Você está na página 1de 209

 /

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

/(,1'('(0$5d2'(

0HQVDJHPGHYHWR
&yGLJRGH3URFHVVR&LYLO
9LJrQFLD

$35(6,'(17$'$5(3%/,&$)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH
/HL

3$57(*(5$/

/,952,

'$61250$6352&(668$,6&,9,6

778/21,&2

'$61250$6)81'$0(17$,6('$$3/,&$d2'$61250$6352&(668$,6

&$378/2,

'$61250$6)81'$0(17$,6'2352&(662&,9,/

$UW R 2 SURFHVVR FLYLO VHUi RUGHQDGR GLVFLSOLQDGR H LQWHUSUHWDGR FRQIRUPH RV YDORUHV H DV QRUPDV
IXQGDPHQWDLV HVWDEHOHFLGRV QD &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO REVHUYDQGRVH DV GLVSRVLo}HV
GHVWH&yGLJR

$UWR2SURFHVVRFRPHoDSRULQLFLDWLYDGDSDUWHHVHGHVHQYROYHSRULPSXOVRRILFLDOVDOYRDVH[FHo}HV
SUHYLVWDVHPOHL

$UWR1mRVHH[FOXLUiGDDSUHFLDomRMXULVGLFLRQDODPHDoDRXOHVmRDGLUHLWR

ReSHUPLWLGDDDUELWUDJHPQDIRUPDGDOHL

R2(VWDGRSURPRYHUiVHPSUHTXHSRVVtYHODVROXomRFRQVHQVXDOGRVFRQIOLWRV

 R $ FRQFLOLDomR D PHGLDomR H RXWURV PpWRGRV GH VROXomR FRQVHQVXDO GH FRQIOLWRV GHYHUmR VHU
HVWLPXODGRVSRUMXt]HVDGYRJDGRVGHIHQVRUHVS~EOLFRVHPHPEURVGR0LQLVWpULR3~EOLFRLQFOXVLYHQRFXUVRGR
SURFHVVRMXGLFLDO

$UW R $V SDUWHV WrP R GLUHLWR GH REWHU HP SUD]R UD]RiYHO D VROXomR LQWHJUDO GR PpULWR LQFOXtGD D
DWLYLGDGHVDWLVIDWLYD

$UWR$TXHOHTXHGHTXDOTXHUIRUPDSDUWLFLSDGRSURFHVVRGHYHFRPSRUWDUVHGHDFRUGRFRPDERDIp

$UWR7RGRVRVVXMHLWRVGRSURFHVVRGHYHPFRRSHUDUHQWUHVLSDUDTXHVHREWHQKDHPWHPSR UD]RiYHO
GHFLVmRGHPpULWRMXVWDHHIHWLYD

$UW R e DVVHJXUDGD jV SDUWHV SDULGDGH GH WUDWDPHQWR HP UHODomR DR H[HUFtFLR GH GLUHLWRV H IDFXOGDGHV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

SURFHVVXDLV DRV PHLRV GH GHIHVD DRV {QXV DRV GHYHUHV H j DSOLFDomR GH VDQo}HV SURFHVVXDLV FRPSHWLQGR
DRMXL]]HODUSHORHIHWLYRFRQWUDGLWyULR

$UWR$RDSOLFDURRUGHQDPHQWRMXUtGLFRRMXL]DWHQGHUiDRVILQVVRFLDLVHjVH[LJrQFLDVGREHPFRPXP
UHVJXDUGDQGRHSURPRYHQGRDGLJQLGDGHGDSHVVRDKXPDQDHREVHUYDQGRDSURSRUFLRQDOLGDGHDUD]RDELOLGDGHD
OHJDOLGDGHDSXEOLFLGDGHHDHILFLrQFLD

$UWR1mRVHSURIHULUiGHFLVmRFRQWUDXPDGDVSDUWHVVHPTXHHODVHMDSUHYLDPHQWHRXYLGD

3DUiJUDIR~QLFR2GLVSRVWRQRFDSXWQmRVHDSOLFD

,jWXWHODSURYLVyULDGHXUJrQFLD

,,jVKLSyWHVHVGHWXWHODGDHYLGrQFLDSUHYLVWDVQRDUWLQFLVRV,,H,,,

,,,jGHFLVmRSUHYLVWDQRDUW

$UW   2 MXL] QmR SRGH GHFLGLU HP JUDX DOJXP GH MXULVGLomR FRP EDVH HP IXQGDPHQWR D UHVSHLWR GR
TXDOQmRVHWHQKDGDGRjVSDUWHVRSRUWXQLGDGHGHVHPDQLIHVWDUDLQGDTXHVHWUDWHGHPDWpULDVREUHDTXDOGHYD
GHFLGLUGHRItFLR

$UW7RGRVRVMXOJDPHQWRVGRVyUJmRVGR3RGHU-XGLFLiULRVHUmRS~EOLFRVHIXQGDPHQWDGDVWRGDVDV
GHFLV}HVVRESHQDGHQXOLGDGH

3DUiJUDIR~QLFR1RVFDVRVGHVHJUHGRGHMXVWLoDSRGHVHUDXWRUL]DGDDSUHVHQoDVRPHQWHGDVSDUWHV
GHVHXVDGYRJDGRVGHGHIHQVRUHVS~EOLFRVRXGR0LQLVWpULR3~EOLFR

$UW   2V MXt]HV H RV WULEXQDLV GHYHUmR REHGHFHU j RUGHP FURQROyJLFD GH FRQFOXVmR SDUD SURIHULU
VHQWHQoDRXDFyUGmR

 R $ OLVWD GH SURFHVVRV DSWRV D MXOJDPHQWR GHYHUi HVWDU SHUPDQHQWHPHQWH j GLVSRVLomR SDUD FRQVXOWD
S~EOLFDHPFDUWyULRHQDUHGHPXQGLDOGHFRPSXWDGRUHV

R(VWmRH[FOXtGRVGDUHJUDGRFDSXW

,  DV VHQWHQoDV SURIHULGDV HP DXGLrQFLD KRPRORJDWyULDV GH DFRUGR RX GH LPSURFHGrQFLD OLPLQDU GR
SHGLGR

,,RMXOJDPHQWRGHSURFHVVRVHPEORFRSDUDDSOLFDomRGHWHVHMXUtGLFDILUPDGDHPMXOJDPHQWRGHFDVRV
UHSHWLWLYRV

,,,RMXOJDPHQWRGHUHFXUVRVUHSHWLWLYRVRXGHLQFLGHQWHGHUHVROXomRGHGHPDQGDVUHSHWLWLYDV

,9DVGHFLV}HVSURIHULGDVFRPEDVHQRVDUWVH

9RMXOJDPHQWRGHHPEDUJRVGHGHFODUDomR

9,RMXOJDPHQWRGHDJUDYRLQWHUQR

9,,DVSUHIHUrQFLDVOHJDLVHDVPHWDVHVWDEHOHFLGDVSHOR&RQVHOKR1DFLRQDOGH-XVWLoD

9,,,RVSURFHVVRVFULPLQDLVQRVyUJmRVMXULVGLFLRQDLVTXHWHQKDPFRPSHWrQFLDSHQDO

,;DFDXVDTXHH[LMDXUJrQFLDQRMXOJDPHQWRDVVLPUHFRQKHFLGDSRUGHFLVmRIXQGDPHQWDGD

 R $SyV HODERUDomR GH OLVWD SUySULD UHVSHLWDUVHi D RUGHP FURQROyJLFD GDV FRQFOXV}HV HQWUH DV
SUHIHUrQFLDVOHJDLV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R $SyV D LQFOXVmR GR SURFHVVR QD OLVWD GH TXH WUDWD R  R R UHTXHULPHQWR IRUPXODGR SHOD SDUWH QmR
DOWHUDDRUGHPFURQROyJLFDSDUDDGHFLVmRH[FHWRTXDQGRLPSOLFDUDUHDEHUWXUDGDLQVWUXomRRXDFRQYHUVmRGR
MXOJDPHQWRHPGLOLJrQFLD

 R 'HFLGLGR R UHTXHULPHQWR SUHYLVWR QR  R R SURFHVVR UHWRUQDUi j PHVPD SRVLomR HP TXH
DQWHULRUPHQWHVHHQFRQWUDYDQDOLVWD

R2FXSDUiRSULPHLUROXJDUQDOLVWDSUHYLVWDQRRRXFRQIRUPHRFDVRQRRRSURFHVVRTXH

,  WLYHU VXD VHQWHQoD RX DFyUGmR DQXODGR VDOYR TXDQGR KRXYHU QHFHVVLGDGH GH UHDOL]DomR GH GLOLJrQFLD
RXGHFRPSOHPHQWDomRGDLQVWUXomR

,,VHHQTXDGUDUQDKLSyWHVHGRDUWLQFLVR,,

&$378/2,,

'$$3/,&$d2'$61250$6352&(668$,6

$UW   $ MXULVGLomR FLYLO VHUi UHJLGD SHODV QRUPDV SURFHVVXDLV EUDVLOHLUDV UHVVDOYDGDV DV GLVSRVLo}HV
HVSHFtILFDVSUHYLVWDVHPWUDWDGRVFRQYHQo}HVRXDFRUGRVLQWHUQDFLRQDLVGHTXHR%UDVLOVHMDSDUWH

$UW   $ QRUPD SURFHVVXDO QmR UHWURDJLUi H VHUi DSOLFiYHO LPHGLDWDPHQWH DRV SURFHVVRV HP FXUVR
UHVSHLWDGRV RV DWRV SURFHVVXDLV SUDWLFDGRV H DV VLWXDo}HV MXUtGLFDV FRQVROLGDGDV VRE D YLJrQFLD GD QRUPD
UHYRJDGD

$UW   1D DXVrQFLD GH QRUPDV TXH UHJXOHP SURFHVVRV HOHLWRUDLV WUDEDOKLVWDV RX DGPLQLVWUDWLYRV DV
GLVSRVLo}HVGHVWH&yGLJROKHVVHUmRDSOLFDGDVVXSOHWLYDHVXEVLGLDULDPHQWH

/,952,,

'$)81d2-85,6',&,21$/

778/2,

'$-85,6',d2('$$d2

$UW$MXULVGLomRFLYLOpH[HUFLGDSHORVMXt]HVHSHORVWULEXQDLVHPWRGRRWHUULWyULRQDFLRQDOFRQIRUPH
DVGLVSRVLo}HVGHVWH&yGLJR

$UW3DUDSRVWXODUHPMXt]RpQHFHVViULRWHULQWHUHVVHHOHJLWLPLGDGH

$UW   1LQJXpP SRGHUi SOHLWHDU GLUHLWR DOKHLR HP QRPH SUySULR VDOYR TXDQGR DXWRUL]DGR SHOR
RUGHQDPHQWRMXUtGLFR

3DUiJUDIR ~QLFR  +DYHQGR VXEVWLWXLomR SURFHVVXDO R VXEVWLWXtGR SRGHUi LQWHUYLU FRPR DVVLVWHQWH
OLWLVFRQVRUFLDO

$UW2LQWHUHVVHGRDXWRUSRGHOLPLWDUVHjGHFODUDomR

,GDH[LVWrQFLDGDLQH[LVWrQFLDRXGRPRGRGHVHUGHXPDUHODomRMXUtGLFD

,,GDDXWHQWLFLGDGHRXGDIDOVLGDGHGHGRFXPHQWR

$UWeDGPLVVtYHODDomRPHUDPHQWHGHFODUDWyULDDLQGDTXHWHQKDRFRUULGRDYLRODomRGRGLUHLWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

778/2,,

'26/,0,7(6'$-85,6',d21$&,21$/('$&223(5$d2,17(51$&,21$/

&$378/2,

'26/,0,7(6'$-85,6',d21$&,21$/

$UW&RPSHWHjDXWRULGDGHMXGLFLiULDEUDVLOHLUDSURFHVVDUHMXOJDUDVDo}HVHPTXH

,RUpXTXDOTXHUTXHVHMDDVXDQDFLRQDOLGDGHHVWLYHUGRPLFLOLDGRQR%UDVLO

,,QR%UDVLOWLYHUGHVHUFXPSULGDDREULJDomR

,,,RIXQGDPHQWRVHMDIDWRRFRUULGRRXDWRSUDWLFDGRQR%UDVLO

3DUiJUDIR~QLFR3DUDRILPGRGLVSRVWRQRLQFLVR,FRQVLGHUDVHGRPLFLOLDGDQR%UDVLODSHVVRDMXUtGLFD
HVWUDQJHLUDTXHQHOHWLYHUDJrQFLDILOLDORXVXFXUVDO

$UW&RPSHWHDLQGDjDXWRULGDGHMXGLFLiULDEUDVLOHLUDSURFHVVDUHMXOJDUDVDo}HV

,GHDOLPHQWRVTXDQGR

D RFUHGRUWLYHUGRPLFtOLRRXUHVLGrQFLDQR%UDVLO

E  R UpX PDQWLYHU YtQFXORV QR %UDVLO WDLV FRPR SRVVH RX SURSULHGDGH GH EHQV UHFHELPHQWR GH UHQGD RX
REWHQomRGHEHQHItFLRVHFRQ{PLFRV

,,GHFRUUHQWHVGHUHODo}HVGHFRQVXPRTXDQGRRFRQVXPLGRUWLYHUGRPLFtOLRRXUHVLGrQFLDQR%UDVLO

,,,HPTXHDVSDUWHVH[SUHVVDRXWDFLWDPHQWHVHVXEPHWHUHPjMXULVGLomRQDFLRQDO

$UW&RPSHWHjDXWRULGDGHMXGLFLiULDEUDVLOHLUDFRPH[FOXVmRGHTXDOTXHURXWUD

,FRQKHFHUGHDo}HVUHODWLYDVDLPyYHLVVLWXDGRVQR%UDVLO

,,HPPDWpULDGHVXFHVVmRKHUHGLWiULDSURFHGHUjFRQILUPDomRGHWHVWDPHQWRSDUWLFXODUHDRLQYHQWiULRH
j SDUWLOKD GH EHQV VLWXDGRV QR %UDVLO DLQGD TXH R DXWRU GD KHUDQoD VHMD GH QDFLRQDOLGDGH HVWUDQJHLUD RX WHQKD
GRPLFtOLRIRUDGRWHUULWyULRQDFLRQDO

,,,HPGLYyUFLRVHSDUDomRMXGLFLDORXGLVVROXomR GH XQLmR HVWiYHO SURFHGHU j SDUWLOKD GH EHQV VLWXDGRV


QR%UDVLODLQGDTXHRWLWXODUVHMDGHQDFLRQDOLGDGHHVWUDQJHLUDRXWHQKDGRPLFtOLRIRUDGRWHUULWyULRQDFLRQDO

$UW   $ DomR SURSRVWD SHUDQWH WULEXQDO HVWUDQJHLUR QmR LQGX] OLWLVSHQGrQFLD H QmR REVWD D TXH D
DXWRULGDGHMXGLFLiULDEUDVLOHLUDFRQKHoDGDPHVPDFDXVDHGDVTXHOKHVmRFRQH[DVUHVVDOYDGDVDVGLVSRVLo}HV
HPFRQWUiULRGHWUDWDGRVLQWHUQDFLRQDLVHDFRUGRVELODWHUDLVHPYLJRUQR%UDVLO

3DUiJUDIR ~QLFR  $ SHQGrQFLD GH FDXVD SHUDQWH D MXULVGLomR EUDVLOHLUD QmR LPSHGH D KRPRORJDomR GH
VHQWHQoDMXGLFLDOHVWUDQJHLUDTXDQGRH[LJLGDSDUDSURGX]LUHIHLWRVQR%UDVLO

$UW   1mR FRPSHWH j DXWRULGDGH MXGLFLiULD EUDVLOHLUD R SURFHVVDPHQWR H R MXOJDPHQWR GD DomR TXDQGR
KRXYHU FOiXVXOD GH HOHLomR GH IRUR H[FOXVLYR HVWUDQJHLUR HP FRQWUDWR LQWHUQDFLRQDO DUJXLGD SHOR UpX QD
FRQWHVWDomR

 R 1mR VH DSOLFD R GLVSRVWR QR FDSXW jV KLSyWHVHV GH FRPSHWrQFLD LQWHUQDFLRQDO H[FOXVLYD SUHYLVWDV
QHVWH&DStWXOR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$SOLFDVHjKLSyWHVHGRFDSXWRDUWRDR

&$378/2,,

'$&223(5$d2,17(51$&,21$/

6HomR,

'LVSRVLo}HV*HUDLV

$UW$FRRSHUDomRMXUtGLFDLQWHUQDFLRQDOVHUiUHJLGDSRUWUDWDGRGHTXHR%UDVLOID]SDUWHHREVHUYDUi

,RUHVSHLWRjVJDUDQWLDVGRGHYLGRSURFHVVROHJDOQR(VWDGRUHTXHUHQWH

,,DLJXDOGDGHGHWUDWDPHQWRHQWUHQDFLRQDLVHHVWUDQJHLURVUHVLGHQWHVRXQmRQR%UDVLOHPUHODomRDR
DFHVVRjMXVWLoDHjWUDPLWDomRGRVSURFHVVRVDVVHJXUDQGRVHDVVLVWrQFLDMXGLFLiULDDRVQHFHVVLWDGRV

,,,  D SXEOLFLGDGH SURFHVVXDO H[FHWR QDV KLSyWHVHV GH VLJLOR SUHYLVWDV QD OHJLVODomR EUDVLOHLUD RX QD GR
(VWDGRUHTXHUHQWH

,9DH[LVWrQFLDGHDXWRULGDGHFHQWUDOSDUDUHFHSomRHWUDQVPLVVmRGRVSHGLGRVGHFRRSHUDomR

9DHVSRQWDQHLGDGHQDWUDQVPLVVmRGHLQIRUPDo}HVDDXWRULGDGHVHVWUDQJHLUDV

 R 1D DXVrQFLD GH WUDWDGR D FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO SRGHUi UHDOL]DUVH FRP EDVH HP
UHFLSURFLGDGHPDQLIHVWDGDSRUYLDGLSORPiWLFD

R1mRVHH[LJLUiDUHFLSURFLGDGHUHIHULGDQRRSDUDKRPRORJDomRGHVHQWHQoDHVWUDQJHLUD

 R 1D FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO QmR VHUi DGPLWLGD D SUiWLFD GH DWRV TXH FRQWUDULHP RX TXH
SURGX]DPUHVXOWDGRVLQFRPSDWtYHLVFRPDVQRUPDVIXQGDPHQWDLVTXHUHJHPR(VWDGREUDVLOHLUR

 R 2 0LQLVWpULR GD -XVWLoD H[HUFHUi DV IXQo}HV GH DXWRULGDGH FHQWUDO QD DXVrQFLD GH GHVLJQDomR
HVSHFtILFD

$UW$FRRSHUDomRMXUtGLFDLQWHUQDFLRQDOWHUiSRUREMHWR

,FLWDomRLQWLPDomRHQRWLILFDomRMXGLFLDOHH[WUDMXGLFLDO

,,FROKHLWDGHSURYDVHREWHQomRGHLQIRUPDo}HV

,,,KRPRORJDomRHFXPSULPHQWRGHGHFLVmR

,9FRQFHVVmRGHPHGLGDMXGLFLDOGHXUJrQFLD

9DVVLVWrQFLDMXUtGLFDLQWHUQDFLRQDO

9,TXDOTXHURXWUDPHGLGDMXGLFLDORXH[WUDMXGLFLDOQmRSURLELGDSHODOHLEUDVLOHLUD

6HomR,,

'R$X[tOLR'LUHWR

$UW   &DEH DX[tOLR GLUHWR TXDQGR D PHGLGD QmR GHFRUUHU GLUHWDPHQWH GH GHFLVmR GH DXWRULGDGH
MXULVGLFLRQDOHVWUDQJHLUDDVHUVXEPHWLGDDMXt]RGHGHOLEDomRQR%UDVLO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW$VROLFLWDomRGHDX[tOLRGLUHWRVHUiHQFDPLQKDGDSHORyUJmRHVWUDQJHLURLQWHUHVVDGRjDXWRULGDGH
FHQWUDOFDEHQGRDR(VWDGRUHTXHUHQWHDVVHJXUDUDDXWHQWLFLGDGHHDFODUH]DGRSHGLGR

$UW$OpPGRVFDVRVSUHYLVWRVHPWUDWDGRVGHTXHR%UDVLOID]SDUWHRDX[tOLRGLUHWRWHUiRVVHJXLQWHV
REMHWRV

,REWHQomRHSUHVWDomRGHLQIRUPDo}HVVREUHRRUGHQDPHQWRMXUtGLFRHVREUHSURFHVVRVDGPLQLVWUDWLYRV
RXMXULVGLFLRQDLVILQGRVRXHPFXUVR

,,  FROKHLWD GH SURYDV VDOYR VH D PHGLGD IRU DGRWDGD HP SURFHVVR HP FXUVR QR HVWUDQJHLUR GH
FRPSHWrQFLDH[FOXVLYDGHDXWRULGDGHMXGLFLiULDEUDVLOHLUD

,,,TXDOTXHURXWUDPHGLGDMXGLFLDORXH[WUDMXGLFLDOQmRSURLELGDSHODOHLEUDVLOHLUD

$UW   $ DXWRULGDGH FHQWUDO EUDVLOHLUD FRPXQLFDUVHi GLUHWDPHQWH FRP VXDV FRQJrQHUHV H VH
QHFHVViULR FRP RXWURV yUJmRV HVWUDQJHLURV UHVSRQViYHLV SHOD WUDPLWDomR H SHOD H[HFXomR GH SHGLGRV GH
FRRSHUDomR HQYLDGRV H UHFHELGRV SHOR (VWDGR EUDVLOHLUR UHVSHLWDGDV GLVSRVLo}HV HVSHFtILFDV FRQVWDQWHV GH
WUDWDGR

$UW1RFDVRGHDX[tOLRGLUHWRSDUDDSUiWLFDGHDWRVTXHVHJXQGRDOHLEUDVLOHLUDQmRQHFHVVLWHP GH
SUHVWDomRMXULVGLFLRQDODDXWRULGDGHFHQWUDODGRWDUiDVSURYLGrQFLDVQHFHVViULDVSDUDVHXFXPSULPHQWR

$UW   5HFHELGR R SHGLGR GH DX[tOLR GLUHWR SDVVLYR D DXWRULGDGH FHQWUDO R HQFDPLQKDUi j $GYRFDFLD
*HUDOGD8QLmRTXHUHTXHUHUiHPMXt]RDPHGLGDVROLFLWDGD

3DUiJUDIR ~QLFR  2 0LQLVWpULR 3~EOLFR UHTXHUHUi HP MXt]R D PHGLGD VROLFLWDGD TXDQGR IRU DXWRULGDGH
FHQWUDO

$UW   &RPSHWH DR MXt]R IHGHUDO GR OXJDU HP TXH GHYD VHU H[HFXWDGD D PHGLGD DSUHFLDU SHGLGR GH
DX[tOLRGLUHWRSDVVLYRTXHGHPDQGHSUHVWDomRGHDWLYLGDGHMXULVGLFLRQDO

6HomR,,,

'D&DUWD5RJDWyULD

$UW 9(7$'2 

$UW   2 SURFHGLPHQWR GD FDUWD URJDWyULD SHUDQWH R 6XSHULRU 7ULEXQDO GH -XVWLoD p GH MXULVGLomR
FRQWHQFLRVDHGHYHDVVHJXUDUjVSDUWHVDVJDUDQWLDVGRGHYLGRSURFHVVROHJDO

R$GHIHVDUHVWULQJLUVHijGLVFXVVmRTXDQWRDRDWHQGLPHQWRGRVUHTXLVLWRVSDUDTXHRSURQXQFLDPHQWR
MXGLFLDOHVWUDQJHLURSURGX]DHIHLWRVQR%UDVLO

 R (P TXDOTXHU KLSyWHVH p YHGDGD D UHYLVmR GR PpULWR GR SURQXQFLDPHQWR MXGLFLDO HVWUDQJHLUR SHOD
DXWRULGDGHMXGLFLiULDEUDVLOHLUD

6HomR,9

'LVSRVLo}HV&RPXQVjV6Ho}HV$QWHULRUHV

$UW   2 SHGLGR GH FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO RULXQGR GH DXWRULGDGH EUDVLOHLUD FRPSHWHQWH VHUi
HQFDPLQKDGRjDXWRULGDGHFHQWUDOSDUDSRVWHULRUHQYLRDR(VWDGRUHTXHULGRSDUDOKHGDUDQGDPHQWR

$UW   2 SHGLGR GH FRRSHUDomR RULXQGR GH DXWRULGDGH EUDVLOHLUD FRPSHWHQWH H RV GRFXPHQWRV DQH[RV
TXH R LQVWUXHP VHUmR HQFDPLQKDGRV j DXWRULGDGH FHQWUDO DFRPSDQKDGRV GH WUDGXomR SDUD D OtQJXD RILFLDO GR
(VWDGRUHTXHULGR

$UW   2 SHGLGR SDVVLYR GH FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO VHUi UHFXVDGR VH FRQILJXUDU PDQLIHVWD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RIHQVDjRUGHPS~EOLFD

$UW   $ FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO SDUD H[HFXomR GH GHFLVmR HVWUDQJHLUD GDUVHi SRU PHLR GH
FDUWDURJDWyULDRXGHDomRGHKRPRORJDomRGHVHQWHQoDHVWUDQJHLUDGHDFRUGRFRPRDUW

$UW   &RQVLGHUDVH DXWrQWLFR R GRFXPHQWR TXH LQVWUXLU SHGLGR GH FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO
LQFOXVLYH WUDGXomR SDUD D OtQJXD SRUWXJXHVD TXDQGR HQFDPLQKDGR DR (VWDGR EUDVLOHLUR SRU PHLR GH DXWRULGDGH
FHQWUDO RX SRU YLD GLSORPiWLFD GLVSHQVDQGRVH DMXUDPHQWDomR DXWHQWLFDomR RX TXDOTXHU SURFHGLPHQWR GH
OHJDOL]DomR

3DUiJUDIR~QLFR2GLVSRVWRQRFDSXWQmR LPSHGH TXDQGR QHFHVViULD D DSOLFDomR SHOR (VWDGR EUDVLOHLUR


GRSULQFtSLRGDUHFLSURFLGDGHGHWUDWDPHQWR

778/2,,,

'$&203(71&,$,17(51$

&$378/2,

'$&203(71&,$

6HomR,

'LVSRVLo}HV*HUDLV

$UW   $V FDXVDV FtYHLV VHUmR SURFHVVDGDV H GHFLGLGDV SHOR MXL] QRV OLPLWHV GH VXD FRPSHWrQFLD
UHVVDOYDGRjVSDUWHVRGLUHLWRGHLQVWLWXLUMXt]RDUELWUDOQDIRUPDGDOHL

$UW'HWHUPLQDVHDFRPSHWrQFLDQRPRPHQWRGRUHJLVWURRXGDGLVWULEXLomRGDSHWLomRLQLFLDOVHQGR
LUUHOHYDQWHVDVPRGLILFDo}HVGRHVWDGRGHIDWRRXGHGLUHLWRRFRUULGDVSRVWHULRUPHQWH VDOYR TXDQGR VXSULPLUHP
yUJmRMXGLFLiULRRXDOWHUDUHPDFRPSHWrQFLDDEVROXWD

$UW   2EHGHFLGRV RV OLPLWHV HVWDEHOHFLGRV SHOD &RQVWLWXLomR )HGHUDO D FRPSHWrQFLD p GHWHUPLQDGD
SHODVQRUPDVSUHYLVWDVQHVWH&yGLJRRXHPOHJLVODomRHVSHFLDOSHODVQRUPDVGHRUJDQL]DomRMXGLFLiULDHDLQGD
QRTXHFRXEHUSHODVFRQVWLWXLo}HVGRV(VWDGRV

$UW7UDPLWDQGRRSURFHVVRSHUDQWHRXWURMXt]RRVDXWRVVHUmRUHPHWLGRVDRMXt]RIHGHUDOFRPSHWHQWH
VH QHOH LQWHUYLHU D 8QLmR VXDV HPSUHVDV S~EOLFDV HQWLGDGHV DXWiUTXLFDV H IXQGDo}HV RX FRQVHOKR GH
ILVFDOL]DomRGHDWLYLGDGHSURILVVLRQDOQDTXDOLGDGHGHSDUWHRXGHWHUFHLURLQWHUYHQLHQWHH[FHWRDVDo}HV

,GHUHFXSHUDomRMXGLFLDOIDOrQFLDLQVROYrQFLDFLYLOHDFLGHQWHGHWUDEDOKR

,,VXMHLWDVjMXVWLoDHOHLWRUDOHjMXVWLoDGRWUDEDOKR

 R 2V DXWRV QmR VHUmR UHPHWLGRV VH KRXYHU SHGLGR FXMD DSUHFLDomR VHMD GH FRPSHWrQFLD GR MXt]R
SHUDQWHRTXDOIRLSURSRVWDDDomR

R1DKLSyWHVHGRRRMXL]DRQmRDGPLWLUDFXPXODomRGHSHGLGRVHPUD]mRGDLQFRPSHWrQFLDSDUD
DSUHFLDU TXDOTXHU GHOHV QmR H[DPLQDUi R PpULWR GDTXHOH HP TXH H[LVWD LQWHUHVVH GD 8QLmR GH VXDV HQWLGDGHV
DXWiUTXLFDVRXGHVXDVHPSUHVDVS~EOLFDV

 R 2 MXt]R IHGHUDO UHVWLWXLUi RV DXWRV DR MXt]R HVWDGXDO VHP VXVFLWDU FRQIOLWR VH R HQWH IHGHUDO FXMD
SUHVHQoDHQVHMRXDUHPHVVDIRUH[FOXtGRGRSURFHVVR

$UW$DomRIXQGDGDHPGLUHLWRSHVVRDORXHPGLUHLWRUHDOVREUHEHQVPyYHLVVHUiSURSRVWDHPUHJUD
QRIRURGHGRPLFtOLRGRUpX

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R7HQGRPDLVGHXPGRPLFtOLRRUpXVHUiGHPDQGDGRQRIRURGHTXDOTXHUGHOHV

R6HQGRLQFHUWRRXGHVFRQKHFLGRRGRPLFtOLRGRUpXHOHSRGHUiVHUGHPDQGDGRRQGHIRUHQFRQWUDGRRX
QRIRURGHGRPLFtOLRGRDXWRU

R4XDQGRRUpXQmRWLYHUGRPLFtOLRRXUHVLGrQFLDQR%UDVLODDomRVHUiSURSRVWDQRIRURGHGRPLFtOLRGR
DXWRUHVHHVWHWDPEpPUHVLGLUIRUDGR%UDVLODDomRVHUiSURSRVWDHPTXDOTXHUIRUR

 R +DYHQGR  GRLV  RX PDLV UpXV FRP GLIHUHQWHV GRPLFtOLRV VHUmR GHPDQGDGRV QR IRUR GH TXDOTXHU
GHOHVjHVFROKDGRDXWRU

R$H[HFXomRILVFDOVHUiSURSRVWDQRIRURGHGRPLFtOLRGRUpXQRGHVXDUHVLGrQFLDRXQRGROXJDURQGH
IRUHQFRQWUDGR

$UW3DUDDVDo}HVIXQGDGDVHPGLUHLWRUHDOVREUHLPyYHLVpFRPSHWHQWHRIRURGHVLWXDomRGDFRLVD

R2DXWRUSRGHRSWDUSHORIRUR GH GRPLFtOLR GR UpX RX SHOR IRUR GH HOHLomR VH R OLWtJLR QmR UHFDLU VREUH
GLUHLWRGHSURSULHGDGHYL]LQKDQoDVHUYLGmRGLYLVmRHGHPDUFDomRGHWHUUDVHGHQXQFLDomRGHREUDQRYD

 R $ DomR SRVVHVVyULD LPRELOLiULD VHUi SURSRVWD QR IRUR GH VLWXDomR GD FRLVD FXMR MXt]R WHP
FRPSHWrQFLDDEVROXWD

$UW2IRURGHGRPLFtOLRGRDXWRUGDKHUDQoDQR%UDVLOpRFRPSHWHQWHSDUDRLQYHQWiULRDSDUWLOKD D
DUUHFDGDomR R FXPSULPHQWR GH GLVSRVLo}HV GH ~OWLPD YRQWDGH D LPSXJQDomR RX DQXODomR GH SDUWLOKD
H[WUDMXGLFLDOHSDUDWRGDVDVDo}HVHPTXHRHVSyOLRIRUUpXDLQGDTXHRyELWRWHQKDRFRUULGRQRHVWUDQJHLUR

3DUiJUDIR~QLFR6HRDXWRUGDKHUDQoDQmRSRVVXtDGRPLFtOLRFHUWRpFRPSHWHQWH

,RIRURGHVLWXDomRGRVEHQVLPyYHLV

,,KDYHQGREHQVLPyYHLVHPIRURVGLIHUHQWHVTXDOTXHUGHVWHV

,,,QmRKDYHQGREHQVLPyYHLVRIRURGRORFDOGHTXDOTXHUGRVEHQVGRHVSyOLR

$UW   $ DomR HP TXH R DXVHQWH IRU UpX VHUi SURSRVWD QR IRUR GH VHX ~OWLPR GRPLFtOLR WDPEpP
FRPSHWHQWHSDUDDDUUHFDGDomRRLQYHQWiULRDSDUWLOKDHRFXPSULPHQWRGHGLVSRVLo}HVWHVWDPHQWiULDV

$UW   $ DomR HP TXH R LQFDSD] IRU UpX VHUi SURSRVWD QR IRUR GH GRPLFtOLR GH VHX UHSUHVHQWDQWH RX
DVVLVWHQWH

$UWeFRPSHWHQWHRIRURGHGRPLFtOLRGRUpXSDUDDVFDXVDVHPTXHVHMDDXWRUDD8QLmR

3DUiJUDIR~QLFR6HD8QLmRIRUDGHPDQGDGDDDomRSRGHUiVHUSURSRVWDQRIRURGHGRPLFtOLRGRDXWRU
QRGHRFRUUrQFLDGRDWRRXIDWRTXHRULJLQRXDGHPDQGDQRGHVLWXDomRGDFRLVDRXQR'LVWULWR)HGHUDO

$UWeFRPSHWHQWHRIRURGHGRPLFtOLRGRUpXSDUDDVFDXVDVHPTXHVHMDDXWRU(VWDGRRXR'LVWULWR
)HGHUDO

3DUiJUDIR~QLFR6H(VWDGRRXR'LVWULWR)HGHUDOIRURGHPDQGDGRDDomRSRGHUiVHUSURSRVWDQRIRURGH
GRPLFtOLRGRDXWRUQRGHRFRUUrQFLDGRDWRRXIDWRTXHRULJLQRXDGHPDQGDQRGHVLWXDomRGDFRLVDRXQDFDSLWDO
GRUHVSHFWLYRHQWHIHGHUDGR

$UWeFRPSHWHQWHRIRUR

,SDUDDDomRGHGLYyUFLRVHSDUDomRDQXODomRGHFDVDPHQWRHUHFRQKHFLPHQWRRXGLVVROXomRGHXQLmR
HVWiYHO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

D GHGRPLFtOLRGRJXDUGLmRGHILOKRLQFDSD]

E GR~OWLPRGRPLFtOLRGRFDVDOFDVRQmRKDMDILOKRLQFDSD]

F GHGRPLFtOLRGRUpXVHQHQKXPDGDVSDUWHVUHVLGLUQRDQWLJRGRPLFtOLRGRFDVDO

,,GHGRPLFtOLRRXUHVLGrQFLDGRDOLPHQWDQGRSDUDDDomRHPTXHVHSHGHPDOLPHQWRV

,,,GROXJDU

D RQGHHVWiDVHGHSDUDDDomRHPTXHIRUUpSHVVRDMXUtGLFD

E RQGHVHDFKDDJrQFLDRXVXFXUVDOTXDQWRjVREULJDo}HVTXHDSHVVRDMXUtGLFDFRQWUDLX

F  RQGH H[HUFH VXDV DWLYLGDGHV SDUD D DomR HP TXH IRU Up VRFLHGDGH RX DVVRFLDomR VHP SHUVRQDOLGDGH
MXUtGLFD

G RQGHDREULJDomRGHYHVHUVDWLVIHLWDSDUDDDomRHPTXHVHOKHH[LJLURFXPSULPHQWR

H GHUHVLGrQFLDGRLGRVRSDUDDFDXVDTXHYHUVHVREUHGLUHLWRSUHYLVWRQRUHVSHFWLYRHVWDWXWR

I  GD VHGH GD VHUYHQWLD QRWDULDO RX GH UHJLVWUR SDUD D DomR GH UHSDUDomR GH GDQR SRU DWR SUDWLFDGR HP
UD]mRGRRItFLR

,9GROXJDUGRDWRRXIDWRSDUDDDomR

D GHUHSDUDomRGHGDQR

E HPTXHIRUUpXDGPLQLVWUDGRURXJHVWRUGHQHJyFLRVDOKHLRV

9GHGRPLFtOLRGRDXWRURXGRORFDOGRIDWRSDUDDDomRGHUHSDUDomRGHGDQRVRIULGRHPUD]mRGHGHOLWR
RXDFLGHQWHGHYHtFXORVLQFOXVLYHDHURQDYHV

6HomR,,

'D0RGLILFDomRGD&RPSHWrQFLD

$UW   $ FRPSHWrQFLD UHODWLYD SRGHUi PRGLILFDUVH SHOD FRQH[mR RX SHOD FRQWLQrQFLD REVHUYDGR R
GLVSRVWRQHVWD6HomR

$UW   5HSXWDPVH FRQH[DV  GXDV  RX PDLV Do}HV TXDQGR OKHV IRU FRPXP R SHGLGR RX D FDXVD GH
SHGLU

R2VSURFHVVRVGHDo}HVFRQH[DVVHUmRUHXQLGRVSDUDGHFLVmRFRQMXQWDVDOYRVHXPGHOHVMiKRXYHU
VLGRVHQWHQFLDGR

R$SOLFDVHRGLVSRVWRQRFDSXW

,jH[HFXomRGHWtWXORH[WUDMXGLFLDOHjDomRGHFRQKHFLPHQWRUHODWLYDDRPHVPRDWRMXUtGLFR

,,jVH[HFXo}HVIXQGDGDVQRPHVPRWtWXORH[HFXWLYR

 R 6HUmR UHXQLGRV SDUD MXOJDPHQWR FRQMXQWR RV SURFHVVRV TXH SRVVDP JHUDU ULVFR GH SURODomR GH
GHFLV}HVFRQIOLWDQWHVRXFRQWUDGLWyULDVFDVRGHFLGLGRVVHSDUDGDPHQWHPHVPRVHPFRQH[mRHQWUHHOHV

$UW'iVHDFRQWLQrQFLDHQWUH GXDV RXPDLVDo}HVTXDQGRKRXYHULGHQWLGDGHTXDQWRjVSDUWHVHj

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FDXVDGHSHGLUPDVRSHGLGRGHXPDSRUVHUPDLVDPSORDEUDQJHRGDVGHPDLV

$UW   4XDQGR KRXYHU FRQWLQrQFLD H D DomR FRQWLQHQWH WLYHU VLGR SURSRVWD DQWHULRUPHQWH QR SURFHVVR
UHODWLYR j DomR FRQWLGD VHUi SURIHULGD VHQWHQoD VHP UHVROXomR GH PpULWR FDVR FRQWUiULR DV Do}HV VHUmR
QHFHVVDULDPHQWHUHXQLGDV

$UW   $ UHXQLmR GDV Do}HV SURSRVWDV HP VHSDUDGR IDUVHi QR MXt]R SUHYHQWR RQGH VHUmR GHFLGLGDV
VLPXOWDQHDPHQWH

$UW2UHJLVWURRXDGLVWULEXLomRGDSHWLomRLQLFLDOWRUQDSUHYHQWRRMXt]R

$UW6HRLPyYHOVHDFKDUVLWXDGRHPPDLVGHXP(VWDGRFRPDUFDVHomRRXVXEVHomRMXGLFLiULDD
FRPSHWrQFLDWHUULWRULDOGRMXt]RSUHYHQWRHVWHQGHUVHiVREUHDWRWDOLGDGHGRLPyYHO

$UW$DomRDFHVVyULDVHUiSURSRVWDQRMXt]RFRPSHWHQWHSDUDDDomRSULQFLSDO

$UW   $ FRPSHWrQFLD GHWHUPLQDGD HP UD]mR GD PDWpULD GD SHVVRD RX GD IXQomR p LQGHUURJiYHO SRU
FRQYHQomRGDVSDUWHV

$UW$VSDUWHVSRGHPPRGLILFDU D FRPSHWrQFLD HP UD]mR GR YDORU H GR WHUULWyULR HOHJHQGR IRUR RQGH
VHUiSURSRVWDDomRRULXQGDGHGLUHLWRVHREULJDo}HV

 R $ HOHLomR GH IRUR Vy SURGX] HIHLWR TXDQGR FRQVWDU GH LQVWUXPHQWR HVFULWR H DOXGLU H[SUHVVDPHQWH D
GHWHUPLQDGRQHJyFLRMXUtGLFR

R2IRURFRQWUDWXDOREULJDRVKHUGHLURVHVXFHVVRUHVGDVSDUWHV

R$QWHVGDFLWDomRDFOiXVXODGHHOHLomRGHIRURVHDEXVLYDSRGHVHUUHSXWDGDLQHILFD]GHRItFLRSHOR
MXL]TXHGHWHUPLQDUiDUHPHVVDGRVDXWRVDRMXt]RGRIRURGHGRPLFtOLRGRUpX

R&LWDGRLQFXPEHDRUpXDOHJDUDDEXVLYLGDGHGDFOiXVXODGHHOHLomRGHIRURQDFRQWHVWDomRVRESHQD
GHSUHFOXVmR

6HomR,,,

'D,QFRPSHWrQFLD

$UW$LQFRPSHWrQFLDDEVROXWDRXUHODWLYDVHUiDOHJDGDFRPRTXHVWmRSUHOLPLQDUGHFRQWHVWDomR

 R $ LQFRPSHWrQFLD DEVROXWD SRGH VHU DOHJDGD HP TXDOTXHU WHPSR H JUDX GH MXULVGLomR H GHYH VHU
GHFODUDGDGHRItFLR

R$SyVPDQLIHVWDomRGDSDUWHFRQWUiULDRMXL]GHFLGLUiLPHGLDWDPHQWHDDOHJDomRGHLQFRPSHWrQFLD

R&DVRDDOHJDomRGHLQFRPSHWrQFLDVHMDDFROKLGDRVDXWRVVHUmRUHPHWLGRVDRMXt]RFRPSHWHQWH

R6DOYRGHFLVmRMXGLFLDOHPVHQWLGRFRQWUiULRFRQVHUYDUVHmRRVHIHLWRVGHGHFLVmRSURIHULGDSHORMXt]R
LQFRPSHWHQWHDWpTXHRXWUDVHMDSURIHULGDVHIRURFDVRSHORMXt]RFRPSHWHQWH

$UW   3URUURJDUVHi D FRPSHWrQFLD UHODWLYD VH R UpX QmR DOHJDU D LQFRPSHWrQFLD HP SUHOLPLQDU GH
FRQWHVWDomR

3DUiJUDIR ~QLFR  $ LQFRPSHWrQFLD UHODWLYD SRGH VHU DOHJDGD SHOR 0LQLVWpULR 3~EOLFR QDV FDXVDV HP TXH
DWXDU

$UW+iFRQIOLWRGHFRPSHWrQFLDTXDQGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

, GRLV RXPDLVMXt]HVVHGHFODUDPFRPSHWHQWHV

,, GRLV RXPDLVMXt]HVVHFRQVLGHUDPLQFRPSHWHQWHVDWULEXLQGRXPDRRXWURDFRPSHWrQFLD

,,,HQWUH GRLV RXPDLVMXt]HVVXUJHFRQWURYpUVLDDFHUFDGDUHXQLmRRXVHSDUDomRGHSURFHVVRV

3DUiJUDIR ~QLFR  2 MXL] TXH QmR DFROKHU D FRPSHWrQFLD GHFOLQDGD GHYHUi VXVFLWDU R FRQIOLWR VDOYR VH D
DWULEXLUDRXWURMXt]R

&$378/2,,

'$&223(5$d21$&,21$/

$UW   $RV yUJmRV GR 3RGHU -XGLFLiULR HVWDGXDO RX IHGHUDO HVSHFLDOL]DGR RX FRPXP HP WRGDV DV
LQVWkQFLDV H JUDXV GH MXULVGLomR LQFOXVLYH DRV WULEXQDLV VXSHULRUHV LQFXPEH R GHYHU GH UHFtSURFD FRRSHUDomR
SRUPHLRGHVHXVPDJLVWUDGRVHVHUYLGRUHV

$UW   2V MXt]RV SRGHUmR IRUPXODU HQWUH VL SHGLGR GH FRRSHUDomR SDUD SUiWLFD GH TXDOTXHU DWR
SURFHVVXDO

$UW   2 SHGLGR GH FRRSHUDomR MXULVGLFLRQDO GHYH VHU SURQWDPHQWH DWHQGLGR SUHVFLQGH GH IRUPD
HVSHFtILFDHSRGHVHUH[HFXWDGRFRPR

,DX[tOLRGLUHWR

,,UHXQLmRRXDSHQVDPHQWRGHSURFHVVRV

,,,SUHVWDomRGHLQIRUPDo}HV

,9DWRVFRQFHUWDGRVHQWUHRVMXt]HVFRRSHUDQWHV

R$VFDUWDVGHRUGHPSUHFDWyULDHDUELWUDOVHJXLUmRRUHJLPHSUHYLVWRQHVWH&yGLJR

 R 2V DWRV FRQFHUWDGRV HQWUH RV MXt]HV FRRSHUDQWHV SRGHUmR FRQVLVWLU DOpP GH RXWURV QR
HVWDEHOHFLPHQWRGHSURFHGLPHQWRSDUD

,DSUiWLFDGHFLWDomRLQWLPDomRRXQRWLILFDomRGHDWR

,,DREWHQomRHDSUHVHQWDomRGHSURYDVHDFROHWDGHGHSRLPHQWRV

,,,DHIHWLYDomRGHWXWHODSURYLVyULD

,9DHIHWLYDomRGHPHGLGDVHSURYLGrQFLDVSDUDUHFXSHUDomRHSUHVHUYDomRGHHPSUHVDV

9DIDFLOLWDomRGHKDELOLWDomRGHFUpGLWRVQDIDOrQFLDHQDUHFXSHUDomRMXGLFLDO

9,DFHQWUDOL]DomRGHSURFHVVRVUHSHWLWLYRV

9,,DH[HFXomRGHGHFLVmRMXULVGLFLRQDO

R2SHGLGRGHFRRSHUDomRMXGLFLiULDSRGHVHUUHDOL]DGRHQWUHyUJmRVMXULVGLFLRQDLVGHGLIHUHQWHVUDPRV
GR3RGHU-XGLFLiULR

/,952,,,

'2668-(,726'2352&(662

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

778/2,

'$63$57(6('26352&85$'25(6

&$378/2,

'$&$3$&,'$'(352&(668$/

$UW7RGDSHVVRDTXHVHHQFRQWUHQRH[HUFtFLRGHVHXVGLUHLWRVWHPFDSDFLGDGHSDUDHVWDUHPMXt]R

$UW2LQFDSD]VHUiUHSUHVHQWDGRRXDVVLVWLGRSRUVHXVSDLVSRUWXWRURXSRUFXUDGRUQDIRUPDGDOHL

$UW2MXL]QRPHDUiFXUDGRUHVSHFLDODR

,LQFDSD]VHQmRWLYHUUHSUHVHQWDQWHOHJDORXVHRVLQWHUHVVHVGHVWHFROLGLUHPFRPRVGDTXHOHHQTXDQWR
GXUDUDLQFDSDFLGDGH

,,  UpX SUHVR UHYHO EHP FRPR DR UpX UHYHO FLWDGR SRU HGLWDO RX FRP KRUD FHUWD HQTXDQWR QmR IRU
FRQVWLWXtGRDGYRJDGR

3DUiJUDIR~QLFR$FXUDWHODHVSHFLDOVHUiH[HUFLGDSHOD'HIHQVRULD3~EOLFDQRVWHUPRVGDOHL

$UW   2 F{QMXJH QHFHVVLWDUi GR FRQVHQWLPHQWR GR RXWUR SDUD SURSRU DomR TXH YHUVH VREUH GLUHLWR UHDO
LPRELOLiULRVDOYRTXDQGRFDVDGRVVRERUHJLPHGHVHSDUDomRDEVROXWDGHEHQV

R$PERVRVF{QMXJHVVHUmRQHFHVVDULDPHQWHFLWDGRVSDUDDDomR

,TXHYHUVHVREUHGLUHLWRUHDOLPRELOLiULRVDOYRTXDQGRFDVDGRVVRERUHJLPHGHVHSDUDomRDEVROXWDGH
EHQV

,,UHVXOWDQWHGHIDWRTXHGLJDUHVSHLWRDDPERVRVF{QMXJHVRXGHDWRSUDWLFDGRSRUHOHV

,,,IXQGDGDHPGtYLGDFRQWUDtGDSRUXPGRVF{QMXJHVDEHPGDIDPtOLD

,9TXHWHQKDSRUREMHWRRUHFRQKHFLPHQWRDFRQVWLWXLomRRXDH[WLQomRGH{QXVVREUHLPyYHOGHXPRX
GHDPERVRVF{QMXJHV

R1DVDo}HVSRVVHVVyULDVDSDUWLFLSDomRGRF{QMXJHGRDXWRURXGRUpXVRPHQWHpLQGLVSHQViYHOQDV
KLSyWHVHVGHFRPSRVVHRXGHDWRSRUDPERVSUDWLFDGR

R$SOLFDVHRGLVSRVWRQHVWHDUWLJRjXQLmRHVWiYHOFRPSURYDGDQRVDXWRV

$UW2FRQVHQWLPHQWRSUHYLVWRQRDUWSRGHVHUVXSULGRMXGLFLDOPHQWHTXDQGRIRUQHJDGRSRUXPGRV
F{QMXJHVVHPMXVWRPRWLYRRXTXDQGROKHVHMDLPSRVVtYHOFRQFHGrOR

3DUiJUDIR ~QLFR  $ IDOWD GH FRQVHQWLPHQWR TXDQGR QHFHVViULR H QmR VXSULGR SHOR MXL] LQYDOLGD R
SURFHVVR

$UW6HUmRUHSUHVHQWDGRVHPMXt]RDWLYDHSDVVLYDPHQWH

,D8QLmRSHOD$GYRFDFLD*HUDOGD8QLmRGLUHWDPHQWHRXPHGLDQWHyUJmRYLQFXODGR

,,R(VWDGRHR'LVWULWR)HGHUDOSRUVHXVSURFXUDGRUHV

,,,R0XQLFtSLRSRUVHXSUHIHLWRRXSURFXUDGRU

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,9DDXWDUTXLDHDIXQGDomRGHGLUHLWRS~EOLFRSRUTXHPDOHLGRHQWHIHGHUDGRGHVLJQDU

9DPDVVDIDOLGDSHORDGPLQLVWUDGRUMXGLFLDO

9,DKHUDQoDMDFHQWHRXYDFDQWHSRUVHXFXUDGRU

9,,RHVSyOLRSHORLQYHQWDULDQWH

9,,,  D SHVVRD MXUtGLFD SRU TXHP RV UHVSHFWLYRV DWRV FRQVWLWXWLYRV GHVLJQDUHP RX QmR KDYHQGR HVVD
GHVLJQDomRSRUVHXVGLUHWRUHV

,;  D VRFLHGDGH H D DVVRFLDomR LUUHJXODUHV H RXWURV HQWHV RUJDQL]DGRV VHP SHUVRQDOLGDGH MXUtGLFD SHOD
SHVVRDDTXHPFRXEHUDDGPLQLVWUDomRGHVHXVEHQV

;  D SHVVRD MXUtGLFD HVWUDQJHLUD SHOR JHUHQWH UHSUHVHQWDQWH RX DGPLQLVWUDGRU GH VXD ILOLDO DJrQFLD RX
VXFXUVDODEHUWDRXLQVWDODGDQR%UDVLO

;,RFRQGRPtQLRSHORDGPLQLVWUDGRURXVtQGLFR

R4XDQGRRLQYHQWDULDQWHIRUGDWLYRRVVXFHVVRUHVGRIDOHFLGRVHUmRLQWLPDGRVQRSURFHVVRQRTXDOR
HVSyOLRVHMDSDUWH

 R $ VRFLHGDGH RX DVVRFLDomR VHP SHUVRQDOLGDGH MXUtGLFD QmR SRGHUi RSRU D LUUHJXODULGDGH GH VXD
FRQVWLWXLomRTXDQGRGHPDQGDGD

 R 2 JHUHQWH GH ILOLDO RX DJrQFLD SUHVXPHVH DXWRUL]DGR SHOD SHVVRD MXUtGLFD HVWUDQJHLUD D UHFHEHU
FLWDomRSDUDTXDOTXHUSURFHVVR

 R 2V (VWDGRV H R 'LVWULWR )HGHUDO SRGHUmR DMXVWDU FRPSURPLVVR UHFtSURFR SDUD SUiWLFD GH DWR
SURFHVVXDOSRUVHXVSURFXUDGRUHVHPIDYRUGHRXWURHQWHIHGHUDGRPHGLDQWHFRQYrQLRILUPDGRSHODV UHVSHFWLYDV
SURFXUDGRULDV

$UW   9HULILFDGD D LQFDSDFLGDGH SURFHVVXDO RX D LUUHJXODULGDGH GD UHSUHVHQWDomR GD SDUWH R MXL]
VXVSHQGHUiRSURFHVVRHGHVLJQDUiSUD]RUD]RiYHOSDUDTXHVHMDVDQDGRRYtFLR

R'HVFXPSULGDDGHWHUPLQDomRFDVRRSURFHVVRHVWHMDQDLQVWkQFLDRULJLQiULD

,RSURFHVVRVHUiH[WLQWRVHDSURYLGrQFLDFRXEHUDRDXWRU

,,RUpXVHUiFRQVLGHUDGRUHYHOVHDSURYLGrQFLDOKHFRXEHU

,,,RWHUFHLURVHUiFRQVLGHUDGRUHYHORXH[FOXtGRGRSURFHVVRGHSHQGHQGRGRSRORHPTXHVHHQFRQWUH

R'HVFXPSULGDDGHWHUPLQDomRHPIDVHUHFXUVDOSHUDQWHWULEXQDOGHMXVWLoDWULEXQDOUHJLRQDOIHGHUDO RX
WULEXQDOVXSHULRURUHODWRU

,QmRFRQKHFHUiGRUHFXUVRVHDSURYLGrQFLDFRXEHUDRUHFRUUHQWH

,,GHWHUPLQDUiRGHVHQWUDQKDPHQWRGDVFRQWUDUUD]}HVVHDSURYLGrQFLDFRXEHUDRUHFRUULGR

&$378/2,,

'26'(9(5(6'$63$57(6('(6(86352&85$'25(6

6HomR,

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

'RV'HYHUHV

$UW$OpPGHRXWURVSUHYLVWRVQHVWH&yGLJRVmRGHYHUHVGDVSDUWHVGHVHXVSURFXUDGRUHVHGHWRGRV
DTXHOHVTXHGHTXDOTXHUIRUPDSDUWLFLSHPGRSURFHVVR

,H[SRURVIDWRVHPMXt]RFRQIRUPHDYHUGDGH

,,QmRIRUPXODUSUHWHQVmRRXGHDSUHVHQWDUGHIHVDTXDQGRFLHQWHVGHTXHVmRGHVWLWXtGDVGHIXQGDPHQWR

,,,QmRSURGX]LUSURYDVHQmRSUDWLFDUDWRVLQ~WHLVRXGHVQHFHVViULRVjGHFODUDomRRXjGHIHVDGRGLUHLWR

,9  FXPSULU FRP H[DWLGmR DV GHFLV}HV MXULVGLFLRQDLV GH QDWXUH]D SURYLVyULD RX ILQDO H QmR FULDU
HPEDUDoRVjVXDHIHWLYDomR

9GHFOLQDUQRSULPHLURPRPHQWRTXHOKHVFRXEHUIDODUQRVDXWRVRHQGHUHoRUHVLGHQFLDORXSURILVVLRQDO
RQGHUHFHEHUmRLQWLPDo}HVDWXDOL]DQGRHVVDLQIRUPDomRVHPSUHTXHRFRUUHUTXDOTXHUPRGLILFDomRWHPSRUiULD RX
GHILQLWLYD

9,QmRSUDWLFDULQRYDomRLOHJDOQRHVWDGRGHIDWRGHEHPRXGLUHLWROLWLJLRVR

R1DVKLSyWHVHVGRVLQFLVRV ,9 H 9, R MXL] DGYHUWLUi TXDOTXHU GDV SHVVRDV PHQFLRQDGDV QR FDSXW GH
TXHVXDFRQGXWDSRGHUiVHUSXQLGDFRPRDWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoD

R$YLRODomRDRGLVSRVWRQRVLQFLVRV,9H9,FRQVWLWXLDWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoDGHYHQGRR
MXL]VHPSUHMXt]RGDVVDQo}HVFULPLQDLVFLYLVHSURFHVVXDLVFDEtYHLVDSOLFDUDRUHVSRQViYHOPXOWDGHDWpYLQWH
SRUFHQWRGRYDORUGDFDXVDGHDFRUGRFRPDJUDYLGDGHGDFRQGXWD

 R 1mR VHQGR SDJD QR SUD]R D VHU IL[DGR SHOR MXL] D PXOWD SUHYLVWD QR  R VHUi LQVFULWD FRPR GtYLGD
DWLYD GD 8QLmR RX GR (VWDGR DSyV R WUkQVLWR HP MXOJDGR GD GHFLVmR TXH D IL[RX H VXD H[HFXomR REVHUYDUi R
SURFHGLPHQWRGDH[HFXomRILVFDOUHYHUWHQGRVHDRVIXQGRVSUHYLVWRVQRDUW

R $ PXOWD HVWDEHOHFLGD QR  R SRGHUi VHU IL[DGD LQGHSHQGHQWHPHQWH GD LQFLGrQFLD GDV SUHYLVWDV QRV
DUWVRHR

 R 4XDQGR R YDORU GD FDXVD IRU LUULVyULR RX LQHVWLPiYHO D PXOWD SUHYLVWD QR  R SRGHUi VHU IL[DGD HP
DWp GH] YH]HVRYDORUGRVDOiULRPtQLPR

 R $RV DGYRJDGRV S~EOLFRV RX SULYDGRV H DRV PHPEURV GD 'HIHQVRULD 3~EOLFD H GR 0LQLVWpULR 3~EOLFR
QmR VH DSOLFD R GLVSRVWR QRV  R D R GHYHQGR HYHQWXDO UHVSRQVDELOLGDGH GLVFLSOLQDU VHU DSXUDGD SHOR
UHVSHFWLYRyUJmRGHFODVVHRXFRUUHJHGRULDDRTXDORMXL]RILFLDUi

 R 5HFRQKHFLGD YLRODomR DR GLVSRVWR QR LQFLVR 9, R MXL] GHWHUPLQDUi R UHVWDEHOHFLPHQWR GR HVWDGR
DQWHULRUSRGHQGRDLQGDSURLELUDSDUWHGHIDODUQRVDXWRVDWpDSXUJDomRGRDWHQWDGRVHPSUHMXt]RGDDSOLFDomR
GRR

R2UHSUHVHQWDQWHMXGLFLDOGDSDUWHQmRSRGHVHUFRPSHOLGRDFXPSULUGHFLVmRHPVHXOXJDU

$UW   e YHGDGR jV SDUWHV D VHXV SURFXUDGRUHV DRV MXt]HV DRV PHPEURV GR 0LQLVWpULR 3~EOLFR H GD
'HIHQVRULD3~EOLFDHDTXDOTXHUSHVVRDTXHSDUWLFLSHGRSURFHVVRHPSUHJDUH[SUHVV}HV RIHQVLYDV QRV HVFULWRV
DSUHVHQWDGRV

 R 4XDQGR H[SUHVV}HV RX FRQGXWDV RIHQVLYDV IRUHP PDQLIHVWDGDV RUDO RX SUHVHQFLDOPHQWH R MXL]
DGYHUWLUiRRIHQVRUGHTXHQmRDVGHYHXVDURXUHSHWLUVRESHQDGHOKHVHUFDVVDGDDSDODYUD

 R 'H RItFLR RX D UHTXHULPHQWR GR RIHQGLGR R MXL] GHWHUPLQDUi TXH DV H[SUHVV}HV RIHQVLYDV VHMDP
ULVFDGDV H D UHTXHULPHQWR GR RIHQGLGR GHWHUPLQDUi D H[SHGLomR GH FHUWLGmR FRP LQWHLUR WHRU GDV H[SUHVV}HV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RIHQVLYDVHDFRORFDUijGLVSRVLomRGDSDUWHLQWHUHVVDGD

6HomR,,

'D5HVSRQVDELOLGDGHGDV3DUWHVSRU'DQR3URFHVVXDO

$UW5HVSRQGHSRUSHUGDVHGDQRVDTXHOHTXHOLWLJDUGHPiIpFRPRDXWRUUpXRXLQWHUYHQLHQWH

$UW&RQVLGHUDVHOLWLJDQWHGHPiIpDTXHOHTXH

,GHGX]LUSUHWHQVmRRXGHIHVDFRQWUDWH[WRH[SUHVVRGHOHLRXIDWRLQFRQWURYHUVR

,,DOWHUDUDYHUGDGHGRVIDWRV

,,,XVDUGRSURFHVVRSDUDFRQVHJXLUREMHWLYRLOHJDO

,9RSXVHUUHVLVWrQFLDLQMXVWLILFDGDDRDQGDPHQWRGRSURFHVVR

9SURFHGHUGHPRGRWHPHUiULRHPTXDOTXHULQFLGHQWHRXDWRGRSURFHVVR

9,SURYRFDULQFLGHQWHPDQLIHVWDPHQWHLQIXQGDGR

9,,LQWHUSXVHUUHFXUVRFRPLQWXLWRPDQLIHVWDPHQWHSURWHODWyULR

$UW'HRItFLRRXDUHTXHULPHQWRRMXL]FRQGHQDUiROLWLJDQWHGHPiIpDSDJDUPXOWDTXHGHYHUiVHU
VXSHULRUDXPSRUFHQWRHLQIHULRUDGH]SRUFHQWRGRYDORUFRUULJLGRGDFDXVDDLQGHQL]DUDSDUWHFRQWUiULDSHORV
SUHMXt]RVTXHHVWDVRIUHXHDDUFDUFRPRVKRQRUiULRVDGYRFDWtFLRVHFRPWRGDVDVGHVSHVDVTXHHIHWXRX

R4XDQGRIRUHP GRLV RXPDLVRVOLWLJDQWHVGHPiIpRMXL]FRQGHQDUiFDGDXPQDSURSRUomRGHVHX


UHVSHFWLYRLQWHUHVVHQDFDXVDRXVROLGDULDPHQWHDTXHOHVTXHVHFROLJDUDPSDUDOHVDUDSDUWHFRQWUiULD

R4XDQGRRYDORUGDFDXVDIRULUULVyULRRXLQHVWLPiYHODPXOWDSRGHUiVHUIL[DGDHPDWp GH] YH]HV


RYDORUGRVDOiULRPtQLPR

 R 2 YDORU GD LQGHQL]DomR VHUi IL[DGR SHOR MXL] RX FDVR QmR VHMD SRVVtYHO PHQVXUiOR OLTXLGDGR SRU
DUELWUDPHQWRRXSHORSURFHGLPHQWRFRPXPQRVSUySULRVDXWRV

6HomR,,,

'DV'HVSHVDVGRV+RQRUiULRV$GYRFDWtFLRVHGDV0XOWDV

$UW   6DOYR DV GLVSRVLo}HV FRQFHUQHQWHV j JUDWXLGDGH GD MXVWLoD LQFXPEH jV SDUWHV SURYHU DV
GHVSHVDVGRVDWRVTXHUHDOL]DUHPRXUHTXHUHUHPQRSURFHVVRDQWHFLSDQGROKHVRSDJDPHQWRGHVGHRLQtFLRDWp
DVHQWHQoDILQDORXQDH[HFXomRDWpDSOHQDVDWLVIDomRGRGLUHLWRUHFRQKHFLGRQRWtWXOR

R,QFXPEHDRDXWRUDGLDQWDUDVGHVSHVDVUHODWLYDVDDWRFXMDUHDOL]DomRRMXL]GHWHUPLQDUGHRItFLRRXD
UHTXHULPHQWRGR0LQLVWpULR3~EOLFRTXDQGRVXDLQWHUYHQomRRFRUUHUFRPRILVFDOGDRUGHPMXUtGLFD

R$VHQWHQoDFRQGHQDUiRYHQFLGRDSDJDUDRYHQFHGRUDVGHVSHVDVTXHDQWHFLSRX

$UW2DXWRUEUDVLOHLURRXHVWUDQJHLURTXHUHVLGLUIRUDGR%UDVLORXGHL[DUGHUHVLGLUQRSDtV DR ORQJR


GDWUDPLWDomRGHSURFHVVRSUHVWDUiFDXomRVXILFLHQWHDRSDJDPHQWRGDV FXVWDV H GRV KRQRUiULRV GH DGYRJDGR
GD SDUWH FRQWUiULD QDV Do}HV TXH SURSXVHU VH QmR WLYHU QR %UDVLO EHQV LPyYHLV TXH OKHV DVVHJXUHP R
SDJDPHQWR

R1mRVHH[LJLUiDFDXomRGHTXHWUDWDRFDSXW
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,TXDQGRKRXYHUGLVSHQVDSUHYLVWDHPDFRUGRRXWUDWDGRLQWHUQDFLRQDOGHTXHR%UDVLOID]SDUWH

,,QDH[HFXomRIXQGDGDHPWtWXORH[WUDMXGLFLDOHQRFXPSULPHQWRGHVHQWHQoD

,,,QDUHFRQYHQomR

 R 9HULILFDQGRVH QR WUkPLWH GR SURFHVVR TXH VH GHVIDOFRX D JDUDQWLD SRGHUi R LQWHUHVVDGR H[LJLU
UHIRUoR GD FDXomR MXVWLILFDQGR VHX SHGLGR FRP D LQGLFDomR GD GHSUHFLDomR GR EHP GDGR HP JDUDQWLD H D
LPSRUWkQFLDGRUHIRUoRTXHSUHWHQGHREWHU

$UW   $V GHVSHVDV DEUDQJHP DV FXVWDV GRV DWRV GR SURFHVVR D LQGHQL]DomR GH YLDJHP D
UHPXQHUDomRGRDVVLVWHQWHWpFQLFRHDGLiULDGHWHVWHPXQKD

$UW$VHQWHQoDFRQGHQDUiRYHQFLGRDSDJDUKRQRUiULRVDRDGYRJDGRGRYHQFHGRU

 R 6mR GHYLGRV KRQRUiULRV DGYRFDWtFLRV QD UHFRQYHQomR QR FXPSULPHQWR GH VHQWHQoD SURYLVyULR RX
GHILQLWLYRQDH[HFXomRUHVLVWLGDRXQmRHQRVUHFXUVRVLQWHUSRVWRVFXPXODWLYDPHQWH

R2VKRQRUiULRVVHUmRIL[DGRVHQWUHRPtQLPRGHGH]HRPi[LPRGHYLQWHSRUFHQWRVREUHRYDORUGD
FRQGHQDomR GR SURYHLWR HFRQ{PLFR REWLGR RX QmR VHQGR SRVVtYHO PHQVXUiOR VREUH R YDORU DWXDOL]DGR GD
FDXVDDWHQGLGRV

,RJUDXGH]HORGRSURILVVLRQDO

,,ROXJDUGHSUHVWDomRGRVHUYLoR

,,,DQDWXUH]DHDLPSRUWkQFLDGDFDXVD

,9RWUDEDOKRUHDOL]DGRSHORDGYRJDGRHRWHPSRH[LJLGRSDUDRVHXVHUYLoR

 R 1DV FDXVDV HP TXH D )D]HQGD 3~EOLFD IRU SDUWH D IL[DomR GRV KRQRUiULRV REVHUYDUi RV FULWpULRV
HVWDEHOHFLGRVQRVLQFLVRV,D,9GRRHRVVHJXLQWHVSHUFHQWXDLV

,  PtQLPR GH GH] H Pi[LPR GH YLQWH SRU FHQWR VREUH R YDORU GD FRQGHQDomR RX GR SURYHLWR HFRQ{PLFR
REWLGRDWp GX]HQWRV VDOiULRVPtQLPRV

,,  PtQLPR GH RLWR H Pi[LPR GH GH] SRU FHQWR VREUH R YDORU GD FRQGHQDomR RX GR SURYHLWR HFRQ{PLFR
REWLGRDFLPDGH GX]HQWRV VDOiULRVPtQLPRVDWp GRLVPLO VDOiULRVPtQLPRV

,,,PtQLPRGHFLQFRHPi[LPRGHRLWRSRUFHQWRVREUHRYDORUGDFRQGHQDomRRXGRSURYHLWRHFRQ{PLFR
REWLGRDFLPDGH GRLVPLO VDOiULRVPtQLPRVDWp YLQWHPLO VDOiULRVPtQLPRV

,9PtQLPRGHWUrVHPi[LPRGHFLQFRSRUFHQWRVREUHRYDORUGDFRQGHQDomRRXGRSURYHLWRHFRQ{PLFR
REWLGRDFLPDGH YLQWHPLO VDOiULRVPtQLPRVDWp FHPPLO VDOiULRVPtQLPRV

9  PtQLPR GH XP H Pi[LPR GH WUrV SRU FHQWR VREUH R YDORU GD FRQGHQDomR RX GR SURYHLWR HFRQ{PLFR
REWLGRDFLPDGH FHPPLO VDOiULRVPtQLPRV

R(PTXDOTXHUGDVKLSyWHVHVGRR

,  RV SHUFHQWXDLV SUHYLVWRV QRV LQFLVRV , D 9 GHYHP VHU DSOLFDGRV GHVGH ORJR TXDQGR IRU OtTXLGD D
VHQWHQoD

,,  QmR VHQGR OtTXLGD D VHQWHQoD D GHILQLomR GR SHUFHQWXDO QRV WHUPRV SUHYLVWRV QRV LQFLVRV , D 9
VRPHQWHRFRUUHUiTXDQGROLTXLGDGRRMXOJDGR

,,,  QmR KDYHQGR FRQGHQDomR SULQFLSDO RX QmR VHQGR SRVVtYHO PHQVXUDU R SURYHLWR HFRQ{PLFR REWLGR D
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRQGHQDomRHPKRQRUiULRVGDUVHiVREUHRYDORUDWXDOL]DGRGDFDXVD

,9  VHUi FRQVLGHUDGR R VDOiULRPtQLPR YLJHQWH TXDQGR SURODWDGD VHQWHQoD OtTXLGD RX R TXH HVWLYHU HP
YLJRUQDGDWDGDGHFLVmRGHOLTXLGDomR

R4XDQGRFRQIRUPHRFDVRDFRQGHQDomRFRQWUDD)D]HQGD3~EOLFDRXREHQHItFLRHFRQ{PLFRREWLGR
SHORYHQFHGRURXRYDORUGDFDXVDIRUVXSHULRUDRYDORUSUHYLVWRQRLQFLVR,GRR D IL[DomR GR SHUFHQWXDO GH
KRQRUiULRVGHYHREVHUYDUDIDL[DLQLFLDOHQDTXLORTXHDH[FHGHUDIDL[DVXEVHTXHQWHHDVVLPVXFHVVLYDPHQWH

R2VOLPLWHVHFULWpULRVSUHYLVWRVQRVRHRDSOLFDPVHLQGHSHQGHQWHPHQWHGHTXDOVHMDRFRQWH~GR
GDGHFLVmRLQFOXVLYHDRVFDVRVGHLPSURFHGrQFLDRXGHVHQWHQoDVHPUHVROXomRGHPpULWR

 R 1mR VHUmR GHYLGRV KRQRUiULRV QR FXPSULPHQWR GH VHQWHQoD FRQWUD D )D]HQGD 3~EOLFD TXH HQVHMH
H[SHGLomRGHSUHFDWyULRGHVGHTXHQmRWHQKDVLGRLPSXJQDGD

 R 1DV FDXVDV HP TXH IRU LQHVWLPiYHO RX LUULVyULR R SURYHLWR HFRQ{PLFR RX DLQGD TXDQGR R YDORU GD
FDXVDIRUPXLWREDL[RRMXL]IL[DUiRYDORUGRVKRQRUiULRVSRUDSUHFLDomRHTXLWDWLYDREVHUYDQGR R GLVSRVWR QRV
LQFLVRVGRR

 R 1D DomR GH LQGHQL]DomR SRU DWR LOtFLWR FRQWUD SHVVRD R SHUFHQWXDO GH KRQRUiULRV LQFLGLUi VREUH D
VRPDGDVSUHVWDo}HVYHQFLGDVDFUHVFLGDGH GR]H SUHVWDo}HVYLQFHQGDV

1RVFDVRVGHSHUGDGRREMHWRRVKRQRUiULRVVHUmRGHYLGRVSRUTXHPGHXFDXVDDRSURFHVVR

  2 WULEXQDO DR MXOJDU UHFXUVR PDMRUDUi RV KRQRUiULRV IL[DGRV DQWHULRUPHQWH OHYDQGR HP FRQWD R
WUDEDOKR DGLFLRQDO UHDOL]DGR HP JUDX UHFXUVDO REVHUYDQGR FRQIRUPH R FDVR R GLVSRVWR QRV  R D R VHQGR
YHGDGRDRWULEXQDOQRF{PSXWRJHUDOGDIL[DomRGHKRQRUiULRVGHYLGRVDRDGYRJDGRGRYHQFHGRUXOWUDSDVVDURV
UHVSHFWLYRVOLPLWHVHVWDEHOHFLGRVQRVRHRSDUDDIDVHGHFRQKHFLPHQWR

   2V KRQRUiULRV UHIHULGRV QR   VmR FXPXOiYHLV FRP PXOWDV H RXWUDV VDQo}HV SURFHVVXDLV
LQFOXVLYHDVSUHYLVWDVQRDUW

   $V YHUEDV GH VXFXPErQFLD DUELWUDGDV HP HPEDUJRV j H[HFXomR UHMHLWDGRV RX MXOJDGRV
LPSURFHGHQWHVHHPIDVHGHFXPSULPHQWRGHVHQWHQoDVHUmRDFUHVFLGDVQRYDORUGRGpELWRSULQFLSDOSDUDWRGRV
RVHIHLWRVOHJDLV

2VKRQRUiULRVFRQVWLWXHPGLUHLWRGRDGYRJDGRHWrPQDWXUH]DDOLPHQWDUFRPRVPHVPRVSULYLOpJLRV
GRVFUpGLWRVRULXQGRVGDOHJLVODomRGRWUDEDOKRVHQGRYHGDGDDFRPSHQVDomRHPFDVRGHVXFXPErQFLDSDUFLDO

2DGYRJDGRSRGHUHTXHUHUTXHRSDJDPHQWRGRVKRQRUiULRVTXHOKHFDLEDPVHMDHIHWXDGRHPIDYRU
GDVRFLHGDGHGHDGYRJDGRVTXHLQWHJUDQDTXDOLGDGHGHVyFLRDSOLFDQGRVHjKLSyWHVHRGLVSRVWRQR

4XDQGRRVKRQRUiULRVIRUHPIL[DGRVHPTXDQWLDFHUWDRVMXURVPRUDWyULRVLQFLGLUmRDSDUWLUGDGDWD
GRWUkQVLWRHPMXOJDGRGDGHFLVmR

2VKRQRUiULRVVHUmRGHYLGRVTXDQGRRDGYRJDGRDWXDUHPFDXVDSUySULD

&DVRDGHFLVmRWUDQVLWDGDHPMXOJDGRVHMDRPLVVDTXDQWRDRGLUHLWRDRVKRQRUiULRVRXDRVHXYDORU
pFDEtYHODomRDXW{QRPDSDUDVXDGHILQLomRHFREUDQoD

2VDGYRJDGRVS~EOLFRVSHUFHEHUmRKRQRUiULRVGHVXFXPErQFLDQRVWHUPRVGDOHL

$UW   6H FDGD OLWLJDQWH IRU HP SDUWH YHQFHGRU H YHQFLGR VHUmR SURSRUFLRQDOPHQWH GLVWULEXtGDV HQWUH
HOHVDVGHVSHVDV

3DUiJUDIR ~QLFR  6H XP OLWLJDQWH VXFXPELU HP SDUWH PtQLPD GR SHGLGR R RXWUR UHVSRQGHUi SRU LQWHLUR
SHODVGHVSHVDVHSHORVKRQRUiULRV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW&RQFRUUHQGRGLYHUVRVDXWRUHVRXGLYHUVRVUpXVRVYHQFLGRVUHVSRQGHPSURSRUFLRQDOPHQWHSHODV
GHVSHVDVHSHORVKRQRUiULRV

 R $ VHQWHQoD GHYHUi GLVWULEXLU HQWUH RV OLWLVFRQVRUWHV GH IRUPD H[SUHVVD D UHVSRQVDELOLGDGH
SURSRUFLRQDOSHORSDJDPHQWRGDVYHUEDVSUHYLVWDVQRFDSXW

 R 6H D GLVWULEXLomR GH TXH WUDWD R  R QmR IRU IHLWD RV YHQFLGRV UHVSRQGHUmR VROLGDULDPHQWH SHODV
GHVSHVDVHSHORVKRQRUiULRV

$UW   1RV SURFHGLPHQWRV GH MXULVGLomR YROXQWiULD DV GHVSHVDV VHUmR DGLDQWDGDV SHOR UHTXHUHQWH H
UDWHDGDVHQWUHRVLQWHUHVVDGRV

$UW   1RV MXt]RV GLYLVyULRV QmR KDYHQGR OLWtJLR RV LQWHUHVVDGRV SDJDUmR DV GHVSHVDV
SURSRUFLRQDOPHQWHDVHXVTXLQK}HV

$UW   3URIHULGD VHQWHQoD FRP IXQGDPHQWR HP GHVLVWrQFLD HP UHQ~QFLD RX HP UHFRQKHFLPHQWR GR
SHGLGRDVGHVSHVDVHRVKRQRUiULRVVHUmRSDJRVSHODSDUWHTXHGHVLVWLXUHQXQFLRXRXUHFRQKHFHX

 R 6HQGR SDUFLDO D GHVLVWrQFLD D UHQ~QFLD RX R UHFRQKHFLPHQWR D UHVSRQVDELOLGDGH SHODV GHVSHVDV H
SHORVKRQRUiULRVVHUiSURSRUFLRQDOjSDUFHODUHFRQKHFLGDjTXDOVHUHQXQFLRXRXGDTXDOVHGHVLVWLX

 R +DYHQGR WUDQVDomR H QDGD WHQGR DV SDUWHV GLVSRVWR TXDQWR jV GHVSHVDV HVWDV VHUmR GLYLGLGDV
LJXDOPHQWH

 R 6H D WUDQVDomR RFRUUHU DQWHV GD VHQWHQoD DV SDUWHV ILFDP GLVSHQVDGDV GR SDJDPHQWR GDV FXVWDV
SURFHVVXDLVUHPDQHVFHQWHVVHKRXYHU

R6HRUpXUHFRQKHFHUDSURFHGrQFLDGRSHGLGRHVLPXOWDQHDPHQWHFXPSULULQWHJUDOPHQWHDSUHVWDomR
UHFRQKHFLGDRVKRQRUiULRVVHUmRUHGX]LGRVSHODPHWDGH

$UW$VGHVSHVDVGRVDWRVSURFHVVXDLVSUDWLFDGRVDUHTXHULPHQWRGD)D]HQGD3~EOLFDGR0LQLVWpULR
3~EOLFRRXGD'HIHQVRULD3~EOLFDVHUmRSDJDVDRILQDOSHORYHQFLGR

 R $V SHUtFLDV UHTXHULGDV SHOD )D]HQGD 3~EOLFD SHOR 0LQLVWpULR 3~EOLFR RX SHOD 'HIHQVRULD 3~EOLFD
SRGHUmR VHU UHDOL]DGDV SRU HQWLGDGH S~EOLFD RX KDYHQGR SUHYLVmR RUoDPHQWiULD WHU RV YDORUHV DGLDQWDGRV SRU
DTXHOHTXHUHTXHUHUDSURYD

 R 1mR KDYHQGR SUHYLVmR RUoDPHQWiULD QR H[HUFtFLR ILQDQFHLUR SDUD DGLDQWDPHQWR GRV KRQRUiULRV
SHULFLDLVHOHVVHUmRSDJRVQRH[HUFtFLRVHJXLQWHRXDRILQDOSHORYHQFLGRFDVRRSURFHVVRVHHQFHUUHDQWHVGR
DGLDQWDPHQWRDVHUIHLWRSHORHQWHS~EOLFR

$UW4XDQGRDUHTXHULPHQWRGRUpXRMXL]SURIHULUVHQWHQoDVHPUHVROYHURPpULWRRDXWRUQmRSRGHUi
SURSRUQRYDPHQWHDDomRVHPSDJDURXGHSRVLWDUHPFDUWyULRDVGHVSHVDVHRVKRQRUiULRVDTXHIRLFRQGHQDGR

$UW   $V GHVSHVDV GH DWRV DGLDGRV RX FXMD UHSHWLomR IRU QHFHVViULD ILFDUmR D FDUJR GD SDUWH GR
DX[LOLDU GD MXVWLoD GR yUJmR GR 0LQLVWpULR 3~EOLFR RX GD 'HIHQVRULD 3~EOLFD RX GR MXL] TXH VHP MXVWR PRWLYR
KRXYHUGDGRFDXVDDRDGLDPHQWRRXjUHSHWLomR

$UW6HRDVVLVWLGRIRUYHQFLGRRDVVLVWHQWHVHUiFRQGHQDGRDRSDJDPHQWRGDVFXVWDVHPSURSRUomR
jDWLYLGDGHTXHKRXYHUH[HUFLGRQRSURFHVVR

$UW&DGDSDUWHDGLDQWDUiDUHPXQHUDomRGRDVVLVWHQWHWpFQLFRTXHKRXYHULQGLFDGRVHQGRDGRSHULWR
DGLDQWDGD SHOD SDUWH TXH KRXYHU UHTXHULGR D SHUtFLD RX UDWHDGD TXDQGR D SHUtFLD IRU GHWHUPLQDGD GH RItFLR RX
UHTXHULGDSRUDPEDVDVSDUWHV

R2MXL]SRGHUiGHWHUPLQDU TXH D SDUWH UHVSRQViYHO SHOR SDJDPHQWR GRV KRQRUiULRV GR SHULWR GHSRVLWH
HPMXt]RRYDORUFRUUHVSRQGHQWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$TXDQWLDUHFROKLGDHPGHSyVLWREDQFiULRjRUGHPGRMXt]RVHUiFRUULJLGDPRQHWDULDPHQWHHSDJDGH
DFRUGRFRPRDUWR

R4XDQGRRSDJDPHQWRGDSHUtFLDIRUGHUHVSRQVDELOLGDGHGHEHQHILFLiULRGHJUDWXLGDGHGDMXVWLoDHOD
SRGHUiVHU

,  FXVWHDGD FRP UHFXUVRV DORFDGRV QR RUoDPHQWR GR HQWH S~EOLFR H UHDOL]DGD SRU VHUYLGRU GR 3RGHU
-XGLFLiULRRXSRUyUJmRS~EOLFRFRQYHQLDGR

,,SDJDFRPUHFXUVRVDORFDGRVQRRUoDPHQWRGD8QLmRGR(VWDGRRXGR'LVWULWR)HGHUDOQRFDVRGHVHU
UHDOL]DGDSRUSDUWLFXODUKLSyWHVHHPTXHRYDORUVHUiIL[DGRFRQIRUPHWDEHODGRWULEXQDOUHVSHFWLYRRXHPFDVR
GHVXDRPLVVmRGR&RQVHOKR1DFLRQDOGH-XVWLoD

R 1D KLSyWHVH GR  R R MXL] DSyV R WUkQVLWR HP MXOJDGR GD GHFLVmR ILQDO RILFLDUi D )D]HQGD 3~EOLFD
SDUDTXHSURPRYDFRQWUDTXHPWLYHUVLGRFRQGHQDGRDRSDJDPHQWRGDVGHVSHVDVSURFHVVXDLVDH[HFXomRGRV
YDORUHVJDVWRVFRPDSHUtFLDSDUWLFXODURXFRPDXWLOL]DomRGHVHUYLGRUS~EOLFRRXGDHVWUXWXUDGHyUJmRS~EOLFR
REVHUYDQGRVH FDVR R UHVSRQViYHO SHOR SDJDPHQWR GDV GHVSHVDV VHMD EHQHILFLiULR GH JUDWXLGDGH GD MXVWLoD R
GLVSRVWRQRDUWR

R3DUDILQVGHDSOLFDomRGRRpYHGDGDDXWLOL]DomRGHUHFXUVRVGRIXQGRGHFXVWHLRGD 'HIHQVRULD
3~EOLFD

$UW2YDORUGDVVDQo}HVLPSRVWDVDROLWLJDQWHGHPiIpUHYHUWHUiHPEHQHItFLRGDSDUWHFRQWUiULDHR
YDORUGDVVDQo}HVLPSRVWDVDRVVHUYHQWXiULRVSHUWHQFHUiDR(VWDGRRXj8QLmR

$UW$8QLmRHRV(VWDGRVSRGHPFULDUIXQGRVGHPRGHUQL]DomRGR3RGHU-XGLFLiULRDRVTXDLVVHUmR
UHYHUWLGRVRVYDORUHVGDVVDQo}HVSHFXQLiULDVSURFHVVXDLVGHVWLQDGDVj8QLmRHDRV (VWDGRV H RXWUDV YHUEDV
SUHYLVWDVHPOHL

6HomR,9

'D*UDWXLGDGHGD-XVWLoD

$UW$SHVVRDQDWXUDORXMXUtGLFDEUDVLOHLUDRXHVWUDQJHLUDFRPLQVXILFLrQFLDGHUHFXUVRVSDUDSDJDU
DVFXVWDVDVGHVSHVDVSURFHVVXDLVHRVKRQRUiULRVDGYRFDWtFLRVWHPGLUHLWRjJUDWXLGDGH GD MXVWLoD QD IRUPD
GDOHL

R$JUDWXLGDGHGDMXVWLoDFRPSUHHQGH

,DVWD[DVRXDVFXVWDVMXGLFLDLV

,,RVVHORVSRVWDLV

,,,DVGHVSHVDVFRPSXEOLFDomRQDLPSUHQVDRILFLDOGLVSHQVDQGRVHDSXEOLFDomRHPRXWURVPHLRV

,9DLQGHQL]DomRGHYLGDjWHVWHPXQKDTXHTXDQGRHPSUHJDGDUHFHEHUiGRHPSUHJDGRUVDOiULRLQWHJUDO
FRPRVHHPVHUYLoRHVWLYHVVH

9DVGHVSHVDVFRPDUHDOL]DomRGHH[DPHGHFyGLJRJHQpWLFR'1$HGHRXWURVH[DPHVFRQVLGHUDGRV
HVVHQFLDLV

9,  RV KRQRUiULRV GR DGYRJDGR H GR SHULWR H D UHPXQHUDomR GR LQWpUSUHWH RX GR WUDGXWRU QRPHDGR SDUD
DSUHVHQWDomRGHYHUVmRHPSRUWXJXrVGHGRFXPHQWRUHGLJLGRHPOtQJXDHVWUDQJHLUD

9,,RFXVWRFRPDHODERUDomRGHPHPyULDGHFiOFXORTXDQGRH[LJLGDSDUDLQVWDXUDomRGDH[HFXomR

9,,,RVGHSyVLWRVSUHYLVWRVHPOHLSDUDLQWHUSRVLomRGHUHFXUVRSDUDSURSRVLWXUDGHDomRHSDUDDSUiWLFD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GHRXWURVDWRVSURFHVVXDLVLQHUHQWHVDRH[HUFtFLRGDDPSODGHIHVDHGRFRQWUDGLWyULR

,;RVHPROXPHQWRVGHYLGRVDQRWiULRVRXUHJLVWUDGRUHVHPGHFRUUrQFLDGDSUiWLFDGHUHJLVWURDYHUEDomR
RXTXDOTXHURXWURDWRQRWDULDOQHFHVViULRjHIHWLYDomRGHGHFLVmRMXGLFLDORXjFRQWLQXLGDGHGHSURFHVVR MXGLFLDO
QRTXDOREHQHItFLRWHQKDVLGRFRQFHGLGR

 R $ FRQFHVVmR GH JUDWXLGDGH QmR DIDVWD D UHVSRQVDELOLGDGH GR EHQHILFLiULR SHODV GHVSHVDV
SURFHVVXDLVHSHORVKRQRUiULRVDGYRFDWtFLRVGHFRUUHQWHVGHVXDVXFXPErQFLD

 R 9HQFLGR R EHQHILFLiULR DV REULJDo}HV GHFRUUHQWHV GH VXD VXFXPErQFLD ILFDUmR VRE FRQGLomR
VXVSHQVLYDGHH[LJLELOLGDGHHVRPHQWHSRGHUmRVHUH[HFXWDGDVVHQRV FLQFR DQRVVXEVHTXHQWHV DR WUkQVLWR
HPMXOJDGRGDGHFLVmRTXHDVFHUWLILFRXRFUHGRUGHPRQVWUDUTXHGHL[RXGHH[LVWLUDVLWXDomRGHLQVXILFLrQFLDGH
UHFXUVRV TXH MXVWLILFRX D FRQFHVVmR GH JUDWXLGDGH H[WLQJXLQGRVH SDVVDGR HVVH SUD]R WDLV REULJDo}HV GR
EHQHILFLiULR

 R $ FRQFHVVmR GH JUDWXLGDGH QmR DIDVWD R GHYHU GH R EHQHILFLiULR SDJDU DR ILQDO DV PXOWDV
SURFHVVXDLVTXHOKHVHMDPLPSRVWDV

R$JUDWXLGDGHSRGHUiVHUFRQFHGLGDHPUHODomRDDOJXPRXDWRGRVRVDWRVSURFHVVXDLVRXFRQVLVWLU
QDUHGXomRSHUFHQWXDOGHGHVSHVDVSURFHVVXDLVTXHREHQHILFLiULRWLYHUGHDGLDQWDUQRFXUVRGRSURFHGLPHQWR

 R &RQIRUPH R FDVR R MXL] SRGHUi FRQFHGHU GLUHLWR DR SDUFHODPHQWR GH GHVSHVDV SURFHVVXDLV TXH R
EHQHILFLiULRWLYHUGHDGLDQWDUQRFXUVRGRSURFHGLPHQWR

R$SOLFDVHRGLVSRVWRQRDUWRDRDRFXVWHLRGRVHPROXPHQWRVSUHYLVWRVQRRLQFLVR,;
GRSUHVHQWHDUWLJRREVHUYDGDDWDEHODHDVFRQGLo}HVGDOHLHVWDGXDORXGLVWULWDOUHVSHFWLYD

 R 1D KLSyWHVH GR  R LQFLVR ,; KDYHQGR G~YLGD IXQGDGD TXDQWR DR SUHHQFKLPHQWR DWXDO GRV
SUHVVXSRVWRV SDUD D FRQFHVVmR GH JUDWXLGDGH R QRWiULR RX UHJLVWUDGRU DSyV SUDWLFDU R DWR SRGH UHTXHUHU DR
MXt]RFRPSHWHQWHSDUDGHFLGLUTXHVW}HVQRWDULDLVRXUHJLVWUDLVDUHYRJDomRWRWDORXSDUFLDOGREHQHItFLRRXDVXD
VXEVWLWXLomRSHORSDUFHODPHQWRGHTXHWUDWDRRGHVWHDUWLJRFDVRHPTXHREHQHILFLiULRVHUiFLWDGRSDUDHP
 TXLQ]H GLDVPDQLIHVWDUVHVREUHHVVHUHTXHULPHQWR

$UW   2 SHGLGR GH JUDWXLGDGH GD MXVWLoD SRGH VHU IRUPXODGR QD SHWLomR LQLFLDO QD FRQWHVWDomR QD
SHWLomRSDUDLQJUHVVRGHWHUFHLURQRSURFHVVRRXHPUHFXUVR

 R 6H VXSHUYHQLHQWH j SULPHLUD PDQLIHVWDomR GD SDUWH QD LQVWkQFLD R SHGLGR SRGHUi VHU IRUPXODGR SRU
SHWLomRVLPSOHVQRVDXWRVGRSUySULRSURFHVVRHQmRVXVSHQGHUiVHXFXUVR

R2MXL]VRPHQWHSRGHUiLQGHIHULURSHGLGRVHKRXYHUQRVDXWRVHOHPHQWRVTXHHYLGHQFLHPDIDOWDGRV
SUHVVXSRVWRVOHJDLVSDUDDFRQFHVVmRGHJUDWXLGDGHGHYHQGRDQWHVGHLQGHIHULURSHGLGRGHWHUPLQDUjSDUWHD
FRPSURYDomRGRSUHHQFKLPHQWRGRVUHIHULGRVSUHVVXSRVWRV

R3UHVXPHVHYHUGDGHLUDDDOHJDomRGHLQVXILFLrQFLDGHGX]LGDH[FOXVLYDPHQWHSRUSHVVRDQDWXUDO

 R $ DVVLVWrQFLD GR UHTXHUHQWH SRU DGYRJDGR SDUWLFXODU QmR LPSHGH D FRQFHVVmR GH JUDWXLGDGH GD
MXVWLoD

R1DKLSyWHVHGRRRUHFXUVRTXHYHUVHH[FOXVLYDPHQWHVREUHYDORUGHKRQRUiULRVGHVXFXPErQFLD
IL[DGRVHPIDYRUGRDGYRJDGRGHEHQHILFLiULRHVWDUiVXMHLWRDSUHSDURVDOYRVHR SUySULR DGYRJDGR GHPRQVWUDU
TXHWHPGLUHLWRjJUDWXLGDGH

 R 2 GLUHLWR j JUDWXLGDGH GD MXVWLoD p SHVVRDO QmR VH HVWHQGHQGR D OLWLVFRQVRUWH RX D VXFHVVRU GR
EHQHILFLiULRVDOYRUHTXHULPHQWRHGHIHULPHQWRH[SUHVVRV

 R 5HTXHULGD D FRQFHVVmR GH JUDWXLGDGH GD MXVWLoD HP UHFXUVR R UHFRUUHQWH HVWDUi GLVSHQVDGR GH
FRPSURYDURUHFROKLPHQWRGRSUHSDURLQFXPELQGRDRUHODWRUQHVWHFDVRDSUHFLDURUHTXHULPHQWR H VH LQGHIHUL
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

ORIL[DUSUD]RSDUDUHDOL]DomRGRUHFROKLPHQWR

$UW'HIHULGRRSHGLGRDSDUWHFRQWUiULDSRGHUiRIHUHFHULPSXJQDomRQDFRQWHVWDomRQDUpSOLFDQDV
FRQWUDUUD]}HVGHUHFXUVRRXQRVFDVRVGHSHGLGRVXSHUYHQLHQWHRXIRUPXODGRSRUWHUFHLURSRUPHLRGHSHWLomR
VLPSOHVDVHUDSUHVHQWDGDQRSUD]RGH TXLQ]H GLDVQRVDXWRVGRSUySULRSURFHVVRVHPVXVSHQVmRGHVHX
FXUVR

3DUiJUDIR~QLFR5HYRJDGRREHQHItFLRDSDUWHDUFDUiFRPDVGHVSHVDVSURFHVVXDLVTXHWLYHUGHL[DGRGH
DGLDQWDU H SDJDUi HP FDVR GH PiIp DWp R GpFXSOR GH VHX YDORU D WtWXOR GH PXOWD TXH VHUi UHYHUWLGD HP
EHQHItFLRGD)D]HQGD3~EOLFDHVWDGXDORXIHGHUDOHSRGHUiVHULQVFULWDHPGtYLGDDWLYD

$UW   &RQWUD D GHFLVmR TXH LQGHIHULU D JUDWXLGDGH RX D TXH DFROKHU SHGLGR GH VXD UHYRJDomR FDEHUi
DJUDYRGHLQVWUXPHQWRH[FHWRTXDQGRDTXHVWmRIRUUHVROYLGDQDVHQWHQoDFRQWUDDTXDOFDEHUiDSHODomR

 R 2 UHFRUUHQWH HVWDUi GLVSHQVDGR GR UHFROKLPHQWR GH FXVWDV DWp GHFLVmR GR UHODWRU VREUH D TXHVWmR
SUHOLPLQDUPHQWHDRMXOJDPHQWRGRUHFXUVR

R&RQILUPDGDDGHQHJDomRRXDUHYRJDomRGDJUDWXLGDGHRUHODWRURXRyUJmRFROHJLDGRGHWHUPLQDUiDR
UHFRUUHQWHRUHFROKLPHQWRGDVFXVWDVSURFHVVXDLVQRSUD]RGH FLQFR GLDVVRESHQDGHQmRFRQKHFLPHQWRGR
UHFXUVR

$UW6REUHYLQGRRWUkQVLWRHPMXOJDGRGHGHFLVmRTXHUHYRJDDJUDWXLGDGHDSDUWHGHYHUiHIHWXDUR
UHFROKLPHQWR GH WRGDV DV GHVSHVDV GH FXMR DGLDQWDPHQWR IRL GLVSHQVDGD LQFOXVLYH DV UHODWLYDV DR UHFXUVR
LQWHUSRVWRVHKRXYHUQRSUD]RIL[DGRSHORMXL]VHPSUHMXt]RGHDSOLFDomRGDVVDQo}HVSUHYLVWDVHPOHL

3DUiJUDIR~QLFR1mRHIHWXDGRRUHFROKLPHQWRRSURFHVVRVHUiH[WLQWRVHPUHVROXomRGHPpULWRWUDWDQGR
VH GR DXWRU H QRV GHPDLV FDVRV QmR SRGHUi VHU GHIHULGD D UHDOL]DomR GH QHQKXP DWR RX GLOLJrQFLD UHTXHULGD
SHODSDUWHHQTXDQWRQmRHIHWXDGRRGHSyVLWR

&$378/2,,,

'26352&85$'25(6

$UW   $ SDUWH VHUi UHSUHVHQWDGD HP MXt]R SRU DGYRJDGR UHJXODUPHQWH LQVFULWR QD 2UGHP GRV
$GYRJDGRVGR%UDVLO

3DUiJUDIR~QLFReOtFLWRjSDUWHSRVWXODUHPFDXVDSUySULDTXDQGRWLYHUKDELOLWDomROHJDO

$UW2DGYRJDGRQmRVHUiDGPLWLGRDSRVWXODUHPMXt]RVHPSURFXUDomRVDOYRSDUDHYLWDUSUHFOXVmR
GHFDGrQFLDRXSUHVFULomRRXSDUDSUDWLFDUDWRFRQVLGHUDGRXUJHQWH

 R 1DV KLSyWHVHV SUHYLVWDV QR FDSXW R DGYRJDGR GHYHUi LQGHSHQGHQWHPHQWH GH FDXomR H[LELU D
SURFXUDomRQRSUD]RGH TXLQ]H GLDVSURUURJiYHOSRULJXDOSHUtRGRSRUGHVSDFKRGRMXL]

 R 2 DWR QmR UDWLILFDGR VHUi FRQVLGHUDGR LQHILFD] UHODWLYDPHQWH jTXHOH HP FXMR QRPH IRL SUDWLFDGR
UHVSRQGHQGRRDGYRJDGRSHODVGHVSHVDVHSRUSHUGDVHGDQRV

$UW   $ SURFXUDomR JHUDO SDUD R IRUR RXWRUJDGD SRU LQVWUXPHQWR S~EOLFR RX SDUWLFXODU DVVLQDGR SHOD
SDUWHKDELOLWDRDGYRJDGRDSUDWLFDUWRGRVRVDWRVGRSURFHVVRH[FHWRUHFHEHUFLWDomRFRQIHVVDUUHFRQKHFHUD
SURFHGrQFLD GR SHGLGR WUDQVLJLU GHVLVWLU UHQXQFLDU DR GLUHLWR VREUH R TXDO VH IXQGD D DomR UHFHEHU GDU
TXLWDomR ILUPDU FRPSURPLVVR H DVVLQDU GHFODUDomR GH KLSRVVXILFLrQFLD HFRQ{PLFD TXH GHYHP FRQVWDU GH
FOiXVXODHVSHFtILFD

R$SURFXUDomRSRGHVHUDVVLQDGDGLJLWDOPHQWHQDIRUPDGDOHL

R$SURFXUDomRGHYHUiFRQWHURQRPHGRDGYRJDGRVHXQ~PHURGHLQVFULomRQD2UGHPGRV$GYRJDGRV
GR%UDVLOHHQGHUHoRFRPSOHWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R6HRRXWRUJDGRLQWHJUDUVRFLHGDGHGHDGYRJDGRVDSURFXUDomRWDPEpPGHYHUiFRQWHURQRPHGHVVD
VHXQ~PHURGHUHJLVWURQD2UGHPGRV$GYRJDGRVGR%UDVLOHHQGHUHoRFRPSOHWR

 R 6DOYR GLVSRVLomR H[SUHVVD HP VHQWLGR FRQWUiULR FRQVWDQWH GR SUySULR LQVWUXPHQWR D SURFXUDomR
RXWRUJDGDQDIDVHGHFRQKHFLPHQWRpHILFD]SDUDWRGDVDVIDVHVGRSURFHVVRLQFOXVLYHSDUDRFXPSULPHQWRGH
VHQWHQoD

$UW4XDQGRSRVWXODUHPFDXVDSUySULDLQFXPEHDRDGYRJDGR

,  GHFODUDU QD SHWLomR LQLFLDO RX QD FRQWHVWDomR R HQGHUHoR VHX Q~PHUR GH LQVFULomR QD 2UGHP GRV
$GYRJDGRVGR%UDVLOHRQRPHGDVRFLHGDGHGHDGYRJDGRVGDTXDOSDUWLFLSDSDUDRUHFHELPHQWRGHLQWLPDo}HV

,,FRPXQLFDUDRMXt]RTXDOTXHUPXGDQoDGHHQGHUHoR

R6HRDGYRJDGRGHVFXPSULURGLVSRVWRQRLQFLVR,RMXL]RUGHQDUiTXHVHVXSUDDRPLVVmRQRSUD]R
GH FLQFR GLDVDQWHVGHGHWHUPLQDUDFLWDomRGRUpXVRESHQDGHLQGHIHULPHQWRGDSHWLomR

R6HRDGYRJDGRLQIULQJLURSUHYLVWRQRLQFLVR,,VHUmRFRQVLGHUDGDVYiOLGDVDVLQWLPDo}HVHQYLDGDVSRU
FDUWDUHJLVWUDGDRXPHLRHOHWU{QLFRDRHQGHUHoRFRQVWDQWHGRVDXWRV

$UW2DGYRJDGRWHPGLUHLWRD

,  H[DPLQDU HP FDUWyULR GH IyUXP H VHFUHWDULD GH WULEXQDO PHVPR VHP SURFXUDomR DXWRV GH TXDOTXHU
SURFHVVR LQGHSHQGHQWHPHQWH GD IDVH GH WUDPLWDomR DVVHJXUDGRV D REWHQomR GH FySLDV H R UHJLVWUR GH
DQRWDo}HVVDOYRQDKLSyWHVHGHVHJUHGRGHMXVWLoDQDVTXDLVDSHQDVR DGYRJDGR FRQVWLWXtGR WHUi DFHVVR DRV
DXWRV

,,UHTXHUHUFRPRSURFXUDGRUYLVWDGRVDXWRVGHTXDOTXHUSURFHVVRSHORSUD]RGH FLQFR GLDV

,,,  UHWLUDU RV DXWRV GR FDUWyULR RX GD VHFUHWDULD SHOR SUD]R OHJDO VHPSUH TXH QHOHV OKH FRXEHU IDODU SRU
GHWHUPLQDomRGRMXL]QRVFDVRVSUHYLVWRVHPOHL

R$RUHFHEHURVDXWRVRDGYRJDGRDVVLQDUiFDUJDHPOLYURRXGRFXPHQWRSUySULR

R6HQGRRSUD]RFRPXPjVSDUWHVRVSURFXUDGRUHVSRGHUmRUHWLUDURVDXWRVVRPHQWHHPFRQMXQWRRX
PHGLDQWHSUpYLRDMXVWHSRUSHWLomRQRVDXWRV

R1DKLSyWHVHGRRpOtFLWRDRSURFXUDGRUUHWLUDURVDXWRVSDUDREWHQomRGHFySLDVSHORSUD]RGH
GXDV D VHLV KRUDVLQGHSHQGHQWHPHQWHGHDMXVWHHVHPSUHMXt]RGDFRQWLQXLGDGHGRSUD]R

R2SURFXUDGRUSHUGHUiQRPHVPRSURFHVVRRGLUHLWRDTXHVHUHIHUHRR VH QmR GHYROYHU RV DXWRV


WHPSHVWLYDPHQWHVDOYRVHRSUD]RIRUSURUURJDGRSHORMXL]

&$378/2,9

'$68&(662'$63$57(6('26352&85$'25(6

$UW1RFXUVRGRSURFHVVRVRPHQWHpOtFLWDDVXFHVVmRYROXQWiULDGDVSDUWHVQRVFDVRVH[SUHVVRV
HPOHL

$UW   $ DOLHQDomR GD FRLVD RX GR GLUHLWR OLWLJLRVR SRU DWR HQWUH YLYRV D WtWXOR SDUWLFXODU QmR DOWHUD D
OHJLWLPLGDGHGDVSDUWHV

R2DGTXLUHQWHRXFHVVLRQiULRQmRSRGHUiLQJUHVVDUHPMXt]RVXFHGHQGRRDOLHQDQWHRXFHGHQWHVHP
TXHRFRQVLQWDDSDUWHFRQWUiULD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2DGTXLUHQWHRXFHVVLRQiULRSRGHUiLQWHUYLUQRSURFHVVRFRPRDVVLVWHQWHOLWLVFRQVRUFLDOGRDOLHQDQWH
RXFHGHQWH

 R (VWHQGHPVH RV HIHLWRV GD VHQWHQoD SURIHULGD HQWUH DV SDUWHV RULJLQiULDV DR DGTXLUHQWH RX
FHVVLRQiULR

$UW2FRUUHQGRDPRUWHGHTXDOTXHUGDVSDUWHVGDUVHiDVXFHVVmRSHORVHXHVSyOLRRXSHORVVHXV
VXFHVVRUHVREVHUYDGRRGLVSRVWRQRDUWRHR

$UW$SDUWHTXHUHYRJDURPDQGDWRRXWRUJDGRDVHXDGYRJDGRFRQVWLWXLUiQRPHVPRDWRRXWURTXH
DVVXPDRSDWURFtQLRGDFDXVD

3DUiJUDIR ~QLFR  1mR VHQGR FRQVWLWXtGR QRYR SURFXUDGRU QR SUD]R GH  TXLQ]H  GLDV REVHUYDUVHi R
GLVSRVWRQRDUW

$UW2DGYRJDGRSRGHUiUHQXQFLDUDRPDQGDWRDTXDOTXHUWHPSRSURYDQGRQDIRUPDSUHYLVWDQHVWH
&yGLJRTXHFRPXQLFRXDUHQ~QFLDDRPDQGDQWHDILPGHTXHHVWHQRPHLHVXFHVVRU

 R 'XUDQWH RV  GH]  GLDV VHJXLQWHV R DGYRJDGR FRQWLQXDUi D UHSUHVHQWDU R PDQGDQWH GHVGH TXH
QHFHVViULRSDUDOKHHYLWDUSUHMXt]R

 R 'LVSHQVDVH D FRPXQLFDomR UHIHULGD QR FDSXW TXDQGR D SURFXUDomR WLYHU VLGR RXWRUJDGD D YiULRV
DGYRJDGRVHDSDUWHFRQWLQXDUUHSUHVHQWDGDSRURXWURDSHVDUGDUHQ~QFLD

778/2,,

'2/,7,6&2165&,2

$UW'XDVRXPDLVSHVVRDVSRGHPOLWLJDUQRPHVPRSURFHVVRHPFRQMXQWRDWLYDRXSDVVLYDPHQWH
TXDQGR

,HQWUHHODVKRXYHUFRPXQKmRGHGLUHLWRVRXGHREULJDo}HVUHODWLYDPHQWHjOLGH

,,HQWUHDVFDXVDVKRXYHUFRQH[mRSHORSHGLGRRXSHODFDXVDGHSHGLU

,,,RFRUUHUDILQLGDGHGHTXHVW}HVSRUSRQWRFRPXPGHIDWRRXGHGLUHLWR

 R 2 MXL] SRGHUi OLPLWDU R OLWLVFRQVyUFLR IDFXOWDWLYR TXDQWR DR Q~PHUR GH OLWLJDQWHV QD IDVH GH
FRQKHFLPHQWRQDOLTXLGDomRGHVHQWHQoDRXQDH[HFXomRTXDQGRHVWHFRPSURPHWHUDUiSLGDVROXomRGROLWtJLR
RXGLILFXOWDUDGHIHVDRXRFXPSULPHQWRGDVHQWHQoD

R 2 UHTXHULPHQWR GH OLPLWDomR LQWHUURPSH R SUD]R SDUD PDQLIHVWDomR RX UHVSRVWD TXH UHFRPHoDUi GD
LQWLPDomRGDGHFLVmRTXHRVROXFLRQDU

$UW   2 OLWLVFRQVyUFLR VHUi QHFHVViULR SRU GLVSRVLomR GH OHL RX TXDQGR SHOD QDWXUH]D GD UHODomR
MXUtGLFDFRQWURYHUWLGDDHILFiFLDGDVHQWHQoDGHSHQGHUGDFLWDomRGHWRGRVTXHGHYDPVHUOLWLVFRQVRUWHV

$UW$VHQWHQoDGHPpULWRTXDQGRSURIHULGDVHPDLQWHJUDomRGRFRQWUDGLWyULRVHUi

,QXODVHDGHFLVmRGHYHULDVHUXQLIRUPHHPUHODomRDWRGRVTXHGHYHULDPWHULQWHJUDGRRSURFHVVR

,,LQHILFD]QRVRXWURVFDVRVDSHQDVSDUDRVTXHQmRIRUDPFLWDGRV

3DUiJUDIR~QLFR1RVFDVRVGHOLWLVFRQVyUFLRSDVVLYRQHFHVViULRRMXL]GHWHUPLQDUiDRDXWRUTXHUHTXHLUD
D FLWDomR GH WRGRV TXH GHYDP VHU OLWLVFRQVRUWHV GHQWUR GR SUD]R TXH DVVLQDU VRE SHQD GH H[WLQomR GR
SURFHVVR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW2OLWLVFRQVyUFLRVHUiXQLWiULRTXDQGRSHODQDWXUH]DGDUHODomRMXUtGLFDRMXL]WLYHU GH GHFLGLU R


PpULWRGHPRGRXQLIRUPHSDUDWRGRVRVOLWLVFRQVRUWHV

$UW   2V OLWLVFRQVRUWHV VHUmR FRQVLGHUDGRV HP VXDV UHODo}HV FRP D SDUWH DGYHUVD FRPR OLWLJDQWHV
GLVWLQWRV H[FHWR QR OLWLVFRQVyUFLR XQLWiULR FDVR HP TXH RV DWRV H DV RPLVV}HV GH XP QmR SUHMXGLFDUmR RV
RXWURVPDVRVSRGHUmREHQHILFLDU

$UW   &DGD OLWLVFRQVRUWH WHP R GLUHLWR GH SURPRYHU R DQGDPHQWR GR SURFHVVR H WRGRV GHYHP VHU
LQWLPDGRVGRVUHVSHFWLYRVDWRV

778/2,,,

'$,17(59(1d2'(7(5&(,526

&$378/2,

'$$66,671&,$

6HomR,

'LVSRVLo}HV&RPXQV

$UW3HQGHQGRFDXVDHQWUH GXDV RXPDLVSHVVRDVRWHUFHLURMXULGLFDPHQWHLQWHUHVVDGRHPTXHD


VHQWHQoDVHMDIDYRUiYHODXPDGHODVSRGHUiLQWHUYLUQRSURFHVVRSDUDDVVLVWLOD

3DUiJUDIR ~QLFR  $ DVVLVWrQFLD VHUi DGPLWLGD HP TXDOTXHU SURFHGLPHQWR H HP WRGRV RV JUDXV GH
MXULVGLomRUHFHEHQGRRDVVLVWHQWHRSURFHVVRQRHVWDGRHPTXHVHHQFRQWUH

$UW   1mR KDYHQGR LPSXJQDomR QR SUD]R GH  TXLQ]H  GLDV R SHGLGR GR DVVLVWHQWH VHUi GHIHULGR
VDOYRVHIRUFDVRGHUHMHLomROLPLQDU

3DUiJUDIR ~QLFR  6H TXDOTXHU SDUWH DOHJDU TXH IDOWD DR UHTXHUHQWH LQWHUHVVH MXUtGLFR SDUD LQWHUYLU R MXL]
GHFLGLUiRLQFLGHQWHVHPVXVSHQVmRGRSURFHVVR

6HomR,,

'D$VVLVWrQFLD6LPSOHV

$UW   2 DVVLVWHQWH VLPSOHV DWXDUi FRPR DX[LOLDU GD SDUWH SULQFLSDO H[HUFHUi RV PHVPRV SRGHUHV H
VXMHLWDUVHiDRVPHVPRV{QXVSURFHVVXDLVTXHRDVVLVWLGR

3DUiJUDIR ~QLFR  6HQGR UHYHO RX GH TXDOTXHU RXWUR PRGR RPLVVR R DVVLVWLGR R DVVLVWHQWH VHUi
FRQVLGHUDGRVHXVXEVWLWXWRSURFHVVXDO

$UW   $ DVVLVWrQFLD VLPSOHV QmR REVWD D TXH D SDUWH SULQFLSDO UHFRQKHoD D SURFHGrQFLD GR SHGLGR
GHVLVWDGDDomRUHQXQFLHDRGLUHLWRVREUHRTXHVHIXQGDDDomRRXWUDQVLMDVREUHGLUHLWRVFRQWURYHUWLGRV

$UW7UDQVLWDGDHPMXOJDGRDVHQWHQoDQRSURFHVVRHPTXHLQWHUYHLRRDVVLVWHQWHHVWHQmRSRGHUi
HPSURFHVVRSRVWHULRUGLVFXWLUDMXVWLoDGDGHFLVmRVDOYRVHDOHJDUHSURYDUTXH

,SHORHVWDGRHPTXHUHFHEHXRSURFHVVRRXSHODV GHFODUDo}HV H SHORV DWRV GR DVVLVWLGR IRL LPSHGLGR


GHSURGX]LUSURYDVVXVFHWtYHLVGHLQIOXLUQDVHQWHQoD

,,GHVFRQKHFLDDH[LVWrQFLDGHDOHJDo}HVRXGHSURYDVGDVTXDLVRDVVLVWLGRSRUGRORRXFXOSDQmRVH
YDOHX

6HomR,,,

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

'D$VVLVWrQFLD/LWLVFRQVRUFLDO

$UW   &RQVLGHUDVH OLWLVFRQVRUWH GD SDUWH SULQFLSDO R DVVLVWHQWH VHPSUH TXH D VHQWHQoD LQIOXLU QD
UHODomRMXUtGLFDHQWUHHOHHRDGYHUViULRGRDVVLVWLGR

&$378/2,,

'$'(181&,$d2'$/,'(

$UWeDGPLVVtYHODGHQXQFLDomRGDOLGHSURPRYLGDSRUTXDOTXHUGDVSDUWHV

,DRDOLHQDQWHLPHGLDWRQRSURFHVVRUHODWLYRjFRLVDFXMRGRPtQLRIRLWUDQVIHULGRDRGHQXQFLDQWHDILPGH
TXHSRVVDH[HUFHURVGLUHLWRVTXHGDHYLFomROKHUHVXOWDP

,,  jTXHOH TXH HVWLYHU REULJDGR SRU OHL RX SHOR FRQWUDWR D LQGHQL]DU HP DomR UHJUHVVLYD R SUHMXt]R GH
TXHPIRUYHQFLGRQRSURFHVVR

 R 2 GLUHLWR UHJUHVVLYR VHUi H[HUFLGR SRU DomR DXW{QRPD TXDQGR D GHQXQFLDomR GD OLGH IRU LQGHIHULGD
GHL[DUGHVHUSURPRYLGDRXQmRIRUSHUPLWLGD

 R $GPLWHVH XPD ~QLFD GHQXQFLDomR VXFHVVLYD SURPRYLGD SHOR GHQXQFLDGR FRQWUD VHX DQWHFHVVRU
LPHGLDWR QD FDGHLD GRPLQLDO RX TXHP VHMD UHVSRQViYHO SRU LQGHQL]iOR QmR SRGHQGR R GHQXQFLDGR VXFHVVLYR
SURPRYHUQRYDGHQXQFLDomRKLSyWHVHHPTXHHYHQWXDOGLUHLWRGHUHJUHVVRVHUiH[HUFLGRSRUDomRDXW{QRPD

$UW   $ FLWDomR GR GHQXQFLDGR VHUi UHTXHULGD QD SHWLomR LQLFLDO VH R GHQXQFLDQWH IRU DXWRU RX QD
FRQWHVWDomRVHRGHQXQFLDQWHIRUUpXGHYHQGRVHUUHDOL]DGDQDIRUPDHQRVSUD]RVSUHYLVWRVQRDUW

$UW   )HLWD D GHQXQFLDomR SHOR DXWRU R GHQXQFLDGR SRGHUi DVVXPLU D SRVLomR GH OLWLVFRQVRUWH GR
GHQXQFLDQWHHDFUHVFHQWDUQRYRVDUJXPHQWRVjSHWLomRLQLFLDOSURFHGHQGRVHHPVHJXLGDjFLWDomRGRUpX

$UW)HLWDDGHQXQFLDomRSHORUpX

,  VH R GHQXQFLDGR FRQWHVWDU R SHGLGR IRUPXODGR SHOR DXWRU R SURFHVVR SURVVHJXLUi WHQGR QD DomR
SULQFLSDOHPOLWLVFRQVyUFLRGHQXQFLDQWHHGHQXQFLDGR

,,  VH R GHQXQFLDGR IRU UHYHO R GHQXQFLDQWH SRGH GHL[DU GH SURVVHJXLU FRP VXD GHIHVD HYHQWXDOPHQWH
RIHUHFLGDHDEVWHUVHGHUHFRUUHUUHVWULQJLQGRVXDDWXDomRjDomRUHJUHVVLYD

,,,  VH R GHQXQFLDGR FRQIHVVDU RV IDWRV DOHJDGRV SHOR DXWRU QD DomR SULQFLSDO R GHQXQFLDQWH SRGHUi
SURVVHJXLUFRPVXDGHIHVDRXDGHULQGRDWDOUHFRQKHFLPHQWRSHGLUDSHQDVDSURFHGrQFLDGDDomRGHUHJUHVVR

3DUiJUDIR ~QLFR  3URFHGHQWH R SHGLGR GD DomR SULQFLSDO SRGH R DXWRU VH IRU R FDVR UHTXHUHU R
FXPSULPHQWRGDVHQWHQoDWDPEpPFRQWUDRGHQXQFLDGRQRVOLPLWHVGDFRQGHQDomRGHVWHQDDomRUHJUHVVLYD

$UW6HRGHQXQFLDQWHIRUYHQFLGRQDDomRSULQFLSDORMXL]SDVVDUiDRMXOJDPHQWRGDGHQXQFLDomR GD
OLGH

3DUiJUDIR ~QLFR  6H R GHQXQFLDQWH IRU YHQFHGRU D DomR GH GHQXQFLDomR QmR WHUi R VHX SHGLGR
H[DPLQDGRVHPSUHMXt]RGDFRQGHQDomRGRGHQXQFLDQWHDRSDJDPHQWRGDVYHUEDVGHVXFXPErQFLDHPIDYRUGR
GHQXQFLDGR

&$378/2,,,

'2&+$0$0(172$2352&(662

$UWeDGPLVVtYHORFKDPDPHQWRDRSURFHVVRUHTXHULGRSHORUpX

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,GRDILDQoDGRQDDomRHPTXHRILDGRUIRUUpX

,,GRVGHPDLVILDGRUHVQDDomRSURSRVWDFRQWUDXPRXDOJXQVGHOHV

,,,GRVGHPDLVGHYHGRUHVVROLGiULRVTXDQGRRFUHGRUH[LJLUGHXPRXGHDOJXQVRSDJDPHQWRGDGtYLGD
FRPXP

$UW   $ FLWDomR GDTXHOHV TXH GHYDP ILJXUDU HP OLWLVFRQVyUFLR SDVVLYR VHUi UHTXHULGD SHOR UpX QD
FRQWHVWDomRHGHYHVHUSURPRYLGDQRSUD]RGH WULQWD GLDVVRESHQDGHILFDUVHPHIHLWRRFKDPDPHQWR

3DUiJUDIR ~QLFR  6H R FKDPDGR UHVLGLU HP RXWUD FRPDUFD VHomR RX VXEVHomR MXGLFLiULDV RX HP OXJDU
LQFHUWRRSUD]RVHUiGH GRLV PHVHV

$UW$VHQWHQoDGHSURFHGrQFLDYDOHUiFRPRWtWXORH[HFXWLYRHPIDYRUGRUpXTXHVDWLVIL]HUDGtYLGD
DILPGHTXHSRVVDH[LJLODSRULQWHLURGRGHYHGRUSULQFLSDORXGHFDGDXPGRVFRGHYHGRUHVDVXDTXRWDQD
SURSRUomRTXHOKHVWRFDU

&$378/2,9

'2,1&,'(17('('(6&216,'(5$d2'$3(5621$/,'$'(-85',&$

$UW2LQFLGHQWHGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFDVHUiLQVWDXUDGRDSHGLGRGDSDUWHRX
GR0LQLVWpULR3~EOLFRTXDQGROKHFRXEHULQWHUYLUQRSURFHVVR

R2SHGLGRGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFDREVHUYDUiRVSUHVVXSRVWRVSUHYLVWRVHPOHL

R$SOLFDVHRGLVSRVWRQHVWH&DStWXORjKLSyWHVHGHGHVFRQVLGHUDomRLQYHUVDGDSHUVRQDOLGDGHMXUtGLFD

$UW2LQFLGHQWHGHGHVFRQVLGHUDomRpFDEtYHOHPWRGDVDVIDVHVGRSURFHVVRGHFRQKHFLPHQWRQR
FXPSULPHQWRGHVHQWHQoDHQDH[HFXomRIXQGDGDHPWtWXORH[HFXWLYRH[WUDMXGLFLDO

 R $ LQVWDXUDomR GR LQFLGHQWH VHUi LPHGLDWDPHQWH FRPXQLFDGD DR GLVWULEXLGRU SDUD DV DQRWDo}HV
GHYLGDV

R'LVSHQVDVHDLQVWDXUDomRGRLQFLGHQWHVHDGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFDIRUUHTXHULGD
QDSHWLomRLQLFLDOKLSyWHVHHPTXHVHUiFLWDGRRVyFLRRXDSHVVRDMXUtGLFD

R$LQVWDXUDomRGRLQFLGHQWHVXVSHQGHUiRSURFHVVRVDOYRQDKLSyWHVHGRR

 R 2 UHTXHULPHQWR GHYH GHPRQVWUDU R SUHHQFKLPHQWR GRV SUHVVXSRVWRV OHJDLV HVSHFtILFRV SDUD
GHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFD

$UW,QVWDXUDGRRLQFLGHQWHRVyFLRRXDSHVVRDMXUtGLFDVHUiFLWDGRSDUDPDQLIHVWDUVHHUHTXHUHUDV
SURYDVFDEtYHLVQRSUD]RGH TXLQ]H GLDV

$UW&RQFOXtGDDLQVWUXomRVHQHFHVViULDRLQFLGHQWHVHUiUHVROYLGRSRUGHFLVmRLQWHUORFXWyULD

3DUiJUDIR~QLFR6HDGHFLVmRIRUSURIHULGDSHORUHODWRUFDEHDJUDYRLQWHUQR

$UW$FROKLGRRSHGLGRGHGHVFRQVLGHUDomRDDOLHQDomRRXDRQHUDomRGHEHQVKDYLGDHPIUDXGHGH
H[HFXomRVHUiLQHILFD]HPUHODomRDRUHTXHUHQWH

&$378/29

'2$0,&86&85,$(

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW  2 MXL] RX R UHODWRU FRQVLGHUDQGR D UHOHYkQFLD GD PDWpULD D HVSHFLILFLGDGH GR WHPD REMHWR GD
GHPDQGD RX D UHSHUFXVVmR VRFLDO GD FRQWURYpUVLD SRGHUi SRU GHFLVmR LUUHFRUUtYHO GH RItFLR RX D UHTXHULPHQWR
GDVSDUWHVRXGHTXHPSUHWHQGDPDQLIHVWDUVHVROLFLWDURXDGPLWLUDSDUWLFLSDomRGHSHVVRDQDWXUDORXMXUtGLFD
yUJmR RX HQWLGDGH HVSHFLDOL]DGD FRP UHSUHVHQWDWLYLGDGH DGHTXDGD QR SUD]R GH  TXLQ]H  GLDV GH VXD
LQWLPDomR

R$LQWHUYHQomRGHTXHWUDWDRFDSXWQmRLPSOLFDDOWHUDomRGHFRPSHWrQFLDQHPDXWRUL]DDLQWHUSRVLomR
GHUHFXUVRVUHVVDOYDGDVDRSRVLomRGHHPEDUJRVGHGHFODUDomRHDKLSyWHVHGRR

R&DEHUiDRMXL]RXDRUHODWRUQDGHFLVmRTXHVROLFLWDURXDGPLWLUDLQWHUYHQomRGHILQLURVSRGHUHVGR
DPLFXVFXULDH

 R 2 DPLFXV FXULDH SRGH UHFRUUHU GD GHFLVmR TXH MXOJDU R LQFLGHQWH GH UHVROXomR GH GHPDQGDV
UHSHWLWLYDV

778/2,9

'2-8,=('26$8;,/,$5(6'$-867,d$

&$378/2,

'2632'(5(6'26'(9(5(6('$5(63216$%,/,'$'('2-8,=

$UW2MXL]GLULJLUiRSURFHVVRFRQIRUPHDVGLVSRVLo}HVGHVWH&yGLJRLQFXPELQGROKH

,DVVHJXUDUjVSDUWHVLJXDOGDGHGHWUDWDPHQWR

,,YHODUSHODGXUDomRUD]RiYHOGRSURFHVVR

,,,  SUHYHQLU RX UHSULPLU TXDOTXHU DWR FRQWUiULR j GLJQLGDGH GD MXVWLoD H LQGHIHULU SRVWXODo}HV PHUDPHQWH
SURWHODWyULDV

,9  GHWHUPLQDU WRGDV DV PHGLGDV LQGXWLYDV FRHUFLWLYDV PDQGDPHQWDLV RX VXEURJDWyULDV QHFHVViULDV
SDUD DVVHJXUDU R FXPSULPHQWR GH RUGHP MXGLFLDO LQFOXVLYH QDV Do}HV TXH WHQKDP SRU REMHWR SUHVWDomR
SHFXQLiULD

9  SURPRYHU D TXDOTXHU WHPSR D DXWRFRPSRVLomR SUHIHUHQFLDOPHQWH FRP DX[tOLR GH FRQFLOLDGRUHV H


PHGLDGRUHVMXGLFLDLV

9,  GLODWDU RV SUD]RV SURFHVVXDLV H DOWHUDU D RUGHP GH SURGXomR GRV PHLRV GH SURYD DGHTXDQGRRV jV
QHFHVVLGDGHVGRFRQIOLWRGHPRGRDFRQIHULUPDLRUHIHWLYLGDGHjWXWHODGRGLUHLWR

9,,H[HUFHURSRGHUGHSROtFLDUHTXLVLWDQGRTXDQGRQHFHVViULRIRUoDSROLFLDODOpPGDVHJXUDQoDLQWHUQD
GRVIyUXQVHWULEXQDLV

9,,,GHWHUPLQDUDTXDOTXHUWHPSRRFRPSDUHFLPHQWRSHVVRDOGDVSDUWHVSDUDLQTXLULODVVREUHRVIDWRV
GDFDXVDKLSyWHVHHPTXHQmRLQFLGLUiDSHQDGHFRQIHVVR

,;GHWHUPLQDURVXSULPHQWRGHSUHVVXSRVWRVSURFHVVXDLVHRVDQHDPHQWRGHRXWURVYtFLRVSURFHVVXDLV

;  TXDQGR VH GHSDUDU FRP GLYHUVDV GHPDQGDV LQGLYLGXDLV UHSHWLWLYDV RILFLDU R 0LQLVWpULR 3~EOLFR D
'HIHQVRULD3~EOLFDHQDPHGLGDGRSRVVtYHORXWURVOHJLWLPDGRVDTXHVHUHIHUHPRDUW R GD /HL QR  GH
 GH MXOKR GH  H R DUW  GD /HL QR  GH  GH VHWHPEUR GH  SDUD VH IRU R FDVR SURPRYHU D
SURSRVLWXUDGDDomRFROHWLYDUHVSHFWLYD

3DUiJUDIR ~QLFR  $ GLODomR GH SUD]RV SUHYLVWD QR LQFLVR 9, VRPHQWH SRGH VHU GHWHUPLQDGD DQWHV GH
HQFHUUDGRRSUD]RUHJXODU
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   2 MXL] QmR VH H[LPH GH GHFLGLU VRE D DOHJDomR GH ODFXQD RX REVFXULGDGH GR RUGHQDPHQWR
MXUtGLFR

3DUiJUDIR~QLFR2MXL]VyGHFLGLUiSRUHTXLGDGHQRVFDVRVSUHYLVWRVHPOHL

$UW   2 MXL] GHFLGLUi R PpULWR QRV OLPLWHV SURSRVWRV SHODV SDUWHV VHQGROKH YHGDGR FRQKHFHU GH
TXHVW}HVQmRVXVFLWDGDVDFXMRUHVSHLWRDOHLH[LJHLQLFLDWLYDGDSDUWH

$UW&RQYHQFHQGRVHSHODVFLUFXQVWkQFLDVGHTXHDXWRUHUpXVHVHUYLUDPGRSURFHVVRSDUDSUDWLFDU
DWR VLPXODGR RX FRQVHJXLU ILP YHGDGR SRU OHL R MXL] SURIHULUi GHFLVmR TXH LPSHoD RV REMHWLYRV GDV SDUWHV
DSOLFDQGRGHRItFLRDVSHQDOLGDGHVGDOLWLJkQFLDGHPiIp

