DOEPE 31/03/2016 - Pág. 36 - Poder Executivo - Diário Oficial do Estado de Pernambuco
36 - Ano XCIII • NÀ 58
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 31 de março de 2016
%$5$Ò1$6,,(1(5*e7,&$6$&13-1 ±5HODWyULRGD'LUHWRULD±6HQKRUHV$FLRQLVWDV HP SHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHOVHIRURFDVR2UHIHULGRFXVWRLQFOXLRFXVWRGHUHSRVLomRGHSDUWHGRLPRELOL]DGRHRVFXVWRVGH
FXPSULPHQWRDRVSUHFHLWRVOHJDLVHHVWDWXWiULRVVXEPHWHPRVjDSUHFLDomRGH96DVDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDR HPSUpVWLPR GH SURMHWRV GH FRQVWUXomR GH ORQJR SUD]R TXDQGR RV FULWpULRV GH UHFRQKHFLPHQWR IRUHP VDWLVIHLWRV 7RGRV RV FXVWRV GH UHSDURV H
H[HUFtFLRVRFLDOILQGRHPSHUPDQHFHQGRjGLVSRVLomRSDUDSUHVWDURVHVFODUHFLPHQWRVQHFHVViULRV5HFLIH±3($ PDQXWHQomRVmRUHFRQKHFLGRVQDGHPRQVWUDomRGRUHVXOWDGRTXDQGRLQFRUULGRV$&RPSDQKLDHQFRQWUDVHHPIDVHSUpRSHUDFLRQDOHQmRYrP
GHSUHFLDQGRRVVHXVEHQVGRDWLYRLPRELOL]DGRH[FHWXDQGRVHDSHQDVRVEHQVTXHMiVHHQFRQWUDPHPXVRRXRSHUDomR&XVWRVGHHPSUpVWLPRV
'LUHWRULD
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
&XVWRVGHHPSUpVWLPRVGLUHWDPHQWHUHODFLRQDGRVFRPDDTXLVLomRFRQVWUXomRRXSURGXomRGHXPDWLYRTXHQHFHVVDULDPHQWHUHTXHUXPWHPSR
%DODQoRVSDWULPRQLDLVGHGH]HPEURGHH
3HUtRGRVILQGRVHPGHGH]HPEURGHH
VLJQLILFDWLYRSDUDVHUFRQFOXtGRSDUDILQVGHXVRRXYHQGDTXDQGRDSOLFiYHOVmRFDSLWDOL]DGRVFRPRSDUWHGRFXVWRGRFRUUHVSRQGHQWHDWLYR7RGRVRV
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
1RWD
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
GHPDLVFXVWRVGHHPSUpVWLPRVVmRUHJLVWUDGRVFRPRGHVSHVDQRSHUtRGRHPTXHVmRLQFRUULGRV&XVWRVGHHPSUpVWLPRFRPSUHHQGHPMXURVHRXWURV
HQFDUJRVILQDQFHLURVLQFRUULGRVUHODWLYRVDRHPSUpVWLPR3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRUHYLVD
DQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRX
3UHMXt]RGRSHUtRGR
$WLYR
WHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO 6HQGRWDLVHYLGrQFLDVLGHQWLILFDGDVHRYDORUFRQWiELOOtTXLGRH[FHGHURYDORU
2XWURVUHVXOWDGRVDEUDQJHQWHV
&LUFXODQWH
UHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDHVWLPDGDSHODGHVYDORUL]DomRGRDWLYRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3URYLV}HV
5HVXOWDGRDEUDQJHQWHGRSHUtRGR
&DL[DHHTXLYDOHQWHVGHFDL[D
,PSRVWRVDUHFXSHUDU
3URYLV}HVVmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWH OHJDORXQmRIRUPDOL]DGD HPFRQVHTXrQFLDGHXPHYHQWRSDVVDGR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
2XWURVFUpGLWRV
LL pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomR H LLL XPDHVWLPDWLYDFRQILiYHOGRYDORUGDREULJDomRSRVVDVHU
