/HLQž

3UHVLGrQFLDGD5HS~EOLFD
&DVD&LYLO
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV

/(,1ž'('(0$5d2'(

5HJXODPHQWD RV LQFLVRV ,, ,9 H 9 GR † R GR DUW  GD
&RQVWLWXLomR )HGHUDO HVWDEHOHFH QRUPDV GH VHJXUDQoD H
PHFDQLVPRV GH ILVFDOL]DomR GH DWLYLGDGHV TXH HQYROYDP
RUJDQLVPRV JHQHWLFDPHQWH PRGLILFDGRV ± 2*0 H VHXV
GHULYDGRV FULD R &RQVHOKR 1DFLRQDO GH %LRVVHJXUDQoD ±
0HQVDJHPGHYHWR &1%6 UHHVWUXWXUD D &RPLVVmR 7pFQLFD 1DFLRQDO GH
5HJXODPHQWR %LRVVHJXUDQoD ± &71%LR GLVS}H VREUH D 3ROtWLFD 1DFLRQDO
GH %LRVVHJXUDQoD ± 31% UHYRJD D /HL QR  GH  GH
MDQHLURGHHD0HGLGD3URYLVyULDQRGHGH
DJRVWRGHHRVDUWVRRRRRHGD/HL
QR  GH  GH GH]HPEUR GH  H Gi RXWUDV
SURYLGrQFLDV

235(6,'(17('$5(3Ò%/,&$)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH
/HL

&$3Ë78/2,

',6326,d®(635(/,0,1$5(6(*(5$,6

        $UW R (VWD /HL HVWDEHOHFH QRUPDV GH VHJXUDQoD H PHFDQLVPRV GH ILVFDOL]DomR VREUH D FRQVWUXomR R
FXOWLYRDSURGXomRDPDQLSXODomRRWUDQVSRUWHDWUDQVIHUrQFLDDLPSRUWDomRDH[SRUWDomRRDUPD]HQDPHQWR
D SHVTXLVD D FRPHUFLDOL]DomR R FRQVXPR D OLEHUDomR QR PHLR DPELHQWH H R GHVFDUWH GH RUJDQLVPRV
JHQHWLFDPHQWHPRGLILFDGRV±2*0HVHXVGHULYDGRVWHQGRFRPRGLUHWUL]HVRHVWtPXORDRDYDQoRFLHQWtILFRQD
iUHDGHELRVVHJXUDQoDHELRWHFQRORJLDDSURWHomRjYLGDHjVD~GHKXPDQDDQLPDOHYHJHWDOHDREVHUYkQFLD
GRSULQFtSLRGDSUHFDXomRSDUDDSURWHomRGRPHLRDPELHQWH

        † R 3DUD RV ILQV GHVWD /HL FRQVLGHUDVH DWLYLGDGH GH SHVTXLVD D UHDOL]DGD HP ODERUDWyULR UHJLPH GH
FRQWHQomR RX FDPSR FRPR SDUWH GR SURFHVVR GH REWHQomR GH 2*0 H VHXV GHULYDGRV RX GH DYDOLDomR GD
ELRVVHJXUDQoD GH 2*0 H VHXV GHULYDGRV R TXH HQJORED QR kPELWR H[SHULPHQWDO D FRQVWUXomR R FXOWLYR D
PDQLSXODomR R WUDQVSRUWH D WUDQVIHUrQFLD D LPSRUWDomR D H[SRUWDomR R DUPD]HQDPHQWR D OLEHUDomR QR PHLR
DPELHQWHHRGHVFDUWHGH2*0HVHXVGHULYDGRV

†R3DUDRVILQVGHVWD/HLFRQVLGHUDVHDWLYLGDGHGHXVRFRPHUFLDOGH2*0HVHXVGHULYDGRVDTXHQmR
VHHQTXDGUDFRPRDWLYLGDGHGHSHVTXLVDHTXHWUDWDGRFXOWLYRGDSURGXomRGDPDQLSXODomRGRWUDQVSRUWHGD
WUDQVIHUrQFLDGDFRPHUFLDOL]DomRGDLPSRUWDomRGDH[SRUWDomRGRDUPD]HQDPHQWRGRFRQVXPRGDOLEHUDomR
HGRGHVFDUWHGH2*0HVHXVGHULYDGRVSDUDILQVFRPHUFLDLV

        $UW R $V DWLYLGDGHV H SURMHWRV TXH HQYROYDP 2*0 H VHXV GHULYDGRV UHODFLRQDGRV DR HQVLQR FRP
PDQLSXODomRGHRUJDQLVPRVYLYRVjSHVTXLVDFLHQWtILFDDRGHVHQYROYLPHQWRWHFQROyJLFRHjSURGXomRLQGXVWULDO
ILFDPUHVWULWRVDRkPELWRGHHQWLGDGHVGHGLUHLWRS~EOLFRRXSULYDGRTXHVHUmRUHVSRQViYHLVSHODREHGLrQFLDDRV
SUHFHLWRVGHVWD/HLHGHVXDUHJXODPHQWDomREHPFRPRSHODVHYHQWXDLVFRQVHTrQFLDVRXHIHLWRVDGYLQGRVGH
VHXGHVFXPSULPHQWR

†R3DUDRVILQVGHVWD/HLFRQVLGHUDPVHDWLYLGDGHVHSURMHWRVQRkPELWRGHHQWLGDGHRVFRQGX]LGRVHP
LQVWDODo}HVSUySULDVRXVREDUHVSRQVDELOLGDGHDGPLQLVWUDWLYDWpFQLFDRXFLHQWtILFDGDHQWLGDGH

†R$VDWLYLGDGHVHSURMHWRVGHTXHWUDWDHVWHDUWLJRVmRYHGDGRVDSHVVRDVItVLFDVHPDWXDomRDXW{QRPD
HLQGHSHQGHQWHDLQGDTXHPDQWHQKDPYtQFXORHPSUHJDWtFLRRXTXDOTXHURXWURFRPSHVVRDVMXUtGLFDV

        † R 2V LQWHUHVVDGRV HP UHDOL]DU DWLYLGDGH SUHYLVWD QHVWD /HL GHYHUmR UHTXHUHU DXWRUL]DomR j &RPLVVmR
7pFQLFD1DFLRQDOGH%LRVVHJXUDQoD±&71%LRTXHVHPDQLIHVWDUiQRSUD]RIL[DGRHPUHJXODPHQWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

        † R $V RUJDQL]Do}HV S~EOLFDV H SULYDGDV QDFLRQDLV HVWUDQJHLUDV RX LQWHUQDFLRQDLV ILQDQFLDGRUDV RX
SDWURFLQDGRUDV GH DWLYLGDGHV RX GH SURMHWRV UHIHULGRV QR FDSXW GHVWH DUWLJR GHYHP H[LJLU D DSUHVHQWDomR GH
&HUWLILFDGR GH 4XDOLGDGH HP %LRVVHJXUDQoD HPLWLGR SHOD &71%LR VRE SHQD GH VH WRUQDUHP FRUHVSRQViYHLV
SHORVHYHQWXDLVHIHLWRVGHFRUUHQWHVGRGHVFXPSULPHQWRGHVWD/HLRXGHVXDUHJXODPHQWDomR

$UWR3DUDRVHIHLWRVGHVWD/HLFRQVLGHUDVH

,±RUJDQLVPRWRGDHQWLGDGHELROyJLFDFDSD]GHUHSURGX]LURXWUDQVIHULUPDWHULDOJHQpWLFRLQFOXVLYHYtUXVH
RXWUDVFODVVHVTXHYHQKDPDVHUFRQKHFLGDV

,,±iFLGRGHVR[LUULERQXFOpLFR$'1iFLGRULERQXFOpLFR$51PDWHULDOJHQpWLFRTXHFRQWpPLQIRUPDo}HV
GHWHUPLQDQWHVGRVFDUDFWHUHVKHUHGLWiULRVWUDQVPLVVtYHLVjGHVFHQGrQFLD

,,,±PROpFXODVGH$'1$51UHFRPELQDQWHDVPROpFXODVPDQLSXODGDVIRUDGDVFpOXODVYLYDVPHGLDQWHD
PRGLILFDomRGHVHJPHQWRVGH$'1$51QDWXUDORXVLQWpWLFRHTXHSRVVDPPXOWLSOLFDUVHHPXPDFpOXODYLYDRX
DLQGD DV PROpFXODV GH $'1$51 UHVXOWDQWHV GHVVD PXOWLSOLFDomR FRQVLGHUDPVH WDPEpP RV VHJPHQWRV GH
$'1$51VLQWpWLFRVHTXLYDOHQWHVDRVGH$'1$51QDWXUDO

,9±HQJHQKDULDJHQpWLFDDWLYLGDGHGHSURGXomRHPDQLSXODomRGHPROpFXODVGH$'1$51UHFRPELQDQWH

9±RUJDQLVPRJHQHWLFDPHQWHPRGLILFDGR2*0RUJDQLVPRFXMRPDWHULDOJHQpWLFR±$'1$51WHQKDVLGR
PRGLILFDGRSRUTXDOTXHUWpFQLFDGHHQJHQKDULDJHQpWLFD

