,QWHLUR7HRU 

$3(/$d­2&Ë9(/1ž56
5(/$725$  -Xt]D)HGHUDO7$Ë66&+,//,1*)(55$=
$3(/$17(  ,167,78721$&,21$/'26(*85262&,$/,166
$'92*$'2  3URFXUDGRULD5HJLRQDOGD3)(,166
$3(/$'2  0$5,(/$'266$17266,48(,5$
$'92*$'2  1HXVD/HGXU.XKQ 
























(0(17$

























35(9,'(1&,È5,2 6$/È5,20$7(51,'$'( 6(*85$'$

(63(&,$/ 5(48,6,726 /(*$,6 &203529$d­2 '$
0$7(51,'$'( ( '2 /$%25 585$/ -8526 ( &255(d­2
021(7È5,$
3DUDDVHJXUDGDHVSHFLDOpJDUDQWLGDDFRQFHVVmRGRVDOiULRPDWHUQLGDGHQR
YDORU GH XP VDOiULR PtQLPR GHVGH TXH FRPSURYH DOpP GD PDWHUQLGDGH R H[HUFtFLR GH
DWLYLGDGHUXUDODLQGDTXHGHIRUPDGHVFRQWtQXDQRVPHVHVLPHGLDWDPHQWHDQWHULRUHVDRGR
LQtFLRGREHQHItFLR
 ([LVWLQGR QRV DXWRV GRFXPHQWRV TXH FDUDFWHUL]DP UD]RiYHO LQtFLR GH SURYD
PDWHULDOFRUURERUDGRVSHORVGHSRLPHQWRVGDVWHVWHPXQKDVRXYLGDVHPMXt]RGHTXHDDXWRUD
H[HUFLDDWLYLGDGHDJUtFRODHVWmRSUHVHQWHVRVUHTXLVLWRVOHJDLVSDUDDFRQFHVVmRGREHQHItFLR
GHVDOiULRPDWHUQLGDGH
  $V FHUWLG}HV GD YLGD FLYLO VmR KiEHLV D FRQVWLWXLU LQtFLR SUREDWyULR GD
DWLYLGDGHUXUDOQRVWHUPRVQDMXULVSUXGrQFLDSDFtILFDGR(JUpJLR67-
3RGHPVHUXWLOL]DGRVFRPRLQtFLRGHSURYDPDWHULDOGRFXPHQWRVHPQRPHGH
PHPEURVGRJUXSRIDPLOLDU
 2 6XSUHPR 7ULEXQDO )HGHUDO UHFRQKHFHX UHSHUFXVVmR JHUDO j TXHVWmR GD
FRQVWLWXFLRQDOLGDGH GR XVR GD 75 H GRV MXURV GD FDGHUQHWD GH SRXSDQoD SDUD R FiOFXOR GD
FRUUHomRPRQHWiULDHGRV{QXVGHPRUDQDVGtYLGDVGD)D]HQGD3~EOLFDHYHPGHWHUPLQDQGR
SRUPHLRGHVXFHVVLYDVUHFODPDo}HVHDWpTXHVREUHYHQKDGHFLVmRHVSHFtILFDDPDQXWHQomR
GDDSOLFDomRGD/HLSDUDHVWHILPUHVVDOYDQGRDSHQDVRVGpELWRVMiLQVFULWRVHP
SUHFDWyULRFXMDDWXDOL]DomRGHYHUiREVHUYDURGHFLGLGRQDV$',VHHUHVSHFWLYD
PRGXODomRGHHIHLWRV
$ILPGHJXDUGDUFRHUrQFLDFRPDVUHFHQWHVGHFLV}HVGHYHUmRVHUDGRWDGRV
SRU RUD RV FULWpULRV GH DWXDOL]DomR H GH MXURV HVWDEHOHFLGRV QR ž) GD /HL  QD
UHGDomRGD/HLVHPSUHMXt]RGHTXHVHREVHUYHTXDQGRGDOLTXLGDomRRTXHYLHU
DVHUGHFLGLGRSHOR67)FRPHIHLWRVH[SDQVLYRV
 
























$&Ï5'­2

























9LVWRV H UHODWDGRV HVWHV DXWRV HP TXH VmR SDUWHV DV DFLPD LQGLFDGDV GHFLGH D
(JUpJLD  7XUPD GR 7ULEXQDO 5HJLRQDO )HGHUDO GD  5HJLmR SRU XQDQLPLGDGH GDU SDUFLDO
SURYLPHQWRDRDSHORGR,166QRVWHUPRVGRUHODWyULRYRWRVHQRWDVGHMXOJDPHQWRTXHILFDP
ID]HQGRSDUWHLQWHJUDQWHGRSUHVHQWHMXOJDGR
KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 
 ,QWHLUR7HRU 

3RUWR$OHJUHGHIHYHUHLURGH 




































-Xt]D)HGHUDO7DtV6FKLOOLQJ)HUUD]
5HODWRUD

'RFXPHQWRHOHWU{QLFRDVVLQDGRSRU-Xt]D)HGHUDO7DtV6FKLOOLQJ)HUUD]5HODWRUDQDIRUPDGR
DUWLJRžLQFLVR,,,GD/HLGHGHGH]HPEURGHH5HVROXomR75)5HJLmRQžGH
GHPDUoRGH$FRQIHUrQFLDGDDXWHQWLFLGDGHGRGRFXPHQWRHVWiGLVSRQtYHOQRHQGHUHoR
HOHWU{QLFRKWWSZZZWUIMXVEUWUISURFHVVRVYHULILFDSKSPHGLDQWHRSUHHQFKLPHQWRGRFyGLJR
YHULILFDGRUYHVHVROLFLWDGRGRFyGLJR&5&'$%
,QIRUPDo}HVDGLFLRQDLVGDDVVLQDWXUD
6LJQDWiULR D  7DtV6FKLOOLQJ)HUUD]
'DWDH+RUD 