$UW2MXL]UHVSRQGHUiFLYLOHUHJUHVVLYDPHQWHSRUSHUGDVHGDQRVTXDQGR

,QRH[HUFtFLRGHVXDVIXQo}HVSURFHGHUFRPGRORRXIUDXGH

,,UHFXVDURPLWLURXUHWDUGDUVHPMXVWRPRWLYRSURYLGrQFLDTXHGHYDRUGHQDUGHRItFLRRXDUHTXHULPHQWR
GDSDUWH

3DUiJUDIR ~QLFR  $V KLSyWHVHV SUHYLVWDV QR LQFLVR ,, VRPHQWH VHUmR YHULILFDGDV GHSRLV TXH D SDUWH
UHTXHUHUDRMXL]TXHGHWHUPLQHDSURYLGrQFLDHRUHTXHULPHQWRQmRIRUDSUHFLDGRQRSUD]RGH GH] GLDV

&$378/2,,

'26,03(',0(1726('$6863(,d2

$UW+iLPSHGLPHQWRGRMXL]VHQGROKHYHGDGRH[HUFHUVXDVIXQo}HVQRSURFHVVR

,HPTXHLQWHUYHLRFRPRPDQGDWiULRGDSDUWHRILFLRXFRPRSHULWRIXQFLRQRXFRPRPHPEURGR0LQLVWpULR
3~EOLFRRXSUHVWRXGHSRLPHQWRFRPRWHVWHPXQKD

,,GHTXHFRQKHFHXHPRXWURJUDXGHMXULVGLomRWHQGRSURIHULGRGHFLVmR

,,,  TXDQGR QHOH HVWLYHU SRVWXODQGR FRPR GHIHQVRU S~EOLFR DGYRJDGR RX PHPEUR GR 0LQLVWpULR 3~EOLFR
VHX F{QMXJH RX FRPSDQKHLUR RX TXDOTXHU SDUHQWH FRQVDQJXtQHR RX DILP HP OLQKD UHWD RX FRODWHUDO DWp R
WHUFHLURJUDXLQFOXVLYH

,9TXDQGRIRUSDUWHQRSURFHVVRHOHSUySULRVHXF{QMXJHRXFRPSDQKHLURRXSDUHQWHFRQVDQJXtQHRRX
DILPHPOLQKDUHWDRXFRODWHUDODWpRWHUFHLURJUDXLQFOXVLYH

9TXDQGRIRUVyFLRRXPHPEURGHGLUHomRRXGHDGPLQLVWUDomRGHSHVVRDMXUtGLFDSDUWHQRSURFHVVR

9,TXDQGRIRUKHUGHLURSUHVXQWLYRGRQDWiULRRXHPSUHJDGRUGHTXDOTXHUGDVSDUWHV

9,,HPTXHILJXUHFRPRSDUWHLQVWLWXLomRGHHQVLQRFRPDTXDOWHQKDUHODomRGHHPSUHJRRXGHFRUUHQWH
GHFRQWUDWRGHSUHVWDomRGHVHUYLoRV

9,,,  HP TXH ILJXUH FRPR SDUWH FOLHQWH GR HVFULWyULR GH DGYRFDFLD GH VHX F{QMXJH FRPSDQKHLUR RX
SDUHQWHFRQVDQJXtQHRRXDILPHPOLQKDUHWDRXFRODWHUDODWpRWHUFHLURJUDXLQFOXVLYHPHVPRTXHSDWURFLQDGR
SRUDGYRJDGRGHRXWURHVFULWyULR

,;TXDQGRSURPRYHUDomRFRQWUDDSDUWHRXVHXDGYRJDGR

R1DKLSyWHVHGRLQFLVR,,,RLPSHGLPHQWRVyVHYHULILFDTXDQGRRGHIHQVRUS~EOLFRRDGYRJDGRRXR
PHPEURGR0LQLVWpULR3~EOLFRMiLQWHJUDYDRSURFHVVRDQWHVGRLQtFLRGDDWLYLGDGHMXGLFDQWHGRMXL]

ReYHGDGDDFULDomRGHIDWRVXSHUYHQLHQWHDILPGHFDUDFWHUL]DULPSHGLPHQWRGRMXL]

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2LPSHGLPHQWRSUHYLVWRQRLQFLVR,,,WDPEpPVHYHULILFDQRFDVRGHPDQGDWRFRQIHULGRDPHPEURGH
HVFULWyULR GH DGYRFDFLD TXH WHQKD HP VHXV TXDGURV DGYRJDGR TXH LQGLYLGXDOPHQWH RVWHQWH D FRQGLomR QHOH
SUHYLVWDPHVPRTXHQmRLQWHUYHQKDGLUHWDPHQWHQRSURFHVVR

$UW+iVXVSHLomRGRMXL]

,DPLJRtQWLPRRXLQLPLJRGHTXDOTXHUGDVSDUWHVRXGHVHXVDGYRJDGRV

,,  TXH UHFHEHU SUHVHQWHV GH SHVVRDV TXH WLYHUHP LQWHUHVVH QD FDXVD DQWHV RX GHSRLV GH LQLFLDGR R
SURFHVVRTXHDFRQVHOKDUDOJXPDGDVSDUWHVDFHUFDGRREMHWRGDFDXVDRXTXHVXEPLQLVWUDUPHLRVSDUD DWHQGHU
jVGHVSHVDVGROLWtJLR

,,,  TXDQGR TXDOTXHU GDV SDUWHV IRU VXD FUHGRUD RX GHYHGRUD GH VHX F{QMXJH RX FRPSDQKHLUR RX GH
SDUHQWHVGHVWHVHPOLQKDUHWDDWpRWHUFHLURJUDXLQFOXVLYH

,9LQWHUHVVDGRQRMXOJDPHQWRGRSURFHVVRHPIDYRUGHTXDOTXHUGDVSDUWHV

 R 3RGHUi R MXL] GHFODUDUVH VXVSHLWR SRU PRWLYR GH IRUR tQWLPR VHP QHFHVVLGDGH GH GHFODUDU VXDV
UD]}HV

R6HUiLOHJtWLPDDDOHJDomRGHVXVSHLomRTXDQGR

,KRXYHUVLGRSURYRFDGDSRUTXHPDDOHJD

,,DSDUWHTXHDDOHJDKRXYHUSUDWLFDGRDWRTXHVLJQLILTXHPDQLIHVWDDFHLWDomRGRDUJXLGR

$UW1RSUD]RGH TXLQ]H GLDVDFRQWDUGRFRQKHFLPHQWRGRIDWRDSDUWHDOHJDUiRLPSHGLPHQWR


RX D VXVSHLomR HP SHWLomR HVSHFtILFD GLULJLGD DR MXL] GR SURFHVVR QD TXDO LQGLFDUi R IXQGDPHQWR GD UHFXVD
SRGHQGRLQVWUXtODFRPGRFXPHQWRVHPTXHVHIXQGDUDDOHJDomRHFRPUROGHWHVWHPXQKDV

R6HUHFRQKHFHURLPSHGLPHQWRRXDVXVSHLomRDRUHFHEHUDSHWLomRRMXL]RUGHQDUiLPHGLDWDPHQWHD
UHPHVVDGRVDXWRVDVHXVXEVWLWXWROHJDOFDVRFRQWUiULRGHWHUPLQDUiDDXWXDomRHPDSDUWDGRGDSHWLomRHQR
SUD]RGH TXLQ]H GLDVDSUHVHQWDUiVXDVUD]}HVDFRPSDQKDGDVGHGRFXPHQWRVHGHUROGHWHVWHPXQKDVVH
KRXYHURUGHQDQGRDUHPHVVDGRLQFLGHQWHDRWULEXQDO

 R 'LVWULEXtGR R LQFLGHQWH R UHODWRU GHYHUi GHFODUDU RV VHXV HIHLWRV VHQGR TXH VH R LQFLGHQWH IRU
UHFHELGR

,VHPHIHLWRVXVSHQVLYRRSURFHVVRYROWDUiDFRUUHU

,,FRPHIHLWRVXVSHQVLYRRSURFHVVRSHUPDQHFHUiVXVSHQVRDWpRMXOJDPHQWRGRLQFLGHQWH

R(QTXDQWRQmRIRUGHFODUDGRRHIHLWRHPTXHpUHFHELGRRLQFLGHQWHRXTXDQGRHVWHIRUUHFHELGRFRP
HIHLWRVXVSHQVLYRDWXWHODGHXUJrQFLDVHUiUHTXHULGDDRVXEVWLWXWROHJDO

R9HULILFDQGRTXHDDOHJDomRGHLPSHGLPHQWRRXGHVXVSHLomRpLPSURFHGHQWHRWULEXQDOUHMHLWiODi

R$FROKLGDDDOHJDomRWUDWDQGRVHGHLPSHGLPHQWRRXGHPDQLIHVWDVXVSHLomRRWULEXQDOFRQGHQDUiR
MXL]QDVFXVWDVHUHPHWHUiRVDXWRVDRVHXVXEVWLWXWROHJDOSRGHQGRRMXL]UHFRUUHUGDGHFLVmR

 R 5HFRQKHFLGR R LPSHGLPHQWR RX D VXVSHLomR R WULEXQDO IL[DUi R PRPHQWR D SDUWLU GR TXDO R MXL] QmR
SRGHULDWHUDWXDGR

 R 2 WULEXQDO GHFUHWDUi D QXOLGDGH GRV DWRV GR MXL] VH SUDWLFDGRV TXDQGR Mi SUHVHQWH R PRWLYR GH
LPSHGLPHQWRRXGHVXVSHLomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   4XDQGR  GRLV  RX PDLV MXt]HV IRUHP SDUHQWHV FRQVDQJXtQHRV RX DILQV HP OLQKD UHWD RX
FRODWHUDODWpRWHUFHLURJUDXLQFOXVLYHRSULPHLURTXHFRQKHFHUGRSURFHVVRLPSHGHTXHRRXWURQHOHDWXHFDVR
HPTXHRVHJXQGRVHHVFXVDUiUHPHWHQGRRVDXWRVDRVHXVXEVWLWXWROHJDO

$UW$SOLFDPVHRVPRWLYRVGHLPSHGLPHQWRHGHVXVSHLomR

,DRPHPEURGR0LQLVWpULR3~EOLFR

,,DRVDX[LOLDUHVGDMXVWLoD

,,,DRVGHPDLVVXMHLWRVLPSDUFLDLVGRSURFHVVR

 R $ SDUWH LQWHUHVVDGD GHYHUi DUJXLU R LPSHGLPHQWR RX D VXVSHLomR HP SHWLomR IXQGDPHQWDGD H
GHYLGDPHQWHLQVWUXtGDQDSULPHLUDRSRUWXQLGDGHHPTXHOKHFRXEHUIDODUQRVDXWRV

R2MXL]PDQGDUiSURFHVVDURLQFLGHQWHHPVHSDUDGRHVHPVXVSHQVmRGRSURFHVVRRXYLQGRRDUJXLGR
QRSUD]RGH TXLQ]H GLDVHIDFXOWDQGRDSURGXomRGHSURYDTXDQGRQHFHVViULD

R1RVWULEXQDLVDDUJXLomRDTXHVHUHIHUHRRVHUiGLVFLSOLQDGDSHORUHJLPHQWRLQWHUQR

R2GLVSRVWRQRVRHRQmRVHDSOLFDjDUJXLomRGHLPSHGLPHQWRRXGHVXVSHLomRGHWHVWHPXQKD

&$378/2,,,

'26$8;,/,$5(6'$-867,d$

$UW   6mR DX[LOLDUHV GD -XVWLoD DOpP GH RXWURV FXMDV DWULEXLo}HV VHMDP GHWHUPLQDGDV SHODV QRUPDV
GH RUJDQL]DomR MXGLFLiULD R HVFULYmR R FKHIH GH VHFUHWDULD R RILFLDO GH MXVWLoD R SHULWR R GHSRVLWiULR R
DGPLQLVWUDGRURLQWpUSUHWHRWUDGXWRURPHGLDGRURFRQFLOLDGRUMXGLFLDORSDUWLGRURGLVWULEXLGRURFRQWDELOLVWDH
RUHJXODGRUGHDYDULDV

6HomR,

'R(VFULYmRGR&KHIHGH6HFUHWDULDHGR2ILFLDOGH-XVWLoD

$UW(PFDGDMXt]RKDYHUiXPRXPDLVRItFLRVGHMXVWLoDFXMDVDWULEXLo}HVVHUmRGHWHUPLQDGDVSHODV
QRUPDVGHRUJDQL]DomRMXGLFLiULD

$UW   (P FDGD FRPDUFD VHomR RX VXEVHomR MXGLFLiULD KDYHUi QR PtQLPR WDQWRV RILFLDLV GH MXVWLoD
TXDQWRVVHMDPRVMXt]RV

$UW,QFXPEHDRHVFULYmRRXDRFKHIHGHVHFUHWDULD

,UHGLJLUQDIRUPDOHJDORVRItFLRVRVPDQGDGRVDVFDUWDVSUHFDWyULDVHRVGHPDLVDWRVTXHSHUWHQoDP
DRVHXRItFLR

,,  HIHWLYDU DV RUGHQV MXGLFLDLV UHDOL]DU FLWDo}HV H LQWLPDo}HV EHP FRPR SUDWLFDU WRGRV RV GHPDLV DWRV
TXHOKHIRUHPDWULEXtGRVSHODVQRUPDVGHRUJDQL]DomRMXGLFLiULD

,,,FRPSDUHFHUjVDXGLrQFLDVRXQmRSRGHQGRID]rORGHVLJQDUVHUYLGRUSDUDVXEVWLWXtOR

,9PDQWHUVREVXDJXDUGDHUHVSRQVDELOLGDGHRVDXWRVQmRSHUPLWLQGRTXHVDLDPGRFDUWyULRH[FHWR

D TXDQGRWHQKDPGHVHJXLUjFRQFOXVmRGRMXL]

E FRPYLVWDDSURFXUDGRUj'HIHQVRULD3~EOLFDDR0LQLVWpULR3~EOLFRRXj)D]HQGD3~EOLFD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

F TXDQGRGHYDPVHUUHPHWLGRVDRFRQWDELOLVWDRXDRSDUWLGRU

G TXDQGRIRUHPUHPHWLGRVDRXWURMXt]RHPUD]mRGDPRGLILFDomRGDFRPSHWrQFLD

9IRUQHFHUFHUWLGmRGHTXDOTXHUDWRRXWHUPRGRSURFHVVRLQGHSHQGHQWHPHQWHGHGHVSDFKRREVHUYDGDV
DVGLVSRVLo}HVUHIHUHQWHVDRVHJUHGRGHMXVWLoD

9,SUDWLFDUGHRItFLRRVDWRVPHUDPHQWHRUGLQDWyULRV

R2MXL]WLWXODUHGLWDUiDWRDILPGHUHJXODPHQWDUDDWULEXLomRSUHYLVWDQRLQFLVR9,

 R 1R LPSHGLPHQWR GR HVFULYmR RX FKHIH GH VHFUHWDULD R MXL] FRQYRFDUi VXEVWLWXWR H QmR R KDYHQGR
QRPHDUiSHVVRDLG{QHDSDUDRDWR

$UW   2 HVFULYmR RX FKHIH GH VHFUHWDULD GHYHUi REHGHFHU j RUGHP FURQROyJLFD GH UHFHELPHQWR SDUD
SXEOLFDomRHHIHWLYDomRGRVSURQXQFLDPHQWRVMXGLFLDLV

 R $ OLVWD GH SURFHVVRV UHFHELGRV GHYHUi VHU GLVSRQLELOL]DGD GH IRUPD SHUPDQHQWH SDUD FRQVXOWD
S~EOLFD

R(VWmRH[FOXtGRVGDUHJUDGRFDSXW

,RVDWRVXUJHQWHVDVVLPUHFRQKHFLGRVSHORMXL]QRSURQXQFLDPHQWRMXGLFLDODVHUHIHWLYDGR

,,DVSUHIHUrQFLDVOHJDLV

 R $SyV HODERUDomR GH OLVWD SUySULD UHVSHLWDUVHmR D RUGHP FURQROyJLFD GH UHFHELPHQWR HQWUH RV DWRV
XUJHQWHVHDVSUHIHUrQFLDVOHJDLV

R$SDUWHTXHVHFRQVLGHUDUSUHWHULGDQDRUGHPFURQROyJLFDSRGHUiUHFODPDUQRVSUySULRVDXWRVDRMXL]
GRSURFHVVRTXHUHTXLVLWDUiLQIRUPDo}HVDRVHUYLGRUDVHUHPSUHVWDGDVQRSUD]RGH GRLV GLDV

 R &RQVWDWDGD D SUHWHULomR R MXL] GHWHUPLQDUi R LPHGLDWR FXPSULPHQWR GR DWR H D LQVWDXUDomR GH
SURFHVVRDGPLQLVWUDWLYRGLVFLSOLQDUFRQWUDRVHUYLGRU

$UW,QFXPEHDRRILFLDOGHMXVWLoD

,  ID]HU SHVVRDOPHQWH FLWDo}HV SULV}HV SHQKRUDV DUUHVWRV H GHPDLV GLOLJrQFLDV SUySULDV GR VHX RItFLR
VHPSUHTXHSRVVtYHOQDSUHVHQoDGH GXDV WHVWHPXQKDVFHUWLILFDQGRQRPDQGDGRRRFRUULGRFRPPHQomRDR
OXJDUDRGLDHjKRUD

,,H[HFXWDUDVRUGHQVGRMXL]DTXHHVWLYHUVXERUGLQDGR

,,,HQWUHJDURPDQGDGRHPFDUWyULRDSyVVHXFXPSULPHQWR

,9DX[LOLDURMXL]QDPDQXWHQomRGDRUGHP

9HIHWXDUDYDOLDo}HVTXDQGRIRURFDVR

9,FHUWLILFDUHPPDQGDGRSURSRVWDGHDXWRFRPSRVLomRDSUHVHQWDGDSRUTXDOTXHUGDVSDUWHVQDRFDVLmR
GHUHDOL]DomRGHDWRGHFRPXQLFDomRTXHOKHFRXEHU

3DUiJUDIR ~QLFR  &HUWLILFDGD D SURSRVWD GH DXWRFRPSRVLomR SUHYLVWD QR LQFLVR 9, R MXL] RUGHQDUi D
LQWLPDomRGDSDUWHFRQWUiULD SDUD PDQLIHVWDUVH QR SUD]R GH  FLQFR  GLDV VHP SUHMXt]R GR DQGDPHQWR UHJXODU
GRSURFHVVRHQWHQGHQGRVHRVLOrQFLRFRPRUHFXVD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   2 HVFULYmR R FKHIH GH VHFUHWDULD H R RILFLDO GH MXVWLoD VmR UHVSRQViYHLV FLYLO H
UHJUHVVLYDPHQWHTXDQGR

,VHPMXVWRPRWLYRVHUHFXVDUHPDFXPSULUQRSUD]RRVDWRVLPSRVWRVSHODOHLRXSHORMXL]DTXHHVWmR
VXERUGLQDGRV

,,SUDWLFDUHPDWRQXORFRPGRORRXFXOSD

6HomR,,

'R3HULWR

$UW   2 MXL] VHUi DVVLVWLGR SRU SHULWR TXDQGR D SURYD GR IDWR GHSHQGHU GH FRQKHFLPHQWR WpFQLFR RX
FLHQWtILFR

 R 2V SHULWRV VHUmR QRPHDGRV HQWUH RV SURILVVLRQDLV OHJDOPHQWH KDELOLWDGRV H RV yUJmRV WpFQLFRV RX
FLHQWtILFRVGHYLGDPHQWHLQVFULWRVHPFDGDVWURPDQWLGRSHORWULEXQDODRTXDORMXL]HVWiYLQFXODGR

R3DUDIRUPDomRGRFDGDVWURRVWULEXQDLVGHYHPUHDOL]DUFRQVXOWDS~EOLFDSRUPHLRGHGLYXOJDomRQD
UHGH PXQGLDO GH FRPSXWDGRUHV RX HP MRUQDLV GH JUDQGH FLUFXODomR DOpP GH FRQVXOWD GLUHWD D XQLYHUVLGDGHV D
FRQVHOKRV GH FODVVH DR 0LQLVWpULR 3~EOLFR j 'HIHQVRULD 3~EOLFD H j 2UGHP GRV $GYRJDGRV GR %UDVLO SDUD D
LQGLFDomRGHSURILVVLRQDLVRXGHyUJmRVWpFQLFRVLQWHUHVVDGRV

 R 2V WULEXQDLV UHDOL]DUmR DYDOLDo}HV H UHDYDOLDo}HV SHULyGLFDV SDUD PDQXWHQomR GR FDGDVWUR
FRQVLGHUDQGRDIRUPDomRSURILVVLRQDODDWXDOL]DomRGRFRQKHFLPHQWRHDH[SHULrQFLDGRVSHULWRVLQWHUHVVDGRV

R3DUDYHULILFDomRGHHYHQWXDOLPSHGLPHQWRRXPRWLYRGHVXVSHLomRQRVWHUPRVGRVDUWVHR
yUJmR WpFQLFR RX FLHQWtILFR QRPHDGR SDUD UHDOL]DomR GD SHUtFLD LQIRUPDUi DR MXL] RV QRPHV H RV GDGRV GH
TXDOLILFDomRGRVSURILVVLRQDLVTXHSDUWLFLSDUmRGDDWLYLGDGH

 R 1D ORFDOLGDGH RQGH QmR KRXYHU LQVFULWR QR FDGDVWUR GLVSRQLELOL]DGR SHOR WULEXQDO D QRPHDomR GR
SHULWR p GH OLYUH HVFROKD SHOR MXL] H GHYHUi UHFDLU VREUH SURILVVLRQDO RX yUJmR WpFQLFR RX FLHQWtILFR
FRPSURYDGDPHQWHGHWHQWRUGRFRQKHFLPHQWRQHFHVViULRjUHDOL]DomRGDSHUtFLD

$UW2SHULWRWHPRGHYHUGHFXPSULURRItFLRQRSUD]RTXHOKHGHVLJQDURMXL]HPSUHJDQGRWRGDVXD
GLOLJrQFLDSRGHQGRHVFXVDUVHGRHQFDUJRDOHJDQGRPRWLYROHJtWLPR

R$HVFXVDVHUiDSUHVHQWDGDQRSUD]RGH TXLQ]H GLDVFRQWDGRGDLQWLPDomRGDVXVSHLomRRXGR


LPSHGLPHQWRVXSHUYHQLHQWHVVRESHQDGHUHQ~QFLDDRGLUHLWRDDOHJiOD

 R 6HUi RUJDQL]DGD OLVWD GH SHULWRV QD YDUD RX QD VHFUHWDULD FRP GLVSRQLELOL]DomR GRV GRFXPHQWRV
H[LJLGRVSDUDKDELOLWDomRjFRQVXOWDGHLQWHUHVVDGRVSDUDTXHDQRPHDomRVHMDGLVWULEXtGD GH PRGR HTXLWDWLYR
REVHUYDGDVDFDSDFLGDGHWpFQLFDHDiUHDGHFRQKHFLPHQWR

$UW2SHULWRTXHSRUGRORRXFXOSDSUHVWDULQIRUPDo}HVLQYHUtGLFDVUHVSRQGHUiSHORVSUHMXt]RVTXH
FDXVDU j SDUWH H ILFDUi LQDELOLWDGR SDUD DWXDU HP RXWUDV SHUtFLDV QR SUD]R GH  GRLV  D  FLQFR  DQRV
LQGHSHQGHQWHPHQWHGDVGHPDLVVDQo}HVSUHYLVWDVHPOHLGHYHQGRRMXL]FRPXQLFDURIDWRDRUHVSHFWLYRyUJmR
GHFODVVHSDUDDGRomRGDVPHGLGDVTXHHQWHQGHUFDEtYHLV

6HomR,,,

'R'HSRVLWiULRHGR$GPLQLVWUDGRU

$UW$JXDUGDHDFRQVHUYDomRGHEHQVSHQKRUDGRVDUUHVWDGRVVHTXHVWUDGRVRXDUUHFDGDGRVVHUmR
FRQILDGDVDGHSRVLWiULRRXDDGPLQLVWUDGRUQmRGLVSRQGRDOHLGHRXWURPRGR

$UW   3RU VHX WUDEDOKR R GHSRVLWiULR RX R DGPLQLVWUDGRU SHUFHEHUi UHPXQHUDomR TXH R MXL] IL[DUi

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

OHYDQGRHPFRQWDDVLWXDomRGRVEHQVDRWHPSRGRVHUYLoRHjVGLILFXOGDGHVGHVXDH[HFXomR

3DUiJUDIR ~QLFR  2 MXL] SRGHUi QRPHDU XP RX PDLV SUHSRVWRV SRU LQGLFDomR GR GHSRVLWiULR RX GR
DGPLQLVWUDGRU

$UW   2 GHSRVLWiULR RX R DGPLQLVWUDGRU UHVSRQGH SHORV SUHMXt]RV TXH SRU GROR RX FXOSD FDXVDU j
SDUWHSHUGHQGRDUHPXQHUDomRTXHOKHIRLDUELWUDGDPDVWHPRGLUHLWRDKDYHURTXH OHJLWLPDPHQWH GHVSHQGHX
QRH[HUFtFLRGRHQFDUJR

3DUiJUDIR~QLFR2GHSRVLWiULRLQILHOUHVSRQGHFLYLOPHQWHSHORVSUHMXt]RVFDXVDGRVVHPSUHMXt]RGHVXD
UHVSRQVDELOLGDGHSHQDOHGDLPSRVLomRGHVDQomRSRUDWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoD

6HomR,9

'R,QWpUSUHWHHGR7UDGXWRU

$UW2MXL]QRPHDUiLQWpUSUHWHRXWUDGXWRUTXDQGRQHFHVViULRSDUD

,WUDGX]LUGRFXPHQWRUHGLJLGRHPOtQJXDHVWUDQJHLUD

,,YHUWHUSDUDRSRUWXJXrVDVGHFODUDo}HVGDVSDUWHVHGDVWHVWHPXQKDVTXHQmRFRQKHFHUHPRLGLRPD
QDFLRQDO

,,,  UHDOL]DU D LQWHUSUHWDomR VLPXOWkQHD GRV GHSRLPHQWRV GDV SDUWHV H WHVWHPXQKDV FRP GHILFLrQFLD
DXGLWLYD TXH VH FRPXQLTXHP SRU PHLR GD /tQJXD %UDVLOHLUD GH 6LQDLV RX HTXLYDOHQWH TXDQGR DVVLP IRU
VROLFLWDGR

$UW1mRSRGHVHULQWpUSUHWHRXWUDGXWRUTXHP

,QmRWLYHUDOLYUHDGPLQLVWUDomRGHVHXVEHQV

,,IRUDUURODGRFRPRWHVWHPXQKDRXDWXDUFRPRSHULWRQRSURFHVVR

,,,  HVWLYHU LQDELOLWDGR SDUD R H[HUFtFLR GD SURILVVmR SRU VHQWHQoD SHQDO FRQGHQDWyULD HQTXDQWR GXUDUHP
VHXVHIHLWRV

$UW2LQWpUSUHWHRXWUDGXWRURILFLDORXQmRpREULJDGRDGHVHPSHQKDUVHXRItFLRDSOLFDQGRVHOKH R
GLVSRVWRQRVDUWVH

6HomR9

'RV&RQFLOLDGRUHVH0HGLDGRUHV-XGLFLDLV

$UW   2V WULEXQDLV FULDUmR FHQWURV MXGLFLiULRV GH VROXomR FRQVHQVXDO GH FRQIOLWRV UHVSRQViYHLV SHOD
UHDOL]DomRGHVHVV}HVHDXGLrQFLDVGHFRQFLOLDomRHPHGLDomRHSHORGHVHQYROYLPHQWRGHSURJUDPDVGHVWLQDGRV
DDX[LOLDURULHQWDUHHVWLPXODUDDXWRFRPSRVLomR

 R $ FRPSRVLomR H D RUJDQL]DomR GRV FHQWURV VHUmR GHILQLGDV SHOR UHVSHFWLYR WULEXQDO REVHUYDGDV DV
QRUPDVGR&RQVHOKR1DFLRQDOGH-XVWLoD

 R 2 FRQFLOLDGRU TXH DWXDUi SUHIHUHQFLDOPHQWH QRV FDVRV HP TXH QmR KRXYHU YtQFXOR DQWHULRU HQWUH DV
SDUWHVSRGHUiVXJHULUVROXo}HVSDUDROLWtJLRVHQGRYHGDGDDXWLOL]DomRGHTXDOTXHUWLSRGHFRQVWUDQJLPHQWRRX
LQWLPLGDomRSDUDTXHDVSDUWHVFRQFLOLHP

R2PHGLDGRUTXHDWXDUiSUHIHUHQFLDOPHQWHQRVFDVRVHPTXHKRXYHUYtQFXORDQWHULRUHQWUHDVSDUWHV
DX[LOLDUiDRVLQWHUHVVDGRVDFRPSUHHQGHUDVTXHVW}HVHRVLQWHUHVVHVHPFRQIOLWR GH PRGR TXH HOHV SRVVDP
SHORUHVWDEHOHFLPHQWRGDFRPXQLFDomRLGHQWLILFDU SRU VL SUySULRV VROXo}HV FRQVHQVXDLV TXH JHUHP EHQHItFLRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

P~WXRV

$UW   $ FRQFLOLDomR H D PHGLDomR VmR LQIRUPDGDV SHORV SULQFtSLRV GD LQGHSHQGrQFLD GD
LPSDUFLDOLGDGH GD DXWRQRPLD GD YRQWDGH GD FRQILGHQFLDOLGDGH GD RUDOLGDGH GD LQIRUPDOLGDGH H GD GHFLVmR
LQIRUPDGD

 R $ FRQILGHQFLDOLGDGH HVWHQGHVH D WRGDV DV LQIRUPDo}HV SURGX]LGDV QR FXUVR GR SURFHGLPHQWR FXMR
WHRUQmRSRGHUiVHUXWLOL]DGRSDUDILPGLYHUVRGDTXHOHSUHYLVWRSRUH[SUHVVDGHOLEHUDomRGDVSDUWHV

R (P UD]mR GR GHYHU GH VLJLOR LQHUHQWH jV VXDV IXQo}HV R FRQFLOLDGRU H R PHGLDGRU DVVLP FRPR RV
PHPEURVGHVXDVHTXLSHVQmRSRGHUmRGLYXOJDURXGHSRUDFHUFDGHIDWRVRXHOHPHQWRVRULXQGRVGDFRQFLOLDomR
RXGDPHGLDomR

 R $GPLWHVH D DSOLFDomR GH WpFQLFDV QHJRFLDLV FRP R REMHWLYR GH SURSRUFLRQDU DPELHQWH IDYRUiYHO j
DXWRFRPSRVLomR

R$PHGLDomRHDFRQFLOLDomRVHUmRUHJLGDVFRQIRUPHDOLYUHDXWRQRPLDGRVLQWHUHVVDGRVLQFOXVLYHQR
TXHGL]UHVSHLWRjGHILQLomRGDVUHJUDVSURFHGLPHQWDLV

$UW   2V FRQFLOLDGRUHV RV PHGLDGRUHV H DV FkPDUDV SULYDGDV GH FRQFLOLDomR H PHGLDomR VHUmR
LQVFULWRVHPFDGDVWURQDFLRQDOHHPFDGDVWURGHWULEXQDOGHMXVWLoDRXGHWULEXQDO UHJLRQDO IHGHUDO TXH PDQWHUi
UHJLVWURGHSURILVVLRQDLVKDELOLWDGRVFRPLQGLFDomRGHVXDiUHDSURILVVLRQDO

 R 3UHHQFKHQGR R UHTXLVLWR GD FDSDFLWDomR PtQLPD SRU PHLR GH FXUVR UHDOL]DGR SRU HQWLGDGH
FUHGHQFLDGD FRQIRUPH SDUkPHWUR FXUULFXODU GHILQLGR SHOR &RQVHOKR 1DFLRQDO GH -XVWLoD HP FRQMXQWR FRP R
0LQLVWpULRGD-XVWLoDRFRQFLOLDGRURXRPHGLDGRUFRPRUHVSHFWLYRFHUWLILFDGRSRGHUiUHTXHUHUVXDLQVFULomRQR
FDGDVWURQDFLRQDOHQRFDGDVWURGHWULEXQDOGHMXVWLoDRXGHWULEXQDOUHJLRQDOIHGHUDO

R(IHWLYDGRRUHJLVWURTXHSRGHUiVHUSUHFHGLGRGHFRQFXUVRS~EOLFRRWULEXQDOUHPHWHUiDRGLUHWRUGR
IRUR GD FRPDUFD VHomR RX VXEVHomR MXGLFLiULD RQGH DWXDUi R FRQFLOLDGRU RX R PHGLDGRU RV GDGRV QHFHVViULRV
SDUD TXH VHX QRPH SDVVH D FRQVWDU GD UHVSHFWLYD OLVWD D VHU REVHUYDGD QD GLVWULEXLomR DOWHUQDGD H DOHDWyULD
UHVSHLWDGRRSULQFtSLRGDLJXDOGDGHGHQWURGDPHVPDiUHDGHDWXDomRSURILVVLRQDO

 R 'R FUHGHQFLDPHQWR GDV FkPDUDV H GR FDGDVWUR GH FRQFLOLDGRUHV H PHGLDGRUHV FRQVWDUmR WRGRV RV
GDGRV UHOHYDQWHV SDUD D VXD DWXDomR WDLV FRPR R Q~PHUR GH SURFHVVRV GH TXH SDUWLFLSRX R VXFHVVR RX
LQVXFHVVR GD DWLYLGDGH D PDWpULD VREUH D TXDO YHUVRX D FRQWURYpUVLD EHP FRPR RXWURV GDGRV TXH R WULEXQDO
MXOJDUUHOHYDQWHV

 R 2V GDGRV FROKLGRV QD IRUPD GR  R VHUmR FODVVLILFDGRV VLVWHPDWLFDPHQWH SHOR WULEXQDO TXH RV
SXEOLFDUi DR PHQRV DQXDOPHQWH SDUD FRQKHFLPHQWR GD SRSXODomR H SDUD ILQV HVWDWtVWLFRV H GH DYDOLDomR GD
FRQFLOLDomR GD PHGLDomR GDV FkPDUDV SULYDGDV GH FRQFLOLDomR H GH PHGLDomR GRV FRQFLOLDGRUHV H GRV
PHGLDGRUHV

 R 2V FRQFLOLDGRUHV H PHGLDGRUHV MXGLFLDLV FDGDVWUDGRV QD IRUPD GR FDSXW VH DGYRJDGRV HVWDUmR
LPSHGLGRVGHH[HUFHUDDGYRFDFLDQRVMXt]RVHPTXHGHVHPSHQKHPVXDVIXQo}HV

 R 2 WULEXQDO SRGHUi RSWDU SHOD FULDomR GH TXDGUR SUySULR GH FRQFLOLDGRUHV H PHGLDGRUHV D VHU
SUHHQFKLGRSRUFRQFXUVRS~EOLFRGHSURYDVHWtWXORVREVHUYDGDVDVGLVSRVLo}HVGHVWH&DStWXOR

$UW$VSDUWHVSRGHPHVFROKHUGHFRPXPDFRUGRRFRQFLOLDGRURPHGLDGRURXDFkPDUDSULYDGDGH
FRQFLOLDomRHGHPHGLDomR

R2FRQFLOLDGRURXPHGLDGRUHVFROKLGRSHODVSDUWHVSRGHUiRXQmRHVWDUFDGDVWUDGRQRWULEXQDO

 R ,QH[LVWLQGR DFRUGR TXDQWR j HVFROKD GR PHGLDGRU RX FRQFLOLDGRU KDYHUi GLVWULEXLomR HQWUH DTXHOHV
FDGDVWUDGRVQRUHJLVWURGRWULEXQDOREVHUYDGDDUHVSHFWLYDIRUPDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R6HPSUHTXHUHFRPHQGiYHOKDYHUiDGHVLJQDomRGHPDLVGHXPPHGLDGRURXFRQFLOLDGRU

$UW5HVVDOYDGDDKLSyWHVHGRDUWRRFRQFLOLDGRUHRPHGLDGRUUHFHEHUmRSHORVHXWUDEDOKR
UHPXQHUDomRSUHYLVWDHPWDEHODIL[DGDSHORWULEXQDOFRQIRUPHSDUkPHWURVHVWDEHOHFLGRVSHOR&RQVHOKR1DFLRQDO
GH-XVWLoD

 R $ PHGLDomR H D FRQFLOLDomR SRGHP VHU UHDOL]DGDV FRPR WUDEDOKR YROXQWiULR REVHUYDGD D OHJLVODomR
SHUWLQHQWHHDUHJXODPHQWDomRGRWULEXQDO

 R 2V WULEXQDLV GHWHUPLQDUmR R SHUFHQWXDO GH DXGLrQFLDV QmR UHPXQHUDGDV TXH GHYHUmR VHU VXSRUWDGDV
SHODV FkPDUDV SULYDGDV GH FRQFLOLDomR H PHGLDomR FRP R ILP GH DWHQGHU DRV SURFHVVRV HP TXH GHIHULGD
JUDWXLGDGHGDMXVWLoDFRPRFRQWUDSDUWLGDGHVHXFUHGHQFLDPHQWR

$UW1RFDVRGHLPSHGLPHQWRRFRQFLOLDGRURXPHGLDGRURFRPXQLFDUiLPHGLDWDPHQWHGHSUHIHUrQFLD
SRUPHLRHOHWU{QLFRHGHYROYHUiRVDXWRVDRMXL]GRSURFHVVRRXDRFRRUGHQDGRUGRFHQWURMXGLFLiULRGHVROXomR
GHFRQIOLWRVGHYHQGRHVWHUHDOL]DUQRYDGLVWULEXLomR

3DUiJUDIR~QLFR6HDFDXVDGHLPSHGLPHQWRIRUDSXUDGDTXDQGRMiLQLFLDGRRSURFHGLPHQWRDDWLYLGDGH
VHUiLQWHUURPSLGDODYUDQGRVHDWDFRPUHODWyULRGRRFRUULGRHVROLFLWDomRGHGLVWULEXLomRSDUDQRYRFRQFLOLDGRURX
PHGLDGRU

$UW   1R FDVR GH LPSRVVLELOLGDGH WHPSRUiULD GR H[HUFtFLR GD IXQomR R FRQFLOLDGRU RX PHGLDGRU
LQIRUPDUiRIDWRDRFHQWURSUHIHUHQFLDOPHQWHSRUPHLRHOHWU{QLFRSDUDTXHGXUDQWHRSHUtRGRHPTXHSHUGXUDUD
LPSRVVLELOLGDGHQmRKDMDQRYDVGLVWULEXLo}HV

$UW2FRQFLOLDGRUH R PHGLDGRU ILFDP LPSHGLGRV SHOR SUD]R GH  XP  DQR FRQWDGR GR WpUPLQR GD
~OWLPDDXGLrQFLDHPTXHDWXDUDPGHDVVHVVRUDUUHSUHVHQWDURXSDWURFLQDUTXDOTXHUGDVSDUWHV

$UW6HUiH[FOXtGRGRFDGDVWURGHFRQFLOLDGRUHVHPHGLDGRUHVDTXHOHTXH

,DJLUFRPGRORRXFXOSDQDFRQGXomRGDFRQFLOLDomRRXGDPHGLDomRVREVXDUHVSRQVDELOLGDGHRXYLRODU
TXDOTXHUGRVGHYHUHVGHFRUUHQWHVGRDUWRHR

,,DWXDUHPSURFHGLPHQWRGHPHGLDomRRXFRQFLOLDomRDSHVDUGHLPSHGLGRRXVXVSHLWR

R2VFDVRVSUHYLVWRVQHVWHDUWLJRVHUmRDSXUDGRVHPSURFHVVRDGPLQLVWUDWLYR

R2MXL]GRSURFHVVRRXRMXL]FRRUGHQDGRUGRFHQWURGHFRQFLOLDomRHPHGLDomRVHKRXYHUYHULILFDQGR
DWXDomRLQDGHTXDGDGRPHGLDGRURXFRQFLOLDGRUSRGHUiDIDVWiORGHVXDVDWLYLGDGHVSRUDWp FHQWRHRLWHQWD
GLDV SRU GHFLVmR IXQGDPHQWDGD LQIRUPDQGR R IDWR LPHGLDWDPHQWH DR WULEXQDO SDUD LQVWDXUDomR GR UHVSHFWLYR
SURFHVVRDGPLQLVWUDWLYR

$UW   $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV FULDUmR FkPDUDV GH PHGLDomR H
FRQFLOLDomR FRP DWULEXLo}HV UHODFLRQDGDV j VROXomR FRQVHQVXDO GH FRQIOLWRV QR kPELWR DGPLQLVWUDWLYR WDLV
FRPR

,GLULPLUFRQIOLWRVHQYROYHQGRyUJmRVHHQWLGDGHVGDDGPLQLVWUDomRS~EOLFD

,,DYDOLDUDDGPLVVLELOLGDGHGRVSHGLGRVGHUHVROXomRGHFRQIOLWRVSRUPHLRGHFRQFLOLDomRQRkPELWRGD
DGPLQLVWUDomRS~EOLFD

,,,SURPRYHUTXDQGRFRXEHUDFHOHEUDomRGHWHUPRGHDMXVWDPHQWRGHFRQGXWD

$UW   $V GLVSRVLo}HV GHVWD 6HomR QmR H[FOXHP RXWUDV IRUPDV GH FRQFLOLDomR H PHGLDomR
H[WUDMXGLFLDLVYLQFXODGDVDyUJmRVLQVWLWXFLRQDLVRXUHDOL]DGDVSRULQWHUPpGLRGHSURILVVLRQDLVLQGHSHQGHQWHV TXH
SRGHUmRVHUUHJXODPHQWDGDVSRUOHLHVSHFtILFD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  2V GLVSRVLWLYRV GHVWD 6HomR DSOLFDPVH QR TXH FRXEHU jV FkPDUDV SULYDGDV GH
FRQFLOLDomRHPHGLDomR

778/29

'20,1,67e5,23%/,&2

$UW   2 0LQLVWpULR 3~EOLFR DWXDUi QD GHIHVD GD RUGHP MXUtGLFD GR UHJLPH GHPRFUiWLFR H GRV
LQWHUHVVHVHGLUHLWRVVRFLDLVHLQGLYLGXDLVLQGLVSRQtYHLV

$UW   2 0LQLVWpULR 3~EOLFR H[HUFHUi R GLUHLWR GH DomR HP FRQIRUPLGDGH FRP VXDV DWULEXLo}HV
FRQVWLWXFLRQDLV

$UW   2 0LQLVWpULR 3~EOLFR VHUi LQWLPDGR SDUD QR SUD]R GH  WULQWD  GLDV LQWHUYLU FRPR ILVFDO GD
RUGHPMXUtGLFDQDVKLSyWHVHVSUHYLVWDVHPOHLRXQD&RQVWLWXLomR)HGHUDOHQRVSURFHVVRVTXHHQYROYDP

,LQWHUHVVHS~EOLFRRXVRFLDO

,,LQWHUHVVHGHLQFDSD]

,,,OLWtJLRVFROHWLYRVSHODSRVVHGHWHUUDUXUDORXXUEDQD

3DUiJUDIR~QLFR$SDUWLFLSDomRGD)D]HQGD3~EOLFDQmRFRQILJXUDSRUVLVyKLSyWHVHGHLQWHUYHQomRGR
0LQLVWpULR3~EOLFR

$UW1RVFDVRVGHLQWHUYHQomRFRPRILVFDOGDRUGHPMXUtGLFDR0LQLVWpULR3~EOLFR

,WHUiYLVWDGRVDXWRVGHSRLVGDVSDUWHVVHQGRLQWLPDGRGHWRGRVRVDWRVGRSURFHVVR

,,SRGHUiSURGX]LUSURYDVUHTXHUHUDVPHGLGDVSURFHVVXDLVSHUWLQHQWHVHUHFRUUHU

$UW20LQLVWpULR3~EOLFRJR]DUiGHSUD]RHPGREURSDUDPDQLIHVWDUVHQRVDXWRVTXHWHUiLQtFLRD
SDUWLUGHVXDLQWLPDomRSHVVRDOQRVWHUPRVGRDUWR

 R )LQGR R SUD]R SDUD PDQLIHVWDomR GR 0LQLVWpULR 3~EOLFR VHP R RIHUHFLPHQWR GH SDUHFHU R MXL]
UHTXLVLWDUiRVDXWRVHGDUiDQGDPHQWRDRSURFHVVR

R1mRVHDSOLFDREHQHItFLRGDFRQWDJHPHPGREURTXDQGRDOHLHVWDEHOHFHUGHIRUPDH[SUHVVDSUD]R
SUySULRSDUDR0LQLVWpULR3~EOLFR

$UW2PHPEURGR0LQLVWpULR3~EOLFRVHUiFLYLOHUHJUHVVLYDPHQWHUHVSRQViYHOTXDQGRDJLUFRPGROR
RXIUDXGHQRH[HUFtFLRGHVXDVIXQo}HV

778/29,
'$$'92&$&,$3%/,&$

$UW  ,QFXPEH j $GYRFDFLD 3~EOLFD QD IRUPD GD OHL GHIHQGHU H SURPRYHU RV LQWHUHVVHV S~EOLFRV GD
8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV SRU PHLR GD UHSUHVHQWDomR MXGLFLDO HP WRGRV RV
kPELWRVIHGHUDWLYRVGDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRTXHLQWHJUDPDDGPLQLVWUDomRGLUHWDHLQGLUHWD

$UW  $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO RV 0XQLFtSLRV H VXDV UHVSHFWLYDV DXWDUTXLDV H
IXQGDo}HV GH GLUHLWR S~EOLFR JR]DUmR GH SUD]R HP GREUR SDUD WRGDV DV VXDV PDQLIHVWDo}HV SURFHVVXDLV FXMD
FRQWDJHPWHUiLQtFLRDSDUWLUGDLQWLPDomRSHVVRDO

R$LQWLPDomRSHVVRDOIDUVHiSRUFDUJDUHPHVVDRXPHLRHOHWU{QLFR

R1mRVHDSOLFDREHQHItFLRGDFRQWDJHPHPGREURTXDQGRDOHLHVWDEHOHFHUGHIRUPDH[SUHVVDSUD]R
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

SUySULRSDUDRHQWHS~EOLFR

$UW2PHPEURGD$GYRFDFLD3~EOLFDVHUiFLYLOHUHJUHVVLYDPHQWHUHVSRQViYHOTXDQGRDJLUFRPGROR
RXIUDXGHQRH[HUFtFLRGHVXDVIXQo}HV

778/29,,
'$'()(1625,$3%/,&$

$UW   $ 'HIHQVRULD 3~EOLFD H[HUFHUi D RULHQWDomR MXUtGLFD D SURPRomR GRV GLUHLWRV KXPDQRV H D
GHIHVDGRVGLUHLWRVLQGLYLGXDLVHFROHWLYRVGRVQHFHVVLWDGRVHPWRGRVRVJUDXVGHIRUPDLQWHJUDOHJUDWXLWD

$UW$'HIHQVRULD3~EOLFDJR]DUiGHSUD]RHPGREURSDUDWRGDVDVVXDVPDQLIHVWDo}HVSURFHVVXDLV

R2SUD]RWHPLQtFLRFRPDLQWLPDomRSHVVRDOGRGHIHQVRUS~EOLFRQRVWHUPRVGRDUWR

 R $ UHTXHULPHQWR GD 'HIHQVRULD 3~EOLFD R MXL] GHWHUPLQDUi D LQWLPDomR SHVVRDO GD SDUWH SDWURFLQDGD
TXDQGR R DWR SURFHVVXDO GHSHQGHU GH SURYLGrQFLD RX LQIRUPDomR TXH VRPHQWH SRU HOD SRVVD VHU UHDOL]DGD RX
SUHVWDGD

 R 2 GLVSRVWR QR FDSXW DSOLFDVH DRV HVFULWyULRV GH SUiWLFD MXUtGLFD GDV IDFXOGDGHV GH 'LUHLWR
UHFRQKHFLGDV QD IRUPD GD OHL H jV HQWLGDGHV TXH SUHVWDP DVVLVWrQFLD MXUtGLFD JUDWXLWD HP UD]mR GH FRQYrQLRV
ILUPDGRVFRPD'HIHQVRULD3~EOLFD

R1mRVHDSOLFDREHQHItFLRGDFRQWDJHPHPGREURTXDQGRDOHLHVWDEHOHFHUGHIRUPDH[SUHVVDSUD]R
SUySULRSDUDD'HIHQVRULD3~EOLFD

$UW2PHPEURGD'HIHQVRULD3~EOLFDVHUiFLYLOHUHJUHVVLYDPHQWHUHVSRQViYHOTXDQGRDJLUFRPGROR
RXIUDXGHQRH[HUFtFLRGHVXDVIXQo}HV

/,952,9
'26$726352&(668$,6

778/2,
'$)250$'27(032('2/8*$5'26$726352&(668$,6

&$378/2,
'$)250$'26$726352&(668$,6

6HomR,
'RV$WRVHP*HUDO

$UW   2V DWRV H RV WHUPRV SURFHVVXDLV LQGHSHQGHP GH IRUPD GHWHUPLQDGD VDOYR TXDQGR D OHL
H[SUHVVDPHQWH D H[LJLU FRQVLGHUDQGRVH YiOLGRV RV TXH UHDOL]DGRV GH RXWUR PRGR OKH SUHHQFKDP D ILQDOLGDGH
HVVHQFLDO

$UW2VDWRVSURFHVVXDLVVmRS~EOLFRVWRGDYLDWUDPLWDPHPVHJUHGRGHMXVWLoDRVSURFHVVRV

,HPTXHRH[LMDRLQWHUHVVHS~EOLFRRXVRFLDO

,,  TXH YHUVHP VREUH FDVDPHQWR VHSDUDomR GH FRUSRV GLYyUFLR VHSDUDomR XQLmR HVWiYHO ILOLDomR
DOLPHQWRVHJXDUGDGHFULDQoDVHDGROHVFHQWHV

,,,HPTXHFRQVWHPGDGRVSURWHJLGRVSHORGLUHLWRFRQVWLWXFLRQDOjLQWLPLGDGH

,9  TXH YHUVHP VREUH DUELWUDJHP LQFOXVLYH VREUH FXPSULPHQWR GH FDUWD DUELWUDO GHVGH TXH D
FRQILGHQFLDOLGDGHHVWLSXODGDQDDUELWUDJHPVHMDFRPSURYDGDSHUDQWHRMXt]R

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2GLUHLWRGHFRQVXOWDURVDXWRVGHSURFHVVRTXHWUDPLWHHPVHJUHGRGHMXVWLoDHGHSHGLUFHUWLG}HVGH
VHXVDWRVpUHVWULWRjVSDUWHVHDRVVHXVSURFXUDGRUHV

 R 2 WHUFHLUR TXH GHPRQVWUDU LQWHUHVVH MXUtGLFR SRGH UHTXHUHU DR MXL] FHUWLGmR GR GLVSRVLWLYR GD
VHQWHQoDEHPFRPRGHLQYHQWiULRHGHSDUWLOKDUHVXOWDQWHVGHGLYyUFLRRXVHSDUDomR

$UW9HUVDQGRRSURFHVVRVREUHGLUHLWRVTXHDGPLWDPDXWRFRPSRVLomRpOtFLWRjVSDUWHVSOHQDPHQWH
FDSD]HVHVWLSXODUPXGDQoDVQRSURFHGLPHQWRSDUDDMXVWiORjVHVSHFLILFLGDGHV GD FDXVD H FRQYHQFLRQDU VREUH
RVVHXV{QXVSRGHUHVIDFXOGDGHVHGHYHUHVSURFHVVXDLVDQWHVRXGXUDQWHRSURFHVVR

3DUiJUDIR~QLFR'HRItFLRRXDUHTXHULPHQWRRMXL]FRQWURODUiDYDOLGDGHGDVFRQYHQo}HVSUHYLVWDVQHVWH
DUWLJRUHFXVDQGROKHVDSOLFDomRVRPHQWHQRVFDVRVGHQXOLGDGHRXGHLQVHUomRDEXVLYDHPFRQWUDWRGHDGHVmR
RXHPTXHDOJXPDSDUWHVHHQFRQWUHHPPDQLIHVWDVLWXDomRGHYXOQHUDELOLGDGH

$UW   'H FRPXP DFRUGR R MXL] H DV SDUWHV SRGHP IL[DU FDOHQGiULR SDUD D SUiWLFD GRV DWRV
SURFHVVXDLVTXDQGRIRURFDVR

 R 2 FDOHQGiULR YLQFXOD DV SDUWHV H R MXL] H RV SUD]RV QHOH SUHYLVWRV VRPHQWH VHUmR PRGLILFDGRV HP
FDVRVH[FHSFLRQDLVGHYLGDPHQWHMXVWLILFDGRV

 R 'LVSHQVDVH D LQWLPDomR GDV SDUWHV SDUD D SUiWLFD GH DWR SURFHVVXDO RX D UHDOL]DomR GH DXGLrQFLD
FXMDVGDWDVWLYHUHPVLGRGHVLJQDGDVQRFDOHQGiULR

$UW(PWRGRVRVDWRVHWHUPRVGRSURFHVVRpREULJDWyULRRXVRGDOtQJXDSRUWXJXHVD

3DUiJUDIR ~QLFR  2 GRFXPHQWR UHGLJLGR HP OtQJXD HVWUDQJHLUD VRPHQWH SRGHUi VHU MXQWDGR DRV DXWRV
TXDQGR DFRPSDQKDGR GH YHUVmR SDUD D OtQJXD SRUWXJXHVD WUDPLWDGD SRU YLD GLSORPiWLFD RX SHOD DXWRULGDGH
FHQWUDORXILUPDGDSRUWUDGXWRUMXUDPHQWDGR

6HomR,,

'D3UiWLFD(OHWU{QLFDGH$WRV3URFHVVXDLV

$UW   2V DWRV SURFHVVXDLV SRGHP VHU WRWDO RX SDUFLDOPHQWH GLJLWDLV GH IRUPD D SHUPLWLU TXH VHMDP
SURGX]LGRVFRPXQLFDGRVDUPD]HQDGRVHYDOLGDGRVSRUPHLRHOHWU{QLFRQDIRUPDGDOHL

3DUiJUDIR ~QLFR  2 GLVSRVWR QHVWD 6HomR DSOLFDVH QR TXH IRU FDEtYHO j SUiWLFD GH DWRV QRWDULDLV H GH
UHJLVWUR

$UW   2V VLVWHPDV GH DXWRPDomR SURFHVVXDO UHVSHLWDUmR D SXEOLFLGDGH GRV DWRV R DFHVVR H D
SDUWLFLSDomRGDVSDUWHVHGHVHXVSURFXUDGRUHVLQFOXVLYHQDVDXGLrQFLDVHVHVV}HVGHMXOJDPHQWRREVHUYDGDV
DV JDUDQWLDV GD GLVSRQLELOLGDGH LQGHSHQGrQFLD GD SODWDIRUPD FRPSXWDFLRQDO DFHVVLELOLGDGH H LQWHURSHUDELOLGDGH
GRVVLVWHPDVVHUYLoRVGDGRVHLQIRUPDo}HVTXHR3RGHU-XGLFLiULRDGPLQLVWUHQRH[HUFtFLRGHVXDVIXQo}HV

$UW2UHJLVWURGHDWRSURFHVVXDOHOHWU{QLFRGHYHUiVHUIHLWRHPSDGU}HVDEHUWRVTXHDWHQGHUmRDRV
UHTXLVLWRVGHDXWHQWLFLGDGHLQWHJULGDGHWHPSRUDOLGDGHQmRUHS~GLRFRQVHUYDomRHQRVFDVRVTXHWUDPLWHPHP
VHJUHGR GH MXVWLoD FRQILGHQFLDOLGDGH REVHUYDGD D LQIUDHVWUXWXUD GH FKDYHV S~EOLFDV XQLILFDGD QDFLRQDOPHQWH
QRVWHUPRVGDOHL

$UW   &RPSHWH DR &RQVHOKR 1DFLRQDO GH -XVWLoD H VXSOHWLYDPHQWH DRV WULEXQDLV UHJXODPHQWDU D
SUiWLFD H D FRPXQLFDomR RILFLDO GH DWRV SURFHVVXDLV SRU PHLR HOHWU{QLFR H YHODU SHOD FRPSDWLELOLGDGH GRV
VLVWHPDVGLVFLSOLQDQGRDLQFRUSRUDomRSURJUHVVLYDGHQRYRVDYDQoRVWHFQROyJLFRVHHGLWDQGRSDUDHVVHILPRV
DWRVTXHIRUHPQHFHVViULRVUHVSHLWDGDVDVQRUPDVIXQGDPHQWDLVGHVWH&yGLJR

$UW   2V WULEXQDLV GLYXOJDUmR DV LQIRUPDo}HV FRQVWDQWHV GH VHX VLVWHPD GH DXWRPDomR HP SiJLQD
SUySULDQDUHGHPXQGLDOGHFRPSXWDGRUHVJR]DQGRDGLYXOJDomRGHSUHVXQomRGHYHUDFLGDGHHFRQILDELOLGDGH

3DUiJUDIR ~QLFR 1RV FDVRV GH SUREOHPD WpFQLFR GR VLVWHPD H GH HUUR RX RPLVVmR GR DX[LOLDU GD MXVWLoD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

UHVSRQViYHOSHORUHJLVWURGRVDQGDPHQWRVSRGHUiVHUFRQILJXUDGDDMXVWDFDXVDSUHYLVWDQRDUWFDSXW H
R

$UW$VXQLGDGHVGR3RGHU-XGLFLiULRGHYHUmRPDQWHUJUDWXLWDPHQWHjGLVSRVLomRGRVLQWHUHVVDGRV
HTXLSDPHQWRV QHFHVViULRV j SUiWLFD GH DWRV SURFHVVXDLV H j FRQVXOWD H DR DFHVVR DR VLVWHPD H DRV
GRFXPHQWRVGHOHFRQVWDQWHV

3DUiJUDIR ~QLFR  6HUi DGPLWLGD D SUiWLFD GH DWRV SRU PHLR QmR HOHWU{QLFR QR ORFDO RQGH QmR HVWLYHUHP
GLVSRQLELOL]DGRVRVHTXLSDPHQWRVSUHYLVWRVQRFDSXW

$UW   $V XQLGDGHV GR 3RGHU -XGLFLiULR DVVHJXUDUmR jV SHVVRDV FRP GHILFLrQFLD DFHVVLELOLGDGH DRV
VHXV VtWLRV QD UHGH PXQGLDO GH FRPSXWDGRUHV DR PHLR HOHWU{QLFR GH SUiWLFD GH DWRV MXGLFLDLV j FRPXQLFDomR
HOHWU{QLFDGRVDWRVSURFHVVXDLVHjDVVLQDWXUDHOHWU{QLFD

6HomR,,,
'RV$WRVGDV3DUWHV

$UW2VDWRVGDVSDUWHVFRQVLVWHQWHVHPGHFODUDo}HVXQLODWHUDLVRXELODWHUDLVGHYRQWDGHSURGX]HP
LPHGLDWDPHQWHDFRQVWLWXLomRPRGLILFDomRRXH[WLQomRGHGLUHLWRVSURFHVVXDLV

3DUiJUDIR~QLFR$GHVLVWrQFLDGDDomRVySURGX]LUiHIHLWRVDSyVKRPRORJDomRMXGLFLDO

$UW$VSDUWHVSRGHUmRH[LJLUUHFLERGHSHWLo}HVDUUD]RDGRVSDSpLVHGRFXPHQWRVTXHHQWUHJDUHP
HPFDUWyULR

$UW   e YHGDGR ODQoDU QRV DXWRV FRWDV PDUJLQDLV RX LQWHUOLQHDUHV DV TXDLV R MXL] PDQGDUi ULVFDU
LPSRQGRDTXHPDVHVFUHYHUPXOWDFRUUHVSRQGHQWHjPHWDGHGRVDOiULRPtQLPR

6HomR,9
'RV3URQXQFLDPHQWRVGR-XL]

$UW2VSURQXQFLDPHQWRVGRMXL]FRQVLVWLUmRHPVHQWHQoDVGHFLV}HVLQWHUORFXWyULDVHGHVSDFKRV

R5HVVDOYDGDVDVGLVSRVLo}HVH[SUHVVDVGRVSURFHGLPHQWRVHVSHFLDLVVHQWHQoDpRSURQXQFLDPHQWR
SRUPHLRGRTXDORMXL]FRPIXQGDPHQWRQRVDUWVHS}HILPjIDVHFRJQLWLYDGRSURFHGLPHQWRFRPXP
EHPFRPRH[WLQJXHDH[HFXomR

R'HFLVmRLQWHUORFXWyULDpWRGRSURQXQFLDPHQWRMXGLFLDOGHQDWXUH]DGHFLVyULDTXHQmRVHHQTXDGUHQR
R

 R 6mR GHVSDFKRV WRGRV RV GHPDLV SURQXQFLDPHQWRV GR MXL] SUDWLFDGRV QR SURFHVVR GH RItFLR RX D
UHTXHULPHQWRGDSDUWH

 R 2V DWRV PHUDPHQWH RUGLQDWyULRV FRPR D MXQWDGD H D YLVWD REULJDWyULD LQGHSHQGHP GH GHVSDFKR
GHYHQGRVHUSUDWLFDGRVGHRItFLRSHORVHUYLGRUHUHYLVWRVSHORMXL]TXDQGRQHFHVViULR

$UW$FyUGmRpRMXOJDPHQWRFROHJLDGRSURIHULGRSHORVWULEXQDLV

$UW2VGHVSDFKRVDVGHFLV}HVDVVHQWHQoDVHRVDFyUGmRVVHUmRUHGLJLGRVGDWDGRVHDVVLQDGRV
SHORVMXt]HV

 R 4XDQGR RV SURQXQFLDPHQWRV SUHYLVWRV QR FDSXW IRUHP SURIHULGRV RUDOPHQWH R VHUYLGRU RV
GRFXPHQWDUiVXEPHWHQGRRVDRVMXt]HVSDUDUHYLVmRHDVVLQDWXUD

R$DVVLQDWXUDGRVMXt]HVHPWRGRVRVJUDXVGHMXULVGLomRSRGHVHUIHLWDHOHWURQLFDPHQWHQDIRUPDGD
OHL

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 2V GHVSDFKRV DV GHFLV}HV LQWHUORFXWyULDV R GLVSRVLWLYR GDV VHQWHQoDV H D HPHQWD GRV DFyUGmRV
VHUmRSXEOLFDGRVQR'LiULRGH-XVWLoD(OHWU{QLFR

6HomR9
'RV$WRVGR(VFULYmRRXGR&KHIHGH6HFUHWDULD

$UW   $R UHFHEHU D SHWLomR LQLFLDO GH SURFHVVR R HVFULYmR RX R FKHIH GH VHFUHWDULD D DXWXDUi
PHQFLRQDQGRRMXt]RDQDWXUH]DGRSURFHVVRRQ~PHURGHVHXUHJLVWURRVQRPHVGDV SDUWHV H D GDWD GH VHX
LQtFLRHSURFHGHUiGRPHVPRPRGRHPUHODomRDRVYROXPHVHPIRUPDomR

$UW2HVFULYmRRXRFKHIHGHVHFUHWDULDQXPHUDUiHUXEULFDUiWRGDVDVIROKDVGRVDXWRV

3DUiJUDIR ~QLFR   SDUWH DR SURFXUDGRU DR PHPEUR GR 0LQLVWpULR 3~EOLFR DR GHIHQVRU S~EOLFR H DRV
DX[LOLDUHVGDMXVWLoDpIDFXOWDGRUXEULFDUDVIROKDVFRUUHVSRQGHQWHVDRVDWRVHPTXHLQWHUYLHUHP

$UW   2V WHUPRV GH MXQWDGD YLVWD FRQFOXVmR H RXWURV VHPHOKDQWHV FRQVWDUmR GH QRWDV GDWDGDV H
UXEULFDGDVSHORHVFULYmRRXSHORFKHIHGHVHFUHWDULD

$UW   2V DWRV H RV WHUPRV GR SURFHVVR VHUmR DVVLQDGRV SHODV SHVVRDV TXH QHOHV LQWHUYLHUHP
WRGDYLDTXDQGRHVVDVQmRSXGHUHPRXQmRTXLVHUHPILUPiORVRHVFULYmRRXRFKHIHGHVHFUHWDULD FHUWLILFDUi D
RFRUUrQFLD

 R 4XDQGR VH WUDWDU GH SURFHVVR WRWDO RX SDUFLDOPHQWH GRFXPHQWDGR HP DXWRV HOHWU{QLFRV RV DWRV
SURFHVVXDLVSUDWLFDGRVQDSUHVHQoDGRMXL]SRGHUmRVHUSURGX]LGRVHDUPD]HQDGRVGHPRGRLQWHJUDOPHQWHGLJLWDO
HP DUTXLYR HOHWU{QLFR LQYLROiYHO QD IRUPD GD OHL PHGLDQWH UHJLVWUR HP WHUPR TXH VHUi DVVLQDGR GLJLWDOPHQWH
SHORMXL]HSHORHVFULYmRRXFKHIHGHVHFUHWDULDEHPFRPRSHORVDGYRJDGRVGDVSDUWHV

 R 1D KLSyWHVH GR  R HYHQWXDLV FRQWUDGLo}HV QD WUDQVFULomR GHYHUmR VHU VXVFLWDGDV RUDOPHQWH QR
PRPHQWR GH UHDOL]DomR GR DWR VRE SHQD GH SUHFOXVmR GHYHQGR R MXL] GHFLGLU GH SODQR H RUGHQDU R UHJLVWUR QR
WHUPRGDDOHJDomRHGDGHFLVmR

$UW   e OtFLWR R XVR GD WDTXLJUDILD GD HVWHQRWLSLD RX GH RXWUR PpWRGR LG{QHR HP TXDOTXHU MXt]R RX
WULEXQDO

$UW   1mR VH DGPLWHP QRV DWRV H WHUPRV SURFHVVXDLV HVSDoRV HP EUDQFR VDOYR RV TXH IRUHP
LQXWLOL]DGRVDVVLPFRPRHQWUHOLQKDVHPHQGDVRXUDVXUDVH[FHWRTXDQGRH[SUHVVDPHQWHUHVVDOYDGDV

&$378/2,,
'27(032('2/8*$5'26$726352&(668$,6

6HomR,
'R7HPSR

$UW2VDWRVSURFHVVXDLVVHUmRUHDOL]DGRVHPGLDV~WHLVGDV VHLV jV YLQWH KRUDV

R6HUmRFRQFOXtGRVDSyVDV YLQWH KRUDVRVDWRVLQLFLDGRVDQWHVTXDQGRRDGLDPHQWRSUHMXGLFDUD


GLOLJrQFLDRXFDXVDUJUDYHGDQR

 R ,QGHSHQGHQWHPHQWH GH DXWRUL]DomR MXGLFLDO DV FLWDo}HV LQWLPDo}HV H SHQKRUDV SRGHUmR UHDOL]DUVH
QR SHUtRGR GH IpULDV IRUHQVHV RQGH DV KRXYHU H QRV IHULDGRV RX GLDV ~WHLV IRUD GR KRUiULR HVWDEHOHFLGR QHVWH
DUWLJRREVHUYDGRRGLVSRVWRQRDUWRLQFLVR;,GD&RQVWLWXLomR)HGHUDO

R 4XDQGR R DWR WLYHU GH VHU SUDWLFDGR SRU PHLR GH SHWLomR HP DXWRV QmR HOHWU{QLFRV HVVD GHYHUi VHU
SURWRFRODGD QR KRUiULR GH IXQFLRQDPHQWR GR IyUXP RX WULEXQDO FRQIRUPH R GLVSRVWR QD OHL GH RUJDQL]DomR
MXGLFLiULDORFDO

$UW   $ SUiWLFD HOHWU{QLFD GH DWR SURFHVVXDO SRGH RFRUUHU HP TXDOTXHU KRUiULR DWp DV  YLQWH H

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

TXDWUR KRUDVGR~OWLPRGLDGRSUD]R

3DUiJUDIR~QLFR2KRUiULRYLJHQWHQRMXt]RSHUDQWHRTXDORDWRGHYHVHUSUDWLFDGRVHUiFRQVLGHUDGRSDUD
ILQVGHDWHQGLPHQWRGRSUD]R

$UW'XUDQWHDVIpULDVIRUHQVHVHQRVIHULDGRVQmRVHSUDWLFDUmRDWRVSURFHVVXDLVH[FHWXDQGRVH

,RVDWRVSUHYLVWRVQRDUWR

,,DWXWHODGHXUJrQFLD

$UW   3URFHVVDPVH GXUDQWH DV IpULDV IRUHQVHV RQGH DV KRXYHU H QmR VH VXVSHQGHP SHOD
VXSHUYHQLrQFLDGHODV

,RVSURFHGLPHQWRVGHMXULVGLomRYROXQWiULDHRVQHFHVViULRVjFRQVHUYDomRGHGLUHLWRVTXDQGRSXGHUHP
VHUSUHMXGLFDGRVSHORDGLDPHQWR

,,DDomRGHDOLPHQWRVHRVSURFHVVRVGHQRPHDomRRXUHPRomRGHWXWRUHFXUDGRU

,,,RVSURFHVVRVTXHDOHLGHWHUPLQDU

$UW   $OpP GRV GHFODUDGRV HP OHL VmR IHULDGRV SDUD HIHLWR IRUHQVH RV ViEDGRV RV GRPLQJRV H RV
GLDVHPTXHQmRKDMDH[SHGLHQWHIRUHQVH

6HomR,,
'R/XJDU

$UW2VDWRVSURFHVVXDLVUHDOL]DUVHmRRUGLQDULDPHQWHQDVHGHGRMXt]RRXH[FHSFLRQDOPHQWH HP
RXWUR OXJDU HP UD]mR GH GHIHUrQFLD GH LQWHUHVVH GD MXVWLoD GD QDWXUH]D GR DWR RX GH REVWiFXOR DUJXLGR SHOR
LQWHUHVVDGRHDFROKLGRSHORMXL]

&$378/2,,,
'2635$=26

6HomR,
'LVSRVLo}HV*HUDLV

$UW2VDWRVSURFHVVXDLVVHUmRUHDOL]DGRVQRVSUD]RVSUHVFULWRVHPOHL

R4XDQGRDOHLIRURPLVVDRMXL]GHWHUPLQDUiRVSUD]RVHPFRQVLGHUDomRjFRPSOH[LGDGHGRDWR

 R 4XDQGR D OHL RX R MXL] QmR GHWHUPLQDU SUD]R DV LQWLPDo}HV VRPHQWH REULJDUmR D FRPSDUHFLPHQWR
DSyVGHFRUULGDV TXDUHQWDHRLWR KRUDV

R,QH[LVWLQGRSUHFHLWROHJDORXSUD]RGHWHUPLQDGRSHORMXL]VHUiGH FLQFR GLDVRSUD]RSDUDDSUiWLFD


GHDWRSURFHVVXDODFDUJRGDSDUWH

R6HUiFRQVLGHUDGRWHPSHVWLYRRDWRSUDWLFDGRDQWHVGRWHUPRLQLFLDOGRSUD]R

$UW   1D FRQWDJHP GH SUD]R HP GLDV HVWDEHOHFLGR SRU OHL RX SHOR MXL] FRPSXWDUVHmR VRPHQWH RV
GLDV~WHLV

3DUiJUDIR~QLFR2GLVSRVWRQHVWHDUWLJRDSOLFDVHVRPHQWHDRVSUD]RVSURFHVVXDLV

$UW6XVSHQGHVHRFXUVRGRSUD]RSURFHVVXDOQRVGLDVFRPSUHHQGLGRVHQWUHGHGH]HPEURH
GHMDQHLURLQFOXVLYH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 5HVVDOYDGDV DV IpULDV LQGLYLGXDLV H RV IHULDGRV LQVWLWXtGRV SRU OHL RV MXt]HV RV PHPEURV GR
0LQLVWpULR 3~EOLFR GD 'HIHQVRULD 3~EOLFD H GD $GYRFDFLD 3~EOLFD H RV DX[LOLDUHV GD -XVWLoD H[HUFHUmR VXDV
DWULEXLo}HVGXUDQWHRSHUtRGRSUHYLVWRQRFDSXW

R'XUDQWHDVXVSHQVmRGRSUD]RQmRVHUHDOL]DUmRDXGLrQFLDVQHPVHVV}HVGHMXOJDPHQWR

$UW   6XVSHQGHVH R FXUVR GR SUD]R SRU REVWiFXOR FULDGR HP GHWULPHQWR GD SDUWH RX RFRUUHQGR
TXDOTXHU GDV KLSyWHVHV GR DUW  GHYHQGR R SUD]R VHU UHVWLWXtGR SRU WHPSR LJXDO DR TXH IDOWDYD SDUD VXD
FRPSOHPHQWDomR

3DUiJUDIR ~QLFR  6XVSHQGHPVH RV SUD]RV GXUDQWH D H[HFXomR GH SURJUDPD LQVWLWXtGR SHOR 3RGHU
-XGLFLiULRSDUDSURPRYHUDDXWRFRPSRVLomRLQFXPELQGRDRVWULEXQDLVHVSHFLILFDUFRPDQWHFHGrQFLDDGXUDomR
GRVWUDEDOKRV

$UW1DFRPDUFDVHomRRXVXEVHomRMXGLFLiULDRQGHIRUGLItFLORWUDQVSRUWHRMXL]SRGHUiSURUURJDURV
SUD]RVSRUDWp GRLV PHVHV

R$RMXL]pYHGDGRUHGX]LUSUD]RVSHUHPSWyULRVVHPDQXrQFLDGDVSDUWHV

 R +DYHQGR FDODPLGDGH S~EOLFD R OLPLWH SUHYLVWR QR FDSXW SDUD SURUURJDomR GH SUD]RV SRGHUi VHU
H[FHGLGR

$UW   'HFRUULGR R SUD]R H[WLQJXHVH R GLUHLWR GH SUDWLFDU RX GH HPHQGDU R DWR SURFHVVXDO
LQGHSHQGHQWHPHQWH GH GHFODUDomR MXGLFLDO ILFDQGR DVVHJXUDGR SRUpP j SDUWH SURYDU TXH QmR R UHDOL]RX SRU
MXVWDFDXVD

R&RQVLGHUDVHMXVWDFDXVDRHYHQWRDOKHLRjYRQWDGHGDSDUWHHTXHDLPSHGLXGHSUDWLFDURDWRSRUVL
RXSRUPDQGDWiULR

R9HULILFDGDDMXVWDFDXVDRMXL]SHUPLWLUijSDUWHDSUiWLFDGRDWRQRSUD]RTXHOKHDVVLQDU

$UW6DOYRGLVSRVLomRHPFRQWUiULRRVSUD]RVVHUmRFRQWDGRVH[FOXLQGRRGLDGRFRPHoRHLQFOXLQGR
RGLDGRYHQFLPHQWR

 R 2V GLDV GR FRPHoR H GR YHQFLPHQWR GR SUD]R VHUmR SURWUDtGRV SDUD R SULPHLUR GLD ~WLO VHJXLQWH VH
FRLQFLGLUHP FRP GLD HP TXH R H[SHGLHQWH IRUHQVH IRU HQFHUUDGR DQWHV RX LQLFLDGR GHSRLV GD KRUD QRUPDO RX
KRXYHULQGLVSRQLELOLGDGHGDFRPXQLFDomRHOHWU{QLFD

 R &RQVLGHUDVH FRPR GDWD GH SXEOLFDomR R SULPHLUR GLD ~WLO VHJXLQWH DR GD GLVSRQLELOL]DomR GD
LQIRUPDomRQR'LiULRGD-XVWLoDHOHWU{QLFR

R$FRQWDJHPGRSUD]RWHUiLQtFLRQRSULPHLURGLD~WLOTXHVHJXLUDRGDSXEOLFDomR

$UW$SDUWHSRGHUiUHQXQFLDUDRSUD]RHVWDEHOHFLGRH[FOXVLYDPHQWHHPVHXIDYRUGHVGHTXHRIDoD
GHPDQHLUDH[SUHVVD

$UW2MXL]SURIHULUi

,RVGHVSDFKRVQRSUD]RGH FLQFR GLDV

,,DVGHFLV}HVLQWHUORFXWyULDVQRSUD]RGH GH] GLDV

,,,DVVHQWHQoDVQRSUD]RGH WULQWD GLDV

$UW   (P TXDOTXHU JUDX GH MXULVGLomR KDYHQGR PRWLYR MXVWLILFDGR SRGH R MXL] H[FHGHU SRU LJXDO
WHPSRRVSUD]RVDTXHHVWiVXEPHWLGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW,QFXPELUiDRVHUYHQWXiULRUHPHWHURVDXWRVFRQFOXVRVQRSUD]RGH XP GLDHH[HFXWDURVDWRV
SURFHVVXDLVQRSUD]RGH FLQFR GLDVFRQWDGRGDGDWDHPTXH

,KRXYHUFRQFOXtGRRDWRSURFHVVXDODQWHULRUVHOKHIRLLPSRVWRSHODOHL

,,WLYHUFLrQFLDGDRUGHPTXDQGRGHWHUPLQDGDSHORMXL]

R$RUHFHEHURVDXWRVRVHUYHQWXiULRFHUWLILFDUiRGLDHDKRUDHPTXHWHYHFLrQFLDGDRUGHPUHIHULGD
QRLQFLVR,,

 R 1RV SURFHVVRV HP DXWRV HOHWU{QLFRV D MXQWDGD GH SHWLo}HV RX GH PDQLIHVWDo}HV HP JHUDO RFRUUHUi
GHIRUPDDXWRPiWLFDLQGHSHQGHQWHPHQWHGHDWRGHVHUYHQWXiULRGDMXVWLoD

$UW   2V OLWLVFRQVRUWHV TXH WLYHUHP GLIHUHQWHV SURFXUDGRUHV GH HVFULWyULRV GH DGYRFDFLD GLVWLQWRV
WHUmR SUD]RV FRQWDGRV HP GREUR SDUD WRGDV DV VXDV PDQLIHVWDo}HV HP TXDOTXHU MXt]R RX WULEXQDO
LQGHSHQGHQWHPHQWHGHUHTXHULPHQWR

 R &HVVD D FRQWDJHP GR SUD]R HP GREUR VH KDYHQGR DSHQDV  GRLV  UpXV p RIHUHFLGD GHIHVD SRU
DSHQDVXPGHOHV

R1mRVHDSOLFDRGLVSRVWRQRFDSXWDRVSURFHVVRVHPDXWRVHOHWU{QLFRV

$UW   2 SUD]R SDUD D SDUWH R SURFXUDGRU D $GYRFDFLD 3~EOLFD D 'HIHQVRULD 3~EOLFD H R 0LQLVWpULR
3~EOLFRVHUiFRQWDGRGDFLWDomRGDLQWLPDomRRXGDQRWLILFDomR

$UW6DOYRGLVSRVLomRHPVHQWLGRGLYHUVRFRQVLGHUDVHGLDGRFRPHoRGRSUD]R

,DGDWDGHMXQWDGDDRVDXWRVGRDYLVRGHUHFHELPHQWRTXDQGRDFLWDomRRXDLQWLPDomRIRUSHORFRUUHLR

,,DGDWDGHMXQWDGDDRVDXWRVGRPDQGDGRFXPSULGRTXDQGRDFLWDomRRXDLQWLPDomRIRUSRURILFLDOGH
MXVWLoD

,,,DGDWDGHRFRUUrQFLDGDFLWDomRRXGDLQWLPDomRTXDQGRHODVHGHUSRUDWRGRHVFULYmRRXGRFKHIHGH
VHFUHWDULD

,9RGLD~WLOVHJXLQWHDRILPGDGLODomRDVVLQDGDSHORMXL]TXDQGRDFLWDomRRXDLQWLPDomRIRUSRUHGLWDO

9  R GLD ~WLO VHJXLQWH j FRQVXOWD DR WHRU GD FLWDomR RX GD LQWLPDomR RX DR WpUPLQR GR SUD]R SDUD TXH D
FRQVXOWDVHGrTXDQGRDFLWDomRRXDLQWLPDomRIRUHOHWU{QLFD

9,DGDWDGHMXQWDGDGRFRPXQLFDGRGHTXHWUDWDRDUWRXQmRKDYHQGRHVVHDGDWDGHMXQWDGDGD
FDUWDDRVDXWRVGHRULJHPGHYLGDPHQWHFXPSULGDTXDQGRDFLWDomRRXDLQWLPDomRVHUHDOL]DUHPFXPSULPHQWR
GHFDUWD

9,,DGDWDGHSXEOLFDomRTXDQGRDLQWLPDomRVHGHUSHOR'LiULRGD-XVWLoDLPSUHVVRRXHOHWU{QLFR

9,,,RGLDGDFDUJDTXDQGRDLQWLPDomRVHGHUSRUPHLRGDUHWLUDGDGRVDXWRVHPFDUJDGRFDUWyULRRX
GDVHFUHWDULD

R4XDQGRKRXYHUPDLVGHXPUpXRGLDGRFRPHoRGRSUD]RSDUDFRQWHVWDUFRUUHVSRQGHUij~OWLPDGDV
GDWDVDTXHVHUHIHUHPRVLQFLVRV,D9,GRFDSXW

R+DYHQGRPDLVGHXPLQWLPDGRRSUD]RSDUDFDGDXPpFRQWDGRLQGLYLGXDOPHQWH

R4XDQGRRDWRWLYHUGHVHUSUDWLFDGRGLUHWDPHQWHSHODSDUWHRXSRUTXHPGHTXDOTXHUIRUPDSDUWLFLSH
GR SURFHVVR VHP D LQWHUPHGLDomR GH UHSUHVHQWDQWH MXGLFLDO R GLD GR FRPHoR GR SUD]R SDUD FXPSULPHQWR GD
GHWHUPLQDomRMXGLFLDOFRUUHVSRQGHUijGDWDHPTXHVHGHUDFRPXQLFDomR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$SOLFDVHRGLVSRVWRQRLQFLVR,,GRFDSXWjFLWDomRFRPKRUDFHUWD

$UW1RVDWRVGHFRPXQLFDomRSRUFDUWDSUHFDWyULDURJDWyULDRXGHRUGHPDUHDOL]DomRGDFLWDomRRX
GDLQWLPDomRVHUiLPHGLDWDPHQWHLQIRUPDGDSRUPHLRHOHWU{QLFRSHORMXL]GHSUHFDGRDRMXL]GHSUHFDQWH

6HomR,,
'D9HULILFDomRGRV3UD]RVHGDV3HQDOLGDGHV

$UW   ,QFXPEH DR MXL] YHULILFDU VH R VHUYHQWXiULR H[FHGHX VHP PRWLYR OHJtWLPR RV SUD]RV
HVWDEHOHFLGRVHPOHL

R&RQVWDWDGDDIDOWDRMXL]RUGHQDUiDLQVWDXUDomRGHSURFHVVRDGPLQLVWUDWLYRQDIRUPDGDOHL

R4XDOTXHUGDVSDUWHVR0LQLVWpULR3~EOLFRRXD'HIHQVRULD3~EOLFDSRGHUiUHSUHVHQWDUDRMXL]FRQWUDR
VHUYHQWXiULRTXHLQMXVWLILFDGDPHQWHH[FHGHURVSUD]RVSUHYLVWRVHPOHL

$UW   2V DGYRJDGRV S~EOLFRV RX SULYDGRV R GHIHQVRU S~EOLFR H R PHPEUR GR 0LQLVWpULR 3~EOLFR
GHYHPUHVWLWXLURVDXWRVQRSUD]RGRDWRDVHUSUDWLFDGR

ReOtFLWRDTXDOTXHULQWHUHVVDGRH[LJLURVDXWRVGRDGYRJDGRTXHH[FHGHUSUD]ROHJDO

 R 6H LQWLPDGR R DGYRJDGR QmR GHYROYHU RV DXWRV QR SUD]R GH  WUrV  GLDV SHUGHUi R GLUHLWR j YLVWD
IRUDGHFDUWyULRHLQFRUUHUiHPPXOWDFRUUHVSRQGHQWHjPHWDGHGRVDOiULRPtQLPR

 R 9HULILFDGD D IDOWD R MXL] FRPXQLFDUi R IDWR j VHomR ORFDO GD 2UGHP GRV $GYRJDGRV GR %UDVLO SDUD
SURFHGLPHQWRGLVFLSOLQDUHLPSRVLomRGHPXOWD

 R 6H D VLWXDomR HQYROYHU PHPEUR GR 0LQLVWpULR 3~EOLFR GD 'HIHQVRULD 3~EOLFD RX GD $GYRFDFLD
3~EOLFDDPXOWDVHIRURFDVRVHUiDSOLFDGDDRDJHQWHS~EOLFRUHVSRQViYHOSHORDWR

 R 9HULILFDGD D IDOWD R MXL] FRPXQLFDUi R IDWR DR yUJmR FRPSHWHQWH UHVSRQViYHO SHOD LQVWDXUDomR GH
SURFHGLPHQWRGLVFLSOLQDUFRQWUDRPHPEURTXHDWXRXQRIHLWR

$UW   4XDOTXHU SDUWH R 0LQLVWpULR 3~EOLFR RX D 'HIHQVRULD 3~EOLFD SRGHUi UHSUHVHQWDU DR FRUUHJHGRU
GR WULEXQDO RX DR &RQVHOKR 1DFLRQDO GH -XVWLoD FRQWUD MXL] RX UHODWRU TXH LQMXVWLILFDGDPHQWH H[FHGHU RV SUD]RV
SUHYLVWRVHPOHLUHJXODPHQWRRXUHJLPHQWRLQWHUQR

 R 'LVWULEXtGD D UHSUHVHQWDomR DR yUJmR FRPSHWHQWH H RXYLGR SUHYLDPHQWH R MXL] QmR VHQGR FDVR GH
DUTXLYDPHQWR OLPLQDU VHUi LQVWDXUDGR SURFHGLPHQWR SDUD DSXUDomR GD UHVSRQVDELOLGDGH FRP LQWLPDomR GR
UHSUHVHQWDGRSRUPHLRHOHWU{QLFRSDUDTXHUHQGRDSUHVHQWDUMXVWLILFDWLYDQRSUD]RGH TXLQ]H GLDV

 R 6HP SUHMXt]R GDV VDQo}HV DGPLQLVWUDWLYDV FDEtYHLV HP DWp  TXDUHQWD H RLWR  KRUDV DSyV D
DSUHVHQWDomRRXQmRGDMXVWLILFDWLYDGHTXHWUDWDRR VH IRU R FDVR R FRUUHJHGRU GR WULEXQDO RX R UHODWRU QR
&RQVHOKR1DFLRQDOGH-XVWLoDGHWHUPLQDUiDLQWLPDomRGRUHSUHVHQWDGRSRUPHLRHOHWU{QLFRSDUDTXHHP GH]
GLDVSUDWLTXHRDWR

R0DQWLGDDLQpUFLDRVDXWRVVHUmRUHPHWLGRVDRVXEVWLWXWROHJDOGRMXL]RXGRUHODWRUFRQWUDRTXDOVH
UHSUHVHQWRXSDUDGHFLVmRHP GH] GLDV

778/2,,
'$&2081,&$d2'26$726352&(668$,6

&$378/2,
',6326,d(6*(5$,6

$UW2VDWRVSURFHVVXDLVVHUmRFXPSULGRVSRURUGHPMXGLFLDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 6HUi H[SHGLGD FDUWD SDUD D SUiWLFD GH DWRV IRUD GRV OLPLWHV WHUULWRULDLV GR WULEXQDO GD FRPDUFD GD
VHomRRXGDVXEVHomRMXGLFLiULDVUHVVDOYDGDVDVKLSyWHVHVSUHYLVWDVHPOHL

 R 2 WULEXQDO SRGHUi H[SHGLU FDUWD SDUD MXt]R D HOH YLQFXODGR VH R DWR KRXYHU GH VH UHDOL]DU IRUD GRV
OLPLWHVWHUULWRULDLVGRORFDOGHVXDVHGH

 R $GPLWHVH D SUiWLFD GH DWRV SURFHVVXDLV SRU PHLR GH YLGHRFRQIHUrQFLD RX RXWUR UHFXUVR WHFQROyJLFR
GHWUDQVPLVVmRGHVRQVHLPDJHQVHPWHPSRUHDO

$UW6HUiH[SHGLGDFDUWD

,GHRUGHPSHORWULEXQDOQDKLSyWHVHGRRGRDUW

,,  URJDWyULD SDUD TXH yUJmR MXULVGLFLRQDO HVWUDQJHLUR SUDWLTXH DWR GH FRRSHUDomR MXUtGLFD LQWHUQDFLRQDO
UHODWLYRDSURFHVVRHPFXUVRSHUDQWHyUJmRMXULVGLFLRQDOEUDVLOHLUR

,,,SUHFDWyULDSDUDTXHyUJmRMXULVGLFLRQDOEUDVLOHLURSUDWLTXHRXGHWHUPLQHRFXPSULPHQWRQDiUHDGHVXD
FRPSHWrQFLD WHUULWRULDO GH DWR UHODWLYR D SHGLGR GH FRRSHUDomR MXGLFLiULD IRUPXODGR SRU yUJmR MXULVGLFLRQDO GH
FRPSHWrQFLDWHUULWRULDOGLYHUVD

,9  DUELWUDO SDUD TXH yUJmR GR 3RGHU -XGLFLiULR SUDWLTXH RX GHWHUPLQH R FXPSULPHQWR QD iUHD GH VXD
FRPSHWrQFLDWHUULWRULDOGHDWRREMHWRGHSHGLGRGHFRRSHUDomRMXGLFLiULDIRUPXODGRSRUMXt]RDUELWUDOLQFOXVLYHRV
TXHLPSRUWHPHIHWLYDomRGHWXWHODSURYLVyULD

3DUiJUDIR~QLFR6HRDWRUHODWLYRDSURFHVVRHPFXUVRQDMXVWLoDIHGHUDORXHPWULEXQDOVXSHULRUKRXYHU
GHVHUSUDWLFDGRHPORFDORQGHQmRKDMDYDUDIHGHUDODFDUWDSRGHUiVHUGLULJLGDDRMXt]RHVWDGXDOGD UHVSHFWLYD
FRPDUFD

&$378/2,,
'$&,7$d2

$UW&LWDomRpRDWR SHOR TXDO VmR FRQYRFDGRV R UpX R H[HFXWDGR RX R LQWHUHVVDGR SDUD LQWHJUDU D
UHODomRSURFHVVXDO

$UW3DUDDYDOLGDGHGRSURFHVVRpLQGLVSHQViYHODFLWDomRGRUpXRXGRH[HFXWDGRUHVVDOYDGDV DV
KLSyWHVHVGHLQGHIHULPHQWRGDSHWLomRLQLFLDORXGHLPSURFHGrQFLDOLPLQDUGRSHGLGR

R2FRPSDUHFLPHQWRHVSRQWkQHRGRUpXRXGRH[HFXWDGRVXSUHDIDOWDRXDQXOLGDGHGDFLWDomRIOXLQGR
DSDUWLUGHVWDGDWDRSUD]RSDUDDSUHVHQWDomRGHFRQWHVWDomRRXGHHPEDUJRVjH[HFXomR

R5HMHLWDGDDDOHJDomRGHQXOLGDGHWUDWDQGRVHGHSURFHVVRGH

,FRQKHFLPHQWRRUpXVHUiFRQVLGHUDGRUHYHO

,,H[HFXomRRIHLWRWHUiVHJXLPHQWR

$UW   $ FLWDomR YiOLGD DLQGD TXDQGR RUGHQDGD SRU MXt]R LQFRPSHWHQWH LQGX] OLWLVSHQGrQFLD WRUQD
OLWLJLRVDDFRLVDHFRQVWLWXLHPPRUDRGHYHGRUUHVVDOYDGRRGLVSRVWRQRVDUWVHGD/HLQR  GH
GHMDQHLURGH &yGLJR&LYLO 

 R $ LQWHUUXSomR GD SUHVFULomR RSHUDGD SHOR GHVSDFKR TXH RUGHQD D FLWDomR DLQGD TXH SURIHULGR SRU
MXt]RLQFRPSHWHQWHUHWURDJLUijGDWDGHSURSRVLWXUDGDDomR

 R ,QFXPEH DR DXWRU DGRWDU QR SUD]R GH  GH]  GLDV DV SURYLGrQFLDV QHFHVViULDV SDUD YLDELOL]DU D
FLWDomRVRESHQDGHQmRVHDSOLFDURGLVSRVWRQRR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$SDUWHQmRVHUiSUHMXGLFDGDSHODGHPRUDLPSXWiYHOH[FOXVLYDPHQWHDRVHUYLoRMXGLFLiULR

 R 2 HIHLWR UHWURDWLYR D TXH VH UHIHUH R  R DSOLFDVH j GHFDGrQFLD H DRV GHPDLV SUD]RV H[WLQWLYRV
SUHYLVWRVHPOHL

$UW7UDQVLWDGDHPMXOJDGRDVHQWHQoDGHPpULWRSURIHULGDHPIDYRUGRUpXDQWHVGDFLWDomRLQFXPEH
DRHVFULYmRRXDRFKHIHGHVHFUHWDULDFRPXQLFDUOKHRUHVXOWDGRGRMXOJDPHQWR

$UW$FLWDomRVHUiSHVVRDOSRGHQGRQRHQWDQWRVHUIHLWDQDSHVVRDGRUHSUHVHQWDQWHOHJDORXGR
SURFXUDGRUGRUpXGRH[HFXWDGRRXGRLQWHUHVVDGR

 R 1D DXVrQFLD GR FLWDQGR D FLWDomR VHUi IHLWD QD SHVVRD GH VHX PDQGDWiULR DGPLQLVWUDGRU SUHSRVWR
RXJHUHQWHTXDQGRDDomRVHRULJLQDUGHDWRVSRUHOHVSUDWLFDGRV

 R 2 ORFDGRU TXH VH DXVHQWDU GR %UDVLO VHP FLHQWLILFDU R ORFDWiULR GH TXH GHL[RX QD ORFDOLGDGH RQGH
HVWLYHU VLWXDGR R LPyYHO SURFXUDGRU FRP SRGHUHV SDUD UHFHEHU FLWDomR VHUi FLWDGR QD SHVVRD GR DGPLQLVWUDGRU
GRLPyYHOHQFDUUHJDGRGRUHFHELPHQWRGRVDOXJXpLVTXHVHUiFRQVLGHUDGRKDELOLWDGRSDUDUHSUHVHQWDURORFDGRU
HPMXt]R

 R $ FLWDomR GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRV H GH VXDV UHVSHFWLYDV
DXWDUTXLDV H IXQGDo}HV GH GLUHLWR S~EOLFR VHUi UHDOL]DGD SHUDQWH R yUJmR GH $GYRFDFLD 3~EOLFD UHVSRQViYHO SRU
VXDUHSUHVHQWDomRMXGLFLDO

$UW   $ FLWDomR SRGHUi VHU IHLWD HP TXDOTXHU OXJDU HP TXH VH HQFRQWUH R UpX R H[HFXWDGR RX R
LQWHUHVVDGR

3DUiJUDIR ~QLFR  2 PLOLWDU HP VHUYLoR DWLYR VHUi FLWDGR QD XQLGDGH HP TXH HVWLYHU VHUYLQGR VH QmR IRU
FRQKHFLGDVXDUHVLGrQFLDRXQHODQmRIRUHQFRQWUDGR

$UW1mRVHIDUiDFLWDomRVDOYRSDUDHYLWDURSHUHFLPHQWRGRGLUHLWR

,GHTXHPHVWLYHUSDUWLFLSDQGRGHDWRGHFXOWRUHOLJLRVR

,,GHF{QMXJHGHFRPSDQKHLURRXGHTXDOTXHUSDUHQWHGRPRUWRFRQVDQJXtQHRRXDILPHPOLQKDUHWDRX
QDOLQKDFRODWHUDOHPVHJXQGRJUDXQRGLDGRIDOHFLPHQWRHQRV VHWH GLDVVHJXLQWHV

,,,GHQRLYRVQRV WUrV SULPHLURVGLDVVHJXLQWHVDRFDVDPHQWR

,9GHGRHQWHHQTXDQWRJUDYHRVHXHVWDGR

$UW   1mR VH IDUi FLWDomR TXDQGR VH YHULILFDU TXH R FLWDQGR p PHQWDOPHQWH LQFDSD] RX HVWi
LPSRVVLELOLWDGRGHUHFHErOD

R2RILFLDOGHMXVWLoDGHVFUHYHUiHFHUWLILFDUiPLQXFLRVDPHQWHDRFRUUrQFLD

R3DUDH[DPLQDURFLWDQGRRMXL]QRPHDUiPpGLFRTXHDSUHVHQWDUiODXGRQRSUD]RGH FLQFR GLDV

R'LVSHQVDVHDQRPHDomRGHTXHWUDWDRRVHSHVVRDGDIDPtOLDDSUHVHQWDUGHFODUDomRGR PpGLFR
GRFLWDQGRTXHDWHVWHDLQFDSDFLGDGHGHVWH

 R 5HFRQKHFLGD D LPSRVVLELOLGDGH R MXL] QRPHDUi FXUDGRU DR FLWDQGR REVHUYDQGR TXDQWR j VXD
HVFROKDDSUHIHUrQFLDHVWDEHOHFLGDHPOHLHUHVWULQJLQGRDQRPHDomRjFDXVD

R$FLWDomRVHUiIHLWDQDSHVVRDGRFXUDGRUDTXHPLQFXPELUiDGHIHVDGRVLQWHUHVVHVGRFLWDQGR

$UW$FLWDomRVHUiIHLWD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,SHORFRUUHLR

,,SRURILFLDOGHMXVWLoD

,,,SHORHVFULYmRRXFKHIHGHVHFUHWDULDVHRFLWDQGRFRPSDUHFHUHPFDUWyULR

,9SRUHGLWDO

9SRUPHLRHOHWU{QLFRFRQIRUPHUHJXODGRHPOHL

 R &RP H[FHomR GDV PLFURHPSUHVDV H GDV HPSUHVDV GH SHTXHQR SRUWH DV HPSUHVDV S~EOLFDV H
SULYDGDV VmR REULJDGDV D PDQWHU FDGDVWUR QRV VLVWHPDV GH SURFHVVR HP DXWRV HOHWU{QLFRV SDUD HIHLWR GH
UHFHELPHQWRGHFLWDo}HVHLQWLPDo}HVDVTXDLVVHUmRHIHWXDGDVSUHIHUHQFLDOPHQWHSRUHVVHPHLR

 R 2 GLVSRVWR QR  R DSOLFDVH j 8QLmR DRV (VWDGRV DR 'LVWULWR )HGHUDO DRV 0XQLFtSLRV H jV
HQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD

 R 1D DomR GH XVXFDSLmR GH LPyYHO RV FRQILQDQWHV VHUmR FLWDGRV SHVVRDOPHQWH H[FHWR TXDQGR WLYHU
SRUREMHWRXQLGDGHDXW{QRPDGHSUpGLRHPFRQGRPtQLRFDVRHPTXHWDOFLWDomRpGLVSHQVDGD

$UW$FLWDomRVHUiIHLWDSHORFRUUHLRSDUDTXDOTXHUFRPDUFDGRSDtVH[FHWR

,QDVDo}HVGHHVWDGRREVHUYDGRRGLVSRVWRQRDUWR

,,TXDQGRRFLWDQGRIRULQFDSD]

,,,TXDQGRRFLWDQGRIRUSHVVRDGHGLUHLWRS~EOLFR

,9TXDQGRRFLWDQGRUHVLGLUHPORFDOQmRDWHQGLGRSHODHQWUHJDGRPLFLOLDUGHFRUUHVSRQGrQFLD

9TXDQGRRDXWRUMXVWLILFDGDPHQWHDUHTXHUHUGHRXWUDIRUPD

$UW'HIHULGDDFLWDomRSHORFRUUHLRRHVFULYmRRXRFKHIHGHVHFUHWDULDUHPHWHUiDRFLWDQGRFySLDV
GDSHWLomRLQLFLDOHGRGHVSDFKRGRMXL]HFRPXQLFDUiRSUD]RSDUDUHVSRVWDRHQGHUHoRGRMXt]RHRUHVSHFWLYR
FDUWyULR

R$FDUWDVHUiUHJLVWUDGDSDUDHQWUHJDDRFLWDQGRH[LJLQGROKHRFDUWHLURDRID]HUDHQWUHJDTXHDVVLQH
RUHFLER

 R 6HQGR R FLWDQGR SHVVRD MXUtGLFD VHUi YiOLGD D HQWUHJD GR PDQGDGR D SHVVRD FRP SRGHUHV GH
JHUrQFLDJHUDORXGHDGPLQLVWUDomRRXDLQGDDIXQFLRQiULRUHVSRQViYHOSHORUHFHELPHQWRGHFRUUHVSRQGrQFLDV

R'DFDUWDGHFLWDomRQRSURFHVVRGHFRQKHFLPHQWRFRQVWDUmRRVUHTXLVLWRVGRDUW

 R 1RV FRQGRPtQLRV HGLOtFLRV RX QRV ORWHDPHQWRV FRP FRQWUROH GH DFHVVR VHUi YiOLGD D HQWUHJD GR
PDQGDGR D IXQFLRQiULR GD SRUWDULD UHVSRQViYHO SHOR UHFHELPHQWR GH FRUUHVSRQGrQFLD TXH HQWUHWDQWR SRGHUi
UHFXVDURUHFHELPHQWRVHGHFODUDUSRUHVFULWRVREDVSHQDVGDOHLTXHRGHVWLQDWiULRGDFRUUHVSRQGrQFLDHVWi
DXVHQWH

$UW$FLWDomRVHUiIHLWDSRUPHLRGHRILFLDOGHMXVWLoDQDVKLSyWHVHVSUHYLVWDVQHVWH&yGLJRRXHP
OHLRXTXDQGRIUXVWUDGDDFLWDomRSHORFRUUHLR

$UW2PDQGDGRTXHRRILFLDOGHMXVWLoDWLYHUGHFXPSULUFRQWHUi

,RVQRPHVGRDXWRUHGRFLWDQGRHVHXVUHVSHFWLYRVGRPLFtOLRVRXUHVLGrQFLDV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,  D ILQDOLGDGH GD FLWDomR FRP WRGDV DV HVSHFLILFDo}HV FRQVWDQWHV GD SHWLomR LQLFLDO EHP FRPR D
PHQomRGRSUD]RSDUDFRQWHVWDUVRESHQDGHUHYHOLDRXSDUDHPEDUJDUDH[HFXomR

,,,DDSOLFDomRGHVDQomRSDUDRFDVRGHGHVFXPSULPHQWRGDRUGHPVHKRXYHU

,9  VH IRU R FDVR D LQWLPDomR GR FLWDQGR SDUD FRPSDUHFHU DFRPSDQKDGR GH DGYRJDGR RX GH GHIHQVRU
S~EOLFR j DXGLrQFLD GH FRQFLOLDomR RX GH PHGLDomR FRP D PHQomR GR GLD GD KRUD H GR OXJDU GR
FRPSDUHFLPHQWR

9DFySLDGDSHWLomRLQLFLDOGRGHVSDFKRRXGDGHFLVmRTXHGHIHULUWXWHODSURYLVyULD

9,DDVVLQDWXUDGRHVFULYmRRXGRFKHIHGHVHFUHWDULDHDGHFODUDomRGHTXHRVXEVFUHYHSRURUGHPGR
MXL]

$UW,QFXPEHDRRILFLDOGHMXVWLoDSURFXUDURFLWDQGRHRQGHRHQFRQWUDUFLWiOR

,OHQGROKHRPDQGDGRHHQWUHJDQGROKHDFRQWUDIp

,,SRUWDQGRSRUIpVHUHFHEHXRXUHFXVRXDFRQWUDIp

,,,REWHQGRDQRWDGHFLHQWHRXFHUWLILFDQGRTXHRFLWDQGRQmRDDS{VQRPDQGDGR

$UW4XDQGRSRU GXDV YH]HVRRILFLDOGHMXVWLoDKRXYHUSURFXUDGRRFLWDQGRHPVHXGRPLFtOLRRX


UHVLGrQFLDVHPRHQFRQWUDUGHYHUiKDYHQGRVXVSHLWDGHRFXOWDomRLQWLPDUTXDOTXHU SHVVRD GD IDPtOLD RX HP
VXDIDOWDTXDOTXHUYL]LQKRGHTXHQRGLD~WLOLPHGLDWRYROWDUiDILPGHHIHWXDUDFLWDomRQDKRUDTXHGHVLJQDU

3DUiJUDIR ~QLFR  1RV FRQGRPtQLRV HGLOtFLRV RX QRV ORWHDPHQWRV FRP FRQWUROH GH DFHVVR VHUi YiOLGD D
LQWLPDomR D TXH VH UHIHUH R FDSXW IHLWD D IXQFLRQiULR GD SRUWDULD UHVSRQViYHO SHOR UHFHELPHQWR GH
FRUUHVSRQGrQFLD

$UW   1R GLD H QD KRUD GHVLJQDGRV R RILFLDO GH MXVWLoD LQGHSHQGHQWHPHQWH GH QRYR GHVSDFKR
FRPSDUHFHUiDRGRPLFtOLRRXjUHVLGrQFLDGRFLWDQGRDILPGHUHDOL]DUDGLOLJrQFLD

R6HRFLWDQGRQmRHVWLYHUSUHVHQWHRRILFLDOGHMXVWLoDSURFXUDUiLQIRUPDUVHGDVUD]}HVGDDXVrQFLD
GDQGR SRU IHLWD D FLWDomR DLQGD TXH R FLWDQGR VH WHQKD RFXOWDGR HP RXWUD FRPDUFD VHomR RX VXEVHomR
MXGLFLiULDV

 R $ FLWDomR FRP KRUD FHUWD VHUi HIHWLYDGD PHVPR TXH D SHVVRD GD IDPtOLD RX R YL]LQKR TXH KRXYHU
VLGRLQWLPDGRHVWHMDDXVHQWHRXVHHPERUDSUHVHQWHDSHVVRDGDIDPtOLDRXRYL]LQKR VH UHFXVDU D UHFHEHU R
PDQGDGR

 R 'D FHUWLGmR GD RFRUUrQFLD R RILFLDO GH MXVWLoD GHL[DUi FRQWUDIp FRP TXDOTXHU SHVVRD GD IDPtOLD RX
YL]LQKRFRQIRUPHRFDVRGHFODUDQGROKHRQRPH

R2RILFLDOGHMXVWLoDIDUiFRQVWDUGRPDQGDGRDDGYHUWrQFLDGHTXHVHUiQRPHDGRFXUDGRUHVSHFLDOVH
KRXYHUUHYHOLD

$UW)HLWDDFLWDomRFRPKRUDFHUWDRHVFULYmRRXFKHIHGHVHFUHWDULDHQYLDUiDRUpXH[HFXWDGR RX
LQWHUHVVDGRQRSUD]RGH GH] GLDVFRQWDGRGDGDWDGDMXQWDGDGRPDQGDGRDRVDXWRVFDUWDWHOHJUDPDRX
FRUUHVSRQGrQFLDHOHWU{QLFDGDQGROKHGHWXGRFLrQFLD

$UW   1DV FRPDUFDV FRQWtJXDV GH IiFLO FRPXQLFDomR H QDV TXH VH VLWXHP QD PHVPD UHJLmR
PHWURSROLWDQD R RILFLDO GH MXVWLoD SRGHUi HIHWXDU HP TXDOTXHU GHODV FLWDo}HV LQWLPDo}HV QRWLILFDo}HV
SHQKRUDVHTXDLVTXHURXWURVDWRVH[HFXWLYRV

$UW$FLWDomRSRUHGLWDOVHUiIHLWD

,TXDQGRGHVFRQKHFLGRRXLQFHUWRRFLWDQGR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,TXDQGRLJQRUDGRLQFHUWRRXLQDFHVVtYHOROXJDUHPTXHVHHQFRQWUDURFLWDQGR

,,,QRVFDVRVH[SUHVVRVHPOHL

 R &RQVLGHUDVH LQDFHVVtYHO SDUD HIHLWR GH FLWDomR SRU HGLWDO R SDtV TXH UHFXVDU R FXPSULPHQWR GH
FDUWDURJDWyULD

 R 1R FDVR GH VHU LQDFHVVtYHO R OXJDU HP TXH VH HQFRQWUDU R UpX D QRWtFLD GH VXD FLWDomR VHUi
GLYXOJDGDWDPEpPSHORUiGLRVHQDFRPDUFDKRXYHUHPLVVRUDGHUDGLRGLIXVmR

R2UpXVHUiFRQVLGHUDGRHPORFDOLJQRUDGRRXLQFHUWRVHLQIUXWtIHUDVDVWHQWDWLYDVGHVXDORFDOL]DomR
LQFOXVLYH PHGLDQWH UHTXLVLomR SHOR MXt]R GH LQIRUPDo}HV VREUH VHX HQGHUHoR QRV FDGDVWURV GH yUJmRV S~EOLFRV
RXGHFRQFHVVLRQiULDVGHVHUYLoRVS~EOLFRV

$UW6mRUHTXLVLWRVGDFLWDomRSRUHGLWDO

,DDILUPDomRGRDXWRURXDFHUWLGmRGRRILFLDOLQIRUPDQGRDSUHVHQoDGDVFLUFXQVWkQFLDVDXWRUL]DGRUDV

,,DSXEOLFDomRGRHGLWDOQDUHGHPXQGLDOGHFRPSXWDGRUHVQRVtWLRGRUHVSHFWLYRWULEXQDOHQDSODWDIRUPD
GHHGLWDLVGR&RQVHOKR1DFLRQDOGH-XVWLoDTXHGHYHVHUFHUWLILFDGDQRVDXWRV

,,,DGHWHUPLQDomRSHORMXL]GRSUD]RTXHYDULDUiHQWUH YLQWH H VHVVHQWD GLDVIOXLQGRGDGDWD


GDSXEOLFDomR~QLFDRXKDYHQGRPDLVGHXPDGDSULPHLUD

,9DDGYHUWrQFLDGHTXHVHUiQRPHDGRFXUDGRUHVSHFLDOHPFDVRGHUHYHOLD

3DUiJUDIR~QLFR2MXL]SRGHUiGHWHUPLQDUTXHDSXEOLFDomRGRHGLWDOVHMDIHLWDWDPEpPHPMRUQDOORFDOGH
DPSOD FLUFXODomR RX SRU RXWURV PHLRV FRQVLGHUDQGR DV SHFXOLDULGDGHV GD FRPDUFD GD VHomR RX GD VXEVHomR
MXGLFLiULDV

$UW$SDUWHTXHUHTXHUHUDFLWDomRSRUHGLWDODOHJDQGRGRORVDPHQWHDRFRUUrQFLDGDVFLUFXQVWkQFLDV
DXWRUL]DGRUDVSDUDVXDUHDOL]DomRLQFRUUHUiHPPXOWDGH FLQFR YH]HVRVDOiULRPtQLPR

3DUiJUDIR~QLFR$PXOWDUHYHUWHUiHPEHQHItFLRGRFLWDQGR

$UW6HUmRSXEOLFDGRVHGLWDLV

,QDDomRGHXVXFDSLmRGHLPyYHO

,,QDDomRGHUHFXSHUDomRRXVXEVWLWXLomRGHWtWXORDRSRUWDGRU

,,,HPTXDOTXHUDomRHPTXHVHMDQHFHVViULDSRUGHWHUPLQDomROHJDODSURYRFDomRSDUDSDUWLFLSDomRQR
SURFHVVRGHLQWHUHVVDGRVLQFHUWRVRXGHVFRQKHFLGRV

&$378/2,,,
'$6&$57$6

$UW6mRUHTXLVLWRVGDVFDUWDVGHRUGHPSUHFDWyULDHURJDWyULD

,DLQGLFDomRGRVMXt]HVGHRULJHPHGHFXPSULPHQWRGRDWR

,,RLQWHLURWHRUGDSHWLomRGRGHVSDFKRMXGLFLDOHGRLQVWUXPHQWRGRPDQGDWRFRQIHULGRDRDGYRJDGR

,,,DPHQomRGRDWRSURFHVVXDOTXHOKHFRQVWLWXLRREMHWR

,9RHQFHUUDPHQWRFRPDDVVLQDWXUDGRMXL]

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 2 MXL] PDQGDUi WUDVODGDU SDUD D FDUWD TXDLVTXHU RXWUDV SHoDV EHP FRPR LQVWUXtOD FRP PDSD
GHVHQKR RX JUiILFR VHPSUH TXH HVVHV GRFXPHQWRV GHYDP VHU H[DPLQDGRV QD GLOLJrQFLD SHODV SDUWHV SHORV
SHULWRVRXSHODVWHVWHPXQKDV

R4XDQGRRREMHWRGDFDUWDIRUH[DPHSHULFLDOVREUHGRFXPHQWRHVWHVHUiUHPHWLGRHPRULJLQDOILFDQGR
QRVDXWRVUHSURGXomRIRWRJUiILFD

R$FDUWDDUELWUDODWHQGHUiQRTXHFRXEHUDRVUHTXLVLWRVDTXHVHUHIHUHRFDSXWHVHUiLQVWUXtGDFRPD
FRQYHQomRGHDUELWUDJHPHFRPDVSURYDVGDQRPHDomRGRiUELWURHGHVXDDFHLWDomRGDIXQomR

$UW   (P WRGDV DV FDUWDV R MXL] IL[DUi R SUD]R SDUD FXPSULPHQWR DWHQGHQGR j IDFLOLGDGH GDV
FRPXQLFDo}HVHjQDWXUH]DGDGLOLJrQFLD

R$VSDUWHVGHYHUmRVHULQWLPDGDVSHORMXL]GRDWRGHH[SHGLomRGDFDUWD

R([SHGLGDDFDUWDDVSDUWHVDFRPSDQKDUmRRFXPSULPHQWRGDGLOLJrQFLDSHUDQWHRMXt]RGHVWLQDWiULR
DRTXDOFRPSHWHDSUiWLFDGRVDWRVGHFRPXQLFDomR

R$SDUWHDTXHPLQWHUHVVDURFXPSULPHQWRGDGLOLJrQFLDFRRSHUDUiSDUDTXHRSUD]RDTXHVHUHIHUH R
FDSXWVHMDFXPSULGR

$UW$FDUWDWHPFDUiWHULWLQHUDQWHSRGHQGRDQWHVRXGHSRLVGHOKHVHURUGHQDGRRFXPSULPHQWRVHU
HQFDPLQKDGDDMXt]RGLYHUVRGRTXHGHODFRQVWDDILPGHVHSUDWLFDURDWR

3DUiJUDIR ~QLFR  2 HQFDPLQKDPHQWR GD FDUWD D RXWUR MXt]R VHUi LPHGLDWDPHQWH FRPXQLFDGR DR yUJmR
H[SHGLGRUTXHLQWLPDUiDVSDUWHV

$UW   $V FDUWDV GHYHUmR SUHIHUHQFLDOPHQWH VHU H[SHGLGDV SRU PHLR HOHWU{QLFR FDVR HP TXH D
DVVLQDWXUDGRMXL]GHYHUiVHUHOHWU{QLFDQDIRUPDGDOHL

$UW   $ FDUWD GH RUGHP H D FDUWD SUHFDWyULD SRU PHLR HOHWU{QLFR SRU WHOHIRQH RX SRU WHOHJUDPD
FRQWHUmR HP UHVXPR VXEVWDQFLDO RV UHTXLVLWRV PHQFLRQDGRV QR DUW  HVSHFLDOPHQWH QR TXH VH UHIHUH j
DIHULomRGDDXWHQWLFLGDGH

$UW2VHFUHWiULRGRWULEXQDORHVFULYmRRXRFKHIHGHVHFUHWDULDGRMXt]RGHSUHFDQWHWUDQVPLWLUi SRU
WHOHIRQHDFDUWDGHRUGHPRXDFDUWDSUHFDWyULDDRMXt]RHPTXHKRXYHUGHVHFXPSULURDWRSRULQWHUPpGLRGR
HVFULYmR GR SULPHLUR RItFLR GD SULPHLUD YDUD VH KRXYHU QD FRPDUFD PDLV GH XP RItFLR RX GH XPD YDUD
REVHUYDQGRVHTXDQWRDRVUHTXLVLWRVRGLVSRVWRQRDUW

 R 2 HVFULYmR RX R FKHIH GH VHFUHWDULD QR PHVPR GLD RX QR GLD ~WLO LPHGLDWR WHOHIRQDUi RX HQYLDUi
PHQVDJHPHOHWU{QLFDDRVHFUHWiULRGRWULEXQDODRHVFULYmRRXDRFKHIHGHVHFUHWDULDGRMXt]RGHSUHFDQWHOHQGR
OKHRVWHUPRVGDFDUWDHVROLFLWDQGROKHTXHRVFRQILUPH

R6HQGRFRQILUPDGDRHVFULYmRRXRFKHIHGHVHFUHWDULDVXEPHWHUiDFDUWDDGHVSDFKR

$UW6HUmRSUDWLFDGRV GH RItFLR RV DWRV UHTXLVLWDGRV SRU PHLR HOHWU{QLFR H GH WHOHJUDPD GHYHQGR D
SDUWH GHSRVLWDU FRQWXGR QD VHFUHWDULD GR WULEXQDO RX QR FDUWyULR GR MXt]R GHSUHFDQWH D LPSRUWkQFLD
FRUUHVSRQGHQWHjVGHVSHVDVTXHVHUmRIHLWDVQRMXt]RHPTXHKRXYHUGHSUDWLFDUVHRDWR

$UW2MXL]UHFXVDUiFXPSULPHQWRDFDUWDSUHFDWyULDRXDUELWUDOGHYROYHQGRDFRPGHFLVmRPRWLYDGD
TXDQGR

,DFDUWDQmRHVWLYHUUHYHVWLGDGRVUHTXLVLWRVOHJDLV

,,IDOWDUDRMXL]FRPSHWrQFLDHPUD]mRGDPDWpULDRXGDKLHUDUTXLD

,,,RMXL]WLYHUG~YLGDDFHUFDGHVXDDXWHQWLFLGDGH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  1R FDVR GH LQFRPSHWrQFLD HP UD]mR GD PDWpULD RX GD KLHUDUTXLD R MXL] GHSUHFDGR
FRQIRUPHRDWRDVHUSUDWLFDGRSRGHUiUHPHWHUDFDUWDDRMXL]RXDRWULEXQDOFRPSHWHQWH

$UW  &XPSULGD D FDUWD VHUi GHYROYLGD DR MXt]R GH RULJHP QR SUD]R GH  GH]  GLDV
LQGHSHQGHQWHPHQWHGHWUDVODGRSDJDVDVFXVWDVSHODSDUWH

&$378/2,9
'$6,17,0$d(6

$UW,QWLPDomRpRDWRSHORTXDOVHGiFLrQFLDDDOJXpPGRVDWRVHGRVWHUPRVGRSURFHVVR

 R e IDFXOWDGR DRV DGYRJDGRV SURPRYHU D LQWLPDomR GR DGYRJDGR GD RXWUD SDUWH SRU PHLR GR FRUUHLR
MXQWDQGRDRVDXWRVDVHJXLUFySLDGRRItFLRGHLQWLPDomRHGRDYLVRGHUHFHELPHQWR

R2RItFLRGHLQWLPDomRGHYHUiVHULQVWUXtGRFRPFySLDGRGHVSDFKRGDGHFLVmRRXGDVHQWHQoD

 R $ LQWLPDomR GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO GRV 0XQLFtSLRV H GH VXDV UHVSHFWLYDV
DXWDUTXLDV H IXQGDo}HV GH GLUHLWR S~EOLFR VHUi UHDOL]DGD SHUDQWH R yUJmR GH $GYRFDFLD 3~EOLFD UHVSRQViYHO SRU
VXDUHSUHVHQWDomRMXGLFLDO

$UW$VLQWLPDo}HVUHDOL]DPVHVHPSUHTXHSRVVtYHOSRUPHLRHOHWU{QLFRQDIRUPDGDOHL

3DUiJUDIR~QLFR$SOLFDVHDR0LQLVWpULR3~EOLFRj'HIHQVRULD3~EOLFDHj$GYRFDFLD3~EOLFDRGLVSRVWR
QRRGRDUW

$UW   2 MXL] GHWHUPLQDUi GH RItFLR DV LQWLPDo}HV HP SURFHVVRV SHQGHQWHV VDOYR GLVSRVLomR HP
FRQWUiULR

$UW4XDQGRQmRUHDOL]DGDVSRUPHLRHOHWU{QLFRFRQVLGHUDPVHIHLWDVDVLQWLPDo}HVSHODSXEOLFDomR
GRVDWRVQRyUJmRRILFLDO

R2VDGYRJDGRVSRGHUmRUHTXHUHUTXHQDLQWLPDomRDHOHVGLULJLGDILJXUHDSHQDVRQRPHGDVRFLHGDGH
DTXHSHUWHQoDPGHVGHTXHGHYLGDPHQWHUHJLVWUDGDQD2UGHPGRV$GYRJDGRVGR%UDVLO

 R 6RE SHQD GH QXOLGDGH p LQGLVSHQViYHO TXH GD SXEOLFDomR FRQVWHP RV QRPHV GDV SDUWHV H GH VHXV
DGYRJDGRVFRPRUHVSHFWLYRQ~PHURGHLQVFULomRQD2UGHPGRV$GYRJDGRVGR%UDVLORXVHDVVLP UHTXHULGR
GDVRFLHGDGHGHDGYRJDGRV

R$JUDILDGRVQRPHVGDVSDUWHVQmRGHYHFRQWHUDEUHYLDWXUDV

R$JUDILDGRVQRPHVGRVDGYRJDGRVGHYHFRUUHVSRQGHUDRQRPHFRPSOHWRHVHUDPHVPDTXHFRQVWDU
GDSURFXUDomRRXTXHHVWLYHUUHJLVWUDGDQD2UGHPGRV$GYRJDGRVGR%UDVLO

R&RQVWDQGRGRVDXWRVSHGLGRH[SUHVVRSDUDTXHDVFRPXQLFDo}HVGRVDWRVSURFHVVXDLVVHMDPIHLWDV
HPQRPHGRVDGYRJDGRVLQGLFDGRVRVHXGHVDWHQGLPHQWRLPSOLFDUiQXOLGDGH

R$UHWLUDGDGRVDXWRVGRFDUWyULRRXGDVHFUHWDULDHPFDUJDSHORDGYRJDGRSRUSHVVRDFUHGHQFLDGDD
SHGLGR GR DGYRJDGR RX GD VRFLHGDGH GH DGYRJDGRV SHOD $GYRFDFLD 3~EOLFD SHOD 'HIHQVRULD 3~EOLFD RX SHOR
0LQLVWpULR3~EOLFRLPSOLFDUiLQWLPDomRGHTXDOTXHUGHFLVmRFRQWLGDQRSURFHVVRUHWLUDGRDLQGDTXHSHQGHQWHGH
SXEOLFDomR

 R 2 DGYRJDGR H D VRFLHGDGH GH DGYRJDGRV GHYHUmR UHTXHUHU R UHVSHFWLYR FUHGHQFLDPHQWR SDUD D
UHWLUDGDGHDXWRVSRUSUHSRVWR

R$SDUWHDUJXLUiDQXOLGDGHGDLQWLPDomRHPFDStWXORSUHOLPLQDUGRSUySULRDWRTXHOKHFDLEDSUDWLFDU R
TXDOVHUiWLGRSRUWHPSHVWLYRVHRYtFLRIRUUHFRQKHFLGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R1mRVHQGRSRVVtYHODSUiWLFD LPHGLDWD GR DWR GLDQWH GD QHFHVVLGDGH GH DFHVVR SUpYLR DRV DXWRV D
SDUWH OLPLWDUVHi D DUJXLU D QXOLGDGH GD LQWLPDomR FDVR HP TXH R SUD]R VHUi FRQWDGR GD LQWLPDomR GD GHFLVmR
TXHDUHFRQKHoD

$UW   6H LQYLiYHO D LQWLPDomR SRU PHLR HOHWU{QLFR H QmR KRXYHU QD ORFDOLGDGH SXEOLFDomR HP yUJmR
RILFLDO LQFXPELUi DR HVFULYmR RX FKHIH GH VHFUHWDULD LQWLPDU GH WRGRV RV DWRV GR SURFHVVR RV DGYRJDGRV GDV
SDUWHV

,SHVVRDOPHQWHVHWLYHUHPGRPLFtOLRQDVHGHGRMXt]R

,,SRUFDUWDUHJLVWUDGDFRPDYLVRGHUHFHELPHQWRTXDQGRIRUHPGRPLFLOLDGRVIRUDGRMXt]R

$UW   1mR GLVSRQGR D OHL GH RXWUR PRGR DV LQWLPDo}HV VHUmR IHLWDV jV SDUWHV DRV VHXV
UHSUHVHQWDQWHV OHJDLV DRV DGYRJDGRV H DRV GHPDLV VXMHLWRV GR SURFHVVR SHOR FRUUHLR RX VH SUHVHQWHV HP
FDUWyULRGLUHWDPHQWHSHORHVFULYmRRXFKHIHGHVHFUHWDULD

3DUiJUDIR ~QLFR  3UHVXPHPVH YiOLGDV DV LQWLPDo}HV GLULJLGDV DR HQGHUHoR FRQVWDQWH GRV DXWRV DLQGD
TXH QmR UHFHELGDV SHVVRDOPHQWH SHOR LQWHUHVVDGR VH D PRGLILFDomR WHPSRUiULD RX GHILQLWLYD QmR WLYHU VLGR
GHYLGDPHQWHFRPXQLFDGDDRMXt]RIOXLQGRRVSUD]RVDSDUWLUGDMXQWDGDDRVDXWRVGRFRPSURYDQWHGHHQWUHJDGD
FRUUHVSRQGrQFLDQRSULPLWLYRHQGHUHoR

$UW$LQWLPDomRVHUiIHLWDSRURILFLDOGHMXVWLoDTXDQGRIUXVWUDGDDUHDOL]DomRSRUPHLRHOHWU{QLFR RX
SHORFRUUHLR

R$FHUWLGmRGHLQWLPDomRGHYHFRQWHU

,  D LQGLFDomR GR OXJDU H D GHVFULomR GD SHVVRD LQWLPDGD PHQFLRQDQGR TXDQGR SRVVtYHO R Q~PHUR GH
VHXGRFXPHQWRGHLGHQWLGDGHHRyUJmRTXHRH[SHGLX

,,DGHFODUDomRGHHQWUHJDGDFRQWUDIp

,,,DQRWDGHFLHQWHRXDFHUWLGmRGHTXHRLQWHUHVVDGRQmRDDS{VQRPDQGDGR

R&DVRQHFHVViULRDLQWLPDomRSRGHUiVHUHIHWXDGDFRPKRUDFHUWDRXSRUHGLWDO

778/2,,,
'$618/,'$'(6

$UW4XDQGRDOHLSUHVFUHYHUGHWHUPLQDGDIRUPDVRESHQDGHQXOLGDGHDGHFUHWDomRGHVWDQmRSRGH
VHUUHTXHULGDSHODSDUWHTXHOKHGHXFDXVD

$UW4XDQGRDOHLSUHVFUHYHUGHWHUPLQDGDIRUPDRMXL]FRQVLGHUDUiYiOLGRRDWRVHUHDOL]DGRGHRXWUR
PRGROKHDOFDQoDUDILQDOLGDGH

$UW$QXOLGDGHGRVDWRVGHYHVHUDOHJDGDQDSULPHLUDRSRUWXQLGDGHHPTXHFRXEHUjSDUWHIDODUQRV
DXWRVVRESHQDGHSUHFOXVmR

3DUiJUDIR~QLFR1mRVHDSOLFDRGLVSRVWRQRFDSXWjVQXOLGDGHVTXHRMXL]GHYDGHFUHWDUGHRItFLRQHP
SUHYDOHFHDSUHFOXVmRSURYDQGRDSDUWHOHJtWLPRLPSHGLPHQWR

$UWeQXORRSURFHVVRTXDQGRRPHPEURGR0LQLVWpULR3~EOLFRQmRIRULQWLPDGRDDFRPSDQKDURIHLWR
HPTXHGHYDLQWHUYLU

R6HRSURFHVVRWLYHUWUDPLWDGR VHP FRQKHFLPHQWR GR PHPEUR GR 0LQLVWpULR 3~EOLFR R MXL] LQYDOLGDUi
RVDWRVSUDWLFDGRVDSDUWLUGRPRPHQWRHPTXHHOHGHYHULDWHUVLGRLQWLPDGR

R$QXOLGDGHVySRGHVHUGHFUHWDGDDSyVDLQWLPDomRGR0LQLVWpULR3~EOLFRTXHVHPDQLIHVWDUiVREUHD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

H[LVWrQFLDRXDLQH[LVWrQFLDGHSUHMXt]R

$UW$VFLWDo}HVHDVLQWLPDo}HVVHUmRQXODVTXDQGRIHLWDVVHPREVHUYkQFLDGDVSUHVFULo}HVOHJDLV

$UW   $QXODGR R DWR FRQVLGHUDPVH GH QHQKXP HIHLWR WRGRV RV VXEVHTXHQWHV TXH GHOH GHSHQGDP
WRGDYLDDQXOLGDGHGHXPDSDUWHGRDWRQmRSUHMXGLFDUiDVRXWUDVTXHGHODVHMDPLQGHSHQGHQWHV

$UW   $R SURQXQFLDU D QXOLGDGH R MXL] GHFODUDUi TXH DWRV VmR DWLQJLGRV H RUGHQDUi DV SURYLGrQFLDV
QHFHVViULDVDILPGHTXHVHMDPUHSHWLGRVRXUHWLILFDGRV

R2DWRQmRVHUiUHSHWLGRQHPVXDIDOWDVHUiVXSULGDTXDQGRQmRSUHMXGLFDUDSDUWH

R4XDQGRSXGHUGHFLGLURPpULWRDIDYRUGDSDUWHDTXHPDSURYHLWHDGHFUHWDomRGDQXOLGDGHRMXL]QmR
DSURQXQFLDUiQHPPDQGDUiUHSHWLURDWRRXVXSULUOKHDIDOWD

$UW   2 HUUR GH IRUPD GR SURFHVVR DFDUUHWD XQLFDPHQWH D DQXODomR GRV DWRV TXH QmR SRVVDP VHU
DSURYHLWDGRVGHYHQGRVHUSUDWLFDGRVRVTXHIRUHPQHFHVViULRVDILPGHVHREVHUYDUHPDVSUHVFULo}HVOHJDLV

