$13/HJLVODomR

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJIROGHUBSRUWDULDVBDQSSRUWDULDVBDQSBWHFQRYHPEURSDQS[PO"I WHPSODWHVIQ GRFXPH

$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6

3257$5,$$131'('28

(VWDEHOHFHDUHJXODPHQWDomRSDUDDFRQVWUXomRDDPSOLDomRHDRSHUDomRGHLQVWDODo}HVGHWUDQVSRUWHRXGHWUDQVIHUrQFLDGHSHWUyOHRVHXVGHULYDGRVJiVQDWXUDOLQFOXVLYHOLTHIHLWRELRGLHVHOHPLVWXUDVyOHRGLHVHOELRGLHVHO

1RWD2 ',5(725*(5$/ GD $*1&,$ 1$&,21$/ '2 3(75/(2 $13 QR XVR GDV VXDV DWULEXLo}HV

OHJDLVFRQVLGHUDQGRRGLVSRVWRQRVDUWLJRVHGD/HLQGHGHDJRVWRGHHWHQGRHPYLVWDD5HVROXomRGH'LUHWRULD5'QGHGHQRYHPEURGHWRUQDS~EOLFRRVHJXLQWHDWR

$UW $ FRQVWUXomR D DPSOLDomR H D RSHUDomR GH LQVWDODo}HV GH WUDQVSRUWH RX GH WUDQVIHUrQFLD GH

SHWUyOHR VHXV GHULYDGRV H JiV QDWXUDO LQFOXVLYH OLTHIHLWR *1/ ELRGLHVHO H PLVWXUDV yOHR GLHVHOELRGLHVHOGHSHQGHPGHSUpYLDHH[SUHVVDDXWRUL]DomRGD$131RWD

&RQVLGHUDPVHLQVWDODo}HVGHWUDQVSRUWHRXGHWUDQVIHUrQFLD,'XWRV,,7HUPLQDLVWHUUHVWUHVPDUtWLPRVIOXYLDLVRXODFXVWUHV,,,8QLGDGHVGHOLTHIDomRGHJiVQDWXUDOHGHUHJDVHLILFDomRGH*1/ $V PHQFLRQDGDV LQVWDODo}HV LQFOXHP RV VLVWHPDV LQGLVSHQViYHLV j RSHUDomR GDV PHVPDV WDLV

FRPRHVWDo}HVGHERPEHDPHQWRRXFRPSUHVVmRWDQTXHVGHDUPD]HQDJHPHVLVWHPDVGHFRQWUROH6RPHQWHSRGHUmRVROLFLWDUDXWRUL]DomRj$13HPSUHVDVRXFRQVyUFLRGHHPSUHVDVTXHDWHQGDPDV

GLVSRVLo}HVGRDUWGD/HLGHGHDJRVWRGH2VGXWRVGHWUDQVIHUrQFLDLQWHUQRVDXPDSODQWDLQGXVWULDOQmRHVWmRVXMHLWRVjSUHVHQWH3RUWDULD$UW$DXWRUL]DomRPHQFLRQDGDQRDUWVHUiFRQFHGLGDSHOD$13HPGXDVHWDSDV,$XWRUL]DomRGH&RQVWUXomR$&,,$XWRUL]DomRGH2SHUDomR$2$UW 2 SHGLGR GD $XWRUL]DomR GH &RQVWUXomR $& VHUi HQFDPLQKDGR j $13 LQVWUXtGR FRP DV

VHJXLQWHVLQIRUPDo}HV,$WRFRQVWLWXWLYRHVWDWXWRRXFRQWUDWRVRFLDOHPYLJRUGHYLGDPHQWHUHJLVWUDGRQD-XQWD&RPHUFLDOHP

VH WUDWDQGRGH VRFLHGDGHV FRPHUFLDLV H QR FDVRGH VRFLHGDGHVSRU Do}HV DFRPSDQKDGRGHGRFXPHQWRVGHHOHLomRGHVHXVDGPLQLVWUDGRUHVRXGLUHWRUHV

,,&RPSURYDomRGHLQVFULomRQDV)D]HQGDV)HGHUDOH(VWDGXDO,,, 6XPiULR GR SURMHWR GD LQVWDODomR DSUHVHQWDQGR R VHUYLoR SUHWHQGLGR DV FDSDFLGDGHV GH

PRYLPHQWDomR H DUPD]HQDJHP GLVFULPLQDGDV SDUD FDGD HWDSD GH LPSODQWDomR GR SURMHWR DOpP GH GDGRVWpFQLFRVEiVLFRVSHUWLQHQWHVDFDGDWLSRGHLQVWDODomR

,93ODQWDRXHVTXHPDSUHOLPLQDUGDVLQVWDODo}HV9&URQRJUDPDItVLFRILQDQFHLURGHLPSODQWDomRGRHPSUHHQGLPHQWR9,/LFHQoDGH,QVWDODomR/,H[SHGLGDSHORyUJmRDPELHQWDOFRPSHWHQWH$UW$$13DQDOLVDUiDGRFXPHQWDomRDSUHVHQWDGDSHODHPSUHVDVROLFLWDQWHQRSUD]RPi[LPRGH

