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5(68/7$'26(',6&866®(6

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3Up7UDWDPHQWRGR(VSHFWURGH$EVRUEkQFLDV

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)LJXUD±$EVRUEkQFLDYHUVXV&RPSULPHQWRGH2QGD2ULJLQDO

(56)

GHQRPLQDGR~WLOSRVVXLDEVRUEkQFLDVQRVFRPSULPHQWRVGHRQGDQDIDL[DGHDQP 2JUiILFRGRHVSHFWUR~WLOJHUDGRQR0$7/$%YHPDVHJXLU

)LJXUD±$EVRUEkQFLDYHUVXV&RPSULPHQWRGH2QGDÒWLO

6HJXLQGR R SURFHGLPHQWR DGRWDGR SRU 6DNXPD IRL DSOLFDGR ILOWUR GH

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(57)

)LJXUD±$EVRUEkQFLDYHUVXV&RPSULPHQWRGH2QGD6PRRWK

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1DVHVWLPDo}HVGRWHRUGHQLWURJrQLRWRWDOHXPLGDGHSHORV0pWRGRVHDUHGH QHXUDOUHFHEHFRPRHQWUDGDDVLQIRUPDo}HVDSyVDDSOLFDomRGDGHULYDGDVHJXQGDQRHVSHFWUR GHDEVRUEkQFLDV

2JUiILFRGRHVSHFWURGHDEVRUEkQFLDVUHVXOWDQWHGDGHULYDomRJHUDGRQR0$7/$% YHPDVHJXLU

(58)

)LJXUD±(VSHFWURUHVXOWDQWHGDDSOLFDomRGDGHULYDGDVHJXQGD

1LWURJrQLR7RWDO±0pWRGR5HGH30&

1HVWDVHomRVmRDSUHVHQWDGRVRVUHVXOWDGRVGDHVWLPDomRGRWHRUGHQLWURJrQLRWRWDO DWUDYpVGHUHGHV30&XWLOL]DQGRDPHWRGRORJLDSUHYLVWDQR0pWRGR

$7DEHODDSUHVHQWDRVUHVXOWDGRVREWLGRVQDHVWLPDomRGRWHRUGHQLWURJrQLRWRWDO SHOR0pWRGRSDUDXPDUHGH30&FRPXPDFDPDGDHVFRQGLGDHHUURPi[LPRGH[

SDUDRWUHLQDPHQWR

(59)

1~PHURGH

QHXU{QLRV QDFDPDGD

HVFRQGLGD

1~PHURGH pSRFDVGR WUHLQDPHQWR

5ð

WUHLQDPHQWR YDOLGDomR5ð YDOLGDomR5ðPpGLR YDOLGDomR9DULkQFLD

$7DEHODDSUHVHQWDRVUHVXOWDGRVREWLGRVQDHVWLPDomRGRWHRUGHQLWURJrQLRWRWDO SHOR0pWRGRSDUDXPDUHGH30&FRPXPDFDPDGDHVFRQGLGDHHUURPi[LPRGH[

SDUDRWUHLQDPHQWR

(60)

1~PHURGH

QHXU{QLRV QDFDPDGD

HVFRQGLGD

5ð

$7DEHODDSUHVHQWDRVUHVXOWDGRVREWLGRVQDHVWLPDomRGRWHRUGHQLWURJrQLRWRWDO SHOR0pWRGRSDUDXPDUHGH30&FRPGXDVFDPDGDVHVFRQGLGDVHHUURPi[LPRGH[

SDUDRWUHLQDPHQWR

(61)

1~PHURGH

QHXU{QLRV QDFDPDGD HVFRQGLGD

1~PHURGH QHXU{QLRV QDFDPDGD HVFRQGLGD

5ð

$7DEHODDSUHVHQWDRVUHVXOWDGRVREWLGRVQDHVWLPDomRGRWHRUGHQLWURJrQLRWRWDO SHOR0pWRGRSDUDXPDUHGH30&FRPGXDVFDPDGDVHVFRQGLGDVHHUURPi[LPRGH[

SDUDRWUHLQDPHQWR

(62)

1~PHURGH

QHXU{QLRV QDFDPDGD HVFRQGLGD

1~PHURGH QHXU{QLRV QDFDPDGD HVFRQGLGD

5ð

2 Q~PHUR Pi[LPR GH pSRFDV DGRWDGR SDUD R WUHLQDPHQWR GD UHGH QHXUDO IRL &RQILJXUDo}HVGHUHGHQHXUDOFRPQ~PHURGHQHXU{QLRVDFLPDGHQDFDPDGDHVFRQGLGD IRUDP GHVFDUWDGDV HP IXQomR GD QmRFRQYHUJrQFLD GR WUHLQDPHQWR GHYLGR D XP HUUR GH PHPyULD QRVRIWZDUH 0$7/$% &RQILJXUDo}HV GH UHGH QHXUDO FRP Q~PHUR GH QHXU{QLRV HQWUH H QD FDPDGD HVFRQGLGD RX Q~PHUR GH FDPDGDV HVFRQGLGDV PDLRU TXH DSUHVHQWDUDPWHPSRGHWUHLQDPHQWRVXSHULRUDPLQXWRVHWDPEpPIRUDPGHVFDUWDGDV2V UHVXOWDGRV SDUD DV FRQILJXUDo}HV GH UHGH QHXUDO TXH IRUDP GHVFDUWDGDV QmR VmR PRVWUDGRV QHVWHWUDEDOKR

2FRHILFLHQWHGHGHWHUPLQDomRPpGLRHDYDULkQFLDYDOLGDomRIRUDPFDOFXODGRVSDUD DYDOLDURGHVHPSHQKRHDWHQGrQFLDGHHVWDELOLGDGHGDUHGHQHXUDOGXUDQWHDVFLQFRUHSHWLo}HV GRSURFHVVRGHHVWLPDomRXPDYH]TXHDLQLFLDOL]DomRGRVSHVRVHOLPLDUHVGHDWLYDomRRFRUUH GHPDQHLUDDOHDWyULDDFDGDUHSHWLomR$OpPGLVVRRVRUWHLRGDVDPRVWUDVSUHYLVWRQRPpWRGR WHQGHDJHUDUFRQMXQWRVGHWUHLQDPHQWRHYDOLGDomRGLIHUHQWHVDFDGDUHSHWLomR

$ FRQILJXUDomR GH UHGH 30& TXH DSUHVHQWRX PDLRU FRHILFLHQWH GH GHWHUPLQDomR PpGLR QR SURFHVVR GH HVWLPDomR GR WHRU GH QLWURJrQLR WRWDO SHOR 0pWRGR IRL DTXHOD FRP VRPHQWHXPDFDPDGDHVFRQGLGDIRUPDGDSRUQHXU{QLRVHFRPHUURGHWUHLQDPHQWRGH[ _{$UHGHDSUHVHQWRXFRHILFLHQWHGHGHWHUPLQDomRPpGLRGH}