Aula 2

Aula 02
Auditoria em Obras de Saneamento Básico p/ TCE-SC - AFCE - Cargo 5 - Engenharia

Civil
Professor: Marcus Campiteli

ZĞĐƵƌƐŽƐ,şĚƌŝĐŽƐʹdͲ^ͬϮϬϭϲ
dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
WƌŽĨ͘DĂƌĐƵƐĂŵƉŝƚĞůŝʹƵůĂϮ

$8/$75$7$0(172'(È*8$
680È5,2 3È*,1$
CONSIDERAÇÕES PRELIMINARES 1
1. INTRODUÇÃO 2
2. GRADES 8
3. UNIDADES DE MICROPENEIRAMENTO 8
4. AERADORES 9
5. MISTURA RÁPIDA 11
6. FLOCULADORES 17
7. DECANTADORES 22
8. FILTRAÇÃO 33
9. DESINFECÇÃO 42
10. TRATAMENTO POR CONTATO 42
11. CONTROLE DA CORROSÃO 43
12. QUESTÕES COMENTADAS 43
13. QUESTÕES APRESENTADAS NESTA AULA 61
14. GABARITO 64
15. REFERÊNCIAS BIBLIOGRÁFICAS 11068869682
65
2OiSHVVRDO
(VWD DXOD WUDWD GR DVVXQWR GH 7UDWDPHQWR GH ÈJXD TXH
FRPSOHPHQWDRDVVXQWRGD$XODGH$EDVWHFLPHQWRGHÈJXD
%RDDXOD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭĚĞϲϱ


75$7$0(172'(È*8$
,1752'8d2
$V HVWDo}HV GH WUDWDPHQWR GH iJXD ± (7$ GHVWLQDPVH D

JDUDQWLU R IRUQHFLPHQWR j FRPXQLGDGH GH iJXD SRWiYHO FRP ERD
TXDOLGDGH VRE R SRQWR GH YLVWD ItVLFR TXtPLFR ELROyJLFR H
EDFWHULROyJLFR
$DQiOLVHTXtPLFDHRVH[DPHVItVLFRVHEDFWHULROyJLFRVGDiJXD
GRV PDQDQFLDLV DEDVWHFHGRUHV GHWHUPLQDUmR D QHFHVVLGDGH GH
VXEPHWrODDSURFHVVRVFRUUHWLYRV
$V FDUDFWHUtVWLFDV TXDOLWDWLYDV H TXDQWLWDWLYDV GDV iJXDV GRV

PDQDQFLDLV YDULDP QR GHFRUUHU GR DQR HP HVSHFLDO DV iJXDV GH
PDQDQFLDLVVXSHUILFLDLV
2WUDWDPHQWRGDiJXDpIHLWRSDUDDWHQGHUDYiULDVILQDOLGDGHV
DKLJLrQLFDVUHPRomRGHEDFWpULDVHOLPLQDomRRXUHGXomRGH
VXEVWkQFLDV Wy[LFDV RX QRFLYDV UHGXomR GR H[FHVVR GH LPSXUH]DV
UHGXomR GH WHRUHV HOHYDGRV GH FRPSRVWRV RUJkQLFRV DOJDV
SURWR]RiULRVHRXWURVPLFURUJDQLVPRV
EHVWpWLFDVFRUUHomRGDFRUWXUELGH]RGRUHVDERU
11068869682
F HFRQ{PLFDV UHGXomR GD FRUURVLYLGDGH GXUH]D FRU

WXUELGH]IHUURPDQJDQrVRGRUHVDERU
'H XP PRGR JHUDO R WUDWDPHQWR GD iJXD HP XPD (7$
FRQYHQFLRQDO SDVVD SHODV VHJXLQWHV IDVHV 0LVWXUD UiSLGD
)ORFXODomR'HFDQWDomR)LOWUDomRH'HVLQIHFomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮĚĞϲϱ

11068869682
)RQWH6DQGUR)LOLSSR,0(
$OpP GHVWDV IDVHV SULQFLSDLV WHPVH DLQGD D )OXRUHWDomR H D

&RUUHomR GH S+ TXH ID]HP SDUWH GR WUDWDPHQWR TXtPLFR GD iJXD
DVVLPFRPRD'HVLQIHFomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯĚĞϲϱ


$ )OXRUHWDomR GHYH WDPEpP VHU UHDOL]DGD VHPSUH ,VWR
SRUTXH DOpP GH VHU D PDQHLUD PDLV VHJXUD GH JDUDQWLU JUDQGH
UHGXomRQDLQFLGrQFLDGDFiULHGHQWiULDHPFULDQoDVGHLGDGHHVFRODU
DIOXRUHWDomRGDViJXDVpGHWHUPLQDGDSRUOHLIHGHUDO
$ &RUUHomR GH S+ GD iJXD WUDWDGD WDPEpP DOJXPDV YH]HV

HVTXHFLGD GHYH VHU VHPSUH UHDOL]DGD FRP R REMHWLYR GH UHGX]LU D
DJUHVVLYLGDGH RX LQFUXVWDELOLGDGH GR SURGXWR ILQDO 3URWHJH GHVVD
IRUPDDVUHGHVGLVWULEXLGRUDVHDVLQVWDODo}HVKLGUiXOLFDVSUHGLDLV

11068869682
)RQWHKWWSZZZDTXDVWRUHFRPEU!

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰĚĞϲϱ

)RQWH$]HYHGR1HWWR
±'HILQLo}HVGD1%5
(VWDomR GH WUDWDPHQWR GH iJXD ± (7$ FRQMXQWR GH XQLGDGHV

GHVWLQDGR D DGHTXDU DV FDUDFWHUtVWLFDV GD iJXD DRV SDGU}HV GH
SRWDELOLGDGH
8QLGDGHGHHVWDomRGHWUDWDPHQWRFDGDXPGRVHOHPHQWRVGD
(7$HPTXHFHUWRSURFHVVRGHWUDWDPHQWRVHUHDOL]D
7HPSR GH IXQFLRQDPHQWR WHPSR QHFHVViULR SDUD TXH D (7$

SURGX]DRYROXPHGHiJXDGHPDQGDGRHPXPGLD
(WDSDV GH FRQVWUXomR DPSOLDo}HV VXFHVVLYDV TXH SRGHP VHU

IHLWDV D ILP GH TXH D (7$ DWHQGD VHP VREUHFDUJD jV GHPDQGDV
LPSRVWDVSHORFRQVXPR
&DSDFLGDGH QRPLQDO YD]mR HP FRQGLo}HV QRUPDLV GH

11068869682
IXQFLRQDPHQWRSDUDDTXDOD(7$pSURMHWDGD
&DSDFLGDGH Pi[LPD YD]mR Pi[LPD TXH D (7$ SRGH SURGX]LU

PDQWLGRRHIOXHQWHGHQWURGRVSDGU}HVGHSRWDELOLGDGH
&DSDFLGDGH KLGUiXOLFD YD]mR Pi[LPD UHODFLRQDGD FRP R

GLPHQVLRQDPHQWR KLGUiXOLFR GD LQVWDODomR LQGHSHQGHQWHPHQWH GDV
FRQGLo}HVVDQLWiULDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱĚĞϲϱ


3HUtRGR GH GHWHQomR UHODomR HQWUH R YROXPH ~WLO UHIHULGR D
GHWHUPLQDGDXQLGDGHGD(7$HVXDYD]mR
7D[D GH DSOLFDomR VXSHUILFLDO UHODomR HQWUH D YD]mR UHIHULGD D

GHWHUPLQDGDXQLGDGHGD(7$HDiUHDGHVXDVXSHUItFLH~WLO
±'HILQLomRGRVSURFHVVRVGHWUDWDPHQWR±1%5
'HYHP VHU FRQVLGHUDGRV RV VHJXLQWHV WLSRV GH iJXDV QDWXUDLV

SDUDDEDVWHFLPHQWRS~EOLFR
D 7LSR $ iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

SURYHQLHQWHV GH EDFLDV VDQLWDULDPHQWH SURWHJLGDV FRP
FDUDFWHUtVWLFDV EiVLFDV GHILQLGDV QD 7DEHOD VHJXLQWH H DV GHPDLV
VDWLVID]HQGRDRVSDGU}HVGHSRWDELOLGDGH
E 7LSR % iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

SURYHQLHQWHVGHEDFLDVQmRSURWHJLGDVFRPFDUDFWHUtVWLFDVEiVLFDV
GHILQLGDV QD 7DEHOD VHJXLQWH H TXH SRVVDP HQTXDGUDUVH QRV
SDGU}HV GH SRWDELOLGDGH PHGLDQWH SURFHVVR GH WUDWDPHQWR TXH QmR
H[LMDFRDJXODomR
F 7LSR & iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

SURWHJLGDV FRP FDUDFWHUtVWLFDV EiVLFDV GHILQLGDV QD 7DEHOD
VHJXLQWHHTXHH[LMDPFRDJXODomRSDUDHQTXDGUDUVHQRVSDGU}HVGH
SRWDELOLGDGH 11068869682
G 7LSR ' iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

SURWHJLGDV VXMHLWDV D IRQWHV GH SROXLomR FRP FDUDFWHUtVWLFDV
EiVLFDV GHILQLGDV QD 7DEHOD VHJXLQWH H TXH H[LMDP SURFHVVRV
HVSHFLDLVGH WUDWDPHQWRSDUDTXH SRVVDPHQTXDGUDUVH QRVSDGU}HV
GHSRWDELOLGDGH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲĚĞϲϱ

ÈJXDV UHFHSWRUDV GH SURGXWRV Wy[LFRV H[FHSFLRQDOPHQWH

SRGHP VHU XWLOL]DGDV SDUD DEDVWHFLPHQWR S~EOLFR TXDQGR HVWXGRV
HVSHFLDLV JDUDQWDP VXD SRWDELOLGDGH FRP DXWRUL]DomR H FRQWUROH GH
yUJmRVVDQLWiULRVHGH6D~GH3~EOLFDFRPSHWHQWHV
2 WUDWDPHQWR PtQLPR QHFHVViULR D FDGD WLSR GH iJXD p R

VHJXLQWH
D7LSR$GHVLQIHFomRHFRUUHomRGRS+
E7LSR%GHVLQIHFomRHFRUUHomRGRS+HDOpPGLVVR
GHFDQWDomR VLPSOHV SDUD iJXDV FRQWHQGR VyOLGRV

11068869682
VHGLPHQWiYHLV TXDQGR SRU PHLR GHVVH SURFHVVR VXDV

FDUDFWHUtVWLFDVVHHQTXDGUHPQRVSDGU}HVGHSRWDELOLGDGHRX
ILOWUDomR SUHFHGLGD RX QmR GH GHFDQWDomR SDUD iJXDV

GHWXUELGH]QDWXUDOPHGLGDQDHQWUDGDGRILOWURVHPSUHLQIHULRU
D 8QLGDGHV 1HIHORPpWULFDV GH 7XUELGH] 817 H FRU VHPSUH
LQIHULRUDXQLGDGHVUHIHULGDVDRV3DGU}HVGH3ODWLQD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳĚĞϲϱ


F7LSR&FRDJXODomRVHJXLGDRXQmRGHGHFDQWDomRILOWUDomR
HPILOWURVUiSLGRVGHVLQIHFomRHFRUUHomRGRS+
G 7LSR ' WUDWDPHQWR PtQLPR GR WLSR & H WUDWDPHQWR

FRPSOHPHQWDUDSURSULDGRDFDGDFDVR
± 'LVSRVLomR GDV XQLGDGHV GH WUDWDPHQWR H GRV VLVWHPDV

GHFRQH[}HV
$V XQLGDGHV GHYHP VHU GLVSRVWDV GH PRGR D SHUPLWLU R

HVFRDPHQWR SRU JUDYLGDGH GHVGH D FKHJDGD GD iJXD EUXWD DWp D
VDtGD GD iJXD WUDWDGD p SHUPLWLGR R UHFDOTXH GH iJXD DSHQDV SDUD
ODYDJHPHXVRVDX[LOLDUHV
4XDOTXHU XQLGDGH GH XP FRQMXQWR DJUXSDGR HP SDUDOHOR GHYH

WHUGLVSRVLWLYRGHLVRODPHQWR
4XDQGR H[LVWH DSHQDV XPD XQLGDGH HVWD GHYH WHU GLVSRVLWLYR

GHLVRODPHQWRFRPSDVVDJHPGLUHWDGDiJXD
2V FHQWURV GH RSHUDo}HV GHYHP VLWXDUVH SUy[LPRV GDV

XQLGDGHVVXMHLWDVDRVHXFRQWUROH
2DFHVVRjVGLIHUHQWHViUHDVGHRSHUDo}HVRXGHREVHUYDomRGR
GHVHQYROYLPHQWR GRV SURFHVVRV GHYH VHU HVWXGDGR GH PRGR D HYLWDU
HVFDGDVRXUDPSDVSURQXQFLDGDV
11068869682
±*5$'(6
'HVWLQDPVH D UHWHU PDWHULDLV JURVVHLURV H[LVWHQWHV QDV iJXDV

VXSHUILFLDLV VmR XWLOL]DGDV QD (7$ TXDQGR FLUFXQVWkQFLDV HVSHFLDLV
QmRSHUPLWHPDVXDORFDOL]DomRQDFDSWDomR
±81,'$'(6'(0,&523(1(,5$0(172
'HVWLQDPVHDUHWHUVyOLGRVILQRVQmRFRORLGDLVHPVXVSHQVmRH
SRGHPVHUDGRWDGDVQXPGRVVHJXLQWHVFDVRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴĚĞϲϱ


DTXDQGRDiJXDDSUHVHQWDDOJDVRXRXWURVPLFURUJDQLVPRVGH
WLSR H HP TXDQWLGDGH WDO TXH VXD UHPRomR VHMD LPSUHVFLQGtYHO DR
WUDWDPHQWRSRVWHULRU
ETXDQGRSHUPLWHDSRWDELOL]DomRGDiJXDVHPQHFHVVLGDGHGH
RXWURWUDWDPHQWRH[FHWRGHVLQIHFomR
F TXDQGR SHUPLWH UHGXomR GH FXVWRV GH LPSODQWDomR RX

RSHUDomRGHXQLGDGHVGHWUDWDPHQWRVXEVHTXHQWHV
2V SDUkPHWURV SDUD R GLPHQVLRQDPHQWR GDV XQLGDGHV GH

PLFURSHQHLUDPHQWRGHYHPVHUHVWDEHOHFLGRVSRUPHLRGHHQVDLRV
$V XQLGDGHV GHYHP FRQWDU FRP VLVWHPD GH OLPSH]D SRU iJXD
HPFRQWUDFRUUHQWH
±$(5$'25(6
'HVWLQDPVH D LQWURGX]LU DU QD iJXD SDUD UHPRomR GH

FRPSRVWRV YROiWHLV H R[LGiYHLV IHUUR H JDVHV LQGHVHMiYHLV &2
+6
*HUDOPHQWH D DHUDomR p DSOLFiYHO SDUD DV iJXDV TXH

RULJLQDOPHQWH QmR WHQKDP FRQWDWR GLUHWR FRP R DU WDO FRPR iJXDV
GROHQoROIUHiWLFRFDSWDGDVSRUJDOHULDVGHLQILOWUDomRiJXDVGROHQoRO
DUWHVLDQRiJXDVSURIXQGDVGHJUDQGHVODJRVHUHSUHVDV
11068869682
$ H[SHULrQFLD PRVWUD TXH SRGHP VHU REWLGRV ERQV UHVXOWDGRV

FRPWHPSRGHDHUDomRGHDV
2V SULQFLSDLV WLSRV GH DHUDGRUHV VmR DHUDGRUHV GH TXHGD SRU
JUDYLGDGHWLSRFDVFDWDHWDEXOHLURVDHUDGRUHVGHUHSX[RDUGLIXVR
HDHUDGRUHVPHFkQLFRV
$1%5DGPLWHRVVHJXLQWHVGLVSRVLWLYRVGHDHUDomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵĚĞϲϱ


D SODQR LQFOLQDGR IRUPDGR SRU XPD VXSHUItFLH SODQD
FRP GHFOLYLGDGH GH D GRWDGR GH SURWXEHUkQFLDV
GHVWLQDGDVDDXPHQWDURFRQWDWRGDiJXDFRPDDWPRVIHUD
E EDQGHMDV SHUIXUDGDV VREUHSRVWDV FRP RX VHP

OHLWR SHUFRODGRU IRUPDQGR FRQMXQWR QR PtQLPR FRP TXDWUR
XQLGDGHV
F FDVFDWDV FRQVWLWXtGDV GH SHOR PHQRV TXDWUR

SODWDIRUPDV VXSHUSRVWDV FRP GLPHQV}HV FUHVFHQWHV GH FLPD
SDUDEDL[R
GHVFDGDVSRURQGHDiJXDGHYHGHVFHUVHPDGHULUjV
VXSHUItFLHVYHUWLFDLV
H DU FRPSULPLGR GLIXQGLGR QD iJXD FRQWLGD HP

WDQTXHV
IWDQTXHVFRPDHUDGRUHVPHFkQLFRV
J WRUUH GH DHUDomR IRUoDGD FRP DQpLV 5DVKLQJ RX

VLPLODUHV
KRXWURVGHFRPSURYDGDHILFLrQFLD
$DSOLFDELOLGDGHGRVGLIHUHQWHVWLSRVGHDHUDGRUHVHVXDVWD[DV
GH DSOLFDomR GHYHP VHU GHWHUPLQDGDV SUHIHUHQFLDOPHQWH DWUDYpV GH
11068869682
HQVDLRV 1mR KDYHQGR SRVVLELOLGDGH GH GHWHUPLQDU DV WD[DV GH

DSOLFDomR SRU PHLR GH HQVDLRV RV DHUDGRUHV SRGHP VHU
GLPHQVLRQDGRVDWUDYpVGRVSDUkPHWURVVHJXLQWHV
D DHUDGRUHV FRQIRUPH D E F H G DGPLWHP QR Pi[LPR
PGHiJXDSRUPHWURTXDGUDGRGHiUHDHPSURMHomRKRUL]RQWDOGLD
EDHUDGRUSRUDUGLIXVR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬĚĞϲϱ


RV WDQTXHV GHYHP DSUHVHQWDU SHUtRGR GH GHWHQomR GH
SHOR PHQRV PLQ SURIXQGLGDGH HQWUH P H P UHODomR
FRPSULPHQWRODUJXUDPDLRUTXH
RDHUDGRUGHYHJDUDQWLUDLQWURGXomRGH/GHDUSRU
OLWUR GH iJXD D VHU DHUDGR SUy[LPR DR IXQGR GR WDQTXH H DR
ORQJRGHXPDGDVSDUHGHVODWHUDLV
FDHUDGRUPHFkQLFR
R WDQTXH GHYH DSUHVHQWDU SHUtRGR GH GHWHQomR GH SHOR

