
GHWHUPLQDGRVVHUYLoRVHVHPRVTXDLVRSUySULRVHUYLoR XWLOLGDGHQmRWHUiFRPRHPSUHJiORVSRLVVHFRQVWLWXHP
SRGHULDVRIUHUVROXomRGHFRQWLQXLGDGH LQWHUUXSomR  HPHTXLSDPHQWRVDGHUHQWHVDRVRORRXQmRFXMDVLJQLIL
FDomRHFRQ{PLFDHVWiLQWLPDPHQWHUHODFLRQDGDFRPXPD
(LVDt R IXQGDPHQWRSDUDTXHDRILQDOGRSUD]RGD XWLOL]DomRTXHVySRGHVHUUHDOL]DGDHPUD]mRGRWtWXOR
FRQFHVVmRWRGRVWDLVEHQVLPSUHVFLQGtYHLVjSUHVWDomRGH MXUtGLFR GH FRQFHVVLRQiULR GH VHUYLoRV SRUWXiULRV 'H
VHUYLoRV VHMDP LQWHJUDGRV DR SDWULP{QLR S~EOLFR ³ UHYpV SDUD R 3RGHU FRQFHGHQWH VmR LQGLVSHQViYHLV j
JDUDQWLDVXDFRQWLQXLGDGH FRQWLQXDomRGRVHUYLoR

([SOLFD R 3URI',2*2 '( ),*8(,5('2 025(,5$ 6REUH FDLV VXEVWDQFLDO SDUWH GRV HTXLSDPHQWRV HP
1(72TXH´([SLUDGRRSUD]RGDFRQFHVVmRRVEHQVYLQFXOD XPD FRQFHVVmR GH VHUYLoR S~EOLFR p FRQVWLWXtGD GH
GRV DR VHUYLoR VH LQWHJUDP DR SDWULP{QLR S~EOLFR e D HGLILFDo}HVRXEHQVTXHDGHUHPDRVRORHTXHQmRSRGHP
VROXomR QRUPDO GR FRQWUDWR 2V EHQV DIHWRV DR VHUYLoR VHUUHPRYLGRVRXTXHHPVHQGRUHPRYtYHLVSHUGHPQLVWR
S~EOLFRVmRGHGRPtQLRUHVRO~YHOHQTXDQWRQRSDWULP{QLR WRGDRXPXLWDGHVXDVXEVWkQFLDHFRQ{PLFD3HQVHVHQDV
SULYDGRGRFRQFHVVLRQiULR2DGYHQWRGRWHUPRGRFRQWUDWR HGLILFDo}HVGHFHQWUDLVHOpWULFDVWRUUHVGHUHWUDQVPLVVmR
RXVHRFDVRRLPSOHPHQWRGHFRQGLomRUHVROXWLYDGHYROYH XVLQDVGHWUDQVIRUPDomRRXJHUDGRUHVGHHQHUJLDRXSDUD
RGRPtQLRGRVEHQVDIHWDGRVDR3RGHU&RQFHGHQWHFRPRX UHWRUQDUDRVH[HPSORVDQWHULRUHVQRVDUPD]pQVHFDLVGH
VHPLQGHQL]DomRFRQIRUPHWHQKDRFRUULGRRXQmRDDPRUWL HPEDUTXHHGHVHPEDUTXHGHFDUJDVRXGHSDVVDJHLURV
]DomRGRFDSLWDOLQYHVWLGRSHORFRQFHVVLRQiULRQDIRUPDGR
FRQWUDWDGRµ ³ >LQ &XUVR GH 'LUHLWR $GPLQLVWUDWLYR  HG (G 'DtTXHDRFRQFHVVLRQiULRSHTXHQDVLJQLILFDomRHFRQ{
)RUHQVHS@
PLFD WHP R HTXLSDPHQWR QHFHVViULR j SUHVWDomR GR
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO
VHUYLoRXPDYH]ILQGDDFRQFHVVmR5HYHUVDPHQWHSDUD
RFRQFHGHQWHHOHVVHFRQVWLWXHPQDLQGLVSHQViYHOFRQGL 3HUPLVVmR
omRSDUDFRQWLQXLGDGHGRVHUYLoR
1D SHUPLVVmR
SHUPLVVmR WDPEpP Ki GHOHJDomR PDV p DWR
$ UD]mR SULQFLSDO GD UHYHUVmR UHVLGH SUHFLVDPHQWH XQLODWHUDOGD$GPLQLVWUDomRFRPPDLRUVLPSOLFLGDGHHDWp
QLVWRDVDEHU'DGRRFDUiWHUS~EOLFRGRVHUYLoRLVWRp SUHFDULHGDGHQDH[HFXomRDSUySULD$GPLQLVWUDomRpTXH
DWLYLGDGH KDYLGD FRPR GH H[WUHPD UHOHYkQFLD SDUD D XQLODWHUDOPHQWHFRPHWHDH[HFXomRGRVHUYLoRS~EOLFRDR
FRPXQLGDGHVXDSDUDOLVDomRRXVXVSHQVmRpLQDGPLVVtYHO SDUWLFXODUTXHIRLHVFROKLGRVHJXQGRVXDPHOKRUFDSDFL
SRU RIHQVLYD D YDORUHV HULJLGRV VRFLDOPHQWH FRPR GH GDGHSDUDGHVHPSHQKiOR
VXSHULRU LPSRUWkQFLD  3RGHU 3~EOLFR FRPR JXDUGD H
UHVSRQViYHOSHODGHIHVDGRVLQWHUHVVHVS~EOLFRVQmRSRGH 2 PHVPR 3URI&(/62 $17Ñ1,2 %$1'(,5$ '(
SHUPLWLUTXHHVWHVVHMDPVDFULILFDGRVRXSRVWHUJDGRVHP 0(//2DVVLPFRQFHLWXDDSHUPLVVmR
SHUPLVVmRpRDWRXQLODWHUDOH
SHUPLVVmR
QRPHGHREMHWLYRVRXLQWHUHVVHVSDUWLFXODUHVLQGLYLGXDLV SUHFiULRLQWXLWXSHUVRQ DWUDYpVGRTXDOR3RGHU3~EOLFR
3RULVVRpDVVHQWHQDGRXWULQDRSULQFtSLRGDFRQWLQXLGD WUDQVIHUH D DOJXpP R GHVHPSHQKR GH XP VHUYLoR GH VXD
GHGRVHUYLoRS~EOLFRRTXDOVXS}HDUHYHUVmRFRPRPHLR DOoDGDSURSRUFLRQDQGRjPRGDGRTXHID]QDFRQFHVVmR
GH GDU VHJXLPHQWR j SUHVWDomR GD DWLYLGDGH TXDQGR DSRVVLELOLGDGHGHFREUDQoDGHWDULIDVGRVXVXiULRV23RGHU
H[WLQWDDFRQFHVVmRGRVHUYLoR 3~EOLFRSRGHRXWRUJDUJUDWXLWDPHQWHDSHUPLVVmRRXFRQIH
ULOD D WtWXOR RQHURVR KLSyWHVH HP TXH R SHUPLVVLRQiULR
)LQDOPHQWHpEHPGHYHUTXHQRDWRGDFRQFHVVmRRV GHYHUi SDJDUOKH XPD UHWULEXLomR SHOR GHVIUXWH GDTXHOH
SUD]RVIL[DGRVTXDQGRORQJRVHDVWDULIDVHVWDEHOHFLGDV VLWXDomRMXUtGLFD LQ3UHVWDomRGH6HUYLoRV3~EOLFRVH$GPLQLVWUDomR
,QGLUHWDHG57S 
TXHQmRVmR-iVHYLXLPXWiYHLVPDVFRQVWLWXHPHOHPHQ
WRVSDUDFRPSRVLomRGDHTXDomRHFRQ{PLFDILQDQFHLUD $ /HL
/HL Qž  GHILQLX D SHUPLVVmR
Qž  HUPLVVmR GH
GH VHUYLoR
DR GHOLQHDUHP R FRQWH~GR SDWULPRQLDO GR DFRUGR VmR S~EOLFR FRPR D GHOHJDomR D WtWXOR SUHFiULR PHGLDQWH
S~EOLFR
HVWDEHOHFLGRVHPYLVWDQmRVyGHSURSRUFLRQDUOXFURDR OLFLWDomRGDSUHVWDomRGHVHUYLoRVS~EOLFRVIHLWDSHORSRGHU
FRQFHVVLRQiULRPDVWDPEpPGHDPRUWL]DUOKHRFDSLWDO FRQFHGHQWH j SHVVRD ItVLFD RX MXUtGLFD TXH GHPRQVWUH
SDXODWLQDPHQWH FDSDFLGDGH SDUD VHX GHVHPSHQKR SRU VXD FRQWD H ULVFR
DUWžLQF,9 
3RULVVRTXDQGRDFRQFHVVmRVHH[WLQJXHSRUH[SLUD
omR GH SUD]R RV EHQV DSOLFDGRV DR VHUYLoR Mi HVWDUmR 'HUHJUDDSHUPLVVmRDOpPGHXQLODWHUDOpGLVFULFLR
DPRUWL]D GRV H R OXFUR HVSHUDGR Mi WHUi VLGR IUXtGR QiULD H SUHFiULD RX VHMD D TXDOTXHU WHPSR R 3RGHU
6HJXHVHHQWmRTXHDUHYHUVmRGRHTXLSDPHQWRpFRQVH 3~EOLFRSRGHPRGLILFDUDVFRQGLo}HVLQLFLDLVHDWpUHYRJDU
TrQFLDQDWXUDOSRLVRFRQFHVVLRQiULRMiKDYHUiH[WUDtGR DSHUPLVVmRVHPTXHLVVRJHUHGLUHLWRDLQGHQL]DomRDR
GDFRQFHVVmRWXGRRTXHSDWULPRQLDOPHQWHSRGLDHVSHUDU SHUPLVVLRQiULR $ QDWXUH]D SUHFiULD GD SHUPLVVmR UHYH
GHOD OXFUR H FRPSHQVDomR GR FDSLWDO LQYHVWLGR FXMD ODPQDDSOLFiYHOQRVFDVRVHPTXHKiIUHTHQWHVPRGLILFD
HTXLYDOrQFLD KDYHUi SHUFHELGR DR ORQJR GR SHUtRGR GH o}HVRXHYROXo}HVGRVHUYLoRS~EOLFRFRPRVHUYLoRVGH
H[SORUDomRGRVHUYLoR DEDVWHFLPHQWR WUDQVSRUWHV FROHWLYRV HWF $ SHUPLVVmR
WDQWR TXDQWR D FRQFHVVmR WDPEpP p GHOHJDGD LQWXLWX
eHYLGHQWHGHRXWURODGRTXHVHRSUD]RGDFRQFHVVmR SHUVRQ RXVHMDRSHUPLVVLRQiULRGHYHVHURH[HFXWRUGR
IRUFXUWRRXPXLWREDL[DVDVWDULIDVQmRKDYHUiWHPSR VHUYLoRSHUPLWLGRHQmRSRGHUHSDVViORDRXWUHP
VXILFLHQWH SDUD DPRUWL]DomR LQWHJUDO GR FDSLWDO 1HVWH
FDVR RSHUDVH LJXDOPHQWH D UHYHUVmR PDV R 3RGHU 'LVWLQomRLQWHUHVVDQWHHQWUHDSHUPLVVmRHDFRQFHVVmR
FRQFHGHQWHGHYHUiSDUDUHVSHLWDURHTXLOtEULRSDWULPRQL IRL HVWDEHOHFLGD SHOD /HL
/HL Qž
Qž 
 HPERUD DPEDV
DO LQGHQL]DU R FRQFHVVLRQiULR SHOR YDORU UHPDQHVFHQWH VHMDPLQWXLWXSHUVRQ DFRQFHVVmRpUHVHUYDGDjVSHVVRDV
QmRDPRUWL]DGRGRHTXLSDPHQWRTXHVHLQFRUSRUDDVHX MXUtGLFDVRXPHVPRDRVFRQVyUFLRVGHHPSUHVDV DUWž
SDWULP{QLR SHVVRD
SHVVRDItVLFD
LQF,,H,,, YHGDGDSRLVjSHVVRD ItVLFDRXQDWXUDO SHVVRD
KXPDQD   HQTXDQWR D SHUPLVVmR SRGHUi VHU GDGD
4XDQGRGLYHUVDPHQWHDFRQFHVVmRVHHQFHUUDDQWHV WDPEpPjVSHVVRDVItVLFDV
GHFRQFOXLURSUD]RTXHIRUDFRQFHELGRFRPRHOHPHQWR
GHFRPSHQVDomRGRVLQYHVWLPHQWRVHGDUHPXQHUDomRGHOH
RSHUDPDVUHJUDVMiFRQVLGHUDGDVDSURSyVLWRGDVGLIHUHQ $XWRUL]DomR
WHVIRUPDVGHH[WLQomRGDFRQFHVVmR

3RGHVH HQWmR j YLVWD GH WRGR R H[SRVWR H DFRP )LQDOPHQWHKiDDXWRUL]DomR


DXWRUL]DomRDLQGDPDLVSUHFiULDH
DXWRUL]DomR
SDQKDQGRDPDLVDXWRUL]DGDGRXWULQDDILUPDUHPFRQFOX WmRXQLODWHUDOTXDQWRDSHUPLVVmRpUHVHUYDGDSDUDD
VmRTXHVHRLQVWUXPHQWRGDFRQFHVVmRQDGDGLVSXVHUD GHOHJDomRGHVHUYLoRVGHQDWXUH]DLQVWiYHORXDDOJXPD
UHVSHLWRGHUHYHUVmRDH[LVWrQFLDGHODVHSUHVXPHHVHUi HPHUJrQFLDWUDQVLWyULDHPTXHKiFRQVWDQWHPRGLILFD
RQHURVDRXJUDWXLWDSDUDR3RGHU3~EOLFRGHSHQGHQGRGH omR QR PRGR GH SUHVWDomR GR VHUYLoR H SRGHQGR VHU
VXSULPLGR D TXDOTXHU KRUD  2 IDWR GH QmR KDYHU VLGR
MiWHUKDYLGRRXQmRDDPRUWL]DomRWRWDORXSDUFLDOGR
GLVFLSOLQDGDSHOD/HLQžQmRLPSHGHUHFRQKHoD
FDSLWDO UHSUHVHQWDWLYR GR HTXLSDPHQWR DSOLFDGR DR
VHOKHH[LVWrQFLDMiTXHVXDQDWXUH]DHREMHWLYRVVmREHP
VHUYLoRµ³LQ3UHVWDomRGH6HUYLoRV3~EOLFRVH$GPLQLVWUDomR,QGLUHWD
HG(G5HYLVWDGRV7ULEXQDLVS@
GLYHUVRV GD GHVWLQDomR GDTXHODV GHOHJDo}HV RXWUDV
FRQFHVVmRHSHUPLVVmR 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

2VDXGRVR3URI+(/</23(60(,5(//(6HQVLQDYDTXH E RFRQWUROHSHORVyUJmRVSUySULRVGHFDGDVLVWHPD
6HUYLoRV
6HUYLoRVDXWRUL]DGRVVmRDTXHOHVTXHR3RGHU3~EOLFRSRU
6HUYLoRV DXWRUL]DGRV GDREVHUYkQFLDGDVQRUPDVJHUDLVTXHUHJXODPR
DWR XQLODWHUDO SUHFiULR H GLVFULFLRQiULR FRQVHQWH QD VXD H[HUFtFLRGDVDWLYLGDGHVDX[LOLDUHV
H[HFXomRSRUSDUWLFXODUSDUDDWHQGHULQWHUHVVHVFROHWLYRV
LQVWiYHLVRXHPHUJrQFLDWUDQVLWyULD6mRVHUYLoRVGHOHJDGRV F  RFRQWUROHGDDSOLFDomRGRVGLQKHLURVS~EOLFRVH
HFRQWURODGRVSHOD$GPLQLVWUDomRDXWRUL]DQWHQRUPDOPHQWH GD JXDUGD GRV EHQV GD 8QLmR SHORV yUJmRV GR
VHP UHJXODPHQWDomR HVSHFtILFD H VXMHLWRV SRU tQGROH D VLVWHPDGHFRQWDELOLGDGHHDXGLWRULD
FRQVWDQWHV PRGLILFDo}HV QR PRGR GH VXD SUHVWDomR DR
S~EOLFRHVXSUHVVmRDTXDOTXHUPRPHQWRRTXHDJUDYDD ( QmR VH SHUFD GH FRQVLGHUDomR TXH R WUDEDOKR
VXD SUHFDULHGDGH LQ 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR  DGPLQLVWUDWLYRGHYHUiVHUUDFLRQDOL]DGRFRPDVLPSOLILFD
HG57S  omRGHSURFHVVRVHVXSUHVVmRGHFRQWUROHVTXHVHHYLGHQ
FLDUHPPHUDPHQWHIRUPDLVRXWHQKDPFXVWRPDQLIHVWD
UHPXQHUDomR GR SUHVWDGRU GH VHUYLoR
'H UHJUD D UHPXQHUDomR PHQWHVXSHULRUDRULVFR
DXWRUL]DGRpWDULIDGDSHOD$GPLQLVWUD3~EOLFDDXWRUL]DQWH
HVXDH[HFXomRWDPEpPpLQWXLWXSHUVRQ  LQWUDQVIHUtYHO  ,PSRUWDQWHGHVWDFDUWDPEpPTXHD/HLQž
IH]H[SUHVVDUHFRPHQGDomRSDUDR&RQWUROH
&RQWUROH
&RQWUROHGD
GD([HFXomR
2UoDPHQWiULDTXHFRPSUHHQGHUi
2UoDPHQWiULD

&RQWUROHH5HVSRQVDELOL]DomR , DOHJDOLGDGHGRVDWRVGHTXHUHVXOWHPDDUUHFD


GD GDomRGDUHFHLWDRXDUHDOL]DomRGDGHVSHVDR
$GPLQLVWUDomR QDVFLPHQWRRXDH[WLQomRGHGLUHLWRVHREULJD
o}HV

&RQWURODUpYLJLDUSDUDFRQIHULUDDGHTXDomRGRVDWRV ,, $ILGHOLGDGHIXQFLRQDOGRVDJHQWHVGDDGPLQLV


DRV SURSyVLWRV H QRUWHLRV TXH R PRWLYDP H DXWRUL]DP WUDomRUHVSRQViYHLVSRUEHQVHYDORUHVS~EOLFRV
1RUPDOPHQWHDSUySULD$GPLQLVWUDomR3~EOLFDH[HUFHR
FRQWUROHVREUHVHXVDWRV FRQWUROHDGPLQLVWUDWLYR DWUDYpV ,,, R FXPSULPHQWR GR SURJUDPD GH WUDEDOKRH[
GHVHXVYiULRVyUJmRVHGHVXDHVWUXWXUDDGPLQLVWUDWLYDR SUHVVRHPWHUPRVPRQHWiULRVHHPWHUPRVGH
TXHQmRLPSHGHTXHR3RGHU/HJLVODWLYRWDPEpPH[HUoD UHDOL]DomRGHREUDVHSUHVWDomRGHVHUYLoRV
RFKDPDGRFRQWUROH/HJLVODWLYRHR3RGHU-XGLFLiULRVHMD
FKDPDGRDH[HUFLWDURFRQWUROH-XGLFLiULRVREUHRVDWRVGD 0DLV TXH LVVR GHWHUPLQD TXH 2 3RGHU ([HFXWLYR
DGPLQLVWUDomR H[HUFHUiRVWUrVWLSRVGHFRQWUROHVHPSUHMXt]RGDVDWULEXL
o}HVGR7ULEXQDOGH&RQWDVRXÐUJmRHTXLYDOHQWH$VVLP
&RQWURODUpRSURFHVVRDGPLQLVWUDWLYRUHJXODGRUGH WHUHPRV
IDWRUHV YLVDQGR j H[HFXomR GH SURMHWRV FRQIRUPH VHX D  XP FRQWUROH LQWHUQR
LQWHUQR UHDOL]DGRSHOR
SODQHMDPHQWRRUJDQL]DomRHGLUHomRRXVHMDRFRQWUROH SUySULR3RGHUH
FXLGDGDSHUIHLWDH[HFXomRGRWUDEDOKRQDIRUPDKDYLGD
FRPRLGHDOSDUDRVREMHWLYRVGDHPSUHVDRXRUJDQL]DomR E  XP FRQWUROH H[WHUQR
H[WHUQR UHDOL]DGRSHOR
3RGHU/HJLVODWLYR
/HJLVODWLYR FRPRDX[tOLRGH7UL
/HJLVODWLYR
EXQDOGH&RQWDV HSHOR3RGHU-XGLFLiULR
-XGLFLiULR
-XGLFLiULR
7LSRVH)RUPDVGH&RQWUROH

2FRQWUROHpH[HUFLGRHPWUrVWHPSRVGLIHUHQWHV D
SUHOLPLQDU E FRQFRPLWDQWH
SUHOLPLQDU FRQFRPLWDQWHH‹SRVWHULRUPHQWH
FRQFRPLWDQWH SRVWHULRUPHQWH
SRVWHULRUPHQWH &RQWUROH$GPLQLVWUDWLYR

SUHOLPLQDUpH[HUFLGRDQWHVGDH[HFXomR
2FRQWUROHSUHOLPLQDU
SUHOLPLQDU
GHXPDIXQomRGLIHULQGRHQWUHWDQWRGRSODQHMDPHQWR 2 FRQWUROH LQWHUQR
LQWHUQR  WDPEpP FKDPDGR GH FRQ
HPERUDSRVVDSDUHFHUDHVWDDOWXUDGHPHVPRVLJQLILFD WUROHDGPLQLVWUDWLYRpDTXHOHTXHRVSUySULRVyUJmRV
GR$VVLPHVWDEHOHFLGRRSODQHMDPHQWRFDEHDRFRQWUROH DGPLQLVWUDWLYRV GHWRGRRV3RGHUHV H[HUFHPVREUHVXDV
YHULILFDUVHDVFRQGLo}HVLQLFLDLVSHUPLWHPRVHXLPSOH SUySULDVDWLYLGDGHVYLVDQGRDPDQWrODVQRVOLPLWHVGDOHL
PHQWRHGHVHQYROYLPHQWR H[DWDPHQWHFRQIRUPHDVQHFHVVLGDGHVGRVHUYLoRH[LJrQ
FLDV WpFQLFDV H HFRQ{PLFDV GH VXD UHDOL]DomR DIRUD D
6HJXQGR D UHIRUPD DGPLQLVWUDWLYD GR 'HFU/HL Qž REVHUYkQFLDGRVSDGU}HVpWLFRPRUDLVHGRVSULQFtSLRVGH
RFRQWUROHGHYHUiVHUH[HUFLGRHPWRGRVRVQtYHLV TXHQmRVHSRGHGHVYLDUQHQKXPDWRDGPLQLVWUDWLYR
HHPWRGRVRVÐUJmRVGD$GPLQLVWUDomR3~EOLFD)HGHUDO
HFRPSUHHQGHUi 2 FRQWUROH DGPLQLVWUDWLYR GHFRUUH GR H[HUFtFLR GR
LQWHUQDPHQWHDHVWUXWXUD$GPL
SRGHUGHYHUTXHWHQKDLQWHUQDPHQWH
LQWHUQDPHQWH
D RFRQWUROHSHODFKHILDFRPSHWHQWHGDH[HFXomR QLVWUDWLYD GH VH DXWRILVFDOL]DU WDQWR HP VHXV SUySULRV
GRVSURJUDPDVHGDREVHUYkQFLDGDVQRUPDVTXH DWRV TXDQWR QRV GRV DJHQWHV S~EOLFRV Ki DWp yUJmRV
JRYHUQDPDDWLYLGDGHHVSHFtILFDGRyUJmRFRQWUR SUySULRVSDUDWDOFRQWUROHRVyUJmRVVXSHULRUHVFRPRDV
ODGR &KHILDVDV&RUUHJHGRULDVHWF
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$ YHULILFDomR GD OHJDOLGDGH GRV DWRV GH H[HFXomR &RQWUROH,QWHUQRGR3RGHU([HFXWLYR)HGHUDO


RUoDPHQWiULDVHUiSUpYLDFRQFRPLWDQWHHVXEVHTHQWH(
DOpPGDSUHVWDomRGHFRQWDVRXWRPDGDGHFRQWDVDQXDO 6DELGDPHQWH FXPSUH D FDGD &KHILD H[HUFLWDU R
TXDQGRLQVWLWXtGDHPOHLRXSRUILPGHJHVWmRSRGHUi FRQWUROHVREUHDDWXDomRGHVHXVVXERUGLQDGRVFRQWUROH
KDYHU D TXDOTXHU WHPSR OHYDQWDPHQWR SUHVWDomR RX HVVHTXHGHYHVHUH[HUFLGRHPWRGRVRVQtYHLVHHPWRGRV
WRPDGDGHFRQWDVGHWRGRVRVUHVSRQViYHLVSRUEHQVRX RVyUJmRVQRVOLPLWHVGHFRPSHWrQFLDHkPELWRHVWDEHOHFL
YDORUHVS~EOLFRV GRV ³ H D SDU GHVVH GHYHU Ki XPD RXWUD HVWUXWXUD GH
FRQWUROHLQWHUQRGR3RGHU([HFXWLYRQDHVIHUDIHGHUDO
2FRQWUROHGRFXPSULPHQWRGRSURJUDPDGHWUDED
OKR H[SUHVVR HP WHUPRV PRQHWiULRV H HP WHUPRV GH 2&RQWUROH,QWHUQRGR3RGHU([HFXWLYR)HGHUDOIRL
UHDOL]DomRGHREUDVHSUHVWDomRGHVHUYLoRVFDEHDRÐUJmR LQVWLWXtGR H RUJDQL]DGR SHOR 'HFUHWR Qž  GH
LQFXPELGRGDHODERUDomRGDSURSRVWDRUoDPHQWiULDRXD   H VXD VLVWHPDWL]DomR GR FRQWUROH LQWHUQR
RXWUR ÐUJmR D TXH HYHQWXDOPHQWH D OHL FRPHWHU WDO
FRPSUHHQGHWRGDVDVDo}HVUHODFLRQDGDVFRPRFRQWUROH
FRQWUROH$RVVHUYLoRVGHFRQWDELOLGDGHFDEHUiYHULILFDUD
GD JHVWmR RUoDPHQWiULRILQDQFHLUD H SDWULPRQLDO GRV
H[DWDREVHUYkQFLDGRVOLPLWHVGDVFRWDVWULPHVWUDLVDWULEXt
yUJmRV H HQWLGDGHV GD $GPLQLVWUDomR )HGHUDO FRP D
GDV D FDGD XQLGDGH RUoDPHQWiULD GHQWUR GR VLVWHPD
SUHFtSXDILQDOLGDGHGH
LQVWLWXtGRSDUDHVVHILP

2VLVWHPD
VLVWHPD GHFRQWUROH
VLVWHPDGH FRQWUROHLQWHUQRWHPIXQGDPHQWRFRQV
LQWHUQR D FULDU FRQGLo}HV LQGLVSHQViYHLV SDUD DVVHJXUDU
WLWXFLRQDODVVLPSUHYLVWRQD&RQVWLWXLomR)HGHUDO
&RQVWLWXLomR)HGHUDO
&RQVWLWXLomR)HGHUDO HILFiFLD DR FRQWUROH H[WHUQR H UHJXODULGDGH j
UHDOL]DomRGDUHFHLWDHGDGHVSHVD
$UW&) 2V
2V3RGHUHV
3RGHUHV/HJLVODWLYR
/HJLVODWLYR([HFXWLYRH-XGLFLiULR
PDQWHUmR
PDQWHUmR GH
GH  IRUPD LQWHJUDGD VLVWHPD GH E DFRPSDQKDUDH[HFXomRGHSURJUDPDVGHWUDED
FRQWUROHLQWHUQRFRPDILQDOLGDGHGH OKRHDGR2UoDPHQWRH

, DYDOLDURFXPSULPHQWRGDVPHWDVSUHYLVWDVQR F DYDOLDURVUHVXOWDGRVDOFDQoDGRVSHORVDGPLQLV


SODQRSOXULDQXDODH[HFXo}HVGRVSURJUDPDVGH WUDGRUHV H YHULILFDU D H[HFXomR GH FRQWUDWRV
JRYHUQRHGRVRUoDPHQWRVGD8QLmR FRQYrQLRVDFRUGRVHDMXVWHV

,, FRPSURYDUDOHJDOLGDGHHDYDOLDURVUHVXOWDGRV $JHVWmRRUoDPHQWiULRILQDQFHLUDHSDWULPRQLDOVHUi


TXDQWRjHILFiFLDHHILFLrQFLDGDJHVWmRRUoD FRQWURODGDSHODVDWLYLGDGHVGH  SURJUDPDomRILQDQFHL
PHQWiULDILQDQFHLUDHSDWULPRQLDOQRVyUJmRVH UD  RULHQWDomR  DFRPSDQKDPHQWR  ILVFDOL]DomR
HQWLGDGHVGDDGPLQLVWUDomRIHGHUDOEHPFRPR H  DYDOLDomR
GDDSOLFDomRGHUHFXUVRVS~EOLFRVSRUHQWLGDGHV
GHGLUHLWRSULYDGR ¢(P TXH FRQVLVWH FDGD XPD GHVVD DWLYLGDGHV" 2
SUySULR'HFUHWRGHILQHDHVWUXWXUDomRHIXQFLRQDPHQWRGH
,,, H[HUFHU R FRQWUROH GDV RSHUDo}HV GHFUpGLWR SURJUDPDomR
SURJUDPDomRILQDQFHLUDDEUDQJHD
FDGDXPDGHODV  DSURJUDPDomR ILQDQFHLUD
DYDLV H JDUDQWLDV EHP FRPR GRV GLUHLWRV H IRUPXODomRGHGLUHWUL]HVSDUDHODERUDomRGDVSURSRVWDVGH
KDYHUHVGD8QLmR FURQRJUDPDVVHWRULDLVGHGHVHPEROVRHVWDEHOHFLPHQWRGR
IOX[R JHUDO GH FDL[D H IL[DomR GH OLPLWHV GH VDTXHV
,9 DSRLDU R FRQWUROH H[WHUQR QR H[HUFtFLR GHVXD
SHULyGLFRVFRQWUDDFRQWDGR7HVRXUR1DFLRQDO³WXGR
PLVVmRLQVWLWXFLRQDO
YLVDQGRD D DVVHJXUDUjVXQLGDGHVRUoDPHQWiULDVHP
WHPSRRSRUWXQRDVRPDGHUHFXUVRVQHFHVViULRVHVXILFL
†ž 2V
2VUHVSRQViYHLVSHORFRQWUROHLQWHUQRDRWRPD
UHVSRQViYHLVSHORFRQWUROHLQWHUQRDRWRPD
HQWHV j PHOKRU H[HFXomR GR VHX SURJUDPD DQXDO GH
UHP
UHPFRQKHFLPHQWR
FRQKHFLPHQWRGHGHTXDOTXHU
TXDOTXHULUUHJXODULGDGH
LUUHJXODULGDGHRX
LOHJDOLGDGH WUDEDOKRH E PDQWHUGXUDQWHRH[HUFtFLRQDPHGLGDGR
LOHJDOLGDGH GHOD
GHOD GDUmR FLrQFLD DR 7ULEXQDO GH
&RQWDV
&RQWDV GD
GD 8QLmRVRESHQDGHUHVSRQVDELOLGDGH
8QLmRVRESHQDGHUHVSRQVDELOLGDGH SRVVtYHO R HTXLOtEULR HQWUH D UHFHLWD DUUHFDGDGD H D
VROLGiULD GHVSHVDUHDOL]DGDGHPRGRDUHGX]LUDRPtQLPRHYHQWXD
LVLQVXILFLrQFLDVILQDQFHLUDV
†ž 4XDOTXHU
4XDOTXHUFLGDGmR
FLGDGmRSDU
SDUWLGR
WLGRSROtWLFRDVVRFLDomRRX
VLQGLFDWR
VLQGLFDWRpSDUWHOHJtWLPDSDUDQDIRUPDGDOHL RULHQWDomRVHUiIHLWDSHORHVWDEHOHFLPHQWRGH
 DRULHQWDomR
RULHQWDomR
GHQXQFLDULUUHJXODULGDGHVRXLOHJDOLGDGHVSHUDQWH QRUPDVSHODIL[DomRGHSDGU}HVSHORGHVHQYROYLPHQWRH
R7ULEXQDOGH&RQWDVGD8QLmR PDQXWHQomR GH IOX[R GH LQIRUPDo}HV QRWDGDPHQWH
DWUDYpVGHVLVWHPDVHOHWU{QLFRVGHSURFHVVDPHQWRHGH
$UW $V QRUPDVHVWDEHOHFLGDVQHVWDVHomRDSOLFDPVH RXWUDVDWLYLGDGHVYLVDQGRjUDFLRQDOL]DomRGDH[HFXomR
QR TXH FRXEHU j RUJDQL]DomR FRPSRVLomR H GDGHVSHVDS~EOLFDjHILFiFLDHILFLrQFLDHHIHWLYLGDGHGRV
ILVFDOL]DomRGRV7ULEXQDLVGH&RQWDVGRV(VWDGRVH DWRVGHJHVWmR$UDFLRQDOL]DomRFRQVLVWHQDLQVWLWXLomRGH
GR 'LVWULWR )HGHUDO EHP FRPR GR 7ULEXQDLV H SURJUDPDVHVSHFtILFRVSDUDGLVFLSOLQDPHQWRHFRQWUROHGH
&RQVHOKRVGH&RQWDVGRV0XQLFtSLRV JDVWRVHPHVSHFLDOQRSODQHMDPHQWRVXSHUYLVmRHFRQWUR
OHGDIRQWHSDJDGRUDGHSHVVRDO
†~QLFR $V&RQVWLWXLo}HVHVWDGXDLVGLVSRUmRVREUHRV7UL
EXQDLVGH&RQWDVUHVSHFWLYRVTXHVHUmRLQWHJUDGRV   -i R DFRPSDQKDPHQWR
DFRPSDQKDPHQWR GD
GD H[HFXomR
H[HFXomR GD GHVSHVD
SRUVHWH&RQVHOKHLURV GHYHUiVHUUHDOL]DGRGHIRUPDFRQWtQXDHSHUPDQHQWHH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

VHUi GLULJLGR QR VHQWLGR GH HYLWDU GHVYLR GDV QRUPDV


SDGU}HVSURJUDPDVGHWUDEDOKRHGLUHWUL]HVJRYHUQDPHQ &RQWUROH3DUODPHQWDU
WDLV
ILVFDOL]DomRGHYHUiVHUDWHQWD
 VHPDFRPRGDomRDILVFDOL]DomR
ILVFDOL]DomR
QDYHULILFDomR D GDOHJDOLGDGHGRVDWRVGHTXHUHVXOWHP 2 3URI',2*2 '( ),*8(,5('2 025(,5$ 1(72
D DUUHFDGDomR GD UHFHLWD RX D UHDOL]DomR GD GHVSHVD R GHILQH R FRQWUROH SDUODPHQWDU WDPEpP FKDPDGR GH
QDVFLPHQWR D PRGLILFDomR RX D H[WLQomR GH GLUHLWRV H FRQWUROH OHJLVODWLYR FRPR ´DTXHOH H[HUFLGR SHOR 3RGHU
REULJDo}HV E  GD ILGHOLGDGH IXQFLRQDO GRV DJHQWHV GD /HJLVODWLYRGHTXDOTXHUGDVWUrVyUELWDVIHGHUDWLYDVGLUHWD
DGPLQLVWUDomRUHVSRQViYHLVSRUEHQVS~EOLFRVHPJHUDO F
PHQWH SRU VHXV SOHQiULRV RX FRPLVV}HV SDUODPHQWDUHV H
GRFXPSULPHQWRGRSURJUDPDGHWUDEDOKRHPWHUPRV
LQGLUHWDPHQWHSRUyUJmRVDX[LOLDUHVLQVWLWXtGRVSDUDHVVH
ILQDQFHLURV H GH UHDOL]DomR GH REUDV H SUHVWDomR GH
ILP HVSHFtILFR 2 FRQWUROH SDUODPHQWDU VH LQVHUH HQWUH RV
VHUYLoRV H DLQGD G  GD DGHTXDomR GD H[HFXomR GD
GHVSHVDDRIOX[RHVWDEHOHFLGRQDSURJUDPDomRILQDQFHLUD PHFDQLVPRV FRQVWLWXFLRQDLV GH IUHLRV H FRQWUDSHVRV SHORV
TXDLVFRPRVHVDEHFDGD3RGHURUJkQLFRGR(VWDGRUHFHEH
  SRU ILQDO D DYDOLDomR
DYDOLDomR FRQVLVWH QD LGHQWLILFDomR FRPSHWrQFLD SDUD LQWHUIHULU QD DomR GRV GHPDLV 6HPSUH
TXDQWLWDWLYD H TXDOLWDWLYD GRV UHVXOWDGRV REWLGRV SHORV UHVWULWRDRVFDVRVFRQVWLWXFLRQDLVHVWDEHOHFLGRVHVVHFRQWUROH
DGPLQLVWUDGRUHV HP UHODomR DRV REMHWLYRV IL[DGRV QRV SRGHUiVHUGHILVFDOL]DomRGHVXVSHQVmRGHDQXODomRHDWp
SURJUDPDV GH WUDEDOKR H DRV FURQRJUDPDV ILQDQFHLURV GHSXQLomR$FDUDFWHUtVWLFDSULQFLSDOGRFRQWUROHSDUODPHQ
DSURYDGRV2EYLDPHQWHRUHVXOWDGRGDDYDOLDomRFRQV WDUpGHVHUSUHSRQGHUDQWHPHQWHXPFRQWUROHGHOHJLWLPLGD
WLWXLUiLPSRUWDQWtVVLPRVXEVtGLRjRULHQWDomRGRVDGPLQLV GHHH[FHSFLRQDOPHQWHGHOHJDOLGDGH6HXHVFRSRHP~OWLPD
WUDGRUHVHjDIHULomRGDHILFLrQFLDHHILFiFLDQDH[HFXomR DQiOLVHDVVHJXUDUTXHDDGPLQLVWUDomRS~EOLFDSURFHVVHFRP
GRVSURJUDPDVGHWUDEDOKR ILGHOLGDGH DRV YDORUHV H LQWHUHVVHV S~EOLFRV SROLWLFDPHQWH
SUHYDOHFHQWHVVHJXQGRDLQWHUSUHWDomRGRVUHSUHVHQWDQWHV
0DVRFRQWUROHLQWHUQRQmRVHUHVXPHDWDLVDWLYLGD FRPDVVHQWRQDV&DVDV/HJLVODWLYDV
GHV PHVPR SRUTXH D JHVWmR ILQDQFHLUD SUHVVXS}H XPD
FRQWDELOL]DomR TXH D SDU GR GHYHU GH XPD ULJRURVD 0RGDOLGDGHGH&RQWUROH3DUODPHQWDU6RERFULWpULR
0RGDOLGDGHGH&RQWUROH3DUODPHQWDU
HVFULWXUDomRGHYHUiVHUDXGLWDGDSHULRGLFDPHQWH GRVHIHLWRVSRGHPRVGLVWLQJXLUDVPRGDOLGDGHVSUHYHQWLYDV
HUHSUHVVLYDV$VSULPHLUDVQLWLGDPHQWHILVFDOL]DWyULDVHDV
FRQWDELOLGDGHHFRPRDDXGLWRULD
$VVLPWDQWRDFRQWDELOLGDGH
FRQWDELOLGDGH DXGLWRULDVmR
DXGLWRULD RXWUDVFRPHILFiFLDVXVSHQVLYDDQXODWyULDRXSXQLWLYD
LQVWUXPHQWRV HVVHQFLDLV DR FRQWUROH LQWHUQR FDEHQGR j
SULPHLUD D  HYLGHQFLDU SHUDQWH D )D]HQGD 1DFLRQDO D &RQWUROH
&RQWUROH3DUODPHQWDU 'LUHWR3UHYHQWLYRSRU3OHQiULRV
3DUODPHQWDU'LUHWR
VLWXDomRGHWRGRVTXDQWRVGHTXDOTXHUPRGRDUUHFDGHP
/HJLVODWLYRV(VVDpDPRGDOLGDGHPDLVDPSODGHVHQYROYLGD
/HJLVODWLYRV
UHFHLWDVHIHWXHPGHVSHVDVDGPLQLVWUHPRXJXDUGHPEHQV
SULQFLSDOPHQWHQRH[HUFtFLRGDFRPSHWrQFLDGR&RQJUHVVR
DHODSHUWHQFHQWHVRXFRQILDGRVH E DSXUDURVFXVWRV
1DFLRQDO H GH VXDV &DVDV VLQJXODUHV GH FRSDUWLFLSDU GDV
GRVSURMHWRVHDWLYLGDGHVGHIRUPDDHYLGHQFLDURVUHVXOWD
GRVGDJHVWmR³HQTXDQWRjDXGLWRULDFXPSULUiH[DPLQDU DOWDV GHFLV}HV SROtWLFRDGPLQLVWUDWLYDV GR (VWDGR )HGHUDO
RVDWRVGDJHVWmRFRPRSURSyVLWRGHFHUWLILFDUDH[DWLGmR $VVLPH[HPSOLILFDQGRDR&RQJUHVVR1DFLRQDOMXQWDPHQWH
HUHJXODULGDGHGDVFRQWDVHDFRPSURYDUDHILFLrQFLDHD FRP R 3UHVLGHQWH GD 5HS~EOLFD FDEH IL[DU R HIHWLYR GDV
HILFiFLDQDDSOLFDomRGRVUHFXUVRVS~EOLFRV³QDWXUDOPHQ )RUoDV $UPDGDV WUDQVIHULU WHPSRUDULDPHQWH D VHGH GR
WHVHILDQGRQRVUHJLVWURVFRQWiEHLVHQDGRFXPHQWDomR *RYHUQR)HGHUDOFRQFHGHUDQLVWLDHWF
FRPSUREDWyULDGDVRSHUDo}HVUHDOL]DGDV
&RQWUROH
&RQWUROH3DUODPHQWDU'LUHLWR5HSUHVVLYRSRU3OHQiULRV
3DUODPHQWDU'LUHLWR5HSUHVVLYRSRU3OHQiULRV
/HJLVODWLYRV$R&RQJUHVVR1DFLRQDOFDEHMXOJDUDVFRQWDV
/HJLVODWLYRV
SUHVWDGDVSHOR3UHVLGHQWHGD5HS~EOLFDDSUHFLDURVUHODWyUL
&RQWUROH/HJLVODWLYR RVVREUHDH[HFXomRGRVSODQRVGHJRYHUQRHVXVWDURVDWRV
QRUPDWLYRVGR([HFXWLYRTXHH[RUELWHPGRSRGHUUHJXODPHQ
WDURXGRVOLPLWHVGHGHOHJDomROHJLVODWLYD
FRQWUROHH[WHUQR
FRQWUROHH[WHUQRFRPRRSUySULRQRPHVXJHUHp
2FRQ WUROHH[WHUQR
DTXHOHH[HUFLGRSRUXPRXWURÐUJmRGLIHUHQWHGDTXHOH &RQWUROH
&RQWUROH 3DUODPHQWDU
3DUODPHQWDU 'LUHWR
'LUHWR 3UHYHQWLYR
3UHYHQWLYR GDV
GDV &RP
&RPLV
TXH UHDOL]RX D GHVSHVD RX H[HFXWRX DWRV GH V}HV
V}HV 2&RQJUHVVR1DFLRQDOHVXDVGXDV&DVDVSRUVXDV

DGPLQLVWUDomR(RFRQWUROHVREUHRVDWRVDGPLQLVWUDWLYRV &RPLVV}HVSHUPDQHQWHVRXWHPSRUiULDVWDPEpPH[HUFHP
WDQWRRVDWRVGR([HFXWLYRFRPRRVGR/HJLVODWLYRHGR FRQWUROHSUHYHQWLYRVREUHD$GPLQLVWUDomR$VPRGDOLGDGHV
SUySULR-XGLFLiULR HDH[LJrQFLDGHTXHVHMDPHOHVOHJDLV GHDomRGDV&RPLVV}HVHVWmRHVWDEHOHFLGDVQD&RQVWLWXLomR
HFRQVHQWkQHRVFRPRVSUHFHLWRVTXHQRUWHLDPDDGPLQLV )HGHUDOVHQGRDLQGDGHGHVWDFDURSRGHUGHFRQYRFDomRGH
WUDomRSRGHVHUGHVHPSHQKDGRSHOR3RGHU
3RGHU
3RGHU/HJLVODWLYR 0LQLVWURVGH(VWDGRSDUDSUHVWDULQIRUPDo}HV
RFKDPDGRFRQWUROHOHJLVODWLYR HSHOR3RGHU
3RGHU
3RGHU-XGLFLiULR
GHQRPLQDGRGHFRQWUROHMXGLFLDO  &RQWUROH3DUODPHQWDU,QGLUHWR3UHYHQWLYRH5HSUHVVLYR
2&RQWUROHSDUODPHQWDUH[HUFLGRSHOR&RQJUHVVR1DFLRQDO
FRQWUROH
FRQWUROHOHJLVODWLYRpUHVWULWRjILVFDOL]D
(PUHJUDRFRQWUROH OHJLVODWLYR HP PDWpULD GH ILVFDOL]DomR ILQDQFHLUD RUoDPHQWiULD
omR RUoDPHQWiULD GH WRGRV RV 3RGHUHV HQTXDQWR R RSHUDFLRQDO H SDWULPRQLDO p XP FRQWUROH H[WHUQR TXH VH
FRQWUROH
FRQWUROH MXGLFLDO
MXGLFLDO ILVFDOL]D D OHJDOLGDGH GH WRGRV RV DWRV LQWHJUDUiFRPRVVLVWHPDVGHFRQWUROHLQWHUQRGHFDGD3RGHU
DGPLQLVWUDWLYRVHDVVLPVXDYDOLGDGHHPIDFHGRRUGHQD
PHQWRMXUtGLFREUDVLOHLUR
&RQWUROH
&RQWUROH&RQWiELO
&RQWiELO)LQDQFHLUR
)LQDQFHLUR2UoDPHQWiULR
2UoDPHQWiULR2SHUD
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

FLRQDO
FLRQDO H 3DWULPRQLDO
3DWULPRQLDO ([WHUQR
([WHUQR  (VVH VLVWHPD PLVWR GHYH SULYDGR  H[HUFHURFRQWUROHGDVRSHUDo}HVGHFUpGLWR
DWXDULQWHJUDGDPHQWHDRTXHGHIOXLGDSUySULD&RQVWLWXL DYDLV H JDUDQWLDV EHP FRPR GRV GLUHLWRV H KDYHUHV GD
omR VHQGR QHFHVViULR SRU LVVR QmR SRGHU GH YLVWD VXDV 8QLmRHDLQGD  DSRLDURFRQWUROHH[WHUQRQRH[HUFtFLR
P~OWLSODV LPEULFDo}HV 2 VLVWHPD VH IXQGD QRV SULQFtSLRV GHVXDPLVVmRLQVWLWXFLRQDO
FRQVWLWXFLRQDLVGHOHJDOLGDGHOHJLWLPLGDGHHHFRQRPLFLGDGH
GD JHVWmR ILQDQFHLUD H RUoDPHQWiULD $ HFRQRPLFLGDGH )RL DOpP R OHJLVODGRU FRQVWLWXLQWH GHILQLQGR D
FRQVLVWHHPQmRFRPSURPHWHUUHFXUVRVLQ~WHLVRVVXSpUIOXRV UHVSRQVDELOLGDGH VROLGiULD GRV DJHQWHV S~EOLFRV TXH
SDUD DOFDQoDU RV REMHWLYRV IL[DGRV D OHJDOLGDGH HP QmR VHQGR UHVSRQViYHLV SHOR FRQWUROH LQWHUQR QmR GHUHP
YLRODUDOHLHDOHJLWLPLGDGHHPQmRDIDVWDUVHGRVREMHWLYRV FLrQFLD DR 7ULEXQDO GH &RQWDV GD 8QLmR GH TXDOTXHU
SROLWLFDPHQWHDFHLWiYHLVSHOD1DomRLQFRUSRUDGRVHPVXDV LUUHJXODULGDGHRXLOHJDOLGDGHTXHYLHUHPDWRPDUFRQKH
OHLVµ³ ,Q ´&XUVRGH'LUHLWR$GPLQLVWUDWLYRµ(G)RUHQVH FLPHQWR
S
(QVLQD R 3URI+(/< /23(6 0(,5(//(6 TXH ´$
ILVFDOL]DomR ILQDQFHLUD H RUoDPHQWiULD p FRQIHULGD HP
WHUPRV DPSORV DR &RQJUHVVR 1DFLRQDO PDV VH UHIHUH
&RQWUROHSHORV7ULEXQDLVGH&RQWDV IXQGDPHQWDOPHQWHjSUHVWDomRGHFRQWDVGHWRGRjTXHOH
TXH DGPLQLVWUD EHQV YDORUHV RX GLQKHLURV S~EOLFRV e
GHFRUUrQFLD QDWXUDO GD DGPLQLVWUDomR FRPR DWLYLGDGH
¢3RUTXHVHGHYHFRQWURODUDDWLYLGDGHILQDQFHLUDGR H[HUFLGDHPUHODomRDLQWHUHVVHVDOKHLRV1mRpSRLVD
(VWDGR"""eSUHFLVDDUHVSRVWDGH-$9,(56$,1=025( QDWXUH]DGRyUJmRRXGDSHVVRDTXHDREULJDDSUHVWDU
12´$SHVVRDSULYDGDSRGHID]HUWXGRDTXLORTXHQmROKH FRQWDVpDRULJHPS~EOLFDGREHPDGPLQLVWUDGRRXGR
HVWHMD SURLELGR SHOR FRQWUiULR j SHVVRD S~EOLFD HVWi GLQKHLUR JHULGR TXH DFDUUHWD SDUD R JHVWRU R GHYHU GH
SURLELGR WXGR DTXLOR TXH QmR OKH HVWHMD UHFRPHQGDGR $ FRPSURYDURVHX]HORHERPHPSUHJR
SHVVRDSULYDGDSRGHJDVWDUWXGRRTXHUHFHEHXQDTXLORTXH
QmRHVWLYHUSURLELGRSDUDLVVRRFRQWUROHIXQGDPHQWDOpD 7RGDDDGPLQLVWUDomRS~EOLFD³MiRGLVVHPRV³ILFD
SULRULDILPGHHYLWDUJDVWRVGHOLWXRVRVDSHVVRDS~EOLFD VXMHLWDDILVFDOL]DomRKLHUiUTXLFDPDVFHUWDPHQWHSRUVXD
SHOR FRQWUiULR Vy SRGH JDVWDU QDTXLOR TXH WHQKD VLGR UHSHUFXVVmRLPHGLDWDQRHUiULRDDGPLQLVWUDomRILQDQFHL
GHVLJQDGRHVXDVUHFHLWDVIRUDPFULDGDVHPIXQomRGHVWHV UD H RUoDPHQWiULD VXEPHWHVH D PDLRUHV ULJRUHV GH
JDVWRVTXHGHYHFRQWUDLUSDUDLVWRRFRQWUROHIXQGDPHQWDO DFRPSDQKDPHQWR WHQGR D &RQVWLWXLomR GD 5HS~EOLFD
pDSRVWHULRULDILPGHHYLWDUMiQmRGHVSHVDVGHOLWXRVDV GHWHUPLQDGR R FRQWUROH LQWHUQR SHOR ([HFXWLYR H R
PDV VLPSOHVPHQWH XPD GHVSHVD TXH j YLVWD GDV GHPDLV FRQWUROHH[WHUQRSHOR/HJLVODWLYRDX[LOLDGRSHOR7ULEXQDO
UHVXOWHLPSURFHGHQWH$SHVVRDSULYDGDQmRWHPTXHMXVWLIL GH&RQWDV DUWVD 
FDUDVXDH[LVWrQFLDVHQmRTXH¶H[LVWHORJRFRQVRPH·D
SHVVRD S~EOLFD WHP TXH MXVWLILFDU D VXD H[LVWrQFLD
RX  FRQWUROH LQWHUQR REMHWLYD D FULDomR GH FRQGLo}HV
FRQVHJXHFXPSULUVHXVREMHWLYRVRXQmRVHUYHSDUDQDGD
 LQGLVSHQViYHLV j HILFiFLD GR FRQWUROH H[WHUQR H YLVD
$SHVVRDS~EOLFDUHTXHUSRUFRQVHJXLQWHXPFRQWUROHRX DVVHJXUDU D UHJXODULGDGH GD UHDOL]DomR GD UHFHLWD H GD
ILVFDOL]DomRGHUHVXOWDGRV (OHPHQWRVGH'HUHFKR)LQDQFL GHVSHVDSRVVLELOLWDQGRRDFRPSDQKDPHQWRGDH[HFXomR
HUR0DGULG5DIDHO&DVWHOODQRVS  GRRUoDPHQWRGRVSURJUDPDVGHWUDEDOKRHDDYDOLDomR
GRV UHVSHFWLYRV UHVXOWDGRV e QD VXD SOHQLWXGH XP
(HPVHWUDWDQGRGHILVFDOL]DomRHGHFRQWUROHLQWHUQR FRQWUROH GH OHJDOLGDGH FRQYHQLrQFLD RSRUWXQLGDGH H
HH[WHUQRGRVRUoDPHQWRVGHVWDTXHVHHPDQDUGDSUySULD HILFLrQFLD
&RQVWLWXLomR )HGHUDO D GHWHUPLQDomR GHVVH G~SOLFH
VLVWHPD$ILVFDOL]DomRFRQWiELOILQDQFHLUDRUoDPHQWiULD  FRQWUROH H[WHUQR YLVD FRPSURYDU D SURELGDGH GD
RSHUDFLRQDO H SDWULPRQLDO GD 8QLmR H GDV HQWLGDGHV GD $GPLQLVWUDomRHDUHJXODULGDGHGDJXDUGDHGRHPSUHJR
DGPLQLVWUDomR GLUHWD H LQGLUHWD TXDQWR j OHJDOLGDGH GRVEHQVYDORUHVHGLQKHLURVS~EOLFRVDVVLPFRPRDILHO
OHJLWLPLGDGH HFRQRPLFLGDGH DSOLFDomR GDV VXEYHQo}HV H H[HFXomRGRRUoDPHQWReSRUH[FHOrQFLDXPFRQWUROH
UHQ~QFLDGHUHFHLWDVVHUiH[HUFLGDSHOR&RQJUHVVR1DFLRQDO SROtWLFRHGHOHJDOLGDGHFRQWiELOHILQDQFHLUDRSULPHLUR
PHGLDQWH
PHGLDQWH FRQWUROH
FRQWUROH H[WHUQR
H[WHUQR H SHOR VLVWHPD GH FRQWUROH DVSHFWRDFDUJRGR/HJLVODWLYRRVHJXQGRGR7ULEXQDOGH
LQWHUQRGHFDGDSRGHU DUW&)  &RQWDVµ³>LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLURHG
5HYLVWDGRV7ULEXQDLVS@
$WHQWHVHTXHD&DUWD0DJQDREULJDRVWUrV3RGHUHV
3RGHUHV
/HJLVODWLYR([HFXWLYR
/HJLVODWLYR ([HFXWLYRH-XGLFLiULR 
-XGLFLiULR DVH
VHHVWUXWXUDUHP
HVWUXWXUDUHPH
HVWDEHOHFHUHP
HVWDEHOHFHUHP GH
GH  IRUPD LQWHJUDGD XP VLVWHPD GH
FRQWUROH 27ULEXQDOGH&RQWDVGD8QLmR
FRQWUROH LQWHUQR
LQWHUQR ³ FRP
FRP D SUHFtS
SUHFtSXD
XD ILQDOLGDGH
ILQDOLGDGH GH
GH  
DYDOLDU R FXPSULPHQWR GDV PHWDV SUHYLVWDV QR SODQR HVXDV$WULEXLo}HV
SOXULDQXDODH[HFXo}HVGRVSURJUDPDVGHJRYHUQRHGRV
RUoDPHQWRV GD 8QLmR   FRPSURYDU D OHJDOLGDGH H $ /HL Qž  UHVVDOWD TXH FDEHUi DR 3RGHU
DYDOLDURVUHVXOWDGRVTXDQWRjHILFiFLDHHILFLrQFLDGD /HJLVODWLYRRFRQWUROHGDH[HFXomRRUoDPHQWiULDWHUiSRU
/HJLVODWLYR
JHVWmRRUoDPHQWiULDILQDQFHLUDHSDWULPRQLDOQRVyUJmRV REMHWLYRYHULILFDUDSURELGDGHGDDGPLQLVWUDomRDJXDUGD
H HQWLGDGHV GD DGPLQLVWUDomR IHGHUDO EHP FRPR GD HOHJDOHPSUHJRGRVGLQKHLURVS~EOLFRVHRFXPSULPHQWRGD
DSOLFDomRGHUHFXUVRVS~EOLFRVSRUHQWLGDGHVGHGLUHLWR /HLGR2UoDPHQWRµ(VVDGLVSRVLomRKRMHHVWiUHIRUoDGtVVL
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

PD SHOD &RQVWLWXLomR


&RQVWLWXLomR )HGHUDO
)HGHUDO TXH QRV DUW D  9 ILVFDOL]DU DV FRQWDVQDFLRQDLVGDVHPSUHVDV
GLVFLSOLQDDILVFDOL]DomRFRQWiELOILQDQFHLUDRUoDPHQWiULD VXSUDQDFLRQDLV GH FXMR FDSLWDO VRFLDO D 8QLmR
RSHUDFLRQDOHSDWULPRQLDOHFRPHWHDR/HJLVODWLYR³FRP SDUWLFLSH GH IRUPD GLUHWD RX LQGLUHWD QRV
RDX[tOLRGR7ULEXQDOGH&RQWDV³RFRQWUROHGDV&RQWDV WHUPRVGRWUDWDGRFRQVWLWXWLYR
GH WRGDV
WRGDV DV SHVVRDV TXH PDQLSXOHP GLQKHLUR S~EOLFR
&RQILUD 9, ILVFDOL]DU D DSOLFDomR GHTXDLVTXHUUHFXUVRV
UHSDVVDGRV SHOD 8QLmR PHGLDQWH FRQYrQLR
$UW $ILVFDOL]DomR
ILVFDOL]DomRFRQWiELOILQDQFHLUD
FRQWiELOILQDQFHLUDRUoDPHQWiULD DFRUGRDMXVWHRXRXWURVLQVWUXPHQWRVFRQJrQH
RSHUDFLRQDOHSDWULPRQLDO
RSHUDFLRQDO SDWULPRQLDOGD
GD8QLmR
8QLmRHGDV
GDVHQWLGD UHVD(VWDGRDRGLVWULWR)HGHUDORXD0XQLFtSLR
GHV
GHVGD
GDDGPLQLVWUDomR
DGPLQLVWUDomRGLUHWD
GLUHWDHLQGLUHWD
LQGLUHWDTXDQWR
TXDQWRj
OHJDOLGDGH
OHJDOLGDGHOHJLWLPLGDGH
OHJLWLPLGDGHHFRQRPLFLGDGH
HFRQRPLFLGDGHDSOLFD 9,, SUHVWDUDVLQIRUPDo}HVVROLFLWDGDVSHOR&RQJUHV
omRGDVVXEYHQo}HVHUHQ~QFLDGHUHFHLWDVVHUi VR1DFLRQDOSRUTXDOTXHUGHVXDVFDVDVRXSRU
H[HUFLGDSHOR&RQJUHVVR1DFLRQDOPHGLDQWHFRQ
H[HUFLGDSHOR&RQJUHVVR1DFLRQDOPHGLDQWHFRQ TXDOTXHU GDV UHVSHFWLYDV &RPLVV}HV VREUH D
WUROH
WUROHH[WHUQR
H[WHUQRHSHOR
SHORVLVWHPD
VLVWHPDGH
GHFRQWUROH
FRQWUROHLQWHUQR ILVFDOL]DomRFRQWiELOILQDQFHLUDRUoDPHQWiULD
GHFDGD3RGHU RSHUDFLRQDOHSDWULPRQLDOHVREUHUHVXOWDGRVGH
DXGLWRULDVHLQVSHo}HVUHDOL]DGDV
†~QLFR 3UHVWDUiFRQWDVTXDOTXHUSHVVRDItVLFDRXMXUtGLFD
S~EOLFDRXSULYDGDTXHXWLOL]HDUUHFDGHJXDUGH 9,,, DSOLFDUDRVUHVSRQViYHLVHPFDVRGHLOHJDOLGDGH
JHUHQFLHRXDGPLQLVWUHGLQKHLURVEHQVHYDORUHV GH GHVSHVD RX  LUUHJXODULGDGH GH FRQWDV DV
S~EOLFRVRXSHORVTXDLVD8QLmRUHVSRQGDRXTXH VDQo}HVSUHYLVWDVHPOHLTXHHVWDEHOHFHUiHQWUH
HPQRPHGHVWDDVVXPDREULJDo}HVGHQDWXUH]D RXWUDVFRPLQDo}HVPXOWDSURSRUFLRQDODRGDQR
SHFXQLiULD FDXVDGRDRHUiULR

$UW 2FRQWUROH
FRQWUROHH[WHUQR
H[WHUQRDFDUJR
FDUJRGR
GR&RQJUHVVR
&RQJUHVVR1DFLR ,; DVVLQDU SUD]R SDUD TXH R yUJmRRXHQWLGDGH
QDO
QDOVHUi
VHUiH[HUFLGR
H[HUFLGRFRP
FRPRDX[tOLRGR7ULEXQDO
DX[tOLRGR7ULEXQDOGH DGRWH DV SURYLGrQFLDV QHFHVViULDV DR H[DWR
&RQWDVGD8QLmRDRTXDOFRPSHWH
GD8QLmRDRTXDOFRPSHWH
FRPSHWH FXPSULPHQWRGDOHLVHYHULILFDGDLOHJDOLGDGH

, DSUHFLDU DV FRQWDV SUHVWDGDVDQXDOPHQWHSHOR


3UHVLGHQWHGD5HS~EOLFDPHGLDQWHSDUHFHUSUpYLR ; VXVWDU VH QmR DWHQGLGR DH[HFXomRGRDWR
TXH GHYHUi VHU HODERUDGR HP VHVVHQWD GLDV D LPSXJQDGRFRPXQLFDQGRDGHFLVmRj&kPDUD
FRQWDUGHVHXUHFHELPHQWR GRV'HSXWDGRVHDR6HQDGR)HGHUDO

,, MXOJDUDVFRQWDVGRVDGPLQLVWUDGRUHVHGHPDLV ;, UHSUHVHQWDUDR3RGHUFRPSHWHQWHVREUHLUUHJXODUL


UHVSRQViYHLV SRU GLQKHLURV EHQV H YDORUHV GDGHVRXDEXVRVDSXUDGRV
S~EOLFRV GD DGPLQLVWUDomR GLUHWD H LQGLUHWD
LQFOXtGDVDVIXQGDo}HVHVRFLHGDGHVLQVWLWXtGDV †ž 1RFDVRGHFRQWUDWRRDWRGHVXVWDomRVHUiDGRWD
H PDQWLGDV SHOR 3RGHU 3~EOLFR IHGHUDO H DV GR GLUHWDPHQWH SHOR FRQJUHVVR 1DFLRQDO TXH
FRQWDV GDTXHOHV TXH GHUHP FDXVD D SHUGD VROLFLWDUi GH LPHGLDWR DR 3RGHU ([HFXWLYR DV
H[WUDYLRRXRXWUDLUUHJXODULGDGHGHTXHUHVXOWH PHGLGDVFDEtYHLV
SUHMXt]RDRHUiULRS~EOLFR
†ž 6HR&RQJUHVVR1DFLRQDORXR3RGHUH[HFXWLYRQR
,,, DSUHFLDUSDUDILQVGHUHJLVWURDOHJDOLGDGHGRV SUD]R GH QRYHQWD GLDV QmR HIHWLYDU DV PHGLGDV
DWRVGHDGPLVVmRGHSHVVRDODTXDOTXHUWtWXOR SUHYLVWDVQRSDUiJUDIRDQWHULRUR7ULEXQDO
7ULEXQDOGHFLGL
7ULEXQDO
QDDGPLQLVWUDomRGLUHWDHLQGLUHWDLQFOXtGDVDV UiDUHVSHLWR
IXQGDo}HV LQVWLWXtGDV H PDQWLGDV SHOR 3RGHU
3~EOLFRH[FHWXDGDVDVQRPHDo}HVSDUDFDUJRGH †ž $VGHFLV}HVGR7ULEXQDO
7ULEXQDOGHTXHUHVXOWHLPSXWDomR
7ULEXQDO
SURYLPHQWR HP FRPLVVmR EHP FRPR D GDV GH   GpELWR RX GH PXOWD WHUmR HILFiFLD GH WtWXOR
FRQFHVV}HVGHDSRVHQWDGRULDVUHIRUPDVHSHQ H[HFXWLYR
V}HVUHVVDOYDGDVDVPHOKRULDVSRVWHULRUHVTXH
QmRDOWHUDPRIXQGDPHQWROHJDOGRDWRFRQFHV †ž 27ULEXQDO
7ULEXQDOHQFDPLQKDUiDR&RQJUHVVR1DFLRQDO
7ULEXQDO
VyULR WULPHVWUDOHDQXDOPHQWHUHODWyULRGHVXDVDWLYLGD
GHV
,9 UHDOL]DU SRU LQLFLDWLYD SUySULD GD&kPDUDGH
'HSXWDGRV GR 6HQDGR )HGHUDO GH &RPLVVmR $UW $&RPLVVmRPLVWDSHUPDQHQWHDTXHVHUHIHUHR
WpFQLFDRXGHLQTXpULWRLQVSHo}HVHDXGLWRULDGH DUW†žGLDQWHGHLQGtFLRVGHGHVSHVDVQmR
QDWXUH]D FRQWiELO ILQDQFHLUD RUoDPHQWiULD DXWRUL]DGDV DLQGD TXH VRE D IRUPD GH LQYHVWL
RSHUDFLRQDOHSDWULPRQLDOQDVXQLGDGHVDGPL PHQWRV QmR SURJUDPDGRV RX GH VXEVtGLRV QmR
QLVWUDWLYDVGRV3RGHUHV/HJLVODWLYR([HFXWLYRH DSURYDGRVSRGHUiVROLFLWDUjDXWRULGDGHJRYHUQD
-XGLFLiULRHGHPDLVHQWLGDGHVUHIHULGDVQRLQFLVR PHQWDOUHVSRQViYHOTXHQRSUD]RGHFLQFRGLDV
,, SUHVWHRVHVFODUHFLPHQWRVQHFHVViULRV
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 1mRSUHVWDGRVRVHVFODUHFLPHQWRVRXFRQVLGHUD 2&RQWUROH-XGLFLDO&RPXP


GRV HVWHV LQVXILFLHQWHV D &RPLVVmR VROLFLWDUi DR
7ULEXQDO SURQXQFLDPHQWR FRQFOXVLYR VREUH D $WpSRUTXHD&RQVWLWXLomR)HGHUDOVXMHLWDjDSUHFLDomR
PDWpULDQRSUD]RGHWULQWDGLDV GR3RGHU-XGLFLiULRWRGDHTXDOTXHUOHVmRDGLUHLWRWRGRV
WRGRV
RV
RV DWRV
DWRV DGPLQLVWUDWLYRV TXH DOFDQoDUHP GLUHLWR RX
†ž (QWHQGHQGR R 7ULEXQDO LUUHJXODUDGHVSHVDD LQWHUHVVHDOKHLRHVWDUmRVXMHLWRDRH[DPHGR-XGLFLiULR
&RPLVVmRVHMXOJDUTXHRJDVWRSRVVDFDXVDUGDQR TXHVHPDQLIHVWDUiVREUHVXDYDOLGDGHRXQmRDLQGDTXH
LUUHSDUiYHO RX JUDYH OHVmR j HFRQRPLD S~EOLFD VHWUDWHGHDWRGLVFULFLRQiULR
SURSRUiDR&RQJUHVVR1DFLRQDOVXDVXVWDomR
(VVHFRQWUROHGR-XGLFLiULRHVWDUiUHVWULWRjOHJDOLGDGH
$VVLP WRGRV
RGRV RV 3RGHUHV ([HFXWLYR /HJLVODWLYR H GRDWRGHFLVmRDGPLQLVWUDWLYDYHGDGDVXDLPSXJQDomRj
-XGLFLiULR JDVWDPHR/HJLVODWLYRFRQWURODHMXOJDVH FRQYHQLrQFLD RX RSRUWXQLGDGH GR DWR RX VHMD VREUH R
WXGRIRLIHLWRGHDFRUGRFRPDOHL&RPRILVFDOL]DomRp PpULWRGRDWRGHFLVmRDGPLQLVWUDWLYR
PXLWR GLItFLO SRU VH WUDWDU GH PDWpULD HVVHQFLDOPHQWH
WpFQLFDR3RGHU/HJLVODWLYRFRQWDFRPRDX[tOLRGHXP ,QFOXLVHQDDQiOLVHGDOHJDOLGDGHGRDWRGHFLVmRSHOR
yUJmRHVSHFLDOL]DGRQRDVVXQWRR7ULEXQDOGH&RQWDV
7ULEXQDOGH&RQWDV
7ULEXQDOGH&RQWDV -XGLFLiULR WDQWR D FRPSHWrQFLD FRPR D ILQDOLGDGH D
IRUPDHDWpPHVPRRVOLPLWHVGRSRGHUGLVFULFLRQiULRGH
9HMDTXHR7ULEXQDO
7ULEXQDO
7ULEXQDOGH
GH&RQWDVDSHQDVDX[LOLDR3RGHU
&RQWDV TXHVHYDOHXRDGPLQLVWUDGRUS~EOLFRSDUDDSUiWLFDGR
/HJLVODWLYR 1mR p XP 7ULEXQDO TXH FRQGHQD 1mR Gi DWR DGPLQLVWUDWLYR HP QHQKXPD KLSyWHVH R DEXVR GH
VHQWHQoDPDVSDUHFHU2SDUHFHUpXPDVXJHVWmRSDUD SRGHUVHRFXOWDUiQRSUHWH[WRGDOLEHUGDGHGDGLVFULFLRQD
DX[LOLDU R YHUGDGHLUR MXOJDPHQWR GDV FRQWDV ( HVVH ULHGDGH
YHUGDGHLURMXOJDPHQWRVHUiUHDOL]DGRSHORVGHSXWDGRVH
VHQDGRUHVHPUHXQLmRFRQMXQWD &RQJUHVVR1DFLRQDO 
0HLRVGH&RQWUROH-XGLFLDO
$WHQomR
$WHQomR QmRpDSHQDVR3RGHU([HFXWLYRTXHpREULJD
GRDSUHVWDUFRQWDVDR/HJLVODWLYRWDPEpPR
pR-XGLFLiULR LQFOXVLYHR7UDEDOKLVWD HWRGD $&RQVWLWXLomR)HGHUDOMiQDGHILQLomRGHVHXVSULQ
SHVVRD ItVLFD RX MXUtGLFD  TXH PH[D FRP R FtSLRVIXQGDPHQWDLVHVWDEHOHFHTXH7RGRSRGHUHPDQDGR
GLQKHLURGRSRYR SRYR TXH R H[HUFH SRU PHLR GH UHSUHVHQWDQWHV HOHLWRV
GLUHWDPHQWH QRV WHUPRV GHVWD &RQVWLWXLomR >†
~QLFRDUWž@,VVRVLJQLILFDTXHWRGDDomRDGPLQLVWUDWLYD
pUHDOL]DGDSDUDREHPGRSRYRHSRUUHSUHVHQWDQWHVGR
&RQWUROH-XGLFLDO SUySULR SRYR  1RXWUDV SDODYUDV HP VHQGR RV DGPL
QLVWUDGRUHV DXWrQWLFRV UHSUHVHQWDQWHV GR SRYR Mi QR
FRQWUROH DGPLQLVWUDWLYR H QR FRQWUROH OHJLVODWLYR Ki
(VWHpEHPPDLVUHVWULWRVyH[LVWLUiVHIRUSURYRFDGR DXWHQWLFDPHQWHXPFRQWUROHSRSXODU(VVDSUHGRPLQkQFLD
HDGHPDLVpOLPLWDGRjFRQIHUrQFLDGDOHJDOLGDGHGRDWR GR LQWHUHVVH S~EOLFR p D UD]mR SRU TXH D FRQVWLWXLomR
DGPLQLVWUDWLYR 6HU SURYRFDGR TXHU GL]HU TXH DOJXpP FRQIHUHDRSRYRXPDGLUHWDSDUWLFLSDomRDWpQRFRQWUROH
GHYH UHFODPDU DR -XGLFLiULR SURPRYHQGR XPD DomR DGPLQLVWUDWLYRSURPRYHQGRGHQ~QFLDGHLUUHJXODULGDGHV
FRQWUDDYDOLGDGHGHXPDDWRDGPLQLVWUDWLYRTXHMXOJD &RQILUD
SUHMXGLFLDOHLOHJDO$VVLPRFRQWUROHMXGLFLiULRpPXLWR
PDLVXPLQVWUXPHQWRGHSURWHomRHJDUDQWLDGRVGLUHLWRV $UW†ž&) 4XDOTXHU
4XDOTXHUFLGDGmR
FLGDGmRSDUWLGRSROtWLFRDVVRFL
SDUWLGRSROtWLFRDVVRFL
LQGLYLGXDLVGRTXHSURSULDPHQWHXPFRQWUROHJHUDOGRV DomR
DomR RX
RX VLQGLFDWRpSDUWHOHJtWLPDSDUD
VLQGLFDWRpSDUWHOHJtWLPDSDUD
DWRVDGPLQLVWUDWLYRV ,PSRUWDQWH FRQVLGHUDU TXHR QD
QDIRUPD
IRUPDGD
GDOHL
OHLGHQXQFLDU
GHQXQFLDULUUHJXODULGDGHV
-XGLFLiULRMDPDLVSRGHUiDQDOLVDURPpULWRGRDWRDGPLQLV RX
RX LOHJDOLGDGHV
LOHJDOLGDGHV SHUDQWH
SHUDQWH R 7ULEXQDO GH
WUDWLYRQRPi[LPRKiGHVHSURQXQFLDUVREUHDOHJDOLGDGH &RQWDVGD8QLmR
GRDWRGHFODUDQGRRRXQmRQXOR
$IRUDWDOSRGHUGHGHQXQFLDUD&RQVWLWXLomRFRQIHUHDR
9iULDV VmR DV Do}HV TXH SURYRFDP R FRQWUROH GR FLGDGmRDOJXQVRXWURVLQVWUXPHQWRVSDUDTXHHOHSRVVD
MXGLFLiULR VREUH R DWR DGPLQLVWUDWLYR R PDQGDGR GH FRPEDWHURVDEXVRVDGPLQLVWUDWLYRV
VHJXUDQoDpGRVPDLVFRQKHFLGRVTXDODDomRSRSXODUD
DomRGLUHWDGHLQFRQVWLWXFLRQDOLGDGHKRMHRPDQGDGRGH D QR DUWž LQF/;9,,, SHUPLWH D LPSHWUDomR GH
LQMXQomRRKDEHDVGDWDRKDEHDVFRUSXVDIRUDDVDo}HV KDEHDVFRUSXVSDUDDVVHJXUDURGLUHLWRGHOLEHU
FRPLQDWyULDVHDVRUGLQiULDVGHDQXODomR GDGHGHTXHHVWLYHUVXMHLWRDTXDOTXHULOHJDOLGDGH
RXDEXVRGHSRGHU
1R-XGLFLiULRR&RQWUROHGRV$WRV$GPLQLVWUDWLYRVRX
VHGDUiRUGLQDULDPHQWHGHIRUPDFRPXPRXGHIRUPD E QRLQFLVR/;,;GRPHVPRDUWLJRDXWRUL]DDLPSH
HVSHFLDO PDQGDGR
PDQGDGRGH
WUDomRGHPDQGDGR GHVHJXUDQoDSDUDSURWHJHU
VHJXUDQoD
GLUHLWROtTXLGRHFHUWR QmRDPSDUDGRSRUKDEH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

DVFRUSXVRXSRUKDEHDVGDWD VHPSUHTXHDOJX
PDDXWRULGDGHS~EOLFDRXXPDJHQWHGHSHVVRDMX 0DQGDGRGH6HJXUDQoD
UtGLFDQRH[HUFtFLRGHDWULEXLo}HVGR3RGHU3~EOL
FRFRPHWHULOHJDOLGDGHRXDEXVRGHSRGHU 7RGDVDVSHVVRDVWrPGLUHLWRVTXHQmRFRQVDJUDGRV
SHODRUGHPMXUtGLFD(VVHVGLUHLWRVGHYHPVHUUHVSHLWDGRV
F DLQGDQRDUWžLQFLVR/;;,FRQIHUHRPDQGDGR 6HPSUH TXH XPD DXWRULGDGH TXDOTXHU TXH VHMD HOD
GHLQMXQomRSDUDTXHDVSHVVRDVSRVVDH[HUFLWDU LQFOXVLYH XP MXL]  SUDWLFDU XP DWR TXH SUHMXGLTXH R
VHXVGLUHLWRVHOLEHUGDGHFRQVWLWXFLRQDLVHDVSUHU GLUHLWR OtTXLGR FODUR SUHFLVR  H FHUWR LQGLVFXWtYHO  GH
URJDWLYDVLQHUHQWHVjQDFLRQDOLGDGHjVREHUDQLD XPDSHVVRDHVVDSHVVRDSRGHUiEXVFDUSURWHomRGR3RGHU
HjFLGDGDQLDFDVROKHVVHMDQHJDGRWDOH[HUFtFLR -XGLFLiULRSDUDS{UILPLPHGLDWDPHQWHjTXHOHDEXVR
SRUTXH IDOWH D SUHWH[WR GH TXH IDOWD QRUPD
UHJXODPHQWDGRUDGHTXDOTXHUGHVVHVGLUHLWRV $QRYD
QRYD&RQVWLWXLomR)HGHUDO HMiHUDDVVLPQDVYHOKDV
QRYD
DVVHJXUDHVVDSURWHomRDWRGDHTXDOTXHUSHVVRD LQFOXVLYH
G WDPEpP QR DUWž LQFLVR /;;,, FRQFHGHVH R FRQFHGHUVHi KDEHDVFRUSXV RX
DRV HVWUDQJHLURV  FRQFHGHUVHi
KDEHDVGDWDWDQWRSDUDDVVHJXUDURFRQKHFLPHQ KDEHDV
KDEHDV GDWD
GDWD TXDQGR
TXDQGR RUHVSRQViYHOSHODLOHJDOLGDGHRX
WR GH LQIRUPDo}HV UHODWLYDV j SHVVRD GR LPSH DEXVRGH
DEXVR GHSRGHU
SRGHUIRU
IRUS~EOLFD
S~EOLFDRX
RXDJHQWH
DJHQWHGH
GHSHVVRD
SHVVRDMXUtGLFD
MXUtGLFDQR
WUDQWHFRQVWDQWHVGHUHJLVWURVRXEDQFRGHGDGRV H[HUFtFLR
H[HUFtFLRGH
GHDWULEXLo}HV
DWULEXLo}HVGR
GR3RGHU
3RGHU3~EOLFR DUWžLQF/;,;
3~EOLFR
GHHQWLGDGHVJRYHUQDPHQWDLVRXGHFDUiWHUSROtWL
&RQVWLWXLomR)HGHUDO 
FRFRPRSDUDDUHWLILFDomRGHVVHVGDGRV
9HMDVH EHP VH R GLUHLWR YLRODGR IRU D OLEHUGDGH
H pGLUHLWRHJDUDQWLDLQGLYLGXDOUHFRQKHFLGRDWRGR
GLUHLWRGHLUHYLU QmRFDEHUiPDQGDGRGHVHJXUDQoD
FLGDGmR>DSHQDVDTXHOHVTXHWrPVHXVGLUHLWRV
PDVVLPKDEHDVFRUSXV
SROtWLFRVRGLUHLWRGHYRWDURXVHUYRWDGR@WDP
EpP R SRGHU GH SURSRU DomR DomR
DomR SRSXODU
SRSXODU SDUD
6HDSHVVRDVHMXOJDUFRPGLUHLWRDREWHUXPDLQIRUPD
DQXODU DWR OHVLYR
OHVLYR DR SDWULP{QLR S~EOLFR RX GH
omR GH FDGDVWUR RX UHJLVWUR S~EOLFR VREUH VXD SUySULD
HQWLGDGHGHTXHR(VWDGRSDUWLFLSHjPRUDOLGDGH
SHVVRDHOKHIRUQHJDGDHVVDLQIRUPDomRWDPEpPQmR
DGPLQLVWUDWLYDDRPHLRDPELHQWHHDRSDWULP{QLR
FDEHUiPDQGDGRGHVHJXUDQoDPDVVLPKDEHDVGDWD
KLVWyULFR H FXOWXUDO ILFDQGR R DXWRU VDOYR FRP
SURYDGDPiIpLVHQWRGHFXVWDVMXGLFLDLVHGR{QXV
2 PDQGDGR
PDQGDGR GH
GH VHJXUDQoD
VHJXUDQoD
QoD FRQVLVWH QXPD SHWLomR
GDVXFXPErQFLD
GLULJLGDDXPMXL] RXDXP7ULEXQDOFRQIRUPHDKLHUDU
TXLDDGPLQLVWUDWLYDGDDXWRULGDGHDUELWUiULD FRQWDQGRD
I DFUHVFHQWHVH DLQGD R GLUHLWR GH SHWLomR SHOR
HOHDLOHJDOLGDGHVRIULGDRXRDEXVRFRPHWLGRSRUXPD
TXDOTXDOTXHUSHVVRDSRGHUiDSUHVHQWDUUHTXHUL
DXWRULGDGHS~EOLFD TXHDWpSRGHVHUXPMXL] HRGLUHLWR
PHQWRRXGHIHQGHQGRVHXVGLUHLWRVRXFRQWUiULR
OtTXLGRHFHUWRSUHMXGLFDGR
D XPD LOHJDOLGDGH RX DEXVR GH SRGHU >DUWž
LQF;;;,9&)@
2-XL] RX7ULEXQDO UHTXLVLWDUiLPHGLDWDVLQIRUPDo}HV
7DLVLQVWUXPHQWRVGHFRQWUROHGDDWLYLGDGHDGPLQLVWUD j DXWRULGDGH DUELWUiULD H RXYLUi R 0LQLVWpULR 3~EOLFR D
WLYDVmRDSDUHOKDGRVSHORSUySULRDUWž&)TXHSURFODPD UHVSHLWRGRDVVXQWR/RJRHPVHJXLGDGDUiXPDVHQWHQoD
TXHWRGRVWrPGLUHLWRDUHFHEHUGRVyUJmRVS~EOLFRVLQIRU SURWHJHQGR R LPSHWUDQWH UHTXHUHQWH  FDVR HOH WHQKD
PDo}HVGHVHXLQWHUHVVHSDUWLFXODURXGHLQWHUHVVHFROHWLYR UD]mRRXGHQHJDQGRDSURWHomR FDVRHOHQmRWHQKDUD]mR
RXJHUDOTXHVHUmRSUHVWDGDVQRSUD]RGDOHLVRESHQDGH HQmRKDMDQHQKXPDLOHJDOLGDGHRXDEXVRSUDWLFDGRVSHOD
UHVSRQVDELOLGDGH UHVVDOYDGDV DTXHODV FXMR VLJLOR VHMD DXWRULGDGH  4XHPUHTXHU LPSHWUD VHFKDPDLPSHWUDQ
LPSUHVFLQGtYHO j VHJXUDQoD GD VRFLHGDGH H GR (VWDGR WH(DDXWRULGDGHFRQWUDFXMRDWRVVHLQVXUJHpFKDPD
>LQF;;;,,,@$VVLPDSURYDGDLOHJDOLGDGHRXGRDEXVRGH GDGHDXWRULGDGHFRDWRUD RXLPSHWUDGD 
SRGHU  SDUD TXH R SRYR SRVVD H[HUFHU XP FRQWUROH
HILFD]VHUiIRUQHFLGDSHODSUySULDDGPLQLVWUDomRS~EOLFD $WHQomR
$WHQomR TXDQGRKRXYHUXUJrQFLDHPS{UILPjLOHJDOL
GDGHHKRXYHUSHULJRGHTXHDSHTXHQDGHPR
)LQDOPHQWH R LQFLVR ;;;9 GR DUWž&) REULJD DR UDDWpDVHQWHQoDSUHMXGLTXHGHPDLVDRUHTXHUHQWHR-XL]
-XGLFLiULRDFRQKHFHU HMXOJDU WRGDVDVDo}HVDOLDSUHVHQ SRGHUi FRQFHGHUOKH LPHGLDWDPHQWH XPD PHGLGD
WDGDV  WRUQDQGR SRUWDQWR HIHWLYR R FRQWUROH GR DWR OLPLQDU
OLPLQDU LPSHGLQGR TXH D DXWRULGDGH SURVVLJD QR DWR
DGPLQLVWUDWLYRSHODLQLFLDWLYDSRSXODU SRVVLYHOPHQWHDEXVLYRRXLOHJDO DWpTXHVHMDSURIHULGD
DVHQWHQoDILQDO$VVLPPHVPRHQTXDQWRpIHLWRRUiSLGR
,PSRUWDQWHFRQVLGHUDUSRUpPTXHWDLVLQVWUXPHQWRV SURFHVVLQKR R LPSHWUDQWH UHTXHUHQWH GR 0DQGDGR GH
GHFRQWUROHSRSXODUSDUDDOJXQV$XWRUHVQmR
QmR
QmRSDVVDP
SDVVDPGH 6HJXUDQoD  ILFDUi SURWHJLGR 6H WLYHU UD]mR VHUOKHi
FRQWUROH
FRQWUROHMXGLFLDOMiTXHHP~OWLPDDQiOLVHVHUiR-XGLFLi
MXGLFLDO FRQFHGLGDDVHJXUDQoDGHILQLWLYDFRPDVHQWHQoD6HQmR
ULRTXHGHFODUDUiRXQmRDYDOLGDGHGRDWRDGPLQLVWUDWLYR WLYHUUD]mRDOLPLQDUVHUiFDVVDGD
LPSXJQDGR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

0DQGDGRGH6HJXUDQoDFRQWUD'HFLVmR-XGLFLDO XPDHQ[XUUDGDGHFHQWHQDVGHPLOKDUHVGHPDQGDGRVGH
VHJXUDQoD SDUD GHUUXEDU HVVD RUGHP LQFRQVWLWXFLRQDO
$WHQomR
$WHQomR p SDFtILFD D RULHQWDomR MXULVSUXGHQFLDO 1HP R MXGLFLiULR DJHQWDULD MXOJDU WRGRV HOHV FRP
SURFODPDQGR TXH Vy FDEHUi PDQGDGR GH WHPSRHUDSLGH]QHFHVViULDV0XLWRPDLVVLPSOHVVHUiTXH
VHJXUDQoDFRQWUDGHFLVmRMXGLFLDOTXDQGR DOpPGHYLRODU DDVVRFLDomR VHQmRH[LVWLUXP6LQGLFDWR GRVIXQFLRQiUL
GLUHLWR OtTXLGR H FHUWR  QmR KRXYHU SUHYLVmR OHJDO GH RV S~EOLFRV LPSHWUH XP ~QLFR PDQGDGR GH VHJXUDQoD
FDELPHQWR GH UHFXUVR FRP HIHLWR VXVSHQVLYR  VH D OHL FROHWLYRTXHWXWHODUiRVLQWHUHVVHVGHWRGRVRVDVVRFLDGRV
SUHYrXPUHFXUVRHVSHFtILFRFRQWUDDTXHODGHFLVmRHFRP
DLQWHUSRVLomRGHWDOUHFXUVRILFDUiVXVSHQVDDGHFLVmR
HQWmRQmRFDEHUi
QmRFDEHUiPDQGDGRGHVHJXUDQoD
QmRFDEHUi
$omR3RSXODU

0DQGDGRGH6HJXUDQoD&ROHWLYR 7DOGLUHLWRpFRQIHULGRDWRGRVRVFLGDGmRVEUDVLOHLURV
QDWRVRXQDWXUDOL]DGRV SHORDUWžLQF/;,,,
eLQRYDomRGD&RQVWLWXLomRGHDUWžLQF/;;
TXDOTXHU
TXDOTXHU FLGDGmR
FLGDGmR p SDUWH
SDUWH OHJtWLPD
OHJtWLPD SDUD
UD SURSRU
/;; R PDQGDGR GH VHJXUDQoD FROHWLYR SRGHVHU DomRSRSXODU
DomR SRSXODUTXH
TXHYLVH
YLVHDDQXODU
DQXODUDWR
DWROHVLYR
OHVLYRDR
DRSDWULP{
LPSHWUDGRSRU QLR
QLRS~EOLFR
S~EOLFRRX
RXGH
GHHQWLGDGH
HQWLGDGHGH
GHTXH
TXHR(VWDGR
(VWDGRSDUWLFLSH
jPRUDOLGDGH
PRUDOLGDGHDGPLQLVWUDWLYD
DGPLQLVWUDWLYDDR
DRPHLR
PHLRDPELHQWH
DPELHQWHHDR
D SDUWLGR
SDUWLGR SROtWLFR
SROtWLFR FRP
FRP UHSUHVHQWDomR
UHSUHVHQWDomR QR
QR &RQ SDWULP{QLR
SDWULP{QLRKLVWyULFR
KLVWyULFRHFXOWXUDO
FXOWXUDOILFDQGR
ILFDQGRRDXWRU
DXWRUVDOYR
JUHVVR1DFLRQDO FRPSURYDGD
FRPSURYDGD PiIp
PiIp LVHQWR
LVHQWR GH
GH FXVWDV
FXVWDV MXGLFLDLV
MXGLFLDLV H GR
{QXVGDVXFXPErQFLD
E RUJDQL]DomR
RUJDQL]DomR VLQGLFDO HQWLGDGH GH FODVVH RX
DVVRFLDomR
DVVRFLDomR OHJ
OHJDOPHQWH
DOPHQWH FRQVWLWXtGD
FRQVWLWXtGD H HP &RPRFLGDGmRVVRPRVGRQRVGRSDWULP{QLRS~EOLFR
IXQFLRQDPHQWR
IXQFLRQDPHQWR KiKi SHOR
SHOR PHQRV
PHQRV XP
XP DQR
DQR HP 2V DGPLQLVWUDGRUHV S~EOLFRV DJHP HP QRVVR QRPH
GHIHVD
GHIHVD GRV
GRV LQWHU
LQWHUHVVHV
HVVHV GH
GH VHXV
VHXV PHPEURV
PHPEURV RX TXDQGRJHUHQFLDPHVVHVLQWHUHVVHV6LJQLILFDTXHWrPHOHV
DVVRFLDGRV R GHYHU GH DJLU GHQWUR GRV SDUkPHWURV GD PRUDOLGDGH
QmRpSLDGD HQmRFDXVDUTXDOTXHUSUHMXt]RDRQRVVR
(VWD p XPD QRYLGDGH FRQVWLWXFLRQDO SHUPLWH TXH SDWULP{QLR
SHVVRDV MXUtGLFDV LPSHWUHP PDQGDGR GH VHJXUDQoD 2V
SDUWLGRVSROtWLFRVWrPOHJLWLPLGDGHSDUDLPSHWUDUPDQGD 'HYHPLJXDOPHQWH]HODUSHORPHLRDPELHQWH QHVWH
GRGHVHJXUDQoDQDGHIHVDGRVLQWHUHVVHVFROHWLYRVTXH HVWi D TXDOLGDGH EiVLFD GH QRVVD YLGD TXHP YLYH HP
HVWHMDPVHQGRSUHMXGLFDGRVSRUDWRLOHJDORXDEXVLYRGH FKLTXHLURpSRUFRDWPRVIHUDULRVHPDUHVSROXtGRVPDWDV
SRGHU GH XPD DXWRULGDGH S~EOLFD RX GH XP DJHQWH GHVWUXtGDVWUDQVIRUPDPQRVVRDPELHQWHQXPFKLTXHLURH
GHVWD  QyVHPSRUFRV 

0DVQmRpDTXDOTXHUSDUWLGRSROtWLFRTXHVHUHFRQKHFH 7DPEpPRSDWULP{QLRKLVWyULFRFXOWXUDOGHYHUiVHPSUH
HVVD FDSDFLGDGH QHFHVVDULDPHQWH R SDUWLGR SROtWLFR VHUSUHVHUYDGR XPSRYRVHPFXOWXUDRXSDVVDGRpXP
GHYHUiWHUUHSUHVHQWDomRQR&RQJUHVVR1DFLRQDOLVWRpR SRYR VHP IXWXUR  4XDQGR TXDOTXHU JRYHUQDQWH WRPDU
SDUWLGR GHYHUi WHU SHOR PHQRV XP GHSXWDGR RX XP TXDOTXHUGHFLVmRSUDWLFDUDWRTXHSUHMXGLTXHDRSDWULP{
VHQDGRU QLR S~EOLFR QHJRFLDWD SRU H[HPSOR RX FRQFRUUrQFLD
IDMXWD GHVYLR GH YHUED FRQVWUXomR GHVQHFHVViULD H
7DPEpP RV VLQGLFDWRV H DV DVVRFLDo}HV SRGHUmR SUHMXGLFLDO D WRGRV HWF  p QRVVR  GHYHU GH FLGDGmR
LPSHWUDUPDQGDGRGH VHJXUDQoDFROHWLYR6yTXHSDUD OXWDUPRVSDUDTXHHVVDGHFLVmRVHMDDQXODGD
WHUHPHVVDFDSDFLGDGHRVLQGLFDWRRXDDVVRFLDomRGHYHUi
H[LVWLUHIXQFLRQDUKiSHORPHQRVXPDQR6HIRLFULDGRD 6y
6y R -XGLFLiULR
-XGLFLiULR WHUi R SRGHU GH DQXODU HVVH DWR
PHVHVMiQmRSRGHUi DGPLQLVWUDWLYR3DUDLVVRSUHFLVDUHPRVSURSRUXPDDomR
&RPRTXDOTXHUFLGDGmR DTXHOHTXHHVWiQRJR]RGHVHXV
1RUPDOPHQWH R PDQGDGR GH VHJXUDQoD SURWHJH R GLUHLWRVSROtWLFRV SRGHSURPRYHUHVVDDomRHODVHFKDPD
GLUHLWROtTXLGRHFHUWRGHXPDSHVVRDTXHGLUHWDPHQWH DomRSRSXODU
pSUHMXGLFDGDSHORDWRLOHJDORXSHORDEXVRGHSRGHUGD
DXWRULGDGH $DomRSRSXODUFDEHUiWDPEpPTXDQGRRDWRDGPL
QLVWUDWLYR IHULU DR PHLR DPELHQWH RX DR SDWULP{QLR
FROHWLYRKDYHUiRSUHMXt]RGH
1RPDQGDGRGHVHJXUDQoDFROHWLYR
FROHWLYR KLVWyULFRFXOWXUDO,PSRUWDQWHpTXHD&RQVWLWXLomRSDUD
WRGDXPDFRPXQLGDGHHHVVDFROHWLYLGDGHSRGHUiSRUXP QRVGHL[DUEHPDYRQWDGHQHVVDILVFDOL]DomRHOXWDLVHQ
ILP j LOHJDOLGDGH RX DEXVR DJLQGR SRU  LQWHUPpGLR GH WRXQRV GH TXDLVTXHU FXVWDV GHVSHVDV HPROXPHQWRV
XPDDVVRFLDomRRXVLQGLFDWR SURFHVVXDLV 1HP R DGYRJDGR GD SDUWH FRQWUiULD D
$XWRULGDGH H R 3RGHU 3~EOLFR  WHUHPRV GH SDJDU FDVR
$VVLPSRUH[HPSORVHR*RYHUQDGRUGHXP(VWDGRGi SHUFDPRVDDomR1mRKiR{QXVGDVXFXPErQFLDpWXGR
RUGHPDVHX6HFUHWiULRGD)D]HQGDSDUDTXHQmRSDJXHR VHPULVFRGHJUDoD
žVDOiULRDRVIXQFLRQiULRVS~EOLFRVHVWDGXDLVKDYHULD
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

6y WHUHPRV HVVDV GHVSHVDV FKDPDVH {QXV GD 0DVRFRQWUROHGRVDWRVMXGLFLDLVQmRDIDVWDDSRVVLELOL


VXFXPErQFLD  VH ILFDU FRPSURYDGR TXH DJLPRV FRP GDGHGHR3RGHU3~EOLFRUHVSRQGHUSHORVH[FHVVRVGRV
PiIp QmRSDUDGHIHQGHUWDLVLQWHUHVVHVVRFLDLVPDVSRU -Xt]HV+DYHUiUHVSRQVDELOLGDGHGD)D]HQGD3~EOLFDSHORV
SLFXLQKDVSROtWLFDVGHLQLPL]DGHSHVVRDOFRPDDXWRULGD DWRVHGHFLV}HVMXGLFLDLVVHKRXYHUFRPSURYDomRLQHTXtYR
GH  FDGHTXHHPVXDH[SHGLomRRVÐUJmRVVHKRXYHUDPFRP
LOHJLWLPLGDGH

$omR&LYLO3~EOLFD 2 DWR MXGLFLDO WtSLFR VHQWHQoDV  p DWR GH VREHUDQLD


LQWHUQDGR(VWDGRHVySURSLFLDUiLQGHQL]DomRQRVFDVRV
GHSURFHGrQFLDGDVDo}HVGHUHYLVmRFULPLQDO RFRQGHQD
(VWD QmR VH SUHVWD HVSHFLILFDPHQWH DR FRQWUROH GD
GRSUHVRLQMXVWDPHQWHSRUDQRVUHFHEHQGRLQGHQL]DomR
$GPLQLVWUDomR 3~EOLFD PDV j WXWHOD GRV FKDPDGRV
GR(VWDGRSHORHUURMXGLFLiULR 
LQWHUHVVHVGLIXVRVRXVHMDjTXLORTXHLQWHUHVVHDWRGDVDV
SHVVRDV GD FROHWLYLGDGH H[DWDPHQWH SRU FRQYLYHUHP
,VVRQmRVLJQLILFDTXHRVMXt]HVVHUmRLUUHVSRQVDELOL]iYH
QDTXHODFRPXQLGDGH$VVLPSH[VHXPDLQG~VWULDGH
LVVHDJLUHPFRPGRORIUDXGHUHFXVDRPLVVmRRXUHWDUGD
XP PXQLFtSLR SROXL R DU WRGRV RV PRUDGRUHV GDTXHOD
PHQWRLQMXVWLILFDGRGHVHXRItFLRSRGHUmRVHUSHVVRDOPHQ
FLGDGH WrP LQWHUHVVH HP SUHVHUYDU R PHLR DPELHQWH WH UHVSRQVDELOL]DGRV &yG3URF&LYLO  0DV D )D]HQGD
FRLELQGRDDWLYLGDGHGDTXHODLQG~VWULD3RGHUmRHQWmR 3~EOLFDQmRpVROLGiULDQHVVDUHVSRQVDELOL]DomR
DomR
DomR FLYLO
YDOHUVH GD DomR FLYLO S~EOLFD
S~EOLFD SDUD REULJDU DTXHOD
LQG~VWULDDVHDSDUHOKDUSDUDQmRSROXLURDPELHQWHH ( HP WRGRV HOHV ÐUJmRV RX LQVWkQFLDV Ki VHPSUH
DLQGDSDUDUHSDUDURGDQRMiFDXVDGR DWXDQWHXP5HSUHVHQWDQWHGR0LQLVWpULR3~EOLFRDLQGD
TXHFRPGHQRPLQDomRGLIHUHQWH
$ DomR FLYLO S~EOLFD WDQWR SRGH VHU SURPRYLGD SHOR
0LQLVWpULR3~EOLFRTXDQWRSHODVDVVRFLDo}HVFLYLVGHFODVVH 1DHVIHUDGD-XVWLoD)HGHUDORÐUJmRGR0LQLVWpULR
RX SHVVRDV DV SUySULDV SHVVRDV MXUtGLFDV GH GLUHLWR 3~EOLFRVHFKDPD3URFXUDGRUGD5HS~EOLFDQD-XVWLoDGR
S~EOLFRDVHPSUHVDVS~EOLFDVDVIXQo}HVDVVRFLHGDGHV 7UDEDOKR3URFXUDGRUGR7UDEDOKR3URFXUDGRU(OHLWRUDO
GHHFRQRPLDPLVWD QD-XVWLoD(OHLWRUDO H3URPRWRUGH-XVWLoDQDSULPHLUD
LQVWkQFLD GD -XVWLoD (VWDGXDO QD VHJXQGD LQVWkQFLD
$R0LQLVWpULR3~EOLFRTXHpXPDLQVWLWXLomRSHUPD FKDPDVH3URFXUDGRUGH-XVWLoD 
QHQWHHQFDUUHJDGDGDGHIHVDGRVLQWHUHVVHVLQGLVSRQtYHLV
GDVRFLHGDGHD&RQVWLWXLomR)HGHUDOFRQIHULXDDWULEXLomR eR3URPRWRUGH-XVWLoDTXHPSURFHVVDRVFULPLQRVRV
SRGHU GHLQVWDXUDULQTXpULWRFLYLOSDUDDSXUDUDRFRU GHIHQGHRPHLRDPELHQWHRFRQVXPLGRURVyUImRVLQFD
UrQFLD GH GDQRV DRV LQWHUHVVHV GLIXVRV RX VHMD DRV SD]HVDIDPtOLDRVDXVHQWHVDVFULDQoDVDGROHVFHQWHVD
LQWHUHVVHVGDFROHWLYLGDGH&RPSURYDGDDLQIULQJrQFLDDRV UHJXODULGDGHGDVIDOrQFLDVHDWpDOLEHUGDGHGHDFHVVRjV
LQWHUHVVHV GD FROHWLYLGDGH R LQTXpULWR FLYLO HPEDVDUi D SUDLDVHWF
SURSRVLWXUDGDDomRFLYLOS~EOLFDSDUDDUHFRPSRVLomRH
UHVVDUFLPHQWRGRLQWHUHVVHGLIXVR 1DWXUDOPHQWH HP WRGR )yUXP H[LVWLUi XPD 3UR
PRWRULDGH-XVWLoDRQGHWUDEDOKDUiR3URPRWRUGH-XVWLoD
¢3RGHULDVHUSURPRYLGDDDomRFLYLOS~EOLFDFRQWUDD HRQGHSUHFLVDUiGRDX[tOLRHFRRSHUDomRGHXP$X[LOLDU
$GPLQLVWUDomR3~EOLFDSDUDFRQWURODUDDWLYLGDGHDGPLQLV GH3URPRWRULDGH-XVWLoD 
WUDWLYD""" 6LP VHPSUH TXH D DWLYLGDGH DGPLQLVWUDWLYD
FRQWUDULDU DRV LQWHUHVVHV FRPXQLWiULRV RX VHMD VHPSUH 3RUGHUUDGHLURpERPREVHUYDUTXHFXPSUHDR0LQLV
TXHKRXYHUFRQIOLWRHQWUHRLQWHUHVVHGD$GPLQLVWUDomR WpULR3~EOLFRDWXWHOD DGHIHVD GRVLQWHUHVVHVVRFLDLVH
3~EOLFDHR,QWHUHVVH'LIXVR6HXkPELWRGHSHUWLQrQFLDp LQGLYLGXDLV LQGLVSRQtYHLV
LQGLVSRQtYHLV  'HYH GHIHQGHU SRUWDQWR
PXLWR PDLV DEUDQJHQWH TXH R GD DomR SRSXODU TXH p DSHQDVRVLQWHUHVVHVTXHVHMDPYLWDLVLPSRUWDQWtVVLPRVj
UHVHUYDGDDRFLGDGmR FROHWLYLGDGHRXDXPDSHVVRDWmRLPSRUWDQWHVTXHD
VRFLHGDGHRXDSHVVRDQmRSRGHULDGHVVHEHP LQWHUHVVH
GLVSRUDEULUPmRPHVPRTXHTXLVHVVHP

&RQWUROHGRV$WRV-XGLFLDLV $VVLPR3URPRWRUGH-XVWLoDQmRGHIHQGHUiRFUHGRU
FRQWUDXPGHYHGRUFDORWHLURRGLQKHLUR FUpGLWR pDOJR
GLVSRQtYHOTXHTXDOTXHUXPSRGHDEULUPmR
(VWHV QmR DSUHVHQWDP PDLRU SUREOHPD QR SODQR
LQWHUQRGR3RGHU-XGLFLiULRWDLVDWRVVmRFRQWURODGRVSHOD &RPRYRFrYLXDR0LQLVWpULR
0LQLVWpULR
0LQLVWpULR3~EOLFR ILVFDOL]DUD
3~EOLFRFDEHILVFDOL]DU
ILVFDOL]DU
DWLYLGDGHFRUUHLFLRQDOGRV7ULEXQDLVHQRSODQRH[WHUQR OHJDOLGDGH GH DWXDomR GH WRGRV RV 3RGHUHV GHVGH R
RVDWRVMXGLFLDLVILFDPVXMHLWDVjGLUHWDHYLJLODQWHILVFDOL]D ([HFXWLYRRSUySULR/HJLVODWLYRHDWpPHVPRGR-XGLFLi
SDUWHVHDLQGDGR0LQLVWpULR3~EOLFRHWRGRV
omRGDVSDUWHV
SDUWHV ULR
SRGHUmR SURYRFDU D GHYROXomR SUHVWDomR MXULVGLFLRQDO j 'HQWUHDVIXQo}HVLQVWLWXFLRQDLVGR0LQLVWpULR3~EOLFR
6HJXQGD,QVWkQFLD RV7ULEXQDLV SDUDTXHHVWHVFRQILUDP DUW&) GHVWDFDPVHDVGH]HODUSHORHIHWLYRUHVSHLWR
DH[DWDHFRUUHWDDSOLFDomRGDOHLeSDUDLVVRTXHKiRV GRV3RGHUHV3~EOLFRVHGRVVHUYLoRVGHUHOHYkQFLDS~EOLFDDRV
UHFXUVRV
UHFXUVRV H D JDUDQWLD FRQVWLWXFLRQDO GR GXSOR
GXSOR JUDX
JUDX GH GLUHLWRV DVVHJXUDGRV QHVWD &RQVWLWXLomR SURPRYHQGR DV
MXULVGLomR
MXULVGLomR PHGLGDVQHFHVViULDVDVXDJDUDQWLD LQF,, 
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

(PDLVFDEHOKHWDPEpPSURPRYHURLQTXpULWRFLYLOH &RPRD&RQVWLWXLomR)HGHUDOHVWDEHOHFHXTXHR%UDVLO
DDomRFLYLOS~EOLFDSDUDDSURWHomRGRSDWULP{QLRS~EOLFR pXPDGHPRFUDFLD
GHPRFUDFLD JRYHUQRHPTXHRSRGHUpGRSRYR
GHPRFUDFLD
HVRFLDOGRPHLRDPELHQWHHGHRXWURVLQWHUHVVHVGLIXVRVH SHORSRYRHSDUDRSRYR HODWDPEpPFRQILRXDR0LQLVWp
FROHWLYRV LQF,,,DUW&) RXVHMDDSXUDUHFREUDUDV ULR3~EOLFRDGHIHVDGRUHJLPHGHPRFUiWLFR
UHVSRQVDELOLGDGHV VHPSUH TXH R SDWULP{QLR S~EOLFR H
VRFLDORXRPHLRDPELHQWHRXTXDLVTXHURXWURVLQWHUHVVHV ( Vy KDYHUi GHPRFUDFLD VH KRXYHU UHVSHLWR DRV
GLIXVRV H FROHWLYRV HVWLYHUHP QHFHVVLWDQGR GD SURWHomR GLUHLWRV H LQWHUHVVHV GH WRGD D FROHWLYLGDGH LQWHUHVVHV
OHJDOYHMDTXHR0LQLVWpULR3~EOLFRDSXUDUiDLQIULQJrQFLD VRFLDLV HGHFDGDXPDGDVSHVVRDV LQWHUHVVHVLQGLYLGXD
H YLRODomR GH WDLV LQWHUHVVHV LQVWDXUDQGR R LQTXpULWR H LV  (VVD PLVVmR WDPEpP IRL FRQILDGD DR 0LQLVWpULR
SURPRYHUiMXQWRDR-XGLFLiULRDDomRFLYLOSDUDREWHUD 3~EOLFR0DVRTXHpR0LQLVWpULR3~EOLFR"""$&RQVWLWXL
FRQGHQDomRHUHSDUDomRGRVUHVSRQViYHLV omR )HGHUDO GHILQLX R 0LQLVWpULR 3~EOLFR FRPR XPD
,QVWLWXLomRSHUPDQHQWHHVVHQFLDOjIXQomRMXULVGLFLRQDOGR
9HMD TXH DWp D FRQVWLWXFLRQDOLGDGH GH OHLV H QRUPDV
(VWDGR
DWRVDGPLQLVWUDWLYRVGROHJLVODWLYRHGRH[HFXWLYR HVWmR
VREDGLUHWDILVFDOL]DomRGR0LQLVWpULR3~EOLFRSRLVjTXHOD
3HUPDQHQWHTXHUGL]HUTXHGDPHVPDIRUPDTXHQmR
,QVWLWXLomRFDEHSURPRYHUDDomRGHLQFRQVWLWXFLRQDOLGDGH
SRGHDFDEDUR3RGHU/HJLVODWLYRQmRSRGHVHUIHFKDGRR
RXUHSUHVHQWDomRSDUDILQVGHLQWHUYHQomRGD8QLmRHGRV
3RGHU -XGLFLiULR WDPEpP R 0LQLVWpULR 3~EOLFR GHYHUi
(VWDGRV QRV FDVRV SUHYLVWRV QHVWD &RQVWLWXLomR LQF,9 GR
DUW&)  H[LVWLUVHPSUHSHUPDQHQWHPHQWH DRFRQWUiULRGRTXHp
H[LVWLUVHPSUH
SURYLVyULRSUHFiULRWUDQVLWyULR ([DJHUDQGRXPSRXFR
H[DJHUDQGRSRUTXHVHYLHUXPDGLWDGXUDWXGRVHUiVHP
SUHSRVVtYHODWpRIHFKDPHQWRGR/HJLVODWLYRHGR-XGLFLi
)LVFDOL]DomRSHOR0LQLVWpULR3~EOLFR ULR  RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR
3~EOLFR VHUmR HWHUQRV
HWHUQRV
HUQRV H[LVWLUmR VHPSUH QHQKXPD OHL
'HDFRUGRFRPRDUW&320LQLVWpULR3~EOLFRp MDPDLVSRGHUiH[WLQJXLUWDO,QVWLWXLomR3HUPDQHQWH
LQVWLWXLomRSHUPDQHQWHHVVHQFLDOjIXQomRMXULVGLFLRQDOGR
(VWDGR LQFXPELQGROKH D GHIHVD GD RUGHP MXUtGLFD GR (VVHQFLDO j IXQomR MXULVGLFLRQDO VLJQLILFD TXH R
UHJLPH GHPRFUiWLFR H GRV LQWHUHVVHV VRFLDLV H LQGLYLGXDLV 0LQLVWpULR3~EOLFRGHYHUiHVWDUVHPSUHSUHVHQWHHPWRGD
LQGLVSRQtYHLV DWLYLGDGHGR3RGHU-XGLFLiULR(VVH3RGHUpTXHSUHVWDD
IXQomRMXULVGLFLRQDORXVHMDGL]RGLUHLWR MXULV GLUHLWR
7RGRVQyVVDEHPRVTXHQXP3DtVRUJDQL]DGRHUHJLGR GLFHUH GL]HU DSOLFiYHOjVTXHVW}HVFRQWURYHUWLGDVTXH
SRUOHLVKiWUrVWLSRVGHSRGHUHVXPTXHID]DVOHLV R OKHVmRDSUHVHQWDGDV$VVLPVHPSUHTXHR3RGHU-XGLFLi
/HJLVODWLYR  RXWUR TXH DGPLQLVWUD ID]HQGR REUDV H ULRHVWLYHUGL]HQGRRGLUHLWRDSOLFiYHO SUHVWDQGRDIXQomR
SUHVWDQGRVHUYLoRVjSRSXODomR R([HFXWLYR HXPSRGHU MXULVGLFLRQDO GHYHUiDWXDUR0LQLVWpULR3~EOLFR
TXHMXOJDRVGHVUHVSHLWRVjOHLID]HQGRMXVWLoDQRVFDVRV
TXHOKHVmRDSUHVHQWDGRV R-XGLFLiULR  &RQILUDTXHR0LQLVWpULR3~EOLFRWHPDWXDomRSUHFtSXD
HVVHQFLDOQDDWLYLGDGHMXULVGLFLRQDOGR(VWDGR%DVLFDPHQ
(VVD WDUHID GH SUHVWDU MXVWLoD p PXLWR GHOLFDGD WH SRLV R 0LQLVWpULR 3~EOLFR DWXDUi RQGH KRXYHU XP
SULPHLUDPHQWHSRUTXHGHYHVHULPSDUFLDOGHSRLVGLVVR )RUXPXP7ULEXQDOXP-Xt]RGH'LUHLWR
SRUTXHVyKDYHUiMXVWLoDVHDVGHFLV}HVIRUHPWRPDGDV
FRPEDVHQDOHLDOHLpDPDLRUVHJXUDQoDGHWRGRVQyV (TXDQGRDWXDUGHIHQGHQGRRXDRUGHPMXUtGLFDRXR
WUD]HQGRQRVDFHUWH]DGHTXHQDGDVHUiIHLWRFRQIRUPHR UHJLPHGHPRFUiWLFRRXRVLQWHUHVVHVVRFLDLVLQGLVSRQtYHLV
QDUL]PDVVHJXQGRFULWpULRVHOLPLWHVMiHVWDEHOHFLGRV QD RXRVLQWHUHVVHVLQGLYLGXDLVLQGLVSRQtYHLVR0LQLVWpULR
OHL  'H WRGRV RV WLSRV GH /HLV D &RQVWLWXLomR p R PDLV 3~EOLFRRXDWXDUiILVFDOL]DQGR LVVRPHVPRILVFDOL]DQGR
LPSRUWDQWHpRTXHSUHYDOHFHVREUHWRGRVRVRXWURV R VHUYLoR GR -Xt]R GH 'LUHLWR7ULEXQDO RX SURSRQGR
SURPRYHQGR  Do}HV SDUD TXH R -XGLFLiULR MXOJXH D
¢(TXHPILVFDOL]DDUHDOL]DomRGH-XVWLoDGHQWURGRV TXHVWmRHDSOLTXHDOHLFDEtYHOjVLQIULQJrQFLDVDSRQWDGDV
OLPLWHVGDOHL"4XHPWRPDLQLFLDWLYDSDUDH[LJLUTXHDOHL SHOR0LQLVWpULR3~EOLFR
VHMDFXPSULGD"4XHPH[LJHDUHVSRQVDELOL]DomRGHWRGRV
WRGDHTXDOTXHUSHVVRD TXHLQIULQMDPDOHL" 1R%UDVLOKiYiULRVÐUJmRV-XULVGLFLRQDLVFRPGLIHUHQ
WHVFRPSHWrQFLDV IXQo}HV (VVDVGLIHUHQoDVGHDWXDo}HV
$&RQVWLWXLomR)HGHUDOGHWHUPLQRXTXHHVVDWDUHIDVHMD IRUDPHVWDEHOHFLGDVSHODSUySULD&RQVWLWXLomR)HGHUDOKi
SUHVWDGDSRUXPÐUJmRFXMDIXQomRHVSHFLDOtVVLPDpHVVD yUJmRVGR-XGLFLiULRQD-XVWLoD0LOLWDUQD-XVWLoD(OHLWR
GHIHQGHUDOHL RUGHPMXUtGLFD SDUDTXHYLYDPRVVRER UDOQD-XVWLoDGR7UDEDOKRQD-XVWLoD)HGHUDOQD-XVWLoD
,PSpULRGR'LUHLWRHQmRVREDLQVHJXUDQoDGRDUEtWULRGR
(VWDGXDO QRV GLIHUHQWHV GHJUDXV ,QVWkQFLDV  GHVVDV
ERP RX PDX KXPRU GH DOJXP JRYHUQDQWH RX MXL] RX
-XVWLoDVHWF
OHJLVODGRURXGHTXDOTXHUSHVVRD
 ( HP WRGRV HOHV ÐUJmRV RX LQVWkQFLDV KiVHPSUH
20LQLVWpULR3~EOLFRpSRUWDQWRD,QVWLWXLomR SUHYLVWD
DWXDQWHXP5HSUHVHQWDQWHGR0LQLVWpULR3~EOLFRDLQGD
SHOD&RQVWLWXLomR)HGHUDO FRPDPLVVmRGHGHIHQGHUD
RUGHPMXUtGLFDRXVHMDDSUySULD&RQVWLWXLomR)HGHUDOH TXHFRPGHQRPLQDomRGLIHUHQWH
WRGDVDVOHLV
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

1D HVIHUDGD-XVWLoD)HGHUDORÐUJmRGR0LQLVWpULR
3~EOLFRVHFKDPD3URFXUDGRUGD5HS~EOLFDQD-XVWLoDGR &RQWUROH-XGLFLDOGD$GPLQLVWUDomR3~EOLFD
 QR
7UDEDOKR3URFXUDGRUGR7UDEDOKR3URFXUDGRU(OHLWRUDO
QD-XVWLoD(OHLWRUDO H3URPRWRUGH-XVWLoDQDSULPHLUD
'LUHLWR%UDVLOHLUR
LQVWkQFLD GD -XVWLoD (VWDGXDO QD VHJXQGD LQVWkQFLD
FKDPDVH3URFXUDGRUGH-XVWLoD  6HRDUWžLQF;;;9GD&RQVWLWXLomR)HGHUDOSURFOD
PDTXHDOHLQmRH[FOXLUiGDDSUHFLDomRGR3RGHU-XGLFLi
eR3URPRWRUGH-XVWLoDTXHPSURFHVVDRVFULPLQRVRV ULROHVmRRXDPHDoDDGLUHLWR³SRUyEYLRTXHWRGRVRV
GHIHQGH R PHLR DPELHQWH R FRQVXPLGRU RV yU DWRV DGPLQLVWUDWLYRV GH TXH UHVXOWDU OHVmR D GLUHLWR
ImRVLQFDSD]HV D IDPtOLD RV DXVHQWHV DV FULDQ LQGLYLGXDOVHUmRREMHWRGHFRQWUROHMXULVGLFLRQDOSRUWDO
oDVDGROHVFHQWHV D UHJXODULGDGH GDV IDOrQFLDV H DWp D 3RGHUGR(VWDGR
OLEHUGDGHGHDFHVVRjVSUDLDVHWF
$GHVSHLWRGDSURWHomRLQGLYLGXDOQmRVHKiGHROYLGDU
1DWXUDOPHQWH HP WRGR )RUXP H[LVWLUi XPD 3UR TXHDHVWUXWXUDomRGR(VWDGR%UDVLOHLURHPUHS~EOLFDH[LEH
PRWRULDGH-XVWLoDRQGHWUDEDOKDUiR3URPRWRUGH-XVWLoD VHUHP S~EOLFDV WRGDV DV FRLVDV UHV  QmR SDVVDQGR D
HRQGHSUHFLVDUiGRDX[tOLRHFRRSHUDomRGHXP$X[LOLDU $GPLQLVWUDomR 3~EOLFD GH PHUD PDQGDWiULD GR SRYR
GH3URPRWRULDGH-XVWLoD  REULJDGDDDJLUQDHVWULWDFRQVRQkQFLDGRVSRGHUHVTXHOKH
VmRRXWRUJDGDVSRUWDLVPDQGDQWHVSRULQWHUPpGLRGHOHLV
3RUGHUUDGHLURpERPREVHUYDUTXHFXPSUHDR0LQLV IHLWDVSRUVHXVUHSUHVHQWDQWHVSROtWLFRV
WpULR3~EOLFRDWXWHOD DGHIHVD GRVLQWHUHVVHVVRFLDLVH
LQGLYLGXDLV LQGLVSRQtYHLV
LQGLVSRQtYHLV  'HYH GHIHQGHU SRUWDQWR (LV Dt R IXQGDPHQWR GD FLGDGDQLD LJXDOPHQWH XP
DSHQDVRVLQWHUHVVHVTXHVHMDPYLWDLVLPSRUWDQWtVVLPRVj GLUHLWR H JDUDQWLD LQGLYLGXDO GH FDGD XP GH QyV TXH
FROHWLYLGDGHRXDXPDSHVVRDWmRLPSRUWDQWHVTXHD JR]DPRV GD SOHQLWXGH GH QRVVRV GLUHLWRV SROtWLFRV ³
VRFLHGDGHRXDSHVVRDQmRSRGHULDGHVVHEHP LQWHUHVVH FXPSULQGRFRQVLGHUDUTXHQRVVD&RQVWLWXLomRFRQIHUHDR
GLVSRUDEULUPmRPHVPRTXHTXLVHVVHP FLGDGmRDOJXQVLQVWUXPHQWRVSDUDTXHHOHSRVVDFRPED
WHURVDEXVRVHFREUDUDOHJDOLGDGHGRVDWRVDGPLQLVWUDWL
$VVLPR3URPRWRUGH-XVWLoDQmRGHIHQGHUiRFUHGRU YRV
FRQWUDXPGHYHGRUFDORWHLURRGLQKHLUR FUpGLWR pDOJR
D QR DUWž LQF/;9,,, SHUPLWH D LPSHWUDomR GH
GLVSRQtYHOTXHTXDOTXHUXPSRGHDEULUPmR
KDEHDVFRUSXVSDUDDVVHJXUDURGLUHLWRGHOLEHU
GDGHGHTXHHVWLYHUVXMHLWRDTXDOTXHULOHJDOLGDGH
&RPRYRFrYLXDR0LQLVWpULR
0LQLVWpULR ILVFDOL]DUD
0LQLVWpULR3~EOLFRFDEHILVFDOL]DU
3~EOLFR ILVFDOL]DU
RXDEXVRGHSRGHU
OHJDOLGDGH GH DWXDomR GH WRGRV RV 3RGHUHV GHVGH R
([HFXWLYRRSUySULR/HJLVODWLYRHDWpPHVPRGR-XGLFLi
E QRLQFLVR/;,;GRPHVPRDUWLJRDXWRUL]DDLPSH
ULR
PDQGDGR
PDQGDGRGH
WUDomRGHPDQGDGR GHVHJXUDQoDSDUDSURWHJHU
VHJXUDQoD
'HQWUHDVIXQo}HVLQVWLWXFLRQDLVGR0LQLVWpULR3~EOLFR
GLUHLWROtTXLGRHFHUWR QmRDPSDUDGRSRUKDEH
DUW&) GHVWDFDPVHDVGH]HODUSHORHIHWLYRUHVSHLWR DVFRUSXVRXSRUKDEHDVGDWD VHPSUHTXHDOJX
GRV3RGHUHV3~EOLFRVHGRVVHUYLoRVGHUHOHYkQFLDS~EOLFDDRV PDDXWRULGDGHS~EOLFDRXXPDJHQWHGHSHVVRDMX
GLUHLWRV DVVHJXUDGRV QHVWD &RQVWLWXLomR SURPRYHQGR DV UtGLFDQRH[HUFtFLRGHDWULEXLo}HVGR3RGHU3~EOL
PHGLGDVQHFHVViULDVDVXDJDUDQWLD LQF,,  FRFRPHWHULOHJDOLGDGHRXDEXVRGHSRGHU

(PDLVFDEHOKHWDPEpPSURPRYHURLQTXpULWRFLYLOH G DLQGDQRDUWžLQFLVR/;;,FRQIHUHRPDQGDGR
DDomRFLYLOS~EOLFDSDUDDSURWHomRGRSDWULP{QLRS~EOLFR GHLQMXQomRSDUDTXHDVSHVVRDVSRVVDH[HUFLWDU
HVRFLDOGRPHLRDPELHQWHHGHRXWURVLQWHUHVVHVGLIXVRVH VHXV GLUHLWRV H OLEHUGDGH FRQVWLWXFLRQDLV H DV
FROHWLYRV LQF,,,DUW&) RXVHMDDSXUDUHFREUDUDV SUHUURJDWLYDVLQHUHQWHVjQDFLRQDOLGDGHjVREHUD
UHVSRQVDELOLGDGHV VHPSUH TXH R SDWULP{QLR S~EOLFR H QLDHjFLGDGDQLDFDVROKHVVHMDQHJDGRWDOH[HUFt
VRFLDORXRPHLRDPELHQWHRXTXDLVTXHURXWURVLQWHUHVVHV FLRSRUTXHIDOWHDSUHWH[WRGH TXHIDOWDQRUPD
GLIXVRV H FROHWLYRV HVWLYHUHP QHFHVVLWDQGR GD SURWHomR UHJXODPHQWDGRUDGHTXDOTXHUGHVVHVGLUHLWRV
OHJDOYHMDTXHR0LQLVWpULR3~EOLFRDSXUDUiDLQIULQJrQFLD
H YLRODomR GH WDLV LQWHUHVVHV LQVWDXUDQGR R LQTXpULWR H H WDPEpP QR DUWž LQFLVR /;;,, FRQFHGHVH R
SURPRYHUiMXQWRDR-XGLFLiULRDDomRFLYLOSDUDREWHUD KDEHDVGDWDWDQWRSDUDDVVHJXUDURFRQKHFLPHQ
FRQGHQDomRHUHSDUDomRGRVUHVSRQViYHLV WR GH LQIRUPDo}HV UHODWLYDV j SHVVRD GR LPSH
WUDQWHFRQVWDQWHVGHUHJLVWURVRXEDQFRGHGDGRV
9HMD TXH DWp D FRQVWLWXFLRQDOLGDGH GH OHLV H QRUPDV GHHQWLGDGHVJRYHUQDPHQWDLVRXGHFDUiWHUSROtWL
DWRVDGPLQLVWUDWLYRVGROHJLVODWLYRHGRH[HFXWLYR HVWmR FRFRPRSDUDDUHWLILFDomRGHVVHVGDGRV
VREDGLUHWDILVFDOL]DomRGR0LQLVWpULR3~EOLFRSRLVjTXHOD
,QVWLWXLomRFDEHSURPRYHUDDomRGHLQFRQVWLWXFLRQDOLGDGH I HWDPEpPUHFRQKHFLGRDWRGRFLGDGmR>DSHQDV
RXUHSUHVHQWDomRSDUDILQVGHLQWHUYHQomRGD8QLmRHGRV DTXHOHVTXHWrPVHXVGLUHLWRVSROtWLFRVRGLUHLWR
(VWDGRVQRVFDVRVSUHYLVWRVQHVWD&RQVWLWXLomR LQF,9GR GH YRWDU RX VHU YRWDGR@ WDPEpP R SRGHU GH
DUW&)  DomR
DomR SRSXODU
SURSRUDomR SRSXODUSDUDDQXODU
XODU DWR
WR OHVLYRDR
OHVLYR
SDWULP{QLRS~EOLFRRXGHHQWLGDGHGHTXHR(VWDGR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

SDUWLFLSH j PRUDOLGDGH DGPLQLVWUDWLYD DR PHLR &RP UHODomR j SURYRFDomR H[LVWHP DLQGD DOJXPDV
DPELHQWH H DR SDWULP{QLR KLVWyULFR H FXOWXUDO REVHUYDo}HV D ID]HU GLVWLQJXLQGRVH D TXH FDLED DRV
ILFDQGRRDXWRUVDOYRFRPSURYDGDPiIpLVHQWRGH SDUWLFXODUHVHDR(VWDGR$SURYRFDomRSHORVSDUWLFXODUHV
FXVWDVMXGLFLDLVHGR{QXVGDVXFXPErQFLD UHVHUYDGD D DGYRJDGRV FRQVWLWXtGRV SHODV SDUWHV RX
GDWLYRV QmR RIHUHFH SUREOHPDV WUDWDQGRVH GH IXQomR
0DVKiTXHVHUHJLVWUDUTXHQmRDSHQDVRLQGLYtGXRH HVVHQFLDOj-XVWLoD DUWVHGD&RQVWLWXLomR 
RFLGDGmRSRGHPVHVRFRUUHUGR-XGLFLiULRSDUDFRQWURODU
DOHJDOLGDGHGRDWRDGPLQLVWUDWLYRDSUySULD$GPLQLVWUD $SURYRFDomRSHOR(VWDGRWDPEpPHVVHQFLDOj-XVWLoD
omR 3~EOLFD PHUFr GR 6LVWHPD GD -XULVGLomR 8QD p pSULYDWLYDGHyUJmRVFRQVWLWXFLRQDOPHQWHLQVWLWXtGRVSDUD
REULJDGDDEXVFDUQR-XGLFLiULRDFRQFUHomRGHPXLWDVGH
REULJDGD D 8QLmR D $GYRFDFLD *HUDO yUJmR FROHWLYR HPERUD
VXDVSUHWHQV}HVIRUoDGDDVVLPDVHVXMHLWDUDRUHJLPH DGPLWDGHVGREUDPHQWR DUWGD&RQVWLWXLomR HSDUD
LPSOtFLWRGHFRQWUROHGHOHJDOLGDGHGHVHXVDWRVpRTXH RV (VWDGRVPHPEURV H 'LVWULWR )HGHUDO RV UHVSHFWLYRV
VH Gi SH[ QD H[HFXomR ILVFDO HP TXH D FREUDQoD GR 3URFXUDGRUHVyUJmRVXQLSHVVRDLV DUWGD&RQVWLWXL
FUpGLWRWULEXWiULRHLPSOLFLWDPHQWHRODQoDPHQWRWULEXWi omR 2V0XQLFtSLRVWHUmRDIDFXOGDGHGHVHYDOHUHPGD
ULR H VHXV IXQGDPHQWRV H SURFHGLPHQWR VmR SUHPLVVDV DGYRFDFLDSULYDGDRXGHLQVWLWXtUHPVHXVSUySULRVyUJmRV
LQVXSHUiYHLVDRVXFHVVRGDSUHWHQVmRRPHVPRVHGiQD GH UHSUHVHQWDomR MXGLFLDO )LQDOPHQWH FRP UHODomR DRV
GHVDSURSULDomRQDDomRGLVFULPLQDWyULDGHWHUUDVGHYROX PHLRV SRGHPRV GLVWLQJXLU GXDV FODVVHV GH Do}HV DV
WDVQDDomRGHLQWHUYHQomRGHGHIHVDHFRQ{PLFDHWF HVSHFtILFDVGRFRQWHQFLRVRDGPLQLVWUDWLYRFULDGDVSRUOHL
  (QVLQD R 3URI',2*2 '( ),*8(,5('2 025(,5$ DSHQDVSDUDHIHWLYDUVHRH[HUFtFLRGRFRQWUROHMXGLFLiULR
1(72TXH ´3DUDTXHR3RGHU-XGLFLiULRSRVVDH[HUFHUR VREUHDUHODomRMXUtGLFDDGPLQLVWUDWLYDHDVDo}HVLQHVSHFt
FRQWUROHGHOHJDOLGDGHVREUHDVUHODo}HVMXUtGLFDVDGPLQLV ILFDV GR FRQWHQFLRVR DGPLQLVWUDWLYR TXH VmR WRGDV DV
WUDWLYDV WDO FRPR VXFHGH TXDQWR jV GHPDLV VRUWHV GH GHPDLV SUHYLVWDV QDV OHLV SURFHVVXDLV FLYLV SHQDLV
UHODo}HV MXUtGLFDV S~EOLFDV RX SULYDGDV QHFHVVLWD GH WUDEDOKLVWDV HOHLWRUDLV H SHQDLV PLOLWDUHV GH TXH SRVVD
SURYRFDomRDGHTXDGDHHPSUHJRGHPHLRVKiEHLV UHVXOWDUGLUHWDRXLQGLUHWDPHQWHSULQFLSDORXLQFLGHQWH
PHQWHRFRQWUROHMXGLFLiULRGDDomRGR(VWDGR
+iSRLVXPDWpFQLFDGHVWLQDGDjREWHQomRGRVHIHLWRV
SUHYHQWLYRVHUHSUHVVLYRVGHILVFDOL]DomRHGHFRUUHomR 7RGRVRVPHLRVHVSHFtILFRVGRFRQWHQFLRVRDGPLQLVWUD
VLWXDGD QR FDPSR GR 'LUHLWR3URFHVVXDO TXH DEUDQJH WLYRVmRHVSHFLDLVTXDQWRDRVPHLRVLQHVSHFtILFRVSRGHP
SUREOHPDVGHMXULVGLomRHFRPSHWrQFLDGRVyUJmRVMXGLFLi VHURUGLQiULRVHHVSHFLDLV
ULRVQDWXUH]DHWLSRORJLDGDVDo}HVUHODomRSURFHVVXDO
SURFHGLPHQWRSURYDMXGLFLiULDGHFLVmRUHFXUVRVGHILQL 4XDQWRDRVPHLRVHVSHFtILFRVDGPLWHPSRUVXDYH]
omR GH FRLVD MXOJDGD H H[HFXomR $OpP GH XPD EDVH RXWUDVXEGLYLVmRFRQIRUPHLQFXPEDDSURYRFDomRH[FOXVL
LQVWLWXFLRQDOFRPXPD7HRULD*HUDOGR3URFHVVRSRGHVH YDPHQWHDR(VWDGR RXGHOHJDGRV DRDGPLQLVWUDGRRX
LQGLYLGXDUGLVFLSOLQDVDXW{QRPDVSDUDFDGDHVSHFLDOLGDGH OKHVVHMDFRPXP
GHMXULVGLomRHWHPRVR'LUHLWR3URFHVVXDO&LYLOR'LUHLWR
3URFHVVXDO 3HQDO R 'LUHLWR 3URFHVVXDO GR 7UDEDOKR R 3DUDPHOKRUYLVmRGHFRQMXQWRDQWHVGHSDVVDUPRVD
'LUHLWR 3URFHVVXDO (OHLWRUDO R 'LUHLWR 3URFHVVXDO 3HQDO XP H[DPH VXFLQWR GRV PHLRV GH FRQWUROH SRU HVSpFLH
0LOLWDUHDWpPHVPRXP'LUHLWR3URFHVVXDO3DUODPHQWDU VHJXHVH HOHQFR QmR H[DXVWLYR  GRV PHLRV GH FRQWUROH
UHODWLYRjVKLSyWHVHVHPTXHDV&DVDV/HJLVODWLYDVDMDP MXGLFLiULRGRFRQWHQFLRVRDGPLQLVWUDWLYREUDVLOHLUR
FRPRyUJmRVMXULVGLFLRQDLV
 , 0HLRVLQHVSHFtILFRV $ RUGLQiULRV
8QDMXULVGLFWLRQmRVLJQLILFDWRGDYLDSURIOLJDomRGD % HVSHFLDLV
HVSHFLDOL]DomR MXVWLoD HVSHFLDO QmR VH FRQIXQGH FRP ,, 0HLRVHVSHFtILFRV
MXVWLoDGHH[FHomRDMXVWLoDHVSHFLDOpXPDLPSRVLomRGD
ERDWpFQLFDVHPSUHTXHGHWHUPLQDGDPDWpULDSRUVXDV $ GR(VWDGR
GR(VWDGR
SHFXOLDULGDGHVUHFODPHWUDWDPHQWRMXGLFLiULRHVSHFLDOL]D
GR ³ H[HFXomRMXGLFLDOGDGtYLGDDWLYDGD)D]HQ
(QFRQWUDPRVQRVVREHVWHDVSHFWRGHVGHRUHHVWDEHOH GD3~EOLFD
FLPHQWR GD -XVWLoD )HGHUDO GH SULPHLUD LQVWkQFLD QXP
VLVWHPDPLVWRVHJXLQGRWHQGrQFLDXQLYHUVDOPHQWHREVHU ³ DomRGHGHVDSURSULDomR
YDGDHPGLUHomRjHVSHFLDOL]DomRGRFRQWUROHMXGLFLiULR
GDVDWLYLGDGHVGR3RGHU3~EOLFRRTXHpXPFRQFHLWRPDLV ³ DomRGHLQWHUYHQomRGHGHIHVDHFRQ{PLFD
DPSOR TXH R GH FRQWUROH MXGLFLiULR GD UHODomR MXUtGLFD
DGPLQLVWUDWLYD&RPHIHLWRD-XVWLoD)HGHUDOFRPH[FHomR ³ DomRGLVFULPLQDWyULDGHWHUUDVS~EOLFDV
GR6XSUHPR7ULEXQDOTXHPDLVVHDSUR[LPDGHXPDFRUWH
FRQVWLWXFLRQDO H GR 6XSHULRU 7ULEXQDO GH -XVWLoD p ³ DomRGHGLVVROXomRGHVRFLHGDGHVLOtFLWDVRX
SUHGRPLQDQWHPHQWHXPDMXVWLoDHVSHFLDOL]DGDQRFRQWHQ FRPVXEYHQomR
FLRVRDGPLQLVWUDWLYRPDWHULDOGD8QLmRMiQRV(VWDGRVH
QRV0XQLFtSLRVDVUHVSHFWLYDVPDWpULDVFRQWHQFLRVDVHVWmR ³ DomRGHUHQGDHLQGHQL]DomRSRUWUDEDOKRV
HQWUHJXHV j MXVWLoD FRPXP MXOJDGD SHORV MXt]HV GR GHSHVTXLVDPLQHUDO
FRQWHQFLRVRFtYHOHFULPLQDO
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

% GRDGPLQLVWUDGR
GRDGPLQLVWUDGR SRUTXH QmR Ki SDGU}HV GH OHJDOLGDGH SDUD DIHULU HVVD
DWXDomR ³ HP 'LUHLWR $GPLQLVWUDWLYR %UDVLOHLUR HG57
³ KDEHDVFRUSXV S 
³ PDQGDGRGHVHJXUDQoD
³ DomRSRSXODU 'HILQLWLYDPHQWHRVLVWHPDMXGLFLDOUHVHUYDDR-XGLFLi
³ KDEHDVGDWD ULRRSRGHUGHFRQWURODUDOHJDOLGDGHHDOHJLWLPLGDGHGRV
³ PDQGDGRGHLQMXQomR DWRVGDDGPLQLVWUDomRPDVQXQFD
QXQFDVHXFRQWH~GRSROtWLFR
QXQFD
³ DomRSHQDOSULYDGDVXEVLGLiULDQRVFULPHV JHUHQFLDO RX VHMD VHX PpULWR VXD FRQYHQLrQFLD RX
GHDomRS~EOLFD RSRUWXQLGDGH 

& FRPXQV
&RQWUROH-XGLFLDO
 DomRGHLQFRQVWLWXFLRQDOLGDGH GRV
$WRV,QWHUQD&RUSRULV
$WRV,QWHUQD&RUSRULV
,QWHUQD&RUSRULV
 FRQIOLWRGHDWULEXLo}HV $WRV/HJLVODWLYRVH$WRV3ROtWLFRV
 DomRFLYLOS~EOLFD

&RPR YLPRV WRGRV
RGRV RV DWRV DGPLQLVWUDWLYRV HVWmR
 UHFODPDomRSDUDSUHVHUYDomRGHFRPSHWrQ
VXMHLWRDRFRQWUROHFRPXP RUGLQiULRGHWRGRV H[HUFLGR
FLDHJDUDQWLDGDDXWRULGDGHGHGHFLV}HVGR
SHOR3RGHU-XGLFLiULRSDUWLFXODUPHQWHTXDQWRjOHJDOLGD
6XSUHPR 7ULEXQDO )HGHUDO H GR 6XSHULRU
GHGRDWR+iDOJXQVDWRVHQWUHWDQWRTXHVHMDSRUVXD
7ULEXQDOGH-XVWLoDµµ
QDWXUH]DRXSRUVHXREMHWRTXDQWRQmRSRUVHXIXQGD
³ >LQ&XUVRGH'LUHLWR$GPLQLVWUDWLYRHG(G)RUHQ PHQWRRXDWpPHVPRSRUVXDRULJHPTXHVySRGHUmRVHU
VHS@ FRQWURODGRVGHXPDIRUPDHVSHFLDO

6mRDWRVHPTXHRH[DPHGR-XGLFLiULRpEHPOLPLWD
GRMiTXHDOLEHUGDGHGHDWXDomRGD$XWRULGDGH$GPLQLV
2&RQWUROH-XGLFLDOHR´0pULWRµ
2&RQWUROH-XGLFLDOHR´0pULWR
0pULWRµ
WUDWLYDpOHJDOPHQWHPXLWRDPSOD0DVYHMDEHPDLQGD
GR$WR$GPLQLVWUDWLYR
TXH OLPLWDGR R FRQWUROH p HOH H[HUFLGR SHOR -XGLFLiULR
SDUWLFXODUPHQWHHPVXDVSUHPLVVDVGHOHJDOLGDGH¢4XH
6DELGDPHQWH FDEH H[FOXVLYDPHQWH j $GPLQLVWUDomR DWRVGHFLV}HVVmRHVWHV"""6mRRVDWRVLQWHUQDFRUSRULV
3~EOLFDH[HUFLWDUVHXSRGHUGLVFULFLRQiULRHSUDWLFDURDWR RV DWRV OHJLVODWLYRV H RV DWRV SROtWLFRV 9HMD HP TXH
DGPLQLVWUDWLYRQDRSRUWXQLGDGHTXHMXOJDUDGHTXDGDH FRQVLVWHPWDLVDWRV
TXDQGRMXOJDUFRQYHQLHQWH

$ QDWXUH]D GHVVD DYDOLDomR FRP R MXOJDPHQWR GD $WRV,QWHUQD&RUSRULV


&RQWUROH-XGLFLDOGRV$WRV,QWHUQD&RUSRULV
,QWHUQD&RUSRULV
FRQYHQLrQFLDHGDRSRUWXQLGDGHGRDWRDGPLQLVWUDWLYRpGH
FRQWH~GRSROtWLFRJHUHQFLDOHQmR
QmRGHOHJDOLGDGH
QmR 6mRDTXHOHVDWRVGHFLV}HVTXHWUDWDPGHTXHVW}HVRX
DVVXQWRV TXH GL]HP UHVSHLWR j HFRQRPLD LQWHUQD GD
( FDEHQGR H[FOXVLYDPHQWH j $GPLQLVWUDomR 3~EOLFD FRUSRUDomROHJLVODWLYDRVDWLQHQWHVDVHXVSULYLOpJLRVRX
DYDOLDUHGHFLGLUVREUHRPpULWR FRQYHQLrQFLDHRSRUWXQL RVUHODWLYRVjFRQFHSomRLGHROyJLFDGHXPDOHLSRUVXDHV
GDGH  GR DWR DGPLQLVWUDWLYR H QmR KDYHQGR HP WDO VrQFLDH[FOXVLYDPHQWHDR3OHQiULRGDV&kPDUDVFRPSHWH
FRQWH~GRTXDOTXHUIXQGDPHQWRGHOHJDOLGDGH³RIXQGD DSUHFLDUHGHOLEHUDU $VVLP SRU H[ VmRDWRVLQWHUQD
PHQWR p SROtWLFRJHUHQFLDO H SRU LVVR WXWHODGR SHOD FRUSRULVDHOHLomRGDPHVDGHXPD&kPDUDDFRQIHUrQFLD
LQGHSHQGrQFLDHKDUPRQLDGRV3RGHUHV DUWž&) ³R GHSRGHUHVHLQFRPSDWLELOLGDGHVGHVHXVPHPEURVFRPR
PpULWRQXQFD
QXQFDVHUiVXVFHWtYHOjDQXODomRPDVDSHQDVH
QXQFD DFDVVDomRGHPDQGDWRVFRQFHVVmRGHOLFHQoDVDXWRUL]D
WmRVRPHQWHjUHYRJDomRHVyDSUySULDD$GPLQLVWUDomR omR SDUD VHUHP RX QmR SURFHVVDGRV D HODERUDomR GR
3~EOLFDpTXHWDPEpPSRGHUiUHYRJiOR 5HJLPHQWR,QWHUQRHWF

5HIOH[R LPSRUWDQWH GLVVR p D SURLELomR DR 3RGHU


-XGLFLiULR GH DYDOLDU R PpULWR
PpULWR GR DWR DGPLQLVWUDWLYR &RQWUROH-XGLFLDOGRV$WRV/HJLVODWLYRV
SRUTXDQWRRMXOJDPHQWRGDFRQYHQLrQFLDHGDRSRUWXQLGD
GHGRDWRDGPLQLVWUDWLYRpGHFRQWH~GRSROtWLFRJHUHQFLDO &RPRGL]RSUySULRQRPHRVDWRVOHJLVODWLYRVVmRDV
HR-XGLFLiULRVySRGHDYDOLDUHGHFLGLUVREUHDOHJDOLGDGH OHLVHGLWDGDVSHOR3RGHU/HJLVODWLYR HDOJXPDVDWpSHOR
GR DWR  REULJDGR TXH p D UHVSHLWDU DLQGHSHQGrQFLD H 3RGHU([HFXWLYR RXPHVPRDVGLVSRVLo}HVQRUPDWLYDV
KDUPRQLDGRV3RGHUHV DUWž&)  HGLWDGDVSRUTXDOTXHUGRVWUrVSRGHUHVTXHFRPS}HPD
$GPLQLVWUDomR 3~EOLFD ¢(VWDULDP WDLV DWRV VXMHLWRV D
e SDUD R TXH DGYHUWH R VDXGRVR 3URI+(/< /23(6 DOJXPFRQWUROH"""&ODURTXHDYRQWDGHVREHUDQDGRSRYR
0(,5(//(6 GHVGH TXH D OHL FRQILD j $GPLQLVWUDomR D TXHpRUHSUHVHQWDDOHL SHORVPHQRVWHRULFDPHQWH QmR
HVFROKDHYDORUDomRGRVPRWLYRVHGRREMHWRQmRFDEHDR SRGHVHUVXMHLWDDTXDOTXHUFRQWUROH
-XGLFLiULRUHYHURVFULWpULRVDGRWDGRVSHORDGPLQLVWUDGRU
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

0DV HVVD YRQWDGH GHYH VHU FRPSDUDGD FRP RXWUDV LQWHUHVVHVS~EOLFRVUD]mRSRUTXHVmRHPSUHQKDGRVGH


YRQWDGHVLJXDOPHQWHVREHUDQDVTXHOKHVmRVXSHULRUHVH DOWtVVLPRSRGHUGLVFULFLRQiULR
IRUDPPDQLIHVWDGDVDQWHULRUPHQWHFRPRDVGLVSRVLo}HV
FRQVWLWXFLRQDLV DVVLP WRGR DWR OHJLVODWLYR GHYH VHU 6mRDWRVSROtWLFRVSH[GR([HFXWLYRDQRPHDomRGH
FRQIURQWDGRFRPD&RQVWLWXLomR(SRXFRLPSRUWDVHMDD XP 6HFUHWiULR GH (VWDGR D FRQFHVVmR GH LQGXOWR GR
OHLIHGHUDORXVHMDHODHVWDGXDORXPXQLFLSDOQmRSRGH /HJLVODWLYRRMXOJDPHQWRGHFRQWDVDFDVVDomRGHPDQGD
FRQWUDULDUD&RQVWLWXLomR WR H DWp R -XGLFLiULR SUDWLFD DWRV SROtWLFRV FRPR D
SURSRVLomRGHFULDomRGHMXL]DGRVRXFULDomRGHQRYRV
2FRQWUROHGDFRQVWLWXFLRQDOLGDGHWDQWRSRGHVHUIHLWR FDUJRVGHMXt]HVRXTXDQGRHVFROKHXPDGYRJDGRRXXP
MiQRSURFHVVRGHHODERUDomRGDOHL DWRQRUPDWLYR SHODV SURPRWRUGHMXVWLoDSDUDLQWHJUDUXPWULEXQDOQDYDJDGR
UHVSHFWLYDV FRPLVV}HV GH FRQVWLWXFLRQDOLGDGH TXDQWR ž FRQVWLWXFLRQDO TXDQGR FODVVLILFD XPD FRPDUFD HWF
SRVWHULRUPHQWHSHOD YLD
YLD HVSHFLDOGDDomRGLUHWDGHLQ
HVSHFLDO 0DVVHFRPRWRGRDWRGLVFULFLRQiULRQmRSRGHVRIUHUFRQ
FRQVWLWXFLRQDOLGDGHTXHSRGHVHUSURPRYLGDSHOR3URFX WUROH GH PpULWR QHP SRU LVVR GHL[D GH VH VXEPHWHU DR
UDGRU *HUDO GD 5HS~EOLFD RX DWp SHOR 3UHVLGHQWH GD FRQWUROHGR-XGLFLiULRTXDQGRRUHFODPDUWHUFHLUDSHVVRD
5HS~EOLFDRXRXWUDVHQWLGDGHVFUHGHQFLDGDVSHODSUySULD SUHMXGLFDGDHPVHXVGLUHLWRVLQGLYLGXDLV
&RQVWLWXLomR)HGHUDOFIPDUW&) 

+iDLQGDDVOHLVHGHFUHWRVGHHIHLWRVFRQFUHWRVTXH
ULJRURVDPHQWHQmRDWRVQRUPDWLYRVJHUDLVPDVGHFLV}HV 5HVSRQVDELOL]DomR&LYLOGR(VWDGR
OHJLVODWLYDV VREUHFDVRVHVSHFtILFRVHLQGLYLGXDGRVTXH
HQWUHWDQWR WrP FRUSR H IRUPD GH OHL SH[ DV OHLV TXH
FULDPPXQLFtSLRVTXHFRQFHGHPDQLVWLDILVFDORVGHFUH (VWDEHOHFHQRVVR&yGLJR&LYLODUHJUDJHUDOGHTXHD
WRVGHGHVDSURSULDomRRXGHQRPHDomRHWF 2FRQWUROH UHVSRQVDELOL]DomRGHFRUUHGDFXOSDODWRVHQVX³GHVRUWH
GHVVHV DWRV OHJLVODWLYRV Mi p IHLWR SHOD YLD FRPXP GR TXHQLQJXpPVHUiREULJDGRDUHSDUDURGDQRQHPRGDQR
PDQGDGRGHVHJXUDQoDRXGDDomRSRSXODUHWF PDWHULDO QHP R GDQR PRUDO VH QmR DJLX FRP ´FXOSDµ
DVVLPHQWHQGLGDWmRDDomR´GHVFXLGDGDµ LPSUXGrQFLD
2V GHFUHWRV OHJLVODWLYRV H DV UHVROXo}HV GDV PHVDV LPSHUtFLDRXQHJOLJrQFLD FRPRDDomR´TXHULGDµRXVHMD
WDPEpPVmRDWRVOHJLVODWLYRVHHPERUDSURYHQLHQWHVGR DDomRGRORVD
/HJLVODWLYRVWDPEpPVHVXEPHWHPDRFRQWUROHMXGLFLDO
SRUTXDQWRVmRYLQFXODGRVDRUHJLPHQWRTXHDXWRUL]DVXD SULQFtSLRGDUHVSRQVDELOLGDGHFLYLOIRLHVERoDGRSHOD
HGLomRHSRGHPUHIOHWLUOHVmRDRVGLUHLWRVGHWHUFHLURV /H[$TXLOLDFRPRJHUPHGDWHRULDFOiVVLFDGDFXOSDHRGD
UHVSRQVDELOLGDGH VXEMHWLYD FRPR FXOSD GHFRUUHQWH GR
2SURFHVVROHJLVODWLYRTXHpRULWXDODVHUREVHUYDGR GHOLWR ,QOHJH$TXLOLDHVWOHYLVVLPLRFXOSDYHQLW' 
SDUDDHODERUDomRGHXPDOHLMXVWDPHQWHSRUWHUEDVHH 6HULDLPSXWiYHODPDLVOHYHQHJOLJrQFLD
SUHYLVmRQD&RQVWLWXLomR)HGHUDOWDPEpPpVXVFHWtYHOGH
FRQWUROHMXGLFLDOMiTXHVXDQmRREVHUYkQFLDUHVXOWDUiQD
HGLomR GH XPD OHL QXOD
QXOD &ODUR TXH R -XGLFLiULR QmR $5HVSRQVDELOL]DomR&LYLOGD$GPLQLVWUDomR
DYDOLDUi MDPDLV R PpULWR SHOR TXDO RV GHSXWD
GRVVHQDGRUHVYHUHDGRUHV FRQIRUPHRFDVR DSURYDUDP 2(VWDGRDJHPXLWRID]PXLWDFRLVD³HH[S}HWRGRV
RFRQWH~GRGDOHLPDVDQXODUiDOHLVHRSURFHVVROHJLVOD DGDQRVYDULDGRVJHUDQGRSUHWHQV}HVLQGHQL]DWyULDV
WLYRLPSRVWRSHOD&RQVWLWXLomRQmRIRLREHGHFLGRFRPR
SRUH[HPSORTXHPWHPDOHJLWLPLGDGHSDUDRIHUHFHUR 3DUDR3URI+(/</23(60(,5(//(6´UHVSRQVDELOL
SURMHWRRVFDPLQKRVGHGLVFXVVmRDVDQomRGR([HFXWLYR GDGHFLYLOpDTXHVHWUDGX]QDREULJDomRGHUHSDUDUGDQRV
HWF SDWULPRQLDLVHVHH[DXUHFRPDLQGHQL]DomR&RPRREULJD
 3RU ILQDO R SURFHVVR GH FDVVDomR GH PDQGDWR TXH omR PHUDPHQWH SDWULPRQLDO D UHVSRQVDELOLGDGH FLYLO
WUDPLWD SHUDQWH R 3RGHU /HJLVODWLYR SHOD LQVXSHUiYHO LQGHSHQGHGDFULPLQDOHGDDGPLQLVWUDWLYDFRPDVTXDLV
REVHUYkQFLD GH IRUPDOLGDGHV OHJDLV H FRQVWLWXFLRQDLV SRGHFRH[LVWLUVHPWRGDYLDVHFRQIXQGLU5HVSRQVDELOLGDGH
HVWDUi WDPEpP VXMHLWR DR FRQWUROH GR -XGLFLiULR TXH &LYLO GD $GPLQLVWUDomR p SRLV D TXH LPS}H j )D]HQGD
DYDOLDUiGHVGHDH[LVWrQFLDGRVPRWLYRVGDFDVVDomRDWp 3~EOLFDDREULJDomRGHFRPSRURGDQRFDXVDGRDWHUFHLURV
DTXHODVIRUPDOLGDGHV SRUDJHQWHVS~EOLFRVQRGHVHPSHQKRGHVXDVDWULEXLo}HVRX
DSUHWH[WRGHH[HUFrODVµ³ LQ'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR
HG(G5HYLVWDGRV7ULEXQDLVSS 
&RQWUROH-XGLFLDOGRV$WRV3ROtWLFRV
eWDPEpPRTXHHQVLQD3,172)(55(,5$´$UHVSRQVD
7DPEpPDTXLRQRPHVXJHUHRFRQFHLWRDWRSROtWLFR ELOLGDGHFLYLOpDREULJDomRGHUHSDUDURGDQRFDXVDGR(OD
p DTXHOH TXH R $JHQWH GR *RYHUQR TXH WHP SRGHUHV pREULJDFLRQDOWHQGRSRUREMHWRDSUHVWDomRGRUHVVDUFLPHQ
OHJDLVSUDWLFDEDVHDQGRVHQDPDLVDPSODOLEHUGDGHGH WR(ODVHRULJLQDGHVLPSOHVLPSRVLomROHJDO UHVSRQVDELOL
DQiOLVHGDFRQYHQLrQFLDHRSRUWXQLGDGHGHSUDWLFiOR GDGH REMHWLYD  RX GH IDWR LOtFLWR SUDWLFDGR SRU DJHQWH
UHVSRQViYHORXSHVVRDSRUTXHPWDODJHQWHUHVSRQGHRXSRU
1mR VmR DWRV SURSULDPHQWH GH DGPLQLVWUDomR PDV DOJXPD FRLVD SHUWHQFHQWH DR DJHQWHµ ³ LQ &RPHQWiULRV j
DWRVWtSLFRVGHJRYHUQRGHGLUHFLRQDPHQWRGDJHVWmRGRV &RQVWLWXLomR%UDVLOHLUDžYRO(G6DUDLYDSS 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$SOLFDomRGD5HVSRQVDELOLGDGH2EMHWLYD 1RXWUDV SDODYUDV D $GPLQLVWUDomR 3~EOLFD RX D


HPSUHVD SDUWLFXODU FRQWUDWDGD  SDJD LQGHQL]D  DR
1RVSULPyUGLRVGDRUJDQL]DomRVRFLDORV5HLQRVQmR SDUWLFXODUYtWLPDHG
GHSRLVFREUDUiGRIXQFLRQiULRS~EOLFR
HSRLV
HUDPUHVSRQVDELOL]DGRVYLYLDVHXPDDVHGHUHVSRQVDELOL R UHHPEROVR GDTXLOR TXH IRL REULJDGD D SDJDU ,VVR
GDGH QHQKXPD GR (VWDGR H SRU LVVR D $GPLQLVWUDomR SRUpPVyVHUiSRVVtYHOVHILFDUSURYDGRTXHRIXQFLRQi
QmRWLQKDTXDOTXHUREULJDomRLQGHQL]DWyULDHPUHODomRDR ULRDJLXFRPGRORRXFXOSD
WHUFHLURPHVPRTXHVHXVDJHQWHVYLHVVHPDFDXVDUGDQRV
DRSDUWLFXODUTXHGDYDVHGHVFREHUWRRFLGDGmRFRQWUDR 1XP FRQFXUVR S~EOLFR IRL TXHVWLRQDGD D WHRULD
(VWDGRHVWDEDQDGR DGRWDGD SHOD &RQVWLWXLomR SDUD D UHVSRQVDELOL]DomR GD
$GPLQLVWUDomR 3~EOLFD SRU DWR GDQRVR SUDWLFDGR SHOR
1XPDIDVHHYROXWLYDVXEPHWHXVHR(VWDGRjUHVSRQVD IXQFLRQiULRS~EOLFR)RLDGRWDGDDWHRULDGDUUHVSRQVDELOL
ELOLGDGH FLYLOtVWLFD HTXLSDUDQGRVH D $GPLQLVWUDomR D GDGH
GDGHREMHWLYDGR3RGHU3~EOLFR 8QLmR(VWDGR0HPEUR
REMHWLYD
TXDOTXHU SDUWLFXODU H SRLV WDPEpP VH VXMHLWDQGR j 'LVWULWR )HGHUDO 0XQLFtSLR $XWDUTXLDV )XQGDo}HV 3~
UHVSRQVDELOL]DomRSHORVDWRVFXOSRVRVFDXVDGRVSRUVHXV EOLFDVHWF SDUDUHVVDUFLUDRSDUWLFXODUTXHVRIUDGDQRV
DJHQWHVDEULXVHDSRVVLELOLGDGHGHRSDUWLFXODUSOHLWHDU FDXVDGRVSRUVHUYLGRUHVQRH[HUFtFLRGDIXQomR
LQGHQL]DomRj$GPLQLVWUDomRFDVRSXGHVVHSURYDU D D
H[LVWrQFLDGHXPGDQR E FDXVDGRSHORIXQFLRQiULRDJHQWH %DVWD j SHVVRD SUHMXGLFDGD SURYDU TXH R GDQR IRL
GD$GPLQLVWUDomRQRH[HUFtFLRGHVXDVIXQo}HVH F DJLQGR FDXVDGRSHORIXQFLRQiULRQRH[HUFtFLRGDIXQomRLQGHSHQ
FRPGRORRXFXOSD GHQWHPHQWHGHWHURXQmRFXOSDRXGRORRIXQFLRQiULRH
R3RGHU3~EOLFRGHYHUiSDJDUDLQGHQL]DomR$UHVSRQVDEL
$UHVSRQVDELOLGDGHFLYLOLVWDH[LJHGHPDVLDGDPHQWHGD OLGDGH GR 3RGHU 3~EOLFR SRUWDQWR p REMHWLYD SRXFR
YtWLPDTXHMiVDFULILFDGRSHODOHVmRVRIULGDLQMXVWDPHQWH LPSRUWDVHD$GPLQLVWUDomRWHYHRXQmRFXOSDVHRIXQ
RQHUDVH DLQGD FRP R GHYHU GH FRPSURYDU D IDOWD GR FLRQiULRDJLXRXQmRFXOSRVDPHQWHEDVWDTXHVHFRPSUR
VHUYLoRRXGRVHUYLGRUSDUDREWHUDLQGHQL]DomR³HSRU YHTXHRGDQRUHVXOWDGRGDVLPSOHVDWXDomRGRIXQFLRQi
LVVRPHVPRDGRXWULQDFLYLOtVWLFDRXGDFXOSDFLYLOFRPXP ULRS~EOLFR 
UHVWRX DEDQGRQDGD SUHWHULGD SHODV QRUPDV GH GLUHLWR
S~EOLFRVREUHDVUHJUDVGHGLUHLWRSULYDGRQDUHJrQFLDGDV
UHODo}HVHQWUHD$GPLQLVWUDomRHRVDGPLQLVWUDGRV
5HVSRQVDELOLGDGH&LYLOGR(VWDGRSRU$WRV,OtFLWRV
0DV QRVVD &RQVWLWXLomR )HGHUDO VH RULHQWRX SHOD
UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHFLYLOREMHWLYD
GRXWULQDGDUHVSRQVDELOLGDGH FLYLOREMHWLYDGD$GPLQLV
OREMHWLYD UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHREMHWLYDpDEVROXWDDSHQDVH
$WHRULDUHVSRQVDELOLGDGH REMHWLYD
WUDomRYLQFXODQGRDjGHFRUUrQFLDGRULVFRDGPLQLVWUDWLYR WmRVRPHQWHHPUHODomRj´DWXDomRµGR(VWDGRGLUHWDPHQ
(LVDGLVSRVLomRGRDUW†ž&) WHSRUVHXVDJHQWHVS~EOLFRVRXSRUGHOHJDWiULRVGDIXQomR
S~EOLFD6LJQLILFDTXHR3RGHU3~EOLFRQQmR
mRpUHVSRQViYHO
$V
$VSHVVRDV
SHVVRDVMXUtGLFDV
MXUtGLFDVGH
GHGLUHLWR
GLUHLWRS~EOLFR
S~EOLFRHDV
DVGH SRUWRGRHTXDOTXHUDFRQWHFLPHQWRGDQRVRTXHDGYHQKDP
GLUHLWR SULYDGR
GLUHLWR SULYDGR SUHVWDGRUDV
SUHVWDGRUDV GH
GH VHUYLoRV
VHUYLoRV S~EO
S~EOLFRV GHDWXDomRHVWUDQKDRXDOKHLDDR(VWDGR
UHVSRQGHUmR
UHVSRQGHUmRSHORV
SHORVGDQRV
GDQRVTXH
TXHVHXV
VHXVDJHQWHV
DJHQWHVQHVVD
TXDOLGDGH
TXDOLGDGH FDXVDUHP
FDXVDUHP D WHUFHLURV
WHUFHLURV DVVHJXUDGR
DVVHJXUDGR R 'H IDWR VH XPD WURPED G·iJXD FDLU H LQXQGDU XP
GLUHLWR
GLUHLWRGH
GHUHJUHVVR
UHJUHVVRFRQWUD
FRQWUDRUHVSRQViYHO
UHVSRQViYHOQRV
QRVFDVRV EDLUURQmRVHUiR3RGHU3~EOLFRVLPSOLVWDPHQWHREULJD
GHGRORRXFXOSD GR j LQGHQL]DomR GRV SUHMXt]RV GRV PRUDGRUHV DSHQDV
SHOR IDWR GH KDELWDUHP HOHV D UHJLmR H DV iJXDV WHUHP
2VVHUYLoRVS~EOLFRVVmRSUHVWDGRVWDQWRSHODDGPLQLV LQYDGLGRDVUHVLGrQFLDVDWUDYpVGDYLDS~EOLFD,JXDOPHQ
WUDomR S~EOLFD FRPR SRU SDUWLFXODUHV HVSHFLDOPHQWH WH VH PDOIHLWRUHV DVVDOWDP SHVVRDV VDTXHDQGROKHV RV
FRQWUDWDGRVHJXQGROLFLWDomRS~EOLFD 6HQD
QD
QD H[HFXomR EHQVQmRVHUiR(VWDGRUHVSRQVDELOL]DGRDSHQDVSRUTXH
GH
GH XP
XP VHUYLoR
VHUYLoR S~EOLFRIRUFDXVDGRDOJXPGDQRDTXDO
S~EOLFR RIDWRVHGHXHPYLDS~EOLFD
TXHUSHVVRDHVWDVHUiLQGHQL]DGD
1HVVHVFDVRVHPTXHGDQRVGHFRUUDPRXGDDomRGD
$LQGHQL]DomRVHUiSDJDSHORSUHVWDGRUGHVHUYLoRVHMD QDWXUH]DRXGDDomRGHWHUFHLURVDWpSRGHUiRFRUUHUD
HOHDSUySULD$GPLQLVWUDomR3~EOLFDRXPHVPRRSDUWLFX UHVSRQVDELOL]DomRGR(VWDGRPDVDSHQDVVHILFDUGHPRQV
ODUFRQWUDWDGRSDUDWDQWR0DVVHPSUHTXHHVWHQmRWLYHU WUDGRTXHR3RGHU3~EOLFRIDOWRXFRPVXDVREULJDo}HVRX
FDSDFLGDGH HFRQ{PLFD SDUD UHVSRQGHU SHORV GDQRV D DVFXPSULXLQVDWLVIDWRULDPHQWHQRFDVRGDVHQFKHQWHVH
$GPLQLVWUDomR3~EOLFDGHYHUiSDJDU
GHYHUiSDJDUDLQGHQL]DomR 
GHYHUiSDJDU VHSURYDUTXHQtYHOG·iJXDVHHOHYRXSRUIDOWDGHOLPSH]D
GRVEXHLURVRXGHILFLrQFLDQDFRQVWUXomRGRVLVWHPDGH
2LPSRUWDQWHpTXHVHVDLEDTXHRVHUYLGRUS~EOLFR RX HVFRDPHQWRHWF
PHVPRHPSUHJDGRGDTXHODHPSUHVDSDUWLFXODUFRQWUDWD
GD SRGHUiVHUREULJDGRDSDJDURSUHMXt]RFDXVDGR HMi 1HVVHVHQWLGRR3URI+(/</23(60(,5(//(6DGYHUWH
LQGHQL]DGR FDVRILTXHSURYDGRTXHHOH VHUYLGRU DJLX TXH2TXHD&RQVWLWXLomRGLVWLQJXHpRGDQRFDXVDGRSHORV
FRPGROR
GROR FRPLQWHQomRGHFDXVDURSUHMXt]R RXFXOS
GROR FXOSD
FXOSD DJHQWHVGD$GPLQLVWUDomR IXQFLRQiULRV GRVGDQRVRFDVLR
IH] VHP TXHUHU PDV VHP GHVDWHQomR QHJOLJrQFLD QDGRVSRUDWRVGHWHUFHLURVRXSRUIHQ{PHQRVGDQDWXUH
LPSUXGrQFLDRXLPSHUtFLD  ]DVyDWULEXLUHVSRQVDELOLGDGHREMHWLYDj$GPLQLVWUDomR
SHORVGDQRVTXHVHXVIXQFLRQiULRVQHVVDTXDOLGDGHFDXVHP
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