$3(/$d­2&Ë9(/1ž56
5(/$725$  -Xt]D)HGHUDO7$Ë66&+,//,1*)(55$=
$3(/$17(  ,167,78721$&,21$/'26(*85262&,$/,166
$'92*$'2  3URFXUDGRULD5HJLRQDOGD3)(,166
$3(/$'2  0$5,(/$'266$17266,48(,5$
$'92*$'2  1HXVD/HGXU.XKQ 
























5(/$7Ï5,2

























 0$5,(/$ '26 6$1726 6,48(,5$ LQJUHVVRX FRP D SUHVHQWH DomR

RUGLQiULD FRQWUD R ,QVWLWXWR 1DFLRQDO GR 6HJXUR 6RFLDO HP  UHTXHUHQGR D
FRQFHVVmRGREHQHItFLRGHVDOiULRPDWHUQLGDGHQDFRQGLomRGHWUDEDOKDGRUDUXUDOHPUHJLPH
GHHFRQRPLDIDPLOLDUHPYLUWXGHGRQDVFLPHQWRGHVHXILOKR(ULN5DIDHO6LTXHLUD6FKU|SIHU
RFRUULGRHP IOV 
6HQWHQFLDQGRHPR00-Xt]RDTXRMXOJRXSURFHGHQWHRSHGLGR
SDUD R ILP GH FRQGHQDU R ,166 D FRQFHGHU R EHQHItFLR GH VDOiULRPDWHUQLGDGH j DXWRUD
FRUUHVSRQGHQWHD TXDWUR VDOiULRVPtQLPRVQDFLRQDLVYLJHQWHVQRVGLDVDSyVRSDUWR
FRUULJLGRVPRQHWDULDPHQWHSHOR,*30GHVGHRVUHVSHFWLYRVYHQFLPHQWRVPDLVMXURVGH
DRPrVDFRQWDUGDFLWDomR,VHQWRXDDXWDUTXLDGDVFXVWDVSURFHVVXDLV&RQGHQRXR,166DR
SDJDPHQWR GH KRQRUiULRV DR DGYRJDGR GD DXWRUD IL[DGRV HP 5  VHLVFHQWRV H
FLQTXHQWDUHDLV  IOV 
2 ,166 DSHORX DILUPDQGR TXH D DXWRUD UHTXHUHX R EHQHItFLR GH VDOiULR
PDWHUQLGDGH QD FRQGLomR GH WUDEDOKDGRUD UXUDO HP UHJLPH GH HFRQRPLD IDPLOLDU VHQGR
LPSRVVtYHO DFROKHU VXD SUHWHQVmR SRUTXDQWR QmR VH FDUDFWHUL]DU FRPR VHJXUDGD HVSHFLDO
$OHJRXTXHDDXWRUDQmRFRPSURYRXDDWLYLGDGHUXUDOQRSHUtRGRGHFDUrQFLD6XVWHQWRXTXHD
SURYDPDWHULDOpLQVXILFLHQWHSRLVRVGRFXPHQWRVVmRH[WHPSRUkQHRV$VVHYHURXTXHRUHODWR
GDDXWRUDQmRIRLFRQYLQFHQWHQDHQWUHYLVWDUXUDO5HTXHUHXDLPSURFHGrQFLDGRVSHGLGRVGD
DXWRUD 6XFHVVLYDPHQWH UHTXHUHX D DSOLFDomR GR DUW ž) GD /HL  FRP D UHGDomR
KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 
 ,QWHLUR7HRU 

GDGDSHOD/HLSDUDILQVGHFRUUHomRPRQHWiULDHMXURV IOV 
6HPDVFRQWUDUUD]}HVYLHUDPRVDXWRVDHVWH7ULEXQDOSDUDMXOJDPHQWR
eRUHODWyULR 
























9272

























6$/È5,20$7(51,'$'(6(*85$'$(63(&,$/

$ GLVFLSOLQD OHJDO GR VDOiULRPDWHUQLGDGH SDUD DV VHJXUDGDV HVSHFLDLV YHP
H[SOLFLWDGDQRVVHJXLQWHVGLVSRVLWLYRVGD/HL

$UW  $ FRQFHVVmR GDV SUHVWDo}HV SHFXQLiULDV GR 5HJLPH *HUDO GH 3UHYLGrQFLD
6RFLDOGHSHQGHGRVVHJXLQWHVSHUtRGRVGHFDUrQFLDUHVVDOYDGRRGLVSRVWRQR$UW
,
,,
,,,VDOiULRPDWHUQLGDGHSDUDDVVHJXUDGDVGHTXHWUDWDPRVLQFLVRV9H9,,GR$UW
HR$UWGH]FRQWULEXLo}HVPHQVDLVUHVSHLWDGRRGLVSRVWRQRSDUiJUDIR~QLFRGR$UW
GHVWD/HL ,QFLVRDFUHVFHQWDGRSHOD/HLQžGH
$UW3DUDRVVHJXUDGRVHVSHFLDLVUHIHULGRVQRLQFLVR9,,GR$UWGHVWD/HLILFD
JDUDQWLGDDFRQFHVVmR
,
,,
3DUiJUDIR ~QLFR 3DUD D VHJXUDGD HVSHFLDO ILFD JDUDQWLGD D FRQFHVVmR GR VDOiULR
PDWHUQLGDGH QR YDORU GH  XP  VDOiULR PtQLPR GHVGH TXH FRPSURYH R H[HUFtFLR GH
DWLYLGDGH UXUDO DLQGD TXH GH IRUPD GHVFRQWtQXD QRV  GR]H  PHVHV LPHGLDWDPHQWH
DQWHULRUHV DR GR LQtFLR GR EHQHItFLR 3DUiJUDIR DFUHVFHQWDGR SHOD /HL Qž  GH
 