PHQRV PLQ SURIXQGLGDGH Pi[LPD GH P H UHODomR
FRPSULPHQWRODUJXUDLQIHULRUD
R DHUDGRU PHFkQLFR GHYH JDUDQWLU D LQWURGXomR GH SHOR

PHQRV/GHDUSRUOLWURGHiJXDDVHUDHUDGR
$VWRPDGDVGHDUSDUDDHUDomRHPWDQTXHVFRPDUGLIXVRQmR
SRGHP VHU IHLWDV HP ORFDLV TXH DSUHVHQWHP LPSXUH]DV DWPRVIpULFDV
SUHMXGLFLDLV DR SURFHVVR GH WUDWDPHQWR H GHYHP VHU SURWHJLGDV FRP
ILOWURRXWHOD
2 VLVWHPD PHFkQLFR SDUD SURGXomR GH DU FRPSULPLGR GHYH

HYLWDUDLQWURGXomRGHyOHRQDiJXD
±0,6785$5È3,'$
11068869682
2SHUDomR GHVWLQDGD D GLVSHUVDU SURGXWRV TXtPLFRV QD iJXD D

VHUWUDWDGDHPSDUWLFXODUQRSURFHVVRGHFRDJXODomR
$ FRDJXODomR p XP SURFHVVR TXtPLFR TXH YLVD DJORPHUDU

LPSXUH]DV TXH VH HQFRQWUDP HP VXVSHQV}HV ILQDV HP HVWDGR
FRORLGDO HP SDUWtFXODV VyOLGDV TXH SRVVDP VHU UHPRYLGDV SRU
VHGLPHQWDomRRXILOWUDomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭĚĞϲϱ


$V SDUWtFXODV DJUHJDPVH FRQVWLWXLQGR IRUPDo}HV JHODWLQRVDV
LQFRQVLVWHQWHV GHQRPLQDGDV IORFRV 2V IORFRV LQLFLDLV VmR IRUPDGRV
UDSLGDPHQWHHDHOHVDGHUHPDVSDUWtFXODV
2VUHDJHQWHVHPJHUDOHPSUHJDGRVVmR
D FRDJXODQWHV FRPSRVWRV GH HOHPHQWRV TXH SURGX]HP

KLGUy[LGRVJHODWLQRVRVFRPRVXOIDWRVGHDOXPtQLRPDLVFRPXQV±
EDL[RFXVWRHIiFLOREWHQomRHGHIHUUR
E iOFDOLV SDUD SURYHU H PDQWHU D DOFDOLQLGDGH QHFHVViULD DR

SURFHVVR KLGUy[LGR GH FiOFLR H FDUERQDWR GH VyGLR VHPSUH TXH
QHFHVViULRV
$V FRQGLo}HV GH IORFXODomR SRGHP VHU PHOKRUDGDV SHOR

HPSUHJR GH DJHQWHV DX[LOLDUHV GH FRDJXODomR WDLV FRPR VtOLFD
DWLYDGDSROLHOHWUyOLWRVHDUJLODILQDSUHSDUDGDEHQWRQLWD
$ GHWHUPLQDomR GD GRVDJHP FRUUHWD GR IORFXODQWH p IHLWD

DWUDYpVGDUHDOL]DomRGHHQVDLRVGHMDUURV-DU7HVW
7RGRSURFHVVRGHWUDWDPHQWRTXtPLFRHSUHSDUDomRGDiJXD
SDUDDGHFDQWDomRHILOWUDomRFRPSUHHQGHGXDVIDVHVGLVWLQWDV
D PLVWXUD UiSLGD TXH FRQVLVWH QD DGLomR GH FRPSRVWRV

TXtPLFRVRXUHDJHQWHVHVXDGLVSHUVmRXQLIRUPHQDiJXD
11068869682
E IRUPDomR GRV IORFRV H VHX GHVHQYROYLPHQWR RX

FRQGLFLRQDPHQWR
$ 0LVWXUD 5iSLGD TXH WHP SRU ILQDOLGDGH SURPRYHU D

GLVSHUVmR KRPRJrQHD GR FRDJXODQWH QD PDVVD IOXLGD SRGH VHU
UHDOL]DGDSRU
D 5HVVDOWRV +LGUiXOLFRV GH FDQDO UHWDQJXODU FRP PXGDQoD

GHGHFOLYLGDGH&DOKD3DUVKDOO

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮĚĞϲϱ


E 0HFDQL]DGD SRU DJLWDGRUHV GR WLSR KpOLFHV SDOKHWDV H
WXUELQDVGHIOX[RD[LDORXUDGLDO
F9HUWHGRUHVUHWDQJXODUHVRXWULDQJXODUHV
$ )ORFXODomR D VHU WUDWDGD QR FDStWXOR VHJXLQWH WHP SRU

ILQDOLGDGHDIRUPDomRGRVIORFRVPHGLDQWHDLQWURGXomRGHHQHUJLDQD
PDVVD IOXLGD DJLWDomR FDSD] GH IDYRUHFHU R FRQWDWR HQWUH RV
FROyLGHVGHVHVWDELOL]DGRVQDFRDJXODomRSRGHVHU
D 0HFkQLFD DWUDYpV GH SDOHWDV SDUDOHODV RX SHUSHQGLFXODUHV

DRHL[RRXWXUELQDV
E+LGUiXOLFDDWUDYpVGHIORFXODGRUHVGHFKLFDQDV KRUL]RQWDLV
RXYHUWLFDLV
± 'LPHQVLRQDPHQWR GH 8QLGDGHV GH 0LVWXUD 5iSLGD H GH

)ORFXODGRUHV
2VSULQFLSDLVSDUkPHWURVSDUDGLPHQVLRQDPHQWRGH&kPDUDVRX
8QLGDGHV GH 0LVWXUD 5iSLGD H GH )ORFXODGRUHV VmR R *UDGLHQWH GH
9HORFLGDGH*HR7HPSRGH'HWHQomRRXGH0LVWXUD7
D *UDGLHQWH GH 9HORFLGDGH * p D GLIHUHQoD G9 HQWUH DV

YHORFLGDGHV 9 H 9 GH GXDV SDUWtFXODV 3 H 3 GLVWDQFLDGDV SRU G\
VHJXQGRXPDSHUSHQGLFXODUjGLUHomRGRHVFRDPHQWRGROtTXLGR7HP
R PHVPR YDORU SDUD TXDOTXHU VLVWHPD GH XQLGDGHV V ([SULPH R
11068869682
JUDX GH DJLWDomR HQWUH DV SDUWtFXODV QHFHVViULDV SDUD FDGD IDVH GR
WUDWDPHQWR
E7HPSRGH0LVWXUDRX'HWHQomR7WHPSRTXHXPDSDUWtFXOD
GD PDVVD IOXLGD SHUPDQHFH GHQWUR GD FkPDUD GH PLVWXUD UiSLGD RX
GHQWURGRVIORFXODGRUHVRXVHMDLQWHUYDORGHWHPSRHQWUHDHQWUDGD
H D VDtGD GH XPD SDUWtFXOD GD PDVVD IOXLGD QHVWDV IDVHV GR
WUDWDPHQWR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯĚĞϲϱ

$ IyUPXOD JHUDO GR *UDGLHQWH +LGUiXOLFR * SDUD 0LVWXUDGRUHV

0HFkQLFRVp
* >39@
2QGH
39 3RWrQFLD LQGX]LGD QR OtTXLGR SRU XQLGDGH GH YROXPH

.JIPVP 1P
YLVFRVLGDGHDEVROXWDRXGLQkPLFDGROtTXLGR NJIVP
1VPSDUDDiJXDD&
±'LVSRVLo}HVJHUDLVGD1%5 11068869682
$V FRQGLo}HV LGHDLV HP WHUPRV GH JUDGLHQWH GH YHORFLGDGH

WHPSR GH PLVWXUD H FRQFHQWUDomR GD VROXomR GH FRDJXODQWH GHYHP
VHU GHWHUPLQDGDV SUHIHUHQFLDOPHQWH DWUDYpV GH HQVDLRV GH
ODERUDWyULR4XDQGRHVWHVHQVDLRVQmRSRGHPVHUUHDOL]DGRVGHYHVHU
REVHUYDGDDVHJXLQWHRULHQWDomR
3DUD0LVWXUDV5iSLGDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰĚĞϲϱ


*HQWUHVHV
7HPSRGH0LVWXUD7V
3DUD)ORFXODGRUHV
* HQWUH V SULPHLUR FRPSDUWLPHQWR H V ~OWLPR

FRPSDUWLPHQWR
)ORFXODGRUHV +LGUiXOLFRV 7HPSR GH GHWHQomR WRWDO 7 HQWUH

PLQHPLQ
)ORFXODGRUHV0HFkQLFRV7HPSRGHGHWHQomRWRWDO7HQWUH
PLQHPLQ
±0LVWXUDGRU+LGUiXOLFR±&DOKD3DUVKDOO
2GLVSRVLWLYRKLGUiXOLFRPDLVXWLOL]DGRQR%UDVLOSDUDSURPRomR
GD PLVWXUD UiSLGD p D &DOKD 3DUVKDOO +LGUDXOLFDPHQWH R PHGLGRU
3DUVKDOOpGHILQLGRFRPRXPPHGLGRUGHYD]mRGHUHJLPHFUtWLFR
$ODUJXUDGDJDUJDQWD:GRPHGLGRUpDJUDQGH]DTXHRGHILQH
$OkPLQDG¶iJXDDPRQWDQWHGR3DUVKDOOpDOWDHHPFRQVHTrQFLDD
YHORFLGDGHPpGLDGHHVFRDPHQWRpEDL[DHRUHJLPHGHHVFRDPHQWRp
VXEFUtWLFR $ MXVDQWH GD JDUJDQWD D OkPLQD G¶iJXD p EDL[D H HP
FRQVHTrQFLD D YHORFLGDGH PpGLD GH HVFRDPHQWR p DOWD H R UHJLPH
GHHVFRDPHQWRpVXSHUFUtWLFR
11068869682
3DUD HIHWXDU D PLVWXUD UiSLGD FRP PDLV HILFLrQFLD R IORFXODQWH

GHYH VHU DSOLFDGR QD JDUJDQWD GR PHGLGRU ILJXUD D VHJXLU LVWR
SRUTXH VHQGR R ORFDO R GH VHomR PDLV HVWUHLWD H VHQGR Dt D OkPLQD
G¶iJXD EDVWDQWH SHTXHQD p SRVVtYHO ID]HU FRP TXH R IORFXODQWH
DSOLFDGR QHVVH ORFDO VH GLVSHUVH HP SUDWLFDPHQWH WRGR R YROXPH GH
iJXD HP WUDWDPHQWR TXH D DWUDYHVVD 3DUD LVVR GHYHVH DVVHJXUDU
XP UHVVDOWR KLGUiXOLFR GLUHWDPHQWH D MXVDQWH GD JDUJDQWD GH
SUHIHUrQFLDQRWUHFKRGLYHUJHQWHGR3DUVKDOO

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱĚĞϲϱ

11068869682
±)ORFXODGRUHV0HFkQLFRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲĚĞϲϱ


D$JLWDGRUHVGRWLSR3DOHWDV
3DOHWDVSDUDOHODVDRHL[R
3DOHWDVSHUSHQGLFXODUHVDRHL[R
11068869682
±)/2&8/$'25(6
6mR XQLGDGHV XWLOL]DGDV SDUD SURPRYHU D DJUHJDomR GH

SDUWtFXODVIRUPDGDVQDPLVWXUDUiSLGD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳĚĞϲϱ


2SHUtRGRGHGHWHQomRQRWDQTXHGHIORFXODomRHRVJUDGLHQWHV
GH YHORFLGDGH D VHUHP DSOLFDGRV GHYHP VHU GHWHUPLQDGRV SRU PHLR
GHHQVDLRVUHDOL]DGRVFRPDiJXDDVHUWUDWDGD
&RQIRUPH YLPRV QR FDStWXOR DQWHULRU GHSHQGHQGR GR SRUWH GD

HVWDomR H D FULWpULR GR yUJmR FRQWUDWDQWH QmR VHQGR SRVVtYHO
SURFHGHU DRV HQVDLRV GHVWLQDGRV D GHWHUPLQDU R SHUtRGR GH
GHWHQomRDGHTXDGRSRGHPVHUDGRWDGRVYDORUHVHQWUHPLQH
PLQ SDUD IORFXODGRUHV KLGUiXOLFRV H HQWUH PLQ H PLQ
SDUDRVPHFDQL]DGRV
1mR VHQGR UHDOL]DGRV HQVDLRV GHYH VHU SUHYLVWR JUDGLHQWH GH

YHORFLGDGH Pi[LPR QR SULPHLUR FRPSDUWLPHQWR GH V H
PtQLPRQR~OWLPRGHV
$ DJLWDomR GD iJXD SRGH VHU SURPRYLGD SRU PHLRV PHFkQLFRV

RXKLGUiXOLFRV
'HYH VHU SUHYLVWR GLVSRVLWLYR TXH SRVVD DOWHUDU R JUDGLHQWH GH

YHORFLGDGH DSOLFDGR DMXVWDQGRR jV FDUDFWHUtVWLFDV GD iJXD H
SHUPLWLQGRYDULDomRGHSHORPHQRVDPDLVHDPHQRVGRIL[DGR
SDUDRFRPSDUWLPHQWR
2V WDQTXHV GH IORFXODomR PHFDQL]DGRV GHYHP VHU VXEGLYLGLGRV

SUHIHUHQFLDOPHQWH HP SHOR PHQRV WUrV FRPSDUWLPHQWRV HP VpULH
VHSDUDGRVSRUFRUWLQDVRXSDUHGHVLQWHUOLJDGRVSRUpPSRUDEHUWXUDV
11068869682
ORFDOL]DGDVGHIRUPDDUHGX]LUDSRVVLELOLGDGHGHSDVVDJHPGLUHWDGD
iJXDGHXPDDEHUWXUDSDUDRXWUD
3DUD GHILQLomR GR ORFDO FRQYHQLHQWH GDV DEHUWXUDV GH PRGR D

UHGX]LU D SDVVDJHP GLUHWD GHYHP VHU OHYDGDV HP FRQWD DV GLUHo}HV
GHIOX[RLPSRVWDVSHORVLVWHPDGHDJLWDomRHSHODSUySULDHQWUDGDGD
iJXDQRWDQTXH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴĚĞϲϱ


4XDQGR R IOX[R GH iJXD LQFLGH GLUHWDPHQWH VREUH D DEHUWXUD
GHYHVHFRORFDUXPDQWHSDURFDSD]GHGHVYLiOR
$V GLPHQV}HV GDV DEHUWXUDV GHYHP VHU VXILFLHQWHV SDUD TXH R

JUDGLHQWHGHYHORFLGDGHQDSDVVDJHPGDiJXDWHQKDYDORULJXDORX
LQIHULRUDRGRFRPSDUWLPHQWRDQWHULRU
1RV IORFXODGRUHV KLGUiXOLFRV D DJLWDomR GHYH VHU REWLGD SRU

PHLR GH FKLFDQDV RX RXWURV GLVSRVLWLYRV GLUHFLRQDLV GH IOX[R TXH
FRQILUDP j iJXD PRYLPHQWR KRUL]RQWDO YHUWLFDO RX KHOLFRLGDO D
LQWHQVLGDGH GH DJLWDomR UHVXOWD GD UHVLVWrQFLD KLGUiXOLFD DR
HVFRDPHQWRHpPHGLGDSHODSHUGDGHFDUJD
$ YHORFLGDGH GD iJXD DR ORQJR GRV FDQDLV GHYH ILFDU

HQWUHFPVHFPV
2 HVSDoDPHQWR PtQLPR HQWUH FKLFDQDV GHYH VHU GH P

SRGHQGR VHU PHQRU GHVGH TXH HODV VHMDP GRWDGDV GH GLVSRVLWLYRV
SDUDVXDIiFLOUHPRomR
$VFRUWLQDVGHVWLQDGDVDVXEGLYLGLURVWDQTXHVGHIORFXODomRHP
FRPSDUWLPHQWRV GHYHP VXSRUWDU RV HVIRUoRV GHFRUUHQWHV GD
PRYLPHQWDomR GD iJXD 4XDQGR D SDVVDJHP GD iJXD GH XP
FRPSDUWLPHQWR SDUD RXWUR VH Gi SRU FLPD GD FRUWLQD HVWD GHYH WHU
QDSDUWHLQIHULRUDEHUWXUDTXHSHUPLWDRHVFRDPHQWRSRURFDVLmRGH
HVYD]LDPHQWR GR FRPSDUWLPHQWR DEHUWXUD HVVD TXH VH QHFHVViULR
11068869682
SRGH VHU SURYLGD GH GLVSRVLWLYR EDVFXODQWH TXH LPSHoD D SDVVDJHP

GH TXDQWLGDGH VLJQLILFDWLYD GH iJXD HP TXDOTXHU VHQWLGR GXUDQWH R
IXQFLRQDPHQWRQRUPDO
2V WDQTXHV GH IORFXODomR GHYHP VHU SURYLGRV GH GHVFDUJD

FRP GLkPHWUR PtQLPR GH PP H IXQGR FRP GHFOLYLGDGH
PtQLPDGHQDGLUHomRGHVWD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵĚĞϲϱ


2V WDQTXHV GH IORFXODomR GHYHP DSUHVHQWDU D PDLRU SDUWH GD
VXSHUItFLHOLYUHH[SRVWDGHPRGRDIDFLOLWDURH[DPHGHSURFHVVR
±)ORFXODGRUHV+LGUiXOLFRV
&RQVWLWXHP R WLSR PDLV QXPHURVR GH IORFXODGRUHV

HVSHFLDOPHQWHQRFDVRGHSHTXHQDVHPpGLDVHVWDo}HVGHWUDWDPHQWR
GH iJXD 2 GLPHQVLRQDPHQWR p IHLWR DWUDYpV GR FiOFXOR GRV
JUDGLHQWHVGHYHORFLGDGHHGRVWHPSRVGHGHWHQomRHPVHXVGLYHUVRV
FRPSDUWLPHQWRV
1HVWDV FkPDUDV D WXUEXOrQFLD GD iJXD p REWLGD jV FXVWDV GH