9,±GHULYDGRGH2*0SURGXWRREWLGRGH2*0HTXHQmRSRVVXDFDSDFLGDGHDXW{QRPDGHUHSOLFDomRRX
TXHQmRFRQWHQKDIRUPDYLiYHOGH2*0

9,,±FpOXODJHUPLQDOKXPDQDFpOXODPmHUHVSRQViYHOSHODIRUPDomRGHJDPHWDVSUHVHQWHVQDVJOkQGXODV
VH[XDLVIHPLQLQDVHPDVFXOLQDVHVXDVGHVFHQGHQWHVGLUHWDVHPTXDOTXHUJUDXGHSORLGLD

        9,,, ± FORQDJHP SURFHVVR GH UHSURGXomR DVVH[XDGD SURGX]LGD DUWLILFLDOPHQWH EDVHDGD HP XP ~QLFR
SDWULP{QLRJHQpWLFRFRPRXVHPXWLOL]DomRGHWpFQLFDVGHHQJHQKDULDJHQpWLFD

,;±FORQDJHPSDUDILQVUHSURGXWLYRVFORQDJHPFRPDILQDOLGDGHGHREWHQomRGHXPLQGLYtGXR

        ; ± FORQDJHP WHUDSrXWLFD FORQDJHP FRP D ILQDOLGDGH GH SURGXomR GH FpOXODVWURQFR HPEULRQiULDV SDUD
XWLOL]DomRWHUDSrXWLFD

;,±FpOXODVWURQFRHPEULRQiULDVFpOXODVGHHPEULmRTXHDSUHVHQWDPDFDSDFLGDGHGHVHWUDQVIRUPDUHP
FpOXODVGHTXDOTXHUWHFLGRGHXPRUJDQLVPR

†R1mRVHLQFOXLQDFDWHJRULDGH2*0RUHVXOWDQWHGHWpFQLFDVTXHLPSOLTXHPDLQWURGXomRGLUHWDQXP
RUJDQLVPR GH PDWHULDO KHUHGLWiULR GHVGH TXH QmR HQYROYDP D XWLOL]DomR GH PROpFXODV GH $'1$51
UHFRPELQDQWHRX2*0LQFOXVLYHIHFXQGDomRLQYLWURFRQMXJDomRWUDQVGXomRWUDQVIRUPDomRLQGXomRSROLSOyLGH
HTXDOTXHURXWURSURFHVVRQDWXUDO

†R1mRVHLQFOXLQDFDWHJRULDGHGHULYDGRGH2*0DVXEVWkQFLDSXUDTXLPLFDPHQWHGHILQLGDREWLGDSRU
PHLRGHSURFHVVRVELROyJLFRVHTXHQmRFRQWHQKD2*0SURWHtQDKHWHUyORJDRX$'1UHFRPELQDQWH

$UWR(VWD/HLQmRVHDSOLFDTXDQGRDPRGLILFDomRJHQpWLFDIRUREWLGDSRUPHLRGDVVHJXLQWHVWpFQLFDV
GHVGHTXHQmRLPSOLTXHPDXWLOL]DomRGH2*0FRPRUHFHSWRURXGRDGRU

,±PXWDJrQHVH

,,±IRUPDomRHXWLOL]DomRGHFpOXODVVRPiWLFDVGHKLEULGRPDDQLPDO

        ,,, ± IXVmR FHOXODU LQFOXVLYH D GH SURWRSODVPD GH FpOXODV YHJHWDLV TXH SRVVD VHU SURGX]LGD PHGLDQWH
PpWRGRVWUDGLFLRQDLVGHFXOWLYR

,9±DXWRFORQDJHPGHRUJDQLVPRVQmRSDWRJrQLFRVTXHVHSURFHVVHGHPDQHLUDQDWXUDO

$UWReSHUPLWLGDSDUDILQVGHSHVTXLVDHWHUDSLDDXWLOL]DomRGHFpOXODVWURQFRHPEULRQiULDVREWLGDVGH
HPEUL}HVKXPDQRVSURGX]LGRVSRUIHUWLOL]DomRLQYLWURHQmRXWLOL]DGRVQRUHVSHFWLYRSURFHGLPHQWRDWHQGLGDVDV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

VHJXLQWHVFRQGLo}HV

,±VHMDPHPEUL}HVLQYLiYHLVRX

        ,, ± VHMDP HPEUL}HV FRQJHODGRV Ki  WUrV DQRV RX PDLV QD GDWD GD SXEOLFDomR GHVWD /HL RX TXH Mi
FRQJHODGRVQDGDWDGDSXEOLFDomRGHVWD/HLGHSRLVGHFRPSOHWDUHPWUrVDQRVFRQWDGRVDSDUWLUGDGDWDGH
FRQJHODPHQWR

†R(PTXDOTXHUFDVRpQHFHVViULRRFRQVHQWLPHQWRGRVJHQLWRUHV

        † R ,QVWLWXLo}HV GH SHVTXLVD H VHUYLoRV GH VD~GH TXH UHDOL]HP SHVTXLVD RX WHUDSLD FRP FpOXODVWURQFR
HPEULRQiULDV KXPDQDV GHYHUmR VXEPHWHU VHXV SURMHWRV j DSUHFLDomR H DSURYDomR GRV UHVSHFWLYRV FRPLWrV GH
pWLFDHPSHVTXLVD

†ReYHGDGDDFRPHUFLDOL]DomRGRPDWHULDOELROyJLFRDTXHVHUHIHUHHVWHDUWLJRHVXDSUiWLFDLPSOLFDR
FULPHWLSLILFDGRQRDUWGD/HLQRGHGHIHYHUHLURGH

$UWR)LFDSURLELGR

        , ± LPSOHPHQWDomR GH SURMHWR UHODWLYR D 2*0 VHP D PDQXWHQomR GH UHJLVWUR GH VHX DFRPSDQKDPHQWR
LQGLYLGXDO

,,±HQJHQKDULDJHQpWLFDHPRUJDQLVPRYLYRRXRPDQHMRLQ YLWUR GH $'1$51 QDWXUDO RX UHFRPELQDQWH

UHDOL]DGRHPGHVDFRUGRFRPDVQRUPDVSUHYLVWDVQHVWD/HL

,,,±HQJHQKDULDJHQpWLFDHPFpOXODJHUPLQDOKXPDQD]LJRWRKXPDQRHHPEULmRKXPDQR

,9±FORQDJHPKXPDQD

        9 ± GHVWUXLomR RX GHVFDUWH QR PHLR DPELHQWH GH 2*0 H VHXV GHULYDGRV HP GHVDFRUGR FRP DV QRUPDV
HVWDEHOHFLGDVSHOD&71%LRSHORVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLH
DVFRQVWDQWHVGHVWD/HLHGHVXDUHJXODPHQWDomR

9,±OLEHUDomRQRPHLRDPELHQWHGH2*0RXVHXVGHULYDGRVQRkPELWRGHDWLYLGDGHVGHSHVTXLVDVHPD
GHFLVmR WpFQLFD IDYRUiYHO GD &71%LR H QRV FDVRV GH OLEHUDomR FRPHUFLDO VHP R SDUHFHU WpFQLFR IDYRUiYHO GD
&71%LR RX VHP R OLFHQFLDPHQWR GR yUJmR RX HQWLGDGH DPELHQWDO UHVSRQViYHO TXDQGR D &71%LR FRQVLGHUDU D
DWLYLGDGHFRPRSRWHQFLDOPHQWHFDXVDGRUDGHGHJUDGDomRDPELHQWDORXVHPDDSURYDomRGR&RQVHOKR1DFLRQDO
GH %LRVVHJXUDQoD ± &1%6 TXDQGR R SURFHVVR WHQKD VLGR SRU HOH DYRFDGR QD IRUPD GHVWD /HL H GH VXD
UHJXODPHQWDomR

        9,, ± D XWLOL]DomR D FRPHUFLDOL]DomR R UHJLVWUR R SDWHQWHDPHQWR H R OLFHQFLDPHQWR GH WHFQRORJLDV

JHQpWLFDVGHUHVWULomRGRXVR

        3DUiJUDIR ~QLFR 3DUD RV HIHLWRV GHVWD /HL HQWHQGHVH SRU WHFQRORJLDV JHQpWLFDV GH UHVWULomR GR XVR
TXDOTXHUSURFHVVRGHLQWHUYHQomRKXPDQDSDUDJHUDomRRXPXOWLSOLFDomRGHSODQWDVJHQHWLFDPHQWHPRGLILFDGDV
SDUD SURGX]LU HVWUXWXUDV UHSURGXWLYDV HVWpUHLV EHP FRPR TXDOTXHU IRUPD GH PDQLSXODomR JHQpWLFD TXH YLVH j
DWLYDomRRXGHVDWLYDomRGHJHQHVUHODFLRQDGRVjIHUWLOLGDGHGDVSODQWDVSRULQGXWRUHVTXtPLFRVH[WHUQRV

$UWR6mRREULJDWyULDV

,±DLQYHVWLJDomRGHDFLGHQWHVRFRUULGRVQRFXUVRGHSHVTXLVDVHSURMHWRVQDiUHDGHHQJHQKDULDJHQpWLFD
HRHQYLRGHUHODWyULRUHVSHFWLYRjDXWRULGDGHFRPSHWHQWHQRSUD]RPi[LPRGHFLQFRGLDVDFRQWDUGDGDWDGR
HYHQWR

