48(67ョ(6 ',5(,72 352&(668$/ &,9,/ 5(&85626 7(25,$ *(5$/ 5(&85626 (0 (63e&,( 4 3URYD )&& $/3% 3URFXUDGRU 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 2V HPEDUJRV GR GHYHGRU D VmR UHFHELGRV HP UHJUD VRPHQWH QR HIHLWR GHYROXWLYR H[FHSFLRQDOPHQWH DGPLWLQGRVH VHX UHFHELPHQWR QR GXSOR HIHLWR E VmR FDEtYHLV FRPR GHIHVD WDQWR QR FXPSULPHQWR GH VHQWHQoD FRPR QD H[HFXomR SRU WtWXOR H[WUDMXGLFLDO F H[LJHP VRPHQWH MXOJDPHQWR PHULWyULR QmR KDYHQGR KLSyWHVH GH UHMHLomR OLPLQDU SRU VXD QDWXUH]D G SDUD VHUHP RSRVWRV QHFHVVDULDPHQWH R H[HFXWDGR WHUi JDUDQWLGR SUHYLDPHQWH R -Xt]R H VHJXHP ULWR HVSHFLDO QmR KDYHQGR SRVVLELOLGDGH GH DXGLrQFLD LQVWUXWyULD 4 3URYD )&& $/3% 3URFXUDGRU 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 4XDQWR DRV UHFXUVRV DVVLQDOH D DOWHUQDWLYD FRUUHWD D 2V HPEDUJRV LQIULQJHQWHV VmR FDEtYHLV QD DSHODomR GH TXDOTXHU DFyUGmR QmR XQkQLPH E 7DQWR D DSHODomR FRPR R DJUDYR VmR HP UHJUD UHFHELGRV QR GXSOR HIHLWR H[FHSFLRQDOPHQWH DGPLWLQGRVH VHX UHFHELPHQWR DSHQDV QR HIHLWR GHYROXWLYR F $ LQWHUSRVLomR GH UHFXUVR HVSHFLDO RX H[WUDRUGLQiULR VHPSUH REVWD D H[HFXomR SURYLVyULD GR MXOJDGR D SDUWLU GR UHFHELPHQWR GRV UHFXUVRV H[WUHPRV G 6H R DSHODQWH SULQFLSDO GHVLVWLU GR UHFXUVR D SDUWH TXH LQWHUS{V UHFXUVR DGHVLYR SRGHUi SHGLU VHX SURVVHJXLPHQWR DXW{QRPR GHVGH TXH R IDoD HP DWp GH] GLDV GD GHVLVWrQFLD 4 3URYD 981(63 7-63 (VFUHYHQWH 7pFQLFR -XGLFLiULR 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 2V HPEDUJRV GH GHFODUDomR GHYHUmR VHU RSRVWRV QR SUD]R GH D TXLQ]H GLDV HP SHWLomR GLULJLGD DR MXL] FRP LQGLFDomR GR SRQWR REVFXUR RPLVVR FRQWUDGLWyULR RX QHJDWLYD GH YLJrQFLD GH OHL IHGHUDO HVWDQGR VXMHLWRV D SUHSDUR E GH] GLDV HP SHWLomR GLULJLGD DR MXL] FRP LQGLFDomR GR SRQWR REVFXUR FRQWUDGLWyULR RPLVVR RX FRP HUUR PDWHULDO HVWDQGR VXMHLWRV D SUHSDUR F RLWR GLDV HP SHWLomR GLULJLGD DR MXL] RX UHODWRU FRP LQGLFDomR GR SRQWR TXH GHX j OHL IHGHUDO LQWHUSUHWDomR GLYHUJHQWH GD TXH OKH IRL DWULEXtGD SRU RXWUR WULEXQDO HVWDQGR VXMHLWRV D SUHSDUR G FLQFR GLDV HP SHWLomR GLULJLGD DR MXL] RX UHODWRU FRP LQGLFDomR GR SRQWR REVFXUR FRQWUDGLWyULR RX RPLVVR QmR HVWDQGR VXMHLWRV D SUHSDUR H WUrV GLDV HP SHWLomR GLULJLGD DR MXL] RX UHODWRU FRP LQGLFDomR GR SRQWR REVFXUR RPLVVR FRQWUDGLWyULR RX LQFRQVWLWXFLRQDO QmR HVWDQGR VXMHLWRV D SUHSDUR 4 3URYD &(63( 7-') $QDOLVWD -XGLFLiULR ネUHD -XGLFLiULD 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 9HU WH[WR DVVRFLDGR j TXHVWmR 2 MXL] QmR UHFHEHUi R UHFXUVR GH DSHODomR TXDQGR D VHQWHQoD SULPHYD HVWLYHU HP FRQIRUPLGDGH FRP V~PXODV GR 6XSHULRU 7ULEXQDO GH -XVWLoD RX GR 6XSUHPR 7ULEXQDO )HGHUDO &HUWR (UUDGR 4 3URYD &(63( 7-') $QDOLVWD -XGLFLiULR ネUHD -XGLFLiULD 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 9HU WH[WR DVVRFLDGR j TXHVWmR $ SDUWH TXH QR SUD]R OHJDO DSUHVHQWDU UHFXUVR DXW{QRPR SRGHUi WDPEpP LQWHUSRU UHFXUVR DGHVLYR &HUWR (UUDGR 4 3URYD &(63( 7-') $QDOLVWD -XGLFLiULR ネUHD -XGLFLiULD 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV 9HU WH[WR DVVRFLDGR j TXHVWmR 2 UHFRUUHQWH SRGHUi D TXDOTXHU WHPSR VHP D DQXrQFLD GR UHFRUULGR RX GRV OLWLVFRQVRUWHV GHVLVWLU GR UHFXUVR &HUWR (UUDGR 4 3URYD &(63( '3(55 'HIHQVRU 3~EOLFR 'LVFLSOLQD 'LUHLWR 3URFHVVXDO &LYLO _ $VVXQWRV 5HFXUVRV $FHUFD GRV UHFXUVRV DGPLWLGRV QR GLUHLWR SURFHVVXDO FLYLO EUDVLOHLUR DVVLQDOH D RSomR FRUUHWD D $ IDOWD GH UHFROKLPHQWR QD RULJHP GR SRUWH GH UHPHVVD H UHWRUQR TXDQGR GHYLGDPHQWH UHFROKLGR R SUHSDUR GR UHFXUVR QmR FRQVWLWXL FDXVD GH GHVHUomR E $ DSUHVHQWDomR GH FRQWUDUUD]}HV H GH UHFXUVR DGHVLYR SHOD PHVPD SDUWH HP PRPHQWRV GLVWLQWRV p LQDGPLVVtYHO QR VLVWHPD UHFXUVDO GDGD D RFRUUrQFLD GD SUHFOXVmR FRQVXPDWLYD GHFRUUHQWH GD LQWHUSRVLomR SULPHLUD GH XP GHOHV