DWHUFHLURV3RUWDQWRROHJLVODGRUFRQVWLWXLQWHVyFREULXR $UW†ž´$VSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
ULVFRDGPLQLVWUDWLYRGDDWXDomRRXLQDomRGRVVHUYLGRUHV H DV GH GLUHLWR SULYDGR SUHVWDGRUDV GH VHUYLoRV
S~EOLFRVQmRUHVSRQVDELOL]RXREMHWLYDPHQWHDDGPLQLVWUD S~EOLFRVUHVSRQGHUmRSHORVGDQRVTXHVHXVDJHQWHV
omRSRUDWRVSUHGDWyULRVGHWHUFHLURVQHPSRUIHQ{PHQRV QHVVDTXDOLGDGHFDXVDUHPDWHUFHLURVDVVHJXUDGR
DVVHJXUDGR
QDWXUDLVTXHFDXVHPGDQRVDRVSDUWLFXODUHV3DUDDLQGHQL R GLUHLWR GH UHJUHVVR FRQWUD R UHVSRQViYHO QRV
]DomRGHVWHVDWRVHIDWRVHVWUDQKRVjDWLYLGDGHDGPLQLVWUDWL FDVRVGHGRORRXFXOSD
FDVRVGHGRORRXFXOSD
YDREVHUYDVHRSULQFtSLRJHUDOGDFXOSDFLYLOPDQLIHVWDGD
SHODLPSUXGrQFLDQHJOLJrQFLDRXLPSHUtFLDQDUHDOL]DomRGR $UW ´$V SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR
VHUYLoRS~EOLFRTXHFDXVRXRXHQVHMRXRGDQR³ LQ'LUHLWR LQWHUQR VmR FLYLOPHQWH
FLYLOPHQWH UHVSRQViYHLV
UHVSRQViYHLV SRU DWRV GRV
$GPLQLVWUDWLYR%UDVLOHLURHG57SS  VHXVDJHQWHVTXHQHVVDTXDOLGDGHFDXVHPGDQRVD
WHUFHLURV UHVVDOYDGR GLUHLWR UHJUHVVLYR FRQWUD RV
,JXDOPHQWHR3URI&(/62$17Ñ1,2%$1'(,5$'(0(//2 FDXVDGRUHV GR GDQR VH KRXYHU SRU SDUWH GHVWHV
DQRWD TXH ´Ki ODUJR FDPSR SDUD D UHVSRQVDELOLGDGH FXOSDRXGRORµ
VXEMHWLYDQRFDVRGHDWRVRPLVVLYRVGHWHUPLQDQGRVHHQWmR
9HMDTXHEDVWDDRSDUWLFXODUSUHMXGLFDGRSURYDUTXHR
DUHVSRQVDELOLGDGHSHODWHRULDGDFXOSDRXIDOWDGHVHUYLoR
GDQR IRL FDXVDGR SHOR DJHQWH S~EOLFR QR H[HUFtFLR GD
VHMDSRUTXHHVWHQmRIXQFLRQRXTXDQGRGHYHULDQRUPDOPHQ
IXQomRLQGHSHQGHQWHPHQWHGHWHURXQmRFXOSDRXGROR
WH IXQFLRQDU VHMD SRUTXH IXQFLRQRX PDO RX IXQFLRQRX RIXQFLRQiULRHR3RGHU3~EOLFRGHYHUiSDJDUDLQGHQL]D
WDUGLDPHQWHµ ³ LQ &XUVR GH 'LUHLWR $GPLQLVWUDWLYR  HG omR
0DOKHLURV(GLWRUHVSS    (QTXDQWR D UHVSRQVDELOLGDGH GR 3RGHU 3~EOLFR
REMHWLYD LQGHSHQGHQWHPHQWHGDFDUDFWHUL]D
SRUWDQWRpREMHWLYD
REMHWLYD
omRGRGRORRXFXOSDQDFDXVDomR³DUHVSRQVDELOLGDGHGR
VHUYLGRU S~EOLFR p HVVHQFLDOPHQWH VXEMHWLYD
XEMHWLYD RX VHMD
5HSDUDomRGR'DQR³$omR5HJUHVVLYD FRQGLFLRQDGD j FRPSURYDomR GH TXH DJLX HOH RX FRP
FXOSD GROR
FXOSD LPSUXGrQFLDQHJOLJrQFLDRXLPSHUtFLD RXFRPGROR TXLV
SURSRVLWDGDPHQWHFDXVDURGDQR 
$omRGH,QGHQL]DomR
2EVHUYD&(/62$17Ñ1,2%$1'(,5$'(0(//2TXH
2VVHUYLoRVS~EOLFRVVmRSUHVWDGRVWDQWRSHOD$GPLQLV Ki ´H[SUHVVD SUHYLVmR GH UHWRUQR GD SHVVRD GH 'LUHLWR
WUDomR 3~EOLFD FRPR SRU SDUWLFXODUHV HVSHFLDOPHQWH 3~EOLFR RX GH 'LUHLWR 3ULYDGR SUHVWDGRUD GH VHUYLoR
FRQWUDWDGRVHJXQGRFRQFRUUrQFLDS~EOLFD 6HQDH[HFX S~EOLFR FRQWUD R DJHQWH FDXVDGRU GR GDQR XPD YH]
omR GH XP VHUYLoR S~EOLFR IRU FDXVDGR DOJXP GDQR D RFRUUHQWHVRVVHJXLQWHVUHTXLVLWRV
TXDOTXHUSHVVRDHVWDVHUiLQGHQL]DGD DWUDYpVGDDomRGH
LQGHQL]DomR  D WHQKDPVLGRFRQGHQDGDVDLQGHQL]DUWHUFHLURSRU
DWROHVLYRGRDJHQWH
$LQGHQL]DomRVHUiSDJDSHORSUHVWDGRUGHVHUYLoRVHMD
HOHDSUySULD$GPLQLVWUDomR3~EOLFDRXPHVPRRSDUWLFX E R DJHQWH UHVSRQViYHO KDMD VH FRPSRUWDGR FRP
ODU FRQWUDWDGR SDUD WDQWR FODUR TXH VH HVWH QmR WLYHU GRORRXFXOSD
FDSDFLGDGH HFRQ{PLFD SDUD UHVSRQGHU SHORV GDQRV D
$GPLQLVWUDomR3~EOLFDGHYHUiSDJDUDLQGHQL]DomR  2FRUUHSHUJXQWDUVHRWHUFHLUROHVDGRSRGHULDPRYHUD
DomRGHLQGHQL]DomRGLUHWDPHQWHFRQWUDRDJHQWHSUHVFLQ
GLQGRGHUHVSRQVDELOL]DUR(VWDGRRXTXHPOKH IDoDDV
YH]HVRXVHSRGHULDEXVFDUUHVSRQVDELOL]DomRVROLGiULDGH
$omR5HJUHVVLYD
DPERV e EHP GH YHU TXH QR SULPHLUR FDVR R OHVDGR
HVWDULDGLVSXWDQGRDOLGHDSHQDVQRFDPSRGDUHVSRQVD
0DV LPSRUWDQWH p TXH VH VDLED TXH R IXQFLRQiULR ELOLGDGHVXEMHWLYDGDGRTXHRDJHQWHVyUHVSRQGHULDQD
S~EOLFR RX PHVPR R HPSUHJDGR GDTXHOD HPSUHVD KLSyWHVHGHGRORRXFXOSD
SDUWLFXODU FRQWUDWDGD  SRGHUi VHU REULJDGR D SDJDU R
SUHMXt]RFDXVDGR HMiLQGHQL]DGR FDVRILTXHSURYDGR +(/< /23(6 0(,5(//(6 VXVWHQWD TXH R IXQFLRQiULR Vy
TXH HOH IXQFLRQiULR  DJLX FRP GROR
GROR FRP LQWHQomR GH UHVSRQGHSHUDQWHR(VWDGRGHVFDEHQGRDROHVDGRDFLRQDU
FDXVDU R SUHMXt]R  RX FXOSD
FXOSD IH] VHP TXHUHU PDV VHP RIXQFLRQiULR6mRVXDVHVWDVFRQVLGHUDo}HV´$UHSDUDomR
DWHQomRQHJOLJrQFLDLPSUXGrQFLDRXLPSHUtFLD  GR GDQR SHOD $GPLQLVWUDomR D WHUFHLURV REWpPVH DPL
JDYHOPHQWHRXSRUPHLRGDDomRGHLQGHQL]DomRHXPDYH]
1RXWUDV SDODYUDV D $GPLQLVWUDomR 3~EOLFD RX D LQGHQL]DGDDOHVmRGDYtWLPDILFDDHQWLGDGHS~EOLFDFRPR
HPSUHVD SDUWLFXODU FRQWUDWDGD  SDJD LQGHQL]D  DR GLUHLWRGHYROWDUVH FRQWUDRVHUYLGRUFXOSDGRSDUDKDYHU
SDUWLFXODUYtWLPDHGHSRLV
GHSRLVFREUDUiGRIXQFLRQiULRS~EOLFR
GHSRLV GHOH R GHVSHQGLGR DWUDYpV GD DomR UHJUHVVLYD DXWRUL]DGD
RUHHPEROVRGDTXLORTXHIRLREULJDGDDSDJDU DWUDYpVGH SHOR†žGRDUWGD&)OHJLVODGRUFRQVWLWXLQWHEHP
DomR UHJUHVVLYD  ,VVR SRUpP Vy VHUi SRVVtYHO VH ILFDU VHSDURXDVUHVSRQVDELOLGDGHVR(VWDGRLQGHQL]DDYtWLPD
SURYDGRTXHRIXQFLRQiULRDJLXFRPGRORRXFXOSD RDJHQWHLQGHQL]DR(VWDGRUHJUHVVLYDPHQWH

&RQILUD³QRYDPHQWH³DGLVSRVLomRGRDUW†ž (VWD SRVLomR GR LOXVWUH DXWRU QmR QRV FRQYHQFH


GD&RQVWLWXLomR)HGHUDOHGRDUWGRQRYR&yGLJR&LYLO (QWHQGHPRVTXHRDUW†žQmRWHPFDUiWHUGHIHQVLYR
%UDVLOHLUR GRIXQFLRQiULRSHUDQWHWHUFHLUR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$QRUPDYLVDDSURWHJHURDGPLQLVWUDGRRIHUHFHQGR 1HVVDOHLDSUHYHQomRSRUH[HPSORHVWiQDHQpUJLFD
OKHXPSDWULP{QLRVROYHQWHHDSRVVLELOLGDGHGDUHVSRQVD SRVVLELOLGDGHGHGHQ~QFLD UHSUHVHQWDomR SRUTXDOTXHU
ELOLGDGHREMHWLYDHPPXLWRVFDVRV'DtQmRVHVHJXHTXH SHVVRDHQDREULJDWRULHGDGHGDVSURYLGrQFLDVGHDSXUD
KDMD UHVWULQJLGR VXD SRVVLELOLGDGH GH SURFHGHU FRQWUD omRWDPEpPpVDOXWDUHSUHYHQWLYDPHQWHILVFDOL]DGRUDD
TXHPOKHFDXVRXGDQR6HQGRXPGLVSRVLWLYRSURWHWRUGR REULJDomR GH R $JHQWH 3~EOLFR DSUHVHQWDU QD SRVVH H
DGPLQLVWUDGRGHVFDEHH[WUDLUGHOHUHVWULo}HVDROHVDGR$ GHSRLVDQXDOPHQWHGHFODUDomRGRVEHQVTXHSRVVXtDH
LQWHUSUHWDomRGHYHFRLQFLGLUFRPRVHQWLGRSDUDRTXDO SRVVXLSRVVLELOLWDUiDPHGLomRGDHYROXomRGHVXDIRUWXQD
FDPLQKDDQRUPDDRLQYpVGHVDFDUGHODFRQFOXV}HVTXH SHVVRDOHQTXDQWROLJDGRDR6HUYLoR3~EOLFR
FDPLQKDPQDGLUHomRLQYHUVDEHQpILFDDSHQDVDRSUHVX
PLGRDXWRUGRGDQR -iDWXWHODDRSDWULP{QLRS~EOLFRHQFRQWUDLQVWUXPHQ
WDomRHPUHPpGLRVYLROHQWRVFRPRRFRQILVFRGHEHQVR
$VHXWXUQRDSDUWHILQDOGR†žGRDUWTXHSUHYr VHTHVWURHWF
RUHJUHVVRGR(VWDGRFRQWUDRDJHQWHUHVSRQViYHOYROWDVH
&RQILUDDJRUDDVGLVSRVLo}HVGD/HLQž
jSURWHomRGRSDWULP{QLRS~EOLFRRXGDSHVVRDGH'LUHLWR
3ULYDGRSUHVWDGRUDGHVHUYLoRS~EOLFR
&DStWXOR,
'LVSRVLo}HV*HUDLV
'DtDFRQFOXVmRGHTXHRSUHFHSWLYRpYROYLGRjGHIHVD
GR DGPLQLVWUDGR H GR (VWDGR RX GH TXHP OKH IDoD DV $UWž 2VDWRV
DWRV
DWRVGH
GHLPSURELGDGH
LPSURELGDGHSUDWLFDGRV
SUDWLFDGRVSRU
SRUTXDOTXHU
YH]HVQmRVHSRGHQGRYLVOXPEUDUQHOHLQWHQo}HVVDOYD DJHQWH
DJHQWH S~EOLFRVHUYLGRURXQmRFRQWUDDDGPL
S~EOLFR
JXDUGDGRUDVGRDJHQWH$FLUFXQVWkQFLDGHKDYHUDFDXWHOD QLVWUDomR GLUHWD LQGLUHWD RX IXQGDFLRQDO GH
GRRVLQWHUHVVHVGROHVDGRHGRVFRQGHQDGRVDLQGHQL]DU TXDOTXHUGRV3RGHUHVGD8QLmRGRV(VWDGRVGR
QmR DXWRUL]D FRQFOXLU TXH DFREHUWRX R DJHQWH S~EOLFR 'LVWULWR)HGHUDOGRV0XQLFtSLRVGH7HUULWyULRGH
OLPLWDQGRVXDUHVSRQVDELOL]DomRDRFDVRGHDomRUHJUHVVL HPSUHVDLQFRUSRUDGDDRSDWULP{QLRS~EOLFRRXGH
YDPRYLGDSHOR3RGHU3~EOLFRMXGLFLDOPHQWHFRQGHQDGR HQWLGDGHSDUDFXMDFULDomRRXFXVWHLRRHUiULRKDMD
FRQFRUULGRRXFRQFRUUDFRPPDLVFLQTHQWDSRU
(QWmR SDUHFHQRV LQFHQVXUiYHO R HQVLQDPHQWR GH FHQWR GR SDWULP{QLR RX GD UHFHLWD DQXDO VHUmR
2VZDOGR$UDQKD%DQGHLUDGH0HOORPDQLIHVWDGRDQWHV SXQLGRVQDIRUPDGHVWD/HL
PHVPRGRQRYR&yGLJRGH3URFHVVR&LYLOVHJXQGRTXHP
D YtWLPD SRGH SURSRU DomR GH LQGHQL]DomR FRQWUD R †~QLFR (VWmRWDPEpPVXMHLWRVjVSHQDOLGDGHVGHVWD/HLRV RV
DJHQWH FRQWUD R (VWDGR RX FRQWUD DPERV FRPR UHV DWRV
DWRVGHLPSURELGDGHSUDWLFDGRVFRQWUDRSDWULP{
SRQViYHLVVROLGiULRVQRVFDVRVGHGRORRXFXOSD QLRGHHQWLGDGHTXHUHFHEDVXEYHQomREHQHItFLR
QLR
RXLQFHQWLYRILVFDORXFUHGLWtFLRGHyUJmRS~EOLFR
$OLiVR6XSUHPR7ULEXQDO)HGHUDOWHPUHFRQKHFLGR EHPFRPRGDTXHODVSDUDFXMDFULDomRRXFXVWHLR
DSRVVLELOLGDGHGHSURSRVLWXUDGDDomRFRQWUDR(VWDGRH RHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPHQRV
GH FLQTHQWD SRU FHQWR GR SDWULP{QLR RX GD
RDJHQWHFRQMXQWDPHQWH 67)5(LQ5'$
UHFHLWDDQXDOOLPLWDQGRVHQHVWHVFDVRVDVDQomR
H67)$,LQ5'$ µ³ LQ&XUVRGH'LUHLWR SDWULPRQLDOjUHSHUFXVVmRGRLOtFLWRVREUHDFRQ
$GPLQLVWUDWLYRHG0DOKHLURV(GLWRUHVSS  WULEXLomRGRVFRIUHVS~EOLFRV

$UWž 5HSXWDVH DJHQWH S~EOLFR SDUD RV HIHLWRVGHVWD


/HLWRGRDTXHOHTXHH[HUFHDLQGDTXHWUDQVLWRULD
/HL PHQWHRXVHPUHPXQHUDomRSRUHOHLomRQRPHD
omRGHVLJQDomRFRQWUDWDomRRXTXDOTXHURXWUD
'LVS}HVREUHDVVDQo}HVDSOLFiYHLVDRV IRUPDGHLQYHVWLGXUDRXYtQFXORPDQGDWRFDUJR
$JHQWHV3~EOLFRVQRVFDVRVGHHQULTXHFLPHQWR HPSUHJRRXIXQomR QDVHQWLGDGHVPHQFLRQDGDV
LOtFLWRQRH[HUFtFLRGHPDQGDWRFDUJRHPSUHJR QRDUWLJRDQWHULRU
RXIXQomRGDDGPLQLVWUDomRGLUHWDLQGLUHWDRX
IXQGDFLRQDOHGiRXWUDVSURYLGrQFLDV
IXQGDFLRQDO $UWž $V GLVSRVLo}HV GHVWD /HL VmR DSOLFiYHLV QRTXH
FRXEHU jTXHOH TXH PHVPR QmR VHQGR DJHQWH
S~EOLFRLQGX]DRXFRQFRUUDSDUDDSUiWLFDGRDWR
&DQVDGDDFRQVFLrQFLDQDFLRQDOGDFRUUXSomRLQVWDODGD GHLPSURELGDGHRXGHOHVHEHQHILFLHVRETXDOTXHU
QR3DtVR&RQJUHVVR1DFLRQDOHGLWRXXPDOHLSURFXUDQGR IRUPDGLUHWDRXLQGLUHWD
JDUDQWLURHUiULR FRIUHV S~EOLFRVFRQWUDRVODGUDYD]HV
TXHWUDYHVWLGRVGHDJHQWHVS~EOLFRVGLODSLGDPRSDWULP{ $UWž 2VDJHQWHVS~EOLFRVGHTXDOTXHUQtYHORXKLHUDU
QLR HFRQ{PLFRILQDQFHLUR H PRUDO GD $GPLQLVWUDomR TXLDVmRREULJDGRVDYHODUSHODHVWULWDREVHUYkQFLD
3~EOLFDYHQGHQGRDRXVXUUXSLDQGRDGDVPDLVYDULDGDV GRV SULQFtSLRV GH OHJDOLGDGH LPSHVVRDOLGDGH
HVRILVWLFDGDVIRUPDV PRUDOLGDGHHSXEOLFLGDGHQRWUDWRGRVDVVXQWRV
TXHOKHVmRDIHWRV
(VWDOHLDSHQDVSURFXUDSUHYHUVLWXDo}HVHFULDULQVWUX
PHQWRVSDUDTXHDStILDSXQLomRGDOHLSHQDOQmRDFDEH $UWž 2FRUUHQGR
2FRUUHQGROHVmR
OHVmRDR
DRSDWULP{QLR
SDWULP{QLRS~EOLFR
S~EOLFRSRUDomR
SUHPLDQGRWDLVODGUDYD]HVTXHDFDEDYDPVDLQGRPLOLDUGi RX
RXRPLVVmR
RPLVVmRGRORVD
GRORVDRX
RXFXOSRVD
FXOSRVDGR
GRDJHQWH
DJHQWHRX
RXGH
ULRVHFRPXPDFRQGHQDomR]LQKDVLPEyOLFD WHUFHLUR
WHUFHLUR GDUVHi R LQWHJUDO UHVVDUFLPHQWR GR
GDQR
GDQR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$UWž 1R
1R FDVR
FDVR GH
GH HQULTXHFLPHQWR
HQULTXHFLPHQWR LOtFLWR SHUGHUiR YLVDQGRQmRVyjULJRURVDSXQLomRGLVFLSOLQDUHDGPLQLV
DJHQWH
DJHQWH S~EOLFR
S~EOLFR RX
RX WHUFHLUR
WHUFHLUR EHQHILFLiULR
EHQHILFLiULR RV
RV EHQV
EHQV WUDWLYD GRV $JHQWHV 3~EOLFRV tPSURERV
tPSURERV ³ FRPR j VXD
RXYDORUHVDFUHVFLGRVDRVHXSDWULP{QLR UHVSRQVDELOL]DomR FULPLQDO H VREUHWXGR FLYLO
LYLO SDUD D
UHFRPSRVLomRGRSDWULP{QLRS~EOLFRFRQWUDDGDQRVLGDGH
$UWž 4XDQGR R DWR GH LPSURELGDGH FDXVDU OHVmRDR GHVVDVGHVRQHVWLGDGHV
SDWULP{QLR S~EOLFR RX HQVHMDU HQULTXHFLPHQWR
LOtFLWRFDEHUiDDXWRULGDGHDGPLQLVWUDWLYDUHVSRQ $WHQWHVHPDLVXPDYH]TXHVHUmRDOFDQoDGRVWRGRV
ViYHO SHOR LQTXpULWR UHSUHVHQWDU DR 0LQLVWpULR RV DJHQWHV TXH FRPHWHUHP LPSURELGDGH H[HUFtFLR GH
3~EOLFR SDUD D LQGLVSRQLELOLGDGH GRV EHQV GR PDQGDWR FDUJR HPSUHJR RX IXQomR QD DGPLQLVWUDomR
LQGLFLDGR S~EOLFDGLUHWDLQGLUHWDRXIXQGDFLRQDO³SRXFRLPSRUWD
GH)HGHUDO(VWDGXDO0XQLFLSDORX'LVWULWDO³RXPHVPR
†~QLFR $LQGLVSRQLELOLGDGHDTXHVHUHIHUHRFDSXWGHVWH D HPSUHVD LQFRUSRUDGD DR SDWULP{QLR S~EOLFR RX GH
DUWLJR UHFDLUi VREUH RV EHQV TXH DVVHJXUHP R HQWLGDGH SDUD FXMD FULDomR RX FXVWHLR R HUiULR KDMD
LQWHJUDOUHVVDUFLPHQWRGRGDQRRXVREUHRDFUpV FRQFRUULGRRXFRQFRUUDFRPPDLVGHFLQTHQWDSRUFHQWR
FLPR SDWULPRQLDO UHVXOWDQWH GR HQULTXHFLPHQWR GRSDWULP{QLRRXGDUHFHLWDDQXDO
LOtFLWR
$OLiVDFRQGXWDtPSUREDUHVWDUiFDUDFWHUL]DGDWDPEpP
$UWž 2VXFHVVRUGDTXHOHTXHFDXVDUOHVmRDRSDWULP{ QDLQYHVWLGDFRQWUDRSDWULP{QLRGHHQWLGDGHTXHUHFHED
QLR S~EOLFR RX VH HQULTXHFHU LOLFLWDPHQWH HVWi VXEYHQomREHQHItFLRRXLQFHQWLYRILVFDORXFUHGLWtFLRGH
VXMHLWR jV FRPLQDo}HV GHVWD /HL DWp R OLPLWH GR yUJmRS~EOLFREHPFRPRGDTXHODVSDUDFXMDFULDomRRX
YDORUGDKHUDQoD FXVWHLRRHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPHQRV
GHFLQTHQWDSRUFHQWRGRSDWULP{QLRRXGDUHFHLWDDQXDO
OLPLWDQGRVHQHVWHVFDVRVDVDQomRSDWULPRQLDOjUHSHU
FXVVmRGRLOtFLWRVREUHDFRQWULEXLomRGRVFRIUHVS~EOLFRV
,PSURELGDGH$GPLQLVWUDWLYD
¢0DVDILQDO R TXHFDUDFWHUL]DDLPSURELGDGH"$OHL
GLVWLQJXH WUrV   HVSpFLHV GH DWRV GH LPSURELGDGH
'HULYDGD GR ODWLP ³ LPSURELWDWH ³ D H[SUHVVmR
DGPLQLVWUDWLYD D  RV TXH SURGX]HP HQULTXHFLPHQWR
LPSURELGDGHUHYHODDGHVRQHVWLGDGHRPDXFDUiWHUVHQmR
LOtFLWR E RVTXHFDXVDPGDQRDRSDWULP{QLRS~EOLFRH
DWp D PDOGDGH H D SHUYHUVLGDGH ³ H TXDOLILFDGD SHOR
F RVTXHDWHQWDPFRQWUDRVSULQFtSLRVGDDGPLQLVWUDomR
DGMHWLYR´DGPLQLVWUDWLYDµUHSDVVDGDDLGpLDGDFRQGXWD
S~EOLFD
GHVRQHVWDGRDJHQWHS~EOLFRTXHDGPLQLVWUDRSDWULP{QLR
HRVLQWHUHVVHVS~EOLFRV
2VDWRVGHLPSURELGDGHDGPLQLVWUDWLYDTXHLQVWUXPHQ
WDPR´HQULTXHFLPHQWRLOtFLWRµVmRGHILQLGRVHGHVFULWRVQR
$DWLYLGDGHDGPLQLVWUDWLYDKiGHVHUHYHVWLUGHFUpGLWR
H HILFLrQFLD SUHQKH GH pWLFD H OHJDOLGDGH ³ D SDU GH DUWžGD/HLQžHQTXDQWRRVTXH´FDXVDPGDQR
GLUHFLRQDGRSDUDDHIHWLYDVDWLVIDomRGRLQWHUHVVHVRFLDO DRHUiULRµHVWmRSUHYLVWRVQRDUWGDUHIHULGDOH[TXH
VHPHQVDQFKDVjPHVTXLQKH]GHVHUYLOLGDGHDRVLQWHUHVVHV GHVFUHYH QR DUW DWRV GH LPSURELGDGH DGPLQLVWUDWLYD
SULYDGRV RX SDUWLFXODUHV  RSUREULRVR VHUi R DJHQWH TXH DWHQWDP FRQWUD RV  ´SULQFtSLRV GD DGPLQLVWUDomR
S~EOLFRTXHDSDUWDUVXDFRQGXWDGHVVHVSDUkPHWURV S~EOLFDµ&RQILUD

&RPR EHP REVHUYDP 0$5,12 )$==$*/,1, ),/+2 ( $/HLQžQmRKHVLWRXHPFRQFHLWXDUFDGDXPD


287526´UHFODPDVHGHWRGRHTXDOTXHUDJHQWHS~EOLFR GHVVDVFRQGXWDVGHLPSURELGDGHDGPLQLVWUDWLYD&RQILUD
GHTXDOTXHUQtYHOTXHSRVVXDXPFRQWLQJHQWHPtQLPRGH
SUHGLFDGRV OLJDGRV j PRUDOLGDGH S~EOLFD WDLV FRPR D &DStWXOR,,
KRQHVWLGDGHDOHDOGDGHHDLPSDUFLDOLGDGH6mRTXDOLGD 'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYD
GHV HVVHQFLDLV QDWXUDOPHQWH H[LJtYHLV HP TXDOTXHU
VHJPHQWR GD DWLYLGDGH SURILVVLRQDO H FRP PXLWR PDLV 6HomR,
UD]mR GDTXHOHV TXH LQWHJUDP RV TXDGURV S~EOLFRV H 'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYD
JHUHQFLDP EHQV GD FROHWLYLGDGH GRV TXDLV QmR SRGHP TXHLPSRUWDP(QULTXHFLPHQWR,OtFLWR
GLVSRU H SHORV TXDLV GHYHP ]HODU 6H p QDWXUDO TXH D
FRQGXWD GRV DJHQWHV S~EOLFRV HVWHMD SHUPDQHQWHPHQWH $UWž &RQVWLWXL DWR GH LPSURELGDGHDGPLQLVWUDWLYD
VREDILVFDOL]DomRSRSXODUHVWDSRUpPTXDVHVHPSUHp LPSRUWDQGR HQULTXHFLPHQWR LOtFLWR DXIHULU TXDO
LQVXILFLHQWHSDUDFRUULJLUDVGLVWRUo}HVSDWURFLQDGDVSRU TXHUWLSRGHYDQWDJHPSDWULPRQLDOLQGHYLGDHP
FRQGXWDVTXHVHPDFDUUHWDUTXDOTXHUGDQRDR7HVRXURH UD]mR GR H[HUFtFLR GH FDUJR PDQGDWR IXQomR
VHP HQVHMDU D FRQILJXUDomR GR HQULTXHFLPHQWR LOtFLWR HPSUHJRRXDWLYLGDGHQDVHQWLGDGHVPHQFLRQDGDV
IHUHPSURIXQGDPHQWHRVSULQFtSLRVpWLFRVHMXUtGLFRVTXH QRDUWžGHVWD/HLHQRWDGDPHQWH
SUHVLGHP D $GPLQLVWUDomR 3~EOLFDµ ³ LQ ´,PSURELGDGH
$GPLQLVWUDWLYR$VSHFWRV-XUtGLFRVGD'HIHVDGR3DWULP{QLR3~EOLFRµ , UHFHEHU SDUD VL RX SDUDRXWUHPGLQKHLUREHP
HG$7/$6S  PyYHO RX LPyYHO RX TXDOTXHU RXWUD YDQWDJHP
HFRQ{PLFDGLUHWDRXLQGLUHWDDWtWXORGHFRPLV
(LVDtRVIXQGDPHQWRVSDUDDHGLomRGD/HLQž VmR SHUFHQWDJHP JUDWLILFDomR RX SUHVHQWH GH
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

TXHP WHQKD LQWHUHVVH GLUHWR RX LQGLUHWR TXH ;, LQFRUSRUDUSRUTXDOTXHUIRUPDDRVHXSDWULP{


SRVVD VHU DWLQJLGR RX DPSDUDGR SRU DomR RX QLREHQVUHQGDVYHUEDVRXYDORUHVLQWHJUDQWHVGR
RPLVVmR GHFRUUHQWH GDV DWULEXLo}HV GR DJHQWH DFHUYRSDWULPRQLDOGDVHQWLGDGHVPHQFLRQDGDVQR
S~EOLFR DUWžGHVWD/HL

,, SHUFHEHUYDQWDJHPHFRQ{PLFDGLUHWDRXLQGLUHWD ;,, XVDUHPSURYHLWRSUySULREHQVUHQGDVYHUEDVRX


SDUD IDFLOLWDU DTXLVLomR SHUPXWD RX ORFDomR GH YDORUHV LQWHJUDQWHV GR DFHUYR SDWULPRQLDO GDV
EHPPyYHORXLPyYHORXDFRQWUDWDomRGHVHUYL HQWLGDGHVPHQFLRQDGDVQRDUWžGHVWD/HL
oRVSHODVHQWLGDGHVUHIHULGDVQRDUWžSRUSUHoR
VXSHULRUDRYDORUGHPHUFDGR
6HomR,,
,,, SHUFHEHUYDQWDJHPHFRQ{PLFDGLUHWDRXLQGLUHWD  'RV$WRVGH,PSURELGDGH$GPLQLVWUDWLYD
SDUDIDFLOLWDUDDOLHQDomRSHUPXWDRXORFDomRGH TXHFDXVDP3UHMXt]RDR(UiULR
EHP S~EOLFR RX R IRUQHFLPHQWR GH VHUYLoR SRU
HQWHHVWDWDOSRUSUHoRLQIHULRUDRYDORUGHPHUFD $UW &RQVWLWXL
&RQVWLWXLDWR
DWRGH
GHLPSURELGDGH
LPSURELGDGHDGPLQLVWUDWLYDTXH
GR FDXVD
FDXVDOHVmR
OHVmRDR
DRHUiULR
HUiULRTXDOTXHU
TXDOTXHUDomR
DomRRX
RXRPLVVmR
GRORVD
GRORVDRX
RXFXOSRVD
FXOSRVDTXH
TXHHQVHMH
HQVHMHSHUGD
SHUGDSDWULPRQLDO
,9 XWLOL]DUHPREUDRXVHUYLoRSDUWLFXODUYHtFXORV GHVYLR
GHVYLRDSURSULDomR
DSURSULDomRPDOEDUDWDPHQWR
PDOEDUDWDPHQWRRX
RXGLODSL
PiTXLQDVHTXLSDPHQWRVRXPDWHULDOGHTXDOTXHU GDomR
GDomRGRV
GRVEHQV
EHQVRX
RXKDYHUHV
KDYHUHVGDV
GDVHQWLGDGHV
HQWLGDGHVUHIHUL
QDWXUH]D GH SURSULHGDGH RX j GLVSRVLomR GH GDVQRDUWžGHVWD/HLHQRWDGDPHQWH
GDVQRDUWžGHVWD/HLHQRWDGDPHQWH
TXDOTXHU GDV HQWLGDGHV PHQFLRQDGDV QR DUWž
GHVWD /HL EHP FRPR R WUDEDOKR GH VHUYLGRUHV , IDFLOLWDURXFRQFRUUHUSRUTXDOTXHUIRUPDSDUDD
S~EOLFRV HPSUHJDGRV RX WHUFHLURV FRQWUDWDGRV LQFRUSRUDomRDRSDWULP{QLRSDUWLFXODUGHSHVVRD
SRUHVVDVHQWLGDGHV ItVLFD RX MXUtGLFD GH EHQV UHQGDV YHUEDV RX
YDORUHV LQWHJUDQWHV GR DFHUYR SDWULPRQLDO GDV
9 UHFHEHUYDQWDJHPHFRQ{PLFDGHTXDOTXHUQDWXUH HQWLGDGHVPHQFLRQDGDVQRDUWžGHVWD/HL
]DGLUHWDRXLQGLUHWDSDUDWROHUDUDH[SORUDomR
RX D SUiWLFD GH MRJRV GH D]DU GH OHQRFtQLR GH ,, SHUPLWLURXFRQFRUUHUSDUDTXHSHVVRDItVLFDRX
QDUFRWUiILFR GH FRQWUDEDQGR GH XVXUD RX GH MXUtGLFD SULYDGD XWLOL]H EHQV UHQGDV YHUEDV RX
TXDOTXHU RXWUD DWLYLGDGH LOtFLWD RX DFHLWDU SUR YDORUHV LQWHJUDQWHV GR DFHUYR SDWULPRQLDO GDV
PHVVDGHWDOYDQWDJHP HQWLGDGHVPHQFLRQDGDVQRDUWžGHVWD/HLVHPD
REVHUYkQFLD GDV IRUPDOLGDGHV OHJDLV RX UHJXOD
9, UHFHEHUYDQWDJHPHFRQ{PLFDGHTXDOTXHUQDWXUH PHQWDUHVDSOLFiYHLVjHVSpFLH
]DGLUHWDRXLQGLUHWDSDUDID]HUGHFODUDomRIDOVD
VREUHPHGLomRRXDYDOLDomRHPREUDVS~EOLFDVRX ,,, GRDUjSHVVRDItVLFDRXMXUtGLFDEHPFRPRDRHQWH
TXDOTXHU RXWUR VHUYLoR RX VREUH TXDQWLGDGH GHVSHUVRQDOL]DGRDLQGDTXHGHILQVHGXFDWLYRVRX
SHVR PHGLGD TXDOLGDGH RX FDUDFWHUtVWLFD GH DVVLVWHQFLDLVEHQVUHQGDVYHUEDVRXYDORUHVGR
PHUFDGRULDV RX EHQV IRUQHFLGRV D TXDOTXHU GDV SDWULP{QLR GH TXDOTXHU GDV HQWLGDGHV PHQFLR
HQWLGDGHVPHQFLRQDGDVQRDUWžGHVWD/HL QDGDV QR DUWž GHVWD /HL VHP REVHUYkQFLD GDV
IRUPDOLGDGHVOHJDLVHUHJXODPHQWDUHVDSOLFiYHLVj
9,, DGTXLULUSDUDVLRXSDUDRXWUHPQRH[HUFtFLRGH HVSpFLH
PDQGDWRFDUJRHPSUHJRRXIXQomRS~EOLFDEHQV
GHTXDOTXHUQDWXUH]DFXMRYDORUVHMDGHVSURSRUFL ,9 SHUPLWLU RX IDFLOLWDU D DOLHQDomR SHUPXWDRX
RQDO j HYROXomR GR SDWULP{QLR RX j UHQGD GR ORFDomR GH EHP LQWHJUDQWH GR SDWULP{QLR GH
DJHQWHS~EOLFR TXDOTXHUGDVHQWLGDGHVUHIHULGDVQRDUWžGHVWD
/HLRXDLQGDDSUHVWDomRGHVHUYLoRSRUSDUWHGH
9,,, DFHLWDUHPSUHJRFRPLVVmRRXH[HUFHUDWLYLGDGH ODVSRUSUHoRLQIHULRUDRGHPHUFDGR
GH FRQVXOWRULD RX DVVHVVRUDPHQWR SDUD SHVVRD
ItVLFDRXMXUtGLFDTXHWHQKDLQWHUHVVHVXVFHWtYHOGH 9 SHUPLWLU RX IDFLOLWDU D DTXLVLomRSHUPXWDRX
VHU DWLQJLGR RX DPSDUDGR SRU DomR RX RPLVVmR ORFDomRGHEHPRXVHUYLoRSRUSUHoRVXSHULRUDR
GHFRUUHQWH GDV DWULEXLo}HV GR DJHQWH S~EOLFR GHPHUFDGR
GXUDQWHDDWLYLGDGH
9, UHDOL]DURSHUDomRILQDQFHLUDVHPREVHUYkQFLDGDV
,; SHUFHEHUYDQWDJHPHFRQ{PLFDSDUDLQWHUPHGLDU QRUPDVOHJDLVHUHJXODPHQWDUHVRXDFHLWDUJDUDQ
DOLEHUDomRRXDSOLFDomRGHYHUEDS~EOLFDGHTXDO WLDLQVXILFLHQWHRXLQLG{QHD
TXHUQDWXUH]D
9,, FRQFHGHUEHQHItFLRDGPLQLVWUDWLYRRXILVFDOVHPD
; UHFHEHUYDQWDJHPHFRQ{PLFDGHTXDOTXHUQDWXUH REVHUYkQFLD GDV IRUPDOLGDGHV OHJDLV RX UHJXOD
]DGLUHWDRXLQGLUHWDSDUDRPLWLUDWRGHRItFLR PHQWDUHVDSOLFiYHLVjHVSpFLH
SURYLGrQFLDRXGHFODUDomRDTXHHVWHMDREULJDGR
 'LU$GPLQLVWUDWLYR
 QVWLWXWR , 1DFLRQDOGR6HJXUR6RFLDO
9,,, IUXVWUDU D OLFLWXGH GH SURFHVVR OLFLWDWyULR RXGH ;; DJLUQHJOLJHQWHPHQWHQDFHOHEUDomRILVFDOL]DomR
SURFHVVR VHOHWLYR SDUD FHOHEUDomR GH SDUFHULDV H DQiOLVH GDV SUHVWDo}HV GH FRQWDV GH SDUFHULDV
FRPHQWLGDGHVVHPILQVOXFUDWLYRVRXGLVSHQViORV ILUPDGDVSHODDGPLQLVWUDomRS~EOLFDFRPHQWLGD
LQGHYLGDPHQWH UHGDomR GDGD SHOD /HL Qž  HP YLJRU GHVSULYDGDV LQFOXtGRSHOD/HLQž
FRQWDGRVGLDVDSyVDGDWDGHVXDSXEOLFDomR 

;;, OLEHUDUUHFXUVRVGHSDUFHULDVILUPDGDVSHODDGPL
,; RUGHQDURXSHUPLWLUDUHDOL]DomRGHGHVSHVDVQmR
QLVWUDomRS~EOLFDFRPHQWLGDGHVSULYDGDVVHPD
DXWRUL]DGDVHPOHLRXUHJXODPHQWR
HVWULWD REVHUYkQFLD GDV QRUPDV SHUWLQHQWHV RX
; DJLUQHJOLJHQWHPHQWHQDDUUHFDGDomRGHWULEXWR LQIOXLU GH TXDOTXHU IRUPD SDUD D VXD DSOLFDomR
RXUHQGDEHPFRPRQRTXHGL]UHVSHLWRjFRQVHU LUUHJXODU LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRVGLDV
DSyVDGDWDGHVXDSXEOLFDomR 
YDomRGRSDWULP{QLRS~EOLFR
6HomR,,,
;, OLEHUDUYHUEDS~EOLFDVHPDHVWULWDREVHUYkQFLDGDV 'RVDWRVGH,PSURELGDGH$GPLQLVWUDWLYD
QRUPDVSHUWLQHQWHVRXLQIOXLUGHTXDOTXHUIRUPD TXHDWHQWDPFRQWUDRV
SDUDDVXDDSOLFDomRLUUHJXODU 3ULQFtSLRVGD$GPLQLVWUDomR3~EOLFD
;,, SHUPLWLUIDFLOLWDURXFRQFRUUHUSDUDTXHWHUFHLUR $UW &RQVWLWXL
&RQVWLWXLDWR
DWRGH
GHLPSURELGDGH
LPSURELGDGHDGPLQLVWUDWLYDTXH
VHHQULTXHoDLOLFLWDPHQWH DWHQWD FRQWUD RV SULQFtSLRV GD DGPLQLVWUDomR
S~EOLFD
S~EOLFD TXDOTXHU
TXDOTXHU DomRRXRPLVVmRTXHYLROHRV
DomRRXRPLVVmRTXHYLROHRV
;,,, SHUPLWLUTXHVHXWLOL]HHPREUDRXVHUYLoRSDUWL GHYHUHV
GHYHUHV GH
GH KRQHVWLGDGHLPSDUFLDOLGDGHOHJDOL
KRQHVWLGDGHLPSDUFLDOLGDGHOHJDOL
FXODU YHtFXORV PiTXLQDV HTXLSDPHQWRV RX GDGH OHDOGDGHjV
GDGHHOHDOGDGH jVLQVWLWXLo}HV
LQVWLWXLo}HVHQRWDGDPHQWH
QRWDGDPHQWH
PDWHULDOGHTXDOTXHUQDWXUH]DGHSURSULHGDGHRX
jGLVSRVLomRGHTXDOTXHUGDVHQWLGDGHVPHQFLRQD
, SUDWLFDUDWRYLVDQGRILPSURLELGRHPOHLRXUHJX
GDVQRDUWžGHVWD/HLEHPFRPRRWUDEDOKRGH
ODPHQWRRXGLYHUVRGDTXHOHSUHYLVWRQDUHJUDGH
VHUYLGRUS~EOLFRHPSUHJDGRVRXWHUFHLURVFRQWUD
FRPSHWrQFLD
WDGRVSRUHVVDVHQWLGDGHV
,, UHWDUGDURXGHL[DUGHSUDWLFDULQGHYLGDPHQWHDWR
;,9 FHOHEUDUFRQWUDWRRXRXWURLQVWUXPHQWRTXHWHQKD
SRU REMHWR D SUHVWDomR GH VHUYLoRV S~EOLFRV SRU GHRItFLR
PHLRGDJHVWmRDVVRFLDGDVHPREVHUYDUDVIRUPDOL
GDGHVSUHYLVWDVQDOHL ,QFOXtGRSHOD/HLQžGH ,,, UHYHODUIDWRRXFLUFXQVWkQFLDGHTXHWHPFLrQFLD
HPUD]mRGDVDWULEXLo}HVHTXHGHYDSHUPDQHFHU
;9 FHOHEUDUFRQWUDWRGHUDWHLRGHFRQVyUFLRS~EOLFR HPVHJUHGR
VHPVXILFLHQWHHSUpYLDGRWDomRRUoDPHQWiULDRX
VHP REVHUYDU DV IRUPDOLGDGHV SUHYLVWDV QD OHL ,9 QHJDUSXEOLFLGDGHDRVDWRVRILFLDLV
,QFOXtGRSHOD/HLQžGH

9 IUXVWUDUDOLFLWXGHGHFRQFXUVRS~EOLFR
;9, IDFLOLWDURXFRQFRUUHUSRUTXDOTXHUIRUPDSDUDD
LQFRUSRUDomRDRSDWULP{QLRSDUWLFXODUGHSHVVRD
ItVLFD RX MXUtGLFD GH EHQV UHQGDV YHUEDV RX 9, GHL[DUGHSUHVWDUFRQWDVTXDQGRHVWHMDREULJDGR
YDORUHVS~EOLFRVWUDQVIHULGRVSHODDGPLQLVWUDomR DID]rOR
S~EOLFDDHQWLGDGHVSULYDGDVPHGLDQWHFHOHEUDomR
GHSDUFHULDVVHPDREVHUYkQFLDGDVIRUPDOLGDGHV 9,, UHYHODURXSHUPLWLUTXHFKHJXHDRFRQKHFLPHQWR
OHJDLV RX UHJXODPHQWDUHV DSOLFiYHLV j HVSpFLH GHWHUFHLURDQWHVGDUHVSHFWLYDGLYXOJDomRRILFLDO
LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRVGLDVDSyVDGDWDGHVXD WHRUGHPHGLGDSROtWLFDRXHFRQ{PLFDFDSD]GH
SXEOLFDomR 
DIHWDURSUHoRGHPHUFDGRULDEHPRXVHUYLoR
;9,, SHUPLWLURXFRQFRUUHUSDUDTXHSHVVRDItVLFDRX
9,,, GHVFXPSULU DV QRUPDV UHODWLYDV jFHOHEUDomR
MXUtGLFD SULYDGD XWLOL]H EHQV UHQGDV YHUEDV RX
ILVFDOL]DomR H DSURYDomR GH FRQWDV GH SDUFHULDV
YDORUHVS~EOLFRVWUDQVIHULGRVSHODDGPLQLVWUDomR
S~EOLFDDHQWLGDGHSULYDGDPHGLDQWHFHOHEUDomR ILUPDGDVSHODDGPLQLVWUDomRS~EOLFDFRPHQWLGD
GHSDUFHULDVVHPDREVHUYkQFLDGDVIRUPDOLGDGHV GHVSULYDGDV LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRV
GLDVDSyVDGDWDGHVXDSXEOLFDomR 
OHJDLV RX UHJXODPHQWDUHV DSOLFiYHLV j HVSpFLH
LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRVGLDVDSyVDGDWDGHVXD
SXEOLFDomR  ,; GHL[DU GH FXPSULU D H[LJrQFLD GH UHTXLVLWRVGH
DFHVVLELOLGDGHSUHYLVWRVQDOHJLVODomR UHGDomRGDGDSHOD
;9,,, FHOHEUDUSDUFHULDVGDDGPLQLVWUDomRS~EOLFDFRP /HLQžHPYLJRUGLDVDSyVVXDSXEOLFDomR 

HQWLGDGHVSULYDGDVVHPDREVHUYkQFLDGDVIRUPDOL
GDGHV OHJDLV RX UHJXODPHQWDUHV DSOLFiYHLV j &DStWXOR,,,
'DV3HQDV
HVSpFLH LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRVGLDVDSyV
DGDWDGHVXDSXEOLFDomR 
$UW ,QGHSHQGHQWHPHQWH GDV VDQo}HV SHQDLV FLYLVH
;,; IUXVWUDUDOLFLWXGHGHSURFHVVRVHOHWLYRSDUDFHOH DGPLQLVWUDWLYDV
DGPLQLVWUDWLYDVSUHYLVWDVQDOHJLVODomRHVSHFtILFDHVWi
SUHYLVWDVQDOHJLVODomRHVSHFtILFDHVWi
EUDomRGHSDUFHULDVGDDGPLQLVWUDomRS~EOLFDFRP R UHVSRQViYHO
UHVSRQViYHO SHOR
SHOR DWR
DWR GH
GH LPSURELGDGH
LPSURELGDGH VXMHLWR jV
HQWLGDGHVSULYDGDVRXGLVSHQViORLQGHYLGDPHQWH VHJXLQWHV
VHJXLQWHV FRPLQDo}HV
FRPLQDo}HV TXH TXH SRGHP
SRGHP VHU VHU DSOLFDGDV
LQFOXtGRSHOD/HLQžHPYLJRUFRQWDGRVGLDVDSyVDGDWDGHVXD LVRODGDRXFXPXODWLYDPHQWH
LVRODGDRXFXPXODWLYDPHQWHGH GHDFRUGRFRPDJUDYL
SXEOLFDomR 
GDGHGRIDWR 5HGDomRGDGDSHOD/HLQžGH 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
, QDKLSyWHVHGRDUWžSHUGDGRVEHQVRXYDORUHVDFUHV &DStWXOR9
FLGRVLOLFLWDPHQWHDRSDWULP{QLRUHVVDUFLPHQWRLQWHJUDO 3URFHGLPHQWR$GPLQLVWUDWLYRHGR3URFHVVR-XGLFLDO
GR GDQR TXDQGR KRXYHU SHUGD GD IXQomR S~EOLFD
VXVSHQVmR GRV GLUHLWRV SROtWLFRV GH RLWR D GH] DQRV $UW 4XDOTXHU
4XDOTXHU SHVVRD SRGHUi UHSUHVHQWDU
UHSUHVHQWDU jDXWRULGDGH
SDJDPHQWRGHPXOWDFLYLOGHDWpWUrVYH]HVRYDORUGR DGPLQLVWUDWLYD FRPSHWHQWH SDUD TXH VHMD LQVWDXUDGD
DFUpVFLPRSDWULPRQLDOHSURLELomRGHFRQWUDWDUFRPR LQYHVWLJDomR GHVWLQDGD D DSXUDU D SUiWLFD GH DWR GH
3RGHU RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV ILVFDLV RX LPSURELGDGH
FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD TXH SRU
LQWHUPpGLRGHSHVVRDMXUtGLFDGDTXDOVHMDVyFLRPDMRUL †ž $UHSUHVHQWDomRTXHVHUiHVFULWDRXUHGX]LGDDWHUPR
WiULRSHORSUD]RGHGH]DQRV HDVVLQDGDFRQWHUiDTXDOLILFDomRGRUHSUHVHQWDQWHDV
LQIRUPDo}HVVREUHRIDWRHVXDDXWRULDHDLQGLFDomRGDV
,, QDKLSyWHVHGRDUWUHVVDUFLPHQWRLQWHJUDOGRGDQR SURYDVGHTXHWHQKDFRQKHFLPHQWR
SHUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDR
SDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLDSHUGDGD †ž $DXWRULGDGHDGPLQLVWUDWLYDUHMHLWDUiDUHSUHVHQWDomR
IXQomR S~EOLFD VXVSHQVmR GRV GLUHLWRV SROtWLFRV GH HP GHVSDFKR IXQGDPHQWDGR VH HVWD QmR FRQWLYHU DV
FLQFRDRLWRDQRVSDJDPHQWRGHPXOWDFLYLOGHDWpGXDV IRUPDOLGDGHV HVWDEHOHFLGDV QR † ž GHVWH DUWLJR $
YH]HV R YDORU GR GDQR H SURLELomR GH FRQWUDWDU FRP UHMHLomR QmR LPSHGH D UHSUHVHQWDomR DR 0LQLVWpULR
3RGHU 3~EOLFR RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV 3~EOLFRQRVWHUPRVGRDUWGHVWD/HL
ILVFDLV RX FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD
TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD GD TXDO VHMD †ž  $WHQGLGRVRVUHTXLVLWRVGDUHSUHVHQWDomRDDXWRULGDGH
VyFLRPDMRULWiULRSHORSUD]RGHFLQFRDQRV GHWHUPLQDUiDLPHGLDWDDSXUDomRGRVIDWRVTXHHPVH
WUDWDQGR GH VHUYLGRUHV IHGHUDLV VHUi SURFHVVDGD QD
,,, QDKLSyWHVHGRDUWUHVVDUFLPHQWRLQWHJUDOGRGDQR IRUPDSUHYLVWDQRVDUWVDGD/HLQžGH
VH KRXYHU SHUGD GD IXQomR S~EOLFD VXVSHQVmR GRV GHGH]HPEURGHHHPVHWUDWDQGRGHVHUYLGRU
GLUHLWRVSROtWLFRVGHWUrVDFLQFRDQRVSDJDPHQWRGH PLOLWDU GH DFRUGR FRP R UHVSHFWLYRV UHJXODPHQWRV
PXOWDFLYLOGHDWpFHPYH]HVRYDORUGDUHPXQHUDomR GLVFLSOLQDUHV
SHUFHELGDSHORDJHQWHHSURLELomRGHFRQWUDWDUFRPR
3RGHU 3~EOLFR RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV $UW $FRPLVVmRSURFHVVDQWHGDUiFRQKHFLPHQWRDR0LQLVWp
ILVFDLV RX FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD ULR 3~EOLFR H DR 7ULEXQDO RX &RQVHOKR GH &RQWDV GD
TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD GD TXDO VHMD H[LVWrQFLDGHSURFHGLPHQWRDGPLQLVWUDWLYRSDUDDSXUDU
VyFLRPDMRULWiULRSHORSUD]RGHWUrVDQRV DSUiWLFDGHDWRGHLPSURELGDGH

†~QLFR 1DIL[DomRGDVSHQDVSUHYLVWDVQHVWD/HLRMXL]OHYDUi †~QLFR 2 0LQLVWpULR 3~EOLFR RX 7ULEXQDORX&RQVHOKRGH


HPFRQWDDH[WHQVmRGRGDQRFDXVDGRDVVLPFRPRR &RQWDVSRGHUiDUHTXHULPHQWRGHVLJQDUUHSUHVHQWDQWH
SURYHLWRSDWULPRQLDOREWLGRSHORDJHQWH SDUDDFRPSDQKDURSURFHGLPHQWRDGPLQLVWUDWLYR

&DStWXOR,9 $UW +DYHQGR IXQGDGRV LQGtFLRV GH UHVSRQVDELOLGDGHD


'D'HFODUDomRGH%HQV FRPLVVmR UHSUHVHQWDUi DR 0LQLVWpULR 3~EOLFR RX j
SURFXUDGRULD GR yUJmR SDUD TXH UHTXHLUD DR MXt]R
$UW $SRVVH
SRVVHHRH[HUFtFLR
H[HUFtFLRGH
GHDJHQWH
DJHQWHS~EOLFR
S~EOLFRILFDPFRQGLFL FRPSHWHQWH D GHFUHWDomR
GHFUHWDomR GR
GR VHTHVWUR GRV EHQV GR
RQDGRV
RQDGRV j DSUHVHQWDomR
DSUHVHQWDomR GH
GH GHFODUDomR
GHFODUDomR GRV EHQV H DJHQWH
DJHQWHRX
RXWHUFHLURTXHWHQKDHQULTXHFLGRLOLFLWDPHQWH
WHUFHLUR
YDORUHV
YDORUHVTXH
TXHFRPS}HP
FRPS}HPRVHX
VHXSDWULP{QLR
SDWULP{QLRSULYDGR
SULYDGRDILP RXFDXVDGRGDQRDRSDWULP{QLRS~EOLFR
GHVHUDUTXLYDGDQR6HUYLoRGH3HVVRDOFRPSHWHQWH
GHVHUDUTXLYDGDQR6HUYLoRGH3HVVRDOFRPSHWHQWH
†ž 2SHGLGRGHVHTHVWURVHUiSURFHVVDGRGHDFRUGRFRP
†ž $GHFODUDomRFRPSUHHQGHUiLPyYHLVPyYHLVVHPRYHQ RGLVSRVWRQRVDUWVHGR&yGLJRGH3URFHVVR
WHVGLQKHLURWtWXORVDo}HVHTXDOTXHURXWUDHVSpFLHGH &LYLO
EHQVHYDORUHVSDWULPRQLDLVORFDOL]DGRVQR3DtVRXQR
H[WHULRU H TXDQGR IRU R FDVR DEUDQJHUi RV EHQV H †ž 4XDQGRIRURFDVRRSHGLGRLQFOXLUiDLQYHVWLJDomRR
YDORUHVSDWULPRQLDLVGRF{QMXJHRXFRPSDQKHLURGRV H[DPHHREORTXHLRGHEHQVFRQWDVEDQFiULDVHDSOLFD
ILOKRVHGHRXWUDVSHVVRDVTXHYLYDPVREDGHSHQGrQFLD o}HVILQDQFHLUDVPDQWLGDVSHORLQGLFLDGRQRH[WHULRU
HFRQ{PLFDGRGHFODUDQWHH[FOXtGRVDSHQDVRVREMHWRV QRVWHUPRVGDOHLHGRVWUDWDGRVLQWHUQDFLRQDLV
HXWHQVtOLRVGHXVRGRPpVWLFR
$UW $DomRSULQFLSDOTXHWHUiRULWRRUGLQiULRVHUiSURSRV
†ž $GHFODUDomRGHEHQVVHUiDQXDOPHQWHDWXDOL]DGD
DQXDOPHQWHDWXDOL]DGDHQD
DQXDOPHQWHDWXDOL]DGD WD  SHOR 0LQLVWpULR 3~EOLFR RX SHOD SHVVRD MXUtGLFD
GDWD HP TXH R DJHQWH S~EOLFR GHL[DU R H[HUFtFLR GR LQWHUHVVDGD GHQWUR GH WULQWD GLDV GD HIHWLYDomR GD
PDQGDWRFDUJRHPSUHJRRXIXQomR PHGLGDFDXWHODU

†ž 6HUi SXQLGR FRP D SHQD GH GHPLVVmRDEHPGR †ž  eYHGDGDDWUDQVDomRDFRUGRRXFRQFLOLDomRQDVDo}HV


VHUYLoR
VHUYLoR S~EOLFR
S~EOLFR VHP
VHP SUHMXt]R
SUHMXt]R GH
GH RXWUDV
RXWUDV VDQo}HV GHTXHWUDWDRFDSXW
FDEtYHLV
FDEtYHLV R DJHQWH S~EOLFR TXH VH UHFXVDU D SUHVWDU
GHFODUDomRGRVEHQVGHQWURGRSUD]RGHWHUPLQDGR
GHFODUDomRGRVEHQVGHQWURGRSUD]RGHWHUPLQDGR †ž  $)D]HQGD3~EOLFDTXDQGRIRURFDVRSURPRYHUiDV
RXTXHDSUHVWDUIDOVD
RXTXHDSUHVWDUIDOVD Do}HVQHFHVViULDVjFRPSOHPHQWDomRGRUHVVDUFLPHQWR
GRSDWULP{QLRS~EOLFR
†ž 2GHFODUDQWHDVHXFULWpULRSRGHUiHQWUHJDUFySLDGD
GHFODUDomRDQXDOGHEHQVDSUHVHQWDGDj'HOHJDFLDGD †ž  1R FDVR GH D DomR SULQFLSDO WHU VLGRSURSRVWDSHOR
5HFHLWD )HGHUDO QD FRQIRUPLGDGH GD OHJLVODomR GR 0LQLVWpULR3~EOLFRDSOLFDVHQRTXHFRXEHURGLVSRVWR
,PSRVWR VREUH D 5HQGD H SURYHQWRV GH TXDOTXHU QD QR†žGR$UWLJRžGD/HLQžGHGHMXQKRGH
WXUH]DFRPDVQHFHVViULDVDWXDOL]Do}HVSDUDVXSULUD 
H[LJrQFLDFRQWLGDQRFDSXWHQR†žGHVWHDUWLJR
2EV†žFRPUHGDomRGDGDSHOD/HLQž
2EV
 'LU$GPLQLVWUDWLYR ,
 QVWLWXWR 1DFLRQDOGR6HJXUR6RFLDO
†ž  20LQLVWpULR3~EOLFRVHQmRLQWHUYLHUQRSURFHVVRFRPR $UW $SHUGD
SHUGDGD
GDIXQomR
IXQomRS~EOLFD
S~EOLFDHDVXVSHQVmR
VXVSHQVmRGRVGLUHLWRV
SDUWHDWXDUiREULJDWRULDPHQWHFRPRILVFDOGDOHLVRE SROtWLFRV
SROtWLFRVVy
VyVH
VHHIHWLYDP
HIHWLYDPFRP HPMXOJDGR
WUkQVLWRHP
FRPRWUkQVLWR MXOJDGRGD
SHQDGHQXOLGDGH VHQWHQoDFRQGHQDWyULD
VHQWHQoDFRQGHQDWyULD

†ž  $SURSRVLWXUDGDDomRSUHYHQLUiDMXULVGLomRGRMXt]R †~QLFR $ DXWRULGDGH MXGLFLDO RXDGPLQLVWUDWLYDFRPSHWHQWH


SDUD WRGDV DV Do}HV SRVWHULRUPHQWH LQWHQWDGDV TXH SRGHUiGHWHUPLQDURDIDVWDPHQWRGRDJHQWHS~EOLFRGR
SRVVXDPDPHVPDFDXVDGHSHGLURXRPHVPRREMHWR H[HUFtFLRGRFDUJRHPSUHJRRXIXQomRVHPSUHMXt]RGD
UHPXQHUDomRTXDQGRDPHGLGDVHIL]HUQHFHVViULDj
2EV†žDFUHVFLGRSHOD0HGLGD3URYLVyULDQž
2EV LQVWUXomRSURFHVVXDO

†ž  $DomRVHUiLQVWUXtGDFRPGRFXPHQWRVRXMXVWLILFDomR $UW $DSOLFDomR


$DSOLFDomRGDV
GDVVDQo}HVSUHYLVWDVQHVWD/HLLQGHSHQ
TXHFRQWHQKDPLQGtFLRVVXILFLHQWHVGDH[LVWrQFLDGRDWR GH
GH
GH LPSURELGDGH RX FRP UD]}HV IXQGDPHQWDGDV GD
LPSRVVLELOLGDGH GH DSUHVHQWDomR GH TXDOTXHU GHVVDV , GDHIHWLYDRFRUUrQFLDGHGDQRDRSDWULP{QLRS~EOLFR
SURYDV REVHUYDGD D OHJLVODomR YLJHQWH LQFOXVLYH DV VDOYRTXDQWRjSHQDGHUHVVDUFLPHQWR2EV5HGDomRGDGDSHOD
/HLQžGH
GLVSRVLo}HV LQVFULWDV QRV DUWV  D  GR &yGLJR GH
3URFHVVR&LYLO ,, GD DSURYDomR RX UHMHLomR GDV FRQWDV SHORyUJmRGH
FRQWUROH LQWHUQR RX SHOR 7ULEXQDO RX &RQVHOKR GH
2EV (VWH†žIRLDFUHVFHQWDGRSHOD0HGLGD3URYLVyULDQžGH &RQWDV
TXHWDPEpPDFUHVFHQWRXRV††žžžH
$UW 3DUD DSXUDU TXDOTXHU LOtFLWR SUHYLVWR QHVWD /HLR
†ž  (VWDQGR D LQLFLDO HP GHYLGD IRUPD RMXL]PDQGDUi 0LQLVWpULR3~EOLFRGHRItFLRDUHTXHULPHQWRGHDXWRUL
DXWXiODHRUGHQDUiDQRWLILFDomRGRUHTXHULGRSDUD GDGHDGPLQLVWUDWLYDRXPHGLDQWHUHSUHVHQWDomRIRUPX
RIHUHFHU PDQLIHVWDomR SRU HVFULWR TXH SRGHUi VHU ODGD GH DFRUGR FRP R GLVSRVWR QR DUW SRGHUi
LQVWUXtGD FRP GRFXPHQWRV H MXVWLILFDo}HV GHQWUR GR UHTXLVLWDUDLQVWDXUDomRGHLQTXpULWRSROLFLDORXSURFH
SUD]RGHTXLQ]HGLDV GLPHQWRDGPLQLVWUDWLYR

†ž  5HFHELGD D PDQLIHVWDomR R MXL] QR SUD]RGHWULQWD &DStWXOR9,,


GLDV HP GHFLVmR IXQGDPHQWDGD UHMHLWDUi D DomR VH  'D3UHVFULomR
FRQYHQFLGRGDLQH[LVWrQFLDGRDWRGHLPSURELGDGHGD
LPSURFHGrQFLDGDDomRRXGDLQDGHTXDomRGDYLDHOHLWD $UW $VDo}HVGHVWLQDGDVDOHYDUDHIHLWRDVVDQo}HVSUHYLVWDV
QHVWD/HLSRGHPVHUSURSRVWDV
†ž  5HFHELGD D SHWLomR LQLFLDO VHUi R UpXFLWDGRSDUD
, DWpFLQFRDQRVDSyVRWpUPLQRGRH[HUFtFLRGHPDQGDWR
DSUHVHQWDUFRQWHVWDomR GHFDUJRHPFRPLVVmRRXGHIXQomRGHFRQILDQoD
†  'DGHFLVmRTXHUHFHEHUDSHWLomRLQLFLDOFDEHUiDJUDYR ,, GHQWURGRSUD]RSUHVFULFLRQDOSUHYLVWRHPOHLHVSHFtILFD
GHLQVWUXPHQWR SDUDIDOWDVGLVFLSOLQDUHVSXQtYHLVFRPGHPLVVmRDEHP
GR VHUYLoR S~EOLFR QRV FDVRV GH H[HUFtFLR GH FDUJR
†  (PTXDOTXHUIDVHGRSURFHVVRUHFRQKHFLGDDLQDGHTXD HIHWLYRRXHPSUHJR
omRGDDomRGHLPSURELGDGHRMXL]H[WLQJXLUiRSURFHV
VRVHPMXOJDPHQWRGRPpULWR ,,, DWpFLQFRDQRVGDGDWDGDDSUHVHQWDomRjDGPLQLVWUDomR
S~EOLFD GD SUHVWDomR GH FRQWDV ILQDO SHODV HQWLGDGHV
†  $SOLFDVH DRV GHSRLPHQWRV RXLQTXLULo}HVUHDOL]DGDV UHIHULGDVQRSDUiJUDIR~QLFRGRDUWRGHVWD/HL LQFOXtGR
SHOD/HLQžDOWHUDGDSHOD/HLQž
QRVSURFHVVRVUHJLGRVSRUHVWD/HLRGLVSRVWRQRDUW
FDSXWH†žGR&yGLJRGH3URFHVVR3HQDO &DStWXOR9,,
 'DV'LVSRVLo}HV)LQDLV
$UW $VHQWHQoDTXHMXOJDUSURFHGHQWHDomRFLYLOGHUHSDUD $UW (VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
omR GR GDQR RX GHFUHWDU D SHUGD GRV EHQV KDYLGRV
LOLFLWDPHQWHGHWHUPLQDUi RSDJDPHQWRRXDUHYHUVmR
GRVEHQVFRQIRUPHRFDVRHPIDYRUGDSHVVRDMXUtGLFD
SUHMXGLFDGDSHORLOtFLWR
/HLQžHDOWHUDo}HVSRVWHULRUHV
/HLGR3URFHVVR$GPLQLVWUDWLYR
&DStWXOR9,
'DV'LVSRVLo}HV3HQDLV
$QRWHVHLQLFLDOPHQWHTXHD/HLQžGLVFLSOL
$UW &RQVWLWXLFULPH
FULPHDUHSUHVHQWDomRSRUDWRGHLPSURELGD
FULPH
QDRSURFHVVRDGPLQLVWUDWLYR³LQVWUXPHQWRGHUHDOL]DomR
GHFRQWUDDJHQWHS~EOLFRRXWHUFHLUREHQHILFLiULRTXDQ
GRFRQWHQFLRVRDGPLQLVWUDWLYRSDUDGHSXUDomRGHLOHJDOL
GRRDXWRUGDGHQ~QFLDRVDEHLQRFHQWH
GDGHV QRV DWRV GD $GPLQLVWUDomR H QmR
QmR R ´SURFHVVR
3HQDGHWHQomRGHVHLVDGH]PHVHVHPXOWD
3HQD DGPLQLVWUDWLYRGLVFLSOLQDU
GLVFLSOLQDUµ
GLVFLSOLQDU

†~QLFR $OpP GD VDQomR SHQDO R GHQXQFLDQWHHVWiVXMHLWRD GLVFLSOLQDUµ³TXHWHPSRU


2´SURFHVVRDGPLQLVWUDWLYRGLVFLSOLQDU
GLVFLSOLQDU
LQGHQL]DURGHQXQFLDGRSHORVGDQRVPDWHULDLVPRUDLV REMHWR D DSOLFDomR GH SHQDOLGDGHV DGPLQLVWUDWLYDV DRV
RXjLPDJHPTXHKRXYHUSURYRFDGR VHUYLGRUHVS~EOLFRV³pGLVFLSOLQDGRSHORSUySULR(VWDWX
WR/HLQž DUWD 
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

23URFHVVR$GPLQLVWUDWLYR ,, HQWLGDGH  D XQLGDGH GH DWXDomRGRWDGDGH


SHUVRQDOLGDGHMXUtGLFD
2SURFHVVR
SURFHVVR
SURFHVVRDGPLQLVWUDWLYR³SURSULDPHQWHGLWR³
DGPLQLVWUDWLYR
pDVpULHGHDWRVORJLFDPHQWHRUGHQDGRVTXHWUDPLWDUi ,,, DXWRULGDGHRVHUYLGRURXDJHQWHS~EOLFRGRWDGR
SHUDQWH D $GPLQLVWUDomR 3~EOLFD H TXH GHVDJXDUi QD GHSRGHUGHGHFLVmR
GHFLVmR GHVWD VREUH XPD FRQWURYpUVLD
FRQWURYpUVLD VXVFLWDGD SHOR
OHJDOLGDGHGHXPDWRRX
LQWHUHVVDGRTXHTXHVWLRQDGDDOHJDOLGDGH
OHJDOLGDGH $UWž $ $GPLQLVWUDomR 3~EOLFD REHGHFHUiGHQWUH
SRVWXUDDGPLQLVWUDWLYD RXWURVDRVSULQFtSLRVGDOHJDOLGDGHILQDOLGDGH
PRWLYDomR UD]RDELOLGDGH SURSRUFLRQDOLGDGH
$ FRQWURYpUVLD
FRQWURYpUVLD ³ R FRQIOLWR GH LQWHUHVVHV ³ p D PRUDOLGDGH DPSOD GHIHVD FRQWUDGLWyULR VHJX
HVVrQFLDGRSURFHVVRDGPLQLVWUDWLYRSURSULDPHQWHGLWR UDQoDMXUtGLFDLQWHUHVVHS~EOLFRHHILFLrQFLD

†~QLFR 1RVSURFHVVRVDGPLQLVWUDWLYRVVHUmRREVHUYDGRV
/HPEUDRVDXGRVR3URI+(/</23(60(,5(//(6TXH
HQWUHRXWURVRVFULWpULRVGH
FRPR QD SUiWLFD DGPLQLVWUDWLYD WRGD DXWXDomR LQWHUQD
UHFHEHDGHQRPLQDomRGHSURFHVVRWHQKDRXQmRQDWXUH]D , DWXDomRFRQIRUPHDOHLHR'LUHLWR
MXULVGLFLRQDOLPS}HVHGLVWLQJXLURVS SURFHVVRV
URFHVVRVDGPLQLVWUDWL
YRV
YRVSURSULDPHQWH
SURSULDPHQWHGLWRVRXVHMDDTXHOHVTXHHQFHUUDPXP
GLWRV ,, DWHQGLPHQWRDILQVGHLQWHUHVVHJHUDOYHGDGDD
OLWtJLRHQWUHD$GPLQLVWUDomRHRDGPLQLVWUDGRRXRVHUYL UHQ~QFLD WRWDO RX SDUFLDO GH SRGHUHV RX FRP
GRUGRVLPSURSULDPHQWH
LPSURSULDPHQWH
LPSURSULDPHQWHGLWRVLVWRpGRVVLPSOHVH[SHGLHQ
GLWRV SHWrQFLDVVDOYRDXWRUL]DomRHPOHL
WHVTXHWUDPLWDPSHORVyUJmRVDGPLQLVWUDWLYRVVHPTXDO
TXHU FRQWURYpUVLD HQWUH RV LQWHUHVVDGRV  ³ LQ 'LUHLWR ,,, REMHWLYLGDGHQRDWHQGLPHQWRGRLQWHUHVVHS~EOL
$GPLQLVWUDWLYR%UDVLOHLURHG57S ³HGHVWDFDHP FRYHGDGDDSURPRomRSHVVRDOGHDJHQWHVRX
VHJXLGDTXHRSURFHVVRDGPLQLVWUDWLYRpRJrQHURTXHVH DXWRULGDGHV
UHSDUWHHPYiULDVHVSpFLHVGHQWUHDVTXDLVDVPDLVIUHTXHQ
WHV VH DSUHVHQWDP QR SURFHVVR GLVFLSOLQDU H QR SURFHVVR ,9 DWXDomRVHJXQGRSDGU}HVpWLFRVGHSURELGDGH
WULEXWiULRRXILVFDO REUDHSFLWDGD  GHFRURHERDIp

$VVLP ULJRURVDPHQWH QHP VHULDP S SURFHVVR


URFHVVR RV 9 GLYXOJDomR RILFLDOGRVDWRVDGPLQLVWUDWLYRV
H[SHGLHQWHVDGPLQLVWUDWLYRVTXHVmRDXWXDGRVHWUDPL UHVVDOYDGDV DV KLSyWHVHV GH VLJLOR SUHYLVWDV QD
WDPSHODVUHSDUWLo}HVS~EOLFDVWDQWRTXDQWRQmRRVmRRV &RQVWLWXLomR
H[SHGLHQWHV GH RXWRUJD RX VHMD DTXHOH SDSHOyULR GH
UHTXHULPHQWRDQiOLVHHHYHQWXDOGHIHULPHQWRRXLQGHIHUL 9, DGHTXDomRHQWUHPHLRVHILQVYHGDGDDLPSRVL
PHQWRILQDOVREUHRSOHLWRGHDOJXPGLUHLWRRXGHDWHQGL omR GH REULJDo}HV UHVWULo}HV H VDQo}HV HP
PHQWRDDOJXPLQWHUHVVHSHUDQWHD$GPLQLVWUDomRQHP PHGLGDVXSHULRUjTXHODVHVWULWDPHQWHQHFHVViUL
WDPEpPRVHULDWDPEpPRH[SHGLHQWHGHFRQWUROHHP DVDRDWHQGLPHQWRGRLQWHUHVVHS~EOLFR
TXH D $GPLQLVWUDomR FRQIHUH FKHFND  VLWXDo}HV
9,, LQGLFDomRGRVSUHVVXSRVWRVGHIDWRHGHGLUHLWR
ILVFDOL]DQGRD H GHSRLV GHFODUD VXD HIHWLYLGDGH FRPR
TXHGHWHUPLQDUHPDGHFLVmR
SH[RGHSUHVWDomRGHFRQWDVRXGHDWLYLGDGHVVXMHLWDV
jILVFDOL]DomR
9,,, REVHUYkQFLDGDVIRUPDOLGDGHVHVVHQFLDLVjJDUDQ
WLDGRVGLUHLWRVGRVDGPLQLVWUDGRV
&RQILUDDJRUDRFRQWH~GRGD/HLQž
,; DGRomR GH IRUPDV VLPSOHVVXILFLHQWHVSDUD
&DStWXOR, SURSLFLDUDGHTXDGRJUDXGHFHUWH]DVHJXUDQoD
'DV'LVSRVLo}HV*HUDLV HUHVSHLWRDRVGLUHLWRVGRVDGPLQLVWUDGRV

$UWž (VWD/HLHVWDEHOHFHQRUPDVEiVLFDVVREUHRSUR ; JDUDQWLD GRV GLUHLWRV jFRPXQLFDomRjDSUH


FHVVRDGPLQLVWUDWLYRQRkPELWRGD$GPLQLVWUDomR VHQWDomR GH DOHJDo}HV ILQDLV j SURGXomR GH
)HGHUDOGLUHWDHLQGLUHWDYLVDQGRHPHVSHFLDOj SURYDVHjLQWHUSRVLomRGHUHFXUVRVQRVSURFHV
SURWHomR GRV GLUHLWRV GRV DGPLQLVWUDGRV H DR VRVGHTXHSRVVDPUHVXOWDUVDQo}HVHQDVVLWXD
PHOKRUFXPSULPHQWRGRVILQVGD$GPLQLVWUDomR o}HVGHOLWtJLR

†ž 2V SUHFHLWRV GHVWD /HL WDPEpP VHDSOLFDPDRV ;, SURLELomRGHFREUDQoDGHGHVSHVDVSURFHVVXDLV


yUJmRV GRV 3RGHUHV /HJLVODWLYR H -XGLFLiULR GD UHVVDOYDGDVDVSUHYLVWDVHPOHL
8QLmRTXDQGRQRGHVHPSHQKRGHIXQomRDGPL
QLVWUDWLYD ;,, LPSXOVmRGHRItFLRGRSURFHVVRDGPLQLVWUDWLYR
 VHPSUHMXt]RGDDWXDomRGRVLQWHUHVVDGRV
†ž 3DUDRVILQVGHVWD/HLFRQVLGHUDPVH
;,,, LQWHUSUHWDomRGDQRUPDDGPLQLVWUDWLYDGDIRUPD
 , yUJmR  D XQLGDGHGHDWXDomRLQWHJUDQWHGD TXH PHOKRU JDUDQWD R DWHQGLPHQWR GR ILP
HVWUXWXUDGD$GPLQLVWUDomRGLUHWDHGDHVWUXWXUD S~EOLFRDTXHVHGLULJHYHGDGDDSOLFDomRUHWUR
GD$GPLQLVWUDomRLQGLUHWD DWLYDGHQRYDLQWHUSUHWDomR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

&DStWXOR,, †~QLFR eYHGDGDj$GPLQLVWUDomRDUHFXVDLPRWLYDGDGH


'RV'LUHLWRVGRV$GPLQLVWUDGRV UHFHELPHQWRGHGRFXPHQWRVGHYHQGRRVHUYLGRU
RULHQWDURLQWHUHVVDGRTXDQWRDRVXSULPHQWRGH
$UWž 2DGPLQLVWUDGRWHPRVVHJXLQWHVGLUHLWRVSHUDQ HYHQWXDLVIDOKDV
WHD$GPLQLVWUDomRVHPSUHMXt]RGHRXWURVTXH
OKHVHMDPDVVHJXUDGRV $UWž 2VyUJmRVHHQWLGDGHVDGPLQLVWUDWLYDVGHYHUmR
HODERUDUPRGHORVRXIRUPXOiULRVSDGURQL]DGRV
, VHUWUDWDGRFRPUHVSHLWRSHODVDXWRULGDGHVHVHU SDUDDVVXQWRVTXHLPSRUWHPSUHWHQV}HVHTXLYD
YLGRUHVTXHGHYHUmRIDFLOLWDURH[HUFtFLRGHVHXV OHQWHV
GLUHLWRVHRFXPSULPHQWRGHVXDVREULJDo}HV
$UWž 4XDQGR RV SHGLGRV GH XPD SOXUDOLGDGHGH
,, WHUFLrQFLDGDWUDPLWDomRGRVSURFHVVRVDGPLQLV LQWHUHVVDGRVWLYHUHPFRQWH~GRHIXQGDPHQWRV
WUDWLYRVHPTXHWHQKDDFRQGLomRGHLQWHUHVVD LGrQWLFRVSRGHUmRVHUIRUPXODGRVHPXP~QLFR
GRWHUYLVWDGRVDXWRVREWHUFySLDVGHGRFX UHTXHULPHQWRVDOYRSUHFHLWROHJDOHPFRQWUiULR
PHQWRV QHOHV FRQWLGRV H FRQKHFHU DV GHFLV}HV
SURIHULGDV &DStWXOR9
,,, IRUPXODU DOHJDo}HV H DSUHVHQWDUGRFXPHQWRV 'RV,QWHUHVVDGRV
DQWHVGDGHFLVmRRVTXDLVVHUmRREMHWRGHFRQVL
GHUDomRSHORyUJmRFRPSHWHQWH $UWž 6mROHJLWLPDGRVFRPRLQWHUHVVDGRVQRSURFHVVR
DGPLQLVWUDWLYR
,9 ID]HUVHDVVLVWLUIDFXOWDWLYDPHQWHSRUDGYRJDGR 
VDOYR TXDQGR REULJDWyULD D UHSUHVHQWDomR SRU , SHVVRDVItVLFDVRXMXUtGLFDVTXHRLQLFLHPFRPR
IRUoDGHOHL WLWXODUHVGHGLUHLWRVRXLQWHUHVVHVLQGLYLGXDLVRX
QRH[HUFtFLRGRGLUHLWRGHUHSUHVHQWDomR
&DStWXOR,9  ,, DTXHOHVTXHVHPWHUHPLQLFLDGRRSURFHVVRWrP
'RV'HYHUHVGRV$GPLQLVWUDGRV GLUHLWRVRXLQWHUHVVHVTXHSRVVDPVHUDIHWDGRV
SHODGHFLVmRDVHUDGRWDGD
$UWž 6mRGHYHUHVGRDGPLQLVWUDGRSHUDQWHD$GPL ,,, DV RUJDQL]Do}HV H DVVRFLDo}HVUHSUHVHQWDWLYDV
QLVWUDomR
QLVWUDomRVHP
VHPSUHMXt]R
SUHMXt]RGH
GHRXWURV
RXWURVSUHYLVWRV
SUHYLVWRVHP QRWRFDQWHDGLUHLWRVHLQWHUHVVHVFROHWLYRV
DWRQRUPDWLYR
DWRQRUPDWLYR ,9 DVSHVVRDVRXDVDVVRFLDo}HVOHJDOPHQWHFRQVWL
WXtGDVTXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV
, H[SRURVIDWRVFRQIRUPHDYHUGDGH
,, SURFHGHUFRPOHDOGDGHXUEDQLGDGHHERDIp $UW 6mRFDSD]HVSDUDILQVGHSURFHVVRDGPLQLVWUDWL
,,, QmRDJLUGHPRGRWHPHUiULR YR RV PDLRUHV GH GH]RLWR DQRV UHVVDOYDGD
,9 SUHVWDUDVLQIRUPDo}HVTXHOKHIRUHPVROLFLWDGDV SUHYLVmRHVSHFLDOHPDWRQRUPDWLYRSUySULR
HFRODERUDUSDUDRHVFODUHFLPHQWRGRVIDWRV
&DStWXOR9,
&DStWXOR,9 'D&RPSHWrQFLD
'R,QtFLRGR3URFHVVR
'R,QtFLRGR3URFHVVR
$UW $FRPSHWrQFLDpLUUHQXQFLiYHOHVHH[HUFHSHORV
$UWž 2 SURFHVVR DGPLQLVWUDWLYR SRGH LQLFLDUVHGH yUJmRVDGPLQLVWUDWLYRVDTXHIRLDWULEXtGDFRPR
RItFLRRXDSHGLGRGHLQWHUHVVDGR SUySULDVDOYRRVFDVRVGHGHOHJDomRHDYRFDomR
OHJDOPHQWHDGPLWLGRV
$UWž 2 UHTXHULPHQWR LQLFLDO GR LQWHUHVVDGRVDOYR
FDVRVHPTXHIRUDGPLWLGDVROLFLWDomRRUDOGHYH $UW 8PyUJmRDGPLQLVWUDWLYRHVHXWLWXODUSRGHUmR
VHUIRUPXODGRSRUHVFULWRHFRQWHURVVHJXLQWHV VHQmRKRXYHULPSHGLPHQWROHJDOGHOHJDUSDUWH
GDGRV GDVXDFRPSHWrQFLDDRXWURVyUJmRVRXWLWXODUHV
DLQGDTXHHVWHVQmROKHVHMDPKLHUDUTXLFDPHQWH
, yUJmR RX DXWRULGDGH DGPLQLVWUDWLYD D TXHVH VXERUGLQDGRV TXDQGR IRU FRQYHQLHQWH HP
GLULJH UD]mRGHFLUFXQVWkQFLDVGHtQGROHWpFQLFDVRFLDO
 HFRQ{PLFDMXUtGLFDRXWHUULWRULDO
,, LGHQWLILFDomR GR LQWHUHVVDGR RX GH TXHPR
UHSUHVHQWH †~QLFR 2 GLVSRVWR QR FDSXW GHVWH DUWLJRDSOLFDVHj
GHOHJDomRGHFRPSHWrQFLDGRVyUJmRVFROHJLDGRV
 ,,, GRPLFtOLR GR UHTXHUHQWH RXORFDOSDUD DRVUHVSHFWLYRVSUHVLGHQWHV
UHFHELPHQWRGHFRPXQLFDo}HV
 $UW 1mRSRGHPVHUREMHWRGHGHOHJDomR
,9 IRUPXODomRGRSHGLGRFRPH[SRVLomRGRVIDWRV
HGHVHXVIXQGDPHQWRV , DHGLomRGHDWRVGHFDUiWHUQRUPDWLYR
 ,, DGHFLVmRGHUHFXUVRVDGPLQLVWUDWLYRV
9 GDWD H DVVLQDWXUD GR UHTXHUHQWH RX GHVHX  ,,, DVPDWpULDVGHFRPSHWrQFLDH[FOXVLYDGRyUJmR
UHSUHVHQWDQWH RXDXWRULGDGH

,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW 2DWRGHGHOHJDomRHVXDUHYRJDomRGHYHUmRVHU $UW 2LQGHIHULPHQWRGHDOHJDomRGHVXVSHLomRSRGH


SXEOLFDGRVQRPHLRRILFLDO UiVHUREMHWRGHUHFXUVRVHPHIHLWRVXVSHQVLYR

†ž 2 DWR GH GHOHJDomRHVSHFLILFDUiDVPDWpULDVH &DStWXOR9,,,
SRGHUHVWUDQVIHULGRVRVOLPLWHVGDDWXDomRGR 'D)RUPD7HPSRH/XJDUGRV$WRVGR3URFHVVR
GHOHJDGRDGXUDomRHRVREMHWLYRVGDGHOHJDomR
HRUHFXUVRFDEtYHOSRGHQGRFRQWHUUHVVDOYDGH $UW 2VDWRVGRSURFHVVRDGPLQLVWUDWLYRQmRGHSHQ
H[HUFtFLRGDDWULEXLomRGHOHJDGD GHPGHIRUPDGHWHUPLQDGDVHQmRTXDQGRDOHL
 H[SUHVVDPHQWHDH[LJLU
†ž 2 DWR GH GHOHJDomR p UHYRJiYHODTXDOTXHU 
WHPSRSHODDXWRULGDGHGHOHJDQWH †ž 2VDWRVGRSURFHVVRGHYHPVHUSURGX]LGRVSRU
 HVFULWRHPYHUQiFXORFRPDGDWDHRORFDOGH
†ž $V GHFLV}HV DGRWDGDV SRUGHOHJDomRGHYHP VXD UHDOL]DomR H D DVVLQDWXUD GD DXWRULGDGH
PHQFLRQDU H[SOLFLWDPHQWH HVWD TXDOLGDGH H UHVSRQViYHO
FRQVLGHUDUVHmRHGLWDGDVSHORGHOHJDGR
†ž 6DOYR LPSRVLomR OHJDORUHFRQKHFLPHQWRGH
$UW 6HUi SHUPLWLGD HP FDUiWHU H[FHSFLRQDO HSRU ILUPD VRPHQWH VHUi H[LJLGR TXDQGR KRXYHU
PRWLYRVUHOHYDQWHVGHYLGDPHQWHMXVWLILFDGRVD G~YLGDGHDXWHQWLFLGDGH
DYRFDomRWHPSRUiULDGHFRPSHWrQFLDDWULEXtGD 
DyUJmRKLHUDUTXLFDPHQWHLQIHULRU †ž $ DXWHQWLFLGDGH GHGRFXPHQWRVH[LJLGRVHP
FySLDSRGHUiVHUIHLWDSHORyUJmRDGPLQLVWUDWLYR
$UW 2VyUJmRVHHQWLGDGHVDGPLQLVWUDWLYDVGLYXOJD 
UmRSXEOLFDPHQWHRVORFDLVGDVUHVSHFWLYDVVHGHV †ž 2SURFHVVRGHYHUiWHUVXDVSiJLQDVQXPHUDGDV
HTXDQGRFRQYHQLHQWHDXQLGDGHIXQGDFLRQDO VHTXHQFLDOPHQWHHUXEULFDGDV
FRPSHWHQWHHPPDWpULDGHLQWHUHVVHHVSHFLDO
$UW 2VDWRVGRSURFHVVRGHYHPUHDOL]DUVHHPGLDV
$UW ,QH[LVWLQGRFRPSHWrQFLDOHJDOHVSHFtILFDRSUR ~WHLVQRKRUiULRQRUPDOGHIXQFLRQDPHQWRGD
FHVVRDGPLQLVWUDWLYRGHYHUiVHULQLFLDGRSHUDQWH UHSDUWLomRQDTXDOWUDPLWDURSURFHVVR
D DXWRULGDGH GH PHQRU JUDX KLHUiUTXLFR SDUD
GHFLGLU †~QLFR 6HUmRFRQFOXtGRVGHSRLVGRKRUiULRQRUPDORV
DWRVMiLQLFLDGRVFXMRDGLDPHQWRSUHMXGLTXHR
&DStWXOR9,, FXUVRUHJXODUGRSURFHGLPHQWRRXFDXVHGDQR
'RV,PSHGLPHQWRVHGD6XVSHLomR DRLQWHUHVVDGRRXj$GPLQLVWUDomR

$UW eLPSHGLGRGHDWXDUHPSURFHVVRDGPLQLVWUDWLYR $UW ,QH[LVWLQGR GLVSRVLomR HVSHFtILFD RV DWRVGR


RVHUYLGRURXDXWRULGDGHTXH yUJmRRXDXWRULGDGHUHVSRQViYHOSHORSURFHVVR
HGRVDGPLQLVWUDGRVTXHGHOHSDUWLFLSHPGHYHP
, WHQKDLQWHUHVVHGLUHWRRXLQGLUHWRQDPDWpULD VHU SUDWLFDGRV QR SUD]R GH FLQFR GLDV VDOYR
 PRWLYRGHIRUoDPDLRU
,, WHQKDSDUWLFLSDGRRXYHQKDDSDUWLFLSDUFRPR
SHULWRWHVWHPXQKDRXUHSUHVHQWDQWHRXVHWDLV †~QLFR 2SUD]RSUHYLVWRQHVWHDUWLJRSRGHVHUGLODWDGR
VLWXDo}HVRFRUUHPTXDQWRDRF{QMXJHFRPSD DWpRGREURPHGLDQWHFRPSURYDGDMXVWLILFDomR
QKHLURRXSDUHQWHHDILQVDWpRWHUFHLURJUDX
 $UW 2VDWRVGRSURFHVVRGHYHPUHDOL]DUVHSUHIHUHQ
,,, HVWHMDOLWLJDQGRMXGLFLDORXDGPLQLVWUDWLYDPHQWH FLDOPHQWHQDVHGHGRyUJmRFLHQWLILFDQGRVHR
FRP R LQWHUHVVDGR RX UHVSHFWLYR F{QMXJH RX LQWHUHVVDGRVHRXWURIRURORFDOGHUHDOL]DomR
FRPSDQKHLUR
&DStWXOR,;
$UW $DXWRULGDGHRXVHUYLGRUTXHLQFRUUHUHPLPSH 'D&RPXQLFDomRGR$WRV
GLPHQWR GHYH FRPXQLFDU R IDWR j DXWRULGDGH
FRPSHWHQWHDEVWHQGRVHGHDWXDU $UW 2yUJmRFRPSHWHQWHSHUDQWH R TXDOWUDPLWDR
SURFHVVRDGPLQLVWUDWLYRGHWHUPLQDUiDLQWLPD
†~QLFR $RPLVVmRGRGHYHUGHFRPXQLFDURLPSHGLPHQ omRGRLQWHUHVVDGRSDUDFLrQFLDGHGHFLVmRRXD
WRFRQVWLWXLIDOWDJUDYHSDUDHIHLWRVGLVFLSOLQD HIHWLYDomRGHGLOLJrQFLDV
UHV
†ž $LQWLPDomRGHYHUiFRQWHU
$UW 3RGHVHUDUJXLGDDVXVSHLomRGHDXWRULGDGHRX
VHUYLGRUTXHWHQKDDPL]DGHtQWLPDRXLQLPL]DGH , LGHQWLILFDomRGRLQWLPDGRHQRPHGRyUJmRRX
QRWyULDFRPDOJXPGRVLQWHUHVVDGRVRXFRPRV HQWLGDGHDGPLQLVWUDWLYD
UHVSHFWLYRVF{QMXJHVFRPSDQKHLURVSDUHQWHVH 
DILQVDWpRWHUFHLURJUDX  ,, ILQDOLGDGHGDLQWLPDomR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

,,, GDWDKRUDHORFDOHPTXHGHYHFRPSDUHFHU $UW 6mRLQDGPLVVtYHLVQRSURFHVVRDGPLQLVWUDWLYRDV


SURYDVREWLGDVSRUPHLRVLOtFLWRV
,9 VHRLQWLPDGRGHYHFRPSDUHFHUSHVVRDOPHQWH
RXID]HUVHUHSUHVHQWDU $UW 4XDQGRDPDWpULDGRSURFHVVRHQYROYHUDVVXQWR
GHLQWHUHVVHJHUDORyUJmRFRPSHWHQWHSRGHUi
9 LQIRUPDomRGDFRQWLQXLGDGHGRSURFHVVRLQGH PHGLDQWHGHVSDFKRPRWLYDGRDEULUSHUtRGRGH
SHQGHQWHPHQWHGRVHXFRPSDUHFLPHQWR FRQVXOWDS~EOLFDSDUDPDQLIHVWDomRGHWHUFHLURV
DQWHVGDGHFLVmRGRSHGLGRVHQmRKRXYHUSUH
9, LQGLFDomRGRVIDWRVHIXQGDPHQWRVOHJDLVSHUWL MXt]RSDUDDSDUWHLQWHUHVVDGD
QHQWHV
 †ž $ DEHUWXUD GD FRQVXOWD S~EOLFDVHUiREMHWRGH
†ž $LQWLPDomRREVHUYDUiDDQWHFHGrQFLDPtQLPD GLYXOJDomR SHORV PHLRV RILFLDLV D ILP GH TXH
GHWUrVGLDV~WHLVTXDQWRjGDWDGHFRPSDUHFL SHVVRDVItVLFDVRXMXUtGLFDVSRVVDPH[DPLQDURV
PHQWR DXWRV IL[DQGRVH SUD]R SDUD RIHUHFLPHQWR GH
DOHJDo}HVHVFULWDV
†ž $ LQWLPDomR SRGH VHU HIHWXDGDSRUFLrQFLDQR
SURFHVVR SRU YLD SRVWDO FRP DYLVR GH UHFHEL †ž 2FRPSDUHFLPHQWRjFRQVXOWDS~EOLFDQmRFRQIH
UHSRUVLDFRQGLomRGHLQWHUHVVDGRGRSURFHVVR
PHQWRSRUWHOHJUDPDRXRXWURPHLRTXHDVVH
PDVFRQIHUHRGLUHLWRGHREWHUGD$GPLQLVWUDomR
JXUHDFHUWH]DGDFLrQFLDGRLQWHUHVVDGR
UHVSRVWDIXQGDPHQWDGDTXHSRGHUiVHUFRPXP
DWRGDVDVDOHJDo}HVVXEVWDQFLDOPHQWHLJXDLV
†ž 1RFDVRGHLQWHUHVVDGRVLQGHWHUPLQDGRVGHVFR
QKHFLGRVRXFRPGRPLFtOLRLQGHILQLGRDLQWLPD
$UW $QWHVGDWRPDGDGHGHFLVmRDMXt]RGDDXWRULGD
omRGHYHVHUHIHWXDGDSRUPHLRGHSXEOLFDomR
GHGLDQWHGDUHOHYkQFLDGDTXHVWmRSRGHUiVHU
RILFLDO UHDOL]DGDDXGLrQFLDS~EOLFDSDUDGHEDWHVVREUHD
PDWpULDGRSURFHVVR
†ž $V LQWLPDo}HV VHUmR QXODVTXDQGRIHLWDVVHP
REVHUYkQFLDGDVSUHVFULo}HVOHJDLVPDVRFRP $UW 2VyUJmRVHHQWLGDGHVDGPLQLVWUDWLYDVHPPDWp
SDUHFLPHQWRGRDGPLQLVWUDGRVXSUHVXDIDOWDRX ULDUHOHYDQWHSRGHUmRHVWDEHOHFHURXWURVPHLRV
LUUHJXODULGDGH GHSDUWLFLSDomRGHDGPLQLVWUDGRVGLUHWDPHQWHRX
SRU PHLR GH RUJDQL]Do}HV H DVVRFLDo}HV OHJDO
$UW 2GHVDWHQGLPHQWRGDLQWLPDomRQmRLPSRUWDR PHQWHUHFRQKHFLGDV
UHFRQKHFLPHQWR GD YHUGDGH GRV IDWRV QHP D
UHQ~QFLDDGLUHLWRSHORDGPLQLVWUDGR $UW 2VUHVXOWDGRVGDFRQVXOWDHDXGLrQFLDS~EOLFDH
 GHRXWURVPHLRVGHSDUWLFLSDomRGHDGPLQLVWUDGRV
†~QLFR 1RSURVVHJXLPHQWRGRSURFHVVRVHUiJDUDQWLGR GHYHUmR VHU DSUHVHQWDGRV FRP D LQGLFDomR GR
GLUHLWRGHDPSODGHIHVDDRLQWHUHVVDGR SURFHGLPHQWRDGRWDGR

$UW 'HYHPVHUREMHWRGHLQWLPDomRRVDWRVGRSUR $UW 4XDQGR QHFHVViULD j LQVWUXomR GR SURFHVVRD


FHVVRTXHUHVXOWHPSDUDRLQWHUHVVDGRHPLPSR DXGLrQFLDGHRXWURVyUJmRVRXHQWLGDGHVDGPLQLV
VLomRGHGHYHUHV{QXVVDQo}HVRXUHVWULomRDR WUDWLYDVSRGHUiVHUUHDOL]DGDHPUHXQLmRFRQMXQ
H[HUFtFLRGH GLUHLWRVHDWLYLGDGHVHRVDWRVGH WDFRPDSDUWLFLSDomRGHWLWXODUHVRXUHSUHVHQ
RXWUDQDWXUH]DGHVHXLQWHUHVVH WDQWHV GRV yUJmRV FRPSHWHQWHV ODYUDQGRVH D
UHVSHFWLYDDWDDVHUMXQWDGDDRVDXWRV
&DStWXOR;
'D,QVWUXomR $UW &DEHDRLQWHUHVVDGRDSURYDGRVIDWRVTXHWHQKD
DOHJDGR VHP SUHMXt]R GR GHYHU DWULEXtGR DR
$UW $V DWLYLGDGHV GH LQVWUXomR GHVWLQDGDV DDYHUL yUJmRFRPSHWHQWHSDUDDLQVWUXomRHGRGLVSRVWR
JXDUHFRPSURYDURVGDGRVQHFHVViULRVjWRPD QR$UWGHVWD/HL
GDGHGHFLVmRUHDOL]DPVHGHRItFLRRXPHGLDQWH
LPSXOVmRGRyUJmRUHVSRQViYHOSHORSURFHVVR $UW 4XDQGRRLQWHUHVVDGRGHFODUDUTXHIDWRVHGDGRV
VHP SUHMXt]R GR GLUHLWR GRV LQWHUHVVDGRV GH HVWmRUHJLVWUDGRVHPGRFXPHQWRVH[LVWHQWHVQD
SURSRUDWXDo}HVSUREDWyULDV SUySULD$GPLQLVWUDomRUHVSRQViYHOSHORSURFHVVR
RXHPRXWURyUJmRDGPLQLVWUDWLYRRyUJmRFRP
†ž 2yUJmRFRPSHWHQWHSDUDDLQVWUXomRIDUiFRQV SHWHQWH SDUD D LQVWUXomR SURYHUi GH RItFLR j
REWHQomRGRVGRFXPHQWRVRXGDVUHVSHFWLYDVFySLDV
WDUGRVDXWRVRVGDGRVQHFHVViULRVjGHFLVmRGR
SURFHVVR
$UW 2LQWHUHVVDGRSRGHUiQDIDVHLQVWUXWyULDHDQWHV
GDWRPDGDGDGHFLVmRMXQWDUGRFXPHQWRVHSD
†ž 2VDWRVGHLQVWUXomRTXHH[LMDPDDWXDomRGRV
UHFHUHVUHTXHUHUGLOLJrQFLDVHSHUtFLDVEHPFR
LQWHUHVVDGRVGHYHPUHDOL]DUVHGRPRGRPHQRV PRDGX]LUDOHJDo}HVUHIHUHQWHVjPDWpULDREMHWR
RQHURVRSDUDHVWHV GRSURFHVVR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

†ž 2VHOHPHQWRVSUREDWyULRVGHYHUmRVHUFRQVLGHUD $UW 2VLQWHUHVVDGRVWrPGLUHLWRjYLVWDGRSURFHVVRH


GRVQDPRWLYDomRGRUHODWyULRHGDGHFLVmR D REWHU FHUWLG}HV RX FySLDV UHSURJUiILFDV GRV
 GDGRVHGRFXPHQWRVTXHRLQWHJUDPUHVVDOYDGRV
†ž 6RPHQWHSRGHUmRVHUUHFXVDGDVPHGLDQWHGHFL RVGDGRVHGRFXPHQWRVGHWHUFHLURVSURWHJLGRV
VmR IXQGDPHQWDGD DV SURYDV SURSRVWDV SHORV SRUVLJLORRXSHORGLUHLWRjSULYDFLGDGHjKRQUD
LQWHUHVVDGRVTXDQGRVHMDPLOtFLWDVLPSHUWLQHQWHV HjLPDJHP
GHVQHFHVViULDVRXSURWHODWyULDV
$UW 2 yUJmR GH LQVWUXomR TXH QmR IRUFRPSHWHQWH
$UW 4XDQGRIRUQHFHVViULDDSUHVWDomRGHLQIRUPD SDUD HPLWLU D GHFLVmR ILQDO HODERUDUi UHODWyULR
o}HVRXDDSUHVHQWDomRGHSURYDVSHORVLQWHUHVVD LQGLFDQGRRSHGLGRLQLFLDORFRQWH~GRGDVIDVH
GRVRXWHUFHLURVVHUmRH[SHGLGDVLQWLPDo}HVSDUD GRSURFHGLPHQWRHIRUPXODUiSURSRVWDGHGHFL
HVVHILP PHQFLRQDQGRVHGDWDSUD]RIRUPDH VmRREMHWLYDPHQWHMXVWLILFDGDHQFDPLQKDQGRR
FRQGLo}HVGHDWHQGLPHQWR
SURFHVVRjDXWRULGDGHFRPSHWHQWH
†~QLFR 1mRVHQGRDWHQGLGDDLQWLPDomRSRGHUiRyUJmR
&DStWXOR;,
FRPSHWHQWH VH HQWHQGHU UHOHYDQWH D PDWpULD
'R'HYHUGH'HFLGLU
'R'HYHUGH'HFLGLU
VXSULUGHRItFLRDRPLVVmRQmRVHH[LPLQGRGH
SURIHULUDGHFLVmR
$UW $$GPLQLVWUDomRWHPRGHYHUGHH[SOLFLWDPHQWH
$UW 4XDQGRGDGRVDWXDo}HVRXGRFXPHQWRVVROLFLWD HPLWLU GHFLVmR QRV SURFHVVRV DGPLQLVWUDWLYRV H
GRVDRLQWHUHVVDGRIRUHPQHFHVViULRVjDSUHFLD VREUHVROLFLWDo}HVRXUHFODPDo}HVHPPDWpULDGH
omRGHSHGLGRIRUPXODGRRQmRDWHQGLPHQWRQR VXDFRPSHWrQFLD
SUD]RIL[DGRSHOD$GPLQLVWUDomRSDUDDUHVSHFWL
YD DSUHVHQWDomR LPSOLFDUi DUTXLYDPHQWR GR $UW &RQFOXtGDDLQVWUXomRGHSURFHVVRDGPLQLVWUDWLYR
SURFHVVR D$GPLQLVWUDomRWHPRSUD]RGHDWpWULQWDGLDV
SDUDGHFLGLUVDOYRSURUURJDomRSRULJXDOSHUtRGR
$UW 2V LQWHUHVVDGRV VHUmR LQWLPDGRV GH SURYDRX H[SUHVVDPHQWHPRWLYDGD
GLOLJrQFLDRUGHQDGDFRPDQWHFHGrQFLDPtQLPD
GHWUrVGLDV~WHLVPHQFLRQDQGRVHGDWDKRUDH &DStWXOR;,,
ORFDOGHUHDOL]DomR 'D0RWLYDomR

$UW 4XDQGR GHYH VHU REULJDWRULDPHQWH RXYLGRXP $UW 2VDWRVDGPLQLVWUDWLYRVGHYHUmRVHUPRWLYDGRV


yUJmRFRQVXOWLYRRSDUHFHUGHYHUiVHUHPLWLGRQR FRP LQGLFDomR GRV IDWRV H GRV IXQGDPHQWRV
SUD]RPi[LPRGHTXLQ]HGLDVVDOYR QRUPDHV MXUtGLFRVTXDQGR
SHFLDORXFRPSURYDGDQHFHVVLGDGHGHPDLRUSUD]R
 , QHJXHPOLPLWHPRXDIHWHPGLUHLWRVRXLQWHUHV
†ž 6HXPSDUHFHUREULJDWyULRHYLQFXODQWHGHL[DUGH VHV
VHUHPLWLGRQRSUD]RIL[DGRRSURFHVVRQmRWHUi
VHJXLPHQWR DWp D UHVSHFWLYD DSUHVHQWDomR UHV  ,, LPSRQKDP RXDJUDYHPGHYHUHVHQFDUJRVRX
SRQVDELOL]DQGRVHTXHPGHUFDXVDDRDWUDVR VDQo}HV
†ž 6H XP SDUHFHU REULJDWyULRHQmRYLQFXODQWH
 ,,, GHFLGDPSURFHVVRVDGPLQLVWUDWLYRVGHFRQFXUVR
GHL[DUGHVHUHPLWLGRQRSUD]RIL[DGRRSURFHVVR
RXVHOHomRS~EOLFD
SRGHUi WHU SURVVHJXLPHQWR H VHU GHFLGLGR FRP
VXDGLVSHQVDVHPSUHMXt]RGDUHVSRQVDELOLGDGH
 ,9 GLVSHQVHP RX GHFODUHPDLQH[LJLELOLGDGHGH
GHTXHPVHRPLWLXQRDWHQGLPHQWR
SURFHVVROLFLWDWyULR
$UW 4XDQGRSRUGLVSRVLomRGHDWRQRUPDWLYRGHYDP
VHU SUHYLDPHQWH REWLGRV ODXGRV WpFQLFRV GH  9 GHFLGDPUHFXUVRVDGPLQLVWUDWLYRV
yUJmRVDGPLQLVWUDWLYRVHHVWHVQmRFXPSULUHPR
HQFDUJRQRSUD]RDVVLQDODGRRyUJmRUHVSRQViYHO 9, GHFRUUDPGHUHH[DPHGHRItFLR
SHODLQVWUXomRGHYHUiVROLFLWDUODXGRWpFQLFRGH
RXWURyUJmRGRWDGRGHTXDOLILFDomRHFDSDFLGDGH 9,, GHL[HPGHDSOLFDUMXULVSUXGrQFLDILUPDGDVREUHD
WpFQLFDHTXLYDOHQWHV TXHVWmR RX GLVFUHSHP GH SDUHFHUHV ODXGRV
SURSRVWDVHUHODWyULRVRILFLDLV
$UW (QFHUUDGD D LQVWUXomR R LQWHUHVVDGR WHUiR 9,,,LPSRUWHP DQXODomR UHYRJDomR VXVSHQVmRRX
GLUHLWRGHPDQLIHVWDUVHQRSUD]RPi[LPRGHGH] FRQYDOLGDomRGHDWRDGPLQLVWUDWLYR
GLDVVDOYRVHRXWURSUD]RIRUOHJDOPHQWHIL[DGR 
†ž $PRWLYDomRGHYHVHUH[SOtFLWDFODUDHFRQJUXHQ
$UW (PFDVRGHULVFRLPLQHQWHD$GPLQLVWUDomR3~ WHSRGHQGRFRQVLVWLUHPGHFODUDomRGHFRQFRU
EOLFDSRGHUiPRWLYDGDPHQWHDGRWDUSURYLGrQFLDV GkQFLDFRPIXQGDPHQWRVGHDQWHULRUHVSDUHFHUHV
DFDXWHODGRUDV VHP D SUpYLD PDQLIHVWDomR GR LQIRUPDo}HV GHFLV}HV RX SURSRVWDV TXH QHVWH
LQWHUHVVDGR FDVRVHUmRSDUWHLQWHJUDQWHGRDWR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

†ž 1DVROXomRGHYiULRVDVVXQWRVGDPHVPDQDWXUH †ž 2UHFXUVRVHUiGLULJLGRjDXWRULGDGHTXHSURIHULX


]DSRGHVHUXWLOL]DGRPHLRPHFkQLFRTXHUHSUR DGHFLVmRDTXDOVHQmRDUHFRQVLGHUDUQRSUD]R
GX]D RV IXQGDPHQWRV GDV GHFLV}HV GHVGH TXH GHFLQFRGLDVRHQFDPLQKDUijDXWRULGDGHVXSH
QmRSUHMXGLTXHGLUHLWRRXJDUDQWLDGRVLQWHUHVVD ULRU
GRV
†ž 6DOYRH[LJrQFLDOHJDODLQWHUSRVLomRGHUHFXUVR
†ž $PRWLYDomRGDVGHFLV}HVGHyUJmRVFROHJLDGRVH DGPLQLVWUDWLYRLQGHSHQGHGHFDXomR
FRPLVV}HV RX GH GHFLV}HV RUDLV FRQVWDUi GD
UHVSHFWLYDDWDRXGHWHUPRHVFULWR †ž 6HRUHFRUUHQWHDOHJDUTXHDGHFLVmRDGPLQLVWUDWL
YD FRQWUDULD HQXQFLDGR GD V~PXOD YLQFXODQWH
&DStWXOR;,,, FDEHUijDXWRULGDGHSURODWRUDGDGHFLVmRLPSXJ
'HVLVWrQFLDH2XWURV&DVRVGH([WLQomRGR3URFHVVR
'HVLVWrQFLDH2XWURV&DVRVGH([WLQomRGR3URFHVVR QDGDVHQmRDUHFRQVLGHUDUH[SOLFLWDUDQWHVGH
HQFDPLQKDURUHFXUVRjDXWRULGDGHVXSHULRUDV
$UW 2 LQWHUHVVDGR SRGHUi PHGLDQWHPDQLIHVWDomR UD]}HVGDDSOLFDELOLGDGHRXLQDSOLFDELOLGDGHGD
HVFULWDGHVLVWLUWRWDORXSDUFLDOPHQWHGRSHGLGR V~PXODFRQIRUPHRFDVR
IRUPXODGRRXDLQGDUHQXQFLDUDGLUHLWRVGLVSR 2EVDFUHVFLGRSHOD/HLQž

QtYHLV $UW 2 UHFXUVR DGPLQLVWUDWLYR WUDPLWDUi QRPi[LPR


SRUWUrVLQVWkQFLDVDGPLQLVWUDWLYDVVDOYRGLVSRVL
†ž +DYHQGRYiULRVLQWHUHVVDGRVDGHVLVWrQFLDRXUH omROHJDOGLYHUVD
Q~QFLDDWLQJHVRPHQWHTXHPDWHQKDIRUPXODGR
 $UW 7rPOHJLWLPLGDGHSDUDLQWHUSRUUHFXUVRDGPLQLV
†ž $GHVLVWrQFLDRXUHQ~QFLDGRLQWHUHVVDGRFRQIRU WUDWLYR
PHRFDVRQmRSUHMXGLFDRSURVVHJXLPHQWRGR 
SURFHVVR VH D $GPLQLVWUDomR FRQVLGHUDU TXH R
, RV WLWXODUHV GH GLUHLWRV HLQWHUHVVHVTXHIRUHP
LQWHUHVVHS~EOLFRDVVLPRH[LJH
SDUWHQRSURFHVVR
$UW 2 yUJmR FRPSHWHQWH SRGHUi GHFODUDU H[WLQWRR
 ,, DTXHOHVFXMRVGLUHLWRVRXLQWHUHVVHVIRUHPLQGLUH
SURFHVVR TXDQGR H[DXULGD VXD ILQDOLGDGH RX R
WDPHQWHDIHWDGRVSHODGHFLVmRUHFRUULGD
REMHWRGDGHFLVmRVHWRUQDULPSRVVtYHOLQ~WLORX

SUHMXGLFDGRSRUIDWRVXSHUYHQLHQWH
,,, DVRUJDQL]Do}HVHDVVRFLDo}HVUHSUHVHQWDWLYDVQR
WRFDQWHDGLUHLWRVHLQWHUHVVHVFROHWLYRV
&DStWXOR;,9
'D$QXODomR5HYRJDomRH&RQYDOLGDomR
'D$QXODomR5HYRJDomRH&RQYDOLGDomR
,9 RVFLGDGmRVRXDVVRFLDo}HVTXDQWRDGLUHLWRVRX
LQWHUHVVHVGLIXVRV
$UW $$GPLQLVWUDomRGHYHDQXODUVHXVSUySULRVDWRV
TXDQGR HLYDGRV GH YtFLR GH OHJDOLGDGH H SRGH
$UW 6DOYRGLVSRVLomROHJDOHVSHFtILFDpGHGH]GLDVR
UHYRJiORVSRUPRWLYRGHFRQYHQLrQFLDRXRSRU
WXQLGDGHUHVSHLWDGRVRVGLUHLWRVDGTXLULGRV SUD]RSDUDLQWHUSRVLomRGHUHFXUVRDGPLQLVWUDWL
YR FRQWDGR D SDUWLU GD FLrQFLD RX GLYXOJDomR
$UW 2 GLUHLWR GD $GPLQLVWUDomR GH DQXODU RVDWRV RILFLDOGDGHFLVmRUHFRUULGD
DGPLQLVWUDWLYRVGHTXHGHFRUUDPHIHLWRVIDYRUi 
YHLVSDUDRVGHVWLQDWiULRVGHFDLHPFLQFRDQRV †ž 4XDQGRDOHLQmRIL[DUSUD]RGLIHUHQWHRUHFXUVR
FRQWDGRVGDGDWDHPTXHIRUDPSUDWLFDGRVVDOYR DGPLQLVWUDWLYR GHYHUi VHU GHFLGLGR QR SUD]R
FRPSURYDGDPiIp Pi[LPRGHWULQWDGLDVDSDUWLUGRUHFHELPHQWR
GRVDXWRVSHORyUJmRFRPSHWHQWH
†ž 1R FDVR GH HIHLWRVSDWULPRQLDLVFRQWtQXRVR
SUD]RGHGHFDGrQFLDFRQWDUVHiGDSHUFHSomRGR †ž 2 SUD]R PHQFLRQDGRQRSDUiJUDIRDQWHULRU
SULPHLURSDJDPHQWR SRGHUi VHU SURUURJDGR SRU LJXDO SHUtRGR DQWH
MXVWLILFDWLYDH[SOtFLWD
†ž &RQVLGHUDVHH[HUFtFLRGRGLUHLWRGHDQXODUTXDO
TXHU PHGLGD GH DXWRULGDGH DGPLQLVWUDWLYD TXH $UW 2UHFXUVRLQWHUS}HVHSRUPHLRGHUHTXHULPHQWR
LPSRUWHLPSXJQDomRjYDOLGDGHGRDWR QRTXDORUHFRUUHQWHGHYHUiH[SRURVIXQGDPHQ
WRV GR SHGLGR GH UHH[DPH SRGHQGR MXQWDU RV
$UW (PGHFLVmRQDTXDOVHHYLGHQFLHQmRDFDUUHWDUHP GRFXPHQWRVTXHMXOJDUFRQYHQLHQWHV
OHVmRDRLQWHUHVVHS~EOLFRQHPSUHMXt]RDWHUFHL
URVRVDWRVTXHDSUHVHQWDUHPGHIHLWRVVDQiYHLV $UW 6DOYR GLVSRVLomR OHJDO HP FRQWUiULR RUHFXUVR
SRGHUmRVHUFRQYDOLGDGRVSHODSUySULD$GPLQLV QmRWHPHIHLWRVXVSHQVLYR
WUDomR 
&DStWXOR;9 †~QLFR +DYHQGR MXVWR UHFHLR GH SUHMXt]RGHGLItFLORX
'R5HFXUVR$GPLQLVWUDWLYRHGD5HYLVmR LQFHUWD UHSDUDomR GHFRUUHQWH GD H[HFXomR D
DXWRULGDGHUHFRUULGDRXDLPHGLDWDPHQWHVXSHUL
$UW 'DV GHFLV}HV DGPLQLVWUDWLYDV FDEH UHFXUVRHP RU SRGHUi GH RItFLR RX D SHGLGR GDU HIHLWR
IDFHGHUD]}HVGHOHJDOLGDGHHGHPpULWR VXVSHQVLYRDRUHFXUVR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 

$UW ,QWHUSRVWRRUHFXUVRRyUJmRFRPSHWHQWHSDUD †ž &RQVLGHUDVHSURUURJDGRRSUD]RDWpRSULPHLUR


GHOHFRQKHFHUGHYHUiLQWLPDURVGHPDLVLQWHUHV GLD~WLOVHJXLQWHVHRYHQFLPHQWRFDLUHPGLDHP
VDGRV SDUD TXH QR SUD]R GH FLQFR GLDV ~WHLV TXHQmRKRXYHUH[SHGLHQWHRXHVWHIRUHQFHUUDGR
DSUHVHQWHPDOHJDo}HV DQWHVGDKRUDQRUPDO

$UW 2UHFXUVRQmRVHUiFRQKHFLGRTXDQGRLQWHUSRVWR †ž 2VSUD]RVH[SUHVVRVHPGLDVFRQWDPVHGHPRGR


FRQWtQXR
 , IRUDGRSUD]R 
 ,, SHUDQWHyUJmRLQFRPSHWHQWH †ž 2VSUD]RVIL[DGRVHPPHVHVRXDQRVFRQWDPVH
 ,,, SRUTXHPQmRVHMDOHJLWLPDGR GH GDWD D GDWD 6H QR PrV GR YHQFLPHQWR QmR
 ,9 DSyVH[DXULGDDHVIHUDDGPLQLVWUDWLYD KRXYHU R GLD HTXLYDOHQWH jTXHOH GR LQtFLR GR
SUD]RWHPVHFRPRWHUPRR~OWLPRGLDGRPrV
†ž 1DKLSyWHVHGRLQFLVR,,VHUiLQGLFDGDDRUHFRU
UHQWHDDXWRULGDGHFRPSHWHQWHVHQGROKHGHYRO $UW 6DOYRPRWLYRGHIRUoDPDLRUGHYLGDPHQWHFRP
YLGRRSUD]RSDUDUHFXUVR SURYDGR RV SUD]RV SURFHVVXDLV QmR VH VXVSHQ
GHP
†ž 2 QmR FRQKHFLPHQWR GR UHFXVRQmRLPSHGHD &DStWXOR;9,,
$GPLQLVWUDomR GH UHYHU GH RItFLR R DWR LOHJDO 'DV6DQo}HV
GHVGHTXHQmRRFRUULGDSUHFOXVmRDGPLQLVWUDWLYD
$UW $V VDQo}HV D VHUHP DSOLFDGDV SRUDXWRULGDGH
$UW 2 yUJmR FRPSHWHQWH SDUD GHFLGLU RUHFXUVR FRPSHWHQWHWHUmRQDWXUH]DSHFXQLiULDRXFRQVLV
SRGHUiFRQILUPDUPRGLILFDUDQXODURXUHYRJDU WLUmR HP REULJDomR GH ID]HU RX GH QmR ID]HU
WRWDORXSDUFLDOPHQWHDGHFLVmRUHFRUULGDVHD DVVHJXUDGRVHPSUHRGLUHLWRGHGHIHVD
PDWpULDIRUGHVXDFRPSHWrQFLD
&DStWXOR;9,,,
†~QLFR 6HGDDSOLFDomRGRGLVSRVWRQHVWHDUWLJRSXGHU 'DV'LVSRVLo}HV
GHFRUUHUJUDYDPHjVLWXDomRGRUHFRUUHQWHHVWH
GHYHUi VHU FLHQWLILFDGR SDUD TXH IRUPXOH VXDV $UW 2VSURFHVVRVDGPLQLVWUDWLYRVHVSHFtILFRVFRQWLQXDUmR
DOHJDo}HVDQWHVGDGHFLVmR D UHJHUVH SRU OHL SUySULD DSOLFDQGRVHOKHV DSHQDV
VXEVLGLDULDPHQWHRVSUHFHLWRVGHVWD/HL
$UW$ 6HRUHFRUUHQWHDOHJDUYLRODomRGHHQXQFLDGRGD
V~PXOD YLQFXODQWH R yUJmR FRPSHWHQWH SDUD $UW$ 7HUmRSULRULGDGHQDWUDPLWDomRHPTXDOTXHUyUJmRRX
LQVWkQFLD RV SURFHGLPHQWRV DGPLQLVWUDWLYRV HP TXH
GHFLGLURUHFXUVRH[SOLFLWDUiDVUD]}HVGDDSOLFD
ILJXUHFRPRSDUWHRXLQWHUHVVDGR
ELOLGDGHRXLQDSOLFDELOLGDGHGDV~PXODFRQIRUPH
RFDVR 2EVDFUHVFHQWDGRSHOD/HLQž
, SHVVRD FRP LGDGH LJXDO RX VXSHULRUD VHVVHQWD
DQRV
$UW% $FROKLGDSHOR6XSUHPR7ULEXQDO)HGHUDODUHFOD
PDomR IXQGDGD HP YLRODomR GH HQXQFLDGR GD ,, SHVVRDSRUWDGRUDGHGHILFLrQFLDItVLFDRXPHQWDO
V~PXODYLQFXODQWHGDUVHiFLrQFLDjDXWRULGDGH
SURODWRUD H DR yUJmR FRPSHWHQWH SDUD R MXOJD ,,, 9(7$'2 

PHQWRGRUHFXUVRTXHGHYHUmRDGHTXDUDVIXWX
,9 SHVVRD SRUWDGRUD GH WXEHUFXORVH DWLYDHVFOHURVH
UDVGHFLV}HVDGPLQLVWUDWLYDVHPFDVRVVHPHOKDQ P~OWLSOD QHRSODVLD PDOLJQD KDQVHQtDVH SDUDOLVLD
WHV VRE SHQD GH UHVSRQVDELOL]DomR SHVVRDO QDV LUUHYHUVtYHOHLQFDSDFLWDQWHFDUGLRSDWLDJUDYHGRHQoD
HVIHUDVFtYHODGPLQLVWUDWLYDHSHQDO GH3DUNLQVRQHVSRQGLORDUWURVHDQTXLORVDQWHQHIURSD
2EVDFUHVFHQWDGRSHOD/HLQžGH WLD JUDYH KHSDWRSDWLD JUDYH HVWDGRV DYDQoDGRV GD
GRHQoDGH3DJHW RVWHtWHGHIRUPDQWH FRQWDPLQDomR
$UW 2V SURFHVVRV DGPLQLVWUDWLYRV GH TXHUHVXOWHP SRUUDGLDomRVtQGURPHGHLPXQRGHILFLrQFLDDGTXLULGD
VDQo}HVSRGHUmRVHUUHYLVWRVDTXDOTXHUWHPSR RX RXWUD GRHQoD JUDYH FRP EDVH HP FRQFOXVmR GD
D SHGLGR RX GH RItFLR TXDQGR VXUJLUHP IDWRV PHGLFLQD HVSHFLDOL]DGD PHVPR TXH D GRHQoD WHQKD
QRYRVRXFLUFXQVWkQFLDVUHOHYDQWHVVXVFHWtYHLVGH VLGRFRQWUDtGDDSyVRLQtFLRGRSURFHVVR
MXVWLILFDUDLQDGHTXDomRGDVDQomRDSOLFDGD
†ž $SHVVRDLQWHUHVVDGDQDREWHQomRGREHQHItFLRMXQWDQ

GRSURYDGHVXDFRQGLomRGHYHUiUHTXHUrORjDXWRUL
†~QLFR 'D UHYLVmR GR SURFHVVRQmRSRGHUiUHVXOWDU
GDGHDGPLQLVWUDWLYDFRPSHWHQWHTXHGHWHUPLQDUiDV
DJUDYDPHQWRGDVDQomR SURYLGrQFLDVDVHUHPFXPSULGDV

&DStWXOR;9, †ž 'HIHULGDDSULRULGDGHRVDXWRVUHFHEHUmRLGHQWLILFDomR


'RV3UD]RV SUySULDTXHHYLGHQFLHRUHJLPHGHWUDPLWDomRSULRULWi
ULD
$UW 2VSUD]RVFRPHoDPDFRUUHUDSDUWLUGDGDWDGD
FLHQWLILFDomRRILFLDOH[FOXLQGRVHGDFRQWDJHPR †ž 9(7$'2 
†ž 9(7$'2  2EVDUWLJR$LQFOXtGRSHOD/HLQž
GLDGRFRPHoRHLQFOXLQGRVHRGRYHQFLPHQWR
$UW (VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

7(67(6

'H DFRUGR FRP R FRPDQGR GH FDGD XPD GDV TXHVW}HV D   &RP H[FHomRGRVGLULJHQWHVGDVHPSUHVDVHVWDWDLV
VHJXLUPDUTXHSDUDFDGDLWHPRFDPSRGHVLJQDGR &
& 
& &(572 WRGRVRVHPSUHJDGRVVmRVXEPHWLGRVjVQRUPDVGD
28 ( (55$'2
( (55$'2
( (55$'2 &RQVROLGDomRGDV/HLVGR7UDEDOKR

  7DQWRDVHPSUHVDVS~EOLFDVTXDQWRDVVRFLHGDGHVGH
4XDQWR
4XDQWRDGLVFLSOLQD
GLVFLSOLQDGRV
GRVDWRV
DWRVDGPLQLVWUDWLYRV
DGPLQLVWUDWLYRVMXOJXH
MXOJXHRV
RVLWHQV HFRQRPLDPLVWDSUHVWDGRUDVGHVHUYLoRHVWmRVXEPHWL
DVHJXLU GDV DR SURFHVVR IDOLPHQWDU VHQGR TXH DV Do}HV
UHODWLYDVDHODVVmRGHFRPSHWrQFLDGDMXVWLoDIHGHUDO
  2VDWRVDGPLQLVWUDWLYRVTXHFRQWrPXPFRPDQGRJHUDO
GR([HFXWLYR6mRHGLWDGRVFRPRREMHWLYRGHDOFDQoDU   'LIHUHQWHPHQWHGDVHPSUHVDVS~EOLFDVDVVRFLHGDGHV
D FRUUHWD DSOLFDomR GD OHL SHORV yUJmRV H DJHQWHV GHHFRQRPLDPLVWDGHYHPVHLQVFUHYHUREULJDWRULD
S~EOLFRVGHQRPLQDVH$WRV1RUPDWLYRV PHQWHQDPRGDOLGDGHGHVRFLHGDGHDQ{QLPD

  $GLIHUHQoDHVVHQFLDOHQWUHRDWRDGPLQLVWUDWLYRHRDWR
MXUtGLFRpDILQDOLGDGHS~EOLFD 4XDQWR
4XDQWRDRV
DRVFDVRV
FDVRVGH
GHLPSURELGDGH
LPSURELGDGHDGPLQLVWUDWLYD
DGPLQLVWUDWLYDGLVFLSOL
QDGRVSHOD/HLQžMXOJXHRVLWHQVVHJXLQWHV
  2VDWRVHPTXHD$GPLQLVWUDomR3~EOLFDSUDWLFDOHYDQ
GRHPFRQWDPDLVTXHDRSRUWXQLGDGHRXDFRQYHQLrQ   1RFDVRGRHQULTXHFLPHQWRLOtFLWRSHUGHUiRDJHQWH
FLD GD PHGLGD R DGPLQLVWUDGRU WHP OLEHUGDGH GH S~EOLFR RX WHUFHLUR EHQHILFLiULR RV EHQV RX YDORUHV
HVFROKD GR FRQWH~GR GR DWR GH VHX GHVWLQDWiULR GR DFUHVFLGRVDRVHXSDWULP{QLR
PRGR GH VXD UHDOL]DomR GH VXD RSRUWXQLGDGH H VXD 
FRQYHQLrQFLDGHQRPLQDPVHGLVFULFLRQiULRV   4XDQGRRDWRGHLPSURELGDGHFDXVDUOHVmRDRSDWUL
P{QLR S~EOLFR RX HQVHMDU HQULTXHFLPHQWR LOtFLWR
  2DWRVHPTXHD$GPLQLVWUDomR3~EOLFDSUDWLFDFRPR FDEHUijDXWRULGDGHDGPLQLVWUDWLYDUHVSRQViYHOSHOR
SURSyVLWRGHSRVVLELOLWDUHPRFRQKHFLPHQWRGHIDWRVRX LQTXpULWRUHSUHVHQWDUDR0LQLVWpULR3~EOLFRSDUDD
DWRVSRUWRGRVRVLQWHUHVVDGRVGHQRPLQDPVHYLQFXOD LQGLVSRQLELOLGDGHGRVEHQVGRLQGLFLDGR
GRV 
  2VXFHVVRUGDTXHOHTXHFDXVDUOHVmRDRSDWULP{QLR
  2 DWRDGPLQLVWUDWLYRVHUiUHYRJDGRSHODSUySULD S~EOLFRRXVHHQULTXHFHULOLFLWDPHQWHHVWiVXMHLWRjV
DGPLQLVWUDomRS~EOLFD FRPLQDo}HVGHVWD/HLDWpRWRWDOGRYDORUGDKHUDQoD

  &RQVWLWXLDWRGHLPSURELGDGHDGPLQLVWUDWLYDLPSRU
$FHUFD
$FHUFDGDV
GDVILJXUDV
ILJXUDVGD
GDRUJDQL]DomR
RUJDQL]DomRDGPLQLVWUDWLYD
DGPLQLVWUDWLYDMXOJXH
MXOJXHRV WDQGRHQULTXHFLPHQWRLOtFLWRUHFHEHUSDUDVLRXSDUD
LWHQVVXEVHTHQWHV RXWUHPGLQKHLUREHPPyYHORXLPyYHORXTXDOTXHU
RXWUD YDQWDJHP HFRQ{PLFD GLUHWD RX LQGLUHWD D
  $V DXWDUTXLDV SRGHPVHUFRQWURODGDVSRUPHLRGD WtWXOR GH FRPLVVmR SHUFHQWDJHP JUDWLILFDomR RX
OHJLWLPLGDGHRXGRPpULWRVHQGRTXHQHVWH~OWLPRVH SUHVHQWHGHTXHPWHQKDLQWHUHVVHGLUHWRRXLQGLUHWR
YHULILFDDFRQYHQLrQFLDRXDRSRUWXQLGDGH TXH SRVVD VHU DWLQJLGR RX DPSDUDGR SRU DomR RX
RPLVVmRGHFRUUHQWHGDVDWULEXLo}HVGRDJHQWHS~EOL
  $VHPSUHVDVHVWDWDLVQmRHVWmRVXEPHWLGDVjUHVSRQVD FR
ELOL]DomR REMHWLYD SRLV DGRWDP FULWpULRV SUySULRV HP
YLUWXGHGDFRQGLomRGHSUHVWDGRUDVGHVHUYLoRS~EOLFR

 &(572
&(572
&(572  &(572
&(572
&(572 *DEDULWR2ILFLDO
 &(572
&(572
&(572  (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2
 &(572
&(572
&(572  &(572
&(572 *DEDULWR2ILFLDO
&(572
 (55$'2
(55$'2
(55$'2  &HUWR
&HUWR DUWž/Qž
&HUWR
 &(572
&(572
&(572  &HUWR
&HUWR DUWž/Qž
&HUWR
 &(572
&(572 *DEDULWR2ILFLDO
&(572  (UUDGR
(UUDGR DUWž/Qž
(UUDGR
 (55$'2
(55$'2 *DEDULWR2ILFLDO
(55$'2  &HUWR
&HUWR DUWž/Qž
&HUWR
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
  &RQVWLWXL DWRGHLPSURELGDGHDGPLQLVWUDWLYDTXH (P
(PUHODomR
UHODomRDRV
DRV6HUYLoRV
6HUYLoRV3~EOLFRV
3~EOLFRVDQDOLVH
DQDOLVHHMXOJXH
MXOJXHRV
RVLWHQV
FDXVD OHVmR DR HUiULR TXDOTXHU DomR RX RPLVVmR DVHJXLU
GRORVD RX FXOSRVD TXH HQVHMH SHUGD SDWULPRQLDO
GHVYLRDSURSULDomRPDOEDUDWDPHQWRRXGLODSLGDomR   2VVHUYLoRVGHWUDQVSRUWHFROHWLYRVmRFRQVLGHUDGRV
GRVEHQVRXKDYHUHVGDVHQWLGDGHVHQRWDGDPHQWH VHUYLoRVLPSUySULRVGR(VWDGR
UHDOL]DU RSHUDomR ILQDQFHLUD VHP REVHUYkQFLD GDV
QRUPDVOHJDLVHUHJXODPHQWDUHVRXDFHLWDUJDUDQWLD   7RGRRVHUYLoRSUHVWDGRSHOD$GPLQLVWUDomR3~EOLFD
LQVXILFLHQWHRXLQLG{QHD RX SRU TXHP VHMD SRU HOD DXWRUL]DGR  GH DFRUGR
FRPDVUHJUDVOHJDLVHVRERFRQWUROHGR3RGHU3~EOL
FRpFKDPDGRVHUYLoRS~EOLFR
&RQVLGHUDQGR
&RQVLGHUDQGR D /HL
/HL Qž
Qž 
 TXH
TXH WUDWD
WUDWD GR 3URFHVVR
$GPLQLVWUDWLYRQR
$GPLQLVWUDWLYR QRkPELWRGD$GPLQLVWUDomR3~EOLFD)HGHUDO
kPELWRGD$GPLQLVWUDomR3~EOLFD)HGHUDO   &RQVLGHUDQGRVH RVGHVWLQDWiULRVGRVHUYLoRRV
DQDOLVHHMXOJXHRVLWHQVVHJXLQWHV VHUYLoRV GH SROLFLDPHQWR VmR GHQRPLQDGRV VHUYLoR
´SULRULWLµ
  6HJXQGRD/HLQžD$GPLQLVWUDomR3~EOLFD
REHGHFHUiGHQWUHRXWURVDRVSULQFtSLRVGD R OHJDOL
GDGHILQDOLGDGHHPRWLYDomRUD]RDELOLGDGHSURSRU  $VVLQDOHDDOWHUQDWLYDFRUUHWD
FLRQDOLGDGHPRUDOLGDGHHDPSODGHIHVDFRQWUDGLWy
ULRVHJXUDQoD  2 FRQMXQWR GH yUJmRV GHSHQGHQWHV VXERUGLQDGRV DR
SRGHU
SRGHU3ROtWLFRRUJDQL]DGRVPDWHULDOILQDQFHLUDHKXPDQD
3ROtWLFRRUJDQL]DGRVPDWHULDOILQDQFHLUDHKXPDQD
  2SURFHVVRDGPLQLVWUDWLYRLQLFLDUiVRPHQWHDSHGLGR PHQWH
PHQWHSDUD
SDUDDH[HFXomR
H[HFXomRGDV
GDVGHFLV}HV
GHFLV}HVSROtWLFDV
SROtWLFDVFKDPDVH
GHLQWHUHVVDGR D 5HS~EOLFD
E $GPLQLVWUDomR3~EOLFD
  1R 3URFHVVR $GPLQLVWUDWLYRSRGHUiVHUDUJXLGDD F (VWDGR
VXVSHLomR GH DXWRULGDGH RX VHUYLGRU TXH WHQKD G *RYHUQR
DPL]DGHtQWLPDRXLQLPL]DGHQRWyULDFRPDOJXPGRV
LQWHUHVVDGRVRXFRPRVUHVSHFWLYRVF{QMXJHVFRPSD  $V
$VSHVVRDVTXHSUHVWDPVHUYLoRVj$GPLQLVWUDomR'LUHWD
SHVVRDVTXHSUHVWDPVHUYLoRVj$GPLQLVWUDomR'LUHWD
QKHLURVSDUHQWHVHDILQVDWpWHUFHLURJUDX RX
RX j $XWiUTXLFD
$XWiUTXLFD PHGLDQWH
PHGLDQWH FRQWUDWR
FRQWUDWR GH WUDEDOKR QRV
WHUPRV
WHUPRVHFRQGLo}HV
FRQGLo}HVGD
GDOHJLVODomR
OHJLVODomRWUDEDOKLVWD
WUDEDOKLVWDGHQRPLQDP
  1R SURFHVVRDGPLQLVWUDWLYRIHGHUDOTXDQGRGDGRV VH
DWXDo}HV RX GRFXPHQWRV VROLFLWDGRV DR LQWHUHVVDGR D IXQFLRQiULRV
IRUHPQHFHVViULRVjDSUHFLDomRGHSHGLGRIRUPXODGR E HPSUHJDGRUHV
RQmRDWHQGLPHQWRQRSUD]RIL[DGRSHOD$GPLQLVWUD F VHUYLGRUHV
omR SDUD D UHVSHFWLYD DSUHVHQWDomR LPSOLFDUi QD G HPSUHJDGRVS~EOLFRV
VXVSHQVmRGRSURFHVVR
 2 DJUXSDPHQWR
DJUXSDPHQWR GHGH FODVVHV
DVVHV GD
GD PHVPD
PHVPD SURILVVmR
SURILVVmR RX
RX DWLYL
  2VLQWHUHVVDGRVVHUmRLQWLPDGRVGHSURYDRXGLOLJrQ GDGH
GDGH HVFDORQDGDV
HVFDORQDGDV VHJXQGR
VHJXQGR D KLHUDUTXLD GR VHUYLoR GH
FLDRUGHQDGDFRPDQWHFHGrQFLDPtQLPDGHWUrVGLDV IRUPD
IRUPDTXH
TXHDV
DV&ODVVHV
&ODVVHVVHMDP
VHMDPRV
RVGHJUDXV
GHJUDXVGH
GHDFHVVR
DFHVVR SURPR
~WHLVPHQFLRQDQGRVHGDWDKRUDHORFDOGHUHDOL]D omR 
omR  QD
QD FDUUHLUD
FDUUHLUD H
H DVVLP
DVVLP j H[FHomR
H[FHomR GR SULPHLURLQLFLDO
GR SU LPHLURLQLFLDO
omR GHJUDX
GHJUDXRV
RVVXEVHTXHQWHVVySRVVDPVHUSURYLGRV SUHHQFKL
VXEVHTXHQWHVVySRVVDPVHUSURYLGRV SUHHQFKL
GRV SRUSHVVRDVMiWLWXODUHVGHFDUJR
  1RSURFHVVRDGPLQLVWUDWLYRIHGHUDOWrPOHJLWLPLGDGH D TXDGURS~EOLFR
SDUDLQWHUSRUUHFXUVRDGPLQLVWUDWLYRRVWLWXODUHVGH E FDUJR
GLUHLWRVHLQWHUHVVHVTXHIRUHPSDUWHQRSURFHVVRH F FDUUHLUD
DTXHOHVFXMRVGLUHLWRVRXLQWHUHVVHVIRUHPLQGLUHWD G IXQomR
PHQWHDIHWDGRVSHODGHFLVmRUHFRUULGD
 2$WR
$WR$GPLQLVWUDWLYR
$GPLQLVWUDWLYRTXH
TXHWHPSRUSURSyVLWRGLVFLSOLQDU
WHPSRUSURSyVLWRGLVFLSOLQDUR
  2UHFXUVRQmRVHUiFRQKHFLGRTXDQGRLQWHUSRVWRIRUD IXQFLRQDPHQWR
IXQFLRQDPHQWR GD
GD $GPLQLVWUDomR
$GPLQLVWUDomR 3~EOLFD H D FRQGXWD
GR SUD]R RX SHUDQWH yUJmR LQFRPSHWHQWH RX SRU IXQFLRQDOGRVDJHQWHVGHQRPLQDVH
TXHPQmRVHMDOHJLWLPDGRRXDLQGDDSyVH[DXULGDD D $WRV3XQLWLYRV
HVIHUDDGPLQLVWUDWLYD E $WRV(QXQFLDWLYRV
F $WRV2UGLQDWyULRV
G $WRVGH&RQKHFLPHQWR

 &HUWR
&HUWR DUW/Qž
&HUWR
 &(572
&(572 DUWž/Qž
&(572  (55$'2
(55$'2
 (55$'2
(55$'2 DUWž/
(55$'2  &(572
&(572
 &(572
&(572 DUW/Qž
&(572  (55$'2
(55$'2
 (55$'2
(55$'2 DUW/Qž
(55$'2  %
%
 &(572
&(572 DUW/Qž
&(572  '
'
 &(572
&(572 DUW/Qž
&(572  &
&
 &(572
&(572 DUW/Qž
&(572  &
&
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

 2V
2VDWRV
DWRVDGPLQLVWUDWLYRV
DGPLQLVWUDWLYRVTXH
TXHFRQWrP
FRQWrPXP
XPFRPDQGR
FRPDQGRJHUDO
JHUDOGR D YLQFXODGRV
([HFXWLYR
([HFXWLYR 6mR
6mR HGLWDGRV
HGLWDGRV FRP
FRP R REMHWLYR
REMHWLYR GH DOFDQoDU D E LPSHUDWLYRV
FRUUHWD
FRUUHWD DSOLFDomR
DSOLFDomR GD
GD OHL
OHL SHORV
SHORV yUJmRV
yUJmRV H DJHQWHV
DJHQWHV S~EOLFRV F DXWRH[HFXWRULHGDGH
GHQRPLQDVH G GLVFULFLRQiULRV
D $WRV1RUPDWLYRV
E $WRV(QXQFLDWLYRV  7DPEpP
7DPEpPFRQKHFLGRV
FRQKHFLGRVFRPR
FRPRDWRV
DWRVUHJUDGRVVmRDTXHOHVFXMRV
UHJUDGRVVmRDTXHOHVFXMRV
F $WRV2UGLQDWyULRV UHTXLVLWRV
HTXLVLWRVHFRQGLo}HV
FRQGLo}HVGH
GHVXD
VXDUHDOL]DomRYHPHVWDEHOHFLGDV
UHDOL]DomRYHP HVWDEHOHFLGDV
G $WRVGH&RQKHFLPHQWR SHODOHLGHQRPLQDPVH
D YLQFXODGRV
 2 $WR
$WR $GPLQLVWUDWLYR
$GPLQLVWUDWLYR TXH
TXH HPERUD
HPERUD XQLODWHUDLV
XQLODWHUDLV FRQWHP E LPSHUDWLYRV
LQWHUHVVH
LQWHUHVVH UHFtSURFR
UHFtSURFR GD $GPLQLVWUDomR H GR SDUWLFXODU F DXWRH[HFXWRULHGDGH
GHQRPLQDVH G GLVFULFLRQiULRV
D $WRV3XQLWLYRV
E $WRV(QXQFLDWLYRV  2V
2V DWRV
DWRV HP
HP TXH
TXH VHPSUH
VHPSUH KDYHUi
KDYHUi D LPSRVLomR GH XPD
F $WRV1HJRFLDLV VDQomR
DQomR LPSRVWD
LPSRVWD SHOD
SHOD $GPLQLVWUDomR
$GPLQLVWUDomR 3~EOLFD
3~EOLFD jTXHOH
jTXHOH TXH
TXH
G $WRVGH&RQKHFLPHQWR WLYHUHP
WLYHUHP LQIULQJLGR
LQIULQJLGR XPD
XPD SURLELomR
SURLELomR GD
GD OHL
OHL GR
GR UHJXODPHQWR
RXGHGLVSRVLomRRUGLQDWyULDGHQRPLQDVH
 $ GLIHUHQoDHVVHQFLDOHQWUHRDWRDGPLQLVWUDWLYRHRDWR
GLIHUHQoDHVVHQFLDOHQWUHRDWRDGPLQLVWUDWLYRHRDWR D YLQFXODGRV
MXUtGLFRp E LPSHUDWLYRV
D DILQDOLGDGHS~EOLFD F SXQLWLYRV
E HVVHQFLDOPHQWHRLQWHUHVVH G HQXQFLDWLYRV
F HIHLWRMXUtGLFR
G DTXLVLomRGHXPGLUHLWRS~EOLFR  2DWR
DWRHP
HPTXH
TXHR3RGHU
3RGHU3~EOLFR
3~EOLFRDSHQDV
DSHQDVDQXQFLD
DQXQFLDXP
XPIDWR
IDWRRX
XPDRSLQLmRVREUHXPDVVXQWRGHQRPLQDVH
 2DWR
DWRDGPLQLVWUDWLYR
DGPLQLVWUDWLYRVy
VySRGHVHUSUDWLFDGRSHOR
SRGHVHUSUDWLFDGRSHORDJHQWH
DJHQWHD D YLQFXODGRV
TXHPDOHLDXWRUL]RXVXDSUiWLFDHVWHpXPUHTXLVLWRGH E LPSHUDWLYRV
D FRPSHWrQFLD F SXQLWLYRV
E ILQDOLGDGH G HQXQFLDWLYRV
F IRUPD
G PRWLYRHREMHWR  2 DWRV
DWRV HP
HP TXH
TXH D $GPLQLVWUDomR 3~EOLFD SUDWLFD FRP R
SURSyVLWRGHSRVVLELOLWDUHPRFRQKHFLPHQWRGHIDWRVRX
 $FDXVD
FDXVDDLQVSLUDomR
LQVSLUDomRSDUD
SDUDDSUiWLFD
SUiWLFDGR
GRDWR
DWRDGPLQLVWUDWLYR DWRVSRUWRGRVRVLQWHUHVVDGRVGHQRPLQDPVH
pXPUHTXLVLWRGH D YLQFXODGRV
D FRPSHWrQFLD E GHFRQKHFLPHQWR
E ILQDOLGDGH F SXQLWLYRV
F IRUPD G HQXQFLDWLYRV
G PRWLYR
 2DWRDGPLQLVWUDWLYRVHUiUHYRJDGR
 7RGR
7RGRDWR
DWRDGPLQLVWUDWLYR
DGPLQLVWUDWLYRVy
VyVHUi
VHUiFRQVLGHUDGR
FRQVLGHUDGRLOHJtWLPRVH
LOHJtWLPRVH D SHORMXGLFLiULR
KRXYHU
KRXYHUSURYDFDEDOVHJXUDGH
SURYDFDEDOVHJXUDGHVHU
VHULQYiOLGR
LQYiOLGRHVWH
HVWHDWULEXWR E SHOROHJLVODWLYR
GRDWRDGPLQLVWUDWLYRGHQRPLQDVH F SHODSUySULDDGPLQLVWUDomRS~EOLFD
D SUHVXQomRGHOHJLWLPLGDGH G SRUTXDOTXHUSHVVRD
E LPSHUDWLYLGDGH
F DXWRH[HFXWRULHGDGH  2 3RGHU
3RGHU $GPLQLVWUDWLYRTXHFRQWURODRGHVHPSHQKRGDV
$GPLQLVWUDWLYRTXHFRQWURODRGHVHPSHQKRGDV
G GLVFULFLRQDULHGDGH IXQo}HV DGPLQLVWUDWLYDV H R FRPSRUWDPHQWR
IXQo}HV DGPLQLVWUDWLYDV FRPSRUWDPHQWR LQWHUQR
LQWHUQR GH
VHXV
VHXVDJHQWHV
DJHQWHVSXQLQGRRV
SXQLQGRRVSHODV
SHODVIDOWDV
IDOWDVDSXUDGDVGHQRPLQD
DSXUDGDVGHQRPLQD
 23RGHU
3RGHUGR
GRDWR
DWRDGPLQLVWUDWLYR
DGPLQLVWUDWLYRGH
GHLPSRU
LPSRUVHX
VHXFXPSULPHQWR VH
VXDH[HFXomRGHQRPLQDVH D 3RGHU5HJXODPHQWDU
D SUHVXQomRGHOHJLWLPLGDGH E 3RGHU'LVFLSOLQDU
E LPSHUDWLYLGDGH F 3RGHUKLHUiUTXLFR
F DXWRH[HFXWRULHGDGH G 3RGHUGH3ROtFLD
G GLVFULFLRQDULHGDGH
 2 FRQMXQWR GH DWULEXLo}HV FRQFHGLGDV j $GPLQLVWUDomR
 2V
2V DWRV
DWRV HP
HP TXH
TXH D $GPLQLVWUDomR
$GPLQLVWUDomR 3~EOLFD
3~EOLFD SUDWLFDOHYDQGR
SUDWLFDOHYDQGR SDUD
SDUDGLVFLSOLQDU
GLVFLSOLQDUHUHVWULQJLU
UHVWULQJLUHP
HPIDYRU
IDYRUGR
GRLQWHUHVVH
LQWHUHVVHS~EOLFR
HPFRQWDPDLVTXHDRSRUWXQLGDGHRXDFRQYHQLrQFLDGD DGHTXDGR
DGHTXDGRGLUHLWRV
GLUHLWRVHOLEHUGDGHV
OLEHUGDGHVLQGLYLGXDLV
LQGLYLGXDLVGHQRPLQDVH
PHGLGD
PHGLGD R DGPLQLVWUDGRU
DGPLQLVWUDGRU WHP OLEHUGDGH GH HVFROKD GR D 3RGHU5HJXODPHQWDU
FRQWH~GR
FRQWH~GR GR
GR DWR
DWR GH
GH VHX
VHX GHVWLQDWiULR
GHVWLQDWiULR GR PRGR GH VXD E 3RGHU'LVFLSOLQDU
UHDOL]DomR
UHDOL]DomR GH
GH VXD RSRUWXQLGDGH H VXD
VXD RSRUWXQLGDGH VXD FRQYHQLrQFLD F 3RGHU+LHUiUTXLFR
GHQRPLQDPVH G 3RGHUGH3ROtFLD

 $
$
 &
&  $
$
 $
$  &
&
 $
$  '
'
 '
'  %
%
 $
$  &
&
 %
%  %
%
 '
'  '
'
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
 2$WR
$WR$GPLQLVWUDWLYR
$GPLQLVWUDWLYRTXH
TXHWHP
WHPSRUSURSyVLWRGLVFLSOLQDU
SRUSURSyVLWRGLVFLSOLQDUR  $V(QWLGDGHV3DUDHVWDWDLV
IXQFLRQDPHQWR
IXQFLRQDPHQWR GD $GPLQLVWUDomR 3~EOLFD H D FRQGXWD D VmR HQWLGDGHV GRWDGDV GH SHUVRQDOLGDGH MXUtGLFD GH
IXQFLRQDOGRVDJHQWHVGHQRPLQDVH GLUHLWRSULYDGRVHPILQVOXFUDWLYRVFULDGDHPYLUWXGHGH
D $WRV3XQLWLYRV DXWRUL]DomR OHJLVODWLYD SDUD R GHVHQYROYLPHQWR GH
E $WRV(QXQFLDWLYRV DWLYLGDGHV TXH QmR H[LMDP H[HFXomR SRU yUJmRV RX
F $WRV2UGLQDWyULRV HQWLGDGHVGHGLUHLWRS~EOLFRFRPDXWRQRPLDDGPLQLVWUD
G $WRVGH&RQKHFLPHQWR WLYDSDWULP{QLRSUySULRJHULGRSHORVUHVSHFWLYRVyUJmRV
GH GLUHomR H IXQFLRQDPHQWR FXVWHDGR SRU UHFXUVRV GD
 $VVLQDOHDDOWHUQDWLYDFRUUHWD 8QLmRHGHRXWUDVIRQWHV
D $$GPLQLVWUDomRGHYHUHYRJDUVHXVSUySULRVDWRVTXDQGR E VmRSHVVRDVMXUtGLFDVGHGLUHLWRSULYDGRGHTXHSDUWLFLSD
HLYDGRV GH YtFLR GH OHJDOLGDGH H SRGH DQXOiORV SRU R3RGHU3~EOLFRDVVRFLDQGRVHDSDUWLFXODUHVSDUDMXQWRV
PRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRV H[SORUDUHP DOJXPD DWLYLGDGH HFRQ{PLFD RX VHUYLoR GH
GLUHLWRVDGTXLULGRV LQWHUHVVHFROHWLYR
E 2GLUHLWRGD$GPLQLVWUDomRGHDQXODURVDWRVDGPLQLVWUD F WrPSRUFDUDFWHUtVWLFDDQHFHVVLGDGHGH D VHUHPFULDGDV
WLYRVGHTXHGHFRUUDPHIHLWRVIDYRUiYHLVSDUDRVGHVWLQD SRU OHL E  WHUHP SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR
WiULRVGHFDLHPGRLVDQRVFRQWDGRVGDGDWDHPTXHIRUDP S~EOLFR‹WHUHPSDWULP{QLRSUySULR G WHUHPFDSDFLGD
SUDWLFDGRVVDOYRFRPSURYDGDPiIp GHGHDXWRDGPLQLVWUDomR H VXEPHWHUHPVHDFRQWUROH
F (PGHFLVmRQDTXDOVHHYLGHQFLHQmRDFDUUHWDUHPOHVmRDR GR3RGHU3~EOLFRH I GHVHPSHQKDUHPIXQo}HVWLSLFD
LQWHUHVVHS~EOLFR QHPSUHMXt]RDWHUFHLURVRVDWRVTXH PHQWHS~EOLFDV
DSUHVHQWDUHPGHIHLWRVVDQiYHLVSRGHUmRVHUFRQYDOLGDGRV G VmR SHVVRDV MXUtGLFDV GH GLUHLWR SULYDGR PDV TXH VmR
SHODSUySULD$GPLQLVWUDomR FULDGDVDSHQDVFRPDXWRUL]DomROHJDOHWrPSDWULP{QLR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV S~EOLFRRXH[FHSFLRQDOPHQWHSDWULP{QLRPLVWR S~EOLFR
SULYDGR WHQGRSRUREMHWLYRDUHDOL]DomRGHDWLYLGDGHV
 $DWLYLGDGH
DWLYLGDGHDGPLQLVWUDWLYD
DGPLQLVWUDWLYDTXH
TXHWHP
WHPSRUILPDVVHJXUDU
SRUILP DVVHJXUDUGH REUDVRXVHUYLoRVGHLQWHUHVVHJHUDO
PRGR
PRGR SHUPDQHQWH
SHUPDQHQWH FRQWtQXR
FRQWtQXR H JHUDO D VDWLVIDomR GH
QHFHVVLGDGHV
QHFHVVLGDGHV HVVHQFLDLV
HVVHQFLDLV RX
RX VHFX
VHFX QGiULDV
QGiULDV GD
GD VRFLHGDGH  4XDQGR
4XDQGRFRP
FRPGROR
GRORRX
RXFXOSD
FXOSDFDXVDU
FDXVDURVHUYLGRU
VHUYLGRUQR
QRH[HUFt
DVVLP
DVVLP SRU
SRU OHL
OHL FRQVLGHUDGDV H VRE FRQGLo}HV LPSRVWDV FLR
FLRLUUHJXODU
LUUHJXODUGH
GHVXDV
VXDVDWULEXLo}HVSUHMXt]RDR(VWDGRRXD
XQLODWHUDOPHQWH
XQLODWHUDOPHQWH SHOD
SHOD SUySULD
SUySULD $GPLQLVWUDomR
$GPLQLVWUDomR HVWH
HVWH p R WHUFHLURVVHFRQILJXUDUiDUHVSRQVDELOLGDGH
FRQFHLWRGH D SHQDO
D 6HUYLoRV8QLODWHUDLV E DGPLQLVWUDWLYD
E 6HUYLoRVGH8WLOLGDGH3~EOLFD F FLYLO
F 6HUYLoRV3UySULRVGR(VWDGR G FRQWiELO
G 6HUYLoR3~EOLFR
 $RUJDQL]DomR
RUJDQL]DomRSROtWLFD
SROtWLFDFRP
FRPRILP
ILPHVSHFtILFR
HVSHFtILFRHHVVHQFLDO
HVVHQFLDOGH
 $V$XWDUTXLDV
$V$XWDUTXLDV UHJXODPHQWDU
UHJXODPHQWDUJOREDOPHQWH
JOREDOPHQWHDV
DVUHODo}HV
UHODo}HVHQWUH
HQWUHPHPEURV
PHPEURVGD
D VmRSHVVRDVMXUtGLFDVFULDGDVSHOR3RGHU3~EOLFRPDVVmR SRSXODomRGHVHXWHUULWyULRGHQRPLQDVH
FRPRVHIRVVH´HPSUHVDVSULYDGDVµWHQGRSHUVRQDOLGDGH D 5HS~EOLFD
MXUtGLFDGHGLUHLWRSULYDGRORJRUHJHPVHSHORVSUHFHLWRV E DGPLQLVWUDomRS~EOLFD
FRPHUFLDLV F (VWDGR
E VmR HQWLGDGHV GRWDGDV GH SHUVRQDOLGDGH MXUtGLFD GH G *RYHUQR
GLUHLWRSULYDGRVHPILQVOXFUDWLYRVFULDGDHPYLUWXGHGH
DXWRUL]DomR OHJLVODWLYD SDUD R GHVHQYROYLPHQWR GH
 2 DUW
DUW 
 † ž
ž GD
GD &RQVWLWXLomR
&RQVWLWXLomR )HGHUDO
)HGHUDO DR
DR GLVSRUVREUHD
GLVSRUVREUHD
DWLYLGDGHV TXH QmR H[LMDP H[HFXomR SRU yUJmRV RX
UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHGR GRSRGHU
SRGHUS~EOLFRVREUHGDQRVFDXVDGRV
HQWLGDGHVGHGLUHLWRS~EOLFRFRPDXWRQRPLDDGPLQLVWUD
SRUVHXVIXQFLRQiULRVDWHUFHLURVDGRWRXD
WLYDSDWULP{QLRSUySULRJHULGRSHORVUHVSHFWLYRVyUJmRV
D WHRULDGDUHVSRQVDELOLGDGHFRPFXOSD
GH GLUHomR H IXQFLRQDPHQWR FXVWHDGR SRU UHFXUVRV GD
E WHRULDGDUHVSRQVDELOLGDGHREMHWLYD
8QLmRHGHRXWUDVIRQWHV
F WHRULDGDLUUHVSRQVDELOLGDGH
F WrPSRUFDUDFWHUtVWLFDDQHFHVVLGDGHGH D VHUHPFULDGDV
SRU OHL E  WHUHP SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR G WHRULDGRULVFRLQWHJUDO
S~EOLFR‹WHUHPSDWULP{QLRSUySULR G WHUHPFDSDFLGD
GHGHDXWRDGPLQLVWUDomR H VXEPHWHUHPVHDFRQWUROH  $V
$VSHVVRDV
SHVVRDVMXUtGLFDV
MXUtGLFDVGH
GHGLUHLWR
GLUHLWRS~EOLFRVmRBBBBBBBBBBBB
S~EOLFRVmRBBBBBBBBBBBB
GR3RGHU3~EOLFRH I GHVHPSHQKDUHPIXQo}HVWLSLFD UHVSRQViYHLVSRUDWRVGRVVHXVUHSUHVHQWDQWHVTXHQHVVD
UHVSRQViYHLVSRUDWRVGRVVHXVUHSUHVHQWDQWHVTXHQHVVD
PHQWHS~EOLFDV TXDOLGDGHFDXVHPGDQRVDWHUFHLURV
G VmR SHVVRDV MXUtGLFDV GH GLUHLWR SULYDGR PDV TXH VmR D DGPLQLVWUDWLYDPHQWH
FULDGDVDSHQDVFRPDXWRUL]DomROHJDOHWrPSDWULP{QLR E SHQDOPHQWH
S~EOLFRRXH[FHSFLRQDOPHQWHSDWULP{QLRPLVWR S~EOLFR F FLYLOPHQWH
SULYDGR WHQGRSRUREMHWLYRDUHDOL]DomRGHDWLYLGDGHV G SHQDOFLYLOHDGPLQLVWUDWLYDPHQWH
REUDVRXVHUYLoRVGHLQWHUHVVHJHUDO

 '
'
 &
&  &
&
 &
& DUWV/  &
&
 '
'  %
%
 &
&  &
&
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

 2SULQFtSLR
SULQFtSLRGD
GDSUHVXQomRGHOHJLWLPLGDGHGRVDWRVDGPL
SUHVXQomRGHOHJLWLPLGDGHGRVDWRVDGPL  1R
1R FDVR
FDVR GR HQULTXHFLPHQWR LOtFLWR SHUGHUi R DJHQWH
QLVWUDWLYRVpGHQDWXUH]D UHODWLYD
QLVWUDWLYRVpGHQDWXUH]DU HODWLYD ³ MXULV
MXULV WDQWXP
WDQWXP ³ YDOH
YDOH S~EOLFRRXWHUFHLUREHQHILFLiULR
S~EOLFRRXWHUFHLUREHQHILFLiULR
GL]HU D RVEHQVRXYDORUHVDFUHVFLGRVDRVHXSDWULP{QLR
D QmRDGPLWLUiSURYDGHVXDLOHJDOLGDGH E WRGRVVHXSDWULP{QLRDPHDOKDGRGXUDQWHVXDYLGD
E DGPLWLUiVHPSUHSURYDGHVXDLOHJDOLGDGH F RVOXFURVDXIHULGRVFRPRVQHJyFLRVLOtFLWRV
F VHUiVHPSUHLOHJDO G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV 
 2VXFHVVRU
VXFHVVRUGDTXHOH
GDTXHOHTXH
TXHFDXV
FDXVDU OHVmRDR
DUOHVmR DRSDWULP{QLR
SDWULP{QLRS~EOLFR
 2V
2V VHUYLGRUHV
VHUYLGRUHV S~EOLFRV
S~EOLFRV TXH FRPS}HP R *RYHUQR VHX RX
RX VH
VH HQULTXHFHU
HQULTXHFHU LOLFLWDPHQWH
LOLFLWDPHQWH HVWiVXMHLWRjVFRPLQDo}HV
HVWiVXMHLWRjVFRPLQDo}HV
FRPDQGRHHVWmR
FRPDQGR HVWmRLQYHVWLGRV
LQYHVWLGRVQRV
QRVFDUJRV
FDUJRVIXQo}HV
IXQo}HVPDQGDWR GHVWD/HLDWp
GHVWD/HLDWp
RX
RX FRPLVV}HV
FRPLVV}HV DWXDQGR
DWXDQGR FRP SOHQD OLEHUGDGH IXQFLRQDO D XPWHUoRGRYDORUGDVXFHVVmR
SDUD
SDUDGHVHPSHQKR
GHVHPSHQKRGDV
GDVDWULEXLo}HV
DWULEXLo}HVTXH
TXHOKHV
OKHVVmR
VmRFRPHWLGDV E ROLPLWHGRYDORUGDKHUDQoD
SHOD
HOD&RQVWLWXLomR
&RQVWLWXLomRRX
RXOHLV
OHLVHVSHFLDLV5LJRURVDPHQWHQmR
HVSHFLDLV5LJRURVDPHQWHQmR F RWRWDOGRYDORUGDKHUDQoD
VmR
VmR IXQFLRQiULRV
IXQFLRQiULRV S~EOLFRV
S~EOLFRV D QmR
QmR VHU
VHU QR
QR VHQWLGR
VHQWLGR PDLV G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
DEUDQJHQWH
DEUDQJHQWHGD
GDH[SUHVVmR
H[SUHVVmRHSDUD
SDUDILQV
ILQVSHQDLV
SHQDLVGHQRPLQDP 
VH  &RQVWLWXL
&RQVWLWXL DWR GH LPSURELGDGH DGPLQLVWUDWLYD TXH FDXVD
D DJHQWHVSROtWLFRV OHVmR
OHVmR DR HUiULR TXDOTXHU DomR RX RPLVVmR GRORVD RX
E DJHQWHVDGPLQLVWUDWLYR FXOSRVDTXHHQVHMHSHUGDSDWULPRQLDOGHVYLRDSURSULD
FXOSRVDTXHHQVHMHSHUGDSDWULPRQLDOGHVYLRDSURSULD
F DJHQWHVKRQRUtILFRV omR
omRPDO EDUDWDPHQWRRX
PDOEDUDWDPHQWR RXGLODSLGDomR
GLODSLGDomRGRV
GRVEHQV
EHQVRX
RXKDYHUHV
G DJHQWHVGHOHJDGRV GDVHQWLGDGHVHQRWDGDPHQWH
 D SHUPLWLURXIDFLOLWDUDDTXLVLomRSHUPXWDRXORFDomRGH
 6mR
6mRXQLFDPHQWH
XQLFDPHQWHVHUYLGRUHV
VHUYLGRUHVS~EOLFRV
S~EOLFRVFRP
FRPPDLRU
PDLRURX
RXPHQRU EHPRXVHUYLoRSRUSUHoRVXSHULRUDRGHPHUFDGR
KLHUDUTXLD HQFDUJRV H UHVSRQVDELOLGDGHV
KLHUDUTXLD HQFDUJRV UHVSRQVDELOLGDGHV SURILVVLRQDLV E UHDOL]DURSHUDomRILQDQFHLUDVHPREVHUYkQFLDGDVQRUPDV
GHQWUR
GHQWURGR
GRyUJmR
yUJmRRX
RXGD
GDHQWLGDGH
HQWLGDGHDTXHVHUYHPFRQIRUPH OHJDLVHUHJXODPHQWDUHVRXDFHLWDUJDUDQWLDLQVXILFLHQWH
RFDUJR
FDUJRRX
RXDIXQomR
IXQomRHP
HPTXH
TXHHVWHMDP
HVWHMDPLQYHVWLGRV
LQYHVWLGRV'H
'HDFRUGR RXLQLG{QHD
FRPDSRVLomRKLHUiUTXLFDTXHRFXSDPHDVIXQo}HVTXH
FRPDSRVLomRKLHUiUTXLFDTXHRFXSDPHDVIXQo}HVTXH F FRQFHGHUEHQHItFLRDGPLQLVWUDWLYRRXILVFDOVHPDREVHU
OKHV
OKHVVmR
VmRFRPHWLGDV
FRPHWLGDVUHFHEHP
UHFHEHPDFRUUHVSRQGHQWH
FRUUHVSRQGHQWHSDUFHOD
SDUFHODGH YkQFLDGDVIRUPDOLGDGHVOHJDLVRXUHJXODPHQWDUHVDSOLFi
DXWRULGDGH S~EOLFD SDUD R VHX GHVHPSHQKR QR SODQR YHLVjHVSpFLH
DGPLQLVWUDWLYR
DGPLQLVWUDWLYRVHP
VHPTXDOTXHU
TXDOTXHUSRGHU
SRGHUSROtWLFD
SROtWLFDGHQRPLQDP G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
VH
D DJHQWHVSROtWLFRV  $SRVVH
SRVVHHRH[HUFtFLR
H[HUFtFLRGHGHDJHQWH
DJHQWHS~EOLFR
S~EOLFRILFDP
ILFDPFRQGLFLRQD
E DJHQWHVDGPLQLVWUDWLYR GRV
F DJHQWHVKRQRUtILFRV D j DSUHVHQWDomR GH GHFODUDomR GRV EHQV H YDORUHV TXH
G DJHQWHVGHOHJDGRV FRPS}HPRVHXSDWULP{QLRSULYDGRDILPGHVHUDUTXLYD
GDQR6HUYLoRGH3HVVRDOFRPSHWHQWH
 7RGRRVHUYLoRSUHVWDGRSHOD$GPLQLVWUDomR3~EOLFD RX
7RGRRVHUYLoRSUHVWDGRSHOD$GPLQLVWUDomR3~EOLFD RX E jUHSUHVHQWDomRGDGHFODUDomRGR,PSRVWRGH5HQGDGH
SRU TXHP VHMD SRU HOD DXWRUL]DGR  GH DFRUGR FRP DV 3HVVRD )tVLFD  D ILP GH VHU DUTXLYDGD QR 6HUYLoR GH
UHJUDV
UHJUDVOHJDLV
OHJDLVHVRE
VRERFRQWUROHGR3RGHU
RFRQWUROHGR3RGHU3~EOLFR
3~EOLFRpFKDPD 3HVVRDO
GR F j GHFODUDomR S~EOLFD GRV YDORUHV TXH FRPS}HP R VHX
D WDUHIDS~EOLFD SDWULP{QLRS~EOLFRDILPGHVHUDUTXLYDGDQR6HUYLoRGH
E REULJDomRS~EOLFD 3HVVRDOFRPSHWHQWH
F VHUYLoRS~EOLFR G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
 +DYHQGR
+DYHQGRIXQGDGRV
IXQGDGRVLQGtFLRV
LQGtFLRVGH
GHUHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHDFRPLV
 2VVHUYLoRVGHWUDQVSRUWHFROHWLYRVmRFRQVLGHUDGRV
2VVHUYLoRVGHWUDQVSRUWHFROHWLYRVmRFRQVLGHUDGRV VmR
VmRUHSUHVHQWDUi
UHSUHVHQWDUiDR
DR0LQLVWpULR
0LQLVWpULR3~EOLFR
3~EOLFRRX
RXj3URFXUDGRULD
D VHUYLoRVGHXWLOLGDGHS~EOLFD GRyUJmRSDUD
E VHUYLoRVSUySULRVGR(VWDGR D TXH UHTXHLUD DR MXt]R FRPSHWHQWH D GHFUHWDomR GR
F VHUYLoRVLPSUySULRVGR(VWDGR VHTXHVWUR GRV EHQV GR DJHQWH RX WHUFHLUR TXH WHQKD
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV HQULTXHFLGRLOLFLWDPHQWHRXFDXVDGRGDQRDRSDWULP{QLR
S~EOLFR
 &RQVLGHUDQGRVH
&RQVLGHUDQGRVH D ILQDOLGDGH
ILQDOLGDGH GR
GR VHUYLoR
VHUYLoR R VHUYLoR
VHUYLoR GD E TXH UHTXHLUD DR MXt]R LQFRPSHWHQWH D GHFUHWDomR GR
,PSUHQVDRILFLDOpFRQVLGHUDGR VHTXHVWUR GRV EHQV GR DJHQWH RX WHUFHLUR TXH WHQKD
D VHUYLoRGHXWLOLGDGHS~EOLFD HQULTXHFLGROLFLWDPHQWHRXFDXVDGRGDQRDRSDWULP{QLR
E VHUYLoRDGPLQLVWUDWLYR S~EOLFR
F VHUYLoRLQGXVWULDO F TXH UHTXHLUD DR MXt]R FRPSHWHQWH D GHFUHWDomR GR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV VHTXHVWUR GRV EHQV GR DJHQWH RX WHUFHLUR TXH WHQKD
HQULTXHFLGROLFLWDPHQWHVDOYRVHFDXVDGRGDQRDRSDWULP{
QLRS~EOLFR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV

 %
%
 $
$  $
$ DUWž/Qž
$
 %
%  %
% DUWž/Qž
%
 &
&  '
' DUW/Qž
'
 $
$  $
$ DUW/Qž
$
 %
%  $
$ DUW/Qž
$
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
 5H]D
5H]DD/HL
/HLQž
Qž
TXH
TXH$GPLQLVWUDomR
$GPLQLVWUDomR3~EOLFD
3~EOLFDREHGH  1mRSRGHPVHUREMHWRGHGHOHJDomR
FHUiGHQWUHRXWURVDRVSULQFtSLRVGD R  D DHGLomRGHDWRVGHFDUiWHUQRUPDWLYR
D OHJDOLGDGHILQDOLGDGHHPRWLYDomR E DGHFLVmRGHUHFXUVRVDGPLQLVWUDWLYRV
E UD]RDELOLGDGHSURSRUFLRQDOLGDGHPRUDOLGDGHHDPSOD F DV PDWpULDV GH FRPSHWrQFLD H[FOXVLYD GR yUJmR RX
GHIHVD DXWRULGDGH
F FRQWUDGLWyULR VHJXUDQoD MXUtGLFD LQWHUHVVH S~EOLFR H G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
HILFLrQFLD
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV  6HJXQGR
6HJXQGRD/HL
/HLQž
Qž
 LQH[LVWLQGR
LQH[LVWLQGRFRPSHWrQFLD
FRPSHWrQFLDOHJDO
HVSHFtILFD
HVSHFtILFD R SURFHVVR DGPLQLVWUDWLYR GHYHUi
SURFHVVR DGPLQLVWUDWLYR GHYHUi VHU
VHU LQ LFLDGR
 3DUD HIHLWR GD /HL Qž  D XQLGDGH GH DWXDomR SHUDQWHDDXWRULGDGH
GRWDGDGHSHUVRQDOLGDGHMXUtGLFDGHQRPLQDVH D GHPHQRUJUDXKLHUiUTXLFRSDUDGHFLGLU
D yUJmR E GHPDLRUJUDXKLHUiUTXLFRSDUDGHFLGLU
E DXWRULGDGH F GHPHQRUQtYHOKLHUiUTXLFRSDUDFRQFOXLU
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
F HQWLGDGH
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
 6HJXQGR
6HJXQGR D /HL/HL Qž
Qž 
 p LPSHGLGR
LPSHGLGR GH
GH DWXDU
DWXDU HP
SURFHVVRDGPLQLVWUDWLYRRVHUYLGRURXDXWRULGDGHTXH
 $ REMHWLYLGDGH
REMHWLYLGDGH QR DWHQGLPHQWR GR LQWHUHVVH S~EOLFR D WHQKDLQWHUHVVHGLUHWRRXLQGLUHWRQDPDWpULD
YHGDGD
YHGDGD D SURPRomR
SURPRomR SHVVRDO
SHVVRDO GH DJHQWHV RX DXWRULGDGHV E WHQKD SDUWLFLSDGR RX YHQKD D SDUWLFLSDU FRPR SHULWR
VHUiREVHUYDGD WHVWHPXQKDRXUHSUHVHQWDQWHRXVHWDLVVLWXDo}HVRFRU
D QRSURFHVVRDGPLQLVWUDWLYR UHPTXDQWRDRF{QMXJHFRPSDQKHLURRXSDUHQWHHDILQV
E QDILQDOLGDGHDGPLQLVWUDWLYD DWpRWHUFHLURJUDX
F HVWUXWXUDDGPLQLVWUDWLYD F HVWHMD OLWLJDQGR MXGLFLDO RX DGPLQLVWUDWLYDPHQWH FRP R
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV LQWHUHVVDGRRXUHVSHFWLYRF{QMXJHRXFRPSDQKHLUR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
 $JDUDQWLD
JDUDQWLDGRV
GRVGLUHLWRV
GLUHLWRVjFRPXQLFDomR
FRPXQLFDomRjDSUHVHQWDomR
DSUHVHQWDomRGH
DOHJDo}HV
DOHJDo}HVILQDLV
ILQDLVjSURGXomR
SURGXomRGH SURYDVHjLQWHUSRVLomR
GHSURYDV LQWHUSRVLomRGH  1R
1R SURFHVVR
SURFHVVR DGPLQLVWUDWLYR
DGPLQLVWUDWLYR DVSURYDVREWLGDVSRUPHLRV
UHFXUVRV
UHFXUVRVQRV
QRVSURFHVVRV
SURFHVVRVGHGHTXH
TXHSRVVDP
SRVVDPUHVXOWDU
UHVXOWDUVDQo}HV
VDQo}HVH LOtFLWRVVmR
QDV
QDVVLWXDo}HV
VLWXDo}HVGH
GHOLWtJLR
OLWtJLRVmR
VmRFRQVLGHUDGRV
FRQVLGHUDGRVFULWpULRV
FULWpULRVDVHUHP D DGPLVVtYHLV
REVHUYDGRV E DFHLWiYHO
D QRSURFHVVRDGPLQLVWUDWLYR F LQDGPLVVtYHLV
E QDVHQWHQoDDGPLQLVWUDWLYD G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
F QRLQTXpULWRDGPLQLVWUDWLYR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV  $QWHV
$QWHVGD
GDWRPDGD
WRPDGDGH
GHGHFLVmR
GHFLVmRDMXt]R
MXt]RGD
GDDXWRULGDGH
DXWRULGDGHGLDQWH
GDUHOHYkQFLDGDTXHVWmRSRGHUiVHUUHDOL]DGD
 6mR
6mR GHYHUHV
GHYHUHV GR
GR DGPLQLVWUDGR SHUDQWH D $GPLQLVWUDomR D DXGLrQFLD SULYDGD SDUD GHEDWHV VREUH D PDWpULD GR
VHPSUHMXt]RGHRXWURVSUHYLVWRVHPDWRQRUPDWLYR SURFHVVR
D SURFHGHUFRPOHDOGDGHXUEDQLGDGHHERDIpQmRDJLUGH E DXGLomRS~EOLFDSDUDGHEDWHVVREUHRDVVXQWRGRSURFHVVR
PRGRWHPHUiULRSUHVWDUDVLQIRUPDo}HVTXHOKHIRUHP F DXGLrQFLD S~EOLFD SDUD GHEDWHV VREUH D PDWpULD GR
VROLFLWDGDVHFRODERUDUSDUDRHVFODUHFLPHQWRGRVIDWRV SURFHVVR
E H[SRURVIDWRVFRQIRUPHDYHUGDGHSURFHGHUFRPOHDOGD G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
GH XUEDQLGDGH H ERDIp QmR DJLU GH PRGR WHPHUiULR
SUHVWDU DV LQIRUPDo}HV TXH OKH IRUHP VROLFLWDGDV H  6HJXQGR
6HJXQGR D /HL
/HL Qž
Qž 
 TXDQGR GDGRV DWXDo}HV RX
GRFXPHQWRV
GRFXPHQWRVVROLFLWDGRVDR
VROLFLWDGRVDRLQWHUHVVDGR
LQWHUHVVDGRIRUHP
IRUHPQHFHVViULRV
FRODERUDUSDUDRHVFODUHFLPHQWRGRVIDWRV
jDSUHFLDomR
DSUHFLDomRGH
GHSHGLGR
SHGLGRIRUPXODGR
IRUPXODGRRQmR
QmRDWHQGLPHQWR
DWHQGLPHQWRQR
F H[SRURVIDWRVFRQIRUPHDYHUGDGHSURFHGHUFRPOHDOGD
SUD]R
SUD]R IL[DGR
IL[DGR SHOD
SHOD $GPLQLVWUDomR
$GPLQLVWUDomR SDUD
SDUD D UHVSHFWLYD
UHVSHFWLYD DSUH
GHXUEDQLGDGHHERDIpQmRDJLUGHPRGRWHPHUiULRH
VHQWDomRLPSOLFDUi
VHQWDomRLPSOLFDUi
FRODERUDUSDUDRHVFODUHFLPHQWRGRVIDWRV
D DUTXLYDPHQWRGRSURFHVVR
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV E VXVSHQVmRGRSURFHVVR
F UHWHQomRGRSURFHVVR
 6HJXQGR
6HJXQGRD/HL
/HLQž
Qž
VmR
VmROHJLWLPDGRV
OHJLWLPDGRVFRPR
FRPRLQWHUHVVD G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
GRVQRSURFHVVRDGPLQLVWUDWLYR
D SHVVRDVItVLFDVRXMXUtGLFDVTXHRLQLFLHPFRPRWLWXODUHV  6HJXQGR
6HJXQGRD/HL
/HLQž
Qž
WrP
WrPOHJLWLPLGDGH
OHJLWLPLGDGHSDUD
SDUDLQWHUSRU
GHGLUHLWRVRXLQWHUHVVHVLQGLYLGXDLVRXQRH[HUFtFLRGR UHFXUVRDGPLQLVWUDWLYR
UHFXUVRDGPLQLVWUDWLYR
GLUHLWRGHUHSUHVHQWDomR D RVWLWXODUHVGHGLUHLWRVHLQWHUHVVHVTXHIRUHPSDUWHQR
E DTXHOHVTXHVHPWHUHPLQLFLDGRRSURFHVVRWrPGLUHLWRV SURFHVVR
RXLQWHUHVVHVTXHSRVVDPVHUDIHWDGRVSHODGHFLVmRDVHU E DTXHOHVFXMRVGLUHLWRVRXLQWHUHVVHVIRUHPLQGLUHWDPHQWH
DGRWDGDHDVRUJDQL]Do}HVHDVVRFLDo}HVUHSUHVHQWDWLYDV DIHWDGRVSHODGHFLVmRUHFRUULGD
QRWRFDQWHDGLUHLWRVHLQWHUHVVHVFROHWLYRV F DVRUJDQL]Do}HVHDVVRFLDo}HVUHSUHVHQWDWLYDVQRWRFDQWH
F DV SHVVRDV RX DV DVVRFLDo}HV OHJDOPHQWH FRQVWLWXtGDV DGLUHLWRVHLQWHUHVVHVFROHWLYRVHRVFLGDGmRVRXDVVRFLD
TXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV o}HVTXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV

 '
' DUW/
 '
' DUWž/Qž  $
$ DUW/Qž
 &
& DUWž†ž,,/  '
' DUW/Qž
 $
$ DUWž†~/  &
& DUW/
 $
$ DUWž†~;/Qž  &
& DUW/
 %
% DUWž/  $
$ DUW/Qž
 '
' DUWž/Qž  '
' DUW/Qž
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

 2SURYLPHQWRGRVFDUJRVS~EOLFRVIDUVHiPHGLDQWH  2LPHGLDWR
LPHGLDWRDSURYHLWDPHQWRGHVHUYLGRUHPGLVSRQLELOLGDGH
DSURYHLWDPHQWRGHVHUYLGRUHPGLVSRQLELOLGDGH
D DWRGDDXWRULGDGHFRPSHWHQWHGDFDGD3RGHU HP
HP YDJD
YDJD TXH
TXH YLHU
YLHU D RFRUUHU
RFRUUHU QRV
QRV yUJmRVRXHQWLGDGHVGD
yUJmRVRXHQWLGDGHVGD
E DWRGR3UHVLGHQWHGD5HS~EOLFD DGPLQLVWUDomRS~EOLFDIHGHUDOVHUiGHWHUPLQDGR
F DWRGDDXWRULGDGHFRPSHWHQWHGR3RGHU([HFXWLYR D SHOR'HSDUWDPHQWRGH3HVVRDO&LYLO
G DWRGDDXWRULGDGHFRPSHWHQWHGR3RGHU-XGLFLiULR E SHORÐUJmR&HQWUDOGR6LVWHPDGH3HVVRDO&LYLO
F SRU(QWLGDGHGR6LVWHPDGH3HVVRDO&LYLO
 1RV
1RVFDUJRV
FDUJRVGH
GHFRQILDQoD
FRQILDQoDGH
GHOLYUH
OLYUHH[RQHUDomR
H[RQHUDomRDQRPHDomR G SHOD6HFUHWDULDGD$GPLQLVWUDomRGH3HVVRDO
IDUVHi
D HPFDUiWHUHIHWLYR  $H[RQHUDomRGHFDUJRHPFRPLVVmRGDUVHi
$H[RQHUDomRGHFDUJRHPFRPLVVmRGDUVHi
E HPFDUiWHUHOHWLYR D SRURItFLR
F HPFRPLVVmR E TXDQGRQmRVDWLVIHLWDVDVFRQGLo}HVGHHVWiJLR
G HPFDUiWHUHIHWLYRSRUFRPLVVmR F DMXt]RGDDXWRULGDGHFRPSHWHQWH
G TXDQGRWHQGRWRPDGRSRVVHRVHUYLGRUQmRHQWUDUHP
H[HUFtFLRQRSUD]RHVWDEHOHFLGR
 2FRQFXUVRVHUiGHSURYDVRX
D H[DPHRUDO
 2GHVORFDPHQWR
GHVORFDPHQWRGH
GHFDUJR
FDUJRGH
GHSURYLPHQWR
SURYLPHQWRHIHWLYR
HIHWLYRRFXSDGR
E SURYDVHWtWXORV
RX
RXYDJR
YDJRQR
QRkPELWR
kPELWRGR
GRTXDGUR
TXDGURJHUDO
JHUDOGH
GHSHVVRDO
SHVVRDOSDUD
SDUDRXWUR
F H[DPHRUDOHWtWXORV
yUJmRRXHQWLGDGHGRPHVPR3RGHUFRPSUpYLDDSUHFLD
yUJmRRXHQWLGDGHGRPHVPR3RGHUFRPSUpYLDDSUHFLD
G VRPHQWHWtWXORV omRGRyUJmRFHQWUDOGR6,3(&GHQRPLQDVH
D UHPRomR
 (P
(P VH
VH WUDWDQGR
WUDWDQGR GH
GH VHUYLGRUHPOLFHQoDRXDIDVWDGRSRU
VHUYLGRUHPOLFHQoDRXDIDVWDGRSRU E UHGLVWULEXLomR
TXDOTXHU
TXDOTXHU RXWUR
RXWUR PRWLYR
PRWLYR OHJDO
OHJDO R SUD]R
SUD]R  SDUD SRVVH VHUi F VXEVWLWXLomR
FRQWDGR G UHYHUVmR
D GRLQtFLRGRDIDVWDPHQWR
E GRWpUPLQRGDSXEOLFDomR  2V
2VVHUYLGRUHV
VHUYLGRUHVLQYHVWLGRV
LQYHVWLGRVHP
HPIXQomR
IXQomRGH
GHGLUHomR
GLUHomRRX
RXFKHILD
FKHILDH
F GRLQtFLRGDSXEOLFDomRGRDWRGHSURYLPHQWR RV
RV RFXSDQWHV
RFXSDQWHV GH FDUJRV HP FRPLVVmR WHUmR VXEVWLWXWRV
G GRWpUPLQRGRLPSHGLPHQWR LQGLFDGRVQRUHJLPHQWRLQWHUQRRXQRFDVRGHRPLVVmR
D SUHYLDPHQWHGHWHUPLQDGRVSHODDXWRULGDGHFRPSHWHQWH
 2V
2VDIDVWDPHQWRV
DIDVWDPHQWRVTXH
TXHSRGHUmR
SRGHUmRVHU
VHUXVXIUXtGRV
XVXIUXtGRVSHORV
SHORVHVWDJLi E SRVWHULRUPHQWHLQGLFDGRVSHODDXWRULGDGHFRPSHWHQWH
ULRVVmR F SRVWHULRUPHQWHGHWHUPLQDGRVSHODDXWRULGDGHFRPSHWHQWH
D DIDVWDPHQWRSDUDH[HUFtFLRGHPDQGDWRHOHWLYR G SUHYLDPHQWHGHVLJQDGRVSHORGLULJHQWHPi[LPRGRyUJmR
E DIDVWDPHQWRSDUDHVWXGRRXPLVVmRQRH[WHULRU RXHQWLGDGH
F DIDVWDPHQWRSDUDVHUYLUHPRUJDQLVPRLQWHUQDFLRQDOGH
TXH R %UDVLO SDUWLFLSH RX FRP R TXDO FRRSHUH ³ FRP  2VXEVWLWXWR
VXEVWLWXWRDVVXPLUi
DVVXPLUiDXWRPiWLFD
DXWRPiWLFDHFXPXODWLYDPHQWHVHP
FXPXODWLYDPHQWHVHP
SHUGDWRWDOGDUHPXQHUDomR SUHMXt]R
SUHMXt]R GR
GR FDUJR
FDUJR TXH
TXH RFXSD
RFXSD R H[HUFtFLR
H[HUFtFLR GR
GR FDUJR
FDUJR RX
G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV IXQomRGHGLUHomRRXFKHILDQRV
D DIDVWDPHQWRV
 2 VHUYLGRU
VHUYLGRU HPSRVVDGR
HPSRVVDGR TXH QmR HQWUDU HP H[HUFtFLR QR E LPSHGLPHQWRVOHJDLVGRWLWXODU
SUD]RGHGLDVVHUi F LPSHGLPHQWRVUHJXODPHQWDUHVGRWLWXODU
D GHPLWLGR G WRGDVDVDOWHUQDWLYDVHVWmRFRUUHWDV
E H[RQHUDGR
F WUDQVIHULGR  $RIXQFLRQiULRS~EOLFRpSURLELGR
G UHPRYLGR D PXGDUVXDUHVLGrQFLDVHPDXWRUL]DomRGD&KHILD
E ID]HUJUHYH
F UHWLUDUVHPDXWRUL]DomRREMHWRVGDUHSDUWLomR
 $ LQYHVWLGXUD
LQYHVWLGXUD GR
GR VHUYLGRU
VHUYLGRU HP
HP FDUJR
FDUJR GH
GH DWULEXLo}HV H
G IXQGDURXILOLDUVHHPVLQGLFDWRV
UHVSRQVDELOLGDGHV
UHVSRQVDELOLGDGHVFRPSDWtYHLV
FRPSDWtYHLVFRP
FRPDOLPLWDomR
OLPLWDomRVRIULGD
VRIULGDHP
VXD
VXD FDSDFLGDGH
FDSDFLGDGH ItVLFD
ItVLFD RX
RX PHQWDO
PHQWDO YHULILFDGD
YHULILFDGD HP
HP LQVSHomR  &RPHWHU
&RPHWHU D SHVVRD
SHVVRD HVWUDQKD
HVWUDQKD j UHSDUWLomR
UHSDUWLomR IRUD
IRUD GRV
GRV FDVRV
PpGLFDpD SUHYLVWR
SUHYLVWRHP
HP/HL
/HLRGHVHPSHQKR
GHVHPSHQKRGH GHFDUJR
FDUJRTXH
TXHOKH
OKHFRPSHWLU
D UHYHUVmRSRULQFDSDFLGDGHItVLFDRXPHQWDO RXDVHXVVXERUGLQDGRVpFRQVLGHUDGR
E UHLQWHJUDomRSRUFDSDFLGDGHOLPLWDGD D XPDLQIUDomRGLVFLSOLQDU
F UHDGDSWDomR E XPFULPHDGPLQLVWUDWLYR
G WUDQVIHUrQFLDSRUGHILFLrQFLDItVLFDRXPHQWDO F XPDFRQWUDYHQomR
G XPDLUUHVSRQVDELOLGDGHDGPLQLVWUDWLYD
 ([WLQWR
([WLQWR R FDUJR
FDUJR RX
RX GHFODUDGDVXDGHVQHFHVVLGDGHRVHU
GHFODUDGDVXDGHVQHFHVVLGDGHRVHU
YLGRUHVWiYHO  e YHGDGD
YHGDGD D DFXPXODomR
DFXPXODomR UHPXQHUDGD GH FDUJR S~EOLFR
D ILFDUiGHVHPSUHJDGR H[FHWRVHKRXYHU
H[FHWRVHKRXYHU
 E VHUiH[RQHUDGR  D QHFHVVLGDGHGD$GPLQLVWUDomR
 F ILFDUiHPGLVSRQLELOLGDGHUHPXQHUDGD  E FRPSDWLELOLGDGHGHIXQomRHLQWHUHVVHS~EOLFR
G ILFDUiHPGLVSRQLELOLGDGHVHPUHPXQHUDomR  F FRPSDWLELOLGDGHGHKRUiULRVHVySDUDFHUWRVFDUJRV
 G FRPSDWLELOLGDGHGHFDUJRV

 $ DUWž/Qž  %
% DUW/Qž
 &
& DUWž/Qž  &
& DUW,/Qž
 %
% DUW/Qž  %
% DUW/Qž
 '
' DUW†ž/Qž  '
' DUW/Qž
 '
' DUW†ž/Qž  '
' DUW†ž/Qž
 %
% DUW†ž/Qž  &
& DUW,/Qž
 &
& DUW/Qž  $
$ DUW9,/Qž
 &
& DUW†ž/Qž  &
& DUW/Qž
,QVWLWXWR1DFLRQDOGR
  6HJXUR6RFLDO 'LU$GPLQLVWUDWLYR 
 2VHUYLGRUQmRSRGHUiH[HUFHU
2VHUYLGRUQmRSRGHUiH[HUFHU
D PDLVGHXPFDUJRHPFRPLVVmRPDVSRGHUiVHUUHPXQH
UDGRSHODSDUWLFLSDomRHPyUJmRGHGHOLEHUDomRFROHWLYD
E PDLVGHGRLVFDUJRVHPFRPLVVmRQHPVHUUHPXQHUDGR
$127$d¯(6
SHODSDUWLFLSDomRHPWDLVyUJmRV
F PDLVGHXPFDUJRHPFRPLVVmRQHPVHUUHPXQHUDGRSHOD
SDUWLFLSDomRHPyUJmRGHGHOLEHUDomRFROHWLYD
G PDLVGHGRLVFDUJRVHPFRPLVVmRPDVSRGHUiVHUUHPX
QHUDGRSHODSDUWLFLSDomRHPWDLVyUJmRV

 2 VHUYLGRU
VHUYLGRU UHVSRQGH
UHVSRQGH SHOR
SHOR H[HUFtFLR
H[HUFtFLR LUUHJXODU
LUUHJXODU GH VXDV
DWULEXLo}HV
DWULEXLo}HV
D FLYLOHDGPLQLVWUDWLYDPHQWH
E SHQDOHDGPLQLVWUDWLYDPHQWH
F FLYLOHSHQDOPHQWH
G FLYLOSHQDOHDGPLQLVWUDWLYDPHQWH

 7UDWDQGRVH GH GDQR FDXVDGR D WHUFHLURV UHVSRQGHUi R


VHUYLGRUSHUDQWH
VHUYLGRUSHUDQWH
D DVHXVXSHULRU
E D)D]HQGD3~EOLFD
F D$XWRULGDGHFRPSHWHQWH
G DRyUJmRGD$GPLQLVWUDomR

 $ UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGH FLYLO
FLYLO GHFRUUH
GHFRUUH GH
GH  DWR RPLVVLYR RX
FRPLVVLYRGRORVRRXFXOSRVRTXH
D UHVXOWHDSHQDVSUHMXt]RDRFRIUHS~EOLFR
E FDXVHSUHMXt]RVyDWHUFHLURVGHERDIp
F UHVXOWHGDQRVDWHUFHLURVHDRPHVPRWHPSRSUHMXt]RDR
JRYHUQR
G SURGX]DSUHMXt]RDRHUiULRS~EOLFRRXDWHUFHLURV

 $EUDQJH
$EUDQJHRV
RVFULPHV
FULPHVHFRQWUDYHQo}HV
FRQWUDYHQo}HVLPSXWDGDV
LPSXWDGDVDR
DRVHUYLGRU
VHUYLGRU
D DUHVSRQVDELOLGDGHSHQDO
E DUHVSRQVDELOLGDGHFLYLO
F DUHVSRQVDELOLGDGHDGPLQLVWUDWLYD
G DUHVSRQVDELOLGDGHSHQDOFLYLOHDGPLQLVWUDWLYD

 $WR
$WRRPLVVLYR
RPLVVLYRRX
RXFRPLVVLYR
FRPLVVLYRSUDWLFDGR
SUDWLFDGRQR
QRGHVHPSHQKR
GHVHPSHQKRGR
FDUJRRXIXQomRUHVXOWDUi
FDUJRRXIXQomRUHVXOWDUi
D UHVSRQVDELOLGDGHSHQDO
E UHVSRQVDELOLGDGHFLYLO
F UHVSRQVDELOLGDGHSHQDODGPLQLVWUDWLYD
G UHVSRQVDELOLGDGHFLYLODGPLQLVWUDWLYD

 $UHVSRQVDELOLGDGH
UHVSRQVDELOLGDGHDGPLQLVWUDWLYD
DGPLQLVWUDWLYDGR
GRVHUYLGRU
VHUYLGRUVHUi
VHUiDIDV
WDGDQRFDVRGHDEVROYLomRFULPLQDOTXH
D QHJXHDDXWRULD Caro Candidato,
E QHJXHDH[LVWrQFLDGRIDWR
F QHJXHDDXWRULDRXDH[LVWrQFLDGRIDWR Alguns erros de “digitação” podem ocor-
G QHJXHDDXWRULDHDH[LVWrQFLDGRIDWR rer... Pensando nisso, colocamos ao lado de
cada resposta (de Legislação) o texto legal
referente à questão. Assim, em caso de
dúvida quanto à resposta, você poderá
conferir na apostila - de acordo com texto
legal indicado - qual a resposta correta (o
que vale é o texto da lei - sempre!!!)

 &
& DUW/Qž
 '
' DUW/Qž
 %
% DUW†ž/Qž
 '
' DUW/Qž
 $
$ DUW/Qž
 '
' DUW/Qž
 &
& DUW/Qž
 'LU$GPLQLVWUDWLYR , 1DFLRQDOGR6HJXUR6RFLDO
 QVWLWXWR

$127$d¯(6
Língua Portuguesa
alguém como se pode estimar um filho - não projeta apenas
LÍNGUA PORTUGUESA uma imagem, mas é ele mesmo. Por obra do amor, é verda-
deiro, atento, esquecido de si, profundamente interessado.

Sendo isso, apenas isso, torna-se inevitável a reciproci-


dade do amor.
1. COMPREENSÃO E A solidão do jovem é, apesar do que se pensa em contrá-
INTERPRETAÇÃO DE TEXTOS rio, real e frequente. Embora acompanhado sempre e em
constante movimentação, o adolescente crê que o mundo é
dos adultos; e esses estão ocupados demais para ouvir os
seus pequenos devaneios.
Entendemos por texto, um conjunto de ideias expressas
através de frases, orações, parágrafos; com um estilo próprio Há uma busca disfarçada de atenção e apoio, que só uns
e com uma estrutura própria produzido por um certo sujeito. A poucos percebem, e raríssimos se apressam em atender. A
estrutura de um texto varia de acordo com sua natureza. Há o condição do homem é, em si mesma, de confronto com a
texto literário e o não-literário. solidão, de que ele está, do berço à sepultura, sempre cerca-
do.
TEXTO
↙ ↘
A descoberta dessa realidade – que não é triste ou alegre,
Denotação Conotação
↓ ↓
mas simplesmente um fato – ocorre na puberdade, e nem
Texto não-literário Texto-literário sempre é pacífica. Esse contato pode deixar um travo de
↓ ↓ melancolia, quando não há apoio compreensivo de um adulto
Claro, objetivo Figurado, subjetivo, que se estima e no qual se confia – e que dá a entender que
↓ ↓ já passou por isso e sabe do que se trata, embora não tenha
informativo pessoal uma resposta definitiva para os mistérios da vida. (Luiz Carlos
Lisboa - Jornal da Tarde)
O texto literário expressa a opinião pessoal do autor que
também é transmitida através de figuras, impregnado de O texto de Luiz Carlos Lisboa é um texto não-literário,
subjetivismo. Já o texto não-literário preocupa-se em transmi- porque disserta sobre um certo tema: a descoberta da solidão
tir uma mensagem da forma mais clara e objetiva possível. de forma objetiva, informativa, etc. Se tivesse dado ao tema
Como exemplo, podemos citar uma notícia de jornal como um tratamento poético, musical, lírico, por exemplo, seria um
texto não-literário e um romance de Eça de Queirós ou José texto literário, pois usaria recursos literários, tais como a rima,
de Alencar como exemplo de texto literário. as figuras de linguagem, a ficção para expressar sua opinião
sobre a descoberta da solidão. A compreensão do texto pode
Compreender um texto é levar em conta os vários aspec- ser feita da seguinte forma, chamada objetiva:
tos que ele possui, por exemplo, um texto terá aspecto moral,
social, econômico, conforme a intenção do autor; para ratifi- Quanto ao texto, escreva (C) para CERTO e (E) para
car esses aspectos o autor se utiliza de um vocabulário con- ERRADO:
dizente com sua intenção. Então ... como compreender textos
em prova, se cada pessoa possui um modo específico de ver 1) Segundo o texto, os jovens:
os fatos?
A-( ) São autossuficientes.
A resposta não é simples. Não obstante o valor subjetivo B-( ) Necessitam de apoio.
do texto, ele possui uma estrutura interna que é básica e a C-( ) Vivem no mundo da lua.
qual garantirá uma compreensão objetiva. D-( ) Necessitam de compreensão.
E-( ) Estão sempre muito ocupados.
Compreender um texto não-literário é perceber no texto a
opinião, a intenção do autor, onde ele pretende chegar com
aquele texto. Se o autor é contra ou a favor de um certo te- 2) De acordo com o texto, o homem:
ma, quais os aspectos que o autor levanta. Nossa compreen-
são será sempre a partir das informações que o texto nos A–( ) Sente solidão durante toda a vida.
oferece. B–( ) Está sozinho apenas no momento da morte.
Observe o texto a seguir: C–( ) Está sozinho apenas no momento do nascimento.
D–( ) Nunca está completamente sozinho.
É ainda Lorenz, na mesma obra, quem identifica a frustra- E–( ) Sente solidão real e frequente.
ção dos jovens face a uma educação que, em nome da com-
preensão, baniu a firmeza e a liberdade com responsabilida-
de. Noções confusas de psicanálise, vagos anseios libertá- 3) Com relação à solidão, o texto afirma que:
rios, muita teoria e pouco conhecimento serviram para refor-
çar uma tolerância preguiçosa que passou a se constituir em A – ( ) O homem fica triste ao descobri-la.
padrão de comportamento para pais e educadores. B – ( ) O homem a descobre durante a adolescência.
C - ( ) O jovem a encontra por falta de apoio e compreen-
Aquela frustração nasce dessa atitude – que Lorenz cha- são.
ma de "muro de borracha" – débil, indefinida e acovardada do D – ( ) O adolescente crê que o mundo é dos adultos; e
adulto diante do jovem, tão nociva quanto a ação punitiva esses estão ocupados demais para ouvir os seus pequenos
sistemática de antigamente. devaneios.
E – ( ) A descoberta dessa realidade – que não é triste ou
Educar tornou-se, há muito tempo, uma arte esquecida. alegre, mas simplesmente um fato – ocorre na puberdade, e
No contato com o adolescente, o pai – ou aquele que estima nem sempre é pacífica.

– 1 –
Língua Portuguesa
4) Segundo o texto, o amor: guir o desdobramento dessa ideia nos parágrafos subsequen-
tes a fim de discutir, aprofundar o assunto.
A – ( ) É um problema irrelevante na vida agitada do jovem.
B – ( ) E uma expressão romântica, uma frase fora de moda. Já no texto-exemplo de Luiz Carlos Lisboa vemos que ele
C – ( ) É uma atitude hábil e simpática em relação ao jovem. vai preparando a introdução da ideia básica com as ideias
D – ( ) É um meio pelo qual os adultos podem compreender acessórias, como se estivesse criando um ambiente propício,
as atitudes dos jovens. numa preparação textual onde o clímax seria a ideia básica: a
E – ( ) O amor precisa ser recíproco. descoberta da solidão. E um crescer de expectativas até
chegar ao cerne da questão.

5) O texto afirma que: 1) Sentido oposto: significa a ideia contrária de uma palavra
em relação a outra.
A – ( ) As gerações mais velhas só se preocupam em
transmitir os seus valores aos mais jovens. 2) Análogo ou Equivalente: dizer que uma palavra é análoga
B – ( ) Os jovens acham que o mundo está errado e querem à outra, significa dizer que ambas têm semelhanças de signi-
destruí-lo. ficados, são equivalentes.
C – ( ) A energia e a generosidade dos jovens os levam a
querer reformar o mundo. Num texto, palavras, orações, frases, expressões são
D – ( ) É normalmente uma hipocrisia o fato de os jovens justapostas, colocadas lado a lado visando a uma intenção do
quererem reformar o mundo. autor que produz o texto. Por vezes, usa palavras de signifi-
E – ( ) A condição do homem é, em si mesma, de confronto cado equivalente; de outra feita, utiliza-se de expressões,
com a solidão, de que ele está, do berço à sepultura, sempre palavras com significados opostos, contudo todos esses
cercado. recursos têm uma intenção, usar o texto como veículo ou de
emoção, ou de crítica, de revelação, informação, etc.

6) "... débil, indefinida e acovardada do adulto diante do


jovem." As palavras sublinhadas podem ser substituídas, sem Peguemos como exemplo o texto de Luiz Carlos Lisboa.
modificar o significado do texto, por:
No texto, há blocos de significados que se equivalem e
A–( ) maluco, incoerente, medroso. que têm um certo significado à luz do contexto dado. Exem-
B–( ) fraco, indeterminado, medroso. plos:
C–( ) idiota, indeterminado, inseguro.
D–( ) alegre, estúpido, nervoso. 1º Atitude débil (= louca) indefinida, acovardada equivale a
E–( ) triste, nervoso, inseguro ação primitiva, sistemática.
2º Muita teoria equivale a pouco conhecimento.
3º Solidão real e frequente análoga à acompanhado, cons-
RESPOSTAS tante movimentação.
4º Berço análogo à sepultura.
QUESTÃO 1 2 3 4 5 6
I A E C E E C E O autor, no primeiro bloco de ideias, torna equivalente a
T B C E C E E C atitude débil, indefinida e acovardada diante do jovem à ação
E C E E E E E E punitiva. Em um outro contexto tal equivalência seria impos-
N D C E C C E E sível, pois a atitude de liberdade total, num primeiro momento
S E E C C C C E não tem relação alguma à punição sistemática. Contudo, num
certo contexto, as palavras assumem significados equivalen-
tes ou não.
Para compreendermos o texto é preciso descobrir sua
estrutura interna. Nela, encontraremos ideias básicas e aces- No segundo bloco, muita teoria equivale a pouco conhe-
sórias e precisamos descobrir como essas ideias se relacio- cimento, em outro contexto tais afirmações seriam opostas,
nam. contraditórias, contudo no texto-exemplo são equivalentes,
pois assumem um significado de "coisas vazias" diante da
As ideias básicas giram em torno do tema central, de uma descoberta da solidão, então mais uma vez temos um termo
ideia núcleo contida no texto, a ela somam-se as ideias aces- com um significado específico num dado contexto.
sórias, que só são importantes, enquanto corroboradoras da
ideia central. No terceiro bloco, solidão real e frequente estão lado a
lado das palavras acompanhando em constante movimenta-
Por exemplo, a ideia básica do texto é a presença da ção. No contexto, elas são compreendidas como análogas,
solidão em nossas vidas, na opinião de Luiz Carlos Lisboa, a equivalentes, mas já sabemos que num outro contexto são
ela somam-se outras ideias sobre a educação dos jovens, palavras que se opõem.
sobre a psicanálise, sobre o amor que são acessórias, por-
que não tratam diretamente do assunto da solidão, mas são Só assumem sentido análogo devido à ideia do autor, à
acessórias, pois colaboram para a compreensão da ideia sua intenção de reforçar a contradição, a confusão em que
básica, central. vive o adolescente.
Geralmente, um texto trata de uma ideia básica acompa- No quarto bloco, berço é análogo à sepultura, à luz da
nhada de várias ideias acessórias. Se há ideias básicas e compreensão do texto são palavras que se equivalem, que
ideias acessórias como ocorre a inter-relação dessas ideias? estão lado a lado equiparadas a lugares que contêm a soli-
dão que cerca a vida das pessoas. Em outros contextos são
Muitas vezes, a técnica usada é a de explanação de idei- palavras opostas, pois significam vida e morte, mas no texto-
as "em cadeia", ocorre a explanação da ideia básica e a se- exemplo tudo é uma coisa só: lugar de solidão.

– 2 –
Língua Portuguesa
A oposição básica do texto é: A linguagem verbal é aquela que tem por unidade a
palavra; as linguagens não-verbais têm outros tipos de
O Mundo dos adultos ocupados oposto à busca disfarça- unidade, como os gestos, o movimento, a imagem, etc. Há,
da de atenção e apoio. ainda, as linguagens mistas, como por exemplo, as histórias
em quadrinhos, que normalmente utilizam a imagem e a
Onde adultos se ocupam com um mundo à parte dos palavra.
anseios, carências, dúvidas dos adolescentes cercados de
solidão. Que tipo de linguagem veicula com maior rapidez uma
informação?
É importante ressaltar que as oposições, as equivalên-
cias, a compreensão de certos termos só acontecem em Veja estes símbolos abaixo:
contextos determinados, pois dependendo da intenção do
autor as palavras poderão se opor, equivaler-se, assumir
significados específicos, ainda como exemplo, recorremos à Símbolo que se coloca na porta para indicar “sani-
expressão "muro de borracha" que poderia significar até um tário masculino”.
brinquedo em risco para o físico da criança, contudo no texto-
exemplo significa a atitude dos pais diante dos filhos – "débil,
indefinida e acovardada" sem limites, sem a educação que Imagem indicativa de “silêncio”.
norteia a vida. O texto poderá utilizar diversos recursos, tudo,
no entanto, estará subordinado à ideia do seu autor.

ESTRUTURA E ORGANIZAÇÃO DO TEXTO

DEFINIÇÃO DE TEXTO Placas de trânsito – à frente “proibido andar de


bicicleta”,atrás “quebra-molas”.
O texto é uma mensagem, isto é, um fato do discurso:
uma passagem falada ou escrita que forma um todo significa-
tivo independentemente da sua extensão. O texto forma um A linguagem verbal é a mais eficaz, porque transmite a
todo, que pode ser: informação de forma mais objetiva e completa. A linguagem
visual, entretanto, é a mais econômica, porque veicula a
– uma palavra: Não, talvez, sim ... informação com maior rapidez.
– uma frase: Antes tarde do que nunca.
– algumas ou centenas de páginas: um livro, um relatório, um
ofício, etc. EXERCÍCIOS

A ESTRUTURAÇÃO TEXTUAL Escreva (C) para CERTO e (E) para ERRADO:

Um texto se realiza por meio de uma seleção de seu 1 – Quanto à linguagem utilizada na figura abaixo:
material linguístico, aí compreendidas a seleção vocabular, a
seleção da frase e a seleção do modo de organização discur-
siva, ou seja, a narração, a descrição e a argumentação.
A – ( ) verbal
Cada um desses modos de organização possui determi- B – ( ) não-verbal
nadas regularidades que lhe são próprias, além daquelas
regularidades que estão acima dessas gramáticas particula-
res, ou seja, as regularidades gerais do texto. 2 – Qual linguagem foi utilizada na tira de Maurício de Sou-
sa?
A estruturação de um texto se faz exatamente entre o
esperado, ou seja, o respeito àquelas regularidades do modo
de organização a que pertence e a criatividade do autor.
Portanto, escrever é sempre um processo de seleção: sele-
ção de vocábulos, seleção de estruturas sintáticas, seleção
de organização das frases na composição do texto, seleção
de um modo de organização discursiva... tudo em busca do
que parece mais adequado às finalidades do autor do texto.

LINGUAGEM VERBAL E LINGUAGEM NÃO-VERBAL

Linguagem é a representação do pensamento por meio


(Maurício de Sousa)
de sinais que permitem a comunicação e a interação entre as
A – ( ) verbal
pessoas. As palavras, os gestos, o desenho, a escrita, a
B – ( ) não-verbal
mímica, as notas musicais, o código Morse e o de trânsito, a
pintura, a dança, a arquitetura, a escultura, tudo isso é lin-
guagem.
RESPOSTAS
As várias linguagens podem ser organizadas em dois
QUESTÃO 1 2
grupos: a linguagem verbal, modelo de todas as outras, e as
A E C
linguagens não-verbais. ITENS B C E

– 3 –
Língua Portuguesa
REESCRITURA DE TEXTO As palavras destacadas no texto têm o papel de ligar as
partes do texto, podemos dizer que elas são responsáveis
pela coesão do texto.
Um texto não é construído apenas pelo escritor, mas
também pelo leitor. Cada leitor, além de sua consciência e x A coerência textual é a relação lógica entre as ideias,
subjetividade, transporta para o texto uma parte das ideias e pois essas devem se complementar, é o resultado da não-
conhecimentos de sua época, o que inclui também o passa- contradição entre as partes do texto. A coerência de um
do literário, que lhe permite observar as transformações, as texto inclui fatores como o conhecimento que o produtor e
permanências. Estes elementos acabam por produzir diferen- o receptor têm do assunto abordado no texto, conheci-
tes leituras de um texto, condicionadas à vivência, à cultura e mento de mundo, o conhecimento que esses têm da lín-
à psicologia de cada leitor. gua que usam e intertextualidade. Pode-se concluir que
texto coerente é aquele do qual é possível estabelecer
A leitura não é apenas recepção de textos, mas ação sentido, é entendido como um princípio de interpretabili-
sobre eles. Por mais passiva que ela seja, processa-se dade.
construindo sentidos, avaliando e julgando.
Veja o exemplo:
O mesmo se dá com o escritor, pois, sendo um ser soci-
al, é determinado pela sociedade, incorporando ao seu texto “As crianças estão morrendo de fome por causa da ri-
a herança cultural da humanidade e do seu meio. Daí dizer- queza do país.”
se que uma obra não é criada apenas a partir da visão do “Adoro sanduíche porque engorda.”
artista, mas também a partir de outras obras.
As frases acima são contraditórias, não apresentam in-
O autor codifica (ou constrói) o texto. O leitor o descodi- formações claras, portanto, são incoerentes. A reescrita re-
fica (ou desconstrói) no processo de análise e o recodifica sulta da autonomia que o texto escrito tem.
(ou reconstrói) no processo de compreensão e interpreta-
ção, de acordo com sua individualidade e cultura. Na interação oral, o falante tem o interlocutor presente,
cooperando para construir seu próprio discurso, ajudando-o
Uma leitura ativa, exploradora e descobridora equivale a com a sua fala, ou fazendo o falante explicar as suas inten-
um trabalho paralelo ao da escrita, mas pressupõe um leitor ções.
capaz de dominar certas noções teóricas e a análise, neces-
sariamente técnica, dos elementos constitutivos do texto. Na escritura, ao contrário, o redator está sozinho, e a
explicitação do sentido fica a seu cargo, atuando também
Um dos motivos importantes para a reescritura de textos como leitor.
acontecer é o fato de que só aprendemos a escrever quando
escrevemos, assim como só aprendemos a ler quando lemos. A reescritura é muitas vezes confundida com a revisão. A
revisão é a correção que ocorre durante a escrita do texto, e
O indivíduo só passará a dominar a escrita se houver uma a reescritura é a que acontece depois do texto já estar con-
prática efetiva desta atividade. Todos nós sabemos que não cluído.
há teorias que ensinem a redigir, do mesmo modo como não
existem livros, teorias ou métodos que ensinem a interpretar A reescritura consiste na troca de programa de partida e
textos. se traduz por modificações qualitativas ou quantitativas. As-
sim, a reescritura diz respeito a toda a elaboração do texto.
Podemos dizer que aprende-se a redigir, redigindo, sem
se esquecer, porém, da importância da motivação pessoal. O melhoramento do texto pode levar a várias reescrituras,
podendo chegar, por exemplo, à quarta versão. Esta pode
Vários são os aspectos que podem ser levados em conta iniciar um novo ciclo de trabalho; cada etapa define o suporte
na hora de reescrever um texto (coesão, coerência, estilo, do trabalho seguinte.
etc.), de modo que vários são os tópicos que se podem enfa-
tizar quando do trabalho com a reescritura. A reescrita, portanto, exige a leitura, a análise, a reflexão
e a recriação. O texto pode até ser consequência de uma
x Coesão é a conexão, ligação, harmonia entre os elemen- inspiração, de um primeiro impulso, mas será retomado,
tos de um texto. Percebemos tal definição quando lemos repensado e recriado.
um texto e verificamos que as palavras, as frases e os pa-
rágrafos estão entrelaçados, um dando continuidade ao É o resultado de um trabalho consciente por parte do
outro. Os elementos de coesão determinam a transição produtor, desmistificando a ideia de que um texto produzido
de ideias entre as frases e os parágrafos. não deve ser modificado, ou que as correções linguísticas
são suficientes para se ter um bom texto. Mas não basta
Observe a coesão presente no texto a seguir: apenas a correção gramatical.

“Os sem-terra fizeram um protesto em Brasília contra a É preciso, na reescritura do texto, eliminar o supérfluo,
política agrária do país, porque consideram injusta a atual buscando a clareza e a eficiência da mensagem. Isto feito, o
distribuição de terras. Porém o ministro da Agricultura consi- texto pode ser finalmente considerado pronto.
derou a manifestação um ato de rebeldia, uma vez que o
projeto de Reforma Agrária pretende assentar milhares de Na reescritura de textos, recorre-se à paráfrase. As pala-
sem-terra.” vras são mudadas, porém a ideia do texto é confirmada pelo
JORDÃO, R., BELLEZI C. Linguagens. São Paulo: Escala novo texto, a alusão ocorre para atualizar, reafirmar os senti-
Educacional, 2007, 566 p. dos ou alguns sentidos do texto citado. É dizer com outras
palavras o que já foi dito.

– 4 –
Língua Portuguesa
Paráfrase A paródia surge a partir de uma nova interpretação, da
recriação de uma obra já existente e, em geral, consagrada.
A paráfrase consiste em reescrever com suas palavras as Seu objetivo é adaptar a obra original a um novo contexto,
ideias centrais de um texto. Consiste em um excelente exer- passando diferentes versões para um lado mais despojado, e
cício de redação, uma vez que desenvolve o poder de sínte- aproveitando o sucesso da obra original para passar um
se, clareza e precisão vocabular. A paráfrase mantém o sen- pouco de alegria. A paródia pode ter intertextualidade.
tido do texto original.
A paródia é uma forma de contestar ou ridicularizar outros
A paráfrase é um texto que procura tornar mais claro e textos, há uma ruptura com as ideologias impostas e por isso
objetivo aquilo que se disse em outro texto. Portanto, é sem- é objeto de interesse para os estudiosos da língua e das
pre a reescritura de um texto já existente, uma espécie de artes.
‘tradução’ dentro da própria língua.
Ocorre, aqui, um choque de interpretação, a voz do texto
O autor da paráfrase deve demonstrar que entendeu original é retomada para transformar seu sentido, leva o leitor
claramente a ideia do texto. Além disso, são exigências de a uma reflexão crítica de suas verdades incontestadas anteri-
uma boa paráfrase: ormente, com esse processo há uma indagação sobre os
dogmas estabelecidos e uma busca pela verdade real, con-
1. Utilizar a mesma ordem de ideias que aparece no texto cebida através do raciocínio e da crítica.
original.
2. Não omitir nenhuma informação essencial. Os programas humorísticos fazem uso contínuo dessa
3. Não fazer qualquer comentário acerca do que se diz no arte, frequentemente os discursos de políticos são abordados
texto original. de maneira cômica e contestadora, provocando risos e tam-
4. Utilizar construções que não sejam uma simples repeti- bém reflexão a respeito da demagogia praticada pela classe
ção daquelas que estão no original e, sempre que possível, dominante. Com o mesmo texto utilizado anteriormente, te-
um vocabulário também diferente. remos, agora, uma paródia.

Não confunda “paráfrase” com “perífrase”, este é a subs- Texto Original


tituição de um nome comum ou próprio por um expressão
que a caracterize. Nada mais é do que um rodeio de pala- Minha terra tem palmeiras
vras. Por exemplo: última flor do Lácio (língua portuguesa), Onde canta o sabiá,
Cidade Maravilhosa (Rio de Janeiro), o poeta dos escravos As aves que aqui gorjeiam
(Castro Alves), etc. Veja abaixo o exemplo: Não gorjeiam como lá.
(Gonçalves Dias, “Canção do exílio”)
Texto Original

Minha terra tem palmeiras Paródia


Onde canta o sabiá,
As aves que aqui gorjeiam Minha terra tem palmares
Não gorjeiam como lá. onde gorjeia o mar
(Gonçalves Dias, “Canção do exílio”) os passarinhos daqui
não cantam como os de lá.
(Oswald de Andrade, “Canto de regresso à pátria”)
Paráfrase

Meus olhos brasileiros se fecham saudosos O nome Palmares, escrito com letra minúscula, substitui a
Minha boca procura a ‘Canção do Exílio’. palavra palmeiras, há um contexto histórico, social e racial
Como era mesmo a ‘Canção do Exílio’? neste texto, Palmares é o quilombo liderado por Zumbi, foi
Eu tão esquecido de minha terra... dizimado em 1695, há uma inversão do sentido do texto pri-
Ai terra que tem palmeiras mitivo que foi substituído pela crítica à escravidão existente
Onde canta o sabiá! no Brasil.
(Carlos Drummond de Andrade, “Europa, França e Bahia”)

Este texto de Gonçalves Dias, “Canção do Exílio”, é muito Outro exemplo de paródia é a propaganda que faz refe-
utilizado como exemplo de paráfrase, aqui o poeta Carlos rência à obra prima de Leonardo Da Vinci, Mona Lisa:
Drummond de Andrade retoma o texto primitivo conservando
suas ideias, não há mudança do sentido principal do texto
que é a saudade da terra natal.

Paródia

A Paródia é um tipo de paráfrase. É uma imitação, na


maioria das vezes cômica, de uma composição literária,
(também existem paródias de filmes), sendo portanto, uma
imitação que geralmente possui efeito cômico, utilizando a
ironia e o deboche. Ela geralmente é parecida com a obra de
origem, e quase sempre tem sentidos diferentes. Fonte:

Na literatura, a paródia é um processo de intertextualiza- www.infoescola.com/portugues/intertextualidade-parafrase-e-


ção, com a finalidade de desconstruir um texto. parodia/ - 24k -

– 5 –
Língua Portuguesa
EXERCÍCIOS O livro, na verdade, é uma sátira aos comportamentos
hipócritas que costumam permear as relações humanas,
Escreva (C) para CERTO e (E) para ERRADO: portanto, é quase impossível não se reconhecer em pelo
menos parte dele.
1) Leia o poema Oração, de Jorge de Lima:
Os capítulos foram divididos no mesmo formato dos ma-
“- Ave Maria cheia de graças...” nuais de etiqueta, com páginas dedicadas às festas, aos
A tarde era tão bela, a vida era tão pura, casamentos, aos funerais, à maneira certa de vestir em cada
as mãos de minha mãe eram tão doces, ocasião, etc., com dicas absurdas, como “Regras para Vomi-
havia, lá no azul, um crepúsculo de ouro... lá longe... tar”. A diversão é certa. Bom humor politicamente incorreto.
“- Cheia de graça, o Senhor é convosco, bendita!”
Observação:
Bendita!
P. J. O´Rourke é o grande satirista da América contempo-
Os outros meninos, minha irmã, meus irmãos rânea. ´O escritor mais engraçado da América´, diz o Wall
menores, Street Journal. Ele foi poeta vanguardista, maoísta e editor de
meus brinquedos, a casaria branca de diversas revistas underground.
minha terra, a burrinha do vigário
pastando Quanto ao texto:
junto à capela... lá longe...
A – ( ) O texto acima é uma paródia, por ser uma imitação,
Ave cheia de graça na maioria das vezes cômica, de uma composição literária.
B – ( ) O texto acima pode ser considerado uma perífrase,
- ...”bendita sois entre as mulheres, bendito é o pois é a substituição de um nome comum em uma obra já
fruto do vosso ventre...” existente.
C – ( ) A perífrase nada mais é do que um rodeio de pala-
E as mãos do sono sobre os meus olhos, vras.
e as mãos de minha mãe sobre o meu sonho, D – ( ) A Paródia é um tipo de paráfrase.
e as estampas de meu catecismo E – ( ) A obra acima surge a partir de uma nova interpreta-
para o meu sonho de ave! ção, da recriação de uma já existente e consagrada.

E isto tudo tão longe... tão longe...


3) Quanto à reescritura:

Quanto ao poema: A – ( ) A reescritura tem a mesma função da revisão. Am-


bas ocorrem durante a escrita do texto.
A – ( ) O poema acima trata-se de uma perífrase. B – ( ) A reescrita resulta da autonomia que o texto escrito
B – ( ) O poema acima trata-se de uma paráfrase. tem.
C – ( ) Pode-se considerar o poema como uma paródia, pois C – ( ) A reescritura é muitas vezes confundida com a revi-
está ridicularizando outro texto. são. A revisão é a correção que ocorre durante a escrita do
D – ( ) A paráfrase consiste em reescrever com suas pala- texto, e a reescritura é a que acontece depois do texto já
vras as ideias centrais de um texto. estar concluído.
E – ( ) A paráfrase mantém o sentido do texto original. D – ( ) A reescritura consiste na troca de programa de parti-
da e se traduz por modificações qualitativas ou quantitativas.
Assim, a reescritura diz respeito a toda a elaboração do
2) Leia o texto publicado na revista Isto É Gente em texto.
12/02/2001: E – ( ) A reescritura acontece depois do texto já estar con-
cluído.
Etiqueta Moderna

Livro satiriza livros de boas maneiras com dicas 4) Leia o texto abaixo e faça uma reescritura:
de etiqueta às avessas
AGORAFOBIA (Adriano Siqueira)
Nas últimas décadas, a onda politicamente correta impul-
sionou escritores, músicos e cineastas a produzir obras com São Paulo é uma cidade assustadora. Eu sei. Moro aqui.
mensagens positivas e cheias de bons exemplos para tornar Vejo tudo aqui de cima no meu apartamento. Gravo tudo que
o mundo melhor. E mais chato. Para sorte da cultura, alguns acontece lá fora através da minha câmera colocada na janela
poucos rebeldes se recusam a dar o braço a torcer ao mau em direção da rua.
humor.
Ela fica posicionada no ponto de ônibus da Av. Santo
Esse é o caso de P.J. O’Rourke, um dos mais divertidos Amaro e lá existem muitos garotos que cheiram crack à noite
escritores norte-americanos, que tem seus textos publicados porque embaixo do meu prédio é escuro.
em revistas como Vanity Fair, Playboy e Rolling Stone, onde
trabalha como editor de assuntos internacionais. Cansei de gravar eles pedindo esmolas no semáforo. Eu
fico assistindo a tudo isso e presto atenção nos detalhes,
Com Etiqueta Moderna – Finas Maneiras para Gente mesmo assistindo à fita de dia, as minhas mãos ficam suando
Grossa (Conrad Livros, 272 págs.), O’Rourke traz à tona o e eu fico apavorado vendo as cenas noturnas.
que os manuais de etiqueta convencionais costumam varrer
para debaixo do tapete. (...) Nunca irei sair de casa. Tenho uma doença rara que se
chama Agorafobia "medo de lugares abertos", deixo isso

– 6 –
Língua Portuguesa
com a polícia e com a lei. Só desejo estar seguro dentro da
minha casa. É difícil viver assim. Costumo pedir tudo por
telefone e trabalho dentro de casa. Eu já tentei sair algumas 2 . TIPOLOGIA TEXTUAL
vezes, mas voltei tremendo de medo.

Aquela fita tinha algo assustador. Um homem chegou ao


ponto e conversou com um casal. De repente, o homem agar- Os textos variam conforme as intenções do autor, poden-
rou a mulher e atirou. O outro homem tentou impedir, mas do ser narrativos, descritivos, dissertativos. Porém, raramente
levou vários tiros. Eu estava branco na frente da TV. Essa fita um texto é construído com as características de um só tipo. O
tinha que ir para a polícia. mais comum é encontrarmos os vários tipos em um só texto.

Peguei o telefone enquanto a fita ainda estava rodando.


Enquanto eu falava com a polícia, eu notei que ele apontava O TEXTO NARRATIVO
para a câmera. Não pode ser. Eu voltei esta parte várias
vezes e ele apontava mesmo para a minha janela. Meu Deus. Leia este trecho de um texto narrativo:

Fiquei apavorado. Mesmo assim, consegui falar com a po- A escrava pegou a filhinha
lícia e eles disseram que viriam buscar a prova já que recusei Nas costas
ir à delegacia. E se atirou no Paraíba
Para que a criança não fosse judiada.
Uma hora mais tarde alguém bateu na minha porta. A (Oswald de Andrade. Poesias Reunidas.
câmera instalada na porta me mostrava um policial. Deixei Rio de Janeiro, Civilização Brasileira, 1972.)
ele entrar e mostrei a fita para ele contando detalhes sobre o
que aconteceu. Mas ele dizia. Nesse texto, o importante é o fato, a ação, o acontecimen-
to: a escrava se mata junto com a filhinha recém-nascida,
- Não dá pra ver a cara dele? para salvá-la da escravidão.

- Não Senhor. Eu tentei várias vezes. Releia o texto e repare que não sabemos como era a
escrava, nem como era sua filha, nem como era o rio. Esse
Ele coloca a mão na arma que está no seu cinto e diz: trecho só atribui importância ao acontecimento em si.

- Tem certeza que não sou reconhecido? Narrar, portanto, consiste em construir o conjunto de
ações que constituem a história –o enredo – e relacioná-las
Não consegui pensar em mais nada. Olhei para a janela e às personagens – seres que praticam atos ou sofrem os
saltei sem pensar. Agarrei o fio da câmera que estava preso fatos.
e isso amorteceu a queda e fiquei encostado no prédio. Eram
dois andares e eu sobrevivi. Eu ouvia os tiros do meu apar-
tamento. Meu coração estava muito acelerado. Não conse- Vejamos mais um exemplo de narração:
guia me mover. Estava em pânico.
O bicho
Todo mundo que estava na rua olhava para mim. Tentei Vi ontem um bicho
dar um passo, mas por azar o guarda apareceu e tropeçou, Na imundície do pátio
caindo sobre meu corpo, ele deixou cair a arma e eu peguei. Catando comida entre os detritos
Quando achava alguma coisa,
Eu gritava apontando a arma pra ele: - Chamem a polícia! Não examinava nem cheirava:
Engolia com voracidade.
Quando a polícia chegou eu estava sorrindo, olhando O bicho não era um cão,
para o Sol e as pessoas na rua movimentada. Não era um gato,
Não era um rato.
- Acho que está na hora de conhecer o Ibirapuera. O bicho, meu Deus, era um homem.
(Manuel Bandeira. Estrela da vida inteira.
Rio de Janeiro, José Olympio, 1973.)

Toda a narrativa tem um narrador: aquele que conta a


RESPOSTAS
história. Mas o narrador pode ser de dois tipos, conforme a
QUESTÃO 1 2 3 sua perspectiva em relação aos fatos narrados: 1ª ou 3ª pes-
I A E E E soa.
T B C C C
E C E C C No texto acima, a história é contada em 1ª pessoa (eu):
N D C C C “Vi ontem um bicho”. O narrador relata um acontecimento que
S E C E C o impressionou: um bicho catando restos de comida.

Note que, no desenvolvimento do enredo, não sabemos


de que animal se trata. Só no desfecho o narrador nos revela
que o bicho é um ser humano.
Observação: A questão nº 04 é resposta pessoal do candidato A narração, além de ser uma das mais importantes possi-
bilidades da linguagem, é também uma das práticas mais
comuns de nossa vida.

– 7 –
Língua Portuguesa
A narração associa nossa observação do mundo com Observe o exemplo:
nossa existência, nossa memória e nossa imaginação.

Estrutura do texto narrativo:

1) ENREDO

É a narrativa propriamente dita, que pode ser linear ou


retrospectiva, cuja trama mantém o interesse do leitor, que
espera por um desfecho. Chama-se simplesmente de ação. (Maurício de Sousa)
A fala nos quadrinhos normalmente é apresentada de
forma direta, nos balões, sem interferência de narrador. No
2) PERSONAGEM caso, da tira, Mônica e Cebolinha estabelecem um diálogo.

É a pessoa que atua na narrativa. Pode ser principal ou x Discurso indireto: caracterizado pelo fato de o narrador
secundária, típica ou caricatural. se apropriar da fala do personagem, ou seja, a fala do ou-
tro vem pelas palavras do narrador.

3) NARRADOR (PONTO DE VISTA) No discurso indireto, observamos a seguinte estrutura:


verbo de elocução (que é o núcleo do predicado da ora-
Geralmente, classifica-se em: ção principal), seguido da oração subordinada (a fala do
a) narrador-observador: o autor conta a história como ob- personagem complementa o significado do verbo de elo-
servador que sabe tudo. Usa a terceira pessoa. cução: disse que...; pensou que...; desempenhando a fun-
ção de objeto direto ou indireto), introduzida por uma con-
b) narrador personagem: o autor conta encarnando-se junção integrante (que, se).
numa personagem, principal ou secundária. Usa a primeira
pessoa. Observe o exemplo:

O detento disse que (ele) não confiava mais na Justiça.


4) AMBIENTE Logo depois, perguntou ao delegado se (ele) iria prendê-lo.

É o meio físico e social onde se desenvolve a ação das x indireto-livre: consiste na fusão entre narrador e perso-
personagens. Trata-se do pano de fundo ou do cenário da nagem, isto é, a fala da personagem insere-se no discur-
história. so do narrador, sem o emprego dos verbos de elocução
(como dizer, afirmar, perguntar, responder, pedir e excla-
mar).
5) TEMPO
Observe o exemplo:
É o elemento fortemente ligado ao enredo numa sequên-
cia linear ou retrospectiva, ao passado, presente e futuro, Agora (Fabiano) queria entender-se com Sinhá Vitória a
com seus recuos e avanços. Pode ser cronológico (quando respeito da educação dos pequenos. E eles estavam pergun-
avança no sentido do relógio) ou psicológico (quando é medi- tadores, insuportáveis. Fabiano dava-se bem com a ignorân-
do pela repercussão emocional, estética e psicológica nas cia. Tinha o direito de saber? Tinha? Não tinha.
personagens).
A ORDEM DA NARRATIVA

6) DISCURSO Entende-se por ordem o registro de um fato ou detalhe de


cada vez. Vejamos um exemplo:
É o procedimento do narrador ao reproduzir as falas ou o
pensamento das personagens. Há três tipos de discurso: Chega a polícia.
E os invasores saem.
x Discurso direto: caracterizado pela reprodução fiel da A polícia se vai.
fala do personagem. As falas são reproduzidas integral- Os invasores voltam. (Jornal da Tarde)
mente e, via de regra, introduzidas por travessão.
Nesta pequena narrativa, que serve de título para uma
Numa estrutura tradicional de discurso direto, a fala do reportagem, o jornalista registrou fatos na ordem em que
personagem é acompanhada por um verbo de elocução (ver- aconteceram, ou seja, em sequência cronológica ou linear:
bo que indica a fala do personagem: dizer, falar, responder, começo, meio e fim. Muitas vezes, o autor pode fugir do con-
indagar, perguntar, retrucar, afirmar, etc.), seguido de dois- vencional, alterando essa linearidade. Isso ocorre com mais
pontos. frequência no texto literário, em que se trabalha artisticamen-
te a língua com a finalidade de provocar emoções no leitor.
Alguns autores modernos dispensam o emprego dos ver-
bos de elocução em favor de um ritmo mais veloz da narrati- Vejamos alguns exemplos:
va, assim como também os sinais de pontuação que introdu-
zem e delimitam as falas (dois-pontos, travessão, aspas, 1) O narrador antecipa o final da narrativa:
etc.).

– 8 –
Língua Portuguesa
“No dia em que o matariam, Santiago Nassar levantou-se A narrativa ficcional é fruto da imaginação criadora. Sem-
às 5h30 da manhã para esperar o navio em que chegava o pre mantendo pontos de contato com o real, recria a realida-
bispo.” (Gabriel Garcia Márquez) de. Baseando-se nela ou dela se distanciando.

No primeiro parágrafo, o narrador já conta o que aconte- Se os acontecimentos narrados, se os personagens apre-
ceu à personagem. sentados aproximarem-se muito da realidade a ponto de nos
confundir, falamos que a narrativa é verossímil (semelhante à
verdade), se os acontecimentos e personagens se mostrarem
2) O narrador faz referência a um fato anterior, que o leitor absurdos, absolutamente improváveis, falamos que a narrati-
não conhece, procurando criar suspense. Leia a primeira va é inverossímil (que não é semelhante à verdade).
linha de um conto:
O texto a seguir é um trecho de “Alice no País das Maravi-
“Então a mosca voltou a atacar. Ninguém dava nada por lhas” de Lewis Carrol, um exemplo de narrativa de ficção em
ela. Se no mundo dos insetos já seria presa fácil, o que dirá que podemos observar um universo imaginário.
na longa noite dos brontossauros.” (Chacal)
Alice no País das Maravilhas
Fazendo referência a um fato que o leitor desconhece, o Lewis Carrol
narrador desperta a curiosidade de saber como e por que a
tal mosca atacava e voltou a atacar. Capítulo 1
Para baixo na toca do coelho

3) Antes de começar a contar a história propriamente dita, o


narrador inicia o texto com uma fala da personagem, mos-
trando que ela está mesmo em desequilíbrio com o meio:

“– Que peixe é esse? Perguntou a moça com afetada


admiração. Foi na cidade de Curupuru, no Maranhão. A moça
nascera ali mesmo, crescera ali mesmo mas voltara semana
a sada de uma temporada de um ano, na capital do estado.
Ela agora é moça de cidade, não conhece mais peixe, nem
bicho do mato, nem farinha-de-pau. Evoluiu. Alice estava começando a ficar muito cansada de estar
sentada ao lado de sua irmã e não ter nada para fazer: uma
“– Que peixe é esse? vez ou duas ela dava uma olhadinha no livro que a irmã lia,
mas não havia figuras ou diálogos nele e “para que serve um
Os homens e as mulheres não responderam nada. Olha- livro”, pensou Alice, “sem figuras nem diálogos? ”
ram-se uns aos outros com ar de enfado.”(Ferreira Gullar)
Então, ela pensava consigo mesma (tão bem quanto era
possível naquele dia quente que a deixava sonolenta e estú-
O CICLO NARRATIVO pida) se o prazer de fazer um colar de margaridas era mais
forte do que o esforço de ter de levantar e colher as margari-
das, quando subitamente um Coelho Branco com olhos cor-
Nos textos essencialmente narrativos, predominam as de-rosa passou correndo perto dela.
frases verbais, que indicam um processo, uma ação.
Não havia nada de muito especial nisso, também Alice
A narrativa tem como ponto de partida uma situação inici- não achou muito fora do normal ouvir o Coelho dizer para si
al, que se desenvolve numa para chegar a uma situação final, mesmo “Oh puxa! Oh puxa!
diferente da inicial:
Eu devo estar muito atrasado! ” (quando ela pensou nisso
• situação inicial – o personagem está apresentado numa depois, ocorreu-lhe que deveria ter achado estranho, mas na
determinada situação temporal e espacial; hora tudo parecia muito natural); mas, quando o Coelho tirou
um relógio do bolso do colete, e olhou para ele, apressando-
• desenvolvimento – apresenta-se o conflito, e a ação se se a seguir, Alice pôs-se em pé e lhe passou a ideia pela
desenvolve até chegar ao clímax e, em seguida, a um desfe- mente como um relâmpago, que ela nunca vira antes um
cho; coelho com um bolso no colete e menos ainda com um reló-
gio para tirar dele.
• situação final – passado o conflito, o personagem é apre-
sentado em uma nova situação – há claros indícios de trans- Ardendo de curiosidade, ela correu pelo campo atrás dele,
formação, de mudança em relação ao início da narrativa. a tempo de vê-lo saltar para dentro de uma grande toca de
coelho embaixo da cerca.

NARRATIVA FICCIONAL No mesmo instante, Alice entrou atrás dele, sem pensar
como faria para sair dali. A toca do coelho dava diretamente
em um túnel, e então se aprofundava repentinamente.
A palavra ficção vem do latim fictio, que deriva do verbo
fingere: modelar, criar, inventar. Quando identificamos uma Tão repentinamente que Alice não teve um momento se-
narrativa como ficcional, observamos nela uma realidade quer para pensar antes de já se encontrar caindo no que
criada, imaginária, não real. parecia ser bastante fundo.
(...)

– 9 –
Língua Portuguesa
O TEXTO DESCRITIVO A ORDEM NA DESCRIÇÃO

A descrição é um verdadeiro “retrato” com palavras. Na


Leia este trecho descritivo de Guimarães Rosa: descrição literária, o escritor procura ordenar as frases de
modo a obter um texto que prenda a atenção do leitor.
“Sua casa ficava para trás da Serra do Mim, quase no
meio de um brejo de água limpa, lugar chamado o Temor-de- Os textos descritivos dificilmente aparecem isolados.
Deus. O Pai, pequeno sitiante, lidava com vacas e arroz; a Geralmente, fazem parte de um texto maior, do tipo narrativo.
Mãe, urucuiana, nunca tirava o terço da mão, mesmo quando
matando galinhas ou passando descompostura em alguém. E Há várias maneiras de montar a descrição, dependendo
ela, menininha, por nome Maria, Nhinhinha dita, nascera já da posição (ponto de vista) do observador em relação àquilo
muito para miúda, cabeçudota e com olhos enormes.” que está sendo observado. As principais são:
a) Do particular para o geral
Você observou que o trecho acima, apresenta caracterís-
ticas de ambiente e de personagens. Essa caracterização é Vejamos um exemplo:
obtida por meio da descrição. “A pele da garota era desse moreno enxuto e parelho das
chinesas. Tinha uns olhos graúdos, lustrosos e negros como
Descrever é detalhar uma cena, objeto, sentimento, per- os cabelos lisos, e um sorriso suave e limpo a animar-lhe o
sonagens, destacando-lhe características peculiares, de rosto oval, de feições delicadas.” (Érico Veríssimo)
modo a passar ao leitor/ouvinte uma imagem o mais próxima
possível daquela que temos em mente. Há duas maneiras b) Do geral para o particular
básicas de descrever: objetiva ou subjetivamente.
Vejamos um exemplo:
Na descrição objetiva, a realidade é retratada com a “A rua estava de novo quase morta, janelas fechadas. A
maior fidelidade possível, não se emitindo qualquer opinião ou valsa acabara o bis. Sem ninguém. Só o violinista estava ali,
julgamento. Leia, agora, as seguintes descrições objetivas: fumando, fumegando muito, olhando sem ver, totalmente
desamparado, sem nenhum sono, agarrado a não sei que
“Os anticorpos são moléculas de proteínas que possuem esperança de que alguém, uma garota linda, um fotógrafo,
dois sítios específicos de combinação com os antígenos. um milionário disfarçado lhe pedisse pra tocar mais uma vez.”
Existem, em cada molécula de anticorpo, duas cadeias poli-
peptídicas leves e duas cadeias pesadas, ligadas entre si por DESCRIÇÃO POÉTICA
pontes de enxofre.”
(Amabis e Martho) Na poesia, a descrição está marcada pela função fática,
apresentando imagens inusitadas que recriam seres e/ou
“O apartamento que comprei tem três dormitórios – sendo ambientes. Dificilmente encontraremos objetividade nas des-
uma suíte –, uma sala em “L”, dois banheiros, cozinha, área crições poéticas, pois, a poesia está marcada pelo subjeti-
de serviço e dependências de empregada.” vismo. Observe o exemplo:

Na descrição subjetiva, a realidade é retratada de acor- Retrato


do com o ponto de vista do emissor, que pode opinar e ex-
pressar seus sentimentos. Leia, agora, os seguintes trechos Eu não tinha este rosto de hoje
descritivos: assim calmo, assim triste, assim magro,
nem estes olhos tão vazios,
“Este Quincas Borba, se acaso me fizeste o favor de ler nem o lábio amargo.
as Memórias póstumas de Brás Cubas, é aquele mesmo Eu não tinha estas mãos sem força,
náufrago da existência, que ali aparece, mendigo, herdeiro tão paradas e frias e mortas;
inopinado, e inventor de uma filosofia. Aqui o tens agora em eu não tinha este coração
Barbacena. Logo que chegou, enamorou-se de uma viúva, que nem se mostra.
senhora de condição mediana e parcos meios de vida, tão
acanhada, que os suspiros do namorado ficavam sem eco.” Eu não dei por esta mudança,
(Machado de Assis) tão simples, tão certa, tão fácil:
- Em que espelho ficou perdida
“O senhor sabe: sertão é onde manda quem é forte, com a minha face?
as astúcias. Deus mesmo, quando vier, que venha armado! E (Cecília Meireles – Obra poética.
bala é um pedaçozinho de metal ... sertão é onde o pensa- Rio de Janeiro: Nova Aguilar, 1985.)
mento da gente se forma mais forte do que o poder do lugar.
Viver é muito perigoso.” DESCRIÇÃO TÉCNICA
(Guimarães Rosa)
Na descrição técnica procura-se transmitir a imagem do
CARACTERÍSTICAS DA DESCRIÇÃO objeto através de uma linguagem técnica, com vocabulário
preciso, normalmente ligado a uma área da ciência ou da
– caracteriza, por meio de imagens ou de palavras, seres e tecnologia. É o caso da descrição de peças e aparelhos, de
lugares; experiências e fenômenos, do funcionamento de mecanis-
– emprega adjetivos, locuções adjetivas, verbos de estado e mos, da redação de manuais de instrução e artigos científi-
orações adjetivas; cos.
– emprega geralmente verbos de estado, normalmente no
a sente e no imperfeito do indicativo; O TEXTO DISSERTATIVO
– estabelece comparações;
– faz referências às impressões sensitivas: cores, formas, Leia este trecho de um texto dissertativo:
cheiros, gostos, impressões táteis, sons.

– 10 –
Língua Portuguesa
“A fim de apreender a finalidade e o sentido da vida é saber: a reprodução da existência física dos indivíduos. Tra-
preciso amar a vida por ela mesma, inteiramente; mergulhar, ta-se, muito mais, de uma determinada forma de atividade
por assim dizer, no redemoinho da vida; somente então apre- dos indivíduos, determinada forma de manifestar sua vida,
ender-se-á o sentido da vida, compreender-se-á para que se determinado modo de vida dos mesmos. Tal como os indiví-
vive. A vida é algo que, ao contrário de tudo criado pelo ho- duos manifestam sua vida, assim são eles.
mem, não necessita de teoria, quem apreende a prática da O que eles são coincide com sua produção, tanto com o
vida também assimila a sua teoria.” que produzem como com o modo como produzem.
(Wilhelm Reich. A revolução sexual. Rio de Janeiro, Zahar, 1974)
O que os indivíduos são, portanto, depende das condi-
O texto expõe um ponto de vista (a finalidade da vida ções materiais de sua produção.
é viver) sobre um assunto-tema (no caso, o sentido e a finali- (MARX, Karl. In: ARANHA, Maria Lúcia de Arruda & MARTINS, Maria
dade da vida). Além de apresentar o ponto de vista do autor, Helena. Temas de filosofia. São Paulo, Moderna, 1992.)
o texto faz também a defesa desse ponto de vista: os por-
quês, os motivos que fundamentam a opinião de que a práti- A estrutura desse texto é bem definida: introdução (pri-
ca intensa de viver é que revela o sentido da vida; de que a meiro parágrafo), desenvolvimento (segundo parágrafo),
vida não precisa de teoria e que se identifica com o próprio conclusão (último parágrafo).
processo de viver intensamente.
A ORDEM NA DISSERTAÇÃO
À defesa do ponto de vista, à organização dos motivos
que o justificam, à exposição dos fundamentos em que uma Assim como na descrição podemos partir do geral para o
posição está baseada, chamamos argumentação. particular e vice-versa, a exposição de ideias na dissertação
admite o mesmo caminho.
Defender uma opinião com argumentos coerentes e ade-
quados é o aspecto mais importante do texto dissertativo. Nesse caso, estaremos trabalhando com dois métodos
Além da argumentação articulada, a dissertação deve apre- básicos de raciocínio: a indução e a dedução.
sentar também uma linguagem clara e uma estruturação
lógica (com introdução, desenvolvimento e conclusão). Chama-se indução ao raciocínio que se baseia na obser-
vação e elementos conhecidos, concretos (o particular), para,
Dissertar é, através da organização de palavras, frases e por meio deles, chegar a uma conclusão ou a uma hipótese
textos, apresentar ideias, desenvolver raciocínio, analisar possível sobre uma determinada ideia ou fato (o geral).
©textos, dados e fatos.
Observe como o jornalista Gilberto Dimenstein escreveu a
A ESTRUTURA DO TEXTO DISSERTATIVO respeito dos jovens brasileiros vítimas de assassinato.

A dissertação obedece à seguinte estrutura: VIOLÊNCIA MATA MAIS ENTRE OS JOVENS

– Introdução De cada 10 jovens brasileiros entre 15 e 18 anos mortos


no ano de 1993, 6 deles foram assassinados. A pesquisa
É a parte na qual se apresenta a ideia central do texto e o revela que, atualmente, o homicídio está em primeiro lugar
enfoque que se pretende abordar. entre as causas da morte a juventude. A pesquisa foi feita
pelo CBIA (Centro Brasileiro para Infância e Adolescência),
– Desenvolvimento órgão vinculado ao Ministério do Bem-Estar Social.

O desenvolvimento da dissertação apresenta os diferen- Apesar da fragilidade estatística e o aumento da consci-


tes aspectos da ideia exposta na introdução. Além disso, é ência dos governantes sobre a situação da infância, os índi-
nessa parte que será feita a fundamentação da ideia que se ces de violência continuam crescendo.
pretende discutir, através de exemplos, argumentos, dados (Folha de São Paulo, 26 jun 1994. Caderno Especial: Brasil 95)
estatísticos, fatos históricos, causas e consequências etc.
Particular: dados da pesquisa feita pelo CBIA.
– Conclusão
Geral: os índices de violência continuam aumentando apesar
É a retomada da ideia apresentada na introdução, só que do aumento da consciência dos governantes sobre o proble-
enriquecida pela fundamentação dada no desenvolvimento. A ma.
conclusão sintetiza a ideia central do texto e pode acrescen-
tar sugestões, ampliando a discussão do tema. O tipo de raciocínio conhecido como dedução segue o
caminho inverso ao da indução. Portanto, no raciocínio dedu-
Veja como está estruturado o texto que segue: tivo partimos do geral para o particular, do desconhecido para
o conhecido. Obedecemos, geralmente, aos seguintes pas-
Pode-se distinguir os homens dos animais pela consciên- sos:
cia, pela religião ou por tudo que se queira. Mas eles próprios
começam a se diferenciar dos animais tão logo começam a 1) formulamos uma hipótese abstrata, de caráter geral;
produzir seus meios de vida, passo este que é condicionado
por sua organização temporal. Produzindo seus meios de 2) fazemos uma relação de fatos e provas (elementos concre-
vida, os homens produzem, indiretamente, sua própria vida tos, conhecidos, observáveis): o particular;
material.
3) podemos ou não colocar uma conclusão que confirme a
O modo pelo qual os homens produzem seus meios de hipótese geral.
vida depende, antes de tudo, da natureza dos meios de vidas
já encontrados e que têm de reproduzir. Não se deve consi- Observe como a autora organizou o texto dedutivamente:
derar tal modo de produção de um único ponto de vista, a

– 11 –
Língua Portuguesa
As expectativas num namoro são, na maioria das vezes, Esse poema é uma espécie de autorretrato, que enumera
muito diferentes para meninos e meninas. (hipótese geral) elementos de dois lados diferentes da personalidade e da
vida do eu-lírico.
Enquanto a maioria dos rapazes está doida para beijar, tocar
a menina e ter o máximo de intimidade sexual que puder, ela Perceba que o texto foi organizado pelo processo de
geralmente está interessada em sair com ele, namorá-lo, enumeração.
apreciar sua companhia. (fatos particulares que exemplificam
a hipótese geral) Primeiro temos os elementos de um lado e, depois, os
(SUPLICY, Marta. Sexo para adolescentes. FTD, 1988. P. 82) elementos do outro.

A ENUMERAÇÃO PARA ORGANIZAR O TEXTO

Leia o texto seguinte: EXERCÍCIOS


PRAZERES

O primeiro olhar da janela de manhã Escreva (C) para CERTO e (E) para ERRADO:
O velho livro de novo encontrado
Rostos animados
Neve, o mudar das estações
O jornal 1 - Quanto à classificação:
O cão
A dialética A – ( ) “Quando me viu, Pedrinho me chamou de lado e
Tomar ducha, nadar perguntou se era verdade que eu sabia fazer milagres.”
Velha música (Fernando Sabino) – Discurso direto
Sapatos cômodos
Compreender B – ( ) “– Não quero discutir com a senhora. Mas também
Música nova não quero ver meu filho duvidando do próprio pai.”
Escrever, plantar (Luís F. Veríssimo) - Discurso direto
Viajar, cantar
Ser amável C – ( ) “Ela se referia a uma misteriosa casa na Avenida
(Bertolt Brecht. Poemas e canções. Coimbra, 1975) João Pinheiro, onde sabíamos que não morava ninguém
havia anos. (...) Íamos sempre olhá-la durante o dia, fascina-
Como foi organizado esse poema? Qual a sequência de dos: que haveria lá dentro? Não seria de espantar se de noite
ideias? Observe que o texto não buscou desenvolver o con- os fantasmas se reunissem ali para celebrar o fato de já ha-
ceito de felicidade, mas apresenta os elementos capazes de verem morrido.”
representar a felicidade. (Fernando Sabino) Discurso indireto livre

Pela enumeração de acontecimentos, objetos, pessoas, D – ( ) c) “Sempre fomos explorados. Somos oprimidos,
sensações, sentimentos, atividades, o autor diz o que é felici- mas não vencidos. Lutamos, pelo elementar direito de a clas-
dade. se trabalhadora participar da vida política, social e econômica
de sua pátria. Inútil tentar nos calar, nos deter, nos abater.
A enumeração é uma técnica das mais ricas para escre- Somos multidão. Estamos nas cidades e nos campos. Re-
ver livremente e constitui um dos importantes recursos utili- nascemos em nossos filhos. Sabemos que, no futuro, estará
zados na literatura, principalmente na poesia moderna. No em nossas mãos a riqueza que agora produzimos.” (Panfleto
texto enumerativo empregam-se elementos que dificilmente de um Sindicato, maio de 1981) Dissertação
aparecem em redações tradicionais: “tomar ducha”, “sapatos
cômodos”, por exemplo. A enumeração é uma forma concreta E – ( ) “Era de estatura regular, tinha as costas arqueadas e
de escrever: consiste em listar coisas, fatos, lembranças, os ombros levemente contraídos, braços moles, cintura pou-
emoções, desejos, sensações de nossa vida, do dia-a-dia, da co abaixo dos seios, desenhando muito a barriga. Quando
nossa história. Observe outro texto em que se emprega o andava, principalmente em ocasiões de cerimônia, sacudia o
processo de enumeração: corpo na cadência dos passos e bamboleava a cabeça com
um movimento que afetava languidez. Muito pálida, olhos
OS DOIS LADOS grandes e bonitos, repuxados para os cantos exteriores, em
um feitio acentuado de folhas de roseira; lábios descorados e
Deste lado tem meu corpo cheios, mas graciosos. Nunca se despregava das lunetas, e a
tem o sonho forte miopia dava-lhe aos olhos uma expressão úmida de
tem minha namorada na janela choro.”
tem as ruas gritando de luzes e movimentos (Aluísio Azevedo) Descrição subjetiva
tem meu amor tão lento
tem o mundo batendo na minha memória
tem o caminho pro trabalho.
RESPOSTAS
Do outro lado tem outras vidas vivendo da minha vida tem
pensamentos sérios me esperando na sala de visitas QUESTÃO 1
tem minha noiva definitiva me esperando com flores na I A E
mão, T B C
tem a morte, as colunas da ordem e da desordem. E C C
(Murilo Mendes. Poesia completa e prosa, Nova Aguilar, 1994) N D C
S E C

– 12 –
Língua Portuguesa
Sua implementação no Brasil segue os seguintes parâme-
3. ORTOGRAFIA OFICIAL tros: 2009 – vigência ainda não obrigatória, 2010 a 2012 –
adaptação completa dos livros didáticos às novas regras; e a
partir de 2013 – vigência em todo o território nacional.
Ortografia (palavra formada por dois elementos gregos:
“orthós”, correta, e “grafia”, escrita) é a parte da gramática Ainda que o Brasil tenha adiado para 2016 o prazo para
que se preocupa com o emprego correto de letras e palavras validação das regras da nova ortografia, o acordo já é uma
na língua escrita. realidade legal e cultural em todos os países falantes de
língua portuguesa - exceto em Angola, que deve ratificá-lo
Você já deve ter notado que os erros ortográficos apare- em breve. A proposta, contudo, ainda divide opiniões entre os
cem com frequência no nosso dia a dia, nos mais diversos linguistas.
segmentos da sociedade: campanhas publicitárias, placas
comerciais, propagandas políticas e até mesmo em jornais e Cabe lembrar que esse “Novo Acordo Ortográfico” já se
revistas. encontrava assinado desde 1990 por oito países que falam a
língua portuguesa, inclusive pelo Brasil, mas só agora é que
E por que isso acontece, se a língua que falamos é uma teve sua implementação.
só? É simples. Infelizmente, na língua portuguesa, como em
outras línguas, não há a correspondência exata entre fonema É equívoco afirmar que este acordo visa uniformizar a lín-
(língua oral) e letra (língua escrita). O ideal seria que cada gua, já que uma língua não existe apenas em função de sua
som correspondesse a uma única letra e vice-versa. ortografia.

Observe o poema de Oswald de Andrade: FONEMAS NÃO SÃO LETRAS

Vício na fala Segundo Evanildo Bechara em seu livro Moderna Gramá-


tica Portuguesa: “desde logo uma distinção se impõe: não se
Para dizerem milho dizem mio há de confundir fonema com letra. Fonema é uma realidade
Para melhor dizem mió acústica, realidade que nosso ouvido registra: enquanto letra
Para pior pió é o sinal empregado para representar na escrita o sistema
Para telha dizem teia sonoro de uma língua.
Para telhado dizem teiado
E vão fazendo telhados Não há uma identidade perfeita, muitas vezes, entre os
(Oswald de Andrade. Poesias reunidas. fonemas e a maneira de representá-los na escrita, o que nos
Rio de Janeiro, Civilização Brasileira, 1971) leva facilmente a perceber a impossibilidade de uma ortogra-
fia ideal. Temos sete vogais orais tônicas, mas apenas cinco
símbolos gráficos (letras).
Nesse poema, Oswald de Andrade mostra a diferença
entre língua falada e língua escrita e a dificuldade que pode Quando queremos distinguir um e tônico aberto de um e
haver entre elas. tônico fechado – pois são dois fonemas distintos – geralmen-
te utilizamos sinais subsidiários: o acento agudo (fé) ou o
Falar e escrever bem a língua portuguesa exige, de quem circunflexo (vê). Há letras que se escrevem por várias razões,
a estuda, muito cuidado com o uso das letras e dos sons. mas que não se pronunciam, e portanto não representam a
vestimenta gráfica do fonema; é o caso do h, em homem ou
Para isso, devemos recorrer à ortografia e seguir suas oh! Por outro lado, há fonemas que se ouvem e que não se
orientações a fim de que possamos eliminar dúvidas e princi- acham registrados na escrita; assim no final de cantavam,
palmente erros. ouvimos um ditongo em –am cuja semivogal não vem assina-
lada /amávãw/. A escrita, graças ao seu convencionalismo
Este sistema, que se deve à iniciativa da Academia Brasi- tradicional, nem sempre espelha a evolução fonética.”
leira de Letras, tem as seguintes características:
REPRESENTAÇÃO GRÁFICA DOS FONEMAS
1ª) É simplificado. Reduziu, por exemplo, consoantes do-
bradas ou insonoras: ofício, em vez de officio, atento, por Quando você pronuncia, por exemplo, a palavra “casa”,
attento, salmo, em vez de psalmo; aboliu os símbolos gregos: cada som da fala é chamado de fonema. Temos, portanto,
farmácia, em lugar de pharmacia, química, em vez de chimi- quatro fonemas, /c/ /a/ /s/ /a/. As representações gráficas
ca, teatro, rinoceronte, mártir, em vez de theatro, rhinoceron- desses fonemas são chamadas letras ou grafemas. Temos,
te, martyr, etc. portanto, quatro letras, c - a - s - a.

2ª) É científico, pois baseia-se na etimologia e segue rígido Conforme mencionamos, a relação entre os fonemas e as
critério histórico letras não é de correspondência exata e permanente, pode
perr ocorrer de uma palavra apresentar números de letras e fo-
nemas diferentes. Veja, por exemplo, a palavra “guerra”,
3ª) É sistemático no uso dos acentos gráficos. Por exemplo: possui 6 letras e 4 fonemas (/gu/ /e/ /rr/ /a/); enquanto que
herói, aquela lembrança dói, etc. “táxi” possui 4 letras e 5 fonemas (/t/ /á/ /k/ /s/ /i/).
Segundo o acordo dos países que possuem o português Um mesmo fonema, também pode ser representado por
como idioma oficial, no Brasil a partir de 2009 passou a valer diferentes letras. Veja alguns exemplos:
as novas regras ortográficas.
FONEMA / chê /
O Novo Acordo Ortográfico visa simplificar as regras orto-
gráficas da Língua Portuguesa e aumentar o prestígio social Pode ser representado por x ou ch.
da língua no cenário internacional. Exemplos: caixa, enxugar, chuva, chinelo

– 13 –
Língua Portuguesa
FONEMA / sê / 2) Acento circunflexo ( ^ ) - indica o som fechado das vo-
gais (ê e ô) ou destaca a sílaba tônica sobre as vogais a, e, o.
Pode ser representado por cçs, ss, x, sc, xc. Exemplos: trânsito, você, robô.
Exemplos: obedecer, cigarro, poço, carroça, secar, ensino,
pressa, esse, máximo, próximo, piscina, nascer, exceção, 3) Acento grave ( ` ) - indica a fusão de dois as (a + a) de-
excelente nominada crase. Exemplos:
Vou a a feira. → Vou à feira.
FONEMA / zê / Assisti a aquele filme. → Assisti àquele filme.

Pode ser representado por x, s, z 4) Til ( ~ ) - indica a nasalização de vogais (a e o).


Exemplos: exemplo, exigente, casa, vaso, zinco, bazar Exemplos: irmã, limões.

FONEMA / jê / antes de e ou i 5) Cedilha ( ¸ ) - é usada no c ( ç ) antes de a, o, u, para


indicar o som do fonema / sê /.
Pode ser representado por j, g Exemplos: cabeça, poço, açude.
Exemplos: berinjela, jiló, gelo, gigante
6) Trema ( ̈ ) - sinal usado para indicar que o u dos grupos gu
Uma mesma letra pode ter sons diferentes, ou seja, re- e qu devem ser pronunciados, foi abolido em palavras portu-
presentar diferentes fonemas. guesas ou aportuguesadas. Por exemplo, a palavra cinqüen-
ta que era escrita com trema, pela nova regra é cinquenta.
LETRA S O trema permanece em nomes próprios estrangeiros e seus
derivados.
Pode ser representado por / sê / , / zê / Exemplos: Müller – mülleriano / Hübner – hübneriano.
Exemplos: sapato, sino, casaco, presente
7) Apóstrofo ( ̕ ) - é usado para indicar que uma letra foi
LETRA X retirada.
Exemplos: copo d'água, galinha-d'angola.
Pode ser representado por / ks /, / chê /, / zê /, / sê /
Exemplos: tóxico, sexo, apaixonar, xadrez, êxito, examinar,
auxílio, próximo HÍFEN

O hífen (-) é empregado em palavras compostas (guarda-


ALFABETO chuva), na união do pronome ao verbo (amo-te), na separa-
ção de sílabas (pi- tan- ga) e na separação de sílaba no final
Finalmente, deu-se um basta na indiferença! Os estran- de linha.
geiros K, W e Y são oficializados cidadãos brasileiros através
de nossa língua! No Acordo Ortográfico, o hífen foi o que mais sofreu alte-
rações.
Agora nosso alfabeto passa a ser composto de 26 letras,
admitindo de vez as letra K, W e Y que, normalmente, já USO DO HÍFEN
eram usadas em nomes estrangeiros ou em símbolos de
medidas. Exemplos: Karen, Wilson, Hygor, Km, Kg, Watt. 1) Prefixos e falsos prefixos terminados em vogais

São elas: Emprega-se o hífen nos compostos em que o prefixo ou


falso prefixo termina em vogal e o segundo elemento começa
a (á), b (bê), c (cê), d (dê), e (é), f (efê), g (gê), h (agá), i (i), j por vogal igual ou por h: anti-inflamatório, arqui-inimigo, mi-
(jota), k (ká), l (ele), m (eme), n (ene), o (o), p (pê), q (quê), r cro-ondas, micro-ônibus, anti-higiênico.
(erre), s (esse), t (tê), u (u), v (vê), w (dáblio), x (xis), y (ípsi-
lon), z (zê). 2) Prefixos e falsos prefixos terminados em vogal e o segun-
do elemento começa por vogal diferente
Além dessas letras, empregamos o ç (cê cedilhado), que
representa o fonema /s/ diante de a, o ou u em determinadas Não se emprega o hífen: autoajuda, extraescolar, infraes-
palavras. Empregamos também, os seguintes dígrafos: rr trutura, semiaberto, ultraelevado.
(erre duplo), ss (esse duplo), ch (cê-agá), gu (guê-u), qu
(quê-u). 3) Prefixos e falsos prefixos terminados em vogal e o segun-
do elemento começa por s ou r

NOTAÇÕES LÉXICAS Não se emprega o hífen, devendo duplicar as consoantes


r ou s: autorretrato, antissocial, contrarregra, ultrassom, antir-
Muitas vezes, as letras não são suficientes para represen- rugas.
tar os fonemas, há necessidade de recorrer a sinais gráficos
denominados notações léxicas. As principais notações léxi- 4) Prefixos terminados em b
cas são:
Emprega-se o hífen quando o segundo elemento é inicia-
1) Acento agudo ( ' ) - indica o som aberto das vogais (é e ó) do por b, h ou r: sub-bloco, sub-humano, ab-reação.
ou destaca a sílaba tônica da palavra.
Exemplos: máximo, médico, sílaba, vovó, açúcar. O hífen não deve ser usado nos outros casos: obstar,
subescrever, subalterno.

– 14 –
Língua Portuguesa
5) Prefixo co (m) 13) O uso do hífen permanece

O Novo Acordo Ortográfico determina que esse prefixo se • nos compostos com os prefixos ex-, vice-, soto-: ex-marido,
separe por hífen apenas dos termos iniciados por "h"; com os vice-presidente, soto-pôr.
demais, une-se por justaposição. Consequentemente, pas-
samos a escrever "coautor", "coedição", "coprodução", "copi- • nos compostos com os prefixos tônicos acentuados pré-,
loto", "corréu", "corresponsável", "cogestor", "cosseno" etc.. pró- e pós- quando o segundo elemento tem vida própria na
língua: pré-molar, pró-labore, pós-eleitoral.
6) Prefixos terminados em r

O uso do hífen permanece nos compostos em que os • nos compostos terminados por sufixos de origem tupi-
prefixos super, hiper, inter aparecem combinados com ele- guarani que representam formas adjetivas, como -açu, -
mentos também iniciados por r ou pela letra h: super- guaçu e -mirim, quando o primeiro elemento acaba em vogal
resistente, hiper-realista, inter-racial, super-homem, super- acentuada graficamente ou quando a pronúncia exige a dis-
herói. tinção gráfica entre ambos: jacaré-açu, amoré-guaçu, paraná-
mirim.
Nos outros casos, o hífen não deve ser usado: internacio-
nal, hipersensível, supercílio. • nos topônimos iniciados pelos adjetivos grão e grã ou por
forma verbal ou por elementos que incluam artigo: grão-de-
7) Prefixo ad bico, Santa Rita do Passa-Quatro, Baía de Todos-os-Santos.

Emprega-se o hífen quando o segundo elemento é inicia- • nos compostos com os elementos além, aquém, recém e
do por d, h ou r: ad-digital, ad-renal, ad-rogar. sem: além-túmulo, aquém-oceano, recém-nascido, sem-teto.

Nos outros casos, o hífen não deve ser usado: adjacente, 14) Não se emprega o hífen nas locuções de qualquer tipo
adjunto, adjudicação. (substantivas, adjetivas, pronominais, verbais, adverbiais,
prepositivas ou conjuntivas): cão de guarda, fim de semana,
8) Prefixo circum e pan café com leite, pão de mel, à vontade, a fim de que.

Emprega-se o hífen quando o segundo elemento começa Com exceção de algumas locuções já consagradas pelo
por vogal, m ou n: circum-ambiente, circum-murado, uso: água-de-colônia, cor-de-rosa, pé-de-meia, à queima-
circum-navegação, pan-americano. roupa, etc.

Nos outros casos, o hífen não deve ser empregado: cir- EXERCÍCIOS
cunvizinhança, circunferência, circunscrever.
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
9) Prefixo mal PARA CERTO E (E) PARA ERRADO:

Emprega-se o hífen quando o segundo elemento começa 1) Quanto à grafia correta:


com vogal, l ou h: mal-estar, mal-limpo, mal-humorado.
A( ) gelo, exemplo, bazar
Nos outros casos, o hífen não deve ser empregado: mal- B( ) pressa, jiló, megera
criado, maldizer, malparado. C( ) pulenta, disinteria, enchofre
D( ) tacha, ascensão, catequese
10) Prefixo bem E( ) catequisar, hereje, cachumba

O hífen desaparece nas palavras citadas no Acordo Orto- 2) Quanto às notações léxicas:
gráfico e nas suas correlatas: benfazer, benfeito, benquerer,
benquerido. A( ) O hífen é usado para indicar uma letra que foi retirada.
B( ) O acento circunflexo indica o som fechado das vogais.
11) Prefixo re- C( ) O acento agudo indica o som aberto das vogais.
D( ) O trema indica a nasalização das vogais.
Permanece a aglutinação com o segundo elemento, E( ) O acento grave é usado nos grupos gu e qu.
mesmo quando este começar por o ou e: reabastecer, rees-
crever, recarregar, reorganizar. 3) Quanto ao uso da letra maiúscula:

12) Compostos que perderam a noção de composição A( ) João trabalha como camelô na Praça da República.
B( ) Em Março, encerram-se as chuvas de verão.
C( ) Aos poucos ele sentia a Morte chegar.
Não se emprega o hífen: mandachuva, paraquedas, D( ) A revista veja publicou uma ótima matéria sobre Turis-
paraquedista. mo.
E( ) Muitas instituições recebem ajuda no Natal.
O uso do hífen permanece nas palavras compostas que
não contêm um elemento de ligação, mantendo um acento 4) Quanto à grafia correta:
próprio, bem como aquelas que designam espécies botânicas
e zoológicas: ano-luz, azul-escuro, médico-cirurgião, guarda- A( ) missanga, regresão, macies
chuva, segunda-feira, couve-flor, mal-me-quer, formiga- B( ) umidecer, páteo, puleiro
branca, etc. C( ) massagista, compreensão, mentalização
D( ) xuxu, magestade, entopir
E( ) batismo, batizar, ozônio

– 15 –
Língua Portuguesa
5) Quanto aos fonemas:

A ( ) O fonema / zê / pode ser representado por x, s, z 4. ACENTUAÇÃO GRÁFICA


B ( ) “táxi” possui 4 letras e 3 fonemas
C ( ) O fonema / chê / pode ser representado por x ou ch.
D ( ) Temos seis vogais orais tônicas, mas apenas cinco
1) Acentuação dos monossílabos tônicos
símbolos gráficos (letras).
E ( ) A letra s pode ser representada por / sê / ou / zê /
Acentuam-se os monossílabos tônicos terminados em:
6) Quanto à ortografia correta:
• - a, - as: má, más; pá, pás
• - e, - es: fé, mês, dê, pés
A ( ) Meu vizinho possui uma chácara.
• - o, - os: pó, sós, dó, pôs
B ( ) Ao ver o diretor, Joãozinho ficou ruborizado.
C ( ) Não conte nada do que viu. Posso contar com sua
Observação: Recebe acento circunflexo a terceira pessoa do
descrição?
plural do presente do indicativo dos verbos ter e vir.
D ( ) Preciso concertar meu sapato.
E ( ) O soldado pegou seu fúsil e adentrou o floresta.
Exemplos: eles têm, eles vêm
7) Quanto às palavras que devem iniciar com a letra h:
2) Acentuação dos vocábulos oxítonos
A( ) hélice, harpa, harmonia
Acentuam-se os vocábulos oxítonos terminados em:
B( ) hárido, herva, húmido
C( ) húbiquo, haléia, halfa
• - a, - as: sofá, atrás, maracujá, ananás
D( ) hiena, histeria, hemisfério
• - e, - es: café, canapés, você, vocês
E( ) hipnotismo, hepatite, hidratar
• - o, - os: cipó, avô, avós, robôs
• - em, - ens: também, parabéns, alguém, armazéns
8) Quanto à grafia correta:
Observações:
A( ) revizão, enxer, varegista
B( ) jerimum, fêmur, polir
1 - Algumas formas verbais seguidas de pronome são incluí-
C( ) objeção, seringa, creolina
das nesta regra: revê-lo, amá-lo, compô-lo.
D( ) cuspir, manjericão, mexerico
E( ) ridículo, usufruto, litígio
2 - Recebe acento circunflexo a terceira pessoa do plural do
presente do indicativo dos compostos dos verbos ter e vir:
9) Quanto à ortografia correta:
eles obtêm, eles retêm.
A ( ) O cheque que possuo não cobrirá a taxa que devo
3) Acentuação dos vocábulos paroxítonos
pagar amanhã.
B ( ) Todos os dias, ele trás sua irmã consigo.
Acentuam-se os vocábulos paroxítonos terminados em:
C ( ) Antônio perdeu todo o seu dinheiro, isso foi muito asar.
D ( ) Para não haver problemas, vamos revezar a guarda.
• ã, - ãs, - ão, - ãos: ímã, órfãs, órgão, órgãos
E ( ) Na cessão onde trabalho, todos ficaram preocupados
• i, - is, - us: júri, tênis, vírus
com as novas medidas.
• l, - n, - r, - x, - ps: amável, pólen, néctar, látex, bíceps
• um, - uns: álbum, álbuns
10) Quanto à ortografia correta:
• ditongo: ânsia, régua, sério, nódoa, bênção, níveis
A ( ) A fábrica dispensou vários funcionários por contensão
Observação: Os prefixos paroxítonos terminados em i e r não
de despesas.
são acentuados: semi-eixo, super-homem.
B ( ) Haverá aula nas férias por causa da paralização dos
professores.
4) Acentuação dos vocábulos proparoxítonos
C ( ) A mãe castigou o filho, após a sua suspensão na es-
cola.
Todas as palavras proparoxítonas são acentuadas com
D ( ) Gosto de pizza meia mussarela e meia calabreza.
acento agudo (se o som da vogal for aberto) ou circunflexo
E ( ) O professor de história deu uma excelente aula sobre
(se o som da vogal for fechado).
a civilização antiga.
Exemplos: lâmpada, ínterim, pêssego, análise, cronômetro,
realizássemos.
RESPOSTAS
5) Acentuação dos ditongos abertos
Ques-
tões 1 2 3 4 5 6 7 8 9 10
I A C E C E C C C E C E Conforme o Acordo Ortográfico, acentuam-se os ditongos
T B C C E E E C E C E E –éi e –ói das palavras oxítonas e monossílabos tônicos de
E C E C C C C E E C E C som aberto:
N D C E E E E E C C C E
S E E E C C C E C C E E herói, constrói, dói, anéis, papéis, anzóis.

Permanece também o acento no ditongo aberto –éu:

chapéu, véu, céu, ilhéu.

– 16 –
Língua Portuguesa
Não se acentuam os ditongos abertos –ei e –oi nas pala- 2) Quanto às afirmações:
vras paroxítonas. A ( ) Acentuam-se os monossílabos tônicos terminados em
u.
Exemplos: assembleia, ideia, colmeia, Coreia, paranoia, jiboi- B ( ) Acentuam-se os vocábulos oxítonos terminados em
a, heroico, etc. em.
C ( ) Acentuam-se os vocábulos paroxítonos terminados em
6) Acentuação dos hiatos o.
D ( ) Todas as palavras proparoxítonas recebem acento.
Acentuam-se as oxítonas terminadas em i e u, seguidas E ( ) Acentuam-se o i e o u formadores de hiato seguidos
ou não de s. em não de s.

Exemplos: Piauí, piraiú, tuiuiús. 3) Quanto à palavra que não é acentuada graficamente:

Conforme o Acordo Ortográfico, não se acentuam: A( ) taxi


B( ) urubu
• o hiato –oo: voo, enjoo, perdoo, abençoo. C( ) carater
D( ) indice
• o hiato –ee dos verbos crer, dar, ler, ver e seus derivados E( ) rubrica
na terceira pessoa do plural: creem, deem, leem, veem, des-
creem, releem. 4) Quanto à palavra que é acentuada graficamente:

• o –i e –u tônicos das palavras paroxítonas quando precedi- A( ) azaléa


das de ditongo: feiura, saiinha, baiuca. B( ) Pacaembú
C( ) mentíra
7) Acentuação dos grupos gue, gui, que, qui D( ) cardúme
E( ) hálito
Conforme o Acordo Ortográfico, desaparece o acento
agudo em algumas formas dos verbos apaziguar, arguir, 5) Quanto à palavra que contém o uso do trema:
averiguar, obliquar. Mas mesmo sem o acento agudo, a
pronúncia das palavras em que ele era usado não sofre alte- A( ) distinguir
ração. B( ) tranqüilo
C( ) eqüipamento
Exemplos: argui, apazigue, averigue, enxague, oblique. D( ) cinqüenta
E( ) liqüidificador
8) Acento diferencial
6) Quanto à palavra sem erro de acentuação:
Conforme o Acordo Ortográfico, o acento diferencial per-
manece nos homógrafos: A( ) pára (verbo parar)
B( ) pêlo (substantivo)
• pode (3ª pessoa do singular do presente do indicativo do C( ) quê (pronome e conjunção)
verbo poder) e pôde (3ª pessoa do pretérito perfeito do indi- D( ) pôr (preposição)
cativo). E( ) fôrma (verbo formar)

• pôr (verbo) em oposição a por (preposição). 7) Quanto à forma verbal mal acentuada:

• fôrma (substantivo) e forma (verbo formar). Poderá ser A( ) distribuí-los


usado fôrma para distinguir de forma, mas não é obrigatório. B( ) partí-lo
C( ) chamá-la
Não se acentuam as palavras paroxítonas que são homó- D( ) recompô-las
grafas. E( ) revê-lo

Exemplos: para (verbo), pela (substantivo e verbo), pelo 8) Quanto aos hiatos não acentuados:
(substantivo), pera (substantivo), polo (substantivo).
A( ) raiz
B( ) caida
EXERCÍCIOS C( ) juizo
D( ) ciume
E( ) tainha
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
RESPOSTAS
1) Quanto à classificação:
Ques-
A( ) A palavra Jundiaí possui um hiato. tões 1 2 3 4 5 6 7 8
B( ) A palavra Macapá é oxítona terminada em a. I A C E E C E C C C
C( ) A palavra já é um monossílabo tônico. T B C C C E C C E E
E C C E E E E E C E
D( ) A palavra ínterim é proparoxítona.
N D C C E E C E C E
E( ) A palavra céu é paroxítona. S E E C C C E E C C

– 17 –
Língua Portuguesa
x Interjeições - classe de palavras invariáveis usadas para
substituir frases de significado emotivo ou sentimental.
5. EMPREGO DAS CLASSES DE PALAVRAS

SUBSTANTIVO
Morfologia é o estudo da estrutura, da formação e da
classificação das palavras. A peculiaridade da morfologia é
estudar as palavras olhando para elas isoladamente e não Substantivo é a palavra que dá nome às pessoas, ani-
dentro da sua participação na frase ou período. A morfologia mais, lugares, coisas ou seres em geral. Divide-se em:
está agrupada em dez classes, denominadas classes de
palavras ou classes gramaticais. 1) Comum: é o substantivo que dá nome a todos os seres da
mesma espécie: aluno, animal, vegetal, homem.
As palavras podem ser de dois tipos quanto à sua flexão:
variáveis ou invariáveis. 2) Próprio: é o substantivo que dá nome a um ser da mesma
espécie: Júlia, Brasil, Copacabana, Tatuapé.
PALAVRAS VARIÁVEIS
3) Concreto: é o substantivo que designa seres de existência
Os substantivos, os adjetivos, os artigos, os numerais, os real ou que a imaginação representa: mulher, pedra, Deus,
pronomes e os verbos flexionam-se, isto é, podem apresentar fada, lobisomem.
modificações na forma, para exprimir os acidentes gramati-
cais de gênero, número, grau, pessoa, etc. São, portanto, 4) Abstrato: é o substantivo que designa qualidade ou sen-
palavras variáveis ou flexivas. timento, ação e estado dos seres, dos quais se podem abs-
trair (separar) e sem os quais não poderiam existir: beleza,
PALAVRAS INVARIÁVEIS coragem, brancura (qualidades), viagem, estudo, doação,
esforço, fuga (ações), amor, saudade, alegria, dor, fome
Os advérbios, as preposições, as conjunções e as inter- (sentimentos, sensações), vida, morte, cegueira, doença
jeições têm uma só forma, rígida, imutável. São, por conse- (estados).
guinte, palavras invariáveis ou inflexivas.
5) Simples: é o substantivo formado por um só elemento
CLASSE DE PALAVRAS (radical): discos, flor, vitrola, couve.

Existem dez classes gramaticais: 6) Composto: é o substantivo formado por mais de um ele-
mento: couve-flor, guarda-chuva, pingue-pongue, pé de mo-
x Substantivos - classe de palavras variáveis com que se leque, passatempo.
designam e nomeiam os seres em geral.
7) Primitivo: é o substantivo que foi criado antes de outros
x Verbos - classe de palavras de forma variável que expri- no uso corrente da língua: livro, pedra, dente, flor.
mem o que se passa, isto é, um acontecimento represen-
tado no tempo. Indicam ação, fato, estado ou fenômeno. 8) Derivado: é o substantivo que foi criado depois de outro
Toda palavra que se pode conjugar. no uso corrente da língua: livreiro, pedreiro, dentista, florista.

x Artigos - classe de palavras que acompanham os subs- 9) Coletivo: é o substantivo que representa um conjunto de
tantivos, determinando-os. seres da mesma espécie: álbum, esquadrilha.

x Adjetivos - classe de palavras que indicam as qualida- Alguns coletivos mais comuns:
des, origem e estado do ser. O adjetivo é essencialmente
um modificador do substantivo. Grupos de pessoas

assembleia: de pessoas reunidas, de parlamentares


x Numerais - classe de palavras quantitativas. Indica-nos associação: de sócios
uma quantidade exata de pessoas ou coisas, ou o lugar auditório: de ouvintes
que elas ocupam numa série. banca: de examinadores
banda: de músicos
x Pronomes - classe de palavras com função de substituir bando: de desordeiros, malfeitores
o nome, ou ser; como também de substituir a sua referên- batalhão: de soldados
cia. Servem para representar um substantivo e para o a- cabido: de cônegos
câmara: de vereadores, parlamentares (oficialmente reuni-
companhar determinando-lhe a extensão do significado. dos)
cambada: de desordeiros
x Advérbios - classe de palavras invariáveis indicadoras de caravana: de viajantes, peregrinos
circunstâncias diversas; é fundamentalmente um modifi- caterva: de desordeiros, malfeitores
cador do verbo, podendo também modificar um adjetivo, choldra: assassinos, malfeitores
outro advérbio ou oração inteira. chusma: de pessoas em geral, de criados
claque: de pessoas pagas para aplaudir
x Preposições - classe de palavras invariáveis que ligam clero: de religiosos
outras duas subordinando a segunda à primeira palavra. colônia: de imigrantes, migrantes
comitiva: de acompanhantes
corja: de ladrões, malfeitores
x Conjunções - classe de palavras invariáveis que ligam corpo: de eleitores, alunos, jurados
outras duas palavras ou duas orações. corpo docente: de professores
coro: de cantores
elenco: de atores de uma peça, filme etc.

– 18 –
Língua Portuguesa
exército: de soldados molho: de chaves
falange: tropas, anjos, heróis pinacoteca: de quadros
filarmônica: de músicos (sociedade musical) trouxa: de roupas
grêmio: de estudantes vocabulário: de palavras
guarnição: de soldados (que guarnecem um lugar)
irmandade: de membros de associação religiosa GÊNERO DOS SUBSTANTIVOS
junta: de médicos, examinadores
júri: de jurados Gênero é a propriedade que as palavras têm de indicar o
legião: de soldados, anjos, demônios sexo real ou fictício dos seres.
leva: de presos, recrutas
malta: de malfeitores, desordeiros
multidão: de pessoas em geral Na língua portuguesa são dois os gêneros: o masculino e
orquestra: de músicos o feminino.
pelotão: de soldados
piquete: de grevistas
plantel: de atletas FORMAÇÃO DO FEMININO
plateia: de espectadores
plêiade: de poetas, artistas De modo geral, forma-se o feminino substituindo-se a
população: de habitantes desinência "o" pela desinência "a": menino, menina; gato,
prole: de filhos gata.
quadrilha: ladrões, malfeitores
romaria: de peregrinos
tribo (nação): de índios Todavia, os processos de formação são bem variados:
tripulação: de marinheiros, aeroviários
tropa: de soldados, pessoas Masculino Feminino Masculino Feminino
turma: de estudantes, trabalhadores, pessoas em geral alfaiate costureira doutor doutora
anão anã cavaleiro amazona
Grupos de animais ou vegetais aviador aviadora cavalheiro dama
avô avó compadre comadre
alcateia: de lobos bode cabra cônsul consulesa
bando: de aves frade freira hóspede hóspeda
boiada: de bois frei sóror oficial oficiala
cacho: de uvas, bananas genro nora judeu judia
cáfila: de camelos gigante giganta ateu ateia
cardume: de peixes herói heroína hebreu hebreia
colmeia: de abelhas juiz juíza profeta profetisa
colônia: de bactérias, formigas, cupins maestro maestrina réu ré
enxame: de abelhas, insetos
fato: de cabras
fauna: de animais próprios de uma região
feixe: de lenha, capim Substantivos que merecem destaque quanto ao gênero:
flora: de vegetais próprios de uma região
junta: de bois
manada: de animais de grande porte
matilha: de cães Masculino Feminino
ninhada: de filhotes de animais o apêndice a aguardente
nuvem: de insetos (gafanhotos, mosquitos, etc)
rebanho: de gado o bólido a alface
récua: animais de carga o champanha a apendicite
réstia: de alho ou cebola
o clã a aluvião
revoada: de pássaros
tropilha: de cavalos o dó a bólide
vara: de porcos o eclipse a cal
o eczema a cataplasma
Outros grupos
o estratagema a cólera
acervo: de obras de arte o formicida a comichão
alameda: de árvores (em linha) o gengibre a derme
alfabeto: de letras o guaraná a dinamite
antologia: de textos literários ou científicos o lança-perfume a elipse
armada: de navios de guerra o magma a entorse
arquipélago: de ilhas o milhar a gênese
arsenal: de armas, munições
atlas: de mapas o proclama a libido
baixela: de objetos de mesa o saca-rolhas a matinê
bateria: peças de guerra ou de cozinha; instrumentos de o sósia a omelete
percussão o teorema a omoplata
biblioteca: de livros catalogados o trema a sentinela
cinemateca: de filmes
constelação: de estrelas
cordilheira: de montanhas Substantivos que admitem os dois gêneros
enxoval: de roupas
esquadra: de navios de guerra
esquadrilha: de aviões o ágape ou a ágape
federação: de estados o caudal ou a caudal
frota: de navios, aviões, veículos o diabete(s) ou a diabete(s)
galeria: de estátuas, quadros o laringe ou a laringe

– 19 –
Língua Portuguesa
o personagem ou a personagem 3ª) Os substantivos terminados em "al", "el", "ol", "ul" plu-
o usucapião ou a usucapião ralizam-se trocando o "l" final por "is": jornal, jornais; anel,
anéis; anzol, anzóis; azul , azuis; álcool, alcoóis.

Substantivos com mudança de sentido na mudança 4ª) Os terminados em "il" admitem duas formas:
de gênero
– os oxítonos mudam "il" em "is": barril, barris; funil, funis;
Há substantivos que são masculinos ou femininos, con-
forme o sentido com que se achem empregados. – os paroxítonos mudam "il" para "eis": fóssil, fósseis; réptil,
répteis.
Masculino Feminino
o águia: pessoa de grande a águia: ave de rapina 5ª) Os terminados em "m" trocam esta letra por "ns": nuvem,
inteligência ou sutileza. nuvens; fim, fins.
o cabeça: chefe, líder a cabeça: parte do corpo
o capital: dinheiro a capital: cidade principal 6ª) Os terminados em "s" monossílabos ou oxítonos formam
o caixa: pessoa que trabalha em a caixa: objeto o plural acrescentando-se "es": inglês, ingleses; lilás, lilases;
tal seção. gás, gases.
o cisma: separação a cisma: ideia fixa, des-
confiança
o cura: padre a cura: restabelecimento 7ª) Os terminados em "s" paroxítonos ou proparoxítonos são
o estepe: pneu reserva a estepe: planície de ve- invariáveis: o lápis, os lápis; o atlas, os atlas; o ônibus, os
getação herbácea. ônibus.
o grama: unidade de massa a grama: relva
o guarda: vigilante a guarda: vigilância 8ª) Os terminados em "x" são invariáveis: o tórax, os tórax; o
o guia: pessoa que orienta a guia: documento fênix, os fênix.
o lente: professor a lente: o disco de vidro
o lotação: veículo a lotação: capacidade 9ª) Os terminados em "ão" admitem três hipóteses:
o moral: ânimo a moral:ética
o rádio: aparelho a rádio: estação a) uns formam o plural com o acréscimo de "s": mão, mãos;
bênção, bênçãos; órgão, órgãos; irmão, irmãos.

SUBSTANTIVOS UNIFORMES b) outros, mais numerosos, mudam "ão" em "ões": limão,


limões; portão, portões; balão, balões; melão, melões.
São aqueles que apresentam uma única forma para o
masculino e feminino. c) outros, enfim, trocam "ão" por "ães": pão, pães; cão,
cães; aldeão, aldeães; sacristão, sacristães.
1) Epicenos: designam o sexo de certos animais com o auxí-
lio dos adjetivos macho e fêmea: o jacaré (macho ou fêmea); PLURAL DOS SUBSTANTIVOS COMPOSTOS
o tigre (macho ou fêmea); a pulga (macho ou fêmea).
Existem quatro hipóteses:
2) Sobrecomuns: designam pessoas com uma forma única
para o masculino e feminino: 1ª) Pluralizam-se os dois elementos formados por:

o cadáver (homem ou mulher); a vítima (homem ou mulher); – substantivo + substantivo: couve-flor, couves-flores.
o cônjuge (homem ou mulher); a criança (menino ou menina).
– substantivo + adjetivo: amor-perfeito, amores-perfeitos.
3) Comuns de dois gêneros: sob uma só forma designam
os indivíduos dos dois sexos, sendo auxiliados pelo artigo, – adjetivo + substantivo: bom-dia, bons-dias.
adjetivo ou pronome:
– numeral + substantivo: segunda-feira, segundas-feiras.
o colega, a colega; artista famoso, artista famosa;
esse pianista, essa pianista; o repórter, a repórter. 2ª) Apenas o segundo elemento varia:

– verbo + substantivo: guarda-roupa, guarda-roupas.


NÚMERO DOS SUBSTANTIVOS
– palavra invariável ou prefixo + palavra invariável:
Em português, há dois números gramaticais: o singular, sempre-viva, sempre-vivas; ex-diretor, ex-diretores.
que indica um ser ou um grupo de seres: ave, bando; e o
plural, que indica mais de um ser ou um grupo de seres: – palavras repetidas: reco-reco, reco-recos.
aves, bandos.
3ª) Apenas o primeiro elemento varia:
Os substantivos flexionam-se no plural conforme as re-
gras: – com preposição expressa: pé de moleque, pés de moleque;
mão de obra, mãos de obra.
1ª) Pelo acréscimo no plural de "s", o que se dá se o subs-
tantivo terminar em vogal ou ditongo oral: asa, asas; táxi, – quando o segundo elemento indica finalidade ou semelhan-
táxis; tubo, tubos; baú, baús; véu, véus. ça do primeiro: sofá-cama, sofás-cama; peixe-boi, peixes-boi.

2ª) Pelo acréscimo de "es" ao singular nos terminados em 4ª) Os dois elementos ficam invariáveis:
"r" ou "z": colher, colheres; dólar, dólares; amor, amores;
cruz, cruzes; giz, gizes. – verbo + advérbio: o bota-fora, os bota-fora.

– 20 –
Língua Portuguesa
– verbo + substantivo no plural: o saca-rolhas, os saca-rolhas. O grau aumentativo exprime um aumento do ser relativa-
mente ao seu tamanho normal.

OBSERVAÇÕES: Pode ser formado sintética ou analiticamente.

a) A palavra "guarda" pode ser substantivo ou verbo: quando 1º) Aumentativo sintético: forma-se com sufixos especiais:
é verbo (verbo guardar), fica invariável; quando é substantivo copázio (copo), barcaça (barca), muralha (muro).
(o homem que guarda), vai para o plural.
2º) Aumentativo analítico: forma-se com o auxílio do adjeti-
verbo substantivo vo grande, e de outros do mesmo sentido: letra grande, pe-
os guarda – chuvas dra enorme, estátua colossal.
os guarda – comidas
os guarda – sóis O grau diminutivo exprime um ser com seu tamanho nor-
mal diminuído. Pode ser formado sintética ou analiticamente.
substantivo adjetivo
os guardas – florestais 1º) Diminutivo sintético: forma-se com sufixos especiais:
os guardas – civis casebre (casa), livreco (livro), saleta (sala).
os guardas – noturnos
2º) Diminutivo analítico: forma-se com o adjetivo pequeno,
b) Palavras compostas com a palavra "grão" ou outros equivalentes: chave pequena, casa pequenina,
semente minúscula.
– a palavra "grão" vai para o plural quando indica grânulo, a
unidade: grãos de bico. EXERCÍCIOS

– a palavra "grão" fica no singular quando significa grande:


os grão-duques, as grã-duquesas. ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
c) Plural de substantivos diminutivos:
1) Quanto à classificação do substantivo:
– O plural dos terminados em "zinho" ou em "zito" se faz
flexionando-se o substantivo primitivo, retirando-se o "s" final A( ) A palavra angústia é substantivo abstrato.
e acrescentando-se "zinhos" ou "zitos". B( ) A palavra saudade é substantivo concreto.
C( ) A palavra banana é substantivo próprio.
Exemplos: papelzinho / papéi(s) / papeizinhos; D( ) A palavra padeiro é substantivo derivado.
limãozito / limõe(s) / limõezitos. E( ) A palavra padre é substantivo simples.

– Os substantivos terminados em "r" fazem o plural de duas 2) Quanto ao substantivo coletivo:


maneiras:
A( ) Assembleia é o coletivo de pessoas reunidas.
florzinha / flore(s) / florezinhas; B( ) Clero é o coletivo de pessoas religiosas.
florzinha / florzinhas. C( ) Esquadra é o coletivo de aviões.
D( ) Vara é o coletivo de porcos.
GRAU DOS SUBSTANTIVOS E( ) Réstia é o coletivo de alho ou cebola.

Grau dos substantivos é a propriedade que essas pala- 3) Quanto ao gênero do substantivo:
vras têm de exprimir as variações de tamanho dos seres.
A ( ) A oficial entregará o documento em três dias.
São dois os graus do substantivo: aumentativo e diminuti- B ( ) O cabeça do bando foi preso na semana passada.
vo. C ( ) Vou comprar duzentas gramas de cebola.
D ( ) O rádio precisa ser consertado.
1) Aumentativo: forma-se com os sufixos aço, alha, arra, E ( ) Tenho uma dó das pessoas que dormem na rua!
ázio, ona, ão, az, etc.: garrafão, papelão, cartaz (carta), la-
dravaz (ladrão), lobaz (lobo), ricaço, balaço, barcaça, mulhe-
raça, vidraça, dramalhão (drama), vagalhão (vaga), balázio 4) Quanto ao feminino:
(bala), copázio (copo), pratázio (prato), beiçorra (beiço), ca-
beçorra (cabeça), manzorra (mão), vozeirão (voz), homenzar- A( ) Cabra é o feminino de carneiro.
rão, canzarrão, bocarra (boca), naviarra (navio). B( ) Freira é o feminino de frei.
C( ) Sóror é o feminino de frade.
D( ) Cerva é o feminino de veado.
2) Diminutivo: forma-se com os sufixos acho, ebre, eco, E( ) Marani é o feminino de marajá.
ico, inho, ito, ejo, etc.: mosquito, cabrito, senhorita, fogacho
(fogo), riacho, populacho, penacho (pena), animálculo (ani- 5) Quanto ao gênero do substantivo:
mal), febríola (febre), gotícula (gota), versículo (verso), montí- A ( ) o carrasco sobrecomum
culo (monte), partícula (parte), radícula (raiz), glóbulo (globo), B ( ) a cliente sobrecomum
célula (cela), animalejo, lugarejo, vilarejo, ilhota, fortim (forte), C ( ) o crocodilo fêmea epiceno
espadim (espada), camarim (câmara), casebre (casa). D ( ) o pianista comum de dois gêneros
Observação: O diminutivo pode exprimir carinho ou despre- E ( ) o cônjuge sobrecomum
zo. (carinho: filhinho, mãezinha. desprezo: padreco, jorna-
leco, lugarejo)

– 21 –
Língua Portuguesa
6) Quanto ao substantivo que possui apenas uma forma
no plural:
ADJETIVO
A( ) aldeão
B( ) cidadão
C( ) ermitão São palavras que indicam qualidade, propriedade ou
D( ) balão estado do ser.
E( ) vulcão Exemplo: Meu caderno novo já está sujo.

7) Quanto ao plural corretamente flexionado: “O adjetivo pertence a um inventário aberto, sempre sus-
cetível de ser aumentado. A estrutura interna ou constitucio-
A( ) os vai-e-volta nal do adjetivo consiste nas línguas flexíveis, na combinação
B( ) guarda-roupas de um signo lexical expresso pelo radical com signos morfo-
C( ) padres-nossos lógicos expressos por desinências e alternâncias, ambas
D( ) pães-de-lós destituídas de existência própria fora dessas combinações.
E( ) mangas-rosa No português, entre as desinências está a marca da grada-
ção, isto é, o grau absoluto ou relativo da parte, ou aspecto
8) Quanto ao plural em que se faz da mesma forma que a (“qualidade”) significada no radical. (belo-belíssimo), bem
palavra cão: como afixos de gênero e de número. A relação gramatical
instaurada entre o signo delimitador e o signo delimitado é
A( ) pão geralmente expressa pela ‘concordância’.” Evanildo Bechara
B( ) corrimão
C( ) alemão O adjetivo pode ser expresso através de duas palavras: é
D( ) vulcão o que se chama de locução adjetiva.
E( ) capitão
Locução adjetiva Adjetivo
9) Quanto ao diminutivo que expressa idéia pejorativa: de abdômen abdominal
de abelha apícola
A ( ) O palacete deles fica no Morumbi. de açúcar sacarino
de agricultor agrícola
B ( ) Meu filhinho, você está com fome?
de água aquático, hidráulico
C ( ) Ele é um empregadinho sem futuro. de aluno discente
D( ) Sei que viajar hoje é coisa de gentinha, prefiro ficar de anjo angelical
aqui. de bexiga cístico, vesical
E ( ) O presente ficará mais bonito com fitilho. de cabeça cefálico
de calor térmico
10) Quanto ao diminutivo e o aumentativo que adquiriram de cônjuge conjugal
um novo significado: de corpo corporal, corpóreo
de costas dorsal
de ensino didático
A( ) cartão de estômago estomacal, gástrico
B( ) febrícula de febre febril
C( ) criançona de filho filial
D( ) folhinha de gelo glacial
E( ) colchão de homem humano
de irmão fraternal, fraterno
11) Quanto ao plural dos compostos: de lago lacustre
de leite lácteo, láctico
de mãe materno, maternal
A( ) decretos-lei de pele cutâneo
B( ) bananas-maçã de sangue hemático, sanguíneo
C( ) amores-perfeito de tórax torácico
D( ) beijas-flores de voz vocal
E( ) salários-família
ADJETIVOS PÁTRIOS

Designam nacionalidade ou lugar de origem de alguém ou


RESPOSTAS de alguma coisa:

Brasil - brasileiro
Acre - acriano
Alagoas - alagoano
Amazonas - amazonense
Bahia - baiano
Espírito Santo - espírito-santense
Rio Grande do Norte - norte-rio-grandense
João Pessoa - pessoense
Salvador - soteropolitano ou salvadorense
Belo Horizonte - belorizontino
Niterói - niteroiense
São Paulo (capital) – paulistano
São Paulo (estado) – paulista
Rio de Janeiro (capital) – carioca

– 22 –
Língua Portuguesa
Rio de Janeiro (estado) – fluminense 3º) De Inferioridade:
A casa é menos antiga do que o homem.
FORMAÇÃO DO ADJETIVO Alguns adjetivos possuem, para o comparativo de superi-
oridade, formas sintéticas, herdadas do latim. São elas: bom -
Quanto à formação, o adjetivo pode ser: melhor, mau - pior, grande - maior, pequeno - menor.

1) Primitivo (o que não deriva de outra palavra): bom, forte, O grau superlativo divide-se em:
feliz.
1º) Absoluto:
2) Derivado (o que deriva de substantivos ou verbos): famo-
so, carnavalesco. a) Analítico:
A menina é muito bela.
3) Simples: brasileiro, escuro, etc.
b) Sintético:
4) Composto: castanho-claro, azul-marinho. A menina é belíssima.

FLEXÃO DO ADJETIVO 2º) Relativo:

O adjetivo varia em gênero, número e grau. a) De Superioridade:

GÊNERO DO ADJETIVO – Analítico:


João é o mais alto de todos.
Quanto ao gênero, dividem-se os adjetivos em:
– Sintético:
1) Uniformes: aqueles que têm uma só forma para os dois Este monte é o maior de todos.
gêneros: mesa azul, olho azul.
b) De Inferioridade:
2) Biformes: apresentam duas formas, uma para o masculi- João é o menos rápido de todos.
no, outra para o feminino: mau – má, esperto – esperta, ativo
– ativa, ateu – ateia. O grau superlativo exprime uma qualidade no mais alto
grau de intensidade possível. Pode ser relativo ou absoluto.
NÚMERO DO ADJETIVO
O superlativo relativo indica que entre os seres que pos-
Os adjetivos simples seguem as mesmas regras de flexão suem determinada qualidade, há um que a possui num grau
numérica dos substantivos: igual - iguais, azul - azuis, feroz - inexcedível.
ferozes.
O superlativo absoluto isola o ser qualificado no seu mais
PLURAL DOS ADJETIVOS COMPOSTOS alto e intenso grau possível, podendo assumir a forma sintéti-
ca ou analítica.
1º) Os componentes sendo adjetivos, somente o último toma
a flexão do plural: tecido verde-claro, tecidos verde-claros; O superlativo absoluto sintético dá-se por meio dos se-
cabelo castanho-escuro, cabelos castanho-escuros. guintes sufixos: íssimo, imo e rimo.

2º) Os componentes sendo palavra invariável + adjetivo, O superlativo absoluto analítico dá-se por meio de advér-
somente este último se flexionará: menino mal-educado, bios de intensidade que precedem o adjetivo.
meninos mal-educados.
Alguns adjetivos possuem formas literárias, cultas, de
3º) Os compostos de adjetivo + substantivo são invariáveis: superlativo absoluto sintético:
farda verde-oliva, fardas verde-oliva; terno amarelo-canário,
ternos amarelo-canário. acre . . . . . . . . . . . . . . . . . . . . . . . . . acérrimo
agudo . . . . . . . . . . . . . . . . . . . . . acutíssimo
4º) Invariáveis ficam também as locuções adjetivas formadas amargo . . . . . . . . . . . . . . . . . . . . amaríssimo
de cor + substantivo: amigo . . . . . . . . . . . . . . . . . . . . . amicíssimo
vestido cor-de-rosa, vestidos cor-de-rosa. áspero . . . . . . . . . . . . . . . . . . . . . . aspérrimo
célebre . . . . . . . . . . . . . . . . . . . . . celebérrimo
comum . . . . . . . . . . . . . . . . . . . comuníssimo
GRAU DO ADJETIVO cristão . . . . . . . . . . . . . . . . . . . . cristianíssimo
cruel . . . . . . . . . . . . . . . . . . . . . . crudelíssimo
O grau do adjetivo exprime a intensidade das qualidades difícil . . . . . . . . . . . . . . . . . . . . . . . . dificílimo
dos seres. São dois os graus do adjetivo: o comparativo e o doce . . . . . . . . . . . . . . . . . . . . . . . .dulcíssimo
superlativo. dócil . . . . . . . . . . . . . . . . . . . . . . . . . docílimo
fácil . . . . . . . . . . . . . . . . . . . . . . . . . . facílimo
O grau comparativo pode ser: feio. . . . . . . . . . . . . . . . . .feiíssimo ou feíssimo
feliz . . . . . . . . . . . . . . . . . . . . . . . . felicíssimo
1º) De Igualdade: feroz. . . . . . . . . . . . . . . . . . . . . . . .ferocíssimo
A casa é tão antiga quanto o homem. fiel . . . . . . . . . . . . . . . . . . . . . . . . . fidelíssimo
frágil. . . . . . . . . . . . . . .. .fragílimo, fragilíssimo
2º) De Superioridade: frio . . . . . . . . . . . . . . . . . . . . . . . . frigidíssimo
A casa é mais antiga do que o homem. grande . . . . . . . . . . . . . . . . . . . . . . . . máximo
humilde . . . . . . . . . . . . . . . . . . . . . . humílimo

– 23 –
Língua Portuguesa
incrível . . . . . . . . . . . . . . . . . . incredibilíssimo 6) Quanto às afirmações abaixo:
inimigo. . . . . . . . . . . . . . . . . . . . .inimicíssimo
legal. . . . . . . . . . . . . . . . . . . . . . . .legalíssimo A ( ) A palavra ultravioleta é variável.
livre . . . . . . . . . . . . . . . . . . . . . . . . . libérrimo B ( ) O plural de azul-marinho é azul-marinhos.
magro . . . . . . . . . . . . . . . . . . . . . macérrimo C ( ) O adjetivo formado por cor+ de + substantivo não
mal. . . . . . . . . . . . . . . . . .malíssimo, péssimo recebe s no plural.
negro . . . . . . . . . . . . . . . . . . . . . . . . nigérrimo D ( ) O adjetivo marrom-café é variável.
nobre . . . . . . . . . . . . . . . . . . . . . . nobilíssimo E ( ) A palavra infravermelho é invariável.
pequeno . . . . . . . . . . . . . . . . . . . . . . mínimo
pobre . . . . . . . . . . . . . . . . . . . . . . paupérrimo 7) Quanto ao gênero em que ambos podem se flexionar:
provável . . . . . . . . . . . . . . . . . probabilíssimo
sábio . . . . . . . . . . . . . . . . . . . . sapientíssimo A( ) moço europeu
sagrado . . . . . . . . . . . . . . . . . . . sacratíssimo B( ) menino burguês
simples . . . . . . . . . . . . . . . . . . simplicíssimo C( ) aluno mau
terrível . . . . . . . . . . . . . . . . . . . . terribilíssimo D( ) carrasco hipócrita
veloz . . . . . . . . . . . . . . . . . . . . . .velocíssimo E( ) homem são

8) Quanto à palavra jovem, das orações abaixo, ser adje-


tivo:
EXERCÍCIOS
A( ) O jovem camponês deixou sua família em busca de
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) novos horizontes.
PARA CERTO E (E) PARA ERRADO: B ( ) O delegado interrogou a jovem sobre o assassinato.
C ( ) O velhinho pediu ao jovem que lhe cedesse o lugar.
1) Quanto à classificação dos adjetivos: D ( ) O público aplaudiu o jovem ator euforicamente.
E ( ) O jovem e habilidoso jogador marroquino marcou três
A( ) sino-brasileiro composto gols para a sua seleção.
B( ) triste derivado
C( ) surdo-mudo simples 9) Quanto ao grau comparativo de superioridade:
D( ) feliz primitivo
E( ) bondoso - derivado A( ) Ele é mais feliz que ela.
B( ) A árvore é mais antiga que a casa.
C( ) Samantha é a mais alta da classe.
2) Quanto à correspondência do substantivo entre parên- D( ) Foi o fato mais estranho que já vi.
tese com o primeiro elemento do adjetivo: E( ) Henrique é mais estudioso que Artur.

A( ) Anglo-americano (Argentina) 10) Quanto ao grau superlativo:


B( ) Austro-espanhol (Austrália)
C( ) Nipo-mexicano (Japão) A( ) Melissa é uma menina belíssima.
D( ) Hispano-argentino (Espanhol) B( ) Lucas é o menos esperto da classe.
E( ) Luso-brasileiro (Portugal) C( ) Aquele fato é mais estranho que este.
D( ) O fato era estranhíssimo.
E( ) O tênis é mais novo que o chinelo.
3) Quanto à locução adjetiva:
11) Quanto à locução adjetiva:
A( ) discente (de ensino)
B( ) apícola (de abelha) A( ) térmico (de febre)
C( ) cefálico (de cabeça) B( ) sacarino (de leite)
D( ) cutâneo (de pele) C( ) angelical (de anjo)
E( ) cístico (de costas) D( ) glacial (de gelo)
E( ) hidráulico (de calor)

4) Quanto ao gênero do adjetivo:

A( ) anterior uniforme
B( ) hebreu biforme RESPOSTAS
C( ) cru uniforme
D( ) hipócrita biforme
E( ) réu biforme

5) Quanto à formação do plural dos adjetivos compostos:

A( ) moças surdas-mudas
B( ) saias azuis-celestes
C( ) ternos verde-oliva
D( ) vestidos cor-de-rosas
E( ) tecidos furta-cor

– 24 –
Língua Portuguesa
Exemplo: Vim de Paris. Vim da luminosa Paris.
ARTIGO – Mas com alguns nomes de cidades conservamos
o artigo.

Artigo é uma palavra que antepomos aos substantivos Exemplos:


para determiná-los; indica-se ao mesmo tempo gênero e O Rio de Janeiro, O Cairo, O Porto.
número.
Obs.: Pode ou não ocorrer crase antes dos nomes de cidade,
Dividem-se os artigos em: conforme venham ou não precedidos de artigo.

definidos: o, a, os, as Exemplo: Vou a Paris.


indefinidos: um, uma, uns, umas. Vou à Paris dos museus.

Os definidos determinam os substantivos de modo preci- 3ª) Toda cidade / toda a cidade.
so, particular: Viajei com o médico.
“Todo”, “toda” designam qualquer, cada.
Os indefinidos determinam os substantivos de modo
vago, impreciso, geral: Viajei com um médico. Exemplo: Toda cidade pode concorrer (qualquer cidade).

FLEXÃO DO ARTIGO “Todo o”, “toda a” designam totalidade, inteireza.

O artigo se flexiona em gênero e número: Exemplo: Conheci toda a cidade (a cidade inteira).

Combinações dos artigos: No plural, usa-se “todos os”, “todas as”, exceto antes de
numeral não seguido de substantivo.
artigo preposições
definido a de em por(per) Exemplos:
o ao do no pelo
a à da na pela Todas as cidades vieram.
os aos dos nos pelos Todos os cinco clubes disputarão o título.
as às das nas pelas
Todos cinco são concorrentes.

artigo preposições 4ª) Tua decisão / a tua decisão.


indefinido em de
um num dum De maneira geral, é facultativo o uso do artigo antes dos
uma numa duma possessivos.
uns nuns duns
umas numas dumas Exemplos: Aplaudimos tua decisão.
Aplaudimos a tua decisão.
Particularidades
Se o possessivo não vier seguido de substantivo explícito
• O artigo transforma qualquer palavra em substantivo. é obrigatória a ocorrência do artigo.

o pobre (adjetivo = pobre) Exemplo: Aplaudiram a tua decisão e não a minha.



palavra substantivada 5ª) Decisões as mais oportunas / as mais oportunas deci-
sões.
o sim (advérbio = sim)
↓ No superlativo relativo, não se usa o artigo antes e depois
palavra substantivada do substantivo.

• O artigo distingue os homônimos e define o seu significado: Exemplos: Tomou decisões as mais oportunas.
Tomou as decisões mais oportunas.
o caixa (pessoa) a caixa (objeto)
é errado: Tomou as decisões as mais oportunas.

EMPREGO DO ARTIGO 6ª) Faz uns dez anos.

1ª) Ambas as mãos. O artigo indefinido, posto antes de um numeral, designa


quantidade aproximada.
Usa-se o artigo entre o numeral ambas e o substantivo.
Exemplo: Faz uns dez anos que saí de lá.
Exemplo: Ambas as mãos são perfeitas.
7ª) Em um / num.
2ª) Estou em Paris / Estou na famosa Paris.
Exemplos:
Não se usa artigo antes dos nomes de cidades, a menos
que venham determinados por adjetivos ou locuções adjeti- Estava em uma cidade grande.
vas. ou
Estava numa cidade grande.

– 25 –
Língua Portuguesa
Os artigos definidos e indefinidos contraem-se com pre-
posições: de + o = do, de + a = da, etc. NUMERAL

As formas de + um e em + um podem-se usar contraídas Numeral é uma palavra que exprime número de ordem,
(dum e num) ou separadas (de um, em um). múltiplo ou fração.
Exemplos: Estava em uma cidade grande. ou Estava numa
cidade grande. CLASSIFICAÇÃO DO NUMERAL

EXERCÍCIOS De acordo com o que indica, o numeral pode ser classifi-


cado em:
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO: a) cardinal: indica quantidade exata de seres: um, dois, três,
quatro, cinco . . .
1) Quanto ao artigo definido denotar familiaridade:
b) ordinal: indica a ordem dos seres numa determinada
A( ) O José pediu uma carona ao Pedro. série: primeiro, segundo, terceiro, quarto, quinto ...
B( ) O rio Tietê, um dia, será despoluído.
C( ) O Dr. Silva não se encontra em seu escritório. c) multiplicativo: indica uma quantidade multiplicada do
D( ) O Antônio pediu Sofia em casamento. mesmo ser: dobro, triplo, quádruplo, quíntuplo ...
E( ) Dumont, o pai da aviação, era brasileiro.
d) fracionário: indica em quantas partes a quantidade foi
2) Quanto ao emprego correto do artigo: dividida: meio, terço, quarto, quinto. . .

A( ) Atolei ambos os pés na lama. QUADRO DOS NUMERAIS


B( ) Uma grande multidão o cercou para pedir autógrafo.
C( ) A grande Belo Horizonte é uma região muito povoada. cardinais ordinais multipli- fracionários
D( ) A Vossa Majestade parece nervosa. cativos
E( ) Todos os dias passávamos por ali. um primeiro - -
dois segundo dobro meio
três terceiro triplo terço
3) Quanto à oração em que o a é artigo:
quatro quarto quádruplo quarto
cinco quinto quíntuplo quinto
A( ) Fiquei muito contente com a minha nota. seis sexto sêxtuplo sexto
B( ) José partiu e deixou a mulher em casa. sete sétimo sétuplo sétimo
C( ) Estou disposto a tudo para conseguir o emprego. oito oitavo óctuplo oitavo
D( ) Três gols não foram suficientes para animar a torcida. nove nono nônuplo nono
E( ) Esta camisa é especial, comprei-a em Paris. dez décimo décuplo décimo
onze décimo primeiro undécuplo onze avos
doze décimo segundo duodécu- doze avos
4) Quanto à oração conter artigos definidos ou indefini-
treze décimo terceiro plo treze avos
dos: catorze ou décimo quarto - catorze avos
quatorze -
A( ) Toda noite, ele a via em seus sonhos. quinze décimo quinto - quinze avos
B( ) Não podia recusar-se a recebê-la. dezesseis décimo sexto - dezesseis avos
C( ) Ele tinha o aspecto de um velho. dezessete décimo sétimo - dezessete avos
D( ) Na verdade, ele era um assaltante. dezoito décimo oitavo - dezoito avos
E( ) Vou a Portugal no próximo verão. dezenove décimo nono - dezenove avos
vinte vigésimo - vinte avos
trinta trigésimo - trinta avos
5) Quanto ao emprego correto do artigo: quarenta quadragésimo - quarenta avos
cinquenta quinquagésimo - cinquenta avos
A ( ) A Vossa Alteza recebeu muitas flores. sessenta sexagésimo - sessenta avos
B ( ) Pedrinho transformou-se num Picasso ao pintar este setenta septuagésimo - setenta avos
quadro. oitenta octogésimo - oitenta avos
C ( ) Ambos alunos foram advertidos pela diretora. noventa nonagésimo - noventa avos
D ( ) Depois de meses no mar, voltamos a terra. cem centésimo cêntuplo centésimo
duzentos ducentésimo - ducentésimo
E ( ) Vou à casa pegar minha mala.
trezentos trecentésimo - trecentésimo
quatrocen- quadringentésimo - quadringentésimo
tos -
RESPOSTAS quinhentos quingentésimo - quingentésimo
seiscentos sexcentésimo ou - sexcentésimo
seiscentésimo
setecentos septingentésimo - septingentésimo
ou setingentésimo -
oitocentos octingentésimo - octingentésimo
novecentos nongentésimo ou nongentésimo
noningentésimo -
mil milésimo - milésimo
milhão milionésimo milionésimo
bilhão bilionésimo bilionésimo

– 26 –
Língua Portuguesa
EMPREGO DOS NUMERAIS EXERCÍCIOS
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
1ª) Na designação de papas, reis, séculos, capítulos, tomos PARA CERTO E (E) PARA ERRADO:
ou partes de obras, usam-se os ordinais para a série de 1 a
10; daí em diante, usam-se os cardinais, desde que o nume- 1) Quanto ao numeral ordinal:
ral venha depois do substantivo.
A( ) 717º - setingentésimo décimo sétimo
Exemplos: D. Pedro II (segundo), B( ) 832º - octingentésimo trigésimo segundo
Luís XV (quinze), C( ) 91º - nongentésimo primeiro
D. João VI (sexto), D( ) 64º - sexcentésimo quarto
João XXIII (vinte e três), E( ) 19º - décimo nono
Pio X (décimo),
Capítulo XX (vinte). 2) Quanto ao emprego dos numerais:

2ª) Quando o substantivo vier depois do numeral, usam-se A( ) Releia o artigo décimo terceiro.
sempre os ordinais. B( ) Você deve ler o parágrafo segundo.
C( ) Estamos no século vigésimo primeiro.
Exemplos: primeira parte, décimo quinto capítulo, vigésimo D( ) D. Pedro Primeiro foi o príncipe regente.
século. E( ) Cláudia encenará o capítulo quinto.

3ª) Na numeração de artigos, leis, decretos, portarias e outros 3) Quanto aos numerais:
textos legais, usa-se o ordinal até 9 e daí em diante o cardi-
nal. A( ) 10 dez
B( ) 40º - quadragésimo
Exemplos: artigo 1º (primeiro), artigo 12 (doze). C( ) 1000 milésimo
D( ) 76º - setenta e seis
4ª) Aos numerais que designam um conjunto determinado de E( ) 11/12 onze doze avos
seres dá-se o nome de numerais coletivos.
4) Quanto à classificação dos numerais:
Exemplos: dúzia, centena.
A( ) nônuplo fracionário
5ª) A leitura e escrita por extenso dos cardinais compostos B( ) sexto ordinal e fracionário
deve ser feita da seguinte forma: C( ) duodécuplo ordinal
D( ) dobro cardinal
a) Se houver dois ou três algarismos, coloca-se a conjunção E( ) trecentésimo ordinal e fracionário
e entre eles.
5) Quanto à palavra um ser numeral:
Exemplos: 94 = noventa e quatro
743 = setecentos e quarenta e três. A( ) Um homem rodeava o carro para roubá-lo.
B( ) Um caminhão parou junto à porta.
b) Se houver quatro algarismos, omite-se a conjunção e entre C( ) Ganhei apenas um presente no meu aniversário.
o primeiro algarismo e os demais (isto é, entre o milhar e a D( ) Comprei um vestido e minha amiga comprou quatro.
centena). E( ) É preciso mais de um homem para levantar esse paco-
te.
Exemplo: 2438 = dois mil quatrocentos e trinta e oito.
6) Quanto ao numeral ordinal:
Obs.: se a centena começar por zero, o emprego do e é
obrigatório. A( ) 10º - undécuplo
B( ) 85º - octogésimo quinto
Exemplo: 5062 = cinco mil e sessenta e dois. C( ) 30º - trecentésimo
D( ) 58º - quinquagésimo oitavo
Será também obrigatório o emprego do e se a centena E( ) 27º - ducentésimo sétimo
terminar por zeros.

Exemplo: 2300 = dois mil e trezentos.

c) Se houver vários grupos de três algarismos, omite-se o e RESPOSTAS


entre cada um dos grupos.

Exemplo: 5 450 126 230 = cinco bilhões quatrocentos e cin-


quenta milhões, cento e vinte e seis mil duzentos e trinta.

6ª) Formas variantes:

Alguns numerais admitem formas variantes como catorze


/ quatorze, bilhão / bilião.

Nota: As formas cincoenta (50) e hum (1) são erradas.

– 27 –
Língua Portuguesa
x Quanto à acentuação, os pronomes oblíquos monossi-
PRONOMES lábicos dividem-se em:

Pronomes são palavras que substituem os substantivos ou os a) tônicos: mim, ti, si


determinam, indicando a pessoa do discurso. b) átonos: me, te, se, lhe, lhes, o, a, os, as, nos, vos

A interpretação de um pronome depende de suas rela- x Associados a verbos terminados em –r, -s ou –z e à


ções textuais. De acordo com essas funções de representar, palavra eis, os pronomes o, a, os, as assumem anti-
retomar ou anunciar, o pronome pode ser: gas formas lo, la, los, las, caindo aquelas consoan-
tes. Exemplos:
a) pronome substantivo:
Mandaram prendê-lo.
• quando identifica a pessoa gramatical; Ei-lo aqui!
• quando retoma um substantivo a que já se fez referência
no contexto linguístico ou antecipa termos a que se fará ainda Associados a verbos terminados em ditongo nasal (-am, -
referência. em, -ão, -õe), os ditos pronomes tomam a forma no, na, nos,
nas:
As duas funções podem ocorrer ao mesmo tempo.
Trazem-no.
“Fiquei muito tempo sem saber que eu tinha mãe e que Dão-nos de graça.
ela estava muito tempo perto de mim”, diz Sally.
x Pronomes oblíquos reflexivos são os que se referem
No trecho acima, eu remete a Sally, a autora do enuncia- ao sujeito da oração, sendo da mesma pessoa que
do; ela representa ao substantivo mãe, anteriormente ex- este. Exemplos:
presso.
Alexandre só pensa em si.
b) pronome adjetivo: quando acompanha um substantivo Eu me machuquei na escada.
explícito no texto. Funciona como um adjetivo, embora não
atribua qualidade ao ser designado pelo substantivo. Com exceção de o, a, os, as, lhe, lhes, os demais prono-
mes oblíquos podem ser reflexivos.
Aquela fazenda fica tão longe daqui...
x Os pronomes migo, tigo, sigo, nosco, vosco, do portu-
O pronome destacado é um pronome adjetivo, já que guês antigo, se combinaram com a preposição com,
acompanha um substantivo. dando as formas atuais: comigo, contigo, conosco,
convosco.
CLASSIFICAÇÃO E EMPREGO DOS PRONOMES
PRONOMES POSSESSIVOS
PRONOMES PESSOAIS
Os pronomes possessivos referem-se às pessoas do
São palavras que substituem os substantivos e represen- discurso, atribuindo-lhes a posse de alguma coisa. Por e-
tam as pessoas do discurso. xemplo, na frase:
x As pessoas do discurso são três:
1ª pessoa – a que fala: eu, nós Meu paletó é azul-marinho.
2ª pessoa - a com quem se fala: tu, vós
3ª pessoa – a de que se fala: ele, ela, eles, elas A palavra meu informa que o paletó pertence à 1ª pessoa
(eu). Meu, portanto, é um pronome possessivo.
x Os pronomes pessoais se dividem em retos e oblí-
quos. Quadro dos pronomes possessivos

Os pronomes retos funcionam, em regra, como sujeito da pronomes possessivos


oração, e os oblíquos, como objetos ou complementos.
Exemplos: 1ª pessoa meu, minha, meus minhas
singular 2ª pessoa teu, tua, teus, tuas
sujeito objeto verbo 3ª pessoa seu, sua, seus, suas
Eu te convido. 1ª pessoa nosso, nossa, nossos, nossas
Ela me chamou. plural 2ª pessoa vosso, vossa, vossos, vossas
3ª pessoa seu, sua, seus, suas
Quadro dos pronomes pessoais – singular e plural
Emprego
pessoas do
discurso retos oblíquos
x Os possessivos seu(s), sua(s) tanto podem referir-se à
1ª pessoa eu me, mim, comigo 3ª pessoa (seu pai = o pai dele), como à 2ª pessoa, do
2ª pessoa tu te, ti, contigo discurso (seu pai = o pai de você).
3ª pessoa ele / ela o, a, lhe, se, si, consigo
1ª pessoa nós nos, conosco Por isso toda vez que os ditos possessivos derem mar-
2ª pessoa vós vos, convosco gem à ambiguidade, devem ser substituídos pelas expres-
3ª pessoa eles / elas os, as, lhes, se, si, consi- sões dele(s), dela(s).
go
Você sabe bem que eu não sigo a opinião dele.

– 28 –
Língua Portuguesa
x Os possessivos devem ser usados com critério. Subs- Situação no contexto linguístico
tituí-los pelos pronomes oblíquos comunica à frase
desenvoltura e elegância - O Sr. é casado há 69 anos. Como é essa experiência?
(a experiência de ser casado há 69 anos)
O vento vindo do mar acariciava-lhe os cabelos.
O pronome situa a palavra no contexto linguístico, ou
x Além da ideia de posse, podem ainda os possessivos seja, retoma uma informação previamente fornecida.
exprimir:
No caso seguinte, diferente dos anteriores, o pronome
1) cálculo aproximado, estimativa: introduz um elemento novo no enunciado:

Ele poderá ter seus quarenta e cinco anos. Creio que o grande desafio é justamente este, tornar feliz
a infância.
2) familiaridade ou ironia, aludindo-se à personagem de uma
história: Neste caso, o pronome antecede a nova informação.

O nosso homem não se deu por vencido.


Quadro dos pronomes demonstrativos
3) o mesmo que os indefinidos certo, algum:

Cornélio, como sabemos, teve suas horas amargas. pronomes demonstrativos

4) afetividade, cortesia: 1ª pessoa este, esta, estes, estas, isto


2ª pessoa esse, essa, esses, essas, isso
Como vai, meu menino?
3ª pessoa aquele, aquela, aqueles, aquelas, aquilo
x No plural se usam os possessivos substantivados no
sentido de parentes, família:
Emprego dos pronomes demonstrativos
É assim que um moço deve zelar o nome dos seus?

Podem os possessivos serem modificados por um advér- 1 – De modo geral, os demonstrativos este(s), esta(s), isto
bio de intensidade: se aplicam a pessoas ou coisas que se acham perto da pes-
soa que fala ou lhe dizem respeito; ao passo que esse(s),
Levaria a mão ao colar de pérolas, com aquele gesto tão essa(s), isso aludem a coisas que ficam próximas da pessoa
seu, quando não sabia o que dizer. com quem se fala ou a ela se referem.

x Quando desnecessários, omitem-se os pronomes Exemplos:


possessivos, principalmente antes de nomes de par-
tes do corpo: Leve este livro para você.
Esta é a minha opinião.
Estendi o braço para apanhar a flor. Não sei onde andas com essa cabeça.
“Praxinoa, esse teu vestido de pregas te vai muito bem.”
PRONOMES DEMONSTRATIVOS (Cecília Meireles)
Isto (que eu tenho) é o que há de melhor.
Pronomes demonstrativos são os que indicam o lugar, a Isso (que dizes) não me parece certo.
posição ou a identidade dos seres, relativamente às pessoas “Campanhas de vacinação sempre provocaram resistên-
do discurso. Exemplos: cia, mas isso era antigamente.”
(João Ubaldo Ribeiro)
Situação no espaço
2 – Usa-se nisto adverbialmente, como sinônimo de nesse
Vou fechar esta porta. momento, nesse entretempo.
(A porta está perto do falante.)
“Nisto deu um vento e uma folha caiu.” (Monteiro Lobato)
Por favor, feche essa porta!
(A porta está perto do ouvinte.) Não raro os demonstrativos aparecem na frase, em cons-
truções redundantes, com finalidade expressiva, para salien-
Quem poderia fechar aquela porta? tar algum termo anterior:
(A porta está afastada do falante e dos ouvintes.)
“Bernardina, essa é que dera em cheio casando com o Ma-
Situação no tempo nuel da Ventosa.”
(Alexandre Herculano)
Neste momento, todos os bares estão repletos. “A estrada do mar, larga e oscilante, essa, sim, o tentava.”
(tempo presente em relação ao falante.) (Jorge Amado)
“Ora o povo, esse o que precisa é saber que existe Deus.”
Essa noite eu o procurei e contei a verdade. (Camilo Castelo Branco)
(tempo passado pouco distante em relação ao falante.) Subindo pelo Vale do Itajaí, alcançamos Brusque e, de-
pois, Blumenau, cidades essas que nos impressionaram pela
Naquele tempo ainda não havia microcomputadores. sua avançada indústria fabril.
(tempo distante em relação ao falante.) Ter sede e não poder beber, isso é que é atroz!

– 29 –
Língua Portuguesa
4 – O pronome demonstrativo neutro o pode representar um 2. Antecedente não expresso
termo ou conteúdo de uma oração inteira, caso em que apa-
rece geralmente, como objeto direto, predicativo ou aposto. Quem não tem cão, caça com gato.
Exemplos: Onde eu nasci passa um rio.

Ia dizer-lhe umas palavras duras, mas não o fiz. Quadro dos pronomes relativos
Quiseram gratificar-me, o que me deixou constrangido.
“Ninguém teve coragem de falar antes que ela o fizesse.” pronomes relativos
(José Conde) variáveis invariáveis
“Era uma bela ponte, ele próprio o reconhecia.”
(Aníbal Machado) o qual, os quais, a qual, as quais que
cujo, cujos, cuja, cujas quem
“Era meu o universo; mas, ai triste! não o era de graça.” quanto, quantos, quanta, quantas onde
(Machado de Assis)
“Se lagoa existiu, pouca coisa o indica.”
(Carlos Povina Cavalcanti) Emprego dos pronomes relativos
“Dirás que sou ambicioso? Soubo deveras, mas...”
(Machado de Assis) 1 – O antecedente do pronome relativo que pode ser
“O jantar ia ser um desastre. Todos o pressentiam.” nome de coisa ou de pessoa, ou o demonstrativo o, ou outro
(Fernando Namora) pronome. Exemplos:

Para evitar a repetição de um verbo anteriormente ex- Há coisas que aprendemos tarde.
presso, é comum empregar-se, em tais casos, o verbo fazer, “Vi-a falar com desdém, e um pouco de indignação, da
chamado, então, verbo vicário (= que substitui, que faz as mulher de que se tratava, aliás sua amiga.”
vezes de). Exemplos: (Machado de Assis)
“Bendito o que, na terra, o fogo fez, e o teto.”
Ia dizer-lhe umas palavras duras, mas não o fiz. (Olavo Bilac)
Ele ajudava os pobres e o fazia sem alarde.
“O jornal informa e o faz corretamente, afirmava, vitorioso, O relativo que às vezes equivale a o que, coisa que, e se
o editorial.” (Jorge Amado) refere a uma oração:

5 – Em frases como a seguinte, este refere-se à pessoa “Não chegou a ser padre, mas não deixou de ser poeta,
mencionada em último lugar, aquele à mencionada em pri- que era a sua vocação natural.” (Machado de Assis)
meiro lugar:
2 – Numa série de orações adjetivas coordenadas, pode
“O referido advogado e o Dr. Tancredo Lopes eram ami- ocorrer a elipse do relativo que:
gos íntimos: aquele casado, solteiro este.” (Valentim Maga-
lhães) “A sala estava cheia de gente que conversava, ria, fuma-
va.” (Lúcio de Mendonça)

PRONOMES RELATIVOS 3 – O relativo quem é sempre regido de preposição e, na


língua moderna, se refere exclusivamente a pessoas ou coi-
Pronomes relativos são palavras que representam subs- sas personificadas:
tantivos já referidos, com os quais estão relacionadas. Daí
denominarmos relativos. O funcionário por quem fui atendido mostrou-se gentil.

Ao encontro malsoante sem quem deve-se preferir sem o


Antecedente qual:

O termo já referido anteriormente, retomado na nova Estávamos esperando Otávio, sem o qual não podíamos
oração pelo pronome relativo, chama-se antecedente. sair.

As mãos que dizem adeus são pássaros... 4 – Cujo (e suas flexões) é pronome adjetivo e equivale a
(Mário Quintana) do qual, da qual, dos quais, das quais:
(mãos =antecedente)
(que = pronome relativo) O cavalo é um animal cujo pelo é liso. (= o pelo do qual é
liso)
O antecedente pode estar expresso ou não na oração.
O substantivo determinado por este pronome não virá
1. Antecedente expresso precedido de artigo: cujo pelo (e não cujo o pelo).

O pássaro legendário uirapuru, que imita todos os demais, 5 – O relativo o qual (e suas flexões), principalmente
canta para aqueles que amam as aves e a sua música. quando regido de preposição, pode substituir o pronome que:
(Luiz Carlos Lisboa)
É um passado extinto e de que (ou do qual) ninguém se
Os italianos dirigem-se principalmente para o Sul da pro- lembra.
víncia, onde se dedicam à lavoura de subsistência e à vitivini- Por amor da clareza usa-se o qual em vez de que, quan-
cultura. (Almanaque Abril) do este vier distanciado de seu antecedente, ensejando fal-
sos sentidos:
É uma velha mesa esta sobre a qual bato hoje a minha Regressando de Ouro Preto, visitei o sítio de minha tia, o
crônica. (Vinícius de Moraes) qual me deixou encantado.

– 30 –
Língua Portuguesa
6 – As preposições ante, após, até, desde, durante, entre, 2) cada
perante, mediante, segundo (vale dizer, preposições com
duas ou mais sílabas), bem como as monossílabas sem e Pode apresentar-se na frase com valor:
sob e todas as locuções prepositivas, constroem-se com o
pronome, o qual e nunca com o pronome relativo que. As a) distributivo: Cada livro custou dez dólares!
preposições contra, para e sobre usam-se, de preferência, b) Intensivo: Lá na cidade tem cada moça bonita!
com o pronome o qual. Exemplos:
3) demais
Perguntei-lhe quantos eram os temas sobre os quais ele
devia falar. Significa os outros, os restantes:
“Teve então início um breve cerimonial contábil, durante o
qual só se ouvia o ruído da pena arranhando o papel.” Dos quadros que fiz só tenho dois: os demais eu vendi.
(Herberto Sales)
“E Luísa estaria presente – a última testemunha perante a 4) menos, mais
qual ele seria invisível ao vexame.”
(Fernando Namora) Menos é invariável:

As preposições monossilábicas a, com, de, em e por, É preciso gastar menos água.


quando iniciam orações adjetivas restritivas, empregam-se,
de preferência, com o pronome que: Mais significa muitos, uma infinidade, em frases como:

A moça [a que me refiro] não é desta cidade. Os índios avançavam, atirando flechas e mais flechas.
Não encontrei os livros [de que precisava].
5) nenhum

PRONOME INDEFINIDO Proposto ao substantivo, aviva a negação:

Os pronomes indefinidos são os que se referem à terceira “Seu Ivo não mora em parte nenhuma.”
pessoa do discurso, de modo vago ou impreciso. (Graciliano Ramos)

Alguém arrematou a obra de Portinari no leilão. 6) certo


Todos cumpriram seu dever cívico.
Antepõe-se ao substantivo, podendo, em alguns casos, vir
Quadro dos pronomes indefinidos precedido do artigo um:
pronomes indefinidos Tinha certo ar de superioridade.
variáveis invariáveis Chegamos ao sítio de um certo Eufrásio.
algum, alguma, alguns, algumas algo
nenhum, nenhuma, nenhuns, nenhumas alguém 7) qual
todo, toda, todos, todas nada
muito, muita, muitos, muitas ninguém Como pronome indefinido, tem o sentido de cada qual:
pouco, pouca, poucos, poucas tudo
certo, certa, certos, certas cada “Em seguida desceram, e já não eram dois, mas sim dez
outro, outra, outros, outras outrem meninos, qual mais fagueiro, e todos diziam que iam acabar
quanto, quanta, quantos, quantas quem
tanto, tanta, tantos, tantas mais com a ratazana.” (Luís Henrique Tavares)
vário, vária, vários, várias menos
diverso, diversa, diversos, diversas demais 8) qualquer
qualquer, quaisquer
O plural deste pronome é quaisquer:
Locuções pronominais indefinidas
Executamos quaisquer serviços.
cada um / cada uma / cada qual
quem quer que / quantos quer que Pode apresentar-se com sentido depreciativo:
toda aquela que / todo aquele que
seja quem for / seja qual for “A intenção dele é mostrar que não é criado de qualquer.”
qualquer um / qualquer um (Machado de Assis)
um ou outro / uma ou outra
tal e tal / tal qual / tal e qual / tal ou qual 9) todo

Modernamente, costuma-se distinguir todo (= cada, qual-


Emprego dos pronomes indefinidos quer) e todo o (= inteiro, completo):

1) algum Li todo o livro. (= o livro todo ou inteiro)


Li todo livro que encontrasse. (= cada ou qualquer livro)
Anteposto ao substantivo, tem significação positiva; pro-
posto, apresenta valor negativo: Usa-se como advérbio, no sentido de completamente,
mas geralmente flexionando-se em gênero e número:
Algum amigo os traiu. (= um amigo)
Amigo algum os traiu. (=nenhum amigo) Os ipês estavam todos floridos.
A roupa estava toda molhada.