SHUGDGHFDUJDDFHQWXDGDRTXHSRGHVHUFRQVWDWDGRSHODGLIHUHQoD
GHFRWDVHQWUHRQtYHOG¶iJXDGHPRQWDQWHHGHMXVDQWH
2 WLSR PDLV HPSUHJDGR QR %UDVLO p R )ORFXODGRU GH &KLFDQDV

TXH SRGHP VHU +RUL]RQWDLV RX 9HUWLFDLV 2 IORFXODGRU GH FKLFDQDV
YHUWLFDLV p PDLV FRPXP HP HVWDo}HV GH SHTXHQD FDSDFLGDGH 2
IORFXODGRU GH FKLFDQDV KRUL]RQWDLV p PDLV HPSUHJDGR SDUD R
WUDWDPHQWRGHYD]}HVPDLVHOHYDGDV
&DEH UHOHPEUDU DV SUHVFULo}HV GD QRUPD 1%5 SDUD

IORFXODGRUHVKLGUiXOLFRVGRWLSRFKLFDQDV
9HORFLGDGH GHQWUR GRV FDQDLV PtQLPD GH PV SDUD

HYLWDU GHFDQWDomR GRV IORFRV QR IORFXODGRU H Pi[LPD GH PV
11068869682
SDUDHYLWDUDTXHEUDGRVIORFRVIRUPDGRV
2 HVSDoDPHQWR PtQLPR HQWUH FKLFDQDV GHYH VHU GH P

FDVR QmR VHMD GRWDGR GH GLVSRVLWLYR GH IiFLO UHPRomR QD SUiWLFD
DGRWDPVH HVSDoDPHQWRV PHQRUHV GR TXH HVWH SRLV RV GLVSRVLWLYRV
VmRUHPRYtYHLVSDUDOLPSH]DHYDULDomRGRJUDGLHQWHKLGUiXOLFR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬĚĞϲϱ

2HVSDoDPHQWRHQWUHDH[WUHPLGDGHGDFKLFDQDHDSDUHGHGR
FDQDORXVHMDDSDVVDJHPOLYUHHQWUHFKLFDQDVFRQVHFXWLYDVGHYH
VHULJXDODYH]HVRHVSDoDPHQWRHQWUHDVFKLFDQDVFRQIRUPHD
ILJXUDDVHJXLU,VWRYDOHDQDORJDPHQWHSDUDRVGRLVWLSRGHFKLFDQDV
11068869682
)yUPXOD GR *UDGLHQWH +LGUiXOLFR * SDUD )ORFXODGRUHV

+LGUiXOLFRV
* >JKYW@

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭĚĞϲϱ


2QGH
JDFHOHUDomRGDJUDYLGDGHPV
KVRPDGDVSHUGDVGHFDUJDDRORQJRGRIORFXODGRUP
QYLVFRVLGDGHFLQHPiWLFDGROtTXLGRPV
Q PViJXDD&
WWHPSRGHGHWHQomRQRIORFXODGRUV
±'(&$17$'25(6
6mRXQLGDGHVGHVWLQDGDVjUHPRomRGHSDUWtFXODVSUHVHQWHVQD
iJXDSHODDomRGDJUDYLGDGH3RGHPVHUFRQYHQFLRQDLVFOiVVLFRVRX
GHEDL[DWD[DHGHHOHPHQWRVWXEXODUHVRXGHDOWDWD[D
(VVDV SDUWtFXODV VHQGR PDLV SHVDGDV TXH D iJXD WHQGHUmR D

FDLUSDUDRIXQGRYHULILFDQGRVHHQWmRDVHGLPHQWDomR$iJXDOLYUH
GHVVDV SDUWtFXODV p UHPRYLGD SRU YHUWHGRXURV VXSHUILFLDLV R TXH
FRQVWLWXL GHFDQWDomR 7UDWDVH HQWmR GH GXDV RSHUDo}HV VLPXOWkQHDV
QDPHVPDXQLGDGH
$XPHQWDQGRVH RX GLPLQXLQGRVH D YHORFLGDGH GH HVFRDPHQWR

GDV iJXDV DOWHUDPVH RV HIHLWRV GH WXUEXOrQFLD SURYRFDQGR D
GHSRVLomRGHVVDVSDUWtFXODVTXDQGRDWXUEXOrQFLDpUHGX]LGD
11068869682
1D WpFQLFD GH SXULILFDomR GDV iJXDV GH DEDVWHFLPHQWR

HPSUHJDVHDVHGLPHQWDomRFRPDVVHJXLQWHVILQDOLGDGHV
DUHPRomRGDDUHLD
E UHPRomR GH SDUWtFXODV VHGLPHQWiYHLV ILQDV VHP FRDJXODomR

GHFDQWDomRVLPSOHV
FUHWHQomRGHIORFRVVHGLPHQWDomRDSyVFRDJXODomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮĚĞϲϱ


6RE R SRQWR GH YLVWD SUiWLFR RV GHFDQWDGRUHV SRGHP VHU
FODVVLILFDGRVFRPR
D GHFDQWDGRUHV GH HVFRDPHQWR KRUL]RQWDO RQGH D iJXD

LJXDOPHQWH GLVWULEXtGD QD VHomR WUDQVYHUVDO PRYLPHQWDVH
ORQJLWXGLQDOPHQWHGHXPDH[WUHPLGDGHDRXWUD
E GHFDQWDGRUHV GH HVFRDPHQWR YHUWLFDO QRV TXDLV D iJXD

GLULJLGD SDUD D SDUWH LQIHULRU GHVORFDVH D VHJXLU HP PRYLPHQWR
DVFHQGHQWHSDUDDVDtGD
FGHFDQWDGRUHVWXEXODUHVRXGHDOWDWD[DRQGHDVHGLPHQWDomR
pIHLWDFRPRHPSUHJRGHPyGXORVWXEXODUHVGHFDQWDomRODPLQDU
$ UHPRomR GH ORGR VHGLPHQWDGR SRGH VHU PHFDQL]DGD RX SRU

VLPSOHVSUHVVmRKLGUiXOLFD
±'HFDQWDGRU&RQYHQFLRQDORX&OiVVLFR
2 WLSR PDLV XWLOL]DGR p R GH VHomR UHWDQJXODU HP SODQWD

FRQIRUPHILJXUDDQWHULRU(QWUHWDQWRDOJXPDVHVWDo}HVGHWUDWDPHQWR
GHiJXDSRVVXHPGHFDQWDGRUHVGHVHomRFLUFXODUWDPEpPHPSODQWD
(PERUD PHQRV XWLOL]DGR HVWH ~OWLPR WLSR SHUPLWH HP GHWHUPLQDGDV
VLWXDo}HV TXH VH FULH XP PDQWR GH ORGR HP VHX LQWHULRU FDSD] GH
PHOKRUDUPXLWRDTXDOLGDGHGDiJXDGHFDQWDGD
6mR GRWDGRV QD ]RQD GH HQWUDGD GH XPD FRUWLQD GLVWULEXLGRUD
11068869682
SDUHGHSHUIXUDGDTXHWHPSRUREMHWLYRXQLIRUPL]DURIOX[RGDiJXD
HP WUDWDPHQWR TXH HQWUD QR GHFDQWDGRU 2 SULQFLSDO IDWRU SDUD R
DGHTXDGR GHVHPSHQKR GRV GHFDQWDGRUHV FOiVVLFRV p D 7D[D GH
(VFRDPHQWR6XSHUILFLDO7HVGDGDSHODIyUPXOD
7HV 4$V
2QGH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯĚĞϲϱ


7HV WD[DGHHVFRDPHQWRVXSHUILFLDOPPGLD
4 YD]mRTXHRGHFDQWDGRUUHFHEHPGLD
$V iUHDHPSODQWDGRGHFDQWDGRUFRQWDGDDSDUWLUGDFRUWLQD
GLVWULEXLGRUDGHiJXDIORFXODGDP
6HDWD[DGHHVFRDPHQWRVXSHUILFLDOIRULQIHULRUjYHORFLGDGHGH
VHGLPHQWDomR GRV IORFRV TXH VH GHVHMD UHPRYHU HQWmR HOH WHUi
GHVHPSHQKRVDWLVIDWyULR
3DUD DVVHJXUDU R DGHTXDGR GHVHPSHQKR GR GHFDQWDGRU QmR p

VXILFLHQWH REVHUYDU DSHQDV D WD[D GH HVFRDPHQWR VXSHUILFLDO PDV
WDPEpPDYHORFLGDGHGHHVFRDPHQWRKRUL]RQWDOHPVHXLQWHULRUSDUD
HYLWDUTXHVHMDPDUUDVWDGRVRVIORFRVVHGLPHQWDGRV
11068869682
±'HFDQWDGRU7XEXODU
1RVGHFDQWDGRUHVWXEXODUHVDiJXDIORFXODGDpLQWURGX]LGDSRU
EDL[R GDV SODFDV $R HVFRDU HQWUH HODV RFRUUH D VHGLPHQWDomR GRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰĚĞϲϱ


IORFRV$iJXDGHFDQWDGDVDLSHODSDUWHGHFLPDGRGHFDQWDGRUDSyV
KDYHU HVFRDGR HQWUH DV SODFDV SDUDOHODV H p FROHWDGD SRU FDOKDV
FROHWRUDV
(P DOJXPDV VLWXDo}HV HP TXH VH ID] QHFHVViULR DPSOLDU D

FDSDFLGDGHGHWUDWDPHQWRGH(7$VFXMRVGHFDQWDGRUHVVmRFOiVVLFRV
H HP TXH QmR Ki LQWHUHVVH RX SRVVLELOLGDGH GH VH FRQVWUXLU QRYRV
GHFDQWDGRUHV GHVVH WLSR HOHV SRGHP VHU FRQYHUWLGRV SDUD
GHFDQWDGRUHVWXEXODUHV&RPLVWRpSRVVtYHOPXLWDVYH]HVGREUDUD
YD]mRWUDWDGDSHORGHFDQWDGRURXDWpPHVPRPDLVGRTXHLVWR
2 DGHTXDGR IXQFLRQDPHQWR GRV PyGXORV WXEXODUHV GHSHQGH

HQWUHRXWURVIDWRUHV
'RkQJXORGHLQFOLQDomRGRVPyGXORVHPUHODomRjKRUL]RQWDO
(PERUDGRSRQWRGHYLVWDWHyULFRRPHOKRUkQJXORVHMDRGHJUDXV
H PLQXWRV GR SRQWR GH YLVWD SUiWLFR HOH QmR IXQFLRQD SRLV VHULD
GLItFLO HIHWXDU D OLPSH]D GRV IORFRV TXH ILFDULDP UHWLGRV HP VHX
LQWHULRU 3RU HVWH PRWLYR XWLOL]DVH XP kQJXOR VXSHULRU D JUDXV
TXDVH VHPSUH JUDXV SRU IDFLOLGDGHV FRQVWUXWLYDV &RP HVVH
kQJXOR D PDLRULD GRV IORFRV VHGLPHQWDGRV FRQVHJXH SRU VHX SHVR
SUySULR GHVSUHJDUVH GDV SODFDV H FDLU SDUD R SRoR GH ORGR
ORFDOL]DGRQRIXQGRGRGHFDQWDGRU
'DFRPELQDomRGRVIDWRUHVGDYHORFLGDGHGHHVFRDPHQWRGR
11068869682
HVSDoDPHQWRHQWUHRVGXWRVRXSODFDVHGRFRPSULPHQWRGRVGXWRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱĚĞϲϱ

11068869682
)RQWH1HWSODVWLF

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲĚĞϲϱ

)RQWH1HWSODVWLF
±&RQGLo}HV*HUDLVGD1%5
2 Q~PHUR GH GHFDQWDGRUHV GD (7$ GHSHQGH GH IDWRUHV

RSHUDFLRQDLVHHFRQ{PLFRVREVHUYDQGRVHRVHJXLQWH
D HVWDo}HV FRP FDSDFLGDGH LQIHULRU D PGLD HP

RSHUDomRFRQWtQXDRXHVWDo}HVFRPFDSDFLGDGHHDWpPGLD
11068869682
FRP SHUtRGR GH IXQFLRQDPHQWR LQIHULRU D KGLD SRGHP GLVSRU GH
DSHQDVXPDXQLGDGHGHGHFDQWDomRGHVGHTXHQmRPHFDQL]DGD
EHVWDo}HVFRPFDSDFLGDGHVXSHULRUDPGLDRXFRP
SHUtRGR GH IXQFLRQDPHQWR VXSHULRU D KGLD RX DLQGD HP TXH RV
GHFDQWDGRUHV VmRPHFDQL]DGRV GHYHP FRQWDU SHOR PHQRV FRP GXDV
XQLGDGHVLJXDLV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϳĚĞϲϱ


$WD[DGHDSOLFDomRQRVGHFDQWDGRUHVpGHWHUPLQDGDHPIXQomR
GD YHORFLGDGH GH VHGLPHQWDomR GDV SDUWtFXODV TXH GHYHP VHU
UHPRYLGDVSHODUHODomR
4$ I9V
2QGH
4 YD]mRTXHSDVVDSHODXQLGDGHHPPV
$ iUHDVXSHUILFLDO~WLOGD]RQDGHGHFDQWDomRHPP
I IDWRUGHiUHDDGLPHQVLRQDO
9V YHORFLGDGHGHVHGLPHQWDomRHPPV
(P GHFDQWDGRUHV FRQYHQFLRQDLV R IDWRU GH iUHD p LJXDO j

XQLGDGH
$ YHORFLGDGH GH VHGLPHQWDomR GHWHUPLQDGD SRU PHLR GH

HQVDLRV GH ODERUDWyULR GHYH VHU PXOWLSOLFDGD SRU XP IDWRU .
FRQIRUPHVHJXH
DHVWDo}HVFRPFDSDFLGDGHGHDWpPGLD.
EHVWDo}HVFRPFDSDFLGDGHGHDPGLDHPTXH
pSRVVtYHOJDUDQWLUERPQtYHOGHRSHUDomR. FDVRFRQWUiULR
.
11068869682
F HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD .

1mR VHQGR SRVVtYHO SURFHGHU D HQVDLRV GH ODERUDWyULR DV

YHORFLGDGHV GH VHGLPHQWDomR SDUD R FiOFXOR GDV WD[DV GH DSOLFDomR
GHYHPVHUDVVHJXLQWHV
DHVWDo}HVFRPFDSDFLGDGHGHDWpPGLDFPPLQ
PP[GLD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϴĚĞϲϱ


E HVWDo}HV FRP FDSDFLGDGH HQWUH H PGLD HP
TXH p SRVVtYHO JDUDQWLU ERP FRQWUROH RSHUDFLRQDO FPPLQ
PP[GLDFDVRFRQWUiULRFPPLQPP[GLD
F HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD

FPPLQPP[GLD
1mR VHQGR SRVVtYHO GHWHUPLQDU D YHORFLGDGH GH VHGLPHQWDomR

DWUDYpV GH HQVDLRV GH ODERUDWyULR D YHORFLGDGH ORQJLWXGLQDO Pi[LPD
9RHPGHFDQWDGRUHVKRUL]RQWDLVFRQYHQFLRQDLVGHYHVHU
DHPHVWDo}HVFRPFDSDFLGDGHDWpPGLDFPV
E HP HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD HP

TXH p SRVVtYHO JDUDQWLU ERP FRQWUROH RSHUDFLRQDO FPV H
KDYHQGRDLQGDUHPRomRFRQWtQXDGHORGRSRUVLVWHPDVPHFkQLFRVRX
KLGUiXOLFRVFPV
(P GHFDQWDGRUHV GH HOHPHQWRV WXEXODUHV D YHORFLGDGH

ORQJLWXGLQDO Pi[LPD SDUD IOX[R ODPLQDU GHYH VHU GH FPV H
SDUDIOX[RQmRODPLQDUGHFPV
$ HQWUDGD GH iJXD QRV GHFDQWDGRUHV GHYH VHU IHLWD SRU

GLVSRVLWLYR KLGUiXOLFR FDSD] GH GLVWULEXLU D YD]mR XQLIRUPHPHQWH
DWUDYpV GH WRGD D VHomR WUDQVYHUVDO H JDUDQWLU YHORFLGDGH
ORQJLWXGLQDOXQLIRUPHHFRLQFLGHQWHHPLQWHQVLGDGHGLUHomRHVHQWLGR
11068869682
FRPDTXHWHRULFDPHQWHOKHVHULDDWULEXtGD
$ HQWUDGD GH iJXD QRV GHFDQWDGRUHV FRQYHQFLRQDLV RX QRV GH

HOHPHQWRV WXEXODUHV GH IOX[R KRUL]RQWDO SRGH VHU IHLWD SRU XPD
FRUWLQDSHUIXUDGDTXHDWHQGDjVFRQGLo}HV
D WHU R PDLRU Q~PHUR SRVVtYHO GH RULItFLRV XQLIRUPHPHQWH

HVSDoDGRV VHJXQGR D ODUJXUD H D DOWXUD ~WLO GR GHFDQWDGRU D
GLVWkQFLDHQWUHRULItFLRVGHYHVHULJXDORXLQIHULRUDP

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϵĚĞϲϱ


EHVWDUVLWXDGDDXPDGLVWkQFLD³G´GDHQWUDGDFDOFXODGDSRU
G D$+
2QGH
D iUHDWRWDOGRVRULItFLRVHPP
$ iUHDGDVHomRWUDQVYHUVDOGRGHFDQWDGRUHPP
+ DOWXUD~WLOGRGHFDQWDGRUHPP
FJUDGLHQWHGHYHORFLGDGHQRVRULItFLRVLJXDLVRXLQIHULRUHVD
V
G TXDQGR D SDUHGH GD FRUWLQD WHP HVSHVVXUD LQIHULRU j

GLPHQVmR TXH FDUDFWHUL]D DV DEHUWXUDV GH SDVVDJHP GD iJXD HVWDV
GHYHP UHFHEHU ERFDLV GH FRPSULPHQWR SHOR PHQRV LJXDO j UHIHULGD
GLPHQVmR
H D FkPDUD GH HQWUDGD TXH DQWHFHGH D FRUWLQD GHYH VHU

SURMHWDGDGHPRGRDIDFLOLWDUDVXDOLPSH]D
IUHODomRD$LJXDORXLQIHULRUD
$ HQWUDGD GH iJXD QRV GHFDQWDGRUHV FRQYHQFLRQDLV GH IOX[R

YHUWLFDO RX QRV GH HOHPHQWRV WXEXODUHV LQFOLQDGRV GHYH VHU IHLWD SRU
SRQWRVIHQGDVRXSRUERUGDLQIHULRUGHFRUWLQDGHPRGRDDVVHJXUDU
11068869682
D GLVWULEXLomR XQLIRUPH GD iJXD HP WRGD D iUHD VXSHUILFLDO GR