GDVGHPRQVWUDo}HVFRQWiEHLV
7RWDOGRDWLYRFLUFXODQWH
IHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRpDSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRV
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
WULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMDDYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMD
3HUtRGRVILQGRVHPGHGH]HPEURGHH
1mRFLUFXODQWH
³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGDHPH3URYLVmRSDUDGHVPRELOL]DomRGHDWLYRVLPRELOL]DGRV$SURYLVmR
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
,PSRVWRVDUHFXSHUDU
SDUDGHVPRELOL]DomRGHDWLYRVLPRELOL]DGRVpFRQWDELOL]DGDGHDFRUGRFRPD1%&7*±3URYLV}HV3DVVLYRV&RQWLQJHQWHVH$WLYRV&RQWLQJHQWHVHD
,PRELOL]DGR
,7*±0XGDQoDVHP3DVVLYRVSRU'HVDWLYDomR5HVWDXUDomRH2XWURV3DVVLYRV6LPLODUHVHGLWDGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH&)&
)OX[RGHFDL[DGDVDWLYLGDGHVRSHUDFLRQDLV
7RWDOGRDWLYRQmRFLUFXODQWH
$VSURYLV}HVGD&RPSDQKLDUHIHUHPVHjREULJDomROHJDOHIRUDPGHWHUPLQDGDVFRPEDVHQRVFXVWRVHVWLPDGRVDLQFRUUHUQDGHVPRQWDJHPHUHPRomR
3UHMXt]RGRSHUtRGR
GRVDHURJHUDGRUHVHREUDVFLYLVTXDQGRGRWpUPLQRGRFRQWUDWRGHDUUHQGDPHQWRGDVWHUUDVUXUDLV -XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDV
7RWDOGRDWLYR
FRQWiEHLV VLJQLILFDWLYRV $V GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV FRP EDVH HP GLYHUVDV EDVHV GH DYDOLDomR XWLOL]DGDV QDV HVWLPDWLYDV
$FUpVFLPR GHFUpVFLPRGHDWLYRV
FRQWiEHLV$VHVWLPDWLYDVFRQWiEHLVHQYROYLGDVQDSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVIRUDPEDVHDGDVHPIDWRUHVREMHWLYRVHVXEMHWLYRVFRP
,PSRVWRVDUHFXSHUDU
3DVVLYR
EDVHQRMXOJDPHQWRGD$GPLQLVWUDomRSDUDGHWHUPLQDomRGRYDORUDGHTXDGRDVHUUHJLVWUDGRQDVGHPRQVWUDo}HVFRQWiEHLV ,WHQVVLJQLILFDWLYRV
&LUFXODQWH
VXMHLWRVDHVVDVHVWLPDWLYDVHSUHPLVVDVLQFOXHPDVHOHomRGHYLGDV~WHLVGRDWLYRLPRELOL]DGRHGHVXDUHFXSHUDELOLGDGHQDVRSHUDo}HVDYDOLDomRGRV
$FUpVFLPR GHFUpVFLPR GHSDVVLYRV
)RUQHFHGRUHV
DWLYRVILQDQFHLURVSHORYDORUMXVWRDQiOLVHGRVGHPDLVULVFRVSDUDGHWHUPLQDomRGHRXWUDVSURYLV}HVLQFOXVLYHSDUDFRQWLQJrQFLDV$OLTXLGDomRGDV
)RUQHFHGRUHV
(PSUpVWLPRVHILQDQFLDPHQWRV
WUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHVVLJQLILFDWLYDPHQWHGLYHUJHQWHVGRVUHJLVWUDGRVQDVGHPRQVWUDo}HVFRQWiEHLV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
GHYLGRDRWUDWDPHQWRSUREDELOtVWLFRLQHUHQWHDRSURFHVVRGHHVWLPDWLYD$&RPSDQKLDUHYLVDVXDVHVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
2XWUDVFRQWDVDSDJDU
2XWUDVFRQWDVDSDJDU
&DL[DVHHTXLYDOHQWHVGHFDL[D
7RWDOGRSDVVLYRFLUFXODQWH
