,167$/$d®2'2)2512&2/81$0(,$
&2/81$
&RQVHOKRV
,PSRUWDQWHTXDOTXHUWLSRGHLQWHUYHQ
mRGH
LQVWDOD
mRRXGHPDQXWHQ
mRGHYHVHUHIHFWXDGR
FRPRIRUQRGHVOLJDGRGDHQHUJLDHOpFWULFD
$LQVWDODomRGHYHVHUHIHFWXDGDSRUXP7pFQLFR
KDELOLWDGRVHJXQGRDVLQVWUXo}HVGR)DEULFDQWHH
VHJXQGRDVQRUPDVORFDLVHPYLJRU
$SyVWHUGHVHPEDODGRRIRUQRYHULILTXHVHR
DSDUHOKRQmRILFRXDYDULDGRGXUDQWHRWUDQVSRUWH
HVHDSRUWDIHFKDFRUUHFWDPHQWH
(PFDVRGH
G~YLGDGLULMDVHDRUHYHQGHGRURXDR
6HUYL
RGH$VVLVWrQFLDWpFQLFDPDLVSHUWR
$SyVWHUGHVHPEDODGRRIRUQRGHL[HRDSRLDGR
jEDVHGHHVIHURYLWHSDUDHYLWDUTXHVHHVWUDJXH
3DUDLQVWDODURIRUQRDFRQVHOKDVHDYHVWLUOXYDV
GHSURWHFomR
1mROHYDQWHRIRUQRDJDUUDQGRRSHODPDQLOKDGD
SRUWDPDVSHODVGHYLGDVDEHUWXUDVFRORFDGDVDRV
ODGRV
3UHSDUD
mRGRPyYHOGHHPEXWLU
2VPyYHLVGDFR]LQKDTXHHVWmRHPFRQWDFWR
GLUHFWRFRPRIRUQRGHYHPVHUUHVLVWHQWHVDR
FDORUPtQ&
([HFXWDUWRGRVRVWUDEDOKRVGHFRUWHQRPyYHO
DQWHVGHLQWURGX]LURDSDUHOKR5HWLUDU
FXLGDGRVDPHQWHDVDSDUDVRXDVHUUDGXUDTXH
SRGHPYLUDHVWUDJDURIXQFLRQDPHQWRGRDSDUHOKR
$VGLPHQV}HVGRIRUQRHGRPyYHOHQFRQWUDPVH
LOXVWUDGDVQDVILJXUDV
3DUDDVVHJXUDUXPDFRUUHFWDYHQWLODomR
DFRQVHOKDVHDGHL[DUXPDDEHUWXUDQRIXQGRGR
PyYHOUHVSHLWDQGRDVGLPHQV}HVGDILJXUD
2IXQGRGRIRUQRFRPDLQVWDOD
mRIHLWD
QmRGHYHVHUDFHVVtYHO
'XUDQWHDLQVWDODomRSUHVWDUDWHQomRSDUDTXHDV
SDUHGHVGRIRUQRQmRILTXHPHPGLUHFWR
FRQWDFWRFRPRVPyYHLVTXHVHHQFRQWUDPSRU
SHUWRILJ
3DUDRVIRUQRVLQVWDODGRVGHEDL[RGDSOFDGH
WUDEDOKRpQHFHVViULRXPDDEHUWXUDPtQLPDGH
PPHQWUHRERUGRVXSHULRUGRIRUQRHRERUGR
LQIHULRUGRSODQRGHWUDEDOKRILJ
3DUDR
FRUUHFWRIXQFLRQDPHQWRGRSURGXWRHVWD
DEHUWXUDQmRGHYHILFDUQXQFDIHFKDGD
6HRPyYHOQmRHVWLYHUEHPSUHVRjSDUHGHGHYHVHU
SUHVRFRPSUHVLOKDVGRWLSRFRPHUFLDO*ILJ
/LJD
mRHOpFWULFD
$OLJD
mRjWHUUDGRDSDUHOKRpREULJDWyULD
VHJXQGRDOHLHPYLJRU
$OLJDomRHOpFWULFDGHYHVHUHIHFWXDGDSRUXP