GHFDQWDGRU
$ FROHWD GH iJXD GHFDQWDGD GHYH VHU IHLWD SRU XP VLVWHPD GH
WXERV SHUIXUDGRV VXEPHUVRV RX GH YHUWHGRUHV QmR DIRJDGRV
RUJDQL]DGRVGHPRGRDJDUDQWLUYD]mRXQLIRUPHDRORQJRGHOHV
$V FDQDOHWDV GH FROHWD GH iJXD GHFDQWDGD GHYHP SURSRUFLRQDU

HVFRDPHQWR j VXSHUItFLH OLYUH WHU ERUGDV KRUL]RQWDLV DR ORQJR GDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϬĚĞϲϱ


TXDLV SRGHP H[LVWLU OkPLQDV VREUHSRVWDV DMXVWiYHLV SDUD JDUDQWLU D
FROHWD XQLIRUPH $ FRORFDomR GDV OkPLQDV GHYH VHU IHLWD GH PRGR D
LPSHGLUDSDVVDJHPGHiJXDQDVMXQWDVFRPDFDQDOHWD
2QtYHOPi[LPRGHiJXDQRLQWHULRUGDFDQDOHWDGHYHVLWXDUVHj
GLVWkQFLDPtQLPDGHFPDEDL[RGDERUGDYHUWHQWH
2V WXERV SHUIXUDGRV VXEPHUVRV SRGHP GHVFDUUHJDU HP FDQDO

RXFkPDUDSUHIHUHQFLDOPHQWHHPGHVFDUJDOLYUH
(P GHFDQWDGRUHV FRQYHQFLRQDLV H QRV GH HOHPHQWRV WXEXODUHV

GH IOX[R KRUL]RQWDO SDUD RV TXDLV D YHORFLGDGH GH VHGLPHQWDomR 96
WHQKDVLGRGHWHUPLQDGDDWUDYpVGHODERUDWyULRDYD]mRSRUPHWURGH
YHUWHGRURXGHWXERSHUIXUDGRGHFROHWDGHYHVHULJXDORXLQIHULRUD
T +96
2QGH
T YD]mRHP/V[P
+ SURIXQGLGDGHGRGHFDQWDGRUHPP
96 YHORFLGDGHGHVHGLPHQWDomRHPPP[GLD
1mR VHQGR SRVVtYHO SURFHGHU D HQVDLRV GH ODERUDWyULR D YD]mR

QRV YHUWHGRUHV RX QRV WXERV SHUIXUDGRV GH FROHWD GHYH VHU LJXDO RX
LQIHULRUD/VSRUPHWUR 11068869682
(PGHFDQWDGRUHVGHIOX[RYHUWLFDOHQRVGHHOHPHQWRVWXEXODUHV
LQFOLQDGRVDYD]mRQRVYHUWHGRUHVRXQRVWXERVSHUIXUDGRVGHFROHWD
GHYH VHU LQIHULRU D /V SRU PHWUR$ GLVWkQFLD HQWUH DV FDQDOHWDV
RXWXERVGHFROHWDQmRGHYHVHU VXSHULRU DGXDVYH]HVDDOWXUDOLYUH
GD iJXD VREUH RV HOHPHQWRV WXEXODUHV RX VREUH D ]RQD GH ORGR QRV
GHFDQWDGRUHVGHIOX[RYHUWLFDO

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϭĚĞϲϱ


2 GHFDQWDGRU FRP UHPRomR PDQXDO GH ORGR GHYH
DSUHVHQWDUDVVHJXLQWHVFDUDFWHUtVWLFDV
D VHU SURYLGR GH GHVFDUJD GH IXQGR GLPHQVLRQDGD SDUD

HVYD]LDPHQWRQRWHPSRPi[LPRGHK
E D GHVFDUJD GR GHFDQWDGRU GHYH VLWXDUVH SUHIHUHQFLDOPHQWH

QD]RQDGHPDLRUDFXPXODomRGHORGR
FRIXQGRGHYHWHUGHFOLYLGDGHPtQLPDGHQRVHQWLGR
GRSRQWRGHGHVFDUJD
1RVGHFDQWDGRUHVFRQYHQFLRQDLVFRPUHPRomRPDQXDOGHORGR
GHYH VHU SUHYLVWD DOWXUD DGLFLRQDO VXILFLHQWH SDUD DFXPXODU R ORGR
UHVXOWDQWHGHGLDVGHIXQFLRQDPHQWR1RVGHHOHPHQWRVWXEXODUHV
RORGRGHGH]GLDV
'HYHVHUSUHYLVWRGLVSRVLWLYRGHODYDJHPSRUMDWHDPHQWR
$ UHPRomR KLGUiXOLFD GR ORGR DFXPXODGR H[LJH R IXQGR GR

GHFDQWDGRU LQFOLQDGR GH kQJXOR VXSHULRU D IRUPDQGR SRoR HP
IRUPD GH WURQFR GH SLUkPLGH RX GH FRQH LQYHUWLGR QD H[WUHPLGDGH
LQIHULRUGRTXDOGHYHVLWXDUVHDDEHUWXUDGDGHVFDUJD
$ FDUJD KLGUiXOLFD GH GHVFDUJD GHYH VHU LJXDO RX VXSHULRU D

PDFUHVFLGDGDVRPDGDVSHUGDVGHFDUJDQDFDQDOL]DomRGHVGH
DHQWUDGDDWpRSRQWRGHGHVFDUJD 11068869682
(P FDVR GH D FDUJD GLVSRQtYHO QmR DOFDQoDU R YDORU IL[DGR GH
PGRSDUiJUDIRDQWHULRUpQHFHVViULRID]HUDGHVFDUJDSRUPHLR
GHERPEDVSUySULDVSDUDHVVHILPGHYHQGRH[LVWLUSHORPHQRVGXDV
VHQGRXPDGHUHVHUYD
$FDQDOL]DomRSDUDGHVFDUJDGHORGRFRPFRPSULPHQWRDWp
P GHYH WHU GLkPHWUR PtQLPR GH PP H TXDQGR VLWXDGD VRE

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϮĚĞϲϱ


HVWUXWXUDV RX ORFDLV GH GLItFLO DFHVVR RX DLQGD FRP FRPSULPHQWR
VXSHULRUDPRGLkPHWURPtQLPRGHYHVHUGHPP
$ DGRomR GH UDVSDGRU PHFkQLFR GHYH REHGHFHU jV VHJXLQWHV

FRQGLo}HV
DWHUSRoRGHORGRFRPVXDGHVFDUJDREHGHFHQGRjVFRQGLo}HV
IL[DGDVDFLPD
EYHORFLGDGHPi[LPDGRUDVSDGRUFPPLQ
FGHVFDUJDGRSRoRGRORGRVHPSUHDXWRPiWLFDHVLQFURQL]DGD
FRPRPRYLPHQWRGRUDVSDGRU
±),/75$d2
$ ILOWUDomR GD iJXD FRPR SURFHVVR GH SXULILFDomR FRQVLVWH HP

ID]rOD DWUDYHVVDU FDPDGDV SRURVDV FDSD]HV GH UHWHU LPSXUH]DV 2
PDWHULDO SRURVR FRPXPHQWH DGRWDGR FRPR PHLR ILOWUDQWH p D DUHLD
PDV SRGHP VHU DGRWDGRV RXWURV PDWHULDLV FRPR FDUYmR GXUR
DQWUDFLWRHDJUDQDGD
(P VLVWHPDV S~EOLFRV GH DEDVWHFLPHQWR GH iJXD VmR

HPSUHJDGRVGRLVWLSRVSULQFLSDLVGHILOWURVGHDUHLD ILOWURVOHQWRVH
ILOWURVUiSLGRV
2VILOWURVOHQWRVVmRXWLOL]DGRVQRVFDVRVHPTXHDiJXDEUXWD
11068869682
DSUHVHQWD SRXFD WXUELGH] H EDL[D FRU iJXDV GR WLSR % RX TXH VH
HQTXDGUHP QHVVH WLSR DSyV SUpWUDWDPHQWR QmR H[LJLQGR
WUDWDPHQWRTXtPLFRFRDJXODomRVHGLPHQWDomR$FDPDGDILOWUDQWH
p FRQVWLWXtGD GH DUHLD ILQD H D YHORFLGDGH TXH D iJXD DWUDYHVVD D
FDPDGD ILOWUDQWH p UHODWLYDPHQWH EDL[D $ ODYDJHP GD DUHLD p
H[WHUQDDRILOWURSHODUHWLUDGDVXFHVVLYDGDVFDPDGDVFROPDWDGDV
-i RV ILOWURV UiSLGRV GLIHUHP GRV ILOWURV OHQWRV QmR Vy SHOD
YHORFLGDGHGHILOWUDomRPDVSHODVXDFRQVWUXomRHPRGRGHRSHUDomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϯĚĞϲϱ


6mRFRQVWLWXtGRVFRPFRQGLo}HVGHDXWRODYDJHPDWUDYpVGHLQYHUVmR
GR IOX[R QRUPDO GH IXQFLRQDPHQWR 2V ILOWURV UiSLGRV UHFHEHP
JHUDOPHQWH iJXD WUDWDGD TXLPLFDPHQWH H SRGHP VHU GH FDPDGD
ILOWUDQWH VLPSOHV DUHLD RX GXSOD DUHLD H DQWUDFLWR IOX[R
DVFHQGHQWH RX GHVFHQGHQWH 2V DVFHQGHQWHV VmR VHPSUH GH FDPDGD
VLPSOHV
2XWUD FODVVLILFDomR GRV ILOWURV p GH DFRUGR FRP R VHQWLGR GR

IOX[RGDiJXDGHVFHQGHQWHRXDVFHQGHQWH
±'LVSRVLo}HVJHUDLVGD1%5
11068869682
D)LOWURV/HQWRV
6mR XQLGDGHV GHVWLQDGDV D WUDWDU iJXDV WLSR % RX iJXDV TXH
DSyVSUpWUDWDPHQWRVHHQTXDGUHPQDVGHVVHWLSR
$ FDPDGD ILOWUDQWH GHYH VHU FRQVWLWXtGD GH DUHLD FRP DV

VHJXLQWHVFDUDFWHUtVWLFDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϰĚĞϲϱ


DHVSHVVXUDPtQLPDGHP
EWDPDQKRHIHWLYRGDDUHLDGHDPP
FFRHILFLHQWHGHXQLIRUPLGDGHGDDUHLDPHQRUTXH
1DIDOWDGHDUHLDQRORFDOGHYHVHUSUHYLVWRWDQTXHGHVWLQDGRD
ODYDJHPGHDUHLDUHWLUDGDGRVILOWURVGRWDGRGHH[WUDYDVRUGHVFDUJD
GH IXQGR H HQWUDGD GH iJXD EUXWD H GH iJXD ILOWUDGD VHQGR D DUHLD
ODYDGD DFXPXODGD HP ORFDO FRP FDSDFLGDGH SDUD R YROXPH
FRUUHVSRQGHQWHDGXDVUHWLUDGDVVXFHVVLYDV
$ WUDQVLomR HQWUH D FDPDGD ILOWUDQWH H R VLVWHPD GH GUHQDJHP

GRV ILOWURV GHYH VHU IHLWD DWUDYpV GH FDPDGD VXSRUWH VDOYR FRP
VLVWHPDGUHQDQWHSURMHWDGRGHIRUPDDGLVSHQViOD
$FDPDGDVXSRUWHFRQVWLWXtGDGHHVWUDWRVFRPJUDQXORPHWULD
GHFUHVFHQWH QR VHQWLGR DVFHQGHQWH GHYH WHU HVSHVVXUD PtQLPD
GHFPDFLPDGRVLVWHPDGHGUHQDJHP
2VLVWHPDGHGUHQDJHPGHYHSHUPLWLUTXHRILOWURWUDEDOKHFRP
WD[DXQLIRUPHHYLWDQGRSHUFRODo}HVSUHIHUHQFLDLV
(PILOWURFRPWD[DFRQVWDQWHDHQWUDGDGHYHVHUIHLWDSRUPHLR
GHGLVSRVLWLYRTXHGLVWULEXDDiJXDLJXDOPHQWHSRUWRGRVRVILOWURV
$ VDtGD GH iJXD ILOWUDGD GHYH VHU IHLWD GH PRGR D PDQWHU
11068869682
VHPSUHXPDOkPLQDOtTXLGDVREUHDVXSHUItFLHGROHLWRILOWUDQWH
$ WD[D GH ILOWUDomR D VHU DGRWDGD GHYH VHU GHWHUPLQDGD SRU

H[SHULrQFLDVHPILOWURSLORWRHPSHUtRGRVXSHULRUDRQHFHVViULRSDUD
DRFRUUrQFLDGHWRGDVDVYDULDo}HVGDTXDOLGDGHGDiJXD1mRVHQGR
SRVVtYHO UHDOL]DU HVVDV H[SHULrQFLDV D WD[D GH ILOWUDomR QmR GHYH
VHUVXSHULRUDPP[GLD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϱĚĞϲϱ


'HYHPVHUSUHYLVWRVSHORPHQRVGRLVILOWURVIXQFLRQDQGR
HPSDUDOHOR
E)LOWURV5iSLGRV
6mR XQLGDGHV GHVWLQDGDV D UHPRYHU SDUWtFXODV HP VXVSHQVmR

HP FDVR GH D iJXD D WUDWDU VHU VXEPHWLGD D SURFHVVR GH
FRDJXODomRVHJXLGRRXQmRGHGHFDQWDomRRXTXDQGRFRPSURYDGR
TXHDVSDUWtFXODVFDSD]HVGHSURYRFDUWXUELGH]LQGHVHMDGDSRVVDP
VHUUHPRYLGDVSHORILOWURVHPQHFHVVLGDGHGHFRDJXODomR
2V ILOWURV SRGHP VHU GH FDPDGD ILOWUDQWH VLPSOHV RX GXSOD GH
IOX[R DVFHQGHQWH RX GHVFHQGHQWH VHQGR RV GH IOX[R DVFHQGHQWH
VHPSUHGHFDPDGDVLPSOHV
$ FDPDGD ILOWUDQWH VLPSOHV GHYH VHU FRQVWLWXtGD GH DUHLD FRP

HVSHVVXUD H FDUDFWHUtVWLFDV JUDQXORPpWULFDV GHWHUPLQDGDV FRP EDVH
HP HQVDLRV HP ILOWURSLORWR TXDQGR RV HQVDLRV QmR VmR UHDOL]DGRV
SRGHVH XWLOL]DU FDPDGD ILOWUDQWH FRP HVSHVVXUD PtQLPD GH
FP WDPDQKR HIHWLYR GD DUHLD GH PP D PP H
FRHILFLHQWH GH XQLIRUPLGDGH GD DUHLD GH D 2XWUDV
FRPELQDo}HV GHVVHV SDUkPHWURV SRGHP VHU XWLOL]DGDV GHVGH TXH
GHPRQVWUDGR TXH D HILFLrQFLD GR ILOWUR QmR p PHQRU TXH FRP D
FDPDGDHVSHFLILFDGDDFLPD
1RWD (P FDVR GH ILOWUR GH IOX[R DVFHQGHQWH QD IDOWD GH HQVDLRV
11068869682
HP ILOWURSLORWR SRGHVH XWLOL]DU D FDPDGD ILOWUDQWH FRP

HVSHVVXUDPtQLPDGHPWDPDQKRHIHWLYRGHPPD
PPHFRHILFLHQWHGHXQLIRUPLGDGHLQIHULRURXLJXDOD
$ FDPDGD ILOWUDQWH GXSOD GHYH VHU FRQVWLWXtGD GH FDPDGDV

VREUHSRVWDV GH DUHLD H DQWUDFLWR FRP HVSHVVXUDV H FDUDFWHUtVWLFDV
JUDQXORPpWULFDVGHWHUPLQDGDVSRUHQVDLRVHPILOWURSLORWRTXDQGRRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϲĚĞϲϱ


HQVDLRV QmR VmR UHDOL]DGRV SRGH VHU XWLOL]DGD D HVSHFLILFDomR EiVLFD
VHJXLQWH
DDUHLD
HVSHVVXUDPtQLPDGDFDPDGDFP
WDPDQKRHIHWLYRGHPPDPP
FRHILFLHQWHGHXQLIRUPLGDGHGHD
EDQWUDFLWR
HVSHVVXUDPtQLPDGDFDPDGDFP
WDPDQKRHIHWLYRGHPPDPP
FRHILFLHQWHGHXQLIRUPLGDGHLQIHULRURXLJXDOD
2XWUDV FRPELQDo}HV GHVVHV SDUkPHWURV SRGHP VHU XWLOL]DGDV

GHVGHTXHGHPRQVWUDGRTXHDHILFLrQFLDGRILOWURQmRpPHQRUGRTXH
FRPDVFDPDGDVHVSHFLILFDGDVDFLPD
$ FDPDGD VXSRUWH GHYH VHU FRQVWLWXtGD GH VHL[RV URODGRV

FRPDVVHJXLQWHVFDUDFWHUtVWLFDV
DHVSHVVXUDPtQLPDLJXDORXVXSHULRUDGXDVYH]HVDGLVWkQFLD
HQWUHRVERFDLVGRIXQGRGRILOWURSRUpPQmRLQIHULRUDFP
E PDWHULDO GLVWULEXtGR HP HVWUDWRV FRP JUDQXORPHWULD

11068869682
GHFUHVFHQWH QR VHQWLGR DVFHQGHQWH HVSHVVXUD GH FDGD HVWUDWR LJXDO

RXVXSHULRUDGXDVYH]HVHPHLDDGLPHQVmRFDUDFWHUtVWLFDGRVVHL[RV
PDLRUHVTXHRFRQVWLWXHPQmRLQIHULRUSRUpPDFP
F FDGD HVWUDWR GHYH VHU IRUPDGR SRU VHL[RV GH WDPDQKR

Pi[LPRVXSHULRURXLJXDODRGREURGRWDPDQKRGRVPHQRUHV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϳĚĞϲϱ


G RV VHL[RV PDLRUHV GH XP HVWUDWR GHYHP VHU LJXDLV RX
LQIHULRUHVDRVPHQRUHVGRHVWUDWRVLWXDGRLPHGLDWDPHQWHDEDL[R
H R HVWUDWR VLWXDGR GLUHWDPHQWH VREUH RV ERFDLV GHYH VHU

FRQVWLWXtGRGHPDWHULDOFXMRVVHL[RVPHQRUHVWHQKDPRWDPDQKRSHOR
PHQRVLJXDODRGREURGRVRULItFLRVGRVERFDLVHGLPHQVmRPtQLPDGH
FP
IRHVWUDWRHPFRQWDWRGLUHWRFRPDFDPDGDILOWUDQWHGHYHWHU
PDWHULDOGHWDPDQKRPtQLPRLJXDORXLQIHULRUDRWDPDQKRPi[LPRGR
PDWHULDOGDFDPDGDILOWUDQWHDGMDFHQWH
$ FDPDGD VXSRUWH HP ILOWUR GH IOX[R GHVFHQGHQWH SRGH VHU

SUHVFLQGLGD TXDQGR R VLVWHPD FROHWRU GH iJXD ILOWUDGD H GLVWULEXLGRU
GH iJXD GH ODYDJHP WHP FDUDFWHUtVWLFDV DGHTXDGDV SDUD LPSHGLU D
SDVVDJHPGRPDWHULDOILOWUDQWHDWUDYpVGHVXDVDEHUWXUDVQHVWHFDVR
D HVSHVVXUD PtQLPD GD FDPDGD ILOWUDQWH GH DUHLD IL[DGD DFLPD SDUD
ILOWURV UiSLGRV GHYH VHU DXPHQWDGD GH DOWXUD LJXDO D YH] R
HVSDoDPHQWRH[LVWHQWHHQWUHRVERFDLVGRVLVWHPDFROHWRU
1RWD(PFDVRGHILOWURGHIOX[RDVFHQGHQWHDHVSHVVXUDPtQLPDGD
FDPDGDVXSRUWHGHYHVHUGHPVHQGRTXHFDGDHVWUDWRGHYHWHU
DHVSHVVXUDPtQLPDGHFP
2 IXQGR GR ILOWUR GHYH WHU FDUDFWHUtVWLFDV JHRPpWULFDV H

KLGUiXOLFDV TXH JDUDQWDP D GLVWULEXLomR XQLIRUPH GD iJXD GH
11068869682
ODYDJHP
$ WD[D GH ILOWUDomR D VHU DGRWDGD p GHWHUPLQDGD SRU PHLR GH

ILOWURSLORWR RSHUDGR FRP D iJXD D VHU ILOWUDGD FRP FDPDGD ILOWUDQWH
LJXDOjGRVILOWURVDVHUHPFRQVWUXtGRV1mRVHQGRSRVVtYHOSURFHGHUD
H[SHULrQFLDVHPILOWURSLORWRDVWD[DVPi[LPDVVmRDVVHJXLQWHV
DSDUDILOWURGHFDPDGDVLPSOHVPP[GLD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϴĚĞϲϱ


ESDUDILOWURGHFDPDGDGXSODPP[GLD
1RWD (P FDVR GH ILOWURV GH IOX[R DVFHQGHQWH D WD[D GH
ILOWUDomRGHYHVHUGHPP[GLD
2 QtYHOGHiJXDVREUHDFDPDGDILOWUDQWHHRGHVDtGDGRILOWUR
VmR HVWDEHOHFLGRV GH PRGR D HOLPLQDU RX UHGX]LU D RFRUUrQFLD GH
SUHVVmRLQIHULRUjDWPRVIpULFDQROHLWRILOWUDQWH
1R GLPHQVLRQDPHQWR GR UHVHUYDWyULR GH iJXD GH ODYDJHP R

WHPSR PtQLPR GH ODYDJHP GHYH VHU GH PLQ H D YHORFLGDGH GH
ODYDJHPQmRGHYHVHULQIHULRUDFPPLQ
1RWD(PFDVRGHILOWURGHIOX[RDVFHQGHQWHDYHORFLGDGHPtQLPDGH
ODYDJHP GHYH VHU GH FPPLQ H R WHPSR GH ODYDJHP PtQLPR GH
PLQ
$YD]mRGRVLVWHPDGHUHFDOTXHGHiJXDSDUDRUHVHUYDWyULRGH
iJXDGHODYDJHPGHYHVHUFDSD]GHHQFKrORHPPLQ
$V FDOKDV GH FROHWD GH iJXD GH ODYDJHP GHYHP WHU R IXQGR
ORFDOL]DGRDFLPDHSUy[LPRGROHLWRILOWUDQWHH[SDQGLGR
2HVSDoDPHQWRHQWUHDVERUGDVGDVFDOKDVGHYHVHUQRPtQLPR
GH P H QR Pi[LPR LJXDO D VHLV YH]HV D DOWXUD OLYUH GH iJXD
DFLPD GR OHLWR H[SDQGLGR QmR GHYHQGR HQWUHWDQWR VHU VXSHULRU D
P 11068869682
e DGPLWLGD D UHXWLOL]DomR GH iJXD GH ODYDJHP GHVGH TXH

VXEPHWLGDDSUpVHGLPHQWDomRHFORUDomRLQWHQVD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϵĚĞϲϱ

11068869682

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϬĚĞϲϱ

2 IXQFLRQDPHQWR GRV ILOWURV GHYH VHU FRQWURODGR SRU PHLR GRV

VHJXLQWHVHOHPHQWRV
D HQWUDGD GH iJXD QR ILOWUR IHLWD DWUDYpV GH FRPSRUWD DGXID
YiOYXODGHJDYHWDRXYiOYXODERUEROHWD
E VDtGD GH iJXD ILOWUDGD DWUDYpV GH YiOYXODERUEROHWD RX

YiOYXOD GH JDYHWD TXDQGR VXD IXQomR p VRPHQWH IHFKDPHQWR H
11068869682
DEHUWXUD
F HQWUDGD GH iJXD GH ODYDJHP DWUDYpV GH YiOYXOD ERUEROHWD

FRPGLVSRVLWLYRGHDEHUWXUDOHQWD
GHQWUDGDGHiJXDSDUDODYDJHPVXSHUILFLDODWUDYpVGHYiOYXOD
GHJDYHWDRXYiOYXODGHERUEROHWDFDVRKDMDFRQWUROHGHYD]mR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϭĚĞϲϱ


HHQWUDGDGHDUSDUDDJLWDomRVXSOHPHQWDUDWUDYpVGHYiOYXOD
GHHVIHUDRXYiOYXODGHGLDIUDJPD
I VDtGD GH iJXD GH ODYDJHP DWUDYpV GH FRPSRUWDV DGXIDV

YiOYXODGHJDYHWDRXTXDOTXHURXWURGLVSRVLWLYRGHYHGDomR
$ RSHUDomR GRV ILOWURV GHYH VHU FRQWURODGD SRU PHLR GRV

VHJXLQWHVHOHPHQWRV
DGLVSRVLWLYRVSDUDPHGLomRGHSHUGDGHFDUJD
E PHGLGRU GH YD]mR TXDQGR HVWD p FRQWURODGD j VDtGD GRV

ILOWURV
F WRPDGD GH iJXD QD VDtGD GH FDGD ILOWUR SDUD GHWHUPLQDomR
GDWXUELGH]
±'(6,1)(&d2
$ GHVLQIHFomR GD iJXD GHYH VHU DGRWDGD HP WRGR VLVWHPD

S~EOLFRGHDEDVWHFLPHQWRVHMDFRUUHWLYDRXSUHYHQWLYD
2V SURGXWRV QRUPDOPHQWH XWLOL]DGRV VmR FORUR JDVRVR RX

OtTXLGRKLSRFORULWRGHVyGLRRXFDOFORUDGD
3DUD D DGLomR GHVVHV SURGXWRV DGRWDPVH GRVDGRUHV

GHQRPLQDGRVFORUDGRUHVRXKLSRFORUDGRUHVGHDFRUGRFRPRSURGXWR
XWLOL]DGR 11068869682
±75$7$0(172325&217$72
&RQVLVWH HP SURPRYHU R FRQWDWR GD iJXD FRP XP OHLWR GH
PDWHULDO SUHGHWHUPLQDGR D ILP GH UHWHU VXEVWkQFLDV LQGHVHMiYHLV
SUHVHQWHV QD iJXD 1R FDVR GH DEDVWHFLPHQWR S~EOLFR SRGHVH
DGRWDU
DOHLWRVGHFRTXHSHGUDRXSHGULVFRSDUDUHPRomRGHIHUUR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϮĚĞϲϱ


EFDUYmRDWLYDGRSDUDUHPRomRGHRGRUHVDERUH
FOHLWRVGHDUHLDSDUDUHWHQomRGHLPSXUH]DV
±&21752/('$&255262
&RQVLVWHQDDGLomRGHGHWHUPLQDGRVSURGXWRVQDiJXDDILPGH
PLQLPL]DU R VHX HIHLWR FRUURVLYR 2V SURGXWRV QRUPDOPHQWH
HPSUHJDGRVVmRFDOFDUERQDWRGHVyGLRPHWDIRVIDWRVLOLFDWRHWF
48(67®(6&20(17$'$6

±&*8±(6$)(PXPD(VWDomRGH7UDWDPHQWR
GH ÈJXD (7$ D iJXD SDVVD SRU YiULDV HWDSDV FRDJXODomR
IORFXODomR GHFDQWDomR ILOWUDomR GHVLQIHFomR IOXRUHWDomR H
FRUUHomRGHS+(QWUHDVRSo}HVDEDL[RDVVLQDOHDLQFRUUHWD
D )OXRUHWDomR DGLomR GH IO~RU j iJXD FRP D ILQDOLGDGH GH

SUHYHQLUDIRUPDomRGHFiULHV
E 'HVLQIHFomR p D HWDSD HP TXH R FORUR H R R]{QLR VmR

DSOLFDGRV j iJXD SDUD HOLPLQDU PLFURRUJDQLVPRV FDXVDGRUHV
GHGRHQoDV
F 'HFDQWDomR IHQ{PHQR ItVLFR RQGH IORFRV LPSXUH]DV H

11068869682
SDUWtFXODVILFDPGHSRVLWDGDVQRIXQGRGHWDQTXHVVHSDUDQGR
VHGDiJXD
G )ORFXODomR p XP WLSR GH SURFHVVR TXH SHUPLWH TXH

SDUWtFXODV LQVWiYHLV VRE R SRQWR GH YLVWD HOHWURVWiWLFR QR
PHLRGDPDVVDOtTXLGDVHMDPIRUoDGDVDVHPRYLPHQWDUSDUD
TXHSRVVDPVHUDWUDtGDVHQWUHVLIRUPDQGRIORFRVTXHFRPD
PDQXWHQomR GD DJLWDomR WHQGHP D DJOXWLQDUHPVH XQV DRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϯĚĞϲϱ


RXWURV WRUQDQGRVH JUDQGHV H SHVDGRV SDUD HP VHJXLGD
VHUHPVHGLPHQWDGDV
H )LOWUDomR p D HWDSD HP TXH D iJXD SDVVD SRU ILOWURV

IRUPDGRV SRU FDUYmR DUHLD H SHGUDV GH GLYHUVRV WDPDQKRV
1HVVDHWDSDDVLPSXUH]DVGHWDPDQKRSHTXHQRILFDPUHWLGDV
QRILOWUR7UDWDVHGHXPDWUDWDPHQWRItVLFRTXtPLFR
(VWDTXHVWmRDFDEDVHQGREDVWDQWHGLGiWLFDSRLVRVLWHQV$D'
HVWmR FRUUHWRV H R LWHP ( DSUHVHQWD HUUR VRPHQWH QD ~OWLPD IUDVH
HPTXHDILOWUDomRWUDWDVHGHWUDWDPHQWRItVLFRSRLVQmRKiPLVWXUD
GDiJXDREMHWRGHWUDWDPHQWRFRPRXWUDVXEVWkQFLDTXtPLFD
*DEDULWR(

&() &HVSH $ IORFXODomR p XPD HWDSD GR
SURFHVVRGHWUDWDPHQWRGHiJXDQRTXDODiJXDVHPRYLPHQWD
QRV WDQTXHV ID]HQGR TXH RV IORFRV VH PLVWXUHP H JDQKHP
SHVR YROXPH H FRQVLVWrQFLD SDUD TXH QD SUy[LPD HWDSD
GHQRPLQDGDGHFDQWDomRHVVHVIORFRVMiIRUPDGRVVHVHSDUHP
GDiJXDVHVHGLPHQWHPQRIXQGRGRVWDQTXHVHDiJXDOLPSD
ILTXHQDVXSHUItFLH
3HVVRDO HVWD TXHVWmR p GR WLSR GLGiWLFD H[SOLFDQGR FRPR

RFRUUHRSURFHVVRGHIORFXODomR
11068869682
(VWDTXHVWmRIRLDQXODGDSHODEDQFDVREDMXVWLILFDWLYDGHTXHR
WHUPROLPSDSUHMXGLFRXRVHXMXOJDPHQWR
'H IDWR HVVH GHWDOKH SRGH FRQIXQGLU RV FDQGLGDWRV PDLV

SUHSDUDGRV SRLV DSyV HVVD HWDSD Ki DLQGD D ILOWUDomR H D
GHVLQIHFomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϰĚĞϲϱ


&RQIRUPHYLPRVGHXPPRGRJHUDORWUDWDPHQWRGDiJXDHP
XPD (7$ FRQYHQFLRQDO SDVVD SHODV VHJXLQWHV IDVHV 0LVWXUD UiSLGD
*DEDULWR3UHOLPLQDU&RUUHWD
*DEDULWR'HILQLWLYR$QXODGD

038 &HVSH )ORFXODomR GHFDQWDomR H
ILOWUDomR VmR HWDSDV GR WUDWDPHQWR GH iJXD QHFHVViULDV H
VXILFLHQWHVSDUDDJDUDQWLDGDVXDSRWDELOLGDGH
&RQIRUPHYLPRVGHXPPRGRJHUDORWUDWDPHQWRGDiJXDHP
XPD (7$ FRQYHQFLRQDO SDVVD SHODV VHJXLQWHV IDVHV 0LVWXUD UiSLGD
3RUWDQWR DV HWDSDV GHVFULWDV QmR VmR VXILFLHQWHV SDUD D

JDUDQWLDGDSRWDELOLGDGHGDiJXD
*DEDULWR(UUDGD

± &*8 ± (6$) $ ORFDOL]DomR GH XPD HVWDomR
GH WUDWDPHQWR GH iJXD HQWUH R SRQWR GH FDSWDomR H D iUHD
XUEDQD D VHU DEDVWHFLGD p HVWDEHOHFLGD DSyV D SRQGHUDomR
GRVIDWRUHVDEDL[RH[FHWR 11068869682
DFXVWRUD]RiYHOGRWHUUHQRHFRQGLo}HVGHYL]LQKDQoD
EFRQGLo}HVWRSRJUiILFDVHJHROyJLFDVVDWLVIDWyULDV
F GLVSRQLELOLGDGH GH HQHUJLD HOpWULFD H IDFLOLGDGH GH DFHVVR H

WUDQVSRUWH
GGLVSRQLELOLGDGHGHWHUUHQRSDUDDPSOLDomRIXWXUD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϱĚĞϲϱ


H FRWD WRSRJUiILFD IDYRUiYHO SDUD DGXomR H PDLRU
DIDVWDPHQWRGRVFHQWURVXUEDQRV
9HULILFDVHTXHQmRID]HPSDUWHGRVIDWRUHVDVHUHPDQDOLVDGRV
SDUD HVFROKD GR WHUUHQR SDUD D LQVWDODomR GD (7$ D FRWD WRSRJUiILFD
SDUD DGXomR SRLV HVWD RFRUUH DQWHV GR WUDWDPHQWR GH iJXD
LPSRUWDQGRQHVWHFDVRDFRWDGDFDSWDomR2PDLRUDIDVWDPHQWRGH
FHQWURV XUEDQRV UHIHUHVH DRV PDQDQFLDLV GH iJXD SDUD HYLWDU DVXD
FRQWDPLQDomR
$QRUPD1%5DSUHVHQWDDVVHJXLQWHVLQIRUPDo}HVVREUH
DGHILQLomRGDiUHDQHFHVViULDjLPSODQWDomRGD(7$
$(7$GHYHVHUORFDOL]DGDHPSRQWRGHIiFLODFHVVRHP
TXDOTXHUpSRFDGRDQR
2 WHUUHQR SDUD LPSODQWDomR GD (7$ GHYH HVWDU VLWXDGR

HP ORFDO OLYUH GH HQ[XUUDGDV H DFLPD GD FRWD GH Pi[LPD
HQFKHQWHGHPRGRTXHHVWDQmRFRPSURPHWDDRSHUDomR
1D HVFROKD GR ORFDO SDUD LPSODQWDomR GD (7$ GHYHP
VHU OHYDGRV HP FRQWD D GLVSRQLELOLGDGH GH YLDV GH DFHVVR D
IDFLOLGDGH GH IRUQHFLPHQWR GH HQHUJLD HOpWULFD DV SRVLo}HV
UHODWLYDV DR PDQDQFLDO H DR FHQWUR GH FRQVXPR R FRUSR
UHFHSWRU GH GHVFDUJDV GD (7$ H D GLVSRVLomR GR ORGR GRV
GHFDQWDGRUHV 3DUWLFXODU DWHQomR GHYH VHU GDGD j QDWXUH]D GR
11068869682
VROR D ILP GH SUHYHQLU SUREOHPDV GH IXQGDomR H FRQVWUXomR H

RIHUHFHUDSRVVLELOLGDGHGHVLWXDUDVXQLGDGHVDFLPDGRQtYHOPi[LPR
GHiJXDGRVXEVROR
,QH[LVWLQGR WHUUHQR OLYUH GH HQFKHQWHV H[LJHVH SHOR

PHQRVTXH
D DV ERUGDV GDV XQLGDGHV H GRV SLVRV GRV UHFLQWRV RQGH VmR
IHLWRV DUPD]HQDPHQWRV RX VH ORFDOL]DP DV XQLGDGHV EiVLFDV SDUD R

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϲĚĞϲϱ


IXQFLRQDPHQWR GD (7$ HVWHMDP VLWXDGDV SHOR PHQRV P DFLPD
GRQtYHOPi[LPRGHHQFKHQWH
E D HVWDELOLGDGH GD FRQVWUXomR HVWXGDGD OHYDQGR HP FRQWD D

