O autor analisa a autonomia do Direito Processual do Trabalho e seus princípios. Comenta a organização, competência e funcionamento da Justiça do Trabalho à luz da Constituição de 1988. Faz ainda o exame detalhado desde a petição inicial até a execução no processo trabalhista.
Martins
DIREITO PROCESSUAL DO TRABALHO
O livro contém as mais recentes observações doutrinárias e jurisprudenciais a respeito da interpretação das normas processuais do trabalho e da aplicação subsidiária do CPC ao procedimento laboral.
• Solução dos conflitos trabalhistas. • Evolução histórica, conceito, autonomia, princípios, posição enciclopédica, fontes e aplicação das normas do Direito Processual do Trabalho. • Organização da justiça, representação classista, competência da Justiça do Trabalho. • Atos, termos, prazos processuais, nulidades, partes, representação, procuradores, terceiros, ação trabalhista, distribuição, audiência, resposta do réu, das provas, alegações finais, sentença, recursos, procedimentos especiais, medidas cautelares, dissídios coletivos, liquidação da sentença, execução. NOTA SOBRE O AUTOR SERGIO PINTO MARTINS é bacharel em Direito, Ciências Contábeis e Administração de Empresas. É mestre em Direito Tributário, doutor e livre-docente em Direito do Trabalho pela Faculdade de Direito da USP. Especialista em Direito Empresarial pela Universidade Mackenzie e em Direito do Trabalho pela USP. Juiz do TRT da 2ª Região. Professor titular de Direito do Trabalho da Faculdade de Direito da USP (Fadusp). Autor de outros 36 livros nas áreas de Direito do Trabalho e legislação trabalhista e previdenciária, publicados pela Atlas. APLICAÇÃO Livro-texto para a disciplina Direito Processual do Trabalho do curso de graduação em Direito. Livro de referência e consulta para profissionais das áreas de Direito do Trabalho e de Administração de Recursos Humanos.
www.EditoraAtlas.com.br
DIREITO PROCESSUAL DO TRABALHO
Além da parte teórica, traz a prática trabalhista, consubstanciada em petições, recursos e decisões referentes a cada tema examinado, incluindo:
Sergio Pinto Martins
DIREITO PROCESSUAL DO TRABALHO
Doutrina e prática forense
30a Edição
6(5*,23,1720$57,16
',5(,72352&(668$/ '275$%$/+2 'RXWULQDHSUiWLFDIRUHQVH 0RGHORVGHSHWLo}HVUHFXUVRV VHQWHQoDVHRXWURV D(GLomR $WXDOL]DGDDWp
0DWHULDOSDUD&'520
6®23$8/2 (',725$$7/$66$²
6XPiULR 0RGHORGHSHGLGRGHVXEVWLWXLomR SURFHVVXDO 0RGHORGHSHGLGRGHDVVLVWrQFLD 0RGHORGHDSUHVHQWDomRGHRSRVLomR 0RGHORGHQRPHDomRjDXWRULD 0RGHORGHGHQXQFLDomRGDOLGH 0RGHORGHFKDPDPHQWRDRSURFHVVR 0RGHORGHSHWLomRLQLFLDOGHKRUDVH[WUDV 0RGHORGHSHWLomRGHLQLFLDOGHYHUEDV UHVFLVyULDV 0RGHORGHSHWLomRGHLQLFLDOGHHTXLSDUDomR VDODULDO 0RGHORGHDomRGHFODUDWyULD 0RGHORGHSHWLomRGHLQLFLDOGHSRVWXODomR GHUHSUHVHQWDQWHFRPHUFLDODXW{QRPR 0RGHORGHFREUDQoDGHKRQRUiULRV SURILVVLRQDLV 0RGHORGHDGLWDPHQWRGHSHWLomRLQLFLDO 0RGHORGHWHUPRGHDUTXLYDPHQWRGH UHFODPDomR 0RGHORGHWHUPRGHDXGLrQFLD 0RGHORGHWHUPRGHDXGLrQFLDHPFDVRGH UHYHOLD 0RGHORGHFDUWDGHSUHSRVLomR 0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mR GROXJDU 0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mR GDSHVVRD 0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mR GDPDWpULD 0RGHORGHH[FHomRGHVXVSHLomR 0RGHORGHH[FHomRGHLPSHGLPHQWR 0RGHORGHFRQWHVWDomR 0RGHORGHUHFRQYHQomR 0RGHORGHLQFLGHQWHGHIDOVLGDGHGH GRFXPHQWR 0RGHORGHUD]}HVILQDLV 0RGHORGHVHQWHQoD 0RGHORGHSHGLGRGHUHYLVmRGRYDORUGD FDXVD 0RGHORGHUHFXUVRRUGLQiULR 0RGHORGHFRQWUDUUD]}HVGHUHFXUVR RUGLQiULR 0RGHORGHSDUHFHUGR037 $FyUGmRGR757 0RGHORGHUHFXUVRGHUHYLVWD 0RGHORGHHPEDUJRV 0RGHORGHDJUDYRGHSHWLomR
$FyUGmRHPDJUDYRGHSHWLomR 0RGHORGHDJUDYRGHLQVWUXPHQWR $FyUGmRHPDJUDYRGHLQVWUXPHQWR 0RGHORGHDJUDYRUHJLPHQWDO 0RGHORGHUHFXUVRH[WUDRUGLQiULR 0RGHORGHUHFXUVRDGHVLYR 0RGHORGHFRUUHLomRSDUFLDO 0RGHORGHHPEDUJRVGHGHFODUDomR 0RGHORGHVHQWHQoDHPHPEDUJRVGH GHFODUDomR 6HQWHQoDGHHPEDUJRVGHGHFODUDomR DSOLFDQGRPXOWD 0RGHORGHLQTXpULWRSDUDDSXUDomRGHIDOWD JUDYH 0RGHORGHDomRUHVFLVyULD 0RGHORGHPDQGDGRGHVHJXUDQoD 0RGHORGHDomRGHFRQVLJQDomRHP SDJDPHQWR 0RGHORGHDomRGHSUHVWDomRGHFRQWDV 0RGHORGHDomRSRVVHVVyULD 0RGHORGHKDELOLWDomRLQFLGHQWH 0RGHORGHUHVWDXUDomRGHDXWRV 0RGHORGHDomRUHYLVLRQDO 0RGHORGHKDEHDVFRUSXV 0RGHORGHWXWHODDQWHFLSDGD 0RGHORGHDomRPRQLWyULD 0RGHORGHDQXODomRGHFOiXVXODV FRQYHQFLRQDLV 0RGHORGHKDEHDVGDWD 0RGHORGHDomRFLYLOS~EOLFD 0RGHORGHDMXL]DPHQWRGHDUUHVWR 0RGHORGHLQWHUSRVLomRGHPHGLGDFDXWHODUGH VHTXHVWUR 0RGHORGHPHGLGDFDXWHODUGHSURGXomR DQWHFLSDGDGHSURYDV 0RGHORGHPHGLGDFDXWHODUGHH[LELomR 0RGHORGHPHGLGDFDXWHODUGHMXVWLILFDomR 0RGHORGHDSUHVHQWDomRGHQRWLILFDomR 0RGHORGHDWHQWDGR 0RGHORGHGLVVtGLRFROHWLYR 0RGHORGHDomRGHFXPSULPHQWR 0RGHORGHOLTXLGDomRGHVHQWHQoDSRU DUELWUDPHQWR 0RGHORGHOLTXLGDomRGHVHQWHQoDSRU DUWLJRV 0RGHORGHOLTXLGDomRGHVHQWHQoDSRU FiOFXORV 0RGHORGHVHQWHQoDQDOLTXLGDomR
0RGHORGHH[FHomRGHSUpH[HFXWLYLGDGH 0RGHORGHHPEDUJRVjH[HFXomR 0RGHORGHDSUHVHQWDomRGHLPSXJQDomR 0RGHORGHHPEDUJRVGHWHUFHLUR 0RGHORGHHPEDUJRVjDUUHPDWDomR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 7DEHODGHGHSyVLWRUHFXUVDO
0RGHORGHSHGLGRGHVXEVWLWXLomRSURFHVVXDO (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 6,1',&$72'2675$%$/+$'25(6UHSUHVHQWDGRQHVWHDWRSRUVHXV GLUHWRUHVQDFRQGLomRGHVXEVWLWXWRSURFHVVXDOYHPSRUVHXDGYRJDGRGRF PXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD([FHOrQFLDDMXL]DUDomRFRQWUD(PSUHVD '/WGDFRPVHGHQDUXDGH0DLRQR&HQWUR6mR3DXOR&(3 GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 'RVIDWRV 2VVXEVWLWXtGRVGHDFRUGRFRPRUROHPDQH[RGRF WUDEDOKDYDPQR VHWRUGHIXQGLomRGDHPSUHVD)RUDPGLVSHQVDGRVGHDFRUGRFRPRVWHUPRVGH UHVFLVmRGRVFRQWUDWRVGHWUDEDOKRGRF 2WUDEDOKRpUHDOL]DGRHPFRQGLo}HVLQVDOXEUHV7rPFRQWDWRFRPHOH PHQWRVTXtPLFRVFRPRKLGURFDUERQHWRVDRVHXWLOL]DUHPGHyOHRVPLQHUDLVSDUD OLPSDUDVSHoDV 2ORFDOGHWUDEDOKRpDLQGDUXLGRVR$HPSUHVDQmRIRUQHFHRVSURWHWRUHV DXULFXODUHVHQmRILVFDOL]DDVXDXWLOL]DomR )XQGDPHQWRV 2RGRDUWGD&/7SHUPLWHTXHRVLQGLFDWRDWXHQDFRQGLomRGH VXEVWLWXWRSURFHVVXDOGRVDVVRFLDGRVHPFDVRGHLQVDOXEULGDGH 2WUDEDOKRFRPKLGURFDUERQHWRVFXPXODGRFRPHOHPHQWRVUXLGRVRVGi GLUHLWRDRVVXEVWLWXtGRVDRDGLFLRQDOGHLQVDOXEULGDGHHPJUDXPi[LPRQDIRUPD GD15GD3RUWDULDQR 7HPGLUHLWRDRDGLFLRQDOGHLQVDOXEULGDGHHPJUDXPi[LPRHDRVUHIOH [RVHPDYLVRSUpYLRIpULDVPDLVRVDOiULRVFRPDLQFLGrQFLDGR)*76 3HGLGR 3HGHSDUDWRGRVRVVXEVWLWXtGRV D DGLFLRQDOGHLQVDOXEULGDGHHPJUDXPi[LPRFDOFXODGRVREUHRVDOiULR PtQLPR E UHIOH[RVGRDGLFLRQDOHPDYLVRSUpYLRIpULDVPDLVRVVDOiULRV F LQFLGrQFLDGR)*76PDLVVREUHRLWHPDHVREUHRVUHIOH[RVHP RVVDOiULRV 5HTXHUDFLWDomRGRUpXSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHRGHVH MDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDOGHYHUi VHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGRDFUHVFLGRGHMXURVH FRUUHomRPRQHWiULD
3URYDV 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPLWLGRV VHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUpVRESHQDGH FRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDSDUDDSXUDomRGHLQVDOXEUL GDGHMXQWDGDGHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2
%$0RGHORGHSHGLGRGHDVVLVWrQFLD (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 03EUDVLOHLURFDVDGRIXQGLGRUWLWXODUGD&736QRVpULHUHVL GHQWHHGRPLFLOLDGRQDUXD%UiV&XEDVQR6mR3DXORSRUVHXDGYRJDGRTXHHVWD VXEVFUHYHGRF QRVDXWRVGDUHFODPDomRWUDEDOKLVWDDMXL]DGDSRU70FRQWUD3% /WGDYHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DUHTXHUHURVHJXLQWH 2DXWRU70DMXL]RXUHFODPDomRWUDEDOKLVWDFRQWUD3%/WGDSRLVWRFDYD MXQWDPHQWHFRPVHXFRQMXQWRSOHLWHDQGRUHODomRGHHPSUHJR 2UHTXHUHQWHHUDGDEDQGDGRUHFODPDQWHHWDPEpPQmRIRLUHJLVWUDGR QDHPSUHVD 7HPLQWHUHVVHQDSURFHGrQFLDGDSUHWHQVmRSRLVDVXDVLWXDomRHUDD PHVPDQmRVHQGRDXW{QRPRRXWHQGRIHLWRTXDOTXHUFRQWUDWRGHHTXLSHFRPR UHFODPDQWHPXLWRPHQRVHUDHPSUHJDGRGHVWH 5HTXHUDVXDSDUWLFLSDomRQDOLGHQDTXDOLGDGHGHDVVLVWHQWHOLWLVFRQ VRUFLDOQRVWHUPRVGRVDUWVDGR&3& 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOVRE SHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGH GRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2$%
0RGHORGHDSUHVHQWDomRGHRSRVLomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 05EUDVLOHLURVROWHLURYHQGHGRUUHVLGHQWHQDUXD7XSLQRSRUVHX DGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DDSUHVHQWDU2326,d®2GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 0$DMXL]RXUHFODPDomRWUDEDOKLVWDFRQWUD/DERUDWyULRV*/WGDDOHJDQ GRTXHGHYHUHFHEHUDVFRPLVV}HVGDVYHQGDVUHDOL]DGDVQDFLGDGHGH%DXUX 2FRUUHTXHRUHTXHUHQWHpTXHVHPSUHHIHWXRXDVYHQGDVQDFLGDGHGH %DXUXFRPRHPSUHJDGRGDUHFODPDGDGRF 3RULVVRDVFRPLVV}HVGHYHQGDV UHDOL]DGDVOKHSHUWHQFHPSRLVRUHTXHUHQWHGHWLQKDFRQWUDWRFRPDUHFODPDGD GHH[FOXVLYLGDGHGHYHQGDVQDTXHODUHJLmRGRF $VVLPUHTXHUTXHOKHVHMDPSDJDVDVFRPLVV}HVGDVYHQGDVUHDOL]DGDVQD FLGDGHGH%DXUXDGPLWLQGRVHDLQFOXVmRGRUHTXHUHQWHQDOLGHFRPRRSRHQWHH RSDJDPHQWRGDVFRPLVV}HVGDVYHQGDVUHDOL]DGDVQDTXHODFLGDGH 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGD UHFODPDGDVRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDV MXQWDGDGHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2
%$0RGHORGHQRPHDomRjDXWRULD (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 0iULR0HQGHVSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF QRVDX WRVGDUHFODPDomRWUDEDOKLVWDTXHOKHIRLSURSRVWDSRU-RVpGD6LOYDYHPPXL UHVSHLWRVDPHQWHjSUHVHQoDGH9([DDSUHVHQWDU120($d®2$8725,$GH DFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV -RVpGD6LOYDDMXL]RXUHFODPDomRWUDEDOKLVWDFRQWUDRRUDUpX 2QRPHDQWHSRUpPpHPSUHJDGRGH$QW{QLR*XLPDUmHV eDSHQDVJHUHQWHGDHPSUHVD
$VVLPUHTXHUVHGLJQH9RVVD([FHOrQFLDGHWHUPLQDURSURVVHJXLPHQWRGD DomRHPUHODomRD$QW{QLR*XLPDUmHVTXHpRYHUGDGHLURSURSULHWiULRGDHPSUHVD HQmRRRUDUHTXHUHQWH 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOVRE SHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGH GRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2
%$0RGHORGHGHQXQFLDomRGDOLGH (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR &216758725$3&/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF QRVDXWRVGDUHFODPDomRWUDEDOKLVWDSURSRVWDSRU-&YHPPXLUHVSHLWRVD PHQWHjSUHVHQoDGH9([DUHTXHUHUDGHQXQFLDomRGDOLGHGH&216758725$ 4/7'$GHDFRUGRFRPRVPRWLYRVDVHJXLUDGX]LGRV $GHQXQFLDGDUHVSRQVDELOL]RXVHSHORSDJDPHQWRGHWRGDVDVLQGHQL]Do}HV WUDEDOKLVWDVHPTXHRUHTXHUHQWHHYHQWXDOPHQWHSRVVDVHUFRQGHQDGRFRQIRUPH VHQRWDGRFRQWUDWRGHYHQGDGRHVWDEHOHFLPHQWRGRF SRLVDUHFODPDGDQmR HUDDHPSUHJDGRUDGRUHFODPDQWH 5HTXHUDVVLPVHGLJQH9RVVD([FHOrQFLDGHWHUPLQDUDLQFOXVmRQRIHLWR GD&RQVWUXWRUD4/WGDTXHHUDDYHUGDGHLUDHPSUHJDGRUDGRUHFODPDQWH 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOVRE SHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGH GRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2
%$
0RGHORGHFKDPDPHQWRDRSURFHVVR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR &(035(,7(,5$/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF QRVDXWRVGDUHFODPDomRWUDEDOKLVWDSURSRVWDSRU$/YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DUHTXHUHUDDGPLVVmRGH&(035((1',0(1726/7'$ FRPRFKDPDGDDRSURFHVVRQRVWHUPRVGRDUWGR&3&GHDFRUGRFRPDV UD]}HVDVHJXLUDGX]LGDV $UHFODPDGDSHUWHQFHDRJUXSRHFRQ{PLFR&(PSUHHQGLPHQWRV/WGD TXHQRVWHUPRVGRRGRDUWRGD&/7pRYHUGDGHLURHPSUHJDGRU$UppVROL GiULDFRPDUHIHULGDHPSUHVDGRJUXSRFRPRPRVWUDPRVVHXVFRQWUDWRVVRFLDLV HRXWURVGRFXPHQWRVGRF $VVLPUHTXHUDDGPLVVmRQRIHLWRGH&(PSUHHQGLPHQWRV/WGDFRPR FKDPDGRDRSURFHVVRSRUVHUGHYHGRUDVROLGiULDMXQWDPHQWHFRPDUHFODPDGD QDHYHQWXDOLGDGHGHVHUGHIHULGRDOJXPSHGLGRDRUHFODPDQWHTXHVHULDHPSUH JDGRGRJUXSRHFRQ{PLFR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOVRE SHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGH GRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2$% 3HWLo}HVLQLFLDLV
0RGHORGHSHWLomRLQLFLDOGHKRUDVH[WUDV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 '7EUDVLOHLURFDVDGRHQURODGRUWLWXODUGD&736QRVpULH UHVLGHQWHHGRPLFLOLDGRQDUXDGDV2UTXtGHDV&HQWUR6mR3DXORSRUVHX DGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH 9([DSURSRUDomRWUDEDOKLVWDFRQWUD,1'8675,$/0/7'$FRPVHGHQDUXD GR-DSmRQR&HQWUR6mR3DXOR&(3GHDFRUGRFRPDVUD]}HVD VHJXLUDGX]LGDV 2DXWRUIRLDGPLWLGRHPHGLVSHQVDGRVHPMXVWDFDXVDHP 6HX~OWLPRVDOiULRPHQVDOHUDGH2SWRXSHOR)*76QDDGPLVVmR
7UDEDOKDYDGDVjVKRUDVGHVHJXQGDjVH[WDIHLUDFRPLQWHUYDOR GHXPDKRUD (QWHQGHWHUGLUHLWRDXPDKRUDH[WUDGLiULDFRPDGLFLRQDOGHH UHIOH[RVQRVRVVDOiULRV6GR767 GVU·V6GR767 IpULDVRGR DUWGD&/7 DYLVRSUpYLRRGRDUWGD&/7 H)*766GR767 PDLV 3HGH D XPDKRUDH[WUDGLiULDFRPDGLFLRQDOGH E UHIOH[RVGDVKRUDVH[WUDVHPGVU·VDYLVRSUpYLR IpULDVRVDOiULR F LQFLGrQFLDGH)*76PDLVVREUHDHE FiOFXOR LWHPDððKGLDðGLDVðVHPDQDVð PHVHVðDQRV LWHPEGHD LWHPFVDE 5HTXHUDFLWDomRGDUHFODPDGDSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVH RGHVHMDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDO GHYHUiVHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGRDFUHVFLGRGH MXURVHFRUUHomRPRQHWiULD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHSHWLomRGHLQLFLDOGHYHUEDVUHVFLVyULDV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 13EUDVLOHLURFDVDGRSHGUHLURWLWXODUGD&736QRVpULH UHVLGHQWHHGRPLFLOLDGRQDUXD$PSDUR&HQWUR6mR3DXORSRUVHXDGYR JDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DSURSRUDomRWUDEDOKLVWDFRQWUD&216758725$7/7'$FRPVHGHQDUXD GR$FUHQR&HQWUR6mR3DXOR&(3GHDFRUGRFRPDVUD]}HVD VHJXLUDGX]LGDV
2DXWRUIRLDGPLWLGRHPHGLVSHQVDGRVHPMXVWDFDXVDHP 6HX~OWLPRVDOiULRHUDGH 1mRUHFHEHXDVYHUEDVUHVFLVyULDVQHPDVIpULDVYHQFLGDV 7HPGLUHLWRjPXOWDGRRGRDUWGD&/7 $HPSUHVDQmRIRUQHFHXDVJXLDVSDUDOHYDQWDPHQWRGR)*76QHPDV JXLDVGRVHJXURGHVHPSUHJRPXLWRPHQRVSDJRXDLQGHQL]DomRGHGR )*76 3HGH D E F G H I J K
L M
VDOGRGHVDOiULRGLDV DYLVRSUpYLR RVDOiULRFDYLVRSUpYLR IpULDVYHQFLGDVPDLV IpULDVSURSPDLVF DYLVRSUpYLR )*76VDHF PXOWDGRRDUWGD&/7 JXLDSOHYDQWDPHQWRGR)*76 VRESHQDGHSDJDUDLQGHQL]DomR FRUUHVSRQGHQWH LQGHQL]DomRGHV)*76 JXLDVGHVHJXURGHVHPSUHJRVRE SHQDGHSDJDUDLQGHQL]DomR FRUUHVSRQGHQWH
ð
$VYHUEDVUHVFLVyULDVLQFRQWURYHUVDVGHYHUmRVHUSDJDVQDSULPHLUDDX GLrQFLDVRESHQDGHSDJDPHQWRFRPDFUpVFLPRGHDUWGD&/7 5HTXHUDFLWDomRGDUHFODPDGDSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVH RGHVHMDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDO GHYHUiVHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGRDFUHVFLGRGH MXURVHFRUUHomRPRQHWiULD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHSHWLomRGHLQLFLDOGHHTXLSDUDomRVDODULDO (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 13EUDVLOHLURFDVDGRFDUSLQWHLURWLWXODUGD&736QRVpULH UHVLGHQWHHGRPLFLOLDGRQDUXD-RVpGH$OPHLGD-U&HQWUR6mR3DXORSRU VHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DSURSRUDomRWUDEDOKLVWDFRQWUD&216758725$%$/®2/7'$FRP VHGHQDUXDGR&KDSpXQR&HQWUR6mR3DXOR&(3GHDFRUGR FRPDVUD]}HVDVHJXLUDGX]LGDV 2DXWRUIRLDGPLWLGRHPHGLVSHQVDGRVHPMXVWDFDXVDHP 6HX~OWLPRVDOiULRHUDGH ([HUFLDDPHVPDIXQomRTXH-RmR3HGURGD6LOYD5HFHELDVDOiULRLQIH ULRUDRGRSDUDGLJPDTXHSHUFHELDSRUPrV 7HPGLUHLWRDRPHVPRVDOiULRGRSDUDGLJPDQDIRUPDGRDUWGD &/7 3HGH D GLIHUHQoDVGHHTXLSDUDomRVDODULDO E UHIOH[RVHPIpULDVRV VDOiULRVDYLVRSUpYLR F )*76PDLVVDHE
ð ðDQRV
5HTXHUDFLWDomRGDUHFODPDGDSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHR GHVHMDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWR6GR767 TXHDILQDOGHYHUiVHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGR DFUHVFLGRGHMXURVHFRUUHomRPRQHWiULD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRGHFODUDWyULD (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0DQRHO/EUDVLOHLURFDVDGRHQWUHJDGRUWLWXODUGD&736QRVpULH UHVLGHQWHHGRPLFLOLDGRQDUXDGDV9HQWRVDV&HQWUR6mR3DXORSRUVHX DGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH 9([DSURSRUDomRGHFODUDWyULDFRPSHGLGRGHDQRWDomRQD&736FRQWUD(0 35(6$'(75$163257(9$,72'$/7'$FRPVHGHQDUXDGRV&HQWXUL}HV QR&HQWUR6mR3DXOR&(3FRPIXQGDPHQWRQRLQFLVR,GRDUW RGR&3&GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2VIDWRV 2DXWRUIRLDGPLWLGRHPRHGLVSHQVDGRVHPMXVWDFDXVDHP 6HX~OWLPRVDOiULRPHQVDOHUDGH(UDPRWRULVWD (VWiRUHTXHUHQWHjVYpVSHUDVGHVXDDSRVHQWDGRULDHSUHFLVDFRPSURYDU VHXWHPSRGHFRQWULEXLomRDR,166TXHQmRIRLUHFRQKHFLGRSHODHPSUHVD 2GLUHLWR (QWHQGHRDXWRUTXHGHYHVHUSURIHULGDVHQWHQoDGHFODUDWyULDGDH[LVWrQFLD GRYtQFXORGHHPSUHJRHQWUHDVSDUWHVFRPDFRUUHVSRQGHQWHDQRWDomRQD&736 GRHPSUHJDGR 3HUPLWHRLQFLVR,GRDUWRGR&3&TXHRLQWHUHVVHGRDXWRUSRGHOLPLWDU VHjGHFODUDomRGDH[LVWrQFLDGDUHODomRMXUtGLFDGHHPSUHJRKDYLGDHQWUHDV SDUWHV 'LVS}HRDUWGD&/7TXHRHPSUHJDGRUWHPKRUDVSDUDUHJLVWUDUD &736GRHPSUHJDGRSRUpPQmRRIH] 2DWRGRHPSUHJDGRUHVWiFDXVDQGRJUDYHVSUHMXt]RVDRHPSUHJDGRQR VHQWLGRGHTXHQmRSRGHUiFRQWDURWHPSRGHVHUYLoRQDHPSUHVDSDUDIXWXUD DSRVHQWDGRULD 3HGLGR 3HGH GHFODUDomRGDH[LVWrQFLDGDUHODomRGHHPSUHJRHQWUHDVSDUWHVQRSHUtRGR D TXHDHPSUHVDVHMDFRQGHQDGDDDQRWDUD&736GRDXWRUVRESHQDGH ID]rORD6HFUHWDULDGD9DUD 5HTXHUDFLWDomRGDUHFODPDGDSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVH RGHVHMDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDO GHYHUiVHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGR
3URYDV 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHSHWLomRGHLQLFLDOGHSRVWXODomRGH UHSUHVHQWDQWHFRPHUFLDODXW{QRPR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 13EUDVLOHLURFDVDGRUHSUHVHQWDQWHFRPHUFLDODXW{QRPRWLWXODUGD &736QRVpULHUHVLGHQWHHGRPLFLOLDGRQDUXD&LURGH0HOR &HQWUR6mR3DXORSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHV SHLWRVDPHQWHjSUHVHQoDGH9([DSURSRUDomRWUDEDOKLVWDFRQWUD&20(5&,$/ &/7'$FRPVHGHQDUXDGR&DPSRGH0DUWHQR&HQWUR6mR3DXOR&(3 GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2DXWRUIRLDGPLWLGRFRPRUHSUHVHQWDQWHFRPHUFLDOHPHGLV SHQVDGRVHPMXVWDFDXVDHP5HFHELDDPpGLDPHQVDOGH5D WtWXORGHFRPLVV}HV 1mRUHFHEHXDVFRPLVV}HVGR~OWLPRPrVWUDEDOKDGR 7LQKD]RQDIHFKDGDGHYHQGDVSRUpPQmRUHFHELDDVFRPLVV}HVGDVYHQGDV UHDOL]DGDVQDVXD]RQDTXHHUDPUHDOL]DGDVSRURXWURVYHQGHGRUHV 3HGH D FRPLVV}HVGHMXQKR E FRPLVV}HVGD]RQDIHFKDGD
