Welcome Kit

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

UHJXODPHQWRGHFRQGRPLQLRHDGPLQLVWUDomR

YHUVmR

3UDFHWDGR&HQWUR6RFLDO0RVFDYLGH 1

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

žSHUVRQDOL]DomRGRFRQGRPLQLR  RSUpGLRHVWiGLYLGLGRHPIUDFo}HVDXWyQRPDVLGHQWLILFDGDVGRUFDRžSLVRFRPRGLUHLWRIUHQWHHHVTXHUGR  $DUUHFDGDomRGRSUpGLRpSHUWHQoDGDDGPLQLVWUDomRFRPILQVUHODWLYRVjDFWLYLGDGHFRUUHQWH  RSUHVHQWHUHJXODPHQWRpDSOLFiYHOQDVUHODo}HVHQWUHRVFRQGyPLQRVGRSUpGLRVLWXDGRQD3UDFHWDGR&HQWURVRFLDO0RVFDYLGHTXH IRLFRQVWLWXLGRHPSURSULHGDGHKRUL]RQWDOSRUHVFULWXUDQRWDULDOHWHPSRUILPHVWDEHOHFHURVGLUHLWRVHGHYHUHVGRVFRQGyPLQRVHD FRPSHWrQFLDGRVyUJmRVDGPLQLVWUDWLYRVGRSUpGLR  $OpPGRVFRQGyPLQRVWDPEpPIDPLOLDUHVLQTXLOLQRVRXUHVLGHQWHVGHYHUiHVWDUVREDVUHJUDVGHVWHUHJXODPHQWR  HPWXGRTXDQWRQHVWHUHJXODPHQWRVHMDRPLVVRDSOLFDUVHmRDVUHJUDVFRQVWDQWHVGRVDUWžVDGRWLWXOR,,GROLYUR,,,GR FyGLJRFLYLOVREUHDSURSULHGDGHKRUL]RQWDOHGHPDLVOHJLVODomRDYXOVDHPYLJRU

žLGHQWLILFDomRGRVFRQGyPLQRV  RV FRQGyPLQRV  GHYHP IRUQHFHU  DVXD LGHQWLILFDomR DR DGPLQLVWUDGRU GR SUpGLR H VH QmR YLYHUHP KDELWXDOPHQWH QRSUpGLR GHYHUmR LQGLFDU  R  ORFDO  GH  VXD  UHVLGrQFLD  SDUD  RQGH  VHUi  HQYLDGR  FRUUHLR  UHODWLYR  DR  FRQGRPLQLR  DVVLP  FRPR  FRQWDFWR  WHOHIyQLFR  FRUUHLR HOHFWUyQLFR  RVFRQGyPLQRVTXHDUUHQGDUHPDVIUDFo}HVWHUmRGHLQIRUPDUDDGPLQLVWUDomRGDSHVVRDDTXHPDIUDFomRHVWiDUUHQGDGDSHUtRGRGH DUUHQGDPHQWRHLQGLFDomRGDVSHVVRDVTXHFRPHODFRDELWDUmR2FRQGyPLQRpUHVSRQViYHOSRUWUDQVPLWLUjSHVVRDDTXHPDUUHQGRXD IUDFomRRGRFXPHQWR³PHQVDJHPGHEHPYLQGRV´HGHPDLVLQIRUPDo}HVTXHLQIOXHQFLHPDYLGDGRSUpGLRDTXHRVPHVPRVWDPEpP ILFDUmRVXMHLWRV  2DGPLQLVWUDGRUGHYHPDQWHUDFWXDOL]DGDXPDOLVWDFRPDLGHQWLILFDomRGRVFRQGyPLQRVHGRVRFXSDQWHVGDVIUDFo}HVDUUHQGDGDVQRV WHUPRVGRVQ~PHURVDQWHULRUHVGHVWHDUWLJR

žSDUWHVFRPXQV VmRSDUWHVFRPXQVGHVWHSUpGLR  DOLFHUFHVVRORSLODUHVSDUHGHVPHVWUDVHWRGRVRVHOHPHQWRVGDHVWUXWXUDGRSUpGLR  WHOKDGRVHFREHUWXUDV  HQWUDGDGRSUpGLRFRUUHGRUHVHHVFDGDVGHDFHVVR 4. LQVWDODo}HVYHUWLFDLVGHiJXDHQHUJLDHHVJRWRV  DUUHFDGDo}HV  YDUDQGDV  DQWHQDVFROHFWLYDVRXGHULYDo}HVGHQRYRVGLVSRVLWLYRV

