Escolar Documentos
Profissional Documentos
Cultura Documentos
Augusto Nascimento
!"#$%&'()**+
,&D
,--./(012345+2+
667(08*40+2
'%( !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
,/^dKZ/K'Z&/^KZ^KdKDWZ1E/W
&@,*3)!$&%,7
,^dW
('!/89235
!191;'$(=&;"62*3'$6
%)#&@-?* (VWH DUWLJR FRQWpP XPD DSUHVHQWDomR GD KLVWRULRJUDD VREUH R DUTXLSpODJR
HTXDWRULDO QDV GpFDGDV UHFHQWHV /LVWDPVH RV SULQFLSDLV DXWRUHV H UHIHUHPVH DOJXPDV
GDV SULQFLSDLV WHPiWLFDV GD KLVWyULD VmRWRPHQVH$OJXPDV VmR UHOHYDQWHV GR SRQWR GH YLVWD
KLVWRULRJUiFR RXWUDV WHP VREUHWXGR XPD YDOLD VLPEyOLFD H UHODFLRQDGD FRP D DIHFWLYLGDGH
QDFLRQDOLVWD GH XP SDtV TXH GHSRLV GH FHUFD DQRV GH OLJDomR D 3RUWXJDO VH WRUQRX
LQGHSHQGHQWHHP6mRDLQGDSRXFRVRVHVWXGRVVREUHRDUTXLSpODJRHQXPFHUWRVHQWLGR
DWUDMHFWyULDGRSDtVGHVGHDLQGHSHQGrQFLDWHPLQXtGRQDGpELOSURGXomRKLVWyULFDORFDO
W>sZ^,s6mR7RPpH3UtQFLSHKLVWRULRJUDD
,D#$%,0$?*7KLVDUWLFOHFRQWDLQVDSUHVHQWDWLRQRIKLVWRU\RQWKHLVODQGVLQUHFHQWGHFDGHV
7KHDUWLFOHUHIHUVQRWRQO\WKHPDLQDXWKRUDVZHOODVVRPHRIWKHPDLQWKHPHVRIDUFKLSHODJRV
KLVWRU\6RPHWKHPHVDUHUHOHYDQWWRKLVWRULRJUDSK\2WKHUVKDYHV\PEROLFYDOXHUHODWHGWRWKH
DIIHFWLRQRIDQDWLRQDOLVWFRXQWU\WKDWDIWHUDERXW\HDUVRIFRORQLDOKLVWRU\EHFDPHLQGHSHQGHQW
LQ,QDVHQVHWKHUHDUHVWLOOIHZVWXGLHVRQWKHORFDOKLVWRU\7KHWUDMHFWRU\RIWKHFRXQWU\
VLQFHLQGHSHQGHQFHKDVLQXHQFHGWKHZHDNORFDOKLVWRULFDOSURGXFWLRQ
E)FG-%/#?*6mR7RPHDQG3ULQFLSHKLVWRULRJUDSK\
3UHYLVLYHOPHQWHKRMHWHULDHVFULWRXPWH[WRGLIHUHQWHGR67RPpH3UtQFLSHQRVVpFXORV;,;;;RVHVWXGRVSyV
LQGHSHQGrQFLDSXEOLFDGRHPHTXHSUHWHQGHXVHUXPDUHVHQKDGRVHVWXGRVHIHFWXDGRVDWpHVVDGDWD
6! $XJXVWR1DVFLPHQWRQDVFHXHP/LVERDDGH0DUoRGH/LFHQFLRXVHHP+LVWyULDHPSHOD)DFXOGDGH
GH/HWUDVGD8QLYHUVLGDGH&OiVVLFDGH/LVERD)RLFRRSHUDQWHHP6mR7RPpH3UtQFLSHHQWUHH7RUQRX
VH0HVWUHHP(PREWHYHRJUDXGH'RXWRUHP6RFLRORJLDQDHVSHFLDOLGDGHGH(FRQRPLDH6RFLRORJLD
+LVWyULFDVSHOD)DFXOGDGHGH&LrQFLDV6RFLDLVH+XPDQDVGD8QLYHUVLGDGH1RYDGH/LVERD,QYHVWLJDGRUDX[LOLDUGR
,QVWLWXWRGH,QYHVWLJDomR&LHQWtFD7URSLFDOHP/LVERD&RODERUDFRPR&HQWURGH(VWXGRV$IULFDQRVGR,6&7(HFRP
R&HQWURGH(VWXGRV$IULFDQRVGD8QLYHUVLGDGHGR3RUWR$XWRUGRVVHJXLQWHVOLYURV,$+*#*;(*(O1$'6+6&3$(3&;(#$b&;(
GH67RPpH3UtQFLSHGHQDLVGH2LWRFHQWRVDPHDGRVGH1RYHFHQWRVX#\?$;(+&()&b&a(M1#$<*1;(*3'#*(&(
\$#'13&(*(&(+*;C*3'1#&(3$(:K(8$2>(*(,#F3"6<*("$0$36&0-*;'*##$(*("$3'#&'$K(7$b&2%6"&3$;(&("&263S$(+*(:K(
8$2>(*(,#F3"6<*(/&3$;(gfkeVgfle4(Z(;10(+&(+6H;<$#&K(E&%$VC*#+6&3$;(3&;(<0&3'&bu*;(+*(:K(8$2>(*(,#F3"6<*(*(
+*(7$b&2%6O1*$PLVHULFyUGLDQDYRUDJHPGDVLOKDV)UDJPHQWRVGDWUDMHFWyULDGDV0LVHULFyUGLDVGH67RPp
*(+$(,#F3"6<*(M3'#*($(213+$(*(&;(60S&;K(Z(&;;$"6&'6C6;2$(;?$V'$2*3;*(3$;(<#62*6#$;(+*">36$;(+*(=$C*"*3'$;(
2 P GR FDPLQKX ORQJL E6R3"6&;( ;$"6&6;( *2( :?$( 8$2>( *( ,#F3"6<*a( &( 63+*<*3+R3"6&( *( $( *;'&+$( +&(
&#'*GLVSRQtYHOHPZZZDIULFDQRVHX!'0&;(+&(U1;$\$36&K(:K(8$2>(*(,#F3"6<*QRSUHOR$XWRUGHGH]HQDVGH
DUWLJRVFLHQWtFRVHPSXEOLFDo}HVQDFLRQDLVHLQWHUQDFLRQDLV
!""#
'%'
/
HSRLVGDLQWHUHVVDQWHREUDGH5REHUW*$5),(/'!(S6;'$#N($\(:?$(8$2>(6;0&3+](
gkjeVglPXPDQDUUDWLYDTXHHPERUDVLQWpWLFDIRUQHFHXPDH[SOLFDomRVXJHVWLYD
SDUDXPSHUtRGRHPTXHDDSDUHQWHSHUGDGHGHWHUPLQDomRGRVLOKpXVVREUHRVHX
GHYLUFROHFWLYRVHVXFHGHXDXPDpSRFDGHDYXOWDGRVJDQKRVFRPDFXOWXUDDoXFDUHLUD
SDVVDUDPVHDQRVVHPVXUJLUHPWH[WRVUHOHYDQWHVVREUHDKLVWyULDGRDUTXLSpODJR
QDpSRFDPRGHUQD3RUpPDRORQJRGRV~OWLPRVYLQWHDQRVSURGX]LXVHXPDSUHFLiYHOFRQMXQWR
:'# 3'&'&# :'# +'&3(7:*# '# :*<3*(7+'%3*# '+# <%)C'(&):7:'&# =*(3<><'&7&;# :'&)>%7:7+'%3'# %7#
8QLYHUVLGDGH1RYDGH/LVERD'HFDUL]PRQRJUiFRFRPHOHYDGRJUDXGHPLQ~FLDHDVVHQWHV
QXPD SHVTXLVD VLVWHPiWLFD GH IRQWHV SULPiULDV DWp Ki DQRV LQH[SORUDGDV HVVDV GLVVHUWDo}HV
IRUDP SDXODWLQDPHQWH SURSRUFLRQDQGR FRQKHFLPHQWRV UHODWLYRV DR ODSVR WHPSRUDO GHVGH D
GHVFREHUWDDWpDRVSULPyUGLRVGRVpFXOR;,;3DUWHGHVVDVWHVHVIRUDPRSRQWRGHSDUWLGDSDUD
RVYiULRVWH[WRVGH!("$0$36I&b?$(&'0c3'6"&;#3*+*#6;#:*#C*2<+'#$$$#:7#=$C&(G6;'D#6&(+&(MW<&3;?$(
,$#'191*;&T"#
(PERUDFRQVWUXtGDVHJXQGRXPDOyJLFDGLYHUVDPDLVDWLGDjSUREOHPDWL]DomRHjDQiOLVH
GDVWHQGrQFLDVGHHYROXomRSROtWLFDDGPLQLVWUDWLYDHFRQyPLFDHFXOWXUDOGRLPSpULRWDPEpPD
G6;'D#6&(+&(MW<&3;?$(,$#'191*;&RRIHUHFHPDWHULDLVVREUHRDUTXLSpODJRHTXDWRULDO
3RUWDQWR JUDoDV D YiULDV GLVVHUWDo}HV GH PHVWUDGR H GH GRXWRUDPHQWR GHIHQGLGDV QR
'&3(7%>')(*#'#'+#>(7%:'#=7(3'#=*(#'&3(7%>')(*&;#:'&)>%7:7+'%3'#=*(#'&3<:7%3'&#=*(3<><'&'&#
GHPHVWUDGRHGHGRXWRUDPHQWRDKLVWRULRJUDDVREUH6mR7RPpH3UtQFLSHDSUHVHQWDVHKRMH
PHQRV ODFXQDU 3DUD VHU PDLV SUHFLVR H VHP GHVPHUHFHU RV FRQWULEXWRV GD GLYXOJDomR GH
IRQWHVSULPiULDVQRWHPSRFRORQLDOPXLWROLJDGDDRVSURSyVLWRVFRPHPRUDWLYRVGRUHJLPHD
KLVWyULDGH6mR7RPpH3UtQFLSHHUDSUDWLFDPHQWHGHVFRQKHFLGDDWpjSXEOLFDomRGDPDJLVWUDO
REUDGH)UDQFLVFR7(15(,52!(60S&(+*(:?$(8$2>HP$FWXDOPHQWHH[LVWHXPUD]RiYHO
FRQKHFLPHQWR GD HYROXomR GH 6mR 7RPp H 3UtQFLSH TXH SHUPLWH SRU H[HPSOR H[HUFtFLRV
FRPSDUDWLYRVFRPRXWURVHVSDoRVRXWURUDVREGRPLQDomRSRUWXJXHVD(POLQKDFRPDUHQRYDomR
GDSURGXomRKLVWRULRJUiFDQRV~OWLPRVDQRVHGLIHUHQWHPHQWHGRVXFHGLGRFRPDKLVWRULRJUDD
DSRORJpWLFD GD REUD FRORQL]DGRUD SRUWXJXHVD DV GLVVHUWDo}HV GHQRWDP XP FODUR HVIRUoR GH
GHPDUFDomRGRHWQRFHQWULVPRHXPDSURFXUDGHOyJLFDVSROtWLFDVHVRFLDLVORFDLVUHIHULGDVDR
3'(()3I()*#)%&<27("
1R WRFDQWH DRV VpFXORV ;,; H ;; R SURSyVLWR VLPLODU GH IDFXOWDU XPD YLVmR GH FRQMXQWR
UHYHODUVHiPXLWRPDLVODERULRVRHFRPSOH[RHPWHUPRVFRPSDUDWLYRVQRWHVHTXHDG6;'D#6&(
P*#&0(+*(E&%$(5*#+*VHTXHGRXSHORSHUtRGRPRGHUQRDWpSHODVP~OWLSODVSRVVLELOLGDGHVGHXPD
DQiOLVHSOXULGLVFLSOLQDUDFHUFDGHXPWHPSRKLVWyULFRPDLVSUy[LPRHGLUtDPRVLGHRORJLFDPHQWH
PDLVFRQWDPLQDQWH0DVQmRVy$FRPSOH[LGDGHGHULYDWDPEpPGDPDLRUDEXQGkQFLDGHIRQWHV
GHVLJQDGDPHQWHDVSURGX]LGDVSHODDGPLQLVWUDomRFRORQLDOH[LVWHQWHVSRUH[HPSORQR$UTXLYR
+LVWyULFRGH6mR7RPpH3UtQFLSHHHP/LVERDQR$UTXLYR+LVWyULFR8OWUDPDULQRQD7RUUHGR
7RPERHQR$UTXLYR+LVWyULFRGR0LQLVWpULRGRV1HJyFLRV(VWUDQJHLURV
1R WRFDQWH DR SHUtRGR FRQWHPSRUkQHR LPSRUWD WHU HP FRQWD DV PHQo}HV D 6mR7RPp H
3UtQFLSH QRV WH[WRV GH 9DOHQWLP$/(;$1'5( DVVLP FRPR VH SRGHP FRQVXOWDU RV FDStWXORV
UHIHUHQWHVDRDUTXLSpODJRQRVYROXPHVGD=$C&(G6;'D#6&(+&(MW<&3;?$(,$#'191*;&;#>(*&&*#+*:*#
FRLQFLGHQWHVFRPROLEHUDOLVPRZ(62<>#6$(&\#6"&3$(ghdVghfeSHFRPD5HS~EOLFDZ(62<>#6$(
&\#6"&3$(ghfeVgfie"#
0HQFLRQHPVH RV WUDEDOKRV GH : *HUYDVH &/$5(1&(60,7+ IRFDGRV QDV TXHVW}HV
9HMDVHXPDDSUHFLDomRFUtWLFDGDREUDGH*$5),(/'HP)LOLSD6,/9$
9ROXPHFRRUGHQDGRSRU$UWXU7HRGRURGH0$726WHQGRDREUDVLGRGLULJLGDSRU-RHO6(552H$+GH2OLYHLUD
0$548(6SXEOLFDGDSHOD(VWDPSD
'LULJLGDSRU)UDQFLVFR%(7+(1&2857H.LUWL&+$8'+85,DG6;'D#6&(+&(MW<&3;?$(,$#'191*;&IRLSXEOLFDGD
SHOR&tUFXORGH/HLWRUHV
&RRUGHQDGRSRU9DOHQWLP$/(;$1'5(H-LOO',$6
&RRUGHQDGRSRU$+GH2OLYHLUD0$548(6
!""#