5HTXHUDFLWDomRGDUHFODPDGDSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHR GHVHMDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWR6GR767 TXHDILQDOGHYHUiVHUDFROKLGDFRQGHQDQGRDUpQDIRUPDGRSHGLGRDFUHVFLGR GHMXURVFRUUHomRPRQHWiULDHKRQRUiULRVGHDGYRJDGRjUD]mRGHVREUHR YDORUGDFRQGHQDomR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV
'ijFDXVDRYDORUGH 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHFREUDQoDGHKRQRUiULRVSURILVVLRQDLV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 -RVpGD6LOYDEUDVLOHLURPpGLFRFDVDGRWLWXODUGR5*QRHGR &3)Q UHVLGHQWHQD5XDQR6mR3DXORSRUVHXDGYRJDGRTXH HVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD([FH OrQFLDSURSRUDomRGHFREUDQoDGHKRQRUiULRVSURILVVLRQDLVFRQWUD-RVp5LEHLUR EUDVLOHLURFDVDGRFRPHUFLDQWHFRPUHVLGrQFLDQD5XD3DVVD4XDWURQRSHODV UD]}HVDVHJXLUDGX]LGDV 2UHTXHUHQWHIH]XPDRSHUDomRQRUHTXHULGRYLVDQGRFRUULJLUVXD PLRSLD )RLIHLWRFRQWUDWRGRF QRTXDOILFRXHVWDWXtGRTXHRSUHoRGDFLUXU JLDHUDGH5(QWUHWDQWRDWpRPRPHQWRRUpXQmRDGLPSOLXDREUL JDomR 3HORH[SRVWRSRVWXODRSDJDPHQWRGRVVHXVKRQRUiULRVQRYDORUGH 5FRPMXURVHFRUUHomRPRQHWiULD 5HTXHUDFLWDomRGRUpXSDUDFRQWHVWDURSHGLGRVHRGHVHMDUVRESHQD GHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'iVHjFDXVDRYDORUGH5 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 R
$GYRJDGR 2$%QR
0RGHORGHDGLWDPHQWRGHSHWLomRLQLFLDO (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR -5-USRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDDomRSURSRVWD FRQWUD5,1'(&20/7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD ([FHOrQFLDDGLWDUDLQLFLDO 7HQGRRDXWRUPHQFLRQDGRTXHWUDEDOKDYDHPKRUDVH[WUDVHVTXHFHXGH SHGLODVHPVXDSRVWXODomR4XHUWDPEpPUHWLILFDURSHGLGRSDUDFRQVWDUFRPR GDWDGHDGPLVVmRHQmRDGDWDLQGLFDGDQDSHoDYHVWLEXODU $VVLPSRVWXODRSDJDPHQWRGDVKRUDVH[WUDVWUDEDOKDGDVDOpPGDRLWD YDGLiULDHDVVXDVLQWHJUDo}HVHPGVU·VIpULDVRVDOiULRDYLVRSUpYLRH)*76 EHPFRPRDUHWLILFDomRGDGDWDGHDGPLVVmRSDUDGDQGRVHFLrQFLDj HPSUHVD 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHWHUPRGHDUTXLYDPHQWRGHUHFODPDomR 3URFQR 5(&/$0$17(($1 5(&/$0$'$&%6$ $RVGR]HGLDVGRPrVGHMDQHLURGHQHVWDFLGDGHjVKRUDV QDVDODGHDXGLrQFLDVQmRWHQGRFRPSDUHFLGRRUHFODPDQWHIRLSHOR00-XL] DUTXLYDGDDUHFODPDomRQRVWHUPRVGRDUWGD&RQVROLGDomRGDV/HLVGR 7UDEDOKR &XVWDVSHORUHFODPDQWHVREUHDLPSRUWkQFLDGHQRYDORUDU ELWUDGRGH&,7(6( 'RTXHSDUDFRQVWDUIRLODYUDGRRSUHVHQWHWHUPRTXHYDLDVVLQDGRSHOR 00-XL]HSRUPLP'LUHWRUGD6HFUHWDULD -XL] 'LUHWRUGD6HFUHWDULD
0RGHORGHWHUPRGHDXGLrQFLD D9DUDGR7UDEDOKRGH6mR3DXOR 3URFQR $RVWULQWDHXP GLDVGRPrVGHMDQHLURGRDQRjVKRUDV QDVDODGHDXGLrQFLDVGHVWD9DUDVREDSUHVLGrQFLDGR00-XL]GR7UDEDOKR'U 6HUJLR3LQWR0DUWLQVIRUDPSRURUGHPGR00-XL]DSUHJRDGRVRVOLWLJDQWHV UHFWH)9 UHFGR($6 3UHVHQWHRUHFODPDQWHFRPVHXSDWURQR'U932$%QR 3UHVHQWHDUHFODPDGDSRUVHXSUHSRVWR2$FRPRDGYRJDGR0'1 2$%QR (IHWXDGDDSULPHLUDSURSRVWDGHFRQFLOLDomRDUWGD&/7 TXHUHVWRX LQIUXWtIHUD $SUHVHQWDGDDGHIHVDFRPGRFXPHQWRV $VSDUWHVGLVSHQVDPRVGHSRLPHQWRVSHVVRDLVUHTXHUHQGRRHQFHUUDPHQ WRGDLQVWUXomRSRUVHWUDWDUDPDWpULDGLVFXWLGDQRVDXWRVH[FOXVLYDPHQWHGH GLUHLWR 5D]}HVILQDLVGDVSDUWHVUHPLVVLYDVDRDOHJDGRHSURYDGRQRVDXWRV (IHWXDGDDVHJXQGDSURSRVWDGHFRQFLOLDomRDUWGD&/7 TXHWDP EpPUHVWRXSUHMXGLFDGD 'HVLJQDGRMXOJDPHQWRSDUDRGLDjVKRUDVTXDQGRDVSDUWHV VHUmRQRWLILFDGDVSHORFRUUHLR 1DGDPDLV -XL] 'LUHWRUGH6HFUHWDULD
0RGHORGHWHUPRGHDXGLrQFLDHPFDVRGHUHYHOLD 3URFQR $RVGLDVGHVHWHPEURGHjVKRUDVSUHVLGLGDSHOR00-XL] GR7UDEDOKR'U6(5*,23,1720$57,16UHDOL]RXVHDDXGLrQFLDUHIHUHQWHDR SURFHVVRDFLPDHQWUHSDUWHV /(&UHFWHH +,&+UHFGD &RPSDUHFHXRUHFWHDFRPSDQKDGRSHOR'U-32$%QR $XVHQWHDUHFGDTXHpUHYHOHFRQIHVVDTXDQWRjPDWpULDGHIDWRDUW GD&/7 2UHFWHFRQILUPRXRVWHUPRVGDLQLFLDO 3UHMXGLFDGDDFRQFLOLDomR6XEPHWLGDDUHFODPDomRDMXOJDPHQWRIRL SURIHULGDDVHJXLQWH6(17(1d$ /(&DMXL]RXDomRWUDEDOKLVWDFRQWUD+,&+3HGHDVYHUEDVGH´DµD ´Qµ $UHFGDpUHYHOHFRQIHVVDTXDQWRjPDWpULDGHIDWR 3UHMXGLFDGDDFRQFLOLDomR '(&,'2 $FRQILVVmRILFWDGDUHFGDID]SUHVXPLUYHUGDGHLURVRVIDWRVDOHJDGRVQD LQLFLDODUWGD&/7 ,VWRSRVWRDFROKRDSUHWHQVmRGRDXWRU&RQVHTXHQWHPHQWHILFDDUpFRQ GHQDGDQRSHGLGRLQLFLDO+RQRUiULRVGHDGYRJDGRVmRLQGHYLGRVSRLVQmRIRUDP DWHQGLGRVRVUHTXLVLWRVOHJDLV-XURVGHPRUDHFRUUHomRPRQHWiULDQDIRUPDGD OHL&XVWDVSHOD5HFGDFDOFXODGDVVREUHQRLPSRUWHGH &LHQWHRUHFWH,QWLPHVHDUHFGD 6HUJLR3LQWR0DUWLQV -XL]GR7UDEDOKR 5HFWH
0RGHORGHFDUWDGHSUHSRVLomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR $SUHVHQWDPRVQRVVRIXQFLRQiULR-RVpGD6LOYDWLWXODUGD&736QR VpULHTXHIXQFLRQDUiFRPRSUHSRVWRGHQRVVDHPSUHVDQDDXGLrQFLDGH VLJQDGDSDUDRGLDjVKRUDVQDDomRSURSRVWDSHOR6U-RVpGH3iGXD FRQWUDQRVVDHPSUHVD $WHQFLRVDPHQWH 0iULR5LEHLUR WLWXODUGDHPSUHVD
0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mRGROXJDU (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR &$/d$'263e48(17(/7'$QRVDXWRVGDUHFODPDomRWUDEDOKLVWD SURSRVWDSRU$$&YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DRSRU(; &(d®2'(,1&203(7È1&,$(05$=®2'2/8*$5QDIRUPDGRTXHSDVVDD H[SRU 2DXWRUIRLFRQWUDWDGRHP6mR3DXORWUDEDOKDQGRHP6mR%HUQDUGRGR &DPSRHSRU~OWLPRHP*XDUXOKRV 6HJXQGRDUHJUDGRDUWGD&/7DDomRGHYHVHUSURSRVWDQR~OWLPR ORFDOGDSUHVWDomRGHVHUYLoRVGRHPSUHJDGR 1RFDVRGRVDXWRVR~OWLPRORFDOGHWUDEDOKRGRUHFODPDQWHIRLDFLGDGH GH*XDUXOKRV$VVLPHVWDFLGDGHSRUXPDGHVXDV9DUDVVHULDFRPSHWHQWHSDUD DSUHFLDURIHLWR 3HORH[SRVWRUHTXHUVHMDDFROKLGDDSUHVHQWHH[FHomRGHLQFRPSHWrQFLD HPUD]mRGROXJDUVHQGRTXHRVDXWRVGHYHUmRVHUHQYLDGRVSDUDXPDGDV9DUDV GH*XDUXOKRV 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mRGDSHVVRD (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 0XQLFtSLRGH6mR3DXORQRVDXWRVGDUHFODPDomRWUDEDOKLVWDDMXL]DGD SRU-&YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DDSUHVHQWDU(;&(d®2 '(,1&203(7È1&,$(05$=®2'$3(662$GHDFRUGRFRPDVUD]}HVDVHJXLU DGX]LGDV 2DXWRUDMXL]RXDomRWUDEDOKLVWDSHGLQGRGLYHUVRVGLUHLWRVSUHYLVWRVQD &/7 2FRUUHTXHRUHFODPDQWHpVHUYLGRUS~EOLFRHVWDWXWiULRUHJLGRSHOD/HL 0XQLFLSDOQRHVWDQGRVXMHLWRDRUHJLPHGH'LUHLWR$GPLQLVWUDWLYRHQmR GH'LUHLWRGR7UDEDOKR 2DUWGD&RQVWLWXLomRQmRGiFRPSHWrQFLDj-XVWLoDGR7UDEDOKRSDUD H[DPLQDUTXHVW}HVGHIXQFLRQiULRVHVWDWXWiULRVHGD$GPLQLVWUDomR3~EOLFDPDV DSHQDVGHHPSUHJDGRVHHPSUHJDGRUHV &RPSHWHQWHSRUWDQWRpD-XVWLoD&RPXPSDUDDQDOLVDURSUHVHQWHIHLWR SDUDRQGHRVDXWRVGHYHPVHUUHPHWLGRV 3RVWRLVWRUHTXHUDH[FLSLHQWHVHMDDSUHVHQWHGHPDQGDHQYLDGDDR-Xt]R &tYHOTXHpRFRPSHWHQWHSDUDDSUHFLDUDSUHVHQWHFRQWURYpUVLD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHH[FHomRGHLQFRPSHWrQFLDHPUD]mRGDPDWpULD (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR (035(6$/,03$'25$&/($5$///7'$QRVDXWRVGDUHFODPDomRWUDED OKLVWDDMXL]DGDSRU-RVpGD6LOYDYHPSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHPXL UHVSHLWRVDPHQWHjSUHVHQoDGH9([DDSUHVHQWDU(;&(d®2'(,1&203(7È1&,$ (05$=®2'$0$7e5,$GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2DXWRUDMXL]RXDomRWUDEDOKLVWDSHGLQGRLQGHQL]DomRSRUGDQRPRUDO GHFRUUHQWHGHDFLGHQWHGRWUDEDOKR 2DUWGD&RQVWLWXLomRQmRGiFRPSHWrQFLDj-XVWLoDGR7UDEDOKRSDUD H[DPLQDUTXHVW}HVGHGDQRPRUDOGHFRUUHQWHVGHDFLGHQWHGRWUDEDOKR
267)HQWHQGHTXHDFRPSHWrQFLDSDUDH[DPLQDUDDomRGHLQGHQL]DomR SRUDFLGHQWHGRWUDEDOKRFRQWUDRHPSUHJDGRUpGD-XVWLoD&RPXPDUW,GD &RQVWLWXLomR D75(%$5HO0LQ6HS~OYHGD3HUWHQFH'- /7U PHVPRDSyVD(PHQGD&RQVWLWXFLRQDOQR (PDFyUGmRGDODYUDGR0LQLVWUR&HOVRGH0HOORIRLGLWR ,QGHQL]DomRSRUGDQRVPDWHULDLVHRXPRUDLV$omRDMXL]DGDHPIDFHGR HPSUHJDGRUFRPIXQGDPHQWRQRGLUHLWRFRPXP0DWpULDTXHQmRREVWDQWHD VXSHUYHQLrQFLDGD(PHQGD&RQVWLWXFLRQDOQRDLQGDSHUPDQHFHQDHVIHUD GHFRPSHWrQFLDGR3RGHU-XGLFLiULRORFDO5HFXUVRLPSURYLGR&RPSHWHj-XVWLoD GRV(VWDGRVPHPEURVHGR'LVWULWR)HGHUDOHQmRj-XVWLoDGR7UDEDOKRRMXO JDPHQWRGDVDo}HVGHLQGHQL]DomRSRUGDQRVPDWHULDLVHRXPRUDLVUHVXOWDQWHV GHDFLGHQWHGRWUDEDOKRDLQGDTXHIXQGDGDVQRGLUHLWRFRPXPHDMXL]DGDVHP IDFHGRHPSUHJDGRU1mRREVWDQWHDVXSHUYHQLrQFLDGD(PHQGD&RQVWLWXFLRQDOQR VXEVLVWHtQWHJUDQDHVIHUDGHFRPSHWrQFLDPDWHULDOGR3RGHU-XGLFLiULR ORFDODDWULEXLomRSDUDSURFHVVDUHMXOJDUDVFDXVDVDFLGHQWiULDVTXDOTXHUTXH VHMDDFRQGLomRRVWHQWDGDSHODSDUWHSDVVLYD,166RXHPSUHJDGRU PHVPRTXHD SUHWHQVmRMXUtGLFDQHODVGHGX]LGDHQFRQWUHIXQGDPHQWRQRGLUHLWRFRPXP,QDSOL FDELOLGDGHGD6~PXODQR67)3UHFHGHQWH5(QR0*5HOSRDFyUGmR 0LQ&H]DU3HOXVR3OHQR 67)D7$J5JQR5(QR0*5HO0LQ &HOVRGH0HOORM &RPSHWHQWHSRUWDQWRpD-XVWLoD&RPXPSDUDDQDOLVDURSUHVHQWHIHLWR SDUDRQGHRVDXWRVGHYHPVHUUHPHWLGRV 3RVWRLVWRUHTXHUDH[FLSLHQWHVHMDDSUHVHQWHGHPDQGDHQYLDGDj-XVWLoD &RPXPTXHpDFRPSHWHQWHSDUDDSUHFLDUDSUHVHQWHFRQWURYpUVLD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHH[FHomRGHVXVSHLomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR ([SUHVVR-9/WGDQRVDXWRVGDUHFODPDomRWUDEDOKLVWDHPTXHFRQWHQGH FRP$%YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DRSRU(;&(d®2'( 6863(,d®2UHODWLYDDRVUMXL]13GHDFRUGRFRPDVUD]}HVDVHJXLUH[SRVWDV ,QLFLDOPHQWHGHYHVHGL]HUTXHRH[FLSLHQWHQmRWHPQHQKXPDUHVWULomR TXDQWRjKRQRUDELOLGDGHGRUHIHULGRMXL]DSHQDVDSUHVHQWHUHIOHWHXPSURFHGLPHQWR SURFHVVXDOQHFHVViULRGDGDDDPL]DGHTXHFHUFDRVUMXL]HRUHFODPDQWH
0DQWrPRUHFODPDQWHHRVUMXL]DPL]DGHtQWLPDWHQGRWUDEDOKDGRMXQ WRVQDPHVPDHPSUHVD6mRHOHVDLQGDYL]LQKRVHIUHTXHQWDPVHPXWXDPHQWH FRQVWDQGRDWpTXHVmRFRPSDGUHVHID]HPHPSUpVWLPRVHQWUHVL$DOtQHDEGR DUWGD&/7LPSHGHTXHRVU-XL]DSUHFLHDGHPDQGDHPIRFR 3HORH[SRVWRDJXDUGDRH[FLSLHQWHTXHDH[FHomRVHMDDFROKLGDGHFOD UDQGRVHDVXVSHLomRGRVU-XL]FDVRDUHIHULGDSHVVRDMiQmRVHWHQKDGHFODUDGR VXVSHLWD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%63QR
0RGHORGHH[FHomRGHLPSHGLPHQWR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR ([SUHVVR-9/WGDQRVDXWRVGDUHFODPDomRWUDEDOKLVWDHPTXHFRQWHQ GHFRP0DULDGD6LOYDYHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DRSRU (;&(d®2'(,03(',0(172UHODWLYDDRVUMXL]0iULRGD6LOYDGHDFRUGRFRP DVUD]}HVDVHJXLUH[SRVWDV ,QLFLDOPHQWHGHYHVHGL]HUTXHRH[FLSLHQWHQmRWHPQHQKXPDUHVWULomR TXDQWRjKRQRUDELOLGDGHGRUHIHULGRMXL]DSHQDVDSUHVHQWHUHIOHWHXPSURFHGL PHQWRSURFHVVXDOQHFHVViULR $DXWRUDpSULPDGRVUMXL]0iULRGD6LOYD 2LPSHGLPHQWRHVWiGHYLGDPHQWHFDUDFWHUL]DGRQDIRUPDGRLQFLVR9GR DUWGR&3&SRLVQmRpSHUPLWLGRDRPDJLVWUDGRDWXDUQRSURFHVVRTXDQGR IRUSDUWHSDUHQWHFRQVDQJXtQHRRXDILP 3HORH[SRVWRDJXDUGDRH[FLSLHQWHTXHDH[FHomRVHMDDFROKLGDGHFOD UDQGRVHDVXVSHLomRGRVU-XL]FDVRDUHIHULGDSHVVRDMiQmRVHWHQKDGHFODUDGR VXVSHLWD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%63QR
0RGHORGHFRQWHVWDomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR /RMDV0/WGDSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXL UHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD([FHOrQFLDQDDomRWUDEDOKLVWDSURSRVWD SRU-0DSUHVHQWDUVXD&217(67$d®2GHDFRUGRFRPDVUD]}HVGHIDWRHGH GLUHLWRDVHJXLUH[SRVWDV $²35(/,0,1$5 ,²,1e3&,$'$,1,&,$/ $LQLFLDOpLQHSWDSRLVTXDQWRDRSHGLGRGHKRUDVH[WUDVQmRIRLGHFOLQDGR RKRUiULRGHWUDEDOKRGDUHFODPDQWH 1RTXHGL]UHVSHLWRDRVUHIOH[RVRSHGLGRpGHUHIOH[RV´QDVFRQWUDWXDLVµ TXHQmRSRVVLELOLWDDGHIHVDGDUHFODPDGDSRLVQmRVHVDEHRTXHSUHWHQGHR DXWRUFRPLVVR $VVLPpGHVHGHFODUDUDLQpSFLDGDLQLFLDOH[WLQJXLQGRVHRSURFHVVR VHPMXOJDPHQWRGHPpULWRDUW,FF,HSDUiJUDIR~QLFR,H,,WRGRV GR&3& %²0e5,72 ,²35(6&5,d®2 $DomRIRLSURSRVWDHP'HVVDIRUPDDVYHUEDVDQWHULRUHVD HVWmRSUHVFULWDVQRVWHUPRVGRDUWR;;,;GD&RQVWLWXLomR &²'()(6$',5(7$ -XVWDFDXVD $DXWRUDQmRID]MXVjVYHUEDVUHVFLVyULDVSRLVIRLGLVSHQVDGDSRUMXVWD FDXVD1RGLDDDXWRUDRIHQGHXFRPSDODYUDVGHEDL[RFDOmRVHXFKHIH QDSUHVHQoDGHYiULDVWHVWHPXQKDV $VVLPIRLOKHDSOLFDGDDMXVWDFDXVDFRPIXQGDPHQWRQDDOtQHDNGR DUWGD&/7 1mRWHPGLUHLWRDSRVWXODQWHDDYLVRSUpYLRIpULDVSURSRUFLRQDLVR VDOiULRSURSRUFLRQDOOHYDQWDPHQWRGR)*76LQGHQL]DomRGHHJXLDVGH VHJXURGHVHPSUHJR +RUDVH[WUDV $RFRQWUiULRGRDOHJDGRQDSHoDYHVWLEXODUDDXWRUDWUDEDOKDYDGHVHJXQ GDDVH[WDIHLUDGDVjVKRUDVVHPSUHFRPXPDKRUDGHLQWHUYDOR
1mRIRLH[FHGLGDDGXUDomRGRWUDEDOKRGHRLWRKRUDVGLiULDVHVHPD QDLVDUWR;,,,GD&RQVWLWXLomR QmRKDYHQGRGLUHLWRDKRUDVH[WUDV'HYHVHU UHMHLWDGDDUHIHULGDSUHWHQVmR (TXLSDUDomRVDODULDO $DXWRUDQmRH[HUFLDDPHVPDIXQomRTXH3HGURGH0HOR(VWHHUDDX[LOLDU GHOLPSH]D$DXWRUDH[HUFLDDIXQomRGHFRSHLUD ,QGHYLGDVDVGLIHUHQoDVVDODULDLVSRVWXODGDVHUHIOH[RV '²3(','2 3HGHDUHFODPDGDTXHVHMDPDFROKLGDVDVSUHOLPLQDUHVGHLQpSFLDH[ WLQJXLQGRVHRSURFHVVRVHPMXOJDPHQWRGHPpULWRRXFDVR9([DDVVLPQmR HQWHQGDTXHVHMDDFROKLGDDSUHVFULomRGHFODUDQGRVHSUHVFULWDVDVYHUEDVDQWH ULRUHVD 1RPpULWRHQWHQGHVHTXHDSUHWHQVmRGRDXWRUGHYHVHUUHMHLWDGDGH YHQGRVHUFRQGHQDGDQDVFXVWDVHGHPDLVGHVSHVDVSURFHVVXDLVFDEtYHLV &DVRDOJXPDYHUEDVHMDGHIHULGDjUHFODPDQWHSHGHVHDDSOLFDomRGD FRPSHQVDomRGHYHUEDVMiSDJDVVRERPHVPRWtWXORGHYHQGRRVYDORUHVVHUDSX UDGRVHPOLTXLGDomRGDVHQWHQoDH[FOXLQGRVHRVGLDVQmRWUDEDOKDGRVIpULDV OLFHQoDVHGHDFRUGRFRPDHYROXomRVDODULDOGDUHFODPDQWH 'HYHPVHUDXWRUL]DGRVRVGHVFRQWRVGR,PSRVWRGH5HQGDFDOFXODGRSRU RFDVLmRGRSDJDPHQWRHGDFRQWULEXLomRSUHYLGHQFLiULD $FRUUHomRPRQHWiULDGHYHVHUFDOFXODGDDSDUWLUGRRGLD~WLOGRPrV VHJXLQWHDRYHQFLGR (²3529$6 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPLWL GRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDDXWRUD VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGH GRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%63QR
0RGHORGHUHFRQYHQomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR /2-$60/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHP PXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DSURSRU5(&219(1d®2FRQWUD-0 FRPIXQGDPHQWRQRVDUWVDGR&3&GHDFRUGRFRPDVUD]}HVDVHJXLU H[SRVWDV $UHFRQYLQGDFDXVRXSUHMXt]RVjHPSUHVDQRYDORUGHDR TXHEUDUSURSRVLWDGDPHQWHXPDSHoDGHPiTXLQDWHQGRVLGRSHUGLGDDSURGXomR GHXPGLDRTXHIRLREMHWRGDMXVWDFDXVDSDUDRGHVSHGLPHQWRGRF 6HXFRQWUDWRGHWUDEDOKRWLQKDFOiXVXODH[SUHVVDQRVHQWLGRGHVHUGHV FRQWDGRGDUHFRQYLQGDTXDOTXHUSUHMXt]RSRUHODFDXVDGRQDFRQIRUPLGDGHGR RGRDUWGD&/7GRF ,PS}HVHjUHFRQYLQGDVHUFRQGHQDGDDSDJDUjUHFRQYLQWHRYDORUGH GHYLGDPHQWHFRUULJLGRHDFUHVFLGRGHMXURVGHPRUD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGD UHFRQYLQGDVRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUt FLDVMXQWDGDGHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHLQFLGHQWHGHIDOVLGDGHGHGRFXPHQWR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR --USRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURPRYLGDFRQWUD(PSUHVD)XWXUD/WGDYHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9RVVD([FHOrQFLDDSUHVHQWDULQFLGHQWHGHIDOVLGDGHFRPIXQGD PHQWRQRVDUWVDGR&3&GHDFRUGRFRPRVIXQGDPHQWRVDVHJXLU DUWLFXODGRV 1RSUD]RGDUpSOLFDGHGLDVRUHTXHUHQWHDSUHVHQWDRLQFLGHQWHGH IDOVLGDGH
2SHGLGRGHGHPLVVmRGRUHFODPDQWHHVWiYLVLYHOPHQWHDGXOWHUDGR+RXYH DOWHUDomRGDGDWDFRQVWDQWHGRGRFXPHQWRGHIOV$DVVLQDWXUDFRQVWDQWHGR UHIHULGRGRFXPHQWRWDPEpPQmRpGRUHFODPDQWH/RJRpWRWDOPHQWHIDOVRRVHX FRQWH~GR1mRSURYDDVVLPRSHGLGRGHGHPLVVmR (QWHQGHTXHGHYHVHUGDGRYLVWDGDSUHVHQWHHPGLDVjSDUWHFRQWUiULD DUWGR&3& GHVLJQDQGRSHUtFLDJUDIRWpFQLFD 5HTXHUDVXVSHQVmRGRSURFHVVRQRVWHUPRVGRDUWGR&3& 3HORH[SRVWRGHYHVHUGHFODUDGDDIDOVLGDGHGRGRFXPHQWRGHIOVTXH QmRSURYDRSHGLGRGHGHPLVVmRGRDXWRU 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHUD]}HVILQDLV (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 0$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURPRYLGDFRQWUD7LQWDV*/WGDYHPPXLUHVSHLWRVDPHQWHjSUH VHQoDGH9RVVD([FHOrQFLDDSUHVHQWDUVXDV5$=¯(6),1$,6GHDFRUGRFRPRV IXQGDPHQWRVDVHJXLUDUWLFXODGRV (QWHQGHRDXWRUTXHDVKRUDVH[WUDVSHGLGDVQDSHoDYHVWLEXODUIRUDP SURYDGDV 2VFDUW}HVGHSRQWRFRPRMiIRLGLWRQDUpSOLFDQmRUHIOHWHPDMRUQDGD GHWUDEDOKRSRLVQmRHUDPDVVLQDGRVSHORDXWRUQHPSRUHOHDQRWDGRVPDVSHOR DSRQWDGRU $WHVWHPXQKD-RmRFRPSURYRXTXHRDXWRUWUDEDOKDYDHPPpGLDGDVjV WHQGRXPDKRUDGHLQWHUYDORGHVHJXQGDjVH[WDIHLUD$VHJXQGDWHVWHPXQKD GRDXWRUDILUPRXRPHVPRKRUiULR $VWHVWHPXQKDVGDUHFODPDGDQDGDFRPSURYDUDP$SULPHLUDQmRWUD EDOKDYDFRPRDXWRU$VHJXQGDIRLFRQWUDGLWDGDSRUWHULQWHUHVVHQDVROXomRGR SURFHVVRQmRSRGHQGRVHXGHSRLPHQWRVHUFRQVLGHUDGRWDQWRTXHIRLRXYLGD FRPRLQIRUPDQWHGRMXt]R $UHFODPDGDSRURXWURODGRQmRSDJRXDVIpULDVGH2GR FXPHQWRMXQWDGRDRVDXWRVSHODHPSUHVDUHIHUHVHDRSHUtRGRGHTXH UHDOPHQWHRDXWRUMiUHFHEHXHTXHVHTXHUpREMHWRGRSHGLGR 3HORH[SRVWRSHGHRDFROKLPHQWRWRWDOGRSHGLGRGHYHQGRDUHFODPDGD VHUFRQGHQDGDQDIRUPDGRSRVWXODGRQDLQLFLDO
1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHVHQWHQoD 3URFQR UHFWH6GD6LOYD UHFGD/DYDQGHULD3/WGD $XVHQWHVDVSDUWHV 3UHMXGLFDGDDSURSRVWDILQDOGHFRQFLOLDomR 6XEPHWLGRRSURFHVVRDMXOJDPHQWRIRLSURIHULGDDVHJXLQWH 6(17(1d$ ,²5(/$7Ð5,2 6GD6LOYDTXDOLILFDGRjVIOVDMXL]RXUHFODPDomRWUDEDOKLVWDFRQWUD /$9$1'(5,$3/7'$DOHJDQGRWHUVLGRDGPLWLGRHPRHGLVSHQVDGRHP /DERUDYDGDVjVKRUDVGHVHJXQGDjVH[WDIHLUDFRPXPDKRUDGH LQWHUYDOR1mRUHFHEHXDVKRUDVSUHVWDGDVDOpPGDRLWDYD$HPSUHVDQmRSDJRX DVYHUEDVUHVFLVyULDV3HGHDVYHUEDVFRQWLGDVjVIOV'HXjFDXVDRYDORUGH -XQWRXSURFXUDomRHGRFXPHQWRV &RQWHVWDDUpDILUPDQGRTXHRDXWRUIRLGHPLWLGRSRUMXVWDFDXVDSRU GHVtGLD2UHFODPDQWHWUDEDOKDYDGDVjVFRPXPDKRUDGHLQWHUYDORGH VHJXQGDDTXLQWDHjVVH[WDVGDVjVKRUDV1mRKRXYHSUHVWDomRGHKRUDV H[WUDV3HGHDLPSURFHGrQFLDGDDomR-XQWRXSURFXUDomRHGRFXPHQWRV 5pSOLFDGRUHFODPDQWHGHIOV 2XYLGRVRVGHSRLPHQWRVSHVVRDLVHGXDVWHVWHPXQKDVHPUHODomRDFDGD XPDGDVSDUWHV &RQFLOLDomRSUHMXGLFDGD eRUHODWyULR ,,²)81'$0(1726 -XVWDFDXVD 2{QXVGDSURYDGDGLVSHQVDSRUMXVWDFDXVDpGRHPSUHJDGRUDUW GD&/7 7UDWDVHGHIDWRLPSHGLWLYRGRGLUHLWRGRREUHLURjVYHUEDVUHVFLVyULDV TXHGHYHVHUSURYDGRSHODHPSUHVDDUW,,GR&3&