RFRUUrQFLD GH HQFKHQWHV GHYH SUHYHU TXDQGR QHFHVViULDV REUDV
HVSHFLDLVSDUDHYLWDUHURVmRGDVIXQGDo}HV
FDVGHVFDUJDVGD(7$SRVVDPUHDOL]DUVHVRETXDOTXHUFRWDGH
HQFKHQWH
2DFHVVRj(7$GHYHFRQWDUFRPHVWUDGDHPFRQGLo}HVGH
JDUDQWLU R WUkQVLWR SHUPDQHQWH GDV YLDWXUDV XWLOL]DGDV QR WUDQVSRUWH
GRVSURGXWRVTXtPLFRVQHFHVViULRVDRWUDWDPHQWRGDiJXD
1R FDVR GH (7$ HP TXH R FRQVXPR JOREDO GLiULR GH
SURGXWRVTXtPLFRVH[FHGDNJROHLWRGDHVWUDGDGHDFHVVRGHYH
SHUPLWLU FDUJD GH SHOR PHQRV W SRU HL[R H WHU DV VHJXLQWHV
FDUDFWHUtVWLFDV
DODUJXUDPtQLPDP
EUDPSDPi[LPD
FUDLRPtQLPRP
(PFDVRGHRFRUUrQFLDGDFRQGLomRRDFHVVRj
(7$ GHYH VHU SUHYLVWR GH PRGR TXH SHUPLWD HP TXDOTXHU pSRFD GR
11068869682
DQR R WUDQVSRUWH GH SHVVRDO H R DEDVWHFLPHQWR GH SURGXWRV

TXtPLFRV
$ iUHD PtQLPD UHVHUYDGD SDUD D (7$ GHYH VHU D

QHFHVViULDSDUDSHUPLWLUDVXDLPSODQWDomRDPSOLDo}HVIXWXUDV
H D FRQVWUXomR GH WRGDV DV REUDV LQGLVSHQViYHLV DR VHX
IXQFLRQDPHQWR WDLV FRPR SRUWDULD HVWDo}HV HOHYDWyULDV FDELQH GH
IRUoD UHVHUYDWyULRV FDQDOL]Do}HV iUHDV H HGLItFLRV SDUD
DUPD]HQDPHQWR RILFLQDV GH PDQXWHQomR SiWLRV SDUD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϳĚĞϲϱ


HVWDFLRQDPHQWRGHVFDUJDHPDQREUDGHYHtFXORVHYLDVSDUDWUkQVLWR
GHYHtFXORVHSHGHVWUHV
$iUHDSUHYLVWDSDUDGLVSRVLomRGRORGRGD(7$QmRID]
SDUWHQHFHVVDULDPHQWHGDiUHDDTXHVHUHIHUHDVHomR
$V UHVLGrQFLDV SDUD R SHVVRDO TXH WUDEDOKD QD (7$

TXDQGR SUHYLVWDV GHYHP VLWXDUVH IRUD GD iUHD UHVHUYDGD
H[FOXVLYDPHQWHjLQVWDODomRFRPDFHVVRLQGHSHQGHQWH
7RGD D iUHD GD (7$ GHYH VHU IHFKDGD GH PRGR D
LPSHGLURDFHVVRGHSHVVRDVHVWUDQKDV
$ (7$ GHYH VHU SURMHWDGD OHYDQGRVH HP FRQWD HQWUH

RXWURV IDWRUHV D GLVSRVLomR GDV WXEXODo}HV D WRSRJUDILD QDWXUDO GR
WHUUHQR DV GHVFDUJDV GH IXQGR H R UHFHELPHQWR GH SURGXWRV
TXtPLFRV
$ (7$ GHYH VHU ORFDOL]DGD HP SRQWR GH IiFLO DFHVVR HP
TXDOTXHUpSRFDGRDQR
2 WHUUHQR SDUD LPSODQWDomR GD (7$ GHYH HVWDU VLWXDGR

HPORFDOOLYUHGHHQ[XUUDGDVHDFLPDGDFRWDGHPi[LPDHQFKHQWHGH
PRGRTXHHVWDQmRFRPSURPHWDDRSHUDomR
1D HVFROKD GR ORFDO SDUD LPSODQWDomR GD (7$ GHYHP
VHUOHYDGRVHPFRQWDDGLVSRQLELOLGDGHGHYLDVGHDFHVVRDIDFLOLGDGH
11068869682
GH IRUQHFLPHQWR GH HQHUJLD HOpWULFD DV SRVLo}HV UHODWLYDV DR

PDQDQFLDOHDRFHQWURGHFRQVXPRRFRUSRUHFHSWRUGHGHVFDUJDVGD
(7$HDGLVSRVLomRGRORGRGRVGHFDQWDGRUHV3DUWLFXODUDWHQomRGHYH
VHU GDGD j QDWXUH]D GR VROR D ILP GH SUHYHQLU SUREOHPDV GH
IXQGDomR H FRQVWUXomR H RIHUHFHU D SRVVLELOLGDGH GH VLWXDU DV
XQLGDGHVDFLPDGRQtYHOPi[LPRGHiJXDGRVXEVROR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϴĚĞϲϱ


,QH[LVWLQGR WHUUHQR OLYUH GH HQFKHQWHV H[LJHVH SHOR
PHQRVTXH
D DV ERUGDV GDV XQLGDGHV H GRV SLVRV GRV UHFLQWRV RQGH VmR
IHLWRV DUPD]HQDPHQWRV RX VH ORFDOL]DP DV XQLGDGHV EiVLFDV SDUD R
IXQFLRQDPHQWR GD (7$ HVWHMDP VLWXDGDV SHOR PHQRV P DFLPD
GRQtYHOPi[LPRGHHQFKHQWH
E D HVWDELOLGDGH GD FRQVWUXomR HVWXGDGD OHYDQGR HP FRQWD D

RFRUUrQFLD GH HQFKHQWHV GHYH SUHYHU TXDQGR QHFHVViULDV REUDV
HVSHFLDLVSDUDHYLWDUHURVmRGDVIXQGDo}HV
FDVGHVFDUJDVGD(7$SRVVDPUHDOL]DUVHVRETXDOTXHUFRWDGH
HQFKHQWH
2DFHVVRj(7$GHYHFRQWDUFRPHVWUDGDHPFRQGLo}HVGH
JDUDQWLU R WUkQVLWR SHUPDQHQWH GDV YLDWXUDV XWLOL]DGDV QR WUDQVSRUWH
GRVSURGXWRVTXtPLFRVQHFHVViULRVDRWUDWDPHQWRGDiJXD
1R FDVR GH (7$ HP TXH R FRQVXPR JOREDO GLiULR GH
SURGXWRVTXtPLFRVH[FHGDNJROHLWRGDHVWUDGDGH
1%5
DFHVVR GHYH SHUPLWLU FDUJD GH SHOR PHQRV W SRU HL[RH WHU
DVVHJXLQWHVFDUDFWHUtVWLFDV
11068869682
DODUJXUDPtQLPDP
EUDPSDPi[LPD
FUDLRPtQLPRP
(PFDVRGHRFRUUrQFLDGDFRQGLomRRDFHVVRj
(7$ GHYH VHU SUHYLVWR GH PRGR TXH SHUPLWD HP TXDOTXHU pSRFD GR
DQR R WUDQVSRUWH GH SHVVRDO H R DEDVWHFLPHQWR GH SURGXWRV
TXtPLFRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϵĚĞϲϱ


$ iUHD PtQLPD UHVHUYDGD SDUD D (7$ GHYH VHU D
QHFHVViULD SDUD SHUPLWLU D VXD LPSODQWDomR DPSOLDo}HV IXWXUDV H D
FRQVWUXomR GH WRGDV DV REUDV LQGLVSHQViYHLV DR VHX IXQFLRQDPHQWR
WDLV FRPR SRUWDULD HVWDo}HV HOHYDWyULDV FDELQH GH IRUoD
UHVHUYDWyULRV FDQDOL]Do}HV iUHDV H HGLItFLRV SDUD DUPD]HQDPHQWR
RILFLQDV GH PDQXWHQomR SiWLRV SDUD HVWDFLRQDPHQWR GHVFDUJD H
PDQREUDGHYHtFXORVHYLDVSDUDWUkQVLWRGHYHtFXORVHSHGHVWUHV
$iUHDSUHYLVWDSDUDGLVSRVLomRGRORGRGD(7$QmRID]
SDUWHQHFHVVDULDPHQWHGDiUHDDTXHVHUHIHUHDVHomR
$V UHVLGrQFLDV SDUD R SHVVRDO TXH WUDEDOKD QD (7$

TXDQGR SUHYLVWDV GHYHP VLWXDUVH IRUD GD iUHD UHVHUYDGD
H[FOXVLYDPHQWHjLQVWDODomRFRPDFHVVRLQGHSHQGHQWH
7RGD D iUHD GD (7$ GHYH VHU IHFKDGD GH PRGR D
LPSHGLURDFHVVRGHSHVVRDVHVWUDQKDV
$ (7$ GHYH VHU SURMHWDGD OHYDQGRVH HP FRQWD HQWUH

RXWURV IDWRUHV D GLVSRVLomR GDV WXEXODo}HV D WRSRJUDILD QDWXUDO GR
WHUUHQR DV GHVFDUJDV GH IXQGR H R UHFHELPHQWR GH SURGXWRV
TXtPLFRV
$VXQLGDGHVHRUHVHUYDWyULRGHiJXDWUDWDGDGHYHPVHU
SURMHWDGRVGHPRGRTXHDVFRWDVGHIXQGRVHMDPVXSHULRUHVDRQtYHO
Pi[LPR GR OHQoRO IUHiWLFR 1mR VHQGR LVWR SRVVtYHO DV HVWUXWXUDV
11068869682
GHYHP VHU SURMHWDGDV GH PRGR D SHUPLWLU LQVSHo}HV SHULyGLFDV FRP

YLVWD j LGHQWLILFDomR GH GHIHLWRV FDXVDGRUHV GH LQILOWUDomR SHODV
SDUHGHVRXSHORIXQGR
*DEDULWR(
3) &HVSH -XOJXH RV LWHQV VHJXLQWHV UHODWLYRV D

WUDWDPHQWRGHiJXD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϬĚĞϲϱ


2SURFHVVRGHWUDWDPHQWRGDiJXDSRUILOWUDomRItVLFD
UHPRYH WRWDOPHQWH DV EDFWpULDV SUHVHQWHV QD iJXD SRGHQGR
VHFRPLVVRSUHVFLQGLUGDFORUDomRGDiJXD
&RQIRUPH YLPRV D HOLPLQDomR GDV EDFWpULDV p UHDOL]DGD SHORV

DJHQWHVTXtPLFRV
*DEDULWR(UUDGD
$DUHLDHDWHUUDGLDWRPiFHDVmRPDWHULDLVTXHSRGHP
VHUXWLOL]DGRVHPILOWURVSDUDWUDWDPHQWRGDiJXD
$ ILOWUDomR GD iJXD FRPR SURFHVVR GH SXULILFDomR FRQVLVWH HP

ID]rOD DWUDYHVVDU FDPDGDV SRURVDV FDSD]HV GH UHWHU LPSXUH]DV 2
DQWUDFLWRHDJUDQDGD
$ WHUUD GLDWRPiFHD WDPEpP SRGH VHU XWLOL]DGD QD ILOWUDomR

FRQIRUPH VH YHULILFD QR DUWLJR D VHJXLU GD 6DQHVXO
KWWSZZZVDQHVXOPVJRYEUFRQWHXGRVDVS["LG
$WXDOPHQWH R PHUFDGR SULQFLSDOPHQWH SDUD RV FRQVXPLGRUHV

GH PDLRU SRGHU DTXLVLWLYR RIHUHFH XPD JUDQGH YDULHGDGH GH
DSDUHOKRVGRPLFLOLDUHV
([LVWHPRVTXHHPSUHJDPUHFXUVRVSDUDDGHVLQIHFomRFRPRD
11068869682
R]RQL]DomRHRQLWUDWRGHSUDWD
>@
+iRVGLVSRVLWLYRV TXHVH SURS}HPD UHGX]LUVDERU HRGRUSRU

DGVRUomRFRPFDUYmRDWLYDGR
>@

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϭĚĞϲϱ


([LVWHP ILQDOPHQWH RV GLVSRVLWLYRV GH ILOWUDomR FRP GLYHUVRV
PHLRV ILOWUDQWHV FRPR WHUUD GLDWRPiFHD FDUYmR DUHLD H
PDWHULDLVVLQWpWLFRV
*DEDULWR&RUUHWD
$ FRDJXODomR p XP SURFHVVR TXtPLFR GH SUp

WUDWDPHQWR GD iJXD HPSUHJDGR SDUD D UHPRomR GH
VXEVWkQFLDV QR HVWDGR FRORLGDO SURGXWRUDV GH WXUELGH] H GH
PDWHULDLVILQDPHQWHGLYLGLGRVHPVXVSHQVmRTXHUHVXOWDPGD
GHFRPSRVLomR GH YHJHWDLV RX GH GHVSHMRV LQGXVWULDLV
WUDoDGRUHV

$ WXUELGH] UHSUHVHQWD R JUDX GH LQWHUIHUrQFLD FRP D SDVVDJHP

GD OX] DWUDYpV GD iJXD FRQIHULQGR XPD DSDUrQFLD WXUYD j PHVPD
GHYLGR SULQFLSDOPHQWH j H[LVWrQFLD GH VyOLGRV HP VXVSHQVmR H GH
RUJDQLVPRVPLFURVFySLFRV3RGHHVWDUDVVRFLDGDDFRPSRVWRVWy[LFRV
HRUJDQLVPRVSDWRJrQLFRV
*DEDULWR&RUUHWD
11068869682
$ IORFXODomR p XP WUDWDPHQWR HP TXH D DGLomR GH

VXEVWkQFLDVTXtPLFDVjiJXDSURYRFDDUHWHQomRGHVyOLGRVHP
VXVSHQVmRHPILOWURVOHQWRV
$)ORFXODomRWHPSRUILQDOLGDGHDIRUPDomRGRVIORFRVPHGLDQWH
D LQWURGXomR GH HQHUJLD QD PDVVD IOXLGD DJLWDomR FDSD] GH
IDYRUHFHURFRQWDWRHQWUHRVFROyLGHVGHVHVWDELOL]DGRVQDFRDJXODomR
$UHWHQomRGHVyOLGRVRFRUUHQDHWDSDILOWUDomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϮĚĞϲϱ


$ILOWUDomR GDiJXDFRPRSURFHVVRGHSXULILFDomRFRQVLVWHHP
ID]rODDWUDYHVVDUFDPDGDVSRURVDVFDSD]HVGHUHWHULPSXUH]DV2
DQWUDFLWRHDJUDQDGD
2V ILOWURV OHQWRV VmR XWLOL]DGRV QRV FDVRV HP TXH D iJXD EUXWD
DSUHVHQWD SRXFD WXUELGH] H EDL[D FRU iJXDV GR WLSR % RX TXH VH
HQTXDGUHPQHVVHWLSRDSyVSUpWUDWDPHQWRQmRH[LJLQGRWUDWDPHQWR
TXtPLFRFRDJXODomRVHGLPHQWDomR$FDPDGDILOWUDQWHpFRQVWLWXtGD
GHDUHLDILQDHDYHORFLGDGHTXHDiJXDDWUDYHVVDDFDPDGDILOWUDQWH
pUHODWLYDPHQWHEDL[D
2V ILOWURV UiSLGRV GLIHUHP GRV ILOWURV OHQWRV QmR Vy SHOD
YHORFLGDGHGHILOWUDomRPDVSHODVXDFRQVWUXomRHPRGRGHRSHUDomR
*DEDULWR(UUDGD
$V FDUDFWHUtVWLFDV TXtPLFDV H D WHPSHUDWXUD GD iJXD

QmR LQIOXHQFLDP D HILFLrQFLD GR SURFHVVR GH WUDWDPHQWR GD
iJXDSRUGHVLQIHFomR
'HDFRUGRFRP)LOOLSR,0(
$V FDUDFWHUtVWLFDV TXtPLFDV GD iJXD VH WUDGX]HP HP S+

DOFDOLQLGDGHDFLGH]GXUH]DIHUURHPDQJDQrVLRGRHIO~RUQLWUDWRV
11068869682
R[LJrQLRGLVVROYLGRHPLFURSROXHQWHVLQRUJkQLFRV
2S+LQGLFDRSRWHQFLDOGHtRQVKLGURJrQLR+$IDL[DGHS+YDL
GHDHLQGLFDDFRQGLomRGHDFLGH]QHXWUDOLGDGHRXDOFDOLQLGDGH
GD iJXD $ iJXD FRP S+ EDL[R SRGH FDXVDU FRUURVLYLGDGH H
DJUHVVLYLGDGH QDV iJXDV GH DEDVWHFLPHQWR H FRP S+ DOWR WHP D
SRVVLELOLGDGH GH SURYRFDU LQFUXVWDo}HV QDV WXEXODo}HV GH
DEDVWHFLPHQWR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϯĚĞϲϱ


$ $OFDOLQLGDGH p XPD PHGLomR GD FDSDFLGDGH GD iJXD GH
QHXWUDOL]DU RV iFLGRV HP GHFRUUrQFLD GD SUHVHQoD GH ELFDUERQDWRV
FDUERQDWRVHKLGUy[LGRVTXDVHVHPSUHDOFDOLQRVRXDOFDOLQRVWHUURVRV
VyGLR SRWiVVLR FiOFLR PDJQpVLR HWF $ GLVWULEXLomR HQWUH DV WUrV
IRUPDVQDiJXDpIXQomRGRS+(PHOHYDGDVFRQFHQWUDo}HVFRQIHUH
XP JRVWR DPDUJR SDUD D iJXD e FDXVDGD SHOD GLVVROXomRGH URFKDV
PLQHUDLVUHDomRGR&2FRPDiJXDHHIOXHQWHVLQGXVWULDLV
$ $FLGH] RX $JUHVVLYLGDGH p XPD FDUDFWHUtVWLFD FDXVDGD

SULQFLSDOPHQWHSHODSUHVHQoDHPVROXomRGHR[LJrQLRJiVFDUE{QLFR
HJiVVXOItGULFRSRGHQGRFDXVDUFRUURVmRHPWXEXODo}HVHPDWHULDLV
$ 'XUH]D p XPD FDUDFWHUtVWLFD FRQIHULGD j iJXD SHOD SUHVHQoD

GHVDLVDOFDOLQRVWHUURVRVFiOFLRPDJQpVLRHWFHDOJXQVPHWDLVGH
PHQRULQWHQVLGDGH&DUDFWHUL]DVHSHODH[WLQomR GDHVSXPDIRUPDGD
SHOR VDEmR R TXH GLILFXOWD R EDQKR H D ODYDJHP GH XWHQVtOLRV
GRPpVWLFRV H URXSDV FULDQGR SUREOHPDV KLJLrQLFRV 2ULJLQDVH GD
GLVVROXomR GH URFKDV PLQHUDLV FDOFiUHDV JLSVLWD H GRORPLWD H
HIOXHQWHV LQGXVWULDLV $V iJXDV GXUDV SULQFLSDOPHQWH HP
WHPSHUDWXUDV HOHYDGDV SRGHP LQFUXVWDU DV WXEXODo}HV GHYLGR DV
SUHFLSLWDomR GH FiWLRQ &D H 0J TXH UHDJHP FRP RV kQLRQV QD
iJXDIRUPDQGRRVSUHFLSLWDGRV
4XDQWR DR )HUUR H DR 0DQJDQrV QD DXVrQFLD GH R[LJrQLR