– 31 –
Língua Portuguesa
10) tudo FORMAS DE TRATAMENTO

Pode-se dizer, indiferentemente, tudo que ou tudo o que: Entre os pronomes pessoais incluem-se os pronomes de
tratamento, que são palavras ou expressões utilizadas para
Esqueça tudo que ficou atrás. as pessoas com quem se fala. São, portanto, pronomes de 2ª
Esqueça tudo o que ficou atrás. pessoa, embora sejam empregados com verbo na 3ª pessoa.

Esses pronomes, que aparecem apenas na linguagem


PRONOMES INTERROGATIVOS formal, expressam uma atitude cerimoniosa do emissor em
relação ao interlocutor ou à pessoa de quem se fala.
Os pronomes interrogativos são os pronomes indefinidos
usados na formulação de perguntas diretas ou indiretas. Vossa Alteza precisa descansar.

Que país é este? Quando se referir à 3ª pessoa, o pronome de tratamento é


Quem vem lá? precedido de sua:
Quero saber quem vem lá
Sua Alteza retornará em Breve.
Quadro dos pronomes interrogativos
Quadro dos pronomes de tratamento
pronomes interrogativos
que qual e quais abreviatura
pronomes de
quem quanto, quantos, quanta, quantas tratamento singular plural
Você v. v v.
Emprego dos pronomes interrogativos Usado para pessoas familiares, íntimas.
a as
Senhor, Senhora Sr., Sr. Srs., Sr.
1) que
Usados para manter uma distância respeitosa.
a as
É pronome substantivo quando equivaler a que coisa. Vossa Senhoria V.S. V.S.
Nesse caso, admite também a forma o que. Usado para correspondências comerciais.
a as
Vossa Excelência V.Ex. V.Ex.
Mas que significa isso? perguntou o moço insatisfeito...
(Carlos Drummond de Andrade) Usado para altas autoridades: presidente, etc.
a as
Vossa Eminência V.Em. V.Em.
2) quem
Usado para cardeais.
É pronome substantivo e refere-se a pessoas. Vossa Alteza V.A. V V.A A.
Usado para príncipes e duques
- Quem sou eu? – ele perguntou num último esforço.
(Otto Lara Resende) Vossa Santidade V.S. -
Usado para o Papa
3) qual Vossa Reverendíssima V.Rev.
ma
V.Rev.
mas

Pode ser pronome adjetivo ou substantivo: Usado para sacerdotes e religiosos em geral.
Vossa Magnificência V.Mag.a V.Mag.as
- Quais são os símbolos da pátria? (pronome adjetivo) Usado para reitores de universidades.
- Leve esses livros daqui!! Agora!
- Quais? (pronome substantivo) Vossa Majestade V.M. V V.M M.
Usado para reis e rainhas.
4) quanto
O pronome você
Pode ser pronome substantivo ou pronome adjetivo:
O pronome você perdeu seu caráter de tratamento ceri-
Perguntei quanto era. (pronome substantivo) monioso sendo hoje, no Brasil, utilizado em situações infor-
- Quanto tempo faz que a gente não se encontra? (pro- mais, substituindo o pronome de segunda pessoa tu.
nome adjetivo)
Você sempre foi resistente à ideia de gravar discos. O que
5) cadê? o fez mudar de ideia?
A expressão que é feito de, reduzida para que é de, deu Como se vê pelo exemplo, você faz referência à segunda
origem aos interrogativos cadê, quede e quedê, bastante pessoa, mas exige verbo na terceira.
utilizados na linguagem coloquial e já incorporados pela lite-
ratura. Este pronome resulta das transformações fonéticas pelas
quais passou o pronome de tratamento Vossa Mercê.
E cadê doutor? Cadê remédio? Cadê jeito?
(Monteiro Lobato) Apesar de ser considerado pela NGB como pronome de
tratamento, você enquadra-se mais apropriadamente na
Quedê o meu dinheiro? categoria de pronome pessoal, visto que substitui tu em qua-
(O que é feito do meu dinheiro?) se todo o território brasileiro.

– 32 –
Língua Portuguesa
Deve-se notar ainda o emprego de você como pronome • quando conjunção subordinativa e pronome relativo esti-
que indetermina o sujeito: verem presentes na oração.

Mas o que você pode fazer contra as forças da natureza? Quero que me entendas.
Ainda que a encontre, não conversaremos.
A norma culta da língua condena esse emprego do termo, O recibo que lhe deram não é válido.
preferindo a impessoalização com o pronome se:
• em orações iniciadas por palavras interrogativas.
O que se pode fazer contra as forças da natureza?
Quando nos enviarão as passagens?
Quem te perdoou a dívida?
A expressão “a gente”
• em orações que exprimem desejo, iniciadas por palavras
Na linguagem coloquial, o pronome nós é frequentemente exclamativas.
substituído por a gente.
Deus me acuda!
Um segurança nos xingou e queria nos agredir para que a Como me recordo daquele feriado!
gente saísse da estação.
• quando se usar gerúndio com em.
A expressão pode ainda apresentar valor impessoal,
indeterminado: Em se tratando de medicina, ele é especialista.
Em se apresentando condições, faremos o que pedes.
Eu sabia os riscos que estava correndo. A gente sempre
pensa: comigo não vai acontecer. Aí aconteceu”, diz.
(a gente pensa = pensa-se) Uso da mesóclise

A norma culta da língua tende a rejeitar essas constru- Usa-se a mesóclise os seguintes tempos verbais:
ções, comuns na fala coloquial.
• futuro do presente:

Senhor, senhora, senhorita Dir-lhe-ei a verdade na ocasião certa.

Os pronomes senhor, senhora e senhorita são largamente • futuro do pretérito:


utilizados no Brasil como forma de respeito e cortesia.
Dir-lhe-ia a verdade na ocasião certa.

COLOCAÇÃO PRONOMINAL Observação:


Se houver partícula atrativa, deverá ser usada a próclise.
Os pronomes oblíquos átonos (o, a, os, as, lhe, lhes, me, Assim:
te, se, nos, vos) podem ocupar três posições na oração em
relação ao verbo: Não o compreenderia.

a) antes do verbo – neste caso tem-se a próclise e diz-se


que o pronome está proclítico. Uso da ênclise

Nunca se fala nestas coisas aqui. Emprega-se, geralmente, a ênclise:


Quero que todos me acompanhem.
• com verbos no início do período:
b) no meio do verbo – tem-se a mesóclise, e o pronome
está mesoclítico. Sabe-se que a temperatura global está em média cerca
de meio grau Celsius mais alta do que há 100 anos.
Ajudar-te-ei amanhã sem falta.
Dir-lhe-ei depois o que desejo. • com verbos no modo imperativo afirmativo:

c) depois do verbo – tem-se, então, a ênclise, e o pronome Diga, diga-lhe toda a verdade.
está enclítico.

Ouviu-se um alarido. Levante-se daí, senhor Belchior...


Faltavam-me alguns relógios.
• com verbos no gerúndio, desde que não venham precedi-
Uso da próclise dos da preposição em:

A próclise será obrigatória: Para tratar o enfermo, não basta ter pena dele, consolan-
do-o e ouvindo-o com interesse.
• quando houver palavra de sentido negativo antes do ver-
bo. • com verbos no infinitivo impessoal:

Nada lhe posso dizer. Não sou desumano, não traria o bicho aqui para maltratá-
Ninguém me procurou. lo.

– 33 –
Língua Portuguesa
Casos especiais 4) Quanto ao pronome pessoal ser oblíquo:

A seguir, alguns casos em que o pronome oblíquo vem A( ) Encontrei-o na rua.


acompanhado de locução verbal. B( ) Achei o que procurava.
C( ) Achei-a linda como sempre.
a) Quando o verbo principal de uma locução verbal encon- D( ) O moço pediu a jovem em casamento.
tra-se no infinitivo ou no gerúndio, coloca-se o pronome oblí- E( ) Trouxe-o comigo.
quo depois do verbo auxiliar ou depois do verbo principal:
5) Quanto ao pronome indefinido:
Quero-lhe pedir dinheiro. Quero pedir-lhe dinheiro.
v. auxiliar v. principal v. auxiliar v. principal A( ) Este é a apartamento onde moro.
no infinitivo no infinitivo B( ) Uns chegam outros saem.
C( ) Certos exercícios são bens difíceis.
Observação: D( ) Esta é a professora de que falei.
E( ) Não sei quem disse isso.
Se a locução verbal vier precedida de partícula atrativa, o
pronome deverá vir antes do verbo auxiliar ou depois do 6) Quanto ao pronome relativo:
verbo principal:
A( ) A rua a que me referi é aquela.
Não lhe quero pedir dinheiro. Não quero pedir-lhe dinheiro. B( ) O teste que fiz é bem difícil.
partícula v. auxiliar partícula v. principal C( ) A estrada por que passei não tem acostamento.
atrativa atrativa
D( ) Espero que você seja feliz.
E( ) Temos que esperar o médico chegar.
b) Quando o verbo principal de uma locução verbal encontra-
se no particípio, coloca-se o pronome oblíquo depois do ver-
7) Quanto ao pronome indefinido:
bo auxiliar:
A( ) A casa em que nasci é azul.
Tinha-me consultado sobre a sua decisão.
B( ) Vive onde não queres?
v. auxiliar v. principal no particípio
C( ) Está é a pessoa que amo.
Observação: D( ) Ouvimos algum barulho lá fora.
E( ) Tudo isso tem implicações políticas.
Se a locução verbal vier precedida de partícula atrativa, o
pronome oblíquo deverá vir antes do verbo auxiliar: 8) Quanto ao pronome relativo:

A ( ) Esta é a carta que recebi.


Não me tinha consultado sobre a sua decisão.
partícula v. auxiliar
B ( ) Puxa, quem me chamou outra vez?
atrativa C ( ) A quais desses filmes você assistiu?
D ( ) As mãos que dizem adeus são pássaros... (Mário
Quintana)
EXERCÍCIOS E ( ) Esta é Miriam, da qual nunca me esqueço.

9) Quantos aos pronomes pessoais oblíquos:


ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO: A ( ) Ela me olhou.
B ( ) Conheço-a não sei de onde.
1) Quanto aos pronomes de tratamento: C ( ) Há poucas divergências entre mim e ti.
D ( ) Viram as crianças por toda a parte.
A( ) Vossa Excelência cardeais E ( ) Tinha dentro de si uma espécie de vazio. (Érico Verís-
B( ) Você pessoas íntimas simo)
C( ) Vossa Alteza Papa
D( ) Vossa Reverendíssima reis e rainhas
E( ) Vossa Magnificência reitores de universidades.

2) Quanto à colocação pronominal: RESPOSTAS

A( ) Aqui me acolheram muito bem.


B( ) Não lhe devo mais nada.
C( ) Nada preocupa-me.
D( ) Dar-te-ei uma palavra amiga.
E( ) Dê-me uma bala.

3) Quanto à classificação dos pronomes:

A ( ) E você não fala nada? (pessoal e relativo)


B ( ) Venha passear conosco. (indefinido)
C ( ) Vossa Santidade deu sua bênção diária. (tratamento)
D( ) Esse sorriso não engana ninguém. (demonstrativo e
indefinido)
E ( ) O aparelho de som que comprei está com defeito.
(interrogativo)

– 34 –
Língua Portuguesa
FLEXÃO DOS ADVÉRBIOS
ADVÉRBIO
Alguns advérbios flexionam-se no comparativo e no su-
perlativo.
É uma palavra que modifica (que se refere) a um verbo, a
adjetivo, a um outro advérbio. • Grau comparativo:

A maioria dos advérbios modifica o verbo, ao qual acres- de igualdade: tão + advérbio + quanto
centa uma circunstância. Só os de intensidade é que podem Cheguei tão cedo quanto queria.
também modificar adjetivos e advérbios.
de superioridade: mais + advérbio + que
Mora muito longe Cheguei mais cedo que queria.
(modifica o advérbio longe).
de inferioridade: menos + advérbio + que
Sairei cedo para alcançar os excursionistas Cheguei menos cedo que queria.
(modifica o verbo sairei).
• Grau superlativo:
Eram exercícios bem difíceis
(modifica o adjetivo difíceis). analítico:

CLASSIFICAÇÃO DOS ADVÉRBIOS Eles estavam muito felizes.


Ele chegou muito cedo.
1º) De Afirmação: sim, certamente, deveras, realmente,
incontestavelmente, efetivamente. sintético:

2º) De Dúvida: talvez, quiçá, acaso, porventura, provavel- Eles estavam felicíssimos.
mente, decerto, certo. Ele chegou cedíssimo.

3º) De Intensidade: muito, mui, pouco, assaz, bastante,


mais, menos, tão, demasiado, meio, todo, completamente,
profundamente, demasiadamente, excessivamente, demais, EXERCÍCIOS
nada, ligeiramente, levemente, quão, quanto, bem, mas,
quase, apenas, como. ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
4º) De Lugar: abaixo, acima, acolá, cá, lá, aqui, ali, aí, além,
algures, aquém, alhures, nenhures, atrás, fora, afora, dentro, 1) Quanto à oração que contém dois advérbios:
longe, adiante, diante, onde, avante, através, defronte, aon-
de, donde, detrás. A( ) Maísa é muito calma.
B( ) Ela cantava muito bem.
5º) De Modo: bem, mal, assim, depressa, devagar, como, C( ) Hoje, talvez eu vá às compras.
adrede, debalde, melhor, pior, aliás, calmamente, livremente, D( ) Eu não gostei de chegar tarde ao trabalho.
e quase todos os advérbios terminados em "mente". E( ) Fernandinho é bem esperto.

6º) De Negação: não, absolutamente.


2) Quanto ao advérbio de afirmação:
7º) De Tempo: agora, hoje, amanhã, depois, ontem, anteon-
tem, já, sempre, nunca, jamais, ainda, logo, antes, cedo, A ( ) Sem dúvida, ele é um grande pintor.
tarde, ora, afinal, outrora, então, breve, aí, entrementes, bre- B ( ) Realmente, é difícil encontrar um advérbio de afirma-
vemente, imediatamente, raramente, finalmente, comumente, ção na sua obra.
presentemente, etc. C ( ) Ele, provavelmente, saíra do emprego.
D ( ) Absolutamente, não entendo nada de espanhol.
Há ainda advérbios interrogativos: onde? aonde? E ( ) Certamente, ele não virá ao jantar.
quando? como? por que?: Onde estão eles? Quando sai-
rão? Como viajaram? Por que não telefonaram?

LOCUÇÕES ADVERBIAIS

São duas ou mais palavras com função de advérbio: às RESPOSTAS


tontas, às claras, às pressas, às ocultas, à toa, de vez em
quando, de quando em quando, de propósito, às vezes, ao
acaso, ao léu, de repente, de chofre, a olhos vistos, de cor,
de improviso, em breve, por atacado, em cima, por trás, para
trás, de perto, sem dúvida, passo a passo, etc.

Exemplos:
Ele, às vezes, age às escondidas.
O segredo é sempre virar à direita.
À tarde ela trabalha no hospital, mas à noite ela está em
casa.

– 35 –
Língua Portuguesa
EXERCÍCIOS
PREPOSIÇÃO
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
Preposição é a palavra que liga um termo a outro:
1) Quanto à oração em que a palavra destacada é prepo-
Casa de pedra; livro de Paulo; falou com ele. sição:

Dividem-se as preposições em essenciais (as que sempre A ( ) Obriguei-a a estudar mais.


foram preposições) e acidentais (palavras de outras classes B ( ) Nas próximas férias, vou a Portugal.
gramaticais que, às vezes, funcionam como preposição). C ( ) A professora recolheu as provas antes do horário.
D ( ) Ele a obrigou a voltar a estudar.
1º) Preposições Essenciais: a, ante, após, até, com, de, E ( ) Fomos ao cinema, depois levei-as para tomar um
dês, desde, para, per, perante, por, sem, sob, sobre, trás. lanche.

Exemplos:
Fumava cigarro após cigarro. 2) Quanto às preposições acidentais:
Está vestida de branco.
A( ) Todos vieram, exceto você.
2º) Preposições Acidentais: conforme, consoante, segundo, B( ) O menor está sob a guarda policial.
durante, mediante, visto, como,exceto, salvo, etc. C( ) Não há nada entre mim e você.
D( ) Moro no Tatuapé desde 1988.
Exemplos: E( ) Mediante o acontecido, sugiro que adiemos a reunião.
Os heróis tiveram como prêmio uma coroa de louros.
Vovô dormiu durante a viagem.
3) Quanto à oração que contém locução prepositiva:

LOCUÇÕES PREPOSITIVAS A( ) As crianças saíram em silêncio.


B( ) Apesar de não gostarmos dele, fomos homenageá-lo.
São expressões com a função das preposições. C( ) Ele estava aos prantos.
D( ) Em vez de contar a verdade, ele preferiu omitir o caso.
Em geral são formadas de advérbio (ou locução adverbial) E( ) Além de trabalhar, José estuda.
+ preposição: abaixo de, acima de, por trás de, em frente de,
junto a, perto de, longe de, depois de, antes de, através de,
embaixo de, em cima de, em face de, etc. 4) Quanto à classificação:
Exemplo:
Passamos através de mata cerrada. A ( ) Pé ante pé, nós saíamos do quarto, para que ela não
percebesse. (essenciais)
B( ) Exceto a irmã mais velha, todas iam para a Europa.
COMBINAÇÕES E CONTRAÇÕES (acidental e essencial)
C ( ) Afora você, a ninguém mais se perdoa.. (essencial)
D ( ) Deram-lhe todos os lucros, fora a dívida, que foi des-
As preposições a, de, em, per e para, unem-se com contada. (acidental)
outras palavras, formando um só vocábulo. E ( ) Trabalhávamos por uma comida melhor durante o
serviço militar. (essencial e acidental)
Há combinação quando a preposição se une sem perda
de fonema; se a preposição sofre queda de fonema, haverá
contração. 5) Quanto à combinação e à contração:

A preposição combina-se com os artigos, pronomes de- A ( ) Está na hora de ir embora. (contração)
monstrativos e com advérbios. B ( ) Vou ao encontro de Ulisses. (contração)
C ( ) Vou àqueles lugares que são meus preferidos. (com-
As preposições a, de, em, per contraem-se com os arti- binação)
gos, e, algumas delas, com certos pronomes e advérbios. D ( ) Vinha novamente à sua cabeça a dúvida. (contração)
E ( ) Aonde vamos, meu amor? (combinação)
a+a=à de + isto = disto
a + as = às de + aqui = daqui
a + aquele = àquele em + esse = nesse RESPOSTAS
a + aquela = àquela em + o = no
a + aquilo = àquilo em + um = num
de + o = do em + aquele = naquele
de + ele = dele per + o = pelo
de + este = deste

– 36 –
Língua Portuguesa

INTERJEIÇÃO CONJUNÇÃO

Interjeição é a palavra que exprime um estado emotivo. Conjunção é a palavra invariável que liga orações ou
As interjeições são um recurso da linguagem afetiva e emo- termos da oração.
cional. Podem exprimir e registrar os mais variados sentimen-
tos. Exemplos:
Classificam-se em:
Comi mas não gostei.
1) de dor: ai! ui! ai de mim! 7) de apelo: ó! alô! psit! psiu! Saímos de casa quando amanhecia.
2) de desejo: oxalá! tomara! 8) de silêncio: psiu! silêncio!
3) de alegria: ah! oh! eh! viva! 9) de repetição: bis! As conjunções dividem-se em coordenativas e subordina-
4) de animação: eia! coragem! 10) de saudação: alô! olá! tivas.
avante! upa! força! vamos! salve! bom dia!
5) de aplauso: bem! bravo! 11) de advertência: cuidado!
apoiado! devagar! atenção! Quando a conjunção liga as orações sem fazer com que
6) de aversão: ih! chi! irra! ora 12) de indignação: fora! morra! uma dependa da outra ou sem que a segunda complete o
bolas! sentido da primeira, ela é coordenativa.

Quando a conjunção liga duas orações que se completam


uma a outra e faz com que a segunda dependa da primeira,
LOCUÇÃO INTERJETIVA
ela é subordinativa.
É uma expressão formada de mais de uma palavra, com
CONJUNÇÕES COORDENATIVAS
valor de interjeição: Meu Deus! Muito bem! Ai de mim! Ora
bolas! Valha-me Deus! Quem me dera!
Podem ser:
As interjeições são proferidas em tom de voz especial e,
1) Aditivas: dão ideia de adição: e, nem, mas também, mais
dependendo desta circunstância, a mesma interjeição pode
ainda, senão, também, como também, bem como.
expressar sentimentos diversos.
Exemplo: A doença vem a cavalo e volta a pé.
EXERCÍCIOS
2) Adversativas: exprimem mais contraste, oposição, ressal-
va, compensação: mas, porém, todavia, contudo, entretanto,
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
senão, ao passo que, no entanto, apesar disso.
PARA CERTO E (E) PARA ERRADO:
Exemplo: Querem ser ricos, mas não trabalham.
1) Quanto à oração em que a palavra destacada é inter-
3) Alternativas: exprimem alternativa, alternância: ou,
jeição:
ou . . . ou, ora . . . ora, já . . . já, seja . . . seja, quer . . . quer.
A ( ) “Credo, que dia mais cinza!”
Exemplo: A louca ora o acariciava, ora o renegava freneti-
B ( ) Viva o meu time!
camente.
C ( ) Espero que ele viva por muitos anos.
D ( ) Temos que agradecer a Deus pelos dias de nossa
4) Explicativas: exprimem explicação, um motivo: que, por-
vida.
que, porquanto, pois. As conjunções explicativas aparecem
E ( ) Puxa vida, como você demorou a chegar!
normalmente depois de orações imperativas.

Exemplo: Venha, porque quero conversar com você.


2) Quanto à identificação das interjeições:
5) Conclusivas: expressam conclusão: logo, portanto, por
A ( ) Basta! Não quero escutar mais nada. (aversão)
conseguinte, por isso, pois (depois de verbo).
B ( ) Tomara que você vença! (desejo)
C ( ) Credo! Não suporto manga. (alívio)
Exemplo: As árvores balançavam, logo estava ventando.
D ( ) Nossa! Quase fui atropelado. (espanto)
E ( ) Coitado! Perdeu tudo que tinha. (desacordo)
CONJUNÇÕES SUBORDINATIVAS
RESPOSTAS
Podem ser:

1) Causais:
porque, que, pois, como, porquanto, visto que, desde que,
etc.

Exemplo: Não me interessa a opinião deles, porque todos ali


são imbecis.

2) Comparativas:
como, tal qual, assim como, que nem, como quanto, etc.

Exemplo: Talvez ninguém pense como nós pensamos.

– 37 –
Língua Portuguesa
3) Concessivas: EXERCÍCIOS
embora, conquanto, ainda que, mesmo que, por mais que,
por menos que, se bem que, posto que, nem que, dado que, ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
sem que, etc. PARA CERTO E (E) PARA ERRADO:

Exemplo: Foi ao encontro, embora estivesse atrasado. 1) Quanto à conjunção coordenativa conclusiva:

4) Condicionais: A ( ) O homem pensa, logo existe.


se, caso, desde que, salvo se, contanto que, a não ser que, a B ( ) Não corra, que é perigoso.
menos que, sem que, etc. C ( ) Os preços das frutas estavam muito altos, portanto
não as comprei.
Exemplo: Não irei sem que ela me telefone. D ( ) Você o provocou bastante, aguente a polêmica, pois.
E ( ) É um ser humano, por isso merece todo nosso respei-
5) Conformativas: to.
como, conforme, segundo, consoante, etc.

Exemplo: Cada um colhe, conforme semeia. 2) Quanto à conjunção coordenativa explicativa:

6) Consecutivas: A( ) Não saiam, pois o professor já vem.


que (precedido dos termos intensivos tal, tão, tanto, tama- B( ) Saia daí, que está chovendo.
nho), de sorte que, de modo que, de forma que, de maneira C( ) O brasileiro adia; existe, pois.
que, sem que, etc. D( ) Anda logo que eu estou com pressa.
E( ) Estou com dor de cabeça, por isso não me amolem.
Exemplo: Era tão feio que metia medo nas crianças.

7) Finais: 3) Quanto à classificação das conjunções coordenativas:


a fim de que, para que, que, porque, etc.
A ( ) Acordou tarde e perdeu a prova. (conclusiva)
Exemplo: Enganou-os para que não a enganassem. B ( ) Márcia não gosta de peixe, mas teve de comer. (alter-
nativa)
8) Proporcionais: C ( ) Levantei e saí, apesar dos protestos (aditiva)
à proporção que, à medida que, ao passo que, quanto mais, D ( ) Guardo o dinheiro ou viajo? (alternativa)
quanto menos, etc. E ( ) De repente, o pai olhou ao redor e não viu o menino.
(explicativa)
Exemplo: As criaturas são mais perfeitas à proporção que
são mais capazes de amar.
4) Quanto à conjunção subordinativa causal:
9) Temporais:
enquanto, quando, logo que, assim que, depois que, agora A ( ) O filho é o maior que o pai.
que, antes que, desde que, até que, sempre que, etc. B ( ) Quando ela acordou, eu já havia saído.
C ( ) Marcelo não viajou porque não dispunha de dinheiro.
Exemplo: Todos se calaram, depois que protestei. D ( ) Todos já saíram, porque a festa já terminou.
E ( ) Não podem viajar, visto que não conseguiram autori-
10) Integrantes: zação.
que, se.

Exemplo: Sonhei que o mundo havia acabado. 5) Quanto à conjunção subordinativa conformativa:

Observação: As conjunções subordinativas integrantes in- A ( ) Como eu já disse mais de uma vez, não vou sair de
troduzem as orações subordinadas substantivas. As demais casa.
conjunções subordinativas introduzem as orações subordina- B ( ) Sou quieta como uma flor de outono.
das adverbiais. A classificação das conjunções dependerá C ( ) Ligue o aparelho como indicam as instruções.
unicamente da significação que elas derem à oração que D ( ) A maioria dos jovens agem como crianças.
introduzem. E ( ) Fizemos tudo como o professor mandou.

LOCUÇÃO CONJUNTIVA
RESPOSTAS
São duas ou mais palavras que têm valor de conjunção.
Geralmente é constituída de que precedido de advérbio,
preposição ou particípio.

visto que já que se bem que


ainda que desde que por mais que
a menos que de modo que por menos que
à medida que uma vez que à proporção que
no entanto por consequência posto que
ainda quando logo que a fim de que

Exemplo:
Já que todos saíram, desisto do negócio.

– 38 –
Língua Portuguesa

VERBO presente (eu estudo)

perfeito (eu estudei)


modo pretérito imperfeito (eu estudava)
Verbo é a palavra variável em número, pessoa, modo, indicativo mais-que-perfeito (eu estudara)
tempo e voz que indica um processo no tempo, isto é, que
algo aconteceu, acontece ou acontecerá. futuro do presente (eu estudarei)
do pretérito (eu estudaria)
Os verbos podem indicar:
presente (que eu estude)
- ação: Sofia sempre viaja a trabalho. modo pretérito imperfeito (se eu estudasse)
subjuntivo futuro (quando/se eu estudar)
- estado: O garoto está feliz.

- fenômeno: Nevou no sul do país. modo presente afirmativo (estuda [tu])


imperativo negativo (não estudes [tu])

FLEXÃO DO VERBO
FLEXÃO DE NÚMERO

FLEXÃO DE PESSOA Admite singular ou plural, concordando com seu sujeito.

O professor corrigiu as provas.


São necessárias três pessoas: Os professores corrigiram as provas.

- primeira pessoa: é a quem fala (eu e nós). FLEXÃO DE VOZ

- segunda pessoa: é com quem se fala (tu e vós). Maneira pela qual o verbo se relaciona com o sujeito.
Pode ser:
- terceira pessoa: é de quem ou a respeito do que se fala
(ele / ela – eles / elas). - voz ativa: quando algo ou alguém é responsável pela
ação do verbo.

FLEXÃO DE MODO A empregada lavou as janelas.

- voz passiva: quando algo ou alguém recebe a ação


São as diversas maneiras que um verbo assume para verbal.
indicar atitudes da pessoa que fala.
As janelas foram lavadas pela empregada.
- indicativo: expressa uma atitude real, concreta.
Observação: a voz passiva pode ser analítica ou sintética.
O jovem médico socorreu os doentes.
analítica: formada com os verbos ser, estar e fi-
- subjuntivo: indica uma atitude hipotética, duvidosa ou car seguidos de particípio.
possível.
Todos os carros foram roubados.
Talvez eu vá ao cinema no domingo. (particípio)

sintética: formada com o verbo na terceira pessoa


- imperativo: indica uma ordem, um convite, um pedido. acompanhado do pronome se.
Pare de fumar! Vendem-se casas.

- voz reflexiva: quando algo ou alguém pratica e recebe


FLEXÃO DE TEMPO ao mesmo tempo a ação verbal.

O garoto machucou-se.
É a propriedade que tem o verbo de localizar o fato no
tempo em que acontece o ocorrido.
OS TEMPOS VERBAIS
- presente: a ação ocorre no momento em que se fala.
INDICATIVO
João estuda e trabalha.
- Presente: indica a ocorrência de um fato no momento em
- pretérito: a ação transcorreu num momento anterior à- que se fala.
quele em que se fala.
As águas atingem um metro, afirma o jornalista.
João estudava e trabalhava.
É também usado para indicar ocorrência frequente de um
- futuro: a ação poderá ocorrer após o momento em que fato.
se fala.
Todo dia ela visita seus pais.
João estudará e trabalhará.
- Pretérito: indica a ocorrência de um fato antes do momento
em que se fala.
O esquema abaixo apresenta os modos e os tempos
verbais simples da língua portuguesa: A escola pegou fogo.

– 39 –
Língua Portuguesa
- Pretérito perfeito: indica um fato que ocorreu totalmente no LOCUÇÃO VERBAL
passado.
São as combinações verbais que produzem formas com-
A família inteira chegou em 2008. postas.

- Pretérito imperfeito: indica um fato que iniciou no passado Eu tenho trabalhado demais.
e ainda não foi concluída.
Os verbos que se empregam frequentemente como pri-
Ela vivia chorando. meiro elemento dessas combinações são chamados verbos
auxiliares.
- Pretérito mais-que-perfeito: indica a ocorrência de um fato
no passado, iniciado antes de outro, também no passado. Os mais comuns são ter, haver, ser e estar.

Mentiu outra vez ao afirmar que falara tudo ao pai.


CONJUGAÇÃO DOS VERBOS AUXILIARES
- Futuro: indica a ocorrência futura de um fato que ainda não
ocorreu no momento da fala.
MODO INDICATIVO
Viajarei à Itália no próximo mês.
Presente
- Futuro do presente: exprime um fato que irá ocorrer, com
certeza. sou estou tenho hei
és estás tens hás
é está tem há
Você terá um futuro maravilhoso. somos estamos temos havemos
sois estais tendes haveis
- Futuro do pretérito: indica um fato que ainda irá se concre- são estão têm hão
tizar, relacionado com um fato passado.

Eu compraria um carro se tivesse dinheiro.


Pretérito perfeito
SUBJUNTIVO fui estive tive houve
foste estiveste tiveste houveste
- Presente: indica uma ocorrência que talvez se realize. foi esteve teve houve
fomos estivemos tivemos houvemos
É necessário que você converse com ele. fostes estivestes tivestes houvestes
foram estiveram tiveram houveram
- Pretérito imperfeito: indica uma ação que talvez tenha
acontecido.

Se ele fosse politizado, não votaria naquele farsante. Pretérito imperfeito


era estava tinha havia
- Futuro: indica um fato que talvez se concretize no futuro. eras estavas tinhas havias
era estava tinha havia
Se ela fizer o regime, emagrecerá rapidamente. éramos estávamos tínhamos havíamos
éreis estáveis tínheis havíeis
Quando ele estudar, passará no concurso. eram estavam tinham haviam

FORMAS NOMINAIS
Pretérito mais-que-perfeito
fora estivera tivera houvera
INFINITIVO foras estiveras tiveras houveras
fora estivera tivera houvera
O infinitivo tem valor de substantivo. fôramos estivéramos tivéramos houvéramos
fôreis estivéreis tivéreis houvéreis
Estudar é um direito de qualquer cidadão. foram estiveram tiveram houveram
O estudo é um direito de qualquer cidadão.

Futuro do presente
PARTICÍPIO
serei estarei terei haverei
O particípio pode ter valor de adjetivo. Sofre flexão de serás estarás terás haverás
gênero e número, de acordo com o substantivo a que se será estará terá haverá
refere. seremos estaremos teremos haveremos
sereis estareis tereis havereis
Calado num canto, ele observava tudo. serão estarão terão haverão

GERÚNDIO Futuro do pretérito


O gerúndio pode assumir o valor de advérbio ou adjetivo. seria estaria teria haveria
serias estarias terias haverias
O atleta cruzou sorrindo a linha de chegada. (advérbio) seria estaria teria haveria
Eu vi o menino correndo. (adjetivo) seríamos estaríamos teríamos haveríamos
seríeis estaríeis teríeis haveríeis
seriam estariam teriam haveriam

– 40 –
Língua Portuguesa
MODO SUBJUNTIVO Gerúndio

Presente sendo estando tendo havendo

seja esteja tenha haja


sejas estejas tenhas hajas
seja esteja tenha haja Particípio
sejamos estejamos tenhamos hajamos
sejais estejais tenhais hajais sido estado tido havido
sejam estejam tenham hajam

CONJUGAÇÕES
Pretérito Imperfeito São as três conjugações:
fosse estivesse tivesse houvesse
fosses estivesses tivesses houvesses
fosse estivesse tivesse houvesse 1ª conjugação – ar: andar, amar, trabalhar, etc.
fôssemos estivéssemos tivéssemos houvéssemos
fôsseis estivésseis tivésseis houvésseis 2ª conjugação – er: correr, vender, perder, etc.
fossem estivessem tivessem houvessem
3ª conjugação – ir: sorrir, pedir, partir, etc.

Os verbos são classificados em:


Futuro simples

for estiver tiver houver


VERBOS REGULARES
fores estiveres tiveres houveres
for estiver tiver houver São aqueles que não sofrem alteração em seu radical e
formos estivermos tivermos houvermos suas desinências são iguais ao verbo paradigma (modelo de
fordes estiverdes tiverdes houverdes conjugação).
forem estiverem tiverem houverem
Modelos
1ª conjugação - 2ª conjugação - 3ª conjugação -
MODO IMPERATIVO amar partir
correr

Afirmativo
sê (tu) está (tu) tem (tu) há (tu) MODO INDICATIVO
seja (você) esteja (você) tenha (você) haja (você)
sejamos (nós) estejamos tenhamos hajamos
sede (vós) (nós) (nós) (nós)
sejam (vocês) estai (vós) tende (vós) havei (vós) Presente
estejam tenham (vo- hajam
(vocês) cês) (vocês) amo corro parto
amas corres partes
ama corre parte
Negativo amamos corremos partimos
amais correis partis
não sejas (tu) não estejas não tenhas não hajas amam correm partem
não seja (vo- (tu) (tu) (tu)
cê) não esteja não tenha não haja
não sejamos (você) (você) (você)
(nós) não esteja- não tenha- não haja- Pretérito perfeito
não sejais mos (nós) mos (nós) mos (nós)
(vós) não estejais não tenhais não hajais amei corri parti
não sejam (vós) (vós) (vós) amaste correste partiste
(vocês) não estejam não tenham não hajam amou correu partiu
(vocês) (vocês) (vocês) amamos corremos partimos
amastes correstes partistes
amaram correram partiram

FORMAS NOMINAIS
Pretérito imperfeito
Infinitivo impessoal
amava corria partia
ser estar ter haver amavas corrias partias
amava corria partia
amávamos corríamos partíamos
amáveis corríeis partíeis
amavam corriam partiam
Infinitivo pessoal

ser (eu) estar (eu) ter (eu) haver (eu)


seres (tu) estares (tu) teres (tu) haveres (tu)
ser (ele) estar (ele) ter (ele) haver (ele) Pretérito mais-que-perfeito
sermos (nós) estarmos termos havermos
serdes (vós) (nós) (nós) (nós) amara correra partira
serem (eles) estardes terdes haverdes (vós) amaras correras partiras
(vós) (vós) haverem amara correra partira
estarem terem (eles) amáramos corrêramos partíramos
(eles) (eles) amáreis corrêreis partíreis
amaram correram partiram

– 41 –
Língua Portuguesa

Futuro do presente Infinitivo pessoal

amarei correrei partirei amar (eu) correr (eu) partir (eu)


amarás correrás partirás amares (tu) correres (tu) partires (tu)
amará correrá partirá amar (ele) correr (ele) partir (ele)
amaremos correremos partiremos amarmos (nós) corrermos (nós) partirmos (nós)
amareis correreis partireis amardes (vós) correrdes (vós) partirdes (vós)
amarão correrão partirão amarem (eles) correrem (eles) partirem (eles)

Futuro do pretérito Gerúndio

amaria correria partiria amando correndo partindo


amarias correrias partirias
amaria correria partiria
amaríamos correríamos partiríamos
amaríeis correríeis partiríeis Particípio
amariam correriam partiriam
amado corrido partido

MODO SUBJUNTIVO
VERBOS IRREGULARES
Presente
São aqueles que sofrem alterações em seu radical ou em
ame corra parta sua desinência, afastando-se do modelo a que pertencem.
ames corras partas
ame corra parta
amemos corramos partamos 1ª CONJUGAÇÃO – AR
ameis corrais partais
amem corram partam Aguar
Presente do indicativo: águo, águas, água, aguamos, aguais,
Pretérito imperfeito águam.
Pretérito perfeito: aguei, aguaste, aguou, aguamos, aguastes,
amasse corresse partisse aguaram.
amasses corresses partisses Presente do subjuntivo: águe, águes, águe, aguemos, agueis,
amasse corresse partisse águem.
amássemos corrêssemos partíssemos Verbo regular nos demais tempos. Assim se conjugam desaguar,
amásseis corrêsseis partísseis enxaguar e minguar.
amassem corressem partissem

Dar
Futuro simples Presente do indicativo: dou, dás, dá, damos, dais, dão.
Pretérito perfeito: dei, deste, deu, demos, destes, deram.
amar correr partir Pretérito imperfeito: dava, davas, dava, dávamos, dáveis, davam.
amares correres partires Pretérito mais-que-perfeito: dera, deras, dera, déramos, déreis,
amar correr partir deram.
amarmos corrermos partirmos Futuro do presente: darei, darás, dará, daremos, dareis, darão.
amardes correrdes partirdes Futuro do pretérito: daria, darias, daria, daríamos, daríeis, dariam.
amarem correrem partirem Presente do subjuntivo: dê, dês, dê, demos, deis, deem.
Pretérito imperfeito do subjuntivo: desse, desses, desse, désse-
mos, désseis, dessem.
MODO IMPERATIVO Futuro do subjuntivo: der, deres, der, dermos, derdes, derem.
Imperativo afirmativo: dá, dê, demos, dai, deem.
Infinitivo impessoal: dar.
Afirmativo Infinitivo pessoal: dar, dares, dar, darmos, dardes, darem.
Gerúndio: dando.
ama (tu) corre (tu) parte (tu) Particípio: dado.
ame (você) corra (você) parta (você)
amemos (nós) corramos (nós) partamos (nós) Optar
amai (vós) correi (vós) parti (vós) Presente do indicativo: opto, optas, opta, optamos, optais, optam.
amem (vocês) corram (vocês) partam (vocês) Presente do subjuntivo: opte, optes, opte, optemos, opteis, optem.
Obs.: No caso do verbo optar a irregularidade está na pronúncia. Nas
três pessoas do singular e na terceira do plural do presente do indica-
tivo e do presente do subjuntivo, a vogal o do radical é pronunciada
Negativo aberta e fortemente.

não ames (tu) não corras (tu) não partas (tu)


não ame (você) não corra (você) não parta (você) 2ª CONJUGAÇÃO – ER
não amemos (nós) não corramos não partamos (nós)
não ameis (vós) (nós) não partais (vós) Caber
não amem (vocês) não corrais (vós) não partam (vocês) Presente do indicativo: caibo, cabes, cabe, cabemos, cabeis, ca-
não corra (vocês) bem.
Pretérito perfeito: coube, coubeste, coube, coubemos, coubestes,
FORMAS NOMINAIS couberam.
Pretérito imperfeito: cabia, cabias, cabia, cabíamos, cabíeis, cabi-
am.
Infinitivo impessoal Pretérito mais-que-perfeito: coubera, couberas, coubera, coubéra-
mos, coubéreis, couberam.
amar correr partir Futuro do presente: caberei, caberás, caberá, caberemos, cabereis,
caberão.

– 42 –
Língua Portuguesa
Futuro do pretérito: caberia, caberias, caberia, caberíamos, caberí- Rir
eis, caberiam.
Presente do subjuntivo: caiba, caibas, caiba, caibamos, caibais, Presente do indicativo: rio, ris, ri, rimos, rides, riem.
caibam. Pretérito imperfeito: ria, rias, ria, ríamos, ríeis, riam.
Pretérito imperfeito do subjuntivo: coubesse, coubesses, coubes- Pretérito perfeito: ri, riste, riu, rimos, ristes, riram.
se, coubéssemos, coubésseis, coubessem. Pretérito mais-que-perfeito: rira, riras, rira, ríramos, ríreis, riram.
Futuro do subjuntivo: couber, couberes, couber, coubermos, cou- Futuro do presente: rirei, rirás, rirá, riremos, rireis, rirão.
berdes, couberem. Futuro do pretérito: riria, ririas, riria, riríamos, riríeis, ririam.
Observação: O verbo caber não se apresenta conjugado nem no Presente do subjuntivo: ria, rias, ria, riamos, riais, riam.
imperativo afirmativo nem no imperativo negativo. Pretérito imperfeito do subjuntivo: risse, risses, risse, ríssemos,
rísseis, rissem.
Futuro do subjuntivo: rir, rires, rir, rirmos, rirdes, rirem.
Crer Imperativo afirmativo: ri, ria, riamos, ride, riam.
Infinitivo pessoal: rir, rires, rir, rirmos, rirdes, rirem.
Presente do indicativo: creio, crês, crê, cremos, credes, creem. Gerúndio: rindo. Particípio: rido.
Pretérito perfeito: cri, creste, creu, cremos, crestes, creram. Assim se conjuga: sorrir.
Pretérito imperfeito: cria, crias, cria, criamos, crieis, criam.
Pretérito mais-que-perfeito: crera, creras, crera, crêramos, crêreis,
creram. Vir
Presente do subjuntivo: creia, creias, creia, creiamos, creiais,
creiam. Presente do indicativo: venho, vens, vem, vimos, vindes, vêm.
Pretérito imperfeito do subjuntivo: cresse, cresses, cresse, crês- Pretérito imperfeito: vinha, vinhas, vinha, vínhamos, vínheis, vi-
semos, crêsseis, cressem nham.
Futuro do subjuntivo: crer, creres, crer, crermos, crerdes, crerem. Pretérito perfeito: vim, vieste, veio, viemos, viestes, vieram.
Imperativo afirmativo: crê, creia, creiamos, crede, creiam. Pretérito mais-que-perfeito: viera, vieras, viera, viéramos, viéreis,
Imperativo negativo: não creias (tu), não creia (você), não creiamos vieram.
(nós), não crede (vós), não creiam (vocês) Futuro do presente: virei, virás, virá, viremos, vireis, virão.
Futuro do pretérito: viria, virias, viria, viríamos, viríeis, viriam.
Assim se conjugam: ler e descrer. Presente do subjuntivo: venha, venhas, venha, venhamos, venhais,
venham.
Pretérito imperfeito do subjuntivo: viesse, viesses, viesse, viés-
Ler semos, viésseis, viessem.
Futuro do subjuntivo: vier, vieres, vier, viermos, vierdes, vierem.
Presente do indicativo: leio, lês, lê, lemos, ledes, leem. Infinitivo pessoal: vir, vires, vir, virmos, virdes, virem.
Pretérito imperfeito: lia, lias, lia, líamos, líeis, liam. Imperativo afirmativo: vem, venha, venhamos, vinde, venham.
Pretérito perfeito: li, leste, leu, lemos, lestes, leram. Gerúndio: vindo. Particípio: vindo.
Pretérito mais-que-perfeito: lera, leras, lera, lêramos, lêreis, leram. Assim se conjugam: intervir, advir, convir, provir, sobrevir.
Presente do subjuntivo: leia, leias, leia, leiamos, leiais, leiam.
Pretérito imperfeito do subjuntivo: lesse, lesses, lesse, lêssemos,
lêsseis, lessem. VERBOS DEFECTIVOS
Imperativo afirmativo: lê, leia, leiamos, lede, leiam.
Assim se conjugam: reler, tresler.
São aqueles que não possuem todas as formas, ou seja,
deixam de ser flexionados em algumas conjugações.
Ver

Presente do indicativo: vejo, vês, vê, vemos, vedes, veem. ABOLIR


Pretérito perfeito: vi, viste, viu, vimos, vistes, viram.
Pretérito mais-que-perfeito: vira, viras, vira, víramos, víreis, viram. O presente do indicativo começa na segunda pessoa do
Imperativo afirmativo: vê, veja, vejamos, vede, vejam. singular:
Presente do subjuntivo: veja, vejas, veja, vejamos, vejais, vejam. tu aboles, ele abole, nós abolimos, vós abolis, eles abolem
Pretérito imperfeito do subjuntivo: visse, visses, visse, víssemos,
vísseis, vissem.
Futuro do subjuntivo: vir, vires, vir, virmos, virdes, virem. ADEQUAR / FALIR / REAVER
Gerúndio: vendo. / Particípio: visto.
Assim se conjugam: antever, prever e rever.
No presente do indicativo, só é conjugado em duas for-
mas:
3ª CONJUGAÇÃO – IR Nós adequamos Vós adequais
Nós falimos Vós falis
Nós reavemos Vós reaveis
Cair
Presente do indicativo: caio, cais, cai, caímos, caís, caem.
Pretérito imperfeito: caía, caías, caía, caíamos, caíeis, caíam.
VERBOS ABUNDANTES
Pretérito perfeito: caí, caíste, caiu, caímos, caístes, caíram.
Pretérito mais-que-perfeito: caíra, caíras, caíra, caíramos, caíreis, São os verbos que possuem formas duplas, geralmente
caíram. de particípio.
Imperativo afirmativo: cai, caia, caiamos, caí, caiam.
Presente do subjuntivo: caia, caias, caia, caiamos, caiais, caiam.
Pretérito imperfeito do subjuntivo: caísse, caísses, caísse, caís- particípio particípio
semos, caísseis, caíssem. infinitivo regular irregular
Futuro do subjuntivo: cair, caíres, cair, cairmos, cairdes, caírem.
Assim são conjugados: atrair, recair, sair, trair, subtrair etc. emergir emergido emerso
encher enchido cheio
entregar entregado entregue
Ferir envolver envolvido envolto
enxugar enxugado enxuto
Presente do indicativo: firo, feres, fere, ferimos, feris, ferem. expelir expelido expulso
Presente do subjuntivo: fira, firas, fira, firamos, firais, firam. expressar expressado expresso
O verbo ferir tem o e do radical substituído por i na primeira pessoa exprimir exprimido expresso
do singular do presente do indicativo, nas pessoas do presente do expulsar expulsado expulso
subjuntivo e nas formas derivadas do imperativo. extinguir extinguido extinto
Assim se conjugam: competir, divertir, expelir, vestir, inserir e os fixar fixado fixo
derivados de ferir. frigir frigido frito
fritar fritado frito

– 43 –
Língua Portuguesa
ganhar ganhado ganho Correlações verbais corretas
gastar gastado gasto
imprimir imprimido impresso A seguir, veja alguns casos em que os tempos verbais
incluir incluído incluso
isentar isentado isento são concordantes:
inserir inserido inserto
limpar limpado limpo presente do indicativo + presente do subjuntivo:
matar matado morto
misturar misturado misto
morrer morrido morto
Exijo que você faça o dever.
nascer nascido nato
pagar pagado pago pretérito perfeito do indicativo + pretérito imperfeito do
pegar pegado pego subjuntivo:
prender prendido preso
salvar salvado salvo
secar secado seco
Exigi que ele fizesse o dever.
segurar segurado seguro
soltar soltado solto presente do indicativo + pretérito perfeito composto do
sujeitar sujeitado sujeito subjuntivo:
suprimir suprimido supresso
suspender suspendido suspenso Espero que ele tenha feito o dever.
vagar vagado vago

pretérito imperfeito do indicativo + mais-que-perfeito


VERBOS ANÔMALOS composto do subjuntivo:

São os verbos cujos radicais sofrem profundas irregulari- Queria que ele tivesse feito o dever.
dades e que não se enquadram em nenhuma classificação. É
o caso dos verbos ser e ir. futuro do subjuntivo + futuro do presente do indicativo:

Se você fizer o dever, eu ficarei feliz.


Ir
Presente do indicativo: vou, vais, vai, vamos, ides, vão.
Pretérito imperfeito: ia, ias, ia, íamos, íeis, iam. pretérito imperfeito do subjuntivo + futuro do pretérito do
Pretérito perfeito: fui, foste, foi, fomos, fostes, foram. indicativo:
Pretérito mais-que-perfeito: fora, foras, fora, fôramos, fôreis, foram.
Futuro do presente: irei, irás, irá, iremos, ireis, irão. Se você fizesse o dever, eu leria suas respostas.
Futuro do pretérito: iria, irias, iria, iríamos, iríeis, iriam.
Presente do subjuntivo: vá, vás, vá, vamos, vades, vão.
Pretérito imperfeito do subjuntivo: fosse, fosses, fosse, fôssemos,
pretérito mais-que-perfeito composto do subjuntivo +
fôsseis, fossem. futuro do pretérito composto do indicativo:
Futuro do subjuntivo: for, fores, for, formos, fordes, forem.
Imperativo afirmativo: vai, vá, vamos, ide, vão. Se você tivesse feito o dever, eu teria lido suas respostas.
Imperativo negativo: não vás, não vá, não vamos, não vades, não
vão.
Infinitivo pessoal: ir, ires, ir, irmos, irdes, irem. futuro do subjuntivo + futuro do presente do indicativo:
Gerúndio: indo. Particípio: ido.
Quando você fizer o dever, dormirei.

CORRELAÇÃO VERBAL futuro do subjuntivo + futuro do presente composto do


indicativo:
Damos o nome de correlação verbal à coerência que, em
uma frase ou sequência de frases, deve haver entre as for-
mas verbais utilizadas. Ou seja, é preciso que haja articula- EXERCÍCIOS
ção temporal entre os verbos, que eles se correspondam, de
maneira a expressar as ideias com lógica. Tempos e modos
verbais devem, portanto, combinar entre si. Vejamos este ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
exemplo: PARA CERTO E (E) PARA ERRADO:

Seu eu dormisse durante as aulas, jamais aprenderia a lição. 1) Quanto à forma verbal correta nas orações:

No caso, o verbo dormir está no pretérito imperfeito do A( ) Quando eu o vir, dir-lhe-ei algumas verdades.
subjuntivo. Sabemos que o subjuntivo expressa dúvida, incer- B( ) É preciso que se comentem as questões da prova.
teza, possibilidade, eventualidade. C( ) É importante que nós tomamos a decisão agora.
D( ) Digite a sua senha.
Assim, em que tempo o verbo aprender deve estar, de E( ) Vá para a tua classe.
maneira a garantir que o período tenha lógica? Na frase,
aprender é usado no futuro do pretérito (aprenderia), um
tempo que expressa, dentre outras ideias, uma afirmação 2) Quanto ao verbo que indica fenômeno da natureza:
condicionada (que depende de algo), quando esta se refere a
fatos que não se realizaram e que, provavelmente, não se A( ) O homem furioso trovejou vários insultos.
realizarão. B( ) Nevou no Sul do país.
C( ) Durante a noite, trovejou e choveu.
O período, portanto, está correto, já que a ideia transmiti- D( ) Todo o dia garoou intermitentemente.
da por dormisse é exatamente a de uma dúvida, a de uma E( ) Choveram vaias ao político corrupto.
possibilidade que não temos certeza se ocorrerá.

– 44 –
Língua Portuguesa
3) Quanto ao emprego dos verbos:
6. EMPREGO DO SINAL INDICATIVO DE CRASE
A ( ) Tu odeias teu irmão?
B ( ) Papai permite que vós passeeis pelo jardim.
C ( ) Crianças, dê adeus à professora! Crase é a fusão de duas vogais a + a (à), indicada pelo
D ( ) Será que eu caibo neste lugarzinho? acento grave. A crase pode ocorrer com a junção da preposi-
E ( ) Hoje se atribui má vontade a ele que, no passado, ção com:
tanto pode ajudar os outros.
• o artigo feminino a ou as:

4) Quanto às afirmações: Fomos a a escola.


↙ ↘
A ( ) O verbo prazer é defectivo. preposição artigo
B ( ) O verbo ver é irregular e se conjuga como prever,
rever e antever. Fomos à escola.
C ( ) Os verbos ser,estar, ter e haver são regulares.
D ( ) Os verbos ser, ir, pôr e vir são considerados anôma-
los. • o a dos pronomes demonstrativos aquele, aquela, aquilo:
E ( ) O verbo lembrar-se é pronominal.
Entreguei os documentos a aquele senhor.
↙ ↘
5) Quanto ao emprego dos verbos: preposição pronome demonstrativo

A ( ) Embora o jogo estivesse monótono, a torcida se exal-


tou muito. Entreguei os documentos àquele senhor.
B ( ) Antes de ter omitido o fato, ela já se contradissera.
C ( ) O torcedor gritou tanto que ficara rouco.
D ( ) É preciso que se evita gritar muito. • o a do pronome relativo a qual (as quais):
E ( ) É necessário que os professores averiguem se as
provas estão preparadas. A casa a a qual comprei há muitos anos foi demolida.
↙ ↘
preposição pronome relativo
6) Quanto às afirmações:
A casa à qual comprei há muitos anos foi demolida.
A ( ) O verbo cobrir apresenta duplo particípio.
B ( ) O verbo possuir serve de modelo para se conjugar os A regência de alguns verbos exige a preposição a.
verbos concluir e influir.
C ( ) O modo imperativo exprime um fato incerto. Veja alguns exemplos:
D( ) Na voz ativa, o sujeito recebe a ação expressa pelo
verbo. Fui à feira.
E ( ) O verbo eleger apresenta duplo particípio.
Peça à sua mãe que lhe conte uma história.

7) Quanto à oração estar na voz passiva: Referi-me à sua atual situação.

A ( ) Atualmente se têm conseguido bons resultados na


medicina. CASOS EM QUE NÃO OCORRE A CRASE:
B ( ) Júlio e Paula olharam-se por um instante.
C ( ) Melissa penteou-se rapidamente. • antes de substantivos masculinos:
D ( ) A partir de março, abrir-se-ão novas vagas no merca- Não assisto a jogo de futebol.
do.
E ( ) Ainda não se executaram novos projetos.
• antes de verbos:
Assim que cheguei em casa, começou a chover.

• antes de artigo indefinido:


RESPOSTAS À noite iremos a uma festa.

• antes de pronome indefinido:


Desejo a todos boa viagem.

• antes de pronomes pessoais do caso reto, do caso oblíquo


e de alguns pronomes de tratamento que não admitem artigo:

Dei um presente a ela.


Todos se dirigiram a mim.
Contei meus planos a Vossa Majestade.

– 45 –
Língua Portuguesa
• quando o a aparece antes de uma palavra no plural, dando • antes da palavra terra:
um sentido genérico:
A palavra terra, no sentido de chão firme, não admite o
Ele se referiu a mulheres estranhas. uso da crase. Se a palavra terra vier determinada, leva o
acento de crase.

• nas expressões formadas por palavras repetidas: Depois de meses no navio, os marinheiros voltaram a
terra.
cara a cara frente a frente Regressarei à terra dos meus avós.

Se estivermos em dúvida quanto ao emprego da crase,


CASOS EM QUE O USO DA CRASE É OBRIGATÓRIO basta recorrermos a três regras básicas:

• nas locuções adverbiais, prepositivas e conjuntivas femini-


nas: 1ª REGRA:

à parte em frente à Troca-se a palavra feminina por uma masculina corres-


às vezes à espera de pondente.
à proporção que à medida que Vou à feira. Ela visitou a irmã.
Vou ao cinema. Ela visitou o irmão.

Exceção:
2ª REGRA:
Locuções adverbiais femininas que indiquem instrumento
não levam o acento de crase. Troca-se o a craseado por para a:

a máquina a bala Irei à Argentina. Irei a Portugal.


Irei para a Argentina. Irei para Portugal.
A carta foi escrita a máquina.
Ele foi ferido a bala.
3ª REGRA:

• nas expressões à moda de e à maneira de, mesmo quando Troca-se cheguei de por a e cheguei da por à:
subentendidas:
Cheguei de Belo Horizonte.
Usava sapatos à Luís XV. (à moda de) Irei a Belo Horizonte.
Cheguei da Bahia.
Irei à Bahia.
• na indicação de horas:

O avião chegará às quinze horas. EMPREGO DE HÁ E A

Essas duas formas, em relação ao tempo, têm o seguin-


CASOS FACULTATIVOS te uso:

São casos em que pode ou não ocorrer a crase: HÁ:

• antes de nomes femininos: É usado no sentido de tempo decorrido, (verbo haver).


Não conte isso a ( à ) Carla.
Não o vejo há três semanas.

• antes de pronomes possessivos femininos: A:


Obedeço a ( à ) minha mãe.
É usado no sentido de tempo futuro, (preposição).

• depois da preposição até: Daqui a cinco dias, retornaremos ao trabalho.


Fui até a ( à ) escola.

EXERCÍCIOS
CASOS ESPECIAIS
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
• antes da palavra casa: PARA CERTO E (E) PARA ERRADO:

A palavra casa, no sentido de lar, residência, não admite 1) Quanto ao emprego correto do uso do acento indicati-
o uso da crase. Se a palavra casa vier determinada, leva o vo
acento de crase. de crase:

Voltei a casa depois do trabalho. A ( ) Há poucos meses, papai referia-se à mamãe com
Vou à casa de meus pais nas próximas férias. muito carinho.

– 46 –
Língua Portuguesa
B ( ) Ele saiu às pressas.
C ( ) Fui à São Paulo, negociar as poucas coisas que ainda
possuo. 7. SINTAXE DA ORAÇÃO E DO PERÍODO
D ( ) Gosto de comida a italiana.
E ( ) Partirei às duas horas.
FRASE

2) Quanto à locução que deve receber o acento indicativo É todo enunciado que possui sentido completo, capaz de
de crase: estabelecer uma comunicação. Pode ser curta ou longa, pode
conter verbo ou não, uma única palavra pode ser uma frase.
A( ) à esmo
B( ) à espera de Veja os exemplos:
C( ) à bala
D( ) à medida que Bom dia! Fogo!
E( ) à máquina O menino ganhou uma bicicleta.

ORAÇÃO
3) Quanto ao emprego correto do acento indicativo de
crase: É o enunciado que se forma em torno de um verbo, apre-
sentando sujeito e predicado, ou pelo menos, predicado.
A( ) Ele obedece à professora. A enchente destruiu algumas casas.
B( ) Ele saiu à pé. ↓ ↓
C( ) Vou à Paris no próximo ano. sujeito predicado
D( ) Vou visitar à terra dos meus tios.
E( ) Peça à ela que venha me encontrar. Choveu muito em São Paulo.

predicado
4) Quanto ao acento facultativo no uso do acento indica-
tivo de crase: PERÍODO

A( ) Vou até à farmácia. É a frase estruturada com um ou mais verbos. De acordo


B( ) Ela deu um presente à sua melhor amiga. com o número de orações, o período classifica-se em:
C( ) Usava bigodes à Rivelino.
D( ) Gostava de assistir à óperas. Simples: quando possui uma só oração, ou seja, apenas um
E( ) Vire à direita para chegar ao teatro. verbo ou locução verbal.

A gritaria das crianças acordou o bebê.


5) Quanto às afirmações: ↓
verbo
A ( ) O uso do acento de crase é proibido nas expressões
“à moda de”. Marcelo tinha trabalhado o dia todo.
B ( ) Ocorre o uso do acento indicativo de crase antes de ↓
locução verbal
pronome indefinido.
C ( ) O uso do acento indicativo de crase é proibido nas
Composto: quando possui mais de uma oração, ou seja,
locuções que indiquem instrumento.
mais de um verbo ou locução verbal.
D ( ) O uso do acento indicativo de crase é proibido nas
expressões formadas por palavras repetidas.
Ninguém viu o acidente que ocorreu na esquina.
E ( ) Ocorre o uso do acento indicativo de crase antes de
↓ ↓
palavras masculinas.
verbo verbo

Não me lembrava que tivesse dado o meu nome.


↓ ↓
verbo locução verbal

RESPOSTAS A ESTRUTURA SINTÁTICA DO PERÍODO SIMPLES

Analisar sintaticamente os períodos simples, constituídos


de apenas uma oração, significa, antes de tudo,
identificar os termos responsáveis pela estruturação interna
das orações. Os termos das orações costumam ser classifi-
cados em essenciais, integrantes e acessórios.

TERMOS DA ORAÇÃO

Termo da oração é a palavra ou grupo de palavras que


exerce uma função na oração.

– 47 –
Língua Portuguesa
Um bando de pássaros sobrevoara uma árvore. a) verbo haver quando significa existir.
↓ ↓ ↓ Há muitos fiéis na igreja.
termo termo termo
grupo de palavras palavra grupo de palavras b) verbos haver e fazer quando indicam tempo transcorrido.
Não o vejo há dez anos.
A oração pode ser composta de: Faz anos que ele viajou à Bahia.
• termos essenciais c) verbo ser na indicação de horas.
• termos integrantes É uma hora.
• termos acessórios São três horas.

d) verbos ser e estar na indicação de tempo ou clima.


TERMOS ESSENCIAIS DA ORAÇÃO É muito cedo!
Está muito frio lá fora!
Os termos essenciais da oração são:
e) verbos que indicam fenômenos da natureza.
sujeito e predicado. Ontem choveu demais!
Nevou nos Estados Unidos.
Bárbara é muito inteligente.
↓ ↓ PREDICADO
sujeito predicado
Predicado é tudo o que se afirma do sujeito.
SUJEITO
O mar estava agitado.
Sujeito é o termo da oração a respeito do qual se declara
↓ ↓
alguma coisa. Essa declaração pode ser: sujeito predicado

• de ação: Joãozinho chutou a bola. O predicado pode ser:


• de estado: A igreja está enfeitada.
• de qualidade: A casa é bonita. • Predicado verbal: é aquele formado de verbo ou locução
verbal.
NÚCLEO DO SUJEITO André comprou um carro novo.
↓ ↓
Núcleo é a palavra principal dentro do sujeito. sujeito predicado

O presidente dos Estados Unidos chegará ao Brasil. No predicado verbal aparecem os verbos:
↓ ↓
núcleo sujeito a) Verbo intransitivo: é aquele que não necessita de com-
plemento.
CLASSIFICAÇÃO DO SUJEITO O navio afundou.
O sujeito pode ser: b) Verbo transitivo: é aquele que necessita de complemen-
tos. Pode ser:
• Simples: é aquele que possui um só núcleo.
O menino chorou muito. • Direto: não há preposição.
Trouxe alguns livros antigos.
• Composto: é aquele que possui mais de um núcleo.
O pai e a mãe foram viajar. • Indireto: há preposição.
Eu gosto de você.
• Oculto: é aquele que não aparece escrito, mas podemos
identificá-lo através das terminações verbais. • Direto e Indireto: é aquele que necessita de complementos
sem preposição e com preposição ao mesmo tempo.
Trabalharei muito. (eu) Entreguei a encomenda ao chefe.
Trabalharemos muito. (nós)
• Indeterminado: é aquele em que o verbo aparece na • Predicado nominal: é aquele cujo núcleo é um nome (adje-
3ª pessoa do plural ou na 3ª pessoa do singular acompanha- tivo, substantivo ou pronome) que indique a qualidade ou
do do índice de indeterminação do sujeito se. estado do sujeito, ligado por um verbo de ligação. O núcleo
do predicado nominal chama-se predicativo do sujeito.
Contaram o seu segredo.
↓ Os principais verbos de ligação são: ser, estar, parecer,
3ª pessoa do plural
permanecer, ficar, continuar, andar.
Fala-se muito em política.

Samantha parece feliz.
3ª pessoa do singular

• Oração sem sujeito: é aquele que expressa um fato que • Predicado verbo-nominal: é aquele constituído de dois
não pode ser atribuído a nenhum ser. núcleos (verbo e nome).

Ocorre com os seguintes verbos: Melissa voltou satisfeita. ou seja,


Melissa voltou e estava satisfeita.

– 48 –
Língua Portuguesa
EXERCÍCIOS TERMOS INTEGRANTES DA ORAÇÃO

ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) Os termos integrantes da oração são aqueles que com-
PARA CERTO E (E) PARA ERRADO: pletam o sentido de outros termos da oração. São eles:

1) Quanto à oração sem sujeito: • complemento verbal


• complemento nominal
A( ) Na minha cidade, faz muito calor. • agente da passiva
B( ) Meu irmão chega hoje.
C( ) Ninguém entendeu o que havia acontecido. COMPLEMENTOS VERBAIS
D( ) Nevou no Sul durante o inverno.
E( ) Falaram sobre impostos. São os termos que completam o sentido de verbos
transitivos diretos e transitivos indiretos. São eles:
2) Quanto ao sujeito indeterminado:
Objeto direto (OD): é aquele que integra o sentido do verbo
A( ) Dançou a noite inteira. transitivo direto sem o auxílio de uma preposição.
B( ) Batem à porta.
C( ) Esconderam meus livros. Célia ganhou lindas joias.
D( ) Voltamos cedo. ↓ ↓
E( ) No clube, só se fala do campeonato de vôlei. V.T.D. O.D.
José comprou um apartamento no Morumbi.
3) Quanto à classificação: ↓ ↓
V.T.D. O.D.
A ( ) O menino estava com febre. (sujeito composto)
B ( ) Nos salões, choviam confetes. (sujeito simples) Objeto indireto (OI): é aquele que integra o sentido do
C ( ) Atualmente dizem muitas tolices sobre política. (sujeito verbo transitivo indireto com o auxílio de uma preposição.
indeterminado)
D ( ) Não o vejo há anos. (sujeito oculto) Precisamos de mais dinheiro.
E ( ) Retornarei em breve. (sujeito oculto) ↓ ↓
V.T.I. O.I.
4) Quanto ao sujeito destacado nas orações: Ela visa a um emprego melhor.
↓ ↓
V.T.I. O.I.
A( ) Depois do desespero, veio a esperança.
Núcleo do objeto
B( ) Faz noites frias em julho.
C( ) As notícias chegaram de longe.
O núcleo do objeto pode ser formado por:
D( ) No céu escuro, uma lua brilhava.
E( ) Eu e Cíntia viajaremos nas férias.
• substantivo:
Contamos uma nova história.
5) Quanto à oração sem sujeito:

O.D.
A( ) Não havia funcionários na fábrica.
B( ) Choveram tomates no comício.
• pronome substantivo:
C( ) Está tão quente hoje!
Vou pedir algo para o jantar.
D( ) A garotinha amanheceu abatida:

E( ) A noite cai rapidamente no inverno. O.D.

6) Quanto à classificação do termo destacado: • numeral:


Encontramos as cinco no parque.
A ( ) O rapaz continua calado. (verbo transitivo) ↓
B ( ) Eu e você seremos sempre amigos. (núcleo do sujeito) O.I.
C ( ) A moça andava tristonha. (predicado nominal)
D ( ) A mãe deixou a casa preocupada. (predicado verbo- • palavra substantivada:
nominal) Gostavam do azul do céu.
E ( ) Eu o recebo com carinho. (verbo intransitivo) ↓
O.I.

RESPOSTAS • oração:
Sonhei que você havia partido.

O.D.

Objeto direto preposicionado

Há alguns casos em que o objeto direto aparece precedi-


do de uma preposição apenas por razões estilísticas.

“Amar ao próximo como a si mesmo.”


↓ ↓
VTD OD preposicionado

– 49 –
Língua Portuguesa
COMPLEMENTO NOMINAL TERMOS ACESSÓRIOS DA ORAÇÃO

É o termo que completa o sentido de um nome (substanti- Os termos acessórios da oração são aqueles que acres-
vo, adjetivo ou advérbio) através de uma preposição. centam novas informações a outros termos da oração, espe-
cificando um nome ou indicando uma circunstância ao verbo.
Por obediência às leis, deteve-se.
↓ ↓ São eles: adjunto adnominal, adjunto adverbial, aposto.
substantivo complemento nominal (CN)
ADJUNTO ADNOMINAL
Você é responsável pelos seus atos.
↓ ↓ É o termo que vem junto (adjunto) do nome (adnominal).
adjetivo CN Para achar o adjunto adnominal determina-se primeiramente
o núcleo (a palavra principal) de um conjunto de palavras.
Responderam favoravelmente ao meu apelo.
↓ ↓ A palavra ou palavras que acompanharem o núcleo serão
advérbio CN o adjunto ou adjuntos adnominais.
Obs.: Se o termo regido por uma preposição completa um Exemplo:
verbo, é objeto indireto.
Se o termo regido por uma preposição completa um O meu amigo mandou-me um cartão interessante.
nome, é complemento nominal.
O meu amigo
AGENTE DA PASSIVA
– palavra principal ou núcleo = amigo;
É o elemento que pratica a ação verbal quando a oração – palavras que acompanham o núcleo = o,
está na voz passiva. Em geral, o agente da voz passiva apre-
senta as preposições: por, pelo, de. meu (adjuntos adnominais).
Os ladrões foram levados pelos policiais. um cartão interessante
↓ ↓ ↓
sujeito paciente locução verbal agente da passiva
– palavra principal ou núcleo = cartão;
na voz passiva
– palavras que acompanham o núcleo = um,

EXERCÍCIOS interessante (adjuntos adnominais).

Os adjuntos adnominais podem ser expressos:


ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
1) pelos adjetivos: água fresca; terra fértil.
1) Quanto ao objeto destacado:
2) pelos artigos: o mundo, as ruas.
A( ) Alguém me observava. (objeto indireto)
3) pelos pronomes adjetivos: nosso tio, este lugar, muitas
B( ) Ninguém me deu notícias suas. (objeto direto)
coisas.
C( ) Ela se viu perdida no meio da multidão. (objeto direto)
D( ) Os fãs ofereceram-lhes flores. (objeto indireto)
E( ) Todos nos observavam admirados. (objeto direto) 4) pelos numerais: dois homens, quinto ano.

2) Quanto ao objeto indireto: 5) pelas locuções ou expressões adjetivas introduzidas pela


preposição de, e que exprimem qualidade, posse, origem, fim
A ( ) Israel liberta 20 presos políticos. (O Dia) ou outra especificação: presente de rei (régio); qualidade:
B ( ) O atropelador fugiu do local sem prestar socorro à livro do mestre (indica a posse do livro).
vítima. (Veja)
ADJUNTO ADVERBIAL
C ( ) Professores reagem a demissões. (Jornal da Tarde)
D ( ) Deus confiou-me esse talento. (Folha de S. Paulo)
E ( ) Concessionárias intensificam a venda de carros usa- É o advérbio ou expressão que funciona como um advér-
dos. (Folha de S. Paulo) bio.

Classifica-se em:
RESPOSTAS
– de afirmação: Realmente, está frio.
– de negação: Não sairei.
– de dúvida: Talvez viaje à noite.
– de tempo: Saiu cedo. Saiu às 3 horas.
– de lugar: Mora longe. Fique aqui.
– de modo: Escreve devagar. Lê bem.
– de intensidade: Corre bastante. Estuda muito.
– de companhia: Passeia com os pais. Trabalha com o
amigo.

Exemplos:

– 50 –
Língua Portuguesa
Não serei substituído por um trapaceiro. 4) Quanto à oração em que a palavra destacada é um
vocativo:
O avião decolou bem rapidamente.
A ( ) Bom dia, senhora, que nessa janela está.
Paulo é muito vagaroso. B ( ) Papai, nós te amamos!
C ( ) Ei, garota, empreste-me um pouco a sua caneta?
APOSTO D ( ) Fernanda Montenegro, grande atriz brasileira, visitou
nossa cidade.
É uma palavra ou expressão que explica ou esclarece, E ( ) Como está indo sua loja, seu Marcos?
desenvolve ou resume outro termo da oração.
5) Quanto à oração em que a palavra destacada é um
Exemplos: aposto explicativo:

O Amazonas, rio caudaloso, atravessa grande região. A ( ) As Batistas - Dircinha e Linda - foram um furor musi-
(explica o que é o Amazonas) cal
nos anos 40.
Conquistaram a lua, satélite da terra. B ( ) Cruz e Souza, gênero do Simbolismo, escreveu Bro-
(explica o que é a lua) quéis.
C ( ) Meu amigo Lucas é um cara legal.
O autor do romance, Machado de Assis, ficou famoso. D ( ) Londrina, cidade paranaense, é muito bonita.
(explica quem foi o autor do romance) E ( ) A Lingüística, ciência das línguas humanas, permite-
nos interpretar melhor nossa relação com o mundo.
VOCATIVO
6) Quanto ao advérbio de modo:
É um chamamento; pode referir-se a pessoas, animais,
entidades sobrenaturais. A ( ) Havia reuniões todos os dias.
B ( ) Volta pacientemente ao ponto de partida para reco-
Vocativo é um termo à parte. Não pertence à estrutura da meçar.
oração, por isso, não se anexa nem ao sujeito nem ao predi- C ( ) Fique à vontade.
cado. D ( ) Talvez nos deixem entrar.
E ( ) É verdadeiramente catastrófico quando um autor se
Exs.: Não faça isso, menina. transforma em seu discípulo. (Mário Quintana)
João, dê-me seu livro.
Saia daí, Lulu. 7) Quanto à classificação do termo destacado:
Deus, vinde em meu auxílio.
A ( ) Luís, o diretor, não nos deixou entrar. (aposto)
B ( ) Nunca a vi tão magra. (adjunto adnominal)
EXERCÍCIOS C ( ) Ela é muito rude. (adjunto adverbial de modo)
D ( ) Não coma isso, meu filho, faz mal a sua gastrite.
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) (vocativo)
PARA CERTO E (E) PARA ERRADO: E ( ) Comprarei o lanche na cantina da escola. (adjunto
adverbial de lugar)
1) Quanto à classificação dos termos que constituem a
oração: “A luz do sol entrava pelas grandes janelas do 8) Quanto ao aposto enumerativo:
casarão.”
A ( ) Debaixo de um juazeiro grande, todo um bando de
A( ) A luz = sujeito retirantes se arranchara: uma velha, dois homens, uma mu-
B( ) do sol = adjunto adnominal lher nova, algumas crianças. (R. Queiroz)
C( ) luz = núcleo do sujeito B ( ) Dinheiro, amor, férias, nada a seduzia.
D( ) entrava pelas grandes janelas do casarão = predicado C( ) A vida humana se compõe de muitas coisas: amor,
E( ) grandes = adjunto adverbial arte, ação.
D ( ) Fantasias, suor e sonho, tudo isso forma o carnaval.
2) Quanto à classificação dos termos destacados: E ( ) Branca Dias passou a arrolar muitas coisas: seu pai,
sua mãe, sua luta, seus anseios e lágrimas, suas alegrias e
A ( ) Crianças, está na hora de dormir. (vocativo) ingênuas esperanças...(Dias Gomes)
B ( ) As terras dos indígenas, foram demarcadas. (adjunto
adnominal)
C ( ) Eu sou um lírio na correnteza. (adjunto adverbial)
D( ) Jorge, o cozinheiro, lembrou que peixe cru é muito RESPOSTAS
nutritivo (aposto)
E ( ) Entrar ilegalmente nos Estados Unidos pelo México é
uma empreitada de alto risco. (adjunto adnominal)

3) Quanto à oração em que o lhe é ajunto adnominal:


A ( ) O peixe caiu-lhe na rede.
B ( ) Alguém lhe propôs uma novidade.
C ( ) As lágrimas caíam-lhe dos olhos.
D ( ) Minha ex-mulher, nunca lhe perdoei.
E ( ) Disse-lhe que não era verdade.

– 51 –
Língua Portuguesa
A ESTRUTURA SINTÁTICA DO PERÍODO COMPOSTO Principais conjunções: logo, portanto, então, pois
(posposto ao verbo).
No período composto sintaticamente estruturado, as ora-
ções se relacionam por meio de dois processos básicos: a • explicativas: exprimem a ideia de justificativa, de explica-
coordenação e a subordinação. ção em relação à oração anterior.

A ordem normal das orações que formam o período com- Deve ter chovido pois o chão está molhado.
posto é que a oração subordinada venha após a principal, já Dei-lhe um presente porque era seu aniversário.
que aquela funciona como um termo desta.
Principais conjunções: que, porque, pois (anteposto ao
Nas frases em que não há dependência sintática entre as verbo).
orações, ou seja, nos períodos formados por orações coor-
denadas, o que vai determinar a ordem da frase são as rela- Observações:
ções lógicas e/ou cronológicas que há entre os elementos
dessas frases. • A conjunção e pode ter valor adversativo:
Ele a ama e não demonstra.
ORAÇÕES COORDENADAS Ele a ama mas não demonstra.

O período composto por coordenação é formado por • a conjunção mas pode ter valor aditivo:
orações coordenadas, isto é, orações independentes. Há dois Ela é muito bonita mas inteligente.
tipos: Ela é muito bonita e inteligente.

ORAÇÃO COORDENADA ASSINDÉTICA ORAÇÕES INTERCALADAS OU INTERFERENTES

É aquela que não vem introduzida por conjunções, mas São aquelas que vêm entre os termos de uma outra
geralmente, por vírgula. oração para fazer um esclarecimento a uma citação.

Chegou, tomou café, foi dormir. O fugitivo, comentaram os policiais, já foi resgatado.
Vim, vi, venci.
Observação:
ORAÇÃO COORDENADA SINDÉTICA As orações intercaladas vêm sempre entre vírgulas ou
travessões e aparecem frequentemente com os verbos:
É aquela que vem introduzida por conjunções. continuar, dizer, exclamar, comentar, etc.

Fui ao banco e conversei com o gerente. EXERCÍCIOS


Paulo estuda muito mas não aprende.
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
As orações coordenadas sindéticas classificam-se de PARA CERTO E (E) PARA ERRADO:
acordo com as ideias que expressam:
1) Quanto à coordenada sindética conclusiva:
• aditivas: exprimem ideia de soma, adição.
A ( ) Quase sorria, logo estava apreciando a cena.
O médico não veio nem telefonou. B ( ) São situações delicadas; merecem, pois, toda a nossa
O empregado chegou e começou a trabalhar. atenção.
C ( ) Com chuva, é perigoso trafegar nessa estrada, pois os
Principais conjunções: e, nem, mas também. buracos ficam encobertos pela água.
D ( ) Calem-se que eu estou dando as explicações neces-
• adversativas: exprimem uma oposição em relação à ideia sárias.
anterior. E ( ) Ele ainda é criança, logo depende dos pais.

Tomou o remédio mas não sarou. 2) Quanto à classificação do termo em destaque:


Vou ao banco porém voltarei logo.
A ( ) Ele está confuso, precisa, pois, de nosso apoio.
Principais conjunções: mas, porém, todavia, contudo, (conclusiva)
entretanto, no entanto. B ( ) Ele era feliz, porém vivia só. (explicativa)
C ( ) Nosso amigo não apareceu, nem mandou notícias.
• alternativas: exprimem a ideia de alternância, de escolha (aditiva)
ou de exclusão. D ( ) Ou vai, ou racha. (conclusiva)
E ( ) Eu trouxe o livro, mas ele não leu.(adversativa)
Ou o Brasil vence ou será desclassificado.
Ora trabalha ora estuda. RESPOSTAS

Principais conjunções: ou, ou ... ou, ora ... ora, quer ...
quer, já ... já, seja ... seja.

• conclusivas: exprimem uma conclusão.

Estou ouvindo barulho, portanto há alguém na casa.


Deve ter chovido, logo não saíram de casa.

– 52 –
Língua Portuguesa
ORAÇÕES SUBORDINADAS Tenho a certeza / de que ele virá.
(oração principal) (oração subordinada substantiva
O período composto por subordinação é aquele formado completiva nominal)
por uma oração principal e uma ou mais orações subordina-
das. Sou favorável / a que o prendam.
(oração principal) (oração subordinada substantiva
completiva nominal)
Classificam-se em substantivas, adjetivas e adverbiais,
de acordo com a função sintática que exercem em relação à
f) Apositivas
oração principal.
Servem de aposto:
Maria sabe / que desejo sua felicidade.
oração principal oração subordinada
Explicou sua teoria: / que o sol explodirá.
(oração principal) (oração subordinada substantiva
Quando cheguei, / o telefone tocou.
apositiva)
oração subordinada oração principal

Só desejo uma coisa: / que vivam felizes.


ORAÇÕES SUBORDINADAS SUBSTANTIVAS (oração principal) (oração subordinada substantiva
apositiva)
Começam por uma conjunção integrante. Têm o valor e
EXERCÍCIOS
função de um substantivo, por isso, podem ser classificadas
como:
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
a) Subjetivas
1) Quanto à oração subordinada substantiva subjetiva:
Funcionam como sujeito do verbo da oração principal:
A ( ) É sabido que esta é a melhor solução.
Convém / que estudes.
(oração principal) (oração subordinada substantiva subjetiva) B ( ) Parece que ela mentiu.
C ( ) Comentou-se que ele foi demitido.
Seria melhor / que te apressasses. D ( ) Tenho interesse em que vocês voltem.
(oração principal) (oração subordinada substantiva subjetiva) E ( ) O certo é que todos pediram aumento.

b) Objetivas Diretas 2) Quanto à oração subordinada substantiva objetiva


direta:
Funcionam como objeto direto do verbo da oração princi-
pal: A ( ) Convenci-me de que preciso estudar mais.
B ( ) Os pais desejam que os filhos sejam felizes.
Ele julga / que o rapaz é inocente. C ( ) Veja se tudo está em ordem.
(oração principal) (oração subordinada substantiva D ( ) Dizem que o vestibular vai ser eliminado.
objetiva direta) E ( ) Tenho certeza de que vou mudar de escola.

Quero / que representes a classe. 3) Quanto à oração subordinada substantiva objetiva


(oração principal) (oração subordinada substantiva indireta:
objetiva direta)
A ( ) Ele se opõe a que você o visite.
c) Objetivas Indiretas B ( ) Tenho certeza de que voltarás rapidamente.
C ( ) O sucesso depende de que te dediques muito aos
Funcionam como objeto indireto do verbo da oração prin- estudos.
cipal: D ( ) Não tenho muito interesse em que ele venha.
E ( ) Eu não me esqueci de que você fez isto por mim.
Eu não me oponho / a que ele viaje.
(oração principal) (oração subordinada substantiva
4) Quanto à oração subordinada substantiva predicativa:
objetiva indireta)
A ( ) Nada impede que mudemos a reunião para amanhã.
Lembre-se / de que haverá a reunião.
(oração principal) (oração subordinada substantiva B ( ) O problema foi que acabou a gasolina.
objetiva indireta) C ( ) Tivemos certeza de que dias melhores viriam.
D ( ) É bom que seja assim.
d) Predicativas E ( ) O sonho do menino era que o time fosse campeão.

Exercem a função de predicativo do sujeito: RESPOSTAS

Seu receio era / que chovesse.


(oração principal) (oração subordinada substantiva predicativa)

e) Completivas Nominais

Têm a função de complemento nominal de um substantivo


ou adjetivo da oração principal.

– 53 –
Língua Portuguesa
ORAÇÕES SUBORDINADAS ADJETIVAS ORAÇÕES SUBORDINADAS ADVERBIAIS

A oração subordinada adjetiva é aquela que tem valor As orações subordinadas adverbiais são aquelas que
adjetivo de um termo que aparece na oração principal. São desempenham a função de advérbio do verbo expresso na
introduzidas pelos pronomes relativos que e suas flexões (o oração principal.
qual, a qual, os quais, as quais), quem, onde e cujo.

A cena / que vi / foi muito desagradável. Voltei cedo / porque choveu.


oração o..s. adjetiva principal oração principal oração subordinada adverbial

O espetáculo / ao qual me referi / foi ótimo. Quando cheguei, / as crianças brincavam.


oração o. s. adjetiva principal oração subordinada adverbial oração principal

Classificação das orações subordinadas adjetivas: Embora seja tarde, / irá visitar o amigo.
oração subordinada adverbial oração principal
• restritivas: são aquelas que limitam o significado de um
termo da oração principal; são indispensáveis ao sentido do
período e normalmente não aparecem entre vírgulas. Classificação das orações subordinadas adverbiais:

Os homens / que são honestos / merecem nosso respeito.


oração o. s. adjetiva restritiva principal • causais: exprimem causa, motivo:

Há histórias / que nos emocionam. Chegou cansado / visto que seu trabalho fora difícil.
oração principal o. s. adjetiva restritiva oração principal oração subordinada adverbial causal

• explicativas: são aquelas que acrescentam uma informa- Alberto foi aprovado / porque estudou.
ção acessória a um termo da oração principal; são dispensá- oração principal oração subordinada adverbial causal
veis ao sentido do período e sempre vêm separadas por
vírgula. Principais conectivos: porque, já que, visto que, pois
que e como (em orações que antecedem a oração principal).
Os homens, /que são seres racionais, /merecem nosso respeito.
oração o. s. adjetiva explicativa principal
• consecutivas: exprimem consequência:
O mar / que nos fornece alimentos / está poluído.
oração o. s. adjetiva explicativa principal Lia era tão bonita / que ganhou o concurso.
oração principal oração subordinada adverbial consecutiva
EXERCÍCIOS
O nenê chorou tanto / que a mãe desistiu de lhe dar o remédio.
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) oração principal oração subordinada adverbial consecutiva
PARA CERTO E (E) PARA ERRADO:
Principais conectivos: que precedido de tão, tal, tanto,
1) Quanto à oração subordinada adjetiva explicativa: tamanho.

A ( ) O aluno lia sobre Jânio Quadros, que foi o Presidente


do Brasil. • condicionais: exprimem condição:
B ( ) A pessoa que se esforça vence na vida.
C ( ) Teus filhos, que são bonitos, serão fotografados. Se chover / não iremos ao clube.
D ( ) O rapaz cuja mãe chegou é meu primo. oração subordinada oração principal
E ( ) O mundo dos perfumes de luxo no Brasil, que são to- adverbial condicional
dos importados, é muito peculiar.
Caso ele venha cedo, / sairemos para jantar.
oração subordinada oração principal
2) Quanto à oração subordinada adjetiva restritiva:
adverbial condicional

A ( ) Meu pai, que havia arrancado três dentes, não pôde Principais conectivos: se, contanto que, sem que (= se
viajar naquele dia. não), caso, desde que.
B ( ) Não acredite em todas as coisas que lhe dizem.
C ( ) Longe é um lugar que não existe.
D ( ) Os mares, que nos fornecem alimentos, estão sendo • concessivas: exprimem concessão, contrariedade:
poluídos.
E ( ) Os homens nunca prestam atenção aos animais que os Preciso de um livro de português, / qualquer que seja ele.
rodeiam. oração principal oração subordinada
adverbial concessiva
RESPOSTAS
Embora tenha estudado, / não conseguiu fazer boa prova.
oração subordinada oração principal
adverbial concessiva

Principais conectivos: embora, ainda que, se bem que,


conquanto, mesmo que.

– 54 –
Língua Portuguesa
• conformativas: exprimem uma relação de conformidade: EXERCÍCIOS

Conforme combinamos, / aqui está seu salário. ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
oração subordinada oração principal PARA CERTO E (E) PARA ERRADO:
adverbial conformativa
1) Quanto à oração subordinada adverbial concessiva:
O livro foi publicado / conforme pedimos.
oração principal oração subordinada A ( ) Ela nunca conseguirá o dinheiro por mais que traba-
adverbial conformativa
lhe.
Principais conectivos: conforme, como, segundo, con-
B ( ) Visto que reconheceram tua capacidade, serás
soante.
promovido.
C ( ) Embora todos se oponham, eu casarei com Ernesti-
na.
• comparativas: exprimem comparação:
D ( ) Ainda que não mentisse, ninguém acreditava nele.
E ( ) A vida só é digna, se a enobrece um ideal.
Nós corríamos / como os atletas correm.
oração principal oração subordinada
adverbial comparativa 2) Quanto à classificação da subordinada adverbial:

Meu filho é tão inteligente / como qualquer outra criança. A( ) Já que você vai, eu também vou. (consecutiva)
oração principal oração subordinada B( ) Embora fizesse frio, levei bermuda. (concessiva)
adverbial comparativa C( ) Ele come como um porco. (final)
Principais conectivos: como, que, do que, que nem, D( ) Não saia sem que eu seja avisado. (condicional)
feito. E( ) Mal os avistou, pôs-se a correr. (causal)
Observação: É comum o verbo da oração subordinada com-
parativa estar subentendido. Nós corríamos como os atletas. 3) Quanto à subordinada adverbial consecutiva:

A ( ) Bebeu que ficou doente.


• finais: exprimem finalidade: B ( ) Foi tão enfadonha a palestra que muitos cochilavam.
C ( ) Caso você não venha, telefone-me.
Chamei-o / para que resolvesse o problema. D ( ) Quando saíres, irei contigo.
Oração oração subordinada adverbial final E ( ) Neste inverno fez tanto frio que toda a vegetação
principal secou.

Fale devagar / a fim de que possamos entendê-lo melhor. 4) Quanto à classificação da subordinada adverbial:
oração oração subordinada adverbial final
principal A ( ) À medida que o tempo passa, as nossas ilusões
desaparecem. (comparativa)
Principais conectivos: para que, a fim de que. B ( ) Faço votos para que sejam felizes. (final)
C ( ) Tudo ocorreu segundo a meteorologia previra. (con-
• proporcionais: exprimem proporção. formativa)
D ( ) Envelhecemos como as árvores fortes envelhecem.
Quanto mais penso nela, / mais a amo. (comparativa)
oração subordinada oração principal
E ( ) Logo que o vi, lembrei-me de meu pai. (causal)
adverbial proporcional

À proporção que falava, / mais nervosa ficava. 5) Quanto à oração subordinada adverbial causal:
oração subordinada adverbial oração principal
proporcional A ( ) Fazia tudo que lhe viesse a cabeça, já que ia morrer.
B ( ) A velha prática da corrupção não pode estar voltando,
uma vez que nunca chegou a ir embora.
Principais conectivos: à proporção que, à medida que, C ( ) Leila bateu o carro porque se distraiu na direção.
quanto mais . . . tanto mais, quanto menos . . . tanto me- D ( ) Ele precisava sair, porque tinha um compromisso.
nos. E ( ) Faça um seguro de vida, para que fique tranqüilo.

• temporais: exprimem ideia de tempo:

Desde que chegou, / só arrumou confusão. RESPOSTAS


oração subordinada oração principal
adverbial temporal

Escreva-me / quando puder.


oração principal oração subordinada adverbial temporal

Principais conectivos: quando, enquanto, logo que, depois


que, antes que, desde que.

– 55 –
Língua Portuguesa
Fez o que pôde, pois sentia-se culpado pelo acidente.
8. PONTUAÇÃO
• isolar as orações subordinadas adjetivas explicativas:
O homem, que é um ser inteligente, também é passível de
erro.
EMPREGO DOS SINAIS DE PONTUAÇÃO
• separar as orações subordinadas adverbiais, principalmente
1) VÍRGULA ( , ) quando vêm antepostas à oração principal:
Quando as férias chegaram, todos foram para o Nordeste.
Geralmente, a vírgula é utilizada para dar uma breve
pausa na leitura. • para separar orações reduzidas:
Terminada a aula, os alunos foram dispensados.
A vírgula entre os termos de uma oração
Não se usa vírgula entre:
Emprega-se a vírgula para:
• o sujeito e o predicado:
• separar elementos de uma enumeração: Os alunos da escola formaram uma comissão.
Crianças, jovens e velhos manifestaram-se contra a vio- sujeito predicado
lência.
• o verbo e seus complementos:
• separar o aposto: O turista pediu informação ao motorista.
Madalena, aquela moça alegre, possuía uma vida infeliz. verbo objeto direto objeto indireto

• separar o vocativo: • o nome e o complemento nominal:


O jantar está servido, senhor! A leitura do jornal é indispensável.
nome complemento nominal
• separar o adjunto adverbial antecipado:
Logo pela manhã, ouviu-se um terrível estrondo. • o nome e o adjunto adnominal:
A claridade da manhã entrava pelas janelas.
Observação: Se o adjunto adverbial viesse no final da frase, nome adjunto adnominal
não seria necessário o uso da vírgula.
• a oração principal e a subordinada substantiva, desde que
• isolar o nome do lugar nas datas: não seja apositiva:
São Paulo, 07 de outubro de 1963. Espero que você seja feliz.
oração principal oração subordinada substantiva
• indicar a omissão de um termo:
Todos estavam alegres; eu, muito triste. 2) PONTO FINAL ( . )

Observação: Neste exemplo, foi omitido o verbo estava. “. . . O ponto final é usado para representar a pausa máxima
eu estava muito triste.” com que se encerra o período.

• depois do sim e do não, usados como resposta, no início da Emprega-se o ponto final:
frase:
• no período simples:
– Você vai à escola?
– Sim, vou. ou – Não, vou ficar em casa. A partida de futebol foi emocionante.

• para separar palavras e expressões explicativas ou retifica- • no período composto:


tivas como por exemplo, ou melhor, isto é, aliás, além disso,
então, etc. Não quero que você tenha medo de mim.
Eles foram à praia ontem, aliás, anteontem.
• nas abreviaturas:
• para separar termos deslocados de sua posição normal na
frase: d.C. - depois de Cristo
De doce, eu gosto. Av. – avenida
pl. - plural
• para separar elementos paralelos de um provérbio:
Tal pai, tal filho. 3) PONTO-E-VÍRGULA ( ; )

O ponto-e-vírgula é utilizado para marcar uma pausa


A vírgula entre orações intermediária entre o ponto e a vírgula.

No período composto, emprega-se a vírgula para: Emprega-se o ponto-e-vírgula para:

• separar orações coordenadas assindéticas: • separar orações coordenadas, se uma delas já tiver vírgula:

Foi até a cozinha, bebeu um copo de água, pensou por Fazia muito calor naquela manhã; alguns hóspedes, pen-
alguns instantes, acendeu seu cigarro. sava eu, tinham ido à piscina.
• separar orações coordenadas sindéticas, exceto as inicia- • separar orações coordenadas de sentido oposto:
das pela conjunção e, ou e nem:

– 56 –
Língua Portuguesa
As crianças viajarão hoje; os adultos amanhã. — Venha cá! Apague a luz!

• separar itens de uma enumeração, de um regulamento, de • Depois de vocativo:


um decreto, de uma lei, etc.
— Tenha paciência, João!
Art. 17 - Fica vedado:
I - fumar em local fechado; 7) RETICÊNCIAS (. . .)
II - ter animais de grande e médio porte;
III - usar o pátio para promover festas; As reticências são utilizadas para indicar que a frase foi
IV - usar o salão de festas para reuniões. interrompida. Emprega-se as reticências para indicar:

4) DOIS-PONTOS ( : ) • dúvida, hesitação ou surpresa:

Os dois-pontos são utilizados para marcar uma sensível Eu estava pensando . . . não sei se invisto o dinheiro em
suspensão da voz de uma frase não concluída. ações ou em imóveis.

Emprega-se os dois-pontos: • interrupção da fala do narrador ou da personagem:

• para anunciar a fala da personagem: — Eu te amo, disse Luísa em voz baixa. Como Alfredo
O professor ordenou: não escutou, Luísa ia dizer outra vez: “eu te . . .”, mas foi
— Façam silêncio! interrompida com a chegada de seu pai.

• para anunciar uma enumeração: • supressão de palavras:


Os entrevistados do programa serão os seguintes: Jô
Soares, Marta Suplicy, Antonio Fagundes e Paulo Maluf. Samantha parecia impaciente:
— Mamãe, eu quero . . . a senhora sabe . . . eu . . . eu
• para anunciar um esclarecimento: quero muito bem a senhora.
Escute bem isto: só se vive bem quando se tem paz.
• ao final de uma frase, que o sentido continua:
• para anunciar uma citação:
O filósofo Descartes disse: “Penso, logo existo.” E a vida continua . . .

• na invocação das correspondências: 8) PARÊNTESES ( ( ) )


Prezado amigo:
Os parênteses são usados para intercalar pequenos co-
• antes de orações apositivas: mentários que não se encaixam na ordem lógica da frase.
Nós defendemos uma ideia: que todos devem ter acesso
à saúde, à segurança e à educação. Empregam-se os parênteses para:

5) PONTO DE INTERROGAÇÃO ( ? ) • isolar palavras explicativas:

O ponto de interrogação é utilizado para marcar as ora- A diretora da escola pediu aos alunos que conservassem
ções interrogativas diretas. a escola, e todos (menos o Carlos) resolveram ajudar.
Onde estarão os livros que perdi?
• destacar datas:
Observações:
a) O ponto de interrogação não é empregado nas perguntas Gregório de Matos (1633 - 1695) foi a maior expressão
indiretas: do Barroco brasileiro.

Melissa perguntou onde estariam os livros que perdeu. • isolar frases intercaladas:

b) O ponto de interrogação e o de exclamação podem apare- O senhor Irineu (que Deus o tenha!) era uma pessoa
cer lado a lado em frases de entonação interrogativa e ex- arrogante e mal-humorada.
clamativa:
• indicações cênicas (em peças de teatro, roteiros de tevê
— O senhor outra vez?! Assim não é possível! etc.):

6) PONTO DE EXCLAMAÇÃO ( ! ) (Entra Ivone desesperada)


— Onde, onde estão as crianças?
Emprega-se o ponto de exclamação, geralmente,
depois de: 9) TRAVESSÃO ( — )

O travessão é usado para indicar com que pessoa do


• frases exclamativas: discurso está a fala.
Que dia lindo!
Emprega-se o travessão para:
• interjeições e onomatopeias: • indicar a mudança do interlocutor no diálogo:
Puxa! Plim - plim!
• verbo no imperativo: — Bom dia, José. Como vai?
— Bom dia, querida. Eu estou bem.

– 57 –
Língua Portuguesa
• isolar a parte final de um enunciado: 14) CHAVE ( { ) OU CHAVES ( { } )

Todos nós cometemos erros — erros, às vezes, injustifi- A chave é utilizada para dividir um assunto. As chaves
cáveis. são muito empregadas em matemática.

• isolar palavras ou frases, usa-se travessão duplo: (Mack / 92) - Sejam os conjuntos

A Chula — dança típica do sul do país — é acompanhada A = {x | x é múltiplo de 7} e 9 = {x 0 ù |12 < x < 864}.
a sanfona ou violão.
Então o número de elementos de A 1 B é:
• ligar grupos de palavras que indicam itinerário:
a) 78 b) 100 c) 122 d) 146 e) 166
A rodovia Presidente Dutra é a estrada que liga Rio — Resposta: Alternativa c.
São Paulo.
15) BARRA ( / )
10) ASPAS ( “ ” )
A barra é muito utilizada nas abreviações das datas
As aspas são utilizadas para isolar do contexto frases ou e em algumas abreviaturas.
palavras alheias.
01 / 06 / 94
Empregam-se as aspas: A/C - ao(s) cuidado(s)

• no início e no fim de uma citação:


EXERCÍCIOS
“Deus, ó Deus! onde estás que não respondes?”
(Castro Alves) ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:
• nas palavras ou expressões estrangeiras, arcaísmos, neo-
logismos, gírias, etc.
1) Quanto à oração corretamente pontuada:
Fui ao “show” do Roberto Carlos.
O novo cd dos Titãs é “sinistro”! A ( ) No inverno, através dos vidros, ele vê a trama dos
finos galhos negros.
• dar ênfase a palavras e expressões: B ( ) A moça descontente com a resposta devolveu ao noi-
vo o anel de brilhantes.
Meu irmão não é “isso” que dizem. C ( ) A questão, porém, não é de pão, é de manteiga.
D ( ) Neste ponto, viúva amiga, é natural que lhe perguntes,
• ironizar os termos de uma oração: a propósito da Inglaterra, como é que se explica a vitória
eleitoral de Gladstone.
Havia sempre um “porquê” em tudo que dizia. E ( ) Calçados os sapatos, buscou a bolsa e falando muito;
saiu correndo, não sem dizer, um adeus apressado.
11) COLCHETES ( [ ] )

Os colchetes são utilizados com a mesma finalidade dos 2) Quanto ao uso da pontuação:
parênteses, principalmente na linguagem científica e religio-
sa. A ( ) Usamos os dois-pontos para apresentar uma citação.
B ( ) O ponto-e-vírgula separa itens de uma lei, de um de-
estrábico. Adj. 1. Relativo ao, ou próprio do estrabismo creto, etc.
(1). 2. Diz-se de indivíduo atacado de estrabismo C ( ) Usa-se o ponto final para separar as orações de um
(1). [Sin.: caolho, vesgo, zarolho.] mesmo período.
D ( ) A chave é muito empregada em abreviações das da-
12) ASTERISCO ( * ) tas.
E ( ) O travessão é usado nos diálogos para indicar mudan-
O asterisco é utilizado para chamar a atenção do leitor ça de interlocutor.
para alguma nota (observação), ou para substituir um nome
que não se quer mencionar. RESPOSTAS

O Marquês * * *

13) PARÁGRAFO ( § )

O parágrafo é utilizado para indicar um item de um texto


ou artigo de lei.
Art. 1º. Constituem Princípios Fundamentais de Contabili-
dade (PFC) os enunciados por esta Resolução.

§ 1º. A observância dos Princípios Fundamentais de Con-


tabilidade é obrigatória no exercício da profissão e consti-
tui condição de legitimidade das Normas Brasileiras de
Contabilidade (NBC).

– 58 –
Língua Portuguesa
7º) Quando dois ou mais adjetivos se referem ao mesmo
9. CONCORDÂNCIA NOMINAL E VERBAL substantivo determinado pelo artigo, ocorrem três tipos de
construção:

Concordância é o princípio sintático segundo o qual as Estudo as línguas inglesa e francesa.


palavras dependentes se harmonizam, nas suas flexões, com Estudo a língua inglesa e a francesa.
as palavras de que dependem. Estudo a língua inglesa e francesa.

Assim: 8º) As palavras: mesmo, próprio e só (quando equivale a


sozinho) concordam segundo a regra geral em gênero e
a) os adjetivos, pronomes, artigos e numerais concordam em número com a palavra a que se referem. Só quando equivale
gênero e número com os substantivos determinados (concor- a somente é advérbio e invariável.
dância nominal).
Ela mesma me avisou.
b) o verbo concordará com o seu sujeito em número e pessoa Vocês próprios me trouxeram a notícia.
(concordância verbal). Nós não estivemos sós.
Só eles não concordaram.

CONCORDÂNCIA NOMINAL Obs.: A expressão a sós é invariável. Exemplo:


Gostaria de ficar a sós por uns momentos.

1º) Quando o adjetivo se referir a um só nome, o substantivo


concorda com ele em gênero e número. 9º) Anexo, incluso, junto, bastante e nenhum, concordam,
normalmente, com os substantivos a que se referem.
Boa árvore não dá maus frutos.
Segue anexa a cópia do contrato.
Vão inclusos os requerimentos.
2º) Quando o adjetivo se referir a dois ou mais substantivos Seguem juntas as notas.
do mesmo gênero e do singular e vier posposto, toma o Bastantes pessoas ignoram esse plural.
gênero deles e vai facultativamente, para o singular ou plural. Homens nenhuns, nenhumas causas.

Disciplina, ação e coragem digna (ou dignas). Observações:

Porém: Dedicado o pai, o filho e o irmão. a) Alerta e menos são sempre invariáveis.
(adjetivo anteposto concordará com o mais próximo).
Estamos alerta.
Há situações menos complicadas.
3º) Quando o adjetivo se referir a dois ou mais substantivos Há menos pessoas no local.
de gêneros diferentes e do singular e vier posposto, pode-
rá ir para o masculino plural ou concordar com o mais próxi- b) Em anexo é sempre invariável.
mo.
Seguem, em anexo, as fotografias.
Escolheste lugar e hora maus.
Escolheste lugar e hora má.
10º) Meio - meia, como adjetivo concordam em gênero e
Porém: Sinto eterno amor e gratidão. número com o substantivo que modificam, mas como advér-
(adjetivo anteposto concordará com o mais próximo). bio meio permanece invariável.

Obs.: como adjetivo, modifica o substantivo; como advérbio,


4º) Quando o adjetivo se referir a dois ou mais substantivos modifica o adjetivo, o verbo e o próprio advérbio.
de gêneros diferentes e do plural e vier posposto, tomará Já é meio-dia e meia (hora). (substantivo)
o plural masculino ou concordará com o mais próximo. Comprei dois meios litros de leite. (substantivo)
Quero meio quilo de café. (substantivo)
Rapazes e moças estudiosos (ou estudiosas). Ele sentia-se meio cansado. (adjetivo)
Elas pareciam meio tontas. (adjetivo)
Minha mãe está meio exausta. (adjetivo)
5º) Quando o adjetivo se referir a dois ou mais substantivos
de gênero e número diferente e vier posposto, poderá Estão nesse caso palavras como: pouco, muito, bastante,
concordar com o mais próximo ou ir para o plural masculino. barato, caro, meio, longe, etc.

Primos, primas e irmãs educadíssimas (ou educadíssi-


mos). 11º) Dado e visto e qualquer outro particípio, concordam
com o substantivo a que se referem.

6º) Pode o adjetivo ainda concordar com o mais próximo Dados os conhecimentos (substantivo masculino)
quando os substantivos são ou podem ser considerados Dadas as condições (substantivo feminino)
sinônimos. Vistas as dificuldades (substantivo feminino)

Gratidão e reconhecimento profundo. 12º) As expressões um e outro e nem um nem outro são
seguidas de um substantivo singular.

– 59 –
Língua Portuguesa
. . . mas aprovei um e outro ato. 17º) Substantivos ligados por ou: o adjetivo concorda com o
. . . mas uma e outra coisa duraram. mais próximo ou, então, vai para o plural.

Porém: uma flor ou um fruto saboroso OU saborosos.

Quando um e outro for seguido de adjetivo, o substanti- 18º) Dois ou mais ordinais determinando o substantivo: este
vo fica no singular e o adjetivo vai para o plural. ficará no singular ou no plural.

Uma e outra parede sujas. a primeira e segunda ferida (OU feridas) do coração.
Um e outro lado escuros.
EXERCÍCIOS

13º) A palavra possível em o mais . . . possível, o pior ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
possível, o melhor possível, mantém-se invariável. PARA CERTO E (E) PARA ERRADO:

Praias o mais tentadoras possível. 1) Quanto à concordância nominal:

Porém: A( ) Acabada a missa todos saíram.


Com o plural os mais, os menos, os piores, os melho- B( ) O carro apresentava pneus e lanternas defeituosos.
res, a palavra possível vai para o plural. C( ) Tão românticos cartas estariam vindo de quem?
D( ) Muito obrigadas, disseram as meninas.
Praias as mais tentadoras possíveis. E( ) Senhoras, fiquem alerta para o chamado.

14º) A palavra obrigado concorda com o nome a que se 2) Quanto à forma correta:
refere.
A( ) A casa apresentava portões e porta estragada.
Muito obrigado (masculino singular) B( ) A casa apresentava porta e portões estragados.
Muito obrigada (feminino singular) C( ) A casa apresentava portões e porta estragados.
Eles disseram muito obrigados (masculino plural) D( ) Acabado a leitura e o ensaio iniciaremos a transmis-
são.
E( ) Acabada o ensaio e a leitura iniciaremos a transmis-
15º) O verbo ser mais adjetivo. são.

Nos predicados nominais em que ocorre o verbo ser mais 3) Quanto à concordância correta:
um adjetivo, formando expressões do tipo é bom, é claro, é
evidente, etc., há duas construções: A( ) Vigora o estilo português e o brasileiro.
B( ) Estudo o idioma russo e o hebraico.
– se o sujeito não vem precedido de nenhum modificador, C( ) Escreva com as razão e o coração decididos.
tanto o verbo quanto o adjetivo ficam invariáveis. D( ) Estavam no pátio as bandeiras brasileira e a inglesa.
E( ) Este livro apresenta a gíria e os modismos brasileiros.
Cerveja é bom.
É proibido entrada. 4) Quanto à forma correta:

– se o sujeito vem precedido de modificador, tanto o verbo A( ) Já é meio-dia e meio.


quanto o predicativo concordam regularmente. B( ) Pareciam meio preocupadas com a entrevista.
C( ) A porta estava meio aberta.
A cerveja é boa. D( ) A moça estava meia zangada quando saiu.
É proibida a entrada. E( ) Use meia colher de sopa por xícara.

5) Quanto à concordância nominal:


16º) Concordância do Adjetivo (Predicativo)
A ( ) É proibida a entrada de crianças desacompanhadas.
a) Predicativo do Sujeito: concorda com o sujeito em núme- B ( ) É necessária a nossa atuação
ro e gênero: C ( ) É preciso paciência para prosseguir.
D ( ) É bom hortelã para tosse.
As crianças estavam tristonhas. E ( ) É necessária cautela.

b) Predicativo do Objeto:
RESPOSTAS
– Se o objeto direto for simples o adjetivo predicativo concor-
da em gênero e número com o objeto.

Trouxeram-na desmaiada.

– Se o objeto direto for composto o adjetivo predicativo deve-


rá flexionar-se no plural e no gênero dos objetos.

A justiça declarou criminosas a atriz e suas amigas.

– 60 –
Língua Portuguesa
7ª) Sujeitos representados por "um e outro": o verbo pode
CONCORDÂNCIA VERBAL ficar no singular ou no plural.

O verbo concorda com o sujeito em número e pessoa com Um e outro testemunho o condenavam (ou condenava).
as seguintes regras:
8ª) Sujeitos representados por "um ou outro": o verbo fica
1ª) Sujeito composto anteposto ao verbo: este fica no no singular.
plural.
Uma ou outra pode alugar a casa.
O pai, a mãe e o filho estão ausentes.
9ª) Sujeito representado por "nem um, nem outro": exige
2ª) Sujeito composto posposto ao verbo: este pode con- o verbo no singular.
cordar com o núcleo mais próximo ou com todos os núcleos
indo para o plural. Afirma-se que nem um, nem outro falou a verdade.

Está ausente o pai, a mãe e o filho. 10ª) Sujeito representado por expressão como "a maioria
Estão ausentes o pai, a mãe e o filho. de" (a maior parte, parte de) + um nome no plural: o verbo
irá para o singular ou plural.
3ª) Sujeito composto por pronomes pessoais diferentes:
o verbo vai para o plural concordando com a pessoa que A maioria dos doidos ali metidos estão (ou está) em
possui prioridade gramatical (ou seja, 1ª pessoa prevalece perfeito juízo.
sobre 2ª e 3ª; 2ª pessoa prevalece sobre a 3ª).
11ª) Sujeito representado por um coletivo: o verbo fica no
Eu, tu, ele e ela somos bons amigos. (eu - nós) singular, embora em escritores clássicos se encontrem e-
Tu, ele e ela sois bons amigos. (tu - vós) xemplos de concordâncias não com o coletivo, mas com a
Ela e tu ireis embora. (tu - vós) ideia de plural que ele encerra (silepse).

4ª) Sujeito composto: tendo seus núcleos ligados por não Mas nem sempre o povo acerta.
só ... mas também, tanto ... quanto, não só ... como, o
verbo concorda com o mais próximo ou vai para o plural. 12ª) Sujeito representado pela palavra "que" pronome
relativo: o verbo concorda em número e pessoa com o ante-
Não só a moça, mas também o príncipe estariam pobres. cedente da palavra "que".

Obs.: Caso se trate de uma simples comparação, o verbo Fui eu que te vesti do meu sudário.
fica no singular. Não és tu que me dás felicidade.

Este aumento de salário, assim como o anterior, não 13ª) Sujeito representado pelo pronome "quem": o verbo
compensou. vai para a 3ª pessoa do singular, ou concorda com o sujeito
da oração principal.
5ª) Sujeito ligado por "com": o verbo irá para o plural se
indicar cooperação na ação, visto que a preposição forma Mas não sou eu quem está em jogo. (ou "estou")
verdadeiro sujeito composto, equivalente a e; se a preposição
com exprimir circunstância de companhia, o verbo fica no 14ª) Sujeito composto seguido de um aposto resumidor:
singular. o verbo concorda com a palavra resumidora e não com o
sujeito composto.
Napoleão com seus soldados invadiram a Europa.
Egas Monis, com a mulher e os filhos, apresentou-se ao Jogos, convenções, espetáculos, nada o distraía.
rei da Espanha. Desvios, fraudes, roubos, tudo era permitido.

6ª) Sujeito ligado por "ou": levar-se-á em conta para o 15ª) Verbo + pronome apassivador "se": concorda com o
verbo ficar: sujeito paciente em número e pessoa.

a) no singular: Ouviam-se aplausos no salão.


exclusão: Pedro ou Paulo será eleito. Compram-se livros usados.
sinonímia: A glotologia ou a linguística é uma ciência que se Vendem-se apartamentos.
ocupa da linguagem humana.
16ª) Verbo + índice de indeterminação do sujeito "se":
b) no plural: fica o verbo na 3ª pessoa do singular.
inclusão: O calor ou o frio excessivo prejudicam certas plan-
tas. (ou = e) Precisa-se de carpinteiros.
antonímia: O choro ou o riso constituíam o viver daquela Gosta-se de praias naquela região.
gente. Necessita-se de outras explicações.
retificação: O ladrão ou os ladrões não deixaram nenhum
vestígio. 17ª) Verbos impessoais: ficam, normalmente, na 3ª pessoa
do singular:
Porém: na antecipação do verbo, dá-se concordância com o
mais próximo. a) O verbo haver no sentido de existir, acontecer.

Nenhum vestígio de sua presença deixou o autor ou Havia dois alunos no corredor.
autores do crime. Houve fatos estranhos naquela cidadezinha.

– 61 –
Língua Portuguesa
b) Os que indicam fenômenos da natureza: chover, ventar, O filho é as alegrias do pai.
nevar, gear, etc.
c) O sujeito que dá nome a algo pede o verbo concordando
c) Os verbos haver, fazer, estar, ir, ser (com referência a com o predicativo no plural.
tempo).
O problema são as suas dívidas.
Há três dias que não o vejo.
Faz quatro meses que não nado. d) O pronome pessoal sujeito ou predicativo pede a concor-
Vai em dois anos ou pouco mais . . . dância do verbo com ele.
É cedo.
Está frio. Ele era todo ouvidos e angústia.
O trouxa neste caso fui eu.
Entretanto:
– O verbo ser concorda com o predicativo. e) As expressões é muito, é pouco, é mais de, é menos de, é
tanto, quando indicam preço, quantidade, peso ficam com o
São dez horas. verbo no singular.
É uma hora.
Duas horas não é tanto assim.
– Os verbos existir, acontecer, são pessoais, ou seja, admi- Oitocentos gramas é muito.
tem sujeito e concordam com ele.
f) Em horas, datas e distâncias, o verbo ser é impessoal e
Existem duas manchas na parede. concorda com o predicativo.
(sujeito = duas manchas)
Aconteceram fatos estranhos. Hoje são quatorze de outubro.
(sujeito = fatos) predicativo
Hoje é dia quatorze de outubro.
– Nas locuções verbais, o verbo impessoal transmite a sua predicativo
impessoalidade para o verbo auxiliar.
É zero hora em São Paulo.
Vai haver novas oportunidades. São dez horas da manhã.
(não há sujeito) São cem quilômetros daqui até lá.
Está fazendo dez anos que . . .
Obs.: Em datas, o verbo ser pode concordar com a ideia da
Porém: palavra dia, mesmo que ela não apareça.

Vão existir novas oportunidades. Hoje é 2 de outubro.


(existir = verbo pessoal)

Estavam acontecendo coisas estranhas. EXERCÍCIOS


(estar = verbo pessoal)

ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)


18ª) O verbo "dar", "bater" + hora(s): estes verbos concor- PARA CERTO E (E) PARA ERRADO:
dam com o sujeito expresso hora(s).

Deram há pouco nove horas! 1) Quanto à concordância verbal:


Bateram devagar dez horas!
A( ) Reformam-se ternos.
Porém: B( ) Fazem três meses que não chove.
C( ) Minas Gerais faz divisa com São Paulo.
Se, na oração, vem a palavra relógio, funcionando como D( ) Estudam nesta classe Rubens e Ana.
sujeito, o verbo concordará com ela em número e pessoa. E( ) Da minha casa até a sua é cinco quadras.

Que horas deu o relógio?


Vai dar dez horas o relógio da Sé. 2) Quanto à concordância verbal:

A( ) Trinta quilômetros são muito.


19ª) O verbo "ser": B( ) 90% da população está descontente com o governo.
C( ) Deram dez horas no relógio da sala.
a) Com as palavras tudo, isto, isso, aquilo, o que e o predica- D( ) A maior parte dos alunos faltou.
tivo no plural, o verbo ser também pode ir para o plural ou E( ) Eu, você e nossos amigos irão ao shopping.
ficar no singular.

Tudo eram memórias na infância. 3) Quanto à concordância verbal:


Isto não são coisas que você possa dizer.
Tudo são flores. A( ) Dava meio-dia no cortiço; as lavadeiras relaxavam.
B( ) Tinha soado nove horas.
b) O sujeito que dá nome à pessoa concorda com o verbo C( ) O sino bateu três horas.
ser. D( ) Soou uma hora.
E( ) O relógio deu cinco horas.

– 62 –
Língua Portuguesa
4) Quanto à concordância verbal:
10. REGÊNCIA NOMINAL E VERBAL
A ( ) Nem um nem ouro sabe Matemática.
B ( ) Um ou outro chegará a tempo para a reunião.
C ( ) Mais de um eleitor apostou no empenho dele. Regência trata das relações de dependência entre um
D ( ) Mais de três professores queixou-se do seu compor- nome ou um verbo e seus complementos. Quando um termo
tamento. exige complemento o chamamos de regente e o termo com-
E ( ) A maioria das provas foram canceladas. plementar de regido. Há dois tipos: regência verbal e regên-
cia nominal.

5) Quanto à concordância verbal: REGÊNCIA NOMINAL

A( ) Nenhum de nós aguentava mais aquela professora. Quando o termo regente é um nome (substantivo, adjetivo
B( ) Quando ele chegou, devia ser três horas. ou advérbio).
C( ) Fui eu quem comprou esse livro.
D( ) Tu e ele são meus amigos. Tenho amor ao próximo.
E( ) Isso são coisas do passado. termo regente termo regido
(substantivo) (complemento nominal)

6) Quanto à concordância verbal: Estou preocupado com o desemprego.


termo regente termo regido
(adjetivo) (complemento nominal)
A ( ) Troca-se motos.
B ( ) Deputados e senadores, ninguém se manifestaram
Agiram favoravelmente à sua decisão.
sobre a greve.
termo regente termo regido
C ( ) Quinze quilos são muito. (advérbio) (complemento nominal)
D ( ) Sou que faço todo o trabalho.
E ( ) São sete horas. Há nomes que admitem mais de uma preposição sem que
o sentido seja alterado:
Estou apto a este tipo de trabalho.
7) Quanto à concordância verbal: Estou apto para este tipo de trabalho.
A( ) As meninas pareciam estar cansadas. Há outros nomes, que dependendo do sentido, pedem
B( ) Algum de nós precisa falar com o chefe. outras preposições:
C( ) Os necessitados são nós. Tenho muita consideração por pessoas que trabalham.
D( ) Alugam-se apartamentos. Tenho muita consideração sobre o trabalho filantrópico.
E( ) O Brasil ou a Itália sairá vencedor.
Veja alguns nomes com as respectivas regências:
8) Quanto à concordância verbal: acessível a equivalente a
acostumado a, com erudito em
A ( ) Precisam-se de empregados. adaptado a essencial para
B ( ) A mãe com os filhos fez ótima refeição. aflito com, por estranho a
C ( ) Vossa Excelência já apresentou as novas leis? agradável a fácil de
D ( ) Os 20% do lucro foram desviados. alheio a, de falha de, em
E ( ) Mias de um professor faltou à aulas. alienado de falta de
alusão a favorável a
ambicioso de fiel a
analogia com, entre firme em
análogo a generoso com
apto a, para grato a
atento a, em hábil em
RESPOSTAS aversão a, para, por habituado a
ávido de, por horror a
benéfico a hostil a
capaz de, para impossível de
compatível com impróprio para
compreensível a imune a, de
comum a, de incompatível com
constante de, em indeciso em
constituído de, por, com independente de, em
contemporâneo a, de indiferente a
contrário a indigno de
cuidadoso com leal a
curioso de, a medo a, de
desatento a necessário a
descontente com passível de
desejoso de perito em
devoto a, de possível de
diferente de preferível a
difícil de prejudicial a
digno de próximo a, de
entendido em relacionado com

– 63 –
Língua Portuguesa
EXERCÍCIOS
REGÊNCIA VERBAL
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)
PARA CERTO E (E) PARA ERRADO:

1) Quanto à regência nominal correta: Quando o termo regente é um verbo.

A( ) A cerveja é preferível ao vinho. Precisamos de alimento.


B( ) Ele sempre foi desfavorável a sua contratação. termo regente termo regido
C( ) Permaneciam atentos de problemas financeiros. (verbo) (objeto indireto)
D( ) Sua atitude não foi compatível ao seu pensamento.
E( ) Ele é digno para frequentar a nossa casa. Há verbos que admitem mais de uma regência sem que o
sentido seja alterado.
2) Quanto à regência nominal correta:
Nunca esquecerei os favores que fez.
A( ) Fica próximo ao Largo do Paissandu. verbo transitivo direto objeto direto
B( ) Era uma pessoa curiosa de religião.
Nunca esquecerei dos favores que me fez.
C( ) Sou contrário ao voto dele.
verbo transitivo indireto objeto indireto
D( ) Sônia é aflita de insetos.
E( ) Ele era entendido em história. Há outros verbos que mudando a regência, mudam de
significado.
3) Quanto à oração que admite ambas as regências:
O policial visou o alvo e atirou.
A( ) Estou imune a/de insetos. transitivo direto
B( ) As crianças estão imunes ao/do vírus da gripe. (visar = apontar, mirar)
C( ) Este filem é contemporâneo ao/de outro.
D( ) Ele está apto a/para trabalhar conosco. Ele visava a uma boa colocação na firma.
E( ) Sou devota a/de Santo Expedito. transitivo indireto
(visar = pretender)
4) Quanto à regência nominal correta:
REGÊNCIA DE ALGUNS VERBOS
A ( ) José não está acostumado de fartura.
B ( ) Ele não está adaptado ao novo emprego.
Agradar e desagradar
C ( ) Aflito de assumir seu novo emprego, esqueceu-se dos
documentos.
• No sentido de fazer carinho, é transitivo direto.
D ( ) O documento faz alusão de novas perspectivas.
E ( ) Mostrou-se afável a todos os colegas.
O pai agradava a filha.
VTD OD
5) Quanto à regência nominal correta:
• No sentido de contentar, é transitivo indireto (preposição a).
A ( ) Permaneciam atentos nos ladrões.
B ( ) O ministro tem aversão por aparecer em público. O filme agradou ao público.
C ( ) Era ávido com a fama. VTI OI
D ( ) Foi um momento contemporâneo com a Guerra dos
Farrapos. Aspirar
E ( ) Platão é um planeta constituído de material rochoso.
• No sentido de respirar, sorver, é transitivo direto.
6) Quanto à regência nominal correta:
Aspirei o ar da manhã.
A( ) Era um adolescente curioso por novas descobertas. VTD OD
B( ) Estou imbuído com o espírito olímpico.
C( ) A vacina tornou-o imune ao vírus. • no sentido de pretender, desejar, é transitivo indireto
D( ) Joana é muito cuidadosa dos filhos. (preposição a).
E( ) Não tenha medo de encarar o futuro.
Ele aspirava ao cargo de diretor.
VTI OI

RESPOSTAS Assistir

• No sentido de ver, é transitivo indireto (preposição a).

Assistimos ao jogo de basquete.


VTI OI

• No sentido de prestar assistência, ajudar, é transitivo


direto.

A enfermeira assistiu o paciente com muito cuidado.


VTD OD

– 64 –
Língua Portuguesa
• No sentido de pertencer, caber, é transitivo indireto • No sentido de satisfazer, atentar, observar, é transitivo
(preposição a). indireto (preposição a).

Assiste ao diretor comunicar as novas regras. Mamãe atendia a todas as vontades de João.
VTI OI VTI OI

• No sentido de morar, residir é intransitivo. • No sentido de acolher ou receber, é transitivo direto.

Há dois anos ele assiste em São Paulo O diretor da escola atendeu os pais.
VI VTD OD

Agradecer • No sentido de conceder ou deferir um pedido, é transitivo


direto.
• objeto referindo-se a coisa, é transitivo direto.
O chefe não atendeu as exigências dos empregados.
Agradeci o presente. Agradeci-o. VTD OD
VTD OD
Atingir
• objeto referindo-se a pessoa, é transitivo indireto
(preposição a). • é transitivo direto.

Agradeci ao médico. Agradeci-lhe. O policial não atingiu o alvo.


VTI OI VTD OD

• com os dois objetos, é transitivo direto e indireto. Chamar

Agradeci o presente à mamãe. • No sentido de convidar, convocar, é transitivo direto.


Agradeci-o à mamãe.
Agradeci-lhe o presente. Nós chamamos os acionistas para uma reunião de emergência.
VTD OD

Ajudar • No sentido de denominar, cognominar, é transitivo


direto ou transitivo indireto.
• é transitivo direto.
Chamaram- no empregadinho.
Sempre ajudo mamãe nos afazeres de casa. VTD
VTD OD Chamaram- no de empregadinho.
VTD preposição
• é transitivo direto e indireto. (preposição a). Chamaram- lhe empregadinho.
VTI
Chamaram- lhe de caloteiro.
Ajudei-a a lavar a louça.
VTDI preposição
VTDI OD OI
objeto predicativo do objeto

Amar Chegar

• é transitivo direto. • é intransitivo (preposição a).

As crianças amam seus brinquedos. Cheguei à escola.


VTD OD VI adjunto adverbial

• é intransitivo.
Consistir
Amei demais e não fui correspondido.
VI
• é transitivo indireto (preposição em).

O futuro da nossa empresa consiste em nossa honestidade.


Apelar VTI OI

• é transitivo indireto (preposição para e de). Contentar-se


Não conseguindo resolver seus problemas, apelou para os pais.
• é transitivo indireto (preposição com, em, de).
VTI OI

Atender Ela contenta-se com tão pouco.


VTI OI

• No sentido de levar em consideração, é transitivo indireto Custar


(preposição a).
• No sentido de ser custoso, ser difícil, é transitivo indireto.
Teobaldo não atendia aos pais.
VTI OI

– 65 –
Língua Portuguesa
Custou à mamãe acreditar naquele terrível acidente. Pagar e perdoar
VTI OI
• É transitivo direto quando o objeto refere-se à coisa.
• No sentido de acarretar, é transitivo direto e indireto.
Vou pagar o livro.
O trabalho custou-nos muita atenção. VTD OD
VTDI OI OD
Papai perdoou suas falhas.
Ensinar VTD OD

• É transitivo direto e indireto. • É transitivo indireto quando o objeto refere-se à pessoa


(preposição a).
Helena ensina inglês aos alunos.
VTDI OD OI Vou pagar ao dentista.
VTI OI

Esquecer e lembrar Papai perdoou aos meninos.


VTI OI
• É transitivo direto quando não for pronominal.
• É transitivo direto e indireto quando possui os dois objetos.
Esqueci o seu nome.
Papai perdoou as falhas aos meninos.
Lembrei o seu aniversário. VTDI OD OI

• É transitivo indireto quando for pronominal (preposição de).


Precisar
Esqueci-me do seu nome.
• No sentido de marcar com precisão, é transitivo direto.
Lembrei-me do seu aniversário. O repórter não precisou o local do acidente.
VTD OD

• No sentido de necessitar, é transitivo indireto (preposição


Informar
de).
Eu preciso de silêncio para pensar.
• É transitivo direto e indireto.
VTI OI

Informou os colegas de seus problemas.


VTDI OD OI
Preferir
Informou aos colegas os seus problemas.
VTDI OI OD • É transitivo direto e indireto (preposição a).

Prefiro vinho a cerveja.


VTDI OD OI
Ir
Prefiro o vinho à cerveja.
• É intransitivo (com preposição).

Fui à escola.
VI Presidir

Fui para Salvador. • É transitivo direto ou transitivo indireto.


VI
Ele presidiu a Câmara dos Deputados.
VTD OD
Namorar
Ele presidiu à Câmara dos Deputados.
VTI OI
• É transitivo direto.

João namorou Clara durante cinco anos.


VTD OD Querer

• No sentido de desejar, é transitivo direto.


Obedecer e desobedecer
Quero uma boa casa para morar.
VTD OD
• É transitivo indireto (preposição a).
• No sentido de estimar, gostar, é transitivo indireto
Os filhos obedecem aos pais.
VTI OI (preposição a).

Aquele motorista desobedeceu aos sinais. Quero bem ao Bruno.


VTI OI VTI OI

– 66 –
Língua Portuguesa
Simpatizar e antipatizar

• É transitivo indireto (preposição com) 11. SIGNIFICAÇÃO DAS PALAVRAS

Simpatizo com Luísa.


A semântica refere-se ao estudo do significado, em
todos os sentidos do termo. A semântica opõe-se com fre-
Visar quência à sintaxe, caso em que a primeira se ocupa do que
algo significa, enquanto a segunda se debruça sobre as es-
• No sentido de apontar, mirar, é transitivo direto. truturas ou padrões formais do modo como esse algo é ex-
presso (por exemplo, escritos ou falados).
O atirador visou o alvo.
VTD OD SIGNIFICAÇÃO DAS PALAVRAS

• No sentido de passar visto, é transitivo direto. Para o falante ou o escritor ser capaz de selecionar as
palavras adequadas para formar sua mensagem, é preciso
O gerente visou o cheque. conhecer o significado das palavras. Sendo assim, é impor-
VTD OD tante conhecer os fatos linguísticos.

• No sentido de pretender, ter em vista, é transitivo indireto SINÔNIMOS OU SINONÍMIA


(preposição a).
Sinonímia ou sinônimos são palavras que possuem
Sempre visei ao seu bem. significados iguais ou semelhantes.
VTI OI
Aquela garota é veloz.
Aquela garota é rápida.
EXERCÍCIOS Entre os sinônimos, há sempre um que se destaca por ser
mais expressivo, assim, no dicionário, aparecem vários signi-
ficados de cada palavra, cabe ao escritor achar a mais apro-
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) priada ao seu contexto.
PARA CERTO E (E) PARA ERRADO:
ANTÔNIMOS OU ANTONÍMIA
1) Quanto à regência verbal correta: Antonímia ou antônimos são palavras que possuem
significados opostos.
A( ) Visei um passaporte e fui viajar.
B( ) Quero um bom emprego. Seu cabelo está muito comprido.
C( ) Aninha sempre obedece a mãe. Seu cabelo está muito curto.
D( ) Eu preciso calma para pensar.
E( ) Esqueci-me do endereço. Algumas palavras opostas se originam de um prefixo de
sentido negativo ou oposto.
2) Quanto à regência verbal correta: feliz – infeliz
agradável – desagradável
A ( ) Cheguei na casa de Marta às cinco horas. bendizer – maldizer
B ( ) Informei o endereço ao turista.
C ( ) Prefiro chá do que café.
D ( ) O time precisa vencer cinco jogos para aspirar à clas- HOMÔNIMOS OU HOMONÍMIA
sificação.
E ( ) Pedro namora com Joana. Homonímia ou homônimos são palavras que possuem
significados diferentes, mas são iguais no som e/ou na escri-
ta.
Preciso fazer um conserto na roupa.
(reparo)
Vou ao concerto esta noite.
(apresentação musical)
RESPOSTAS
Os homônimos podem ser:

– Homógrafos: possuem a mesma grafia, mas sons diferen-


tes.
seco (substantivo) e seco (verbo)
olho (substantivo) e olho (verbo)

– Homófonos: possuem o mesmo som, mas grafias diferen-


tes.

cheque (ordem de pagamento)


xeque (lance de jogo de xadrez)

– 67 –
Língua Portuguesa
– Homônimos perfeitos: possuem a mesma grafia e o Veja, a seguir, a relação de alguns parônimos:
mesmo som.
o rio (substantivo) eu rio (verbo) absolver - perdoar
cedo (verbo) cedo (advérbio de tempo) absorver - sorver
acostumar - contrair hábito
Veja, a seguir, a relação de alguns homônimos: costumar - ter por hábito
amoral - indiferente à moral
acender - pôr fogo imoral - contra a moral
ascender - subir
apóstrofe - figura de linguagem
acento - sinal gráfico
assento - lugar de sentar-se apóstrofo - sinal gráfico
aço - metal aprender - instituir-se
asso - (verbo) 1ª pessoa do indicativo apreender - assimilar
banco - assento arrear - pôr arreios
banco - estabelecimento arriar - descer, baixar
caçar - pegar animais cavaleiro - aquele que anda a cavalo
cassar - anular cavalheiro - homem educado
cela - pequeno quarto comprimento - extensão
sela - arreio e (verbo) 3ª pessoa sing. do indicativo cumprimento - saudação
censo - recenseamento deferir - conceder, atender
senso - juízo diferir - ser diferente, adiar
cerrar - fechar
delatar - denunciar
serrar - cortar
dilatar - alargar
cessão - ato de ceder
seção, secção - divisão descrição - ato de descrever
sessão - reunião discrição - ser discreto
cesto - balaio descriminar - inocentar
sexto - numeral ordinal discriminar - distinguir
cheque - ordem de pagamento despensa - lugar onde se guardam mantimentos
xeque - lance do jogo de xadrez dispensa - licença
concerto - apresentação musical destratar - insultar
conserto - (verbo) 1ª pessoa singular do indicativo distratar - desfazer
coser - costurar emergir - vir à tona
cozer - cozinhar imergir - mergulhar
espiar - espionar emigrar - sair da pátria
expiar - sofrer castigo
imigrar - entrar num país estranho para nele morar
estático - imóvel
extático - admirado eminente - notável, célebre
iminente - prestes a acontecer
estrato - tipo de nuvem
extrato - resumo estádio - praça de esportes
incerto - não certo estágio - preparação, período
inserto - incluído flagrante - evidente
intercessão - interceder fragrante - perfumado
interseção - corte feito no meio do objeto incidente - episódio
laço - nó acidente - desastre
lasso - gasto, cansado, frouxo inflação - desvalorização (dinheiro)
manga - fruta da mangueira infração - violação
manga - parte do vestuário infligir - aplicar castigo
paço - palácio infringir - não respeitar
passo - passada
ótico - relativo ao ouvido
ruço - desbotado
russo - da Rússia óptico - relativo à visão
são - saudável, com saúde peão - amansador de cavalos, peça no jogo de xadrez
são - (verbo) 3ª pessoa plural do indicativo pião - brinquedo
são - forma reduzida de santo pequenez - relativo a pequeno
sexta - redução de sexta-feira pequinês - originário de Pequim, raça de cães
cesta - recipiente plaga - região, país
sesta - hora em que se descansa ou dorme após o praga - maldição
almoço pleito - disputa eleitoral
taxar - estabelecer a taxa de preito - homenagem
tachar - qualificar em mau sentido precedente - antecedente
procedente - proveniente
PARÔNIMOS OU PARONÍMIA ratificar - confirmar
retificar - corrigir
Paronímia ou parônimos são palavras que possuem reboco - argamassa de cal e areia
significados diferentes, mas são muito parecidas no som e na reboque - cabo que prende um veículo a outro
escrita.
soar- produzir som
O garotinho gosta de brincar de pião. suar – verter suor pelos poros
O garoto sonha em ser peão de boiadeiro.

– 68 –
/˞QJXD3RUWXJXHVD
POLISSEMIA
12. REDAÇÃO DE CORRESPONDÊNCIAS OFICIAIS
Temos a polissemia quando uma palavra apresenta signi- 12. REDAÇÃO OFICIAL
(conforme Manual de Redação da Presidência da República)
ficado diferente que se explica dentro de um contexto.

A decisão está nas mãos do papai.


(dependência) O Manual de Redação da Presidência da República é o
documento que regulamenta as normas de redação de atos e
Machuquei minha mão. comunicações oficiais.
(parte do corpo)
O Manual demonstra os aspectos essenciais da Redação
Ele passou a mão nas chaves do carro. Oficial, padronizando sua diagramação, exibindo modelos e
(apropriar-se de coisas alheias) adequando, a cada nova edição, as formas textuais aos mei-
os de comunicação em uso no período, o manual possibilita a
reflexão sobre questões como a identificação clara do pro-
EXERCÍCIOS blema que motiva um ato ou comunicação, seus possíveis
custos e prováveis efeitos e sua legalidade e constitucionali-
ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C) dade.
PARA CERTO E (E) PARA ERRADO:
Desta maneira, contribui para a consolidação de uma cul-
1) Quanto à significação de palavras: tura administrativa de profissionalização dos servidores públi-
cos e de respeito aos princípios constitucionais, objetivando a
A( ) A sessão será presidida pela professora Vanda. constante melhoria dos serviços prestados à sociedade.
B( ) Pegamos a última sessão do cinema.
C( ) Bruno fará a cessão de seus livros. Além disso, explica partes da gramática da Língua Portu-
D( ) Flávia está na seção de cosméticos. guesa como o uso dos pronomes de tratamento, a ortografia,
E( ) A sessão começará às 14h. a acentuação gráfica, a sintaxe, as concordâncias verbal e
nominal, a pontuação e a significação de palavras, já estuda-
2) Quanto ao significado das palavras parônimas: das anteriormente nesta apostila.

A ( ) apóstrofe = figura de linguagem O manual está dividido em: Redação Oficial, Língua
B ( ) amoral = indiferente à moral Portuguesa, Gramática, Ortografia e Técnica Legislativa.
C ( ) cumprimento = saudação Mas, vamos nos ater, aqui, às comunicações oficiais.
D ( ) deferir = ser diferente
E ( ) estágio = preparação O manual original pode ser encontrado na íntegra no site
www.planalto.gov.br .
3) Quanto ao sentido, entre parênteses, da palavra grave:
A Comissão encarregada de elaborar, sem ônus, a pri-
A ( ) A família sofreu um grave acidente. (trágico) meira Edição do Manual de Redação da Presidência da Re-
B ( ) Graves razões trouxeram-me aqui. (importante) pública (Portaria SG nº 2, de 11.1.91, DOU de 15.1.91) foram:
C ( ) Tem uma grave ferida no joelho. (repreensiva) Gilmar Ferreira Mendes (Presidente), Nestor José Forster
D ( ) A voz grave de David ecoava por toda a escola. Júnior, Carlos Eduardo Cruz de Souza Lemos, Heitor Duprat
(sonora) de Brito Pereira, Tarcisio Carlos de Almeida Cunha, João
E ( ) Tinha a grave incumbência de informar-lhe sobre a Bosco Martinato, Rui Ribeiro de Araújo, Luis Fernando Panelli
morte do amigo. (doloroso) César, Roberto Furian Ardenghy; a revisão ficou a cargo do
professor Celso Pedro Luft.
4) Quanto às palavras homônimas:
A matéria que consta nesta apostila é a 2ª edição, revista
A ( ) Homógrafas são palavras que possuem a mesma gra- e atualizada pela Subchefia para Assuntos Jurídicos da Casa
fia, mas sons diferentes. Civil da Presidência da República.
B ( ) Homófonas são palavras que possuem o mesmo som e
grafias iguais.
C ( ) Homônimos perfeitos possuem a mesma grafia e o AS COMUNICAÇÕES OFICIAIS
mesmo som.
D ( ) Homófonas são palavras que possuem o mesmo som, ASPECTOS GERAIS DA REDAÇÃO OFICIAL
mas grafias diferentes.
E ( ) Homógrafas são palavras que possuem grafia e sons 1. O que é Redação Oficial
diferentes.
Em uma frase, pode-se dizer que redação oficial é a ma-
neira pela qual o Poder Público redige atos normativos e
RESPOSTAS comunicações. Interessa-nos tratá-la do ponto de vista do
Poder Executivo.

A redação oficial deve caracterizar-se pela impessoalida-


de, uso do padrão culto de linguagem, clareza, concisão,
formalidade e uniformidade. Fundamentalmente esses atribu-
tos decorrem da Constituição, que dispõe, no artigo 37: “A
administração pública direta, indireta ou fundacional, de qual-
quer dos Poderes da União, dos Estados, do Distrito Federal

––
Língua Portuguesa
e dos Municípios obedecerá aos princípios de legalidade, Apresentadas essas características fundamentais da
impessoalidade, moralidade, publicidade e eficiência (...)”. redação oficial, passemos à análise pormenorizada de cada
uma delas.
Sendo a publicidade e a impessoalidade princípios fun-
damentais de toda administração pública, claro está que 1.1. A Impessoalidade
devem igualmente nortear a elaboração dos atos e comuni-
cações oficiais. A finalidade da língua é comunicar, quer pela fala, quer
pela escrita. Para que haja comunicação, são necessários: a)
Não se concebe que um ato normativo de qualquer natu- alguém que comunique, b) algo a ser comunicado, e c) al-
reza seja redigido de forma obscura, que dificulte ou impossi- guém que receba essa comunicação. No caso da redação
bilite sua compreensão. A transparência do sentido dos atos oficial, quem comunica é sempre o Serviço Público (este ou
normativos, bem como sua inteligibilidade, são requisitos do aquele Ministério, Secretaria, Departamento, Divisão, Servi-
próprio Estado de Direito: é inaceitável que um texto legal ço, Seção); o que se comunica é sempre algum assunto
não seja entendido pelos cidadãos. A publicidade implica, relativo às atribuições do órgão que comunica; o destinatário
pois, necessariamente, clareza e concisão. dessa comunicação ou é o público, o conjunto dos cidadãos,
ou outro órgão público, do Executivo ou dos outros Poderes
Além de atender à disposição constitucional, a forma dos da União.
atos normativos obedece a certa tradição. Há normas para
sua elaboração que remontam ao período de nossa história Percebe-se, assim, que o tratamento impessoal que deve
imperial, como, por exemplo, a obrigatoriedade – estabeleci- ser dado aos assuntos que constam das comunicações ofici-
da por decreto imperial de 10 de dezembro de 1822 – de que ais decorre:
se aponha, ao final desses atos, o número de anos transcor-
ridos desde a Independência. Essa prática foi mantida no
período republicano. a) da ausência de impressões individuais de quem co-
munica: embora se trate, por exemplo, de um expediente
Esses mesmos princípios (impessoalidade, clareza, uni- assinado por Chefe de determinada Seção, é sempre em
formidade, concisão e uso de linguagem formal) aplicam-se nome do Serviço Público que é feita a comunicação. Obtém-
às comunicações oficiais: elas devem sempre permitir uma se, assim, uma desejável padronização, que permite que
única interpretação e ser estritamente impessoais e unifor- comunicações elaboradas em diferentes setores da Adminis-
mes, o que exige o uso de certo nível de linguagem. tração guardem entre si certa uniformidade;

Nesse quadro, fica claro também que as comunicações b) da impessoalidade de quem recebe a comunicação,
oficiais são necessariamente uniformes, pois há sempre um com duas possibilidades: ela pode ser dirigida a um cida-
único comunicador (o Serviço Público) e o receptor dessas dão, sempre concebido como público, ou a outro órgão públi-
comunicações ou é o próprio Serviço Público (no caso de co. Nos dois casos, temos um destinatário concebido de
expedientes dirigidos por um órgão a outro) – ou o conjunto forma homogênea e impessoal;
dos cidadãos ou instituições tratados de forma homogênea (o
público). c) do caráter impessoal do próprio assunto tratado: se o
universo temático das comunicações oficiais se restringe a
Outros procedimentos rotineiros na redação de comunica- questões que dizem respeito ao interesse público, é natural
ções oficiais foram incorporados ao longo do tempo, como as que não cabe qualquer tom particular ou pessoal.
formas de tratamento e de cortesia, certos clichês de reda-
ção, a estrutura dos expedientes, etc.
Desta forma, não há lugar na redação oficial para impres-
Mencione-se, por exemplo, a fixação dos fechos para sões pessoais, como as que, por exemplo, constam de uma
comunicações oficiais, regulados pela Portaria nº 1 do Minis- carta a um amigo, ou de um artigo assinado de jornal, ou
tro de Estado da Justiça, de 8 de julho de 1937, que, após mesmo de um texto literário. A redação oficial deve ser isenta
mais de meio século de vigência, foi revogado pelo Decreto da interferência da individualidade que a elabora.
que aprovou a primeira edição deste Manual.
A concisão, a clareza, a objetividade e a formalidade de
Acrescente-se, por fim, que a identificação que se buscou que nos valemos para elaborar os expedientes oficiais contri-
fazer das características específicas da forma oficial de redi- buem, ainda, para que seja alcançada a necessária impesso-
gir não deve ensejar o entendimento de que se proponha a alidade.
criação – ou se aceite a existência – de uma forma específica
de linguagem administrativa, o que coloquialmente e pejorati-
vamente se chama burocratês. 1.2. A Linguagem dos Atos e Comunicações Oficiais

Este é antes uma distorção do que deve ser a redação A necessidade de empregar determinado nível de lingua-
oficial, e se caracteriza pelo abuso de expressões e clichês gem nos atos e expedientes oficiais decorre, de um lado, do
do jargão burocrático e de formas arcaicas de construção de próprio caráter público desses atos e comunicações; de ou-
frases. tro, de sua finalidade.

A redação oficial não é, portanto, necessariamente árida e Os atos oficiais, aqui entendidos como atos de caráter
infensa à evolução da língua. normativo, ou estabelecem regras para a conduta dos cida-
dãos, ou regulam o funcionamento dos órgãos públicos, o
É que sua finalidade básica – comunicar com impessoali- que só é alcançado se em sua elaboração for empregada a
dade e máxima clareza – impõe certos parâmetros ao uso linguagem adequada. O mesmo se dá com os expedientes
que se faz da língua, de maneira diversa daquele da literatu- oficiais, cuja finalidade precípua é a de informar com clareza
ra, do texto jornalístico, da correspondência particular, etc. e objetividade.

– 70 –
Língua Portuguesa
As comunicações que partem dos órgãos públicos fede- Deve-se ter o cuidado, portanto, de explicitá-los em co-
rais devem ser compreendidas por todo e qualquer cidadão municações encaminhadas a outros órgãos da administração
brasileiro. Para atingir esse objetivo, há que evitar o uso de e em expedientes dirigidos aos cidadãos.
uma linguagem restrita a determinados grupos.

Não há dúvida que um texto marcado por expressões de 1.3. Formalidade e Padronização
circulação restrita, como a gíria, os regionalismos vocabula-
res ou o jargão técnico, tem sua compreensão dificultada. As comunicações oficiais devem ser sempre formais, isto
é, obedecem a certas regras de forma: além das já mencio-
Ressalte-se que há necessariamente uma distância entre nadas exigências de impessoalidade e uso do padrão culto
a língua falada e a escrita. Aquela é extremamente dinâmica, de linguagem, é imperativo, ainda, certa formalidade de tra-
reflete de forma imediata qualquer alteração de costumes, e tamento. Não se trata somente da eterna dúvida quanto ao
pode eventualmente contar com outros elementos que auxili- correto emprego deste ou daquele pronome de tratamento
em a sua compreensão, como os gestos, a entoação, etc., para uma autoridade de certo nível; mais do que isso, a for-
para mencionar apenas alguns dos fatores responsáveis por malidade diz respeito à polidez, à civilidade no próprio enfo-
essa distância. Já a língua escrita incorpora mais lentamente que dado ao assunto do qual cuida a comunicação. A forma-
as transformações, tem maior vocação para a permanência, e lidade de tratamento vincula-se, também, à necessária uni-
vale-se apenas de si mesma para comunicar. formidade das comunicações. Ora, se a administração federal
é una, é natural que as comunicações que expede sigam um
A língua escrita, como a falada, compreende diferentes mesmo padrão. O estabelecimento desse padrão, uma das
níveis, de acordo com o uso que dela se faça. Por exemplo, metas deste Manual, exige que se atente para todas as ca-
em uma carta a um amigo, podemos nos valer de determina- racterísticas da redação oficial e que se cuide, ainda, da
do padrão de linguagem que incorpore expressões extrema- apresentação dos textos. A clareza datilográfica, o uso de
mente pessoais ou coloquiais; em um parecer jurídico, não se papéis uniformes para o texto definitivo e a correta diagrama-
há de estranhar a presença do vocabulário técnico corres- ção do texto são indispensáveis para a padronização.
pondente. Nos dois casos, há um padrão de linguagem que
atende ao uso que se faz da língua, a finalidade com que a
empregamos. 1.4. Concisão e Clareza

O mesmo ocorre com os textos oficiais: por seu caráter A concisão é antes uma qualidade do que uma caracterís-
impessoal, por sua finalidade de informar com o máximo de tica do texto oficial. Conciso é o texto que consegue transmitir
clareza e concisão, eles requerem o uso do padrão culto da um máximo de informações com um mínimo de palavras.
língua. Há consenso de que o padrão culto é aquele em que Para que se redija com essa qualidade, é fundamental que se
a) se observam as regras da gramática formal, e b) se em- tenha, além de conhecimento do assunto sobre o qual se
prega um vocabulário comum ao conjunto dos usuários do escreve, o necessário tempo para revisar o texto depois de
idioma. pronto. É nessa releitura que muitas vezes se percebem
eventuais redundâncias ou repetições desnecessárias de
É importante ressaltar que a obrigatoriedade do uso do ideias. O esforço de sermos concisos atende, basicamente
padrão culto na redação oficial decorre do fato de que ele ao princípio de economia linguística, à mencionada fórmula
está acima das diferenças lexicais, morfológicas ou sintáticas de empregar o mínimo de palavras para informar o máximo.
regionais, dos modismos vocabulares, das idiossincrasias
linguísticas, permitindo, por essa razão, que se atinja a pre- Não se deve de forma alguma entendê-la como economia
tendida compreensão por todos os cidadãos. de pensamento, isto é, não se devem eliminar passagens
substanciais do texto no afã de reduzi-lo em tamanho. Trata-
Lembre-se que o padrão culto nada tem contra a simplici- se exclusivamente de cortar palavras inúteis, redundâncias,
dade de expressão, desde que não seja confundida com passagens que nada acrescentem ao que já foi dito. Procure
pobreza de expressão. De nenhuma forma o uso do padrão perceber certa hierarquia de ideias que existe em todo texto
culto implica emprego de linguagem rebuscada, nem dos de alguma complexidade: ideias fundamentais e ideias se-
contorcionismos sintáticos e figuras de linguagem próprios da cundárias. Estas últimas podem esclarecer o sentido daque-
língua literária. las, detalhá-las, exemplificá-las; mas existem também ideias
secundárias que não acrescentam informação alguma ao
Pode-se concluir, então, que não existe propriamente um texto, nem têm maior relação com as fundamentais, podendo,
“padrão oficial de linguagem”; o que há é o uso do padrão por isso, ser dispensadas.A clareza deve ser a qualidade
culto nos atos e comunicações oficiais. básica de todo texto oficial. Pode-se definir como claro aquele
texto que possibilita imediata compreensão pelo leitor. No
É claro que haverá preferência pelo uso de determinadas entanto, a clareza não é algo que se atinja por si só: ela de-
expressões, ou será obedecida certa tradição no emprego pende estritamente das demais características da redação
das formas sintáticas, mas isso não implica, necessariamen- oficial. Para ela concorrem:
te, que se consagre a utilização de uma forma de linguagem
burocrática. O jargão burocrático, como todo jargão, deve ser a) a impessoalidade, que evita a duplicidade de interpreta-
evitado, pois terá sempre sua compreensão limitada. ções que poderia decorrer de um tratamento personalista
dado ao texto;
A linguagem técnica deve ser empregada apenas em b) o uso do padrão culto de linguagem, em princípio, de
situações que a exijam, sendo de evitar o seu uso indiscrimi- entendimento geral e por definição avesso a vocábulos de
nado. circulação restrita, como a gíria e o jargão;
c) a formalidade e a padronização, que possibilitam a im-
Certos rebuscamentos acadêmicos, e mesmo o vocabulá- prescindível uniformidade dos textos;
rio próprio a determinada área, são de difícil entendimento d) a concisão, que faz desaparecer do texto os excessos
por quem não esteja com eles familiarizado. linguísticos que nada lhe acrescentam.

– 71 –
Língua Portuguesa
É pela correta observação dessas características que se KURY, Adriano da Gama. Para falar e escrever melhor o português.
redige com clareza. Contribuirá, ainda, a indispensável releitu- 2. ed. Rio de Janeiro: Nova Fronteira, 1989. p.18 - 19. Segundo o
ra de todo texto redigido. A ocorrência, em textos oficiais, de autor, o quadro consta da obra de Cesare Marchi Impariamo Italiano
(“Aprendamos o Italiano”) Milão, Rizzoli Ed., 1984, e teria sido elabo-
trechos obscuros e de erros gramaticais provém principalmen-
rado por dois professores universitários italianos no estudo “Prontuá-
te da falta da releitura que torna possível sua correção. rio de frases para todos os usos para preencher o vazio de nada”.

Na revisão de um expediente, deve-se avaliar, ainda, se AS COMUNICAÇÕES OFICIAIS


ele será de fácil compreensão por seu destinatário. O que
nos parece óbvio pode ser desconhecido por terceiros. 2. Introdução
O domínio que adquirimos sobre certos assuntos em A redação das comunicações oficiais deve, antes de tudo,
decorrência de nossa experiência profissional muitas vezes seguir os preceitos explicitados anteriormente. Além disso, há
faz com que os tomemos como de conhecimento geral, o que características específicas de cada tipo de expediente, que
nem sempre é verdade. Explicite, desenvolva, esclareça, serão tratadas em detalhe a seguir. Antes de passarmos à
precise os termos técnicos, o significado das siglas e abrevi- sua análise, vejamos outros aspectos comuns a quase todas
ações e os conceitos específicos que não possam ser dis- as modalidades de comunicação oficial: o emprego dos pro-
pensados. nomes de tratamento, a forma dos fechos e a identificação do
signatário.
A revisão atenta exige, necessariamente, tempo. A pressa
com que são elaboradas certas comunicações quase sempre
compromete sua clareza. Não se deve proceder à redação de 2.1. Pronomes de Tratamento
um texto que não seja seguida por sua revisão. “Não há
assuntos urgentes, há assuntos atrasados”, diz a máxima. 2.1.1. Breve História dos Pronomes de Tratamento
Evite-se, pois, o atraso, com sua indesejável repercussão no
redigir. O uso de pronomes e locuções pronominais de tratamen-
to tem larga tradição na língua portuguesa. De acordo com
Por fim, como exemplo de texto obscuro, que deve ser Said Ali, após serem incorporados ao português os pronomes
evitado em todas as comunicações oficiais, transcrevemos a latinos tu e vos, “como tratamento direto da pessoa ou pes-
seguir um pitoresco quadro, constante de obra de Adriano da soas a quem se dirigia a palavra”, passou-se a empregar,
Gama Kury, a partir do qual podem ser feitas inúmeras fra- como expediente linguístico de distinção e de respeito, a
ses, combinando-se as expressões em qualquer ordem, com segunda pessoa do plural no tratamento de pessoas de hie-
uma característica comum: nenhuma delas tem sentido! O rarquia superior. Prossegue o autor:
quadro tem aqui a função de sublinhar a maneira de como
não se deve escrever: “Outro modo de tratamento indireto consistiu em fingir
que se dirigia a palavra a um atributo ou qualidade e-
Como não se deve escrever: minente da pessoa de categoria superior, e não a ela
A necessidade emergente se caracteriza por uma corre- própria. Assim aproximavam-se os vassalos de seu rei
ta relação entre estrutura e superestrutura no interesse com o tratamento de vossa mercê, vossa senhoria
primário da população, substanciando e vitalizando, numa (...); assim usou-se o tratamento ducal de vossa exce-
ótica preventiva e não mais curativa, a transparência de lência e adotaram-se na hierarquia eclesiástica vossa
cada ato decisional.
reverência, vossa paternidade, vossa eminência, vos-
O quadro normativo prefigura a superação de cada obstá-
culo e/ou resistência passiva sem prejudicar o atual nível sa santidade.”
das contribuições, não assumindo nunca como implícito,
no contexto de um sistema integrado, um indispensável A partir do final do século XVI, esse modo de tratamento
salto de qualidade. indireto já estava em voga também para os ocupantes de
O critério metodológico reconduz a sínteses a pontual certos cargos públicos. Vossa mercê evoluiu para vosmecê, e
correspondência entre objetivos e recursos com critérios depois para o coloquial você. E o pronome vós, com o tempo,
não dirigísticos, potenciando e incrementando, na medida caiu em desuso. É dessa tradição que provém o atual empre-
em que isso seja factível, o aplanamento de discrepâncias go de pronomes de tratamento indireto como forma de diri-
e discrasias existentes. girmo-nos às autoridades civis, militares e eclesiásticas.
O modelo de desenvolvimento incrementa o redireciona-
mento das linhas de tendências em ato para além das
contradições e dificuldades iniciais, evidenciando e explici- 2.1.2. Concordância com os Pronomes de Tratamento
tando em termos de eficácia e eficiência, a adoção de uma
metodologia diferenciada. Os pronomes de tratamento (ou de segunda pessoa indi-
O novo tema social propicia o incorporamento das fun- reta) apresentam certas peculiaridades quanto à concordân-
ções e a descentralização decisional numa visão orgânica cia verbal, nominal e pronominal. Embora se refiram à se-
e não totalizante, ativando e implementando, a cavaleiro da gunda pessoa gramatical (à pessoa com quem se fala, ou a
situação contingente, a redefinição de uma nova figura pro- quem se dirige a comunicação), levam a concordância para a
fissional. terceira pessoa. É que o verbo concorda com o substantivo
O método participativo propõe-se a o reconhecimento da que integra a locução como seu núcleo sintático: “Vossa
demanda não satisfeita mediante mecanismos da participa-
Senhoria nomeará o substituto”; “Vossa Excelência conhece
ção, não omitindo ou calando, mas antes particularizan-
do,com as devidas e imprescindíveis enfatizações, o co- o assunto”.
envolvimento ativo de operadores e utentes.
A utilização potencial privilegia uma coligação orgânica Da mesma forma, os pronomes possessivos referidos a
interdisciplinar para uma práxis de trabalho de grupo, segun- pronomes de tratamento são sempre os da terceira pessoa:
do um módulo de interdependência horizontal, recupe- “Vossa Senhoria nomeará seu substituto” (e não “Vossa ...
rando, ou antes revalorizando, como sua premissa indis- vosso...”).
pensável e condicionante, uma congruente flexibilidade
das estruturas. Já quanto aos adjetivos referidos a esses pronomes, o
gênero gramatical deve coincidir com o sexo da pessoa a que

– 72 –
Língua Portuguesa
se refere, e não com o substantivo que compõe a locução. A Sua Excelência o Senhor
Assim, se nosso interlocutor for homem, o correto é “Vossa Fulano de Tal
Excelência está atarefado”, “Vossa Senhoria deve estar satis- Juiz de Direito da 10ª Vara Cível
feito”; se for mulher, “Vossa Excelência está atarefada”, “Vos- Rua ABC, nº 123
sa Senhoria deve estar satisfeita”. 01010-000 – São Paulo. SP

2.1.3. Emprego dos Pronomes de Tratamento Em comunicações oficiais, está abolido o uso do trata-
mento digníssimo (DD), às autoridades arroladas na lista
Como visto, o emprego dos pronomes de tratamento anterior. A dignidade é pressuposto para que se ocupe qual-
obedece a secular tradição. São de uso consagrado: quer cargo público, sendo desnecessária sua repetida evoca-
ção.
Vossa Excelência, para as seguintes autoridades:
Vossa Senhoria é empregado para as demais autoridades
a) do Poder Executivo: e para particulares. O vocativo adequado é:
Presidente da República; Senhor Fulano de Tal,
Vice-Presidente da República; (...)
Ministros de Estado;
Governadores e Vice-Governadores de Estado e do Distrito No envelope, deve constar do endereçamento:
Federal;
Oficiais-Generais das Forças Armadas; Ao Senhor
Embaixadores; Fulano de Tal
Secretários-Executivos de Ministérios e demais ocupantes de Rua ABC, nº 123
cargos de natureza especial; 12345-000 – Curitiba. PR
Secretários de Estado dos Governos Estaduais;
Prefeitos Municipais. Como se depreende do exemplo acima, fica dispensado o
emprego do superlativo ilustríssimo para as autoridades que
b) do Poder Legislativo: recebem o tratamento de Vossa Senhoria e para particulares.
Deputados Federais e Senadores; É suficiente o uso do pronome de tratamento Senhor.
Ministros do Tribunal de Contas da União;
Deputados Estaduais e Distritais; Acrescente-se que doutor não é forma de tratamento, e
Conselheiros dos Tribunais de Contas Estaduais; sim título acadêmico. Evite usá-lo indiscriminadamente. Co-
Presidentes das Câmaras Legislativas Municipais. mo regra geral, empregue-o apenas em comunicações dirigi-
das a pessoas que tenham tal grau por terem concluído curso
c) do Poder Judiciário: universitário de doutorado.
Ministros dos Tribunais Superiores;
Membros de Tribunais; É costume designar por doutor os bacharéis, especial-
Juízes; mente os bacharéis em Direito e em Medicina. Nos demais
Auditores da Justiça Militar. casos, o tratamento Senhor confere a desejada formalidade
às comunicações.
O vocativo a ser empregado em comunicações dirigidas
aos Chefes de Poder é Excelentíssimo Senhor, seguido do Mencionemos, ainda, a forma Vossa Magnificência, em-
cargo respectivo: pregada por força da tradição, em comunicações dirigidas a
reitores de universidade. Corresponde-lhe o vocativo:
Excelentíssimo Senhor Presidente da República,
Excelentíssimo Senhor Presidente do Congresso Nacional, Magnífico Reitor,
Excelentíssimo Senhor Presidente do Supremo Tribunal Fe- (...)
deral.
Os pronomes de tratamento para religiosos, de acordo
As demais autoridades serão tratadas com o vocativo com a hierarquia eclesiástica, são:
Senhor, seguido do cargo respectivo: Vossa Santidade, em comunicações dirigidas ao Papa. O
vocativo correspondente é:
Senhor Senador,
Senhor Juiz, Santíssimo Padre,
Senhor Ministro, (...)
Senhor Governador.
Vossa Eminência ou Vossa Eminência Reverendíssima, em
No envelope, o endereçamento das comunicações dirigi- comunicações aos Cardeais. Corresponde-lhe o vocativo:
das às autoridades tratadas por Vossa Excelência, terá a
seguinte forma: Eminentíssimo Senhor Cardeal, ou
Eminentíssimo e Reverendíssimo Senhor Cardeal,
A Sua Excelência o Senhor (...)
Fulano de Tal
Ministro de Estado da Justiça Vossa Excelência Reverendíssima é usado em comunica-
70064-900 – Brasília. DF ções dirigidas a Arcebispos e Bispos; Vossa Reverendíssima
ou Vossa Senhoria Reverendíssima para Monsenhores, Cô-
A Sua Excelência o Senhor negos e superiores religiosos. Vossa Reverência é emprega-
Senador Fulano de Tal do para sacerdotes, clérigos e demais religiosos.
Senado Federal
70165-900 – Brasília. DF
2.2. Fechos para Comunicações

– 73 –
Língua Portuguesa
O fecho das comunicações oficiais possui, além da finali- Assunto: Produtividade do órgão em 2002.
dade óbvia de arrematar o texto, a de saudar o destinatário. Assunto: Necessidade de aquisição de novos computado-
Os modelos para fecho que vinham sendo utilizados foram res.
regulados pela Portaria nº 1 do Ministério da Justiça, de 1937, d) destinatário: o nome e o cargo da pessoa a quem é dirigida
que estabelecia quinze padrões. a comunicação. No caso do ofício deve ser incluído também
Com o fito de simplificá-los e uniformizá-los, este Manual o endereço.
estabelece o emprego de somente dois fechos diferentes
para todas as modalidades de comunicação oficial: e) texto: nos casos em que não for de mero encaminhamento
de documentos, o expediente deve conter a seguinte estrutu-
a) para autoridades superiores, inclusive o Presidente da ra:
República:
Respeitosamente, – introdução, que se confunde com o parágrafo de abertura,
na qual é apresentado o assunto que motiva a comunicação.
b) para autoridades de mesma hierarquia ou de hierarquia Evite o uso das formas: “Tenho a honra de”, “Tenho o prazer
inferior: de”, “Cumpre-me informar que”, empregue a forma direta;
Atenciosamente, – desenvolvimento, no qual o assunto é detalhado; se o
texto contiver mais de uma ideia sobre o assunto, elas devem
Ficam excluídas dessa fórmula as comunicações dirigidas ser tratadas em parágrafos distintos, o que confere maior
a autoridades estrangeiras, que atendem a rito e tradição clareza à exposição;
próprios, devidamente disciplinados no Manual de Redação – conclusão, em que é reafirmada ou simplesmente reapre-
do Ministério das Relações Exteriores. sentada a posição recomendada sobre o assunto.