žGHYHUHVGRFRQGyPLQRQDXWLOL]DomRGDVXDIUDFomRHGRVHVSDoRVFRPXQV  QmRFRQIHULUjIUDFomRXPXVRGLIHUHQWHQRFRQVWDQWHGDFRQVWLWXLomRGDSURSULHGDGHKRUWL]RQWDOVHPRDFRUGRH[SUHVVRGHWRGRVRV FRQGyPLQRVHSRVVXLUDUHVSHFWLYDOLFHQoDFDPDUiULD  QmRDUUHQGDUDIUDFomRDXPQ~PHURLQDGHTXDGRjGLPHQVmRGDPHVPD

2

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

   

QmRDUUHQGDUDKDELWDomRDHVWUDQJHLURVVHPVHDVVHJXUDUGDOHJDOLGDGHDVXDVLWXDomRQRSDtV JDUDQWLUTXHDVFKDYHVGHDFHVVRDRSUpGLRVySRGHPVHUXWLOL]DGDVHGLVWULEXLGDVSHODVSHVVRDVTXHYLYHPQDIUDFomR DVVHJXUDUTXHRVDUUHQGDWiULRVFXPSUHPRVGHYHUHVDWULEXLGRVDRVGHPDLVFRQGyPLQRV pSURLELGRDFWLYLGDGHVFODQGHVWLQDVWDLVFRPRXVXUDMRJRYHQGDGHHVWXSHIDFLHQWHVHRXWUDVVXEVWkQFLDVRXGHVHQYROYHUDFWLYLGDGHV PDUJLQDLVQmRSUHYLVWDVQDXWLOL]DomRGDIUDFomR  eSURLELGRDIL[DUSXEOLFLGDGHQRSUpGLRSDUDDXQFLRGHDFWLYLGDGHVPDUJLQDLVRXQmRSUHYLVWDVQDOHL  QmRSURGX]LUUXLGRVTXHSHUWXUEHPRVYL]LQKRVHUHVSHLWDUVHPSUHRSHUtRGRGHUHSRXVRVHPSURGXomRGHEDUXOKRVHQWUHDVKHDV KGHD'RPLQJRLXQFOXLQGRIHULDGRVPXQLFLSDLVHQDFLRQDLVFRPWROHUkQFLDSHORVSHUtRGRVGHIHVWLYLGDGHDFHLWHVH[HPSORV 1DWDO$QR1RYRQDFLRQDLVHFRUUHVSRQGHQWHVVHJXQGRFUHQoDGDVGLIHUHQWHVQDFLRQDOLGDGHV  QmR  ID]HU  IXPRV  QRPHDGDPHQWH  DVVDGRV  TXH  SURYRTXHP  GDQRV  QRPHDGDPHQWH  QDV  SDUHGHV  H  SLQWXUD  DVVLP  FRPR  QDV  URXSDV HVWHQGLGDV  QmRHVWHQGHUURXSDVQRH[WHULRUVHPVHUQRVHVWHQGDLVFRORFDGRVRULJLQDULDPHQWHQDVIUDFo}HVHVHPYHULILFDUVHDURXSDHVWHQGLGD SUHMXGLFDRVDQGDUHVDEDL[R  QmRVDFXGLUWDSHWHVQDVYDUDQGDV  QmRSHULJDUWUDQVHXQWHVFRPYDVRVRXRXWURVXWHQVLOLRVTXHSRGHUmRFDLU  QmR  GHVSHMDU  iJXDV  ODQoDU  OL[R  SRQWDV  GH  FLJDUURV  RX  GHWULWRV  GH  TXDOTXHU  QDWXUH]D  TXH  SRVVDP  SUHMXGLFDU  R  DVVHLR GR  SUpGLR  H HQYROYHQWHiUHDDSUR[LPDGDGRVUF   QmRDOWHUDURDUUDQMRHVWpWLFRGRSUpGLRQRPHDGDPHQWHFRPDLQVWDODomRGHPDUTXLVHVGHDOXPLQLRDSDUHOKRVGHDUFRQGLFLRQDGR