(PUD]mRGRSULQFtSLRGDFRQWLQXLGDGHGDUHODomRGHHPSUHJRHGD SUHVXQomRTXHVHHVWDEHOHFHGHTXHRREUHLURpGLVSHQVDGRVHPMXVWDFDXVDDV GHPDLVKLSyWHVHVGHFHVVDomRGRFRQWUDWRGHWUDEDOKRGHYHPVHUSURYDGDVSHOR HPSUHJDGRUFRPRQRFDVRGDGLVSHQVDSRUMXVWDFDXVD3HORSULQFtSLRGDUD]RD ELOLGDGHXPKRPHPFRPXPHQRUPDOQmRYDLVHUGLVSHQVDGRSRUMXVWDFDXVD $VVLPDSHQDWUDEDOKLVWDPDLVVHYHUDTXHpDUHVFLVmRGRFRQWUDWRGH WUDEDOKRSRUMXVWRPRWLYRGHYHVHUSURYDGDSHORHPSUHJDGRUGHPRGRDQmR UHVWDUG~YLGDVGDFRQGXWDGRREUHLURHQmRVHFRPHWDLQMXVWLoD $SURYDGDMXVWDFDXVDQmRIRLIHLWDSHODHPSUHVD ,QH[LVWHSURYDQRVDXWRVGHDDXWRUDWHUSUDWLFDGRTXDOTXHUDWRFRPGH VtGLD$VWHVWHPXQKDVGDUHFODPDGDQDGDVHUHIHULUDPDWDOIDWR 'HYHDUpSDJDUDRDXWRUDYLVRSUpYLRIpULDVPDLVWHUoRFRQVWLWXFLRQDO RVDOiULRSURSRUFLRQDOQRYDORUGH'HYHUiWDPEpPDUHFODPDGD OLEHUDUR)*76DFUHVFLGRGDLQGHQL]DomRGHRGRDUWGD/HLQR +RUDVH[WUDV 1RTXHGL]UHVSHLWRjVKRUDVH[WUDVHVWDVIRUDPSURYDGDVSHORDXWRU $VGXDVWHVWHPXQKDVGDDXWRUDSURYDUDPTXHDSRVWXODQWHSUHVWDYDVHU YLoRVGDVjVKRUDVGHVHJXQGDjVH[WDIHLUDFRPXPDKRUDGHLQWHUYDOR 6mRGHYLGDVFRPRH[WUDVDVKRUDVWUDEDOKDGDVDOpPGDRLWDYDGLiULD 2DGLFLRQDOGHKRUDVH[WUDVVHUiRSUHYLVWRQDVQRUPDVFROHWLYDVMXQWDGDV DRVDXWRVREVHUYDGRVVHXVSHUtRGRVGHYLJrQFLD +DYHUiUHIOH[RVQRVRVVDOiULRV6GR767 GVU·V6GR767 IpULDVRGRDUWGD&/7 DYLVRSUpYLRRGRDUWGD&/7 H)*76 6GR767 PDLV 0XOWD 1DVTXHVW}HVHPTXHRMXL]GHYHUiGL]HURGLUHLWRGDVSDUWHVFRPR YJQDGLVFXVVmRVREUHRYtQFXORGHHPSUHJRDPXOWDQmRSRGHUiVHUDSOLFDGD $MXVWLILFDWLYDpDGHTXHDHPSUHVDWHPGLUHLWRGHVXEPHWHUjDSUHFLDomRGR 3RGHU-XGLFLiULRDGLVFXVVmRHPWRUQRGH´OHVmRRXDPHDoDDGLUHLWRµSULQFtSLR FRQVDJUDGRFRQVWLWXFLRQDOPHQWHQRLQFLVR;;;9GRDUWRGD/HL)XQGDPHQWDO 1DDSUHFLDomRGDMXVWDFDXVDDTXHVWmRVRPHQWHVHUiGLULPLGDQDVHQWHQoDQmR VHSRGHQGRIDODUHPDWLWXGHSURWHODWyULDGDHPSUHVDSDUDRQmRSDJDPHQWRGDV YHUEDVUHVFLVyULDVTXHHVWmRVXEPHWLGDVDRFULYRGR3RGHU-XGLFLiULRMXVWDPHQWH SRUTXHSDUDHODQmRVHULDPGHYLGDV1RPHVPRVHQWLGRDMXULVSUXGrQFLD $UWGD&/7(PVHQGRGLVFXWtYHODUHODomRMXUtGLFDQmRKi VHIDODUHPPXOWDGRDUWGD&/7LQVWLWXtGDWmRVRPHQWHSDUDRV FDVRVUHJXODGRVSHORDUWLJRHPTXHVWmRRQGHRSUHVVXSRVWRpDUHODomR GHHPSUHJRLQFRQWURYHUVDHDLQWHQomRGHOLEHUDGDGRHPSUHJDGRUGH QmRTXLWDURVWtWXORVUHFRQKHFLGDPHQWHGHYLGRV757D5D752
$F5HO0DULDGH)iWLPD)HUUHLUDGRV6DQWRV '2(63S $HPSUHVDQmRUHFRQKHFHTXHGHYHYHUEDVDRUHFODPDQWH/RJRQmRKi DWUDVRQRSDJDPHQWRGDVYHUEDVUHVFLVyULDV,QGHYLGDDPXOWDSRVWXODGD ,PSRVWRGHUHQGD 'HWHUPLQDRDUWGD/HLQRTXH´RLPSRVWRVREUHDUHQGD LQFLGHQWHVREUHRVUHQGLPHQWRVSDJRVHPFXPSULPHQWRGHGHFLVmRMXGLFLDOVHUi UHWLGRQDIRQWHSHODSHVVRDItVLFDRXMXUtGLFDREULJDGDDRSDJDPHQWRQRPRPHQWR HPTXHSRUTXDOTXHUIRUPDRUHQGLPHQWRVHWRUQHGLVSRQtYHOSDUDREHQHILFLi ULRµ5H]DRRGDPHVPDQRUPDTXH´TXDQGRVHWUDWDUGHUHQGLPHQWRVXMHLWR DDSOLFDomRGDWDEHODSURJUHVVLYDGHYHUiVHUXWLOL]DGDDWDEHODYLJHQWHQRPrV GHSDJDPHQWRµ $UHWHQomRGRLPSRVWRGHUHQGDQDIRQWHGHFRUUHGRDUWGD/HLQR GHHGR3URYLPHQWRQRGD&RUUHJHGRULDGR7672DUWLJR GR&71HVWDEHOHFHTXHDOHLSRGHDWULEXLUjIRQWHSDJDGRUDGDUHQGDDFRQGLomR GHUHVSRQViYHOSHODUHWHQomRHSDJDPHQWRGRLPSRVWRTXHpRTXHID]D/HLQR &RPDHGLomRGD/HLQRGHVGHUHVWRXFRQVDJUDGRRUHJLPH GHFDL[DRXVHMDDUHQGDpFRQVLGHUDGDUHFHELGDTXDQGRSDJDQmRVHREVHUYDQGR RUHJLPHGHFRPSHWrQFLDPrVDTXHVHUHIHUH 2FiOFXORQmRPDLVVHUiIHLWRHP VHSDUDGRGHFDGDPrVPDVVLPWRPDVHWRGRRUHQGLPHQWRUHFHELGRHDSOLFDVH DWDEHODGRPrVGRSDJDPHQWRFRPDUHVSHFWLYDDOtTXRWDGRPrVGRSDJDPHQWR $OHLDVHUREVHUYDGDpDGDpSRFDHPTXHIRUIHLWRRSDJDPHQWRYHULILFDQGRVH RVGHSHQGHQWHVHDVLVHQo}HV (VFODUHFHD2ULHQWDomR-XULVSUXGHQFLDOQRGD6',GR767TXH´RUH FROKLPHQWRGRVGHVFRQWRVOHJDLVUHVXOWDQWHVGRVFUpGLWRVGRWUDEDOKDGRURULXQGRV GHFRQGHQDomRMXGLFLDOGHYHLQFLGLUVREUHRYDORUWRWDOGDFRQGHQDomRHFDOFXODGR DRILQDOµ ,QIRUPDRLQFLVR,,GD6~PXODGR767TXHpGRHPSUHJDGRUDUHVSRQ VDELOLGDGHSHORUHFROKLPHQWRGDVFRQWULEXLo}HVSUHYLGHQFLiULDVHILVFDLVUHVXOWDQWH GHFUpGLWRGRHPSUHJDGRRULXQGRGHFRQGHQDomRMXGLFLDOGHYHQGRLQFLGLUHP UHODomRDRVGHVFRQWRVILVFDLVVREUHRYDORUWRWDOGDFRQGHQDomRUHIHUHQWHjV SDUFHODVWULEXWiYHLVFDOFXODGRDRILQDOQRVWHUPRVGD/HLQRDUW H3URYLPHQWRGD&*-7QR 2SULQFtSLRGDSURJUHVVLYLGDGHGRLPSRVWRGHUHQGDGHSHQGHGDOHLSDUD HVWDEHOHFHUDUHIHULGDKLSyWHVHTXHGLVS}HVREUHRUHJLPHGHFDL[D1mRVHHVWi FRPLVVRWUDWDQGRGHVLJXDOPHQWHFRQWULEXLQWHVDUW,,GD&RQVWLWXLomR PDVLJXDOPHQWHQDPHGLGDGHWHUPLQDGDQDOHLSDUDWRGDVDVSHVVRDV2VSULQ FtSLRVGDJHQHUDOLGDGHHXQLYHUVDOLGDGHWDPEpPHVWmRVHQGRREVHUYDGRVSHOD OHJLVODomRLQIHULRU2SULQFtSLRGDFDSDFLGDGHFRQWULEXWLYDGHSHQGHGDSUHYLVmR OHJDOSDUDVHULPSOHPHQWDGRSRLVHODVHUiH[HUFLGDVHPSUHTXHSRVVtYHOR GRDUWGD&RQVWLWXLomR (VWiVHQGRREVHUYDGRRUHIHULGRSULQFtSLRSHOD OHJLVODomRRUGLQiULD
6HRYDORUGRLPSRVWRGHUHQGDIRUUHFROKLGRHPLPSRUWkQFLDVXSHULRU jGHYLGDRDXWRUSRGHUiDSUHVHQWDUGHFODUDomRSDUDKDYHUHYHQWXDOGLIHUHQoD UHFROKLGDDPDLVGXUDQWHRDQRFRPROKHIDFXOWDDOHJLVODomR 2LPSRVWRGHUHQGDLQFLGHVREUHRSULQFLSDOHDFRUUHomRPRQHWiULD2V MXURVVmRUHQGLPHQWRGRFDSLWDOHWrPDLQFLGrQFLDGRLPSRVWRGHUHQGDDUW ;,9GR5,5 2LPSRVWRGHUHQGDLQFLGHQmRVyVREUHRVMXURVPDVWDPEpP VREUHRVUHQGLPHQWRVLQFOXVLYHDFRUUHomRPRQHWiULDDUWGR5,5 ,QFLGLUiR LPSRVWRGHUHQGDGHDFRUGRFRPRTXHDOHLGHILQLUFRPRUHQGLPHQWR 1mRpRFDVRGHVHDSOLFDURDUWLJRGR&yGLJR&LYLOSRLVRIDWRJHUDGRU GRLPSRVWRGHUHQGDpRSDJDPHQWR $6~PXODGR67)QmRWUDWDGRWHPDUHWHQomRGHLPSRVWRGHUHQGD QDIRQWHHPUHODomRjVYHUEDVTXHHVWmRVHQGRGHIHULGDVDRUHFODPDQWH &RQWULEXLomRSUHYLGHQFLiULD 'HYHUiRUHFROKLPHQWRGDVFRQWULEXLo}HVSUHYLGHQFLiULDVVHUSURFHGLGR WDPEpPSHORUHFODPDQWHQDSDUWHTXHOKHFDEHFRQIRUPHDGHILQLomRGHVDOiULR GHFRQWULEXLomRQRVWHUPRVGRDUWGD/HLQRHWDPEpPGHDFRUGR FRPRV3URYLPHQWRVQRVHGD&RUUHJHGRULDGR7677DQWRRHPSUHJDGR FRPRRHPSUHJDGRUWrPDVXDFRWDVHQGRTXHDSDUWHGRHPSUHJDGRWDPEpPGHYH VHUGHGX]LGDQDIRUPDGDOHL2RGRDUWGD/HLQRGL]UHVSHLWR jVFRQWULEXLo}HVGHVFRQWDGDVGRVDOiULRGRHPSUHJDGRQRFXUVRGRFRQWUDWRGH WUDEDOKRHQmRUHFROKLGDVSHORHPSUHJDGRU$YHUEDDSHQDVIRLUHFRQKHFLGDQD VHQWHQoDTXHWHPHIHLWRGHFODUDWyULRHGHSHQGHGRVHXWUkQVLWRHPMXOJDGR $2ULHQWDomR-XULVSUXGHQFLDOQRGD6',GR767HQWHQGHTXHVmRGHYL GRVRVGHVFRQWRVGDFRQWULEXLomRSUHYLGHQFLiULDHGHLPSRVWRGHUHQGD (VWDEHOHFHRLQFLVR,,,GD6~PXODGR767TXHHPVHWUDWDQGRGH GHVFRQWRVSUHYLGHQFLiULRVRFULWpULRGHDSXUDomRHVWiGLVFLSOLQDGRQRDUW RGR'HFUHWRQRTXHUHJXODPHQWRXD/HLQRHGHWHUPLQDTXH DFRQWULEXLomRGRHPSUHJDGRQRFDVRGHDo}HVWUDEDOKLVWDVVHMDFDOFXODGDPrVD PrVDSOLFDQGRVHDVDOtTXRWDVSUHYLVWDVQRDUWREVHUYDGRROLPLWHPi[LPR GRVDOiULRGHFRQWULEXLomR 1RGHVFRQWRVHUiREVHUYDGRRWHWRGDFRQWULEXLomRGRHPSUHJDGRRE VHUYDQGRRPrVDPrV 2LQFLVR9,,,GRDUWGD&RQVWLWXLomRPRVWUDTXHRIDWRJHUDGRUGD FRQWULEXLomRSUHYLGHQFLiULDpDFRPSHWrQFLDHQmRRSDJDPHQWRSRLVID]UHIHUrQFLD DDFUpVFLPRVOHJDLVTXHVyH[LVWHPVHIRUREVHUYDGRRFULWpULRGHFRPSHWrQFLD 'RFRQWUiULRQmRKDYHUiDFUpVFLPRVOHJDLVTXDQGRGRSDJDPHQWRGDVYHUEDV VDODULDLVGHYLGDVDRHPSUHJDGRQRUHJLPHGHFDL[D 2LQFLVR,GRDUWGD/HLQRPRVWUDTXHDFRQWULEXLomRLQFLGHVREUH DUHPXQHUDomRSDJDGHYLGDRXFUHGLWDGD1RPHVPRVHQWLGRRLQFLVR,GRDUW GD/HLQRTXHGHILQHRTXHpVDOiULRGHFRQWULEXLomR$VHQWHQoDDSHQDV UHFRQKHFHTXHDYHUEDHUDGHYLGDHLQGLUHWDPHQWHTXHRIDWRJHUDGRUGDFRQWUL EXLomRSUHYLGHQFLiULDMiRFRUUHXTXHHUDRIDWRGHDUHPXQHUDomRVHUGHYLGD
'HVWDTXHVHTXHR,166QmRUHFRQKHFHRWHPSRGHVHUYLoRGRHPSUHJDGR TXDQGRKiXP~QLFRSDJDPHQWR +RMHDDSRVHQWDGRULDpSRUWHPSRGHFRQWULEXLomR+iQHFHVVLGDGHGH SURYDUSRUWDQWRRWHPSRGHFRQWULEXLomRGRHPSUHJDGRRTXHpIHLWRPrVDPrV HQmRHQJOREDGDPHQWHQXP~QLFRSDJDPHQWR 2DUWGD/HLQRGHILQHSHUtRGRGHFDUrQFLDFRPRRWHPSRFRU UHVSRQGHQWHDRQ~PHURPtQLPRGHFRQWULEXLo}HVPHQVDLVLQGLVSHQViYHLVSDUD TXHREHQHILFLiULRIDoDMXVDREHQHItFLRFRQVLGHUDGDVDSDUWLUGRWUDQVFXUVRGR SULPHLURGLDGRVPHVHVGHVXDVFRPSHWrQFLDV$VVLPRSHUtRGRGHFDUrQFLDSDUD RHPSUHJDGRID]HUMXVDREHQHItFLRpYHULILFDGRHPPHVHV,VVRLQGLFDRUHFROKL PHQWRPHQVDOGDFRQWULEXLomR (QWHQGHUGHIRUPDFRQWUiULDSRGHUiWUD]HUSUHMXt]RDRVHJXUDGRQRIXWXUR TXHWHUiGLILFXOGDGHQDFRPSURYDomRPHQVDOGRSDJDPHQWRGDVFRQWULEXLo}HVH R,166LQGHIHULUiREHQHItFLR 2FiOFXORSRUWDQWRVHUiIHLWRPrVDPrV$DOtTXRWDDVHUREVHUYDGDpD GRPrVGDFRPSHWrQFLD $VUHJUDVGHLQFLGrQFLDRXQmRLQFLGrQFLDWrPSUHYLVmRQRDUWGD/HL QRHVHXR &RUUHomRPRQHWiULD $pSRFDSUySULDSDUDRSDJDPHQWRGRVVDOiULRVpDWpRTXLQWRGLD~WLO VXEVHTXHQWHDRPrVYHQFLGRQDIRUPDGRRGRDUWGD&/7$FRUUHomR PRQHWiULDGHYHSRUWDQWRREVHUYDUDpSRFDHPTXHDYHUEDVHWRUQRXGHYLGD6H DOHLHVWDEHOHFHDIDFXOGDGHTXHRHPSUHJDGRUWHPGHSDJDUVDOiULRVQRRGLD ~WLOQmRVHSRGHHQWHQGHUTXHRVDOiULRpGHYLGRQRSUySULRPrVGDSUHVWDomRGH VHUYLoRSDUDHIHLWRGHFRUUHomRPRQHWiULD(QWHQGHUGHIRUPDFRQWUiULDpQHJDU YLJrQFLDDRRGRDUWGD&/7$pSRFDHPTXHRHPSUHJDGRUpFRQVWLWXtGR HPPRUDpDSDUWLUGRRGLD~WLOGRQmRSDJDPHQWRGRVVDOiULRV$FRUUHomR PRQHWiULDGHYHVHUFDOFXODGDGDPHVPDIRUPD2VDOiULRVRPHQWHpSDJRDSyVD SUHVWDomRGRVVHUYLoRV)D]HUDFRUUHomRPRQHWiULDDQWHVGRSDJDPHQWRGRVDOiULR pGHWHUPLQDUDDWXDOL]DomRPRQHWiULDDQWHVPHVPRGRVDOiULRVHUGHYLGR 1mRVHSRGHFRQIXQGLUDDTXLVLomRGRGLUHLWRDRVDOiULRTXHpIHLWDQR FXUVRGRPrVHDGDWDGRVHXUHFHELPHQWRHPTXHVHYHULILFDVHUDSyVDSUHVWDomR GHVHUYLoRVDWpRRGLD~WLOGRPrVVHJXLQWHDRYHQFLGR 6RPHQWHTXDQGRRVDOiULRSDVVDDVHUOHJDOPHQWHH[LJtYHOpTXHVHSRGH IDODUHPDWXDOL]DomRPRQHWiULDLVWRpTXDQGRSRGHUiVHUIHLWDDFRUUHomRPRQHWiULD (VWDVRPHQWHpGHYLGDGHSRLVGRYHQFLPHQWRGDREULJDomRHQmRDQWHV2HPSUH JDGRUVRPHQWHpFRQVWLWXtGRHPPRUDQRRGLD~WLOGRPrVVHJXLQWHDRYHQFLGR 2SUySULRDUWLJRGD/HLQRPHQFLRQDTXHDFRUUHomRPRQHWiULDpIHLWD DSDUWLUGRYHQFLPHQWRGDREULJDomRGHYHQGRVHUREVHUYDGDDpSRFDGHILQLGDHP OHL$OHLTXHGHILQHDTXHVWmRpH[DWDPHQWHRRGRDUWGD&/7
1mRVHSRGHSDJDURVDOiULRQRRGLD~WLOGRPrVVHJXLQWHDRYHQFLGRH DGRWDUDFRUUHomRPRQHWiULDGRPrVGDSUHVWDomRGRVVHUYLoRVSRLVVHULDHPSUHJDU GRLVSHVRVHGXDVPHGLGDV (VFODUHFHD6~PXODGR767TXHRSDJDPHQWRGRVVDOiULRVDWpRR GLD~WLOGRPrVVXEVHTXHQWHDRYHQFLGRQmRHVWiVXMHLWRjFRUUHomRPRQHWiULD6H HVVDGDWDOLPLWHIRUXOWUDSDVVDGDLQFLGLUiRtQGLFHGDFRUUHomRPRQHWiULDGRPrV VXEVHTXHQWHDRGDSUHVWDomRGRVVHUYLoRVDSDUWLUGRGLDR $FRUUHomRPRQHWiULDGDVYHUEDVUHVFLVyULDVVHUiDSOLFDGDQDIRUPDGR RGRDUWGD&/7 +RQRUiULRVGHDGYRJDGR 2DUWGD&RQVWLWXLomRQmRWUDWDGHKRQRUiULRVGHDGYRJDGRPDVDSH QDVTXHRDGYRJDGRpLQGLVSHQViYHOjDGPLQLVWUDomRGD-XVWLoD$/HLQR QmRPRGLILFRXDTXHVWmRVHJXQGRRHQWHQGLPHQWRGR67)SRLVQmRUHYRJRXR DUWGD&/7$MXULVSUXGrQFLDGR767pSDFtILFDQRVHQWLGRGHHQWHQGHULQ GHYLGRVRVKRQRUiULRVGHDGYRJDGRVHQmRIRUHPDWHQGLGRVRVUHTXLVLWRVGRDUW GD/HLQR6H 2UHFODPDQWHFRQWXGRQmRHVWiDVVLVWLGR SHORVLQGLFDWRGDVXDFDWHJRULDQHPVHOKHDSOLFDRDUWGR&3&SRULQH[LVWLU RPLVVmRQD&/7,QGHYLGRVRVKRQRUiULRVGHDGYRJDGR &RPSHQVDomR $VYHUEDVSDJDVVRERVPHVPRVWtWXORVVHUmRGHVFRQWDGDVGDVGHYLGDV 6HUmRREVHUYDGRVRVGLDVWUDEDOKDGRVQRFiOFXORGDVKRUDVH[WUDVH[ FOXtGDVIDOWDVIpULDVHOLFHQoDV ,,,²',6326,7,92 3HORH[SRVWRjYLVWDGRVIDWRVHGRVIXQGDPHQWRVDFLPDPHQFLRQDGRV HSRUWXGRRPDLVTXHGRVDXWRVFRQVWDDFROKRHPSDUWHDSUHWHQVmRGH6'$ 6,/9$QDDomRSURSRVWDFRQWUD/$9$1'(5,$3/7'$GHWHUPLQDQGRTXHDVH JXQGDSDJXHDRSULPHLURKRUDVH[WUDVHLQWHJUDo}HVDYLVRSUpYLRIpULDVPDLV WHUoRFRQVWLWXFLRQDORVDOiULRSURSRUFLRQDOQRYDORUGHGHYHQGRD HPSUHVDOLEHUDUR)*76DFUHVFLGRGDLQGHQL]DomRGH-XURVVREUHRYDORU GDFRQGHQDomRFRUULJLGR6GR767 QDIRUPDGDOHL&RUUHomRPRQHWiULD FRQWULEXLo}HVSUHYLGHQFLiULDVHLPSRVWRGHUHQGDQDIRUPDGDIXQGDPHQWDomR 2VYDORUHVVHUmRDSXUDGRVHPOLTXLGDomRGHVHQWHQoDSRUFiOFXORV &XVWDVSHODUpVREUHRYDORUDUELWUDGRGHQRLPSRUWHGH ,QWLPHPVHDVSDUWHV1DGDPDLV -XL]GR7UDEDOKR 'LUHWRUGH6HFUHWDULD
0RGHORGHSHGLGRGHUHYLVmRGRYDORUGDFDXVD (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 0 &,$/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDDomR WUDEDOKLVWDSURSRVWDSRU%7YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([D DSUHVHQWDU3(','2'(5(9,6®2DRYDORUGDFDXVDFRPIXQGDPHQWRQRRGR DUWRGD/HLQRGHDFRUGRFRPDVUD]}HVDQH[DV 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6 (;0265'5-8,=35(6,'(17('2(75,%81$/5(*,21$/'275$%$/+2 '$D5(*,®2 ,PS}HVHDUHYLVmRGRYDORUGDFDXVDTXHHVWiHPGHVFRPSDVVRFRPR LQFLVR,GRDUWGR&3& 6RPDQGRVHDVYHUEDVSRVWXODGDVSHORDXWRUXOWUDSDVVDPPDLVGH 2SUySULRSHGLGRGHKRUDVH[WUDVVHHYHQWXDOPHQWHGHIHULGRQD TXDQWLGDGHDSRQWDGDQDLQLFLDOXOWUDSDVVD 'DIRUPDFRPRIRLGDGRRYDORUjFDXVDHVWiVHLPSHGLQGRRGLUHLWRGD UHFRUUHQWHDRGXSORJUDXGHMXULVGLomRSRLVFDVRPDQWLGRRYDORUGDFDXVDQH QKXPUHFXUVRFDEHUiGDVHQWHQoDDQmRVHUGHPDWpULDFRQVWLWXFLRQDOTXHQmR pYHQWLODGDQRSURFHVVR 3HORH[SRVWRHVSHUDTXHVHMDUHYLVWRRYDORUGDFDXVDHIL[DGRHP FRPRPHGLGDGHLQWHLUD-XVWLoD 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHUHFXUVRRUGLQiULR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR $5SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQDDomRSURSRVWDFRQWUD /2-$60/7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD([FHOrQFLD LQWHUSRU5(&856225',1É5,2FRPIXQGDPHQWRQDDOtQHDDGRDUWGD&/7 GHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6'25(&8562 (*5e*,275,%81$/ &2/(1'$7850$ $5SURS{VUHFODPDomRWUDEDOKLVWDFRQWUD/RMDV0/WGDSHGLQGRR SDJDPHQWRGDVYHUEDVUHVFLVyULDV$HPSUHVDVHGHIHQGHXDOHJDQGRMXVWDFDXVD SRUFRQGHQDomRFULPLQDOGRDXWRU $VHQWHQoDUHMHLWRXDSUHWHQVmRGRUHFRUUHQWHFRPRDUJXPHQWRGHTXH UHDOPHQWHRDXWRUHVWDYDFRQGHQDGRFULPLQDOPHQWHQmRPDLVSRGHQGRODERUDU SDUDDHPSUHVD $RFRQWUiULRGRHQWHQGLPHQWRGDGRXWD9DUDDDOtQHDGGRDUW GD&/7pFODUDQRVHQWLGRGHTXHRFRUUHMXVWDFDXVDTXDQGRKDMD´FRQGHQDomR FULPLQDOGRHPSUHJDGRSDVVDGDHPMXOJDGRFDVRQmRWHQKDKDYLGRVXVSHQVmR GDH[HFXomRGDSHQDµ 2MXL]DGPLWHTXHKRXYHVXVSHQVmRGDH[HFXomRGDSHQDFRQIRUPHVH YHULILFDSHORGRFXPHQWRGHIOVHQDVHQWHQoDGHIOV/RJRQmRSRGHULD KDYHUMXVWDFDXVDSDUDRGHVSHGLPHQWR $HPSUHVDGHYHUiDVVLPSDJDUDVYHUEDVUHVFLVyULDVQDIRUPDGRSHGLGR LPSRQGRVHDUHIRUPDGDUVHQWHQoDGHIOV 1HVWDVFRQGLo}HVHVSHUDRUHFRUUHQWHVHMDFRQKHFLGRHSURYLGRRSUHVHQWH UHFXUVRRUGLQiULRSDUDGHWHUPLQDURSDJDPHQWRGDVYHUEDVUHVFLVyULDVID]HQGRVH DQHFHVViULD-XVWLoD 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHFRQWUDUUD]}HVGHUHFXUVRRUGLQiULR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR /2-$60/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGD DomRSURSRVWDSRU$5YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD([FH OrQFLDDSUHVHQWDUVXDV&2175$55$=¯(6DRUHFXUVRRUGLQiULRLQWHUSRVWRSHOR UHFODPDQWHFRPIXQGDPHQWRQRDUWGD&/7GHDFRUGRFRPRVIXQGDPHQWRV DQH[RVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6 (*5e*,275,%81$/ &2/(1'$7850$ 2UHFODPDQWHSURS{VDDomRYLVDQGRRSDJDPHQWRGDVYHUEDVUHVFLVyULDV 6XDSUHWHQVmRIRLUHMHLWDGDSHOD9DUD 'HFLGLXPXLWREHPD9DUDDRYHULILFDUTXHRDXWRUIRLFRQGHQDGRFULPL QDOPHQWHQmRPDLVSRGHQGRODERUDUQDHPSUHVD 2VGRFXPHQWRVGHIOVQmRGHPRQVWUDPTXHKRXYHDVXVSHQVmRFRQ GLFLRQDOGDSHQD/RJRGHYHVHUPDQWLGDDUVHQWHQoDGHSULPHLURJUDXQmR KDYHQGRTXDOTXHUYLRODomRjDOtQHDGGRDUWGD&/7 1HVWDVFRQGLo}HVHVSHUDRUHFRUULGRVHMDPDQWLGDDUVHQWHQoDSRUVHXV SUySULRVHGRXWRVIXQGDPHQWRV 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHSDUHFHUGR037 3URF757QR 5HFRUUHQWH8QLmR)HGHUDO 5HFRUULGR(PSUHVD-i9DL/WGD
3$5(&(5 $SUHVHQWDUHFXUVRRUGLQiULRD8QLmRSRVWXODQGRTXHVHMDH[FOXtGDGR SRORSDVVLYRGDDomRSRUQmRWHUIXQGDPHQWROHJDODUHVSRQVDELOLGDGHVXEVLGLiULD GHIHULGD eRUHODWyULR 3DVVRDRSLQDU $8QLmRGHYHUHVSRQGHUGHIRUPDVXEVLGLiULDSRLVIRLEHQHILFLiULDGD SUHVWDomRGHVHUYLoRVGRDXWRU 2FRUUHQDKLSyWHVHGRVDXWRVFXOSDLQHOLJHQGRSHODHVFROKDLQDGHTXDGD GDHPSUHVDSUHVWDGRUDGHVHUYLoRVHFXOSDLQYLJLODQGRSRUQmRKDYHUDFRUUHWD ILVFDOL]DomRGDSULPHLUDTXDQWRDRSDJDPHQWRGDVYHUEDVWUDEDOKLVWDVDRDXWRU 2767WHPRULHQWDomRWUDQTXLODVREUHRWHPDQRLQFLVR,9GD6~PXOD 'HYHVHUQHJDGRSURYLPHQWRDRUHFXUVRRUGLQiULRGD8QLmR eRSDUHFHUVPM 63 3URFXUDGRUGR7UDEDOKR
$FyUGmRGR757 $FyUGmRMXOJDQGRUHFXUVRRUGLQiULR 3URFQR D9DUDGR7UDEDOKRGH6mR3DXOR 5HFRUUHQWH)UDQFLVFRGD6LOYD 5HFRUULGR(PSUHVD3ODQR/WGD ,²5(/$7Ð5,2 ,QWHUS}HUHFXUVRRUGLQiULRRUHFODPDQWHDILUPDQGRTXHH[HUFLDDPHVPD IXQomRTXHRSDUDGLJPDFRPLGrQWLFDSHUIHLomRWpFQLFDHSURGXWLYLGDGH'HYH VHUGDGRSURYLPHQWRDRUHFXUVRSDUDPRGLILFDUDVHQWHQoD &RQWUDUUD]}HVGHIOV 3DUHFHUGR0LQLVWpULR3~EOLFRGHIOVeRUHODWyULR ,,²&21+(&,0(172 2UHFXUVRpWHPSHVWLYR+RXYHLVHQomRGRSDJDPHQWRGDVFXVWDVIOV &RQKHoRGRUHFXUVRSRUHVWDUHPSUHVHQWHVRVUHTXLVLWRVOHJDLV ,,,²)81'$0(17$d®2
9272 $OHJRXRUHFODPDQWHQDLQLFLDOTXHH[HUFLDLGrQWLFDIXQomRjGRSDUDGLJ PDFRPDPHVPDSURGXWLYLGDGHHSHUIHLomRWpFQLFD3RUWDQWRFDELDDRUHFRUUHQWH FRPSURYDUVXDVDOHJDo}HV{QXVSUREDWyULRHVWDEHOHFLGRQRDUWGD&/7 2SUySULRDXWRUHPGHSRLPHQWRSHVVRDOFRQIHVVRXTXHTXDQGRLQLFLRX QRDOPR[DULIDGRRSDUDGLJPDMiID]LDRVVHUYLoRVGHDOPR[DULIDGRGHFRPSRQHQWHV GHVGH 2WHPSRLQIHULRUDGRLVDQRVSDUDTXHXPHPSUHJDGRWHQKDGLUHLWRj HTXLSDUDomRpQDIXQomRHQmRQRHPSUHJR 9HULILFDVHGRGHSRLPHQWRGRSDUDGLJPDWHVWHPXQKDGRUHFODPDQWHTXH DOpPGRWHPSRVXSHULRUDGRLVDQRVQDIXQomRGHFODUDGRSHORSUySULRDXWRUHP GHSRLPHQWRSHVVRDORPRGHORVXEVWLWXtDVHXVVXSHULRUHVRTXHQmRDFRQWHFLD FRPRUHFRUUHQWHTXHTXDQGRVXEVWLWXtDRHQFDUUHJDGRRUHFODPDQWHHUDVHX VXERUGLQDGRVHQGRRSDUDGLJPDTXHPUHVROYLDSUREOHPDVGHDWHQGLPHQWRMXQWR DRVFOLHQWHVDVVLPFRPRDVREULJDo}HVILVFDLVDOpPGHID]HURDMXVWHFRQWiELO GRHVWRTXHWDUHIDVQmRH[HFXWDGDVSHORUHFODPDQWHQDYLJrQFLDGRFRQWUDWRGH WUDEDOKR$QWHULRUPHQWHDWUDEDOKDYDPQRPHVPRDOPR[DULIDGRSRUpPR GHSRHQWHHUDLQYHQWDULDQWHID]LDDFRQWDJHPGHSHoDVGHHVWRTXHHRUHFODPDQWH DEDVWHFLDDOLQKDGHPRQWDJHPQHVVHSHUtRGRIOV $HTXLSDUDomRVDODULDOGL]UHVSHLWRDRH[HUFtFLRGDVIXQo}HVLGrQWLFDVQmR jFDSDFLGDGHGRHPSUHJDGRSDUDH[HUFrODV 2GHSRLPHQWRSHVVRDOGDUHFODPDGDLQGLFDTXHUHFODPDQWHHSDUDGLJPD WUDEDOKDYDPQRPHVPRVHWRUSRUpPH[HUFLDPIXQo}HVGLIHUHQWHVRFXSDQGR FDUJRVGLYHUVRV $VVLPQmRWHQGRRUHFRUUHQWHFRPSURYDGRQRVDXWRVTXHVXDVIXQo}HV HUDPLGrQWLFDVjVGRSDUDGLJPDQHPTXHDVWDUHIDVGHVHPSHQKDGDVSHORUHFOD PDQWHGXUDQWHDYLJrQFLDGRFRQWUDWRGHWUDEDOKRWLQKDPLJXDOSURGXWLYLGDGH PHVPDSHUIHLomRWpFQLFDHDLQGDDVVLPKRXYHGLIHUHQoDGHWHPSRQDIXQomRVXSH ULRUDGRLVDQRVQmRWHPGLUHLWRRUHFRUUHQWHjHTXLSDUDomRVDODULDOSRVWXODGD ,9²',6326,7,92 3HORH[SRVWRFRQKHoRGRUHFXUVRSRUDWHQGLGRVRVSUHVVXSRVWRVOHJDLV HQRPpULWRQHJROKHSURYLPHQWRPDQWHQGRDVHQWHQoD)LFDPDQWLGRRYDORU GDFRQGHQDomReRPHXYRWR 6HUJLR3LQWR0DUWLQV -XL]UHODWRU
