%ROHWLP,QIRUPDWLYR 0$,2 ' ( 1 Ô 0 ( 5 2 &RQIOLWRGHFRPSHWrQFLDV 67)LJQRUDGLVSRVLWLYRVGD&DUWD0DJQDHFRORFDD-XVWLoD&RPXPFRPRIRUR FRPSHWHQWHSDUDMXOJDUDo}HVGHFRUUHQWHVGHDFLGHQWHVGHWUDEDOKR 'LYHUVRVyUJmRVTXHFRPS}HPR-XGLFLiULR7UDEDOKLVWD WrPPDQLIHVWDGRVXDLQVDWLVIDomRFRPGHFLVmRGR6XSUHPR 7ULEXQDO)HGHUDO67)TXHDWULEXLXj-XVWLoD&RPXPDFRP SHWrQFLDGHMXOJDUDo}HVGHFRUUHQWHVGHDFLGHQWHVGHWUDEDOKR LJQRUDQGR GLVSRVLWLYRV FRPR R DUW GD &RQVWLWXLomR GD 5HS~EOLFD (QWUH DV FRPSHWrQFLDV GD -XVWLoD GR 7UDEDOKR -7 SUHYLVWDV QHVWH DUWLJR HVWi D GH MXOJDU ³DV Do}HV GH LQGHQL]DomRSRUGDQRPRUDORXSDWULPRQLDOGHFRUUHQWHVGD UHODomRGHWUDEDOKR´ 3DUDQmRUHVWDUG~YLGDVD$VVRFLDomRH[SOLFDDLQGDQD QRWDTXH³DVFDXVDVLQGHQL]DWyULDVGHGDQRVPRUDLVHPDWHUL DLVGHFRUUHQWHVGHFXOSDVXEMHWLYDGRHPSUHJDGRUTXHWHQKDP FRPRFDXVDGHSHGLURGHVFXLGRGHVWHFRPRPHLRDPELHQWH GHWUDEDOKR&)DUW;;,,FF;;9,,,VmRGDFRPSHWrQFLD GD-XVWLoDGR7UDEDOKRPHVPRQDYLJrQFLDGDUHGDomRRULJLQDO GD&RQVWLWXLomRGD5HS~EOLFDGHSRUVHWUDWDUGHWtSLFR GLVVtGLRREUHLURSDWURQDOHPHUJHQWHGDUHODomRGHHPSUHJR &)$UWSULPHLUDSDUWHUHGDomRRULJLQiULD´ $ YRWDomR QR 3OHQiULR GR 6XSUHPR DFRQWHFHX QR GLD GHPDUoRHIRL¿QDOL]DGDFRPVHWHYRWRVDIDYRUGDFRP SHWrQFLDGD-XVWLoDFRPXPHWUrVFRQWUD8PGRVDUJXPHQWRV IDYRUiYHLVYHLRGRPLQLVWUR&H]DU3HOXVRTXHVHPDQLIHVWRX FRPRHQWHQGLPHQWRGHTXHD-XVWLoD(VWDGXDOpRIRURFRP SHWHQWHSDUDMXOJDUIDWRVTXDOL¿FDGRVFRPRDFLGHQWHRXGRHQoD GRWUDEDOKRSDUDHYLWDUFRQWUDGLo}HV³eH[DWDPHQWHHVVHR PRWLYRSHORTXDOQmRLQWHUHVVDQDLQWHUSUHWDomRGRFDSXWGR DUWTXDODWD[LQRPLDGDQRUPDMXUtGLFDDSOLFiYHODRIDWRRX IDWRV,PSRUWDVLPWUDWDUVHGHIDWRRXIDWRVTXHFDUDFWHUL]HP DFLGHQWHGRWUDEDOKR´GL]RYRWRGH3HOXVR $$VVRFLDomR1DFLRQDOGRV0DJLVWUDGRVGH-XVWLoDGR 7UDEDOKRWDPEpPVHFRORFRXFRQWUDDGHFLVmRGHIHQGHQGR TXH D DPSOLDomR GD FRPSHWrQFLD PDWHULDO REWLGD FRP D SURPXOJDomR GD (PHQGD &RQVWLWXFLRQDO UHIRUPD GR -XGLFLiULR IRUWDOHFH D -XVWLoD GR 7UDEDOKR FRPR R PDLRU LQVWUXPHQWRGHFRQFUHWL]DomRGHGLUHLWRVHJDUDQWLDVGRWUD EDOKDGRUEUDVLOHLURHUHD¿UPDRSDSHOGR(VWDGRQDGHIHVD GR FLGDGmR (P VHX GLVFXUVR GH SRVVH QD SUHVLGrQFLD GD $VVRFLDomR -RVp 1LOWRQ 3DQGHORW OHPEURX GR SUREOHPD H GHVWDFRXDLPSRUWkQFLDGRWUDEDOKRFRQMXQWRFRPD$137H D$QDPDWUD2H[SUHVLGHQWHGDHQWLGDGH*ULMDOER&RXWLQKR GHIHQGHXFRPRLQGLVSHQViYHODUHDOL]DomRGHVHPLQiULRVHP SDUFHULDFRPR0LQLVWpULR3~EOLFRGR7UDEDOKRSDUDGLVFXWLUD TXHVWmRGDVLQGHQL]Do}HV 'LDQWHGDGHFLVmRGR6XSUHPRD$137GLYXOJRXQRWDR¿ FLDOQRGLDGHPDLRUHSXGLDQGRDSRVLFLRQDPHQWRGR3OHQR HVDOLHQWDQGRDVGLIHUHQoDVGHSUHUURJDWLYDVOHJDLVGRVGRLV UDPRV³$VFDXVDVGHDFLGHQWHVGHWUDEDOKRGDFRPSHWrQFLD GD-XVWLoD&RPXP(VWDGXDODTXHVHUHIHUHRDUW, GD&DUWD0DJQDVmRDTXHODVUHVWULWDVjVFKDPDGDVOLGHV DFLGHQWiULDVGHFXQKRSUHYLGHQFLiULRDMXL]DGDVHPIDFHGR yUJmRGDSUHYLGrQFLDVRFLDOSHGLQGRRVEHQHItFLRVSUHYLGHQ FLiULRVWDLVFRPRDX[tOLRGRHQoDDFLGHQWiULRDSRVHQWDGRULD HSHQVmR´D¿UPDRWH[WR 2WHPDYROWRXjSDXWDGR67)QRGLDGHMXQKR 0DLVLQIRUPDo}HV 9HMDPDQLIHVWRGD$137HPZZZDQSWRUJEULQIRQRWDVFIP 3DUHFHUHVHODERUDGRVSRUMXt]HVGRWUDEDOKRHGLYXOJDGRVSHOD $QDPDWUDSRGHPVHUDFHVVDGRVHP ZZZDQDPDWUDRUJEUSXEOGRFVGRFVFIP %2/(7,0$1370$,2'( %HQHItFLR6RFLDO 2VPXQLFtSLRVGH'RLV&yUUHJRVH%DUUD%RQLWDORFDO L]DGRVDFHUFDGH.PGH6mR3DXORIRUDPEHQH¿FLDGRV FRPDDWXDomRFRQMXQWDGR0LQLVWpULR3~EOLFRGR7UDEDOKR HGR0LQLVWpULR3~EOLFR(VWDGXDO$PXOWDGH5PLOLP SRVWDDR*UXSR&RVDQSHORGHVFXPSULPHQWRGR7HUPRGH &RPSURPLVVRGH$MXVWHGH&RQGXWD7$&¿UPDGRHP IRL VXEVWLWXtGD SHODV VHJXLQWHV REULJDo}HV IRUQHFLPHQWR GH PHGLFDPHQWRV SDUD D 6DQWD &DVD GH 'RLV &yUUHJRV FRQVWUXomRGHXPDHVFRODGHIRUPDomRSUR¿VVLRQDOSDUDQR PtQLPRFULDQoDVHDGROHVFHQWHVHPiUHDDVHUGRDGD SHOR PXQLFtSLR DGPLQLVWUDomR H RSHUDFLRQDOL]DomR GHVWD HQWLGDGHSHORSHUtRGRGHDQRVGRDomRGHFRPSXWDGRUHV HDFHVVRj,QWHUQHWYLDUiGLRSDUDD3ROtFLD0LOLWDU $OpPGLVVRIRUDPH[LJLGDVDDGHTXDomRGDVFRQGLo}HV GHWUDEDOKRHDFRQWUDWDomRGHWUDEDOKDGRUHVFRQIRUPHD OHJLVODomR WUDEDOKLVWD 2 *UXSR &RVDQ SRVVXL XVLQDV GH FDQDGHDo~FDUHP'RLV&yUUHJRVH%DUUD%RQLWD$UHJLmR GH'RLV&yUUHJRVVHWRUQRXSyORQDFLRQDOGHPLJUDomRGH WUDEDOKDGRUHVUXUDLVGHRXWURV(VWDGRVHGHIRUQHFLPHQWR GHPmRGHREUDDOLFLDGDSDUDWUDEDOKRQDVODYRXUDVGHFDQD FDIpHRXWUDVFXOWXUDV $FRUGRYLQFXODFRRSHUDGRVD WRPDGRUHV $omR&LYLO3~EOLFDPRYLGDSHOD3URFXUDGRULD5HJLRQDO GR7UDEDOKRGD5HJLmRSURSRUFLRQRXXPDFRUGRTXHFULD XPDQRYDMXULVSUXGrQFLDSDUDDTXHVWmRGDVFRRSHUDWLYDV