WROGRVSDUDVROHSODFDVSXEOLFLWiULDVVHPDFRUGRFRPXQLWiULRDVVLPFRPRDOWHUDUDF{URULJLQDOGRSUpGLR  (PFDVRGHDXVrQFLDVXSHULRUDGH]GLDVGHYHUiLQGLFDUjDGPLQLVWUDomRRQGHSRGHVHUFRQWDFWDGR  *XDUGDUHPORFDOSURWHJLGRSRUODFUHDVFKDYHVGDVIUDFo}HVSDUDTXHHPFDVRGHFDWiVWURIHFRPDXVrQFLDGHPRUDGRUVHSRVVDGH LPHGLDWRDWHQGHUDRSUREOHPDSROLFLDHERPEHLURVVHUmRFKDPDGRVHRVSULPHLURVSRGHUmRYLRODUDSURWHFomRGDFKDYHFRPLQGLFDomR GRQRPHHQ~PHURGHDJHQWH $RDGPLQLVWUDGRUpSURLELGRYLRODUDSURWHFomRHPTXDOTXHUFDVRSDUDLQWUXVmRQDIUDFomR(PFDVRGH UHFXVD  SRU  TXDOTXHUFRQGyPLQR  D  DOWHUQDWLYD  VHUi  R  DUURPEDPHQWR  GD  SRUWD  PHVPR  YLROHQWD  VHQGR  UHVSRQVDELOLGDGH  GR  GRQR  GD IUDFomRGDVGHVSHVDVGHFRUUHQWHVGRDFWR  1mRWHUQHQKXPFRPSRUWDPHQWRTXHSUHMXGLTXHREHPHVWDURXSRQKDHPULVFRDVHJXUDQoDGRVGHPDLVYL]LQKRV  QmRGHVWLQDUDIUDFomRDXVRVRIHQVLYRVGRVERQVFRVWXPHV  DVVXPLUDUHVSRQVDELOLGDGHHDGHVSHVDSRUTXDOTXHUGDQRSURYRFDGRDSDUWHVFRPXQVHSURYLGHQFLDURVHXDUUDQMR  2IXUWRSRUSDUWHGHUHVLGHQWHVDRVFRQGyPLQRVGRSUpGLRVHUiDOYRGHSHQDOL]DomRGRFRQGRPLQLR  LQGLYLGXRVLQGLFLDGRVSRUSUiWLFDVLOHJDLVHGHVFULPLQDWyULDVWDLVFRPRPDXVWUDWRVIDPLOLDUHVVHUmRDOYRGHGHQXQFLD 22. WHUQRPLQLPRXPH[WLQWRUDSURSULDGRSDUDIRJRVGHFDVDDSURSULDGR 23. RH[WLQWRUGHYHUiHVWDUHPVLWLRGHUiSLGDLQWHUYHQomRHFRPDPDQXWHQomRHPGLD  (PFDVR GH H[LVWrQFLDGHDUERUtFRODVQRV SiWLRV LQWHULRUHVHVWDV QmR SRGHUmR WHU PDLVGHGRLV PHWURV GH DOWXUDH GRLVPHWURV GH GLkPHWURVHPSUHMXt]RGRVYL]LQKRV  HP  FDVR  GH  SiWLR  GH  VROR  GHVFREHUWR  QmR  p  SHUPLWLGR  R  DEDQGRQR  FRP  FUHVFLPHQWR  GH  PDWR  RX  SDQWDQDO  ORFDO  SURSLFLR  SDUD

3

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

26.

DSDUHFLPHQWRGHPRVTXLWRVPRVFDVHGHPDLVLQVHFWRV 3URLELGR  D  TXDOTXHU  FRQGyPLQR  SURFHGHU  D  TXDOTXHU  LQWHUYHQomR  jV  SDUWHV  FRPXQV  VHP  DXWRUL]DomR  GR  DGPLQLVWUDGRU  VHQGR UHVSRQVDELOL]DGRRPDQGDWiULRFDVRVHMDUHVLGHQWHQRSUpGLRHRPDQGDQWH