0RGHORGHUHFXUVRGHUHYLVWD (;0265'5-8,=35(6,'(17('2(*5e*,275,%81$/5(*,21$/'2 75$%$/+2'$D5(*,®2 3URFQR &,QGGH3OiVWLFRVH(VSXPDV/WGDSRUVHXDGYRJDGRTXHHVWDVXEVFUHYH QRVDXWRVGDUHFODPDomRWUDEDOKLVWDSURSRVWDSRU/%SURFQR757 QmRVHFRQIRUPDQGRFRPDUGHFLVmRGDD7XUPDGHVWHWULEXQDOYHPPXLUHVSHLWR VDPHQWHjSUHVHQoDGH9([DLQWHUSRU5(&8562'(5(9,67$FRPIXQGDPHQWR QDVDOtQHDVDHFGRDUWGD&/7GHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6'25(&8562'(5(9,67$ (*5e*,275,%81$/683(5,25'275$%$/+2 &2/(1'$7850$ 2VIDWRV 2DFyUGmRPRGLILFRXDVHQWHQoDSDUDGHWHUPLQDUTXHRDGLFLRQDOGH LQVDOXEULGDGHGHYHVHUFDOFXODGRVREUHDUHPXQHUDomRGRHPSUHJDGR 2'LUHLWR 2SUHVHQWHDSHORWDPEpPpFDEtYHOSHODOHWUDDGRDUWGD&/7 ,QGLFDFRPRDFyUGmRGLYHUJHQWHRDGRWDGRSHODD7XUPDGR757GDD 5HJLmR $GLFLRQDOGHLQVDOXEULGDGHEDVHGHFiOFXOR&RQVWLWXLomR$QRYD&RQV WLWXLomR)HGHUDOQmRDOWHURXDEDVHGHFiOFXORGRDGLFLRQDOGHLQVDOXEULGDGHQR LQFLVR;;,,,GRDUWRSDUDTXHVHMDFDOFXODGRVREUHRYDORUGDUHPXQHUDomR $FXQGDD7GR757GDD552M5HO-XL]-RVp0HQRWWL *DHWDQL0LQDV*HUDLV,,SLQ5HSHUWyULR,2%GH-XULVSUXGrQFLD QRFDGHUQRSHPHQWD 2DGLFLRQDOGHLQVDOXEULGDGHpFDOFXODGRVREUHRVDOiULRPtQLPRDUW GD&/7 (VWDEHOHFHRLQFLVR;;,,,GRDUWRGD/HL0DLRU´DGLFLRQDOGHUHPXQHUDomR SDUDDVDWLYLGDGHVLQVDOXEUHVQDIRUPDGDOHLµ2FiOFXORGRDGLFLRQDOGHLQVDOX
EULGDGHFRQWLQXDDVHUIHLWRVREUHXPGHWHUPLQDGRYDORUSUHYLVWRQDOHJLVODomR RUGLQiULDPDVQmRVREUHDUHPXQHUDomR$PDXUL0DVFDUR1DVFLPHQWRHQVLQDTXH D&RQVWLWXLomR´QmRGHFODUDTXHRDGLFLRQDOLQFLGLUiVREUHDUHPXQHUDomR5HIHUH VHDDGLFLRQDOGHUHPXQHUDomRHQmRDDGLFLRQDOVREUHUHPXQHUDomRµ +iTXHVHHQWHQGHUTXHRVHQWLGRGDSDODYUDUHPXQHUDomRDTXHVHUHIHUH D/HL)XQGDPHQWDOpRGRYHUERUHPXQHUDUHQmRSURSULDPHQWHDUHPXQHUDomR GHTXHWUDWDRDUWGD&/7 267)HQWHQGHTXHRDGLFLRQDOGHLQVDOXEULGDGHGHYHVHUFDOFXODGRVREUH RVDOiULRPtQLPRHQTXDQWRQmRKRXYHUOHLRXQRUPDFROHWLYDWUDWDQGRGRWHPD 2LQFLVR;;,,,GRDUWRGD&RQVWLWXLomRQmRSUHYrTXHRDGLFLRQDOGH LQVDOXEULGDGHLQFLGDVREUHDUHPXQHUDomR /RJRKRXYHYLRODomRDRDUWGD&/7eFDEtYHORUHFXUVRGHUHYLVWD SHODDOtQHDFGRDUWGD&/7 3HGLGR (VSHUDTXHRSUHVHQWHDSHORVHMDFRQKHFLGRSHODVOHWUDVDHFGRDUW GD&/7HSURYLGRUHIRUPDQGRVHRUDFyUGmRGHWHUPLQDQGRTXHRDGLFLRQDO GHLQVDOXEULGDGHLQFLGDVREUHRVDOiULRPtQLPR 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHHPEDUJRV (;0265'50,1,675235(6,'(17('2&2/(1'275,%81$/683(5,25 '275$%$/+2 3URFQR 630SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDSRU-0YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9RVVD ([FHOrQFLDLQWHUSRU(0%$5*26SDUDD6HomRGH'LVVtGLRV,QGLYLGXDLVGR& 767FRPIXQGDPHQWRQRLQFLVR,,GRDUWGD&/7GHDFRUGRFRPDVUD]}HV DQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6'26(0%$5*26 (*5e*,275,%81$/683(5,25'275$%$/+2 &2/(1'$6(d®2'(',66Ì',26,1',9,'8$,6 2VIDWRV 2UHFRUUHQWHDSHORXPHGLDQWHUHFXUVRGHUHYLVWDjD7XUPDGR&767 YLVDQGRDUHIRUPDGRMXOJDGRGR757GDD5HJLmRTXDQWRDRIDWRGHTXHRV WXUQRVLQLQWHUUXSWRVGHUHYH]DPHQWRSRGHPVHUIL[DGRVHPQHJRFLDomRFROHWLYD (QWUHWDQWRGHYHKDYHUDREVHUYkQFLDGROLPLWHGHKRUDVGLiULDVHVHPDQDLV $UHIHULGDWXUPDQmRHQWHQGHXDVVLP 1mRVHFRQIRUPDQGRFRPDUGHFLVmRYHPHPEDUJDUSDUDD6HomRGH 'LVVtGLRV,QGLYLGXDLVGHVWD&RUWHYLVDQGRDUHIRUPDGDGHFLVmR 2'LUHLWR $GHFLVmRGDD7XUPDGR767pFRQWUiULDjGHFLVmRGDD7XUPDFDUDF WHUL]DQGRDGLYHUJrQFLDMXULVSUXGHQFLDO 7XUQRLQLQWHUUXSWRGHUHYH]DPHQWR²)L[DomRGDMRUQDGDGH WUDEDOKRPHGLDQWHQHJRFLDomRFROHWLYD²/LPLWH1RVWHUPRVGD2ULHQ WDomR-XULVSUXGHQFLDOQRGD6%',GR767TXDQGRKiQDHPSUHVD RVLVWHPDGHWXUQRLQLQWHUUXSWRGHUHYH]DPHQWRpYiOLGDDIL[DomRGH MRUQDGDVXSHULRUDVHLVKRUDVPHGLDQWHQHJRFLDomRFROHWLYD1RHQWDQWR DQWHDLQWHUSUHWDomRVLVWHPiWLFDTXHGHYHVHUIHLWDDRVHDSOLFDUjHVSpFLH RGLVSRVWRQRVLQFLVRV;,,,H;,9GRDUWRGD&RQVWLWXLomR)HGHUDOGHYH VHUUHVSHLWDGRROLPLWHFRQVWLWXFLRQDOGHRLWRKRUDVGLiULDVHTXDUHQWDH
TXDWURVHPDQDLVFDVRFRQWUiULRID]MXVRWUDEDOKDGRUjVKRUDVH[FHGHQWHV GHVVHSDWDPDU5HFXUVRGHUHYLVWDFRQKHFLGRQHVVHSRQWRHSDUFLDOPHQWH SURYLGR767D755D55HO-XL]:DOPLU2OLYHLUD GD&RVWD'-8S (VWiFDUDFWHUL]DGDDGLYHUJrQFLDMXULVSUXGHQFLDOHQWUHDDHDD7XUPDV GR767VHQGRFDEtYHLVRVHPEDUJRVSRUGLYHUJrQFLDMXULVSUXGHQFLDO 2VLQFLVRV;,,,H;,9GRDUWRGD/HL0DLRUWrPGHVHULQWHUSUHWDGRV HPFRQMXQWRVLVWHPDWLFDPHQWHSRLVQmRpSRVVtYHOWUDEDOKDUPDLVGHKRUDV GLiULDVHVHPDQDLVPHVPRQRVWXUQRVLQLQWHUUXSWRVGHUHYH]DPHQWRIL[DGRV HPQHJRFLDomRFROHWLYDHPUD]mRGHTXHRWUDEDOKRpPXLWRFDQVDWLYRHDOWHUDR UHOyJLRELROyJLFRGRWUDEDOKDGRU 3HGLGR $JXDUGDRFRQKHFLPHQWRGRVHPEDUJRVSHORLQFLVR,,GRDUWGD &/7HSURYLPHQWRGRSUHVHQWHDSHORSDUDGHWHUPLQDURSDJDPHQWRFRPRH[WUD GDVKRUDVWUDEDOKDGDVDOpPGDRLWDYDGLiULDHVHPDQDLV 1HVWHVWHUPRV 3'HIHULPHQWR %UDVtOLD $GYRJDGR 2$%QR
0RGHORGHDJUDYRGHSHWLomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR -0SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomRWUD EDOKLVWDSURPRYLGDFRQWUD(035(6$'(08'$1d$677/7'$YHPPXLUHVSHL WRVDPHQWHjSUHVHQoDGH9([DLQWHUSRU$*5$92'(3(7,d®2FRPIXQGDPHQWR QDDOtQHDDGRDUWGD&/7GHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6RXPLQXWD '2$*5$92'(3(7,d®2 (*5e*,275,%81$/
&2/(1'$7850$ $UHFRUUHQWHQmRVHFRQIRUPDQGRFRPDGHFLVmRTXHDFROKHXRVHP EDUJRVGHH[HFXomRLQWHUSRVWRVSHODUHFRUULGDYHPUHFRUUHUSRUPHLRGHDJUDYR GHSHWLomRDHVWHWULEXQDOYLVDQGRDUHIRUPDGDTXHODUGHFLVmR $UVHQWHQoDUHFRUULGDDFROKHXRVHPEDUJRVGRGHYHGRUDOHJDQGRTXH RSURFHVVRILFRXSDUDGRPDLVGHFLQFRDQRVVHQGRDSOLFiYHODSUHVFULomRLQWHU FRUUHQWHQRSURFHVVRGRWUDEDOKRWHQGRVLGRH[WLQWDDH[HFXomR (QWUHWDQWRR767WHPHQWHQGLPHQWRTXH´pLQDSOLFiYHODSUHVFULomRLQ WHUFRUUHQWHQD-XVWLoDGR7UDEDOKRµ6GR767 /RJRDGHFLVmRGHRJUDXp WRWDOPHQWHGLYRUFLDGDGDRULHQWDomRSUHGRPLQDQWHGDMXULVSUXGrQFLDVXPXODGD QR767 ,PS}HVHSRUWDQWRDUHIRUPDGDUVHQWHQoDUHMHLWDQGRVHRVHPEDUJRV GRGHYHGRUFRPRPHGLGDGH-XVWLoD 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
$FyUGmRHPDJUDYRGHSHWLomR 3URFQR D9DUDGR7UDEDOKRGH6DQWRV $JUDYDQWH5) $JUDYDGRV(PSUHVD*/WGD0( ,²5(/$7Ð5,2 ,QWHUS}HDJUDYRGHSHWLomR5)DILUPDQGRTXHWHPGLUHLWRjPRUDGLDGH DFRUGRFRPRDUWRGD/HLQR'HYHVHUGDGRSURYLPHQWRDRUHFXUVR SDUDVHUH[FOXtGDDSHQKRUDVREUHVHXEHPGHIDPtOLD &RQWUDUUD]}HVGHIOVeRUHODWyULR ,,²&21+(&,0(172 2UHFXUVRpWHPSHVWLYR&RQKHoRGRUHFXUVRSRUHVWDUHPSUHVHQWHVRV UHTXLVLWRVOHJDLV ,,,²)81'$0(17$d®2 9272 1mRSURYRXRUHFRUUHQWHTXHRLPyYHOSHQKRUDGRpR~QLFRTXHSRVVXL
'HVWDTXHVHTXHQRLPyYHOQmRUHVLGHDIDPtOLDPDVDSHQDVDSHVVRD ItVLFDGRHPEDUJDQWH/RJRQmRHVWiDPSDUDGRSHOD/HLQR $UHIHULGDQRUPDQmRSURWHJHHVSHFLILFDPHQWHDPRUDGLDPDVDIDPtOLD $OHLWUDWDGDLPSHQKRUDELOLGDGHGREHPGHIDPtOLDHQmRGRGLUHLWRDPRUDGLD 1mRVHYHULILFDTXHDLQWHQomRGROHJLVODGRUHUDSURWHJHUXPD~QLFDSHVVRDTXH UHVLGDQRLPyYHO 2DUWRGD/HLQRpFODURQRVHQWLGRGHTXHRLPyYHOUHVLGHQFLDO SUySULRGRFDVDORXGDHQWLGDGHIDPLOLDUpLPSHQKRUiYHO1mRVHID]UHIHUrQFLD DXPD~QLFDSHVVRD 1mRVHSRGHLQWHUSUHWDUDQRUPDQRVHQWLGRGHRWUDEDOKDGRUGHL[DUGH UHFHEHURTXHOKHpGHYLGRHPUD]mRGDYHUEDWHUQDWXUH]DDOLPHQWDUHGDVXD KLSRVVXILFLrQFLD1HJRSURYLPHQWR ,9²',6326,7,92 3HORH[SRVWRFRQKHoRGRUHFXUVRSRUDWHQGLGRVRVSUHVVXSRVWRVOHJDLV HQRPpULWRQHJROKHSURYLPHQWRPDQWHQGRDVHQWHQoDeRPHXYRWR 6HUJLR3LQWR0DUWLQV -XL]UHODWRU
0RGHORGHDJUDYRGHLQVWUXPHQWR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 5-SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD/27e5,&$'6/7'$YHPPXLUHVSHLWRVDPHQWHj SUHVHQoDGH9([DLQWHUSRU$*5$92'(,167580(172FRPIXQGDPHQWRQD DOtQHDEGRDUWGD&/7GHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR 5$=¯(6'2$*5$92'(,167580(172 (*5e*,275,%81$/ &2/(1'$7850$ 2UHFXUVRRUGLQiULRIRLLQWHUSRVWRGHQWURGRSUD]RGHGLDVGRF 200-XL]DTXRQHJRXVHJXLPHQWRDRUHFXUVRFRPRIXQGDPHQWRGH TXHDVFXVWDVGHYHULDPVHUSDJDVSRLVQmRIRLGHIHULGDDUHVSHFWLYDLVHQomR
2UHTXHUHQWHID]MXVjMXVWLoDJUDWXLWDSRLVJDQKDPDLVGHGRLVVDOi ULRVPDVQmRWHPFRQGLo}HVGHGHPDQGDUVHPSUHMXt]RGHVHXVXVWHQWRSUySULR RXGHVXDIDPtOLDFRQIRUPHGHFODUDomRGHSREUH]DMXQWDGDFRPDLQLFLDOGRF $GHFODUDomRIRLIHLWDVREDVSHQDVGDOHL 1mRH[LVWHGHWHUPLQDomROHJDOQRVHQWLGRGHTXHRDXWRUWHQKDGHHVWDU DVVLVWLGRSHORVLQGLFDWRSDUDID]HUMXVjLVHQomRGDVFXVWDV $VVLPRUHFODPDQWHDWHQGHXDRVUHTXLVLWRVGD/HLQRHGRR GRDUWGD&/7)D]MXVjLVHQomRGDVFXVWDV 'HVVDIRUPDRSUHVHQWHDJUDYRGHLQVWUXPHQWRGHYHVHUFRQKHFLGRHSUR YLGRSDUDGHWHUPLQDUDDQiOLVHGRUHFXUVRRUGLQiULRYLVDQGRRH[DPHGRPpULWR GDPDWpULDDOLFRQWLGDFRPRPHGLGDGHLQWHLUDMXVWLoD 1HVWHVWHUPRV 3'HIHULPHQWR 63 $GYRJDGR 2$%QR
$FyUGmRHPDJUDYRGHLQVWUXPHQWR 3URFQR D9DUDGR7UDEDOKRGH6mR3DXOR $JUDYDQWH0) $JUDYDGR(PSUHVD%RP&OLPD/WGD ,²5(/$7Ð5,2 ,QWHUS}H0)DJUDYRGHLQVWUXPHQWRDILUPDQGRTXHHVWiGHVHPSUHJDGR 7HPGLUHLWRDMXVWLoDJUDWXLWD'HYHVHUSURFHVVDGRVHXUHFXUVRRUGLQiULR &RQWUDUUD]}HVGHIOV 3DUHFHUGR0LQLVWpULR3~EOLFRGHIOVeRUHODWyULR ,,²&21+(&,0(172 2UHFXUVRpWHPSHVWLYR&RQKHoRGRUHFXUVRSRUHVWDUHPSUHVHQWHVRV UHTXLVLWRVOHJDLV ,,,²)81'$0(17$d®2 9272 2UHFODPDQWHJDQKDYDPDLVGHGRLVVDOiULRVPtQLPRV 2GLUHLWRGHDomRGHSHQGHGRVUHTXLVLWRVHVWDEHOHFLGRVSHODOHLRUGLQiULD HQWUHRVTXDLVDVFRQGLo}HVGDDomRHDREVHUYkQFLDGD/HLQR
2FRQWUDGLWyULRDUWR/9GD&RQVWLWXLomR MiIRLH[HUFLGRSHORUHFRU UHQWHWDQWRTXHDSUHVHQWRXUHFXUVRGDVHQWHQoD$PSODGHIHVDGL]UHVSHLWRj HPSUHVDHQmRDRHPSUHJDGR 1mRVHGLVFXWHSULYDomRGHOLEHUGDGHRXGHEHQVSDUDVHDSOLFDURLQFLVR /,9GRDUWRGD/HL0DLRU $GHFODUDomRGHIOVQmRHVWiILUPDGDVREDVSHQDVGDOHL 0RVWUDRRGRDUWGD&/7TXHpIDFXOGDGHGRMXL]FRQFHGHUDLVHQ omRHQmRREULJDomRPHVPRGLDQWHGDDSUHVHQWDomRGHGHFODUDomRGHSREUH]D /RJRQmRWLQKDRPDJLVWUDGRREULJDomRGHFRQFHGHUDLVHQomRGDVFXVWDV6HR OHJLVODGRUHQWHQGHVVHTXHDLVHQomRGDVFXVWDVVHULDREULJDomRQmRWHULDFRORFDGR QDOHLDSDODYUDIDFXOGDGH1HJRSURYLPHQWR ,9²',6326,7,92 3HORH[SRVWRFRQKHoRGRUHFXUVRSRUDWHQGLGRVRVSUHVVXSRVWRVOHJDLV HQRPpULWRQHJROKHSURYLPHQWRPDQWHQGRDGHFLVmReRPHXYRWR 6HUJLR3LQWR0DUWLQV -XL]UHODWRU
0RGHORGHDJUDYRUHJLPHQWDO (;0265'50,1,675235(6,'(17('$D7850$'2767 3URFQR 0.SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD$ $/7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DLQWHUSRU$*5$925(*,0(17$/FRPIXQGDPHQWRQRDUWVVGR 5HJLPHQWR,QWHUQRGR767GHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR %UDVtOLD $GYRJDGR 2$%QR 5$=¯(6'2$*5$925(*,0(17$/ &2/(1'$6(d®2'(',66Ì',26,1',9,'8$,6'2767 $DJUDYDQWHLQWHUS{VHPEDUJRVSDUDD6',SHUDQWHDD7XUPDGR767 WHQGRR([PR6U0LQLVWURSUHVLGHQWHGDTXHODWXUPDGHQHJDGRVHJXLPHQWRDR UHFXUVRFRPRIXQGDPHQWRGHTXHQmRKRXYHGLYHUJrQFLDMXULVSUXGHQFLDO 2FRUUHTXHpPDQLIHVWDDYLRODomRGRLQFLVR;;;9,GRDUWRGD&RQVWL WXLomRSRLVDDJUDYDQWHWLQKDGLUHLWRDGTXLULGRDR,3&GHGHPDUoRGH TXHQmRSRGHULDWHUVLGRFDQFHODGRSHOD/HLQR
$6~PXODGR767PRVWUDTXHRDXWRUWHPGLUHLWRDRUHDMXVWHSUH WHQGLGR 1HVWDVFRQGLo}HVFRQVWDWDGRTXHKiYLRODomRGD&RQVWLWXLomRGD5HS~EOL FDGRDUWR;;;9,pGHVHFRQKHFHUHSURYHURSUHVHQWHDJUDYRGHWHUPLQDQGRVH RSURFHVVDPHQWRGRVHPEDUJRVFRPRGHGLUHLWR 1HVWHVWHUPRV 3'HIHULPHQWR %UDVtOLD $GYRJDGR 2$%QR
0RGHORGHUHFXUVRH[WUDRUGLQiULR (;0265'50,1,675235(6,'(17('2&767 3URFQR 56SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomRWUD EDOKLVWDSURSRVWDFRQWUD),&/WGDYHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([D DSUHVHQWDU5(&8562(;75$25',1É5,2FRPIXQGDPHQWRQDDOtQHDDGRLQFLVR ,,,GRDUWGD&RQVWLWXLomRGHDFRUGRFRPDVUD]}HVDQH[DVjSUHVHQWH 1HVWHVWHUPRV 3'HIHULPHQWR %UDVtOLD $GYRJDGR 2$%QR (;&(/6235(7Ð5,2 &2/(1'$7850$ 56DMXL]RXUHFODPDomRWUDEDOKLVWDFRQWUDDUHFRUULGDDOHJDQGRTXHR DFRUGRGHFRPSHQVDomRGHYHVHUFROHWLYR7HPDVVLPGLUHLWRDKRUDVH[WUDVDOpP GDRLWDYDGLiULD 2EWHYHVHQWHQoDIDYRUiYHOHPSULPHLURJUDXTXHIRLPRGLILFDGDQR757 GDD5HJLmRHFRQILUPDGDHPJUDXGHUHFXUVRGHUHYLVWDHHPEDUJRVQR767 2767DVVLPFRPRR7ULEXQDO5HJLRQDOHQWHQGHUDPTXHRDFRUGRGHVFULWR QRLQFLVR;,,,GRDUWRGD&RQVWLWXLomRpLQGLYLGXDOHQmRFROHWLYR $LQWHUSUHWDomRVLVWHPiWLFDOHYDRLQWpUSUHWHDHQWHQGHUTXHVHWUDWDGH DFRUGRLQGLYLGXDO2LQFLVR9,GRDUWRGD&RQVWLWXLomRGLVS}HVREUHLUUHGX WLELOLGDGHGRVDOiULRVDOYRRGLVSRVWRHPFRQYHQomRRXDFRUGRFROHWLYR1RWDVH TXHDTXLpH[SUHVVDDPHQomRDRDFRUGRFROHWLYR8VDRLQFLVR;,9GRDUWRGD /HL0DJQDXPVLQ{QLPRSDUDSHUPLWLUDMRUQDGDVXSHULRUDVHLVKRUDVQRVWXUQRV LQLQWHUUXSWRVGHUHYH]DPHQWR´QHJRFLDomRFROHWLYDµTXHLPSRUWDHPFRQYHQomR
RXDFRUGRFROHWLYR5HFRQKHFHRLQFLVR;;9,GRDUWRGD/HL0DLRUDVFRQYHQo}HV HRVDFRUGRVFROHWLYRV 3RUHVVDLQWHUSUHWDomRVHRFRQVWLWXLQWHXVRXDH[SUHVVmRDFRUGRRXFRQ YHQomRFROHWLYDpVLQDOGHTXHTXHULDTXHRDFRUGRIRVVHLQGLYLGXDO'RFRQWUiULR XVDULDDIUDVHLQYHUWLGD´FRQYHQomRRXDFRUGRFROHWLYRµHPTXHRDFRUGRVHULD QHFHVVDULDPHQWHFROHWLYR $LQWHUSUHWDomRJUDPDWLFDOGRLQFLVR;,,,GRDUWRGD&RQVWLWXLomRQmRp SDFtILFDHQWUHRVHVSHFLDOLVWDVKDYHQGRSRVLo}HVHPXPVHQWLGRHHPRXWUR (QWHQGRTXHRDGMHWLYRFROHWLYDTXDOLILFDQGRRVXEVWDQWLYRFRQYHQomRGL] UHVSHLWRWDQWRjFRQYHQomRFRPRDRDFRUGRDWpPHVPRHPUD]mRGDFRQMXQomR RXHPSUHJDGDQRWH[WRTXHPRVWUDDDOWHUQDWLYLGDGHGHWDQWRDFRQYHQomRFRPR RDFRUGRVHUHPFROHWLYRV$SDODYUDFROHWLYDGHYHFRQFRUGDUFRPDSDODYUDLPH GLDWDPHQWHDQWHULRUTXHpIHPLQLQDPDVDTXHODVHUHIHUHWDPEpPDRDFRUGR3RU HVVHUDFLRFtQLRRDFRUGRGHYHVHUFROHWLYRHQmRLQGLYLGXDO 2ILOyORJR&HOVR&XQKDTXHIH]DUHYLVmRJUDPDWLFDOGD&RQVWLWXLomR HQWHQGHTXHD~OWLPDSDODYUDQXPDIUDVHGHYHFRQFRUGDUFRPDDQWHULRUVHHVWD IRUIHPLQLQD6mRVHXVRVH[HPSORV´&RPSUHLXPDJUDYDWDHXPFKDSpXHVFXURµ ´(VWXGRRLGLRPDHDOLWHUDWXUDSRUWXJXHVDµ*UDPiWLFDPRGHUQD%HOR+RUL]RQWH %HUQDOGRÉOYDUHVS 1DYHUGDGHRTXHRFRQVWLWXLQWHSUHWHQGHXIRLDSUHVHQWDUVLQ{QLPRVSDUD DVPHVPDVH[SUHVV}HV3RULVVRXVRXDH[SUHVVmRDFRUGRRXFRQYHQomRFROHWLYDQR LQFLVR;,,,GRDUWRQHJRFLDomRFROHWLYDQRLQFLVR;,9FRQYHQomRHDFRUGRFROHWLYR QRLQFLVR9,HFRQYHQomRHDFRUGRFROHWLYRQRLQFLVR;;9,WRGRVGRPHVPRDUWLJR 2REMHWLYRGRFRQVWLWXLQWHIRLGHQmRVHUUHSHWLWLYRQmRHPSUHJDQGRH[SUHVV}HV UHSHWLGDVDGRWDQGRYDULDo}HVRXVLQ{QLPRV )D]HQGRDLQWHUSUHWDomRGDVSDODYUDVHPSUHJDGDVQD&/7YHULILFDPRV TXHROHJLVODGRURUGLQiULRXVDDH[SUHVVmRDFRUGRHVFULWRSDUDGHVLJQDURDFRUGR LQGLYLGXDOIHLWRSHORHPSUHJDGRSDUDSURUURJDomRGDMRUQDGDGHWUDEDOKRFRPR VHREVHUYDGRDUWGD&/7$6~PXODGR767ID]LDWDPEpPHVVDGLVWLQomR SDUDDFRPSHQVDomRGHKRUiULRVGHWUDEDOKRXVDQGRDH[SUHVVmRDFRUGRHVFULWR SDUDRDFRUGRLQGLYLGXDOHDFRUGRFROHWLYRRXFRQYHQomRFROHWLYDSDUDDQRUPD FROHWLYDVHQGRHVWDV~OWLPDVDVIRUPDVGHFRPSHQVDomRGRKRUiULRGHWUDEDOKR GDPXOKHU&RPEDVHQHVVDRULHQWDomRMiVHULDSRVVtYHOGL]HUTXHRFRQVWLWXLQWH DRID]HUUHIHUrQFLDDDFRUGRTXLVVHUHIHULUDDFRUGRFROHWLYRHQmRDDFRUGRHV FULWRRXLQGLYLGXDODWpPHVPRSDUDSUHVWLJLDUDSDUWLFLSDomRGRVVLQGLFDWRVQDV QHJRFLDo}HVFROHWLYDVDUWR9,GD&RQVWLWXLomR 6HRHPSUHJDGRSDFWXDUPHGLDQWHDFRUGRLQGLYLGXDOFRPRHPSUHJDGRU DFRPSHQVDomRGRKRUiULRGHWUDEDOKRWHUiRVHJXQGRGHSDJDUFRPRH[WUDVDV KRUDVWUDEDOKDGDVDOpPGDRLWDYDGLiULDSRLVDFRPSHQVDomRGHKRUiULRVDSDUWLU GHVRPHQWHSRGHVHUIHLWDSRUDFRUGRFROHWLYRRXSRUFRQYHQomRFROHWLYD GHWUDEDOKRQXQFDSRUDFRUGRLQGLYLGXDO $SDUWLUGHWRGDVDVKRUDVH[FHGHQWHVjRLWDYDKRUDVmRH[WUDV VHQGRGHYLGDVDVKRUDVH[WUDVHRDGLFLRQDODUWR;,,,H;9,GD&RQVWLWXLomR $VVLPWRGDVDVKRUDVWUDEDOKDGDVDOpPGHRLWRKRUDVQDLQH[LVWrQFLDGH DFRUGRGHFRPSHQVDomRGHYHUmRVHUSDJDVFRPRH[WUDVDFUHVFLGDVGRUHVSHFWLYR
DGLFLRQDOXPDYH]TXHDMRUQDGDGHWUDEDOKRIRLH[FHGLGD$6~PXODGR767 HVWDEHOHFHSRUpPRXWUDRULHQWDomR2DGLFLRQDOVHUiGHQRPtQLPRDUWR ;9,GD&RQVWLWXLomR SRGHQGRVHUVXSHULRUVHSUHYLVWRHPQRUPDFROHWLYD +RXYHSRUWDQWRYLRODomRH[SUHVVDDRLQFLVR;,,,GRDUWRGD&RQVWL WXLomR 3RVWRLVWRLPS}HVHDUHIRUPDGRUMXOJDGRSDUDFRQILUPDULQWHJUDOPHQWH DVHQWHQoDGRSULPHLURJUDXTXHOKHIRLIDYRUiYHOFRPRPHGLGDGH-XVWLoD 1HVWHVWHUPRV 3'HIHULPHQWR %UDVtOLD $GYRJDGR 2$%QR
0RGHORGHUHFXUVRDGHVLYR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 21SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD075$163257(6/7'$YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DLQWHUSRU5(&8562$'(6,92DRUHFXUVRRUGLQiULRGDUHFOD PDGDFRPIXQGDPHQWRQRDUWGR&3&GHDFRUGRFRPDVUD]}HVDQH[DV 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR 5$=¯(6 (*5e*,275,%81$/5(*,21$/'275$%$/+2'$D5(*,®2 &2/(1'$7850$ $UVHQWHQoDGHRJUDXOKHIRLGHVIDYRUiYHOHPSDUWHTXDQGRQmRIRL GHIHULGDDLQWHJUDOLGDGHGDVKRUDVH[WUDVSRVWXODGDV &RPHIHLWRRH[DPHGRGHSRLPHQWRGDWHVWHPXQKD-0UHYHODTXH RDXWRUWUDEDOKRXGDVjVKRUDVGHVHJXQGDDVH[WDIHLUD$YHULILFDomRGR GHSRLPHQWRGDWHVWHPXQKD03WDPEpPUHYHODWHURUHFODPDQWHWUDEDOKDGRGDV jVKRUDV7HPRVHQWmRXPDPpGLDGDMRUQDGDGHWUDEDOKRGRUHFRUUHQWHGDV jVKFRQVLGHUDQGRVHTXHRDXWRUWLQKDXPDKRUDGHLQWHUYDOR
$VVLPQmRSRGHULDD009DUDDTXRWHUFRQVLJQDGRRKRUiULRGHWUDEDOKR GRUHFODPDQWHGDVjVKRUDVFRPEDVHQRWHVWHPXQKRGH$)TXHWLQKD LQWHUHVVHQRIHLWRDRGHFODUDUTXHWLQKDFRQWDWRFRPRVyFLRGDHPSUHVDIRUDGR ORFDOGHWUDEDOKR $VVLPHVSHUDTXHDUVHQWHQoDGHRJUDXVHMDUHIRUPDGDHPSDUWHSDUD TXHVHMDPGHIHULGDVKPLQXWRVH[WUDVSRUGLD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHFRUUHLomRSDUFLDO (;0265'5-8,=&255(*('255(*,21$/ /000TXDOLILFDGRVQRVDXWRVGRSURFQRTXHWUDPLWDSHOD 00 9DUDGR7UDEDOKRGH6mR3DXORQDDomRTXHIRLSURSRVWDFRQWUD-& YrPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DLQWHUSRU&255(,d®23$5&,$/ FRQWUDDWRGR00-XL]GDD9DUDGR7UDEDOKRGH6mR3DXORSHORVPRWLYRVD VHJXLUH[SRVWRV 200-XL]GHWHUPLQRXRGHVPHPEUDPHQWRGRSURFHVVRQRTXH KDYLDVLGRRULJLQDULDPHQWHSURSRVWRFRQWUD-& 7RGRVRVGRLVH[HPSUHJDGRVGRUHFODPDGRIRUDPGLVSHQVDGRVSRUXPD VXSRVWDMXVWDFDXVDLQH[LVWHQWHVHQGRTXHRSHGLGRGDDomRpLGrQWLFRSDUDWRGRV RXVHMDSDJDPHQWRGHYHUEDVUHVFLVyULDV (QWHQGHPTXHIRUDPDWHQGLGRVRVUHTXLVLWRVGRDUWGD&/7SDUDTXH RVSURFHVVRVIRVVHPUHXQLGRV 1mRVHMXVWLILFDSRUWDQWRRGHVPHPEUDPHQWRGDVDo}HVTXHUHSUHVHQWD DWRWXPXOWXiULRQRSURFHVVRSRGHQGRFDXVDUDH[LVWrQFLDGHGXDVVHQWHQoDV GLVWLQWDVTXDQGRDXQLGDGHGDSURYDSRGHULDHYLWDUGHFLV}HVGtVSDUHVHWUD]HU PDLRUFHOHULGDGHDRSURFHVVR 3RUHVVHVPRWLYRVHVSHUDTXHVHMDPRGLILFDGDDUGHFLVmRGHIOV SRUPHLRGHVWDFRUUHLomRPDQWHQGRVHQRSRORDWLYRGDUHIHULGDDomRWRGRVRV UHFODPDQWHV 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR D
0RGHORGHHPEDUJRVGHGHFODUDomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 06SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD&6$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DLQWHUSRU(0%$5*26'('(&/$5$d®2FRPIXQGDPHQWRQRDUWGR &3&GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV $VHQWHQoDH[DPLQRXRSDJDPHQWRGDVYHUEDVUHVFLVyULDVFRQFOXLQGRTXH QmRKRXYHMXVWDFDXVDSDUDRGHVSHGLPHQWR &RQWXGRQmRIRLH[DPLQDGRRSHGLGRGHSDJDPHQWRGDPXOWDSUHYLVWDQR RGRDUWGD&/7HPUD]mRGRDWUDVRQRSDJDPHQWRGDVYHUEDVUHVFLVyULDV YH]TXHDVUHIHULGDVYHUEDVQmRIRUDPVDOGDGDVQRSUD]ROHJDO 3RVWRLVWRUHTXHUVHMDPRVHPEDUJRVFRQKHFLGRVHSURYLGRVSDUDTXHVHMD GHWHUPLQDGRRSDJDPHQWRGDPXOWDGRRGRDUWGD&/7QRYDORUGHXP VDOiULRGHYLGDPHQWHFRUULJLGR 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHVHQWHQoDHPHPEDUJRVGHGHFODUDomR 9LVWRVHWF 6XEPHWLGRVRVHPEDUJRVGHGHFODUDomRDMXOJDPHQWRIRLSURIHULGDD VHJXLQWHGHFLVmR 06RS{VHPEDUJRVGHGHFODUDomRDOHJDQGRTXHQmRIRLDSUHFLDGRR SHGLGRGDPXOWDGRRGRDUWGD&/7WHQGRHPYLVWDTXHDVHQWHQoDUH FRQKHFHXDLQH[LVWrQFLDGHMXVWDFDXVDHRSDJDPHQWRGRVDOGRVDODULDOIRLIHLWR VRPHQWHHPDXGLrQFLD eRUHODWyULR &RQKHoRGRVHPEDUJRVSRUVHUHPWHPSHVWLYRV 1RPpULWRWHPUD]mRRHPEDUJDQWH5HDOPHQWHQmRIRLDSUHFLDGRR SHGLGRGHPXOWDGRRGRDUWGD&/7 )RLUHFRQKHFLGRTXHQmRKRXYHMXVWDFDXVDSDUDRGHVSHGLPHQWRSRUpP RVDOGRGHVDOiULRVRPHQWHIRLSDJRQDSULPHLUDDXGLrQFLD $OHJDDHPSUHVDTXHWDOYHUEDQmRIRLSDJDSRUFXOSDGRUHFODPDQWHTXH QmRPDLVFRPSDUHFHXjHPSUHVD