,,±DQRWLILFDomRLPHGLDWDj&71%LRHjVDXWRULGDGHVGDVD~GHS~EOLFDGDGHIHVDDJURSHFXiULDHGRPHLR
DPELHQWHVREUHDFLGHQWHTXHSRVVDSURYRFDUDGLVVHPLQDomRGH2*0HVHXVGHULYDGRV

,,,±DDGRomRGHPHLRVQHFHVViULRVSDUDSOHQDPHQWHLQIRUPDUj&71%LRjVDXWRULGDGHVGDVD~GHS~EOLFD
GRPHLRDPELHQWHGDGHIHVDDJURSHFXiULDjFROHWLYLGDGHHDRVGHPDLVHPSUHJDGRVGDLQVWLWXLomRRXHPSUHVD
VREUH RV ULVFRV D TXH SRVVDP HVWDU VXEPHWLGRV EHP FRPR RV SURFHGLPHQWRV D VHUHP WRPDGRV QR FDVR GH
DFLGHQWHVFRP2*0

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

&$3Ë78/2,,

'R&RQVHOKR1DFLRQDOGH%LRVVHJXUDQoD±&1%6

$UWR)LFDFULDGRR&RQVHOKR1DFLRQDOGH%LRVVHJXUDQoD±&1%6YLQFXODGRj3UHVLGrQFLDGD5HS~EOLFD
yUJmR GH DVVHVVRUDPHQWR VXSHULRU GR 3UHVLGHQWH GD 5HS~EOLFD SDUD D IRUPXODomR H LPSOHPHQWDomR GD 3ROtWLFD
1DFLRQDOGH%LRVVHJXUDQoD±31%

†R&RPSHWHDR&1%6

        , ± IL[DU SULQFtSLRV H GLUHWUL]HV SDUD D DomR DGPLQLVWUDWLYD GRV yUJmRV H HQWLGDGHV IHGHUDLV FRP
FRPSHWrQFLDVVREUHDPDWpULD

,,±DQDOLVDUDSHGLGRGD&71%LRTXDQWRDRVDVSHFWRVGDFRQYHQLrQFLDHRSRUWXQLGDGHVRFLRHFRQ{PLFDVH
GRLQWHUHVVHQDFLRQDORVSHGLGRVGHOLEHUDomRSDUDXVRFRPHUFLDOGH2*0HVHXVGHULYDGRV

,,,±DYRFDUHGHFLGLUHP~OWLPDHGHILQLWLYDLQVWkQFLDFRPEDVHHPPDQLIHVWDomRGD&71%LRHTXDQGR
MXOJDUQHFHVViULRGRVyUJmRVHHQWLGDGHVUHIHULGRVQRDUWGHVWD/HLQRkPELWRGHVXDVFRPSHWrQFLDVVREUH
RVSURFHVVRVUHODWLYRVDDWLYLGDGHVTXHHQYROYDPRXVRFRPHUFLDOGH2*0HVHXVGHULYDGRV

,9±9(7$'2

†R9(7$'2

†R6HPSUHTXHR&1%6GHOLEHUDUIDYRUDYHOPHQWHjUHDOL]DomRGDDWLYLGDGHDQDOLVDGDHQFDPLQKDUiVXD
PDQLIHVWDomRDRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HL

†R6HPSUHTXHR&1%6GHOLEHUDUFRQWUDULDPHQWHjDWLYLGDGHDQDOLVDGDHQFDPLQKDUiVXDPDQLIHVWDomRj
&71%LRSDUDLQIRUPDomRDRUHTXHUHQWH

$UWR2&1%6pFRPSRVWRSHORVVHJXLQWHVPHPEURV

,±0LQLVWURGH(VWDGR&KHIHGD&DVD&LYLOGD3UHVLGrQFLDGD5HS~EOLFDTXHRSUHVLGLUi

,,±0LQLVWURGH(VWDGRGD&LrQFLDH7HFQRORJLD

,,,±0LQLVWURGH(VWDGRGR'HVHQYROYLPHQWR$JUiULR

,9±0LQLVWURGH(VWDGRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR

9±0LQLVWURGH(VWDGRGD-XVWLoD

9,±0LQLVWURGH(VWDGRGD6D~GH

9,,±0LQLVWURGH(VWDGRGR0HLR$PELHQWH

9,,,±0LQLVWURGH(VWDGRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU

,;±0LQLVWURGH(VWDGRGDV5HODo}HV([WHULRUHV

;±0LQLVWURGH(VWDGRGD'HIHVD

;,±6HFUHWiULR(VSHFLDOGH$TLFXOWXUDH3HVFDGD3UHVLGrQFLDGD5HS~EOLFD

        † R 2 &1%6 UHXQLUVHi VHPSUH TXH FRQYRFDGR SHOR 0LQLVWUR GH (VWDGR &KHIH GD &DVD &LYLO GD
3UHVLGrQFLDGD5HS~EOLFDRXPHGLDQWHSURYRFDomRGDPDLRULDGHVHXVPHPEURV

†R9(7$'2

        † R 3RGHUmR VHU FRQYLGDGRV D SDUWLFLSDU GDV UHXQL}HV HP FDUiWHU H[FHSFLRQDO UHSUHVHQWDQWHV GR VHWRU
S~EOLFRHGHHQWLGDGHVGDVRFLHGDGHFLYLO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

†R2&1%6FRQWDUiFRPXPD6HFUHWDULD([HFXWLYDYLQFXODGDj&DVD&LYLOGD3UHVLGrQFLDGD5HS~EOLFD

†R$UHXQLmRGR&1%6SRGHUiVHULQVWDODGDFRPDSUHVHQoDGHVHLVGHVHXVPHPEURVHDVGHFLV}HV

VHUmRWRPDGDVFRPYRWRVIDYRUiYHLVGDPDLRULDDEVROXWD

&$3Ë78/2,,,

'D&RPLVVmR7pFQLFD1DFLRQDOGH%LRVVHJXUDQoD±&71%LR

$UW$&71%LRLQWHJUDQWHGR0LQLVWpULRGD&LrQFLDH7HFQRORJLDpLQVWkQFLDFROHJLDGDPXOWLGLVFLSOLQDU
GH FDUiWHU FRQVXOWLYR H GHOLEHUDWLYR SDUD SUHVWDU DSRLR WpFQLFR H GH DVVHVVRUDPHQWR DR *RYHUQR )HGHUDO QD
IRUPXODomRDWXDOL]DomRHLPSOHPHQWDomRGD31%GH2*0HVHXVGHULYDGRVEHPFRPRQRHVWDEHOHFLPHQWRGH
QRUPDV WpFQLFDV GH VHJXUDQoD H GH SDUHFHUHV WpFQLFRV UHIHUHQWHV j DXWRUL]DomR SDUD DWLYLGDGHV TXH HQYROYDP
SHVTXLVD H XVR FRPHUFLDO GH 2*0 H VHXV GHULYDGRV FRP EDVH QD DYDOLDomR GH VHX ULVFR ]RRILWRVVDQLWiULR j
VD~GHKXPDQDHDRPHLRDPELHQWH

3DUiJUDIR~QLFR$&71%LRGHYHUiDFRPSDQKDURGHVHQYROYLPHQWRHRSURJUHVVRWpFQLFRHFLHQWtILFRQDV
iUHDV GH ELRVVHJXUDQoD ELRWHFQRORJLD ELRpWLFD H DILQV FRP R REMHWLYR GH DXPHQWDU VXD FDSDFLWDomR SDUD D
SURWHomRGDVD~GHKXPDQDGRVDQLPDLVHGDVSODQWDVHGRPHLRDPELHQWH

        $UW  $ &71%LR FRPSRVWD GH PHPEURV WLWXODUHV H VXSOHQWHV GHVLJQDGRV SHOR 0LQLVWUR GH (VWDGR GD
&LrQFLD H 7HFQRORJLD VHUi FRQVWLWXtGD SRU  YLQWH H VHWH FLGDGmRV EUDVLOHLURV GH UHFRQKHFLGD FRPSHWrQFLD
WpFQLFD GH QRWyULD DWXDomR H VDEHU FLHQWtILFRV FRP JUDX DFDGrPLFR GH GRXWRU H FRP GHVWDFDGD DWLYLGDGH
SURILVVLRQDO QDV iUHDV GH ELRVVHJXUDQoD ELRWHFQRORJLD ELRORJLD VD~GH KXPDQD H DQLPDO RX PHLR DPELHQWH
VHQGR