GHPmRGHREUD2VDOYRVGDDomRD8QLRS&RRSHUDWLYDGH 6HUYLoRV3UR¿VVLRQDLV$XW{QRPRVHP$WLYLGDGHV7pFQLFDV $GPLQLVWUDWLYDVH2SHUDFLRQDLVHVHXVWRPDGRUHV*HWUDQ GH6mR-RVpGRV&DPSRV6&/WGDH$GH]DQ,QG~VWULDH &RPpUFLRGH(PEDODJHQVH6HUYLoRV/WGD5HFRQKHFHVHR YtQFXORGHHPSUHJRHRVGLUHLWRVGHOHGHFRUUHQWHVFRPHIHLWR GHFODUDWyULRHFRQGHQDWyULRQDVUHFODPDo}HVWUDEDOKLVWDVMi DMXL]DGDVUHFRQKHFLPHQWRGDSURFHGrQFLDGRVSHGLGRVH GHVLVWrQFLDGHUHFXUVRVLQFOXVLYHSDUDHIHLWRGHDMXL]DPHQWR GHDomRGHH[HFXomRGRDFRUGRGLUHWDPHQWHSHORVWUDEDOKD GRUHVOHVDGRVDOpPGRGHYHUGHVHDEVWHUHPGHIRUQHFHUH FRQWUDWDUPmRGHREUDSRUPHLRGHFRRSHUDWLYD 037QD79 $ SRSXODomR YDL FR QKHFHU PDLV VREUH R 0LQLV WpULR 3~EOLFR GR 7UDEDOKR 037$$137 H D 3URFX UDGRULD *HUDO GR 7UDEDOKR 3*7 DVVLQDUDP QR GLD GHPDLRFRQYrQLRSDUDDUH DOL]DomRGHXPSURJUDPDH[ FOXVLYRVREUHDVDWULEXLo}HV HRVPHPEURVGR037DVHU H[LELGRSHOD79-XVWLoD $SDUFHULDLQFOXLSURGXomRHGLYXOJDomRGRSURJUDPDTXHSRV WHULRUPHQWHSRGHUiVHURIHUHFLGRSDUDRXWUDVUHSHWLGRUDVGH792 SUHVLGHQWHGD$1376HEDVWLmR&DL[HWDHDSURFXUDGRUDJHUDOGR 7UDEDOKR6DQGUD/LD6LPyQ¿UPDUDPRDFRUGRTXHSDVVRXDWHU YDOLGDGHFRPDSXEOLFDomRQR'LiULR2¿FLDOGD8QLmR $LQGDQmRHVWiGH¿QLGDDGDWDGHHVWUpLDGRSURJUDPDPDVDV DVVHVVRULDVGHFRPXQLFDomRGR037HGD$137MiGHUDPLQLFLRjV DWLYLGDGHVHHVWmRHODERUDQGRRSURMHWRGRSURJUDPDSLORWR2SLORWR WHUiVXDTXDOLGDGHWpFQLFDDYDOLDGDSHOD79-XVWLoDHVRPHQWHDSyV LVVRSRGHUiHQWUDUQDJUDGHGHSURJUDPDomR3DUDJDUDQWLUDTXDOL GDGHGRWUDEDOKRR037UHDOL]RXOLFLWDomRSDUDFRQWUDWDUDHPSUHVD TXHLUiHGLWDURSURJUDPDHD$137YDLFXVWHDUDFRQWUDWDomRGR DSUHVHQWDGRU 2SURJUDPDVHUiVHPDQDOHWHUiGXUDomRGHPLQXWRVFRP DSUHVHQWDomRGHPDWpULDVREUHWHPDVD¿QVDR037HGHEDWHHQWUH HQWUHYLVWDGRVSUHVHQWHVHPHVW~GLR 'LVVtGLRGHJUHYH 20LQLVWpULR3~EOLFRGR7UDEDOKR037VROLFLWRXSHODSULPHLUD YH]DSUHUURJDWLYDGHDMXL]DUGLVVtGLRFRQIRUPHDQRYDUHGDomRGR SDUiJUDIRWHUFHLURGRDUWLJRGD&RQVWLWXLomR)HGHUDO1RGLDGH PDLRIRLVROLFLWDGDDLQVWDXUDomRGRGLVVtGLRFROHWLYRGHJUHYHSDUD SUHVHUYDULQWHUHVVHFROHWLYRHP7HUHVLQD3,$PHGLGDIRLDGRWDGD GHSRLVGHXPDWHQWDWLYDGHDFRUGRHQWUHHPSUHViULRVGHWUDQVSRUWH FROHWLYRXUEDQRHPRWRULVWDVGH{QLEXV2037WDPEpPUHTXHUHX TXHR7ULEXQDO5HJLRQDOGR7UDEDOKR757GHWHUPLQDVVHjVSDUWHV HPFRQÀLWRDDGRomRGHSURYLGrQFLDVQRVHQWLGRGHDVVHJXUDURV GLUHLWRVGRVXVXiULRVGHWUDQVSRUWHEHPFRPRGHSUHVHUYDURGLUHLWR GHJUHYH &UHVFHLQIRUPDOLGDGHQR%UDVLO $LPSRUWkQFLDGDDPSOLDomRGDFRPSHWrQFLDGD-XVWLoDGR7UDEDOKR¿FRXDLQGDPDLVHYLGHQWHFRP DGLYXOJDomRQRGLDGHPDLRGDSHVTXLVD(FRQRPLD,QIRUPDO8UEDQDUHDOL]DGDSHOR,QVWLWXWR %UDVLOHLURGH*HRJUD¿DH(VWDWtVWLFD,%*(HPSDUFHULDFRPR6HEUDH2VGDGRVGDSHVTXLVDPRVWUDP TXHH[LVWHPPLOK}HVGHWUDEDOKDGRUHVQRVHWRULQIRUPDOXPFUHVFLPHQWRGHHPFRPSDUDomR D$WXDOPHQWHHOHVUHSUHVHQWDPGDPmRGHREUDRFXSDGDQRVFHQWURVXUEDQRVGRSDtV2 HVWXGRFRQVWDWRXDLQGDTXHJUDQGHSDUWHGHVWDDPRVWUDJHPpFRPSRVWDSRUKRPHQVPLOK}HV (VWHXQLYHUVRGHWUDEDOKDGRUHVDJRUDSRGHUHVROYHUVHXVSUREOHPDVQD-XVWLoD7UDEDOKLVWD&RPD SURPXOJDomRGD(PHQGD&RQVWLWXFLRQDOQD-7SDVVRXDWHUFRPSHWrQFLDSDUDMXOJDUDo}HVGHFRU UHQWHVGDVUHODo}HVGHWUDEDOKRRTXHLQFOXLXGH¿QLWLYDPHQWHRVEUDVLOHLURVTXHDWXDPQRVHWRULQIRUPDO ³$ DPSOLDomR GD FRPSHWrQFLD p XP UHVXOWDGR GD HYROXomR GR PHUFDGR GH WUDEDOKR$ 2UJDQL]DomR ,QWHUQDFLRQDOGR7UDEDOKR2,7LQGLFDTXHDLQIRUPDOLGDGHFUHVFHHPWRGRRPXQGRHpSUHFLVRJDUDQWLU RVGLUHLWRVGHVVHVWUDEDOKDGRUHV´D¿UPDRSUHVLGHQWHGD$1376HEDVWLmR&DL[HWD ³2VHWRULQIRUPDOpFRPSOHWDPHQWHLQDWLQJtYHOSHODLQVSHomRH¿VFDOL]DomRGRWUDEDOKR1mRKiFRPR JDUDQWLUTXHDVFRQGLo}HVVmRVHJXUDVHDGHTXDGDVeQHFHVViULRSHQVDUHPDOWHUQDWLYDVSDUDGDUD HVVDVSHVVRDVDVJDUDQWLDVVRFLDLVHSUHYLGHQFLiULDV´GHVWDFD&DL[HWD'DGRVGROHYDQWDPHQWRPRVWUDP WDPEpPTXHGRVWUDEDOKDGRUHVQmRSRVVXHPFDUWHLUDDVVLQDGDHQmRVmRUHPXQHUDGRV %DL[RJUDXGHLQVWUXomR 2VGDGRVGDSHVTXLVDGLPHQVLRQDPXPDFDUDFWHUtVWLFDGRVHWRULQIRUPDOMiFRQKHFLGDGDiUHDWUDEDOKLVWDREDL[RJUDXGH LQVWUXomR6HJXQGRROHYDQWDPHQWRPLOK}HVGRVWUDEDOKDGRUHVLQIRUPDLVSRVVXHPHQVLQRIXQGDPHQWDOFRPSOHWRGLVWULEXtGRV HPPLOK}HVGHKRPHQVHPLOK}HVGHPXOKHUHV2XWUDJUDQGHSDUFHODGRVHWRUpIRUPDGDSRUPLOK}HVGHWUDEDOKDGRUHV FRPHQVLQRPpGLRFRPSOHWR 2HVWXGRLQGLFDDLQGDTXHGDVSHTXHQDVHPSUHVDVQRSDtVVmRLQIRUPDLVVHQGRTXHVmRGHWUDEDOKDGRUHVDXW{QR PRV3HORVGDGRVGR,%*(GRWRWDOGHSHTXHQDVHPSUHVDVOLJDGDVj&RQVWUXomR&LYLOVmRLQIRUPDLV2XWUDDWLYLGDGHTXH HQJOREDXPDJUDQGHIDWLDIRLLGHQWL¿FDGDQRV6HUYLoRV&ROHWLYRV6RFLDLVH3HVVRDLVFRPQDLQIRUPDOLGDGH2FUHVFLPHQWR