(VWDSURYDQmRIRLIHLWDSHODUHFODPDGD/RJRWHPGLUHLWRRHPEDUJDQWHj PXOWDGRRGRDUWGD&/7QRYDORUGHXPVDOiULRGHYLGDPHQWHFRUULJLGR 3HORH[SRVWR&21+(d2GRVHPEDUJRVSRUVHUHPWHPSHVWLYRVHRV $&2/+2SDUDID]HUFRQVWDUQDFRQGHQDomRTXHDUHFODPDGDGHYHUiSDJDUDRDXWRU DPXOWDGRRGRDUWGD&/7QRYDORUGHXPVDOiULRGHYLGDPHQWHFRUULJLGR ,QWLPHPVHDVSDUWHV -XL]GR7UDEDOKR
6HQWHQoDGHHPEDUJRVGHGHFODUDomRDSOLFDQGRPXOWD 3URFQR D9DUDGR7UDEDOKRGH6mR3DXOR (PEDUJDQWH,$ ,²5(/$7Ð5,2 $SUHVHQWDHPEDUJRVGHGHFODUDomR,$DILUPDQGRH[LVWLURPLVVmRFRQ WUDGLomRHREVFXULGDGHSRLVDVHQWHQoDGHIHULXDMXVWLoDJUDWXLWD eRUHODWyULR ,,²&21+(&,0(172 2VHPEDUJRVVmRWHPSHVWLYRV&RQKHoRRV ,,,²)81'$0(17$d®2 2VSUHVHQWHVHPEDUJRVGHGHFODUDomRVmRPDQLIHVWDPHQWHSURWHODWyULRV $PDWpULDMiIRLDQDOLVDGDQRDFyUGmRLQH[LVWLQGRRPLVVmRFRQWUDGLomRRXREV FXULGDGHDSHQDVLVVRRFRUUHQDPDQLIHVWDomRGHLQFRQIRUPLVPRGRHPEDUJDQWH TXHGHYHULDVHUREMHWRGHUHFXUVRHQmRGHHPEDUJRVGHGHFODUDomR -RVp)UHGHULFR0DUTXHVDILUPDTXHKiRPLVVmRTXDQGRRDFyUGmRGHL[D GHSURQXQFLDUVHVREUHTXHVWmRFRQFHUQHQWHDROLWtJLRTXHGHYHULDVHUGHFLGLGD 0DQXDOGHGLUHLWRSURFHVVXDOFLYLO&DPSLQDV%RRNVHOOHUYS 1mRpRTXHRFRUUHQRFDVRGRVDXWRVSRLVDPDWpULDGHYROYLGDjDSUHFLDomRGR MXt]RIRLGHYLGDPHQWHDQDOLVDGD /HFLRQD3RQWHVGH0LUDQGDTXHDFRQWUDGLomRVyH[LVWHHQWUHGHFLV}HVGD SUySULDVHQWHQoDHQmRHQWUHDVHQWHQoDHDOJXPDSHoDGRSURFHVVR&RPHQWiULRV DR&3&5LRGH-DQHLUR)RUHQVHS $VVHYHUD-RVp&DUORV%DUERVD0RUHLUDTXHFRQWUDGLomRpDDILUPDomR FRQIOLWDQWHTXHUQDIXQGDPHQWDomRTXHUHQWUHDIXQGDPHQWDomRHDFRQFOXVmR &RPHQWiULRVDR&3&5LRGH-DQHLUR)RUHQVHS 9LFHQWH*UHFR)LOKRPHQFLRQDTXHFRQWUDGLomRp´DDILUPDomRFRQIOLWDQ WHTXHUQDIXQGDPHQWDomRTXHUHQWUHDIXQGDPHQWDomRHDFRQFOXVmRµ'LUHLWR SURFHVVRFLYLOEUDVLOHLURHG6mR3DXOR6DUDLYDYS
1DYLVmRGH-RVp)UHGHULFR0DUTXHVDFRQWUDULHGDGHVHFRQILJXUDTXDQ GRLQFRQFLOLiYHLVHQWUHVLQRWRGRRXHPSDUWHSUHSRVLo}HVRXVHJPHQWRVGR DFyUGmR0DQXDOGHGLUHLWRSURFHVVXDOFLYLO&DPSLQDV%RRNVHOOHUYS $TXHVWmRQmRpGHFRQWUDGLomRSRLVDVHQWHQoDH[SOLFDRWHPDHQmR DILUPDDOJRHDRPHVPRWHPSRRQHJDeDLQFRPSDWLELOLGDGHHQWUHSURSRVLo}HV &RQWUDGLomRH[LVWLULDVHDOJRIRVVHDILUPDGRQDIXQGDPHQWDomRHQHJDGRQRGLV SRVLWLYRRXQDSUySULDIXQGDPHQWDomR 2767MiHQWHQGHXGDPHVPDIRUPD ´(PEDUJRVGHFODUDWyULRV²&RQWUDGLomR²&DUDFWHUL]DomR$FRQ WUDGLomRTXHDXWRUL]DRVHPEDUJRVGHFODUDWyULRVpDTXHODTXHLPSOLFD LQFRHUrQFLDHQWUHDIXQGDPHQWDomRHDFRQFOXVmRRXHQWUHSURSRVLo}HV GHIRUPDDFRPSURPHWHUDLQWHOLJrQFLDGDGHFLVmRHLQYLDELOL]DURXGLILFXO WDURGLUHLWRGHGHIHVDGDSDUWH4XDQGRKiDDQiOLVHH[SOtFLWDGDGHIHVD FRQWUDULDPHQWHDRLQWHUHVVHGDSDUWHFHUWRRXHUUDGRKRXYHUHJXODU HQWUHJDGDSUHVWDomRMXULVGLFLRQDOGHIRUPDTXHRVHPEDUJRVGHFOD UDWyULRVQmRFRQVWLWXHPRLQVWUXPHQWRDSWRSDUDDOWHUiODRXUHIRUPiOD $JUDYRGHLQVWUXPHQWRQmRSURYLGRµ767D7$,55²D 55HO0LQ0LOWRQGH0RXUD)UDQoD'-8S ´(PEDUJRVGHFODUDWyULRV²&RQWUDGLomR²&DUDFWHUL]DomR²$FRQ WUDGLomRTXHDXWRUL]DDRSRVLomRGHHPEDUJRVGHFODUDWyULRVQRVWHUPRV GRDUW,GR&3&GL]UHVSHLWRDSURSRVLo}HVORJLFDPHQWHDQWDJ{QLFDV HQWUHVLRXVHMDSDUDFRQILJXUDUDFRQWUDGLomRQRMXOJDGRVHULDQHFHV ViULRTXHDHPHQWDDIXQGDPHQWDomRRXDSDUWHGLVSRVLWLYDGRDFyUGmR HQWUDVVHPHPFKRTXHXPDVFRPDVRXWUDVGHPRGRDILFDUHVWDEH OHFLGDDFRQWUDGLomR$GHPDLVVHQRFRUSRGRDFyUGmRKRXYHVVHSURSR VLo}HVTXHDILUPDVVHPHQHJDVVHPXPDPHVPDUHDOLGDGHVRERPHVPR DVSHFWRIHULQGRRSULQFtSLRDULVWRWpOLFRGDQmRFRQWUDGLomRXPDFRLVD QmRSRGHVHUHQmRVHUDRPHVPRWHPSRHVRERPHVPRDVSHFWR KDYHULD LJXDOPHQWHFDPSRSDUDDRSRVLomRGRVGHFODUDWyULRVRTXHQmRVHGi QRFDVRSUHVHQWH(PEDUJRVGHFODUDWyULRVUHMHLWDGRVµ767D7('55 ²D55HO0LQ,YHV*DQGUDGD6LOYD0DUWLQV'-8 S 2EVFXULGDGHYHPGRODWLPREVFXULWDVWHQGRRVHQWLGRGHIDOWDGHFODUH]D QDVLGHLDVHQDVH[SUHVV}HV1mRVHFRPSUHHQGHRFRQWLGRQDDILUPDomR 'HFODUD3RQWHVGH0LUDQGDTXHDGHFLVmRpREVFXUDTXDQGRpHTXtYRFD DPEtJXDRXLQLQWHOLJtYHO&RPHQWiULRVDR&3&5LRGH-DQHLUR)RUHQVHS ,QIRUPD-RVp&DUORV%DUERVD0RUHLUDTXHDREVFXULGDGHpRGHIHLWR FRQVLVWHQWHQDGLItFLOFRPSUHHQVmRGRWH[WRGDVHQWHQoDGHFRUUHQWHGHLPSHUIHL omRUHGDFLRQDORXPHVPRQDIRUPXODomRGHFRQFHLWRVGHPRGRTXHDVHQWHQoD DSUHVHQWDVHLQFRPSUHHQVtYHOQRFRPDQGRTXHLPS}HHQDPDQLIHVWDomRGH FRQKHFLPHQWRHYRQWDGHGRMXL]&RPHQWiULRVDR&3&5LRGH-DQHLUR)RUHQVH YS (QVLQD9LFHQWH*UHFR)LOKRTXHREVFXULGDGHp
´RGHIHLWRFRQVLVWHQWHQDGLItFLOFRPSUHHQVmRGRWH[WRGDVHQWHQoDHSRGH GHFRUUHUGHVLPSOHVGHIHLWRUHGDFLRQDORXPHVPRGHPiIRUPXODomRGH FRQFHLWRV+iREVFXULGDGHTXDQGRDVHQWHQoDHVWiLQFRPSUHHQVtYHOQR FRPDQGRTXHLPS}HHQDPDQLIHVWDomRGHFRQKHFLPHQWRHYRQWDGHGR MXL]µ'LUHLWRSURFHVVXDOFLYLOEUDVLOHLURHG6mR3DXOR6DUDLYD YS 2EVFXULGDGHpDIDOWDGHFODUH]DWDQWRQDIXQGDPHQWDomRFRPRQRGHFL VXPQDH[SRVLomRGDVUD]}HVGHGHFLGLU+iDILUPDomRLQLQWHOLJtYHOSUHMXGLFDQGR RHQWHQGLPHQWRGRMXOJDGR1mRpRTXHRFRUUHQDKLSyWHVHYHUWHQWH $GYHUWH0DQRHO$QW{QLR7HL[HLUD)LOKRTXH ´REVFXUDpDVHQWHQoDLQLQWHOLJtYHOTXHQmRSHUPLWHFRPSUHHQGHUVHR TXHFRQVWDGHVHXWH[WReFRQVHTXrQFLDTXDVHVHPSUHGHXPSURQXQ FLDPHQWRMXULVGLFLRQDOFRQIXVRHPTXHDVLGHLDVHVWmRPDOH[SRVWDVRX PDODUWLFXODGDV$SDUWHQmRVDEHHQILPRTXHRMXL]SUHWHQGHXGL]HUµ 6LVWHPDGHUHFXUVRVWUDEDOKLVWDVHG6mR3DXOR/7US /HFLRQD-RVp)UHGHULFR0DUTXHVTXH´RDFyUGmRFRQWHUiREVFXULGDGH TXDQGRDPEtJXRHGHHQWHQGLPHQWRLPSRVVtYHODQWHRVWHUPRVHHQXQFLDGRV HTXtYRFRVTXHFRQWpPµ0DQXDOGHGLUHLWRSURFHVVXDOFLYLO&DPSLQDV%RRNVHOOHU YS 1mRKiREVFXULGDGHQRFDVRGRVDXWRVSRLVRHPEDUJDQWH FRPSUHHQGHXPXLWREHPRFRQWLGRQRDFyUGmR (PEDUJRVGHGHFODUDomRQmRWrPHIHLWRLQIULQJHQWHFRPRSUHWHQGHR HPEDUJDQWHSRLVQmRH[LVWHGLVSRVLomRQHVVHVHQWLGRQRDUWGR&3& 5HH[DPHGDGHFLVmRRXGDSURYDQmRVmRKLSyWHVHVGHHPEDUJRVGHGH FODUDomRPDVGRUHFXUVRSUySULRSRLVQmRWrPSUHYLVmRQRDUWGR&3&1R PHVPRVHQWLGRRHQWHQGLPHQWRGR767 ´0HVPRQRVHPEDUJRVGHFODUDWyULRVFRPRILPGHSUHTXHVWLR QDPHQWRKiTXHVHREVHUYDUHPRVOLPLWHVWUDoDGRVQRDUWLJRGR &3&H[LVWrQFLDGHREVFXULGDGHFRQWUDGLomRHRPLVVmRHSRUFRQVWUXomR MXULVSUXGHQFLDODKLSyWHVHGHHUURPDWHULDO 7DOUHFXUVRQmRFRQVWLWXL PHLRKiELODRUHH[DPHGDFDXVDµ767('55'-8 S &RPDSXEOLFDomRGDVHQWHQoDRMXL]FXPSUHRVHXRItFLRMXULVGLFLRQDO 2UDDSUHVWDomRMXULVGLFLRQDOVHFRPSOHWRXFRPDGHFLVmRGRVHPEDUJRV GHGHFODUDomRTXHDOWHURXDVHQWHQoDRULJLQDOFRQFHGHQGRRVEHQHItFLRVGDMXVWLoD JUDWXLWDHGLVSHQVDQGRRUHFODPDQWHGRSDJDPHQWRGDVFXVWDV 1RFDVRGRVDXWRVDVHQWHQoDPDQWLGDSHORDFyUGmRpDTXHODFRPSOH PHQWDGDFRPDDOWHUDomRSURPRYLGDSHODGHFLVmRGRVHPEDUJRVGHGHFODUDomRGR DXWRU(QWHQGLPHQWRGLYHUVRQmRVHDGPLWHSRLVRSURFHVVDPHQWRGRUHFXUVRRU GLQiULRVHULDLQGHIHULGRSRUGHVHUomRVHQmRKRXYHVVHUHFROKLPHQWRGHFXVWDV )LFRXPDQWLGRRYDORUDUELWUDGRSDUDHIHLWRGHFiOFXORGDVFXVWDVTXH IRUDPGLVSHQVDGDVSHORMXt]RGHRULJHP
1mRKRXYHPXGDQoDQDGHFLVmR(VWiPDQWLGRRTXHFRQVWDGDVHQWHQoD '~YLGDQmRpKLSyWHVHGHHPEDUJRVGHGHFODUDomRSRLVQmRWHPSUHYLVmR QRDUWGR&3& 2MXL]SUHVWRXDWXWHODMXULVGLFLRQDOMXOJDQGRRUHFXUVR2DFyUGmRQmRp XPGLiORJRHQWUHRMXL]HDVSDUWHVRXVHXVDGYRJDGRV6HRMXL]IXQGDPHQWRXVXD GHFLVmRHVFODUHFHQGRRVPRWLYRVTXHOKHOHYDUDPDILUPDUVHXFRQYHQFLPHQWR RVHXUDFLRFtQLROyJLFRDSUHVWDomRMXULVGLFLRQDOIRLGHYLGDPHQWHFRQFHGLGDjV SDUWHV6HRVIXQGDPHQWRVHVWmRFHUWRVRXHUUDGRVDPDWpULDQmRpGHHPEDUJRV GHGHFODUDomRPDVGRUHFXUVRSUySULR 3UHWHQGHRHPEDUJDQWHFRPRVSUHVHQWHVHPEDUJRVTXHRSURFHVVRVHMDMXO JDGRGXDVYH]HVFRPSHUGDGHWHPSRGRMXL]TXHSRGHULDHVWDUH[DPLQDQGRRXWUR FDVR-XVWLILFDWDOSURFHGLPHQWRSURWHODWyULRDGHPRUDQDSUHVWDomRMXULVGLFLRQDO LPSOLFDQGRDDSOLFDomRGHPXOWD2VHPEDUJRVGHGHFODUDomRQmRWrPSRUREMHWLYR TXHRSURFHVVRVHMDMXOJDGRGXDVYH]HVHPUHODomRjPHVPDPDWpULDQHPWrPHIHLWR LQIULQJHQWHGHWRUQDUDH[DPLQDUDPDWpULDMiMXOJDGDeH[DWDPHQWHRTXHSUHWHQGH RHPEDUJDQWHSRUpPGHYHVHYDOHUGRUHFXUVRSUySULRSDUDHVVHILP 0DQRHO$QWRQLR7HL[HLUD)LOKRYrQDPXOWD´QHFHVVLGDGHGHSXQLUDSDUWH TXHDGRWRXXPDDWLWXGHGHVUHVSHLWRVDGRFRQWH~GRpWLFRGRSURFHVVRFRPRPpWR GRHVWDWDOGHVROXomRGRVFRQIOLWRVGHLQWHUHVVHVµ6LVWHPDGHUHFXUVRVWUDEDOKLVWDV HG6mR3DXOR/7US $ILUPDR0LQ0LOWRQGH0RXUD)UDQoDTXHDPXOWDWHPSRUREMHWLYR´DG YHUWLUDSDUWHGHVXDIDOWDGHFRPSRUWDPHQWRpWLFRMXUtGLFRHPXWLOL]DURUHFXUVR 3URFHGLPHQWRSHGDJyJLFRHGLVVXDVyULRSDUDTXHDWXHQRSURFHVVRFRPOHDOGDGH HERDIpµ$GLVFLSOLQDMXGLFLiULDHDOLEHUGDGHLQWHOHFWXDOGRPDJLVWUDGR5HYLVWD /7URXWQR 2VSUHVHQWHVHPEDUJRVVmRPDQLIHVWDPHQWHSURWHODWyULRV)LFDDSOLFDGD DRHPEDUJDQWHDPXOWDGHVREUHRYDORUGDFDXVDFRUULJLGRTXHUHYHUWHUiDR UHFODPDGR 1RPHVPRVHQWLGRKiHQWHQGLPHQWRGR767 ´4XDQGRRV(PEDUJRVGHGHFODUDomRVmRRSRVWRVSHODSDUWHD TXHPLQWHUHVVDDSHUSHWXDomRGDOLGHHEDVHLDPVHHPYtFLRLQH[LVWHQWH pGHVHUDSOLFDGDDSHQDOLGDGHSUHYLVWDQRDUWLJRSDUiJUDIR~QLFR GD&/7DQWHRFDUiWHUPDQLIHVWDPHQWHSURWHODWyULRGHTXHVHUHYHVWHPµ 767('('(555HO0LQ0LOWRQGH0RXUD)UDQoD '-8S ´4XDQGRQmRYHULILFDGDVDVKLSyWHVHVGHFDELPHQWRGRVHPEDUJRV GHFODUDWyULRVjOX]GRDUWLJRGR&3&FDEHDUHMHLomRGRVPHVPRV VHQGRTXHFRQVWDWDGDDH[LVWrQFLDGHH[SHGLHQWHPDQLIHVWDPHQWHSUR WHODWyULRpGHVHFRQGHQDURHPEDUJDQWHDSDJDUDRHPEDUJDGRDPXOWD SUHYLVWDQRDUWLJRGR&3&µ7676',('52$55HO 0LQ-RVp/XL]9DVFRQFHORV'-8QR 2UHFXUVRIRLXWLOL]DGRGHIRUPDDEXVLYDSHORHPEDUJDQWHeGHVHDSOLFDU RDUWGR&yGLJR&LYLODRHVWDEHOHFHUTXHWDPEpPFRPHWHDWRLOtFLWRRWLWXODU
GHXPGLUHLWRTXHDRH[HUFrORH[FHGHPDQLIHVWDPHQWHRVOLPLWHVLPSRVWRVSHOD ERDIp$XWLOL]DomRGRVHPEDUJRVGHQRWDPDQLIHVWDPiIpSURFHVVXDO $DSUHVHQWDomRGRVSUHVHQWHVHPEDUJRVUHSUHVHQWDPDQLIHVWDOLWLJkQFLDGH PiIpSRLVDVPDWpULDVDGX]LGDVMiWLQKDPVLGRH[DPLQDGDVQRDFyUGmR'HWHUPLQR TXHRHPEDUJDQWHSDJXHDRUHFODPDGRPDLVVREUHRYDORUGDFDXVDFRUULJLGR HVREUHRYDORUGDFDXVDFRUULJLGRDWtWXORGHLQGHQL]DomRSRUOLWLJkQFLDGH PiIpSRLVKRXYHYLRODomRDRVLQFLVRV9,H9,,GRDUWGR&3&2HPEDUJDQWHVH XWLOL]RXGHUHFXUVRFRPLQWXLWRPDQLIHVWDPHQWHSURWHODWyULRHDEXVLYRWLSLILFDQGR OLWLJkQFLDGHPiIpDOpPGHSURYRFDULQFLGHQWHPDQLIHVWDPHQWHLQIXQGDGR 1RPHVPRVHQWLGRpRHQWHQGLPHQWRGR767 ´&RPDLQWHUSRVLomRGHGHFODUDWyULRVLQIXQGDGRVHSURWHODWyULRV LQFLGHPQDKLSyWHVHRVLQFLVRV9,H9,,GRDUWLJRGR&3&FDUDFWHUL ]DQGRDSDUWHFRPROLWLJDQWHGHPiIpDWUDLQGRDDSOLFDomRGRDUWLJR GR&3&FRQGHQDQGRDUHFODPDGDDRSDJDPHQWRGHPXOWDGHVREUH RYDORUGDFDXVDHDQWHRSUHMXt]RFDXVDGRjSDUWHDGYHUVDSHODSURWH ODomRGRIHLWRFRQGHQDUD5HFODPDGDDLQGHQL]DUR5HFODPDQWHFRPR SHUFHQWXDOGHVREUHRYDORUGDFDXVD3RUWHUFDUiWHUQLWLGDPHQWH SURWHODWyULRLQFLGHDLQGDDDSOLFDomRGRSDUiJUDIR~QLFRGRDUWLJR GR&3&FRQGHQDQGRDUHFODPDGDDRSDJDPHQWRGHPXOWDGHVREUH RYDORUGDFDXVDGHIRUPDFXPXODGDFRPDPXOWDGRDUWLJRGR&3& SRUVHUHPGHQDWXUH]DGLYHUVDµ('($,555HO0LQ 5tGHU1RJXHLUDGH%ULWR'-8S ´(PEDUJRVGHFODUDWyULRV²2PLVVmRQmRFDUDFWHUL]DGD²'HV YLUWXDPHQWR²3URWHODomR6HDGHFLVmRHPEDUJDGDQmRIRLRPLVVDTXHU TXDQWRjPDWpULDQmRRFRUUrQFLDGHGLIHUHQoDVVDODULDLVHQWUHDWDEHOD GD&RPSDQKLD0XQLFLSDOGH7UDQVSRUWHV&ROHWLYRV&07& HDWDEHOD MXQWDGDSHODSUySULDH[HFXWDGDSRLVLQGLFDYDPRPHVPRSLVRVDODULDO QmRKDYHQGRQRVDXWRVRXWURVPHLRVSUREDWyULRVFDSD]HVGHDILUPDUR FRQWUiULR TXHUTXDQWRDRVIXQGDPHQWRVTXHILUPDUDPRFRQYHQFLPHQWR GD6HomRVHD5HFODPDGDMXQWRXHTXLYRFDGDPHQWHDWDEHODGD&07&H QmRGD7UDQVXUEQmRIRLRMXOJDGRUTXHPLQFRUUHXHPHUURPDVDSUy SULD3DUWHTXHFRPHWHXRDOHJDGRHTXtYRFRVHQGRTXHSRVVtYHOHUURGH YDORUDomRGDVSURYDVFRQVWLWXLHUURGHMXOJDPHQWRHQmRHUURGHIDWRHD RFRUUrQFLDGHFRQWURYpUVLDHGHEDWHFRPSURQXQFLDPHQWRMXGLFLDOVREUH DGLVFXVVmRDWUDLRRGRDUWGR&3&FRPRyELFHDRFRUWHUHVFL VyULR QmRHVWmRFDUDFWHUL]DGDVDVKLSyWHVHVGRDUW$GD&/7EHP FRPRGRDUWGR&3&GHDSOLFDomRVXEVLGLiULD UHVWDQGRHYLGHQWH TXHRLQWXLWRGD(PEDUJDQWHpRGHUHYHURUHVXOWDGRGRMXOJDPHQWRD VHXIDYRUXWLOL]DQGRRVHPEDUJRVGHFODUDWyULRVFRPFDUiWHULQIULQJHQWH /LWLJkQFLDGHPiIp²,PSRVLomRGDPXOWDGRDUWRGR&3&$ OLWLJkQFLDGHPiIppXPDLPSXWDomRH[WUHPDPHQWHJUDYH'HFRUUHRLQV WLWXWRGRSULQFtSLRSURFHVVXDOVHJXQGRRTXDODVSDUWHVGHYHPSURFHGHU HPMXt]RFRPOHDOGDGHHERDIpQmRVyQDVUHODo}HVUHFtSURFDVFRPR WDPEpPHPUHODomRDRSUySULRMXL]GHYHQGRVHUGHPRQVWUDGRRLQWXLWR
GHOHVDUDSDUWHFRQWUiULDSDUDTXHVHSRVVDFRQFOXLUSHODVXDRFRUUrQFLD 2&yGLJRGH3URFHVVR&LYLO,WDOLDQRSRULQIOXrQFLDGRVHQVLQDPHQWRV GH&KLRYHQGDHTXLSDUDDPiIpjFXOSDJUDYHSDUDHIHLWRGDVDQomR SURFHVVXDODUW 6HJXQGRR&yGLJRGH3URFHVVR&LYLO%UDVLOHLUR UHVSRQGHSRUSHUGDVHGDQRVDTXHOHTXHSOHLWHDUGHPiIpFRPRDXWRU UpXRXLQWHUYHQLHQWHDUW VHQGRTXHR&yGLJRHVWDEHOHFHDLQGDDV KLSyWHVHVHPTXHVHFDUDFWHUL]DDOLWLJkQFLDGHPiIpFRQIRUPHFRQVWDQR DUWeHYLGHQWHTXHRIDWRGHDSDUWHVXFXPELUH[HUFHQGRVHXGLUHLWR GHGHIHVDFRPDXWLOL]DomRGHLQVWUXPHQWRVSUHYLVWRVQDOHJLVODomRD ILPGHGHIHQGHUVXSRVWRGLUHLWRQmRFDUDFWHUL]DDSULQFtSLRDOLWLJkQFLD WHPHUiULD(QWUHWDQWRHPVHGHGHHPEDUJRVGHFODUDWyULRVYHULILFDVHR QtWLGRLQWXLWRGD$XWRUD(PEDUJDQWHHPLQGX]LURPDJLVWUDGRDDFUHGLWDU HPXPDYHUVmRFRPSOHWDPHQWHGLIHUHQWHGRVIDWRVFRQVWDQWHVQRVDXWRV GHQRWDQGRDPDOtFLDHDPiIpGDSDUWHDRDILUPDUTXH¶MDPDLVIXQGRX VHXSOHLWRUHVFLQGHQGRQDDOtQHD9GRDUWTXHWUDWDGHYLRODomRGH GLVSRVLWLYROHJDO·EXVFDQGRHPSUHVWDUHIHLWRPRGLILFDWLYRDRVHPEDUJRV SDUDDIDVWDUDDSOLFDELOLGDGHGD2-QRGD6%',GR767TXDQGRD SHWLomRLQLFLDOHDVUD]}HVGRVHXUHFXUVRRUGLQiULRHYLGHQFLDPRUHDO SURSyVLWRGD$XWRUDGHREWHURFRUWHUHVFLVyULRFRPIXQGDPHQWRHP YLRODomRGHOHL1HVVHFDVRLPS}HVHSXQLUDSDUWHSRUHVVDFRQGXWD LQTXLQDGDFRPDUGLOHPDOtFLDDRXWLOL]DUDUJXPHQWRVLQYHUtGLFRVTXH FRQWUDGL]HPRVIXQGDPHQWRVDSUHVHQWDGRVQDDomRUHVFLVyULDSHODSUySULD $XWRUDLQFRPSDWtYHOFRPDERDIpTXHGHYHSDXWDUDDWXDomRGDTXHOHV TXHYrPDR-XGLFLiULRSRVWXODUDVROXomRGHVHXVFRQIOLWRV(PEDUJRVGH GHFODUDomRUHMHLWDGRVFRPDSOLFDomRGHPXOWDSRUSURWHODomRFXPXODWLYD FRPPXOWDSRUOLWLJkQFLDGHPiIpµ7676%',GR767(GFO(P52HP $5M5HO0LQ,YHV*DQGUDGD6LOYD 0DUWLQV)LOKR'-8RS ,9²',6326,7,92 3HORH[SRVWRFRQKHoRGRVHPEDUJRVSRUVHUHPWHPSHVWLYRVHQRPp ULWRRVUHMHLWRDSOLFDQGRDRHPEDUJDQWHDPXOWDGHVREUHRYDORUGDFDXVD FRUULJLGRTXHUHYHUWHUiDRUHFODPDGR'HWHUPLQRTXHRHPEDUJDQWHSDJXHDR UHFODPDGRPDLVVREUHRYDORUGDFDXVDFRUULJLGRHVREUHRYDORUGDFDXVD FRUULJLGRDWtWXORGHLQGHQL]DomRSRUOLWLJkQFLDGHPiIpeRPHXYRWR 6HUJLR3LQWR0DUWLQV -XL]GR7UDEDOKR
0RGHORGHLQTXpULWRSDUDDSXUDomRGHIDOWDJUDYH (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0(7$/Ô5*,&$6$/7'$FRPVHGHQDDY0DUJLQDO6mR3DXORSRU VHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DUHTXHUHUDLQVWDXUDomRGH,148e5,723$5$$385$d®2'()$/7$ *5$9(FRQWUD3&EUDVLOHLURFDVDGRUHERELQDGRUUHVLGHQWHQDUXDGDV)ORUHV 6mR3DXORFRPIXQGDPHQWRQRDUWGD&/7GHDFRUGRFRPDVUD]}HVD VHJXLUDGX]LGDV 2UHTXHULGRIRLDGPLWLGRQDUHTXHUHQWHHP([HUFHDVIXQo}HV GHUHERELQDGRUPHGLDQWHVDOiULRPHQVDOGH eFRQVLGHUDGRHVWiYHOSRUWHUPDLVGHGH]DQRVGHVHUYLoRjUHTXHUHQWH 2UHTXHULGRYHPVHDSUHVHQWDQGRHPEULDJDGRQRVHUYLoRKDELWXDOPHQ WHWHQGRFDXVDGRDSHUGDGHXPDSHoDLQWHLUDQDTXDOHVWDYDWUDEDOKDQGRDOpP GHGDQRVQDUHERELQDGHLUD )RLDGYHUWLGRYHUEDOPHQWHHP(PIRLDGYHUWLGRSRU HVFULWRGRF (PIRLVXVSHQVRWUrVGLDVSRUFRPSDUHFHUHPEULDJDGRQD HPSUHVDGRF (PFRPSDUHFHXjHPSUHVDQRYDPHQWHHPEULDJDGR TXDQGRFDXVRXGDQRVjHPSUHVDFRPRIRLDQWHULRUPHQWHGHVFULWR $SDUWLUGHRIRLVXVSHQVRFRPRPHGLGDLQLFLDOSDUDDLQVWDXUDomR GRLQTXpULWRSDUDDSXUDomRGHIDOWDJUDYH 5HTXHUDFLWDomRGRUHTXHULGRSDUDFRQWHVWDUDSUHVHQWHDomR2SHGLGR GHYHVHUDFROKLGRFRPDFRQVHTXHQWHUHVFLVmRGRFRQWUDWRGHWUDEDOKRGRUHTXH ULGRGDGDDMXVWDFDXVDFRPHWLGDQDIRUPDGDDOtQHDIGRDUWGD&/7 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUpX VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXORGHVHWHPEURGH $GYRJDGR 2$%QR
0RGHORGHDomRUHVFLVyULD (;0265'5-8,=35(6,'(17('2(*5e*,275,%81$/5(*,21$/'2 75$%$/+2 )$50É&,$'%/7'$FRPVHGHQDUXD&LGDGHQR6mR3DXORSRUVHX DGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DSURSRU$d®25(6&,6Ð5,$FRQWUD33EUDVLOHLURFDVDGREDOFRQLVWDUHVLGHQWH QDUXD8PQR6mR3DXOR²63FRPIXQGDPHQWRQRDUWGD&/7FFDUW GR&3&GHDFRUGRFRPDVUD]}HVGHIDWRHGHGLUHLWRDVHJXLUH[SRVWDV 2UpXSURPRYHXDomRWUDEDOKLVWDFRQWUDDDXWRUDSRVWXODQGRYHUEDV UHVFLVyULDVWHQGRGHL[DGRDUTXLYDUDUHIHULGDDomRSURFQRQDD9DUDGR 7UDEDOKRGH63 ,QWHQWRXXPDVHJXQGDDomRTXHIRLUHMHLWDGDYH]TXHDVYHUEDV UHVFLVyULDVMiHVWDYDPSDJDVSURFQRSHUDQWHDD9DUDGR7UDEDOKRGH 6mR3DXOR 3DUDVXUSUHVDGDDXWRUDIRLDMXL]DGDXPDWHUFHLUDDomRLGrQWLFDjVDQWH ULRUHV$DomRIRLMXOJDGDjUHYHOLDGDHPSUHVDHVWDQGRHPIDVHGHH[HFXomRGR MXOJDGRSURFQRSHUDQWHDD9DUDGR7UDEDOKRGH6mR3DXOR 2FRUUHTXHDWHUFHLUDDomRQmRSRGHULDWHUVLGRSURSRVWDHPUD]mRGDH[LV WrQFLDGHRIHQVDjFRLVDMXOJDGDDUW,9GR&3& TXHMiWLQKDVHFRQVWLWXtGR FRPRMXOJDPHQWRGDVHJXQGDDomRHPTXHDSUHWHQVmRGRDXWRUIRLUHMHLWDGD HLVTXHDVYHUEDVUHVFLVyULDVMiHVWDYDPSDJDV (PUD]mRGDYLRODomRGDFRLVDMXOJDGDSHGHDUHVFLVmRGDVHQWHQoDGR SURFQRGDD9DUDGR7UDEDOKRGH6mR3DXORDEVROYHQGRDDXWRUDGRV SHGLGRVDOLIRUPXODGRV 5HTXHUDFLWDomRGRUpXSDUDFRQWHVWDUDSUHVHQWHVHRGHVHMDUVRESHQD GHUHYHOLDHFRQILVVmRTXDQWRjPDWpULDGHIDWRGHYHQGRRSHGLGRVHUDFROKLGR UHVFLQGLQGRVHDVHQWHQoDDQWHULRUPHQWHPHQFLRQDGD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHODMXQWDGDGHGRFXPHQWRVH GHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHPDQGDGRGHVHJXUDQoD (;0265'5-8,=35(6,'(17('2(*5e*,275,%81$/5(*,21$/'2 75$%$/+2'$D5(*,®2 21EUDVLOHLURFDVDGREDQFiULRUHVLGHQWHQDUXD(VStULWR6DQWRQR SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DLPSHWUDU0$1'$'2'(6(*85$1d$FRQWUDRDWRGR00 -XL]GDD9DUDGR7UDEDOKRGH6mR3DXORFRPIXQGDPHQWRQRLQFLVR/;,;GR DUWRGD&RQVWLWXLomRFFDVGLVSRVLo}HVGD/HLQRGHDFRUGRFRPDV UD]}HVDEDL[RHOHQFDGDV 2LPSHWUDQWHDMXL]RXDomRWUDEDOKLVWDFRQWUD%DQFR36$SRVWXODQGR KRUDVH[WUDVHLQWHJUDo}HVGRF 2FRUUHTXHR00-XL]GDD9DUDGR7UDEDOKRDOWHURXDUELWUDULDPHQWHR YDORUGDFDXVDQDVHQWHQoDSDUDRYDORUGHQmROKHSRVVLELOLWDQGRR GLUHLWRGHUHFXUVRHDLQGDLQGHIHULXRVHXSHGLGRGHLVHQomRGDVFXVWDVGRF 2GLUHLWRGHDFHVVRDRVHJXQGRJUDXpGHWHUPLQDGRSHORSULQFtSLRGR GXSORJUDXGHMXULVGLomRTXHHVWiDVVHJXUDGRQRLQFLVR/9GRDUWRTXDQGR WUDWDGDDPSODGHIHVD2UDRLPSHWUDQWHQmRWHPDPSODGHIHVDSRLVQmRSRGH UHFRUUHUDSHVDUGHWHUDSUHVHQWDGRUHFXUVRTXHIRLGHQHJDGRVHJXLPHQWRSHOR QmRSDJDPHQWRGDVFXVWDV (QWHQGHTXHWHPGLUHLWROtTXLGRHFHUWRDLVHQomRGHFXVWDVSRLVDOpP GHSHUFHEHUPHQRVGHGRLVVDOiULRVPtQLPRVHVWDYDDVVLVWLGRSHORVLQGLFDWR ILUPDQGRGHFODUDomRGHVHUSREUHQDDFHSomRMXUtGLFDGRWHUPRHVREDVSHQDV GDOHLGRF $VVLPHQWHQGHTXHRDWRFRPHWLGRSHOR6U-XL]GDD9DUDGR7UDED OKRGH6mR3DXORpDUELWUiULRQmROKHSRVVLELOLWDQGRRGLUHLWRFRQVWLWXFLRQDOGH UHFRUUHUHPUD]mRGHQmRWHUVLGRFRQFHGLGDDLVHQomRGDVFXVWDVTXHpGLUHLWR OtTXLGRHFHUWRGRLPSHWUDQWHSRUDWHQGHUDRDUWHVHXVSDUiJUDIRVGD/HLQR Hj/HLQR (VSHUDVHMDFRQKHFLGRHSURYLGRRSUHVHQWHPDQGDGRGHVHJXUDQoDSDUD FDVVDUDRUGHPDUELWUiULDGR([PR6U-XL]GDD9DUDGR7UDEDOKRGH6mR3DXOR SURVVHJXLQGRVHQRSURFHVVDPHQWRGRUHFXUVRFRPRGHGLUHLWRSHODFRQFHVVmRGD MXVWLoDJUDWXLWDDRLPSHWUDQWH $VSURYDVGRVIDWRVDOHJDGRVHVWmRDQH[DGDVjSUHVHQWHGHYHQGRDDXWRUL GDGHFRDWRUDVHULQWLPDGDSDUDSUHVWDULQIRUPDo}HVHPGH]GLDVFRPRGHGLUHLWR 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRGHFRQVLJQDomRHPSDJDPHQWR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 -/7'$FRPVHGHQD5XD6mR3DXORQR6mR3DXOR63SRUVHXDG YRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH 9([DSURSRU$d®2'(&216,*1$d®2(03$*$0(172FRQWUD036EUD VLOHLUDVROWHLUDVHFUHWiULDUHVLGHQWHQDUXDGRV$QMRVQR6mR3DXOR63FRP IXQGDPHQWRQRVDUWVVVGR&3&GHDFRUGRFRPDVUD]}HVGHIDWRHGHGLUHLWR DVHJXLUH[SRVWDV $UpIRLDGPLWLGDQDDXWRUDHPRHGLVSHQVDGDHPH[HU FHQGRDVIXQo}HVGHVHFUHWiULD3HUFHELDR~OWLPRVDOiULRGH 1RHQWDQWRDUpQmRPDLVFRPSDUHFHXjHPSUHVDDSyVSDUDR UHFHELPHQWRGDVYHUEDVUHVFLVyULDVTXHOKHHUDPGHYLGDV 3DUDHYLWDUTXHDUpYHQKDH[LJLUDPXOWDGRRGRDUWGD&/7RX IDoDTXDOTXHURXWUDDOHJDomRWHPDSUHVHQWHSRUREMHWRTXHDGHPDQGDGDYHQKD UHFHEHUDLPSRUWkQFLDGHFRUUHVSRQGHQWHjVVXDVYHUEDVUHVFLVyULDV GHYLGDPHQWHFRUULJLGDVYLVWRTXHDWpDSUHVHQWHGDWDQmRDVUHFHEHXQmRPDLV FRPSDUHFHQGRjHPSUHVD $VVLPQRVWHUPRVGRVLQFLVRV,H,,GRDUWGR&yGLJR&LYLOFRP ELQDGRVFRPRVDUWVVVGR&3&YHPUHTXHUHUD9([DDFLWDomRGDUpSDUD UHVSRQGHUjSUHVHQWHVRESHQDGHUHYHOLDHRGHSyVLWRGDTXDQWLDDVHUHIH WLYDGRQRSUD]RGHFLQFRGLDVFRQWDGRGRGHIHULPHQWRFRPRDFROKLPHQWRGR SHGLGRHFRQVHTXHQWHH[WLQomRGDREULJDomRDWLQHQWHDRSDJDPHQWRGDVYHUEDV UHVFLVyULDV 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDVHPGLUHLWRDGPL WLGRVHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUpVRESHQDGHFRQILVVmR6 GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGDGHQRYRVGRFXPHQWRVHGHPDLV SURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRGHSUHVWDomRGHFRQWDV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 $6EUDVLOHLURFDVDGRYHQGHGRUUHVLGHQWHQDUXD8PQRSRUVHX DGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH 9([DDSUHVHQWDU$d®2'(35(67$d®2'(&217$6FRQWUD&20/6/7'$ FRPVHGHQDUXD$JDPHQRQQRFRPIXQGDPHQWRQRLQFLVR,,GRDUWGR &3&GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2UHTXHUHQWHpHPSUHJDGRGDUHFODPDGDGHVGHDWXDQGR VHPSUHFRPRYHQGHGRUGHSURGXWRVGDUp 6HPSUHSUHVWRXFRQWDVGHVXDVYHQGDV 2FRUUHTXHXOWLPDPHQWHDUpYHPVHUHFXVDQGRDUHFHEHUDVFRQWDVGDV ~OWLPDVYHQGDVUHDOL]DGDV 3DUDTXHQmRVHDOHJXHDSHFKDGHLPSURELGDGHGRDXWRURSRVWXODQWH YHPDMXt]RDSUHVHQWDUDVFRQWDVGDVYHQGDVUHDOL]DGDVGHDFRUGRFRPDVQRWDV ILVFDLVGHYHQGDV 2PRQWDQWHGDVYHQGDVUHDOL]DGDVLPSRUWDHPFRQIRUPH RGHPRQVWUDWLYRDQH[RGHYHQGDV 5HTXHUDFLWDomRGDUpSDUDFRQWHVWDUDSUHVHQWHDomRVHRGHVHMDUVRE SHQDGHVHUHPFRQVLGHUDGDVYHUGDGHLUDVDVVXDVDOHJDo}HVHFRUUHWDVDVFRQWDV DSUHVHQWDGDVSHORDXWRU 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUp RLWLYDGHWHVWHPXQKDVMXQWDGDGHQRYRVGRFXPHQWRVSHUtFLDVHWF 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRSRVVHVVyULD (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0 &,$/7'$FRPVHGHQDUXDGDV3DOPHLUDVQRSRUVHXDGYRJDGR TXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DSUR SRU$d®23266(66Ð5,$FRQWUD50&EUDVLOHLUDVROWHLUDYHQGHGRUDUHVLGHQWH QDUXDGRV7XLQVQRGHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV
$UpWUDEDOKRXSDUDDHPSUHVDQRSHUtRGRGHRDFRPR YHQGHGRUD )LFDYDDUpQDSRVVHGRYHtFXOR9RONVZDJHQSODFD$%SDUDDUHDOL]DomR GDVYHQGDVSHUWHQFHQWHjUHTXHUHQWHGRF 2FRUUHTXHDWpDSUHVHQWHGDWDDUHTXHULGDQmRGHYROYHXRUHIHULGR YHtFXOR 5HTXHUVHGLJQH9([DFLWDUDUHTXHULGDSDUDGHYROYHURYHtFXORTXHHVWi HPVXDSRVVHFRQGHQDQGRDUpQDUHIHULGDGHYROXomR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUp RLWLYDGHWHVWHPXQKDVMXQWDGDGHQRYRVGRFXPHQWRVSHUtFLDVHGHPDLVSURYDV TXHVHIL]HUHPQHFHVViULDV 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHKDELOLWDomRLQFLGHQWH (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR &6H-6PHQRUILOKRGDSULPHLUDHGH06 SRUVHXDGYRJDGRTXH HVWDVXEVFUHYHGRF QRVDXWRVGDUHFODPDomRWUDEDOKLVWDSURSRVWDSRU06 FRQWUD3/7'$YrPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DUHTXHUHUKDEL OLWDomRLQFLGHQWHQRVWHUPRVGDVUD]}HVVHJXLQWHV &6pHVSRVDH-6pILOKRGRIDOHFLGR062IDOHFLPHQWRGHXVHHP GRF 2IDOHFLGRQmRGHL[RXEHQVDLQYHQWDULDUVHQGRRVUHTXHUHQWHVVHXVEH QHILFLiULRVSHUDQWHDSUHYLGrQFLDVRFLDOGRF 6HQGRDVVLPYrPUHTXHUHUDKDELOLWDomRGRVKHUGHLURVGRUHFODPDQWHQRV DXWRVFRPRPHGLGDGH'LUHLWRGDQGRVHYLVWDVGDSUHVHQWHjSDUWHFRQWUiULD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHUHVWDXUDomRGHDXWRV (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 97SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDDomRWUDEDOKLVWD SURSRVWDFRQWUD&2/e*,20/7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DUHTXHUHUUHVWDXUDomRGHDXWRVGHDFRUGRFRPDVUD]}HVDVHJXLUH[SRVWDV 2UHTXHUHQWHFRPSDUHFHXjVHFUHWDULDGD9DUDQRGLDRTXDQGR YHULILFRXTXHRVDXWRVGRSURFHVVRQRIRUDPH[WUDYLDGRV 'HVVDIRUPDSUHWHQGHRUHTXHUHQWHDUHVWDXUDomRGRVDXWRVSDUDTXH SRVVDSURVVHJXLUQDH[HFXomRGDVHQWHQoD 3DUDWDQWRMXQWDFySLDVGDVSHoDVTXHSRVVXLFRPRSHWLomRLQLFLDOVHQ WHQoDHRXWURVUHTXHULPHQWRVHIHWXDGRVQRVDXWRVGRF 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRUHYLVLRQDO (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 'LVWULEXLomRSRUGHSHQGrQFLDDRSURFHVVRQR 06EUDVLOHLURFDVDGRVROGDGRUWLWXODUGD&736QRVpULH UHVLGHQWHQDUXDQRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DSURSRU$d®25(9,6,21$/ FRQWUD,QG~VWULDV%ROD6HWH/WGDFRPIXQGDPHQWRQRVDUWV,GR&3&H GD&/7GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2UHTXHUHQWHSURS{VUHFODPDomRWUDEDOKLVWDFRQWUDDUHTXHULGDSOHLWHDQGR DGLFLRQDOGHLQVDOXEULGDGHSHUDQWHHVWDD9DUDGR7UDEDOKRGH6mR3DXORSURF QRGRF 2EWHYHJDQKRGHFDXVDHPTXHIRLGHIHULGRRDGLFLRQDOGH LQVDOXEULGDGHHPJUDXPpGLRTXHFRQWLQXDUHFHEHQGRSRLVSHUPDQHFHWUDED OKDQGRQDHPSUHVD 2FRUUHTXHDVFRQGLo}HVGRDPELHQWHGHWUDEDOKRILFDUDPSLRUHVSRLVR UHTXHUHQWHPXGRXGHVHomRSDVVDQGRDWUDEDOKDUQDVHomRGDFDOGHLUDULD WHQGRFRQWDWRFRPDUVrQLFRSRLVRUHIHULGRSURGXWRpIDEULFDGRHSUHSDUDGR HPVXDVHomRRQGHpIHLWDDIDVHILQDOGHSUHSDUDomRGDVWLQWDVGDUHFODPDGD 7HPDVVLPGLUHLWRDRDGLFLRQDOGHLQVDOXEULGDGHHPJUDXPi[LPRGHDFRUGRFRP
RDQH[RGD15GD3RUWDULDQRGHYHQGRVHUYHULILFDGRPHGLDQWH SHUtFLDTXHGHVGHMiUHTXHU ,VWRSRVWRUHTXHUDUHYLVmRGDGHFLVmRGRSURFHVVRQRGHVWD9DUD SDUDFRQGHQDUDUHFODPDGDDSDJDURDGLFLRQDOGHLQVDOXEULGDGHHPJUDXPi[LPR HUHIOH[RVQDVIpULDVPDLVRVDOiULRVH)*76GHVFRQWDGRRDGLFLRQDOTXHMi UHFHEHHPSDUFHODVYHQFLGDVHYLQFHQGDVDSDUWLUGH 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGD UHFODPDGD6~PXODGR767 WHVWHPXQKDVSHUtFLDVHGHPDLVSURYDVTXHVH IL]HUHPQHFHVViULDV 5HTXHUDLQGDTXHRSUHVHQWHSURFHVVRVHMDGLVWULEXtGRSRUGHSHQGrQFLD DRSURFHVVRQRGDD9DUDGR7UDEDOKRGH6mR3DXOR 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHKDEHDVFRUSXV (;0265'5-8,=35(6,'(17('2(757'$D5(*,®2 /LQGRFOiXGLR6EUDVLOHLURFDVDGRYHQGHGRUUHVLGHQWHHGRPLFLOLDGRQD UXDGRV,QJOHVHVQRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXL UHVSHLWRVDPHQWHjSUHVHQoDGH9([DLPSHWUDU+$%($6&25386FRQWUDDWRGR MXL]GDD9DUDGR7UDEDOKRGH6mR3DXORSHORVPRWLYRVGHIDWRHGHGLUHLWRD VHJXLUDGX]LGRV 2LPSHWUDQWHHVWiSUHVRSRURUGHPGR00-XL]GR7UDEDOKRGDD 9DUDGR7UDEDOKRGH6mR3DXORTXHDOHJDTXHRUHTXHUHQWHpGHSRVLWiULRLQILHO FRQIRUPHSURFHVVRQR 2FRUUHTXHREHPTXHOKHIRLFRQILDGRSDUDGHSyVLWRIRLYHQGLGRSRUpP RUHTXHUHQWHSDJRXDGtYLGDDRUHFODPDQWH-RmR8EyQRSURFHVVRQR GRF QmRPDLVVHMXVWLILFDQGRRGHSyVLWRQHPPHVPRVXDSULVmR,QIRUPRX HVVHVIDWRVDRMXt]RFRQIRUPHGRFSRUpPFRQWLQXDSUHVR 5HTXHURGHIHULPHQWRGRKDEHDVFRUSXVRUGHQDQGRVHDLPHGLDWDVROWXUD GRLPSHWUDQWHLQFOXVLYHFRPDFRQFHVVmRGHPHGLGDOLPLQDUSDUDRPHVPRILP 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVHPGLUHLWRDGPLWLGRVHVSH FLDOPHQWHSRUGRFXPHQWRVHRGHSRLPHQWRSHVVRDOGRUHFODPDQWH-RmR8Ey 'ijFDXVDRYDORUGH
1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHWXWHODDQWHFLSDGD (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 /,1'20$55EUDVLOHLURFDVDGRSURIHVVRUUHVLGHQWHQDUXD3URI$Q WRQLR1LFiFLRQR6mR3DXOR63YHPSRUVHXDGYRJDGRGRF PXLUHVSHL WRVDPHQWHjSUHVHQoDGH9RVVD([FHOrQFLDDMXL]DUDomRFRQWUD$0DLRUDO/WGD FRPVHGHQDUXDGH0DUoRQR&HQWUR6mR3DXOR&(3FRP IXQGDPHQWRQRVDUWLJRVHGR&3&HGD&/7GHDFRUGRFRPDVUD]}HV DVHJXLUDGX]LGDV 'RVIDWRV 2UHTXHUHQWHVRIUHXDFLGHQWHGHWUDEDOKRQDHPSUHVDTXDQGRHVFRUUHJRX QXPDFDVFDGHEDQDQDHYHLRDVRIUHUWUDXPDWLVPRQDFROXQDGRF 2,166QmROKHFRQFHGHXDLQGDDOWDPpGLFDSRUpPIRLGLVSHQVDGRHP )XQGDPHQWRV 2DUWGD/HLQRFRQFHGHJDUDQWLDGHHPSUHJRDRDFLGHQWDGR QRWUDEDOKRDWpPHVHVDSyVDFHVVDomRGRDX[tOLRGRHQoDDFLGHQWiULR 1mRSRGHULDSRUWDQWRVHUGLVSHQVDGRSRLVDLQGDQmRFHVVRXRSDJDPHQWR GRDX[tOLRGRHQoDDFLGHQWiULR 7HPGLUHLWRGHVHUUHLQWHJUDGR 2VDUWVHGR&3&SHUPLWHPDWXWHODDQWHFLSDGDSDUDUHLQWHJUD omRQRHPSUHJRFRPSDJDPHQWRGHVDOiULRVIpULDVRVDOiULRV)*76HWRGDVDV GHPDLVYDQWDJHQVTXHOKHIRUDPDVVHJXUDGDVQDVXDFDWHJRULD 3HGLGR 3HGH z DFRQFHVVmRGHWXWHODDQWHFLSDGDSDUDVHUUHLQWHJUDGRQRHPSUHJR OLPLQDUPHQWHFRPRSDJDPHQWRGHVDOiULRVIpULDVRVDOiULRV )*76HWRGDVDVGHPDLVYDQWDJHQVTXHOKHIRUDPDVVHJXUDGDVQDVXD FDWHJRULD z DFRQILUPDomRGDWXWHODSRUVHQWHQoDFRPDUHLQWHJUDomRGHILQLWLYD QRHPSUHJRHRSDJDPHQWRGHVDOiULRVIpULDVRVDOiULRV)*76
HWRGDVDVGHPDLVYDQWDJHQVTXHOKHIRUDPDVVHJXUDGDVQDVXDFD WHJRULD 5HTXHUDFLWDomRGDUpSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHRGHVH MDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDOGHYHUi VHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGRDFUHVFLGRGHMXURVH FRUUHomRPRQHWiULD 3URYDV 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUp VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHDomRPRQLWyULD (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0LWLNR6EUDVLOHLURFDVDGRHQURODGRUWLWXODUGD&736QRUHVLGHQWHH GRPLFLOLDGRQDUXD7UrVQRSRUVHXDGYRJDGRHSURFXUDGRUGRF YHPPXL UHVSHLWRVDPHQWHjSUHVHQoDGH9([DSURSRU$d®2021,7Ð5,$FRQWUD(PSUHVD GH0XGDQoDV-i9DL/WGDFRPIXQGDPHQWRQRVDUWVDHFGR&3&GHDFRUGR FRPDVUD]}HVDVHJXLUDGX]LGDV 2UHFODPDQWHIRLDGPLWLGRQDUHFODPDGDHPRHGLVSHQVDGRHP $HPSUHVDOKHIRUQHFHXRWHUPRGHUHVFLVmRGRFRQWUDWRGHWUDEDOKRHP TXHFRQIHVVDGHYHUDWtWXORGHYHUEDVUHVFLVyULDVGRF WDQWRTXHR UHFODPDQWHVDFRXR)*76GRF $VYHUEDVUHVFLVyULDVIRUDPSDJDVFRPFKHTXHVHPIXQGRGRF 5HTXHUDH[SHGLomRGHPDQGDGRGHSDJDPHQWRGDLPSRUWkQFLDGH FRPMXURVHFRUUHomRPRQHWiULDQRSUD]RGHGLDV6HRVHPEDUJRVQmR IRUHPRSRVWRVTXHVHMDFRQVWLWXtGRRWtWXORH[HFXWLYRMXGLFLDOFRQYHUWHQGRVHR PDQGDGRLQLFLDOHPPDQGDGRH[HFXWLYRQDIRUPDGRVDUWVDGR&3& $VVLPGHYHRUHFODPDGRVHUFRQGHQDGRQDIRUPDGRSHGLGRUHVSRQGHQGR SHODVFXVWDVSURFHVVXDLV
3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUp VRESHQDGHFRQILVVmR6GR767 RLWLYDGHWHVWHPXQKDVSHUtFLDVMXQWDGD GHGRFXPHQWRVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 $GYRJDGR 2$%QR
0RGHORGHDQXODomRGHFOiXVXODVFRQYHQFLRQDLV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0,1,67e5,23Ô%/,&2'275$%$/+2SRUVHXSURFXUDGRULQIUDDVVLQDGR YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DSURSRU$d®2$18/$7Ð5,$GH FOiXVXODVFRQYHQFLRQDLVFRQWUD6LQGLFDWRGRV7UDEDOKDGRUHVH6LQGLFDWRGDV (PSUHVDVGHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV 2VIDWRV )RLILUPDGDFRQYHQomRFROHWLYDSRU6LQGLFDWRGRV7UDEDOKDGRUHVH6LQ GLFDWRGDV(PSUHVDV1HODIRLHVWDEHOHFLGDFOiXVXODGHWHUPLQDQGRRGHVFRQWR REULJDWyULRGDFRQWULEXLomRFRQIHGHUDWLYDWDQWRGRVDVVVRFLDGRVFRPRGRVQmR DVVRFLDGRVDRVLQGLFDWRFOiXVXODIOV 'HVWDTXHVHTXHRVDVVRFLDGRVSDJDPHRVQmRDVVRFLDGRVSDJDP 2'LUHLWR 2VGHVFRQWRVGHFRQWULEXLomRFRQIHGHUDWLYDVySRGHPVHUIHLWRVHPUHODomR DDVVRFLDGRVGRVLQGLFDWRHQmRDRVQmRILOLDGRV2LQFLVR,9GRDUWRGD&RQVWLWXL omRGHYHVHUH[DPLQDGRGHIRUPDVLVWHPiWLFDFRPRLQFLVR9GRPHVPRFRPDQGR OHJDOTXHSUHYrTXHDSHVVRDpOLYUHSDUDHQWUDURXVDLUGRVLQGLFDWRFRPRLQGLFDD &RQYHQomRQRGD2,7(QWHQGHUGHIRUPDFRQWUiULDLPSOLFDULDILOLDomRIRUoDGDDR VLQGLFDWRHPUD]mRGDQHFHVVLGDGHGRSDJDPHQWRGDFRQWULEXLomR (VWDEHOHFHQGRVHFRQWULEXLomRLQGLVWLQWDPHQWHSDUDWRGDVDVSHVVRDVp IHULGRRSULQFtSLRGDOLYUHDGHVmRDRVLQGLFDWRFRPRDFLPDPHQFLRQDGR 1RPHVPRVHQWLGRR3UHFHGHQWHQRGD(6'&GR767 +iMXULVSUXGrQFLDGR67)QDPHVPDOLQKD ´&RQVWLWXFLRQDO6LQGLFDWR&RQWULEXLomRLQVWLWXtGDSHOD$VVHP EOHLD*HUDO&DUiWHUQmRWULEXWiULR1mRFRPSXOVRULHGDGH(PSUHJDGRV
QmRVLQGLFDOL]DGRV,PSRVVLELOLGDGHGRGHVFRQWR&)$UWR,9,²$ FRQWULEXLomRFRQIHGHUDWLYDLQVWLWXtGDSHOD$VVHPEOHLD*HUDO²&)DUWR ,9GLVWLQJXHVHGDFRQWULEXLomRVLQGLFDOLQVWLWXtGDSRUOHLFRPFDUiWHU WULEXWiULR&)DUWDVVLPFRPSXOVyULD$SULPHLUDpFRPSXOVyULD DSHQDVSDUDRVILOLDGRVGRVLQGLFDWR,,²5(QmRFRQKHFLGRµ67)(5 63DFD75HO0LQ&DUORV9HOORVR/7U ´5HFXUVRH[WUDRUGLQiULR7UDEDOKLVWD&RQWULEXLomRFRQIHGHUDWLYD 'HVFRQWRLQFLGHQWHQDIROKDGHSDJDPHQWRGRVQmRILOLDGRVjHQWLGDGH VLQGLFDO,PSRVVLELOLGDGH$SHVDUGHVHUDXWRDSOLFiYHORDUWRLQFLVR,9 GD&RQVWLWXLomR)HGHUDODFRQWULEXLomRFRQIHGHUDWLYDVRPHQWHpGHYLGD SHORVILOLDGRVGDHQWLGDGHGHUHSUHVHQWDomRSURILVVLRQDO5HFXUVRH[WUD RUGLQiULRQmRFRQKHFLGRµ5(0*²D7M5HO 0LQ0DUFR$XUpOLR'-8 $FRQWULEXLomRFRQIHGHUDWLYDGHTXHWUDWDRLQFLVR,9GRDUWRGD&RQV WLWXLomRVypH[LJtYHOGRVILOLDGRVDRVLQGLFDWRUHVSHFWLYR6GR67) 2DUJXPHQWRGHTXHRVHPSUHJDGRVGDUHFODPDGDVmREHQHILFLDGRVSHODV QRUPDVFROHWLYDVGDFDWHJRULDHSRUHVVDUD]mRWHULDPGHSDJDUDVFRQWULEXLo}HV QmRFROKH2VHPSUHJDGRVGDUHFODPDGDFRPRTXDOTXHURXWURHPSUHJDGRMi SDJDPDFRQWULEXLomRVLQGLFDOTXHVHUYHSDUDFXVWHDUDVDWLYLGDGHVGRVLQGLFDWR 7DOFRQWULEXLomRpFRPSXOVyULDQRVWHUPRVGRDUWGD&/71mRWrPREULJDomR GHSDJDURXWUDFRQWULEXLomRVHRVHPSUHJDGRVGDUHFODPDGDQmRVmRILOLDGRVDR VLQGLFDWR 2RGRDUWGD&RQVWLWXLomRGHHVWDEHOHFHXTXH´HQWUHDV IXQo}HVGHOHJDGDVDTXHVHUHIHUHHVWHDUWLJRFRPSUHHQGHVHDGHDUUHFDGDU QDIRUPDGDOHLFRQWULEXLo}HVSDUDRFXVWHLRGHDWLYLGDGHGRVyUJmRVVLQGLFDLV HSURILVVLRQDLVHSDUDDH[HFXomRGHSURJUDPDVGHLQWHUHVVHGDVFDWHJRULDVSRU HOHVUHSUHVHQWDGDVµ$SULPHLUDPRGLILFDomRYHULILFDGDQRWH[WRFRQVWLWXFLRQDO FRQVLVWHQRIDWRGHRVLQGLFDWRSDVVDUDDUUHFDGDUDVFRQWULEXLo}HVSUHYLVWDVHP OHLGHL[DQGRGHLPSRUFRQWULEXLo}HV'HVVHPRGRDLQGDKDYLDQHFHVVLGDGHGHOHL GHWHUPLQDQGRDVFRQWULEXLo}HVVLQGLFDLVSDUDTXHRVLQGLFDWRSXGHVVHDUUHFDGi ODV2RGRDUWGD(PHQGD&RQVWLWXFLRQDOQRGHUHSHWLXDPHVPD UHGDomRGRRGRDUWGD&DUWD0DJQDGH2VLQGLFDWRGHL[RXSRUWDQ WRGHWHUDSRVVLELOLGDGHGHLPSRUFRQWULEXLo}HVHVWDQGRGHUURJDGDDDOtQHDH GRDUWGD&/7TXHGHYHVHUOLGDQRVHQWLGRGHTXHRVLQGLFDWRWHPSRGHUHV GHDUUHFDGDUFRQWULEXLo}HVWDQWRGDHQWLGDGHSDWURQDOFRPRGRVWUDEDOKDGRUHV HQWUHHODVDDVVLVWHQFLDODFRQIHGHUDWLYDDPHQVDOLGDGHGRVLQGLFDWRHDVLQGLFDO 2VLQGLFDWRQmRPDLVH[HUFHDWLYLGDGHGHOHJDGDGHSRGHUS~EOLFRSDUDSRGHU LPSRUFRQWULEXLo}HV (PERUDRVLQFLVRV,,,,9GRDUWRGD&RQVWLWXLomRIDoDPUHIHUrQFLDD FDWHJRULDRVLQGLFDWRVySRGHLPSRUFRQWULEXLo}HVDRVVHXVVyFLRV4XHPQmRp VyFLRGRVLQGLFDWRQmRpREULJDGRDSDJDUFRQWULEXLo}HVjDJUHPLDomRVDOYRD FRQWULEXLomRVLQGLFDOTXHWHPQDWXUH]DGHWULEXWR $QDWXUH]DMXUtGLFDGDFRQWULEXLomRFRQIHGHUDWLYDQmRpWULEXWiULDDWp PHVPRSRUTXHDUHIHULGDFRQWULEXLomRDLQGDQmRIRLSUHYLVWDHPOHLHWULEXWR
SRUIRUoDGDGHILQLomRGRDUWRGR&71pDFRQWULEXLomRLQVWLWXtGDHPOHL$ FRQWULEXLomRFRQIHGHUDWLYDQmRpD´FULDGDSRUOHLµPHQFLRQDGDQDSDUWHILQDOGR LQFLVR,9GRDUWRGD/HL0DLRUTXHWHPQDWXUH]DGHWULEXWRFRUUHVSRQGHQGR MXVWDPHQWHjFRQWULEXLomRVLQGLFDO$VVLPQLQJXpPHVWiREULJDGRDSDJDUD FRQWULEXLomRFRQIHGHUDWLYDSRUQmRVHUFRPSXOVyULDTXHLQGHSHQGHGDYRQWDGH GDSHVVRDHPVDOGiODRXQmRDGHPDLVQLQJXpPpREULJDGRDILOLDUVHRXQmR DRVLQGLFDWRDUWR9GD/HL0DJQD 'HVVDIRUPDVySRGHWUDWDUVHGHILJXUD GHXPGRVUDPRVGRGLUHLWRSULYDGR$FLWDGDH[LJrQFLDWDPEpPQmRpLQVWLWXtGD SRUSHVVRDMXUtGLFDGHGLUHLWRS~EOLFRLQWHUQR8QLmR(VWDGRV'LVWULWR)HGHUDOH 0XQLFtSLRV HRVLQGLFDWRQmRSRGHPDLVVHUFRQVLGHUDGRFRPRWHQGRQDWXUH]D S~EOLFDSRUTXHFRPD&RQVWLWXLomRGHGHL[RXGHH[HUFHUDWLYLGDGHGHOHJDGD GHSRGHUS~EOLFR$/HL6XSUHPDGHWDPEpPQmRGHOHJRXDRVLQGLFDWRD FRPSHWrQFLDSDUDLQVWLWXLUFRQWULEXLomRFRPFDUDFWHUtVWLFDGHWULEXWRQRFDVR DFRQWULEXLomRFRQIHGHUDWLYD1mRKiDWLYLGDGHDGPLQLVWUDWLYDSOHQDPHQWHYLQ FXODGDSDUDDVXDFREUDQoDSRUPHLRGRODQoDPHQWRSRUTXHR(VWDGRQmRVH LPLVFXLQDDUUHFDGDomRGDPHQFLRQDGDFRQWULEXLomRQHPSRGHULDSHORFRPDQGR LQVHUWRQRLQFLVR,GRDUWRGD&RQVWLWXLomRTXHYHGDDLQWHUIHUrQFLDGR3RGHU 3~EOLFRQRVLQGLFDWR$FRQWULEXLomRFRQIHGHUDWLYDpWRWDOPHQWHGHVWLQDGDDRV FRIUHVGDHQWLGDGHVLQGLFDODRFRQWUiULRGDFRQWULEXLomRVLQGLFDOTXHWHPSDUWH GLUHFLRQDGDSDUDR(VWDGRDUW,9GD&/7 SRLVpFRPSXOVyULDGHFRUUHQWH GHOHLHFREUDGDPHGLDQWHDWLYLGDGHDGPLQLVWUDWLYDSOHQDPHQWHYLQFXODGDIHLWD SHORODQoDPHQWRGR0LQLVWpULRGR7UDEDOKRFRPRVHREVHUYDGRDUWGD&/7 /RJRDFRQWULEXLomRFRQIHGHUDWLYDQmRHVWiLQFOXtGDQDVGHWHUPLQDo}HVGRDUW RGR&yGLJR7ULEXWiULR1DFLRQDO&71 TXHGHILQHWULEXWR 1mRVHHQTXDGUDDFRQWULEXLomRHPFRPHQWiULRQDGHWHUPLQDomRGRDUW GD&RQVWLWXLomRSRLVQmRpD8QLmRTXHLUiIL[iODPDVVLPDDVVHPEOHLD JHUDOGRVLQGLFDWR1mRVHWUDWDDFRQWULEXLomRFRQIHGHUDWLYDGHXPDIRUPDGHLQ WHUYHQomRQRGRPtQLRHFRQ{PLFRSRLVDVHQWLGDGHVVLQGLFDLVQmRSRVVXHPGRPtQLR HFRQ{PLFRDOpPGHQRQRVVRVLVWHPDMXUtGLFRQmRSRGHUHPH[HUFHUDWLYLGDGHV HFRQ{PLFDVDUWGD&/7 RXSROtWLFDVDUWGGD&/7 2(VWDGRLQWHUYpP QRGRPtQLRHFRQ{PLFRFRPIXQGDPHQWRQRVHXSRGHUGHSROtFLDRXYLVDQGRLPSRU UHVWULo}HVRXOLPLWDo}HVGHGLUHLWRVRTXHQmRRFRUUHFRPRVLQGLFDWRTXHQmR WHPHVVHSRGHU1mRVHWUDWDGHFRQWULEXLomRVRFLDOSRLVHVWDVVmRDVFRQWULEXLo}HV SUHYLGHQFLiULDVRXDVFRQWULEXLo}HVVREUHROXFURRXIDWXUDPHQWRGHVWLQDGDVDR FXVWHLRGDVHJXULGDGHVRFLDO$LQVWLWXLomRGDVFRQWULEXLo}HVSHOD8QLmRpIHLWD ´FRPRLQVWUXPHQWRGHVXDDWXDomRQDVUHVSHFWLYDViUHDVµFRQWXGRD8QLmRQmR DWXDQDUHIHULGDiUHDVHQGRLQFOXVLYHYHGDGDDVXDLQWHUYHQomRHLQWHUIHUrQFLD QRVLQGLFDWRDUWR,GD/HL)XQGDPHQWDO $FRQWULEXLomRFRQIHGHUDWLYDpXP PHLRGHDWXDomRILQDQFHLUDGRVLQGLFDWRHQmRGD8QLmRFRPRRFRUUHFRPDVFRQ WULEXLo}HVVRFLDLV'HRXWURODGRRLQFLVR,9GRDUWRGD&RQVWLWXLomRQmRHVWi LQFOXtGRQRFDStWXORGD/HL0DLRUTXHYHUVDVREUHRVLVWHPDWULEXWiULRQDFLRQDO HVLPQRFDStWXORTXHWUDWDGRVGLUHLWRVVRFLDLV2(VWDGRQmRWUDQVIHULXSDUDR VLQGLFDWRSDUDXPDHQWLGDGHGHGLUHLWRSULYDGRRSRGHUGHLPSRUXPDFRQWUL EXLomRFRQIHGHUDWLYDQmROKHRXWRUJDQGRVREHUDQLDILVFDO$VFRQWULEXLo}HVTXH WrPSRUEDVHRDUWGD&RQVWLWXLomRVySRGHULDPVHUH[LJLGDVSRUPHLRGHOHL FRPSOHPHQWDUDUW,,, UHVSHLWDQGRRVSULQFtSLRVGDLUUHWURDWLYLGDGHGDOHLH