QRYHQWDGLDVFRQWDGRVGDGDWDGHVXDHQWUHJD3DUiJUDIR ~QLFR $ $13 SRGHUi VROLFLWDU j LQWHUHVVDGD LQIRUPDo}HV DGLFLRQDLV H QHVWH FDVR R SUD]R

PHQFLRQDGRQRFDSXWGRSUHVHQWHDUWLJRSDVVDDVHUFRQWDGRGDGDWDGHHQWUHJDGHVWDVLQIRUPDo}HV$UW $$13SXEOLFDUi QR'LiULR2ILFLDO GD8QLmR '28 XP VXPiULR GR SURMHWR SUHWHQGLGR SDUD R

RIHUHFLPHQWRGHFRPHQWiULRVHVXJHVW}HVSRUXPSUD]RGHWULQWDGLDV3DUiJUDIR ~QLFR 2V GXWRV GH WUDQVIHUrQFLD UHVWULWRV D iUHDV LQGXVWULDLV QmR HVWmR VXMHLWRV DR SUHVHQWH

DUWLJR$UW &DVR D$13 FODVVLILTXH DV LQVWDODo}HV FRPR GH WUDQVSRUWH SDUD JiV QDWXUDO D DXWRUL]DomR Vy

VHUi FRQFHGLGD D SHVVRD MXUtGLFD FXMR REMHWR VRFLDO FRQWHPSOH H[FOXVLYDPHQWH D DWLYLGDGH GH FRQVWUXomR HRSHUDomRGHLQVWDODo}HVGHWUDQVSRUWH

GuilhermeRealce

GuilhermeRealce

$13/HJLVODomR

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJIROGHUBSRUWDULDVBDQSSRUWDULDVBDQSBWHFQRYHPEURSDQS[PO"I WHPSODWHVIQ GRFXPH

3DUiJUDIR~QLFR&DVRDHPSUHVDSDUWLFLSHGRFDSLWDOVRFLDOGHRXWUDVHPSUHVDVDWXDQWHVQDLQG~VWULDGRJiVQDWXUDOLQFOXVLYHQDDWLYLGDGHGHGLVWULEXLomRRXHVWDVSDUWLFLSHPGRFDSLWDOVRFLDOGDTXHODWDOSDUWLFLSDomRVRFLHWiULDGHYHUiVHUFRPSURYDGDFRPRVGRFXPHQWRVSHUWLQHQWHV

$UW$$13DVHXFULWpULRSRGHUiH[LJLUTXHDHPSUHVDVROLFLWDQWHDVVLQHXP7HUPRGH&RPSURPLVVRDQWHULRUPHQWHjFRQFHVVmRGD$XWRUL]DomRGH&RQVWUXomR$&

$UW2FRUUHQGRDWUDVRVQRFURQRJUDPDDSUHVHQWDGRHVWHVGHYHUmRVHUFRPXQLFDGRVLPHGLDWDPHQWHj$13FRPDVGHYLGDVMXVWLILFDWLYDV

3DUiJUDIR ~QLFR$$13DQDOLVDUi DV MXVWLILFDWLYDV DSUHVHQWDGDV SHOD HPSUHVD VROLFLWDQWH HPXPSUD]RPi[LPRGHWULQWDGLDVFRQWDGRVGDGDWDGHHQWUHJDGDVPHVPDV

$UW 2 SHGLGR GD $XWRUL]DomR GH 2SHUDomR $2 VHUi HQFDPLQKDGR j $13 FRQWHQGR D VHJXLQWHGRFXPHQWDomR

,/LFHQoDGH2SHUDomR/2H[SHGLGDSHORyUJmRDPELHQWDOFRPSHWHQWH,, $WHVWDGRGH&RPLVVLRQDPHQWRGDREUDH[SHGLGRSRUHQWLGDGH WpFQLFDHVSHFLDOL]DGDVRFLHWDULDPHQWH

LQGHSHQGHQWH GD HPSUHVD VROLFLWDQWH HQIRFDQGR D VHJXUDQoD GDV LQVWDODo}HV H FHUWLILFDQGR TXH DV PHVPDVIRUDPFRQVWUXtGDVVHJXQGRQRUPDVWpFQLFDVDGHTXDGDV

,,, 6XPiULR GR 3ODQR GH 0DQXWHQomR GDV LQVWDODo}HV GH WUDQVSRUWH H GR 6LVWHPD GH *DUDQWLD GD4XDOLGDGHSDUDDIDVHGHRSHUDomR

$UW $ $13 DQDOLVDUi D GRFXPHQWDomR DSUHVHQWDGD H GHOLEHUDUi VREUH D $XWRUL]DomR GH 2SHUDomR$2HPXPSUD]RPi[LPRGHWULQWDGLDV

3DUiJUDIR ~QLFR $$13SRGHUi VROLFLWDU LQIRUPDo}HV DGLFLRQDLV H QHVWH FDVR R SUD]RPHQFLRQDGR QRFDSXWGRSUHVHQWHDUWLJRSDVVDUiDVHUFRQWDGRGDGDWDGHHQWUHJDGHWDLVLQIRUPDo}HVQD$JrQFLD