'%) !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
UHODWLYDVDRSURJUHVVRGDIURQWHLUDGRFDFDXSHORPXQGRHQDFRPSDUDomRHQWUHRVFXVWRVGR
WUDEDOKRHVFUDYRHOLYUH1mRVHSRGHGHL[DUGHFLWDUDSURGXomRGH*HUKDUG6(,%(57PRUPHQWH
DVXDWHVHGHGRXWRUDPHQWRFHQWUDGDQRSyVLQGHSHQGrQFLD&RPRVtQWHVHGHUHIHUrQFLDFLWHVH
RWUDEDOKRGH7RQ\+2'*(6H0DO\Q1(:,77
eSURYiYHOTXHR"S*6#$(+$(<*'#D0*$HRVDUUDQMRVJHRHVWUDWpJLFRVQDVXEUHJLmRYROWHPD
DWUDLUDDWHQomRVREUHRDUTXLSpODJR(FRQFUHWDPHQWHVREUHDSROtWLFDQRSHUtRGRPDLVUHFHQWH
eRFDVRGDVREUDVGRHFRQRPLVWD$UPLQGR&HLWD(VStULWR6$172TXHYHUVDPDHYROXomRQR
SyVLQGHSHQGrQFLD
$YLVmRGHFRQMXQWR
3RU FRQVHJXLQWH GLIHUHQWHPHQWH GH Ki GpFDGDV R FRQMXQWR GRV HVWXGRV SURSRUFLRQD
XP FRQKHFLPHQWR GH XPD WUDPD KLVWyULFD FRP EDVH QD TXDO PXLWRV VH SHUPLWLUmR HVFRUDU
LQWHUSUHWDo}HV VREUH R GHYLU VmRWRPHQVH 3DUD RXWURV PRUPHQWH SDUD RV VmRWRPHQVHV
HVWD SURGXomR SHUPDQHFHUi DTXpP GH XP GHVtJQLR TXH OKHV SDUHFH H[HTXtYHO H GHVHMiYHO
D HODERUDomR GH XPD KLVWyULD FRPSUHHQVLYD GR VHX SDtV H GR SRYR VmRWRPHQVH RX QXPD
SHUVSHFWLYDPDLVFDXWHORVDGRVVmRWRPHQVHV
1R DUTXLSpODJR D HVSDoRV SURMHFWDPVH VREUH D KLVWyULD H VREUH R VDEHU KLVWyULFR
LQWHUURJDo}HVDTXHHODQmRSRGHUHVSRQGHU'HVGHORJRSRUTXHVREUDPDVSHUJXQWDVGHULYDGDV
GDUHWURSURMHFomRGDVSUHRFXSDo}HVDFWXDLVSDUDTXHQmRVHHQFRQWUDPUHVSRVWDVQRF~PXOR
GRFRQKHFLPHQWRKLVWyULFR3RUH[HPSORHVWiDKLVWyULDHPFRQGLo}HVGHIRUQHFHUXPDGHVFULomR
H[DXVWLYD GH XP VXSRVWR YHLR LGLRVVLQFUiWLFR GRV LOKpXV UHVXOWDQWH GD LQWHUDFomR FRP IULFD
HR%UDVLOHFRPDOWRVHEDL[RVGHTXLQKHQWRVDQRVGHKLVWyULDLPEULFDGDFRPDGH3RUWXJDO"
&UHLRTXHQHQKXPDSHVTXLVDKLVWyULFD UHVSRQGHUi FDEDOPHQWH DSHUJXQWDV UHODFLRQDGDV FRP
DGHQLomRVHPSUHTXHVWLRQiYHOGDLGLRVVLQFUDVLDGRVVmRWRPHQVHVSDUDPDLVVHFRPRMi
VXFHGHKRMHQRDUTXLSpODJRHVVDLGLRVVLQFUDVLDIRLUHLFDGDHQTXDQWRIDFWRUGHSHUGDSROtWLFDH
VRFLDOQDVGHUUDGHLUDVGpFDGDV$LQGDTXHRFRQKHFLPHQWRKLVWyULFRVHPHDJXUHLPSUHVFLQGtYHO
RVSUREOHPDVGDUHFHQWHHYROXomRSROtWLFDQmRWrPQHFHVVDULDPHQWHXPDUHVSRVWDQDKLVWyULD(
PHQRVDLQGDQDSURGXomRGHUHFRUWHDFDGpPLFR
$QDO GH FRQWDV QmR IRL HVVH R WR GRV LQYHVWLJDGRUHV TXH VHP OLJDo}HV DIHFWLYDV
HODERUDUDP WHVHV GH SHQGRU PRQRJUiFR$OpP GH RUJDQL]DU GH DFRUGR FRP RV FkQRQHV GD
QDUUDWLYDKLVWyULFDRVYiULRVGDGRVFRPSXOVDGRVQDVIRQWHVDOJXPDVIROKHDGDVSHODSULPHLUDYH]
HGLVSRQLELOL]DGDVQRVDQH[RVGRFXPHQWDLVRVDXWRUHVGDVGLVVHUWDo}HVHVWDYDPSRUYHQWXUD
PDLV SUHRFXSDGRV FRP SHUVSHFWLYDV FRPSDUDWLYDV GR TXH FRP LQWHUSUHWDo}HV FRPSUHHQVLYDV
LPSURYDYHOPHQWH~WHLVSDUDDSHUFHSomRGRPRGRGHVHUHGHDJLUGRVVmRWRPHQVHV'LWRGH
RXWUDIRUPDDVGLVVHUWDo}HVIRUDPHODERUDGDVGHDFRUGRFRPRLQWHUHVVHGHWHVWDUYDULiYHLVHGH
FRPSRUXPDVHTXrQFLDKLVWyULFDQXPGDGRDUTXLSpODJRHQmRHPDOLFHUoDUYLV}HVFRPSUHHQVLYDV
VREUHDKLVWyULDGHXPSRYRXPDHQWLGDGHTXHHPERUDPXLWRSUH]DGDSHORVVmRWRPHQVHVp
PXLWRGLVFXWtYHOHQTXDQWRVXMHLWRKLVWyULFR
1mR VH HQFRQWUD XPD YLVmR GH FRQMXQWR TXH WDOYH] Vy FHUWDV FLUFXQVWkQFLDV KLVWyULFDV
H JHRJUiFDV DXWRUL]HP LOXVRULDPHQWH D SHQVDU TXH p SRVVtYHO WUDoDU 5HDOFHVH DOLiV TXH
D LPXWDELOLGDGH LQDGYHUWLGDPHQWH DVVRFLDGD j FRQGLomR DUTXLSHOiJLFD p HQJDQDGRUD QmR Vy
R DUTXLSpODJR Mi FRPSUHHQGHX DV LOKDV GH )HUQDQGR 3y H$QR %RP FRPR D LQWHUDFomR FRP
YDULDGRVSRYRVQmRIRLPHQRUGRTXHQRXWUDVUHJL}HVDIULFDQDV
$OpPGLVVRRQRVVRWHPSRHDRPHQRVFLUFXQVWDQFLDOPHQWHRFRQKHFLPHQWRKLVWyULFR
DFWXDO QmR SDUHFH SURStFLR jV JUDQGHV VtQWHVHV KLVWyULFDV PHVPR VH FRPR VH GLVVH HODV
SDUHFHP SUH]DGDV RX SURFXUDGDV SHORV LOKpXV TXH IDODP GD QRVVD KLVWyULD FRPR GH DOJR
GH LUUHGXWtYHO Vy SDVVtYHO GH VHU HQWHQGLGD SHORV VmRWRPHQVHV GR TXH HYLGHQWHPHQWH VH
GLVFRUGDUi
8P LQYHQWiULR FUtWLFR GD SURGXomR FLHQWtFD VmRWRPHQVH QR SyVLQGHSHQGrQFLD SRGH VHU HQFRQWUDGD HP
1$6&,0(172E
!""#
'%*
0'+7&
6HMD FRPR IRU GHSDUDPRQRV FRP XPD VLWXDomR DPELYDOHQWH SRU XP ODGR Mi GLVSRPRV
GH EDVWDQWH PDWHULDO H GH FRQKHFLPHQWRV DSURIXQGDGRV VREUH FHUWRV SHUtRGRV GD KLVWyULD
GR DUTXLSpODJR 3RU RXWUR ODGR UHVWDP PXLWRV SUREOHPDV SRU UHVROYHU DOJXQV GHOHV GH FDUL]
HVWULWDPHQWHKLVWyULFRRXWURVPDLVRXPHQRVLQGX]LGRVSHODFRQJXUDomRDFWXDOGDVRFLHGDGH
&8*,3*+'%&'"
'DGD D SROLWL]DomR GD KLVWyULD RV PRPHQWRV IXQGDGRUHV JDQKDUDP LPSRUWkQFLD 7rPQD
WDQWRPDLVTXHDVFHOHEUDo}HVGDKLVWyULDORQJtQTXDTXHWRUQDRGLVFXUVRDUELWUiULRHSDVVtYHO
GHLQVWUXPHQWDOL]DomRSDVVDUDPDSUHHQFKHURLPDJLQiULRFROHFWLYR
3HUPDQHFHSRUUHVROYHUDTXHVWmRGRVDQRVGDGHVFREHUWDGDVGXDVLOKDVePDLRUR
FRQVHQVRHPWRUQRGRVGLDVGRTXHGRVDQRVFRQTXDQWRVHWHQKDFHOHEUDGRRTXLQWRFHQWHQiULR
GD GHVFREHUWD GH 6mR 7RPp HP +RMH WHQGH D FRQVLGHUDUVH TXH DV LOKDV WHULDP VLGR
GHVFREHUWDV HQWUH H 6HMD FRPR IRU HVVD HIHPpULGH GHL[RX GH FRQWDU SRU QmR VHU
SUHYLVtYHOTXHQXPIXWXURPDLVRXPHQRVSUy[LPRVHHQFRQWUHUD]mRSDUDDFRPHPRUDU
0DLVLPSRUWDQWHGRSRQWRGHYLVWDSROtWLFRSDUHFHXLPSRUWDQWHVDEHUVHDVLOKDVHVWDYDPRX
QmRGHVDELWDGDV$TXHVWmRQDVFHXDSyVDLQGHSHQGrQFLDPDVDFDERXUDSLGDPHQWHHVYD]LDGD
SHOR VHX QXOR SUpVWLPR SROtWLFR 8OWLPDPHQWH FRPR TXH UHVVXVFLWRX SRU DSDUHFHU UHODFLRQDGD
LPSUHFLVDPHQWHTXHVHMDFRPDDXWHQWLFLGDGHGDLGHQWLFDomRDIULFDQDRXGDDIULFDQL]DomRGR
SDtV1HPSRULVVRDTXHVWmRWHPUHOHYkQFLDPDVDDIHFWLYLGDGHUHODFLRQDGDFRPDQDUUDWLYD
KLVWyULFDGRSRYRLQVXODURXGHTXDOTXHURXWURQmRWHPGHVHUFODULYLGHQWH$SUHVHQoDRXQmR
GHKDELWDQWHVGHWHUPLQDULDTXHPHIHFWLYDPHQWHWHULDGHVFREHUWRHTXHPWHULDRFXSDGR$LQGD
DVVLPDTXHVWmRMiQmRSUHQGHDVDWHQo}HV
2XWURPRPHQWRIXQGDGRUpRGDUHYROWDGH$PDGRUUHIHULGRQDVDXODVGRHQVLQRVHFXQGiULR
HP 6mR 7RPp H 3UtQFLSH FRPR KHUyL LQGHSHQGHQWLVWD$ UHVSHLWR GH$PDGRU H VHP SUHMXt]R
GH YLV}HV O~FLGDV VREUH D JXUD QR VHX FRQWH[WR GLUtDPRV TXH DOJXQV HVWXGRV SURMHFWDP XP
SDWHUQDOLVPRTXHMiYDLVHQGREDHQWR&RPSUHHQGHVHRLQYHVWLPHQWRQDSROLWL]DomRGH$PDGRU
SRUSDUWHGRVLQGHSHQGHQWLVWDVTXHTXHUHPWUDQVPLWLUYDORUHVjVQRYDVJHUDo}HVVmRWRPHQVHV
PDVWDOQmRWHPTXHYHUFRPXPH[HUFtFLRKLVWyULFRH[LJHQWH&RPRRTXH$UOLQGR&$/'(,5$
WHFHXGHVVDLQWHUHVVDQWHJXUDTXHIRLRGHmR5RViULR3LQWR
'DGD D FRUUHQWH FRPSHWLomR SHOR DUURODPHQWR GR SDWULPyQLR H SRU FRPHPRUDo}HV GH
HIHPpULGHVTXHVLUYDPGHPDUFDQRPHUFDGRJOREDOGHEHQVFXOWXUDLVHP6mR7RPpH3UtQFLSH
GLVFXWLXVH D SULPD]LD QD FULDomR GD SULPHLUD FLGDGH SRUWXJXHVD QRV WUySLFRV HP LPDJLQDGD
FRQFRUUrQFLDFRPDFLGDGHGD5LEHLUD*UDQGHHP&DER9HUGH3DUD$0%56,2HQWUHRXWURV
DSULPHLUDFLGDGHSRUWXJXHVDQRVWUySLFRVVHULD6mR7RPpRXD,$b$3QRPHORFDOGHSRYRDomR
$LQGDKiSRXFRWDOTXHVWmRVXVFLWRXXPDYLYDWURFDGHRSLQL}HVQRFLEHUHVSDoR
&RPODLYRVGHLQRYDomR$/(1&$6752IDORXGH6mR7RPpFRPRODERUDWyULRGDVUHODo}HV
VRFLDLVPRUPHQWHGHHVFUDYDWXUDGHWpFQLFDVHUHODo}HVGHWUDEDOKRGDVSODQWDo}HVGHDo~FDU
HDWpGHLQVWLWXLo}HVFRPRDLUPDQGDGHGR5RViULRGRV1HJURVGH6mR7RPpWXGRWUDQVODGDGR
=7(7#*#O(7&)2@1DUHDOLGDGH$/(1&$6752UHFXSHURXDLGHLDGDH[SHULPHQWDomRVRFLDODGLDQWDGD
SRU7(15(,52DUHVSHLWRGH6mR7RPpFRPRGH&DER9HUGH!?"
