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ID]VHQWLUHPRo}HVGHVDJUDGiYHLV&RPRDVSDODYUDVSDVVDPDHOLFLDUHPRo}HV"3DUWHGHVVD³FDUJDHPRFLRQDO´GDVSDODYUDVSRGH
HVWDUUHODFLRQDGDDRFRQGLFLRQDPHQWRUHVSRQGHQWH7HQGHPRVDFRQVLGHUDUSDODYUDVIDODGDVFRPRDOJRPDLVGRTXHUHDOPHQWHVmR
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HPSDUHOKDPHQWR GH DOJXPDV SDODYUDV FRP VLWXDo}HV TXH HOLFLDP VHQVDo}HV DJUDGiYHLV RX GHVDJUDGiYHLV SRGH ID]HU VHXV VRQV
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eFRPXPSRUH[HPSORTXHSDODYUDVFRPR³IHLR´³HUUDGR´³EXUUR´H³HVW~SLGR´VHMDPRXYLGDVHPVLWXDo}HVGHSXQLomRFRPR
XPDVXUUDRXUHSULPHQGD4XDQGRDSDQKDPRVVHQWLPRVGRUFKRUDPRVHPXLWDVYH]HVILFDPRVFRPPHGRGHQRVVRDJUHVVRU6HD
VXUUDRFRUUHMXQWRFRP[LQJDPHQWRV HPSDUHOKDPHQWRGHHVWtPXORV DVSDODYUDVGLWDVSRGHPSDVVDUDHOLFLDUVHQVDo}HVVHPHOKDQWHV
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H[HPSOLILFD R FRQGLFLRQDPHQWR GH UHVSRVWDV HPRFLRQDLV DRV HVWtPXORV YHUEDLV SDODYUDV QHVVH FDVR  1D LQIkQFLD RV SDLV
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GDVLQHWDDQWHVGRFRQGLFLRQDPHQWRQmRHOLFLDYDDUHVSRVWDGHVDOLYDomRDYLVmRGHSRUH[HPSORXPTXDGURQHJURWDPEpPQmR
HOLFLDQRFmRHVVDUHVSRVWDRXVHMDRDQLPDOQmRVDOLYDDRYHUXPTXDGURQHJUR9RFrMiVDEHTXHVHHPSDUHOKiVVHPRVTXDGUR
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0DV R TXH DFRQWHFHULD VH HPSDUHOKiVVHPRV R TXDGURQHJUR 16  DR VRP GD VLQHWD &6 " e SRVVtYHO TXH REVHUYiVVHPRV R TXH
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HVWtPXOR FRQGLFLRQDGR GH VHJXQGD RUGHP 6H RXWUR HVWtPXOR QHXWUR IRVVH HPSDUHOKDGR DR TXDGURQHJUR H KRXYHVVH
FRQGLFLRQDPHQWR GH XP QRYR UHIOH[R FKDPDUtDPRV HVVH QRYR UHIOH[R GH UHIOH[R FRQGLFLRQDGR GH WHUFHLUD RUGHP H DVVLP SRU
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HPSDUHOKDPHQWR16&63RUH[HPSORPXLWRVFDVDLVWrPXPDP~VLFDHVSHFLDODTXDOIRLHPSDUHOKDGDDRVVHQWLPHQWRVDJUDGiYHLV