,±GR]HHVSHFLDOLVWDVGHQRWyULRVDEHUFLHQWtILFRHWpFQLFRHPHIHWLYRH[HUFtFLRSURILVVLRQDOVHQGR

DWUrVGDiUHDGHVD~GHKXPDQD

EWUrVGDiUHDDQLPDO

FWUrVGDiUHDYHJHWDO

GWUrVGDiUHDGHPHLRDPELHQWH

,,±XPUHSUHVHQWDQWHGHFDGDXPGRVVHJXLQWHVyUJmRVLQGLFDGRVSHORVUHVSHFWLYRVWLWXODUHV

D0LQLVWpULRGD&LrQFLDH7HFQRORJLD

E0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR

F0LQLVWpULRGD6D~GH

G0LQLVWpULRGR0HLR$PELHQWH

H0LQLVWpULRGR'HVHQYROYLPHQWR$JUiULR

I0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU

J0LQLVWpULRGD'HIHVD

K6HFUHWDULD(VSHFLDOGH$TLFXOWXUDH3HVFDGD3UHVLGrQFLDGD5HS~EOLFD

L0LQLVWpULRGDV5HODo}HV([WHULRUHV

,,,±XPHVSHFLDOLVWDHPGHIHVDGRFRQVXPLGRULQGLFDGRSHOR0LQLVWURGD-XVWLoD

,9±XPHVSHFLDOLVWDQDiUHDGHVD~GHLQGLFDGRSHOR0LQLVWURGD6D~GH

9±XPHVSHFLDOLVWDHPPHLRDPELHQWHLQGLFDGRSHOR0LQLVWURGR0HLR$PELHQWH

9,±XPHVSHFLDOLVWDHPELRWHFQRORJLDLQGLFDGRSHOR0LQLVWURGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

9,,±XPHVSHFLDOLVWDHPDJULFXOWXUDIDPLOLDULQGLFDGRSHOR0LQLVWURGR'HVHQYROYLPHQWR$JUiULR

9,,,±XPHVSHFLDOLVWDHPVD~GHGRWUDEDOKDGRULQGLFDGRSHOR0LQLVWURGR7UDEDOKRH(PSUHJR

†R2VHVSHFLDOLVWDVGHTXHWUDWDRLQFLVR,GRFDSXWGHVWHDUWLJRVHUmRHVFROKLGRVDSDUWLUGHOLVWDWUtSOLFH
HODERUDGDFRPDSDUWLFLSDomRGDVVRFLHGDGHVFLHQWtILFDVFRQIRUPHGLVSRVWRHPUHJXODPHQWR

†R2VHVSHFLDOLVWDVGHTXHWUDWDPRVLQFLVRV,,,D9,,,GRFDSXWGHVWHDUWLJRVHUmRHVFROKLGRVDSDUWLUGH
OLVWDWUtSOLFHHODERUDGDSHODVRUJDQL]Do}HVGDVRFLHGDGHFLYLOFRQIRUPHGLVSRVWRHPUHJXODPHQWR

†R&DGDPHPEURHIHWLYRWHUiXPVXSOHQWHTXHSDUWLFLSDUiGRVWUDEDOKRVQDDXVrQFLDGRWLWXODU

        † R 2V PHPEURV GD &71%LR WHUmR PDQGDWR GH  GRLV DQRV UHQRYiYHO SRU DWp PDLV  GRLV SHUtRGRV
FRQVHFXWLYRV

†R2SUHVLGHQWHGD&71%LRVHUiGHVLJQDGRHQWUHVHXVPHPEURVSHOR0LQLVWURGD&LrQFLDH7HFQRORJLD
SDUDXPPDQGDWRGHGRLVDQRVUHQRYiYHOSRULJXDOSHUtRGR

†R 2V PHPEURV GD &71%LR GHYHP SDXWDU D VXD DWXDomR SHOD REVHUYkQFLD HVWULWD GRV FRQFHLWRV pWLFR
SURILVVLRQDLVVHQGRYHGDGRSDUWLFLSDUGRMXOJDPHQWRGHTXHVW}HVFRPDVTXDLVWHQKDPDOJXPHQYROYLPHQWRGH
RUGHPSURILVVLRQDORXSHVVRDOVRESHQDGHSHUGDGHPDQGDWRQDIRUPDGRUHJXODPHQWR

†R$UHXQLmRGD&71%LRSRGHUiVHULQVWDODGDFRPDSUHVHQoDGHFDWRU]HGHVHXVPHPEURVLQFOXtGR

SHORPHQRVXPUHSUHVHQWDQWHGHFDGDXPDGDViUHDVUHIHULGDVQRLQFLVR,GRFDSXWGHVWHDUWLJR

†R9(7$'2

        † R$  $V GHFLV}HV GD &71%LR VHUmR WRPDGDV FRP YRWRV IDYRUiYHLV GD PDLRULD DEVROXWD GH VHXV
PHPEURV,QFOXtGRSHOD/HLQžGH

        † R ÏUJmRV H HQWLGDGHV LQWHJUDQWHV GD DGPLQLVWUDomR S~EOLFD IHGHUDO SRGHUmR VROLFLWDU SDUWLFLSDomR QDV
UHXQL}HVGD&71%LRSDUDWUDWDUGHDVVXQWRVGHVHXHVSHFLDOLQWHUHVVHVHPGLUHLWRDYRWR

        †  3RGHUmR VHU FRQYLGDGRV D SDUWLFLSDU GDV UHXQL}HV HP FDUiWHU H[FHSFLRQDO UHSUHVHQWDQWHV GD
FRPXQLGDGHFLHQWtILFDHGRVHWRUS~EOLFRHHQWLGDGHVGDVRFLHGDGHFLYLOVHPGLUHLWRDYRWR

$UW2IXQFLRQDPHQWRGD&71%LRVHUiGHILQLGRSHORUHJXODPHQWRGHVWD/HL

        † R $ &71%LR FRQWDUi FRP XPD 6HFUHWDULD([HFXWLYD H FDEH DR 0LQLVWpULR GD &LrQFLD H 7HFQRORJLD
SUHVWDUOKHRDSRLRWpFQLFRHDGPLQLVWUDWLYR

†R9(7$'2

        $UW  $ &71%LR FRQVWLWXLUi VXEFRPLVV}HV VHWRULDLV SHUPDQHQWHV QD iUHD GH VD~GH KXPDQD QD iUHD
DQLPDO QD iUHD YHJHWDO H QD iUHD DPELHQWDO H SRGHUi FRQVWLWXLU VXEFRPLVV}HV H[WUDRUGLQiULDV SDUD DQiOLVH
SUpYLDGRVWHPDVDVHUHPVXEPHWLGRVDRSOHQiULRGD&RPLVVmR

†R7DQWRRVPHPEURVWLWXODUHVTXDQWRRVVXSOHQWHVSDUWLFLSDUmRGDVVXEFRPLVV}HVVHWRULDLVHFDEHUiD
WRGRVDGLVWULEXLomRGRVSURFHVVRVSDUDDQiOLVH

†R2IXQFLRQDPHQWRHDFRRUGHQDomRGRVWUDEDOKRVQDVVXEFRPLVV}HVVHWRULDLVHH[WUDRUGLQiULDVVHUmR
GHILQLGRVQRUHJLPHQWRLQWHUQRGD&71%LR

$UW&RPSHWHj&71%LR

,±HVWDEHOHFHUQRUPDVSDUDDVSHVTXLVDVFRP2*0HGHULYDGRVGH2*0

,,±HVWDEHOHFHUQRUPDVUHODWLYDPHQWHjVDWLYLGDGHVHDRVSURMHWRVUHODFLRQDGRVD2*0HVHXVGHULYDGRV

        ,,, ± HVWDEHOHFHU QR kPELWR GH VXDV FRPSHWrQFLDV FULWpULRV GH DYDOLDomR H PRQLWRUDPHQWR GH ULVFR GH
2*0HVHXVGHULYDGRV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

        ,9 ± SURFHGHU j DQiOLVH GD DYDOLDomR GH ULVFR FDVR D FDVR UHODWLYDPHQWH D DWLYLGDGHV H SURMHWRV TXH
HQYROYDP2*0HVHXVGHULYDGRV

9±HVWDEHOHFHURVPHFDQLVPRVGHIXQFLRQDPHQWRGDV&RPLVV}HV,QWHUQDVGH%LRVVHJXUDQoD±&,%LRQR
kPELWRGHFDGDLQVWLWXLomRTXHVHGHGLTXHDRHQVLQRjSHVTXLVDFLHQWtILFDDRGHVHQYROYLPHQWRWHFQROyJLFRHj
SURGXomRLQGXVWULDOTXHHQYROYDP2*0RXVHXVGHULYDGRV

        9, ± HVWDEHOHFHU UHTXLVLWRV UHODWLYRV j ELRVVHJXUDQoD SDUD DXWRUL]DomR GH IXQFLRQDPHQWR GH ODERUDWyULR
LQVWLWXLomRRXHPSUHVDTXHGHVHQYROYHUiDWLYLGDGHVUHODFLRQDGDVD2*0HVHXVGHULYDGRV

9,,±UHODFLRQDUVHFRPLQVWLWXLo}HVYROWDGDVSDUDDELRVVHJXUDQoDGH2*0HVHXVGHULYDGRVHPkPELWR
QDFLRQDOHLQWHUQDFLRQDO

9,,,±DXWRUL]DUFDGDVWUDUHDFRPSDQKDUDVDWLYLGDGHVGHSHVTXLVDFRP2*0RXGHULYDGRGH2*0QRV
WHUPRVGDOHJLVODomRHPYLJRU

,;±DXWRUL]DUDLPSRUWDomRGH2*0HVHXVGHULYDGRVSDUDDWLYLGDGHGHSHVTXLVD

        ; ± SUHVWDU DSRLR WpFQLFR FRQVXOWLYR H GH DVVHVVRUDPHQWR DR &1%6 QD IRUPXODomR GD 31% GH 2*0 H
VHXVGHULYDGRV

;,±HPLWLU&HUWLILFDGRGH4XDOLGDGHHP%LRVVHJXUDQoD±&4%SDUDRGHVHQYROYLPHQWRGHDWLYLGDGHVFRP
2*0HVHXVGHULYDGRVHPODERUDWyULRLQVWLWXLomRRXHPSUHVDHHQYLDUFySLDGRSURFHVVRDRVyUJmRVGHUHJLVWUR
HILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HL