GHSUR¿VVLRQDLVFRQWUDWDGRVFRPRSHVVRDMXUtGLFDHGHSHVVRDVTXHGHVLVWHPGHSURFXUDUYDJDQRPHUFDGRGHWUDEDOKRRSWDQGR SRULQLFLDUVHXSUySULRQHJyFLRVmRDOJXPDVH[SOLFDo}HVSDUDHVVHIHQ{PHQR 1R GLD GH PDLR R SURFXUDGRUJHUDO GD 5HS~EOLFD &OiXGLR )RQWHOHV IRL RXYLGR HP DXGLrQFLD S~EOLFD QD &RPLVVmR GH 7UDEDOKR $GPLQLVWUDomRH6HUYLoR3~EOLFRGD&kPDUDGRV'HSXWDGRVSUHVWDQGR HVFODUHFLPHQWRVVREUHR3URMHWRGH/HLQGR0LQLVWpULR3~EOLFR GD8QLmR038TXH¿[DRVVXEVtGLRVGRVPHPEURVGRVTXDWURUDPRV 2GHSXWDGR3HGUR+HQU\3307pRUHODWRUGDPDWpULD$FRPLVVmRMi RXYLXRVDUJXPHQWRVGRSUHVLGHQWHGR6XSUHPR7ULEXQDO)HGHUDOPLQLVWUR 1HOVRQ-RELPVREUHSURMHWRVHPHOKDQWH3/QTXHUHDMXVWD RVVXEVtGLRVGRVPLQLVWURVGR6XSUHPR2VGRLVSURMHWRVWrPHIHLWRV VREUHRVYHQFLPHQWRVGHMXt]HVIHGHUDLVHGHSURFXUDGRUHV$JXDUGDVH DDSUHFLDomRGRSHGLGRGHYRWDomRHPUHJLPHGHXUJrQFLDSHORSOHQiULR GD&kPDUDGRV'HSXWDGRV$SURSRVWDWDPEpP¿[DRVDOiULRLQLFLDOGH XPSURFXUDGRUGR03HP5)RQWHOHVH[SOLFRXTXHKRXYH XPD UHGXomR EUXVFD QRV VDOiULRV QD YLUDGD GR DQR SDVVDQGR R VHX VDOiULRSRUH[HPSORGH5PLOSDUD5PLO2SURFXUDGRUJHUDO WDPEpPGHVWDFRXTXHRSURMHWRHVWDEHOHFHXPVDOiULR~QLFRHDFDEDFRP DQHFHVVLGDGHGHDGLFLRQDLVQDUHPXQHUDomREDVHGRVSURFXUDGRUHV ³1RVHUYLoRS~EOLFRH[LVWHRYHQFLPHQWREDVHTXHpULGtFXORHVREUH HOHLQFLGHXPDVpULHGHDGLFLRQDLVSDUDFRPSRUXPYDORUUD]RiYHO´D¿U PRX2SURFXUDGRUD¿UPRXDLQGDTXHRQRYRWHWRYDLGHVRQHUDURFDL[D GRVHVWDGRVMiTXHRVVDOiULRVGHMXt]HVHSURFXUDGRUHVHVWDGXDLVTXH DWXDOPHQWHSRGHPFKHJDUD5PLOFDLUiSDUD5PLO 6REUHDVFUtWLFDVFRPUHODomRDR³HIHLWRGRPLQy´GRDXPHQWR)RQ WHOHVD¿UPRXTXHQmRKiHTXLSDUDomRSDUDGHOHJDGRVHTXHRSURMHWRQmR SHUPLWHHVVDH[WHQVmRHTXDQWRDRVSURFXUDGRUHVHMXt]HVHVWDGXDLVR SURMHWRVHUiDLQGDPDLVSRVLWLYRMiTXHHVWDEHOHFHXPWHWRPi[LPR 0XOWDVPLOLRQiULDVQR07 )RWR/D\UFH/LPD037 $FLGDGHGH6mR-RVpGR5LR&ODURYDLUHFHEHUEHQHItFLRVTXHWR WDOL]DP5PLOKmRHPFRQVHTrQFLDGHXPDFRUGRGD3URFXUDGRULD 5HJLRQDO GR 7UDEDOKR GD 5HJLmR 0DWR *URVVR FRP D HPSUHVD 'HVWLODULD GH ÈOFRRO /LEUD /WGD QR TXDO HVWD ~OWLPD HVWi REULJDGD D LPSOHPHQWDU SURMHWRV VRFLDLV YROWDGRV SDUD D FODVVH WUDEDOKDGRUD QR PXQLFtSLRQRSUD]RGHGRLVDQRV (VWHYDORUUHIHUHVHjPXOWDLPSRVWDjGHVWLODULDSHORQmRFXPSULPHQ WRGHVHQWHQoDMXGLFLDOTXHDREULJDYDDOLPLWDUDMRUQDGDH[WUDRUGLQiULD HPDWpGXDVKRUDVGLDSDUDVHXVHPSUHJDGRV$VHQWHQoDSUHYLDPXOWD GLiULDGH5PLOFRPRSHQDSHORGHVFXPSULPHQWRGDGHWHUPLQDomR $SyVRWUkQVLWRHPMXOJDGRGDGHFLVmRIRLUHDOL]DGDDomR¿VFDOL]DWyULD HFRQVWDWDGRTXHHPSUHVDFRQWLQXDYDVXEPHWHQGRDSUR[LPDGDPHQWH WUDEDOKDGRUHVDMRUQDGDVH[WHQXDQWHV 2DFRUGRSUHYrHQWUHRXWURVSURMHWRVDLQVWDODomRGHSRVWRVGH VD~GHHHTXLSDPHQWRVDWHQGLPHQWRPpGLFRRGRQWROyJLFRH¿VLRWHUiSLFR DTXLVLomRGHHTXLSDPHQWRVSDUDRKRVSLWDOS~EOLFRGRPXQLFtSLRRQGH DHPSUHVDHVWiVLWXDGDDTXLVLomRGHDPEXOkQFLDSDUDDWHQGHURVWUD EDOKDGRUHVHDSRSXODomRORFDODTXLVLomRGHXP{QLEXVSDUDWUDQVSRUWH HVFRODUGRV¿OKRVGRVWUDEDOKDGRUHVGDGHVWLODULDDFRQVWUXomRGHGXDV TXDGUDV HVSRUWLYDV FRP YHVWLiULRV H EDQKHLURV H D FRQVWUXomR GH FDVDVHP6mR-RVpGR5LR&ODURSDUDIXQFLRQiULRV 2VFXVWRVGDVREULJDo}HVDVHUHPFXPSULGDVSDVVDUmRSHORFULYR GR037HFDVRKDMDVDOGRUHPDQHVFHQWHDR¿QDOGRSUD]RHVWLSXODGR SDUDFXPSULPHQWRGDVREULJDo}HVDVVXPLGDVRYDORUVHUiGHVWLQDGRDR )XQGRGH$PSDURDR7UDEDOKDGRU)$7 $WXDomRSUHPLDGD 3HVTXLVDGR67)pTXHVWLRQDGD $OJXQV GDGRV GD SHVTXLVD ³2V LQGLFDGR UHVHVWDWtVWLFRVGR3RGHU-XGLFLiULR%UDVLOHLUR PHWRGRORJLDGHVHPSHQKRHSHUVSHFWLYDV´UH DOL]DGDSHOR6XSUHPR7ULEXQDO)HGHUDO67)H GLYXOJDGDQRVHPLQiULR³$-XVWLoDHP1~PHURV´ GLDVHGHPDLRDSRQWDQRVHQWLGRGHTXH D -XVWLoD GR7UDEDOKR HP IRL D PHQRV FRQJHVWLRQDGD GH WRGRV RV UDPRV FRP XPD WD[D GH FRQJHVWLRQDPHQWR $ -XVWLoD %UDVLOHLUDDSUHVHQWDXPtQGLFHWRWDOGH GHFRQJHVWLRQDPHQWR $SHVDUGRHORJLRIHLWRDRUDPRWUDEDOKLVWD D $VVRFLDomR 1DFLRQDO GRV 0DJLVWUDGRV GD -XVWLoD7UDEDOKLVWD$QDPDWUDTXHVWLRQDRVGD GRVGDSHVTXLVDHUHDOL]DGLDJQyVWLFRSDUDOHOR SDUDPRVWUDUTXHRVtQGLFHVDSUHVHQWDGRVSHOR 67)VmRPHQRUHVDLQGD$VSULQFLSDLVFUtWLFDV IHLWDVDRUHODWyULRUHIHUHPVHjPHWRGRORJLDGH FiOFXORGDWD[DGHFRQJHVWLRQDPHQWRGHSURFHV VRV QD -XVWLoD GR7UDEDOKR 3HOD PHWRGRORJLD XWLOL]DGDSHOD$QDPDWUDDWD[DGHFRQJHVWLRQ DPHQWRQRV757VHPSRUH[HPSORFDLULD SDUD 1D SULPHLUD LQVWkQFLD WDPEpP RFRUUH XPD UHGXomR$WD[DGLPLQXLGHSHORFiOFXOR GR 67) SDUD GH DFRUGR FRP D PHW RGRORJLD GHIHQGLGD SHORV MXt]HV WUDEDOKLVWDV 1DV-XVWLoDV(VWDGXDOH)HGHUDO-(H-)RV tQGLFHVGHFRQJHVWLRQDPHQWRQDLQVWkQFLDGH JUDXVmRGHHUHVSHFWLYDPHQWH -i QDV LQVWkQFLDV GH JUDX DV WD[DV VmR GH -(H-) 4XDQWR DR Q~PHUR GH MXt]HV SDUD FDGD PLO KDELWDQWHV D -7 WHP D -XVWLoD (VWDGXDO H D -XVWLoD )HGHUDO 3UR SRUFLRQDOPHQWHD-XVWLoDGR7UDEDOKRpPHQRV FRQJHVWLRQDGDTXHD-(TXHSRVVXLFLQFRYH]HV PDLVPDJLVWUDGRVDWXDQGRQRSDtV$HVWDWtVWLFD QDFLRQDOGRQ~PHURGHMXt]HVSDUDFDGDPLO KDELWDQWHV FKHJD D Q~PHUR FRPSDWtYHO FRPRSUHFRQL]DGRSHOD2UJDQL]DomRGDV1D o}HV8QLGDV218 1RPrVHPTXHVHFRPHPRUDR'LDGD$EROLomRGD(VFUDYDWXUDQR%UDVLOGHPDLR R HQYROYLPHQWR GR 0LQLVWpULR 3~EOLFR GR 7UDEDOKR 037 QR FRPEDWH j GLVFULPLQDomR GRV DIURGHVFHQGHQWHVQRPHUFDGRGHWUDEDOKRIRLUHFRQKHFLGR$8QLYHUVLGDGHGD&LGDGDQLD=XPEL GRV3DOPDUHVHD6RFLHGDGH$IUREUDVLOHLUDGH'HVHQYROYLPHQWR6yFLR&XOWXUDOHQWUHJDUDPj SURFXUDGRUDJHUDOGRWUDEDOKR6DQGUD/LD6LPyQQRGLDGHPDLRDPHGDOKD0pULWR&tYLFR $IUREUDVLOHLURRIHUHFLGDDSHUVRQDOLGDGHVItVLFDVRXMXUtGLFDVTXHDWXDPGLUHWDHLQGLUHWDPHQWH QDHOHYDomRLQFOXVmRYDORUL]DomRHUHVSHLWRGRQHJUREUDVLOHLUR 6DQGUD/LD6LPyQGHFODURXVHKRQUDGDHPDFHLWDUDKRPHQDJHPHPQRPHGR0LQLVWpULR 3~EOLFRGR7UDEDOKR037³(ODpEHPYLQGDHUHSUHVHQWDDOHJULDSDUDRV0HPEURVGR0LQLVWpULR3~EOLFRGR7UDEDOKRTXHWrPQHOD RVHXWUDEDOKRUHFRQKHFLGR´D¿UPRX³0DVQyVQmRHVWDPRVID]HQGRPDLVGRTXHQRVVDREULJDomRTXHpHVWLPXODUDLQFOXVmRGR DIURGHVFHQWHGHQWHQRPHUFDGRGHWUDEDOKR´DFUHVFHQWRX %2/(7,0$1370$,2'( 6XEVtGLRVGR03HPGHEDWH %2/(7,0$1370$,2'( &RPEDWHDR WUDEDOKRHVFUDYR 2VDYDQoRVHGHVD¿RVPXQ GLDLVSDUDRFRPEDWHGRWUDEDOKR HVFUDYR IRUDP DSUHVHQWDGRV SHOD 2UJDQL]DomR ,QWHUQDFLRQDO GR 7UDEDOKR 2,7 QR 5HODWyULR *OREDOVREUH7UDEDOKR)RUoDGR HQWLWXODGR ³8PD DOLDQoD JOREDO FRQWUDRWUDEDOKRIRUoDGR´GLYXO JDGRQRGLDGHPDLRGDWDHP TXHVHFRPHPRUDD$EROLomRGD (VFUDYDWXUDQR%UDVLO³6HUiPXLWRERPRGLDTXHSXGHUPRV FHOHEUDU HVVD GDWD VHP QHQKXP EUDVLOHLUR H[SORUDGR HP UHJLPHDQiORJRDRGHHVFUDYLGmR´GLVVH6HEDVWLmR&DL[HWD SUHVLGHQWHGD$137 2VGDGRVGRUHODWyULRGD2,7LQGLFDPTXHH[LVWHPSHOR PHQRVPLOK}HVGHSHVVRDVWUDEDOKDQGRHPFRQGLo}HV DQiORJDV j HVFUDYLGmR HP WRGR R PXQGR 1R %UDVLO RV Q~PHURV RILFLDLV LQGLFDP PLO WUDEDOKDGRUHV QHVVDV FRQGLo}HV³,QIHOL]PHQWHpPXLWRGLItFLOVDEHUTXDQWDVVmR DVSHVVRDVQHVVDVLWXDomR$WpSRUTXHQmRSRGHPRVQRV HVTXHFHU GRV EUDVLOHLURV TXH EXVFDP RSRUWXQLGDGHV GH HPSUHJRHPRXWURVSDtVHVHVmRHVFUDYL]DGRV´OHPEURX &DL[HWD GHVWDFDQGR XP GDGR GR UHODWyULR TXH LQGLFD D JUDYLGDGH GR SUREOHPD GR WUi¿FR GH SHVVRDV HP WRGR R PXQGR $SHVDUGRVQ~PHURVRSDtVIRLFLWDGRQRUHODWyULRFRPR XPDGDVQDo}HVTXHREWHYHDYDQoRVFRPUHODomRDRHQ IUHQWDPHQWRGRSUREOHPD³1mRSRGHPRVDFHLWDUTXHXPD ~QLFDSHVVRDYLYDQHVVDVLWXDomR´GHVWDFRX3DWUtFLD$XGL FRRUGHQDGRUDQDFLRQDOGR3URMHWRGH&RRSHUDomR7pFQLFD QR&RPEDWHDR7UDEDOKR(VFUDYRGD2,7QR%UDVLO$XGLFL WRXHQWUHDVLQLFLDWLYDVDVHUHPDGRWDGDVFRPRH[HPSORHP RXWURVSDtVHVDV$o}HV&LYLV3~EOLFDV$&3VGR0LQLVWpULR 3~EOLFRGR7UDEDOKR037TXHHVWDEHOHFHPSXQLo}HVDRV ID]HQGHLURVTXHPDQWrPWUDEDOKDGRUHVHVFUDYL]DGRV 2SUHVLGHQWHGD$1376HEDVWLmR&DL[HWDHDYLFHSUHV LGHQWH-XOLDQD9LJQROLHVWLYHUDPSUHVHQWHVQDFHULP{QLDGH ODQoDPHQWRHP%UDVtOLDHGHIHQGHUDPTXHRVDYDQoRVGH YHPVHUUHFRQKHFLGRVPDVTXHQmRVHSRGHHVTXHFHUGRV SUREOHPDV3DUDOHPEUDURVGHVD¿RVTXHDLQGDSUHFLVDPVHU HQIUHQWDGRVD$VVRFLDomRGLYXOJRXQRWDQDTXDOGHVWDFDD SDUDOLVDomRGD3(&VREUHH[SURSULDomRGHWHUUDVRQGH IRUHQFRQWUDGRWUDEDOKRHVFUDYRHDLQGH¿QLomRTXDQWRj FRPSHWrQFLD SDUD MXOJDU FULPHV FRQWUD D RUJDQL]DomR GR WUDEDOKRFRPRJUDQGHVHQWUDYHVSDUDDHUUDGLFDomRGRWUD EDOKRHVFUDYR $XGLrQFLDVQD&kPDUDHQR3ODQDOWR 1RPHVPRGLDGDIRUPDOL]DomRGR3DFWRRSUHVLGHQWHGD$137 HDSURFXUDGRUDJHUDOGRWUDEDOKR6DQGUD/LD6LPyQMXQWDPHQWH FRPUHSUHVHQWDQWHVGHGLYHUVDVRXWUDVHQWLGDGHVFRPRDSUySULD 2,7DOpPGD$VVRFLDomRGRV-Xt]HV)HGHUDLVGR%UDVLO±$MXIHHGD $QDPDWUDVHUHXQLUDPFRPRSUHVLGHQWHGD&kPDUDGRV'HSXWDGRV 6HYHULQR&DYDOFDQWLSDUDFREUDUDJLOLGDGHQDYRWDomRGD3(&GR WUDEDOKRHVFUDYR (QWUHRVSDUWLFLSDQWHVGDDXGLrQFLDHVWDYDPRVHFUHWiULRQD FLRQDO GRV GLUHLWRV KXPDQRV PLQLVWUR 1LOPiULR 0LUDQGD H D DWUL] /HWtFLD6DEDWHOODUHSUHVHQWDQWHGRPRYLPHQWR+XPDQRV'LUHLWRV &DYDOFDQWLVHFRPSURPHWHXDFRORFDUHPYRWDomRDVVLPTXHDSDXWD GD&DVDIRUGHVREVWUXtGD$H[SHFWDWLYDHUDGHTXHD3(&IRVVH YRWDGDDWpR¿QDOGHMXOKRPDVFRPDSDUDOLVDomRGDVDWLYLGDGHV QR&RQJUHVVRGHYLGRDXPDVpULHGHGHQ~QFLDVFRQWUDRJRYHUQRH FRQWUDSDUODPHQWDUHVKiSRVVLELOLGDGHGHTXHXPWHPDWmRLPSRU WDQWHSDUDDVRFLHGDGHQRYDPHQWH¿TXHHPVHJXQGRSODQR 2JUXSRWDPEpPIRLDR3DOiFLRGR3ODQDOWRHQWUHJDURGRFXPHQWR