2.3. Identificação do Signatário Os parágrafos do texto devem ser numerados, exceto nos
casos em que estes estejam organizados em itens ou títulos
Excluídas as comunicações assinadas pelo Presidente da e subtítulos.
República, todas as demais comunicações oficiais devem
trazer o nome e o cargo da autoridade que as expede, abaixo Já quando se tratar de mero encaminhamento de docu-
do local de sua assinatura. A forma da identificação deve ser mentos a estrutura é a seguinte:
a seguinte:
– introdução: deve iniciar com referência ao expediente que
(espaço para assinatura) solicitou o encaminhamento. Se a remessa do documento
NOME não tiver sido solicitada, deve iniciar com a informação do
Chefe da Secretaria-Geral da Presidência da República motivo da comunicação, que é encaminhar, indicando a se-
(espaço para assinatura) guir os dados completos do documento encaminhado (tipo,
NOME data, origem ou signatário, e assunto de que trata), e a razão
Ministro de Estado da Justiça pela qual está sendo encaminhado, segundo a seguinte fór-
mula:
Para evitar equívocos, recomenda-se não deixar a assina-
tura em página isolada do expediente. Transfira para essa “Em resposta ao Aviso nº 12, de 1º de fevereiro de 1991,
página ao menos a última frase anterior ao fecho. encaminho, anexa, cópia do Ofício nº 34, de 3 de abril de
1990, do Departamento Geral de Administração, que trata da
3. O Padrão Ofício requisição do servidor Fulano de Tal.”
ou
Há três tipos de expedientes que se diferenciam antes
pela finalidade do que pela forma: o ofício, o aviso e o memo- “Encaminho, para exame e pronunciamento, a anexa
rando. Com o fito de uniformizá-los, pode-se adotar uma cópia do telegrama nº 12, de 1º de fevereiro de 1991, do
diagramação única, que siga o que chamamos de padrão Presidente da Confederação Nacional de Agricultura, a res-
ofício. peito de projeto de modernização de técnicas agrícolas na
região Nordeste.”
3.1. Partes do documento no Padrão Ofício
– desenvolvimento: se o autor da comunicação desejar
O aviso, o ofício e o memorando devem conter as seguin- fazer algum comentário a respeito do documento que enca-
tes partes: minha, poderá acrescentar parágrafos de desenvolvimento;
em caso contrário, não há parágrafos de desenvolvimento em
a) tipo e número do expediente, seguido da sigla do órgão aviso ou ofício de mero encaminhamento.
que o expede:
Exemplos: f) fecho;

Mem. 123/2002-MF g) assinatura do autor da comunicação; e


Aviso 123/2002-SG
Of. 123/2002-MME h) identificação do signatário.

b) local e data em que foi assinado, por extenso, com alinha- 3.2. Forma de diagramação
mento à direita:
Exemplo: Os documentos do Padrão Ofício devem obedecer à
Brasília, 15 de março de 1991. seguinte forma de apresentação:
a) deve ser utilizada fonte do tipo Times New Roman de cor-
c) assunto: resumo do teor do documento po 12 no texto em geral, 11 nas citações, e 10 nas notas de
Exemplos: rodapé;

– 74 –
Língua Portuguesa
b) para símbolos não existentes na fonte Times New Roman – telefone e endereço de correio eletrônico.
poder-se-á utilizar as fontes Symbol e Wingdings;
c) é obrigatório constar a partir da segunda página o número Exemplo de ofício:
da página;
d) os ofícios, memorandos e anexos destes poderão ser
impressos em ambas as faces do papel. Neste caso, as mar- [Ministério]
gens esquerda e direita terão as distâncias invertidas nas [Secretaria/Departamento/Setor/Entidade]
páginas pares (“margem espelho”); [Endereço para correspondência].
5 cm [Endereço - continuação]
e) o início de cada parágrafo do texto deve ter 2,5 cm de [Telefone e Endereço de Correio Eletrônico]
distância da margem esquerda;
f) o campo destinado à margem lateral esquerda terá, no
mínimo, 3,0 cm de largura; Ofício nº 524/1991/SG-PR
g) o campo destinado à margem lateral direita terá 1,5 cm; Brasília, 27 de maio de 1991.
h) deve ser utilizado espaçamento simples entre as linhas e
de 6 pontos após cada parágrafo, ou, se o editor de texto A Sua Excelência o Senhor
utilizado não comportar tal recurso, de uma linha em branco; Deputado [Nome]
Câmara dos Deputados
i) não deve haver abuso no uso de negrito, itálico, sublinhado, 70.160-900 – Brasília – DF
letras maiúsculas, sombreado, sombra, relevo, bordas ou
qualquer outra forma de formatação que afete a elegância e a 3 cm
sobriedade do documento;
j) a impressão dos textos deve ser feita na cor preta em papel Assunto: Demarcação de terras indígenas
branco. A impressão colorida deve ser usada apenas para Senhor Deputado,
gráficos e ilustrações;
l) todos os tipos de documentos do Padrão Ofício devem ser 2,5 cm
1. Em complemento às observações
impressos em papel de tamanho A-4, ou seja, 29,7 x 21,0 cm; transmitidas pelo telegrama nº 154, de 24 de
m) deve ser utilizado, preferencialmente, o formato de arquivo abril último, informo Vossa Excelência de que as me-
Rich Text nos documentos de texto; didas mencionadas em sua carta nº 6708, dirigida ao
n) dentro do possível, todos os documentos elaborados de- Senhor Presidente da República, estão amparadas
vem ter o arquivo de texto preservado para consulta posterior pelo procedimento administrativo de demarcação de
ou aproveitamento de trechos para casos análogos; terras indígenas instituído pelo Decreto nº 22, de 4
o) para facilitar a localização, os nomes dos arquivos devem de fevereiro de 1991 (cópia anexa).
ser formados da seguinte maneira:
2. Em sua comunicação, Vossa Excelên-
cia ressalva a necessidade de que – na definição e
tipo do documento + número do documento + demarcação das terras indígenas – fossem levadas
palavras-chaves do conteúdo em consideração as características socioeconômicas
regionais.
Ex.: “Of. 123 - relatório produtividade ano 2002”
3. Nos termos do Decreto nº 22, a de-
3.3. Aviso e Ofício marcação de terras indígenas deverá ser
3,5 cm
3.3.1. Definição e Finalidade
precedida de estudos e levantamentos técnicos que
Aviso e ofício são modalidades de comunicação oficial atendam ao disposto no art. 231, § 1º, da Constituição
praticamente idênticas. Federal. Os estudos deverão incluir os aspectos etno-
históricos, sociológicos, cartográficos e fundiários. O
A única diferença entre eles é que o aviso é expedido exame deste último aspecto deverá ser feito conjun-
exclusivamente por Ministros de Estado, para autoridades de tamente com o órgão federal ou estadual competente.
mesma hierarquia, ao passo que o ofício é expedido para e
4. Os órgãos públicos federais, estadu-
pelas demais autoridades. ais e municipais deverão encaminhar as informações
que julgarem pertinentes sobre a área em estudo. É
Ambos têm como finalidade o tratamento de assuntos igualmente assegurada a manifestação de entidades
oficiais pelos órgãos da Administração Pública entre si e, no representativas da sociedade civil.
caso do ofício, também com particulares.
5. Os estudos técnicos elaborados pelo
3.3.2. Forma e Estrutura órgão federal de proteção ao índio serão publicados
juntamente com as informações recebidas dos órgãos
públicos e das entidades civis acima mencionadas.
Quanto a sua forma, aviso e ofício seguem o modelo do
padrão ofício, com acréscimo do vocativo, que invoca o des- 6. Como Vossa Excelência pode verificar, o
tinatário, seguido de vírgula. procedimento estabelecido assegura que a decisão a
Exemplos: ser baixada pelo Ministro de Estado da Justiça sobre
os limites e a demarcação de terras indígenas seja in-
Excelentíssimo Senhor Presidente da República formada de todos os elementos necessários, inclusive
Senhora Ministra daqueles assinalados em sua carta, com a necessária
Senhor Chefe de Gabinete transparência e agilidade.

Atenciosamente,
Devem constar do cabeçalho ou do rodapé do ofício as
seguintes informações do remetente: [Nome]
Cargo
– nome do órgão ou setor;
– endereço postal;

– 75 –
Língua Portuguesa
Exemplo de aviso: Exemplo de Memorando:

5 cm 5 cm
Aviso no 45/SCT-PR
Brasília, 27 de fevereiro de 1991. Mem. 118/DJ
A Sua Excelência o Senhor Em 12 de abril de 1991
[Nome e cargo]
Ao Sr. Chefe do Departamento de Administração
Assunto: Seminário sobre uso de energia no
setor público.
Assunto: Administração. Instalação de microcom-
Senhor Ministro, putadores
2,5 cm
Convido Vossa Excelência a parti- 1. Nos termos do Plano Geral de informati-
cipar da sessão de abertura do Primeiro Seminá- zação, solicito a Vossa Senhoria verificar a possibili-
rio Regional sobre o Uso Eficiente de Energia no
dade de que sejam instalados três microcomputadores
Setor Público, a ser realizado em 5 de março neste Departamento.
próximo, às 9 horas, no auditório da Escola Na-
cional de Administração Pública – ENAP, locali- 2 Sem descer a maiores detalhes técnicos,
zada no Setor de Áreas Isoladas Sul, nesta capi- acrescento, apenas, que o ideal seria que o equipa-
tal. mento fosse dotado de disco rígido e de monitor pa-
drão EGA. Quanto a programas, haveria necessidade
O Seminário mencionado inclui-se nas de dois tipos: um processador de textos, e outro ge-
atividades do Programa Nacional das Comissões renciador de banco de dados.
Internas de Conservação de Energia em Órgão 3 cm
Públicos, instituído pelo
3. O treinamento de pessoal para operação
Decreto no 99.656, de 26 de outubro de 1990. dos micros poderia ficar a cargo da Seção de Treina-
mento do Departamento de Modernização, cuja chefia
Atenciosamente, já manifestou seu acordo a respeito.
[nome do signatário] 4. Devo mencionar, por fim, que a informati-
[cargo do signatário]
zação dos trabalhos deste Departamento ensejará ra-
cional distribuição de tarefas entre os servidores e,
sobretudo, uma melhoria na qualidade dos serviços
prestados.
3.4. Memorando Atenciosamente,

3.4.1. Definição e Finalidade [nome do signatário]


[cargo do signatário]
O memorando é a modalidade de comunicação entre
unidades administrativas de um mesmo órgão, que podem
estar hierarquicamente em mesmo nível ou em níveis diferen-
tes. Trata-se, portanto, de uma forma de comunicação
4. Exposição de Motivos
eminentemente interna.

Pode ter caráter meramente administrativo, ou ser empre- 4.1. Definição e Finalidade
gado para a exposição de projetos, ideias, diretrizes, etc. a
serem adotados por determinado setor do serviço público. Exposição de motivos é o expediente dirigido ao Presi-
dente da República ou ao Vice-Presidente para:
Sua característica principal é a agilidade. A tramitação do
memorando em qualquer órgão deve pautar-se pela rapidez e a) informá-lo de determinado assunto;
pela simplicidade de procedimentos burocráticos. Para evitar b) propor alguma medida; ou
desnecessário aumento do número de comunicações, os
c) submeter a sua consideração projeto de ato normativo.
despachos ao memorando devem ser dados no próprio do-
cumento e, no caso de falta de espaço, em folha de continua-
ção. Esse procedimento permite formar uma espécie de pro- Em regra, a exposição de motivos é dirigida ao Presidente
cesso simplificado, assegurando maior transparência à toma- da República por um Ministro de Estado.
da de decisões, e permitindo que se historie o andamento da
matéria tratada no memorando. Nos casos em que o assunto tratado envolva mais de um
Ministério, a exposição de motivos deverá ser assinada por
todos os Ministros envolvidos, sendo, por essa razão, cha-
3.4.2. Forma e Estrutura mada de interministerial.
Quanto a sua forma, o memorando segue o modelo do
padrão ofício, com a diferença de que o seu destinatário deve
ser mencionado pelo cargo que ocupa. 4.2. Forma e Estrutura

Exemplos: Formalmente, a exposição de motivos tem a apresenta-


ção do padrão ofício. O anexo que acompanha a exposição
Ao Sr. Chefe do Departamento de Administração de motivos que proponha alguma medida ou apresente proje-
Ao Sr. Subchefe para Assuntos Jurídicos to de ato normativo, segue o modelo descrito adiante.

– 76 –
Língua Portuguesa
A exposição de motivos, de acordo com sua finalidade, Deve, ainda, trazer apenso o formulário de anexo à expo-
apresenta duas formas básicas de estrutura: uma para aque- sição de motivos, devidamente preenchido, de acordo com o
la que tenha caráter exclusivamente informativo e outra para seguinte modelo previsto no Anexo II do Decreto no 4.176, de
a que proponha alguma medida ou submeta projeto de ato 28 de março de 2002.
normativo.
Anexo à Exposição de Motivos do (indicar nome do Minis-
No primeiro caso, o da exposição de motivos que sim- tério ou órgão equivalente) nº , de de de 200 .
plesmente leva algum assunto ao conhecimento do Presiden-
te da República, sua estrutura segue o modelo antes referido
para o padrão ofício. 1 . Síntese do problema ou da situação que reclama provi-
dências
Exemplo de Exposição de Motivos de caráter informativo:

2. Soluções e providências contidas no ato normativo ou na


medida proposta

5 cm
EM nº 00146/1991-MRE

Brasília, 24 de maio de 1991. 3. Alternativas existentes às medidas propostas

Mencionar:
5 cm
Excelentíssimo Senhor Presidente da República. • se há outro projeto do Executivo sobre a matéria;
• se há projetos sobre a matéria no Legislativo;
• outras possibilidades de resolução do problema.

4. Custos
1,5 cm
O Presidente George Bush anunciou, no último dia Mencionar:
13, significativa mudança da posição norte-
americana nas negociações que se realizam – na • se a despesa decorrente da medida está prevista na lei
Conferência do Desarmamento, em Genebra – de orçamentária anual; se não, quais as alternativas para cus-
uma convenção multilateral de proscrição total das teá-la;
armas químicas. Ao renunciar à manutenção de • se é o caso de solicitar-se abertura de crédito extraordiná-
cerca de dois por cento de seu arsenal químico até rio, especial ou suplementar;
a adesão à convenção de todos os países em • valor a ser despendido em moeda corrente.
condições de produzir armas químicas, os Estados
Unidos reaproximaram sua postura da maioria dos
quarenta países participantes do processo negoci- 5. Razões que justificam a urgência (a ser preenchido somen-
ador, inclusive o Brasil, abrindo possibilidades te se o ato proposto for medida provisória ou projeto de lei
concretas de que o tratado venha a ser concluído que deva tramitar em regime de urgência)
e assinado em prazo de cerca de um ano. (...)
Mencionar:

• se o problema configura calamidade pública;


1 cm • por que é indispensável a vigência imediata;
Respeitosamente, • se se trata de problema cuja causa ou agravamento não
tenham sido previstos;
• se se trata de desenvolvimento extraordinário de situação
já prevista.
2,5cm
[Nome]
[cargo]
6. Impacto sobre o meio ambiente (sempre que o ato ou me-
dida proposta possa vir a tê-lo)

Já a exposição de motivos que submeta à consideração


do Presidente da República a sugestão de alguma medida a
ser adotada ou a que lhe apresente projeto de ato normativo
– embora sigam também a estrutura do padrão ofício –, além 7. Alterações propostas
de outros comentários julgados pertinentes por seu autor,
devem, obrigatoriamente, apontar: Texto atual Texto proposto

a) na introdução: o problema que está a reclamar a adoção


da medida ou do ato normativo proposto;
8. Síntese do parecer do órgão jurídico
b) no desenvolvimento: o porquê de ser aquela medida ou
aquele ato normativo o ideal para se solucionar o problema, e
eventuais alternativas existentes para equacioná-lo; A falta ou insuficiência das informações prestadas pode
acarretar, a critério da Subchefia para Assuntos Jurídicos da
c) na conclusão, novamente, qual medida deve ser tomada, Casa Civil, a devolução do projeto de ato normativo para que
ou qual ato normativo deve ser editado para solucionar o se complete o exame ou se reformule a proposta.
problema.

– 77 –
Língua Portuguesa
O preenchimento obrigatório do anexo para as exposições As mensagens mais usuais do Poder Executivo ao Con-
de motivos que proponham a adoção de alguma medida ou a gresso Nacional têm as seguintes finalidades:
edição de ato normativo tem como finalidade:

a) permitir a adequada reflexão sobre o problema que se a) encaminhamento de projeto de lei ordinária, comple-
busca resolver; mentar ou financeira.

b) ensejar mais profunda avaliação das diversas causas do


problema e dos efeitos que pode ter a adoção da medida ou Os projetos de lei ordinária ou complementar são envia-
a edição do ato, em consonância com as questões que de- dos em regime normal (Constituição, art. 61) ou de urgência
vem ser analisadas na elaboração de proposições normativas (Constituição, art. 64, §§ 1º a 4º).
no âmbito do Poder Executivo;
Cabe lembrar que o projeto pode ser encaminhado sob o
c) conferir perfeita transparência aos atos propostos. regime normal e mais tarde ser objeto de nova mensagem,
com solicitação de urgência.
Dessa forma, ao atender às questões que devem ser
analisadas na elaboração de atos normativos no âmbito do Em ambos os casos, a mensagem se dirige aos Membros
Poder Executivo, o texto da exposição de motivos e seu ane- do Congresso Nacional, mas é encaminhada com aviso do
xo complementam-se e formam um todo coeso: no anexo, Chefe da Casa Civil da Presidência da República ao Primeiro
encontramos uma avaliação profunda e direta de toda a situ- Secretário da Câmara dos Deputados, para que tenha início
ação que está a reclamar a adoção de certa providência ou a sua tramitação (Constituição, art. 64, caput).
edição de um ato normativo; o problema a ser enfrentado e
suas causas; a solução que se propõe, seus efeitos e seus Quanto aos projetos de lei financeira (que compreendem
custos; e as alternativas existentes. O texto da exposição de plano plurianual, diretrizes orçamentárias, orçamentos anuais
motivos fica, assim, reservado à demonstração da necessi- e créditos adicionais), as mensagens de encaminhamento
dade da providência proposta: por que deve ser adotada e dirigem-se aos Membros do Congresso Nacional, e os res-
como resolverá o problema. pectivos avisos são endereçados ao Primeiro Secretário do
Senado Federal.
Nos casos em que o ato proposto for questão de pessoal
(nomeação, promoção, ascensão, transferência, readapta- A razão é que o art. 166 da Constituição impõe a delibe-
ção, reversão, aproveitamento, reintegração, recondução, ração congressual sobre as leis financeiras em sessão con-
remoção, exoneração, demissão, dispensa, disponibilidade, junta, mais precisamente, “na forma do regimento comum”. E
aposentadoria), não é necessário o encaminhamento do à frente da Mesa do Congresso Nacional está o Presidente
formulário de anexo à exposição de motivos. do Senado Federal (Constituição, art. 57, § 5º), que comanda
as sessões conjuntas.
Ressalte-se que:
As mensagens aqui tratadas coroam o processo desen-
– a síntese do parecer do órgão de assessoramento jurídico volvido no âmbito do Poder Executivo, que abrange minucio-
não dispensa o encaminhamento do parecer completo; so exame técnico, jurídico e econômico-financeiro das maté-
rias objeto das proposições por elas encaminhadas.
– o tamanho dos campos do anexo à exposição de motivos
pode ser alterado de acordo com a maior ou menor extensão Tais exames materializam-se em pareceres dos diversos
dos comentários a serem ali incluídos. órgãos interessados no assunto das proposições, entre eles o
da Advocacia-Geral da União.
Ao elaborar uma exposição de motivos, tenha presente
que a atenção aos requisitos básicos da redação oficial (cla- Mas, na origem das propostas, as análises necessárias
reza, concisão, impessoalidade, formalidade, padronização e constam da exposição de motivos do órgão onde se geraram
uso do padrão culto de linguagem) deve ser redobrada. – exposição que acompanhará, por cópia, a mensagem de
encaminhamento ao Congresso.
A exposição de motivos é a principal modalidade de co-
municação dirigida ao Presidente da República pelos Minis-
tros. b) encaminhamento de medida provisória.

Além disso, pode, em certos casos, ser encaminhada


cópia ao Congresso Nacional ou ao Poder Judiciário ou, Para dar cumprimento ao disposto no art. 62 da Constitui-
ainda, ser publicada no Diário Oficial da União, no todo ou em ção, o Presidente da República encaminha mensagem ao
parte. Congresso, dirigida a seus membros, com aviso para o Pri-
meiro Secretário do Senado Federal, juntando cópia da me-
dida provisória, autenticada pela Coordenação de Documen-
5. Mensagem tação da Presidência da República.

5.1. Definição e Finalidade c) indicação de autoridades.

É o instrumento de comunicação oficial entre os Chefes


dos Poderes Públicos, notadamente as mensagens enviadas As mensagens que submetem ao Senado Federal a indi-
pelo Chefe do Poder Executivo ao Poder Legislativo para cação de pessoas para ocuparem determinados cargos (ma-
informar sobre fato da Administração Pública; expor o plano gistrados dos Tribunais Superiores, Ministros do TCU, Presi-
de governo por ocasião da abertura de sessão legislativa; dentes e Diretores do Banco Central, Procurador-Geral da
submeter ao Congresso Nacional matérias que dependem de República, Chefes de Missão Diplomática, etc.) têm em vista
deliberação de suas Casas; apresentar veto; enfim, fazer e que a Constituição, no seu art. 52, incisos III e IV, atribui
agradecer comunicações de tudo quanto seja de interesse àquela Casa do Congresso Nacional competência privativa
dos poderes públicos e da Nação. para aprovar a indicação.

Minuta de mensagem pode ser encaminhada pelos Minis- O curriculum vitae do indicado, devidamente assinado,
térios à Presidência da República, a cujas assessorias caberá acompanha a mensagem.
a redação final.

– 78 –
Língua Portuguesa
d) pedido de autorização para o Presidente ou o Vice- j) outras mensagens.
Presidente da República se ausentarem do País por mais
de 15 dias. Também são remetidas ao Legislativo com regular fre-
quência mensagens com:

Trata-se de exigência constitucional (Constituição, art. 49, – encaminhamento de atos internacionais que acarretam
III, e 83), e a autorização é da competência privativa do Con- encargos ou compromissos gravosos (Constituição, art. 49, I);
gresso Nacional.
– pedido de estabelecimento de alíquotas aplicáveis às ope-
O Presidente da República, tradicionalmente, por cortesia, rações e prestações interestaduais e de exportação (Consti-
quando a ausência é por prazo inferior a 15 dias, faz uma tuição, art. 155, § 2º, IV);
comunicação a cada Casa do Congresso, enviando-lhes
mensagens idênticas. – proposta de fixação de limites globais para o montante da
dívida consolidada (Constituição, art. 52, VI);

e) encaminhamento de atos de concessão e renovação – pedido de autorização para operações financeiras externas
de concessão de emissoras de rádio e TV. (Constituição, art. 52, V); e outros.

A obrigação de submeter tais atos à apreciação do Con- Entre as mensagens menos comuns estão as de:
gresso Nacional consta no inciso XII do artigo 49 da Constitu-
ição. Somente produzirão efeitos legais a outorga ou renova- – convocação extraordinária do Congresso Nacional (Consti-
ção da concessão após deliberação do Congresso Nacional tuição, art. 57, § 6º);
(Constituição, art. 223, § 3º).
– pedido de autorização para exonerar o Procurador-Geral da
Descabe pedir na mensagem a urgência prevista no art. República (art. 52, XI, e 128, § 2º);
64 da Constituição, porquanto o § 1º do art. 223 já define o
prazo da tramitação. – pedido de autorização para declarar guerra e decretar mo-
bilização nacional (Constituição, art. 84, XIX);
Além do ato de outorga ou renovação, acompanha a
mensagem o correspondente processo administrativo. – pedido de autorização ou referendo para celebrar a paz
(Constituição, art. 84, XX);

f) encaminhamento das contas referentes ao exercício – justificativa para decretação do estado de defesa ou de sua
anterior. prorrogação (Constituição, art. 136, § 4º);

O Presidente da República tem o prazo de sessenta dias – pedido de autorização para decretar o estado de sítio
após a abertura da sessão legislativa para enviar ao Con- (Constituição, art. 137);
gresso Nacional as contas referentes ao exercício anterior
(Constituição, art. 84, XXIV), para exame e parecer da Co- – relato das medidas praticadas na vigência do estado de
missão Mista permanente (Constituição, art. 166, § 1º), sob sítio ou de defesa (Constituição, art. 141, parágrafo único);
pena de a Câmara dos Deputados realizar a tomada de con-
tas (Constituição, art. 51, II), em procedimento disciplinado no – proposta de modificação de projetos de leis financeiras
art. 215 do seu Regimento Interno. (Constituição, art. 166, § 5º);

– pedido de autorização para utilizar recursos que ficarem


g) mensagem de abertura da sessão legislativa. sem despesas correspondentes, em decorrência de veto,
emenda ou rejeição do projeto de lei orçamentária anual
Ela deve conter o plano de governo, exposição sobre a (Constituição, art. 166, § 8º);
situação do País e solicitação de providências que julgar
necessárias (Constituição, art. 84, XI). – pedido de autorização para alienar ou conceder terras pú-
blicas com área superior a 2.500 ha (Constituição, art. 188, §
O portador da mensagem é o Chefe da Casa Civil da 1º); etc.
Presidência da República. Esta mensagem difere das demais
porque vai encadernada e é distribuída a todos os Congres-
sistas em forma de livro. 5.2. Forma e Estrutura

As mensagens contêm:
h) comunicação de sanção (com restituição de autógra-
fos). a) a indicação do tipo de expediente e de seu número, hori-
zontalmente, no início da margem esquerda:
Esta mensagem é dirigida aos Membros do Congresso Mensagem nº
Nacional, encaminhada por Aviso ao Primeiro Secretário da
Casa onde se originaram os autógrafos. b) vocativo, de acordo com o pronome de tratamento e o
cargo do destinatário, horizontalmente, no início da margem
Nela se informa o número que tomou a lei e se restituem esquerda;
dois exemplares dos três autógrafos recebidos, nos quais o Excelentíssimo Senhor Presidente do Senado
Presidente da República terá aposto o despacho de sanção. Federal,

c) o texto, iniciando a 2 cm do vocativo;


i) comunicação de veto.
d) o local e a data, verticalmente a 2 cm do final do texto, e
Dirigida ao Presidente do Senado Federal (Constituição, horizontalmente fazendo coincidir seu final com a margem
art. 66, § 1º), a mensagem informa sobre a decisão de vetar, direita.
se o veto é parcial, quais as disposições vetadas, e as razões
do veto. Seu texto vai publicado na íntegra no Diário Oficial A mensagem, como os demais atos assinados pelo Presi-
da União, ao contrário das demais mensagens, cuja publica- dente da República, não traz identificação de seu signatário.
ção se restringe à notícia do seu envio ao Poder Legislativo.

– 79 –
Língua Portuguesa
Exemplo de mensagem: 7.2. Forma e Estrutura

Os documentos enviados por fax mantêm a forma e a


5 cm estrutura que lhes são inerentes. É conveniente o envio,
Mensagem no 118 juntamente com o documento principal, de folha de rosto, i.
é., de pequeno formulário com os dados de identificação da
4 cm mensagem a ser enviada.
Excelentíssimo Senhor Presidente do
Senado Federal, Exemplo:
2 cm Órgão Expedidor]
3 cm [setor do órgão expedidor]
Comunico a Vossa Excelência o recebi- [endereço do órgão expedidor]
o
mento das Mensagens SM n 106 a 110, de _____________________________________________________
1991, nas quais informo a promulgação dos Destinatário:__________________________________________
os
Decretos Legislativos n 93 a 97, de 1991, re- No do fax de destino:_______________Data:____/_____/____
lativos à exploração de serviços de radiodifu- Remetente: __________________________________________
são. Tel. p/ contato:__________Fax/correio eletrônico:__________
Nº de páginas: esta +________Nº do documento:__________
2 cm Observações:_________________________________________
_____________________________________________________

Brasília, 28 de março de 1991. 8. Correio Eletrônico

8.1 Definição e finalidade


6. Telegrama
O correio eletrônico (“e-mail”), por seu baixo custo e cele-
6.1. Definição e Finalidade ridade, transformou-se na principal forma de comunicação
para transmissão de documentos.

Com o fito de uniformizar a terminologia e simplificar os


procedimentos burocráticos, passa a receber o título de tele- 8.2. Forma e Estrutura
grama toda comunicação oficial expedida por meio de tele-
grafia, telex, etc.
Um dos atrativos de comunicação por correio eletrônico é
Por tratar-se de forma de comunicação dispendiosa aos sua flexibilidade.
cofres públicos e tecnologicamente superada, deve restringir-
se o uso do telegrama apenas àquelas situações que não Assim, não interessa definir forma rígida para sua estrutu-
seja possível o uso de correio eletrônico ou fax e que a ur- ra.
gência justifique sua utilização e, também em razão de seu
custo elevado, esta forma de comunicação deve pautar-se Entretanto, deve-se evitar o uso de linguagem incompatí-
pela concisão. vel com uma comunicação oficial.

O campo assunto do formulário de correio eletrônico


6.2. Forma e Estrutura mensagem deve ser preenchido de modo a facilitar a organi-
zação documental tanto do destinatário quanto do remetente.

Não há padrão rígido, devendo-se seguir a forma e a Para os arquivos anexados à mensagem deve ser utiliza-
estrutura dos formulários disponíveis nas agências dos Cor- do, preferencialmente, o formato Rich Text.
reios e em seu sítio na Internet.
A mensagem que encaminha algum arquivo deve trazer
informações mínimas sobre seu conteúdo.
7. Fax
Sempre que disponível, deve-se utilizar recurso de con-
firmação de leitura.
7.1. Definição e Finalidade
Caso não seja disponível, deve constar da mensagem
pedido de confirmação de recebimento.
O fax (forma abreviada já consagrada de fac-simile) é
uma forma de comunicação que está sendo menos usada
devido ao desenvolvimento da Internet. 8.3 Valor documental

É utilizado para a transmissão de mensagens urgentes e Nos termos da legislação em vigor, para que a mensagem
para o envio antecipado de documentos, de cujo conheci- de correio eletrônico tenha valor documental, i. é, para que
mento há premência, quando não há condições de envio do possa ser aceita como documento original, é necessário
documento por meio eletrônico. existir certificação digital que ateste a identidade do remeten-
te, na forma estabelecida em lei.
Quando necessário o original, ele segue posteriormente
pela via e na forma de praxe. SITES PESQUISADOS

Se necessário o arquivamento, deve-se fazê-lo com cópia http://www.redacaooficial.com.br/


xerox do fax e não com o próprio fax, cujo papel, em certos www.planalto.gov.br.
modelos, se deteriora rapidamente.

– 80 –
Língua Portuguesa
EXERCÍCIOS
EXERCÍCIOS FINAIS

ANALISE OS EXERCÍCIOS, A SEGUIR, ESCREVENDO (C)


PARA CERTO E (E) PARA ERRADO: Questão 1

A rua diferente
1 – Quanto ao Manual de Redação da Presidência da
República: Na minha rua estão cortando árvores
botando trilho
A ( ) regulamenta as normas de redação de atos e comuni- construindo casas.
cações oficiais. Minha rua acordou mudada.
B( ) demonstra os aspectos essenciais da Redação Ofici- Os vizinhos não se conformam.
al, padronizando sua diagramação. Eles não sabem que a vida
C( ) possibilita a reflexão sobre questões como a identifi- tem dessas exigências brutas.
cação clara do problema que motiva um ato ou comunicação. Só minha filha goza o espetáculo
D ( ) contribui para a consolidação de uma cultura adminis- e se diverte com os andaimes,
trativa de profissionalização dos servidores públicos. a luz da solda autógena
E( ) está dividido em Redação Oficial e Língua Portugue- e o cimento escorrendo nas formas.
sa. (Carlos Drummond de Andrade).

2 – Quanto à Redação Oficial: 1 ( ) No texto, há narrador- personagem.


A ( ) deve caracterizar-se pela pessoalidade. 2 ( ) Em “Eles não sabem que a vida tem dessas exigên-
B( ) não há lugar na redação oficial para impressões pes- cias
soais. brutas”,a oração destacada é subordinada substantiva obje-
C( ) não impõe certos parâmetros ao uso que se faz da tiva direta.
língua. 3( ) A palavra “autógena” é proparoxítona, assim como
D( ) atende à disposição constitucional, a forma dos atos “exigências”.
normativos obedece a certa tradição. 4 ( ) Em “estão cortando” há uma locução verbal.
E( ) fazemos uso da impessoalidade. 5 ( ) “Só minha filha...”, a palavra “só” quando equivale a
“somente” é advérbio.

3 – Quanto às comunicações oficiais:


Questão 2
A ( ) Usa- se o vocativo Senhor para o tratamento do Presi-
dente da República. DESENCANTO
B( ) Em comunicações oficiais, está abolido o uso do tra-
tamento digníssimo (DD). Eu faço versos como quem chora
C ( ) no fecho das comunicações oficiais, usa-se para auto- De desalento... de desencanto...
ridades superiores, inclusive o Presidente da República Aten- Fecha o meu livro, se por agora
ciosamente. Não tens motivo nenhum de pranto.
D( ) todas as demais comunicações oficiais devem trazer Meu verso é sangue. Volúpia ardente
o nome e o cargo da autoridade que as expede inclusive Tristeza esparsa... remorso vão...
aquelas assinadas pelo Presidente da República. Dói-me nas veias. Amargo e quente,
E( ) O fecho das comunicações oficiais possui, além da Cai, gota a gota, do coração.
finalidade óbvia de arrematar o texto, a de saudar o destina- E nestes versos de angústia rouca
tário. Assim dos lábios a vida corre,
Deixando um acre sabor na boca.
– Eu faço versos como quem morre.
(Manuel Bandeira)

1 ( ) Em “Fecha o meu livro...”, o verbo está na 3ª pessoa


do singular do modo imperativo.
2 ( ) Ocorre próclise em “Dói-me nas veias...”.
RESPOSTAS 3 ( ) “Amargo” e “quente” são adjetivos.
4 ( ) O primeiro verso do poema é um período composto por
Ques- subordinação, assim dividida: “Eu faço versos...” – oração
tões 1 2 3 principal; “... como quem chora.” Oração subordinada ad-
I A C E E verbial comparativa.
T B C C C 5 ( ) O vocábulo “vão” no segundo verso da segunda estro-
E C C E E fe é um adjetivo.
N D C C E
S E E C C Questão 3

Jerônimo era alto, espadaúdo, construção de touro, pes-


coço de Hércules, punho de quebrar coco com um murro: era
a força tranquila, o pulso de chumbo. O outro, franzino, um
palmo mais baixo que o português, pernas e braços secos,

– 81 –
Língua Portuguesa
agilidade de maracajá; era a força nervosa; era o arrebata- 4( ) A estrela fica triste por causa da história da lua.
mento que tudo desbarata no sobressalto do primeiro instan- 5( ) Podemos afirmar que o poema é narrativo.
te. Um, sólido e resistente; o outro, ligeiro e destemido; mas
ambos corajosos. Questão 6
(Aluísio Azevedo, O cortiço)
NO JARDIM
1 ( ) O fragmento do texto de Aluísio de Azevedo é descriti-
vo. O pálido rosto à sombra, uma lagartixa que comeu mosca,
2 ( ) A palavra “tranqüila” letra trema por ter o “u” pronun- José cochila ao sol. Os copos - de- leite estão quietos como
ciado e seguido de “i”. túmulos brancos. Que sede! Suor frio na testa, coça o queixo,
3 ( ) Há hiato em “primeiro” e “touro”. puxa, é quase uma barba! A mãe surge à porta:
4 ( ) “...mas ambos corajosos”, a palavra destacada é con-
junção coordenativa alternativa. – Quer entrar, meu filho?
5 ( ) O ponto – e – vírgula foi usado no último período para
separar orações coordenadas explicativas. A vida escorre na ponta dos dedos. Um copo d'água,
mãe. O cacto desfalece de calor. Com mais sede ele morre
Questão 4 mais um pouquinho. Brincam as sombras ao pé do muro que
nem canteiro de gatos.
Tinta francesa para cegos
– Água, meu filho.
Quando se ensina um cego ou deficiente visual a dese-
nhar formas geométricas ou mapas, o método braile é inútil: é Bebe até a última gota e pisca o olho esquerdo para a
precioso recorrer a uma máquina chamada thermoform, es- mãe, que lhe afaga o cabelo.
pécie de xerox que faz cópias em relevo, mas é cara e repro-
duz mal as figuras. A thermoform logo poderá ser aposentada Está melhor?
graças a um educador francês que inventou uma caneta cuja
tinta deixa sobre o papel um traço com 1 milímetro de relevo, A cigarra anuncia o incêndio de uma rosa encarnada.
portanto reconhecível ao toque. A tinta é carregada com uma Nuvens brancas enxugam no arame do quintal. E o filho dor-
massa que reage ao calor. Assim, o desenhista faz a figura me, uma lágrima suspensa dos olhos, sem rolar pelo bigodi-
normalmente e depois a aproxima de uma lâmpada. Instanta- nho grisalho de lagartixa.
neamente os traços ganham relevo. A invenção ainda é des- (Dalton Trevisan)
conhecida no Brasil, onde todo material de desenhos para
cegos, com indicações em relevo, tem de ser importado. 1 ( ) No texto predomina a descrição.
(Superinteressante. n. 10) 2 ( ) “... coça o queixo, puxa, é quase uma barba!”. A
1 ( ) O material de desenhos para cegos é facilmente en- palavra destacada é uma interjeição.
contrado. 3 ( ) “Rosa encarnada” é rosa amarela.
2 ( ) O método braile é inútil quando se ensina desenho aos 4 ( ) No texto há narrador-personagem.
cegos porque não lida com formas geométricas, mapas, de- 5 ( ) Os vocábulos “água” e “incêndio” são acentuados
senhos, etc. pela mesma regra.
3 ( ) A palavra “desenhista” é um substantivo derivado.
4 ( ) “Instantaneamente” é advérbio de tempo.
5 ( ) A palavra “francês” é acentuada por ser oxítona ter- Questão 7
minada em “e”.

Questão 5 O EXAME

A menininha voltara muito desconsolada:


A lua no cinema
A lua foi ao cinema, – Mas eu acertei tudo papai. Não sei como a professora
passava um filme engraçado, foi me dar zero.
a história de uma estrela
que não tinha namorado. - Vamos ver isso. Qual foi a primeira pergunta?
Não tinha porque era apenas
uma estrela bem pequena, - A professora perguntou se eu sabia quem era Isabel, a
dessas que, quando apagam, Católica.
ninguém vai dizer que pena!
Era uma estrela sozinha, - E o que foi que você escreveu na prova?
ninguém olhava pra ela,
e toda a luz que ela tinha - Escrevi SIM.
cabia numa janela. (Pedro Bloch)
A lua ficou tão triste 1 ( ) O texto foi escrito no discurso indireto.
com aquela história de amor, 2 ( ) “Mas eu acertei tudo, papai”, a vírgula foi usada para
que até hoje a lua insiste: separar o vocativo.
-Amanheça, por favor! 3 ( ) “Menininha” está escrita no grau diminutivo e expres-
(Paulo Leminski) sa afeição.
1 ( ) O poema retrata a solidão das pessoas. 4 ( ) “Primeira” é um numeral cardinal.
2( ) Os seres que vivenciam essa solidão são a lua e a 5 ( ) “Isabel, a Católica”, a vírgula foi usada para separar o
estrela. aposto.
3 ( ) A estrela não tinha namorado por causa de seu mau
humor.

– 82 –
Língua Portuguesa
Questão 8 1 ( ) As aspas usadas em “acrobacias” indicam que é uma
palavra estrangeira.
2 ( ) A palavra “equilíbrio” é acentuada por ser paroxítona
ALBERT EINSTEIN terminada em ditongo crescente.
3 ( ) As palavras “câmera” e “fotográfica” são acentuadas
pela mesma regra.
Cientista, filósofo, e humanista, nascido em Ulm, no sul da 4 ( ) A regência nominal de “auxílio de” está correta, assim
Alemanha. Considerado um dos grandes gênios do século como “alusão de” e “cuidadoso de”.
XX. Em 1915, apresentou a revolucionária descoberta da 5 ( ) A palavra “arrisca” é verbo.
Teoria Geral da Relatividade. Em 1921 recebeu o prêmio
Nobel de Física. Escreveu vários livros sobre ciência e
filosofia. Viveu em Princeton (USA), onde foi professor.
(1879- 1955). Questão 11
(Martin Claret)
Toada do amor

1( ) A palavra “Nobel” não tem acento gráfico porque é E o amor sempre nessa toada:
oxítona terminada em “e”. briga perdoa perdoa briga.
2 ( ) “Século XX” lê-se “vinte”. Não se deve xingar a vida,
3( ) As palavras “gênios” e “prêmios” são acentuadas a gente vive, depois esquece.
pela mesma regra. Só o amor volta para brigar,
4 ( ) As formas verbais “recebeu, escreveu, viveu” estão para perdoar,
no pretérito imperfeito do indicativo. amor cachorro bandido trem.
5 ( ) A palavra “relatividade” é proparoxítona. Mas, se não fosse ele, também
que graça que a vida tinha?
Mariquita, dá cá o pito,
Questão 9 no teu pito está o infinito.
(Andrade, Carlos Drummond de , op. cit., p. 55-6.)

CARONA PERIGOSA 1 ( ) A palavra “toada” revela, nesse poema, uma cantiga


monótona.
2 ( ) No 2º verso do poema, o autor emitiu as vírgulas para
A brincadeira é antiga e vive causando acidentes. Apesar das conotar a rapidez com que, no relacionamento amoroso, se
advertências, os aventureiros estão sempre se arriscando por sucedem as duas ações expressas pelo verbo.
uma carona de alguns metros. Como na semana passada, na 3 ( ) No poema, o eu-lírico aconselha o leitor a lamentar a
Rua Augusta, nos Jardins, um bairro da cidade de São Paulo, sorte.
quando meninos de rua tentavam pegar carona em um dos 4 ( ) O eu-lírico trata o sentimento amoroso de uma maneira
trólebus, que passam pela região. Mesmo repreendidos pelo quase displicente. no entanto, concorda que é esse sentimen-
motorista, que parou o veículo várias vezes, eles voltavam a to que impõe sentido à vida nos versos: “Mas, se não fosse
subir no pára-choque. ele, também/ que graça que a vida tinha?”
5 ( ) Em “a gente vive” – a gente substitui o pronome nós.

1 ( ) A palavra “pára-choque” é um substantivo composto


e seu plural é formado acrescentando “s” apenas no Questão 12
último termo.
2 ( ) O vocábulo “advertências” é acentuado por ser uma [...]
proparoxítona. Um cão pára espantado e late
3 ( ) Em “A brincadeira é antiga e vive causando aciden- homenageando a lua.
tes”, O homem explica a lua, o sol, as estrelas, o vento,
a oração em destaque é coordenada adversativa. os relâmpagos, o trovão, a chuva e o arco-íris.
4 ( ) “Apesar de” é uma locução prepositiva, assim como Mesmo explicando todos os fenômenos,
“defronte de” e “por cima de”. ele não perde o encantamento. Pára, olha, se
5 ( ) O termo “aventureiros” refere-se aos meninos de encanta e compõe músicas, quadros ou poemas.
rua. (Elias José)
1 ( ) A palavra “pára” leva o acento diferencial por ser um
verbo.
2 ( ) O tempo verbal predominante está no presente do
indicativo.
Questão 10 3 ( ) “Arco- íris” é um substantivo composto.
4 ( ) “Homenageando” e “encantamento ” são verbos no
ACROBACIA gerúndio.
5 ( ) No texto, há apenas um artigo indefinido.
No lago da Concórdia, no Brás, região central de São
Paulo, o menino improvisa, com o auxílio de um caixote, uma
rampa para suas “acrobacias” com os novos patins. A frente Questão 13
de uma câmera fotográfica, o garoto arrisca um salto. Com
senso de equilíbrio, vai de braços erguidos para não levar um
tombo. MORRE O INVENTOR DA LÂMPADA
(O Estado de S. Paulo)

– 83 –
Língua Portuguesa
Nova Jersey, 18 de outubro, 1931- O americano Thomas BIBLIOGRAFIA
Alva Edison, um dos maiores inventores do século, morreu
aos • Bechara, Evanildo.
84 anos. A lâmpada elétrica, o fonógrafo e o filme de cinema Moderna Gramática Portuguesa – Rio de Janeiro: Lucerna,
estão entre suas invenções. Logo aos 12 anos, Edison mon- 2005.
tou
um laboratório químico e, aos 15, já era telegrafista. O suces- • Cipro Neto, Pasquale.
so Gramática da língua portuguesa / Pasquale & Ulisses - Nova
veio em 1876, com a abertura de seu laboratório industrial em edição conforme o Acordo Ortográfico - São Paulo: Scipione,
Nova York: de lá saíram mais de 1300 invenções. 2008.
(Revista Os caminhos da Terra)
•Cegalla, Domingos Paschoal.
Novíssima Gramática da Língua Portuguesa – São Paulo:
1 ( ) O americano Thomas Alva Edison foi um dos maiores Companhia Editora Nacional, 2002.
inventores do século. • Paschoalin, Maria Aparecida.
2 ( ) A lâmpada e o filme foram algumas de suas invenções. Gramática: teoria e exercícios / Paschoalin & Spadoto - São
3 ( ) De seu laboratório saíram mais de 5 000 invenções. Paulo: FTD, 1996.
4 ( ) “Nova Jersey, 18 de outubro, 1931” a vírgula foi usada
para isolar o nome do lugar. • Infante, Ulisses.
5 ( ) A palavra “laboratório” está acentuada por ser Curso de Gramática Aplicada aos textos São Paulo: Scipione,
proparoxítona. 1995.

• Barbosa de Souza, Jésus.


Questão 14 Minigramática / Jésus & Samira - São Paulo: Saraiva, 1997.

FELICIDADE ANOTAÇÕES

Um homem e seu destino, ________________________________________________


a menina, pássaros, a vida lá fora.
Será isso a felicidade? ________________________________________________
Um homem cansado abre os olhos às seis
horas da manhã, ergue-se do leito como ________________________________________________
se aquele fosse o último dia de sua vida, caminha às tontas
pelo quarto, põe os pensamentos em ordem e sente o ________________________________________________
amargo na boca. Caminha então para o banheiro, olha o
rosto exausto no espelho, as olheiras, a amargura nos olhos ________________________________________________
sonolentos e diz baixinho: “Bendita é a vida”.
(Luiz Fernando Emediato. A grande ilusão) ________________________________________________

________________________________________________
1 ( ) Em “Um homem e seu destino, a menina, pássaros, a
vida lá fora”, a vírgula foi empregada para separar termos ________________________________________________
numa enumeração.
2 ( ) “... e sente o amargo na boca...”, a palavra destacada é ________________________________________________
adjetivo e se refere à boca.
3 ( ) A palavra “exausto” está escrita corretamente, assim ________________________________________________
como “flexa”.
4 ( ) O tempo verbal predominante está no presente do indi- ________________________________________________
cativo.
5 ( ) Em “Caminha então para o banheiro, olha o rosto ________________________________________________
exausto...”, a vírgula foi empregada para separar orações
coordenadas assindéticas. ________________________________________________
GABARITO ________________________________________________

________________________________________________
QUESTÃO 1 2 3 4 5 6 7
I 1 C E C E C C E ________________________________________________
T 2 C E E C C C C
E 3 E C E C E E C
N ________________________________________________
4 C C E C E E E
S 5 C C E C C C C
________________________________________________

________________________________________________
QUESTÃO 8 9 10 11 12 13 14
I 1 C C E C C C C
T 2 C E C C C C E ________________________________________________
E 3 C E C E C E E
N 4 E C E C E C C
S 5 E C C C C E C

– 84 –
RACIOCÍNIO LÓGICO
“Toda proposição tem um, e somente um, dos
valores, que são: V ou F.”

Consideremos as seguintes proposições e os seus


respectivos valores lógicos:

a) A velocidade de um corpo é inversamente


proporcional ao seu tempo. (V)
b) A densidade da madeira é maior que a da água. (F)

A maioria das proposições são proposições


contingenciais, ou seja, dependem do contexto para
sua análise. Assim, por exemplo, se considerarmos a
1 Conceitos básicos de raciocínio lógico: proposição simples:
proposições; valores lógicos das proposições; “Existe vida após a morte”, ela poderá ser verdadeira
sentenças abertas; número de linhas da tabela (do ponto de vista da religião espírita) ou falsa (do ponto
verdade; conectivos; proposições simples; de vista da religião católica); mesmo assim, em ambos os
proposições compostas. casos, seu valor lógico é único — ou verdadeiro ou falso

Classificação de uma proposição


Chama-se proposição a todo conjunto de palavras ou
símbolos que expressam um pensamento ou uma ideia de Uma proposição pode ser classificada como:
sentido completo.
Assim, as proposições transmitem pensamentos, isto 1) Sentença aberta: quando não se pode atribuir
é, afirmam fatos ou exprimem juízos que formamos a um valor lógico verdadeiro ou falso para ela (ou valorar
respeito de determinados conceitos ou entes. Esses fatos a proposição!), portanto, não é considerada frase lógica.
ou juízos afirmados pela proposição em questão deverão São consideradas sentenças abertas:
sempre ter um valor verdadeiro (V) ou um valor falso (F), a) Frases interrogativas: Quando será prova? - Estudou
senão a frase em si não constituirá uma proposição lógica, ontem? – Fez Sol ontem?
e sim apenas uma frase. b) Frases exclamativas: Gol! – Que maravilhoso!
c) Frase imperativas: Estude e leia com atenção. –
Vejamos alguns exemplos de proposições: Desligue a televisão.
d) Frases sem sentido lógico (expressões vagas,
A) Júpiter é o maior planeta do sistema Solar. paradoxais, ambíguas, ...): “esta frase é verdadeira”
B) Salvador é a capital do Brasil. (expressão paradoxal) – O cavalo do meu vizinho morreu
C) Todos os músicos são românticos. (expressão ambígua) – 2 + 3 + 7
Observe que a todas as frases podemos atribuir um 2) Sentença fechada: quando a proposição admitir
valor lógico (V ou F). um único valor lógico, seja ele verdadeiro ou falso, nesse
caso, será considerada uma frase, proposição ou sentença
A Lógica matemática adota como regra fundamental lógica.
dois princípios (ou axiomas):

I – PRINCÍPIO DA NÃO CONTRADIÇÃO: uma Uma forma de identificarmos se uma frase


proposição não pode ser verdadeira E falsa ao mesmo simples é ou não considerada frase lógica, ou
tempo. sentença, ou ainda proposição, é pela presença de:
II – PRINCÍPIO DO TERCEIRO EXCLUÍDO: - sujeito simples: “Carlos é médico”;
toda proposição OU é verdadeira OU é falsa, verificamos - sujeito composto: “Rui e Nathan são irmãos”;
sempre um desses casos, NUNCA existindo um terceiro - sujeito inexiste: “Choveu”
caso. - verbo, que representa a ação praticada por esse
sujeito, e estar sujeita à apreciação de julgamento de
Valores lógicos das proposições ser verdadeira (V) ou falsa (F), caso contrário, não
será considerada proposição.
Chamamos de valor lógico de uma proposição a
verdade, se a proposição é verdadeira (V), e a falsidade, Atenção: orações sem sujeito NÃO são
se a proposição é falsa (F). Designamos as letras V e F consideradas proposições lógicas.
para abreviarmos os valores lógicos verdade e falsidade
respectivamente.
Com base nas duas regras fundamentais que norteiam
a Lógica Matemática (Princípios da não Contradição e do
Terceiro Excluído), podemos afirmar que:


RACIOCÍNIO LÓGICO
Observe mais alguns exemplos: Referências
CABRAL, Luiz Cláudio Durão; NUNES, Mauro César de Abreu -
Frase Sujeito Verbo Conclusão Raciocínio lógico passo a passo – Séries e Concursos - Rio de Janeiro:
Maria é Maria É (ser) É uma frase Elsevier, 2013.
baiana (simples) lógica ALENCAR FILHO, Edgar de – Iniciação a lógica matemática – São
Lia e Maria Lia e Maria Têm (ter) É uma frase Paulo: Nobel – 2002.
têm dois (composto) lógica
irmãos ESTRUTURAS LÓGICAS – ESTUDO DAS
Ventou hoje Inexistente Ventou É uma frase PROPOSIÇÕES E DOS CONECTIVOS
(ventar) lógica
Um lindo Um lindo Frase sem NÂO é uma
Definições
livro de livro verbo frase lógica
literatura - Proposições simples (ou atômicas): aquela que NÃO
Manobrar Frase sem Manobrar NÂO é uma
contém nenhuma outra proposição como parte integrante
esse carro sujeito frase lógica
Existe vida Vida Existir É uma frase de si mesma. As proposições simples são designadas
em Marte lógica pelas letras latinas minúsculas p,q,r, s..., chamadas letras
proposicionais.
Sentenças representadas por variáveis
a) x + 4 > 5; Exemplos
b) Se x > 1, então x + 5 < 7; r: Carlos é careca.
s: Pedro é estudante.
c) x = 3 se, e somente se, x + y = 15.
a: O céu é verde.
Classificação das proposições - Proposições compostas (ou moleculares): aquela
formada pela combinação de duas ou mais proposições
As proposições podem ser classificadas em quatro tipos simples. Elas também são chamadas de estruturas lógicas.
diferentes: As proposições compostas são designadas pelas letras
1. Proposições simples (ou atômicas). latinas maiúsculas P,Q,R, R..., também chamadas letras
2. Proposições compostas (ou moleculares. proposicionais.
3. Proposições categóricas.
4. Proposições quantificadas (ou funcionais). Exemplos
P: Carlos é careca e Pedro é estudante.
Q: Carlos é careca ou Pedro é estudante.
Observação: Os termos “atômicos” e “moleculares”
R: Se Carlos é careca, então é triste.
referem-se à quantidade de verbos presentes na frase.
Consideremos uma frase com apenas um verbo, então ela Observamos que todas as proposições compostas
será dita atômica, pois se refere a apenas um único átomo são formadas por duas proposições simples.
(1 verbo = 1 átomo); consideremos, agora, uma frase
com mais de um verbo, então ela será dita molecular, pois Operadores Lógicos
se refere a mais de um átomo (mais de um átomo = uma
molécula). Temos dois tipos

Conceito de Tabela Verdade - os modificadores: têm por finalidade modificar


(alterar) o valor lógico de uma proposição, seja ela qual
É uma forma usual de representação das regras da for.
Álgebra Booleana. Nela, é representada cada proposição
(simples ou composta) e todos os seus valores lógicos Exemplo:
possíveis. Partimos do Princípio do Terceiro Excluído, toda
proposição simples é verdadeira ou falsa , tendo os valores Não vou trabalhar neste sábado. (o não modificou o
lógicos V (verdade) ou F (falsidade). valor lógico).
Quando trabalhamos com as proposições compostas,
determinamos o seu valor lógico partindo das proposições - os conectivos (concectores lógicos): palavras
simples que a compõe. usadas para formar novas proposições a partir de outras,
ou seja, unindo-se ou conectando-se duas ou mais
proposições simples.

Exemplos:

1) O número 2 é par E o número 16 é um quadrado


perfeito. (conectivo “e”)
2) OU Carlos viaja OU Pedro trabalha. (conectivo “ou”)
3) SE o Brasil jogar com seriedade, ENTÂO Portugual
O valor lógico de qualquer proposição composta
não será campeã.(concectivo “ se ... então”)
depende UNICAMENTE dos valores lógicos das 4) Luciana casa SE, E SOMENTE SE, Pedro arranjar um
proposições simples componentes, ficando por eles emprego (conectivo “se, e somente se..”)
UNIVOCAMENTE determinados.


RACIOCÍNIO LÓGICO
Em Lógica são considerados operadores lógicos as Sabendo-se da realidade dos valores lógicos das
seguintes palavras: proposições “Saturno é um planeta do sistema solar” e
“Sete é um número rela maior que cinco”, que são ambos
verdadeiros (V), conclui-se que essas proposições são
equivalentes, em termos de valores lógicos,
entre si.

2) Conjunção – produto lógico (^): chama-se


de conjunção de duas proposições p e q a proposição
representada por “p e q”, cujo valor lógico é verdade
(V) quando as proposições, p e q, são ambas
verdadeiras e falsidade (F) nos demais casos.
Simbolicamente temos: “p ^ q” (lê-se: “p E q”).
Também podemos representar a negação utilizando o
símbolo “¬” (cantoneira). Pela tabela verdade temos:
P Q pšq
Estudo dos Operadores e Operações Lógicas V V V
V F F
Quando efetuamos certas operações sobre proposições F V F
F F F
chamadas operações lógicas, efetuamos cálculos
proposicionais, semelhantes a aritmética sobre números, Exemplos
de forma a determinarmos os valores das proposições. (a)
p: A neve é branca. (V)
1) Negação ( ~ ): chamamos de negação de uma q: 3 < 5. (V)
proposição representada por “não p” cujo valor lógico é V(p ^ q ) = V(p) ^ V(q) = V ^ V = V
verdade (V) quando p é falsa e falsidade (F) quando
p é verdadeira. Assim “não p” tem valor lógico oposto (b)
daquele de p. p: A neve é azul. (F)
Pela tabela verdade temos: q: 6 < 5. (F)
V(p ^ q ) = V(p) ^ V(q) = F ^ F = F
p ~p
V F (c)
F V p: Pelé é jogador de futebol. (V)
Simbolicamente temos: q: A seleção brasileira é octacampeã. (F)
~V = F ; ~F = V V(p ^ q ) = V(p) ^ V(q) = V ^ F = F
V(~p) = ~V(p)
(d)
Exemplos p: A neve é azul. (F)
q: 7 é número impar. (V)
Proposição Negação: ~p V(p ^ q ) = V(p) ^ V(q) = F ^ V = F
(afirmações): p
Carlos é médico Carlos NÂO é médico - O valor lógico de uma proposição simples “p” é
Juliana é carioca Juliana NÂO é carioca indicado por V(p). Assim, exprime-se que “p” é verdadeira
Nicolas está de férias Nicolas NÂO está de férias
Norberto foi trabalhar NÃO É VERDADE QUE (V), escrevendo:
Norberto foi trabalhar V(p) = V

A primeira parte da tabela todas as afirmações são - Analogamente, exprime-se que “p” é falsa (F),
verdadeiras, logo ao negarmos temos passam a ter como escrevendo:
valor lógico a falsidade. V(p) = F

- Dupla negação (Teoria da Involução): - As proposições compostas, representadas, por


vamos considerar as seguintes proposições primitivas, exemplo, pelas letras maiúsculas “P”, “Q”, “R”, “S” e “T”,
p:” Netuno é o planeta mais distante do Sol” ; sendo seu terão seus respectivos valores lógicos representados por:
valor verdadeiro ao negarmos “p”, vamos obter a seguinte V(P), V(Q), V(R), V(S) e V(T).
proposição ~p: “Netuno NÂO é o planeta mais distante do
Sol” e negando novamente a proposição “~p” teremos 3) Disjunção inclusiva – soma lógica –
~(~p): “NÃO É VERDADE que Netuno NÃO é o planta mais disjunção simples (v): chama-se de disjunção inclusiva
distante do Sol”, sendo seu valor lógico verdadeiro (V). de duas proposições p e q a proposição representada por
Logo a dupla negação equivale a termos de valores lógicos “p ou q”, cujo valor lógico é verdade (V) quando pelo
a sua proposição primitiva. menos umas proposições, p e q, é verdadeira e
p Ł ~(~p) falsidade (F) quando ambas são falsas.
Simbolicamente: “p v q” (lê-se: “p OU q”).
Observação: O termo “equivalente” está associado aos
“valores lógicos” de duas fórmulas lógicas, sendo iguais
pela natureza de seus valores lógicos. Exemplo:
1. Saturno é um planeta do sistema solar.
2. Sete é um número real maior que cinco.


RACIOCÍNIO LÓGICO
Pela tabela verdade temos: Simbolicamente: “p ĺ q” (lê-se: p é condição suficiente
para q; q é condição necessária para p).
P Q p›q p é o antecendente e q o consequente e “ĺ” é
V V V chamado de símbolo de implicação.
V F V
F V V
F F F Pela tabela verdade temos:
Exemplos P Q p o q
(a) V V V
p: A neve é branca. (V) V F F
q: 3 < 5. (V) F V V
F F V
V(p v q) = V(p) v V(q) = V v V = V
Exemplos
(b) (a)
p: A neve é azul. (F) p: A neve é branca. (V)
q: 6 < 5. (F) q: 3 < 5. (V)
V(p v q) = V(p) v V(q) = F v F = F V(p ĺ q) = V(p) ĺ V(q) = V ĺ V = V

(c) (b)
p: Pelé é jogador de futebol. (V) p: A neve é azul. (F)
q: A seleção brasileira é octacampeã. (F) q: 6 < 5. (F)
V(p v q) = V(p) v V(q) = V v F = V V(p ĺ q) = V(p) ĺ V(q) = F ĺ F = V

(d) (c)
p: A neve é azul. (F) p: Pelé é jogador de futebol. (V)
q: 7 é número impar. (V) q: A seleção brasileira é octacampeã. (F)
V(p v q) = V(p) v V(q) = F v V = V V(p ĺ q) = V(p) ĺ V(q) = V ĺ F = F

4) Disjução exclusiva ( v ): chama-se dijunção (d)


exclusica de duas proposições p e q, cujo valor lógico é p: A neve é azul. (F)
verdade (V) somente quando p é verdadeira ou q q: 7 é número impar. (V)
é verdadeira, mas não quando p e q são ambas V(p ĺ q) = V(p) ĺ V(q) = F ĺ V = V
veradeiras e a falsidade (F) quando p e q são ambas
veradeiras ou ambas falsas. 6) Dupla implicação ou bicondicional
Simbolicamente: “p v q” (lê-se; “OU p OU q”; “OU p (ļ):chama-se proposição bicondicional ou apenas
OU q, MAS NÃO AMBOS”). bicondicional representada por “p se e soemnete se q”,
Pela tabela verdade temos: cujo valor lógico é verdade (V) quando p e q são
ambas verdadeiras ou falsas e a falsidade (F) nos
P Q pvq demais casos.
V V F Simbolicamente: “p ļ q” (lê-se: p é condição
V F V necessária e suficiente para q; q é condição ncessária e
F V V
F F F suficiente para p).
Para entender melhor vamos analisar o exemplo. Pela tabela verdade temos:
p: Nathan é médico ou professor. (ambas podem ser
verdeiras, ele pode ser as duas coisas ao mesmo tempo, P Q p l q
uma condição não exclui a outra – disjunção inclusiva). V V V
Podemos escrever: V F F
Nathan é médico ^ Nathan é professor F V F
F F V
q: Mario é carioca ou paulista (aqui temos que se Mario Exemplos
é carioca implica que ele não pode ser paulista, as duas (a)
coisas não podem acontecer ao mesmo tempo – disjunção p: A neve é branca. (V)
exlcusiva). q: 3 < 5. (V)
Reescrevendo: V(p ļ q) = V(p) ļ V(q) = V ļ V = V
Mario é carioca v Mario é paulista.
(b)
Exemplos p: A neve é azul. (F)
a) Plínio pula ou Lucas corre, mas não ambos. q: 6 < 5. (F)
b) Ou Plínio pula ou Lucas corre. V(p ļ q) = V(p) ļ V(q) = F ļ F = V

5) Implicação lógica ou condicional (ĺ): (c)


chama-se proposição condicional ou apenas condicional p: Pelé é jogador de futebol. (V)
representada por “se p então q”, cujo valor lógico é q: A seleção brasileira é octacampeã. (F)
falsidade (F) no caso em que p é verdade e q é falsa V(p ļ q) = V(p) ļ V(q) = V ļ F = F
e a verdade (V) nos demais casos.


RACIOCÍNIO LÓGICO
(d) (I) (p ^ q) v r Conectivo principal é da disjunção.
p: A neve é azul. (F) (II) p ^ (q v r) Conectivo principal é da conjunção.
q: 7 é número impar. (V)
As quais apresentam significados diferentes, pois os
V(p ļ q) = V(p) ļ V(q) = F ļ V = F
conectivos principais de cada proposição composta dá
valores lógicos diferentes como conclusão.
Transformação da linguaguem corrente para
a simbólica
Agora observe a expressão: p ^ q ĺ r v s, dá lugar,
colocando parêntesis as seguintes proposições:
Este é um dos tópicos mais vistos em diversas provas e
a) ((p ^ q) ĺ r) v s
por isso vamos aqui detalhar de forma a sermos capazes
b) p ^ ((q ĺ r) v s)
de resolver questões deste tipo.
c) (p ^ (q ĺ r)) v s
d) p ^ (q ĺ (r v s))
Sejam as seguintes proposições simples denotadas por
e) (p ^ q) ĺ (r v s)
“p”, “q” e “r” representadas por:
p: Luciana estuda.
q: João bebe. Aqui duas quaisquer delas não tem o mesmo
r: Carlos dança. significado. Porém existem muitos casos que os parêntesis
são suprimidos, a fim de simplificar as proposições
Sejam, agora, as seguintes proposições compostas simbolizadas, desde que, naturalmente, ambiguidade
denotadas por: “P ”, “Q ”, “R ”, “S ”, “T ”, “U ”, “V ” e “X ” alguma venha a aparecer. Para isso a supressão do uso
representadas por: de parêntesis se faz mediante a algumas convenções, das
P: Se Luciana estuda e João bebe, então Carlos não quais duas são particularmente importantes:
dança.
Q: É falso que João bebe ou Carlos dança, mas 1ª) A “ordem de precedência” para os
Luciana não estuda. conectivos é:
R: Ou Luciana estuda ou Carlos dança se, e somente
(I) ~ (negação)
se, João não bebe.
(II) ^ (conjunção)
O primeiro passo é destacarmos os operadores lógicos (III) ĺ (condicional)
(modificadores e conectivos) e as proposições. Depois (IV) ļ (bicondicional)
reescrevermos de forma simbólica, vajamos: Portanto o mais “fraco” é “~” e o mais “forte” é “ļ”.

Exemplo
p ĺ q ļ s ^ r , é uma bicondicional e nunca uma
condicional ou uma conjunção. Para convertê-la numa
condicional há que se usar parêntesis:
Juntando as informações temos que, P: (p ^ q) ĺ ~r
p ĺ( q ļ s ^ r )
Continuando: E para convertê-la em uma conjunção:
Q: É falso que João bebe ou Carlos dança, mas (p ĺ q ļ s) ^ r
Luciana estuda.
2ª) Quando um mesmo conectivo aparece
sucessivamente repetido, suprimem-se os
parêntesis, fazendo-se a associação a partir da
esquerda.

Segundo estas duas convenções, as duas seguintes


proposições se escrevem:
Simbolicamente temos: Q: ~ (q v r ^ ~p).
Proposição Nova forma de escrever a
R: Ou Luciana estuda ou Carlos dança se, e somente proposição
se, João não bebe. ((~(~(p ^ q))) v ~~ (p ^ q) v ~p
(p v r) ļ ~q (~p))
((~p) ĺ (q ĺ (~(p ~pĺ (q ĺ ~(p v r))
Observação: os termos “É falso que”, “Não é verdade v r))))
que”, “É mentira que” e “É uma falácia que”, quando
iniciam as frases negam, por completo, as frases - Outros símbolos para os conectivos (operadores
subsequentes. lógicos):

- O uso de parêntesis “¬” (cantoneira) para negação (~).


“Ɣ” e “&” para conjunção (^).
A necessidade de usar parêntesis na simbolização das “஼” (ferradura) para a condicional (ĺ).
proposições se deve a evitar qualquer tipo de ambiguidade,
assim na proposição, por exemplo, p ^ q v r, nos dá a Em síntese temos a tabela verdade das proposições que
seguinte proposições: facilitará na resolução de diversas questões


RACIOCÍNIO LÓGICO
Disjunção Conjunção Condi Bicondi Construção da tabela verdade de uma
proposição composta
cional cional Para sua construção começamos contando o número de
P Q p›q pšq p o q p l q
V V V V V V proposições simples que a integram. Se há n proposições
V F V F F F simples componentes, então temos 2n linhas. Feito isso,
F V V F V F
F F F F V V atribuimos a 1ª proposição simples “p1” 2n / 2 = 2n -1
(Fonte: http://www laifi.com.)
valores V , seguidos de 2n – 1 valores F, e assim por diante.
Referências Exemplos:
CABRAL, Luiz Cláudio Durão; NUNES, Mauro César de Abreu -
Raciocínio lógico passo a passo – Séries e Concursos - Rio de Janeiro: 1) Se tivermos 2 proposições temos que 2n =22 = 4
Elsevier, 2013. linhas e 2n – 1 = 22 - 1 = 2, temos para a 1ª proposição 2
ALENCAR FILHO, Edgar de – Iniciação a lógica matemática – São valores V e 2 valores F se alternam de 2 em 2 , para a 2ª
Paulo: Nobel – 2002.
proposição temos que os valores se alternam de 1 em 1.
Observe a ilustração, a primeira parte dela corresponde a
ESTUDO DA TABELA VERDADE árvore de possibilidades e a segunda a tabela propriamente
dita.
Sabemos que tabela verdade é toda tabela que
atribui, previamente, os possíveis valores lógicos que
as proposições simples podem assumir, como sendo
verdadeiras (V) ou falsas (F), e, por consequência,
permite definir a solução de uma determinada fórmula
(proposição composta).
De acordo com o Princípio do Terceiro Excluído, toda
proposição simples “p” é verdadeira ou falsa, ou seja,
possui o valor lógico V (verdade) ou o valor lógico F
(falsidade).
Em se tratando de uma proposição composta, a
determinação de seu valor lógico, conhecidos os valores
lógicos das proposições simples componentes, se faz com
base no seguinte princípio, vamos relembrar: (Fonte: http://www.colegioweb.com.br/nocoes-de-
logica/tabela-verdade.html)
O valor lógico de qualquer proposição composta 2) Neste caso temos 3 proposições simples, fazendo
depende UNICAMENTE dos valores lógicos das os cálculos temos: 2n =23 = 8 linhas e 2n – 1 = 23 - 1 =
proposições simples componentes, ficando por eles 4, temos para a 1ª proposição 4 valores V e 4 valores F
UNIVOCAMENTE determinados se alternam de 4 em 4 , para a 2ª proposição temos que
os valores se alternam de 2 em 2 e para a 3ª proposição
Para determinarmos esses valores recorremos a temos valores que se alternam de 1 em 1.
um dispositivo prático que é o objeto do nosso estudo:
A tabela verdade. Em que figuram todos os possíveis
valores lógicos da proposição composta (sua solução)
correspondente a todas as possíveis atribuições de valores
lógicos às proposições simples componentes.

Número de linhas de uma Tabela Verdade


O número de linhas de uma proposição composta
depende do número de proposições simples que a
integram, sendo dado pelo seguinte teorema:

“A tabela verdade de uma proposição composta


com n* proposições simpleste componentes
contém 2n linhas.” (* Algumas bibliografias utilizam o
“p” no lugar do “n”)
Os valores lógicos “V” e “F” se alteram de dois em dois (Fonte: http://www.colegioweb.com.br/nocoes-de-
para a primeira proposição “p” e de um em um para a logica/tabela-verdade.html)
segunda proposição “q”, em suas respectivas colunas, e,
além disso, VV, VF, FV e FF, em cada linha, são todos os Exemplo
arranjos binários com repetição dos dois elementos “V” e Vamos construir a tabela verdade da proposição:
“F”, segundo ensina a Análise Combinatória. P(p,q) = ~ (p ^ ~q)

1º Resolução) Vamos formar os par de colunas


correspondentes as duas proposições simples p e q. Em


RACIOCÍNIO LÓGICO
seguida a coluna para ~q , depois a coluna para p ^
~q e a útima contento toda a proposição ~ (p ^ ~q),
atribuindo todos os valores lógicos possíveis de acordo
com os operadores lógicos.

p q ~q p ^~q ~ (p ^ ~q)
V V F F V
V F V V F
F V F F V
F F V F V

2º Resolução) Vamos montar primeiro as colunas


correspondentes a proposições simples p e q , depois traçar 3ª Resolução) Resulta em suprimir a tabela verdade
colunas para cada uma dessas proposições e para cada um anterior as duas primeiras da esquerda relativas às
dos conectivos que compõem a proposição composta. proposições simples componentes p e q. Obtermos então a
seguinte tabela verdade simplificada:

~ (p ^ ~ q)
p q ~ (p ^ ~ q) V V F F V
V V F V V V F
V F V F F F V
F V V F F V F
F F 4 1 3 2 1

Depois completamos, em uma determinada ordem as Vejamos mais alguns exemplos:


colunas escrevendo em cada uma delas os valores lógicos.
p q ~ (p ^ ~ q) (FCC) Com relação à proposição: “Se ando e bebo,
V V V V então caio, mas não durmo ou não bebo”. O número de
V F V F
F V F V linhas da tabela-verdade da proposição composta anterior
F F F F é igual a:
1 1 (A) 2;
p q ~ (p ^ ~ q) (B) 4;
V V V F V (C) 8;
V F V V F (D) 16;
F V F F V
F F F V F (E) 32.
1 2 1
p q ~ (p ^ ~ q) Vamos contar o número de verbos para termos a
V V V V F F V
V F F V V V F quantidade de proposições simples e distintas contidas na
F V V F F F V proposição composta. Temos os verbos “andar’, “beber”,
F F V F F V F
4 1 3 2 1 “cair” e “dormir”. Aplicando a fórmula do número de
linhas temos:
Observe que vamos preenchendo a tabela com os Número de linhas = 2n = 24 = 16 linhas.
valores lógicos (V e F), depois resolvemos os operadores Resposta D.
lógicos (modificadores e conectivos) e obtemos em 4 os
valores lógicos da proposição que correspondem a todas (Cespe/UnB) Se “A”, “B”, “C” e “D” forem proposições
possíveis atribuições de p e q de modo que: simples e distintas, então o número de linhas da tabela-
verdade da proposição (A ĺ B) ļ (C ĺ D) será igual a:
P(V V) = V, P(V F) = F, P(F V) = V, P(F F) = V (A) 2;
(B) 4;
A proposição P(p,q) associa a cada um dos elementos (C) 8;
do conjunto U – {VV, VF, FV, FF} um ÚNICO elemento do (D) 16;
conjunto {V,F}, isto é, P(p,q) outra coisa não é que uma (E) 32.
função de U em {V,F}
Veja que podemos aplicar a mesma linha do raciocínio
P(p,q): U ĺ {V,F} , cuja representação gráfica por um acima, então teremos:
diagrama sagital é a seguinte: Número de linhas = 2n = 24 = 16 linhas.
Resposta D.

Referências
CABRAL, Luiz Cláudio Durão; NUNES, Mauro César de Abreu -
Raciocínio lógico passo a passo – Séries e Concursos - Rio de Janeiro:
Elsevier, 2013.
ALENCAR FILHO, Edgar de – Iniciação a lógica matemática – São
Paulo: Nobel – 2002.


RACIOCÍNIO LÓGICO
LÓGICA DE ARGUMENTAÇÃO

A argumentação é a forma como utilizamos o


raciocínio para convencer alguém de alguma coisa. A
argumentação faz uso de vários tipos de raciocínio que
são baseados em normas sólidas e argumentos aceitáveis.
A lógica de argumentação é também conhecida
como dedução formal e é a principal ferramenta
para o raciocínio válido de um argumento. Ela Alguns exemplos de argumentos:
avalia conclusões que a argumentação pode tomar e
avalia quais dessas conclusões são válidas e quais são 1)
inválidas (falaciosas). O estudo das formas válidas de Todo homem é mortal Premissas
inferências de uma linguagem proposicional também faz João é homem
Logo, João é mortal Conclusão
parte da Teoria da argumentação.

Conceitos 2)
Todo brasileiro é mortal Premissas
Todo paulista é brasileiro
Premissas (proposições): são afirmações que Logo, todo paulista é mortal Conclusão
podem ser verdadeiras ou falsas. Com base nelas que os
argumentos são compostos, ou melhor, elas possibilitam 3)
Se eu passar no concurso, então irei
que o argumento seja aceito. Premissas
viajar
Passei no concurso
Inferência: é o processo a partir de uma ou mais Logo, irei viajar Conclusão
premissas se chegar a novas proposições. Quando a
Todas as PREMISSAS tem uma CONCLUSÃO. Os
inferência é dada como válida, significa que a nova
exemplos acima são considerados silogismos.
proposição foi aceita, podendo ela ser utilizada em outras
inferências.
Um argumento de premissas P1, P2, ..., Pn e de
conclusão Q, indica-se por:
Conclusão: é a proposição que contém o resultado
final da inferência e que esta alicerçada nas premissas.
P1, P2, ..., Pn |----- Q
Para separa as premissas das conclusões utilizam-se
expressões como “logo, ...”, “portanto, ...”, “por isso, ...”,
entre outras.
Argumentos Válidos
Um argumento é VÁLIDO (ou bem construído ou
Sofisma: é um raciocínio falso com aspecto de
legítimo) quando a conclusão é VERDADEIRA (V),
verdadeiro.
sempre que as premissas forem todas verdadeiras (V).
Falácia: é um argumento válido, sem fundamento ou
Dizemos, também, que um argumento é válido quando a
tecnicamente falho na capacidade de provar aquilo que
conclusão é uma consequência obrigatória das verdades
enuncia.
de suas premissas.Ou seja:
Silogismo: é um raciocínio composto de três
A verdade das premissas é incompatível com
proposições, dispostas de tal maneira que a conclusão
a falsidade da conclusão.
é verdadeira e deriva logicamente das duas primeiras
premissas, ou seja, a conclusão é a terceira premissa.
Um argumento válido é denominado tautologia
quando assumir, somente, valorações verdadeiras,
Argumento: é um conjunto finito de premissas –
independentemente de valorações assumidas por suas
proposições –, sendo uma delas a consequência das demais.
estruturas lógicas.
O argumento pode ser dedutivo (aquele que confere
validade lógica à conclusão com base nas premissas que
Argumentos Inválidos
o antecedem) ou indutivo (aquele quando as premissas
de um argumento se baseiam na conclusão, mas não
Um argumento é dito INVÁLIDO (ou falácia, ou
implicam nela)
ilegítimo ou mal construído), quando as verdades das
O argumento é uma fórmula constituída de
premissas são insuficientes para sustentar a verdade da
premissas e conclusões (dois elementos fundamentais da
conclusão.
argumentação).
Caso a conclusão seja falsa, decorrente das
insuficiências geradas pelas verdades de suas premissas,
tem-se como conclusão uma contradição (F).
Um argurmento não válido diz-se um SOFISMA.


RACIOCÍNIO LÓGICO
- A verdade e a falsidade são propriedades das Se todos os argumentos (P1,P2,P3 e P4) forem válidos,
proposições. então todas premissas que compõem o argumento
- Já a validade e a invalidade são propriedades são necessariamente verdadeiras (V). E portanto pela
inerentes aos argumentos. premissa simples P4: “a rainha fica na masmorra”;
- Uma proposição pode ser considerada verdadeira ou por ser uma proposição simples e verdadeira,
falsa, mas nunca válida e inválida. servirá de “referencial inicial” para a dedução dos valores
- Não é possível ter uma conclusão falsa se as lógicos das demais proposições que, também, compõem
premissas são verdadeiras. esse argumento. Teremos com isso então:
- A validade de um argumento depende exclusivamente
da relação existente entre as premissas e conclusões. P1: O bárbaro não usa a espada ou o príncipe não
foge a cavalo.
Critérios de Validade de um argumento P2: Se o rei fica nervoso, então o príncipe foge
a cavalo.
P3: Se a rainha fica na masmorra, então o bárbaro
Pelo teorema temos: usa a espada.
P4: Ora, a rainha fica na masmorra.
Um argumento P1, P2, ..., Pn |---- Q é VÁLIDO se e (1º) V
somente se a condicional:
(P1 ^ P2 ^ ...^ Pn) ĺ Q é tautológica. Já sabemos que a premissa simples “a rainha fica
na masmorra” é verdadeira, portanto, tal valor lógico
confirmará como verdade a 1a parte da condicional da
Métodos para testar a validade dos premissa P3 (1º passo).
argumentos P1: O bárbaro não usa a espada ou o príncipe não
Estes métodos nos permitem, por dedução (ou foge a cavalo.
inferência), atribuirmos valores lógicos as premissas P2: Se o rei fica nervoso, então o príncipe foge
de um argumento para determinarmos uma conclusão a cavalo.
P3: Se a rainha fica na masmorra, então o bárbaro
verdadeira. usa a espada.
Também podemos utilizar diagramas lógicos caso (2º) V
sejam estruturas categóricas (frases formadas pelas P4: Ora, a rainha fica na masmorra.
palavras ou quantificadores: todo, algum e nenhum). (1º) V

Os métodos constistem em: Lembramos que, se a 1ª parte de uma condicional for


verdadeira, implicará que a 2ª parte também deverá ser
1) Atribuição de valores lógicos: o método verdadeira (2º passo), já que a verdade implica outra
consiste na dedução dos valores lógicos das verdade (vide a tabela-verdade da condicional). Assim
premissas de um argumento, a partir de um “ponto de teremos como valor lógico da premissa uma verdade (V).
referência inicial” que, geralmente, será representado
pelo valor lógico de uma premissa formada por uma P1: O bárbaro não usa a espada ou o príncipe
proposição simples. Lembramos que, para que um não foge a cavalo.
P2: Se o rei fica nervoso, então o príncipe foge
argumento seja válido, partiremos do pressuposto que
a cavalo.
todas as premissas que compõem esse argumento são, na P3: Se a rainha fica na masmorra, então o bárbaro
totalidade, verdadeiras. usa a espada.
Para dedução dos valores lógicos, utilizaremos como (2º) V (3º) V
auxílio a tabela-verdade dos conectivos. P4: Ora, a rainha fica na masmorra.
(1º) V

Confirmando-se a proposição simples “o bárbaro usa a


espada” como verdadeira (3º passo), logo, a 1ª parte da
disjunção simples da premissa P1, “o bárbaro não usa a
espada”, será falsa (4º passo).

P1: O bárbaro não usa a espada ou o príncipe não


foge a cavalo.
(4º) F
Exemplo P2: Se o rei fica nervoso, então o príncipe foge
Sejam as seguintes premissas: a cavalo.
P3: Se a rainha fica na masmorra, então o bárbaro
P1: O bárbaro não usa a espada ou o príncipe não usa a espada.
foge a cavalo. (2º) V (3º) V
P2: Se o rei fica nervoso, então o príncipe foge a P4: Ora, a rainha fica na masmorra.
cavalo. (1º) V
P3: Se a rainha fica na masmorra, então o bárbaro
Como a premissa P1 é formada por uma disjunção
usa a espada.
simples, lembramos que ela será verdadeira, se pelo menos
P4: Ora, a rainha fica na masmorra.


RACIOCÍNIO LÓGICO
uma de suas partes for verdadeira. Sabendo-se que sua 1ª Caso o argumento não possua uma proposição
parte é falsa, logo, a 2ª parte deverá ser, necessariamente, simples “ponto de referência inicial”, devem-se
verdadeira (5º passo). iniciar as deduções pela conjunção, e, caso não
exista tal conjunção, pela disjunção exclusiva ou pela
P1: O bárbaro não usa a espada ou o príncipe não bicondicional, caso existam.
foge a cavalo.
(4º) F (5º) V
P2: Se o rei fica nervoso, então o príncipe foge 2) Método da Tabela – Verdade: para resolvermos
a cavalo. temos que levar em considerações dois casos.
P3: Se a rainha fica na masmorra, então o bárbaro 1º caso: quando o argumento é representado por
usa a espada. uma fómula argumentativa.
(2º) V (3º)
V Exemplo:
P4: Ora, a rainha fica na masmorra.
(1º) V A ĺ B ~A = ~B

Ao confirmarmos como verdadeira a proposição Para resolver vamos montar uma tabela dispondo
simples “o príncipe não foge a cavalo”, então, devemos todas as proposições, as premissas e as conclusões afim de
confirmar como falsa a 2a parte da condicional “o príncipe chegarmos a validade do argumento.
foge a cavalo” da premissa P2 (6o passo).

P1: O bárbaro não usa a espada ou o príncipe não


foge a cavalo.
(4º) F (5º) V
P2: Se o rei fica nervoso, então o príncipe foge
a cavalo.
(6º) F
P3: Se a rainha fica na masmorra, então o bárbaro
usa a espada.
(2º) V (3º)
V
P4: Ora, a rainha fica na masmorra.
(Fonte: http://www.marilia.unesp.br)
(1º) V
E, por último, ao confirmar a 2a parte de uma O caso onde as premissas são verdadeiras e a
condicional como falsa, devemos confirmar, também, sua conclusão é falsa esta sinalizada na tabela acima
1a parte como falsa (7o passo). pelo asterisco. Chegamos através dessa análise que o
argumento não é valido.
P1: O bárbaro não usa a espada ou o príncipe não
foge a cavalo. 2o caso: quando o argumento é representado por
(4º) F (5º) V uma sequência lógica de premissas, sendo a última sua
P2: Se o rei fica nervoso, então o príncipe foge conclusão, e é questionada a sua validade.
a cavalo.
(7º) F (6º) Exemplo:
F “Se leio, então entendo. Se entendo, então não
P3: Se a rainha fica na masmorra, então o bárbaro compreendo. Logo, compreendo.”
usa a espada.
(2º) V (3º) P1: Se leio, então entendo.
V P2: Se entendo, então não compreendo.
P4: Ora, a rainha fica na masmorra.
(1º) V C: Compreendo.

Através da analise das premissas e atribuindo os seus Se o argumento acima for válido, então, teremos a
valores lógicos chegamos as seguintes conclusões: seguinte estrutura lógica (fórmula) representativa desse
- A rainha fica na masmorra; argumento:
- O bárbaro usa a espada; P1 ‫ ר‬P2 ĺ C
- O rei não fica nervoso;
- o príncipe não foge a cavalo. Representando inicialmente as proposições primitivas
“leio”, “entendo” e “compreendo”, respectivamente, por
Observe que onde as proposições são falsas (F) “p”, “q” e “r”, teremos a seguinte fórmula argumentativa:
utilizamos o não para ter o seu correspondente como P1: p ĺ q
válido, expressando uma conclusão verdadeira. P2: q ĺ ~r
C: r
[(p ĺ q) ‫( ר‬q ĺ ~r)] ĺ (~r) ou


RACIOCÍNIO LÓGICO

Montando a tabela verdade temos (vamos montar o Prova real:


passo a passo):
p q p ĺ (p v q) p ĺ (p v q)
V V V V V V V V V
p q r V F V V F V V V F
V V V F V F F V F F V V
V V F F F F F F F F F F
V F V 1º 1º 1º 1º 1º 2º 1º
V F F
F V V
F V F p ĺ (p v q)
F F V V V V V V
F F F V V V V F
F V F V V
F V F F F
1º 3º 1º 2º 1º
[(p ĺ q) ^ (q ĺ ~r)] ĺ (~r)
V V V V F F A solução pode ser observada no 3º passo e trata-se de
V V V V V V
V F F F F F uma tautologia, logo, esse argumento é dito válido
V F F F V V
F V V V F F
F V V V V V 3.2 - Método da adição (SIMP)
F V F F F F
F V F F V V 1º caso:
1º 2º 1º 1º 1º 1º
p q r
V V V
V V F Prova Real:
V F V
V F F
F V V p q (p ^ q) ĺ p
F V F V V V V V
F F V V F V F V
F F F F V F V F
F F F F F
[(p ĺ q) ^ (q ĺ ~r)] ĺ (~r) 1º 1º 1º
V V V F V F F F
V V V V V V V V (p ^ q) ĺ p (p ^ q) ĺ p
V F F F F V F F V V V V V V V V V
V F F F F V V V V F F V V F F V V
F V V F V F F F F F V F F F V V F
F V V V V V V V F F F F F F F V F
F V F V F V F F 1º 2º 1º 1º 1º 2º 1º 3º 1º
F V F V F V V V
1º 2º 1º 4º 1º 3º 1º 1º
A solução pode ser observada no 3º passo e trata-se de
[(p ĺ q) ^ (q ĺ ~r)] ĺ (~r) uma tautologia, logo, esse argumento é dito válido
V V V F V F F V F
V V V V V V V V V 2º caso:
V F F F F V F V F
V F F F F V V V V
F V V F V F F V F
F V V V V V V V V
F V F V F V F F F
F V F V F V V V V
1º 2º 1º 4º 1º 3º 1º 5º 1º 3.3 - Método da conjunção (CONJ)
Sendo a solução (observado na 5a resolução) uma
1º caso:
contingência (possui valores verdadeiros e falsos),
logo, esse argumento não é válido. Podemos chamar
esse argumento de sofisma embora tenha premissas e
conclusões verdadeiras.

3) Implicações tautológicas: a utilização da 2º caso:


tabela verdade em alguns casos torna-se muito trabalhoso,
principlamente quando o número de proposições simples
que compõe o argumento é muito grande, então vamos
aqui ver outros métodos que vão ajudar a provar a
validade dos argumentos. Utilizaremos a tabela verdade
apenas para tirarmos a prova real, que pode ser feita em
toda as implicações, mas aqui, foram demonstrações nas 3.4 - Método da absorção (ABS)
duas primeiras.

3.1 - Método da adição (AD)


RACIOCÍNIO LÓGICO

3.5 – Modus Ponens (MP)

3.6 – Modus Tollens (MT)

3.7 – Dilema construtivo (DC)


Nós podemos aplicar a soma lógica em três casos:

1º caso - quando a condicional conclusiva é formada


pelas proposições simples que aparecem apenas uma vez no
conjunto das premissas do argumento.

Exemplo
3.8 – Silogismo disjuntivo (SD) Dado o argumento: Se chove, então faz frio. Se neva,
então chove. Se faz frio, então há nuvens no céu. Se há
1º caso: nuvens no céu, então o dia está claro.

Temos então o argumento formado pelas seguintes


premissas:
P1: Se chove, então faz frio.
P2: Se neva, então chove.
2º caso: P3: Se faz frio, então há nuvens no céu.
P4: Se há nuvens no céu, então o dia está claro.

Vamos denotar as proposições simples:


p: chover
3.9 – Silogismo hipotético (SH) q: fazer frio
r: nevar
s: existir nuvens no céu
t: o dia esta claro

Montando o produto lógico teremos:


3.10 – Exportação e importação.

1º caso: Exportação

2º caso: Importação Conclusão: “Se neva, então o dia esta claro”.

Observe que: As proposições simples “nevar” e “o dia está


claro” só apareceram uma vez no conjunto de premissas do
argumento anterior.
4) Produto lógico de condicionais
2º caso - quando a condicional conclusiva é formada por,
Este produto consiste na dedução de uma condicional apenas, uma proposição simples que aparece em ambas as
conclusiva – que será a conclusão do argumento –, decorrente partes da condicional conclusiva, sendo uma a negação da
ou resultante de várias outras premissas formadas por, outra. As demais proposições simples são eliminadas pelo
apenas, condicionais. processo natural do produto lógico.
Ao efetuar o produto lógico, eliminam-se as proposições Neste caso, na condicional conclusiva, a 1ª parte deverá
simples iguais que se localizam em partes opostas das necessariamente ser FALSA, e a 2ª parte, necessariamente
condicionais que formam a premissa do argumento, VERDADEIRA.
resultando em uma condicional denominada condicional
conclusiva. Vejamos o exemplo: Exemplo
Seja o argumento: Se Ana trabalha, então Beto não
estuda. Se Carlos não viaja, então Beto não estuda. Se Carlos
viaja, Ana trabalha.

Temos então o argumento formado pelas seguintes


premissas:


RACIOCÍNIO LÓGICO
P1: Se Ana viaja, então Beto não trabalha. Referências
P2: Se Carlos não estuda, então Beto não trabalha. ALENCAR FILHO, Edgar de – Iniciação a lógica matemática – São
P3: Se Carlos estuda, Ana viaja. Paulo: Nobel – 2002.
CABRAL, Luiz Cláudio Durão; NUNES, Mauro César de Abreu -
Denotando as proposições simples teremos: Raciocínio lógico passo a passo – Séries e Concursos - Rio de Janeiro:
p: Ana trabalha Elsevier, 2013.
q: Beto estuda
r: Carlos viaja
Montando o produto lógico teremos:

2 Tautologia

Esse é um tópico que se refere a classificação mediante


a solução obtidas das proposições compostas.
Conclusão: “Beto não estuda”.
Vejamos,
3º caso - aplicam-se os procedimentos do 2o caso em,
apenas, uma parte das premissas do argumento. Tautologia: é uma proposição composta que tem
valor lógico V (verdade) para quaisquer que sejam os
Exemplo valores lógicos das proposições componentes, ou seja, uma
Se Nivaldo não é corintiano, então Márcio é palmeirense. tautologia conterá apenas V (verdade) na última coluna
Se Márcio não é palmeirense, então Pedro não é são-paulino. (ou coluna solução) de sua tabela verdade. As tautologias
Se Nivaldo é corintiano, Pedro é são-paulino. Se Nivaldo é também são chamadas de proposições tautológicas
corintiano, então Márcio não é palmeirense. ou proposições logicamente verdadeiras.

Então as presmissas que formam esse argumento são: É imediato que as proposições p ĺ p e p ļ p são
P1: Se Nivaldo não é corintiano, então Márcio é tautológicas (Principio de Identidade para as proposições:
palmeirense. toda a proposição é igual a si mesma, ou ainda, todo valor
P2: Se Márcio não é palmeirense, então Pedro não é são- lógico de uma proposição é igual a ele mesmo).
paulino.
P3: Se Nivaldo é corintiano, Pedro é são-paulino.
P4: Se Nivaldo é corintiano, então Márcio não é Exemplos
palmeirense. 1) A proposição “~ (p ^ ~p) é tautológica (Princípio
da não contradição), conforme vemos na sua tabela
Denotando as proposições temos: verdade:
p ~p p ^ ~p ~(p ^ ~p)
V F F V
p: Nivaldo é corintiano F V F V
q: Márcio é palmerense
r: Pedro é são paulino Então podemos dizer que uma proposição não pode
ser simultaneamente verdadeira e falsa.
Efetuando a soma lógica:
2) A proposição “p v ~p” (Princípio do terceiro
excluído) é tautológica, vejamos sua tabela verdade.

p ~p p v ~p
V F V
F V V
Com isso podemos dizer que uma proposição é
verdadeira ou falsa, nunca as duas juntos.

3) A proposição “p v ~ (p ^ q)” é tautológica,


conforme mostra sua tabela verdade.
Vamos aplicar o produto lógico nas 3 primeiras premissas
(P1,P2,P3) teremos: p q p^q ~ (p ^ q) p v ~ (p ^ q)
V V V F V
V F F V V
F V F V V
F F F V V
4) A proposição “p ^ q ĺ (p ļ q)” é tautológica,
Conclusão: “ Márcio é palmeirense”. conforme mostra sua tabela verdade.

p q p^q pĺq p ^ q ĺ (p ļ q)
V V V V V
V F F F V


RACIOCÍNIO LÓGICO
F V F F V Referências
F F F V V CABRAL, Luiz Cláudio Durão; NUNES, Mauro César de Abreu -
Raciocínio lógico passo a passo – Séries e Concursos - Rio de Janeiro:
5) A proposição “p v (q ^ ~q) ļ p” é tautológica,
Elsevier, 2013.
conforme mostra sua tabela verdade.
ALENCAR FILHO, Edgar de – Iniciação a lógica matemática – São
Paulo: Nobel – 2002.
p q ~q q^ p v (q ^ p v (q ^ ~q)
~q ~q) ļp
V V F F V V
V F V F V V
F V F F F V
F F V F F V
- Princípio de Substituição para as tautologias 3 Operação com conjuntos

Seja P (p; q; r; ...) uma proposição composta


tautológica e sejam P0 (p; q; r; ...), Q (p; q; r; ...), R CONJUNTOS
(p; q; r; ...), ..., proposições, também compostas, e
componentes de P (p; q; r; ...). Como o valor de P (p; q; É uma reunião, agrupamento de pessoas, seres,
r; ...) é sempre verdade (V), quaisquer que sejam os objetos, classes…, que possuem a mesma característica,
valores lógicos das proposições simples componentes “p”, nos dá ideia de coleção.
“q”, “r”, ..., é óbvio que, substituindo-se as proposições p
por P0, q por Q0, r por R0, ...na tautologia P (p; q; r; ...), a Noções Primitivas
nova proposição P (P0; Q0; R0; ...) que assim se obtém
também será uma tautologia. É o que chamamos para Na teoria dos conjuntos três noções são aceitas sem
as tautologias “Princípio de substituição”. definições:
- Conjunto;
PRINCÍPIO DA SUBSTITUIÇÃO: Seja P (p, q, r, ...) - Elemento;
- E a pertinência entre um elemento e um conjunto.
é uma tautologia, então P (P0; Q0; R0; ...) também é
uma tautologia, quaisquer que sejam as proposições Um cacho de bananas, um cardume de peixes ou uma
P0, Q0, R0, ... porção de livros são todos exemplos de conjuntos.
Conjuntos, como usualmente são concebidos, têm
Exemplo elementos. Um elemento de um conjunto pode ser uma
banana, um peixe ou um livro. Convém frisar que um
Se “p”, “q”, “r” e “s” são proposições simples, então conjunto pode ele mesmo ser elemento de algum outro
a proposição expressa por: {[(p ĺ q) ļ (r ‫ ר‬s)] ‫( ר‬r ‫ר‬ conjunto.
s)} ĺ (p ĺ q) é uma tautologia, então, veja: Em geral indicaremos os conjuntos pelas letras
maiúsculas A, B, C, ..., X, e os elementos pelas letras
minúsculas a, b, c, ..., x, y, ..., embora não exista essa
p q r s pĺ r^ : {[(p ĺ q) ļ (r ‫ ר‬s)] ‫ר‬
obrigatoriedade.
q s (r ‫ ר‬s)} ĺ (p ĺ q) A relação de pertinência que nos dá um relacionamento
V V V V V V entre um elemento e um conjunto.
[(V ļ V) ‫( ר‬V)] ĺ V
V V V F V F [(V ļ F) ‫( ר‬F)] ĺ V
V V F V V F [(V ļ F) ‫( ר‬F)] ĺ V Se x é um elemento de um conjunto A, escreveremos
V V F F V F [(V ļ F) ‫( ר‬F)] ĺ V x  A.
V F V V F V [(F ļ V) ‫( ר‬V)] ĺ F
V F V F F F [(F ļ F) ‫( ר‬F)] ĺ F Lê-se: x é elemento de A ou x pertence a A.
V F F V F F [(F ļ F) ‫( ר‬F)] ĺ F
V F F F F F [(F ļ F) ‫( ר‬F)] ĺ F Se x não é um elemento de um conjunto A, escreveremos
F V V V V V [(V ļ V) ‫( ר‬V)] ĺ V
F V V F V F [(V ļ F) ‫( ר‬F)] ĺ V x  A.
F V F V V F [(V ļ F) ‫( ר‬F)] ĺ V Lê-se x não é elemento de A ou x não pertence a A.
F V F F V F [(V ļ F) ‫( ר‬F)] ĺ V
F F V V V V [(V ļ V) ‫( ר‬V)] ĺ V
F F V F V F [(V ļ F) ‫( ר‬F)] ĺ V Como representar um conjunto
F F F V V F [(V ļ F) ‫( ר‬F)] ĺ V
F F F F V F [(V ļ F) ‫( ר‬F)] ĺ V 1) Pela designação de seus elementos:
Escrevemos os elementos entre chaves, separando os
Substituindo as proposições compostas “p ĺ q” e “r ‫ר‬
por vírgula.
s” pelas proposições simples “a” e “b”, respectivamente,
então obteremos a seguinte proposição composta: {[a ļ
Exemplos:
b] ‫ ר‬b} ĺ a. Pelo Princípio da Substituição, tem-se
{a, e, i, o, u} indica o conjunto formado pelas vogais
que a nova proposição composta também será tautológica,
{1, 2, 5,10} indica o conjunto formado pelos divisores
vejamos:
naturais de 10.
a b aļb [a ļ b ] ‫ ר‬b {[a ļ b] ‫ ר‬b} ĺ (a) 2) Pela sua característica
V V V V‫ר‬V=V VĺV
V F F F‫ר‬F=F FĺV Escrevemos o conjunto enunciando uma propriedade
F V F F‫ר‬V=F FĺF ou característica comum de seus elementos. Assim sendo,
F F V F‫ר‬F=F FĺF o conjunto dos elementos x que possuem a propriedade P
é indicado por:


RACIOCÍNIO LÓGICO
{x, | (tal que) x tem a propriedade P} - Conjuntos Finitos e Infinitos
Finito = quando podemos enumerar todos os seus
Exemplos: elementos. Exemplo: Conjuntos dos Estados da Região
- {x| x é vogal} é o mesmo que {a, e, i, o, u} Sudeste, S= {Rio de Janeiro, São Paulo, Espirito Santo,
- {x | x são os divisores naturais de 10} é o mesmo que Minas Gerais}
{1, 2, 5,10} Infinito = contrário do finito. Exemplo: Conjunto
3) Pelo diagrama de Venn-Euler dos números inteiros, Z = {..., -2, -1, 0, 1, 2, 3, 4, 5, ...}.
Os elementos do conjunto são colocados dentro de uma A reticências representa o infinito.
figura em forma de elipse, chamada diagrama de Venn. Relação de Pertinência

A pertinência é representada pelo símbolo (pertence)


ou Ï(não pertence). Ele relaciona elemento com conjunto.
Exemplo:
Seja o conjunto B={1, 3, 5, 7}
* 1 B, 3 B, 5 B
Exemplos: * 2 Ï B, 6 Ï B , 9 ÏB
- Conjunto das vogaiss
Subconjuntos

Quando todos os elementos de um conjunto A são


também elementos de um outro conjunto B, dizemos que
A é subconjunto de B.
- Conjunto dos divisores naturais de 10 Podemos dizer ainda que subconjunto é quando
formamos vários conjuntos menores com as mesmas
caraterísticas de um conjunto maior.

Exemplos:
- B = {2, 4}  A = {2,, 3,, 4,, 5,, 6},, p
pois 2  {2, 3, 4, 5,
6} e 4  {2, 3, 4, 5 ,6}}

Igualdade de Conjuntos

Dois conjuntos A = B são ditos iguais (ou idênticos)


se todos os seus elementos são iguais, e escrevemos A
= B. Caso haja algum que não o seja dizemos que estes
FRQMXQWRVVmRGLVWLQWRVHHVFUHYHPRV$% - C = {2, 7, 4} Œ A = {2, 3, 4, 5, 6}, pois 7  {2, 3,
Exemplos: 4, 5, 6}
 $ ^`H% ^[_[pSULPRH”[”` - D = {2, 3}  E = {2,, 3},
}, p
pois 2 {2, 3} e 3 {2, 3}
então A = B.
2) B = {6, 9,10} e C = {10, 6, 9}, então B = C, note
que a ordem dos elementos não altera a igualdade dos
conjuntos.

è Tipos de Conjuntos
 7RGRFRQMXQWR$pVXEFRQMXQWRGHOHSUySULR
- Conjunto Universo  2FRQMXQWRYD]LRSRUFRQYHQomRpVXEFRQMXQWRGH
Reunião de todos os conjuntos que estamos TXDOTXHUFRQMXQWR
trabalhando.  2FRQMXQWRGDVSDUWHVpRFRQMXQWRIRUPDGRSRUWRGRVRV
Exemplo: VXEFRQMXQWRVGH$
Quando falamos de números naturais, temos como ([HPSOR3HJDQGRRFRQMXQWR%DFLPDWHPRVDVSDUWHVGH
Conjunto Universo os números inteiros positivos. %
% ^^`^`^`%`
- Conjunto Vazio 3RGHPRVFRQFOXLUFRPHVVDSURSULHGDGHTXH6H%WHPn
Conjunto vazio é aquele que não possui elementos. HOHPHQWRVHQWmRBSRVVXLQVXEFRQMXQWRVHSRUWDQWR3 % 
Representa-se por  ou, simplesmente { }. SRVVXLQHOHPHQWRV
Exemplo:
A = {x| x é natural e menor que 0} 6HTXLVpVVHPRVVDEHUTXDQWRVVXEFRQMXQWRVWHPRFRQMXQWR
$ H[HPSORDFLPD EDVWDFDOFXODUPRVDSOLFDQGRRIyUPXOD
- Conjunto Unitário
Conjunto caracterizado por possuir apenas um único 1~PHURVGHHOHPHQWRV Q ÎQ  VXEFRQMXQWRV
elemento. LQFOXLQGRRYD]LRHHOHSUySULR
Exemplos:
Relação de inclusão
- Conjunto dos números naturais compreendidos entre
2 e 4. A = {3}
Deve ser usada para estabelecer relação entre conjuntos
- Conjunto dos números inteiros negativos
com conjuntos, verificando se um conjunto é subconjunto
compreendidos entre -5 e -7. B = {- 6}
ou não de outro conjunto.


RACIOCÍNIO LÓGICO
Representamos as relações de inclusão pelos seguintes
símbolos:

 Š
(VWiFRQWLGR  &RQWpP
Œ1mRHVWiFRQWLGR 1mRFRQWpP Note que ao subtrairmos os elementos comuns
evitamos que eles sejam contados
Operações com Conjuntos duas vezes.
- União de conjuntos Observações:
A união (ou reunião) dos conjuntos A e B é o conjunto a) Se os conjuntos A e B forem disjuntos ou se mesmo
formado por todos os elementos que pertencem a A ou a um deles estiver contido no outro, ainda assim a relação
B. Representa-se por A ‰ B. dada será verdadeira.
b) Podemos ampliar a relação do número de elementos
para três ou mais conjuntos com a mesma eficiência.

Observe o diagrama e comprove:


Simbolicamente: A ‰ B = {x | x  A ou x  B}

Exemplos:
- {2, 3} ‰ {4, 5, 6} = {2, 3, 4, 5, 6}
- {2, 3, 4} ‰ {3, 4, 5} = {2, 3, 4, 5}
- {2, 3} ‰ {1, 2, 3, 4} = {1, 2, 3, 4}
- {a, b} ‰ I = {a, b}

- Intersecção de conjuntos
A intersecção dos conjuntos A e B é o conjunto formado
por todos os elementos que pertencem, simultaneamente,
a A e a B. Representa-se por A ˆ B. Simbolicamente: A ˆ
B = {x | x  A e x  B}

- Propriedades da União e Intersecção de


Conjuntos
Sendo A, B e C conjuntos quaisquer, valem as seguintes
propriedades:
Exemplos: 1) Idempotente: A U A = A e A ˆ A= A
- {2, 3, 4} ˆ {3, 5} = {3} 2) Elemento Neutro: A U Ø = A e A ˆ U = A
- {1, 2, 3} ˆ {2, 3, 4} = {2, 3} 3) Comutativa: A U B = B U A e A ˆ B = B ˆ A
- {2, 3} ˆ {1, 2, 3, 5} = {2, 3} 4) Associativa: A U (B U C) = (A U B) U C e A ˆ (B
- {2, 4} ˆ {3, 5, 7} = I ˆ C) = (A ˆ B) ˆ C
Observação: Se A ˆ B = I , dizemos que A e B são - Diferença
conjuntos disjuntos. A diferença entre os conjuntos A e B é o conjunto
formado por todos os elementos que pertencem a A e não
pertencem a B. Representa-se por A – B. Para determinar
a diferença entre conjuntos, basta observamos o que o
conjunto A tem de diferente de B.
Simbolicamente: A – B = {x | x  A e x  B}

- Propriedades dos conjuntos disjuntos


1) A U (A ˆ B) = A
2) A ˆ (A U B) = A
3) Distributiva da reunião em relação à intersecção: A
U (B U C) = (A U B) ˆ (A U C)
4) Distributiva da intersecção em relação à união: A Exemplos:
ˆ (B U C) = (A ˆ B) U (A ˆ C)
- A = {0, 1, 2, 3} e B = {0, 2} è A – B = {1, 3} e B – A
=I
- Número de Elementos da União e da - A = {1, 2, 3} e B = {2, 3, 4} è A – B = {1} e B – A
Intersecção de Conjuntos = {4}
Dados dois conjuntos A e B, como vemos na figura - A = {0, 2, 4} e B = {1 ,3 ,5} è A – B = {0, 2, 4} e
abaixo, podemos estabelecer uma relação entre os B – A = {1, 3, 5}
respectivos números de elementos.


RACIOCÍNIO LÓGICO
EŽƚĞƋƵĞͲтͲ (B) 32 motoristas
(C) 48 motoristas
(D) 36 motoristas
- Complementar Resolução:
Dados dois conjuntos A e B, tais que B A (B é
subconjunto de A), chama-se complementar de B
em relação a A o conjunto A - B, isto é, o conjunto dos
elementos de A que não pertencem a B.

Dizemos complementar de B em relação a A.

Os que dirigem automóveis e motocicleta: 8


Os que dirigem apenas automóvel: 28 – 8 = 20
Os que dirigem apenas motocicleta: 12 – 8 = 4
A quantidade de motoristas é o somatório: 20 + 8 + 4
= 32 motoristas.
Exemplos: Resposta: B
Seja S = {0, 1, 2, 3, 4, 5, 6}. Então:
a) A = {2, 3, 4} Ÿ A = {0, 1, 5, 6} 3) Em uma cidade existem duas empresas de transporte
b) B = {3, 4, 5, 6 } Ÿ B = {0, 1, 2} coletivo, A e B. Exatamente 70% dos estudantes desta
c) C = I Ÿ C = S cidade utilizam a Empresa A e 50% a Empresa B. Sabendo
que todo estudante da cidade é usuário de pelo menos
Resolução de Problemas Utilizando Conjuntos uma das empresas, qual o % deles que utilizam as duas
empresas?
Muitos dos problemas constituem- se de perguntas, (A) 20%
tarefas a serem executadas. Nos utilizaremos dessas (B) 25%
informações e dos conhecimentos aprendidos em relação (C) 27%
as operações de conjuntos para resolvê-los. (D) 33%
Exemplos: (E) 35%
1) Numa pesquisa sobre a preferência por dois partidos Resolução:
políticos, A e B, obteve-se os seguintes resultados. Noventa
e duas disseram que gostam do partido A, oitenta pessoas
disseram que gostam do partido B e trinta e cinco pessoas
disseram que gostam dos dois partidos. Quantas pessoas
responderam a pesquisa? 70 – 50 = 20.
Resolução pela Fórmula 20% utilizam as duas empresas.
» n(A U B) = n(A) + n(B) – n(A ˆ B) Resposta: A.
» n(A U B) = 92 + 80 – 35
» n(A U B) = 137 Referências
GONÇALVES, Antônio R. - Matemática para Cursos de Graduação –
Resolução pelo diagrama: Contexto e Aplicações
- Se 92 pessoas responderam gostar do partido A e 35 IEZZI, Gelson - Fundamentos da Matemática Elementar – Vol. 01 –
delas responderam que gostam de ambos, então o número Conjuntos e Funções
de pessoas que gostam somente do partido A é: 92 – 35
= 57.
- Se 80 pessoas responderam gostar do partido B e
35 delas responderam gostar dos dois partidos, então o
número de operários que gostam somente do partido B é:
92 – 35 = 57. 4 Cálculos com porcentagens
- Se 57 gostam somente do partido A, 45 responderam
que gostam somente do partido B e 35 responderam que
gostam dos dois partidos políticos, então o número de Razões de denominador 100 que são chamadas de
pessoas que responderam à pesquisa foi: 57 + 35 + 45 razões centesimais ou taxas percentuais ou simplesmente
= 137. de porcentagem. Servem para representar de uma
maneira prática o “quanto” de um “todo” se está
referenciando.
Costumam ser indicadas pelo numerador seguido do
símbolo % (Lê-se: “por cento”).

2) Num grupo de motoristas, há 28 que dirigem


automóvel, 12 que dirigem motocicleta e 8 que dirigem Exemplos:
automóveis e motocicleta. Quantos motoristas há no
grupo? 1 - A tabela abaixo indica, em reais, os resultados das
(A) 16 motoristas aplicações financeiras de Oscar e Marta entre 02/02/2013


RACIOCÍNIO LÓGICO
e 02/02/2014. 100,00. Determinar:
a) a porcentagem de lucro em relação ao preço de
custo;
b) a porcentagem de lucro em relação ao preço de
venda.

Notamos que a razão entre os rendimentos e o saldo Resolução:


em 02/02/2013 é:
Preço de custo + lucro = preço de venda è 75 + lucro
=100 è Lucro = R$ 25,00

a)

Quem obteve melhor rentabilidade?


b)
Uma das maneiras de compará-las é expressá-las com
o mesmo denominador (no nosso caso o 100), para isso, 2 - O preço de venda de um bem de consumo é R$
vamos simplificar as frações acima: 100,00. O comerciante tem um ganho de 25% sobre o
preço de custo deste bem. O valor do preço de custo é:
A) R$ 25,00
B) R$ 70,50
C) R$ 75,00
D) R$ 80,00
E) R$ 125,00

Com isso podemos concluir, Marta obteve uma Resolução:


rentabilidade maior que Oscar ao investir no Banco B. , o
lucro
2 – Em uma classe com 30 alunos, 18 são rapazes e 12
são moças. Qual é a taxa percentual de rapazes na classe? é calculado em cima do Preço de Custo(PC).
Resolução:
PC + L = PV
A razão entre o número de rapazes e o total de alunos PC + 0,25.PC = PV
é . Devemos expressar essa razão na forma centesimal, 1,25 . PC = 100
isto é, precisamos encontrar x tal que: PC = 80,00
Resposta D

- Aumento e Desconto Percentuais


E a taxa percentual de rapazes é 60%. Poderíamos ter
divido 18 por 30, obtendo: Aumentar um valor V em p%, equivale a multiplicá-lo
por

- Lucro e Prejuízo ( ).V .

É a diferença entre o preço de venda e o preço de custo. Logo:


Caso a diferença seja positiva, temos o lucro(L), caso VA = ( ).V
seja negativa, temos prejuízo(P).
Exemplos:
Lucro (L) = Preço de Venda (PV) – Preço de Custo 1 - Aumentar um valor V de 20% , equivale a
(PC). multiplicá-lo por 1,20, pois:

Podemos ainda escrever: ( ).V = (1+0,20).V = 1,20.V


PC + L = PV
PC – P = PV 2 - Aumentar um valor V de 200% , equivale a
A forma percentual é: multiplicá-lo por 3 , pois:

( ).V = (1+2).V = 3.V

3 - Aumentando-se os lados a e b de um retângulo


de 15% e 20%, respectivamente, a área do retângulo é
aumentada de:
A)35%
Exemplos: B)30%
C)3,5%
1 - Um objeto custa R$ 75,00 e é vendido por R$ D)3,8%


RACIOCÍNIO LÓGICO
E) 38% 1 - Dois aumentos sucessivos de 10% equivalem a um
único aumento de...?
Resolução:
Área inicial: a.b Utilizando VA = ( ).V
Com aumento: (a.1,15).(b.1,20) è 1,38.a.b da área V. 1,1 , como são dois de 10% temos
inicial. Logo o aumento foi de 38%. V. 1,1 . 1,1
Resposta E V. 1,21 Analisando o fator de multiplicação 1,21;
concluímos que esses dois aumentos significam um único
Diminuir um valor V em p%, equivale a multiplicá-lo aumento de 21%.
por
( ).V. Observe que : esses dois aumentos de 10% equivalem
Logo: a 21% e não a 20%.
VD= ( ).V
2 - Dois descontos sucessivos de 20% equivalem a um
Exemplos: único desconto de:

1 - Diminuir um valor V de 20%, equivale a multiplicá- Utilizando VD = ( ).V


lo por 0,80, pois: V. 0,8. 0,8
( ). V = (1-0,20). V = 0, 80.V V. 0,64. .Analisando o fator de multiplicação 0,64,
observamos que esse percentual não representa o valor
2 - Diminuir um valor V de 40%, equivale a multiplicá- do desconto, mas sim o valor pago com o desconto. Para
lo por 0,60, pois: sabermos o valor que representa o desconto é só fazermos
( ). V = (1-0,40). V = 0, 60.V o seguinte cálculo:
100% - 64% = 36%
3 - O preço do produto de uma loja sofreu um desconto
de 8% e ficou reduzido a R$ 115,00. Qual era o seu valor Observe que: esses dois descontos de 20% equivalem a
antes do desconto? 36% e não a 40%.

Temos que V D = 115, p = 8% e V =? é o valor que 3 - Certo produto industrial que custava R$ 5.000,00
queremos achar. sofreu um acréscimo de 30% e, em seguida, um desconto
de 20%. Qual o preço desse produto após esse acréscimo
VD=( ). V e desconto?

115 = (1-0,08).V Utilizando VA = ( ).V para o aumento e


115 = 0,92V
V = 115/0,92 è V = 125 VD = ( ).V, temos:
O valor antes do desconto é de R$ 125,00.
VA = 5000 .(1,3) = 6500 e VD = 6500 .(0,80) =
)LFDD'LFD 5200, podemos, para agilizar os cálculos, juntar tudo em
uma única equação:
$HVVHYDORUGH¿QDOGH S RX 5000 . 1,3 . 0,8 = 5200
S pRTXHFKDPDPRVGHIDWRUGH Logo o preço do produto após o acréscimo e desconto
PXOWLSOLFDomRPXLWR~WLOSDUDUHVROXomRGH é de R$ 5.200,00
FiOFXORVGHSRUFHQWDJHP2PHVPRSRGH
VHUXPDFUpVFLPRRXGHFUpVFLPRQRYDORU Referências
GRSURGXWR IEZZI, Gelson – Fundamentos da Matemática – Vol. 11 – Financeira
e Estatística Descritiva
Abaixo a tabela com alguns fatores de multiplicação: IEZZI, Gelson – Matemática Volume Único
http://www.porcentagem.org
)DWRUGHPXOWLSOLFDomR )DWRUGHPXOWLSOLFDomR http://interna.coceducacao.com.br

$FUpVFLPR 'HFUpVFLPR http://www.infoescola.com
  
  
  
  
  
  
  

- Aumentos e Descontos Sucessivos

São valores que aumentam ou diminuem


sucessivamente. Para efetuar os respectivos descontos ou
aumentos, fazemos uso dos fatores de multiplicação.
Vejamos alguns exemplos:


RACIOCÍNIO LÓGICO
P, então Q) somente será falsa quando P for verdadeira e
Q falsa. Considere, por fim, que a tabela verdade de uma
proposição expresse todos os valores lógicos possíveis
para tal proposição, em função dos valores lógicos das
proposições que a compõem. Com base nesse conjunto de
Questões Complementares informações, julgue os itens seguintes.

A proposição ~(~P ‫ ר‬P) é verdadeira,


01. (CESPE - INSS - Direito) independentemente do valor lógico da proposição P.

Proposições são sentenças que podem ser julgadas ( ) Certo ( ) Errado


como verdadeiras (V) ou falsas (F), mas não ambas. Se
P e Q são proposições, então a proposição “Se P então Q”, 03. (CESPE – DETRAN-ES – Analista de
denotada por P ĺ Q, terá valor lógico F quando P for V Sistemas) Com relação à programação, algoritmos e
e Q for F, e, nos demais casos, será V. Uma expressão da estrutura de dados, julgue o item seguinte. Por meio do
forma P, a negação da proposição P, terá valores lógicos operador lógico de disjunção (OU), verificam-se os valores
contrários aos de P. P ‫ ש‬Q, lida como “P ou Q”, terá valor de entrada, de maneira que, caso ambos os valores sejam
lógico F quando P e Q forem, ambas, F: nos demais casos, falsos, o resultado será verdadeiro e, caso apenas um dos
será V. Roberta, Rejane e Renata são servidoras de um valores seja falso, o resultado será falso.
mesmo órgão público do Poder Executivo Federal. Em um ( ) Certo ( ) Errado
treinamento, ao lidar com certa situação, observou-se que
cada uma delas tomou uma das seguintes atitudes: 04. (CESPE – Banco do Brasil – Escriturário)
Proposições são frases que podem ser julgadas como
A1: deixou de utilizar avanços técnicos e científicos que verdadeiras (V) ou falsas (F), mas não ambas; são
estavam ao seu alcance. frequentemente simbolizadas por letras maiúsculas do
A2: alterou texto de documento oficial que deveria apenas alfabeto. A proposição simbolizada por AĺB lida como
ser encaminhado para providências. “se A, então B”, “A é condição suficiente para B”, ou “B é
A3: buscou evitar situações procrastinatórias. condição necessária para A”, tem valor lógico F quando
A é V e B é F; nos demais casos, seu valor lógico é V. A
Cada uma dessas atitudes, que pode ou não estar de proposição A‫ר‬B lida como “A e B” tem valor lógico V
acordo com o Código de Ética Profissional do Servidor quando A e B forem V e valor lógico F, nos demais casos.
Público Civil do Poder Executivo Federal (CEP), foi A proposição ¬A, a negação de A, tem valores lógicos
tomada por exatamente uma das servidoras. Além disso, contrários aos de A.
sabe-se que a servidora Renata tomou a atitude A3 e
que a servidora Roberta não tomou a atitude A1. Essas Se o valor lógico da proposição “Se as operações de
informações estão contempladas na tabela a seguir, em crédito no país aumentam, então os bancos ganham muito
que cada célula, correspondente ao cruzamento de uma dinheiro” é V, então é correto concluir que o valor lógico
linha com uma coluna, foi preenchida com V (verdadeiro) da proposição “Se os bancos não ganham muito dinheiro,
no caso de a servidora listada na linha ter tomado a atitude então as operações de crédito no país não aumentam” é
representada na coluna, ou com F (falso), caso contrário. também V.
( ) Certo ( ) Errado
A1 A2 A3 A4
Roberta F 05. (CESPE – Banco do Brasil – Escriturário)
Rejane
Renata V Proposições são sentenças que podem ser julgadas como
verdadeiras - V - ou falsas - F -, mas não como ambas,
Com base nessas informações, julgue os itens seguintes. simultaneamente. As proposições são frequentemente
representadas por letras maiúsculas e, a partir de
Se P for a proposição “Rejane alterou texto de proposições simples, novas proposições podem ser
documento oficial que deveria apenas ser encaminhado construídas utilizando-se símbolos especiais. Uma
para providências” e Q for a proposição “Renata buscou expressão da forma A ĺ B, que é lida como “se A, então
evitar situações procrastinatórias”, então a proposição B”, é F se A for V e se B for F e, nos demais casos, será
PĺQ tem valor lógico V. sempre V. Uma expressão da forma A ‫ ר‬B, que é lida como
( ) Certo ( ) Errado “A e B”, é V se A e B forem V e, nos demais casos, será
sempre F. Uma expressão da forma A ‫ ש‬B, que é lida como
02. (CESPE - TRE-ES - Técnico) “A ou B”, é F se A e B forem F e, nos demais casos, será
sempre V. Uma expressão da forma ¬A, a negação de A, é
Considere que P e Q sejam duas proposições que V se A for F e é F se A for V.
podem compor novas proposições por meio dos conectivos Julgue os itens que seguem, a respeito de lógica
lógicos ~, ‫ר‬, ‫ ש‬e ĺ, os quais significam “não”, “e”, “ou”, sentencial e de primeira ordem, tendo como referência as
e “se... então”, respectivamente. Considere, ainda, que a definições apresentadas no texto. Se a proposição “Algum
negação de P, ~P (lê-se: não P) será verdadeira quando P banco lucra mais no Brasil que nos EUA” tiver valor lógico
for falsa, e será falsa quando P for verdadeira; a conjunção V, a proposição “Se todos os bancos lucram mais nos EUA
de P e Q, P‫ר‬Q (lê-se: P e Q) somente será verdadeira que no Brasil, então os correntistas têm melhores serviços
quando ambas, P e Q, forem verdadeiras; a disjunção de lá do que aqui” será F.
P e Q, P‫ש‬Q (lê-se: P ou Q) somente será falsa quando P e
Q forem falsas; e a condicional de P e Q, PĺQ (lê-se: se ( ) Certo ( ) Errado


RACIOCÍNIO LÓGICO
06. (CESPE - INSS - Analista) Proposições são P3 é logicamente equivalente à proposição “O vereador
sentenças que podem ser julgadas como verdadeiras Vitor participou do esquema ou o chefe de gabinete não foi o
(V) ou falsas (F), mas não como ambas. Se P e Q são mentor do esquema”.
proposições, então a proposição “Se P então Q”, denotada
por PĺQ, terá valor lógico F quando P for V e Q for F, e, ( ) Certo ( ) Errado
nos demais casos, será V. Uma expressão da forma ¬P, a
negação da proposição P, terá valores lógicos contrários 10. Considerando essa situação hipotética, julgue os
aos de P. P‫ש‬Q, lida como “P ou Q”, terá valor lógico F itens seguintes, acerca de proposições lógicas. A partir das
quando P e Q forem, ambas, F: nos demais casos, será V. premissas P1, P2 e P3, é correto inferir que o prefeito Pérsio
Considere as proposições simples e compostas não sabia do esquema.
apresentadas abaixo, denotadas por A, B e C, que podem ( ) Certo ( ) Errado
ou não estar de acordo com o artigo 5.º da Constituição
Federal. Respostas
A: A prática do racismo é crime afiançável.
B: A defesa do consumidor deve ser promovida pelo 01. Resposta “Certo”.
Estado. Não foi Rejane quem alterou o texto, foi Roberta, a
C: Todo cidadão estrangeiro que cometer crime político expressão será, nestas condições, F então V... o que torna
em território brasileiro será extraditado. a assertiva verdadeira uma vez que se então só será falso
na construção V então F. Como estamos diante de uma
De acordo com as valorações V ou F atribuídas condicional, o fato da proposição P ser Falsa, já deixa a
corretamente às proposições A, B e C, a partir da proposição se P então Q verdadeira, já que a condicional
Constituição Federal, julgue o item a seguir. De acordo só é falsa se P for V e Q for F. Sendo assim, como não
com a notação apresentada acima, é correto afirmar que a foi Rejane que alterou o texto, temos que P é Falsa, e a
proposição (¬A) ‫¬(( ש‬C) tem valor lógico F. condicional, independentemente do valor de Q, será
( ) Certo ( ) Errado verdadeira.

(CESPE – TRE-RJ – Técnico Judiciário) 02. Resposta “Certo”

Texto para as questões de 07 a 10. Tabela Verdade


P ~P ~P ‫ ר‬P ~(~P ‫ ר‬P)
O cenário político de uma pequena cidade tem sido V F F V
movimentado por denúncias a respeito da existência F V F V
de um esquema de compra de votos dos vereadores. A Quando temos:
dúvida quanto a esse esquema persiste em três pontos, A e ~A = F (o valor lógico sempre será falso. Eu vou
correspondentes às proposições P, Q e R: para praia “e” eu não vou para a praia).
A ou ~A = V ( o valor lógico sempre será verdadeiro.
P: O vereador Vitor não participou do esquema; O cavalo é branco “ou” o cavalo não é branco).
Q: O Prefeito Pérsio sabia do esquema;
R: O chefe de gabinete do Prefeito foi o mentor do Sendo a proposição P e ~P sempre falsa, conforme
esquema. demonstrado acima, a negação então será sempre
verdadeira.
Os trabalhos de investigação de uma CPI da Câmara
Municipal conduziram às premissas P1, P2 e P3 seguintes: 03. Resposta “Errado”.
Existem dois casos de disjunção: inclusiva e exclusiva.
P1: Se o vereador Vitor não participou do esquema,
então o Prefeito Pérsio não sabia do esquema. - Inclusiva (ou soma lógica) - só é falsa quando ambos
P2: Ou o chefe de gabinete foi o mentor do esquema, os valores forem falsos:
ou o Prefeito Pérsio sabia do esquema, mas não ambos. F+F=F
P3: Se o vereador Vitor não participou do esquema, F+V=V
então o chefe de gabinete não foi o mentor do esquema. V+F=V
V+V=F
Considerando essa situação hipotética, julgue os itens
seguintes, acerca de proposições lógicas. - Exclusiva (só é verdadeira quando ambos os valores
forem semelhantes):
07. Das premissas P1, P2 e P3, é correto afirmar que “O F+F=V
chefe de gabinete foi o mentor do esquema ou o vereador F+V=F
Vitor participou do esquema”. V+F=F
( ) Certo ( ) Errado V+V=V
08. Considerando essa situação hipotética, julgue os A questão especificou a disjunção como “ou”.
itens seguintes, acerca de proposições lógicas. A premissa Portanto, está errada.
P2 pode ser corretamente representada por R ‫ ש‬Q.
( ) Certo ( ) Errado 04. Resposta “Certo”.
P: “as operações de crédito no país aumentam”.
09. Considerando essa situação hipotética, julgue os Q: “os bancos ganham muito dinheiro”.
itens seguintes, acerca de proposições lógicas. A premissa P então Q. Tal estrutura lógica equivale a ~Q então ~P.


RACIOCÍNIO LÓGICO
duas forem falsas.
“Se as operações de crédito no país aumentam, então
os bancos ganham muito dinheiro”. Equivale a A ĺ B; A tabela verdade do “ou”. Vejam:
“Se os bancos não ganham muito dinheiro, então as
operações de crédito no país não aumentam”. Equivale a p q p‫ש‬q
~B ĺ ~A; V V F
Logo, como A ĺ B equivale a ~B ĺ ~A a afirmativa V F V
F V V
é correta. F F F

05. Resposta “Errado”. No 2º caso, os dois não podem ser verdade ao mesmo
A proposição do tipo P então Q tem valor lógico V tempo.
(verdadeiro) quando as duas condições são verdadeiras, as
duas condições são falsas e a primeira condição é falsa e a
segunda é verdadeira. Sabendo que a primeira condição é Disjunção exclusiva (Ou... ou)
falsa (já que a questão afirma que “algum banco lucra mais Representado pelo v, ou ainda ou.
nos Brasil do que nos EUA”), concluímos que a segunda Pode aparecer assim também: p v q, mas não ambos.
pode ser falsa ou verdadeira que a proposição terá valor
lógico V(verdadeiro). Logo, não podemos afirmar que a Regra: Só será verdadeira se houver uma das
segunda proposição será F. sentenças verdadeira e outra falsa.

Negação: Hipótese 1:
Todo A é B = Algum A não é B.
Algum A é B = Todo A não é B. P1: F ĺ V = V (Não poderá aparecer VF).
Algum A é B = Nenhum A é B. P2: V F = V (Apenas um tem que ser verdadeiro).
Nenhum A é B = Algum A é B. P3: F ĺ F = V

Equivalência: Conclusões:
Todo A é B = Nenhum A não é B. Vereador participou do esquema.
Nenhum A é B = Todo A não é B. Prefeito não sabia.
Todo A é B = A condicionado a (ĺ) B. Chefe do gabinete foi o mentor.

1- Verdadeiro - Algum banco lucra mais no Brasil do Então:


que nos EUA. O chefe de gabinete foi o mentor do esquema ou o
2- Falso - Todo banco não lucra mais no Brasil do que vereador Vitor participou do esquema.
nos EUA. V V = verdade, pois sabemos que para ser falso, todos
3- Equivalente à segunda - Se todos os bancos não devem ser falsos.
lucram mais no Brasil do que nos EUA, então... (quer dizer
que nos EUA lucram mais). Hipótese 2:
P1: F ĺ F = V
A primeira parte é falsa, a segunda parte não importa, P2: F V = V
pois falso condicionado a qualquer coisa sempre será P3: F ĺV = V
verdadeiro. Equivalente à terceira - Se todos os bancos Conclusões:
lucram mais no EUA do que no Brasil, então... Não importa Vereador participou do esquema.
o resto, continua sendo falso condicionado a qualquer Prefeito sabia.
coisa, sendo verdadeiro, portanto. Chefe de gabinete não era o mentor.

06. Resposta “Errado”. Então:


F ou V = V. O chefe de gabinete foi o mentor do esquema ou o
A: F; ~A: V vereador Vitor participou do esquema.
C: F; ~C: V F V = verdade.
~A v ~C = V ‫ ש‬V = V
08. Resposta: Errado
A banca misturou constitucional com raciocínio-lógico, Não se trata de uma Disjunção, trata-se de uma
então teríamos que julgar. Disjunção Exclusiva, cujo símbolo é . Também chamado
Proposição A – falsa. de “Ou Exclusivo”. É o famoso “um ou outro mas não
Proposição B – verdadeira. ambos”. Só vai assumir valor verdade, quando somente
Proposição C – falsa. uma das proposições forem verdadeiras, pois quando as
duas forem verdadeiras a proposição será falsa. Da mesma
Na disjunção para ser falsa, ambas as proposições têm forma se as duas forem falsas, a proposição toda será falsa.
que ser falsas.
A ou B - F ou F = Falso Tabela verdade do “Ou Exclusivo”.
¬A ou ¬ B = V ou V = Verdade
p q
p q
07. Resposta: Certo V V F
É só aplicar a tabela verdade do “ou” (v). V F V
V v F será verdadeiro, sendo falso apenas quando as F V V
F F F


RACIOCÍNIO LÓGICO
Com a frase em P2 “mas não ambos” deixa claro que será obrigatoriamente falsa, pois na disjunção exclusiva
as duas premissas não podem ser verdadeiras, logo não só vai ser verdade quando apenas um dos argumentos
é uma Disjunção, mas sim uma Disjunção Exclusiva, onde for verdadeiro. E se R é falso, significa dizer que ~R é
apenas uma das premissas pode ser verdadeira para que verdadeiro. Fazendo as substituições:
P2 seja verdadeira.
P1: P ĺ ~Q Verdade
09. Resposta: Certo FĺFV
Duas premissas são logicamente equivalentes quando
elas possuem a mesma tabela verdade: Por que P é falso? Na condicional só vai ser falso se
a primeira for verdadeira e a segunda for falsa. Como
P R PĺR “sabemos” que a premissa toda é verdadeira e que ~Q é
Rĺ P P‫ש‬R
falso, P só pode assumir valor F.
P R
V V F F V V V
V F F V F F F P2: R (ou exclusivo) Q Verdade
F V V F V V V F (ou exclusivo) V V
F F V V V V V
Possuem a mesma tabela verdade,logo são Lembrando que na disjunção exclusiva, só vai ser
equivalentes. verdade quando uma das proposições forem verdadeiras.
Como sei que Q é verdadeiro, R só pode ser falso.
Representando simbolicamente as equivalências,
temos o seguinte: P3: P ĺ ~R Verdade
(P ĺ R) = ( P ‫ ש‬R) = ( R ĺ P) FĺVV

As proposições dadas na questão: Se deduz que R é falso, logo ~R é verdadeiro.


P = O vereador Vitor não participou do esquema. Consideramos inicialmente o argumento sendo não válido
R = O chefe de gabinete do Prefeito foi o mentor do (premissas verdadeiras e conclusão falsa). Significa dizer
esquema. que a questão está errada. Não é correto inferir que o
Prefeito Pérsio não sabia do esquema. Foi comprovado
Premissa dada na questão: P3 = Se o vereador Vitor que ele sabia do esquema.
não participou do esquema, então o chefe do gabinete
não foi o mentor do esquema. Em linguagem simbólica, a
premissa P3 fica assim: (P ĺ R).
A questão quer saber se (P ĺ R) é logicamente
equivalente a proposição: “O vereador Vitor participou
do esquema ou o chefe de gabinete não foi o mentor do
esquema”, que pode ser representada da seguinte forma:
( P ‫ ש‬R). Vemos que P3 tem a seguinte equivalente
lógica: (P ĺ R) = ( P ‫ ש‬R). Negamos a primeira ²²²²²²²²²²²²²²²²²²²²²²²²²
sentença, mudamos o conectivo “ĺ” para “‫”ש‬, e depois
mantemos a segunda sentença do mesmo jeito. Assim ²²²²²²²²²²²²²²²²²²²²²²²²²
sendo, a questão está correta. As duas sentenças são ²²²²²²²²²²²²²²²²²²²²²²²²²
“logicamente equivalentes”.
²²²²²²²²²²²²²²²²²²²²²²²²²
10. Resposta: Errado
A questão quer saber se o argumento “o Prefeito Pérsio ²²²²²²²²²²²²²²²²²²²²²²²²²
não sabia do esquema” é um argumento válido. Quando ²²²²²²²²²²²²²²²²²²²²²²²²²
o argumento é válido? Quando as premissas forem
verdadeiras e a conclusão obrigatoriamente verdadeira ²²²²²²²²²²²²²²²²²²²²²²²²²
ou quando as premissas forem falsas e a conclusão falsa.
Quando o argumento não é válido? Quando as premissas ²²²²²²²²²²²²²²²²²²²²²²²²²
forem verdadeiras e a conclusão for falsa. Pra resolver essas ²²²²²²²²²²²²²²²²²²²²²²²²²
questões de validade de argumento é melhor começar de
forma contrária ao comando da questão. Como a questão ²²²²²²²²²²²²²²²²²²²²²²²²²
quer saber se o argumento é válido, vamos partir do
princípio (hipótese) que é inválido. Fica assim: ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²²
P1: P ĺ ~Q verdade
P2: R (ou exclusivo) Q verdade ²²²²²²²²²²²²²²²²²²²²²²²²²
P3: P ĺ ~R verdade
Conclusão: O prefeito Pérsio não sabia do esquema. ²²²²²²²²²²²²²²²²²²²²²²²²²
falso
²²²²²²²²²²²²²²²²²²²²²²²²²
Se é falso que o Prefeito Pérsio não sabia, significa ²²²²²²²²²²²²²²²²²²²²²²²²²
dizer que ele sabia do esquema. Então, pode-se deduzir
que as proposições ~Q e Q são, respectivamente, falsa e ²²²²²²²²²²²²²²²²²²²²²²²²²
verdadeira. Na segunda premissa: Se Q é verdadeira, R
²²²²²²²²²²²²²²²²²²²²²²²²²


RACIOCÍNIO LÓGICO
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²
²²²²²²²²²²²²²²²²²²²²²²²²² ²²²²²²²²²²²²²²²²²²²²²²²²²


A solução para seu concurso N oções de I nformática = 1
A Intranet utiliza os serviços e protocolos da Internet

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Conceitos básicos e modos de dentro de uma mesma empresa. Possibilita, por exemplo,
que possamos mandar um e-mail para alguém dentro da em-
utilização de tecnologias, ferramentas, presa ou enviar um arquivo por FTP a um computador em
aplicativos e procedimentos outro andar. Também permite a criação de uma homepage
associados à Internet e intranet com sua identificação e os trabalhos que está desenvolvendo.
Enquanto a Internet estabelece os padrões e as tecnolo-
gias para comunicação entre computadores, através de uma
Uma rede pode ser um computador ligado à Internet ou um rede mundial que conecta muitas redes, a Intranet aplica
computador ligado a outros computadores. A Internet é uma estas tecnologias dentro da organização via rede LAN/WAN
rede que conecta milhões de computadores ao redor do mundo corporativa, com todos os mesmos benefícios. Exatamente
e permite a comunicação e tráfego de milhões de informações. A pela Internet ser um padrão bem estabelecido, montar a
World Wide Web é a parte da Internet mais utilizada por usuários infra-estrutura é simples. O Clássico problema de como fazer
de computadores. A Internet compreende tráfego de informações um se conectar com muitos é resolvida pelo uso de tecnologia
por meio de páginas de hipertexto, notícias e e-mails. Internet via WAN/LAN. O controle de acesso e segurança,
É possível usar o serviço de e-mails sem acessar o conte- problema complicado nos modelos informacionais atuais
údo disponível na Internet. também encontra solução nos moldes da Internet.
A Internet é útil para: A tecnologia da Internet passa a se incorporar na nova logís-
‡ encontrar informações; tica empresarial de fora para dentro, ou seja, para suportar toda
esta nova dinâmica externa a logística interna (suprimento-
‡ trocar mensagens; -fabricação-entrega) precisa acompanhar, a questão básica é:
a empresa quer responder pronta e corretamente às demandas
‡ acessar grupos de notícias; apresentadas pelo seu canal de vendas e seus parceiros.
‡ compartilhar arquivos de fotos, vídeos e documentos; Não dar respostas, seja por telefone ou Internet é igual-
mente inadmissível. Portanto, é hora de começar a operar via
‡ pesquisar e comprar produtos;
Internet, aos poucos, sempre consciente de que a essência do
‡ entretenimentos: jogos, sites de relacionamentos, sucesso operacional neste novo cenário passa, aos poucos, por
dentre outros; uma integração de todos os sistemas computacionais desde o
nível de simples coleta de dados até a apresentação multimídia
Duas coisas são importantes para conectar o computador via Internet. O caminho, não tão longo, passa por:
à Internet:
‡ Criar uma ponte entre os sistemas corporativos de
1. um Provedor de acesso à Internet e logística e os acessos via Internet;
2. um modem. ‡ Simplificar as operações, pois virtualmente estamos
todos trabalhando na mesma sala;
As empresas provedoras de acesso oferecem dois tipos de
conexões à Internet: ‡ Criar bases de dados abertas que possam ser consul-
tadas facilmente;
‡ Acesso por conexão banda-larga (ADSL, ISDN), Li-
nha Privativa, dentre outras; e ‡ Montar uma estrutura de divulgação e pesquisa
‡ Acesso por conexão discada (dial-up) rápidas de informação entre os diversos grupos de
trabalho da empresa via Intranet. Ou seja, Compras
A conexão por banda-larga requer um tipo especial / Engenharia, Produção / Engenharia, Compras
de modem, visto que esta conexão possui um cabo e, / Qualidade / Fornecedores, Vendas / Produção,
normalmente, a contratação do serviço inclui o hardware.
enfim... todos com todos.
Contratado o serviço de acesso de um provedor, é necessário
ter instalado um navegador. Sobre navegadores, falaremos
mais adiante. Intranet e as Organizações: Já é ponto pacífico que
apoiarmos a estrutura de comunicações corporativas em
Dentre os serviços de uma empresa provedora de acesso, uma Intranet, dá para simplificar o trabalho, pois, como já
inclui-se o serviço de email, página de web, hospedagem de foi dito, estamos virtualmente todos na mesma sala. De qual-
arquivos, sites e serviços de bancos de dados.Intranet quer modo, é cedo para se afirmar onde a Intranet vai ser
É uma rede que utiliza tecnologias de Internet, tais como mais efetiva para unir (no sentido operacional) os diversos
navegadores, e-mails e protocolos de comunicação, mas o profissionais de uma empresa. Mas em algumas áreas já se
acesso é privativo às pessoas vinculadas à uma organização, vislumbram benefícios, por exemplo:
tais como funcionários, estagiários, etc.. Marketing e Vendas: Informações sobre produtos, Listas
de Preços, Promoções Leads de Vendas (Indicativos para
prospecção), Informações sobre a concorrência, Análises
Intranet sobre negócios ganhos e pedidos, Planejamento de Eventos,
Pense na Internet e em todos os seu serviços: a WWW, Consultas sobre ATP (Availability to Promise), Material
para divulgação de informações; o FTP, para a troca de para Treinamento etc.
arquivos; o Telnet, para o uso de computadores remotos; e
Desenvolvimento de Produtos: Especificações, Designs,
o e-mail, para troca de mensagens etc. Imagine agora que a
Planejamentos, Milestones de Projeto, Mudanças de Eng., Lis-
sua empresa é o mundo e os vários computadores no mundo
tas de Responsabilidades de membros das equipes, Situação de
todo – isso é uma Intranet.
Projetos, Características de Produtos da Concorrência etc.
2 = Noções de Informática A solução para seu concurso

Serviço ao Cliente e Suporte: Relatórios sobre problemas todo o mundo e, agora, graças ao arsenal de tecnologia ami-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
comuns, Perguntas e repostas. Andamentos de Ordens de gável dos micros, toma conta das casas e empresas do nosso
Serviços, Treinamentos e dicas para atender a reclamações combalido planeta.
gerais etc. E, finalmente, para se montar uma Intranet é tecnica-
Recursos Humanos: Informações sobre benefícios, políti- mente muito fácil, mas quando for para implementá-la de
cas da companhia, etc. Missões da Companhia Oportunidades modo a alterar mais profundamente o modus operandi e a
de Trabalho, Programas de Desenvolvimento Pessoal etc. logística das corporações, então enfrentaremos tarefas como
Utilização da Intranet: A questão é: por dificuldades aculturação de executivos, remodelamentos operacionais,
de tirar informação de um lugar e disponibilizar para todos renovação de ambientes computacionais (principalmente
os interessados, as empresas replicam esforços em diversas nas grandes corporações, onde realmente este esforço é Her-
áreas e, na falta de unicidade de informações, as decisões cúleo), etc. Mas é errado tentar repensar a empresa inteira
tomadas em áreas diferentes, mas inter-relacionadas, são primeiro e implementar depois, a remodelação correta será
muitas vezes conflitantes. Isso é até natural que aconteça, fruto do uso, que trará os feed-backs necessários. Comece aos
uma vez que os executivos que as tomaram simplesmente poucos, das pontas para o meio, mas comece já.
basearam-se em visões muito diferentes que têm da mesma A conexão com a Internet: Como vimos, a Intranet pode
realidade que a empresa em que trabalham. ser utilizada apenas para acesso dentro da corporação, po-
A Intranet (ou Internet Corporativa) ajuda neste caso? rém se a empresa desejar conectar-se remotamente a outras
Sim, é a melhor ferramenta para disponibilizar a reapresen- Intranets, pode se utilizar de uma Rede de Longa Distância
tação de uma mesma realidade para muitas pessoas. (WAN - Wide Area Network) própria, com custos relativa-
mente altos; pode utilizar a RENPAC - Rede Nacional de
E é exatamente por isso que ela se estabelece como uma Pacotes da Embratel, de médio custo; ou ainda a Internet, de
explosão de remodelamento empresarial e se transforma tão rapi- baixo custo com uma boa relação custo / benefício.
damente, de um sistema de integração pública, a uma estratégia
de comunicação corporativa. Agora, por que ela ajuda? Nestes casos, é recomendado um estudo apropriado para
verificar qual é a melhor forma de conexão.
Motivos para utilização da Intranet: Primeiro, porque
ela é uma estrutura de comunicações ONIPRESENTE, No caso de conexão com a Internet, temos ainda duas
qualquer um se comunica de qualquer lugar para qualquer opções principais a saber:
lugar. Pouquíssimas empresas conseguiram implementar 1. conexão direta à espinha dorsal (backbone) da In-
um sistema eletrônico de comunicações com seus parceiros,
ternet via Embratel, RNP,..., com alta performance,
justamente pela diversidade de ambientes computacionais
porém com custo elevado;
e protocolos de comunicação. Hoje, a empresa A para falar
com a B, via computador, ainda precisa primeiro negociar 2. ou conexão via Provedor de Acesso Internet (ISP).
a “língua” que vão usar, (a Internet não é uma Torre de No primeiro caso, a conexão ao backbone se faz atra-
Babel, é mais fácil se comunicar através dela). Os canais vés de um roteador conectado a um canal dedicado.
de comunicação também variam, um canal dedicado de
alta velocidade atende a um tipo de demanda (atualização
constante de dados entre fábricas e depósitos, p. ex.), canais No segundo caso, utilizaremos um microcomputador,
de acesso compartilhado (vendedores espalhados pelo país, dedicado ou não, como ponte (gateway proxy), que ligado à
consultando a nova lista de preços) caracterizam um acesso rede local, também se conecta à Internet com linha dedicada
não tão constante, mas geograficamente disperso e variado. ou telefônica comum via provedor de acesso.
A Intranet vai usufruir dos dois canais, sem problemas, e os Extranet
usuários não vão ter problema de usar a Intranet ou a Inter-
net, porque são dois nomes para a mesma coisa, ninguém É uma rede que utiliza tecnologias de Internet, tais como
percebe se o canal de comunicação é público ou privado navegadores, e-mails e protocolos de comunicação. O acesso
(a não ser pela velocidade). Um diretor vai olhar o mesmo é privativo às pessoas vinculadas à organização e a outras
gráfico de vendas, ou consultar uma promessa de entrega, pessoas externas, tais como fornecedores, clientes e outros
no computador da sua mesa, no meio da fábrica, de casa, da de interesse da organização.
Disneylândia, dá no mesmo, ele vai entrar na sua Intranet a
partir de qualquer lugar, via Internet. Site (ou sítio)
Segundo, e também importantíssimo pela inovação concei- Um site, website, é um conjunto de páginas de Internet,
tual: a informação não é mais enviada, é buscada sob demanda. interligadas, cujo conteúdo é específico de uma organização.
Não se enviam mais catálogos, listas de preços, promoções, A página principal é conhecida como homepage, ou simples-
mensagens, todos passam, a saber, onde estas informações estão mente home. Na home, há link para todas as demais páginas
disponíveis e as buscam sempre que precisam. Isto simplifica do site e, todas as páginas do site, permitem retornar à página
radicalmente muitas coisas, principalmente no que tange aos principal (a home). O protocolo que permite visualizar o site
procedimentos de atualização e geração de informações, não se é o HTTP.
imprime coisas a mais nem a menos, simplesmente porque não A homepage de qualquer site é acessível na rede mundial
se imprime mais nada. de computadores (Internet) por meio do domínio e, a partir
Terceiro, a interface com o usuário é agradável, fácil de deste endereço, todas as páginas são acessíveis.
usar, é a mesma que ele, a mulher e os filhos usam em casa.
Uma página é ligada a outra e esta ligação é, popularmen-
Quarto, a tecnologia é estável, acreditem se quiser, a te, chamada de link. Os links são âncoras que permitem o
Internet (em termos de informática) é uma senhora mais usuário acessar, rapidamente, o conteúdo associado. Uma
velha que o PC (Personal Computer), primeiro era exclusiva página pode ter dezenas ou centenas de links e links podem
do Pentágono, depois ampliou-se para as universidades de ser textos, imagens ou combinação dos dois.
A solução para seu concurso N oções de I nformática = 3
Quando o mouse é posicionado sobre o link, o ponteiro IP é acrônomo do termo Protocolo de Internet, (do inglês,

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
muda para o formato de uma mão e o endereço do link apa- Internet Protocol). TCP é acrônomo do termo Protocolo
rece na barra de status. de Controle de Transmissão (do inglês, Transfer Control
Protocol). TCP/IP define um conjunto de regras, padrões e
Download convenções para computadores se comunicarem na Internet,
O termo download é usado quando um arquivo é além de gerenciar o envio e recebimento de pacotes de men-
transferido da Internet para o computador. Os downloads sagens de dados enviadas via protocolo IP.
mais comuns são realizados quando acessamos conteúdos
de arquivos anexados a e-mails, aceitamos atualizações de
Protocolo HTTP
software ou gravamos arquivos de conteúdos específicos, tais http:// advém do termo Hyper Text Transfer Protocol,
como músicas, jogos, vídeos ou documentos. e significa Protocolo de Transferência de Hipertexto. Um
site acessível por http:// indica que o conteúdo trafegado será
Ao transferir o arquivo da Internet para o computador páginas de hipertexto. É o protocolo padrão.
(fazer um download), o usuário aceita o risco de gravar em
sua máquina um arquivo que contém vírus, ou um programa Protocolo HTTPS
que pode danificar as informações do computador. Para Uma conexão é segura se as informações trocadas entre
evitar o risco, os cuidados abaixo devem ser observados: o site visitado e o navegador que são codificadas, de modo
a impossibilitar a leitura por softwares diversos. Neste caso,
‡ instalar software de antivirus; o navegador e o site visitado conhecem o certificado digital
‡ fazer download de sites seguros; para decodificar as informações. Este processo de codificação
‡ confira o tipo de arquivo que será transferido para é denominado criptografia e a navegação tende a ser segura
o computador. Arquivos executáveis, com extensões quando a informação é enviada.
.exe, .scr, .bat, .com ou outros, poderão ser executados É possível que mensagens criptografadas tenham seus
e danificar as informações contidas no computador. certificados descobertos, dependendo do algoritmo usado
para criptografar. Portanto não há garantia de segurança que
Upload o site é fidedigno e a privacidade do usuário poderá estar
O termo upload é usado quando um arquivo é transferido comprometida, pelo modo como o site utiliza ou distribui as
do computador para a Internet. Os uploads mais comuns são informações do usuário.
realizados quando publicamos um site, enviamos arquivos
para diretórios virtuais, fotos em sites de relacionamento, No navegador, conexões seguras utilizam o protocolo
dentre outros. HTTPs e exibem um cadeado na barra de status. O certificado
que é usado para criptografar a conexão também contém in-
Domínio formações sobre a identidade do dono do site ou organização.
O domínio do site é o endereço. No Brasil, a organização Você pode clicar no cadeado para ver a identidade do site.
responsável pelo registro dos domínios na Internet é a FA- O protocolo HTTPS é usado para compras online, acesso a
PESP e operacionaliza os registros e consulta de domínios serviços bancários e transações que requer níveis de segurança.
por meio do site www.registro.br.
Protocolo FTP
Os domínios são organizados em 4 partes:
ftp:// advém do termo File Transfer Protocol, e significa
{protocolo} {ponto} {nome do domínio} {ponto} {tipo Protocolo de Transferência de Arquivos. É um protoclo usa-
de domínio} {ponto} {sigla do país} do para transferir arquivos pela Internet. O acesso a arquivos
A sigla do país é opcional, mas todos os outros são pelo protocol FTP torna o download de múltiplos arquivos
obrigatórios. Como exemplo de domínio, veja o da Apostilas mais rápido. Este protocolo é usado para disponibilizar
Sintética. arquivos para que outros façam download.
www.sinteticaapostilas.com.br Para iniciar uma transferência de arquivos no navegador,
digite o endereço de FTP na barra de endereços do navegador.
Para que o conteúdo seja trafegado na rede, é importante
O endereço de FTP inicia com "ftp://" em vez de "http://."
estabelecer uma linguagem para comunicação entre emissor
e receptor de mensagens. Esta linguagem é o protocolo. O Por exemplo, para ir para o site de FTP da Microsoft,
protocolo indica o que será trafegado na rede. Os protocolos digite ftp://ftp.microsoft.com, e então, pressione a tecla
são HTTP e FTP. ENTER.

Protocolos Telnet
Antes de conhecer os tipos de protocolos, vamos enten- Telnet é um programa capaz de conectar outros com-
der o significado do termo Protocolo. Esta palavra é bastante putadores usando a Internet. Este programa permite que,
usada nas configurações da Internet e pode ser entendida remotamente, você execute programas e serviços que estão
como uma linguagem. Para que haja comunicação entre no computador remoto. Seu uso é útil para acessar arquivos
duas pessoas, é importante que o idioma falado seja conhe- em máquinas remotas.
cido pelas duas partes: a pessoa que pergunta e a outra que Wireless
escutará, entenderá a pergunta para poder responder. Em uma rede sem fio, os computadores são conectados
por sinais de rádio, no lugar de fios ou cabos. A vantagem
TCP/IP das redes sem fio inclui a mobilidade e a ausência de fios.
A Internet estabeleceu um protocolo para que todos os Como desvantagens, podemos citar uma conexão mais lenta,
computadores pudessem enviar e receber informações e, as- se comparada a uma rede cabeada e interferência de outras
sim, interconectá-los. Este protocolo de Internet é o TCP/IP. redes sem fio, tais como telefones sem fio. A ajuda do MS-
-Windows® ilustra a rede sem fio com a Figura abaixo.
4 = Noções de Informática A solução para seu concurso

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Barra de Ferramentas padrão do Internet Explorer

Barra de Ferramentas padrão do Mozilla Firefox

Barra de Ferramentas padrão do Google Crome

Quadro Ferramentas do Internet Explorer

Rede sem fio Ferramenta Função

Ethernet A possibilidade de visitar páginas


Uma página é ligada a outra e esta ligação é, popularmen- e páginas na Internet, o botão
te, chamada de link. Os links são âncoras que permitem o Voltar permite visualizar a(s)
usuário acessar, rapidamente, o conteúdo associado. última(s) página(s) visitada(s). Se
clicar no botão Voltar várias vezes,
VoIP Voltar
retrocederá às páginas visitadas
Uma forma de comunicação utilizando recursos de in- na mesma seqüência que foram
ternet, ou seja, um recurso a um melhor custo de estabelecer acessadas. Utilize a seta para
ligações a longa distância. baixo para escolher a página es-
SHFt¿FDTXHGHVHMDYROWDU
Vírus e Antivírus
Antivirus são programas que lêem arquivos antes de Se a ferramenta Voltar foi acionada,
abri-los e notifica se está ou não contaminado por vírus. habilitará a ferramenta Avançar.
Quando o antivírus detecta algo suspeito no arquivo, mas Observe que na Barra de Ferra-
não é capaz de identificar o vírus, ele denuncia como um mentas padrão do Internet Explorer
Avançar
arquivo potencialmente inseguro. esta ferramenta está inativa (cinza).
O conceito é similar ao botão
Firewall Voltar, porém, avançará as páginas
O termo inglês significa corta-fogo. Este conceito, advindo até a última visitada.
das portas corta-fogo, as quais evitam que um incêndio se alas-
tre por outros andares de um edifício, assim é o objetivo dos Quando o navegador está baixan-
programas de firewall, impedir a transmissão e/ou recepção de Parar
do uma página da Internet, se esta
acessos não autorizados de uma rede para outra. ferramenta for acionada, o downlo-
ad da página será cancelado.
Os programas de Firewall aplicam políticas de segurança
a um determinado ponto de controle da rede e definem os
níveis de acesso aos usuários. Atualizar Recarrega a página atual

Navegadores ou Browsers
Um navegador é um software preparado para acessar Home Carrega a página inicial do navegador
o conteúdo disponível na Internet. Leva o nome de nave-
gador porque o conteúdo da Internet é associado a outros
$VVLVWHQWHGHSHVTXLVDGD,QWHUQHW$MX-
conteúdos que, por meio de links, são conectados e o usuário Pesquisar
GDDORFDOL]DUFRQWH~GRVHVSHFt¿FRV
vai de um conteúdo a outro, por meio de cliques a palavras
ancoradas a outros conteúdos.
Favoritos Exibe o menu favoritos
Os navegadores mais usados atualmente são: o Internet
Explorer, Natscape Navigator, Mozilla Firefox e Google
Exibe o histórico dos últimos sites
Crome. Apresentaremos nesta seção, as principais funciona- Histórico
visitados.
lidades, comuns a todos os navegadores.
Esta ferramenta é dis-
Funcionalidades comuns a todos os ponível do Internet Ex-
navegadores Opções plorer e permite acessar
de E-mail o software de correio
As principais funcionalidades estão, normalmente,
HOHWU{QLFR HPDLO  UDSLGDPHQWH Mi
disponíveis na barra de ferramentas padrão do navegador. na função
As Figuras ilustram as barras de ferramentas padrão, dos
navegadores Internet Explorer, Mozzila Firefox e Google
Crome, respectivamente. Imprimir Imprime o conteúdo visitado.
A solução para seu concurso N oções de I nformática = 5

Adicionar uma página ao Menu Favo-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
No Internet Explorer No Mozilla Firefox
ritos  DFHVVHRVLWHGHVHMDGRH  DFHVVHRVLWHGHVHMDGRH
O menu Favoritos tem por função adicionar sites, a fim siga os procedimentos a siga os procedimentos a
de visualiza-los rapidamente, sem a necessidade de lembrar seguir; seguir;
o endereço e digita-lo. Quando um site é adicionado ao menu 2) No menu Ferramentas, clique 2) No menu Ferramentas,
favoritos, o título do site é exibido no menu. Na próxima vez em Opções da Internet clique em Opções
que o usuário desejar acessa-lo, basta localizar a opção do 3) Clique na Guia Geral 3) Clique na guia Geral
site no menu. 4) Em Home Page, clique em 4) Em Iniciar, clique em Usar
Usar atual página aberta.

(a)

(b)
Menu Favoritos. (a) do navegador Internet Explorer.
(b) do navegador Mozilla Firefox
As duas funções básicas deste menu são: i) Adicionar
página a Favoritos; e ii) Organizar Favoritos. A organização
de Favoritos corresponde à criação de pastas e agrupamento
de links dentro destas pastas. A funcionalidade básica é igual
Janela Opções da Internet do navegador Internet Explorer
em todos os navegadores.
O processo para salvar um site no menu Favoritos é:
1. Abra o site que deseja salvar no menu Favoritos;
2. No menu Ferramentas, clique em Adicionar a Fa-
voritos (no Internet Explorer) ou Adicionar Páginas
(no Mozilla Firefox)
3. Abrirá uma caixa para digitar o nome, digite um
nome para a página de Internet e, então, clique no
botão Adicionar.

Se há muitas páginas neste menu, é possível organizá-los


em pastas.
Janela Opções do navegador Mozilla Firefox
O processo para abrir um site do menu Favoritos é:
4. Abra o menu Favoritos; Cookies
Cookies são arquivos de textos gravados no computador
5. Na lista de sites favoritos, clique sobre o nome do por sites visitados. Estes arquivos contém informações
site que deseja abrir. dos sites visitados ou de formulários preenchidos pelo
usuário. Exemplos de informações gravadas são nome,
email e preferências. Outro exemplo corresponde a infor-
'HÀQLUDSiJLQDLQLFLDOGR1DYHJDGRU mações sobre os sites visitados. Com base neste histórico,
Quando um navegador é aberto, uma página da Inter- é possível identificar o interesse do internauta e saber
net é aberta ou uma página em branco é apresentada. O quais os sites de seu interesse.
fato é que o usuário poderá definir qual a primeira página O usuário poderá permitir ou não, a gravação de cookies
que deseja visualizar, quando entrar na Internet ou quan- em seu computador, por sites que ele visita, porém, alguns
sites não funcionam se a gravação de cookies estiver desabi-
do clicar na ferramenta .
litada. Arquivos de cookies deveriam ser acessíveis apenas
Para definir a página inicial do Navegador, siga os pro- pelo site que os criou. Mas há casos de cookies contendo
cedimentos a seguir, dependendo do navegador. O procedi- informações pessoais, onde outros sites o acessam para obter
mento é parecido para os demais navegadores: informações sem o consentimento do usuário.
As páginas visitadas na Internet são armazenadas em
Quadro Procedimento para definir a página Inicial, para uma pasta especial para exibição rápida em outra hora. A
os navegadores Internet Explorer e Mozilla Firefox janela Opções da Internet da Figura abaixo apresenta uma
forma de excluir os cookies armazenados no computador.
6 = Noções de Informática A solução para seu concurso

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas

Configurações de privacidade no navegador Mozilla Firefox

Procedimento para exclusão de cookies gravados no computador.


Sistemas de busca e pesquisa na Internet
Os navegadores permitem que o usuário defina o nível de Há diversos sites projetados para buscar conteúdos
privacidade que terá ao visitar sites na Internet. O nível de disponíveis na Internet e pesquisa por assunto/área. Chama-
privacidade está relacionado a permissão dos sites em gravar remos estes sites de buscadores, dentre os mais conhecidos
cookies e ler os cookies já gravados no mercado, citaremos o Google, Yahoo e o Bing.
‡ www.google.com.br
‡ www.yahoo.com.br
‡ www.bing.com
Os sistemas de busca e pesquisa permitem uma busca na
Web por assunto, textos nos sites, imagens, vídeos, mapas,
notícias, artigos disponíveis em revistas científicas, livros,
etc. Os melhores sistemas de busca e pesquisa trazem seg-
mentado as categorias de pesquisa para trazer resultados
relevantes ao pesquisador.

Níveis de privacidade para gravação e acesso aos cookies


no navegador Internet Explorer Site de um sistema de busca e pesquisa

É importante saber buscar para que o resultado da busca


seja relevante.
A solução para seu concurso N oções de I nformática = 7

GRUPOS DE DISCUSSÃO

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
A Internet nos dias de hoje é uma grande forma de co-
municação mundial e além disso ela diponibiliza diversas ANOTAÇÕES
formas de interatividade entre seus adeptos. Uma das formas
de discussão bastante válidas são através do Fórum, pois os
fóruns estão nos principais sites de conteúdo independente
do site e seu segmento.
Uma outra forma de discussão também utilizada são
os chats (bate papos) que também dominam sites diversos
promovendo uma interatividade entre seus visitantes.
REDES SOCIAIS
As redes sociais dominam o mundo da internet pro-
movendo uma interatividade bastante presente no mundo
digital, podemos citar como grandes destaques o Facebook,
Orkut, Youtube, Twitter. Esses ferramentas de Interação
presentes na internet nos faz cada vez mais estarmos ligados
a uma nova subdivisão de sociedade: a sociedade digital.
8 = Noções de Informática A solução para seu concurso

A sigla CPU vem do inglês Central Processor Unit e sig-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Conceitos básicos e modos de utilização nifica Unidade Central de Processamento. Em português,
a sigla é UCP. A CPU é responsável por processar cálculos,
de tecnologias, ferramentas, aplicativos e transformar dados em informações e responder a todas as
procedimentos de informática requisições dos usuários. Os dispositivos ligados à CPU são
classificados entre dispositivos de entrada, saída ou entrada e
saída. O processo da CPU é ilustrado na Figura.
Software
A palavra software é um termo inglês que significa a par-
te lógica do computador (soft = leve), a parte abstrata que
corresponde aos programas de computadores. Os softwares Fluxo do processo de entrada e saída dos dados no com-
são classificados como softwares aplicativos ou utilitários. putador. O processo de transformação é realizado pela CPU
Os softwares aplicativos são sistemas de computação desti- O referencial de entrada, saída ou ambos é a CPU. Para
nados aos usuários que utilizam o computador como meio para que os dados entrem na CPU (para serem processados), os
alcançar seus resultados. Um Analista ou um Profissional da mesmos deverão ser digitados ou copiados de algum disco.
área da saúde pode não entender muito de computação, mas A CPU processará os dados e os apresentará ao usuário por
pode ser especialista em trabalhar com algum software apli- meio de dispositivos de saída, ou os armazenará em disco.
cativo da sua área de conhecimento. Os softwares aplicativos
Os dispositivos utilizados pelo usuário para dar entrada na
mais comuns são os editares de textos, planilhas eletrônicas,
instrução ou nos dados são considerados dispositivos de en-
Sistema de Informação Gerencial, dentre outros.
trada. Por exemplo: o usuário utiliza o teclado para cadastrar
Os softwares utilitários são programas que tratam o o seu nome em um formulário a ser processado pela CPU, ou
computador como objetivo fim. Muitos utilitários são uti- o mouse para dar a instrução à CPU de imprimir um arquivo.
lizados com maior freqüência por profissionais da área de
Os dispositivos utilizados pelo usuário para obter in-
informática, por terem como finalidade a organização e a
formações, de forma visual ou impressa são os dispositivos
manutenção do computador. Os softwares utilitários mais
de saída. O usuário obtém um relatório do computador por
comuns são programas para compactar arquivos, efetuar
meio de uma impressora ou do monitor (display). A Figura
cópias de segurança (backups), programas para formatação
representa o processo de entrada e saída.
de discos, execução de mídias, dentre outros.

Hardware
A palavra hardware é um termo inglês que significa a parte
física do computador (hard = rígido), ou seja, a parte material
que pode ser tocada. Compreende o conjunto de componentes
eletrônicos, interligados por meio de circuitos digitais. A
Figura ilustra um computador e o conjunto de equipamentos.

Fluxo do processo de entrada e saída dos dados no computador.