GDDQWHULRULGDGHDUWLQFLVR,,,DHE 1RFDVRGDFRQWULEXLomRFRQIHGHUDWLYD SRUQmRVHUWULEXWRQmRKiQHFHVVLGDGHGDH[LJrQFLDGDOHLFRPSOHPHQWDUEDVWDD OHLRUGLQiULDQHPpSUHFLVRTXHVHREVHUYHTXHDFRQWULEXLomRVySRGHVHUH[LJLGD QRDQRVHJXLQWHDRGDVXDLQVWLWXLomRPDVDRFRQWUiULRSRGHVHUH[LJLGDDSDUWLU GRPRPHQWRHPTXHIRUIL[DGDSHODDVVHPEOHLDJHUDOGRVLQGLFDWR $FRQWULEXLomRFRQIHGHUDWLYDWHPQDWXUH]DSULYDGDHPUD]mRGHRQDVFL PHQWRGDREULJDomRGHSHQGHUGDYRQWDGHGDSHVVRDTXHLUiFRQWULEXLULQFOXVLYH SDUWLFLSDQGRGDDVVHPEOHLDJHUDOQDTXDOHODVHUiIL[DGDSRLVpDDVVHPEOHLDTXH LUiIL[DURTXDQWXPGDFRQWULEXLomR$DVVHPEOHLDGHWpPDXWRQRPLDQRVWHUPRV GRHVWDWXWRGRVLQGLFDWRSRUpPDSHQDVHPUHODomRDRVDVVRFLDGRV(VVDDXWRQR PLDSRUpPQmRYDLDRSRQWRGHRVLQGLFDWRSRGHULPSRUDFRQWULEXLomRFRQIH GHUDWLYDDTXHPQmRID]SDUWHGRVLQGLFDWRMXVWDPHQWHSRUTXHDSHVVRDQmRGHWpP DFRQGLomRGHDVVRFLDGR/RJRpSRVVtYHODRSRVLomRjFREUDQoDGDFRQWULEXLomR FRQIHGHUDWLYDSHORVQmRILOLDGRVDRVLQGLFDWR$SHQDVRVDVVRFLDGRVWrPREULJD omRGHSDJDUDFRQWULEXLomRFRQIHGHUDWLYDTXHVmRRVTXHSRGHPFRPSDUHFHU jDVVHPEOHLD2VLQGLFDWRGHQWURGDDXWRQRPLDSULYDGDTXHSRVVXLSRGHH[LJLU RXQmRDFRQWULEXLomRFRQIHGHUDWLYDIL[DQGRRXQmRDUHIHULGDH[LJrQFLDQDDV VHPEOHLDJHUDODRFRQWUiULRGDFRQWULEXLomRVLQGLFDODTXDORVLQGLFDWRQmRSRGH GHL[DUGHFREUDUMXVWDPHQWHSRUVHUFRPSXOVyULD,VVRPRVWUDWDPEpPQmRWHUD FRQWULEXLomRFRQIHGHUDWLYDQDWXUH]DWULEXWiULD 7UDWDVHGHXPDFRQWULEXLomRGHFXQKRSULYDGRLVWRpXPDSUHVWDomR SHFXQLiULDGHGLUHLWRSULYDGR2EMHWLYDDFRQWULEXLomRFRQIHGHUDWLYDRFXVWHLRGR VLVWHPDFRQIHGHUDWLYRWHQGRFRPRFUHGRUHVRVLQGLFDWRGDFDWHJRULDSURILVVLRQDO RXHFRQ{PLFDHFRPRGHYHGRUHVRVHPSUHJDGRVHPSUHJDGRUHVRXWUDEDOKDGR UHVDXW{QRPRV1DYHUGDGHRVLQGLFDWRQmRGHWpPVREHUDQLDTXHpLQHUHQWHDR (VWDGRDUWR,GD&RQVWLWXLomR VHQGRH[HUFLGDSHORSRYRSRUPHLRGRYRWR DUWGD/HL0DLRU PDVDXWRQRPLD$DXWRQRPLDpXPDSUHUURJDWLYDSROtWLFD RXWRUJDGDSHOD&RQVWLWXLomR-iDDXWRQRPLDVLQGLFDOTXHUGL]HUDSRVVLELOLGDGH GHRVLQGLFDWRHVWDEHOHFHUQRUPDVSUySULDVHPVHXkPELWR1mRVLJQLILFDSRUpP TXHRVLQGLFDWRSRVVDID]HURTXHTXLVHURXTXHWHQKDLQGHSHQGrQFLDDEVROXWD SRLVHVWDUiDGVWULWRjVGHWHUPLQDo}HVTXHOKHIRUDPRXWRUJDGDVSHOD&RQVWLWXLomR HWDPEpPQRVOLPLWHVGDOHLTXHpFRLVDFRPSOHWDPHQWHGLYHUVDMiTXHRVLQGLFDWR QmRWHPRSRGHULPSRVLWLYRGHFRUUHQWHGDVREHUDQLDTXHHQYROYHDDXWRGHWHU PLQDomR$DXWRQRPLDGRVLQGLFDWRGL]UHVSHLWRDSHQDVjDWXDomRQDViUHDVGH VHXSHFXOLDULQWHUHVVHTXHVmRDVSURILVVLRQDLVHHFRQ{PLFDVHQmRHPWRGDVDV iUHDVGDVRFLHGDGHFLYLOFRPRRFRUUHFRPDVREHUDQLDGR(VWDGR2H[HUFtFLRGD DXWRQRPLDVLQGLFDOpGHFRUUHQWHWDPEpPGDOHLTXHLUiIL[DUVHXVFRQWRUQRVEiVL FRVYHGDGDDSHQDVDLQWHUIHUrQFLDHLQWHUYHQomRGR3RGHU([HFXWLYRQRVLQGLFDWR DUWR,GD/HL)XQGDPHQWDO 1mRWHPSRUFRQVHJXLQWHDFRQWULEXLomRFRQIH GHUDWLYDQDWXUH]DWULEXWiULDRXSDUDILVFDOPDVQDWXUH]DSULYDGDSHORIDWRGHD SHVVRDSHUWHQFHUDRVLVWHPDFRQIHGHUDWLYRFRPRDVVRFLDGR 1mRSRGHDFRQWULEXLomRFRQIHGHUDWLYDVHUFREUDGDGHIRUPDGLIHUHQFLDGD HPUHODomRDVyFLRVHQmRILOLDGRVDRVLQGLFDWRSRLVIHUHRSULQFtSLRGDLJXDOGDGH FRQWLGRQRFDSXWGRDUWRGD&RQVWLWXLomR
3HGLGR 3HGHDDQXODomRGDFOiXVXODGHIOVGDQRUPDFROHWLYDHPUHODomR DRVQmRDVVRFLDGRV 5HTXHUDFLWDomRGDUpXSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHRGHVHMDU VRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDOGHYHUiVHU DFROKLGDDQXODQGRDFOiXVXODGHIOVGDQRUPDFROHWLYD 3URYDV 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHUtFLDVMXQWDGDGHGRFXPHQWRV HGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3HGHGHIHULPHQWR 63 3URFXUDGRUGR7UDEDOKR
0RGHORGHKDEHDVGDWD (;0265'5-8,=35(6,'(17('2(757'$D5(*,®2 0DJQREDOGR6EUDVLOHLURFDVDGRYHQGHGRUUHVLGHQWHHGRPLFLOLDGRQD UXD&DLSyQRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHV SHLWRVDPHQWHjSUHVHQoDGH9([DLPSHWUDU+$%($6'$7$FRQWUD0XQLFtSLRGH 6mR3DXORSHORVPRWLYRVGHIDWRHGHGLUHLWRDVHJXLUDGX]LGRV 2LPSHWUDQWHTXHUUHWLILFDUVHXVGDGRVFRQVWDQWHVGREDQFRGHGDGRVGR 0XQLFtSLRGH6mR3DXOR 2GHSRHQWHWHPFXUVRVXSHULRUHP'LUHLWRGRF (QWUHWDQWRFRQVWDGREDQFRGHGDGRVGRPXQLFtSLRTXHWHPVHJXQGR JUDXLQFRPSOHWR -iIH]YiULDVSHWLo}HVDUpGRFD SRUpPHVWDVHQHJDDUHWLILFDU VHXVGDGRV 'HVWDFDTXHFRPDUHWLILFDomRSDVVDDWHUGLUHLWRDGLIHUHQoDVGHJUDWL ILFDomRSRUWHUFXUVRVXSHULRU 5HTXHURGHIHULPHQWRGRKDEHDVGDWDRUGHQDQGRVHDLPHGLDWDDQRWDomR QRSURQWXiULRGRLPSHWUDQWHGRIDWRGHWHUFXUVRVXSHULRU 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHGHSRLPHQWRSHVVRDOGDUpVRE SHQDGHFRQILVVmR6GR767 SHUtFLDVMXQWDGDGHGRFXPHQWRVRLWLYDGH WHVWHPXQKDVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV
'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRFLYLOS~EOLFD (;0265'5-8,='275$%$/+2'$BB9$5$'275$%$/+2'(6®23$8/2 0LQLVWpULR3~EOLFRGR7UDEDOKRYHPPXLUHVSHLWRVDPHQWHjSUHVHQWDGH 9RVVD([FHOrQFLDSURSRUDSUHVHQWHDomRFLYLOS~EOLFDFRQWUD+RVSLWDOGDV)ORUHV /WGDGHDFRUGRFRPDVUD]}HVGHIDWRHGHGLUHLWRDVHJXLUDGX]LGDV $ HPSUHVD QmR YHP REVHUYDQGR D SUHYLVmR GR DUW GD /HL Q R 2IDWRIRLFRQVWDWDGRPHGLDQWHLQTXpULWRFLYLOS~EOLFRFRQIRUPHGRFX PHQWRVDQH[RV $UpWHPPDLVGHHPSUHJDGRV 'HYHULDSRUWDQWRDGPLWLURVGHILFLHQWHVFRQIRUPHDSUHYLVmRGHOHL 3HORH[SRVWRUHTXHUVHGLJQH9RVVD([FHOrQFLDDFROKHUDSUHVHQWHSRVWX ODomRGHWHUPLQDQGRTXHDHPSUHVDFRQWUDWHRVGHILFLHQWHVQDIRUPDGDOHL $UpGHYHUiVHUFRQGHQDGDDLQGDDSDJDUPXOWDSDUDR)$7GH5 3URWHVWDSURYDUDDOHJDGRSRUWRGRVRVPHLRVDGPLWLGRVHP'LUHLWRVHP H[FOXVmRGHQHQKXPHVSHFLDOPHQWHGHSRLPHQWRSHVVRDOGRUHSUHVHQWDQWHGDUp 6GR767 WHVWHPXQKDVSHUtFLDVMXQWDGDGHGRFXPHQWRV 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 63 3URFXUDGRUGR7UDEDOKR
0RGHORGHDMXL]DPHQWRGHDUUHVWR (;0265'5-8,='$9$5$'275$%$/+2'(6®23$8/2 0%)&EUDVLOHLURFDVDGRSUHVLGLiULRUHVLGHQWHQDUXDGR&DUDQGLUX QRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DDMXL]DU$55(672FRQWUD,50®260(75$/+$/7'$FRP VHGHQDUXDGRVÌQGLRVQRGHDFRUGRFRPRVPRWLYRVDVHJXLUH[SRVWRV 2UHTXHUHQWHH[HUFHXDIXQomRGHVROGDGRUQDUHTXHULGDGHVGHR DTXDQGRIRLSUHVR -iWHYHMXOJDGRVHXSURFHVVRFRQWUDDHPSUHVDTXHHVWiHPJUDXGH UHFXUVRGRF 2UHTXHULGRYHPVHDXVHQWDQGRIXUWLYDPHQWHHDOLHQDQGRRVEHQVTXH SRVVXLGRF (QWHQGHTXHVHQmRIRUGHIHULGDDSUHVHQWHPHGLGDSURYDYHO PHQWHQDGDUHFHEHUiDWtWXORGDVYHUEDVGHIHULGDVQDVHQWHQoD $VVLPFRPIXQGDPHQWRQRSDUiJUDIR~QLFRGRDUWFFDUW,H ,,DDPERVGR&3&SUHWHQGHDFRQFHVVmRGRDUUHVWRGDVPiTXLQDVGHVROGDH[LV WHQWHVQRUHTXHULGRRXRXWURVEHQVVXILFLHQWHVDRSDJDPHQWRGHVHXFUpGLWR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPL WLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHGHSRLPHQWRSHVVRDOGDUpVRE SHQDGHFRQILVVmR6GR767 SHUtFLDVMXQWDGDGHGRFXPHQWRVRLWLYDGH WHVWHPXQKDVHGHPDLVSURYDVTXHVHIL]HUHPQHFHVViULDV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHLQWHUSRVLomRGHPHGLGDFDXWHODUGHVHTXHVWUR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 ,1'Ô675,$'(3(d$67/7'$FRPVHGHQDUXDGR2XYLGRUQRSRU VHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9RVVD([FHOrQFLDLQWHUSRUPHGLGDFDXWHODUGH6(48(6752FRQWUD/%GH DFRUGRFRPDVUD]}HVDVHJXLUH[SRVWDV 2UHTXHULGRIRLHPSUHJDGRGDUHTXHUHQWHGHDH[HU FHQGRDIXQomRGHYHQGHGRU 2FRUUHTXHRUHTXHULGRID]LDYHQGDVXWLOL]DQGRVHGHPRVWUXiULRVGD HPSUHVD1RHQWDQWRFHVVDGRRSDFWRODERUDOQmRGHYROYHXPRVWUXiULRVGH YHQGD 2VUHIHULGRVPRVWUXiULRVWrPXWLOLGDGHSDUDDUHFODPDGDSRLVLQH[LVWHP QRPHUFDGRHDHPSUHVDQHFHVVLWDGHOHVSDUDHQWUHJiORVDRQRYRYHQGHGRUTXH IRLFRQWUDWDGRSDUDODERUDUQROXJDUGRUHTXHULGR 'HVVDIRUPDUHTXHUDUHTXHUHQWHFRPIXQGDPHQWRQRVDUWVVVGR &3&DFRQFHVVmRGRVHTXHVWURGRVPRVWUXiULRVGHYHQGDTXHHVWmRHPSRGHU GRUHTXHULGRLQGHSHQGHQWHPHQWHGHDXGLrQFLDSUpYLD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDGPLWL GRVHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGRUHTXHULGRRLWLYDGHWHVWHPXQKDV SHUtFLDVHMXQWDGDGHGRFXPHQWRV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHPHGLGDFDXWHODUGHSURGXomRDQWHFLSDGDGHSURYDV (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 6ROLQHX]D6EUDVLOHLUDFDVDGDFRSHLUDUHVLGHQWHQDUXDGH0DLR QRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DSURSRUPHGLGDFDXWHODUGH352'8d®2$17(&,3$'$'( 3529$6FRQWUD%/7'$GHDFRUGRFRPDVUD]}HVDVHJXLUDGX]LGDV $UHTXHUHQWHSUHWHQGHDMXL]DUUHFODPDomRWUDEDOKLVWDFRQWUDDUpUHFOD PDGDSHGLQGRKRUDVH[WUDVHRXWUDVYHUEDV
1RHQWDQWRpSUHFLVRDRLWLYDGDWHVWHPXQKD-1TXHHVWiJUDYHPHQWH HQIHUPDPDVWHPFRQGLo}HVGHSUHVWDUGHSRLPHQWR&DVRDWHVWHPXQKDQmRVHMD RXYLGDGHLPHGLDWRUHFHLDTXHQmRPDLVSRGHUiSUHVWDUGHSRLPHQWR $VVLPUHTXHUVHGLJQH9([DGHWHUPLQDUDRLWLYDGDUHIHULGDWHVWHPX QKDGHVLJQDQGRVHDLQWLPDomRHRLWLYDGDWHVWHPXQKDQR+RVSLWDOGDV&OtQLFDV TXDUWR 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHPHGLGDFDXWHODUGHH[LELomR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 -6EUDVLOHLURFDVDGRSUHQVLVWDUHVLGHQWHQDUXDGDV)ORUHVQRSRU VHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DDMXL]DUPHGLGDFDXWHODUGH(;,%,d®2FRQWUD(035(6$,1'/3/7'$ GHDFRUGRFRPDVUD]}HVDVHJXLUH[SRVWDV 2UHFODPDQWHpHPSUHJDGRGDHPSUHVDGHVGHRH[HUFHQGRDIXQomR GHSUHQVLVWD 9LQKDUHFHEHQGRUHJXODUPHQWHRVH[WUDWRVGRVGHSyVLWRVIXQGLiULRV 1RHQWDQWRXOWLPDPHQWHWHPYHULILFDGRTXHDUHFODPDGDWHPUHFROKLGR R)*76FRPDWUDVRHPDOJXQVPHVHVRXQmRIH]RUHFROKLPHQWRGRF 5HTXHUDVVLPVHGLJQH9([DGHWHUPLQDUDFLWDomRGDUHFODPDGDSDUD H[LELUHPMXt]RRVSDJDPHQWRVGRVGHSyVLWRVIXQGLiULRVGXUDQWHWRGDDUHODomR GHHPSUHJR 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHPHGLGDFDXWHODUGHMXVWLILFDomR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 +HUPDIURGLWH6EUDVLOHLURFDVDGRPHFkQLFRUHVLGHQWHQDUXDGRV3DWRV QRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DDMXL]DUPHGLGDFDXWHODUGH-867,),&$d®2FRQWUD&,1'/ /7'$FRPVHGHQDUXDGDV/LUDVQRGHDFRUGRFRPDVUD]}HVDVHJXLUH[ SRVWDV 2UHTXHUHQWHWUDEDOKRXSDUDDUHFODPDGDQRSHUtRGRGHD QDVIXQo}HVGHPHFkQLFR $UHFODPDGDDOHJDTXHRDXWRUIRLDGPLWLGRHP 3UHWHQGHMXVWLILFDURWHPSRGHVHUYLoRSUHVWDGRDQWHULRUDRUHJLVWURSDUD HIHLWRVGHDSRVHQWDGRULDSRLVMiFRQWDFRPPDLVGHDQRVGHVHUYLoRGRF 5HTXHUDRLWLYDGDVWHVWHPXQKDV-6H3%SDUDSURYDUVXDVDOHJDo}HV FLWDQGRVHRUHTXHULGR 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDSUHVHQWDomRGHQRWLILFDomR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 0$EUDVLOHLURFDVDGRYLJLODQWHUHVLGHQWHQDUXD2VPySROLVQR SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUH VHQoDGH9([DDSUHVHQWDU127,),&$d®2FRQWUD(035(6$'(9,*,/Ç1&,$0 /7'$QRVWHUPRVDVHJXLUDGX]LGRV 2UHTXHUHQWHIRLDGPLWLGRHPFRQWLQXDQGRDWUDEDOKDUQDHP SUHVD([HUFHDIXQomRGHYLJLODQWH 6DEHQGRGHERDWRVQDHPSUHVDGHTXHWHULDRFRUULGRXPGHVYLRGHQX PHUiULRHTXHHVWDULDPDWULEXLQGRDFXOSDDRUHTXHUHQWHLQFOXVLYHSDUDDOHJDU MXVWDFDXVDSDUDRGHVSHGLPHQWRRUHTXHUHQWHHQWHQGHFDEtYHODQRWLILFDomRj UHFODPDGD 2UHTXHUHQWHHVWiHPIpULDV4XHUHQGRHYLWDUTXDOTXHUWUDQVWRUQRHPVXD YROWDUHTXHUDSUHVHQWHQRWLILFDomR
$VVLPSDUDTXHVHHYLWHPG~YLGDVpDSUHVHQWHQRWLILFDomRSDUDTXHR UHTXHULGRILTXHLQIRUPDGRGHTXHQmRSUDWLFRXQHQKXPDIDOWDJUDYHPXLWRPHQRV GHDSURSULDomRGHGLQKHLURGDHPSUHVD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDWHQWDGR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 96SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomRWUD EDOKLVWDSURSRVWDFRQWUD0(,$6//7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DUHTXHUHURVHJXLQWH $UHFODPDGDILFRXFRPRGHSRVLWiULDGRVEHQVDUUHVWDGRVFRPRPiTXLQD GHFRUWHHWFFRQIRUPHVHYHULILFDQDVIOV 2FRUUHTXHDHPSUHVDHVWiUHWLUDQGRRPDTXLQiULRGHVHXHVWDEHOHFLPHQWR HOHYDQGRRSDUDGHVWLQRLJQRUDGR $VVLPUHTXHUj9([DGHWHUPLQDUTXHDUpVHDEVWHQKDGHSUDWLFDUWDLV DWRVUHSRQGRRVEHQVHPVHXHVWDEHOHFLPHQWRVRESHQDGHPXOWDGLiULDDVHU IL[DGDSHORMXt]R 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVHPGLUHLWRDGPLWLGRVHV SHFLDOPHQWHSRUWHVWHPXQKDVGRFXPHQWRVHWF 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHGLVVtGLRFROHWLYR (;0265'5-8,=35(6,'(17('2(75,%81$/5(*,21$/'275$%$/+2 GDD5HJLmR */7'$FRPVHGHQDUXDGRV(VWXGDQWHVQRSRUVHXDGYRJDGRTXH HVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([DDMXL]DU ',66Ì',2&2/(7,92FRQWUD6,1',&$72'26(035(*$'26QRVWHUPRVD VHJXLUDGX]LGRV $UHTXHULGDpHPSUHVDPHWDO~UJLFDWHQGRSRUGDWDEDVHRPrVGHDJRVWR VHQGRTXHDQRUPDFROHWLYDFRQWLQXDHPYLJRUGRF 2FRUUHTXHRVHPSUHJDGRVGDVXVFLWDQWHHVWmRHPJUHYHSRVWXODQGR DXPHQWRGHVDOiULRVGHVGHRDWpDSUHVHQWHGDWD 7RGDVDVFRQGLo}HVGDQRUPDFROHWLYDYrPVHQGRFXPSULGDVLQFOXVLYH RVDXPHQWRVHDQWHFLSDo}HVGHWHUPLQDGRVSHODUHJUDFROHWLYD1mRKiSRUTXHVH IDODUHPDXPHQWRGHVDOiULRVLQFOXVLYHHPGHFRUUrQFLDGDVLWXDomRHFRQ{PLFD GRSDtV 5HVVDOWHVHTXHDJUHYHIRLGHIODJUDGDVHPTXDOTXHUDYLVRSUpYLRDRHP SUHJDGRUGHVDWHQGHQGRDRSDUiJUDIR~QLFRGRDUWRGD/HLQRRTXH VySRULVVRMiWRUQDDJUHYHDEXVLYD 2VHPSUHJDGRVQHJDPVHWHUPLQDQWHPHQWHDTXDOTXHUQHJRFLDomR GRF 1mRKDYHQGRTXDOTXHUGHVFXPSULPHQWRGDFOiXVXODQRUPDWLYDRXGD OHJLVODomRVDODULDOQHPH[LVWLQGRDVXSHUYHQLrQFLDGHTXDOTXHUIDWRRXDFRQWHFL PHQWRLPSUHYLVWRTXHPRGLILFDVVHVXEVWDQFLDOPHQWHDUHODomRGHWUDEDOKRDJUHYH WDPEpPQmRSRGHULDH[LVWLUSDUDFXPSULPHQWRGHQRUPDFROHWLYDQDIRUPDGR SDUiJUDIR~QLFRGRDUWGD/HLQR $VVLPUHTXHUj9([DVHMDGHFODUDGDDJUHYHDEXVLYDGHWHUPLQDQGRVH RVGHVFRQWRVGRVGLDVSDUDGRV 5HTXHUDFLWDomRGDUpSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHRGHVHMDU VRESHQDGHUHYHOLDHFRQILVVmRTXDQWRDPDWpULDGHIDWRTXHDILQDOGHYHUiVHU DFROKLGDFRQGHQDQGRDUpQDIRUPDGRSHGLGR 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVVHPH[FOXVmRGHQHQKXPHVSHFLDOPHQWHSHODMXQWDGDGHGRFXPHQWRV SHUtFLDVGHSRLPHQWRVSHVVRDLVHRXWURVTXHVHIL]HUHPQHFHVViULRV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDomRGHFXPSULPHQWR (;0265'5-8,='$BB9$5$'275$%$/+2'(6®23$8/2 &'EUDVLOHLURFDVDGRPHWDO~UJLFRUHVLGHQWHQDUXDGRV3LQWDVVLOJRV QRSRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWRVDPHQWH jSUHVHQoDGH9([DSURSRU$d®2'(&8035,0(172FRQWUD0(7$/Ô5*,&$ 67/7'$FRPIXQGDPHQWRQRSDUiJUDIR~QLFRGRDUWGD&/7GHDFRUGR FRPDVUD]}HVDVHJXLUDGX]LGDV 2DXWRUpHPSUHJDGRGDUHFODPDGDGHVGHFRQWLQXDQGRDWUDED OKDUQDHPSUHVDQRUPDOPHQWH 2GLVVtGLRFROHWLYRGDFDWHJRULDGRF FRQFHGHXXPDXPHQWRUHDOGH VREUHRVDOiULRGHQRYHPEURGH 2FRUUHTXHDUHFODPDGDFRQFHGHXDSHQDVGHDXPHQWRVREUHRVDOiULR GHQRYHPEURGHHDLQGDPDLVXPDDQWHFLSDomRGHHPMDQHLUR 1RHQWDQWRDWpDSUHVHQWHGDWDQmRUHDMXVWRXRVDOiULRGRDXWRUQDFRQ IRUPLGDGHGRGLVVtGLRFROHWLYRQHPSDJRXDVGLIHUHQoDVGHYLGDVHUHSHUFXVV}HV QRRVDOiULRGHHLQFLGrQFLDVGR)*76 $VVLPSUHWHQGHRSDJDPHQWRGH D E F
GLIHUHQoDVVDODULDLV GLIHUHQoDVGHRVDOiULR LQFLGrQFLDVGR)*76
$VYHUEDVDFLPDGHYHUmRVHUFRUULJLGDVHDFUHVFLGDVGRVMXURVOHJDLV 5HTXHUDFLWDomRGDUpSDUDFRQWHVWDUDSUHVHQWHSRVWXODomRVHRGHVH MDUVRESHQDGHUHYHOLDHFRQILVVmRTXDQWRjPDWpULDGHIDWRTXHDILQDOGHYHUi VHUDFROKLGDFRQGHQDQGRDUHFODPDGDQDIRUPDGRSHGLGRDFUHVFLGRGHMXURVH FRUUHomRPRQHWiULD 3URWHVWDSHODSURGXomRGHSURYDVHPGLUHLWRDGPLWLGDVVHPH[FOXVmRGH QHQKXPDHVSHFLDOPHQWHSHORGHSRLPHQWRSHVVRDOGDUHFODPDGD6GR767 WHVWHPXQKDVSHUtFLDVMXQWDGDGHGRFXPHQWRV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHOLTXLGDomRGHVHQWHQoDSRUDUELWUDPHQWR (;0265-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URF 02SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD:&20/'(/Ç03$'$6/7'$YHPPXLUHVSHLWR VDPHQWHjSUHVHQoDGH9([DUHTXHUHUTXHDOLTXLGDomRGDVHQWHQoDVHMDIHLWD SRU$5%,75$0(172QRVWHUPRVGRLQFLVR,,GRDUW&GR&3&GHDFRUGR FRPRVPRWLYRVDVHJXLUDGX]LGRV $UVHQWHQoDGHWHUPLQRXRSDJDPHQWRGHKRUDVH[WUDVTXHIRVVHPDSXUD GDVHPOLTXLGDomRGHVHQWHQoD2FRUUHTXHSDUWHGDVKRUDVH[WUDVHVWiQRVSRXFRV FDUW}HVGHSRQWRMXQWDGRVDRVDXWRV&RQWXGRORJRDSyVDVHQWHQoDDUHFODPDGD DOHJDTXHSHUGHXRUHVWDQWHGRVFDUW}HVGHSRQWRTXHIRUDPH[WUDYLDGRVQRLQ FrQGLRRFRUULGRQDHPSUHVD $VVLPWUDWDQGRVHGDLPSRVVLELOLGDGHGDDSXUDomRGDVKRUDVH[WUDV SUHVWDGDVHPGHWHUPLQDGRVPHVHVKiQHFHVVLGDGHGHTXHRTXDQWXPGHYLGRVHMD DUELWUDGRSRUXPDSHVVRDGHFRQILDQoDGHVVH00MXt]R (VSHUDRDFROKLPHQWRGDSUHVHQWHSHWLomRGHVLJQDQGRVHiUELWURSDUD SURFHGHUjDSXUDomRGDVKRUDVH[WUDVTXHQmRHVWmRFRQVLJQDGDVQRVFDUW}HVGH SRQWR 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHOLTXLGDomRGHVHQWHQoDSRUDUWLJRV (;0265'5-8,='$00D9$5$'275$%$/+2'(6®23$8/2 3URF 30SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomRWUD EDOKLVWDSURSRVWDFRQWUD(,1'//7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH 9([DUHTXHUHUTXHVHSURFHGDjOLTXLGDomRSRUDUWLJRVQDIRUPDGRDUW( GR&3&SHORVPRWLYRVDVHJXLULQGLFDGRV $UVHQWHQoDTXHIRLFRQILUPDGDSHOR(7ULEXQDO5HJLRQDOGR7UDEDOKRGD D5HJLmRGHWHUPLQRXRSDJDPHQWRGHKRUDVH[WUDVHIHULDGRVTXHIRVVHPDSXUDGRV HPOLTXLGDomRGHVHQWHQoDIDOWDQGRDSHQDVDSURYDGRVIHULDGRVWUDEDOKDGRV
3HORTXHROLTXLGDQWHVHOHPEUDQmRWUDEDOKRXDSHQDVQRVIHULDGRVGH HRGHFDGDDQR1RVGHPDLVIHULDGRVWUDEDOKRXHPWRGDVDVRSRUWXQLGDGHV $OJXQVGHVVHVIHULDGRVMiHVWmRDQRWDGRVQRVFDUW}HVGHSRQWRRXWURVQmRSRLV TXHPDSRQWDYDRVFDUW}HVHUDRDSRQWDGRU 'HVVDIRUPDUHTXHUDGHVLJQDomRGHDXGLrQFLDSDUDTXHSRVVDPVHUSURYD GRVSRUWHVWHPXQKDVRVIHULDGRVHPTXHODERURXTXHIRUDPHPPpGLDQRYHSRUDQR 5HTXHURXWURVVLPDQRWLILFDomRGDSDUWHFRQWUiULDSDUDUHVSRQGHUjSUHVHQWH 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDDGPLWLGRVHP GLUHLWRVHPH[FOXVmRGHQHQKXPFRPRSHUtFLDVWHVWHPXQKDVGHSRLPHQWRSHV VRDOGDUHFODPDGDHWF 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHOLTXLGDomRGHVHQWHQoDSRUFiOFXORV (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR 65SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDFRQWUD)$50É&,$-3/7'$YHPPXLUHVSHLWRVDPHQWHj SUHVHQoDGH9RVVD([FHOrQFLDUHTXHUHUDUHPHVVDGRVDXWRVDRFRQWDGRUSDUDTXH VHSURFHGDjOLTXLGDomRSRUFiOFXORVYLVWRTXHDVHQWHQoDpWRWDOPHQWHOtTXLGD HVWDEHOHFHQGRDVYHUEDVUHVFLVyULDVTXHOKHVmRGHYLGDVVHQGRRFDVRGHFDOFXODU DSHQDVRVMXURVHDFRUUHomRPRQHWiULD 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHVHQWHQoDQDOLTXLGDomR 9LVWRVHWF 2FiOFXORGRVUSHULWRUHYHODTXHDVKRUDVH[WUDVVmRGHYLGDVQRYDORU GH2DGLFLRQDOGHKRUDVH[WUDVDGRWDGRSHORVUSHULWRHVWiFRUUHWR SRLVIRLGHDWp6GR767 HGHDSDUWLUGHDUW R;9,GD&RQVWLWXLomR 2FiOFXORGDVYHUEDVUHVFLVyULDVWDPEpPHVWiFRUUHWRWRWDOL]DQGRRYDORU GH $FRUUHomRPRQHWiULDDGRWDGDIRLFDOFXODGDGHDFRUGRFRPDVSUHVFULo}HV GR'HFUHWROHLQR/HLQRH/HLQR 2VMXURVGHPRUDIRUDPFDOFXODGRVjUD]mRGHDPFDSLWDOL]DGRV VRPHQWHDSDUWLUGDHGLomRGR'HFUHWROHLQRHDSDUWLUGRDGYHQWRGR DUWGD/HLQRSDVVDUDPDVHUGHDRPrVGHPDQHLUDVLPSOHV &RUUHWDHVWiDFRQWDGHOLTXLGDomR,QWLPHVHDH[HFXWDGDDSDJDURGpELWR QDIRUPDGDOHL 63 -XL]GRWUDEDOKR