DR SUHVLGHQWH GD 5HS~EOLFD /XtV ,QiFLR /XOD GD 6LOYD H FREUDU QRYDPHQWHRHPSHQKRGRJRYHUQRSDUDDSURYDomRGD3(&QR &RQJUHVVR1DFLRQDO 3URMHWRGHOHLTXHHVWDEHOHFHSHQDOLGDGHV HVWiQD&kPDUD 23URMHWRGH/HLQ3/HVWDEHOHFHSHQDOLGDGHVSDUD DTXHOHV TXH VXMHLWDUHP HPSUHJDGRV j FRQGLomR HVFUDYD DVVLP FRPRSDUDSHVVRDVTXHDOLFLDUHPWUDEDOKDGRUHV'HDXWRULDGR6H QDGR)HGHUDOHMiDSURYDGRSRUHVWD&DVDR3/HVWiQD&RPLVVmR GH7UDEDOKRGD&kPDUDDJXDUGDQGRSDUHFHUGRUHODWRUGDPDWpULD RGHSXWDGR9LFHQWH3DXORGD6LOYD9LFHQWLQKR37632SURMHWR WDPEpPIRLGLVWULEXtGRSDUDD&RPLVVmRGH&RQVWLWXLomRH-XVWLoD GD&DVD 5HFOXVmRGHFLQFRDGH]DQRVHPXOWDVmRDOJXPDVGDVSXQLo}HV SUHYLVWDV QD QRUPD TXH GHQWUH RXWURV GLVSRVLWLYRV REULJD DXWR ULGDGHVDGPLQLVWUDWLYDVTXHFRQVWDWDUHPDH[LVWrQFLDGHWUDEDOKR HVFUDYR D FRPXQLFDU LPHGLDWDPHQWH DRV 0LQLVWpULRV 3~EOLFRV GR 7UDEDOKRH)HGHUDOHj3ROtFLD)HGHUDO23/DOWHUDGLVSRVLWLYRVGR 'HFUHWR/HLQ&yGLJR3HQDOHGD/HLQTXHUHJXOD RWUDEDOKRUXUDO ,QGHQL]DomR0LOLRQiULD 8PGRVr[LWRVREWLGRVSHOR037SRUPHLRGH$omR&LYLO3~EOLFD pDPXOWDPLOLRQiULD5PLOK}HVDSOLFDGDjHPSUHVD/LPD$UD~MR $JURSHFXiULD /WGD SRU UHGX]LU FHUFD GH SHVVRDV j FRQGLomR DQiORJDjHVFUDYLGmRQDVID]HQGDV(VWUHODGDV$ODJRDVH(VWUHOD GH0DFHLyHP3LoDUUDVVXOGR3DUi$DomRIRLPRYLGDSHOD3UR FXUDGRULD 5HJLRQDO GR7UDEDOKR GD 5HJLmR 3DUi$PDSi H D FRQGHQDomRGD9DUDGR7UDEDOKRGH0DUDEiVDLXQRGLDGH PDLR 'LD GD$EROLomR GD (VFUDYDWXUD QR %UDVLO (VWH p R PDLRU YDORU Mi DSOLFDGR HP XPD VHQWHQoD SRU WUDEDOKR HVFUDYR$LQGD FDEHUHFXUVR 3DFWR1DFLRQDO 2LWRGLDVGHSRLVGRODQoDPHQWRGR5HODWyULR*OREDOGD2,7IRLDVVL QDGRR3DFWR1DFLRQDOSHOD(UUDGLFDomRGR7UDEDOKR(VFUDYRQRTXDODV HPSUHVDVVHFRPSURPHWHPDQmRFRPSUDUGHTXHPHVWLYHUQDFKDPDGD ³/LVWD6XMD´GR0LQLVWpULRGR7UDEDOKR23DFWRpXPDSDUFHULDGR,QVWLWXWR (WKRVGD2UJDQL]DomR1mR*RYHUQDPHQWDO5HSyUWHU%UDVLOHGD2,7FRP EDVHHPOHYDQWDPHQWRTXHLQYHVWLJRXDFDGHLDSURGXWLYDGHHPSUHVDV SUHVHQWHVQD³/LVWD6XMD´³0XLWDVHPSUHVDVUHVSRQViYHLVQmRVDEHP TXHSRGHPHVWDUFRQWULEXLQGRFRPRWUDEDOKRHVFUDYRHDH[SORUDomR GRVWUDEDOKDGRUHVDRDGTXLULUSURGXWRVGHIRUQHFHGRUHVTXHVHXWLOL]DP GHVVDSUiWLFD´GHVWDFRXRSUHVLGHQWHGD$137DRSDUWLFLSDUMXQWDPHQWH FRPD9LFHSUHVLGHQWH-XOLDQD9LJQROLGRODQoDPHQWRGR3DFWR 2ERLFRWHjVHPSUHVDVGD³/LVWD6XMD´ MiKDYLDFRPHoDGRQRDQRSDVVDGRFRPD DVVLQDWXUD GH XP 3DFWR VHPHOKDQWH SHODV HPSUHVDV VLGHU~UJLFDV QR &DUDMiV DOpP GR FRPSURPHWLPHQWR GR %DQFR GR %UDVLO GHIHFKDUDVOLQKDVGHFUpGLWRGHTXHPHV WLYHVVHQDOLVWDGR07(2QRYRGRFXPHQWR DJRUDGHDEUDQJrQFLDQDFLRQDOMiFRPHoDD VXUWLUHIHLWRHDVUHFODPDo}HVGRVH[SORUD GRUHVMiHVWmRYLUDQGRQRWtFLDQDLPSUHQVD QDFLRQDO³3UHFLVDPRVDWLQJLURSRQWRIUDFR GHVVDV SHVVRDV 2 EROVR 6RPHQWH FRP LQGHQL]Do}HVPLOLRQiULDVSHUGDGHFUpGLWRH GHRSRUWXQLGDGHGHQHJyFLRVHDWpPHVPR DSHUGDGDVWHUUDVFRPRSURSRVWRQD3(& YDPRVFRQVHJXLUHUUDGLFDUHVVDFKDJD VRFLDO2WUDEDOKRHVFUDYRQmRSRGHVHUXP ERPQHJyFLR´GHIHQGHX&DL[HWD $UWLJRV 2VDUWLJRV³&UHGLELOLGDGHHpWLFD´H³8PDRXWUD HVFUDYLGmR´ DPERV GD SURFXUDGRUD GR WUDEDOKR 0DULD$PpOLD%UDFNV'XDUWHHSXEOLFDGRVQRMRUQDO R(VWDGRGH0LQDVIRUDPGLVSRQLELOL]DGRVQRVLWH GD$137GXUDQWHRPrVGHPDLR 2VLWHWDPEpPFRQWRXFRPGRLVQRYRVDUWLJRV GRSURFXUDGRUHDVVRFLDGR$WDKXDOSD)HUQDQGH]³2 yUJmRPRUDO´H³'LUHLWRH1HXURFLrQFLD´ &RQWDELOLGDGH &RP D DSURYDomR GDV FRQWDV GD$VVRFLDomR UHODWLYDVDR~OWLPRWULPHVWUHSHOR&RQVHOKR)LVFDO RV GHPRQVWUDWLYRV GH UHFHLWDV H GHVSHVDV DVVLP FRPRRVEDODQoRVDQDOtWLFRVGRVPHVHVGHMDQHLUR IHYHUHLURHPDUoRGHHQFRQWUDPVHGLVSRQtYHLV QRVLWHSDUDFRQVXOWDGHWRGRVRVDVVRFLDGRV &pOLR$]HYHGR$JrQFLD6HQDGR $V DXWRULGDGHV LQGLFDGDV SDUDLQWHJUDUR&RQVHOKR1DFLR QDOGR0LQLVWpULR3~EOLFR&103 IRUDPVDEDWLQDGRVSHOD&RPLVVmR GH&RQVWLWXLomRH-XVWLoD&&-GR6HQDGR)HGHUDO$SULPHLUDYRWDomR IRLUHDOL]DGDQRGLDGHPDLRHFRQ¿UPRXDSUHVHQoDGHGH]PHPEURV HQWUHHOHVDVXESURFXUDGRUDJHUDOGR7UDEDOKR,YDQD$X[LOLDGRUD0HQ GRQoDHVFROKLGDSHOR0LQLVWpULR3~EOLFRGR7UDEDOKR $OLVWDGHQRPHVYRWDGRVSHOD&&-pLQWHJUDGDWDPEpPSHODSURFX UDGRUDUHJLRQDOGD5HS~EOLFD-DQLFH$JRVWLQKR%DUUHWR$VFDULLQGLFDGD SHOR0LQLVWpULR3~EOLFR)HGHUDOSHORSURFXUDGRUGD-XVWLoD0LOLWDU2VPDU 0DFKDGR)HUQDQGHVHVFROKLGRSHOR0LQLVWpULR3~EOLFR0LOLWDUSHORSURPR WRUGH-XVWLoD*DVSDU$QW{QLR9LHJDVLQGLFDGRSHOR0LQLVWpULR3~EOLFRGR 'LVWULWR)HGHUDOH7HUULWyULRVSHORDGYRJDGR)UDQFLVFR(UQDQGR8FKRD /LPDHSHORPLQLVWUR/XL]&DUORV/RSHV0DGHLUDGR7ULEXQDO6XSHULRU (OHLWRUDODPERVLQGLFDGRVSHOD2UGHPGRV$GYRJDGRVGR%UDVLO2$% SHORDGYRJDGRJHUDOGR6HQDGR$OEHUWR0DFKDGR&DVFDLV0HOHLURLQ GLFDGRSHODVOLGHUDQoDVQR6HQDGRHSHORDGYRJDGR)UDQFLVFR0DXUtFLR 5DEHORGH$OEXTXHUTXH6LOYDHVFROKLGRSHOD&kPDUDGRV'HSXWDGRV 1RPHVPRGLDRVVHQDGRUHVHVFROKHUDPRVWUrVQRPHVGRV0LQLVWp ULRV3~EOLFRVHVWDGXDLVGDOLVWDGHHQYLDGDSHOD$VVRFLDomR1DFLRQDO GRV 0HPEURV GR 0LQLVWpULR 3~EOLFR &RQDPS 2V SURPRWRUHVHVWDGXDLVGH-XVWLoD3DXOR6pUJLR3UDWD 5H]HQGH GH *RLiV /XFLDQR &KDJDV GD 6LOYD GH $ODJRDVH6DLQW¶&ODLU/XL]GR1DVFLPHQWR-~QLRUGR (VStULWR6DQWRSDVVDUDPSHORFULYRGD&&-QRGLD GHPDLRHFRPSOHPHQWDUDPDOLVWDGRVLQWHJUDQWHV GR&RQVHOKR &RPDDSURYDomRQRSOHQiULRGR6HQDGRQRGLD GHMXQKRWRGRVRVPHPEURVGR&103DVVLP FRPRRVGR&RQVHOKR1DFLRQDOGH-XVWLoD&1- IRUDPQRPHDGRVSHOR3UHVLGHQWHGD5HS~EOLFD/XL] ,QiFLR/XODGD6LOYDHPXPDVROHQLGDGHQR3DOiFLR GR3ODQDOWR 2QOLQH $FRPSDQKDPHQWR/HJLVODWLYR $ SDUWLU GR PrV GH PDLR D DVVHVVRULD GH FRPXQLFDomR GD$137 SDVVRX D LQVHULU PDWHULDO VHOHFLRQDGR SHOD DVVHVVRULD SDUODPHQWDU GD$V VRFLDomRQRVLWHGD$137GLVSRQLELOL]DQGRRSDUD WRGRVRVDVVRFLDGRV6mRQRWtFLDVDYLVRVGHSDXWDV GH FRPLVV}HV H GH SOHQiULR DOpP GH DXGLrQFLDV S~EOLFDVHUHVXOWDGRVGHYRWDomR $HTXLSHUHVSRQViYHOSHODPDQXWHQomRGHFRQ WH~GRWDPEpPWHPIHLWRXPOHYDQWDPHQWRGRVWH[WRV tQWHJUDVHSDUHFHUHVGHUHODWRUHVDFRPSDQKDGRV SHOD$137QR&RQJUHVVR1DFLRQDOSDUDGLVSRQLEL OL]DomRQRVLWHGHIRUPDTXHWRGRVRVDVVRFLDGRV DVVLPFRPRRVXVXiULRVLQWHUHVVDGRVSRVVDPWHU DFHVVRDRPDWHULDOGHIRUPDPDLVUiSLGD -XUtGLFR &RPEDVHHPXPOHYDQWDPHQWRUHDOL]DGRSHOR GLUHWRU GH DVVXQWRV MXUtGLFRV GD $137 5RJpULR 5RGULJXHVGH)UHLWDVIRUDPFULDGDVQRYDVSiJLQDV QRVLWHGDHQWLGDGHSDUDIDFLOLWDURDFHVVRGRVDV VRFLDGRVDLQIRUPDo}HVVREUHDVDo}HVMXGLFLDLVH UHTXHULPHQWRVHQFDPLQKDGRVSHOD$VVRFLDomRHP QRPHGHVHXVDVVRFLDGRV $SiJLQDGHDo}HVMXGLFLDLVLQGLFDRVREMHWRV Q~PHURV GH SURFHVVRV QRPH GR DXWRU D SUySULD $137 RX DVVRFLDGRV H XP OLQN GH DFHVVR GLUHWR jV LQIRUPDo}HV VREUH PRYLPHQWDomR SURFHVVXDO (VWi WDPEpP VHQGR IHLWD D VROLFLWDomR MXQWR DRV HVFULWyULRVGHDGYRFDFLDUHVSRQViYHLVSDUDTXHRV UHTXHULPHQWRV H VHQWHQoDV TXDQGR FRQFOXtGRV WDPEpP SRVVDP VHU GLVSRQLELOL]DGRV SDUD RV DV VRFLDGRV 1D iUHD GHGLFDGD DRV 5HTXHULPHQWRV$GPL QLVWUDWLYRV IRUDP GLVSRQLELOL]DGRV RV GRFXPHQWRV HQFDPLQKDGRV SHOD$VVRFLDomR j 3*7 H WDPEpP HVWmRVHQGRSUHSDUDGRVRVDUTXLYRVFRPUHVSRVWDV VREUHFDGDFDVRSDUDGLVSRQLELOL]DomR (P EUHYH D SiJLQD GH$',1V GLVSRQLELOL]DUi RV WH[WRV H DFRPSDQKDPHQWR GH WRGDV DV$o}HV 'LUHWDV GH ,QFRQVWLWXFLRQDOLGDGH HP DQiOLVH SHOR 67)GHLQWHUHVVHGD$137 %2/(7,0$1370$,2'( )RWR-GH)UHLWDV &RPSRVLomRGR &103 %2/(7,0$1370$,2'( 6HJXUDQoDQR)yUXP5XL%DUERVD63 2SUREOHPDGDIDOWDGHVHJXUDQoDQR)yUXP7UDEDOKLVWD 5XL%DUERVDORFDOL]DGRHP%DUUD)XQGD6mR3DXORIRLRE MHWRGDDWHQomRGD$137GD$VVRFLDomRGRV0DJLVWUDGRVGD -XVWLoDGR7UDEDOKRQD5HJLmR$PDWUD,,HGD$VVRFLDomR GRV$GYRJDGRV7UDEDOKLVWDV$$763 2 JUXSR VH UHXQLX FRP R VHFUHWiULRDGMXQWR GD 6HFUH WDULDGH6HJXUDQoD3~EOLFDGR(VWDGRGH6mR3DXOR0DUFHOR 0DUWLQVGH2OLYHLUDSDUDVROLFLWDUDo}HVFRPRDPHOKRULDGR SROLFLDPHQWRQRORFDOHGDLOXPLQDomRQDiUHD2SURFXUDGRU GR7UDEDOKR5REHUWR5DQJHO0DUFRQGHVUHSUHVHQWRXD$137 QR HQFRQWUR RQGH WDPEpP HVWDYDP SUHVHQWHV R SUHVLGHQWH GD$PDWUD ,, -RVp /~FLR 0XQKR] RV GLUHWRUHV GD$PDWUD ,, $QGUp &UHPRQHVL H 6DLQW&ODLUH H R SUHVLGHQWH GD$$763 &OiXGLR2OLYD 2VHFUHWiULRDGMXQWRVHFRPSURPHWHXDDGRWDUDVPHGLGDV QHFHVViULDV SDUD XPD DWXDomR PDLV HILFLHQWH H FRP PDLRU Q~PHUR GH YLDWXUDV DOpP GD GLVSRQLELOL]DomR GH XP SRVWR PyYHO SDUD D 3ROtFLD 0LOLWDU QD SRUWD GR HGLItFLR GR )yUXP H DFHVVRPDLVUiSLGRDR%DWDOKmRUHVSRQViYHOSHODVHJXUDQoD QDiUHD )RUR3ULYLOHJLDGR 26XSUHPR7ULEXQDO)HGHUDO67)FDQFHORXRMXOJDPHQWR PDUFDGRSDUDRGLDGHPDLRSDUDDSUHFLDUD$omR'LUHWDGH ,QFRQVWLWXFLRQDOLGDGH$GLQGD$VVRFLDomR1DFLRQDOGRV0HP EURVGR0LQLVWpULR3~EOLFR&RQDPSTXHSHGHDQXODomRGD/HL Q$QRUPDLQVWLWXLXRIRURSULYLOHJLDGRQDVDo}HVGH LPSURELGDGHDGPLQLVWUDWLYDGHSULPHLURJUDXUHWLUDQGRGDiUHD GHDWXDomRGHPLOSURPRWRUHVGH-XVWLoDDFRPSHWrQFLDSDUD SURFHVVDUDXWRULGDGHVQDVFRPDUFDV(VWDFRPSHWrQFLD¿FRXD FDUJRGRV3URFXUDGRUHV*HUDLVTXHVmRDSHQDV 3HWUREUiVFRQGHQDGD $omR&LYLO3~EOLFDDMXL]DGDSHOR0LQLVWpULR3~EOLFRGR7UD EDOKRQR5LRGH-DQHLUR5-UHVXOWRXHPFRQGHQDomRGD3HWUR EUiVHP5PLOK}HVSRUQHJOLJrQFLDQDVPRUWHVRFDVLRQDGDV SHORYD]DPHQWRGHJiVWy[LFRQD3ODWDIRUPD32FDVRDFRQWH FHXHPHSURYRFRXDPRUWHGHGRLVRSHUiULRVWHUFHLUL]DGRV