3DUiJUDIR~QLFR'DUVHiRDSURYHLWDPHQWRGRVDWRVSUDWLFDGRVGHVGHTXHQmRUHVXOWHSUHMXt]RjGHIHVD
GHTXDOTXHUSDUWH

778/2,9
'$',675,%8,d2('25(*,6752

$UW7RGRVRVSURFHVVRVHVWmRVXMHLWRVDUHJLVWURGHYHQGRVHUGLVWULEXtGRVRQGHKRXYHUPDLVGH XP
MXL]

$UW   $ GLVWULEXLomR TXH SRGHUi VHU HOHWU{QLFD VHUi DOWHUQDGD H DOHDWyULD REHGHFHQGRVH ULJRURVD
LJXDOGDGH

3DUiJUDIR~QLFR$OLVWDGHGLVWULEXLomRGHYHUiVHUSXEOLFDGDQR'LiULRGH-XVWLoD

$UW6HUmRGLVWULEXtGDVSRUGHSHQGrQFLDDVFDXVDVGHTXDOTXHUQDWXUH]D

,TXDQGRVHUHODFLRQDUHPSRUFRQH[mRRXFRQWLQrQFLDFRPRXWUDMiDMXL]DGD

,,TXDQGRWHQGRVLGRH[WLQWRRSURFHVVRVHPUHVROXomRGHPpULWRIRUUHLWHUDGRRSHGLGRDLQGDTXHHP
OLWLVFRQVyUFLRFRPRXWURVDXWRUHVRXTXHVHMDPSDUFLDOPHQWHDOWHUDGRVRVUpXVGDGHPDQGD

,,,TXDQGRKRXYHUDMXL]DPHQWRGHDo}HVQRVWHUPRVGRDUWRDRMXt]RSUHYHQWR

3DUiJUDIR ~QLFR  +DYHQGR LQWHUYHQomR GH WHUFHLUR UHFRQYHQomR RX RXWUD KLSyWHVH GH DPSOLDomR REMHWLYD
GRSURFHVVRRMXL]GHRItFLRPDQGDUiSURFHGHUjUHVSHFWLYDDQRWDomRSHORGLVWULEXLGRU

$UW$SHWLomRLQLFLDOGHYHYLUDFRPSDQKDGDGHSURFXUDomRTXHFRQWHUiRVHQGHUHoRVGRDGYRJDGR
HOHWU{QLFRHQmRHOHWU{QLFR

3DUiJUDIR~QLFR'LVSHQVDVHDMXQWDGDGDSURFXUDomR

,QRFDVRSUHYLVWRQRDUW

,,VHDSDUWHHVWLYHUUHSUHVHQWDGDSHOD'HIHQVRULD3~EOLFD

,,,VHDUHSUHVHQWDomRGHFRUUHUGLUHWDPHQWHGHQRUPDSUHYLVWDQD&RQVWLWXLomR)HGHUDORXHPOHL

$UW   2 MXL] GH RItFLR RX D UHTXHULPHQWR GR LQWHUHVVDGR FRUULJLUi R HUUR RX FRPSHQVDUi D IDOWD GH
GLVWULEXLomR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   $ GLVWULEXLomR SRGHUi VHU ILVFDOL]DGD SHOD SDUWH SRU VHX SURFXUDGRU SHOR 0LQLVWpULR 3~EOLFR H
SHOD'HIHQVRULD3~EOLFD

$UW   6HUi FDQFHODGD D GLVWULEXLomR GR IHLWR VH D SDUWH LQWLPDGD QD SHVVRD GH VHX DGYRJDGR QmR
UHDOL]DURSDJDPHQWRGDVFXVWDVHGHVSHVDVGHLQJUHVVRHP TXLQ]H GLDV

778/29
'29$/25'$&$86$

$UW   $ WRGD FDXVD VHUi DWULEXtGR YDORU FHUWR DLQGD TXH QmR WHQKD FRQWH~GR HFRQ{PLFR
LPHGLDWDPHQWHDIHUtYHO

$UW2YDORUGDFDXVDFRQVWDUiGDSHWLomRLQLFLDORXGDUHFRQYHQomRHVHUi

,  QD DomR GH FREUDQoD GH GtYLGD D VRPD PRQHWDULDPHQWH FRUULJLGD GR SULQFLSDO GRV MXURV GH PRUD
YHQFLGRVHGHRXWUDVSHQDOLGDGHVVHKRXYHUDWpDGDWDGHSURSRVLWXUDGDDomR

,,  QD DomR TXH WLYHU SRU REMHWR D H[LVWrQFLD D YDOLGDGH R FXPSULPHQWR D PRGLILFDomR D UHVROXomR D
UHVLOLomRRXDUHVFLVmRGHDWRMXUtGLFRRYDORUGRDWRRXRGHVXDSDUWHFRQWURYHUWLGD

,,,QDDomRGHDOLPHQWRVDVRPDGH GR]H SUHVWDo}HVPHQVDLVSHGLGDVSHORDXWRU

,9QDDomRGHGLYLVmRGHGHPDUFDomRHGHUHLYLQGLFDomRRYDORUGHDYDOLDomRGDiUHDRXGREHPREMHWR
GRSHGLGR

9QDDomRLQGHQL]DWyULDLQFOXVLYHDIXQGDGDHPGDQRPRUDORYDORUSUHWHQGLGR

9,  QD DomR HP TXH Ki FXPXODomR GH SHGLGRV D TXDQWLD FRUUHVSRQGHQWH j VRPD GRV YDORUHV GH WRGRV
HOHV

9,,QDDomRHPTXHRVSHGLGRVVmRDOWHUQDWLYRVRGHPDLRUYDORU

9,,,QDDomRHPTXHKRXYHUSHGLGRVXEVLGLiULRRYDORUGRSHGLGRSULQFLSDO

R4XDQGRVHSHGLUHPSUHVWDo}HVYHQFLGDVHYLQFHQGDVFRQVLGHUDUVHiRYDORUGHXPDVHRXWUDV

 R 2 YDORU GDV SUHVWDo}HV YLQFHQGDV VHUi LJXDO D XPD SUHVWDomR DQXDO VH D REULJDomR IRU SRU WHPSR
LQGHWHUPLQDGRRXSRUWHPSRVXSHULRUD XP DQRHVHSRUWHPSRLQIHULRUVHUiLJXDOjVRPDGDVSUHVWDo}HV

R2MXL]FRUULJLUiGHRItFLR H SRU DUELWUDPHQWR R YDORU GD FDXVD TXDQGR YHULILFDU TXH QmR FRUUHVSRQGH
DR FRQWH~GR SDWULPRQLDO HP GLVFXVVmR RX DR SURYHLWR HFRQ{PLFR SHUVHJXLGR SHOR DXWRU FDVR HP TXH VH
SURFHGHUiDRUHFROKLPHQWRGDVFXVWDVFRUUHVSRQGHQWHV

$UW2UpXSRGHUiLPSXJQDUHPSUHOLPLQDUGDFRQWHVWDomRRYDORUDWULEXtGRjFDXVDSHORDXWRUVRE
SHQDGHSUHFOXVmRHRMXL]GHFLGLUiDUHVSHLWRLPSRQGRVHIRURFDVRDFRPSOHPHQWDomRGDVFXVWDV

/,9529
'$787(/$3529,65,$

778/2,
',6326,d(6*(5$,6

$UW$WXWHODSURYLVyULDSRGHIXQGDPHQWDUVHHPXUJrQFLDRXHYLGrQFLD

3DUiJUDIR~QLFR$WXWHODSURYLVyULDGHXUJrQFLD FDXWHODU RX DQWHFLSDGD SRGH VHU FRQFHGLGD HP FDUiWHU


DQWHFHGHQWHRXLQFLGHQWDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW$WXWHODSURYLVyULDUHTXHULGDHPFDUiWHULQFLGHQWDOLQGHSHQGHGRSDJDPHQWRGHFXVWDV

$UW   $ WXWHOD SURYLVyULD FRQVHUYD VXD HILFiFLD QD SHQGrQFLD GR SURFHVVR PDV SRGH D TXDOTXHU
WHPSRVHUUHYRJDGDRXPRGLILFDGD

3DUiJUDIR ~QLFR  6DOYR GHFLVmR MXGLFLDO HP FRQWUiULR D WXWHOD SURYLVyULD FRQVHUYDUi D HILFiFLD GXUDQWH R
SHUtRGRGHVXVSHQVmRGRSURFHVVR

$UW   2 MXL] SRGHUi GHWHUPLQDU DV PHGLGDV TXH FRQVLGHUDU DGHTXDGDV SDUD HIHWLYDomR GD WXWHOD
SURYLVyULD

3DUiJUDIR ~QLFR  $ HIHWLYDomR GD WXWHOD SURYLVyULD REVHUYDUi DV QRUPDV UHIHUHQWHV DR FXPSULPHQWR
SURYLVyULRGDVHQWHQoDQRTXHFRXEHU

$UW   1D GHFLVmR TXH FRQFHGHU QHJDU PRGLILFDU RX UHYRJDU D WXWHOD SURYLVyULD R MXL] PRWLYDUi VHX
FRQYHQFLPHQWRGHPRGRFODURHSUHFLVR

$UW$WXWHODSURYLVyULDVHUiUHTXHULGDDRMXt]RGDFDXVDHTXDQGRDQWHFHGHQWHDRMXt]RFRPSHWHQWH
SDUDFRQKHFHUGRSHGLGRSULQFLSDO

3DUiJUDIR ~QLFR  5HVVDOYDGD GLVSRVLomR HVSHFLDO QD DomR GH FRPSHWrQFLD RULJLQiULD GH WULEXQDO H QRV
UHFXUVRVDWXWHODSURYLVyULDVHUiUHTXHULGDDRyUJmRMXULVGLFLRQDOFRPSHWHQWHSDUDDSUHFLDURPpULWR

778/2,,
'$787(/$'(85*1&,$

&$378/2,
',6326,d(6*(5$,6

$UW$WXWHODGHXUJrQFLD VHUi FRQFHGLGD TXDQGR KRXYHU HOHPHQWRV TXH HYLGHQFLHP D SUREDELOLGDGH


GRGLUHLWRHRSHULJRGHGDQRRXRULVFRDRUHVXOWDGR~WLOGRSURFHVVR

 R 3DUD D FRQFHVVmR GD WXWHOD GH XUJrQFLD R MXL] SRGH FRQIRUPH R FDVR H[LJLU FDXomR UHDO RX
ILGHMXVVyULD LG{QHD SDUD UHVVDUFLU RV GDQRV TXH D RXWUD SDUWH SRVVD YLU D VRIUHU SRGHQGR D FDXomR VHU
GLVSHQVDGDVHDSDUWHHFRQRPLFDPHQWHKLSRVVXILFLHQWHQmRSXGHURIHUHFrOD

R$WXWHODGHXUJrQFLDSRGHVHUFRQFHGLGDOLPLQDUPHQWHRXDSyVMXVWLILFDomRSUpYLD

 R $ WXWHOD GH XUJrQFLD GH QDWXUH]D DQWHFLSDGD QmR VHUi FRQFHGLGD TXDQGR KRXYHU SHULJR GH
LUUHYHUVLELOLGDGHGRVHIHLWRVGDGHFLVmR

$UW   $ WXWHOD GH XUJrQFLD GH QDWXUH]D FDXWHODU SRGH VHU HIHWLYDGD PHGLDQWH DUUHVWR VHTXHVWUR
DUURODPHQWR GH EHQV UHJLVWUR GH SURWHVWR FRQWUD DOLHQDomR GH EHP H TXDOTXHU RXWUD PHGLGD LG{QHD SDUD
DVVHJXUDomRGRGLUHLWR

$UW   ,QGHSHQGHQWHPHQWH GD UHSDUDomR SRU GDQR SURFHVVXDO D SDUWH UHVSRQGH SHOR SUHMXt]R TXH D
HIHWLYDomRGDWXWHODGHXUJrQFLDFDXVDUjSDUWHDGYHUVDVH

,DVHQWHQoDOKHIRUGHVIDYRUiYHO

,,REWLGDOLPLQDUPHQWHDWXWHODHPFDUiWHUDQWHFHGHQWHQmRIRUQHFHURVPHLRVQHFHVViULRVSDUDDFLWDomR
GRUHTXHULGRQRSUD]RGH FLQFR GLDV

,,,RFRUUHUDFHVVDomRGDHILFiFLDGDPHGLGDHPTXDOTXHUKLSyWHVHOHJDO

,9RMXL]DFROKHUDDOHJDomRGHGHFDGrQFLDRXSUHVFULomRGDSUHWHQVmRGRDXWRU

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR$LQGHQL]DomRVHUiOLTXLGDGDQRVDXWRVHPTXHDPHGLGDWLYHUVLGRFRQFHGLGDVHPSUH
TXHSRVVtYHO

&$378/2,,
'2352&(',0(172'$787(/$$17(&,3$'$5(48(5,'$(0&$57(5$17(&('(17(

$UW1RVFDVRVHPTXH D XUJrQFLD IRU FRQWHPSRUkQHD j SURSRVLWXUD GD DomR D SHWLomR LQLFLDO SRGH
OLPLWDUVHDRUHTXHULPHQWRGDWXWHODDQWHFLSDGDHjLQGLFDomRGRSHGLGRGHWXWHODILQDOFRPDH[SRVLomRGDOLGH
GRGLUHLWRTXHVHEXVFDUHDOL]DUHGRSHULJRGHGDQRRXGRULVFRDRUHVXOWDGR~WLOGRSURFHVVR

R&RQFHGLGDDWXWHODDQWHFLSDGDDTXHVHUHIHUHRFDSXWGHVWHDUWLJR

,  R DXWRU GHYHUi DGLWDU D SHWLomR LQLFLDO FRP D FRPSOHPHQWDomR GH VXD DUJXPHQWDomR D MXQWDGD GH
QRYRVGRFXPHQWRVHDFRQILUPDomRGRSHGLGRGHWXWHODILQDOHP TXLQ]H GLDVRXHPRXWURSUD]RPDLRUTXHR
MXL]IL[DU

,,RUpXVHUiFLWDGRHLQWLPDGRSDUDDDXGLrQFLDGHFRQFLOLDomRRXGHPHGLDomRQDIRUPDGRDUW

,,,QmRKDYHQGRDXWRFRPSRVLomRRSUD]RSDUDFRQWHVWDomRVHUiFRQWDGRQDIRUPDGRDUW

 R 1mR UHDOL]DGR R DGLWDPHQWR D TXH VH UHIHUH R LQFLVR , GR  R GHVWH DUWLJR R SURFHVVR VHUi H[WLQWR
VHPUHVROXomRGRPpULWR

 R 2 DGLWDPHQWR D TXH VH UHIHUH R LQFLVR , GR  R GHVWH DUWLJR GDUVHi QRV PHVPRV DXWRV VHP
LQFLGrQFLDGHQRYDVFXVWDVSURFHVVXDLV

R1DSHWLomRLQLFLDODTXHVHUHIHUHRFDSXW GHVWH DUWLJR R DXWRU WHUi GH LQGLFDU R YDORU GD FDXVD TXH
GHYHOHYDUHPFRQVLGHUDomRRSHGLGRGHWXWHODILQDO

R2DXWRULQGLFDUiQDSHWLomRLQLFLDODLQGDTXHSUHWHQGHYDOHUVHGREHQHItFLRSUHYLVWRQRFDSXW GHVWH
DUWLJR

 R &DVR HQWHQGD TXH QmR Ki HOHPHQWRV SDUD D FRQFHVVmR GH WXWHOD DQWHFLSDGD R yUJmR MXULVGLFLRQDO
GHWHUPLQDUi D HPHQGD GD SHWLomR LQLFLDO HP DWp  FLQFR  GLDV VRE SHQD GH VHU LQGHIHULGD H GH R SURFHVVR VHU
H[WLQWRVHPUHVROXomRGHPpULWR

$UW   $ WXWHOD DQWHFLSDGD FRQFHGLGD QRV WHUPRV GR DUW  WRUQDVH HVWiYHO VH GD GHFLVmR TXH D
FRQFHGHUQmRIRULQWHUSRVWRRUHVSHFWLYRUHFXUVR

R1RFDVRSUHYLVWRQRFDSXWRSURFHVVRVHUiH[WLQWR

 R 4XDOTXHU GDV SDUWHV SRGHUi GHPDQGDU D RXWUD FRP R LQWXLWR GH UHYHU UHIRUPDU RX LQYDOLGDU D WXWHOD
DQWHFLSDGDHVWDELOL]DGDQRVWHUPRVGRFDSXW

 R $ WXWHOD DQWHFLSDGD FRQVHUYDUi VHXV HIHLWRV HQTXDQWR QmR UHYLVWD UHIRUPDGD RX LQYDOLGDGD SRU
GHFLVmRGHPpULWRSURIHULGDQDDomRGHTXHWUDWDRR

 R 4XDOTXHU GDV SDUWHV SRGHUi UHTXHUHU R GHVDUTXLYDPHQWR GRV DXWRV HP TXH IRL FRQFHGLGD D PHGLGD
SDUD LQVWUXLU D SHWLomR LQLFLDO GD DomR D TXH VH UHIHUH R  R SUHYHQWR R MXt]R HP TXH D WXWHOD DQWHFLSDGD IRL
FRQFHGLGD

R2GLUHLWRGHUHYHUUHIRUPDURXLQYDOLGDUDWXWHODDQWHFLSDGDSUHYLVWRQRRGHVWHDUWLJRH[WLQJXHVH
DSyV GRLV DQRVFRQWDGRVGDFLrQFLDGDGHFLVmRTXHH[WLQJXLXRSURFHVVRQRVWHUPRVGRR

R$GHFLVmRTXHFRQFHGHDWXWHODQmRIDUiFRLVDMXOJDGDPDVDHVWDELOLGDGHGRVUHVSHFWLYRVHIHLWRVVy
VHUiDIDVWDGDSRUGHFLVmRTXHDUHYLUUHIRUPDURXLQYDOLGDUSURIHULGDHPDomRDMXL]DGDSRUXPDGDVSDUWHVQRV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

WHUPRVGRRGHVWHDUWLJR

&$378/2,,,
'2352&(',0(172'$787(/$&$87(/$55(48(5,'$(0&$57(5$17(&('(17(

$UW$SHWLomRLQLFLDOGDDomRTXHYLVDjSUHVWDomRGHWXWHODFDXWHODUHPFDUiWHUDQWHFHGHQWHLQGLFDUi
DOLGHHVHXIXQGDPHQWRDH[SRVLomRVXPiULDGRGLUHLWRTXHVHREMHWLYDDVVHJXUDUHRSHULJRGHGDQRRXRULVFR
DRUHVXOWDGR~WLOGRSURFHVVR

3DUiJUDIR ~QLFR  &DVR HQWHQGD TXH R SHGLGR D TXH VH UHIHUH R FDSXW WHP QDWXUH]D DQWHFLSDGD R MXL]
REVHUYDUiRGLVSRVWRQRDUW

$UW2UpXVHUiFLWDGR SDUD QR SUD]R GH  FLQFR  GLDV FRQWHVWDU R SHGLGR H LQGLFDU DV SURYDV TXH
SUHWHQGHSURGX]LU

$UW   1mR VHQGR FRQWHVWDGR R SHGLGR RV IDWRV DOHJDGRV SHOR DXWRU SUHVXPLUVHmR DFHLWRV SHOR UpX
FRPRRFRUULGRVFDVRHPTXHRMXL]GHFLGLUiGHQWURGH FLQFR GLDV

3DUiJUDIR~QLFR&RQWHVWDGRRSHGLGRQRSUD]ROHJDOREVHUYDUVHiRSURFHGLPHQWRFRPXP

$UW   (IHWLYDGD D WXWHOD FDXWHODU R SHGLGR SULQFLSDO WHUi GH VHU IRUPXODGR SHOR DXWRU QR SUD]R GH 
WULQWD GLDVFDVRHPTXHVHUiDSUHVHQWDGRQRVPHVPRVDXWRVHPTXHGHGX]LGRRSHGLGRGHWXWHODFDXWHODUQmR
GHSHQGHQGRGRDGLDQWDPHQWRGHQRYDVFXVWDVSURFHVVXDLV

R2SHGLGRSULQFLSDOSRGHVHUIRUPXODGRFRQMXQWDPHQWHFRPRSHGLGRGHWXWHODFDXWHODU

R$FDXVDGHSHGLUSRGHUiVHUDGLWDGDQRPRPHQWRGHIRUPXODomRGRSHGLGRSULQFLSDO

 R $SUHVHQWDGR R SHGLGR SULQFLSDO DV SDUWHV VHUmR LQWLPDGDV SDUD D DXGLrQFLD GH FRQFLOLDomR RX GH
PHGLDomR QD IRUPD GR DUW  SRU VHXV DGYRJDGRV RX SHVVRDOPHQWH VHP QHFHVVLGDGH GH QRYD FLWDomR GR
UpX

R1mRKDYHQGRDXWRFRPSRVLomRRSUD]RSDUDFRQWHVWDomRVHUiFRQWDGRQDIRUPDGRDUW

$UW&HVVDDHILFiFLDGDWXWHODFRQFHGLGDHPFDUiWHUDQWHFHGHQWHVH

,RDXWRUQmRGHGX]LURSHGLGRSULQFLSDOQRSUD]ROHJDO

,,QmRIRUHIHWLYDGDGHQWURGH WULQWD GLDV

,,,  R MXL] MXOJDU LPSURFHGHQWH R SHGLGR SULQFLSDO IRUPXODGR SHOR DXWRU RX H[WLQJXLU R SURFHVVR VHP
UHVROXomRGHPpULWR

3DUiJUDIR~QLFR6HSRUTXDOTXHUPRWLYRFHVVDUDHILFiFLDGDWXWHODFDXWHODUpYHGDGRjSDUWHUHQRYDUR
SHGLGRVDOYRVREQRYRIXQGDPHQWR

$UW2LQGHIHULPHQWRGDWXWHODFDXWHODUQmRREVWDDTXHDSDUWHIRUPXOHRSHGLGRSULQFLSDOQHPLQIOXL
QRMXOJDPHQWRGHVVHVDOYRVHRPRWLYRGRLQGHIHULPHQWRIRURUHFRQKHFLPHQWRGHGHFDGrQFLDRXGHSUHVFULomR

778/2,,,
'$787(/$'$(9,'1&,$

$UW   $ WXWHOD GD HYLGrQFLD VHUi FRQFHGLGD LQGHSHQGHQWHPHQWH GD GHPRQVWUDomR GH SHULJR GH GDQR
RXGHULVFRDRUHVXOWDGR~WLOGRSURFHVVRTXDQGR

,ILFDUFDUDFWHUL]DGRRDEXVRGRGLUHLWRGHGHIHVDRXRPDQLIHVWRSURSyVLWRSURWHODWyULRGDSDUWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,  DV DOHJDo}HV GH IDWR SXGHUHP VHU FRPSURYDGDV DSHQDV GRFXPHQWDOPHQWH H KRXYHU WHVH ILUPDGD HP
MXOJDPHQWRGHFDVRVUHSHWLWLYRVRXHPV~PXODYLQFXODQWH

,,,  VH WUDWDU GH SHGLGR UHLSHUVHFXWyULR IXQGDGR HP SURYD GRFXPHQWDO DGHTXDGD GR FRQWUDWR GH GHSyVLWR
FDVRHPTXHVHUiGHFUHWDGDDRUGHPGHHQWUHJDGRREMHWRFXVWRGLDGRVREFRPLQDomRGHPXOWD

,9  D SHWLomR LQLFLDO IRU LQVWUXtGD FRP SURYD GRFXPHQWDO VXILFLHQWH GRV IDWRV FRQVWLWXWLYRV GR GLUHLWR GR
DXWRUDTXHRUpXQmRRSRQKDSURYDFDSD]GHJHUDUG~YLGDUD]RiYHO

3DUiJUDIR~QLFR1DVKLSyWHVHVGRVLQFLVRV,,H,,,RMXL]SRGHUiGHFLGLUOLPLQDUPHQWH

/,9529,
'$)250$d2'$6863(162('$(;7,1d2'2352&(662

778/2,
'$)250$d2'2352&(662

$UW&RQVLGHUDVHSURSRVWDDDomRTXDQGRDSHWLomRLQLFLDOIRUSURWRFRODGDWRGDYLDDSURSRVLWXUDGD
DomRVySURGX]TXDQWRDRUpXRVHIHLWRVPHQFLRQDGRVQRDUWGHSRLVTXHIRUYDOLGDPHQWHFLWDGR

778/2,,
'$6863(162'2352&(662

$UW6XVSHQGHVHRSURFHVVR

,SHODPRUWHRXSHODSHUGDGDFDSDFLGDGHSURFHVVXDOGHTXDOTXHUGDVSDUWHVGHVHXUHSUHVHQWDQWHOHJDO
RXGHVHXSURFXUDGRU

,,SHODFRQYHQomRGDVSDUWHV

,,,SHODDUJXLomRGHLPSHGLPHQWRRXGHVXVSHLomR

,9SHODDGPLVVmRGHLQFLGHQWHGHUHVROXomRGHGHPDQGDVUHSHWLWLYDV

9TXDQGRDVHQWHQoDGHPpULWR

D  GHSHQGHU GR MXOJDPHQWR GH RXWUD FDXVD RX GD GHFODUDomR GH H[LVWrQFLD RX GH LQH[LVWrQFLD GH UHODomR
MXUtGLFDTXHFRQVWLWXDRREMHWRSULQFLSDOGHRXWURSURFHVVRSHQGHQWH

E  WLYHU GH VHU SURIHULGD VRPHQWH DSyV D YHULILFDomR GH GHWHUPLQDGR IDWR RX D SURGXomR GH FHUWD SURYD
UHTXLVLWDGDDRXWURMXt]R

9,SRUPRWLYRGHIRUoDPDLRU

9,,TXDQGRVHGLVFXWLUHPMXt]RTXHVWmRGHFRUUHQWHGHDFLGHQWHVHIDWRVGDQDYHJDomRGHFRPSHWrQFLD
GR7ULEXQDO0DUtWLPR

9,,,QRVGHPDLVFDVRVTXHHVWH&yGLJRUHJXOD

R1DKLSyWHVHGRLQFLVR,RMXL]VXVSHQGHUiRSURFHVVRQRVWHUPRVGRDUW

R1mRDMXL]DGDDomRGHKDELOLWDomRDRWRPDUFRQKHFLPHQWRGDPRUWHRMXL]GHWHUPLQDUiDVXVSHQVmR
GRSURFHVVRHREVHUYDUiRVHJXLQWH

,  IDOHFLGR R UpX RUGHQDUi D LQWLPDomR GR DXWRU SDUD TXH SURPRYD D FLWDomR GR UHVSHFWLYR HVSyOLR GH
TXHPIRURVXFHVVRURXVHIRURFDVRGRVKHUGHLURVQRSUD]RTXHGHVLJQDUGHQRPtQLPR GRLV HQR Pi[LPR
 VHLV PHVHV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,IDOHFLGRRDXWRUHVHQGRWUDQVPLVVtYHORGLUHLWRHPOLWtJLRGHWHUPLQDUiDLQWLPDomRGHVHXHVSyOLRGH
TXHPIRURVXFHVVRU RX VH IRU R FDVR GRV KHUGHLURV SHORV PHLRV GH GLYXOJDomR TXH UHSXWDU PDLV DGHTXDGRV
SDUD TXH PDQLIHVWHP LQWHUHVVH QD VXFHVVmR SURFHVVXDO H SURPRYDP D UHVSHFWLYD KDELOLWDomR QR SUD]R
GHVLJQDGRVRESHQDGHH[WLQomRGRSURFHVVRVHPUHVROXomRGHPpULWR

R1RFDVRGHPRUWHGRSURFXUDGRUGHTXDOTXHUGDVSDUWHVDLQGDTXHLQLFLDGDDDXGLrQFLDGHLQVWUXomRH
MXOJDPHQWR R MXL] GHWHUPLQDUi TXH D SDUWH FRQVWLWXD QRYR PDQGDWiULR QR SUD]R GH  TXLQ]H  GLDV DR ILQDO GR
TXDO H[WLQJXLUi R SURFHVVR VHP UHVROXomR GH PpULWR VH R DXWRU QmR QRPHDU QRYR PDQGDWiULR RX RUGHQDUi R
SURVVHJXLPHQWRGRSURFHVVRjUHYHOLDGRUpXVHIDOHFLGRRSURFXUDGRUGHVWH

R2SUD]RGHVXVSHQVmRGRSURFHVVRQXQFDSRGHUiH[FHGHU XP DQRQDVKLSyWHVHVGRLQFLVR9H
VHLV PHVHVQDTXHODSUHYLVWDQRLQFLVR,,

R2MXL]GHWHUPLQDUiRSURVVHJXLPHQWRGRSURFHVVRDVVLPTXHHVJRWDGRVRVSUD]RVSUHYLVWRVQRR

$UW   'XUDQWH D VXVSHQVmR p YHGDGR SUDWLFDU TXDOTXHU DWR SURFHVVXDO SRGHQGR R MXL] WRGDYLD
GHWHUPLQDU D UHDOL]DomR GH DWRV XUJHQWHV D ILP GH HYLWDU GDQR LUUHSDUiYHO VDOYR QR FDVR GH DUJXLomR GH
LPSHGLPHQWRHGHVXVSHLomR

$UW   6H R FRQKHFLPHQWR GR PpULWR GHSHQGHU GH YHULILFDomR GD H[LVWrQFLD GH IDWR GHOLWXRVR R MXL]
SRGHGHWHUPLQDUDVXVSHQVmRGRSURFHVVRDWpTXHVHSURQXQFLHDMXVWLoDFULPLQDO

 R 6H D DomR SHQDO QmR IRU SURSRVWD QR SUD]R GH  WUrV  PHVHV FRQWDGR GD LQWLPDomR GR DWR GH
VXVSHQVmRFHVVDUiRHIHLWRGHVVHLQFXPELQGRDRMXL]FtYHOH[DPLQDULQFLGHQWHPHQWHDTXHVWmRSUpYLD

 R 3URSRVWD D DomR SHQDO R SURFHVVR ILFDUi VXVSHQVR SHOR SUD]R Pi[LPR GH  XP  DQR DR ILQDO GR
TXDODSOLFDUVHiRGLVSRVWRQDSDUWHILQDOGRR

778/2,,,
'$(;7,1d2'2352&(662

$UW$H[WLQomRGRSURFHVVRGDUVHiSRUVHQWHQoD

$UW$QWHVGHSURIHULUGHFLVmRVHPUHVROXomRGHPpULWRRMXL]GHYHUiFRQFHGHUjSDUWHRSRUWXQLGDGH
SDUDVHSRVVtYHOFRUULJLURYtFLR

3$57((63(&,$/

/,952,
'2352&(662'(&21+(&,0(172('2&8035,0(172'(6(17(1d$

778/2,
'2352&(',0(172&2080

&$378/2,
',6326,d(6*(5$,6

$UW   $SOLFDVH D WRGDV DV FDXVDV R SURFHGLPHQWR FRPXP VDOYR GLVSRVLomR HP FRQWUiULR GHVWH
&yGLJRRXGHOHL

3DUiJUDIR~QLFR2SURFHGLPHQWRFRPXPDSOLFDVHVXEVLGLDULDPHQWHDRVGHPDLVSURFHGLPHQWRVHVSHFLDLV
HDRSURFHVVRGHH[HFXomR

&$378/2,,
'$3(7,d2,1,&,$/

6HomR,
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

'RV5HTXLVLWRVGD3HWLomR,QLFLDO

$UW$SHWLomRLQLFLDOLQGLFDUi

,RMXt]RDTXHpGLULJLGD

,,  RV QRPHV RV SUHQRPHV R HVWDGR FLYLO D H[LVWrQFLD GH XQLmR HVWiYHO D SURILVVmR R Q~PHUR GH
LQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVRXQR&DGDVWUR1DFLRQDOGD3HVVRD-XUtGLFDRHQGHUHoRHOHWU{QLFR R
GRPLFtOLRHDUHVLGrQFLDGRDXWRUHGRUpX

,,,RIDWRHRVIXQGDPHQWRVMXUtGLFRVGRSHGLGR

,9RSHGLGRFRPDVVXDVHVSHFLILFDo}HV

9RYDORUGDFDXVD

9,DVSURYDVFRPTXHRDXWRUSUHWHQGHGHPRQVWUDUDYHUGDGHGRVIDWRVDOHJDGRV

9,,DRSomRGRDXWRUSHODUHDOL]DomRRXQmRGHDXGLrQFLDGHFRQFLOLDomRRXGHPHGLDomR

R&DVRQmRGLVSRQKDGDVLQIRUPDo}HVSUHYLVWDVQRLQFLVR,,SRGHUiRDXWRUQDSHWLomRLQLFLDOUHTXHUHU
DRMXL]GLOLJrQFLDVQHFHVViULDVDVXDREWHQomR

R$SHWLomRLQLFLDOQmRVHUiLQGHIHULGDVHDGHVSHLWRGDIDOWDGHLQIRUPDo}HVDTXHVHUHIHUHRLQFLVR,,
IRUSRVVtYHODFLWDomRGRUpX

R$SHWLomRLQLFLDOQmRVHUi LQGHIHULGD SHOR QmR DWHQGLPHQWR DR GLVSRVWR QR LQFLVR ,, GHVWH DUWLJR VH D
REWHQomRGHWDLVLQIRUPDo}HVWRUQDULPSRVVtYHORXH[FHVVLYDPHQWHRQHURVRRDFHVVRjMXVWLoD

$UW$SHWLomRLQLFLDOVHUiLQVWUXtGDFRPRVGRFXPHQWRVLQGLVSHQViYHLVjSURSRVLWXUDGDDomR

$UW2MXL]DRYHULILFDUTXHDSHWLomRLQLFLDOQmRSUHHQFKHRVUHTXLVLWRVGRVDUWVHRX TXH
DSUHVHQWD GHIHLWRV H LUUHJXODULGDGHV FDSD]HV GH GLILFXOWDU R MXOJDPHQWR GH PpULWR GHWHUPLQDUi TXH R DXWRU QR
SUD]R GH  TXLQ]H  GLDV D HPHQGH RX D FRPSOHWH LQGLFDQGR FRP SUHFLVmR R TXH GHYH VHU FRUULJLGR RX
FRPSOHWDGR

3DUiJUDIR~QLFR6HRDXWRUQmRFXPSULUDGLOLJrQFLDRMXL]LQGHIHULUiDSHWLomRLQLFLDO

6HomR,,
'R3HGLGR

$UW2SHGLGRGHYHVHUFHUWR

 R &RPSUHHQGHPVH QR SULQFLSDO RV MXURV OHJDLV D FRUUHomR PRQHWiULD H DV YHUEDV GH VXFXPErQFLD
LQFOXVLYHRVKRQRUiULRVDGYRFDWtFLRV

R$LQWHUSUHWDomRGRSHGLGRFRQVLGHUDUiRFRQMXQWRGDSRVWXODomRHREVHUYDUiRSULQFtSLRGDERDIp

$UW1DDomRTXHWLYHUSRUREMHWRFXPSULPHQWRGHREULJDomRHPSUHVWDo}HVVXFHVVLYDVHVVDVVHUmR
FRQVLGHUDGDV LQFOXtGDV QR SHGLGR LQGHSHQGHQWHPHQWH GH GHFODUDomR H[SUHVVD GR DXWRU H VHUmR LQFOXtGDV QD
FRQGHQDomR HQTXDQWR GXUDU D REULJDomR VH R GHYHGRU QR FXUVR GR SURFHVVR GHL[DU GH SDJiODV RX GH
FRQVLJQiODV

$UW2SHGLGRGHYHVHUGHWHUPLQDGR

ReOtFLWRSRUpPIRUPXODUSHGLGRJHQpULFR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,QDVDo}HVXQLYHUVDLVVHRDXWRUQmRSXGHULQGLYLGXDURVEHQVGHPDQGDGRV

,,TXDQGRQmRIRUSRVVtYHOGHWHUPLQDUGHVGHORJRDVFRQVHTXrQFLDVGRDWRRXGRIDWR

,,,TXDQGRDGHWHUPLQDomRGRREMHWRRXGRYDORUGDFRQGHQDomRGHSHQGHUGHDWRTXHGHYDVHUSUDWLFDGR
SHORUpX

R2GLVSRVWRQHVWHDUWLJRDSOLFDVHjUHFRQYHQomR

$UW   2 SHGLGR VHUi DOWHUQDWLYR TXDQGR SHOD QDWXUH]D GD REULJDomR R GHYHGRU SXGHU FXPSULU D
SUHVWDomRGHPDLVGHXPPRGR

3DUiJUDIR~QLFR4XDQGRSHODOHLRXSHORFRQWUDWRDHVFROKDFRXEHUDRGHYHGRURMXL]OKHDVVHJXUDUiR
GLUHLWRGHFXPSULUDSUHVWDomRGHXPRXGHRXWURPRGRDLQGDTXHRDXWRUQmRWHQKDIRUPXODGRSHGLGRDOWHUQDWLYR

$UW   e OtFLWR IRUPXODU PDLV GH XP SHGLGR HP RUGHP VXEVLGLiULD D ILP GH TXH R MXL] FRQKHoD GR
SRVWHULRUTXDQGRQmRDFROKHURDQWHULRU

3DUiJUDIR~QLFReOtFLWRIRUPXODUPDLVGHXPSHGLGRDOWHUQDWLYDPHQWHSDUDTXHRMXL]DFROKDXPGHOHV

$UWeOtFLWDDFXPXODomRHPXP~QLFRSURFHVVRFRQWUDRPHVPRUpXGHYiULRVSHGLGRVDLQGDTXH
HQWUHHOHVQmRKDMDFRQH[mR

R6mRUHTXLVLWRVGHDGPLVVLELOLGDGHGDFXPXODomRTXH

,RVSHGLGRVVHMDPFRPSDWtYHLVHQWUHVL

,,VHMDFRPSHWHQWHSDUDFRQKHFHUGHOHVRPHVPRMXt]R

,,,VHMDDGHTXDGRSDUDWRGRVRVSHGLGRVRWLSRGHSURFHGLPHQWR

R4XDQGRSDUDFDGDSHGLGRFRUUHVSRQGHUWLSRGLYHUVRGHSURFHGLPHQWRVHUiDGPLWLGDDFXPXODomRVH
R DXWRU HPSUHJDU R SURFHGLPHQWR FRPXP VHP SUHMXt]R GR HPSUHJR GDV WpFQLFDV SURFHVVXDLV GLIHUHQFLDGDV
SUHYLVWDV QRV SURFHGLPHQWRV HVSHFLDLV D TXH VH VXMHLWDP XP RX PDLV SHGLGRV FXPXODGRV TXH QmR IRUHP
LQFRPSDWtYHLVFRPDVGLVSRVLo}HVVREUHRSURFHGLPHQWRFRPXP

R2LQFLVR,GRRQmRVHDSOLFDjVFXPXODo}HVGHSHGLGRVGHTXHWUDWDRDUW

$UW   1D REULJDomR LQGLYLVtYHO FRP SOXUDOLGDGH GH FUHGRUHV DTXHOH TXH QmR SDUWLFLSRX GR SURFHVVR
UHFHEHUiVXDSDUWHGHGX]LGDVDVGHVSHVDVQDSURSRUomRGHVHXFUpGLWR

$UW2DXWRUSRGHUi

,DWpDFLWDomRDGLWDURXDOWHUDURSHGLGRRXDFDXVDGHSHGLULQGHSHQGHQWHPHQWHGHFRQVHQWLPHQWRGR
UpX

,,DWpRVDQHDPHQWRGRSURFHVVRDGLWDURXDOWHUDU R SHGLGR H D FDXVD GH SHGLU FRP FRQVHQWLPHQWR GR


UpXDVVHJXUDGRRFRQWUDGLWyULRPHGLDQWHDSRVVLELOLGDGHGHPDQLIHVWDomRGHVWHQRSUD]RPtQLPRGH TXLQ]H
GLDVIDFXOWDGRRUHTXHULPHQWRGHSURYDVXSOHPHQWDU

3DUiJUDIR~QLFR$SOLFDVHRGLVSRVWRQHVWHDUWLJRjUHFRQYHQomRHjUHVSHFWLYDFDXVDGHSHGLU

6HomR,,,
'R,QGHIHULPHQWRGD3HWLomR,QLFLDO

$UW$SHWLomRLQLFLDOVHUiLQGHIHULGDTXDQGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,IRULQHSWD

,,DSDUWHIRUPDQLIHVWDPHQWHLOHJtWLPD

,,,RDXWRUFDUHFHUGHLQWHUHVVHSURFHVVXDO

,9QmRDWHQGLGDVDVSUHVFULo}HVGRVDUWVH

R&RQVLGHUDVHLQHSWDDSHWLomRLQLFLDOTXDQGR

,OKHIDOWDUSHGLGRRXFDXVDGHSHGLU

,,RSHGLGRIRULQGHWHUPLQDGRUHVVDOYDGDVDVKLSyWHVHVOHJDLVHPTXHVHSHUPLWHRSHGLGRJHQpULFR

,,,GDQDUUDomRGRVIDWRVQmRGHFRUUHUORJLFDPHQWHDFRQFOXVmR

,9FRQWLYHUSHGLGRVLQFRPSDWtYHLVHQWUHVL

 R 1DV Do}HV TXH WHQKDP SRU REMHWR D UHYLVmR GH REULJDomR GHFRUUHQWH GH HPSUpVWLPR GH
ILQDQFLDPHQWR RX GH DOLHQDomR GH EHQV R DXWRU WHUi GH VRE SHQD GH LQpSFLD GLVFULPLQDU QD SHWLomR LQLFLDO
GHQWUHDVREULJDo}HVFRQWUDWXDLVDTXHODVTXHSUHWHQGHFRQWURYHUWHUDOpPGHTXDQWLILFDURYDORULQFRQWURYHUVRGR
GpELWR

R1DKLSyWHVHGRRRYDORULQFRQWURYHUVRGHYHUiFRQWLQXDUDVHUSDJRQRWHPSRHPRGRFRQWUDWDGRV

$UW,QGHIHULGDDSHWLomRLQLFLDORDXWRUSRGHUiDSHODUIDFXOWDGRDRMXL]QRSUD]RGH FLQFR GLDV


UHWUDWDUVH

R6HQmRKRXYHUUHWUDWDomRRMXL]PDQGDUiFLWDURUpXSDUDUHVSRQGHUDRUHFXUVR

 R 6HQGR D VHQWHQoD UHIRUPDGD SHOR WULEXQDO R SUD]R SDUD D FRQWHVWDomR FRPHoDUi D FRUUHU GD
LQWLPDomRGRUHWRUQRGRVDXWRVREVHUYDGRRGLVSRVWRQRDUW

R1mRLQWHUSRVWDDDSHODomRRUpXVHUiLQWLPDGRGRWUkQVLWRHPMXOJDGRGDVHQWHQoD

&$378/2,,,
'$,0352&('1&,$/,0,1$5'23(','2

$UW   1DV FDXVDV TXH GLVSHQVHP D IDVH LQVWUXWyULD R MXL] LQGHSHQGHQWHPHQWH GD FLWDomR GR UpX
MXOJDUiOLPLQDUPHQWHLPSURFHGHQWHRSHGLGRTXHFRQWUDULDU

,HQXQFLDGRGHV~PXODGR6XSUHPR7ULEXQDO)HGHUDORXGR6XSHULRU7ULEXQDOGH-XVWLoD

,,  DFyUGmR SURIHULGR SHOR 6XSUHPR 7ULEXQDO )HGHUDO RX SHOR 6XSHULRU 7ULEXQDO GH -XVWLoD HP MXOJDPHQWR
GHUHFXUVRVUHSHWLWLYRV

,,,  HQWHQGLPHQWR ILUPDGR HP LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV RX GH DVVXQomR GH
FRPSHWrQFLD

,9HQXQFLDGRGHV~PXODGHWULEXQDOGHMXVWLoDVREUHGLUHLWRORFDO

 R 2 MXL] WDPEpP SRGHUi MXOJDU OLPLQDUPHQWH LPSURFHGHQWH R SHGLGR VH YHULILFDU GHVGH ORJR D
RFRUUrQFLDGHGHFDGrQFLDRXGHSUHVFULomR

R1mRLQWHUSRVWDDDSHODomRRUpXVHUiLQWLPDGRGRWUkQVLWRHPMXOJDGRGDVHQWHQoDQRVWHUPRVGRDUW

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R,QWHUSRVWDDDSHODomRRMXL]SRGHUiUHWUDWDUVHHP FLQFR GLDV

R6HKRXYHUUHWUDWDomRRMXL]GHWHUPLQDUiRSURVVHJXLPHQWRGRSURFHVVRFRPDFLWDomRGRUpXHVH
QmRKRXYHUUHWUDWDomRGHWHUPLQDUiDFLWDomRGRUpXSDUDDSUHVHQWDUFRQWUDUUD]}HVQRSUD]RGH TXLQ]H GLDV

&$378/2,9
'$&219(562'$$d2,1',9,'8$/(0$d2&2/(7,9$

$UW 9(7$'2 

&$378/29
'$$8',1&,$'(&21&,/,$d228'(0(',$d2

$UW6HDSHWLomRLQLFLDOSUHHQFKHURVUHTXLVLWRVHVVHQFLDLVHQmRIRURFDVRGHLPSURFHGrQFLDOLPLQDU
GR SHGLGR R MXL] GHVLJQDUi DXGLrQFLD GH FRQFLOLDomR RX GH PHGLDomR FRP DQWHFHGrQFLD PtQLPD GH  WULQWD
GLDVGHYHQGRVHUFLWDGRRUpXFRPSHORPHQRV YLQWH GLDVGHDQWHFHGrQFLD

R 2 FRQFLOLDGRU RX PHGLDGRU RQGH KRXYHU DWXDUi QHFHVVDULDPHQWH QD DXGLrQFLD GH FRQFLOLDomR RX GH
PHGLDomRREVHUYDQGRRGLVSRVWRQHVWH&yGLJREHPFRPRDVGLVSRVLo}HVGDOHLGHRUJDQL]DomRMXGLFLiULD

R3RGHUiKDYHUPDLVGHXPDVHVVmRGHVWLQDGDjFRQFLOLDomRHjPHGLDomRQmRSRGHQGRH[FHGHUD
GRLV PHVHVGDGDWDGHUHDOL]DomRGDSULPHLUDVHVVmRGHVGHTXHQHFHVViULDVjFRPSRVLomRGDVSDUWHV

R$LQWLPDomRGRDXWRUSDUDDDXGLrQFLDVHUiIHLWDQDSHVVRDGHVHXDGYRJDGR

R$DXGLrQFLDQmRVHUiUHDOL]DGD

,VHDPEDVDVSDUWHVPDQLIHVWDUHPH[SUHVVDPHQWHGHVLQWHUHVVHQDFRPSRVLomRFRQVHQVXDO

,,TXDQGRQmRVHDGPLWLUDDXWRFRPSRVLomR

R2DXWRUGHYHUiLQGLFDUQDSHWLomRLQLFLDOVHXGHVLQWHUHVVHQDDXWRFRPSRVLomRHRUpXGHYHUiID]r
ORSRUSHWLomRDSUHVHQWDGDFRP GH] GLDVGHDQWHFHGrQFLDFRQWDGRVGDGDWDGDDXGLrQFLD

R+DYHQGROLWLVFRQVyUFLRRGHVLQWHUHVVHQDUHDOL]DomRGDDXGLrQFLDGHYHVHUPDQLIHVWDGRSRUWRGRVRV
OLWLVFRQVRUWHV

R$DXGLrQFLDGHFRQFLOLDomRRXGHPHGLDomRSRGHUHDOL]DUVHSRUPHLRHOHWU{QLFRQRVWHUPRVGDOHL

R2QmRFRPSDUHFLPHQWRLQMXVWLILFDGRGRDXWRURXGRUpXjDXGLrQFLDGHFRQFLOLDomRpFRQVLGHUDGRDWR
DWHQWDWyULR j GLJQLGDGH GD MXVWLoD H VHUi VDQFLRQDGR FRP PXOWD GH DWp GRLV SRU FHQWR GD YDQWDJHP HFRQ{PLFD
SUHWHQGLGDRXGRYDORUGDFDXVDUHYHUWLGDHPIDYRUGD8QLmRRXGR(VWDGR

R$VSDUWHVGHYHPHVWDUDFRPSDQKDGDVSRUVHXVDGYRJDGRVRXGHIHQVRUHVS~EOLFRV

   $ SDUWH SRGHUi FRQVWLWXLU UHSUHVHQWDQWH SRU PHLR GH SURFXUDomR HVSHFtILFD FRP SRGHUHV SDUD
QHJRFLDUHWUDQVLJLU

$DXWRFRPSRVLomRREWLGDVHUiUHGX]LGDDWHUPRHKRPRORJDGDSRUVHQWHQoD

   $ SDXWD GDV DXGLrQFLDV GH FRQFLOLDomR RX GH PHGLDomR VHUi RUJDQL]DGD GH PRGR D UHVSHLWDU R
LQWHUYDORPtQLPRGH YLQWH PLQXWRVHQWUHRLQtFLRGHXPDHRLQtFLRGDVHJXLQWH

&$378/29,
'$&217(67$d2

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW2UpXSRGHUiRIHUHFHUFRQWHVWDomRSRUSHWLomRQRSUD]RGH TXLQ]H GLDVFXMRWHUPRLQLFLDO


VHUiDGDWD

,  GD DXGLrQFLD GH FRQFLOLDomR RX GH PHGLDomR RX GD ~OWLPD VHVVmR GH FRQFLOLDomR TXDQGR TXDOTXHU
SDUWHQmRFRPSDUHFHURXFRPSDUHFHQGRQmRKRXYHUDXWRFRPSRVLomR

,,GRSURWRFRORGRSHGLGRGHFDQFHODPHQWRGDDXGLrQFLDGHFRQFLOLDomRRXGHPHGLDomRDSUHVHQWDGRSHOR
UpXTXDQGRRFRUUHUDKLSyWHVHGRDUWRLQFLVR,

,,,SUHYLVWDQRDUWGHDFRUGRFRPRPRGRFRPRIRLIHLWDDFLWDomRQRVGHPDLVFDVRV

R1RFDVRGHOLWLVFRQVyUFLRSDVVLYRRFRUUHQGRDKLSyWHVHGRDUWRR WHUPR LQLFLDO SUHYLVWR QR


LQFLVR ,, VHUi SDUD FDGD XP GRV UpXV D GDWD GH DSUHVHQWDomR GH VHX UHVSHFWLYR SHGLGR GH FDQFHODPHQWR GD
DXGLrQFLD

 R 4XDQGR RFRUUHU D KLSyWHVH GR DUW   R LQFLVR ,, KDYHQGR OLWLVFRQVyUFLR SDVVLYR H R DXWRU
GHVLVWLU GD DomR HP UHODomR D UpX DLQGD QmR FLWDGR R SUD]R SDUD UHVSRVWD FRUUHUi GD GDWD GH LQWLPDomR GD
GHFLVmRTXHKRPRORJDUDGHVLVWrQFLD

$UW,QFXPEHDRUpXDOHJDUQDFRQWHVWDomRWRGDDPDWpULDGHGHIHVDH[SRQGRDVUD]}HVGHIDWRH
GHGLUHLWRFRPTXHLPSXJQDRSHGLGRGRDXWRUHHVSHFLILFDQGRDVSURYDVTXHSUHWHQGHSURGX]LU

$UW,QFXPEHDRUpXDQWHVGHGLVFXWLURPpULWRDOHJDU

,LQH[LVWrQFLDRXQXOLGDGHGDFLWDomR

,,LQFRPSHWrQFLDDEVROXWDHUHODWLYD

,,,LQFRUUHomRGRYDORUGDFDXVD

,9LQpSFLDGDSHWLomRLQLFLDO

9SHUHPSomR

9,OLWLVSHQGrQFLD

9,,FRLVDMXOJDGD

9,,,FRQH[mR

,;LQFDSDFLGDGHGDSDUWHGHIHLWRGHUHSUHVHQWDomRRXIDOWDGHDXWRUL]DomR

;FRQYHQomRGHDUELWUDJHP

;,DXVrQFLDGHOHJLWLPLGDGHRXGHLQWHUHVVHSURFHVVXDO

;,,IDOWDGHFDXomRRXGHRXWUDSUHVWDomRTXHDOHLH[LJHFRPRSUHOLPLQDU

;,,,LQGHYLGDFRQFHVVmRGREHQHItFLRGHJUDWXLGDGHGHMXVWLoD

R9HULILFDVHDOLWLVSHQGrQFLDRXDFRLVDMXOJDGDTXDQGRVHUHSURGX]DomRDQWHULRUPHQWHDMXL]DGD

R8PDDomRpLGrQWLFDDRXWUDTXDQGRSRVVXLDVPHVPDVSDUWHVDPHVPDFDXVDGHSHGLUHRPHVPR
SHGLGR

R+iOLWLVSHQGrQFLDTXDQGRVHUHSHWHDomRTXHHVWiHPFXUVR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R+iFRLVDMXOJDGDTXDQGRVHUHSHWHDomRTXHMiIRLGHFLGLGDSRUGHFLVmRWUDQVLWDGDHPMXOJDGR

 R ([FHWXDGDV D FRQYHQomR GH DUELWUDJHP H D LQFRPSHWrQFLD UHODWLYD R MXL] FRQKHFHUi GH RItFLR GDV
PDWpULDVHQXPHUDGDVQHVWHDUWLJR

R$DXVrQFLDGHDOHJDomRGDH[LVWrQFLDGHFRQYHQomRGHDUELWUDJHPQDIRUPDSUHYLVWDQHVWH&DStWXOR
LPSOLFDDFHLWDomRGDMXULVGLomRHVWDWDOHUHQ~QFLDDRMXt]RDUELWUDO

$UW   $OHJDQGR R UpX QD FRQWHVWDomR VHU SDUWH LOHJtWLPD RX QmR VHU R UHVSRQViYHO SHOR SUHMXt]R
LQYRFDGRRMXL]IDFXOWDUiDRDXWRUHP TXLQ]H GLDVDDOWHUDomRGDSHWLomRLQLFLDOSDUDVXEVWLWXLomRGRUpX

3DUiJUDIR ~QLFR  5HDOL]DGD D VXEVWLWXLomR R DXWRU UHHPEROVDUi DV GHVSHVDV H SDJDUi RV KRQRUiULRV DR
SURFXUDGRU GR UpX H[FOXtGR TXH VHUmR IL[DGRV HQWUH WUrV H FLQFR SRU FHQWR GR YDORU GD FDXVD RX VHQGR HVWH
LUULVyULRQRVWHUPRVGRDUWR

$UW   4XDQGR DOHJDU VXD LOHJLWLPLGDGH LQFXPEH DR UpX LQGLFDU R VXMHLWR SDVVLYR GD UHODomR MXUtGLFD
GLVFXWLGD VHPSUH TXH WLYHU FRQKHFLPHQWR VRE SHQD GH DUFDU FRP DV GHVSHVDV SURFHVVXDLV H GH LQGHQL]DU R
DXWRUSHORVSUHMXt]RVGHFRUUHQWHVGDIDOWDGHLQGLFDomR

R2DXWRUDRDFHLWDUDLQGLFDomRSURFHGHUiQRSUD]RGH TXLQ]H GLDVjDOWHUDomRGDSHWLomRLQLFLDO


SDUDDVXEVWLWXLomRGRUpXREVHUYDQGRVHDLQGDRSDUiJUDIR~QLFRGRDUW

 R 1R SUD]R GH  TXLQ]H  GLDV R DXWRU SRGH RSWDU SRU DOWHUDU D SHWLomR LQLFLDO SDUD LQFOXLU FRPR
OLWLVFRQVRUWHSDVVLYRRVXMHLWRLQGLFDGRSHORUpX

$UW+DYHQGRDOHJDomRGHLQFRPSHWrQFLDUHODWLYDRXDEVROXWDDFRQWHVWDomRSRGHUiVHUSURWRFRODGD
QR IRUR GH GRPLFtOLR GR UpX IDWR TXH VHUi LPHGLDWDPHQWH FRPXQLFDGR DR MXL] GD FDXVD SUHIHUHQFLDOPHQWH SRU
PHLRHOHWU{QLFR

R$FRQWHVWDomRVHUiVXEPHWLGD D OLYUH GLVWULEXLomR RX VH R UpX KRXYHU VLGR FLWDGR SRU PHLR GH FDUWD
SUHFDWyULDMXQWDGDDRVDXWRVGHVVDFDUWDVHJXLQGRVHDVXDLPHGLDWDUHPHVVDSDUDRMXt]RGDFDXVD

 R 5HFRQKHFLGD D FRPSHWrQFLD GR IRUR LQGLFDGR SHOR UpX R MXt]R SDUD R TXDO IRU GLVWULEXtGD D
FRQWHVWDomRRXDFDUWDSUHFDWyULDVHUiFRQVLGHUDGRSUHYHQWR

 R $OHJDGD D LQFRPSHWrQFLD QRV WHUPRV GR FDSXW VHUi VXVSHQVD D UHDOL]DomR GD DXGLrQFLD GH
FRQFLOLDomRRXGHPHGLDomRVHWLYHUVLGRGHVLJQDGD

R'HILQLGDDFRPSHWrQFLDRMXt]RFRPSHWHQWHGHVLJQDUiQRYDGDWDSDUDDDXGLrQFLDGHFRQFLOLDomRRX
GHPHGLDomR

$UW,QFXPEHWDPEpPDRUpXPDQLIHVWDUVHSUHFLVDPHQWHVREUHDVDOHJDo}HVGHIDWRFRQVWDQWHVGD
SHWLomRLQLFLDOSUHVXPLQGRVHYHUGDGHLUDVDVQmRLPSXJQDGDVVDOYRVH

,QmRIRUDGPLVVtYHODVHXUHVSHLWRDFRQILVVmR

,,DSHWLomRLQLFLDOQmRHVWLYHUDFRPSDQKDGDGHLQVWUXPHQWRTXHDOHLFRQVLGHUDUGDVXEVWkQFLDGRDWR

,,,HVWLYHUHPHPFRQWUDGLomRFRPDGHIHVDFRQVLGHUDGDHPVHXFRQMXQWR

3DUiJUDIR ~QLFR  2 {QXV GD LPSXJQDomR HVSHFLILFDGD GRV IDWRV QmR VH DSOLFD DR GHIHQVRU S~EOLFR DR
DGYRJDGRGDWLYRHDRFXUDGRUHVSHFLDO

$UW'HSRLVGDFRQWHVWDomRVypOtFLWRDRUpXGHGX]LUQRYDVDOHJDo}HVTXDQGR

,UHODWLYDVDGLUHLWRRXDIDWRVXSHUYHQLHQWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,FRPSHWLUDRMXL]FRQKHFHUGHODVGHRItFLR

,,,SRUH[SUHVVDDXWRUL]DomROHJDOSXGHUHPVHUIRUPXODGDVHPTXDOTXHUWHPSRHJUDXGHMXULVGLomR

&$378/29,,
'$5(&219(1d2

$UW   1D FRQWHVWDomR p OtFLWR DR UpX SURSRU UHFRQYHQomR SDUD PDQLIHVWDU SUHWHQVmR SUySULD FRQH[D
FRPDDomRSULQFLSDORXFRPRIXQGDPHQWRGDGHIHVD

 R 3URSRVWD D UHFRQYHQomR R DXWRU VHUi LQWLPDGR QD SHVVRD GH VHX DGYRJDGR SDUD DSUHVHQWDU
UHVSRVWDQRSUD]RGH TXLQ]H GLDV

 R $ GHVLVWrQFLD GD DomR RX D RFRUUrQFLD GH FDXVD H[WLQWLYD TXH LPSHoD R H[DPH GH VHX PpULWR QmR
REVWDDRSURVVHJXLPHQWRGRSURFHVVRTXDQWRjUHFRQYHQomR

R$UHFRQYHQomRSRGHVHUSURSRVWDFRQWUDRDXWRUHWHUFHLUR

R$UHFRQYHQomRSRGHVHUSURSRVWDSHORUpXHPOLWLVFRQVyUFLRFRPWHUFHLUR

 R 6H R DXWRU IRU VXEVWLWXWR SURFHVVXDO R UHFRQYLQWH GHYHUi DILUPDU VHU WLWXODU GH GLUHLWR HP IDFH GR
VXEVWLWXtGR H D UHFRQYHQomR GHYHUi VHU SURSRVWD HP IDFH GR DXWRU WDPEpP QD TXDOLGDGH GH VXEVWLWXWR
SURFHVVXDO

R2UpXSRGHSURSRUUHFRQYHQomRLQGHSHQGHQWHPHQWHGHRIHUHFHUFRQWHVWDomR

&$378/29,,,
'$5(9(/,$

$UW   6H R UpX QmR FRQWHVWDU D DomR VHUi FRQVLGHUDGR UHYHO H SUHVXPLUVHmR YHUGDGHLUDV DV
DOHJDo}HVGHIDWRIRUPXODGDVSHORDXWRU

$UW$UHYHOLDQmRSURGX]RHIHLWRPHQFLRQDGRQRDUWVH

,KDYHQGRSOXUDOLGDGHGHUpXVDOJXPGHOHVFRQWHVWDUDDomR

,,ROLWtJLRYHUVDUVREUHGLUHLWRVLQGLVSRQtYHLV

,,,DSHWLomRLQLFLDOQmRHVWLYHUDFRPSDQKDGDGHLQVWUXPHQWRTXHDOHLFRQVLGHUHLQGLVSHQViYHOjSURYDGR
DWR

,9  DV DOHJDo}HV GH IDWR IRUPXODGDV SHOR DXWRU IRUHP LQYHURVVtPHLV RX HVWLYHUHP HP FRQWUDGLomR FRP
SURYDFRQVWDQWHGRVDXWRV

$UW2VSUD]RVFRQWUDRUHYHOTXHQmRWHQKDSDWURQRQRVDXWRVIOXLUmRGDGDWDGHSXEOLFDomRGRDWR
GHFLVyULRQRyUJmRRILFLDO

3DUiJUDIR~QLFR2UHYHOSRGHUiLQWHUYLUQRSURFHVVRHPTXDOTXHUIDVHUHFHEHQGRRQRHVWDGRHPTXHVH
HQFRQWUDU

&$378/2,;
'$63529,'1&,$635(/,0,1$5(6('26$1($0(172

$UW)LQGRRSUD]RSDUDDFRQWHVWDomRRMXL]WRPDUiFRQIRUPHRFDVRDVSURYLGrQFLDVSUHOLPLQDUHV
FRQVWDQWHVGDVVHo}HVGHVWH&DStWXOR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

6HomR,
'D1mR,QFLGrQFLDGRV(IHLWRVGD5HYHOLD

$UW6HRUpXQmRFRQWHVWDUDDomRRMXL]YHULILFDQGRDLQRFRUUrQFLDGRHIHLWRGDUHYHOLDSUHYLVWR QR
DUWRUGHQDUiTXHRDXWRUHVSHFLILTXHDVSURYDVTXHSUHWHQGDSURGX]LUVHDLQGDQmRDVWLYHULQGLFDGR

$UW$RUpXUHYHOVHUiOtFLWDDSURGXomRGHSURYDVFRQWUDSRVWDVjVDOHJDo}HVGRDXWRUGHVGHTXHVH
IDoDUHSUHVHQWDUQRVDXWRVDWHPSRGHSUDWLFDURVDWRVSURFHVVXDLVLQGLVSHQViYHLVDHVVDSURGXomR

6HomR,,
'R)DWR,PSHGLWLYR0RGLILFDWLYRRX([WLQWLYRGR'LUHLWRGR$XWRU

$UW6HRUpXDOHJDUIDWRLPSHGLWLYRPRGLILFDWLYRRXH[WLQWLYRGRGLUHLWRGRDXWRUHVWHVHUiRXYLGR QR
SUD]RGH TXLQ]H GLDVSHUPLWLQGROKHRMXL]DSURGXomRGHSURYD

6HomR,,,
'DV$OHJDo}HVGR5pX

$UW   6H R UpX DOHJDU TXDOTXHU GDV PDWpULDV HQXPHUDGDV QR DUW  R MXL] GHWHUPLQDUi D RLWLYD GR
DXWRUQRSUD]RGH TXLQ]H GLDVSHUPLWLQGROKHDSURGXomRGHSURYD

$UW   9HULILFDQGR D H[LVWrQFLD GH LUUHJXODULGDGHV RX GH YtFLRV VDQiYHLV R MXL] GHWHUPLQDUi VXD
FRUUHomRHPSUD]RQXQFDVXSHULRUD WULQWD GLDV

$UW   &XPSULGDV DV SURYLGrQFLDV SUHOLPLQDUHV RX QmR KDYHQGR QHFHVVLGDGH GHODV R MXL] SURIHULUi
MXOJDPHQWRFRQIRUPHRHVWDGRGRSURFHVVRREVHUYDQGRRTXHGLVS}HR&DStWXOR;

&$378/2;
'2-8/*$0(172&21)250(2(67$'2'2352&(662

6HomR,
'D([WLQomRGR3URFHVVR

$UW2FRUUHQGRTXDOTXHUGDVKLSyWHVHVSUHYLVWDVQRVDUWVHLQFLVRV,,H,,,RMXL]SURIHULUi
VHQWHQoD

3DUiJUDIR ~QLFR  $ GHFLVmR D TXH VH UHIHUH R FDSXW SRGH GL]HU UHVSHLWR D DSHQDV SDUFHOD GR SURFHVVR
FDVRHPTXHVHUiLPSXJQiYHOSRUDJUDYRGHLQVWUXPHQWR

6HomR,,
'R-XOJDPHQWR$QWHFLSDGRGR0pULWR

$UW2MXL]MXOJDUiDQWHFLSDGDPHQWHRSHGLGRSURIHULQGRVHQWHQoDFRPUHVROXomRGHPpULWRTXDQGR

,QmRKRXYHUQHFHVVLGDGHGHSURGXomRGHRXWUDVSURYDV

,,RUpXIRUUHYHORFRUUHURHIHLWRSUHYLVWR QR DUW  H QmR KRXYHU UHTXHULPHQWR GH SURYD QD IRUPD GR
DUW

6HomR,,,
'R-XOJDPHQWR$QWHFLSDGR3DUFLDOGR0pULWR

$UW   2 MXL] GHFLGLUi SDUFLDOPHQWH R PpULWR TXDQGR XP RX PDLV GRV SHGLGRV IRUPXODGRV RX SDUFHOD
GHOHV

,PRVWUDUVHLQFRQWURYHUVR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,HVWLYHUHPFRQGLo}HVGHLPHGLDWRMXOJDPHQWRQRVWHUPRVGRDUW

 R $ GHFLVmR TXH MXOJDU SDUFLDOPHQWH R PpULWR SRGHUi UHFRQKHFHU D H[LVWrQFLD GH REULJDomR OtTXLGD RX
LOtTXLGD

 R $ SDUWH SRGHUi OLTXLGDU RX H[HFXWDU GHVGH ORJR D REULJDomR UHFRQKHFLGD QD GHFLVmR TXH MXOJDU
SDUFLDOPHQWHRPpULWRLQGHSHQGHQWHPHQWHGHFDXomRDLQGDTXHKDMDUHFXUVRFRQWUDHVVDLQWHUSRVWR

R1DKLSyWHVHGRRVHKRXYHUWUkQVLWRHPMXOJDGRGDGHFLVmRDH[HFXomRVHUiGHILQLWLYD

R$OLTXLGDomRHRFXPSULPHQWRGDGHFLVmRTXHMXOJDUSDUFLDOPHQWHRPpULWRSRGHUmRVHUSURFHVVDGRV
HPDXWRVVXSOHPHQWDUHVDUHTXHULPHQWRGDSDUWHRXDFULWpULRGRMXL]

R$GHFLVmRSURIHULGDFRPEDVHQHVWHDUWLJRpLPSXJQiYHOSRUDJUDYRGHLQVWUXPHQWR

6HomR,9
'R6DQHDPHQWRHGD2UJDQL]DomRGR3URFHVVR

$UW   1mR RFRUUHQGR QHQKXPD GDV KLSyWHVHV GHVWH &DStWXOR GHYHUi R MXL] HP GHFLVmR GH
VDQHDPHQWRHGHRUJDQL]DomRGRSURFHVVR

,UHVROYHUDVTXHVW}HVSURFHVVXDLVSHQGHQWHVVHKRXYHU

,,GHOLPLWDUDVTXHVW}HVGHIDWRVREUHDVTXDLVUHFDLUiDDWLYLGDGHSUREDWyULDHVSHFLILFDQGRRVPHLRVGH
SURYDDGPLWLGRV

,,,GHILQLUDGLVWULEXLomRGR{QXVGDSURYDREVHUYDGRRDUW

,9GHOLPLWDUDVTXHVW}HVGHGLUHLWRUHOHYDQWHVSDUDDGHFLVmRGRPpULWR

9GHVLJQDUVHQHFHVViULRDXGLrQFLDGHLQVWUXomRHMXOJDPHQWR

 R 5HDOL]DGR R VDQHDPHQWR DV SDUWHV WrP R GLUHLWR GH SHGLU HVFODUHFLPHQWRV RX VROLFLWDU DMXVWHV QR
SUD]RFRPXPGH FLQFR GLDVILQGRRTXDODGHFLVmRVHWRUQDHVWiYHO

R$VSDUWHVSRGHPDSUHVHQWDUDRMXL]SDUDKRPRORJDomRGHOLPLWDomRFRQVHQVXDOGDVTXHVW}HVGHIDWR
HGHGLUHLWRDTXHVHUHIHUHPRVLQFLVRV,,H,9DTXDOVHKRPRORJDGDYLQFXODDVSDUWHVHRMXL]

 R 6H D FDXVD DSUHVHQWDU FRPSOH[LGDGH HP PDWpULD GH IDWR RX GH GLUHLWR GHYHUi R MXL] GHVLJQDU
DXGLrQFLDSDUDTXHRVDQHDPHQWRVHMDIHLWRHPFRRSHUDomRFRPDVSDUWHVRSRUWXQLGDGHHPTXHRMXL]VHIRUR
FDVRFRQYLGDUiDVSDUWHVDLQWHJUDURXHVFODUHFHUVXDVDOHJDo}HV

 R &DVR WHQKD VLGR GHWHUPLQDGD D SURGXomR GH SURYD WHVWHPXQKDO R MXL] IL[DUi SUD]R FRPXP QmR
VXSHULRUD TXLQ]H GLDVSDUDTXHDVSDUWHVDSUHVHQWHPUROGHWHVWHPXQKDV

 R 1D KLSyWHVH GR  R DV SDUWHV GHYHP OHYDU SDUD D DXGLrQFLD SUHYLVWD R UHVSHFWLYR URO GH
WHVWHPXQKDV

 R 2 Q~PHUR GH WHVWHPXQKDV DUURODGDV QmR SRGH VHU VXSHULRU D  GH]  VHQGR  WUrV  QR Pi[LPR
SDUDDSURYDGHFDGDIDWR

 R 2 MXL] SRGHUi OLPLWDU R Q~PHUR GH WHVWHPXQKDV OHYDQGR HP FRQWD D FRPSOH[LGDGH GD FDXVD H GRV
IDWRVLQGLYLGXDOPHQWHFRQVLGHUDGRV

R&DVRWHQKDVLGRGHWHUPLQDGDDSURGXomRGHSURYDSHULFLDORMXL]GHYHREVHUYDURGLVSRVWRQRDUW

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

HVHSRVVtYHOHVWDEHOHFHUGHVGHORJRFDOHQGiULRSDUDVXDUHDOL]DomR

R$VSDXWDVGHYHUmRVHUSUHSDUDGDVFRPLQWHUYDORPtQLPRGH XPD KRUDHQWUHDVDXGLrQFLDV

&$378/2;,
'$$8',1&,$'(,16758d2(-8/*$0(172

$UW   1R GLD H QD KRUD GHVLJQDGRV R MXL] GHFODUDUi DEHUWD D DXGLrQFLD GH LQVWUXomR H MXOJDPHQWR H
PDQGDUiDSUHJRDUDVSDUWHVHRVUHVSHFWLYRVDGYRJDGRVEHPFRPRRXWUDVSHVVRDVTXHGHODGHYDPSDUWLFLSDU

$UW,QVWDODGDDDXGLrQFLDRMXL]WHQWDUiFRQFLOLDUDVSDUWHVLQGHSHQGHQWHPHQWHGRHPSUHJRDQWHULRU
GHRXWURVPpWRGRVGHVROXomRFRQVHQVXDOGHFRQIOLWRVFRPRDPHGLDomRHDDUELWUDJHP

$UW2MXL]H[HUFHRSRGHUGHSROtFLDLQFXPELQGROKH

,PDQWHUDRUGHPHRGHFRURQDDXGLrQFLD

,,RUGHQDUTXHVHUHWLUHPGDVDODGHDXGLrQFLDRVTXHVHFRPSRUWDUHPLQFRQYHQLHQWHPHQWH

,,,UHTXLVLWDUTXDQGRQHFHVViULRIRUoDSROLFLDO

,9  WUDWDU FRP XUEDQLGDGH DV SDUWHV RV DGYRJDGRV RV PHPEURV GR 0LQLVWpULR 3~EOLFR H GD 'HIHQVRULD
3~EOLFDHTXDOTXHUSHVVRDTXHSDUWLFLSHGRSURFHVVR

9UHJLVWUDUHPDWDFRPH[DWLGmRWRGRVRVUHTXHULPHQWRVDSUHVHQWDGRVHPDXGLrQFLD

$UW$VSURYDVRUDLVVHUmRSURGX]LGDVHPDXGLrQFLDRXYLQGRVHQHVWDRUGHPSUHIHUHQFLDOPHQWH

,  R SHULWR H RV DVVLVWHQWHV WpFQLFRV TXH UHVSRQGHUmR DRV TXHVLWRV GH HVFODUHFLPHQWRV UHTXHULGRV QR
SUD]RHQDIRUPDGRDUWFDVRQmRUHVSRQGLGRVDQWHULRUPHQWHSRUHVFULWR

,,RDXWRUHHPVHJXLGDRUpXTXHSUHVWDUmRGHSRLPHQWRVSHVVRDLV

,,,DVWHVWHPXQKDVDUURODGDVSHORDXWRUHSHORUpXTXHVHUmRLQTXLULGDV

3DUiJUDIR~QLFR(QTXDQWRGHSXVHUHPRSHULWRRVDVVLVWHQWHVWpFQLFRVDVSDUWHVHDVWHVWHPXQKDVQmR
SRGHUmRRVDGYRJDGRVHR0LQLVWpULR3~EOLFRLQWHUYLURXDSDUWHDUVHPOLFHQoDGRMXL]

$UW$DXGLrQFLDSRGHUiVHUDGLDGD

,SRUFRQYHQomRGDVSDUWHV

,,  VH QmR SXGHU FRPSDUHFHU SRU PRWLYR MXVWLILFDGR TXDOTXHU SHVVRD TXH GHOD GHYD QHFHVVDULDPHQWH
SDUWLFLSDU

,,,SRUDWUDVRLQMXVWLILFDGRGHVHXLQtFLRHPWHPSRVXSHULRUD WULQWD PLQXWRVGRKRUiULRPDUFDGR

R2LPSHGLPHQWRGHYHUiVHUFRPSURYDGRDWpDDEHUWXUDGDDXGLrQFLDHQmRRVHQGRRMXL]SURFHGHUi
jLQVWUXomR

 R 2 MXL] SRGHUi GLVSHQVDU D SURGXomR GDV SURYDV UHTXHULGDV SHOD SDUWH FXMR DGYRJDGR RX GHIHQVRU
S~EOLFRQmRWHQKDFRPSDUHFLGRjDXGLrQFLDDSOLFDQGRVHDPHVPDUHJUDDR0LQLVWpULR3~EOLFR

R4XHPGHUFDXVDDRDGLDPHQWRUHVSRQGHUiSHODVGHVSHVDVDFUHVFLGDV

$UW   +DYHQGR DQWHFLSDomR RX DGLDPHQWR GD DXGLrQFLD R MXL] GH RItFLR RX D UHTXHULPHQWR GD SDUWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GHWHUPLQDUiDLQWLPDomRGRVDGYRJDGRVRXGDVRFLHGDGHGHDGYRJDGRVSDUDFLrQFLDGDQRYDGHVLJQDomR

$UW)LQGDDLQVWUXomRRMXL]GDUiDSDODYUDDRDGYRJDGRGRDXWRUHGRUpXEHPFRPRDRPHPEURGR
0LQLVWpULR 3~EOLFR VH IRU R FDVR GH VXD LQWHUYHQomR VXFHVVLYDPHQWH SHOR SUD]R GH  YLQWH  PLQXWRV SDUD
FDGDXPSURUURJiYHOSRU GH] PLQXWRVDFULWpULRGRMXL]

 R +DYHQGR OLWLVFRQVRUWH RX WHUFHLUR LQWHUYHQLHQWH R SUD]R TXH IRUPDUi FRP R GD SURUURJDomR XP Vy
WRGRGLYLGLUVHiHQWUHRVGRPHVPRJUXSRVHQmRFRQYHQFLRQDUHPGHPRGRGLYHUVR

 R 4XDQGR D FDXVD DSUHVHQWDU TXHVW}HV FRPSOH[DV GH IDWR RX GH GLUHLWR R GHEDWH RUDO SRGHUi VHU
VXEVWLWXtGR SRU UD]}HV ILQDLV HVFULWDV TXH VHUmR DSUHVHQWDGDV SHOR DXWRU H SHOR UpX EHP FRPR SHOR 0LQLVWpULR
3~EOLFR VH IRU R FDVR GH VXD LQWHUYHQomR HP SUD]RV VXFHVVLYRV GH  TXLQ]H  GLDV DVVHJXUDGD YLVWD GRV
DXWRV

$UW$DXGLrQFLDpXQDHFRQWtQXDSRGHQGRVHUH[FHSFLRQDOHMXVWLILFDGDPHQWHFLQGLGDQDDXVrQFLD
GHSHULWRRXGHWHVWHPXQKDGHVGHTXHKDMDFRQFRUGkQFLDGDVSDUWHV

3DUiJUDIR ~QLFR  'LDQWH GD LPSRVVLELOLGDGH GH UHDOL]DomR GD LQVWUXomR GR GHEDWH H GR MXOJDPHQWR QR
PHVPRGLDRMXL]PDUFDUiVHXSURVVHJXLPHQWRSDUDDGDWDPDLVSUy[LPDSRVVtYHOHPSDXWDSUHIHUHQFLDO

$UW(QFHUUDGRRGHEDWHRXRIHUHFLGDVDVUD]}HVILQDLVRMXL]SURIHULUiVHQWHQoDHPDXGLrQFLDRXQR
SUD]RGH WULQWD GLDV

$UW2VHUYLGRUODYUDUi VRE GLWDGR GR MXL] WHUPR TXH FRQWHUi HP UHVXPR R RFRUULGR QD DXGLrQFLD
EHPFRPRSRUH[WHQVRRVGHVSDFKRVDVGHFLV}HVHDVHQWHQoDVHSURIHULGDQRDWR

 R 4XDQGR R WHUPR QmR IRU UHJLVWUDGR HP PHLR HOHWU{QLFR R MXL] UXEULFDUOKHi DV IROKDV TXH VHUmR
HQFDGHUQDGDVHPYROXPHSUySULR

R6XEVFUHYHUmRRWHUPRRMXL]RVDGYRJDGRVRPHPEURGR0LQLVWpULR3~EOLFRHRHVFULYmRRXFKHIHGH
VHFUHWDULDGLVSHQVDGDVDVSDUWHVH[FHWRTXDQGRKRXYHUDWRGHGLVSRVLomRSDUDFXMDSUiWLFDRVDGYRJDGRVQmR
WHQKDPSRGHUHV

R2HVFULYmRRXFKHIHGHVHFUHWDULDWUDVODGDUiSDUDRVDXWRVFySLDDXWrQWLFDGRWHUPRGHDXGLrQFLD

R7UDWDQGRVHGHDXWRVHOHWU{QLFRVREVHUYDUVHiRGLVSRVWRQHVWH&yGLJRHPOHJLVODomRHVSHFtILFDH
QDVQRUPDVLQWHUQDVGRVWULEXQDLV

R$DXGLrQFLDSRGHUiVHULQWHJUDOPHQWHJUDYDGDHPLPDJHPHHPiXGLRHPPHLRGLJLWDORXDQDOyJLFR
GHVGHTXHDVVHJXUHRUiSLGRDFHVVRGDVSDUWHVHGRVyUJmRVMXOJDGRUHVREVHUYDGDDOHJLVODomRHVSHFtILFD

R $ JUDYDomR D TXH VH UHIHUH R  R WDPEpP SRGH VHU UHDOL]DGD GLUHWDPHQWH SRU TXDOTXHU GDV SDUWHV
LQGHSHQGHQWHPHQWHGHDXWRUL]DomRMXGLFLDO

$UW$DXGLrQFLDVHUiS~EOLFDUHVVDOYDGDVDVH[FHo}HVOHJDLV

&$378/2;,,
'$63529$6

6HomR,
'LVSRVLo}HV*HUDLV

$UW$VSDUWHVWrPRGLUHLWRGHHPSUHJDUWRGRVRVPHLRVOHJDLVEHPFRPRRVPRUDOPHQWHOHJtWLPRV
DLQGD TXH QmR HVSHFLILFDGRV QHVWH &yGLJR SDUD SURYDU D YHUGDGH GRV IDWRV HP TXH VH IXQGD R SHGLGR RX D
GHIHVDHLQIOXLUHILFD]PHQWHQDFRQYLFomRGRMXL]

$UW   &DEHUi DR MXL] GH RItFLR RX D UHTXHULPHQWR GD SDUWH GHWHUPLQDU DV SURYDV QHFHVViULDV DR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

MXOJDPHQWRGRPpULWR

3DUiJUDIR ~QLFR  2 MXL] LQGHIHULUi HP GHFLVmR IXQGDPHQWDGD DV GLOLJrQFLDV LQ~WHLV RX PHUDPHQWH
SURWHODWyULDV

$UW   2 MXL] DSUHFLDUi D SURYD FRQVWDQWH GRV DXWRV LQGHSHQGHQWHPHQWH GR VXMHLWR TXH D WLYHU
SURPRYLGRHLQGLFDUiQDGHFLVmRDVUD]}HVGDIRUPDomRGHVHXFRQYHQFLPHQWR

$UW   2 MXL] SRGHUi DGPLWLU D XWLOL]DomR GH SURYD SURGX]LGD HP RXWUR SURFHVVR DWULEXLQGROKH R YDORU
TXHFRQVLGHUDUDGHTXDGRREVHUYDGRRFRQWUDGLWyULR

$UW2{QXVGDSURYDLQFXPEH

,DRDXWRUTXDQWRDRIDWRFRQVWLWXWLYRGHVHXGLUHLWR

,,DRUpXTXDQWRjH[LVWrQFLDGHIDWRLPSHGLWLYRPRGLILFDWLYRRXH[WLQWLYRGRGLUHLWRGRDXWRU

R1RVFDVRVSUHYLVWRVHPOHLRXGLDQWHGHSHFXOLDULGDGHVGDFDXVDUHODFLRQDGDVjLPSRVVLELOLGDGHRXj
H[FHVVLYDGLILFXOGDGHGHFXPSULURHQFDUJRQRVWHUPRVGRFDSXWRXjPDLRUIDFLOLGDGHGHREWHQomRGDSURYDGR
IDWR FRQWUiULR SRGHUi R MXL] DWULEXLU R {QXV GD SURYD GH PRGR GLYHUVR GHVGH TXH R IDoD SRU GHFLVmR
IXQGDPHQWDGDFDVRHPTXHGHYHUiGDUjSDUWHDRSRUWXQLGDGHGHVHGHVLQFXPELUGR{QXVTXHOKHIRLDWULEXtGR

 R $ GHFLVmR SUHYLVWD QR  R GHVWH DUWLJR QmR SRGH JHUDU VLWXDomR HP TXH D GHVLQFXPErQFLD GR
HQFDUJRSHODSDUWHVHMDLPSRVVtYHORXH[FHVVLYDPHQWHGLItFLO

 R $ GLVWULEXLomR GLYHUVD GR {QXV GD SURYD WDPEpP SRGH RFRUUHU SRU FRQYHQomR GDV SDUWHV VDOYR
TXDQGR

,UHFDLUVREUHGLUHLWRLQGLVSRQtYHOGDSDUWH

,,WRUQDUH[FHVVLYDPHQWHGLItFLODXPDSDUWHRH[HUFtFLRGRGLUHLWR

R$FRQYHQomRGHTXHWUDWDRRSRGHVHUFHOHEUDGDDQWHVRXGXUDQWHRSURFHVVR

$UW1mRGHSHQGHPGHSURYDRVIDWRV

,QRWyULRV

,,DILUPDGRVSRUXPDSDUWHHFRQIHVVDGRVSHODSDUWHFRQWUiULD

,,,DGPLWLGRVQRSURFHVVRFRPRLQFRQWURYHUVRV

,9HPFXMRIDYRUPLOLWDSUHVXQomROHJDOGHH[LVWrQFLDRXGHYHUDFLGDGH

$UW   2 MXL] DSOLFDUi DV UHJUDV GH H[SHULrQFLD FRPXP VXEPLQLVWUDGDV SHOD REVHUYDomR GR TXH
RUGLQDULDPHQWH DFRQWHFH H DLQGD DV UHJUDV GH H[SHULrQFLD WpFQLFD UHVVDOYDGR TXDQWR D HVWDV R H[DPH
SHULFLDO

$UW$SDUWHTXHDOHJDUGLUHLWRPXQLFLSDOHVWDGXDOHVWUDQJHLURRXFRQVXHWXGLQiULRSURYDUOKHiR WHRU
HDYLJrQFLDVHDVVLPRMXL]GHWHUPLQDU

$UW   $ FDUWD SUHFDWyULD D FDUWD URJDWyULD H R DX[tOLR GLUHWR VXVSHQGHUmR R MXOJDPHQWR GD FDXVD QR
FDVRSUHYLVWRQRDUWLQFLVR9DOtQHDETXDQGRWHQGRVLGRUHTXHULGRVDQWHVGDGHFLVmRGHVDQHDPHQWRD
SURYDQHOHVVROLFLWDGDIRULPSUHVFLQGtYHO

3DUiJUDIR~QLFR$FDUWDSUHFDWyULDHDFDUWDURJDWyULDQmRGHYROYLGDVQRSUD]RRXFRQFHGLGDVVHPHIHLWR
VXVSHQVLYRSRGHUmRVHUMXQWDGDVDRVDXWRVDTXDOTXHUPRPHQWR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   1LQJXpP VH H[LPH GR GHYHU GH FRODERUDU FRP R 3RGHU -XGLFLiULR SDUD R GHVFREULPHQWR GD
YHUGDGH

$UW3UHVHUYDGRRGLUHLWRGHQmRSURGX]LUSURYDFRQWUDVLSUySULDLQFXPEHjSDUWH

,FRPSDUHFHUHPMXt]RUHVSRQGHQGRDRTXHOKHIRULQWHUURJDGR

,,FRODERUDUFRPRMXt]RQDUHDOL]DomRGHLQVSHomRMXGLFLDOTXHIRUFRQVLGHUDGDQHFHVViULD

,,,SUDWLFDURDWRTXHOKHIRUGHWHUPLQDGR

$UW,QFXPEHDRWHUFHLURHPUHODomRDTXDOTXHUFDXVD

,LQIRUPDUDRMXL]RVIDWRVHDVFLUFXQVWkQFLDVGHTXHWHQKDFRQKHFLPHQWR

,,H[LELUFRLVDRXGRFXPHQWRTXHHVWHMDHPVHXSRGHU

3DUiJUDIR ~QLFR  3RGHUi R MXL] HP FDVR GH GHVFXPSULPHQWR GHWHUPLQDU DOpP GD LPSRVLomR GH PXOWD
RXWUDVPHGLGDVLQGXWLYDVFRHUFLWLYDVPDQGDPHQWDLVRXVXEURJDWyULDV

6HomR,,
'D3URGXomR$QWHFLSDGDGD3URYD

$UW$SURGXomRDQWHFLSDGDGDSURYDVHUiDGPLWLGDQRVFDVRVHPTXH

,KDMDIXQGDGRUHFHLRGHTXHYHQKDDWRUQDUVH LPSRVVtYHO RX PXLWR GLItFLO D YHULILFDomR GH FHUWRV IDWRV


QDSHQGrQFLDGDDomR

,,  D SURYD D VHU SURGX]LGD VHMD VXVFHWtYHO GH YLDELOL]DU D DXWRFRPSRVLomR RX RXWUR PHLR DGHTXDGR GH
VROXomRGHFRQIOLWR

,,,RSUpYLRFRQKHFLPHQWRGRVIDWRVSRVVDMXVWLILFDURXHYLWDURDMXL]DPHQWRGHDomR

 R 2 DUURODPHQWR GH EHQV REVHUYDUi R GLVSRVWR QHVWD 6HomR TXDQGR WLYHU SRU ILQDOLGDGH DSHQDV D
UHDOL]DomRGHGRFXPHQWDomRHQmRDSUiWLFDGHDWRVGHDSUHHQVmR

R$SURGXomRDQWHFLSDGDGDSURYDpGDFRPSHWrQFLDGRMXt]RGRIRURRQGHHVWDGHYDVHUSURGX]LGDRX
GRIRURGHGRPLFtOLRGRUpX

 R $ SURGXomR DQWHFLSDGD GD SURYD QmR SUHYLQH D FRPSHWrQFLD GR MXt]R SDUD D DomR TXH YHQKD D VHU
SURSRVWD

R2MXt]RHVWDGXDOWHPFRPSHWrQFLDSDUDSURGXomRDQWHFLSDGDGHSURYDUHTXHULGDHPIDFHGD8QLmRGH
HQWLGDGHDXWiUTXLFDRXGHHPSUHVDS~EOLFDIHGHUDOVHQDORFDOLGDGHQmRKRXYHUYDUDIHGHUDO

 R $SOLFDVH R GLVSRVWR QHVWD 6HomR jTXHOH TXH SUHWHQGHU MXVWLILFDU D H[LVWrQFLD GH DOJXP IDWR RX
UHODomRMXUtGLFDSDUDVLPSOHVGRFXPHQWRHVHPFDUiWHUFRQWHQFLRVRTXHH[SRUiHP SHWLomR FLUFXQVWDQFLDGD D
VXDLQWHQomR

$UW1DSHWLomRRUHTXHUHQWHDSUHVHQWDUiDVUD]}HVTXHMXVWLILFDPDQHFHVVLGDGHGHDQWHFLSDomRGD
SURYDHPHQFLRQDUiFRPSUHFLVmRRVIDWRVVREUHRVTXDLVDSURYDKiGHUHFDLU

 R 2 MXL] GHWHUPLQDUi GH RItFLR RX D UHTXHULPHQWR GD SDUWH D FLWDomR GH LQWHUHVVDGRV QD SURGXomR GD
SURYDRXQRIDWRDVHUSURYDGRVDOYRVHLQH[LVWHQWHFDUiWHUFRQWHQFLRVR

 R 2 MXL] QmR VH SURQXQFLDUi VREUH D RFRUUrQFLD RX D LQRFRUUrQFLD GR IDWR QHP VREUH DV UHVSHFWLYDV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRQVHTXrQFLDVMXUtGLFDV

R2VLQWHUHVVDGRVSRGHUmRUHTXHUHUDSURGXomRGHTXDOTXHUSURYDQRPHVPRSURFHGLPHQWRGHVGHTXH
UHODFLRQDGDDRPHVPRIDWRVDOYRVHDVXDSURGXomRFRQMXQWDDFDUUHWDUH[FHVVLYDGHPRUD

R1HVWHSURFHGLPHQWRQmRVHDGPLWLUiGHIHVDRXUHFXUVRVDOYRFRQWUDGHFLVmRTXHLQGHIHULUWRWDOPHQWH
DSURGXomRGDSURYDSOHLWHDGDSHORUHTXHUHQWHRULJLQiULR

$UW   2V DXWRV SHUPDQHFHUmR HP FDUWyULR GXUDQWH  XP  PrV SDUD H[WUDomR GH FySLDV H FHUWLG}HV
SHORVLQWHUHVVDGRV

3DUiJUDIR~QLFR)LQGRRSUD]RRVDXWRVVHUmRHQWUHJXHVDRSURPRYHQWHGDPHGLGD

6HomR,,,
'D$WD1RWDULDO

$UW   $ H[LVWrQFLD H R PRGR GH H[LVWLU GH DOJXP IDWR SRGHP VHU DWHVWDGRV RX GRFXPHQWDGRV D
UHTXHULPHQWRGRLQWHUHVVDGRPHGLDQWHDWDODYUDGDSRUWDEHOLmR

3DUiJUDIR ~QLFR  'DGRV UHSUHVHQWDGRV SRU LPDJHP RX VRP JUDYDGRV HP DUTXLYRV HOHWU{QLFRV SRGHUmR
FRQVWDUGDDWDQRWDULDO

6HomR,9
'R'HSRLPHQWR3HVVRDO

$UW&DEHjSDUWHUHTXHUHURGHSRLPHQWRSHVVRDOGDRXWUDSDUWHDILPGHTXHHVWDVHMDLQWHUURJDGD
QDDXGLrQFLDGHLQVWUXomRHMXOJDPHQWRVHPSUHMXt]RGRSRGHUGRMXL]GHRUGHQiORGHRItFLR

 R 6H D SDUWH SHVVRDOPHQWH LQWLPDGD SDUD SUHVWDU GHSRLPHQWR SHVVRDO H DGYHUWLGD GD SHQD GH
FRQIHVVRQmRFRPSDUHFHURXFRPSDUHFHQGRVHUHFXVDUDGHSRURMXL]DSOLFDUOKHiDSHQD

ReYHGDGRDTXHPDLQGDQmRGHS{VDVVLVWLUDRLQWHUURJDWyULRGDRXWUDSDUWH

 R 2 GHSRLPHQWR SHVVRDO GD SDUWH TXH UHVLGLU HP FRPDUFD VHomR RX VXEVHomR MXGLFLiULD GLYHUVD
GDTXHOD RQGH WUDPLWD R SURFHVVR SRGHUi VHU FROKLGR SRU PHLR GH YLGHRFRQIHUrQFLD RX RXWUR UHFXUVR WHFQROyJLFR
GH WUDQVPLVVmR GH VRQV H LPDJHQV HP WHPSR UHDO R TXH SRGHUi RFRUUHU LQFOXVLYH GXUDQWH D UHDOL]DomR GD
DXGLrQFLDGHLQVWUXomRHMXOJDPHQWR

$UW   4XDQGR D SDUWH VHP PRWLYR MXVWLILFDGR GHL[DU GH UHVSRQGHU DR TXH OKH IRU SHUJXQWDGR RX
HPSUHJDU HYDVLYDV R MXL] DSUHFLDQGR DV GHPDLV FLUFXQVWkQFLDV H RV HOHPHQWRV GH SURYD GHFODUDUi QD
VHQWHQoDVHKRXYHUHFXVDGHGHSRU

$UW$SDUWHUHVSRQGHUiSHVVRDOPHQWHVREUHRVIDWRVDUWLFXODGRVQmRSRGHQGRVHUYLUVHGHHVFULWRV
DQWHULRUPHQWH SUHSDUDGRV SHUPLWLQGROKH R MXL] WRGDYLD D FRQVXOWD D QRWDV EUHYHV GHVGH TXH REMHWLYHP
FRPSOHWDUHVFODUHFLPHQWRV

$UW$SDUWHQmRpREULJDGDDGHSRUVREUHIDWRV

,FULPLQRVRVRXWRUSHVTXHOKHIRUHPLPSXWDGRV

,,DFXMRUHVSHLWRSRUHVWDGRRXSURILVVmRGHYDJXDUGDUVLJLOR

,,,DFHUFDGRVTXDLVQmRSRVVDUHVSRQGHUVHPGHVRQUDSUySULDGHVHXF{QMXJHGHVHXFRPSDQKHLURRX
GHSDUHQWHHPJUDXVXFHVVtYHO

,9TXHFRORTXHPHPSHULJRDYLGDGRGHSRHQWHRXGDVSHVVRDVUHIHULGDVQRLQFLVR,,,

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR(VWDGLVSRVLomRQmRVHDSOLFDjVDo}HVGHHVWDGRHGHIDPtOLD

6HomR9
'D&RQILVVmR

$UW+iFRQILVVmRMXGLFLDORXH[WUDMXGLFLDOTXDQGRDSDUWHDGPLWHDYHUGDGHGHIDWRFRQWUiULRDRVHX
LQWHUHVVHHIDYRUiYHODRGRDGYHUViULR

$UW$FRQILVVmRMXGLFLDOSRGHVHUHVSRQWkQHDRXSURYRFDGD

R$FRQILVVmRHVSRQWkQHDSRGHVHUIHLWDSHODSUySULDSDUWHRXSRUUHSUHVHQWDQWHFRPSRGHUHVSHFLDO

R$FRQILVVmRSURYRFDGDFRQVWDUiGRWHUPRGHGHSRLPHQWRSHVVRDO

$UW$FRQILVVmRMXGLFLDOID]SURYDFRQWUDRFRQILWHQWHQmRSUHMXGLFDQGRWRGDYLDRVOLWLVFRQVRUWHV

3DUiJUDIR~QLFR1DVDo}HVTXHYHUVDUHPVREUHEHQVLPyYHLVRXGLUHLWRVUHDLVVREUHLPyYHLVDOKHLRVD
FRQILVVmRGHXPF{QMXJHRXFRPSDQKHLURQmRYDOHUiVHPDGRRXWURVDOYRVHRUHJLPHGHFDVDPHQWRIRURGH
VHSDUDomRDEVROXWDGHEHQV

$UW1mRYDOHFRPRFRQILVVmRDDGPLVVmRHPMXt]RGHIDWRVUHODWLYRVDGLUHLWRVLQGLVSRQtYHLV

 R $ FRQILVVmR VHUi LQHILFD] VH IHLWD SRU TXHP QmR IRU FDSD] GH GLVSRU GR GLUHLWR D TXH VH UHIHUHP RV
IDWRVFRQIHVVDGRV

 R $ FRQILVVmR IHLWD SRU XP UHSUHVHQWDQWH VRPHQWH p HILFD] QRV OLPLWHV HP TXH HVWH SRGH YLQFXODU R
UHSUHVHQWDGR

$UW$FRQILVVmRpLUUHYRJiYHOPDVSRGHVHUDQXODGDVHGHFRUUHXGHHUURGHIDWRRXGHFRDomR

3DUiJUDIR ~QLFR  $ OHJLWLPLGDGH SDUD D DomR SUHYLVWD QR FDSXW p H[FOXVLYD GR FRQILWHQWH H SRGH VHU
WUDQVIHULGDDVHXVKHUGHLURVVHHOHIDOHFHUDSyVDSURSRVLWXUD

$UW   $ FRQILVVmR H[WUDMXGLFLDO TXDQGR IHLWD RUDOPHQWH Vy WHUi HILFiFLD QRV FDVRV HP TXH D OHL QmR
H[LMDSURYDOLWHUDO

$UW   $ FRQILVVmR p HP UHJUD LQGLYLVtYHO QmR SRGHQGR D SDUWH TXH D TXLVHU LQYRFDU FRPR SURYD
DFHLWiODQRWySLFRTXHDEHQHILFLDUHUHMHLWiODQRTXHOKHIRUGHVIDYRUiYHOSRUpPFLQGLUVHiTXDQGRRFRQILWHQWH
DHODDGX]LUIDWRVQRYRVFDSD]HVGHFRQVWLWXLUIXQGDPHQWRGHGHIHVDGHGLUHLWRPDWHULDORXGHUHFRQYHQomR

6HomR9,
'D([LELomRGH'RFXPHQWRRX&RLVD

$UW2MXL]SRGHRUGHQDUTXHDSDUWHH[LEDGRFXPHQWRRXFRLVDTXHVHHQFRQWUHHPVHXSRGHU

$UW2SHGLGRIRUPXODGRSHODSDUWHFRQWHUi

,DLQGLYLGXDomRWmRFRPSOHWDTXDQWRSRVVtYHOGRGRFXPHQWRRXGDFRLVD

,,DILQDOLGDGHGDSURYDLQGLFDQGRRVIDWRVTXHVHUHODFLRQDPFRPRGRFXPHQWRRXFRPDFRLVD

,,,DVFLUFXQVWkQFLDVHPTXHVHIXQGDRUHTXHUHQWHSDUDDILUPDUTXHRGRFXPHQWRRXDFRLVDH[LVWHHVH
DFKDHPSRGHUGDSDUWHFRQWUiULD

$UW2UHTXHULGRGDUiVXDUHVSRVWDQRV FLQFR GLDVVXEVHTXHQWHVjVXDLQWLPDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  6H R UHTXHULGR DILUPDU TXH QmR SRVVXL R GRFXPHQWR RX D FRLVD R MXL] SHUPLWLUi TXH R
UHTXHUHQWHSURYHSRUTXDOTXHUPHLRTXHDGHFODUDomRQmRFRUUHVSRQGHjYHUGDGH

$UW2MXL]QmRDGPLWLUiDUHFXVDVH

,RUHTXHULGRWLYHUREULJDomROHJDOGHH[LELU

,,RUHTXHULGRWLYHUDOXGLGRDRGRFXPHQWRRXjFRLVDQRSURFHVVRFRPRLQWXLWRGHFRQVWLWXLUSURYD

,,,RGRFXPHQWRSRUVHXFRQWH~GRIRUFRPXPjVSDUWHV

$UW$RGHFLGLURSHGLGRRMXL]DGPLWLUiFRPRYHUGDGHLURVRVIDWRVTXHSRUPHLRGRGRFXPHQWRRXGD
FRLVDDSDUWHSUHWHQGLDSURYDUVH

,RUHTXHULGRQmRHIHWXDUDH[LELomRQHPIL]HUQHQKXPDGHFODUDomRQRSUD]RGRDUW

,,DUHFXVDIRUKDYLGDSRULOHJtWLPD

3DUiJUDIR~QLFR6HQGRQHFHVViULRRMXL]SRGHDGRWDUPHGLGDVLQGXWLYDVFRHUFLWLYDVPDQGDPHQWDLVRX
VXEURJDWyULDVSDUDTXHRGRFXPHQWRVHMDH[LELGR

$UW4XDQGRRGRFXPHQWRRXDFRLVDHVWLYHUHPSRGHUGHWHUFHLURRMXL]RUGHQDUiVXDFLWDomRSDUD
UHVSRQGHUQRSUD]RGH TXLQ]H GLDV

$UW6HRWHUFHLURQHJDUDREULJDomRGHH[LELURXDSRVVHGRGRFXPHQWRRXGDFRLVDRMXL]GHVLJQDUi
DXGLrQFLD HVSHFLDO WRPDQGROKH R GHSRLPHQWR EHP FRPR R GDV SDUWHV H VH QHFHVViULR R GH WHVWHPXQKDV H
HPVHJXLGDSURIHULUiGHFLVmR

$UW   6H R WHUFHLUR VHP MXVWR PRWLYR VH UHFXVDU D HIHWXDU D H[LELomR R MXL] RUGHQDUOKHi TXH
SURFHGDDRUHVSHFWLYRGHSyVLWRHPFDUWyULRRXHPRXWUROXJDUGHVLJQDGRQRSUD]RGH FLQFR GLDVLPSRQGRDR
UHTXHUHQWHTXHRUHVVDUoDSHODVGHVSHVDVTXHWLYHU

3DUiJUDIR~QLFR6HRWHUFHLURGHVFXPSULUDRUGHPRMXL]H[SHGLUiPDQGDGRGHDSUHHQVmRUHTXLVLWDQGR
VHQHFHVViULRIRUoDSROLFLDOVHPSUHMXt]RGDUHVSRQVDELOLGDGHSRUFULPHGHGHVREHGLrQFLDSDJDPHQWRGH PXOWD
H RXWUDV PHGLGDV LQGXWLYDV FRHUFLWLYDV PDQGDPHQWDLV RX VXEURJDWyULDV QHFHVViULDV SDUD DVVHJXUDU D
HIHWLYDomRGDGHFLVmR

$UW$SDUWHHRWHUFHLURVHHVFXVDPGHH[LELUHPMXt]RRGRFXPHQWRRXDFRLVDVH

,FRQFHUQHQWHDQHJyFLRVGDSUySULDYLGDGDIDPtOLD

,,VXDDSUHVHQWDomRSXGHUYLRODUGHYHUGHKRQUD

,,,  VXD SXEOLFLGDGH UHGXQGDU HP GHVRQUD j SDUWH RX DR WHUFHLUR EHP FRPR D VHXV SDUHQWHV
FRQVDQJXtQHRVRXDILQVDWpRWHUFHLURJUDXRXOKHVUHSUHVHQWDUSHULJRGHDomRSHQDO

,9VXDH[LELomRDFDUUHWDUDGLYXOJDomRGHIDWRVDFXMRUHVSHLWRSRUHVWDGRRXSURILVVmRGHYDPJXDUGDU
VHJUHGR

9  VXEVLVWLUHP RXWURV PRWLYRV JUDYHV TXH VHJXQGR R SUXGHQWH DUEtWULR GR MXL] MXVWLILTXHP D UHFXVD GD
H[LELomR

9,KRXYHUGLVSRVLomROHJDOTXHMXVWLILTXHDUHFXVDGDH[LELomR

3DUiJUDIR~QLFR6HRVPRWLYRVGHTXHWUDWDPRVLQFLVRV,D9,GRFDSXWGLVVHUHPUHVSHLWRDDSHQDVXPD
SDUFHODGRGRFXPHQWRDSDUWHRXRWHUFHLURH[LELUiDRXWUDHPFDUWyULRSDUDGHODVHUH[WUDtGDFySLDUHSURJUiILFD
GHWXGRVHQGRODYUDGRDXWRFLUFXQVWDQFLDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

6HomR9,,
'D3URYD'RFXPHQWDO

6XEVHomR,
'D)RUoD3UREDQWHGRV'RFXPHQWRV

$UW2GRFXPHQWRS~EOLFRID]SURYDQmRVyGDVXDIRUPDomRPDVWDPEpPGRVIDWRVTXHRHVFULYmR
RFKHIHGHVHFUHWDULDRWDEHOLmRRXRVHUYLGRUGHFODUDUTXHRFRUUHUDPHPVXDSUHVHQoD

$UW   4XDQGR D OHL H[LJLU LQVWUXPHQWR S~EOLFR FRPR GD VXEVWkQFLD GR DWR QHQKXPD RXWUD SURYD SRU
PDLVHVSHFLDOTXHVHMDSRGHVXSULUOKHDIDOWD

$UW   2 GRFXPHQWR IHLWR SRU RILFLDO S~EOLFR LQFRPSHWHQWH RX VHP D REVHUYkQFLD GDV IRUPDOLGDGHV
OHJDLVVHQGRVXEVFULWRSHODVSDUWHVWHPDPHVPDHILFiFLDSUREDWyULDGRGRFXPHQWRSDUWLFXODU

$UW   $V GHFODUDo}HV FRQVWDQWHV GR GRFXPHQWR SDUWLFXODU HVFULWR H DVVLQDGR RX VRPHQWH DVVLQDGR
SUHVXPHPVHYHUGDGHLUDVHPUHODomRDRVLJQDWiULR

3DUiJUDIR ~QLFR  4XDQGR WRGDYLD FRQWLYHU GHFODUDomR GH FLrQFLD GH GHWHUPLQDGR IDWR R GRFXPHQWR
SDUWLFXODU SURYD D FLrQFLD PDV QmR R IDWR HP VL LQFXPELQGR R {QXV GH SURYiOR DR LQWHUHVVDGR HP VXD
YHUDFLGDGH

$UW   $ GDWD GR GRFXPHQWR SDUWLFXODU TXDQGR D VHX UHVSHLWR VXUJLU G~YLGD RX LPSXJQDomR HQWUH RV
OLWLJDQWHVSURYDUVHiSRUWRGRVRVPHLRVGHGLUHLWR

3DUiJUDIR~QLFR(PUHODomRDWHUFHLURVFRQVLGHUDUVHiGDWDGRRGRFXPHQWRSDUWLFXODU

,QRGLDHPTXHIRLUHJLVWUDGR

,,GHVGHDPRUWHGHDOJXPGRVVLJQDWiULRV

,,,DSDUWLUGDLPSRVVLELOLGDGHItVLFDTXHVREUHYHLRDTXDOTXHUGRVVLJQDWiULRV

,9GDVXDDSUHVHQWDomRHPUHSDUWLomRS~EOLFDRXHPMXt]R

9GRDWRRXGRIDWRTXHHVWDEHOHoDGHPRGRFHUWRDDQWHULRULGDGHGDIRUPDomRGRGRFXPHQWR

$UW&RQVLGHUDVHDXWRUGRGRFXPHQWRSDUWLFXODU

,DTXHOHTXHRIH]HRDVVLQRX

,,DTXHOHSRUFRQWDGHTXHPHOHIRLIHLWRHVWDQGRDVVLQDGR

,,,  DTXHOH TXH PDQGDQGR FRPS{OR QmR R ILUPRX SRUTXH FRQIRUPH D H[SHULrQFLD FRPXP QmR VH
FRVWXPDDVVLQDUFRPROLYURVHPSUHVDULDLVHDVVHQWRVGRPpVWLFRV

$UW&RQVLGHUDVHDXWrQWLFRRGRFXPHQWRTXDQGR

,RWDEHOLmRUHFRQKHFHUDILUPDGRVLJQDWiULR

,,  D DXWRULD HVWLYHU LGHQWLILFDGD SRU TXDOTXHU RXWUR PHLR OHJDO GH FHUWLILFDomR LQFOXVLYH HOHWU{QLFR QRV
WHUPRVGDOHL

,,,QmRKRXYHULPSXJQDomRGDSDUWHFRQWUDTXHPIRLSURGX]LGRRGRFXPHQWR

$UW   2 GRFXPHQWR SDUWLFXODU GH FXMD DXWHQWLFLGDGH QmR VH GXYLGD SURYD TXH R VHX DXWRU IH] D
GHFODUDomRTXHOKHpDWULEXtGD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR2GRFXPHQWRSDUWLFXODUDGPLWLGRH[SUHVVDRXWDFLWDPHQWHpLQGLYLVtYHOVHQGRYHGDGRj
SDUWHTXHSUHWHQGHXWLOL]DUVHGHOHDFHLWDURVIDWRVTXHOKHVmRIDYRUiYHLVHUHFXVDURVTXHVmRFRQWUiULRVDRVHX
LQWHUHVVHVDOYRVHSURYDUTXHHVWHVQmRRFRUUHUDP

$UW2WHOHJUDPDRUDGLRJUDPDRXTXDOTXHURXWURPHLRGHWUDQVPLVVmRWHPDPHVPDIRUoDSUREDWyULD
GRGRFXPHQWRSDUWLFXODUVHRRULJLQDOFRQVWDQWHGDHVWDomRH[SHGLGRUDWLYHUVLGRDVVLQDGRSHORUHPHWHQWH

3DUiJUDIR ~QLFR  $ ILUPD GR UHPHWHQWH SRGHUi VHU UHFRQKHFLGD SHOR WDEHOLmR GHFODUDQGRVH HVVD
FLUFXQVWkQFLDQRRULJLQDOGHSRVLWDGRQDHVWDomRH[SHGLGRUD

$UW   2 WHOHJUDPD RX R UDGLRJUDPD SUHVXPHVH FRQIRUPH FRP R RULJLQDO SURYDQGR DV GDWDV GH VXD
H[SHGLomRHGHVHXUHFHELPHQWRSHORGHVWLQDWiULR

$UW$VFDUWDVHRVUHJLVWURVGRPpVWLFRVSURYDPFRQWUDTXHPRVHVFUHYHXTXDQGR

,HQXQFLDPRUHFHELPHQWRGHXPFUpGLWR

,,FRQWrPDQRWDomRTXHYLVDDVXSULUDIDOWDGHWtWXORHPIDYRUGHTXHPpDSRQWDGRFRPRFUHGRU

,,,H[SUHVVDPFRQKHFLPHQWRGHIDWRVSDUDRVTXDLVQmRVHH[LMDGHWHUPLQDGDSURYD

$UW$QRWDHVFULWDSHOR FUHGRU HP TXDOTXHU SDUWH GH GRFXPHQWR UHSUHVHQWDWLYR GH REULJDomR DLQGD
TXHQmRDVVLQDGDID]SURYDHPEHQHItFLRGRGHYHGRU

3DUiJUDIR ~QLFR  $SOLFDVH HVVD UHJUD WDQWR SDUD R GRFXPHQWR TXH R FUHGRU FRQVHUYDU HP VHX SRGHU
TXDQWRSDUDDTXHOHTXHVHDFKDUHPSRGHUGRGHYHGRURXGHWHUFHLUR

$UW   2V OLYURV HPSUHVDULDLV SURYDP FRQWUD VHX DXWRU VHQGR OtFLWR DR HPSUHViULR WRGDYLD
GHPRQVWUDU SRU WRGRV RV PHLRV SHUPLWLGRV HP GLUHLWR TXH RV ODQoDPHQWRV QmR FRUUHVSRQGHP j YHUGDGH GRV
IDWRV

$UW2VOLYURVHPSUHVDULDLVTXHSUHHQFKDPRVUHTXLVLWRVH[LJLGRVSRUOHLSURYDPDIDYRUGHVHXDXWRU
QROLWtJLRHQWUHHPSUHViULRV

$UW   $ HVFULWXUDomR FRQWiELO p LQGLYLVtYHO H VH GRV IDWRV TXH UHVXOWDP GRV ODQoDPHQWRV XQV VmR
IDYRUiYHLVDRLQWHUHVVHGHVHXDXWRUHRXWURVOKHVmRFRQWUiULRVDPERVVHUmRFRQVLGHUDGRVHPFRQMXQWRFRPR
XQLGDGH

$UW2MXL]SRGHRUGHQDU D UHTXHULPHQWR GD SDUWH D H[LELomR LQWHJUDO GRV OLYURV HPSUHVDULDLV H GRV
GRFXPHQWRVGRDUTXLYR

,QDOLTXLGDomRGHVRFLHGDGH

,,QDVXFHVVmRSRUPRUWHGHVyFLR

,,,TXDQGRHFRPRGHWHUPLQDUDOHL

$UW2MXL]SRGHGHRItFLRRUGHQDUjSDUWHDH[LELomRSDUFLDOGRVOLYURVHGRVGRFXPHQWRVH[WUDLQGR
VHGHOHVDVXPDTXHLQWHUHVVDUDROLWtJLREHPFRPRUHSURGXo}HVDXWHQWLFDGDV

$UW4XDOTXHUUHSURGXomRPHFkQLFDFRPRDIRWRJUiILFDDFLQHPDWRJUiILFDDIRQRJUiILFDRXGHRXWUD
HVSpFLH WHP DSWLGmR SDUD ID]HU SURYD GRV IDWRV RX GDV FRLVDV UHSUHVHQWDGDV VH D VXD FRQIRUPLGDGH FRP R
GRFXPHQWRRULJLQDOQmRIRULPSXJQDGDSRUDTXHOHFRQWUDTXHPIRLSURGX]LGD

 R $V IRWRJUDILDV GLJLWDLV H DV H[WUDtGDV GD UHGH PXQGLDO GH FRPSXWDGRUHV ID]HP SURYD GDV LPDJHQV
TXHUHSURGX]HPGHYHQGRVHLPSXJQDGDVVHUDSUHVHQWDGDDUHVSHFWLYDDXWHQWLFDomRHOHWU{QLFD RX QmR VHQGR
SRVVtYHOUHDOL]DGDSHUtFLD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 6H VH WUDWDU GH IRWRJUDILD SXEOLFDGD HP MRUQDO RX UHYLVWD VHUi H[LJLGR XP H[HPSODU RULJLQDO GR
SHULyGLFRFDVRLPSXJQDGDDYHUDFLGDGHSHODRXWUDSDUWH

R$SOLFDVHRGLVSRVWRQHVWHDUWLJRjIRUPDLPSUHVVDGHPHQVDJHPHOHWU{QLFD

$UW   $V UHSURGXo}HV GRV GRFXPHQWRV SDUWLFXODUHV IRWRJUiILFDV RX REWLGDV SRU RXWURV SURFHVVRV GH
UHSHWLomR YDOHP FRPR FHUWLG}HV VHPSUH TXH R HVFULYmR RX R FKHIH GH VHFUHWDULD FHUWLILFDU VXD FRQIRUPLGDGH
FRPRRULJLQDO

$UW  $ FySLD GH GRFXPHQWR SDUWLFXODU WHP R PHVPR YDORU SUREDQWH TXH R RULJLQDO FDEHQGR DR
HVFULYmRLQWLPDGDVDVSDUWHVSURFHGHUjFRQIHUrQFLDHFHUWLILFDUDFRQIRUPLGDGHHQWUHDFySLDHRRULJLQDO

$UW)D]HPDPHVPDSURYDTXHRVRULJLQDLV

,DVFHUWLG}HVWH[WXDLVGHTXDOTXHUSHoDGRVDXWRVGRSURWRFRORGDVDXGLrQFLDVRXGHRXWUROLYURDFDUJR
GRHVFULYmRRXGRFKHIHGHVHFUHWDULDVHH[WUDtGDVSRUHOHRXVREVXDYLJLOkQFLDHSRUHOHVXEVFULWDV

,,RVWUDVODGRVHDVFHUWLG}HVH[WUDtGDVSRURILFLDOS~EOLFRGHLQVWUXPHQWRVRXGRFXPHQWRVODQoDGRVHP
VXDVQRWDV

,,,  DV UHSURGXo}HV GRV GRFXPHQWRV S~EOLFRV GHVGH TXH DXWHQWLFDGDV SRU RILFLDO S~EOLFR RX FRQIHULGDV
HPFDUWyULRFRPRVUHVSHFWLYRVRULJLQDLV

,9  DV FySLDV UHSURJUiILFDV GH SHoDV GR SUySULR SURFHVVR MXGLFLDO GHFODUDGDV DXWrQWLFDV SHOR DGYRJDGR
VREVXDUHVSRQVDELOLGDGHSHVVRDOVHQmROKHVIRULPSXJQDGDDDXWHQWLFLGDGH

9  RV H[WUDWRV GLJLWDLV GH EDQFRV GH GDGRV S~EOLFRV H SULYDGRV GHVGH TXH DWHVWDGR SHOR VHX HPLWHQWH
VREDVSHQDVGDOHLTXHDVLQIRUPDo}HVFRQIHUHPFRPRTXHFRQVWDQDRULJHP

9,DVUHSURGXo}HVGLJLWDOL]DGDVGHTXDOTXHUGRFXPHQWRS~EOLFRRXSDUWLFXODUTXDQGRMXQWDGDVDRVDXWRV
SHORV yUJmRV GD MXVWLoD H VHXV DX[LOLDUHV SHOR 0LQLVWpULR 3~EOLFR H VHXV DX[LOLDUHV SHOD 'HIHQVRULD 3~EOLFD H
VHXV DX[LOLDUHV SHODV SURFXUDGRULDV SHODV UHSDUWLo}HV S~EOLFDV HP JHUDO H SRU DGYRJDGRV UHVVDOYDGD D
DOHJDomRPRWLYDGDHIXQGDPHQWDGDGHDGXOWHUDomR

 R 2V RULJLQDLV GRV GRFXPHQWRV GLJLWDOL]DGRV PHQFLRQDGRV QR LQFLVR 9, GHYHUmR VHU SUHVHUYDGRV SHOR
VHXGHWHQWRUDWpRILQDOGRSUD]RSDUDSURSRVLWXUDGHDomRUHVFLVyULD

R7UDWDQGRVHGHFySLDGLJLWDOGHWtWXORH[HFXWLYRH[WUDMXGLFLDORXGHGRFXPHQWRUHOHYDQWHjLQVWUXomRGR
SURFHVVRRMXL]SRGHUiGHWHUPLQDUVHXGHSyVLWRHPFDUWyULRRXVHFUHWDULD

$UW   2 MXL] DSUHFLDUi IXQGDPHQWDGDPHQWH D Ip TXH GHYD PHUHFHU R GRFXPHQWR TXDQGR HP SRQWR
VXEVWDQFLDOHVHPUHVVDOYDFRQWLYHUHQWUHOLQKDHPHQGDERUUmRRXFDQFHODPHQWR

$UW&HVVDDIpGRGRFXPHQWRS~EOLFRRXSDUWLFXODUVHQGROKHGHFODUDGDMXGLFLDOPHQWHDIDOVLGDGH

3DUiJUDIR~QLFR$IDOVLGDGHFRQVLVWHHP

,IRUPDUGRFXPHQWRQmRYHUGDGHLUR

,,DOWHUDUGRFXPHQWRYHUGDGHLUR

$UW&HVVDDIpGRGRFXPHQWRSDUWLFXODUTXDQGR

,IRULPSXJQDGDVXDDXWHQWLFLGDGHHHQTXDQWRQmRVHFRPSURYDUVXDYHUDFLGDGH

,,DVVLQDGRHPEUDQFRIRULPSXJQDGRVHXFRQWH~GRSRUSUHHQFKLPHQWRDEXVLYR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR'DUVHiDEXVRTXDQGRDTXHOHTXHUHFHEHXGRFXPHQWRDVVLQDGRFRPWH[WRQmRHVFULWR
QR WRGR RX HP SDUWH IRUPiOR RX FRPSOHWiOR SRU VL RX SRU PHLR GH RXWUHP YLRODQGR R SDFWR IHLWR FRP R
VLJQDWiULR

$UW,QFXPEHR{QXVGDSURYDTXDQGR

,VHWUDWDUGHIDOVLGDGHGHGRFXPHQWRRXGHSUHHQFKLPHQWRDEXVLYRjSDUWHTXHDDUJXLU

,,VHWUDWDUGHLPSXJQDomRGDDXWHQWLFLGDGHjSDUWHTXHSURGX]LXRGRFXPHQWR

6XEVHomR,,
'D$UJXLomRGH)DOVLGDGH

$UW   $ IDOVLGDGH GHYH VHU VXVFLWDGD QD FRQWHVWDomR QD UpSOLFD RX QR SUD]R GH  TXLQ]H  GLDV
FRQWDGRDSDUWLUGDLQWLPDomRGDMXQWDGDGRGRFXPHQWRDRVDXWRV

3DUiJUDIR ~QLFR  8PD YH] DUJXLGD D IDOVLGDGH VHUi UHVROYLGD FRPR TXHVWmR LQFLGHQWDO VDOYR VH D SDUWH
UHTXHUHUTXHRMXL]DGHFLGDFRPRTXHVWmRSULQFLSDOQRVWHUPRVGRLQFLVR,,GRDUW

$UW$SDUWHDUJXLUiDIDOVLGDGHH[SRQGRRVPRWLYRVHPTXHIXQGDDVXDSUHWHQVmRHRVPHLRVFRP
TXHSURYDUiRDOHJDGR

$UW'HSRLVGHRXYLGDDRXWUDSDUWHQRSUD]RGH TXLQ]H GLDVVHUiUHDOL]DGRRH[DPHSHULFLDO

3DUiJUDIR~QLFR1mRVHSURFHGHUiDRH[DPHSHULFLDOVHDSDUWHTXHSURGX]LXRGRFXPHQWRFRQFRUGDUHP
UHWLUiOR

$UW   $ GHFODUDomR VREUH D IDOVLGDGH GR GRFXPHQWR TXDQGR VXVFLWDGD FRPR TXHVWmR SULQFLSDO
FRQVWDUiGDSDUWHGLVSRVLWLYDGDVHQWHQoDHVREUHHODLQFLGLUiWDPEpPDDXWRULGDGHGDFRLVDMXOJDGD

6XEVHomR,,,
'D3URGXomRGD3URYD'RFXPHQWDO

$UW   ,QFXPEH j SDUWH LQVWUXLU D SHWLomR LQLFLDO RX D FRQWHVWDomR FRP RV GRFXPHQWRV GHVWLQDGRV D
SURYDUVXDVDOHJDo}HV

3DUiJUDIR ~QLFR  4XDQGR R GRFXPHQWR FRQVLVWLU HP UHSURGXomR FLQHPDWRJUiILFD RX IRQRJUiILFD D SDUWH
GHYHUiWUD]rORQRVWHUPRVGRFDSXWPDVVXDH[SRVLomRVHUiUHDOL]DGDHPDXGLrQFLDLQWLPDQGRVHSUHYLDPHQWH
DVSDUWHV

$UWeOtFLWRjVSDUWHVHPTXDOTXHUWHPSRMXQWDUDRVDXWRVGRFXPHQWRVQRYRVTXDQGRGHVWLQDGRVD
ID]HUSURYDGHIDWRVRFRUULGRVGHSRLVGRVDUWLFXODGRVRXSDUDFRQWUDS{ORVDRVTXHIRUDPSURGX]LGRVQRVDXWRV

3DUiJUDIR~QLFR$GPLWHVHWDPEpPDMXQWDGDSRVWHULRUGHGRFXPHQWRVIRUPDGRVDSyVDSHWLomRLQLFLDORX
D FRQWHVWDomR EHP FRPR GRV TXH VH WRUQDUDP FRQKHFLGRV DFHVVtYHLV RX GLVSRQtYHLV DSyV HVVHV DWRV
FDEHQGRjSDUWHTXHRVSURGX]LUFRPSURYDURPRWLYRTXHDLPSHGLXGHMXQWiORVDQWHULRUPHQWH H LQFXPELQGR DR
MXL]HPTXDOTXHUFDVRDYDOLDUDFRQGXWDGDSDUWHGHDFRUGRFRPRDUWR

$UW$SDUWHLQWLPDGDDIDODUVREUHGRFXPHQWRFRQVWDQWHGRVDXWRVSRGHUi

,LPSXJQDUDDGPLVVLELOLGDGHGDSURYDGRFXPHQWDO

,,LPSXJQDUVXDDXWHQWLFLGDGH

,,,VXVFLWDUVXDIDOVLGDGHFRPRXVHPGHIODJUDomRGRLQFLGHQWHGHDUJXLomRGHIDOVLGDGH

,9PDQLIHVWDUVHVREUHVHXFRQWH~GR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  1DV KLSyWHVHV GRV LQFLVRV ,, H ,,, D LPSXJQDomR GHYHUi EDVHDUVH HP DUJXPHQWDomR
HVSHFtILFDQmRVHDGPLWLQGRDOHJDomRJHQpULFDGHIDOVLGDGH

$UW   2 UpX PDQLIHVWDUVHi QD FRQWHVWDomR VREUH RV GRFXPHQWRV DQH[DGRV j LQLFLDO H R DXWRU
PDQLIHVWDUVHiQDUpSOLFDVREUHRVGRFXPHQWRVDQH[DGRVjFRQWHVWDomR

R6HPSUHTXHXPDGDVSDUWHVUHTXHUHUDMXQWDGDGHGRFXPHQWRDRVDXWRVRMXL]RXYLUiDVHXUHVSHLWR
DRXWUDSDUWHTXHGLVSRUiGRSUD]RGH TXLQ]H GLDVSDUDDGRWDUTXDOTXHUGDVSRVWXUDVLQGLFDGDVQRDUW

R3RGHUiRMXL]DUHTXHULPHQWR GD SDUWH GLODWDU R SUD]R SDUD PDQLIHVWDomR VREUH D SURYD GRFXPHQWDO
SURGX]LGDOHYDQGRHPFRQVLGHUDomRDTXDQWLGDGHHDFRPSOH[LGDGHGDGRFXPHQWDomR

$UW2MXL]UHTXLVLWDUijVUHSDUWLo}HVS~EOLFDVHPTXDOTXHUWHPSRRXJUDXGHMXULVGLomR

,DVFHUWLG}HVQHFHVViULDVjSURYDGDVDOHJDo}HVGDVSDUWHV

,,  RV SURFHGLPHQWRV DGPLQLVWUDWLYRV QDV FDXVDV HP TXH IRUHP LQWHUHVVDGRV D 8QLmR RV (VWDGRV R
'LVWULWR)HGHUDORV0XQLFtSLRVRXHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD

 R 5HFHELGRV RV DXWRV R MXL] PDQGDUi H[WUDLU QR SUD]R Pi[LPR H LPSURUURJiYHO GH  XP  PrV
FHUWLG}HV RX UHSURGXo}HV IRWRJUiILFDV GDV SHoDV TXH LQGLFDU H GDV TXH IRUHP LQGLFDGDV SHODV SDUWHV H HP
VHJXLGDGHYROYHUiRVDXWRVjUHSDUWLomRGHRULJHP

 R $V UHSDUWLo}HV S~EOLFDV SRGHUmR IRUQHFHU WRGRV RV GRFXPHQWRV HP PHLR HOHWU{QLFR FRQIRUPH
GLVSRVWR HP OHL FHUWLILFDQGR SHOR PHVPR PHLR TXH VH WUDWD GH H[WUDWR ILHO GR TXH FRQVWD HP VHX EDQFR GH
GDGRVRXQRGRFXPHQWRGLJLWDOL]DGR

6HomR9,,,
'RV'RFXPHQWRV(OHWU{QLFRV

$UW$XWLOL]DomRGHGRFXPHQWRVHOHWU{QLFRVQRSURFHVVRFRQYHQFLRQDOGHSHQGHUiGHVXDFRQYHUVmR
jIRUPDLPSUHVVDHGDYHULILFDomRGHVXDDXWHQWLFLGDGHQDIRUPDGDOHL

$UW2MXL]DSUHFLDUiRYDORUSUREDQWHGRGRFXPHQWRHOHWU{QLFRQmRFRQYHUWLGRDVVHJXUDGRjVSDUWHV
RDFHVVRDRVHXWHRU

$UW   6HUmR DGPLWLGRV GRFXPHQWRV HOHWU{QLFRV SURGX]LGRV H FRQVHUYDGRV FRP D REVHUYkQFLD GD
OHJLVODomRHVSHFtILFD

6HomR,;
'D3URYD7HVWHPXQKDO

6XEVHomR,
'D$GPLVVLELOLGDGHHGR9DORUGD3URYD7HVWHPXQKDO

$UW$SURYDWHVWHPXQKDOpVHPSUHDGPLVVtYHOQmRGLVSRQGRDOHLGHPRGRGLYHUVR

$UW2MXL]LQGHIHULUiDLQTXLULomRGHWHVWHPXQKDVVREUHIDWRV

,MiSURYDGRVSRUGRFXPHQWRRXFRQILVVmRGDSDUWH

,,TXHVySRUGRFXPHQWRRXSRUH[DPHSHULFLDOSXGHUHPVHUSURYDGRV

$UW   1RV FDVRV HP TXH D OHL H[LJLU SURYD HVFULWD GD REULJDomR p DGPLVVtYHO D SURYD WHVWHPXQKDO
TXDQGRKRXYHUFRPHoRGHSURYDSRUHVFULWRHPDQDGRGDSDUWHFRQWUDDTXDOVHSUHWHQGHSURGX]LUDSURYD

