5(*$/2&$/,=$'$ Z Z Z U D L Q E L U G S W '(6(03(1+2 8WLOL]HR4XDGURDFLPDDSHQDVFRPRXP JXLD$MXVWHRQ~PHURGHSDFRWHVGH*HO HP IXQomR GH WHPSHUDWXUD H[SRVLomR VRODUWDPDQKRGDSODQWDQHFHVVLGDGHGH iJXD GD SODQWD UHGX]LGD PpGLD HOHYDGD $VTXDQWLGDGHVUHFRPHQGDGDVQRSULPHLUR TXDGURDFLPDFRUUHVSRQGHPDXPDSODQWD GHWDPDQKRSURSRUFLRQDODRWDPDQKRGR YDVRHPTXHVHHQFRQWUDSODQWDSHTXHQD QXPYDVRSHTXHQR1RFDVRGHDUUDQMR GH SODQWDV HP YDVRV RX HP FHVWRV SHQGXUDGRVSRGHWHUXPSDFRWHGH*HOGH ¶¶SRUSODQWDSDUDSODQWDVGHGLPHQVmR LQIHULRUDFP([HPSORSODQWDVQXP FHVWRSHQGXUDGR SDFRWHVGH*HOGH¶¶ 3DUD WDPDQKRV PDLRUHV GHYH DMXVWDU D TXDQWLGDGHGHSDFRWHVGHJHO $ SURSRUomR D TXH R SURGXWR OLTXLGL¿FD YDULD FRP EDVH HP GLYHUVRV IDFWRUHV WHPSHUDWXUDiUHDGHFRQWDFWRHQWUHRVROR HRJHOUHVXOWDQGRQXPWHPSRGHYLGDTXH SRGHVHULQIHULRUDRVGLDVUHFRPHQGDGRV 2Q~PHURUHFRPHQGDGRGHSDFRWHVGHJHO pEDVHDGRHPQHFHVVLGDGHPpGLDGHXPD SODQWDGHFRQVXPRPpGLR SDUDSODQWDVFRPHOHYDGDQHFHVVLGDGHGH iJXDDXPHQWHRQ~PHURGHSDFRWHVGH *HOHP SDUDSODQWDVFRPUHGX]LGDQHFHVVLGDGHGH iJXDGLPLQXDRQ~PHURGHSDFRWHVGH*HO HP $TXDQWLGDGHGHSURGXWRXWLOL]DGDWDPEpP SRGH VHU DMXVWDGD GD TXDQWLGDGH UHFRPHQGDGDHPFRQGLo}HVFOLPDWpULFDV GH KXPLGDGH RX VHFD H[WUHPDVSRU H[HPSOR PXOWLSOLTXH SRU D TXDQWLGDGH GH 5%,6 VH KRXYHU SODQWDV HP FHVWRV SHQGXUDGRV H[SRVWRV DR VRO GXUDQWH R 9HUmR 3ODQWDV FRP FDORU H[FHVVLYR HP FUHVFLPHQWR RX FRP IUXWRV MRYHQV QHFHVVLWDPPDLViJXD 2 WXER SHUIXUDGR 5%,6 7& FRP XP SDFRWHGHJHO5%,6´FRUUHVSRQGHDXP PHFDQLVPRGHGLVWULEXLomRSHUPLWLQGRTXH KDMDPHQRVXQLGDGHVSRUSODQWD *XLDJHUDOGHXWLOL]DomRSDUD3DFRWHGH*HOGHGLDV D&FRPXPDEHUWXUDGR3DFRWHGH*HOGHFPGHODUJXUDDRORQJRGHWRGRR FRPSULPHQWRGRSDFRWHGHJHO 3/$17$ 9$62 1HFHVVLGDGHGHiJXD$OWXUDGD3ODQWD 'LkPHWURFP 9ROXPH/ 5('8=,'$ FP 'HDFP / 0e',$ (/(9$'$ $FP FP $FP FP $FP 'HDFP 'HDFP 'HDFP 'HDFP 'HDFP 3$&27('(*(/¶¶ 1SDFRWHVJHO 9/ / 9/ / 9/ *XLDSDUDSODQWDVFRPQHFHVVLGDGHPpGLDGHiJXDHSDUDSODQWDVFRPDOWXUDGHFHUFDGHFP D& 3/$17$ 4XDQWLGDGHGH3ODQWDV &$17(,526 &RPSULPHQWRFP 9ROXPH/ 3/$17$ 4XDQWLGDGHGH3ODQWDV 3$&27(*(/¶¶ 1SDFRWHVJHO &(67263(1'85$'26 'LkPHWURFP 9ROXPH/ 3$&27(*(/¶¶ 1SDFRWHVJHO *XLDJHUDOGHXWLOL]DomRSDUD3DFRWHGH*HOGHGLDV D&*XLDSDUDSODQWDVFRPQHFHVVLGDGHPpGLDGHiJXDHSDUDSODQWDVFRPDOWXUDGHFHUFDGHFP 3/$17$ 4XDQWLGDGHGH3ODQWDV &$17(,526 &RPSULPHQWRFP 9ROXPH/ [[+ D [[+ D [[+ D [[+ D [[+ D 3$&27(*(/¶¶ 1SDFRWHVJHO D/ D/ D/ D/ D/ *XLDJHUDOGHXWLOL]DomRSDUD3DFRWHGH*HO5%,6´FRP5%,67&D& *XLDSDUDSODQWDVFRPQHFHVVLGDGHPHGLDGHiJXDHSDUDSODQWDVFRPDOWXUDGH FHUFDGHFP &RPSULPHQWR&DQWHLURFP 1~PHURGHWXERVSHUIXUDGRV 0HQRVGH D D D D D D D