&DL[DOtTXLGRJHUDGRSHODVDWLYLGDGHV
$V DSOLFDo}HV ILQDQFHLUDV UHIHUHPVH VXEVWDQFLDOPHQWH D RSHUDo}HV
&DL[D
RSHUDFLRQDLV
FRPSURPLVVDGDVFRPUHPXQHUDo}HVTXHYDULDPHQWUHH GDWD[DGH&',
&RQWDVFRUUHQWHVEDQFiULDV
1mRFLUFXODQWH
(VVDVRSHUDo}HVSRVVXHPOLTXLGH]FRPSUD]RLQIHULRUD GLDV
$SOLFDo}HVILQDQFHLUDV
3URYLVmRSDUDGHVPRELOL]DomR
)OX[RGHFDL[DGDVDWLYLGDGHVGH
)RUQHFHGRUHV
LQYHVWLPHQWR
$SOLFDomRGHUHFXUVRVQRLPRELOL]DGR
,PRELOL]DGR&RPSRVLomRHPRYLPHQWDomRGRVDOGR
3DWULP{QLROtTXLGR
6DOGRHP
6DOGRHP 'XUDQWH R H[HUFtFLR GH D &RPSDQKLD
&DL[DOtTXLGRDSOLFDGRQDVDWLYLGDGHVGH
&DSLWDOVRFLDO
$GLo}HV
%DL[DV 7UDQVIHUrQFLDV
DSURSULRX DR LPRELOL]DGR R PRQWDQWH GH 5
LQYHVWLPHQWR
'HVFULomR
3UHMXt]RVDFXPXODGRV
UHIHUHQWH D MXURV VREUH HPSUpVWLPRV
7RWDOGRSDWULP{QLROtTXLGR
FDUDFWHUL]DGRVFRPRFDSLWDOL]iYHLVFRQIRUPH
)HUUDPHQWDV
)OX[RGHFDL[DGDVDWLYLGDGHVGH
,PRELOL]DGRHPDQGDPHQWR
ILQDQFLDPHQWR
1%&7*&XVWRVGH(PSUpVWLPRV3RUQmR
7RWDOGRSDVVLYRHGRSDWULP{QLR
PRYLPHQWDU FDL[D HVWH PRQWDQWH QmR HVWi
,QJUHVVRGHHPSUpVWLPRVHILQDQFLDPHQWRV
%HQVHGLUHLWRVHPFRQVWUXomR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
LQFOXtGR QDV DWLYLGDGHV GH LQYHVWLPHQWR QD
$GLDQWDPHQWRVDIRUQHFHGRUHV
3DJDPHQWRVGHMXURVGRVHPSUpVWLPRVH
GDVGHPRQVWUDo}HVFRQWiEHLV
GHPRQVWUDomRGRVIOX[RVGHFDL[D
ILQDQFLDPHQWRV
7RWDOGRLPRELOL]DGR
'HPRQVWUDo}HVGRVUHVXOWDGRVSHUtRGRVILQGRVHP
,QWHJUDOL]DomRGHFDSLWDOVRFLDO
GHGH]HPEURGHH 9DORUHVH[SUHVVRVHP
&DL[DOtTXLGRJHUDGRSHODVDWLYLGDGHVGH
PLOKDUHVGHUHDLVH[FHWRRSUHMXt]RSRUDomR
)RUQHFHGRUHV
ILQDQFLDPHQWR
2 VDOGR GH IRUQHFHGRUHV UHIHUHVH EDVLFDPHQWH jV FRPSUDV GH )RUQHFHGRUHV
'HVSHVDVRSHUDFLRQDLV
PDWHULDLV H j FRQWUDWDomR GH VHUYLoRV SDUD FRQVWUXomR GR SDUTXH
$FUpVFLPRGHFDL[DHHTXLYDOHQWHVGHFDL[D
*HUDLVHDGPLQLVWUDWLYDV
&LUFXODQWH
HyOLFR
3UHMXt]RDQWHVGDVGHVSHVDVILQDQFHLUDV
1mRFLUFXODQWH
'HPRQVWUDomRGRDFUpVFLPRQRFDL[DH
(PSUpVWLPRVHILQDQFLDPHQWRV
HTXLYDOHQWHVGHFDL[D
'HVSHVDVILQDQFHLUDV
6DOGRHP
-XURVH
6DOGRHP
(QFDUJRV
1RILQDOGRSHUtRGR
$PRUWL]Do}HV
HQFDUJRV
'HVFULomR
LQFLGHQWHV
&DSWDo}HV
1RLQtFLRGRSHUtRGR
3UHMXt]RGRSHUtRGR
&', DDD
0RHGDQDFLRQDO
4XDQWLGDGHGHDo}HV
$FUpVFLPRQRFDL[DHHTXLYDOHQWHVGHFDL[D
(PSUpVWLPR+6%&
DQR
3UHMXt]RSRUDomRHP5HDLV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
5HIHUHVHDHPSUpVWLPRVSDUDFDSLWDOGHJLURFRQWUDWDGRVHP GHMXOKRGHRXWXEURGHGH]HPEURGHGHIHYHUHLURGHPDLRGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
GDVGHPRQVWUDo}HVFRQWiEHLV
MXOKRGHVHWHPEURGHQRYHPEURHGHQRYHPEURGHFRPYHQFLPHQWRHPSDUFHOD~QLFDSDUDGHPDUoRGH
GDVGHPRQVWUDo}HVFRQWiEHLV