$UW   7DPEpP VH DGPLWH D SURYD WHVWHPXQKDO TXDQGR R FUHGRU QmR SRGH RX QmR SRGLD PRUDO RX
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

PDWHULDOPHQWHREWHUDSURYDHVFULWDGDREULJDomRHPFDVRVFRPRRGHSDUHQWHVFRGHGHSyVLWRQHFHVViULRRX
GHKRVSHGDJHPHPKRWHORXHPUD]mRGDVSUiWLFDVFRPHUFLDLVGRORFDORQGHFRQWUDtGDDREULJDomR

$UWeOtFLWRjSDUWHSURYDUFRPWHVWHPXQKDV

,QRVFRQWUDWRVVLPXODGRVDGLYHUJrQFLDHQWUHDYRQWDGHUHDOHDYRQWDGHGHFODUDGD

,,QRVFRQWUDWRVHPJHUDORVYtFLRVGHFRQVHQWLPHQWR

$UW   3RGHP GHSRU FRPR WHVWHPXQKDV WRGDV DV SHVVRDV H[FHWR DV LQFDSD]HV LPSHGLGDV RX
VXVSHLWDV

R6mRLQFDSD]HV

,RLQWHUGLWRSRUHQIHUPLGDGHRXGHILFLrQFLDPHQWDO

,,RTXHDFRPHWLGRSRUHQIHUPLGDGHRXUHWDUGDPHQWRPHQWDODRWHPSRHPTXHRFRUUHUDPRVIDWRVQmR
SRGLDGLVFHUQLORVRXDRWHPSRHPTXHGHYHGHSRUQmRHVWiKDELOLWDGRDWUDQVPLWLUDVSHUFHSo}HV

,,,RTXHWLYHUPHQRVGH GH]HVVHLV DQRV

,9RFHJRHRVXUGRTXDQGRDFLrQFLDGRIDWRGHSHQGHUGRVVHQWLGRVTXHOKHVIDOWDP

R6mRLPSHGLGRV

,RF{QMXJHRFRPSDQKHLURRDVFHQGHQWHHRGHVFHQGHQWHHPTXDOTXHUJUDXHRFRODWHUDODWpRWHUFHLUR
JUDXGHDOJXPDGDVSDUWHVSRUFRQVDQJXLQLGDGHRXDILQLGDGHVDOYRVHRH[LJLURLQWHUHVVHS~EOLFRRX WUDWDQGR
VH GH FDXVD UHODWLYD DR HVWDGR GD SHVVRD QmR VH SXGHU REWHU GH RXWUR PRGR D SURYD TXH R MXL] UHSXWH
QHFHVViULDDRMXOJDPHQWRGRPpULWR

,,RTXHpSDUWHQDFDXVD

,,,RTXHLQWHUYpPHPQRPHGHXPDSDUWHFRPRRWXWRURUHSUHVHQWDQWHOHJDOGDSHVVRDMXUtGLFDRMXL]
RDGYRJDGRHRXWURVTXHDVVLVWDPRXWHQKDPDVVLVWLGRDVSDUWHV

R6mRVXVSHLWRV

,RLQLPLJRGDSDUWHRXRVHXDPLJRtQWLPR

,,RTXHWLYHULQWHUHVVHQROLWtJLR

 R 6HQGR QHFHVViULR SRGH R MXL] DGPLWLU R GHSRLPHQWR GDV WHVWHPXQKDV PHQRUHV LPSHGLGDV RX
VXVSHLWDV

R2VGHSRLPHQWRVUHIHULGRVQRRVHUmRSUHVWDGRVLQGHSHQGHQWHPHQWHGHFRPSURPLVVRHRMXL]OKHV
DWULEXLUiRYDORUTXHSRVVDPPHUHFHU

$UW$WHVWHPXQKDQmRpREULJDGDDGHSRUVREUHIDWRV

,  TXH OKH DFDUUHWHP JUDYH GDQR EHP FRPR DR VHX F{QMXJH RX FRPSDQKHLUR H DRV VHXV SDUHQWHV
FRQVDQJXtQHRVRXDILQVHPOLQKDUHWDRXFRODWHUDODWpRWHUFHLURJUDX

,,DFXMRUHVSHLWRSRUHVWDGRRXSURILVVmRGHYDJXDUGDUVLJLOR

$UW6DOYRGLVSRVLomRHVSHFLDOHPFRQWUiULRDVWHVWHPXQKDVGHYHPVHURXYLGDVQDVHGHGRMXt]R

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR4XDQGRDSDUWHRXDWHVWHPXQKDSRUHQIHUPLGDGHRXSRURXWURPRWLYRUHOHYDQWHHVWLYHU
LPSRVVLELOLWDGD GH FRPSDUHFHU PDV QmR GH SUHVWDU GHSRLPHQWR R MXL] GHVLJQDUi FRQIRUPH DV FLUFXQVWkQFLDV
GLDKRUDHOXJDUSDUDLQTXLULOD

6XEVHomR,,
'D3URGXomRGD3URYD7HVWHPXQKDO

$UW   2 URO GH WHVWHPXQKDV FRQWHUi VHPSUH TXH SRVVtYHO R QRPH D SURILVVmR R HVWDGR FLYLO D
LGDGHRQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVRQ~PHURGHUHJLVWURGHLGHQWLGDGHHRHQGHUHoR
FRPSOHWRGDUHVLGrQFLDHGRORFDOGHWUDEDOKR

$UW'HSRLVGHDSUHVHQWDGRRUROGHTXHWUDWDPRVRHRGRDUWDSDUWHVySRGHVXEVWLWXLUD
WHVWHPXQKD

,TXHIDOHFHU

,,TXHSRUHQIHUPLGDGHQmRHVWLYHUHPFRQGLo}HVGHGHSRU

,,,TXHWHQGRPXGDGRGHUHVLGrQFLDRXGHORFDOGHWUDEDOKRQmRIRUHQFRQWUDGD

$UW4XDQGRIRUDUURODGRFRPRWHVWHPXQKDRMXL]GDFDXVD

,  GHFODUDUVHi LPSHGLGR VH WLYHU FRQKHFLPHQWR GH IDWRV TXH SRVVDP LQIOXLU QD GHFLVmR FDVR HP TXH
VHUiYHGDGRjSDUWHTXHRLQFOXLXQRUROGHVLVWLUGHVHXGHSRLPHQWR

,,VHQDGDVRXEHUPDQGDUiH[FOXLURVHXQRPH

$UW   $V WHVWHPXQKDV GHS}HP QD DXGLrQFLD GH LQVWUXomR H MXOJDPHQWR SHUDQWH R MXL] GD FDXVD
H[FHWR

,DVTXHSUHVWDPGHSRLPHQWRDQWHFLSDGDPHQWH

,,DVTXHVmRLQTXLULGDVSRUFDUWD

R$RLWLYDGHWHVWHPXQKDTXH UHVLGLU HP FRPDUFD VHomR RX VXEVHomR MXGLFLiULD GLYHUVD GDTXHOD RQGH
WUDPLWD R SURFHVVR SRGHUi VHU UHDOL]DGD SRU PHLR GH YLGHRFRQIHUrQFLD RX RXWUR UHFXUVR WHFQROyJLFR GH
WUDQVPLVVmRHUHFHSomRGHVRQVHLPDJHQVHPWHPSRUHDORTXHSRGHUiRFRUUHULQFOXVLYHGXUDQWHDDXGLrQFLD
GHLQVWUXomRHMXOJDPHQWR

R2VMXt]RVGHYHUmRPDQWHUHTXLSDPHQWRSDUDDWUDQVPLVVmRHUHFHSomRGHVRQVHLPDJHQVDTXHVH
UHIHUHRR

$UW6mRLQTXLULGRVHPVXDUHVLGrQFLDRXRQGHH[HUFHPVXDIXQomR

,RSUHVLGHQWHHRYLFHSUHVLGHQWHGD5HS~EOLFD

,,RVPLQLVWURVGH(VWDGR

,,,  RV PLQLVWURV GR 6XSUHPR 7ULEXQDO )HGHUDO RV FRQVHOKHLURV GR &RQVHOKR 1DFLRQDO GH -XVWLoD H RV
PLQLVWURVGR6XSHULRU7ULEXQDOGH-XVWLoDGR6XSHULRU7ULEXQDO0LOLWDUGR7ULEXQDO6XSHULRU(OHLWRUDO GR 7ULEXQDO
6XSHULRUGR7UDEDOKRHGR7ULEXQDOGH&RQWDVGD8QLmR

,9RSURFXUDGRUJHUDOGD5HS~EOLFDHRVFRQVHOKHLURVGR&RQVHOKR1DFLRQDOGR0LQLVWpULR3~EOLFR

9RDGYRJDGRJHUDOGD8QLmRRSURFXUDGRUJHUDOGR(VWDGRRSURFXUDGRUJHUDOGR0XQLFtSLRRGHIHQVRU
S~EOLFRJHUDOIHGHUDOHRGHIHQVRUS~EOLFRJHUDOGR(VWDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

9,RVVHQDGRUHVHRVGHSXWDGRVIHGHUDLV

9,,RVJRYHUQDGRUHVGRV(VWDGRVHGR'LVWULWR)HGHUDO

9,,,RSUHIHLWR

,;RVGHSXWDGRVHVWDGXDLVHGLVWULWDLV

;  RV GHVHPEDUJDGRUHV GRV 7ULEXQDLV GH -XVWLoD GRV 7ULEXQDLV 5HJLRQDLV )HGHUDLV GRV 7ULEXQDLV
5HJLRQDLV GR 7UDEDOKR H GRV 7ULEXQDLV 5HJLRQDLV (OHLWRUDLV H RV FRQVHOKHLURV GRV 7ULEXQDLV GH &RQWDV GRV
(VWDGRVHGR'LVWULWR)HGHUDO

;,RSURFXUDGRUJHUDOGHMXVWLoD

;,,RHPEDL[DGRUGHSDtVTXHSRUOHLRXWUDWDGR FRQFHGH LGrQWLFD SUHUURJDWLYD D DJHQWH GLSORPiWLFR GR


%UDVLO

R2MXL]VROLFLWDUijDXWRULGDGHTXHLQGLTXHGLDKRUDHORFDODILPGHVHULQTXLULGDUHPHWHQGROKHFySLD
GDSHWLomRLQLFLDORXGDGHIHVDRIHUHFLGDSHODSDUWHTXHDDUURORXFRPRWHVWHPXQKD

 R 3DVVDGR  XP  PrV VHP PDQLIHVWDomR GD DXWRULGDGH R MXL] GHVLJQDUi GLD KRUD H ORFDO SDUD R
GHSRLPHQWRSUHIHUHQFLDOPHQWHQDVHGHGRMXt]R

R2MXL]WDPEpPGHVLJQDUiGLDKRUDHORFDOSDUDRGHSRLPHQWRTXDQGRDDXWRULGDGHQmRFRPSDUHFHU
LQMXVWLILFDGDPHQWH j VHVVmR DJHQGDGD SDUD D FROKHLWD GH VHX WHVWHPXQKR QR GLD KRUD H ORFDO SRU HOD PHVPD
LQGLFDGRV

$UW&DEHDRDGYRJDGRGDSDUWHLQIRUPDURXLQWLPDUDWHVWHPXQKDSRUHOHDUURODGDGRGLDGDKRUD H
GRORFDOGDDXGLrQFLDGHVLJQDGDGLVSHQVDQGRVHDLQWLPDomRGRMXt]R

R$LQWLPDomRGHYHUiVHUUHDOL]DGDSRUFDUWDFRPDYLVRGHUHFHELPHQWRFXPSULQGRDRDGYRJDGRMXQWDU
DRV DXWRV FRP DQWHFHGrQFLD GH SHOR PHQRV  WUrV  GLDV GD GDWD GD DXGLrQFLD FySLD GD FRUUHVSRQGrQFLD GH
LQWLPDomRHGRFRPSURYDQWHGHUHFHELPHQWR

R$SDUWHSRGHFRPSURPHWHUVHDOHYDUDWHVWHPXQKDjDXGLrQFLDLQGHSHQGHQWHPHQWHGDLQWLPDomRGH
TXHWUDWDRRSUHVXPLQGRVHFDVRDWHVWHPXQKDQmRFRPSDUHoDTXHDSDUWHGHVLVWLXGHVXDLQTXLULomR

 R $ LQpUFLD QD UHDOL]DomR GD LQWLPDomR D TXH VH UHIHUH R  R LPSRUWD GHVLVWrQFLD GD LQTXLULomR GD
WHVWHPXQKD

R$LQWLPDomRVHUiIHLWDSHODYLDMXGLFLDOTXDQGR

,IRUIUXVWUDGDDLQWLPDomRSUHYLVWDQRRGHVWHDUWLJR

,,VXDQHFHVVLGDGHIRUGHYLGDPHQWHGHPRQVWUDGDSHODSDUWHDRMXL]

,,,ILJXUDUQRUROGHWHVWHPXQKDVVHUYLGRUS~EOLFRRXPLOLWDUKLSyWHVHHPTXHRMXL]RUHTXLVLWDUiDRFKHIH
GDUHSDUWLomRRXDRFRPDQGRGRFRUSRHPTXHVHUYLU

,9DWHVWHPXQKDKRXYHUVLGRDUURODGDSHOR0LQLVWpULR3~EOLFRRXSHOD'HIHQVRULD3~EOLFD

9DWHVWHPXQKDIRUXPDGDTXHODVSUHYLVWDVQRDUW

 R $ WHVWHPXQKD TXH LQWLPDGD QD IRUPD GR  R RX GR  R GHL[DU GH FRPSDUHFHU VHP PRWLYR
MXVWLILFDGRVHUiFRQGX]LGDHUHVSRQGHUiSHODVGHVSHVDVGRDGLDPHQWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW2MXL]LQTXLULUiDVWHVWHPXQKDVVHSDUDGDHVXFHVVLYDPHQWHSULPHLURDVGRDXWRUHGHSRLVDVGR
UpXHSURYLGHQFLDUiSDUDTXHXPDQmRRXoDRGHSRLPHQWRGDVRXWUDV

3DUiJUDIR~QLFR2MXL]SRGHUiDOWHUDUDRUGHPHVWDEHOHFLGDQRFDSXWVHDVSDUWHVFRQFRUGDUHP

$UW$QWHVGHGHSRUDWHVWHPXQKDVHUiTXDOLILFDGDGHFODUDUiRXFRQILUPDUiVHXVGDGRVHLQIRUPDUi
VHWHPUHODo}HVGHSDUHQWHVFRFRPDSDUWHRXLQWHUHVVHQRREMHWRGRSURFHVVR

ReOtFLWRjSDUWHFRQWUDGLWDUDWHVWHPXQKDDUJXLQGROKHDLQFDSDFLGDGHRLPSHGLPHQWRRXDVXVSHLomR
EHPFRPRFDVRDWHVWHPXQKDQHJXHRVIDWRVTXHOKHVmRLPSXWDGRVSURYDU D FRQWUDGLWD FRP GRFXPHQWRV RX
FRPWHVWHPXQKDVDWp WUrV DSUHVHQWDGDVQRDWRHLQTXLULGDVHPVHSDUDGR

R6HQGRSURYDGRVRXFRQIHVVDGRVRVIDWRVDTXHVHUHIHUHRRRMXL]GLVSHQVDUiD WHVWHPXQKD RX
OKHWRPDUiRGHSRLPHQWRFRPRLQIRUPDQWH

 R $ WHVWHPXQKD SRGH UHTXHUHU DR MXL] TXH D HVFXVH GH GHSRU DOHJDQGR RV PRWLYRV SUHYLVWRV QHVWH
&yGLJRGHFLGLQGRRMXL]GHSODQRDSyVRXYLGDVDVSDUWHV

$UW$RLQtFLRGDLQTXLULomRDWHVWHPXQKDSUHVWDUiRFRPSURPLVVRGHGL]HUDYHUGDGHGRTXHVRXEHU
HOKHIRUSHUJXQWDGR

3DUiJUDIR ~QLFR  2 MXL] DGYHUWLUi j WHVWHPXQKD TXH LQFRUUH HP VDQomR SHQDO TXHP ID] DILUPDomR IDOVD
FDODRXRFXOWDDYHUGDGH

$UW$VSHUJXQWDVVHUmRIRUPXODGDVSHODVSDUWHVGLUHWDPHQWHjWHVWHPXQKDFRPHoDQGRSHODTXHD
DUURORXQmRDGPLWLQGRRMXL]DTXHODVTXHSXGHUHPLQGX]LUDUHVSRVWDQmRWLYHUHP UHODomR FRP DV TXHVW}HV GH
IDWRREMHWRGDDWLYLGDGHSUREDWyULDRXLPSRUWDUHPUHSHWLomRGHRXWUDMiUHVSRQGLGD

R2MXL]SRGHUiLQTXLULUDWHVWHPXQKDWDQWRDQWHVTXDQWRGHSRLVGDLQTXLULomRIHLWDSHODVSDUWHV

 R $V WHVWHPXQKDV GHYHP VHU WUDWDGDV FRP XUEDQLGDGH QmR VH OKHV ID]HQGR SHUJXQWDV RX
FRQVLGHUDo}HVLPSHUWLQHQWHVFDSFLRVDVRXYH[DWyULDV

R$VSHUJXQWDVTXHRMXL]LQGHIHULUVHUmRWUDQVFULWDVQRWHUPRVHDSDUWHRUHTXHUHU

$UW2GHSRLPHQWRSRGHUiVHUGRFXPHQWDGRSRUPHLRGHJUDYDomR

R4XDQGRGLJLWDGRRXUHJLVWUDGRSRUWDTXLJUDILDHVWHQRWLSLDRXRXWURPpWRGRLG{QHRGHGRFXPHQWDomR
RGHSRLPHQWRVHUiDVVLQDGRSHORMXL]SHORGHSRHQWHHSHORVSURFXUDGRUHV

 R 6H KRXYHU UHFXUVR HP SURFHVVR HP DXWRV QmR HOHWU{QLFRV R GHSRLPHQWR VRPHQWH VHUi GLJLWDGR
TXDQGRIRULPSRVVtYHORHQYLRGHVXDGRFXPHQWDomRHOHWU{QLFD

 R 7UDWDQGRVH GH DXWRV HOHWU{QLFRV REVHUYDUVHi R GLVSRVWR QHVWH &yGLJR H QD OHJLVODomR HVSHFtILFD
VREUHDSUiWLFDHOHWU{QLFDGHDWRVSURFHVVXDLV

$UW2MXL]SRGHRUGHQDUGHRItFLRRXDUHTXHULPHQWRGDSDUWH

,DLQTXLULomRGHWHVWHPXQKDVUHIHULGDVQDVGHFODUDo}HVGDSDUWHRXGDVWHVWHPXQKDV

,,  D DFDUHDomR GH  GXDV  RX PDLV WHVWHPXQKDV RX GH DOJXPD GHODV FRP D SDUWH TXDQGR VREUH IDWR
GHWHUPLQDGRTXHSRVVDLQIOXLUQDGHFLVmRGDFDXVDGLYHUJLUHPDVVXDVGHFODUDo}HV

 R 2V DFDUHDGRV VHUmR UHSHUJXQWDGRV SDUD TXH H[SOLTXHP RV SRQWRV GH GLYHUJrQFLD UHGX]LQGRVH D
WHUPRRDWRGHDFDUHDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$DFDUHDomRSRGHVHUUHDOL]DGDSRUYLGHRFRQIHUrQFLDRXSRURXWURUHFXUVRWHFQROyJLFRGHWUDQVPLVVmR
GHVRQVHLPDJHQVHPWHPSRUHDO

$UW$WHVWHPXQKDSRGHUHTXHUHUDRMXL]RSDJDPHQWRGDGHVSHVDTXHHIHWXRXSDUDFRPSDUHFLPHQWR
jDXGLrQFLDGHYHQGRDSDUWHSDJiODORJRTXHDUELWUDGDRXGHSRVLWiODHPFDUWyULRGHQWURGH WUrV GLDV

$UW2GHSRLPHQWRSUHVWDGRHPMXt]RpFRQVLGHUDGRVHUYLoRS~EOLFR

3DUiJUDIR ~QLFR $ WHVWHPXQKD TXDQGR VXMHLWD DR UHJLPH GD OHJLVODomR WUDEDOKLVWD QmR VRIUH SRU
FRPSDUHFHUjDXGLrQFLDSHUGDGHVDOiULRQHPGHVFRQWRQRWHPSRGHVHUYLoR

6HomR;
'D3URYD3HULFLDO

$UW$SURYDSHULFLDOFRQVLVWHHPH[DPHYLVWRULDRXDYDOLDomR

R2MXL]LQGHIHULUiDSHUtFLDTXDQGR

,DSURYDGRIDWRQmRGHSHQGHUGHFRQKHFLPHQWRHVSHFLDOGHWpFQLFR

,,IRUGHVQHFHVViULDHPYLVWDGHRXWUDVSURYDVSURGX]LGDV

,,,DYHULILFDomRIRULPSUDWLFiYHO

 R 'H RItFLR RX D UHTXHULPHQWR GDV SDUWHV R MXL] SRGHUi HP VXEVWLWXLomR j SHUtFLD GHWHUPLQDU D
SURGXomRGHSURYDWpFQLFDVLPSOLILFDGDTXDQGRRSRQWRFRQWURYHUWLGRIRUGHPHQRUFRPSOH[LGDGH

 R $ SURYD WpFQLFD VLPSOLILFDGD FRQVLVWLUi DSHQDV QD LQTXLULomR GH HVSHFLDOLVWD SHOR MXL] VREUH SRQWR
FRQWURYHUWLGRGDFDXVDTXHGHPDQGHHVSHFLDOFRQKHFLPHQWRFLHQWtILFRRXWpFQLFR

R'XUDQWHDDUJXLomRRHVSHFLDOLVWDTXHGHYHUiWHUIRUPDomRDFDGrPLFDHVSHFtILFDQDiUHDREMHWRGH
VHXGHSRLPHQWRSRGHUiYDOHUVHGHTXDOTXHUUHFXUVRWHFQROyJLFRGHWUDQVPLVVmRGHVRQVHLPDJHQVFRPRILP
GHHVFODUHFHURVSRQWRVFRQWURYHUWLGRVGDFDXVD

$UW   2 MXL] QRPHDUi SHULWR HVSHFLDOL]DGR QR REMHWR GD SHUtFLD H IL[DUi GH LPHGLDWR R SUD]R SDUD D
HQWUHJDGRODXGR

R,QFXPEHjVSDUWHVGHQWURGH TXLQ]H GLDVFRQWDGRVGDLQWLPDomRGRGHVSDFKRGHQRPHDomRGR


SHULWR

,DUJXLURLPSHGLPHQWRRXDVXVSHLomRGRSHULWRVHIRURFDVR

,,LQGLFDUDVVLVWHQWHWpFQLFR

,,,DSUHVHQWDUTXHVLWRV

R&LHQWHGDQRPHDomRRSHULWRDSUHVHQWDUiHP FLQFR GLDV

,SURSRVWDGHKRQRUiULRV

,,FXUUtFXORFRPFRPSURYDomRGHHVSHFLDOL]DomR

,,,  FRQWDWRV SURILVVLRQDLV HP HVSHFLDO R HQGHUHoR HOHWU{QLFR SDUD RQGH VHUmR GLULJLGDV DV LQWLPDo}HV
SHVVRDLV

R$VSDUWHVVHUmRLQWLPDGDVGDSURSRVWDGHKRQRUiULRVSDUDTXHUHQGRPDQLIHVWDUVHQRSUD]RFRPXP
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GH FLQFR GLDVDSyVRTXHRMXL]DUELWUDUiRYDORULQWLPDQGRVHDVSDUWHVSDUDRVILQVGRDUW

R2MXL]SRGHUiDXWRUL]DURSDJDPHQWRGHDWpFLQTXHQWDSRUFHQWRGRVKRQRUiULRVDUELWUDGRVDIDYRUGR
SHULWRQRLQtFLRGRVWUDEDOKRVGHYHQGRRUHPDQHVFHQWHVHUSDJRDSHQDVDRILQDOGHSRLV GH HQWUHJXH R ODXGR H
SUHVWDGRVWRGRVRVHVFODUHFLPHQWRVQHFHVViULRV

 R 4XDQGR D SHUtFLD IRU LQFRQFOXVLYD RX GHILFLHQWH R MXL] SRGHUi UHGX]LU D UHPXQHUDomR LQLFLDOPHQWH
DUELWUDGDSDUDRWUDEDOKR

 R 4XDQGR WLYHU GH UHDOL]DUVH SRU FDUWD SRGHUVHi SURFHGHU j QRPHDomR GH SHULWR H j LQGLFDomR GH
DVVLVWHQWHVWpFQLFRVQRMXt]RDRTXDOVHUHTXLVLWDUDSHUtFLD

$UW  2 SHULWR FXPSULUi HVFUXSXORVDPHQWH R HQFDUJR TXH OKH IRL FRPHWLGR LQGHSHQGHQWHPHQWH GH
WHUPRGHFRPSURPLVVR

R2VDVVLVWHQWHVWpFQLFRVVmRGHFRQILDQoDGDSDUWHHQmRHVWmRVXMHLWRVDLPSHGLPHQWRRXVXVSHLomR

R2SHULWRGHYHDVVHJXUDUDRVDVVLVWHQWHVGDVSDUWHVRDFHVVRHRDFRPSDQKDPHQWRGDVGLOLJrQFLDVH
GRV H[DPHV TXH UHDOL]DU FRP SUpYLD FRPXQLFDomR FRPSURYDGD QRV DXWRV FRP DQWHFHGrQFLD PtQLPD GH 
FLQFR GLDV

$UW2SHULWRSRGHHVFXVDUVHRXVHUUHFXVDGRSRULPSHGLPHQWRRXVXVSHLomR

3DUiJUDIR~QLFR2MXL]DRDFHLWDUDHVFXVDRXDRMXOJDUSURFHGHQWHDLPSXJQDomRQRPHDUiQRYRSHULWR

$UW2SHULWRSRGHVHUVXEVWLWXtGRTXDQGR

,IDOWDUOKHFRQKHFLPHQWRWpFQLFRRXFLHQWtILFR

,,VHPPRWLYROHJtWLPRGHL[DUGHFXPSULURHQFDUJRQRSUD]RTXHOKHIRLDVVLQDGR

 R 1R FDVR SUHYLVWR QR LQFLVR ,, R MXL] FRPXQLFDUi D RFRUUrQFLD j FRUSRUDomR SURILVVLRQDO UHVSHFWLYD
SRGHQGRDLQGDLPSRUPXOWDDRSHULWRIL[DGDWHQGRHPYLVWDRYDORUGDFDXVDHR SRVVtYHO SUHMXt]R GHFRUUHQWH
GRDWUDVRQRSURFHVVR

 R 2 SHULWR VXEVWLWXtGR UHVWLWXLUi QR SUD]R GH  TXLQ]H  GLDV RV YDORUHV UHFHELGRV SHOR WUDEDOKR QmR
UHDOL]DGRVRESHQDGHILFDULPSHGLGRGHDWXDUFRPRSHULWRMXGLFLDOSHORSUD]RGH FLQFR DQRV

R1mRRFRUUHQGRDUHVWLWXLomRYROXQWiULDGHTXHWUDWDRRDSDUWHTXHWLYHUUHDOL]DGRRDGLDQWDPHQWR
GRVKRQRUiULRVSRGHUiSURPRYHUH[HFXomRFRQWUDRSHULWRQDIRUPDGRVDUWVHVHJXLQWHVGHVWH&yGLJRFRP
IXQGDPHQWRQDGHFLVmRTXHGHWHUPLQDUDGHYROXomRGRQXPHUiULR

$UW   $V SDUWHV SRGHUmR DSUHVHQWDU TXHVLWRV VXSOHPHQWDUHV GXUDQWH D GLOLJrQFLD TXH SRGHUmR VHU
UHVSRQGLGRVSHORSHULWRSUHYLDPHQWHRXQDDXGLrQFLDGHLQVWUXomRHMXOJDPHQWR

3DUiJUDIR~QLFR2HVFULYmRGDUijSDUWHFRQWUiULDFLrQFLDGDMXQWDGDGRVTXHVLWRVDRVDXWRV

$UW,QFXPEHDRMXL]

,LQGHIHULUTXHVLWRVLPSHUWLQHQWHV

,,IRUPXODURVTXHVLWRVTXHHQWHQGHUQHFHVViULRVDRHVFODUHFLPHQWRGDFDXVD

$UW   $V SDUWHV SRGHP GH FRPXP DFRUGR HVFROKHU R SHULWR LQGLFDQGRR PHGLDQWH UHTXHULPHQWR
GHVGHTXH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,VHMDPSOHQDPHQWHFDSD]HV

,,DFDXVDSRVVDVHUUHVROYLGDSRUDXWRFRPSRVLomR

 R $V SDUWHV DR HVFROKHU R SHULWR Mi GHYHP LQGLFDU RV UHVSHFWLYRV DVVLVWHQWHV WpFQLFRV SDUD
DFRPSDQKDUDUHDOL]DomRGDSHUtFLDTXHVHUHDOL]DUiHPGDWDHORFDOSUHYLDPHQWHDQXQFLDGRV

 R 2 SHULWR H RV DVVLVWHQWHV WpFQLFRV GHYHP HQWUHJDU UHVSHFWLYDPHQWH ODXGR H SDUHFHUHV HP SUD]R
IL[DGRSHORMXL]

R$SHUtFLDFRQVHQVXDOVXEVWLWXL SDUD WRGRV RV HIHLWRV D TXH VHULD UHDOL]DGD SRU SHULWR QRPHDGR SHOR
MXL]

$UW   2 MXL] SRGHUi GLVSHQVDU SURYD SHULFLDO TXDQGR DV SDUWHV QD LQLFLDO H QD FRQWHVWDomR
DSUHVHQWDUHP VREUH DV TXHVW}HV GH IDWR SDUHFHUHV WpFQLFRV RX GRFXPHQWRV HOXFLGDWLYRV TXH FRQVLGHUDU
VXILFLHQWHV

$UW2ODXGRSHULFLDOGHYHUiFRQWHU

,DH[SRVLomRGRREMHWRGDSHUtFLD

,,DDQiOLVHWpFQLFDRXFLHQWtILFDUHDOL]DGDSHORSHULWR

,,,DLQGLFDomRGRPpWRGRXWLOL]DGRHVFODUHFHQGRRHGHPRQVWUDQGRVHUSUHGRPLQDQWHPHQWHDFHLWRSHORV
HVSHFLDOLVWDVGDiUHDGRFRQKHFLPHQWRGDTXDOVHRULJLQRX

,9  UHVSRVWD FRQFOXVLYD D WRGRV RV TXHVLWRV DSUHVHQWDGRV SHOR MXL] SHODV SDUWHV H SHOR yUJmR GR
0LQLVWpULR3~EOLFR

 R 1R ODXGR R SHULWR GHYH DSUHVHQWDU VXD IXQGDPHQWDomR HP OLQJXDJHP VLPSOHV H FRP FRHUrQFLD
OyJLFDLQGLFDQGRFRPRDOFDQoRXVXDVFRQFOXV}HV

ReYHGDGRDRSHULWRXOWUDSDVVDURVOLPLWHVGHVXDGHVLJQDomREHPFRPRHPLWLURSLQL}HVSHVVRDLVTXH
H[FHGDPRH[DPHWpFQLFRRXFLHQWtILFRGRREMHWRGDSHUtFLD

 R 3DUD R GHVHPSHQKR GH VXD IXQomR R SHULWR H RV DVVLVWHQWHV WpFQLFRV SRGHP YDOHUVH GH WRGRV RV
PHLRVQHFHVViULRVRXYLQGRWHVWHPXQKDVREWHQGRLQIRUPDo}HVVROLFLWDQGRGRFXPHQWRVTXH HVWHMDP HP SRGHU
GD SDUWH GH WHUFHLURV RX HP UHSDUWLo}HV S~EOLFDV EHP FRPR LQVWUXLU R ODXGR FRP SODQLOKDV PDSDV SODQWDV
GHVHQKRVIRWRJUDILDVRXRXWURVHOHPHQWRVQHFHVViULRVDRHVFODUHFLPHQWRGRREMHWRGDSHUtFLD

$UW$VSDUWHVWHUmRFLrQFLDGDGDWDHGRORFDOGHVLJQDGRVSHORMXL]RXLQGLFDGRVSHORSHULWRSDUD WHU
LQtFLRDSURGXomRGDSURYD

$UW7UDWDQGRVHGHSHUtFLDFRPSOH[DTXHDEUDQMDPDLVGHXPDiUHDGHFRQKHFLPHQWRHVSHFLDOL]DGR
RMXL]SRGHUiQRPHDUPDLVGHXPSHULWRHDSDUWHLQGLFDUPDLVGHXPDVVLVWHQWHWpFQLFR

$UW6HRSHULWRSRUPRWLYRMXVWLILFDGRQmRSXGHUDSUHVHQWDURODXGRGHQWURGRSUD]RRMXL]SRGHUi
FRQFHGHUOKHSRUXPDYH]SURUURJDomRSHODPHWDGHGRSUD]RRULJLQDOPHQWHIL[DGR

$UW2SHULWRSURWRFRODUiRODXGRHPMXt]RQRSUD]RIL[DGRSHORMXL]SHORPHQRV YLQWH GLDVDQWHV


GDDXGLrQFLDGHLQVWUXomRHMXOJDPHQWR

 R $V SDUWHV VHUmR LQWLPDGDV SDUD TXHUHQGR PDQLIHVWDUVH VREUH R ODXGR GR SHULWR GR MXt]R QR SUD]R
FRPXP GH  TXLQ]H  GLDV SRGHQGR R DVVLVWHQWH WpFQLFR GH FDGD XPD GDV SDUWHV HP LJXDO SUD]R DSUHVHQWDU
VHXUHVSHFWLYRSDUHFHU

R2SHULWRGRMXt]RWHPRGHYHUGHQRSUD]RGH TXLQ]H GLDVHVFODUHFHUSRQWR


KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,  VREUH R TXDO H[LVWD GLYHUJrQFLD RX G~YLGD GH TXDOTXHU GDV SDUWHV GR MXL] RX GR yUJmR GR 0LQLVWpULR
3~EOLFR

,,GLYHUJHQWHDSUHVHQWDGRQRSDUHFHUGRDVVLVWHQWHWpFQLFRGDSDUWH

 R 6H DLQGD KRXYHU QHFHVVLGDGH GH HVFODUHFLPHQWRV D SDUWH UHTXHUHUi DR MXL] TXH PDQGH LQWLPDU R
SHULWR RX R DVVLVWHQWH WpFQLFR D FRPSDUHFHU j DXGLrQFLD GH LQVWUXomR H MXOJDPHQWR IRUPXODQGR GHVGH ORJR DV
SHUJXQWDVVREIRUPDGHTXHVLWRV

R2SHULWRRXRDVVLVWHQWHWpFQLFRVHUiLQWLPDGRSRUPHLRHOHWU{QLFRFRPSHORPHQRV GH] GLDV GH


DQWHFHGrQFLDGDDXGLrQFLD

$UW4XDQGRRH[DPHWLYHUSRUREMHWRDDXWHQWLFLGDGHRXDIDOVLGDGHGHGRFXPHQWRRXIRUGHQDWXUH]D
PpGLFROHJDO R SHULWR VHUi HVFROKLGR GH SUHIHUrQFLD HQWUH RV WpFQLFRV GRV HVWDEHOHFLPHQWRV RILFLDLV
HVSHFLDOL]DGRVDFXMRVGLUHWRUHVRMXL]DXWRUL]DUiDUHPHVVDGRVDXWRVEHPFRPRGRPDWHULDOVXMHLWRDH[DPH

 R 1DV KLSyWHVHV GH JUDWXLGDGH GH MXVWLoD RV yUJmRV H DV UHSDUWLo}HV RILFLDLV GHYHUmR FXPSULU D
GHWHUPLQDomRMXGLFLDOFRPSUHIHUrQFLDQRSUD]RHVWDEHOHFLGR

R$SURUURJDomRGRSUD]RUHIHULGRQRRSRGHVHUUHTXHULGDPRWLYDGDPHQWH

R4XDQGRRH[DPHWLYHUSRU REMHWR D DXWHQWLFLGDGH GD OHWUD H GD ILUPD R SHULWR SRGHUi UHTXLVLWDU SDUD
HIHLWRGHFRPSDUDomRGRFXPHQWRVH[LVWHQWHVHPUHSDUWLo}HVS~EOLFDVHQDIDOWDGHVWHVSRGHUiUHTXHUHUDRMXL]
TXH D SHVVRD D TXHP VH DWULEXLU D DXWRULD GR GRFXPHQWR ODQFH HP IROKD GH SDSHO SRU FySLD RX VRE GLWDGR
GL]HUHVGLIHUHQWHVSDUDILQVGHFRPSDUDomR

$UW2MXL]DSUHFLDUiDSURYDSHULFLDOGHDFRUGRFRPRGLVSRVWRQRDUWLQGLFDQGRQDVHQWHQoDRV
PRWLYRV TXH R OHYDUDP D FRQVLGHUDU RX D GHL[DU GH FRQVLGHUDU DV FRQFOXV}HV GR ODXGR OHYDQGR HP FRQWD R
PpWRGRXWLOL]DGRSHORSHULWR

$UW2MXL]GHWHUPLQDUiGHRItFLRRXDUHTXHULPHQWRGDSDUWHDUHDOL]DomRGHQRYDSHUtFLDTXDQGR D
PDWpULDQmRHVWLYHUVXILFLHQWHPHQWHHVFODUHFLGD

 R $ VHJXQGD SHUtFLD WHP SRU REMHWR RV PHVPRV IDWRV VREUH RV TXDLV UHFDLX D SULPHLUD H GHVWLQDVH D
FRUULJLUHYHQWXDORPLVVmRRXLQH[DWLGmRGRVUHVXOWDGRVDTXHHVWDFRQGX]LX

R$VHJXQGDSHUtFLDUHJHVHSHODVGLVSRVLo}HVHVWDEHOHFLGDVSDUDDSULPHLUD

R$VHJXQGDSHUtFLDQmRVXEVWLWXLDSULPHLUDFDEHQGRDRMXL]DSUHFLDURYDORUGHXPDHGHRXWUD

6HomR;,
'D,QVSHomR-XGLFLDO

$UW2MXL]GHRItFLR RX D UHTXHULPHQWR GD SDUWH SRGH HP TXDOTXHU IDVH GR SURFHVVR LQVSHFLRQDU
SHVVRDVRXFRLVDVDILPGHVHHVFODUHFHUVREUHIDWRTXHLQWHUHVVHjGHFLVmRGDFDXVD

$UW$RUHDOL]DUDLQVSHomRRMXL]SRGHUiVHUDVVLVWLGRSRUXPRXPDLVSHULWRV

$UW2MXL]LUiDRORFDORQGHVHHQFRQWUHDSHVVRDRXDFRLVDTXDQGR

,MXOJDUQHFHVViULRSDUDDPHOKRUYHULILFDomRRXLQWHUSUHWDomRGRVIDWRVTXHGHYDREVHUYDU

,,DFRLVDQmRSXGHUVHUDSUHVHQWDGDHPMXt]RVHPFRQVLGHUiYHLVGHVSHVDVRXJUDYHVGLILFXOGDGHV

,,,GHWHUPLQDUDUHFRQVWLWXLomRGRVIDWRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  $V SDUWHV WrP VHPSUH GLUHLWR D DVVLVWLU j LQVSHomR SUHVWDQGR HVFODUHFLPHQWRV H
ID]HQGRREVHUYDo}HVTXHFRQVLGHUHPGHLQWHUHVVHSDUDDFDXVD

$UW   &RQFOXtGD D GLOLJrQFLD R MXL] PDQGDUi ODYUDU DXWR FLUFXQVWDQFLDGR PHQFLRQDQGR QHOH WXGR
TXDQWRIRU~WLODRMXOJDPHQWRGDFDXVD

3DUiJUDIR~QLFR2DXWRSRGHUiVHULQVWUXtGRFRPGHVHQKRJUiILFRRXIRWRJUDILD

&$378/2;,,,
'$6(17(1d$('$&2,6$-8/*$'$

6HomR,
'LVSRVLo}HV*HUDLV

$UW2MXL]QmRUHVROYHUiRPpULWRTXDQGR

,LQGHIHULUDSHWLomRLQLFLDO

,,RSURFHVVRILFDUSDUDGRGXUDQWHPDLVGH XP DQRSRUQHJOLJrQFLDGDVSDUWHV

,,,SRUQmRSURPRYHURVDWRVHDVGLOLJrQFLDVTXHOKHLQFXPELURDXWRUDEDQGRQDUDFDXVDSRUPDLVGH
WULQWD GLDV

,9  YHULILFDU D DXVrQFLD GH SUHVVXSRVWRV GH FRQVWLWXLomR H GH GHVHQYROYLPHQWR YiOLGR H UHJXODU GR
SURFHVVR

9UHFRQKHFHUDH[LVWrQFLDGHSHUHPSomRGHOLWLVSHQGrQFLDRXGHFRLVDMXOJDGD

9,YHULILFDUDXVrQFLDGHOHJLWLPLGDGHRXGHLQWHUHVVHSURFHVVXDO

9,,DFROKHUDDOHJDomRGHH[LVWrQFLDGHFRQYHQomRGHDUELWUDJHPRXTXDQGRRMXt]RDUELWUDOUHFRQKHFHU
VXDFRPSHWrQFLD

9,,,KRPRORJDUDGHVLVWrQFLDGDDomR

,;HPFDVRGHPRUWHGDSDUWHDDomRIRUFRQVLGHUDGDLQWUDQVPLVVtYHOSRUGLVSRVLomROHJDOH

;QRVGHPDLVFDVRVSUHVFULWRVQHVWH&yGLJR

R1DVKLSyWHVHVGHVFULWDVQRVLQFLVRV,,H,,,DSDUWHVHUiLQWLPDGDSHVVRDOPHQWHSDUDVXSULUDIDOWDQR
SUD]RGH FLQFR GLDV

 R 1R FDVR GR  R TXDQWR DR LQFLVR ,, DV SDUWHV SDJDUmR SURSRUFLRQDOPHQWH DV FXVWDV H TXDQWR DR
LQFLVR,,,RDXWRUVHUiFRQGHQDGRDRSDJDPHQWRGDVGHVSHVDVHGRVKRQRUiULRVGHDGYRJDGR

R2MXL]FRQKHFHUiGHRItFLRGDPDWpULDFRQVWDQWHGRVLQFLVRV,999,H,;HPTXDOTXHUWHPSRHJUDX
GHMXULVGLomRHQTXDQWRQmRRFRUUHURWUkQVLWRHPMXOJDGR

R2IHUHFLGDDFRQWHVWDomRRDXWRUQmRSRGHUiVHPRFRQVHQWLPHQWRGRUpXGHVLVWLUGDDomR

R$GHVLVWrQFLDGDDomRSRGHVHUDSUHVHQWDGDDWpDVHQWHQoD

 R 2IHUHFLGD D FRQWHVWDomR D H[WLQomR GR SURFHVVR SRU DEDQGRQR GD FDXVD SHOR DXWRU GHSHQGH GH
UHTXHULPHQWRGRUpX

 R ,QWHUSRVWD D DSHODomR HP TXDOTXHU GRV FDVRV GH TXH WUDWDP RV LQFLVRV GHVWH DUWLJR R MXL] WHUi 
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FLQFR GLDVSDUDUHWUDWDUVH

$UW2SURQXQFLDPHQWRMXGLFLDOTXHQmRUHVROYHRPpULWRQmRREVWDDTXHDSDUWHSURSRQKDGHQRYRD
DomR

R1RFDVRGHH[WLQomRHPUD]mRGHOLWLVSHQGrQFLDHQRVFDVRVGRVLQFLVRV,,99,H9,,GRDUWD
SURSRVLWXUDGDQRYDDomRGHSHQGHGDFRUUHomRGRYtFLRTXHOHYRXjVHQWHQoDVHPUHVROXomRGRPpULWR

 R $ SHWLomR LQLFLDO WRGDYLD QmR VHUi GHVSDFKDGD VHP D SURYD GR SDJDPHQWR RX GR GHSyVLWR GDV
FXVWDVHGRVKRQRUiULRVGHDGYRJDGR

 R 6H R DXWRU GHU FDXVD SRU  WUrV  YH]HV D VHQWHQoD IXQGDGD HP DEDQGRQR GD FDXVD QmR SRGHUi
SURSRUQRYDDomRFRQWUDRUpXFRPRPHVPRREMHWRILFDQGROKHUHVVDOYDGDHQWUHWDQWRDSRVVLELOLGDGHGHDOHJDU
HPGHIHVDRVHXGLUHLWR

$UW+DYHUiUHVROXomRGHPpULWRTXDQGRRMXL]

,DFROKHURXUHMHLWDURSHGLGRIRUPXODGRQDDomRRXQDUHFRQYHQomR

,,GHFLGLUGHRItFLRRXDUHTXHULPHQWRVREUHDRFRUUrQFLDGHGHFDGrQFLDRXSUHVFULomR

,,,KRPRORJDU

D RUHFRQKHFLPHQWRGDSURFHGrQFLDGRSHGLGRIRUPXODGRQDDomRRXQDUHFRQYHQomR

E DWUDQVDomR

F DUHQ~QFLDjSUHWHQVmRIRUPXODGDQDDomRRXQDUHFRQYHQomR

3DUiJUDIR ~QLFR  5HVVDOYDGD D KLSyWHVH GR  R GR DUW  D SUHVFULomR H D GHFDGrQFLD QmR VHUmR
UHFRQKHFLGDVVHPTXHDQWHVVHMDGDGDjVSDUWHVRSRUWXQLGDGHGHPDQLIHVWDUVH

$UW'HVGHTXHSRVVtYHORMXL]UHVROYHUiRPpULWRVHPSUHTXHDGHFLVmRIRUIDYRUiYHOjSDUWHDTXHP
DSURYHLWDULDHYHQWXDOSURQXQFLDPHQWRQRVWHUPRVGRDUW

6HomR,,
'RV(OHPHQWRVHGRV(IHLWRVGD6HQWHQoD

$UW6mRHOHPHQWRVHVVHQFLDLVGDVHQWHQoD

,  R UHODWyULR TXH FRQWHUi RV QRPHV GDV SDUWHV D LGHQWLILFDomR GR FDVR FRP D VXPD GR SHGLGR H GD
FRQWHVWDomRHRUHJLVWURGDVSULQFLSDLVRFRUUrQFLDVKDYLGDVQRDQGDPHQWRGRSURFHVVR

,,RVIXQGDPHQWRVHPTXHRMXL]DQDOLVDUiDVTXHVW}HVGHIDWRHGHGLUHLWR

,,,RGLVSRVLWLYRHPTXHRMXL]UHVROYHUiDVTXHVW}HVSULQFLSDLVTXHDVSDUWHVOKHVXEPHWHUHP

 R 1mR VH FRQVLGHUD IXQGDPHQWDGD TXDOTXHU GHFLVmR MXGLFLDO VHMD HOD LQWHUORFXWyULD VHQWHQoD RX
DFyUGmRTXH

,VHOLPLWDUjLQGLFDomRjUHSURGXomRRXjSDUiIUDVHGHDWRQRUPDWLYRVHPH[SOLFDUVXDUHODomRFRPD
FDXVDRXDTXHVWmRGHFLGLGD

,,  HPSUHJDU FRQFHLWRV MXUtGLFRV LQGHWHUPLQDGRV VHP H[SOLFDU R PRWLYR FRQFUHWR GH VXD LQFLGrQFLD QR
FDVR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,,LQYRFDUPRWLYRVTXHVHSUHVWDULDPDMXVWLILFDUTXDOTXHURXWUDGHFLVmR

,9QmRHQIUHQWDUWRGRVRVDUJXPHQWRVGHGX]LGRVQRSURFHVVRFDSD]HVGHHPWHVHLQILUPDUDFRQFOXVmR
DGRWDGDSHORMXOJDGRU

9  VH OLPLWDU D LQYRFDU SUHFHGHQWH RX HQXQFLDGR GH V~PXOD VHP LGHQWLILFDU VHXV IXQGDPHQWRV
GHWHUPLQDQWHVQHPGHPRQVWUDUTXHRFDVRVREMXOJDPHQWRVHDMXVWDjTXHOHVIXQGDPHQWRV

9,  GHL[DU GH VHJXLU HQXQFLDGR GH V~PXOD MXULVSUXGrQFLD RX SUHFHGHQWH LQYRFDGR SHOD SDUWH VHP
GHPRQVWUDUDH[LVWrQFLDGHGLVWLQomRQRFDVRHPMXOJDPHQWRRXDVXSHUDomRGRHQWHQGLPHQWR

 R 1R FDVR GH FROLVmR HQWUH QRUPDV R MXL] GHYH MXVWLILFDU R REMHWR H RV FULWpULRV JHUDLV GD SRQGHUDomR
HIHWXDGD HQXQFLDQGR DV UD]}HV TXH DXWRUL]DP D LQWHUIHUrQFLD QD QRUPD DIDVWDGD H DV SUHPLVVDV IiWLFDV TXH
IXQGDPHQWDPDFRQFOXVmR

 R $ GHFLVmR MXGLFLDO GHYH VHU LQWHUSUHWDGD D SDUWLU GD FRQMXJDomR GH WRGRV RV VHXV HOHPHQWRV H HP
FRQIRUPLGDGHFRPRSULQFtSLRGDERDIp

$UW2MXL]UHVROYHUiRPpULWRDFROKHQGRRXUHMHLWDQGRQRWRGRRXHPSDUWHRVSHGLGRVIRUPXODGRV
SHODVSDUWHV

$UW1DDomRUHODWLYDjREULJDomRGHSDJDUTXDQWLDDLQGDTXHIRUPXODGRSHGLGRJHQpULFRDGHFLVmR
GHILQLUiGHVGHORJRDH[WHQVmRGDREULJDomRRtQGLFHGHFRUUHomRPRQHWiULDDWD[DGHMXURVRWHUPRLQLFLDOGH
DPERVHDSHULRGLFLGDGHGDFDSLWDOL]DomRGRVMXURVVHIRURFDVRVDOYRTXDQGR

,QmRIRUSRVVtYHOGHWHUPLQDUGHPRGRGHILQLWLYRRPRQWDQWHGHYLGR

,,  D DSXUDomR GR YDORU GHYLGR GHSHQGHU GD SURGXomR GH SURYD GH UHDOL]DomR GHPRUDGD RX
H[FHVVLYDPHQWHGLVSHQGLRVDDVVLPUHFRQKHFLGDQDVHQWHQoD

R1RVFDVRVSUHYLVWRVQHVWHDUWLJRVHJXLUVHiDDSXUDomRGRYDORUGHYLGRSRUOLTXLGDomR

R2GLVSRVWRQRFDSXWWDPEpPVHDSOLFDTXDQGRRDFyUGmRDOWHUDUDVHQWHQoD

$UWeYHGDGRDRMXL]SURIHULUGHFLVmRGHQDWXUH]DGLYHUVDGDSHGLGDEHPFRPRFRQGHQDUDSDUWHHP
TXDQWLGDGHVXSHULRURXHPREMHWRGLYHUVRGRTXHOKHIRLGHPDQGDGR

3DUiJUDIR~QLFR$GHFLVmRGHYHVHUFHUWDDLQGDTXHUHVROYDUHODomRMXUtGLFDFRQGLFLRQDO

$UW   6H GHSRLV GD SURSRVLWXUD GD DomR DOJXP IDWR FRQVWLWXWLYR PRGLILFDWLYR RX H[WLQWLYR GR GLUHLWR
LQIOXLUQRMXOJDPHQWRGRPpULWRFDEHUiDRMXL]WRPiORHPFRQVLGHUDomRGHRItFLRRXDUHTXHULPHQWRGDSDUWHQR
PRPHQWRGHSURIHULUDGHFLVmR

3DUiJUDIR~QLFR6HFRQVWDWDUGHRItFLRRIDWRQRYRRMXL]RXYLUiDVSDUWHVVREUHHOHDQWHVGHGHFLGLU

$UW3XEOLFDGDDVHQWHQoDRMXL]VySRGHUiDOWHUiOD

,SDUDFRUULJLUOKHGHRItFLRRXDUHTXHULPHQWRGDSDUWHLQH[DWLG}HVPDWHULDLVRXHUURVGHFiOFXOR

,,SRUPHLRGHHPEDUJRVGHGHFODUDomR

$UW   $ GHFLVmR TXH FRQGHQDU R UpX DR SDJDPHQWR GH SUHVWDomR FRQVLVWHQWH HP GLQKHLUR H D TXH
GHWHUPLQDU D FRQYHUVmR GH SUHVWDomR GH ID]HU GH QmR ID]HU RX GH GDU FRLVD HP SUHVWDomR SHFXQLiULD YDOHUmR
FRPRWtWXORFRQVWLWXWLYRGHKLSRWHFDMXGLFLiULD

R$GHFLVmRSURGX]DKLSRWHFDMXGLFLiULD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,HPERUDDFRQGHQDomRVHMDJHQpULFD

,,DLQGDTXHRFUHGRUSRVVDSURPRYHURFXPSULPHQWRSURYLVyULRGDVHQWHQoDRXHVWHMDSHQGHQWHDUUHVWR
VREUHEHPGRGHYHGRU

,,,PHVPRTXHLPSXJQDGDSRUUHFXUVRGRWDGRGHHIHLWRVXVSHQVLYR

 R $ KLSRWHFD MXGLFLiULD SRGHUi VHU UHDOL]DGD PHGLDQWH DSUHVHQWDomR GH FySLD GD VHQWHQoD SHUDQWH R
FDUWyULR GH UHJLVWUR LPRELOLiULR LQGHSHQGHQWHPHQWH GH RUGHP MXGLFLDO GH GHFODUDomR H[SUHVVD GR MXL] RX GH
GHPRQVWUDomRGHXUJrQFLD

R1RSUD]RGHDWp TXLQ]H GLDVGDGDWDGHUHDOL]DomRGDKLSRWHFDDSDUWHLQIRUPiODiDRMXt]RGD


FDXVDTXHGHWHUPLQDUiDLQWLPDomRGDRXWUDSDUWHSDUDTXHWRPHFLrQFLDGRDWR

 R $ KLSRWHFD MXGLFLiULD XPD YH] FRQVWLWXtGD LPSOLFDUi SDUD R FUHGRU KLSRWHFiULR R GLUHLWR GH
SUHIHUrQFLDTXDQWRDRSDJDPHQWRHPUHODomRDRXWURVFUHGRUHVREVHUYDGDDSULRULGDGHQRUHJLVWUR

 R 6REUHYLQGR D UHIRUPD RX D LQYDOLGDomR GD GHFLVmR TXH LPS{V R SDJDPHQWR GH TXDQWLD D SDUWH
UHVSRQGHUi LQGHSHQGHQWHPHQWH GH FXOSD SHORV GDQRV TXH D RXWUD SDUWH WLYHU VRIULGR HP UD]mR GD FRQVWLWXLomR
GDJDUDQWLDGHYHQGRRYDORUGDLQGHQL]DomRVHUOLTXLGDGRHH[HFXWDGRQRVSUySULRVDXWRV

6HomR,,,
'D5HPHVVD1HFHVViULD

$UW(VWiVXMHLWDDRGXSORJUDXGHMXULVGLomRQmRSURGX]LQGRHIHLWRVHQmRGHSRLVGHFRQILUPDGDSHOR
WULEXQDODVHQWHQoD

,SURIHULGDFRQWUDD8QLmRRV(VWDGRVR'LVWULWR)HGHUDORV0XQLFtSLRVHVXDVUHVSHFWLYDVDXWDUTXLDVH
IXQGDo}HVGHGLUHLWRS~EOLFR

,,TXHMXOJDUSURFHGHQWHVQRWRGRRXHPSDUWHRVHPEDUJRVjH[HFXomRILVFDO

R1RVFDVRVSUHYLVWRVQHVWHDUWLJRQmRLQWHUSRVWDDDSHODomRQRSUD]ROHJDORMXL]RUGHQDUiDUHPHVVD
GRVDXWRVDRWULEXQDOHVHQmRRIL]HURSUHVLGHQWHGRUHVSHFWLYRWULEXQDODYRFiORVi

R(PTXDOTXHUGRVFDVRVUHIHULGRVQRRRWULEXQDOMXOJDUiDUHPHVVDQHFHVViULD

R1mRVHDSOLFDRGLVSRVWRQHVWHDUWLJRTXDQGRDFRQGHQDomRRXRSURYHLWRHFRQ{PLFRREWLGRQDFDXVD
IRUGHYDORUFHUWRHOtTXLGRLQIHULRUD

, PLO VDOiULRVPtQLPRVSDUDD8QLmRHDVUHVSHFWLYDVDXWDUTXLDVHIXQGDo}HVGHGLUHLWRS~EOLFR

,,   TXLQKHQWRV  VDOiULRVPtQLPRV SDUD RV (VWDGRV R 'LVWULWR )HGHUDO DV UHVSHFWLYDV DXWDUTXLDV H
IXQGDo}HVGHGLUHLWRS~EOLFRHRV0XQLFtSLRVTXHFRQVWLWXDPFDSLWDLVGRV(VWDGRV

,,,   FHP  VDOiULRVPtQLPRV SDUD WRGRV RV GHPDLV 0XQLFtSLRV H UHVSHFWLYDV DXWDUTXLDV H IXQGDo}HV
GHGLUHLWRS~EOLFR

R7DPEpPQmRVHDSOLFDRGLVSRVWRQHVWHDUWLJRTXDQGRDVHQWHQoDHVWLYHUIXQGDGDHP

,V~PXODGHWULEXQDOVXSHULRU

,,  DFyUGmR SURIHULGR SHOR 6XSUHPR 7ULEXQDO )HGHUDO RX SHOR 6XSHULRU 7ULEXQDO GH -XVWLoD HP MXOJDPHQWR
GHUHFXUVRVUHSHWLWLYRV

,,,  HQWHQGLPHQWR ILUPDGR HP LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV RX GH DVVXQomR GH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRPSHWrQFLD

,9HQWHQGLPHQWRFRLQFLGHQWHFRPRULHQWDomRYLQFXODQWHILUPDGDQRkPELWRDGPLQLVWUDWLYRGRSUySULRHQWH
S~EOLFRFRQVROLGDGDHPPDQLIHVWDomRSDUHFHURXV~PXODDGPLQLVWUDWLYD

6HomR,9
'R-XOJDPHQWRGDV$o}HV5HODWLYDVjV3UHVWDo}HVGH)D]HUGH1mR)D]HUHGH(QWUHJDU&RLVD

$UW   1D DomR TXH WHQKD SRU REMHWR D SUHVWDomR GH ID]HU RX GH QmR ID]HU R MXL] VH SURFHGHQWH R
SHGLGR FRQFHGHUi D WXWHOD HVSHFtILFD RX GHWHUPLQDUi SURYLGrQFLDV TXH DVVHJXUHP D REWHQomR GH WXWHOD SHOR
UHVXOWDGRSUiWLFRHTXLYDOHQWH

3DUiJUDIR ~QLFR  3DUD D FRQFHVVmR GD WXWHOD HVSHFtILFD GHVWLQDGD D LQLELU D SUiWLFD D UHLWHUDomR RX D
FRQWLQXDomR GH XP LOtFLWR RX D VXD UHPRomR p LUUHOHYDQWH D GHPRQVWUDomR GD RFRUUrQFLD GH GDQR RX GD
H[LVWrQFLDGHFXOSDRXGROR

$UW1DDomRTXHWHQKDSRUREMHWRDHQWUHJDGHFRLVDRMXL]DRFRQFHGHUDWXWHODHVSHFtILFDIL[DUiR
SUD]RSDUDRFXPSULPHQWRGDREULJDomR

3DUiJUDIR ~QLFR  7UDWDQGRVH GH HQWUHJD GH FRLVD GHWHUPLQDGD SHOR JrQHUR H SHOD TXDQWLGDGH R DXWRU
LQGLYLGXDOL]iODi QD SHWLomR LQLFLDO VH OKH FRXEHU D HVFROKD RX VH D HVFROKD FRXEHU DR UpX HVWH D HQWUHJDUi
LQGLYLGXDOL]DGDQRSUD]RIL[DGRSHORMXL]

$UW$REULJDomRVRPHQWHVHUiFRQYHUWLGDHPSHUGDVHGDQRVVHRDXWRURUHTXHUHURXVHLPSRVVtYHO
DWXWHODHVSHFtILFDRXDREWHQomRGHWXWHODSHORUHVXOWDGRSUiWLFRHTXLYDOHQWH

$UW   $ LQGHQL]DomR SRU SHUGDV H GDQRV GDUVHi VHP SUHMXt]R GD PXOWD IL[DGD SHULRGLFDPHQWH SDUD
FRPSHOLURUpXDRFXPSULPHQWRHVSHFtILFRGDREULJDomR

$UW   1D DomR TXH WHQKD SRU REMHWR D HPLVVmR GH GHFODUDomR GH YRQWDGH D VHQWHQoD TXH MXOJDU
SURFHGHQWHRSHGLGRXPDYH]WUDQVLWDGDHPMXOJDGRSURGX]LUiWRGRVRVHIHLWRVGDGHFODUDomRQmRHPLWLGD

6HomR9
'D&RLVD-XOJDGD

$UW'HQRPLQDVHFRLVDMXOJDGDPDWHULDODDXWRULGDGHTXHWRUQDLPXWiYHOHLQGLVFXWtYHODGHFLVmRGH
PpULWRQmRPDLVVXMHLWDDUHFXUVR

$UW   $ GHFLVmR TXH MXOJDU WRWDO RX SDUFLDOPHQWH R PpULWR WHP IRUoD GH OHL QRV OLPLWHV GD TXHVWmR
SULQFLSDOH[SUHVVDPHQWHGHFLGLGD

R2GLVSRVWRQRFDSXWDSOLFDVHjUHVROXomRGHTXHVWmRSUHMXGLFLDOGHFLGLGDH[SUHVVDHLQFLGHQWHPHQWH
QRSURFHVVRVH

,GHVVDUHVROXomRGHSHQGHURMXOJDPHQWRGRPpULWR

,,DVHXUHVSHLWRWLYHUKDYLGRFRQWUDGLWyULRSUpYLRHHIHWLYRQmRVHDSOLFDQGRQRFDVRGHUHYHOLD

,,,RMXt]RWLYHUFRPSHWrQFLDHPUD]mRGDPDWpULDHGDSHVVRDSDUDUHVROYrODFRPRTXHVWmRSULQFLSDO

 R $ KLSyWHVH GR  R QmR VH DSOLFD VH QR SURFHVVR KRXYHU UHVWULo}HV SUREDWyULDV RX OLPLWDo}HV j
FRJQLomRTXHLPSHoDPRDSURIXQGDPHQWRGDDQiOLVHGDTXHVWmRSUHMXGLFLDO

$UW1mRID]HPFRLVDMXOJDGD

,RVPRWLYRVDLQGDTXHLPSRUWDQWHVSDUDGHWHUPLQDURDOFDQFHGDSDUWHGLVSRVLWLYDGDVHQWHQoD

,,DYHUGDGHGRVIDWRVHVWDEHOHFLGDFRPRIXQGDPHQWRGDVHQWHQoD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW1HQKXPMXL]GHFLGLUiQRYDPHQWHDVTXHVW}HVMiGHFLGLGDVUHODWLYDVjPHVPDOLGHVDOYR

,VHWUDWDQGRVHGHUHODomRMXUtGLFDGHWUDWRFRQWLQXDGRVREUHYHLRPRGLILFDomRQRHVWDGRGHIDWRRXGH
GLUHLWRFDVRHPTXHSRGHUiDSDUWHSHGLUDUHYLVmRGRTXHIRLHVWDWXtGRQDVHQWHQoD

,,QRVGHPDLVFDVRVSUHVFULWRVHPOHL

$UW$VHQWHQoDID]FRLVDMXOJDGDjVSDUWHVHQWUHDVTXDLVpGDGDQmRSUHMXGLFDQGRWHUFHLURV

$UW   e YHGDGR j SDUWH GLVFXWLU QR FXUVR GR SURFHVVR DV TXHVW}HV Mi GHFLGLGDV D FXMR UHVSHLWR VH
RSHURXDSUHFOXVmR

$UW   7UDQVLWDGD HP MXOJDGR D GHFLVmR GH PpULWR FRQVLGHUDUVHmR GHGX]LGDV H UHSHOLGDV WRGDV DV
DOHJDo}HVHDVGHIHVDVTXHDSDUWHSRGHULDRSRUWDQWRDRDFROKLPHQWRTXDQWRjUHMHLomRGRSHGLGR

&$378/2;,9
'$/,48,'$d2'(6(17(1d$

$UW4XDQGRDVHQWHQoDFRQGHQDUDRSDJDPHQWRGHTXDQWLDLOtTXLGDSURFHGHUVHijVXDOLTXLGDomR
DUHTXHULPHQWRGRFUHGRURXGRGHYHGRU

,  SRU DUELWUDPHQWR TXDQGR GHWHUPLQDGR SHOD VHQWHQoD FRQYHQFLRQDGR SHODV SDUWHV RX H[LJLGR SHOD
QDWXUH]DGRREMHWRGDOLTXLGDomR

,,SHORSURFHGLPHQWRFRPXPTXDQGRKRXYHUQHFHVVLGDGHGHDOHJDUHSURYDUIDWRQRYR

 R 4XDQGR QD VHQWHQoD KRXYHU XPD SDUWH OtTXLGD H RXWUD LOtTXLGD DR FUHGRU p OtFLWR SURPRYHU
VLPXOWDQHDPHQWHDH[HFXomRGDTXHODHHPDXWRVDSDUWDGRVDOLTXLGDomRGHVWD

R4XDQGRDDSXUDomRGRYDORUGHSHQGHUDSHQDVGHFiOFXORDULWPpWLFRRFUHGRUSRGHUiSURPRYHUGHVGH
ORJRRFXPSULPHQWRGDVHQWHQoD

R2&RQVHOKR1DFLRQDOGH-XVWLoDGHVHQYROYHUiHFRORFDUijGLVSRVLomRGRVLQWHUHVVDGRVSURJUDPDGH
DWXDOL]DomRILQDQFHLUD

R1DOLTXLGDomRpYHGDGRGLVFXWLUGHQRYRDOLGHRXPRGLILFDUDVHQWHQoDTXHDMXOJRX

$UW   1D OLTXLGDomR SRU DUELWUDPHQWR R MXL] LQWLPDUi DV SDUWHV SDUD D DSUHVHQWDomR GH SDUHFHUHV RX
GRFXPHQWRVHOXFLGDWLYRVQRSUD]RTXHIL[DUHFDVRQmRSRVVDGHFLGLUGHSODQRQRPHDUiSHULWRREVHUYDQGRVH
QRTXHFRXEHURSURFHGLPHQWRGDSURYDSHULFLDO

$UW1DOLTXLGDomRSHORSURFHGLPHQWRFRPXPRMXL]GHWHUPLQDUiDLQWLPDomRGRUHTXHULGRQDSHVVRD
GH VHX DGYRJDGR RX GD VRFLHGDGH GH DGYRJDGRV D TXH HVWLYHU YLQFXODGR SDUD TXHUHQGR DSUHVHQWDU
FRQWHVWDomRQRSUD]RGH TXLQ]H GLDVREVHUYDQGRVHDVHJXLUQRTXHFRXEHURGLVSRVWRQR/LYUR,GD3DUWH
(VSHFLDOGHVWH&yGLJR

$UW$OLTXLGDomRSRGHUiVHUUHDOL]DGDQDSHQGrQFLDGHUHFXUVRSURFHVVDQGRVHHPDXWRVDSDUWDGRV
QRMXt]RGHRULJHPFXPSULQGRDROLTXLGDQWHLQVWUXLURSHGLGRFRPFySLDVGDVSHoDVSURFHVVXDLVSHUWLQHQWHV

778/2,,
'2&8035,0(172'$6(17(1d$

&$378/2,
',6326,d(6*(5$,6

$UW2FXPSULPHQWRGD VHQWHQoD VHUi IHLWR VHJXQGR DV UHJUDV GHVWH 7tWXOR REVHUYDQGRVH QR TXH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRXEHUHFRQIRUPHDQDWXUH]DGDREULJDomRRGLVSRVWRQR/LYUR,,GD3DUWH(VSHFLDOGHVWH&yGLJR

R2FXPSULPHQWRGDVHQWHQoDTXHUHFRQKHFHRGHYHUGHSDJDUTXDQWLDSURYLVyULRRXGHILQLWLYRIDUVHi
DUHTXHULPHQWRGRH[HTXHQWH

R2GHYHGRUVHUiLQWLPDGRSDUDFXPSULUDVHQWHQoD

,SHOR'LiULRGD-XVWLoDQDSHVVRDGHVHXDGYRJDGRFRQVWLWXtGRQRVDXWRV

,,SRUFDUWDFRPDYLVRGHUHFHELPHQWRTXDQGRUHSUHVHQWDGRSHOD'HIHQVRULD3~EOLFDRXTXDQGRQmRWLYHU
SURFXUDGRUFRQVWLWXtGRQRVDXWRVUHVVDOYDGDDKLSyWHVHGRLQFLVR,9

,,,SRUPHLRHOHWU{QLFRTXDQGRQRFDVRGRRGRDUWQmRWLYHUSURFXUDGRUFRQVWLWXtGRQRVDXWRV

,9SRUHGLWDOTXDQGRFLWDGRQDIRUPDGRDUWWLYHUVLGRUHYHOQDIDVHGHFRQKHFLPHQWR

 R 1D KLSyWHVH GR  R LQFLVRV ,, H ,,, FRQVLGHUDVH UHDOL]DGD D LQWLPDomR TXDQGR R GHYHGRU KRXYHU
PXGDGRGHHQGHUHoRVHPSUpYLDFRPXQLFDomRDRMXt]RREVHUYDGRRGLVSRVWRQRSDUiJUDIR~QLFRGRDUW

 R 6H R UHTXHULPHQWR D TXH DOXGH R  R IRU IRUPXODGR DSyV  XP  DQR GR WUkQVLWR HP MXOJDGR GD
VHQWHQoD D LQWLPDomR VHUi IHLWD QD SHVVRD GR GHYHGRU SRU PHLR GH FDUWD FRP DYLVR GH UHFHELPHQWR
HQFDPLQKDGDDRHQGHUHoRFRQVWDQWHGRVDXWRVREVHUYDGR R GLVSRVWR QR SDUiJUDIR ~QLFR GR DUW  H QR  R
GHVWHDUWLJR

 R 2 FXPSULPHQWR GD VHQWHQoD QmR SRGHUi VHU SURPRYLGR HP IDFH GR ILDGRU GR FRREULJDGR RX GR
FRUUHVSRQViYHOTXHQmRWLYHUSDUWLFLSDGRGDIDVHGHFRQKHFLPHQWR

$UW4XDQGRRMXL]GHFLGLUUHODomRMXUtGLFDVXMHLWDDFRQGLomRRXWHUPRRFXPSULPHQWRGDVHQWHQoD
GHSHQGHUiGHGHPRQVWUDomRGHTXHVHUHDOL]RXDFRQGLomRRXGHTXHRFRUUHXRWHUPR

$UW6mRWtWXORVH[HFXWLYRVMXGLFLDLVFXMRFXPSULPHQWRGDUVHiGHDFRUGRFRPRVDUWLJRVSUHYLVWRV
QHVWH7tWXOR

,DVGHFLV}HVSURIHULGDVQRSURFHVVRFLYLOTXHUHFRQKHoDPDH[LJLELOLGDGHGHREULJDomRGHSDJDUTXDQWLD
GHID]HUGHQmRID]HURXGHHQWUHJDUFRLVD

,,DGHFLVmRKRPRORJDWyULDGHDXWRFRPSRVLomRMXGLFLDO

,,,DGHFLVmRKRPRORJDWyULDGHDXWRFRPSRVLomRH[WUDMXGLFLDOGHTXDOTXHUQDWXUH]D

,9  R IRUPDO H D FHUWLGmR GH SDUWLOKD H[FOXVLYDPHQWH HP UHODomR DR LQYHQWDULDQWH DRV KHUGHLURV H DRV
VXFHVVRUHVDWtWXORVLQJXODURXXQLYHUVDO

9RFUpGLWRGHDX[LOLDUGDMXVWLoDTXDQGRDVFXVWDVHPROXPHQWRVRXKRQRUiULRVWLYHUHPVLGRDSURYDGRV
SRUGHFLVmRMXGLFLDO

9,DVHQWHQoDSHQDOFRQGHQDWyULDWUDQVLWDGDHPMXOJDGR

9,,DVHQWHQoDDUELWUDO

9,,,DVHQWHQoDHVWUDQJHLUDKRPRORJDGDSHOR6XSHULRU7ULEXQDOGH-XVWLoD

,;  D GHFLVmR LQWHUORFXWyULD HVWUDQJHLUD DSyV D FRQFHVVmR GR H[HTXDWXU j FDUWD URJDWyULD SHOR 6XSHULRU
7ULEXQDOGH-XVWLoD

; 9(7$'2 

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R1RVFDVRVGRVLQFLVRV9,D,;RGHYHGRUVHUiFLWDGRQRMXt]RFtYHOSDUDRFXPSULPHQWRGDVHQWHQoD
RXSDUDDOLTXLGDomRQRSUD]RGH TXLQ]H GLDV

R$DXWRFRPSRVLomRMXGLFLDOSRGHHQYROYHUVXMHLWRHVWUDQKRDRSURFHVVRHYHUVDUVREUHUHODomRMXUtGLFD
TXHQmRWHQKDVLGRGHGX]LGDHPMXt]R

$UW2FXPSULPHQWRGDVHQWHQoDHIHWXDUVHiSHUDQWH

,RVWULEXQDLVQDVFDXVDVGHVXDFRPSHWrQFLDRULJLQiULD

,,RMXt]RTXHGHFLGLXDFDXVDQRSULPHLURJUDXGHMXULVGLomR

,,,  R MXt]R FtYHO FRPSHWHQWH TXDQGR VH WUDWDU GH VHQWHQoD SHQDO FRQGHQDWyULD GH VHQWHQoD DUELWUDO GH
VHQWHQoDHVWUDQJHLUDRXGHDFyUGmRSURIHULGRSHOR7ULEXQDO0DUtWLPR

3DUiJUDIR~QLFR1DVKLSyWHVHVGRVLQFLVRV,,H,,,RH[HTXHQWHSRGHUiRSWDUSHORMXt]RGRDWXDOGRPLFtOLR
GR H[HFXWDGR SHOR MXt]R GR ORFDO RQGH VH HQFRQWUHP RV EHQV VXMHLWRV j H[HFXomR RX SHOR MXt]R GR ORFDO RQGH
GHYDVHUH[HFXWDGDDREULJDomRGHID]HURXGHQmRID]HUFDVRVHPTXHDUHPHVVDGRVDXWRVGRSURFHVVRVHUi
VROLFLWDGDDRMXt]RGHRULJHP

$UW$GHFLVmRMXGLFLDOWUDQVLWDGDHPMXOJDGRSRGHUiVHUOHYDGDDSURWHVWRQRVWHUPRVGDOHLGHSRLV
GHWUDQVFRUULGRRSUD]RSDUDSDJDPHQWRYROXQWiULRSUHYLVWRQRDUW

R3DUDHIHWLYDURSURWHVWRLQFXPEHDRH[HTXHQWHDSUHVHQWDUFHUWLGmRGHWHRUGDGHFLVmR

 R $ FHUWLGmR GH WHRU GD GHFLVmR GHYHUi VHU IRUQHFLGD QR SUD]R GH  WUrV  GLDV H LQGLFDUi R QRPH H D
TXDOLILFDomR GR H[HTXHQWH H GR H[HFXWDGR R Q~PHUR GR SURFHVVR R YDORU GD GtYLGD H D GDWD GH GHFXUVR GR
SUD]RSDUDSDJDPHQWRYROXQWiULR

R2H[HFXWDGRTXHWLYHUSURSRVWRDomRUHVFLVyULDSDUDLPSXJQDUDGHFLVmRH[HTXHQGDSRGHUHTXHUHUD
VXDVH[SHQVDVHVREVXDUHVSRQVDELOLGDGHDDQRWDomRGDSURSRVLWXUDGDDomRjPDUJHPGRWtWXORSURWHVWDGR

R$UHTXHULPHQWRGRH[HFXWDGRRSURWHVWRVHUiFDQFHODGRSRUGHWHUPLQDomRGRMXL]PHGLDQWHRItFLRD
VHU H[SHGLGR DR FDUWyULR QR SUD]R GH  WUrV  GLDV FRQWDGR GD GDWD GH SURWRFROR GR UHTXHULPHQWR GHVGH TXH
FRPSURYDGDDVDWLVIDomRLQWHJUDOGDREULJDomR

$UW   7RGDV DV TXHVW}HV UHODWLYDV j YDOLGDGH GR SURFHGLPHQWR GH FXPSULPHQWR GD VHQWHQoD H GRV
DWRVH[HFXWLYRVVXEVHTXHQWHVSRGHUmRVHUDUJXLGDVSHORH[HFXWDGRQRVSUySULRVDXWRVHQHVWHVVHUmRGHFLGLGDV
SHORMXL]

$UW   $SOLFDPVH DV GLVSRVLo}HV UHODWLYDV DR FXPSULPHQWR GD VHQWHQoD SURYLVyULR RX GHILQLWLYR H j
OLTXLGDomRQRTXHFRXEHUjVGHFLV}HVTXHFRQFHGHUHPWXWHODSURYLVyULD

&$378/2,,
'2&8035,0(1723529,65,2'$6(17(1d$48(5(&21+(&($(;,*,%,/,'$'('(2%5,*$d2
'(3$*$548$17,$&(57$

$UW2FXPSULPHQWRSURYLVyULRGDVHQWHQoDLPSXJQDGDSRUUHFXUVRGHVSURYLGRGHHIHLWRVXVSHQVLYR
VHUiUHDOL]DGRGDPHVPDIRUPDTXHRFXPSULPHQWRGHILQLWLYRVXMHLWDQGRVHDRVHJXLQWHUHJLPH

,  FRUUH SRU LQLFLDWLYD H UHVSRQVDELOLGDGH GR H[HTXHQWH TXH VH REULJD VH D VHQWHQoD IRU UHIRUPDGD D
UHSDUDURVGDQRVTXHRH[HFXWDGRKDMDVRIULGR

,,  ILFD VHP HIHLWR VREUHYLQGR GHFLVmR TXH PRGLILTXH RX DQXOH D VHQWHQoD REMHWR GD H[HFXomR
UHVWLWXLQGRVHDVSDUWHVDRHVWDGRDQWHULRUHOLTXLGDQGRVHHYHQWXDLVSUHMXt]RVQRVPHVPRVDXWRV

,,,VHDVHQWHQoDREMHWRGHFXPSULPHQWRSURYLVyULRIRUPRGLILFDGDRXDQXODGDDSHQDVHPSDUWHVRPHQWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

QHVWDILFDUiVHPHIHLWRDH[HFXomR

,9ROHYDQWDPHQWRGHGHSyVLWRHPGLQKHLURHDSUiWLFDGHDWRVTXHLPSRUWHPWUDQVIHUrQFLDGHSRVVHRX
DOLHQDomR GH SURSULHGDGH RX GH RXWUR GLUHLWR UHDO RX GRV TXDLV SRVVD UHVXOWDU JUDYH GDQR DR H[HFXWDGR
GHSHQGHPGHFDXomRVXILFLHQWHHLG{QHDDUELWUDGDGHSODQRSHORMXL]HSUHVWDGDQRVSUySULRVDXWRV

R1RFXPSULPHQWRSURYLVyULRGDVHQWHQoDRH[HFXWDGRSRGHUiDSUHVHQWDULPSXJQDomRVHTXLVHUQRV
WHUPRVGRDUW

R$PXOWDHRVKRQRUiULRVDTXHVHUHIHUHRRGRDUWVmRGHYLGRVQRFXPSULPHQWRSURYLVyULR GH
VHQWHQoDFRQGHQDWyULDDRSDJDPHQWRGHTXDQWLDFHUWD

R6HRH[HFXWDGRFRPSDUHFHUWHPSHVWLYDPHQWHHGHSRVLWDURYDORUFRPDILQDOLGDGHGHLVHQWDUVHGD
PXOWDRDWRQmRVHUiKDYLGRFRPRLQFRPSDWtYHOFRPRUHFXUVRSRUHOHLQWHUSRVWR

 R $ UHVWLWXLomR DR HVWDGR DQWHULRU D TXH VH UHIHUH R LQFLVR ,, QmR LPSOLFD R GHVID]LPHQWR GD
WUDQVIHUrQFLD GH SRVVH RX GD DOLHQDomR GH SURSULHGDGH RX GH RXWUR GLUHLWR UHDO HYHQWXDOPHQWH Mi UHDOL]DGD
UHVVDOYDGRVHPSUHRGLUHLWRjUHSDUDomRGRVSUHMXt]RVFDXVDGRVDRH[HFXWDGR

 R $R FXPSULPHQWR SURYLVyULR GH VHQWHQoD TXH UHFRQKHoD REULJDomR GH ID]HU GH QmR ID]HU RX GH GDU
FRLVDDSOLFDVHQRTXHFRXEHURGLVSRVWRQHVWH&DStWXOR

$UW$FDXomRSUHYLVWDQRLQFLVR,9GRDUWSRGHUiVHUGLVSHQVDGDQRVFDVRVHPTXH

,RFUpGLWRIRUGHQDWXUH]DDOLPHQWDULQGHSHQGHQWHPHQWHGHVXDRULJHP

,,RFUHGRUGHPRQVWUDUVLWXDomRGHQHFHVVLGDGH

,,,SHQGHURDJUDYRIXQGDGRQRVLQFLVRV,,H,,,GRDUW

,9DVHQWHQoDDVHUSURYLVRULDPHQWHFXPSULGDHVWLYHUHPFRQVRQkQFLDFRPV~PXODGDMXULVSUXGrQFLDGR
6XSUHPR 7ULEXQDO )HGHUDO RX GR 6XSHULRU 7ULEXQDO GH -XVWLoD RX HP FRQIRUPLGDGH FRP DFyUGmR SURIHULGR QR
MXOJDPHQWRGHFDVRVUHSHWLWLYRV

3DUiJUDIR~QLFR$H[LJrQFLDGHFDXomRVHUiPDQWLGDTXDQGRGDGLVSHQVDSRVVDUHVXOWDUPDQLIHVWRULVFR
GHJUDYHGDQRGHGLItFLORXLQFHUWDUHSDUDomR

$UW2FXPSULPHQWRSURYLVyULRGDVHQWHQoDVHUiUHTXHULGRSRUSHWLomRGLULJLGDDRMXt]RFRPSHWHQWH

3DUiJUDIR~QLFR1mRVHQGRHOHWU{QLFRVRVDXWRVDSHWLomRVHUiDFRPSDQKDGDGHFySLDVGDVVHJXLQWHV
SHoDV GR SURFHVVR FXMD DXWHQWLFLGDGH SRGHUi VHU FHUWLILFDGD SHOR SUySULR DGYRJDGR VRE VXD UHVSRQVDELOLGDGH
SHVVRDO

,GHFLVmRH[HTXHQGD

,,FHUWLGmRGHLQWHUSRVLomRGRUHFXUVRQmRGRWDGRGHHIHLWRVXVSHQVLYR

,,,SURFXUDo}HVRXWRUJDGDVSHODVSDUWHV

,9GHFLVmRGHKDELOLWDomRVHIRURFDVR

9IDFXOWDWLYDPHQWHRXWUDVSHoDVSURFHVVXDLVFRQVLGHUDGDVQHFHVViULDVSDUDGHPRQVWUDUDH[LVWrQFLDGR
FUpGLWR

&$378/2,,,
'2&8035,0(172'(),1,7,92'$6(17(1d$48(5(&21+(&($(;,*,%,/,'$'('(2%5,*$d2'(
3$*$548$17,$&(57$
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   1R FDVR GH FRQGHQDomR HP TXDQWLD FHUWD RX Mi IL[DGD HP OLTXLGDomR H QR FDVR GH GHFLVmR
VREUHSDUFHODLQFRQWURYHUVDRFXPSULPHQWRGHILQLWLYRGDVHQWHQoDIDUVHiDUHTXHULPHQWR GR H[HTXHQWH VHQGR
RH[HFXWDGRLQWLPDGRSDUDSDJDURGpELWRQRSUD]RGH TXLQ]H GLDVDFUHVFLGRGHFXVWDVVHKRXYHU

R1mRRFRUUHQGRSDJDPHQWRYROXQWiULRQRSUD]RGRFDSXWRGpELWRVHUiDFUHVFLGRGHPXOWDGHGH]SRU
FHQWRHWDPEpPGHKRQRUiULRVGHDGYRJDGRGHGH]SRUFHQWR

R(IHWXDGRRSDJDPHQWRSDUFLDOQRSUD]RSUHYLVWRQRFDSXWDPXOWDHRVKRQRUiULRVSUHYLVWRVQRR
LQFLGLUmRVREUHRUHVWDQWH

 R 1mR HIHWXDGR WHPSHVWLYDPHQWH R SDJDPHQWR YROXQWiULR VHUi H[SHGLGR GHVGH ORJR PDQGDGR GH
SHQKRUDHDYDOLDomRVHJXLQGRVHRVDWRVGHH[SURSULDomR

$UW2UHTXHULPHQWRSUHYLVWRQRDUWVHUiLQVWUXtGRFRPGHPRQVWUDWLYRGLVFULPLQDGRHDWXDOL]DGR
GRFUpGLWRGHYHQGRDSHWLomRFRQWHU

,RQRPHFRPSOHWRRQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVRXQR&DGDVWUR1DFLRQDOGD
3HVVRD-XUtGLFDGRH[HTXHQWHHGRH[HFXWDGRREVHUYDGRRGLVSRVWRQRDUWRDR

,,RtQGLFHGHFRUUHomRPRQHWiULDDGRWDGR

,,,RVMXURVDSOLFDGRVHDVUHVSHFWLYDVWD[DV

,9RWHUPRLQLFLDOHRWHUPRILQDOGRVMXURVHGDFRUUHomRPRQHWiULDXWLOL]DGRV

9DSHULRGLFLGDGHGDFDSLWDOL]DomRGRVMXURVVHIRURFDVR

9,HVSHFLILFDomRGRVHYHQWXDLVGHVFRQWRVREULJDWyULRVUHDOL]DGRV

9,,LQGLFDomRGRVEHQVSDVVtYHLVGHSHQKRUDVHPSUHTXHSRVVtYHO

 R 4XDQGR R YDORU DSRQWDGR QR GHPRQVWUDWLYR DSDUHQWHPHQWH H[FHGHU RV OLPLWHV GD FRQGHQDomR D
H[HFXomR VHUi LQLFLDGD SHOR YDORU SUHWHQGLGR PDV D SHQKRUD WHUi SRU EDVH D LPSRUWkQFLD TXH R MXL] HQWHQGHU
DGHTXDGD

 R 3DUD D YHULILFDomR GRV FiOFXORV R MXL] SRGHUi YDOHUVH GH FRQWDELOLVWD GR MXt]R TXH WHUi R SUD]R
Pi[LPRGH WULQWD GLDVSDUDHIHWXiODH[FHWRVHRXWUROKHIRUGHWHUPLQDGR

R4XDQGRDHODERUDomRGRGHPRQVWUDWLYRGHSHQGHUGHGDGRVHPSRGHUGHWHUFHLURVRXGRH[HFXWDGRR
MXL]SRGHUiUHTXLVLWiORVVREFRPLQDomRGRFULPHGHGHVREHGLrQFLD

R4XDQGRDFRPSOHPHQWDomRGRGHPRQVWUDWLYRGHSHQGHUGHGDGRVDGLFLRQDLVHPSRGHUGRH[HFXWDGR
R MXL] SRGHUi D UHTXHULPHQWR GR H[HTXHQWH UHTXLVLWiORV IL[DQGR SUD]R GH DWp  WULQWD  GLDV SDUD R
FXPSULPHQWRGDGLOLJrQFLD

 R 6H RV GDGRV DGLFLRQDLV D TXH VH UHIHUH R  R QmR IRUHP DSUHVHQWDGRV SHOR H[HFXWDGR VHP
MXVWLILFDWLYD QR SUD]R GHVLJQDGR UHSXWDUVHmR FRUUHWRV RV FiOFXORV DSUHVHQWDGRV SHOR H[HTXHQWH DSHQDV FRP
EDVHQRVGDGRVGHTXHGLVS}H

$UW   7UDQVFRUULGR R SUD]R SUHYLVWR QR DUW  VHP R SDJDPHQWR YROXQWiULR LQLFLDVH R SUD]R GH 
TXLQ]H GLDVSDUDTXHRH[HFXWDGRLQGHSHQGHQWHPHQWHGHSHQKRUDRXQRYDLQWLPDomR DSUHVHQWH QRV SUySULRV
DXWRVVXDLPSXJQDomR

R1DLPSXJQDomRRH[HFXWDGRSRGHUiDOHJDU

,IDOWDRXQXOLGDGHGDFLWDomRVHQDIDVHGHFRQKHFLPHQWRRSURFHVVRFRUUHXjUHYHOLD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,LOHJLWLPLGDGHGHSDUWH

,,,LQH[HTXLELOLGDGHGRWtWXORRXLQH[LJLELOLGDGHGDREULJDomR

,9SHQKRUDLQFRUUHWDRXDYDOLDomRHUU{QHD

9H[FHVVRGHH[HFXomRRXFXPXODomRLQGHYLGDGHH[HFXo}HV

9,LQFRPSHWrQFLDDEVROXWDRXUHODWLYDGRMXt]RGDH[HFXomR

9,,  TXDOTXHU FDXVD PRGLILFDWLYD RX H[WLQWLYD GD REULJDomR FRPR SDJDPHQWR QRYDomR FRPSHQVDomR
WUDQVDomRRXSUHVFULomRGHVGHTXHVXSHUYHQLHQWHVjVHQWHQoD

R$DOHJDomRGHLPSHGLPHQWRRXVXVSHLomRREVHUYDUiRGLVSRVWRQRVDUWVH

R$SOLFDVHjLPSXJQDomRRGLVSRVWRQRDUW

 R 4XDQGR R H[HFXWDGR DOHJDU TXH R H[HTXHQWH HP H[FHVVR GH H[HFXomR SOHLWHLD TXDQWLD VXSHULRU j
UHVXOWDQWH GD VHQWHQoD FXPSULUOKHi GHFODUDU GH LPHGLDWR R YDORU TXH HQWHQGH FRUUHWR DSUHVHQWDQGR
GHPRQVWUDWLYRGLVFULPLQDGRHDWXDOL]DGRGHVHXFiOFXOR

 R 1D KLSyWHVH GR  R QmR DSRQWDGR R YDORU FRUUHWR RX QmR DSUHVHQWDGR R GHPRQVWUDWLYR D
LPSXJQDomRVHUi OLPLQDUPHQWH UHMHLWDGD VH R H[FHVVR GH H[HFXomR IRU R VHX ~QLFR IXQGDPHQWR RX VH KRXYHU
RXWURDLPSXJQDomRVHUiSURFHVVDGDPDVRMXL]QmRH[DPLQDUiDDOHJDomRGHH[FHVVRGHH[HFXomR

 R $ DSUHVHQWDomR GH LPSXJQDomR QmR LPSHGH D SUiWLFD GRV DWRV H[HFXWLYRV LQFOXVLYH RV GH
H[SURSULDomRSRGHQGRRMXL]DUHTXHULPHQWRGRH[HFXWDGRHGHVGHTXHJDUDQWLGRRMXt]RFRPSHQKRUDFDXomR
RX GHSyVLWR VXILFLHQWHV DWULEXLUOKH HIHLWR VXVSHQVLYR VH VHXV IXQGDPHQWRV IRUHP UHOHYDQWHV H VH R
SURVVHJXLPHQWR GD H[HFXomR IRU PDQLIHVWDPHQWH VXVFHWtYHO GH FDXVDU DR H[HFXWDGR JUDYH GDQR GH GLItFLO RX
LQFHUWDUHSDUDomR

 R $ FRQFHVVmR GH HIHLWR VXVSHQVLYR D TXH VH UHIHUH R  R QmR LPSHGLUi D HIHWLYDomR GRV DWRV GH
VXEVWLWXLomRGHUHIRUoRRXGHUHGXomRGDSHQKRUDHGHDYDOLDomRGRVEHQV

 R 4XDQGR R HIHLWR VXVSHQVLYR DWULEXtGR j LPSXJQDomR GLVVHU UHVSHLWR DSHQDV D SDUWH GR REMHWR GD
H[HFXomRHVWDSURVVHJXLUiTXDQWRjSDUWHUHVWDQWH

R$FRQFHVVmRGHHIHLWRVXVSHQVLYRjLPSXJQDomRGHGX]LGDSRUXPGRVH[HFXWDGRVQmRVXVSHQGHUiD
H[HFXomR FRQWUD RV TXH QmR LPSXJQDUDP TXDQGR R UHVSHFWLYR IXQGDPHQWR GLVVHU UHVSHLWR H[FOXVLYDPHQWH DR
LPSXJQDQWH

   $LQGD TXH DWULEXtGR HIHLWR VXVSHQVLYR j LPSXJQDomR p OtFLWR DR H[HTXHQWH UHTXHUHU R
SURVVHJXLPHQWR GD H[HFXomR RIHUHFHQGR H SUHVWDQGR QRV SUySULRV DXWRV FDXomR VXILFLHQWH H LG{QHD D VHU
DUELWUDGDSHORMXL]

$VTXHVW}HVUHODWLYDVDIDWRVXSHUYHQLHQWHDRWpUPLQRGRSUD]RSDUDDSUHVHQWDomRGDLPSXJQDomR
DVVLP FRPR DTXHODV UHODWLYDV j YDOLGDGH H j DGHTXDomR GD SHQKRUD GD DYDOLDomR H GRV DWRV H[HFXWLYRV
VXEVHTXHQWHVSRGHPVHUDUJXLGDVSRUVLPSOHVSHWLomRWHQGRRH[HFXWDGRHPTXDOTXHUGRVFDVRVRSUD]RGH
 TXLQ]H GLDVSDUDIRUPXODUHVWDDUJXLomRFRQWDGRGDFRPSURYDGDFLrQFLDGRIDWRRXGDLQWLPDomRGRDWR

   3DUD HIHLWR GR GLVSRVWR QR LQFLVR ,,, GR  R GHVWH DUWLJR FRQVLGHUDVH WDPEpP LQH[LJtYHO D
REULJDomRUHFRQKHFLGDHPWtWXORH[HFXWLYRMXGLFLDOIXQGDGRHPOHLRXDWRQRUPDWLYR FRQVLGHUDGR LQFRQVWLWXFLRQDO
SHOR 6XSUHPR 7ULEXQDO )HGHUDO RX IXQGDGR HP DSOLFDomR RX LQWHUSUHWDomR GD OHL RX GR DWR QRUPDWLYR WLGR SHOR
6XSUHPR 7ULEXQDO )HGHUDO FRPR LQFRPSDWtYHO FRP D &RQVWLWXLomR )HGHUDO HP FRQWUROH GH FRQVWLWXFLRQDOLGDGH
FRQFHQWUDGRRXGLIXVR

   1R FDVR GR   RV HIHLWRV GD GHFLVmR GR 6XSUHPR 7ULEXQDO )HGHUDO SRGHUmR VHU PRGXODGRV QR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

WHPSRHPDWHQomRjVHJXUDQoDMXUtGLFD

$GHFLVmRGR6XSUHPR7ULEXQDO)HGHUDOUHIHULGDQRGHYHVHUDQWHULRUDRWUkQVLWRHPMXOJDGRGD
GHFLVmRH[HTXHQGD

6HDGHFLVmRUHIHULGDQRIRUSURIHULGDDSyVRWUkQVLWRHPMXOJDGRGDGHFLVmRH[HTXHQGDFDEHUi
DomR UHVFLVyULD FXMR SUD]R VHUi FRQWDGR GR WUkQVLWR HP MXOJDGR GD GHFLVmR SURIHULGD SHOR 6XSUHPR 7ULEXQDO
)HGHUDO

$UWeOtFLWRDRUpXDQWHVGHVHULQWLPDGRSDUDRFXPSULPHQWRGDVHQWHQoDFRPSDUHFHUHPMXt]RH
RIHUHFHUHPSDJDPHQWRRYDORUTXHHQWHQGHUGHYLGRDSUHVHQWDQGRPHPyULDGLVFULPLQDGDGRFiOFXOR

R2DXWRUVHUiRXYLGRQRSUD]R GH  FLQFR  GLDV SRGHQGR LPSXJQDU R YDORU GHSRVLWDGR VHP SUHMXt]R
GROHYDQWDPHQWRGRGHSyVLWRDWtWXORGHSDUFHODLQFRQWURYHUVD

R&RQFOXLQGRRMXL]SHODLQVXILFLrQFLDGRGHSyVLWRVREUHDGLIHUHQoDLQFLGLUmRPXOWDGHGH]SRUFHQWRH
KRQRUiULRV DGYRFDWtFLRV WDPEpP IL[DGRV HP GH] SRU FHQWR VHJXLQGRVH D H[HFXomR FRP SHQKRUD H DWRV
VXEVHTXHQWHV

R6HRDXWRUQmRVHRSXVHURMXL]GHFODUDUiVDWLVIHLWDDREULJDomRHH[WLQJXLUiRSURFHVVR

$UW   $SOLFDPVH DV GLVSRVLo}HV GHVWH &DStWXOR DR FXPSULPHQWR SURYLVyULR GD VHQWHQoD QR TXH
FRXEHU

&$378/2,9
'2&8035,0(172'(6(17(1d$48(5(&21+(d$$(;,*,%,/,'$'('(2%5,*$d2'(35(67$5
$/,0(1726

$UW   1R FXPSULPHQWR GH VHQWHQoD TXH FRQGHQH DR SDJDPHQWR GH SUHVWDomR DOLPHQWtFLD RX GH
GHFLVmR LQWHUORFXWyULD TXH IL[H DOLPHQWRV R MXL] D UHTXHULPHQWR GR H[HTXHQWH PDQGDUi LQWLPDU R H[HFXWDGR
SHVVRDOPHQWHSDUDHP WUrV GLDVSDJDURGpELWRSURYDUTXHRIH]RXMXVWLILFDUDLPSRVVLELOLGDGHGHHIHWXiOR

R&DVRRH[HFXWDGRQRSUD]RUHIHULGRQRFDSXWQmRHIHWXHRSDJDPHQWRQmRSURYHTXHRHIHWXRXRX
QmR DSUHVHQWH MXVWLILFDWLYD GD LPSRVVLELOLGDGH GH HIHWXiOR R MXL] PDQGDUi SURWHVWDU R SURQXQFLDPHQWR MXGLFLDO
DSOLFDQGRVHQRTXHFRXEHURGLVSRVWRQRDUW

 R 6RPHQWH D FRPSURYDomR GH IDWR TXH JHUH D LPSRVVLELOLGDGH DEVROXWD GH SDJDU MXVWLILFDUi R
LQDGLPSOHPHQWR

 R 6H R H[HFXWDGR QmR SDJDU RX VH D MXVWLILFDWLYD DSUHVHQWDGD QmR IRU DFHLWD R MXL] DOpP GH PDQGDU
SURWHVWDU R SURQXQFLDPHQWR MXGLFLDO QD IRUPD GR  R GHFUHWDUOKHi D SULVmR SHOR SUD]R GH  XP  D  WUrV
PHVHV

R$SULVmRVHUiFXPSULGDHPUHJLPHIHFKDGRGHYHQGRRSUHVRILFDUVHSDUDGRGRVSUHVRVFRPXQV

R2FXPSULPHQWRGDSHQDQmRH[LPHRH[HFXWDGRGRSDJDPHQWRGDVSUHVWDo}HVYHQFLGDVHYLQFHQGDV

R3DJDDSUHVWDomRDOLPHQWtFLDRMXL]VXVSHQGHUiRFXPSULPHQWRGDRUGHPGHSULVmR

 R 2 GpELWR DOLPHQWDU TXH DXWRUL]D D SULVmR FLYLO GR DOLPHQWDQWH p R TXH FRPSUHHQGH DWp DV  WUrV
SUHVWDo}HVDQWHULRUHVDRDMXL]DPHQWRGDH[HFXomRHDVTXHVHYHQFHUHPQRFXUVRGRSURFHVVR

R2H[HTXHQWHSRGHRSWDUSRUSURPRYHURFXPSULPHQWRGDVHQWHQoDRXGHFLVmRGHVGHORJRQRVWHUPRV
GR GLVSRVWR QHVWH /LYUR 7tWXOR ,, &DStWXOR ,,, FDVR HP TXH QmR VHUi DGPLVVtYHO D SULVmR GR H[HFXWDGR H
UHFDLQGRDSHQKRUDHPGLQKHLURDFRQFHVVmRGHHIHLWRVXVSHQVLYRjLPSXJQDomRQmRREVWDDTXHRH[HTXHQWH
OHYDQWHPHQVDOPHQWHDLPSRUWkQFLDGDSUHVWDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$OpPGDVRSo}HVSUHYLVWDVQRDUWSDUiJUDIR~QLFRRH[HTXHQWHSRGHSURPRYHURFXPSULPHQWR
GDVHQWHQoDRXGHFLVmRTXHFRQGHQDDRSDJDPHQWRGHSUHVWDomRDOLPHQWtFLDQRMXt]RGHVHXGRPLFtOLR

$UW4XDQGRRH[HFXWDGRIRUIXQFLRQiULRS~EOLFRPLOLWDUGLUHWRURXJHUHQWHGHHPSUHVDRXHPSUHJDGR
VXMHLWRjOHJLVODomRGRWUDEDOKRRH[HTXHQWHSRGHUiUHTXHUHURGHVFRQWRHPIROKDGHSDJDPHQWRGDLPSRUWkQFLD
GDSUHVWDomRDOLPHQWtFLD

 R $R SURIHULU D GHFLVmR R MXL] RILFLDUi j DXWRULGDGH j HPSUHVD RX DR HPSUHJDGRU GHWHUPLQDQGR VRE
SHQD GH FULPH GH GHVREHGLrQFLD R GHVFRQWR D SDUWLU GD SULPHLUD UHPXQHUDomR SRVWHULRU GR H[HFXWDGR D FRQWDU
GRSURWRFRORGRRItFLR

R2RItFLRFRQWHUiRQRPHHRQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVGRH[HTXHQWHHGR
H[HFXWDGR D LPSRUWkQFLD D VHU GHVFRQWDGD PHQVDOPHQWH R WHPSR GH VXD GXUDomR H D FRQWD QD TXDO GHYH VHU
IHLWRRGHSyVLWR

 R 6HP SUHMXt]R GR SDJDPHQWR GRV DOLPHQWRV YLQFHQGRV R GpELWR REMHWR GH H[HFXomR SRGH VHU
GHVFRQWDGR GRV UHQGLPHQWRV RX UHQGDV GR H[HFXWDGR GH IRUPD SDUFHODGD QRV WHUPRV GR FDSXW GHVWH DUWLJR
FRQWDQWRTXHVRPDGRjSDUFHODGHYLGDQmRXOWUDSDVVHFLQTXHQWDSRUFHQWRGHVHXVJDQKRVOtTXLGRV

$UW1mRFXPSULGDDREULJDomRREVHUYDUVHiRGLVSRVWRQRVDUWVHVHJXLQWHV

$UW2GLVSRVWRQHVWH&DStWXORDSOLFDVHDRVDOLPHQWRVGHILQLWLYRVRXSURYLVyULRV

 R $ H[HFXomR GRV DOLPHQWRV SURYLVyULRV EHP FRPR D GRV DOLPHQWRV IL[DGRV HP VHQWHQoD DLQGD QmR
WUDQVLWDGDHPMXOJDGRVHSURFHVVDHPDXWRVDSDUWDGRV

R2FXPSULPHQWRGHILQLWLYRGDREULJDomRGHSUHVWDUDOLPHQWRVVHUiSURFHVVDGRQRVPHVPRVDXWRVHP
TXHWHQKDVLGRSURIHULGDDVHQWHQoD

$UW9HULILFDGDDFRQGXWDSURFUDVWLQDWyULDGRH[HFXWDGRRMXL]GHYHUiVHIRURFDVRGDUFLrQFLDDR
0LQLVWpULR3~EOLFRGRVLQGtFLRVGDSUiWLFDGRFULPHGHDEDQGRQRPDWHULDO

$UW   4XDQGR D LQGHQL]DomR SRU DWR LOtFLWR LQFOXLU SUHVWDomR GH DOLPHQWRV FDEHUi DR H[HFXWDGR D
UHTXHULPHQWRGRH[HTXHQWHFRQVWLWXLUFDSLWDOFXMDUHQGDDVVHJXUHRSDJDPHQWRGRYDORUPHQVDOGDSHQVmR

 R 2 FDSLWDO D TXH VH UHIHUH R FDSXW UHSUHVHQWDGR SRU LPyYHLV RX SRU GLUHLWRV UHDLV VREUH LPyYHLV
VXVFHWtYHLVGHDOLHQDomRWtWXORVGDGtYLGDS~EOLFDRXDSOLFDo}HVILQDQFHLUDVHPEDQFRRILFLDOVHUiLQDOLHQiYHOH
LPSHQKRUiYHOHQTXDQWRGXUDUDREULJDomRGRH[HFXWDGRDOpPGHFRQVWLWXLUVHHPSDWULP{QLRGHDIHWDomR

R2MXL]SRGHUiVXEVWLWXLUDFRQVWLWXLomRGRFDSLWDOSHODLQFOXVmRGRH[HTXHQWHHPIROKDGHSDJDPHQWR
GH SHVVRD MXUtGLFD GH QRWyULD FDSDFLGDGH HFRQ{PLFD RX D UHTXHULPHQWR GR H[HFXWDGR SRU ILDQoD EDQFiULD RX
JDUDQWLDUHDOHPYDORUDVHUDUELWUDGRGHLPHGLDWRSHORMXL]

 R 6H VREUHYLHU PRGLILFDomR QDV FRQGLo}HV HFRQ{PLFDV SRGHUi D SDUWH UHTXHUHU FRQIRUPH DV
FLUFXQVWkQFLDVUHGXomRRXDXPHQWRGDSUHVWDomR

R$SUHVWDomRDOLPHQWtFLDSRGHUiVHUIL[DGDWRPDQGRSRUEDVHRVDOiULRPtQLPR

R)LQGDDREULJDomRGHSUHVWDUDOLPHQWRVRMXL]PDQGDUiOLEHUDURFDSLWDOFHVVDURGHVFRQWRHPIROKD
RXFDQFHODUDVJDUDQWLDVSUHVWDGDV

&$378/29
'2&8035,0(172'(6(17(1d$48(5(&21+(d$$(;,*,%,/,'$'('(2%5,*$d2'(3$*$5
48$17,$&(57$3(/$)$=(1'$3%/,&$

$UW1RFXPSULPHQWRGHVHQWHQoDTXHLPSXVHUj)D]HQGD3~EOLFDRGHYHUGHSDJDUTXDQWLDFHUWDR
H[HTXHQWHDSUHVHQWDUiGHPRQVWUDWLYRGLVFULPLQDGRHDWXDOL]DGRGRFUpGLWRFRQWHQGR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,RQRPHFRPSOHWRHRQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVRXQR&DGDVWUR1DFLRQDOGD
3HVVRD-XUtGLFDGRH[HTXHQWH

,,RtQGLFHGHFRUUHomRPRQHWiULDDGRWDGR

,,,RVMXURVDSOLFDGRVHDVUHVSHFWLYDVWD[DV

,9RWHUPRLQLFLDOHRWHUPRILQDOGRVMXURVHGDFRUUHomRPRQHWiULDXWLOL]DGRV

9DSHULRGLFLGDGHGDFDSLWDOL]DomRGRVMXURVVHIRURFDVR

9,DHVSHFLILFDomRGRVHYHQWXDLVGHVFRQWRVREULJDWyULRVUHDOL]DGRV

 R +DYHQGR SOXUDOLGDGH GH H[HTXHQWHV FDGD XP GHYHUi DSUHVHQWDU R VHX SUySULR GHPRQVWUDWLYR
DSOLFDQGRVHjKLSyWHVHVHIRURFDVRRGLVSRVWRQRVRHRGRDUW

R$PXOWDSUHYLVWDQRRGRDUWQmRVHDSOLFDj)D]HQGD3~EOLFD

$UW$)D]HQGD3~EOLFD VHUi LQWLPDGD QD SHVVRD GH VHX UHSUHVHQWDQWH MXGLFLDO SRU FDUJD UHPHVVD
RX PHLR HOHWU{QLFR SDUD TXHUHQGR QR SUD]R GH  WULQWD  GLDV H QRV SUySULRV DXWRV LPSXJQDU D H[HFXomR
SRGHQGRDUJXLU

,IDOWDRXQXOLGDGHGDFLWDomRVHQDIDVHGHFRQKHFLPHQWRRSURFHVVRFRUUHXjUHYHOLD

,,LOHJLWLPLGDGHGHSDUWH

,,,LQH[HTXLELOLGDGHGRWtWXORRXLQH[LJLELOLGDGHGDREULJDomR

,9H[FHVVRGHH[HFXomRRXFXPXODomRLQGHYLGDGHH[HFXo}HV

9LQFRPSHWrQFLDDEVROXWDRXUHODWLYDGRMXt]RGDH[HFXomR

9,  TXDOTXHU FDXVD PRGLILFDWLYD RX H[WLQWLYD GD REULJDomR FRPR SDJDPHQWR QRYDomR FRPSHQVDomR
WUDQVDomRRXSUHVFULomRGHVGHTXHVXSHUYHQLHQWHVDRWUkQVLWRHPMXOJDGRGDVHQWHQoD

R$DOHJDomRGHLPSHGLPHQWRRXVXVSHLomRREVHUYDUiRGLVSRVWRQRVDUWVH

R 4XDQGR VH DOHJDU TXH R H[HTXHQWH HP H[FHVVR GH H[HFXomR SOHLWHLD TXDQWLD VXSHULRU j UHVXOWDQWH
GRWtWXORFXPSULUijH[HFXWDGDGHFODUDUGHLPHGLDWRRYDORUTXHHQWHQGHFRUUHWRVRESHQDGHQmRFRQKHFLPHQWR
GDDUJXLomR

R1mRLPSXJQDGDDH[HFXomRRXUHMHLWDGDVDVDUJXLo}HVGDH[HFXWDGD

,  H[SHGLUVHi SRU LQWHUPpGLR GR SUHVLGHQWH GR WULEXQDO FRPSHWHQWH SUHFDWyULR HP IDYRU GR H[HTXHQWH
REVHUYDQGRVHRGLVSRVWRQD&RQVWLWXLomR)HGHUDO

,,SRURUGHPGRMXL]GLULJLGDjDXWRULGDGHQDSHVVRDGHTXHPRHQWHS~EOLFRIRLFLWDGRSDUDRSURFHVVRR
SDJDPHQWR GH REULJDomR GH SHTXHQR YDORU VHUi UHDOL]DGR QR SUD]R GH  GRLV  PHVHV FRQWDGR GD HQWUHJD GD
UHTXLVLomRPHGLDQWHGHSyVLWRQDDJrQFLDGHEDQFRRILFLDOPDLVSUy[LPDGDUHVLGrQFLDGRH[HTXHQWH

R7UDWDQGRVHGHLPSXJQDomRSDUFLDODSDUWHQmRTXHVWLRQDGDSHODH[HFXWDGDVHUiGHVGHORJRREMHWR
GHFXPSULPHQWR

 R 3DUD HIHLWR GR GLVSRVWR QR LQFLVR ,,, GR FDSXW GHVWH DUWLJR FRQVLGHUDVH WDPEpP LQH[LJtYHO D
REULJDomRUHFRQKHFLGDHPWtWXORH[HFXWLYRMXGLFLDOIXQGDGRHPOHLRXDWRQRUPDWLYRFRQVLGHUDGRLQFRQVWLWXFLRQDO
SHOR 6XSUHPR 7ULEXQDO )HGHUDO RX IXQGDGR HP DSOLFDomR RX LQWHUSUHWDomR GD OHL RX GR DWR QRUPDWLYR WLGR SHOR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

6XSUHPR 7ULEXQDO )HGHUDO FRPR LQFRPSDWtYHO FRP D &RQVWLWXLomR )HGHUDO HP FRQWUROH GH FRQVWLWXFLRQDOLGDGH
FRQFHQWUDGRRXGLIXVR

 R 1R FDVR GR  R RV HIHLWRV GD GHFLVmR GR 6XSUHPR 7ULEXQDO )HGHUDO SRGHUmR VHU PRGXODGRV QR
WHPSRGHPRGRDIDYRUHFHUDVHJXUDQoDMXUtGLFD

R$GHFLVmRGR6XSUHPR7ULEXQDO)HGHUDOUHIHULGDQRRGHYHWHUVLGRSURIHULGDDQWHV GR WUkQVLWR HP


MXOJDGRGDGHFLVmRH[HTXHQGD

R6HDGHFLVmRUHIHULGDQRRIRUSURIHULGDDSyVRWUkQVLWRHPMXOJDGRGDGHFLVmRH[HTXHQGD FDEHUi
DomR UHVFLVyULD FXMR SUD]R VHUi FRQWDGR GR WUkQVLWR HP MXOJDGR GD GHFLVmR SURIHULGD SHOR 6XSUHPR 7ULEXQDO
)HGHUDO

&$378/29,
'2&8035,0(172'(6(17(1d$48(5(&21+(d$$(;,*,%,/,'$'('(2%5,*$d2'()$=(5'(
12)$=(528'((175(*$5&2,6$

6HomR,
'R&XPSULPHQWRGH6HQWHQoDTXH5HFRQKHoDD([LJLELOLGDGHGH2EULJDomRGH)D]HURXGH1mR)D]HU

$UW   1R FXPSULPHQWR GH VHQWHQoD TXH UHFRQKHoD D H[LJLELOLGDGH GH REULJDomR GH ID]HU RX GH QmR
ID]HURMXL]SRGHUiGHRItFLRRXDUHTXHULPHQWRSDUDDHIHWLYDomRGDWXWHODHVSHFtILFDRXDREWHQomRGHWXWHOD
SHORUHVXOWDGRSUiWLFRHTXLYDOHQWHGHWHUPLQDUDVPHGLGDVQHFHVViULDVjVDWLVIDomRGRH[HTXHQWH

 R 3DUD DWHQGHU DR GLVSRVWR QR FDSXW R MXL] SRGHUi GHWHUPLQDU HQWUH RXWUDV PHGLGDV D LPSRVLomR GH
PXOWD D EXVFD H DSUHHQVmR D UHPRomR GH SHVVRDV H FRLVDV R GHVID]LPHQWR GH REUDV H R LPSHGLPHQWR GH
DWLYLGDGHQRFLYDSRGHQGRFDVRQHFHVViULRUHTXLVLWDURDX[tOLRGHIRUoDSROLFLDO

R2PDQGDGRGHEXVFDHDSUHHQVmRGHSHVVRDVHFRLVDVVHUiFXPSULGRSRU GRLV RILFLDLVGHMXVWLoD


REVHUYDQGRVHRGLVSRVWRQRDUWRDRVHKRXYHUQHFHVVLGDGHGHDUURPEDPHQWR

R2H[HFXWDGRLQFLGLUiQDVSHQDVGHOLWLJkQFLDGHPiIpTXDQGRLQMXVWLILFDGDPHQWHGHVFXPSULUDRUGHP
MXGLFLDOVHPSUHMXt]RGHVXDUHVSRQVDELOL]DomRSRUFULPHGHGHVREHGLrQFLD

 R 1R FXPSULPHQWR GH VHQWHQoD TXH UHFRQKHoD D H[LJLELOLGDGH GH REULJDomR GH ID]HU RX GH QmR ID]HU
DSOLFDVHRDUWQRTXHFRXEHU

 R 2 GLVSRVWR QHVWH DUWLJR DSOLFDVH QR TXH FRXEHU DR FXPSULPHQWR GH VHQWHQoD TXH UHFRQKHoD
GHYHUHVGHID]HUHGHQmRID]HUGHQDWXUH]DQmRREULJDFLRQDO

$UW$PXOWDLQGHSHQGHGHUHTXHULPHQWRGDSDUWHHSRGHUiVHUDSOLFDGDQDIDVHGHFRQKHFLPHQWRHP
WXWHOD SURYLVyULD RX QD VHQWHQoD RX QD IDVH GH H[HFXomR GHVGH TXH VHMD VXILFLHQWH H FRPSDWtYHO FRP D
REULJDomRHTXHVHGHWHUPLQHSUD]RUD]RiYHOSDUDFXPSULPHQWRGRSUHFHLWR

R2MXL]SRGHUiGHRItFLRRXDUHTXHULPHQWRPRGLILFDURYDORURXDSHULRGLFLGDGHGDPXOWDYLQFHQGDRX
H[FOXtODFDVRYHULILTXHTXH

,VHWRUQRXLQVXILFLHQWHRXH[FHVVLYD

,,  R REULJDGR GHPRQVWURX FXPSULPHQWR SDUFLDO VXSHUYHQLHQWH GD REULJDomR RX MXVWD FDXVD SDUD R
GHVFXPSULPHQWR

R2YDORUGDPXOWDVHUiGHYLGRDRH[HTXHQWH

R$GHFLVmRTXHIL[DDPXOWDpSDVVtYHOGHFXPSULPHQWRSURYLVyULRGHYHQGRVHUGHSRVLWDGDHPMXt]R
SHUPLWLGRROHYDQWDPHQWRGRYDORUDSyVRWUkQVLWRHPMXOJDGRGDVHQWHQoDIDYRUiYHOjSDUWHRXQDSHQGrQFLDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

DJUDYRIXQGDGRQRVLQFLVRV,,RX,,,GRDUW

 R $ PXOWD VHUi GHYLGD GHVGH R GLD HP TXH VH FRQILJXUDU R GHVFXPSULPHQWR GD GHFLVmR H LQFLGLUi
HQTXDQWRQmRIRUFXPSULGDDGHFLVmRTXHDWLYHUFRPLQDGR

 R 2 GLVSRVWR QHVWH DUWLJR DSOLFDVH QR TXH FRXEHU DR FXPSULPHQWR GH VHQWHQoD TXH UHFRQKHoD
GHYHUHVGHID]HUHGHQmRID]HUGHQDWXUH]DQmRREULJDFLRQDO

6HomR,,
'R&XPSULPHQWRGH6HQWHQoDTXH5HFRQKHoDD([LJLELOLGDGHGH2EULJDomRGH(QWUHJDU&RLVD

$UW1mRFXPSULGDDREULJDomRGHHQWUHJDUFRLVDQRSUD]RHVWDEHOHFLGRQDVHQWHQoDVHUiH[SHGLGR
PDQGDGRGHEXVFDHDSUHHQVmRRXGHLPLVVmRQDSRVVHHPIDYRUGRFUHGRUFRQIRUPHVHWUDWDUGHFRLVDPyYHO
RXLPyYHO

 R $ H[LVWrQFLD GH EHQIHLWRULDV GHYH VHU DOHJDGD QD IDVH GH FRQKHFLPHQWR HP FRQWHVWDomR GH IRUPD
GLVFULPLQDGDHFRPDWULEXLomRVHPSUHTXHSRVVtYHOHMXVWLILFDGDPHQWHGRUHVSHFWLYRYDORU

R2GLUHLWRGHUHWHQomRSRUEHQIHLWRULDVGHYHVHUH[HUFLGRQDFRQWHVWDomRQDIDVHGHFRQKHFLPHQWR

 R $SOLFDPVH DR SURFHGLPHQWR SUHYLVWR QHVWH DUWLJR QR TXH FRXEHU DV GLVSRVLo}HV VREUH R
FXPSULPHQWRGHREULJDomRGHID]HURXGHQmRID]HU

778/2,,,
'26352&(',0(1726(63(&,$,6

&$378/2,
'$$d2'(&216,*1$d2(03$*$0(172

$UW1RVFDVRVSUHYLVWRVHPOHLSRGHUiRGHYHGRURXWHUFHLURUHTXHUHUFRPHIHLWRGHSDJDPHQWR D
FRQVLJQDomRGDTXDQWLDRXGDFRLVDGHYLGD

 R 7UDWDQGRVH GH REULJDomR HP GLQKHLUR SRGHUi R YDORU VHU GHSRVLWDGR HP HVWDEHOHFLPHQWR EDQFiULR
RILFLDO RQGH KRXYHU VLWXDGR QR OXJDU GR SDJDPHQWR FLHQWLILFDQGRVH R FUHGRU SRU FDUWD FRP DYLVR GH
UHFHELPHQWRDVVLQDGRRSUD]RGH GH] GLDVSDUDDPDQLIHVWDomRGHUHFXVD

 R 'HFRUULGR R SUD]R GR  R FRQWDGR GR UHWRUQR GR DYLVR GH UHFHELPHQWR VHP D PDQLIHVWDomR GH
UHFXVDFRQVLGHUDUVHiRGHYHGRUOLEHUDGRGDREULJDomRILFDQGRjGLVSRVLomRGRFUHGRUDTXDQWLDGHSRVLWDGD

 R 2FRUUHQGR D UHFXVD PDQLIHVWDGD SRU HVFULWR DR HVWDEHOHFLPHQWR EDQFiULR SRGHUi VHU SURSRVWD
GHQWURGH XP PrVDDomRGHFRQVLJQDomRLQVWUXLQGRVHDLQLFLDOFRPDSURYDGRGHSyVLWRHGDUHFXVD

 R 1mR SURSRVWD D DomR QR SUD]R GR  R ILFDUi VHP HIHLWR R GHSyVLWR SRGHQGR OHYDQWiOR R
GHSRVLWDQWH

$UW   5HTXHUHUVHi D FRQVLJQDomR QR OXJDU GR SDJDPHQWR FHVVDQGR SDUD R GHYHGRU j GDWD GR
GHSyVLWRRVMXURVHRVULVFRVVDOYRVHDGHPDQGDIRUMXOJDGDLPSURFHGHQWH

$UW   7UDWDQGRVH GH SUHVWDo}HV VXFHVVLYDV FRQVLJQDGD XPD GHODV SRGH R GHYHGRU FRQWLQXDU D
GHSRVLWDUQRPHVPRSURFHVVRHVHPPDLVIRUPDOLGDGHVDVTXHVHIRUHPYHQFHQGRGHVGHTXHRIDoDHPDWp
FLQFR GLDVFRQWDGRVGDGDWDGRUHVSHFWLYRYHQFLPHQWR

$UW1DSHWLomRLQLFLDORDXWRUUHTXHUHUi

,  R GHSyVLWR GD TXDQWLD RX GD FRLVD GHYLGD D VHU HIHWLYDGR QR SUD]R GH  FLQFR  GLDV FRQWDGRV GR
GHIHULPHQWRUHVVDOYDGDDKLSyWHVHGRDUWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,DFLWDomRGRUpXSDUDOHYDQWDURGHSyVLWRRXRIHUHFHUFRQWHVWDomR

3DUiJUDIR~QLFR1mRUHDOL]DGRRGHSyVLWRQRSUD]RGRLQFLVR,RSURFHVVRVHUiH[WLQWRVHPUHVROXomRGR
PpULWR

$UW6HRREMHWRGDSUHVWDomRIRUFRLVDLQGHWHUPLQDGDHDHVFROKDFRXEHUDRFUHGRUVHUiHVWHFLWDGR
SDUDH[HUFHURGLUHLWRGHQWURGH FLQFR GLDVVHRXWURSUD]RQmRFRQVWDUGHOHLRXGRFRQWUDWRRXSDUDDFHLWDU
TXH R GHYHGRU D IDoD GHYHQGR R MXL] DR GHVSDFKDU D SHWLomR LQLFLDO IL[DU OXJDU GLD H KRUD HP TXH VH IDUi D
HQWUHJDVRESHQDGHGHSyVLWR

$UW1DFRQWHVWDomRRUpXSRGHUiDOHJDUTXH

,QmRKRXYHUHFXVDRXPRUDHPUHFHEHUDTXDQWLDRXDFRLVDGHYLGD

,,IRLMXVWDDUHFXVD

,,,RGHSyVLWRQmRVHHIHWXRXQRSUD]RRXQROXJDUGRSDJDPHQWR

,9RGHSyVLWRQmRpLQWHJUDO

3DUiJUDIR~QLFR1RFDVRGRLQFLVR,9DDOHJDomRVRPHQWHVHUiDGPLVVtYHOVHRUpXLQGLFDURPRQWDQWH
TXHHQWHQGHGHYLGR

$UW   $OHJDGD D LQVXILFLrQFLD GR GHSyVLWR p OtFLWR DR DXWRU FRPSOHWiOR HP  GH]  GLDV VDOYR VH
FRUUHVSRQGHUDSUHVWDomRFXMRLQDGLPSOHPHQWRDFDUUHWHDUHVFLVmRGRFRQWUDWR

 R 1R FDVR GR FDSXW SRGHUi R UpX OHYDQWDU GHVGH ORJR D TXDQWLD RX D FRLVD GHSRVLWDGD FRP D
FRQVHTXHQWHOLEHUDomRSDUFLDOGRDXWRUSURVVHJXLQGRRSURFHVVRTXDQWRjSDUFHODFRQWURYHUWLGD

R$VHQWHQoDTXHFRQFOXLUSHODLQVXILFLrQFLDGRGHSyVLWRGHWHUPLQDUiVHPSUHTXHSRVVtYHORPRQWDQWH
GHYLGRHYDOHUiFRPRWtWXORH[HFXWLYRIDFXOWDGRDRFUHGRUSURPRYHUOKHRFXPSULPHQWRQRVPHVPRVDXWRVDSyV
OLTXLGDomRVHQHFHVViULD

$UW   -XOJDGR SURFHGHQWH R SHGLGR R MXL] GHFODUDUi H[WLQWD D REULJDomR H FRQGHQDUi R UpX DR
SDJDPHQWRGHFXVWDVHKRQRUiULRVDGYRFDWtFLRV

3DUiJUDIR~QLFR3URFHGHUVHiGRPHVPRPRGRVHRFUHGRUUHFHEHUHGHUTXLWDomR

$UW   6H RFRUUHU G~YLGD VREUH TXHP GHYD OHJLWLPDPHQWH UHFHEHU R SDJDPHQWR R DXWRU UHTXHUHUi R
GHSyVLWRHDFLWDomRGRVSRVVtYHLVWLWXODUHVGRFUpGLWRSDUDSURYDUHPRVHXGLUHLWR

$UW1RFDVRGRDUW

,QmRFRPSDUHFHQGRSUHWHQGHQWHDOJXPFRQYHUWHUVHiRGHSyVLWRHPDUUHFDGDomRGHFRLVDVYDJDV

,,FRPSDUHFHQGRDSHQDVXPRMXL]GHFLGLUiGHSODQR

,,,FRPSDUHFHQGRPDLVGHXPRMXL]GHFODUDUiHIHWXDGRRGHSyVLWRHH[WLQWDDREULJDomRFRQWLQXDQGRR
SURFHVVRDFRUUHUXQLFDPHQWHHQWUHRVSUHVXQWLYRVFUHGRUHVREVHUYDGRRSURFHGLPHQWRFRPXP

$UW   $SOLFDVH R SURFHGLPHQWR HVWDEHOHFLGR QHVWH &DStWXOR QR TXH FRXEHU DR UHVJDWH GR
DIRUDPHQWR

&$378/2,,
'$$d2'((;,*,5&217$6

$UW$TXHOHTXHDILUPDUVHUWLWXODUGRGLUHLWRGHH[LJLUFRQWDVUHTXHUHUiDFLWDomRGRUpXSDUDTXH DV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

SUHVWHRXRIHUHoDFRQWHVWDomRQRSUD]RGH TXLQ]H GLDV

 R 1D SHWLomR LQLFLDO R DXWRU HVSHFLILFDUi GHWDOKDGDPHQWH DV UD]}HV SHODV TXDLV H[LJH DV FRQWDV
LQVWUXLQGRDFRPGRFXPHQWRVFRPSUREDWyULRVGHVVDQHFHVVLGDGHVHH[LVWLUHP

R3UHVWDGDVDVFRQWDVRDXWRUWHUi TXLQ]H GLDVSDUDVHPDQLIHVWDUSURVVHJXLQGRVHRSURFHVVRQD


IRUPDGR&DStWXOR;GR7tWXOR,GHVWH/LYUR

 R $ LPSXJQDomR GDV FRQWDV DSUHVHQWDGDV SHOR UpX GHYHUi VHU IXQGDPHQWDGD H HVSHFtILFD FRP
UHIHUrQFLDH[SUHVVDDRODQoDPHQWRTXHVWLRQDGR

R6HRUpXQmRFRQWHVWDURSHGLGRREVHUYDUVHiRGLVSRVWRQRDUW

 R $ GHFLVmR TXH MXOJDU SURFHGHQWH R SHGLGR FRQGHQDUi R UpX D SUHVWDU DV FRQWDV QR SUD]R GH 
TXLQ]H GLDVVRESHQDGHQmROKHVHUOtFLWRLPSXJQDUDVTXHRDXWRUDSUHVHQWDU

R 6H R UpX DSUHVHQWDU DV FRQWDV QR SUD]R SUHYLVWR QR  R VHJXLUVHi R SURFHGLPHQWR GR  R FDVR
FRQWUiULRRDXWRUDSUHVHQWiODViQRSUD]RGH TXLQ]H GLDVSRGHQGRRMXL]GHWHUPLQDUDUHDOL]DomRGHH[DPH
SHULFLDOVHQHFHVViULR

$UW  $V FRQWDV GR UpX VHUmR DSUHVHQWDGDV QD IRUPD DGHTXDGD HVSHFLILFDQGRVH DV UHFHLWDV D
DSOLFDomRGDVGHVSHVDVHRVLQYHVWLPHQWRVVHKRXYHU

R+DYHQGRLPSXJQDomRHVSHFtILFDHIXQGDPHQWDGDSHORDXWRURMXL]HVWDEHOHFHUiSUD]RUD]RiYHOSDUD
TXHRUpXDSUHVHQWHRVGRFXPHQWRVMXVWLILFDWLYRVGRVODQoDPHQWRVLQGLYLGXDOPHQWHLPSXJQDGRV