$UW2VDOiULRPDWHUQLGDGHpGHYLGRjVHJXUDGDGD3UHYLGrQFLD6RFLDOGXUDQWH
FHQWRHYLQWH GLDVFRPLQtFLRQRSHUtRGRHQWUH YLQWHHRLWR GLDVDQWHVGRSDUWRHD
GDWDGHRFRUUrQFLDGHVWHREVHUYDGDVDVVLWXDo}HVHFRQGLo}HVSUHYLVWDVQDOHJLVODomR
QR TXH FRQFHUQH j SURWHomR j PDWHUQLGDGH 7H[WR DOWHUDGR SHOD /HL Qž  GH
 
$UW  $VVHJXUDGR R YDORU GH XP VDOiULRPtQLPR R VDOiULRPDWHUQLGDGH SDUD DV
GHPDLVVHJXUDGDVSDJRGLUHWDPHQWHSHOD3UHYLGrQFLD6RFLDOFRQVLVWLUi 7H[WRDOWHUDGR
SHOD/HLQžGH 
,  HP XP YDORU FRUUHVSRQGHQWH DR GR VHX ~OWLPR VDOiULRGHFRQWULEXLomR SDUD D
VHJXUDGDHPSUHJDGDGRPpVWLFD ,QFLVRDFUHVFHQWDGRSHOD/HLQžGH
,,HPXPGR]HDYRVGRYDORUVREUHRTXDOLQFLGLXVXD~OWLPDFRQWULEXLomRDQXDOSDUDD
VHJXUDGDHVSHFLDO ,QFLVRDFUHVFHQWDGRSHOD/HLQžGH
,,,HPXPGR]HDYRVGDVRPDGRVGR]H~OWLPRVVDOiULRVGHFRQWULEXLomRDSXUDGRVHP
XP SHUtRGR QmR VXSHULRU D TXLQ]H PHVHV SDUD DV GHPDLV VHJXUDGDV ,QFLVR
DFUHVFHQWDGRSHOD/HLQžGH

2XWURVVLPSUHYrR†žGRDUWGR'HFUHWRQž

$UW  2 VDOiULRPDWHUQLGDGH p GHYLGR j VHJXUDGD GD SUHYLGrQFLD VRFLDO GXUDQWH
FHQWRHYLQWHGLDVFRPLQtFLRYLQWHHRLWRGLDVDQWHVHWpUPLQRQRYHQWDHXPGLDVGHSRLV
GRSDUWRSRGHQGRVHUSURUURJDGRQDIRUPDSUHYLVWDQR†ž 1RYDUHGDomRGDGDSHOR
'HFUHWRQžGH
†ž
† ž  6HUi GHYLGR R VDOiULRPDWHUQLGDGH j VHJXUDGDHVSHFLDO GHVGH TXH FRPSURYH R
H[HUFtFLRGHDWLYLGDGHUXUDOQRV~OWLPRVGH]PHVHVLPHGLDWDPHQWHDQWHULRUHVjGDWDGR
SDUWRRXGRUHTXHULPHQWRGREHQHItFLRTXDQGRUHTXHULGRDQWHVGRSDUWRPHVPRTXHGH

KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 

 ,QWHLUR7HRU 

IRUPD GHVFRQWtQXD DSOLFDQGRVH TXDQGR IRU R FDVR R GLVSRVWR QR SDUiJUDIR ~QLFR GR
DUW 1RYDUHGDomRGDGDSHOR'HFUHWRQžGH

3RU RXWUR ODGR HP VH WUDWDQGR GH VHJXUDGD HVSHFLDO D FRPSURYDomR GD
DWLYLGDGH UXUDO GHYH VHU IHLWD GH DFRUGR FRP RV DUWLJRV  † ž H  GD /HL Qž 
YHUELV