TXH HOHV H[SHULPHQWDUDP TXDQGR VH HQFRQWUDUDP SHOD SULPHLUD YH] $ ³P~VLFD GR FDVDO´ SRU WHU VLGR HPSDUHOKDGD DRV EHLMRV H
FDUtFLDVGRSULPHLURHQFRQWURDPRURVRWRUQRXVHXPHVWtPXORFRQGLFLRQDGRSDUDUHVSRVWDVVHPHOKDQWHVjVHOLFLDGDVSHORVEHLMRVH
SHODVFDUtFLDV2XWURVHVWtPXORVTXHJHUDOPHQWHHVWmRSUHVHQWHVTXDQGRDP~VLFDWRFDHPRXWURVFRQWH[WRVQRVTXDLVDVFDUtFLDVQmR
HVWmR SUHVHQWHV FRPR D IRWR GR FDQWRU RX PHVPR R VRP GH VHX QRPH SRGHP SDVVDU WDPEpP D HOLFLDU UHVSRVWDV FRQGLFLRQDGDV
VLPLODUHV jTXHODV HOLFLDGDV SHOD P~VLFD H[HPSOR KLSRWpWLFR  9DOH OHPEUDU TXH TXDQWR PDLV DOWD p D RUGHP GR UHIOH[R
FRQGLFLRQDGRPHQRUpDVXDIRUoD1HVVHH[HPSORDPDJQLWXGHGDVUHVSRVWDVGHSUD]HUHOLFLDGDVSHORVRPGRQRPHGRFDQWRUp
PHQRUTXHDGDVUHVSRVWDVHOLFLDGDVSHODP~VLFDHpFODURDPDJQLWXGHGDVUHVSRVWDVHOLFLDGDVSHODP~VLFDpPHQRUGRTXHDGDV
UHVSRVWDVHOLFLDGDVSHORVEHLMRVHSHORVFDULQKRV

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(PYiULRVPRPHQWRVGHVWHOLYURGLVVHPRVTXHRFRQGLFLRQDPHQWRSRGHRFRUUHUHQmRTXHHOHGHIDWRRFRUUHULD$VVLPRIL]HPRV
SRUTXHQmREDVWDHPSDUHOKDUHVWtPXORVSDUDTXHKDMDFRQGLFLRQDPHQWRSDYORYLDQR+iDOJXQVIDWRUHVTXHDXPHQWDPDVFKDQFHVGH
RHPSDUHOKDPHQWRGHHVWtPXORVHVWDEHOHFHURFRQGLFLRQDPHQWREHPFRPRGHILQHPRTXmRIRUWHVHUiDUHVSRVWDFRQGLFLRQDGD
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FRQGLFLRQDGDGHDOWDPDJQLWXGHVXUMD$OpPGLVVRRDXPHQWRQDPDJQLWXGHGDUHVSRVWDFRQGLFLRQDGDFRPRDXPHQWRQRQ~PHURGH
HPSDUHOKDPHQWRV QmR RFRUUH GH IRUPD LOLPLWDGD &KHJDUi XP SRQWR HP TXH QRYRV HPSDUHOKDPHQWRV QmR UHVXOWDUmR HP
VXEVHTXHQWHVDXPHQWRVQDPDJQLWXGHGDUHVSRVWD
7LSR GR HPSDUHOKDPHQWR 5HVSRVWDV FRQGLFLRQDGDV PDLV IRUWHV VXUJHP TXDQGR R 16 p DSUHVHQWDGR DQWHV GR 86 H SHUPDQHFH
GXUDQWHVXDDSUHVHQWDomR4XDQGRVHLQYHUWHHVVDRUGHPRXVHMDTXDQGRR86pDSUHVHQWDGRDQWHVGR16DVUHVSRVWDVUHIOH[DV
FRQGLFLRQDGDVVmRPDLVIUDFDVRXPHVPRKiXPDPHQRUSUREDELOLGDGHGHTXHRFRUUDRFRQGLFLRQDPHQWR