 R $V FRQWDV GR DXWRU SDUD RV ILQV GR DUW   R VHUmR DSUHVHQWDGDV QD IRUPD DGHTXDGD Mi
LQVWUXtGDV FRP RV GRFXPHQWRV MXVWLILFDWLYRV HVSHFLILFDQGRVH DV UHFHLWDV D DSOLFDomR GDV GHVSHVDV H RV
LQYHVWLPHQWRVVHKRXYHUEHPFRPRRUHVSHFWLYRVDOGR

$UW$VHQWHQoDDSXUDUiRVDOGRHFRQVWLWXLUiWtWXORH[HFXWLYRMXGLFLDO

$UW   $V FRQWDV GR LQYHQWDULDQWH GR WXWRU GR FXUDGRU GR GHSRVLWiULR H GH TXDOTXHU RXWUR
DGPLQLVWUDGRUVHUmRSUHVWDGDVHPDSHQVRDRVDXWRVGRSURFHVVRHPTXHWLYHUVLGRQRPHDGR

3DUiJUDIR~QLFR6HTXDOTXHUGRVUHIHULGRVQRFDSXWIRUFRQGHQDGRDSDJDURVDOGRHQmRRIL]HUQRSUD]R
OHJDORMXL]SRGHUiGHVWLWXtORVHTXHVWUDURVEHQVVREVXDJXDUGDJORVDURSUrPLRRXDJUDWLILFDomRDTXHWHULD
GLUHLWRHGHWHUPLQDUDVPHGLGDVH[HFXWLYDVQHFHVViULDVjUHFRPSRVLomRGRSUHMXt]R

&$378/2,,,
'$6$d(63266(665,$6

6HomR,
'LVSRVLo}HV*HUDLV

$UW$SURSRVLWXUDGH XPD DomR SRVVHVVyULD HP YH] GH RXWUD QmR REVWDUi D TXH R MXL] FRQKHoD GR
SHGLGRHRXWRUJXHDSURWHomROHJDOFRUUHVSRQGHQWHjTXHODFXMRVSUHVVXSRVWRVHVWHMDPSURYDGRV

R1RFDVRGHDomRSRVVHVVyULDHPTXHILJXUHQRSRORSDVVLYRJUDQGHQ~PHURGHSHVVRDVVHUmRIHLWDV
D FLWDomR SHVVRDO GRV RFXSDQWHV TXH IRUHP HQFRQWUDGRV QR ORFDO H D FLWDomR SRU HGLWDO GRV GHPDLV
GHWHUPLQDQGRVH DLQGD D LQWLPDomR GR 0LQLVWpULR 3~EOLFR H VH HQYROYHU SHVVRDV HP VLWXDomR GH
KLSRVVXILFLrQFLDHFRQ{PLFDGD'HIHQVRULD3~EOLFD

R3DUDILPGDFLWDomRSHVVRDOSUHYLVWDQRRRRILFLDOGHMXVWLoDSURFXUDUiRVRFXSDQWHVQRORFDOSRU
XPDYH]FLWDQGRVHSRUHGLWDORVTXHQmRIRUHPHQFRQWUDGRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2MXL]GHYHUiGHWHUPLQDU TXH VH Gr DPSOD SXEOLFLGDGH GD H[LVWrQFLD GD DomR SUHYLVWD QR  R H GRV
UHVSHFWLYRV SUD]RV SURFHVVXDLV SRGHQGR SDUD WDQWR YDOHUVH GH DQ~QFLRV HP MRUQDO RX UiGLR ORFDLV GD
SXEOLFDomRGHFDUWD]HVQDUHJLmRGRFRQIOLWRHGHRXWURVPHLRV

$UWeOtFLWRDRDXWRUFXPXODUDRSHGLGRSRVVHVVyULRRGH

,FRQGHQDomRHPSHUGDVHGDQRV

,,LQGHQL]DomRGRVIUXWRV

3DUiJUDIR~QLFR3RGHRDXWRUUHTXHUHUDLQGDLPSRVLomRGHPHGLGDQHFHVViULDHDGHTXDGDSDUD

,HYLWDUQRYDWXUEDomRRXHVEXOKR

,,FXPSULUVHDWXWHODSURYLVyULDRXILQDO

$UWeOtFLWRDRUpXQDFRQWHVWDomRDOHJDQGRTXHIRLRRIHQGLGRHPVXDSRVVHGHPDQGDUDSURWHomR
SRVVHVVyULDHDLQGHQL]DomRSHORVSUHMXt]RVUHVXOWDQWHVGDWXUEDomRRXGRHVEXOKRFRPHWLGRSHORDXWRU

$UW   1D SHQGrQFLD GH DomR SRVVHVVyULD p YHGDGR WDQWR DR DXWRU TXDQWR DR UpX SURSRU DomR GH
UHFRQKHFLPHQWRGRGRPtQLRH[FHWRVHDSUHWHQVmRIRUGHGX]LGDHPIDFHGHWHUFHLUDSHVVRD

3DUiJUDIR ~QLFR  1mR REVWD j PDQXWHQomR RX j UHLQWHJUDomR GH SRVVH D DOHJDomR GH SURSULHGDGH RX GH
RXWURGLUHLWRVREUHDFRLVD

$UW5HJHPRSURFHGLPHQWRGHPDQXWHQomRHGHUHLQWHJUDomRGHSRVVHDVQRUPDVGD6HomR,,GHVWH
&DStWXORTXDQGRDDomRIRUSURSRVWDGHQWURGHDQRHGLDGDWXUEDomRRXGRHVEXOKRDILUPDGRQDSHWLomRLQLFLDO

3DUiJUDIR~QLFR3DVVDGRRSUD]RUHIHULGRQRFDSXWVHUiFRPXPRSURFHGLPHQWRQmRSHUGHQGRFRQWXGR
RFDUiWHUSRVVHVVyULR

$UW   6H R UpX SURYDU HP TXDOTXHU WHPSR TXH R DXWRU SURYLVRULDPHQWH PDQWLGR RX UHLQWHJUDGR QD
SRVVH FDUHFH GH LGRQHLGDGH ILQDQFHLUD SDUD QR FDVR GH VXFXPErQFLD UHVSRQGHU SRU SHUGDV H GDQRV R MXL]
GHVLJQDUOKHiRSUD]RGH FLQFR GLDVSDUDUHTXHUHUFDXomRUHDORXILGHMXVVyULDVRESHQDGHVHUGHSRVLWDGDD
FRLVDOLWLJLRVDUHVVDOYDGDDLPSRVVLELOLGDGHGDSDUWHHFRQRPLFDPHQWHKLSRVVXILFLHQWH

6HomR,,
'D0DQXWHQomRHGD5HLQWHJUDomRGH3RVVH

$UW2SRVVXLGRUWHPGLUHLWRDVHUPDQWLGRQDSRVVHHPFDVRGHWXUEDomRHUHLQWHJUDGRHPFDVRGH
HVEXOKR

$UW,QFXPEHDRDXWRUSURYDU

,DVXDSRVVH

,,DWXUEDomRRXRHVEXOKRSUDWLFDGRSHORUpX

,,,DGDWDGDWXUEDomRRXGRHVEXOKR

,9DFRQWLQXDomRGDSRVVHHPERUDWXUEDGDQDDomRGHPDQXWHQomRRXDSHUGDGDSRVVHQDDomRGH
UHLQWHJUDomR

$UW(VWDQGRDSHWLomRLQLFLDOGHYLGDPHQWHLQVWUXtGDRMXL]GHIHULUiVHPRXYLURUpXDH[SHGLomR GR
PDQGDGR OLPLQDU GH PDQXWHQomR RX GH UHLQWHJUDomR FDVR FRQWUiULR GHWHUPLQDUi TXH R DXWRU MXVWLILTXH
SUHYLDPHQWHRDOHJDGRFLWDQGRVHRUpXSDUDFRPSDUHFHUjDXGLrQFLDTXHIRUGHVLJQDGD

3DUiJUDIR ~QLFR  &RQWUD DV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR QmR VHUi GHIHULGD D PDQXWHQomR RX D
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

UHLQWHJUDomROLPLQDUVHPSUpYLDDXGLrQFLDGRVUHVSHFWLYRVUHSUHVHQWDQWHVMXGLFLDLV

$UW   &RQVLGHUDGD VXILFLHQWH D MXVWLILFDomR R MXL] IDUi ORJR H[SHGLU PDQGDGR GH PDQXWHQomR RX GH
UHLQWHJUDomR

$UW&RQFHGLGRRXQmRRPDQGDGROLPLQDUGHPDQXWHQomRRXGHUHLQWHJUDomRRDXWRUSURPRYHUiQRV
 FLQFR GLDVVXEVHTXHQWHVDFLWDomRGRUpXSDUDTXHUHQGRFRQWHVWDUDDomRQRSUD]RGH TXLQ]H GLDV

3DUiJUDIR ~QLFR  4XDQGR IRU RUGHQDGD D MXVWLILFDomR SUpYLD R SUD]R SDUD FRQWHVWDU VHUi FRQWDGR GD
LQWLPDomRGDGHFLVmRTXHGHIHULURXQmRDPHGLGDOLPLQDU

$UW   1R OLWtJLR FROHWLYR SHOD SRVVH GH LPyYHO TXDQGR R HVEXOKR RX D WXUEDomR DILUPDGR QD SHWLomR
LQLFLDOKRXYHURFRUULGRKiPDLVGHDQRHGLDRMXL]DQWHVGHDSUHFLDURSHGLGRGHFRQFHVVmRGDPHGLGDOLPLQDU
GHYHUiGHVLJQDUDXGLrQFLDGHPHGLDomRDUHDOL]DUVHHPDWp WULQWD GLDVTXHREVHUYDUiRGLVSRVWRQRVR
HR

 R &RQFHGLGD D OLPLQDU VH HVVD QmR IRU H[HFXWDGD QR SUD]R GH  XP  DQR D FRQWDU GD GDWD GH
GLVWULEXLomRFDEHUiDRMXL]GHVLJQDUDXGLrQFLDGHPHGLDomRQRVWHUPRVGRVRDRGHVWHDUWLJR

R20LQLVWpULR3~EOLFRVHUiLQWLPDGRSDUDFRPSDUHFHUjDXGLrQFLDHD'HIHQVRULD3~EOLFDVHUiLQWLPDGD
VHPSUHTXHKRXYHUSDUWHEHQHILFLiULDGHJUDWXLGDGHGDMXVWLoD

 R 2 MXL] SRGHUi FRPSDUHFHU j iUHD REMHWR GR OLWtJLR TXDQGR VXD SUHVHQoD VH IL]HU QHFHVViULD j
HIHWLYDomRGDWXWHODMXULVGLFLRQDO

R2VyUJmRVUHVSRQViYHLVSHODSROtWLFDDJUiULDHSHODSROtWLFDXUEDQDGD8QLmRGH(VWDGRRXGR'LVWULWR
)HGHUDOHGH0XQLFtSLRRQGHVHVLWXHDiUHDREMHWRGROLWtJLRSRGHUmRVHULQWLPDGRVSDUDDDXGLrQFLDDILPGHVH
PDQLIHVWDUHPVREUHVHXLQWHUHVVHQRSURFHVVRHVREUHDH[LVWrQFLDGHSRVVLELOLGDGHGHVROXomRSDUDRFRQIOLWR
SRVVHVVyULR

R$SOLFDVHRGLVSRVWRQHVWHDUWLJRDROLWtJLRVREUHSURSULHGDGHGHLPyYHO

$UW$SOLFDVHTXDQWRDRPDLVRSURFHGLPHQWRFRPXP

6HomR,,,
'R,QWHUGLWR3URLELWyULR

$UW2SRVVXLGRUGLUHWRRXLQGLUHWRTXHWHQKDMXVWRUHFHLRGHVHUPROHVWDGRQDSRVVHSRGHUiUHTXHUHU
DR MXL] TXH R VHJXUH GD WXUEDomR RX HVEXOKR LPLQHQWH PHGLDQWH PDQGDGR SURLELWyULR HP TXH VH FRPLQH DR UpX
GHWHUPLQDGDSHQDSHFXQLiULDFDVRWUDQVJULGDRSUHFHLWR

$UW$SOLFDVHDRLQWHUGLWRSURLELWyULRRGLVSRVWRQD6HomR,,GHVWH&DStWXOR

&$378/2,9
'$$d2'(',9,62('$'(0$5&$d2'(7(55$63$57,&8/$5(6

6HomR,
'LVSRVLo}HV*HUDLV

$UW&DEH

,DRSURSULHWiULRDDomRGHGHPDUFDomRSDUDREULJDURVHXFRQILQDQWHDHVWUHPDURVUHVSHFWLYRVSUpGLRV
IL[DQGRVHQRYRVOLPLWHVHQWUHHOHVRXDYLYHQWDQGRVHRVMiDSDJDGRV

,,DRFRQG{PLQRDDomRGHGLYLVmRSDUDREULJDURVGHPDLVFRQVRUWHVDHVWUHPDURVTXLQK}HV

$UW   e OtFLWD D FXPXODomR GHVVDV Do}HV FDVR HP TXH GHYHUi SURFHVVDUVH SULPHLUDPHQWH D
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GHPDUFDomRWRWDORXSDUFLDOGDFRLVDFRPXPFLWDQGRVHRVFRQILQDQWHVHRVFRQG{PLQRV

$UW   $ GHPDUFDomR H D GLYLVmR SRGHUmR VHU UHDOL]DGDV SRU HVFULWXUD S~EOLFD GHVGH TXH PDLRUHV
FDSD]HVHFRQFRUGHVWRGRVRVLQWHUHVVDGRVREVHUYDQGRVHQRTXHFRXEHURVGLVSRVLWLYRVGHVWH&DStWXOR

$UW)L[DGRVRVPDUFRVGDOLQKDGHGHPDUFDomRRVFRQILQDQWHVFRQVLGHUDUVHmRWHUFHLURVTXDQWRDR
SURFHVVR GLYLVyULR ILFDQGROKHV SRUpP UHVVDOYDGR R GLUHLWR GH YLQGLFDU RV WHUUHQRV GH TXH VH MXOJXHP
GHVSRMDGRV SRU LQYDVmR GDV OLQKDV OLPtWURIHV FRQVWLWXWLYDV GR SHUtPHWUR RX GH UHFODPDU LQGHQL]DomR
FRUUHVSRQGHQWHDRVHXYDORU

R1RFDVRGRFDSXWVHUmRFLWDGRVSDUDDDomRWRGRVRVFRQG{PLQRVVHDVHQWHQoDKRPRORJDWyULDGD
GLYLVmR DLQGD QmR KRXYHU WUDQVLWDGR HP MXOJDGR H WRGRV RV TXLQKRHLURV GRV WHUUHQRV YLQGLFDGRV VH D DomR IRU
SURSRVWDSRVWHULRUPHQWH

R1HVWH~OWLPRFDVRDVHQWHQoDTXHMXOJDSURFHGHQWHDDomRFRQGHQDQGRDUHVWLWXLURVWHUUHQRVRXD
SDJDU D LQGHQL]DomR YDOHUi FRPR WtWXOR H[HFXWLYR HP IDYRU GRV TXLQKRHLURV SDUD KDYHUHP GRV RXWURV
FRQG{PLQRVTXHIRUHPSDUWHQDGLYLVmRRXGHVHXVVXFHVVRUHVDWtWXORXQLYHUVDOQDSURSRUomRTXHOKHVWRFDUD
FRPSRVLomRSHFXQLiULDGRGHVIDOTXHVRIULGR

$UW   7UDWDQGRVH GH LPyYHO JHRUUHIHUHQFLDGR FRP DYHUEDomR QR UHJLVWUR GH LPyYHLV SRGH R MXL]
GLVSHQVDUDUHDOL]DomRGHSURYDSHULFLDO

6HomR,,
'D'HPDUFDomR

$UW1DSHWLomRLQLFLDOLQVWUXtGDFRPRVWtWXORVGDSURSULHGDGHGHVLJQDUVHiRLPyYHOSHODVLWXDomR
H SHOD GHQRPLQDomR GHVFUHYHUVHmR RV OLPLWHV SRU FRQVWLWXLU DYLYHQWDU RX UHQRYDU H QRPHDUVHmR WRGRV RV
FRQILQDQWHVGDOLQKDGHPDUFDQGD

$UW   4XDOTXHU FRQG{PLQR p SDUWH OHJtWLPD SDUD SURPRYHU D GHPDUFDomR GR LPyYHO FRPXP
UHTXHUHQGRDLQWLPDomRGRVGHPDLVSDUDTXHUHQGRLQWHUYLUQRSURFHVVR

$UW$FLWDomRGRVUpXVVHUiIHLWDSRUFRUUHLRREVHUYDGRRGLVSRVWRQRDUW

3DUiJUDIR~QLFR6HUiSXEOLFDGRHGLWDOQRVWHUPRVGRLQFLVR,,,GRDUW

$UW)HLWDVDVFLWDo}HVWHUmRRVUpXVRSUD]RFRPXPGH TXLQ]H GLDVSDUDFRQWHVWDU

$UW$SyVRSUD]RGHUHVSRVWDGRUpXREVHUYDUVHiRSURFHGLPHQWRFRPXP

$UW$QWHVGHSURIHULUDVHQWHQoDRMXL]QRPHDUiXPRXPDLVSHULWRVSDUDOHYDQWDURWUDoDGRGDOLQKD
GHPDUFDQGD

$UW   &RQFOXtGRV RV HVWXGRV RV SHULWRV DSUHVHQWDUmR PLQXFLRVR ODXGR VREUH R WUDoDGR GD OLQKD
GHPDUFDQGD FRQVLGHUDQGR RV WtWXORV RV PDUFRV RV UXPRV D IDPD GD YL]LQKDQoD DV LQIRUPDo}HV GH DQWLJRV
PRUDGRUHVGROXJDUHRXWURVHOHPHQWRVTXHFROLJLUHP

$UW$VHQWHQoDTXHMXOJDUSURFHGHQWHRSHGLGRGHWHUPLQDUiRWUDoDGRGDOLQKDGHPDUFDQGD

3DUiJUDIR ~QLFR  $ VHQWHQoD SURIHULGD QD DomR GHPDUFDWyULD GHWHUPLQDUi D UHVWLWXLomR GD iUHD LQYDGLGD
VHKRXYHUGHFODUDQGRRGRPtQLRRXDSRVVHGRSUHMXGLFDGRRXDPERV

$UW   7UDQVLWDGD HP MXOJDGR D VHQWHQoD R SHULWR HIHWXDUi D GHPDUFDomR H FRORFDUi RV PDUFRV
QHFHVViULRV

3DUiJUDIR ~QLFR  7RGDV DV RSHUDo}HV VHUmR FRQVLJQDGDV HP SODQWD H PHPRULDO GHVFULWLYR FRP DV
UHIHUrQFLDV FRQYHQLHQWHV SDUD D LGHQWLILFDomR HP TXDOTXHU WHPSR GRV SRQWRV DVVLQDODGRV REVHUYDGD D
OHJLVODomRHVSHFLDOTXHGLVS}HVREUHDLGHQWLILFDomRGRLPyYHOUXUDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   $V SODQWDV VHUmR DFRPSDQKDGDV GDV FDGHUQHWDV GH RSHUDo}HV GH FDPSR H GR PHPRULDO
GHVFULWLYRTXHFRQWHUi

,RSRQWRGHSDUWLGDRVUXPRVVHJXLGRVHDDYLYHQWDomRGRVDQWLJRVFRPRVUHVSHFWLYRVFiOFXORV

,,RVDFLGHQWHVHQFRQWUDGRVDVFHUFDVRVYDORVRVPDUFRVDQWLJRVRVFyUUHJRVRVULRVDVODJRDVH
RXWURV

,,,DLQGLFDomRPLQXFLRVDGRVQRYRVPDUFRVFUDYDGRVGRVDQWLJRVDSURYHLWDGRVGDVFXOWXUDVH[LVWHQWHV
HGDVXDSURGXomRDQXDO

,9DFRPSRVLomRJHROyJLFDGRVWHUUHQRVEHPFRPRDTXDOLGDGHHDH[WHQVmRGRVFDPSRVGDVPDWDVH
GDVFDSRHLUDV

9DVYLDVGHFRPXQLFDomR

9,  DV GLVWkQFLDV D SRQWRV GH UHIHUrQFLD WDLV FRPR URGRYLDV IHGHUDLV H HVWDGXDLV IHUURYLDV SRUWRV
DJORPHUDo}HVXUEDQDVHSRORVFRPHUFLDLV

9,,DLQGLFDomRGHWXGRRPDLVTXHIRU~WLOSDUDROHYDQWDPHQWRGDOLQKDRXSDUDDLGHQWLILFDomRGDOLQKDMi
OHYDQWDGD

$UWeREULJDWyULDDFRORFDomRGHPDUFRVWDQWRQDHVWDomRLQLFLDOGLWDPDUFRSULPRUGLDOTXDQWRQRV
YpUWLFHV GRV kQJXORV VDOYR VH DOJXP GHVVHV ~OWLPRV SRQWRV IRU DVVLQDODGR SRU DFLGHQWHV QDWXUDLV GH GLItFLO
UHPRomRRXGHVWUXLomR

$UW$OLQKDVHUiSHUFRUULGD SHORV SHULWRV TXH H[DPLQDUmR RV PDUFRV H RV UXPRV FRQVLJQDQGR HP
UHODWyULRHVFULWRDH[DWLGmRGRPHPRULDOHGDSODQWDDSUHVHQWDGRVSHORDJULPHQVRURXDVGLYHUJrQFLDVSRUYHQWXUD
HQFRQWUDGDV

$UW-XQWDGRDRVDXWRVRUHODWyULRGRVSHULWRVRMXL]GHWHUPLQDUiTXHDVSDUWHVVHPDQLIHVWHPVREUH
HOHQRSUD]RFRPXPGH TXLQ]H GLDV

3DUiJUDIR ~QLFR  ([HFXWDGDV DV FRUUHo}HV H DV UHWLILFDo}HV TXH R MXL] GHWHUPLQDU ODYUDUVHi HP
VHJXLGDRDXWRGHGHPDUFDomRHPTXHRVOLPLWHVGHPDUFDQGRVVHUmRPLQXFLRVDPHQWHGHVFULWRVGHDFRUGR FRP
RPHPRULDOHDSODQWD

$UW   $VVLQDGR R DXWR SHOR MXL] H SHORV SHULWRV VHUi SURIHULGD D VHQWHQoD KRPRORJDWyULD GD
GHPDUFDomR

6HomR,,,
'D'LYLVmR

$UW$SHWLomRLQLFLDOVHUiLQVWUXtGDFRPRVWtWXORVGHGRPtQLRGRSURPRYHQWHHFRQWHUi

,  D LQGLFDomR GD RULJHP GD FRPXQKmR H D GHQRPLQDomR D VLWXDomR RV OLPLWHV H DV FDUDFWHUtVWLFDV GR
LPyYHO

,,  R QRPH R HVWDGR FLYLO D SURILVVmR H D UHVLGrQFLD GH WRGRV RV FRQG{PLQRV HVSHFLILFDQGRVH RV
HVWDEHOHFLGRVQRLPyYHOFRPEHQIHLWRULDVHFXOWXUDV

,,,DVEHQIHLWRULDVFRPXQV

$UW)HLWDVDVFLWDo}HVFRPRSUHFHLWXDRDUWSURVVHJXLUVHiQDIRUPDGRVDUWVH

$UW   2 MXL] QRPHDUi XP RX PDLV SHULWRV SDUD SURPRYHU D PHGLomR GR LPyYHO H DV RSHUDo}HV GH
GLYLVmRREVHUYDGDDOHJLVODomRHVSHFLDOTXHGLVS}HVREUHDLGHQWLILFDomRGRLPyYHOUXUDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  2 SHULWR GHYHUi LQGLFDU DV YLDV GH FRPXQLFDomR H[LVWHQWHV DV FRQVWUXo}HV H DV
EHQIHLWRULDVFRPDLQGLFDomRGRVVHXVYDORUHVHGRVUHVSHFWLYRVSURSULHWiULRVHRFXSDQWHVDViJXDVSULQFLSDLV
TXHEDQKDPRLPyYHOHTXDLVTXHURXWUDVLQIRUPDo}HVTXHSRVVDPFRQFRUUHUSDUDIDFLOLWDUDSDUWLOKD

$UW7RGRVRVFRQG{PLQRVVHUmRLQWLPDGRVDDSUHVHQWDUGHQWURGH GH] GLDVRVVHXVWtWXORV VH


DLQGDQmRRWLYHUHPIHLWRHDIRUPXODURVVHXVSHGLGRVVREUHDFRQVWLWXLomRGRVTXLQK}HV

$UW2MXL]RXYLUiDVSDUWHVQRSUD]RFRPXPGH TXLQ]H GLDV

R1mRKDYHQGRLPSXJQDomRRMXL]GHWHUPLQDUiDGLYLVmRJHRGpVLFDGRLPyYHO

 R +DYHQGR LPSXJQDomR R MXL] SURIHULUi QR SUD]R GH  GH]  GLDV GHFLVmR VREUH RV SHGLGRV H RV
WtWXORVTXHGHYDPVHUDWHQGLGRVQDIRUPDomRGRVTXLQK}HV

$UW6HTXDOTXHUOLQKDGRSHUtPHWURDWLQJLUEHQIHLWRULDVSHUPDQHQWHVGRVFRQILQDQWHVIHLWDVKiPDLV
GH  XP  DQR VHUmR HODV UHVSHLWDGDV EHP FRPR RV WHUUHQRV RQGH HVWLYHUHP RV TXDLV QmR VH FRPSXWDUmR QD
iUHDGLYLGHQGD

$UW   2V FRQILQDQWHV GR LPyYHO GLYLGHQGR SRGHP GHPDQGDU D UHVWLWXLomR GRV WHUUHQRV TXH OKHV
WHQKDPVLGRXVXUSDGRV

R6HUmRFLWDGRVSDUDDDomRWRGRVRVFRQG{PLQRVVHDVHQWHQoDKRPRORJDWyULDGDGLYLVmRDLQGDQmR
KRXYHU WUDQVLWDGR HP MXOJDGR H WRGRV RV TXLQKRHLURV GRV WHUUHQRV YLQGLFDGRV VH D DomR IRU SURSRVWD
SRVWHULRUPHQWH

R1HVVH~OWLPRFDVRWHUmRRVTXLQKRHLURVRGLUHLWRSHODPHVPDVHQWHQoDTXHRVREULJDUjUHVWLWXLomRD
KDYHU GRV RXWURV FRQG{PLQRV GR SURFHVVR GLYLVyULR RX GH VHXV VXFHVVRUHV D WtWXOR XQLYHUVDO D FRPSRVLomR
SHFXQLiULDSURSRUFLRQDODRGHVIDOTXHVRIULGR

$UW   2V SHULWRV SURSRUmR HP ODXGR IXQGDPHQWDGR D IRUPD GD GLYLVmR GHYHQGR FRQVXOWDU TXDQWR
SRVVtYHO D FRPRGLGDGH GDV SDUWHV UHVSHLWDU SDUD DGMXGLFDomR D FDGD FRQG{PLQR D SUHIHUrQFLD GRV WHUUHQRV
FRQWtJXRVjVVXDVUHVLGrQFLDVHEHQIHLWRULDVHHYLWDURUHWDOKDPHQWRGRVTXLQK}HVHPJOHEDVVHSDUDGDV

$UW2XYLGDVDVSDUWHVQRSUD]RFRPXPGH TXLQ]H GLDVVREUHRFiOFXORHRSODQRGDGLYLVmR R


MXL]GHOLEHUDUiDSDUWLOKD

3DUiJUDIR ~QLFR  (P FXPSULPHQWR GHVVD GHFLVmR R SHULWR SURFHGHUi j GHPDUFDomR GRV TXLQK}HV
REVHUYDQGRDOpPGRGLVSRVWRQRVDUWVHDVVHJXLQWHVUHJUDV

,DVEHQIHLWRULDVFRPXQVTXHQmRFRPSRUWDUHPGLYLVmRF{PRGDVHUmRDGMXGLFDGDVDXPGRVFRQG{PLQRV
PHGLDQWHFRPSHQVDomR

,,  LQVWLWXLUVHmR DV VHUYLG}HV TXH IRUHP LQGLVSHQViYHLV HP IDYRU GH XQV TXLQK}HV VREUH RV RXWURV
LQFOXLQGRRUHVSHFWLYRYDORU QR RUoDPHQWR SDUD TXH QmR VH WUDWDQGR GH VHUYLG}HV QDWXUDLV VHMD FRPSHQVDGR R
FRQG{PLQRDTXLQKRDGRFRPRSUpGLRVHUYLHQWH

,,,  DV EHQIHLWRULDV SDUWLFXODUHV GRV FRQG{PLQRV TXH H[FHGHUHP j iUHD D TXH WrP GLUHLWR VHUmR
DGMXGLFDGDVDRTXLQKRHLURYL]LQKRPHGLDQWHUHSRVLomR

,9VHRXWUDFRLVDQmRDFRUGDUHPDVSDUWHVDVFRPSHQVDo}HVHDVUHSRVLo}HVVHUmRIHLWDVHPGLQKHLUR

$UW7HUPLQDGRVRVWUDEDOKRVHGHVHQKDGRVQDSODQWDRVTXLQK}HVHDVVHUYLG}HVDSDUHQWHVRSHULWR
RUJDQL]DUiRPHPRULDOGHVFULWLYR

R&XPSULGRRGLVSRVWRQRDUWRHVFULYmRHPVHJXLGDODYUDUiRDXWRGHGLYLVmRDFRPSDQKDGRGH
XPDIROKDGHSDJDPHQWRSDUDFDGDFRQG{PLQR

R$VVLQDGRRDXWRSHORMXL]HSHORSHULWRVHUiSURIHULGDVHQWHQoDKRPRORJDWyULDGDGLYLVmR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2DXWRFRQWHUi

,DFRQILQDomRHDH[WHQVmRVXSHUILFLDOGRLPyYHO

,,DFODVVLILFDomRGDVWHUUDVFRPRFiOFXORGDViUHDVGHFDGDFRQVRUWHHFRPDUHVSHFWLYDDYDOLDomRRX
TXDQGR D KRPRJHQHLGDGH GDV WHUUDV QmR GHWHUPLQDU GLYHUVLGDGH GH YDORUHV D DYDOLDomR GR LPyYHO QD VXD
LQWHJULGDGH

,,,  R YDORU H D TXDQWLGDGH JHRPpWULFD TXH FRXEHU D FDGD FRQG{PLQR GHFODUDQGRVH DV UHGXo}HV H DV
FRPSHQVDo}HVUHVXOWDQWHVGDGLYHUVLGDGHGHYDORUHVGDVJOHEDVFRPSRQHQWHVGHFDGDTXLQKmR

R&DGDIROKDGHSDJDPHQWRFRQWHUi

,DGHVFULomRGDVOLQKDVGLYLVyULDVGRTXLQKmRPHQFLRQDGDVDVFRQILQDQWHV

,,  D UHODomR GDV EHQIHLWRULDV H GDV FXOWXUDV GR SUySULR TXLQKRHLUR H GDV TXH OKH IRUDP DGMXGLFDGDV SRU
VHUHPFRPXQVRXPHGLDQWHFRPSHQVDomR

,,,DGHFODUDomRGDVVHUYLG}HVLQVWLWXtGDVHVSHFLILFDGRVRVOXJDUHVDH[WHQVmRHRPRGRGHH[HUFtFLR

$UW$SOLFDVHjVGLYLV}HVRGLVSRVWRQRVDUWVD

&$378/29
'$$d2'(',662/8d23$5&,$/'(62&,('$'(

$UW$DomRGHGLVVROXomRSDUFLDOGHVRFLHGDGHSRGHWHUSRUREMHWR

,DUHVROXomRGDVRFLHGDGHHPSUHViULDFRQWUDWXDORXVLPSOHVHPUHODomRDRVyFLRIDOHFLGRH[FOXtGRRX
TXHH[HUFHXRGLUHLWRGHUHWLUDGDRXUHFHVVRH

,,DDSXUDomRGRVKDYHUHVGRVyFLRIDOHFLGRH[FOXtGRRXTXHH[HUFHXRGLUHLWRGHUHWLUDGDRXUHFHVVRRX

,,,VRPHQWHDUHVROXomRRXDDSXUDomRGHKDYHUHV

R$SHWLomRLQLFLDOVHUiQHFHVVDULDPHQWHLQVWUXtGDFRPRFRQWUDWRVRFLDOFRQVROLGDGR

 R  $ DomR GH GLVVROXomR SDUFLDO GH VRFLHGDGH SRGH WHU WDPEpP SRU REMHWR D VRFLHGDGH DQ{QLPD GH
FDSLWDO IHFKDGR TXDQGR GHPRQVWUDGR SRU DFLRQLVWD RX DFLRQLVWDV TXH UHSUHVHQWHP FLQFR SRU FHQWR RX PDLV GR
FDSLWDOVRFLDOTXHQmRSRGHSUHHQFKHURVHXILP

$UW$DomRSRGHVHUSURSRVWD

,SHORHVSyOLRGRVyFLRIDOHFLGRTXDQGRDWRWDOLGDGHGRVVXFHVVRUHVQmRLQJUHVVDUQDVRFLHGDGH

,,SHORVVXFHVVRUHVDSyVFRQFOXtGDDSDUWLOKDGRVyFLRIDOHFLGR

,,,SHODVRFLHGDGHVHRVVyFLRVVREUHYLYHQWHVQmRDGPLWLUHPRLQJUHVVRGRHVSyOLRRXGRVVXFHVVRUHV
GRIDOHFLGRQDVRFLHGDGHTXDQGRHVVHGLUHLWRGHFRUUHUGRFRQWUDWRVRFLDO

,9SHORVyFLRTXHH[HUFHXRGLUHLWRGHUHWLUDGDRXUHFHVVRVHQmRWLYHUVLGRSURYLGHQFLDGDSHORVGHPDLV
VyFLRVDDOWHUDomRFRQWUDWXDOFRQVHQVXDOIRUPDOL]DQGRRGHVOLJDPHQWRGHSRLVGHWUDQVFRUULGRV GH] GLDVGR
H[HUFtFLRGRGLUHLWR

9SHODVRFLHGDGHQRVFDVRVHPTXHDOHLQmRDXWRUL]DDH[FOXVmRH[WUDMXGLFLDORX

9,SHORVyFLRH[FOXtGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  2 F{QMXJH RX FRPSDQKHLUR GR VyFLR FXMR FDVDPHQWR XQLmR HVWiYHO RX FRQYLYrQFLD
WHUPLQRX SRGHUi UHTXHUHU D DSXUDomR GH VHXV KDYHUHV QD VRFLHGDGH TXH VHUmR SDJRV j FRQWD GD TXRWD VRFLDO
WLWXODGDSRUHVWHVyFLR

$UW   2V VyFLRV H D VRFLHGDGH VHUmR FLWDGRV SDUD QR SUD]R GH  TXLQ]H  GLDV FRQFRUGDU FRP R
SHGLGRRXDSUHVHQWDUFRQWHVWDomR

3DUiJUDIR ~QLFR  $ VRFLHGDGH QmR VHUi FLWDGD VH WRGRV RV VHXV VyFLRV R IRUHP PDV ILFDUi VXMHLWD DRV
HIHLWRVGDGHFLVmRHjFRLVDMXOJDGD

$UW   $ VRFLHGDGH SRGHUi IRUPXODU SHGLGR GH LQGHQL]DomR FRPSHQViYHO FRP R YDORU GRV KDYHUHV D
DSXUDU

$UW+DYHQGRPDQLIHVWDomRH[SUHVVDHXQkQLPHSHODFRQFRUGkQFLDGDGLVVROXomRRMXL]DGHFUHWDUi
SDVVDQGRVHLPHGLDWDPHQWHjIDVHGHOLTXLGDomR

R1DKLSyWHVHSUHYLVWDQRFDSXWQmRKDYHUiFRQGHQDomRHPKRQRUiULRVDGYRFDWtFLRVGHQHQKXPDGDV
SDUWHVHDVFXVWDVVHUmRUDWHDGDVVHJXQGRDSDUWLFLSDomRGDVSDUWHVQRFDSLWDOVRFLDO

R+DYHQGRFRQWHVWDomRREVHUYDUVHiRSURFHGLPHQWRFRPXPPDVDOLTXLGDomRGDVHQWHQoDVHJXLUi
RGLVSRVWRQHVWH&DStWXOR

$UW3DUDDSXUDomRGRVKDYHUHVRMXL]

,IL[DUiDGDWDGDUHVROXomRGDVRFLHGDGH

,,GHILQLUiRFULWpULRGHDSXUDomRGRVKDYHUHVjYLVWDGRGLVSRVWRQRFRQWUDWRVRFLDOH

,,,QRPHDUiRSHULWR

 R  2 MXL] GHWHUPLQDUi j VRFLHGDGH RX DRV VyFLRV TXH QHOD SHUPDQHFHUHP TXH GHSRVLWHP HP MXt]R D
SDUWHLQFRQWURYHUVDGRVKDYHUHVGHYLGRV

R2GHSyVLWRSRGHUiVHUGHVGHORJROHYDQWDQGRSHORH[VyFLRSHORHVSyOLRRXSHORVVXFHVVRUHV

R6HRFRQWUDWRVRFLDOHVWDEHOHFHURSDJDPHQWRGRVKDYHUHVVHUiREVHUYDGRRTXHQHOHVHGLVS{VQR
GHSyVLWRMXGLFLDOGDSDUWHLQFRQWURYHUVD

$UW$GDWDGDUHVROXomRGDVRFLHGDGHVHUi

,QRFDVRGHIDOHFLPHQWRGRVyFLRDGRyELWR

,,QDUHWLUDGDLPRWLYDGDRVH[DJpVLPRGLDVHJXLQWHDRGRUHFHELPHQWRSHODVRFLHGDGHGDQRWLILFDomRGR
VyFLRUHWLUDQWH

,,,QRUHFHVVRRGLDGRUHFHELPHQWRSHODVRFLHGDGHGDQRWLILFDomRGRVyFLRGLVVLGHQWH

,9QDUHWLUDGDSRUMXVWDFDXVDGHVRFLHGDGHSRUSUD]RGHWHUPLQDGRHQDH[FOXVmRMXGLFLDOGHVyFLRDGR
WUkQVLWRHPMXOJDGRGDGHFLVmRTXHGLVVROYHUDVRFLHGDGHH

9QDH[FOXVmRH[WUDMXGLFLDODGDWDGDDVVHPEOHLDRXGDUHXQLmRGHVyFLRVTXHDWLYHUGHOLEHUDGR

$UW(PFDVRGHRPLVVmRGRFRQWUDWRVRFLDORMXL]GHILQLUiFRPRFULWpULRGHDSXUDomRGHKDYHUHV R
YDORU SDWULPRQLDO DSXUDGR HP EDODQoR GH GHWHUPLQDomR WRPDQGRVH SRU UHIHUrQFLD D GDWD GD UHVROXomR H
DYDOLDQGRVHEHQVHGLUHLWRVGRDWLYRWDQJtYHLVHLQWDQJtYHLVDSUHoRGHVDtGDDOpPGRSDVVLYRWDPEpPDVHU
DSXUDGRGHLJXDOIRUPD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  (P WRGRV RV FDVRV HP TXH VHMD QHFHVViULD D UHDOL]DomR GH SHUtFLD D QRPHDomR GR
SHULWRUHFDLUiSUHIHUHQFLDOPHQWHVREUHHVSHFLDOLVWDHPDYDOLDomRGHVRFLHGDGHV

$UW$GDWDGDUHVROXomRHRFULWpULRGHDSXUDomRGHKDYHUHVSRGHPVHUUHYLVWRVSHORMXL]DSHGLGR
GDSDUWHDTXDOTXHUWHPSRDQWHVGRLQtFLRGDSHUtFLD

$UW$WpDGDWDGDUHVROXomR LQWHJUDP R YDORU GHYLGR DR H[VyFLR DR HVSyOLR RX DRV VXFHVVRUHV D
SDUWLFLSDomR QRV OXFURV RX RV MXURV VREUH R FDSLWDO SUySULR GHFODUDGRV SHOD VRFLHGDGH H VH IRU R FDVR D
UHPXQHUDomRFRPRDGPLQLVWUDGRU

3DUiJUDIR~QLFR$SyVDGDWDGDUHVROXomRRH[VyFLRRHVSyOLRRXRVVXFHVVRUHVWHUmRGLUHLWRDSHQDVj
FRUUHomRPRQHWiULDGRVYDORUHVDSXUDGRVHDRVMXURVFRQWUDWXDLVRXOHJDLV

$UW   8PD YH] DSXUDGRV RV KDYHUHV GR VyFLR UHWLUDQWH VHUmR SDJRV FRQIRUPH GLVFLSOLQDU R FRQWUDWR
VRFLDOHQRVLOrQFLRGHVWHQRVWHUPRVGRRGRDUWGD/HLQRGHGHMDQHLURGH &yGLJR
&LYLO 

&$378/29,
'2,19(175,2('$3$57,/+$

6HomR,
'LVSRVLo}HV*HUDLV

$UW+DYHQGRWHVWDPHQWRRXLQWHUHVVDGRLQFDSD]SURFHGHUVHiDRLQYHQWiULRMXGLFLDO

 R  6H WRGRV IRUHP FDSD]HV H FRQFRUGHV R LQYHQWiULR H D SDUWLOKD SRGHUmR VHU IHLWRV SRU HVFULWXUD
S~EOLFD D TXDO FRQVWLWXLUi GRFXPHQWR KiELO SDUD TXDOTXHU DWR GH UHJLVWUR EHP FRPR SDUD OHYDQWDPHQWR GH
LPSRUWkQFLDGHSRVLWDGDHPLQVWLWXLo}HVILQDQFHLUDV

R2WDEHOLmRVRPHQWHODYUDUiDHVFULWXUDS~EOLFDVHWRGDVDVSDUWHVLQWHUHVVDGDVHVWLYHUHPDVVLVWLGDV
SRUDGYRJDGRRXSRUGHIHQVRUS~EOLFRFXMDTXDOLILFDomRHDVVLQDWXUDFRQVWDUmRGRDWRQRWDULDO

$UW2SURFHVVRGHLQYHQWiULRHGHSDUWLOKDGHYHVHULQVWDXUDGRGHQWURGH GRLV PHVHVDFRQWDUGD


DEHUWXUDGDVXFHVVmRXOWLPDQGRVHQRV GR]H PHVHVVXEVHTXHQWHVSRGHQGRRMXL]SURUURJDUHVVHVSUD]RV
GHRItFLRRXDUHTXHULPHQWRGHSDUWH

$UW2MXL]GHFLGLUiWRGDVDVTXHVW}HVGHGLUHLWRGHVGHTXHRVIDWRVUHOHYDQWHVHVWHMDPSURYDGRVSRU
GRFXPHQWRVyUHPHWHQGRSDUDDVYLDVRUGLQiULDVDVTXHVW}HVTXHGHSHQGHUHPGHRXWUDVSURYDV

$UW  $Wp TXH R LQYHQWDULDQWH SUHVWH R FRPSURPLVVR FRQWLQXDUi R HVSyOLR QD SRVVH GR DGPLQLVWUDGRU
SURYLVyULR

$UW  2 DGPLQLVWUDGRU SURYLVyULR UHSUHVHQWD DWLYD H SDVVLYDPHQWH R HVSyOLR p REULJDGR D WUD]HU DR
DFHUYR RV IUXWRV TXH GHVGH D DEHUWXUD GD VXFHVVmR SHUFHEHX WHP GLUHLWR DR UHHPEROVR GDV GHVSHVDV
QHFHVViULDVH~WHLVTXHIH]HUHVSRQGHSHORGDQRDTXHSRUGRORRXFXOSDGHUFDXVD

6HomR,,
'D/HJLWLPLGDGHSDUD5HTXHUHUR,QYHQWiULR

$UW2UHTXHULPHQWRGHLQYHQWiULRHGHSDUWLOKDLQFXPEHDTXHPHVWLYHUQDSRVVHHQDDGPLQLVWUDomR
GRHVSyOLRQRSUD]RHVWDEHOHFLGRQRDUW

3DUiJUDIR~QLFR2UHTXHULPHQWRVHUiLQVWUXtGRFRPDFHUWLGmRGHyELWRGRDXWRUGDKHUDQoD

$UW7rPFRQWXGROHJLWLPLGDGHFRQFRUUHQWH

,RF{QMXJHRXFRPSDQKHLURVXSpUVWLWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,RKHUGHLUR

,,,ROHJDWiULR

,9RWHVWDPHQWHLUR

9RFHVVLRQiULRGRKHUGHLURRXGROHJDWiULR

9,RFUHGRUGRKHUGHLURGROHJDWiULRRXGRDXWRUGDKHUDQoD

9,,R0LQLVWpULR3~EOLFRKDYHQGRKHUGHLURVLQFDSD]HV

9,,,D)D]HQGD3~EOLFDTXDQGRWLYHULQWHUHVVH

,;  R DGPLQLVWUDGRU MXGLFLDO GD IDOrQFLD GR KHUGHLUR GR OHJDWiULR GR DXWRU GD KHUDQoD RX GR F{QMXJH RX
FRPSDQKHLURVXSpUVWLWH

6HomR,,,
'R,QYHQWDULDQWHHGDV3ULPHLUDV'HFODUDo}HV

$UW2MXL]QRPHDUiLQYHQWDULDQWHQDVHJXLQWHRUGHP

,  R F{QMXJH RX FRPSDQKHLUR VREUHYLYHQWH GHVGH TXH HVWLYHVVH FRQYLYHQGR FRP R RXWUR DR WHPSR GD
PRUWHGHVWH

,,  R KHUGHLUR TXH VH DFKDU QD SRVVH H QD DGPLQLVWUDomR GR HVSyOLR VH QmR KRXYHU F{QMXJH RX
FRPSDQKHLURVREUHYLYHQWHRXVHHVWHVQmRSXGHUHPVHUQRPHDGRV

,,,TXDOTXHUKHUGHLURTXDQGRQHQKXPGHOHVHVWLYHUQDSRVVHHQDDGPLQLVWUDomRGRHVSyOLR

,9RKHUGHLURPHQRUSRUVHXUHSUHVHQWDQWHOHJDO

9  R WHVWDPHQWHLUR VH OKH WLYHU VLGR FRQILDGD D DGPLQLVWUDomR GR HVSyOLR RX VH WRGD D KHUDQoD HVWLYHU
GLVWULEXtGDHPOHJDGRV

9,RFHVVLRQiULRGRKHUGHLURRXGROHJDWiULR

9,,RLQYHQWDULDQWHMXGLFLDOVHKRXYHU

9,,,SHVVRDHVWUDQKDLG{QHDTXDQGRQmRKRXYHULQYHQWDULDQWHMXGLFLDO

3DUiJUDIR ~QLFR  2 LQYHQWDULDQWH LQWLPDGR GD QRPHDomR SUHVWDUi GHQWUR GH  FLQFR  GLDV R
FRPSURPLVVRGHEHPHILHOPHQWHGHVHPSHQKDUDIXQomR

$UW,QFXPEHDRLQYHQWDULDQWH

,UHSUHVHQWDURHVSyOLRDWLYDHSDVVLYDPHQWHHPMXt]RRXIRUDGHOHREVHUYDQGRVHTXDQWRDRGDWLYRR
GLVSRVWRQRDUWR

,,DGPLQLVWUDURHVSyOLRYHODQGROKHRVEHQVFRPDPHVPDGLOLJrQFLDTXHWHULDVHVHXVIRVVHP

,,,  SUHVWDU DV SULPHLUDV H DV ~OWLPDV GHFODUDo}HV SHVVRDOPHQWH RX SRU SURFXUDGRU FRP SRGHUHV
HVSHFLDLV

,9H[LELUHPFDUWyULRDTXDOTXHUWHPSRSDUDH[DPHGDVSDUWHVRVGRFXPHQWRVUHODWLYRVDRHVSyOLR

9MXQWDUDRVDXWRVFHUWLGmRGRWHVWDPHQWRVHKRXYHU
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

9,WUD]HUjFRODomRRVEHQVUHFHELGRVSHORKHUGHLURDXVHQWHUHQXQFLDQWHRXH[FOXtGR

9,,SUHVWDUFRQWDVGHVXDJHVWmRDRGHL[DURFDUJRRXVHPSUHTXHRMXL]OKHGHWHUPLQDU

9,,,UHTXHUHUDGHFODUDomRGHLQVROYrQFLD

$UW,QFXPEHDLQGDDRLQYHQWDULDQWHRXYLGRVRVLQWHUHVVDGRVHFRPDXWRUL]DomRGRMXL]

,DOLHQDUEHQVGHTXDOTXHUHVSpFLH

,,WUDQVLJLUHPMXt]RRXIRUDGHOH

,,,SDJDUGtYLGDVGRHVSyOLR

,9ID]HUDVGHVSHVDVQHFHVViULDVSDUDDFRQVHUYDomRHRPHOKRUDPHQWRGRVEHQVGRHVSyOLR

$UW'HQWURGH YLQWH GLDVFRQWDGRVGDGDWDHPTXHSUHVWRXRFRPSURPLVVRRLQYHQWDULDQWHIDUi


DV SULPHLUDV GHFODUDo}HV GDV TXDLV VH ODYUDUi WHUPR FLUFXQVWDQFLDGR DVVLQDGR SHOR MXL] SHOR HVFULYmR H SHOR
LQYHQWDULDQWHQRTXDOVHUmRH[DUDGRV

,RQRPHRHVWDGRDLGDGHHRGRPLFtOLRGRDXWRUGDKHUDQoDRGLDHROXJDUHPTXHIDOHFHXHVHGHL[RX
WHVWDPHQWR

,,RQRPHRHVWDGRDLGDGHRHQGHUHoRHOHWU{QLFRHDUHVLGrQFLDGRVKHUGHLURVHKDYHQGRF{QMXJHRX
FRPSDQKHLUR VXSpUVWLWH DOpP GRV UHVSHFWLYRV GDGRV SHVVRDLV R UHJLPH GH EHQV GR FDVDPHQWR RX GD XQLmR
HVWiYHO

,,,DTXDOLGDGHGRVKHUGHLURVHRJUDXGHSDUHQWHVFRFRPRLQYHQWDULDGR

,9  D UHODomR FRPSOHWD H LQGLYLGXDOL]DGD GH WRGRV RV EHQV GR HVSyOLR LQFOXVLYH DTXHOHV TXH GHYHP VHU
FRQIHULGRVjFRODomRHGRVEHQVDOKHLRVTXHQHOHIRUHPHQFRQWUDGRVGHVFUHYHQGRVH

D  RV LPyYHLV FRP DV VXDV HVSHFLILFDo}HV QRPHDGDPHQWH ORFDO HP TXH VH HQFRQWUDP H[WHQVmR GD
iUHDOLPLWHVFRQIURQWDo}HVEHQIHLWRULDVRULJHPGRVWtWXORVQ~PHURVGDVPDWUtFXODVH{QXVTXHRVJUDYDP

E RVPyYHLVFRPRVVLQDLVFDUDFWHUtVWLFRV

F RVVHPRYHQWHVVHXQ~PHURVXDVHVSpFLHVVXDVPDUFDVHVHXVVLQDLVGLVWLQWLYRV

G  R GLQKHLUR DV MRLDV RV REMHWRV GH RXUR H SUDWD H DV SHGUDV SUHFLRVDV GHFODUDQGRVHOKHV
HVSHFLILFDGDPHQWHDTXDOLGDGHRSHVRHDLPSRUWkQFLD

H RVWtWXORVGDGtYLGDS~EOLFDEHPFRPRDVDo}HVDVTXRWDVHRVWtWXORVGHVRFLHGDGHPHQFLRQDQGRVH
OKHVRQ~PHURRYDORUHDGDWD

I DVGtYLGDVDWLYDVHSDVVLYDVLQGLFDQGRVHOKHVDVGDWDVRVWtWXORVDRULJHPGDREULJDomRHRVQRPHV
GRVFUHGRUHVHGRVGHYHGRUHV

J GLUHLWRVHDo}HV

K RYDORUFRUUHQWHGHFDGDXPGRVEHQVGRHVSyOLR

R2MXL]GHWHUPLQDUiTXHVHSURFHGD

,DREDODQoRGRHVWDEHOHFLPHQWRVHRDXWRUGDKHUDQoDHUDHPSUHViULRLQGLYLGXDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,jDSXUDomRGHKDYHUHVVHRDXWRUGDKHUDQoDHUDVyFLRGHVRFLHGDGHTXHQmRDQ{QLPD

 R  $V GHFODUDo}HV SRGHP VHU SUHVWDGDV PHGLDQWH SHWLomR ILUPDGD SRU SURFXUDGRU FRP SRGHUHV
HVSHFLDLVjTXDORWHUPRVHUHSRUWDUi

$UW6yVHSRGHDUJXLUVRQHJDomRDRLQYHQWDULDQWHGHSRLVGHHQFHUUDGDDGHVFULomRGRVEHQVFRPD
GHFODUDomRSRUHOHIHLWDGHQmRH[LVWLUHPRXWURVSRULQYHQWDULDU

$UW2LQYHQWDULDQWHVHUiUHPRYLGRGHRItFLRRXDUHTXHULPHQWR

,VHQmRSUHVWDUQRSUD]ROHJDODVSULPHLUDVRXDV~OWLPDVGHFODUDo}HV

,,  VH QmR GHU DR LQYHQWiULR DQGDPHQWR UHJXODU VH VXVFLWDU G~YLGDV LQIXQGDGDV RX VH SUDWLFDU DWRV
PHUDPHQWHSURWHODWyULRV

,,,VHSRUFXOSDVXDEHQVGRHVSyOLRVHGHWHULRUDUHPIRUHPGLODSLGDGRVRXVRIUHUHPGDQR

,9VHQmRGHIHQGHURHVSyOLRQDVDo}HVHPTXHIRUFLWDGRVHGHL[DUGHFREUDUGtYLGDVDWLYDVRXVHQmR
SURPRYHUDVPHGLGDVQHFHVViULDVSDUDHYLWDURSHUHFLPHQWRGHGLUHLWRV

9VHQmRSUHVWDUFRQWDVRXVHDVTXHSUHVWDUQmRIRUHPMXOJDGDVERDV

9,VHVRQHJDURFXOWDURXGHVYLDUEHQVGRHVSyOLR

$UW   5HTXHULGD D UHPRomR FRP IXQGDPHQWR HP TXDOTXHU GRV LQFLVRV GR DUW  VHUi LQWLPDGR R
LQYHQWDULDQWHSDUDQRSUD]RGH TXLQ]H GLDVGHIHQGHUVHHSURGX]LUSURYDV

3DUiJUDIR~QLFR2LQFLGHQWHGDUHPRomRFRUUHUiHPDSHQVRDRVDXWRVGRLQYHQWiULR

$UW'HFRUULGRRSUD]RFRPDGHIHVDGRLQYHQWDULDQWHRXVHPHODRMXL]GHFLGLUi

3DUiJUDIR ~QLFR  6H UHPRYHU R LQYHQWDULDQWH R MXL] QRPHDUi RXWUR REVHUYDGD D RUGHP HVWDEHOHFLGD QR
DUW

$UW   2 LQYHQWDULDQWH UHPRYLGR HQWUHJDUi LPHGLDWDPHQWH DR VXEVWLWXWR RV EHQV GR HVSyOLR H FDVR
GHL[HGHID]rORVHUiFRPSHOLGRPHGLDQWHPDQGDGRGHEXVFDHDSUHHQVmRRXGHLPLVVmRQDSRVVHFRQIRUPHVH
WUDWDUGHEHPPyYHORXLPyYHOVHPSUHMXt]RGDPXOWDDVHUIL[DGDSHORMXL]HPPRQWDQWHQmRVXSHULRUDWUrVSRU
FHQWRGRYDORUGRVEHQVLQYHQWDULDGRV

6HomR,9
'DV&LWDo}HVHGDV,PSXJQDo}HV

$UW)HLWDVDVSULPHLUDVGHFODUDo}HVRMXL]PDQGDUiFLWDUSDUDRVWHUPRVGRLQYHQWiULRHGDSDUWLOKD
R F{QMXJH R FRPSDQKHLUR RV KHUGHLURV H RV OHJDWiULRV H LQWLPDU D )D]HQGD 3~EOLFD R 0LQLVWpULR 3~EOLFR VH
KRXYHUKHUGHLURLQFDSD]RXDXVHQWHHRWHVWDPHQWHLURVHKRXYHUWHVWDPHQWR

 R 2 F{QMXJH RX R FRPSDQKHLUR RV KHUGHLURV H RV OHJDWiULRV VHUmR FLWDGRV SHOR FRUUHLR REVHUYDGR R
GLVSRVWRQRDUWVHQGRDLQGDSXEOLFDGRHGLWDOQRVWHUPRVGRLQFLVR,,,GRDUW

R'DVSULPHLUDVGHFODUDo}HVH[WUDLUVHmRWDQWDVFySLDVTXDQWDVIRUHPDVSDUWHV

R$FLWDomRVHUiDFRPSDQKDGDGHFySLDGDVSULPHLUDVGHFODUDo}HV

R,QFXPEHDRHVFULYmRUHPHWHUFySLDVj)D]HQGD3~EOLFDDR0LQLVWpULR3~EOLFRDRWHVWDPHQWHLURVH
KRXYHUHDRDGYRJDGRVHDSDUWHMiHVWLYHUUHSUHVHQWDGDQRVDXWRV

$UW   &RQFOXtGDV DV FLWDo}HV DEULUVHi YLVWD jV SDUWHV HP FDUWyULR H SHOR SUD]R FRPXP GH 
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

TXLQ]H GLDVSDUDTXHVHPDQLIHVWHPVREUHDVSULPHLUDVGHFODUDo}HVLQFXPELQGRjVSDUWHV

,DUJXLUHUURVRPLVV}HVHVRQHJDomRGHEHQV

,,UHFODPDUFRQWUDDQRPHDomRGHLQYHQWDULDQWH

,,,FRQWHVWDUDTXDOLGDGHGHTXHPIRLLQFOXtGRQRWtWXORGHKHUGHLUR

 R -XOJDQGR SURFHGHQWH D LPSXJQDomR UHIHULGD QR LQFLVR , R MXL] PDQGDUi UHWLILFDU DV SULPHLUDV
GHFODUDo}HV

 R 6H DFROKHU R SHGLGR GH TXH WUDWD R LQFLVR ,, R MXL] QRPHDUi RXWUR LQYHQWDULDQWH REVHUYDGD D
SUHIHUrQFLDOHJDO

R9HULILFDQGRTXHDGLVSXWDVREUHDTXDOLGDGHGHKHUGHLURDTXHDOXGHRLQFLVR,,,GHPDQGDSURGXomRGH
SURYDVTXHQmRDGRFXPHQWDORMXL]UHPHWHUiDSDUWHjVYLDVRUGLQiULDVHVREUHVWDUiDWpRMXOJDPHQWRGDDomR
DHQWUHJDGRTXLQKmRTXHQDSDUWLOKDFRXEHUDRKHUGHLURDGPLWLGR

$UW$TXHOHTXHVHMXOJDUSUHWHULGRSRGHUiGHPDQGDUVXDDGPLVVmRQRLQYHQWiULRUHTXHUHQGRDDQWHV
GDSDUWLOKD

R2XYLGDVDVSDUWHVQRSUD]RGH TXLQ]H GLDVRMXL]GHFLGLUi

 R 6H SDUD VROXomR GD TXHVWmR IRU QHFHVViULD D SURGXomR GH SURYDV TXH QmR D GRFXPHQWDO R MXL]
UHPHWHUi R UHTXHUHQWH jV YLDV RUGLQiULDV PDQGDQGR UHVHUYDU HP SRGHU GR LQYHQWDULDQWH R TXLQKmR GR KHUGHLUR
H[FOXtGRDWpTXHVHGHFLGDROLWtJLR

$UW$)D]HQGD3~EOLFDQRSUD]RGH TXLQ]H GLDVDSyVDYLVWDGHTXHWUDWDRDUWLQIRUPDUi


DR MXt]R GH DFRUGR FRP RV GDGRV TXH FRQVWDP GH VHX FDGDVWUR LPRELOLiULR R YDORU GRV EHQV GH UDL] GHVFULWRV
QDVSULPHLUDVGHFODUDo}HV

6HomR9
'D$YDOLDomRHGR&iOFXORGR,PSRVWR

$UW)LQGRRSUD]RSUHYLVWRQRDUWVHPLPSXJQDomRRXGHFLGLGDDLPSXJQDomRTXHKRXYHUVLGR
RSRVWD R MXL] QRPHDUi VH IRU R FDVR SHULWR SDUD DYDOLDU RV EHQV GR HVSyOLR VH QmR KRXYHU QD FRPDUFD
DYDOLDGRUMXGLFLDO

3DUiJUDIR~QLFR1DKLSyWHVHSUHYLVWDQRDUWRRMXL]QRPHDUiSHULWRSDUDDYDOLDomRGDVTXRWDV
VRFLDLVRXDSXUDomRGRVKDYHUHV

$UW$RDYDOLDURVEHQVGRHVSyOLRRSHULWRREVHUYDUiQRTXHIRUDSOLFiYHORGLVSRVWRQRVDUWV
H

$UW1mRVHH[SHGLUiFDUWDSUHFDWyULDSDUDDDYDOLDomRGHEHQVVLWXDGRVIRUDGDFRPDUFDRQGHFRUUH
RLQYHQWiULRVHHOHVIRUHPGHSHTXHQRYDORURXSHUIHLWDPHQWHFRQKHFLGRVGRSHULWRQRPHDGR

$UW6HQGRFDSD]HVWRGDVDVSDUWHVQmRVHSURFHGHUijDYDOLDomRVHD)D]HQGD3~EOLFDLQWLPDGD
SHVVRDOPHQWH FRQFRUGDU GH IRUPD H[SUHVVD FRP R YDORU DWULEXtGR QDV SULPHLUDV GHFODUDo}HV DRV EHQV GR
HVSyOLR

$UW   6H RV KHUGHLURV FRQFRUGDUHP FRP R YDORU GRV EHQV GHFODUDGRV SHOD )D]HQGD 3~EOLFD D
DYDOLDomRFLQJLUVHiDRVGHPDLV

$UW   (QWUHJXH R ODXGR GH DYDOLDomR R MXL] PDQGDUi TXH DV SDUWHV VH PDQLIHVWHP QR SUD]R GH 
TXLQ]H GLDVTXHFRUUHUiHPFDUWyULR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 9HUVDQGR D LPSXJQDomR VREUH R YDORU GDGR SHOR SHULWR R MXL] D GHFLGLUi GH SODQR j YLVWD GR TXH
FRQVWDUGRVDXWRV

R-XOJDQGRSURFHGHQWHDLPSXJQDomRRMXL]GHWHUPLQDUiTXHRSHULWRUHWLILTXHDDYDOLDomRREVHUYDQGR
RVIXQGDPHQWRVGDGHFLVmR

$UW$FHLWRRODXGRRXUHVROYLGDVDVLPSXJQDo}HVVXVFLWDGDVDVHXUHVSHLWRODYUDUVHiHPVHJXLGD
RWHUPRGH~OWLPDVGHFODUDo}HVQRTXDORLQYHQWDULDQWHSRGHUiHPHQGDUDGLWDURXFRPSOHWDUDVSULPHLUDV

$UW2XYLGDVDVSDUWHVVREUHDV~OWLPDVGHFODUDo}HVQRSUD]RFRPXPGH TXLQ]H GLDVSURFHGHU


VHiDRFiOFXORGRWULEXWR

$UW)HLWRRFiOFXORVREUHHOHVHUmRRXYLGDVWRGDVDVSDUWHVQRSUD]RFRPXPGH FLQFR GLDV TXH


FRUUHUiHPFDUWyULRHHPVHJXLGDD)D]HQGD3~EOLFD

 R 6H DFROKHU HYHQWXDO LPSXJQDomR R MXL] RUGHQDUi QRYD UHPHVVD GRV DXWRV DR FRQWDELOLVWD
GHWHUPLQDQGRDVDOWHUDo}HVTXHGHYDPVHUIHLWDVQRFiOFXOR

R&XPSULGRRGHVSDFKRRMXL]MXOJDUiRFiOFXORGRWULEXWR

6HomR9,
'DV&RODo}HV

$UW1RSUD]RHVWDEHOHFLGRQRDUWRKHUGHLURREULJDGRjFRODomRFRQIHULUiSRUWHUPRQRVDXWRV
RXSRUSHWLomRjTXDORWHUPRVHUHSRUWDUiRVEHQVTXHUHFHEHXRXVHMiQmRRVSRVVXLUWUDUOKHViRYDORU

3DUiJUDIR~QLFR2VEHQVDVHUHPFRQIHULGRVQDSDUWLOKDDVVLPFRPRDVDFHVV}HVHDVEHQIHLWRULDVTXH
RGRQDWiULRIH]FDOFXODUVHmRSHORYDORUTXHWLYHUHPDRWHPSRGDDEHUWXUDGDVXFHVVmR

$UW   2 KHUGHLUR TXH UHQXQFLRX j KHUDQoD RX R TXH GHOD IRL H[FOXtGR QmR VH H[LPH SHOR IDWR GD
UHQ~QFLD RX GD H[FOXVmR GH FRQIHULU SDUD R HIHLWR GH UHSRU D SDUWH LQRILFLRVD DV OLEHUDOLGDGHV TXH REWHYH GR
GRDGRU

ReOtFLWRDRGRQDWiULRHVFROKHUGHQWUHRVEHQVGRDGRVWDQWRVTXDQWRVEDVWHPSDUDSHUID]HUDOHJtWLPD
HDPHWDGHGLVSRQtYHOHQWUDQGRQDSDUWLOKDRH[FHGHQWHSDUDVHUGLYLGLGRHQWUHRVGHPDLVKHUGHLURV

 R 6H D SDUWH LQRILFLRVD GD GRDomR UHFDLU VREUH EHP LPyYHO TXH QmR FRPSRUWH GLYLVmR F{PRGD R MXL]
GHWHUPLQDUiTXHVREUHHODVHSURFHGDDOLFLWDomRHQWUHRVKHUGHLURV

 R 2 GRQDWiULR SRGHUi FRQFRUUHU QD OLFLWDomR UHIHULGD QR  R H HP LJXDOGDGH GH FRQGLo}HV WHUi
SUHIHUrQFLDVREUHRVKHUGHLURV

$UW   6H R KHUGHLUR QHJDU R UHFHELPHQWR GRV EHQV RX D REULJDomR GH RV FRQIHULU R MXL] RXYLGDV DV
SDUWHVQRSUD]RFRPXPGH TXLQ]H GLDVGHFLGLUijYLVWDGDVDOHJDo}HVHGDVSURYDVSURGX]LGDV

 R 'HFODUDGD LPSURFHGHQWH D RSRVLomR VH R KHUGHLUR QR SUD]R LPSURUURJiYHO GH  TXLQ]H  GLDV QmR
SURFHGHUjFRQIHUrQFLDRMXL]PDQGDUiVHTXHVWUDUOKHSDUDVHUHPLQYHQWDULDGRVHSDUWLOKDGRVRVEHQVVXMHLWRVj
FRODomRRXLPSXWDUDRVHXTXLQKmRKHUHGLWiULRRYDORUGHOHVVHMiQmRRVSRVVXLU

 R 6H D PDWpULD H[LJLU GLODomR SUREDWyULD GLYHUVD GD GRFXPHQWDO R MXL] UHPHWHUi DV SDUWHV jV YLDV
RUGLQiULDVQmRSRGHQGRRKHUGHLURUHFHEHURVHXTXLQKmRKHUHGLWiULRHQTXDQWRSHQGHU D GHPDQGD VHP SUHVWDU
FDXomRFRUUHVSRQGHQWHDRYDORUGRVEHQVVREUHRVTXDLVYHUVDUDFRQIHUrQFLD

6HomR9,,
'R3DJDPHQWRGDV'tYLGDV

$UW$QWHVGDSDUWLOKD SRGHUmR RV FUHGRUHV GR HVSyOLR UHTXHUHU DR MXt]R GR LQYHQWiULR R SDJDPHQWR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GDVGtYLGDVYHQFLGDVHH[LJtYHLV

 R $ SHWLomR DFRPSDQKDGD GH SURYD OLWHUDO GD GtYLGD VHUi GLVWULEXtGD SRU GHSHQGrQFLD H DXWXDGD HP
DSHQVRDRVDXWRVGRSURFHVVRGHLQYHQWiULR

R&RQFRUGDQGRDVSDUWHVFRPRSHGLGRRMXL]DRGHFODUDUKDELOLWDGRRFUHGRUPDQGDUiTXHVHIDoDD
VHSDUDomRGHGLQKHLURRXHPVXDIDOWDGHEHQVVXILFLHQWHVSDUDRSDJDPHQWR

R6HSDUDGRVRVEHQVWDQWRVTXDQWRVIRUHPQHFHVViULRVSDUDRSDJDPHQWRGRVFUHGRUHVKDELOLWDGRVR
MXL]PDQGDUiDOLHQiORVREVHUYDQGRVHDVGLVSRVLo}HVGHVWH&yGLJRUHODWLYDVjH[SURSULDomR

R6HRFUHGRUUHTXHUHUTXHHPYH]GHGLQKHLUROKHVHMDPDGMXGLFDGRVSDUDRVHXSDJDPHQWRRVEHQV
MiUHVHUYDGRVRMXL]GHIHULUOKHiRSHGLGRFRQFRUGDQGRWRGDVDVSDUWHV

 R 2V GRQDWiULRV VHUmR FKDPDGRV D SURQXQFLDUVH VREUH D DSURYDomR GDV GtYLGDV VHPSUH TXH KDMD
SRVVLELOLGDGHGHUHVXOWDUGHODVDUHGXomRGDVOLEHUDOLGDGHV

$UW1mRKDYHQGRFRQFRUGkQFLD GH WRGDV DV SDUWHV VREUH R SHGLGR GH SDJDPHQWR IHLWR SHOR FUHGRU
VHUiRSHGLGRUHPHWLGRjVYLDVRUGLQiULDV

3DUiJUDIR~QLFR2MXL]PDQGDUiSRUpPUHVHUYDUHPSRGHUGRLQYHQWDULDQWHEHQVVXILFLHQWHVSDUDSDJDU
RFUHGRUTXDQGRDGtYLGDFRQVWDUGHGRFXPHQWRTXHFRPSURYHVXILFLHQWHPHQWHDREULJDomRHDLPSXJQDomR QmR
VHIXQGDUHPTXLWDomR

$UW2FUHGRUGHGtYLGDOtTXLGDHFHUWDDLQGDQmRYHQFLGDSRGHUHTXHUHUKDELOLWDomRQRLQYHQWiULR

3DUiJUDIR ~QLFR &RQFRUGDQGR DV SDUWHV FRP R SHGLGR UHIHULGR QR FDSXW R MXL] DR MXOJDU KDELOLWDGR R
FUpGLWRPDQGDUiTXHVHIDoDVHSDUDomRGHEHQVSDUDRIXWXURSDJDPHQWR

$UW2OHJDWiULRpSDUWHOHJtWLPDSDUDPDQLIHVWDUVHVREUHDVGtYLGDVGRHVSyOLR

,TXDQGRWRGDDKHUDQoDIRUGLYLGLGDHPOHJDGRV

,,TXDQGRRUHFRQKHFLPHQWRGDVGtYLGDVLPSRUWDUUHGXomRGRVOHJDGRV

$UW   6HP SUHMXt]R GR GLVSRVWR QR DUW  p OtFLWR DRV KHUGHLURV DR VHSDUDUHP EHQV SDUD R
SDJDPHQWR GH GtYLGDV DXWRUL]DU TXH R LQYHQWDULDQWH RV LQGLTXH j SHQKRUD QR SURFHVVR HP TXH R HVSyOLR IRU
H[HFXWDGR

6HomR9,,,
'D3DUWLOKD

$UW   &XPSULGR R GLVSRVWR QR DUW   R R MXL] IDFXOWDUi jV SDUWHV TXH QR SUD]R FRPXP GH 
TXLQ]H  GLDV IRUPXOHP R SHGLGR GH TXLQKmR H HP VHJXLGD SURIHULUi D GHFLVmR GH GHOLEHUDomR GD SDUWLOKD
UHVROYHQGR RV SHGLGRV GDV SDUWHV H GHVLJQDQGR RV EHQV TXH GHYDP FRQVWLWXLU TXLQKmR GH FDGD KHUGHLUR H
OHJDWiULR

3DUiJUDIR ~QLFR  2 MXL] SRGHUi HP GHFLVmR IXQGDPHQWDGD GHIHULU DQWHFLSDGDPHQWH D TXDOTXHU GRV
KHUGHLURVRH[HUFtFLRGRVGLUHLWRVGHXVDUHGHIUXLUGHGHWHUPLQDGREHPFRPDFRQGLomRGHTXHDRWpUPLQR GR
LQYHQWiULRWDOEHPLQWHJUHDFRWDGHVVHKHUGHLURFDEHQGRDHVWHGHVGHRGHIHULPHQWRWRGRVRV{QXVHE{QXV
GHFRUUHQWHVGRH[HUFtFLRGDTXHOHVGLUHLWRV

$UW1DSDUWLOKDVHUmRREVHUYDGDVDVVHJXLQWHVUHJUDV

,DPi[LPDLJXDOGDGHSRVVtYHOTXDQWRDRYDORUjQDWXUH]DHjTXDOLGDGHGRVEHQV

,,DSUHYHQomRGHOLWtJLRVIXWXURV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,,DPi[LPDFRPRGLGDGHGRVFRHUGHLURVGRF{QMXJHRXGRFRPSDQKHLURVHIRURFDVR

$UW   2V EHQV LQVXVFHWtYHLV GH GLYLVmR F{PRGD TXH QmR FRXEHUHP QD SDUWH GR F{QMXJH RX
FRPSDQKHLUR VXSpUVWLWH RX QR TXLQKmR GH XP Vy KHUGHLUR VHUmR OLFLWDGRV HQWUH RV LQWHUHVVDGRV RX YHQGLGRV
MXGLFLDOPHQWHSDUWLOKDQGRVHRYDORUDSXUDGRVDOYRVHKRXYHUDFRUGRSDUDTXHVHMDPDGMXGLFDGRVDWRGRV

$UW   6H XP GRV LQWHUHVVDGRV IRU QDVFLWXUR R TXLQKmR TXH OKH FDEHUi VHUi UHVHUYDGR HP SRGHU GR
LQYHQWDULDQWHDWpRVHXQDVFLPHQWR

$UW   2 SDUWLGRU RUJDQL]DUi R HVERoR GD SDUWLOKD GH DFRUGR FRP D GHFLVmR MXGLFLDO REVHUYDQGR QRV
SDJDPHQWRVDVHJXLQWHRUGHP

,GtYLGDVDWHQGLGDV

,,PHDomRGRF{QMXJH

,,,PHDomRGLVSRQtYHO

,9TXLQK}HVKHUHGLWiULRVDFRPHoDUSHORFRHUGHLURPDLVYHOKR

$UW)HLWRRHVERoRDVSDUWHVPDQLIHVWDUVHmRVREUHHVVHQRSUD]RFRPXPGH TXLQ]H GLDV H


UHVROYLGDVDVUHFODPDo}HVDSDUWLOKDVHUiODQoDGDQRVDXWRV

$UW$SDUWLOKDFRQVWDUi

,GHDXWRGHRUoDPHQWRTXHPHQFLRQDUi

D RVQRPHVGRDXWRUGDKHUDQoDGRLQYHQWDULDQWHGRF{QMXJHRXFRPSDQKHLURVXSpUVWLWHGRVKHUGHLURV
GRVOHJDWiULRVHGRVFUHGRUHVDGPLWLGRV

E RDWLYRRSDVVLYRHROtTXLGRSDUWtYHOFRPDVQHFHVViULDVHVSHFLILFDo}HV

F RYDORUGHFDGDTXLQKmR

,,  GH IROKD GH SDJDPHQWR SDUD FDGD SDUWH GHFODUDQGR D TXRWD D SDJDUOKH D UD]mR GR SDJDPHQWR H D
UHODomR GRV EHQV TXH OKH FRPS}HP R TXLQKmR DV FDUDFWHUtVWLFDV TXH RV LQGLYLGXDOL]DP H RV {QXV TXH RV
JUDYDP

3DUiJUDIR~QLFR2DXWRHFDGDXPDGDVIROKDVVHUmRDVVLQDGRVSHORMXL]HSHORHVFULYmR

$UW   3DJR R LPSRVWR GH WUDQVPLVVmR D WtWXOR GH PRUWH H MXQWDGD DRV DXWRV FHUWLGmR RX LQIRUPDomR
QHJDWLYDGHGtYLGDSDUDFRPD)D]HQGD3~EOLFDRMXL]MXOJDUiSRUVHQWHQoDDSDUWLOKD

3DUiJUDIR ~QLFR  $ H[LVWrQFLD GH GtYLGD SDUD FRP D )D]HQGD 3~EOLFD QmR LPSHGLUi R MXOJDPHQWR GD
SDUWLOKDGHVGHTXHRVHXSDJDPHQWRHVWHMDGHYLGDPHQWHJDUDQWLGR

$UW7UDQVLWDGDHPMXOJDGRDVHQWHQoDPHQFLRQDGDQRDUWUHFHEHUiRKHUGHLURRVEHQVTXHOKH
WRFDUHPHXPIRUPDOGHSDUWLOKDGRTXDOFRQVWDUmRDVVHJXLQWHVSHoDV

,WHUPRGHLQYHQWDULDQWHHWtWXORGHKHUGHLURV

,,DYDOLDomRGRVEHQVTXHFRQVWLWXtUDPRTXLQKmRGRKHUGHLUR

,,,SDJDPHQWRGRTXLQKmRKHUHGLWiULR

,9TXLWDomRGRVLPSRVWRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

9VHQWHQoD

3DUiJUDIR ~QLFR  2 IRUPDO GH SDUWLOKD SRGHUi VHU VXEVWLWXtGR SRU FHUWLGmR GH SDJDPHQWR GR TXLQKmR
KHUHGLWiULR TXDQGR HVVH QmR H[FHGHU D  FLQFR  YH]HV R VDOiULRPtQLPR FDVR HP TXH VH WUDQVFUHYHUi QHOD D
VHQWHQoDGHSDUWLOKDWUDQVLWDGDHPMXOJDGR

$UW   $ SDUWLOKD PHVPR GHSRLV GH WUDQVLWDGD HP MXOJDGR D VHQWHQoD SRGH VHU HPHQGDGD QRV
PHVPRVDXWRVGRLQYHQWiULRFRQYLQGRWRGDVDVSDUWHVTXDQGRWHQKDKDYLGRHUURGHIDWRQDGHVFULomRGRVEHQV
SRGHQGRRMXL]GHRItFLRRXDUHTXHULPHQWRGDSDUWHDTXDOTXHUWHPSRFRUULJLUOKHDVLQH[DWLG}HVPDWHULDLV

$UW   $ SDUWLOKD DPLJiYHO ODYUDGD HP LQVWUXPHQWR S~EOLFR UHGX]LGD D WHUPR QRV DXWRV GR LQYHQWiULR
RX FRQVWDQWH GH HVFULWR SDUWLFXODU KRPRORJDGR SHOR MXL] SRGH VHU DQXODGD SRU GROR FRDomR HUUR HVVHQFLDO RX
LQWHUYHQomRGHLQFDSD]REVHUYDGRRGLVSRVWRQRRGRDUW

3DUiJUDIR ~QLFR  2 GLUHLWR j DQXODomR GH SDUWLOKD DPLJiYHO H[WLQJXHVH HP  XP  DQR FRQWDGR HVVH
SUD]R

,QRFDVRGHFRDomRGRGLDHPTXHHODFHVVRX

,,QRFDVRGHHUURRXGRORGRGLDHPTXHVHUHDOL]RXRDWR

,,,TXDQWRDRLQFDSD]GRGLDHPTXHFHVVDUDLQFDSDFLGDGH

$UWeUHVFLQGtYHODSDUWLOKDMXOJDGDSRUVHQWHQoD

,QRVFDVRVPHQFLRQDGRVQRDUW

,,VHIHLWDFRPSUHWHULomRGHIRUPDOLGDGHVOHJDLV

,,,VHSUHWHULXKHUGHLURRXLQFOXLXTXHPQmRRVHMD

6HomR,;
'R$UURODPHQWR

$UW   $ SDUWLOKD DPLJiYHO FHOHEUDGD HQWUH SDUWHV FDSD]HV QRV WHUPRV GD OHL VHUi KRPRORJDGD GH
SODQRSHORMXL]FRPREVHUYkQFLDGRVDUWVD

R2GLVSRVWRQHVWHDUWLJRDSOLFDVHWDPEpPDRSHGLGRGHDGMXGLFDomRTXDQGRKRXYHUKHUGHLUR~QLFR

 R 7UDQVLWDGD HP MXOJDGR D VHQWHQoD GH KRPRORJDomR GH SDUWLOKD RX GH DGMXGLFDomR VHUi ODYUDGR R
IRUPDOGHSDUWLOKDRXHODERUDGDDFDUWDGHDGMXGLFDomRHHPVHJXLGDVHUmRH[SHGLGRVRVDOYDUiVUHIHUHQWHVDRV
EHQV H jV UHQGDV SRU HOH DEUDQJLGRV LQWLPDQGRVH R ILVFR SDUD ODQoDPHQWR DGPLQLVWUDWLYR GR LPSRVWR GH
WUDQVPLVVmRHGHRXWURVWULEXWRVSRUYHQWXUDLQFLGHQWHVFRQIRUPHGLVSXVHUDOHJLVODomRWULEXWiULDQRVWHUPRVGR
RGRDUW

$UW   1D SHWLomR GH LQYHQWiULR TXH VH SURFHVVDUi QD IRUPD GH DUURODPHQWR VXPiULR
LQGHSHQGHQWHPHQWHGDODYUDWXUDGHWHUPRVGHTXDOTXHUHVSpFLHRVKHUGHLURV

,UHTXHUHUmRDRMXL]DQRPHDomRGRLQYHQWDULDQWHTXHGHVLJQDUHP

,,GHFODUDUmRRVWtWXORVGRVKHUGHLURVHRVEHQVGRHVSyOLRREVHUYDGRRGLVSRVWRQRDUW

,,,DWULEXLUmRYDORUDRVEHQVGRHVSyOLRSDUDILQVGHSDUWLOKD

$UW   5HVVDOYDGD D KLSyWHVH SUHYLVWD QR SDUiJUDIR ~QLFR GR DUW  QmR VH SURFHGHUi j DYDOLDomR
GRVEHQVGRHVSyOLRSDUDQHQKXPDILQDOLGDGH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   1R DUURODPHQWR QmR VHUmR FRQKHFLGDV RX DSUHFLDGDV TXHVW}HV UHODWLYDV DR ODQoDPHQWR DR
SDJDPHQWR RX j TXLWDomR GH WD[DV MXGLFLiULDV H GH WULEXWRV LQFLGHQWHV VREUH D WUDQVPLVVmR GD SURSULHGDGH GRV
EHQVGRHVSyOLR

R$WD[DMXGLFLiULDVHGHYLGDVHUiFDOFXODGDFRPEDVHQRYDORUDWULEXtGRSHORVKHUGHLURVFDEHQGRDR
ILVFR VH DSXUDU HP SURFHVVR DGPLQLVWUDWLYR YDORU GLYHUVR GR HVWLPDGR H[LJLU D HYHQWXDO GLIHUHQoD SHORV PHLRV
DGHTXDGRVDRODQoDPHQWRGHFUpGLWRVWULEXWiULRVHPJHUDO

R2LPSRVWRGHWUDQVPLVVmRVHUiREMHWRGHODQoDPHQWRDGPLQLVWUDWLYRFRQIRUPHGLVSXVHUDOHJLVODomR
WULEXWiULD QmR ILFDQGR DV DXWRULGDGHV ID]HQGiULDV DGVWULWDV DRV YDORUHV GRV EHQV GR HVSyOLR DWULEXtGRV SHORV
KHUGHLURV

$UW$H[LVWrQFLDGHFUHGRUHVGRHVSyOLRQmRLPSHGLUiDKRPRORJDomRGDSDUWLOKDRXGDDGMXGLFDomR
VHIRUHPUHVHUYDGRVEHQVVXILFLHQWHVSDUDRSDJDPHQWRGDGtYLGD

3DUiJUDIR ~QLFR  $ UHVHUYD GH EHQV VHUi UHDOL]DGD SHOR YDORU HVWLPDGR SHODV SDUWHV VDOYR VH R FUHGRU
UHJXODUPHQWH QRWLILFDGR LPSXJQDU D HVWLPDWLYD FDVR HP TXH VH SURPRYHUi D DYDOLDomR GRV EHQV D VHUHP
UHVHUYDGRV

$UW   4XDQGR R YDORU GRV EHQV GR HVSyOLR IRU LJXDO RX LQIHULRU D  PLO  VDOiULRVPtQLPRV R
LQYHQWiULR SURFHVVDUVHi QD IRUPD GH DUURODPHQWR FDEHQGR DR LQYHQWDULDQWH QRPHDGR LQGHSHQGHQWHPHQWH GH
DVVLQDWXUD GH WHUPR GH FRPSURPLVVR DSUHVHQWDU FRP VXDV GHFODUDo}HV D DWULEXLomR GH YDORU DRV EHQV GR
HVSyOLRHRSODQRGDSDUWLOKD

R6HTXDOTXHUGDVSDUWHVRXR0LQLVWpULR3~EOLFRLPSXJQDUDHVWLPDWLYDRMXL]QRPHDUiDYDOLDGRUTXH
RIHUHFHUiODXGRHP GH] GLDV

 R $SUHVHQWDGR R ODXGR R MXL] HP DXGLrQFLD TXH GHVLJQDU GHOLEHUDUi VREUH D SDUWLOKD GHFLGLQGR GH
SODQRWRGDVDVUHFODPDo}HVHPDQGDQGRSDJDUDVGtYLGDVQmRLPSXJQDGDV

R/DYUDUVHiGHWXGRXPVy WHUPR DVVLQDGR SHOR MXL] SHOR LQYHQWDULDQWH H SHODV SDUWHV SUHVHQWHV RX
SRUVHXVDGYRJDGRV

R$SOLFDPVHDHVVDHVSpFLHGHDUURODPHQWRQRTXHFRXEHUDVGLVSRVLo}HVGRDUWUHODWLYDPHQWH
DRODQoDPHQWRDRSDJDPHQWRHjTXLWDomRGDWD[DMXGLFLiULDHGRLPSRVWRVREUHDWUDQVPLVVmR GD SURSULHGDGH
GRVEHQVGRHVSyOLR

 R 3URYDGD D TXLWDomR GRV WULEXWRV UHODWLYRV DRV EHQV GR HVSyOLR H jV VXDV UHQGDV R MXL] MXOJDUi D
SDUWLOKD

$UW2LQYHQWiULRSURFHVVDUVHiWDPEpPQDIRUPDGRDUWDLQGDTXHKDMDLQWHUHVVDGRLQFDSD]
GHVGHTXHFRQFRUGHPWRGDVDVSDUWHVHR0LQLVWpULR3~EOLFR

$UW,QGHSHQGHUiGHLQYHQWiULRRXGHDUURODPHQWRRSDJDPHQWRGRVYDORUHVSUHYLVWRVQD/HLQR
GHGHQRYHPEURGH

$UW$SOLFDPVHVXEVLGLDULDPHQWHDHVWD6HomRDVGLVSRVLo}HVGDV6Ho}HV9,,H9,,,GHVWH&DStWXOR

6HomR;
'LVSRVLo}HV&RPXQVD7RGDVDV6Ho}HV

$UW&HVVDDHILFiFLDGDWXWHODSURYLVyULDSUHYLVWDQDV6Ho}HVGHVWH&DStWXOR

,  VH D DomR QmR IRU SURSRVWD HP  WULQWD  GLDV FRQWDGRV GD GDWD HP TXH GD GHFLVmR IRL LQWLPDGR R
LPSXJQDQWHRKHUGHLURH[FOXtGRRXRFUHGRUQmRDGPLWLGR

,,VHRMXL]H[WLQJXLURSURFHVVRGHLQYHQWiULRFRPRXVHPUHVROXomRGHPpULWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW6mRVXMHLWRVjVREUHSDUWLOKDRVEHQV

,VRQHJDGRV

,,GDKHUDQoDGHVFREHUWRVDSyVDSDUWLOKD

,,,OLWLJLRVRVDVVLPFRPRRVGHOLTXLGDomRGLItFLORXPRURVD

,9VLWXDGRVHPOXJDUUHPRWRGDVHGHGRMXt]RRQGHVHSURFHVVDRLQYHQWiULR

3DUiJUDIR~QLFR2VEHQVPHQFLRQDGRVQRVLQFLVRV,,,H,9VHUmRUHVHUYDGRVjVREUHSDUWLOKDVREDJXDUGD
HDDGPLQLVWUDomRGRPHVPRRXGHGLYHUVRLQYHQWDULDQWHDFRQVHQWLPHQWRGDPDLRULDGRVKHUGHLURV

$UW1DVREUHSDUWLOKDGRVEHQVREVHUYDUVHiRSURFHVVRGHLQYHQWiULRHGHSDUWLOKD

3DUiJUDIR~QLFR$VREUHSDUWLOKDFRUUHUiQRVDXWRVGRLQYHQWiULRGRDXWRUGDKHUDQoD

$UW2MXL]QRPHDUiFXUDGRUHVSHFLDO

,DRDXVHQWHVHQmRRWLYHU

,,DRLQFDSD]VHFRQFRUUHUQDSDUWLOKDFRPRVHXUHSUHVHQWDQWHGHVGHTXHH[LVWDFROLVmRGHLQWHUHVVHV

$UW   e OtFLWD D FXPXODomR GH LQYHQWiULRV SDUD D SDUWLOKD GH KHUDQoDV GH SHVVRDV GLYHUVDV TXDQGR
KRXYHU

,LGHQWLGDGHGHSHVVRDVHQWUHDVTXDLVGHYDPVHUUHSDUWLGRVRVEHQV

,,KHUDQoDVGHL[DGDVSHORVGRLVF{QMXJHVRXFRPSDQKHLURV

,,,GHSHQGrQFLDGHXPDGDVSDUWLOKDVHPUHODomRjRXWUD

3DUiJUDIR~QLFR1RFDVRSUHYLVWRQRLQFLVR,,,VHDGHSHQGrQFLDIRUSDUFLDOSRUKDYHURXWURVEHQVRMXL]
SRGHRUGHQDUDWUDPLWDomRVHSDUDGDVHPHOKRUFRQYLHUDRLQWHUHVVHGDVSDUWHVRXjFHOHULGDGHSURFHVVXDO

$UW   1R FDVR SUHYLVWR QR DUW  LQFLVR ,, SUHYDOHFHUmR DV SULPHLUDV GHFODUDo}HV DVVLP FRPR R
ODXGRGHDYDOLDomRVDOYRVHDOWHUDGRRYDORUGRVEHQV

&$378/29,,
'26(0%$5*26'(7(5&(,52

$UW4XHPQmRVHQGRSDUWHQRSURFHVVRVRIUHUFRQVWULomRRXDPHDoDGHFRQVWULomRVREUHEHQVTXH
SRVVXDRXVREUHRVTXDLVWHQKDGLUHLWRLQFRPSDWtYHOFRPRDWRFRQVWULWLYRSRGHUiUHTXHUHUVHXGHVID]LPHQWRRX
VXDLQLELomRSRUPHLRGHHPEDUJRVGHWHUFHLUR

R2VHPEDUJRVSRGHPVHUGHWHUFHLURSURSULHWiULRLQFOXVLYHILGXFLiULRRXSRVVXLGRU

R&RQVLGHUDVHWHUFHLURSDUDDMXL]DPHQWRGRVHPEDUJRV

,RF{QMXJHRXFRPSDQKHLURTXDQGRGHIHQGHDSRVVHGHEHQVSUySULRVRXGHVXDPHDomRUHVVDOYDGRR
GLVSRVWRQRDUW

,,  R DGTXLUHQWH GH EHQV FXMD FRQVWULomR GHFRUUHX GH GHFLVmR TXH GHFODUD D LQHILFiFLD GD DOLHQDomR
UHDOL]DGDHPIUDXGHjH[HFXomR

,,,TXHPVRIUHFRQVWULomRMXGLFLDOGHVHXVEHQVSRUIRUoDGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFD
GHFXMRLQFLGHQWHQmRIH]SDUWH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,9RFUHGRUFRPJDUDQWLDUHDOSDUDREVWDUH[SURSULDomRMXGLFLDOGRREMHWRGHGLUHLWRUHDOGHJDUDQWLDFDVR
QmRWHQKDVLGRLQWLPDGRQRVWHUPRVOHJDLVGRVDWRVH[SURSULDWyULRVUHVSHFWLYRV

$UW2VHPEDUJRVSRGHPVHURSRVWRVDTXDOTXHUWHPSRQRSURFHVVRGHFRQKHFLPHQWRHQTXDQWRQmR
WUDQVLWDGD HP MXOJDGR D VHQWHQoD H QR FXPSULPHQWR GH VHQWHQoD RX QR SURFHVVR GH H[HFXomR DWp  FLQFR
GLDV GHSRLV GD DGMXGLFDomR GD DOLHQDomR SRU LQLFLDWLYD SDUWLFXODU RX GD DUUHPDWDomR PDV VHPSUH DQWHV GD
DVVLQDWXUDGDUHVSHFWLYDFDUWD

3DUiJUDIR ~QLFR  &DVR LGHQWLILTXH D H[LVWrQFLD GH WHUFHLUR WLWXODU GH LQWHUHVVH HP HPEDUJDU R DWR R MXL]
PDQGDUiLQWLPiORSHVVRDOPHQWH

$UW2VHPEDUJRVVHUmRGLVWULEXtGRVSRUGHSHQGrQFLDDRMXt]RTXHRUGHQRXDFRQVWULomRHDXWXDGRV
HPDSDUWDGR

3DUiJUDIR ~QLFR  1RV FDVRV GH DWR GH FRQVWULomR UHDOL]DGR SRU FDUWD RV HPEDUJRV VHUmR RIHUHFLGRV QR
MXt]RGHSUHFDGRVDOYRVHLQGLFDGRSHORMXt]RGHSUHFDQWHREHPFRQVWULWRRXVHMiGHYROYLGDDFDUWD

$UW   1D SHWLomR LQLFLDO R HPEDUJDQWH IDUi D SURYD VXPiULD GH VXD SRVVH RX GH VHX GRPtQLR H GD
TXDOLGDGHGHWHUFHLURRIHUHFHQGRGRFXPHQWRVHUROGHWHVWHPXQKDV

ReIDFXOWDGDDSURYDGDSRVVHHPDXGLrQFLDSUHOLPLQDUGHVLJQDGDSHORMXL]

R2SRVVXLGRUGLUHWRSRGHDOHJDUDOpPGDVXDSRVVHRGRPtQLRDOKHLR

R$FLWDomRVHUiSHVVRDOVHRHPEDUJDGRQmRWLYHUSURFXUDGRUFRQVWLWXtGRQRVDXWRVGDDomRSULQFLSDO

 R 6HUi OHJLWLPDGR SDVVLYR R VXMHLWR D TXHP R DWR GH FRQVWULomR DSURYHLWD DVVLP FRPR R VHUi VHX
DGYHUViULRQRSURFHVVRSULQFLSDOTXDQGRIRUVXDDLQGLFDomRGREHPSDUDDFRQVWULomRMXGLFLDO

$UW   $ GHFLVmR TXH UHFRQKHFHU VXILFLHQWHPHQWH SURYDGR R GRPtQLR RX D SRVVH GHWHUPLQDUi D
VXVSHQVmRGDVPHGLGDVFRQVWULWLYDVVREUHRVEHQVOLWLJLRVRVREMHWRGRVHPEDUJRVEHPFRPRDPDQXWHQomRRX
DUHLQWHJUDomRSURYLVyULDGDSRVVHVHRHPEDUJDQWHDKRXYHUUHTXHULGR

3DUiJUDIR ~QLFR  2 MXL] SRGHUi FRQGLFLRQDU D RUGHP GH PDQXWHQomR RX GH UHLQWHJUDomR SURYLVyULD GH
SRVVH j SUHVWDomR GH FDXomR SHOR UHTXHUHQWH UHVVDOYDGD D LPSRVVLELOLGDGH GD SDUWH HFRQRPLFDPHQWH
KLSRVVXILFLHQWH

$UW2VHPEDUJRVSRGHUmR VHU FRQWHVWDGRV QR SUD]R GH  TXLQ]H  GLDV ILQGR R TXDO VH VHJXLUi R
SURFHGLPHQWRFRPXP

$UW&RQWUDRVHPEDUJRVGRFUHGRUFRPJDUDQWLDUHDORHPEDUJDGRVRPHQWHSRGHUiDOHJDUTXH

,RGHYHGRUFRPXPpLQVROYHQWH

,,RWtWXORpQXORRXQmRREULJDDWHUFHLUR

,,,RXWUDpDFRLVDGDGDHPJDUDQWLD

$UW   $FROKLGR R SHGLGR LQLFLDO R DWR GH FRQVWULomR MXGLFLDO LQGHYLGD VHUi FDQFHODGR FRP R
UHFRQKHFLPHQWR GR GRPtQLR GD PDQXWHQomR GD SRVVH RX GD UHLQWHJUDomR GHILQLWLYD GR EHP RX GR GLUHLWR DR
HPEDUJDQWH

&$378/29,,,
'$2326,d2

$UW4XHPSUHWHQGHU QR WRGR RX HP SDUWH D FRLVD RX R GLUHLWR VREUH TXH FRQWURYHUWHP DXWRU H UpX
SRGHUiDWpVHUSURIHULGDDVHQWHQoDRIHUHFHURSRVLomRFRQWUDDPERV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW2RSRHQWHGHGX]LUiRSHGLGRHPREVHUYDomRDRVUHTXLVLWRVH[LJLGRVSDUDSURSRVLWXUDGDDomR

3DUiJUDIR ~QLFR  'LVWULEXtGD D RSRVLomR SRU GHSHQGrQFLD VHUmR RV RSRVWRV FLWDGRV QD SHVVRD GH VHXV
UHVSHFWLYRVDGYRJDGRVSDUDFRQWHVWDURSHGLGRQRSUD]RFRPXPGH TXLQ]H GLDV

$UW6HXPGRVRSRVWRVUHFRQKHFHUDSURFHGrQFLDGRSHGLGRFRQWUDRRXWURSURVVHJXLUiRRSRHQWH

$UW$GPLWLGRRSURFHVVDPHQWRDRSRVLomRVHUiDSHQVDGDDRVDXWRVHWUDPLWDUiVLPXOWDQHDPHQWHj
DomRRULJLQiULDVHQGRDPEDVMXOJDGDVSHODPHVPDVHQWHQoD

3DUiJUDIR~QLFR6HDRSRVLomRIRUSURSRVWDDSyVRLQtFLRGDDXGLrQFLDGHLQVWUXomRRMXL]VXVSHQGHUiR
FXUVRGRSURFHVVRDRILPGDSURGXomRGDVSURYDVVDOYRVHFRQFOXLUTXHDXQLGDGHGDLQVWUXomRDWHQGH PHOKRU
DRSULQFtSLRGDGXUDomRUD]RiYHOGRSURFHVVR

$UW   &DEHQGR DR MXL] GHFLGLU VLPXOWDQHDPHQWH D DomR RULJLQiULD H D RSRVLomR GHVWD FRQKHFHUi HP
SULPHLUROXJDU

&$378/2,;
'$+$%,/,7$d2

$UW$KDELOLWDomRRFRUUHTXDQGRSRUIDOHFLPHQWRGHTXDOTXHUGDVSDUWHVRVLQWHUHVVDGRVKRXYHUHP
GHVXFHGHUOKHQRSURFHVVR

$UW$KDELOLWDomRSRGHVHUUHTXHULGD

,SHODSDUWHHPUHODomRDRVVXFHVVRUHVGRIDOHFLGR

,,SHORVVXFHVVRUHVGRIDOHFLGRHPUHODomRjSDUWH

$UW   3URFHGHUVHi j KDELOLWDomR QRV DXWRV GR SURFHVVR SULQFLSDO QD LQVWkQFLD HP TXH HVWLYHU
VXVSHQGHQGRVHDSDUWLUGHHQWmRRSURFHVVR

$UW5HFHELGDDSHWLomRRMXL]RUGHQDUiDFLWDomRGRVUHTXHULGRVSDUDVHSURQXQFLDUHPQRSUD]RGH
 FLQFR GLDV

3DUiJUDIR~QLFR$FLWDomRVHUiSHVVRDOVHDSDUWHQmRWLYHUSURFXUDGRUFRQVWLWXtGRQRVDXWRV

$UW   2 MXL] GHFLGLUi R SHGLGR GH KDELOLWDomR LPHGLDWDPHQWH VDOYR VH HVWH IRU LPSXJQDGR H KRXYHU
QHFHVVLGDGHGHGLODomRSUREDWyULDGLYHUVDGDGRFXPHQWDOFDVRHPTXHGHWHUPLQDUi TXH R SHGLGR VHMD DXWXDGR
HPDSDUWDGRHGLVSRUiVREUHDLQVWUXomR

$UW7UDQVLWDGDHPMXOJDGR D VHQWHQoD GH KDELOLWDomR R SURFHVVR SULQFLSDO UHWRPDUi R VHX FXUVR H


FySLDGDVHQWHQoDVHUiMXQWDGDDRVDXWRVUHVSHFWLYRV

&$378/2;
'$6$d(6'()$0/,$

$UW   $V QRUPDV GHVWH &DStWXOR DSOLFDPVH DRV SURFHVVRV FRQWHQFLRVRV GH GLYyUFLR VHSDUDomR
UHFRQKHFLPHQWRHH[WLQomRGHXQLmRHVWiYHOJXDUGDYLVLWDomRHILOLDomR

3DUiJUDIR ~QLFR  $ DomR GH DOLPHQWRV H D TXH YHUVDU VREUH LQWHUHVVH GH FULDQoD RX GH DGROHVFHQWH
REVHUYDUmRRSURFHGLPHQWRSUHYLVWRHPOHJLVODomRHVSHFtILFDDSOLFDQGRVHQRTXHFRXEHUDVGLVSRVLo}HVGHVWH
&DStWXOR

$UW   1DV Do}HV GH IDPtOLD WRGRV RV HVIRUoRV VHUmR HPSUHHQGLGRV SDUD D VROXomR FRQVHQVXDO GD
FRQWURYpUVLDGHYHQGRRMXL]GLVSRUGRDX[tOLRGHSURILVVLRQDLVGHRXWUDViUHDVGHFRQKHFLPHQWRSDUDDPHGLDomR
HFRQFLOLDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  $ UHTXHULPHQWR GDV SDUWHV R MXL] SRGH GHWHUPLQDU D VXVSHQVmR GR SURFHVVR HQTXDQWR
RVOLWLJDQWHVVHVXEPHWHPDPHGLDomRH[WUDMXGLFLDORXDDWHQGLPHQWRPXOWLGLVFLSOLQDU

$UW   5HFHELGD D SHWLomR LQLFLDO H VH IRU R FDVR WRPDGDV DV SURYLGrQFLDV UHIHUHQWHV j WXWHOD
SURYLVyULDRMXL]RUGHQDUiDFLWDomRGRUpXSDUDFRPSDUHFHUjDXGLrQFLDGHPHGLDomRHFRQFLOLDomRREVHUYDGRR
GLVSRVWRQRDUW

 R 2 PDQGDGR GH FLWDomR FRQWHUi DSHQDV RV GDGRV QHFHVViULRV j DXGLrQFLD H GHYHUi HVWDU
GHVDFRPSDQKDGRGHFySLD GD SHWLomR LQLFLDO DVVHJXUDGR DR UpX R GLUHLWR GH H[DPLQDU VHX FRQWH~GR D TXDOTXHU
WHPSR

R$FLWDomRRFRUUHUiFRPDQWHFHGrQFLDPtQLPDGH TXLQ]H GLDVGDGDWDGHVLJQDGDSDUDDDXGLrQFLD

R$FLWDomRVHUiIHLWDQDSHVVRDGRUpX

R1DDXGLrQFLDDVSDUWHVGHYHUmRHVWDUDFRPSDQKDGDVGHVHXVDGYRJDGRVRXGHGHIHQVRUHVS~EOLFRV

$UW   $ DXGLrQFLD GH PHGLDomR H FRQFLOLDomR SRGHUi GLYLGLUVH HP WDQWDV VHVV}HV TXDQWDV VHMDP
QHFHVViULDV SDUD YLDELOL]DU D VROXomR FRQVHQVXDO VHP SUHMXt]R GH SURYLGrQFLDV MXULVGLFLRQDLV SDUD HYLWDU R
SHUHFLPHQWRGRGLUHLWR

$UW   1mR UHDOL]DGR R DFRUGR SDVVDUmR D LQFLGLU D SDUWLU GH HQWmR DV QRUPDV GR SURFHGLPHQWR
FRPXPREVHUYDGRRDUW

$UW   1DV Do}HV GH IDPtOLD R 0LQLVWpULR 3~EOLFR VRPHQWH LQWHUYLUi TXDQGR KRXYHU LQWHUHVVH GH
LQFDSD]HGHYHUiVHURXYLGRSUHYLDPHQWHjKRPRORJDomRGHDFRUGR

$UW4XDQGRRSURFHVVRHQYROYHUGLVFXVVmRVREUHIDWRUHODFLRQDGRDDEXVRRXDDOLHQDomRSDUHQWDO
RMXL]DRWRPDURGHSRLPHQWRGRLQFDSD]GHYHUiHVWDUDFRPSDQKDGRSRUHVSHFLDOLVWD

&$378/2;,
'$$d2021,75,$

$UW   $ DomR PRQLWyULD SRGH VHU SURSRVWD SRU DTXHOH TXH DILUPDU FRP EDVH HP SURYD HVFULWD VHP
HILFiFLDGHWtWXORH[HFXWLYRWHUGLUHLWRGHH[LJLUGRGHYHGRUFDSD]

,RSDJDPHQWRGHTXDQWLDHPGLQKHLUR

,,DHQWUHJDGHFRLVDIXQJtYHORXLQIXQJtYHORXGHEHPPyYHORXLPyYHO

,,,RDGLPSOHPHQWRGHREULJDomRGHID]HURXGHQmRID]HU

 R $ SURYD HVFULWD SRGH FRQVLVWLU HP SURYD RUDO GRFXPHQWDGD SURGX]LGD DQWHFLSDGDPHQWH QRV WHUPRV
GRDUW

R1DSHWLomRLQLFLDOLQFXPEHDRDXWRUH[SOLFLWDUFRQIRUPHRFDVR

,DLPSRUWkQFLDGHYLGDLQVWUXLQGRDFRPPHPyULDGHFiOFXOR

,,RYDORUDWXDOGDFRLVDUHFODPDGD

,,,RFRQWH~GRSDWULPRQLDOHPGLVFXVVmRRXRSURYHLWRHFRQ{PLFRSHUVHJXLGR

R2YDORUGDFDXVDGHYHUiFRUUHVSRQGHUjLPSRUWkQFLDSUHYLVWDQRRLQFLVRV,D,,,

R$OpPGDVKLSyWHVHVGRDUWDSHWLomRLQLFLDOVHUiLQGHIHULGDTXDQGRQmRDWHQGLGRRGLVSRVWRQR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RGHVWHDUWLJR

R +DYHQGR G~YLGD TXDQWR j LGRQHLGDGH GH SURYD GRFXPHQWDO DSUHVHQWDGD SHOR DXWRU R MXL] LQWLPiORi
SDUDTXHUHQGRHPHQGDUDSHWLomRLQLFLDODGDSWDQGRDDRSURFHGLPHQWRFRPXP

ReDGPLVVtYHODomRPRQLWyULDHPIDFHGD)D]HQGD3~EOLFD

 R 1D DomR PRQLWyULD DGPLWHVH FLWDomR SRU TXDOTXHU GRV PHLRV SHUPLWLGRV SDUD R SURFHGLPHQWR
FRPXP

$UW   6HQGR HYLGHQWH R GLUHLWR GR DXWRU R MXL] GHIHULUi D H[SHGLomR GH PDQGDGR GH SDJDPHQWR GH
HQWUHJD GH FRLVD RX SDUD H[HFXomR GH REULJDomR GH ID]HU RX GH QmR ID]HU FRQFHGHQGR DR UpX SUD]R GH 
TXLQ]H  GLDV SDUD R FXPSULPHQWR H R SDJDPHQWR GH KRQRUiULRV DGYRFDWtFLRV GH FLQFR SRU FHQWR GR YDORU
DWULEXtGRjFDXVD

R2UpXVHUiLVHQWRGRSDJDPHQWRGHFXVWDVSURFHVVXDLVVHFXPSULURPDQGDGRQRSUD]R

R&RQVWLWXLUVHiGHSOHQRGLUHLWRRWtWXORH[HFXWLYRMXGLFLDOLQGHSHQGHQWHPHQWHGHTXDOTXHUIRUPDOLGDGH
VH QmR UHDOL]DGR R SDJDPHQWR H QmR DSUHVHQWDGRV RV HPEDUJRV SUHYLVWRV QR DUW  REVHUYDQGRVH QR TXH
FRXEHUR7tWXOR,,GR/LYUR,GD3DUWH(VSHFLDO

ReFDEtYHODomRUHVFLVyULDGDGHFLVmRSUHYLVWDQRFDSXWTXDQGRRFRUUHUDKLSyWHVHGRR

 R 6HQGR D Up )D]HQGD 3~EOLFD QmR DSUHVHQWDGRV RV HPEDUJRV SUHYLVWRV QR DUW  DSOLFDUVHi R
GLVSRVWRQRDUWREVHUYDQGRVHDVHJXLUQRTXHFRXEHUR7tWXOR,,GR/LYUR,GD3DUWH(VSHFLDO

R$SOLFDVHjDomRPRQLWyULDQRTXHFRXEHURDUW

$UW  ,QGHSHQGHQWHPHQWH GH SUpYLD VHJXUDQoD GR MXt]R R UpX SRGHUi RSRU QRV SUySULRV DXWRV QR
SUD]RSUHYLVWRQRDUWHPEDUJRVjDomRPRQLWyULD

 R 2V HPEDUJRV SRGHP VH IXQGDU HP PDWpULD SDVVtYHO GH DOHJDomR FRPR GHIHVD QR SURFHGLPHQWR
FRPXP

R4XDQGRRUpXDOHJDUTXHRDXWRUSOHLWHLDTXDQWLDVXSHULRUjGHYLGDFXPSULUOKHiGHFODUDUGHLPHGLDWR
RYDORUTXHHQWHQGHFRUUHWRDSUHVHQWDQGRGHPRQVWUDWLYRGLVFULPLQDGRHDWXDOL]DGRGDGtYLGD

R1mRDSRQWDGRRYDORUFRUUHWRRXQmRDSUHVHQWDGRRGHPRQVWUDWLYRRVHPEDUJRVVHUmROLPLQDUPHQWH
UHMHLWDGRV VH HVVH IRU R VHX ~QLFR IXQGDPHQWR H VH KRXYHU RXWUR IXQGDPHQWR RV HPEDUJRV VHUmR
SURFHVVDGRVPDVRMXL]GHL[DUiGHH[DPLQDUDDOHJDomRGHH[FHVVR

 R $ RSRVLomR GRV HPEDUJRV VXVSHQGH D HILFiFLD GD GHFLVmR UHIHULGD QR FDSXW GR DUW  DWp R
MXOJDPHQWRHPSULPHLURJUDX

R2DXWRUVHUiLQWLPDGRSDUDUHVSRQGHUDRVHPEDUJRVQRSUD]RGH TXLQ]H GLDV

 R 1D DomR PRQLWyULD DGPLWHVH D UHFRQYHQomR VHQGR YHGDGR R RIHUHFLPHQWR GH UHFRQYHQomR j
UHFRQYHQomR

 R $ FULWpULR GR MXL] RV HPEDUJRV VHUmR DXWXDGRV HP DSDUWDGR VH SDUFLDLV FRQVWLWXLQGRVH GH SOHQR
GLUHLWRRWtWXORH[HFXWLYRMXGLFLDOHPUHODomRjSDUFHODLQFRQWURYHUVD

R5HMHLWDGRVRVHPEDUJRVFRQVWLWXLUVHiGHSOHQRGLUHLWRRWtWXORH[HFXWLYRMXGLFLDOSURVVHJXLQGRVHR
SURFHVVRHPREVHUYkQFLDDRGLVSRVWRQR7tWXOR,,GR/LYUR,GD3DUWH(VSHFLDOQRTXHIRUFDEtYHO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R&DEHDSHODomRFRQWUDDVHQWHQoDTXHDFROKHRXUHMHLWDRVHPEDUJRV

2MXL]FRQGHQDUiRDXWRUGHDomRPRQLWyULDSURSRVWDLQGHYLGDPHQWHHGHPiIpDRSDJDPHQWRHP
IDYRUGRUpXGHPXOWDGHDWpGH]SRUFHQWRVREUHRYDORUGDFDXVD

2MXL]FRQGHQDUiRUpXTXHGHPiIpRSXVHUHPEDUJRVjDomRPRQLWyULDDRSDJDPHQWRGHPXOWDGH
DWpGH]SRUFHQWRVREUHRYDORUDWULEXtGRjFDXVDHPIDYRUGRDXWRU

&$378/2;,,
'$+202/2*$d2'23(1+25/(*$/

$UW   7RPDGR R SHQKRU OHJDO QRV FDVRV SUHYLVWRV HP OHL UHTXHUHUi R FUHGRU DWR FRQWtQXR D
KRPRORJDomR

 R 1D SHWLomR LQLFLDO LQVWUXtGD FRP R FRQWUDWR GH ORFDomR RX D FRQWD SRUPHQRUL]DGD GDV GHVSHVDV D
WDEHODGRVSUHoRVHDUHODomRGRVREMHWRVUHWLGRVRFUHGRUSHGLUiDFLWDomRGRGHYHGRUSDUDSDJDURXFRQWHVWDU
QDDXGLrQFLDSUHOLPLQDUTXHIRUGHVLJQDGD

 R $ KRPRORJDomR GR SHQKRU OHJDO SRGHUi VHU SURPRYLGD SHOD YLD H[WUDMXGLFLDO PHGLDQWH UHTXHULPHQWR
TXHFRQWHUiRVUHTXLVLWRVSUHYLVWRVQRRGHVWHDUWLJRGRFUHGRUDQRWiULRGHVXDOLYUHHVFROKD

R5HFHELGRRUHTXHULPHQWRRQRWiULRSURPRYHUiDQRWLILFDomRH[WUDMXGLFLDOGRGHYHGRUSDUDQRSUD]RGH
 FLQFR GLDVSDJDURGpELWRRXLPSXJQDUVXDFREUDQoDDOHJDQGRSRUHVFULWRXPDGDVFDXVDVSUHYLVWDVQRDUW
KLSyWHVHHPTXHRSURFHGLPHQWRVHUiHQFDPLQKDGRDRMXt]RFRPSHWHQWHSDUDGHFLVmR

R 7UDQVFRUULGR R SUD]R VHP PDQLIHVWDomR GR GHYHGRU R QRWiULR IRUPDOL]DUi D KRPRORJDomR GR SHQKRU
OHJDOSRUHVFULWXUDS~EOLFD

$UW$GHIHVDVySRGHFRQVLVWLUHP

,QXOLGDGHGRSURFHVVR

,,H[WLQomRGDREULJDomR

,,,QmRHVWDUDGtYLGDFRPSUHHQGLGDHQWUHDVSUHYLVWDVHPOHLRXQmRHVWDUHPRVEHQVVXMHLWRVDSHQKRU
OHJDO

,9DOHJDomRGHKDYHUVLGRRIHUWDGDFDXomRLG{QHDUHMHLWDGDSHORFUHGRU

$UW$SDUWLUGDDXGLrQFLDSUHOLPLQDUREVHUYDUVHiRSURFHGLPHQWRFRPXP

$UW+RPRORJDGRMXGLFLDOPHQWHRSHQKRUOHJDOFRQVROLGDUVHiDSRVVHGRDXWRUVREUHRREMHWR

 R 1HJDGD D KRPRORJDomR R REMHWR VHUi HQWUHJXH DR UpX UHVVDOYDGR DR DXWRU R GLUHLWR GH FREUDU D
GtYLGDSHORSURFHGLPHQWRFRPXPVDOYRVHDFROKLGDDDOHJDomRGHH[WLQomRGDREULJDomR

R&RQWUDDVHQWHQoDFDEHUiDSHODomRHQDSHQGrQFLDGHUHFXUVRSRGHUiRUHODWRURUGHQDUTXHDFRLVD
SHUPDQHoDGHSRVLWDGDRXHPSRGHUGRDXWRU

&$378/2;,,,
'$5(*8/$d2'($9$5,$*5266$

$UW4XDQGRLQH[LVWLUFRQVHQVRDFHUFDGDQRPHDomRGHXPUHJXODGRUGHDYDULDVRMXL]GHGLUHLWR GD
FRPDUFDGRSULPHLURSRUWRRQGHRQDYLRKRXYHUFKHJDGRSURYRFDGRSRUTXDOTXHUSDUWHLQWHUHVVDGDQRPHDUiXP
GHQRWyULRFRQKHFLPHQWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW2UHJXODGRUGHFODUDUiMXVWLILFDGDPHQWHVHRVGDQRVVmRSDVVtYHLVGHUDWHLRQDIRUPDGHDYDULD
JURVVD H H[LJLUi GDV SDUWHV HQYROYLGDV D DSUHVHQWDomR GH JDUDQWLDV LG{QHDV SDUD TXH SRVVDP VHU OLEHUDGDV DV
FDUJDVDRVFRQVLJQDWiULRV

R$SDUWHTXHQmRFRQFRUGDUFRPRUHJXODGRUTXDQWRjGHFODUDomRGHDEHUWXUDGDDYDULDJURVVDGHYHUi
MXVWLILFDUVXDVUD]}HVDRMXL]TXHGHFLGLUiQRSUD]RGH GH] GLDV

 R 6H R FRQVLJQDWiULR QmR DSUHVHQWDU JDUDQWLD LG{QHD D FULWpULR GR UHJXODGRU HVWH IL[DUi R YDORU GD
FRQWULEXLomR SURYLVyULD FRP EDVH QRV IDWRV QDUUDGRV H QRV GRFXPHQWRV TXH LQVWUXtUHP D SHWLomR LQLFLDO TXH
GHYHUiVHUFDXFLRQDGRVREDIRUPDGHGHSyVLWRMXGLFLDORXGHJDUDQWLDEDQFiULD

R5HFXVDQGRVHRFRQVLJQDWiULRDSUHVWDUFDXomRRUHJXODGRUUHTXHUHUiDRMXL]DDOLHQDomRMXGLFLDO GH
VXDFDUJDQDIRUPDGRVDUWVD

 R e SHUPLWLGR R OHYDQWDPHQWR SRU DOYDUi GDV TXDQWLDV QHFHVViULDV DR SDJDPHQWR GDV GHVSHVDV GD
DOLHQDomR D VHUHP DUFDGDV SHOR FRQVLJQDWiULR PDQWHQGRVH R VDOGR UHPDQHVFHQWH HP GHSyVLWR MXGLFLDO DWp R
HQFHUUDPHQWRGDUHJXODomR

$UW   $V SDUWHV GHYHUmR DSUHVHQWDU QRV DXWRV RV GRFXPHQWRV QHFHVViULRV j UHJXODomR GD DYDULD
JURVVDHPSUD]RUD]RiYHODVHUIL[DGRSHORUHJXODGRU

$UW   2 UHJXODGRU DSUHVHQWDUi R UHJXODPHQWR GD DYDULD JURVVD QR SUD]R GH DWp  GR]H  PHVHV
FRQWDGRGDGDWDGDHQWUHJDGRVGRFXPHQWRVQRVDXWRVSHODVSDUWHVSRGHQGRRSUD]RVHUHVWHQGLGRDFULWpULRGR
MXL]

 R 2IHUHFLGR R UHJXODPHQWR GD DYDULD JURVVD GHOH WHUmR YLVWD DV SDUWHV SHOR SUD]R FRPXP GH 
TXLQ]H GLDVHQmRKDYHQGRLPSXJQDomRRUHJXODPHQWRVHUiKRPRORJDGRSRUVHQWHQoD

 R +DYHQGR LPSXJQDomR DR UHJXODPHQWR R MXL] GHFLGLUi QR SUD]R GH  GH]  GLDV DSyV D RLWLYD GR
UHJXODGRU

$UW$SOLFDPVHDRUHJXODGRUGHDYDULDVRVDUWVDQRTXHFRXEHU

&$378/2;,9
'$5(67$85$d2'($8726

$UW9HULILFDGRRGHVDSDUHFLPHQWRGRVDXWRVHOHWU{QLFRVRXQmRSRGHRMXL]GHRItFLRTXDOTXHUGDV
SDUWHVRXR0LQLVWpULR3~EOLFRVHIRURFDVRSURPRYHUOKHVDUHVWDXUDomR

3DUiJUDIR~QLFR+DYHQGRDXWRVVXSOHPHQWDUHVQHVVHVSURVVHJXLUiRSURFHVVR

$UW   1D SHWLomR LQLFLDO GHFODUDUi D SDUWH R HVWDGR GR SURFHVVR DR WHPSR GR GHVDSDUHFLPHQWR GRV
DXWRVRIHUHFHQGR

,FHUWLG}HVGRVDWRVFRQVWDQWHVGRSURWRFRORGHDXGLrQFLDVGRFDUWyULRSRURQGHKDMDFRUULGRRSURFHVVR

,,FySLDGDVSHoDVTXHWHQKDHPVHXSRGHU

,,,TXDOTXHURXWURGRFXPHQWRTXHIDFLOLWHDUHVWDXUDomR

$UW   $ SDUWH FRQWUiULD VHUi FLWDGD SDUD FRQWHVWDU R SHGLGR QR SUD]R GH  FLQFR  GLDV FDEHQGROKH
H[LELUDVFySLDVDVFRQWUDIpVHDVUHSURGXo}HVGRVDWRVHGRVGRFXPHQWRVTXHHVWLYHUHPHPVHXSRGHU

R6HDSDUWHFRQFRUGDUFRPDUHVWDXUDomRODYUDUVHiRDXWRTXHDVVLQDGRSHODVSDUWHVHKRPRORJDGR
SHORMXL]VXSULUiRSURFHVVRGHVDSDUHFLGR

R6HDSDUWHQmRFRQWHVWDURXVHDFRQFRUGkQFLDIRUSDUFLDOREVHUYDUVHiRSURFHGLPHQWRFRPXP
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   6H D SHUGD GRV DXWRV WLYHU RFRUULGR GHSRLV GD SURGXomR GDV SURYDV HP DXGLrQFLD R MXL] VH
QHFHVViULRPDQGDUiUHSHWLODV

 R 6HUmR UHLQTXLULGDV DV PHVPDV WHVWHPXQKDV TXH HP FDVR GH LPSRVVLELOLGDGH SRGHUmR VHU
VXEVWLWXtGDVGHRItFLRRXDUHTXHULPHQWR

 R 1mR KDYHQGR FHUWLGmR RX FySLD GR ODXGR IDUVHi QRYD SHUtFLD VHPSUH TXH SRVVtYHO SHOR PHVPR
SHULWR

 R 1mR KDYHQGR FHUWLGmR GH GRFXPHQWRV HVVHV VHUmR UHFRQVWLWXtGRV PHGLDQWH FySLDV RX QD IDOWD
GHVVDVSHORVPHLRVRUGLQiULRVGHSURYD

 R 2V VHUYHQWXiULRV H RV DX[LOLDUHV GD MXVWLoD QmR SRGHP H[LPLUVH GH GHSRU FRPR WHVWHPXQKDV D
UHVSHLWRGHDWRVTXHWHQKDPSUDWLFDGRRXDVVLVWLGR

R6HRMXL]KRXYHUSURIHULGRVHQWHQoDGDTXDOHOHSUySULRRXRHVFULYmRSRVVXDFySLDHVWDVHUiMXQWDGD
DRVDXWRVHWHUiDPHVPDDXWRULGDGHGDRULJLQDO

$UW-XOJDGDDUHVWDXUDomRVHJXLUiRSURFHVVRRVVHXVWHUPRV

3DUiJUDIR~QLFR$SDUHFHQGRRVDXWRVRULJLQDLVQHOHVVHSURVVHJXLUiVHQGROKHVDSHQVDGRVRVDXWRVGD
UHVWDXUDomR

$UW   6H R GHVDSDUHFLPHQWR GRV DXWRV WLYHU RFRUULGR QR WULEXQDO R SURFHVVR GH UHVWDXUDomR VHUi
GLVWULEXtGRVHPSUHTXHSRVVtYHODRUHODWRUGRSURFHVVR

R$UHVWDXUDomRIDUVHiQRMXt]RGHRULJHPTXDQWRDRVDWRVQHOHUHDOL]DGRV

R5HPHWLGRVRVDXWRVDRWULEXQDOQHOHFRPSOHWDUVHiDUHVWDXUDomRHSURFHGHUVHiDRMXOJDPHQWR

$UW   4XHP KRXYHU GDGR FDXVD DR GHVDSDUHFLPHQWR GRV DXWRV UHVSRQGHUi SHODV FXVWDV GD
UHVWDXUDomRHSHORVKRQRUiULRVGHDGYRJDGRVHPSUHMXt]RGDUHVSRQVDELOLGDGHFLYLORXSHQDOHPTXHLQFRUUHU

&$378/2;9
'26352&(',0(1726'(-85,6',d292/8175,$

6HomR,
'LVSRVLo}HV*HUDLV

$UW   4XDQGR HVWH &yGLJR QmR HVWDEHOHFHU SURFHGLPHQWR HVSHFLDO UHJHP RV SURFHGLPHQWRV GH
MXULVGLomRYROXQWiULDDVGLVSRVLo}HVFRQVWDQWHVGHVWD6HomR

$UW   2 SURFHGLPHQWR WHUi LQtFLR SRU SURYRFDomR GR LQWHUHVVDGR GR 0LQLVWpULR 3~EOLFR RX GD
'HIHQVRULD 3~EOLFD FDEHQGROKHV IRUPXODU R SHGLGR GHYLGDPHQWH LQVWUXtGR FRP RV GRFXPHQWRV QHFHVViULRV H
FRPDLQGLFDomRGDSURYLGrQFLDMXGLFLDO

$UW6HUmRFLWDGRVWRGRVRVLQWHUHVVDGRVEHPFRPRLQWLPDGRR0LQLVWpULR3~EOLFRQRVFDVRVGRDUW
SDUDTXHVHPDQLIHVWHPTXHUHQGRQRSUD]RGH TXLQ]H GLDV

$UW$)D]HQGD3~EOLFDVHUiVHPSUHRXYLGDQRVFDVRVHPTXHWLYHULQWHUHVVH

$UW2MXL]GHFLGLUiRSHGLGRQRSUD]RGH GH] GLDV

3DUiJUDIR~QLFR2MXL]QmRpREULJDGRDREVHUYDUFULWpULRGHOHJDOLGDGHHVWULWDSRGHQGRDGRWDUHPFDGD
FDVRDVROXomRTXHFRQVLGHUDUPDLVFRQYHQLHQWHRXRSRUWXQD

$UW'DVHQWHQoDFDEHUiDSHODomR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW3URFHVVDUVHiQDIRUPDHVWDEHOHFLGDQHVWD6HomRRSHGLGRGH

,HPDQFLSDomR

,,VXEURJDomR

,,,DOLHQDomRDUUHQGDPHQWRRXRQHUDomRGHEHQVGHFULDQoDVRXDGROHVFHQWHVGHyUImRVHGHLQWHUGLWRV

,9DOLHQDomRORFDomRHDGPLQLVWUDomRGDFRLVDFRPXP

9DOLHQDomRGHTXLQKmRHPFRLVDFRPXP

9,H[WLQomRGHXVXIUXWRTXDQGRQmRGHFRUUHUGD PRUWH GR XVXIUXWXiULR GR WHUPR GD VXD GXUDomR RX GD
FRQVROLGDomR H GH ILGHLFRPLVVR TXDQGR GHFRUUHU GH UHQ~QFLD RX TXDQGR RFRUUHU DQWHV GR HYHQWR TXH
FDUDFWHUL]DUDFRQGLomRUHVROXWyULD

9,,H[SHGLomRGHDOYDUiMXGLFLDO

9,,,KRPRORJDomRGHDXWRFRPSRVLomRH[WUDMXGLFLDOGHTXDOTXHUQDWXUH]DRXYDORU

3DUiJUDIR ~QLFR  $V QRUPDV GHVWD 6HomR DSOLFDPVH QR TXH FRXEHU DRV SURFHGLPHQWRV UHJXODGRV QDV
VHo}HVVHJXLQWHV

6HomR,,
'D1RWLILFDomRHGD,QWHUSHODomR

$UW   4XHP WLYHU LQWHUHVVH HP PDQLIHVWDU IRUPDOPHQWH VXD YRQWDGH D RXWUHP VREUH DVVXQWR
MXULGLFDPHQWHUHOHYDQWHSRGHUiQRWLILFDUSHVVRDVSDUWLFLSDQWHVGDPHVPDUHODomRMXUtGLFDSDUDGDUOKHVFLrQFLDGH
VHXSURSyVLWR

R6HDSUHWHQVmRIRUDGHGDUFRQKHFLPHQWRJHUDODRS~EOLFRPHGLDQWHHGLWDORMXL]VyDGHIHULUiVHD
WLYHUSRUIXQGDGDHQHFHVViULDDRUHVJXDUGRGHGLUHLWR

R$SOLFDVHRGLVSRVWRQHVWD6HomRQRTXHFRXEHUDRSURWHVWRMXGLFLDO

$UW7DPEpPSRGHUiRLQWHUHVVDGRLQWHUSHODURUHTXHULGRQRFDVRGRDUWSDUDTXHIDoDRXGHL[H
GHID]HURTXHRUHTXHUHQWHHQWHQGDVHUGHVHXGLUHLWR

$UW   2 UHTXHULGR VHUi SUHYLDPHQWH RXYLGR DQWHV GR GHIHULPHQWR GD QRWLILFDomR RX GR UHVSHFWLYR
HGLWDO

,  VH KRXYHU VXVSHLWD GH TXH R UHTXHUHQWH SRU PHLR GD QRWLILFDomR RX GR HGLWDO SUHWHQGH DOFDQoDU ILP
LOtFLWR

,,VHWLYHUVLGRUHTXHULGDDDYHUEDomRGDQRWLILFDomRHPUHJLVWURS~EOLFR

$UW'HIHULGDHUHDOL]DGDDQRWLILFDomRRXLQWHUSHODomRRVDXWRVVHUmRHQWUHJXHVDRUHTXHUHQWH

6HomR,,,
'D$OLHQDomR-XGLFLDO

$UW1RVFDVRVH[SUHVVRVHPOHLQmRKDYHQGRDFRUGRHQWUHRVLQWHUHVVDGRVVREUHRPRGRFRPRVH
GHYH UHDOL]DU D DOLHQDomR GR EHP R MXL] GH RItFLR RX D UHTXHULPHQWR GRV LQWHUHVVDGRV RX GR GHSRVLWiULR
PDQGDUi DOLHQiOR HP OHLOmR REVHUYDQGRVH R GLVSRVWR QD 6HomR , GHVWH &DStWXOR H QR TXH FRXEHU R GLVSRVWR
QRVDUWVD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