$UW2WHPSRGHVHUYLoRVHUiFRPSURYDGRQDIRUPDHVWDEHOHFLGDQR5HJXODPHQWR
FRPSUHHQGHQGR DOpP GR FRUUHVSRQGHQWH jV DWLYLGDGHV GH TXDOTXHU GDV FDWHJRULDV GH
VHJXUDGRVGHTXHWUDWDR$UWGHVWD/HLPHVPRTXHDQWHULRUjSHUGDGDTXDOLGDGHGH
VHJXUDGR
,
,,
,,,
,9
9
9,
†ž
†ž
†ž $ FRPSURYDomR GR WHPSR GH VHUYLoR SDUD RV HIHLWRV GHVWD /HL LQFOXVLYH PHGLDQWH
MXVWLILFDomR DGPLQLVWUDWLYD RX MXGLFLDO FRQIRUPH R GLVSRVWR QR $UW  Vy SURGX]LUi
HIHLWR TXDQGR EDVHDGD HP LQtFLR GH SURYD PDWHULDO QmR VHQGR DGPLWLGD SURYD
H[FOXVLYDPHQWH WHVWHPXQKDO VDOYR QD RFRUUrQFLD GH PRWLYR GH IRUoD PDLRU RX FDVR
IRUWXLWRFRQIRUPHGLVSRVWRQR5HJXODPHQWR
$UW3DUDFRPSURYDomRGRH[HUFtFLRGHDWLYLGDGHUXUDOVHUiREULJDWyULDDSDUWLU
GH  GH DEULO GH  D DSUHVHQWDomR GD &DUWHLUD GH ,GHQWLILFDomR H &RQWULEXLomR 
&,&UHIHULGDQR†žGRDUWGD/HLQžGHGHMXOKRGH
3DUiJUDIR ~QLFR $ FRPSURYDomR GR H[HUFtFLR GH DWLYLGDGH UXUDO UHIHUHQWH D SHUtRGR
DQWHULRUDGHDEULOGHREVHUYDGRRGLVSRVWRQR†žGRDUWGHVWD/HLIDUVH
iDOWHUQDWLYDPHQWHDWUDYpVGH
,FRQWUDWRLQGLYLGXDOGHWUDEDOKRRX&DUWHLUDGH7UDEDOKRH3UHYLGrQFLD6RFLDO
,,FRQWUDWRGHDUUHQGDPHQWRSDUFHULDRXFRPRGDWRUXUDO
,,,  GHFODUDomR GR VLQGLFDWR GH WUDEDOKDGRUHV UXUDLV GHVGH TXH KRPRORJDGD SHOR
0LQLVWpULR3~EOLFRRXSRURXWUDVDXWRULGDGHVFRQVWLWXtGDVGHILQLGDVSHOR&136
,9  FRPSURYDQWH GH FDGDVWUR GR ,1&5$ QR FDVR GH SURGXWRUHV HP UHJLPH GH
HFRQRPLDIDPLOLDU
9EORFRGHQRWDVGRSURGXWRUUXUDO
5HGDomRGDGDSHOD/HLQž

3HUFHEHVH SRLV TXH GHVGH R DGYHQWR GD /HL Qž  GH  TXH
DOWHURXD/HLDVVHJXUDGDVHVSHFLDLVWrPGLUHLWRDRVDOiULRPDWHUQLGDGHPHGLDQWH
VLPSOHVFRPSURYDomRGRH[HUFtFLRGHDWLYLGDGHUXUDOQRVWHUPRVGRVDUWLJRV†žHGD
/HLQž

'2&$62'26$8726

1R FDVR GRV DXWRV SDUD ID]HU SURYD GR H[HUFtFLR GH DWLYLGDGH UXUDO D DXWRUD
DSUHVHQWRXRVVHJXLQWHVGRFXPHQWRV

D  FHUWLGmR GH QDVFLPHQWR GH ILOKR GD DXWRUD (ULN 5DIDHO 6LTXHLUD 6FKU|SIHU
GDWDGDGHQDTXDOFRQVWDVHUDJULFXOWRUDDVVLPFRPRRSDL IO 
E  ILFKD DPEXODWRULDO GD DXWRUD QD 6HFUHWDULD 0XQLFLSDO GH 6D~GH GH $OHFULP
FRP DWHQGLPHQWRV QR DQR GH    H  QD TXDO FRQVWD VH DJULFXOWRUD
IOV 
KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 
 ,QWHLUR7HRU 

F FySLDGHUHJLVWURJHUDOGHLPyYHLVGDFRPDUFDGH$OHFULPPDWUtFXODQž
QDTXDOFRQVWDTXHHP-XOLDQR5DIDHO6FKU|SIHUFRPSDQKHLURGDDXWRUDDGTXLULXORWH
UXUDOFRPiUHDGHKHFWDUHV IOV 
G QRWDILVFDOGHSURGXWRUUXUDOHPQRPHGRFRPSDQKHLURGDDXWRUDGDWDGDGH
 IO 
H QRWDILVFDOGHSURGXWRUUXUDOHPQRPHGDDXWRUDHVHXFRPSDQKHLURGDWDGDGH
 IO 
I  UHODomR GDV QRWDV ILVFDLV GH SURGXWRU UXUDO HPLWLGDV SHOR FRPSDQKHLUR GD
DXWRUDHQWUHRVDQRVGHDFRPFRQIHUrQFLDGD3UHIHLWXUD0XQLFLSDOGH$OHFULP IO
 


1RFDVRRVGRFXPHQWRVMXQWDGRVDRVDXWRVFRQVWLWXHPLQtFLRUD]RiYHOGHSURYD
PDWHULDO
$ OHL H[LJH LQtFLR GH SURYD PDWHULDO QmR SURYD GRFXPHQWDO SOHQD SRGHQGR D
SURYDWHVWHPXQKDODPSOLDUDHILFiFLDSUREDWyULDGRVGRFXPHQWRVMXQWDGRVDRVDXWRV