;,,±HPLWLUGHFLVmRWpFQLFDFDVRDFDVRVREUHDELRVVHJXUDQoDGH2*0HVHXVGHULYDGRVQRkPELWRGDV
DWLYLGDGHVGHSHVTXLVDHGHXVRFRPHUFLDOGH2*0HVHXVGHULYDGRVLQFOXVLYHDFODVVLILFDomRTXDQWRDRJUDX
GHULVFRHQtYHOGHELRVVHJXUDQoDH[LJLGREHPFRPRPHGLGDVGHVHJXUDQoDH[LJLGDVHUHVWULo}HVDRXVR

        ;,,, ± GHILQLU R QtYHO GH ELRVVHJXUDQoD D VHU DSOLFDGR DR 2*0 H VHXV XVRV H RV UHVSHFWLYRV
SURFHGLPHQWRV H PHGLGDV GH VHJXUDQoD TXDQWR DR VHX XVR FRQIRUPH DV QRUPDV HVWDEHOHFLGDV QD
UHJXODPHQWDomRGHVWD/HLEHPFRPRTXDQWRDRVVHXVGHULYDGRV

;,9±FODVVLILFDURV2*0VHJXQGRDFODVVHGHULVFRREVHUYDGRVRVFULWpULRVHVWDEHOHFLGRVQRUHJXODPHQWR
GHVWD/HL

;9±DFRPSDQKDURGHVHQYROYLPHQWRHRSURJUHVVRWpFQLFRFLHQWtILFRQDELRVVHJXUDQoDGH2*0HVHXV
GHULYDGRV

;9,±HPLWLUUHVROXo}HVGHQDWXUH]DQRUPDWLYDVREUHDVPDWpULDVGHVXDFRPSHWrQFLD

;9,,±DSRLDUWHFQLFDPHQWHRVyUJmRVFRPSHWHQWHVQRSURFHVVRGHSUHYHQomRHLQYHVWLJDomRGHDFLGHQWHV
HGHHQIHUPLGDGHVYHULILFDGRVQRFXUVRGRVSURMHWRVHGDVDWLYLGDGHVFRPWpFQLFDVGH$'1$51UHFRPELQDQWH

;9,,,±DSRLDUWHFQLFDPHQWHRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HL
QRH[HUFtFLRGHVXDVDWLYLGDGHVUHODFLRQDGDVD2*0HVHXVGHULYDGRV

;,;±GLYXOJDUQR'LiULR2ILFLDOGD8QLmRSUHYLDPHQWHjDQiOLVHRVH[WUDWRVGRVSOHLWRVHSRVWHULRUPHQWH
GRV SDUHFHUHV GRV SURFHVVRV TXH OKH IRUHP VXEPHWLGRV EHP FRPR GDU DPSOD SXEOLFLGDGH QR 6LVWHPD GH
,QIRUPDo}HVHP%LRVVHJXUDQoD±6,%DVXDDJHQGDSURFHVVRVHPWUkPLWHUHODWyULRVDQXDLVDWDVGDVUHXQL}HV
H GHPDLV LQIRUPDo}HV VREUH VXDV DWLYLGDGHV H[FOXtGDV DV LQIRUPDo}HV VLJLORVDV GH LQWHUHVVH FRPHUFLDO
DSRQWDGDVSHORSURSRQHQWHHDVVLPFRQVLGHUDGDVSHOD&71%LR

        ;; ± LGHQWLILFDU DWLYLGDGHV H SURGXWRV GHFRUUHQWHV GR XVR GH 2*0 H VHXV GHULYDGRV SRWHQFLDOPHQWH
FDXVDGRUHVGHGHJUDGDomRGRPHLRDPELHQWHRXTXHSRVVDPFDXVDUULVFRVjVD~GHKXPDQD

        ;;, ± UHDYDOLDU VXDV GHFLV}HV WpFQLFDV SRU VROLFLWDomR GH VHXV PHPEURV RX SRU UHFXUVR GRV yUJmRV H
HQWLGDGHV GH UHJLVWUR H ILVFDOL]DomR IXQGDPHQWDGR HP IDWRV RX FRQKHFLPHQWRV FLHQWtILFRV QRYRV TXH VHMDP
UHOHYDQWHVTXDQWRjELRVVHJXUDQoDGR2*0RXGHULYDGRQDIRUPDGHVWD/HLHVHXUHJXODPHQWR

;;,,±SURSRUDUHDOL]DomRGHSHVTXLVDVHHVWXGRVFLHQWtILFRVQRFDPSRGDELRVVHJXUDQoDGH2*0HVHXV
GHULYDGRV

;;,,,±DSUHVHQWDUSURSRVWDGHUHJLPHQWRLQWHUQRDR0LQLVWURGD&LrQFLDH7HFQRORJLD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

        † R 4XDQWR DRV DVSHFWRV GH ELRVVHJXUDQoD GR 2*0 H VHXV GHULYDGRV D GHFLVmR WpFQLFD GD &71%LR
YLQFXODRVGHPDLVyUJmRVHHQWLGDGHVGDDGPLQLVWUDomR

†R1RVFDVRVGHXVRFRPHUFLDOGHQWUHRXWURVDVSHFWRVWpFQLFRVGHVXDDQiOLVHRVyUJmRVGHUHJLVWURH
ILVFDOL]DomR QR H[HUFtFLR GH VXDV DWULEXLo}HV HP FDVR GH VROLFLWDomR SHOD &71%LR REVHUYDUmR TXDQWR DRV
DVSHFWRVGHELRVVHJXUDQoDGR2*0HVHXVGHULYDGRVDGHFLVmRWpFQLFDGD&71%LR

†R(PFDVRGHGHFLVmRWpFQLFDIDYRUiYHOVREUHDELRVVHJXUDQoDQRkPELWRGDDWLYLGDGHGHSHVTXLVDD
&71%LRUHPHWHUiRSURFHVVRUHVSHFWLYRDRVyUJmRVHHQWLGDGHVUHIHULGRVQRDUWGHVWD/HLSDUDRH[HUFtFLR
GHVXDVDWULEXLo}HV

        † R $ GHFLVmR WpFQLFD GD &71%LR GHYHUi FRQWHU UHVXPR GH VXD IXQGDPHQWDomR WpFQLFD H[SOLFLWDU DV
PHGLGDV GH VHJXUDQoD H UHVWULo}HV DR XVR GR 2*0 H VHXV GHULYDGRV H FRQVLGHUDU DV SDUWLFXODULGDGHV GDV
GLIHUHQWHV UHJL}HV GR 3DtV FRP R REMHWLYR GH RULHQWDU H VXEVLGLDU RV yUJmRV H HQWLGDGHV GH UHJLVWUR H
ILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLQRH[HUFtFLRGHVXDVDWULEXLo}HV

†R1mRVHVXEPHWHUiDDQiOLVHHHPLVVmRGHSDUHFHUWpFQLFRGD&71%LRRGHULYDGRFXMR2*0MiWHQKD
VLGRSRUHODDSURYDGR

†R$VSHVVRDVItVLFDVRXMXUtGLFDVHQYROYLGDVHPTXDOTXHUGDVIDVHVGRSURFHVVRGHSURGXomRDJUtFROD
FRPHUFLDOL]DomR RX WUDQVSRUWH GH SURGXWR JHQHWLFDPHQWH PRGLILFDGR TXH WHQKDP REWLGR D OLEHUDomR SDUD XVR
FRPHUFLDO HVWmR GLVSHQVDGDV GH DSUHVHQWDomR GR &4% H FRQVWLWXLomR GH &,%LR VDOYR GHFLVmR HP FRQWUiULR GD
&71%LR

$UW$&71%LRSRGHUiUHDOL]DUDXGLrQFLDVS~EOLFDVJDUDQWLGDSDUWLFLSDomRGDVRFLHGDGHFLYLOQDIRUPD
GRUHJXODPHQWR

        3DUiJUDIR ~QLFR (P FDVRV GH OLEHUDomR FRPHUFLDO DXGLrQFLD S~EOLFD SRGHUi VHU UHTXHULGD SRU SDUWHV
LQWHUHVVDGDV LQFOXLQGRVH HQWUH HVWDV RUJDQL]Do}HV GD VRFLHGDGH FLYLO TXH FRPSURYHP LQWHUHVVH UHODFLRQDGR j
PDWpULDQDIRUPDGRUHJXODPHQWR