6HomR,9
'R'LYyUFLRHGD6HSDUDomR&RQVHQVXDLVGD([WLQomR&RQVHQVXDOGH8QLmR(VWiYHOHGD$OWHUDomRGR
5HJLPHGH%HQVGR0DWULP{QLR

$UW   $ KRPRORJDomR GR GLYyUFLR RX GD VHSDUDomR FRQVHQVXDLV REVHUYDGRV RV UHTXLVLWRV OHJDLV
SRGHUiVHUUHTXHULGDHPSHWLomRDVVLQDGDSRUDPERVRVF{QMXJHVGDTXDOFRQVWDUmR

,DVGLVSRVLo}HVUHODWLYDVjGHVFULomRHjSDUWLOKDGRVEHQVFRPXQV

,,DVGLVSRVLo}HVUHODWLYDVjSHQVmRDOLPHQWtFLDHQWUHRVF{QMXJHV

,,,RDFRUGRUHODWLYRjJXDUGDGRVILOKRVLQFDSD]HVHDRUHJLPHGHYLVLWDVH

,9RYDORUGDFRQWULEXLomRSDUDFULDUHHGXFDURVILOKRV

3DUiJUDIR ~QLFR  6H RV F{QMXJHV QmR DFRUGDUHP VREUH D SDUWLOKD GRV EHQV IDUVHi HVWD GHSRLV GH
KRPRORJDGRRGLYyUFLRQDIRUPDHVWDEHOHFLGDQRVDUWVD

$UW   $V GLVSRVLo}HV UHODWLYDV DR SURFHVVR GH KRPRORJDomR MXGLFLDO GH GLYyUFLR RX GH VHSDUDomR
FRQVHQVXDLVDSOLFDPVHQRTXHFRXEHUDRSURFHVVRGHKRPRORJDomRGDH[WLQomRFRQVHQVXDOGHXQLmRHVWiYHO

$UW2GLYyUFLRFRQVHQVXDODVHSDUDomRFRQVHQVXDOHDH[WLQomRFRQVHQVXDOGHXQLmRHVWiYHOQmR
KDYHQGR QDVFLWXUR RX ILOKRV LQFDSD]HV H REVHUYDGRV RV UHTXLVLWRV OHJDLV SRGHUmR VHU UHDOL]DGRV SRU HVFULWXUD
S~EOLFDGDTXDOFRQVWDUmRDVGLVSRVLo}HVGHTXHWUDWDRDUW

R$HVFULWXUDQmRGHSHQGHGHKRPRORJDomRMXGLFLDOHFRQVWLWXLWtWXORKiELOSDUDTXDOTXHUDWRGHUHJLVWUR
EHPFRPRSDUDOHYDQWDPHQWRGHLPSRUWkQFLDGHSRVLWDGDHPLQVWLWXLo}HVILQDQFHLUDV

R2WDEHOLmRVRPHQWHODYUDUiDHVFULWXUDVHRVLQWHUHVVDGRVHVWLYHUHPDVVLVWLGRVSRUDGYRJDGRRXSRU
GHIHQVRUS~EOLFRFXMDTXDOLILFDomRHDVVLQDWXUDFRQVWDUmRGRDWRQRWDULDO

$UW   $ DOWHUDomR GR UHJLPH GH EHQV GR FDVDPHQWR REVHUYDGRV RV UHTXLVLWRV OHJDLV SRGHUi VHU
UHTXHULGDPRWLYDGDPHQWHHPSHWLomRDVVLQDGDSRUDPERVRVF{QMXJHVQDTXDOVHUmRH[SRVWDVDVUD]}HVTXH
MXVWLILFDPDDOWHUDomRUHVVDOYDGRVRVGLUHLWRVGHWHUFHLURV

 R $R UHFHEHU D SHWLomR LQLFLDO R MXL] GHWHUPLQDUi D LQWLPDomR GR 0LQLVWpULR 3~EOLFR H D SXEOLFDomR GH
HGLWDOTXHGLYXOJXHDSUHWHQGLGDDOWHUDomRGHEHQVVRPHQWHSRGHQGRGHFLGLUGHSRLVGHGHFRUULGRRSUD]RGH
WULQWD GLDVGDSXEOLFDomRGRHGLWDO

 R 2V F{QMXJHV QD SHWLomR LQLFLDO RX HP SHWLomR DYXOVD SRGHP SURSRU DR MXL] PHLR DOWHUQDWLYR GH
GLYXOJDomRGDDOWHUDomRGRUHJLPHGHEHQVDILPGHUHVJXDUGDUGLUHLWRVGHWHUFHLURV

R $SyV R WUkQVLWR HP MXOJDGR GD VHQWHQoD VHUmR H[SHGLGRV PDQGDGRV GH DYHUEDomR DRV FDUWyULRV GH
UHJLVWUR FLYLO H GH LPyYHLV H FDVR TXDOTXHU GRV F{QMXJHV VHMD HPSUHViULR DR 5HJLVWUR 3~EOLFR GH (PSUHVDV
0HUFDQWLVH$WLYLGDGHV$ILQV

6HomR9
'RV7HVWDPHQWRVHGRV&RGLFLORV

$UW   5HFHEHQGR WHVWDPHQWR FHUUDGR R MXL] VH QmR DFKDU YtFLR H[WHUQR TXH R WRUQH VXVSHLWR GH
QXOLGDGHRXIDOVLGDGHRDEULUiHPDQGDUiTXHRHVFULYmRROHLDHPSUHVHQoDGRDSUHVHQWDQWH

R'RWHUPRGHDEHUWXUDFRQVWDUmRRQRPHGRDSUHVHQWDQWHHFRPRHOHREWHYHRWHVWDPHQWRDGDWDHR
OXJDUGRIDOHFLPHQWRGRWHVWDGRUFRPDVUHVSHFWLYDVSURYDVHTXDOTXHUFLUFXQVWkQFLDGLJQDGHQRWD

 R 'HSRLV GH RXYLGR R 0LQLVWpULR 3~EOLFR QmR KDYHQGR G~YLGDV D VHUHP HVFODUHFLGDV R MXL] PDQGDUi
UHJLVWUDUDUTXLYDUHFXPSULURWHVWDPHQWR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R)HLWRRUHJLVWURVHUiLQWLPDGRRWHVWDPHQWHLURSDUDDVVLQDURWHUPRGDWHVWDPHQWiULD

 R 6H QmR KRXYHU WHVWDPHQWHLUR QRPHDGR RX VH HOH HVWLYHU DXVHQWH RX QmR DFHLWDU R HQFDUJR R MXL]
QRPHDUiWHVWDPHQWHLURGDWLYRREVHUYDQGRVHDSUHIHUrQFLDOHJDO

 R 2 WHVWDPHQWHLUR GHYHUi FXPSULU DV GLVSRVLo}HV WHVWDPHQWiULDV H SUHVWDU FRQWDV HP MXt]R GR TXH
UHFHEHXHGHVSHQGHXREVHUYDQGRVHRGLVSRVWRHPOHL

$UW4XDOTXHULQWHUHVVDGRH[LELQGRRWUDVODGRRXDFHUWLGmRGHWHVWDPHQWRS~EOLFRSRGHUiUHTXHUHU
DRMXL]TXHRUGHQHRVHXFXPSULPHQWRREVHUYDQGRVHQRTXHFRXEHURGLVSRVWRQRVSDUiJUDIRVGRDUW

$UW   $ SXEOLFDomR GR WHVWDPHQWR SDUWLFXODU SRGHUi VHU UHTXHULGD GHSRLV GD PRUWH GR WHVWDGRU SHOR
KHUGHLURSHOROHJDWiULRRXSHORWHVWDPHQWHLUREHPFRPRSHORWHUFHLURGHWHQWRUGRWHVWDPHQWRVHLPSRVVLELOLWDGR
GHHQWUHJiORDDOJXPGRVRXWURVOHJLWLPDGRVSDUDUHTXHUrOD

R6HUmRLQWLPDGRVRVKHUGHLURVTXHQmRWLYHUHPUHTXHULGRDSXEOLFDomRGRWHVWDPHQWR

 R 9HULILFDQGR D SUHVHQoD GRV UHTXLVLWRV GD OHL RXYLGR R 0LQLVWpULR 3~EOLFR R MXL] FRQILUPDUi R
WHVWDPHQWR

 R $SOLFDVH R GLVSRVWR QHVWH DUWLJR DR FRGLFLOR H DRV WHVWDPHQWRV PDUtWLPR DHURQiXWLFR PLOLWDU H
QXQFXSDWLYR

R2EVHUYDUVHiQRFXPSULPHQWRGRWHVWDPHQWRRGLVSRVWRQRVSDUiJUDIRVGRDUW

6HomR9,
'D+HUDQoD-DFHQWH

$UW1RVFDVRVHPTXH D OHL FRQVLGHUH MDFHQWH D KHUDQoD R MXL] HP FXMD FRPDUFD WLYHU GRPLFtOLR R
IDOHFLGRSURFHGHUiLPHGLDWDPHQWHjDUUHFDGDomRGRVUHVSHFWLYRVEHQV

$UW   $ KHUDQoD MDFHQWH ILFDUi VRE D JXDUGD D FRQVHUYDomR H D DGPLQLVWUDomR GH XP FXUDGRU DWp D
UHVSHFWLYDHQWUHJDDRVXFHVVRUOHJDOPHQWHKDELOLWDGRRXDWpDGHFODUDomRGHYDFkQFLD

R,QFXPEHDRFXUDGRU

,UHSUHVHQWDUDKHUDQoDHPMXt]RRXIRUDGHOHFRPLQWHUYHQomRGR0LQLVWpULR3~EOLFR

,,WHUHPERDJXDUGDHFRQVHUYDomRRVEHQVDUUHFDGDGRVHSURPRYHUDDUUHFDGDomRGHRXWURVSRUYHQWXUD
H[LVWHQWHV

,,,H[HFXWDUDVPHGLGDVFRQVHUYDWyULDVGRVGLUHLWRVGDKHUDQoD

,9DSUHVHQWDUPHQVDOPHQWHDRMXL]EDODQFHWHGDUHFHLWDHGDGHVSHVD

9SUHVWDUFRQWDVDRILQDOGHVXDJHVWmR

R$SOLFDVHDRFXUDGRURGLVSRVWRQRVDUWVD

$UW2MXL]RUGHQDUi TXH R RILFLDO GH MXVWLoD DFRPSDQKDGR GR HVFULYmR RX GR FKHIH GH VHFUHWDULD H
GRFXUDGRUDUUROHRVEHQVHGHVFUHYDRVHPDXWRFLUFXQVWDQFLDGR

R1mRSRGHQGRFRPSDUHFHUDRORFDORMXL]UHTXLVLWDUijDXWRULGDGHSROLFLDOTXHSURFHGDjDUUHFDGDomRH
DRDUURODPHQWRGRVEHQVFRP GXDV WHVWHPXQKDVTXHDVVLVWLUmRjVGLOLJrQFLDV

R1mRHVWDQGRDLQGDQRPHDGRRFXUDGRURMXL]GHVLJQDUiGHSRVLWiULRHOKHHQWUHJDUiRVEHQVPHGLDQWH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

VLPSOHVWHUPRQRVDXWRVGHSRLVGHFRPSURPLVVDGR

R'XUDQWHDDUUHFDGDomRRMXL]RXDDXWRULGDGHSROLFLDOLQTXLULUiRVPRUDGRUHVGDFDVDHGDYL]LQKDQoD
VREUHDTXDOLILFDomRGRIDOHFLGRRSDUDGHLURGHVHXVVXFHVVRUHVHDH[LVWrQFLDGH RXWURV EHQV ODYUDQGRVH GH
WXGRDXWRGHLQTXLULomRHLQIRUPDomR

R2MXL]H[DPLQDUiUHVHUYDGDPHQWHRVSDSpLVDVFDUWDVPLVVLYDVHRVOLYURVGRPpVWLFRVHYHULILFDQGR
TXH QmR DSUHVHQWDP LQWHUHVVH PDQGDUi HPSDFRWiORV H ODFUiORV SDUD VHUHP DVVLP HQWUHJXHV DRV VXFHVVRUHV
GRIDOHFLGRRXTXHLPDGRVTXDQGRRVEHQVIRUHPGHFODUDGRVYDFDQWHV

R6HFRQVWDUDRMXL]DH[LVWrQFLDGHEHQVHPRXWUDFRPDUFDPDQGDUiH[SHGLUFDUWDSUHFDWyULDDILPGH
VHUHPDUUHFDGDGRV

R1mRVHIDUiDDUUHFDGDomRRXHVVDVHUiVXVSHQVDTXDQGRLQLFLDGDDSUHVHQWDUHPVHSDUDUHFODPDU
RV EHQV R F{QMXJH RX FRPSDQKHLUR R KHUGHLUR RX R WHVWDPHQWHLUR QRWRULDPHQWH UHFRQKHFLGR H QmR KRXYHU
RSRVLomR PRWLYDGD GR FXUDGRU GH TXDOTXHU LQWHUHVVDGR GR 0LQLVWpULR 3~EOLFR RX GR UHSUHVHQWDQWH GD )D]HQGD
3~EOLFD

$UW   8OWLPDGD D DUUHFDGDomR R MXL] PDQGDUi H[SHGLU HGLWDO TXH VHUi SXEOLFDGR QD UHGH PXQGLDO GH
FRPSXWDGRUHV QR VtWLR GR WULEXQDO D TXH HVWLYHU YLQFXODGR R MXt]R H QD SODWDIRUPD GH HGLWDLV GR &RQVHOKR
1DFLRQDOGH-XVWLoDRQGHSHUPDQHFHUiSRU WUrV PHVHVRXQmRKDYHQGRVtWLRQRyUJmRRILFLDOHQDLPSUHQVD
GD FRPDUFD SRU  WUrV  YH]HV FRP LQWHUYDORV GH  XP  PrV SDUD TXH RV VXFHVVRUHV GR IDOHFLGR YHQKDP D
KDELOLWDUVHQRSUD]RGH VHLV PHVHVFRQWDGRGDSULPHLUDSXEOLFDomR

R9HULILFDGDDH[LVWrQFLDGHVXFHVVRURXGHWHVWDPHQWHLURHPOXJDUFHUWRIDUVHiDVXDFLWDomRVHP
SUHMXt]RGRHGLWDO

R4XDQGRRIDOHFLGRIRUHVWUDQJHLURVHUiWDPEpPFRPXQLFDGRRIDWRjDXWRULGDGHFRQVXODU

R-XOJDGDDKDELOLWDomRGRKHUGHLURUHFRQKHFLGDDTXDOLGDGHGRWHVWDPHQWHLURRXSURYDGDDLGHQWLGDGH
GRF{QMXJHRXFRPSDQKHLURDDUUHFDGDomRFRQYHUWHUVHiHPLQYHQWiULR

R2VFUHGRUHVGDKHUDQoDSRGHUmRKDELOLWDUVHFRPRQRVLQYHQWiULRVRXSURSRUDDomRGHFREUDQoD

$UW2MXL]SRGHUiDXWRUL]DUDDOLHQDomR

,GHEHQVPyYHLVVHIRUHPGHFRQVHUYDomRGLItFLORXGLVSHQGLRVD

,,GHVHPRYHQWHVTXDQGRQmRHPSUHJDGRVQDH[SORUDomRGHDOJXPDLQG~VWULD

,,,GHWtWXORVHSDSpLVGHFUpGLWRKDYHQGRIXQGDGRUHFHLRGHGHSUHFLDomR

,9GHDo}HVGHVRFLHGDGHTXDQGRUHFODPDGDDLQWHJUDOL]DomRQmRGLVSXVHUDKHUDQoDGHGLQKHLURSDUDR
SDJDPHQWR

9GHEHQVLPyYHLV

D VHDPHDoDUHPUXtQDQmRFRQYLQGRDUHSDUDomR

E VHHVWLYHUHPKLSRWHFDGRVHYHQFHUVHDGtYLGDQmRKDYHQGRGLQKHLURSDUDRSDJDPHQWR

R1mRVHSURFHGHUiHQWUHWDQWRjYHQGDVHD)D]HQGD3~EOLFDRXRKDELOLWDQGRDGLDQWDUDLPSRUWkQFLD
SDUDDVGHVSHVDV

 R 2V EHQV FRP YDORU GH DIHLomR FRPR UHWUDWRV REMHWRV GH XVR SHVVRDO OLYURV H REUDV GH DUWH Vy
VHUmRDOLHQDGRVGHSRLVGHGHFODUDGDDYDFkQFLDGDKHUDQoD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   3DVVDGR  XP  DQR GD SULPHLUD SXEOLFDomR GR HGLWDO H QmR KDYHQGR KHUGHLUR KDELOLWDGR QHP
KDELOLWDomRSHQGHQWHVHUiDKHUDQoDGHFODUDGDYDFDQWH

 R 3HQGHQGR KDELOLWDomR D YDFkQFLD VHUi GHFODUDGD SHOD PHVPD VHQWHQoD TXH D MXOJDU LPSURFHGHQWH
DJXDUGDQGRVHQRFDVRGHVHUHPGLYHUVDVDVKDELOLWDo}HVRMXOJDPHQWRGD~OWLPD

R7UDQVLWDGDHPMXOJDGRDVHQWHQoDTXHGHFODURXDYDFkQFLDRF{QMXJHRFRPSDQKHLURRVKHUGHLURVH
RVFUHGRUHVVySRGHUmRUHFODPDURVHXGLUHLWRSRUDomRGLUHWD

6HomR9,,
'RV%HQVGRV$XVHQWHV

$UW'HFODUDGDDDXVrQFLDQRVFDVRVSUHYLVWRVHPOHLRMXL]PDQGDUiDUUHFDGDURVEHQVGRDXVHQWH
HQRPHDUOKHViFXUDGRUQDIRUPDHVWDEHOHFLGDQD6HomR9,REVHUYDQGRVHRGLVSRVWRHPOHL

$UW)HLWDDDUUHFDGDomRRMXL]PDQGDUiSXEOLFDUHGLWDLVQDUHGHPXQGLDOGHFRPSXWDGRUHVQRVtWLR
GR WULEXQDO D TXH HVWLYHU YLQFXODGR H QD SODWDIRUPD GH HGLWDLV GR &RQVHOKR 1DFLRQDO GH -XVWLoD RQGH
SHUPDQHFHUiSRU XP DQRRXQmRKDYHQGRVtWLRQRyUJmRRILFLDOHQDLPSUHQVDGDFRPDUFDGXUDQWH XP
DQR UHSURGX]LGD GH  GRLV  HP  GRLV  PHVHV DQXQFLDQGR D DUUHFDGDomR H FKDPDQGR R DXVHQWH D HQWUDU QD
SRVVHGHVHXVEHQV

R)LQGRRSUD]RSUHYLVWRQRHGLWDOSRGHUmRRVLQWHUHVVDGRVUHTXHUHUDDEHUWXUDGDVXFHVVmRSURYLVyULD
REVHUYDQGRVHRGLVSRVWRHPOHL

R2LQWHUHVVDGRDRUHTXHUHUDDEHUWXUDGDVXFHVVmRSURYLVyULDSHGLUiDFLWDomRSHVVRDOGRVKHUGHLURV
SUHVHQWHVHGRFXUDGRUHSRUHGLWDLVDGRVDXVHQWHVSDUDUHTXHUHUHPKDELOLWDomRQDIRUPDGRVDUWVD

 R 3UHVHQWHV RV UHTXLVLWRV OHJDLV SRGHUi VHU UHTXHULGD D FRQYHUVmR GD VXFHVVmR SURYLVyULD HP
GHILQLWLYD

 R 5HJUHVVDQGR R DXVHQWH RX DOJXP GH VHXV GHVFHQGHQWHV RX DVFHQGHQWHV SDUD UHTXHUHU DR MXL] D
HQWUHJD GH EHQV VHUmR FLWDGRV SDUD FRQWHVWDU R SHGLGR RV VXFHVVRUHV SURYLVyULRV RX GHILQLWLYRV R 0LQLVWpULR
3~EOLFRHRUHSUHVHQWDQWHGD)D]HQGD3~EOLFDVHJXLQGRVHRSURFHGLPHQWRFRPXP

6HomR9,,,
'DV&RLVDV9DJDV

$UW5HFHEHQGRGRGHVFREULGRUFRLVDDOKHLDSHUGLGDRMXL]PDQGDUiODYUDURUHVSHFWLYRDXWRGRTXDO
FRQVWDUiDGHVFULomRGREHPHDVGHFODUDo}HVGRGHVFREULGRU

R5HFHELGDDFRLVDSRUDXWRULGDGHSROLFLDOHVWDDUHPHWHUiHPVHJXLGDDRMXt]RFRPSHWHQWH

 R  'HSRVLWDGD D FRLVD R MXL] PDQGDUi SXEOLFDU HGLWDO QD UHGH PXQGLDO GH FRPSXWDGRUHV QR VtWLR GR
WULEXQDO D TXH HVWLYHU YLQFXODGR H QD SODWDIRUPD GH HGLWDLV GR &RQVHOKR 1DFLRQDO GH -XVWLoD RX QmR KDYHQGR
VtWLRQRyUJmRRILFLDOHQDLPSUHQVDGDFRPDUFDSDUDTXHRGRQRRXROHJtWLPRSRVVXLGRUDUHFODPHVDOYRVHVH
WUDWDUGHFRLVDGHSHTXHQRYDORUHQmRIRUSRVVtYHODSXEOLFDomRQRVtWLRGRWULEXQDOFDVRHPTXH R HGLWDO VHUi
DSHQDVDIL[DGRQRiWULRGRHGLItFLRGRIyUXP

R2EVHUYDUVHiTXDQWRDRPDLVRGLVSRVWRHPOHL

6HomR,;
'D,QWHUGLomR

$UW$LQWHUGLomRSRGHVHUSURPRYLGD

,SHORF{QMXJHRXFRPSDQKHLUR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,SHORVSDUHQWHVRXWXWRUHV

,,,SHORUHSUHVHQWDQWHGDHQWLGDGHHPTXHVHHQFRQWUDDEULJDGRRLQWHUGLWDQGR

,9SHOR0LQLVWpULR3~EOLFR

3DUiJUDIR ~QLFR  $ OHJLWLPLGDGH GHYHUi VHU FRPSURYDGD SRU GRFXPHQWDomR TXH DFRPSDQKH D SHWLomR
LQLFLDO

$UW20LQLVWpULR3~EOLFRVySURPRYHUiLQWHUGLomRHPFDVRGHGRHQoDPHQWDOJUDYH

,  VH DV SHVVRDV GHVLJQDGDV QRV LQFLVRV , ,, H ,,, GR DUW  QmR H[LVWLUHP RX QmR SURPRYHUHP D
LQWHUGLomR

,,VHH[LVWLQGRIRUHPLQFDSD]HVDVSHVVRDVPHQFLRQDGDVQRVLQFLVRV,H,,GRDUW

$UW   ,QFXPEH DR DXWRU QD SHWLomR LQLFLDO HVSHFLILFDU RV IDWRV TXH GHPRQVWUDP D LQFDSDFLGDGH GR
LQWHUGLWDQGRSDUDDGPLQLVWUDUVHXVEHQVHVHIRURFDVRSDUDSUDWLFDUDWRVGDYLGDFLYLOEHPFRPRRPRPHQWR
HPTXHDLQFDSDFLGDGHVHUHYHORX

3DUiJUDIR ~QLFR  -XVWLILFDGD D XUJrQFLD R MXL] SRGH QRPHDU FXUDGRU SURYLVyULR DR LQWHUGLWDQGR SDUD D
SUiWLFDGHGHWHUPLQDGRVDWRV

$UW   2 UHTXHUHQWH GHYHUi MXQWDU ODXGR PpGLFR SDUD ID]HU SURYD GH VXDV DOHJDo}HV RX LQIRUPDU D
LPSRVVLELOLGDGHGHID]rOR

$UW2LQWHUGLWDQGRVHUiFLWDGRSDUDHPGLDGHVLJQDGRFRPSDUHFHUSHUDQWHRMXL]TXHRHQWUHYLVWDUi
PLQXFLRVDPHQWH DFHUFD GH VXD YLGD QHJyFLRV EHQV YRQWDGHV SUHIHUrQFLDV H ODoRV IDPLOLDUHV H DIHWLYRV H
VREUHRTXHPDLVOKHSDUHFHUQHFHVViULRSDUDFRQYHQFLPHQWRTXDQWRjVXDFDSDFLGDGHSDUDSUDWLFDUDWRVGDYLGD
FLYLOGHYHQGRVHUUHGX]LGDVDWHUPRDVSHUJXQWDVHUHVSRVWDV

R1mRSRGHQGRRLQWHUGLWDQGRGHVORFDUVHRMXL]RRXYLUiQRORFDORQGHHVWLYHU

R$HQWUHYLVWDSRGHUiVHUDFRPSDQKDGDSRUHVSHFLDOLVWD

 R 'XUDQWH D HQWUHYLVWD p DVVHJXUDGR R HPSUHJR GH UHFXUVRV WHFQROyJLFRV FDSD]HV GH SHUPLWLU RX GH
DX[LOLDURLQWHUGLWDQGRDH[SUHVVDUVXDVYRQWDGHVHSUHIHUrQFLDVHDUHVSRQGHUjVSHUJXQWDVIRUPXODGDV

R$FULWpULRGRMXL]SRGHUiVHUUHTXLVLWDGDDRLWLYDGHSDUHQWHVHGHSHVVRDVSUy[LPDV

$UW   'HQWUR GR SUD]R GH  TXLQ]H  GLDV FRQWDGR GD HQWUHYLVWD R LQWHUGLWDQGR SRGHUi LPSXJQDU R
SHGLGR

R20LQLVWpULR3~EOLFRLQWHUYLUiFRPRILVFDOGDRUGHPMXUtGLFD

R2LQWHUGLWDQGRSRGHUiFRQVWLWXLUDGYRJDGRHFDVRQmRRIDoDGHYHUiVHUQRPHDGRFXUDGRUHVSHFLDO

 R &DVR R LQWHUGLWDQGR QmR FRQVWLWXD DGYRJDGR R VHX F{QMXJH FRPSDQKHLUR RX TXDOTXHU SDUHQWH
VXFHVVtYHOSRGHUiLQWHUYLUFRPRDVVLVWHQWH

$UW   'HFRUULGR R SUD]R SUHYLVWR QR DUW  R MXL] GHWHUPLQDUi D SURGXomR GH SURYD SHULFLDO SDUD
DYDOLDomRGDFDSDFLGDGHGRLQWHUGLWDQGRSDUDSUDWLFDUDWRVGDYLGDFLYLO

R$SHUtFLDSRGHVHUUHDOL]DGDSRUHTXLSHFRPSRVWDSRUH[SHUWRVFRPIRUPDomRPXOWLGLVFLSOLQDU

R2ODXGRSHULFLDOLQGLFDUiHVSHFLILFDGDPHQWHVHIRURFDVRRVDWRVSDUDRVTXDLVKDYHUiQHFHVVLGDGH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GHFXUDWHOD

$UW   $SUHVHQWDGR R ODXGR SURGX]LGDV DV GHPDLV SURYDV H RXYLGRV RV LQWHUHVVDGRV R MXL] SURIHULUi
VHQWHQoD

$UW1DVHQWHQoDTXHGHFUHWDUDLQWHUGLomRRMXL]

,QRPHDUiFXUDGRUTXHSRGHUiVHURUHTXHUHQWHGDLQWHUGLomRHIL[DUiRVOLPLWHVGDFXUDWHODVHJXQGRR
HVWDGRHRGHVHQYROYLPHQWRPHQWDOGRLQWHUGLWR

,,  FRQVLGHUDUi DV FDUDFWHUtVWLFDV SHVVRDLV GR LQWHUGLWR REVHUYDQGR VXDV SRWHQFLDOLGDGHV KDELOLGDGHV
YRQWDGHVHSUHIHUrQFLDV

R$FXUDWHODGHYHVHUDWULEXtGDDTXHPPHOKRUSRVVDDWHQGHUDRVLQWHUHVVHVGRFXUDWHODGR

R +DYHQGR DR WHPSR GD LQWHUGLomR SHVVRD LQFDSD] VRE D JXDUGD H D UHVSRQVDELOLGDGH GR LQWHUGLWR R
MXL]DWULEXLUiDFXUDWHODDTXHPPHOKRUSXGHUDWHQGHUDRVLQWHUHVVHVGRLQWHUGLWRHGRLQFDSD]

R$VHQWHQoDGHLQWHUGLomRVHUiLQVFULWDQRUHJLVWURGHSHVVRDVQDWXUDLVHLPHGLDWDPHQWHSXEOLFDGD QD
UHGHPXQGLDOGHFRPSXWDGRUHVQRVtWLRGRWULEXQDODTXHHVWLYHUYLQFXODGRRMXt]RHQDSODWDIRUPDGHHGLWDLVGR
&RQVHOKR1DFLRQDOGH-XVWLoDRQGHSHUPDQHFHUiSRU VHLV PHVHVQDLPSUHQVDORFDO XPD YH]HQRyUJmR
RILFLDOSRU WUrV YH]HVFRPLQWHUYDORGH GH] GLDVFRQVWDQGRGRHGLWDORVQRPHVGRLQWHUGLWRHGRFXUDGRU
D FDXVD GD LQWHUGLomR RV OLPLWHV GD FXUDWHOD H QmR VHQGR WRWDO D LQWHUGLomR RV DWRV TXH R LQWHUGLWR SRGHUi
SUDWLFDUDXWRQRPDPHQWH

$UW/HYDQWDUVHiDFXUDWHODTXDQGRFHVVDUDFDXVDTXHDGHWHUPLQRX

R2SHGLGRGHOHYDQWDPHQWR GD FXUDWHOD SRGHUi VHU IHLWR SHOR LQWHUGLWR SHOR FXUDGRU RX SHOR 0LQLVWpULR
3~EOLFRHVHUiDSHQVDGRDRVDXWRVGDLQWHUGLomR

 R 2 MXL] QRPHDUi SHULWR RX HTXLSH PXOWLGLVFLSOLQDU SDUD SURFHGHU DR H[DPH GR LQWHUGLWR H GHVLJQDUi
DXGLrQFLDGHLQVWUXomRHMXOJDPHQWRDSyVDDSUHVHQWDomRGRODXGR

 R $FROKLGR R SHGLGR R MXL] GHFUHWDUi R OHYDQWDPHQWR GD LQWHUGLomR H GHWHUPLQDUi D SXEOLFDomR GD
VHQWHQoDDSyVRWUkQVLWRHPMXOJDGRQDIRUPDGRDUWRRXQmRVHQGRSRVVtYHOQDLPSUHQVDORFDOHQR
yUJmRRILFLDOSRU WUrV YH]HVFRPLQWHUYDORGH GH] GLDVVHJXLQGRVHDDYHUEDomRQRUHJLVWURGHSHVVRDV
QDWXUDLV

 R $ LQWHUGLomR SRGHUi VHU OHYDQWDGD SDUFLDOPHQWH TXDQGR GHPRQVWUDGD D FDSDFLGDGH GR LQWHUGLWR SDUD
SUDWLFDUDOJXQVDWRVGDYLGDFLYLO

$UW   $ DXWRULGDGH GR FXUDGRU HVWHQGHVH j SHVVRD H DRV EHQV GR LQFDSD] TXH VH HQFRQWUDU VRE D
JXDUGDHDUHVSRQVDELOLGDGHGRFXUDWHODGRDRWHPSRGDLQWHUGLomRVDOYRVHRMXL]FRQVLGHUDURXWUDVROXomRFRPR
PDLVFRQYHQLHQWHDRVLQWHUHVVHVGRLQFDSD]

$UW2FXUDGRUGHYHUiEXVFDUWUDWDPHQWRHDSRLRDSURSULDGRVjFRQTXLVWDGDDXWRQRPLDSHORLQWHUGLWR

6HomR;
'LVSRVLo}HV&RPXQVj7XWHODHj&XUDWHOD

$UW2WXWRURXRFXUDGRUVHUiLQWLPDGRDSUHVWDUFRPSURPLVVRQRSUD]RGH FLQFR GLDVFRQWDGRGD

,QRPHDomRIHLWDHPFRQIRUPLGDGHFRPDOHL

,,  LQWLPDomR GR GHVSDFKR TXH PDQGDU FXPSULU R WHVWDPHQWR RX R LQVWUXPHQWR S~EOLFR TXH R KRXYHU
LQVWLWXtGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2WXWRURXRFXUDGRUSUHVWDUiRFRPSURPLVVRSRUWHUPRHPOLYURUXEULFDGRSHORMXL]

 R 3UHVWDGR R FRPSURPLVVR R WXWRU RX R FXUDGRU DVVXPH D DGPLQLVWUDomR GRV EHQV GR WXWHODGR RX GR
LQWHUGLWDGR

$UW  2 WXWRU RX R FXUDGRU SRGHUi H[LPLUVH GR HQFDUJR DSUHVHQWDQGR HVFXVD DR MXL] QR SUD]R GH 
FLQFR GLDVFRQWDGR

,DQWHVGHDFHLWDURHQFDUJRGDLQWLPDomRSDUDSUHVWDUFRPSURPLVVR

,,GHSRLVGHHQWUDUHPH[HUFtFLRGRGLDHPTXHVREUHYLHURPRWLYRGDHVFXVD

 R 1mR VHQGR UHTXHULGD D HVFXVD QR SUD]R HVWDEHOHFLGR QHVWH DUWLJR FRQVLGHUDUVHi UHQXQFLDGR R
GLUHLWRGHDOHJiOD

 R 2 MXL] GHFLGLUi GH SODQR R SHGLGR GH HVFXVD H QmR R DGPLWLQGR H[HUFHUi R QRPHDGR D WXWHOD RX D
FXUDWHODHQTXDQWRQmRIRUGLVSHQVDGRSRUVHQWHQoDWUDQVLWDGDHPMXOJDGR

$UW,QFXPEHDR0LQLVWpULR3~EOLFRRXDTXHPWHQKDOHJtWLPRLQWHUHVVHUHTXHUHUQRVFDVRVSUHYLVWRV
HPOHLDUHPRomRGRWXWRURXGRFXUDGRU

3DUiJUDIR ~QLFR  2 WXWRU RX R FXUDGRU VHUi FLWDGR SDUD FRQWHVWDU D DUJXLomR QR SUD]R GH  FLQFR  GLDV
ILQGRRTXDOREVHUYDUVHiRSURFHGLPHQWRFRPXP

$UW   (P FDVR GH H[WUHPD JUDYLGDGH R MXL] SRGHUi VXVSHQGHU R WXWRU RX R FXUDGRU GR H[HUFtFLR GH
VXDVIXQo}HVQRPHDQGRVXEVWLWXWRLQWHULQR

$UW   &HVVDQGR DV IXQo}HV GR WXWRU RX GR FXUDGRU SHOR GHFXUVR GR SUD]R HP TXH HUD REULJDGR D
VHUYLUVHUOKHiOtFLWRUHTXHUHUDH[RQHUDomRGRHQFDUJR

R&DVRRWXWRURXRFXUDGRUQmRUHTXHLUDDH[RQHUDomRGRHQFDUJRGHQWURGRV GH] GLDVVHJXLQWHVj


H[SLUDomRGRWHUPRHQWHQGHUVHiUHFRQGX]LGRVDOYRVHRMXL]RGLVSHQVDU

R&HVVDGDDWXWHODRXDFXUDWHODpLQGLVSHQViYHODSUHVWDomRGHFRQWDVSHORWXWRURXSHORFXUDGRUQD
IRUPDGDOHLFLYLO

6HomR;,
'D2UJDQL]DomRHGD)LVFDOL]DomRGDV)XQGDo}HV

$UW2MXL]GHFLGLUiVREUHDDSURYDomRGRHVWDWXWRGDVIXQGDo}HVHGHVXDVDOWHUDo}HVVHPSUHTXHR
UHTXHLUDRLQWHUHVVDGRTXDQGR

,  HOD IRU QHJDGD SUHYLDPHQWH SHOR 0LQLVWpULR 3~EOLFR RX SRU HVWH IRUHP H[LJLGDV PRGLILFDo}HV FRP DV
TXDLVRLQWHUHVVDGRQmRFRQFRUGH

,,RLQWHUHVVDGRGLVFRUGDUGRHVWDWXWRHODERUDGRSHOR0LQLVWpULR3~EOLFR

 R 2 HVWDWXWR GDV IXQGDo}HV GHYH REVHUYDU R GLVSRVWR QD /HL QR  GH  GH MDQHLUR GH 
&yGLJR&LYLO 

R$QWHVGHVXSULUDDSURYDomRRMXL]SRGHUiPDQGDUID]HUQRHVWDWXWRPRGLILFDo}HVDILPGHDGDSWiOR
DRREMHWLYRGRLQVWLWXLGRU

$UW   4XDOTXHU LQWHUHVVDGR RX R 0LQLVWpULR 3~EOLFR SURPRYHUi HP MXt]R D H[WLQomR GD IXQGDomR
TXDQGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,VHWRUQDULOtFLWRRVHXREMHWR

,,IRULPSRVVtYHODVXDPDQXWHQomR

,,,YHQFHURSUD]RGHVXDH[LVWrQFLD

6HomR;,,
'D5DWLILFDomRGRV3URWHVWRV0DUtWLPRVHGRV3URFHVVRV7HVWHPXQKiYHLV)RUPDGRVD%RUGR

$UW7RGRVRVSURWHVWRVHRVSURFHVVRVWHVWHPXQKiYHLVIRUPDGRVDERUGRHODQoDGRVQROLYUR'LiULR
GD1DYHJDomRGHYHUmRVHUDSUHVHQWDGRVSHORFRPDQGDQWHDRMXL]GHGLUHLWRGR SULPHLUR SRUWR QDV SULPHLUDV 
YLQWHHTXDWUR KRUDVGHFKHJDGDGDHPEDUFDomRSDUDVXDUDWLILFDomRMXGLFLDO

$UW   $ SHWLomR LQLFLDO FRQWHUi D WUDQVFULomR GRV WHUPRV ODQoDGRV QR OLYUR 'LiULR GD 1DYHJDomR H
GHYHUiVHULQVWUXtGDFRPFySLDVGDVSiJLQDVTXHFRQWHQKDPRVWHUPRVTXHVHUmRUDWLILFDGRV GRV GRFXPHQWRV
GHLGHQWLILFDomRGRFRPDQGDQWHHGDVWHVWHPXQKDVDUURODGDVGRUROGHWULSXODQWHVGRGRFXPHQWRGHUHJLVWURGD
HPEDUFDomRHTXDQGRIRURFDVRGRPDQLIHVWRGDVFDUJDVVLQLVWUDGDVHDTXDOLILFDomRGHVHXVFRQVLJQDWiULRV
WUDGX]LGRVTXDQGRIRURFDVRGHIRUPDOLYUHSDUDRSRUWXJXrV

$UW   $ SHWLomR LQLFLDO GHYHUi VHU GLVWULEXtGD FRP XUJrQFLD H HQFDPLQKDGD DR MXL] TXH RXYLUi VRE
FRPSURPLVVRDVHUSUHVWDGRQRPHVPRGLDRFRPDQGDQWHHDVWHVWHPXQKDVHPQ~PHURPtQLPRGH GXDV H
Pi[LPRGH TXDWUR TXHGHYHUmRFRPSDUHFHUDRDWRLQGHSHQGHQWHPHQWHGHLQWLPDomR

 R 7UDWDQGRVH GH HVWUDQJHLURV TXH QmR GRPLQHP D OtQJXD SRUWXJXHVD R DXWRU GHYHUi ID]HUVH
DFRPSDQKDUSRUWUDGXWRUTXHSUHVWDUiFRPSURPLVVRHPDXGLrQFLD

 R &DVR R DXWRU QmR VH IDoD DFRPSDQKDU SRU WUDGXWRU R MXL] GHYHUi QRPHDU RXWUR TXH SUHVWH
FRPSURPLVVRHPDXGLrQFLD

$UW$EHUWDDDXGLrQFLDRMXL]PDQGDUiDSUHJRDURVFRQVLJQDWiULRVGDVFDUJDVLQGLFDGRVQDSHWLomR
LQLFLDOHRXWURVHYHQWXDLVLQWHUHVVDGRVQRPHDQGRSDUDRVDXVHQWHVFXUDGRUSDUDRDWR

$UW   ,QTXLULGRV R FRPDQGDQWH H DV WHVWHPXQKDV R MXL] FRQYHQFLGR GD YHUDFLGDGH GRV WHUPRV
ODQoDGRVQR'LiULRGD1DYHJDomRHPDXGLrQFLDUDWLILFDUiSRUVHQWHQoDRSURWHVWRRXRSURFHVVRWHVWHPXQKiYHO
ODYUDGRDERUGRGLVSHQVDGRRUHODWyULR

3DUiJUDIR ~QLFR  ,QGHSHQGHQWHPHQWH GR WUkQVLWR HP MXOJDGR R MXL] GHWHUPLQDUi D HQWUHJD GRV DXWRV DR
DXWRURXDRVHXDGYRJDGRPHGLDQWHDDSUHVHQWDomRGHWUDVODGR

/,952,,
'2352&(662'((;(&8d2

778/2,
'$(;(&8d2(0*(5$/

&$378/2,
',6326,d(6*(5$,6

$UW   (VWH /LYUR UHJXOD R SURFHGLPHQWR GD H[HFXomR IXQGDGD HP WtWXOR H[WUDMXGLFLDO H VXDV
GLVSRVLo}HV DSOLFDPVH WDPEpP QR TXH FRXEHU DRV SURFHGLPHQWRV HVSHFLDLV GH H[HFXomR DRV DWRV
H[HFXWLYRV UHDOL]DGRV QR SURFHGLPHQWR GH FXPSULPHQWR GH VHQWHQoD EHP FRPR DRV HIHLWRV GH DWRV RX IDWRV
SURFHVVXDLVDTXHDOHLDWULEXLUIRUoDH[HFXWLYD

3DUiJUDIR~QLFR$SOLFDPVHVXEVLGLDULDPHQWHjH[HFXomRDVGLVSRVLo}HVGR/LYUR,GD3DUWH(VSHFLDO

$UW2MXL]SRGHHPTXDOTXHUPRPHQWRGRSURFHVVR

,RUGHQDURFRPSDUHFLPHQWRGDVSDUWHV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,DGYHUWLURH[HFXWDGRGHTXHVHXSURFHGLPHQWRFRQVWLWXLDWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoD

,,,  GHWHUPLQDU TXH VXMHLWRV LQGLFDGRV SHOR H[HTXHQWH IRUQHoDP LQIRUPDo}HV HP JHUDO UHODFLRQDGDV DR
REMHWRGDH[HFXomRWDLVFRPRGRFXPHQWRVHGDGRVTXHWHQKDPHPVHXSRGHUDVVLQDQGROKHVSUD]RUD]RiYHO

$UW2MXL]SRGHUiGHRItFLRRXDUHTXHULPHQWRGHWHUPLQDUDVPHGLGDVQHFHVViULDVDRFXPSULPHQWR
GDRUGHPGHHQWUHJDGHGRFXPHQWRVHGDGRV

3DUiJUDIR~QLFR4XDQGRHPGHFRUUrQFLDGRGLVSRVWR QHVWH DUWLJR R MXt]R UHFHEHU GDGRV VLJLORVRV SDUD


RVILQVGDH[HFXomRRMXL]DGRWDUiDVPHGLGDVQHFHVViULDVSDUDDVVHJXUDUDFRQILGHQFLDOLGDGH

$UW&RQVLGHUDVHDWHQWDWyULDjGLJQLGDGHGDMXVWLoDDFRQGXWDFRPLVVLYDRXRPLVVLYDGRH[HFXWDGR
TXH

,IUDXGDDH[HFXomR

,,VHRS}HPDOLFLRVDPHQWHjH[HFXomRHPSUHJDQGRDUGLVHPHLRVDUWLILFLRVRV

,,,GLILFXOWDRXHPEDUDoDDUHDOL]DomRGDSHQKRUD

,9UHVLVWHLQMXVWLILFDGDPHQWHjVRUGHQVMXGLFLDLV

9  LQWLPDGR QmR LQGLFD DR MXL] TXDLV VmR H RQGH HVWmR RV EHQV VXMHLWRV j SHQKRUD H RV UHVSHFWLYRV
YDORUHVQHPH[LEHSURYDGHVXDSURSULHGDGHHVHIRURFDVRFHUWLGmRQHJDWLYDGH{QXV

3DUiJUDIR~QLFR1RVFDVRVSUHYLVWRVQHVWHDUWLJR R MXL] IL[DUi PXOWD HP PRQWDQWH QmR VXSHULRU D YLQWH


SRU FHQWR GR YDORU DWXDOL]DGR GR GpELWR HP H[HFXomR D TXDO VHUi UHYHUWLGD HP SURYHLWR GR H[HTXHQWH H[LJtYHO
QRVSUySULRVDXWRVGRSURFHVVRVHPSUHMXt]RGHRXWUDVVDQo}HVGHQDWXUH]DSURFHVVXDORXPDWHULDO

$UW   2 H[HTXHQWH WHP R GLUHLWR GH GHVLVWLU GH WRGD D H[HFXomR RX GH DSHQDV DOJXPD PHGLGD
H[HFXWLYD

3DUiJUDIR~QLFR1DGHVLVWrQFLDGDH[HFXomRREVHUYDUVHiRVHJXLQWH

,  VHUmR H[WLQWRV D LPSXJQDomR H RV HPEDUJRV TXH YHUVDUHP DSHQDV VREUH TXHVW}HV SURFHVVXDLV
SDJDQGRRH[HTXHQWHDVFXVWDVSURFHVVXDLVHRVKRQRUiULRVDGYRFDWtFLRV

,,QRVGHPDLVFDVRVDH[WLQomRGHSHQGHUiGDFRQFRUGkQFLDGRLPSXJQDQWHRXGRHPEDUJDQWH

$UW2H[HTXHQWHUHVVDUFLUiDRH[HFXWDGRRVGDQRVTXHHVWHVRIUHXTXDQGRDVHQWHQoDWUDQVLWDGD
HPMXOJDGRGHFODUDULQH[LVWHQWHQRWRGRRXHPSDUWHDREULJDomRTXHHQVHMRXDH[HFXomR

$UW   $ FREUDQoD GH PXOWDV RX GH LQGHQL]Do}HV GHFRUUHQWHV GH OLWLJkQFLD GH PiIp RX GH SUiWLFD GH
DWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoDVHUiSURPRYLGDQRVSUySULRVDXWRVGRSURFHVVR

&$378/2,,
'$63$57(6

$UW3RGHSURPRYHUDH[HFXomRIRUoDGDRFUHGRUDTXHPDOHLFRQIHUHWtWXORH[HFXWLYR

R3RGHPSURPRYHUDH[HFXomRIRUoDGDRXQHODSURVVHJXLUHPVXFHVVmRDRH[HTXHQWHRULJLQiULR

,R0LQLVWpULR3~EOLFRQRVFDVRVSUHYLVWRVHPOHL

,,RHVSyOLRRVKHUGHLURVRXRVVXFHVVRUHVGRFUHGRUVHPSUHTXHSRUPRUWHGHVWHOKHVIRUWUDQVPLWLGR
RGLUHLWRUHVXOWDQWHGRWtWXORH[HFXWLYR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,,RFHVVLRQiULRTXDQGRRGLUHLWRUHVXOWDQWHGRWtWXORH[HFXWLYROKHIRUWUDQVIHULGRSRUDWRHQWUHYLYRV

,9RVXEURJDGRQRVFDVRVGHVXEURJDomROHJDORXFRQYHQFLRQDO

R$VXFHVVmRSUHYLVWDQRRLQGHSHQGHGHFRQVHQWLPHQWRGRH[HFXWDGR

$UW$H[HFXomRSRGHVHUSURPRYLGDFRQWUD

,RGHYHGRUUHFRQKHFLGRFRPRWDOQRWtWXORH[HFXWLYR

,,RHVSyOLRRVKHUGHLURVRXRVVXFHVVRUHVGRGHYHGRU

,,,  R QRYR GHYHGRU TXH DVVXPLX FRP R FRQVHQWLPHQWR GR FUHGRU D REULJDomR UHVXOWDQWH GR WtWXOR
H[HFXWLYR

,9RILDGRUGRGpELWRFRQVWDQWHHPWtWXORH[WUDMXGLFLDO

9RUHVSRQViYHOWLWXODUGREHPYLQFXODGRSRUJDUDQWLDUHDODRSDJDPHQWRGRGpELWR

9,RUHVSRQViYHOWULEXWiULRDVVLPGHILQLGRHPOHL

$UW2H[HTXHQWHSRGHFXPXODUYiULDVH[HFXo}HVDLQGDTXHIXQGDGDVHPWtWXORVGLIHUHQWHVTXDQGR
R H[HFXWDGR IRU R PHVPR H GHVGH TXH SDUD WRGDV HODV VHMD FRPSHWHQWH R PHVPR MXt]R H LGrQWLFR R
SURFHGLPHQWR

&$378/2,,,
'$&203(71&,$

$UW   $ H[HFXomR IXQGDGD HP WtWXOR H[WUDMXGLFLDO VHUi SURFHVVDGD SHUDQWH R MXt]R FRPSHWHQWH
REVHUYDQGRVHRVHJXLQWH

,DH[HFXomRSRGHUiVHUSURSRVWDQRIRURGHGRPLFtOLRGRH[HFXWDGRGHHOHLomRFRQVWDQWHGRWtWXORRX
DLQGDGHVLWXDomRGRVEHQVDHODVXMHLWRV

,,WHQGRPDLVGHXPGRPLFtOLRRH[HFXWDGRSRGHUiVHUGHPDQGDGRQRIRURGHTXDOTXHUGHOHV

,,,  VHQGR LQFHUWR RX GHVFRQKHFLGR R GRPLFtOLR GR H[HFXWDGR D H[HFXomR SRGHUi VHU SURSRVWD QR OXJDU
RQGHIRUHQFRQWUDGRRXQRIRURGHGRPLFtOLRGRH[HTXHQWH

,9  KDYHQGR PDLV GH XP GHYHGRU FRP GLIHUHQWHV GRPLFtOLRV D H[HFXomR VHUi SURSRVWD QR IRUR GH
TXDOTXHUGHOHVjHVFROKDGRH[HTXHQWH

9DH[HFXomRSRGHUiVHUSURSRVWDQRIRURGROXJDU HP TXH VH SUDWLFRX R DWR RX HP TXH RFRUUHX R IDWR
TXHGHXRULJHPDRWtWXORPHVPRTXHQHOHQmRPDLVUHVLGDRH[HFXWDGR

$UW1mRGLVSRQGRDOHLGHPRGRGLYHUVRRMXL]GHWHUPLQDUiRVDWRVH[HFXWLYRVHRRILFLDOGHMXVWLoD
RVFXPSULUi

R2RILFLDOGHMXVWLoDSRGHUiFXPSULURVDWRVH[HFXWLYRVGHWHUPLQDGRVSHORMXL]WDPEpPQDVFRPDUFDV
FRQWtJXDVGHIiFLOFRPXQLFDomRHQDVTXHVHVLWXHPQDPHVPDUHJLmRPHWURSROLWDQD

R6HPSUHTXHSDUDHIHWLYDUDH[HFXomRIRUQHFHVViULRRHPSUHJRGHIRUoDSROLFLDORMXL]DUHTXLVLWDUi

R$UHTXHULPHQWRGDSDUWH R MXL] SRGH GHWHUPLQDU D LQFOXVmR GR QRPH GR H[HFXWDGR HP FDGDVWURV GH
LQDGLPSOHQWHV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$LQVFULomRVHUiFDQFHODGDLPHGLDWDPHQWHVHIRUHIHWXDGRRSDJDPHQWRVHIRUJDUDQWLGDDH[HFXomR
RXVHDH[HFXomRIRUH[WLQWDSRUTXDOTXHURXWURPRWLYR

R2GLVSRVWRQRVRHRDSOLFDVHjH[HFXomRGHILQLWLYDGHWtWXORMXGLFLDO

&$378/2,9
'265(48,6,7261(&(665,263$5$5($/,=$548$/48(5(;(&8d2

6HomR,
'R7tWXOR([HFXWLYR

$UW$H[HFXomRSDUDFREUDQoDGHFUpGLWRIXQGDUVHiVHPSUHHPWtWXORGHREULJDomRFHUWDOtTXLGD H
H[LJtYHO

$UW6mRWtWXORVH[HFXWLYRVH[WUDMXGLFLDLV

,DOHWUDGHFkPELRDQRWDSURPLVVyULDDGXSOLFDWDDGHErQWXUHHRFKHTXH

,,DHVFULWXUDS~EOLFDRXRXWURGRFXPHQWRS~EOLFRDVVLQDGRSHORGHYHGRU

,,,RGRFXPHQWRSDUWLFXODUDVVLQDGRSHORGHYHGRUHSRU GXDV WHVWHPXQKDV

,9  R LQVWUXPHQWR GH WUDQVDomR UHIHUHQGDGR SHOR 0LQLVWpULR 3~EOLFR SHOD 'HIHQVRULD 3~EOLFD SHOD
$GYRFDFLD3~EOLFDSHORVDGYRJDGRVGRVWUDQVDWRUHVRXSRUFRQFLOLDGRURXPHGLDGRUFUHGHQFLDGRSRUWULEXQDO

9RFRQWUDWRJDUDQWLGRSRUKLSRWHFDSHQKRUDQWLFUHVHRXRXWURGLUHLWRUHDOGHJDUDQWLDHDTXHOHJDUDQWLGR
SRUFDXomR

9,RFRQWUDWRGHVHJXURGHYLGDHPFDVRGHPRUWH

9,,RFUpGLWRGHFRUUHQWHGHIRURHODXGrPLR

9,,,  R FUpGLWR GRFXPHQWDOPHQWH FRPSURYDGR GHFRUUHQWH GH DOXJXHO GH LPyYHO EHP FRPR GH HQFDUJRV
DFHVVyULRVWDLVFRPRWD[DVHGHVSHVDVGHFRQGRPtQLR

,;  D FHUWLGmR GH GtYLGD DWLYD GD )D]HQGD 3~EOLFD GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV
0XQLFtSLRVFRUUHVSRQGHQWHDRVFUpGLWRVLQVFULWRVQDIRUPDGDOHL

;  R FUpGLWR UHIHUHQWH jV FRQWULEXLo}HV RUGLQiULDV RX H[WUDRUGLQiULDV GH FRQGRPtQLR HGLOtFLR SUHYLVWDV QD
UHVSHFWLYDFRQYHQomRRXDSURYDGDVHPDVVHPEOHLDJHUDOGHVGHTXHGRFXPHQWDOPHQWHFRPSURYDGDV

;,DFHUWLGmRH[SHGLGDSRUVHUYHQWLDQRWDULDORXGHUHJLVWURUHODWLYDDYDORUHVGHHPROXPHQWRVHGHPDLV
GHVSHVDVGHYLGDVSHORVDWRVSRUHODSUDWLFDGRVIL[DGRVQDVWDEHODVHVWDEHOHFLGDVHPOHL

;,,WRGRVRVGHPDLVWtWXORVDRVTXDLVSRUGLVSRVLomRH[SUHVVDDOHLDWULEXLUIRUoDH[HFXWLYD

 R $ SURSRVLWXUD GH TXDOTXHU DomR UHODWLYD D GpELWR FRQVWDQWH GH WtWXOR H[HFXWLYR QmR LQLEH R FUHGRU GH
SURPRYHUOKHDH[HFXomR

R2VWtWXORVH[HFXWLYRVH[WUDMXGLFLDLVRULXQGRVGHSDtVHVWUDQJHLURQmRGHSHQGHPGHKRPRORJDomRSDUD
VHUHPH[HFXWDGRV

R2WtWXORHVWUDQJHLURVyWHUiHILFiFLDH[HFXWLYDTXDQGRVDWLVIHLWRVRVUHTXLVLWRVGHIRUPDomRH[LJLGRV
SHODOHLGROXJDUGHVXDFHOHEUDomRHTXDQGRR%UDVLOIRULQGLFDGRFRPRROXJDUGHFXPSULPHQWRGDREULJDomR

$UW   $ H[LVWrQFLD GH WtWXOR H[HFXWLYR H[WUDMXGLFLDO QmR LPSHGH D SDUWH GH RSWDU SHOR SURFHVVR GH
FRQKHFLPHQWRDILPGHREWHUWtWXORH[HFXWLYRMXGLFLDO
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

6HomR,,
'D([LJLELOLGDGHGD2EULJDomR

$UW   $ H[HFXomR SRGH VHU LQVWDXUDGD FDVR R GHYHGRU QmR VDWLVIDoD D REULJDomR FHUWD OtTXLGD H
H[LJtYHOFRQVXEVWDQFLDGDHPWtWXORH[HFXWLYR

3DUiJUDIR ~QLFR  $ QHFHVVLGDGH GH VLPSOHV RSHUDo}HV DULWPpWLFDV SDUD DSXUDU R FUpGLWR H[HTXHQGR QmR
UHWLUDDOLTXLGH]GDREULJDomRFRQVWDQWHGRWtWXOR

$UW6HRGHYHGRUQmRIRUREULJDGRDVDWLVID]HUVXDSUHVWDomRVHQmRPHGLDQWHDFRQWUDSUHVWDomRGR
FUHGRUHVWHGHYHUiSURYDUTXHDDGLPSOLXDRUHTXHUHUDH[HFXomRVRESHQDGHH[WLQomRGRSURFHVVR

3DUiJUDIR ~QLFR  2 H[HFXWDGR SRGHUi H[LPLUVH GD REULJDomR GHSRVLWDQGR HP MXt]R D SUHVWDomR RX D
FRLVDFDVRHPTXHRMXL]QmRSHUPLWLUiTXHRFUHGRUDUHFHEDVHPFXPSULUDFRQWUDSUHVWDomRTXHOKHWRFDU

$UW   2 FUHGRU QmR SRGHUi LQLFLDU D H[HFXomR RX QHOD SURVVHJXLU VH R GHYHGRU FXPSULU D REULJDomR
PDVSRGHUiUHFXVDURUHFHELPHQWRGDSUHVWDomRVHHODQmRFRUUHVSRQGHUDRGLUHLWRRXjREULJDomRHVWDEHOHFLGRV
QR WtWXOR H[HFXWLYR FDVR HP TXH SRGHUi UHTXHUHU D H[HFXomR IRUoDGD UHVVDOYDGR DR GHYHGRU R GLUHLWR GH
HPEDUJiOD

&$378/29
'$5(63216$%,/,'$'(3$75,021,$/

$UW2GHYHGRUUHVSRQGHFRPWRGRVRVVHXVEHQVSUHVHQWHVHIXWXURVSDUDRFXPSULPHQWRGHVXDV
REULJDo}HVVDOYRDVUHVWULo}HVHVWDEHOHFLGDVHPOHL

$UW6mRVXMHLWRVjH[HFXomRRVEHQV

,  GR VXFHVVRU D WtWXOR VLQJXODU WUDWDQGRVH GH H[HFXomR IXQGDGD HP GLUHLWR UHDO RX REULJDomR
UHLSHUVHFXWyULD

,,GRVyFLRQRVWHUPRVGDOHL

,,,GRGHYHGRUDLQGDTXHHPSRGHUGHWHUFHLURV

,9  GR F{QMXJH RX FRPSDQKHLUR QRV FDVRV HP TXH VHXV EHQV SUySULRV RX GH VXD PHDomR UHVSRQGHP
SHODGtYLGD

9DOLHQDGRVRXJUDYDGRVFRP{QXVUHDOHPIUDXGHjH[HFXomR

9,FXMDDOLHQDomRRXJUDYDomRFRP{QXVUHDOWHQKDVLGRDQXODGDHPUD]mRGRUHFRQKHFLPHQWRHPDomR
DXW{QRPDGHIUDXGHFRQWUDFUHGRUHV

9,,GRUHVSRQViYHOQRVFDVRVGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFD

$UW   6H D H[HFXomR WLYHU SRU REMHWR REULJDomR GH TXH VHMD VXMHLWR SDVVLYR R SURSULHWiULR GH WHUUHQR
VXEPHWLGRDRUHJLPHGRGLUHLWRGHVXSHUItFLHRXRVXSHUILFLiULRUHVSRQGHUiSHODGtYLGDH[FOXVLYDPHQWHRGLUHLWR
UHDO GR TXDO p WLWXODU R H[HFXWDGR UHFDLQGR D SHQKRUD RX RXWURV DWRV GH FRQVWULomR H[FOXVLYDPHQWH VREUH R
WHUUHQRQRSULPHLURFDVRRXVREUHDFRQVWUXomRRXDSODQWDomRQRVHJXQGRFDVR

 R 2V DWRV GH FRQVWULomR D TXH VH UHIHUH R FDSXW VHUmR DYHUEDGRV VHSDUDGDPHQWH QD PDWUtFXOD GR
LPyYHOFRPDLGHQWLILFDomRGRH[HFXWDGRGRYDORUGRFUpGLWRHGRREMHWRVREUHRTXDOUHFDLRJUDYDPHGHYHQGR
R RILFLDO GHVWDFDU R EHP TXH UHVSRQGH SHOD GtYLGD VH R WHUUHQR D FRQVWUXomR RX D SODQWDomR GH PRGR D
DVVHJXUDUDSXEOLFLGDGHGDUHVSRQVDELOLGDGHSDWULPRQLDOGHFDGDXPGHOHVSHODVGtYLGDVHSHODVREULJDo}HVTXH
DHOHVHVWmRYLQFXODGDV

R$SOLFDVHQRTXHFRXEHURGLVSRVWRQHVWHDUWLJRjHQILWHXVHjFRQFHVVmRGHXVRHVSHFLDOSDUDILQV
GHPRUDGLDHjFRQFHVVmRGHGLUHLWRUHDOGHXVR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW$DOLHQDomRRXDRQHUDomRGHEHPpFRQVLGHUDGDIUDXGHjH[HFXomR

,TXDQGRVREUHREHPSHQGHUDomRIXQGDGDHPGLUHLWRUHDORXFRPSUHWHQVmRUHLSHUVHFXWyULDGHVGHTXH
DSHQGrQFLDGRSURFHVVRWHQKDVLGRDYHUEDGDQRUHVSHFWLYRUHJLVWURS~EOLFRVHKRXYHU

,,  TXDQGR WLYHU VLGR DYHUEDGD QR UHJLVWUR GR EHP D SHQGrQFLD GR SURFHVVR GH H[HFXomR QD IRUPD GR
DUW

,,,TXDQGRWLYHUVLGRDYHUEDGRQRUHJLVWURGREHPKLSRWHFDMXGLFLiULDRXRXWURDWRGHFRQVWULomRMXGLFLDO
RULJLQiULRGRSURFHVVRRQGHIRLDUJXLGDDIUDXGH

,9TXDQGRDRWHPSRGDDOLHQDomRRXGDRQHUDomRWUDPLWDYDFRQWUDRGHYHGRUDomRFDSD]GHUHGX]LORj
LQVROYrQFLD

9QRVGHPDLVFDVRVH[SUHVVRVHPOHL

R$DOLHQDomRHPIUDXGHjH[HFXomRpLQHILFD]HPUHODomRDRH[HTXHQWH

R1RFDVRGHDTXLVLomRGHEHPQmRVXMHLWRDUHJLVWURRWHUFHLURDGTXLUHQWHWHPR{QXVGHSURYDUTXH
DGRWRX DV FDXWHODV QHFHVViULDV SDUD D DTXLVLomR PHGLDQWH D H[LELomR GDV FHUWLG}HV SHUWLQHQWHV REWLGDV QR
GRPLFtOLRGRYHQGHGRUHQRORFDORQGHVHHQFRQWUDREHP

R1RVFDVRVGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFDDIUDXGHjH[HFXomRYHULILFDVHDSDUWLU GD
FLWDomRGDSDUWHFXMDSHUVRQDOLGDGHVHSUHWHQGHGHVFRQVLGHUDU

 R $QWHV GH GHFODUDU D IUDXGH j H[HFXomR R MXL] GHYHUi LQWLPDU R WHUFHLUR DGTXLUHQWH TXH VH TXLVHU
SRGHUiRSRUHPEDUJRVGHWHUFHLURQRSUD]RGH TXLQ]H GLDV

$UW2H[HTXHQWHTXHHVWLYHUSRUGLUHLWRGHUHWHQomRQDSRVVHGHFRLVDSHUWHQFHQWHDRGHYHGRUQmR
SRGHUiSURPRYHUDH[HFXomRVREUHRXWURVEHQVVHQmRGHSRLVGHH[FXWLGDDFRLVDTXHVHDFKDUHPVHXSRGHU

$UW2ILDGRUTXDQGRH[HFXWDGRWHPRGLUHLWRGHH[LJLUTXHSULPHLURVHMDPH[HFXWDGRVRVEHQVGR
GHYHGRUVLWXDGRVQDPHVPDFRPDUFDOLYUHVHGHVHPEDUJDGRVLQGLFDQGRRVSRUPHQRUL]DGDPHQWHjSHQKRUD

R2VEHQVGRILDGRUILFDUmRVXMHLWRVjH[HFXomRVHRVGRGHYHGRUVLWXDGRVQDPHVPDFRPDUFDTXHRV
VHXVIRUHPLQVXILFLHQWHVjVDWLVIDomRGRGLUHLWRGRFUHGRU

R2ILDGRUTXHSDJDUDGtYLGDSRGHUiH[HFXWDURDILDQoDGRQRVDXWRVGRPHVPRSURFHVVR

R2GLVSRVWRQRFDSXWQmRVHDSOLFDVHRILDGRUKRXYHUUHQXQFLDGRDREHQHItFLRGHRUGHP

$UW2VEHQVSDUWLFXODUHVGRVVyFLRVQmRUHVSRQGHPSHODVGtYLGDVGDVRFLHGDGHVHQmRQRVFDVRV
SUHYLVWRVHPOHL

R2VyFLRUpXTXDQGRUHVSRQViYHOSHORSDJDPHQWRGDGtYLGDGDVRFLHGDGHWHPRGLUHLWRGHH[LJLUTXH
SULPHLURVHMDPH[FXWLGRVRVEHQVGDVRFLHGDGH

 R ,QFXPEH DR VyFLR TXH DOHJDU R EHQHItFLR GR  R QRPHDU TXDQWRV EHQV GD VRFLHGDGH VLWXDGRV QD
PHVPDFRPDUFDOLYUHVHGHVHPEDUJDGRVEDVWHPSDUDSDJDURGpELWR

R2VyFLRTXHSDJDUDGtYLGDSRGHUiH[HFXWDUDVRFLHGDGHQRVDXWRVGRPHVPRSURFHVVR

 R 3DUD D GHVFRQVLGHUDomR GD SHUVRQDOLGDGH MXUtGLFD p REULJDWyULD D REVHUYkQFLD GR LQFLGHQWH SUHYLVWR
QHVWH&yGLJR

$UW2HVSyOLRUHVSRQGHSHODVGtYLGDVGRIDOHFLGRPDVIHLWDDSDUWLOKDFDGDKHUGHLURUHVSRQGH SRU
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

HODVGHQWURGDVIRUoDVGDKHUDQoDHQDSURSRUomRGDSDUWHTXHOKHFRXEH

778/2,,
'$6',9(56$6(63e&,(6'((;(&8d2

&$378/2,
',6326,d(6*(5$,6

$UW5HVVDOYDGRRFDVRGHLQVROYrQFLDGRGHYHGRUHPTXHWHPOXJDURFRQFXUVRXQLYHUVDOUHDOL]D
VH D H[HFXomR QR LQWHUHVVH GR H[HTXHQWH TXH DGTXLUH SHOD SHQKRUD R GLUHLWR GH SUHIHUrQFLD VREUH RV EHQV
SHQKRUDGRV

3DUiJUDIR~QLFR5HFDLQGRPDLVGHXPDSHQKRUDVREUHRPHVPREHPFDGDH[HTXHQWHFRQVHUYDUiRVHX
WtWXORGHSUHIHUrQFLD

$UW$RSURSRUDH[HFXomRLQFXPEHDRH[HTXHQWH

,LQVWUXLUDSHWLomRLQLFLDOFRP

D RWtWXORH[HFXWLYRH[WUDMXGLFLDO

E RGHPRQVWUDWLYRGRGpELWRDWXDOL]DGRDWpDGDWDGHSURSRVLWXUDGDDomRTXDQGRVHWUDWDUGHH[HFXomR
SRUTXDQWLDFHUWD

F DSURYDGHTXHVHYHULILFRXDFRQGLomRRXRFRUUHXRWHUPRVHIRURFDVR

G DSURYDVHIRURFDVRGHTXHDGLPSOLXDFRQWUDSUHVWDomR TXH OKH FRUUHVSRQGH RX TXH OKH DVVHJXUD R


FXPSULPHQWR VH R H[HFXWDGR QmR IRU REULJDGR D VDWLVID]HU D VXD SUHVWDomR VHQmR PHGLDQWH D FRQWUDSUHVWDomR
GRH[HTXHQWH

,,LQGLFDU

D DHVSpFLHGHH[HFXomRGHVXDSUHIHUrQFLDTXDQGRSRUPDLVGHXPPRGRSXGHUVHUUHDOL]DGD

E  RV QRPHV FRPSOHWRV GR H[HTXHQWH H GR H[HFXWDGR H VHXV Q~PHURV GH LQVFULomR QR &DGDVWUR GH
3HVVRDV)tVLFDVRXQR&DGDVWUR1DFLRQDOGD3HVVRD-XUtGLFD

F RVEHQVVXVFHWtYHLVGHSHQKRUDVHPSUHTXHSRVVtYHO

3DUiJUDIR~QLFR2GHPRQVWUDWLYRGRGpELWRGHYHUiFRQWHU

,RtQGLFHGHFRUUHomRPRQHWiULDDGRWDGR

,,DWD[DGHMXURVDSOLFDGD

,,,RVWHUPRVLQLFLDOHILQDOGHLQFLGrQFLDGRtQGLFHGHFRUUHomRPRQHWiULDHGDWD[DGHMXURVXWLOL]DGRV

,9DSHULRGLFLGDGHGDFDSLWDOL]DomRGRVMXURVVHIRURFDVR

9DHVSHFLILFDomRGHGHVFRQWRREULJDWyULRUHDOL]DGR

$UW,QFXPEHDLQGDDRH[HTXHQWH

,  UHTXHUHU D LQWLPDomR GR FUHGRU SLJQRUDWtFLR KLSRWHFiULR DQWLFUpWLFR RX ILGXFLiULR TXDQGR D SHQKRUD
UHFDLUVREUHEHQVJUDYDGRVSRUSHQKRUKLSRWHFDDQWLFUHVHRXDOLHQDomRILGXFLiULD

,,  UHTXHUHU D LQWLPDomR GR WLWXODU GH XVXIUXWR XVR RX KDELWDomR TXDQGR D SHQKRUD UHFDLU VREUH EHP
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

JUDYDGRSRUXVXIUXWRXVRRXKDELWDomR

,,,UHTXHUHUDLQWLPDomRGRSURPLWHQWHFRPSUDGRUTXDQGRDSHQKRUDUHFDLUVREUHEHPHPUHODomRDRTXDO
KDMDSURPHVVDGHFRPSUDHYHQGDUHJLVWUDGD

,9UHTXHUHUDLQWLPDomRGRSURPLWHQWHYHQGHGRUTXDQGRDSHQKRUDUHFDLUVREUHGLUHLWRDTXLVLWLYRGHULYDGR
GHSURPHVVDGHFRPSUDHYHQGDUHJLVWUDGD

9  UHTXHUHU D LQWLPDomR GR VXSHUILFLiULR HQILWHXWD RX FRQFHVVLRQiULR HP FDVR GH GLUHLWR GH VXSHUItFLH
HQILWHXVH FRQFHVVmR GH XVR HVSHFLDO SDUD ILQV GH PRUDGLD RX FRQFHVVmR GH GLUHLWR UHDO GH XVR TXDQGR D
SHQKRUDUHFDLUVREUHLPyYHOVXEPHWLGRDRUHJLPHGRGLUHLWRGHVXSHUItFLHHQILWHXVHRXFRQFHVVmR

9,  UHTXHUHU D LQWLPDomR GR SURSULHWiULR GH WHUUHQR FRP UHJLPH GH GLUHLWR GH VXSHUItFLH HQILWHXVH
FRQFHVVmR GH XVR HVSHFLDO SDUD ILQV GH PRUDGLD RX FRQFHVVmR GH GLUHLWR UHDO GH XVR TXDQGR D SHQKRUD UHFDLU
VREUHGLUHLWRVGRVXSHUILFLiULRGRHQILWHXWDRXGRFRQFHVVLRQiULR

9,,  UHTXHUHU D LQWLPDomR GD VRFLHGDGH QR FDVR GH SHQKRUD GH TXRWD VRFLDO RX GH DomR GH VRFLHGDGH
DQ{QLPDIHFKDGDSDUDRILPSUHYLVWRQRDUWR

9,,,SOHLWHDUVHIRURFDVRPHGLGDVXUJHQWHV

,;SURFHGHUjDYHUEDomRHPUHJLVWURS~EOLFRGRDWRGHSURSRVLWXUDGDH[HFXomRHGRVDWRVGHFRQVWULomR
UHDOL]DGRVSDUDFRQKHFLPHQWRGHWHUFHLURV

$UW   1DV REULJDo}HV DOWHUQDWLYDV TXDQGR D HVFROKD FRXEHU DR GHYHGRU HVVH VHUi FLWDGR SDUD
H[HUFHUDRSomRHUHDOL]DUDSUHVWDomRGHQWURGH GH] GLDVVHRXWURSUD]RQmROKHIRLGHWHUPLQDGRHPOHLRX
HPFRQWUDWR

R'HYROYHUVHiDRFUHGRUDRSomRVHRGHYHGRUQmRDH[HUFHUQRSUD]RGHWHUPLQDGR

R$HVFROKDVHUiLQGLFDGDQDSHWLomRLQLFLDOGDH[HFXomRTXDQGRFRXEHUDRFUHGRUH[HUFrOD

$UW   9HULILFDQGR TXH D SHWLomR LQLFLDO HVWi LQFRPSOHWD RX TXH QmR HVWi DFRPSDQKDGD GRV
GRFXPHQWRVLQGLVSHQViYHLVjSURSRVLWXUDGDH[HFXomRRMXL]GHWHUPLQDUiTXHRH[HTXHQWHDFRUULMDQRSUD]RGH
 TXLQ]H GLDVVRESHQDGHLQGHIHULPHQWR

$UW   1D H[HFXomR R GHVSDFKR TXH RUGHQD D FLWDomR GHVGH TXH UHDOL]DGD HP REVHUYkQFLD DR
GLVSRVWRQRRGRDUWLQWHUURPSHDSUHVFULomRDLQGDTXHSURIHULGRSRUMXt]RLQFRPSHWHQWH

3DUiJUDIR~QLFR$LQWHUUXSomRGDSUHVFULomRUHWURDJLUijGDWDGHSURSRVLWXUDGDDomR

$UWeQXODDH[HFXomRVH

,RWtWXORH[HFXWLYRH[WUDMXGLFLDOQmRFRUUHVSRQGHUDREULJDomRFHUWDOtTXLGDHH[LJtYHO

,,RH[HFXWDGRQmRIRUUHJXODUPHQWHFLWDGR

,,,IRULQVWDXUDGDDQWHVGHVHYHULILFDUDFRQGLomRRXGHRFRUUHURWHUPR

3DUiJUDIR ~QLFR  $ QXOLGDGH GH TXH FXLGD HVWH DUWLJR VHUi SURQXQFLDGD SHOR MXL] GH RItFLR RX D
UHTXHULPHQWRGDSDUWHLQGHSHQGHQWHPHQWHGHHPEDUJRVjH[HFXomR

$UW   $ DOLHQDomR GH EHP JUDYDGR SRU SHQKRU KLSRWHFD RX DQWLFUHVH VHUi LQHILFD] HP UHODomR DR
FUHGRUSLJQRUDWtFLRKLSRWHFiULRRXDQWLFUpWLFRQmRLQWLPDGR

R$DOLHQDomRGHEHPREMHWRGHSURPHVVDGHFRPSUDHYHQGDRXGHFHVVmRUHJLVWUDGDVHUiLQHILFD]HP
UHODomRDRSURPLWHQWHFRPSUDGRURXDRFHVVLRQiULRQmRLQWLPDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$DOLHQDomRGHEHPVREUHRTXDOWHQKDVLGRLQVWLWXtGRGLUHLWRGHVXSHUItFLHVHMDGRVRORGDSODQWDomR
RXGDFRQVWUXomRVHUiLQHILFD]HPUHODomRDRFRQFHGHQWHRXDRFRQFHVVLRQiULRQmRLQWLPDGR

R$DOLHQDomRGHGLUHLWRDTXLVLWLYRGHEHPREMHWRGHSURPHVVDGHYHQGDGHSURPHVVDGHFHVVmRRXGH
DOLHQDomR ILGXFLiULD VHUi LQHILFD] HP UHODomR DR SURPLWHQWH YHQGHGRU DR SURPLWHQWH FHGHQWH RX DR SURSULHWiULR
ILGXFLiULRQmRLQWLPDGR

R$DOLHQDomRGHLPyYHOVREUH R TXDO WHQKD VLGR LQVWLWXtGD HQILWHXVH FRQFHVVmR GH XVR HVSHFLDO SDUD
ILQVGHPRUDGLDRXFRQFHVVmRGHGLUHLWRUHDOGHXVRVHUiLQHILFD]HPUHODomRDRHQILWHXWD RX DR FRQFHVVLRQiULR
QmRLQWLPDGR

R$DOLHQDomRGHGLUHLWRVGRHQILWHXWDGRFRQFHVVLRQiULRGHGLUHLWRUHDOGHXVRRXGRFRQFHVVLRQiULRGH
XVRHVSHFLDOSDUDILQVGHPRUDGLDVHUiLQHILFD]HPUHODomRDRSURSULHWiULRGRUHVSHFWLYRLPyYHOQmRLQWLPDGR

 R $ DOLHQDomR GH EHP VREUH R TXDO WHQKD VLGR LQVWLWXtGR XVXIUXWR XVR RX KDELWDomR VHUi LQHILFD] HP
UHODomRDRWLWXODUGHVVHVGLUHLWRVUHDLVQmRLQWLPDGR

$UW4XDQGRSRUYiULRVPHLRVRH[HTXHQWHSXGHUSURPRYHUDH[HFXomRRMXL]PDQGDUiTXHVHIDoD
SHORPRGRPHQRVJUDYRVRSDUDRH[HFXWDGR

3DUiJUDIR ~QLFR  $R H[HFXWDGR TXH DOHJDU VHU D PHGLGD H[HFXWLYD PDLV JUDYRVD LQFXPEH LQGLFDU RXWURV
PHLRVPDLVHILFD]HVHPHQRVRQHURVRVVRESHQDGHPDQXWHQomRGRVDWRVH[HFXWLYRVMiGHWHUPLQDGRV

&$378/2,,
'$(;(&8d23$5$$(175(*$'(&2,6$

6HomR,
'D(QWUHJDGH&RLVD&HUWD

$UW   2 GHYHGRU GH REULJDomR GH HQWUHJD GH FRLVD FHUWD FRQVWDQWH GH WtWXOR H[HFXWLYR H[WUDMXGLFLDO
VHUiFLWDGRSDUDHP TXLQ]H GLDVVDWLVID]HUDREULJDomR

 R $R GHVSDFKDU D LQLFLDO R MXL] SRGHUi IL[DU PXOWD SRU GLD GH DWUDVR QR FXPSULPHQWR GD REULJDomR
ILFDQGRRUHVSHFWLYRYDORUVXMHLWRDDOWHUDomRFDVRVHUHYHOHLQVXILFLHQWHRXH[FHVVLYR

R'RPDQGDGRGHFLWDomRFRQVWDUiRUGHPSDUDLPLVVmRQDSRVVHRXEXVFDHDSUHHQVmRFRQIRUPHVH
WUDWDUGHEHPLPyYHORXPyYHOFXMRFXPSULPHQWRVHGDUiGHLPHGLDWRVHRH[HFXWDGRQmRVDWLVIL]HUDREULJDomR
QRSUD]RTXHOKHIRLGHVLJQDGR

$UW   6H R H[HFXWDGR HQWUHJDU D FRLVD VHUi ODYUDGR R WHUPR UHVSHFWLYR H FRQVLGHUDGD VDWLVIHLWD D
REULJDomRSURVVHJXLQGRVHDH[HFXomRSDUDRSDJDPHQWRGHIUXWRVRXRUHVVDUFLPHQWRGHSUHMXt]RVVHKRXYHU

$UW   $OLHQDGD D FRLVD TXDQGR Mi OLWLJLRVD VHUi H[SHGLGR PDQGDGR FRQWUD R WHUFHLUR DGTXLUHQWH TXH
VRPHQWHVHUiRXYLGRDSyVGHSRVLWiOD

$UW2H[HTXHQWHWHPGLUHLWRDUHFHEHUDOpPGHSHUGDVHGDQRVRYDORUGDFRLVDTXDQGRHVVDVH
GHWHULRUDUQmROKHIRUHQWUHJXHQmRIRUHQFRQWUDGDRXQmRIRUUHFODPDGDGRSRGHUGHWHUFHLURDGTXLUHQWH

R1mRFRQVWDQGRGRWtWXORRYDORUGDFRLVDHVHQGRLPSRVVtYHOVXDDYDOLDomRRH[HTXHQWHDSUHVHQWDUi
HVWLPDWLYDVXMHLWDQGRDDRDUELWUDPHQWRMXGLFLDO

R6HUmRDSXUDGRVHPOLTXLGDomRRYDORUGDFRLVDHRVSUHMXt]RV

$UW+DYHQGREHQIHLWRULDVLQGHQL]iYHLVIHLWDVQDFRLVDSHORH[HFXWDGRRXSRUWHUFHLURVGHFXMR SRGHU
HODKRXYHUVLGRWLUDGDDOLTXLGDomRSUpYLDpREULJDWyULD

3DUiJUDIR~QLFR+DYHQGRVDOGR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,HPIDYRUGRH[HFXWDGRRXGHWHUFHLURVRH[HTXHQWHRGHSRVLWDUiDRUHTXHUHUDHQWUHJDGDFRLVD

,,HPIDYRUGRH[HTXHQWHHVVHSRGHUiFREUiORQRVDXWRVGRPHVPRSURFHVVR

6HomR,,
'D(QWUHJDGH&RLVD,QFHUWD

$UW4XDQGRDH[HFXomRUHFDLUVREUHFRLVDGHWHUPLQDGDSHORJrQHURHSHODTXDQWLGDGHRH[HFXWDGR
VHUiFLWDGRSDUDHQWUHJiODLQGLYLGXDOL]DGDVHOKHFRXEHUDHVFROKD

3DUiJUDIR~QLFR6HDHVFROKDFRXEHUDRH[HTXHQWHHVVHGHYHUiLQGLFiODQDSHWLomRLQLFLDO

$UW4XDOTXHUGDVSDUWHVSRGHUiQRSUD]RGH TXLQ]H GLDVLPSXJQDUDHVFROKDIHLWDSHODRXWUD H


RMXL]GHFLGLUiGHSODQRRXVHQHFHVViULRRXYLQGRSHULWRGHVXDQRPHDomR

$UW   $SOLFDUVHmR j H[HFXomR SDUD HQWUHJD GH FRLVD LQFHUWD QR TXH FRXEHU DV GLVSRVLo}HV GD
6HomR,GHVWH&DStWXOR

&$378/2,,,
'$(;(&8d2'$62%5,*$d(6'()$=(528'(12)$=(5

6HomR,
'LVSRVLo}HV&RPXQV

$UW   1D H[HFXomR GH REULJDomR GH ID]HU RX GH QmR ID]HU IXQGDGD HP WtWXOR H[WUDMXGLFLDO DR
GHVSDFKDU D LQLFLDO R MXL] IL[DUi PXOWD SRU SHUtRGR GH DWUDVR QR FXPSULPHQWR GD REULJDomR H D GDWD D SDUWLU GD
TXDOVHUiGHYLGD

3DUiJUDIR~QLFR6HRYDORUGDPXOWDHVWLYHUSUHYLVWRQRWtWXORHIRUH[FHVVLYRRMXL]SRGHUiUHGX]LOR

6HomR,,
'D2EULJDomRGH)D]HU

$UW4XDQGRRREMHWRGDH[HFXomRIRUREULJDomRGHID]HURH[HFXWDGRVHUiFLWDGRSDUDVDWLVID]rOD
QRSUD]RTXHRMXL]OKHGHVLJQDUVHRXWURQmRHVWLYHUGHWHUPLQDGRQRWtWXORH[HFXWLYR

$UW   6H R H[HFXWDGR QmR VDWLVIL]HU D REULJDomR QR SUD]R GHVLJQDGR p OtFLWR DR H[HTXHQWH QRV
SUySULRV DXWRV GR SURFHVVR UHTXHUHU D VDWLVIDomR GD REULJDomR j FXVWD GR H[HFXWDGR RX SHUGDV H GDQRV
KLSyWHVHHPTXHVHFRQYHUWHUiHPLQGHQL]DomR

3DUiJUDIR~QLFR2YDORUGDVSHUGDVHGDQRVVHUi DSXUDGR HP OLTXLGDomR VHJXLQGRVH D H[HFXomR SDUD


FREUDQoDGHTXDQWLDFHUWD

$UW   6H D REULJDomR SXGHU VHU VDWLVIHLWD SRU WHUFHLUR p OtFLWR DR MXL] DXWRUL]DU D UHTXHULPHQWR GR
H[HTXHQWHTXHDTXHOHDVDWLVIDoDjFXVWDGRH[HFXWDGR

3DUiJUDIR~QLFR2H[HTXHQWHDGLDQWDUiDVTXDQWLDVSUHYLVWDVQDSURSRVWDTXHRXYLGDVDVSDUWHVRMXL]
KRXYHUDSURYDGR

$UW   5HDOL]DGD D SUHVWDomR R MXL] RXYLUi DV SDUWHV QR SUD]R GH  GH]  GLDV H QmR KDYHQGR
LPSXJQDomRFRQVLGHUDUiVDWLVIHLWDDREULJDomR

3DUiJUDIR~QLFR&DVRKDMDLPSXJQDomRRMXL]DGHFLGLUi

$UW6HRWHUFHLURFRQWUDWDGRQmRUHDOL]DUDSUHVWDomRQRSUD]RRXVHRIL]HUGHPRGRLQFRPSOHWRRX
GHIHLWXRVR SRGHUi R H[HTXHQWH UHTXHUHU DR MXL] QR SUD]R GH  TXLQ]H  GLDV TXH R DXWRUL]H D FRQFOXtOD RX D
UHSDUiODjFXVWDGRFRQWUDWDQWH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  2XYLGR R FRQWUDWDQWH QR SUD]R GH  TXLQ]H  GLDV R MXL] PDQGDUi DYDOLDU R FXVWR GDV
GHVSHVDVQHFHVViULDVHRFRQGHQDUiDSDJiOR

$UW6HRH[HTXHQWHTXLVHUH[HFXWDURXPDQGDUH[HFXWDUVREVXDGLUHomRHYLJLOkQFLDDVREUDVHRV
WUDEDOKRV QHFHVViULRV j UHDOL]DomR GD SUHVWDomR WHUi SUHIHUrQFLD HP LJXDOGDGH GH FRQGLo}HV GH RIHUWD HP
UHODomRDRWHUFHLUR

3DUiJUDIR~QLFR2GLUHLWRGHSUHIHUrQFLDGHYHUiVHUH[HUFLGRQRSUD]RGH FLQFR GLDVDSyVDSURYDGDD


SURSRVWDGRWHUFHLUR

$UW   1D REULJDomR GH ID]HU TXDQGR VH FRQYHQFLRQDU TXH R H[HFXWDGR D VDWLVIDoD SHVVRDOPHQWH R
H[HTXHQWHSRGHUiUHTXHUHUDRMXL]TXHOKHDVVLQHSUD]RSDUDFXPSULOD

3DUiJUDIR ~QLFR  +DYHQGR UHFXVD RX PRUD GR H[HFXWDGR VXD REULJDomR SHVVRDO VHUi FRQYHUWLGD HP
SHUGDVHGDQRVFDVRHPTXHVHREVHUYDUiRSURFHGLPHQWRGHH[HFXomRSRUTXDQWLDFHUWD

6HomR,,,
'D2EULJDomRGH1mR)D]HU

$UW   6H R H[HFXWDGR SUDWLFRX DWR D FXMD DEVWHQomR HVWDYD REULJDGR SRU OHL RX SRU FRQWUDWR R
H[HTXHQWHUHTXHUHUiDRMXL]TXHDVVLQHSUD]RDRH[HFXWDGRSDUDGHVID]rOR

$UW+DYHQGRUHFXVDRXPRUDGRH[HFXWDGRRH[HTXHQWHUHTXHUHUiDRMXL]TXHPDQGHGHVID]HURDWR
jFXVWDGDTXHOHTXHUHVSRQGHUiSRUSHUGDVHGDQRV

3DUiJUDIR~QLFR1mRVHQGRSRVVtYHOGHVID]HUVHRDWRDREULJDomRUHVROYHVHHPSHUGDVHGDQRVFDVR
HPTXHDSyVDOLTXLGDomRVHREVHUYDUiRSURFHGLPHQWRGHH[HFXomRSRUTXDQWLDFHUWD

&$378/2,9
'$(;(&8d232548$17,$&(57$

6HomR,
'LVSRVLo}HV*HUDLV

$UW   $ H[HFXomR SRU TXDQWLD FHUWD UHDOL]DVH SHOD H[SURSULDomR GH EHQV GR H[HFXWDGR UHVVDOYDGDV
DVH[HFXo}HVHVSHFLDLV

$UW$H[SURSULDomRFRQVLVWHHP

,DGMXGLFDomR

,,DOLHQDomR

,,,DSURSULDomRGHIUXWRVHUHQGLPHQWRVGHHPSUHVDRXGHHVWDEHOHFLPHQWRVHGHRXWURVEHQV

$UW$QWHVGHDGMXGLFDGRVRXDOLHQDGRVRVEHQVRH[HFXWDGRSRGHDWRGRWHPSRUHPLUDH[HFXomR
SDJDQGR RX FRQVLJQDQGR D LPSRUWkQFLD DWXDOL]DGD GD GtYLGD DFUHVFLGD GH MXURV FXVWDV H KRQRUiULRV
DGYRFDWtFLRV

6HomR,,
'D&LWDomRGR'HYHGRUHGR$UUHVWR

$UW   $R GHVSDFKDU D LQLFLDO R MXL] IL[DUi GH SODQR RV KRQRUiULRV DGYRFDWtFLRV GH GH] SRU FHQWR D
VHUHPSDJRVSHORH[HFXWDGR

 R 1R FDVR GH LQWHJUDO SDJDPHQWR QR SUD]R GH  WUrV  GLDV R YDORU GRV KRQRUiULRV DGYRFDWtFLRV VHUi
UHGX]LGRSHODPHWDGH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 2 YDORU GRV KRQRUiULRV SRGHUi VHU HOHYDGR DWp YLQWH SRU FHQWR TXDQGR UHMHLWDGRV RV HPEDUJRV j
H[HFXomR SRGHQGR D PDMRUDomR FDVR QmR RSRVWRV RV HPEDUJRV RFRUUHU DR ILQDO GR SURFHGLPHQWR H[HFXWLYR
OHYDQGRVHHPFRQWDRWUDEDOKRUHDOL]DGRSHORDGYRJDGRGRH[HTXHQWH

$UW2H[HTXHQWHSRGHUiREWHUFHUWLGmRGHTXHDH[HFXomRIRLDGPLWLGDSHORMXL]FRPLGHQWLILFDomR
GDV SDUWHV H GR YDORU GD FDXVD SDUD ILQV GH DYHUEDomR QR UHJLVWUR GH LPyYHLV GH YHtFXORV RX GH RXWURV EHQV
VXMHLWRVDSHQKRUDDUUHVWRRXLQGLVSRQLELOLGDGH

 R 1R SUD]R GH  GH]  GLDV GH VXD FRQFUHWL]DomR R H[HTXHQWH GHYHUi FRPXQLFDU DR MXt]R DV
DYHUEDo}HVHIHWLYDGDV

R)RUPDOL]DGDSHQKRUDVREUHEHQVVXILFLHQWHVSDUDFREULURYDORUGDGtYLGDRH[HTXHQWHSURYLGHQFLDUi
QRSUD]RGH GH] GLDVRFDQFHODPHQWRGDVDYHUEDo}HVUHODWLYDVjTXHOHVQmRSHQKRUDGRV

 R 2 MXL] GHWHUPLQDUi R FDQFHODPHQWR GDV DYHUEDo}HV GH RItFLR RX D UHTXHULPHQWR FDVR R H[HTXHQWH
QmRRIDoDQRSUD]R

R3UHVXPHVHHPIUDXGHjH[HFXomRDDOLHQDomRRXDRQHUDomRGHEHQVHIHWXDGDDSyVDDYHUEDomR

R2H[HTXHQWHTXHSURPRYHUDYHUEDomRPDQLIHVWDPHQWHLQGHYLGDRXQmRFDQFHODUDVDYHUEDo}HVQRV
WHUPRVGRRLQGHQL]DUiDSDUWHFRQWUiULDSURFHVVDQGRVHRLQFLGHQWHHPDXWRVDSDUWDGRV

$UW2H[HFXWDGRVHUiFLWDGRSDUDSDJDUDGtYLGDQRSUD]RGH WUrV GLDVFRQWDGRGDFLWDomR

 R 'R PDQGDGR GH FLWDomR FRQVWDUmR WDPEpP D RUGHP GH SHQKRUD H D DYDOLDomR D VHUHP FXPSULGDV
SHOR RILFLDO GH MXVWLoD WmR ORJR YHULILFDGR R QmR SDJDPHQWR QR SUD]R DVVLQDODGR GH WXGR ODYUDQGRVH DXWR FRP
LQWLPDomRGRH[HFXWDGR

 R $ SHQKRUD UHFDLUi VREUH RV EHQV LQGLFDGRV SHOR H[HTXHQWH VDOYR VH RXWURV IRUHP LQGLFDGRV SHOR
H[HFXWDGRH DFHLWRV SHOR MXL] PHGLDQWH GHPRQVWUDomR GH TXH D FRQVWULomR SURSRVWD OKH VHUi PHQRV RQHURVD H
QmRWUDUiSUHMXt]RDRH[HTXHQWH

$UW   6H R RILFLDO GH MXVWLoD QmR HQFRQWUDU R H[HFXWDGR DUUHVWDUOKHi WDQWRV EHQV TXDQWRV EDVWHP
SDUDJDUDQWLUDH[HFXomR

 R 1RV  GH]  GLDV VHJXLQWHV j HIHWLYDomR GR DUUHVWR R RILFLDO GH MXVWLoD SURFXUDUi R H[HFXWDGR 
GXDV YH]HVHPGLDVGLVWLQWRVHKDYHQGRVXVSHLWDGHRFXOWDomRUHDOL]DUiDFLWDomRFRPKRUDFHUWDFHUWLILFDQGR
SRUPHQRUL]DGDPHQWHRRFRUULGR

 R ,QFXPEH DR H[HTXHQWH UHTXHUHU D FLWDomR SRU HGLWDO XPD YH] IUXVWUDGDV D SHVVRDO H D FRP KRUD
FHUWD

 R $SHUIHLoRDGD D FLWDomR H WUDQVFRUULGR R SUD]R GH SDJDPHQWR R DUUHVWR FRQYHUWHUVHi HP SHQKRUD
LQGHSHQGHQWHPHQWHGHWHUPR

6HomR,,,
'D3HQKRUDGR'HSyVLWRHGD$YDOLDomR

6XEVHomR,
'R2EMHWRGD3HQKRUD

$UW   $ SHQKRUD GHYHUi UHFDLU VREUH WDQWRV EHQV TXDQWRV EDVWHP SDUD R SDJDPHQWR GR SULQFLSDO
DWXDOL]DGRGRVMXURVGDVFXVWDVHGRVKRQRUiULRVDGYRFDWtFLRV

$UW1mRHVWmRVXMHLWRVjH[HFXomRRVEHQVTXHDOHLFRQVLGHUDLPSHQKRUiYHLVRXLQDOLHQiYHLV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW6mRLPSHQKRUiYHLV

,RVEHQVLQDOLHQiYHLVHRVGHFODUDGRVSRUDWRYROXQWiULRQmRVXMHLWRVjH[HFXomR

,,RVPyYHLVRVSHUWHQFHVHDVXWLOLGDGHVGRPpVWLFDVTXHJXDUQHFHPDUHVLGrQFLDGRH[HFXWDGRVDOYR
RV GH HOHYDGR YDORU RX RV TXH XOWUDSDVVHP DV QHFHVVLGDGHV FRPXQV FRUUHVSRQGHQWHV D XP PpGLR SDGUmR GH
YLGD

,,,RVYHVWXiULRVEHPFRPRRVSHUWHQFHVGHXVRSHVVRDOGRH[HFXWDGRVDOYRVHGHHOHYDGRYDORU

,9  RV YHQFLPHQWRV RV VXEVtGLRV RV VROGRV RV VDOiULRV DV UHPXQHUDo}HV RV SURYHQWRV GH
DSRVHQWDGRULD DV SHQV}HV RV SHF~OLRV H RV PRQWHSLRV EHP FRPR DV TXDQWLDV UHFHELGDV SRU OLEHUDOLGDGH GH
WHUFHLUR H GHVWLQDGDV DR VXVWHQWR GR GHYHGRU H GH VXD IDPtOLD RV JDQKRV GH WUDEDOKDGRU DXW{QRPR H RV
KRQRUiULRVGHSURILVVLRQDOOLEHUDOUHVVDOYDGRRR

9  RV OLYURV DV PiTXLQDV DV IHUUDPHQWDV RV XWHQVtOLRV RV LQVWUXPHQWRV RX RXWURV EHQV PyYHLV
QHFHVViULRVRX~WHLVDRH[HUFtFLRGDSURILVVmRGRH[HFXWDGR

9,RVHJXURGHYLGD

9,,RVPDWHULDLVQHFHVViULRVSDUDREUDVHPDQGDPHQWRVDOYRVHHVVDVIRUHPSHQKRUDGDV

9,,,DSHTXHQDSURSULHGDGHUXUDODVVLPGHILQLGDHPOHLGHVGHTXHWUDEDOKDGDSHODIDPtOLD

,;  RV UHFXUVRV S~EOLFRV UHFHELGRV SRU LQVWLWXLo}HV SULYDGDV SDUD DSOLFDomR FRPSXOVyULD HP HGXFDomR
VD~GHRXDVVLVWrQFLDVRFLDO

;DTXDQWLDGHSRVLWDGDHPFDGHUQHWDGHSRXSDQoDDWpROLPLWHGH TXDUHQWD VDOiULRVPtQLPRV

;,RVUHFXUVRVS~EOLFRVGRIXQGRSDUWLGiULRUHFHELGRVSRUSDUWLGRSROtWLFRQRVWHUPRVGDOHL

;,,  RV FUpGLWRV RULXQGRV GH DOLHQDomR GH XQLGDGHV LPRELOLiULDV VRE UHJLPH GH LQFRUSRUDomR LPRELOLiULD
YLQFXODGRVjH[HFXomRGDREUD

 R $ LPSHQKRUDELOLGDGH QmR p RSRQtYHO j H[HFXomR GH GtYLGD UHODWLYD DR SUySULR EHP LQFOXVLYH jTXHOD
FRQWUDtGDSDUDVXDDTXLVLomR

 R 2 GLVSRVWR QRV LQFLVRV ,9 H ; GR FDSXW QmR VH DSOLFD j KLSyWHVH GH SHQKRUD SDUD SDJDPHQWR GH
SUHVWDomR DOLPHQWtFLD LQGHSHQGHQWHPHQWH GH VXD RULJHP EHP FRPR jV LPSRUWkQFLDV H[FHGHQWHV D 
FLQTXHQWD VDOiULRVPtQLPRVPHQVDLVGHYHQGRDFRQVWULomRREVHUYDURGLVSRVWRQRDUWRHQRDUW
R

R ,QFOXHPVH QD LPSHQKRUDELOLGDGH SUHYLVWD QR LQFLVR 9 GR FDSXW RV HTXLSDPHQWRV RV LPSOHPHQWRV H
DVPiTXLQDVDJUtFRODVSHUWHQFHQWHVDSHVVRDItVLFDRXDHPSUHVDLQGLYLGXDOSURGXWRUDUXUDOH[FHWRTXDQGRWDLV
EHQV WHQKDP VLGR REMHWR GH ILQDQFLDPHQWR H HVWHMDP YLQFXODGRV HP JDUDQWLD D QHJyFLR MXUtGLFR RX TXDQGR
UHVSRQGDPSRUGtYLGDGHQDWXUH]DDOLPHQWDUWUDEDOKLVWDRXSUHYLGHQFLiULD

$UW   3RGHP VHU SHQKRUDGRV j IDOWD GH RXWURV EHQV RV IUXWRV H RV UHQGLPHQWRV GRV EHQV
LQDOLHQiYHLV

$UW$SHQKRUDREVHUYDUiSUHIHUHQFLDOPHQWHDVHJXLQWHRUGHP

,GLQKHLURHPHVSpFLHRXHPGHSyVLWRRXDSOLFDomRHPLQVWLWXLomRILQDQFHLUD

,,WtWXORVGDGtYLGDS~EOLFDGD8QLmRGRV(VWDGRVHGR'LVWULWR)HGHUDOFRPFRWDomRHPPHUFDGR

,,,WtWXORVHYDORUHVPRELOLiULRVFRPFRWDomRHPPHUFDGR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,9YHtFXORVGHYLDWHUUHVWUH

9EHQVLPyYHLV

9,EHQVPyYHLVHPJHUDO

9,,VHPRYHQWHV

9,,,QDYLRVHDHURQDYHV

,;Do}HVHTXRWDVGHVRFLHGDGHVVLPSOHVHHPSUHViULDV

;SHUFHQWXDOGRIDWXUDPHQWRGHHPSUHVDGHYHGRUD

;,SHGUDVHPHWDLVSUHFLRVRV

;,,GLUHLWRVDTXLVLWLYRVGHULYDGRVGHSURPHVVDGHFRPSUDHYHQGDHGHDOLHQDomRILGXFLiULDHPJDUDQWLD

;,,,RXWURVGLUHLWRV

ReSULRULWiULDDSHQKRUDHPGLQKHLURSRGHQGRRMXL]QDVGHPDLVKLSyWHVHVDOWHUDUDRUGHPSUHYLVWDQR
FDSXWGHDFRUGRFRPDVFLUFXQVWkQFLDVGRFDVRFRQFUHWR

R3DUDILQVGHVXEVWLWXLomR GD SHQKRUD HTXLSDUDPVH D GLQKHLUR D ILDQoD EDQFiULD H R VHJXUR JDUDQWLD


MXGLFLDOGHVGHTXHHPYDORUQmRLQIHULRUDRGRGpELWRFRQVWDQWHGDLQLFLDODFUHVFLGRGHWULQWDSRUFHQWR

R1DH[HFXomRGHFUpGLWRFRPJDUDQWLDUHDODSHQKRUDUHFDLUiVREUHDFRLVDGDGDHPJDUDQWLDHVHD
FRLVDSHUWHQFHUDWHUFHLURJDUDQWLGRUHVWHWDPEpPVHUiLQWLPDGRGDSHQKRUD

$UW   1mR VH OHYDUi D HIHLWR D SHQKRUD TXDQGR ILFDU HYLGHQWH TXH R SURGXWR GD H[HFXomR GRV EHQV
HQFRQWUDGRVVHUiWRWDOPHQWHDEVRUYLGRSHORSDJDPHQWRGDVFXVWDVGDH[HFXomR

 R 4XDQGR QmR HQFRQWUDU EHQV SHQKRUiYHLV LQGHSHQGHQWHPHQWH GH GHWHUPLQDomR MXGLFLDO H[SUHVVD R
RILFLDO GH MXVWLoD GHVFUHYHUi QD FHUWLGmR RV EHQV TXH JXDUQHFHP D UHVLGrQFLD RX R HVWDEHOHFLPHQWR GR
H[HFXWDGRTXDQGRHVWHIRUSHVVRDMXUtGLFD

R(ODERUDGDDOLVWDRH[HFXWDGRRXVHXUHSUHVHQWDQWHOHJDOVHUiQRPHDGRGHSRVLWiULRSURYLVyULRGHWDLV
EHQVDWpXOWHULRUGHWHUPLQDomRGRMXL]

6XEVHomR,,
'D'RFXPHQWDomRGD3HQKRUDGHVHX5HJLVWURHGR'HSyVLWR

$UW2EHGHFLGDVDVQRUPDVGHVHJXUDQoDLQVWLWXtGDVVREFULWpULRVXQLIRUPHVSHOR&RQVHOKR1DFLRQDO
GH-XVWLoDDSHQKRUDGHGLQKHLURHDVDYHUEDo}HVGHSHQKRUDVGHEHQVLPyYHLVHPyYHLVSRGHPVHUUHDOL]DGDV
SRUPHLRHOHWU{QLFR

$UW$SHQKRUDVHUiUHDOL]DGDPHGLDQWHDXWRRXWHUPRTXHFRQWHUi

,DLQGLFDomRGRGLDGRPrVGRDQRHGROXJDUHPTXHIRLIHLWD

,,RVQRPHVGRH[HTXHQWHHGRH[HFXWDGR

,,,DGHVFULomRGRVEHQVSHQKRUDGRVFRPDVVXDVFDUDFWHUtVWLFDV

,9DQRPHDomRGRGHSRVLWiULRGRVEHQV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW&RQVLGHUDUVHiIHLWDDSHQKRUDPHGLDQWHDDSUHHQVmRHRGHSyVLWRGRVEHQVODYUDQGRVHXPVy
DXWRVHDVGLOLJrQFLDVIRUHPFRQFOXtGDVQRPHVPRGLD

3DUiJUDIR~QLFR+DYHQGRPDLVGHXPDSHQKRUDVHUmRODYUDGRVDXWRVLQGLYLGXDLV

$UW6HUmRSUHIHUHQFLDOPHQWHGHSRVLWDGRV

,DVTXDQWLDVHPGLQKHLURRVSDSpLVGHFUpGLWRHDVSHGUDVHRVPHWDLVSUHFLRVRVQR%DQFRGR%UDVLO
QD &DL[D (FRQ{PLFD )HGHUDO RX HP EDQFR GR TXDO R (VWDGR RX R 'LVWULWR )HGHUDO SRVVXD PDLV GD PHWDGH GR
FDSLWDO VRFLDO LQWHJUDOL]DGR RX QD IDOWD GHVVHV HVWDEHOHFLPHQWRV HP TXDOTXHU LQVWLWXLomR GH FUpGLWR GHVLJQDGD
SHORMXL]

,,  RV PyYHLV RV VHPRYHQWHV RV LPyYHLV XUEDQRV H RV GLUHLWRV DTXLVLWLYRV VREUH LPyYHLV XUEDQRV HP
SRGHUGRGHSRVLWiULRMXGLFLDO

,,,  RV LPyYHLV UXUDLV RV GLUHLWRV DTXLVLWLYRV VREUH LPyYHLV UXUDLV DV PiTXLQDV RV XWHQVtOLRV H RV
LQVWUXPHQWRVQHFHVViULRVRX~WHLVjDWLYLGDGHDJUtFRODPHGLDQWHFDXomRLG{QHDHPSRGHUGRH[HFXWDGR

 R 1R FDVR GR LQFLVR ,, GR FDSXW VH QmR KRXYHU GHSRVLWiULR MXGLFLDO RV EHQV ILFDUmR HP SRGHU GR
H[HTXHQWH

 R 2V EHQV SRGHUmR VHU GHSRVLWDGRV HP SRGHU GR H[HFXWDGR QRV FDVRV GH GLItFLO UHPRomR RX TXDQGR
DQXLURH[HTXHQWH

R$VMRLDVDVSHGUDVHRV REMHWRV SUHFLRVRV GHYHUmR VHU GHSRVLWDGRV FRP UHJLVWUR GR YDORU HVWLPDGR
GHUHVJDWH

$UW   )RUPDOL]DGD D SHQKRUD SRU TXDOTXHU GRV PHLRV OHJDLV GHOD VHUi LPHGLDWDPHQWH LQWLPDGR R
H[HFXWDGR

 R $ LQWLPDomR GD SHQKRUD VHUi IHLWD DR DGYRJDGR GR H[HFXWDGR RX j VRFLHGDGH GH DGYRJDGRV D TXH
DTXHOHSHUWHQoD

 R 6H QmR KRXYHU FRQVWLWXtGR DGYRJDGR QRV DXWRV R H[HFXWDGR VHUi LQWLPDGR SHVVRDOPHQWH GH
SUHIHUrQFLDSRUYLDSRVWDO

R2GLVSRVWRQRRQmRVHDSOLFDDRVFDVRVGHSHQKRUDUHDOL]DGDQDSUHVHQoDGRH[HFXWDGRTXHVH
UHSXWDLQWLPDGR

 R &RQVLGHUDVH UHDOL]DGD D LQWLPDomR D TXH VH UHIHUH R  R TXDQGR R H[HFXWDGR KRXYHU PXGDGR GH
HQGHUHoRVHPSUpYLDFRPXQLFDomRDRMXt]RREVHUYDGRRGLVSRVWRQRSDUiJUDIR~QLFRGRDUW

$UW   5HFDLQGR D SHQKRUD VREUH EHP LPyYHO RX GLUHLWR UHDO VREUH LPyYHO VHUi LQWLPDGR WDPEpP R
F{QMXJHGRH[HFXWDGRVDOYRVHIRUHPFDVDGRVHPUHJLPHGHVHSDUDomRDEVROXWDGHEHQV

$UW7UDWDQGRVHGHSHQKRUDGHEHPLQGLYLVtYHORHTXLYDOHQWHjTXRWDSDUWHGRFRSURSULHWiULRRXGR
F{QMXJHDOKHLRjH[HFXomRUHFDLUiVREUHRSURGXWRGDDOLHQDomRGREHP

ReUHVHUYDGDDRFRSURSULHWiULRRXDRF{QMXJHQmRH[HFXWDGRDSUHIHUrQFLDQDDUUHPDWDomRGREHPHP
LJXDOGDGHGHFRQGLo}HV

R1mRVHUiOHYDGDDHIHLWRH[SURSULDomRSRUSUHoRLQIHULRUDRGDDYDOLDomRQDTXDORYDORUDXIHULGRVHMD
LQFDSD] GH JDUDQWLU DR FRSURSULHWiULR RX DR F{QMXJH DOKHLR j H[HFXomR R FRUUHVSRQGHQWH j VXD TXRWDSDUWH
FDOFXODGRVREUHRYDORUGDDYDOLDomR

$UW   3DUD SUHVXQomR DEVROXWD GH FRQKHFLPHQWR SRU WHUFHLURV FDEH DR H[HTXHQWH SURYLGHQFLDU D
DYHUEDomR GR DUUHVWR RX GD SHQKRUD QR UHJLVWUR FRPSHWHQWH PHGLDQWH DSUHVHQWDomR GH FySLD GR DXWR RX GR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

WHUPRLQGHSHQGHQWHPHQWHGHPDQGDGRMXGLFLDO

6XEVHomR,,,
'R/XJDUGH5HDOL]DomRGD3HQKRUD

$UW   (IHWXDUVHi D SHQKRUD RQGH VH HQFRQWUHP RV EHQV DLQGD TXH VRE D SRVVH D GHWHQomR RX D
JXDUGDGHWHUFHLURV

 R $ SHQKRUD GH LPyYHLV LQGHSHQGHQWHPHQWH GH RQGH VH ORFDOL]HP TXDQGR DSUHVHQWDGD FHUWLGmR GD
UHVSHFWLYD PDWUtFXOD H D SHQKRUD GH YHtFXORV DXWRPRWRUHV TXDQGR DSUHVHQWDGD FHUWLGmR TXH DWHVWH D VXD
H[LVWrQFLDVHUmRUHDOL]DGDVSRUWHUPRQRVDXWRV

R6HRH[HFXWDGRQmRWLYHUEHQVQRIRURGRSURFHVVRQmRVHQGRSRVVtYHODUHDOL]DomRGDSHQKRUDQRV
WHUPRVGRRDH[HFXomRVHUiIHLWDSRUFDUWDSHQKRUDQGRVHDYDOLDQGRVHHDOLHQDQGRVHRVEHQVQRIRURGD
VLWXDomR

$UW6HRH[HFXWDGRIHFKDUDVSRUWDVGDFDVDDILPGHREVWDUDSHQKRUDGRVEHQVRRILFLDOGHMXVWLoD
FRPXQLFDUiRIDWRDRMXL]VROLFLWDQGROKHRUGHPGHDUURPEDPHQWR

R 'HIHULGR R SHGLGR  GRLV  RILFLDLV GH MXVWLoD FXPSULUmR R PDQGDGR DUURPEDQGR F{PRGRV H PyYHLV
HP TXH VH SUHVXPD HVWDUHP RV EHQV H ODYUDUmR GH WXGR DXWR FLUFXQVWDQFLDGR TXH VHUi DVVLQDGR SRU  GXDV
WHVWHPXQKDVSUHVHQWHVjGLOLJrQFLD

 R 6HPSUH TXH QHFHVViULR R MXL] UHTXLVLWDUi IRUoD SROLFLDO D ILP GH DX[LOLDU RV RILFLDLV GH MXVWLoD QD
SHQKRUDGRVEHQV

R2VRILFLDLVGHMXVWLoDODYUDUmRHPGXSOLFDWDRDXWRGDRFRUUrQFLDHQWUHJDQGRXPDYLDDRHVFULYmRRX
DR FKHIH GH VHFUHWDULD SDUD VHU MXQWDGD DRV DXWRV H D RXWUD j DXWRULGDGH SROLFLDO D TXHP FRXEHU D DSXUDomR
FULPLQDOGRVHYHQWXDLVGHOLWRVGHGHVREHGLrQFLDRXGHUHVLVWrQFLD

R'RDXWRGDRFRUUrQFLDFRQVWDUiRUROGHWHVWHPXQKDVFRPDUHVSHFWLYDTXDOLILFDomR

6XEVHomR,9
'DV0RGLILFDo}HVGD3HQKRUD

$UW   2 H[HFXWDGR SRGH QR SUD]R GH  GH]  GLDV FRQWDGR GD LQWLPDomR GD SHQKRUD UHTXHUHU D
VXEVWLWXLomR GR EHP SHQKRUDGR GHVGH TXH FRPSURYH TXH OKH VHUi PHQRV RQHURVD H QmR WUDUi SUHMXt]R DR
H[HTXHQWH

R2MXL]VyDXWRUL]DUiDVXEVWLWXLomRVHRH[HFXWDGR

,FRPSURYDUDVUHVSHFWLYDVPDWUtFXODVHRVUHJLVWURV SRU FHUWLGmR GR FRUUHVSRQGHQWH RItFLR TXDQWR DRV


EHQVLPyYHLV

,,  GHVFUHYHU RV EHQV PyYHLV FRP WRGDV DV VXDV SURSULHGDGHV H FDUDFWHUtVWLFDV EHP FRPR R HVWDGR
GHOHVHROXJDURQGHVHHQFRQWUDP

,,,GHVFUHYHURVVHPRYHQWHVFRPLQGLFDomRGHHVSpFLHGHQ~PHURGHPDUFDRXVLQDOHGRORFDORQGH
VHHQFRQWUDP

,9  LGHQWLILFDU RV FUpGLWRV LQGLFDQGR TXHP VHMD R GHYHGRU TXDO D RULJHP GD GtYLGD R WtWXOR TXH D
UHSUHVHQWDHDGDWDGRYHQFLPHQWRH

9  DWULEXLU HP TXDOTXHU FDVR YDORU DRV EHQV LQGLFDGRV j SHQKRUD DOpP GH HVSHFLILFDU RV {QXV H RV
HQFDUJRVDTXHHVWHMDPVXMHLWRV

 R 5HTXHULGD D VXEVWLWXLomR GR EHP SHQKRUDGR R H[HFXWDGR GHYH LQGLFDU RQGH VH HQFRQWUDP RV EHQV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

VXMHLWRV j H[HFXomR H[LELU D SURYD GH VXD SURSULHGDGH H D FHUWLGmR QHJDWLYD RX SRVLWLYD GH {QXV EHP FRPR
DEVWHUVHGHTXDOTXHUDWLWXGHTXHGLILFXOWHRXHPEDUDFHDUHDOL]DomRGDSHQKRUD

R2H[HFXWDGRVRPHQWHSRGHUiRIHUHFHUEHPLPyYHOHPVXEVWLWXLomRFDVRRUHTXHLUDFRPDH[SUHVVD
DQXrQFLDGRF{QMXJHVDOYRVHRUHJLPHIRURGHVHSDUDomRDEVROXWDGHEHQV

 R 2 MXL] LQWLPDUi R H[HTXHQWH SDUD PDQLIHVWDUVH VREUH R UHTXHULPHQWR GH VXEVWLWXLomR GR EHP
SHQKRUDGR

$UW$VSDUWHVSRGHUmRUHTXHUHUDVXEVWLWXLomRGDSHQKRUDVH

,HODQmRREHGHFHUjRUGHPOHJDO

,,HODQmRLQFLGLUVREUHRVEHQVGHVLJQDGRVHPOHLFRQWUDWRRXDWRMXGLFLDOSDUDRSDJDPHQWR

,,,KDYHQGREHQVQRIRURGDH[HFXomRRXWURVWLYHUHPVLGRSHQKRUDGRV

,9KDYHQGREHQVOLYUHVHODWLYHUUHFDtGRVREUHEHQVMiSHQKRUDGRVRXREMHWRGHJUDYDPH

9HODLQFLGLUVREUHEHQVGHEDL[DOLTXLGH]

9,IUDFDVVDUDWHQWDWLYDGHDOLHQDomRMXGLFLDOGREHPRX

9,,RH[HFXWDGRQmRLQGLFDURYDORUGRVEHQVRXRPLWLUTXDOTXHUGDVLQGLFDo}HVSUHYLVWDVHPOHL

3DUiJUDIR ~QLFR  $ SHQKRUD SRGH VHU VXEVWLWXtGD SRU ILDQoD EDQFiULD RX SRU VHJXUR JDUDQWLD MXGLFLDO HP
YDORUQmRLQIHULRUDRGRGpELWRFRQVWDQWHGDLQLFLDODFUHVFLGRGHWULQWDSRUFHQWR

$UW6HPSUHTXHRFRUUHUDVXEVWLWXLomRGRVEHQVLQLFLDOPHQWHSHQKRUDGRVVHUiODYUDGRQRYRWHUPR

$UW   6HUi DGPLWLGD D UHGXomR RX D DPSOLDomR GD SHQKRUD EHP FRPR VXD WUDQVIHUrQFLD SDUD RXWURV
EHQVVHQRFXUVRGRSURFHVVRRYDORUGHPHUFDGRGRVEHQVSHQKRUDGRVVRIUHUDOWHUDomRVLJQLILFDWLYD

$UW1mRVHSURFHGHjVHJXQGDSHQKRUDVDOYRVH

,DSULPHLUDIRUDQXODGD

,,H[HFXWDGRVRVEHQVRSURGXWRGDDOLHQDomRQmREDVWDUSDUDRSDJDPHQWRGRH[HTXHQWH

,,,RH[HTXHQWHGHVLVWLUGDSULPHLUDSHQKRUD SRU VHUHP OLWLJLRVRV RV EHQV RX SRU HVWDUHP VXEPHWLGRV D
FRQVWULomRMXGLFLDO

$UW2MXL]GHWHUPLQDUiDDOLHQDomRDQWHFLSDGDGRVEHQVSHQKRUDGRVTXDQGR

,  VH WUDWDU GH YHtFXORV DXWRPRWRUHV GH SHGUDV H PHWDLV SUHFLRVRV H GH RXWURV EHQV PyYHLV VXMHLWRV j
GHSUHFLDomRRXjGHWHULRUDomR

,,KRXYHUPDQLIHVWDYDQWDJHP

$UW4XDQGRXPDGDVSDUWHVUHTXHUHUDOJXPDGDVPHGLGDVSUHYLVWDVQHVWD6XEVHomRRMXL]RXYLUi
VHPSUHDRXWUDQRSUD]RGH WUrV GLDVDQWHVGHGHFLGLU

3DUiJUDIR~QLFR2MXL]GHFLGLUiGHSODQRTXDOTXHUTXHVWmRVXVFLWDGD

6XEVHomR9
'D3HQKRUDGH'LQKHLURHP'HSyVLWRRXHP$SOLFDomR)LQDQFHLUD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   3DUD SRVVLELOLWDU D SHQKRUD GH GLQKHLUR HP GHSyVLWR RX HP DSOLFDomR ILQDQFHLUD R MXL] D
UHTXHULPHQWRGRH[HTXHQWHVHPGDUFLrQFLDSUpYLDGRDWRDRH[HFXWDGRGHWHUPLQDUijVLQVWLWXLo}HVILQDQFHLUDV
SRU PHLR GH VLVWHPD HOHWU{QLFR JHULGR SHOD DXWRULGDGH VXSHUYLVRUD GR VLVWHPD ILQDQFHLUR QDFLRQDO TXH WRUQH
LQGLVSRQtYHLV DWLYRV ILQDQFHLURV H[LVWHQWHV HP QRPH GR H[HFXWDGR OLPLWDQGRVH D LQGLVSRQLELOLGDGH DR YDORU
LQGLFDGRQDH[HFXomR

 R 1R SUD]R GH  YLQWH H TXDWUR  KRUDV D FRQWDU GD UHVSRVWD GH RItFLR R MXL] GHWHUPLQDUi R
FDQFHODPHQWRGHHYHQWXDOLQGLVSRQLELOLGDGHH[FHVVLYDRTXHGHYHUiVHUFXPSULGRSHODLQVWLWXLomR ILQDQFHLUD HP
LJXDOSUD]R

 R 7RUQDGRV LQGLVSRQtYHLV RV DWLYRV ILQDQFHLURV GR H[HFXWDGR HVWH VHUi LQWLPDGR QD SHVVRD GH VHX
DGYRJDGRRXQmRRWHQGRSHVVRDOPHQWH

R,QFXPEHDRH[HFXWDGRQRSUD]RGH FLQFR GLDVFRPSURYDUTXH

,DVTXDQWLDVWRUQDGDVLQGLVSRQtYHLVVmRLPSHQKRUiYHLV

,,DLQGDUHPDQHVFHLQGLVSRQLELOLGDGHH[FHVVLYDGHDWLYRVILQDQFHLURV

 R $FROKLGD TXDOTXHU GDV DUJXLo}HV GRV LQFLVRV , H ,, GR  R R MXL] GHWHUPLQDUi R FDQFHODPHQWR GH
HYHQWXDOLQGLVSRQLELOLGDGHLUUHJXODURXH[FHVVLYDDVHUFXPSULGRSHODLQVWLWXLomRILQDQFHLUDHP YLQWHHTXDWUR
KRUDV

 R 5HMHLWDGD RX QmR DSUHVHQWDGD D PDQLIHVWDomR GR H[HFXWDGR FRQYHUWHUVHi D LQGLVSRQLELOLGDGH HP
SHQKRUDVHPQHFHVVLGDGHGHODYUDWXUDGHWHUPRGHYHQGRRMXL]GDH[HFXomRGHWHUPLQDUjLQVWLWXLomRILQDQFHLUD
GHSRVLWiULDTXHQRSUD]RGH YLQWHHTXDWUR KRUDVWUDQVILUDRPRQWDQWHLQGLVSRQtYHOSDUDFRQWDYLQFXODGDDR
MXt]RGDH[HFXomR

 R 5HDOL]DGR R SDJDPHQWR GD GtYLGD SRU RXWUR PHLR R MXL] GHWHUPLQDUi LPHGLDWDPHQWH SRU VLVWHPD
HOHWU{QLFR JHULGR SHOD DXWRULGDGH VXSHUYLVRUD GR VLVWHPD ILQDQFHLUR QDFLRQDO D QRWLILFDomR GD LQVWLWXLomR
ILQDQFHLUDSDUDTXHHPDWp YLQWHHTXDWUR KRUDVFDQFHOHDLQGLVSRQLELOLGDGH

 R $V WUDQVPLVV}HV GDV RUGHQV GH LQGLVSRQLELOLGDGH GH VHX FDQFHODPHQWR H GH GHWHUPLQDomR GH
SHQKRUD SUHYLVWDV QHVWH DUWLJR IDUVHmR SRU PHLR GH VLVWHPD HOHWU{QLFR JHULGR SHOD DXWRULGDGH VXSHUYLVRUD GR
VLVWHPDILQDQFHLURQDFLRQDO

R$LQVWLWXLomRILQDQFHLUDVHUiUHVSRQViYHOSHORVSUHMXt]RVFDXVDGRVDRH[HFXWDGRHPGHFRUUrQFLDGD
LQGLVSRQLELOLGDGH GH DWLYRV ILQDQFHLURV HP YDORU VXSHULRU DR LQGLFDGR QD H[HFXomR RX SHOR MXL] EHP FRPR QD
KLSyWHVH GH QmR FDQFHODPHQWR GD LQGLVSRQLELOLGDGH QR SUD]R GH  YLQWH H TXDWUR  KRUDV TXDQGR DVVLP
GHWHUPLQDURMXL]

 R 4XDQGR VH WUDWDU GH H[HFXomR FRQWUD SDUWLGR SROtWLFR R MXL] D UHTXHULPHQWR GR H[HTXHQWH
GHWHUPLQDUi jV LQVWLWXLo}HV ILQDQFHLUDV SRU PHLR GH VLVWHPD HOHWU{QLFR JHULGR SRU DXWRULGDGH VXSHUYLVRUD GR
VLVWHPD EDQFiULR TXH WRUQHP LQGLVSRQtYHLV DWLYRV ILQDQFHLURV VRPHQWH HP QRPH GR yUJmR SDUWLGiULR TXH WHQKD
FRQWUDtGR D GtYLGD H[HFXWDGD RX TXH WHQKD GDGR FDXVD j YLRODomR GH GLUHLWR RX DR GDQR DR TXDO FDEH
H[FOXVLYDPHQWHDUHVSRQVDELOLGDGHSHORVDWRVSUDWLFDGRVQDIRUPDGDOHL

6XEVHomR9,
'D3HQKRUDGH&UpGLWRV

$UW   4XDQGR UHFDLU HP FUpGLWR GR H[HFXWDGR HQTXDQWR QmR RFRUUHU D KLSyWHVH SUHYLVWD QR DUW 
FRQVLGHUDUVHiIHLWDDSHQKRUDSHODLQWLPDomR

,DRWHUFHLURGHYHGRUSDUDTXHQmRSDJXHDRH[HFXWDGRVHXFUHGRU

,,DRH[HFXWDGRFUHGRUGRWHUFHLURSDUDTXHQmRSUDWLTXHDWRGHGLVSRVLomRGRFUpGLWR

$UW$SHQKRUDGHFUpGLWR UHSUHVHQWDGR SRU OHWUD GH FkPELR QRWD SURPLVVyULD GXSOLFDWD FKHTXH RX
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RXWURVWtWXORVIDUVHiSHODDSUHHQVmRGRGRFXPHQWRHVWHMDRXQmRHVWHHPSRGHUGRH[HFXWDGR

R6HRWtWXORQmRIRUDSUHHQGLGRPDVRWHUFHLURFRQIHVVDUDGtYLGDVHUiHVWHWLGRFRPRGHSRVLWiULRGD
LPSRUWkQFLD

R2WHUFHLURVyVHH[RQHUDUiGDREULJDomRGHSRVLWDQGRHPMXt]RDLPSRUWkQFLDGDGtYLGD

R6HRWHUFHLURQHJDURGpELWR HP FRQOXLR FRP R H[HFXWDGR D TXLWDomR TXH HVWH OKH GHU FDUDFWHUL]DUi
IUDXGHjH[HFXomR

 R $ UHTXHULPHQWR GR H[HTXHQWH R MXL] GHWHUPLQDUi R FRPSDUHFLPHQWR HP DXGLrQFLD HVSHFLDOPHQWH
GHVLJQDGDGRH[HFXWDGRHGRWHUFHLURDILPGHOKHVWRPDURVGHSRLPHQWRV

$UW)HLWDDSHQKRUDHPGLUHLWRHDomRGRH[HFXWDGRHQmRWHQGRHOHRIHUHFLGRHPEDUJRVRXVHQGR
HVWHVUHMHLWDGRVRH[HTXHQWHILFDUiVXEURJDGRQRVGLUHLWRVGRH[HFXWDGRDWpDFRQFRUUrQFLDGHVHXFUpGLWR

R2H[HTXHQWHSRGHSUHIHULUHPYH]GDVXEURJDomRDDOLHQDomRMXGLFLDOGRGLUHLWRSHQKRUDGRFDVRHP
TXHGHFODUDUiVXDYRQWDGHQRSUD]RGH GH] GLDVFRQWDGRGDUHDOL]DomRGDSHQKRUD

 R $ VXEURJDomR QmR LPSHGH R VXEURJDGR VH QmR UHFHEHU R FUpGLWR GR H[HFXWDGR GH SURVVHJXLU QD
H[HFXomRQRVPHVPRVDXWRVSHQKRUDQGRRXWURVEHQV

$UW4XDQGRDSHQKRUDUHFDLUVREUHGtYLGDVGHGLQKHLURDMXURVGHGLUHLWRDUHQGDVRXGHSUHVWDo}HV
SHULyGLFDV R H[HTXHQWH SRGHUi OHYDQWDU RV MXURV RV UHQGLPHQWRV RX DV SUHVWDo}HV j PHGLGD TXH IRUHP VHQGR
GHSRVLWDGRV DEDWHQGRVH GR FUpGLWR DV LPSRUWkQFLDV UHFHELGDV FRQIRUPH DV UHJUDV GH LPSXWDomR GR
SDJDPHQWR