$LQGDTXHDOJXQVGRFXPHQWRVHVWHMDPHPQRPHGRPDULGRGDDXWRUDDHODVmR
H[WHQVLYRVFRQIRUPHUHLWHUDGDPHQWHWHPGHFLGLGRDMXULVSUXGrQFLD

'HUHDOFHGHFLVmRGR&ROHQGR67-

352&(668$/ &,9,/ ( 35(9,'(1&,È5,2 $d­2 5(6&,6Ï5,$ '2&80(172
1292 $'0,66,%,/,'$'( $326(17$'25,$ 325 ,'$'( 5(48,6,726
35((1&+,0(172 $7,9,'$'( 585$/ ,1Ë&,2 '( 3529$ 0$7(5,$/
48$/,),&$d­2'20$5,'2(;7(16­2¬(6326$
$LQGDTXHRGRFXPHQWRDSUHVHQWDGRVHMDDQWHULRUjDomRRULJLQiULDHVWD&RUWHQRV
FDVRV GH WUDEDOKDGRUHV UXUDLV WHP DGRWDGR VROXomR SUR PLVHUR SDUD DGPLWLU VXD
DQiOLVHFRPRQRYRQDUHVFLVyULD
2FRQMXQWRSUREDWyULRGDDomRRULJLQiULDGHPRQVWURXRSUHHQFKLPHQWRGRVUHTXLVLWRV
QHFHVViULRVDRUHFHELPHQWRGREHQHItFLR
 2V GRFXPHQWRV DSUHVHQWDGRV FRQVWLWXHP LQtFLR GH SURYD PDWHULDO DSWR SDUD
MXQWDPHQWHFRPRVWHVWHPXQKRVFROKLGRVQRSURFHVVRRULJLQiULRFRPSURYDURH[HUFtFLR
GDDWLYLGDGHUXUDO
 $ TXDOLILFDomR GR PDULGR QD FHUWLGmR GH FDVDPHQWR FRPR ODYUDGRU HVWHQGHVH j
HVSRVDFRQIRUPHSUHFHGHQWHVGHVWD&RUWHDUHVSHLWRGDPDWpULD
$omRUHVFLVyULDSURFHGHQWH
67-  6HomR $5 Qž   63 5HO 0LQ 6(%$67,­2 5(,6 -Ò1,25 '-H
JULIDGR

6DOLHQWHVHTXHDSUySULDFHUWLGmRGHQDVFLPHQWRGRILOKRHPYLUWXGHGRTXDOVH
SRVWXOD R VDOiULRPDWHUQLGDGH FRQVWLWXL LQtFLR GH SURYD PDWHULDO XPD YH] TXH R
HQWHQGLPHQWRSDFLILFDGRGRHJUpJLR67-pQRVHQWLGRGHUHFRQKHFHUFRPRLQtFLRSUREDWyULRDV
FHUWLG}HVGDYLGDFLYLOFRQIRUPHVHH[WUDLGRVVHJXLQWHVSUHFHGHQWHV

5(*,0(17$/ (0 5(&8562 (63(&,$/ 35(9,'(1&,È5,2 6$/È5,2
0$7(51,'$'( 75$%$/+$'25 585$/ ,1Ë&,2 '( 3529$
0$7(5,$/9$/25$d­2
,  $ FHUWLGmR GH QDVFLPHQWR RQGH R F{QMXJH GD DXWRUD p TXDOLILFDGR FRPR ODYUDGRU
FRQVWLWXL LQtFLR GH SURYD PDWHULDO DSWD j FRPSURYDomR GD FRQGLomR GH UXUtFROD SDUD
HIHLWRVSUHYLGHQFLiULRV
,,3URFHGHXVHjYDORUDomRHQmRDRUHH[DPHGDGRFXPHQWDomRFRQVWDQWHGRVDXWRV

KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 

 ,QWHLUR7HRU 

$JUDYRUHJLPHQWDOGHVSURYLGR
$J5JQR5(VS635HO0LQLVWUR)(/,;),6&+(548,17$7850$MXOJDGR
HP'-H

4XDQWR j DOHJDomR GD SURYD VHU H[WHPSRUkQHD QmR PHUHFH SURVSHUDU (P
GHFLVmR SURIHULGD QR 5HFXUVR (VSHFLDO 63 R TXDO VHJXLX R ULWR GRV UHFXUVRV
UHSHWLWLYRVILUPRXVHHQWHQGLPHQWRGHTXHDVSURYDVWHVWHPXQKDLVWDQWRGRSHUtRGRDQWHULRU
DR PDLV DQWLJR GRFXPHQWR TXDQWR GR SRVWHULRU DR PDLV UHFHQWH VmR YiOLGDV SDUD
FRPSOHPHQWDURLQtFLRGHSURYDPDWHULDOGRWHPSRGHVHUYLoRUXUDO
1D DXGLrQFLD GH LQVWUXomR H MXOJDPHQWR UHDOL]DGD HP  IRUDP
RXYLGDVDVWHVWHPXQKDV'HOILQR3LQWRGD6RX]DH5DPmR3LQWRGD6LOYD IOV DVTXDLV
FRQILUPDUDPRH[HUFtFLRGDDWLYLGDGHUXUDOSHODDXWRUDQDFRQGLomRGHVHJXUDGDHVSHFLDOHP
UHJLPH GH HFRQRPLD IDPLOLDU LQFOXVLYH GXUDQWH R SHUtRGR GH JHVWDomR $V WHVWHPXQKDV
UHODWDUDP TXH DV DWLYLGDGHV FRQVLVWLDP QR FXOWLYR GH JrQHURV DJUtFRODV H QR PDQHMR GH
DQLPDLVSDUDSURGXomRGHOHLWH
'R FRQMXQWR SUREDWyULR YHULILFDVH R ODERU UXUDO GD DXWRUD QD FRQGLomR GH
WUDEDOKDGRUD UXUDO HP UHJLPH GH HFRQRPLD IDPLOLDU SHOR SHUtRGR GH FDUrQFLD QHFHVViULR j
FRQFHVVmRGREHQHItFLR$FRQGLomRGHVHJXUDGDHVSHFLDOGDDXWRUDMiKDYLDVLGRUHFRQKHFLGD
QDHQWUHYLVWDUXUDOUHDOL]DGDHP IOV HRVGRFXPHQWRVMXQWDGRVDRVDXWRV
HPFRQMXQWRFRPDSURYDWHVWHPXQKDOGHPRQVWUDPRFXPSULPHQWRGRSHUtRGRHTXLYDOHQWHj
FDUrQFLDQHFHVViULDSDUDFRQFHVVmRGREHQHItFLR
$VVLP FRPSURYDGD D PDWHUQLGDGH H H[LVWLQGR QRV DXWRV GRFXPHQWRV TXH
FDUDFWHUL]DP UD]RiYHO LQtFLR GH SURYD PDWHULDO FRQILUPDGRV SHORV GHSRLPHQWRV GDV
WHVWHPXQKDVTXHDDXWRUDH[HUFLDDWLYLGDGHUXUDOSHORSUD]RGHFDUrQFLDQHFHVViULRUHSXWDP
VH SUHHQFKLGRV RV UHTXLVLWRV OHJDLV SDUD D FRQFHVVmR GR EHQHItFLR SOHLWHDGR QmR PHUHFHQGR
UHIRUPDQRPpULWRDUVHQWHQoDTXHMXOJRXSURFHGHQWHRSHGLGR