&$3Ë78/2,9

'RVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomR

$UW&DEHUiDRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRGR0LQLVWpULRGD6D~GHGR0LQLVWpULRGD
$JULFXOWXUD 3HFXiULD H $EDVWHFLPHQWR H GR 0LQLVWpULR GR 0HLR $PELHQWH H GD 6HFUHWDULD (VSHFLDO GH
$TLFXOWXUD H 3HVFD GD 3UHVLGrQFLD GD 5HS~EOLFD HQWUH RXWUDV DWULEXLo}HV QR FDPSR GH VXDV FRPSHWrQFLDV
REVHUYDGDVDGHFLVmRWpFQLFDGD&71%LRDVGHOLEHUDo}HVGR&1%6HRVPHFDQLVPRVHVWDEHOHFLGRVQHVWD/HLH
QDVXDUHJXODPHQWDomR

,±ILVFDOL]DUDVDWLYLGDGHVGHSHVTXLVDGH2*0HVHXVGHULYDGRV

,,±UHJLVWUDUHILVFDOL]DUDOLEHUDomRFRPHUFLDOGH2*0HVHXVGHULYDGRV

,,,±HPLWLUDXWRUL]DomRSDUDDLPSRUWDomRGH2*0HVHXVGHULYDGRVSDUDXVRFRPHUFLDO

,9±PDQWHUDWXDOL]DGRQR6,%RFDGDVWURGDVLQVWLWXLo}HVHUHVSRQViYHLVWpFQLFRVTXHUHDOL]DPDWLYLGDGHV
HSURMHWRVUHODFLRQDGRVD2*0HVHXVGHULYDGRV

9±WRUQDUS~EOLFRVLQFOXVLYHQR6,%RVUHJLVWURVHDXWRUL]Do}HVFRQFHGLGDV

9,±DSOLFDUDVSHQDOLGDGHVGHTXHWUDWDHVWD/HL

        9,, ± VXEVLGLDU D &71%LR QD GHILQLomR GH TXHVLWRV GH DYDOLDomR GH ELRVVHJXUDQoD GH 2*0 H VHXV
GHULYDGRV

†R$SyVPDQLIHVWDomRIDYRUiYHOGD&71%LRRXGR&1%6HPFDVRGHDYRFDomRRXUHFXUVRFDEHUiHP
GHFRUUrQFLDGHDQiOLVHHVSHFtILFDHGHFLVmRSHUWLQHQWH

        , ± DR 0LQLVWpULR GD $JULFXOWXUD 3HFXiULD H $EDVWHFLPHQWR HPLWLU DV DXWRUL]Do}HV H UHJLVWURV H ILVFDOL]DU
SURGXWRV H DWLYLGDGHV TXH XWLOL]HP 2*0 H VHXV GHULYDGRV GHVWLQDGRV D XVR DQLPDO QD DJULFXOWXUD SHFXiULD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

DJURLQG~VWULDHiUHDVDILQVGHDFRUGRFRPDOHJLVODomRHPYLJRUHVHJXQGRRUHJXODPHQWRGHVWD/HL

,,±DRyUJmRFRPSHWHQWHGR0LQLVWpULRGD6D~GHHPLWLUDVDXWRUL]Do}HVHUHJLVWURVHILVFDOL]DUSURGXWRVH
DWLYLGDGHV FRP 2*0 H VHXV GHULYDGRV GHVWLQDGRV D XVR KXPDQR IDUPDFROyJLFR GRPLVVDQLWiULR H iUHDV DILQV
GHDFRUGRFRPDOHJLVODomRHPYLJRUHVHJXQGRRUHJXODPHQWRGHVWD/HL

        ,,, ± DR yUJmR FRPSHWHQWH GR 0LQLVWpULR GR 0HLR $PELHQWH HPLWLU DV DXWRUL]Do}HV H UHJLVWURV H ILVFDOL]DU
SURGXWRV H DWLYLGDGHV TXH HQYROYDP 2*0 H VHXV GHULYDGRV D VHUHP OLEHUDGRV QRV HFRVVLVWHPDV QDWXUDLV GH
DFRUGRFRPDOHJLVODomRHPYLJRUHVHJXQGRRUHJXODPHQWRGHVWD/HLEHPFRPRROLFHQFLDPHQWRQRVFDVRVHP
TXHD&71%LRGHOLEHUDUQDIRUPDGHVWD/HLTXHR2*0pSRWHQFLDOPHQWHFDXVDGRUGHVLJQLILFDWLYDGHJUDGDomR
GRPHLRDPELHQWH

        ,9 ± j 6HFUHWDULD (VSHFLDO GH $TLFXOWXUD H 3HVFD GD 3UHVLGrQFLD GD 5HS~EOLFD HPLWLU DV DXWRUL]Do}HV H
UHJLVWURV GH SURGXWRV H DWLYLGDGHV FRP 2*0 H VHXV GHULYDGRV GHVWLQDGRV DR XVR QD SHVFD H DTLFXOWXUD GH
DFRUGRFRPDOHJLVODomRHPYLJRUHVHJXQGRHVWD/HLHVHXUHJXODPHQWR

†R6RPHQWHVHDSOLFDPDVGLVSRVLo}HVGRVLQFLVRV,H,,GRDUWRHGRFDSXWGRDUWGD/HLQR 
GH  GH DJRVWR GH  QRV FDVRV HP TXH D &71%LR GHOLEHUDU TXH R 2*0 p SRWHQFLDOPHQWH FDXVDGRU GH
VLJQLILFDWLYDGHJUDGDomRGRPHLRDPELHQWH

†R$&71%LRGHOLEHUDHP~OWLPDHGHILQLWLYDLQVWkQFLDVREUHRVFDVRVHPTXHDDWLYLGDGHpSRWHQFLDORX
HIHWLYDPHQWHFDXVDGRUDGHGHJUDGDomRDPELHQWDOEHPFRPRVREUHDQHFHVVLGDGHGROLFHQFLDPHQWRDPELHQWDO

†R $ HPLVVmR GRV UHJLVWURV GDV DXWRUL]Do}HV H GR OLFHQFLDPHQWR DPELHQWDO UHIHULGRV QHVWD /HL GHYHUi
RFRUUHUQRSUD]RPi[LPRGHFHQWRHYLQWHGLDV

†R$FRQWDJHPGRSUD]RSUHYLVWRQR†RGHVWHDUWLJRVHUiVXVSHQVDSRUDWpFHQWRHRLWHQWDGLDV

GXUDQWHDHODERUDomRSHORUHTXHUHQWHGRVHVWXGRVRXHVFODUHFLPHQWRVQHFHVViULRV

†R$VDXWRUL]Do}HVHUHJLVWURVGHTXHWUDWDHVWHDUWLJRHVWDUmRYLQFXODGRVjGHFLVmRWpFQLFDGD&71%LR
FRUUHVSRQGHQWH VHQGR YHGDGDV H[LJrQFLDV WpFQLFDV TXH H[WUDSROHP DV FRQGLo}HV HVWDEHOHFLGDV QDTXHOD
GHFLVmRQRVDVSHFWRVUHODFLRQDGRVjELRVVHJXUDQoD

†R(PFDVRGHGLYHUJrQFLDTXDQWRjGHFLVmRWpFQLFDGD&71%LRVREUHDOLEHUDomRFRPHUFLDOGH2*0H
GHULYDGRV RV yUJmRV H HQWLGDGHV GH UHJLVWUR H ILVFDOL]DomR QR kPELWR GH VXDV FRPSHWrQFLDV SRGHUmR
DSUHVHQWDUUHFXUVRDR&1%6QRSUD]RGHDWpWULQWDGLDVDFRQWDUGDGDWDGHSXEOLFDomRGDGHFLVmRWpFQLFD
GD&71%LR

&$3Ë78/29

'D&RPLVVmR,QWHUQDGH%LRVVHJXUDQoD±&,%LR

$UW7RGDLQVWLWXLomRTXHXWLOL]DUWpFQLFDVHPpWRGRVGHHQJHQKDULDJHQpWLFDRXUHDOL]DUSHVTXLVDVFRP
2*0HVHXVGHULYDGRVGHYHUiFULDUXPD&RPLVVmR,QWHUQDGH%LRVVHJXUDQoD&,%LRDOpPGHLQGLFDUXPWpFQLFR
SULQFLSDOUHVSRQViYHOSDUDFDGDSURMHWRHVSHFtILFR

$UW&RPSHWHj&,%LRQRkPELWRGDLQVWLWXLomRRQGHFRQVWLWXtGD

,±PDQWHULQIRUPDGRVRVWUDEDOKDGRUHVHGHPDLVPHPEURVGDFROHWLYLGDGHTXDQGRVXVFHWtYHLVGHVHUHP
DIHWDGRV SHOD DWLYLGDGH VREUH DV TXHVW}HV UHODFLRQDGDV FRP D VD~GH H D VHJXUDQoD EHP FRPR VREUH RV
SURFHGLPHQWRVHPFDVRGHDFLGHQWHV

,,±HVWDEHOHFHUSURJUDPDVSUHYHQWLYRVHGHLQVSHomRSDUDJDUDQWLURIXQFLRQDPHQWRGDVLQVWDODo}HVVRE
VXDUHVSRQVDELOLGDGHGHQWURGRVSDGU}HVHQRUPDVGHELRVVHJXUDQoDGHILQLGRVSHOD&71%LRQDUHJXODPHQWDomR
GHVWD/HL