,QWHQVLGDGHGRHVWtPXORLQFRQGLFLRQDGR8P86LQWHQVRWLSLFDPHQWHOHYDDXPFRQGLFLRQDPHQWRPDLVUiSLGR3RUH[HPSORXP
MDWRGHDU 86 GLUHFLRQDGRDRROKRHOLFLDDUHVSRVWDLQFRQGLFLRQDGDGHSLVFDU(PSDUHOKDPHQWRVGHMDWRGHDUFRPXPVRPID]HPD
UHVSRVWDGHSLVFDURFRUUHUDRVHRXYLURVRP1HVVHH[HPSORXPMDWRGHDUPDLVIRUWHOHYDULDDRFRQGLFLRQDPHQWRPDLVUDSLGDPHQWH
GRTXHXPMDWRIUDFR1RYDPHQWHpLPSRUWDQWHGHL[DUFODURTXHRDXPHQWRQDLQWHQVLGDGHGR86QmRSURGX]UHVSHFWLYRVDXPHQWRV
LQGHILQLGDPHQWHQDIRUoDGDUHVSRVWDFRQGLFLRQDGD
*UDXGHSUHGLomRGRHVWtPXORQHXWUR3DUDTXHKDMDFRQGLFLRQDPHQWRQmREDVWDTXHRFRUUDDSHQDVRHPSDUHOKDPHQWR1686
UHSHWLGDVYH]HV216GHYHVHUSUHGLWLYRGDRFRUUrQFLDGR86&DVRR16VHMDDSUHVHQWDGRPXLWDVYH]HVVHPVHUVHJXLGRSHOR86R
FRQGLFLRQDPHQWR VHUi PHQRV SURYiYHO GR TXH VH R 16 IRU VHJXLGRSHOR 86 VHPSUH TXH DSUHVHQWDGR 3RU H[HPSOR XP VRP TXH
RFRUUHGDVYH]HVDQWHVGDDSUHVHQWDomRGHDOLPHQWRHOLFLDUiFRPPDLRUSUREDELOLGDGHDUHVSRVWDGHVDOLYDomRGRTXHXPTXHp
VHJXLGRGRDOLPHQWRHPDSHQDVGDVYH]HV2SURFHVVRGHH[WLQomRUHVSRQGHQWHSRGHQRVDMXGDUDFRPSUHHQGHUSRUTXHLVVR
RFRUUHMiTXHQDVYH]HVHPTXHR16pDSUHVHQWDGRVHPR86HVWiRFRUUHQGRSRUGHILQLomRRSURFHGLPHQWRGHH[WLQomRFXMR
HIHLWRpXPHQIUDTXHFLPHQWRGDUHVSRVWDFRQGLFLRQDGD(VVDVHULDXPDLQWHUSUHWDomRDOWHUQDWLYDGRPHVPRIHQ{PHQRVHPUHFRUUHUj
QRomRGHJUDXGHSUHGLomRGRHVWtPXORFRQGLFLRQDGR

2XWUDVDSOLFDo}HVGRFRQGLFLRQDPHQWRSDYORYLDQR
2V SXEOLFLWiULRV XWLOL]DP IUHTXHQWHPHQWH R FRQGLFLRQDPHQWR SDYORYLDQR SDUD WRUQDU PDLV DWUDWLYRV RV VHXV SURGXWRV PHVPR
GHVFRQKHFHQGRRVSULQFtSLRVFRPSRUWDPHQWDLVTXHGHVFUHYHPHVVHIHQ{PHQRePXLWRFRPXPQDVSURSDJDQGDVSRUH[HPSORYHU
SHVVRDVERQLWDVRXFHOHEULGDGHVHPVLWXDo}HVGHGLYHUVmR&RPLVVRRVSURGXWRUHVHVSHUDPHVWDEHOHFHUXPDUHODomRIXQFLRQDOHQWUH
RSURGXWRDQXQFLDGRTXHpXP16HDVUHVSRVWDVHPRFLRQDLVHOLFLDGDVDRYHUPRVDVSHVVRDVHVLWXDo}HVSUHVHQWHVQDSURSDJDQGD
$SyV YiULRV HPSDUHOKDPHQWRV GHFRUUHQWHV GDV LQ~PHUDV YH]HV HP TXH RV FRPHUFLDLV VmR YHLFXODGRV QD WHOHYLVmR R SURGXWR
DQXQFLDGRSRGHUiSDVVDUDHOLFLDUDVUHVSRVWDVSUHWHQGLGDVSHORVSURGXWRUHV
2FRQGLFLRQDPHQWRSDYORYLDQRWDPEpPSRVVXLDSOLFDo}HVUHOHYDQWHVQDiUHDGDVD~GH5REHUW$GHUH1LFKRODV&RKHQ  
SRU H[HPSOR PRVWUDUDP TXH HVVH FRQGLFLRQDPHQWR HVWHQGHVH jV UHVSRVWDV LPXQROyJLFDV (VVHV SHVTXLVDGRUHV DGPLQLVWUDUDP
VLPXOWDQHDPHQWHHPUDWRViJXDFRPDo~FDUHXPDGURJDVXSUHVVRUDGRVLVWHPDLPXQROyJLFR'HSRLVGHYiULRVHPSDUHOKDPHQWRV
iJXDFRPDo~FDUGURJD 1686 DVXSUHVVmRLPXQROyJLFDSDVVRXDRFRUUHUDSyVDLQJHVWmRGHiJXDFRPDo~FDU(VVDGHVFREHUWD
WHP LPSRUWDQWHV LPSOLFDo}HV SDUD D VD~GH KXPDQD 3RU H[HPSOR TXDQGR yUJmRV VmR WUDQVSODQWDGRV Ki R ULVFR GH UHMHLomR 2
VLVWHPD LPXQROyJLFR SDVVD D FRPEDWHU R QRYR yUJmR FRPR VH IRVVH XP FRUSR HVWUDQKR GDQRVR DR RUJDQLVPR 2V PpGLFRV
FRQWRUQDP WDO VLWXDomR UHFHLWDQGR DRV SDFLHQWHV PHGLFDPHQWRV TXH WrP HIHLWR GH VXSUHVVmR GR VLVWHPD LPXQROyJLFR 2
HPSDUHOKDPHQWR GRV IiUPDFRV FRP GHWHUPLQDGRV FKHLURV SRU H[HPSOR SRGH ID]HU DSHQDV XP FKHLUR HVSHFtILFR EDVWDU SDUD D
REWHQomR GRV HIHLWRV VXSUHVVRUHV VREUH R VLVWHPD LPXQROyJLFR R TXH SRGHULD UHGX]LU D TXDQWLGDGH GH PHGLFDomR WRPDGD H
FRQVHTXHQWHPHQWHVHXVHIHLWRVFRODWHUDLV
$LQGD QR FDPSR GD VD~GH VDEHPRV TXH R HIHLWR GD PHVPD GRVDJHP GH XPD FHUWD GURJD FRVWXPD VHU PHQRU HP XVXiULRV
IUHTXHQWHVGRTXHHPQmRXVXiULRV(VVHIHQ{PHQRpFRQKHFLGRFRPRWROHUkQFLD$WROHUkQFLDDXPHQWDFRPRFRQVXPRUHSHWLGRGD
GURJD(PGHFRUUrQFLDGLVVRRVXVXiULRVWHQGHPDXWLOL]DUGRVDJHQVFDGDYH]PDLRUHVGDVXEVWkQFLDSDUDREWHURPHVPRHIHLWR
&DVR D GRVH XWLOL]DGD VHMD PXLWR HOHYDGD HP UHODomR j WLSLFDPHQWH FRQVXPLGD p SRVVtYHO TXH RFRUUD D RYHUGRVH R TXH PXLWDV
YH]HV OHYD R LQGLYtGXR j PRUWH $ OLWHUDWXUD FLHQWtILFD DSRQWD FDVRV HP TXH KRXYH PRUWH SRU RYHUGRVH VHP XP DXPHQWR
VLJQLILFDWLYRGDGRVDJHPXVXDOPHQWHFRQVXPLGD
2 FRQGLFLRQDPHQWR SDYORYLDQR SRGH QRV DMXGDU D HQWHQGHU HVVH IHQ{PHQR 8P DUWLJR SXEOLFDGR QD UHYLVWD 6FLHQFH XP GRV