QR5-$3HWUREUiVIRLFRQGHQDGDSRURPLVVmRHLPSUXGrQFLDHP SULPHLUDLQVWkQFLDSHOD-XVWLoD7UDEDOKLVWDGD5HJLmR$$omR GR037IRLDMXL]DGDFRPEDVHHPLQYHVWLJDo}HVGHSRLPHQWRVH QRUHODWyULRVREUHDVFDXVDVGRDFLGHQWH &XUVRVH(YHQWRV /XWDFRQWUDRWDEDFR 2&RQVHOKR'HOLEHUDWLYRGD$VVRFLDomR1DFLRQDOGRVPHP EURVGR0LQLVWpULR3~EOLFR&RQDPSVHUHXQLXQRGLDGHPDLR HP%UDVtOLDSDUDGLVFXWLGRVWHPDVFRPR/HL2UJkQLFDGR0LQLVWpULR 3~EOLFR&RPLVVmR(VSHFLDO0LVWD5HIRUPDGR-XGLFLiULR(VFROD GR 0LQLVWpULR 3~EOLFR$FRPSDQKDPHQWR GDV UHIRUPDV SURFHV VXDLV$$137HVWHYHSUHVHQWHUHSUHVHQWDGDSRUVHXSUHVLGHQWH 6HEDVWLmR&DL[HWD 3DUDSURWHJHURVWUDEDOKDGRUHVEUDVLOHLURVFRQWUDRVPDOHV GRWUDEDOKRD$137VHXQLXDRXWUDVHQWLGDGHVSDUDSHGLUD UDWL¿FDomRGD&RQYHQomR4XDGURSDUD&RQWUROHGR7DEDFRDRV VHQDGRUHV EUDVLOHLURV (VWH p R SULPHLUR WUDWDGR LQWHUQDFLRQDO GH VD~GH S~EOLFD GD KLVWyULD GD KXPDQLGDGH H GHWHUPLQD XP FRQMXQWR GH PHGLGDV SDUD GHWHU D H[SDQVmR GR FRQVXPR GR WDEDFR'HSRLVGHOLGHUDUDVQHJRFLDo}HVHVHURVHJXQGRSDtV D DVVLQDU D &RQYHQomR TXH HQWURX HP YLJRU HP IHYHUHLUR GH R %UDVLO DVVLVWH D XPD FRPSOHWD SDUDOLVDomR GDV Do}HV SDUDLPSOHPHQWDomRGDVPHGLGDVQRSDtVHPFRQVHTrQFLDGD LQpUFLDGR6HQDGR)HGHUDO $PDWpULDIRLDSURYDGDSHOD&kPDUDGRV'HSXWDGRVHPPDLR GHpSRFDHPTXHIRLHQFDPLQKDGDSDUDR6HQDGR(VVD GHPRUDLQGLFDTXHRIRUWHOREE\GDLQGXVWULDWDEDJLVWDHQFRQWUD HFRQD&DVDHHPSHUUDDDSURYDomRGD&RQYHQomR$DSURYDomR SHOR6HQDGRpD~OWLPDHWDSDSDUDR%UDVLOWRUQDUVHVLJQDWiULR GRWUDWDGR1R%UDVLOVmRHVWLPDGDVPDLVGHPLOPRUWHVSRU DQRGHFRUUHQWHVGRWDEDJLVPR $5HIRUPDGR3URFHVVR7UDEDOKLVWD &RQIHUrQFLD,QWHUQDFLRQDOGR7UDEDOKR &RQDPS $V DOWHUDo}HV SURYRFDGDV SHOD 5HIRUPD GR -XGLFLiULR QD -XVWLoDGR7UDEDOKRYrPFRORFDQGRGLYHUVRVWHPDVHPGHEDWH 8PGHOHVpRSURFHVVRWUDEDOKLVWDTXHGXUDQWHRVGLDVH GHPDLRIRLDPSODPHQWHGLVFXWLGRSRUSURFXUDGRUHVDGYRJDGRV HPDJLVWUDGRVQRVHPLQiULR³$5HIRUPDGR3URFHVVR7UDEDOKLVWD %UDVLOHLUR´UHDOL]DGRHP%UDVtOLD2UJDQL]DGRFRQMXQWDPHQWHSHOD $1370LQLVWpULRGD-XVWLoD6HFUHWDULDGH5HIRUPDGR-XGLFLiULR 6XSUHPR7ULEXQDO)HGHUDO67)7ULEXQDO6XSHULRUGR7UDEDOKR 7672UGHPGRV$GYRJDGRVGR%UDVLO2$%&RPLVVmRGH&RQ VWLWXLomRH-XVWLoDHGH&LGDGDQLD&&-GD&kPDUDGRV'HSXWDGRV H$VVRFLDomR1DFLRQDOGRV0DJLVWUDGRVGR7UDEDOKR$QDPDWUD RVHPLQiULRFRQWRXFRPDH[SRVLomRGHGLYHUVRVSDOHVWUDQWHV $YLFHSUHVLGHQWHGD$137-XOLDQD9LJQROL&RUGHLURUHSUHVHQ WRXD$VVRFLDomRQRGHEDWHHSURIHULXSDOHVWUDVREUHDV³$OWHUDo}HV QDOHJLVODomRSURFHVVXDOWUDEDOKLVWDRVSURMHWRVGHOHLH[LVWHQWHV´ 7RGRVRVLQWHUHVVDGRVSXGHUDPSDUWLFLSDUJUDWXLWDPHQWHHD$137 VRUWHRXGH]KRVSHGDJHQVSDUDIDFLOLWDUDSDUWLFLSDomRGHDVVRFLD GRVORWDGRVHPRXWURVHVWDGRV 2V ~OWLPRV GHWDOKHV SDUD D SDUWLFLSDomR GH PHPEURV GR 0LQLVWpULR3~EOLFRGR7UDEDOKRQD&RQIHUrQFLD,QWHUQDFLRQDO GR7UDEDOKRGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR&,72,7 IRUDPDFHUWDGRVQRGLDGHPDLR$FRPLVVmREUDVLOHLUDFRQWD FRPDSUHVHQoDGDSURFXUDGRUDJHUDOGR7UDEDOKR6DQGUD/LD 6LPRQGDFRRUGHQDGRUDGDFRRUGHQDGRULDLQWHUQDFLRQDO$GULDQD $XJXVWD GH 0RXUD 6RX]D H GR FRRUGHQDGRU GH &RPEDWH DR 7UDEDOKR(VFUDYR/XtV$QW{QLR&DPDUJRGH0HOR $ UHXQLmR SUHSDUDWyULD SDUD D &RQIHUrQFLD IRL SURPRYLGD SRUUHSUHVHQWDQWHVGR0LQLVWpULRGR7UDEDOKRH(PSUHJR07( 7ULEXQDO 6XSHULRU GR 7UDEDOKR 767 GR 0LQLVWpULR 3~EOLFR GR 7UDEDOKR037HGRHVFULWyULRGD2UJDQL]DomR,QWHUQDFLRQDOGR 7UDEDOKR2,7QR%UDVLO$&,7WHYHLQtFLRQRGLDGHPDLRLQGR DWpRGLDGHMXQKRHP*HQHEUD2VSULQFLSDLVWHPDVHPGHEDWH QHVWHDQRVmRWUDEDOKRHVFUDYRHPSUHJRGHMRYHQVVD~GHH VHJXUDQoDQRWUDEDOKRHMRUQDGDGHWUDEDOKRDVVLPFRPRDQRYD QRUPDLQWHUQDFLRQDOTXHUHYLVDVHWHLQVWUXPHQWRVWUDEDOKLVWDVGR VHWRUSHVTXHLUR 1RVGLDVHHHQWUHRV GLDV H GH PDLR RV QRYRVSURFXUDGRUHVGRWUDEDOKRDSURYDGRVQR~OWLPR&RQFXUVRSXGHUDP FRQKHFHUXPSRXFRPDLVGRIXQFLRQDPHQWRGR0LQLVWpULR3~EOLFRGR7UDE DOKR0372&XUVRGH,QLFLDomRIRLRUJDQL]DGRSHOD3URFXUDGRULD*HUDO GR7UDEDOKR3*7HUHDOL]DGRQD(VFROD6XSHULRUGR0LQLVWpULR3~EOLFR GD8QLmR(6038HP%UDVtOLD') $3URFXUDGRUD*HUDOGR7UDEDOKR6DQGUD/LD6LPyQIH]DSDOHVWUD LQDXJXUDOGRFXUVR6HJXQGR6DQGUD/LDRREMHWLYRGRFXUVRQmRpHQIRFDU DVFRQRWDo}HVWHyULFDV3DUDHODRVDSURYDGRVHQWUHPLOFDQGLGDWRV ³HVWmRPDLVGRTXHSUHSDUDGRV´2VQRYRVPHPEURVIRUDPHPSRVVDGRV QRGLDGHPDLR $OpPGHGDUDVERDVYLQGDVDRVQRYRVSURFXUDGRUHVGRWUDEDOKRTXH SDVVDUDPDDWXDUQDVGLYHUVDVUHJLRQDLVGR%UDVLORSUHVLGHQWHGD$137 6HEDVWLmR&DL[HWDHDYLFHSUHVLGHQWH-XOLDQD9LJQROLDSUHVHQWDUDPD $VVRFLDomRHH[SOLFDUDPVHXIXQFLRQDPHQWRHYHQWRVHDo}HVHPSUROGD