&216(&7È5,26(3529,0(1726),1$,6

&RUUHomRPRQHWiULDHMXURVPRUDWyULRV

&RUUHomRPRQHWiULD

$ FRUUHomR PRQHWiULD VHJXQGR R HQWHQGLPHQWR FRQVROLGDGR QD  6HomR GHVWH
75) LQFLGLUi D FRQWDU GR YHQFLPHQWR GH FDGD SUHVWDomR H VHUi FDOFXODGD SHORV tQGLFHV
RILFLDLVHDFHLWRVQDMXULVSUXGrQFLDTXDLVVHMDP

2571 D/HLQž 
271 D'HFUHWR/HLQž 
%71 D/HLQž 
,13& D/HLQž 
,560 D/HLQž 
859 D/HLQž 
,3&U D/HLQž 
,13& D03Qž 
,*3', DDUWGD/HLQžFRPELQDGRFRPRDUW
††žHžGD/HLQž 
 ,13& GH  D  FRQIRUPH R DUW  GD /HL Qž 
FRPELQDGRFRPD/HLQžSUHFHGLGDGD03QžGHTXHDFUHVFHQWRX
KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 
 ,QWHLUR7HRU 

RDUW$j/HLQž 
75 DSDUWLUGHFRQIRUPHDUWž)GD/HLFRPDUHGDomR
GDGDSHORDUWžGD/HL 

2 6XSUHPR 7ULEXQDO )HGHUDO TXDQGR GR MXOJDPHQWR GDV $',V  H 
GHFODURXDLQFRQVWLWXFLRQDOLGDGHSRUDUUDVWDPHQWRGRDUWž)GD/HLFRPDUHGDomR
GDGD SHOR DUW ž GD /HL  DIDVWDQGR D XWLOL]DomR GD 75 FRPR IDWRU GH FRUUHomR
PRQHWiULD GRV GpELWRV MXGLFLDLV GD )D]HQGD 3~EOLFD UHODWLYDPHQWH DR SHUtRGR HQWUH D
UHVSHFWLYDLQVFULomRHPSUHFDWyULRHRHIHWLYRSDJDPHQWR
(PFRQVHTXrQFLDGHVVDGHFLVmRHWHQGRSUHVHQWHDVXDUDWLR D  6HomR GHVWD
&RUWH YLQKD DGRWDQGR SDUD ILQV GH DWXDOL]DomR GRV GpELWRV MXGLFLDLV GD )D]HQGD 3~EOLFD D
VLVWHPiWLFD DQWHULRU j /HL Qž  R TXH VLJQLILFDYD QRV WHUPRV GD OHJLVODomR HQWmR
YLJHQWH DSXUDUVH D FRUUHomR PRQHWiULD VHJXQGR D YDULDomR GR ,13& VDOYR QR SHUtRGR
VXEVHTXHQWHjLQVFULomRHPSUHFDWyULRTXDQGRVHGHWHUPLQDYDDXWLOL]DomRGR,3&$(
(QWUHWDQWR D TXHVWmR GD FRQVWLWXFLRQDOLGDGH GR XVR GD 75 FRPR tQGLFH GH
DWXDOL]DomR GDV FRQGHQDo}HV MXGLFLDLV GD )D]HQGD 3~EOLFD QR SHUtRGR DQWHV GD LQVFULomR GR
GpELWR HP SUHFDWyULR WHYH VXD UHSHUFXVVmR JHUDO UHFRQKHFLGD QR 5(  H DJXDUGD
SURQXQFLDPHQWR GH PpULWR GR 67) $ UHOHYkQFLD H D WUDQVFHQGrQFLD GD PDWpULD IRUDP
UHFRQKHFLGDV HVSHFLDOPHQWH HP UD]mR GDV LQWHUSUHWDo}HV TXH YLQKDP RFRUUHQGR QDV GHPDLV
LQVWkQFLDVTXDQWRjDEUDQJrQFLDGRMXOJDPHQWRQDV$',VH
5HFHQWHPHQWHHPVXFHVVLYDVUHFODPDo}HVD6XSUHPD&RUWHYHPDILUPDQGRTXH
QR MXOJDPHQWR GDV $',V HP UHIHUrQFLD D TXHVWmR FRQVWLWXFLRQDO GHFLGLGD UHVWULQJLXVH j
LQDSOLFDELOLGDGHGD75DRSHUtRGRGHWUDPLWDomRGRVSUHFDWyULRVGHIRUPDTXHDGHFLVmRGH
LQFRQVWLWXFLRQDOLGDGHSRUDUUDVWDPHQWRIRLOLPLWDGDjSHUWLQrQFLDOyJLFDHQWUHRDUW†
GD&5)%HRDUWLJRž)GD/HLQDUHGDomRGDGDSHORDUWžGD/HL(P
FRQVHTXrQFLD DV UHFODPDo}HV YrP VHQGR DFROKLGDV DVVHJXUDQGRVH TXH DR PHQRV DWp TXH
VREUHYHQKDGHFLVmRHVSHFtILFDGR67)VHMDDSOLFDGDDOHJLVODomRHPUHIHUrQFLDQDDWXDOL]DomR
GDV FRQGHQDo}HV LPSRVWDV j )D]HQGD 3~EOLFD VDOYR DSyV LQVFULomR HP SUHFDWyULR 2V
SURQXQFLDPHQWRVVLQDOL]DPLQFOXVLYHSDUDHYHQWXDOPRGXODomRGHHIHLWRVDFDVRVREUHYHQKD
GHFLVmR PDLV DPSOD TXDQWR j LQFRQVWLWXFLRQDOLGDGH GR XVR GD 75 SDUD FRUUHomR GRV GpELWRV
MXGLFLDLVGD)D]HQGD3~EOLFD 5FO5HO0LQ5REHUWR%DUURVR5FO5HO0LQ
&iUPHQ/~FLD5FO5HO0LQ*LOPDU0HQGHV 
(P WDLV FRQGLo}HV FRP R REMHWLYR GH JXDUGDU FRHUrQFLD FRP RV PDLV UHFHQWHV
SRVLFLRQDPHQWRVGR67)VREUHRWHPDHSDUDSUHYHQLUDQHFHVVLGDGHGHIXWXURVREUHVWDPHQWR
GRV IHLWRV DSHQDV HP UD]mR GRV FRQVHFWiULRV D PHOKRU VROXomR D VHU DGRWDGD SRU RUD p
RULHQWDUSDUDDSOLFDomRGRFULWpULRGHDWXDOL]DomRHVWDEHOHFLGRQRDUWž)GD/HLQD
UHGDomRGD/HLQ
(VWH HQWHQGLPHQWR QmR REVWD D TXH R MXt]R GH H[HFXomR REVHUYH TXDQGR GD
OLTXLGDomR H DWXDOL]DomR GDV FRQGHQDo}HV LPSRVWDV DR ,166 R TXH YLHU D VHU GHFLGLGR SHOR
67) HP UHJLPH GH UHSHUFXVVmR JHUDO EHP FRPR HYHQWXDO UHJUDPHQWR GH WUDQVLomR TXH
VREUHYHQKDHPVHGHGHPRGXODomRGHHIHLWRV
'RXSURYLPHQWRDRDSHORGR,166QHVWHSRQWR