žGHVLQIHVWDomR  VD]RQDOPHQWHDFRPXPEDUDWDRXUDUDPHQWHUDWRVSURFULDPHLQYDGHPSRUFDQDOL]DomRYHUWLFDOHKRUL]RQWDOVHQGRLPSRVVLYHOGHWHFWDU R IRFR  SULQFLSDO  H  SRU  VHU  XP  SUREOHPD  GR  FRQGRPLQLR  GHYHP  RV  FRQGRPLQRV  LQYDGLGRV  FRPXQLFDU  HP  FDVR  DSURSULDGR  DR DGPLQLVWUDGRU  2  DGPLQLVWUDGRU  SRGHUi  VROLFLWDU  D  YHVWRULD  SHOD  &kPDUD  RX  'HOHJDGR  GH  6D~GH  RX  FROPDWDU  D  SUDJD  FRP  UHFXUVR  D  HPSUHVDV HVSHFLDOL]DGDVVHDSURSDJDomRI{UFRPXPDGRVFRQGyPLQRV

žSRVVHGHDQLPDLVGHFRPSDQKLD  GH  DFRUGR  FRP  D SRUWDULD  Qž  GH   GH  'H]HPEUR  GHILQH QR  VHX  DUWž  ž DOtQHD   ³  6HPSUH  TXH  VHMDP  UHVSHLWDGDV  DV FRQGLo}HVGHVDOXEULGDGHHWUDQTXLOLGDGHGDYL]LQKDQoDSRGHPVHUDORMDGRVSRUDSDUWDPHQWRDWpWUrVFmHVRXJDWRVDGXOWRV´  3DUD  RV  HIHLWRV  GD  OHL  FRQVLGHUDVH  ©DQLPDO  GH  FRPSDQKLDª  TXDOTXHU  DQLPDO  GHWLGR  RX  GHVWLQDGR  D  VHU  GHWLGR  SHOR  KRPHP GHVLJQDGDPHQWHQRVHXODUSDUDRVHXSUD]HUHFRPRFRPSDQKLD  SURLELURDFHVVRGHUDoDVGHDQLPDLVGLWDVSHULJRVDVDIL[DGDVSHODOHL  HPFDVRGHSRVVHGHDQLPDLVSHUPLWLGRVHVHFDVRGLVVRREULJDURVGRQRVDFXPSULUHPDVUHJUDVGHVHJXUDQoDDSURSULDGDVSDUDD HVSHFLH  6HUiSURLELGRHVSpFLHVH[RWLFDVTXHSURYRTXHPUHSXOVDRXTXHQmRHVWHMDPGHQWURGRVSDUkPHWURVGHFRDELWDELOLGDGHGRSUpGLR  2VDQLPDLVDSURSULDGRVGHYHUmRWHUDVYDFLQDVHPGLDHGHPDLVFDXWHODVVDQLWiULDVH[LJLGDVSHODOHL  RVDQLPDLVQmRGHYHUmRHVWDUVy]LQKRVPDLVTXHGLDV~WHLVGHYHQGRHVWHVVHUHQWUHJXHVDFXLGDGRVHVSHFLDOL]DGRV  TXDOTXHUHVSpFLHSURLELGDGHLPSRUWDomRRXSURSULHGDGHSULYDGDVHUiGHQXQFLDGRjVDXWRULGDGHVFRPSHWHQWHV  pH[FOXLGRGDGHILQLomRGHDQLPDOGHFRPSDQKLDTXDLVTXHUHVSpFLHVTXHWHQKDPSRUREMHFWLYRFULDomRSDUDFRQVXPRSUySULRRXYHQGD DVVLPFRPRSDUDSUiWLFDVGHHQWUHWHQLPHQWRSXEOLFR  eFRQVLGHUDGRQHVWHDUWLJRRVDQLPDLVGHDVVLVWrQFLDSHVVRDOHJXLDVVHQGRVDOYDJXDUGDGRH[FHSo}HVDRDUWLJR žHPSUHJDGRVGRPpVWLFRV  pREULJDWyULRXPFRQWUDWRFRPRHPSUHJDGRHHVWDUDQH[DGRjGRFXPHQWDomRJHUDOGRFRQGRPLQLR  pREULJDWyULRRUHVSHLWRGDOHJLVODomRVREUHHVWDVLWXDomRQRPHDGDPHQWHDTXHVW}HVGHLGDGHPLQLPDGHWUDEDOKRFRQWUDWRSDJDPHQWR DGHTXDGRjVWDUHIDVHREULJDo}HVFRQWULEXWLYDV  pREULJDWyULRRUHJLVWRGRHPSUHJDGRQD6HJXUDQoD6RFLDODVVLPFRPRXPVHJXURGHDFLGHQWHVGHWUDEDOKRFRPSDWLYHOFRPDVIXQo}HV GHVHPSHQKDGDV  HPWRGRVRVFDVRVHPTXHUHJLVWHLQFRPSDWLELOLGDGHFRPRVUHJXODPHQWRVGRFRQGRPLQLRDVLWXDomRVHUiGHQXQFLDGDjVDXWRULGDGHV FRPSHWHQWHV