0RGHORGHH[FHomRGHSUpH[HFXWLYLGDGH (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 'LVWULEXLomRSRUGHSHQGrQFLDDR3URFQR 0%/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFOD PDomRWUDEDOKLVWDSURSRVWDSRU-,YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DDSUHVHQWDU(;&(d®2'(35e(;(&87,9,'$'(GHDFRUGRFRPDVVHJXLQWHV UD]}HV 2UHFRUUHQWHQmRIRLFLWDGRSDUDVHGHIHQGHUQDSUHVHQWHDomR 4XDQGRGDSURODomRGDVHQWHQoDWDPEpPQmRIRLLQWLPDGRGDUHIHULGD GHFLVmR 1DH[HFXomRWDPEpPQmRKRXYHFLWDomR $VSHVVRDVTXHDVVLQDPDVLQWLPDo}HVQmRSHUWHQFHPDRVTXDGURVGD HPSUHVD /RJRDH[HFXomRpSOHQDPHQWHQXODSRUIDOWDGHWtWXOR $VVLPUHTXHUDGLVWULEXLomRSRUGHSHQGrQFLDGHVWHDRSURFQR HQWHQGHQGRTXHGHYHVHUDQXODGDDVHQWHQoD 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVHVSHFLDOPHQWHSHORVGHSRLPHQWRVSHVVRDLVWHVWHPXQKDVHMXQWDGDGH GRFXPHQWRV
'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHHPEDUJRVjH[HFXomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 'LVWULEXLomRSRUGHSHQGrQFLDDR3URFQR 0%/7'$SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFOD PDomRWUDEDOKLVWDSURSRVWDSRU-,YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9 ([DDSUHVHQWDU(0%$5*26(;(&8d®2FRPIXQGDPHQWRQRDUWGD&/7 GHDFRUGRFRPDVVHJXLQWHVUD]}HV $HPEDUJDQWHHQWHQGHTXHGHYHVHUDSOLFDGDDSUHVFULomRLQWHUFRUUHQWH SRLVRSURFHVVRILFRXSDUDGRPDLVGHFLQFRDQRVQDH[HFXomRVRPHQWHVHQGR LPSXOVLRQDGRDSDUWLUGHMDQHLURGH'HVGHQRYHPEURGHRSURFHVVR QmRWHPTXDOTXHUUHTXHULPHQWR 'HDFRUGRFRPD6~PXODGR67)pDSOLFiYHODRSURFHVVRGRWUDEDOKRD SUHVFULomRLQWHUFRUUHQWHYLVWRTXHDSUHVFULomRDOHJiYHOQRVHPEDUJRVjH[HFXomR VySRGHVHUDUJXLGDDSyVDVHQWHQoDTXHDFROKHXDSUHWHQVmRGRUHFODPDQWH +DYHQGRGLVSRVLomRQRRGRDUWGD&/7QmRVHDSOLFDDOHLGH H[HFXomRILVFDORXR&3& $VVLPUHTXHUDGLVWULEXLomRSRUGHSHQGrQFLDGHVWHDRSURFQR HQWHQGHQGRTXHHVWiWRWDOPHQWHSUHVFULWDDH[HFXomRVHQGRRFDVRGHVHH[WLQJXLU DH[HFXomRFRPMXOJDPHQWRGHPpULWRQDIRUPDGRDUW,9GR&3& 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHDSUHVHQWDomRGHLPSXJQDomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 3URFQR *3SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomRWUD EDOKLVWDSURSRVWDFRQWUD0/&,$/7'$YHPPXLUHVSHLWRVDPHQWHjSUHVHQoD GH9([DDSUHVHQWDULPSXJQDomRjUVHQWHQoDGHOLTXLGDomR $VHQWHQoDGHOLTXLGDomRQmRDWHQWRXSDUDDPDQLIHVWDomRGRUHFODPDQWH GHIOVHPTXHRDXWRUGHPRQVWUDDLQFRUUHomRGDFRQWDGRVUSHULWRSRLVD FRUUHomRPRQHWiULDDSOLFDGDQmRHVWiFRUUHWD 9HULILFDQGRVHQDWDEHODDQH[DRtQGLFHGHFRUUHomRPRQHWiULDGRSULQ FLSDORGpELWRFRUULJLGRDWpDGDWDHPTXHRSHULWRDSXURXDVYHUEDVGHYLGDVDR H[HTXHQWHPRQWDHPHQmRRVDSXUDGRV $VVLPLPSXJQDDVHQWHQoDGHOLTXLGDomRGHYHQGRRTXDQWXPGHYLGR VHUIL[DGRHP 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHHPEDUJRVGHWHUFHLUR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 'LVWULEXLomRSRUGHSHQGrQFLDDR3URFQR 2/7SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHGRF YHPPXLUHVSHLWR VDPHQWHjSUHVHQoDGH9([DDSUHVHQWDU(0%$5*26'(7(5&(,52HPUHODomR DRSURFHVVRSURSRVWRSRU&7FRQWUD/2-$60/7'$FRPIXQGDPHQWR QRDUWGR&3&GHDFRUGRFRPDVUD]}HVDVHJXLUH[SRVWDV $HPEDUJDQWHpWHUFHLUDQRSURFHVVRHQWUH&7FRQWUD/RMDV0/WGD eSURSULHWiULDGRLPyYHOVLWRQDUXD:DOPRU&KDJDVQRGRF 2FRUUHTXHRUHIHULGRWHOHIRQHIRLSHQKRUDGRQRVDXWRVGRSURFHVVRQR FRPDOHJDomRGHSHUWHQFHUjUHFODPDGDHGHTXHQmRKiRXWURVEHQVD SHQKRUDU 'HVWDTXHVHDLQGDFRPRSURYDPDVLQFOXVDVGHFODUDo}HVGHLPSRVWR GHUHQGDGRFVD TXHREHPpR~QLFRLPyYHOGDUHTXHUHQWHHpRORFDOGH UHVLGrQFLDGHVXDIDPtOLD/RJRQmRSRGHULDVHUSHQKRUDGRQRVWHUPRVGD/HL QR
$VVLPUHTXHUDGLVWULEXLomRSRUGHSHQGrQFLDDRSURFQRHVSH UDQGRTXHRVSUHVHQWHVHPEDUJRVVHMDPFRQKHFLGRVHSURYLGRVGHWHUPLQDQGRVH DOLEHUDomRGDSHQKRUDVREUHRLPyYHO 3URWHVWDSURYDURDOHJDGRSRUWRGRVRVPHLRVGHSURYDHPGLUHLWRDG PLWLGRVHVSHFLDOPHQWHSHORVGHSRLPHQWRVSHVVRDLVWHVWHPXQKDVHMXQWDGDGH GRFXPHQWRV 'ijFDXVDRYDORUGH 1HVWHVWHUPRV 3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
0RGHORGHHPEDUJRVjDUUHPDWDomR (;0265'5-8,='$D9$5$'275$%$/+2'(6®23$8/2 'LVWULEXLomRSRUGHSHQGrQFLDDR3URFQR 0%SRUVHXDGYRJDGRTXHHVWDVXEVFUHYHQRVDXWRVGDUHFODPDomR WUDEDOKLVWDSURSRVWDSRU-0YHPPXLUHVSHLWRVDPHQWHjSUHVHQoDGH9([D DSUHVHQWDU(0%$5*26$55(0$7$d®2FRPIXQGDPHQWRQRDUWGR&3& GHDFRUGRFRPDVVHJXLQWHVUD]}HV )RLGHIHULGDDDUUHPDWDomRGRYHtFXOR*ROSODFD291GHSURSULHGDGH GRHPEDUJDQWHGRF 2FRUUHTXHRHPEDUJDQWHWHPSUHIHUrQFLDQDUHPLomRGRVEHQVSRUVHU RH[HFXWDGR 2HPEDUJDQWHRIHUHFHXSUHoRLJXDODRGRYDORUGDFRQGHQDomRDFUHV FLGRGRVMXURVFRUUHomRPRQHWiULDHKRQRUiULRVGRSHULWR2DUWGD/HLQR pFODURQRVHQWLGRGHTXH´HPTXDOTXHUKLSyWHVHDUHPLomRVyVHUi GHIHUtYHODRH[HFXWDGRVHHVWHRIHUHFHUSUHoRLJXDODRYDORUGDFRQGHQDomRµ2UD LVVRIRLIHLWR /RJRQmRSRGHULDDDUUHPDWDomRWHUVLGRFRQIHULGDDXPWHUFHLURTXDQGR RSUySULRH[HFXWDGRRIHUHFHXRYDORUGDFRQGHQDomRQRVWHUPRVGRDUWGD /HLQR $VVLPUHTXHUDGLVWULEXLomRSRUGHSHQGrQFLDDRSURFQRHQWHQ GHQGRTXHGHYDVHUGHIHULGDDUHPLomRGRVEHQVDRHPEDUJDQWHFRPRPHGLGD GH'LUHLWR 'iVHjFDXVDRYDORUGH 1HVWHVWHUPRV
3'HIHULPHQWR 6mR3DXOR $GYRJDGR 2$%QR
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR &RPRVXUJLUDPRV&RQVHOKRVGH3UXG·KRPPHV" 4XDQGRVXUJLXRSULPHLURWULEXQDOWUDEDOKLVWD" 'HVGHTXDQGRD-XVWLoDGR7UDEDOKRLQWHJUDR3RGHU-XGLFLiULR" ([LVWHPDLQGDFODVVLVWDVQD-XVWLoDGR7UDEDOKR" 4XDOIRLDSULPHLUD&RQVWLWXLomRTXHWUDWRXGDFRPSHWrFLDGD-XVWLoDGR7UDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDORFRQFHLWRGH'LUHLWR3URFHVVXDOGR7UDEDOKR" 4XDORVLJQLILFDGRGHFRQMXQWR" 4XDODGHQRPLQDomRGDPDWpULDHPHVWXGR"3RUTXr"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVDVWHRULDVTXHLQIRUPDPDDXWRQRPLDRXQmRGR'LUHLWR3URFHVVXDOGR7UDEDOKR" 3RGHVHGL]HUTXHKiDXWRQRPLDGLGiWLFD" ([LVWHPPXLWDVREUDVHVSHFLDOL]DGDVHPSURFHVVRGRWUDEDOKRQR%UDVLO" 2TXHSUHJDDWHRULDPRQLVWD" 2TXHHVWDEHOHFHDWHRULDGXDOLVWD" &RPRVHMXVWLILFDDDXWRQRPLDMXULVGLFLRQDO"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR (PTXDOUDPRGR'LUHLWRVHHQTXDGUDR'LUHLWR3URFHVVXDOGR7UDEDOKR"3RUTXr"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 2'LUHLWR3URFHVVXDOGR7UDEDOKRUHODFLRQDVHFRPRXWUDVGLVFLSOLQDV"4XDLV" 4XDODUHODomRGR'LUHLWR3URFHVVXDOGR7UDEDOKRFRPR'LUHLWR&RQVWLWXFLRQDO" 4XDODUHODomRFRPR'LUHLWR7ULEXWiULR" 4XDODUHODomRGR'LUHLWR3URFHVVXDOGR7UDEDOKRFRPR'LUHLWR3ULYDGR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRDVIRQWHVGR'LUHLWR3URFHVVXDOGR7UDEDOKR" +iKLHUDUTXLDHQWUHQRUPDVMXUtGLFDV"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRRVPpWRGRVGHLQWHUSUHWDomRGDVQRUPDVMXUtGLFDV" 4XDLVVmRRVPpWRGRVGHLQWHJUDomRGDVQRUPDVMXUtGLFDV" &RPRVHGiDHILFiFLDQRWHPSRGDVQRUPDVGH'LUHLWR3URFHVVXDOGR7UDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRRVSULQFtSLRVGR'LUHLWR3URFHVVXDOGR7UDEDOKR" $RUDOLGDGHHFRQFHQWUDomRSRGHPVHUFRQVLGHUDGDVSULQFtSLRVGR'LUHLWR3URFHVVXDO GR7UDEDOKR" 4XDOpDGLIHUHQoDHQWUHSULQFtSLRVHSHFXOLDULGDGHV" (PTXHFRQVLVWHRSULQFtSLRSURWHFLRQLVWD"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRDVIRUPDVGHVROXomRGRVFRQIOLWRVWUDEDOKLVWDV" 4XDODGLIHUHQoDHQWUHPHGLDomRHDUELWUDJHP" 2TXHpMXULVGLomR" 4XDODGLIHUHQoDHQWUHFRQIOLWRVLQGLYLGXDLVHFROHWLYRV" 4XHYHPDVHUGLVVtGLRFROHWLYRGHQDWXUH]DMXUtGLFDHHFRQ{PLFD" 4XHpKHWHURFRPSRVLomR" 4XHpDXWRGHIHVD"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR &RPRVHGLYLGHPRVyUJmRVGR3RGHU-XGLFLiULR7UDEDOKLVWD" 4XDODIXQomRGRGLUHWRUGHVHFUHWDULD" &RPRIXQFLRQDD9DUDGR7UDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR -RDTXLPUHVLGHQWHHP0DUtOLDIRLFRQWUDWDGRHP6mR3DXORSDUDWUDEDOKDUHP%DX UXQDIXQomRGHYHQGHGRUGDILOLDOGDTXHODFLGDGH4XDOpRIRURFRPSHWHQWHSDUDD SURSRVLWXUDGDUHFODPDomR"3RUTXr" -DSRQrVpFRQWUDWDGRHP7yTXLRSDUDWUDEDOKDUHP%HOR+RUL]RQWHFRPRJHUHQWHGR %DQFRGH7yTXLR4XDOpRIRURFRPSHWHQWHSDUDVHSURSRUDDomRWUDEDOKLVWD"3RU TXr" (PSUHJDGREUDVLOHLURpFRQWUDWDGRHP&DPSLQDVSDUDSUHVWDUVHUYLoRVHP:DVKLQJWRQ FRPRVXEJHUHQWHGR%DQFRGR%UDVLOQDTXHODORFDOLGDGH4XDOpRIRURFRPSHWHQWHHP FDVRGHRHPSUHJDGRVHQWLUVHSUHMXGLFDGRTXDQWRDYDQWDJHQVVDODULDLV"3RUTXr" 8PYHQGHGRUGHFRQVyUFLRVpFRQWUDWDGRFRPRHPSUHJDGRHP/LQVVHQGROKHGHVLJ QDGDDILOLDOGH%RWXFDWXSDUDH[HUFHUVXDVIXQo}HVID]YHQGDVQDUHJLmRGH%DXUX 0DUtOLDH$VVLV4XDOpRIRURFRPSHWHQWHVDEHQGRVHTXHDHPSUHVDWHPVHGHQR5LR GH-DQHLUR"3RUTXr" (TXLOLEULVWDpFRQWUDWDGRHP6mR3DXORSRUXPFLUFR7UDEDOKDQDVFLGDGHVGH2VDVFR 6mR&DHWDQRH6mR%HUQDUGRRQGHHVWiDWXDOPHQWHRFLUFR)RLGHVSHGLGRQHVVD~OWLPD FLGDGH4XDOpRIRURFRPSHWHQWHSDUDDSURSRVLWXUDGDDomR"3RUTXr" $EUHXIRLFRQWUDWDGRHP6mR3DXORSDUDSUHVWDUVHUYLoRVGHYHQGDVQDUHJLmRGR9DOH GR3DUDtED6mR-RVpGRV&DPSRV7DXEDWpHWF $HPSUHVDWHPVHGHHP6mR3DXOR SRUpPRHPSUHJDGRpR~QLFRUHSUHVHQWDQWHQDFLGDGHGH7DXEDWpQXPSHTXHQR HVFULWyULRGHYHQGDV2QGHDUHFODPDomRWUDEDOKLVWDGHYHUiVHUSURSRVWD"3RUTXr" 0iULR$PpULFRpFRQWUDWDGRHP6mR3DXORSRUHPSUHVDGHIHLUDVHH[SRVLo}HV7UD EDOKDHPYiULDVFLGDGHVGRLQWHULRUFRPR-DERWLFDEDO3HGUHLUD6mR5RTXHID]HQGR H[SRVLo}HV(PTXHORFDODDomRGHYHVHUSURSRVWD"3RUTXr" -XFDGH0HORSHGUHLURpFRQWUDWDGRHP6mR3DXORSDUDWUDEDOKDUQD$UJHQWLQD 6XSRQGRVHTXHH[LVWDWUDWDGRLQWHUQDFLRQDOGL]HQGRTXHQHVVHVFDVRVDDomRGHYHVHU SURSRVWDQRORFDOGDH[HFXomRGRVVHUYLoRVRQGHDDomRGHYHVHUSURSRVWDVHJXQGRD &/7"3RUTXr" 0DJQREDOGR6LOYDYHQGHGRUSUDFLVWDpFRQWUDWDGRHP&XULWLEDORFDOHPTXHDHPSUHVD WHPVHGH'HVHQYROYHVXDVDWLYLGDGHVHP)R]GR,JXDoXHUHJLmRRQGHDHPSUHVDQmR WHPTXDOTXHUILOLDO2QGHDDomRGHYHVHUSURSRVWD"3RUTXr" 'HXGLQR7RPpFLUXUJLmRGHQWLVWDpFRQWUDWDGRHP/LVERDSDUDSUHVWDUVHUYLoRVQR %UDVLODXPDHPSUHVDEUDVLOHLUD3RVWHULRUPHQWHHVVDHPSUHVDGHWHUPLQDTXHGHYD WUDEDOKDUHP0DGULGSUHVWDQGRVHUYLoRVSRU~OWLPRQR5LRGH-DQHLUR6DEHQGRVH TXH'HXGLQR7RPppHVSDQKRORQGHDDomRGHYHVHUSURSRVWD"3RUTXr" 2TXHpFRQIOLWRGHMXULVGLomR"$TXHPFDEHMXOJiOR" 4XDLVVmRDVIXQo}HVGR0LQLVWpULR3~EOLFRGR7UDEDOKR" 4XDOpDIXQomRGR3OHQRGR767" 4XDLVVmRDVIXQo}HVGD6',H6'&QR767"
2TXHID]RFRUUHJHGRUGR767HRFRUUHJHGRUGRV7ULEXQDLV5HJLRQDLV" 6LQGLFDWRVDMXL]DUDPGLVVtGLRFROHWLYRVHQGRTXHVXDVEDVHVWHUULWRULDLVVmRQDVFLGD GHVGH$UXMi6DQWD%UDQFDH*XDUDUHPDRQGHVHUmRSURGX]LGRVVHXVHIHLWRV4XHP pFRPSHWHQWHSDUDMXOJiOR" $VFLGDGHVTXHWHUmREDVHVWHUULWRULDLVEHQHILFLDGDVFRPXPGLVVtGLRFROHWLYRVmR 0RQJDJXi&DUDJXDWDWXEDH6mR6HEDVWLmR4XDOpRWULEXQDOFRPSHWHQWHSDUDMXOJDU RUHIHULGRGLVVtGLR" 'LVVtGLRFROHWLYRHQYROYHRV(VWDGRVGH*RLiVH0DWR*URVVRGR6XO2QGHGHYHVHU DMXL]DGR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDORSUD]RSDUDVHPDUFDUDXGLrQFLD" 4XDODGLIHUHQoDHQWUHDWRVHWHUPRVSURFHVVXDLV" &RPRpTXHVHID]DFRPXQLFDomRGRVDWRVSURFHVVXDLVQD-XVWLoDGR7UDEDOKR" 4XDODGLIHUHQoDHQWUHFLWDomRLQWLPDomRHQRWLILFDomR" 3RUTXHRSURFHVVRGRWUDEDOKRXVDRWHUPRQRWLILFDomR" 2SHUtRGRHQWUHDpFRQVLGHUDGRIHULDGRQD-XVWLoDGR7UDEDOKR"3RUTXr"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR &RPRVHFRQILJXUDRSULQFtSLRGDILQDOLGDGH" 4XDORVLJQLILFDGRGRSULQFtSLRGDFRQYDOLGDomR" 4XDQGRRFRUUHQXOLGDGH" 4XDODGLIHUHQoDHQWUHSUHFOXVmRHSHUHPSomR" 2TXHpSHUHPSomR" 2MXL]LQGHIHUHDRLWLYDGHXPDWHVWHPXQKDGRDXWRU(VWHSURWHVWDQDDXGLrQFLD1D VHQWHQoDRMXL]UHFRQKHFHRKRUiULRGHWUDEDOKRQRWLFLDGRQDLQLFLDO2DXWRUUHFRUUH GL]HQGRTXHIRLFHUFHDGRRVHXGLUHLWRDSURYD+iQXOLGDGH"3RUTXr"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDODGLIHUHQoDHQWUHUHSUHVHQWDomRDXWRUL]DomRHDVVLVWrQFLD" 2TXHpDVXEVWLWXLomRSURFHVVXDO"(PTXDLVKLSyWHVHVpFDEtYHOQRSURFHVVRGRWUD EDOKR"
eFDEtYHODQRPHDomRjDXWRULDQRSURFHVVRGRWUDEDOKR" 4XDODGLIHUHQoDHQWUHDVVLVWrQFLDHRSRVLomR" 2TXHpIDFWXPSULQFLSLVHFRPRRFRUUHQRSURFHVVRGRWUDEDOKR" eFDEtYHODGHQXQFLDomRjOLGHQRSURFHVVRGRWUDEDOKR" 2TXHpOLWLVFRQVyUFLR" 4XHPSUHVWDDDVVLVWrQFLDMXGLFLiULDQRSURFHVVRGRWUDEDOKR" 4XDODGLIHUHQoDHQWUHFDSDFLGDGHGHGLUHLWRHFDSDFLGDGHSURFHVVXDO"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRDVFRQGLo}HVGDDomR" 4XDLVVmRRVHOHPHQWRVGDDomR" 4XDLVVmRRVSUHVVXSRVWRVGDDomR" (PTXHFDVRVpSRVVtYHODFXPXODomRGHSHGLGRV" 4XDQGRpSRVVtYHODGLWDUDSHWLomRLQLFLDO" eQHFHVViULRRYDORUGDFDXVDQDSHWLomRLQLFLDOGRSURFHVVRGRWUDEDOKR" -RmR0RQWHLURIRLDGPLWLGRHPRQDHPSUHVD$OID/WGDHGLVSHQVDGRHP 6HX~OWLPRVDOiULRHUDGH1mRUHFHEHXDVYHUEDVUHVFLVyULDV7UD EDOKDYDGDVjVKRUDVGHVHJXQGDDVH[WDIHLUDVHPLQWHUYDORHVHPUHFHEHUDV KRUDVH[WUDVHUHIOH[RV&RPRVHXDGYRJDGRHODERUDUSHWLomRLQLFLDO -XOLPDU6DQWRVIRLDGPLWLGRHPRHGLVSHQVDGRHP([HUFLDDPHVPD IXQomRTXH0LWLNR2JXFKLSRUpPFRPVDOiULRLQIHULRU*DQKDYDH0LWLNR 7UDEDOKDYDHPORFDOLQVDOXEUHWHQGRFRQWDWRFRPHOHPHQWRVTXtPLFRVHUXt GRVH[FHVVLYRV&RPRDGYRJDGRSURSRUDDomRFDEtYHOSDUDRHPSUHJDGR
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVVmRRVHIHLWRVGDGLVWULEXLomR" 4XDQGRpTXHVHSURFHGHjGLVWULEXLomR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR (PTXHKRUiULRSRGHVHUUHDOL]DGDDDXGLrQFLD" 2TXHpDXGLrQFLD"
+iWROHUkQFLDSDUDDFKHJDGDGDVSDUWHVQDDXGLrQFLD" 2SUHSRVWRSUHFLVDVHUHPSUHJDGR"4XHPSRGHVXEVWLWXLURHPSUHJDGRUHPDXGLrQ FLD" +iSUD]RSDUDUpSOLFDQRSURFHVVRGRWUDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDODGLIHUHQoDHQWUHH[FHomRGHLPSHGLPHQWRHVXVSHLomR" 4XDQGRpDSUHVHQWDGDDH[FHomR" &DEHDUHFRQYHQomRQRSURFHVVRGRWUDEDOKR" (PTXHFDVRVRSURFHVVRILFDVXVSHQVRQRSURFHVVRGRWUDEDOKR" 4XDLVVmRDVSUHOLPLQDUHVTXHSRGHPVHUDSUHVHQWDGDVQDFRQWHVWDomR" -RmR0DULQRSURS{VDomRHPIDFHGH(PSUHVDGH3HGUDV/WGDDOHJDQGRTXHIRLDGPL WLGRHPHGLVSHQVDGRHPR1mRUHFHEHXDVYHUEDVUHVFLVyULDV,QIRUPD TXHWUDEDOKDYDGDVjVKRUDVVHPLQWHUYDORGHVHJXQGDDGRPLQJR3HGHDYLVR SUpYLRIpULDVRVDOiULR)*76PDLVKRUDVH[WUDVHUHIOH[RVQDVFRQWUDWXDLVH UHVFLVyULDV&RPRDGYRJDGRGDHPSUHVDID]HUDFRQWHVWDomRSHUWLQHQWH 0DQRHOGH3DLYDSURS{VDomRHPIDFHGH(PSUHVDGH/LPSH]D7XGR/LPSR/WGD7DO SURFHVVRIRLGLVWULEXtGRSDUDDD9DUDGR7UDEDOKRGH6mR3DXOR6DEHQGRVHTXH QHVVD9DUDRMXL]pDPLJRtQWLPRGRDXWRURIHUHFHUDGHIHVDSHUWLQHQWH (PSUHVD3LULWXED/WGDSURS{VDomRGHFRQVLJQDomRHPSDJDPHQWRHPIDFHGH-RD TXLP3LQWRHPUD]mRGHHVWHQmRTXHUHUUHFHEHUDVYHUEDVUHVFLVyULDV1DGHIHVDIRL DOHJDGRTXHRHPSUHJDGRHUDHVWiYHOGLULJHQWHGD&,3$HQmRSRGHULDVHUGHPLWLGR $SUHVHQWDUDUHFRQYHQomRTXHMXOJDUSHUWLQHQWH
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XHPUHDOL]DDSHUtFLDGHLQVDOXEULGDGH" 4XDODGLIHUHQoDHQWUHGRFXPHQWRHLQVWUXPHQWR" 4XDLVVHULDPDVSUHVXQo}HVTXHSRGHULDPVHUDGRWDGDVQRSURFHVVRGRWUDEDOKR" 4XDQGRRFRUUHDFRQILVVmR" 2TXHpSURYDHPSUHVWDGDHFRPRVHDSOLFDULDQRSURFHVVRGRWUDEDOKR" 2SUHSRVWRSRGHVHUWHVWHPXQKD" 2HPSUHJDGRTXHWHPUHFODPDomRSURSRVWDHPUHODomRjHPSUHVDSRGHVHUWHVWHPX QKD"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR (PTXHPRPHQWRSRGHPVHUIHLWDVDVDOHJDo}HVILQDLV" $VUD]}HVILQDLVVmRREULJDWyULDV" 4XDOpRSUD]RGDVUD]}HVILQDLV" 3RGHPVHUIHLWDVSRUHVFULWR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVRVHIHLWRVGDVHQWHQoD" &RPRSRGHPRVGLYLGLUDFRLVDMXOJDGD" 4XHPYRWDQRMXOJDPHQWR" 4XDLVRVOLPLWHVGDFRLVDMXOJDGDQRSURFHVVRFULPLQDOHGRWUDEDOKR" 4XDLVRVOLPLWHVGDFRLVDMXOJDGDQRFtYHOHQRSURFHVVRGRWUDEDOKR" 4XDQGRVHFRQVLGHUDSXEOLFDGDDVHQWHQoDQRSURFHVVRGRWUDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR (PTXHKLSyWHVHVpFDEtYHORUHFXUVRGHUHYLVWD" &RUUHLomRWHPQDWXUH]DGHUHFXUVR" 4XDODQDWXUH]DMXUtGLFDGRVHPEDUJRVGHGHFODUDomR" &DEHUHFXUVRDGHVLYRQRSURFHVVRGRWUDEDOKR"(PTXHFRQGLo}HV" (PTXHKLSyWHVHVpSRVVtYHOLQWHUSRUUHFXUVRRUGLQiULR" ([LVWHPHPEDUJRVSDUDD9DUD"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XHPpTXHSURS}HRLQTXpULWRSDUDDSXUDomRGHIDOWDJUDYH" 2QGHpSURSRVWRRPDQGDGRGHVHJXUDQoDQD-XVWLoDGR7UDEDOKR" &DEHPDo}HVSRVVHVVyULDVQRSURFHVVRGRWUDEDOKR" &RPRVHSURFHGHQDUHVWDXUDomRGRVDXWRV" 4XDORSURFHGLPHQWRQDKDELOLWDomRLQFLGHQWH" eFDEtYHODDomRUHYLVLRQDOQRSURFHVVRGRWUDEDOKRHTXDORVHXSURFHGLPHQWR"
eFDEtYHODomRPRQLWyULDQRSURFHVVRGRWUDEDOKR" 4XHPFRQFHGHWXWHODDQWHFLSDGD" (PTXHFDVRVFDEHULDDWXWHODHVSHFtILFDGHREULJDomRGHID]HU"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDQGRVHGiRDWHQWDGR" &DEHDUUHVWRQRSURFHVVRGRWUDEDOKR"4XDLVVHULDPDVFRQGLo}HV" 4XDODFRQGLomRSDUDVHDMXL]DUVHTXHVWUR" 'rH[HPSORGHH[LELomR 4XDODGLIHUHQoDHQWUHH[LELomRHMXVWLILFDomR" 2TXHpDUUHVWR" 2TXHpVHTXHVWUR" &RPRVHGiDSURGXomRDQWHFLSDGDGHSURYDV" 2TXHpSURWHVWR" &DEHFDXomRQRSURFHVVRGRWUDEDOKR"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDLVRVOLPLWHVGRSRGHUQRUPDWLYR" 2TXHpGLVVtGLRGHH[WHQVmR" 2TXHpGLVVtGLRGHUHYLVmR" eSRVVtYHODMXL]DUVHGLVVtGLRFROHWLYRSDUDIXQFLRQiULRVS~EOLFRV" 2TXHpDomRGHFXPSULPHQWRHTXDODVXDQDWXUH]DMXUtGLFD"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XDQGRVHID]OLTXLGDomRGHVHQWHQoDSRUDUWLJRV" 4XDQGRVHSURFHGHDOLTXLGDomRGHVHQWHQoDSRUFiOFXORV" 4XDQGRVHGiDOLTXLGDomRGHVHQWHQoDSRUDUELWUDPHQWR" 4XDORPRPHQWRGHIDODUVREUHDVFRQWDVTXHYLHUDPGRFRQWDGRUFDVRRMXL]DEUD YLVWDGRVDXWRVjSDUWH"3RUTXr"
9HULILFDomRGH$SUHQGL]DJHP²&DStWXOR 4XHPSRGHDSUHVHQWDURVHPEDUJRVGHWHUFHLUR" 4XDORSUD]RSDUDDSUHVHQWDomRGRVHPEDUJRVGRGHYHGRUQRSURFHVVRGHWUDEDOKR" 4XDORSUD]RSDUDDSUHVHQWDomRGRVHPEDUJRVGHWHUFHLURQRSURFHVVRGHWUDEDOKR" 4XDQGRVHDSOLFDDOHLGHH[HFXomRILVFDOQRSURFHVVRGRWUDEDOKR" 2TXHVHFRQVLGHUDFRPRDWRDWHQWDWyULRjGLJQLGDGHGD-XVWLoDHTXDODSHQDOLGD GH" $H[HFXomRSURYLVyULDVHUiUHDOL]DGDDWpTXHPRPHQWR" 4XHPWHPOHJLWLPLGDGHDWLYDSDUDSURSRUDH[HFXomR" 4XDQGRpTXHRVVyFLRVUHVSRQGHPQDH[HFXomR" &RPRVHSURFHVVDDH[HFXomRFRQWUDD)D]HQGD3~EOLFD" 4XDODGLIHUHQoDHQWUHSUDoDHOHLOmR" 4XDODGLIHUHQoDHQWUHUHPLVVmRHUHPLomR"
7$%(/$'('(3Ð6,725(&856$/ '28'-8
9,*È1&,$
/(*,6/$d®2 /HLQR
52 55
52 55
/HLQR
52 55
$72767 Y,1767
52 55
$72767
52 55
$72767
52 55
&5
$72767
52 55
52 55
$72767
52 55
$72767
52 55
$72767
52 55
5
$72767
52 55
$72767
52 55
5
$72767
52 55
$72767
52 55
$72767
52 55
$72767
52 55
$72767
52 55
$72767
52 55
$72767
52 55
$72*3
52 55
$72*3
52 55
$72*3
52 55
$72*3
52 55
$72*3
52 55
$72*3
52 55
$72*3
52 55
$72*3
9LJrQFLDREULJDWyULDDSDUWLUGRRGLDVXEVHTXHQWHDRGDSXEOLFDomRQR'-8
/HLQR² H[WLQomR095
$72767