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGRSHUtRGRVILQGRVHPGHGH]HPEURGHH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
&DSLWDOVRFLDO
3UHMXt]RVDFXPXODGRV
7RWDO
1RWDV
&RQVWLWXLomRHLQWHJUDOL]DomRGHFDSLWDOVRFLDO
$XPHQWRGHFDSLWDO
3UHMXt]RGRSHUtRGR
6DOGRVHPGHGH]HPEURGH
3UHMXt]RGRSHUtRGR
6DOGRVHPGHGH]HPEURGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
GDVGHPRQVWUDo}HVFRQWiEHLV
3URYLVmRSDUDGHVPRELOL]DomR$&RPSDQKLDSRVVXLREULJDomRGHUHWLUDGDGHDWLYRVGHFRUUHQWHVGHH[LJrQFLDVFRQWUDWXDLVHOHJDLV2SDVVLYRIRL
LQLFLDOPHQWHPHQVXUDGRDRMXVWRYDORUHSRVWHULRUPHQWHpDMXVWDGDDYDORUSUHVHQWHHPXGDQoDVQRYDORURXQDWHPSHVWLYLGDGHGRVIOX[RVGHFDL[D
HVWLPDGRV2VFXVWRVGHGHVPRELOL]DomRGRDWLYRVmRFDSLWDOL]DGRVFRPRSDUWHGRYDORUFRQWiELOGRDWLYRUHODFLRQDGRHVHUmRDPRUWL]DGRVDRORQJRGD
YLGD~WLOUHPDQHVFHQWHGRDWLYR3DUDGHWHUPLQDomRGRDMXVWHDYDORUSUHVHQWHGDSURYLVmRSDUDGHVPRELOL]DomRIRLXWLOL]DGDDWD[DGHGHVFRQWRGH
DD3DWULP{QLROtTXLGRD &DSLWDOVRFLDO2FDSLWDOVRFLDOVXEVFULWRHWRWDOPHQWHLQWHJUDOL]DGRHPGHGH]HPEURGHHp
UHSUHVHQWDGRSRUDo}HVRUGLQiULDVQRPLQDWLYDVHVHPYDORUQRPLQDO2VDOGRHPGHGH]HPEURGHHpGH5GLVWULEXtGRGD
VHJXLQWHIRUPD
$FLRQLVWDV
$o}HV
%UHQQDQG(QHUJLD6$
&DGDDomRRUGLQiULDGiGLUHLWRDXPYRWRQDV$VVHPEOHLDV*HUDLV(P
&RPSDQKLD+LGUR(OpWULFDGR6mR)UDQFLVFR&+(6)
GH PDUoR GH RV DFLRQLVWDV LQWHJUDOL]DUDP R FDSLWDO VRFLDO QR
%UHQQDQG(QHUJLD(yOLFD6$
PRQWDQWH GH 5 HP PRHGD FRUUHQWH QD SURSRUomR GH VXDV
SDUWLFLSDo}HVFRQIRUPH$VVHPEOHLD*HUDOGHFRQVWLWXLomR (PGH
1RWDV H[SOLFDWLYDV jV GHPRQVWUDo}HV FRQWiEHLV GH GH]HPEUR GH H 9DORUHV H[SUHVVRV HP PLOKDUHV GH UHDLV
,QIRUPDo}HVVREUHD&RPSDQKLDD 2EMHWRVRFLDO$%DUD~QDV,,(QHUJpWLFD6$ ³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGH VHWHPEURGHDVDFLRQLVWDVDSURYDUDPSRUPHLRGH5HXQLmRGR&RQVHOKRGH$GPLQLVWUDomR 5&$ QRYRDXPHQWRGHFDSLWDOVRFLDOQRPRQWDQWH
FDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR5HFLIH3(FRQVWLWXtGDHP GHPDUoRGHTXHWHPFRPRREMHWRVRFLDODJHUDomRHD GH5 WRWDOPHQWHLQWHJUDOL]DGRVHPPRHGDFRUUHQWHQDSURSRUomRGHVXDVSDUWLFLSDo}HVE &DSLWDODXWRUL]DGR$&RPSDQKLDSRGHUiPHGLDQWH
FRPHUFLDOL]DomRGHHQHUJLDHyOLFDFRPDSURYHLWDPHQWRGHUHFXUVRVHyOLFRVSURYHQLHQWHVGR3DUTXH(yOLFRGHQRPLQDGR³(2/ GHOLEHUDomRGR&RQVHOKRGH$GPLQLVWUDomRDXPHQWDURFDSLWDOVRFLDOLQGHSHQGHQWHPHQWHGHUHIRUPDHVWDWXWiULDDWpROLPLWHGH5HPLWLQGR
%DUD~QDV,,´(PGHDJRVWRGHD&RPSDQKLDREWHYHSRUPHLRGHSDUWLFLSDomRQR/HLOmRQUHDOL]DGRSHOD$JrQFLD SURSRUFLRQDOPHQWHDVDo}HVFRUUHVSRQGHQWHVDRFDSLWDOVRFLDOF 'LYLGHQGRV'HDFRUGRFRPR(VWDWXWRGD&RPSDQKLDpDVVHJXUDGRDRVDFLRQLVWDV