4

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

ž2EUDVQDVIUDFo}HVDXWyQRPDV  DQWHV  GH  LQLFLDU  REUDV  R  FRQGyPLQR  GHYH  LQIRUPDU  R  DGPLQLVWUDGRU  VREUH  RV  WUDEDOKRV  TXH  YDL  UHDOL]DU  H  D  GXUDomR  GRV  PHVPRV REVHUYDQGRDVKRUDVGHVLOrQFLRHUHVSHFWLYDQRUPDVHFRQGXWDVGHKLJLHQHHFRPSRUWDPHQWRVRFLDO

žHVWUXWXUDVKRUL]RQWDLVGHiJXDHHQHUJLDJiVGHELOKD  RVFRQGyPLQRVGHYHUmRDGRSWDUXUJHQWHPHQWHDOHJLVODomRVREUHGLVSRVLWLYRVGHVHJXUDQoDGHVWDVHVWUXWXUDV  pSURLELGRRVFRQGRQLPRVWHUHPFDORULILFRVDJiV

žDUUHQGDPHQWRGHIUDFo}HV  eSURLELGRDUUHQGDUDIUDFomRDLQGLYLGXRVTXHQmRWHQKDPUHJLVWRGHSHUPDQrQFLDIL[DQRSDtV  pREULJDWyULRWHUXPLQWHUORFXWRUTXHVHH[SUHVVHQDOtQJXDQDFLRQDOSDUDSRVVtYHLVFRQWDFWRVQXPUDLRGHNP  pREULJDWyULRDSUHVHQWDUXPLQWHUORFXWRUPRUDGRUGDIUDFomRDUUHQGDGDDRDGPLQLVWUDGRU  pH[LJLGRDRVFRQGyPLQRVTXHWHQKDPDUUHQGDGRDVXDIUDFomRXPDFDXomRQRYDORUPLQLPRGHUHQGDPHQVDOSDUDUHSRVLomRGH SHQDOLGDGHVGHFLGLGDVHPDVVHPEOHLDFDXVDGRVSHORVVHXVDUUHQGDWiULRV(VWDTXDQWLDGHYHUiVHUUHSRVWDQRLQLFLRGHFDGDPrV 5. pREULJDWyULRGLVSRQLELOL]DURPDQXDOGHSURFHGLPHQWRVDRVDUUHQGDWiULRVQDVHPDQDGHRFXSDomR 6. SDUDDGHOHJDomRGDYLGDGDVIUDFo}HVDRVUHVWDQWHVFRQGyPLQRVUHVLGHQWHVHDGPLQLVWUDGRUFDGDIUDFomRWHUiGHSDJDUPHQVDOGD UHQGDSUDWLFDGD  RSDJDPHQWRGDGHOHJDomRVHUiFRPSURYDGRSRUXPUHFLERGHDUUHQGDPHQWRQRLQLFLRGHDQRHHPFDVRGHUHFXVDVHUiDYDOLDGRSHOD DVVHPEOHLDRYDORUGHUHQGDSURYiYHOSUDHIHLWRVGHFiOFXOR  RFRQGRPLQLRQmRpUHVSRQViYHOSHORFRQWH~GRGRFRQWUDFWRGHDUUHQGDPHQWRHQWUHSURSULHWiULRHDUUHQGDWiULR 9.  RDGPLQLVWUDGRUSRGHUiDERUGDUXPLQTXLOLQRVHPSUHTXHKDMDQHFHVVLGDGHGHUHS{UFRVWXPHVHLPS{URUHJXODPHQWR6HPSUHTXH KRXYHUVLWXDo}HVFRQVLGHUDGDVJUDYHVSHORDGPLQLVWUDGRURSURSULHWiULRGDIUDFomRWHUiRRFRQKHFLPHQWRIRUPDOGDRFRUUrQFLD 10. RFRQGRPLQLRUHMHLWDRGHVFRQKHFLPHQWRGRSURSULHWiULRSHODVDFo}HVHFRQGXWDGRVVHXVDUUHQGDWiULRVVHQGRHVWHVHPSUHFRQVLGHUDGR FXPSOLFHHUHVSRQViYHOSHORVHYHQWRV žDFHVVLELOLGDGHVHVHJXUDQoD  R  SUpGLR  HVWi  GLVSRQtYHO  SDUD  DOWHUDo}HV  GH  HVWpWLFD  FDVR  GH  VLWXDo}HV  GH  LQFDSDFLGDGH  RX  GHVYLR  GH  SDGUmR  ILVLFR  GH  TXDOTXHU FRQGyPLQRRXLQTXLOLQR  GHDFRUGRFRPDLQFDSDFLGDGHDVVLPRSUpGLRGHOLEHUDUiFRPRVLQWHUHVVDGRVDPHOKRUIRUPDGHUHVROYHURVSUREOHPDVGHDFHVVLELOLGDGH H VHJXUDQoDGRSUpGLRGHVGHTXHDSURYDGRSRUPDLRULD žGLUHLWRVGRVFRQGyPLQRV  RVFRQGyPLQRVWrPRGLUHLWRGHXVRGDIUDFomRHGDVSDUWHVFRPXQVGRSUpGLR