-XURVGHPRUD

$WpRVMXURVGHPRUDDSXUDGRVDFRQWDUGDGDWDGDFLWDomRGHYHP
VHUIL[DGRVjWD[DGHDRPrVFRPEDVHQRDUWžGR'HFUHWR/HLQDSOLFiYHO
DQDORJLFDPHQWHDRVEHQHItFLRVSDJRVFRPDWUDVRWHQGRHPYLVWDRVHXFDUiWHUHPLQHQWHPHQWH
DOLPHQWDU FRQVRDQWH ILUPH HQWHQGLPHQWR FRQVDJUDGR QD MXULVSUXGrQFLD GR 67- H QD 6~PXOD
KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 
 ,QWHLUR7HRU 

GHVWD&RUWH
$SDUWLUGHHQWmRGHYHKDYHULQFLGrQFLDGRVMXURVXPD~QLFDYH]DWpRHIHWLYR
SDJDPHQWRGRGpELWRVHJXQGRRtQGLFHRILFLDOGHUHPXQHUDomREiVLFDDSOLFDGRjFDGHUQHWDGH
SRXSDQoD QRV WHUPRV HVWDEHOHFLGRV QR DUW ž) GD /HL  QD UHGDomR GD /HL
 2V MXURV GHYHP VHU FDOFXODGRV VHP FDSLWDOL]DomR WHQGR HP YLVWD TXH R
GLVSRVLWLYR GHWHUPLQD TXH RV tQGLFHV GHYHP VHU DSOLFDGRV XPD ~QLFD YH] H SRUTXH D
FDSLWDOL]DomR QR GLUHLWR EUDVLOHLUR SUHVVXS}H H[SUHVVD DXWRUL]DomR OHJDO 67-  7XUPD
$J5JQR$J5JQR$J635HO0LQ/DXULWD9D] 
4XDQWRDRSRQWRHVWD&RUWHMiYLQKDHQWHQGHQGRTXHQRMXOJDPHQWRGDV$',V
 H  QmR KRXYHUD SURQXQFLDPHQWR GH LQFRQVWLWXFLRQDOLGDGH VREUH R FULWpULR GH
LQFLGrQFLDGRVMXURVGHPRUDSUHYLVWRQDOHJLVODomRHPUHIHUrQFLD
(VWD LQWHUSUHWDomR IRL DJRUD FKDQFHODGD SRLV QR H[DPH GR UHFXUVR
H[WUDRUGLQiULR  R 67) UHFRQKHFHX UHSHUFXVVmR JHUDO QmR DSHQDV j TXHVWmR
FRQVWLWXFLRQDO SHUWLQHQWH DR UHJLPH GH DWXDOL]DomR PRQHWiULD GDV FRQGHQDo}HV MXGLFLDLV GD
)D]HQGD3~EOLFDPDVWDPEpPjFRQWURYpUVLDSHUWLQHQWHDRVMXURVGHPRUDLQFLGHQWHV
(PWHQGRKDYLGRDFLWDomRMiVREDYLJrQFLDGDVQRYDVQRUPDVLQDSOLFiYHLVDV
GLVSRVLo}HVGR'HFUHWROHLLQFLGLQGRDSHQDVRVMXURVGDFDGHUQHWDGHSRXSDQoDVHP
FDSLWDOL]DomR
'RXSURYLPHQWRDRDSHORGR,166QHVWHSRQWR