        ,,, ± HQFDPLQKDU j &71%LR RV GRFXPHQWRV FXMD UHODomR VHUi HVWDEHOHFLGD QD UHJXODPHQWDomR GHVWD /HL
SDUDHIHLWRGHDQiOLVHUHJLVWURRXDXWRUL]DomRGRyUJmRFRPSHWHQWHTXDQGRFRXEHU

,9±PDQWHUUHJLVWURGRDFRPSDQKDPHQWRLQGLYLGXDOGHFDGDDWLYLGDGHRXSURMHWRHPGHVHQYROYLPHQWRTXH
HQYROYDP2*0RXVHXVGHULYDGRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

9±QRWLILFDUj&71%LRDRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLH
jVHQWLGDGHVGHWUDEDOKDGRUHVRUHVXOWDGRGHDYDOLDo}HVGHULVFRDTXHHVWmRVXEPHWLGDVDVSHVVRDVH[SRVWDV
EHPFRPRTXDOTXHUDFLGHQWHRXLQFLGHQWHTXHSRVVDSURYRFDUDGLVVHPLQDomRGHDJHQWHELROyJLFR

        9, ± LQYHVWLJDU D RFRUUrQFLD GH DFLGHQWHV H DV HQIHUPLGDGHV SRVVLYHOPHQWH UHODFLRQDGRV D 2*0 H VHXV
GHULYDGRVHQRWLILFDUVXDVFRQFOXV}HVHSURYLGrQFLDVj&71%LR

&$3Ë78/29,

'R6LVWHPDGH,QIRUPDo}HVHP%LRVVHJXUDQoD±6,%

        $UW  )LFD FULDGR QR kPELWR GR 0LQLVWpULR GD &LrQFLD H 7HFQRORJLD R 6LVWHPD GH ,QIRUPDo}HV HP
%LRVVHJXUDQoD ± 6,% GHVWLQDGR j JHVWmR GDV LQIRUPDo}HV GHFRUUHQWHV GDV DWLYLGDGHV GH DQiOLVH DXWRUL]DomR
UHJLVWURPRQLWRUDPHQWRHDFRPSDQKDPHQWRGDVDWLYLGDGHVTXHHQYROYDP2*0HVHXVGHULYDGRV

        † R $V GLVSRVLo}HV GRV DWRV OHJDLV UHJXODPHQWDUHV H DGPLQLVWUDWLYRV TXH DOWHUHP FRPSOHPHQWHP RX
SURGX]DPHIHLWRVVREUHDOHJLVODomRGHELRVVHJXUDQoDGH2*0HVHXVGHULYDGRVGHYHUmRVHUGLYXOJDGDVQR6,%
FRQFRPLWDQWHPHQWHFRPDHQWUDGDHPYLJRUGHVVHVDWRV

†R2VyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLGHYHUmRDOLPHQWDUR
6,% FRP DV LQIRUPDo}HV UHODWLYDV jV DWLYLGDGHV GH TXH WUDWD HVWD /HL SURFHVVDGDV QR kPELWR GH VXD
FRPSHWrQFLD

&$3Ë78/29,,

'D5HVSRQVDELOLGDGH&LYLOH$GPLQLVWUDWLYD

$UW6HPSUHMXt]RGDDSOLFDomRGDVSHQDVSUHYLVWDVQHVWD/HLRVUHVSRQViYHLVSHORVGDQRVDRPHLR
DPELHQWH H D WHUFHLURV UHVSRQGHUmR VROLGDULDPHQWH SRU VXD LQGHQL]DomR RX UHSDUDomR LQWHJUDO
LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGHFXOSD

$UW&RQVLGHUDVHLQIUDomRDGPLQLVWUDWLYDWRGDDomRRXRPLVVmRTXHYLROHDVQRUPDVSUHYLVWDVQHVWD/HL
HGHPDLVGLVSRVLo}HVOHJDLVSHUWLQHQWHV

3DUiJUDIR~QLFR$VLQIUDo}HVDGPLQLVWUDWLYDVVHUmRSXQLGDVQDIRUPDHVWDEHOHFLGDQRUHJXODPHQWRGHVWD
/HL LQGHSHQGHQWHPHQWH GDV PHGLGDV FDXWHODUHV GH DSUHHQVmR GH SURGXWRV VXVSHQVmR GH YHQGD GH SURGXWR H
HPEDUJRVGHDWLYLGDGHVFRPDVVHJXLQWHVVDQo}HV

,±DGYHUWrQFLD

,,±PXOWD

,,,±DSUHHQVmRGH2*0HVHXVGHULYDGRV

,9±VXVSHQVmRGDYHQGDGH2*0HVHXVGHULYDGRV

9±HPEDUJRGDDWLYLGDGH

9,±LQWHUGLomRSDUFLDORXWRWDOGRHVWDEHOHFLPHQWRDWLYLGDGHRXHPSUHHQGLPHQWR

9,,±VXVSHQVmRGHUHJLVWUROLFHQoDRXDXWRUL]DomR

9,,,±FDQFHODPHQWRGHUHJLVWUROLFHQoDRXDXWRUL]DomR

,;±SHUGDRXUHVWULomRGHLQFHQWLYRHEHQHItFLRILVFDOFRQFHGLGRVSHORJRYHUQR

;±SHUGDRXVXVSHQVmRGDSDUWLFLSDomRHPOLQKDGHILQDQFLDPHQWRHPHVWDEHOHFLPHQWRRILFLDOGHFUpGLWR

;,±LQWHUYHQomRQRHVWDEHOHFLPHQWR

;,,±SURLELomRGHFRQWUDWDUFRPDDGPLQLVWUDomRS~EOLFDSRUSHUtRGRGHDWpFLQFRDQRV

$UW&RPSHWHDRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLGHILQLU
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

FULWpULRVYDORUHVHDSOLFDUPXOWDVGH5GRLVPLOUHDLVD5XPPLOKmRHTXLQKHQWRVPLO

UHDLVSURSRUFLRQDOPHQWHjJUDYLGDGHGDLQIUDomR

†R$VPXOWDVSRGHUmRVHUDSOLFDGDVFXPXODWLYDPHQWHFRPDVGHPDLVVDQo}HVSUHYLVWDVQHVWHDUWLJR

†R1RFDVRGHUHLQFLGrQFLDDPXOWDVHUiDSOLFDGDHPGREUR

        † R 1R FDVR GH LQIUDomR FRQWLQXDGD FDUDFWHUL]DGD SHOD SHUPDQrQFLD GD DomR RX RPLVVmR LQLFLDOPHQWH
SXQLGD VHUi D UHVSHFWLYD SHQDOLGDGH DSOLFDGD GLDULDPHQWH DWp FHVVDU VXD FDXVD VHP SUHMXt]R GD SDUDOLVDomR
LPHGLDWDGDDWLYLGDGHRXGDLQWHUGLomRGRODERUDWyULRRXGDLQVWLWXLomRRXHPSUHVDUHVSRQViYHO

$UW$VPXOWDVSUHYLVWDVQHVWD/HLVHUmRDSOLFDGDVSHORVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomR
GRV0LQLVWpULRVGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWRGD6D~GHGR0HLR$PELHQWHHGD6HFUHWDULD(VSHFLDO
GH $TLFXOWXUD H 3HVFD GD 3UHVLGrQFLD GD 5HS~EOLFD UHIHULGRV QR DUW  GHVWD /HL GH DFRUGR FRP VXDV
UHVSHFWLYDVFRPSHWrQFLDV

        † R 2V UHFXUVRV DUUHFDGDGRV FRP D DSOLFDomR GH PXOWDV VHUmR GHVWLQDGRV DRV yUJmRV H HQWLGDGHV GH
UHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLTXHDSOLFDUHPDPXOWD

        † R 2V yUJmRV H HQWLGDGHV ILVFDOL]DGRUHV GD DGPLQLVWUDomR S~EOLFD IHGHUDO SRGHUmR FHOHEUDU FRQYrQLRV
FRP RV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV SDUD D H[HFXomR GH VHUYLoRV UHODFLRQDGRV j DWLYLGDGH GH
ILVFDOL]DomRSUHYLVWDQHVWD/HLHSRGHUmRUHSDVVDUOKHVSDUFHODGDUHFHLWDREWLGDFRPDDSOLFDomRGHPXOWDV

†R$DXWRULGDGHILVFDOL]DGRUDHQFDPLQKDUiFySLDGRDXWRGHLQIUDomRj&71%LR

†R4XDQGRDLQIUDomRFRQVWLWXLUFULPHRXFRQWUDYHQomRRXOHVmRj)D]HQGD3~EOLFDRXDRFRQVXPLGRUD
DXWRULGDGH ILVFDOL]DGRUD UHSUHVHQWDUi MXQWR DR yUJmR FRPSHWHQWH SDUD DSXUDomR GDV UHVSRQVDELOLGDGHV
DGPLQLVWUDWLYDHSHQDO