2FXQKRGRYROXQWDULVPRHPDQFLSDGRUGDUDoDQHJUDDLQGDSODVPDSHTXHQDVVtQWHVHV
'DtpSHTXHQRRSDVVRSDUDDLGHLDSRUH[HPSORGHTXHDUHWLUDGDGRVFRORQRVSDUDR%UDVLO
VHGHYHXjUHVLVWrQFLDDIULFDQDHQmRjVDGLYLQKDGDVYDQWDJHQVGHXPWHUULWyULRLPHQVRFRPRR
%UDVLOHVSHFLDOPHQWHWHQGRHPYLVWDDGHSUHFLDomRGRDo~FDUGH6mR7RPpQRPHUFDGRHXURSHX
H SRUYHQWXUD WDPEpP R DWDTXH GR ELFKR GD FDQD!! $OJXQV VDEHUHV WpFQLFDV H KRPHQV
UXPDUDPDR%UDVLORTXHOHPEURXWDPEpPDRSRUWXQLGDGHGDUHQGRVDDFWLYLGDGHGRWUiFR
$/(1&$6752
!? 7HVHVXEMDFHQWHDYiULRVWUDEDOKRVGH7(15(,52HHQXQFLDGDHP
!! 6,/9$
!""#
'%! !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
(PFRQWUDSRQWRDVtQWHVHVYROXQWDULVWDVRXSDWHUQDOLVWDVHPWRGRRFDVRDSUHVVDGDVKi
RXWUDVTXHGmRTXHSHQVDU(QWUHHODVFRQWDVHDTXHDSUHVHQWD6mR7RPpH3UtQFLSHFRPR
XPDWHUUDGHIURQWHLUD1DUHDOLGDGHFRPRVDOLHQWD&$/'(,5$RTXHWRUQDDVVLQDOiYHORFDVR
GRDUTXLSpODJRQmRpDRFRUUrQFLDGHFRQLWRVPDVDSHUVLVWrQFLDGHVWHVDRORQJRGHVpFXORV
$SHVDU GH HQFDL[DUHP PHOKRU TXHU QD KHUDQoD PDU[LVWD GD IRUPDomR SROtWLFD GRV
LQGHSHQGHQWLVWDV TXHU QD UHFXVD FRQVHQVXDO GD SREUH]D FRPR DOJR LQWROHUiYHO H LPRUDO RV
FRQLWRV VRFLDLV SUHIHUHQFLDOPHQWH RV GH FODVVH WmR PDLV DSURSULDGRV TXDQWR FRLQFLGHQWHV
FRP D FOLYDJHP UDFLDO HQWUH EUDQFRV H QHJURV SDUHFHUDP H[SOLFDU D HYROXomR KLVWyULFD GR
DUTXLSpODJR7HQKRDOJXPFHSWLFLVPRHPFRQFHGHULPSRUWkQFLDKLVWyULFDSURSRUFLRQDODRLQHJiYHO
IUDJRUGHDOJXQVGHVWHVFRQLWRV3URYDYHOPHQWHDVFOLYDJHQVQDVFDPDGDVGRPLQDQWHVIRUDP
VHPSUHPDLVGHFLVLYDVGRTXHDVUHYROWDVGRVHVFUDYRVRXSRVWHULRUPHQWHGRVVHUYLoDLV
-iDSyVDLQGHSHQGrQFLDDIHLomRHXURFrQWULFDHGHVHQYROYLPHQWLVWDPDLVSURSULDPHQWH
VDFUDOL]DGRUD GR WUDEDOKR GR UHJLPH GH SDUWLGR ~QLFR QmR GHL[RX PXLWR HVSDoR SDUD RV
WHVWHPXQKRVGDDIULFDQLGDGHQRWHUULWyULR$RWHPSRWDPEpPRVSURFHVVRVGHLQWHJUDomRVRFLDO
HVLPXOWDQHDPHQWHGHDUUHJLPHQWDomRLGHROyJLFDQmRFRQYLGDYDPDYDORUL]DUHVVDDIULFDQLGDGH
6mR7RPpH3UtQFLSHHUDWLGDSRUXPDVRFLHGDGHFULRXODHQHVWDVtQWHVHLDSUDWLFDPHQWHWXGR
TXDQWRHUDFDUDFWHUL]DomRSVLFRVVRFLDOGRVVmRWRPHQVHVVHpTXHWDOVtQWHVHFDUDFWHUL]DGRUD
DGX]DOJRDRFRQKHFLPHQWRGRVKRPHQVGRDUTXLSpODJR
1D YHUGDGH VRE QRYDV DERUGDJHQV VXEVLVWH XPD TXHVWmR GH GLItFLO UHVROXomR D GD
FODVVLFDomR GD VRFLHGDGH VmRWRPHQVH VRFLHGDGH DIULFDQD RX FULRXOD" 'HSHQGHUi GR SRQWR
GH YLVWD PXLWDV YH]HV GHQLGR HP IXQomR GH SUHVVXSRVWRV LPSOtFLWRV DPL~GH LGHROyJLFRV H
SROtWLFRVGHTXHPIRUPXODHUHVSRQGHDWDOTXHVWmR8QVDUPDPTXHRDUTXLSpODJRpDIULFDQR
RXWURV TXH VH DSUR[LPD PDLV GDV VRFLHGDGHV FULRXODV PRUPHQWH GRV HVSDoRV LQVXODUHV GR
&DULEHRXWURVDLQGDTXH6mR7RPpH3UtQFLSHpXPDVRFLHGDGHDXPWHPSRFULRXODHDIULFDQD
-i(<=$*8,55(IDODGHXPDVRFLHGDGHSOXUDOLVWRpGLYLGLGDHPVHJPHQWRVFRPIUDFRFRQWDFWR
HQWUHVLGHYLGRjH[LVWrQFLDGDVURoDVTXHPDLVGRTXHHPSUHVDVHFRQyPLFDVVHULDPHVWHLRGD
GRPLQDomRFRORQLDO!6"
GDWD GD LQGHSHQGrQFLD H[LVWLD XPD VLQJXODULGDGH pWQLFD RV $QJRODUHV GH UHVWR QmR
PXLWRYLQFDGDHPUD]mRGDLQWHJUDomRVRFLDOQRQDOGRFRORQLDOLVPR2YROXQWDULVPRSROtWLFRH
LGHROyJLFRGDOLGHUDQoDLQGHSHQGHQWLVWDHUDSRXFRSURSHQVRDRUHFRQKHFLPHQWRGDVUHDOLGDGHV
VRFLDLVHSUHIHULXYLQFDUDFRHVmRSROtWLFDHVRFLDOEDVHDGDQDFLGDGDQLDSURSyVLWRSROtWLFRTXH
YiULRVDXWRUHVWRPDUDPSHORYDORUIDFLDODUHDOoDUGLIHUHQoDVFXOWXUDLVFXMRSHVRQDPRGHODomR
GDVRFLHGDGHVmRWRPHQVHHUDFXPSUHDVVLQDOiORHIHFWLYDPHQWHUHGX]LGR
7DPEpP GHYLGR DRV FRQWRUQRV GR SURMHFWR LQGHSHQGHQWLVWD RV $QJRODUHV Vy IRUDP
SURPRYLGRV D tFRQH FXOWXUDO GR SDtV GHSRLV GR FRODSVR GR UHJLPH GR SDUWLGR ~QLFR &RPR
TXH HP FRQWUDSRQWR j LQH[mR RFLGHQWDO VXSRVWDPHQWH PDWHULDOL]DGD QR OLEHUDOLVPR SROtWLFR
H HFRQyPLFR D YLGD TXRWLGLDQD DIULFDQL]RXVH $ YDORUL]DomR GD FXOWXUD GHQRWD XPD SURFXUD
GHXPDkQFRUDTXHVLUYDGHUHIHUrQFLDSDUDDFRQVWUXomRSHQVDGDGDIXWXUDVRFLHGDGHVmR
WRPHQVHLVWRVHHQWUHRXWUDVFLUFXQVWkQFLDVDYHUWLJHPGHXPPXQGRJOREDOL]DGRHDFHOHUDGR
SURSRUFLRQDUHVVHGHVLGHUDWRDRVVmRWRPHQVHV
'HSRLVGHLQWHQo}HVUHODWLYDPHQWHDRGHVHQYROYLPHQWRGDFRPXQLGDGHGRV$QJRODUHVYHMD
VH1D]DUp&(,7$RVHVWXGRVVREUH$QJRODUHV]HUDPVHIRUDGRSDtV'HVWDTXHPVHRVDUWLJRV
GH)HUQDQGR)HUUHLUDGD&267$QRVTXDLVYLVDYDDOFDQGRUDURPHLRVRFLDODQJRODUDXPDXQLGDGH
SROtWLFDLQGHSHQGHQWHHVRFLDOPHQWHKDUPRQLRVDUHGX]LGDjVXMHLomRFRORQLDOQRWHUFHLURTXDUWHO
GH2LWRFHQWRVVHJXQGRXPDDQDORJLDFRPDQDUUDWLYDGDDJUHVVLYLGDGHFRORQLDOLVWDQDFRUULGD
!6 $DQiOLVHO~FLGDHDWHQWDGDHYROXomRGRDUTXLSpODJRQRSyVLQGHSHQGrQFLDSHUPLWLXD(<=$*8,55(FRQVWUXLU
KLSyWHVHVPXLWRLQWHUHVVDQWHVDFHUFDGDUHSDUWLomRGRSRGHUHQWUHRVYiULRVJUXSRVPRUPHQWHLOKpXVHH[VHUYLoDLV
FRPUHODomRjHYROXomRGDHVWUXWXUDGDSURSULHGDGHIXQGLiULDQDFLRQDOL]DGDDSyVDLQGHSHQGrQFLD2DFHUWRGD
LQWHUSUHWDomR GR SyVLQGHSHQGrQFLD QmR REULJD D DFRPSDQKDU (<=$*8,55( QD OHLWXUD GR DUTXLSpODJR FRPR XPD
VRFLHGDGHSOXUDOHPHQRVDLQGDDWRUFHUDKLVWyULDUHPRWDSDUDYHULFDUDVSUHPLVVDVGHXPWDOPRGHORWHyULFR
3DUD 7(15(,52 HPERUD QmR LQWHJUDGD RX VRFLDOPHQWH KDUPRQLRVD 6mR 7RPp WDPEpP QmR HUD XPD VRFLHGDGH
SOXUDOFIHVV
!""#
'%"
SDUDIULFD2UDRSHUFXUVRGRV$QJRODUHVpEHPPDLVVLQXRVRHFHUWDPHQWHEHPPDLVSOXUDO
GRTXHGHXPDLPDJLQDGDXQLGDGHSROtWLFDDIULFDQDHPOXWDFRQWUDDDJUHVVmRFRORQLDOLVWD8P
GRVFRQWULEXWRVPDLVUHFHQWHVpRGDGLVVHUWDomRGHPHVWUDGRGH-RDQD)(,2TXHDERUGDQXPD
SHUVSHFWLYDDXPWHPSRKLVWyULFDHDQWURSROyJLFDDFRQVWUXomRGDHWQLFLGDGHGRV$QJRODUHVQR
FRQWH[WRGDVP~OWLSODVPXWDo}HVGDVRFLHGDGHVmRWRPHQVH
&RQWULEXLo}HV LQWHUHVVDQWHV SHOR VHX FDUiFWHU LQRYDGRU IRUDP DV GH $UOLQGR &$/'(,5$
GHVLJQDGDPHQWHRVHXHVWXGRVREUHDVH[XDOLGDGHHDVPXOKHUHVQDVRFLHGDGHVmRWRPHQVH
GHVGHDGHVFREHUWDDRVDOYRUHVGH2LWRFHQWRV2DXWRUOHXGHIRUPDPXLWRVXJHVWLYDRVHOHPHQWRV
HVSDUVRVHFRQVWUXLXXPTXDGURGDVUHODo}HVGHJpQHURVHDVVLPVHSRGHIDODUQRUHIHULGR
SHUtRGR0HQRVYDOLRVDVHUiDPHQomRDRSURWRRXSUpQDFLRQDOLVPRFULRXORTXHQmRH[LVWLUi
HPQDLVGH6HWHFHQWRVHHPLQtFLRVGH2LWRFHQWRVDLQGDTXHSRVVDPRVFRQFRUGDUFRPXPD
LGHQWLGDGHFROHFWLYDTXHGLVWLQJXLDRVGDWHUUDGRVGHIRUDPRUPHQWHRVUHLQyLV
1D KLVWyULD PDLV UHFHQWH DYXOWD R 2&;;&"#* GH %DWHSi IXOFUDO SRU VHU FRQVLGHUDGR R
PRPHQWRIXQGDGRUGRQDFLRQDOLVPRVmRWRPHQVH2SULPHLURWUDEDOKRGHH[SODQDomRFXLGDGDH