$UW$VDXWRUL]Do}HVFRQFHGLGDVQRVWHUPRVGHVWDSRUWDULDQmRH[LPHPDHPSUHVDDXWRUL]DGDGHVXDVUHVSRQVDELOLGDGHV WpFQLFDVH OHJDLVDTXDOTXHUpSRFDEHPFRPRGRFXPSULPHQWRGHRXWUDVREULJDo}HV OHJDLVFRUUHODWDVGHkPELWRIHGHUDOHVWDGXDOHPXQLFLSDO

$UW$HPSUHVDDXWRUL]DGDPDQWHUiDWXDOL]DGRVR3ODQRGH0DQXWHQomRHR6LVWHPDGH*DUDQWLDGD4XDOLGDGHYLVDQGRjRSHUDomRVHJXUDGHVXDVLQVWDODo}HVTXHSRGHUmRVHUILVFDOL]DGRVDTXDOTXHUWHPSRSHOD$13 RX SRU VROLFLWDomR GHVWD DWUDYpV GH HQWLGDGH WpFQLFD HVSHFLDOL]DGD VRFLHWDULDPHQWH LQGHSHQGHQWH GDHPSUHVDDXWRUL]DGDHFRQWUDWDGDSRUHVWD~OWLPD

$UW $ HPSUHVD DXWRUL]DGD FRPXQLFDUi LPHGLDWDPHQWH j $13 D RFRUUrQFLD GH TXDOTXHU HYHQWRGHFRUUHQWHGHVXDVDWLYLGDGHVTXHSRVVDDFDUUHWDU ULVFRVjVD~GHS~EOLFDjVHJXUDQoDGH WHUFHLURVHDRPHLRDPELHQWH LQGLFDQGR DV FDXVDV GH VXD RULJHP EHP FRPR DVPHGLGDV WRPDGDV SDUD VDQDU RX UHGX]LU R VHXLPSDFWR

$UW1RFDVRGHLQWHUUXSomRUHGXomRRXGHTXDOTXHURXWURHYHQWRTXHSRVVDDIHWDUWHPSRUDULDPHQWHDFRQWLQXLGDGHRXDTXDOLGDGHGRVVHUYLoRVDHPSUHVDDXWRUL]DGDQRWLILFDUi LPHGLDWDPHQWHD$13HRVXVXiULRVDWLQJLGRV LQIRUPDQGR R SUREOHPD H D HVWLPDWLYD GR WHPSR QHFHVViULR DR UHVWDEHOHFLPHQWR GDV FRQGLo}HVQRUPDLV

$UW$VDXWRUL]Do}HVGHTXHWUDWDHVWD3RUWDULDVHUmRUHYRJDGDVQRVVHJXLQWHVFDVRV,OLTLGDomRRXIDOrQFLDKRPRORJDGDRXGHFUHWDGD,,UHTXHULPHQWRGDHPSUHVDDXWRUL]DGD,,,GHVFXPSULPHQWRGDVREULJDo}HVDVVXPLGDVQHVWD3RUWDULDHGHRXWUDVGLVSRVLo}HVOHJDLVDSOLFiYHLV$UW(PSUHVDVTXHHVWHMDPLPSODQWDQGR LQVWDODo}HVGHWUDQVSRUWHRXGHWUDQVIHUrQFLD MiDXWRUL]DGDV

SHOD$13QDGDWDGHSXEOLFDomRGDSUHVHQWH3RUWDULDGHYHUmRDGHTXDUVHjPHVPDDQWHULRUPHQWHjVROLFLWDomRGD$XWRUL]DomRGH2SHUDomR$2

$UW $ $13 GHOLEHUDUi QR SUD]R Pi[LPR GH VHVVHQWD GLDV VREUH TXDLVTXHU FRQWURYpUVLDVVXVFLWDGDV HP UHODomR DR GLVSRVWR QD SUHVHQWH 3RUWDULD JDUDQWLQGR R GLUHLWR GH GHIHVD GDV SDUWHV DV TXDLVVHUmRFRQYRFDGDVDVHVV}HVGHOLEHUDWLYDVTXDQGRD$13MXOJDUFRQYHQLHQWH

$UW $V LQIUDo}HV DR GLVSRVWR QHVWD 3RUWDULD VHUmR SXQtYHLV GH DFRUGR FRP DV VDQo}HVDGPLQLVWUDWLYDVSUHYLVWDVQDOHJLVODomRDSOLFiYHO

$UW5HYRJDPVHDVGLVSRVLo}HVHPFRQWUiULRLQFOXVLYHD5HVROXomR&13QGHGHMDQHLURGHD3RUWDULD&13QGHGHPDLRGHHD3RUWDULD$13QGHGHDEULOGH

$UW(VWD3RUWDULDHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR

'$9,'=