GLVVROYLGR iJXD VXEWHUUkQHD R IHUUR H R PDQJDQrV VH DSUHVHQWDP
11068869682
QDIRUPDVRO~YHO)HH0Q4XDQGRH[SRVWDVDRDUDWPRVIpULFRR

IHUUR H R PDQJDQrV YROWDP D VH R[LGDU jV VXDV IRUPDV LQVRO~YHLV
)H H 0Q R TXH SRGH FDXVDU FRU QD iJXD DOpP GH PDQFKDU
URXSDVGXUDQWHDODYDJHP
2,RGRHR)O~RUVmRVXEVWkQFLDVTXHSUHVHQWHVQDiJXDGHQWUR
GHGHWHUPLQDGRVOLPLWHVGHFRQFHQWUDomRDSUHVHQWDPEHQHItFLRVSDUD
D VD~GH KXPDQD 2V LRGHWRV VmR QHFHVViULRV SDUD D SUHYHQomR GR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϰĚĞϲϱ


EyFLR HQGrPLFR 2V IOXRUHWRV VmR QHFHVViULRV SDUD D SUHYHQomR GD
FiULH GHQWiULD SRUpP HP FRQFHQWUDomR H[FHVVLYD SRGHP FDXVDU D
IOXRURVHGHQWDOQDVFULDQoDV
2V QLWUDWRV SUHVHQWHV QD iJXD HP JUDQGHV TXDQWLGDGHV

SURYRFDP HP FULDQoDV R HVWDGR PyUELGR GHQRPLQDGR GH FLDQRVH
WDPEpP FRQKHFLGD FRPR VtQGURPH GR EHEr D]XO (P XP FRUSR
G¶iJXD D GHWHUPLQDomR GD IRUPD SUHGRPLQDQWH GR QLWURJrQLR
QLWURJrQLR RUJkQLFR ± DP{QLD ± QLWULWR 12 H QLWUDWR 12 SRGH
IRUQHFHU LQIRUPDo}HV VREUH R HVWiJLR GD SROXLomR 2 QLWURJrQLR QD
IRUPDRUJkQLFDRXGHDP{QLDHVWiDVVRFLDGDDXPDSROXLomRUHFHQWH
HQTXDQWR TXH D IRUPD GH QLWUDWR LQGLFD XPD SROXLomR PDLV UHPRWD
2ULJLQDPVH GRV GHVSHMRV GRPpVWLFRV LQGXVWULDLV H[FUHPHQWRV GH
DQLPDLVHIHUWLOL]DQWHV
2 R[LJrQLR GLVVROYLGR 2' p GH HVVHQFLDO LPSRUWkQFLD SDUD RV

RUJDQLVPRVDHUyELRVTXHYLYHPQDSUHVHQoDGHR[LJrQLR'XUDQWHD
HVWDELOL]DomRGDPDWpULDRUJkQLFDDVEDFWpULDVID]HPXVRGRR[LJrQLR
QRVVHXVSURFHVVRVUHVSLUDWyULRVSRGHQGRYLUDFDXVDUXPDUHGXomR
GD VXD FRQFHQWUDomR QR PHLR 'HSHQGHQGR GD PDJQLWXGH GHVWH
IHQ{PHQRSRGHPYLUDPRUUHUGLYHUVRVVHUHVDTXiWLFRVLQFOXVLYHRV
SHL[HV &DVR R R[LJrQLR VHMD WRWDOPHQWH FRQVXPLGR WHPVH DV
FRQGLo}HV DQDHUyELDV DXVrQFLD GH R[LJrQLR FRP JHUDomR GH PDXV
RGRUHV 2 R[LJrQLR GLVVROYLGR p R SULQFLSDO SDUkPHWUR GH
11068869682
FDUDFWHUL]DomR GRV HIHLWRV GD SROXLomR GDV iJXDV SRU GHVSHMRV GH
PDWpULDRUJkQLFD
&RP UHODomR DRV PLFURSROXHQWH LQRUJkQLFRV HP JUDQGH SDUWH

VmR Wy[LFRV (QWUH HOHV RV PHWDLV SHVDGRV FRPR R DUVrQLR FiGPLR
FURPRFKXPERPHUF~ULRHSUDWD*HUDOPHQWHFRQVWLWXHPRSURGXWR
GH ODQoDPHQWRV LQGXVWULDLV SROXLGRUHV RX GH DWLYLGDGHV KXPDQDV
JDULPSRSRUH[HPSORQRFDVRGRPHUF~ULR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϱĚĞϲϱ


4XDQWR j HILFLrQFLD GD GHVLQIHFomR HP IXQomR GDV
FDUDFWHUtVWLFDV TXtPLFDV GD iJXD GH XP PRGR JHUDO QDV (7$V
EUDVLOHLUDVRFORURGHVLQIHWDQWHHVWiVREDIRUPDGHiFLGRKLSRFORURVR
H tRQ KLSRFORULWR 2 iFLGR KLSRFORURVR p PDLV HILFLHQWH TXH R tRQ
KLSRFORULWR FRPR DJHQWH EDFWHULFLGD (P GHWHUPLQDGDV FRQGLo}HV R
tRQKLSRFORULWRpDSHQDVFHUFDGHWmREDFWHULFLGDTXDQWRRiFLGR
KLSRFORURVR4XDQWRPDLVEDL[RRS+GDiJXDPDLRUDFRQFHQWUDomR
GHiFLGRKLSRFORURVRTXHGHVLQIHWDPHOKRUTXHRtRQKLSRFORULWR
$ WHPSHUDWXUD GD iJXD LQIOXHQFLD QD YHORFLGDGH GH UHDomR GRV

DJHQWHVGHVLQIHWDQWHVFRPRXWUDVVXEVWkQFLDVGDiJXD
*DEDULWR(UUDGD

±&*8±(6$)6DEHQGRVHTXHDTXDOLGDGHGH
XPD iJXD p GHILQLGD SRU VXD FRPSRVLomR TXtPLFD ItVLFD H
EDFWHULROyJLFDpFRUUHWRDILUPDUTXH
DDVDQiOLVHVTXtPLFDVGHGHWHUPLQDomRGHFORUHWRVQLWULWRV
HQLWUDWRVEHPFRPRRWHRU GHR[LJrQLRGLVVROYLGRSHUPLWHP
DYDOLDURJUDXGHSROXLomRGHXPDIRQWHGHiJXD
'HDFRUGRFRP)LOOLSR,0(
2V QLWUDWRV SUHVHQWHV QD iJXD HP JUDQGHV TXDQWLGDGHV

11068869682
SURYRFDP HP FULDQoDV R HVWDGR PyUELGR GHQRPLQDGR GH FLDQRVH

WDPEpP FRQKHFLGD FRPR VtQGURPH GR EHEr D]XO (P XP FRUSR
G¶iJXD D GHWHUPLQDomR GD IRUPD SUHGRPLQDQWH GR QLWURJrQLR
QLWURJrQLR RUJkQLFR ± DP{QLD ± QLWULWR 12 H QLWUDWR 12
SRGH IRUQHFHU LQIRUPDo}HV VREUH R HVWiJLR GD SROXLomR 2
QLWURJrQLR QD IRUPD RUJkQLFD RX GH DP{QLD HVWi DVVRFLDGD D XPD
SROXLomRUHFHQWHHQTXDQWRTXHDIRUPDGHQLWUDWRLQGLFDXPDSROXLomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϲĚĞϲϱ


PDLV UHPRWD 6mR RULJLQDGRV DWUDYpV GRV GHVSHMRV GRPpVWLFRV
LQGXVWULDLVH[FUHPHQWRVGHDQLPDLVHIHUWLOL]DQWHV
2 R[LJrQLR GLVVROYLGR p R SULQFLSDO SDUkPHWUR GH

FDUDFWHUL]DomRGRVHIHLWRVGDSROXLomRGDViJXDVSRUGHVSHMRV
GHPDWpULDRUJkQLFD
*DEDULWR&RUUHWD
E RV SULQFLSDLV H[DPHV ItVLFRV VmR FRU WXUELGH] S+ VDERU

RGRUHDOFDOLQLGDGH
$VSULQFLSDLVFDUDFWHUtVWLFDVItVLFDVGDViJXDVVmRFRUWXUELGH]
VDERU RGRU H WHPSHUDWXUD -i RV SDUkPHWURV TXtPLFRV VmR S+
DOFDOLQLGDGH DFLGH] RX DJUHVVLYLGDGH GXUH]D IHUUR H PDQJDQrV
LRGR H IO~RU QLWUDWRV R[LJrQLR GLVVROYLGR H PLFURSROXHQWHV
LQRUJkQLFRV
*DEDULWR(UUDGD
F D DFLGH] p XPD GDV GHWHUPLQDo}HV PDLV LPSRUWDQWHV QR

FRQWUROH GD iJXD HVWDQGR UHODFLRQDGD FRP D FRDJXODomR
UHGXomRGHGXUH]DHSUHYHQomRGHFRUURVmRQDVWXEXODo}HVGH
IHUURIXQGLGRGDUHGHGHGLVWULEXLomR
$ DFLGH] p XPD FDUDFWHUtVWLFD FDXVDGD SULQFLSDOPHQWH SHOD

SUHVHQoD HP VROXomR GH R[LJrQLR JiV FDUE{QLFR H JiV VXOItGULFR e
11068869682
UHVSRQViYHOSHODFRUURVmRGHWXEXODo}HVHPDWHULDLV
*DEDULWR(UUDGD
G DV FDUDFWHUtVWLFDV ELROyJLFDV GDV iJXDV VmR GHWHUPLQDGDV

SRU PHLR GH H[DPHV EDFWHULROyJLFRV FRPR D FRQWDJHP GR
Q~PHURWRWDOGHEDFWpULDVHDSHVTXLVDGHFROLIRUPHVVHQGRD
SULPHLUDGHPDLRULQWHUHVVH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϳĚĞϲϱ


$ GHWHUPLQDomR GR LQGLFDGRU GH FROLIRUPHV VH ID] SRU WpFQLFD
EHP HVWDEHOHFLGD TXH R H[SUHVVD HP Q~PHUR PDLV SURYiYHO 103
GHFROLIRUPHVSRUPOGHDPRVWUDGHiJXD$OpPGRLQGLFDGRUGH
FRQWDPLQDomR IHFDO VmR UHDOL]DGRV H[DPHV KLGURELROyJLFRV SDUD
GHWHUPLQDomR GH PLFURRUJDQLVPRV FRPR DOJDV EDFWpULDV
SURWR]RiULRVYHUPHVODUYDVGHLQVHWRHHWF
3RUWDQWRpRFRQWUiULRUHDOL]DVHDFRQWDJHPGHFROLIRUPHVHD
SHVTXLVDEDFWHULROyJLFD
*DEDULWR(UUDGD
H FRP UHODomR DR H[DPH ItVLFR GH S+ DV FRQGLo}HV iFLGDV
DXPHQWDP GH DWLYLGDGH j PHGLGD TXH R S+ FUHVFH H DV
FRQGLo}HVDOFDOLQDVVHDSUHVHQWDPDS+EDL[RV
2S+LQGLFDRSRWHQFLDOGHtRQVKLGURJrQLR+
$ IDL[D GH S+ YDL GH D ,QGLFD D FRQGLomR GH DFLGH]
QHXWUDOLGDGHRXDOFDOLQLGDGHGDiJXD
2S+EDL[RUHVXOWDHPFRUURVLYLGDGHHDJUHVVLYLGDGHQDViJXDV
GHDEDVWHFLPHQWRiJXDiFLGD
2S+DOWRUHVXOWDQDSRVVLELOLGDGHGHLQFUXVWDo}HVQDViJXDVGH
DEDVWHFLPHQWRiJXDDOFDOLQD
11068869682
*DEDULWR(UUDGD
*DEDULWR$

032* &HVSH 1R WUDWDPHQWR TXtPLFR GD
iJXD R SURGXWR TXtPLFR FRPXPHQWH HPSUHJDGR QD
FRDJXODomR p R VXOIDWR GH DOXPtQLR SRGHQGR WDPEpP VHU
HPSUHJDGRVRVXOIDWRIpUULFRHRDOXPLQDWRGHVyGLR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϴĚĞϲϱ


$V SDUWtFXODV DJUHJDPVH FRQVWLWXLQGR IRUPDo}HV JHODWLQRVDV

LQFRQVLVWHQWHV GHQRPLQDGDV IORFRV 2V IORFRV LQLFLDLV VmR IRUPDGRV
UDSLGDPHQWHHDHOHVDGHUHPDVSDUWtFXODV
2VUHDJHQWHVHPJHUDOHPSUHJDGRVVmR
D FRDJXODQWHV FRPSRVWRV GH HOHPHQWRV TXH SURGX]HP

KLGUy[LGRVJHODWLQRVRVFRPRVXOIDWRVGHDOXPtQLRPDLVFRPXQV±
EDL[RFXVWRHIiFLOREWHQomRHGHIHUUR
E iOFDOLV SDUD SURYHU H PDQWHU D DOFDOLQLGDGH QHFHVViULD DR

SURFHVVR KLGUy[LGR GH FiOFLR H FDUERQDWR GH VyGLR VHPSUH TXH
QHFHVViULRV
6HJXH XPD WDEHOD FRP RV SURGXWRV TXtPLFRV XWLOL]DGRV QR

SURFHVVRGHWUDWDPHQWRGHiJXD
11068869682

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϵĚĞϲϱ

)RQWHKWWSZZZVQDWXUDOFRPEU3URGXWRV4XLPLFRVWUDWDPHQWRDJXDKWPO!
*DEDULWR&RUUHWD

038 &HVSH 1D GHVLQIHFomR GD iJXD
XWLOL]DVH DJHQWH ItVLFR RX TXtPLFR FXMD ILQDOLGDGH p D
GHVWUXLomR GH PLFURUJDQLVPRV SDWRJrQLFRV TXH SRVVDP
WUDQVPLWLU GRHQoDV 6mR DJHQWHV GHVLQIHWDQWHV R FORUR R
R]{QLRDOX]XOWUDYLROHWDRVtRQVGHSUDWDHRIO~RU
11068869682
)RQWHKWWSZZZFDHVEGIJRYEUBFRQWHXGRSURGXWRV6HUYLFRVWUDWDPHQWR$JXDDVS!
3DUDHIHWXDUDGHVLQIHFomRGHiJXDVGHDEDVWHFLPHQWRXWLOL]DVH
XP DJHQWH ItVLFR RX TXtPLFR GHVLQIHWDQWH FXMD ILQDOLGDGH p D
GHVWUXLomR GH PLFURUJDQLVPRV SDWRJrQLFRV TXH SRVVDP WUDQVPLWLU
GRHQoDVDWUDYpVGDVPHVPDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϬĚĞϲϱ


1RUPDOPHQWH VmR XWLOL]DGRV HP DEDVWHFLPHQWR S~EOLFR RV
VHJXLQWHV DJHQWHV GHVLQIHFWDQWHV HP RUGHP GH IUHTXrQFLD FORUR
R]{QLROX]XOWUDYLROHWDHtRQVGHSUDWD
$ IOXRUHWDomR GD iJXD GH DEDVWHFLPHQWR S~EOLFR p HIHWXDGD

DWUDYpVGHFRPSRVWRVjEDVHGH IO~RU$DSOLFDomRGHVWHVFRPSRVWRV
QD iJXD GH DEDVWHFLPHQWR S~EOLFR FRQWULEXL SDUD D UHGXomR GD
LQFLGrQFLD GH FiULH GHQWiULD HP DWp VH DV FULDQoDV LQJHULUHP
GHVGHRVHXQDVFLPHQWRTXDQWLGDGHVDGHTXDGDVGHtRQIOXRUHWR
3RUWDQWRRHUURGDTXHVWmRHVWiHPLQFOXLURIO~RUFRPRDJHQWH
GHVLQIHWDQWH
*DEDULWR(UUDGD
48(67®(6$35(6(17$'$61(66$$8/$

GRVIDWRUHVDEDL[RH[FHWR
11068869682

WUDQVSRUWH


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϭĚĞϲϱ


&() &HVSH $ IORFXODomR p XPD HWDSD GR
SURFHVVRGHWUDWDPHQWRGHiJXDQRTXDODiJXDVHPRYLPHQWD
QRV WDQTXHV ID]HQGR TXH RV IORFRV VH PLVWXUHP H JDQKHP
SHVR YROXPH H FRQVLVWrQFLD SDUD TXH QD SUy[LPD HWDSD
GHQRPLQDGDGHFDQWDomRHVVHVIORFRVMiIRUPDGRVVHVHSDUHP
GDiJXDVHVHGLPHQWHPQRIXQGRGRVWDQTXHVHDiJXDOLPSD
ILTXHQDVXSHUItFLH

038 &HVSH )ORFXODomR GHFDQWDomR H
ILOWUDomR VmR HWDSDV GR WUDWDPHQWR GH iJXD QHFHVViULDV H
VXILFLHQWHVSDUDDJDUDQWLDGDVXDSRWDELOLGDGH

GRVIDWRUHVDEDL[RH[FHWR

WUDQVSRUWH
11068869682

3) &HVSH -XOJXH RV LWHQV VHJXLQWHV UHODWLYRV D

WUDWDPHQWRGHiJXD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϮĚĞϲϱ


2SURFHVVRGHWUDWDPHQWRGDiJXDSRUILOWUDomRItVLFD
UHPRYH WRWDOPHQWH DV EDFWpULDV SUHVHQWHV QD iJXD SRGHQGR
VHFRPLVVRSUHVFLQGLUGDFORUDomRGDiJXD

$DUHLDHDWHUUDGLDWRPiFHDVmRPDWHULDLVTXHSRGHP
VHUXWLOL]DGRVHPILOWURVSDUDWUDWDPHQWRGDiJXD

$ FRDJXODomR p XP SURFHVVR TXtPLFR GH SUp
WUDWDPHQWR GD iJXD HPSUHJDGR SDUD D UHPRomR GH
VXEVWkQFLDV QR HVWDGR FRORLGDO SURGXWRUDV GH WXUELGH] H GH
PDWHULDLVILQDPHQWHGLYLGLGRVHPVXVSHQVmRTXHUHVXOWDPGD
GHFRPSRVLomR GH YHJHWDLV RX GH GHVSHMRV LQGXVWULDLV
WUDoDGRUHV