FULWHULRVDGRVHYHQWRVGHIRLRGH*HUKDUG6(,%(57$SDVVDJHPGRVFLQTXHQWDDQRVVREUH
*#2&;;&"#*(+*(i#*<#2&;;&"#*(+*(A&'*<HWRUQRXVHRPRPHQWRD]DGRSDUDRVXUJLPHQWRGH
GXDVREUDVGHDXWRUHVVmRWRPHQVHVHYLGHQWHPHQWHLQWHUHVVDGRVQDYDORUL]DomRGHXPWHPD
WmRSROLWL]DGR8PDGHVVDVREUDVGH0DQXHOGH'HXV/,0$IH]OX]VREUHIDFWRVGHVFRQKHFLGRV
GD IDVH GH PDLRU HQTXLVWDPHQWR GR FRORQLDOLVPR JURVVR PRGR FRUUHVSRQGHQWHV jV SULPHLUDV
GpFDGDVGR(VWDGR1RYR
$ RXWUD REUD GH &DUORV (VStULWR 6$172 TXH UHEDSWL]RX R HYHQWR WURFDQGR R WHUPR
PDVVDFUHSRU*XHUUDGD7ULQGDGHWHPDSDUWLFXODULGDGHGHIRUQHFHULQIRUPDo}HVFRQVWDQWHV
GRDFHUYRGH0DQXHO-RmRGD3DOPD&DUORVDGYRJDGRTXHHPVHGHVORFRXD6mR7RPp
SDUD GHIHQGHU DV YtWLPDV GRV GHVYDULRV SHUVHFXWyULRV GDV DXWRULGDGHV ,VVR WRUQD !( P1*##&(
+&( 8#63+&+* HPSLULFDPHQWH PXLWR UHOHYDQWH GHVGH ORJR SRU SHUPLWLU UHEDWHU XPD DUPDomR
TXHSDUHFLDXPDLPSRVVLELOLGDGHDTXHPFRQKHFHVVH6mR7RPpPDVTXHDQRVDRSDVVRX
GLUHFWDPHQWH GD SURSDJDQGD DQWLFRORQLDO SDUD R GLVFXUVR KLVWyULFR D VDEHU D GD PRUWH GH
PLOKDUHVGHVmRWRPHQVHVHPHPYLUWXGHGDVSHUVHJXLo}HVHGHVPDQGRVGDVDXWRULGDGHV
FRORQLDLV$WpFHUWRSRQWRFRPSUHHQVLYHOPHQWHHVWDLGHLDIRLUHSHWLGDDWpjH[DXVWmRSRUVmR
WRPHQVHV)RLLJXDOPHQWHUHSHWLGDDOJRVXUSUHHQGHQWHPHQWHSRUHVWXGLRVRVVmRWRPHQVHVH
WDPEpPSRUHVWUDQJHLURV
$PEDVDVREUDVWrPXPDWyQLFDQDFLRQDOLVWDHGLDEROL]DP*RUJXOKRHPGHWULPHQWRGHXPD
DQiOLVHPDLVVHUHQDGDVUD]}HVGRVGHVPDQGRV3RULVVRPDOJUDGRDVLPSRUWDQWHVFRQWULEXLo}HV
HPStULFDVGDVREUDVGH&DUORV(VStULWR6$172GH0DQXHOGH'HXV/,0$HGH*HUKDUG6(,%(57
QHQKXPD SDUHFH UHXQLU D FODULYLGrQFLD GR SHTXHQR WH[WR GH 5HQp 3(/,66,(5 LQWLWXODGR /D
JXHUUHGH%DWHSi6mR7RPp)pYULHU!PSXEOLFDGRQRMiORQJtQTXRDQRGH
(P6mR7RPpRVOtGHUHVSROtWLFRVHRVPLOLWDQWHVGDLQGHSHQGrQFLDID]HPGHVWHHYHQWRXPD
HVSpFLHGHPRPHQWRIXQGDGRUGRQDFLRQDOLVPRVmRWRPHQVHQDPHGLGDHPTXHDLQGLJQLGDGH
PRUDO GR FRORQLDOLVPR WHULD DSDUWDGR GHQLWLYDPHQWH RV VmRWRPHQVHV GRV FRORQRV (VWD
LGHLDDWpKRMHLQFRQWHVWDGDFDUHFHGHPHOKRUSURYDQDPHGLGDHPTXHDVVHQWDQXPDOHLWXUD
FRQGLFLRQDGDSHODSRVWHULRUHYROXomRSROtWLFDHPHQRVQXPDLQYHVWLJDomRTXHDVXVWHQWHWHyULFD
HHPSLULFDPHQWH
5HODo}HVKLVWyULFDVHkQFRUDVSDUDRIXWXUR
$OJXPFDPLQKRIRLSHUFRUULGRPDUJHPGDVXDUHOHYkQFLDKLVWyULFDDSHVTXLVDGHWHPDV
UHODFLRQDGRVFRPRTXRWLGLDQRRXFRPDWUDQVIRUPDomRGDSUySULDQDWXUH]DDFULRXOL]DomRH
DWUDQVIRUPDomRGDSDLVDJHPHGDYLGDDWUDYpVGDDFOLPDWDomRGHSODQWDVRULXQGDVGHRXWUDV
SDUDJHQVDTXHDOXGH,RODQGD$*8,$5WHPFKDPDGRDDWHQomRSDUDYiULDVSRVVLELOLGDGHVD
H[SORUDUHPWHUPRVGHFRQKHFLPHQWRGRDUTXLSpODJR
!P 3XEOLFDGRQD)>C1*(\#&3b&6;*(+p>'1+*;(<$06'6O1*;(&\#6"&63*;Q
!""#
'%# !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
)DOWDDSURIXQGDUDVUHODo}HVFRPR%UDVLOHQmRpGHPDLVOHPEUiORFRPIULFD)DODPRV
HYLGHQWHPHQWH GD FRVWD GR *ROIR H WDPEpP GH $QJROD e FXULRVR TXH D KLVWyULD GR SyV
OLEHUDOL]DomRSROtWLFDSDUHFHVVHVHUDGRDEDQGRQRGHVWD~OWLPDkQFRUD$QJRODVXVWHQWiFXOR
GDLQGHSHQGrQFLDHGRUHJLPHGHSDUWLGR~QLFRVREDFKHDGR0RYLPHQWRGH/LEHUWDomRGH6mR
7RPpH3UtQFLSHHPGLUHFomRDR*ROIRLVWRpDRVSRQWRVGHFRQWDFWRQDFRVWDPDLVSUy[LPD
FRPRVTXDLVDLQWHUDFomRSUDWLFDPHQWHFHVVRXFRPDUHFRORQL]DomRGHVHQFDGHDGDDSDUWLUGH
PHDGRVGH2LWRFHQWRV0XLWRUHFHQWHPHQWHMiGHSRLVGDSDUFHULDFRPD1LJpULDRDUTXLSpODJR
YROWDDUHDUPDUDVUHODo}HVFRP$QJRODRTXHSDUHFHYROWDUDFRQIHULUDFXLGDGHjLPDJHPGD
IURQWHLUD D SDVVDU SHOR DUTXLSpODJR Mi QmR D GD H[SDQVmR GR FDFDX PDV D GD GHQLomR GDV
iUHDV GH LQXrQFLD SRU SDUWH GDV SRWrQFLDV UHJLRQDLV$QJROD H 1LJpULD 'HQLomR QD TXDO D
KLVWyULDSHVDDOJXPDFRLVDGLUVHi
$FHUFDGHDOJXQVGRVYHFWRUHVFXOWXUDLVTXHVHLQIHUHWHUHPVLGROHYDGRVSDUDR%UDVLOSRGH
OHJLWLPDPHQWHFRORFDUVHDTXHVWmRGHVHVDEHUVHQmRYLHUDPGHOiFRPRFHUWDPHQWHYLHUDP
RFDIpHRFDFDXGLVVHPLQDGRVXS}HVHDSDUWLUGH6mR7RPpSHORVWHUULWyULRVGR*ROIReFRP
EDVHQDJHRJUDDQDKLVWyULDHPHQRVFRQIHVVDGDPHQWHQRH[HPSOREHPVXFHGLGRGHRXWURV
DUTXLSpODJRVTXH6mR7RPpH3UtQFLSHDOPHMDVHUXPDEDVHORJtVWLFDIRLRQRSHUtRGRQDOGR
FRORQLDOLVPRDTXDQGRGRDSRLRjIUDFDVVDGDGLVVLGrQFLDGR%LDIUDHGHSUHVWDomRGHVHUYLoRV
%7#('>)8*"
'DGDDGLQkPLFDGRVHFWRUFXOWXUDODKLVWyULDIRUQHFHUiEDVHVSDUDDFHOHEUDomRGRSDtV
$VVLPRDWHVWDRr[LWRGDH[SRVLomRHP6mR7RPpGHGRFXPHQWRVIRWRJUiFRVHFLQHPDWRJUiFRV
GR,QVWLWXWR9DOH)ORUHEHPDVVLPGROLYUR:?$(8$2>(<$3'$(+*(<&#'6+&;#:7#7<3*()7;#'%3('#*<3(*&;#
GH0HQGHV)(552HGH&DUORV$JRVWLQKRGDV1(9(6
1RWDVQDLV
$GRSWDQGRXPDSRVLomRSUDJPiWLFDUHODWLYDPHQWHjVSRVVLELOLGDGHVGHUHDOL]DomRSHVVRDO
H SURVVLRQDO H VLPXOWDQHDPHQWH UHVSRQGHQGR j SUHPrQFLD GR SURFHVVR GH FRQVWUXomR
QDFLRQDORVVmRWRPHQVHVWrPSULYLOHJLDGRDVFLrQFLDVVRFLDLVPDLVGLUHFWDPHQWHYLUDGDVSDUD
DVTXHVW}HVGRGHVHQYROYLPHQWR(VWHpRSHUFXUVRGRFRPXPGRVHVWXGLRVRVFRPIRUPDomR
HP YiULDV GLVFLSOLQDV VRFLDLV H DWp GH DOJXQV KLVWRULDGRUHV FDVR SRU H[HPSOR GH$UPLQGR
$*8,$51mRVyRVDEHUKLVWyULFRQmRFRQIHUHSRVLo}HVVRFLDLVGHGHVWDTXHDTXHSRUQRUPD
VH DVVRFLDP DV JDUDQWLDV QR SODQR HFRQyPLFR FRPR QmR H[LVWH XP DPELHQWH DFDGpPLFR H
FXOWXUDOTXHSURSRUFLRQHHVWtPXORHUHWRUQRDRWUDEDOKRLQWHOHFWXDO
3RUpP D SHUFHSomR GH SHUGD GH GHWHUPLQDomR VREUH R IXWXUR VXVFLWD LQWHUURJDo}HV
GLULJLGDVjKLVWyULD2VVmRWRPHQVHVFRQWLQXDPDDQGDUjURGDGDVTXHVW}HVDWLQHQWHVjVXD
LGHQWLGDGHjTXDOGHIHQGHPDOJXQVGHYHPDMXVWDURVHXPRGHORFRQVWLWXFLRQDOSDUDRWRUQDU
PDLVFRQVHQWkQHRFRPDPDWUL]FXOWXUDOVmRWRPHQVHHGDtUHWLUDUJDQKRVSROtWLFRVHVRFLDLV
$OJXQVLOKpXVROKDPLQWHUURJDWLYDPHQWHDKLVWyULDSHQVDQGRDtSURFXUDUDVUDt]HVGRTXHKRMHVH
OKHVYDLDJXUDVHUDVXDLGHQWLGDGHDGHVLJQDGDVDQWRPHQVLGDGHRXVmRWRPHQVLGDGH(PERUD
QmRVHMDFRQGLomREDVWDQWHHVWDLQTXLHWDomRSRGHUiLPSHOLUDRSULPHLURSDVVRSDUDXPVDEHU
KLVWyULFRLPSUHVFLQGtYHODWRGDVDVVRFLHGDGHV
%LEOLRJUDD
!!55](deeg](&ROyTXLRLQWHUQDFLRQDOVREUHDVOtQJXDVQDFLRQDLVGH67RPpH3UtQFLSH](:?$(
8$2>](7636;'>#6$(+&(M+1"&b?$(*(E10'1#&(
!!55](deeh](6mR7RPpSRQWRGHSDUWLGD](Q3;'6'1'$(7&#O1R;(+*(5&00*(.0$#
!A)M^]( J$?$( 56*9&;( 560S*'*( +*]( gffd]( 0RWLYDo}HV HPSUHVDULDLV HP 6 7RPp H 3UtQFLSH](
+6;;*#'&b?$(+*(2*;'#&+$](U6;%$&](Q:E8M
$*8,$5$UPLQGR$VPLJUDo}HVQDJpQHVHGDQDFLRQDOLGDGHVDQWRPHQVHLQQ()*136?$(