$UW   5HFDLQGR D SHQKRUD VREUH GLUHLWR D SUHVWDomR RX D UHVWLWXLomR GH FRLVD GHWHUPLQDGD R
H[HFXWDGRVHUiLQWLPDGRSDUDQRYHQFLPHQWRGHSRVLWiODFRUUHQGRVREUHHODDH[HFXomR

$UW4XDQGRRGLUHLWRHVWLYHUVHQGRSOHLWHDGRHPMXt]RDSHQKRUDTXHUHFDLUVREUHHOHVHUiDYHUEDGD
FRP GHVWDTXH QRV DXWRV SHUWLQHQWHV DR GLUHLWR H QD DomR FRUUHVSRQGHQWH j SHQKRUD D ILP GH TXH HVWD VHMD
HIHWLYDGDQRVEHQVTXHIRUHPDGMXGLFDGRVRXTXHYLHUHPDFDEHUDRH[HFXWDGR

6XEVHomR9,,
'D3HQKRUDGDV4XRWDVRXGDV$o}HVGH6RFLHGDGHV3HUVRQLILFDGDV

$UW   3HQKRUDGDV DV TXRWDV RX DV Do}HV GH VyFLR HP VRFLHGDGH VLPSOHV RX HPSUHViULD R MXL]
DVVLQDUiSUD]RUD]RiYHOQmRVXSHULRUD WUrV PHVHVSDUDTXHDVRFLHGDGH

,DSUHVHQWHEDODQoRHVSHFLDOQDIRUPDGDOHL

,,  RIHUHoD DV TXRWDV RX DV Do}HV DRV GHPDLV VyFLRV REVHUYDGR R GLUHLWR GH SUHIHUrQFLD OHJDO RX
FRQWUDWXDO

,,,  QmR KDYHQGR LQWHUHVVH GRV VyFLRV QD DTXLVLomR GDV Do}HV SURFHGD j OLTXLGDomR GDV TXRWDV RX GDV
Do}HVGHSRVLWDQGRHPMXt]RRYDORUDSXUDGRHPGLQKHLUR

 R 3DUD HYLWDU D OLTXLGDomR GDV TXRWDV RX GDV Do}HV D VRFLHGDGH SRGHUi DGTXLULODV VHP UHGXomR GR
FDSLWDOVRFLDOHFRPXWLOL]DomRGHUHVHUYDVSDUDPDQXWHQomRHPWHVRXUDULD

 R 2 GLVSRVWR QR FDSXW H QR  R QmR VH DSOLFD j VRFLHGDGH DQ{QLPD GH FDSLWDO DEHUWR FXMDV Do}HV
VHUmRDGMXGLFDGDVDRH[HTXHQWHRXDOLHQDGDVHPEROVDGHYDORUHVFRQIRUPHRFDVR

 R 3DUD RV ILQV GD OLTXLGDomR GH TXH WUDWD R LQFLVR ,,, GR FDSXW R MXL] SRGHUi D UHTXHULPHQWR GR
H[HTXHQWH RX GD VRFLHGDGH QRPHDU DGPLQLVWUDGRU TXH GHYHUi VXEPHWHU j DSURYDomR MXGLFLDO D IRUPD GH
OLTXLGDomR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2SUD]RSUHYLVWRQRFDSXW SRGHUi VHU DPSOLDGR SHOR MXL] VH R SDJDPHQWR GDV TXRWDV RX GDV Do}HV
OLTXLGDGDV

,VXSHUDURYDORUGRVDOGRGHOXFURVRXUHVHUYDVH[FHWRDOHJDOHVHPGLPLQXLomRGRFDSLWDOVRFLDORX
SRUGRDomRRX

,,FRORFDUHPULVFRDHVWDELOLGDGHILQDQFHLUDGDVRFLHGDGHVLPSOHVRXHPSUHViULD

 R &DVR QmR KDMD LQWHUHVVH GRV GHPDLV VyFLRV QR H[HUFtFLR GH GLUHLWR GH SUHIHUrQFLD QmR RFRUUD D
DTXLVLomR GDV TXRWDV RX GDV Do}HV SHOD VRFLHGDGH H D OLTXLGDomR GR LQFLVR ,,, GR FDSXW VHMD H[FHVVLYDPHQWH
RQHURVDSDUDDVRFLHGDGHRMXL]SRGHUiGHWHUPLQDUROHLOmRMXGLFLDOGDVTXRWDVRXGDVDo}HV

6XEVHomR9,,,
'D3HQKRUDGH(PSUHVDGH2XWURV(VWDEHOHFLPHQWRVHGH6HPRYHQWHV

$UW   4XDQGR D SHQKRUD UHFDLU HP HVWDEHOHFLPHQWR FRPHUFLDO LQGXVWULDO RX DJUtFROD EHP FRPR HP
VHPRYHQWHVSODQWDo}HVRXHGLItFLRVHPFRQVWUXomRRMXL]QRPHDUiDGPLQLVWUDGRUGHSRVLWiULR GHWHUPLQDQGROKH
TXHDSUHVHQWHHP GH] GLDVRSODQRGHDGPLQLVWUDomR

R2XYLGDVDVSDUWHVRMXL]GHFLGLUi

ReOtFLWRjVSDUWHVDMXVWDU D IRUPD GH DGPLQLVWUDomR H HVFROKHU R GHSRVLWiULR KLSyWHVH HP TXH R MXL]
KRPRORJDUiSRUGHVSDFKRDLQGLFDomR

R(PUHODomRDRVHGLItFLRVHPFRQVWUXomRVREUHJLPHGHLQFRUSRUDomRLPRELOLiULDDSHQKRUDVRPHQWH
SRGHUiUHFDLUVREUHDVXQLGDGHVLPRELOLiULDVDLQGDQmRFRPHUFLDOL]DGDVSHORLQFRUSRUDGRU

 R 6HQGR QHFHVViULR DIDVWDU R LQFRUSRUDGRU GD DGPLQLVWUDomR GD LQFRUSRUDomR VHUi HOD H[HUFLGD SHOD
FRPLVVmR GH UHSUHVHQWDQWHV GRV DGTXLUHQWHV RX VH VH WUDWDU GH FRQVWUXomR ILQDQFLDGD SRU HPSUHVD RX
SURILVVLRQDO LQGLFDGR SHOD LQVWLWXLomR IRUQHFHGRUD GRV UHFXUVRV SDUD D REUD GHYHQGR VHU RXYLGD QHVWH ~OWLPR
FDVRDFRPLVVmRGHUHSUHVHQWDQWHVGRVDGTXLUHQWHV

$UW   $ SHQKRUD GH HPSUHVD TXH IXQFLRQH PHGLDQWH FRQFHVVmR RX DXWRUL]DomR IDUVHi FRQIRUPH R
YDORU GR FUpGLWR VREUH D UHQGD VREUH GHWHUPLQDGRV EHQV RX VREUH WRGR R SDWULP{QLR H R MXL] QRPHDUi FRPR
GHSRVLWiULRGHSUHIHUrQFLDXPGHVHXVGLUHWRUHV

 R 4XDQGR D SHQKRUD UHFDLU VREUH D UHQGD RX VREUH GHWHUPLQDGRV EHQV R DGPLQLVWUDGRUGHSRVLWiULR
DSUHVHQWDUi D IRUPD GH DGPLQLVWUDomR H R HVTXHPD GH SDJDPHQWR REVHUYDQGRVH TXDQWR DR PDLV R GLVSRVWR
HPUHODomRDRUHJLPHGHSHQKRUDGHIUXWRVHUHQGLPHQWRVGHFRLVDPyYHOHLPyYHO

 R 5HFDLQGR D SHQKRUD VREUH WRGR R SDWULP{QLR SURVVHJXLUi D H[HFXomR HP VHXV XOWHULRUHV WHUPRV
RXYLQGRVHDQWHVGDDUUHPDWDomRRXGDDGMXGLFDomRRHQWHS~EOLFRTXHKRXYHURXWRUJDGRDFRQFHVVmR

$UW   $ SHQKRUD GH QDYLR RX GH DHURQDYH QmR REVWD TXH FRQWLQXHP QDYHJDQGR RX RSHUDQGR DWp D
DOLHQDomR PDV R MXL] DR FRQFHGHU D DXWRUL]DomR SDUD WDQWR QmR SHUPLWLUi TXH VDLDP GR SRUWR RX GR DHURSRUWR
DQWHVTXHRH[HFXWDGRIDoDRVHJXURXVXDOFRQWUDULVFRV

$UW   $ SHQKRUD GH TXH WUDWD HVWD 6XEVHomR VRPHQWH VHUi GHWHUPLQDGD VH QmR KRXYHU RXWUR PHLR
HILFD]SDUDDHIHWLYDomRGRFUpGLWR

6XEVHomR,;
'D3HQKRUDGH3HUFHQWXDOGH)DWXUDPHQWRGH(PSUHVD

$UW   6H R H[HFXWDGR QmR WLYHU RXWURV EHQV SHQKRUiYHLV RX VH WHQGRRV HVVHV IRUHP GH GLItFLO
DOLHQDomR RX LQVXILFLHQWHV SDUD VDOGDU R FUpGLWR H[HFXWDGR R MXL] SRGHUi RUGHQDU D SHQKRUD GH SHUFHQWXDO GH
IDWXUDPHQWRGHHPSUHVD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2MXL]IL[DUiSHUFHQWXDOTXHSURSLFLHDVDWLVIDomRGRFUpGLWRH[HTXHQGRHPWHPSRUD]RiYHOPDVTXH
QmRWRUQHLQYLiYHORH[HUFtFLRGDDWLYLGDGHHPSUHVDULDO

 R 2 MXL] QRPHDUi DGPLQLVWUDGRUGHSRVLWiULR R TXDO VXEPHWHUi j DSURYDomR MXGLFLDO D IRUPD GH VXD
DWXDomR H SUHVWDUi FRQWDV PHQVDOPHQWH HQWUHJDQGR HP MXt]R DV TXDQWLDV UHFHELGDV FRP RV UHVSHFWLYRV
EDODQFHWHVPHQVDLVDILPGHVHUHPLPSXWDGDVQRSDJDPHQWRGDGtYLGD

 R 1D SHQKRUD GH SHUFHQWXDO GH IDWXUDPHQWR GH HPSUHVD REVHUYDUVHi QR TXH FRXEHU R GLVSRVWR
TXDQWRDRUHJLPHGHSHQKRUDGHIUXWRVHUHQGLPHQWRVGHFRLVDPyYHOHLPyYHO

6XEVHomR;
'D3HQKRUDGH)UXWRVH5HQGLPHQWRVGH&RLVD0yYHORX,PyYHO

$UW   2 MXL] SRGH RUGHQDU D SHQKRUD GH IUXWRV H UHQGLPHQWRV GH FRLVD PyYHO RX LPyYHO TXDQGR D
FRQVLGHUDUPDLVHILFLHQWHSDUDRUHFHELPHQWRGRFUpGLWRHPHQRVJUDYRVDDRH[HFXWDGR

$UW2UGHQDGDDSHQKRUDGHIUXWRVHUHQGLPHQWRVRMXL]QRPHDUiDGPLQLVWUDGRUGHSRVLWiULRTXHVHUi
LQYHVWLGR GH WRGRV RV SRGHUHV TXH FRQFHUQHP j DGPLQLVWUDomR GR EHP H j IUXLomR GH VHXV IUXWRV H XWLOLGDGHV
SHUGHQGR R H[HFXWDGR R GLUHLWR GH JR]R GR EHP DWp TXH R H[HTXHQWH VHMD SDJR GR SULQFLSDO GRV MXURV GDV
FXVWDVHGRVKRQRUiULRVDGYRFDWtFLRV

R$PHGLGDWHUiHILFiFLDHPUHODomRDWHUFHLURVDSDUWLUGDSXEOLFDomRGDGHFLVmRTXHDFRQFHGDRXGH
VXDDYHUEDomRQRRItFLRLPRELOLiULRHPFDVRGHLPyYHLV

R2H[HTXHQWHSURYLGHQFLDUiDDYHUEDomRQRRItFLRLPRELOLiULRPHGLDQWHDDSUHVHQWDomRGHFHUWLGmR GH
LQWHLURWHRUGRDWRLQGHSHQGHQWHPHQWHGHPDQGDGRMXGLFLDO

$UW   2 MXL] SRGHUi QRPHDU DGPLQLVWUDGRUGHSRVLWiULR R H[HTXHQWH RX R H[HFXWDGR RXYLGD D SDUWH
FRQWUiULDHQmRKDYHQGRDFRUGRQRPHDUiSURILVVLRQDOTXDOLILFDGRSDUDRGHVHPSHQKRGDIXQomR

 R 2 DGPLQLVWUDGRU VXEPHWHUi j DSURYDomR MXGLFLDO D IRUPD GH DGPLQLVWUDomR H D GH SUHVWDU FRQWDV
SHULRGLFDPHQWH

 R +DYHQGR GLVFRUGkQFLD HQWUH DV SDUWHV RX HQWUH HVVDV H R DGPLQLVWUDGRU R MXL] GHFLGLUi D PHOKRU
IRUPDGHDGPLQLVWUDomRGREHP

 R 6H R LPyYHO HVWLYHU DUUHQGDGR R LQTXLOLQR SDJDUi R DOXJXHO GLUHWDPHQWH DR H[HTXHQWH VDOYR VH
KRXYHUDGPLQLVWUDGRU

R2H[HTXHQWHRXRDGPLQLVWUDGRUSRGHUiFHOHEUDUORFDomRGRPyYHORXGRLPyYHORXYLGRRH[HFXWDGR

R $V TXDQWLDV UHFHELGDV SHOR DGPLQLVWUDGRU VHUmR HQWUHJXHV DR H[HTXHQWH D ILP GH VHUHP LPSXWDGDV
DRSDJDPHQWRGDGtYLGD

R2H[HTXHQWHGDUiDRH[HFXWDGRSRUWHUPRQRVDXWRVTXLWDomRGDVTXDQWLDVUHFHELGDV

6XEVHomR;,
'D$YDOLDomR

$UW$DYDOLDomRVHUiIHLWDSHORRILFLDOGHMXVWLoD

3DUiJUDIR ~QLFR  6H IRUHP QHFHVViULRV FRQKHFLPHQWRV HVSHFLDOL]DGRV H R YDORU GD H[HFXomR R
FRPSRUWDURMXL]QRPHDUiDYDOLDGRUIL[DQGROKHSUD]RQmRVXSHULRUD GH] GLDVSDUDHQWUHJDGRODXGR

$UW1mRVHSURFHGHUijDYDOLDomRTXDQGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,XPDGDVSDUWHVDFHLWDUDHVWLPDWLYDIHLWDSHODRXWUD

,,  VH WUDWDU GH WtWXORV RX GH PHUFDGRULDV TXH WHQKDP FRWDomR HP EROVD FRPSURYDGD SRU FHUWLGmR RX
SXEOLFDomRQRyUJmRRILFLDO

,,,VHWUDWDUGHWtWXORVGDGtYLGDS~EOLFDGHDo}HVGHVRFLHGDGHVHGHWtWXORVGHFUpGLWRQHJRFLiYHLVHP
EROVDFXMRYDORUVHUiRGDFRWDomRRILFLDOGRGLDFRPSURYDGDSRUFHUWLGmRRXSXEOLFDomRQRyUJmRRILFLDO

,9  VH WUDWDU GH YHtFXORV DXWRPRWRUHV RX GH RXWURV EHQV FXMR SUHoR PpGLR GH PHUFDGR SRVVD VHU
FRQKHFLGRSRUPHLRGHSHVTXLVDV UHDOL]DGDV SRU yUJmRV RILFLDLV RX GH DQ~QFLRV GH YHQGD GLYXOJDGRV HP PHLRV
GHFRPXQLFDomRFDVRHPTXHFDEHUiDTXHPIL]HUDQRPHDomRRHQFDUJRGHFRPSURYDUDFRWDomRGHPHUFDGR

3DUiJUDIR~QLFR2FRUUHQGRDKLSyWHVHGRLQFLVR , GHVWH DUWLJR D DYDOLDomR SRGHUi VHU UHDOL]DGD TXDQGR


KRXYHUIXQGDGDG~YLGDGRMXL]TXDQWRDRUHDOYDORUGREHP

$UW$DYDOLDomRUHDOL]DGDSHORRILFLDOGHMXVWLoDFRQVWDUiGHYLVWRULDHGHODXGRDQH[DGRVDRDXWR GH
SHQKRUDRXHPFDVRGHSHUtFLDUHDOL]DGDSRUDYDOLDGRUGHODXGRDSUHVHQWDGRQRSUD]RIL[DGRSHORMXL]GHYHQGR
VHHPTXDOTXHUKLSyWHVHHVSHFLILFDU

,RVEHQVFRPDVVXDVFDUDFWHUtVWLFDVHRHVWDGRHPTXHVHHQFRQWUDP

,,RYDORUGRVEHQV

R4XDQGRRLPyYHOIRUVXVFHWtYHOGHF{PRGDGLYLVmRDDYDOLDomRWHQGRHPFRQWDRFUpGLWRUHFODPDGR
VHUi UHDOL]DGD HP SDUWHV VXJHULQGRVH FRP D DSUHVHQWDomR GH PHPRULDO GHVFULWLYR RV SRVVtYHLV
GHVPHPEUDPHQWRVSDUDDOLHQDomR

 R 5HDOL]DGD D DYDOLDomR H VHQGR R FDVR DSUHVHQWDGD D SURSRVWD GH GHVPHPEUDPHQWR DV SDUWHV
VHUmRRXYLGDVQRSUD]RGH FLQFR GLDV

$UWeDGPLWLGDQRYDDYDOLDomRTXDQGR

,TXDOTXHUGDVSDUWHVDUJXLUIXQGDPHQWDGDPHQWHDRFRUUrQFLDGHHUURQDDYDOLDomRRXGRORGRDYDOLDGRU

,,VHYHULILFDUSRVWHULRUPHQWHjDYDOLDomRTXHKRXYHPDMRUDomRRXGLPLQXLomRQRYDORUGREHP

,,,RMXL]WLYHUIXQGDGDG~YLGDVREUHRYDORUDWULEXtGRDREHPQDSULPHLUDDYDOLDomR

3DUiJUDIR~QLFR$SOLFDVHRDUWjQRYDDYDOLDomRSUHYLVWDQRLQFLVR,,,GRFDSXWGHVWHDUWLJR

$UW   $SyV D DYDOLDomR R MXL] SRGHUi D UHTXHULPHQWR GR LQWHUHVVDGR H RXYLGD D SDUWH FRQWUiULD
PDQGDU

,UHGX]LUDSHQKRUDDRVEHQVVXILFLHQWHVRXWUDQVIHULODSDUDRXWURVVHRYDORUGRVEHQVSHQKRUDGRVIRU
FRQVLGHUDYHOPHQWHVXSHULRUDRFUpGLWRGRH[HTXHQWHHGRVDFHVVyULRV

,,DPSOLDUDSHQKRUDRXWUDQVIHULODSDUDRXWURVEHQVPDLVYDOLRVRVVHRYDORUGRVEHQVSHQKRUDGRVIRU
LQIHULRUDRFUpGLWRGRH[HTXHQWH

$UW5HDOL]DGDVDSHQKRUDHDDYDOLDomRRMXL]GDUiLQtFLRDRVDWRVGHH[SURSULDomRGREHP

6HomR,9
'D([SURSULDomRGH%HQV

6XEVHomR,
'D$GMXGLFDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   e OtFLWR DR H[HTXHQWH RIHUHFHQGR SUHoR QmR LQIHULRU DR GD DYDOLDomR UHTXHUHU TXH OKH VHMDP
DGMXGLFDGRVRVEHQVSHQKRUDGRV

R5HTXHULGDDDGMXGLFDomRRH[HFXWDGRVHUiLQWLPDGRGRSHGLGR

,SHOR'LiULRGD-XVWLoDQDSHVVRDGHVHXDGYRJDGRFRQVWLWXtGRQRVDXWRV

,,SRUFDUWDFRPDYLVRGHUHFHELPHQWRTXDQGRUHSUHVHQWDGRSHOD'HIHQVRULD3~EOLFDRXTXDQGRQmRWLYHU
SURFXUDGRUFRQVWLWXtGRQRVDXWRV

,,,  SRU PHLR HOHWU{QLFR TXDQGR VHQGR R FDVR GR  R GR DUW  QmR WLYHU SURFXUDGRU FRQVWLWXtGR QRV
DXWRV

 R &RQVLGHUDVH UHDOL]DGD D LQWLPDomR TXDQGR R H[HFXWDGR KRXYHU PXGDGR GH HQGHUHoR VHP SUpYLD
FRPXQLFDomRDRMXt]RREVHUYDGRRGLVSRVWRQRDUWSDUiJUDIR~QLFR

 R 6H R H[HFXWDGR FLWDGR SRU HGLWDO QmR WLYHU SURFXUDGRU FRQVWLWXtGR QRV DXWRV p GLVSHQViYHO D
LQWLPDomRSUHYLVWDQRR

R6HRYDORUGRFUpGLWRIRU

,  LQIHULRU DR GRV EHQV R UHTXHUHQWH GD DGMXGLFDomR GHSRVLWDUi GH LPHGLDWR D GLIHUHQoD TXH ILFDUi j
GLVSRVLomRGRH[HFXWDGR

,,VXSHULRUDRGRVEHQVDH[HFXomRSURVVHJXLUiSHORVDOGRUHPDQHVFHQWH

R,GrQWLFRGLUHLWRSRGHVHUH[HUFLGRSRUDTXHOHVLQGLFDGRVQRDUWLQFLVRV,,D9,,,SHORVFUHGRUHV
FRQFRUUHQWHV TXH KDMDP SHQKRUDGR R PHVPR EHP SHOR F{QMXJH SHOR FRPSDQKHLUR SHORV GHVFHQGHQWHV RX
SHORVDVFHQGHQWHVGRH[HFXWDGR

R6HKRXYHUPDLVGHXPSUHWHQGHQWHSURFHGHUVHiDOLFLWDomRHQWUHHOHVWHQGRSUHIHUrQFLDHPFDVR
GHLJXDOGDGHGHRIHUWDRF{QMXJHRFRPSDQKHLURRGHVFHQGHQWHRXRDVFHQGHQWHQHVVDRUGHP

R1RFDVRGHSHQKRUDGHTXRWDVRFLDORXGHDomRGHVRFLHGDGHDQ{QLPDIHFKDGDUHDOL]DGDHPIDYRUGH
H[HTXHQWHDOKHLRjVRFLHGDGHHVWDVHUiLQWLPDGDILFDQGRUHVSRQViYHOSRULQIRUPDU DRV VyFLRV D RFRUUrQFLD GD
SHQKRUDDVVHJXUDQGRVHDHVWHVDSUHIHUrQFLD

$UW   7UDQVFRUULGR R SUD]R GH  FLQFR  GLDV FRQWDGR GD ~OWLPD LQWLPDomR H GHFLGLGDV HYHQWXDLV
TXHVW}HVRMXL]RUGHQDUiDODYUDWXUDGRDXWRGHDGMXGLFDomR

R&RQVLGHUDVHSHUIHLWDHDFDEDGDDDGMXGLFDomRFRPDODYUDWXUDHDDVVLQDWXUDGRDXWRSHORMXL]SHOR
DGMXGLFDWiULRSHORHVFULYmRRXFKHIHGHVHFUHWDULDHVHHVWLYHUSUHVHQWHSHORH[HFXWDGRH[SHGLQGRVH

,DFDUWDGHDGMXGLFDomRHRPDQGDGRGHLPLVVmRQDSRVVHTXDQGRVHWUDWDUGHEHPLPyYHO

,,DRUGHPGHHQWUHJDDRDGMXGLFDWiULRTXDQGRVHWUDWDUGHEHPPyYHO

 R $ FDUWD GH DGMXGLFDomR FRQWHUi D GHVFULomR GR LPyYHO FRP UHPLVVmR j VXD PDWUtFXOD H DRV VHXV
UHJLVWURVDFySLDGRDXWRGHDGMXGLFDomRHDSURYDGHTXLWDomRGRLPSRVWRGHWUDQVPLVVmR

 R 1R FDVR GH SHQKRUD GH EHP KLSRWHFDGR R H[HFXWDGR SRGHUi UHPLOR DWp D DVVLQDWXUD GR DXWR GH
DGMXGLFDomR RIHUHFHQGR SUHoR LJXDO DR GD DYDOLDomR VH QmR WLYHU KDYLGR OLFLWDQWHV RX DR GR PDLRU ODQFH
RIHUHFLGR

R1DKLSyWHVHGHIDOrQFLDRXGHLQVROYrQFLDGRGHYHGRUKLSRWHFiULRRGLUHLWRGHUHPLomRSUHYLVWRQR
RVHUiGHIHULGRjPDVVDRXDRVFUHGRUHVHPFRQFXUVRQmRSRGHQGRRH[HTXHQWHUHFXVDURSUHoRGDDYDOLDomR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GRLPyYHO

$UW)UXVWUDGDVDVWHQWDWLYDVGHDOLHQDomRGREHPVHUiUHDEHUWDRSRUWXQLGDGHSDUDUHTXHULPHQWRGH
DGMXGLFDomRFDVRHPTXHWDPEpPVHSRGHUiSOHLWHDUDUHDOL]DomRGHQRYDDYDOLDomR

6XEVHomR,,
'D$OLHQDomR

$UW$DOLHQDomRIDUVHi

,SRULQLFLDWLYDSDUWLFXODU

,,HPOHLOmRMXGLFLDOHOHWU{QLFRRXSUHVHQFLDO

$UW1mRHIHWLYDGDDDGMXGLFDomRRH[HTXHQWHSRGHUiUHTXHUHUDDOLHQDomRSRUVXDSUySULDLQLFLDWLYD
RXSRULQWHUPpGLRGHFRUUHWRURXOHLORHLURS~EOLFRFUHGHQFLDGRSHUDQWHRyUJmRMXGLFLiULR

R2MXL]IL[DUiRSUD]RHPTXHDDOLHQDomRGHYHVHUHIHWLYDGDDIRUPDGHSXEOLFLGDGHRSUHoRPtQLPR
DVFRQGLo}HVGHSDJDPHQWRDVJDUDQWLDVHVHIRURFDVRDFRPLVVmRGHFRUUHWDJHP

 R $ DOLHQDomR VHUi IRUPDOL]DGD SRU WHUPR QRV DXWRV FRP D DVVLQDWXUD GR MXL] GR H[HTXHQWH GR
DGTXLUHQWHHVHHVWLYHUSUHVHQWHGRH[HFXWDGRH[SHGLQGRVH

,DFDUWDGHDOLHQDomRHRPDQGDGRGHLPLVVmRQDSRVVHTXDQGRVHWUDWDUGHEHPLPyYHO

,,DRUGHPGHHQWUHJDDRDGTXLUHQWHTXDQGRVHWUDWDUGHEHPPyYHO

R2VWULEXQDLVSRGHUmRHGLWDUGLVSRVLo}HVFRPSOHPHQWDUHVVREUHRSURFHGLPHQWRGDDOLHQDomRSUHYLVWD
QHVWH DUWLJR DGPLWLQGR TXDQGR IRU R FDVR R FRQFXUVR GH PHLRV HOHWU{QLFRV H GLVSRU VREUH R FUHGHQFLDPHQWR
GRVFRUUHWRUHVHOHLORHLURVS~EOLFRVRVTXDLVGHYHUmRHVWDUHPH[HUFtFLRSURILVVLRQDOSRUQmRPHQRVTXH WUrV
DQRV

 R 1DV ORFDOLGDGHV HP TXH QmR KRXYHU FRUUHWRU RX OHLORHLUR S~EOLFR FUHGHQFLDGR QRV WHUPRV GR  R D
LQGLFDomRVHUiGHOLYUHHVFROKDGRH[HTXHQWH

$UW   $ DOLHQDomR IDUVHi HP OHLOmR MXGLFLDO VH QmR HIHWLYDGD D DGMXGLFDomR RX D DOLHQDomR SRU
LQLFLDWLYDSDUWLFXODU

R2OHLOmRGREHPSHQKRUDGRVHUiUHDOL]DGRSRUOHLORHLURS~EOLFR

R5HVVDOYDGRVRVFDVRVGHDOLHQDomRDFDUJRGHFRUUHWRUHVGHEROVDGHYDORUHVWRGRVRVGHPDLVEHQV
VHUmRDOLHQDGRVHPOHLOmRS~EOLFR

$UW1mRVHQGRSRVVtYHODVXDUHDOL]DomRSRUPHLRHOHWU{QLFRROHLOmRVHUiSUHVHQFLDO

R $ DOLHQDomR MXGLFLDO SRU PHLR HOHWU{QLFR VHUi UHDOL]DGD REVHUYDQGRVH DV JDUDQWLDV SURFHVVXDLV GDV
SDUWHVGHDFRUGRFRPUHJXODPHQWDomRHVSHFtILFDGR&RQVHOKR1DFLRQDOGH-XVWLoD

 R $ DOLHQDomR MXGLFLDO SRU PHLR HOHWU{QLFR GHYHUi DWHQGHU DRV UHTXLVLWRV GH DPSOD SXEOLFLGDGH
DXWHQWLFLGDGHHVHJXUDQoDFRPREVHUYkQFLDGDVUHJUDVHVWDEHOHFLGDVQDOHJLVODomRVREUHFHUWLILFDomRGLJLWDO

R2OHLOmRSUHVHQFLDOVHUiUHDOL]DGRQRORFDOGHVLJQDGRSHORMXL]

$UW&DEHUiDRMXL]DGHVLJQDomRGROHLORHLURS~EOLFRTXHSRGHUiVHULQGLFDGRSHORH[HTXHQWH

$UW,QFXPEHDROHLORHLURS~EOLFR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,SXEOLFDURHGLWDODQXQFLDQGRDDOLHQDomR

,,UHDOL]DUROHLOmRRQGHVHHQFRQWUHPRVEHQVRXQROXJDUGHVLJQDGRSHORMXL]

,,,H[SRUDRVSUHWHQGHQWHVRVEHQVRXDVDPRVWUDVGDVPHUFDGRULDV

,9UHFHEHUHGHSRVLWDUGHQWURGH XP GLDjRUGHPGRMXL]RSURGXWRGDDOLHQDomR

9SUHVWDUFRQWDVQRV GRLV GLDVVXEVHTXHQWHVDRGHSyVLWR

3DUiJUDIR ~QLFR  2 OHLORHLUR WHP R GLUHLWR GH UHFHEHU GR DUUHPDWDQWH D FRPLVVmR HVWDEHOHFLGD HP OHL RX
DUELWUDGDSHORMXL]

$UW   2 MXL] GD H[HFXomR HVWDEHOHFHUi R SUHoR PtQLPR DV FRQGLo}HV GH SDJDPHQWR H DV JDUDQWLDV
TXHSRGHUmRVHUSUHVWDGDVSHORDUUHPDWDQWH

$UW2OHLOmRVHUiSUHFHGLGRGHSXEOLFDomRGHHGLWDOTXHFRQWHUi

,  D GHVFULomR GR EHP SHQKRUDGR FRP VXDV FDUDFWHUtVWLFDV H WUDWDQGRVH GH LPyYHO VXD VLWXDomR H
VXDVGLYLVDVFRPUHPLVVmRjPDWUtFXODHDRVUHJLVWURV

,,  R YDORU SHOR TXDO R EHP IRL DYDOLDGR R SUHoR PtQLPR SHOR TXDO SRGHUi VHU DOLHQDGR DV FRQGLo}HV GH
SDJDPHQWRHVHIRURFDVRDFRPLVVmRGROHLORHLURGHVLJQDGR

,,,ROXJDURQGHHVWLYHUHPRVPyYHLVRVYHtFXORVHRVVHPRYHQWHVHWUDWDQGRVHGHFUpGLWRVRXGLUHLWRV
DLGHQWLILFDomRGRVDXWRVGRSURFHVVRHPTXHIRUDPSHQKRUDGRV

,9RVtWLRQDUHGHPXQGLDOGHFRPSXWDGRUHVHRSHUtRGRHPTXHVHUHDOL]DUiROHLOmRVDOYRVHHVWHVH
GHUGHPRGRSUHVHQFLDOKLSyWHVHHPTXHVHUmRLQGLFDGRVRORFDORGLDHDKRUDGHVXDUHDOL]DomR

9DLQGLFDomRGHORFDOGLDHKRUDGHVHJXQGROHLOmRSUHVHQFLDOSDUDDKLSyWHVHGHQmRKDYHULQWHUHVVDGR
QRSULPHLUR

9,PHQomRGDH[LVWrQFLDGH{QXVUHFXUVRRXSURFHVVRSHQGHQWHVREUHRVEHQVDVHUHPOHLORDGRV

3DUiJUDIR~QLFR1RFDVRGHWtWXORVGDGtYLGDS~EOLFDHGHWtWXORVQHJRFLDGRVHPEROVDFRQVWDUiGRHGLWDO
RYDORUGD~OWLPDFRWDomR

$UW2OHLORHLURS~EOLFRGHVLJQDGRDGRWDUiSURYLGrQFLDVSDUDDDPSODGLYXOJDomRGDDOLHQDomR

R$SXEOLFDomRGRHGLWDOGHYHUiRFRUUHUSHORPHQRV FLQFR GLDVDQWHVGDGDWDPDUFDGDSDUDROHLOmR

 R 2 HGLWDO VHUi SXEOLFDGR QD UHGH PXQGLDO GH FRPSXWDGRUHV HP VtWLR GHVLJQDGR SHOR MXt]R GD
H[HFXomRHFRQWHUiGHVFULomRGHWDOKDGDHVHPSUHTXHSRVVtYHOLOXVWUDGDGRVEHQVLQIRUPDQGRH[SUHVVDPHQWH
VHROHLOmRVHUHDOL]DUiGHIRUPDHOHWU{QLFDRXSUHVHQFLDO

 R 1mR VHQGR SRVVtYHO D SXEOLFDomR QD UHGH PXQGLDO GH FRPSXWDGRUHV RX FRQVLGHUDQGR R MXL] HP
DWHQomRjVFRQGLo}HVGDVHGHGRMXt]RTXHHVVHPRGRGHGLYXOJDomRpLQVXILFLHQWHRXLQDGHTXDGRRHGLWDOVHUi
DIL[DGRHPORFDOGHFRVWXPHHSXEOLFDGRHPUHVXPRSHORPHQRVXPDYH]HPMRUQDOGHDPSODFLUFXODomRORFDO

 R $WHQGHQGR DR YDORU GRV EHQV H jV FRQGLo}HV GD VHGH GR MXt]R R MXL] SRGHUi DOWHUDU D IRUPD H D
IUHTXrQFLD GD SXEOLFLGDGH QD LPSUHQVD PDQGDU SXEOLFDU R HGLWDO HP ORFDO GH DPSOD FLUFXODomR GH SHVVRDV H
GLYXOJDUDYLVRVHPHPLVVRUDGHUiGLRRXWHOHYLVmRORFDOEHPFRPRHPVtWLRVGLVWLQWRVGRLQGLFDGRQRR

 R 2V HGLWDLV GH OHLOmR GH LPyYHLV H GH YHtFXORV DXWRPRWRUHV VHUmR SXEOLFDGRV SHOD LPSUHQVD RX SRU
RXWURV PHLRV GH GLYXOJDomR SUHIHUHQFLDOPHQWH QD VHomR RX QR ORFDO UHVHUYDGRV j SXEOLFLGDGH GRV UHVSHFWLYRV
QHJyFLRV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2MXL]SRGHUiGHWHUPLQDUDUHXQLmRGHSXEOLFDo}HVHPOLVWDVUHIHUHQWHVDPDLVGHXPDH[HFXomR

$UW   1mR VH UHDOL]DQGR R OHLOmR SRU TXDOTXHU PRWLYR R MXL] PDQGDUi SXEOLFDU D WUDQVIHUrQFLD
REVHUYDQGRVHRGLVSRVWRQRDUW

3DUiJUDIR ~QLFR  2 HVFULYmR R FKHIH GH VHFUHWDULD RX R OHLORHLUR TXH FXOSRVDPHQWH GHU FDXVD j
WUDQVIHUrQFLDUHVSRQGHSHODVGHVSHVDVGDQRYDSXEOLFDomRSRGHQGRRMXL]DSOLFDUOKHDSHQDGHVXVSHQVmR SRU
 FLQFR GLDVD WUrV PHVHVHPSURFHGLPHQWRDGPLQLVWUDWLYRUHJXODU

$UW6HUmRFLHQWLILFDGRVGDDOLHQDomRMXGLFLDOFRPSHORPHQRV FLQFR GLDVGHDQWHFHGrQFLD

,  R H[HFXWDGR SRU PHLR GH VHX DGYRJDGR RX VH QmR WLYHU SURFXUDGRU FRQVWLWXtGR QRV DXWRV SRU FDUWD
UHJLVWUDGDPDQGDGRHGLWDORXRXWURPHLRLG{QHR

,,RFRSURSULHWiULRGHEHPLQGLYLVtYHOGRTXDOWHQKDVLGRSHQKRUDGDIUDomRLGHDO

,,,RWLWXODUGHXVXIUXWRXVRKDELWDomRHQILWHXVHGLUHLWRGHVXSHUItFLHFRQFHVVmRGHXVRHVSHFLDOSDUD
ILQV GH PRUDGLD RX FRQFHVVmR GH GLUHLWR UHDO GH XVR TXDQGR D SHQKRUD UHFDLU VREUH EHP JUDYDGR FRP WDLV
GLUHLWRVUHDLV

,9  R SURSULHWiULR GR WHUUHQR VXEPHWLGR DR UHJLPH GH GLUHLWR GH VXSHUItFLH HQILWHXVH FRQFHVVmR GH XVR
HVSHFLDO SDUD ILQV GH PRUDGLD RX FRQFHVVmR GH GLUHLWR UHDO GH XVR TXDQGR D SHQKRUD UHFDLU VREUH WDLV GLUHLWRV
UHDLV

9  R FUHGRU SLJQRUDWtFLR KLSRWHFiULR DQWLFUpWLFR ILGXFLiULR RX FRP SHQKRUD DQWHULRUPHQWH DYHUEDGD
TXDQGR D SHQKRUD UHFDLU VREUH EHQV FRP WDLV JUDYDPHV FDVR QmR VHMD R FUHGRU GH TXDOTXHU PRGR SDUWH QD
H[HFXomR

9,  R SURPLWHQWH FRPSUDGRU TXDQGR D SHQKRUD UHFDLU VREUH EHP HP UHODomR DR TXDO KDMD SURPHVVD GH
FRPSUDHYHQGDUHJLVWUDGD

9,,  R SURPLWHQWH YHQGHGRU TXDQGR D SHQKRUD UHFDLU VREUH GLUHLWR DTXLVLWLYR GHULYDGR GH SURPHVVD GH
FRPSUDHYHQGDUHJLVWUDGD

9,,,D8QLmRR(VWDGRHR0XQLFtSLRQRFDVRGHDOLHQDomRGHEHPWRPEDGR

3DUiJUDIR~QLFR6HRH[HFXWDGRIRUUHYHOHQmRWLYHUDGYRJDGRFRQVWLWXtGRQmRFRQVWDQGRGRVDXWRVVHX
HQGHUHoRDWXDORXDLQGDQmRVHQGRHOHHQFRQWUDGRQRHQGHUHoRFRQVWDQWHGRSURFHVVRDLQWLPDomRFRQVLGHUDU
VHiIHLWDSRUPHLRGRSUySULRHGLWDOGHOHLOmR

$UW3RGHRIHUHFHUODQFHTXHPHVWLYHUQDOLYUHDGPLQLVWUDomRGHVHXVEHQVFRPH[FHomR

,  GRV WXWRUHV GRV FXUDGRUHV GRV WHVWDPHQWHLURV GRV DGPLQLVWUDGRUHV RX GRV OLTXLGDQWHV TXDQWR DRV
EHQVFRQILDGRVjVXDJXDUGDHjVXDUHVSRQVDELOLGDGH

,,GRVPDQGDWiULRVTXDQWRDRVEHQVGHFXMDDGPLQLVWUDomRRXDOLHQDomRHVWHMDPHQFDUUHJDGRV

,,,GRMXL]GRPHPEURGR0LQLVWpULR3~EOLFRHGD'HIHQVRULD3~EOLFDGRHVFULYmRGRFKHIHGHVHFUHWDULD
HGRVGHPDLVVHUYLGRUHVHDX[LOLDUHVGDMXVWLoDHPUHODomRDRVEHQVHGLUHLWRVREMHWRGHDOLHQDomRQDORFDOLGDGH
RQGHVHUYLUHPRXDTXHVHHVWHQGHUDVXDDXWRULGDGH

,9GRVVHUYLGRUHVS~EOLFRVHPJHUDOTXDQWRDRVEHQVRXDRVGLUHLWRVGDSHVVRDMXUtGLFDDTXHVHUYLUHP
RXTXHHVWHMDPVREVXDDGPLQLVWUDomRGLUHWDRXLQGLUHWD

9GRVOHLORHLURVHVHXVSUHSRVWRVTXDQWRDRVEHQVGHFXMDYHQGDHVWHMDPHQFDUUHJDGRV

9,GRVDGYRJDGRVGHTXDOTXHUGDVSDUWHV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW1mRVHUiDFHLWRODQFHTXHRIHUHoDSUHoRYLO

3DUiJUDIR~QLFR&RQVLGHUDVHYLORSUHoRLQIHULRUDRPtQLPRHVWLSXODGRSHORMXL]HFRQVWDQWHGRHGLWDOH
QmRWHQGRVLGRIL[DGRSUHoRPtQLPRFRQVLGHUDVHYLORSUHoRLQIHULRUDFLQTXHQWDSRUFHQWRGRYDORUGDDYDOLDomR

$UW   6DOYR SURQXQFLDPHQWR MXGLFLDO HP VHQWLGR GLYHUVR R SDJDPHQWR GHYHUi VHU UHDOL]DGR GH
LPHGLDWRSHORDUUHPDWDQWHSRUGHSyVLWRMXGLFLDORXSRUPHLRHOHWU{QLFR

R6HRH[HTXHQWHDUUHPDWDURVEHQVHIRUR~QLFRFUHGRUQmRHVWDUiREULJDGRDH[LELURSUHoRPDV VH
RYDORUGRVEHQVH[FHGHUDRVHXFUpGLWRGHSRVLWDUiGHQWURGH WUrV GLDV D GLIHUHQoD VRE SHQD GH WRUQDUVH
VHPHIHLWRDDUUHPDWDomRHQHVVHFDVRUHDOL]DUVHiQRYROHLOmRjFXVWDGRH[HTXHQWH

R6HKRXYHUPDLVGHXPSUHWHQGHQWHSURFHGHUVHiHQWUHHOHVjOLFLWDomRHQRFDVRGHLJXDOGDGHGH
RIHUWDWHUiSUHIHUrQFLDRF{QMXJHRFRPSDQKHLURRGHVFHQGHQWHRXRDVFHQGHQWHGRH[HFXWDGRQHVVDRUGHP

 R 1R FDVR GH OHLOmR GH EHP WRPEDGR D 8QLmR RV (VWDGRV H RV 0XQLFtSLRV WHUmR QHVVD RUGHP R
GLUHLWRGHSUHIHUrQFLDQDDUUHPDWDomRHPLJXDOGDGHGHRIHUWD

$UW6HROHLOmRIRUGHGLYHUVRVEHQVHKRXYHUPDLVGHXPODQoDGRUWHUiSUHIHUrQFLDDTXHOHTXHVH
SURSXVHUDDUUHPDWiORVWRGRVHPFRQMXQWRRIHUHFHQGRSDUDRVEHQVTXHQmRWLYHUHPODQFHSUHoRLJXDODRGD
DYDOLDomR H SDUD RV GHPDLV SUHoR LJXDO DR GR PDLRU ODQFH TXH QD WHQWDWLYD GH DUUHPDWDomR LQGLYLGXDOL]DGD
WHQKDVLGRRIHUHFLGRSDUDHOHV

$UW   4XDQGR R LPyYHO DGPLWLU F{PRGD GLYLVmR R MXL] D UHTXHULPHQWR GR H[HFXWDGR RUGHQDUi D
DOLHQDomR MXGLFLDO GH SDUWH GHOH GHVGH TXH VXILFLHQWH SDUD R SDJDPHQWR GR H[HTXHQWH H SDUD D VDWLVIDomR GDV
GHVSHVDVGDH[HFXomR

R1mRKDYHQGRODQoDGRUIDUVHiDDOLHQDomRGRLPyYHOHPVXDLQWHJULGDGH

R$DOLHQDomRSRUSDUWHVGHYHUiVHUUHTXHULGDDWHPSRGHSHUPLWLUDDYDOLDomRGDVJOHEDVGHVWDFDGDVH
VXD LQFOXVmR QR HGLWDO H QHVVH FDVR FDEHUi DR H[HFXWDGR LQVWUXLU R UHTXHULPHQWR FRP SODQWD H PHPRULDO
GHVFULWLYRVXEVFULWRVSRUSURILVVLRQDOKDELOLWDGR

$UW2LQWHUHVVDGRHPDGTXLULUREHPSHQKRUDGRHPSUHVWDo}HVSRGHUiDSUHVHQWDUSRUHVFULWR

,DWpRLQtFLRGRSULPHLUROHLOmRSURSRVWDGHDTXLVLomRGREHPSRUYDORUQmRLQIHULRUDRGDDYDOLDomR

,,DWpRLQtFLRGRVHJXQGROHLOmRSURSRVWDGHDTXLVLomRGREHPSRUYDORUTXHQmRVHMDFRQVLGHUDGRYLO

 R $ SURSRVWD FRQWHUi HP TXDOTXHU KLSyWHVH RIHUWD GH SDJDPHQWR GH SHOR PHQRV YLQWH H FLQFR SRU
FHQWR GR YDORU GR ODQFH j YLVWD H R UHVWDQWH SDUFHODGR HP DWp  WULQWD  PHVHV JDUDQWLGR SRU FDXomR LG{QHD
TXDQGRVHWUDWDUGHPyYHLVHSRUKLSRWHFDGRSUySULREHPTXDQGRVHWUDWDUGHLPyYHLV

R$VSURSRVWDVSDUDDTXLVLomRHPSUHVWDo}HVLQGLFDUmRRSUD]RDPRGDOLGDGHRLQGH[DGRUGHFRUUHomR
PRQHWiULDHDVFRQGLo}HVGHSDJDPHQWRGRVDOGR

R 9(7$'2 

R1RFDVRGHDWUDVRQRSDJDPHQWRGHTXDOTXHUGDVSUHVWDo}HVLQFLGLUiPXOWDGHGH]SRUFHQWRVREUHD
VRPDGDSDUFHODLQDGLPSOLGDFRPDVSDUFHODVYLQFHQGDV

R2LQDGLPSOHPHQWRDXWRUL]DRH[HTXHQWHDSHGLUDUHVROXomRGDDUUHPDWDomRRXSURPRYHUHPIDFHGR
DUUHPDWDQWHDH[HFXomRGRYDORUGHYLGRGHYHQGRDPERVRVSHGLGRVVHUIRUPXODGRVQRVDXWRVGDH[HFXomRHP
TXHVHGHXDDUUHPDWDomR

R$DSUHVHQWDomRGDSURSRVWDSUHYLVWDQHVWHDUWLJRQmRVXVSHQGHROHLOmR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R $ SURSRVWD GH SDJDPHQWR GR ODQFH j YLVWD VHPSUH SUHYDOHFHUi VREUH DV SURSRVWDV GH SDJDPHQWR
SDUFHODGR

R+DYHQGRPDLVGHXPDSURSRVWDGHSDJDPHQWRSDUFHODGR

,HPGLIHUHQWHVFRQGLo}HVRMXL]GHFLGLUiSHODPDLVYDQWDMRVDDVVLPFRPSUHHQGLGDVHPSUHDGHPDLRU
YDORU

,,HPLJXDLVFRQGLo}HVRMXL]GHFLGLUiSHODIRUPXODGDHPSULPHLUROXJDU

R 1R FDVR GH DUUHPDWDomR D SUD]R RV SDJDPHQWRV IHLWRV SHOR DUUHPDWDQWH SHUWHQFHUmR DR H[HTXHQWH
DWpROLPLWHGHVHXFUpGLWRHRVVXEVHTXHQWHVDRH[HFXWDGR

$UW   4XDQGR R LPyYHO GH LQFDSD] QmR DOFDQoDU HP OHLOmR SHOR PHQRV RLWHQWD SRU FHQWR GR YDORU GD
DYDOLDomRRMXL]RFRQILDUijJXDUGDHjDGPLQLVWUDomRGHGHSRVLWiULRLG{QHRDGLDQGRDDOLHQDomRSRUSUD]RQmR
VXSHULRUD XP DQR

 R 6H GXUDQWH R DGLDPHQWR DOJXP SUHWHQGHQWH DVVHJXUDU PHGLDQWH FDXomR LG{QHD R SUHoR GD
DYDOLDomRRMXL]RUGHQDUiDDOLHQDomRHPOHLOmR

 R 6H R SUHWHQGHQWH j DUUHPDWDomR VH DUUHSHQGHU R MXL] LPSRUOKHi PXOWD GH YLQWH SRU FHQWR VREUH R
YDORUGDDYDOLDomRHPEHQHItFLRGRLQFDSD]YDOHQGRDGHFLVmRFRPRWtWXORH[HFXWLYR

 R 6HP SUHMXt]R GR GLVSRVWR QRV  R H R R MXL] SRGHUi DXWRUL]DU D ORFDomR GR LPyYHO QR SUD]R GR
DGLDPHQWR

R)LQGRRSUD]RGRDGLDPHQWRRLPyYHOVHUiVXEPHWLGRDQRYROHLOmR

$UW6HRDUUHPDWDQWHRXVHXILDGRUQmRSDJDURSUHoRQRSUD]RHVWDEHOHFLGRRMXL]LPSRUOKHi HP
IDYRUGRH[HTXHQWHDSHUGDGDFDXomRYROWDQGRRVEHQVDQRYROHLOmRGRTXDOQmRVHUmRDGPLWLGRVDSDUWLFLSDU
RDUUHPDWDQWHHRILDGRUUHPLVVRV

$UW2ILDGRUGRDUUHPDWDQWHTXHSDJDURYDORUGRODQFHHDPXOWDSRGHUiUHTXHUHUTXHDDUUHPDWDomR
OKHVHMDWUDQVIHULGD

$UW   6HUi VXVSHQVD D DUUHPDWDomR ORJR TXH R SURGXWR GD DOLHQDomR GRV EHQV IRU VXILFLHQWH SDUD R
SDJDPHQWRGRFUHGRUHSDUDDVDWLVIDomRGDVGHVSHVDVGDH[HFXomR

$UW2OHLOmRSURVVHJXLUiQRGLD~WLOLPHGLDWRjPHVPDKRUDHPTXHWHYHLQtFLRLQGHSHQGHQWHPHQWH
GHQRYRHGLWDOVHIRUXOWUDSDVVDGRRKRUiULRGHH[SHGLHQWHIRUHQVH

$UW   $ DUUHPDWDomR FRQVWDUi GH DXWR TXH VHUi ODYUDGR GH LPHGLDWR H SRGHUi DEUDQJHU EHQV
SHQKRUDGRVHPPDLVGHXPDH[HFXomRQHOHPHQFLRQDGDVDVFRQGLo}HVQDVTXDLVIRLDOLHQDGRREHP

 R $ RUGHP GH HQWUHJD GR EHP PyYHO RX D FDUWD GH DUUHPDWDomR GR EHP LPyYHO FRP R UHVSHFWLYR
PDQGDGR GH LPLVVmR QD SRVVH VHUi H[SHGLGD GHSRLV GH HIHWXDGR R GHSyVLWR RX SUHVWDGDV DV JDUDQWLDV SHOR
DUUHPDWDQWHEHPFRPRUHDOL]DGRRSDJDPHQWRGDFRPLVVmRGROHLORHLURHGDVGHPDLVGHVSHVDVGDH[HFXomR

 R $ FDUWD GH DUUHPDWDomR FRQWHUi D GHVFULomR GR LPyYHO FRP UHPLVVmR j VXD PDWUtFXOD RX
LQGLYLGXDomR H DRV VHXV UHJLVWURV D FySLD GR DXWR GH DUUHPDWDomR H D SURYD GH SDJDPHQWR GR LPSRVWR GH
WUDQVPLVVmRDOpPGDLQGLFDomRGDH[LVWrQFLDGHHYHQWXDO{QXVUHDORXJUDYDPH

$UW   1R FDVR GH OHLOmR GH EHP KLSRWHFDGR R H[HFXWDGR SRGHUi UHPLOR DWp D DVVLQDWXUD GR DXWR GH
DUUHPDWDomRRIHUHFHQGRSUHoRLJXDODRGRPDLRUODQFHRIHUHFLGR

3DUiJUDIR~QLFR1RFDVRGHIDOrQFLDRXLQVROYrQFLDGRGHYHGRUKLSRWHFiULRRGLUHLWRGHUHPLomRSUHYLVWR
QR FDSXW GHIHUHVH j PDVVD RX DRV FUHGRUHV HP FRQFXUVR QmR SRGHQGR R H[HTXHQWH UHFXVDU R SUHoR GD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

DYDOLDomRGRLPyYHO

$UW   4XDOTXHU TXH VHMD D PRGDOLGDGH GH OHLOmR DVVLQDGR R DXWR SHOR MXL] SHOR DUUHPDWDQWH H SHOR
OHLORHLUR D DUUHPDWDomR VHUi FRQVLGHUDGD SHUIHLWD DFDEDGD H LUUHWUDWiYHO DLQGD TXH YHQKDP D VHU MXOJDGRV
SURFHGHQWHV RV HPEDUJRV GR H[HFXWDGR RX D DomR DXW{QRPD GH TXH WUDWD R  R GHVWH DUWLJR DVVHJXUDGD D
SRVVLELOLGDGHGHUHSDUDomRSHORVSUHMXt]RVVRIULGRV

R5HVVDOYDGDVRXWUDVVLWXDo}HVSUHYLVWDVQHVWH&yGLJRDDUUHPDWDomRSRGHUiQRHQWDQWRVHU

,LQYDOLGDGDTXDQGRUHDOL]DGDSRUSUHoRYLORXFRPRXWURYtFLR

,,FRQVLGHUDGDLQHILFD]VHQmRREVHUYDGRRGLVSRVWRQRDUW

,,,UHVROYLGDVHQmRIRUSDJRRSUHoRRXVHQmRIRUSUHVWDGDDFDXomR

R2MXL]GHFLGLUiDFHUFDGDVVLWXDo}HVUHIHULGDVQRRVHIRUSURYRFDGRHPDWp GH] GLDVDSyVR


DSHUIHLoRDPHQWRGDDUUHPDWDomR

 R 3DVVDGR R SUD]R SUHYLVWR QR  R VHP TXH WHQKD KDYLGR DOHJDomR GH TXDOTXHU GDV VLWXDo}HV
SUHYLVWDVQRRVHUiH[SHGLGDDFDUWDGHDUUHPDWDomRHFRQIRUPHRFDVRDRUGHPGHHQWUHJDRXPDQGDGRGH
LPLVVmRQDSRVVH

 R $SyV D H[SHGLomR GD FDUWD GH DUUHPDWDomR RX GD RUGHP GH HQWUHJD D LQYDOLGDomR GD DUUHPDWDomR
SRGHUiVHUSOHLWHDGDSRUDomRDXW{QRPDHPFXMRSURFHVVRRDUUHPDWDQWHILJXUDUiFRPROLWLVFRQVRUWHQHFHVViULR

 R 2 DUUHPDWDQWH SRGHUi GHVLVWLU GD DUUHPDWDomR VHQGROKH LPHGLDWDPHQWH GHYROYLGR R GHSyVLWR TXH
WLYHUIHLWR

,VHSURYDUQRV GH] GLDVVHJXLQWHVDH[LVWrQFLDGH{QXVUHDORXJUDYDPHQmRPHQFLRQDGRQRHGLWDO

,,VHDQWHVGHH[SHGLGDDFDUWDGHDUUHPDWDomRRXDRUGHPGHHQWUHJDRH[HFXWDGRDOHJDUDOJXPDGDV
VLWXDo}HVSUHYLVWDVQRR

,,,  XPD YH] FLWDGR SDUD UHVSRQGHU D DomR DXW{QRPD GH TXH WUDWD R  R GHVWH DUWLJR GHVGH TXH
DSUHVHQWHDGHVLVWrQFLDQRSUD]RGHTXHGLVS}HSDUDUHVSRQGHUDHVVDDomR

R&RQVLGHUDVHDWRDWHQWDWyULRjGLJQLGDGHGDMXVWLoDDVXVFLWDomRLQIXQGDGDGHYtFLRFRPRREMHWLYR GH
HQVHMDU D GHVLVWrQFLD GR DUUHPDWDQWH GHYHQGR R VXVFLWDQWH VHU FRQGHQDGR VHP SUHMXt]R GD UHVSRQVDELOLGDGH
SRU SHUGDV H GDQRV DR SDJDPHQWR GH PXOWD D VHU IL[DGD SHOR MXL] H GHYLGD DR H[HTXHQWH HP PRQWDQWH QmR
VXSHULRUDYLQWHSRUFHQWRGRYDORUDWXDOL]DGRGREHP

6HomR9
'D6DWLVIDomRGR&UpGLWR

$UW$VDWLVIDomRGRFUpGLWRH[HTXHQGRIDUVHi

,SHODHQWUHJDGRGLQKHLUR

,,SHODDGMXGLFDomRGRVEHQVSHQKRUDGRV

$UW   2 MXL] DXWRUL]DUi TXH R H[HTXHQWH OHYDQWH DWp D VDWLVIDomR LQWHJUDO GH VHX FUpGLWR R GLQKHLUR
GHSRVLWDGRSDUDVHJXUDURMXt]RRXRSURGXWRGRVEHQVDOLHQDGRVEHPFRPRGRIDWXUDPHQWRGHHPSUHVDRXGH
RXWURVIUXWRVHUHQGLPHQWRVGHFRLVDVRXHPSUHVDVSHQKRUDGDVTXDQGR

,  D H[HFXomR IRU PRYLGD Vy D EHQHItFLR GR H[HTXHQWH VLQJXODU D TXHP SRU IRUoD GD SHQKRUD FDEH R
GLUHLWRGHSUHIHUrQFLDVREUHRVEHQVSHQKRUDGRVHDOLHQDGRV

,,  QmR KRXYHU VREUH RV EHQV DOLHQDGRV RXWURV SULYLOpJLRV


KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP RX SUHIHUrQFLDV LQVWLWXtGRV DQWHULRUPHQWH j

 /

,,  QmR KRXYHU VREUH RV EHQV DOLHQDGRV RXWURV SULYLOpJLRV RX SUHIHUrQFLDV LQVWLWXtGRV DQWHULRUPHQWH j
SHQKRUD

3DUiJUDIR ~QLFR  'XUDQWH R SODQWmR MXGLFLiULR YHGDVH D FRQFHVVmR GH SHGLGRV GH OHYDQWDPHQWR GH
LPSRUWkQFLDHPGLQKHLURRXYDORUHVRXGHOLEHUDomRGHEHQVDSUHHQGLGRV

$UW$RUHFHEHURPDQGDGRGHOHYDQWDPHQWRRH[HTXHQWHGDUiDRH[HFXWDGRSRUWHUPRQRVDXWRV
TXLWDomRGDTXDQWLDSDJD

3DUiJUDIR ~QLFR  $ H[SHGLomR GH PDQGDGR GH OHYDQWDPHQWR SRGHUi VHU VXEVWLWXtGD SHOD WUDQVIHUrQFLD
HOHWU{QLFDGRYDORUGHSRVLWDGRHPFRQWDYLQFXODGDDRMXt]RSDUDRXWUDLQGLFDGDSHORH[HTXHQWH

$UW   3DJR DR H[HTXHQWH R SULQFLSDO RV MXURV DV FXVWDV H RV KRQRUiULRV D LPSRUWkQFLD TXH VREUDU
VHUiUHVWLWXtGDDRH[HFXWDGR

$UW   +DYHQGR SOXUDOLGDGH GH FUHGRUHV RX H[HTXHQWHV R GLQKHLUR OKHV VHUi GLVWULEXtGR H HQWUHJXH
FRQVRDQWHDRUGHPGDVUHVSHFWLYDVSUHIHUrQFLDV

R1RFDVRGHDGMXGLFDomRRXDOLHQDomRRVFUpGLWRVTXHUHFDHPVREUHREHPLQFOXVLYHRVGHQDWXUH]D
SURSWHUUHPVXEURJDPVHVREUHRUHVSHFWLYRSUHoRREVHUYDGDDRUGHPGHSUHIHUrQFLD

R1mRKDYHQGRWtWXOROHJDOjSUHIHUrQFLDRGLQKHLURVHUiGLVWULEXtGRHQWUHRVFRQFRUUHQWHVREVHUYDQGR
VHDDQWHULRULGDGHGHFDGDSHQKRUD

$UW   2V H[HTXHQWHV IRUPXODUmR DV VXDV SUHWHQV}HV TXH YHUVDUmR XQLFDPHQWH VREUH R GLUHLWR GH
SUHIHUrQFLDHDDQWHULRULGDGHGDSHQKRUDHDSUHVHQWDGDVDVUD]}HVRMXL]GHFLGLUi

&$378/29
'$(;(&8d2&2175$$)$=(1'$3%/,&$

$UW1DH[HFXomRIXQGDGDHPWtWXORH[WUDMXGLFLDOD)D]HQGD3~EOLFDVHUiFLWDGDSDUDRSRUHPEDUJRV
HP WULQWD GLDV

R1mRRSRVWRVHPEDUJRVRXWUDQVLWDGDHPMXOJDGRDGHFLVmRTXHRVUHMHLWDUH[SHGLUVHiSUHFDWyULRRX
UHTXLVLomR GH SHTXHQR YDORU HP IDYRU GR H[HTXHQWH REVHUYDQGRVH R GLVSRVWR QR DUW  GD &RQVWLWXLomR
)HGHUDO

 R 1RV HPEDUJRV D )D]HQGD 3~EOLFD SRGHUi DOHJDU TXDOTXHU PDWpULD TXH OKH VHULD OtFLWR GHGX]LU FRPR
GHIHVDQRSURFHVVRGHFRQKHFLPHQWR

R$SOLFDVHDHVWH&DStWXORQRTXHFRXEHURGLVSRVWRQRVDUWLJRVH

&$378/29,
'$(;(&8d2'($/,0(1726

$UW1DH[HFXomRIXQGDGDHPWtWXORH[HFXWLYRH[WUDMXGLFLDOTXHFRQWHQKDREULJDomRDOLPHQWDURMXL]
PDQGDUi FLWDU R H[HFXWDGR SDUD HP  WUrV  GLDV HIHWXDU R SDJDPHQWR GDV SDUFHODV DQWHULRUHV DR LQtFLR GD
H[HFXomRHGDVTXHVHYHQFHUHPQRVHXFXUVRSURYDUTXHRIH]RXMXVWLILFDUDLPSRVVLELOLGDGHGHID]rOR

3DUiJUDIR~QLFR$SOLFDPVHQRTXHFRXEHURVRDRGRDUW

$UW   4XDQGR R H[HFXWDGR IRU IXQFLRQiULR S~EOLFR PLOLWDU GLUHWRU RX JHUHQWH GH HPSUHVD EHP FRPR
HPSUHJDGRVXMHLWRjOHJLVODomRGRWUDEDOKRRH[HTXHQWHSRGHUiUHTXHUHURGHVFRQWRHPIROKDGHSDJDPHQWRGH
SHVVRDOGDLPSRUWkQFLDGDSUHVWDomRDOLPHQWtFLD

R$RGHVSDFKDUDLQLFLDORMXL]RILFLDUijDXWRULGDGHjHPSUHVDRXDRHPSUHJDGRUGHWHUPLQDQGRVRE
SHQD GH FULPH GH GHVREHGLrQFLD R GHVFRQWR D SDUWLU GD SULPHLUD UHPXQHUDomR SRVWHULRU GR H[HFXWDGR D FRQWDU
GRSURWRFRORGRRItFLR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2RItFLRFRQWHUiRVQRPHVHRQ~PHURGHLQVFULomRQR&DGDVWURGH3HVVRDV)tVLFDVGRH[HTXHQWHH
GRH[HFXWDGRDLPSRUWkQFLDDVHUGHVFRQWDGDPHQVDOPHQWHDFRQWDQDTXDOGHYHVHUIHLWRRGHSyVLWRHVHIRUR
FDVRRWHPSRGHVXDGXUDomR

$UW   1mR UHTXHULGD D H[HFXomR QRV WHUPRV GHVWH &DStWXOR REVHUYDUVHi R GLVSRVWR QR DUW  H
VHJXLQWHV FRP D UHVVDOYD GH TXH UHFDLQGR D SHQKRUD HP GLQKHLUR D FRQFHVVmR GH HIHLWR VXVSHQVLYR DRV
HPEDUJRVjH[HFXomRQmRREVWDDTXHRH[HTXHQWHOHYDQWHPHQVDOPHQWHDLPSRUWkQFLDGDSUHVWDomR

778/2,,,
'26(0%$5*26(;(&8d2

$UW2H[HFXWDGRLQGHSHQGHQWHPHQWHGHSHQKRUDGHSyVLWRRXFDXomRSRGHUiVHRSRUjH[HFXomR
SRUPHLRGHHPEDUJRV

 R 2V HPEDUJRV j H[HFXomR VHUmR GLVWULEXtGRV SRU GHSHQGrQFLD DXWXDGRV HP DSDUWDGR H LQVWUXtGRV
FRP FySLDV GDV SHoDV SURFHVVXDLV UHOHYDQWHV TXH SRGHUmR VHU GHFODUDGDV DXWrQWLFDV SHOR SUySULR DGYRJDGR
VREVXDUHVSRQVDELOLGDGHSHVVRDO

 R 1D H[HFXomR SRU FDUWD RV HPEDUJRV VHUmR RIHUHFLGRV QR MXt]R GHSUHFDQWH RX QR MXt]R GHSUHFDGR
PDVDFRPSHWrQFLDSDUDMXOJiORVpGRMXt]RGHSUHFDQWHVDOYRVHYHUVDUHPXQLFDPHQWHVREUHYtFLRVRXGHIHLWRV
GDSHQKRUDGDDYDOLDomRRXGDDOLHQDomRGRVEHQVHIHWXDGDVQRMXt]RGHSUHFDGR

$UW   2V HPEDUJRV VHUmR RIHUHFLGRV QR SUD]R GH  TXLQ]H  GLDV FRQWDGR FRQIRUPH R FDVR QD
IRUPDGRDUW

 R 4XDQGR KRXYHU PDLV GH XP H[HFXWDGR R SUD]R SDUD FDGD XP GHOHV HPEDUJDU FRQWDVH D SDUWLU GD
MXQWDGD GR UHVSHFWLYR FRPSURYDQWH GD FLWDomR VDOYR QR FDVR GH F{QMXJHV RX GH FRPSDQKHLURV TXDQGR VHUi
FRQWDGRDSDUWLUGDMXQWDGDGR~OWLPR

R1DVH[HFXo}HVSRUFDUWDRSUD]RSDUDHPEDUJRVVHUiFRQWDGR

,GDMXQWDGDQDFDUWDGDFHUWLILFDomRGDFLWDomRTXDQGRYHUVDUHPXQLFDPHQWHVREUHYtFLRVRXGHIHLWRV
GDSHQKRUDGDDYDOLDomRRXGDDOLHQDomRGRVEHQV

,,GDMXQWDGDQRVDXWRVGHRULJHPGRFRPXQLFDGRGHTXHWUDWDRRGHVWHDUWLJRRXQmRKDYHQGRHVWH
GD MXQWDGD GD FDUWD GHYLGDPHQWH FXPSULGD TXDQGR YHUVDUHP VREUH TXHVW}HV GLYHUVDV GD SUHYLVWD QR LQFLVR ,
GHVWHSDUiJUDIR

R(PUHODomRDRSUD]RSDUD RIHUHFLPHQWR GRV HPEDUJRV j H[HFXomR QmR VH DSOLFD R GLVSRVWR QR DUW


 R 1RV DWRV GH FRPXQLFDomR SRU FDUWD SUHFDWyULD URJDWyULD RX GH RUGHP D UHDOL]DomR GD FLWDomR VHUi
LPHGLDWDPHQWHLQIRUPDGDSRUPHLRHOHWU{QLFRSHORMXL]GHSUHFDGRDRMXL]GHSUHFDQWH

$UW   1R SUD]R SDUD HPEDUJRV UHFRQKHFHQGR R FUpGLWR GR H[HTXHQWH H FRPSURYDQGR R GHSyVLWR GH
WULQWD SRU FHQWR GR YDORU HP H[HFXomR DFUHVFLGR GH FXVWDV H GH KRQRUiULRV GH DGYRJDGR R H[HFXWDGR SRGHUi
UHTXHUHU TXH OKH VHMD SHUPLWLGR SDJDU R UHVWDQWH HP DWp  VHLV  SDUFHODV PHQVDLV DFUHVFLGDV GH FRUUHomR
PRQHWiULDHGHMXURVGHXPSRUFHQWRDRPrV

R2H[HTXHQWHVHUiLQWLPDGRSDUDPDQLIHVWDUVHVREUHRSUHHQFKLPHQWRGRVSUHVVXSRVWRVGRFDSXWHR
MXL]GHFLGLUiRUHTXHULPHQWRHP FLQFR GLDV

 R (QTXDQWR QmR DSUHFLDGR R UHTXHULPHQWR R H[HFXWDGR WHUi GH GHSRVLWDU DV SDUFHODV YLQFHQGDV
IDFXOWDGRDRH[HTXHQWHVHXOHYDQWDPHQWR

 R 'HIHULGD D SURSRVWD R H[HTXHQWH OHYDQWDUi D TXDQWLD GHSRVLWDGD H VHUmR VXVSHQVRV RV DWRV
H[HFXWLYRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R ,QGHIHULGD D SURSRVWD VHJXLUVHmR RV DWRV H[HFXWLYRV PDQWLGR R GHSyVLWR TXH VHUi FRQYHUWLGR HP
SHQKRUD

R2QmRSDJDPHQWRGHTXDOTXHUGDVSUHVWDo}HVDFDUUHWDUiFXPXODWLYDPHQWH

,RYHQFLPHQWRGDVSUHVWDo}HVVXEVHTXHQWHVHRSURVVHJXLPHQWRGRSURFHVVRFRPRLPHGLDWRUHLQtFLR
GRVDWRVH[HFXWLYRV

,,DLPSRVLomRDRH[HFXWDGRGHPXOWDGHGH]SRUFHQWRVREUHRYDORUGDVSUHVWDo}HVQmRSDJDV

R$RSomRSHORSDUFHODPHQWRGHTXHWUDWDHVWHDUWLJRLPSRUWDUHQ~QFLDDRGLUHLWRGHRSRUHPEDUJRV

R2GLVSRVWRQHVWHDUWLJRQmRVHDSOLFDDRFXPSULPHQWRGDVHQWHQoD

$UW1RVHPEDUJRVjH[HFXomRRH[HFXWDGRSRGHUiDOHJDU

,LQH[HTXLELOLGDGHGRWtWXORRXLQH[LJLELOLGDGHGDREULJDomR

,,SHQKRUDLQFRUUHWDRXDYDOLDomRHUU{QHD

,,,H[FHVVRGHH[HFXomRRXFXPXODomRLQGHYLGDGHH[HFXo}HV

,9UHWHQomRSRUEHQIHLWRULDVQHFHVViULDVRX~WHLVQRVFDVRVGHH[HFXomRSDUDHQWUHJDGHFRLVDFHUWD

9LQFRPSHWrQFLDDEVROXWDRXUHODWLYDGRMXt]RGDH[HFXomR

9,TXDOTXHUPDWpULDTXHOKHVHULDOtFLWRGHGX]LUFRPRGHIHVDHPSURFHVVRGHFRQKHFLPHQWR

R$LQFRUUHomRGDSHQKRUDRXGDDYDOLDomRSRGHUiVHULPSXJQDGDSRUVLPSOHVSHWLomRQRSUD]RGH
TXLQ]H GLDVFRQWDGRGDFLrQFLDGRDWR

R+iH[FHVVRGHH[HFXomRTXDQGR

,RH[HTXHQWHSOHLWHLDTXDQWLDVXSHULRUjGRWtWXOR

,,HODUHFDLVREUHFRLVDGLYHUVDGDTXHODGHFODUDGDQRWtWXOR

,,,HODVHSURFHVVDGHPRGRGLIHUHQWHGRTXHIRLGHWHUPLQDGRQRWtWXOR

,9  R H[HTXHQWH VHP FXPSULU D SUHVWDomR TXH OKH FRUUHVSRQGH H[LJH R DGLPSOHPHQWR GD SUHVWDomR GR
H[HFXWDGR

9RH[HTXHQWHQmRSURYDTXHDFRQGLomRVHUHDOL]RX

 R 4XDQGR DOHJDU TXH R H[HTXHQWH HP H[FHVVR GH H[HFXomR SOHLWHLD TXDQWLD VXSHULRU j GR WtWXOR R
HPEDUJDQWHGHFODUDUiQDSHWLomRLQLFLDORYDORUTXHHQWHQGHFRUUHWRDSUHVHQWDQGR GHPRQVWUDWLYR GLVFULPLQDGR H
DWXDOL]DGRGHVHXFiOFXOR

R1mRDSRQWDGRRYDORUFRUUHWRRXQmRDSUHVHQWDGRRGHPRQVWUDWLYRRVHPEDUJRVjH[HFXomR

,  VHUmR OLPLQDUPHQWH UHMHLWDGRV VHP UHVROXomR GH PpULWR VH R H[FHVVR GH H[HFXomR IRU R VHX ~QLFR
IXQGDPHQWR

,,VHUmRSURFHVVDGRVVHKRXYHURXWURIXQGDPHQWRPDVRMXL]QmRH[DPLQDUiDDOHJDomRGHH[FHVVRGH
H[HFXomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 1RV HPEDUJRV GH UHWHQomR SRU EHQIHLWRULDV R H[HTXHQWH SRGHUi UHTXHUHU D FRPSHQVDomR GH VHX
YDORUFRPRGRVIUXWRVRXGRVGDQRVFRQVLGHUDGRVGHYLGRVSHORH[HFXWDGRFXPSULQGRDRMXL]SDUDDDSXUDomR
GRVUHVSHFWLYRVYDORUHVQRPHDUSHULWRREVHUYDQGRVHHQWmRRDUW

 R 2 H[HTXHQWH SRGHUi D TXDOTXHU WHPSR VHU LPLWLGR QD SRVVH GD FRLVD SUHVWDQGR FDXomR RX
GHSRVLWDQGRRYDORUGHYLGRSHODVEHQIHLWRULDVRXUHVXOWDQWHGDFRPSHQVDomR

R$DUJXLomRGHLPSHGLPHQWRHVXVSHLomRREVHUYDUiRGLVSRVWRQRVDUWVH

$UW2MXL]UHMHLWDUiOLPLQDUPHQWHRVHPEDUJRV

,TXDQGRLQWHPSHVWLYRV

,,QRVFDVRVGHLQGHIHULPHQWRGDSHWLomRLQLFLDOHGHLPSURFHGrQFLDOLPLQDUGRSHGLGR

,,,PDQLIHVWDPHQWHSURWHODWyULRV

3DUiJUDIR ~QLFR  &RQVLGHUDVH FRQGXWD DWHQWDWyULD j GLJQLGDGH GD MXVWLoD R RIHUHFLPHQWR GH HPEDUJRV
PDQLIHVWDPHQWHSURWHODWyULRV

$UW2VHPEDUJRVjH[HFXomRQmRWHUmRHIHLWRVXVSHQVLYR

 R 2 MXL] SRGHUi D UHTXHULPHQWR GR HPEDUJDQWH DWULEXLU HIHLWR VXVSHQVLYR DRV HPEDUJRV TXDQGR
YHULILFDGRV RV UHTXLVLWRV SDUD D FRQFHVVmR GD WXWHOD SURYLVyULD H GHVGH TXH D H[HFXomR Mi HVWHMD JDUDQWLGD SRU
SHQKRUDGHSyVLWRRXFDXomRVXILFLHQWHV

R&HVVDQGRDVFLUFXQVWkQFLDVTXHDPRWLYDUDPDGHFLVmRUHODWLYDDRVHIHLWRVGRVHPEDUJRVSRGHUi D
UHTXHULPHQWRGDSDUWHVHUPRGLILFDGDRXUHYRJDGDDTXDOTXHUWHPSRHPGHFLVmRIXQGDPHQWDGD

 R 4XDQGR R HIHLWR VXVSHQVLYR DWULEXtGR DRV HPEDUJRV GLVVHU UHVSHLWR DSHQDV D SDUWH GR REMHWR GD
H[HFXomRHVWDSURVVHJXLUiTXDQWRjSDUWHUHVWDQWH

R$FRQFHVVmRGHHIHLWRVXVSHQVLYRDRVHPEDUJRVRIHUHFLGRVSRUXPGRVH[HFXWDGRVQmRVXVSHQGHUi
DH[HFXomRFRQWUDRVTXHQmRHPEDUJDUDPTXDQGRRUHVSHFWLYRIXQGDPHQWRGLVVHUUHVSHLWR H[FOXVLYDPHQWH DR
HPEDUJDQWH

R$FRQFHVVmRGHHIHLWRVXVSHQVLYRQmRLPSHGLUiDHIHWLYDomRGRVDWRVGHVXEVWLWXLomRGHUHIRUoRRX
GHUHGXomRGDSHQKRUDHGHDYDOLDomRGRVEHQV

$UW5HFHELGRVRVHPEDUJRV

,RH[HTXHQWHVHUiRXYLGRQRSUD]RGH TXLQ]H GLDV

,,DVHJXLURMXL]MXOJDUiLPHGLDWDPHQWHRSHGLGRRXGHVLJQDUiDXGLrQFLD

,,,HQFHUUDGDDLQVWUXomRRMXL]SURIHULUiVHQWHQoD

778/2,9
'$6863(162('$(;7,1d2'2352&(662'((;(&8d2

&$378/2,
'$6863(162'2352&(662'((;(&8d2

$UW6XVSHQGHVHDH[HFXomR

,QDVKLSyWHVHVGRVDUWVHQRTXHFRXEHU
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,QRWRGRRXHPSDUWHTXDQGRUHFHELGRVFRPHIHLWRVXVSHQVLYRRVHPEDUJRVjH[HFXomR

,,,TXDQGRRH[HFXWDGRQmRSRVVXLUEHQVSHQKRUiYHLV

,9  VH D DOLHQDomR GRV EHQV SHQKRUDGRV QmR VH UHDOL]DU SRU IDOWD GH OLFLWDQWHV H R H[HTXHQWH HP 
TXLQ]H GLDVQmRUHTXHUHUDDGMXGLFDomRQHPLQGLFDURXWURVEHQVSHQKRUiYHLV

9TXDQGRFRQFHGLGRRSDUFHODPHQWRGHTXHWUDWDRDUW

R1DKLSyWHVHGRLQFLVR,,,RMXL]VXVSHQGHUiDH[HFXomRSHORSUD]RGH XP DQRGXUDQWHRTXDOVH
VXVSHQGHUiDSUHVFULomR

 R 'HFRUULGR R SUD]R Pi[LPR GH  XP  DQR VHP TXH VHMD ORFDOL]DGR R H[HFXWDGR RX TXH VHMDP
HQFRQWUDGRVEHQVSHQKRUiYHLVRMXL]RUGHQDUiRDUTXLYDPHQWRGRVDXWRV

 R 2V DXWRV VHUmR GHVDUTXLYDGRV SDUD SURVVHJXLPHQWR GD H[HFXomR VH D TXDOTXHU WHPSR IRUHP
HQFRQWUDGRVEHQVSHQKRUiYHLV

R'HFRUULGRRSUD]RGHTXHWUDWDRR VHP PDQLIHVWDomR GR H[HTXHQWH FRPHoD D FRUUHU R SUD]R GH


SUHVFULomRLQWHUFRUUHQWH

 R 2 MXL] GHSRLV GH RXYLGDV DV SDUWHV QR SUD]R GH  TXLQ]H  GLDV SRGHUi GH RItFLR UHFRQKHFHU D
SUHVFULomRGHTXHWUDWDRRHH[WLQJXLURSURFHVVR

$UW   &RQYLQGR DV SDUWHV R MXL] GHFODUDUi VXVSHQVD D H[HFXomR GXUDQWH R SUD]R FRQFHGLGR SHOR
H[HTXHQWHSDUDTXHRH[HFXWDGRFXPSUDYROXQWDULDPHQWHDREULJDomR

3DUiJUDIR~QLFR)LQGRRSUD]RVHPFXPSULPHQWRGDREULJDomRRSURFHVVRUHWRPDUiRVHXFXUVR

$UW6XVSHQVDDH[HFXomRQmRVHUmRSUDWLFDGRVDWRVSURFHVVXDLVSRGHQGRRMXL]HQWUHWDQWRVDOYR
QRFDVRGHDUJXLomRGHLPSHGLPHQWRRXGHVXVSHLomRRUGHQDUSURYLGrQFLDVXUJHQWHV

&$378/2,,
'$(;7,1d2'2352&(662'((;(&8d2

$UW([WLQJXHVHDH[HFXomRTXDQGR

,DSHWLomRLQLFLDOIRULQGHIHULGD

,,DREULJDomRIRUVDWLVIHLWD

,,,RH[HFXWDGRREWLYHUSRUTXDOTXHURXWURPHLRDH[WLQomRWRWDOGDGtYLGD

,9RH[HTXHQWHUHQXQFLDUDRFUpGLWR

9RFRUUHUDSUHVFULomRLQWHUFRUUHQWH

$UW$H[WLQomRVySURGX]HIHLWRTXDQGRGHFODUDGDSRUVHQWHQoD

/,952,,,
'26352&(662612675,%81$,6('260(,26'(,038*1$d2'$6'(&,6(6-8',&,$,6

778/2,
'$25'(0'26352&(6626('26352&(6626'(&203(71&,$25,*,15,$'2675,%81$,6

&$378/2,
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

',6326,d(6*(5$,6

$UW2VWULEXQDLVGHYHPXQLIRUPL]DUVXDMXULVSUXGrQFLDHPDQWrODHVWiYHOtQWHJUDHFRHUHQWH

R1DIRUPDHVWDEHOHFLGDHVHJXQGRRVSUHVVXSRVWRVIL[DGRVQRUHJLPHQWRLQWHUQRRVWULEXQDLVHGLWDUmR
HQXQFLDGRVGHV~PXODFRUUHVSRQGHQWHVDVXDMXULVSUXGrQFLDGRPLQDQWH

 R $R HGLWDU HQXQFLDGRV GH V~PXOD RV WULEXQDLV GHYHP DWHUVH jV FLUFXQVWkQFLDV IiWLFDV GRV
SUHFHGHQWHVTXHPRWLYDUDPVXDFULDomR

$UW2VMXt]HVHRVWULEXQDLVREVHUYDUmR

,DVGHFLV}HVGR6XSUHPR7ULEXQDO)HGHUDOHPFRQWUROHFRQFHQWUDGRGHFRQVWLWXFLRQDOLGDGH

,,RVHQXQFLDGRVGHV~PXODYLQFXODQWH

,,,  RV DFyUGmRV HP LQFLGHQWH GH DVVXQomR GH FRPSHWrQFLD RX GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV H
HPMXOJDPHQWRGHUHFXUVRVH[WUDRUGLQiULRHHVSHFLDOUHSHWLWLYRV

,9  RV HQXQFLDGRV GDV V~PXODV GR 6XSUHPR 7ULEXQDO )HGHUDO HP PDWpULD FRQVWLWXFLRQDO H GR 6XSHULRU
7ULEXQDOGH-XVWLoDHPPDWpULDLQIUDFRQVWLWXFLRQDO

9DRULHQWDomRGRSOHQiULRRXGRyUJmRHVSHFLDODRVTXDLVHVWLYHUHPYLQFXODGRV

R2VMXt]HVHRVWULEXQDLVREVHUYDUmRRGLVSRVWRQRDUWHQRDUWR TXDQGR GHFLGLUHP FRP


IXQGDPHQWRQHVWHDUWLJR

R$DOWHUDomRGHWHVHMXUtGLFDDGRWDGDHPHQXQFLDGRGHV~PXODRXHPMXOJDPHQWRGHFDVRVUHSHWLWLYRV
SRGHUi VHU SUHFHGLGD GH DXGLrQFLDV S~EOLFDV H GD SDUWLFLSDomR GH SHVVRDV yUJmRV RX HQWLGDGHV TXH SRVVDP
FRQWULEXLUSDUDDUHGLVFXVVmRGDWHVH

 R 1D KLSyWHVH GH DOWHUDomR GH MXULVSUXGrQFLD GRPLQDQWH GR 6XSUHPR 7ULEXQDO )HGHUDO H GRV WULEXQDLV
VXSHULRUHV RX GDTXHOD RULXQGD GH MXOJDPHQWR GH FDVRV UHSHWLWLYRV SRGH KDYHU PRGXODomR GRV HIHLWRV GD
DOWHUDomRQRLQWHUHVVHVRFLDOHQRGDVHJXUDQoDMXUtGLFD

 R $ PRGLILFDomR GH HQXQFLDGR GH V~PXOD GH MXULVSUXGrQFLD SDFLILFDGD RX GH WHVH DGRWDGD HP
MXOJDPHQWR GH FDVRV UHSHWLWLYRV REVHUYDUi D QHFHVVLGDGH GH IXQGDPHQWDomR DGHTXDGD H HVSHFtILFD
FRQVLGHUDQGRRVSULQFtSLRVGDVHJXUDQoDMXUtGLFDGDSURWHomRGDFRQILDQoDHGDLVRQRPLD

 R 2V WULEXQDLV GDUmR SXEOLFLGDGH D VHXV SUHFHGHQWHV RUJDQL]DQGRRV SRU TXHVWmR MXUtGLFD GHFLGLGD H
GLYXOJDQGRRVSUHIHUHQFLDOPHQWHQDUHGHPXQGLDOGHFRPSXWDGRUHV

$UW3DUDRVILQVGHVWH&yGLJRFRQVLGHUDVHMXOJDPHQWRGHFDVRVUHSHWLWLYRVDGHFLVmRSURIHULGDHP

,LQFLGHQWHGHUHVROXomRGHGHPDQGDVUHSHWLWLYDV

,,UHFXUVRVHVSHFLDOHH[WUDRUGLQiULRUHSHWLWLYRV

3DUiJUDIR ~QLFR  2 MXOJDPHQWR GH FDVRV UHSHWLWLYRV WHP SRU REMHWR TXHVWmR GH GLUHLWR PDWHULDO RX
SURFHVVXDO

&$378/2,,
'$25'(0'26352&(66261275,%81$/

$UW2VDXWRVVHUmRUHJLVWUDGRVQRSURWRFRORGRWULEXQDOQRGLDGHVXDHQWUDGDFDEHQGRjVHFUHWDULD
RUGHQiORVFRPLPHGLDWDGLVWULEXLomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR ~QLFR  $ FULWpULR GR WULEXQDO RV VHUYLoRV GH SURWRFROR SRGHUmR VHU GHVFHQWUDOL]DGRV PHGLDQWH
GHOHJDomRDRItFLRVGHMXVWLoDGHSULPHLURJUDX

$UW   )DUVHi D GLVWULEXLomR GH DFRUGR FRP R UHJLPHQWR LQWHUQR GR WULEXQDO REVHUYDQGRVH D
DOWHUQDWLYLGDGHRVRUWHLRHOHWU{QLFRHDSXEOLFLGDGH

3DUiJUDIR ~QLFR  2 SULPHLUR UHFXUVR SURWRFRODGR QR WULEXQDO WRUQDUi SUHYHQWR R UHODWRU SDUD HYHQWXDO
UHFXUVRVXEVHTXHQWHLQWHUSRVWRQRPHVPRSURFHVVRRXHPSURFHVVRFRQH[R

$UW'LVWULEXtGRVRVDXWRVVHUmRLPHGLDWDPHQWHFRQFOXVRVDRUHODWRUTXHHP WULQWD GLDVGHSRLV


GHHODERUDURYRWRUHVWLWXtORViFRPUHODWyULRjVHFUHWDULD

$UW,QFXPEHDRUHODWRU

,GLULJLUHRUGHQDURSURFHVVRQRWULEXQDOLQFOXVLYHHPUHODomRjSURGXomRGHSURYDEHPFRPRTXDQGR
IRURFDVRKRPRORJDUDXWRFRPSRVLomRGDVSDUWHV

,,  DSUHFLDU R SHGLGR GH WXWHOD SURYLVyULD QRV UHFXUVRV H QRV SURFHVVRV GH FRPSHWrQFLD RULJLQiULD GR
WULEXQDO

,,,QmRFRQKHFHUGHUHFXUVRLQDGPLVVtYHOSUHMXGLFDGR RX TXH QmR WHQKD LPSXJQDGR HVSHFLILFDPHQWH RV


IXQGDPHQWRVGDGHFLVmRUHFRUULGD

,9QHJDUSURYLPHQWRDUHFXUVRTXHIRUFRQWUiULRD

D V~PXODGR6XSUHPR7ULEXQDO)HGHUDOGR6XSHULRU7ULEXQDOGH-XVWLoDRXGRSUySULRWULEXQDO

E DFyUGmRSURIHULGRSHOR6XSUHPR7ULEXQDO)HGHUDORXSHOR6XSHULRU7ULEXQDOGH-XVWLoDHPMXOJDPHQWRGH
UHFXUVRVUHSHWLWLYRV

F  HQWHQGLPHQWR ILUPDGR HP LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV RX GH DVVXQomR GH
FRPSHWrQFLD

9GHSRLVGHIDFXOWDGDDDSUHVHQWDomRGHFRQWUDUUD]}HVGDUSURYLPHQWRDRUHFXUVRVHDGHFLVmRUHFRUULGD
IRUFRQWUiULDD

D V~PXODGR6XSUHPR7ULEXQDO)HGHUDOGR6XSHULRU7ULEXQDOGH-XVWLoDRXGRSUySULRWULEXQDO

E DFyUGmRSURIHULGRSHOR6XSUHPR7ULEXQDO)HGHUDORXSHOR6XSHULRU7ULEXQDOGH-XVWLoDHPMXOJDPHQWRGH
UHFXUVRVUHSHWLWLYRV

F  HQWHQGLPHQWR ILUPDGR HP LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV RX GH DVVXQomR GH
FRPSHWrQFLD

9,  GHFLGLU R LQFLGHQWH GH GHVFRQVLGHUDomR GD SHUVRQDOLGDGH MXUtGLFD TXDQGR HVWH IRU LQVWDXUDGR
RULJLQDULDPHQWHSHUDQWHRWULEXQDO

9,,GHWHUPLQDUDLQWLPDomRGR0LQLVWpULR3~EOLFRTXDQGRIRURFDVR

9,,,H[HUFHURXWUDVDWULEXLo}HVHVWDEHOHFLGDVQRUHJLPHQWRLQWHUQRGRWULEXQDO

3DUiJUDIR~QLFR$QWHVGHFRQVLGHUDULQDGPLVVtYHORUHFXUVRRUHODWRUFRQFHGHUiRSUD]RGH FLQFR GLDV


DRUHFRUUHQWHSDUDTXHVHMDVDQDGRYtFLRRXFRPSOHPHQWDGDDGRFXPHQWDomRH[LJtYHO

$UW6HRUHODWRUFRQVWDWDUDRFRUUrQFLDGHIDWRVXSHUYHQLHQWHjGHFLVmRUHFRUULGDRXDH[LVWrQFLDGH
TXHVWmR DSUHFLiYHO GH RItFLR DLQGD QmR H[DPLQDGD TXH GHYDP VHU FRQVLGHUDGRV QR MXOJDPHQWR GR UHFXUVR
LQWLPDUiDVSDUWHVSDUDTXHVHPDQLIHVWHPQRSUD]RGH FLQFR GLDV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R6HDFRQVWDWDomRRFRUUHUGXUDQWHDVHVVmRGHMXOJDPHQWRHVVHVHUiLPHGLDWDPHQWHVXVSHQVRDILP
GHTXHDVSDUWHVVHPDQLIHVWHPHVSHFLILFDPHQWH

R6HDFRQVWDWDomRVHGHUHPYLVWDGRVDXWRVGHYHUiRMXL]TXHDVROLFLWRXHQFDPLQKiORVDRUHODWRU
TXH WRPDUi DV SURYLGrQFLDV SUHYLVWDV QR FDSXW H HP VHJXLGD VROLFLWDUi D LQFOXVmR GR IHLWR HP SDXWD SDUD
SURVVHJXLPHQWRGRMXOJDPHQWRFRPVXEPLVVmRLQWHJUDOGDQRYDTXHVWmRDRVMXOJDGRUHV

$UW   (P VHJXLGD RV DXWRV VHUmR DSUHVHQWDGRV DR SUHVLGHQWH TXH GHVLJQDUi GLD SDUD MXOJDPHQWR
RUGHQDQGRHPWRGDVDVKLSyWHVHVSUHYLVWDVQHVWH/LYURDSXEOLFDomRGDSDXWDQRyUJmRRILFLDO

$UW   (QWUH D GDWD GH SXEOLFDomR GD SDXWD H D GD VHVVmR GH MXOJDPHQWR GHFRUUHUi SHOR PHQRV R
SUD]RGH FLQFR GLDVLQFOXLQGRVHHPQRYDSDXWDRVSURFHVVRVTXHQmRWHQKDPVLGRMXOJDGRVVDOYRDTXHOHV
FXMRMXOJDPHQWRWLYHUVLGRH[SUHVVDPHQWHDGLDGRSDUDDSULPHLUDVHVVmRVHJXLQWH

RVSDUWHVVHUiSHUPLWLGDYLVWDGRVDXWRVHPFDUWyULRDSyVDSXEOLFDomRGDSDXWDGHMXOJDPHQWR

R$IL[DUVHiDSDXWDQDHQWUDGDGDVDODHPTXHVHUHDOL]DUDVHVVmRGHMXOJDPHQWR

$UW   5HVVDOYDGDV DV SUHIHUrQFLDV OHJDLV H UHJLPHQWDLV RV UHFXUVRV D UHPHVVD QHFHVViULD H RV
SURFHVVRVGHFRPSHWrQFLDRULJLQiULDVHUmRMXOJDGRVQDVHJXLQWHRUGHP

,DTXHOHVQRVTXDLVKRXYHUVXVWHQWDomRRUDOREVHUYDGDDRUGHPGRVUHTXHULPHQWRV

,,RVUHTXHULPHQWRVGHSUHIHUrQFLDDSUHVHQWDGRVDWpRLQtFLRGDVHVVmRGHMXOJDPHQWR

,,,DTXHOHVFXMRMXOJDPHQWRWHQKDLQLFLDGRHPVHVVmRDQWHULRUH

,9RVGHPDLVFDVRV

$UW   1D VHVVmR GH MXOJDPHQWR GHSRLV GD H[SRVLomR GD FDXVD SHOR UHODWRU R SUHVLGHQWH GDUi D
SDODYUDVXFHVVLYDPHQWHDRUHFRUUHQWHDRUHFRUULGRHQRVFDVRVGHVXDLQWHUYHQomRDRPHPEURGR0LQLVWpULR
3~EOLFRSHORSUD]RLPSURUURJiYHOGH TXLQ]H PLQXWRVSDUDFDGDXPDILPGHVXVWHQWDUHPVXDVUD]}HVQDV
VHJXLQWHVKLSyWHVHVQRVWHUPRVGDSDUWHILQDOGRFDSXWGRDUW

,QRUHFXUVRGHDSHODomR

,,QRUHFXUVRRUGLQiULR

,,,QRUHFXUVRHVSHFLDO

,9QRUHFXUVRH[WUDRUGLQiULR

9QRVHPEDUJRVGHGLYHUJrQFLD

9,QDDomRUHVFLVyULDQRPDQGDGRGHVHJXUDQoDHQDUHFODPDomR

9,, 9(7$'2 

9,,,  QR DJUDYR GH LQVWUXPHQWR LQWHUSRVWR FRQWUD GHFLV}HV LQWHUORFXWyULDV TXH YHUVHP VREUH WXWHODV
SURYLVyULDVGHXUJrQFLDRXGDHYLGrQFLD

,;HPRXWUDVKLSyWHVHVSUHYLVWDVHPOHLRXQRUHJLPHQWRLQWHUQRGRWULEXQDO

 R $ VXVWHQWDomR RUDO QR LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV REVHUYDUi R GLVSRVWR QR DUW
QRTXHFRXEHU

 R 2 SURFXUDGRU TXH GHVHMDU SURIHULU VXVWHQWDomR RUDO SRGHUi UHTXHUHU DWp R LQtFLR GD VHVVmR TXH R
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

SURFHVVRVHMDMXOJDGRHPSULPHLUROXJDUVHPSUHMXt]RGDVSUHIHUrQFLDVOHJDLV

R 1RV SURFHVVRV GH FRPSHWrQFLD RULJLQiULD SUHYLVWRV QR LQFLVR 9, FDEHUi VXVWHQWDomR RUDO QR DJUDYR
LQWHUQRLQWHUSRVWRFRQWUDGHFLVmRGHUHODWRUTXHRH[WLQJD

ReSHUPLWLGRDRDGYRJDGRFRPGRPLFtOLRSURILVVLRQDOHPFLGDGHGLYHUVDGDTXHODRQGHHVWiVHGLDGRR
WULEXQDO UHDOL]DU VXVWHQWDomR RUDO SRU PHLR GH YLGHRFRQIHUrQFLD RX RXWUR UHFXUVR WHFQROyJLFR GH WUDQVPLVVmR GH
VRQVHLPDJHQVHPWHPSRUHDOGHVGHTXHRUHTXHLUDDWpRGLDDQWHULRUDRGDVHVVmR

$UW   $ TXHVWmR SUHOLPLQDU VXVFLWDGD QR MXOJDPHQWR VHUi GHFLGLGD DQWHV GR PpULWR GHVWH QmR VH
FRQKHFHQGRFDVRVHMDLQFRPSDWtYHOFRPDGHFLVmR

 R &RQVWDWDGD D RFRUUrQFLD GH YtFLR VDQiYHO LQFOXVLYH DTXHOH TXH SRVVD VHU FRQKHFLGR GH RItFLR R
UHODWRU GHWHUPLQDUi D UHDOL]DomR RX D UHQRYDomR GR DWR SURFHVVXDO QR SUySULR WULEXQDO RX HP SULPHLUR JUDX GH
MXULVGLomRLQWLPDGDVDVSDUWHV

R&XPSULGDDGLOLJrQFLDGHTXHWUDWDRRRUHODWRUVHPSUHTXHSRVVtYHOSURVVHJXLUi QR MXOJDPHQWR


GRUHFXUVR

 R 5HFRQKHFLGD D QHFHVVLGDGH GH SURGXomR GH SURYD R UHODWRU FRQYHUWHUi R MXOJDPHQWR HP GLOLJrQFLD
TXH VH UHDOL]DUi QR WULEXQDO RX HP SULPHLUR JUDX GH MXULVGLomR GHFLGLQGRVH R UHFXUVR DSyV D FRQFOXVmR GD
LQVWUXomR

 R 4XDQGR QmR GHWHUPLQDGDV SHOR UHODWRU DV SURYLGrQFLDV LQGLFDGDV QRV  R H R SRGHUmR VHU
GHWHUPLQDGDVSHORyUJmRFRPSHWHQWHSDUDMXOJDPHQWRGRUHFXUVR

$UW6HDSUHOLPLQDUIRUUHMHLWDGDRXVHDDSUHFLDomRGRPpULWRIRUFRPHODFRPSDWtYHOVHJXLUVHmR D
GLVFXVVmR H R MXOJDPHQWR GD PDWpULD SULQFLSDO VREUH D TXDO GHYHUmR VH SURQXQFLDU RV MXt]HV YHQFLGRV QD
SUHOLPLQDU

$UW2UHODWRURXRXWURMXL]TXHQmRVHFRQVLGHUDUKDELOLWDGRDSURIHULULPHGLDWDPHQWHVHXYRWRSRGHUi
VROLFLWDU YLVWD SHOR SUD]R Pi[LPR GH  GH]  GLDV DSyV R TXDO R UHFXUVR VHUi UHLQFOXtGR HP SDXWD SDUD
MXOJDPHQWRQDVHVVmRVHJXLQWHjGDWDGDGHYROXomR

R6HRVDXWRVQmRIRUHPGHYROYLGRVWHPSHVWLYDPHQWHRXVHQmRIRUVROLFLWDGDSHORMXL]SURUURJDomRGH
SUD]R GH QR Pi[LPR PDLV  GH]  GLDV R SUHVLGHQWH GR yUJmR IUDFLRQiULR RV UHTXLVLWDUi SDUD MXOJDPHQWR GR
UHFXUVRQDVHVVmRRUGLQiULDVXEVHTXHQWHFRPSXEOLFDomRGDSDXWDHPTXHIRULQFOXtGR

R4XDQGRUHTXLVLWDURVDXWRVQDIRUPDGRRVHDTXHOHTXHIH]RSHGLGRGHYLVWDDLQGDQmRVHVHQWLU
KDELOLWDGR D YRWDU R SUHVLGHQWH FRQYRFDUi VXEVWLWXWR SDUD SURIHULU YRWR QD IRUPD HVWDEHOHFLGD QR UHJLPHQWR
LQWHUQRGRWULEXQDO

$UW3URIHULGRVRVYRWRVRSUHVLGHQWHDQXQFLDUiRUHVXOWDGRGRMXOJDPHQWRGHVLJQDQGRSDUDUHGLJLUR
DFyUGmRRUHODWRURXVHYHQFLGRHVWHRDXWRUGRSULPHLURYRWRYHQFHGRU

R2YRWRSRGHUiVHUDOWHUDGRDWpRPRPHQWRGDSURFODPDomRGRUHVXOWDGRSHORSUHVLGHQWHVDOYRDTXHOH
MiSURIHULGRSRUMXL]DIDVWDGRRXVXEVWLWXtGR

R1RMXOJDPHQWRGHDSHODomRRXGHDJUDYRGHLQVWUXPHQWRDGHFLVmRVHUiWRPDGDQRyUJmRFROHJLDGR
SHORYRWRGH WUrV MXt]HV

 R 2 YRWR YHQFLGR VHUi QHFHVVDULDPHQWH GHFODUDGR H FRQVLGHUDGR SDUWH LQWHJUDQWH GR DFyUGmR SDUD
WRGRVRVILQVOHJDLVLQFOXVLYHGHSUpTXHVWLRQDPHQWR

$UW4XDQGRRUHVXOWDGRGDDSHODomRIRUQmRXQkQLPHRMXOJDPHQWRWHUiSURVVHJXLPHQWRHPVHVVmR
DVHUGHVLJQDGDFRPDSUHVHQoDGHRXWURVMXOJDGRUHVTXHVHUmRFRQYRFDGRVQRVWHUPRVSUHYLDPHQWHGHILQLGRV
QR UHJLPHQWR LQWHUQR HP Q~PHUR VXILFLHQWH SDUD JDUDQWLU D SRVVLELOLGDGH GH LQYHUVmR GR UHVXOWDGR LQLFLDO

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

DVVHJXUDGR jV SDUWHV H D HYHQWXDLV WHUFHLURV R GLUHLWR GH VXVWHQWDU RUDOPHQWH VXDV UD]}HV SHUDQWH RV QRYRV
MXOJDGRUHV

R6HQGRSRVVtYHORSURVVHJXLPHQWRGRMXOJDPHQWRGDUVHiQDPHVPDVHVVmRFROKHQGRVHRVYRWRV
GHRXWURVMXOJDGRUHVTXHSRUYHQWXUDFRPSRQKDPRyUJmRFROHJLDGR

 R 2V MXOJDGRUHV TXH Mi WLYHUHP YRWDGR SRGHUmR UHYHU VHXV YRWRV SRU RFDVLmR GR SURVVHJXLPHQWR GR
MXOJDPHQWR

 R $ WpFQLFD GH MXOJDPHQWR SUHYLVWD QHVWH DUWLJR DSOLFDVH LJXDOPHQWH DR MXOJDPHQWR QmR XQkQLPH
SURIHULGRHP

,  DomR UHVFLVyULD TXDQGR R UHVXOWDGR IRU D UHVFLVmR GD VHQWHQoD GHYHQGR QHVVH FDVR VHX
SURVVHJXLPHQWRRFRUUHUHPyUJmRGHPDLRUFRPSRVLomRSUHYLVWRQRUHJLPHQWRLQWHUQR

,,DJUDYRGHLQVWUXPHQWRTXDQGRKRXYHUUHIRUPDGDGHFLVmRTXHMXOJDUSDUFLDOPHQWHRPpULWR

R1mRVHDSOLFDRGLVSRVWRQHVWHDUWLJRDRMXOJDPHQWR

,GRLQFLGHQWHGHDVVXQomRGHFRPSHWrQFLDHDRGHUHVROXomRGHGHPDQGDVUHSHWLWLYDV

,,GDUHPHVVDQHFHVViULD

,,,QmRXQkQLPHSURIHULGRQRVWULEXQDLVSHORSOHQiULRRXSHODFRUWHHVSHFLDO

$UW   2V YRWRV RV DFyUGmRV H RV GHPDLV DWRV SURFHVVXDLV SRGHP VHU UHJLVWUDGRV HP GRFXPHQWR
HOHWU{QLFRLQYLROiYHOHDVVLQDGRVHOHWURQLFDPHQWHQDIRUPDGDOHLGHYHQGRVHULPSUHVVRVSDUDMXQWDGDDRVDXWRV
GRSURFHVVRTXDQGRHVWHQmRIRUHOHWU{QLFR

R7RGRDFyUGmRFRQWHUiHPHQWD

R/DYUDGRRDFyUGmRVXDHPHQWDVHUiSXEOLFDGDQRyUJmRRILFLDOQRSUD]RGH GH] GLDV

$UW1mRSXEOLFDGRRDFyUGmRQRSUD]RGH WULQWD GLDVFRQWDGRGDGDWDGDVHVVmRGHMXOJDPHQWR


DVQRWDVWDTXLJUiILFDVRVXEVWLWXLUmRSDUDWRGRVRVILQVOHJDLVLQGHSHQGHQWHPHQWHGHUHYLVmR

3DUiJUDIR ~QLFR  1R FDVR GR FDSXW R SUHVLGHQWH GR WULEXQDO ODYUDUi GH LPHGLDWR DV FRQFOXV}HV H D
HPHQWDHPDQGDUiSXEOLFDURDFyUGmR

$UW   $ FULWpULR GR yUJmR MXOJDGRU R MXOJDPHQWR GRV UHFXUVRV H GRV SURFHVVRV GH FRPSHWrQFLD
RULJLQiULDTXHQmRDGPLWHPVXVWHQWDomRRUDOSRGHUiUHDOL]DUVHSRUPHLRHOHWU{QLFR

 R 2 UHODWRU FLHQWLILFDUi DV SDUWHV SHOR 'LiULR GD -XVWLoD GH TXH R MXOJDPHQWR VH IDUi SRU PHLR
HOHWU{QLFR

 R 4XDOTXHU GDV SDUWHV SRGHUi QR SUD]R GH  FLQFR  GLDV DSUHVHQWDU PHPRULDLV RX GLVFRUGkQFLD GR
MXOJDPHQWRSRUPHLRHOHWU{QLFR

 R $ GLVFRUGkQFLD QmR QHFHVVLWD GH PRWLYDomR VHQGR DSWD D GHWHUPLQDU R MXOJDPHQWR HP VHVVmR
SUHVHQFLDO

R&DVRVXUMDDOJXPDGLYHUJrQFLDHQWUHRVLQWHJUDQWHVGRyUJmRMXOJDGRUGXUDQWHRMXOJDPHQWRHOHWU{QLFR
HVWHILFDUiLPHGLDWDPHQWHVXVSHQVRGHYHQGRDFDXVDVHUDSUHFLDGDHPVHVVmRSUHVHQFLDO

$UW2DJUDYRGHLQVWUXPHQWRVHUiMXOJDGRDQWHVGDDSHODomRLQWHUSRVWDQRPHVPRSURFHVVR

3DUiJUDIR ~QLFR  6H DPERV RV UHFXUVRV GH TXH WUDWD R FDSXW KRXYHUHP GH VHU MXOJDGRV QD PHVPD
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

VHVVmRWHUiSUHFHGrQFLDRDJUDYRGHLQVWUXPHQWR

&$378/2,,,
'2,1&,'(17('($6681d2'(&203(71&,$

$UW   e DGPLVVtYHO D DVVXQomR GH FRPSHWrQFLD TXDQGR R MXOJDPHQWR GH UHFXUVR GH UHPHVVD
QHFHVViULD RX GH SURFHVVR GH FRPSHWrQFLD RULJLQiULD HQYROYHU UHOHYDQWH TXHVWmR GH GLUHLWR FRP JUDQGH
UHSHUFXVVmRVRFLDOVHPUHSHWLomRHPP~OWLSORVSURFHVVRV

R2FRUUHQGRDKLSyWHVHGHDVVXQomRGHFRPSHWrQFLDRUHODWRUSURSRUiGHRItFLRRXDUHTXHULPHQWRGD
SDUWHGR0LQLVWpULR3~EOLFRRXGD'HIHQVRULD3~EOLFDTXHVHMDRUHFXUVRDUHPHVVD QHFHVViULD RX R SURFHVVR
GHFRPSHWrQFLDRULJLQiULDMXOJDGRSHORyUJmRFROHJLDGRTXHRUHJLPHQWRLQGLFDU

R2yUJmRFROHJLDGRMXOJDUiRUHFXUVRDUHPHVVDQHFHVViULDRXRSURFHVVRGHFRPSHWrQFLDRULJLQiULD
VHUHFRQKHFHULQWHUHVVHS~EOLFRQDDVVXQomRGHFRPSHWrQFLD

 R 2 DFyUGmR SURIHULGR HP DVVXQomR GH FRPSHWrQFLD YLQFXODUi WRGRV RV MXt]HV H yUJmRV IUDFLRQiULRV
H[FHWRVHKRXYHUUHYLVmRGHWHVH

R$SOLFDVHRGLVSRVWRQHVWHDUWLJRTXDQGRRFRUUHUUHOHYDQWHTXHVWmRGHGLUHLWRDUHVSHLWRGDTXDOVHMD
FRQYHQLHQWHDSUHYHQomRRXDFRPSRVLomRGHGLYHUJrQFLDHQWUHFkPDUDVRXWXUPDVGRWULEXQDO

&$378/2,9
'2,1&,'(17('($5*8,d2'(,1&2167,78&,21$/,'$'(

$UW$UJXLGDHPFRQWUROHGLIXVRDLQFRQVWLWXFLRQDOLGDGHGHOHLRXGHDWRQRUPDWLYRGRSRGHUS~EOLFR
RUHODWRUDSyVRXYLUR0LQLVWpULR3~EOLFRHDVSDUWHVVXEPHWHUiDTXHVWmRjWXUPDRXjFkPDUDjTXDOFRPSHWLU
RFRQKHFLPHQWRGRSURFHVVR

$UW6HDDUJXLomRIRU

,UHMHLWDGDSURVVHJXLUiRMXOJDPHQWR

,,DFROKLGDDTXHVWmRVHUiVXEPHWLGDDRSOHQiULRGRWULEXQDORXDRVHXyUJmRHVSHFLDORQGHKRXYHU

3DUiJUDIR~QLFR2VyUJmRVIUDFLRQiULRVGRVWULEXQDLVQmRVXEPHWHUmRDRSOHQiULRRXDRyUJmRHVSHFLDOD
DUJXLomR GH LQFRQVWLWXFLRQDOLGDGH TXDQGR Mi KRXYHU SURQXQFLDPHQWR GHVWHV RX GR SOHQiULR GR 6XSUHPR 7ULEXQDO
)HGHUDOVREUHDTXHVWmR

$UW   5HPHWLGD FySLD GR DFyUGmR D WRGRV RV MXt]HV R SUHVLGHQWH GR WULEXQDO GHVLJQDUi D VHVVmR GH
MXOJDPHQWR

 R $V SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR UHVSRQViYHLV SHOD HGLomR GR DWR TXHVWLRQDGR SRGHUmR
PDQLIHVWDUVH QR LQFLGHQWH GH LQFRQVWLWXFLRQDOLGDGH VH DVVLP R UHTXHUHUHP REVHUYDGRV RV SUD]RV H DV
FRQGLo}HVSUHYLVWRVQRUHJLPHQWRLQWHUQRGRWULEXQDO

 R  $ SDUWH OHJLWLPDGD j SURSRVLWXUD GDV Do}HV SUHYLVWDV QR DUW  GD &RQVWLWXLomR )HGHUDO SRGHUi
PDQLIHVWDUVHSRUHVFULWRVREUHDTXHVWmRFRQVWLWXFLRQDOREMHWRGHDSUHFLDomRQRSUD]RSUHYLVWRSHORUHJLPHQWR
LQWHUQRVHQGROKHDVVHJXUDGRRGLUHLWRGHDSUHVHQWDUPHPRULDLVRXGHUHTXHUHUDMXQWDGDGHGRFXPHQWRV

R&RQVLGHUDQGRDUHOHYkQFLDGDPDWpULDHDUHSUHVHQWDWLYLGDGHGRVSRVWXODQWHVRUHODWRUSRGHUiDGPLWLU
SRUGHVSDFKRLUUHFRUUtYHODPDQLIHVWDomRGHRXWURVyUJmRVRXHQWLGDGHV

&$378/29
'2&21)/,72'(&203(71&,$

$UW   2 FRQIOLWR GH FRPSHWrQFLD SRGH VHU VXVFLWDGR SRU TXDOTXHU GDV SDUWHV SHOR 0LQLVWpULR 3~EOLFR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RXSHORMXL]

3DUiJUDIR ~QLFR  2 0LQLVWpULR 3~EOLFR VRPHQWH VHUi RXYLGR QRV FRQIOLWRV GH FRPSHWrQFLD UHODWLYRV DRV
SURFHVVRVSUHYLVWRVQRDUWPDVWHUiTXDOLGDGHGHSDUWHQRVFRQIOLWRVTXHVXVFLWDU

$UW1mRSRGHVXVFLWDUFRQIOLWRDSDUWHTXHQRSURFHVVRDUJXLXLQFRPSHWrQFLDUHODWLYD

3DUiJUDIR~QLFR2FRQIOLWRGHFRPSHWrQFLDQmR REVWD SRUpP D TXH D SDUWH TXH QmR R DUJXLX VXVFLWH D


LQFRPSHWrQFLD

$UW2FRQIOLWRVHUiVXVFLWDGRDRWULEXQDO

,SHORMXL]SRURItFLR

,,SHODSDUWHHSHOR0LQLVWpULR3~EOLFRSRUSHWLomR

3DUiJUDIR ~QLFR  2 RItFLR H D SHWLomR VHUmR LQVWUXtGRV FRP RV GRFXPHQWRV QHFHVViULRV j SURYD GR
FRQIOLWR

$UW   $SyV D GLVWULEXLomR R UHODWRU GHWHUPLQDUi D RLWLYD GRV MXt]HV HP FRQIOLWR RX VH XP GHOHV IRU
VXVFLWDQWHDSHQDVGRVXVFLWDGR

3DUiJUDIR~QLFR1RSUD]RGHVLJQDGRSHORUHODWRULQFXPELUiDRMXL]RXDRVMXt]HVSUHVWDUDVLQIRUPDo}HV

$UW   2 UHODWRU SRGHUi GH RItFLR RX D UHTXHULPHQWR GH TXDOTXHU GDV SDUWHV GHWHUPLQDU TXDQGR R
FRQIOLWRIRUSRVLWLYRRVREUHVWDPHQWRGRSURFHVVRHQHVVHFDVREHPFRPRQRGHFRQIOLWR QHJDWLYR GHVLJQDUi
XPGRVMXt]HVSDUDUHVROYHUHPFDUiWHUSURYLVyULRDVPHGLGDVXUJHQWHV

3DUiJUDIR~QLFR2UHODWRUSRGHUiMXOJDUGHSODQRRFRQIOLWRGHFRPSHWrQFLDTXDQGRVXDGHFLVmRVHIXQGDU
HP

,V~PXODGR6XSUHPR7ULEXQDO)HGHUDOGR6XSHULRU7ULEXQDOGH-XVWLoDRXGRSUySULRWULEXQDO

,,WHVHILUPDGDHPMXOJDPHQWRGHFDVRVUHSHWLWLYRVRXHPLQFLGHQWHGHDVVXQomRGHFRPSHWrQFLD

$UW'HFRUULGRRSUD]RGHVLJQDGRSHORUHODWRUVHUiRXYLGRR0LQLVWpULR3~EOLFRQRSUD]RGH FLQFR
GLDVDLQGDTXHDVLQIRUPDo}HVQmRWHQKDPVLGRSUHVWDGDVHHPVHJXLGDRFRQIOLWRLUiDMXOJDPHQWR

$UW   $R GHFLGLU R FRQIOLWR R WULEXQDO GHFODUDUi TXDO R MXt]R FRPSHWHQWH SURQXQFLDQGRVH WDPEpP
VREUHDYDOLGDGHGRVDWRVGRMXt]RLQFRPSHWHQWH

3DUiJUDIR ~QLFR  2V DXWRV GR SURFHVVR HP TXH VH PDQLIHVWRX R FRQIOLWR VHUmR UHPHWLGRV DR MXL]
GHFODUDGRFRPSHWHQWH

$UW   1R FRQIOLWR TXH HQYROYD yUJmRV IUDFLRQiULRV GRV WULEXQDLV GHVHPEDUJDGRUHV H MXt]HV HP
H[HUFtFLRQRWULEXQDOREVHUYDUVHiRTXHGLVSXVHURUHJLPHQWRLQWHUQRGRWULEXQDO

$UW   2 UHJLPHQWR LQWHUQR GR WULEXQDO UHJXODUi R SURFHVVR H R MXOJDPHQWR GR FRQIOLWR GH DWULEXLo}HV
HQWUHDXWRULGDGHMXGLFLiULDHDXWRULGDGHDGPLQLVWUDWLYD

&$378/29,
'$+202/2*$d2'('(&,62(675$1*(,5$('$&21&(662'2(;(48$785&$57$
52*$75,$

$UW   $ KRPRORJDomR GH GHFLVmR HVWUDQJHLUD VHUi UHTXHULGD SRU DomR GH KRPRORJDomR GH GHFLVmR
HVWUDQJHLUDVDOYRGLVSRVLomRHVSHFLDOHPVHQWLGRFRQWUiULRSUHYLVWDHPWUDWDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$GHFLVmRLQWHUORFXWyULDHVWUDQJHLUDSRGHUiVHUH[HFXWDGDQR%UDVLOSRUPHLRGHFDUWDURJDWyULD

R$KRPRORJDomRREHGHFHUiDRTXHGLVSXVHUHPRVWUDWDGRVHPYLJRUQR%UDVLOHR5HJLPHQWR,QWHUQR
GR6XSHULRU7ULEXQDOGH-XVWLoD

R$KRPRORJDomRGHGHFLVmRDUELWUDOHVWUDQJHLUDREHGHFHUiDRGLVSRVWRHPWUDWDGRHHPOHLDSOLFDQGR
VHVXEVLGLDULDPHQWHDVGLVSRVLo}HVGHVWH&DStWXOR

$UW   $ GHFLVmR HVWUDQJHLUD VRPHQWH WHUi HILFiFLD QR %UDVLO DSyV D KRPRORJDomR GH VHQWHQoD
HVWUDQJHLUD RX D FRQFHVVmR GR H[HTXDWXU jV FDUWDV URJDWyULDV VDOYR GLVSRVLomR HP VHQWLGR FRQWUiULR GH OHL RX
WUDWDGR

ReSDVVtYHOGHKRPRORJDomR D GHFLVmR MXGLFLDO GHILQLWLYD EHP FRPR D GHFLVmR QmR MXGLFLDO TXH SHOD
OHLEUDVLOHLUDWHULDQDWXUH]DMXULVGLFLRQDO

R$GHFLVmRHVWUDQJHLUDSRGHUiVHUKRPRORJDGDSDUFLDOPHQWH

 R $ DXWRULGDGH MXGLFLiULD EUDVLOHLUD SRGHUi GHIHULU SHGLGRV GH XUJrQFLD H UHDOL]DU DWRV GH H[HFXomR
SURYLVyULDQRSURFHVVRGHKRPRORJDomRGHGHFLVmRHVWUDQJHLUD

R+DYHUiKRPRORJDomRGHGHFLVmRHVWUDQJHLUDSDUDILQVGHH[HFXomRILVFDOTXDQGRSUHYLVWDHPWUDWDGR
RXHPSURPHVVDGHUHFLSURFLGDGHDSUHVHQWDGDjDXWRULGDGHEUDVLOHLUD

 R $ VHQWHQoD HVWUDQJHLUD GH GLYyUFLR FRQVHQVXDO SURGX] HIHLWRV QR %UDVLO LQGHSHQGHQWHPHQWH GH
KRPRORJDomRSHOR6XSHULRU7ULEXQDOGH-XVWLoD

R1DKLSyWHVHGRRFRPSHWLUiDTXDOTXHUMXL]H[DPLQDUDYDOLGDGHGDGHFLVmRHPFDUiWHUSULQFLSDO
RXLQFLGHQWDOTXDQGRHVVDTXHVWmRIRUVXVFLWDGDHPSURFHVVRGHVXDFRPSHWrQFLD

$UWeSDVVtYHOGHH[HFXomRDGHFLVmRHVWUDQJHLUDFRQFHVVLYDGHPHGLGDGHXUJrQFLD

R$H[HFXomRQR%UDVLOGHGHFLVmRLQWHUORFXWyULDHVWUDQJHLUDFRQFHVVLYDGHPHGLGDGHXUJrQFLDGDUVH
iSRUFDUWDURJDWyULD

R$PHGLGDGHXUJrQFLDFRQFHGLGDVHPDXGLrQFLDGRUpXSRGHUiVHUH[HFXWDGDGHVGHTXHJDUDQWLGRR
FRQWUDGLWyULRHPPRPHQWRSRVWHULRU

 R 2 MXt]R VREUH D XUJrQFLD GD PHGLGD FRPSHWH H[FOXVLYDPHQWH j DXWRULGDGH MXULVGLFLRQDO SURODWRUD GD
GHFLVmRHVWUDQJHLUD

 R 4XDQGR GLVSHQVDGD D KRPRORJDomR SDUD TXH D VHQWHQoD HVWUDQJHLUD SURGX]D HIHLWRV QR %UDVLO D
GHFLVmRFRQFHVVLYDGHPHGLGDGHXUJrQFLDGHSHQGHUiSDUDSURGX]LUHIHLWRVGHWHUVXDYDOLGDGH H[SUHVVDPHQWH
UHFRQKHFLGD SHOR MXL] FRPSHWHQWH SDUD GDUOKH FXPSULPHQWR GLVSHQVDGD D KRPRORJDomR SHOR 6XSHULRU 7ULEXQDO
GH-XVWLoD

$UW&RQVWLWXHPUHTXLVLWRVLQGLVSHQViYHLVjKRPRORJDomRGDGHFLVmR

,VHUSURIHULGDSRUDXWRULGDGHFRPSHWHQWH

,,VHUSUHFHGLGDGHFLWDomRUHJXODUDLQGDTXHYHULILFDGDDUHYHOLD

,,,VHUHILFD]QRSDtVHPTXHIRLSURIHULGD

,9QmRRIHQGHUDFRLVDMXOJDGDEUDVLOHLUD

9HVWDUDFRPSDQKDGDGHWUDGXomRRILFLDOVDOYRGLVSRVLomRTXHDGLVSHQVHSUHYLVWDHPWUDWDGR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

9,QmRFRQWHUPDQLIHVWDRIHQVDjRUGHPS~EOLFD

3DUiJUDIR ~QLFR  3DUD D FRQFHVVmR GR H[HTXDWXU jV FDUWDV URJDWyULDV REVHUYDUVHmR RV SUHVVXSRVWRV
SUHYLVWRVQRFDSXWGHVWHDUWLJRHQRDUWR

$UW   1mR VHUi KRPRORJDGD D GHFLVmR HVWUDQJHLUD QD KLSyWHVH GH FRPSHWrQFLD H[FOXVLYD GD
DXWRULGDGHMXGLFLiULDEUDVLOHLUD

3DUiJUDIR~QLFR2GLVSRVLWLYRWDPEpPVHDSOLFDjFRQFHVVmRGRH[HTXDWXUjFDUWDURJDWyULD

$UW   2 FXPSULPHQWR GH GHFLVmR HVWUDQJHLUD IDUVHi SHUDQWH R MXt]R IHGHUDO FRPSHWHQWH D
UHTXHULPHQWRGDSDUWHFRQIRUPHDVQRUPDVHVWDEHOHFLGDVSDUDRFXPSULPHQWRGHGHFLVmRQDFLRQDO

3DUiJUDIR ~QLFR  2 SHGLGR GH H[HFXomR GHYHUi VHU LQVWUXtGR FRP FySLD DXWHQWLFDGD GD GHFLVmR
KRPRORJDWyULDRXGRH[HTXDWXUFRQIRUPHRFDVR

&$378/29,,
'$$d25(6&,65,$

$UW$GHFLVmRGHPpULWRWUDQVLWDGDHPMXOJDGRSRGHVHUUHVFLQGLGDTXDQGR

,VHYHULILFDUTXHIRLSURIHULGDSRUIRUoDGHSUHYDULFDomRFRQFXVVmRRXFRUUXSomRGRMXL]

,,IRUSURIHULGDSRUMXL]LPSHGLGRRXSRUMXt]RDEVROXWDPHQWHLQFRPSHWHQWH

,,,  UHVXOWDU GH GROR RX FRDomR GD SDUWH YHQFHGRUD HP GHWULPHQWR GD SDUWH YHQFLGD RX DLQGD GH
VLPXODomRRXFROXVmRHQWUHDVSDUWHVDILPGHIUDXGDUDOHL

,9RIHQGHUDFRLVDMXOJDGD

9YLRODUPDQLIHVWDPHQWHQRUPDMXUtGLFD

9,  IRU IXQGDGD HP SURYD FXMD IDOVLGDGH WHQKD VLGR DSXUDGD HP SURFHVVR FULPLQDO RX YHQKD D VHU
GHPRQVWUDGDQDSUySULDDomRUHVFLVyULD

9,,REWLYHURDXWRUSRVWHULRUPHQWHDRWUkQVLWRHPMXOJDGRSURYDQRYDFXMDH[LVWrQFLDLJQRUDYDRXGHTXH
QmRS{GHID]HUXVRFDSD]SRUVLVyGHOKHDVVHJXUDUSURQXQFLDPHQWRIDYRUiYHO

9,,,IRUIXQGDGDHPHUURGHIDWRYHULILFiYHOGRH[DPHGRVDXWRV

 R +i HUUR GH IDWR TXDQGR D GHFLVmR UHVFLQGHQGD DGPLWLU IDWR LQH[LVWHQWH RX TXDQGR FRQVLGHUDU
LQH[LVWHQWH IDWR HIHWLYDPHQWH RFRUULGR VHQGR LQGLVSHQViYHO HP DPERV RV FDVRV TXH R IDWR QmR UHSUHVHQWH
SRQWRFRQWURYHUWLGRVREUHRTXDORMXL]GHYHULDWHUVHSURQXQFLDGR

R1DVKLSyWHVHVSUHYLVWDVQRVLQFLVRVGRFDSXWVHUiUHVFLQGtYHODGHFLVmRWUDQVLWDGDHPMXOJDGRTXH
HPERUDQmRVHMDGHPpULWRLPSHoD

,QRYDSURSRVLWXUDGDGHPDQGDRX

,,DGPLVVLELOLGDGHGRUHFXUVRFRUUHVSRQGHQWH

R$DomRUHVFLVyULDSRGHWHUSRUREMHWRDSHQDV XP FDStWXORGDGHFLVmR

R2VDWRVGHGLVSRVLomRGHGLUHLWRVSUDWLFDGRVSHODVSDUWHVRXSRURXWURVSDUWLFLSDQWHVGRSURFHVVRH
KRPRORJDGRV SHOR MXt]R EHP FRPR RV DWRV KRPRORJDWyULRV SUDWLFDGRV QR FXUVR GD H[HFXomR HVWmR VXMHLWRV j
DQXODomRQRVWHUPRVGDOHL

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW7rPOHJLWLPLGDGHSDUDSURSRUDDomRUHVFLVyULD

,TXHPIRLSDUWHQRSURFHVVRRXRVHXVXFHVVRUDWtWXORXQLYHUVDORXVLQJXODU

,,RWHUFHLURMXULGLFDPHQWHLQWHUHVVDGR

,,,R0LQLVWpULR3~EOLFR

D VHQmRIRLRXYLGRQRSURFHVVRHPTXHOKHHUDREULJDWyULDDLQWHUYHQomR

E TXDQGRDGHFLVmRUHVFLQGHQGDpRHIHLWRGHVLPXODomRRXGHFROXVmRGDVSDUWHVDILPGHIUDXGDUDOHL

F HPRXWURVFDVRVHPTXHVHLPSRQKDVXDDWXDomR

,9DTXHOHTXHQmRIRLRXYLGRQRSURFHVVRHPTXHOKHHUDREULJDWyULDDLQWHUYHQomR

3DUiJUDIR~QLFR1DVKLSyWHVHVGRDUWR0LQLVWpULR3~EOLFRVHUiLQWLPDGRSDUDLQWHUYLUFRPRILVFDOGD
RUGHPMXUtGLFDTXDQGRQmRIRUSDUWH

$UW$SHWLomRLQLFLDOVHUiHODERUDGDFRPREVHUYkQFLDGRVUHTXLVLWRVHVVHQFLDLVGRDUWGHYHQGR
RDXWRU

,FXPXODUDRSHGLGRGHUHVFLVmRVHIRURFDVRRGHQRYRMXOJDPHQWRGRSURFHVVR

,,GHSRVLWDUDLPSRUWkQFLDGHFLQFRSRUFHQWRVREUHRYDORUGDFDXVDTXHVHFRQYHUWHUiHPPXOWDFDVRD
DomRVHMDSRUXQDQLPLGDGHGHYRWRVGHFODUDGDLQDGPLVVtYHORXLPSURFHGHQWH

 R 1mR VH DSOLFD R GLVSRVWR QR LQFLVR ,, j 8QLmR DRV (VWDGRV DR 'LVWULWR )HGHUDO DRV 0XQLFtSLRV jV
VXDV UHVSHFWLYDV DXWDUTXLDV H IXQGDo}HV GH GLUHLWR S~EOLFR DR 0LQLVWpULR 3~EOLFR j 'HIHQVRULD 3~EOLFD H DRV
TXHWHQKDPREWLGRREHQHItFLRGHJUDWXLGDGHGDMXVWLoD