Os dados, para não serem perdidos, devem ser gravados em


dispositivos de armazenamento. Os mais comuns são pendrives
ou discos rígidos (HD, de hard disk) fixos na estrutura interna
do computador. Os dados podem ser armazenados em discos
rígidos, flexíveis, pendrives, CDs ou DVDs. São periféricos
todos os equipamentos (dispositivos) que se conectam à CPU
para agregar recursos e aumentar a quantidade de serviços
(funcionalidades) que o computador poderá prover.
Periféricos
Denominam-se periféricos os dispositivos que estão à
margem da CPU, conectados a ela por tecnologias com ou
sem fio.
Um computador. Periféricos de entrada, saída e entrada e
saída. A CPU conectada a todos os periféricos, responsável pelo &RPRFODVVLÀFDURV3(5,)e5,&26"
processamento das informações e a comunicação com os dispo- Os periféricos são classificados de acordo com o seu
sitivos para obtenção dos dados (teclado, scanner), apresentação propósito. A única função do teclado é a entrada de dados
(vídeo ou impressora) e/ou armazenamento (câmeras, PDA, dis- para a CPU, logo ele é classificado como periférico de en-
cos). Os periféricos são conectados à CPU por meio de interfaces. trada. A única função da impressora é imprimir os dados
A solução para seu concurso N oções de I nformática = 9
processados pela CPU (entrados pelo teclado), logo é um Dispositivos de armazenamento...: todos os dispositivos

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
periférico de saída. No entanto, há equipamentos que utilizados para gravar dados. Discos rígidos (HDs), os flexí-
possuem funcionalidades para atuar como dispositivos de veis (disquetes), pendrives, cartões de memória, CDs e DVDs.
entrada e/ou saída. Câmera ............... : oX PiTXLQD IRWRJUi¿FD GLJLWDO p XP
3HULIpULFRVGH(QWUDGD GLVSRVLWLYR FXMR REMHWLYR SULQFLSDO p
FDSWXUDU LPDJHQV HP XP GHWHUPLQDGR
LQVWDQWH IRWR  (VWH HTXLSDPHQWR SRVVXL
XPD LQWHUIDFH SDUD FRPXQLFDomR FRP
R FRPSXWDGRU $V IRWRV DUPD]HQDGDV
QD PiTXLQD SRGHUmR VHU WUDQVPLWLGDV
SDUD R FRPSXWDGRU e SRVVtYHO WUDQVIHULU
IRWRV JUDYDGDV QR FRPSXWDGRU SDUD D
PiTXLQDIRWRJUi¿FDGLJLWDO'HYLGRDHVWD
IXQFLRQDOLGDGH R GLVSRVLWLYR SRGHUi VHU
Periféricos de entrada
FODVVL¿FDGRFRPRGHHQWUDGDHVDtGD

7HFODGR ............ pRGLVSRVLWLYRXWLOL]DGRSHORXVXiULRSDUDGDU 3'$ .......................  WDPEpPFRQKHFLGRFRPRFRPSXWDGRUGHPmR


HQWUDGD QRV GDGRV 2 WH[WR p GLJLWDGR SHOR 3RVVXLXPWDPDQKRSRXFRPDLRUDXPFHOXODU
WHFODGRXPQRPHpFDGDVWUDGRSHORWHFODGR PDVWHPERDFDSDFLGDGHGHSURFHVVDPHQWRH
RVQ~PHURVDVHUHPFDOFXODGRVVmRGLJLWDGRV DUPD]HQDPHQWR0XLWRXWLOL]DGRSDUDDJHQGD
SRUPHLRGHXPWHFODGR HOHWU{QLFD HGLWRUHV SODQLOKDV FRQH[mR j
,QWHUQHWSRUPHLRGHUHGHVHP¿RRXUHGH
Mouse .............. pRGLVSRVLWLYRXWLOL]DGRSHORXVXiULRSDUDGDU FDEHDGD &RQHFWDVH D FRPSXWDGRUHV SDUD
LQVWUXo}HV SDUD R FRPSXWDGRU 2 FOLTXH HP WURFDURXDWXDOL]DULQIRUPDo}HV
XP ERWmR SRGHUi UHSUHVHQWDU GHQWUH RXWUDV
XPD LQVWUXomR SDUD IHFKDU XP SURJUDPD &HOXODU ................  RV WHOHIRQHV FHOXODUHV PRGHUQRV
VDOYDUXPDUTXLYR SRVVXHP VRIWZDUH TXH VH FRPXQLFDP
FRP R FRPSXWDGRU FRP D ¿QDOLGDGH GH
scanner ............ WHUPR LQJOrV SDUD  GLJLWDOL]DGRU 2 VFDQQHU VLQFURQL]DU HPDLOV OLVWDV GH FRQWDWRV
p R HTXLSDPHQWR XWLOL]DGR SDUD GLJLWDOL]DU FRPSURPLVVRV DOpP GH WHUHP DFRSODGRV
FDUW}HV GH PHPyULD R TXDO DWXD FRPR
LPDJHQVRXGRFXPHQWRV8PDIRWRLPSUHVVD
GLVSRVLWLYR GH DUPD]HQDPHQWR GH GDGRV H
SRGHUiVHUGLJLWDOL]DGDRXVHMDWUDQVIRUPDGD
IRWRV $OJXQV FHOXODUHV WDPEpP SRVVXHP
HP DUTXLYR SDUD VHU WUDWDGD HP VRIWZDUHV FkPHUDVIRWRJUi¿FDVGLJLWDLVHQHVWHFDVR
HVSHFt¿FRV VmRGLVSRVLWLYRVGHHQWUDGD

3HULIpULFRVGH6DtGD 0RGHP ...............  D SDODYUD PRGHP p D MXQomR GDV


SDODYUDV moGXODGRUdemRGXODGRU
e XP GLVSRVLWLYR HOHWU{QLFR TXH PRGXOD
XP VLQDO GLJLWDO GDGRV  HP XPD OLQKD
DQDOyJLFD WHOHIRQLD  H GHSRLV GHPRGXOD
R VLQDO DQDOyJLFR SDUD R IRUPDWR GLJLWDO
(VWH HTXLSDPHQWR p QHFHVViULR SDUD D
FRQH[mRFRPD,QWHUQHW

Periféricos, exclusivamente, de saída


Os avanços tecnológicos têm propiciado exceções, tais omo:
0RQLWRU ........... p R PHLR SHOR TXDO R XVXiULR YLVXDOL]D DV 0RQLWRUHVtouth screen.................... : XVDGR SULQFLSDOPHQWH
LQIRUPDo}HV 'R SRQWR GH YLVWD GD &38 D SRU %DQFRV p SRVVtYHO
VDtGDV ID]HUDHQWUDGDGHGDGRV
SRU PHLR GH WHFODGRV
,PSUHVVRUD ....... p R GLVSRVLWLYR XWLOL]DGR SHOR XVXiULR SDUD YLUWXDLVDSUHVHQWDGRVQR
LPSULPLU GRFXPHQWRV GH WH[WR IRWRV PRQLWRU H DFLRQDGRV SRU
LPDJHQV JUi¿FRV RX TXDOTXHU WLSR GH PHLRGRWRTXHQDWHOD
GRFXPHQWRHOHWU{QLFR 'LVSRVLWLYR0XOWLIXQFLRQDO .............  HTXLSDPHQWRV TXH
DFXPXODP IXQo}HV GH
3HULIpULFRVGH(QWUDGDH6DtGD LPSUHVVRUD H VFDQQHU
GLJLWDOL]DGRUDGHWH[WRVRX
LPDJHQV 2VFDQQHUpXP
GLVSRVLWLYRGHHQWUDGDD
LPSUHVVRUDGHVDtGDFRPR
DVGXDVIXQo}HVHVWmRQR
PHVPR HTXLSDPHQWR
HVWH p FODVVL¿FDGR FRPR
SHULIpULFR GH HQWUDGD H
VDtGD
10 = Noções de Informática A solução para seu concurso

7LSRVGH'LVSRVLWLYRVGH$UPD]HQDPHQWR Quadro 1.1. Unidades de medida da informação

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Há diversos dispositivos de armazenamento, variáveis Unidade de Medida
em termos de praticidade, qualidade, de acordo com o pro-
pósito, e a capacidade de armazenamento. 8 bits 1 byte 20
'LVFRV5tJLGRV +' ..: ........ SRVVXHP JUDQGH FDSDFLGDGH
GH DUPD]HQDPHQWR PDV VmR 1 byte 1 caractere 210
JUDQGHVH¿[RVGHQWURGD&38
+'H[WHUQR ...........................  SRVVXHP JUDQGH FDSDFLGDGH 1024 bytes 1 kilobyte (KB) 220
GH DUPD]HQDPHQWR PDV VmR
IUiJHLVSDUDPDQXVHDU 1024 KB 1 Megabyte (MB) 230
Pendrives..............................  WDPEpP FRQKHFLGR FRPR
GLVFR UHPRYtYHO RX 0HPyULD 1024 MB 1 Terabyte (TB) 240
86% ÀDVK GULYH VmR SUiWLFRV
SRVVXHP FDSDFLGDGH PpGLD GH 1024 TB 1 Petabyte (PB) 250
DUPD]HQDPHQWR TXH YDULDP
GH 0% RV PDLV DQWLJRV  D 1024 PB 1 Exabyte (EB) 260
*%$HQWUDGDpSRUPHLRGH
SRUWDV86% 1024 EB 1 Zeltabyte (ZB) 270

&'520 Compact Disk ...  SRVVXL FDSDFLGDGH SDUD 1024 ZB 1 Youtabyte (YB) 280
DUPD]HQDPHQWR GH DWp
0% +i PtGLDV SUHSDUDGDV
SDUD JUDYDU DSHQDV  YH]
&'5  RXWUDV UHJUDYiYHLV De acordo com o iDicionário Aulete1, o bit
&'5:  5HFRPHQGDGD é como se fosse um tijolinho de montar bytes.
SDUD JUDYDU P~VLFDV H GDGRV O byte comporta 8 bits, ou seja, ele tem 8 espaços em que
TXH VHUmR JXDUGDGRV SDUD D
entram os dígitos zero e um, assim: 00000000, 00000001,
SRVWHULGDGH $ GHVYDQWDJHP
GR XVR p TXH VmR VHQVtYHLV D 00000010, 00000011, 00000100, 00000101 etc. São 256 com-
ULVFRHXPDPtGLDULVFDGDWHP binações possíveis (que no sistema binário de numeração
FRPSURPHWLGDDOHLWXUDGHWRGRV resultam em números de 0 a 255), o que significa que num
RVGDGRVJUDYDGRV sistema de bytes de 8 bits cada um estão disponíveis 256 sig-
nos de significado (letras, algarismos, sinais, símbolos etc.)
'9' Digital Vídeo Disk ...  SRVVXL FDSDFLGDGH GH
DUPD]HQDPHQWR GH DWp  que vão formar textos, fórmulas, instruções etc. Nas instru-
*% 7HP FRPR EHQHItFLR HP ções ao processador de um computador podem ser usadas
UHODomR DR &'520 D PDLRU como unidade de informação conjuntos de até 64 bits.
FDSDFLGDGH GH DUPD]HQDPHQWR
H D WHFQRORJLD XVDGD SDUD O armazenamento de documentos de textos, dados,
DUPD]HQDPHQWRGHYtGHRHiXGLR fotos, vídeos ou qualquer outro tipo de dados deve ser feita
por meio de arquivos. Dependendo do tipo do arquivo e da
Blue-Ray...............................  FDSDFLGDGH GH DWp *% quantidade de informação que ele armazenar, impactará no
&RUUHVSRQGH DR HVWDGR GD DUWH
espaço que será gasto para armazená-lo. A fim de facilitar a
HPUHODomRDDUPD]HQDPHQWRGH
YtGHRVHP~VLFDV compreensão, a Figura ilustra documentos que constituem
tipos de arquivos.
+''9' ..............................  +LJK'H¿QLWLRQ±'LJLWDO9LGHR
Disc 'LVFRGH9tGHR'LJLWDOGH ARQUITETURA DO COMPUTADOR
$OWD'H¿QLomR O termo arquitetura de computadores corresponde ao
modo como o conjunto de componentes eletrônicos estão
'LVTXHWH ...............................  FDLX HP GHVXVR GHYLGR j EDL[D organizados, conectados e se comunicam, visando ao pleno
FDSDFLGDGH GH DUPD]HQDPHQWR funcionamento da parte física do computador: o hardware.
Pi[LPRGH0% 
A Figura abaixo apresenta a imagem de uma placa-
-mãe (motherboard), assim denominada, por ser a prin-
UQLGDGHVGHPHGLGDGD,QIRUPDomR
cipal placa da máquina eletrônica chamada computador.
A palavra Bit é a simplificação do termo inglês BInary DigiT, Todos os periféricos, tais como impressoras, unidades de
que significa dígito binário. Um bit pode ser expresso apenas pe- disco, monitor, dentre outros, para se comunicar com o
los dígitos 0 ou 1, e corresponde a menor unidade de informação computador, deverão estar conectados a placa-mãe. Nela,
que o computador é capaz de armazenar ou processar. há conexão para a fonte de energia, responsável por ali-
Um símbolo compreensível à leitura do homem, por mentar todos os componentes eletrônicos (HD interno,
exemplo, os símbolos do alfabeto, os numerais, dentre outros, placas de vídeo e rede) e os barramentos para conexão.
são também definidos como caracteres. Para formar um carac-
tere são necessários 8 bits. Um caractere é do tamanho de 1 1$8/(7(&KWWSDXOHWHXROFRPEUVLWHSKS"PGO DXOHWHBGLJLWDO RS ORDG
byte. As unidades de medida estão disponíveis no Quadro 1.1. 9HUEHWH SHVTXLVD  SDODYUD ELW $FHVVRHP2XWXEUR
A solução para seu concurso N oções de I nformática = 11
Os processadores são diferenciados entre marcas e

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
modelos pela capacidade de processamento, menor aque-
cimento e silencioso.
Devido ao aquecimento durante o processamento, se
a máquina permanecer em uso por muito tempo, para
evitar travamentos durante a execução de uma tarefa,
uma ventoinha é colocada sobre o processador, a fim de
resfriá-lo.
Além do processador principal, é presente nos computa-
dores um processador aritmético. Este processador é respon-
sável por executar tarefas específicas de cálculos aritméticos.
Lembramos ainda que o núcleo do processador é dividido
em duas unidades principais.
UC – Unidade de Controle
ULA – Unidade Lógica e Aritmética

Overclock
O Processador Overclock é o aumento da freqüência do processador
O computador é uma máquina eletrônica, programada para que ele trabalhe mais rapidamente.
para processar dados, transformá-los em informações e
armazená-las para consultas futuras. O componente eletrô- A freqüência de operação dos computadores domésticos
nico que processa os dados é denominado processador. é determinada por dois fatores:
O processador é um circuito eletrônico, conectados à A velocidade de operação da placa-mãe, conhecida tam-
placa-mãe por meio de soquetes, responsável por executar bém como velocidade de barramento, que nos computadores
tarefas de processamento e controle do computador. Os Pentium pode ser de 50, 60 e 66 MHz.
processadores são caracterizados pela marca e capacidade
O multiplicador de clock, criado a partir dos 486 que
de processamento, ou seja, a velocidade do processador para
permite ao processador trabalhar internamente a uma velo-
responder requisições. A Figura abaixo ilustra dois tipos de
cidade maior que a da placa-mãe. Vale lembrar que os outros
processadores, de duas marcas fortemente conhecidas no
periféricos do computador (memória RAM, cache L2, placa
mercado.
de vídeo, etc.) continuam trabalhando na velocidade de
barramento.
Como exemplo, um computador Pentium 166 trabalha
com velocidade de barramento de 66 MHz e multiplicador
de 2,5x Fazendo o cálculo, 66 x 2,5 = 166, ou seja, o proces-
sador trabalha a 166 MHz, mas se comunica com os demais
componentes do micro à 66 MHz.

(a) (b) Tendo um processador Pentium 166 (como o do exemplo


acima), pode-se fazê-lo trabalhar a 200 MHz, simplesmente
Processadores (a) Processador AMD Phenom de 64MHz aumentando o multiplicador de clock de 2,5x para 3x. Caso
a placa-mãe permita, pode-se usar um barramento de 75 ou
(b) Processador Inter Core i até mesmo 83 MHz (algumas placas mais modernas supor-
tam essa velocidade de barramento). Neste caso, mantendo
Quanto mais rápido for o processamento de dados em o multiplicador de clock de 2,5x, o Pentium 166 poderia
informação, menor será o tempo de resposta. A velocidade trabalhar a 187 MHz (2,5 x 75) ou a 208 MHz (2,5 x 83).
do computador depende da capacidade de processamento As freqüências de barramento e do multiplicador podem ser
do processador, expressa em GHz e da quantidade de me- alteradas simplesmente através de jumpers de configuração
mória RAM. da placa-mãe, o que torna indispensável o manual da mesma.
Para facilitar a compreensão, imagine o usuário trabalhar O aumento da velocidade de barramento da placa-mãe pode
com um editor de texto para escrever seus relatórios, deixar criar problemas caso algum periférico (como memória RAM,
um programa utilitário de antivírus monitorando a máqui- cache L2, etc.) não suporte essa velocidade.
na contra ataques, imprimir, abrir um software de correio
eletrônico para receber mensagens enquanto escreve seus Quando se faz um overclock, o processador passa a
relatórios, gravar o relatório em disco, conectar-se à Internet e trabalhar a uma velocidade maior do que ele foi proje-
entrar em dois softwares de troca de mensagens instantâneas, tado, fazendo com que haja um maior aquecimento do
tais como o Skype (que troca voz, vídeo e texto) e o MSN. mesmo. Com isto, reduz-se a vida útil do processador
Adicionalmente, ainda deseja acessar um site da Internet e de cerca de 20 para 10 anos (o que não chega a ser um
ouvir músicas. problema já que os processadores rapidamente se tornam
obsoletos). Esse aquecimento excessivo pode causar
Para que o usuário possa desempenhar todas estas tarefas também freqüentes "crashes" (travamento) do sistema
simultaneamente, sem comprometer o desempenho do equi- operacional durante o seu uso, obrigando o usuário a
pamento, é necessário ter um bom processador. reiniciar a máquina.
12 = Noções de Informática A solução para seu concurso

Ao fazer o overclock, é indispensável a utilização de um Association. Os adaptadores ligados a este barramento são

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
cooler (ventilador que fica sobre o processador para reduzir divididos em duas partes, sendo uma igual ao barramento
seu aquecimento) de qualidade e, em alguns casos, uma pasta ISA e uma parte adicional. É compatível com os barramen-
térmica especial que é passada diretamente sobre a superfície tos anteriores, o EISA e ISA.
do processador. Barramentos PCI: é um barramento com capacidade de
32 ou 64 bits para transferência de dados, com freqüência de
Barramentos (ou slots) 33MHz a 133MHz. PCI é acrônomo de Peripheral Compo-
O barramento é um meio para comunicar ao proces- nents Interconnect. É presente nas arquiteturas modernas de
sador memórias e placas adaptadoras de dispositivos. Os computadores.
dispositivos podem ser placas adaptadoras de vídeo, redes, Barramento USB: acrônomo de Universal Serial
som, memórias, dentre outros. Os adaptadores são pequenos Bus, é um conector padronizado, capaz de conectar à
circuitos integrados, projetados em uma placa, compatível CPU vários tipos de aparelhos, tais como impressoras,
com um dos barramentos disponíveis na placa-mãe, para celulares, scanners, aparelhos musicais, leitoras de car-
comunicar-se com o processador. tões, HDs externos, mouses, teclados, MP3-players, câ-
meras digitais, dentre outros. A tecnologia USB tornou
Os barramentos são conhecidos como barramentos de
simples o processo de adicionar novos equipamentos ao
expansão, pois permitem conectar dispositivos adicionais, computador. Cita-se a seguir algumas das principais
que não acompanham a arquitetura básica do computador. características do padrão USB: oferece alimentação de
Um usuário poderá desejar visualizar a imagem do com- energia, facilidade de instalação, plug and play, ou seja,
putador em duas saídas de vídeo. Para isto, basta conectar conectar e usar, compatibilidade com vários dispositivos
dois adaptadores de vídeo e poderá conectar dois monitores eletrônicos.
simultaneamente.
A placa-mãe da Figura acima apresenta dois, dos tipos Cabeamentos
de barramentos existentes. A seguir, uma breve descrição de
cada tipo de barramento. Os cabos ilustrados na Figura abaixo servem para conec-
tar HD e unidades de discos à placa-mãe. Cada cabo possui
Barramentos ISA: é um barramento com capacidade uma quantidade específica de pinos. O cabo que conecta a
de 8 bits para transferência de dados, adaptado para 16 bits. unidade de CD à placa-mãe possui 40 pinos. O cabo que co-
Opera com clock de 8MHz. Úteis para conectar placas de necta a unidade de disco flexível (disquete) possui 20 pinos.
vídeo e disco rígido. ISA é acrônomo de Industry Standard Há cabos de 12 pinos, há outros de energia e para interligar
Architecture. portas USB, serial, porta paralela, dentre outras específicas
para ligar dispositivos.

Foto de um Barramento ISA

Barramentos EISA: é um barramento compatível com o


barramento ISA, com clock de 8MHz, mas com capacidade
de 32 bits para transferência de dados. EISA é acrônomo de
Extended Industry Standard Architecture.

Tipos de cabos

Placas de Rede
As placas de redes são adaptadores que se comunicam
com o processador por intermédio dos barramentos e têm
por objetivo propiciar e controlar a comunicação entre os
computadores interligados.
Barramento EISA Há dois tipos de placas de rede, as que conectam os
computadores à rede por meio de cabos e as que conectam
Barramentos VESA Local Bus: é um barramento com computadores por meio de rede sem fio (wireless). A Figura
capacidade de 32 bits para transferência de dados, projetado abaixo ilustra ambas, respectivamente. Diferenciadas no
inicialmente para melhorar o desempenho dos adaptadores mercado pela taxa de transmissão, tipo de barramento utili-
de vídeo, foi desenvolvido pela Vídeo Eletronics Standards zado e cabos de redes suportados.
A solução para seu concurso N oções de I nformática = 13

Fonte de Alimentação

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
(a) (b)
Placas de rede.
(a) placa de rede com conector RJ45. (b) placa de rede sem fio.

Placa de Som
As placas adaptadoras de som são circuitos integrados
capazes de controlar sons com alta qualidade. Possuem Fonte de alimentação de 12 Volts.
entradas para microfone e caixas acústicas. Os cabos da fonte vêm fixos e há conexões específicas na placa-mãe.
O lado correto é preto com lado preto, caso contrário, dará curto.

Impressoras
As tecnologias de impressoras têm modernizado muito
e, com preços cada vez mais baixos e a qualidade cada vez
maior, as impressoras a laser e os equipamentos multifun-
cionais têm ganhado a preferência dos usuários domésticos
e corporativos.

Paca de som

Placa de Vídeo
Para que a imagem produzida seja refletida na tela do
monitor ou de uma TV com entrada RGB, é importante
conectar à placa-mãe uma placa de vídeo. Ela possui uma (a) (b)
entrada com 14 pinos fêmea. O cabo de vídeo transforma as
cores vermelho, verde e azul (RGB, de Red, Green e Blue,
respectivamente).

(c) (d)
(a) Impressora jato de tinta; (b) impressora a laser;

(c) impressora matricial; (d) multifuncional com função de impressora.

Placa de vídeo
HD ou Winchester
Memórias Os discos rígidos podem ser internos, ligados por um
Memória ROM, de Random Access Memory é uma flat-cable de 40 pinos conectado diretamente à placa-mãe,
memória volátil, acessível pelo computador. ou externos, conectados por meio de portas USB. Os discos
rígidos (HDs) possuem alta capacidade de armazenamento.

(a)
(b)
Figura 2.12. Discos rígidos. (a) HD interno.

Memória RAM, DIMM barramento de 32 bits (b) HD externo


14 = Noções de Informática A solução para seu concurso

Unidades de Disco (c)

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Os discos rígidos podem ser internos, ligados por um
flat-cable de 40 pinos diretamente à placa-mãe, ou externos,
conectados por meio de portas USB. Os discos rígidos (HD’s)
possuem alta capacidade de armazenamento.

(d)

Placa de fax-modem. (a) onboard. (b) offboard.


(c) modem para celular. (d) modem para banda-larga

Swicth
(a)

Unidades de CD/DVD, disquete 1.44 MB

(b)
Placa de Fax Modem
A junção das palavras modulador e demodulador ori-
ginou a palavra modem. É um circuito integrado capaz de
converter sinais digitais para analógicos e vice-versa, esta-
belecendo assim a transmissão de dados por meio de canais
de telefonia.
(a)
(a)Esquema de montagem de Rede . (b) Swicth.

%,26
Utilizado para dar o boot no computador, ou seja iniciá-
-lo e reconhecer seu hardware cada placa-mãe possui sua
bios não funcionando em outra.
6(783
Ele nos fornece acesso para configurar opções de hardwa-
re instalado, além de desempenho do sistema , senhas etc..
uma má configuração do setup pode tornar seu computador
uma carroça. Neste curso você aprenderá a maneira mais
fácil e rápida de configurá-lo tornando sua máquina mais
(b) rápida tanto para iniciar quanto para trabalhar.
&026
Utilizado para armazenar os dados configurados no
setup para não perdê-los, o cmos contém aproximadamente
128 bytes de memória ram embutido no cartucho da bios, é
alimentado por uma bateria que evita a perda dos dados com
a máquina desligada.
3267
É uma parte da Memória que tem a finalidade de checar
o hardware durante o processo de inicialização, caso for en-
contrado alguma inconformidade o computador trava antes
de chegar na inicialização do sistema.
A solução para seu concurso N oções de I nformática = 15
%U2I¿FHHDFDERXVHFKDPDQGRLibreOfficeWXGRGHYLGRD

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
BROFFICE (ANTIGO OPENOFFICE) FRPSUDVGHXPDHPSUHVDGHVHQYROYHGRUDSRURXWUDHPSUHVDH
QR¿QDODFULDomRGHXPDIXQGDomRFRPRMiYLPRVPDVWHQKD
OU LIBREOFFICE HP PHQWH TXH SDUD FRQFXUVR S~EOLFR HP WRGDV DV VXtWHV DV
DSOLFDo}HVWHUmRRPHVPRQRPHHGLWRUHVGHWH[WRpR:ULWHU
%U2I¿FHRX/LEUH2I¿FHpXPSDFRWHRI¿FHRXVHMDXP SODQLOKDVpR&DOFHWFFRPRMiIDODPRVDQWHULRUPHQWH
FRQMXQWRGHDSOLFDWLYRVSDUDHVFULWyULRFRQWHQGRXPHGLWRUGH 2%U2I¿FHRX/LEUH2I¿FHpXPDVXtWHPXOWLSODWDIRUPD
WH[WR SODQLOKD HOHWU{QLFD DSUHVHQWDGRU GH VOLGHV FULDGRU GH LVWRVLJQL¿FDTXHSRGHPRVLQVWDODUHVWHVSURJUDPDVQDVSODWD
EDQFRGHGDGRVDSOLFDWLYRSDUDGHVHQKRYHWRULDOHFULDGRUGH IRUPDVRSHUDFLRQDLV:LQGRZV/LQX[H0DF
IyUPXODVPDWHPiWLFDV $SULPHLUDYHUVmRGHVWDVXtWHFRPRQRPH/LEUH2I¿FHIRL
2%U2I¿FHpXPDVXtWH³FRQFRUUHQWH´GR:LQGRZVHVHX 0DVpFRPXPHPDOJXQVHGLWDLVVDtUHPDSXEOLFDomRGH
0LFURVRIW2I¿FH(PLQIRUPiWLFDFKDPDPRVGHVXtWHXPFRQ %U2I¿FHYHUVmRHWF
MXQWRGHSURJUDPDVGHXPGHWHUPLQDGRIDEULFDQWHTXHSRVVXL
3DUDWHUFHUWH]DGHTXDOYHUVmRYRFrGHYHHVWXGDUSDUDVXD
XPDLQWHUIDFHGLIHUHQFLDGDHPUHODomRDRXWURVSURJUDPDVTXH
SURYD HQWUH QR VLWH GR /LEUH2I¿FH ZZZOLEUHRI¿FHRUJEU
UHDOL]DPDPHVPDWDUHIDGHRXWURVIDEULFDQWHV
FOLTXHHP³%DL[H-i´HHPVHJXLGDHP³1RWDVGDYHUVmR´H
,QWHUIDFH p D DSDUrQFLD GH XP GHWHUPLQDGR VRIWZDUH SDUD HVWDUiGLVSRQtYHOWRGDVDVQRWDVVREUHDPHOKRULDVGHWRGDVDV
SURGX]LUXPUHVXOWDGRHVSHUDGR6mRRVWLSRVGHERWmRPHQXV YHUV}HVFRPDVXtWH/LEUH2I¿FH
FRPVHXVIRUPDWRVHFRUHVLVWRpOD\RXW
$VXtWH%U2I¿FHSRGHDEULUHHGLWDUTXDOTXHUDUTXLYRIHLWR
8PFRQMXQWRGHSURJUDPDVSDUDHVFULWyULRWDPEpPSRGHPRV QRVDSOLFDWLYRVGDVXtWH0LFURVRIW3RUH[HPSORVHWLYHUXP
FKDPDOR GH SDFRWH RI¿FH H UH~QH SURJUDPDV GHVHQYROYLGRV GRFXPHQWR GH WH[WR IHLWR QR 06:RUG HVWH SRGH VHU DEHUWR
RULJLQDOPHQWH SDUD VHUHP XWLOL]DGRV HP HVFULWyULR PDV TXH QD QRHGLWRUGHWH[WR:ULWHUHVHUHGLWDGRHVDOYRFRPDH[WHQVmR
DWXDOLGDGH VmR PXLWR ~WHLV HP QRVVDV UHVLGrQFLDV H HP QRVVRV 0LFURVRIWRX%U2I¿FH
HTXLSDPHQWRVSRUWiWHLVQRVDX[LOLDQGRQDVPDLVDOWHUQDGDVWDUHIDV
26LVWHPD2SHUDFLRQDO:LQGRZVLGHQWL¿FDXPDUTXLYRSRU
2 SDFRWH RI¿FH PDLV FRQKHFLGR p R IDEULFDGR SHOD 0L VXD H[WHQVmR OHWUD LQWURGX]LGDV QR ¿QDO GH XP DUTXLYR DXWR
FURVRIW RQGH WHPRV XP HGLWRU GH WH[WR FKDPDGR :RUG XPD PDWLFDPHQWH GH DFRUGR FRP R DSOLFDWLYR TXH R HODERURX 2V
SODQLOKD HOHWU{QLFD FRQKHFLGD FRPR ([FHO DSUHVHQWDGRU GH DSOLFDWLYRVGDVXtWH2I¿FH0LFURVRIWSRVVXHPVXDVH[WHQV}HV
VOLGHVTXHpR3RZHU3RLQWHXPJHUHQFLDGRUGHEDQFRGHGDGRV GDVHJXLQWHIRUPD06:RUG GRFRXGRF[ 06([FHO [OV
FKDPDGR$FFHVV+RMHKiPXLWRVRXWURVDSOLFDWLYRVQRSDFRWH RX[OV[ 063RZHU3RLQW SSWRXSSW[ -iRVDSOLFDWLYRVGD
2I¿FH0LFURVRIWPDVHVWHVTXDWURDSOLFDWLYRVFLWDGRVVmRRV VXtWH%U2I¿FHSRVVXLXPSDGUmRGHH[WHQVmRFKDPDGRGHOpen
TXH HVWmR SUHVHQWHV HP TXDOTXHU YHUVmR GR RI¿FH 0LFURVRIW Document Format RGI 1HVWHSDGUmRFDGDDSOLFDWLYRSRVVXL
GHVGHDVSULPHLUDVYHUV}HV VXDH[WHQVmRSUySULDFRPRVHJXHWriter RGW Calc RGV 
1D VXtWH %U2I¿FH WHPRV XP HGLWRU GH WH[WR FKDPDGR GH Impress RGS  Base RGE  Math RGI  Draw RGJ 
:ULWHUSODQLOKDHOHWU{QLFD&DOF,PSUHVVTXHpRDSUHVHQWDGRU /HPEUDQGRTXHWRGRVRVDSOLFDWLYRV%U2I¿FHRX/LEUH2I¿FH
GHVOLGHVR%DVHTXHJHUHQFLDXPEDQFRGHGDGRV0DWKTXHp SRVVXHPXPSDGUmRGHDUTXLYRRGI 2SHQ'RFXPHQW)RUPDW 
RHGLWRUGHIyUPXODVPDWHPiWLFDVHFLHQWt¿FDVHXPHGLWRUGH RGtSDUD3URFHVVDGRUHV'H7H[WR text
GHVHQKRVYHWRULDLVFKDPDGR'UDZ
RGsSDUD3ODQLOKDV(OHWU{QLFDV spreadsheets
2 %U2I¿FH VHJXH XPD ¿ORVR¿D GH 6RIWZDUH /LYUH 6/
RX2SHQ6RXUFHTXHVLJQL¿FDFyGLJRDEHUWR2VVRIWZDUHGH RGpSDUD$SUHVHQWDo}HVHP6OLGHV presentations
FyGLJRDEHUWRSHUPLWHPDRXVXiULRDSRVVLEOLGDGHGHDOWHUDUD $ GLIHUHQoD HQWUH DV YHUV}HV %U2I¿FH H /LEUH2I¿FH p
IRUPDFRPRRVHVWHVSURJUDPDVWUDEDOKDPSRGHQGRPHOKRUi VRPHQWHROD\RXWRXVHMDVRPHQWHDDSDUrQFLDGDVXDSDUWH
ORV H DGDSWDORV jV VXDV QHFHVVLGDGHV 2 VXtWH %U2I¿FH p JUi¿FD RV ERW}HV H EDUUDV TXH VmR H[LELGRV TXH XWLOL]DPRV
JUDWXLWDSRGHVHUEDL[DGDGD,QWHUQHWVHPQHQKXPFXVWRQHPD SDUDH[HFXWDUDVDo}HVHPTXDOTXHUSURJUDPD$VH[WHQV}HV
QHFHVVLGDGHGHFDGDVWURSDUDVXDXWLOL]DomR QRPHV GRV DSOLFDWLYRV IRUPDV GH WUDEDOKDU VmR WRGDV VHPH
2QRPH%U2I¿FHIRLGDGRjYHUVmREUDVLOHLUDGR2SHQ2 OKDQWHVHQWUHDVYHUV}HV%U2I¿FHH/LEUH2I¿FH
I¿FHRUJ TXH HUD PDQWLGD SHOD Apache Software Fundation 2VSURJUDPDVGHVWDVXtWHVmRLQWHUOLJDGRVpSRVVtYHODEULU
TXHIRLDGTXLULGDSHODSun MicrosystemsGHVHQYROYHGRUDGR XP DUTXLYR GR &$/& SODQLOKD HOHWU{QLFD DWUDYpV GR HGLWRU
IDPRVR -DYD H TXH UHFHQWHPHQWH IRL DGTXLULGD SHOD 2UDFOH GHWH[WR:5,7(5
(VWD ~OWLPD WUDQVDomR WURX[H YiULRV FRQÀLWRV GH SHQVDPHQWR &RPRMiYLPRVDVXtWH/LEUH2I¿FHpFRPSRVWDSRUVHLVDSOLFD
HSURPHVVDVIHLWDVSHOD6XQHTXHQmRIRUDPFXPSULGDVSHOD WLYRVSRUpPFREUDGRHPFRQFXUVRS~EOLFRVmRDSHQDVWUrV:ULWHU
DWXDOSURSULHWiULDGDPDUFD%U2I¿FH &DOFH,PSUHVVHVmRHVWHVTXHYDPRVGHWDOKDUQHVWDDSRVWLOD
&RPLVWRRVGHVHQYROYHGRUHVGR%U2I¿FHFULDUDPXPDIXQ 3DUD¿QVGLGiWLFRVYDPRVGHWDOKDURVDSOLFDWLYRVGDVXtWH
GDomRTXHPDQWLYHVVHRPHVPRSHQVDPHQWRVREUHVRIWZDUHOLYUH /LEUH2I¿FH TXH p R PDLV DWXDO H p R TXH VHUi FREUDGR QRV
a The Document FundationHFULDUDPDVVLPVHXSUySULRSURMHWR SUy[LPRV FRQFXUVRV 1mR GHVDQLPH VH YRFr HVWXGRX RX FR
GHVXtWHGHDSOLFDWLYRVSDUDHVFULWyULRFKDPDGDGHLibre Office. QKHFHEDVWDQWHR%U2I¿FHVRPHQWHROD\RXWPXGDXPSRXFR
5HVXPLQGR D VXtWH GH HVFULWyULR TXH KRMH FRQKHFHPRV FRPRMiIDODPRVDQWHULRUPHQWHPDVRPRGRGHIXQFLRQDPHQWR
FRPR LibreOffice FRPHoRX FRPR StarOffice GHSRLV QmRPXGDHPQDGD0DVYDOHDSHQDFRQIHULUHVWHWUDEDOKRH
PXGRXSDUDOpenOfficeRUJTXHQR%UDVLOIRLEDWL]DGRGH PDQWHUVHSUHSDUDGRSDUDRFRQFXUVR
16 = Noções de Informática A solução para seu concurso

'HVWDIRUPDYRFrYDLJUDYDQGRHPTXDOPHQXHQFRQWUDVH

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
LIBREOFFICE - WRITER GHWHUPLQDGR FRPDQGR H VHX DWDOKR GH WHFODGR 1R 062I¿FH
RVDWDOKRVGHWHFODGRVmRIHLWRVEDVHDGRQRQRVVRLGLRPD3DUD
DEULUXPDUTXLYRp&75/$&75/1pQHJULWRHDVVLPSRU
3URJUDPD VHPHOKDQWH DR 06:RUG XWLOL]DGR SDUD FULDU GLDQWH1R/LEUH2I¿FHRSDGUmRpRLQJOrVLQGHSHQGHQWHPHQWH
DUTXLYRV GH WH[WR FRPR FDUWDV PHPRUDQGRV OLYURV WUDEDOKRV GR LGLRPD XWLOL]DGR HQWmR WHPRV R 1 QHZ  SDUD 1RYR R 2
GH FRQFOXVmR GH FXUVR HQ¿P WXGR TXH WHQKD WH[WR FRPR VHX RSHQ  SDUD DEULU H DVVLP SRU GLDQWH QHP WRGDV DV OHWUDV GR
SULQFLSDOREMHWLYR DWDOKR YmR FRPELQDU FRP D SDODYUD PDV ¿FD D GLFD p PDLV
eXPDIHUUDPHQWDSRGHURVtVVLPDFRPLQ~PHUDVSRVVLELOLGD IiFLOVHOHPEUDUGHVWDIRUPD0DVVyWHPXPDIRUPDGHYRFrVH
GHVGHIRUPDWDomRGRWH[WRHDLQFOXVmRGHLPDJHQVJUi¿FRV FODVVL¿FDUEHPHVWXGDQGR
SODQLOKDVHWF
Menu arquivo SRVVXL RV FRPDQGRV XWLOL]DGRV TXH
6HPDQHFHVVLGDGHGHWHUTXDOTXHURXWURSURJUDPDLQVWD DIHWDPDRDUTXLYRDEHUWRRXRTXHSUHWHQGHDEULUFRPR1RYR
ODGR R /LEUH2I¿FH FRQYHUWH TXDOTXHU DUTXLYR GH TXDOTXHU DEULU GRFXPHQWRV UHFHQWHV DVVLVWHQWHV IHFKDU VDOYDU VDOYDU
DSOLFDWLYR GHVWD VXtWH HP 3') (VWD IHUUDPHQWD HQFRQWUDVH FRPRVDOYDUWXGRUHFDUUHJDUYHUV}HVH[SRUWDUH[SRUWDUFRPR
SUHVHQWHHPTXDOTXHUYHUVmRGHVWHVDSOLFDWLYRVGHVGHRDQWLJR 3')HQYLDUSURSULHGDGHVDVVLQDWXUDVGLJLWDLVPRGHORVYLVXD
%U2I¿FHDWpRDWXDO/LEUH2I¿FH OL]DUQRQDYHJDGRU:HEYLVXDOL]DUSiJLQDLPSULPLUFRQ¿JXUDU
LPSUHVVRUDHVDLU
Janela de apresentação NovoFRPDQGRSDUDFULDUXPQRYRGRFXPHQWRGR/LEUH2
$R LQLFLDU TXDOTXHU DSOLFDWLYR GD VXtWH /LEUH2I¿FH VHUi I¿FHSRGHQGRVHUWH[WRSODQLOKDHWF
H[LELGRXPDMDQHODFRPRVSULQFLSDLVFRPSRQHQWHVGRDSOLFDWL
Abrir FDUUHJD XP DUTXLYR H[LVWHQWH $ HVFROKHU HVWH
YRDOJXQVREMHWRVVmRFRPXQVHHVWmRHPWRGRVRVDSOLFDWLYRV
FRPDQGR DEULUi XPD MDQHOD QDYHJXH DWp R ORFDO RQGH HVWi R
FRPR %DUUD GH 7tWXOR %DUUD GH 0HQX %DUUD SDGUmR H %DUUD
DUTXLYRGHVHMDGR
GHIRUPDWDomRHQTXDQWRRXWURVREMHWRVVmRSDUWLFXODULGDGHVGR
DSOLFDWLYRTXHHVWiVHQGRH[HFXWDGR Documentos recentesUHODomRGRVGRFXPHQWRVDEHU
WRVUHFHQWHPHQWHSRUTXDOTXHUDSOLFDWLYR/LEUH2I¿FH
Barra de Título Assistentes 0RGHORV GH FDUWD ID[ DJHQGD HWF 3RVVXL
/RFDOL]DGD QR WRSR GD MDQHOD FRQWpP R QRPH GR DUTXLYR XPFRQYHUVRUGHDUTXLYRVTXHFRQYHUWHDUTXLYRVGDSODWDIRUPD
VHJXLGR GR QRPH GR SURJUDPD TXH HVWDPRV XWLOL]DQGR 'R ODGR 2I¿FH 0LFURVRIW SDUD D SODWDIRUPD /LEUH2I¿FH PDQWHQGR D
HVTXHUGRWHPRVXPtFRQHTXHVHFKDPDFDL[DGRPHQXGHFRQWUROH IRUPDWDomR
VHUYH SDUD FRQWURODU D MDQHOD DWUDYpV GH XP PHQX ~QLFR 3RGH FecharIHFKDRGRFXPHQWRDWLYR
DFHVVDGRFOLFDQGRVREUHRtFRQHRXDWUDYpVGRDWDOKRGHWHFODGR Salvar DWXDOL]D R DUTXLYR H[LVWHQWH FRP DV DOWHUDo}HV TXH
$/7%$55$ '( (63$d2 &RQWpP DV VHJXLQWHV IXQo}HV YRFrDFDERXGHID]HU&DVRRDUTXLYRTXHHVWiVHQGRHGLWDGRDLQGD
5HVWDXUDU0RYHU7DPDQKR0LQLPL]DU0D[LPL]DUH)HFKDUe QmRWHQKDVLGRVDOYRR/LEUH2I¿FHDEULUiDMDQHOD³6DOYDUFRPR´
SRVVtYHOFRQWURODUSOHQDPHQWHDMDQHODDWUDYpVGRWHFODGRPXLWR
~WLOQRFDVRGHVHXPRXVHIDOKDUHQmRKDYHURXWURSDUDVXEVWLWXtOR Salvar como FRPDQGR XVDGR SDUD FULDU XP GRFXPHQWR
(PFRQFXUVRS~EOLFRMiIRLPDLVH[SORUDGRHPGLYHUVDVSURYDV 1HVWD MDQHOD YRFr HVFROKH R QRPH GR DUTXLYR ORFDO RQGH VHUi
DUPD]HQDGRHRWLSRGHGRFXPHQWRVHUiFULDGR&DVRRGRFXPHQWR
Barra de Menu Mi H[LVWD HVWH FRPDQGR FULDUi XP QRYR DUTXLYR FRPR R PHVPR
FRQWH~GRSHUPLWLQGRDOWHUDURQRPHORFDORXWLSRGRDUTXLYR
3RU SDGUmR HVWi ORFDOL]DGR QD SDUWH VXSHULRU GD MDQHOD ORJR
DEDL[RGD%DUUDGH7tWXOR)D]HQGRXPDDQDORJLDFRPRPHQX Salvar tudo DWXDOL]D RV GRFXPHQWRV H[LVWHQWHV DEHUWRV
GHXPUHVWDXUDQWHpRQGHHQFRQWUDPRVWRGDVDVRSo}HVGHSUDWRV QR/LEUH2I¿FHHDEUHDMDQHOD³6DOYDUFRPR´SDUDRVDUTXLYRV
RIHUHFLGRV QDTXHOH UHVWDXUDQWH 1D LQIRUPiWLFD PHQX WHP R TXHDLQGDQmRWHQKDPVLGRFULDGRV
PHVPRVHQWLGRORFDORQGHHQFRQWUDPRVWRGDVDVRSo}HVTXHR
DSOLFDWLYRSRGHQRVIRUQHFHU6HKiDOJXPDWDUHIDTXHRDSOLFDWLYR RecarregarUHWRUQDRDUTXLYRj~OWLPDIRUPDWDomRVDOYD
SRGHH[HFXWDUHVWDWDUHIDVHUiHQFRQWUDGDHPDOJXPPHQX 'HVFDUWDWRGDVDVDOWHUDo}HVIHLWDVDSyVRFRPDQGR³6DOYDU´
$R FOLFDUPRV VREUH XP PHQX p DEHUWR XP VXEPHQX FRP VersõesSHUPLWHDRXVXiULRFULDUXPKLVWyULFRFRPYiULRV
FRPDQGRV SHUWLQHQWHV DR WtWXOR GR PHQX TXH DFDEDPRV GH ³PRPHQWRV´ GR PHVPR GRFXPHQWR e SRVVtYHO DUTXLYDU QD
FOLFDU 3RU H[HPSOR DR VH FOLFDU VREUH R PHQX ³DUTXLYR´ HQ PHPyULD GR GRFXPHQWR YiULDV YHUV}HV SRU H[HPSOR R GRFX
FRQWUDPRVFRPDQGRVTXHHVWmRUHODFLRQDGRVDXPDUTXLYRTXH PHQWRFRPDOJXPDVDOWHUDo}HVHPXPDGDWDHKRUDFRPRXWUDV
SUHWHQGHPRV³DEULU´RXID]HUDOWHUDo}HVQRDUTXLYRTXHHVWDPRV DOWHUDo}HV HP RXWUD GDWD H KRUD DVVLP p SRVVtYHO UHVJDWDU R
HGLWDQGR QR PRPHQWR ³VDOYDU´ SRU H[HPSOR ,VWR DFRQWHFHUi GRFXPHQWRFRPDTXHODIRUPDWDomRGHVHMDGD
FRPWRGRVRVPHQXV$UTXLYR(GLWDU([LELU,QVHULU)RUPDWDU
7DEHOD)HUUDPHQWDV-DQHODH$MXGD Exportar SHUPLWH WUDQVIRUPDU R DUTXLYR SDUD RXWURV
IRUPDWRV2H[SRUWDUpVHPHOKDQWHDRVDOYDUFRPR
1DSURYDVHYRFrQmRVRXEHUHPTXDOPHQXHVWiRFRPDQGR
DQDOLVHTXDOpDIXQomRGRFRPDQGRVROLFLWDGR&RUUHWRU2UWR Exportar como PDF SHUPLWH WUDQVIRUPDU R DUTXLYR
JUi¿FRpXPDIHUUDPHQWDGRDSOLFDWLYRTXHVHUYHSDUDFRUULJLU SDUDRIRUPDWR3')
SRVVtYHLVHUURVRUWRJUi¿FRVHJUDPiWLFRVQRVHXWH[WRSRVVLYHO EnviarSHUPLWHHQYLDURDUTXLYRFRPRDQH[RjXPDPHQ
PHQWHHVWDUiQRPHQX³)HUUDPHQWDV´HQmRQR³(GLWDU´
VDJHPGHFRUUHLRHOHWU{QLFR HPDLO HPYiULRVIRUPDWRV
'LFDGD6ROXomR&OLTXHVREUHRPHQXDUTXLYRHUHSLWDPHQ
WDOPHQWHRQRPHGRPHQXHRFRPDQGRGHVWDIRUPD³$UTXLYR Propriedades LQIRUPDo}HV EiVLFDV FRPSOHPHQWDUHV
!1RYR!&75/1´³$UTXLYR!$EULU!&75/2´)DoD H DYDQoDGDV VREUH R GRFXPHQWR ,QFOXL HVWDWtVWLFDV GH OHWUDV
LVWRFRPWRGRVRVPHQXVHWRGRVRVFRPDQGRVTXHDSDUHFHUHP SDODYUDVHRXWURVREMHWRVGRWH[WR
A solução para seu concurso N oções de I nformática = 17
Assinaturas digitaisDSyVFULDUVXDLGHQWLGDGHGLJLWDO Colar especial: Possibilita aplicar, no documento

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
DWUDYpVGHXP³(QWLGDGH&HUWL¿FDGRUD´pSRVVtYHODVVLQDUGLJL aberto, o conteúdo da área de transferência, de acordo com
WDOPHQWHXPGRFXPHQWRFRPSURYDQGRVXDDXWRULD opções de formatação selecionadas na caixa de diálogo.
Modelos: São arquivos contendo diversos parâmetros Selecionar texto: Permite separar textos de objetos
relativos ao tipo de documento a ser criado, simplificando a (imagens, desenhos, gráficos, etc), possibilitando a cópia
elaboração de memorandos, cartas, etc. Documentos criados ou transferência somente do texto.
através do comando: Arquivo->Modelos baseiam-se no mo- Selecionar tudo: Seleciona todo o conteúdo do
delo-padrão vigente, e podem ser alterados à vontade (e tam- documento ativo.
bém podem se tornar novos modelos-padrão, desde que sejam
gravados através do comando ArquivoĺModelosĺSalvar). Alterações: Permite analisar as modificações efetua-
A caixa de diálogo dispões de quatro campos: Organizar, das no documento em uso, sendo ativado (ou desativado).
Fonte do Catálogos de Endereços, Salvar e Editar. O primeiro ‫ ط‬Registrar: Registra as alterações no documento.
desses campos permite organizar os modelos existentes e o
segundo permite definir qual banco de dados será adotado ‫ ط‬Proteger registros: Permite salvar o documento com
como padrão para determinado modelo. O terceiro salva um proteção por senha. Quando você usa esta opção, automa-
modelo e o último edita um modelo existente. ticamente ativa recurso Alterações.

Visualizar no navegador Web: permite visualizar ‫ ط‬Mostrar: Caso esta opção esteja marcada, as modi-
o documento como se fosse uma página Internet. ficações efetuadas aparecem em destaque, sublinhadas e
em vermelho.
Visualizar página: exibe o documento exatamente
como ele ficará caso seja impresso. ‫ ط‬Aceitar ou rejeitar: Permite aceitar ou não as modifi-
cações, listando-as por ação e por data.
Imprimir: abre a janela “Imprimir”. Para determinar
o que será impresso, você dispõe das seguintes opções: ‫ ط‬Esta opção também aciona, automaticamente, o
recurso Mostrar.
‡,PSULPLUWXGR,PSULPHWRGDVDVSiJLQDVGRGRFXPHQWR
‫ ط‬Comentário: Permite acrescentar comentário às
‡,PSULPLUSiJLQDV,GHQWL¿TXHDVSiJLQDVDVHUHPLPSUHVVDV modificações efetuadas.
‫ ط‬Use um hífen para definir um intervalo de páginas. ‫ ط‬Mesclar documento: Caixa de diálogo que permite
‫ ط‬Use ponto e vírgula para definir páginas indepen- integrar as modificações efetuadas em uma cópia ao docu-
dentes, por exemplo, as páginas 1, 5, 9 serão impressas se mento original.
você introduzir, na lacuna, os seguintes caracteres: 1-5;9 Comparar documento: Permite comparar o docu-
(ou seja, páginas de 1 a 5 e a página 9). mento em uso com um documento selecionado na caixa de
‫ ط‬Indique a quantidade de páginas a serem impressa e diálogo associado, no qual, quando o comando Inserir for
inicie a impressão. selecionado após a abertura de um segundo documento,
as diferenças entre este e o documento ativo aparecerão
Configurar impressora: abre a janela que permite em destaque.
alterar a impressora de destino e sua configuração como
tipo de papel, tamanho, qualidade de impressão, etc. Localizar e substituir: Localiza palavras ou trechos
no texto em edição, possibilitando sua substituição. Para
Sair: fecha o arquivo e o programa solicitando salvar efetuar uma busca comande Editar ĺ Localizar e Substi-
as alterações caso seja necessário. tuir, ou ative o botão com a figura de um binóculo na barra
Menu Editar: possui comandos para editar o docu- de ferramentas principal, fazendo abrir a caixa de diálogo.
mento que está aberto. Possui os seguintes comandos: des- Proceda da seguinte maneira: No campo Localizar, digite
fazer, refazer, repetir, cortar, copiar, colar, colar especial, uma palavra ou sequência de palavras.
selecionar texto, modo de seleção, selecionar tudo, altera- ‫ ط‬No campo Substituir, digite o que vai ser usado, em
ções, comparar documentos, localizar, localizar e substituir, caso de substituição.
autotexto, trocar banco de dados, campos, notas de rodapé
/ Notas de fim, entrada de índice, entrada bibliográfica, ‫ ط‬Uma caixa de diálogo permite adequar a busca ao
hyperlink, vínculos, plug-in, mapa de imagem, objeto. seu objetivo.
Desfazer ou Repetir: Clique para desfazer a última Autotexto: Complementa a digitação de palavras do
modificação introduzida; para repetir, selecione Repetir. texto. Use este recurso para organizar ocorrências comuns
no documento em uso. Você pode salvar uma coleção de
Cortar: Retira do documento em edição uma área, ocorrências (formatação de texto, gráficos, molduras, etc)
moldura ou texto selecionado. O conteúdo “recortado” é em uma Coleção Tema personalizada para aquela aplicação.
armazenado na área de transferência do sistema operacio-
nal, podendo ser reutilizado. Trocar de banco de dados: Possibilita a substitui-
ção da base de dados ativa por outra de sua conveniência.
Copiar: Semelhante à função “recortar”, porém deixa Indique uma base de dados em sua caixa de diálogo e em
o original intacto e apenas copia a parte selecionada para seguida, selecione Definir.
a área de transferência.
Plugin: Genericamente, plugins de um gráfico em um
Colar: Aplica, no ponto onde o cursor estiver posicio- documento-texto, ou de um documento-texto em uma
nado, o conteúdo da área de transferência (texto, figura, apresentação, deixa seus ícones e comandos disponíveis
tabela, etc.) Pode ser acionado por meio de teclas atalho, para edição, tão logo você clique dentro da moldura
ou através de dois outros procedimentos: correspondente. A este mecanismo também denominamos
‫ ط‬Via menu: selecione Editar ĺ Colar. “plugin”, já que tem “vida própria”, apesar de estar incor-
‫ ط‬Via barra de funções: selecione o botão colar. porado a outro documento.
18 = Noções de Informática A solução para seu concurso

Menu exibir: contém os comandos referentes a várias opções pré-definidas de tamanho da tela e ainda,

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
visualização do documentos e barras de ferramentas com oferece a possibilidade do usuário definir uma escola que
os seguintes comandos: Layout de impressão, layout Web, lhe seja conveniente. Entretanto, a opção Ideal assegura a
barra de ferramentas, barra de status, status do método de melhor visibilidade possível.
entrada, régua, limites do texto, sombrear campos, nomes Menu Inserir: Utilizado para inserir objetos como
de campos, caracteres não imprimíveis, parágrafos ocultos, figura e tabela no seu documento. Contém os comandos:
anotações, fontes de dados, navegador, tela inteira e zoom. quebra manual, campos, caractere especial, marca de
Layout de Impressão: Modelo de layout (visualiza- formatação, seção, hyperlink, cabeçalho, rodapé, notas de
ção) que vem por padrão no LibreOffice. rodapé, legenda, indicador, referência, anotação, script,
Layout da Web: Deixa a área de edição do LibreOffi- índice, envelope, quadro, tabela, régua horizontal, figura,
ce similar a de uma página de internet. filme e som, objeto, quadro flutuante e arquivo.
Barra de Ferramentas: Permite definir quais barras Quebra Manual: Pontos de quebra são locais onde
estarão disponíveis na área de trabalho. Esta configuração se torna necessária uma modificação no desenvolvimento
proporciona um melhor aproveitamento da área de tra- normal da edição. Por exemplo, quando você não tem
balho, desafogando-a de comandos que não sejam indis- mais espaço para continuar em uma página, será obrigado
pensáveis ao tipo de trabalho que esteja sendo realizado. a passar para a página seguinte e aí, se localiza uma Que-
A opção personalizar, permite que você possa trocar o bra de Página. Uma vez inserida, uma quebra manual só
posicionamento dos botões. poderá ser removida manualmente.
Barra de Status: Este botão habilita a exibição da Campos: Este comando abre uma caixa de diálogo
barra localizada no extremo inferior da área de edição e contendo um resumo da coleção de campos que podem
proporciona informações sobre: página corrente/total, ser inseridos na posição corrente do cursor. Caso nenhum
taxa de zoom, modo (inserir/sobrescrever) e idioma. dos tipos oferecidos satisfaça, selecione Outros...
Régua: Habilita a exibição da régua horizontal no O LibreOffice controla a visualização do conteúdo
topo da área de edição. dos campos, atualizando-os automaticamente; caso haja
necessidade de atualização manual, selecione o(s) campo
Limites do texto: Coloca uma moldura em torno do (s) a serem atualizados e acione a tecla [F9]. Eis a relação
texto exibido na tela, indicando a área aproveitável. dos tipos de comandos disponíveis:
Sombrear campos: Este botão habilita a exibição ‫ ط‬Data: Insere a data atual.
do sombreamento, nos campos onde esse atributo tenha
sido preestabelecido (por exemplo, para destaque dos ‫ ط‬Hora: Insere a hora atual, no formato hh;mm;ss.
marcadores). ‫ ط‬Número de Página: Insere em um local do docu-
Campos/Nomes de campo: Botão que alterna a mento a numeração de página, a qual será incrementada
exibição entre o nome e o conteúdo dos campos existentes automaticamente a cada página, caso esse campo esteja
no documento. Por exemplo: Campo: Data-Fixo <> 15 Fev incluído em um cabeçalho ou rodapé.
11. ‫ ط‬Total de Páginas: Insere número total de páginas que
Caracteres não imprimíveis: Este botão habilita/ o documento contém, valor que será atualizado à medida
desabilita a exibição deste tipo de caracteres (tabulação, que novas páginas forem adicionadas.
final de linha, etc.), dispondo das seguintes formas de ‫ ط‬Assunto: Insere o assunto constante do item proprie-
acionamento; dades do arquivo.
‫ط‬Barra de Menus: Clique sobre o menu Exibir e selecio- ‫ ط‬Título: Insere o título constante o item propriedades
ne Caracteres não imprimíveis. do arquivo.
‫ ط‬Barra de Ferramentas: Acione o botão Caracteres ‫ ط‬Autor: Insere o autor constante do item propriedades
não imprimíveis. do arquivo.
Parágrafos Ocultos: Este botão habilita a exibição ‫ ط‬Outros: Abre caixa de diálogo que apresenta todas
de tais parágrafos. as opções disponíveis para inserção de um campo gené-
Fonte de Dados (somente para Windows): Permi- rico no documento. A caixa de diálogo que dispõe de seis
te acessar, criar ou modificar bases de dados do documento guias: Banco de Dados, Documento, Referência cruzada,
(etiqueta, mala direta, etc). Funções, Informações do documento e Variáveis.
Navegador: Este recurso, acionado também pela tecla Caracteres Especiais: Esta caixa de diálogo lista todos
F5, facilita o acesso a qualquer parte do documento, me- os caracteres existentes para cada fonte disponível. Alguns
morizando as posições de cada objeto no texto em edição. desses caracteres não podem ser digitados diretamente, por
Tela Inteira: Permite alternar a forma de visualização não estarem vinculados a teclas próprias. O botão [ź] no
entre Normal (área de edição é circundada pelas barras campo Fonte, lista as fontes disponíveis, bastando acionar
de ferramentas) e Tela Inteira (área de edição toma toda o mouse sobre a que lhe interessar. A seguir, navegue pe-
a tela, fornecendo uma pré-visualização). A tela inteira é los caracteres por meio das setas do teclado ou usando o
muito usada no LibreOffice Impress para verificar como um mouse, selecione o carácter desejado, que será visualizado
slide se apresenta para exibição. Para retornar ao modo de
à direita do quadro. Você pode escolher outros caracteres:
exibição normal, pressione a tecla Esc ou selecione o botão
que aparece no extremo esquerdo superior da tela. a cada nova seleção, o carácter anterior fica guardado na
área inferior do quadro. Selecionado(s) o(s) caracteres
Zoom: Possibilita modificar a escala de visualização da pretendidos, clique em OK para inseri-lo(s) no documento.
página. Este comando abre uma caixa de diálogo contendo
A solução para seu concurso N oções de I nformática = 19
Seção: Esta facilidade permite criar seções no docu- Legenda: Acrescenta um texto numerado ao objeto

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
mento em edição, as quais podem ser personalizadas e selecionado: Gráfico, Tabela, Figura, Desenho ou Moldura.
formatadas independentemente. Por exemplo, cabeçalhos Existem várias opções de numeração, de reinício de nu-
e rodapés podem se referir ao nome da seção e portanto, meração e de posição relativa. Também podemos atribuir
identificarem os capítulos de um livro; as páginas podem legendas a objetos indexados.
ser numeradas a partir do início de uma seção. Pode-se Marcador: Insere um lembrete vinculado na posição
ainda, criar um caminho para uma seção vinculado a outro do cursor. Esta posição será acessível com facilidade através
arquivo. A caixa de diálogo possui cinco guias, sendo que do recurso Navegador. Esta marcação pode ser identificada
as descrições das guias Seção, Colunas, Recuos, Plano de da forma que desejar, através de nomes, numeração, etc.
Fundo e Notas de Rodapé/Notas de Fim. Quando um lembrete é selecionado dentro do navegador,
‫ ط‬Seção: Nesta guia, você pode atribuir o nome e a o cursor se desloca para o ponto onde o texto associado se
seção que será criada, criar vínculos com outros arquivos, encontra. Lembretes de texto também podem ser usados
pode definir condições de proteção contra gravação e até como âncoras de hiperlinks. Após selecionar esse recurso,
mesmo ocultar seção. digite a identificação na caixa de diálogo associada. Caso
‫ ط‬Notas de Rodapé/Notas de Fim: Esta guia permite prefira que o lembrete fique associado a algo no texto,
estabelecer condições para numeração e apresentação selecione o que deseja com o mouse.
dessas notas, que tanto podem situar-se no fim das seções Referência: Esta facilidade lhe permite inserir campos
como no final da obra que está sendo editada. referenciando a outros, em seu documento. Referências
Hyperlink: É um vínculo que associa algo existente no cruzadas são campos referenciados no mesmo documento
texto do documento ativo a outro local, que tanto pode es- ou em documentos atrelados a um documento base. A van-
tar na internet como no próprio sistema local. Obviamente, tagem do uso referências ou campos referenciados é que
é possível inserir vínculos entre diferentes setores locais de você não precisa ajustar o documento a cada modificação
um mesmo documento. Para utilizar este recurso, inicial- introduzida.
mente selecione a parte do texto que ancorará o vínculo. Um exemplo simples que ilustra o processo. Se você
Preencha os campos de configurações adicionais. Defina deve apresentar em uma carta, o nome do remetente no
o “alvo” no comando Destino. Ao acionar o botão que se cabeçalho e no final (abaixo da assinatura), referencie o
encontra a direita do referido campo, surge uma caixa de nome do final ao do cabeçalho e não terá que digitá-lo
diálogo com diversas opções: Tabelas, Molduras de texto, duas vezes. Lista de fornecedores, clientes, produtos, etc.,
Imagens, Objetos OLE, Categorias, Títulos e Marcadores podem se beneficiar desta facilidade.
de texto. Os itens assinalados por um sinal positivo contém Anotação: Insere uma anotação na posição do cursor,
alvos, com os quais o vínculo pode ser estabelecido. Basta a qual fica assinalada por um pequeno retângulo amarelo.
selecionar um deles, acionar o mouse sobre Aplicar e em Para inserir uma anotação:
seguida, em Fechar. A palavra do texto inicialmente sele-
cionada aparece sublinhada. Ao passar sobre ela o ponteiro ‫ط‬Posicione o cursor no ponto em que deseja fazer a
do mouse assume o formato de uma pequena mão ou luva, inserção.
indicando a possibilidade de se estabelecer uma conexão. ‫ ط‬Acione o mouse sobre Inserir ĺ Nota, para abrir a
Cabeçalho: Torna possível definir o cabeçalho das área de edição.
páginas do documento. Quando este recurso é acionado ‫ ط‬Edite a nota e opcionalmente, dê informações sobre
Inserir ĺ Cabeçalho ĺ Padrão, surge uma linha para o autor.
digitação do texto a ser usado como cabeçalho.
‫ ط‬Clique em OK.
Para eliminar um cabeçalho, selecione o texto dele e
siga os passos já descritos. O programa indicará se o texto Para ler ou editar novamente a nota, dê um clique
se o texto deve ser realmente apagado. Em caso positivo, duplo sobre o retângulo e mantenha ali o mouse, a fim de
clique em OK. ativar a exibição automática da nota. A anotação não será
impressa.
Rodapé: Processo semelhante ao da criação de
cabeçalhos, para definição dos rodapés das páginas do Script: São instruções programáveis que podem ser
documento. Quando este recurso é acionado Inserir ĺ executadas sem interação do usuário. Este comando abre,
Rodapé ĺ Padrão, faz surgir uma linha para digitação do na posição corrente do cursor, uma tela para inserção do
texto a ser usado como rodapé. Para eliminar um rodapé, script, o qual fica assinalado por um retângulo verde. Este
selecione o texto dele e proceda de forma semelhante à recurso não será detalhado, por fugir da alçada desse livro.
descrita no item anterior.
Índices e tabelas: Este comando abre um menu de
Nota de Rodapé/Nota de Fim: Este recurso possi- contexto com os seguintes itens:
bilita acrescentar notas de rodapé ou de final ao texto que
está sendo editado. Para acionar este recurso, coloque o 1) Entrada: Para criar uma entrada em um índice,
cursor adiante da palavra a qual a nota de rodapé ficará inicialmente selecione um trecho do documento (pode
associada ou selecione a palavra desejada e comande Inserir ser uma palavra, um parágrafo, etc.). Em seguida, abra o
ĺ Nota de Rodapé. Na caixa de diálogo associada, você menu de contexto Inserir ĺ Índices e Tabelas e escolha o
pode optar por uma numeração automática, como usar ca- tipo de índice desejado.
racteres próprios para a nota. Por exemplo: *. A numeração Você pode definir se a formatação daquele parágrafo
que identifica a nota aparece adiante da palavra associada (ou palavra) será adotada em todos os parágrafos que pos-
(âncora) ou no lugar dela. O texto da nota pode ser digitado suírem formatação idêntica, dentro do documento, o que
livremente, bastando levar o cursor à área da página onde facilita em muito a criação do índice. Introduza os dados e
uma cópia da referida numeração se encontra. clique em OK. Podemos criar índices dos seguintes tópicos:
20 = Noções de Informática A solução para seu concurso

‫ ڹ‬Alfabético; tados de características peculiares (não são aceitos na área

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
‫ ڹ‬Tabela de conteúdos; de transferência). Esse tipo de objeto pode ser editado
quando se ativa a sua fonte por meio de um duplo clique.
‫ ڹ‬Definido pelo usuário.
‫ ط‬Plug-in: Insere esse tipo de objeto.
‫ ط‬Som e vídeo: Abre caixa de diálogo para seleção de
2) Índices e sumários: Recurso para inserção arquivos deste tipo a serem inseridos.
de índices e tabelas formatadas conforme necessidades
específicas, e que é adequado para a criação de índices ‫ ط‬Fórmula: Abre o LibreOffice Math.
em um texto longo. A quantidade de opções para tipos de ‫ ط‬Gráfico: Abre caixa de diálogo que permite visualizar
índice é grande. Como o procedimento de criação é típico, os dados disponíveis ou criar um gráfico no ponto onde se
analisaremos somente a opção Índice de Conteúdo. encontra o cursor.
‫ ڹ‬Criando um Índice de Conteúdo (Índice): A melhor Quadro Flutuante: Permite inserir uma moldura no
forma de gerar um índice é aplicar estilos pré-definidos a documento. Recurso utilizado para criação de páginas de
elementos do parágrafo que você deseja incluir no índice, internet, não será explorado neste livro.
por exemplo: Nível 1 para capítulos, Nível 2 para seções e Arquivo: Este comando possibilita inserir no docu-
assim sucessivamente. Em seguida: mento em edição, o conteúdo de outro documento. Note
a) Clique no documento a ser indexado e escolha: que a caixa de diálogo associada é idêntica ao comando
Inserir ĺ Índices ĺÍndice/Sumário. Abrir do menu Arquivo.
b) Em Tipo, selecione Sumário.
c) Selecione a opção que desejar e clique OK. Menu formatar: comandos utilizados para alterar
‫ ڹ‬Atualizando um Índice de Conteúdo (Índice) Para algum conteúdo do texto ou layout, formatar. Comandos
atualizar um índice de conteúdo, execute uma das sequ- deste menu: limpar formatação, caractere, parágrafo,
ências abaixo: marcadores e numeração, página, página de rosto, alterar
caixa, colunas, seções, estilos e formatação, autocorreção,
a) Pressione botão direito sobre o índice/sumário e âncora, quebra automática, alinhamento, dispor, inverter,
aparecerá a opção atualizar. agrupar, objeto, quadro / objeto e figura.
b) Depois selecione atualizar todos e pressione OK. Limpar Formatação Direta / Formatação
Padrão: Este recurso restaura os padrões originais de
formatação em um parágrafo que tenha sido formatado
3) Entrada bibliográfica: Criação de índice com os de outra forma.
dados existentes em uma base de Dados
Caractere: Todos os comandos referentes à formata-
Envelope: Você pode imprimir diretamente sobre um ção de caracteres estão também disponíveis na barra de
envelope com esta facilidade, utilizando informações pro- objetos de texto. A caixa de diálogo associada dispõe de
veniente de uma base de dados, o que torna desnecessária cinco guias e do recurso de pré-visualização, que auxilia
a confecção de etiquetas adesivas. A guia Envelope define na escolha da opção mais adequada. Sempre que você
a posição do texto a ser impresso, dos dados fixos e dos realizar alguma modificação, selecione OK para ativá-la,
campos existentes na fonte de dados. A guia Formato Cancelar para abandonar ou Redefinir para revalidar as
serve para determinar o tamanho do envelope, bem como definições anteriores. É possível definir:
a posição dos campos Destinatário e Remetente, na área
de impressão. Na guia impressora é definida a impressora ‫ ڹ‬Fonte:
a ser utilizada e a orientação do envelope. ‫ ط‬Fonte: Escolhe a fonte que vai ser utilizada, permi-
Quadro: Insere uma moldura no texto, com várias tindo definir:
opções de plano de fundo, cor, imagem, etc. Além das ‫ ط‬Tipo: Afeta a aparência das letras, tais como: negrito,
opções padrão, também é possível empregar uma imagem itálico, etc.
ou motivo escolhido pelo usuário.
‫ ط‬Tamanho da fonte: Define o tamanho da letra, em
Tabela: Possibilita inserir tabelas. Comande Inserir ĺ pontos.
Tabela ou acione o botão da barra de ferramentas princi-
pal, para abrir uma caixa de diálogo. Defina o número de ‫ ط‬Idioma: Define o idioma padrão.
linhas e colunas no campo Tamanho. ‫ ڹ‬Efeitos de Fonte: Disponibiliza os seguintes efeitos:
Régua Horizontal: Permite a inserção/retirada de ‫ ط‬Cor da fonte: Define a cor do corpo da letra.
uma régua na posição horizontal. ‫ ط‬Efeitos: Tem as opções maiúsculas, minúsculas,
Figura: Serve para importação de imagens. Oferece título e caixa alta.
duas opções: ‫ ط‬Relevo: Nesse item, podemos deixar o texto em alto
‫ ط‬De um arquivo: Permite usar material já armazenado. ou baixo relevo.
‫ ط‬Digitalizar: Captura imagens através de um scanner ‫ ط‬Tachado: Deixa um pequeno efeito com traço no
ou de algum programa específico. meio do texto.
Recurso não será explicado nesta obra. ‫ ط‬Sublinhado: Deixa um traço embaixo do texto.
Objeto: Recurso que controla a inserção de vários ‫ ڹ‬Posição: permite alterar:
tipos de objetos: ‫ ط‬A posição relativa do carácter em relação ao texto,
‫ ط‬Objeto OLE: Insere objetos do tipo OLE, que são do- com as opções normal, sobrescrito e subscrito.
A solução para seu concurso N oções de I nformática = 21
‫ ط‬A rotação do carácter em relação ao texto. ‫ ط‬Plano de fundo: Possibilita escolher uma cor ou uma

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
‫ ط‬O espaçamento do carácter. imagem como plano de fundo, que será aplicada em todo
o texto.
‫ ڹ‬Hyperlink: Menu de contexto que dispõe de duas
opções: Hyperlink e estilos de caractere. ‫ ط‬Cabeçalho: Configura um cabeçalho segundo os
seguintes parâmetros: espaçamento, autoajuste da altura,
‫ ڹ‬Plano de fundo: Possibilita definir uma cor de fundo ajuste dinâmico da altura, etc. O botão Mais faz abrir uma
a ser aplicada sob o que está sendo digitado, contribuindo caixa de diálogo para definição de bordas e planos de
para destacar trechos do texto. fundo.
Parágrafo: Caixa de diálogo disposto em oito guias, ‫ ط‬Rodapé: Definição idêntica à do item anterior.
discriminadas abaixo: O parágrafo a ser formatado deve
ser previamente selecionado (algumas das opções são do- ‫ ط‬Bordas: Formata um padrão de bordas para todas as
tadas de pré-visualização e o estilo de um parágrafo pode páginas.
ser registrado como estilo de página): ‫ ط‬Colunas: Ajusta configurações como a largura e
‫ ڹ‬Recuos e espaçamento: Determina a posição do pa- quantidade de colunas.
rágrafo em relação às margens, bem como de algumas de ‫ ط‬Notas de rodapé: Formata as notas de rodapé criadas
suas linhas em relação às outras. Estabelece as distâncias em Notas de Rodapé/Notas de Fim. Este recurso dispõe de
entre as linhas e entre os parágrafos do texto. várias opções de formatação, como separadores, espessura
‫ ڹ‬Alinhamento: Controla a posição do texto, bem das linhas, etc.
como o alinhamento vertical em relação ao restante do Alterar caixa: Altera a formatação de uma frase,
texto. Caso deseje, você pode registrar um tipo de pará- como inicializá-la com letra maiúscula, todas as letras em
grafo, a fim de aproveitar a mesma formatação em outros maiúsculas ou minúsculas.
parágrafos. Colunas: Tem caixa de diálogo que é bastante intuitiva
‫ ڹ‬Fluxo do Texto: Formata as palavras com a opção de e completa. Você ainda pode modificar um estilo adotando
divisão silábica automática, que permite definir o número uma formatação de coluna.
de caracteres nas extremidades das linhas e a quantidade Seções: Você pode modificar as seções anteriormente
de hifens consecutivos. Permite, ainda, controlar quebras criadas através deste recurso.
de páginas ou colunas através do controle de linhas “órfãs
e viúvas”. Estilos e formatação: A caixa de diálogo associada
a este comando permite aplicar estilos de formatação a
‫ ڹ‬Estrutura de Tópicos e Numeração: Permite definir objetos ou áreas do texto. É ancorável e pode permanecer
uma numeração para parágrafos e linhas do texto, sepa- oculto, quando conveniente. A criação de novos estilos
rando por seções, se necessário. pode ser feita pelo processo de arrastar-e-soltar (a área
‫ ڹ‬Tabulação: Define o tipo e a posição das tabulações, que contém a formatação a ser preservada pode ser trans-
bem como o tipo de carácter empregado no preenchimento portada para dentro do designer com o mouse, após ser
opcional do espaço tabulado. selecionada). Abre-se uma janela para digitação do título
‫ ڹ‬Capitulares: Formata os capítulos do texto, podendo do estilo recém-criado.
criar destaques no início de cada capítulo. Autocorreção: Permite ao LibreOffice Writer corrigir
‫ ڹ‬Bordas: Atribui bordas ao parágrafo, oferecendo de forma automática, palavras que algumas vezes escre-
opções de disposição (lateral, inteiro, etc), sombreamento, vemos de forma errada. Existem quatro opções de Auto-
cor da linha de contorno e cor da sombra projetada. correção: Ao digitar, Aplicar e editar alterações e Opções
de autocorreção. Essa última opção, se erramos a palavra
‫ ڹ‬Plano de fundo: Aplica um plano de fundo ao pará- “eletrecidade”, é possível corrigi-la para “eletricidade”.
grafo que pode ser constituído de uma cor sólida ou por Para isso clique em Opções de autocorreção e digite a pa-
imagens retiradas de arquivos. lavra que costumeiramente é digitada de maneira errada e
Marcadores e numerações: Possibilita escolher o a palavra correta, depois clique em Novo e pressione OK.
tipo de marcador ou numeração para destaque no pará- Âncoras: Permite alternar entre as opções de ancora-
grafo. Dispõe das guias: Marcadores, Tipo de Numeração, mento. O ícone Alterar âncora é visível somente quando
Estrutura de Tópicos, Figura, Posição e Opções. um objeto, tal como uma figura ou um campo de controle
Página: Recurso que engloba atributos de formatação ou um quadro for selecionado.
das páginas, (tamanho, cor, cabeçalhos e rodapés, notas Quebra automática: Esse recurso somente funcio-
de rodapé, etc). Oferece opções de disposição, tipo e afas- na, quando estiver um objeto selecionado, principalmente
tamento do conteúdo das linhas que compõem as bordas. uma figura. Temos as seguintes opções: Desativar a quebra
Além disto, admite diversos estilos de sombras com cores automática de um texto, Quebra automática de texto,
variadas. Dentro de Página encontramos os menus: Quebra automática de página ideal, Quebra automática
Organizador: Permite configurar o estilo das pági- através no plano de fundo, Contorno, Editar contorno,
nas do ‫ ط‬documento. As definições do estilo selecionado Primeiro parágrafo e Editar.
constam do Contém. Caso deseje, você poderá selecionar Alinhamento: Essa opção também está disponível na
um estilo pré-configurado e personalizá-lo como desejar. Barra de Formatação, existem quatro tipos de alinhamentos
‫ ط‬Página: Permite adotar uma configuração pré-defi- de textos: À esquerda, Centralizado, À direita e Justificado.
nida ou personalizada, de acordo com as dimensões do Dispor: Coloca o objeto em diversas posições, os no-
papel a ser usado na impressão ou com suas preferências mes são bem intuitivos como: Trazer para frente, Avançar
pessoais. um, Voltar um e Enviar para trás.
22 = Noções de Informática A solução para seu concurso

Inverter: Inverte o objeto horizontalmente e vertical- Numeração de Linhas)RUPDWDHKDELOLWDDH[LELomR

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
mente. GHQXPHUDomRUHIHUHQWHjVOLQKDVGRWH[WR(VWHUHFXUVRIDFLOLWD
Agrupar: Reúne dois objetos transformando eles num DUHIHUrQFLDDTXDOTXHUSDUWHGRWH[WRSULQFLSDOPHQWHGXUDQWHD
único objeto. VXDHGLomR
Objeto: Realiza diversas configurações de objeto como Notas de Rodapé/Notas de Fim 2IHUHFH RSo}HV
alteração de posição e tamanho e linha. GH WLSR GH QXPHUDomR ORFDOL]DomR H DLQGD R WLSR GH VtPEROR
DGRWDGR SDUD DVVLQDODU D QRWD 3RVVXL GXDV JXLDV VLPLODU DR
)LJXUDLPDJHP&RQ¿JXUDXPDLPDJHPVHOHFLRQDGD 1RWDVGH5RGDSp1RWDVGH)LPGRPHQX,QVHULU
Galeria 6HOHFLRQDQGR HVVD RSomR DEULUi XPD FDL[D GH
Menu tabela &RPDQGRV SHUWLQHQWHV DR JHUHQFLDPHQWR GLiORJR9RFrSRGHUiVHOHFLRQDU¿JXUDVGDJDOHULDHLQFOXtODV
GH WDEHODV QR WH[WR &RPDQGRV GHVWH PHQX LQVHULU H[FOXLU QRGRFXPHQWRGHHGLomR6HOHFLRQHRERWmR1RYR7HPDD¿PGH
VHOHFLRQDU PHVFODU FpOXODV GLYLGLU FpOXOD SURWHJHU FpOXOD DEULUXPDiUHDGHHGLomRHVSHFt¿FDQDTXDOVHUiLQVHULGRRDU
PHVFODUWDEHODGLYLGLUWDEHODDXWRIRUPDWDUDXWRDMXVWDUUHSHWLU TXLYR RXRVDUTXLYRV TXHLUiLQWHJUDURQRYRWHPDGD*DOHULD
OLQKDVGHHVWLORFRQYHUWHUFODVVL¿FDUIyUPXODIRUPDWRQXPpUL &OLTXHHP2.SDUDFRQFOXLUDRSHUDomR
FROLPLWHVGDWDEHODHSURSULHGDGHVGDWDEHOD Player de mídia3HUPLWHLQVHULUSHTXHQRVYtGHRVGHQWUR
Inserir 3HUPLWH D LQVHUomR GH WDEHODV 'HSRLV GH LQVHULU GHXPGRFXPHQWRGHWH[WR
WDEHODVDVRSo}HVOLQKDVHFROXQDVHVWDUmRGLVSRQtYHLV Banco de dados bibliográficos $SUHVHQWD D EDVH
Excluir )D] R SURFHVVR LQYHUVR RX VHMD H[FOXL OLQKDV GHGDGRVELEOLRJUi¿FDUHIHUHQWHDRWH[WRRXDRDXWRUGHYiULRV
FROXQDV H WDEHODV 6HOHFLRQH R TXH YRFr SUHWHQGH H[FOXLU H OLYURV
VHOHFLRQHHVWDRSomR Assistente de Mala Direta(VWDIDFLOLGDGHSHUPLWH
Selecionar3HUPLWHDVHOHomRGHOLQKDVFROXQDVFpOXODV OKHMXQWDUXPGRFXPHQWRFRPGDGRVGHXPDIRQWHGHGDGRV
RXWRGDDWDEHODSDUDSRVWHULRUIRUPDWDomR FULDQGRXPGRFXPHQWR~QLFR
Mesclar células 4XDQGR SUHFLVR MXQWDU GXDV RX PDLV Atualizar$WXDOL]DRVGDGRVTXHYDULDPFRPRWHPSRRX
FpOXODVDWLYRHVWDRSomR FRP DV YDULiYHLV FRQWLGDV QR GRFXPHQWR WDLV FRPR &DPSRV
GDWDKRUDHWF ËQGLFHDWXDOHEHPFRPRDIRUPDWDomRGDSiJL
Autoajustar (VWD IXQomR DUUXPD D WDEHOD TXDQGR HOD QD2FRQWUiULR$WXDOL]DU7XGRHIHWXDDDWXDOL]DomRFRPSOHWD
HVWiWRGDGHVFRQ¿JXUDGDFRPYiULRVWLSRVGHOLQKDVHFROXQDV
Macros)HUUDPHQWDGHHGLomRHRUJDQL]DomRGHPDFURV
Converter ([LVWHP  RSo}HV GH FRQYHUV}HV D SULPHLUD TXHHPSUHJDR/LEUH2I¿FH%DVLF0DFURVVmRUHFXUVRVGHSUR
FRQYHUWHRWH[WRVHOHFLRQDGRHPWDEHODHDVHJXQGDFRQYHUWHD JUDPDomRXWLOL]DGRVSDUDDXWRPDWL]DUIXQFLRQDOLGDGHV
WDEHODSRUH[HPSORFRORFDPRVXPDOLVWDGHSDODYUDVHPRUGHP
DOIDEpWLFD H GHSRLV SUHFLVDPRV UHPRYHU D WDEHOD SDUD LVVR *HUHQFLDGRU GH ([WHQVmR 6mR H[WHQV}HV TXH SRGHP VHU
XVDPRVRFRPDQGR'HWDEHODSDUDWH[WR DGLFLRQDGDVDR/LEUH2I¿FHFRPRSRUH[HPSORR&R*U2RTXH
pXPXPFRUUHWRUJUDPDWLFDODFRSOiYHODR/LEUH2I¿FH
Fórmula9RFrSRGHLQVHULUIyUPXODVHPFpOXODVGDWDEHOD
FRPRVHHVWLYHVVHQR&DOF Filtros XML $EUH XPD FDL[D GH GLiORJR FRP R TXDO
YRFrSRGHFULDUHGLWDUDSDJDUHWHVWDU¿OWURVSDUDLPSRUWDomR
HH[SRUWDomRGHDUTXLYRV;0/(VWHDVVXQWRIRJHRDOFDQFH
Menu ferramentas RUWRJUD¿D H JUDPiWLFD LGLRPD GHVVHOLYUR
FRQWDJHPGHSDODYUDQXPHUDomRGHHVWUXWXUDGHWySLFRQX Opções de autocorreção 7HP D PHVPD IXQomR GR
PHUDomRGHOLQKDVQRWDVGHURGDSpJDOHULDEDQFRGHGDGRV LWHP$XWRFRUUHomRGRPHQX)RUPDWDU
ELEOLRJUi¿FRVDVVLVWHQWHGHPDODGLUHWDFODVVL¿FDUFDOFXODU
Personalizar(VVHUHFXUVRSHUPLWHDSHUVRQDOL]DomRGH
DWXDOL]DU PDFURV JHUHQFLDGRU GH H[WHQVmR ¿OWURV ;0/ PHQXVEDUUDVGHIHUUDPHQWDVHGHVWDWXVWHFODVGHDWDOKRHHV
RSo}HVGHDXWRFRUUHomRSHUVRQDOL]DUHRSo}HV SHFL¿FDomRGHWDUHIDVSDUDDVPDFURVH[LVWHQWHV1DDED0HQX
Ortografia e Gramática7DPEpPSRGHVHUDFLRQDGR TXHWDPEpPpYiOLGRFRPUHODomRjVRXWUDVDEDV 7HFODGR%DUUD
SHOD WHFOD GH DWDOKR ) (VWD RSomR VXEOLQKD DV SDODYUDV HP GH)HUUDPHQWDVH(YHQWRV 
GHVDFRUGR FRP RV SDGU}HV RUWRJUi¿FRV UHJLVWUDGRV 8PD YH] $JXLD(YHQWRVSHUPLWHPRGL¿FDURFRPSRUWDPHQWRVGR
DWLQJLGRR¿QDOGRGRFXPHQWRRSURJUDPDSHUJXQWDVHGHYHPRV /LEUH2I¿FH DR VHU SURSRVWR XP GHWHUPLQDGR HYHQWR 6mR
UHWRUQDUDRLQtFLRSDUDFRPSOHWDUDYHUL¿FDomR UHFXUVRVXWLOL]iYHLVSRUXVXiULRVH[SHULHQWHV
Idioma $OpP GR LGLRPD SRUWXJXrV SRGHUHPRV XWLOL]DU Opções (VWH FRPDQGR DEUH XP XPD FDL[D GH GLiORJR
RXWUDV RSo}HV GH LGLRPDV FDVR HODV HVWHMDP LQVWDODGDV 3RU FRQWHQGR WySLFRV GH FRQ¿JXUDomR GR /LEUH2I¿FH 3UDWL
H[HPSORVHHXWUDEDOKRFRPWUDGXomRGHGRFXPHQWRVHVVDRS FDPHQWH WRGRV RV UHFXUVRV GLVSRQtYHLV HVWmR OLVWDGRV FRP
VXDV SRVVtYHLV RSo}HV e XPD SRGHURVD IHUUDPHQWD SDUD D
omRpH[FHOHQWHSDUDIDFLOLWDUQDFRUUHomRGRLGLRPDHVWUDQJHLUR
SHUVRQDOL]DomRGRSURJUDPD
Contagem de Palavras (VVD RSomR SHUPLWH FRQWDU Menu janelaFRQWpPRVFRPDQGRVSDUDRJHUHQFLDPHQWR
SDODYUDVHVSDoRVHFDUDFWHUHVVHOHFLRQDGRVRXQmR GDVMDQHODVSRUH[HPSORSDUDPXGDUGHXPDMDQHODSDUDRXWUD
Numeração da Estrutura de Tópicos)DFLOLGD EDVWDXWLOL]DUHVWHPHQXQHOHWRGDVDVMDQHODV¿FDPUHODFLRQD
GHLGrQWLFDjTXHODHQFRQWUDGDQDVJXLDV2So}HVHQRWySLFR GDVHVmRH[LELGDV
0DUFDGRUHVH1XPHUDomRGRPHQX)RUPDWDUeXPPpWRGR Nova Janela (VWH FRPDQGR DEUH XPD MDQHOD DGLFLRQDO
GH QXPHUDomR DSOLFiYHO DRV WtWXORV GR WH[WR SRVVLELOLWDQGR SDUD IRUQHFHU XPD QRYD iUHD GH WUDEDOKR SDUD R GRFXPHQWR
D QXPHUDomR KLHUiUTXLFD GH FDStWXORV VHo}HV SDUiJUDIRV DWLYR 9RFr SRGH XWLOL]DU HVWD QRYD MDQHOD SDUD YLVXDOL]DU R
HWFeSRVVtYHOGHWHUPLQDUDIRUPDFRPRHVVHVYiULRVWtWXORV GRFXPHQWR HP SRVLo}HV GLIHUHQWHV RX SRGH XViOD SDUD DWLYDU
VHUmRQXPHUDGRV RXWURGRFXPHQWR
A solução para seu concurso N oções de I nformática = 23
Fechar Janela )HFKD D DWXDO MDQHOD TXDQGR WHPRV Salvar (Ctrl+S): Como o próprio nome diz esse

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
YiULDVDEHUWDV botão permite ao usuário salvar as alterações feitas no do-
Lista de documentos abertos: Cada novo do- cumento. Porém se o documento nunca foi salvo, ao clicar
cumento que for aberto será acrescentado à lista que nesse botão será aberta a janela salvar como, onde é
aparece na área abaixo do comando Fechar Janela. Um possível definir o local onde o arquivo será salvo, o nome
[Ɣ], à esquerda do título do documento ativo, facilita à sua e o tipo do arquivo. Se o documento já foi salvo e alguma
identificação. alteração foi realizada, ao clicar nesse botão elas serão
simplesmente salvas. Quando não há alterações esse botão
fica desativado.
Menu ajuda: contém comandos para auxiliar na E-mail com o documento anexo – Cria uma
resposta de dúvidas quanto ao aplicativo utilizado. Co- mensagem de Correio Eletrônico e adiciona o documento
mandos deste menu: ajuda do LibreOffice, o que é isto?, como anexo desta mensagem, utilizando o cliente de e-
enviar minha opinião, informações da licença, verificar -mail padrão do sistema.
por atualizações, sobre o LibreOffice.
Editar arquivo: Ativa/desativa a possibilidade de
Ajuda do LibreOffice: É a principal opção do menu editar o arquivo, seria uma forma mais simples de travar o
ajuda, sendo que será consultada para tirar qualquer dúvi- arquivo contra alterações, porém, sem senha.
da sobre o aplicativo.
Exportar diretamente como PDF – Com esta op-
O que é isto: Clicando nessa opção, aparecerá um ção o Writer exporta o arquivo em edição para o formato
ponto de interrogação, que o usuário pode clicar em PDF. Este formato é um tipo de arquivo não alterável por
qualquer parte do aplicativo para saber qual a função programas comuns, somente versões pagas permitem
de determinado ícone. Informações da licença: Explica alterações em arquivo do formato PDF. Não é necessário
detalhadamente como está licenciado o LibreOffice e trás nenhum outro aplicativo para que este comando funcione.
a cópia da licença.
Imprimir arquivo diretamente – Similar ao
Créditos do LibreOffice: Trás a lista dos voluntários Impressão Rápida de outros editores de texto, imprime o
responsáveis pelo projeto. conteúdo do arquivo diretamente para a impressora que
Sobre o LibreOffice: Informações genéricas sobre a estiver definida como padrão e suas configurações.
presente versão do LibreOffice. Quando houver um texto selecionado no texto, o pro-
grama solicitará confirmação se a impressão será do todo o
documento ou apenas a parte selecionada do texto.
O LibreOffice possui diversas barras de ferramentas
que ficam ocultas, pois caso todas fossem exibidas ao mes- Visualizar impressão: Permite, verificar como
mo tempo, não haveria local para digitar o texto, por isso, ficará o documento caso seja impresso. A visualização será
ficam ocultas e aparecem conforme a necessidade e são feita em tela inteira para que o usuário possa visualizar a
sensíveis ao contexto, por exemplo, quando se clica sobre formatação do documento e corrigi-lo antes de imprimir.
um gráfico a barra de assistente gráfico é exibida. Ortografia e Gramática (F7): Exibe a caixa de
Logo abaixo da barra de menus encontramos a Barra diálogo “Verificar Ortografia e Gramática” que permite ao
de Ferramentas Padrão. Esta barra é a mesma em todos usuário iniciar a correção ortográfica do documento, com
os aplicativos da suíte LibreOffice. Ela é do tipo barra de base no dicionário do Writer.
ferramenta Encaixada e pode ser movimentada e colocada DICA: A correção começa a partir de onde o cursor está
em qualquer local da janela tornando-se flutuante. Para posicionado, executa a verificação até o final do documen-
movimentar uma barra basta clicar sobre cinco pontos na to e retorna ao início para verificar até o ponto que foi
vertical localizados no início da barra e arrasta-la para o
iniciado. O fato do Writer Indicar, com o sublinhado ver-
novo local desejado.
melho, um erro ortográfico, não significa que há um erro,
isso acontece quando a palavra ou expressão não existe
Barra de Ferramentas Padrão no dicionário do Writer. Lembre-se por mais que o nome
Nesta barra temos os seguintes botões da esquerda do botão seja ortografia e gramatica o WRITER possui por
para a direita: padrão apenas o corretor ortográfico.
Novo (Ctrl+N): cria um novo arquivo de qualquer Auto verificação Ortográfica: Exibe/oculta a in-
aplicativo. No LibreOffice todos os aplicativos são inte- dicação de erro ortográfico (sublinhado vermelho). Obs.:
grados, desta forma, é possível abrir uma nova planilha Mesmo que a indicação esteja desativada o Writer continua
através do programa Writer aberto e clicando na seta executando a verificação do erro ortográfico, porém ape-
existente ao lado do botão Novo ou utilizando o atalho de nas é indicado se o usuário clicar no ícone “Ortografia e
teclado mencionado para criar um novo arquivo do mesmo Gramática” ou pressionar F7.
aplicativo. O atalho de teclado não exibe opções de criar Cortar (CTRL+X): Recorta o item selecionado (é
arquivos de outros aplicativos a não ser do que já está movido para área de transferência).
aberto e sendo executado no momento em que o comando
do atalho é executado. No Writer digitando o atalho cria Copiar (CTRL+C): Copia o item selecionado (cria
outro arquivo de texto. No Calc utilizando o Ctrl+N cria uma cópia na área de transferência e pode ser colado
uma nova planilha. quantas vezes forem necessário).
Abrir (Ctrl+O): abre um arquivo existente de qual- Colar (CTRL+V): Deposita, na posição do cursor, o
quer aplicativo. conteúdo da área de transferência independentemente se
foi copiado ou recortado e não importando o tamanho.
24 = Noções de Informática A solução para seu concurso

Pincel de Estilo: Esse recurso (principalmente o Caixa de formatação com o texto “Arial”: $TXL

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
ícone) cai em vários concursos. Ele permite copiar a for- R XVXiULR SRGH HVFROKHU R WLSR GD IRQWH 4XDQGR Ki XP WH[WR
matação de um item e aplicar em outro. Este recurso não VHOHFLRQDGRR:ULWHUH[LEHDIRUPDWDomRGHIRQWHGHVWHWH[WR
copia o texto somente a formatação (Fonte, tamanho, cor, &DVRHVWDFDL[DDSDUHoDHPEUDQFRVLJQL¿FDTXHKiGRLVRXPDLV
negrito, itálico, etc). WLSRVGHIRQWHVGLIHUHQWHVQRWH[WRVHOHFLRQDGR
Desfazer: Desfaz a ultima ação feita (CTRL+Z). Caixa de formatação com numero: 3HUPLWH GH
O limite de vezes que o Writer pode desfazer uma ¿QLU R WDPDQKR GD IRQWH VHQGR R WDPDQKR PtQLPR GH  H R
ação, por padrão, são 999 vezes. Para alterar o número de Pi[LPR GH  4XDQGR Ki XP WH[WR VHOHFLRQDGR R :ULWHU
comandos que podem ser desfeitos, clique no menu Fer- H[LEHDIRUPDWDomRGHWDPDQKRGDIRQWHGHVWHWH[WR&DVRHVWD
ramentas -> Opções -> LibreOffice -> Memória, FDL[DDSDUHoDHPEUDQFRVLJQL¿FDTXHKiGRLVRXPDLVWDPDQKRV
e digite um novo valor de 1 a 1000 na caixa “Número de GHIRQWHVGLIHUHQWHVQRWH[WRVHOHFLRQDGR
etapas”. Negrito (CTRL+B):$SOLFDRHVWLORGHIRUPDWDomRne-
Refazer: Refaz as ultimas ações que foram desfeitas gritoDRWH[WRVHOHFLRQDGR
(CTRL+Y). Itálico (CTRL+I):$SOLFDRHVWLORGHIRUPDWDomRitálico
Hiperlink: ([LEHDFDL[DGHGLiORJR³,QVHULU+LSHUOLQN´ DRWH[WRVHOHFLRQDGR
RQGHpSRVVtYHOFULDUXP/LQN DWDOKR SDUDRXWURSRQWRGRPHV Sublinhado (CTRL+U):$SOLFDRHVWLORGHIRUPDWDomR
PR GRFXPHQWR SDUD RXWUR DUTXLYR RX DLQGD SDUD XPD SiJLQD VXEOLQKDGRDRWH[WRVHOHFLRQDGR
GDLQWHUQHW3RUSDGUmRRWH[WRTXHpXPOLQN¿FDQDFRUD]XOH Alinhar à esquerda (CTRL+L): (VWD IRUPDWDomR
VXEOLQKDGRLVWRSRGHVHUDOWHUDGR8POLQNSRGHVHUIHLWRHP DSOLFDVHDGHXPSDUiJUDIRDRGRFXPHQWRWRGR(VWHpRSDGUmR
XPDSDODYUDIUDVHRXLPDJHP GHDOLQKDPHQWRGRWH[WRTXDQGRVHLQLFLDR:ULWHUWRGRRWH[WR
Tabela (CTRL+F12): 4XDQGR FOLFDGR DEUH D MDQHOD ¿FDHQFRVWDGRQDPDUJHPHVTXHUGD
³,QVHULU 7DEHOD´ SRVVLELOLWDQGR LQVHULU WDEHODV FRP TXDOTXHU Centralizado (CTRL+E):&HQWUDOL]DRWH[WRHQWUHDVPDU
FRQ¿JXUDomR GH WDPDQKR TXDQWLGDGH GH OLQKDV H FROXQDV H JHQV(VWHDOLQKDPHQWRDSOLFDVHGHXPSDUiJUDIRDRWH[WRWRGR
OD\RXW
Alinhar à direita (CTRL+R): (VWH DOLQKDPHQWR HQ
Mostrar funções de desenho: ([LEHRFXOWDDEDUUD FRVWDRWH[WRQDPDUJHPGDGLUHLWD(VWHDOLQKDPHQWRDSOLFDVH
GH IHUUDPHQWD GH GHVHQKR (VWH p XP ERWmR EDVWDQWH FREUDGR GHXPSDUiJUDIRDRWH[WRWRGR
HP FRQFXUVRV SRU FDXVD GR OD\RXW GR ERWmR FRQIXQGLQGR R
FDQGLGDWR FRP R FRPDQGR GH LQVHULU OLQKDV RX IRUPDV (VWH Justificado (CTRL+J): (VWH WLSR GH DOLQKDPHQWR DX
ERWmRVRPHQWHH[LEHHFXOWDDEDUUDTXHFRQWpPRVFRPDQGRVGH PHQWDRLQWHUYDORHQWUHDVSDODYUDVDWpTXHRWH[WRHQFRVWHQD
LQVHULUOLQKDVHIRUPDV PDUJHPGDGLUHLWD(VWHWH[WRpRSDGUmRGHFRPRGHYH¿FDUXP
WH[WRR¿FLDOFRPRFDUWDPHPRUDQGRHWF2WH[WR¿FDHQFRVWDGR
Navegador (F5) ±3HUPLWHTXHRXVXiULRQDYHJXHSHOR QDPDUJHPGDGLUHLWDHGDHVTXHUGD(VWHDOLQKDPHQWRDSOLFDVH
GRFXPHQWRGHDFRUGRFRPRFRQWH~GRGHVHMDGRWtWXORVWDEHODV GHXPSDUiJUDIRDRWH[WRWRGR
etFDSURFXUDGHDOJRHVSHFt¿FR
Ativar/Desativar numeração (F12): Permite
Galeria – 3HUPLWHTXHLPDJHQVWHPDVHVRQVVHMDPLQVH FULDU XPD OLVWD QXPHUDGD 'HSRLV TXH XPD QXPHUDomR IRU
ULGRVDRGRFXPHQWRGR:ULWHUDWUDYpVGHXPEDQFRGHLPDJHQV LQVHULGDWRGDYH]TXHIRUSUHVVLRQDGR(17(5VHUiFRORFDGR
$SyVFOLFDUQRERWmRDSDUHFHXPDEDUUDÀXWXDQWHTXHH[LEHXPD XPQ~PHURQRSUy[LPRSDUiJUDIRFDVRRXVXiULRQmRGHVHMH
OLVWDGHLPDJHQVHVRQVTXHSRGHPVHULQVHULGRVDRGRFXPHQWR PDLVFRQWLQXDUDVHTXrQFLDEDVWDFOLFDUQRYDPHQWHQRtFRQH
2:ULWHUSRVVXLDRSomRGH,QVHULU)LJXUDVH,QVHULU)LOPHVH RXXWLOL]DUDWHFODGHIXQomR
6RQVTXHEXVFDPDUTXLYRVQRFRPSXWDGRUGRXVXiULR-iHVWD Ativar/Desativar marcadores (Shift+F12):Cria
RSomRGD*DOHULDpVHEDVHLDHPXPDOLVWDGLVSRQLELOL]DGDSHOR XPD OLVWD FRP PDUFDGRUHV TXH SRGHP VHU DOWHUDGRV FRQIRUPH
:ULWHUHQmRLQVHULGDDSDUWLUGRFRPSXWDGRUGRXVXiULR GHVHMDGR
Caracteres não imprimíveis (CTRL+F10): ([LEH Diminuir Recuo:'HVORFDRWH[WRFP SDGUmR SDUD
RFXOWDRVPDUFDGRUHVGHIRUPDWDomRRXFDUDFWHUHVQmRLPSULPt DHVTXHUGD
YHLV0XLWR~WLOSDUDYHUL¿FDUDIRUPDWDomRGRGRFXPHQWRFRP Aumentar Recuo: 'HVORFD R WH[WR  FP SDGUmR 
UHODomRDHVSDoRVHPEUDQFRXVRGDVWHFODV7$%H(17(5 SDUDDGLUHLWD
Ajuda do LibreOffice (F1): ([LEHDDMXGDGR/LEUH Cor da fonte:$OWHUDDFRUGDIRQWH WH[WR
RI¿FH Realçar'HVWDFDRWH[WRVHOHFLRQDGRSHUPLWLQGRDOWHUDU
a FRUGHIXQGRGRWH[WRVHPHOKDQWHDXWLOL]DUPRVXPDFDQHOD
Barra de Ferramentas Formatação LOXPLQDWLYD³PDUFDWH[WR´2TXH¿FDFRORULGRpDIROKDQmR
D IRQWH FXLGDGR FRP LVWR QD SURYD 4XDQGR FOLFDVH QHVWH
1HVWD EDUUD WHPRV RV VHJXLQWHV ERW}HV GD HVTXHUGD SDUD D ERWmR D DSDUrQFLD GR PRXVH PXGD SDUD XPD ODWD GH WLQWD
GLUHLWD EDVWDYRFrFOLFDUVREUHXPDSDODYUDHOD¿FDUiGHVWDFDGDFDVR
Estilos e Formatação (F11): ([LEHDMDQHOD(VWLORV YRFrDUUDVWHRPRXVHVHOHFLRQDGRRWH[WRR:ULWHUSLQWDUi
H )RUPDWDomR TXH PRVWUD RV HVWLORV SUpGH¿QLGRV H WDPEpP D IROKD QRUPDOPHQWH EUDQFD FRP D FRU TXH YRFr HVFROKHX
SHUPLWH VDOYDU FRQ¿JXUDo}HV UHODWLYDV DR WDPDQKR H FRU GD SDUDGHVWDFDUUHDOoDURWH[WR
IRQWHHVSDoDPHQWRHQWUHOLQKDVGRSDUiJUDIReSRVVtYHODOWHUDU Cor do plano de fundo:%HPSDUHFLGRFRPRERWmR
RVHVWLORVH[LVWHQWHVRXPHVPRFULDUQRYRV DQWHULRUR:ULWHUSLQWDUiDIROKDGHSDSHOQDFRUVHOHFLRQDGD
Caixa de formatação com o texto “normal”: $ GLIHUHQoD p TXH TXDQGR XWLOL]DGR HVWH ERWmR 72'$ $
([LEHRHVWLORTXHHVWiVHQGRXWLOL]DGRHSHUPLWHDEULUDMDQHOD /,1+$ ¿FDUi QD FRU VHOHFLRQDGD ,1'(3(1'(7(0(17(
HVWLORVHIRUPDWDomR GHKDYHUWH[WRRXQmR
A solução para seu concurso N oções de I nformática = 25

Barra de Status 1mR XWLOL]DU HVSDoRV HP EUDQFR SDUD DXPHQWDU R UHFXR GH

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
SDUiJUDIRSDUDDGLUHLWDSDUDGHVORFDURWH[WRSDUDDGLUHLWDQR
/RFDOL]DGDQRURGDSpGRHGLWRUIRUQHFHLQIRUPDo}HVLPSRU LQtFLRGHXPSDUiJUDIRXWLOL]HDWHFOD7$%
WDQWHVDRXVXiULRFRPRSRUH[HPSOR
‡ DQDYHJDomRQRGRFXPHQWR
Criando um novo documento
‡ DSiJLQDHPTXHVHHQFRQWUDRFXUVRUGHHGLomR A partir de qualquer aplicativo do LibreOffice você
‡ RWRWDOGHSiJLQDV consegue criar novos documentos de texto, planilhas,
apresentações, bases de dados e etc.
‡ WDPEpP LQIRUPD TXDO R HVWLOR GH IRUPDWDomR QR ORFDO
HPTXHRFXUVRUHVWiSRVLFLRQDGR Para isto basta clicar na Barra de Menus a opção
“Arquivo” -> “Novo” será exibido uma lista com todas as
‡ RLGLRPDSDGUmRGH¿QLGRSDUDRHGLWRU opções de novos arquivos disponíveis para geração. A cada
‡ RVWDWXVGHDOWHUDomRHVDOYDPHQWRGRGRFXPHQWR vez que você clicar em uma das opções um novo arquivo
será aberto sobre o atual.
‡ DRSomRGHLQVHUomRRXVREUHVFULWDGHFDUDFWHUHV
Uma outra forma de se criar um novo documento é
‡ R]RRPGDSiJLQDHQWUHRXWUDVFRLVDV através do ícone “Novo” na barra de tarefas “padrão” e
será criado um novo documento do mesmo módulo que
você se encontra, ou seja, se você está no editor de texto
Zoom ou escala será criado um novo documento de texto, se você está
3DUDDOWHUDURWDPDQKRGHH[LELomRGHVOL]HDEDUUDGH=RRP numa planilha de cálculo será criada uma nova planilha
FOLTXH QRV VLQDLV GH  RX ± RX FOLTXH FRP R ERWmR GLUHLWR QR de cálculo e assim por diante.
SHUFHQWXDOSDUDDEULUXPDOLVWDGHYDORUHVGH=RRPSDUDVHUHP Uma terceira forma de se criar um novo documento é
HVFROKLGRV $ IHUUDPHQWD =RRP LQWHUDJH FRP R OD\RXW GH através das teclas de atalho Ctrl+N que deverão ser pres-
H[LELomR VHOHFLRQDGR SDUD GHWHUPLQDU TXDQWDV SiJLQDV HVWDUmR sionadas simultaneamente, esta ação criará um documen-
YLVtYHLVQDMDQHODGHGRFXPHQWR to do mesmo módulo que está sendo utilizado, conforme
explicado no parágrafo anterior.
Por se tratar de um programa “Editor de Texto” sua
função é elaborar documentos de texto como cartas, rela-
tórios, memorando, anotações, livros, etc. Ao carregar o
Regras de um editor de texto Writer ele exibe uma folha de papel em branco pronto pra
você digitar seu texto. É só digitar e depois utilizar os re-
$SHVDUGHWHUPRVYiULDVVXtWHVGH(GLWRUHVGH7H[WRVFHUWDV cursos poderosos do Writer para deixar o texto exatamente
UHJUDVVmRXQLYHUVDLVHDSOLFDGDVHPWRGRV como você quer, personalizar um texto é muito fácil.
3RU SDGUmR RV (GLWRUHV GH 7H[WR QmR ID]HP VHSDUDomR VL
OiELFD SRGH H[HFXWDU HVWD WDUHID VH YRFr GHVHMDU H FRQ¿JXUDU
R SURJUDPD SDUD ID]rOR PDV SRU SDGUmR HVWD IXQomR YHP
Formatando a página
GHVDELOLWDGD(VWDIXQomRFKDPDVHKLIHQL]DomR A régua horizontal mostra a tabulação padrão e qual-
quer outra tabulação que se tenha definido. Para confi-
3RUFDXVDGDKLIHQL]DomRHQFRQWUDUVHGHVDWLYDGDRV(GLWR gurar a unidade de medida e o espaçamento das paradas
UHV GH 7H[WR DR VH DSUR[LPDU GR ¿QDO GD OLQKD RV DSOLFDWLYRV de tabulação padrão, selecione Ferramentas ĺ Opções ĺ
YmRLQVHULQGRDVOHWUDVDWpTXHDSDODYUDWRGDSRVVD¿FDUQHVWD LibreOffice Writer ĺ Geral.
OLQKD&DVRRHVSDoRGLVSRQtYHOQmRVHMDVX¿FLHQWHSDUDLQVHULU
DSDODYUDRSUySULR(GLWRUGH7H[WRFULDXPDQRYDOLQKDHLQVHUH
D SDODYUD FRPSOHWD QD QRYD OLQKD 1mR p QHFHVViULR WHFODU R
³(QWHU´ QR ¿QDO GH FDGD OLQKD GLJLWH QRUPDOPHQWH R WH[WR H
FRPR GLVVHPRV R SUySULR SURJUDPD VH HQFDUUHJDUi GH FULDU D
QRYDOLQKD$WHFOD³(QWHU´VyGHYHUiVHUSUHVVLRQDGDQR¿QDO
GRSDUiJUDIR
3DUDDSOLFDUTXDOTXHUWLSRGHIRUPDWDomRDRWH[WRpQHFHV
ViULRTXHRPHVPRHVWHMDVHOHFLRQDGR3DUDVHOHFLRQDUXPWH[WR
pEHPVLPSOHV3DUDVHOHFLRQDUXPDSDODYUDEDVWDSRVLFLRQDUR
PRXVHVREUHHODHSUHVVLRQDURERWmRHVTXHUGRGRPRXVHGXDV
YH]HV EHP UiSLGR GXSOR FOLTXH  3DUD VHOHFLRQDU XP SHUtRGR
EDVWD SRVLFLRQDU R PRXVH QD PDUJHP GD HVTXHUGD iUHD HP
EUDQFRDQWHVGRWH[WRHFOLFDUWUrVYH]HV&RPRPRXVHQHVWD
PHVPD SRVLomR FOLFDQGR XPD YH] R FXUVRU p SRVLFLRQDGR QR
LQtFLRGDOLQKD&OLFDQGRGXDVYH]HVDSULPHLUDSDODYUDGDOLQKD
p VHOHFLRQDGD 8P SHUtRGR p PDUFDGR SHOR SRQWR ¿QDO H FRP
R WH[WR FRQWLQXDQGR QR PHVPR SDUiJUDIR VHP SUHVVLRQDU R
³(QWHU´&DVRRSDUiJUDIRVHMDIRUPDGRSRUDSHQDVXPSHUtRGR
WRGRRSDUiJUDIRpVHOHFLRQDGRFOLFDQGRWUrVYH]HVFRPRPRXVH
SRVLFLRQDGRQDPDUJHPHVTXHUGD
26 = Noções de Informática A solução para seu concurso

Nas duas figuras acima observe que a régua horizontal pois estas contém o recurso de reatribuir a numeração da

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
alinha facilmente o texto. Na régua existem dois pequenos página, quando da aplicação de um estilo de página em
triângulos. Quando não há nenhum marcador ou numera- particular.
ção o triangulo superior controla a primeira linha do pa- Observe ainda que o Writer adere ao modelo de
rágrafo e o triangulo inferior controla as demais linhas do formatação página esquerda X página direita, ou seja,
parágrafo. Se o parágrafo estiver formatado com marcador a página par, para o Writer, sempre apontará para uma
ou numeração o triangulo superior controla o marcador página à direita do operador. Não levar isto em conta pode
e o triangulo inferior controla todo o texto do parágrafo. suscitar resultados indesejados, quando da impressão do
documento.
Numeração de páginas no Writer
Para se numerar um conjunto de páginas, no Writer, Criando cabeçalhos e rodapés
segue-se o usual de fazer a numeração utilizando-se das Um cabeçalho é uma área que aparece no topo de uma
seções de Cabeçalho ou Rodapé. Você pode utilizar um página. Um rodapé aparece no fim da página. Informações
estilo para configuração e numeração de páginas, bem como números de página inseridos dentro de um cabe-
como utilizar um estilo de formatação de numeração, çalho ou rodapé são mostradas em todas as páginas do
alterando assim o default, que é exibir a numeração com documento com aquele estilo de página.
caracteres arábicos. No caso de trabalhos acadêmicos, que,
via de regra, têm a primeira página numerada, computada, Para inserir um cabeçalho, selecione Inserir ĺ Cabeça-
porém, não exibindo tal numeração, utiliza-se para isso lho ĺ Padrão (ou o estilo de página, se não for Padrão).
de um estilo de página pré-definido: “Primeira Página”. É Outras informações como títulos de documento e títu-
bastante atribuí-lo na primeira página e fazer a numera- los de capítulo são frequentemente colocados dentro do
ção como de praxe, pois o estilo Primeira Página, quando cabeçalho ou rodapé. Estes itens são melhor adicionados
descontinuado, quebrado, passa a ser seguido pelo estilo como campos. Dessa forma, se alguma coisa mudar, os
“Padrão”. Vamos a um pequeno exercício de numeração cabeçalhos e rodapés são automaticamente atualizados.
de páginas. Crie um documento de texto novo. Invoque o
menu Formatar ĺ Página. Habilite, na sua guia, o Rodapé
da página. Feche o diálogo de formatação. Estando dentro Mudando as margens da página
da Seção do rodapé, clique em Inserir ĺ Campos ĺ Nú- Pode-se mudar as margens da página de duas ma-
mero da Página. Pronto. neiras:
8VDQGRDVUpJXDVGDSiJLQD²IiFLOHUiSLGRPDVVHP
Inserindo números de páginas em sequ- FRQWUROHSUHFLVR
ência diferente 8VDQGRRPHQX(VWLORGHSiJLQD²SRGHVHHVSHFLILFDU
Seja porque se deseja inserir um outro trabalho, cuja DVPDUJHQVFRPDWpGRLVSRQWRVGHFLPDLV
sequência de numeração afetará o atual, com figuras, ma- Se mudarmos as margens usando as réguas, as no-
pas, gráficos a serem anexados, ou outro motivo, haverá vas margens afetam o estilo de página e essa mudança
ocasiões em que precisaremos inserir uma numeração de será mostrada no menu Estilo de página da próxima
página em sequência diferente. O Writer tem dois modos vez que abri-lo.
de fazer isto: ou você pode descontinuar a numeração Uma vez que o estilo de página é afetado, as mar-
lançando mão do diálogo de Inserir ĺ Quebra Manual ĺ gens modificadas se aplicam a todas as páginas que
Quebra de Página, o qual permite que mudemos o estilo, usam esse estilo.
bem como o número de página, ou você pode se utilizar
do recurso de Deslocamento de Página. O Deslocamento
de Página nos é apresentado quando escolhemos inserir Para mudar as margens usando as réguas:
campos e optamos por Outros. Na guia Documentos, desta
caixa de diálogo, há vários campos. 1) As seções cinzas das réguas são as margens. Coloque
o ponteiro do mouse sobre a linha entre as seções cinza e
Clicamos em Página e selecionamos, à direita do branca. O ponteiro muda para uma seta dupla.
campo, a opção “Números de Páginas”. O formato da
numeração default é “Como Estilo de Página”, mas você 2) Pressione o botão esquerdo do mouse e arraste-o
pode escolher qualquer outro. No Campo Deslocamento, para mover a margem.
coloca-se o número de página a ser incrementado da con-
tagem do número de páginas. É possível colocar aqui um
número negativo (o positivo é subentendido), mas observe
que o sistema só exibirá a numeração caso este documento
comporte a operação de subtração, i. e., se o documento
contém 21 (vinte e uma) páginas, e você assinala um
deslocamento de 23 (vinte e três), a numeração não será
exibida (mas será calculada. Lembre-se: este recurso é
apenas um “truque sujo”, para este tipo de situação, pois
é um recurso muito mais útil quando estamos trabalhando
com Documentos-Mestre, que são documentos que mani-
pulam vários tipos de documentos simultaneamente. Se
quiser manipular números de páginas com mais controle,
em um documento simples, recorra a quebras de página,
A solução para seu concurso N oções de I nformática = 27
Para mudar as margens usando o menu de Estilo de "EstParaDestaque", bem como deveria ser aplicada em

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
página: determinados trechos do seu trabalho. Clique em qualquer
1. Clique com o botão direito em qualquer lugar da lugar em "EstParaDestaque"; abra o Estilista e selecione,
página e selecione Página do menu contexto. com um (1) clique, o estilo "EstParaDestaque". Clique no
botão trifunção e acione "Atualizar estilo". Pronto. Estilo
2. Na aba Página do menu, digite as distâncias requeri- atualizado. O raciocínio para estilos de caracteres, de
das nas caixas de Margens. quadros, de listas, etc., é o mesmo. A terceira função deste
versátil ícone é a de carregar estilos a partir de modelos ou
documentos existentes. Aquele documento que você acaba
Formatando o documento de receber via internet, por exemplo, rico em formatação,
Como se falou no início, o processador de textos é um e que você encontrou muitas coisas a serem copiadas,
aplicativo sofisticado. Não poderia, assim, lhe faltarem como os estilos das páginas, de alguns parágrafos, de qua-
recursos de formatação. Formatar, em última instância, dros, por exemplo, você pode carregá-los para um outro
significa dar forma ao documento e de modo, espera-se, documento sem se preocupar com a sequência da criação
condizente com o seu objeto. Se, no passado, usar um destes estilos. Você pode, inclusive, selecionar os estilos
processador de textos e aplicar ao conteúdo recursos ela- a serem importados e sobrescrever ou não estilos com o
borados de formatação e aparência consistia em decorar mesmo nome, casa haja coincidência de nomes entre os
e aplicar uma constelação de comandos complicados, a estilos atuais e aqueles sendo importados. Na caixa de diá-
tarefa hoje se resume a invocar o menu "Formatar" e dali logo de importação de estilos você pode escolher, claro, se
retirar as ações necessárias ao nosso trabalho. Quem tra- deseja importar estilos a partir de modelos, por aplicação e
balhou com WordStar, Redator e similares conhece bem também a partir de um arquivo, como se mencionou.
esta diferença...
Clique em "Do Arquivo..." para habilitar a importação
No Writer, muita coisa pode e deve ser feita com o uso a partir do seu documento-base dos estilos a serem impor-
de Estilos. O software dispõe de uma Janela do Estilista, tados.
disponível a partir do menu Formatar ou de seu atalho,
F11. Na verdade, toda a suíte dispõe do seu Estilista, sendo
que seu uso muda de acordo com o aplicativo sendo acio- Cortando, copiando e colando texto
nado. Trataremos de Estilos e do Estilista oportunamente. Cortar e copiar texto no Writer é semelhante a cortar
e copiar texto em outras aplicações. Pode-se usar o mouse
O Importante é ter Estilo(s)! ou o teclado para essas operações. Pode-se copiar ou mo-
ver texto dentro de um documento, ou entre documentos,
O que são estilos? São conjuntos pré-definidos de
formatação. Estes se aplicam a qualquer contexto, desde arrastando o texto ou usando seleções de menu, ícones, ou
uma lista numerada a um modelo de documento oficial. atalhos de teclados. Também pode-se copiar texto de ou-
O conceito de estilo é, para o LibreOffice.org, algo bem tras fontes como páginas Web e colar em um documento
próximo do conceito de Seção para outras suítes, tendo o do Writer.
estilo, porém, no LibreOffice.org, muito mais recursos e Para mover (cortar e colar) o texto selecionado usando
flexibilidade. o mouse, arraste-o para o novo local e solte. Para copiar
Enquanto em outros processadores de texto o re- o texto selecionado, segure pressionada a tecla CTRL en-
curso “estilo”, genericamente falando, é utilizado para quanto arrasta. O texto retém a formatação dada antes de
definição de parágrafos e fontes, no Writer, o conceito arrastá-lo.
vai bem além: pode-se, com o recurso estilo, manipular
a orientação da página, o tipo (espelhada, somente à Quando cola-se um texto, o resultado depende da
esquerda, somente à direita , por exemplo). É um recurso fonte do texto e como o texto foi colado. Se clicar no ícone
muito útil e coerente. As planilhas do Calc, por exemplo, Colar, toda formatação que o texto tem (tal como negrito
se valem do conceito de estilo para a aplicação do recurso ou itálico) é mantida. Texto colado de páginas Web e
“Formatação Condicional”. outras fontes podem também ser colocados em quadros
Ali se aplica um estilo ao resultado lógico e pronto. ou tabelas. Caso não goste dos resultados, clique no ícone
Para invocar, de modo rotativo e rapidamente a "Caixa de Desfazer ou pressione CTRL+Z.
Estilos", aponta-se para Formatar... Estilos e Formatação Para fazer o texto colado assumir o formato do texto
ou pressiona-se F11. O último ícone no Estlista, como
em volta do ponto onde ele está sendo colado, escolha
mostrado na imagem acima, tem três funções: a primeira
permite que nominemos uma região selecionada do texto uma dessas opções:
e lhe atribuamos um nome, criando-se assim um novo es- 1. Editar ĺ Colar especial, ou
tilo a partir da seleção; a vantagem não óbvia disto é que,
quando quisermos aplicar aqueles atributos ali contidos, 2. Clique no triângulo à direita do ícone Colar, ou
que podem ser vários, não precisaremos fazê-lo passo a 3. Clique no ícone Colar sem soltar o botão esquerdo
passo e nem tampouco conhecer a sequência extata da sua do mouse.
formatação; a segunda nos permite atualizar um estilo a
partir de uma seleção. Então selecione Texto sem formatação do menu que
aparece.
Digamos que você criou um estilo de parágrafos cha-
mado "EstParaDestaque". No decorrer do seu trabalho, A variedade de escolhas no menu Colar especial muda
você formata um parágrafo convenientemente e resolve dependendo da origem e formatação do texto (ou outro
que esta formatação é aquela a que se deveria chamar objeto) a ser colado.
28 = Noções de Informática A solução para seu concurso

Localizando, substituindo e formatando ‡ Pode-se adicionar uma palavra ao dicionário, cli-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
texto cando em Adicionar no menu Ortografia e gramá-
tica e selecione o dicionário para o qual adicionar
O Writer possui duas maneiras de localizar texto
a palavra.
dentro de um documento: a barra de ferramentas Loca-
lizar para busca rápida e o menu Localizar e substituir. ‡ Clique no botão Opções no menu Ortografia e
No menu, pode-se: gramática para abrir um menu semelhante àquele
em Ferramentas ĺ Opções ĺ Configurações
‡ /RFDOL]DUHVXEVWLWXLUSDODYUDVRXIUDVHV
de idioma ĺ Recursos para redação descrito no
‡ 8VDU FRULQJDV H H[SUHVV}HV UHJXODUHV SDUD DMXVWDU D capítulo 2. Lá pode-se escolher verificar palavras
EXVFD com letras maiúsculas e palavras com números,
‡ /RFDOL]DUHVXEVWLWXLUXPDIRUPDWDomRHVSHFt¿FD e pode-se gerenciar dicionários customizados, ou
seja, adicionar ou apagar dicionários e adicionar
‡ /RFDOL]DUHVXEVWLWXLUHVWLORVGHSDUiJUDIRV ou apagar palavras em um dicionário.
‡ Na aba Fonte no menu Estilos de parágrafo, pode-
Se a barra de ferramentas Localizar não estiver visível, -se configurar parágrafos para serem verificados
pode-se mostrá-la usando Exibir ĺ Barras de ferramentas em um idioma específico (diferente do idioma do
ĺ Pesquisar. resto do documento).
Para mostrar o menu Localizar e substituir, use a tecla ‡ O Writer não inclui um verificador gramatical, mas
de atalho CTRL+F ou selecione Editar ĺ Localizar e subs- pode-se instalar uma extensão como a Ferramenta
tituir a partir da barra de menu. de idioma e acessá-la de Ferramentas ĺ Ortografia
1. Digite o texto que se deseja localizar na caixa Loca- e gramática.
lizar.
A Ferramenta de idioma adiciona um novo item de
2. Para substituir um texto por outro texto, digite o “menu e submenu” ao menu de Ferramentas, a partir do
novo texto na caixa Substituir por. qual pode-se configurar a ferramenta e verificar/reverifi-
3. Pode-se selecionar várias opções tais como diferen- car o documento.
ciar maiúsculas de minúsculas, somente palavras inteiras,
ou fazer uma busca por palavras similares. Formatando parágrafos
4. Quando já tiver configurado sua busca, clique em Pode-se aplicar vários formatos para parágrafos usando
Localizar. Para substituir texto, clique em Substituir. os botões na barra de ferramentas Formatação de parágra-
fos. A barra de Formatação de parágrafos aparece como
9HUL¿FDQGRRUWRJUD¿DHJUDPiWLFD uma barra de ferramentas flutuante, customizada para
O Writer fornece um verificador ortográfico, que pode mostrar apenas os ícones de formatação de parágrafos. A
ser usado de duas maneiras: aparência dos ícones pode variar dependendo do sistema
operacional e a seleção do tamanho do ícone e o estilo em
Verificação automática, verifica cada palavra como ela Ferramentas ĺ Opções ĺ BrOffice ĺ Exibir.
foi digitada e mostra uma linha ondulada vermelha sob
qualquer palavra com erros ortográficos. Quando a palavra Formatando caracteres
é corrigida, a linha desparece.
Pode-se aplicar vários formatos de caracteres usando os
Para efetuar uma verificação ortográfica separada no botões da barra de ferramentas Formatação. A aparência
documento (ou numa seleção de texto) clique no botão dos ícones pode variar dependendo do sistema operacional
Ortografia e gramática. Isto verifica o documento ou se- e a seleção do tamanho dos ícones e estilo em Ferramentas
leção e abre o menu Ortografia e gramática caso alguma ĺ Opções ĺ BrOffice ĺ Exibir.
palavra com erro de ortografia for encontrada.
Criando listas de marcadores e listas nu-
Algumas características adicionais do verificador orto-
meradas
gráfico: Há várias maneiras de criar listas de marcadores e listas
numeradas:
‡ Pode-se clicar com o botão direito em uma palavra
com uma onda sublinhada para abrir o menu de ‡ 8VDQGRDXWRIRUPDWDomR
contexto. Selecionando-se palavras sugeridas no ‡ 8VDQGRHVWLORVGHOLVWD QXPHUDomR
menu, a seleção substituirá a palavra com erro de
ortografia no texto. Outras opções de menu são ‡ 8VDQGR HVWLORV GH OLVWD QXPHUDGD  H 0DUFDGRUHV GD
discutidas abaixo. EDUUDGHIHUUDPHQWDV)RUPDWDomR
‡ Pode-se mudar o idioma do dicionário (por ‡ 8VDQGRtFRQHVGHPDUFDGRUHVHQXPHUDomRQDEDUUDGH
exemplo, espanhol, francês, ou alemão) no menu IHUUDPHQWDV GH IRUPDWDomR GH SDUiJUDIR VHOHFLRQH RV
Ortografia e gramática. SDUiJUDIRVQDOLVWDHHQWmRFOLTXHQRtFRQHDSURSULDGR
QDEDUUDGHIHUUDPHQWDV
A solução para seu concurso N oções de I nformática = 29

Formatando páginas Na guia Geral do menu de Impressão, poderá definir:

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
2 :ULWHU IRUQHFH YiULDV PDQHLUDV GH FRQWURODU OD\RXWV GH ‡ $LPSUHVVRUD HQWUHDVLPSUHVVRUDVGLVSRQtYHLV 
SiJLQD
‡ 4XDLVDVSiJLQDVDVHUHPLPSUHVVDVRQ~PHURGHFySLDV
‡ (VWLORVGHSiJLQD HFRPRDJUXSiODV VHomR,QWHUYDORVHFySLDV 
‡ &ROXQDV ‡ 6H DV DQRWDo}HV VHUmR LPSUHVVDV RX QmR H VH IRUHP
LPSUHVVDVRQGHVHUmRSRVLFLRQDGDV1DDED2So}HVGR
‡ 4XDGURV
PHQXGHLPSUHVVmRSRGHPVHHQFRQWUDUYiULDVRXWUDV
‡ 7DEHODV
‡ 6Ho}HV Visualizando a impressão antes de imprimir
A visualização de página normal no Writer permite vi-
sualizar cada página da mesma forma como será impressa,
Criando cabeçalhos e rodapés no entanto, mostra apenas uma página por vez.
Um cabeçalho é uma área que aparece no topo de uma Se desejar imprimir um documento frente e verso,
página. Um rodapé aparece no fim da página. Informações é possível ver o resultado da impressão através de dois
como números de página inseridos dentro de um cabe- modos:
çalho ou rodapé são mostradas em todas as páginas do
documento com aquele estilo de página. ‡ Layout de visualização (modo editável):
XVH DV IROKDV GR PRGR /LYUR QR FDQWR LQIHULRU GLUHLWR
Para inserir um cabeçalho, selecione Inserir ĺ Cabeça-
GDEDUUDGHVWDWXV
lho ĺ Padrão (ou o estilo de página, se não for Padrão).
Outras informações como títulos de documento e títu- ‡ Layout de visualização (modo não-editá-
los de capítulo são frequentemente colocados dentro do vel): RQGH WDPEpP VH SRGHUi LPSULPLU PDLV GH XPD
cabeçalho ou rodapé. Estes itens são melhor adicionados SiJLQDSRUIROKD
como campos. Dessa forma, se alguma coisa mudar, os
cabeçalhos e rodapés são automaticamente atualizados. Para utilizar a visualização de página clique em Arquivo
ĺ Visualizar página ou clique no botão Visualizar página
Numerando páginas na barra padrão: O Writer passará a exibir a página atual
e a página seguinte e, também, a barra de Visualização no
Para numerar automaticamente páginas:
lugar da barra de formatação.
1. Insira um cabeçalho ou rodapé
2. Posicione o cursor no cabeçalho ou rodapé onde Acompanhamento de alterações em um
deseja-se que o número de página apareça e selecione
documento
Inserir ĺ Campos ĺ Número da página.
Pode-se usar alguns métodos para acompanhar as
mudanças feitas em um documento.
Imprimindo
Faça comparações automaticamente em uma cópia do
Writer proporciona várias opções para imprimir.
documento, use o Writer para combinar os dois arquivos
e mostrar as mudanças realizadas. Clique em Editar ĺ
Impressão rápida Comparar documento...
Para imprimir rapidamente seu documento, basta cli-
Use as marcas de mudança do Writer (muitas vezes
car no botão Imprimir arquivo diretamente, disponível no
chamadas de “linhas vermelhas” ou “marcas de revisão”)
ícone impressora da barra padrão do Writer. Este comando
para mostrar onde se adicionou ou se excluiu material
envia o documento atual diretamente para a impressora
ou alterou-se a formatação. Depois, você pode analisar e
padrão. Note que a impressora padrão aparece entre pa-
aceitar ou rejeitar cada alteração.
rênteses caso posicione-se o cursor do mouse sobre o ícone
da impressora por alguns segundos.
Pode-se alterar a ação do ícone Imprimir arquivo di-
retamente para enviar o documento para ser impresso na
impressora definida no documento e não na impressora
padrão do computador. Selecione o menu Ferramentas ĺ
Opções ĺ Carregar/Salvar ĺ Geral e selecione a opção
Carregar as configurações da impressora com o documento.

Controlando a impressão
Para um controle mais eficiente da impressão do do-
cumento, use o menu Arquivo ĺ Imprimir. Esse comando
abrirá o menu de impressão.
30 = Noções de Informática A solução para seu concurso

Colar 2EHGHFH R PHVPR FRQFHLWR GH FRSLDU XWLOL]DGR

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
QR /LEUH2I¿FH :ULWHU H TXDOTXHU RXWUR DSOLFDWLYR H[LVWHQWH
LIBREOFFICE - CALC ([DWDPHQWHFRPRQR:ULWHUpSRVVtYHOFRSLDUUHFRUWDUSDUWHGR
FRQWH~GR GH XPD FpOXOD D FpOXOD SRU FRPSOHWR RX DLQGD XP
FRQMXQWRGHFpOXODVHFRODUHPRXWURORFDOGDPHVPDSODQLOKD
6HPHOKDQWHDR:ULWHUR/LEUH2I¿FH&DOFpXPDSOLFDWLYRGR RX RXWUD SODQLOKD TXDOTXHU XPD YH] TXH R FRQWH~GR FRSLDGR
SDFRWHGHSURJUDPDVSDUDHVFULWyULRSDFRWH2I¿FHFRQFRUUHQWH UHFRUWDGRpWUDQVIHULGRSDUDDiUHDGHWUDQVIHUrQFLD
GDHPSUHVD0LFURVRIW2DSOLFDWLYR&DOFpXPJHUHQFLDGRUGH
SODQLOKDVHOHWU{QLFDVVLPLODUDR06([FHO Colar Especial (VWH FRPDQGR p PXLWR ~WLO SHOD GLYHU
VLGDGH GH RSo}HV TXH R SURJUDPD OKH RIHUHFH QD MDQHOD TXH p
8PD SODQLOKD p XPD WDEHOD RQGH VH ID] FiOFXORV VLPSOHV H[LELGDTXDQGRFOLFDPRVQHVWHFRPDQGR2LWHPColar Tudo
RXFRPSOH[RVFRPRXPDIROKDGHSDJDPHQWRXPFRQWUROHGH GDRSomRSeleção ID]DFRODJHPGHWRGRRFRQWH~GRGDiUHD
HVWRTXHHQ¿PRQGHVHFRORFDWH[WRRUJDQL]DGRFRPFiOFXORV GHWUDQVIHUrQFLDH[DWDPHQWHFRPRRFRPDQGRFRODU2VRXWURV
LVWRpXPDSODQLOKD LWHQVGDSeleçãoVmRLQWXLWLYRVHUHDOL]DPH[DWDPHQWHRTXH
2 /LEUH2I¿FH p XPD VXtWH TXH LQWHUOLJD VHXV DSOLFDWLYRV HVWiHVFULWR
LVWRQyVMiIDODPRVVHQGRDVVLPRVSURJUDPDVSRVVXHPPXLWD Selecionar TudoVHPHOKDQWHDRLibreOffice Writer.
VHPHOKDQoD HQWUH VL ERP SUD YRFr TXH HVWi HVWXGDQGR SDUD
FRQFXUVRQmRGHVDQLPHVLJDHPIUHQWHFRPD6ROXomRHDOFDQFH ModificaçõesVHPHOKDQWHDRLibreOffice Writer.
VHXVREMHWLYRV Comparar Documentos VHPHOKDQWH DR LibreOffi-
*UDoDVDHVWDLQWHJUDomRDEDUUDGHPHQXGR&DOFpPXLWR ce Writer.
SDUHFLGRFRPRTXHYRFrMiHVWXGRXQR:ULWHU
LocalizarVHPHOKDQWHDRLibreOffice Writer.
$ EDUUD GH IHUUDPHQWDV 3DGUmR GR &DOF SRVVXL WRGRV
RV ERW}HV GD PHVPD EDUUD QR :ULWHU H[FHWR R TXH H[LEH RV Localizar e SubstituirVHPHOKDQWHDRLibreOffice
FDUDFWHUHV QmRLPSULPtYHLV H R GH LQVHULU WDEHOD H JDQKD GRLV Writer.
ERW}HV GH FODVVL¿FDomR XP QR VHQWLGR FUHVFHQWH H RXWUR QR Cabeçalho H 5RGDSp VHPHOKDQWH DR LibreOffice
VHQWLGRGHFUHVFHQWHHXPERWmRGHDVVLVWHQWHJUi¿FRTXHDX[LOLD Writer.
RXVXiULRDLQVHULUIDFLOPHQWHXPJUi¿FR
Preencher([LEHXPDMDQHODFRPRSo}HVSDUDSUHHQFKHU
-iQDEDUUDGHIHUUDPHQWDV)RUPDWDomRGR&DOFQmRDSDUHFH DV FpOXODV DEDL[R GLUHLWD VXSHULRU HVTXHUGD GD FpOXOD DWLYD $
RV FRPDQGRV SDUD DSOLFDU HVWLOR DWLYDUGHVDWLYDU QXPHUDomR RSomR 6HULHV p XWLOL]DGD TXDQGR KRXYHU FpOXODV VHOHFLRQDGDV H
DWLYDUGHVDWLYDU PDUFDGRUHV H UHDOoDU -i RV QRYRV FRPDQGRV QHFHVVLWDVH SUHHQFKHODV FRP XPD FRQGLomR HVSHFLDO GH LQFUH
TXHID]HPSDUWHGHVWDEDUUDGHIHUUDPHQWDVQR&DOFVmRPHV PHQWR,QFUHPHQWRpRFiOFXORGHSUHHQFKLPHQWRXWLOL]DGRSHOR
FODUHFHQWUDOL]DUFpOXODV)RUPDWRQXPpULFR0RHGD)RUPDWR &DOF2SURJUDPDSRGHSUHHQFKHUGHHPGHHPGHHP
QXPpULFR 3RUFHQWDJHP )RUPDWR QXPpULFR $GLFLRQDU FDVDV HQWmRpQHFHVViULRLQIRUPDUDRSURJUDPDHVWHLQFUHPHQWR
GHFLPDLV)RUPDWRQXPpULFR([FOXLUFDVDVGHFLPDLV%RUGDVH
$OWHUQDUDVOLQKDVGDJUDGHSDUDDSODQLOKDDWXDO Excluir Conteúdo $SDJD GHOHWD WRGR R FRQWH~GR GD
FpOXODRXGRLQWHUYDORVHOHFLRQDGR3RGHXVDUDWHFOD'(/SDUD
2 &DOF SRVVXL XPD QRYD EDUUD GH IHUUDPHQWDV FKDPDGD
H[HFXWDURPHVPRFRPDQGR
%DUUDGH)yUPXODVFRPD&DL[DGH1RPHHXPDEDUUDRXJXLD
GHH[LELomRGDVSODQLOKDV Excluir Células 'LIHUHQWHPHQWH GR FRPDQGR DQWHULRU
$%DUUDGH6WDWXVSRVVXLLQIRUPDo}HV~WHLVFRPRDTXDQWL HVWHFRPDQGRUHWLUDUGDSODQLOKDWXGRTXHHVWLYHUVHOHFLRQDGR
GDGHGHOLQKDVHFROXQDVTXDQGRVHOHFLRQDPRVXPLQWHUYDORQD eQHFHVViULRHVFROKHUVHDVFpOXODVGHEDL[RRXGDGLUHLWDDVVX
SODQLOKDHDLQGDDSRVVLELOLGDGHGHYHUL¿FDUDVRPDTXDQGRKRX PLUmRVHXOXJDUQDSODQLOKDXPDYH]TXHYRFrHVWiUHWLUDQGRDV
YHUPDLVGHGRLVQ~PHURVVHOHFLRQDGRVQDSODQLOKDHSRU¿QDO FpOXODVVHOHFLRQDGDVRXDLQGDVHYRFrTXHUH[FOXLUDOLQKDWRGD
DEDUUDGH]RRPDWUDYpVGHXPFRPDQGRGHVOL]DQWHKRUL]RQWDO RXDFROXQDSRUFRPSOHWR&XLGDGRSDUDQmRFRQIXQGLURVFR
PDQGRV2([FOXLUFRQWH~GRDSDJD '(/ 2FRPDQGR([FOXLU
Menu Arquivo FpOXODV UHWLUD DV FpOXODV VHOHFLRQDGDV FULDQGR XP ³EXUDFR´ QD
SODQLOKDSRULVVRYRFrGHYHHVFROKHUVHDVFpOXODVGDGLUHLWDRX
,GrQWLFR DR LibreOffice GHEDL[RWRPDUmRVHXOXJDU
Writer.
Planilha DWUDYpV GHVWH FRPDQGR p SRVVtYHO FRSLDU RX
PRYHUDSODQLOKDWRGDSDUDTXDOTXHURXWUDSODQLOKDH[LVWHQWHQR
Menu Editar DUTXLYR DEHUWR QRPHDQGR HVWD SODQLOKD e SRVVtYHO VHOHFLRQDU
0XLWR VHPHOKDQWH FRP R WRGD D SODQLOKD DWXDO RXWUDV SODQLOKDV RX WRGDV DV SODQLOKDV
0HQX(GLWDUGRLibreOffice GRDUTXLYRDEHUWR([FOXLUDSODQLOKDDWXDO&ULDUHYHQWRVFR
Writer. PDQGRV QD SODQLOKD DWXDO TXDQGR DOJXPD FRQGLomR TXH YRFr
HVFROKHUIRUH[HFXWDGD(VWDVVmRRSo}HVGHVWHFRPDQGR
Desfazer VHPHOKDQWHDR
/LEUH2I¿FH:ULWHU Excluir Quebra Manual(OLPLQDXPDTXHEUDPDQXDO
LQVHULGDQDSODQLOKD
Repetir VHPHOKDQWH DR
/LEUH2I¿FH:ULWHU VínculosVHPHOKDQWHDRLibreOffice Writer.
RestaurarVHPHOKDQWHDR/LEUH2I¿FH:ULWHU Plug-inVHPHOKDQWHDRLibreOffice Writer.
RecortarVHPHOKDQWHDR/LEUH2I¿FH:ULWHU Mapa de ImagemVHPHOKDQWHDRLibreOffice Writer.
ObjetoVHPHOKDQWHDRLibreOffice Writer.
CopiarVHPHOKDQWHDR/LEUH2I¿FH:ULWHU
A solução para seu concurso N oções de I nformática = 31
Lista de FunçõesDEUHXPDMDQHOD¿[DQDODWHUDOGLUHLWD

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Menu Exibir FRPDV)XQo}HV5HFpP8WLOL]DGDVPDVpSRVVtYHOYLVXDOL]DUH
LQVHULUTXDOTXHUIXQomRGR&DOF
Normal([LEHROD\RXWQRUPDOQDSODQLOKD
Nomes&RPHVWDIXQomRpSRVVtYHOUHQRPHDURXQRPHDU
Visualizar Quebra de Página ([LEH D SODQLOKD TXDOTXHULQWHUYDORGHFpOXODTXHIDFLOLWDQDKRUDGDFULDomRGH
PRVWUDQGRDVTXHEUDVGHSiJLQDV XPDIXQomR
$VGXDVIRUPDVGHYLVXDOL]DomRDFLPDVmRDOWHUQDGDVHQWUH Anotação&RQKHFLGRFRPR³&RPHQWiULR´QR06([FHO
VL R VHMD RX YRFr H[LEH D SODQLOKD1RUPDO RX HP 4XHEUD GH &ULDXPDFDL[DGHWH[WRDPDUHODOLJDGDDXPDcélula4XDQGR
Página. KiXPDDQRWDomRQDFpOXODDPHVPDH[LEHXPDPLQ~VFXODPDUFD
Barra de FerramentasVHPHOKDQWHDRLibreOffice YHUPHOKDQRVHXLQWHULRUEDVWDSRVLFLRQDURPRXVHVREUHHVWD
Writer. FpOXODHDJXDUGDUXPLQVWDQWHTXHVHUiH[LELGDDFDL[DGHWH[WR
FRPDH[SOLFDomRVREUHRFRQWH~GRGDFpOXOD
Barra de Fórmulas([LEHRXRFXOWDDEDUUDGHIyUPXODV
FigurasVHPHOKDQWHDRLibreOffice Writer.
Barra de StatusVHPHOKDQWHDRLibreOffice Writer.
Filme e SomVHPHOKDQWHDRLibreOffice Writer.
Status do Método de Entrada VHPHOKDQWH DR Li-
ObjetoVHPHOKDQWHDRLibreOffice Writer.
breOffice Writer.
Gráfico3HUPLWHFRQ¿JXUDUHLQVHULUYiULRVWLSRVGHJUi¿
Cabeçalhos de linhas e colunas ([LEHRFXOWD DV FRVHPVXDSODQLOKD6mRTXDWURSDVVRVTXHSHUPLWHHVFROKHUR
OHWUDV LQGLFDGRUDV GDV FROXQDV H RV Q~PHURV LQGLFDGRUHV GDV WLSRGRJUi¿FRGH¿QLUDEDVHGHGDGRVVpULHGHGDGRVHQRPHDU
OLQKDV RVHL[RVHGH¿QLUDVOHJHQGDV
Realce de Valor([LEHRFRQWH~GRGDFpOXODHPFRUHV
GLIHUHQWHVDGHSHQGHUGHVHXWLSR7H[WRHPSUHWRQ~PHURGH
D]XOHYHUGHSDUDUHVXOWDGRGHIyUPXODVRXIXQo}HV
Menu formatar
Limpar Formatação VHPHOKDQWH DR LibreOffice
Fonte de DadosVHPHOKDQWHDRLibreOffice Writer.
Writer.
Navegador SDUHFLGR FRP R LibreOffice Writer
Células1HVWHFRPDQGRHVWmRFHQWUDOL]DGDVWRGDVDVRS
VRPHQWHDFUHVFHQWDQGRDSRVVLELOLGDGHGHQDYHJDUQDSODQLOKD
o}HVSRVVtYHLVGHIRUPDWDomRGDFpOXODGHVGHGHVHXFRQWH~GR
XWLOL]DQGR R HQGHUHoR GD FpOXOD GHVHMDGD LQVHULQGR D OHWUD GD
DWpDVFRUHVGDVOLQKDVGHJUDGHHSUHHQFKLPHQWR'H¿QDRWLSR
FROXQDHRQ~PHURGDOLQKD
GHQ~PHURTXHHVWiQDFpOXODDOLQKDPHQWRVPHVFODJHPTXHEUD
Tela InteiraVHPHOKDQWHDRLibreOffice Writer. GHWH[WRHWF
ZoomVHPHOKDQWHDRLibreOffice Writer. Linha3HUPLWHIRUPDWDUXPDRXPDLVOLQKDVGDSODQLOKD
TXDQWRjDOWXUDHjYLVLELOLGDGH
Menu Inserir Colunas3HUPLWHXPDRXPDLVFROXQDVGDSODQLOKDTXDQWR
jDOWXUDHjYLVLELOLGDGH
Quebra de Página,QVHUHTXHEUDVGHOLQKDVRXFROXQDV
Planilha3HUPLWHUHQRPHDURFXOWDURXH[LELUDSODQLOKD
Células ,QVHUH FpOXOD GHVORFDQGR R FRQWH~GR H[LVWHQWH DWLYD
SDUDEDL[RRXGLUHLWD,QVHUHXPDOLQKDWRGDHPEUDQFRRXDLQGD
XPDFROXQDWRGDHPEUDQFR Mesclar células $EUH XP VXEPHQX TXH SRVVLELOLWD D
HVFROKD GH 0HVFODU H &HQWUDOL]DU &pOXODV 0HVFODU &pOXODV H
Linha ,QVHUH XPD OLQKD HP EUDQFR DFLPD GD FpOXOD DWL 'LYLGLU&pOXOD20HVFODU&pOXODpRFRPDQGRTXHWUDQVIRUPD
YD &DVR KDMD FpOXODV VHOHFLRQDGDV HP OLQKDV GLIHUHQWHV HVWH HPXPD~QLFDFpOXODYiULDVFpOXODVVHTXHQFLDLV
FRPDQGRLQVHUHXPDDPHVPDTXDQWLGDGHGHOLQKDGDVFpOXODV
VHOHFLRQDGDV Página (VWH FRPDQGR HQJORED WRGRV RV FRPDQGRV SRV
VtYHLV SDUD VH IRUPDWDU D SODQLOKD HP UHODomR D VXD HVWUXWXUD
Colunas&RPDQGRVHPHOKDQWHDRDQWHULRUVyTXHDSOLFD 'H¿QDRWDPDQKRGDSiJLQD $FDUWD PDUJHQVDVOLQKDVGH
GRDFROXQDV JUDGH HVSHVVXUDHFRU FDEHoDOKRHURGDSpHFRUHVGHSUHHQFKL
Planilha DEUH XPD MDQHOD RQGH p SRVVtYHO DGLFLRQDU PHQWRGDVFpOXODV
TXDQWDV SODQLOKDV IRUHP QHFHVViULDV e SRVVtYHO DLQGD QRPHDU Intervalo de impressãoeSRVVtYHOGH¿QLUH[DWDPHQ
DVQRYDVSODQLOKDVRXDLQGDLQVHULUXPDSODQLOKDMiH[LVWHQWHQR WHRTXHYRFrTXHUTXHVHMDLPSUHVVRTXDQGRSUHVVLRQDURERWmR
DUTXLYRTXHHVWiVHQGRHGLWDGR GDLPSUHVVRUDQD%DUUD3DGUmR(VFROKDXPDFROXQDXPDOLQKD
XPDSDUWHGDSODQLOKDHWF
Planilha do Arquivo,QVHUHXPDSODQLOKDMiH[LVWHQWH
QDDWXDO CaractereVHPHOKDQWHDRLibreOffice Writer.
Vincular a Dados ([WHUQRV ,QVHUH D IRQWH GH GDGRV ParágrafoVHPHOKDQWHDRLibreOffice Writer.
RULJLQDO Alterar CaixaVHPHOKDQWHDRLibreOffice Writer.
Caractere Especial VHPHOKDQWH DR LibreOffice Estilos e formatação:8WLOL]DRV(VWLORVGH)RUPDWDomR
Writer. VHPHOKDQWHDRXWLOL]DGRQRLibreOffice Writer.
Marcas de Formatação,QVHUHFRQGLo}HVHVSHFLDLVGH AutoformatarVHPHOKDQWHDRLibreOffice Writer.
IRUPDWDomRFRPUHODomRDKtIHQ Formatação Condicional 'H¿QH FRQGLo}HV TXDQGR
HiperlinkVHPHOKDQWHDRLibreOffice Writer. XPSDUkPHWURIRUDWHQGLGR3RUH[HPSORGH¿QLUTXHTXDQGRR
UHVXOWDGRGHXPDIXQomRIRUQHJDWLYRHVWHYDORUDSDUHFHUiHP
Função ,QVHUH XPD GDV PXLWDV IXQo}HV H[LVWHQWH QR YHUPHOKR
/LEUH2I¿FH&DOF
32 = Noções de Informática A solução para seu concurso

ÂncoraVHPHOKDQWHDRLibreOffice Writer. Compartilhar documento (VWD RSomR SHUPLWH TXH

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
AlinhamentoVHPHOKDQWHDRLibreOffice Writer. YiULRVXVXiULRVSRVVDPHGLWDURPHVPRGRFXPHQWR
DisporVHPHOKDQWHDRLibreOffice Writer. Mesclar documentos4XDQGRXPGRFXPHQWRSODQLOKD
pHGLWDGRSRUPDLVGHXPDSHVVRDXWLOL]DQGRRUHFXUVRDQWHULRU
InverterVHPHOKDQWHDRLibreOffice Writer. 'HSRLVSDUDMXQWDUDVSDUWHVXWLOL]HHVWHUHFXUVR
AgruparVHPHOKDQWHDRLibreOffice Writer. Proteger documento(VWHFRPDQGRSHUPLWHSURWHJHU
FiguraVHPHOKDQWHDRLibreOffice Writer. OLEHUDU RV GDGRV GD SODQLOKD DWLYD RX GH WRGR R GRFXPHQWR
FRQIRUPHDVRSo}HV3URWHJHU3ODQLOKDRX'RFXPHQWR
Controles 9RFr SRGH XWLOL]DU D EDUUD GH IHUUDPHQWDV
&RQWUROHVSDUDDGLFLRQDUFDL[DVGHVHOHomRERW}HVWDEHODVPRV Conteúdo da Célula(VWHUHFXUVRDOWHUDDIRUPDSHOD
WUDQGRUHJLVWURVGHGDGRVHRXWURVFRQWUROHVDXPGRFXPHQWR TXDORVGDGRVVmRLQVHULGRVQDVFpOXODV$VGXDVSULPHLUDVRS
o}HVUHIHUHPVHDRSUHHQFKLPHQWR DWXDOL]DomR GHFpOXODVTXH
)RUPXOiULRV(ODERUDIRUPXOiULRVSDUDXPDSODQLOKD FRQWpPIyUPXODVHODVSRGHUmRVHUUHFDOFXODGDVHSUHHQFKLGDV
PDQXDORXDXWRPDWLFDPHQWH$~OWLPDRSomRRIHUHFHVXJHVW}HV
Menu Ferramentas GHFRPSOHPHQWRSDUDRFRQWH~GRGDFpOXOD
OrtografiaVHPHOKDQWHDRLibreOffice Writer. GaleriaVHPHOKDQWHDRLibreOffice Writer.
IdiomaVHPHOKDQWHDRLibreOffice Writer. Player de mídiaVHPHOKDQWHDRLibreOffice Writer.
Detetive(VWHFRPDQGRSHUPLWHDUHDOL]DomRDXWRPiWLFD MacrosR0DFURpDJUDYDomRGHXPSURFHGLPHQWRTXH
GHDXGLWRULDHQWUHGDGRVHIyUPXODVFRQWLGRVQDSODQLOKD SRGHVHUH[HFXWDGRTXDQGRYRFrTXLVHU%DVWDVHJXLUDFDL[DGH
5DVWUHDUSUHFHGHQWHV(VWDIXQomRPRVWUDRUHODFLRQDPHQWR GLiORJRTXHpEDVWDQWHLQWXLWLYDHFRPSOHWDUVHXFRPDQGR
HQWUHDFpOXODDWXDOTXHFRQWpPDIyUPXODHDVFpOXODVXVDGDVQD Gerenciador de extensão VHPHOKDQWH DR LibreO-
IyUPXOD ffice Writer.
5HPRYHU SUHFHGHQWHV ([FOXL XP QtYHO GH VHWDV GH UDVWUHD Filtro XMLVHPHOKDQWHDRLibreOffice Writer.
PHQWRTXHIRUDPLQVHULGDVFRPRFRPDQGR5DVWUHDUSUHFHGHQWHV
Opções de autocorreçãoVHPHOKDQWHDRLibreOffi-
5DVWUHDUGHSHQGHQWHV'HVHQKDVHWDVUDVWUHDGRUDVTXHXQHP ce Writer.
DFpOXODDWLYDjVIyUPXODVTXHXWLOL]DPRVYDORUHVGDFpOXODDWLYD
PersonalizarVHPHOKDQWHDRLibreOffice Writer.
5HPRYHUGHSHQGHQWHV([FOXLXPQtYHOGHVHWDVUDVWUHDGRUDV
OpçõesVHPHOKDQWHDRLibreOffice Writer.
FULDGDVFRP5DVWUHDUGHSHQGHQWHV
5HPRYHUWRGRVRVUDVWURV5HPRYHWRGDVDVVHWDVUDVWUHDGR
UDVGDSODQLOKD Menu dados
5DVWUHDUHUUR'HVHQKDVHWDVUDVWUHDGRUDVTXHXQHPDFpOXOD Definir Intervalo QRPHLD XP LQWHUYDOR IDFLOLWDQGR D
DWLYDDWRGDVDVFpOXODVSUHFHGHQWHVFDXVDQGRXPYDORUGHHUUR LQVHUomRHPIXQo}HV
HPXPDFpOXODVHOHFLRQDGD Selecionar Intervalos6HOHFLRQDXPLQWHUYDORGDTXH
0DUFDUGDGRVLQYiOLGRV0DUFDWRGDVDVFpOXODVQDSODQLOKD OHVTXHIRUDPFULDGRVFRPRFRPDQGRDQWHULRU
TXHFRQWpPYDORUHVIRUDGDVUHJUDVGHYDOLGDomR Classificar &RORFD HP RUGHP FUHVFHQWH RX GHFUHVFHQWH
$WXDOL]DU UDVWURV 5HGHVHQKD WRGRV RV UDVWURV QD SODQLOKD RV GDGRV GD FROXQD HVFROKLGD /HPEUDQGR TXH RV GDGRV GDV
4XDQGRRVUDVWURVVmRUHGHVHQKDGRVDVIyUPXODVPRGL¿FDGDV RXWUDV FROXQDV VHJXLUmR D UHIHUrQFLD GD VXD OLQKD e SRVVtYHO
VmROHYDGDVHPFRQVLGHUDomR HVFROKHU YiULRV QtYHLV GH FODVVL¿FDomR 3RU H[HPSOR HP XPD
SODQLOKD FRP R FDGDVWUR GRV IXQFLRQiULRV GH XPD HPSUHVD p
$WXDOL]DUDXWRPDWLFDPHQWH$WXDOL]DDXWRPDWLFDPHQWHWRGRV SRVVtYHOFODVVL¿FDUHVWDSODQLOKDGHVWDIRUPDSULPHLURHPRU
RVWUDoRVQDSODQLOKDWRGDYH]TXHYRFrPRGL¿FDXPDIyUPXOD GHPFUHVFHQWHRVH[RGRVIXQFLRQiULRV 0) GHSRLVFODVVL¿FDU
0RGRGHSUHHQFKLPHQWR$WLYDRPRGRGHSUHHQFKLPHQWRGR HPRUGHPFUHVFHQWHRFDUJRGRVIXQFLRQiULRV$SODQLOKD¿FDUi
'HWHWLYH2SRQWHLURGRPRXVHVHWUDQVIRUPDUiHPXPVtPEROR DVVLP SULPHLUR VHUmR H[LELGDV DV PXOKHUHV )  H GHQWUR GHVWD
HVSHFLDOHTXDQGRYRFrFOLFDUHPTXDOTXHUFpOXODVHUiH[LELGR FODVVL¿FDomRRFDUJRGDVPXOKHUHV$X[LOLDU&RPSUDGRU'LUH
XPUDVWUHDPHQWRTXHPRVWUDDVVXDVFpOXODVSUHFHGHQWHV3DUD WRU'HSRLVVHUmRH[LELGRVRVKRPHQV 0 HRVFDUJRV$X[LOLDU
VDLU GHVVH PRGR SUHVVLRQH D WHFOD (VF RX FOLTXH QR FRPDQGR &RPSUDGRU'LUHWRU
6DLUGRPRGRGHSUHHQFKLPHQWRQRPHQXGHFRQWH[WR Filtro(VWHFRPDQGRpXWLOL]DGRSDUDH[LELUQDSODQLOKDVR
Atingir meta$EUHXPDMDQHODRQGHVHSRGHHVSHFL¿FDU mentHRVGDGRVQHFHVViULRVVHPH[FOXtORVVRPHQWHRVRFXOWD
XP YDORU DOYR SHOD FpOXOD VHOHFLRQDGD 8PD YH] FRQFOXtGD D 3RUH[HPSORXWLOL]DQGRDPHVPDSODQLOKDGRH[HPSORDQWHULRU
SHVTXLVDVHUiH[LELGRXPUHVXOWDGRTXHSRGHVHUDSOLFDGRGL SDUD H[LELU VRPHQWH DV PXOKHUHV GD HPSUHVD VH[R )HPLQLQR 
UHWDPHQWHjTXHODFpOXOD$FDL[DDSUHVHQWDDVVHJXLQWHVFDL[DV EDVWDFOLFDUHP)LOWUR!DXWR¿OWURHQDFROXQD6(;2HVFROKHU
GHWH[WR&pOXODGHIyUPXOD([LEHDIyUPXODFRQWLGDQDFpOXOD
D OHWUD ) QD FDL[D GH VHOHomR  H VRPHQWH DV PXOKHUHV GD
9DORUGHVHMDGR(VSDoRSDUDGLJLWDomRGRYDORUDVHUDWLQJLGR
H&pOXODYDULiYHO3HUPLWHLQWURGX]LUDUHIHUrQFLDGDFpOXODTXH HPSUHVDVHUmRH[LELGDV3DUDVDEHUDVGLUHWRUDVGDHPSUHVDIHLWR
FRQWpPRYDORUDVHUDMXVWDGRSDUDDWLQJLURYDORUDOYR RSDVVRDQWHULRUEDVWDFOLFDUQDFDL[DGHVHOHomRGDFROXQD&$5
*2HVFROKHU'LUHWRUHWRGDVPXOKHUHV'LUHWRUVHUmRH[LELGDVp
SolvereXPDIHUUDPHQWDTXHSHUPLWHUHVROYHUSUREOHPDVGH
SRVVtYHOID]HURXWURV¿OWURVGHQWURGRUHVXOWDGRGRV¿OWURV
SHTXHQDHPpGLDFRPSOH[LGDGH3DUDFKHJDUDXP³UHVXOWDGRyWLPR´
Cenários6mRSRVVLELOLGDGHVGHLQWHUSUHWDUGDGRVHFULDU Formulário ([LEH XP IRUPXOiULR FRQWHQGR RV FDPSRV
XPFHQiULRFRPUHVXOWDGRV$OWHUDQGRRVYDORUHVGRVGDGRVp GDSODQLOKDDVHUHPSUHHQFKLGRVeXPDIRUPDGLIHUHQWHGHDOL
FULDGRRXWURFHQiULRSHUPLWLQGRXPDDQiOLVHJHUHQFLDOVREUHRV PHQWDUDSODQLOKDLQVHULQGRRVGDGRVDWUDYpVGHXPIRUPXOiULR
GDGRVREWLGRV
A solução para seu concurso N oções de I nformática = 33
SubtotaisH[LEHVRPDVLQWHUPHGLiULDVDRYDORUWRWDOTXH Cada quadradinho formado pela junção da coluna

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
UHSUHVHQWD D VRPD GH RXWUDV VRPDV ([HPSOL¿FDQGR VH WLYHU com a linha forma a célula, é dentro das células que in-
PRVXPDSODQLOKDGHYHQGDVHKRXYHUDQHFHVVLGDGHGHH[LELUDV serimos os textos e número que formarão nossa planilha.
VRPDVGDVYHQGDVSDUFLDLVXWLOL]DPRVHVWHFRPDQGR Cada célula possui um endereço que formado pela letra
ValidaçãoUHVWULQJHDGLJLWDomRGHGDGRVQDFpOXODDRWLSR da coluna seguido do número da linha, por exemplo, a
GHLQIRUPDomRGHVHMDGDeSRVVtYHOTXHQDFpOXODDWLYDVRPHQWH primeira célula da planilha é formada pela coluna A linha
WH[WRSRVVDVHUGLJLWDGRRXQ~PHURRXGDWDHDVVLPSRUGLDQWH 1, desta forma o endereço da célula é A1, sempre nesta
&DVRWHQWHVHGLJLWDUXPWH[WRHPXPDSODQLOKDFRQ¿JXUDGDSDUD sequência, nunca coloque o número primeiro como 1A,
GDWDXPDPHQVDJHPGHHUURHLQVWUXo}HVIHLWDSRUYRFrVHUi isto é errado e constantemente aparece em questões de
H[LELGD DR XVXiULR LQIRUPDQGR FRPR GHYHP VHU SUHHQFKLGRV concurso público para confundir os que não estudam. O
WRGRVRVFDPSRVGDSODQLOKD endereço da célula ativa, aquela que recebe os textos e
números que são digitados, é exibido na Caixa de Nome na
Operações Múltiplas9LDELOL]DDH[HFXomRP~OWLSODV Barra de Fórmulas. Outra dica da referência de endereço
QDiUHDVHOHFLRQDGD$FDL[DGHGLiORJRDVVRFLDGDSHUPLWHHVFR é que a letra da coluna e número da linha, onde a célula
OKHUIyUPXODVHVHOHFLRQDUOLQKDVHFROXQDV ativa está, ficam na cor azul destacado das demais linhas e
Texto Para Colunas ,PDJLQH TXH YRFr WHQKD QXPD colunas que permanecem em cinza (cor padrão).
FpOXOD$RVQ~PHURV9RFrSRGHFRORFiORVHPFDGD
FpOXOD3DUDID]HULVVRVHOHFLRQHHVVHDFpOXOD$HFOLTXHHP
'DGRV!!7H[WRSDUDFROXQDV«GHSRLVFOLTXHHP9tUJXODH
SUHVVLRQH2.&RPRSRGHREVHUYDUFDGDQ~PHURRXOHWUD¿FD
HPFpOXODVVHSDUDGDV
Consolidar (VWH FRPDQGR WDPEpP H[HFXWD RSHUDo}HV
P~OWLSODV SRUpP SRGH FRPELQDU GDGRV GH GLYHUVDV iUHDV LQ
GHSHQGHQWHVLQFOXVLYHGHGLIHUHQWHVSODQLOKDV$SDUWLUGHVVHV
GDGRVVHUiFDOFXODGDXPDQRYDiUHD
Esquema9RFrSRGHFULDUXPDHVWUXWXUDGHWySLFRVSDUD
RVGDGRVHDJUXSDUOLQKDVHFROXQDVGHPRGRDSRGHUUHFROKHUH
H[SDQGLURVJUXSRVFRPXP~QLFRFOLTXHGRPRXVH
Tabela dinâmica $ WDEHOD GLQkPLFD DQWHULRUPHQWH Caixa de Nome é o indicativo da área selecionada na
FKDPDGDGH$VVLVWHQWHGHGDGRV SHUPLWHFRPELQDUFRPSDUDU planilha em uso. Quando uma única célula estiver sele-
HDQDOLVDUJUDQGHVYROXPHVGHGDGRV9RFrSRGHYHUGLIHUHQWHV cionada, a caixa de nome indicará o endereço da célula.
UHVXPRVGRVGDGRVGHRULJHPH[LELUGHWDOKHVGDViUHDVGHLQWH Se mais de uma célula estiver selecionada (um intervalo),
UHVVHHFULDUUHODWyULRV8PDWDEHODFULDGDFRPRWDEHODGLQkPLFD exibirá o endereço deste intervalo.
pXPDWDEHODLQWHUDWLYD2VGDGRVSRGHPVHUDUUXPDGRVUHDUUX Assistente de Funções (fx): Abre uma janela que possi-
PDGRVRXUHVXPLGRVGHDFRUGRFRPYiULRVSRQWRVGHYLVWD bilita a edição de fórmulas complexas.
Atualizar Intervalo $WXDOL]D XP LQWHUYDOR TXH KDYLD Soma (Ȉ): Clicando em Soma a célula ativa será pre-
VLGR LQVHULGR QD SODQLOKD SURYHQLHQWH GH XP EDQFR GH GDGRV enchida com o valor da soma dos conteúdos das células
H[WHUQR imediatamente acima ou à esquerda dela.
Função (=): Clicando este botão, inicialmente você
Menu janela colocará um sinal de igual na Linha de entrada da Barra
$OpPGRVUHFXUVRVGHDEULUHIHFKDUXPDMDQHODDTXLpSRVVt de Fórmulas e na célula ativa. Verifique que, na caixa de
YHOGLYLGLUDMDQHODHPTXDWURYLVXDOL]Do}HVHPRYLPHQWDODVGD nome, aparece a palavra “Soma”. Ao clicar o botão dessa
IRUPDTXHDFKDUQHFHVViULRHDLQGDFRQJHODURQGHDOLQKDDFLPD caixa, as seguintes opções de funções matemáticas são
HDFROXQDGDHVTXHUGDGDFpOXODDWLYD¿FDUmRFRQJHODGDVRQGH exibidas: Soma, Média, SE, Máximo e Mínimo surgem no
VHUmR VHPSUH H[LELGDV ¿FDQGR VRPHQWH R UHVWDQWH GD SODQLOKD menu de contexto deste comando. Selecionando-se uma
SDUDQDYHJDomRLVWRp~WLOTXDQGRWUDEDOKDPRVFRPSODQLOKDV dessas funções e seguindo a montagem da função con-
JUDQGHV H SUHFLVDPRV GD UHIHUrQFLD GD FROXQD SDUD VDEHUPRV forme sua necessidade, aparecerá o resultado da função
H[DWDPHQWHRTXHSUHHQFKHUHPXPDGHWHUPLQDGDFpOXOD na célula ativa. Note que, quando você no botão função
(=), os botões Soma (Ȉ) e Função (=) se transformam em
Como já falamos uma planilha é uma tabela e uma tabe- Cancelar (x) e Aceitar (¥).
la é formada por linhas e colunas. Pois bem, no Calc todas
as colunas são representadas por letras na parte superior e Linha de entrada: Esta é a área onde é exibido
que vão da primeira coluna representada pela letra “A” até a tudo que está dentro da célula. Podemos visualizar textos,
última representada pela combinação das letras “AMJ” que números, fórmulas, funções, etc.
somam 1.024 colunas. Esta contagem é feita desta forma Existem algumas formas para mover a célula ativa
quando uma coluna é representada pela letra “Z” a próxima pela planilha. Para pequenos deslocamentos basta utilizar
coluna recebe a representação com duas letras “AA, AB, ... ” as teclas setas ou apenas um clique do mouse sobre o
até chegar em “AZ” daí a próxima coluna é “BA, BB, BC, ...” endereço desejado e a célula clicada será a célula ativa.
até chegar “AMJ” somando as 1.024 colunas. É possível selecionar uma sequência de células chamadas
Já as linhas são representadas por números do lado de “Intervalo” quando as células são adjacentes (sequen-
esquerdo da janela e são representadas do número 1 até ciais), basta clicar sobre uma célula, manter o botão do
a última linha que é 1.048.576, isto mesmo, mais de um mouse pressionado e movimentar o mouse sobre a pla-
milhão de linhas, é uma planilha bem grande. nilha e todas as células por onde o mouse passar serão
selecionadas. É possível ainda selecionar células não-
34 = Noções de Informática A solução para seu concurso