!""#
'%$
Q3'*#3&"6$3&0( +*( G6;'D#6&( +*( T\#6"&( o( )*0&b?$( M1#$<&VT\#6"&( 3$( i( O1&#'*0( +$( ;>"K( BQB;#
/LVERD,,&7&(+&$
#6??!]($GLVWULEXLomRGHWHUUDIDFWRUGHGHVHQYROYLPHQWRVyFLRHFRQyPLFRHP67RPpH
3UtQFLSHRFDVRGRGLVWULWRGH/REDWD](+6;;*#'&b?$(+*(2*;'#&+$](U6;%$&](Q:E8M
$*8,$5,RODQGD7URYRDGD9LDELOLGDGHVyFLRHFRQyPLFDGDVXQLGDGHVDJUtFRODVIDPLOLDUHV
GHDOJXPDVFRPXQLGDGHVGHJXD,]p(VWXGRGHFDVRGHGHVHQYROYLPHQWRUXUDOHP6
7RPp H 3UtQFLSH FRPXQLFDomR DR &RQJUHVVR /XVR$IUR%UDVLOHLUR GH &LrQFLDV 6RFLDLV
0DSXWRSROLFRSLDGR
BBBBBD3ULYDWL]DomRHFomRHVWDWDORFDVRGH6mR7RPpH3UtQFLSHFRPXQLFDomRDR
FRQJUHVVR,$#'191*;*V!\#6"&3(M3"$13'*#;%URZQ8QLYHUVLW\3URYLGHQFHWH[WRSROLFRSLDGR
BBBBBE6mR7RPpH3UtQFLSHSODQWDVHSRYRVRULJHQVHFRQVHTXrQFLDVLQ!"'&;(+$(5Q(
E$39#*;;$(U1;$V!\#$VA#&;60*6#$(+*(E6R3"6&;(:$"6&6;;#D*(3*;#-EH#:7#B%)C'(&):7:'#:*#D*(3*
$/%848(548(/XtVGH$FRORQL]DomRGH6mR7RPpH3UtQFLSHRVFDSLWmHVGRVpFXOR
;9LQ$/%848(548(/XtVGH,$#'19&0(3$(713+$YRO,,/LVERD3XEOLFDo}HV$OID
$/(*5()UDQFLVFR&RVWD:&3'$2*3;6+&+*VO81($6
$/(1&$6752 /XL] )HOLSH Z( '#&'$( +$;( C6C*3'*;K( .$#2&b?$( +$( A#&;60( 3$(!'0c3'6"$( :10K(
:>"10$;(B5Q(*(B5QQ6mR3DXOR&RPSDQKLDGDV/HWUDV
$0$'2 /~FLR %DUERVD 1HWR :K( 8$2>( *( ,#F3"6<*( 3$( <*#F$+$( <D;V"$0$36&0( /+*( gfj( &(
gffg4K(Z(<*#"1#;$(+$(;6;'*2&(*+1"&'6C$GLVVHUWDomRGHPHVWUDGR/LVERD,6&7(
$0%56,2 $QWyQLR :1%;F+6$;( <&#&( &( S6;'D#6&( +*( :K( 8$2>( *( ,#F3"6<* /LVERD /LYURV
+RUL]RQWH
BBBBB3DUDDKLVWyULDGRIROFORUHVmRWRPHQVHHPG6;'D#6&Q/LVERD
BBBBB $OJXPDVQRWDVELRJUiFDVGRPHVWUH9LDQDGD0RWD6LQWUD,QVWLWXWRGH6LQWD
BBBBB $IXQGDomRGD3RoRP67RPpXPDFDSLWDOHPIULFDLQE$39#*;;$(Q3'*#3&"6$3&0(
A&#'$0$2*1(-6&;(*(&(;1&(><$"&K(!"'&;;#D*(3*;#B%)C'(&):7:'#:*#D*(3*
BBBBB2GDQoR&RQJRGH6mR7RPpHDVVXDVRULJHQVLQU*%&Q/LVERD
BBBBB$OJXQVSUREOHPDVGDHYDQJHOL]DomRHPIULFDQRVpFXOR;9,')UHL*DVSDU&mR
26$%LVSRGH67RPpLQ76;;6$3&b?$(<$#'191*;&(*(*3"$3'#$(+*("10'1#&;;#
%UDJD8QLYHUVLGDGH&DWyOLFD3RUWXJXHVD
BBBBB$PLVVLRQDomRSRUWXJXHVDHP67RPpLQM3"$3'#$(+*("10'1#&;K(Z6'$(;>"10$;(+*(
26;;6$3&b?$(<$#'191*;&
BBBBBVG-$3&(:62$&(+*(:K(8$2>(*2(U6;%$&K(Z('*;'&2*3'$(*(&(;1&("&<*0&;#&"2"
$5$-2%HQHGLWD$LOKDGH67RPp$OJXQVSUREOHPDVKLVWyULFRVLQE06$;#%*C7#&K()';#
YROUHYLVWDGR&HQWURGH+LVWyULDGD8QLYHUVLGDGHGH/LVERD
%$37,67$$XJXVWR.0$#6<*;(3*9#&&RLPEUD&HQD/XVyIRQD
%$5%26$-RVp*RPHV,$0F'6"&;(<[%06"&;(*(*;'#&'>96&(+*(+*;*3C$0C62*3'$(<&#&(:K(8$2>(
*(,#F3"6<*GLVVHUWDomRGHPHVWUDGR/LVERD,6(*87/
%$5526 $QD 5RVD 9LHJDV 5HIRUPD DJUiULD H VXDV SHUVSHFWLYDV HP 6mR 7RPp H
3UtQFLSH63#g&;(J$#3&+&;(;$%#*(&(&9#6"10'1#&(+*(:?$(8$2>(*(,#F3"6<*/LVERD,,&7
%21),0 )HOLFLDQD GR 1DVFLPHQWR GH -HVXV :K( 8$2>( *( ,#F3"6<*a( #*&06+&+*;( ;$"6&6;](
*"$3D26"&;( *( $<bu*;( +*( +*;*3C$0C62*3'$( <&#&( $( ;>"10$( BBQ GLVVHUWDomR GH PHVWUDGR
/LVERD87/,6(*
%21),0 -RmR GR 6DFUDPHQWR Z;( <#$"*;;$;( 269#&'D#6$;( *2( :K( 8$2>( *( ,#F3"6<*( *( &(
"$##*3'*(<$#'191*;&GLVVHUWDomRGHPHVWUDGR)DFXOGDGHGH(FRQRPLDGD8QLYHUVLGDGH
GH&RLPEUD
%5$*$1d$$OEHUWLQR0XGDQoDVFXOWXUDLVHP6mR7RPpH3UtQFLSHGDFWLORJUDIDGR
%5$1&25DIDHOH9$5(/$$IRQVRZ;("&263S$;(+&(+*2$"#&"6&;#H+7:*(7
!""#
'%% !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
%5,72 %UtJLGD 5RFKD FRRUG -*;*3C$0C62*3'$( "$2136'H#6$a( +&;( '*$#6&;( n;( <#H'6"&;K(
81#6;2$](&2%6*3'*(*(<#H'6"&;(*+1"&'6C&;(*2(:?$(8$2>(*(,#F3"6<*&($,6&7(
&$+(1 0LFKHO $UTXLSpODJRV GD DOWHUQkQFLD$ YLWyULD GD RSRVLomR QDV LOKDV GH &DER
9HUGHHGH6mR7RPpH3UtQFLSHLQ)*C6;'&(Q3'*#3&"6$3&0(+*(M;'1+$;(!\#6"&3$;Q
/LVERD&($$,,&7
&$%5$/-RmRGH3LQD2VDJUDGRHRGUDPDLQ!3H06;*(:$"6&0Q,&6
&$/'(,5$ $UOLQGR 710S*#*;]( ;*W1&06+&+*( *( "&;&2*3'$( *2( :?$( 8$2>( *( ,#F3"6<*(
/;>"10$;(B5VB5QQQ4HGLomR/LVERD(GLo}HV&RVPRV*UXSRGH7UDEDOKRGR0LQLVWpULR
GD(GXFDomRSDUDDV&RPHPRUDo}HVGRV'HVFREULPHQWRV3RUWXJXHVHV
BBBBBLQWURGXomRWUDGXomRHQRWDVGH56&9*3;(+*(12(<60$'$(<$#'191R;(+$(;>"10$(B5Q(n(
"$;'&(+*(T\#6"&(*(&(:?$(8$2>/LVERD&1&'3
BBBBB!('*##&(O1*(;*1;(<&6;(<$C$&#&2(*(+*\*3+*#&2$TXHVWmRGRSURWRQDFLRQDOLVPR
HP6mR7RPpH3UtQFLSHQRVVpFXORV;9,,H;9,,,LQ!3&6;(+*(G6;'D#6&(+*(!0>2V7&#Q
/LVERD&+$0
BBBBB$VRFLHGDGHLQ0$726$UWXU7HRGRURGH!("$0$36I&b?$(&'0c3'6"&WRPR/LVERD
E:)3*()72#E&37+=7
BBBBB WH[WR LQWURGXomR H QRWDV GH 3,172 0DQXHO GR 5RViULR )*0&b?$( +$(
+*;"$%#62*3'$(+&(60S&(+*(:?$(8$2>/LVERD)&6+&+$0
&$0326)HUQDQGR5XLGH6RXVD!("$$<*#&b?$(63'*#3&"6$3&0(\&"*(n;(*;'#&'>96&;(<$0F'6"&;(
*(+*(+*;*3C$0C62*3'$(*2(:?$(8$2>(*(,#F3"6<*GLVVHUWDomRGHPHVWUDGR,6&7(/LVERD
&$03269LULDWR2VGLDVGHGHVFREULPHQWRGDVLOKDVGH67RPpH3UtQFLSHLQ(OHPHQWRV
GH KLVWyULD GD LOKD GH 6 7RPp HP FRPHPRUDomR GR 9 FHQWHQiULR GR GHVFREULPHQWR
/LVERD&(0
&$55(,5$ $QWyQLR HGLomR >@ 769#&bu*;( 3&;( 60S&;( +*( E&%$( 5*#+*;# $%&3)3<3*#
&DERYHUGHDQRGR/LYUR
&$59$/+2 $UOLQGR $IRQVR GH Z;( "$3;'#&3962*3'$;( *;'#1'1#&6;( +$( <#$"*;;$( +*(
+*;*3C$0C62*3'$(*2(:K(8$2>(*(,#F3"6<*a(Q3'*#\*#R3"6&(2['1&(*;<&b$;(<$0F'6"$;(*(*"$3D26"$](
+6;;*#'&b?$(+*(2*;'#&+$/LVERD,6&7(
&$59$/+2 )LOLSH 1XQHV GH $ GLVSXWD SHOR GRPtQLR GRV SRUWRV H LOKDV GH IULFD LQ
,$#'19&0(3$(713+$YRO,,,/LVERD3XEOLFDo}HV$OID
&(,7$'LQDVDOGD6DQWDQDGH:?$(8$2>(*(,#F3"6<*a(+6;'#6%16b?$('*##6'$#6&0(*(2$%606+&+*(+&(
<$<10&b?$(\*26363&;#17=<3*;#-ED,BE1
&(,7$ 0DULD 1D]DUp (QVDLR SDUD XPD UHFRQVWLWXLomR KLVWRULFRDQWURSRORJLFD GRV
$QJRODUHVGH67RPpSROLFRSLDGR
BBBBB&LGDGHVFRQVWUXomRHKLHUDUTXL]DomRGRVHVSDoRVHGRVKRPHQVRFDVRGH6
7RPpH3UtQFLSHLQE$3;'#1b?$(*(*3;63$(+&(S6;'D#6&(+*(T\#6"&/LVERD
BBBBBD3HUVSHFWLYDVGRVHVWDGRVHQDo}HVGRVFLQFR$VTXHVW}HVpWQLFDVQRSURFHVVRGH
GHPRFUDWL]DomRLQ|1*(*;'&+$;(|1*(3&bu*;(*2("$3;'#1b?$(3$;("63"$3UDLD)XQGDomR
$PtOFDU&DEUDO
BBBBBE$HYROXomRGRPXQGRUXUDOHP67RPpH3UtQFLSHLQ!"'&;(+$(5(E$39#*;;$(U1;$V
!\#$VA#&;60*6#$(+*(E6R3"6&;(:$"6&6;0DSXWRHGLomRHP&5520
BBBBD$UHIRUPDDJUiULDHP67RPpH3UtQFLSHSHUtRGRSyVFRORQLDOSROLFRSLDGR
BBBBE$LPSRUWkQFLDGDWUDGLomRRUDOLQA&'R(7$2QYRO67RPp81($6
&+$%$/3DWULFN!(S6;'$#N($\(<$;'"$0$36&0(01;$<S$3*(!\#6"&/RQGUHV+XUVW &R