1DFLRQDOGH(QHUJLD(OpWULFD$1((/RGLUHLWRGHFRPHUFLDOL]DUDHQHUJLDSURYHQLHQWHGRHPSUHHQGLPHQWRGHQRPLQDGR(2/ GLYLGHQGRVPtQLPRVREULJDWyULRVGHVREUHROXFUROtTXLGRGRSHUtRGRDMXVWDGRQDIRUPDGD/HL
%DUD~QDV,,QR$PELHQWHGH&RQWUDWDomR5HJXODGD$&5FRPLQtFLRGHVXSULPHQWRGHHQHUJLDHOpWULFDDSDUWLUGHGHPDLRGH &RPSURPLVVRV$&RPSDQKLDSRVVXLFRPSURPLVVRVGHFXUWRHORQJRSUD]RVILUPDGRVFRPDHPSUHVD:REEHQ:LQGSRZHU,QG~VWULDH&RPpUFLR
$&RPSDQKLDHQFRQWUDVHHPIDVHSUpRSHUDFLRQDOHD$GPLQLVWUDomRLQLFLRXDFRQVWUXomRGR3DUTXH(yOLFR%DUD~QDV,,HP /WGDHVWDEHOHFLGRVDSDUWLUGDFRQWUDWDomRGHVWD~OWLPDHPGHRXWXEURGHSDUDRIRUQHFLPHQWRGH DHURJHUDGRUHV(1(5&21(
GHRXWXEURGH$&RPSDQKLDSUHYrLQLFLDUVXDVRSHUDo}HVFRPHUFLDLVHPDEULO'XUDQWHRSHUtRGRSUpRSHUDFLRQDORV .ZFRPVHXVDFHVVyULRVHSHUWHQoDVGHYLGDPHQWHPRQWDGRVHDSWRVSDUDHQWUDUHPHPRSHUDomR2VSUD]RVGRVSDJDPHQWRVDVHUHPHIHWXDGRV
DFLRQLVWDVGD&RPSDQKLDJDUDQWLUmRRVXSRUWHILQDQFHLURSDUDDVHYHQWXDLVQHFHVVLGDGHVGHFDL[DE &DSDFLGDGHGHSURGXomRH SHOD &RPSDQKLD IRUDP GHILQLGRV HP FURQRJUDPD GH SDJDPHQWRV DQH[R DR FRQWUDWR VHQGR HVWDEHOHFLGRV GH DFRUGR FRP RV PDUFRV SUp
FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD $ 3RUWDULD$XWRUL]DWLYD Q HPLWLGD SHOR 0LQLVWpULR GH 0LQDV H (QHUJLD ± 00( HP HVWDEHOHFLGRVTXHVHLQLFLDUDPFRPRSDJDPHQWRGHGRZQSD\PHQWHPDWpGLDVGDGDWDGDDVVLQDWXUDGRFRQWUDWRDWpDGDWDGDHQWUHJDFRQFOXVmR
DXWRUL]RXD&RPSDQKLDHVWDEHOHFHUVHFRPR³3URGXWRU,QGHSHQGHQWHGH(QHUJLD(OpWULFD´PHGLDQWHDLPSODQWDomRH GDPRQWDJHPPHFkQLFDGDVWRUUHVQDFHOHVHSiVGRVDHURJHUDGRUHVHILQDOPHQWHDFHLWDomRIRUPDOSHOD&RPSDQKLDGRVDHURJHUDGRUHVPRQWDGRV
H[SORUDomRGD&HQWUDO*HUDGRUD(yOLFDGHQRPLQDGD³(2/%DUD~QDV,,´DVHULQVWDODGDQRPXQLFtSLRGH6HQWR6pHVWDGRGD%DKLD HDSWRVDRSHUDUHP $&RPSDQKLDWDPEpPPDQWpPFRPSURPLVVRGHORQJRSUD]RILUPDGRHPGHQRYHPEURGHSRUPHLRGRFRQWUDWRGH
FRPSRWrQFLDGH.:GHFDSDFLGDGHLQVWDODGDH.:PpGLRVGHJDUDQWLDItVLFDGHHQHUJLDFRQVWLWXtGDGHRLWRXQLGDGHV PDQXWHQomRGHDHURJHUDGRUHVFRPD:REEHQ:LQGSRZHU,QG~VWULDH&RPpUFLR/WGDTXHIRUQHFHUiRVVHUYLoRVGHPDQXWHQomRGRVDHURJHUDGRUHV
JHUDGRUDVGH.: $$1((/DSURYRXRDXPHQWRQDSRWrQFLDLQVWDODGDGD³(2/%DUD~QDV,,´SDUD0:FRPRQ]H GXUDQWHWRGRRSHUtRGRGHRSHUDomRGRV TXLQ]H DQRVGRSDUTXHHyOLFR%DUD~QDV,,2VSDJDPHQWRVVHUmRHIHWXDGRVSHOD&RPSDQKLDHP
DHURJHUDGRUHVGH0: $SUHVHQWHDXWRUL]DomRWHPYLJrQFLDSRUXPSHUtRGRGHDQRVF (VWUXWXUDGHFDSLWDO(PGH GR]H SDUFHODVLJXDLVHPHQVDLVUHDMXVWiYHLVDQXDOPHQWHVHQGRDSULPHLUDSDUFHODGHYLGDDRILQDOGRSULPHLURPrVGHFDGDDQRRSHUDFLRQDO
GH]HPEURGHD&RPSDQKLDSRVVXLFDSLWDOFLUFXODQWHOtTXLGRQHJDWLYRGH5IUXWRGDQHFHVVLGDGHGHFDSWDomRGH ,QVWUXPHQWRV ILQDQFHLURV 2V SULQFLSDLV LQVWUXPHQWRV ILQDQFHLURV GD &RPSDQKLD VmR FDL[D H HTXLYDOHQWHV GH FDL[D HPSUpVWLPRV H