SHULyGLFRVFLHQWtILFRVPDLVUHVSHLWDGRVGRPXQGRUHODWRXDFKDGRVPXLWRLPSRUWDQWHVVREUHHVVHWySLFR1RDUWLJR6LHJHO+LQVRQ
.UDQNH0F&XOO\  UHDOL]DUDPXPH[SHULPHQWRQRTXDOLQYHVWLJDUDPRHIHLWRGHSLVWDVDPELHQWDLVVREUHDWROHUkQFLDDRXVRGH
KHURtQD (OHV EDVHDUDP VHX HVWXGR QD QRomR GH TXH D VLWXDomR GH DGPLQLVWUDomR GD GURJD HQYROYH FRQGLFLRQDPHQWR SDYORYLDQR
4XDQGRXPDVXEVWkQFLDpDGPLQLVWUDGDFRPIUHTXrQFLDHPXPPHVPRFRQWH[WRDVSLVWDVDPELHQWDLVQHOHSUHVHQWHVSRGHPDGTXLULU
D IXQomR GH XP &6 FDSD] GH HOLFLDU SDUWH GR HIHLWR VLVWrPLFR GD GURJD QR RUJDQLVPR (VVHV HIHLWRV VHULDP DV UHVSRVWDV
LQFRQGLFLRQDGDVHOLFLDGDVSHODVXEVWkQFLDDTXDOH[HUFHDIXQomRGH86(VVDVHULDXPDKLSyWHVHH[SOLFDWLYDSDUDDWROHUkQFLDMi
TXH DV SLVWDV DPELHQWDLV HOLFLDUDP UHVSRVWDV DQWHFLSDWyULDV DR FRQVXPR GD GURJD (VVDV UHVSRVWDV DQWHFLSDWyULDV SRU VXD YH]
SURGX]LULDPXPDDWHQXDomRGRHIHLWRGDVXEVWkQFLDHPVL
1HVVDSHVTXLVDGH6LHJHOHFRODERUDGRUHVRVVXMHLWRVH[SHULPHQWDLVIRUDPUDWRV2VDQLPDLVIRUDPGLYLGLGRVHPWUrVJUXSRV
*UXSR*UXSRHJUXSRFRQWUROH 'RLVGHVVHVJUXSRVUHFHEHUDPLQMHo}HVGHKHURtQDXPDSRUGLDFRPXPDXPHQWRJUDGXDO
GDGRVHGHPJNJDWpPJNJ2VDQLPDLVGHVVHVGRLVJUXSRVWDPEpPUHFHEHUDPLQMHo}HVGHiJXDFRPDo~FDUHPGLDVDOWHUQDGRV
jTXHOHVHPTXHUHFHELDPDVLQMHo}HVGDVXEVWkQFLD
2VDQLPDLVGR*UXSRUHFHEHUDPDVLQMHo}HVGHKHURtQDQRELRWpULRRQGHYLYLDPHDVGHiJXDFRPDo~FDUHPRXWUDVDODQDTXDO
XPEDUXOKRVHPHOKDQWHDXPFKLDGR UXtGREUDQFR HUDHPLWLGRHQTXDQWRDiJXDFRPDo~FDUHUDDGPLQLVWUDGD&RPRVDQLPDLVGR
*UXSRDFRQWHFHXRLQYHUVRHOHVUHFHELDPDVLQMHo}HVGHKHURtQDQDVDODFRPFKLDGRHDVGHiJXDFRPDo~FDUQRELRWpULR2V
DQLPDLVGRJUXSRFRQWUROHUHFHEHUDPLQMHo}HVGHiJXDFRPDo~FDUDOWHUQDQGRROXJDUQRELRWpULRHQDVDODFRPFKLDGR
$SyVHVVDIDVHFRPDVLQMHo}HVGHKHURtQDHGHiJXDFRPDo~FDUWRGRVRVDQLPDLVUHFHEHUDPXPDLQMHomRGHPJNJGH
KHURtQDGRVHTXDVHGXDVYH]HVPDLRUTXHD~OWLPDUHFHELGD PJNJ 2VDQLPDLVGR*UXSRUHFHEHUDPHVVDDGPLQLVWUDomRGD
GURJDQRPHVPRORFDOHPTXHKDYLDPUHFHELGRDVGRVHVDQWHULRUHV QRELRWpULR 2VDQLPDLVGR*UXSRDUHFHEHUDPHPXPORFDO