&/$5(1&(60,7+:*HUYDVH&UHROHVDQGSHDVDQWVLQ6mR7RPp3UtQFLSH)HUQDQGR
3yRDQG0RXQW&DPHURXQLQWKH1LQHWHHQWK&HQWXU\LQQ()*136?$(Q3'*#3&"6$3&0(+*(G6;'D#6&(
+*(!\#6"&(o()*0&b?$(M1#$<&V!\#6"&(3$(i(O1&#'*0(+$(:>"K(BQB/LVERD,,&7
!""#
'%&
BBBBBZ('*#"*6#$(62<>#6$(<$#'191R;(/ghdVgfj4/LVERD7HRUHPD
BBBBB 2 SDSHO GRV FXVWRV GR WUDEDOKR QR RUHVFLPHQWR H GHFOtQLR GDV SODQWDo}HV GH
FDFDX HP 67RPp H 3UtQFLSH LQ )*C6;'&( Q3'*#3&"6$3&0( +*( M;'1+$;(!\#6"&3$;# %"*&# !T,!R;#
/LVERD
BBBBB /DERXU &RQGLWLRQ LQ WKH 3ODQWDWLRQV RI 6mR 7RPp DQG 3UtQFLSH LQ
6ODYHU\ $EROLWLRQQYRO/RQGUHV
&/$5(1&(60,7+:*HUYDVHH58))UDQoRLV&RFRD3LRQHHU)URQWV7KH+LVWRULFDO
'HWHUPLQDQWVLQ&/$5(1&(60,7+:LOOLDP*HUYDVHHGE$"$&(,6$3**#(.#$3';(;63"*(
ghheK(8S*()$0*($\(:2&00S$0+*#;](,0&3'*#;(&3+(7*#"S&3';/RQGUHV0DF0LOODQ3UHVV/WG
&267$&iWLD0LULDP713+$(01;$V'#$<6"&0/LVERD(GLWRULDO0LQHUYD
&267$(OLDVH&255(,$5XLQ0S&(+$(,#F3"6<*;#HC')(*
&2872$PDUR3HUHLUDGRZ(<#$"*;;$(+*2$"#H'6"$WRPR6mR7RPp&ROHFo}HV3RQWD
G$FKD
'(1</0H5$<'RQDOG,6mR7RPp 3UtQFLSH/RQGUHV3LQWHU3XEOLVKHUV
(<=$*8,55( 3DEOR :2&00( .*#;( &3+( M;'&'*;( 63( :&$( 8$2*]( `*;'( !\#6"&;# D9"# ."#
:)&&'(373)*%;#[72'#B%)C'(&)3G
BBBBB&RPSHWLQJ6\VWHPVRI/DQG7HQXUHLQDQ$IULFDQ3ODQWDWLRQ6RFLHW\LQ'2:16
5(H5(<1$63HGVU&3+(&3+(:$"6*'N(63(E$3'*2<$#&#N(!\#6"&+DQRYHU83RI
1HZ(QJODQG1+
BBBBB7KH,QGHSHQGHQFHRI6mR7RPpH3UtQFLSHDQG$JUDULDQ5HIRUPLQ8S*(J$1#3&0($\(
7$+*#3(!\#6"&3(:'1+6*;
BBBBB3ODQWDWLRQVVWDWHIDUPVDQGVPDOOKROGHUVFRFRDSURGXFWLRQLQ6mR7RPp/RQGUHV
62$6E$"$&(&3+(-*C*0$<2*3'(E$3\*#*3"*
)(,2-RDQD$UHRVD-*(>'36"$;(&(r>'36"$;pa(12&(&%$#+&9*2(&$;(r!39$0&#*;p(+*(:?$(
8$2>(*(,#F3"6<*GLVVHUWDomRGHPHVWUDGR,6&7(/LVERD
)(51$1'(6 0DQXHO 9D] V G Z;( 62%#D906$;( +&;( '#&3;6bu*;( *2( :K( 8$2>( *( ,#F3"6<*( gfjkV
gffgGLVVHUWDomRGHPHVWUDGR8QLYHUVLGDGHGH&RLPEUD
)(55(,5$0DQXHO(QQHV3REUH]DDEVROXWDHGHVLJXDOGDGHVVRFLDLVDMXVWDPHQWR
HVWUXWXUDOHGHPRFUDFLDQD5'6mR7RPpH3UtQFLSHLQ)*C6;'&(Q3'*#3&"6$3&0(+*(M;'1+$;(
!\#6"&3$;/LVERD&($$,,&7
),/+2:LOVRQ7UDMDQR$XWRGH&DUQDYDOHP6mR7RPpH3UtQFLSHIDWRHWH[WR%UDVtOLD
8QLYHUVLGDGHGH%UDVtOLD6pULH$QWURSRORJLDKWWSZZZXQEEULFVGDQ6HULHHPSGISGI
)5<1$6 -HGU]HM *HRUJH :22' *HRIIUH\ DQG 2/,9(,5$ 5LFDUGR 0 6 6RDUHV GH
%XVLQHVVDQGSROLWLFVLQ6mR7RPpH3UtQFLSHIURPFRFRDPRQRFXOWXUHWRSHWURVWDWHLQ
!\#6"&3(!\\&6#;5R\DO$IULFDQ6RFLHW\
*$5),(/' 5REHUW !( S6;'$#N( $\( :?$( 8$2>( 6;0&3+]( gkjeVgl;# D9"# ."# :)&&'(373)*%;#
1RUWKZHVWHUQ8QLYHUVLW\(YDQVWRQ,OOLQRLV
*20(6&DUORV%UDJDQoD,$0F'6"&;(+*("$$<*#&b?$(*(*;'#&'>96&;(*2<#*;&6;(*2(T\#6"&a(
r$("&;$(+*(:K(8$2>p/LVERDSROLFRSLDGR
*$//(7'RPLQLTXH:?$(8$2>(*'(,#F3"6<*;#D7()&;#Y7(39727
*8('(6$UPDQGR0DUTXHVHWDOU6'F96$;(*(0*96'62&b?$K(M;'&+$](;$"6*+&+*("6C60(*(+6#*6'$(
*2(:K(8$2>(*(,#F3"6<*&RLPEUD$OPHGLQD
*85$10LOWRQ!91+H;K(Z;(r%#&;60*6#$;p(+$(A*3635LRGH-DQHLUR(GLWRUD1RYD)URQWHLUD
+(15,48(6,VDEHO&DVWUR2FLFORGRDo~FDUHP6mR7RPpQRVVpFXORV;9H;9,LQ
$/%848(548(/XtVGH,$#'19&0(3$(713+$YRO,/LVERD3XEOLFDo}HV$OID
BBBBB:?$(8$2>(*(,#F3"6<*K(!(63C*3b?$(+*(12&(;$"6*+&+*/LVERD9HJD
G6;'D#6&(+&;(60S&;(+*(:K(8$2>(*(,#F3"6<*3RUWRHGLomRGH12OLYHLUD
!""#
'&( !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
+2'*(6 7RQ\ H 1(:,77 0DO\Q :?$( 8$2>( &3+( ,#F3"6<*K( .#$2( ,0&3'&'6$3( E$0$3N( '$(
76"#$;'&'*/RQGUHV:HVWYLHZ3UHVV
-(686$GHOLQR-RUJHGH%RP7>+6&;(*2<#*;&;(&9#F"$0&;(+*(:K(8$2>(*(,#F3"6<*a(;6;'*2&;(
+*(<#$+1b?$(*(3*"*;;6+&+*(+*("#>+6'$(&9#F"$0&GLVVHUWDomRGHPHVWUDGR/LVERD,6$87/
/$%$1 0LFKHO :?$( 8$2>( *( ,#F3"6<*K( M3"$3'#$( "$2( *;"#6'$#*; 3RUWR )XQGDomR (QJ
H%3I%)*#:'#H2+'):7#
/,0$-RVpGH'HXVG6;'D#6&(+$(2&;;&"#*(+*(gfi(*2(:K(8$2>(*(,#F3"6<*6mR7RPp
0$&('2)HUQDQGRGHHGZ(<$C$(&39$0&#(+*(:K(8$2>(*(,#F3"6<*6mR7RPp,QVWLWXWR
5HL$QGUH]DSDUDD&RRSHUDomRH'HVHQYROYLPHQWR
0$&48((11RUULH!(+*;"$0$36I&b?$(+&(T\#6"&(<$#'191*;&K(!(#*C$01b?$(2*'#$<$06'&3&(*(
&(+6;;$01b?$(+$(Q2<>#6$(GLWRULDO,QTXpULWR
0$,12 (OLVDEHWWD $ LGHQWLGDGH VDQWRPHQVH HP JHVWmR GHVGH D KHWHURJHQHLGDGH GR
HVWDWXWRGHWUDEDOKDGRUDWpjKRPRJHQHLGDGHGRHVWDWXWRGHFLGDGmRLQ!\#6"&3&(:'1+6&#
Q3RUWR&($GD8QLYHUVLGDGHGR3RUWR
0$5*$5,'2$OIUHGRM;'1+$;(;$%#*(06'*#&'1#&;(+&;(3&bu*;(&\#6"&3&;(+*(0F391&(<$#'191*;&;#
/LVERD$5HJUDGR-RJR
0$57,1+2 -RVp /XtV &RQFHLomR :6;'*2&( 6+*3'6'H#6$( +$;( *2<#*;H#6$;( ;&3'$2*3;*;;#
GLVVHUWDomRGHPHVWUDGR/LVERD,6&7(
0$7$,QRFrQFLDM2*#9R3"6&(*(*W6;'R3"6&(+*(12&(06'*#&'1#&K(Z("&;$(;&3'$2*3;*/LVERD
$/$&
BBBBB-6H0$9$("$2(&;(60S&;K(:$%#*("10'1#&(*(06'*#&'1#&(+*(:?$(8$2>(*(,#F3"6<*/LVERD
(GLo}HV&ROLEUL
BBBBB$VXDYHSiWULD5HH[}HVSROLWLFRFXOWXUDLVVREUHDVRFLHGDGHVmRWRPHQVH/LVERD
(GLo}HV&ROLEUL
0$726$UWXU7HRGRURGH2VGRQRVGRSRGHUHDHFRQRPLDGH67RPpH3UtQFLSHQRLQtFLR
GH6HLVFHQWRVLQ7&#*(U6%*#12Q/LVERD&RPLVVmR1DFLRQDOSDUDD&RPHPRUDomR
GRV'HVFREULPHQWRV3RUWXJXHVHV
0(1(=(6$LUHV%UX]DFDGHQ2<06"&bu*;(;D"6$V*"$3D26"&;(+&(*W<0$#&b?$(+$(<*'#D0*$(
*2(:?$(8$2>(*(,#F3"6<*GLVVHUWDomRGHPHVWUDGR/LVERD,6(*87/
025(12+XPEHUWR%DTXHUROYDURGH&DPLQKD&DSLWmRPRUGDLOKDGH6mR7RPp
)%#E$39#*;;$(Q3'*#3&"6$3&0(A&#'$0$2*1(-6&;(*(&(;1&(><$"&K(!"'&;;#D*(3*;#B%)C'(&):7:'#:*#
D*(3*
1$57(<5REHUW1LL.#$2(;0&C*('$(;*#C6b&0a(0&%$#(63('S*(<0&3'&'6$3(*"$3$2N($\(:?$(8$2>(
&3+(,#63"6<*a(ghjlVgfid3K'GLVVHUWDWLRQ&KLFDJR8QLYHUVLW\RI,OOLQRLVDW&KLFDJR
1$6&,0(172$XJXVWR$FULVHEUDoDOGHHP67RPpLQ)*C6;'&(E#F'6"&(+*(E6R3"6&;(
:$"6&6;Q&RLPEUD
BBBBB6DOXEULGDGHXUEDQLVPRHRUGHQDPHQWRVRFLDOHP67RPpLQE$3;'#1b?$(*(*3;63$(
+&(G6;'D#6&(+*(T\#6"&/LVERD
BBBBB5HFRORQL]DomRPXWDo}HVGHPRJUiFDVHDX[RGHGHJUHGDGRVD67RPpQRVpF
;,;LQG6;'D#6&(+&;(Q0S&;(+$(!'0c3'6"$YRO,,)XQFKDO&HQWURGH(VWXGRVGH+LVWyULDGR
$WOkQWLFR
BBBBBD+HJHPRQLDGDVURoDVYVLQVWLWXLomRPXQLFLSDOQDLOKDGR3UtQFLSHQRVSULPHLURV
DQRVGD5HS~EOLFDLQZ(7136"F<6$(3$(213+$(<$#'191R;)XQFKDO&HQWURGH(VWXGRVGH
+LVWyULDGR$WOkQWLFR
BBBBBE$PDUJLQDOLGDGHVRFLDOHSROtWLFDGRSURWHVWDQWLVPRHP67RPpH3UtQFLSHGR
~OWLPR TXDUWHO GH 2LWRFHQWRV D PHDGRV GH 1RYHFHQWRV HP U1;$'$<6*;# D7()&;# E:)3)*%&#
Y7(39727