WpFQLFRKDELOLWDGRVHJXQGRDVLQVWUXo}HVGR
)DEULFDQWHHVHJXQGRDVQRUPDVORFDLVHPYLJRU
2LQVWDODGRUpUHVSRQViYHOSHODFRUUHFWDOLJDomR
HOpFWULFDHGRVHJXLPHQWRGDVQRUPDVGHVHJXUDQoD
2FDERGHDOLPHQWDomRGHYHVHUFRPSULGR
TXDQWREDVWDSDUDSRGHUH[HFXWDUDOLJDomR
HOpFWULFDGRDSDUHOKRHPEXWLGRQRPyYHO
1RVHJXLPHQWRGDVGLUHFWLYDVHPPDWpULDGH
VHJXUDQoDGXUDQWHDLQVWDODomRpQHFHVViULR
XWLOL]DUXPLQWHUUXSWRURPQLSRODUFRPXPD
GLVWkQFLDPtQLPDHQWUHRVFRQWDFWRVGHPP
1mRXWLOL]DUILFKDVP~OWLSODVRXH[WHQV}HV
$SyVDLQVWDODomRRVSRUPHQRUHVHOpFWULFRV
GHYHUmRVHULQDFHVVtYHLV
/LJD
mRGRIRUQRjHQHUJLDHOpFWULFD
&HUWLILFDUVHVHDWHQVmRLQGLFDGDQDFKDSDGDV
FDUDFWHUtVWLFDVFRUUHVSRQGHjHQHUJLDGDUHGH
HOpFWULFD$FKDSDGDVFDUDFWHUtVWLFDVHQFRQWUDVH
QRERUGRIURQWDOGRIRUQRYLVtYHOFRPDSRUWD
DEHUWD
6HRIRUQRQmRWLYHUFDERGHDOLPHQWDomRIDoDGD
VHJXLQWHPDQHLUD
'HVDSDUDIXVDURVGRLVSDUDIXVRVGHIL[DomRGD
WDPSLQKDGDEDWHULDGHERUQHVSRVLFLRQDGDQD
SDUWHLQIHULRUGDFREHUWXUDSRVWHULRUGRIRUQR
5HWLUDUDWDPSLQKDSDUDDFHGHUjEDWHULDGH
ERUQHVHLQWURGX]LURFDERGHDOLPHQWDomR
YLGHWDEHODDWUDYpVGDDEHUWXUDVLWXDGDQRO
IXQGRGRIRUQR
/LJDURFDERjEDWHULDGHERUQHVDSHUWDQGRDWp
DRILPRVSDUDIXVRVHSUHQGHUDRSUHQGHFDER
9ROWDUDSRVLFLRQDUDWDPSLQKDLQWURGX]LQGRRV
GRLVERUGRVQRVVHXVVtWLRVHSUHQGrODFRPRV
GRLVSDUDIXVRV
)L[D
mRGRIRUQR
/HYDQWDURIRUQRDJDUUDQGRRSHODVGHYLGDV
DEHUWXUDVFRORFDGDVQRVODGRVHLQWURGX]LORQR
GHYLGRVtWLRGRPyYHOSUHVWDQGRDWHQomRSDUDQmR
SUHQGHURFDERGHDOLPHQWDomRILJ
&HQWUDURIRUQRQRVtWLRGRPyYHODQWHVGHR
SUHQGHU
&HUWLILFDUVHGHTXHRVVHSDUDGRUHVGHSOiVWLFR
HVWmRSRVLFLRQDGRVFRUUHFWDPHQWHQRVGHYLGRV
IXURVGHIL[DomR$SRLDUGHVHJXLGDRIRUQRDR
PyYHODWUDYpVGRVSDUDIXVRVIRUQHFLGRV
7DEHODFDERGHDOLPHQWD
mR
1GRVFRQGXWRUHV 7LSRGHFDER
1
a
+55);PPò
a
+55);PPò
DSHQDVSDUDD6XLoD
10200152PT.fm Page 6 Friday, May 20, 2005 11:24 AM