HPSUpVWLPR SRQWH FRQWUDtGR MXQWR D LQVWLWXLo}HV ILQDQFHLUDV H GH DQWHFLSDomR GD HQWUHJD GRV HTXLSDPHQWRV SRU SDUWHV GRV ILQDQFLDPHQWRVHFRQWDVDSDJDUDIRUQHFHGRUHV(PGHGH]HPEURGHHQmRKDYLDGLIHUHQoDVLJQLILFDWLYDHQWUHRVYDORUHVFRQWiEHLVHRV
)RUQHFHGRUHVTXHSHUPLWLUiDDQWHFLSDomRGDHQWUDGDHPRSHUDomRFRPHUFLDOGRSDUTXH%DUD~QDV,,SDUDDEULOTXDQGRR GHPHUFDGRSDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD$&RPSDQKLDQmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HVTXH
HVWLPDGRLQLFLDOPHQWHHUDSDUDMDQHLUR7DOHVWUXWXUDGHFDSLWDOVHUiDOWHUDGDTXDQGRGDOLEHUDomRGHYDORUHVRULXQGRVGH HQYROYDPLQVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
FRQWUDWRGHILQDQFLDPHQWRGHORQJRSUD]RDVHUFHOHEUDGRFRPR%1'(6HFRPRDSRUWHGHFDSLWDOSRUSDUWHGRVVHXV$FLRQLVWDV
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2'LUHWRULD $GHOVRQ*RPHV)HUUD]H-RVp$QWrPLR$OYHV$UUXGD
HYHQWRVHVWHVTXHDFRQWHFHUmRGHIRUPDFRQFRPLWDQWHDWpRILQDOGRSULPHLURWULPHVWUHGH$WpRUHFHELPHQWRGRVYDORUHVD 5HODWyULRGRVDXGLWRUHVLQGHSHQGHQWHVVREUHDVGHPRQVWUDo}HVFRQWiEHLV±$RV$GPLQLVWUDGRUHVH$FLRQLVWDVGD%DUD~QDV,,(QHUJpWLFD6$
VHUHPFRQWUDWDGRVFRPREDQFRILQDQFLDGRURVDFLRQLVWDVDWXDUmRFRPRJDUDQWLGRUHVGDVRSHUDo}HVGHFDSWDomRGHUHFXUVRVGH 5HFLIH3(([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD%DUD~QDV,,(QHUJpWLFD6$ ³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHP
FXUWR SUD]R MXQWR D RXWUDV LQVWLWXLo}HV ILQDQFHLUDV D ILP GH DVVHJXUDU R FXPSULPHQWR GRV GLYHUVRV FRQWUDWRV GH IRUQHFLPHQWR GHGH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGH
ILUPDGRVSDUDH[HFXomRGRSURMHWR$SUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVHVXPiULRVGDVSUiWLFDVFRQWiEHLV$V FDL[DSDUDRH[HUFtFLRILQGRQDTXHODGDWDLQFOXLQGRRUHVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLVHGHPDLVQRWDVH[SOLFDWLYDV5HVSRQVDELOLGDGHGD
GHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO $GPLQLVWUDomRVREUHDVGHPRQVWUDo}HVFRQWiEHLV$$GPLQLVWUDomRGD&RPSDQKLDpUHVSRQViYHOSHODHODERUDomRHDGHTXDGDDSUHVHQWDomR
TXHFRPSUHHQGHPRVGRFXPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDO GHVVDVGHPRQVWUDo}HVFRQWiEHLVFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLODVVLPFRPRSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRXFRPR
GH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%& $VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDR QHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHVVDVGHPRQVWUDo}HVFRQWiEHLVOLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUHUURRX
H[HUFtFLRILQGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUDHPLVVmRHPUHXQLmRGDGLUHWRULDUHDOL]DGDHPGHIHYHUHLURGH IUDXGH5HVSRQVDELOLGDGHGRVDXGLWRUHVLQGHSHQGHQWHV1RVVDUHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDRSLQLmRVREUHHVVDVGHPRQVWUDo}HV
5HFRQKHFLPHQWRGHUHFHLWD5HFHLWDGHMXURV3DUDWRGRVRVLQVWUXPHQWRVILQDQFHLURVDYDOLDGRVDRFXVWRDPRUWL]DGRH FRQWiEHLVFRPEDVHHPQRVVDDXGLWRULDFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD(VVDVQRUPDVUHTXHUHPR
DWLYRVILQDQFHLURVTXHUHQGHPMXURVFODVVLILFDGRVFRPRGLVSRQtYHLVSDUDYHQGDDUHFHLWDRXGHVSHVDILQDQFHLUDpUHFRQKHFLGD FXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHVHTXHDDXGLWRULDVHMDSODQHMDGDHH[HFXWDGDFRPRREMHWLYRGHREWHUVHJXUDQoDUD]RiYHOGHTXHDV
XWLOL]DQGRVHDWD[DGHMXURVHIHWLYD$UHFHLWDGHMXURVpDSUHVHQWDGDFRPRUHFHLWDILQDQFHLUDQDGHPRQVWUDomRGRUHVXOWDGRGR GHPRQVWUDo}HVFRQWiEHLVHVWmROLYUHVGHGLVWRUomRUHOHYDQWH8PDDXGLWRULDHQYROYHDH[HFXomRGHSURFHGLPHQWRVVHOHFLRQDGRVSDUDREWHQomRGH
SHUtRGR7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO$WULEXWDomRVREUHROXFURFRPSUHHQGHRLPSRVWRGHUHQGDHD HYLGrQFLD D UHVSHLWR GRV YDORUHV H GLYXOJDo}HV DSUHVHQWDGRV QDV GHPRQVWUDo}HV FRQWiEHLV 2V SURFHGLPHQWRV VHOHFLRQDGRV GHSHQGHP GR
FRQWULEXLomRVRFLDORVTXDLVVmRUHJLVWUDGRVFRPEDVHQRSULQFtSLRGDFRPSHWrQFLDHFDOFXODGRVFRQIRUPHOHJLVODomRILVFDOHP MXOJDPHQWRGRDXGLWRULQFOXLQGRDDYDOLDomRGRVULVFRVGHGLVWRUomRUHOHYDQWHQDVGHPRQVWUDo}HVFRQWiEHLVLQGHSHQGHQWHPHQWHVHFDXVDGDSRU
YLJRUWHQGRSRUEDVHR³/XFUR3UHVXPLGR´,QVWUXPHQWRVILQDQFHLURV2VLQVWUXPHQWRVILQDQFHLURVVRPHQWHVmRUHFRQKHFLGRVD IUDXGHRXHUUR1HVVDDYDOLDomRGHULVFRVRDXGLWRUFRQVLGHUDRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDHODERUDomRHDGHTXDGDDSUHVHQWDomRGDV
SDUWLUGDGDWDHPTXHD&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWRILQDQFHLUR4XDQGRUHFRQKHFLGRV GHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDSODQHMDURVSURFHGLPHQWRVGHDXGLWRULDTXHVmRDSURSULDGRVQDVFLUFXQVWkQFLDVPDVQmRSDUDILQVGH
VmRLQLFLDOPHQWHUHJLVWUDGRVDRVHXYDORUMXVWRDFUHVFLGRGRVFXVWRVGHWUDQVDomRTXHVHMDPGLUHWDPHQWHDWULEXtYHLVjVXDDTXLVLomR H[SUHVVDUXPDRSLQLmRVREUHDHILFiFLDGHVVHVFRQWUROHVLQWHUQRVGD&RPSDQKLD8PDDXGLWRULDLQFOXLWDPEpPDDYDOLDomRGDDGHTXDomRGDV
RXHPLVVmRH[FHWRQRFDVRGHDWLYRVHSDVVLYRVILQDQFHLURVFODVVLILFDGRVQDFDWHJRULDDRYDORUMXVWRSRUPHLRGRUHVXOWDGRRQGH SUiWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVIHLWDVSHOD$GPLQLVWUDomREHPFRPRDDYDOLDomRGDDSUHVHQWDomRGDV