&$3Ë78/29,,,

'RV&ULPHVHGDV3HQDV

$UW8WLOL]DUHPEULmRKXPDQRHPGHVDFRUGRFRPRTXHGLVS}HRDUWRGHVWD/HL

3HQD±GHWHQomRGHXPDWUrVDQRVHPXOWD

$UW3UDWLFDUHQJHQKDULDJHQpWLFDHPFpOXODJHUPLQDOKXPDQD]LJRWRKXPDQRRXHPEULmRKXPDQR

3HQD±UHFOXVmRGHXPDTXDWURDQRVHPXOWD

$UW5HDOL]DUFORQDJHPKXPDQD

3HQD±UHFOXVmRGHGRLVDFLQFRDQRVHPXOWD

        $UW  /LEHUDU RX GHVFDUWDU 2*0 QR PHLR DPELHQWH HP GHVDFRUGR FRP DV QRUPDV HVWDEHOHFLGDV SHOD
&71%LRHSHORVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomR

3HQD±UHFOXVmRGHXPDTXDWURDQRVHPXOWD

†R9(7$'2

†R$JUDYDVHDSHQD

,±GHXPVH[WRDXPWHUoRVHUHVXOWDUGDQRjSURSULHGDGHDOKHLD

,,±GHXPWHUoRDWpDPHWDGHVHUHVXOWDUGDQRDRPHLRDPELHQWH

,,,±GDPHWDGHDWpGRLVWHUoRVVHUHVXOWDUOHVmRFRUSRUDOGHQDWXUH]DJUDYHHPRXWUHP

,9±GHGRLVWHUoRVDWpRGREURVHUHVXOWDUDPRUWHGHRXWUHP

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

$UW8WLOL]DUFRPHUFLDOL]DUUHJLVWUDUSDWHQWHDUHOLFHQFLDUWHFQRORJLDVJHQpWLFDVGHUHVWULomRGRXVR

3HQD±UHFOXVmRGHGRLVDFLQFRDQRVHPXOWD

$UW3URGX]LUDUPD]HQDUWUDQVSRUWDUFRPHUFLDOL]DULPSRUWDURXH[SRUWDU2*0RXVHXVGHULYDGRVVHP
DXWRUL]DomRRXHPGHVDFRUGRFRPDVQRUPDVHVWDEHOHFLGDVSHOD&71%LRHSHORVyUJmRVHHQWLGDGHVGHUHJLVWUR
HILVFDOL]DomR

3HQD±UHFOXVmRGHXPDGRLVDQRVHPXOWD

&$3Ë78/2,;

'LVSRVLo}HV)LQDLVH7UDQVLWyULDV

$UW2V2*0TXHWHQKDPREWLGRGHFLVmRWpFQLFDGD&71%LRIDYRUiYHODVXDOLEHUDomRFRPHUFLDODWpD
HQWUDGD HP YLJRU GHVWD /HL SRGHUmR VHU UHJLVWUDGRV H FRPHUFLDOL]DGRV VDOYR PDQLIHVWDomR FRQWUiULD GR &1%6
QRSUD]RGHVHVVHQWDGLDVDFRQWDUGDGDWDGDSXEOLFDomRGHVWD/HL

$UW$&71%LRHRVyUJmRVHHQWLGDGHVGHUHJLVWURHILVFDOL]DomRUHIHULGRVQRDUWGHVWD/HLGHYHUmR
UHYHU VXDV GHOLEHUDo}HV GH FDUiWHU QRUPDWLYR QR SUD]R GH  FHQWR H YLQWH GLDV D ILP GH SURPRYHU VXD
DGHTXDomRjVGLVSRVLo}HVGHVWD/HL

$UW3HUPDQHFHPHPYLJRURV&HUWLILFDGRVGH4XDOLGDGHHP%LRVVHJXUDQoDFRPXQLFDGRVHGHFLV}HV
WpFQLFDVMiHPLWLGRVSHOD&71%LREHPFRPRQRTXHQmRFRQWUDULDUHPRGLVSRVWRQHVWD/HLRVDWRVQRUPDWLYRV
HPLWLGRVDRDPSDURGD/HLQRGHGHMDQHLURGH

        $UW  $V LQVWLWXLo}HV TXH GHVHQYROYHUHP DWLYLGDGHV UHJXODGDV SRU HVWD /HL QD GDWD GH VXD SXEOLFDomR
GHYHUmRDGHTXDUVHDVVXDVGLVSRVLo}HVQRSUD]RGHFHQWRHYLQWHGLDVFRQWDGRGDSXEOLFDomRGRGHFUHWR
TXHDUHJXODPHQWDU

$UW)LFDPFRQYDOLGDGRVHWRUQDPVHSHUPDQHQWHVRVUHJLVWURVSURYLVyULRVFRQFHGLGRVVREDpJLGHGD
/HLQRGHGHGH]HPEURGH

        $UW  )LFDP DXWRUL]DGDV D SURGXomR H D FRPHUFLDOL]DomR GH VHPHQWHV GH FXOWLYDUHV GH VRMD
JHQHWLFDPHQWH PRGLILFDGDV WROHUDQWHV D JOLIRVDWR UHJLVWUDGDV QR 5HJLVWUR 1DFLRQDO GH &XOWLYDUHV  51& GR
0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR

        $UW  )LFD DXWRUL]DGR R SODQWLR GH JUmRV GH VRMD JHQHWLFDPHQWH PRGLILFDGD WROHUDQWH D JOLIRVDWR
UHVHUYDGRV SHORV SURGXWRUHV UXUDLV SDUD XVR SUySULR QD VDIUD  VHQGR YHGDGD D FRPHUFLDOL]DomR GD
SURGXomRFRPRVHPHQWH9LGH'HFUHWRQžGH

3DUiJUDIR~QLFR23RGHU([HFXWLYRSRGHUiSURUURJDUDDXWRUL]DomRGHTXHWUDWDRFDSXWGHVWHDUWLJR

$UW$GHVFULomRGR&yGLJRGR$QH[R9,,,GD/HLQRGHGHDJRVWRGHDFUHVFLGRSHOD
/HLQRGHGHGH]HPEURGHSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR

$1(;29,,,

&yGLJR &DWHJRULD 'HVFULomR 3SJX

   
 8VR GH 6LOYLFXOWXUD H[SORUDomR HFRQ{PLFD GD PDGHLUD RX OHQKD H VXESURGXWRV 0pGLR
5HFXUVRV IORUHVWDLV LPSRUWDomR RX H[SRUWDomR GD IDXQD H IORUD QDWLYDV EUDVLOHLUDV
1DWXUDLV DWLYLGDGH GH FULDomR H H[SORUDomR HFRQ{PLFD GH IDXQD H[yWLFD H GH IDXQD
VLOYHVWUH XWLOL]DomR GR SDWULP{QLR JHQpWLFR QDWXUDO H[SORUDomR GH UHFXUVRV
DTXiWLFRV YLYRV LQWURGXomR GH HVSpFLHV H[yWLFDV H[FHWR SDUD
PHOKRUDPHQWRJHQpWLFRYHJHWDOHXVRQDDJULFXOWXUDLQWURGXomRGHHVSpFLHV
JHQHWLFDPHQWH PRGLILFDGDV SUHYLDPHQWH LGHQWLILFDGDV SHOD &71%LR FRPR
SRWHQFLDOPHQWH FDXVDGRUDV GH VLJQLILFDWLYD GHJUDGDomR GR PHLR DPELHQWH
XVR GD GLYHUVLGDGH ELROyJLFD SHOD ELRWHFQRORJLD HP DWLYLGDGHV SUHYLDPHQWH
LGHQWLILFDGDVSHOD&71%LRFRPRSRWHQFLDOPHQWHFDXVDGRUDV GH VLJQLILFDWLYD
GHJUDGDomRGRPHLRDPELHQWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW 
 /HLQž

   

$UW9(7$'2

$UW1mRVHDSOLFDDRV2*0HVHXVGHULYDGRVRGLVSRVWRQD/HLQR  GH  GH MXOKR GH  H

VXDV DOWHUDo}HV H[FHWR SDUD RV FDVRV HP TXH HOHV VHMDP GHVHQYROYLGRV SDUD VHUYLU GH PDWpULDSULPD SDUD D
SURGXomRGHDJURWy[LFRV

$UW2VDOLPHQWRVHLQJUHGLHQWHVDOLPHQWDUHVGHVWLQDGRVDRFRQVXPRKXPDQRRXDQLPDOTXHFRQWHQKDP
RX VHMDP SURGX]LGRV D SDUWLU GH 2*0 RX GHULYDGRV GHYHUmR FRQWHU LQIRUPDomR QHVVH VHQWLGR HP VHXV UyWXORV
FRQIRUPHUHJXODPHQWR

$UW(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR

        $UW  5HYRJDPVH D /HL QR  GH  GH MDQHLUR GH  D 0HGLGD 3URYLVyULD QR  GH  GH
DJRVWRGHHRVDUWVRRRRRHGD/HLQRGHGHGH]HPEURGH

%UDVtOLDGHPDUoRGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD

/8,=,1È&,2/8/$'$6,/9$
0iUFLR7KRPD]%DVWRV
&HOVR/XL]1XQHV$PRULP
5REHUWR5RGULJXHV
+XPEHUWR6pUJLR&RVWD/LPD
/XL])HUQDQGR)XUODQ
3DWUXV$QDQLDV
(GXDUGR&DPSRV
0DULQD6LOYD
0LJXHO6ROGDWHOOL5RVVHWWR
-RVp'LUFHXGH2OLYHLUDH6LOYD

(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWPDUW