Esta é uma pré-visualização de arquivo. Entre para ver o arquivo original
� �352*5$0$d2�3$5$�,17(51(7�5,&$ 6LPXODGR��&&7����B60B�������������9��� �92/7$5 $OXQR�D���('8$5'2�'(�0285$�52'5,*8(6 0DWUtFXOD�������������� 'HVHPSHQKR������GH���� 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $VVLQDOH�D�WHFQRORJLD�FDSD]�GH�PRGLILFDU�GLQDPLFDPHQWH�XPD�SiJLQD�GD�:HE�QD�SUySULD�PiTXLQD�FOLHQWH�VHP�SUHFLVDU DFHVVDU�QRYDPHQWH�XP�VHUYLGRU�:HE� � '+70/ ;+70/ -63 ;0/ +70/ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ YƵĂů�ĨŽŝ�Ž�ŵŽƚŝǀŽ�ĚŽ�ĞƐƚŽƵƌŽ�ĚĂ�ďŽůŚĂ�ƉŽŶƚŽĐŽŵ͍ $V�FDPSDQKDV�GH�PDUNHWLQJ�FRQWUD�D�LQWHUQHW��DSRLDQGR�DV�SHTXHQDV�HPSUHVDV�TXH�QmR�WLQKDP�JUDQGHV UHFXUVRV�SDUD�LQYHVWLU�QD�:HE� � $V�HPSUHVDV��TXH�LQYHVWLUDP�JUDQGH�SDUWH�GR�VHX�FDSLWDO��SHUFHEHUDP�TXH�D�LQWHUQHW�QmR�HUD�XPD�IRQWH�GH OXFURV�H[WUDRUGLQiULRV��TXH�QmR�EDVWDULD�WHU�XP�VLWH�SDUD�WLUDU�YDQWDJHP�FRPSHWLWLYD�VHP�XP�SODQR�EHP HODERUDGR�H�H[HFXWDGR� � $V�HPSUHVDV�SHUFHEHUDP�TXH��DSHQDV�YLQFXODQGR�VXD�PDUFD�QRPH�j�,QWHUQHW�HUD�SRVVtYHO�WHU�OXFURV H[WUDRUGLQiULRV��FRP�LVVR��LQYHVWLUDP�FDGD�YH]�PDLV��$�UHGH�PXQGLDO�QmR�VXSRUWRX�R�YROXPH�GH�QRYRV�VLWHV�H RFRUUHX�R�HVWRXUR�GD�EROKD� $�FULDomR�GH�QRYRV�VLWHV�TXH�Mi�XWLOL]DYDP�UHJUDV�H�FRQFHLWRV�LQLFLDLV�GH�:HE������FRPR�R�FDVR�GD�ORMD�YLUWXDO $PD]RQ��TXH�SHUPLWLD�TXH�VHXV�FOLHQWHV�H�YLVLWDQWHV�SRVWDVVHP�FRPHQWiULRV�H�LQIRUPDo}HV�GLYHUVDV�VREUH�OLYURV TXH�HUDP�YHQGLGRV�QD�ORMD� ��ŝŶƚĞƌŶĞƚ�ŶĆŽ�ƐƵƉŽƌƚŽƵ�Ă�ŐƌĂŶĚĞ�ƋƵĂŶƚŝĚĂĚĞ�ĚĞ�ĞŵƉƌĞƐĂƐ�ƋƵĞƌĞŶĚŽ�ƚĞƌ�Ƶŵ�ƐŝƚĞ�ŶĂ�ǁĞď͘ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $�UHVSHLWR�GH�IROKDV�GH�HVWLOR�HP�FDVFDWD�&66��FDVFDGLQJ�VW\OH�VKHHWV���DVVLQDOH�D�RSomR�FRUUHWD� $V�IROKDV�GH�HVWLOR�HP�FDVFDWD�&66�FRQVLVWHP�HP�XP�PHFDQLVPR�VLPSOHV�SDUD�DGLFLRQDU�GDGRV�GLQkPLFRV�HP $V�IROKDV�GH�HVWLOR�HP�FDVFDWD�&66�FRQVLVWHP�HP�XP�PHFDQLVPR�VLPSOHV�SDUD�DGLFLRQDU�GDGRV�GLQkPLFRV�HP GRFXPHQWRV�ZHE��YLVtYHLV�SRU�WRGRV�RV�WLSRV�GH�QDYHJDGRUHV�ZHE� $V�IROKDV�GH�HVWLOR�H[WHUQDV�VmR�DUPD]HQDGDV�HP�DUTXLYRV�+70/ � 8PD�UHJUD�&66�WHP�VLQWD[H�GLYLGLGD�HP�GXDV�SDUWHV��XP�VHOHWRU�H�XPD�RX�PDLV�GHFODUDo}HV��&DGD�GHFODUDomR�p GLYLGLGD�HP�SURSULHGDGH�H�YDORU� &RPHQWiULRV�GHYHP�VHU�HVFULWRV�HQWUH�FDUDFWHUHV����� 6H�DV�SURSULHGDGHV�GDV�UHJUDV�GH�HVWLOR�WLYHUHP�VLGR�GHFODUDGDV�SDUD�R�PHVPR�VHOHWRU�HP�GLIHUHQWHV�IROKDV�GH HVWLOR��RV�YDORUHV�DSOLFDGRV�VHUmR�RV�GD�IROKD�PDLV�JHQpULFD��([HPSOR��VH�D�PHVPD�UHJUD�IRU�GHILQLGD�HP�IROKD GH�HVWLOR�H[WHUQD��LQWHUQD��QD�VHomR���H�HP�OLQKD��QR�HOHPHQWR�+70/���D�SULPHLUD�p�TXH�VHUi�DSOLFDGD�FRPR�HVWLOR� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�XPD�SURSULHGDGH�SDUD�IRQWH�TXH�VH�SRVVD�DSOLFDU�HP�XPD�IROKD�GH�HVWLOR�&66� IRQW�VL]H IRQW�IDPLO\ � IRQW�YDULDQW IRQW�VW\OH � IRQW�IDFH � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 1R�FRQWH[WR�GD�:HE�6WDQGDUG��D�GHILQLomR�GR�WLSR�GH�GRFXPHQWR��'RFXPHQW�7\SH�'HILQLWLRQV�'7'��HVSHFLILFD�TXDO�p�D VLQWD[H�6*0/�XVDGD�QR�GRFXPHQWR��$�'7'�p�XVDGD�SHODV�DSOLFDo}HV�6*0/�SDUD�LGHQWLILFDU�DV�UHJUDV�TXH�VH�DSOLFDP�D OLQJXDJHP�GH�PDUFDomR�XVDGD�QR�GRFXPHQWR�EHP�FRPR�R�FRQMXQWR�GH�HOHPHQWRV�H�HQWLGDGHV�YiOLGDV�QDTXHOD OLQJXDJHP��$VVLP�XPD�'7'�SDUD�XP�GRFXPHQWR�;+70/�GHVFUHYH�FRP�SUHFLVmR�D�VLQWD[H�H�D�JUDPiWLFD�GD�OLQJXDJHP�GH PDUFDomR�;+70/��$VVLP��R�'2&7<3(�GHYH�VHU�VHPSUH�D�SULPHLUD�GHFODUDomR�HP�XP�GRFXPHQWR�ZHE��1R�FDVR�GD ;+70/��'2&7<3(�VmR�GH�WUrV�WLSRV��VHQGR�GRLV�GHOHV�GHVFULWRV�DEDL[R�� ,��&DUDFWHUL]D�D�PDLV�UtJLGD�GDV�GHFODUDo}HV��QmR�DGPLWHP�TXDOTXHU�LWHP�GH�IRUPDWDomR�GHQWUR�GRV�HOHPHQWRV�H�QHP HOHPHQWRV�HP�GHVXVR��VHJXQGR�DV�UHFRPHQGDo}HV�GR�:�&��6mR�LQGLFDGRV�SDUD�XVR�FRP�IROKDV�GH�HVWLOR�HP�FDVFDWD� FRP�PDUFDomR�WRWDOPHQWH�LQGHSHQGHQWH�GD�DSUHVHQWDomR�� ,,��&DUDFWHUL]D�XPD�GHFODUDomR�TXH�SHUPLWH�XPD�PDLRU�IOH[LELOLGDGH�VHQGR�LQGLFDGD�SDUD�GRFXPHQWRV�TXH�DLQGD�XWLOL]HP HOHPHQWRV�HP�GHVXVR��UHJUDV�GH�DSUHVHQWDomR�HPEXWLGDV�HP�WDJV�H�WDPEpP�SDUD�GRFXPHQWRV�GHVWLQDGRV�D�H[LELomR�HP EURZVHUV�VHP�VXSRUWH�SDUD�&66��1mR�DGPLWH�TXDOTXHU�WLSR�GH�PDUFDomR�SDUD�IUDPHV�� (VVHV�GRLV�WLSRV�GH�'2&7<3(�SDUD�;+70/�VmR�GHQRPLQDGRV��UHVSHFWLYDPHQWH� )5$0(6(7�H�67$1'$5' � 675,&7�H�75$16,7,21$/ 675,&7�H�67$1'$5' )5$0(6(7�H�75$16,7,21$/ 675,&7�H�)5$0(6(7 � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 3RGHPRV�FKDPDU�DV�DSOLFDo}HV�:HE�TXH�WHP�FDUDFWHUtVWLFDV�H�IXQFLRQDOLGDGHV�VHPHOKDQWHV�DV�HQFRQWUDGDV�HP�VRIWZDUHV WUDGLFLRQDLV�GR�WLSR�'HVNWRS�GH� -DYD6FULSW $-$; :(%���� � 5LFK�,QWHUQHW�$SSOLFDWLRQ��5,$� '+70/ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 4XDO�FRQFHLWR�12�HVWi�UHODFLRQDGR�j�:HE����" :LNLV ,QWHOLJrQFLD�&ROHWLYD 5HGHV�6RFLDLV &RQWH~GR�JHUDGR�SHOR�XVXiULR � &HQWUDOL]DomR�GH�,QIRUPDomR � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�XP�EHQHItFLR�GH�XP�VLVWHPD�TXH�XWLOL]D�5,$� $JLOLGDGH�QR�WHPSR�GH�UHVSRVWD � )XQFLRQDPHQWR�HP�DOJXQV�%URZVHUV 3RVVLELOLGDGH�GH�LQWHUIDFH�FRP�DQLPDomR 8WLOL]DomR�GH�PXOWLPtGLD�H[��iXGLR��YtGHR� /D\RXWV�JUiILFRV�PDLV�HODERUDGRV � �D�4XHVWmR��5HI���������������� $�SDUWLU�GH�������D�:�&�UHFRPHQGD�XP�SDGUmR�GH�HVFULWD�GH�SiJLQDV�:(%��4XDO�p�HVWH�SDGUmR"�$SUHVHQWH�VXD�UHVSRVWD H[SOLFLWDQGR�TXDO�WLSR�GH�GRFXPHQWR�VHUYH�SDUD�HIHWXDU�D�YHULILFDomR�GD�SiJLQD� 6XD�5HVSRVWD��e�R�SDGUmR�;+70/��VHQGR�R�'7'�R�GRFXPHQWR�TXH�VHUYH�FRPR�PRGHOR�SDUD�VHU�YHULILFDGR�D�SiJLQD� &RPSDUH�FRP�D�VXD�UHVSRVWD��2�:�&�UHFRPHQGD�TXH�VH�XVD�;7+0/�GHVGH�������TXDQGR�UHIRUPXODUDP�R�+70/��� XVDQGR�FRPR�EDVH�R�;0/������2V�GRFXPHQWRV�HP�+70/�SDVVDUDP�D�VHJXLU�DV�UHJUDV�GR�;0/��SRGHQGR�VHU�YDOLGDGRV�H YHULILFDGRV�FRP�XPD�'7'��'RFXPHQW�7\SH�'HILQLWLRQ�� � ��D�4XHVWmR��5HI���������������� dŝŵ�KDzZĞŝůůLJ�ĚĞĨŝŶĞ�Ă�tĞď�Ϯ͘Ϭ�ĚĂ�ƐĞŐƵŝŶƚĞ�ĨŽƌŵĂ͗ � Η��tĞď�Ϯ͘Ϭ�Ġ�Ă�ƌĞǀŽůƵĕĆŽ�ŶŽƐ�ŶĞŐſĐŝŽƐ�ĚĂ�ŝŶĚƷƐƚƌŝĂ�ĚĂ�ŝŶĨŽƌŵĄƚŝĐĂ�ĐĂƵƐĂĚĂ�ƉĞůĂ�ŵƵĚĂŶĕĂ ƉĂƌĂ�Ă�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ͕�Ğ�ƵŵĂ�ƚĞŶƚĂƚŝǀĂ�ĚĞ�ĞŶƚĞŶĚĞƌ�ĂƐ�ƌĞŐƌĂƐ�ĚĞ�ƐƵĐĞƐƐŽ�ĚĞƐƐĂ ŶŽǀĂ�ƉůĂƚĂĨŽƌŵĂ͘Η � �ĞŶƚƌŽ�ĚŽ�ĐŽŶƚĞdžƚŽ�ĚŽ�ƵƐŽ�ĚĂ�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�Ͳ�Ğŵ�ĞƐƉĞĐŝĂů�ĚŽ�ƵƐŽ�ĚĂ�ǁĞď�ĐŽŵŽ ƉůĂƚĂĨŽƌŵĂ�Ͳ�ƌĞƐƉŽŶĚĂ͗ � ĂͿ�YƵĂů�Ġ�Ž�ƉĂƉĞů�;Ğ�Ă�ŝŵƉŽƌƚąŶĐŝĂͿ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉĂĚƌŽŶŝnjĂĚĂƐ�Ğ�ĂďĞƌƚĂƐ�Ͳ�ĐŽŵŽ�Ž�y,dD>͕ Ž��^^�Ğ�Ž�:ĂǀĂ^ĐƌŝƉƚ��Ͳ�Ğŵ�ĚĞƚƌŝŵĞŶƚŽ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉƌŽƉƌŝĞƚĄƌŝĂƐ��Ͳ�ĐŽŵŽ�Ž�&ůĂƐŚ�ͬ��ĚŽďĞ >ŝǀĞ�LJĐůĞ͍ � ďͿ�YƵĂů�Ă�ŽƌŝŐĞŵ�ĚĂƐ�ĚŝĨŝĐƵůĚĂĚĞƐ�Ğŵ�ƵƐĂƌ�Ă�tĞď�Ϯ͘Ϭ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�Z/�͍ 6XD�5HVSRVWD��D��7RGD��SRLV�SHUPLWH�D�LPSOHPHQWDomR�QR�QDYHJDGRU�GH�IRUPD�VLPSOHV��GLUHWD�H�OHYH��DR�FRQWUiULR�GDV WHFQRORJLDV�SURSULHWiULDV��E��1mR�WtQKDPRV�DQWHV�GHYLGR�D�OLPLWDomR�GH�EDQGD�GH�LQWHUQHW��SRUpP��FRP�D�SRSXODUL]DomR�H D�GLPLQXLomR�GR�SUHoR��D�FDSDFLGDGH�GH�SURFHVVDPHQWR�VH�WRUQRX�PDLRU� &RPSDUH�FRP�D�VXD�UHVSRVWD� ĂͿ� K� ƉĂƉĞů� ĚĞƐƚĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� Ġ� ƉĞƌŵŝƚŝƌ� ƋƵĞ� Ž� ĂĐĞƐƐŽ� ăƐ� ĂƉůŝĐĂĕƁĞƐ� ƐĞũĂ� Ž� ŵĂŝƐ ƵŶŝǀĞƌƐĂů�ƉŽƐƐşǀĞů͕�ƉĞƌŵŝƚŝŶĚŽ�ƋƵĞ�ƚŽĚŽƐ�ƉŽƐƐĂŵ�ƵƚŝůŝnjĂƌ�ĂƐ�ĂƉůŝĐĂĕƁĞƐͬƐŝƚĞƐͬƐĞƌǀŝĕŽƐ ƐĞŵ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ƐŽĨƚǁĂƌĞ�ĞƐƉĞĐŝĂů�;ƋƵĞ�ŶĞŵ�ƐĞŵƉƌĞ�ĞƐƚĂƌĄ�ĚŝƐƉŽŶşǀĞů�Ğŵ�ƚŽĚĂƐ ĂƐ� ƉůĂƚĂĨŽƌŵĂƐͿ͘� �ĚŝĐŝŽŶĂůŵĞŶƚĞ͕� Ž� ƵƐŽ� ĚĞ� ƚĞĐŶŽůŽŐŝĂƐ� ƉĂĚƌŽŶŝnjĂĚĂƐ� Ğ� ĂďĞƌƚĂƐ ƉĞƌŵŝƚĞ� ƵŵĂ� ƐƵďƐƚĂŶĐŝĂů� ƌĞĚƵĕĆŽ� ŶŽƐ� ĐƵƐƚŽƐ� ƚĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽƐ ĂƐ� ƉůĂƚĂĨŽƌŵĂƐͿ͘� �ĚŝĐŝŽŶĂůŵĞŶƚĞ͕� Ž� ƵƐŽ� ĚĞ� ƚĞĐŶŽůŽŐŝĂƐ� ƉĂĚƌŽŶŝnjĂĚĂƐ� Ğ� ĂďĞƌƚĂƐ ƉĞƌŵŝƚĞ� ƵŵĂ� ƐƵďƐƚĂŶĐŝĂů� ƌĞĚƵĕĆŽ� ŶŽƐ� ĐƵƐƚŽƐ� ƚĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽƐ ĚĞƐĞŶǀŽůǀĞĚŽƌĞƐͬŵĂŶƚĞŶĞĚŽƌĞƐ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƋƵĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽ� ƵƐƵĄƌŝŽ� ĨŝŶĂů͕ ƚŽƌŶĂŶĚŽ�Ă�ƉůĂƚĂĨŽƌŵĂ�tĞď�Ϯ͘Ϭ�ŵĂŝƐ�ĂƚƌĂĞŶƚĞ�ƉĂƌĂ�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ ĚŽ�ƚŝƉŽ�Z/�͘ � ďͿ���ŐƌĂŶĚĞ�ŵĂŝŽƌŝĂ�ĚĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĚĂ�ǁĞď��͎�ĐŽŵŽ�Ž�ƉƌŽƚŽĐŽůŽ�,ddW͕�Ă�ůŝŶŐƵĂŐĞŵ ,dD>͕�Ž��^^�Ğ�ŵĞƐŵŽ�Ž�:ĂǀĂ^ĐƌŝƉƚ��͎��ĨŽƌĂŵ�ĐƌŝĂĚĂƐ�ĐŽŵ�Ž�ƉƌŽƉſƐŝƚŽ�ĚĞ�ƉĞƌŵŝƚŝƌ�Ă ĂƉƌĞƐĞŶƚĂĕĆŽ� ĚĞ� ƉĄŐŝŶĂƐ� ƉƌĂƚŝĐĂŵĞŶƚĞ� ĞƐƚĄƚŝĐĂƐ͕� ĐŽŵ� Ƶŵ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ ƉƌŝŵĂƌŝĂŵĞŶƚĞ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƉĂƌĂ� Ž� ĐůŝĞŶƚĞ� Ğ� ĐŽŵ� ƉŽƵĐĂƐ� ĐŽŵƵŶŝĐĂĕƁĞƐ� ĚŽ� ƚŝƉŽ ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ͘�^ĞŶĚŽ�ĂƐƐŝŵ͕�ĞƐƐĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĨŽƌĂŵ�ďĂƐƚĂŶƚĞ�ŽƚŝŵŝnjĂĚĂƐ�ƉĂƌĂ ĞƐƚĞ� ƚŝƉŽ�ĚĞ�ŽƉĞƌĂĕĆŽ͘�WŽƌ�ĞƐƚĂ� ƌĂnjĆŽ͕�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�ĂůƚĂŵĞŶƚĞ ŝŶƚĞƌĂƚŝǀĂƐ͕� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ� ĚŽ� ĐůŝĞŶƚĞ� ƉĂƌĂ� Ž� ƐĞƌǀŝĚŽƌ� Ğ ƚĂŵďĠŵ� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ŶƷŵĞƌŽ� ĚĞ� ŽƉĞƌĂĕƁĞƐ� ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ� ƚŽƌŶĂͲƐĞ ĐŽŵƉůĞdžŽ͕� ƉŽŝƐ� Ž�ĚĞƐĞŶǀŽůǀĞĚŽƌ� ƚĞƌĄ�ĚĞ�ƵƐĂƌ� ĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� ĐŝƚĂĚĂƐ� ĂĐŝŵĂ�ĚĞ�ƵŵĂ ŵĂŶĞŝƌĂ�ĚŝĨĞƌĞŶƚĞ�ĚĂƋƵĞůĂ�ƉƌĞǀŝƐƚĂ�ŝŶŝĐŝĂůŵĞŶƚĞ͘ �92/7$5���������� 3HUtRGR�GH�QmR�YLVXDOL]DomR�GD�SURYD��GHVGH�DWp�� � � � �352*5$0$d2�3$5$�,17(51(7�5,&$ 6LPXODGR��&&7����B60B�������������9��� �92/7$5 $OXQR�D���('8$5'2�'(�0285$�52'5,*8(6 0DWUtFXOD�������������� 'HVHPSHQKR������GH���� 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 1R�FRQWH[WR�GH�FRQFHLWRV�H�WHFQRORJLDV�GH�,QWHUQHW��p�XPD�FDUDFWHUtVWLFD�GR�ODGR�FOLHQWH�GDV�$SOLFDo}HV�SDUD�,QWHUQHW 5LFDV��5LFK�,QWHUQHW�$SSOLFDWLRQV��R�XVR� � GH�XP�PRGHOR�GH�HYHQWRV�SDUD�UHVSRQGHU�D�LQWHUDo}HV�GR�XVXiULR� GH�&66�SDUD�DWXDOL]DU�XPD�SDUWH�GR�FRQWH~GR�GH�XPD�SiJLQD�+70/�H[LELGD�DR�XVXiULR�GD�DSOLFDomR� GD�OLQJXDJHP�$-$;��TXH�WRUQD�REVROHWR�R�XVR�GD�OLQJXDJHP�-DYD6FULSW� GH�WHFQRORJLDV��WDLV�FRPR�'20�H�53&��SDUD�DFHVVR�DR�ODGR�VHUYLGRU�GH�PRGR�DVVtQFURQR� GH�;6/�SDUD�DUPD]HQDU�R�HVWDGR�GD�DSOLFDomR�QR�ODGR�GR�FOLHQWH� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ YƵĂů�ĨŽŝ�Ž�ŵŽƚŝǀŽ�ĚŽ�ĞƐƚŽƵƌŽ�ĚĂ�ďŽůŚĂ�ƉŽŶƚŽĐŽŵ͍ � $V�HPSUHVDV��TXH�LQYHVWLUDP�JUDQGH�SDUWH�GR�VHX�FDSLWDO��SHUFHEHUDP�TXH�D�LQWHUQHW�QmR�HUD�XPD�IRQWH�GH OXFURV�H[WUDRUGLQiULRV��TXH�QmR�EDVWDULD�WHU�XP�VLWH�SDUD�WLUDU�YDQWDJHP�FRPSHWLWLYD�VHP�XP�SODQR�EHP HODERUDGR�H�H[HFXWDGR� $V�FDPSDQKDV�GH�PDUNHWLQJ�FRQWUD�D�LQWHUQHW��DSRLDQGR�DV�SHTXHQDV�HPSUHVDV�TXH�QmR�WLQKDP�JUDQGHV UHFXUVRV�SDUD�LQYHVWLU�QD�:HE� $V�HPSUHVDV�SHUFHEHUDP�TXH��DSHQDV�YLQFXODQGR�VXD�PDUFD�QRPH�j�,QWHUQHW�HUD�SRVVtYHO�WHU�OXFURV H[WUDRUGLQiULRV��FRP�LVVR��LQYHVWLUDP�FDGD�YH]�PDLV��$�UHGH�PXQGLDO�QmR�VXSRUWRX�R�YROXPH�GH�QRYRV�VLWHV�H RFRUUHX�R�HVWRXUR�GD�EROKD� ��ŝŶƚĞƌŶĞƚ�ŶĆŽ�ƐƵƉŽƌƚŽƵ�Ă�ŐƌĂŶĚĞ�ƋƵĂŶƚŝĚĂĚĞ�ĚĞ�ĞŵƉƌĞƐĂƐ�ƋƵĞƌĞŶĚŽ�ƚĞƌ�Ƶŵ�ƐŝƚĞ�ŶĂ�ǁĞď͘ $�FULDomR�GH�QRYRV�VLWHV�TXH�Mi�XWLOL]DYDP�UHJUDV�H�FRQFHLWRV�LQLFLDLV�GH�:HE������FRPR�R�FDVR�GD�ORMD�YLUWXDO $PD]RQ��TXH�SHUPLWLD�TXH�VHXV�FOLHQWHV�H�YLVLWDQWHV�SRVWDVVHP�FRPHQWiULRV�H�LQIRUPDo}HV�GLYHUVDV�VREUH�OLYURV TXH�HUDP�YHQGLGRV�QD�ORMD� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 2�WHUPR�:HE�����DWXDOPHQWH�HVWi�EHP�GLIXQGLGR��$QDOLVH�DV�VHQWHQoDV�DEDL[R�VREUH�R�DVVXQWR�H�HP�VHJXLGD�DVVLQDOH�D DOWHUQDWLYD�FRUUHWD�� ,���2V�VLWHV�HVWiWLFRV�SURJUHVVLYDPHQWH�HVWmR�GDQGR�OXJDU�DRV�VLWHV�GLQkPLFRV��FRP�DPELHQWHV�ULFRV�HP�UHFXUVRV� LQWHUDWLYLGDGH�H�PXOWLPtGLD� LQWHUDWLYLGDGH�H�PXOWLPtGLD� ,,���&RP�UHODomR�DR�FRQWH~GR��RV�LQWHUQDXWDV�VmR�FRQVLGHUDGRV�XVXiULRV�SDVVLYRV��QmR�SRGHQGR�DFUHVFHQWDU�YDORU��RSLQDU RX�FRPHQWDU�� ,,,���8VR�GH�5HGHV�6RFLDLV��,QWHOLJrQFLD�FROHWLYD��6HUYLoRV�LQWHJUDGRV�UHXWLOL]iYHLV�TXH�XWLOL]HP�D�:HE�FRPR�SODWDIRUPD� ,9���4XDQWR�PDLV�SHVVRDV�XWLOL]DUHP�SLRU�p�R�VHUYLoR� � $SHQDV�DV�VHQWHQoDV�,�H�,,,�HVWmR�FRUUHWDV $SHQDV�DV�VHQWHQoDV�,,,�H�,9�HVWmR�FRUUHWDV $SHQDV�DV�VHQWHQoDV�,,�H�,9�HVWmR�FRUUHWDV $SHQDV�D�VHQWHQoD�,�HVWi�FRUUHWD $SHQDV�DV�VHQWHQoDV�,�H�,,�HVWmR�FRUUHWDV � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 6REUH�R�&66��FRQVLGHUH�DV�VHQWHQoDV�� ,��2V�FyGLJRV�GH�HVWLOR�Vy�SRGHP�VHU�DUPD]HQDGRV�HP�DUTXLYRV�VHSDUDGRV�� ,,��(VWLORV�SRGHP�VHU�GHILQLGRV�FRPR�DWULEXWR�GH�XP�HOHPHQWR��RV�TXDLV�VH�VREUHS}HP�DRV�HVWLORV�GR�GRFXPHQWR�� ,,,��$�DVVRFLDomR�GH�XPD�IROKD�GH�HVWLOR�DUPD]HQDGD�HP�XP�DUTXLYR�SRGH�VHU�IHLWD�SRU�PHLR�GR�HOHPHQWR��� (VWi�FRUUHWR�R�TXH�FRQVWD�$3(1$6�QD�V��VHQWHQoD�V�� � ,�H�,,, , ,�H�,, � ,,�H�,,, ,,, � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�FRUUHWR�DILUPDU�TXH�HP�;+70/� � WRGR�HOHPHQWR�GHYH�WHU�XP�DWULEXWR�LGHQWLILFDGRU�LG R�XVR�GH�WDJV�GH�IHFKDPHQWR�p�REULJDWyULR DV�WDJV�GHYHP�HVWDU�FRQYHQLHQWHPHQWH�DQLQKDGDV WRGDV�DV�WDJV�GHYHP�VHU�HVFULWDV�HP�OHWUDV�PLQ~VFXODV HOHPHQWRV�YD]LRV�GHYHP�VHU�IHFKDGRV � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $PEDV�LGHQWLILFDP�HOHPHQWRV�HP�XPD�SiJLQD�H�DPEDV�XWLOL]DP�VLQWD[HV�VLPLODUHV��$�JUDQGH�GLIHUHQoD�HQWUH�HODV�p�TXH XPD�GHVFUHYH�D�DSDUrQFLD�H�DV�Do}HV�HP�XPD�SiJLQD�QD�UHGH�HQTXDQWR�D�RXWUD�QmR�GHVFUHYH�QHP�DSDUrQFLD�H�QHP Do}HV��PDV�VLP�R�TXH�FDGD�WUHFKR�GH�GDGRV�p�RX�UHSUHVHQWD��RX�VHMD��GHVFUHYH�R�FRQWH~GR�GR�GRFXPHQWR��8PD�WDJ HVTXHFLGD�QD�HVFULWD�GH�XPD�GHODV�RX�XP�DWULEXWR�VHP�DVSDV�WRUQD�R�GRFXPHQWR�LQXWLOL]iYHO��HQTXDQWR�TXH�QD�RXWUD�LVVR p�WROHUDGR�� 3HODV�FDUDFWHUtVWLFDV�FRPSDUDGDV��R�WH[WR�DFLPD�UHIHUH�VH�D� � ;+70/�H�;0/ 80/�H�;0/ 3+3�H�-DYD -DYD�H�&66 2UDFOH�)RUPV�H�80/ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ (P�UHODomR�j�LQWHUIDFH�:(%��FRQVLGHUH�DV�VHQWHQoDV�DEDL[R�� ,��p�XPD�VROXomR�WHFQROyJLFD�TXH�SHUPLWH�D�DWXDOL]DomR�GLQkPLFD�GH�GDGRV�HP�XPD�SiJLQD�ZHE��VHP�TXH�HVWD�SUHFLVH VHU�LQWHLUDPHQWH�UHFDUUHJDGD��(P�RXWUDV�SDODYUDV��EDVHLD�VH�HP�VFULSWV�ORFDOL]DGRV�QR�SURJUDPD�FOLHQWH�TXH�VROLFLWDP GDGRV�DR�VHUYLGRU��VHP�TXH�VHMD�QHFHVViULR�DWXDOL]DU�D�SiJLQD�LQWHLUD�� ,,��p�XP�DUTXLYR�LQGHSHQGHQWH�GR�DUTXLYR�+70/��QR�TXDO�VmR�GHFODUDGDV�SURSULHGDGHV�H�YDORUHV�GH�HVWLOL]DomR�SDUD�RV ,,��p�XP�DUTXLYR�LQGHSHQGHQWH�GR�DUTXLYR�+70/��QR�TXDO�VmR�GHFODUDGDV�SURSULHGDGHV�H�YDORUHV�GH�HVWLOL]DomR�SDUD�RV HOHPHQWRV�GR�+70/��FDEHQGR�OKH��GHVVD�IRUPD��D�WDUHID�GH�HVWLOL]DomR�H�DR�+70/��H[FOXVLYDPHQWH��D�PDUFDomR�H HVWUXWXUDomR�GR�FRQWH~GR�GR�GRFXPHQWR�� ,,,��FRQVWLWXL�VH�GD�VROXomR�PDLV�DSURSULDGD�SDUD�D�PXGDQoD�GH�FDEHoDOKRV�GR�WLSR���K��!��IRQW�FRORU ����))����! 7tWXOR����K��!��H[LVWHQWHV�QDV�FHQWHQDV�GH�SiJLQDV�GH�XP�VLWH�� 2V�LWHQV�,��,,�H�,,,�DFLPD�UHIHUHP�VH��UHVSHFWLYDPHQWH��D� � $-$;��&66��+WWS5HTXHVW +WWS5HTXHVW��&66��$-$; � $-$;��&66��&66 +WWS5HTXHVW��$-$;��&66 &66��+WWS5HTXHVW��$-$; � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�XP�EHQHItFLR�GH�XP�VLVWHPD�TXH�XWLOL]D�5,$� � /D\RXWV�JUiILFRV�PDLV�HODERUDGRV � )XQFLRQDPHQWR�HP�DOJXQV�%URZVHUV $JLOLGDGH�QR�WHPSR�GH�UHVSRVWD 3RVVLELOLGDGH�GH�LQWHUIDFH�FRP�DQLPDomR 8WLOL]DomR�GH�PXOWLPtGLD�H[��iXGLR��YtGHR� � �D�4XHVWmR��5HI���������������� $�SDUWLU�GH�������D�:�&�UHFRPHQGD�XP�SDGUmR�GH�HVFULWD�GH�SiJLQDV�:(%��4XDO�p�HVWH�SDGUmR"�$SUHVHQWH�VXD�UHVSRVWD H[SOLFLWDQGR�TXDO�WLSR�GH�GRFXPHQWR�VHUYH�SDUD�HIHWXDU�D�YHULILFDomR�GD�SiJLQD� 6XD�5HVSRVWD� &RPSDUH�FRP�D�VXD�UHVSRVWD��2�:�&�UHFRPHQGD�TXH�VH�XVD�;7+0/�GHVGH�������TXDQGR�UHIRUPXODUDP�R�+70/��� XVDQGR�FRPR�EDVH�R�;0/������2V�GRFXPHQWRV�HP�+70/�SDVVDUDP�D�VHJXLU�DV�UHJUDV�GR�;0/��SRGHQGR�VHU�YDOLGDGRV�H YHULILFDGRV�FRP�XPD�'7'��'RFXPHQW�7\SH�'HILQLWLRQ�� � ��D�4XHVWmR��5HI���������������� dŝŵ�KDzZĞŝůůLJ�ĚĞĨŝŶĞ�Ă�tĞď�Ϯ͘Ϭ�ĚĂ�ƐĞŐƵŝŶƚĞ�ĨŽƌŵĂ͗ � Η��tĞď�Ϯ͘Ϭ�Ġ�Ă�ƌĞǀŽůƵĕĆŽ�ŶŽƐ�ŶĞŐſĐŝŽƐ�ĚĂ�ŝŶĚƷƐƚƌŝĂ�ĚĂ�ŝŶĨŽƌŵĄƚŝĐĂ�ĐĂƵƐĂĚĂ�ƉĞůĂ�ŵƵĚĂŶĕĂ ƉĂƌĂ�Ă�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ͕�Ğ�ƵŵĂ�ƚĞŶƚĂƚŝǀĂ�ĚĞ�ĞŶƚĞŶĚĞƌ�ĂƐ�ƌĞŐƌĂƐ�ĚĞ�ƐƵĐĞƐƐŽ�ĚĞƐƐĂ ŶŽǀĂ�ƉůĂƚĂĨŽƌŵĂ͘Η � �ĞŶƚƌŽ�ĚŽ�ĐŽŶƚĞdžƚŽ�ĚŽ�ƵƐŽ�ĚĂ�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�Ͳ�Ğŵ�ĞƐƉĞĐŝĂů�ĚŽ�ƵƐŽ�ĚĂ�ǁĞď�ĐŽŵŽ ƉůĂƚĂĨŽƌŵĂ�Ͳ�ƌĞƐƉŽŶĚĂ͗ � ĂͿ�YƵĂů�Ġ�Ž�ƉĂƉĞů�;Ğ�Ă�ŝŵƉŽƌƚąŶĐŝĂͿ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉĂĚƌŽŶŝnjĂĚĂƐ�Ğ�ĂďĞƌƚĂƐ�Ͳ�ĐŽŵŽ�Ž�y,dD>͕ Ž��^^�Ğ�Ž�:ĂǀĂ^ĐƌŝƉƚ��Ͳ�Ğŵ�ĚĞƚƌŝŵĞŶƚŽ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉƌŽƉƌŝĞƚĄƌŝĂƐ��Ͳ�ĐŽŵŽ�Ž�&ůĂƐŚ�ͬ��ĚŽďĞ >ŝǀĞ�LJĐůĞ͍ � ďͿ�YƵĂů�Ă�ŽƌŝŐĞŵ�ĚĂƐ�ĚŝĨŝĐƵůĚĂĚĞƐ�Ğŵ�ƵƐĂƌ�Ă�tĞď�Ϯ͘Ϭ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�Z/�͍ 6XD�5HVSRVWD� &RPSDUH�FRP�D�VXD�UHVSRVWD� ĂͿ� K� ƉĂƉĞů� ĚĞƐƚĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� Ġ� ƉĞƌŵŝƚŝƌ� ƋƵĞ� Ž� ĂĐĞƐƐŽ� ăƐ� ĂƉůŝĐĂĕƁĞƐ� ƐĞũĂ� Ž� ŵĂŝƐ ƵŶŝǀĞƌƐĂů�ƉŽƐƐşǀĞů͕�ƉĞƌŵŝƚŝŶĚŽ�ƋƵĞ�ƚŽĚŽƐ�ƉŽƐƐĂŵ�ƵƚŝůŝnjĂƌ�ĂƐ�ĂƉůŝĐĂĕƁĞƐͬƐŝƚĞƐͬƐĞƌǀŝĕŽƐ ƐĞŵ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ƐŽĨƚǁĂƌĞ�ĞƐƉĞĐŝĂů�;ƋƵĞ�ŶĞŵ�ƐĞŵƉƌĞ�ĞƐƚĂƌĄ�ĚŝƐƉŽŶşǀĞů�Ğŵ�ƚŽĚĂƐ ĂƐ� ƉůĂƚĂĨŽƌŵĂƐͿ͘� �ĚŝĐŝŽŶĂůŵĞŶƚĞ͕� Ž� ƵƐŽ� ĚĞ� ƚĞĐŶŽůŽŐŝĂƐ� ƉĂĚƌŽŶŝnjĂĚĂƐ� Ğ� ĂďĞƌƚĂƐ ƉĞƌŵŝƚĞ� ƵŵĂ� ƐƵďƐƚĂŶĐŝĂů� ƌĞĚƵĕĆŽ� ŶŽƐ� ĐƵƐƚŽƐ� ƚĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽƐ ĚĞƐĞŶǀŽůǀĞĚŽƌĞƐͬŵĂŶƚĞŶĞĚŽƌĞƐ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƋƵĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽ� ƵƐƵĄƌŝŽ� ĨŝŶĂů͕ ƚŽƌŶĂŶĚŽ�Ă�ƉůĂƚĂĨŽƌŵĂ�tĞď�Ϯ͘Ϭ�ŵĂŝƐ�ĂƚƌĂĞŶƚĞ�ƉĂƌĂ�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ ĚŽ�ƚŝƉŽ�Z/�͘ � ďͿ���ŐƌĂŶĚĞ�ŵĂŝŽƌŝĂ�ĚĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĚĂ�ǁĞď��͎�ĐŽŵŽ�Ž�ƉƌŽƚŽĐŽůŽ�,ddW͕�Ă�ůŝŶŐƵĂŐĞŵ ,dD>͕�Ž��^^�Ğ�ŵĞƐŵŽ�Ž�:ĂǀĂ^ĐƌŝƉƚ��͎��ĨŽƌĂŵ�ĐƌŝĂĚĂƐ�ĐŽŵ�Ž�ƉƌŽƉſƐŝƚŽ�ĚĞ�ƉĞƌŵŝƚŝƌ�Ă ĂƉƌĞƐĞŶƚĂĕĆŽ� ĚĞ� ƉĄŐŝŶĂƐ� ƉƌĂƚŝĐĂŵĞŶƚĞ� ĞƐƚĄƚŝĐĂƐ͕� ĐŽŵ� Ƶŵ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ ƉƌŝŵĂƌŝĂŵĞŶƚĞ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƉĂƌĂ� Ž� ĐůŝĞŶƚĞ� Ğ� ĐŽŵ� ƉŽƵĐĂƐ� ĐŽŵƵŶŝĐĂĕƁĞƐ� ĚŽ� ƚŝƉŽ ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ͘�^ĞŶĚŽ�ĂƐƐŝŵ͕�ĞƐƐĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĨŽƌĂŵ�ďĂƐƚĂŶƚĞ�ŽƚŝŵŝnjĂĚĂƐ�ƉĂƌĂ ĞƐƚĞ� ƚŝƉŽ�ĚĞ�ŽƉĞƌĂĕĆŽ͘�WŽƌ�ĞƐƚĂ� ƌĂnjĆŽ͕�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�ĂůƚĂŵĞŶƚĞ ŝŶƚĞƌĂƚŝǀĂƐ͕� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ� ĚŽ� ĐůŝĞŶƚĞ� ƉĂƌĂ� Ž� ƐĞƌǀŝĚŽƌ� Ğ ƚĂŵďĠŵ� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ŶƷŵĞƌŽ� ĚĞ� ŽƉĞƌĂĕƁĞƐ� ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ� ƚŽƌŶĂͲƐĞ ĐŽŵƉůĞdžŽ͕� ƉŽŝƐ� Ž�ĚĞƐĞŶǀŽůǀĞĚŽƌ� ƚĞƌĄ�ĚĞ�ƵƐĂƌ� ĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� ĐŝƚĂĚĂƐ� ĂĐŝŵĂ�ĚĞ�ƵŵĂ ŵĂŶĞŝƌĂ�ĚŝĨĞƌĞŶƚĞ�ĚĂƋƵĞůĂ�ƉƌĞǀŝƐƚĂ�ŝŶŝĐŝĂůŵĞŶƚĞ͘ �92/7$5���������� 3HUtRGR�GH�QmR�YLVXDOL]DomR�GD�SURYD��GHVGH�DWp�� � � � �352*5$0$d2�3$5$�,17(51(7�5,&$ 6LPXODGR��&&7����B60B�������������9��� �92/7$5 $OXQR�D���('8$5'2�'(�0285$�52'5,*8(6 0DWUtFXOD�������������� 'HVHPSHQKR������GH���� 'DWD�����������������������)LQDOL]DGD� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $QDOLVH�DV�DILUPDWLYDV�D�VHJXLU��VREUH�&66��&DVFDGLQJ�6W\OH�6KHHWV��� ,���8PD�IROKD�GH�HVWLOR�&66�p�XP�GRFXPHQWR�;0/��HP�FRQIRUPLGDGH�FRP�R�HVTXHPD�;0/�[VG�FVV�PDQWLGR�SHOR�FRQVyUFLR :�&��R�TXH�FRQVWLWXL�XPD�EDUUHLUD�LQLFLDO�GH�DGRomR�SDUD�RUJDQL]Do}HV�RQGH�R�OD\RXW�H�D�SURJUDPDomR�YLVXDO�GRV�VLWHV�H SRUWDLV�VmR�PDQWLGDV�SRU�SURILVVLRQDLV�GH�FULDomR�DR�LQYpV�GH�GHVHQYROYHGRUHV�� ,,���2�XVR�GH�IROKDV�GH�HVWLOR�&66�H[WHUQDV��HP�DOWHUQDWLYD�j�PDUFDomR�FRP�DWULEXWRV�QRV�WDJV�+70/�H�;+70/� SURSRUFLRQD�XPD�UHGXomR�VLJQLILFDWLYD�GD�H[LJrQFLD�GH�EDQGD��PHOKRUDQGR�D�H[SHULrQFLD�GR�XVXiULR�H�GHPDQGDQGR PHQRV�UHFXUVRV�GRV�VHUYLGRUHV�GR�VLWH� ,,,���e�SRVVtYHO�HVSHFLILFDU�IROKDV�GH�HVWLORV�GLIHUHQWHV�SDUD�GLIHUHQWHV�PtGLDV�HP�TXH�D�SiJLQD�VHUi�XWLOL]DGD��R�TXH SHUPLWH��SRU�H[HPSOR��TXH�XPD�PHVPD�SiJLQD�VH�DSUHVHQWH�GH�IRUPD�GLIHUHQWH�TXDQGR�YLVXDOL]DGD�QR�EURZVHU�H LPSUHVVD�� ,9���2�WHUPR��&DVFDGLQJ���TXH��HP�3RUWXJXrV��SRGH�VHU�WUDGX]LGR�FRPR��(P�&DVFDWD���UHIOHWH�R�IDWR�GH�TXH��GXUDQWH�D DSOLFDomR�GH�HVWLORV�D�XP�GRFXPHQWR��RV�WDJV�TXH�VDWLVID]HP�D�PDLV�GH�XP�VHOHWRU�UHFHEHUmR�DSHQDV�RV�DWULEXWRV�GH HVWLOR�GR�VHOHWRU�HVSHFLILFDGR�SRU�~OWLPR��LJQRUDQGR�WRGRV�RV�DWULEXWRV�GH�VHOHWRUHV�DQWHULRUHV�� (VWmR�FRUUHWDV�$3(1$6�DV�DILUPDWLYDV� � ,,�H�,9 ,�H�,, � ,,�H�,,, ,,,�H�,9 ,�H�,,, � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 4XDO�FRQFHLWR�12�HVWi�UHODFLRQDGR�j�:HE����" � 5HGHV�6RFLDLV :LNLV &RQWH~GR�JHUDGR�SHOR�XVXiULR ,QWHOLJrQFLD�&ROHWLYD � &HQWUDOL]DomR�GH�,QIRUPDomR � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $VVLQDOH�D�WHFQRORJLD�FDSD]�GH�PRGLILFDU�GLQDPLFDPHQWH�XPD�SiJLQD�GD�:HE�QD�SUySULD�PiTXLQD�FOLHQWH�VHP�SUHFLVDU DFHVVDU�QRYDPHQWH�XP�VHUYLGRU�:HE� � ;+70/ � '+70/ -63 +70/ ;0/ � �D�4XHVWmR��5HI���������������� 3RQWRV������������ $�UHVSHLWR�GH�IROKDV�GH�HVWLOR�HP�FDVFDWD�&66��FDVFDGLQJ�VW\OH�VKHHWV���DVVLQDOH�D�RSomR�FRUUHWD� � $V�IROKDV�GH�HVWLOR�H[WHUQDV�VmR�DUPD]HQDGDV�HP�DUTXLYRV�+70/ 6H�DV�SURSULHGDGHV�GDV�UHJUDV�GH�HVWLOR�WLYHUHP�VLGR�GHFODUDGDV�SDUD�R�PHVPR�VHOHWRU�HP�GLIHUHQWHV�IROKDV�GH HVWLOR��RV�YDORUHV�DSOLFDGRV�VHUmR�RV�GD�IROKD�PDLV�JHQpULFD��([HPSOR��VH�D�PHVPD�UHJUD�IRU�GHILQLGD�HP�IROKD GH�HVWLOR�H[WHUQD��LQWHUQD��QD�VHomR���H�HP�OLQKD��QR�HOHPHQWR�+70/���D�SULPHLUD�p�TXH�VHUi�DSOLFDGD�FRPR�HVWLOR� &RPHQWiULRV�GHYHP�VHU�HVFULWRV�HQWUH�FDUDFWHUHV����� � 8PD�UHJUD�&66�WHP�VLQWD[H�GLYLGLGD�HP�GXDV�SDUWHV��XP�VHOHWRU�H�XPD�RX�PDLV�GHFODUDo}HV��&DGD�GHFODUDomR�p GLYLGLGD�HP�SURSULHGDGH�H�YDORU� $V�IROKDV�GH�HVWLOR�HP�FDVFDWD�&66�FRQVLVWHP�HP�XP�PHFDQLVPR�VLPSOHV�SDUD�DGLFLRQDU�GDGRV�GLQkPLFRV�HP GRFXPHQWRV�ZHE��YLVtYHLV�SRU�WRGRV�RV�WLSRV�GH�QDYHJDGRUHV�ZHE� � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�XPD�SURSULHGDGH�SDUD�IRQWH�TXH�VH�SRVVD�DSOLFDU�HP�XPD�IROKD�GH�HVWLOR�&66� � IRQW�IDPLO\ IRQW�VL]H IRQW�YDULDQW � IRQW�IDFH IRQW�VW\OH � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 1R�FRQWH[WR�GD�:HE�6WDQGDUG��D�GHILQLomR�GR�WLSR�GH�GRFXPHQWR��'RFXPHQW�7\SH�'HILQLWLRQV�'7'��HVSHFLILFD�TXDO�p�D VLQWD[H�6*0/�XVDGD�QR�GRFXPHQWR��$�'7'�p�XVDGD�SHODV�DSOLFDo}HV�6*0/�SDUD�LGHQWLILFDU�DV�UHJUDV�TXH�VH�DSOLFDP�D OLQJXDJHP�GH�PDUFDomR�XVDGD�QR�GRFXPHQWR�EHP�FRPR�R�FRQMXQWR�GH�HOHPHQWRV�H�HQWLGDGHV�YiOLGDV�QDTXHOD OLQJXDJHP��$VVLP�XPD�'7'�SDUD�XP�GRFXPHQWR�;+70/�GHVFUHYH�FRP�SUHFLVmR�D�VLQWD[H�H�D�JUDPiWLFD�GD�OLQJXDJHP�GH PDUFDomR�;+70/��$VVLP��R�'2&7<3(�GHYH�VHU�VHPSUH�D�SULPHLUD�GHFODUDomR�HP�XP�GRFXPHQWR�ZHE��1R�FDVR�GD ;+70/��'2&7<3(�VmR�GH�WUrV�WLSRV��VHQGR�GRLV�GHOHV�GHVFULWRV�DEDL[R�� ,��&DUDFWHUL]D�D�PDLV�UtJLGD�GDV�GHFODUDo}HV��QmR�DGPLWHP�TXDOTXHU�LWHP�GH�IRUPDWDomR�GHQWUR�GRV�HOHPHQWRV�H�QHP HOHPHQWRV�HP�GHVXVR��VHJXQGR�DV�UHFRPHQGDo}HV�GR�:�&��6mR�LQGLFDGRV�SDUD�XVR�FRP�IROKDV�GH�HVWLOR�HP�FDVFDWD� FRP�PDUFDomR�WRWDOPHQWH�LQGHSHQGHQWH�GD�DSUHVHQWDomR�� ,,��&DUDFWHUL]D�XPD�GHFODUDomR�TXH�SHUPLWH�XPD�PDLRU�IOH[LELOLGDGH�VHQGR�LQGLFDGD�SDUD�GRFXPHQWRV�TXH�DLQGD�XWLOL]HP HOHPHQWRV�HP�GHVXVR��UHJUDV�GH�DSUHVHQWDomR�HPEXWLGDV�HP�WDJV�H�WDPEpP�SDUD�GRFXPHQWRV�GHVWLQDGRV�D�H[LELomR�HP EURZVHUV�VHP�VXSRUWH�SDUD�&66��1mR�DGPLWH�TXDOTXHU�WLSR�GH�PDUFDomR�SDUD�IUDPHV�� (VVHV�GRLV�WLSRV�GH�'2&7<3(�SDUD�;+70/�VmR�GHQRPLQDGRV��UHVSHFWLYDPHQWH� � 675,&7�H�)5$0(6(7 )5$0(6(7�H�75$16,7,21$/ )5$0(6(7�H�67$1'$5' � 675,&7�H�75$16,7,21$/ 675,&7�H�67$1'$5' � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 3RGHPRV�FKDPDU�DV�DSOLFDo}HV�:HE�TXH�WHP�FDUDFWHUtVWLFDV�H�IXQFLRQDOLGDGHV�VHPHOKDQWHV�DV�HQFRQWUDGDV�HP�VRIWZDUHV WUDGLFLRQDLV�GR�WLSR�'HVNWRS�GH� � :(%���� '+70/ � 5LFK�,QWHUQHW�$SSOLFDWLRQ��5,$� $-$; -DYD6FULSW � �D�4XHVWmR��5HI���������������� 3RQWRV������������ 12�p�XP�EHQHItFLR�GH�XP�VLVWHPD�TXH�XWLOL]D�5,$� � /D\RXWV�JUiILFRV�PDLV�HODERUDGRV � )XQFLRQDPHQWR�HP�DOJXQV�%URZVHUV 3RVVLELOLGDGH�GH�LQWHUIDFH�FRP�DQLPDomR 