WDLVFXVWRVVmRGLUHWDPHQWHODQoDGRVQRUHVXOWDGRGRH[HUFtFLR6XDPHQVXUDomRVXEVHTXHQWHRFRUUHDFDGDGDWDGHEDODQoRGH GHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWR$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULDREWLGDpVXILFLHQWHHDSURSULDGDSDUDIXQGDPHQWDUQRVVD
DFRUGRFRPDVUHJUDVHVWDEHOHFLGDVSDUDFDGDWLSRGHFODVVLILFDomRGHDWLYRVHSDVVLYRVILQDQFHLURVHP L DWLYRVHSDVVLYRV RSLQLmR2SLQLmR(PQRVVDRSLQLmRDVGHPRQVWUDo}HVFRQWiEHLVDFLPDUHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVD
ILQDQFHLURVPHQVXUDGRVDRYDORUMXVWRSRUPHLRGRUHVXOWDGR LL PDQWLGRVDWpRYHQFLPHQWR LLL HPSUpVWLPRVHUHFHEtYHLV H LY SRVLomRSDWULPRQLDOHILQDQFHLUDGD%DUD~QDV,,(QHUJpWLFD6$HPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGH
GLVSRQtYHLVSDUDYHQGD2SULQFLSDODWLYRILQDQFHLURUHFRQKHFLGRSHOD&RPSDQKLDpFDL[DHHTXLYDOHQWHVGHFDL[D2VSULQFLSDLV FDL[DSDUDRH[HUFtFLRILQGRQDTXHODGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO2XWURVDVVXQWRV(PSUHHQGLPHQWRHPIDVHSUp
SDVVLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmR FRQWDVDSDJDUDIRUQHFHGRUHVHHPSUpVWLPRVHILQDQFLDPHQWRV&DL[D RSHUDFLRQDO&RQIRUPHGHVFULWRQDQRWDH[SOLFDWLYDD&RPSDQKLDHQFRQWUDVHHPIDVHSUpRSHUDFLRQDOHGHFRQVWUXomRGHVHXSDUTXHHyOLFR$V
HHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWR GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV QR SUHVVXSRVWR GD FRQWLQXLGDGH GRV LQYHVWLPHQWRV H DSRUWHV GH FDSLWDO SHORV DFLRQLVWDV HRX
SUD]R H QmR SDUD LQYHVWLPHQWR RX RXWURV ILQV $ &RPSDQKLD FRQVLGHUD HTXLYDOHQWHV GH FDL[D XPD DSOLFDomR ILQDQFHLUD GH ILQDQFLDGRUHVGHORQJRSUD]RDWpD&RPSDQKLDLQLFLDUVXDVDWLYLGDGHVRSHUDFLRQDLV1mRHVWDPRVUHVVDOYDQGRQRVVDRSLQLmRHPIXQomRGHVWH
FRQYHUVLELOLGDGHLPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDVHPXPPRQWDQWHFRQKHFLGRGHFDL[DHHVWDQGR DVVXQWR$XGLWRULDGRVYDORUHVFRUUHVSRQGHQWHVDRH[HUFtFLRDQWHULRU2VYDORUHVFRUUHVSRQGHQWHVDRH[HUFtFLRILQGRHPGHGH]HPEURGH
VXMHLWD D XP LQVLJQLILFDQWH ULVFR GH PXGDQoD GH YDORU 3RU FRQVHJXLQWH XP LQYHVWLPHQWR QRUPDOPHQWH VH TXDOLILFD FRPR DSUHVHQWDGRVSDUDILQVGHFRPSDUDomRIRUDPDXGLWDGRVSRURXWURVDXGLWRUHVLQGHSHQGHQWHVTXHHPLWLUDPUHODWyULRGHDXGLWRULDVHPPRGLILFDomRH
HTXLYDOHQWHGHFDL[DTXDQGRWHPYHQFLPHQWRGHFXUWRSUD]RSRUH[HPSORWUrVPHVHVRXPHQRVDFRQWDUGDGDWDGDFRQWUDWDomRFRPSDUiJUDIRTXDQWRjIDVHSUpRSHUDFLRQDOGD&RPSDQKLDGDWDGRGHGHIHYHUHLURGH5HFLIH 3( GHIHYHUHLURGH(5167
,PRELOL]DGR6mRDSUHVHQWDGRVDRFXVWRGHDTXLVLomRRXFRQVWUXomRGHGX]LGRVGDGHSUHFLDomRDFXPXODGDHGHTXDLVTXHU <281*$XGLWRUHV,QGHSHQGHQWHV66&5&63 2)UDQFLVFRGD6LOYD3LPHQWHO&RQWDGRU&5&63273(
(83103)