$ IORFXODomR p XP WUDWDPHQWR HP TXH D DGLomR GH
VXEVWkQFLDVTXtPLFDVjiJXDSURYRFDDUHWHQomRGHVyOLGRVHP
VXVSHQVmRHPILOWURVOHQWRV

$V FDUDFWHUtVWLFDV TXtPLFDV H D WHPSHUDWXUD GD iJXD
QmR LQIOXHQFLDP D HILFLrQFLD GR SURFHVVR GH WUDWDPHQWR GD
iJXDSRUGHVLQIHFomR

±&*8±(6$)6DEHQGRVHTXHDTXDOLGDGHGH
11068869682
XPD iJXD p GHILQLGD SRU VXD FRPSRVLomR TXtPLFD ItVLFD H

EDFWHULROyJLFDpFRUUHWRDILUPDUTXH
DDVDQiOLVHVTXtPLFDVGHGHWHUPLQDomRGHFORUHWRVQLWULWRV
HQLWUDWRVEHPFRPRRWHRU GHR[LJrQLRGLVVROYLGRSHUPLWHP
DYDOLDURJUDXGHSROXLomRGHXPDIRQWHGHiJXD
E RV SULQFLSDLV H[DPHV ItVLFRV VmR FRU WXUELGH] S+ VDERU

RGRUHDOFDOLQLGDGH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϯĚĞϲϱ


F D DFLGH] p XPD GDV GHWHUPLQDo}HV PDLV LPSRUWDQWHV QR
FRQWUROH GD iJXD HVWDQGR UHODFLRQDGD FRP D FRDJXODomR
UHGXomRGHGXUH]DHSUHYHQomRGHFRUURVmRQDVWXEXODo}HVGH
IHUURIXQGLGRGDUHGHGHGLVWULEXLomR
G DV FDUDFWHUtVWLFDV ELROyJLFDV GDV iJXDV VmR GHWHUPLQDGDV

SRU PHLR GH H[DPHV EDFWHULROyJLFRV FRPR D FRQWDJHP GR
Q~PHURWRWDOGHEDFWpULDVHDSHVTXLVDGHFROLIRUPHVVHQGRD
SULPHLUDGHPDLRULQWHUHVVH
H FRP UHODomR DR H[DPH ItVLFR GH S+ DV FRQGLo}HV iFLGDV
DXPHQWDP GH DWLYLGDGH j PHGLGD TXH R S+ FUHVFH H DV
FRQGLo}HVDOFDOLQDVVHDSUHVHQWDPDS+EDL[RV

032* &HVSH 1R WUDWDPHQWR TXtPLFR GD
iJXD R SURGXWR TXtPLFR FRPXPHQWH HPSUHJDGR QD
FRDJXODomR p R VXOIDWR GH DOXPtQLR SRGHQGR WDPEpP VHU
HPSUHJDGRVRVXOIDWRIpUULFRHRDOXPLQDWRGHVyGLR

038 &HVSH 1D GHVLQIHFomR GD iJXD
XWLOL]DVH DJHQWH ItVLFR RX TXtPLFR FXMD ILQDOLGDGH p D
GHVWUXLomR GH PLFURUJDQLVPRV SDWRJrQLFRV TXH SRVVDP
WUDQVPLWLU GRHQoDV 6mR DJHQWHV GHVLQIHWDQWHV R FORUR R
R]{QLRDOX]XOWUDYLROHWDRVtRQVGHSUDWDHRIO~RU
11068869682

*$%$5,72
( $QXODGD (UUDGD (
(UUDGD
(UUDGD &RUUHWD &RUUHWD
(UUDGD
(UUDGD $ &RUUHWD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϰĚĞϲϱ


±5()(5Ç1&,$6%,%/,2*5È),&$6

$]HYHGR 1HWWR-RVp 0DUWLQLDQR GH 0DQXDO GH +LGUiXOLFD 6mR
3DXOR(GJDUG%XFKHU

)LOLSSR 6DQGUR 6DQHDPHQWR %iVLFR , $SRVWLOD GR &XUVR GH
)RUWLILFDomR H &RQVWUXomR GR ,QVWLWXWR 0LOLWDU GH (QJHQKDULD ,0(

11068869682

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϱĚĞϲϱ

Aula 2

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Aula 2

Caricato da

Copyright:

Formati disponibili

Aula 02

Auditoria em Obras de Saneamento Básico p/ TCE-SC - AFCE - Cargo 5 - Engenharia

Professor: Marcus Campiteli

10. TRATAMENTO POR CONTATO 42

11. CONTROLE DA CORROSÃO 43

12. QUESTÕES COMENTADAS 43

13. QUESTÕES APRESENTADAS NESTA AULA 61

15. REFERÊNCIAS BIBLIOGRÁFICAS 11068869682

$V HVWDo}HV GH WUDWDPHQWR GH iJXD ± (7$ GHVWLQDPVH D

$V FDUDFWHUtVWLFDV TXDOLWDWLYDV H TXDQWLWDWLYDV GDV iJXDV GRV

F HFRQ{PLFDV UHGXomR GD FRUURVLYLGDGH GXUH]D FRU

$OpP GHVWDV IDVHV SULQFLSDLV WHPVH DLQGD D )OXRUHWDomR H D

$ &RUUHomR GH S+ GD iJXD WUDWDGD WDPEpP DOJXPDV YH]HV

 (VWDomR GH WUDWDPHQWR GH iJXD ± (7$ FRQMXQWR GH XQLGDGHV

 7HPSR GH IXQFLRQDPHQWR WHPSR QHFHVViULR SDUD TXH D (7$

 (WDSDV GH FRQVWUXomR DPSOLDo}HV VXFHVVLYDV TXH SRGHP VHU

 &DSDFLGDGH QRPLQDO YD]mR HP FRQGLo}HV QRUPDLV GH

 &DSDFLGDGH Pi[LPD YD]mR Pi[LPD TXH D (7$ SRGH SURGX]LU

 &DSDFLGDGH KLGUiXOLFD YD]mR Pi[LPD UHODFLRQDGD FRP R

 7D[D GH DSOLFDomR VXSHUILFLDO UHODomR HQWUH D YD]mR UHIHULGD D

'HYHP VHU FRQVLGHUDGRV RV VHJXLQWHV WLSRV GH iJXDV QDWXUDLV

D 7LSR $  iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

E 7LSR %  iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

F 7LSR &  iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

G 7LSR '  iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

ÈJXDV UHFHSWRUDV GH SURGXWRV Wy[LFRV H[FHSFLRQDOPHQWH

2 WUDWDPHQWR PtQLPR QHFHVViULR D FDGD WLSR GH iJXD p R

 GHFDQWDomR VLPSOHV SDUD iJXDV FRQWHQGR VyOLGRV

VHGLPHQWiYHLV TXDQGR SRU PHLR GHVVH SURFHVVR VXDV

 ILOWUDomR SUHFHGLGD RX QmR GH GHFDQWDomR SDUD iJXDV

G 7LSR '  WUDWDPHQWR PtQLPR GR WLSR & H WUDWDPHQWR

 ± 'LVSRVLomR GDV XQLGDGHV GH WUDWDPHQWR H GRV VLVWHPDV

$V XQLGDGHV GHYHP VHU GLVSRVWDV GH PRGR D SHUPLWLU R

4XDOTXHU XQLGDGH GH XP FRQMXQWR DJUXSDGR HP SDUDOHOR GHYH

4XDQGR H[LVWH DSHQDV XPD XQLGDGH HVWD GHYH WHU GLVSRVLWLYR

2V FHQWURV GH RSHUDo}HV GHYHP VLWXDUVH SUy[LPRV GDV

'HVWLQDPVH D UHWHU PDWHULDLV JURVVHLURV H[LVWHQWHV QDV iJXDV

F TXDQGR SHUPLWH UHGXomR GH FXVWRV GH LPSODQWDomR RX

2V SDUkPHWURV SDUD R GLPHQVLRQDPHQWR GDV XQLGDGHV GH

'HVWLQDPVH D LQWURGX]LU DU QD iJXD SDUD UHPRomR GH

*HUDOPHQWH D DHUDomR p DSOLFiYHO SDUD DV iJXDV TXH

$ H[SHULrQFLD PRVWUD TXH SRGHP VHU REWLGRV ERQV UHVXOWDGRV

E EDQGHMDV SHUIXUDGDV VREUHSRVWDV FRP RX VHP

F FDVFDWDV FRQVWLWXtGDV GH SHOR PHQRV TXDWUR

H DU FRPSULPLGR GLIXQGLGR QD iJXD FRQWLGD HP

J WRUUH GH DHUDomR IRUoDGD FRP DQpLV 5DVKLQJ RX

HQVDLRV 1mR KDYHQGR SRVVLELOLGDGH GH GHWHUPLQDU DV WD[DV GH

 R WDQTXH GHYH DSUHVHQWDU SHUtRGR GH GHWHQomR GH SHOR

 R DHUDGRU PHFkQLFR GHYH JDUDQWLU D LQWURGXomR GH SHOR

2 VLVWHPD PHFkQLFR SDUD SURGXomR GH DU FRPSULPLGR GHYH

2SHUDomR GHVWLQDGD D GLVSHUVDU SURGXWRV TXtPLFRV QD iJXD D

$ FRDJXODomR p XP SURFHVVR TXtPLFR TXH YLVD DJORPHUDU

D FRDJXODQWHV FRPSRVWRV GH HOHPHQWRV TXH SURGX]HP

E iOFDOLV SDUD SURYHU H PDQWHU D DOFDOLQLGDGH QHFHVViULD DR

$V FRQGLo}HV GH IORFXODomR SRGHP VHU PHOKRUDGDV SHOR

$ GHWHUPLQDomR GD GRVDJHP FRUUHWD GR IORFXODQWH p IHLWD

D PLVWXUD UiSLGD TXH FRQVLVWH QD DGLomR GH FRPSRVWRV

E IRUPDomR GRV IORFRV H VHX GHVHQYROYLPHQWR RX

$ 0LVWXUD 5iSLGD TXH WHP SRU ILQDOLGDGH SURPRYHU D

D 5HVVDOWRV +LGUiXOLFRV GH FDQDO UHWDQJXODU FRP PXGDQoD

$ )ORFXODomR D VHU WUDWDGD QR FDStWXOR VHJXLQWH WHP SRU

D 0HFkQLFD DWUDYpV GH SDOHWDV SDUDOHODV RX SHUSHQGLFXODUHV

 ± 'LPHQVLRQDPHQWR GH 8QLGDGHV GH 0LVWXUD 5iSLGD H GH

$V HVWDo}HV GH WUDWDPHQWR GH iJXD ± (7$ GHVWLQDPVH D

F HFRQ{PLFDV UHGXomR GD FRUURVLYLGDGH GXUH]D FRU

$OpP GHVWDV IDVHV SULQFLSDLV WHPVH DLQGD D )OXRUHWDomR H D

$ &RUUHomR GH S+ GD iJXD WUDWDGD WDPEpP DOJXPDV YH]HV

(VWDomR GH WUDWDPHQWR GH iJXD ± (7$ FRQMXQWR GH XQLGDGHV

7HPSR GH IXQFLRQDPHQWR WHPSR QHFHVViULR SDUD TXH D (7$

(WDSDV GH FRQVWUXomR DPSOLDo}HV VXFHVVLYDV TXH SRGHP VHU

&DSDFLGDGH QRPLQDO YD]mR HP FRQGLo}HV QRUPDLV GH

&DSDFLGDGH Pi[LPD YD]mR Pi[LPD TXH D (7$ SRGH SURGX]LU

&DSDFLGDGH KLGUiXOLFD YD]mR Pi[LPD UHODFLRQDGD FRP R

7D[D GH DSOLFDomR VXSHUILFLDO UHODomR HQWUH D YD]mR UHIHULGD D

D 7LSR $ iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

E 7LSR % iJXDV VXEWHUUkQHDV RX VXSHUILFLDLV

F 7LSR & iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

G 7LSR ' iJXDV VXSHUILFLDLV SURYHQLHQWHV GH EDFLDV QmR

ÈJXDV UHFHSWRUDV GH SURGXWRV Wy[LFRV H[FHSFLRQDOPHQWH

GHFDQWDomR VLPSOHV SDUD iJXDV FRQWHQGR VyOLGRV

VHGLPHQWiYHLV TXDQGR SRU PHLR GHVVH SURFHVVR VXDV

ILOWUDomR SUHFHGLGD RX QmR GH GHFDQWDomR SDUD iJXDV

G 7LSR ' WUDWDPHQWR PtQLPR GR WLSR & H WUDWDPHQWR

± 'LVSRVLomR GDV XQLGDGHV GH WUDWDPHQWR H GRV VLVWHPDV

4XDQGR H[LVWH DSHQDV XPD XQLGDGH HVWD GHYH WHU GLVSRVLWLYR

2V FHQWURV GH RSHUDo}HV GHYHP VLWXDUVH SUy[LPRV GDV

'HVWLQDPVH D UHWHU PDWHULDLV JURVVHLURV H[LVWHQWHV QDV iJXDV

'HVWLQDPVH D LQWURGX]LU DU QD iJXD SDUD UHPRomR GH

*HUDOPHQWH D DHUDomR p DSOLFiYHO SDUD DV iJXDV TXH

E EDQGHMDV SHUIXUDGDV VREUHSRVWDV FRP RX VHP

F FDVFDWDV FRQVWLWXtGDV GH SHOR PHQRV TXDWUR

J WRUUH GH DHUDomR IRUoDGD FRP DQpLV 5DVKLQJ RX

HQVDLRV 1mR KDYHQGR SRVVLELOLGDGH GH GHWHUPLQDU DV WD[DV GH

R WDQTXH GHYH DSUHVHQWDU SHUtRGR GH GHWHQomR GH SHOR

R DHUDGRU PHFkQLFR GHYH JDUDQWLU D LQWURGXomR GH SHOR

D FRDJXODQWHV FRPSRVWRV GH HOHPHQWRV TXH SURGX]HP

E iOFDOLV SDUD SURYHU H PDQWHU D DOFDOLQLGDGH QHFHVViULD DR

D PLVWXUD UiSLGD TXH FRQVLVWH QD DGLomR GH FRPSRVWRV

$ 0LVWXUD 5iSLGD TXH WHP SRU ILQDOLGDGH SURPRYHU D

$ )ORFXODomR D VHU WUDWDGD QR FDStWXOR VHJXLQWH WHP SRU

D 0HFkQLFD DWUDYpV GH SDOHWDV SDUDOHODV RX SHUSHQGLFXODUHV

± 'LPHQVLRQDPHQWR GH 8QLGDGHV GH 0LVWXUD 5iSLGD H GH

D UDGLHQWH GH 9HORFLGDGH p D GLIHUHQoD G9 HQWUH DV

$ IyUPXOD JHUDO GR UDGLHQWH +LGUiXOLFR SDUD 0LVWXUDGRUHV

* >39@

39 3RWrQFLD LQGX]LGD QR OtTXLGR SRU XQLGDGH GH YROXPH

$V FRQGLo}HV LGHDLV HP WHUPRV GH JUDGLHQWH GH YHORFLGDGH

* HQWUH V SULPHLUR FRPSDUWLPHQWR H V ~OWLPR

)ORFXODGRUHV +LGUiXOLFRV 7HPSR GH GHWHQomR WRWDO 7 HQWUH

3DUD HIHWXDU D PLVWXUD UiSLGD FRP PDLV HILFLrQFLD R IORFXODQWH

&RQIRUPH YLPRV QR FDStWXOR DQWHULRU GHSHQGHQGR GR SRUWH GD

1mR VHQGR UHDOL]DGRV HQVDLRV GHYH VHU SUHYLVWR JUDGLHQWH GH

3DUD GHILQLomR GR ORFDO FRQYHQLHQWH GDV DEHUWXUDV GH PRGR D

1RV IORFXODGRUHV KLGUiXOLFRV D DJLWDomR GHYH VHU REWLGD SRU

2 HVSDoDPHQWR PtQLPR HQWUH FKLFDQDV GHYH VHU GH P

2 WLSR PDLV HPSUHJDGR QR %UDVLO p R )ORFXODGRU GH &KLFDQDV

&DEH UHOHPEUDU DV SUHVFULo}HV GD QRUPD 1%5 SDUD

9HORFLGDGH GHQWUR GRV FDQDLV PtQLPD GH PV SDUD

2 HVSDoDPHQWR PtQLPR HQWUH FKLFDQDV GHYH VHU GH P

)yUPXOD GR UDGLHQWH +LGUiXOLFR SDUD )ORFXODGRUHV

* >JKYW@

(VVDV SDUWtFXODV VHQGR PDLV SHVDGDV TXH D iJXD WHQGHUmR D

$XPHQWDQGRVH RX GLPLQXLQGRVH D YHORFLGDGH GH HVFRDPHQWR

1D WpFQLFD GH SXULILFDomR GDV iJXDV GH DEDVWHFLPHQWR

E UHPRomR GH SDUWtFXODV VHGLPHQWiYHLV ILQDV VHP FRDJXODomR

D GHFDQWDGRUHV GH HVFRDPHQWR KRUL]RQWDO RQGH D iJXD

E GHFDQWDGRUHV GH HVFRDPHQWR YHUWLFDO QRV TXDLV D iJXD

2 WLSR PDLV XWLOL]DGR p R GH VHomR UHWDQJXODU HP SODQWD

3DUD DVVHJXUDU R DGHTXDGR GHVHPSHQKR GR GHFDQWDGRU QmR p

(P DOJXPDV VLWXDo}HV HP TXH VH ID] QHFHVViULR DPSOLDU D

2 DGHTXDGR IXQFLRQDPHQWR GRV PyGXORV WXEXODUHV GHSHQGH

D HVWDo}HV FRP FDSDFLGDGH LQIHULRU D PGLD HP

(P GHFDQWDGRUHV FRQYHQFLRQDLV R IDWRU GH iUHD p LJXDO j

$ YHORFLGDGH GH VHGLPHQWDomR GHWHUPLQDGD SRU PHLR GH

F HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD .

1mR VHQGR SRVVtYHO SURFHGHU D HQVDLRV GH ODERUDWyULR DV

F HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD

E HP HVWDo}HV FRP FDSDFLGDGH VXSHULRU D PGLD HP

(P GHFDQWDGRUHV GH HOHPHQWRV WXEXODUHV D YHORFLGDGH

G D$+

1mR VHQGR SRVVtYHO SURFHGHU D HQVDLRV GH ODERUDWyULR D YD]mR

D VHU SURYLGR GH GHVFDUJD GH IXQGR GLPHQVLRQDGD SDUD

E D GHVFDUJD GR GHFDQWDGRU GHYH VLWXDUVH SUHIHUHQFLDOPHQWH