8WLOL]DomR�GH�PXOWLPtGLD�H[��iXGLR��YtGHR� $JLOLGDGH�QR�WHPSR�GH�UHVSRVWD � �D�4XHVWmR��5HI���������������� $�SDUWLU�GH�������D�:�&�UHFRPHQGD�XP�SDGUmR�GH�HVFULWD�GH�SiJLQDV�:(%��4XDO�p�HVWH�SDGUmR"�$SUHVHQWH�VXD�UHVSRVWD H[SOLFLWDQGR�TXDO�WLSR�GH�GRFXPHQWR�VHUYH�SDUD�HIHWXDU�D�YHULILFDomR�GD�SiJLQD� 6XD�5HVSRVWD� &RPSDUH�FRP�D�VXD�UHVSRVWD��2�:�&�UHFRPHQGD�TXH�VH�XVD�;7+0/�GHVGH�������TXDQGR�UHIRUPXODUDP�R�+70/��� XVDQGR�FRPR�EDVH�R�;0/������2V�GRFXPHQWRV�HP�+70/�SDVVDUDP�D�VHJXLU�DV�UHJUDV�GR�;0/��SRGHQGR�VHU�YDOLGDGRV�H YHULILFDGRV�FRP�XPD�'7'��'RFXPHQW�7\SH�'HILQLWLRQ�� � ��D�4XHVWmR��5HI���������������� dŝŵ�KDzZĞŝůůLJ�ĚĞĨŝŶĞ�Ă�tĞď�Ϯ͘Ϭ�ĚĂ�ƐĞŐƵŝŶƚĞ�ĨŽƌŵĂ͗ � Η��tĞď�Ϯ͘Ϭ�Ġ�Ă�ƌĞǀŽůƵĕĆŽ�ŶŽƐ�ŶĞŐſĐŝŽƐ�ĚĂ�ŝŶĚƷƐƚƌŝĂ�ĚĂ�ŝŶĨŽƌŵĄƚŝĐĂ�ĐĂƵƐĂĚĂ�ƉĞůĂ�ŵƵĚĂŶĕĂ ƉĂƌĂ�Ă�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ͕�Ğ�ƵŵĂ�ƚĞŶƚĂƚŝǀĂ�ĚĞ�ĞŶƚĞŶĚĞƌ�ĂƐ�ƌĞŐƌĂƐ�ĚĞ�ƐƵĐĞƐƐŽ�ĚĞƐƐĂ ŶŽǀĂ�ƉůĂƚĂĨŽƌŵĂ͘Η � �ĞŶƚƌŽ�ĚŽ�ĐŽŶƚĞdžƚŽ�ĚŽ�ƵƐŽ�ĚĂ�ŝŶƚĞƌŶĞƚ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�Ͳ�Ğŵ�ĞƐƉĞĐŝĂů�ĚŽ�ƵƐŽ�ĚĂ�ǁĞď�ĐŽŵŽ ƉůĂƚĂĨŽƌŵĂ�Ͳ�ƌĞƐƉŽŶĚĂ͗ � ĂͿ�YƵĂů�Ġ�Ž�ƉĂƉĞů�;Ğ�Ă�ŝŵƉŽƌƚąŶĐŝĂͿ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉĂĚƌŽŶŝnjĂĚĂƐ�Ğ�ĂďĞƌƚĂƐ�Ͳ�ĐŽŵŽ�Ž�y,dD>͕ Ž��^^�Ğ�Ž�:ĂǀĂ^ĐƌŝƉƚ��Ͳ�Ğŵ�ĚĞƚƌŝŵĞŶƚŽ�ĚĞ�ƚĞĐŶŽůŽŐŝĂƐ�ƉƌŽƉƌŝĞƚĄƌŝĂƐ��Ͳ�ĐŽŵŽ�Ž�&ůĂƐŚ�ͬ��ĚŽďĞ >ŝǀĞ�LJĐůĞ͍ � ďͿ�YƵĂů�Ă�ŽƌŝŐĞŵ�ĚĂƐ�ĚŝĨŝĐƵůĚĂĚĞƐ�Ğŵ�ƵƐĂƌ�Ă�tĞď�Ϯ͘Ϭ�ĐŽŵŽ�ƉůĂƚĂĨŽƌŵĂ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�Z/�͍ 6XD�5HVSRVWD� &RPSDUH�FRP�D�VXD�UHVSRVWD� ĂͿ� K� ƉĂƉĞů� ĚĞƐƚĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� Ġ� ƉĞƌŵŝƚŝƌ� ƋƵĞ� Ž� ĂĐĞƐƐŽ� ăƐ� ĂƉůŝĐĂĕƁĞƐ� ƐĞũĂ� Ž� ŵĂŝƐ ƵŶŝǀĞƌƐĂů�ƉŽƐƐşǀĞů͕�ƉĞƌŵŝƚŝŶĚŽ�ƋƵĞ�ƚŽĚŽƐ�ƉŽƐƐĂŵ�ƵƚŝůŝnjĂƌ�ĂƐ�ĂƉůŝĐĂĕƁĞƐͬƐŝƚĞƐͬƐĞƌǀŝĕŽƐ ƐĞŵ�Ă�ŶĞĐĞƐƐŝĚĂĚĞ�ĚĞ�ƐŽĨƚǁĂƌĞ�ĞƐƉĞĐŝĂů�;ƋƵĞ�ŶĞŵ�ƐĞŵƉƌĞ�ĞƐƚĂƌĄ�ĚŝƐƉŽŶşǀĞů�Ğŵ�ƚŽĚĂƐ ĂƐ� ƉůĂƚĂĨŽƌŵĂƐͿ͘� �ĚŝĐŝŽŶĂůŵĞŶƚĞ͕� Ž� ƵƐŽ� ĚĞ� ƚĞĐŶŽůŽŐŝĂƐ� ƉĂĚƌŽŶŝnjĂĚĂƐ� Ğ� ĂďĞƌƚĂƐ ƉĞƌŵŝƚĞ� ƵŵĂ� ƐƵďƐƚĂŶĐŝĂů� ƌĞĚƵĕĆŽ� ŶŽƐ� ĐƵƐƚŽƐ� ƚĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽƐ ĚĞƐĞŶǀŽůǀĞĚŽƌĞƐͬŵĂŶƚĞŶĞĚŽƌĞƐ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƋƵĂŶƚŽ� ƉŽƌ� ƉĂƌƚĞ� ĚŽ� ƵƐƵĄƌŝŽ� ĨŝŶĂů͕ ƚŽƌŶĂŶĚŽ�Ă�ƉůĂƚĂĨŽƌŵĂ�tĞď�Ϯ͘Ϭ�ŵĂŝƐ�ĂƚƌĂĞŶƚĞ�ƉĂƌĂ�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ ĚŽ�ƚŝƉŽ�Z/�͘ � ďͿ���ŐƌĂŶĚĞ�ŵĂŝŽƌŝĂ�ĚĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĚĂ�ǁĞď��͎�ĐŽŵŽ�Ž�ƉƌŽƚŽĐŽůŽ�,ddW͕�Ă�ůŝŶŐƵĂŐĞŵ ,dD>͕�Ž��^^�Ğ�ŵĞƐŵŽ�Ž�:ĂǀĂ^ĐƌŝƉƚ��͎��ĨŽƌĂŵ�ĐƌŝĂĚĂƐ�ĐŽŵ�Ž�ƉƌŽƉſƐŝƚŽ�ĚĞ�ƉĞƌŵŝƚŝƌ�Ă ĂƉƌĞƐĞŶƚĂĕĆŽ� ĚĞ� ƉĄŐŝŶĂƐ� ƉƌĂƚŝĐĂŵĞŶƚĞ� ĞƐƚĄƚŝĐĂƐ͕� ĐŽŵ� Ƶŵ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ ƉƌŝŵĂƌŝĂŵĞŶƚĞ� ĚŽ� ƐĞƌǀŝĚŽƌ� ƉĂƌĂ� Ž� ĐůŝĞŶƚĞ� Ğ� ĐŽŵ� ƉŽƵĐĂƐ� ĐŽŵƵŶŝĐĂĕƁĞƐ� ĚŽ� ƚŝƉŽ ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ͘�^ĞŶĚŽ�ĂƐƐŝŵ͕�ĞƐƐĂƐ�ƚĞĐŶŽůŽŐŝĂƐ�ĨŽƌĂŵ�ďĂƐƚĂŶƚĞ�ŽƚŝŵŝnjĂĚĂƐ�ƉĂƌĂ ĞƐƚĞ� ƚŝƉŽ�ĚĞ�ŽƉĞƌĂĕĆŽ͘�WŽƌ�ĞƐƚĂ� ƌĂnjĆŽ͕�Ž�ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ�ĚĞ�ĂƉůŝĐĂĕƁĞƐ�ĂůƚĂŵĞŶƚĞ ŝŶƚĞƌĂƚŝǀĂƐ͕� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ĨůƵdžŽ� ĚĞ� ŝŶĨŽƌŵĂĕƁĞƐ� ĚŽ� ĐůŝĞŶƚĞ� ƉĂƌĂ� Ž� ƐĞƌǀŝĚŽƌ� Ğ ƚĂŵďĠŵ� ĐŽŵ� Ƶŵ� ŐƌĂŶĚĞ� ŶƷŵĞƌŽ� ĚĞ� ŽƉĞƌĂĕƁĞƐ� ƌĞƋƵŝƐŝĕĆŽͲƌĞƐƉŽƐƚĂ� ƚŽƌŶĂͲƐĞ ĐŽŵƉůĞdžŽ͕� ƉŽŝƐ� Ž�ĚĞƐĞŶǀŽůǀĞĚŽƌ� ƚĞƌĄ�ĚĞ�ƵƐĂƌ� ĂƐ� ƚĞĐŶŽůŽŐŝĂƐ� ĐŝƚĂĚĂƐ� ĂĐŝŵĂ�ĚĞ�ƵŵĂ ŵĂŶĞŝƌĂ�ĚŝĨĞƌĞŶƚĞ�ĚĂƋƵĞůĂ�ƉƌĞǀŝƐƚĂ�ŝŶŝĐŝĂůŵĞŶƚĞ͘ ŵĂŶĞŝƌĂ�ĚŝĨĞƌĞŶƚĞ�ĚĂƋƵĞůĂ�ƉƌĞǀŝƐƚĂ�ŝŶŝĐŝĂůŵĞŶƚĞ͘ �92/7$5���������� 3HUtRGR�GH�QmR�YLVXDOL]DomR�GD�SURYD��GHVGH�DWp�� � �