5

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

žDVVHPEOHLDGHFRQGyPLQRV 1. R VLWHGHLQWHUQHWGRSUpGLR ZZZSUDFHWDGRFHQWURVRFLDOEORJVSRWFRP GHYHUiVHUGHXVRFRPXQLWiULRHTXHIXQGDPHQWDOPHQWH GHYHUiVHUXVDGRSDUDSXEOLFDomRGHQRWLFLDVHGDVGHFLV}HVGDDVVHPEOHLD2HQGHUHoRGHHPDLOWUDQVPLVVLYHOGHYHUiVHUHQWUHJXHDR DGPLQLVWUDGRUSDUDDVXDJHVWmRHVyGHYHUiXVDUSDUDDVVXQWRVGRSUpGLR1HVWHVLWHpSUHYLOLJLDGRWRGDDHQYROYrQFLDIDPLOLDUFRP TXHVW}HVGHGLVFXVVmRLQIRUPDLVHWRGRVSRGHUmRSDUWLFLSDU2VLWHVHUiSDUDGLYXOJDomRGDVGHOLEHUDo}HVGDDVVHPEOHLDSDUDRVDXVHQWHV RXVHSUHIHULUHPSRUHPDLO

žSXEOLFDomR 1. GHYHUiH[LVWLUQDHQWUDGDGRSUpGLRXPGLVSRVLWLYRGHLQIRUPDomRGRDFWXDODGPLQLVWUDGRUHVHXFRQWDFWRPRUDGDHPDLOWHOHIRQHV DVVLPFRPRFRQYRFDWyULDVLQIRUPDomRVREUHVHJXUDQoDHKLJLHQHHRXWURVGRFXPHQWRVIRUPDOL]DGRVSDUDRHIHLWR 2. R VLWHGRFRQGRPLQLRpXPHVSDoRSUHYLOLJLDGRSDUDSXEOLFDomRGHDVVXQWRVUHODFLRQDGRVFRPRFRQGRPLQLRVHPSUHMXL]RGRVSRQWRV žHTXLSDPHQWRVDX[LOLDUHVHLQGLVSHQViYHLV  (TXLSDPHQWRV,QGLVSHQViYHLVDR3UpGLRDVHUHPJXDUGDGRVQDDUUHFDGDomR &KDYHVGHIHQGDVXPDJUDQGHHRXWUDSHTXHQD  &KDYHGHJULIIJUDQGH  $OLFDWHXPSDUDFRUWDUHRXWURGHERPEHLUR  0DUWHOR %DOGHVXPJUDQGHHGRLVPpGLRV  /DQWHUQDGHSLOKDV (VFDGD .LWGHSULPHLURVVRFRUURV /kPSDGDVLQFDQGHVFHQWHVHRXUHIOHFWRUHVFRQIRUPHRWLSRGHLOXPLQDomRHPXVR