!""#
'&'
BBBBBF2UHFUXWDPHQWRGHVHUYLoDLVPRoDPELFDQRVSDUDDVURoDVGH67RPpH3UtQFLSH
HP !"'&;( +$( :*263H#6$( 7$b&2%6O1*a( 3&C*9&bu*;]( "$2>#"6$( *( '>"36"&;;#
/LVERD&RPLVVmR1DFLRQDOSDUDDV&RPHPRUDo}HVGRV'HVFREULPHQWRV3RUWXJXHVHV
BBBBBG$VHGLomRGHHP67RPpG6;'D#6&Q1RYD6pULH/LVERD
BBBBB H 67RPp H 3UtQFLSH LQ$/(;$1'5( 9DOHQWLP H ',$6 -LOO FRRUG Z( Q2<>#6$(
!\#6"&3$(ghdVghfe/LVERD(GLWRULDO(VWDPSD
BBBBB I +XPEHUWR 'HOJDGR YHUVXV R LVRODPHQWR SROtWLFR GH 6mR 7RPp LQ G12%*#'$(
-*09&+$K(!;(*0*6bu*;(+*(gfh/LVERD9HJD
BBBBBD$/LJDGRV,QWHUHVVHV,QGtJHQDVGH67RPpH3UtQFLSHLQ!#O16<>0&9$K(
G6;'D#6&6pULH9RO,,,3RQWD'HOJDGD8QLYHUVLGDGHGRV$oRUHV
BBBBBE2HVWUDQJXODPHQWRGRDVVRFLDWLYLVPRSROtWLFRVmRWRPHQVHQDGpFDGDGHLQ
)*C6;'&(Q3'*#3&"6$3&0(+*(M;'1+$;(!\#6"&3$;Q/LVERD&($$,,&7
BBBBBF&RUSRUDo}HVUHOLJLRVDVGHLOKpXVHP67RPpH3UtQFLSHGROLEHUDOLVPRj5HS~EOLFD
)%#M;'1+$;(!\#$V!;6H'6"$;Q5LRGH-DQHLUR8QLYHUVLGDGH&DQGLGR0HQGHV
BBBBB G 7RGRV FRPSDGUHV" LQ )*C6;'&( Q3'*#3&"6$3&0( +*( M;'1+$;(!\#6"&3$; Q
/LVERD&($$,,&7
BBBBB D 5HODo}HV GH SRGHU H TXRWLGLDQR QDV URoDV GH 6 7RPp H 3UtQFLSH GH QDLV GH
Z6'$"*3'$;( &( 2*&+$;( +$( <#*;*3'*( ;>"10$ GLVVHUWDomR GH GRXWRUDPHQWR /LVERD )&6+
81/
BBBBB E 3ROtWLFDV FRORQLDLV FOLYDJHQV H UHSUHVHQWDo}HV VRFLDLV QR DVVRFLDWLYLVPR VmR
WRPHQVH QDV SULPHLUDV GpFDGDV GH 1RYHFHQWRV LQ !( T\#6"&( *( &( 63;'&0&b?$( +$( ;6;'*2&(
"$0$36&0(/"KghhV"Kgfie4K(!"'&;(+&(QQQ()*136?$(Q3'*#3&"6$3&0(+*(G6;'D#6&(+*(T\#6"&/LVERD
-EJ-H,$$-F#
BBBBBF5HODo}HVHQWUH$QJRODH67RPpH3UtQFLSHQDpSRFDFRQWHPSRUkQHDHVERoR
GHSUREOHPDWL]DomRHPWRUQRGDWUDQVIHUrQFLDGHPmRGHREUDHGDVUHODo}HVSROtWLFDV
)%#E$3;'#163+$($(<&;;&+$(&39$0&3$a(&;(\$3'*;(*(&(;1&(63'*#<#*'&b?$K(!"'&;(+$(QQ(:*263H#6$(
Q3'*#3&"6$3&0(;$%#*(&(G6;'D#6&(+*(!39$0&/LVERD&RPLVVmR1DFLRQDOSDUDDV&RPHPRUDo}HV
GRV'HVFREULPHQWRV3RUWXJXHVHV
BBBBBG5HODo}HVHQWUH%UDVLOH67RPpH3UtQFLSHGHFOtQLRHHVTXHFLPHQWRLQ!;(Q0S&;(
*($(A#&;60)XQFKDO&HQWURGH(VWXGRVGH+LVWyULDGR$WOkQWLFR
BBBBBD2SDSDJDLRHRIDOFmR$JpQHVHGDDXWRQRPLDQDXOWUDSHULIpULFDLOKDGR3UtQFLSH
)%#!1'$3$26&(*(S6;'D#6&(+&;(60S&;)XQFKDO&HQWURGH(VWXGRVGH+LVWyULDGR$WOkQWLFR
BBBBBE,GHQWLGDGHVHVDEHUHVQDHQFUX]LOKDGDGRQDFLRQDOLVPRVmRWRPHQVHLQ,$0F'6"&(
63'*#3&"6$3&0QYRO/LVERD
BBBBB F 71'&bu*;( ;$"6&6;( *( <$0F'6"&;( *2( :K( 8$2>( *( ,#F3"6<*( 3$;( ;>"10$;( BQBVBBa( 12&(
;F3'*;*(63'*#<#*'&'6C&/LVERD$3$'
BBBBB G 6 7RPp H 3UtQFLSH LQ 0$548(6$ + 'H 2OLYHLUD FRRUG 2(
62<>#6$(&\#6"&3$(ghfeVgfie/LVERD(GLWRULDO(VWDPSD
BBBBBX#\?$;(+&(#&b&a(*1#$<*1;(*3'#*(&(\$#'13&(*(&(+*;C*3'1#&(3$(:K(8$2>(*(,#F3"6<*(
"$0$36&067RPp,QVWLWXWR&DP}HV&HQWUR&XOWXUDO3RUWXJXrV6mR7RPp
BBBBB D Z( ;10( +&( +6H;<$#&K( E&%$VC*#+6&3$;( *2( <0&3'&bu*;( +*( :K( 8$2>( *( ,#F3"6<*( *(
7$b&2%6O1*3UDLD(GLomRGD3UHVLGrQFLDGD5HS~EOLFDGH&DER9HUGH
BBBBBE$PLVHULFyUGLDQDYRUDJHPGDVLOKDV)UDJPHQWRVGDWUDMHFWyULDGDVPLVHULFyUGLDV
+*(:K(8$2>(*(+$(,#F3"6<*63,
BBBBB F 2V VmRWRPHQVHV H DV PXWDo}HV VRFLDLV QD VXD KLVWyULD UHFHQWH LQ !\#6"&3&(
:'1+6&Q3RUWR&($GD83
BBBBBG-*;'*##$(*("$3'#&'$K(7$b&2%6"&3$;(&("&263S$(+*(:K(8$2>(*(,#F3"6<*(/&3$;(gfkeV
gfle40DSXWR$UTXLYR+LVWyULFRGH0RoDPELTXH
!""#
'&) !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
BBBBBD(VFUDYDWXUDWUDEDOKRIRUoDGRHFRQWUDWRHP67RPpH3UtQFLSHQRVVpFXORV;,;
;;VXMHLomRHpWLFDODERUDOLQLQ!\#6"&3&(:'1+6&Q3RUWR&($GD83
BBBBBE$SDVVDJHPGH"$$06*;SRU67RPpH3UtQFLSHLQ!#O16<>0&9$K(G6;'D#6&6pULH
9RO9,,,3RQWD'HOJDGD8QLYHUVLGDGHGRV$oRUHV
BBBBBDM3'#*($(213+$(*(&;(60S&;K(Z(&;;$"6&'6C6;2$(;?$V'$2*3;*(3$;(<#62*6#$;(+*">36$;(
+*(=$C*"*3'$;6mR7RPp81($6
BBBBBE1RWDVVREUHDYDOLDSROtWLFDVLPEyOLFDHHFRQyPLFDGRVSURFHVVRVPLJUDWyULRV
HP 6 7RPp H 3UtQFLSH LQ !#O16<>0&9$K( G6;'D#6& 6pULH YROV ,;; 3RQWD 'HOJDGD
8QLYHUVLGDGHGRV$oRUHV
BBBBB &DERYHUGLDQRV HP 6 7RPp H 3UtQFLSH RV FRQWRUQRV GD FRQVFLrQFLD GH
;*913+$;(*1#$<*1;LQKWWSZZZDQWURSRORJLDQHWSXEOLFDFRHVDFWDVFRQJUHVVRFDS
$XJXVWR1DVFLPHQWR9)SGI#
BBBBBD2PGRFDPLQKXORQJL;#1)%:'2*;#$29K<#E:)3*(7
BBBBB E E6R3"6&;( ;$"6&6;( *2( :K( 8$2>( *( ,#F3"6<*a( &( 63+*<*3+R3"6&( *( $( *;'&+$( +&( &#'*;#
KWWSZZZDIULFDQRVHXFHDXSXSORDGV(%SGI
BBBBB F 1HP KRPHQV QHP PXOKHUHV Vy FRQWUDWDGRV $SRQWDPHQWRV VREUH UHODo}HV
GHJpQHURHQWUHFDERYHUGLDQRVQDVURoDVGH67RPpH3UtQFLSHLQ*5$66,0DU]LDH
e925$,RODQGDRUJP>3*#$(*(269#&bu*;("&%$VC*#+6&3&;/LVERD,&6
BBBBBD56+&;(+*(:K(8$2>(;*913+$(C$I*;(+*(:$3"*3'*;#1)%:'2*;#$29K<#E:)3*(7
BBBBBE!'0&;(+&(01;$\$36&K(:?$(8$2>(*(,#F3"6<*/LVERD3UHIiFLR
BBBBB F 8PD FUyQLFD GH R DQR GD *XHUUD LQ !3$( 2H96"$( +*( deelK( Z0S&#*;(
#*'#$;<*"'6C$;( ;$%#*( &( S6;'D#6&( *( &( "10'1#&( "&%$C*#+6&3&; 3UDLD ,QVWLWXWR GD %LEOLRWHFD
1DFLRQDOHGR/LYUR
BBBBBG2VFRQVHQVRVHVWpUHLV1RWDVVREUHDSROtWLFDGHFRRSHUDomRFRP67RPpH
3UtQFLSHLQIULFDFRPSUHHQGHUWUDMHFWRVROKDURIXWXURDFWDVGR9&RQJUHVVRGH(VWXGRV
$IULFDQRVQR0XQGR,EpULFRDGH0DLRGH
BBBBB I &DSHYHUGHDQV LQ 6mR 7RPp DQG 3UtQFLSH LQ %$7$/+$ / H &$5/,1* -
HG8#&3;3&'6$3&0(!#"S6<*0&9$K(,*#;<*"'6C*;($3(E&<*(5*#+*&3(769#&'6$3(&3+(-6H;<$#&;#
H+&3'(:7+#B%)C'(&)3G#D('&&
1$6&,0(172 $XJXVWR H ',$6 $OIUHGR 2V $QJRODUHV GD DXWRQRPLD j LQVHUomR QD
VRFLHGDGHFRORQLDOLQU*#(G6;'D#6&Q/LVERD
1$=$5e0DQXHO/LPDGH6HJXUDQoDDOLPHQWDUHP6mR7RPpH3UtQFLSH63#g&;(J$#3&+&;(
;$%#*(&(&9#6"10'1#&(+*(:?$(8$2>(*(,#F3"6<*/LVERD,,&7
1(*5(,526$ /RER GH$OPDGD G6;'$#6&( *'S3$9#&<S6"&( +&( 60S&( +*( :K( 8S$2>;#H%3)>7#
&DVD%HUWUDQG-RVp%DVWRV/LVERD
1(9(6 &DUORV$JRVWLQKR GDV :K( 8$2>( *( ,#F3"6<*( 3&( ;*913+&( 2*'&+*( +$( ;>"K( B5QQQ;#
/LVERD,QVWLWXWRGH+LVWyULDGH$OpP0DU
1(9(6&DUORV$JRVWLQKRGDVH&(,7$1D]DUpG6;'D#6&(+*(:K(8$2>(*(,#F3"6<*67RPp
1(9(6 &DUORV$JRVWLQKR GDV )/25(6 -RUJH 0DQXHO 0$726$UWXU 7HRGRUR GH $
UHSUHVVmRFRQWUDRVHVFUDYRVGH6mR7RPpHDJXHUUDHP&HLOmRLQ
,$#'19&0(3$(713+$YRO,,,/LVERD3XEOLFDo}HV$OID
3(/,66,(55HQp/DJXHUUHGH%DWHSi6mR7RPp)pYULHULQ)>C1*(\#&3b&6;*(
+p>'1+*;(<$06'6O1*;(&\#6"&63*;Q3DULV
3,1+(,52/XtVGD&XQKDD2DUTXLSpODJRGR*ROIRGD*XLQp)HUQDQGR3y6mR7RPp