3UHTXHVWLRQDPHQWR

)LFDPSUHTXHVWLRQDGRVSDUDILQVGHDFHVVRjVLQVWkQFLDVUHFXUVDLVVXSHULRUHVRV
GLVSRVLWLYRV OHJDLV H FRQVWLWXFLRQDLV HOHQFDGRV SHODV SDUWHV FXMD LQFLGrQFLD UHVWRX VXSHUDGD
SHODVSUySULDVUD]}HVGHGHFLGLU

&RQFOXVmR

3DUFLDOPHQWHSURYLGRRDSHORGR,166SDUDPRGLILFDURVFULWpULRVGHDSOLFDomR
GDFRUUHomRPRQHWiULDHMXURVGHPRUD

',6326,7,92

$QWHRH[SRVWRYRWRSRUGDUSDUFLDOSURYLPHQWRDRDSHORGR,166
 
























-Xt]D)HGHUDO7DtV6FKLOOLQJ)HUUD]
5HODWRUD

'RFXPHQWRHOHWU{QLFRDVVLQDGRSRU-Xt]D)HGHUDO7DtV6FKLOOLQJ)HUUD]5HODWRUDQDIRUPDGR
DUWLJRžLQFLVR,,,GD/HLGHGHGH]HPEURGHH5HVROXomR75)5HJLmRQžGH
GHPDUoRGH$FRQIHUrQFLDGDDXWHQWLFLGDGHGRGRFXPHQWRHVWiGLVSRQtYHOQRHQGHUHoR
HOHWU{QLFRKWWSZZZWUIMXVEUWUISURFHVVRVYHULILFDSKSPHGLDQWHRSUHHQFKLPHQWRGRFyGLJR
YHULILFDGRUYHVHVROLFLWDGRGRFyGLJR&5&('
,QIRUPDo}HVDGLFLRQDLVGDDVVLQDWXUD
6LJQDWiULR D  7DtV6FKLOOLQJ)HUUD]
'DWDH+RUD 

KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO 

 ,QWHLUR7HRU 

(;75$72'($7$'$6(66­2'(
$3(/$d­2&Ë9(/1ž56
25,*(056 



5(/$725  -XL]D)HGHUDO7$Ë66&+,//,1*)(55$=
35(6,'(17(  3DXOR$IRQVR%UXP9D]
352&85$'25  'U(GXDUGR.XUW]/RUHQ]RQL
$3(/$17(  ,167,78721$&,21$/'26(*85262&,$/,166
$'92*$'2  3URFXUDGRULD5HJLRQDOGD3)(,166
$3(/$'2  0$5,(/$'266$17266,48(,5$
$'92*$'2  1HXVD/HGXU.XKQ







&HUWLILFR TXH HVWH SURFHVVR IRL LQFOXtGR QD 3DXWD GR GLD  QD
VHTrQFLD  GLVSRQLELOL]DGD QR '( GH  GD TXDO IRL LQWLPDGR D  ,167,7872
1$&,21$/ '2 6(*852 62&,$/  ,166 R 0,1,67e5,2 3Ò%/,&2 )('(5$/ D
'()(1625,$3Ò%/,&$HDVGHPDLV352&85$'25,$6)('(5$,6 






&HUWLILFRTXHR D 7850$DRDSUHFLDURVDXWRVGRSURFHVVRHPHStJUDIHHP
VHVVmRUHDOL]DGDQHVWDGDWDSURIHULXDVHJXLQWHGHFLVmR
$ 7850$ 325 81$1,0,'$'( '(&,',8 '$5 3$5&,$/
3529,0(172$2$3(/2'2,166 






5(/$725
 -XL]D)HGHUDO7$Ë66&+,//,1*)(55$=
$&Ï5'­2
927$17( 6  -XL]D)HGHUDO7$Ë66&+,//,1*)(55$=
 'HV)HGHUDO3$8/2$)2162%5809$=
 'HV)HGHUDO52*(5,2)$95(72 










/tGLFH3HxD7KRPD]
6HFUHWiULDGH7XUPD













'RFXPHQWRHOHWU{QLFRDVVLQDGRSRU/tGLFH3HxD7KRPD]6HFUHWiULDGH7XUPDQDIRUPDGRDUWLJR
žLQFLVR,,,GD/HLGHGHGH]HPEURGHH5HVROXomR75)5HJLmRQžGHGH
PDUoRGH$FRQIHUrQFLDGDDXWHQWLFLGDGHGRGRFXPHQWRHVWiGLVSRQtYHOQRHQGHUHoR
HOHWU{QLFRKWWSZZZWUIMXVEUWUISURFHVVRVYHULILFDSKSPHGLDQWHRSUHHQFKLPHQWRGRFyGLJR
YHULILFDGRUYHVHVROLFLWDGRGRFyGLJR&5&))%
,QIRUPDo}HVDGLFLRQDLVGDDVVLQDWXUD
6LJQDWiULR D  /tGLFH3HxD7KRPD]
'DWDH+RUD 

KWWSMXULVSUXGHQFLDWUIMXVEUSHVTXLVDLQWHLURBWHRUSKS"RUJDR  GRFXPHQWR  WHUPRV3HVTXLVDGRV VDODULRPDWHUQLGDGH_VHJXUDGDHVSHFLDO