žOLYURGHUHFODPDo}HVHVXJHVW}HV  RFRQGRPLQLRWHPOLYURGHUHFODPDo}HV  ROLYURWHPSRUREMHFWLYRDSRQWDUDLQGLJQDomRVREUHIDOWDGHDSOLFDELOLGDGHGRUHJXODPHQWR  RDGPLQLVWUDGRUWHUiTXLQ]HGLDVSDUDUHVROYHUDFRQWHQGDRXLQGLJQDomRSHVVRDOHQmRVHQGRSRVVLYHOGHYHUiUHDOL]DUXPDDVVHPEOHLD H[WUDRUGLQiULDQRSUD]RGHGLDVDSyVLQVXFHVVR  2OLYURVHUiWDPEpPDSRQWDPHQWRGHLQFLGHQWHVLQWHUQRV  8PDFySLDpHQWUHJXHDRUHODWRUHRRULJLQDOILFDQDDGPLQLVWUDomR  RDGPLQLVWUDGRUpREULJDGRDHQWUHJDUROLYURVHPSUHTXHOKHVHMDVRFLOLWDGRHVHPRPLQLPRGHUHVHUYDV  $VVXJHVW}HVVHUmRDQDOLVDGRVSHORDGPLQLVWUDGRUHDSUHVHQWDGDVHPDVVHPEOHLDRUGLQiULDVHMXVWLILFDGDV$VVXJHVW}HVWHPRSURSyVLWR

6

UHJXODPHQWRGRFRQGRPLQLRGD3UDFHWDGR&HQWURVRFLDO±YHUVmR

GH  LQFHQWLYDU  D  DGPLQLVWUDomR  D  PHOKRUDU  FRQWLQXDPHQWH  D  YLGD  GR  FRQGRPLQLR  H  FRPR  WDO  QmR  GHYH  VHU  REVHUYDGR  FRPR  FULWLFD GHVWUXWLYDPDVFRPRDSXOVDomRGRFRQGRPLQLR  $V  VXJHVW}HV  VHUmR  GLVSRQLELOL]DGDV  HP  UHFLSLHQWH  SUySULR  QR  KDOO  GH  HQWUDGD  H  R  DGPLQLVWUDGRU  VHUi  UHVSRQViYHO  SHOD  UHFROKD  H WUDWDPHQWRDGHTXDGRGDVXJHVWmR

žSHQDOLGDGHHOLWLJLRV  RVOLWLJLRVSURYHQLHQWHVGHGLYHUJrQFLDVHQWUHFRQGyPLQRVLQTXLOLQRVHRXHQWUHHVWHVHRDGPLQLVWUDGRUVHUmRUHVROYLGRHPDVVHPEOHLD GHFRQGyPLQRVGHSRLVGHRXYLGDVDVSDUWHVHPGHVDFRUGRHSHODIRUPDUHJXODPHQWDU  QmRVHQGRSRVVtYHODUHVROXomRSRUDVVHPEOHLDHFRQVRDQWHDJUDYLGDGHGRVIDFWRVVHUmRUHVROYLGRVDWUDYpVGHUHFXUVRD7ULEXQDOGH3D] RXD7ULEXQDOGR)RURGH/RXUHV

žSXEOLFDomRQDLQWHUQHW 1. R VXSUD  SUpGLR  WHP  XP  VLWH  SUHYLOLJLDGR  GH  SXEOLFDomR  GH  QRWLFLDV  UHOHYDQWHV  DRV  FRQGyPLQRV  FXMR  QRPH  p ZZZSUDFHWDGRFHQWURVRFLDOEORJVSRWFRP  SRGHUmRVHUSXEOLFDGDVLQIRUPDo}HVTXHUHOHYDQWHVDRSUpGLRQmRFRQVWLWXHPFULPHGHVHJUHJDomRGHTXDOTXHUHVSpFLHHGHRIHQVDD TXDOTXHUFRQGyPLQRRXUHVLGHQWH  WRGDVDVLQIRUPDo}HVGHYHUmRFRQVWDURDXWRUHVHUiUHVHUYDGRDSXEOLFDomRGHLPDJHQVVXMHLWDVDFRS\ULJKW  RVLWHWHPXPHPDLOGHDGPLQLVWUDGRUSDUDTXDLVTXHUWURFDGHLQIRUPDomR

7