GLIHUHQWH HP FRPSDUDomR jV DGPLQLVWUDo}HV DQWHULRUHV $OJXQV DQLPDLV GR JUXSRFRQWUROH UHFHEHUDP D GRVH GH  PJNJ QR
ELRWpULRHRXWURVQDVDODFRPFKLDGR
6LHJHOHFRODERUDGRUHVREVHUYDUDPTXHQR*UXSRQRTXDORVDQLPDLVUHFHEHUDPDGRVHDOWDQRPHVPRDPELHQWHGDVGRVHV
DQWHULRUHVKRXYHDPHQRUWD[DGHPRUWDOLGDGHGRVVXMHLWRVIRUDPDyELWRSRURYHUGRVH1R*UXSRQRTXDORVDQLPDLV
UHFHEHUDPDGRVHDOWDHPXPDPELHQWHGLIHUHQWHGDTXHOHHPTXHUHFHEHUDPDVGRVHVLQLFLDLVKRXYHXPDWD[DGHPRUWDOLGDGHGH
-iRJUXSRFRQWUROHDSUHVHQWRXDPDLRUWD[DGHPRUWDOLGDGHGRVUDWRVPRUUHUDPFRPDDGPLQLVWUDomR
2HVWXGRGH6LHJHOHFRODERUDGRUHVSRUWDQWRGHPRQVWURXRHIHLWRGRFRQGLFLRQDPHQWRSDYORYLDQRSDUDRGHVHQYROYLPHQWRGD
WROHUkQFLD DR XVR GH GURJDV DVVLP FRPR R VHX SDSHO QRV FDVRV GH RYHUGRVH EDVHDGRV QD PXGDQoD GH DPELHQWH ± IHQ{PHQR
FRQKHFLGR FRPR RYHUGRVH FRQWH[WXDO e SRVVtYHO FKHJDU D HVVD FRQFOXVmR SHOR IDWR GH RV DQLPDLV TXH UHFHEHUDP D GRVH DOWD GH
KHURtQD QR DPELHQWH HP TXH ³HVWDYDP DFRVWXPDGRV D FRQVXPLU D GURJD´ WHUHP WLGR XPD PHQRU WD[D GH PRUWDOLGDGH /RJR RV
VXMHLWRVGHSHVTXLVDGHVVHJUXSRDSUHVHQWDUDPPDLRUWROHUkQFLDjVXEVWkQFLDPXLWRSURYDYHOPHQWHSRUTXHRDPELHQWHSDVVRXDVHU
XP&6TXHHOLFLDYDDVUHVSRVWDVDQWHFLSDWyULDVDRFRQVXPRGDGURJD
2*UXSRDLQGDTXHDFRVWXPDGRFRPDPHVPDGRVDJHPGR*UXSRDSUHVHQWRXXPDWD[DGHPRUWDOLGDGHPDLRU,VVRVHGHYH
DRORFDORQGHDGRVHGHPJNJIRLDGPLQLVWUDGD&RPRSDUDHVVHJUXSRDGRVDJHPPi[LPDIRLDSOLFDGDHPXPORFDOGLIHUHQWH
GR KDELWXDO DV UHVSRVWDV DQWHFLSDWyULDV DR FRQVXPR GD GURJD QmR IRUDP HOLFLDGDV R TXH SRGH WHU UHVXOWDGR HP PDLV PRUWHV SRU
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RSRUWXQLGDGH GH TXH DV UHVSRVWDV DQWHFLSDWyULDV IRVVHP FRQGLFLRQDGDV DRV GRLV DPELHQWHV GR HVWXGR 'HVVH PRGR SUDWLFDPHQWH
WRGRVRVVHXVVXMHLWRVPRUUHUDPGHRYHUGRVH$VGLIHUHQoDVREWLGDVHPIXQomRGDVGLIHUHQWHVPDQLSXODo}HVH[SHULPHQWDLVjVTXDLV
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