 R 2 GHSyVLWR SUHYLVWR QR LQFLVR ,, GR FDSXW GHVWH DUWLJR QmR VHUi VXSHULRU D  PLO  VDOiULRV
PtQLPRV

 R $OpP GRV FDVRV SUHYLVWRV QR DUW  D SHWLomR LQLFLDO VHUi LQGHIHULGD TXDQGR QmR HIHWXDGR R
GHSyVLWRH[LJLGRSHORLQFLVR,,GRFDSXWGHVWHDUWLJR

R$SOLFDVHjDomRUHVFLVyULDRGLVSRVWRQRDUW

 R 5HFRQKHFLGD D LQFRPSHWrQFLD GR WULEXQDO SDUD MXOJDU D DomR UHVFLVyULD R DXWRU VHUi LQWLPDGR SDUD
HPHQGDU D SHWLomR LQLFLDO D ILP GH DGHTXDU R REMHWR GD DomR UHVFLVyULD TXDQGR D GHFLVmR DSRQWDGD FRPR
UHVFLQGHQGD

,QmRWLYHUDSUHFLDGRRPpULWRHQmRVHHQTXDGUDUQDVLWXDomRSUHYLVWDQRRGRDUW

,,WLYHUVLGRVXEVWLWXtGDSRUGHFLVmRSRVWHULRU

 R 1D KLSyWHVH GR  R DSyV D HPHQGD GD SHWLomR LQLFLDO VHUi SHUPLWLGR DR UpX FRPSOHPHQWDU RV
IXQGDPHQWRVGHGHIHVDHHPVHJXLGDRVDXWRVVHUmRUHPHWLGRVDRWULEXQDOFRPSHWHQWH

$UW$SURSRVLWXUDGDDomRUHVFLVyULDQmRLPSHGHRFXPSULPHQWRGDGHFLVmRUHVFLQGHQGDUHVVDOYDGD
DFRQFHVVmRGHWXWHODSURYLVyULD

$UW2UHODWRURUGHQDUiDFLWDomRGRUpXGHVLJQDQGROKHSUD]RQXQFDLQIHULRUD TXLQ]H GLDV QHP


VXSHULRU D  WULQWD  GLDV SDUD TXHUHQGR DSUHVHQWDU UHVSRVWD DR ILP GR TXDO FRP RX VHP FRQWHVWDomR
REVHUYDUVHiQRTXHFRXEHURSURFHGLPHQWRFRPXP

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW1DDomRUHVFLVyULDGHYROYLGRVRVDXWRVSHORUHODWRUDVHFUHWDULDGRWULEXQDOH[SHGLUiFySLDV GR
UHODWyULRHDVGLVWULEXLUiHQWUHRVMXt]HVTXHFRPSXVHUHPRyUJmRFRPSHWHQWHSDUDRMXOJDPHQWR

3DUiJUDIR~QLFR$HVFROKDGHUHODWRUUHFDLUiVHPSUHTXHSRVVtYHOHPMXL]TXHQmRKDMDSDUWLFLSDGRGR
MXOJDPHQWRUHVFLQGHQGR

$UW6HRVIDWRVDOHJDGRVSHODVSDUWHVGHSHQGHUHPGHSURYDRUHODWRUSRGHUiGHOHJDUDFRPSHWrQFLD
DR yUJmR TXH SURIHULX D GHFLVmR UHVFLQGHQGD IL[DQGR SUD]R GH  XP  D  WUrV  PHVHV SDUD D GHYROXomR GRV
DXWRV

$UW&RQFOXtGDDLQVWUXomRVHUiDEHUWDYLVWDDRDXWRUHDRUpXSDUDUD]}HVILQDLVVXFHVVLYDPHQWH
SHORSUD]RGH GH] GLDV

3DUiJUDIR ~QLFR (P VHJXLGD RV DXWRV VHUmR FRQFOXVRV DR UHODWRU SURFHGHQGRVH DR MXOJDPHQWR SHOR
yUJmRFRPSHWHQWH

$UW   -XOJDQGR SURFHGHQWH R SHGLGR R WULEXQDO UHVFLQGLUi D GHFLVmR SURIHULUi VH IRU R FDVR QRYR
MXOJDPHQWRHGHWHUPLQDUiDUHVWLWXLomRGRGHSyVLWRDTXHVHUHIHUHRLQFLVR,,GRDUW

3DUiJUDIR ~QLFR  &RQVLGHUDQGR SRU XQDQLPLGDGH LQDGPLVVtYHO RX LPSURFHGHQWH R SHGLGR R WULEXQDO
GHWHUPLQDUi D UHYHUVmR HP IDYRU GR UpX GD LPSRUWkQFLD GR GHSyVLWR VHP SUHMXt]R GR GLVSRVWR QR  R GR DUW


$UW   2 GLUHLWR j UHVFLVmR VH H[WLQJXH HP  GRLV  DQRV FRQWDGRV GR WUkQVLWR HP MXOJDGR GD ~OWLPD
GHFLVmRSURIHULGDQRSURFHVVR

 R 3URUURJDVH DWp R SULPHLUR GLD ~WLO LPHGLDWDPHQWH VXEVHTXHQWH R SUD]R D TXH VH UHIHUH R FDSXW
TXDQGRH[SLUDUGXUDQWHIpULDVIRUHQVHVUHFHVVRIHULDGRVRXHPGLDHPTXHQmRKRXYHUH[SHGLHQWHIRUHQVH

 R 6H IXQGDGD D DomR QR LQFLVR 9,, GR DUW  R WHUPR LQLFLDO GR SUD]R VHUi D GDWD GH GHVFREHUWD GD
SURYD QRYD REVHUYDGR R SUD]R Pi[LPR GH  FLQFR  DQRV FRQWDGR GR WUkQVLWR HP MXOJDGR GD ~OWLPD GHFLVmR
SURIHULGDQRSURFHVVR

 R 1DV KLSyWHVHV GH VLPXODomR RX GH FROXVmR GDV SDUWHV R SUD]R FRPHoD D FRQWDU SDUD R WHUFHLUR
SUHMXGLFDGRHSDUDR0LQLVWpULR3~EOLFRTXHQmRLQWHUYHLRQRSURFHVVRDSDUWLUGRPRPHQWRHPTXHWrPFLrQFLD
GDVLPXODomRRXGDFROXVmR

&$378/29,,,
'2,1&,'(17('(5(62/8d2'('(0$1'$65(3(7,7,9$6

$UW   e FDEtYHO D LQVWDXUDomR GR LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV TXDQGR KRXYHU
VLPXOWDQHDPHQWH

,  HIHWLYD UHSHWLomR GH SURFHVVRV TXH FRQWHQKDP FRQWURYpUVLD VREUH D PHVPD TXHVWmR XQLFDPHQWH GH
GLUHLWR

,,ULVFRGHRIHQVDjLVRQRPLDHjVHJXUDQoDMXUtGLFD

R$GHVLVWrQFLDRXRDEDQGRQRGRSURFHVVRQmRLPSHGHRH[DPHGHPpULWRGRLQFLGHQWH

R6HQmRIRURUHTXHUHQWHR0LQLVWpULR3~EOLFRLQWHUYLUiREULJDWRULDPHQWHQRLQFLGHQWHHGHYHUi DVVXPLU
VXDWLWXODULGDGHHPFDVRGHGHVLVWrQFLDRXGHDEDQGRQR

R $ LQDGPLVVmR GR LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV SRU DXVrQFLD GH TXDOTXHU GH VHXV
SUHVVXSRVWRV GH DGPLVVLELOLGDGH QmR LPSHGH TXH XPD YH] VDWLVIHLWR R UHTXLVLWR VHMD R LQFLGHQWH QRYDPHQWH
VXVFLWDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

ReLQFDEtYHORLQFLGHQWHGHUHVROXomRGHGHPDQGDVUHSHWLWLYDVTXDQGRXPGRVWULEXQDLVVXSHULRUHVQR
kPELWR GH VXD UHVSHFWLYD FRPSHWrQFLD Mi WLYHU DIHWDGR UHFXUVR SDUD GHILQLomR GH WHVH VREUH TXHVWmR GH GLUHLWR
PDWHULDORXSURFHVVXDOUHSHWLWLYD

R1mRVHUmRH[LJLGDVFXVWDVSURFHVVXDLVQRLQFLGHQWHGHUHVROXomRGHGHPDQGDVUHSHWLWLYDV

$UW2SHGLGRGHLQVWDXUDomRGRLQFLGHQWHVHUiGLULJLGRDRSUHVLGHQWHGHWULEXQDO

,SHORMXL]RXUHODWRUSRURItFLR

,,SHODVSDUWHVSRUSHWLomR

,,,SHOR0LQLVWpULR3~EOLFRRXSHOD'HIHQVRULD3~EOLFDSRUSHWLomR

3DUiJUDIR~QLFR2RItFLRRXDSHWLomRVHUiLQVWUXtGRFRPRVGRFXPHQWRVQHFHVViULRVjGHPRQVWUDomRGR
SUHHQFKLPHQWRGRVSUHVVXSRVWRVSDUDDLQVWDXUDomRGRLQFLGHQWH

$UW   2 MXOJDPHQWR GR LQFLGHQWH FDEHUi DR yUJmR LQGLFDGR SHOR UHJLPHQWR LQWHUQR GHQWUH DTXHOHV
UHVSRQViYHLVSHODXQLIRUPL]DomRGHMXULVSUXGrQFLDGRWULEXQDO

3DUiJUDIR ~QLFR  2 yUJmR FROHJLDGR LQFXPELGR GH MXOJDU R LQFLGHQWH H GH IL[DU D WHVH MXUtGLFD MXOJDUi
LJXDOPHQWH R UHFXUVR D UHPHVVD QHFHVViULD RX R SURFHVVR GH FRPSHWrQFLD RULJLQiULD GH RQGH VH RULJLQRX R
LQFLGHQWH

$UW   $ LQVWDXUDomR H R MXOJDPHQWR GR LQFLGHQWH VHUmR VXFHGLGRV GD PDLV DPSOD H HVSHFtILFD
GLYXOJDomRHSXEOLFLGDGHSRUPHLRGHUHJLVWURHOHWU{QLFRQR&RQVHOKR1DFLRQDOGH-XVWLoD

 R 2V WULEXQDLV PDQWHUmR EDQFR HOHWU{QLFR GH GDGRV DWXDOL]DGRV FRP LQIRUPDo}HV HVSHFtILFDV VREUH
TXHVW}HV GH GLUHLWR VXEPHWLGDV DR LQFLGHQWH FRPXQLFDQGRR LPHGLDWDPHQWH DR &RQVHOKR 1DFLRQDO GH -XVWLoD
SDUDLQFOXVmRQRFDGDVWUR

 R  3DUD SRVVLELOLWDU D LGHQWLILFDomR GRV SURFHVVRV DEUDQJLGRV SHOD GHFLVmR GR LQFLGHQWH R UHJLVWUR
HOHWU{QLFR GDV WHVHV MXUtGLFDV FRQVWDQWHV GR FDGDVWUR FRQWHUi QR PtQLPR RV IXQGDPHQWRV GHWHUPLQDQWHV GD
GHFLVmRHRVGLVSRVLWLYRVQRUPDWLYRVDHODUHODFLRQDGRV

 R $SOLFDVH R GLVSRVWR QHVWH DUWLJR DR MXOJDPHQWR GH UHFXUVRV UHSHWLWLYRV H GD UHSHUFXVVmR JHUDO HP
UHFXUVRH[WUDRUGLQiULR

$UW   2 LQFLGHQWH VHUi MXOJDGR QR SUD]R GH  XP  DQR H WHUi SUHIHUrQFLD VREUH RV GHPDLV IHLWRV
UHVVDOYDGRVRVTXHHQYROYDPUpXSUHVRHRVSHGLGRVGHKDEHDVFRUSXV

3DUiJUDIR~QLFR6XSHUDGRRSUD]RSUHYLVWRQRFDSXWFHVVDDVXVSHQVmRGRVSURFHVVRVSUHYLVWD QR DUW


VDOYRGHFLVmRIXQGDPHQWDGDGRUHODWRUHPVHQWLGRFRQWUiULR

$UW$SyVDGLVWULEXLomRRyUJmRFROHJLDGRFRPSHWHQWHSDUDMXOJDURLQFLGHQWHSURFHGHUiDRVHXMXt]R
GHDGPLVVLELOLGDGHFRQVLGHUDQGRDSUHVHQoDGRVSUHVVXSRVWRVGRDUW

$UW$GPLWLGRRLQFLGHQWHRUHODWRU

,  VXVSHQGHUi RV SURFHVVRV SHQGHQWHV LQGLYLGXDLV RX FROHWLYRV TXH WUDPLWDP QR (VWDGR RX QD UHJLmR
FRQIRUPHRFDVR

,,SRGHUiUHTXLVLWDULQIRUPDo}HVDyUJmRVHPFXMRMXt]RWUDPLWDSURFHVVRQRTXDOVHGLVFXWHRREMHWRGR
LQFLGHQWHTXHDVSUHVWDUmRQRSUD]RGH TXLQ]H GLDV

,,,LQWLPDUiR0LQLVWpULR3~EOLFRSDUDTXHUHQGRPDQLIHVWDUVHQRSUD]RGH TXLQ]H GLDV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R$VXVSHQVmRVHUiFRPXQLFDGDDRVyUJmRVMXULVGLFLRQDLVFRPSHWHQWHV

 R 'XUDQWH D VXVSHQVmR R SHGLGR GH WXWHOD GH XUJrQFLD GHYHUi VHU GLULJLGR DR MXt]R RQGH WUDPLWD R
SURFHVVRVXVSHQVR

R9LVDQGRjJDUDQWLDGDVHJXUDQoDMXUtGLFDTXDOTXHUOHJLWLPDGRPHQFLRQDGRQRDUWLQFLVRV,,H,,,
SRGHUi UHTXHUHU DR WULEXQDO FRPSHWHQWH SDUD FRQKHFHU GR UHFXUVR H[WUDRUGLQiULR RX HVSHFLDO D VXVSHQVmR GH
WRGRV RV SURFHVVRV LQGLYLGXDLV RX FROHWLYRV HP FXUVR QR WHUULWyULR QDFLRQDO TXH YHUVHP VREUH D TXHVWmR REMHWR
GRLQFLGHQWHMiLQVWDXUDGR

R ,QGHSHQGHQWHPHQWH GRV OLPLWHV GD FRPSHWrQFLD WHUULWRULDO D SDUWH QR SURFHVVR HP FXUVR QR TXDO VH
GLVFXWD D PHVPD TXHVWmR REMHWR GR LQFLGHQWH p OHJLWLPDGD SDUD UHTXHUHU D SURYLGrQFLD SUHYLVWD QR  R GHVWH
DUWLJR

 R &HVVD D VXVSHQVmR D TXH VH UHIHUH R LQFLVR , GR FDSXW GHVWH DUWLJR VH QmR IRU LQWHUSRVWR UHFXUVR
HVSHFLDORXUHFXUVRH[WUDRUGLQiULRFRQWUDDGHFLVmRSURIHULGDQRLQFLGHQWH

$UW2UHODWRURXYLUiDVSDUWHVHRVGHPDLVLQWHUHVVDGRVLQFOXVLYHSHVVRDVyUJmRVHHQWLGDGHVFRP
LQWHUHVVHQDFRQWURYpUVLDTXHQRSUD]RFRPXPGH TXLQ]H GLDVSRGHUmRUHTXHUHUDMXQWDGDGHGRFXPHQWRV
EHP FRPR DV GLOLJrQFLDV QHFHVViULDV SDUD D HOXFLGDomR GD TXHVWmR GH GLUHLWR FRQWURYHUWLGD H HP VHJXLGD
PDQLIHVWDUVHiR0LQLVWpULR3~EOLFRQRPHVPRSUD]R

R3DUDLQVWUXLURLQFLGHQWHRUHODWRUSRGHUiGHVLJQDUGDWDSDUDHPDXGLrQFLDS~EOLFDRXYLUGHSRLPHQWRV
GHSHVVRDVFRPH[SHULrQFLDHFRQKHFLPHQWRQDPDWpULD

R&RQFOXtGDVDVGLOLJrQFLDVRUHODWRUVROLFLWDUiGLDSDUDRMXOJDPHQWRGRLQFLGHQWH

$UW1RMXOJDPHQWRGRLQFLGHQWHREVHUYDUVHiDVHJXLQWHRUGHP

,RUHODWRUIDUiDH[SRVLomRGRREMHWRGRLQFLGHQWH

,,SRGHUmRVXVWHQWDUVXDVUD]}HVVXFHVVLYDPHQWH

D RDXWRUHRUpXGRSURFHVVRRULJLQiULRHR0LQLVWpULR3~EOLFRSHORSUD]RGH WULQWD PLQXWRV

E RVGHPDLVLQWHUHVVDGRVQRSUD]RGH WULQWD PLQXWRVGLYLGLGRVHQWUHWRGRVVHQGRH[LJLGDLQVFULomR


FRP GRLV GLDVGHDQWHFHGrQFLD

R&RQVLGHUDQGRRQ~PHURGHLQVFULWRVRSUD]RSRGHUiVHUDPSOLDGR

 R 2 FRQWH~GR GR DFyUGmR DEUDQJHUi D DQiOLVH GH WRGRV RV IXQGDPHQWRV VXVFLWDGRV FRQFHUQHQWHV j
WHVHMXUtGLFDGLVFXWLGDVHMDPIDYRUiYHLVRXFRQWUiULRV

$UW-XOJDGRRLQFLGHQWHDWHVHMXUtGLFDVHUiDSOLFDGD

,  D WRGRV RV SURFHVVRV LQGLYLGXDLV RX FROHWLYRV TXH YHUVHP VREUH LGrQWLFD TXHVWmR GH GLUHLWR H TXH
WUDPLWHPQDiUHDGHMXULVGLomRGRUHVSHFWLYRWULEXQDOLQFOXVLYHjTXHOHVTXHWUDPLWHPQRVMXL]DGRVHVSHFLDLV GR
UHVSHFWLYR(VWDGRRXUHJLmR

,,  DRV FDVRV IXWXURV TXH YHUVHP LGrQWLFD TXHVWmR GH GLUHLWR H TXH YHQKDP D WUDPLWDU QR WHUULWyULR GH
FRPSHWrQFLDGRWULEXQDOVDOYRUHYLVmRQDIRUPDGRDUW

R1mRREVHUYDGDDWHVHDGRWDGDQRLQFLGHQWHFDEHUiUHFODPDomR

 R 6H R LQFLGHQWH WLYHU SRU REMHWR TXHVWmR UHODWLYD D SUHVWDomR GH VHUYLoR FRQFHGLGR SHUPLWLGR RX
DXWRUL]DGR R UHVXOWDGR GR MXOJDPHQWR VHUi FRPXQLFDGR DR yUJmR DR HQWH RX j DJrQFLD UHJXODGRUD FRPSHWHQWH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

SDUDILVFDOL]DomRGDHIHWLYDDSOLFDomRSRUSDUWHGRVHQWHVVXMHLWRVDUHJXODomRGDWHVHDGRWDGD

$UW   $ UHYLVmR GD WHVH MXUtGLFD ILUPDGD QR LQFLGHQWH IDUVHi SHOR PHVPR WULEXQDO GH RItFLR RX
PHGLDQWHUHTXHULPHQWRGRVOHJLWLPDGRVPHQFLRQDGRVQRDUWLQFLVR,,,

$UW   'R MXOJDPHQWR GR PpULWR GR LQFLGHQWH FDEHUi UHFXUVR H[WUDRUGLQiULR RX HVSHFLDO FRQIRUPH R
FDVR

 R 2 UHFXUVR WHP HIHLWR VXVSHQVLYR SUHVXPLQGRVH D UHSHUFXVVmR JHUDO GH TXHVWmR FRQVWLWXFLRQDO
HYHQWXDOPHQWHGLVFXWLGD

 R $SUHFLDGR R PpULWR GR UHFXUVR D WHVH MXUtGLFD DGRWDGD SHOR 6XSUHPR 7ULEXQDO )HGHUDO RX SHOR
6XSHULRU7ULEXQDOGH-XVWLoDVHUiDSOLFDGDQRWHUULWyULRQDFLRQDODWRGRVRVSURFHVVRVLQGLYLGXDLVRXFROHWLYRVTXH
YHUVHPVREUHLGrQWLFDTXHVWmRGHGLUHLWR

&$378/2,;
'$5(&/$0$d2

$UW&DEHUiUHFODPDomRGDSDUWHLQWHUHVVDGDRXGR0LQLVWpULR3~EOLFRSDUD

,SUHVHUYDUDFRPSHWrQFLDGRWULEXQDO

,,JDUDQWLUDDXWRULGDGHGDVGHFLV}HVGRWULEXQDO

,,,  JDUDQWLU D REVHUYkQFLD GH GHFLVmR GR 6XSUHPR 7ULEXQDO )HGHUDO HP FRQWUROH FRQFHQWUDGR GH
FRQVWLWXFLRQDOLGDGH

,9JDUDQWLUDREVHUYkQFLDGHHQXQFLDGRGHV~PXODYLQFXODQWHHGHSUHFHGHQWHSURIHULGRHPMXOJDPHQWRGH
FDVRVUHSHWLWLYRVRXHPLQFLGHQWHGHDVVXQomRGHFRPSHWrQFLD

 R $ UHFODPDomR SRGH VHU SURSRVWD SHUDQWH TXDOTXHU WULEXQDO H VHX MXOJDPHQWR FRPSHWH DR yUJmR
MXULVGLFLRQDOFXMDFRPSHWrQFLDVHEXVFDSUHVHUYDURXFXMDDXWRULGDGHVHSUHWHQGDJDUDQWLU

R$UHFODPDomRGHYHUiVHULQVWUXtGDFRPSURYDGRFXPHQWDOHGLULJLGDDRSUHVLGHQWHGRWULEXQDO

R$VVLPTXHUHFHELGDDUHFODPDomRVHUiDXWXDGDHGLVWULEXtGDDRUHODWRUGRSURFHVVRSULQFLSDOVHPSUH
TXHSRVVtYHO

 R $V KLSyWHVHV GRV LQFLVRV ,,, H ,9 FRPSUHHQGHP D DSOLFDomR LQGHYLGD GD WHVH MXUtGLFD H VXD QmR
DSOLFDomRDRVFDVRVTXHDHODFRUUHVSRQGDP

ReLQDGPLVVtYHODUHFODPDomRSURSRVWDDSyVRWUkQVLWRHPMXOJDGRGDGHFLVmR

 R $ LQDGPLVVLELOLGDGH RX R MXOJDPHQWR GR UHFXUVR LQWHUSRVWR FRQWUD D GHFLVmR SURIHULGD SHOR yUJmR
UHFODPDGRQmRSUHMXGLFDDUHFODPDomR

$UW$RGHVSDFKDUDUHFODPDomRRUHODWRU

,UHTXLVLWDUiLQIRUPDo}HVGDDXWRULGDGHDTXHPIRULPSXWDGDDSUiWLFDGRDWRLPSXJQDGRTXHDVSUHVWDUi
QRSUD]RGH GH] GLDV

,,VHQHFHVViULRRUGHQDUiDVXVSHQVmRGRSURFHVVRRXGRDWRLPSXJQDGRSDUDHYLWDUGDQRLUUHSDUiYHO

,,,GHWHUPLQDUiDFLWDomRGREHQHILFLiULRGDGHFLVmRLPSXJQDGDTXHWHUiSUD]RGH TXLQ]H GLDVSDUD


DSUHVHQWDUDVXDFRQWHVWDomR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW4XDOTXHULQWHUHVVDGRSRGHUiLPSXJQDURSHGLGRGRUHFODPDQWH

$UW   1D UHFODPDomR TXH QmR KRXYHU IRUPXODGR R 0LQLVWpULR 3~EOLFR WHUi YLVWD GR SURFHVVR SRU 
FLQFR GLDVDSyVRGHFXUVRGRSUD]RSDUDLQIRUPDo}HVHSDUDRRIHUHFLPHQWRGDFRQWHVWDomR SHOR EHQHILFLiULR
GRDWRLPSXJQDGR

$UW-XOJDQGRSURFHGHQWH D UHFODPDomR R WULEXQDO FDVVDUi D GHFLVmR H[RUELWDQWH GH VHX MXOJDGR RX


GHWHUPLQDUiPHGLGDDGHTXDGDjVROXomRGDFRQWURYpUVLD

$UW2SUHVLGHQWHGRWULEXQDOGHWHUPLQDUiRLPHGLDWRFXPSULPHQWRGDGHFLVmRODYUDQGRVHRDFyUGmR
SRVWHULRUPHQWH

778/2,,
'265(&85626

&$378/2,
',6326,d(6*(5$,6

$UW6mRFDEtYHLVRVVHJXLQWHVUHFXUVRV

,DSHODomR

,,DJUDYRGHLQVWUXPHQWR

,,,DJUDYRLQWHUQR

,9HPEDUJRVGHGHFODUDomR

9UHFXUVRRUGLQiULR

9,UHFXUVRHVSHFLDO

9,,UHFXUVRH[WUDRUGLQiULR

9,,,DJUDYRHPUHFXUVRHVSHFLDORXH[WUDRUGLQiULR

,;HPEDUJRVGHGLYHUJrQFLD

$UW2VUHFXUVRVQmRLPSHGHPDHILFiFLDGDGHFLVmRVDOYRGLVSRVLomROHJDORXGHFLVmRMXGLFLDOHP
VHQWLGRGLYHUVR

3DUiJUDIR ~QLFR  $ HILFiFLD GD GHFLVmR UHFRUULGD SRGHUi VHU VXVSHQVD SRU GHFLVmR GR UHODWRU VH GD
LPHGLDWD SURGXomR GH VHXV HIHLWRV KRXYHU ULVFR GH GDQR JUDYH GH GLItFLO RX LPSRVVtYHO UHSDUDomR H ILFDU
GHPRQVWUDGDDSUREDELOLGDGHGHSURYLPHQWRGRUHFXUVR

$UW   2 UHFXUVR SRGH VHU LQWHUSRVWR SHOD SDUWH YHQFLGD SHOR WHUFHLUR SUHMXGLFDGR H SHOR 0LQLVWpULR
3~EOLFRFRPRSDUWHRXFRPRILVFDOGDRUGHPMXUtGLFD

3DUiJUDIR ~QLFR  &XPSUH DR WHUFHLUR GHPRQVWUDU D SRVVLELOLGDGH GH D GHFLVmR VREUH D UHODomR MXUtGLFD
VXEPHWLGD j DSUHFLDomR MXGLFLDO DWLQJLU GLUHLWR GH TXH VH DILUPH WLWXODU RX TXH SRVVD GLVFXWLU HP MXt]R FRPR
VXEVWLWXWRSURFHVVXDO

$UW&DGDSDUWHLQWHUSRUiRUHFXUVRLQGHSHQGHQWHPHQWHQRSUD]RHFRPREVHUYkQFLDGDVH[LJrQFLDV
OHJDLV

R6HQGRYHQFLGRVDXWRUHUpXDRUHFXUVRLQWHUSRVWRSRUTXDOTXHUGHOHVSRGHUiDGHULURRXWUR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R2UHFXUVRDGHVLYRILFDVXERUGLQDGRDRUHFXUVRLQGHSHQGHQWHVHQGROKHDSOLFiYHLVDVPHVPDVUHJUDV
GHVWH TXDQWR DRV UHTXLVLWRV GH DGPLVVLELOLGDGH H MXOJDPHQWR QR WULEXQDO VDOYR GLVSRVLomR OHJDO GLYHUVD
REVHUYDGRDLQGDRVHJXLQWH

,  VHUi GLULJLGR DR yUJmR SHUDQWH R TXDO R UHFXUVR LQGHSHQGHQWH IRUD LQWHUSRVWR QR SUD]R GH TXH D SDUWH
GLVS}HSDUDUHVSRQGHU

,,VHUiDGPLVVtYHOQDDSHODomRQRUHFXUVRH[WUDRUGLQiULRHQRUHFXUVRHVSHFLDO

,,,  QmR VHUi FRQKHFLGR VH KRXYHU GHVLVWrQFLD GR UHFXUVR SULQFLSDO RX VH IRU HOH FRQVLGHUDGR
LQDGPLVVtYHO

$UW   2 UHFRUUHQWH SRGHUi D TXDOTXHU WHPSR VHP D DQXrQFLD GR UHFRUULGR RX GRV OLWLVFRQVRUWHV
GHVLVWLUGRUHFXUVR

3DUiJUDIR ~QLFR  $ GHVLVWrQFLD GR UHFXUVR QmR LPSHGH D DQiOLVH GH TXHVWmR FXMD UHSHUFXVVmR JHUDO Mi
WHQKDVLGRUHFRQKHFLGDHGDTXHODREMHWRGHMXOJDPHQWRGHUHFXUVRVH[WUDRUGLQiULRVRXHVSHFLDLVUHSHWLWLYRV

$UW$UHQ~QFLDDRGLUHLWRGHUHFRUUHULQGHSHQGHGDDFHLWDomRGDRXWUDSDUWH

$UW$SDUWHTXHDFHLWDUH[SUHVVDRXWDFLWDPHQWHDGHFLVmRQmRSRGHUiUHFRUUHU

3DUiJUDIR~QLFR&RQVLGHUDVHDFHLWDomRWiFLWDDSUiWLFDVHPQHQKXPDUHVHUYDGHDWRLQFRPSDWtYHOFRP
DYRQWDGHGHUHFRUUHU

$UW'RVGHVSDFKRVQmRFDEHUHFXUVR

$UW$GHFLVmRSRGHVHULPSXJQDGDQRWRGRRXHPSDUWH

$UW2SUD]RSDUDLQWHUSRVLomRGHUHFXUVRFRQWDVHGDGDWDHPTXHRVDGYRJDGRVDVRFLHGDGHGH
DGYRJDGRVD$GYRFDFLD3~EOLFDD'HIHQVRULD3~EOLFDRXR0LQLVWpULR3~EOLFRVmRLQWLPDGRVGDGHFLVmR

R2VVXMHLWRVSUHYLVWRVQRFDSXWFRQVLGHUDUVHmRLQWLPDGRVHPDXGLrQFLDTXDQGRQHVWDIRUSURIHULGDD
GHFLVmR

R$SOLFDVHRGLVSRVWRQRDUW  LQFLVRV , D 9, DR SUD]R GH LQWHUSRVLomR GH UHFXUVR SHOR UpX FRQWUD
GHFLVmRSURIHULGDDQWHULRUPHQWHjFLWDomR

R1RSUD]RSDUDLQWHUSRVLomRGHUHFXUVRDSHWLomRVHUiSURWRFRODGDHPFDUWyULRRXFRQIRUPHDVQRUPDV
GHRUJDQL]DomRMXGLFLiULDUHVVDOYDGRRGLVSRVWRHPUHJUDHVSHFLDO

 R 3DUD DIHULomR GD WHPSHVWLYLGDGH GR UHFXUVR UHPHWLGR SHOR FRUUHLR VHUi FRQVLGHUDGD FRPR GDWD GH
LQWHUSRVLomRDGDWDGHSRVWDJHP

R([FHWXDGRVRVHPEDUJRVGHGHFODUDomRRSUD]RSDUDLQWHUSRURVUHFXUVRVHSDUDUHVSRQGHUOKHVpGH
 TXLQ]H GLDV

R2UHFRUUHQWHFRPSURYDUiDRFRUUrQFLDGHIHULDGRORFDOQRDWRGHLQWHUSRVLomRGRUHFXUVR

$UW6HGXUDQWHRSUD]RSDUDDLQWHUSRVLomRGRUHFXUVRVREUHYLHURIDOHFLPHQWRGDSDUWHRXGHVHX
DGYRJDGR RX RFRUUHU PRWLYR GH IRUoD PDLRU TXH VXVSHQGD R FXUVR GR SURFHVVR VHUi WDO SUD]R UHVWLWXtGR HP
SURYHLWRGDSDUWHGRKHUGHLURRXGRVXFHVVRUFRQWUDTXHPFRPHoDUiDFRUUHUQRYDPHQWHGHSRLVGDLQWLPDomR

$UW2UHFXUVRLQWHUSRVWRSRUXPGRVOLWLVFRQVRUWHVDWRGRVDSURYHLWDVDOYRVHGLVWLQWRVRXRSRVWRV
RVVHXVLQWHUHVVHV

3DUiJUDIR ~QLFR  +DYHQGR VROLGDULHGDGH SDVVLYD R UHFXUVR LQWHUSRVWR SRU XP GHYHGRU DSURYHLWDUi DRV
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

RXWURVTXDQGRDVGHIHVDVRSRVWDVDRFUHGRUOKHVIRUHPFRPXQV

$UW&HUWLILFDGRRWUkQVLWRHPMXOJDGRFRPPHQomRH[SUHVVDGDGDWDGHVXDRFRUUrQFLDRHVFULYmR
RXRFKHIHGHVHFUHWDULDLQGHSHQGHQWHPHQWHGHGHVSDFKRSURYLGHQFLDUiDEDL[DGRVDXWRVDRMXt]RGHRULJHP
QRSUD]RGH FLQFR GLDV

$UW   1R DWR GH LQWHUSRVLomR GR UHFXUVR R UHFRUUHQWH FRPSURYDUi TXDQGR H[LJLGR SHOD OHJLVODomR
SHUWLQHQWHRUHVSHFWLYRSUHSDURLQFOXVLYHSRUWHGHUHPHVVDHGHUHWRUQRVRESHQDGHGHVHUomR

 R 6mR GLVSHQVDGRV GH SUHSDUR LQFOXVLYH SRUWH GH UHPHVVD H GH UHWRUQR RV UHFXUVRV LQWHUSRVWRV SHOR
0LQLVWpULR3~EOLFRSHOD8QLmRSHOR'LVWULWR)HGHUDOSHORV(VWDGRVSHORV0XQLFtSLRV H UHVSHFWLYDV DXWDUTXLDV
HSHORVTXHJR]DPGHLVHQomROHJDO

R$LQVXILFLrQFLDQRYDORUGRSUHSDURLQFOXVLYHSRUWHGHUHPHVVDHGHUHWRUQRLPSOLFDUiGHVHUomRVHR
UHFRUUHQWHLQWLPDGRQDSHVVRDGHVHXDGYRJDGRQmRYLHUDVXSULORQRSUD]RGH FLQFR GLDV

ReGLVSHQVDGRRUHFROKLPHQWRGRSRUWHGHUHPHVVDHGHUHWRUQRQRSURFHVVRHPDXWRVHOHWU{QLFRV

 R 2 UHFRUUHQWH TXH QmR FRPSURYDU QR DWR GH LQWHUSRVLomR GR UHFXUVR R UHFROKLPHQWR GR SUHSDUR
LQFOXVLYHSRUWHGHUHPHVVDHGHUHWRUQRVHUiLQWLPDGRQDSHVVRDGHVHXDGYRJDGRSDUDUHDOL]DURUHFROKLPHQWR
HPGREURVRESHQDGHGHVHUomR

ReYHGDGDDFRPSOHPHQWDomRVHKRXYHULQVXILFLrQFLDSDUFLDOGRSUHSDURLQFOXVLYHSRUWHGHUHPHVVD H
GHUHWRUQRQRUHFROKLPHQWRUHDOL]DGRQDIRUPDGRR

 R 3URYDQGR R UHFRUUHQWH MXVWR LPSHGLPHQWR R UHODWRU UHOHYDUi D SHQD GH GHVHUomR SRU GHFLVmR
LUUHFRUUtYHOIL[DQGROKHSUD]RGH FLQFR GLDVSDUDHIHWXDURSUHSDUR

 R 2 HTXtYRFR QR SUHHQFKLPHQWR GD JXLD GH FXVWDV QmR LPSOLFDUi D DSOLFDomR GD SHQD GH GHVHUomR
FDEHQGR DR UHODWRU QD KLSyWHVH GH G~YLGD TXDQWR DR UHFROKLPHQWR LQWLPDU R UHFRUUHQWH SDUD VDQDU R YtFLR QR
SUD]RGH FLQFR GLDV

$UW2MXOJDPHQWR SURIHULGR SHOR WULEXQDO VXEVWLWXLUi D GHFLVmR LPSXJQDGD QR TXH WLYHU VLGR REMHWR
GHUHFXUVR

&$378/2,,
'$$3(/$d2

$UW'DVHQWHQoDFDEHDSHODomR

R$VTXHVW}HVUHVROYLGDVQDIDVHGHFRQKHFLPHQWRVHDGHFLVmRDVHXUHVSHLWRQmRFRPSRUWDUDJUDYR
GH LQVWUXPHQWR QmR VmR FREHUWDV SHOD SUHFOXVmR H GHYHP VHU VXVFLWDGDV HP SUHOLPLQDU GH DSHODomR
HYHQWXDOPHQWHLQWHUSRVWDFRQWUDDGHFLVmRILQDORXQDVFRQWUDUUD]}HV

 R 6H DV TXHVW}HV UHIHULGDV QR  R IRUHP VXVFLWDGDV HP FRQWUDUUD]}HV R UHFRUUHQWH VHUi LQWLPDGR
SDUDHP TXLQ]H GLDVPDQLIHVWDUVHDUHVSHLWRGHODV

 R 2 GLVSRVWR QR FDSXW GHVWH DUWLJR DSOLFDVH PHVPR TXDQGR DV TXHVW}HV PHQFLRQDGDV QR DUW 
LQWHJUDUHPFDStWXORGDVHQWHQoD

$UW$DSHODomRLQWHUSRVWDSRUSHWLomRGLULJLGDDRMXt]RGHSULPHLURJUDXFRQWHUi

,RVQRPHVHDTXDOLILFDomRGDVSDUWHV

,,DH[SRVLomRGRIDWRHGRGLUHLWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,,DVUD]}HVGRSHGLGRGHUHIRUPDRXGHGHFUHWDomRGHQXOLGDGH

,9RSHGLGRGHQRYDGHFLVmR

R2DSHODGRVHUiLQWLPDGRSDUDDSUHVHQWDUFRQWUDUUD]}HVQRSUD]RGH TXLQ]H GLDV

R6HRDSHODGRLQWHUSXVHUDSHODomRDGHVLYDRMXL]LQWLPDUiRDSHODQWHSDUDDSUHVHQWDUFRQWUDUUD]}HV

 R $SyV DV IRUPDOLGDGHV SUHYLVWDV QRV  R H R RV DXWRV VHUmR UHPHWLGRV DR WULEXQDO SHOR MXL]
LQGHSHQGHQWHPHQWHGHMXt]RGHDGPLVVLELOLGDGH

$UW5HFHELGRRUHFXUVRGHDSHODomRQRWULEXQDOHGLVWULEXtGRLPHGLDWDPHQWHRUHODWRU

,GHFLGLORiPRQRFUDWLFDPHQWHDSHQDVQDVKLSyWHVHVGRDUWLQFLVRV,,,D9

,,VHQmRIRURFDVRGHGHFLVmRPRQRFUiWLFDHODERUDUiVHXYRWRSDUDMXOJDPHQWRGRUHFXUVRSHORyUJmR
FROHJLDGR

$UW$DSHODomRWHUiHIHLWRVXVSHQVLYR

 R $OpP GH RXWUDV KLSyWHVHV SUHYLVWDV HP OHL FRPHoD D SURGX]LU HIHLWRV LPHGLDWDPHQWH DSyV D VXD
SXEOLFDomRDVHQWHQoDTXH

,KRPRORJDGLYLVmRRXGHPDUFDomRGHWHUUDV

,,FRQGHQDDSDJDUDOLPHQWRV

,,,H[WLQJXHVHPUHVROXomRGRPpULWRRXMXOJDLPSURFHGHQWHVRVHPEDUJRVGRH[HFXWDGR

,9MXOJDSURFHGHQWHRSHGLGRGHLQVWLWXLomRGHDUELWUDJHP

9FRQILUPDFRQFHGHRXUHYRJDWXWHODSURYLVyULD

9,GHFUHWDDLQWHUGLomR

 R 1RV FDVRV GR  R R DSHODGR SRGHUi SURPRYHU R SHGLGR GH FXPSULPHQWR SURYLVyULR GHSRLV GH
SXEOLFDGDDVHQWHQoD

 R 2 SHGLGR GH FRQFHVVmR GH HIHLWR VXVSHQVLYR QDV KLSyWHVHV GR  R SRGHUi VHU IRUPXODGR SRU
UHTXHULPHQWRGLULJLGRDR

,WULEXQDOQRSHUtRGRFRPSUHHQGLGRHQWUHDLQWHUSRVLomRGDDSHODomRHVXDGLVWULEXLomRILFDQGRRUHODWRU
GHVLJQDGRSDUDVHXH[DPHSUHYHQWRSDUDMXOJiOD

,,UHODWRUVHMiGLVWULEXtGDDDSHODomR

 R 1DV KLSyWHVHV GR  R D HILFiFLD GD VHQWHQoD SRGHUi VHU VXVSHQVD SHOR UHODWRU VH R DSHODQWH
GHPRQVWUDUD SUREDELOLGDGH GH SURYLPHQWR GR UHFXUVR RX VH VHQGR UHOHYDQWH D IXQGDPHQWDomR KRXYHU ULVFR GH
GDQRJUDYHRXGHGLItFLOUHSDUDomR

$UW$DSHODomRGHYROYHUiDRWULEXQDORFRQKHFLPHQWRGDPDWpULDLPSXJQDGD

 R 6HUmR SRUpP REMHWR GH DSUHFLDomR H MXOJDPHQWR SHOR WULEXQDO WRGDV DV TXHVW}HV VXVFLWDGDV H
GLVFXWLGDVQRSURFHVVRDLQGDTXHQmRWHQKDPVLGRVROXFLRQDGDVGHVGHTXHUHODWLYDVDRFDStWXORLPSXJQDGR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 4XDQGR R SHGLGR RX D GHIHVD WLYHU PDLV GH XP IXQGDPHQWR H R MXL] DFROKHU DSHQDV XP GHOHV D
DSHODomRGHYROYHUiDRWULEXQDORFRQKHFLPHQWRGRVGHPDLV

 R 6H R SURFHVVR HVWLYHU HP FRQGLo}HV GH LPHGLDWR MXOJDPHQWR R WULEXQDO GHYH GHFLGLU GHVGH ORJR R
PpULWRTXDQGR

,UHIRUPDUVHQWHQoDIXQGDGDQRDUW

,,GHFUHWDUDQXOLGDGHGDVHQWHQoDSRUQmRVHUHODFRQJUXHQWHFRPRVOLPLWHVGRSHGLGRRXGDFDXVDGH
SHGLU

,,,FRQVWDWDUDRPLVVmRQRH[DPHGHXPGRVSHGLGRVKLSyWHVHHPTXHSRGHUiMXOJiOR

,9GHFUHWDUDQXOLGDGHGHVHQWHQoDSRUIDOWDGHIXQGDPHQWDomR

 R 4XDQGR UHIRUPDU VHQWHQoD TXH UHFRQKHoD D GHFDGrQFLD RX D SUHVFULomR R WULEXQDO VH SRVVtYHO
MXOJDUi R PpULWR H[DPLQDQGR DV GHPDLV TXHVW}HV VHP GHWHUPLQDU R UHWRUQR GR SURFHVVR DR MXt]R GH SULPHLUR
JUDX

 R 2 FDStWXOR GD VHQWHQoD TXH FRQILUPD FRQFHGH RX UHYRJD D WXWHOD SURYLVyULD p LPSXJQiYHO QD
DSHODomR

$UW$VTXHVW}HVGHIDWRQmRSURSRVWDVQRMXt]RLQIHULRUSRGHUmRVHUVXVFLWDGDVQDDSHODomRVHD
SDUWHSURYDUTXHGHL[RXGHID]rORSRUPRWLYRGHIRUoDPDLRU

&$378/2,,,
'2$*5$92'(,167580(172

$UW&DEHDJUDYRGHLQVWUXPHQWRFRQWUDDVGHFLV}HVLQWHUORFXWyULDVTXHYHUVDUHPVREUH

,WXWHODVSURYLVyULDV

,,PpULWRGRSURFHVVR

,,,UHMHLomRGDDOHJDomRGHFRQYHQomRGHDUELWUDJHP

,9LQFLGHQWHGHGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFD

9UHMHLomRGRSHGLGRGHJUDWXLGDGHGDMXVWLoDRXDFROKLPHQWRGRSHGLGRGHVXDUHYRJDomR

9,H[LELomRRXSRVVHGHGRFXPHQWRRXFRLVD

9,,H[FOXVmRGHOLWLVFRQVRUWH

9,,,UHMHLomRGRSHGLGRGHOLPLWDomRGROLWLVFRQVyUFLR

,;DGPLVVmRRXLQDGPLVVmRGHLQWHUYHQomRGHWHUFHLURV

;FRQFHVVmRPRGLILFDomRRXUHYRJDomRGRHIHLWRVXVSHQVLYRDRVHPEDUJRVjH[HFXomR

;,UHGLVWULEXLomRGR{QXVGDSURYDQRVWHUPRVGRDUWR

;,, 9(7$'2 

;,,,RXWURVFDVRVH[SUHVVDPHQWHUHIHULGRVHPOHL

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

3DUiJUDIR~QLFR7DPEpPFDEHUiDJUDYRGHLQVWUXPHQWRFRQWUDGHFLV}HVLQWHUORFXWyULDVSURIHULGDVQDIDVH
GH OLTXLGDomR GH VHQWHQoD RX GH FXPSULPHQWR GH VHQWHQoD QR SURFHVVR GH H[HFXomR H QR SURFHVVR GH
LQYHQWiULR

$UW2DJUDYRGHLQVWUXPHQWRVHUiGLULJLGRGLUHWDPHQWHDRWULEXQDOFRPSHWHQWHSRUPHLRGHSHWLomR
FRPRVVHJXLQWHVUHTXLVLWRV

,RVQRPHVGDVSDUWHV

,,DH[SRVLomRGRIDWRHGRGLUHLWR

,,,DVUD]}HVGRSHGLGRGHUHIRUPDRXGHLQYDOLGDomRGDGHFLVmRHRSUySULRSHGLGR

,9RQRPHHRHQGHUHoRFRPSOHWRGRVDGYRJDGRVFRQVWDQWHVGRSURFHVVR

$UW$SHWLomRGHDJUDYRGHLQVWUXPHQWRVHUiLQVWUXtGD

,  REULJDWRULDPHQWH FRP FySLDV GD SHWLomR LQLFLDO GD FRQWHVWDomR GD SHWLomR TXH HQVHMRX D GHFLVmR
DJUDYDGD GD SUySULD GHFLVmR DJUDYDGD GD FHUWLGmR GD UHVSHFWLYD LQWLPDomR RX RXWUR GRFXPHQWR RILFLDO TXH
FRPSURYHDWHPSHVWLYLGDGHHGDVSURFXUDo}HVRXWRUJDGDVDRVDGYRJDGRVGRDJUDYDQWHHGRDJUDYDGR

,,FRPGHFODUDomRGHLQH[LVWrQFLDGHTXDOTXHUGRVGRFXPHQWRVUHIHULGRVQRLQFLVR,IHLWDSHORDGYRJDGR
GRDJUDYDQWHVRESHQDGHVXDUHVSRQVDELOLGDGHSHVVRDO

,,,IDFXOWDWLYDPHQWHFRPRXWUDVSHoDVTXHRDJUDYDQWHUHSXWDU~WHLV

R$FRPSDQKDUiDSHWLomRRFRPSURYDQWHGRSDJDPHQWRGDVUHVSHFWLYDVFXVWDVHGRSRUWHGHUHWRUQR
TXDQGRGHYLGRVFRQIRUPHWDEHODSXEOLFDGDSHORVWULEXQDLV

R1RSUD]RGRUHFXUVRRDJUDYRVHUiLQWHUSRVWRSRU

,SURWRFRORUHDOL]DGRGLUHWDPHQWHQRWULEXQDOFRPSHWHQWHSDUDMXOJiOR

,,SURWRFRORUHDOL]DGRQDSUySULDFRPDUFDVHomRRXVXEVHomRMXGLFLiULDV

,,,SRVWDJHPVREUHJLVWURFRPDYLVRGHUHFHELPHQWR

,9WUDQVPLVVmRGHGDGRVWLSRIDFVtPLOHQRVWHUPRVGDOHL

9RXWUDIRUPDSUHYLVWDHPOHL

 R 1D IDOWD GD FySLD GH TXDOTXHU SHoD RX QR FDVR GH DOJXP RXWUR YtFLR TXH FRPSURPHWD D
DGPLVVLELOLGDGHGRDJUDYRGHLQVWUXPHQWRGHYHRUHODWRUDSOLFDURGLVSRVWRQRDUWSDUiJUDIR~QLFR

R6HRUHFXUVRIRULQWHUSRVWRSRUVLVWHPDGHWUDQVPLVVmRGHGDGRVWLSRIDFVtPLOHRXVLPLODUDVSHoDV
GHYHPVHUMXQWDGDVQRPRPHQWRGHSURWRFRORGDSHWLomRRULJLQDO

 R 6HQGR HOHWU{QLFRV RV DXWRV GR SURFHVVR GLVSHQVDPVH DV SHoDV UHIHULGDV QRV LQFLVRV , H ,, GR
FDSXW IDFXOWDQGRVH DR DJUDYDQWH DQH[DU RXWURV GRFXPHQWRV TXH HQWHQGHU ~WHLV SDUD D FRPSUHHQVmR GD
FRQWURYpUVLD

$UW2DJUDYDQWHSRGHUiUHTXHUHUDMXQWDGDDRVDXWRVGRSURFHVVRGHFySLDGDSHWLomRGRDJUDYR
GHLQVWUXPHQWRGRFRPSURYDQWHGHVXDLQWHUSRVLomRHGDUHODomRGRVGRFXPHQWRVTXHLQVWUXtUDPRUHFXUVR

R6HRMXL]FRPXQLFDUTXHUHIRUPRXLQWHLUDPHQWHDGHFLVmRRUHODWRUFRQVLGHUDUiSUHMXGLFDGRRDJUDYR
GHLQVWUXPHQWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R1mRVHQGRHOHWU{QLFRVRV DXWRV R DJUDYDQWH WRPDUi D SURYLGrQFLD SUHYLVWD QR FDSXW QR SUD]R GH 
WUrV GLDVDFRQWDUGDLQWHUSRVLomRGRDJUDYRGHLQVWUXPHQWR

 R 2 GHVFXPSULPHQWR GD H[LJrQFLD GH TXH WUDWD R  R GHVGH TXH DUJXLGR H SURYDGR SHOR DJUDYDGR
LPSRUWDLQDGPLVVLELOLGDGHGRDJUDYRGHLQVWUXPHQWR

$UW5HFHELGRRDJUDYR GH LQVWUXPHQWR QR WULEXQDO H GLVWULEXtGR LPHGLDWDPHQWH VH QmR IRU R FDVR
GHDSOLFDomRGRDUWLQFLVRV,,,H,9RUHODWRUQRSUD]RGH FLQFR GLDV

,SRGHUiDWULEXLUHIHLWRVXVSHQVLYRDRUHFXUVRRXGHIHULUHPDQWHFLSDomRGHWXWHODWRWDORXSDUFLDOPHQWH
DSUHWHQVmRUHFXUVDOFRPXQLFDQGRDRMXL]VXDGHFLVmR

,,  RUGHQDUi D LQWLPDomR GR DJUDYDGR SHVVRDOPHQWH SRU FDUWD FRP DYLVR GH UHFHELPHQWR TXDQGR QmR
WLYHU SURFXUDGRU FRQVWLWXtGR RX SHOR 'LiULR GD -XVWLoD RX SRU FDUWD FRP DYLVR GH UHFHELPHQWR GLULJLGD DR VHX
DGYRJDGRSDUDTXHUHVSRQGDQRSUD]RGH TXLQ]H GLDVIDFXOWDQGROKH MXQWDU D GRFXPHQWDomR TXH HQWHQGHU
QHFHVViULDDRMXOJDPHQWRGRUHFXUVR

,,,  GHWHUPLQDUi D LQWLPDomR GR 0LQLVWpULR 3~EOLFR SUHIHUHQFLDOPHQWH SRU PHLR HOHWU{QLFR TXDQGR IRU R
FDVRGHVXDLQWHUYHQomRSDUDTXHVHPDQLIHVWHQRSUD]RGH TXLQ]H GLDV

$UW2UHODWRUVROLFLWDUi GLD SDUD MXOJDPHQWR HP SUD]R QmR VXSHULRU D  XP  PrV GD LQWLPDomR GR
DJUDYDGR

&$378/2,9
'2$*5$92,17(512

$UW&RQWUDGHFLVmRSURIHULGDSHORUHODWRUFDEHUiDJUDYRLQWHUQRSDUDRUHVSHFWLYRyUJmRFROHJLDGR
REVHUYDGDVTXDQWRDRSURFHVVDPHQWRDVUHJUDVGRUHJLPHQWRLQWHUQRGRWULEXQDO

R1DSHWLomRGHDJUDYRLQWHUQRRUHFRUUHQWHLPSXJQDUiHVSHFLILFDGDPHQWHRVIXQGDPHQWRVGDGHFLVmR
DJUDYDGD

 R 2 DJUDYR VHUi GLULJLGR DR UHODWRU TXH LQWLPDUi R DJUDYDGR SDUD PDQLIHVWDUVH VREUH R UHFXUVR QR
SUD]R GH  TXLQ]H  GLDV DR ILQDO GR TXDO QmR KDYHQGR UHWUDWDomR R UHODWRU OHYiORi D MXOJDPHQWR SHOR yUJmR
FROHJLDGRFRPLQFOXVmRHPSDXWD

 R e YHGDGR DR UHODWRU OLPLWDUVH j UHSURGXomR GRV IXQGDPHQWRV GD GHFLVmR DJUDYDGD SDUD MXOJDU
LPSURFHGHQWHRDJUDYRLQWHUQR

 R 4XDQGR R DJUDYR LQWHUQR IRU GHFODUDGR PDQLIHVWDPHQWH LQDGPLVVtYHO RX LPSURFHGHQWH HP YRWDomR
XQkQLPHRyUJmRFROHJLDGRHPGHFLVmRIXQGDPHQWDGDFRQGHQDUiRDJUDYDQWHDSDJDUDRDJUDYDGRPXOWDIL[DGD
HQWUHXPHFLQFRSRUFHQWRGRYDORUDWXDOL]DGRGDFDXVD

 R $ LQWHUSRVLomR GH TXDOTXHU RXWUR UHFXUVR HVWi FRQGLFLRQDGD DR GHSyVLWR SUpYLR GR YDORU GD PXOWD
SUHYLVWD QR  R j H[FHomR GD )D]HQGD 3~EOLFD H GR EHQHILFLiULR GH JUDWXLGDGH GD MXVWLoD TXH IDUmR R
SDJDPHQWRDRILQDO

&$378/29
'26(0%$5*26'('(&/$5$d2

$UW&DEHPHPEDUJRVGHGHFODUDomRFRQWUDTXDOTXHUGHFLVmRMXGLFLDOSDUD

,HVFODUHFHUREVFXULGDGHRXHOLPLQDUFRQWUDGLomR

,,  VXSULU RPLVVmR GH SRQWR RX TXHVWmR VREUH R TXDO GHYLD VH SURQXQFLDU R MXL] GH RItFLR RX D
UHTXHULPHQWR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,,,FRUULJLUHUURPDWHULDO

3DUiJUDIR~QLFR&RQVLGHUDVHRPLVVDDGHFLVmRTXH

,  GHL[H GH VH PDQLIHVWDU VREUH WHVH ILUPDGD HP MXOJDPHQWR GH FDVRV UHSHWLWLYRV RX HP LQFLGHQWH GH
DVVXQomRGHFRPSHWrQFLDDSOLFiYHODRFDVRVREMXOJDPHQWR

,,LQFRUUDHPTXDOTXHUGDVFRQGXWDVGHVFULWDVQRDUWR

$UW   2V HPEDUJRV VHUmR RSRVWRV QR SUD]R GH  FLQFR  GLDV HP SHWLomR GLULJLGD DR MXL] FRP
LQGLFDomRGRHUURREVFXULGDGHFRQWUDGLomRRXRPLVVmRHQmRVHVXMHLWDPDSUHSDUR

R$SOLFDVHDRVHPEDUJRVGHGHFODUDomRRDUW

 R 2 MXL] LQWLPDUi R HPEDUJDGR SDUD TXHUHQGR PDQLIHVWDUVH QR SUD]R GH  FLQFR  GLDV VREUH RV
HPEDUJRVRSRVWRVFDVRVHXHYHQWXDODFROKLPHQWRLPSOLTXHDPRGLILFDomRGDGHFLVmRHPEDUJDGD

$UW2MXL]MXOJDUiRVHPEDUJRVHP FLQFR GLDV

R1RVWULEXQDLVRUHODWRUDSUHVHQWDUiRVHPEDUJRVHPPHVDQDVHVVmRVXEVHTXHQWHSURIHULQGRYRWR
HQmRKDYHQGRMXOJDPHQWRQHVVDVHVVmRVHUiRUHFXUVRLQFOXtGRHPSDXWDDXWRPDWLFDPHQWH

 R 4XDQGR RV HPEDUJRV GH GHFODUDomR IRUHP RSRVWRV FRQWUD GHFLVmR GH UHODWRU RX RXWUD GHFLVmR
XQLSHVVRDOSURIHULGDHPWULEXQDORyUJmRSURODWRUGDGHFLVmRHPEDUJDGDGHFLGLORViPRQRFUDWLFDPHQWH

R2yUJmRMXOJDGRUFRQKHFHUiGRVHPEDUJRVGHGHFODUDomRFRPRDJUDYRLQWHUQRVHHQWHQGHUVHUHVWHR
UHFXUVR FDEtYHO GHVGH TXH GHWHUPLQH SUHYLDPHQWH D LQWLPDomR GR UHFRUUHQWH SDUD QR SUD]R GH  FLQFR  GLDV
FRPSOHPHQWDUDVUD]}HVUHFXUVDLVGHPRGRDDMXVWiODVjVH[LJrQFLDVGRDUWR

 R &DVR R DFROKLPHQWR GRV HPEDUJRV GH GHFODUDomR LPSOLTXH PRGLILFDomR GD GHFLVmR HPEDUJDGD R
HPEDUJDGR TXH Mi WLYHU LQWHUSRVWR RXWUR UHFXUVR FRQWUD D GHFLVmR RULJLQiULD WHP R GLUHLWR GH FRPSOHPHQWDU RX
DOWHUDU VXDV UD]}HV QRV H[DWRV OLPLWHV GD PRGLILFDomR QR SUD]R GH  TXLQ]H  GLDV FRQWDGR GD LQWLPDomR GD
GHFLVmRGRVHPEDUJRVGHGHFODUDomR

R6HRVHPEDUJRVGHGHFODUDomRIRUHPUHMHLWDGRVRXQmRDOWHUDUHPDFRQFOXVmRGRMXOJDPHQWRDQWHULRU
R UHFXUVR LQWHUSRVWR SHOD RXWUD SDUWH DQWHV GD SXEOLFDomR GR MXOJDPHQWR GRV HPEDUJRV GH GHFODUDomR VHUi
SURFHVVDGRHMXOJDGRLQGHSHQGHQWHPHQWHGHUDWLILFDomR

$UW   &RQVLGHUDPVH LQFOXtGRV QR DFyUGmR RV HOHPHQWRV TXH R HPEDUJDQWH VXVFLWRX SDUD ILQV GH
SUpTXHVWLRQDPHQWR DLQGD TXH RV HPEDUJRV GH GHFODUDomR VHMDP LQDGPLWLGRV RX UHMHLWDGRV FDVR R WULEXQDO
VXSHULRUFRQVLGHUHH[LVWHQWHVHUURRPLVVmRFRQWUDGLomRRXREVFXULGDGH

$UW   2V HPEDUJRV GH GHFODUDomR QmR SRVVXHP HIHLWR VXVSHQVLYR H LQWHUURPSHP R SUD]R SDUD D
LQWHUSRVLomRGHUHFXUVR

R $ HILFiFLD GD GHFLVmR PRQRFUiWLFD RX FROHJLDGD SRGHUi VHU VXVSHQVD SHOR UHVSHFWLYR MXL] RX UHODWRU
VHGHPRQVWUDGDDSUREDELOLGDGHGHSURYLPHQWRGRUHFXUVRRXVHQGRUHOHYDQWHDIXQGDPHQWDomRVHKRXYHUULVFR
GHGDQRJUDYHRXGHGLItFLOUHSDUDomR

 R 4XDQGR PDQLIHVWDPHQWH SURWHODWyULRV RV HPEDUJRV GH GHFODUDomR R MXL] RX R WULEXQDO HP GHFLVmR
IXQGDPHQWDGD FRQGHQDUi R HPEDUJDQWH D SDJDU DR HPEDUJDGR PXOWD QmR H[FHGHQWH D GRLV SRU FHQWR VREUH R
YDORUDWXDOL]DGRGDFDXVD

 R 1D UHLWHUDomR GH HPEDUJRV GH GHFODUDomR PDQLIHVWDPHQWH SURWHODWyULRV D PXOWD VHUi HOHYDGD D DWp
GH] SRU FHQWR VREUH R YDORU DWXDOL]DGR GD FDXVD H D LQWHUSRVLomR GH TXDOTXHU UHFXUVR ILFDUi FRQGLFLRQDGD DR
GHSyVLWRSUpYLRGRYDORUGDPXOWDjH[FHomRGD)D]HQGD3~EOLFDHGREHQHILFLiULRGHJUDWXLGDGHGDMXVWLoDTXH
DUHFROKHUmRDRILQDO
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 1mR VHUmR DGPLWLGRV QRYRV HPEDUJRV GH GHFODUDomR VH RV  GRLV  DQWHULRUHV KRXYHUHP VLGR
FRQVLGHUDGRVSURWHODWyULRV

&$378/29,
'265(&856263$5$26835(0275,%81$/)('(5$/(3$5$2683(5,2575,%81$/'(-867,d$

6HomR,
'R5HFXUVR2UGLQiULR

$UW6HUmRMXOJDGRVHPUHFXUVRRUGLQiULR

,  SHOR 6XSUHPR 7ULEXQDO )HGHUDO RV PDQGDGRV GH VHJXUDQoD RV KDEHDV GDWD H RV PDQGDGRV GH
LQMXQomRGHFLGLGRVHP~QLFDLQVWkQFLDSHORVWULEXQDLVVXSHULRUHVTXDQGRGHQHJDWyULDDGHFLVmR

,,SHOR6XSHULRU7ULEXQDOGH-XVWLoD

D  RV PDQGDGRV GH VHJXUDQoD GHFLGLGRV HP ~QLFD LQVWkQFLD SHORV WULEXQDLV UHJLRQDLV IHGHUDLV RX SHORV
WULEXQDLVGHMXVWLoDGRV(VWDGRVHGR'LVWULWR)HGHUDOH7HUULWyULRVTXDQGRGHQHJDWyULDDGHFLVmR

E  RV SURFHVVRV HP TXH IRUHP SDUWHV GH XP ODGR (VWDGR HVWUDQJHLUR RX RUJDQLVPR LQWHUQDFLRQDO H GH
RXWUR0XQLFtSLRRXSHVVRDUHVLGHQWHRXGRPLFLOLDGDQR3DtV

R1RVSURFHVVRVUHIHULGRVQRLQFLVR,,DOtQHDEFRQWUDDVGHFLV}HVLQWHUORFXWyULDVFDEHUiDJUDYRGH
LQVWUXPHQWRGLULJLGRDR6XSHULRU7ULEXQDOGH-XVWLoDQDVKLSyWHVHVGRDUW

R$SOLFDVHDRUHFXUVRRUGLQiULRRGLVSRVWRQRVDUWVRHR

$UW   $R UHFXUVR PHQFLRQDGR QR DUW  LQFLVR ,, DOtQHD E DSOLFDPVH TXDQWR DRV UHTXLVLWRV
GH DGPLVVLELOLGDGH H DR SURFHGLPHQWR DV GLVSRVLo}HV UHODWLYDV j DSHODomR H R 5HJLPHQWR ,QWHUQR GR 6XSHULRU
7ULEXQDOGH-XVWLoD

 R 1D KLSyWHVH GR DUW   R DSOLFDPVH DV GLVSRVLo}HV UHODWLYDV DR DJUDYR GH LQVWUXPHQWR H R
5HJLPHQWR,QWHUQRGR6XSHULRU7ULEXQDOGH-XVWLoD

 R 2 UHFXUVR SUHYLVWR QR DUW  LQFLVRV , H ,, DOtQHD D GHYH VHU LQWHUSRVWR SHUDQWH R WULEXQDO GH
RULJHPFDEHQGRDRVHXSUHVLGHQWHRXYLFHSUHVLGHQWHGHWHUPLQDUDLQWLPDomRGR UHFRUULGR SDUD HP  TXLQ]H
GLDVDSUHVHQWDUDVFRQWUDUUD]}HV

 R )LQGR R SUD]R UHIHULGR QR  R RV DXWRV VHUmR UHPHWLGRV DR UHVSHFWLYR WULEXQDO VXSHULRU
LQGHSHQGHQWHPHQWHGHMXt]RGHDGPLVVLELOLGDGH

6HomR,,
'R5HFXUVR([WUDRUGLQiULRHGR5HFXUVR(VSHFLDO

6XEVHomR,
'LVSRVLo}HV*HUDLV

$UW   2 UHFXUVR H[WUDRUGLQiULR H R UHFXUVR HVSHFLDO QRV FDVRV SUHYLVWRV QD &RQVWLWXLomR )HGHUDO
VHUmR LQWHUSRVWRV SHUDQWH R SUHVLGHQWH RX R YLFHSUHVLGHQWH GR WULEXQDO UHFRUULGR HP SHWLo}HV GLVWLQWDV TXH
FRQWHUmR

,DH[SRVLomRGRIDWRHGRGLUHLWR

,,DGHPRQVWUDomRGRFDELPHQWRGRUHFXUVRLQWHUSRVWR

,,,DVUD]}HVGRSHGLGRGHUHIRUPDRXGHLQYDOLGDomRGDGHFLVmRUHFRUULGD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

R4XDQGRRUHFXUVRIXQGDUVHHPGLVVtGLRMXULVSUXGHQFLDORUHFRUUHQWHIDUiDSURYDGDGLYHUJrQFLDFRP
D FHUWLGmR FySLD RX FLWDomR GR UHSRVLWyULR GH MXULVSUXGrQFLD RILFLDO RX FUHGHQFLDGR LQFOXVLYH HP PtGLD
HOHWU{QLFDHPTXHKRXYHUVLGRSXEOLFDGRRDFyUGmRGLYHUJHQWHRXDLQGDFRPDUHSURGXomRGHMXOJDGRGLVSRQtYHO
QDUHGHPXQGLDOGHFRPSXWDGRUHVFRPLQGLFDomRGDUHVSHFWLYDIRQWHGHYHQGRVHHPTXDOTXHUFDVRPHQFLRQDU
DVFLUFXQVWkQFLDVTXHLGHQWLILTXHPRXDVVHPHOKHPRVFDVRVFRQIURQWDGRV

 R 4XDQGR R UHFXUVR HVWLYHU IXQGDGR HP GLVVtGLR MXULVSUXGHQFLDO p YHGDGR DR WULEXQDO LQDGPLWLOR FRP
EDVHHPIXQGDPHQWRJHQpULFRGHTXHDVFLUFXQVWkQFLDVIiWLFDVVmRGLIHUHQWHVVHPGHPRQVWUDUDH[LVWrQFLDGD
GLVWLQomR

R 2 6XSUHPR 7ULEXQDO )HGHUDO RX R 6XSHULRU 7ULEXQDO GH -XVWLoD SRGHUi GHVFRQVLGHUDU YtFLR IRUPDO GH
UHFXUVRWHPSHVWLYRRXGHWHUPLQDUVXDFRUUHomRGHVGHTXHQmRRUHSXWHJUDYH

 R  4XDQGR SRU RFDVLmR GR SURFHVVDPHQWR GR LQFLGHQWH GH UHVROXomR GH GHPDQGDV UHSHWLWLYDV R
SUHVLGHQWHGR6XSUHPR 7ULEXQDO )HGHUDO RX GR 6XSHULRU 7ULEXQDO GH -XVWLoD UHFHEHU UHTXHULPHQWR GH VXVSHQVmR
GH SURFHVVRV HP TXH VH GLVFXWD TXHVWmR IHGHUDO FRQVWLWXFLRQDO RX LQIUDFRQVWLWXFLRQDO SRGHUi FRQVLGHUDQGR
UD]}HV GH VHJXUDQoD MXUtGLFD RX GH H[FHSFLRQDO LQWHUHVVH VRFLDO HVWHQGHU D VXVSHQVmR D WRGR R WHUULWyULR
QDFLRQDODWpXOWHULRUGHFLVmRGRUHFXUVRH[WUDRUGLQiULRRXGRUHFXUVRHVSHFLDODVHULQWHUSRVWR

 R 2 SHGLGR GH FRQFHVVmR GH HIHLWR VXVSHQVLYR D UHFXUVR H[WUDRUGLQiULR RX D UHFXUVR HVSHFLDO SRGHUi
VHUIRUPXODGRSRUUHTXHULPHQWRGLULJLGR

,  DR WULEXQDO VXSHULRU UHVSHFWLYR QR SHUtRGR FRPSUHHQGLGR HQWUH D LQWHUSRVLomR GR UHFXUVR H VXD
GLVWULEXLomRILFDQGRRUHODWRUGHVLJQDGRSDUDVHXH[DPHSUHYHQWRSDUDMXOJiOR

,,DRUHODWRUVHMiGLVWULEXtGRRUHFXUVR

,,,  DR SUHVLGHQWH RX YLFHSUHVLGHQWH GR WULEXQDO ORFDO QR FDVR GH R UHFXUVR WHU VLGR VREUHVWDGR QRV
WHUPRVGRDUW

$UW   5HFHELGD D SHWLomR GR UHFXUVR SHOD VHFUHWDULD GR WULEXQDO R UHFRUULGR VHUi LQWLPDGR SDUD
DSUHVHQWDU FRQWUDUUD]}HV QR SUD]R GH  TXLQ]H  GLDV ILQGR R TXDO RV DXWRV VHUmR UHPHWLGRV DR UHVSHFWLYR
WULEXQDOVXSHULRU

3DUiJUDIR~QLFR$UHPHVVDGHTXHWUDWDRFDSXWGDUVHiLQGHSHQGHQWHPHQWHGHMXt]RGHDGPLVVLELOLGDGH

$UW   1D KLSyWHVH GH LQWHUSRVLomR FRQMXQWD GH UHFXUVR H[WUDRUGLQiULR H UHFXUVR HVSHFLDO RV DXWRV
VHUmRUHPHWLGRVDR6XSHULRU7ULEXQDOGH-XVWLoD

R&RQFOXtGRRMXOJDPHQWRGRUHFXUVRHVSHFLDORVDXWRVVHUmRUHPHWLGRVDR6XSUHPR7ULEXQDO)HGHUDO
SDUDDSUHFLDomRGRUHFXUVRH[WUDRUGLQiULRVHHVWHQmRHVWLYHUSUHMXGLFDGR

 R 6H R UHODWRU GR UHFXUVR HVSHFLDO FRQVLGHUDU SUHMXGLFLDO R UHFXUVR H[WUDRUGLQiULR HP GHFLVmR
LUUHFRUUtYHOVREUHVWDUiRMXOJDPHQWRHUHPHWHUiRVDXWRVDR6XSUHPR7ULEXQDO)HGHUDO

 R 1D KLSyWHVH GR  R VH R UHODWRU GR UHFXUVR H[WUDRUGLQiULR HP GHFLVmR LUUHFRUUtYHO UHMHLWDU D
SUHMXGLFLDOLGDGHGHYROYHUiRVDXWRVDR6XSHULRU7ULEXQDOGH-XVWLoDSDUDRMXOJDPHQWRGRUHFXUVRHVSHFLDO

$UW   6H R UHODWRU QR 6XSHULRU 7ULEXQDO GH -XVWLoD HQWHQGHU TXH R UHFXUVR HVSHFLDO YHUVD VREUH
TXHVWmRFRQVWLWXFLRQDOGHYHUiFRQFHGHUSUD]RGH TXLQ]H GLDVSDUDTXHRUHFRUUHQWHGHPRQVWUHDH[LVWrQFLD
GHUHSHUFXVVmRJHUDOHVHPDQLIHVWHVREUHDTXHVWmRFRQVWLWXFLRQDO

3DUiJUDIR ~QLFR  &XPSULGD D GLOLJrQFLD GH TXH WUDWD R FDSXW R UHODWRU UHPHWHUi R UHFXUVR DR 6XSUHPR
7ULEXQDO)HGHUDOTXHHPMXt]RGHDGPLVVLELOLGDGHSRGHUiGHYROYrORDR6XSHULRU7ULEXQDOGH-XVWLoD

$UW6HR6XSUHPR7ULEXQDO)HGHUDOFRQVLGHUDUFRPRUHIOH[DDRIHQVDj&RQVWLWXLomRDILUPDGD QR
UHFXUVR H[WUDRUGLQiULR SRU SUHVVXSRU D UHYLVmR GD LQWHUSUHWDomR GH OHL IHGHUDO RX GH WUDWDGR UHPHWrORi DR
6XSHULRU7ULEXQDOGH-XVWLoDSDUDMXOJDPHQWRFRPRUHFXUVRHVSHFLDO
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   $GPLWLGR R UHFXUVR H[WUDRUGLQiULR RX R UHFXUVR HVSHFLDO R 6XSUHPR 7ULEXQDO )HGHUDO RX R
6XSHULRU7ULEXQDOGH-XVWLoDMXOJDUiRSURFHVVRDSOLFDQGRRGLUHLWR

3DUiJUDIR~QLFR$GPLWLGRRUHFXUVRH[WUDRUGLQiULRRXRUHFXUVRHVSHFLDOSRUXPIXQGDPHQWRGHYROYHVH
DRWULEXQDOVXSHULRURFRQKHFLPHQWRGRVGHPDLVIXQGDPHQWRVSDUDDVROXomRGRFDStWXORLPSXJQDGR

$UW26XSUHPR7ULEXQDO)HGHUDOHPGHFLVmRLUUHFRUUtYHOQmRFRQKHFHUiGRUHFXUVRH[WUDRUGLQiULR
TXDQGRDTXHVWmRFRQVWLWXFLRQDOQHOHYHUVDGDQmRWLYHUUHSHUFXVVmRJHUDOQRVWHUPRVGHVWHDUWLJR

 R 3DUD HIHLWR GH UHSHUFXVVmR JHUDO VHUi FRQVLGHUDGD D H[LVWrQFLD RX QmR GH TXHVW}HV UHOHYDQWHV GR
SRQWRGHYLVWDHFRQ{PLFRSROtWLFRVRFLDORXMXUtGLFRTXHXOWUDSDVVHPRVLQWHUHVVHVVXEMHWLYRVGRSURFHVVR

 R 2 UHFRUUHQWH GHYHUi GHPRQVWUDU D H[LVWrQFLD GH UHSHUFXVVmR JHUDO SDUD DSUHFLDomR H[FOXVLYD SHOR
6XSUHPR7ULEXQDO)HGHUDO

R+DYHUiUHSHUFXVVmRJHUDOVHPSUHTXHRUHFXUVRLPSXJQDUDFyUGmRTXH

,FRQWUDULHV~PXODRXMXULVSUXGrQFLDGRPLQDQWHGR6XSUHPR7ULEXQDO)HGHUDO

,,WHQKDVLGRSURIHULGRHPMXOJDPHQWRGHFDVRVUHSHWLWLYRV

,,,  WHQKD UHFRQKHFLGR D LQFRQVWLWXFLRQDOLGDGH GH WUDWDGR RX GH OHL IHGHUDO QRV WHUPRV GR DUW  GD
&RQVWLWXLomR)HGHUDO

R2UHODWRUSRGHUiDGPLWLUQDDQiOLVHGDUHSHUFXVVmRJHUDODPDQLIHVWDomRGHWHUFHLURVVXEVFULWDSRU
SURFXUDGRUKDELOLWDGRQRVWHUPRVGR5HJLPHQWR,QWHUQRGR6XSUHPR7ULEXQDO)HGHUDO

R5HFRQKHFLGDDUHSHUFXVVmRJHUDORUHODWRUQR6XSUHPR7ULEXQDO)HGHUDOGHWHUPLQDUiDVXVSHQVmRGR
SURFHVVDPHQWR GH WRGRV RV SURFHVVRV SHQGHQWHV LQGLYLGXDLV RX FROHWLYRV TXH YHUVHP VREUH D TXHVWmR H
WUDPLWHPQRWHUULWyULRQDFLRQDO

 R 2 LQWHUHVVDGR SRGH UHTXHUHU DR SUHVLGHQWH RX DR YLFHSUHVLGHQWH GR WULEXQDO GH RULJHP TXH H[FOXD
GD GHFLVmR GH VREUHVWDPHQWR H LQDGPLWD R UHFXUVR H[WUDRUGLQiULR TXH WHQKD VLGR LQWHUSRVWR LQWHPSHVWLYDPHQWH
WHQGRRUHFRUUHQWHRSUD]RGH FLQFR GLDVSDUDPDQLIHVWDUVHVREUHHVVHUHTXHULPHQWR

R'DGHFLVmRTXHLQGHIHULURUHTXHULPHQWRUHIHULGRQRRFDEHUiDJUDYRQRVWHUPRVGRDUW

 R 1HJDGD D UHSHUFXVVmR JHUDO R SUHVLGHQWH RX R YLFHSUHVLGHQWH GR WULEXQDO GH RULJHP QHJDUi
VHJXLPHQWRDRVUHFXUVRVH[WUDRUGLQiULRVVREUHVWDGRVQDRULJHPTXHYHUVHPVREUHPDWpULDLGrQWLFD

R2UHFXUVRTXHWLYHUDUHSHUFXVVmRJHUDOUHFRQKHFLGDGHYHUiVHUMXOJDGRQRSUD]RGH XP DQRHWHUi
SUHIHUrQFLDVREUHRVGHPDLVIHLWRVUHVVDOYDGRVRVTXHHQYROYDPUpXSUHVRHRVSHGLGRVGHKDEHDVFRUSXV

   1mR RFRUUHQGR R MXOJDPHQWR QR SUD]R GH  XP  DQR D FRQWDU GR UHFRQKHFLPHQWR GD UHSHUFXVVmR
JHUDOFHVVDHPWRGRRWHUULWyULRQDFLRQDODVXVSHQVmRGRVSURFHVVRVTXHUHWRPDUmRVHXFXUVRQRUPDO

$V~PXODGDGHFLVmRVREUHDUHSHUFXVVmRJHUDOFRQVWDUiGHDWDTXHVHUiSXEOLFDGDQRGLiULRRILFLDO
HYDOHUiFRPRDFyUGmR

6XEVHomR,,
'R-XOJDPHQWRGRV5HFXUVRV([WUDRUGLQiULRH(VSHFLDO5HSHWLWLYRV

$UW   6HPSUH TXH KRXYHU PXOWLSOLFLGDGH GH UHFXUVRV H[WUDRUGLQiULRV RX HVSHFLDLV FRP IXQGDPHQWR
HPLGrQWLFDTXHVWmRGHGLUHLWRKDYHUiDIHWDomRSDUDMXOJDPHQWRGHDFRUGRFRPDVGLVSRVLo}HVGHVWD6XEVHomR
REVHUYDGRRGLVSRVWRQR5HJLPHQWR,QWHUQRGR6XSUHPR7ULEXQDO)HGHUDOHQRGR6XSHULRU7ULEXQDOGH-XVWLoD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R 2 SUHVLGHQWH RX R YLFHSUHVLGHQWH GH WULEXQDO GH MXVWLoD RX GH WULEXQDO UHJLRQDO IHGHUDO VHOHFLRQDUi 
GRLV RXPDLVUHFXUVRVUHSUHVHQWDWLYRVGDFRQWURYpUVLDTXHVHUmRHQFDPLQKDGRV DR 6XSUHPR 7ULEXQDO )HGHUDO
RX DR 6XSHULRU 7ULEXQDO GH -XVWLoD SDUD ILQV GH DIHWDomR GHWHUPLQDQGR D VXVSHQVmR GR WUkPLWH GH WRGRV RV
SURFHVVRVSHQGHQWHVLQGLYLGXDLVRXFROHWLYRVTXHWUDPLWHPQR(VWDGRRXQDUHJLmRFRQIRUPHRFDVR

 R 2 LQWHUHVVDGR SRGH UHTXHUHU DR SUHVLGHQWH RX DR YLFHSUHVLGHQWH TXH H[FOXD GD GHFLVmR GH
VREUHVWDPHQWR H LQDGPLWD R UHFXUVR HVSHFLDO RX R UHFXUVR H[WUDRUGLQiULR TXH WHQKD VLGR LQWHUSRVWR
LQWHPSHVWLYDPHQWHWHQGRRUHFRUUHQWHRSUD]RGH FLQFR GLDVSDUDPDQLIHVWDUVHVREUHHVVHUHTXHULPHQWR

R'DGHFLVmRTXHLQGHIHULUHVWHUHTXHULPHQWRFDEHUiDJUDYRQRVWHUPRVGRDUW

R$HVFROKDIHLWDSHORSUHVLGHQWHRXYLFHSUHVLGHQWHGRWULEXQDOGHMXVWLoDRXGRWULEXQDOUHJLRQDOIHGHUDO
QmR YLQFXODUi R UHODWRU QR WULEXQDO VXSHULRU TXH SRGHUi VHOHFLRQDU RXWURV UHFXUVRV UHSUHVHQWDWLYRV GD
FRQWURYpUVLD

R2UHODWRUHPWULEXQDOVXSHULRUWDPEpPSRGHUiVHOHFLRQDU GRLV RXPDLVUHFXUVRVUHSUHVHQWDWLYRVGD


FRQWURYpUVLD SDUD MXOJDPHQWR GD TXHVWmR GH GLUHLWR LQGHSHQGHQWHPHQWH GD LQLFLDWLYD GR SUHVLGHQWH RX GR YLFH
SUHVLGHQWHGRWULEXQDOGHRULJHP

R6RPHQWHSRGHPVHUVHOHFLRQDGRVUHFXUVRVDGPLVVtYHLVTXHFRQWHQKDPDEUDQJHQWHDUJXPHQWDomRH
GLVFXVVmRDUHVSHLWRGDTXHVWmRDVHUGHFLGLGD

$UW   6HOHFLRQDGRV RV UHFXUVRV R UHODWRU QR WULEXQDO VXSHULRU FRQVWDWDQGR D SUHVHQoD GR
SUHVVXSRVWRGRFDSXWGRDUWSURIHULUiGHFLVmRGHDIHWDomRQDTXDO

,LGHQWLILFDUiFRPSUHFLVmRDTXHVWmRDVHUVXEPHWLGDDMXOJDPHQWR

,,  GHWHUPLQDUi D VXVSHQVmR GR SURFHVVDPHQWR GH WRGRV RV SURFHVVRV SHQGHQWHV LQGLYLGXDLV RX
FROHWLYRVTXHYHUVHPVREUHDTXHVWmRHWUDPLWHPQRWHUULWyULRQDFLRQDO

,,,  SRGHUi UHTXLVLWDU DRV SUHVLGHQWHV RX DRV YLFHSUHVLGHQWHV GRV WULEXQDLV GH MXVWLoD RX GRV WULEXQDLV
UHJLRQDLVIHGHUDLVDUHPHVVDGHXPUHFXUVRUHSUHVHQWDWLYRGDFRQWURYpUVLD

 R 6H DSyV UHFHEHU RV UHFXUVRV VHOHFLRQDGRV SHOR SUHVLGHQWH RX SHOR YLFHSUHVLGHQWH GH WULEXQDO GH
MXVWLoD RX GH WULEXQDO UHJLRQDO IHGHUDO QmR VH SURFHGHU j DIHWDomR R UHODWRU QR WULEXQDO VXSHULRU FRPXQLFDUi R
IDWRDRSUHVLGHQWHRXDRYLFHSUHVLGHQWHTXHRVKRXYHUHQYLDGRSDUDTXHVHMDUHYRJDGDDGHFLVmRGHVXVSHQVmR
UHIHULGDQRDUWR

ReYHGDGRDRyUJmRFROHJLDGRGHFLGLUSDUDRVILQVGRDUWTXHVWmRQmRGHOLPLWDGDQDGHFLVmRD
TXHVHUHIHUHRLQFLVR,GRFDSXW

R+DYHQGRPDLVGHXPDDIHWDomR VHUi SUHYHQWR R UHODWRU TXH SULPHLUR WLYHU SURIHULGR D GHFLVmR D TXH
VHUHIHUHRLQFLVR,GRFDSXW

 R 2V UHFXUVRV DIHWDGRV GHYHUmR VHU MXOJDGRV QR SUD]R GH  XP  DQR H WHUmR SUHIHUrQFLD VREUH RV
GHPDLVIHLWRVUHVVDOYDGRVRVTXHHQYROYDPUpXSUHVRHRVSHGLGRVGHKDEHDVFRUSXV

R1mRRFRUUHQGRRMXOJDPHQWRQRSUD]RGH XP DQRDFRQWDUGDSXEOLFDomRGDGHFLVmRGHTXHWUDWDR
LQFLVR , GR FDSXW FHVVDP DXWRPDWLFDPHQWH HP WRGR R WHUULWyULR QDFLRQDO D DIHWDomR H D VXVSHQVmR GRV
SURFHVVRVTXHUHWRPDUmRVHXFXUVRQRUPDO

R2FRUUHQGRDKLSyWHVHGRRpSHUPLWLGRDRXWURUHODWRUGRUHVSHFWLYRWULEXQDOVXSHULRUDIHWDU GRLV
RXPDLVUHFXUVRVUHSUHVHQWDWLYRVGDFRQWURYpUVLDQDIRUPDGRDUW

 R 4XDQGR RV UHFXUVRV UHTXLVLWDGRV QD IRUPD GR LQFLVR ,,, GR FDSXW FRQWLYHUHP RXWUDV TXHVW}HV DOpP
GDTXHOD TXH p REMHWR GD DIHWDomR FDEHUi DR WULEXQDO GHFLGLU HVWD HP SULPHLUR OXJDU H GHSRLV DV GHPDLV HP
DFyUGmRHVSHFtILFRSDUDFDGDSURFHVVR
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 R $V SDUWHV GHYHUmR VHU LQWLPDGDV GD GHFLVmR GH VXVSHQVmR GH VHX SURFHVVR D VHU SURIHULGD SHOR
UHVSHFWLYRMXL]RXUHODWRUTXDQGRLQIRUPDGRGDGHFLVmRDTXHVHUHIHUHRLQFLVR,,GRFDSXW

R'HPRQVWUDQGRGLVWLQomRHQWUHDTXHVWmRDVHUGHFLGLGDQRSURFHVVRHDTXHODDVHUMXOJDGDQRUHFXUVR
HVSHFLDORXH[WUDRUGLQiULRDIHWDGRDSDUWHSRGHUiUHTXHUHURSURVVHJXLPHQWRGRVHXSURFHVVR

2UHTXHULPHQWRDTXHVHUHIHUHRRVHUiGLULJLGR

,DRMXL]VHRSURFHVVRVREUHVWDGRHVWLYHUHPSULPHLURJUDX

,,DRUHODWRUVHRSURFHVVRVREUHVWDGRHVWLYHUQRWULEXQDOGHRULJHP

,,,DRUHODWRUGRDFyUGmRUHFRUULGRVHIRUVREUHVWDGRUHFXUVRHVSHFLDORXUHFXUVRH[WUDRUGLQiULRQRWULEXQDO
GHRULJHP

,9  DR UHODWRU QR WULEXQDO VXSHULRU GH UHFXUVR HVSHFLDO RX GH UHFXUVR H[WUDRUGLQiULR FXMR SURFHVVDPHQWR
KRXYHUVLGRVREUHVWDGR

$RXWUDSDUWHGHYHUiVHURXYLGDVREUHRUHTXHULPHQWRDTXHVHUHIHUHRRQRSUD]RGH FLQFR
GLDV

5HFRQKHFLGDDGLVWLQomRQRFDVR

,GRVLQFLVRV,,,H,9GRRSUySULRMXL]RXUHODWRUGDUiSURVVHJXLPHQWRDRSURFHVVR

,,  GR LQFLVR ,,, GR   R UHODWRU FRPXQLFDUi D GHFLVmR DR SUHVLGHQWH RX DR YLFHSUHVLGHQWH TXH KRXYHU
GHWHUPLQDGR R VREUHVWDPHQWR SDUD TXH R UHFXUVR HVSHFLDO RX R UHFXUVR H[WUDRUGLQiULR VHMD HQFDPLQKDGR DR
UHVSHFWLYRWULEXQDOVXSHULRUQDIRUPDGRDUWSDUiJUDIR~QLFR

'DGHFLVmRTXHUHVROYHURUHTXHULPHQWRDTXHVHUHIHUHRRFDEHUi

,DJUDYRGHLQVWUXPHQWRVHRSURFHVVRHVWLYHUHPSULPHLURJUDX

,,DJUDYRLQWHUQRVHDGHFLVmRIRUGHUHODWRU

$UW2UHODWRUSRGHUi

,  VROLFLWDU RX DGPLWLU PDQLIHVWDomR GH SHVVRDV yUJmRV RX HQWLGDGHV FRP LQWHUHVVH QD FRQWURYpUVLD
FRQVLGHUDQGRDUHOHYkQFLDGDPDWpULDHFRQVRDQWHGLVSXVHURUHJLPHQWRLQWHUQR

,,IL[DUGDWDSDUDHPDXGLrQFLDS~EOLFDRXYLUGHSRLPHQWRVGHSHVVRDVFRPH[SHULrQFLDHFRQKHFLPHQWR
QDPDWpULDFRPDILQDOLGDGHGHLQVWUXLURSURFHGLPHQWR

,,,  UHTXLVLWDU LQIRUPDo}HV DRV WULEXQDLV LQIHULRUHV D UHVSHLWR GD FRQWURYpUVLD H FXPSULGD D GLOLJrQFLD
LQWLPDUiR0LQLVWpULR3~EOLFRSDUDPDQLIHVWDUVH

 R 1R FDVR GR LQFLVR ,,, RV SUD]RV UHVSHFWLYRV VmR GH  TXLQ]H  GLDV H RV DWRV VHUmR SUDWLFDGRV
VHPSUHTXHSRVVtYHOSRUPHLRHOHWU{QLFR

 R 7UDQVFRUULGR R SUD]R SDUD R 0LQLVWpULR 3~EOLFR H UHPHWLGD FySLD GR UHODWyULR DRV GHPDLV PLQLVWURV
KDYHUiLQFOXVmRHPSDXWDGHYHQGRRFRUUHURMXOJDPHQWRFRPSUHIHUrQFLDVREUHRVGHPDLVIHLWRVUHVVDOYDGRVRV
TXHHQYROYDPUpXSUHVRHRVSHGLGRVGHKDEHDVFRUSXV

 R 2 FRQWH~GR GR DFyUGmR DEUDQJHUi D DQiOLVH GH WRGRV RV IXQGDPHQWRV GD WHVH MXUtGLFD GLVFXWLGD
IDYRUiYHLVRXFRQWUiULRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   'HFLGLGRV RV UHFXUVRV DIHWDGRV RV yUJmRV FROHJLDGRV GHFODUDUmR SUHMXGLFDGRV RV GHPDLV
UHFXUVRVYHUVDQGRVREUHLGrQWLFDFRQWURYpUVLDRXRVGHFLGLUmRDSOLFDQGRDWHVHILUPDGD

3DUiJUDIR ~QLFR  1HJDGD D H[LVWrQFLD GH UHSHUFXVVmR JHUDO QR UHFXUVR H[WUDRUGLQiULR DIHWDGR VHUmR
FRQVLGHUDGRV DXWRPDWLFDPHQWH LQDGPLWLGRV RV UHFXUVRV H[WUDRUGLQiULRV FXMR SURFHVVDPHQWR WHQKD VLGR
VREUHVWDGR

$UW3XEOLFDGRRDFyUGmRSDUDGLJPD

,  R SUHVLGHQWH RX R YLFHSUHVLGHQWH GR WULEXQDO GH RULJHP QHJDUi VHJXLPHQWR DRV UHFXUVRV HVSHFLDLV RX
H[WUDRUGLQiULRVVREUHVWDGRVQDRULJHPVHRDFyUGmRUHFRUULGRFRLQFLGLUFRPDRULHQWDomRGRWULEXQDOVXSHULRU

,,RyUJmRTXHSURIHULXRDFyUGmRUHFRUULGRQDRULJHPUHH[DPLQDUiRSURFHVVRGHFRPSHWrQFLDRULJLQiULD
D UHPHVVD QHFHVViULD RX R UHFXUVR DQWHULRUPHQWH MXOJDGR VH R DFyUGmR UHFRUULGR FRQWUDULDU D RULHQWDomR GR
WULEXQDOVXSHULRU

,,,  RV SURFHVVRV VXVSHQVRV HP SULPHLUR H VHJXQGR JUDXV GH MXULVGLomR UHWRPDUmR R FXUVR SDUD
MXOJDPHQWRHDSOLFDomRGDWHVHILUPDGDSHORWULEXQDOVXSHULRU

,9VHRVUHFXUVRVYHUVDUHPVREUHTXHVWmRUHODWLYDDSUHVWDomRGHVHUYLoRS~EOLFRREMHWRGHFRQFHVVmR
SHUPLVVmRRXDXWRUL]DomRRUHVXOWDGRGRMXOJDPHQWRVHUiFRPXQLFDGRDRyUJmRDRHQWHRXjDJrQFLD UHJXODGRUD
FRPSHWHQWHSDUDILVFDOL]DomRGDHIHWLYDDSOLFDomRSRUSDUWHGRVHQWHVVXMHLWRVDUHJXODomRGDWHVHDGRWDGD

 R $ SDUWH SRGHUi GHVLVWLU GD DomR HP FXUVR QR SULPHLUR JUDX GH MXULVGLomR DQWHV GH SURIHULGD D
VHQWHQoDVHDTXHVWmRQHODGLVFXWLGDIRULGrQWLFDjUHVROYLGDSHORUHFXUVRUHSUHVHQWDWLYRGDFRQWURYpUVLD

 R 6H D GHVLVWrQFLD RFRUUHU DQWHV GH RIHUHFLGD FRQWHVWDomR D SDUWH ILFDUi LVHQWD GR SDJDPHQWR GH
FXVWDVHGHKRQRUiULRVGHVXFXPErQFLD

 R $ GHVLVWrQFLD DSUHVHQWDGD QRV WHUPRV GR  R LQGHSHQGH GH FRQVHQWLPHQWR GR UpX DLQGD TXH
DSUHVHQWDGDFRQWHVWDomR

$UW0DQWLGRRDFyUGmRGLYHUJHQWHSHORWULEXQDOGHRULJHPRUHFXUVRHVSHFLDORXH[WUDRUGLQiULRVHUi
UHPHWLGRDRUHVSHFWLYRWULEXQDOVXSHULRUQDIRUPDGRDUWR

R5HDOL]DGRRMXt]RGHUHWUDWDomR FRP DOWHUDomR GR DFyUGmR GLYHUJHQWH R WULEXQDO GH RULJHP VH IRU R
FDVRGHFLGLUiDVGHPDLVTXHVW}HVDLQGDQmRGHFLGLGDVFXMRHQIUHQWDPHQWRVHWRUQRXQHFHVViULRHPGHFRUUrQFLD
GDDOWHUDomR

 R 4XDQGR RFRUUHU D KLSyWHVH GR LQFLVR ,, GR FDSXW GR DUW  H R UHFXUVR YHUVDU VREUH RXWUDV
TXHVW}HV FDEHUi DR SUHVLGHQWH GR WULEXQDO GHSRLV GR UHH[DPH SHOR yUJmR GH RULJHP H LQGHSHQGHQWHPHQWH GH
UDWLILFDomRGRUHFXUVRRXGHMXt]RGHDGPLVVLELOLGDGHGHWHUPLQDUDUHPHVVDGRUHFXUVRDRWULEXQDOVXSHULRUSDUD
MXOJDPHQWRGDVGHPDLVTXHVW}HV

6HomR,,,
'R$JUDYRHP5HFXUVR(VSHFLDOHHP5HFXUVR([WUDRUGLQiULR

$UW&DEHDJUDYRFRQWUDGHFLVmRGHSUHVLGHQWHRXGHYLFHSUHVLGHQWHGRWULEXQDOTXH

,  LQGHIHULU SHGLGR IRUPXODGR FRP EDVH QR DUW   R RX QR DUW   R GH LQDGPLVVmR GH
UHFXUVRHVSHFLDORXH[WUDRUGLQiULRLQWHPSHVWLYR

,,LQDGPLWLUFRPEDVHQRDUWLQFLVR,UHFXUVRHVSHFLDORXH[WUDRUGLQiULRVRERIXQGDPHQWRGHTXH
RDFyUGmRUHFRUULGRFRLQFLGHFRPDRULHQWDomRGRWULEXQDOVXSHULRU

,,,LQDGPLWLUUHFXUVRH[WUDRUGLQiULRFRPEDVHQRDUWRRXQRDUWSDUiJUDIR~QLFRVRE R
IXQGDPHQWR GH TXH R 6XSUHPR 7ULEXQDO )HGHUDO UHFRQKHFHX D LQH[LVWrQFLD GH UHSHUFXVVmR JHUDO GD TXHVWmR

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRQVWLWXFLRQDOGLVFXWLGD

R6RESHQDGHQmRFRQKHFLPHQWRGRDJUDYRLQFXPELUiDRDJUDYDQWHGHPRQVWUDUGHIRUPDH[SUHVVD

,  D LQWHPSHVWLYLGDGH GR UHFXUVR HVSHFLDO RX H[WUDRUGLQiULR VREUHVWDGR TXDQGR R UHFXUVR IXQGDUVH QD
KLSyWHVHGRLQFLVR,GRFDSXWGHVWHDUWLJR

,,DH[LVWrQFLDGHGLVWLQomRHQWUHRFDVRHPDQiOLVH H R SUHFHGHQWH LQYRFDGR TXDQGR D LQDGPLVVmR GR


UHFXUVR

D  HVSHFLDO RX H[WUDRUGLQiULR IXQGDUVH HP HQWHQGLPHQWR ILUPDGR HP MXOJDPHQWR GH UHFXUVR UHSHWLWLYR SRU
WULEXQDOVXSHULRU

E  H[WUDRUGLQiULR IXQGDUVH HP GHFLVmR DQWHULRU GR 6XSUHPR 7ULEXQDO )HGHUDO GH LQH[LVWrQFLD GH
UHSHUFXVVmRJHUDOGDTXHVWmRFRQVWLWXFLRQDOGLVFXWLGD

R$SHWLomRGHDJUDYRVHUiGLULJLGDDRSUHVLGHQWHRXYLFHSUHVLGHQWHGRWULEXQDOGHRULJHPHLQGHSHQGH
GRSDJDPHQWRGHFXVWDVHGHVSHVDVSRVWDLV

R2DJUDYDGRVHUiLQWLPDGRGHLPHGLDWRSDUDRIHUHFHUUHVSRVWDQRSUD]RGH TXLQ]H GLDV

 R $SyV R SUD]R GH UHVSRVWD QmR KDYHQGR UHWUDWDomR R DJUDYR VHUi UHPHWLGR DR WULEXQDO VXSHULRU
FRPSHWHQWH

 R 2 DJUDYR SRGHUi VHU MXOJDGR FRQIRUPH R FDVR FRQMXQWDPHQWH FRP R UHFXUVR HVSHFLDO RX
H[WUDRUGLQiULRDVVHJXUDGDQHVWHFDVRVXVWHQWDomRRUDOREVHUYDQGRVHDLQGDRGLVSRVWRQRUHJLPHQWRLQWHUQR
GRWULEXQDOUHVSHFWLYR

 R 1D KLSyWHVH GH LQWHUSRVLomR FRQMXQWD GH UHFXUVRV H[WUDRUGLQiULR H HVSHFLDO R DJUDYDQWH GHYHUi
LQWHUSRUXPDJUDYRSDUDFDGDUHFXUVRQmRDGPLWLGR

R+DYHQGRDSHQDVXPDJUDYRRUHFXUVRVHUiUHPHWLGRDRWULEXQDOFRPSHWHQWHHKDYHQGRLQWHUSRVLomR
FRQMXQWDRVDXWRVVHUmRUHPHWLGRVDR6XSHULRU7ULEXQDOGH-XVWLoD

 R &RQFOXtGR R MXOJDPHQWR GR DJUDYR SHOR 6XSHULRU 7ULEXQDO GH -XVWLoD H VH IRU R FDVR GR UHFXUVR
HVSHFLDOLQGHSHQGHQWHPHQWHGHSHGLGRRVDXWRVVHUmRUHPHWLGRVDR6XSUHPR7ULEXQDO)HGHUDOSDUDDSUHFLDomR
GRDJUDYRDHOHGLULJLGRVDOYRVHHVWLYHUSUHMXGLFDGR

6HomR,9
'RV(PEDUJRVGH'LYHUJrQFLD

$UWeHPEDUJiYHORDFyUGmRGHyUJmRIUDFLRQiULRTXH

,  HP UHFXUVR H[WUDRUGLQiULR RX HP UHFXUVR HVSHFLDO GLYHUJLU GR MXOJDPHQWR GH TXDOTXHU RXWUR yUJmR GR
PHVPRWULEXQDOVHQGRRVDFyUGmRVHPEDUJDGRHSDUDGLJPDGHPpULWR

,,  HP UHFXUVR H[WUDRUGLQiULR RX HP UHFXUVR HVSHFLDO GLYHUJLU GR MXOJDPHQWR GH TXDOTXHU RXWUR yUJmR GR
PHVPRWULEXQDOVHQGRRVDFyUGmRVHPEDUJDGRHSDUDGLJPDUHODWLYRVDRMXt]RGHDGPLVVLELOLGDGH

,,,  HP UHFXUVR H[WUDRUGLQiULR RX HP UHFXUVR HVSHFLDO GLYHUJLU GR MXOJDPHQWR GH TXDOTXHU RXWUR yUJmR GR
PHVPR WULEXQDO VHQGR XP DFyUGmR GH PpULWR H RXWUR TXH QmR WHQKD FRQKHFLGR GR UHFXUVR HPERUD WHQKD
DSUHFLDGRDFRQWURYpUVLD

,9  QRV SURFHVVRV GH FRPSHWrQFLD RULJLQiULD GLYHUJLU GR MXOJDPHQWR GH TXDOTXHU RXWUR yUJmR GR PHVPR
WULEXQDO

 R 3RGHUmR VHU FRQIURQWDGDV WHVHV MXUtGLFDV FRQWLGDV HP MXOJDPHQWRV GH UHFXUVRV H GH Do}HV GH
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

FRPSHWrQFLDRULJLQiULD

R$GLYHUJrQFLDTXHDXWRUL]DDLQWHUSRVLomRGHHPEDUJRVGHGLYHUJrQFLDSRGHYHULILFDUVHQDDSOLFDomR
GRGLUHLWRPDWHULDORXGRGLUHLWRSURFHVVXDO

 R &DEHP HPEDUJRV GH GLYHUJrQFLD TXDQGR R DFyUGmR SDUDGLJPD IRU GD PHVPD WXUPD TXH SURIHULX D
GHFLVmRHPEDUJDGDGHVGHTXHVXDFRPSRVLomRWHQKDVRIULGRDOWHUDomRHPPDLVGDPHWDGHGHVHXVPHPEURV

 R 2 UHFRUUHQWH SURYDUi D GLYHUJrQFLD FRP FHUWLGmR FySLD RX FLWDomR GH UHSRVLWyULR RILFLDO RX
FUHGHQFLDGRGHMXULVSUXGrQFLDLQFOXVLYHHPPtGLDHOHWU{QLFDRQGHIRLSXEOLFDGRRDFyUGmRGLYHUJHQWHRXFRPD
UHSURGXomRGHMXOJDGRGLVSRQtYHOQDUHGHPXQGLDOGHFRPSXWDGRUHVLQGLFDQGRDUHVSHFWLYDIRQWHHPHQFLRQDUi
DVFLUFXQVWkQFLDVTXHLGHQWLILFDPRXDVVHPHOKDPRVFDVRVFRQIURQWDGRV

ReYHGDGRDRWULEXQDOLQDGPLWLURUHFXUVRFRPEDVHHPIXQGDPHQWRJHQpULFRGHTXHDVFLUFXQVWkQFLDV
IiWLFDVVmRGLIHUHQWHVVHPGHPRQVWUDUDH[LVWrQFLDGDGLVWLQomR

$UW   1R UHFXUVR GH HPEDUJRV GH GLYHUJrQFLD VHUi REVHUYDGR R SURFHGLPHQWR HVWDEHOHFLGR QR
UHJLPHQWRLQWHUQRGRUHVSHFWLYRWULEXQDOVXSHULRU

 R $ LQWHUSRVLomR GH HPEDUJRV GH GLYHUJrQFLD QR 6XSHULRU 7ULEXQDO GH -XVWLoD LQWHUURPSH R SUD]R SDUD
LQWHUSRVLomRGHUHFXUVRH[WUDRUGLQiULRSRUTXDOTXHUGDVSDUWHV

 R 6H RV HPEDUJRV GH GLYHUJrQFLD IRUHP GHVSURYLGRV RX QmR DOWHUDUHP D FRQFOXVmR GR MXOJDPHQWR
DQWHULRURUHFXUVRH[WUDRUGLQiULRLQWHUSRVWRSHODRXWUDSDUWHDQWHVGDSXEOLFDomRGRMXOJDPHQWRGRVHPEDUJRVGH
GLYHUJrQFLDVHUiSURFHVVDGRHMXOJDGRLQGHSHQGHQWHPHQWHGHUDWLILFDomR

/,952&203/(0(17$5
',6326,d(6),1$,6(75$16,75,$6

$UW(VWH&yGLJRHQWUDHPYLJRUDSyVGHFRUULGR XP DQRGDGDWDGHVXDSXEOLFDomRRILFLDO

$UW   $R HQWUDU HP YLJRU HVWH &yGLJR VXDV GLVSRVLo}HV VH DSOLFDUmR GHVGH ORJR DRV SURFHVVRV
SHQGHQWHVILFDQGRUHYRJDGDD/HLQRGHGHMDQHLURGH

R $V GLVSRVLo}HV GD /HL Q  GH  GH MDQHLUR GH  UHODWLYDV DR SURFHGLPHQWR VXPiULR H DRV
SURFHGLPHQWRVHVSHFLDLVTXHIRUHPUHYRJDGDVDSOLFDUVHmRjVDo}HVSURSRVWDVHQmRVHQWHQFLDGDVDWpRLQtFLR
GDYLJrQFLDGHVWH&yGLJR

 R 3HUPDQHFHP HP YLJRU DV GLVSRVLo}HV HVSHFLDLV GRV SURFHGLPHQWRV UHJXODGRV HP RXWUDV OHLV DRV
TXDLVVHDSOLFDUiVXSOHWLYDPHQWHHVWH&yGLJR

 R 2V SURFHVVRV PHQFLRQDGRV QR DUW  GD /HL Q  GH  GH MDQHLUR GH  FXMR
SURFHGLPHQWR DLQGD QmR WHQKD VLGR LQFRUSRUDGR SRU OHL VXEPHWHPVH DR SURFHGLPHQWR FRPXP SUHYLVWR QHVWH
&yGLJR

 R $V UHPLVV}HV D GLVSRVLo}HV GR &yGLJR GH 3URFHVVR &LYLO UHYRJDGR H[LVWHQWHV HP RXWUDV OHLV
SDVVDPDUHIHULUVHjVTXHOKHVVmRFRUUHVSRQGHQWHVQHVWH&yGLJR

 R $ SULPHLUD OLVWD GH SURFHVVRV SDUD MXOJDPHQWR HP RUGHP FURQROyJLFD REVHUYDUi D DQWLJXLGDGH GD
GLVWULEXLomRHQWUHRVMiFRQFOXVRVQDGDWDGDHQWUDGDHPYLJRUGHVWH&yGLJR

$UW   $V GLVSRVLo}HV GH GLUHLWR SUREDWyULR DGRWDGDV QHVWH &yGLJR DSOLFDPVH DSHQDV jV SURYDV
UHTXHULGDVRXGHWHUPLQDGDVGHRItFLRDSDUWLUGDGDWDGHLQtFLRGHVXDYLJrQFLD

$UW7HUmRSULRULGDGHGHWUDPLWDomRHPTXDOTXHUMXt]RRXWULEXQDORVSURFHGLPHQWRVMXGLFLDLV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

,HPTXHILJXUHFRPRSDUWHRXLQWHUHVVDGRSHVVRDFRPLGDGHLJXDORXVXSHULRUD VHVVHQWD DQRVRX


SRUWDGRUD GH GRHQoD JUDYH DVVLP FRPSUHHQGLGD TXDOTXHU GDV HQXPHUDGDV QR DUW R LQFLVR ;,9 GD /HL QR
GHGHGH]HPEURGH

,,UHJXODGRVSHOD/HLQRGHGHMXOKRGH (VWDWXWRGD&ULDQoDHGR$GROHVFHQWH 

R$SHVVRDLQWHUHVVDGDQDREWHQomRGREHQHItFLRMXQWDQGRSURYDGHVXDFRQGLomRGHYHUiUHTXHUrORj
DXWRULGDGH MXGLFLiULD FRPSHWHQWH SDUD GHFLGLU R IHLWR TXH GHWHUPLQDUi DR FDUWyULR GR MXt]R DV SURYLGrQFLDV D
VHUHPFXPSULGDV

R'HIHULGDDSULRULGDGHRVDXWRVUHFHEHUmRLGHQWLILFDomRSUySULDTXHHYLGHQFLHRUHJLPHGHWUDPLWDomR
SULRULWiULD

 R &RQFHGLGD D SULRULGDGH HVVD QmR FHVVDUi FRP D PRUWH GR EHQHILFLDGR HVWHQGHQGRVH HP IDYRU GR
F{QMXJHVXSpUVWLWHRXGRFRPSDQKHLURHPXQLmRHVWiYHO

R$WUDPLWDomRSULRULWiULDLQGHSHQGHGHGHIHULPHQWRSHORyUJmRMXULVGLFLRQDOHGHYHUiVHULPHGLDWDPHQWH
FRQFHGLGDGLDQWHGDSURYDGDFRQGLomRGHEHQHILFLiULR

$UW   6HPSUH TXH D OHL UHPHWHU D SURFHGLPHQWR SUHYLVWR QD OHL SURFHVVXDO VHP HVSHFLILFiOR VHUi
REVHUYDGRRSURFHGLPHQWRFRPXPSUHYLVWRQHVWH&yGLJR

3DUiJUDIR~QLFR1DKLSyWHVHGHDOHLUHPHWHUDR SURFHGLPHQWR VXPiULR VHUi REVHUYDGR R SURFHGLPHQWR


FRPXPSUHYLVWRQHVWH&yGLJRFRPDVPRGLILFDo}HVSUHYLVWDVQDSUySULDOHLHVSHFLDOVHKRXYHU

$UW   $ 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO RV 0XQLFtSLRV VXDV UHVSHFWLYDV HQWLGDGHV GD
DGPLQLVWUDomRLQGLUHWDR0LQLVWpULR3~EOLFRD'HIHQVRULD3~EOLFDHD$GYRFDFLD3~EOLFDQRSUD]RGH WULQWD
GLDV D FRQWDU GD GDWD GD HQWUDGD HP YLJRU GHVWH &yGLJR GHYHUmR VH FDGDVWUDU SHUDQWH D DGPLQLVWUDomR GR
WULEXQDOQRTXDODWXHPSDUDFXPSULPHQWRGRGLVSRVWRQRVDUWVRHSDUiJUDIR~QLFR

$UW$VHPSUHVDVS~EOLFDVHSULYDGDVGHYHPFXPSULURGLVSRVWRQRDUWRQR SUD]R GH 


WULQWD  GLDV D FRQWDU GD GDWD GH LQVFULomR GR DWR FRQVWLWXWLYR GD SHVVRD MXUtGLFD SHUDQWH R MXt]R RQGH WHQKDP
VHGHRXILOLDO

3DUiJUDIR~QLFR2GLVSRVWRQRFDSXWQmRVHDSOLFDjVPLFURHPSUHVDVHjVHPSUHVDVGHSHTXHQRSRUWH

$UW   $Wp D HGLomR GH OHL HVSHFtILFD DV H[HFXo}HV FRQWUD GHYHGRU LQVROYHQWH HP FXUVR RX TXH
YHQKDP D VHU SURSRVWDV SHUPDQHFHP UHJXODGDV SHOR /LYUR ,, 7tWXOR ,9 GD /HL QR  GH  GH MDQHLUR GH


$UW2VDWRVSURFHVVXDLVSUDWLFDGRVSRUPHLRHOHWU{QLFRDWpDWUDQVLomRGHILQLWLYDSDUDFHUWLILFDomR
GLJLWDO ILFDP FRQYDOLGDGRV DLQGD TXH QmR WHQKDP REVHUYDGR RV UHTXLVLWRV PtQLPRV HVWDEHOHFLGRV SRU HVWH
&yGLJRGHVGHTXHWHQKDPDWLQJLGRVXDILQDOLGDGHHQmRWHQKDKDYLGRSUHMXt]RjGHIHVDGHTXDOTXHUGDVSDUWHV

$UW2GLVSRVWRQRDUWRVRPHQWHVHDSOLFDDRVSURFHVVRVLQLFLDGRVDSyVDYLJrQFLDGHVWH
&yGLJRDSOLFDQGRVHDRVDQWHULRUHVRGLVSRVWRQRVDUWVHGD/HLQRGHGHMDQHLURGH

$UW 9(7$'2 

$UW   &RQVLGHUDUVHi FRPR WHUPR LQLFLDO GR SUD]R GD SUHVFULomR SUHYLVWD QR DUW  LQFLVR 9
LQFOXVLYHSDUDDVH[HFXo}HVHPFXUVRDGDWDGHYLJrQFLDGHVWH&yGLJR

$UW2GLVSRVWRQRDUWHHQRDUWRHRDSOLFDVHjVGHFLV}HVWUDQVLWDGDV
HPMXOJDGRDSyVDHQWUDGDHPYLJRUGHVWH&yGLJRHjVGHFLV}HVWUDQVLWDGDVHPMXOJDGRDQWHULRUPHQWHDSOLFD
VHRGLVSRVWRQRDUW/HQRDUWSDUiJUDIR~QLFRGD/HLQRGHGHMDQHLURGH

$UW   (P WRGRV RV FDVRV HP TXH KRXYHU UHFROKLPHQWR GH LPSRUWkQFLD HP GLQKHLUR HVWD VHUi
KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GHSRVLWDGDHPQRPHGDSDUWHRXGRLQWHUHVVDGRHPFRQWDHVSHFLDOPRYLPHQWDGDSRURUGHPGRMXL]QRVWHUPRV
GRDUWLQFLVR,

$UWWXWHODSURYLVyULDUHTXHULGDFRQWUDD)D]HQGD3~EOLFDDSOLFDVHRGLVSRVWRQRVDUWV R D R
GD/HLQRGHGHMXQKRGHHQRDUWRRGD/HLQRGHGHDJRVWRGH

$UW2LQFLVR,,GRDUWGD/HLQRGHGHMXOKRGHSDVVDDYLJRUDU FRP D VHJXLQWH


UHGDomR 9LJrQFLD

$UW



,,  DTXHOH TXH UHFRUUHU GD VHQWHQoD DGLDQWDUi D RXWUD PHWDGH GDV FXVWDV
FRPSURYDQGR R DGLDQWDPHQWR QR DWR GH LQWHUSRVLomR GR UHFXUVR VRE SHQD GH
GHVHUomRREVHUYDGRRGLVSRVWRQRVRDRGRDUWGR&yGLJRGH3URFHVVR
&LYLO

 15

$UW   2  R GR DUW  GD /HL QR  GH  GH VHWHPEUR GH  /HL GH $UELWUDJHP  SDVVD D
YLJRUDUFRPDVHJXLQWHUHGDomR 9LJrQFLD

$UW



 R $ GHFUHWDomR GD QXOLGDGH GD VHQWHQoD DUELWUDO WDPEpP SRGHUi VHU
UHTXHULGD QD LPSXJQDomR DR FXPSULPHQWR GD VHQWHQoD QRV WHUPRV GRV DUWV  H
VHJXLQWHVGR&yGLJRGH3URFHVVR&LYLOVHKRXYHUH[HFXomRMXGLFLDO 15

$UW   2 LQFLGHQWH GH GHVFRQVLGHUDomR GD SHUVRQDOLGDGH MXUtGLFD DSOLFDVH DR SURFHVVR GH
FRPSHWrQFLDGRVMXL]DGRVHVSHFLDLV

$UW$WpDHGLomRGHOHLHVSHFtILFDRVMXL]DGRVHVSHFLDLVFtYHLVSUHYLVWRVQD/HL QR  GH 


GHVHWHPEURGHFRQWLQXDPFRPSHWHQWHVSDUDRSURFHVVDPHQWRHMXOJDPHQWRGDVFDXVDVSUHYLVWDVQRDUW
LQFLVR,,GD/HLQRGHGHMDQHLURGH

$UW   2 FDSXW GR DUW  GD /HL QR  GH  GH VHWHPEUR GH  SDVVD D YLJRUDU FRP D
VHJXLQWHUHGDomR 9LJrQFLD

$UW   &DEHUmR HPEDUJRV GH GHFODUDomR FRQWUD VHQWHQoD RX DFyUGmR QRV
FDVRVSUHYLVWRVQR&yGLJRGH3URFHVVR&LYLO

 15

$UW   2 DUW  GD /HL QR  GH  GH VHWHPEUR GH  SDVVD D YLJRUDU FRP D VHJXLQWH
UHGDomR 9LJrQFLD

$UW2VHPEDUJRVGHGHFODUDomRLQWHUURPSHPRSUD]RSDUDDLQWHUSRVLomR
GHUHFXUVR 15

$UW   2 DUW  GD /HL QR  GH  GH VHWHPEUR GH  SDVVDP D YLJRUDU FRP D VHJXLQWH
UHGDomR 9LJrQFLD

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

$UW   &DEHP HPEDUJRV GH GHFODUDomR TXDQGR HP VHQWHQoD RX DFyUGmR
KRXYHUREVFXULGDGHFRQWUDGLomRRXRPLVVmR



 R 2V HPEDUJRV GH GHFODUDomR LQWHUURPSHP R SUD]R SDUD D LQWHUSRVLomR GH


UHFXUVR

 15

$UW2DUWGD /HL QR  GH  GH MXOKR GH  &yGLJR (OHLWRUDO  SDVVD D YLJRUDU FRP D
VHJXLQWHUHGDomR 9LJrQFLD

$UW   6mR DGPLVVtYHLV HPEDUJRV GH GHFODUDomR QDV KLSyWHVHV SUHYLVWDV
QR&yGLJRGH3URFHVVR&LYLO

 R 2V HPEDUJRV GH GHFODUDomR VHUmR RSRVWRV QR SUD]R GH  WUrV  GLDV
FRQWDGRGDGDWDGHSXEOLFDomRGDGHFLVmRHPEDUJDGDHPSHWLomRGLULJLGDDRMXL]RX
UHODWRUFRPDLQGLFDomRGRSRQWRTXHOKHVGHXFDXVD

R2VHPEDUJRVGHGHFODUDomRQmRHVWmRVXMHLWRVDSUHSDUR

R2MXL]MXOJDUiRVHPEDUJRVHP FLQFR GLDV

R1RVWULEXQDLV

,  R UHODWRU DSUHVHQWDUi RV HPEDUJRV HP PHVD QD VHVVmR VXEVHTXHQWH


SURIHULQGRYRWR

,,  QmR KDYHQGR MXOJDPHQWR QD VHVVmR UHIHULGD QR LQFLVR , VHUi R UHFXUVR
LQFOXtGRHPSDXWD

,,,YHQFLGRRUHODWRURXWURVHUiGHVLJQDGRSDUDODYUDURDFyUGmR

 R 2V HPEDUJRV GH GHFODUDomR LQWHUURPSHP R SUD]R SDUD D LQWHUSRVLomR GH


UHFXUVR

 R 4XDQGR PDQLIHVWDPHQWH SURWHODWyULRV RV HPEDUJRV GH GHFODUDomR R MXL]


RX R WULEXQDO HP GHFLVmR IXQGDPHQWDGD FRQGHQDUi R HPEDUJDQWH D SDJDU DR
HPEDUJDGRPXOWDQmRH[FHGHQWHD GRLV VDOiULRVPtQLPRV

R1DUHLWHUDomRGHHPEDUJRVGHGHFODUDomRPDQLIHVWDPHQWHSURWHODWyULRVD
PXOWDVHUiHOHYDGDDDWp GH] VDOiULRVPtQLPRV 15

$UW   2 DUW  H R FDSXW GR DUW  GD /HL QR  GH  GH MDQHLUR GH  &yGLJR &LYLO 
SDVVDPDYLJRUDUFRPDVHJXLQWHUHGDomR 9LJrQFLD

$UW   2 MXOJDPHQWR FRQWUiULR D XP GRV FUHGRUHV VROLGiULRV QmR DWLQJH RV
GHPDLV PDV R MXOJDPHQWR IDYRUiYHO DSURYHLWDOKHV VHP SUHMXt]R GH H[FHomR
SHVVRDOTXHRGHYHGRUWHQKDGLUHLWRGHLQYRFDUHPUHODomRDTXDOTXHUGHOHV 15

$UW   $ SDUWLOKD p DQXOiYHO SHORV YtFLRV H GHIHLWRV TXH LQYDOLGDP HP


JHUDORVQHJyFLRVMXUtGLFRV

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

 15

$UW  2 &RQVHOKR 1DFLRQDO GH -XVWLoD SURPRYHUi SHULRGLFDPHQWH SHVTXLVDV HVWDWtVWLFDV SDUD
DYDOLDomRGDHIHWLYLGDGHGDVQRUPDVSUHYLVWDVQHVWH&yGLJR

$UW  e GH  TXLQ]H  GLDV R SUD]R SDUD D LQWHUSRVLomR GH TXDOTXHU DJUDYR SUHYLVWR HP OHL RX HP
UHJLPHQWRLQWHUQRGHWULEXQDOFRQWUDGHFLVmRGHUHODWRURXRXWUDGHFLVmRXQLSHVVRDOSURIHULGDHPWULEXQDO

$UW   2 &DStWXOR ,,, GR 7tWXOR 9 GD /HL QR  GH  GH GH]HPEUR GH  /HL GH 5HJLVWURV
3~EOLFRV SDVVDDYLJRUDUDFUHVFLGDGRVHJXLQWHDUW$ 9LJrQFLD

$UW $  6HP SUHMXt]R GD YLD MXULVGLFLRQDO p DGPLWLGR R SHGLGR GH


UHFRQKHFLPHQWRH[WUDMXGLFLDOGHXVXFDSLmRTXHVHUiSURFHVVDGRGLUHWDPHQWH SHUDQWH
R FDUWyULR GR UHJLVWUR GH LPyYHLV GD FRPDUFD HP TXH HVWLYHU VLWXDGR R LPyYHO
XVXFDSLHQGR D UHTXHULPHQWR GR LQWHUHVVDGR UHSUHVHQWDGR SRU DGYRJDGR LQVWUXtGR
FRP

,DWDQRWDULDOODYUDGDSHORWDEHOLmRDWHVWDQGRRWHPSRGHSRVVHGRUHTXHUHQWH
HVHXVDQWHFHVVRUHVFRQIRUPHRFDVRHVXDVFLUFXQVWkQFLDV

,,  SODQWD H PHPRULDO GHVFULWLYR DVVLQDGR SRU SURILVVLRQDO OHJDOPHQWH


KDELOLWDGR FRP SURYD GH DQRWDomR GH UHVSRQVDELOLGDGH WpFQLFD QR UHVSHFWLYR
FRQVHOKR GH ILVFDOL]DomR SURILVVLRQDO H SHORV WLWXODUHV GH GLUHLWRV UHDLV H GH RXWURV
GLUHLWRVUHJLVWUDGRVRXDYHUEDGRVQDPDWUtFXODGRLPyYHOXVXFDSLHQGRHQDPDWUtFXOD
GRVLPyYHLVFRQILQDQWHV

,,,FHUWLG}HVQHJDWLYDVGRVGLVWULEXLGRUHVGDFRPDUFDGDVLWXDomRGRLPyYHOH
GRGRPLFtOLRGRUHTXHUHQWH

,9MXVWRWtWXORRXTXDLVTXHURXWURVGRFXPHQWRVTXHGHPRQVWUHPDRULJHP D
FRQWLQXLGDGHDQDWXUH]DHRWHPSRGDSRVVHWDLVFRPRRSDJDPHQWR GRV LPSRVWRV
HGDVWD[DVTXHLQFLGLUHPVREUHRLPyYHO

 R 2 SHGLGR VHUi DXWXDGR SHOR UHJLVWUDGRU SURUURJDQGRVH R SUD]R GD


SUHQRWDomRDWpRDFROKLPHQWRRXDUHMHLomRGRSHGLGR

 R 6H D SODQWD QmR FRQWLYHU D DVVLQDWXUD GH TXDOTXHU XP GRV WLWXODUHV GH
GLUHLWRV UHDLV H GH RXWURV GLUHLWRV UHJLVWUDGRV RX DYHUEDGRV QD PDWUtFXOD GR LPyYHO
XVXFDSLHQGR H QD PDWUtFXOD GRV LPyYHLV FRQILQDQWHV HVVH VHUi QRWLILFDGR SHOR
UHJLVWUDGRU FRPSHWHQWH SHVVRDOPHQWH RX SHOR FRUUHLR FRP DYLVR GH UHFHELPHQWR
SDUDPDQLIHVWDUVHXFRQVHQWLPHQWRH[SUHVVRHP TXLQ]H GLDVLQWHUSUHWDGRRVHX
VLOrQFLRFRPRGLVFRUGkQFLD

 R 2 RILFLDO GH UHJLVWUR GH LPyYHLV GDUi FLrQFLD j 8QLmR DR (VWDGR DR
'LVWULWR)HGHUDOHDR0XQLFtSLRSHVVRDOPHQWHSRULQWHUPpGLRGRRILFLDOGHUHJLVWURGH
WtWXORV H GRFXPHQWRV RX SHOR FRUUHLR FRP DYLVR GH UHFHELPHQWR SDUD TXH VH
PDQLIHVWHPHP TXLQ]H GLDVVREUHRSHGLGR

 R 2 RILFLDO GH UHJLVWUR GH LPyYHLV SURPRYHUi D SXEOLFDomR GH HGLWDO HP
MRUQDO GH JUDQGH FLUFXODomR RQGH KRXYHU SDUD D FLrQFLD GH WHUFHLURV HYHQWXDOPHQWH
LQWHUHVVDGRVTXHSRGHUmRVHPDQLIHVWDUHP TXLQ]H GLDV

R3DUDDHOXFLGDomRGHTXDOTXHUSRQWRGHG~YLGDSRGHUmRVHUVROLFLWDGDVRX
UHDOL]DGDVGLOLJrQFLDVSHORRILFLDOGHUHJLVWURGHLPyYHLV

R7UDQVFRUULGRRSUD]RGHTXHWUDWDRRGHVWH DUWLJR VHP SHQGrQFLD GH


KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

GLOLJrQFLDV QD IRUPD GR  R GHVWH DUWLJR H DFKDQGRVH HP RUGHP D GRFXPHQWDomR
FRP LQFOXVmR GD FRQFRUGkQFLD H[SUHVVD GRV WLWXODUHV GH GLUHLWRV UHDLV H GH RXWURV
GLUHLWRVUHJLVWUDGRVRXDYHUEDGRVQDPDWUtFXODGRLPyYHOXVXFDSLHQGRHQD PDWUtFXOD
GRV LPyYHLV FRQILQDQWHV R RILFLDO GH UHJLVWUR GH LPyYHLV UHJLVWUDUi D DTXLVLomR GR
LPyYHOFRPDVGHVFULo}HVDSUHVHQWDGDVVHQGRSHUPLWLGDDDEHUWXUDGHPDWUtFXODVH
IRURFDVR

 R (P TXDOTXHU FDVR p OtFLWR DR LQWHUHVVDGR VXVFLWDU R SURFHGLPHQWR GH


G~YLGDQRVWHUPRVGHVWD/HL

 R $R ILQDO GDV GLOLJrQFLDV VH D GRFXPHQWDomR QmR HVWLYHU HP RUGHP R
RILFLDOGHUHJLVWURGHLPyYHLVUHMHLWDUiRSHGLGR

 R $ UHMHLomR GR SHGLGR H[WUDMXGLFLDO QmR LPSHGH R DMXL]DPHQWR GH DomR GH
XVXFDSLmR

   (P FDVR GH LPSXJQDomR GR SHGLGR GH UHFRQKHFLPHQWR H[WUDMXGLFLDO GH
XVXFDSLmR DSUHVHQWDGD SRU TXDOTXHU XP GRV WLWXODUHV GH GLUHLWR UHDLV H GH RXWURV
GLUHLWRVUHJLVWUDGRVRXDYHUEDGRVQDPDWUtFXODGRLPyYHOXVXFDSLHQGRHQDPDWUtFXOD
GRV LPyYHLV FRQILQDQWHV SRU DOJXP GRV HQWHV S~EOLFRV RX SRU DOJXP WHUFHLUR
LQWHUHVVDGR R RILFLDO GH UHJLVWUR GH LPyYHLV UHPHWHUi RV DXWRV DR MXt]R FRPSHWHQWH
GDFRPDUFDGDVLWXDomRGRLPyYHOFDEHQGRDRUHTXHUHQWHHPHQGDUDSHWLomRLQLFLDO
SDUDDGHTXiODDRSURFHGLPHQWRFRPXP

$UW5HYRJDPVH

,RDUWGR'HFUHWR/HLQRGHGHQRYHPEURGH

,,RVDUWVFDSXWHDGD/HLQR  GH  GH MDQHLUR GH


 &yGLJR&LYLO 

,,,RVDUWVHGD/HLQRGHGHIHYHUHLURGH

,9RVDUWVDDHGD/HLQRGHGHPDLRGH

9RVDUWVDGD/HLQRGHGHMXOKRGHH

9,RDUWRGD/HLQRGHGHQRYHPEURGH

%UDVtOLDGHPDUoRGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD

',/0$52866())
-RVp(GXDUGR&DUGR]R
-DTXHV:DJQHU
-RDTXLP9LHLUD)HUUHLUD/HY\
/XtV,QiFLR/XFHQD$GDPV

(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 
 /

KWWSZZZSODQDOWRJRYEUFFLYLOBB$WR/HL/KWP 

Você também pode gostar