3UtQFLSHH$QR%RPLQ0$726$UWXU7HRGRURGH!("$0$36I&b?$(&'0c3'6"&WRPR/LVERD
E:)3*()72#E&37+=7#
BBBBB E 2 VpFXOR ;9, 8PD HFRQRPLD EHP VXFHGLGD LQ 0$726$UWXU 7HRGRUR GH !(
!""#
'&*
"$0$36I&b?$(&'0c3'6"&WRPR/LVERD(GLWRULDO(VWDPSD
5$0265XL5HEHOLmRHVRFLHGDGHFRORQLDODOYRURoRVHOHYDQWDPHQWRVHP6mR7RPp
LQ)*C6;'&(Q3'*#3&"6$3&0(+*(M;'1+$;(!\#6"&3$;Q/LVERD&($$,,&7
52'5,*8(6&ULVWLQD8GHOVPDQQ2VOKRVQmROLJDP2VOKRVQmRYLVLWDP2DEDQGRQR
+*(6+$;$;(*2(:?$(8$2>(*(,#F3"6<*/LVERD
52'5,*8(63DXOR)LOLSH)UHLWDVQ2<&"'$(+&(+6;'#6%16b?$(+*('*##&;(3&(*"$3$26&(&9#F"$0&(
+&()*<[%06"&(-*2$"#H'6"&(+*(:K(8$2>(*(,#F3"6<*GLVVHUWDomRGHPHVWUDGR/LVERD,6$
87/
520$1$+HLWRU$OEHUWR&RHOKR%DUUDV:?$(8$2>(*(,#F3"6<*K(M0*2*3'$;(<&#&(12&(&3H06;*(
&3'#$<$0D96"&(+&;(;1&;(C103*#&%606+&+*;(*(<$'*3"6&06+&+*;/LVERD,6&6387/
5866(//+DPLOWRQU6'*#&'1#&(&\#6"&3&](06'*#&'1#&(3*"*;;H#6&/LVERD(GLo}HV
6$&5$0(172 $QWyQLR )UDQFLVFR GR $ SUREOHPiWLFD GR FUHVFLPHQWR GHPRJUiFR
3$( <#$"*;;$( +*( <0&3*&2*3'$( +$( '*##6'D#6$( *2( :K( 8$2>( *( ,#F3"6<*a( &3H06;*( 3$( ;*"'$#( +*(
*+1"&b?$](;&[+*(*(*2<#*9$GLVVHUWDomRGHPHVWUDGR&RLPEUD8QLYHUVLGDGHGH&RLPEUD
612*8(,5$,VDEHO%HWWHQFRXUWGH612*8(,5$%HUQDUGRGH$LOKDGR3UtQFLSHQR
TXDUWHOGRVpFXOR;9,DGPLQLVWUDomRHFRPpUFLRLQE$39#*;;$(Q3'*#3&"6$3&0(A&#'$0$2*1(
-6&;(*(&(;1&(><$"&K(!"'&;;#D*(3*;#B%)C'(&):7:'#:*#D*(3*
6$172$UPLQGR&HLWD(VStULWRM"$3$26&(+*(:K(8$2>(*(,#F3"6<*(*3'#*($(#*962*(+*(<&#'6+$(
[36"$(*($(210'6<&#'6+2$/LVERD&ROLEUL
BBBBB:K(8$2>(*(,#F3"6<*(<#$%0*2&;(*(<*#;<*"'6C&;(<&#&($(;*1(+*;*3C$0C62*3'$&ROLEUL
6$172&DUORV(VStULWRD86<$0$96&;(+$("$3'$(2&#&C60S$;$(&\#6"&3$/LVERD&RRSHUDomR
BBBBBE!02&;(+*(*06'*(;&3'$2*3;*;/LVERD&RRSHUDomR
BBBBBM3"6"0$<>+6&(\13+&2*3'&0(+*(:?$(8$2>(*(,#F3"6<*/LVERD&RRSHUDomR
BBBBB!(P1*##&(+&(8#63+&+*/LVERD&RRSHUDomR
6$1726HYHULQR1HWRGR(VStULWRM;'1+$(+*(62<&"'$(;$"6$V*"$3D26"$(+$(<#$"*;;$(+*(
+6;'#6%16b?$(+*('*##&;(3&(*"$3$26&(;&3'$2*3;*GLVVHUWDomRGHPHVWUDGR/LVERD,6$87/
6$1726$UJHQWLQR3LUHVGRVM2*#9R3"6&(+*(2*"&36;2$;(+*(<$1<&3b&(*(*3+6C6+&2*3'$(
3&( <*O1*3&( *( 2>+6&( &9#6"10'1#&( *2( :K( 8$2>( *( ,#F3"6<* /LVERD ,QVWLWXWR 6XSHULRU GH
$JURQRPLD8QLYHUVLGDGH7pFQLFDGH/LVERD
6$17260DFLHO$FRPSUDGRVFRQWUDWDGRVSDUD6mR7RPp$IDVHGRPHUFDGROLYUH
LQ8#&%&0S$(\$#b&+$(&\#6"&3$K(Z("&263S$(+*(6+&(GLo}HV+~PXV
6$1726&DWDULQD0DGHLUD$IRUPDomRGDVHVWUXWXUDVIXQGLiULDVHDWHUULWRULDOL]DomRGDV
WHQV}HVVRFLDLV6mR7RPpSULPHLUDPHWDGHGRVpFXOR;9,LQ6WXGLDQ/LVERD
-EJ-H,$$-F
6(,%(57*HUKDUGD:?$(8$2>(&3+(,#F3"6<*(&\'*#(Q3+*<*3+*3"*(.#$2(Z3*V,&#'NV:'&'*('$(
,&2*3'&#N(-*2$"#&"N8WUHFKW8QLYHUVLGDGHGH8WUHFKW
BBBBBE27FKLOROLGH6mR7RPpLQG6;'D#6&Q/LVERD
BBBBB$3UREOHPiWLFDGR(VWDGR3yV&RORQLDOHPIULFDHRFDVRGH6mR7RPpH3UtQFLSH
SROLFRSLDGR
BBBBB D $ SROtWLFD QXP PLFURHVWDGR 6mR7RPp H 3UtQFLSH RX RV FRQLWRV SHVVRDLV H
SROtWLFRVQDJpQHVHGRVSDUWLGRVSROtWLFRVLQU1;$'$<6*;#D7()&;#Y7(39727
BBBBBE+iYHVWtJLRVGRVPHQLQRVMXGHXVQDFXOWXUDVDQWRPHQVH"SROLFRSDGR
BBBBBF6mR7RPpH3UtQFLSHERDWRVUiGLR%RFDD%RFDHSDQHWRVDQyQLPRVQDFXOWXUD
SROtWLFDORFDOLQ)*C6;'&(Q3'*#3&"6$3&0(+*(M;'1+$;(!\#6"&3$;Q/LVERD,,&7&($$
BBBBB2PDVVDFUHGH)HYHUHLURGHHP6mR7RPp5DLVRQGrWUHGRQDFLRQDOLVPR
VDQWRPHQVHSROLFRSLDGR
!""#
'&! !"#$%&'()'(*+",%'()+(-.,#)'.()+(/&.,0%&1()'(!,23",&4'
BBBBB$TXHVWmRGDRULJHPGRV$QJRODUHVGH6mR7RPpSROLFRSLDGR
BBBBBE$2#&+*;](E06*3';(&3+(E$1;63;K(E$0$36&06;2](:$"6&06;2(&3+(-*2$"#&'6I&'6$3(63(:?$(
8$2>(&3+(,#F3"6<*/HLGHQ/HLGHQ8QLYHUVLW\
BBBBBD'HPRFUDFLDHFRUUXSomR2FDVRGH6mR7RPpH3UtQFLSHLQ!"'&;(+$(5Q(E$39#*;;$(
U1;$V!\#$VA#&;60*6#$(+*(E6R3"6&;(:$"6&6;;#D*(3*;#-EH#:7#B%)C'(&):7:'#:*#D*(3*
BBBBBE6mR7RPpH3UtQFLSHLQ&+$%$/3DWULFN!(S6;'$#N($\(<$;'"$0$36&0(01;$<S$3*(
!\#6"&/RQGUHV+XUVW &R
BBBBBVG$OXWDSHODOLEHUWDomRQDFLRQDOHP6mR7RPpYLVWDSHOD3,'(SROLFRSLDGR
6(5$),00DULD&ULVWLQD6HXDQHV!;(60S&;(+$(P$0\$(+&(P163>(3$(;>"10$(B5QQ(/:?$(8$2>](
,#F3"6<*(*(!3$(A$24/LVERD&HQWURGH(VWXGRVGH+LVWyULDGH$OpPPDU)&6+81/
6(5$),0 0DULD &ULVWLQD 6HXDQHV H 7206 /~FLD 0 / D )UDJLOLGDGHV FRQLWRV H
LQRSHUkQFLDVQRVVpFXORV;9,,H;9,,,LQ0$726$UWXU7HRGRURGH!("$0$36I&b?$(&'0c3'6"&;#
WRPR/LVERD(GLWRULDO(VWDPSD
BBBBBE2VVpFXORV;9,,;9,,,2OHQWRGHFOLQDUGDHFRQRPLDLQ0$726$UWXU7HRGRURGH
!("$0$36I&b?$(&'0c3'6"&WRPR/LVERD(GLWRULDO(VWDPSD
6,/9$)LOLSD5LEHLURGD!(Q3O16;6b?$(*2(E&%$(5*#+*](P163>(*(:K(8$2>(*(,#F3"6<*(/gil(&(
ghdg4a("$3'#6%1'$(<&#&($(*;'1+$(+&(<$0F'6"&(+$(:&3'$(Z\F"6$(3$;('*##6'D#6$;(&\#6"&3$;;#6#C*2&";#
GLVVHUWDomRGHPHVWUDGR81/
6286$&HOVR%DWLVWDGH:K(8$2>(*(,#F3"6<*K(-$(+*;"$%#62*3'$(&$;(2*&+$;(+$(;>"10$(
B5Qa(-*;*3C$0C62*3'$(63'*#3$(*(6##&+6&b?$( 3$(P$0\$(+&(P163>GLVVHUWDomR GHPHVWUDGR
/LVERD)DFXOGDGHGH/HWUDVGD8QLYHUVLGDGHGH/LVERD
6286$,]HTXLHO%DWLVWDGHG6;'$6#*("10'1#*00*(+*(:K(8$2*(*'(,#63"6<*(+1(BQB*(;6v"0*(n(3$;(
MRXUVPHPRLUHGH'($8QLYHUVLGDGHGH3DULV,SROLFRSLDGR
BBBBB-p13(21;;&3+H('#&+6'6$33*0(n(7&9$+63S$(2$+*#3*K(U*(3$1C*&1(2$3+*(2>'6;;*(+*(
.#&3"6;"$(E$;'&(!0*9#*67RPp81($6
7(15(,52)UDQFLVFRDE&%$(5*#+*(*(:K(8$2>(*(,#F3"6<*a(*;O1*2&(+*(12&(*C$01b?$(
FRQMXQWD3UDLD,PSUHQVD1DFLRQDO
BBBBBE$VLOKDVGH67RPpH3UtQFLSHHRWHUULWyULRGH6mR-RmR%DSWLVWDGH$MXGi/LVERD
6RFLHGDGHGH*HRJUDDGH/LVERD
BBBBB!(60S&(+*(:K(8$2>/LVERD-XQWDGH,QYHVWLJDo}HVGR8OWUDPDU
BBBBB 5HODo}HV KXPDQDV HVWUXWXUD PRYLPHQWRV GD SRSXODomR DVVLPLODomR H
PHVWLoDJHPLQ5(E$0DO16$(Q3'*#3&"6$3&0(+*(M;'1+$;(U1;$VA#&;60*6#$;&RLPEUD
80%(/,1$1(721DWiOLDU*;(q0*;(+*(:?$(8$2>(*'(,#F3"6<*(/ghiVgfei4a(+*(0&(0p&%$06'6$3(
+*(0p*;"0&C&9*(n(0&(9>3>#&06;&'6$3(+*;('#&C&600*1#;(;$1;("$3'#&'](0*;(;*#C6b&*;GLVVHUWDomR
GHGRXWRUDPHQWR8QLYHUVLGDGHGH$L[0DUVHLOOH,
80%(/,1$6LOYHVWUHGH%DUURVVG-626V\&GDFWLORJUDIDGR
BBBBBVGZ(<#$"*;;$(+*(62<0*2*3'&b?$(+&(&1'$3$26&(+$(,#F3"6<*GDFWLORJUDIDGR
9$/%(57 &KULVWLDQ /H WFKLOROL GH 6mR 7RPp 8Q H[HPSOH GH VXEYHUVLRQ FXOWXUHO LQ
U6''*#&'1#*;(!\#6"&63*;(+*(U&391*(,$#'19&6;*;#D7()&;#-'%3('#-<23<('2#D*(3<>7)&
9$/9(5'(3DXOR7H;"&#&](2&'$(*(2$#'*(*2(:?$(8$2>;#0')(7&;#-'237
!""#