-adjacentes, separadas, basta clicar sobre a primeira célula

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
que se deseja selecionar, manter a tecla CTRL (control)
pressionada enquanto clica sobre as demais células e todas
serão selecionadas. Não solte a tecla CTRL até que todas as
células desejadas estejam selecionadas.
A finalidade de um gerenciador de planilhas é fazer
cálculos. Para isto utilizamos duas formas de fazermos
estes cálculos utilizando fórmulas e funções. As fórmulas
são bem simples de montar e são utilizadas para realizar-
mos cálculos mais simples como somar dois números por
exemplo. Já as funções podem ser simples ou bem comple-
xas capacitando ao usuário utilizar vários conhecimentos
físicos e matemáticos para resolver problemas complexos
com cálculos bem complexos.
Mas vamos nos atentar ao concurso, os cálculos exigi-
dos são mais simples e requerem um raciocínio lógico com
bastante atenção e cuidado. As questões de Calc são sem-
pre bem elaboradas e requerem uma análise cuidadosa,
por isso, realizar a prova com calma e fazer os exercícios
desta apostila e procurar outros na Internet irão preparar
você para se classificar bem em qualquer concurso.
Preste bastante atenção nos detalhes que iremos ver
agora, eles possivelmente irão desclassificar os outros
candidatos que não prestarão atenção neles.
Primeiro detalhe que você não pode esquecer, qualquer
cálculo simples ou complexo, fórmula ou função, sempre
começará com um sinal de igual “=”. Este símbolo dirá
ao Calc que tudo o que será digitado naquela célula é um
cálculo e não um texto. Então se você digitar “3+5” em
Baseando-se na tabela acima fica fácil montar qual-
uma célula o Calc entenderá que se trata de um texto e
quer cálculo simples com as fórmulas. Basta iniciar
não realizará nenhuma conta. Já se você digitar “=3+5” com sinal de igual, e colocar o endereço da célula e o
o programa entenderá que você quer realizar uma soma operador matemático até que todas as condições tenham
entre os números 3 e 5, quando você pressionar a tecla sido atingidas. Por exemplo “=B1+C5”; “=d5+c8+f7”;
“Enter” o RESULTADO deste cálculo será exibido na célula “=j33+k88-v45+s90” não é necessário utilizar letras
onde você digitou o cálculo, desta forma o valor “8” apa- maiúsculas. Em cálculos simples os endereços podem
recerá exatamente onde você digitou “=3+5”. É possível estar entre parênteses ou não: “=b5+d5” é igual a
iniciar um cálculo inserindo também o sinal de soma “+” “=(b5+d5)”. Porém se utilizar parênteses eles devem
ou subtração “-”, isto dará um valor positivo ou negativo abrir e fechar, em uma fórmula ou função o parêntese
ao número que será inserido na sequência. Neste caso não pode ficar “aberto”. Cuidado porém com a seguinte
não é necessário digitar o sinal de igual “=” basta digitar situação: vamos supor que o cálculo seja a média de 4 nú-
mero que estão nas células A1 até A4. A média aritmética
“+A1+B1” ou “-a1+c2”.
é obtida pela soma dos valores e divide-se o resultado da
Segundo detalhe importante, não utilizamos os valo- soma pela quantidade de números que foram somados.
res numéricos para digitarmos uma fórmula ou função, No nosso exemplo a média de quatro números é obtida
sempre utilizamos os endereços da célula onde estão os com a soma dos quatro números e dividido por quatro.
valores que queremos somar. Por exemplo, temos o valor A média de oito números é obtida somando-se os oito
“2” no endereço A1 e o valor “3” no endereço B1 para co- números e dividindo-se o resultado da soma por oito.
Para que o Calc realize o cálculo da média vamos digitar
locar o resultado da soma dos dois números na célula C1
a fórmula “=a1+a2+a3+a4/4”. O resultado estaria
temos que fazer o seguinte: digitar o cálculo no endereço correto se não fosse uma regra matemática onde existe
onde queremos que apareça o resultado, então posicione a uma hierarquia de sinais que precisa ser respeitada pelo
célula ativa em C1 e vamos digitar “=A1+B1”. programa. Neste caso o Calc dividiria o valor da célula a4
O sinal de “=” indica ao Calc que tudo nesta célula é por 4 e depois faria a soma das células de a1 até a3. Para
um cálculo; resolver este problema vamos obrigar o Calc a realizar
primeiramente a soma e após isso dividir o resultado
A1 é onde está o primeiro número; desta soma para obtermos corretamente a média dos
+ é o operador matemático; quatro números. A fórmula deverá ser escrita desta for-
ma: “=(a1+a2+a3+a4)/4”. Desta forma utilizamos de
B1 é onde está o segundo número. um outro recurso da matemática onde o parêntese indica
Terceiro detalhe é que na informática alguns operado- a parte que tem precedência em cálculos com mais de um
res matemáticos são representados com símbolos diferen- operador matemático. Para usar bem o Calc é necessário
tes da matemática convencional. Veja a tabela abaixo: conhecer algumas regras matemáticas, já que o programa
é especialista em fazer cálculos.
A solução para seu concurso N oções de I nformática = 35
Vamos verificar algumas regras de comportamento do LQFUHPHQWRRXVHMDDGLFLRQDXPDXQLGDGHDRQ~PHURTXHHVWi

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
LibreOffice Calc quando a largura da coluna não é sufi- QDFpOXOD1DFpOXOD$HVWiGLJLWDGR³FDVD´VHYRFrSRVLFLR
ciente para exibir seu conteúdo: QDURPRXVHQDDOoDGHSUHHQFKLPHQWRHDUUDVWDUSDUDDGLUHLWD
Quando se preenche uma célula com Texto: Se a próxi- RXSDUDEDL[RRSURJUDPDFRPSOHWDUiDVFpOXODVVHJXLQWHVFRP
ma célula à direita estiver vazia, o texto ocupará quantas ³FDVD´³FDVD´HDVVLPSRUGLDQWH6HDUUDVWDUDDOoDSDUD
células forem necessárias para exibir o conteúdo. Se houver FLPDRXSDUDDHVTXHUGDRSURJUDPDFRPSOHWDUiFRP³FDVD´
conteúdo nessa(s) célula(s), o texto será escondido dentro ³FDVD ´ H VHJXLUi SDUD R QHJDWLYR ³FDVD ´ ³FDVD ´ DWp
da célula onde foi digitado e uma pequena seta vermelha TXHYRFrGHFLGDVROWDURPRXVH,672&$,%$67$17((0
dentro da célula indicará que o referido texto não pode ser 3529$(678'(
exibido por inteiro. &RP '$7$ H +25$ 4XDQGR VH HVFUHYH  2 &DOF
Números: Três símbolos (###) aparecerão na célula DSHQDVUHSHWLUiR HOHHQWHQGHRYDORUFRPRVHQGRXPYD
em substituição ao número, data ou hora. ORUGHKRUDPDVQmRRLQFUHPHQWDDSHQDVRUHSHWH 4XDQGRVH
HVFUHYHXPDGDWDGRWLSR-DQ2&DOFSRUVXDYH]QHPFKHJD
Para ajustar o tamanho de uma coluna para correta DHQWHQGHUHVVHYDORUFRPRXPDGDWDPDVDSHQDVFRPRXPWH[
exibição do conteúdo é simples, basta posicionar o mouse WR VHJXLGRGHXPQ~PHUR HFRPRIRLYLVWRRFRPSRUWDPHQWR
entre as letras que representam as colunas e o mesmo se GHOH SDUD FRP HVVH WLSR GH GDGR p LQFUHPHQWDU R Q~PHUR RX
tornará uma dupla seta preta “”, clicando com o botão di- VHMDHOHYLUDULD-DQ-DQ-DQHDVVLPYDL
reito do mouse a coluna da esquerda será redimensionada
conforme movimentar o mouse aumentando ou diminuin-
do a largura da coluna. De forma mais prática quando o
mouse se tornar a dupla seta preta basta clicar duas vezes
com o botão esquerdo do mouse e o programa fará o
chamado Best Fit, “melhor ajuste”, e automaticamente o
programa se encarregará de deixar a largura correta para $OJXQVSUHHQFKLPHQWRVMiHVWmRHVWDEHOHFLGRVSHORSURJUD
que todo o conteúdo de todas as células daquela PDVmRRVPHVHVGRDQRHRVGLDVGDVHPDQD6HSUHHQFKHUXPD
coluna seja exibido. FpOXOD FRP ³DEULO´ DR DUUDVWDU D DOoD GH FySLD SDUD EDL[R RX
GLUHLWDRSURJUDPDSUHHQFKHUiDVSUy[LPDVFpOXODVFRP³PDLR´
³MXQKR´HVyLUiSDUDTXDQGRYRFrVROWDURGHGRGRPRXVH6H
DUUDVWDURPRXVHSDUDFLPDRXSDUDDHVTXHUGDYRFrMiVDEHR
/LEUH2I¿FH&DOFSUHHQFKHUiRFRQWH~GRGDVFpOXODVFRP³PDU
oR´³IHYHUHLUR´HWF/HPEUHVHVHPSUHTXHHVWDUHJUDYDOHSDUD
WRGRV RV SUHHQFKLPHQWRV DUUDVWDQGR R PRXVH SDUD EDL[R RX
GLUHLWDRSUHHQFKLPHQWRVHUiIHLWRGHIRUPD&5(6&(17(6HD
DOoDIRUDUUDVWDGDSDUDFLPDRXSDUDDHVTXHUGDRSUHHQFKLPHQWR
VHUi'(&5(6&(17(1DSURYDYRFrSUHFLVDUiVHOHPEUDUGHV
WHFRQFHLWR&XLGDGRFRPR³]HUR´RSUHHQFKLPHQWR'(&5(6
&(17(VHPSUHSDVVDUiSHOR=(52DQWHVGHLUSDUDRQHJDWLYR
TXDQGRHVWLYHUWUDEDOKDQGRFRPQ~PHUR6HYRFrGHVORFDUXPD
FpOXODFRQWHQGRRQ~PHURSDUDFLPDRXHVTXHUGDRSURJUDPD
FRPSOHWDUiFRPDWpTXHYRFrVROWHRPRXVH

Funções
)XQo}HV VmR IyUPXODV SUHGH¿QLGDV TXH HIHWXDP FiOFXORV
$OoD GH FySLD RX DOoD GH SUHHQFKLPHQWR p XP ³TXDGUD XVDQGRYDORUHVHVSHFt¿FRVGHQRPLQDGRVDUJXPHQWRVHPXPD
GLQKR´TXH¿FDQDSDUWHLQIHULRUGLUHLWDGHWRGDFpOXODDWLYD GHWHUPLQDGDHVWUXWXUD$VIXQo}HVSRGHPVHUXVDGDVSDUDH[H
4XDQGR Ki YiULDV FpOXODV VHOHFLRQDGDV IRUPDQGR XP LQWHU FXWDUFiOFXORVVLPSOHVRXFRPSOH[RV$VVLPFRPRDVIyUPXODV
YDORHVWHLQWHUYDORWDPEpPH[LELUiHVWDDOoD(ODVHUYHSDUD DVIXQo}HVWDPEpPSRVVXHPXPDHVWUXWXUDFRQIRUPHLOXVWUDGR
SUHHQFKHU DV FpOXODV VHTXHQFLDLV OHYDQGR HP FRQWD DOJXPDV DEDL[R LQLFLDPFRPXPVLQDOGHLJXDO $VIXQo}HVDVVLP
UHJUDVGRSURJUDPD FRPRDVIyUPXODVSRGHPVHULQLFLDGDVFRPRVLQDOGH SRVL
WLYR RX± QHJDWLYR 
&RPQ~PHURVTXDQGRXPDFpOXODpSUHHQFKLGDFRPXPQ~
PHURHVHSRVLFLRQDUPRVRPRXVHVREUHDDOoDGHSUHHQFKLPHQWR 8PDIXQomRWHPDVHJXLQWHHVWUXWXUDRXVLQWD[HVLQDOGHLJXDO
R PRXVH PXGD GH OD\RXW SDVVD D VHU XPD FUX] ¿QD H EUDQFD VHJXLGRGRQRPHGDIXQomR620$08/70$,256(
SDGUmR FOLFDQGRDDUUDVWDQGRRPRXVHSDUDDVFpOXODVDEDL[R RQRPHGDIXQomRpH[DWDPHQWHRFiOFXORTXHHODID]VHJXLGR
RX SDUD D GLUHLWD R /LEUH2I¿FH &DOF SUHHQFKHUi DV SUy[LPDV GRVSDUkPHWURVSDUDH[HFXWDUDIXQomRVHPSUHHQWUHSDUrQWHVHV
FpOXODV FRP D VHTXrQFLD FUHVFHQWH GR Q~PHUR GLJLWDGR &DVR DD (VWHVSDUkPHWURVHVVHQFLDOPHQWHWUD]HPHQGHUHoRVGDV
DUUDVWHRPRXVHSDUDDVFpOXODVDFLPDRXjHVTXHUGDGDFpOXOD FpOXODVTXHSRVVXHPRVYDORUHVTXHYRFrTXHULQFOXLUQRFiOFXORH
DWLYDR/LEUH2I¿FH&DOFSUHHQFKHUiDVFpOXODVFRPDVHTXrQFLD SRGHPYLPHQWUHGRLVSRQWRV $$ TXHLQGLFDXPLQWHUYDOR
GHFUHVFHQWHGRQ~PHURH[LVWHQWHQDFpOXOD RXVHMDWRGDVDVFpOXODVHQWUHDHDHVWmRHQYROYLGDVQRFiO
FXOR DDDDD 4XDQGRRHQGHUHoRHVWLYHUVHSDUDGR
&RP WH[WR TXDQGR XPD FpOXOD HVWi SUHHQFKLGD FRP WH[WR SRU SRQWR H YtUJXOD   DD  VRPHQWH DV FpOXODV D H D
RFRQWH~GRVHUiDSHQDVFRSLDGRSDUDDVSUy[LPDVFpOXODVFDVR &8,'$'2 &20 (67( '(7$/+( 1$ 3529$ ,672 )$=
YRFrXVHDDOoDGHSUHHQFKLPHQWR 72'$$',)(5(1d$126&È/&8/26
&RP WH[WR H Q~PHUR TXDQGR XPD FpOXOD FRQWpP WH[WR H 9DPRV FRQKHFHU DOJXPDV IXQo}HV PDLV FREUDGDV HP FRQ
Q~PHUR SRU H[HPSOR  FDVD FDVD  HWF R SURJUDPD IDUi R FXUVRS~EOLFR
36 = Noções de Informática A solução para seu concurso

SOMA (=SOMA(A1:A5)) AGORA =AGORA()

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
([HFXWDDVRPDGRVYDORUHVQXPpULFRVH[LVWHQWHVQDFpOXODV (VWD IXQomR H[LEH D GDWD H KRUD GR VLVWHPD DTXHOD GR
TXH HVWmR QRV HQGHUHoRV GHVFULWRV HQWUH SDUrQWHVHV $$  UHORJLQKRGRFRPSXWDGRU7RGDYH]TXHDSODQLOKDIRUDEHUWD
'LJLWDQGRHVWDIXQomRGHQWURGHTXDOTXHUFpOXODHSUHVVLRQDQGR HVWDLQIRUPDomRVHUiDWXDOL]DGDDXWRPDWLFDPHQWH(VWDIXQ
Rµ(17(5¶VHUiH[LELGRRYDORUGDVRPDWyULDVROLFLWDGD omRQmRSRVVXLSDUkPHWURRVSDUrQWHVHVHVWDUmRVHPSUHVHP
CUIDADO DWUDYpV GHVWD IXQomR 620$ p SRVVtYHO QDGDGHQWUR
H[HFXWDU TXDOTXHU RXWUD RSHUDomR PDWHPiWLFD VLPSOHV VRPD
VXEWUDomR PXOWLSOLFDomR H GLYLVmR 3DUD LVWR EDVWD FRORFDU HOJE =HOJE()
R VLQDO GR RSHUDGRU DULWPpWLFR HQWUH RV HQGHUHoRV GH FpOXOD (VWDIXQomRH[LEHDKRUDGRVLVWHPD7RGDYH]TXHDSODQLOKD
SRU H[HPSOR SDUD ID]HU XPD PXOWLSOLFDomR GLJLWH R VHJXLQWH IRU DEHUWD HVWD LQIRUPDomR VHUi DWXDOL]DGD DXWRPDWLFDPHQWH
620$ $ $ HR/LEUH2I¿FH&DOFIDUiDPXOWLSOLFDomRGRV (VWDIXQomRQmRSRVVXLSDUkPHWURRVSDUrQWHVHVHVWDUmRVHPSUH
YDORUHVTXHHVWLYHUHPHP$H$SUHYDOHFHRVLQDOGHQWURGR VHPQDGDGHQWUR
SDUrQWHVHVPHVPRTXHRQRPHGDIXQomRVHMD620$08,72
&8,'$'21$3529$ CONCATENAR =CONCATENAR(A1;A2;A3)
$JUXSDRVFRQWH~GRVGDVFpOXODVLQGLFDGDV3RGHPVHUWH[WR
MÉDIA =MÉDIA(A1:D1 RXQ~PHURVRSURJUDPDMXQWDUiWXGRODGRDODGR1HVWDIXQomR
([HFXWDDPpGLDDULWPpWLFDGRVYDORUHVTXHHVWLYHUHPGHQWUR QmR p SRVVtYHO XWLOL]DU    VRPHQWH    3RGHVH XVDU R FD
GDVFpOXODVLQGLFDGDVHQWUHSDUrQWHVHV UDFWHUH SDUDVXEVWLWXLUHVWDIXQomR([HPSOR $ $SDUD
LQVHULUXPHVSDoRHPEUDQFRHQWUHDVSDODYUDVRXQ~PHURLQVLUD
MÁXIMO =MÁXIMO(A1:A6) DVSDVFRPXPHVSDoRHPEUDQFRMXQWRFRPIyUPXOD([HPSOR
$ ´³ $
,QGLFDTXDOpRPDLRUYDORUH[LVWHQWHQRLQWHUYDORLQGLFDGR
HQWUHSDUrQWHVHV SE =SE (teste lógico; se teste lógico
verdadeiro; se teste lógico falso)
MÍNIMO =MÍNIMO(A1:A6)
(VWD IXQomR YHUL¿FD VH D FRQGLomR GR WHVWH OyJLFR p YHU
,QGLFDTXDOpRPHQRUYDORUH[LVWHQWHQRLQWHUYDORLQGLFDGR GDGHLUD RX IDOVD 3RU H[HPSOR VH HP ) HVWLYHU R D PpGLD
HQWUHSDUrQWHVHV ¿QDO GRV TXDWUR ELPHVWUHV GH XP DOXQR R WHVWH OyJLFR VHUi
HVFULWRGHWDOIRUPDTXHQmRSRVVDKDYHURXWUDUHVSRVWDDOpP
MAIOR =MAIOR(A1:A6;2) GRYHUGDGHLURIDOVRHVHRWHVWHOyJLFRGHUYHUGDGHLURDIXQomR
2 Q~PHUR ³´ FRORFDGR DSyV R HQGHUHoR GR LQWHUYDOR GHYHUi FRORFDU QD FpOXOD D SDODYUD ³$SURYDGR´ FDVR R WHVWH
H VHSDUD SRU ³´ LQGLFD TXH YRFr TXHU R ž PDLRU Q~PHUR OyJLFR GHU IDOVR D IXQomR GHYHUi SUHHQFKHU D FpOXOD FRP D
GDTXHOH LQWHUYDOR 6H YRFr TXHU R ž Q~PHUR EDVWD FRORFDU SDODYUD ³5HSURYDGR´ HQWmR D IXQomR ¿FD GHVWD IRUPD 6(
³´DSyVRHQGHUHoRGRLQWHUYDOR&8,'$'2261Ò0( )! ´$SURYDGR´´5HSURYDGR´  2 WHVWH OyJLFR GL] TXH VH
5266(5(3(7(048$1'286$026(67$)81d­2 ³) IRU PDLRU RX LJXDO D ´ HQWmR TXDQGR D QRWD GR DOXQR
&$62801Ò0(526(-$5(3(7,'2'(1752'2,1 HP)IRULJXDODRXPDLRUTXHDIXQomR6(SUHHQFKHUi
7(59$/2(/(&217$5È&20248$/48(528752 FRP³$SURYDGR´SRLVRWHVWHOyJLFRGHXYHUGDGHLUR$JRUDVH
6( 12 ,17(59$/2 7,9(5 26 1Ò0(526  2 RYDORUHQFRQWUDGRHP)IRUPHQRUTXHHQWmRDIXQomR6(
0$,251Ò0(526(5È26(*81'20$,256(5È SUHHQFKHUi FRP ³5HSURYDGR´ SRLV R WHVWH OyJLFR GHX IDOVR
2  2 7(5&(,52 0$,25 6(5È 2  129$0(17( ,672e%$67$17(&2%5$'2(03529$
&8,'$'2
Referências Relativas e Absolutas
MENOR =MENOR(A1:A6;3)
3RGHPRV³PRQWDU´XPDSODQLOKDFRPYiULRVFiOFXORVXWLOL
6HPHOKDQWHDRLWHPDQWHULRULQGLFDRPHQRUQ~PHUREDVHD ]DQGRWXGRTXHMiYLPRVDWpDJRUD&RPRMiYLPRVpSRVVtYHO
GRQRLQGLFDGRUTXHYLUiDSyVRLQWHUYDOR HIHWXDUXPFiOFXORFRPRUHVXOWDGRGHRXWURFiOFXORPRQWDUPRV
XPDIXQomRHQYROYHQGRFpOXODVTXHFRQWHQKDPRXWUDVIXQo}HV
SOMASE =SOMASE(A1:A10;”>=5”) RX DLQGD GHULYDQGR XPD IXQomR GH RXWUD DWUDYpV GD DOoD GH
6RPDUiRVYDORUHVGDVFpOXODVTXHDWHQGHUHPDRSDUkPHWUR SUHHQFKLPHQWR
HVWDEHOHFLGR³! ´ 5HIHUrQFLD DEVROXWD p TXDQGR XPD IXQomR p PRQWDGD GH
IRUPDTXHRVYDORUHVVHUmRVHPSUHRVPHVPRVLQGHSHQGHQWH
CONT.SE =CONT.SE(A1:A10;”>5”) PHQWH GH FRSLDUPRV HVWD IXQomR SDUD RXWUR ORFDO GD SODQLOKD
&RQWDUiTXDQWDVFpOXODVDWHQGHPDRSDUkPHWURHVWDEHOHFLGR RXXWLOL]DUPRVDDOoDGHSUHHQFKLPHQWRLVWRpSRVVtYHOVHWUD
³!´2UHVXOWDGRGHVWDIXQomRpDFRQWDJHPGDVFpOXODVHQmRR YDUPRVRVHQGHUHoRVFRPRFDUDFWHUH  DQWHVGRVHQGHUHoRV
UHVXOWDGRGHTXDOTXHUFiOFXOR DVVLPHOHVQmRVHUmRDOWHUDGRVTXDQGRSURSDJDGRVFRPDDOoD
GHSUHHQFKLPHQWR
CONT.NUM =CONT.NUM(A1:A10) ([HPSOR 620$ $$
&RQWDUiTXDQWDVFpOXODVSRVVXHPQ~PHUR1mRIDUiFiOFXORV 5HIHUrQFLD 5HODWLYD p TXDQGR GLJLWDPRV XPD IXQomR H
DSHQDVH[LEHDFRQWDJHPGDVFpOXODV GHSRLVXWLOL]DPRVDDOoDGHSUHHQFKLPHQWRSDUDSURSDJDUDPHV
PD IXQomR LQFUHPHQWDQGR R LQWHUYDOR FULDQGR DVVLP IXQo}HV
CONT.VALORES =CONT.VALORES(A10:A30) UHODWLYDVjSULPHLUD
(VWDIXQomRUHWRUQDTXDQWDVFpOXODVHPXPLQWHUYDORQmR 5HIHUrQFLD0LVWDTXDQGRHPXPDIXQomRH[LVWHPUHIHUrQ
HVWmRYD]LDV FLDV ³WUDYDGDV´ DEVROXWDV  H UHIHUrQFLDV UHODWLYDV LUmR LQFUH
PHQWDUGHRXWUDV ([HPSOR $%
A solução para seu concurso N oções de I nformática = 37

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
LIBREOFFICE - IMPRESS
(VWHDSOLFDWLYRGDVXtWH/LEUH2I¿FHpVLPLODUDR3RZHU3RLQWGD0LFURVRIWHVXDIXQomRpFULDUDSUHVHQWDo}HVFRP6OLGHVGDQGR
DFDEDPHQWR SUR¿VVLRQDO LQFOXLQGR VRQV ¿JXUDV ¿[DV H DQLPDGDV H DSOLFDomR GH HIHLWRV TXH WRUQDUmR VXDV DSUHVHQWDo}HV PXLWR
DWUDHQWHeXPSURJUDPDTXHWHPSHJRPXLWRFDQGLGDWRGHVXUSUHVDHPFRQFXUVRVSRLVQmRHUDPXLWRUHTXLVLWDGRDSHVDUGHHVWDU
FRQWLGRQRFRQWH~GRSURJUDPiWLFRHWLQKDVHPSUHDPHVPDTXHVWmRTXHYLQKDHPWRGRVRVFRQFXUVRV,VWRIH]FRPTXHRSURJUDPD
¿FDVVHXPSRXFRGHVDFUHGLWDGR+RMHHVWHFHQiULRPXGRX$VTXHVW}HVHVWmREHPHODERUDGDVPDVQmRVmRGLItFHLVWHQGRHPYLVWD
TXHRSURJUDPDpEHPIiFLOHLQWXLWLYRSDUDPRQWDUVXDDSUHVHQWDomR
$H[WHQVmRGRDSOLFDWLYR/LEUH2I¿FH,PSUHVVpR2'3OHPEUDQGRTXHDVXtWH/LEUH2I¿FHSRVVXLXPDH[WHQVmRSDGUmRTXHpR
2') Open Document Format LVWRJDUDQWHDLQWHJUDomRHQWUHWRGRVRVDSOLFDWLYRVGDVXtWH/LEUH2I¿FH
2/LEUH2I¿FH,PSUHVVSRGHJHUHQFLDURXVHMDDEULUHGLWDUHH[HFXWDUDUTXLYRVIHLWRVHPTXDOTXHUYHUVmRGR063RZHU3RLQW
8PD DSUHVHQWDomR p XPD VHTXrQFLD GH SDLQpLV 6OLGHV FRQWHQGR REMHWRV ¿JXUDV WH[WR JUi¿FRV HWF  9RFr PRQWD R SDLQHO
FRQIRUPHVXDQHFHVVLGDGHHFULDWLYLGDGH1mRH[LVWHXPDUHJUDSDUDVHTXHQFLDUXPDDSUHVHQWDomRDSHQDVR6OLGHGHDEHUWXUDp
SDGUmRSRUpPQmRXPDUHJUD'HQWURGRV6OLGHVRVFRQWH~GRVVHJXLUmRXPDOyJLFDVREUHRDVVXQWRHPSDXWD&DGDDSUHVHQWDomR
GHYHWUDWDUDSHQDVGHXPDVVXQWR'HSRLVTXHPRQWRXWRGRVRV6OLGHVHVFROKDR0RGHORGH6OLGHSDUDWRUQDORFRORULGRHDWUDHQWH
H[LVWHYiULRVPRGHORVHRXWURVTXHSRGHPVHULQVHULGRV'HSRLVFXLGHGDDQLPDomRGRVREMHWRVGHQWURGHWRGRVRV6OLGHV&RORTXH
VRPVHSUHIHULUHFRPRRVREMHWRVVHUmRH[HFXWDGRVHVHLQLFLDUmRFRPRFOLTXHGRPRXVHRXDSyVRWpUPLQRGDH[HFXomRGRLWHP
DQWHULRUHTXDQWRWHPSRGHUHWDUGR'HSRLVFXLGHGDWUDQVLomRTXHDWURFDGRV6OLGHVHVFROKDXPHIHLWRHVRPVHGHVHMDU

Slide
6mRRVSDLQpLVTXHVHUmRH[LELGRVVHTXHQFLDOPHQWHGXUDQWHDDSUHVHQWDomR(pQHOHVTXHLQVHULPRVRVWH[WRV¿JXUDVJUi¿FRV
HP~VLFDV

Modelos de Slides
6mRPRGHORVFRPFRUHVPROGXUDVHHIHLWRVYLVXDLVFRPDFDEDPHQWRVEHPDWUDHQWHHSUR¿VVLRQDO

Animação
6mR(IHLWRVYLVXDLVDQLPDGRVTXHSRGHPVHUSHUVRQDOL]DGRVQDHQWUDGDGXUDQWHHQD¿QDOL]DomRGRVREMHWRVGHXP6OLGH

Transição
6mRHIHLWRVQDVDtGDGHXP6OLGHHDHQWUDGDGRSUy[LPR6OLGH WURFDGH6OLGHV 
6HPHOKDQWHDRVGRLVDSOLFDWLYRVTXHYLPRVDQWHULRUPHQWH/LEUH2I¿FH:ULWHUH/LEUH2I¿FH&DOFR/LEUH2I¿FH,PSUHVVSRVVXL
%DUUDGH7tWXOR%DUUDGH0HQX%DUUDGH)HUUDPHQWDV3DGUmR%DUUDGH)HUUDPHQWDV)RUPDWDomRHXPDEDUUDH[FOXVLYDGR,PSUHVV
TXHpD%DUUDGH)HUUDPHQWDV$SUHVHQWDomR
38 = Noções de Informática A solução para seu concurso

Como podemos observar na figura acima, a janela Em um Slide é possível inserir sons MP3, wma, etc.,

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
principal do LibreOffice Impress é dividido em três partes: imagens, narrações e vídeos.
Painel de Slides, Área de Trabalho e Painel de Tarefas. O Conjunto de Slides chama-se Apresentação e pode
O Painel de Slides e o de Tarefas podem ser ocultados conter quantos Slides forem necessários.
clicando no “X” dentro destes painéis, ou simplesmente,
utilizando o menu Exibir onde estas opções estão disponí- Cada uma das exibições da área de trabalho é projetada
veis para você desabilita-los. para facilitar a realização de determinadas tarefas; por-
tanto, e útil se familiarizar com elas, a fim de se realizar
O Painel de Slides exibe todos os Slides na sequência rapidamente estas tarefas.
como eles serão apresentados. Para alterar sua ordem bas-
ta clicar e arrastar o Slide para a posição correta, é possível A exibição Normal é a principal exibição para tra-
utilizar o Cortar e Colar para organiza-los. Com o botão balharmos com slides individuais. Use esta exibição para
direito do mouse é possível é possível criar novo Slide, projetar e formatar e adicionar texto, gráficos, e efeitos de
Excluir o Slide, Renomear, Modelos de Slides (substituir), animação.
Layout do Slide (substituir), Transição de Slides (persona- Para colocar um slide na área de trabalho (Exibição
lizar), Ocultar Slide (não será exibido na apresentação), normal), clique na miniatura do slide no Painel de slides
Cortar e Copiar. ou clique duas vezes no Navegador.
O Painel de Tarefas possibilita um gerenciamento com- Exibição estrutura de tópicos: esta visualização
pleto de toda a apresentação. Dentro do Painel temos várias contém todos os slides da apresentação em sua sequência
áreas de formatação como Páginas Mestre (Modelos de numerada. Mostra tópico dos títulos, lista de marcadores e
Slide padrão) no LibreOffice Impress os modelos são cha- lista de numeração para cada slide no formato estrutura de
mados de “Mestre”, Layouts (tipos de Slides – há Slides para tópicos. Apenas o texto contido na caixa de texto padrão
foto, texto, gráfico, etc.), Modelos de Tabela, Animação Per- em cada slide é mostrado, portanto se o seu slide inclui
sonalizada (Aqui colocamos efeito nos objetos dentro dos outras caixas de texto ou objetos de desenho, o texto
Slides) e por último a Transição de Slides (como acontecerá nesses objetos não é exibido. Nome de slides também não
a troca entre todos os Slides da apresentação – pode ser são incluídos.
personalizado um-a-um ou todos com o mesmo efeito).
Exibição Notas: Use as Notas para adicionar comen-
tários sobre o conteúdo do slide.
Páginas mestre
Exibição Folheto: este modo de exibição é para
Aqui é definido o estilo de página para sua apresenta- configurar o layout de seu slide para uma impressão em
ção. O Impress contém Páginas Mestre pré-preparadas (sli- folheto. Clique na guia Folheto e escolha Layouts no painel
des mestres). Um deles, o padrão, é branco, e os restantes
de Tarefas. Pode-se então optar por imprimir 1,2,3,4,6 ou
possuem um plano de fundo.
9 slides por página, ou ainda Exportar como PDF nesta
mesma configuração.
Layout Exibição classificador de slides: A exibição Clas-
Os layouts pré-preparados são mostrados aqui. Você sificador de slides contém todas as miniaturas dos slides.
pode escolher aquele que se deseja, usá-lo como está ou Use esta exibição para trabalhar com um grupo de slides
modificá-lo conforme suas próprias necessidades. ou com apenas um slide. Neste módulo fica muito mais
fácil visualizar toda sua apresentação e fazer alterações
Modelos de tabela quanto a movimentação e sequência dos Slides.
Os estilos de tabela padrão são fornecidos neste painel.
Pode-se ainda modificar a aparência de uma tabela com as Renomeando slides
seleções para mostrar ou ocultar linhas e colunas específi- Clique com o botão direito do mouse em uma miniatura
cas, ou aplicar uma aparência única às linhas ou colunas. no Painel de slides ou o Classificador de slides e escolha Re-
nomear slide no menu suspenso. No campo Nome, apague
Animação personalizada o nome antigo do slide e digite o novo nome. Clique OK.
Uma variedade de animações/efeitos para elementos
selecionados de um slide são listadas. A animação pode Navegador
ser adicionada a um slide, e também pode ser alterada ou O Navegador exibe todos os objetos contidos em um
removida posteriormente. documento. Semelhante ao que acontece nos aplicativos
vistos anteriormente. Ele fornece outra forma conveniente
Transição de slide de se mover em um documento e encontrar itens neste.
Para exibir o Navegador, clique no ícone na barra de fer-
Muitas transições estão disponíveis, incluindo Sem
transição. Pode-se selecionar a velocidade de transição ramentas Padrão, ou escolha Exibir ĺ Navegador na barra
(lenta, média, rápida), escolher entre uma transição au- de menu, ou pressione Ctrl+Shift+F5.
tomática ou manual, e escolher por quanto tempo o slide O Navegador é mais útil se se der aos slides e objetos
selecionado será mostrado. (figuras, planilhas, e assim por diante) nomes signifi-
A Área de Trabalho é o Slide atual para você editar cativos, ao invés de deixá-los como o padrão “Slide 1”
como queira. Temos cinco opções de exibição da Área de e “Slide 2”, isto facilita no momento de localizar algum
Trabalho, Normal, Estrutura de Tópico, Notas, Folheto, Slide específico.
Classificação de Slides,
A solução para seu concurso N oções de I nformática = 39

Inserindo slides Colando texto

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
‡ Isto pode ser feito de várias maneiras: Pode-se inserir texto em uma caixa de texto copiando-o
de qualquer documento e colando-o no Impress. Caso o tex-
‡ Inserir ĺ Slide.
to não esteja com a formatação desejada basta formatá-lo.
‡ Botão direito do mouse no slide atual e selecione
Slide ĺ Novo slide no menu suspenso. Adicionando imagens
‡ Botão direito do mouse no Painel de Slides ĺ Novo Para adicionar uma imagem a uma caixa de conteúdo:
slide
‡ &OLTXHQRtFRQH,QVHULULPDJHP
‡ Clicando no ícone Slide na barra de ferramenta
Apresentação. ‡ 8VHRQDYHJDGRUGHDUTXLYRVSDUDVHOHFLRQDURDUTXLYR
GH LPDJHP TXH VH TXHU LQFOXLU 3DUD YHU XPD SUp
Selecionando um layout YLVXDOL]DomR GD LPDJHP VHOHFLRQH ³9LVXDOL]DU´ QD
No painel de Tarefas, selecione a aba Layouts para SDUWHLQIHULRUGDFDL[DGHGLiORJR,QVHULULPDJHP
exibir os layouts disponíveis. O Layout difere no número ‡ &OLTXH$EULU
de elementos que um slide irá conter, que vai desde o slide
$ LPDJHP VHUi UHGLPHQVLRQDGD SDUD SUHHQFKHU D iUHD GD
vazio (slide branco) ao slide com 6 caixas de conteúdo
FDL[DGHFRQWH~GR
e um título. Como já foi dito existe Slide para qualquer
objeto, gráfico, som, imagem, etc.
Adicionando tabelas
Ao alterar o layout do slide os objetos que nele já exis-
3DUD D H[LELomR GH WDEHODV SRGHVH LQVHULU WDEHODV EiVLFDV
tem são reposicionados de acordo com o novo layout. É
GLUHWDPHQWHQRVVOLGHVHVFROKHQGRRWLSRGHFRQWH~GRQD7DEHOD
recomendável executar a apresentação e observar todos os
7DPEpPpSRVVtYHODGLFLRQDUXPDWDEHODIRUDGDFDL[DGHFRQWH
slides quanto ao posicionamento dos objetos.
~GRGHXPDVpULHGHIRUPDV
Vários layouts contêm uma ou mais caixas de conte-
‡ Escolha Inserir ĺ Tabela na barra de menu.
údo. Cada uma dessas caixas pode ser configurada para
conter um dos seguintes elementos: Texto, Filme, Imagem, ‡ Com o botão Tabela na barra de ferramenta Prin-
Gráfico ou Tabela. Pode-se escolher o tipo de conteúdo cipal
clicando no ícone correspondente que é exibido no meio ‡ Com o botão Modelos de tabela na barra de ferra-
da caixa de conteúdo. Para texto, basta clicar no local menta tabela.
indicado na caixa.
‡ Selecione uma opção de estilo na seção Modelos de
Para selecionar ou alterar o layout, coloque o slide na
tabela do painel de Tarefas.
Área de trabalho e selecione o layout desejado no Painel
de tarefas. &DGDPpWRGRDEUHDFDL[DGHGLiORJR,QVHULUWDEHOD$OWHU
QDWLYDPHQWH FOLFDQGR QD VHWD SUHWD DR ODGR GR ERWmR 7DEHOD
Adicionando texto a um slide PRVWUDXPJUi¿FRTXHSRGHVHDUUDVWDUHVHOHFLRQDURQ~PHUR
GHOLQKDVHFROXQDVSDUDDWDEHOD
Se o slide contém caixas de texto, clique em “Clique aqui
para adicionar um texto” no quadro de texto e então digite o
$GLFLRQDQGRJUi¿FRV
texto desejado. É possível formatar o texto da mesma forma
como vimos no LibreOffice Writer e LibreOffice Calc, utilizan- 3DUD LQVHULU XP JUiILFR HP XP VOLGH SRGHVH XVDU R
do a barra de formatação ou Menu Formatar ĺ Caractere. UHFXUVR ,QVHULU JUiILFR RX VHOHFLRQDU JUiILFR FRPR WLSR GH
XPD FDL[D GH FRQWH~GR (P DPERV RV FDVRV R ,PSUHVV LUi
0RGL¿FDQGRDDSUHVHQWDomRGHVOLGHV LQVHULUXPJUiILFRSDGUmR
Por padrão a apresentação de slides irá mostrar todos
Adicionando clips de mídia
os slides na mesma ordem em que aparecem no Painel de
Slides, sem qualquer transição entre os slides, e precisa-se 3RGHVHLQVHULUYiULRVWLSRVGHP~VLFDVHFOLSVGH¿OPHHP
do teclado ou da interação com o mouse para mover de VHXVOLGHVHOHFLRQDQGRRERWmR,QVHULU¿OPHHPXPDFDL[DGH
um slide para o próximo. FRQWH~GRYD]LD8PUHSURGXWRUGHPtGLDVHUiDEHUWRQDSDUWH
LQIHULRUGDWHODR¿OPHVHUiDEHUWRQRIXQGRGDWHODHSRGHVH
Pode-se usar o menu apresentação de slides para
WHU XPD YLVXDOL]DomR GD PtGLD 1R FDVR GH XP DUTXLYR GH
alterar a ordem dos slides, escolher quais serão mostra-
iXGLRDFDL[DGHFRQWH~GRVHUiSUHHQFKLGDFRPXPDLPDJHP
dos, automaticamente mover de um slide para outro e
GHDOWRIDODQWH
outras configurações. Para alterar a transição, animação
de slides, adicionar uma trilha sonora na apresentação e
fazer outras melhorias, necessita-se o uso de funções do
Painel de tarefas.
40 = Noções de Informática A solução para seu concurso

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Foca na primeira entrada da Superbar.
WINDOWS 7 Tecla Windows + T Pressionando novamente, alterna
entre elas
Tecla Windows +
Mostra o desktop (Aero Peek)
O Windows 7 é o mais recente sistema operacional de- Barra de espaço
senvolvido pela Microsoft. Tecla Windows + G Traz os gadgets à frente, em ordem-z
Mostra opções de monitores/projetores
Tecla Windows + P
externos
Tecla Windows + X Central de mobilidade
Abre uma nova instância do programa
Tecla Windows + # correspondente ao número fixado na
(# = número, de 1 Superbar. Por exemplo: WinKey + 1
a 5) abre o primeiro programa; WinKey +
4, abre o quarto programa
Tecla Windows + +
Estas são as recomendações mínimas de hardware da (sinal de mais) / Tecla
Zoom
Microsoft para os sistemas que executarão o Windows 7: Windows + – (sinal
de menos)
(VSHFLÀFDo}HVPtQLPDV Aero Flip (alterna entre os programas
‡ Processador de 800 MHz (32-bit) Tecla Windows + Tab
abertos)
‡ Memória (RAM) de 512 MB
‡ Placa de Vídeo compatível com DirectX 9.0 e 32 MB Windows Explorer
de memória (sem Windows Aero)
‡ Espaço requerido de 16GB Mostra/oculta painel de
Alt + P
‡ DVD-ROM pré-visualização

‡ Saída de Áudio
(VSHFLÀFDo}HV5HFRPHQGDGDV 0RGLÀFDGRUHVGD6XSHUEDU
‡ Processador de 1 GHz (32 ou 64 bits) Shift + clique Abre nova instância
‡ Memória (RAM) de 1 GB Botão do meio do mouse Abre nova instância
‡ Espaço requerido de disco rígido: 16 GB Abre nova instância
‡ Placa de vídeo com suporte a elementos gráficos Ctrl + Shift + clique com privilégios
DirectX 9 com 128 MB de memória (para habilitar o administrativos
tema do Windows Aero) Abre menu da
‡ Unidade de DVD-R/W janela (maximizar,
Shift + clique (botão direito)
minimizar, mover,
‡ Conexão com a Internet (para obter atualizações) etc.)
Abre menu de janela
Shift + clique (botão direito) em grupo
Principais teclas de atalho do Windows 7 referente a todas as
de janelas
janelas do grupo
Como o nome já indica as teclas de atalho podem ser Circula através das
usados para facilitar ainda mais o uso do sistema operacio- Control + clique em grupo de janelas janelas (ou abas) do
nal Windows. Entre os principais atalhos estão: Restaurar grupo
janela, Maximizar janela, Zoom e entre outras.
Principais atalhos PRINCIPAIS RECURSOS:
Tecla Windows +
Maximiza janela 1. Aero Shake
Seta para cima
Tecla Windows + Precisa vasculhar uma área de trabalho bagunçada para
Restaura janela encontrar uma só janela? Basta clicar em um painel e sacudir o
Seta para baixo
Tecla Windows + mouse. Pronto! Todas as janelas abertas desaparecem, exceto a
Seta para esquerda
Arruma a janela à esquerda que você escolheu. Sacuda de novo – e todas as janelas voltam.
Tecla Windows + 2. Aero Peek
Arruma janela à direita
Seta para direita O Aero Peek permite que você enxergue através de outras
Tecla Windows +
Move janela para monitor da esquerda
janelas abertas no Windows 7. Basta apontar o mouse para a
Shift + Seta para borda direita da barra de tarefas – e veja as janelas abertas fica-
(se houver mais de um)
esquerda rem transparentes na hora, revelando todos os ícones e gadgets.
Tecla Windows + Para mostrar rapidamente uma janela escondida, aponte
Move janela para monitor da direita
Shift + Seta para para a sua miniatura na barra de tarefas. Agora, apenas essa
(se houver mais de um)
direita janela aparece na área de trabalho.
Tecla Windows + Minimiza / restaura todas as janelas, O Peek está incluído nas edições Home Premium, Pro-
Home exceto a que estiver em destaque fessional e Ultimate do Windows 7.
A solução para seu concurso N oções de I nformática = 41
3. Snap

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
O Snap é um novo e rápido (e divertido!) jeito de redi- Gerencie várias contas de email (como Hotmail)
mensionar as janelas abertas, simplesmente arrastando-as em um só lugar.
para as bordas da tela. Mail
Dependendo de onde você arrastar uma janela, será
possível expandi-la verticalmente, colocá-la na tela inteira Redija seu blog, adicione fotos e vídeos e
ou exibi-la lado a lado com outra janela. O Ajustar faz com poste-os na Web.
que ler, organizar e comparar janelas seja tão fácil quanto... Writer
bem, ajustá-las.
4. Grupo Doméstico Transforme fotos e vídeos em filmes e
O Grupo Doméstico elimina a dor de cabeça do com- apresentações de slides incríveis.
Movie
partilhamento de arquivos e impressoras em uma rede
Maker
doméstica. Conecte dois ou mais PCs com o Windows 7, e o
Grupo Doméstico permitirá iniciar fácil e automaticamente
o compartilhamento de músicas, fotos, vídeos e documentos
em bibliotecas com outros em sua casa. Gerencie e monitore atividades online, para a
Proteção segurança de seus filhos
Privacidade?. É por isso que o Grupo Doméstico é prote-
para a
gido por senha e permite que você tenha controle total. Você
Familia
decide o que é compartilhado – e o que permanece privado.
Também é possível tornar seus arquivos "somente leitura",
para que outras pessoas possam visualizar as suas coisas - 7RROEDU
mas não tocar nelas.
Pesquise instantaneamente em qualquer página da web
Você pode ingressar em um grupo doméstico usando
qualquer edição do Windows 7, mas só pode criar um nas
edições Home Premium, Professional ou Ultimate. 7. Windows Search
5. Listas de Atalhos No Windows 7, você pode encontrar mais coisas em mais
As Listas de Atalhos – novidade do Windows 7 – levam lugares – e com mais rapidez.
você diretamente aos documentos, fotos, músicas ou sites Comece a digitar na caixa de pesquisa do menu Iniciar – e
que você usa todos os dias. Para abrir uma Lista de Atalhos, você verá instantaneamente uma lista de documentos, fotos,
basta clicar com o botão direito do mouse em um ícone de músicas e emails relevantes no seu PC. Os resultados serão
programa na barra de tarefas do Windows 7. (Você também agrupados agora por categoria e conterão palavras realçadas
os encontrará no menu Iniciar.) e trechos de textos para facilitar sua verificação.
O que você vê em uma Lista de Atalhos depende total- Poucas pessoas armazenam todos os seus arquivos
mente do programa. A Lista de Atalhos do Internet Explo- em um lugar hoje em dia. Então, o Windows 7 também é
rer 8 mostra os sites visitados com frequência. Windows projetado para procurar em discos rígidos externos, PCs em
Media Player 12 lista músicas que você escuta mais. Sua rede e bibliotecas. Sobrecarregado com os resultados da sua
Lista de Atalhos está com um favorito faltando? Você pode pesquisa? Agora você pode filtrá-los instantaneamente por
"fixar" o arquivo que desejar nela. data, tipo de arquivo e outras categorias úteis.
As Listas de Atalhos não mostram apenas atalhos de
arquivos. Às vezes, elas também fornecem acesso rápido a
comandos para coisas como redigir novas mensagens de e- 8. Barra de Tarefas do Windows
-mail ou reproduzir músicas. A nova barra de tarefas do Windows 7 ainda é o mesmo
6. Windows Live Essentials local familiar para alternar entre janelas. Mas agora ela está
mais fácil de se visualizar
O que é o Windows Live Essentials? Resumindo, é um
software gratuito que permite a um computador com o Por exemplo, no Windows 7, é possível "fixar" programas
Windows 7 fazer mais coisas como email, mensagens instan- favoritos em qualquer lugar da barra de tarefas, para fácil
tâneas, edição de fotos e publicação em blogs. acesso. Não gostou muito do alinhamento de ícones? Agora
você pode reorganizá-los do modo que desejar, clicando e ar-
O Windows Live Essentials está disponível no site do
rastando. Finalmente, há novas maneiras para se visualizar
Windows Live. O download gratuito inclui:
janelas. Aponte o mouse sobre um ícone da barra de tarefas
para ter uma visualização em miniatura dos programas e
arquivos abertos. Em seguida, mova seu mouse sobre uma
Converse instantaneamente com os amigos e miniatura para visualizar a janela em tela inteira. Você pode
familiares no PC ou dispositivo móvel. até mesmo fechar janelas das visualizações em miniatura – o
Messenger que economiza bastante tempo.
9. 6XSRUWHSDUDELWV
Se você foi comprar um PC recentemente, é provável que
Encontre, corrija e compartilhe suas fotos.
tenha percebido que há um número maior de computadores
Galeria de com processadores de 64 bits e deve ter se perguntado quais
Fotos
as vantagens deles.
42 = Noções de Informática A solução para seu concurso

Grosso modo, um PC de 64 bits pode gerenciar quantida- Você pode usar o Aero Peek para ver rapidamente outras

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
des maiores de informação que um sistema de 32 bits. Como janelas abertas sem clicar fora da janela em que você está
pode usar mais RAM – de 4 GB para cima – um computador trabalhando. Aponte o mouse para um botão da barra de
de 64 bits pode ser muito mais rápido ao executar vários tarefas, e as visualizações em miniatura de qualquer janela
programas de uma vez. aberta associada a esse botão serão exibidas acima da barra
Qualquer que seja a sua escolha, o Windows 7 está pronto. de tarefas. Se desejar abrir uma janela que esteja visualizan-
Todas as edições comerciais em caixa do Windows 7 (exceto do, basta clicar em sua miniatura.
pelo Home Basic) incluem software de 32 e de 64 bits. ,WHQVGHÀ[DomR
10. ÉUHDGHWUDEDOKR A fixação de programas na barra de tarefas complementa
Com o Windows 7 ficou mais fácil fazer mais na área de a fixação de programas no menu Iniciar, como nas versões
trabalho. anteriores do Windows. Quando você fixa um programa
favorito à barra de tarefas, você sempre pode vê-lo nela e
‡ Novas maneiras de manipular janelas acessá-lo facilmente com um único clique. O Windows 7
Sobrecarregado de janelas abertas? O Windows 7 vem também inclui Listas de Atalhos, de forma que, além de
com três novos recursos simples e poderosos chamados Aero iniciar um programa a partir da barra de tarefas, você pode
Shake, Aero Peeke Snap para ajudá-lo a eliminar instantane- agora iniciar itens favoritos e usados recentemente a partir
amente a bagunça na área de trabalho. desse programa, apenas clicando no mesmo botão.
Peek-esconde: O Aero Peek deixa as janelas abertas As Listas de Saltos são listas de itens abertos recente-
translúcidas, para que você possa ver o que está na sua área mente ou com frequência, como arquivos, pastas ou sites,
de trabalho. organizados pelo programa que você usa para abri-los. Além
de poder abrir os itens recentes usando uma Lista de Saltos,
‡ Novos papéis de parede espetaculares você pode também fixar itens favoritos em uma Lista de
Nós passamos muito tempo olhando nossos PCs. A Saltos, para que possa acessar rapidamente os itens que usa
estética não deveria ser apenas algo secundário. É por isso todos os dias.
que o Windows 7 inclui uma grande variedade de novos Na barra de tarefas, Listas de Saltos aparecem para pro-
planos de fundo de área de trabalho – papéis de parede – gramas que você fixou à barra de tarefas e programas que
que variam do sublime ao caricato. Ou experimente a nova estão atualmente em execução. Você pode exibir a Lista de
apresentação de slides para área de trabalho, que exibe uma Atalhos de um programa, clicando com o botão direito no
série de fotos. botão da barra de tarefas ou arrastando o botão para a área
O Windows 7 permite que você expresse facilmente a sua de trabalho. Os itens da Lista de Salto se abrem ao serem
personalidade, com novos temas criativos e outros toques clicados.
personalizados. ÉUHDGHQRWLÀFDomR
$EDUUDGHWDUHIDVGR:LQGRZV" Uma nova forma de gerenciar a área de notificação ao
No Windows 7, a barra de tarefas foi completamente final da barra de tarefas significa que você obtém menos
reprojetada para ajudar você a gerenciar e acessar mais facil- notificações, e as que você recebe são coletadas em um único
mente seus arquivos e programas mais importantes. lugar no Windows.
%RW}HVGDEDUUDGHWDUHIDV No passado, a área de notificação podia às vezes ficar
cheia de ícones. Agora, você pode escolher quais ícones
Os botões da barra de tarefas têm um nova aparência e estão sempre visíveis. E você pode manter o resto dos ícones
fazem mais do que apenas mostrar quais programas estão em disponíveis em uma área de excedentes, onde eles estão
execução. acessíveis com um único clique de mouse..
Na exibição padrão, cada programa aparece como um Central de Ações é uma única área que coleta mensa-
botão único sem rótulo - mesmo quando vários itens de gens de notificação importantes sobre configurações de
um programa estão abertos - para se obter uma aparência segurança e manutenção. Você pode revisar essas mensa-
limpa e organizada. Você pode personalizar o aspecto da gens mais tarde se não quiser ser interrompido. Quando
barra de tarefas para alterar como os botões são exibidos e você clica no ícone da Central de Ações e em Abrir Central
como eles se agrupam quando você tem vários itens aber- de Ações, você vê informações sobre os itens a respeito
tos. Você pode também optar por ver botões individuais dos quais você precisará tomar medidas e encontra links
para cada arquivo aberto. úteis para solução de problemas e outras ferramentas que
Você pode também reordenar e organizar os botões na podem ajudar a corrigir problemas.
barra de tarefas, incluindo programas fixos e programas ([LELQGRDiUHDGHWUDEDOKR
em execução que não foram fixados, para que eles sejam
exibidos na ordem que você preferir. Para reorganizar a O botão Mostrar área de trabalho foi movido para a
ordem dos botões na barra de tarefas, arraste um botão de extremidade oposta da barra de tarefas do botão Iniciar,
sua posição atual para uma posição diferente na barra de facilitando clicar ou apontar para o botão sem abrir aciden-
tarefas. Você pode reorganizar botões com a frequência talmente o menu Iniciar.
que desejar.
9LVXDOL]DQGRMDQHODVDEHUWDVFRP$HUR3HHN
Quando você abre várias janelas na área de trabalho,
algumas vezes pode ser um desafio ver janelas separadas e
alternar entre elas. Mostrar botão da área de trabalho na barra de tarefas
A solução para seu concurso N oções de I nformática = 43
Além de clicar no botão Mostrar área de trabalho O recurso Reproduzir em funciona com outros PCs com

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
para chegar à área de trabalho, você pode exibir tempo- Windows 7 e dispositivos com o logotipo "Compatível com o
rariamente ou espiar a área de trabalho simplesmente Windows 7". Para encontrar um, visite o Centro de Compa-
apontando o mouse para o botão Mostrar área de tra- tibilidade do Windows 7.
balho, sem clicar nele. Quando você aponta para o botão
Mostrar área de trabalho ao final da barra de tarefas,  6WUHDPLQJGHPtGLDUHPRWR
qualquer janela aberta esmaece da exibição, revelando a O Windows 7 apresenta o streaming de mídia remoto,
área de trabalho. Para fazer as janelas reaparecerem, afaste que fornece acesso à biblioteca do Windows Media Player
o mouse do botão Mostrar área de trabalho. 12 pela Internet.
Isso pode ser útil para exibir rapidamente gadgets de Para usar o streaming de mídia remoto, ambos os com-
área de trabalho ou quando você não deseja minimizar todas putadores devem ter o Windows 7 em execução. Ative-o
as janelas abertas e depois precisar restaurá-las. Para mais usando o novo menu Fluxo no Windows Media Player 12 e
informações, consulte Visualizar temporariamente a área de associe ambos a um ID online, como um endereço de email
trabalho usando o Peek. do Windows Live.
‡ Barra de tarefas reformulada O Streaming de Mídia Remoto é apenas uma das opções
Desde o Windows 95, a barra de tarefas tem sido o local para desfrutar de sua biblioteca de mídia em outro lugar,
usado para iniciar programas e alternar janelas. Agora, isso usando o Windows 7. Se você tiver um grupo doméstico, é
mudou . Assim, no Windows 7, a barra de tarefas foi total- fácil transmitir mídia entre os computadores da sua casa. Você
mente reprojetada.. também pode fazer transmissões para o seu aparelho de som
ou TV usando o Reproduzir em (pode ser necessário hardware
Os aperfeiçoamentos da nova barra de tarefas do Windo- adicional).
ws 7 incluem visualizações em miniatura de páginas da web,
documentos – e mesmo de vídeos em exibição Ouça músicas e outras mídias longe de casa com o strea-
ming de mídia remoto.
‡ Gadgets aprimorados
14. Windows Touch
Gadgets, os populares miniprogramas introduzidos no
Windows Vista, estão mais flexíveis e divertidos. Com base nos Ao emparelhar o Windows 7 a um PC com uma tela sen-
seus comentários, eliminamos a Barra lateral. Agora, você pode sível ao toque, você pode ler jornais online, movimentar-se
deixar seus gadgets em qualquer lugar da área de trabalho. por álbuns de fotos e mudar arquivos e pastas de posição
– usando apenas os seus dedos.
Os seus gadgets favoritos podem ficar em qualquer lugar
da área de trabalho do Windows 7. Um recurso de toque limitado esteve disponível no
Windows por anos. Mas o Windows 7 é o primeiro a adotar
11. Aprimoramentos do desempenho a tecnologia multitoque. Precisa ampliar algo? Coloque dois
Os principais aprimoramentos de desempenho incluem: dedos na tela de um PC compatível com multitoque e afaste-
-os um do outro. Para clicar com o botão direito do mouse
‡ Dormir
em um arquivo, toque-o com um dedo e toque a tela por um
O Windows 7 foi projetado para entrar em suspensão, segundo.
retornar dela e reconectar à rede sem fio mais rápido.
O Windows Touch – disponível apenas nas edições
‡ Pesquisar Home Premium, Professional e Ultimate do Windows 7 –
Ao procurar alguma coisa, você quer respostas, não atra- é divertido de aprender e fácil de usar. O menu Iniciar e
sos. No Windows 7, os resultados das pesquisas aparecem a barra de tarefas agora ostentam ícones maiores, prontos
mais rápido. Organizar e agrupar os resultados das pesquisas para serem usados com os dedos. Todos os seus programas
também é muito mais rápido. favoritos do Windows 7 também estão prontos para o toque.
Você até mesmo pintar com o dedo no Paint!
‡ Dispositivos USB
Quando você conecta um pen drive ou um outro dispo- $ÉUHDGHWUDEDOKRGR:LQGRZV
sitivo USB pela primeira vez, o Windows 7 pode prepará-lo
para você em segundos. Se você já tiver usado o dispositivo,
a espera é ainda menor.
‡ Mais leve e menos ocupado
Ao contrário das versões anteriores, o Windows 7 foi fei-
to para executar serviços em segundo plano somente quando
você precisar deles. Não está usando nenhum dispositivo
Bluetooth? Portanto, o serviço Bluetooth do Windows 7 fica
desativado. O Windows 7 também consome menos memória
do que o Windows Vista – outro aperfeiçoamento interno
que pode melhorar o desempenho geral.
12. Reproduzir em
Reproduzir em, um recurso novo do Windows 7, facilita a
reprodução das suas músicas e vídeos em outros PCs, TVs ou
aparelhos de som pela casa. Basta clicar com o botão direito
nas faixas que você quiser ou adicioná-las à lista de reprodução O novo sistema de Backup e Restauração que faz parte do
do Windows Media Player 12 e selecionar Reproduzir em – Windows 7 tem muitas mudanças e melhorias.
44 = Noções de Informática A solução para seu concurso

A ferramenta faz backups de imagem para proteção do Você pode excluir permanentemente um arquivo do

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
sistema e backups de arquivos para proteção dos dados. computador sem enviá-lo para a Lixeira, clicando no arqui-
Para o backup de arquivos, o programa já tem um padrão vo e pressionado as teclas Shift+Delete.
do que gravar (bibliotecas, appdata, meus documentos), mas
Instalando e reinstalando o Windows 7
também permite que você selecione e insira as pastas que
quer proteger. Há duas opções para se escolher durante o processo de
instalação do Windows 7:
A ferramenta é capaz de fazer backup apenas dos arquivos
que foram criados e/ou alterados depois que o último backup Atualização. Essa opção substitui sua versão atual do
foi feito. E, caso haja mais de uma versão de um mesmo Windows pelo Windows 7 e mantém seus arquivos, configu-
arquivo salva, o aplicativo dá ao usuário a opção de escolher rações e programas no lugar, em seu computador.
qual deve ser recuperada mas, por padrão, o programa irá Personalizado. Essa opção substitui sua versão atual
restaurar a versão mais recente dele. do Windows pelo Windows 7, mas não preserva arquivos,
O sistema de Backup e Restauração deixa o usuário configurações e programas. Às vezes, ela é chamada de insta-
escolher qual drive deve ser utilizado para o backup, mas lação limpa por esse motivo.
não deixa que se selecione apenas uma pasta do drive. Além Para instalar o Windows 7 usando a opção de Atu-
disso, restaurar uma imagem ISO não é simples e talvez não alização
seja a melhor ferramenta para esta função.
1. Ligue o computador para que o Windows inicie
Para iniciar o programa, clique no botão Iniciar e digite normalmente. (Para realizar uma atualização, você
backup, e a página de Backup e Restauração irá abrir. Co- não pode iniciar ou inicializar o computador com a
necte seu disco externo – local onde a cópia de segurança mídia de atualização do Windows 7).
será gravada – e clique em Configurar Backup.
2. Após a inicialização do Windows, faça o seguinte:
Escolha os ajustes, mas quando chegar à última página
clique em Modificar Agendamento. Desmarque a opção ‡ Se você tiver baixado o Windows 7, vá até onde está
Executar Backup Agendado (recomendado), e clique em OK. o arquivo de instalação que você baixou e dê um
duplo-clique nele.
Para fazer backup de seus dados (e o recomendável é
que isso ocorra diariamente!), conecte o drive externo, ‡ Se você tiver um disco de instalação do Windows 7,
inicie o programa de backup e clique em Fazer Backup. insira-o no computador. O Programa de Instalação
Não haverá problemas em usar o computador enquanto o deve ser iniciado automaticamente. Senão, clique
backup estiver rodando. no botão Iniciar , em Computador, dê um duplo-
-clique na unidade de DVD para abrir o disco de
A Lixeira instalação do Windows 7 e dê outro duplo-clique em
Quando você exclui um arquivo ou pasta, eles na verdade setup.exe.
não são excluídos imediatamente; eles vão para a Lixeira. ‡ Se você tiver baixado os arquivos de instalação do
Isso é bom porque, se você mudar de idéia e precisar de um Windows 7 em um pen drive USB, insira a unidade
arquivo excluído, poderá obtê-lo de volta. no seu computador. O Programa de Instalação deve
ser iniciado automaticamente. Do contrário, clique
no botão Iniciar , em Computador, clique duas
A Lixeira vazia (à esquerda) e cheia (à direita) vezes na unidade e clique duas vezes em setup.exe.
3. Na página Instalar o Windows, clique em Instalar
Se tiver certeza de que não precisará mais dos itens agora.
excluídos, poderá esvaziar a Lixeira. Ao fazer isso, excluirá 4. Na página Obter atualizações importantes para
permanentemente os itens e recuperará o espaço em disco instalação, recomendamos obter as atualizações mais
por eles ocupados. recentes para ajudar a garantir uma instalação bem-
Ao excluir um arquivo, geralmente ele é movido para a -sucedida e a proteger o computador contra ameaças
Lixeira, de forma que você possa restaurá-lo posteriormente, de segurança. É preciso ter uma conexão com a
se necessário. Internet para obter as atualizações para a instalação.
Para remover arquivos permanentemente do computa- 5. Na página Leia os termos de licença, se você aceitar
dor e recuperar o espaço que eles estavam ocupando no disco os termos de licença, clique em Aceito os termos de
rígido, é necessário excluí-los da Lixeira. Você pode excluir licença e em Avançar.
arquivos específicos da Lixeira ou esvaziá-la totalmente de
uma só vez. 6. Na página Que tipo de instalação você deseja?, clique
em Atualizar para começar a atualização. Pode ser
1. Clique duas vezes na Lixeira na área de trabalho
exibido um relatório de compatibilidade.
para abri-la.
2. Siga um destes procedimentos: 1. Siga as instruções para concluir a instalação do
Windows 7.
‡ Para excluir permanentemente um arquivo, clique
nele, pressione Excluir e clique em Sim. Observação
‡ Para excluir todos os arquivos, na barra de ferramen- Poderá ser necessário atualizar os drivers após a instala-
tas, clique em Esvaziar Lixeira e em Sim. ção do Windows 7. Para isso, clique no botão Iniciar , em
Todos os Programas e em Windows Update. Se o Win-
Dicas dows Update não tiver o driver de que você precisa, acesse
Você pode esvaziar a Lixeira, sem abri-la, clicando com o Atualizar um driver de hardware que não está funcionando
botão direito do mouse em Lixeira e depois em Esvaziar Lixeira. adequadamente
A solução para seu concurso N oções de I nformática = 45
Para compartilhar impressoras 7. Na caixa de diálogo Windows.old, clique em OK.

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Se você compartilhava impressoras no Windows Vista, 8. Siga as instruções para concluir a instalação do
precisará compartilhá-las novamente, seguindo estas instru- Windows 7, inclusive a nomenclatura do compu-
ções:
tador e a configuração de uma conta do usuário
1. Clique no botão Iniciar e em Dispositivos e Im- inicial.
pressoras.
2. Clique com o botão direito do mouse na impressora
que deseja compartilhar e clique em Propriedades da Para instalar o Windows 7 usando a opção de instalação
impressora. Personalizada e formatando o disco rígido
3. Clique na guia Compartilhamento, marque a caixa Para formatar o disco rígido durante a instalação do
de seleção Compartilhar esta impressora e clique em Windows 7, você precisa inicializar o computador usando o
OK. disco de instalação do Windows 7 ou o pen drive USB.
Se outros computadores ainda não puderem acessar a 1. Ligue o seu computador, de forma que o Windows se
impressora, exclua-a dos outros computadores e adicione-a de inicialize normalmente, insira do disco de instalação
novo. do Windows 7 ou o pen drive USB e desligue o seu
computador.
Para instalar o Windows 7 usando a opção de instalação
Personalizada sem formatar o disco rígido 2. Reinicie o computador.
1. Ligue o seu computador, de forma que o Windows 3. Pressione qualquer tecla, quando solicitado a fazer
se inicialize normalmente, e siga uma destas opções: isso, e siga as instruções exibidas.
‡ Se você tiver baixado o Windows 7, vá até onde está 4. Na página Instalar o Windows, insira o seu idioma e
o arquivo de instalação que você baixou e dê um outras preferências e clique em Avançar.
duplo-clique nele. Se a página Instalar o Windows não aparecer e o
‡ Se você tiver um disco de instalação do Windows 7, sistema não solicitar que você pressione uma tecla,
insira-o no computador. O Programa de Instalação poderá ser necessário alterar algumas configurações
deve ser iniciado automaticamente. Senão, clique do sistema.
no botão Iniciar , em Computador, dê um duplo- Na página Leia os termos de licença, se você aceitar
-clique na unidade de DVD para abrir o disco de os termos de licença, clique em Aceito os termos de
instalação do Windows 7 e dê outro duplo-clique em licença e em Avançar.
setup.exe.
5. Na página Que tipo de instalação você deseja?,
‡ Se você tiver baixado os arquivos de instalação do clique em Personalizada.
Windows 7 em um pen drive USB, insira a unidade
no seu computador. O Programa de Instalação deve 6. Na página Onde deseja instalar o Windows?, clique
ser iniciado automaticamente. Do contrário, clique em Opções de unidade (avançadas).
no botão Iniciar , em Computador, clique duas 7. Clique na partição que você quiser alterar, clique na
vezes na unidade e clique duas vezes em setup.exe. opção de formatação desejada e siga as instruções.
2. Na página Instalar o Windows, siga as instruções 8. Quando a formatação terminar, clique em Avançar.
exibidas e clique em Instalar agora.
9. Siga as instruções para concluir a instalação do
3. Na página Obtenha atualizações importantes para Windows 7, inclusive a nomenclatura do compu-
instalação, recomendamos obter as atualizações tador e a configuração de uma conta do usuário
mais recentes para ajudar a garantir uma instalação inicial.
bem-sucedida e a proteger o computador contra
ameaças de segurança. É preciso ter uma conexão
com a Internet para obter as atualizações para a Windows Defender
instalação.
O Windows Defender é sua primeira linha de defesa
4. Na página Leia os termos de licença, se você aceitar contra spyware e outros programas indesejados.
os termos de licença, clique em Aceito os termos de
E, no Windows 7, ele possui notificações mais simples,
licença e em Avançar.
mais opções de verificação e menos impacto no desempenho
5. Na página Que tipo de instalação você deseja?, do seu computador também. Um novo recurso chamado
clique em Personalizada. "Sistema Limpo" permite eliminar, com um clique, todos os
6. Na página Onde você deseja instalar o Windows?, programas suspeitos. Windows O Defender agora faz parte
selecione a partição que contém a versão anterior do da Central de Ações o novo e simplificado local para manter
Windows (geralmente, é a unidade C: do computa- o bom funcionamento do seu PC.
dor) e clique em Avançar.
46 = Noções de Informática A solução para seu concurso

ou software potencialmente indesejado e alertá-lo sobre pos-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
síveis riscos. Para ajudar a manter as definições atualizadas,
o Windows Defender trabalha com o Windows Update para
instalar automaticamente novas definições à medida que
elas são lançadas. Também é possível definir o Windows
Defender para conferir se há definições atualizadas antes da
verificação.

7UDEDOKDQGRFRPR3DLQHOGH&RQWUROH
Você pode usar o Painel de Controle para alterar as confi-
gurações do Windows. Essas configurações controlam quase
tudo a respeito do visual e do funcionamento do Windows,
e você pode usá-las para configurar o Windows da melhor
forma para você.
Windows O Defender ajuda a livrar seu PC de spywares.
Para abrir o Painel de Controle, clique no botão Iniciar
Usando o Windows Defender e em Painel de Controle.

É importante executar software anti-spyware sempre que


você estiver usando o computador. Spyware e outros softwa-
res potencialmente indesejados podem tentar se instalar no
seu computador toda vez que você se conectar à Internet.
Eles também podem infectar o computador quando você
instalar alguns programas usando CD, DVD ou outra mídia
removível. Software mal-intencionado ou potencialmente
indesejado também pode ser programado para ser executado
em horários inesperados, e não apenas quando é instalado.
O Windows Defender oferece três formas de ajudar a
impedir que spyware e outros softwares potencialmente
indesejados infectem o computador:

‡ Proteção em tempo real.O Windows Defender Use a caixa de pesquisa para localizar as tarefas rapidamente.
alerta quando spyware ou software potencialmente
indesejado tenta se instalar ou ser executado no seu Há dois modos de localizar itens no Painel de Controle:
computador. Ele também alerta caso os programas
‡ Use a Pesquisa. Para localizar as configurações nas
tentem alterar configurações importantes do Win-
quais está interessado ou uma tarefa que você deseja
dows.
realizar, digite uma palavra ou uma frase na caixa de
‡ Comunidade SpyNet. A comunidade online do pesquisa. Por exemplo, digite "som" para localizar as
Microsoft SpyNet ajuda você a ver como outras configurações específicas da placa de som, sons do
pessoas respondem a software que ainda não tenha sistema e o ícone de volume na barra de tarefas.
sido classificado com relação aos riscos. Ver se outros ‡ Procurar. Você pode explorar o Painel de Controle
membros da comunidade permitem a execução do clicando em diferentes categorias (por exemplo,
software poderá ajudá-lo a decidir se deve ou não Sistema e Segurança, Programas ou Facilidade de
permitir no seu computador. Por sua vez, se você Acesso) e exibindo as tarefas comuns listadas em
participar, suas opções serão adicionadas às classifi- cada categoria. Ou em Exibir por, clique em Ícones
cações da comunidade para ajudar outras pessoas a grandes ou Ícones pequenos para exibir uma lista
escolherem o que devem fazer. de todos os itens do Painel de Controle.
‡ Opções de verificação. Você pode usar o Windows
Defender para verificar se há spyware e outros Dicas
softwares potencialmente indesejados instalados em ‡ Se você navegar por ícones no Painel de Controle,
seu computador, agendar verificações regularmente poderá encontrar rapidamente um item da lista
e remover automaticamente qualquer software digitando a primeira letra do nome do item. Por
mal-intencionado que seja detectado durante a exemplo, para encontrar Teclado, digite T e uma
verificação. lista de itens do Painel de Controle começando com
a letra T, incluindo Teclado, será exibida.
Ao usar o Windows Defender, é importante manter as
‡ Você também pode usar as teclas de direção (Seta
definições atualizadas. As definições são arquivos que atuam
para Cima, Seta para Baixo, Seta para a Esquerda e
como uma enciclopédia de possíveis ameaças de software
Seta para a Direita) para rolar a lista de ícones no
em constante crescimento. O Windows Defender usa as
Painel de Controle.
definições para determinar se o que ele detectou é spyware
A solução para seu concurso N oções de I nformática = 47
Firewall do Windows

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
O Firewall do Windows ajuda a proteger seu PC de
hackers e programas mal-intencionados. No Windows 7, ele
ainda é eficiente – mas nós o deixamos mais flexível e fácil
de usar.
Por exemplo, agora você pode ajustar a proteção e as
notificações desejadas para cada um de seus perfis de rede
– Casa, Trabalho e Público. Quando estiver conectado a
uma rede pública, como de uma biblioteca ou uma cafeteria,
convém bloquear todas as conexões recebidas. Em casa ou
no trabalho, isso pode ser um exagero. Qualquer que seja o
nível de proteção escolhido para os seus perfis, você poderá
Obtenha atualizações do Windows com poucos cliques.
alternar entre eles com facilidade.
&RQH[mRGDÉUHDGH7UDEDOKR5HPRWD
A Área de Trabalho Remota conecta dois computadores
através de uma rede ou da Internet. Uma vez conectado, você
verá a área de trabalho do computador remoto como se estivesse
bem na frente dele e terá acesso a todos os programas e arquivos.
Esse recurso está presente em todas as versões do Windo-
ws 7, mas você só pode se conectar a computadores com as
edições Professional, Ultimate ou Enterprise.

O Firewall do Windows pode personalizar


a proteção para diferentes ambientes de rede.

([LELUHHGLWDURSo}HVGHÀUHZDOODYDQoDGDV
Você deve estar com logon de administrador para realizar
essas etapas.
O Firewall do Windows com Segurança Avançada é um
snap-in do Console de Gerenciamento Microsoft (MMC)
que fornece opções mais avançadas para profissionais de TI.
Com este firewall, você pode configurar e exibir regras deta-
lhadas de entrada e saída, e integrar com o protocolo IPsec.
Siga estas etapas para abrir o Firewall do Windows com
Segurança Avançada:
1. Para abrir Firewall do Windows, clique no botão Ini-
ciar e em Painel de Controle. Na caixa de pesquisa,
digite firewall e clique em Firewall do Windows.
2. No painel esquerdo, clique em Configurações avan-
çadas. Se você for solicitado a informar uma senha
de administrador ou sua confirmação, digite a senha Conecte-se ao seu computador, de qualquer lugar,
ou forneça a confirmação. com a Conexão de Área de Trabalho Remota.

Windows Update $OWHUDURSo}HVGHSDVWD


O Windows Update mantém seu PC mais seguro – e seu Você pode alterar a forma como arquivos e pastas fun-
software atualizado – buscando as atualizações e recursos cionam e como itens são exibidos no computador usando
mais recentes da Microsoft pela Internet. Opções de Pasta, no Painel de Controle.
No Windows 7, Windows Update agora é parte da Para abrir Opções de Pasta, clique no botão Iniciar ,
Central de Ações, o que torna a atualização do seu PC ainda em Painel de Controle, em Aparência e Personalização e
mais conveniente. Para verificar atualizações, basta clicar no em Opções de Pasta.
ícone da Central de Ações, na barra de tarefas.
Fonte: adaptado de http://windows.microsoft.com/pt-BR/windows7/
48 = Noções de Informática A solução para seu concurso

COMEÇANDO

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
WINDOWS 10 9DPRVHVWXGDUDVSULQFLSDLVFDUDFWHUtVWLFDVTXHVmRFREUDGDV
HPSURYDGHVWHVLVWHPD
,QLFLDOPHQWHYHUHPRVRVHOHPHQWRVTXHFRPS}HPD³Área
26LVWHPD2SHUDFLRQDO:LQGRZVpR6LVWHPD2SHUDFLRQDO de Trabalho´RX³Desktop´
PDLV XWLOL]DGR HP FRPSXWDGRUHV SHVVRDLV GH WRGR PXQGR $
0LFURVRIW¿QDOPHQWHODQoDXP6LVWHPD2SHUDFLRQDOGHVHQYRO
YLGRHPSDUFHULDFRPXVXiULRVDWUDYpVGRSURMHWR,QVLGHURQGH
SURJUDPDGRUHVHSHVVRDVFRPXQVWHVWDUDPRQRYR6LVWHPD2SH
UDFLRQDO³:LQGRZV,QVLGHU3UHYLHZ´GD0LFURVRIWSRUPHVHV
8P6LVWHPD2SHUDFLRQDOpRSURJUDPD software TXHpUHV
SRQViYHOSHORJHUHQFLDPHQWRGDVGLYHUVDVDWLYLGDGHVUHDOL]DGDV
SHOR FRPSXWDGRU 3RU H[HPSOR SDUD RXYLU XPD P~VLFD YRFr
FOLFD GXDV YH]HV QHOD p R 6LVWHPD 2SHUDFLRQDO TXH FDUUHJD R
SURJUDPDSDUDDPHPyULDSULQFLSDOTXHSRUVXDYH]FDUUHJDD
P~VLFDHDH[HFXWDSDUDYRFrRXYLU
8P6LVWHPD2SHUDFLRQDOpFRPFRQMXQWRGHURWLQDVH[HFX
WDGD SHOR SURFHVVDGRU &38  (VWDV URWLQDV YDULDP GH DFRUGR
FRPRVHUiH[HFXWDGRQDTXHOHPRPHQWR(OHID]DFRPXQLFDomR
HQWUHWRGRVRVKDUGZDUHVHVRIWZDUHVLQVWDODGRV3RUH[HPSOR
XPVRIWZDUHDSOLFDWLYRGHHGLomRGHWH[WRVHFRPXQLFDFRPD
LPSUHVVRUDDWUDYpVGR6LVWHPD2SHUDFLRQDO
2:LQGRZVpXPVRIWZDUHmultitarefaH[HFXWDYiULDV
WDUHIDVQRPHVPRPRPHQWRHmultiusuárioRQGHYiULRVXVXi
ULRVSRGHPH[HFXWDUWDUHIDVQRPHVPRDPELHQWH2³XVXiULR´
SRGHVHUXPVRIWZDUHLQVWDODGRQRFRPSXWDGRURXDOJXPDSOLFD
WLYR:(%HQWmRYiULRVXVXiULRVVLJQL¿FDTXHYiULRVVRIWZDUHV (VWDpDWHODTXHYLVXDOL]DPRVTXDQGRRFRPSXWDGRUpOLJDGR
SRGHPH[HFXWDUWDUHIDVVHQGRR6LVWHPD2SHUDFLRQDORUHVSRQ H p FRPSRVWR SRU :DOOSDSHU ËFRQH %RWmR ,QLFLDU %DUUD GH
ViYHO SRU GH¿QLU D SULRULGDGH GH TXDO XVXiULR SRGHUi XWLOL]DU
3HVTXLVD%DUUDGHWDUHIDV%RWmRGH9LVmRGH7DUHIDVHÈUHD
XPUHFXUVRHPUHODomRDRXWURXVXiULRHFRQWURODDH[HFXomRGH
GH1RWL¿FDomR
WRGDVDVWDUHIDVFRQFRPLWDQWHPHQWH
$HPSUHVDTXHGHVHQYROYHR6LVWHPD2SHUDFLRQDO:LQGRZV Wallpaper
pDMicrosoft(ODGHVHQYROYHXRV6LVWHPDV2SHUDFLRQDLVPDLV
FREUDGRV HP FRQFXUVR S~EOLFR :LQGRZV ;3 :LQGRZV  H eFRPRFKDPDPRVDIRWRJUD¿DTXH¿FDQRIXQGRGDWHODGR
:LQGRZV FRPSXWDGRU(VWDIRWRSRGHVHUDOJXPDTXHYRFrWHQKDQRFRP
SXWDGRURX XPDTXH WHQKDYLQGR MXQWDPHQWHFRPR :LQGRZV
/DQoDGRQRGLD-XOKRGHRQRYR6LVWHPD2SHUDFLRQDO
VmRYiULDV 
WHQWDUHFXSHUDUPHUFDGRHFRQTXLVWDUQRYRVXVXiULRVWHQGRHP
YLVWDTXHR:LQGRZV não foi muito bem aceito pelos usuários.
Ícone
4XHPXWLOL]RXR:LQGRZVPHVPRTXHSRUSRXFRWHPSR
YDLSHUFHEHUTXHR:LQGRZVpXPDPHVFODJHPGR:LQGRZV
FRPR1HVWDYHUVmRDYROWDGRERWmRLQLFLDUTXHVHPSUHIRL
XPD PDUFD GR 6LVWHPD 2SHUDFLRQDO GH %LOO *DWHV p PDUFDGD
SRUQRYDVIHUUDPHQWDVHYLVXDODOWDPHQWHSHUVRQDOL]iYHORTXH
GHL[DWXGRDRVHXDOFDQFHGRMHLWRTXHHVFROKHU
8PDGDVJUDQGHVQRYLGDGHVGDQRYDYHUVmRGR:LQGRZVHVWi 1D LQVWDODomR SDGUmR GR :LQGRZV  VRPHQWH R tFRQH GD
QRIDWRGHTXHHOHVHUiXPDSODWDIRUPDXQL¿FDGD,VVRVLJQL¿FD OL[HLUDpH[LELGRWRGRVRVRXWURVTXHHUDPH[LELGRVQDVYHUV}HV
TXHD0LFURVRIWSUHWHQGHDSUR[LPDUPXLWRRVDSOLFDWLYRVSURGX DQWHULRUHVGR:LQGRZV¿FDPGHVDWLYDGRV
]LGRVSDUDDVSODWDIRUPDVH[LVWHQWHVDWXDOPHQWH'HXPDPDQHLUD
UHVXPLGD R PHVPR :LQGRZV  XWLOL]DGR SRU FRPSXWDGRUHV
VHUiRPHVPRHPWDEOHWVVPDUWSKRQHVHRXWURVDSDUHOKRV Botão Iniciar

Versões 32 ou 64 bits  (OH HVWi GH YROWD QHVWD QRYD YHUVmR GR :LQGRZV
2V WHUPRV  ELWV H  ELWV VH UHIHUHP j PDQHLUD FRPR R %DVWDVHOHFLRQDURERWmR,QLFLDUQDEDUUDGHWDUHIDV(PVHJXLGD
SURFHVVDGRU GH XP FRPSXWDGRU WDPEpP FKDPDGR GH &38  SHUVRQDOL]HR ¿[DQGR DSOLFDWLYRV H SURJUDPDV RX PRYHQGR H
SURFHVVDLQIRUPDo}HV$YHUVmRGHELWVGR:LQGRZVSURFHV
UHDJUXSDQGREORFRV6HSUHFLVDUGHPDLVHVSDoRUHGLPHQVLRQH
VDJUDQGHVTXDQWLGDGHVGH5$0 PHPyULDGHDFHVVRDOHDWyULR 
RPHQX,QLFLDUSDUDDXPHQWiOR
FRPPDLRUH¿FiFLDGRTXHXPVLVWHPDGHELWV
$FHVVH ([SORUDGRU GH $UTXLYRV &RQ¿JXUDo}HV H RXWURV
Edições do Windows 10 DSOLFDWLYRVXVDGRVFRPIUHTXrQFLDGRODGRHVTXHUGRGRPHQX
:LQGRZV+20( ,QLFLDU 3DUD YHU WRGRV RV VHXV DSOLFDWLYRV H SURJUDPDV VHOH
FLRQHTodos os aplicativos6HPSUHTXHXPDSOLFDWLYRH[LELU
:LQGRZV3UR XPDVHWDjGLUHLWDLQGLFDTXHH[LVWHPWDUHIDVRXLWHQVHVSHFt¿FRV
:LQGRZV0RELOH VREUHRDSOLFDWLYR
A solução para seu concurso N oções de I nformática = 49
$RFOLFDUVREUHRERWmR,QLFLDUR0HQX,QLFLDUVHUiH[LELGR SISTEMA:

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
HP GXDV SDUWHV $ SDUWH GD HVTXHUGD HVWDUmR D VXD IRWR FRP x 7HOD!3HUVRQDOL]DomRGRYtGHR
VHX QRPH TXH SHUPLWH DFHVVR jV FRQ¿JXUDo}HV GH VXD FRQWD
GHDFHVVRRVDSOLFDWLYRVPDLVXVDGRV([SORUDGRUGH$UTXLYRV x 1RWL¿FDo}HVHDo}HV!(VFROKDRVtFRQHVTXHDSDUHFH
:LQGRZV ([SORUHU  &RQ¿JXUDo}HV /LJDU'HVOLJDU H 7RGRV UmRQDiUHDGHQRWL¿FDomR
RVDSOLFDWLYRV-iGRODGRGLUHLWRFKDPDGRGHInícioHVWmRRV x $SOLFDWLYRV H 5HFXUVRV ! 0RYD RV DSOLFDWLYRV SDUD
EORFRV±/LYH7LOHV DTXHOHVHQFRQWUDGRVQRPHQXGR:LQGRZV RXWUDVXQLGDGHVGHGLVFRRXGHVLQVWDOHRV
 UHSUHVHQWDQGRRVDSOLFDWLYRVTXHYRFrHVFROKHUSDUDLQtFLR x 0XOWLWDUHIDV!&RQ¿JXUDo}HVGHDMXVWHVQDVMDQHODVH
UiSLGR ÈUHDVGHWUDEDOKRYLUWXDLV
3DUD SHUVRQDOL]DU VHX 0HQX ,QLFLDU EDVWD FOLFDU QR ERWmR x 0RGR 7DEOHW ! $OWHUQD D YLVXDOL]DomR GR ÈUHD GH
,QLFLDU FOLFDUVREUHTodos os aplicativosHVFROKHURVTXH 7UDEDOKRFRPRVHIRVVHXP7DEOHW
GHVHMD¿[DUFRPREORFRjGLUHLWDHDUUDVWiORVSDUDRORFDOGHVH x (QHUJLD H 6XVSHQVmR ! &RQ¿JXUH R WHPSR SDUD
MDGRRXFOLFDUVREUHHOHFRPRERWmRGLUHLWRGRPRXVHHHVFROKHU
GHVOLJDU R PRQLWRU H 6XVSHQGHU DVVLP FRPR RXWUDV
³Fixar no início´ 3DUD UHGLPHQVLQiORV EDVWD FOLFDU FRP R
FRQ¿JXUDo}HVGHHQHUJLD
ERWmRGLUHLWRVREUHR7LOHSDUDRPRXVHVREUH³5HGLPHQVLRQDU´
HHVFROKHURWDPDQKRGREORFR x $UPD]HQDPHQWR!6HPHOKDQWHDRTXHYLPRVHP6LVWH
PDV2SHUDFLRQDLVGHGLVSRVLWLYRVPyYHLVHVWHUHFXUVR
H[LEHWRGRVDVXQLGDGHVHHVFROKHQGRXPDXQLGDGHp
SRVVtYHOYHURTXHHVWiFRQVXPLQGRRDUPD]HQDPHQWR
x 0DSDV2IÀLQH!3HUPLWHID]HURGRZQORDGGHPDSDVH
FRQVXOWDUFRRUGHQDGDVVHPHVWDUFRQHFWDGRj,QWHUQHW
x $SOLFDWLYRV 3DGUmR ! (VFROKD TXDO SURJUDPD p UHV
SRQViYHO SRU JHUHQFLDU RV DSOLFDWLYRV FRPR HPDLO
9LVXDOL]DGRUGHIRWR3OD\HUGHP~VLFDHWF
x 6REUH ! ([LEH R ³1RPH GR FRPSXWDGRU´ GRPtQLR
PHPyULD 5$0 3URFHVVDGRU 7LSR GH 6LVWHPD HWF
3HUPLWH DOWHUDU D FKDYH GR :LQGRZV SHUPLWH OHU D
3ROtWLFDGH3ULYDFLGDGH&RQWUDWRGH6HUYLoRH7HUPRV
3DUDUHPRYHUR7LOHGDiUHDInícioEDVWDFOLFDUVREUHHOHH GH/LFHQoDGH6RIWZDUH0LFURVRIW
HVFROKHUDRSomR³'HVD¿[DUGR,QtFLR´RXDUUDVWDORSDUDDSDUWH
GDHVTXHUGDQR0HQX,QLFLDU
DISPOSITIVOS
%ORTXHLHRFRPSXWDGRUDOWHUHDVFRQ¿JXUDo}HVGDFRQWDRX
VDLDGRVLVWHPDVLPSOHVPHQWHFOLFDQGRVREUHVXDIRWRQRPHQR x ,PSUHVVRUDV H 6FDQQHU ! *HUHQFLH LPSUHVVRUDV H
0HQX,QLFLDU VFDQQHUV
(P &RQ¿JXUDo}HV GD FRQWD YRFr SRGH JHUHQFLDU VXD x 'LVSRVLWLYRV FRQHFWDGRV ! *HUHQFLH RV GLVSRVLWLYRV
FRQWD0LFURVRIWDOWHUDUDIRWRGHSHU¿OHQWUDUFRPXPDFRQWD FRQHFWDGRVFRPRPRXVHWHFODGRZHEFDP
ORFDOGH¿QLURVGLYHUVRVPRGRVGHVHQKDVHLGHQWL¿FDo}HVGH x 0RXVH H 7RXFKSDG ! &RQ¿JXUDo}HV JHUDLV GR VHX
HQWUDGDDFHVVRVFRUSRUDWLYRVLQFOXLUPRQLWRUDUHSHUVRQDOL]DU PRXVH
DVFRQWDVGHPHPEURVGDVXDIDPtOLDSDUDTXHWRGRVWHQKDP
VXDV FUHGHQFLDLV H iUHD GH WUDEDOKR H DLQGD VLQFURQL]DU VHX x 'LJLWDomR!*HUHQFLHDFRUUHomRRUWRJUi¿FD
:LQGRZVHPWRGRVRVVHXVGLVSRVLWLYRV$VLQFURQL]DomR x 5HSURGXomRDXWRPiWLFD!*HUHQFLHFRPRVHFRPSRU
SHUPLWHTXHYRFrWHQKDVHXPHQXLQLFLDUSDSHOGHSDUHGHVH WDUiRVLVWHPDTXDQGRXPDPtGLDIRUFRQHFWDGD
QKDVLGrQWLFDVHPTXDOTXHUGLVSRVLWLYRTXHHVWHMDH[HFXWDQGR
R:LQGRZV
REDE E INTERNET
(VWH UHFXUVRV WDPEpP SRGHP VHU DFHVVDGRV FOLFDQGR HP
x 8VRGHGDGRV!3HUPLWHPRQLWRUDUDTXDQWLGDGHHTXDLV
,QLFLDU !&RQ¿JXUDo}HV!&RQWD DSOLFDWLYRVHVWmRXWLOL]DQGRVXDUHGH
x 931!3HUPLWHFRQ¿JXUDUXPD931 9LUWXDO3HUVRQDO
(P,QLFLDU !&RQ¿JXUDo}HVpSRVVtYHODFHVVDU
1HWZRUN
x &RQH[mR 'LVFDGD ! 3HUPLWH FRQ¿JXUDU XPD QRYD
FRQH[mRGLVFDGD 'LDO8S
x (WKHUQHW ! 3HUPLWH FRQ¿JXUDU VXD FRQH[mR FDEHDGD
(WKHUQHW
x 3UR[\ ! 3HUPLWH FRQ¿JXUDU XP VHUYLGRU 3UR[\ SDUD
VXDUHGH

PERSONALIZAÇÃO
x 7HODGHIXQGR!&RQ¿JXUHVHXSDSHOGHSDUHGH
x &RUHV!(VFROKDXPDFRUSDUDDV%DUUDVGHWtWXORGDV
MDQHODV
50 = Noções de Informática A solução para seu concurso

x 7HODGHEORTXHLR!(VFROKDXPDIRWRSDUDVHUH[LELGD x 5iGLR!3HUPLWLUTXHDSOLFDWLYRVFRQWUROHP5iGLRV

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
FRPRWHODGHEORTXHLR x 2XWURV GLVSRVLWLYRV ! 3HUPLWH TXH VHXV DSOLFDWLYRV
x 7HPDV!3HUVRQDOL]HFRUHVSRQWHLURGRPRXVHtFRQHV VHMDP VLQFURQL]DGRV H FRPSDUWLOKHP LQIRUPDo}HV
GDiUHDGHWUDEDOKRHVRQVSDUDHYHQWRV DXWRPDWLFDPHQWH
x ,QLFLDU ! &RQ¿JXUDo}HV SDUD R 0HQX ,QLFLDU FRPR x &RPHQWiULRV H GLDJQyVWLFRV ! &RQWUROD D TXDQWLGDGH
H[LELORHPWHODFKHLD GHGDGRVGHGLDJQyVWLFRHXVRGR:LQGRZVHQYLDGRj
0LFURVRIWGRVHXGLVSRVLWLYR
x $SOLFDWLYRHPVHJXQGRSODQR!(VFROKDRVDSOLFDWLYRV
CONTA
TXH¿FDPDWLYRVPHVPRTXDQGRQmRHVWLYHPHPXVR
x ([DWDPHQWH FRPR YLPRV HP &RQ¿JXUDo}HV GD FRQWD
FOLFDQGRVREUHDIRWRQR0HQX,QLFLDU
ATUALIZAÇÃO E SEGURANÇA
x :LQGRZV8SGDWH!0DQWpPVHXGLVSRVLWLYRDWXDOL]D
HORA E IDIOMA
GR3HUPLWHFRQ¿JXUDUFRPRHTXDQGRR:LQGRZVLUi
x 'DWDHKRUD!&RQ¿JXUDo}HVJHUDLVGHGDWDHKRUDGR SURFXUDUSRUDWXDOL]Do}HV
VLVWHPD x :LQGRZV 'HIHQGHU ! $MXGD D PDQWHU RV PDOZDUH
x 5HJLmR H ,GLRPD ! 3HUPLWH ID]HU FRQ¿JXUDo}HV GH DIDVWDGRV GR VHX FRPSXWDGRU ,PSHGH D LQVWDODomR H
LGLRPDVHGH¿QLURSDtV H[HFXomRGHVWHVVRIWZDUHV
x )DOD ! &RQ¿JXUD R LGLRPD TXH YRFr IDODUi FRP R x %DFNXS ! )HUUDPHQWD SDUD UHDOL]DU H UHFXSHUDU XP
GLVSRVLWLYR D YR] GR DSOLFDWLYR H FRQ¿JXUDo}HV GH EDFNXS
PLFURIRQHHRXWURVUHODFLRQDGRVDRVRP x 5HFXSHUDomR ! 5HVWDXUD R VHX 3& SDUD IXQFLRQDU
H[DWDPHQWH FRPR HVWDYD HP XP GHWHUPLQDGR GLD
FACILIDADE DE ACESSO (ACESSIBILIDADE) ,QLFLDOL]HDSDUWLUGHXPGLVSRVLWLYRRXGLVFR

x 1DUUDGRU!21DUUDGRUpXPOHLWRUGHWHODTXHOrWRGRV x $WLYDomR ! ([LEH D HGLomR GR 6LVWHPD RSHUDFLRQDO H


RVHOHPHQWRVGDWHODHERW}HV VHHOHHQFRQWUDVHDWLYDGReSRVVtYHODLQGD$OWHUDUD
&KDYHGR3URGXWR
x /XSD ! $XPHQWD R WDPDQKR GR WH[WR DR SDVVDU GR
x 3DUD GHVHQYROYHGRUHV ! $WLYD UHFXUVRV GR GHVHQYRO
PRXVH
YHGRU
x $OWR FRQWUDVWH ! 3HUVRQDOL]H SDUD H[LELU R WH[WR HP
FRUHVIRUWHHGHVWDFiYHLV
TODOS OS APLICATIVOS
x 7HFODGR!([LEHFRQ¿JXUDo}HVGRVHXWHFODGRItVLFRH
RYLUWXDO ([LEHXPDOLVWDHPRUGHPDOIDQXPpULFDGHWRGRVRVSUR
JUDPDVLQVWDODGRVQRFRPSXWDGRUHV
x 0RXVH!3HUPLWHHVFROKHURWDPDQKRHDFRUGRPRXVH
HDWLYDDVWHFODVVHWDVSDUDPRYHURPRXVH
x 2XWUDVRSo}HV!3HUPLWHDOWHUDURSo}HVYLVXDLVFRPR Barra de pesquisa
DQLPDo}HV H WHOD GH IXQGR QR :LQGRZV HVFROKHU R ([HFXWHSHVTXLVDVUDSLGDPHQWHGLJLWDQGRRWH[WRQDFDL[DGH
WHPSRGHQRWL¿FDo}HVHVSHVVXUDGRFXUVRUHQRWL¿FD SHVTXLVD e SRVVtYHO SURFXUDU DSOLFDWLYRV LQVWDODGRV DUTXLYRV
o}HVYLVXDLV RXSDVWDV&OLFDQGRFRPRERWmRGLUHLWRGRPRXVHVREUHDEDUUD
SDUDQGRRPRXVHVREUHSHVTXLVDUGH¿QDROD\RXWFRPR%DUUDGH
SHVTXLVDtFRQHRXRFXOWR
PRIVACIDADE
x *HUDO!$OWHUDRSo}HVGHSULYDFLGDGH
Botão visão de Tarefas
x /RFDOL]DomR!$WLYDDRSomRGHH[LELomRGHORFDOL]D
omRJHRJUi¿FD 8PDGDVQRYLGDGHVGR:LQGRZVpRERWmR9LVmRGHWDUH
IDVQD%DUUDGH7DUHIDV&OLFDQGRQHVWHERWmRYRFrYHUiWRGDVDV
x &kPHUD!(VFROKHUTXDLVDSOLFDWLYRVSRGHPXVDUVXD MDQHODVDEHUWDVVHQGRH[LELGDVHPPLQLDWXUDV
FkPHUD
x 0LFURIRQH!(VFROKHUTXDLVDSOLFDWLYRVSRGHPXVDUR
PLFURIRQH Barra de Tarefas
x )DOD HVFULWD j WLQWD H GLJLWDomR ! &RQ¿JXUDo}HV GR eDEDUUDTXH¿FDQDSDUWHLQIHULRUGRPRQLWRUQDLQVWDODomR
DSOLFDWLYR&RUWDQDHRXWURVFRQ¿JXUDo}HV SDGUmR1HOD¿FDPDEULJDGRVRERWmRLQLFLDUEDUUDGHSHVTXLVD
ERWmRYLVmRGHWDUHIDVEDUUDGHLGLRPDVHDiUHDGHQRWL¿FDomR
x ,QIRUPDo}HVGDFRQWD!&RQ¿JXUDRFRPSDUWLOKDPHQWR
GHVXDVLQIRUPDo}HVSHVVRDLV
ÈUHDGHQRWL¿FDomR
x &RQWDWRV!'H¿QDTXDLVDSOLFDWLYRVSRGHPDFHVVDURV
&RQWDWRV $ iUHD GH QRWL¿FDomR H[LEH WRGRV RV ³UHFDGRV´ TXH R
:LQGRZVQHFHVVLWDWHLQIRUPDUFRPR%DFNXSDID]HUDQWLYtUXV
x &DOHQGiULR!'H¿QDTXDLVDSOLFDWLYRVSRGHPDFHVVDU GHVDWXDOL]DGR SUREOHPDV GH VHJXUDQoD FRP R )LUHZDOO HWF
R&DOHQGiULR 7DPEpP VmR H[LELGRV tFRQHV GR VLVWHPD FRPR VWDWXV GD VXD
x 6LVWHPDGHPHQVDJHP!SHUPLWHTXHDSOLFDWLYRVOHLDP FRQH[mRFRPD,QWHUQHWFRQWUROHGHYROXPHGRiXGLREDWHULD
HHQYLHPPHQVDJHQVGHWH[WRRX006 SHQGULYHHWF2UHOyJLRGR:LQGRZVH[LEHDGDWDHKRUDH
A solução para seu concurso N oções de I nformática = 51
YRFrSRGHFRQ¿JXUDUSDUDTXHHOHVHMDDMXVWDGRSHOD,QWHUQHW 1R:LQGRZVYRFrSRGHPD[LPL]DUXPDMDQHODFOLFDQGR

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
-i D %DUUD GH ,GLRPDV PRVWUD TXDO D GLVSRVLomR GDV WHFODV GR FRP R PRXVH QD VXD EDUUD GH WtWXOR PDQWHQGR R ERWmR SUHV
VHXWHFODGRHPUHODomRDRLGLRPD6HVHXWHFODGRSRVVXLDWHFOD VLRQDGRDUUHVWDQGRDMDQHODDWpTXHRPRXVHHQFRVWDUQDSDUWH
³d´ HQWmR VHX WHFODGR GHYH VHU FRQ¿JXUDGR FRPR ³3RUWXJXrV VXSHULRUQRPRQLWRU3DUDUHVWDXUDUEDVWDFOLFDUQDEDUUDGHWtWXOR
%UDVLO´H$%17HQDEDUUDGHLGLRPDDSDUHFHUi37FRPRQD GDMDQHODHSX[DUDMDQHODSDUDEDL[R
¿JXUDDEDL[R-iVHVHXWHFODGRQmRSRVVXLHVWDWHFODVHXWHFODGR
2 ~OWLPR ERWmR p R IHFKDU ERWmR FRP XP ; EDVWD FOLFDU
GHYHUiVHUFRQ¿JXUDGRQRLGLRPD³,QJOrV (VWDGRV8QLGRV ´H
QHVWHERWmRHDMDQHODVHUiIHFKDGD
,QWHUQDFLRQDOH%DUUDGH,GLRPDH[LELUi(1
1DSDUWHHVTXHUGDGDEDUUDGHWtWXORKiXPtFRQHUHSUHVHQ
WDQGR R SURJUDPD TXH HVWi VHQGR H[LELGR QDTXHOD MDQHOD QR
Janelas FDVRGR([SORUDGRUGH$UTXLYRVQmRKDYHUitFRQHHVWHtFRQH
)DODPRV DOJXPDV YH]HV HP MDQHOD PDV R TXH p R FRPR VHFKDPDFDL[DGHPHQXGHFRQWUROH&OLFDQGRVREUHRtFRQHGR
IXQFLRQD" SURJUDPDRXQRHVSDoRHPEUDQFRQDSDUWHHVTXHUGDGDEDUUD
QD MDQHOD GR :LQGRZV ([SORUHU p H[LELGR XP PHQX FRP DV
8PDMDQHODpDIRUPDFRPRRVSURJUDPDVVmRH[LELGRVeR
RSo}HVGHFRQWUROHGDMDQHOD PLQLPL]DUPD[LPL]DUUHVWDXUDU
TXDGUDGRRQGHSRGHPRVYHURVWH[WRVSODQLOKDVSiJLQDV:HE
PRYHUWDPDQKRHIHFKDU $WDOKRGHWHFODGRSDUDHVWHPHQXp
IRWRV¿OPHVHWF
$/7 %$55$ '( (63$d2 e SRVVtYHODLQGDXWLOL]DUR WH
FODGRSDUDQDYHJDUHQWUHDVMDQHODVDEHUWDV8WLOL]DQGRDVWHFODV
$/77$%RVLVWHPDPRVWUDWRGDVDVMDQHODVDEHUWDVHFDGD
YH] TXH SUHVVLRQD D WHFOD 7$% VHP VROWDU R GHGR QR $/7 p
H[LELGRXPDjXPDWRGDVDVMDQHODVDEHUWDV8PDPLQLDWXUDGD
MDQHODpH[LELGRQRFHQWURGDWHODTXDQGRFKHFDUDMDQHODTXH
YRFrSUHFLVDEDVWDVROWDURGHGRGR$/7DHODVHPD[LPL]DUiVH
WRUQDQGRDWLYD
2XWUDIRUPDGHQDYHJDUHQWUHDVMDQHODVDWUDYpVGRWHFODGR
p XWLOL]DQGR DV WHFODV $/7  (6& GLIHUHQWHPHQWH GR PRGR
DQWHULRU DR SUHVVLRQDU DV WHFODV PHQFLRQDGDV DV MDQHODV VmR
PD[LPL]DGDV DXWRPDWLFDPHQWH QmR Ki D RSomR GH HVFROKD GD
MDQHODVHTXHQFLDOPHQWHDVMDQHODVVmRH[LELGDVDSyVFDGDWRTXH
TXHVHGiQR(6&FRPR$/7SUHVVLRQDGR
$ WHUFHLUD IRUPD p XWLOL]DQGR XP UHFXUVR GR :LQGRZV 
FKDPDGR$(52FRPHOHpSRVVtYHOYLVXDOL]DUDVPLQLDWXUDVGDV
MDQHODHHVFROKHUSDUDTXDOVHGHVHMDLUVHPHOKDQWHDRSULPHLUR
8PD MDQHOD SRVVXL D FDL[D PHQX GH FRQWUROH   EDUUD GH PRGRXWLOL]DVHDVWHFODV:LQ.H\7$%
WtWXOR  ERW}HVGHFRQWUROH H HEDUUDVGHGHVORFDPHQWR 4XDQGR Ki PXLWDV MDQHODV PD[LPL]DGDV H QHFHVVLWDU PLQL
YHUWLFDOHKRUL]RQWDO  
PL]DUWRGDVHODVPHQRVDMDQHODDWLYDEDVWDFOLFDUQDEDUUDGH
3HODEDUUDGHWtWXORVSRGHPRVYHUTXDOpRSURJUDPDTXHHVWi WtWXORHFKDFRDOKDUDMDQHODGHVWDIRUPDWRGDVDVRXWUDVVHUmR
VHQGRH[HFXWDGRQDTXHODMDQHODHRQRPHGRDUTXLYR PLQLPL]DGDV 6H ¿]HU QRYDPHQWH HVWH SURFHGLPHQWR WRGDV DV
6mR WUrV ERW}HV UHVSRQViYHLV SHOR FRQWUROH GH XPD MDQHOD MDQHODVYROWDUmRDRVHXHVWDGRDQWHULRURXVHMDDVTXHHVWDYDP
PLQLPL]DUUHVWDXUDUPD[LPL]DUHIHFKDU PD[LPL]DGDV YROWDP QHVWD FRQGLomR H PRGR VHPHOKDQWH DV
MDQHODV UHVWDXUDGDV YROWDUmR D HVWH OD\RXW 1R WHFODGR EDVWD
XWLOL]DU DV WHFODV :LQ.H\  +20( SDUD PLQLPL]DU WRGDV DV
MDQHODVPHQRVDDWLYD3UHVVLRQDQGRQRYDPHQWHHVWHGXSODGH
WHFODWRGDVDVMDQHODVYROWDUmRDRVHXHVWDGRDQWHULRU
2ERWmRPLQLPL]DUUHGX]LUiDMDQHODHPVHXWDPDQKRPtQL
PRTXHpRERWmRQDEDUUDGHWDUHIDVHODQmRVHUiPDLVH[LELGD 1R :LQGRZV  XPD GDV QRYLGDGHV p D iUHD GH WUDED
DWpTXHYRFrFOLTXHQRERWmRUHIHUHQWHDRSURJUDPDSDUDTXHD OKR YLUWXDO RQGH p SRVVtYHO FULDU QRYDV iUHDV GH WUDEDOKR
MDQHODYROWHDRVHXHVWDGRDQWHULRUH[LELQGRVHXFRQWH~GR ODGRDODGR H RUJDQL]DU GH IRUPD PHOKRU VXDV WDUHIDV H
DWLYLGDGHV
2ERWmRGRPHLRUHVWDXUDUPD[LPL]DUWHPGXDVIXQo}HVH
VXDLPDJHPWDPEpPDOWHUDFRQIRUPHVXDVLWXDomR
4XDQGRXPDMDQHODHVWiPD[LPL]DGDHODHVWiHPWDPDQKR Outros atalhos de teclado:
Pi[LPRSUHHQFKHQGRWRGRRHVSDoRH[LVWHQWHGRPRQLWRUWDQWR WinKey + Tab o$EUHDYLVXDOL]DomRGDViUHDVYLUWXDLVH
QDVODWHUDLVTXDQWRQDSDUWHVXSHULRUHLQIHULRUGRPRQLWRU$MD PRVWUDDSHQDVDVMDQHODVDEHUWDVQRGHVNWRSDWXDO
QHOD¿FDFRPSOHWDPHQWHHQFRVWDGDRXHQFDL[DGDQDVERUGDVGR
PRQLWRUHVHXtFRQHpUHSUHVHQWDGRSRUGXDVFDL[DVVREUHSRVWDV Alt + Tab o 1DYHJD HQWUH DV MDQHODV DEHUWDV QR GHVNWRS
XPDVREUHDRXWUD DWXDOHSHUPLWHDOWHUQDUHQWUHHODV$RVROWDURDWDOKRDMDQHOD
VHOHFLRQDGDpH[LELGDHPSULPHLURSODQR
4XDQGR D MDQHOD HQFRQWUDVH UHVWDXUDGD VLJQL¿FD TXH HOD
HVWi GHVHQFDL[DGD GR PRQLWRU HOD HVWi VROWD ÀXWXDQGR H SRGH WinKey + Ctrl + D o &ULD XP QRYR GHVNWRS YLUWXDO H
VHUUHGLPHQVLRQDGDSDUDTXDOTXHUWDPDQKRHWDPEpPSRGHVHU DOWHUQDSDUDHOH
PRYLGDSDUDTXDOTXHUSRVLomRGDVXDiUHDGHWUDEDOKR6RPHQWH
WinKey + Ctrl + F4 o)HFKDRGHVNWRSYLUWXDOTXHHVWi
DV MDQHODV UHVWDXUDGDV SRGHP VHU PRYLGDV H UHGLPHQVLRQDGDV
VHQGRXVDGR
H VHX tFRQH p XPD FDL[D TXDGUDGR  e SRVVtYHO PD[LPL]DU H
UHVWDXUDUXPDMDQHODDSHQDVHIHWXDQGRXPGXSORFOLTXHFRPR WinKey + Ctrl + tecla direcionais esquerda/direita o
PRXVHQDEDUUDGHWtWXOR $OWHUQDHQWUHRVGHVNWRSVYLUWXDLV
52 = Noções de Informática A solução para seu concurso

$JUXSHDSOLFDWLYRVHPiUHDVGHWUDEDOKR 2([SORUDGRUGR:LQGRZVH[LEHWRGRVRVGLVSRVLWLYRV GULYHV 

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
$JUXSHDSOLFDWLYRVSDUDRTXHYRFrTXLVHUFULDQGRiUHDVGH H[LVWHQWHVHTXDQGRVHOHFLRQDGRQRODGRHVTXHUGRH[LEHWRGR
WUDEDOKRYLUWXDLV6HOHFLRQHVisão de tarefasQDEDUUDGHWDUHIDV R VHX FRQWH~GR GR ODGR GLUHLWR e SRVVtYHO DOWHUDU D IRUPD GH
HGHSRLVNova área de trabalhoHDEUDRVDSOLFDWLYRVGHTXH H[LELURVREMHWRVGRODGRGLUHLWRHPtFRQHVH[WUDJUDQGHVtFRQHV
SUHFLVD JUDQGHVtFRQHVPpGLRVtFRQHVSHTXHQRVOLVWDGHWDOKHVODGRD
ODGRHFRQWH~GR
3DUD PRYHU DSOLFDWLYRV HQWUH iUHDV GH WUDEDOKR YLUWXDLV
VHOHFLRQHVisão de tarefasHDUUDVWHRDSOLFDWLYRTXHTXLVHUGH 4XDQGRR([SORUDGRUGH$UTXLYRVIRUDEHUWRYRFrHQWUDUi
XPDiUHDGHWUDEDOKRSDUDRXWUD2XFULHRXWUDiUHDGHWUDEDOKR QR$FHVVRUiSLGR(VVHpROXJDURQGHYRFrHQFRQWUDRVDUTXLYRV
YLUWXDODUUDVWDQGRXPDSOLFDWLYRSDUDDNova área de trabalho. HPTXHHVWHYHWUDEDOKDQGRHDVSDVWDVXVDGDVFRPIUHTXrQFLD
(VWDVVmRDOJXPDVPDQHLUDVGHSHUVRQDOL]DUR$FHVVRUiSLGR
x )L[H XPD SDVWD Oi SDUD WrOD VHPSUH j PmR &OLTXH FRP R
ERWmR GLUHLWR GR PRXVH RX SUHVVLRQH H VHJXUH  QD SDVWD H
VHOHFLRQHFixar no Acesso rápido.
x 5HPRYDXPDUTXLYRRXSDVWDGR$FHVVRUiSLGR FRPRDOLVWD
GHSUHVHQWHVGHDQLYHUViULRSDUD6WDQ %DVWDFOLFDUFRPR
ERWmR GLUHLWR H VHOHFLRQDU Remover do Acesso rápido 2
DUTXLYR RX SDVWD  QmR DSDUHFHUi PDLV Oi PHVPR VH YRFr
XViORWRGRVRVGLDV
x 'HVDWLYH DUTXLYRV UHFHQWHV H SDVWDV IUHTXHQWHV SDUD TXH
VRPHQWHVXDVSDVWDV¿[DVDSDUHoDPQR$FHVVRUiSLGR6H
OHFLRQHExibir!OpçõesHHPPrivacidadeGHVPDUTXHDV
FDL[DVGHVHOHomRHVHOHFLRQHAplicar 6HYRFrUHDWLYDORV
PDLV WDUGH RV LWHQV UHPRYLGRV GR $FHVVR UiSLGR FRPR D
OLVWDGHSUHVHQWHVGH6WDQ SRGHPDSDUHFHUOiQRYDPHQWH 

Continuum e touch
OneDrive no seu computador
8VHVHXFRPSXWDGRUFRPRXPWDEOHW
2QH'ULYH p XP DUPD]HQDPHQWR RQOLQH JUDWXLWR TXH YHP
2 PRGR WDEOHW GHL[D R :LQGRZV PDLV IiFLO H LQWXLWLYR GH FRPVXDFRQWDGD0LFURVRIWHHVWiLQWHJUDGRDR([SORUDGRUGH
XVDU FRP WRXFK HP GLVSRVLWLYRV WLSR FRQYHUVtYHLV RX TXDQGR $UTXLYRV3DUDVDEHUPDLVFRQ¿UD2QH'ULYHQRVHXFRPSXWDGRU
YRFrQmRTXHUXVDUWHFODGRHPRXVH3DUDDWLYDURPRGRWDEOHW
VHOHFLRQHFHQWUDOGHDo}HVQDEDUUDGHWDUHIDVHVHOHFLRQH0RGR
WDEOHW. 7UDQV¿UDFRLVDVSDUDVHXFRPSXWDGRUWHOHIRQHHWDEOHW
1RPRGRWDEOHWRPHQX,QLFLDUHRVDSOLFDWLYRV LQFOXLQGR 7HQKDVXDVP~VLFDVIRWRVHDUTXLYRVHPVHXFRPSXWDGRU
SURJUDPDVDQWLJRV VmRDEHUWRVHPWHODLQWHLUDRTXHRIHUHFHD WHOHIRQH H WDEOHW DXWRPDWLFDPHQWH PHVPR VH YRFr WLYHU XP
YRFrPDLVHVSDoRSDUDWUDEDOKDU3DUDXVDUGRLVDSOLFDWLYRVODGR WHOHIRQHRXWDEOHW$QGURLGXPL3KRQHRXXPL3DG2DSOLFDWLYR
DODGRDUUDVWHXPDSOLFDWLYRSDUDXPODGR9RFrYHUiRQGHHOH &RPSOHPHQWR SDUD 7HOHIRQH QR :LQGRZV  DMXGDUi YRFr D
VHUiDMXVWDGRMXQWDPHQWHFRPTXDOTXHUDSOLFDWLYRTXHHVWLYHU ID]HUDFRQ¿JXUDomRSDUDTXHVHXFRQWH~GRHVWHMDHPWRGRVRV
DEHUWRTXHSRVVDVHDMXVWDUGRODGRGHOH8VHRERWmR9ROWDUQD VHXVGLVSRVLWLYRVVHPDQHFHVVLGDGHGHFDERV
EDUUDGHWDUHIDVSDUDHQWUDUQRYDPHQWHHPXPDSOLFDWLYRRXSDUD %DVWD DEULU &RPSOHPHQWR SDUD 7HOHIRQH HP ,QLFLDU  !
YROWDU DR DSOLFDWLYR DQWHULRU TXH YRFr HVWDYD XVDQGR 4XDQGR Todos os aplicativosRXSHVTXLVDU&RPSOHPHQWRSDUD7HOHIRQH
WLYHUWHUPLQDGRGHWUDEDOKDUHPXPGHOHVDUUDVWHRDSOLFDWLYR QDFDL[DGHSHVTXLVDQDEDUUDGHWDUHIDV
SDUDDSDUWHLQIHULRUGDWHODSDUDIHFKiOR

6XDVFRLVDVHVWmROiHPWRGRVRVVHXVGLVSRVLWLYRV
3URJUDPDV(PEXWLGRV
9HMDRTXHHVWDUiGLVSRQtYHOQRVHXFRPSXWDGRUWHOHIRQHH
$OJXQV SURJUDPDV Mi YrP LQVWDODGRV MXQWDPHQWH FRP R WDEOHWDVVLPTXHDVFRQ¿JXUDo}HVHVWLYHUHPSURQWDV
:LQGRZV HVWHV SURJUDPDV VmR FKDPDGRV GH DFHVVyULRV 2V
Fotos&RPDRSomRGHXSORDGGHFkPHUDQRDSOLFDWLYR2QH
SURJUDPDV DFHVVyULRV WrP IXQFLRQDOLGDGHV GLYHUVDV H VHUYHP
'ULYHWRGDVDVIRWRVWLUDGDVQRVHXWHOHIRQHRXWDEOHWWDPEpP
SDUDDX[LOLDUHPDOJXPDVWDUHIDVGRGLDDGLDPDQXWHQomRGR
DSDUHFHUmRDXWRPDWLFDPHQWHQRDSOLFDWLYR)RWRVGRFRPSXWDGRU
FRPSXWDGRUHWF
:LQGRZV
0HPRUL]DUTXDLVVmRHVWHVSURJUDPDVpXPDERDSUiWLFDGH
Música 6DOYH VHXV DUTXLYRV GH P~VLFD QR 2QH'ULYH H
HVWXGRHPYiULDVTXHVW}HVGHFRQFXUVRS~EOLFRIRUDPVROLFLWD
UHSURGX]DRVHPTXDOTXHUOXJDUJUDWXLWDPHQWH
GRVLQIRUPDo}HVVREUHHVWHVSURJUDPDV
$QRWDo}HVHGRFXPHQWRVGR2I¿FH)DoDXPDDQRWDomRQR
2QH1RWHHPVHXFRPSXWDGRUWHOHIRQHRXWDEOHWHWRGRVHVWDUmR
Explorador do Windows VLQFURQL]DGRV2PHVPRYDOHSDUDGRFXPHQWRVGR2I¿FH1mR
3DUDYHUWRGRVRVDUTXLYRVQRFRPSXWDGRUVHOHFLRQHRtFRQH KiDQHFHVVLGDGHGHPRYHUDUTXLYRVRXPHVFODUDOWHUDo}HVPDLV
GRExplorador de ArquivosQDEDUUDGHWDUHIDVRXSUHVVLRQHD WDUGH
WHFODGRORJRWLSRGR:LQGRZV (QRWHFODGR $SOLFDWLYRVTXHIXQFLRQDPHPTXDOTXHUOXJDU
4XHVW}HV HQYROYHQGR R :LQGRZV ([SORUHU VmR IDFLOPHQWH 2&RPSOHPHQWRSDUD7HOHIRQHWDPEpPPRVWUDUiFRPRFRQ
HQFRQWUDGDVHPSURYDVVREUH:LQGRZV ¿JXUDURXWURVDSOLFDWLYRVTXHIXQFLRQDPHPVHXVGLVSRVLWLYRV
A solução para seu concurso N oções de I nformática = 53
Outlook7HQKDVHXHPDLOFDOHQGiULRFRQWDWRVHDUTXLYRV 4XDQGRSOXJDPRVXPSHQGULYHQDSRUWD86%R:LQGRZVR

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
GHWRGDVDVVXDVFRQWDVQRDSOLFDWLYR2XWORRNSDUDWHOHIRQHRX GHWHFWDDWUDYpVGRVLVWHPDSOXJLQSOD\PDSHLDHVWHGLVSRVLWLYR
WDEOHW$QGURLGL3KRQHRXL3DG DWULEXLQGR D HOH XPD OHWUD H GHVWD IRUPD p SRVVtYHO DFHVVDOR
Skype)DoDFKDPDGDVGHYtGHRHHQYLHPHQVDJHQVJUDWXL SDUD PDQLSXODU TXDOTXHU REMHWR SDUD HOH RX UHWLUDU GHOH 2V
WDPHQWHSRU:L)L FDUW}HVGHPHPyULDIXQFLRQDPGDPHVPDIRUPD
$OpP GRV FRPDQGRV Recortar &75/;  Copiar
&75/& HColar &75/9 pSRVVtYHOPDQLSXODUDUTXLYRV
SDVWDV RX SURJUDPDV GLUHWDPHQWH DUUDVWDQGR H VROWDQGR HVWHV
REMHWRVGRORFDOGHRULJHPSDUDRORFDOGHGHVWLQRXWLOL]DQGRR
PRXVH3DUDLVVRR:LQGRZVHVWDEHOHFHXPDUHJUDTXHGHYHVHU
REVHUYDGR

x 4XDQGRRVORFDLVGHRULJHPHGHVWLQRHVWLYHUHPGHQWUR
GRPHVPRGULYHR:LQGRZVPRYLPHQWDRREMHWRVHOH
FLRQDGRTXDQGRDUUDVWDGRFRPRPRXVH
x 4XDQGR RV ORFDLV GH RULJHP H GHVWLQR HVWLYHUHP HP
GULYHVGLIHUHQWHVR:LQGRZVFRSLDUiRREMHWRTXDQGR
DUUDVWDGRSHORPRXVH
9DPRV H[HPSOL¿FDU GL]HQGR TXH XP DUTXLYR FXUUtFXOR
GRF[HVWiQDELEOLRWHFDGRFXPHQWRVHYRFrDUUDVWDHVROWDSDUD
RVHXSHQGULYH/HPEUDQGRTXHFDGDORFDOGHDUPD]HQDPHQWR
GLVSRVLWLYR R:LQGRZVFULDXPGULYHGLIHUHQWHGHVWDIRUPDR
SHQGULYHpXPGULYHGLIHUHQWHGR+'RQGH¿FDPDUPD]HQDGDV
VXDVELEOLRWHFDV8WLOL]DQGRDVUHJUDVDFLPDSRGHPRVFRQFOXLU
TXHRDUTXLYRFXUUtFXORGRF[VHUiFRSLDGRSDUDRSHQGULYHHP
YLUWXGHGHVHUHPGULYHVRXGLVSRVLWLYRVGLIHUHQWHV
6HPSUHTXHHXTXLVHUFULDUXPDWDOKR OLQN EDVWDSUHVVLRQDU
DWHFOD $/7 HQTXDQWRDUUDVWRRREMHWRGHVWDIRUPDR:LQGR
ZVQmRLUiPRYHUQHPFRSLDUVHUiFULDGRXPOLQNGRORFDOGH
RULJHPSDUDRORFDOGHGHVWLQR
$ ÈUHD GH 7UDQVIHUrQFLD p XPD iUHD GH DUPD]HQDPHQWR
WHPSRUiULRGHLQIRUPDo}HVTXHYRFrFRSLRXRXPRYHXGHXP
OXJDUHSODQHMDXVDUHPDOJXPRXWUROXJDU
9RFr SRGH VHOHFLRQDU WH[WR RX HOHPHQWRV JUi¿FRV H HP
VHJXLGDXVDURVFRPDQGRV5HFRUWDURX&RSLDUSDUDHQYLDUVXD
VHOHomRSDUDDÈUHDGH7UDQVIHUrQFLDRQGHHODVHUiDUPD]HQDGD
DWpTXHYRFrXVHRFRPDQGR&RODUSDUDLQVHULODHPDOJXPRXWUR
ORFDO

CLICAR – ARRASTAR E SOLTAR


(DRAG AND DROP)

MESMO DRIVE DRIVE DISTINTO

029,0(17$ &23,$

&75/±&23,$ 6+,)7±029,0(17$

$/7±&5,$$7$/+2 $/7±&5,$$7$/+2

3DUDGHOHWDUXPDUTXLYREDVWDFOLFDUVREUHHOHFRPRERWmR
SULPiULR GR PRXVH H SUHVVLRQDU D WHFOD '(/ RX '(/(7( QR
WHFODGRHR:LQGRZVWHTXHVWLRQDUiVHGHVHMDUHDOPHQWHHQYLDU
R REMHWR VHOHFLRQDGR SDUD D OL[HLUD 5HSDUH TXH VRPHQWH RV
DUTXLYRV DUPD]HQDGRV QRV GLVFRV UtJLGRV +'  VmR HQYLDGRV
SDUDDOL[HLUDDUTXLYRVTXHHVWLYHUHPHPFDUW}HVGHPHPyULD
SHQGULYH RX HP RXWURV FRPSXWDGRUHV R DUTXLYR VHUi H[FOXtGR
SHUPDQHQWHPHQWH
2:LQGRZVFULDXP'ULYHLGHQWL¿FDGRSRUXPDOHWUDSDUD 2VREMHWRVTXHHVWLYHUHPQDOL[HLUDSRGHUmRVHUUHVWDXUDGRV
FDGD GLVSRVLWLYR GH DUPD]HQDPHQWR FRQHFWDGR D HOH 1D ¿JXUD DTXDOTXHUPRPHQWRDWpTXHVHHVYD]LHDOL[HLUD3DUDUHVWDXUDU
DFLPDWHPRVWUrV'LVFRV5tJLGRVOHWUDV&'H(RGULYHGH XP REMHWR EDVWD VHOHFLRQDU H FOLFDU HP UHVWDXUDU QD EDUUD GH
'9')XPGLVFRUHPRYtYHO*HXP3HQGULYH+WRGRVHVWHVVmR IHUUDPHQWDVGR:LQGRZV([SORUHUHRREMHWRYROWDUiDRORFDOGH
ORFDLVRQGHpSRVVtYHODUPD]HQDVSURJUDPDVSDVWDVHDUTXLYRV RULJHPDQWHVGHVHUGHOHWDGR
54 = Noções de Informática A solução para seu concurso

Diferença entre Arquivos

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
 $YHUVmRHPVHXFRPSXWDGRUHVWiIRUDGHVLQFURQLD3DUD
&DGDDSOLFDWLYRFULDXPWLSRGHDUTXLYRGLIHUHQWHGHRXWUR GHVFREULURPRWLYRYiSDUDRODGRGLUHLWRGDEDUUDGHWDUHIDV
DSOLFDWLYR(GLWRUHVGHWH[WRJHUDPWLSRVGHDUTXLYRVTXHQmR FOLTXHFRPRERWmRGLUHLWRGRPRXVH RXSUHVVLRQHHVHJXUH QR
VHUDEHUWRVSRUWRFDGRUHVGHP~VLFD([LVWHPDUTXLYRVGHIRWRV tFRQH2QH'ULYH HVHOHFLRQH([LELUSUREOHPDVGHVLQFURQL
¿OPHVDSUHVHQWDo}HV3RZHU3RLQWSODQLOKDVHWF ]DomR
&DGDDSOLFDWLYRFULDVHXSUySULRWLSRHVmRLGHQWL¿FDGRVSRU
DOJXPDV OHWUDV LQVHULGDV DXWRPDWLFDPHQWH SHOR 6LVWHPD 2SH Grupo Doméstico
UDFLRQDO QR ¿QDO GR QRPH TXH YRFr DWULEXLX DR DUTXLYR 'RLV
DUTXLYRV FRP R PHVPR QRPH H PHVPD H[WHQVmR QmR SRGHP 3DUDIDFLOLWDURFRPSDUWLOKDPHQWRGHDUTXLYRVHLPSUHVVR
¿FDUQDPHVPDSDVWD UDVR:LQGRZVWUiVXPDFRQ¿JXUDomRTXHpPXLWR~WLOR
JUXSR GRPpVWLFR 6HPSUH TXH YRFr FRQ¿JXUDU XP FRQH[mR
$OJXQVFDUDFWHUHVHVSHFLDLVnãoSRGHUmRVHUXWLOL]DGRVSDUD GHUHGHFRPRVHQGR³GRPHVWLFD´VHUiSRVVtYHOFULDUXPVHQKD
QRPHDUXPDSDVWDRXDUTXLYR HWRGRVRVGLVSRVLWLYRVFRQHFWDGRVQHVWDUHGHSRGHUmRWURFDU
\ / ? : * “ > < | LQIRUPDo}HVIDFLOPHQWHLVWRSRUTXHRSUySULR:LQGRZVFRQ
¿JXUDVXDUHGH
$OJXQV QRPHV XWLOL]DGRV SHOR 6LVWHPD 2SHUDFLRQDO WDP
EpPQmRSRGHPVHUXWLOL]DGRVSDUDQRPHDUSDVWDVRXDUTXLYRV
&21 351 $8; &/2&. 18/ &20 &20 Windows Backup
&20 &20 &20 &20 &20 &20 &20 2:LQGRZVWDPEpPWUiVMXQWDPHQWHFRPDUHVWDXUDomRGH
&20 /37 /37 /37 /37 /37 /37 /37 VLVWHPDXPDFRQ¿JXUDomRGHEDFNXSDXPHQWDQGRDVHJXUDQoD
/37/37/37 GRVVHXVGDGRV
4XDQWRDTXDQWLGDGHGHFDUDFWHUHVSRVVtYHLVSDUDVHQRPHDU
XPDUTXLYRLVVRGHSHQGHGRWDPDQKRGRFDPLQKRFRPSOHWRSDUD %URZVHUQDYHJDGRU0LFURVRIW(GJH
R QRPH TXH DUTXLYR WHUi FRPR &?XVXiULR?QRPHBGRBXVXDULR?
GRFXPHQWRV?QRPH GR DUTXLYRH[WHQVmR  2 :LQGRZV OLPLWD 20LFURVRIW(GJHpRSULPHLURQDYHJDGRUTXHSHUPLWHID]HU
XP~QLFRFDPLQKRD260 caractereseSRULVVRTXHYRFrSRGH DQRWDo}HVHVFUHYHUUDELVFDUHUHDOoDUGLUHWDPHQWHHPSiJLQDV
RFDVLRQDOPHQWHHQFRQWUDUXPHUURDRFRSLDUXPDUTXLYRFRP GD:HE8VHDOLVWDGHOHLWXUDSDUDVDOYDUVHXVDUWLJRVIDYRULWRV
XPQRPHPXLWRORQJRSDUDXPORFDOTXHSRVVXDXPFDPLQKR SDUDPDLVWDUGHHOrORVQRPRGRGHOHLWXUD
PDLVORQJRGRTXHRORFDORULJLQDOGRDUTXLYR 2QGHYRFrSRGHGLJLWDUWDPEpPSRGHHVFUHYHU
2 0LFURVRIW (GJH QmR p R ~QLFR DSOLFDWLYR HP TXH YRFr
Principais aplicativos acessórios e suas extensões SRGH HVFUHYHU 8VH VXD FDQHWD HOHWU{QLFD R GHGR RX R PRXVH
SDUD HVFUHYHU HP WRGRV RV OXJDUHV RQGH DQWHV YRFr GLJLWDYD
%ORFRGH1RWDVW[WV\VEDWKWPO
2X VLPSOHVPHQWH UDELVTXH QR 2QH1RWH 1mR FRQWDUHPRV D
3DLQWSQJEPSMSJJLIWLII QLQJXpP
:RUG3DGUWIGRF[RGWHW[W
Windows Hello
3DFRWH2I¿FHH 6H HOH HVWLYHU GLVSRQtYHO HP VHX GLVSRVLWLYR R :LQGRZV
06:RUGGRF[GRW[UWIW[WSGI +HOORPXGDUiRPRGRGHHQWUDUQRVLVWHPD±HOHXVDVHXURVWRRX
LPSUHVVmRGLJLWDOHPYH]GHXPDVHQKD9iSDUD&RQ¿JXUDo}HV
06([FHO[OV[SGI !&RQWDV!2So}HVGHHQWUDGDSDUDFRQ¿JXUiOR
063RZHU3RLQWSSW[SSV[SGI
7RGDVDVVXDVIRWRVHPXPVyOXJDU
Impressão de documentos 2 DSOLFDWLYR )RWRV UH~QH WRGDV DV VXDV IRWRV H YtGHRV HP
eSRVVtYHOLQVWDODUHFRQ¿JXUDUYiULDVLPSUHVVRUDVQR:LQ XP~QLFRORFDO'HVHXWHOHIRQHFRPSXWDGRUH2QH'ULYH(P
GRZV(QWUHWRGDVDVLPSUHVVRUDVLQVWDODGDVVHPSUHKDYHUi VHJXLGDHOHRUJDQL]DVXDVPHPyULDVHPiOEXQVSDUDYRFrDSUR
XPD³LPSUHVVRUDSDGUmR´2:LQGRZVPDQWpPWRGDVDVLPSUHV YHLWDUHFRPSDUWLOKDU
V}HVDVHUHPUHDOL]DGDVQDFKDPDGD³¿ODGHLPSUHVVmR´HVWD¿OD
HVWiGLVSRQtYHOHP,QLFLDU3DLQHOGH&RQWUROH+DUGZDUHH6RQV Proteja seu computador
HHP,PSUHVVRUD&OLFDQGRGXDVYH]HVVREUHDLPSUHVVRUDTXHVH
PDQGRXLPSULPLUHD¿ODVHUiH[LELGD1HVWD¿ODpSRVVtYHOYHU 2:LQGRZVHVWiPDLVVHJXURHSURWHJLGRJUDoDVDR:LQ
VHXVWDWXVRSURSULHWiULRGRGRFXPHQWRDVSiJLQDVDVHUHPLP GRZV'HIHQGHUHDR)LUHZDOOGR:LQGRZV4XDQGRYRFrLQLFLD
SUHVVDVHpSRVVtYHOFDQFHODUH[LELUUHLQLFLDUSDXVDUFRQWLQXDU R :LQGRZV  SHOD SULPHLUD YH] R :LQGRZV 'HIHQGHU HVWi
RXFDQFHODURVWUDEDOKRVGHLPSUHVVmR DWLYDGRHWUDEDOKDQGRSDUDSURWHJHUVHXFRPSXWDGRUSURFXUDQGR
SRUVRIWZDUHPDOLQWHQFLRQDGR(OHVHUiGHVOLJDGRDXWRPDWLFD
PHQWHVHYRFrLQVWDODURXWURDSOLFDWLYRDQWLYtUXV
Sincronização das pastas
2:LQGRZVVLQFURQL]DDXWRPDWLFDPHQWHVXDVSDVWDVGR 2 :LQGRZV 'HIHQGHU XVD SURWHomR HP WHPSR UHDO SDUD
FRPSXWDGRUFRPVHX2QH'ULYHHLGHQWL¿FDGHIRUPDIiFLORTXH YHUL¿FDUWXGRRTXHYRFrEDL[DRXH[HFXWDQRVHXFRPSXWDGRU
HVWiVLQFURQL]DGR 'HVDWLYHDSURWHomRHPWHPSRUHDOWHPSRUDULDPHQWHLQGRSDUD
 (VWiVLQFURQL]DGRFRPDYHUVmRRQOLQH
,QLFLDU  H VHOHFLRQDQGR &RQ¿JXUDo}HV > Atualização e
 (VWiHQWUDQGRHPVLQFURQLD VHJXUDQoD!:LQGRZV'HIHQGHU.
A solução para seu concurso N oções de I nformática = 55
2)LUHZDOOGR:LQGRZV¿OWUDLQIRUPDo}HVTXHFKHJDPDR (VFUHYDHPSiJLQDVGD:HE

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
VHXFRPSXWDGRUGD,QWHUQHWEORTXHDQGRSURJUDPDVSRWHQFLDO 20LFURVRIW(GJHpR~QLFRQDYHJDGRUTXHSHUPLWHTXHYRFr
PHQWHSUHMXGLFLDLV3DUDGHVDWLYiORYiSDUDDFDL[DGHSHVTXLVD
IDoD DQRWDo}HV JUDYDo}HV UDELVFRV H UHDOFHV GLUHWDPHQWH HP
HGLJLWH¿UHZDOO(PVHJXLGDVHOHFLRQH)LUHZDOOGR:LQGRZV!
SiJLQDVGD:HE(PVHJXLGDYRFrSRGHVDOYDUHFRPSDUWLOKDU
$WLYDURXGHVDWLYDUR)LUHZDOOGR:LQGRZV
VHX WUDEDOKR GH WRGDV DV IRUPDV XVXDLV )DoD DQRWDo}HV HP
UHFHLWDV HQYLH ³GLFDV VXWLV´ D VHX SDUFHLUR VREUH SUHVHQWHV GH
Windows Hello DQLYHUViULRRXDSHQDVGHVHQKHELJRGHVHPFHOHEULGDGHV$:HE
2:LQGRZV+HOORpXPDPDQHLUDPDLVSHVVRDOGHHQWUDUHP DJRUDpVXDWHODGHSLQWXUD
GLVSRVLWLYRVTXHXVDPR:LQGRZV%DVWDVHXROKDURXWRXFK 6HOHFLRQH &ULDU XPD DQRWDomR :HE para começar a
9RFr UHFHEHUi VHJXUDQoD GH QtYHO HPSUHVDULDO VHP SUHFLVDU DGLFLRQDUjSiJLQDHPTXHYRFrestá.
GLJLWDUXPDVHQKD
&RPR R :LQGRZV +HOOR PDQWpP PLQKDV LQIRUPDo}HV HP
SDUWLFXODU" 8VHDCanetaSDUDHVFUHYHUFRPVXDWHODWRXFKRXPRXVH
RealceRX'LJLWH XPDDQRWDomRHCompartilhe-a.
$ PDLRULD GRV FRPSXWDGRUHV FRP OHLWRUHV GH LPSUHVVmR
GLJLWDO Mi HVWi SURQWD SDUD XVDU R :LQGRZV +HOOR H PDLV GLV
SRVLWLYRVTXHSRGHPUHFRQKHFHUVXDIDFHHtULVVHUmRODQoDGRV /HYHVXDOHLWXUDFRPYRFr
HPEUHYH
$ OLVWD GH OHLWXUD RIHUHFH XP ORFDO SDUD VDOYDU DUWLJRV RX
9i SDUD ,QLFLDU  H VHOHFLRQH &RQ¿JXUDo}HV ! &RQWDV ! RXWURFRQWH~GRTXHYRFrTXHLUDOHUPDLVWDUGH±QR{QLEXVQR
2So}HVGHHQWUDGDSDUDFRQ¿JXUDUR:LQGRZV+HOOR(P:LQ ¿QDOGHVHPDQDVHPSUHTXHGHVHMDU
GRZV+HOORYRFrYHUiRSo}HVSDUDIDFHLPSUHVVmRGLJLWDORX
tULVVHRFRPSXWDGRUWLYHUXPOHLWRUGHLPSUHVVmRGLJLWDORXXPD %DVWDVHOHFLRQDU$GLFLRQDUDRVIDYRULWRVRXjOLVWDGHOHLWXUD
FkPHUD FRPSDWtYHO 'HSRLV GH WXGR FRQ¿JXUDGR EDVWD YRFr !/LVWDGHOHLWXUD!$GLFLRQDU4XDQGRYRFrHVWLYHUSURQWRSDUD
SDVVDURGHGRRXROKDUUDSLGDPHQWHSDUDHQWUDU OHUYiSDUDR+XEHVHOHFLRQH/LVWDGHOHLWXUD
2EVHUYDomR 8P 3,1 SRGHUi VHU VROLFLWDGR DQWHV GH YRFr
FRQ¿JXUDUR:LQGRZV+HOOR Leia com menos distrações
3DUDXPOD\RXWOLPSRHVLPSOHVVHOHFLRQH0RGRGHOHLWXUD
&RQKHoDR0LFURVRIW(GJH QDEDUUDGHHQGHUHoRVSDUDWUD]HUWXGRRTXHYRFrHVWiOHQGR
%HPYLQGR j PDLV QRYD PDQHLUD GH QDYHJDU QD :HE 2 SDUD IUHQWH H SDUD R FHQWUR 9RFr SRGH DWp PHVPR DOWHUDU R
0LFURVRIW(GJHSURSRUFLRQDDYRFrQRYDVPDQHLUDVGHHQFRQ HVWLORGRPRGRGHOHLWXUDHRWDPDQKRGDIRQWHFRQIRUPHVXDV
WUDUFRQWH~GROHUHHVFUHYHUQD:HE3DUDFRQWLQXDUVHOHFLRQH SUHIHUrQFLDV6HOHFLRQH0DLVDo}HV !&RQ¿JXUDo}HV
0LFURVRIW(GJH QDEDUUDGHWDUHIDV
Como funciona o Filtro SmartScreen?
Hub: todas as suas coisas em um só local À PHGLGD TXH YRFr XVD R 0LFURVRIW (GJH R )LOWUR
3HQVHQR+XEFRPRRORFDORQGHR0LFURVRIW(GJHPDQWpP 6PDUW6FUHHQ EORTXHLD DXWRPDWLFDPHQWH VLWHV H GRZQORDGV
RV LWHQV TXH YRFr FROHWD QD :HE 6HOHFLRQH +XE SDUD H[LELU GH FRQWH~GR UHFRQKHFLGDPHQWH PDOLQWHQFLRQDGRV 2 0L
VHXVIDYRULWRVDOLVWDGHOHLWXUDRKLVWyULFRGHQDYHJDomRHRV FURVRIW(GJHDYLVDUiYRFrTXDQGRXPDSiJLQDGD:HEWLYHU
GRZQORDGVDWXDLV VLGR EORTXHDGD SRU VHU UHFRQKHFLGDPHQWH PDOLQWHQFLRQD
3URFXUDQGR VHXV IDYRULWRV" 1R +XE HVFROKD )DYRULWRV H GD20LFURVRIW(GJHEDL[DUiSHULRGLFDPHQWHXPDOLVWDGH
VHOHFLRQH,PSRUWDU)DYRULWRV 85/V PDOLQWHQFLRQDGDV GD 0LFURVRIW 4XDQGR XPD 85/
IRU EORTXHDGD YRFr VHUi UHGLUHFLRQDGR SDUD XPD SiJLQD
3HVTXLVHPDLVUiSLGRQDEDUUDGHHQGHUHoRV
GD:HEGD0LFURVRIWTXHUHFHEHUiLQIRUPDo}HVSDGUmRGR
9RFrQmRSUHFLVDDFHVVDUXPVLWHSDUDSURFXUDULPDJHQVGH FRPSXWDGRU H D 85/ GD SiJLQD TXH KRVSHGD R FRQWH~GR
SLQJXLQVIRIRV(FRQRPL]HWHPSRHHQHUJLDLQVHULQGRXPDSHV PDOLQWHQFLRQDGR
TXLVDSUiWLFDHFRQYHQLHQWHQDEDUUDGHHQGHUHoRV1RPHVPR
3DUD DOWHUDU DV FRQ¿JXUDo}HV GR )LOWUR 6PDUW6FUHHQ Yi
LQVWDQWH YRFr UHFHEHUi VXJHVW}HV GH SHVTXLVD UHVXOWDGRV GD
DWp 0DLV Do}HV  ! &RQ¿JXUDo}HV H HP &RQ¿JXUDo}HV
,QWHUQHWHVHXKLVWyULFRGHQDYHJDomR
DYDQoDGDVVHOHFLRQH([LELUFRQ¿JXUDo}HVDYDQoDGDVHHP
3ULYDFLGDGH H VHUYLoRV DWLYH RX GHVDWLYH D FRQ¿JXUDomR
$MXGHDPHSURWHJHUGHVLWHVHGRZQORDGVPDOLQWHQFLRQDGRV
com o Filtro SmartScreen.

,Q3ULYDWHQR0LFURVRIW(GJH
4XDQGRYRFrXVDR0LFURVRIW(GJHQRPRGR,Q3ULYDWHDV
LQIRUPDo}HVGHQDYHJDomRFRPRFRRNLHVKLVWyULFRRXDUTXLYRV
WHPSRUiULRVQmRVmRVDOYDVQRVHXGLVSRVLWLYRDSyVRHQFHUUD
PHQWR GD VXD VHVVmR GH QDYHJDomR 2 0LFURVRIW (GJH OLPSD
WRGRVRVGDGRVWHPSRUiULRVGRVHXGLVSRVLWLYR
3DUDLQLFLDUXPDQRYDVHVVmRGHQDYHJDomR,Q3ULYDWHYiDWp
0DLVDo}HV > Nova janela ,Q3ULYDWH
56 = Noções de Informática A solução para seu concurso

&RQKHoDRDSOLFDWLYR;ER[ DODGRDUUDVWHXPDSOLFDWLYRSDUDXPODGR9RFrYHUiRQGHHOH

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
6H YRFr p QRYR RX YHWHUDQR QR ;ER[ R DSOLFDWLYR ;ER[ VHUiDMXVWDGRMXQWDPHQWHFRPTXDOTXHUDSOLFDWLYRTXHHVWLYHU
pROXJDUFHUWRSDUDMRJDUHQFRQWUDURXID]HUQRYRVDPLJRVH DEHUWRTXHSRVVDVHDMXVWDUGRODGRGHOH8VHRERWmR9ROWDU 
DFXPXODUFRQTXLVWDV QDEDUUDGHWDUHIDVSDUDHQWUDUQRYDPHQWHHPXPDSOLFDWLYRRX
SDUDYROWDUDRDSOLFDWLYRDQWHULRUTXHYRFrHVWDYDXVDQGR4XDQ
1mRWHPXP;ER[2QH"1mRWHPSUREOHPD9RFrQmRSUH GRWLYHUWHUPLQDGRGHWUDEDOKDUHPXPGHOHVDUUDVWHRDSOLFDWLYR
FLVDGHXPSDUDXVDURDSOLFDWLYRRXH[HFXWDUMRJRVGD/RMD6H SDUDDSDUWHLQIHULRUGDWHODSDUDIHFKiOR
YRFrWLYHUXP;ER[2QHWRGDVDVVXDVFRQTXLVWDVDWLYLGDGHV
KLVWyULFRGHMRJRHDPLJRVDFRPSDQKDPYRFrDRVHXFRPSXWD 3DUD VDEHU PDLV VREUH FRPR XVDU R WRTXH FRQVXOWH 8VH R
GRUTXDQGRYRFrHQWUDUFRPDPHVPDFRQWDGD0LFURVRIWTXH WRTXHFRPR:LQGRZV
XVDSDUDHQWUDUQRVHX;ER[
&RQ¿UD9iSDUD,QLFLDU !;ER[ . Use o touch com o Windows
1DYHJXH SHOR :LQGRZV PDLV UDSLGDPHQWH FRP JHVWRV GH
$FRPSDQKHVHXVMRJRVIDYRULWRV WHODWRXFKRXWRXFKSDG2XVHYRFrSUHIHUHRPRGRWUDGLFLRQDO
GrXPDROKDGDQRVQRYRVDWDOKRVGHWHFODGR
'rXPDROKDGDQDSiJLQDGHKXEGHMRJRVHHQFRQWUHVHXMRJR
IDYRULWR9RFrYHUiRTXDQWRHVWiSHUWRGHREWHUDVFRQTXLVWDV 7HQWHSDVVDURGHGRQDWHODSDUDREWHUDVLQIRUPDo}HVGHTXH
GRMRJRHSRGHUiYHUFOLSHVGHMRJRVTXHRXWURVMRJDGRUHVGR SUHFLVD PDLV UDSLGDPHQWH 3DUD SDVVDU R GHGR QD WHOD GHVOL]H
;ER[¿]HUDP6HOHFLRQH,QtFLRHHPVHJXLGDHVFROKDXPMRJR UDSLGDPHQWHRGHGRSRUHOD
QDOLVWDGHMRJRVUHFHQWHVSDUDDEULURKXE
Ouça o texto lido em voz alta com o Narrador
2TXHpXPJDPHUWDJ" 2 1DUUDGRU Or R WH[WR QD WHOD GR FRPSXWDGRU HP YR] DOWD
8P JDPHUWDJ p VHX DOWHU HJR QR PXQGR GR ;ER[ (OH p H GHVFUHYH HYHQWRV FRPR QRWL¿FDo}HV RX FRPSURPLVVRV GR
IRUPDGRSRUXPDOLDVDYDWDU RXLPDJHP RSFLRQDOHXPSRXFR FDOHQGiULRSDUDTXHYRFrSRVVDXVDUVHXFRPSXWDGRUVHPXP
GHLQIRUPDo}HVSDUDUHSUHVHQWDUYRFrTXDQGRHVWLYHUMRJDQGRH YtGHR 3DUD LQLFLDU RX IHFKDU R 1DUUDGRU SUHVVLRQH D WHFOD GR
FRPSDUWLOKDQGRFRPRXWUDVSHVVRDVGDFRPXQLGDGHGR;ER[ ORJRWLSRGR:LQGRZV (QWHU
3DUD YHU WRGRV RV FRPDQGRV GR 1DUUDGRU SUHVVLRQH &DSV
Como obter um /RFN)GHSRLVTXHYRFrDEULUR1DUUDGRURXWRTXHWUrVYH]HV
6HUiFULDGRXPJDPHUWDJSDUDYRFrHPVHXSULPHLURDFHVVR DWHODWRXFKXVDQGRTXDWURGHGRV
DRDSOLFDWLYR;ER[9iSDUD,QLFLDU 3DUDXVDU&DSV/RFNHQTXDQWRYRFrHVWLYHUXVDQGRR1DUUD
GRUSUHVVLRQHUDSLGDPHQWHDWHFOD&DSV/RFNGXDVYH]HV
!;ER[ .
6HYRFrQmRJRVWDUGHVHXJDPHUWDJ¿TXHjYRQWDGHSDUDDO
6QLSQRYDIHUUDPHQWDGHSULQWVHDQRWDo}HVGR:LQGRZV
WHUiORXPDYH]GHJUDoD$EUDRDSOLFDWLYR;ER[HVHOHFLRQHR 10
SDUDDEULUVHXSHU¿O(PVHJXLGDYiSDUD3HUVRQDOL]DU!$OWHUDU
JDPHUWDJHVLJDDVLQVWUXo}HV 26QLSpXPDIHUUDPHQWDQDWLYDGR:LQGRZVTXHDMXGDD
WLUDUSULQWV2UHFXUVRDFDEDFRPDGL¿FXOGDGHTXHRVXVXiULRV
6H YRFr Mi WLYHU XP JDPHUWDJ HQWUH QR DSOLFDWLYR ;ER[ WLQKDP HP FDSWXUDU LPDJHQV GD WHOD DOJR TXH FRQFRUUHQWHV
FRPDPHVPDFRQWDXVDGDSDUDHQWUDUQR;ER['HVVDIRUPD FRPRR26;VHPSUHVHGHVWDFDUDPFRPDIDFLOLGDGH
VHXKLVWyULFRGHMRJRVDPLJRVFRQTXLVWDVHDWLYLGDGHVHVWDUmR
DJXDUGDQGRSRUYRFrQRDSOLFDWLYR;ER[ +i GXDV PDQHLUDV GH WLUDU SULQWV FRP R 6QLS FOLFDQGR QD
MDQHODÀXWXDQWHGRDSSQDWHODRXXVDQGRRERWmRGHGLFDGRQR
WHFODGR(PDPERVRVFDVRVRXVXiULRYrXPFXUVRUTXHSHUPLWH
(QFRQWUHDPLJRV GHOLPLWDUDiUHDH[DWDGHFDSWXUDEDVWDQGRSDUDLVVRFOLFDUH
e SRVVtYHO ORFDOL]DU XPD SHVVRD HVSHFt¿FD QR ;ER[ SHV DUUDVWDURSRQWHLURGRPRXVH
TXLVDQGR SHOR JDPHUWDJ GHOD 6H YRFr IRU LQLFLDQWH QR ;ER[ 3DUD FDSWXUDU H[DWDPHQWH R TXH VH GHVHMD D IHUUDPHQWD
RX DLQGD QmR HVWLYHU IDPLOLDUL]DGR VREUH FRPR ID]HU DPLJRV RIHUHFHXPDOXSDGLJLWDO&RPR]RRPpSRVVtYHOSRVLFLRQDUR
IDUHPRVXPDFRUUHVSRQGrQFLDHQWUHYRFrHDOJXPDVSHVVRDVTXH PRXVHQRSL[HOFRUUHWRHDVVLPFDSWXUDUDLPDJHPGDWHODFRP
YRFrSRVVDFRQKHFHURXFRPSDUWLOKDUVHXVLQWHUHVVHV PDLVGHWDOKHVSRVVtYHLV
6H YRFr VRXEHU R JDPHUWDJ GH XP DPLJR Yi SDUD ,QLFLDU
!;ER[ GLJLWHRQDFDL[DGHSHVTXLVDQDSDUWHVXSHULRU Editando prints
GDVXDOLVWDGHDPLJRVHSUHVVLRQH(QWHU6HOHFLRQH$GLFLRQDU
$VVLPTXHXPSULQWpWLUDGRDLPDJHPYDLSDUDUGHQWURGR
DPLJRSDUDDGLFLRQiORFRPRXPDPLJRDR;ER[
6QLSHPXPDELEOLRWHFDSUySULDGHLPDJHQV/iRXVXiULRSRGH
H[FOXLODVRXGDUXPGXSORFOLTXHSDUDH[SDQGLURVFUHHQVKRWH
Use seu computador como um tablet LQFOXLUDQRWDo}HV
2PRGRWDEOHWGHL[DR:LQGRZVPDLVIiFLOHLQWXLWLYRGHXVDU +iSLQFpLVGHYiULDVFRUHVHWDPDQKRVSDUDID]HUPDUFDo}HV
FRPWRXFKHPGLVSRVLWLYRVWLSRFRQYHUVtYHLVRXTXDQGRYRFrQmR RTXHDMXGDHPUHODWyULRVHFDWDORJDomRGHVLWHVSDUDHVWXGRV
TXHUXVDUWHFODGRHPRXVH3DUDDWLYDURPRGRWDEOHWVHOHFLRQH $ EDUUD GH IHUUDPHQWDV GR 6QLS WDPEpP RIHUHFH ERW}HV GH
FHQWUDOGHDo}HVQDEDUUDGHWDUHIDVHVHOHFLRQH0RGRWDEOHW ERUUDFKDDOpPGRUHFXUVRFRSLDUTXHFRORFDDLPDJHPQDiUHD
1RPRGRWDEOHWRPHQX,QLFLDUHRVDSOLFDWLYRV LQFOXLQGR GHWUDQVIHUrQFLDGR:LQGRZV
SURJUDPDVDQWLJRV VmRDEHUWRVHPWHODLQWHLUDRTXHRIHUHFHD 8VH RV SLQFpLV FRORULGRV SDUD ID]HU PDUFDo}HV QR SULQW
YRFrPDLVHVSDoRSDUDWUDEDOKDU3DUDXVDUGRLVDSOLFDWLYRVODGR 'HVHQKDQGR
A solução para seu concurso N oções de I nformática = 57
Abra a função Whiteboard para desenhar Local!+DELOLWDUDVWUHDPHQWRSHOD:(%

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
26QLSWDPEpPVHUYHSDUDID]HUGHVHQKRVOLYUHVFRPRQR
3DLQW %DVWD FOLFDU QR tFRQH FHQWUDO GD MDQHOD SRSXS GR DSS
SDUDDEULUXPDWHODHPEUDQFRFRPHVSDoRVX¿FLHQWHSDUDID]HU
WRGRWLSRGHUDELVFRFRPSLQFpLVFRORULGRV1R¿QDOpSRVVtYHO
FOLFDUHP³&RS\´SDUDFRORFDURGHVHQKRFULDGRGLUHWRQDiUHD
GHWUDQVIHUrQFLDVRXFRODUHPRXWURDSOLFDWLYR8VHR6QLSSDUD
GHVHQKDUFRPRQR3DLQW

Capturando fotos da webcam


Acesse a ferramenta de captura da webcam
2WHUFHLURERWmRGDLQWHUIDFHGR6QLSDEUHXPDMDQHODSDUD
D ZHEFDP LQWHJUDGD RX SDUD TXDOTXHU RXWUD FkPHUD OLJDGD DR
FRPSXWDGRU9RFrSRGHWLUDUIRWRVGHVLPHVPRDQRWDUHUDELVFDU
QDLPDJHPOLYUHPHQWHeXPDPDQHLUDVLPSOHVSRUH[HPSOR
GHREWHUXPDIRWRVXDSDUDDFRQWDGHXVXiULRGR:LQGRZV

Clique em Record para fazer comentários com a voz


(PTXDOTXHUSULQWGHVHQKRRXIRWRGDZHEFDPR6QLSSHU
PLWHDLQGDJUDYDUFRPHQWiULRVXVDQGRDYR]'HGLFDGRDTXHP
HVWiID]HQGR¿FKDPHQWRVHUHODWyULRVRUHFXUVRWHPXPERWmR
SUySULRQRPHQXVXSHULRUHSRGHVHUXVDGRTXDQWDVYH]HVTXLVHU
SDUDFULDUXPDQDUUDomRVREUHDLPDJHP1R¿QDOYRFrSRGH
GDU3OD\SDUDYHURUHVXOWDGR

'r SOD\ SDUD RXYLU VHX FRPHQWiULR GR SULQW HP YtGHR
Salvando e compartilhando. Envie prints por e-mail
2VSULQWV são salvos por padrão como PNG e podem ser
DUPD]HQDGRV QD iUHD GH WUDQVIHUrQFLD ERWmR ©&RS\´  RX
HPSDVWDVGRVLVWHPD ERWmR³6DYH´ 2ERWmR³&RPSDUWLOKDU´
SHUPLWH HQYLDU D LPDJHP SRU HPDLO XVDQGR XP DSOLFDWLYR GH
PHQVDJHQV SDGUmR GR :LQGRZV  TXH SRGH VHU R 2XWORRN
FRPR0DLORXRXWURLQVWDODGRHFRQ¿JXUDGRSHORXVXiULR

Cortana
8PDGDVPDLRUHVQRYLGDGHVGR:LQGRZVpDDVVLVWHQWH
SHVVRDO &RUWDQD (OD QDVFHX QR :LQGRZV 3KRQH H p XP GRV Novos atalhos de teclado para aplicativos e áreas de
PHOKRUHVUHFXUVRVGHVVHVLVWHPDTXHDJRUDFKHJDDR:LQGRZV trabalho
(ODSRGHVHUFKDPDGDSRUPHLRGHFRPDQGRVGHYR]VLPSOHV
FRPR ³+H\ &RUWDQD´ H SHUPLWH HVFROKHU XPD P~VLFD DEULU x $GLFLRQDUXPDiUHDGHWUDEDOKRWHFODGRORJRWLSRGR
DSUHVHQWDo}HVFRQVXOWDUDSUHYLVmRGRWHPSRRXHPDLOVXVDQGR :LQGRZV &WUO'
DSHQDVDYR] x 0RYHUXPDSOLFDWLYRSDUDXPPRQLWRUjGLUHLWDWHFOD
GR ORJRWLSR GR :LQGRZV   6KLIW  6HWD SDUD D
ÈUHDGHQRWL¿FDomR GLUHLWD
$QRYDiUHDGHQRWL¿FDomRWDPEpPFRQWpPEDVWDQWHUHFXU x 0RYHU XP DSOLFDWLYR SDUD XP PRQLWRU j HVTXHUGD
VRV&OLFDQGRQRERWmR1RWL¿FDo}HVpDEHUWRXPDQRYDMDQHOD WHFODGRORJRWLSRGR:LQGRZV 6KLIW6HWDSDUD
H[LELQGRWRGDVDVPHQVDJHQVH[LELGDVDQWHULRUPHQWH3RVVXLR DHVTXHUGD
ERWmR x 0RVWUDUWRGRVRVDSOLFDWLYRVDEHUWRVHH[LELUiUHDVGH
Modo tablet ! TXH HVFRQGH R DV EDUUDV GH IHUUDPHQWDV WUDEDOKR DGLFLRQDLV TXH YRFr FULRX WHFOD GR ORJRWLSR
IDFLOLWDQGRDPDQXWHQomRePXLWRIiFLOWUDEDOKDUFRPHVWHQRYR GR:LQGRZV 7DE
:LQGRZV
x $OWHUQDU HQWUH iUHDV GH WUDEDOKR TXH YRFr FULRX j GL
Conectar!$EUHDVFRQ¿JXUDo}HVGHUHGH UHLWDWHFODGRORJRWLSRGR:LQGRZV &WUO6HWD
2EVHUYDo}HV!SHUPLWHJUDYDUQR2QH1RWHFDVRHOHHVWHMD SDUDDGLUHLWD
LQVWDODGRWH[WRVGLYHUVRV x $OWHUQDU HQWUH iUHDV GH WUDEDOKR TXH YRFr FULRX j
7RGDVDVFRQ¿JXUDo}HV!$EUHDMDQHODSDUDFRQ¿JXUDo}HV HVTXHUGDWHFODGRORJRWLSRGR:LQGRZV &WUO
GLYHUVDV 6HWDSDUDDHVTXHUGD
VPN!SHUPLWHFRQ¿JXUDUFRQH[mR931 x )HFKDUDiUHDGHWUDEDOKRHPXVRWHFODGRORJRWLSRGR
Não incomodar!GHVDELOLWDDVQRWL¿FDo}HV :LQGRZV &WUO)
58 = Noções de Informática A solução para seu concurso

seu código que “chama” e carrega os modelos de títulos, textos,

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
formulários e página de fundo. Quando for necessário criar uma
NAVEGADORES nova página é só chamar novamente o layout de título, texto,
formulário e página de fundo.
Os navegadores realizam a comunicação entre seu computa-
dor e os servidores onde o site que você procura está hospedado.
Eles são capazes de interpretar as linguagens HTML, CSS,
Javascript, entre outros, estas linguagens e recursos permitem
a estes programas interpretar corretamente os elementos que
formam uma página WEB.
A funcionalidade principal de um navegador é apresentar o
recurso da web escolhido por você por meio de uma solicitação
Conceito: Navegadores são programas especializados em ao servidor e exibição na janela do navegador. O recurso geral-
visualizar páginas WEB, ou Internet, ou seja, são os programas mente é um documento HTML, mas também pode ser um PDF,
que utilizamos para visitar sites de notícias, compras, blogs, uma imagem ou outro tipo de arquivo como Download. O local
fotolog, redes sociais, e-mail, etc. GHVVHVUHFXUVRVpHVSHFL¿FDGRSHORXVXiULRSRUPHLRGHXPURI
,GHQWL¿FDGRU8QLIRUPHGH5HFXUVRV±%DUUDGH(QGHUHoR 
Os navegadores também são conhecidos pelo seu termo
em inglês WEB Browser, ou simplesmente Browser (bastante Os programadores da web utilizam com frequência essa poten-
FREUDGRHPSURYDV  WHFRPELQDomRGH-DYD6FULSW;+5&66HRXWUDVWHFQRORJLDVGD
web, como AJAX (AssynchronousJavaScript e XML 2+70/
As páginas da web são escritas em basicamente em HTML, também continuou evoluindo, conforme mais recursos e aperfei-
a linguagem de marcação que informa aos navegadores como çoamentos eram incorporados a novas versões do HTML padrão.
estruturar e apresentar conteúdo em uma página. Em outras pa-
lavras, HTML fornece os blocos básicos de construção de uma A evolução da web se dá graças aos esforços contínuos de
página web, como se fossem painéis empilhados e posicionados WRGRVRVSUR¿VVLRQDLVGHWHFQRORJLDHPSUHVDVTXHHYROXtUDPH
lado-a-lado, e neste painéis são exibidos todo conteúdo de uma desenvolveram essas tecnologias e garantiram que elas fossem
SiJLQD 2 WtWXOR R WH[WR ¿JXUDV ¿OPHV HWF WRGR FRQWH~GR reconhecidas pelos principais navegadores do mercado. Essa
pLQVHULGRQHVWHVSDLQpLV8PDSiJLQD:(%pEHPSDUHFLGDD interação entre tecnologias e navegadores transformou a web
XPDWDEHOD3HJXHXPDIROKD$ VXO¿WH HGHVHQKHXPDWDEHOD em uma plataforma de construção aberta e amigável para desen-
FRPTXDQWDVOLQKDVHFROXQDTXLVHUHGH¿QDRWDPDQKRGHFDGD volvedores, que deram à luz vários aplicativos úteis e divertidos
célula. É assim que se “monta” uma página WEB. Durante mui- que usamos diariamente.
to tempo, esses blocos de construção eram simples e estáticos: HTML5
linhas de texto, links e imagens que duraram bastante tempo. A evolução da última versão do HTML, conhecido como
Hoje em dia, esperamos realizar diversas tarefas, como HTML5, é um conjunto de recursos que permite aos WEB De-
jogar on-line ou analisar um mapa de nossa região sem ter que signers e aos desenvolvedores a capacidade de criar a próxima
esperar que a página seja carregada a cada movimento de peças geração de incríveis aplicativos on-line.
ou mudança de mapa. No começo, os vídeos não faziam parte da web. Os usuários
A ideia dessas páginas dinâmicas teve início com a invenção da Internet precisavam instalar softwares adicionais, chamados
da linguagem de script JavaScript. O suporte a JavaScript pelos plug-ins, para assistir a vídeos em seus navegadores. Em pouco
PHOKRUHV QDYHJDGRUHV VLJQL¿FDYD TXH DV SiJLQDV SRGHULDP WHPSR¿FRXFODURTXHRIiFLODFHVVRDYtGHRVHUDXPUHFXUVRPXLWR
incorporar mais interações importantes em tempo real. Por desejado na WEB. A introdução da tag de <vídeo> em HTML5
exemplo, se você preencheu um formulário on-line e pressionou permite que vídeos sejam facilmente incorporados e reproduzidos
RERWmRHQYLDUDSiJLQDSRGHUiXVDU-DYD6FULSWSDUDYHUL¿FDU em páginas da web sem a utilização de softwares adicionais.
suas inserções em tempo real e alertá-lo quase que instantanea- Outros excelentes recursos de HTML5 incluem opções off-
mente, caso você tenha preenchido algum campo do formulário -line que permitem aos usuários interagir com aplicativos da
LQFRUUHWDPHQWH 2 -DYD6FULSW SRGH YHUL¿FDU VH VHX &3) HVWi web mesmo quando não tiverem conexão com a Internet, além
preenchido corretamente, se o CEP da sua rua confere e seu de recursos do tipo “arrastar e soltar”. No Gmail, por exemplo,
número de telefone não está faltando algum número. os recursos de arrastar e soltar permitem que os usuários ane-
Entretanto, a web dinâmica, na forma como a conhecemos xem com facilidade e rapidez um arquivo a uma mensagem de
KRMHJDQKRXYLGDTXDQGR;+5 XMLHttpRequest IRLLQWURGX- e-mail. Basta arrastar o arquivo da área de trabalho do computa-
zido em JavaScript e usado pela primeira vez em aplicativos da dor do usuário para a janela do navegador esta foi uma melhoria
web, como o Microsoft Outlook para a web, Gmail e Google que por muitas vezes não observamos.
0DSV 2 ;+5 SHUPLWLX TXH SDUWHV GLVWLQWDV GH XPD SiJLQD Como toda a Internet, a tecnologia HTML5, está em cons-
como um jogo, um mapa, um vídeo ou uma pesquisa, fossem tante evolução, com base nas necessidades e imaginação dos
alteradas sem a necessidade de carregar novamente toda a desenvolvedores. Sendo um padrão aberto, o HTML5 incorpora
página. Como resultado, os aplicativos da web são mais rápidos alguns dos melhores aspectos da web: funciona em qualquer lu-
e mais ágeis. gar e em qualquer dispositivo com um navegador moderno. Mas
As páginas da web também se tornaram mais interessantes DVVLPFRPRYRFrVySRGHDVVLVWLUDWUDQVPLVV}HVHPDOWDGH¿QLomR
HH¿FD]HVFRPDLQWURGXomRGH&66 CascadingStyleSheets $ XVDQGRWHOHYLV}HVFRPSDWtYHLVFRPDOWDGH¿QLomRYRFrSUHFLVDUi
tecnologia CSS garante aos Web Designers uma maneira fácil usar um navegador atualizado e compatível com HTML5 para
HH¿FLHQWHGHHODERUDUXPOD\RXWHHPEHOH]DUXPDSiJLQDFRP poder desfrutar de sites e aplicativos que utilizam os recursos do
HOHPHQWRVJUi¿FRV$SULQFLSDOIXQomRGR&66pDSRVVLELOLGDGH HTML5. Ainda bem que, como usuário da Internet, você dispõe
de replicar o layout da página para outras páginas do seu site de diversas opções de navegadores e, ao contrário das TVs, os
sem ter que reprogramar toda a página. Toda página contém navegadores da web podem ser baixados gratuitamente.
A solução para seu concurso N oções de I nformática = 59
Atualize seu navegador (VVDLQGHSHQGrQFLDVLJQL¿FDTXHXPSOXJLQHPSDUWLFXODU

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Navegadores antigos e novos NÃO DEVEM continuar pode trabalhar em diversos navegadores. No entanto, essa oni-
instalados: os navegadores modernos são mais rápidos, repletos presença também torna os plug-ins alvos principais de ataques
de recursos e mais seguros, os navegadores antigos são lentos de segurança contra navegadores deixando-os vulneráveis. Seu
e, em último caso, um temido perigo pois em caso de ataques computador estará ainda mais vulnerável a ataques de segu-
maliciosos eles não conseguem eliminar. Eis um perigo para rança se você estiver executando plug-ins que não estiverem
quem continua usando o Windows XP, ele suporta até o Internet atualizados, já que os plug-ins desatualizados não apresentam
Explorer 8. Se você usa o XP deve utilizar um outro navegador as correções de segurança.
atualizado e nunca usar o IE. Alguns fornecedores de navegadores e de plug-ins estão
A maioria das pessoas não percebe o quanto um navegador trabalhando em conjunto para proteger os usuários contra riscos
DQWLJR H GHVDWXDOL]DGR SRGH LQÀXHQFLDU QHJDWLYDPHQWH QRVVDV de segurança. Por exemplo, as equipes do Google Chrome e do
vidas on-line, em especial nossa segurança on-line. Você não Adobe Flash Player vêm unindo esforços para integrar o Flash
dirigiria um carro antigo com pneus carecas, freios desgastados Player no navegador. O mecanismo de atualização automática
e motor corroído por muitos anos. É uma péssima ideia arriscar- do Chrome ajuda a garantir que o plug-in do Flash Player nunca
-se da mesma forma com o navegador que você usa para navegar esteja desatualizado e sempre receba as correções e atualizações
por todas as páginas e todos os aplicativos na WEB. de segurança mais recentes, se você tem o Chrome atualizado,
FRPFHUWH]DWHPRÀDVKDWXDOL]DGRWDPEpP
A atualização de um navegador moderno, como a versão
mais recente do Mozilla Firefox, do Apple Safari, do Microsoft Extensões do navegador
Internet Explorer, do Opera ou do Google Chrome, é importante As extensões para navegadores acrescentam recursos
por três motivos: DGLFLRQDLV DR VHX QDYHJDGRU ZHE PRGL¿FDQGR SiJLQDV H
Em primeiro lugar, os navegadores antigos são vulneráveis LQWHJUDQGRRFRPRXWURVVHUYLoRVTXHYRFrXWLOL]H,VVRVLJQL¿FD
a ataques porque normalmente não são atualizados com as que você pode personalizar seu navegador com os recursos que
últimas correções e os últimos recursos de segurança. As vul- são mais importantes para você. Considere as extensões como
nerabilidades de um navegador podem levar a senhas roubadas, formas de adicionar superpoderes ao navegador.
softwares maliciosos penetrando secretamente em seu compu- Se você quiser integrar o seu navegador a algum serviço ou
WDGRURXSLRU8PQDYHJDGRUDWXDOL]DGRDMXGDDHYLWDUDPHDoDV adicionar algum recurso extra, você pode fazer isso com uma
de segurança como phishing e malware. extensão que já exista ou instalar uma nova.
Em segundo lugar, a web evolui rapidamente. Muitos dos Esses recursos extra podem ser simples ou complexos
recursos mais recentes em sites e aplicativos atuais não fun- dependendo de suas necessidades. Por exemplo, você pode ins-
cionarão em navegadores antigos. Somente navegadores atua- talar uma extensão de conversão de moeda que aparecerá como
lizados apresentam as melhorias de velocidade que permitem um novo botão ao lado da barra de endereços do navegador, um
a execução de páginas e aplicativos rapidamente, em conjunto botão para fazer download de vídeo, bloqueio de propagandas,
com o suporte para tecnologias de ponta, como HTML5, CSS3 etc. Cada navegador terá seus complementos que foram desen-
e JavaScript veloz. volvidos para ele.
Por último, os navegadores antigos atrasam a inovação da As extensões dos navegadores também podem agir por
web. Se muitos usuários da Internet seguirem usando esses FRQWD SUySULD IRUD GDV SiJLQDV GD ZHE 8PD H[WHQVmR GH
navegadores antigos, os desenvolvedores serão forçados a criar QRWL¿FDomR GH HPDLOV SRGH HVWDU LQVHULGD QD EDUUD GH IHUUD-
sites que funcionem com tecnologias antigas e atuais. Diante de PHQWDVGHVHXQDYHJDGRUGLVFUHWDPHQWHYHUL¿FDQGRDFKHJDGD
tempo e recursos limitados, eles acabarão desenvolvendo tecno- de novas mensagens em sua conta de e-mail e informando
logias que sejam compatíveis com todos os navegadores e não você quando houver um novo e-mail. Nesse caso, a extensão
poderão construir a próxima geração de aplicativos úteis e ino- estará sempre trabalhando, independentemente da página que
vadores. Imagine se os engenheiros de tráfego de hoje tivessem você estiver acessando. Além disso, você não precisará fazer
que elaborar autoestradas de alta velocidade que fossem seguras ORJLQHPVHXHPDLOHPRXWUDMDQHODSDUDYHUL¿FDUVHKiQRYDV
para automóveis da década de 50. Por esse motivo, navegadores mensagens.
desatualizados são prejudiciais para os usuários em geral e para
a inovação da web. Você precisa ser muito cuidadoso com extensões. Elas estão
atuando no seu navegador, então uma extensão ruim pode uti-
Plug-in lizar o seu acesso para visualizar o histórico da sua navegação,
No início da Internet, as primeiras versões de HTML não podendo capturar as suas informações bancárias. É aconselhá-
podiam fornecer conteúdo versátil como vídeos, apenas texto, vel utilizar apenas extensões de desenvolvedores conhecidos,
imagens e links eram possíveis. bem avaliadas e com muitos usuários — é o mínimo a se pedir
de uma extensão.
Os plug-ins foram inventados para compensar as limitações
da tecnologia inicial de HTML e fornecer mais conteúdo inte- 3DUDFRQKHFHUQRYDVH[WHQV}HVYHUL¿TXHDJDOHULDGHH[WHQ-
UDWLYR8PSOXJLQpXPDSDUWHDGLFLRQDOGHVRIWZDUHHVSHFLDOL- sões de seu navegador. Você verá muitas extensões que podem
]DGDHPSURFHVVDUWLSRVHVSHFt¿FRVGHFRQWH~GR3RUH[HPSOR DMXGiORDQDYHJDUGHIRUPDPDLVH¿FLHQWHIXQFLRQDORXPDLV
os usuários podem fazer download e instalar um plug-in, como divertida.
o Adobe Flash Player, para visualizar uma página que contenha Diferentes navegadores têm sistemas diferentes de exten-
um vídeo ou um jogo interativo. sões. O Firefox possui o mais poderoso deles. Muitas pessoas
O nível de interação entre um plug-in e um navegador fazem uso do Firefox por causa disso — ele torna muitas exten-
FXULRVDPHQWHpTXDVHQHQKXP2QDYHJDGRUGH¿QHXPHVSDoR sões avançadas possíveis, e que não seriam compatíveis com
HVSHFt¿FRQDSiJLQDSDUDRSOXJLQHGHL[DRWUDEDOKDU2SOXJLQ outros navegadores. Devido à sua história, muitas extensões
é livre para operar naquele espaço, independentemente do que seriam impossíveis em outros navegadores podem estar
navegador. disponíveis apenas no Firefox.
60 = Noções de Informática A solução para seu concurso

O Chrome também tem um reservatório de extensões bem rações favoritas do navegador estão prontas para serem usadas

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
sucedido, e muito provavelmente há uma extensão do Chrome no novo computador. Independentemente de quantos compu-
para qualquer coisa que você quiser fazer. O Chrome coloca al- tadores você precisa usar, desde que haja conexão à Internet e
guns limites nas suas extensões de navegador, fazendo com elas um navegador moderno que esteja sincronizado com a nuvem,
não sejam tão poderosas quanto às do Firefox, mas estes limites você está pronto.
permitem que o Chrome mantenha o seu sistema de permissões Cookies do navegador
e restrinja alguns detalhes para uma navegação mais segura.
Cookie HP LQJOrV VLJQL¿FD ³ELVFRLWR´ PDV RV FRRNLHV
O Internet Explorer tem um reservatório de extensões bem desempenham uma função importante no fornecimento da
pequeno. Poucas estão disponíveis, e a maioria das atualmente funcionalidade que os usuários de Internet desejam de sites
em uso no Internet Explorer são provavelmente as barras da web: uma memória de visitas, já ocorridas ou em anda-
de ferramentas como Ask toolbar, que não é bem vista pelos mento.
utilizadores e desenvolvedores de navegadores, e que teve sua
utilização forçada aos usuários em conjunto com outros progra- Basicamente, um Cookie é um arquivo de texto muito
mas. Se você quer os recursos extras das extensões utilize outro simples, cuja composição depende diretamente do conteúdo do
navegador além do Internet Explorer. endereço Web visitado. Por exemplo, a maioria dos sites arma-
zenam informações básica, como endereços IP e preferências
O Safari e o Opera também tem extensões disponíveis, mas sobre idiomas, cores, etc. Contudo, em portais como o Gmail e
seus recursos são bem menores que os do Firefox e do Chrome. o Hotmail, nomes de usuários e senhas de e-mail também fazem
As extensões, ou add-ons, não são a mesma coisa que os parte dos Cookies.
plug-ins para navegador. “Plug-ins” são complementos como o 6HYRFrYLVLWDUXPVLWHGH¿OPHVHLQGLFDUTXHYRFrJRVWDGH
Adobe Flash, Oracle Java ou Microsoft Silverlight. Elas permi- comédias, por exemplo, os cookies enviados pelo site poderão
tem que as páginas incorporem e transmitam conteúdos como lembrar isso. Dessa forma, você poderá visualizar comédias no
¿OPHVHP)ODVK3')V RXDSOLFDWLYRVHP-DYDSRUH[HPSOR começo de seu próximo acesso ao site.
que sem o plug-in não seriam mostrados no navegador. Os plug-
-ins são alvo comum de ataques porque páginas podem carregá- Carrinhos de compras on-line também usam cookies.
-los e explorar seus erros, enquanto extensões são diferentes. (QTXDQWRQDYHJDSRU'9'VQHVVHVLWHGHFRPSUDVGH¿OPHV
As páginas que você visita não podem fazer nada com as suas você observará que poderá adicioná-los ao carrinho sem
extensões. Essencialmente, as extensões adicionam recursos a precisar fazer login toda vez que adicionar um novo produto.
mais para você, enquanto os plug-ins adicionam recursos para Seu carrinho de compras não “se esquece” dos DVDs, mesmo
serem utilizadas pelas páginas que você visita. que você visite outras páginas do site, porque eles estarão
preservados pelos cookies do navegador. Os cookies também
Sincronizando o navegador podem ser usados em publicidade on-line, lembrando seus
Você utiliza aplicativos da web para acessar e-mails, mú- interesses e mostrando a você anúncios relacionados enquanto
sicas e outras atividades. Você salva documentos importantes, você navega pela web.
fotos e arquivos on-line e os acessa de qualquer computador Algumas pessoas preferem não permitir cookies. Por isso,
conectado à Internet, de qualquer lugar no mundo. Se houver os navegadores mais modernos possibilitam o gerenciamento
algum acidente com seu computador ou se ele for roubado, nem de cookies para se enquadrar às suas preferências. É possível
tudo estará perdido. Basta encontrar outro dispositivo conectado FRQ¿JXUDUUHJUDVGHJHUHQFLDPHQWRGHFRRNLHVSDUDFDGDVLWH
à Internet e voltar a trabalhar com todas as informações vitais permitindo um maior controle de sua própria privacidade.
que você inteligentemente salvou on-line. Mas, e o que aconte- 2 TXH LVVR VLJQL¿FD p TXH YRFr SRGH HVFROKHU HP TXDLV VLWHV
ce com as marcações de favoritos, as extensões e preferências FRQ¿D H SHUPLWLU FRRNLHV VRPHQWH SDUD HVVHV VLWHV EORTXHDQ-
de navegadores que você usa diariamente? Eles foram perdidos do cookies de outras fontes. Como existem muitos tipos de
junto com seu computador? cookies, incluindo “cookies de sessão única”, que funcionam
A resposta costumava ser “sim”. Você precisaria procurar apenas durante a sessão de navegação, ou cookies permanentes,
novamente por suas extensões favoritas e reunir todos os sites que existem durante diversas sessões, os navegadores modernos
que havia marcado como favoritos com tanto esforço. Mas QRUPDOPHQWHRIHUHFHPFRQWUROHVGHVLQWRQLD¿QDSDUDTXHYRFr
agora não! Muitos dos navegadores atuais, como o Firefox e SRVVDHVSHFL¿FDUVXDVSUHIHUrQFLDVFRPUHODomRDGLIHUHQWHVWL-
o Chrome, começaram a construir um recurso conhecido como pos de cookies, como aceitar cookies permanentes como sendo
sincronização$VLQFURQL]DomRSHUPLWHVDOYDUVXDVFRQ¿JXUD- de sessão.
ções do navegador on-line, na nuvem, para que elas não sejam No navegador Google Chrome, é possível observar algo
SHUGLGDVPHVPRTXHVHXFRPSXWDGRUVHSHUFDGH¿QLWLYDPHQWH extra nos menus de opções: um link direto para o gerenciador de
$ IXQFLRQDOLGDGH GD VLQFURQL]DomR WDPEpP VLPSOL¿FD VXD FRQ¿JXUDo}HVGHDUPD]HQDPHQWRGR$GREH)ODVK3OD\HU(VVH
vida se você usar diversos computadores, como um laptop no link facilita o controle de dados locais armazenados pelo Adobe
trabalho e um computador desktop em casa. Não será necessário )ODVK3OD\HU WDPEpPFRQKHFLGRVFRPR³FRRNLHV)ODVK´ TXH
UHFULDUPDQXDOPHQWHDPDUFDomRGHVLWHVIDYRULWRVRXUHFRQ¿- poderão conter informações sobre sites e aplicativos baseados
JXUDUDVFRQ¿JXUDo}HVGRQDYHJDGRUHPFDGDFRPSXWDGRUTXH em Flash que você acessa. Junto com o gerenciamento de
YRFr SRVVXLU $V PXGDQoDV TXH YRFr ¿]HU DR VHX QDYHJDGRU cookies dos navegadores, você também pode controlar facil-
sincronizado em um computador aparecerão automaticamente PHQWHDVFRQ¿JXUDo}HVGHFRRNLHV)ODVK
em todos os outros computadores sincronizados em questão de Cookies devem ser usados com cautela em computadores
segundos. de uso compartilhado, como Lan House, principalmente caso
No Chrome, por exemplo, a sincronização salva todos os FRQWDVGHHPDLOVVHMDPDFHVVDGDV8PDSHVVRDTXHXVDUR3&
favoritos, as extensões, as preferências e os temas em sua Conta depois que você, poderá ter acesso aos seus e-mails simples-
GR*RRJOH8WLOL]HRXWURFRPSXWDGRUFRQHFWDGRj,QWHUQHWDEUD mente por entrar no mesmo site que você entrou. Logo, nesse
o Chrome e faça o login em sua Conta do Google por meio do tipo de máquina, é fortemente recomendado que os cookies
UHFXUVRGHVLQFURQL]DomRGRQDYHJDGRUHWRGDVDVVXDVFRQ¿JX- sejam apagados após o uso.
A solução para seu concurso N oções de I nformática = 61
Navegadores e privacidade primeiramente se não se trata de um caixa falso. Quando você

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Segurança e privacidade estão intimamente ligadas, mas não navega pela web e realiza transações on-line, dois riscos de
são idênticas. segurança que devem ser observados: malware e phishing.
Esses ataques são realizados por indivíduos ou organizações
Considere a segurança e a privacidade de sua casa: trancas e que buscam roubar suas informações pessoais ou invadir seu
alarmes ajudam a protegê-lo de ladrões, mas janelas e cortinas computador. Estes indivíduos são rotineiramente chamados
mantêm sua intimidade privada de pessoas que passam perto de GH +DFNHU SRUpP D FODVVL¿FDomR FRUUHWD GH SHVVRDV TXH
sua janela. possuem um farto conhecimento de informática e telefonia e
Enquanto navega pela web, você gera um diário onde são utilizam estes conhecimentos na tentativa de roubar seus dados
armazenados localmente em seu computador: um histórico de importantes implantando arquivos em seu computador ou ainda
sites visitados, os cookies enviados ao navegador e os arquivos GHVHQYROYHQGR IRUPDV GH DWDTXH SDUD HVWH ¿P R FKDPDPRV
de download. Se você solicitou ao seu navegador para lembrar de “cracker”. Hacker é uma pessoa que possui grandes co-
suas senhas ou dados de formulários, essas informações também nhecimentos mas não utiliza estes conhecimentos para efetuar
estarão armazenadas em seu computador. crimes, eles trabalham com o desenvolvimento de vacinas para
antivírus, desenvolvem defesas contra ataques e testam a prote-
Algumas pessoas podem não saber que é possível limpar
ção de empresas para que não sejam alvo de cracker.
de nossos computadores todos esses dados dos navegadores
a qualquer momento. É fácil de realizar essa tarefa acessando Phishing RFRUUH TXDQGR DOJXpP ¿QJH VHU RXWUD SHVVRD
o menu “Opções” ou “Preferências” do navegador. Os nomes normalmente por meio de um site falso, para enganá-lo e
variam de navegador para navegador. De fato, as versões mais fazer você compartilhar informações pessoais. Chama-se
recentes de quase todos os navegadores modernos oferecem um ³SKLVKLQJ´ VHPHOKDQWHj³SHVFDULD´HPLQJOrV SRUTXHHVVDV
modo “privado” ou “anônimo” para navegar. Por exemplo, no pessoas lançam iscas eletrônicas e esperam até que alguém
modo de navegação anônima do Chrome, as páginas visuali- morda. Em um golpe de phishing típico, a pessoa envia um
zadas não aparecerão no histórico de navegação. Além disso, e-mail que parece ser de um banco ou de um serviço da web
todos os novos cookies são excluídos depois que você fecha as que você conhece e usa. A linha de assunto poderá dizer “Atu-
janelas abertas no modo de navegação anônima. Esse modo é alize suas informações bancárias”. O e-mail contém links de
especialmente útil se você compartilhar seu computador com phishing que parecem direcioná-lo ao site de seu banco, mas
outras pessoas, ou se utilizar um computador público em uma QD YHUGDGH R DSRQWDUi D XP VLWH LPSRVWRU 8PD YH] QR VLWH
biblioteca ou Lan House. você será solicitado a fazer login, revelando assim números de
Todos esses recursos de privacidade do navegador permitem contas e de cartões de crédito, senhas ou outras informações
o controle sobre os dados de navegação localmente em seu FRQ¿GHQFLDLVDRVEDQGLGRV
FRPSXWDGRU RX VREUH GDGRV HVSHFt¿FRV TXH VmR HQYLDGRV SHOR Malware, por outro lado, é um software malicioso insta-
VHXFRPSXWDGRUDVLWHV$VFRQ¿JXUDo}HVGHSULYDFLGDGHGHVHX lado em seu computador, geralmente sem seu conhecimento.
navegador não controlam outros dados que esses sites possam ter Você pode ser solicitado a fazer download de um antivírus
sobre você, como informações enviadas anteriormente no site. que, na verdade, é o próprio vírus. Ou você pode visitar uma
Existem maneiras de limitar algumas das informações que página que instala o software em seu computador sem nem
os sites recebem quando você os visita. Muitos navegadores mesmo solicitar, ou ainda, faz o download de um programa
permitem que você controle suas preferências de privacidade que instala outros softwares, alguns vêm listados nas janelas
para cada site e faça suas próprias escolhas sobre dados es- onde clicamos “Next” ou “Próximo” sem ler e instalamos
SHFt¿FRV FRPR FRRNLHV -DYD6FULSW H SOXJLQV 3RU H[HPSOR quatro ou cinco softwares de uma única vez, cuidado. O
pSRVVtYHOFRQ¿JXUDUUHJUDVSDUDSHUPLWLUFRRNLHVVRPHQWHGH software é desenvolvido para roubar números de cartões de
XPDOLVWDHVSHFt¿FDGHVLWHVFRQ¿iYHLVHLQVWUXLURQDYHJDGRUD crédito ou senhas de seu computador. Em alguns casos, ele
bloquear cookies de outros sites. SRGHUi GDQL¿FDU VXD PiTXLQD $VVLP TXH R PDOZDUH HVWLYHU
em seu computador, não só é difícil removê-lo, como ele tam-
6HPSUHKiXPSRXFRGHWHQVmRHQWUHSULYDFLGDGHHH¿FLrQ- bém terá liberdade para acessar todos os dados e arquivos que
cia. A coleta de dados agregados e de feedback de usuários do encontrar, enviar essas informações a qualquer lugar e causar
mundo real pode ajudar a melhorar produtos e a experiência dos estragos ao seu computador.
usuários. O segredo é encontrar um bom equilíbrio entre os dois
e manter fortes padrões de privacidade. 8PQDYHJDGRUPRGHUQRHDWXDOL]DGRpDSULPHLUDOLQKDGH
defesa contra ataques de phishing e malware. A maioria dos
Veja um exemplo do mundo real: cookies de navegadores. navegadores modernos, por exemplo, pode ajudar a analisar
Por um lado, com cookies, um site visitado frequentemente pode
páginas da web para buscar por sinais de malware oculto,
lembrar os conteúdos de seu carrinho de compras, manter você
alertando-o quando encontrarem algo.
conectado e fornecer uma experiência mais útil e personalizada
com base em visitas anteriores. Por outro lado, permitir cookies Ao mesmo tempo, os ataques nem sempre usam técnicas
GH QDYHJDGRUHV VLJQL¿FD TXH R VLWH SRGHUi FROHWDU H OHPEUDU VR¿VWLFDGDV SDUD LQYDGLU VHX FRPSXWDGRU (P YH] GLVVR HOHV
informações sobre essas visitas anteriores. Se desejar, você pode poderão encontrar maneiras inteligentes de enganá-lo e fazer
bloquear cookies a qualquer momento. Assim, na próxima vez você tomar decisões equivocadas.
HPTXHHVWLYHUFXULRVRVREUHDVLQWRQLD¿QDGDVFRQ¿JXUDo}HVGH O uso dos endereços da web
SULYDFLGDGHGHVHXQDYHJDGRUYHUL¿TXHDVFRQ¿JXUDo}HVGHSUL-
vacidade no menu “Opções” ou “Preferências” de seu navegador. 8P85/ UniformResourceLocator WUDWDVHGHXPDVHTX-
ência de caracteres utilizado para obter um recurso na Internet.
Malware, phishing e riscos de segurança Este recurso está armazenado em algum servidor e o que digita-
Quando você utiliza um caixa 24 h, deve olhar por cima mos na barra de endereço dos navegadores é a localização exata
GR RPEUR SDUD FHUWL¿FDUVH GH TXH QLQJXpP HVWHMD HP YROWD deste armazenamento, ou seja, sua localização. É desta forma
SDUDURXEDUVXDVHQKDRXVHXGLQKHLURYHUL¿FDVHWHPDOJXpP que acessamos um download, uma página WEB, uma foto, um
HVWUDQKRSRUSHUWR1DYHUGDGHpSURYiYHOTXHYRFrYHUL¿TXH formulário, etc...
62 = Noções de Informática A solução para seu concurso

$RGLJLWDUXPHQGHUHoRQR85/RVLWHpEXVFDGRQRVHU- Por causa de seu efeito prático, muitos ainda continuam cha-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
vidor que o hospeda em algum ponto do mundo, transportado PDQGRRVHQGHUHoRVGHLQWHUQHWGH85/FDXVDQGRPXLWDFRQIXVmR
SRU PLOKDUHV GH TXLO{PHWURV GH FDERV GH ¿EUD yWLFD DWp VXD na cabeça das pessoas. Contudo, como os endereços de internet
FRQH[mRGH,QWHUQHWORFDOH¿QDOPHQWHH[LELGRSHORQDYHJDGRU SRVVXHPWDQWRRVQRPHVGRVUHFXUVRV 851 TXDQWRDVXDORFDOL]D-
em seu computador, agora nem parece que sua Internet é tão omRQRPXQGRYLUWXDO 85/ RWHUPRPDLVFRUUHWRSDUDHOHVp85,
lenta assim. Para navegar para qualquer local VLWHHPLQJOrV pQHFHVViULR
$QWHV GH SURVVHJXLUPRV YDPRV GH¿QLU H FRPSUHHQGHU R inserir o endereço deste local para que o navegador possa entrar
TXHVLJQL¿FDGRVWHUPRV85,85/H851HVHXVREMHWLYRVDR em contato com o servidor e “pedir” o recurso que você deseja.
serem criados. Esta é a função da barra de endereço, permitir que você insira o
ORFDOSDUDRQGHTXHULUSRUpPXPD85,pPDLVTXHXPVLPSOHV
URI – 8QLIRUP5HVRXUFH,GHQWLÀHU endereço, ela permite que você execute algumas tarefas relacio-
Também conhecido como ,GHQWL¿FDGRU GH 5HFXUVRV 8QL- nadas com a troca de informações. Para cada tarefa é necessário
versal IRL FULDGR SDUD LGHQWL¿FDU RV UHFXUVRV GLVSRQtYHLV QD utilizar um protocolo diferente. Eis os protocolos que podem ser
Internet, através de um endereço ou um nome. XWLOL]DGRVHPXPD85,KWWSIWSWHOQHWPDLOWRZDLVHJRSKHU
8PUHFXUVRGH,QWHUQHWSRGHVHUXPDSiJLQD:(%XPVLWH $WUDYpVGD85,WDPEpPpSRVVtYHORHQYLRGHSDUkPHWURV
um e-mail, uma imagem, arquivos, um programa de computador dados de um formulário ou senhas para os servidores. As senhas
ou um vídeo. Cada objeto disponível na Internet precisa de um QmRGHYHPVHUHQYLDGDVDWUDYpVGD85,SRLVSRGHPVHUFDSWXUD-
LGHQWL¿FDGRU~QLFRSDUDQmRVHUFRQIXQGLGRFRPRXWURVUHFXUVRV das e lidas por quem receber ou sequestrar esta informação. As
e sabermos exatamente em que lugar eles estão. Exemplos: VHQKDVGHYHPVHUWUDQVPLWLGDVFULSWRJUD¿FDPHQWH
KWWSZZZVROXFDRFRPEUORFDOL]DFDR85,FRPRQRPH- 8PD85,SRGHVHUIRUPDGDSRUFLQFRSDUWHV 1(072'$6
-do-recurso.html 6­22%5,*$7Ï5,$6 
IWSVROXFDRFRPEUGH85,FRPORFDOL]DFDRHQRPHGR- Protocolo: é o tipo de linguagem usada para se comunicar
-recurso.txt na rede. Para cada serviço da Internet utilizamos um protocolo
'HVVD IRUPD XPD 85, p FRPSRVWD SHOR QRPH GR UHFXUVR diferente, desta forma, o protocolo é indicado em primeiro lugar
e pela localização do mesmo na grande rede de computadores. QD85/2SURWRFRORPDLVXWLOL]DGRpRSURWRFROR+773 Hyper-
TextTransferProtocol  HVWH SURWRFROR SHUPLWH WURFDU SiJLQDV
URN – UniformResourceName Web em formato HTML. Contudo, outros protocolos podem ser
7DPEpP FRQKHFLGR FRPR 1RPHV GH 5HFXUVRV 8QLYHUVDO XWLOL]DGRVFRPRMiPHQFLRQDPRV )730DLOWR*RSKHU
HOHVHUYHSDUDLGHQWL¿FDUUHFXUVRVGH,QWHUQHWXVDQGRDSHQDVXP ,GHQWL¿FDGRUHVHQKDSHUPLWHHVSHFL¿FDURVSDUkPHWURVGH
QRPH e FRPXP DVVRFLDU D 851 FRP RV QRPHV GH DUTXLYRV acesso a um servidor protegido. Esta opção é desaconselhada
páginas e vídeos. Cada um desses recursos possui um nome que numa rede não segura porque a senha é visível quando transmi-
pFRQVLGHUDGRXPD851 WLGDYLD85,
URL – UniformResourceLocator Nome do servidor: Trata-se do nome de domínio do computa-
&RQKHFLGRFRPR/RFDOL]DGRUGH5HFXUVRV8QLYHUVDOHIRL dor que armazena o recurso solicitado. É possível utilizar o endereço
criado com objetivo associar um endereço com qualquer nome ,3GRVHUYLGRUDRLQYpVGRQRPHSRUpPWRUQDD85,PHQRVOHJtYHO
de recurso na internet. Número da porta: trata-se de um número associado a um
$ 85/ JHUDOPHQWH HVWi UHODFLRQDGD FRP R HQGHUHoR GH serviço que permite ao servidor saber que tipo de recurso é pe-
Internet, seja o endereço de um site, um endereço de e-mail, o dido. A porta é associada por padrão ao protocolo, por exemplo,
endereço de um vídeo ou imagem. Desta forma, conseguimos ao utilizar o protocolo http a porta padrão é a 80. Assim, quando
navegar na internet, fazer downloads e muito mais. o serviço Web do servidor é associado ao número de porta
80, o número de porta é facultativo, não é necessário digitá-
$WUDYpV GDV 85/V FRQVHJXLPRV VDEHU H[DWDPHQWH RQGH -lo. Pelas portas de comunicação é que entram e saem todas
estão todos os recursos disponíveis na internet, de forma sim- as informações do nosso computador. Por curiosidade existem
SOL¿FDGDHVHPFRQIXVmR([HPSOR 65.536 portas, nem todas são utilizadas, e podem ser abertas por
KWWSZZZVROXFDRFRPEUDSRVWLOD algum aplicativo durante sua instalação e utilizada por ele para
se comunicar com seu servidor. Caso você instale um aplicativo
IWSVROXFDRFRPEUDSRVWLODFXUVRVQDFLRQDO de fontes não seguras, este programa abre portas que podem ser
3RUVHUXPLGHQWL¿FDGRUJHQHUDOLVWDXP85,SRGHFRQWHUR utilizadas por um cracker para invadir seu computador, ou este
endereço da localização de um recurso na Internet e um nome aplicativo pode coletar informações pessoais como número da
para distingui-lo de todos os outros recursos. Sendo assim, toda sua conta corrente, senhas, etc. e enviada a um site utilizando
85,SRGHFRQWHUXPD851HRXXPD85/ estas portas. As portas são monitoradas pelo Firewall.
O caminho de acesso ao recurso: Esta última parte permite
ao servidor conhecer o lugar onde o recurso está armazenado e
o nome do arquivo pedido.
Endereços seguros
2OKDQGRXPD85,FRPDWHQomRpSRVVtYHOLGHQWL¿FDUXPD
SRVVtYHOIUDXGH SKLVKLQJ GLJLWDQGR
www.bancodobrasil.com.br é um modelo de endereçamento
que parece te direcionar para o site do Banco do Brasil. Este
7RGD851H85/VmRXPD85,XPDYH]TXHDPERVVHUYHP HQGHUHoR HVWi FRUUHWR ¿FDQGR GHVWD IRUPD KWWSZZZEEFRPEU
SDUDLGHQWL¿FDUXPUHFXUVRQDLQWHUQHWVHMDSRUXPQRPH 851  SRUWDOEEKRPHEEDSyV SUHVVLRQDUPRV R
RXSRUXPHQGHUHoR 85/ RXSHODVGXDVFRLVDVMXQWDV (17(5RXFOLFDUQRERWmRGH,5
A solução para seu concurso N oções de I nformática = 63
3RGHP RFRUUHU YDULDo}HV KWWSZZZEEFRPEUSRUWDOEE

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
KRPHEE"FRGLJR0HQX 
Este último endereço te leva à página de cartões dentro do
GRPtQLR%DQFRGR%UDVLO EE 
'HVFRQ¿HGHDOJRFRPRKWWSZZZ[\]EEFRPEU±QHVWH
endereço o bb.com.br é uma página dentro do endereço www.
[\]FRPEU ± RX DLQGD ZZZ[\]FRPEUEDQFRGREUDVLO ±
também não é um endereço seguro, pois o “bancodobrasil”
também é uma página dentro do site www.xyz.com.br. Tome
bastante cuidado com estes endereços, principalmente se
você os recebe por e-mail, é grandemente aconselhável digi-
tar o endereço na barra do navegador, depois deixa-lo como
)$925,72 H QmR FOLFDU HP OLQNV SDUD GLPLQXLU TXDOTXHU
trabalho de digitação.
Outra dica de segurança é observar o protocolo, quando
for digitar dados cadastrais ou sigilosos, seja em instituições $ IRUPD GH H[LELU R FHUWL¿FDGR YDULD GH DFRUGR FRP R
¿QDQFHLUDVRXORMDVRQOLQHTXDOTXHUSiJLQDGHVWLQDGDDLQVHULU QDYHJDGRU(VWHMDDWHQWRDV¿JXUDVFLPDVmRGRVQDYHJDGRUHV
login, número de conta, número de cartão e senha o protocolo 23(5$H)LUHIR[
KWWSGHYHUiVHUVXEVWLWXtGRSHORKWWSV±LVWRLQGLFDTXHWRGD 3DUD UHFHEHU D FHUWL¿FDomR GH YDOLGDomR HVWHQGLGD R SUR-
comunicação entre seu computador e o servidor será feito através SULHWiULRGHXPVLWHSUHFLVDSDVVDUSRUXPDVpULHGHYHUL¿FDo}HV
de uma conexão segura. FRQ¿UPDQGRVXDLGHQWLGDGHHDXWRULGDGHOHJDLV1DV¿JXUDVDFL-
PDDYDOLGDomRHVWHQGLGDGDLQVWLWXLomRFRQ¿UPDTXHVLPRVLWH
SHUWHQFHDLQVWLWXLomRHpYHUGDGHLUR3HQVHQHVVDFHUWL¿FDomR
como algo que associa o nome do domínio do endereço da web
a algum tipo de identidade no mundo real.
É importante compartilhar informações delicadas com um
VLWHVRPHQWHVHYRFrFRQ¿DUQDHPSUHVDUHVSRQViYHOSHORVLWH
Portanto, na próxima vez em que você for realizar uma transação
delicada envolvendo dados como números de cartão ou conta e
senhas, observe por um momento e analise as informações de
9HULÀFDULGHQWLÀFDomR segurança do site.
Outra funcionalidade de seu navegador é validar a identidade O mecanismo de renderização
na Internet. Quando estamos conversando com alguém é mais A responsabilidade do mecanismo de renderização, que
IiFLOID]HUPRVDLGHQWL¿FDomRGHVWDSHVVRD-iQD,QWHUQHWLVWRp VLJQL¿FDH[LELURVFRQWH~GRVVROLFLWDGRVpGRQDYHJDGRU
mais difícil, saber exatamente com quem estamos em contato é
muito mais complicado. Por padrão, o mecanismo de renderização pode exibir
documentos e imagens HTML e XML. Ele pode exibir outros
Nesta função o seu navegador exerce um papel fundamental, IRUPDWRVSRUPHLRGHSOXJLQV RXH[WHQV}HVGRQDYHJDGRU 3RU
existem ferramentas que nos ajudam a determinar se um site exemplo, é possível exibir um PDF por meio de um plug-in do
p JHQXtQR RX QmR $OJXQV VLWHV SRVVXHP XP FHUWL¿FDGR GH navegador para visualização de PDF.
validação estendida que nos permite determinar o nome da
organização responsável pelo site. Protocolos de Internet que os navegadores
utilizam para se comunicar:
2FHUWL¿FDGRGHYDOLGDomRHVWHQGLGDRIHUHFHDVLQIRUPD-
IP/DNS
o}HVQHFHVViULDVSDUDDMXGDUYRFrDFHUWL¿FDUVHGHTXHQmR
HVWHMDFRQ¿DQGRVXDVLQIRUPDo}HVDXPVLWHIDOVR9HMDXP Estas cinco letras são a alma do mapeamento da Internet,
exemplo da validação estendida em ação no navegador. No sem elas, seria impossível trocar informações entre dispositivos
VLWH GH XP EDQFR TXH IRL YHUL¿FDGR SRU PHLR GD YDOLGDomR HIRUPDPMXQWDPHQWHFRPRSURWRFROR7&3,3RVPDLVLPSRU-
estendida, o nome do banco é exibido em uma caixa verde tantes protocolos da Internet.
entre o ícone de cadeado e o endereço da web na barra de Em uma rede de computadores cada dispositivo necessita
endereços: VHULGHQWL¿FDGRSDUDTXHDVFRPXQLFDo}HVSRVVDPVHUUHDOL]D-
GDV$LGHQWL¿FDomRpIHLWDSRUXPQ~PHURYLUWXDODWULEXtGRDR
dispositivo pelo administrador da rede ou aleatoriamente por
um protocolo chamado DHCP. Não somente os dispositivos
PDV WDPEpP RV VLWHV VmR LGHQWL¿FDGRV SHOR HQGHUHoR ,3 1mR
H[LVWHQDGDHPXPDUHGHGHFRPSXWDGRUHVTXHQmRVHMDLGHQWL¿-
cado por um endereço, pois sem o endereço IP, este dispositivo
RXORFDO¿FDULDLQDFHVVtYHO
8PHQGHUHoR,3pIRUPDGRSRUTXDWURFRQMXQWRVGHQ~PH-
ros, separados por pontos, que vão de 0 a 255 cada conjunto,
¿FDQGR DOJR SDUHFLGR FRP 192.168.10.158 ± HVWD VLQWD[H p
a versão 4 do protocolo IP, por isso o chamamos de IPV4, e
possui capacidade de endereçamento de 32bits. Este tamanho
64 = Noções de Informática A solução para seu concurso

SRVVLELOLWD XP Pi[LPR GH  32  HQGHUHoRV GLV- Quando você digita em seu navegador www.umsitequalquer.

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
tintos. A época de seu desenvolvimento, esta quantidade era com.br, o protocolo DNS entra em ação, procura um servidor DNS,
FRQVLGHUDGD VX¿FLHQWH SDUD LGHQWL¿FDU WRGRV RV FRPSXWDGRUHV que existe em todas as conexões com a Internet, e pergunta qual en-
na rede e suportar o surgimento de novas sub-redes. No entanto, dereço IP está associado ao nome www.umsitequalquer.com.br. O
com o rápido crescimento da Internet, surgiu o problema da VHUYLGRU'16UHVSRQGHUiQRFDVRGR*RRJOHH
escassez dos endereços IPv4, motivando a criação de uma nova então o seu navegador saberá qual endereço IP usar nesta cone-
geração do protocolo IP. xão. Esta lista usada pelo servidor DNS é atualizada constante-
A versão 6, IPV6, tem uma representação dividindo o mente e é a mesma no mundo inteiro, por isso é possível acessar
HQGHUHoR TXH SRVVXL  ELWV HP RLWR JUXSRV GH  ELWV RVLWHGR0XVHXGR/RXYUHHP3DULV ZZZORXYUHIU GDTXLGR
separando-os por dois pontos “:”, escritos com dígitos hexa- Brasil. Então quando cair DNS na prova de qualquer concurso
GHFLPDLV ) )LFDQGRFRPDOJRSDUHFLGRFRPHVWHH[HPSOR você já sabe que é o protocolo que converte o nome digitado na
2001:0DB8:AD1F:25E2:CADE:CAFE:F0CA:84C1 ± FRP barra de endereço do navegador pelo endereço IP. Como se fos-
HVWHWLSRGHHQGHUHoDPHQWRpSRVVtYHOREWHU se uma lista telefônica da WEB. Isto é extremamente necessário
 HQGHUHoRV   (VWH pois todas as formas de roteamento de informações na Internet
YDORUUHSUHVHQWDDSUR[LPDGDPHQWHRFWLOK}HV u GH XWLOL]DPRHQGHUHoR,3H181&$RQRPHGRVLWH
vezes a quantidade de endereços IPv4 e representa, também, A propósito, o DNS permite que mais de um nome seja
mais de 56 octilhões (5,6u GHHQGHUHoRVSRUVHUKXPDQR associado a um mesmo endereço IP. Isto permite que você
na Terra, considerando-se a população estimada em 6 bilhões hospede mais de um site em um único servidor, por exemplo.
de habitantes. Quando você acessa um servidor que tem mais de um site hos-
O protocolo IP foi desenvolvido para prover duas funções pedado, seu navegador acessará ele através do seu endereço
básicas: a fragmentação, que permite o envio de pacotes maiores IP (descoberto através de uma requisição DNS, como expli-
que o limite de tráfego estabelecido num enlace, dividindo-os FDPRV HQTXDQWRTXHRVHUYLGRUYHUL¿FDUiRQRPHTXHYRFr
HPSDUWHVPHQRUHVHRHQGHUHoDPHQWRTXHSHUPLWHLGHQWL¿FDU está usando em seu navegador para saber qual site fornecer
o destino e a origem dos pacotes a partir dos endereços armaze- para você.
nados no cabeçalho do protocolo. DHCP ('LQDPLF+RVW&RQÀJXUDWLRQ3URWRFRO)
5HVXPLQGRDRTXHpLQWHUHVVDQWHSDUDRVFRQFXUVRV Este protocolo é uma das funções de um servidor de rede.
,39 ± TXDWUR Q~PHURV GLYLGLGRV HP TXDWUR EORFRV 8P VHUYLGRU p XP FRPSXWDGRU HVSHFLDO FRP DOWR SRGHU GH
(192.168.5.240 &DGDQ~PHURRXEORFRpUHSUHVHQWDGRSRU processamento e armazenamento médio, se comparado a uma
bits totalizando 32 bits. rede de computadores.
,39 ± RLWR EORFRV FRP UHSUHVHQWDomR KH[DGHFLPDO 2001 Em qualquer rede de computadores, grande ou pequena,
:0DB8:AD1F:25E2:CADE:CAFE:F0CA:84C1 &DGDEORFR todos os equipamentos, dispositivos, hosts e computadores são
FRQWpPELWVWRWDOL]DQGRELWVGHHQGHUHoDPHQWR localizados nesta rede através do endereço IP.
É um dos protocolos mais importantes da Internet, porque Este endereço é atribuído à sua placa de rede, que o har-
permite a elaboração e o transporte dos datagramas IP (os paco- dware responsável pela comunicação do seu computador com
WHVGHGDGRV VHPFRQWXGRDVVHJXUDUD³HQWUHJD´1DUHDOLGDGH RXWURVGLVSRVLWLYRVYLDUHGHGHGXDVIRUPDV¿[RRXGLQkPLFR
o protocolo IP trata os datagramas IP independentemente uns IP Fixo, como o nome já diz, é o que não se altera. Em
GRVRXWURVGH¿QLQGRDVXDUHSUHVHQWDomRRVHXHQFDPLQKDPHQ- SHTXHQDVUHGHVpDWULEXtGRPDQXDOPHQWHQDVFRQ¿JXUDo}HVGH
to e a sua entrega. conexão da placa de rede, pois não é uma tarefa difícil e não há
Os dados circulam na Internet sob a forma de datagramas a necessidade de um servidor para controlar estes endereços.
IDODVHWDPEpPGHSDFRWHV 2VGDWDJUDPDVVmRGDGRVHQFDS- IP Dinâmico, este tipo de conexão é quando o endereço IP é
sulados, isto é, são dados aos quais se acrescentaram cabeçalhos atribuído ao nosso computador por outro computador, ou seja,
que correspondem a informações sobre o seu transporte (como HP XPD UHGH PpGLD RX JUDQGH H[LVWH $3(1$6 80 HTXLSD-
RHQGHUHoR,3GHGHVWLQR  mento na rede capaz de fornecer um endereço IP. Quando seu
Os dados contidos nos datagramas são analisados (e eventu- computador é ligado sua placa de rede, que também possui uma
DOPHQWHDOWHUDGRV SHORV6ZLWFKHVTXHSHUPLWHPRVHXWUkQVLWR LGHQWL¿FDomR ~QLFD QR PXQGR HQGHUHoR 0$&  PDQGD XPD
dentro de uma rede. PHQVDJHPQDUHGHSDUDDVPiTXLQDV %URDGFDVW SHUJXQWDQGR
quem fornece endereço IP. Nesta hora o nosso servidor DHCP é
O pacote é roteado com base no endereço de destino que ele este computador que responde a esta mensagem informando seu
carrega no cabeçalho e pode atravessar várias redes distintas HQGHUHoR,3 GRVHUYLGRU VXDPiTXLQDPDQGDXPDPHQVDJHP
DQWHVGHDWLQJLURGHVWLQR¿QDO VHLGHQWL¿FDQGRHQGHUHoR0$&SDUDR,3GRVHUYLGRU'HSRV-
&RPRMiYLPRVHPUHGHV7&3,3FDGDFRPSXWDGRUWHPXP VHGRHQGHUHoR0$&RVHUYLGRU'+&3FRQ¿UPDVHDPiTXLQD
endereço virtual único, chamado endereço IP. No entanto, para ID]SDUWHGDTXHODUHGHFDVRD¿UPDWLYRRVHUYLGRU'+&3HQYLD
nós, humanos, nomes são mais fáceis de serem memorizados do SDUDVXDPiTXLQDXPSDFRWHGHFRQ¿JXUDo}HVMXQWDPHQWHFRP
que números. o endereço IP que ela utilizará por um tempo determinado pelo
O DNS ('RPDLQ1DPH6\VWHP, Sistema de Nome de Domí- servidor.
QLR SHUPLWHRXVRGHQRPHVSDUDRVHQGHUHoRV,33RUH[HPSOR O protocolo DHCP faz exatamente isto, por meio dele um
é mais fácil memorizar o nome de um site do que o endereço servidor é capaz de distribuir automaticamente endereços de IP
IP dele: é muito mais fácil memorizar www.google.com.br do diferentes a todos os computadores à medida que eles fazem a
TXHWDQWRID]GLJLWDURQRPHRXRHQGHUHoR,3 solicitação de conexão com a rede. Essa distribuição dos IPs
Lembrando que o número IP pode ser alterado conforme neces- p IHLWD HP XP LQWHUYDOR SUpGH¿QLGR FRQ¿JXUDGR QR VHUYLGRU
sidades, mas o nome somente será alterado se houver alguma 6HPSUH TXH XPD GDV PiTXLQDV IRU GHVFRQHFWDGD R ,3 ¿FDUi
mudança no nome da empresa ou do site. livre para o uso por outra máquina da rede.
A solução para seu concurso N oções de I nformática = 65
Pesquisas Usando várias janelas de navegação

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
‡ 8WLOL]HSDODYUDVVLPSOHVFRPRconcurso publico Também é possível abrir várias janelas no Internet Explorer
‡ Para pesquisar uma palavra exata utilize “ “ aspas na HH[LELUGXDVGHODVODGRDODGR3DUDDEULUXPDQRYDMDQHOD
frase que procura: “seja belo enquanto dure” pressione e segure o bloco Internet Explorer (ou clique nele
‡ 3DUD UHDOL]DU SHVTXLVDV HP XP VLWH HVSHFt¿FR GLJLWH D FRP R ERWmR GLUHLWR GR PRXVH  QD WHOD ,QLFLDO H HP VHJXLGD
palavra site: , o endereço do site e a palavra ou frase da toque ou clique em Abrir nova janela.
pesquisa. Fica assim site: folha.com.br formula 1 Duas janelas podem ser exibidas lado a lado na tela. Abra
(VWRXSHVTXLVDQGRIyUPXODQRVLWHIROKDFRPEU uma janela e arraste-a de cima para baixo, para o lado direito ou
esquerdo da tela. Em seguida, arraste a outra janela a partir do
‡ 4XHUXPUHVXOWDGRFRPXPWLSRGHDUTXLYRHVSHFt¿FR lado esquerdo da tela.
.PDF ou .PPTX? Após a palavra ou frase coloque
¿OHW\SHSGI Você pode manter a barra de endereços e as guias encaixa-
das na parte inferior da tela para abrir sites e fazer pesquisas
Fica assim IRWRVVtQWHVH¿OHW\SHSSW[±HRVUHVXOWDGRV UDSLGDPHQWH $EUD R ERWmR &RQ¿JXUDo}HV WRTXH RX FOLTXH
serão arquivos do Power Point sobre fotossíntese. em Opções e, em Aparência, altere Sempre mostrar a barra de
Como funcionam os principais navegadores endereços e as guias para Ativado.
da WEB Personalizando sua navegação
Internet Explorer: Depois de ter aprendido as noções básicas sobre o uso do
2 ,QWHUQHW ([SORUHU  p IRUQHFLGR MXQWR FRP D VXD DWXD- navegador, você poderá alterar suas home pages, adicionar sites
OL]DomR GR :LQGRZV  RX GR :LQGRZV 57  2 ,QWHUQHW IDYRULWRVH¿[DUVLWHVjWHOD,QLFLDO
Explorer facilita o acesso a sites e ajuda a ver com o máximo Para escolher suas home pages: As home pages são os sites
de qualidade todo o conteúdo incrível que você pode encontrar. que se abrem sempre que você inicia uma nova sessão de navega-
Depois de aprender alguns gestos e truques comuns, você pode- ção no Internet Explorer. Você pode escolher vários sites, como
rá usar seu novo navegador com todo o conforto e aproveitar ao seus sites de notícias ou blogs favoritos, a serem carregados na
máximo seus sites favoritos. abertura do navegador. Dessa maneira, os sites que você visita
Lembre-se que os programas no Windows 8 aparecem de com mais frequência estarão prontos e esperando por você.
duas formas a versão Metro e versão Desktop.
3DVVHRGHGRGDERUGDGLUHLWDGDWHODHWRTXHHP&RQ¿JX-
Utilizando a barra de endereços rações. (Se você estiver usando um mouse, aponte para o canto
A barra de endereços é o seu ponto de partida para navegar inferior direito da tela, mova o ponteiro do mouse para cima e
pela Internet. Ela combina barra de endereços e caixa de pesqui- FOLTXHHP &RQ¿JXUDo}HV  7RTXH RX FOLTXHHP 2So}HV H HP
sa para que você possa navegar, pesquisar ou receber sugestões Home pages, toque ou clique em Gerenciar.
em um só local. Ela permanece fora do caminho quando não ,QVLUDD85/GHXPVLWHTXHJRVWDULDGHGH¿QLUFRPRKRPH
está em uso para dar mais espaço para os sites. Para que a barra page ou toque ou clique em Adicionar site atual se estiver em
de endereços apareça, passe o dedo de baixo para cima na tela um site que gostaria de transformar em home page.
ou clique na barra na parte inferior da tela se estiver usando um
Para salvar seus sites favoritos
mouse. Há três maneiras de utilizá-la:
Salvar um site como favorito é uma forma simples de me-
Para navegar,QVLUDXPD85/QDEDUUDGHHQGHUHoRVSDUDLU
morizar os sites de que você gosta e que deseja visitar sempre.
diretamente para um site. Ou toque, ou clique, na barra de ende-
6HYRFrWLYHUIHLWRDDWXDOL]DomRSDUDR:LQGRZVDSDUWLUGR
UHoRVSDUDYHURVVLWHVTXHPDLVYLVLWD RVVLWHVPDLVIUHTXHQWHV 
Windows 8 e entrado usando sua conta da Microsoft, todos os
Para pesquisar. Insira um termo na barra de endereços e IDYRULWRVMiH[LVWHQWHVWHUmRVLGRLPSRUWDGRVDXWRPDWLFDPHQWH
toque ou clique em IrBotãoIr o para pesquisar a Internet com o
Vá até um site que deseja adicionar.
mecanismo de pesquisa padrão.
3DVVHRGHGRGHEDL[RSDUDFLPD RXFOLTXH SDUDH[LELURV
Para obter sugestões. Não sabe para onde deseja ir? Digite
comandos de aplicativos. Em seguida, toque ou clique no botão
uma palavra na barra de endereços para ver sugestões de sites,
Favoritos para mostrar a barra de favoritos.
aplicativos e pesquisa enquanto digita. Basta tocar ou clicar em
uma das sugestões acima da barra de endereços. Toque ou clique em Adicionar a favoritos e, em seguida,
toque ou clique em Adicionar.
Multitarefas com guias e janelas
Com as guias, você pode ter muitos sites abertos em uma
3DUDÀ[DUXPVLWHQDWHOD,QLFLDO
só janela do navegador, para que seja mais fácil abrir, fechar $ ¿[DomR GH XP VLWH FULD XP EORFR QD WHOD ,QLFLDO R TXH
e alternar os sites. A barra de guias mostra todas as guias ou fornece acesso com touch ao site em questão. Alguns sites
janelas que estão abertas no Internet Explorer. Para ver a barra ¿[DGRV PRVWUDUmR QRWL¿FDo}HV TXDQGR KRXYHU QRYR FRQWH~GR
GHJXLDVSDVVHRGHGRGHEDL[RSDUDFLPD RXFOLTXH QDWHOD GLVSRQtYHO9RFrSRGH¿[DUTXDQWRVVLWHVTXLVHUHRUJDQL]iORV
Abrindo e alternando as guias em grupos na tela Inicial.

Abra uma nova guia tocando ou clicando no botão Nova Para exibir os comandos de aplicativos, passe o dedo de
guia Botão Nova guia (PVHJXLGDLQVLUDXPD85/RXXP EDL[RSDUDFLPD RXFOLTXH 
termo de pesquisa ou selecione um de seus sites favoritos ou Toque ou clique no botão Favoritos , toque ou clique no
mais visitados. botão Fixar site e, em seguida, toque ou clique em Fixar na
Alterne várias guias abertas tocando ou clicando nelas na Tela Inicial.
barra de guias. Você pode ter até JXLDVDEHUWDV em uma só Você pode alternar rapidamente os favoritos e as guias tocan-
janela. Feche as guias tocando ou clicando em Fechar no do ou clicando no botão Favoritos ou no botão Guias nos
canto de cada guia. comandos de aplicativos.
66 = Noções de Informática A solução para seu concurso

Lendo, salvando e compartilhando conteúdo O que são cookies?

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
da Internet Cookies são pequenos arquivos que os sites colocam no
Ao percorrer seus conteúdos online favoritos, procure pelo seu computador para armazenar informações sobre você e suas
ícone Modo de exibição de leitura na barra de endereços. O preferências. Os cookies podem melhorar a sua experiência de
Modo de exibição de leitura retira quaisquer itens desne- navegação, permitindo que os sites se lembrem das suas prefe-
cessários, como anúncios, para que as matérias sejam destaca- rências ou evitando que você tenha de se conectar sempre que
das. Toque ou clique no ícone para abrir a página no modo de visitar determinados sites. No entanto, alguns cookies podem
exibição de leitura. Quando quiser retornar à navegação, basta colocar a sua privacidade em risco ao rastrear os sites que você
tocar ou clicar no ícone novamente. visita.
3DUD SHUVRQDOL]DU DV FRQÀJXUDo}HV GR PRGR Para excluir cookies
de exibição de leitura Na tela inicial, toque ou clique em Internet Explorer para
3DVVHRGHGRGDERUGDGLUHLWDGDWHODHWRTXHHP&RQ¿JXUDo}HV abrir o Internet Explorer.
(Se você estiver usando um mouse, aponte para o canto 3DVVHRGHGRGDERUGDGLUHLWDGDWHODHWRTXHHP&RQ¿JX-
inferior direito da tela, mova o ponteiro do mouse para cima e rações.
FOLTXHHP&RQ¿JXUDo}HV (Se você estiver usando um mouse, aponte para o canto
Toque ou clique em Opções e, em Modo de exibição de inferior direito da tela, mova o ponteiro do mouse para cima e
leitura, escolha um estilo de fonte e um tamanho de texto. FOLTXHHP&RQ¿JXUDo}HV
Para salvar páginas na Lista de Leitura Toque ou clique em Opções e, na seção Histórico, toque ou
clique em Selecionar.
Quando você tiver um artigo ou outro conteúdo que deseje
ler mais tarde, basta compartilhá-lo com sua Lista de Leitura em Marque a caixa de seleção Cookies e toque ou clique em
vez de enviá-lo por e-mail para você mesmo ou de deixar mais Excluir.
guias de navegação abertas. A Lista de Leitura é a sua biblioteca Para excluir cookies na área de trabalho
pessoal de conteúdo. Você pode adicionar artigos, vídeos ou
outros tipos de conteúdo a ela diretamente do Internet Explorer, %ORTXHDUFRRNLHVHSHUVRQDOL]DUFRQ¿JXUDo}HVGHFRRNLHV
sem sair da página em que você está. Se não quiser que os sites armazenem cookies em seu com-
Passe o dedo desde a borda direita da tela e toque em Com- putador, você pode bloquear os cookies. Também é possível
partilhar. personalizar para quais sites os cookies devem ser bloqueados.
(Se usar um mouse, aponte para o canto superior direito da tela, Para bloquear cookies
PRYDRSRQWHLURGRPRXVHSDUDEDL[RHFOLTXHHP&RPSDUWLOKDU Abra a área de trabalho e toque ou clique no ícone do Inter-
Toque ou clique em Lista de Leitura e, em seguida, em net Explorer na barra de tarefas.
Adicionar. O link para o conteúdo será armazenado na Lista de Toque ou clique no botão Ferramentas Botão Ferramentas e
Leitura. depois em Opções da Internet.
Protegendo sua privacidade 7RTXHRXFOLTXHQDJXLD3ULYDFLGDGHHPVHJXLGDHP&RQ¿-
Interagir em redes sociais, fazer compras, estudar, compar- gurações, mova o controle deslizante até em cima para bloquear
tilhar e trabalhar: você provavelmente faz tudo isso diariamente todos os cookies e toque ou clique em OK.
na Internet, o que pode disponibilizar suas informações pessoais 3DUDSHUVRQDOL]DUFRQÀJXUDo}HVGHFRRNLHV
para outras pessoas. O Internet Explorer ajuda você a se proteger Abra a área de trabalho e toque ou clique no ícone do Inter-
melhor com uma segurança reforçada e mais controle sobre sua net Explorer na barra de tarefas.
privacidade. Estas são algumas das maneiras pelas quais você
pode proteger melhor a sua privacidade durante a navegação: Toque ou clique no botão Ferramentas Ferramentas e depois
em Opções da Internet.
8VH D 1DYHJDomR ,Q3ULYDWH 2V QDYHJDGRUHV DUPD]HQDP
informações como o seu histórico de pesquisa para ajudar a Na guia Privacidade, siga um ou mais destes procedimentos:
melhorar sua experiência. Quando você usa uma guia InPrivate, 3DUD GH¿QLU RV WLSRV GH FRRNLHV TXH VHUmR EORTXHDGRV RX
pode navegar normalmente, mas os dados como senhas, o histó- permitidos, mova o controle deslizante.
rico de pesquisa e o histórico de páginas da Internet são exclu-
ídos quando o navegador é fechado. Para abrir uma nova guia 3DUDEORTXHDURXSHUPLWLUVLWHVHVSHFt¿FRVWRTXHRXFOLTXH
InPrivate, passe o dedo de baixo para cima na tela (ou clique em Sites.
QHODFRPRERWmRGLUHLWRGRPRXVH SDUDPRVWUDURVFRPDQGRV Para importar um arquivo de preferências de privacidade,
de aplicativos ou toque ou clique no botão Ferramentas de guia toque ou clique em Importar.
Botão Ferramentas de guia e em Nova guia InPrivate.
3DUDVXEVWLWXLUDVFRQ¿JXUDo}HVGHSULYDFLGDGHSDUDGHWHU-
8VH D 3URWHomR FRQWUD 5DVWUHDPHQWR H R UHFXUVR 'R 1RW- minados tipos de cookies, toque ou clique em Avançado.
Track para ajudar a proteger sua privacidade. O rastreamento
refere-se à maneira como os sites, os provedores de conteúdo 3DUD UHVWDXUDU DV FRQ¿JXUDo}HV GH SULYDFLGDGH RULJLQDLV
terceiros, os anunciantes, etc. aprendem a forma como você toque ou clique em Padrão.
interage com eles. Isso pode incluir o rastreamento das páginas Quando terminar de fazer as alterações, toque ou clique em OK.
que você visita, os links em que você clica e os produtos que
você adquire ou analisa. No Internet Explorer, você pode usar
Permitir cookies
D3URWHomRFRQWUD5DVWUHDPHQWRHRUHFXUVR'R1RW7UDFNSDUD O bloqueio de cookies pode impedir que algumas páginas
ajudar a limitar as informações que podem ser coletadas por ter- sejam exibidas corretamente. Também pode aparecer uma men-
ceiros sobre a sua navegação e para expressar suas preferências sagem em um site avisando que é preciso permitir os cookies
de privacidade para os sites que visita. para poder ver esse site.
A solução para seu concurso N oções de I nformática = 67
Para permitir cookies &OLFDUQROLQNFRPR6FUROOGRPRXVH

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Abra a área de trabalho e toque ou clique no ícone do Inter- &OLFDUQROLQNFRPR&75/SUHVVLRQDGR
net Explorer na barra de tarefas.  )XQFLRQD HP OLQNV IDYRULWRV KLVWyULFR QR PHQX GRV
Toque ou clique no botão Ferramentas Botão Ferramentas e ERW}HV9ROWDU$YDQoDUHQDVVXJHVW}HVGRFDPSRGHHQGHUHoR
depois em Opções da Internet. Para abrir uma nova aba ao digitar no campo de endereço ou
7RTXHRXFOLTXHQDJXLD3ULYDFLGDGHHPVHJXLGDHP&RQ¿- no campo de pesquisa: pressione Alt ao teclar Enter.
gurações, mova o controle deslizante até embaixo para permitir Comande as abas com o teclado
os cookies e toque ou clique em OK.
$EULQGR)HFKDQGR
Exibir e excluir seu histórico de navegação
Abrir uma aba: Ctrl+T
Seu histórico de navegação é composto pelas informações Fechar a aba atual: Ctrl+W ou Ctrl+F4
que o Internet Explorer lembra e armazena em um computador
conforme você navega pela Web. Isso inclui dados digitados 5HDEULUDDEDTXHIRLIHFKDGD&WUO6KLIW7
em formulários, senhas e sites visitados, e contribui para uma Navegando
melhor experiência de navegação. Se você estiver usando um
computador compartilhado ou público, não é recomendável que ,USDUDDDEDGDHVTXHUGD&WUO6KLIW7DERX&WUO3J8S
o Internet Explorer lembre seus dados de navegação. Ir para a aba da direita: Ctrl+Tab ou Ctrl+PgDn.
([LELUVHXKLVWyULFRGHQDYHJDomRHH[FOXLUVLWHVHVSHFt¿FRV ([LELUGDSULPHLUDDRLWDYDDED&WUODWp&WUO
Ao exibir seu histórico de navegação, você pode optar por ([LELUD~OWLPDDED&WUO
H[FOXLUVLWHVHVSHFt¿FRVRXSRGHUHWRUQDUDXPDSiJLQDGD:HE 1R:LQGRZVHpSRVVtYHO¿[DUTXDOTXHUDEDGR,QWHUQHW
que já visitou.
Explorer na barra de tarefas, basta clicar e arrastar sua aba até
No Internet Explorer para a área de trabalho, toque ou clique EDUUD6HXVLWH¿FDUiGLVSRQtYHODWpTXHYRFrTXHLUDUHPRYrOR
no botão Favoritos Botão Favoritos.
Pesquisa
Clique na guia Histórico e escolha como deseja exibir o
KLVWyULFRVHOHFLRQDQGRXP¿OWURQRPHQXVXVSHQVR No IE a pesquisa é realizada diretamente na barra de ende-
UHoRV 85/ 
Exibir por Data mostra as últimas três semanas do histórico
em ordem cronológica. A escolha do site de busca é feita na janela “Opções da In-
WHUQHW´FOLFDQGRQRERWmR³FRQ¿JXUDo}HV´QRFDPSR3HVTXLVD
Exibir por Site mostra uma lista com os sites que você
visitou nas últimas três semanas, mas não as datas das visitas. Gerenciador de Download
Exibir por Mais Visitados mostra os sites mais visitados nas O Gerenciador de Download mantém uma lista dos arquivos
últimas três semanas. EDL[DGRVSRUYRFrHRQRWL¿FDTXDQGRXPDUTXLYRSRGHVHUXP
PDOZDUH VRIWZDUHPDOLQWHQFLRQDGR (OHWDPEpPSHUPLWHTXH
Exibir pela Ordem de Visita Hoje mostra apenas os sites que
você pause e reinicie um download, além de lhe mostrar onde
você visitou hoje.
encontrar os arquivos baixados em seu computador.
3DUDH[FOXLUVLWHVHVSHFt¿FRVSUHVVLRQHHVHJXUH RXFOLTXH
FRP R ERWmR GLUHLWR  XP VLWH GH TXDOTXHU XPD GHVVDV OLVWDV H Vulnerabilidades
toque ou clique em Excluir. Ou retorne a uma página tocando O Internet Explorer foi sendo ao longo dos anos apontado
ou clicando em qualquer site da lista. como um software com numerosas falhas de segurança. Progra-
Excluir o histórico de navegação mas maliciosos ou oportunistas exploravam brechas para roubar
Excluir regularmente o histórico de navegação ajuda a pro- LQIRUPDo}HV SHVVRDLV 6RIWZDUHV PDOLFLRVRV ± YtUXV ± ZRUPV
teger sua privacidade, especialmente se você estiver usando um ±WURMDQV±H[SORUDYDPIDOKDVGRQDYHJDGRUSDUDFRQWURODUH
computador compartilhado ou público. ou direcionar os usuários a determinadas páginas. Alguns espe-
Mostrar tudo cialistas apontam estes problemas como uma das causas para a
SHUGDGHPHUFDGR Q~PHURGHXVXiULRVXWLOL]DQGRRQDYHJDGRU 
Para excluir seu histórico de navegação no aplicativo Internet A Microsoft argumenta que a quantidade de vulnerabilidades
Explorer
encontradas está relacionada ao contingente de usuários. Sendo
Para excluir seu histórico de navegação na área de trabalho este fator predominante para que pessoas mal-intencionadas
Navegação por abas H[SORUDVVHP HUURV FRP ¿QV LOtFLWRV (QWUHWDQWR SUREOHPDV UH-
Os navegadores, em sua versão atual, utilizam a navegação lacionados a vulnerabilidade de navegadores não restringem-se
através de abas. ao Internet Explorer. Outros navegadores populares também já
foram vítimas de pessoas mal-intencionadas, como exemplo:
Estas abas funcionam como janelas que são exibidas na
mesma página do navegar. )LUHIR[   ± *RRJOH &KURPH   ± 2SHUD  $VVLP
sendo, torna-se óbvio que pessoas que projetam pragas digitais
%DVWDFOLFDUFRPR6FUROOGRPRXVH URGLQKD SDUDTXHTXDO-
HQIDWL]HPVRIWZDUHQDYHJDGRUHVVLVWHPDVRSHUDFLRQDLVSRSXOD-
quer link seja aberto em uma nova aba na janela ativa.
res. Depois que o Internet Explorer passou a perder mercado,
Basta arrastar sua aba para o menu “favoritos” ou para a falhas de segurança em outros navegadores começaram a ser
“Barra dos favoritos” para armazena-la como página favorita e
divulgadas. Talvez o fato que leve o Internet Explorer a ser
estará disponível para retornar à ela quando quiser.
alvo de tantas críticas está relacionado com o fato de o mesmo
Abrir links em nova aba VHUGHFyGLJRIHFKDGR'HVWDIRUPDWRUQDVHGLItFLOLGHQWL¿FDU
Clique no link com o botão direito do mouse e escolha a problemas antes que algum software mal-intencionado seja
opção “Abrir em nova aba”. descoberto.
68 = Noções de Informática A solução para seu concurso

O Internet Explorer já foi o navegador mais utilizado chegan-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
GRDGRVXVXiULRVPDVWHYHXPDJUDQGHTXHGDQRV~OWLPRV
DQRVFKHJDQGRD¿FDUHPVHJXQGROXJDU'HDFRUGRFRPD6WDUW
&RXQWHUR,QWHUQHW([SORUHU¿FRXFRP  ¿FDQGRDWUiV
GR&KURPH  QRPrVGHPDLRGHHGHVGHHQWmRQmR
recuperou mais o primeiro lugar. Apesar disso outras pesquisas
como a Marketshare 20 aponta que a queda não chegou a ser tão
H[SUHVVLYDDSHVDUGHWHUFKHJDGRHPHWHPVHPRVWUDGR
HPTXHGDQRV~OWLPRVDQRV$Wp6HWHPEURGHVHPDQWpP
FRPRRVHJXQGRQDYHJDGRUPDLVXVDGRGRPXQGRFRP
dos usuários mundiais, segundo o StatCounter.
Como funciona...
Privacidade de navegação Quando você inicia a Navegação InPrivate, o Internet Ex-
Você pode impedir que outras pessoas acessem suas infor- plorer abre uma nova janela do navegador. A proteção oferecida
mações de navegação usando dois recursos de privacidade no pela Navegação InPrivate tem efeito apenas durante o tempo
Windows Internet Explorer: que você usar essa janela. Você pode abrir quantas guias desejar
nessa janela e todas elas estarão protegidas pela Navegação
‡ 3URWHomRFRQWUD5DVWUHDPHQWRH InPrivate. Entretanto, se você abrir uma segunda janela do
‡ Navegação InPrivate. navegador, ela não estará protegida pela Navegação InPrivate.
3DUD¿QDOL]DUDVHVVmRGH1DYHJDomR,Q3ULYDWHIHFKHDMDQHOD
Proteção contra rastreamento
GRQDYHJDGRU$WDOKRGHWHFODGR&756+,)73
Quando você visita um site, alguns conteúdos podem ser for-
necidos por um site diferente. Esse conteúdo pode ser usado para
coletar informações sobre as páginas que você visita na Internet.
$ 3URWHomR FRQWUD 5DVWUHDPHQWR EORTXHLD HVVH FRQWH~GR
GHVLWHVTXHHVWmRHP/LVWDVGH3URWHomRFRQWUD5DVWUHDPHQWR
([LVWHXPD/LVWDGH3URWHomRFRQWUD5DVWUHDPHQWR3HUVRQDOL]D-
da incluída no Internet Explorer que é gerada automaticamente
com base nos sites visitados por você. Também é possível
EDL[DU/LVWDVGH3URWHomRFRQWUD5DVWUHDPHQWRHGHVVDPDQHLUD
R,QWHUQHW([SORUHUYHUL¿FDUiSHULRGLFDPHQWHVHKiDWXDOL]Do}HV
para as listas.
9RFrSRGHDWLYDUD3URWHomRFRQWUD5DVWUHDPHQWRQR:LQ-
GRZV,QWHUQHW([SORUHUSDUDDMXGDUDHYLWDUTXHVLWHVFROHWHP
informações sobre sua navegação na Web. Você também pode
ativar a Filtragem ActiveX para ajudar a evitar que programas
acessem o seu computador sem o seu consentimento.
Depois de ativar qualquer um desses recursos, você pode
GHVDWLYiORDSHQDVSDUDVLWHVHVSHFt¿FRV
Firefox: O Firefox é um Browser, programa navegador,
Clique no botão Ferramentas, aponte para Segurança e GHVHQYROYLGRSHOD0R]LOOD)XQGDWLRQ )XQGDomR0R]LOOD (VWH
FOLTXHHP3URWHomRFRQWUD5DVWUHDPHQWR navegador é de código aberto, por isso é alguns programadores
GHVHQYROYHP YHUV}HV QmR R¿FLDLV TXH ³URGDP´ HP 6LVWHPDV
Na caixa de diálogo Gerenciar Complemento, clique em uma Operacionais não listados pela Mozilla e multiplataforma, ou
/LVWDGH3URWHomRFRQWUD5DVWUHDPHQWRHFOLTXHHP+DELOLWDU seja, possível de ser instalado em vários Sistemas Operacionais
Usar a Filtragem ActiveX para bloquear con- como Windows, Linux, Android, Mac OS X, etc.
troles ActiveX O navegador promete manter seus dados pessoais em sigilo
Controles ActiveX e complementos do navegador da Web e possui boas ferramentas para diminuir o rastreamento feito
pelos sites enquanto navega pela Internet.
são pequenos programas que permitem que os sites forneçam
conteúdos como vídeos. Eles também podem ser usados para O Firefox é dividido em três fases de desenvolvimento até
FROHWDU LQIRUPDo}HV GDQL¿FDU LQIRUPDo}HV H LQVWDODU VRIWZDUH FKHJDUQDVXDYHUVmR¿QDO
em seu computador sem o seu consentimento ou permitir que 1LJKWO\: É aqui que as novidades aparecem. O Nightly
outra pessoa controle o computador remotamente. QRUPDOPHQWH p XVDGR DSHQDV SRU TXHP SUHFLVD RX JRVWD GH 
acompanhar o desenvolvimento. É atualizado no mínimo diaria-
Navegação InPrivate PHQWHHUHÀHWHRHVWDGRDWXDOGRFyGLJRIRQWH1mRVmRWHVWDGRV
A Navegação InPrivate impede que o Windows Internet ao usar o Nightly você é quem estará fazendo os testes.
Explorer armazene dados de sua sessão de navegação, além de Aurora: Após 6 semanas de desenvolvimento ativo, a
ajudar a impedir que qualquer pessoa que utilize o seu compu- versão Nightly vira Aurora. Somente são feitos ajustes de
tador veja as páginas da Web que você visitou e o conteúdo que compatibilidade e estabilidade. Em casos especiais pode haver
visualizou. a adição ou remoção de recursos. As traduções são atualizadas
durante este ciclo.
A solução para seu concurso N oções de I nformática = 69
Firefox Beta: Depois de 6 semanas como Aurora, uma nova Não Me Rastreie

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
YHUVmRGR)LUHIR[HVWiTXDVHSURQWD3RXFDVPRGL¿FDo}HVVHUmR 2 1mR 0H 5DVWUHLH p XP UHFXUVR GR )LUHIR[ TXH WH DMXGD
efetuadas nesta fase. a controlar a maneira como seus dados online são coletados e
9HUVmR ¿QDO: Após as 6 semanas de teste como beta, o XWLOL]DGRV 4XDQWR DWLYDGR R 1mR 0H 5DVWUHLH FRPXQLFD DRV
desenvolvimento de um novo Firefox está concluído. A atuali- sites que estão te rastreando que você não quer mais ter suas
zação automática é liberada para todos os usuários. LQIRUPDo}HVXWLOL]DGDVSDUD¿QVGHSURSDJDQGD
Possui uma versão portátil onde é possível carrega-lo em um Lightbeam
pendrive e executá-lo através deste dispositivo sem a necessida- O Lightbeam, complemento para Firefox, permite que você
de de insta-lo no sistema. saiba quem são os sites que estão te rastreando enquanto você
O programa é bastante personalizável tendo à disposição uma navega pela Web. Criado com uma interface dinâmica e de sim-
lista de complementos, addons, que são acessados diretamente ples compreensão, feito para te colocar no controle da situação.
QR PHQX GH FRQ¿JXUDomR GR SURJUDPD (VWHV FRPSOHPHQWRV Restauração da sessão
agregam novas funcionalidades ao programa.
Agora quando a energia elétrica for interrompida ou mesmo
2)LUHIR[WHPXPFRUUHWRURUWRJUi¿FRHPEXWLGRDRGLJLWDU se o Firefox travar, todas as janelas são reabertas assim que você
um e-mail ou post em um blog ou rede social o corretor infor- reiniciar. Para acelerar o início do Firefox, algumas abas só serão
mará quando encontrar alguma palavra que ele não reconheça carregadas ao serem selecionadas. Esse comportamento pode ser
como correta, semelhante ao que acontece em um editor de PRGL¿FDGRSHODVRSo}HV9RFrWDPEpPSRGHUHVWDXUDUDEDVMiIH-
WH[WR2I¿FHFRPRR06:RUGRX/LEUH2I¿FH:ULWHU chadas através do comando Ctrl+Shift+T ou pelo menu Histórico.
Instalação no Windows Senhas
Visite a página de download do Firefox de qualquer nave- O Firefox pode memorizar suas senhas. Mas para deixá-las
JDGRU H[0LFURVRIW,QWHUQHW([SORUHU $XWRPDWLFDPHQWHVHUi ORQJH GH FXULRVRV YRFr SRGH GH¿QLU XPD VHQKD PHVWUD SDUD
detectado a melhor versão do Firefox para seu PC. criptografá-las. Só quem souber a senha mestra terá acesso a
Clique no link verde para baixar o instalador do Firefox. todas senhas memorizadas.
Dependendo da velocidade de sua conexão, poderá demorar Salvando uma página web
DOJXQVPLQXWRV,QLFLHRSURFHVVRFOLFDQGRQRERWmR5RGDURX Clique no menu e depois em Salvar página para abrir
executar. a janela “Salvar como”. Altere o nome da página se desejar,
Depois basta seguir os passos. selecione um local e o “Tipo” do arquivo.
Instalando o Firefox no Linux ‡ Página da web, completa: Salva a página juntamente
com as imagens, permitindo que a página seja visua-
Instalar o Firefox em seu computador é o primeiro passo
lizada como é originalmente, mas pode não manter a
para poder usá-lo.
estrutura HTML. Será criada uma pasta para armazenar
Muitas distribuições do Linux incluem o Firefox como as imagens e outros arquivos necessários para exibição
navegador padrão, e muitas têm um gerenciador de aplicativos completa da página.
que pode facilmente auxiliá-lo a instalar o Firefox. O gerencia- ‡ Página da web, somente HTML: Salva a página
dor de aplicativos irá: original sem imagens, preservando a estrutura HTML.
‡ &HUWL¿FDUTXHYRFrSRVVXLWRGDVDVELEOLRWHFDVQHFHVVi- ‡ Arquivos de texto: Salva a página como um arquivo de
rias para rodar o Firefox. texto sem preservar a estrutura HTML, mas poderá ser
‡ Instalar o Firefox de um modo que funciona melhor visualizada em qualquer editor de texto.
com sua distribuição do Linux. ‡ Todos os arquivos: É equivalente à “Página da web,
‡ Criar atalhos para iniciar o Firefox. VRPHQWH +70/´ PDV SHUPLWH TXH HVSHFL¿TXH XPD
‡ Disponibilizar o Firefox para todos os usuários do seu H[WHQVmRSDUDRDUTXLYR FRPRKWPRXVKWPO 
computador. ‡ Clique em Salvar.
‡ Habilitar a remoção do Firefox como qualquer outro Salvando partes de uma página web
aplicativo. Para salvar uma imagem: Clique com o botão direito do
O gerenciador de aplicativos também possui alguns pontos mouse na imagem, selecione Salvar imagem como... no menu
negativos: GHFRQWH[WR3RU¿PVHOHFLRQHRORFDORQGHDLPDJHPVHUiVDOYD
‡ Pode não obter a última versão do Firefox. Para salvar outros elementos da página use o painel de mídia
‡ Pode obter uma versão sem a marca Firefox. da janela de propriedades da página.
Instalando o Firefox no Mac Criando atalhos para um site
9LVLWHKWWSPR]LOODRUJ¿UHIR[XVDQGRTXDOTXHUQDYHJDGRU Você pode usar o Firefox para criar atalhos na área de traba-
SRUH[HPSORR6DIDUL&KURPH,( 6HUiGHWHFWDGRDXWRPDWL- lho para uma página que você visitou:
camente a plataforma e o idioma do seu computador e recomen-  5HGLPHQVLRQH D MDQHOD GR )LUHIR[ SDUD SRGHU YHU D
dado a versão do Firefox adequada para você. janela do Firefox e a área de trabalho na mesma tela.
Clique no botão verde para realizar o download do Firefox 2. Clique no ícone à esquerda da Barra de endereço (onde
8PDYH]TXHRGRZQORDGIRUFRQFOXtGRRDUTXLYR )LUH- D85/pH[LELGD 
IR[GPJ  GHYH DEULU DXWRPDWLFDPHQWH $SyV DEHUWR DUUDVWH 3. Enquanto você segura o botão do mouse, mova o pon-
R tFRQH GR )LUHIR[ SDUD D SDVWD GH $SOLFDWLYRV D ¿P GH teiro para sua área de trabalho, e então solte o botão do mouse.
copiá-lo. O atalho será criado.
70 = Noções de Informática A solução para seu concurso

Histórico

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Comando Atalho
Painel Histórico Ctrl + H
-DQHOD%LEOLRWHFD +LVWyULFR  Ctrl + Shift + H
Apagar histórico recente Ctrl + Shift + Del
Favoritos
Comando Atalho
Adicionar todas as abas aos favoritos Ctrl + Shift + D
Você também pode segurar e soltar itens do seus favoritos e
histórico para sua área de trabalho para criar os atalhos. Adicionar esta página aos favoritos Ctrl + D
Se você abrir o atalho que você criou, seu Navegador Ctrl + B
Painel Favoritos
Padrão será aberto exibindo a página do atalho. Além disso, Ctrl + I
pode haver extensões do Firefox de terceiros que podem ajudá-lo. -DQHOD%LEOLRWHFD )DYRULWRV  Ctrl + Shift + B

Comando Atalho Ferramentas

Ctrl + W ±H[FHWRSDUDDEDV Comando Atalho


Fechar aba
Ctrl + F4 de aplicativos Ctrl + J
Downloads
Ctrl + Shift + W
Fechar janela Ctrl + Shift + A
Alt + F4 Complementos
Move a aba em foco Ctrl + Shift + Page )
Alternar Ferramentas de desenvol-
para Esquerda 8S
vimento Ctrl + Shift + I
Move a aba em foco Ctrl + Shift + Page
para Direita Down Console da web Ctrl + Shift + K
Move a aba em foco
Ctrl + Home Inspector Ctrl + Shift + C
para o início
Debugger Ctrl + Shift + S
Move a aba em foco
Ctrl + End
SDUDR¿QDO Editor de estilos 6KLIW)
Nova aba Ctrl + T Shift + F5
3UR¿OHU
Nova janela Ctrl + N
Network Ctrl + Shift + Q
Nova Janela Privada Ctrl + Shift + P
Barra do desenvolvedor Shift + F2
Ctrl + Tab
Próxima aba Modo de design adaptável Ctrl + Shift + M
Ctrl + Page Down

Abrir endereço em
±QRFDPSRGH Scratchpad Shift + F4
Alt + Enter endereço ou no
uma nova aba Código Fonte &WUO8
campo de busca
Ctrl + Shift + Tab Console do navegador Ctrl + Shift + J
Aba anterior
&WUO3DJH8S
PDF Viewer
Desfazer fechar aba Ctrl + Shift + T
Comando Atalho
Desfazer fechar
Ctrl + Shift + N Próxima página 1RX-RXĺ
janela
Selecionar abas de Página anterior 3RX.RXĸ
&WUOWR
D
Mais zoom Ctrl + +
Selecione a última
&WUO Menos Zoom &WUO±
aba
Visualizar Grupo de Zoom normal Ctrl + 0
Ctrl + Shift + E
abas Girar o documento no sentido horário 5
Fechar a Visuali-
Girar o documento no sentido anti-
zação do Grupo de Esc 6KLIW5
-horário
abas
Alternar para o modo de apresentação Ctrl + Alt + P
Próximo Grupo de ±DSHQDVSDUDDOJXQV
Ctrl + `
abas layouts de teclado Alternar Hand Tool H
Grupo de abas ±DSHQDVSDUDDOJXQV Foca o número de página na caixa de
Ctrl + Shift + ` Ctrl + Alt + G
anterior layouts de teclado entrada
A solução para seu concurso N oções de I nformática = 71
Outros Enquanto a Barra de Pesquisa está sendo exibida, você pode

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
usar os seguintes comandos:
Comando Atalho ‡ X: Fecha a barra de pesquisa
Completar o endereço com .com Ctrl + Enter ‡ Setas Próximo e Anterior: Navega pelas ocorrências
Completar o endereço com .net Shift + Enter do texto pesquisado.
Completar o endereço com .org Ctrl + Shift + Enter ‡ Realçar tudo 5HDOoD FDGD RFRUUrQFLD GR WH[WR SHV-
quisado. Clique em Realçar tudo novamente para
Apagar a entrada de autocompletação desativar.
Del
selecionada ‡ Diferenciar maiúsculas/minúsculas Torna a pesquisa
Tela inteira ) sensível a letras maiúsculas e minúsculas. Se você
pesquisar por “texto” ocorrências de “Texto” na página
Alternar a barra de menus (quando Alt também serão encontradas. Se Diferenciar maiúscu-
RFXOWD  ) las/minúsculas estiver selecionado, apenas ocorrências
do texto exatamente como digitado serão localizadas.
0RVWUDU(VFRQGHUDEDUUDGHH[WHQV}HV &WUO
Pesquisa rápida
Navegação com o cursor )
$%DUUDGH3HVTXLVD5iSLGDp~WLOSDUDSHVTXLVDVUiSLGDVH
F6 normalmente desaparece depois de alguns segundos. Ela não
Selecionar a barra de endereço Alt + D FRQWpPRVERW}HV3Uy[LPD$QWHULRUH5HDOoDUWXGR
Ctrl + L 3UHVVLRQH D WHFOD ³´ EDUUD LQFOLQDGD SDUD D GLUHLWD  SDUD
DEULUD%DUUDGH3HVTXLVD5iSLGDHGLJLWHRTXHGHVHMDORFDOL]DU
Atalhos de multimídia Localizar em links
Comando Atalho Se você quiser encontrar textos em links da página que você
está navegando:
7RFDU3DXVDU Barra de espaço
 3UHVVLRQH¶ DVSDVVLPSOHV SDUDTXHDEDUUD³/RFDOL]DU
Diminuir o volume Ļ em links” apareça.
Aumentar o volume Ĺ 2. Digite o texto no campo “Localizar em links”. O pri-
meiro link que contém o texto pesquisado será selecionado.
Desabilitar áudio &WUOĻ
3. Aperte Ctrl + G para realçar o próximo link que con-
Abilitaraudio &WUOĹ tém o texto pelo qual você pesquisou.
9ROWDUVHJXQGRV ĸ Para fechar a barra “Localizar em links”, espere um segundo
9ROWDU &WUOĸ e aperte Esc, ou simplesmente clique em qualquer lugar fora da
barra “Localizar em links”.
$YDQoDUVHJXQGRV ĺ
Localizar enquanto digita em uma página
$YDQoDU &WUOĺ O Firefox pode pesquisar por textos que você digita sem ter
Ir para o início Home que abrir a barra “Localizar”. Para ativar este recurso:
,USDUDR¿P End  &OLTXHQRERWmR , depois em Opções
2. Selecione a opção Avançado.
Como buscar por textos e links no conteúdo 3. Clique na aba Geral.
de uma página 4. Marque a opção Localizar texto ao começar a digitar.
Enquanto você navega em um site usando o Firefox, você 5. Clique em OK para fechar a janela de Opções.
pode procurar palavras ou textos na página. O Firefox vai lhe
direcionar para onde o texto aparece pela primeira vez, e vai Após você ativar este recurso:
destacar todas as demais combinações da pesquisa.  'LJLWHXPWH[WRHQTXDQWRHVWLYHUYLVXDOL]DQGRXPVLWH
Enquanto você digita, a primeira combinação será realçada.
Utilizando a Barra de Pesquisa
2. Pressione Ctrl+G ou F3 para realçar a próxima combi-
Para fazer uma pesquisa por texto em uma página:
nação.
 $EUDD%DUUDGH3HVTXLVDXWLOL]DQGRXPGRVVHJXLQWHV 3DUD IHFKDU D %DUUD GH 3HVTXLVD 5iSLGD DJXDUGH XP
métodos: momento até ela desaparecer ou pressione Esc para fechá-la
‡ 8VHRDWDOKRGHWHFODGR&WUO) imediatamente. Você também pode clicar em qualquer lugar no
‡ Clique no botão menu e depois clique em Localizar. )LUHIR[ TXH QmR VHMD SDUWH GD EDUUD GH 3HVTXLVD 5iSLGD SDUD
fechá-la.
2. Digite o texto a ser pesquisado no campo “Localizar”
da barra de pesquisa. O Firefox irá marcar ocorrências da frase Trabalhando com abas
à medida que você digitar. Se você gosta de abas, e regularmente tem várias delas, que
‡ Se não forem encontradas ocorrências do texto na não cabem na barra de abas, Grupos de Abas foram feitos para
página que você está navegando, o campo “Localizar” você. Eles também são ótimos para agrupar abas por tarefa e
¿FDUi YHUPHOKR H D PHQVDJHP 7H[WR QmR HQFRQWUDGR então trocar entre os grupos.
aparecerá ao lado dela. 6HYRFrDLQGDQmRDEULXYiULDVDEDVIDoDLVVR.
72 = Noções de Informática A solução para seu concurso

 3DUD YLVXDOL]DU RV *UXSRV GH $EDV XVH R DWDOKR GH 6HYRFrFULDUXPJUXSRTXHpSHTXHQRRVX¿FLHQWHDV

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
teclado, Ctrl + Shift + E. DEDV¿FDUmRHPSLOKDGDVXPDVVREUHDVRXWUDV$EDL[R
‡ Quando você está visualizando os Grupos de Abas pela desta pilha, um botão de pré-visualização aparecerá.
primeira vez, você verá miniaturas de suas abas em um Clique neste botão para ver quais abas estão na pilha
grupo. Para criar um novo grupo, simplesmente arraste sem mudar o tamanho do grupo.
uma aba para fora do grupo. ‡ Reorganizando Grupos de Abas ± &OLTXH H DUUDVWH
‡ Você pode continuar adicionando abas para um novo em uma área vazia nas bordas ou embaixo de um grupo
grupo, e você pode criar mais grupos. para movê-lo pela tela.
2. Quando terminar, clique em uma aba para sair da ‡ Nomeando Grupos de Abas±&OLTXHDRODGRGRtFRQH
visualização de grupos. Você voltará para o Firefox, a aba em da caneta no topo de um grupo e digite um nome para
que você clicou será ativada e somente as abas daquele grupo ele. Então pressione Enter ou clique em algum lugar
estarão visíveis. da janela.
‡ Fechando Grupos de Abas±&DGDJUXSRGHDEDVWHP
Dica: Você pode adicionar um botão Grupo de abas na um botão fechar no canto superior direito. Clicar nele
sua barra de ferramentas para facilitar o acesso. Consulte irá fechar aquele grupo e todas as suas abas.
Personalize os controles, botões e barras de ferramentas do
Firefox para obter instruções. Se você fechou um grupo de abas acidentalmente,
YRFr SRGH FOLFDU QR ERWmR 5HDEULU JUXSR SDUD
Alternando entre os Grupos de Abas restaurá-lo.
Alternar entre grupos é fácil. Visualize os Grupos de Abas, $EDVÀ[DVHP*UXSRVGH$EDV
usando o atalho de teclado, Ctrl + Shift + E em seguida, clique 4XDQGRYRFrHVWiXVDQGR$EDV¿[DVFRP*UXSRVGH$EDV
no grupo de abas que você deseja visualizar. A aba em que você elas serão representadas pelo ícone do site no lado direito de
clicou será ativa e apenas as abas deste grupo serão visíveis. cada grupo.
‡ Você também pode usar o atalho de teclado Ctrl+` Importar favoritos do Google Chrome
permite que você avance para o próximo grupo, e
Ctrl+Shift+` permite que você volte para o grupo O Firefox permite que você importe facilmente seus favori-
anterior. tos e outros dados do Google Chrome.
Grupos de Abas são ótimos para agrupar abas por tarefa. Por  &OLTXH QR ERWmR IDYRULWRV em seguida clique em
exemplo, você pode ter um grupo relacionado a um trabalho da Exibir todos os favoritos para abrir a janela da Biblioteca.
faculdade, e um outro grupo para pagar as suas contas online. 2. Na barra de ferramentas na janela Biblioteca clique no
É possível criar grupos para coisas que você faz online normal- botão Importar e backup e selecione Importar dados de outro
mente e usar os Grupos de Abas para alternar entre eles. É um navegador....
modo fácil de se manter organizado. 3. No Assistente de Importação que surge, selecione
Procurando por uma aba Chrome e clique no botão Avançar.
$FKHUDSLGDPHQWHDTXHODDED.  2)LUHIR[OLVWDUiRVWLSRVGHFRQ¿JXUDo}HVHLQIRUPD-
 9LVXDOL]H RV *UXSRV GH $EDV XVDQGR R DWDOKR GH ções que poderão ser importados. Selecione os itens que você
teclado, Ctrl + Shift + E. deseja importar para o Firefox e clique em Avançar.
2. Clique no botão de busca no canto direito da janela e Cookies: Pequenas quantidades de informação armazenadas
então digite no campo de busca que aparecerá para buscar uma em seu computador por algumas páginas da web que os utilizam
aba. SDUDPDQWHUYRFrDXWHQWLFDGRDUPD]HQDUVXDVFRQ¿JXUDo}HVH
‡ Ou simplesmente comece a digitar e a busca irá acontecer outras coisas.
automaticamente. Histórico: Informações sobre páginas da web que você
3. À medida que você digita, as abas que correspondem a visitou.
sua busca irão ser destacadas. Simplesmente clique em uma aba Favoritos: Páginas da web que você salvou no Google
para selecioná-la e voltar ao Firefox. Chrome.
‡ Se você tem mais de uma janela do Firefox aberta, você
pode ver abas de outras janelas que correspondem a sua 5. Clique no botão Concluir. Os itens selecionados serão
busca no inferior da janela. Clicar em uma destas abas importados pelo Firefox.
irá focar aquela janela, aba e grupo Como o padrão do Google Chrome é salvar seus favoritos
Organizando os Grupos de Abas na barra de favoritos, você deve procurar os seus favoritos
importados em uma pasta chamada “Do Google Chrome” na
Grupos de Abas podem ser facilmente redimensionados, Barra dos favoritos do Firefox.
reorganizados e nomeados. Quando você não precisa mais de
um grupo você pode fechá-lo e se livrar de todas as abas de Atualização
uma vez.
Por Default, ou padrão, o navegador Mozilla Firefox está
Visualize os Grupos de Abas, usando o atalho de teclado, SURJUDPDGR SDUD YHUL¿FDU DXWRPDWLFDPHQWH SRU DWXDOL]Do}HV
Ctrl + Shift + E. e instala-las automaticamente. Caso deseje alterar estas con-
‡ Redimensionando Grupos de Abas±&OLTXHHDUUDVWH ¿JXUDo}HVFOLTXHQRERWmR , depois em Opções, clique no
o canto do grupo para aumentar ou diminuí-lo. À PHQX³$YDQoDGR´ H ¿QDOPHQWH QD JXLD ³DWXDOL]Do}HV´ QHVWD
PHGLGDTXHYRFrUHGLPHQVLRQDRJUXSRDVDEDV¿FDUmR JXLDpSRVVtYHODOWHUDUWRGDVDVFRQ¿JXUDo}HVGHFRPRRQDYH-
maiores ou menores para melhor se ajustarem. gador irá procurar por atualizações.
A solução para seu concurso N oções de I nformática = 73
Chrome: Com esta função, todos os resultados da sua busca aparecem

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
O Chrome é um navegador desenvolvido pela Google enquanto o assunto pesquisado está sendo digitado. Assim, o
lançado em 2008 e compilado com base em código aberto usuário visualiza as sugestões de pesquisa que são atualizadas
com poderoso software de renderização WebKit, o mecanismo automaticamente. Se o resultado desejado não for sugerido, no
JavaScript V8.Em menos de dois anos após seu lançamento entanto, basta terminar de digitar o termo desejado e pressionar
o Google Chrome já era o terceiro navegador mais usado do DWHFOD³(17(5´
mundo, atrás apenas do Internet Explorer e Mozilla Firefox. Foi Por que acessar primeiro o YouTube.com para depois
um software que agradou muito a população mundial devido a procurar um vídeo? Basta digitar youtube.com na omnibox e
sua navegação por abas e área de trabalho bem limpa deixando pressionar a tecla TAB para pesquisar diretamente no YouTube.
DYLVXDOL]DomRGDVSiJLQDV:(%EHPPDLRUHVHPDLVGH¿QLGDV 9RFr WDPEpP SRGH FRQ¿JXUDU SDODYUDVFKDYH SHUVRQDOL]DGDV
tornando-se tendência que foi seguida pelos outros softwares para seus sites favoritos.
QDYHJDGRUHV2%URZVHUHVWiGLVSRQtYHOHPPDLVGHLGLRPDV
SDUD DV SODWDIRUPDV :LQGRZV 0DF 26 ; $QGURLG 8EXQWX $ GH¿QLomR GH TXDO SURYHGRU GH SHVTXLVD XWLOL]DU HQWUH
Debian, Fedora e OpenSuSE. Google, Bing, Yahoo! Brasil ou o Ask é selecionado na tela
GH FRQ¿JXUDomR GR QDYHJDGRU 2XWURV SURYHGRUHV GH EXVFD
Possui um leitor de arquivos PDF integrado, é possível poderão ser acrescentados e selecionados como padrão.
visualizar, salvar e imprimir estes arquivos.
DOWNLOAD E INSTALAÇÃO
Após fazer o download do arquivo instalador no Windows,
clique em “executar” ou “salvar”. Depois disso, o usuário deve
clicar duas vezes no arquivo de instalação para que o processo
de instalação comece. Lembrando que você poderá instalar o
Google Chrome mesmo estando off-line.
1R:LQGRZV9LVWDRXDWpPHVPRQR;3XPDMDQHODGR
EURZVHUVHLQLFLDDXWRPDWLFDPHQWHGHSRLVGHUHDOL]DUDFRQ¿JX- Como pesquisar no Google Chrome
ração. Já no Windows 8, uma caixa de diálogo de boas-vindas 8VH D EDUUD GH HQGHUHoR SDUD SHVTXLVDU QD :HE QRV VHXV
aparece. Basta clicar em “avançar” para escolher o navegador favoritos e no seu histórico de navegação. Digite seu termo de
padrão. Caso o usuário escolha o Chrome, ele será iniciado pesquisa na barra e pressione Enter para ver os resultados do
como um aplicativo na tela inicial do Windows 8, por exemplo. seu mecanismo de pesquisa padrão.Existem outras formas de
Fazer o download e instalar o software no Mac também é pesquisa no Google Chrome. Estas dicas se aplicam ao Google
muito simples. Depois de baixar o instalador, o usuário deve Chrome nos sistemas operacionais Windows, Mac e Linux .
abrir o arquivo “Google Chrome.dmg”. Em seguida, é neces- 3HVTXLVDU VLWHV HVSHFtÀFRV WHFOD 7DE SDUD SHV-
sário arrastar o ícone do navegador para a pasta “Application”, quisar)
assim, ele será instalado em todos os usuários da máquina.
Comece digitando na barra de endereço o endereço do
No Linux, o procedimento de instalação é semelhante. De- site que você deseja pesquisar. Se o Google Chrome tiver um
pois de baixar o instalador, o usuário precisa clicar em “ok” para registro do site, ele oferecerá automaticamente a opção para
abrir o pacote. O próximo passo é selecionar “instalar pacote”
pesquisar nesse site. Caso você se lembre da palavra-chave do
para iniciar a instalação. Depois que tudo estiver devidamente
mecanismo de pesquisa, também pode digitar a palavra-chave
FRQ¿JXUDGRXPDMDQHODGREURZVHUDEULUiDXWRPDWLFDPHQWH
na barra de endereço. Pressione Tab para escolher em qual local
Velocidade deseja navegar e pressione Enter.
Equipado com o V8, um poderoso motor de JavaScript que Pesquisar uma página
permite executar aplicações Web complexas rapidamente, e
com o WebKit, o Chrome é um dos navegadores mais rápidos 8VHDEDUUDGHORFDOL]DomRSDUDHQFRQWUDUSDODYUDVRXWHUPRV
da atualidade. Para cada novo lançamento, ele continua a me- HVSHFt¿FRVQDSiJLQDTXHYRFrHVWiYHQGR3UHVVLRQHRVDWDOKRV
lhorar a sua velocidade. GR WHFODGR &WUO  ) :LQGRZV /LQX[ H &KURPH 26  H ႛ-F
0DF SDUDH[LELUDEDUUDGHORFDOL]DomRQDSiJLQD(VWDEDUUD
Há, então, a garantia de uma inicialização rápida, mesmo em ¿FDRFXOWDHVHUYHSDUDSURFXUDUSDODYUDVQDSiJLQDTXHYRFr
máquinas modestas. A velocidade também é sentida no carrega- está visitando.
mento de páginas e na execução de apps e extensões. O software
se destaca, também, pelo sistema de administração por abas. Pesquisar seu histórico de navegação, downloads
e favoritos
Omnibox: a barra única de endereços e busca
Você também pode usar as caixas de pesquisa na parte supe-
A versão nova traz novidades na Omnibox, a famosa barra ULRUGDSiJLQD³+LVWyULFR´ &75/+ GDSiJLQD³'RZQORDGV´
GH SHVTXLVD TXH p LQWHJUDGD j EDUUD GH 85/ TXH EDVHLD DV &75/  -  H GR JHUHQFLDGRU GH IDYRULWRV SDUD SHVTXLVDU VHX
respostas pelos últimos sites visitados pelo usuário. O objetivo histórico de navegação, o histórico de download e os favoritos,
é tornar os resultados de busca mais satisfatórios. A Omnibox,
respectivamente. Esses recursos estão disponíveis no menu
também chamada de barra de endereço, não tem somente a
do Google Chrome Chrome , na barra de ferramentas do
funcionalidade de caixa de pesquisa.
navegador.
O browser do Google foi projetado para aproveitar ao
Pesquisa com o botão direito do mouse
máximo espaço da tela. Nele, só existe um local para digitar
endereços e fazer pesquisas. Nesta barra, o usuário pode colo- 8VH R FXUVRU SDUD GHVWDFDU TXDOTXHU WH[WR RX LPDJHP HP
car o endereço do site ou a palavra que quer encontrar, sem se uma página da Web. Clique com o botão direito do mouse e
preocupar com nada. A aplicação analisa e faz a pesquisa que selecione a opção para realizar uma pesquisa sobre a imagem
deve ser feita. ou o texto em destaque.
74 = Noções de Informática A solução para seu concurso

Colar e pesquisar Ao iniciar uma seção, o usuário tem acesso aos seus mar-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Destaque qualquer texto em uma página da Web com seu FDGRUHV DSOLFDo}HV KLVWyULFR H RXWUDV GH¿QLo}HV HP WRGRV RV
cursor e o copie. Quando estiver pronto para pesquisar, clique VHXV GLVSRVLWLYRV 4XDOTXHU LWHP PRGL¿FDGR HP XP JDGJHW p
com o botão direito do mouse na barra de endereço e selecione atualizado instantaneamente nos outros, assim que acessarem a
Colar e pesquisar. Internet. Dessa forma, seus itens estão seguros caso haja algum
problema com o computador, smartphone ou tablet. É a ideia de
Pesquisa com destacar e arrastar(somente para computação em nuvem, de qualquer computador todas as suas
Windows e Linux) FRQ¿JXUDo}HV H SHUVRQDOL]DomR GR VRIWZDUH ¿FDP UHJLVWUDGRV
Destaque qualquer texto em uma página da Web com o QRSURYHGRUVHPSUHTXH¿]HUORJLQHPTXDOTXHUGLVSRVLWLYRR
cursor e arraste-o para a barra de endereço. O Google Chrome layout, tema, plugin, e qualquer outra funcionalidade que você
exibe automaticamente os resultados de pesquisa fornecidos tenha dados ao aplicativo estará disponível na hora.
pelo seu mecanismo de pesquisa padrão para o texto destacado.
Loja de aplicativos
Pesquisa por voz
Além dos serviços do Google, com a loja Chrome Web
É possível usar sua voz no Google app ou no Google Chrome Store é possível instalar aplicativos e extensões para tornar o
para algumas ações como pesquisar, ver rotas e criar lembretes. uso do navegador mais completo. As extensões complementam
Por exemplo, diga “Ok Google, precisarei de guarda-chuva as funcionalidades do programa, enquanto os aplicativos dis-
amanhã?” para saber se choverá, de acordo com a previsão do ponibilizam novas funcionalidades a ele. Conheça as melhores
tempo. extensões do Chrome para o uso de redes sociais.
Para iniciar uma pesquisa por voz digite www.google.com.
br no navegador Google Chrome. No canto superior direito da
página, clique no botão azul Fazer login.Diga "Ok Google"
ou clique no ícone do microfone, ao lado direito da caixa de
pesquisa .
O que você pode pedir para o Google fazer por você na
pesquisa por voz
Você pode dizer a maioria desses exemplos em inglês,
francês, alemão, italiano, japonês, coreano, russo, espanhol
H SRUWXJXrV %UDVLO  1R HQWDQWR DOJXQV H[HPSORV QmR HVWmR
disponíveis em todos os idiomas.
(QFRQWUDUXP¿OPH³4XDLV¿OPHVHVWmRHPH[LELomRKRMH
à noite?” ou “Onde está passando Jogos vorazes?”.
Encontrar lugares próximos³2QGH¿FDDIDUPiFLDPDLV
próxima?”.
Tudo isso sem precisar sair do browser e com uma grande
Saber as horas: “Que horas são em São Paulo?”.
diversidade de opções. Na loja, o usuário pode instalar temas
Responder a perguntas gerais: “Onde Albert Einstein HSHUVRQDOL]DUDDSDUrQFLDGRVRIWZDUH&RQ¿UDHEDL[HDOJXQV
nasceu?” ou “Quantos anos tem Beyoncé?”. temas do Chrome e o customize suas funcionalidades.
Calcular a gorjeta: “Qual é a gorjeta para 42 reais?”. Abas
Traduzir palavras ou frases: “Qual é a tradução de biscoito Quem navega muito sabe que, às vezes, é difícil fechar as
em inglês?”. abas, pois é normal esquecer depois do endereço acessado.
'H¿QLU uma palavra³2TXHVLJQL¿FDJXOD"´ &RP R EURZVHU p SRVVtYHO DEULU PDLV GH  DEDV DR PHV-
Converter unidades³4XDQWRpJUDPDVHPTXLORV"´ mo tempo, se o computador aguentar pois consome muita
PHPyULD5$06HQGRDVVLPRXVXiULRFRQWLQXDQDYHJDQGR
Resolver um problema de matemática³5DL]TXDGUDGDGH enquanto guarda outras abas para ver depois ou alternar entre
´ elas.
Quando você começa a digitar na barra de endereço, os É comum que plugins de terceiros, como o Java ou o
seguintes ícones podem aparecer ao lado das suas sugestões de Flash, sobrecarreguem o sistema, resultando no travamen-
pesquisa: to. A diferença é que, com este programa, o usuário não
œSeus sites favoritos perde todo o conteúdo aberto, basta fechar a aba travada
para continuar navegando normalmente. Essa característica
/3HVTXLVDVSRSXODUHV SUHYLV}HV TXHFRQWrPDVSDODYUDV é muito útil para quem precisa ter muitas abas abertas ao
que você está digitando mesmo tempo.
Sites do seu histórico de navegação É possível ainda “Fixar Aba” clicando com o botão se-
cundário do mouse sobre a aba e escolher este comando, isto
Integração com serviços do Google fará com que a aba escolhida seja deslocada para a esquerda
Ao navegar na internet, é sempre bom contar com alterna- ¿FDQGRDQWHVGHTXDOTXHUDEDQDEDUUDGHDEDVH¿TXHFRPXPD
tivas. Se a opção possuir integração com os principais serviços largura bem inferior se comparado com as demais abas. Esta
web, melhor ainda. Este é o caso do Chrome, que é um navega- DEDFRPRUHIHULGRVLWH¿FDUiGLVSRQtYHOPHVPRDSyVIHFKDU
dor integrado à plataforma de serviços do Google para dar aos RQDYHJDGRUpSRVVtYHO¿[DUTXDQWDVDEDVTXLVHUSRUpPLVWR
usuários acesso completo aos seus serviços. Para isto funcionar, afeta diretamente na velocidade do carregamento do programa
basta fazer login em sua conta Google e pronto. na sua inicialização.
A solução para seu concurso N oções de I nformática = 75
Comande as abas com o teclado Safe Browsing: Bloqueio de malware

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
$EULQGR)HFKDQGR Preocupado com a segurança dos seus usuários, o Google
adicionou um novo sistema de navegação segura. Agora, ele
Abrir uma aba: Ctrl + T emite alertas automaticamente quando o usuário acessa um site
Fechar a aba atual: Ctrl + W ou Ctrl + F4 RXDUTXLYRPDOLFLRVR&RPHVWHUHFXUVRRLQWHUQDXWD¿FDPDLV
SURWHJLGRGHPDOZDUHVHGHSKLVKLQJ±SiJLQD:(%IDOVD
5HDEULUDDEDTXHIRLIHFKDGD&WUO6KLIW7
O Safe Browsing exibe um alerta no canto inferior da tela
para avisar a presença de arquivos maliciosos. Além disso, ele
Navegando entre abas
exige que os usuários façam mais procedimentos para seguir em
,USDUDDDEDGDHVTXHUGD&WUO6KLIW7DERX&WUO3J8S frente ao acessar o download de um arquivo ou uma página sus-
Ir para a aba da direita: Ctrl + Tab ou Ctrl + PgDn. peita. Com isso, a segurança da navegação é muito otimizada.
([LELUGDSULPHLUDDRLWDYDDED&WUODWp&WUO Para aumentar ainda mais a proteção, o programa utiliza
isolamento de processos. Isso adiciona uma camada de proteção
([LELUD~OWLPDDED&WUO contra páginas da web malignas que tentam instalar softwares
no seu PC, monitorizar as suas atividades na Web ou roubar
informações privadas do disco rígido.
Ícones indicativos em abas
Na loja Chrome Web Store é possível instalar uma extensão
Ao abrir diversas abas, são frequentes as situações em que chamada WOT. O WOT é um serviço de análise e reputação
começam a sair som de mais de um site. Para não perder tempo de sites que ajuda você a tomar decisões inteligentes sobre se
ao procurar de onde vem a música, o Chrome agora exibe um GHYHFRQ¿DUHPXPVLWHRXQmRTXDQGRYRFrID]SHVTXLVDV
ícone indicativo na aba. Com isso, o usuário pode rapidamente compras ou navega on-line.
descobrir em qual aba o som ou o vídeo está sendo reproduzido
e, então, fechá-la. O WOT simplesmente exibe a reputação dos sites de acordo
com as luzes do semáforo ao lado dos resultados da pesquisa
quando você usa o Google, Yahoo!, Bing ou qualquer outro
Novo modo Windows 8 mecanismo de busca. Os ícones também são visíveis ao lado
No Windows 8, há a disponibilidade de usar o Chrome na dos links nos sites de redes sociais como Facebook e Twitter e
serviços de e-mail como Gmail e Yahoo! Mail, bem como em
área de trabalho tradicional ou utilizá-lo em uma interface estilo
outros sites conhecidos como a Wikipédia. Ao clicar no ícone
“Metro”. O design deste recurso torna mais nativo e adequado de semáforo, você pode encontrar mais informações sobre a
ao visual baseado em tiles do novo sistema da Microsoft. Para reputação do site e opiniões de outros usuários. O sinal verde
isso, basta clicar no menu do programa e escolher a opção que VLJQL¿FD TXH RV XVXiULRV DYDOLDUDP R VLWH FRPR FRQ¿iYHO H
permite alternar entre os dois ambientes. seguro, o vermelho alerta sobre possíveis ameaças e o amarelo
O diferencial do modo “Metro” é que, quando o software indica que você precisa ser cauteloso ao usar o site.
está nessa interface, é possível gerenciar diversas janelas e As avaliações e análises do WOT são fornecidas por uma
acessar seus Chrome Apps usando um lançador de aplicativos FRPXQLGDGH JOREDO GH PLOK}HV GH XVXiULRV TXH FODVVL¿FDP
integrado. É como se fosse a sua “área de trabalho” do browser. os sites com base em suas experiências pessoais. Além disso,
O lançador existe no modo tradicional, mas não é tão integrado fontes de terceiros são usadas para alertá-lo sobre software
malicioso e outras ameaças técnicas que você pode encontrar.
como no modo “Metro”.
Você pode compartilhar suas experiências avaliando você
mesmo os sites, ajudando a tornar a Internet um lugar mais
seguro para todos.
A tecnologia de validação de autenticidade ajuda a impedir
que um malware se instale em seu computador ou use aquilo que
acontece em uma guia do navegador para afetar o que acontece
na outra. O processo de validação de autenticidade adiciona
uma camada complementar de segurança contra páginas da web
maliciosas que tentam instalar programas em seu computador,
PRQLWRUDUVXDVDWLYLGDGHVQDZHERXURXEDULQIRUPDo}HVFRQ¿-
denciais de seu disco rígido.
Com a tecnologia Navegação segura ativada no Google
Chrome, caso encontre um site suspeito de conter phishing
ou malware durante sua navegação na web você receberá uma
página de aviso.

Visão “Metro” do Chrome, muito parecido com a visuali-


]DomRGDÈUHDGH7UDEDOKRDPXGDQoD¿FDQDSDUWHLQIHULRUGD
janela onde o aplicativo apresenta, no canto esquerdo, atalhos
para os principais aplicativos integrados Google exibidos em
primeiro plano na Barra de Status e o Google Drive e Web Store
acessados através do botão de Aplicativos destacado em azul e
sua janela.
76 = Noções de Informática A solução para seu concurso

Modo de navegação anônima ANOTAÇÕES

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Quando não quiser que suas visitas a websites ou downloads
sejam gravados em seus históricos de navegação e download, __________________________________________________________
você poderá navegar no modo de navegação anônima. Além
__________________________________________________________
disso, todos os cookies criados durante a navegação no modo de
navegação anônima são excluídos depois que todas as janelas __________________________________________________________
anônimas abertas são fechadas.
__________________________________________________________
Quando você estiver navegando no modo de navegação
anônima, poderá ver o ícone do modo de navegação anô- __________________________________________________________
nima no canto da página. A navegação em modo anônimo
__________________________________________________________
é útil principalmente quando você precisa navegar na web
de forma privada, sem a necessidade de alterar suas con- __________________________________________________________
figurações de privacidade novamente entre as sessões de
__________________________________________________________
navegação. Por exemplo, você pode ter uma sessão normal
e uma sessão em modo anônimo em janelas separadas ao __________________________________________________________
mesmo tempo.
__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________
Preferências de privacidade __________________________________________________________
Você pode controlar todas as suas preferências de privaci-
__________________________________________________________
GDGHQRPHQXGR*RRJOH&KURPH%DVWDVHOHFLRQDU³&RQ¿JXUD-
o}HV´FOLFDUHP³0RVWUDUFRQ¿JXUDo}HVDYDQoDGDV´HDMXVWDUD __________________________________________________________
seção "Privacidade".
__________________________________________________________
Limpar os dados de navegação __________________________________________________________
Se o usuário desejar apagar as informações da navega-
__________________________________________________________
ção que já fez, há a possibilidade de limpar os dados em
qualquer momento. Isso inclui históricos de navegação e __________________________________________________________
transferência, cookies, senha e dados de formulários salvos.
Estas informações são muito importantes para quem invade __________________________________________________________
seu computador. Através destas informações é possível __________________________________________________________
traçar um perfil de sua atividade na Internet procurando a
principal informação que é se você faz compras online ou __________________________________________________________
realiza transações bancárias via Internet.
__________________________________________________________

__________________________________________________________
Controle de pais
__________________________________________________________
Outra grande novidade é a função de controle dos pais, no
qual é possível determinar, por exemplo, quais sites um usuário __________________________________________________________
pode ter acesso. Essa ferramenta é bastante útil para pais que
GHVHMDP PDQWHU RV ¿OKRV HP VHJXUDQoD RX SDUD TXHP TXHU __________________________________________________________
limitar o uso do navegador por terceiros.
__________________________________________________________
Para gerenciar os usuários supervisionados, basta acessar as
FRQ¿JXUDo}HVHP³8VXiULRV´FOLFDUQRERWmR³$GLFLRQDUQRYR __________________________________________________________
usuário…”. Na criação do usuário, marque o item “Este é um
__________________________________________________________
usuário supervisionado gerenciado por”.
O navegador é grátis e possui versões para Windows, Mac __________________________________________________________
OS, Linux, Android e iOS. Por isso, se você procura um brow- __________________________________________________________
ser rápido, multiplataforma e integrado aos principais serviços
da web, faça download do Google Chrome! __________________________________________________________

_________________________________________________________
A solução para seu concurso N oções de I nformática = 77

Campos de destinatário

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
CORREIO ELETRÔNICO To ou Para - endereço de e-mail do destinatário, pode ser
inserido quantos endereços forem necessários. Os endereços
WEBMAIL inseridos aqui podem ser visualizados por todos os endere-
ços existentes nos campos To ou Para e Cc
É um tipo de e-mail onde o acesso a sua caixa postal Cc - significa Carbon Copy (cópia carbonada). Aqui você
eletrônica é feito diretamente utilizando um navegador deverá colocar o endereço de e-mail da pessoa que você quer
WEB não sendo necessário nenhum outro programa para enviar uma cópia. Este item poderá ficar em branco caso
ler, apagar, responder, encaminhar e criar seus e-mails. Pra- você não queira enviar cópia. Os endereços inseridos aqui
ticamente todos os provedores de conta de e-mail possuem podem ser visualizados por todos os endereços existentes
acesso diretor pelo navegador. nos campos To ou Para e Cc.
A vantagem de utilizar o WebMail é poder acessar sua Bcc - significa Blind Carbon Copy (cópia cega) ou Cco
caixa de qualquer computador em qualquer lugar do mundo. Carbon Copy Occult. É usada sempre que quisermos enviar
Quando se utiliza um programa gerenciador de e-mail como uma cópia da mensagem para alguém, sem que os destinatá-
o Outlook ou o Thunderbird, as mensagens são “baixadas” rios inseridos nos campos To e Cc saibam.
para o seu computador através de download e armazenadas Os destinatários dos campos Para e Cc não visualizam os
no seu computador tirando as mensagens do servidor e-mails colocados neste campo e nem mesmo são visualiza-
Internet, desta forma, as mensagens não poderão mais ser dos entre si.
acessadas de outra máquina.
O programa navegador é o aplicativo utilizado para
visualizar páginas da Internet como o Internet Explorer, Assunto ou Subject – campo destinado ao assunto da
Google Chrome, Mozilla Firefox, Safari, Opera, etc. Nestes mensagem.
programas basta acessar a página inicial (Home Page) do seu Anexos – local destinado a inserir algum arquivo de
provedor de e-mail e fazer sua autenticação (inserir usuário som, texto, planilha, musica, pdf, etc. que serão enviados
e senha). juntamente (anexo) ao e-mail. Por medida de segurança os
Para obter uma conta de WebMail basta se cadastrar em arquivos executáveis (.exe) não serão enviados.
qualquer provedor que forneça este tipo de serviço, existem Corpo da Mensagem – espaço onde será redigida a
servidores pagos e gratuitos. Escolha o provedor que lhe ofe- mensagem.
recer maior espaço de armazenamento para suas mensagens
ou de anexo em cada mensagem, escolha o provedor que
mais atender as suas necessidades e faça o seu cadastro. O
nome de usuário (username) utilizado no login é o seu e-mail.
GMAIL
O e-mail da Google é gratuito e tem uma caixa de entrada
organizada em Principal, Sociais, Promoções e Atualizações.
Estrutura do e-mail Este formato ajuda o usuário a organizar automaticamente
Todos os endereços eletrônicos seguem uma estrutura os tipos de e-mail classificando-as. Estas opções são auto-
padrão: máticas, porém, o usuário pode personalizar excluindo estas
opções e/ou incluindo outras.
nome_do.usuário@provedor.com.br
Por padrão, o Gmail está configurado para usar o HTTPS,
Nome do Usuário – é o nome de login escolhido pelo
um protocolo seguro que fornece comunicações autenticadas
usuário na hora de fazer seu cadastro.
e criptografadas. Atualmente novos cadastros estão abertos
@ - O símbolo da arroba é o separador de nomes de ao público e podem ser feitos diretamente no site.
contas e nomes de domínios. Em inglês, pronuncia-se "at"
que significa “em”. Visualização de conversas
Provedor – é o nome da empresa que você escolheu para A principal inovação desse serviço, frente aos outros, é
criar o e-mail. o método com o qual os e-mails recebidos são organizados,
Vejamos um exemplo: prof.otacir@gmail.com denominado pelo Google de "Visualização de Conversas".
Esse método consiste em mostrar todas as mensagens rela-
cionadas com um assunto específico em uma única janela, de
O WebMail é composto pelas seguintes caixas: uma maneira escalonada, isso é, fica uma mensagem "acima"
Caixa de Entrada – Onde ficam armazenadas as mensa- da outra, conforme a ordem cronológica de envio.
gens recebidas.
Marcadores (labels)
Caixa de Saída – Armazena as mensagens ainda não
enviadas. Dado o grande espaço de armazenamento, e o espaço
permitido para anexos (25MB por mensagem), existem
E-mails Enviados – Como o nome diz, ficam os e-mails ferramentas (como o GMail Drive para Windows, o gmailfs
que foram enviados. para Linux, ou o GDisk, para Mac OS X) que possibilitam
Rascunho – Guarda as mensagens que você ainda não utilizar a conta do serviço como se fosse um disco virtual.
terminou de redigir. Tais recursos, por se tratarem de um serviço "alternativo",
Lixeira – Armazena as mensagens excluídas. podem deixar de funcionar inesperadamente.
78 = Noções de Informática A solução para seu concurso

RSS integrado Escrever

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Já disponível no idioma português, além do inglês. Os Escrever um e-mail deve ser pessoal e produtivo. No
RSS são mostrados em forma de "WebClips", ordenados Yahoo Mail, Escrever permite criar e melhorar a sua
numa lista de arquivos do tipo XML a qual já vem com mensagem com belas visualizações de links e opções de
alguns arquivos por padrão, porém, por ser definida pelo formatação e mais, com a integração ao Dropbox e Flickr,
usuário ao seu gosto, além de contar com um sistema de você pode anexar arquivos, documentos e fotos mais rápi-
busca específico para isso. do do que nunca.
Envie arquivos com confiança. Com 1TB de espaço
Grupos gratuito de e-mail, você nunca terá que se preocupar com
O Gmail facilita e muito a separação de grupos de e-mails. o envio ou recebimento de arquivos grandes em sua caixa
Inicialmente, são criados dois grupos que não podem ser de entrada e falta de espaço. Anexe facilmente fotos ou
apagados: "Todos os e-mails" e "E-mails utilizados frequen- documentos de seu computador clicando no ícone de clipe
temente". Existe também a possibilidade de criar grupos de papel ou clicando no menu suspenso de seu Flickr ou
personalizados, que agora estão disponíveis no idioma por- Dropbox. Você também pode arrastar e soltar arquivos de
tuguês, anteriormente os usuário que gostariam de usar este seu computador para a área de Escrever e anexá-los num
serviço teriam que mudar o idioma para "English(US)". O piscar de olhos.
objetivo desses grupos personalizados é criar seus próprios
grupos para facilitar o envio específicos para determinadas Agenda
pessoas. Por exemplo, no grupo "Faculdade", você coloca
todos os e-mails dos colegas de faculdade e quando precisar O Yahoo Agenda tem as ferramentas necessárias para
se comunicar com eles, não precisa ficar selecionando quem ajudar a gerenciar e organizar a sua agenda ocupada.
é ou não dessa seleção. Obtenha lembretes para aniversários, aniversários de
casamento, compromissos e nunca mais esqueça um evento
Google Chat - um Google Talk integrado importante. Com o Yahoo Agenda, você pode criar entradas
da agenda, clicando sobre a data e a hora em que o evento
Funciona basicamente como o software Google Talk, ocorrerá. Adicione o título do evento, local e selecione Adi-
porém integrado ao Gmail, ou seja, não é necessário instalar cionar Mais detalhes para ver as opções e convidar as pessoas
no computador. Dessa forma, nas redes onde os acessos a para o evento ou para adicionar um lembrete de alerta.
esses programas forem bloqueados, você poderá usar o seu
Instant Messaging de qualquer lugar. O Google chat inclui
ainda uma função que salva os históricos das conversações Seus contatos
de chat automaticamente numa pasta chamada "Chat". Mantenha contato com sua rede pessoal. Nosso recurso
de importação de duas etapas permite que você adicione
contatos da sua conta do Facebook ou outros provedores de
YAHOO MAIL e-mail como o Gmail ou Outlook, tornando simples alternar
contas de e-mail.
Personalize sua caixa de entrada com temas vibrantes e
organize seu e-mail do jeito que você preferir. Acesse rapi- No perfil de cada contato, você encontrará um resumo
damente as ferramentas que você usa diariamente, como sua de suas interações mais recentes com eles, incluindo men-
Agenda, Bloco de notas, Contatos, Mensagens instantâneas sagens, fotos e arquivos. Se você teve um tópico longo de e-
e Busca.Com a nossa barra de ferramentas de mensagens e -mail com um amigo sobre as próximas férias, basta navegar
ações rápidas fica mais simples classificar, marcar e apagar pelos seus contatos e selecionar o nome do seu amigo para
e-mails em poucos cliques. ver rapidamente os últimos e-mails e anexos já enviados
sobre a viagem.
Sua Caixa de entrada, Contatos, Agenda, Bloco de notas
e o Messenger estão agrupados no canto superior esquerdo,
o que torna mais fácil para alternar entre tarefas. Se você Armazenamento
receber uma nova mensagem instantânea durante a leitura O Yahoo Mail oferece a maior quantidade de armazena-
de um e-mail, basta clicar no ícone do Messenger para abrir mento gratuito entre todos os provedores de e-mail. Com 1
uma janela flutuante que não fará você perder o seu trabalho. TB de espaço livre (ou seja, 1000 GB!), você nunca terá que
se preocupar em apagar e-mails para economizar espaço.
Busca 1 TB de armazenamento: Mantenha todos os e-mails e
Filtre através de centenas de e-mails em segundos. Com arquivos enviados para você. Para verificar a quantidade de
a ferramenta de busca do Yahoo Mail, fica mais simples en- armazenamento que você tem, vá para Configurações e abai-
contrar a mensagem, documento ou foto exata que você está xo de Contas você verá a porcentagem de armazenamento
procurando, não importa quando foi enviada ou recebida. que você usou.
Quando você sabe o assunto de um e-mail, mas não tem cer-
teza de quem enviou, tente procurar o e-mail pela palavra-chave. Segurança
Economize tempo digitando apenas a palavra que você sabe que O Yahoo Mail usa a melhor tecnologia de segurança para
está no e-mail e deixe a nossa busca inteligente encontrá-la para ajudar a mantê-lo seguro online. A criptografia SSL mantém
você. Por exemplo, digamos que você está tentando encontrar seu e-mail seguro à medida que ele viaja entre o navegador
um e-mail sobre uma reunião. Na caixa de busca no topo do web do seu computador e o servidor do Yahoo. Isso significa
seu e-mail, digite a palavra “reunião” e aperte o botão Buscar que não importa onde você esteja, se você está na página
no Yahoo Mail. Você verá uma lista de resultados de todos os inicial ou navegando em seu e-mail em uma cafeteria, suas
e-mails com essa palavra-chave mencionada. informações de e-mail são mantidas em segurança.
A solução para seu concurso N oções de I nformática = 79

SSL Ainda, com relação aos webmails, o Zimbra disponibiliza

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
um em html, mais simples, voltado a conexões lentas, com
Sempre que você usar o Yahoo Mail, seja na web, web
praticamente todas as funcionalidades da versão full (em
móvel, aplicativos móveis ou via IMAP, POP ou SMTP,
Ajax), particularmente, eu me dei por falta apenas do Instant
100% das informações são criptografadas por padrão e pro- Messenger nesta versão. E como se não bastasse, para quem
tegidas com certificados de 2.048 bits. Essa criptografia se deseja acessar seus e-mails a partir de um celular, existe um
estende a seus e-mails, anexos, contatos, bem como agenda e webmail para este fim disponível.
Messenger no Mail.

Filtros de spam
OUTLOOK
O Yahoo Mail bloqueia mais de 15 bilhões de mensagens
O programa de e-mail da Microsoft é uma ferramenta
de spam por dia. Usamos a aprendizagem de máquina e
para gerenciar mensagens pessoais e empresariais. Ele faz
constantemente ajustamos e melhoramos nossas tecnologias
parte do Pacote Microsoft Office. O e-mail é a principal for-
de filtragem que bloqueiam spam e outros e-mails maliciosos
ma de contato entre as pessoas após os posts de redes sociais
que você não quer ver. Você pode ajudar a treinar os filtros
e mensagens instantâneas via celular.
clicando no botão Spam cada vez que encontrar e-mails
indesejados em sua caixa de entrada. Para obter um Webmail, basta se cadastrar em qualquer
site que forneça uma conta de correio eletrônico e disponi-
Novidades bilize este serviço. Algumas opções existente: OutLook (ex
Hotmail), Gmail, Yahoo mail, Uol, Bol, Terra, etc...
Dicas para usar os aplicativos do Yahoo Mail
Um endereço de e-mail possui o seguinte Layout:
Leve seu e-mail com você onde quer que você vá. Com nome_de.usuario1@provedor.com.br
o aplicativo do Yahoo Mail, você pode receber alertas ins-
tantâneos quando um novo e-mail chegar e nunca perder Onde o nome de usuário deve ser único naquele provedor
uma mensagem. Economize tempo com estas dicas rápidas: uma vez que seu e-mail é sua identificação pessoal, não po-
Toque nas caixas de seleção ao lado de cada mensagem na dendo haver dois endereços de e-mail idênticos no mundo.
caixa de entrada Exibir para mover rapidamente suas men- O Outlook 2010 começou a ser desenvolvido com base
sagens, ou marcá-las como favoritas ou lidas. Deslize para em um outro programa, também da Microsoft, chamado
esquerda ou direita em Exibir Mensagem para navegar entre OUTLOOK EXPRESS, até o Windows 98 ele era um dos
as mensagens. componentes desse sistema operacional com a chegada em
2000 pelo Windows XP ele foi incluído como um dos pro-
gramas do Microsoft Office 2003, 2007, 2010 e 2013.
ZIMBRA Outlook 2010 oferece acesso de qualquer lugar a seu e-mail,
O Zimbra, é uma suíte colaborativa de e-mail muito calendário e catálogo de endereços em só aplicativo. Reúna
suas seus compromissos e contato de forma interligada.
poderosa, cujo foco é ser uma alternativa livre ao Microsoft
Exchange. Com suas duas versões disponíveis, a versão Com novos recursos o programa tornou-se mais produ-
Network Edition (NE) e a Open Source, ele consegue, no tivo. Felizmente, a Faixa de Opções personalizável apri-
mínimo equiparar-se a solução oferecida pela Microsoft, morada do Outlook 2010 facilita o descobrimento de mais
tendo a sua versão NE voltada a empresas que precisam de comandos, para que você possa se concentrar no produto
suporte e ferramentas de backup mais avançadas. final, e não em como chegar até eles. As configurações de
contas novas e existentes ficou mais fácil, instalar e configu-
O Zimbra nasceu para ser uma alternativa ao Exchange,
rar impressora também, além de uma maneira mais fácil de
como já mencionado anteriormente, no mundo Linux. Em
limpar sua caixa de correio estas tarefas sempre deram muito
meio a tantos webmails e e-mail's servers, faltava ainda uma
trabalho e podem se tornar complicada para pessoas que não
solução mais integrada, ao estilo Exchange, e que fosse sim- são muito familiarizadas com configuração de software.
ples de ser mantida e atualizada.
A nova exibição pode ajudá-lo a obter tudo isso e muito
Atualmente, o Zimbra conta com muitas funções, den- mais. Agora você pode gerenciar sua conta, imprimir e per-
tre elas, podemos citar a integração com LDAP, clustering, sonalizar seu Outlook 2010 com mais facilidade.
entre outras, tudo isso disponível através de uma interface
Web para administração, completa e funcional, onde você Com os anos, o e-mail evoluiu de um ou dois parágrafos
consegue efetuar todos os serviços do dia-a-dia, desde o de texto para boletins informativos familiares ou empresa-
cadastro de um novo e-mail, a aplicação de quotas e criação riais, papéis de carta personalizados, agendas e muito mais.
de aliases. Seja seu e-mail pessoal ou comercial, o Outlook 2010 traz
ferramentas inovadoras que você espera do Microsoft Office
Também, não podemos esquecer-nos dos webmails. O para ajudá-lo a concretizar suas ideias.
Zimbra possui um webmail em Ajax, extremamente comple-
to, que não deixa nada a dever frente ao Microsoft Outlook, Transforme rapidamente as informações em ações
tendo desde um calendário a catálogo de e-mail (dentre mui- com e-mails de formato elegante. Use os temas do Office
tas outras opções), até um sistema de Instant Messenger. Um recém-adicionados para expressar seu estilo de formatação.
detalhe acerca do Calendário e do Catálogo de endereços, é Quando se trata da reutilização de conteúdo por colagem,
a sua integração com o Zimbra Desktop (cliente de e-mail Colar com Visualização Dinâmica permite que você obtenha
do Zimbra), ele é para o Zimbra o mesmo que o Microsoft a formatação correta na primeira vez.
Outlook é para o Exchange. Ainda contamos, na versão NE, Obtenha a atenção de seus leitores ao transmitir visual-
com a integração com o próprio Microsoft Outlook, onde mente sua mensagem. Não é necessário ser especialista para
este atua como se fosse um Exchange. criar e-mails elegantes e profissionais. As ferramentas de
80 = Noções de Informática A solução para seu concurso

edição de imagens novas e aprimoradas, os gráficos Smar- Para utilizar o Outlook e nunca limpar, nem fazer o do-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
tArt e a capacidade de inserir capturas de tela diretamente wnload das mensagens para seu computador deixando-as no
em suas mensagens permitem que você incorpore excelentes servidor até que você as apague pessoalmente escolha o pro-
gráficos sem usar programas de edição de fotos adicionais. tocolo IMAP. Através deste protocolo você poderá utilizar
todas as ferramentas do Outlook deixando suas mensagens
&RQÀJXUDQGRFRQWDHPDLO sempre disponíveis no servidor podendo acessá-las de qual-
quer dispositivo como o celular por exemplo.
Antes de poder enviar e receber e-mails no Outlook 2010,
você precisa adicionar e configurar uma conta de e-mail. Se Para enviar mensagens existe somente um protocolo que
tiver usando uma versão anterior do Microsoft Outlook no faz esta função que é o SMTP (Simple Mail Transfer Pro-
mesmo computador em que instalou o Outlook 2010, suas tocol), traduzindo “Protocolo de Transferência de Correio
configurações de conta serão importadas automaticamente. Simples”.
Se você não tem experiência com o Outlook ou se estiver Resumindo: Existem três protocolos de e-mail, dois para
instalando o Outlook em um computador novo, o recurso receber e-mail e um para enviar:
Configuração Automática de Conta será iniciado automati- IMAP e POP3 => Recebem
camente e o ajudará a configurar as definições de suas contas
de e-mail. Essa configuração exige somente seu nome, en- SMTP => Envia
dereço de e-mail e senha. Se não for possível configurar sua
conta de e-mail automaticamente, será necessário digitar as Mudança de visual
informações adicionais obrigatórias manualmente.
Com a versão 2010 do Outlook a primeira mudança é
Estes são as configurações mais comuns MAS você SÓ com relação ao novo visual. A Faixa de Opções substitui
deve usar as fornecidas pelo seu provedor. o menu e as barras de ferramentas na parte superior da
Servidor de entrada (POP3): mail.seuservidor.com | janela principal do Outlook para oferecer a você uma mais
porta 110 | Tipo de conexão: Nenhum produtividade concentrando os comandos principais nas
Guias e Grupos. Ela foi projetada para ajudá-lo a encontrar
Mas também poderá ser mail.outroservidor.com | porta e usar com mais facilidade a variedade completa de recursos
995 | Tipo de conexão: SSL oferecidos pelo Outlook - de forma que você possa fazer mais
Servidor de saída (SMTP): mail.seuservidor.com | porta em menos tempo.
587 | Tipo de conexão: Nenhum
Na guia Página Inicial estão os comandos para criar e
Mas também poderá ser mail.outroservidor.com | porta trabalhar com itens do Outlook como mensagens, itens de
465 | Tipo de conexão: SSL calendário ou contatos. Clique na guia Enviar/Receber para
Requer autenticação com o seu usuário (seu e-mail) e sua comandos relacionados ao envio de itens ou à verificação da
password (enviado pelo seu provedor) existência de novos itens do Outlook no servidor. Na guia
Pasta estão os comandos para criar, mover ou compartilhar
pastas. Na guia Exibir, é possível alterar e personalizar a
A opção “Deixar uma cópia das mensagens no servidor” exibição das pastas.
deve ser analisada com cuidado. Veja as duas opções e esco-
Os comandos para E-mail, que são os mais usados, estão
lha o procedimento que mais lhe agrada.
na guia Página Inicial. Eles incluem Novo E-mail, Respon-
O Outlook é um programa gerenciador de e-mail que der, Encaminhar e Excluir.
funciona de forma semelhante ao seu navegador quando
Para criar uma mensagem de e-mail, pressione CTRL +
você visualiza seus e-mails nele. Você pode ler, responder,
encaminhar, apagar e criar e-mails e funcionará da mesma SHIFT + M ou CTRL + N
forma como se estivesse no navegador. Clique em qualquer mensagem para exibi-la no Painel de
Ao configurar sua conta para o gerenciador Outlook Leitura ou clique duas vezes na mensagem para abri-la. Se
você terá que escolher qual protocolo de “recebimento” de uma mensagem tiver um anexo, clique nele para exibi-lo no
e-mail usar o POP3 ou IMAP. Se escolher o POP3 todas as Painel de Leitura ou clique duas vezes para abrir o anexo no
mensagens que existem na sua Caixa de Entrada no servidor programa associado.
serão TRANSFERIDAS para o seu computador, o programa
fará um download de todas as mensagens e APAGARÁ sua As Etapas Rápidas facilitam a execução
caixa de entrada. Tenha em mente que quando você acessar de ações
sua conta de e-mail via navegador, seja de qualquer com- Na guia Página Inicial, o grupo Etapas Rápidas combina
putador, sua caixa não conterá mais os e-mails que foram em um único clique os diversos comandos necessários para
transferidos para o seu computador, então, se você utiliza executar ações comuns. Por exemplo, é possível categorizar,
muitos computadores diferentes e necessita verificar e-mail sinalizar e mover uma mensagem com apenas um clique.
existentes com frequência, este não deve ser o protocolo
Você pode personalizar as Etapas Rápidas padrão e criar seus
escolhido, pois suas mensagens antigas estarão somente em
próprios botões combinando suas ações mais frequentes.
seu computador. Toda vez que você abrir o Outlook 2010 ele
automaticamente fará o Download as mensagens que estive- A Faixa de Opções também oferece guias contextuais para
rem no seu servidor e os transferirá para o computador, lim- oferecer ferramentas adicionais específicas quando precisar
pando sua caixa de entrada. Caso queira que suas mensagens delas. Atualize seus itens de Calendário e de Tarefa sem sair
permaneçam no servidor habilite a opção “Deixar uma cópia de sua caixa de entrada. Por exemplo, clique em um item de
das mensagens no servidor”, escolha uma data, caso prefira, Calendário ou de Tarefa em sua Barra de Tarefas Pendentes
para ser deletada do servidor ou ainda “Remover do servidor para exibir uma guia contextual na Faixa de Opções que
quando excluído de ‘Itens excluídos’”. ofereça ferramentas para que você trabalhe com esse item.
A solução para seu concurso N oções de I nformática = 81
Dica rápida: quando estiver verificando a Faixa de Op- Uma mensagem redundante é uma mensagem cujo

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
ções na parte superior da tela, não se esqueça de olhar para conteúdo esteja totalmente contido em uma mensagem
baixo. Agora, a barra de status na parte inferior da janela posterior na conversa. Por exemplo, se alguém responder sua
Outlook é personalizável. Basta clicar com o botão direito do mensagem e incluir toda a mensagem original, a mensagem
mouse para selecionar os itens que você deseja exibir, como original será considerada como uma mensagem redundante.
a contagem de itens em sua caixa de entrada, itens não lidos, Exiba somente as informações relevantes. Quando você
cota da caixa de correio e mais. Existe até um novo controle clica em uma conversa, o Outlook mostra a você a mensagem
deslizante de zoom no lado direito da barra de status que mais recente nela. Expanda para ver mensagens redundantes
permite a você aumentar ou diminuir rapidamente o tama- e anteriores, ou veja os colaboradores individuais.
nho das informações exibidas no Painel de Leitura.
Determine se há várias mensagens na conversa em um
relance. O ícone de mensagem para uma conversa com mais
1RYRPRGRGHH[LELomR0LFURVRIW2IÀFH de uma mensagem exibe vários envelopes.
Backstage! Armazene menos e-mails. Todos os e-mails redundan-
Na extremidade esquerda da Faixa de Opções, você verá tes na conversa podem ser rapidamente eliminados com
a guia Arquivo. Basta clicar na guia para obter acesso com- Limpar, preservando as mensagens exclusivas. Use Ignorar
pleto para gerenciar suas contas e personalizar o Outlook. e envie toda a conversa, e mensagens futuras, para a pasta
O novo modo de exibição Backstage substitui o menu Itens Excluídos. Se você for usuário do Exchange, ao Ignorar
Arquivo tradicional de antigas versões trazendo em um uma conversa, as mensagens futuras serão enviadas para os
único local todas as tarefas de gerenciamento de contas. Por Itens Excluídos, mesmo se os e-mails forem acessados pelo
exemplo: Outlook Web App ou pelo smartphone.
Quando você abrir o modo de exibição Backstage pela Ações rápidas em todas as conversas em apenas alguns
primeira vez, estará na guia Informações. Gerencie sua conta poucos cliques. Selecione o assunto da conversa e atribua
do Outlook configurando sua conta, adicionando uma nova uma categoria para cada mensagem, marque-as como lidas,
conta de e-mail, configurando respostas automáticas para mova-as ou copie-as para outra pasta e mais.
quando você estiver ausente do escritório, modificando suas O modo de visualização também está reformulado. Na
opções de arquivamento e organizando suas regras e alertas. guia Exibir, no grupo Conversas, selecione Mostrar como
Conversas e teste as opções suas Configurações. Escolha
como organizar sua pasta, qual item será o organizador, por
Dica rápida: se sua caixa de correio tiver um limite exemplo, organize por data, por assunto, por tamanho, por
de tamanho, um novo termômetro de cota oferecerá uma remetente, se tem anexo, etc. Podendo ainda acrescentar
representação visual da quantidade de espaço restante em várias outras colunas com informações que podem ser muito
sua caixa de correio. importantes no seu dia-a-dia que irá lhe ajudar muito.
As ações mais comuns, portanto repetitivas, formam o
Exibição de Conversa Grupo Etapas Rápidas. Neste grupo Mova, Copie, Encami-
A Exibição de Conversa no Outlook 2010 ajuda você a ir nhe e crie novas ações que estarão a um clique.
direto aos fatos relevantes. Condensa vários e-mails em uma A pesquisa de um item específico pode parecer confusa
discussão, chamada de thread de conversa, e os exibe como e demorada, especialmente quando você não tem tempo de
um único item de linha - mesmo se algumas mensagens da filtrar cada pasta e ler todo o conteúdo. Com o Outlook 2010,
conversa estiverem em outras pastas. Não só isso ajuda a re- você pode classificar com facilidade seus dados e encontrar
duzir a sobrecarga de informações, como também aprimora o que precisa quando precisar. As Ferramentas de Pesquisa
o acompanhamento e o gerenciamento de e-mails relacio- Contextual, permite que o Outlook faça a pesquisa por você
nados. Além disso, novas ferramentas de gerenciamento de usando as Ferramentas de Pesquisa adicionando critérios de
conversas podem ajudar você a economizar o valioso espaço pesquisa de forma que você possa encontrar o que precisa,
da caixa de correio. restringindo sua pesquisa e localizando suas informações
Na guia Exibir, no grupo Conversas, selecione Mostrar com rapidez.
como Conversas. Na caixa de diálogo, Ativar a Exibição de Restrinja sua pesquisa em apenas alguns cliques. Adi-
Conversa, opte por ativar a Exibição de Conversa para sua cione critérios a sua pesquisa para restringir seus resultados
pasta atual ou para todas as pastas. e incluir somente os itens com anexos de arquivo, de um
Quando você seleciona uma conversa pela primeira período específico, e-mails enviados diretamente a você ou
vez, somente as mensagens mais recentes da conversa são a outro destinatário e mais. Refina rapidamente seu local de
mostradas, o que ajuda você a rapidamente se inteirar de pesquisa, altere o escopo para ampliar sua pesquisa e incluir
uma conversa. Para ver todas as mensagens individuais, subpastas, todos os itens de e-mails ou todos os itens do
clique na seta à esquerda da conversa para expandi-la Outlook.
completamente. Se você não enxergar uma seta ao lado de Gerencie suas opções de pesquisa sem sair de seus resul-
uma mensagem, então não há respostas para ela. tados da pesquisa. Modifique locais e opções de pesquisa ou
Uma mensagem exclusiva é uma mensagem com con- volte rapidamente a uma pesquisa anterior.
teúdo diferente de outras mensagens em uma conversa. A Hoje existem várias maneiras de se manter conectado.
última mensagem de uma conversa sempre será exclusiva Sair e voltar de diversas ferramentas e sites torna desafiadora
porque tem conteúdo novo para a conversa. Outras men- a organização de suas informações. Felizmente, o Outlook
sagens exclusivas em uma conversa podem ocorrer se um 2010 pode ajudar você a se manter conectado. O novíssimo
participante da conversa enviar somente a resposta e não Outlook Social Connector (OSC) o conecta às redes sociais e
incluir conteúdo da mensagem anterior. de negócios que você usa, incluindo Microsoft SharePoint®
82 = Noções de Informática A solução para seu concurso

2010 e Windows Live. Conectam até mesmo a outros sites de O correio de voz protegido ajuda a proteger e a limitar o

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
terceiros conhecidos, como Facebook, LinkedIn e MySpace. correio de voz somente aos destinatários pretendidos.
É fácil obter mais informações e se manter em contato com
as pessoas em sua rede sem sair do Outlook.
Criando e-mail
Sincronize seus dados de contato diretamente no Microsoft
Outlook e obtenha informações sobre seus amigos e colegas. Para usuários comerciais, o envio de mensagens de e-mail
Consulte atualizações de redes sociais de terceiros, arquivos desnecessárias e a distribuição de informações confidenciais
recém-postados – e até mesmo exiba fotos compartilhadas. fora da empresa são preocupações frequentes. O novo recur-
Conecte-se às informações sociais do Meu Site do Sha- so Dicas de E-mail o alertará instantaneamente quando você
rePoint Server 2010 e receba atualizações de seu local de estiver prestes a enviar um e-mail para o seguinte condições:
trabalho, como documentos recém-postados ou marcados, Uma lista de distribuição grande – evite o spam de
atividade do site e mais. mensagens desnecessárias para uma audiência grande.
Acompanhe seu histórico de comunicação com facilida- Alguém que esteja ausente do escritório – economize
de. Use o Outlook Social Connector para exibir uma visua- tempo de envio de e-mails que não serão respondidos a
lização rápida de conteúdo do Outlook relacionado quando
tempo para seus prazos finais.
você clica no nome de um contato, como conversas de email
recentes, reuniões e documentos compartilhados Endereços de destinatário inválidos – determine se um
Baixe provedores de terceiros para suas redes sociais destinatário receberá sua mensagem imediatamente e evite
favoritas e conecte-se às pessoas em sua rede, tudo isso sem avisos de devolução.
sair de sua caixa de entrada. Partes externas – ajude a impedir o envio de informa-
Os desenvolvedores podem se conectar e alimentar fluxos ções confidenciais para fora da empresa.
a partir de aplicativos de linha de negócios, sites de terceiros
ou integrar suas soluções diretamente ao Outlook.
Trabalhando com e-mail
Para localizar provedores disponíveis para suas redes
sociais, clique na guia Exibir, clique em Painel de Pessoas e O Outlook 2010 permite que você se comunique com
clique em Configurações da Conta. Na caixa de diálogo re- um ou mais destinatários usando um amplo conjunto de
sultante, clique no link próximo à parte superior intitulado recursos e personalizações.
Exibir provedores de rede social disponíveis online. Depois Em E-mail, na guia Página Inicial, no grupo Novo, cli-
de adicionar um provedor de rede social, as informações que em Novo E-mail. Utilize também o Atalho do teclado
de contato das pessoas que estiverem em sua rede serão CTRL+SHIFT+M.
entregues em sua exibição de Contatos no Outlook e perma-
necerão sincronizadas com as informações online

Tradução
Use a tradução sob demanda, traduções completas de
item e um Minitradutor (anteriormente chamado de Dicas
de Tela de Tradução) para trabalhar com facilidade em
vários idiomas. O minitradutor aprimorado oferece mais
opções de idioma para a tradução imediata de uma palavra
ou frase à medida que você trabalha.
Se você trabalha com vários idiomas agora terá mais
flexibilidade para trabalhar como quiser. Personalize sua
opções multilíngue de uma única caixa de diálogo, onde é
possível definir preferências de idioma separadas para edi-
ção, exibição, Ajuda e Dicas de Tela. E a alteração de suas Na guia Página Inicial ou Mensagem, no grupo Res-
configurações de idioma no Outlook as altera automatica- ponder, clique em Responder, Responder a Todos ou
mente em todos os aplicativos aplicáveis do Office 2010. Encaminhar.
Modifique rapidamente suas configurações, nenhum O comando Responder enviará seu e-mail de volta à
manual será necessário. Se você não tiver o software ou o pessoa que lhe enviou o e-mail. Clique em Responder a
layout de teclado necessários instalados, você será notificado Todos quando você quiser enviar o e-mail para todas as
e serão oferecidos links para facilitar a resolução desses pessoas que receberam aquela mensagem. Por exemplo,
problemas. seu professor enviou uma tarefa a todos os alunos da sala,
inclusive você, com o Responder a Todos você enviará
Nova visualização de email de voz! uma resposta para todos os alunos da sala, inclusive o
Com o Outlook 2010 e a somado a tecnologia do Exchan- professor que foi quem enviou a mensagem inicial. Já o
ge Server 2010, uma visualização de conversão de voz em comando Encaminhar é utilizado para enviar para outra
texto de uma mensagem de voz gravada é enviada junto com pessoa qualquer, não importando se ela recebeu a mensa-
a gravação de correio de voz diretamente para sua caixa de gem inicial ou não, se está no seu Catálogo de Endereços
entrada. Acesse suas mensagens de virtualmente qualquer ou não, o comando Encaminhar enviará o e-mail selecio-
lugar usando um navegador da Web, um computador ou um nado, ou aberto, para outra pessoa.
smartphone.
A solução para seu concurso N oções de I nformática = 83

Campos de destinatário Particulares: são pastas criadas pelo usuário que auxi-

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
liam a organização das mensagens
To ou Para - endereço de e-mail do destinatário
Cc - significa Carbon Copy (cópia carbonada - Xerox).
Aqui você deverá colocar o endereço de e-mail da pessoa que Calendário
você quer enviar uma cópia. Este item poderá ficar em bran- A faixa de opções no Outlook 2010 fornece ícones gran-
co caso você não queira enviar cópia. Todos os endereços des para mostrar as maneiras como o calendário pode ser
que estivem nos campos “Para” e “Cc" são visíveis entre si, organizado e exibido. Use os comandos da guia Exibir para
ou seja, qualquer pessoa que receber esta mensagem saberá personalizar ainda mais as informações que você vê no Ca-
que as demais pessoas relacionadas nos campos “Para” e lendário. Clique duas vezes em qualquer item de calendário
“Cc" também receberam a mensagem. Nenhum endereço para abri-lo e editar ou ver detalhes.
fica oculto aos outros. Na guia Página Inicial, use os comandos do grupo Novo
Bcc - significa Blind Carbon Copy (cópia cega) ou Cco para criar itens de calendário. A reunião ou o compromisso
Carbon Copy Occult.(cópia oculta) É usada sempre que qui- aberto tem muitos dos mesmos comandos da faixa de opções
sermos enviar uma cópia da mensagem para alguém, sem que do Office Outlook 2007, inclusive as opções de lembrete e
os destinatários saibam dos outros endereços que receberam recorrência.
a mensagem. Todos os endereços relacionados neste campo Para criar um compromisso no Calendário clique em
ficam “ocultos” de todos os outros, estejam eles relacionados Calendário, na guia Página Inicial, no grupo Novo, clique
nos campos “Para”, “Cc" ou “Cco”, ninguém saberá que em Novo Compromisso. Como alternativa, você pode clicar
estes e-mail receberam esta mensagem. Ficam ocultos inclu- com o botão direito do mouse em um bloco de tempo em
sive entre eles, ou seja, eles também não se enxergam. Em sua grade de calendário e clicar em Novo Compromisso.
questões que envolvem WebMail, Outlook, Thunderbird, Atalho do teclado para criar um compromisso, pressione
etc. Sempre que você quiser “esconder” alguma pessoa das CTRL+SHIFT+A.
outras que receberão a mensagem o endereço de e-mail desta
pessoa deverá ser incluído no campo Cco, assim, nenhum
dos outros usuários saberão que você também enviou a Agendar uma reunião
mensagem para esta pessoa. Uma reunião é um compromisso que inclui outras
No Outlook, em sua configuração padrão, não exibe o pessoas e pode incluir recursos como salas de conferência.
campo Cco, para exibi-lo clique na Guia Opções, e no Grupo As respostas às suas solicitações de reunião são exibidas na
Mostrar Campos, clique no comando Cco. Caixa de Entrada.
O campo Cco deve ser utilizado quando você pretende Clique em Calendário, na guia Página Inicial, no grupo
enviar uma mensagem a várias pessoas. Digitando todos os Novo, clique em Nova Reunião. Atalho do teclado para
endereços neste campo você estará protegendo o e-mail dos criar uma nova solicitação de reunião de qualquer pasta no
seus contados, pois se esta mensagem for direcionada para Outlook, pressione CTRL+SHIFT+Q.
outras pessoas os e-mails dos seus amigos não serão visuali- Em Calendário, na guia Página Inicial, no grupo Nova,
zados, esta ação evita que seus amigos recebam Spam. Você clique em Nova Reunião. Na caixa Assunto, digite uma
pode colocar todos os endereços aqui, deixando em branco
descrição. Na caixa Local, digite uma descrição ou um
todos os outros campos. Este detalhe é bastante explorado
local. Se usar uma conta do Microsoft Exchange, clique em
em concurso público.
Salas para escolher as salas disponíveis. Nas listas Hora de
Subject (assunto) - neste local você vai colocar o assunto Início e Hora de Término, clique na hora de início e de
que se refere a sua correspondência. É opcional, mas quando término da reunião. Se você marcar a caixa de seleção O
preenchido é muito bom pois o destinatário já sabe do que se
dia inteiro, o evento será mostrado como um evento de 24
trata e poderá dar prioridade na resposta.
horas, durando de meia-noite até a meia-noite do dia se-
guinte. No corpo da solicitação de reunião, digite as infor-
Caixas e pastas mações a serem compartilhadas com os destinatários como
Todo site gerenciador de e-mail, assim como qualquer a pauta da reunião por exemplo. Também é possível anexar
aplicativo, terá uma composição de caixas padrão. Alguns arquivos. Na guia Reunião, no grupo Mostrar, clique em
poderão ter caixas adicionais. Assistente de Programação. O Assistente de Agendamento
Caixa de Entrada: local onde suas mensagens novas ajuda a encontrar o melhor horário para a reunião. Clique
serão depositadas. em Adicionar Outros e em Adicionar do Catálogo de
Caixa de Saída: mensagens que você enviou, respondeu endereços. Na caixa de diálogo Selecionar Participantes e
ou encaminhou, mas ainda não foram enviadas. Recursos, na caixa Pesquisar, digite o nome de uma pessoa
ou recurso para inclui-la na reunião. Se pesquisar com a
Enviados: e-mail enviados encaminhados e respondidos
ficam armazenados nesta caixa quando forem enviados pelo opção Mais Colunas, clique em Ir. Na lista de resultados,
servidor. clique no nome e clique em Obrigatório, Opcional ou
Recursos; clique em OK.
Rascunho: mensagens que você iniciou uma edição e
não enviou. Os participantes Necessários e Opcionais são exibidos na
caixa Para da guia Reunião, e os Recursos são exibidos na
Lixo: mensagens que foram deletadas pelo usuário. caixa Local. A grade de disponibilidade mostra a disponibi-
Spam ou Lixo Eletrônico: são mensagens que, baseado lidade dos participantes. Uma linha vertical verde representa
em algumas regras, foram definidas como perigosas ou o início da reunião. Uma linha vertical vermelha representa
publicitárias. o final da reunião
84 = Noções de Informática A solução para seu concurso

Tarefa Você pode abrir um anexo do Painel de Leitura ou de

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
Muitas pessoas mantêm uma lista de coisas a fazer em uma mensagem aberta. Depois de abrir e exibir um anexo,
papel, em uma planilha, no celular ou com uma combinação é possível salvá-lo em uma unidade de disco. Se uma men-
de papel e métodos eletrônicos. No Microsoft Outlook, você sagem tiver mais de um anexo, você poderá salvar vários
pode combinar várias listas em uma só, receber lembretes anexos como um grupo ou um por vez.
e controlar o andamento das tarefas. Para criar uma tarefa
clique em Tarefas, na guia Página Inicial, no grupo Novo, Criando assinatura
clique em Nova Tarefa. Atalho do teclado para criar uma
nova tarefa, pressione CTRL+SHIFT+K. Você pode criar assinaturas personalizadas para suas
mensagens de e-mail que incluem texto, imagens, seu Cartão
Anotação de Visita Eletrônico, um logotipo ou até mesmo uma ima-
gem da sua assinatura manuscrita.
Anotações são aquelas notas adesivas que funcionam
como “lembretes” de algo que você não deve esquecer. Para Abra uma nova mensagem. Na guia Mensagem, no grupo
criar uma anotação clique em Anotações, no grupo Novo, Incluir, clique em Assinatura e em Assinaturas. Na guia
clique em Nova Anotação. Atalho do teclado Para criar uma Assinatura de E-mail, clique em Novo.
anotação, pressione CTRL+SHIFT+N.
Para criar uma assinatura padrão que será exibida em
todas as mensagens abra uma nova mensagem. Na guia
Lembrete Mensagem, no grupo Incluir, clique em Assinatura e em
Você pode definir ou remover lembretes para vários itens, Assinaturas. Na guia Assinatura de E-mail, clique em Novo.
incluindo mensagens de e-mail, compromissos e contatos. Digite um nome para a assinatura, por exemplo, Editora
Para compromissos ou reuniões abra um item, na guia Solução, e clique em OK.
Compromisso ou Reunião, no grupo Opções, na lista sus- Para inserir a assinatura automaticamente nas mensagens
pensa Lembrete, selecione o período de tempo antes do enviadas e respondidas, basta escolher o nome da assinatura
compromisso ou da reunião o lembrete deverá apareçer. que acabamos de criar nos campos Novas mensagens e
Para desativar um lembrete, selecione Nenhum.
Respostas/encaminhamentos.
Para mensagens de e-mail, contatos e tarefas na guia
Página Inicial, no grupo Marcas, clique em Acompanhar e
em Adicionar Lembrete. THUNDERBIRD
O Thunderbird é basicamente um leitor de e-mail da
Contatos Mozilla Foundation, mesmo desenvolvedor do Firefox.
Na guia Página Inicial, use os comandos do grupo Novo Do mesmo modo que o Firefox tem como objetivo tornar
para adicionar um contato. Clique duas vezes em qualquer a navegação melhor, o Thunderbird tem como objetivo
contato para abri-lo e editá-lo. Para criar uma lista reutili- melhorar a leitura de e-mails e notícias.
zável de contatos (conhecida anteriormente como lista de
É um software gratuito e de software aberto. O Thun-
distribuição), no grupo Novo, clique em Novo Grupo de
Contatos. derbird possui funções como bloqueio de imagens e filtro
AntiSpam embutido, sendo o Thunderbird um programa
Na guia Página Inicial, o grupo Modo de Exibição Atu- para gerenciar seus e-mails bem mais seguro que outros
al permite alterar a classificação e a exibição dos contatos.
softwares que realizam esta mesma função.
Por exemplo, exibir contatos como uma lista de telefones ou
na forma de cartão de visitas. No grupo Comunicar estão Observe que é possível configurar além de uma conta
comandos que conectam você diretamente a um contato de e-mail, uma conta de RSS e uma conta de newsgroup. É
(por mensagem de e-mail, solicitação de reunião, mensagem possível configurar várias contas de qualquer tipo.
instantânea ou telefonema, por exemplo).
Para começar a receber e-mails devemos configurar a(s)
Contatos podem ser tão simples quanto um nome e en- conta(s), que será gerenciada pelo Thunderbird, através
dereço de e-mail ou incluir outras informações detalhadas, do menu FERRAMENTAS, comando CONFIGURAR
como endereço físico, vários telefones, uma imagem, datas
CONTAS. Podemos ter várias contas gerenciadas pelo
de aniversário e quaisquer outras informações que se rela-
cionem ao contato. Thunderbird.
Para criar um contato clique em Contatos, na guia Página Estes são as configurações mais comuns para CONTAS
Inicial, no grupo Novo, clique em Novo Contato. Atalho do GOOGLE, MAS você SÓ deve usar as fornecidas pelo seu
teclado para criar um contato de qualquer pasta no Outlook, provedor. Com risco de não haver conexão entre seu aplica-
pressione CTRL+SHIFT+C. tivo e o servidor de e-mail. CADA SERVIDOR TEM UMA
CONFIGURAÇÃO ESPECÍFICA. Consulte seu provedor
Anexos de e-mail para configuração.
É possível anexar arquivos em qualquer mensagem Servidor de entrada (IMAP): imap.googlemail.com|
eletrônica. Pode-se anexar arquivos de texto, planilhas, mú- porta 110 | Conf. Segurança: SSL/TLS
sicas, vídeos, PDF, etc. Porém, arquivos executáveis ( *.exe), Mas também poderá ser mail.outroservidor.com | porta
por segurança, não serão transmitidos, pois trata-se de um
995 | Tipo de conexão: SSL
software executável e que poderá danificar o computador do
destinatário
A solução para seu concurso N oções de I nformática = 85
Servidor de saída (SMTP): smtp.googlemail.com| É possível importar todas as configurações da conta de

Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas Solução Apostilas SoluçãoApostilas
porta 465 | Conf. Segurança: SSL/TLS outro gerenciador de e-mail como o Outlook ou o Eudora.
Mas também poderá ser mail.outroservidor.com | porta Além das configurações da “conta” é possível também im-
portar o catálogo de endereço dentre outras
465 | Tipo de conexão: SSL
Requer autenticação com o seu usuário (seu e-mail) e sua 9HULÀFDGRURUWRJUiÀFR
password (enviado pelo seu provedor)
Não há necessidade de utilizar outros programas para
No Thunderbird também há a opção de “Deixar uma
verificação da ortografia. O Mozilla
cópia das mensagens no servidor” quando se utilizamos o
protocolo POP3 de recebimento também deve ser analisada Thunderbird já vem com um verificador ortográfico
com cuidado. Veja as duas opções e escolha o procedimento
que mais lhe agrada. Segurança no Thunderbird
O Outlook é um programa gerenciador de e-mail que
funciona de forma semelhante ao seu navegador quando AntiSpam
você visualiza seus e-mails nele. Você pode ler, responder,
O Mozilla Thunderbird identifica o spam e ajuda você
encaminhar, apagar e criar e-mails e funcionará da mesma
a manter limpa a caixa de entrada. O Mozilla Thunder-
forma como se estivesse no navegador.
bird oferece a ferramenta mais efetiva de detecção de
Ao configurar sua conta para o gerenciador Thunder- spam. Suas ferramentas analisam seu e-mail e identificam
bird você terá que escolher qual protocolo de “recebimen-
aqueles que provavelmente são indesejados. Você pode ter
to” de e-mail usar o POP3 ou IMAP. Se escolher o POP3
seus spams excluídos automaticamente ou pode movê-los
todas as mensagens que existem na sua Caixa de Entrada
para outra pasta.
no servidor serão TRANSFERIDAS para o seu computa-
dor, o programa fará um download de todas as mensagens e
APAGARÁ sua caixa de entrada. Segurança Empresarial
Tenha em mente que quando você acessar sua conta de O Mozilla Thunderbird oferece recursos adequados a
e-mail via navegador, seja de qualquer computador, sua empresas, tais como S/MIME, assinaturas digitais, cripto-
caixa não conterá mais os e-mails que foram transferidos grafia de mensagens, suporte a certificados e dispositivos de
para o seu computador, então, se você utiliza muitos com- segurança.
putadores diferentes e necessita verificar e-mail existentes
com frequência, este não deve ser o protocolo escolhido, Diferente de outros produtos, o Mozilla Thunderbird
pois suas mensagens antigas estarão somente em seu com-

You might also like