FDWHJRULD$DSUHVHQWDomRGD$137IRLIHLWDQRGLDGHPDLR $-XVWLoDGR7UDEDOKRHD(& $$VVRFLDomR1DFLRQDOGRV3URFXUDGRUHVGR7UDEDOKR$137D$V VRFLDomRGRV$GYRJDGRV7UDEDOKLVWDVGH6mR3DXOR$$763$VVRFLDomR GRV0DJLVWUDGRVGD-XVWLoDGR7UDEDOKRGH6mR3DXOR$PDWUD63HD )DFXOGDGH GH 'LUHLWR GH 6mR %HUQDUGR GR &DPSR UHDOL]DUDP HQWUH RV GLDVHGHPDLRRVHPLQiULR³$-XVWLoDGR7UDEDOKRHD(&´2 SULQFLSDOREMHWLYRGRHYHQWRIRLGLVFXWLURVWHPDVFRQWURYHUWLGRVUHODFLRQD GRVj(PHQGD&RQVWLWXFLRQDOQHFRQVHTHQWHPHQWHjDPSOLDomRGD FRPSHWrQFLDGD-XVWLoDGR7UDEDOKR 2VGHEDWHVIRUDPIRFDGRVQRVVHJXLQWHVWHPDV3DQRUDPD*HUDOGD (&5HODomRGH7UDEDOKR4XHVW}HV3URFHVVXDLV3UHVFULomRH3URFHV VRVHP7UDPLWDomRH$FLGHQWHVGH7UDEDOKRH)LVFDOL]DomRGHWUDEDOKRV H6LQGLFDWRV$MXULVGLomRGR-XGLFLiULR7UDEDOKLVWDpXPGRVWHPDVPDLV GLVFXWLGRDWXDOPHQWHQRPXQGRMXUtGLFREUDVLOHLURV $$137IRLUHSUHVHQWDGDSHOD'HOHJDGDGD5HJLmR&OiXGLD5HJLQD /RYDWR)UDQFR ,QFOXVmRGH3RUWDGRUHVGH'H¿FLrQFLD $ 357 5HJLmR UHDOL]RX QR GLD GH PDLR XP ZRUNVKRS SDUD DSUHVHQWDUDRVHPSUHViULRVFHDUHQVHVRVLQVWUXPHQWRVIDFLOLWDGRUHVGD DFHVVLELOLGDGHGHSHVVRDVFRPGH¿FLrQFLDDRPHUFDGRGHWUDEDOKRFRP rQIDVHjVOLQKDVGHFUpGLWRYROWDGDVjDGDSWDomRGDVLQVWDODo}HV³&RP HVWHHYHQWRFRQWULEXtPRVSDUDDLPSODQWDomRVXVWHQWiYHOGHQRYRVSRVWRV GHWUDEDOKRGHPRGRDFRQVROLGDUHVWDHWDSDGHLQFOXVmRVRFLDO´HQIDWL]D DSURFXUDGRUDFKHIHGD357+LOGD/HRSROGLQD3LQKHLUR%DUUHWR 2HYHQWRFRQWRXFRPRSDWURFtQLRGD$137HGD(VFROD6XSHULRUGR 0LQLVWpULR3~EOLFRGD8QLmR(6038DOpPGRDSRLRGR6HQDF6HQDL6HQ DW(VPDOWHF6HUDVD%1'(6HGLYHUVDVHQWLGDGHVTXHLQWHJUDPR)yUXP GH,QFOXVmRGDV3HVVRDVFRP'H¿FLrQFLDQR0HUFDGRGH7UDEDOKR 7UDEDOKR5XUDO 2,6HPLQiULRGR7UDEDOKR5XUDOVHUiUHDOL]DGRQRGLDGHVHWHPEUR HP$UDJXDLDH[WUHPRQRUWHGH7RFDQWLQV2HYHQWRpXPDSDUFHULDHQWUH R0LQLVWpULR3~EOLFRGR7UDEDOKR3URFXUDGRULD5HJLRQDOGR7UDEDOKRGD 5HJLmR±'LVWULWR)HGHUDOH7RFDQWLQVHR6LQGLFDWR5XUDOGH$UDJXDLD 2HQFRQWURWHPRREMHWLYRGHEDWHUDHUUDGLFDomRGRWUDEDOKRHVFUDYRRX GHJUDGDQWHQRHVWDGR 1RYRFRQYrQLR 2VDVVRFLDGRVGD$137MiFRQWDPFRPXPFRQYrQLRFRPD)LQDQFHLUD $OIDSDUDFRQFHVVmRGHFUpGLWRPHGLDQWHGHVFRQWRHPIROKDGHSDJDPHQWR $WD[DGHMXURVDWXDOpGHSDUDHPSUpVWLPRVGHDWpVHLVPHVHV HPDWpPHVHVHDWpPHVHV$)LQDQFHLUDUHSDVVDUij $VVRFLDomRRYDORUHTXLYDOHQWHDFDOFXODGRVREUHRVYDORUHVOLEHUD GRVDRVDVVRFLDGRVQRVFRQWUDWRVSDFWXDGRVSRUSUD]RLJXDORXVXSHULRUD PHVHV&RQWDWR-XOLDQD&HFtOLDRX 'HEDWH+HORtVD+HOHQD 2DXGLWyULRGR)yUXP5XL%DUERVDORFDOL]DGRHP %DUUD)XQGD6mR3DXORIRLSDOFRGHXPLPSRUWDQWHGH EDWHVRFLDO$VHQDGRUD+HORtVD+HOHQD362/$/ID ORXVREUH³$DWXDOFRQMXQWXUDQDFLRQDO´HPFRQIHUrQFLD RUJDQL]DGDSHOD$137SHOD$VVRFLDomRGRV$GYRJD GRV7UDEDOKLVWDVGH6mR3DXOR$$763SHOD2UGHP GRV$GYRJDGRVGR%UDVLOGH6mR3DXOR2$%63SHOD $VVRFLDomRGRV0DJLVWUDGRVGD-XVWLoD7UDEDOKLVWDGH 6mR3DXOR$PDWUD63HSHOD$VVRFLDomR3DXOLVWDGH 0DJLVWUDGRV $SDPDJLV 2 GHEDWH IRL UHDOL]DGR QR GLDGHPDLRHWHPDVFRPRDVUHIRUPDVVLQGLFDOH WUDEDOKLVWDHRUHODFLRQDPHQWRHQWUHRVSRGHUHV7RGRV RVSUHVHQWHVSDUWLFLSDUDPJUDWXLWDPHQWH ,,&21&(37$ 2V SURFXUDGRUHV GR WUDEDOKR HVSHFLDOL]DGRV QD iUHDSRUWXiULDVHUHXQLUDPQRVGLDVHGHPDLRQR ,, (QFRQWUR 1DFLRQDO GRV 0HPEURV GD &RRUGHQDomR 1DFLRQDOGH&RPEDWHj([SORUDomRGR7UDEDOKR3RU WXiULRH$TXDYLiULR&RQFHSWD2JUXSRpFRRUGHQDGR SHORSURFXUDGRUGRWUDEDOKR5RQDOGR)OHXU\GD357 5HJLmRHVHUHXQLXQDVHGHGD$VVRFLDomRGRV $GYRJDGRV7UDEDOKLVWDVGH6DQWRV &LGDGDQLDH-XVWLoDQR5HFDQWR GDV(PDV 1R GLD GH PDLR R SUHVLGHQWH GD$137 6H EDVWLmR &DL[HWD SDUWLFLSRX GR 3URMHWR &LGDGDQLD H -XVWLoDUHDOL]DGRSHOD$0$75$;HPSDUFHULDFRP D3URFXUDGRULD5HJLRQDOGR7UDEDOKRHR7ULEXQDO5H JLRQDOGR7UDEDOKRGD5HJLmR&RPDSDOHVWUD³2 $FHVVRi-XVWLoD´SDUDDFRPXQLGDGHGDFLGDGHVDWpOLWH GR 5HFDQWR GDV (PDV QR 'LVWULWR )HGHUDO &DL[HWD OHYRXLQIRUPDo}HVVREUHRIXQFLRQDPHQWRGD-XVWLoD QR%UDVLOHSRGHPRVWUDUjSRSXODomRRWUDEDOKRGR 0LQLVWpULR3~EOLFR 'LUHLWRH3URFHVVRGR7UDEDOKR 2,QVWLWXWR*RLDQRGH'LUHLWRGR7UDEDOKR,*7UH DOL]DUiHQWUHRVGLDVHGHMXQKRR&RQJUHVVR GH 'LUHLWR GR 7UDEDOKR H 3URFHVVR GR 7UDEDOKR QR &DVWURV3DUN+RWHOHP*RLkQLD*23URFXUDGRUHV DGYRJDGRVPDJLVWUDGRVHHVWXGDQWHVGHGLUHLWRWHUmR DSRVVLELOLGDGHGHGLVFXWLUHWURFDUH[SHULrQFLDVVREUH WHPDVFRPR$&RQYHQomR&ROHWLYDGH7UDEDOKRFRPR ,QVWUXPHQWRGD3URPRomRGD,JXDOGDGHQR(PSUHJR HQD2FXSDomRSDUDR7UDEDOKDGRU1HJUR$5HIRUPD GR 3RGHU -XGLFLiULR H VHXV 5HÀH[RV QD -XVWLoD GR 7UDEDOKR5HÀH[}HVVREUHR3URFHVVRGH([HFXomR 7UDEDOKLVWD5HJUDPHQWR&RQVWLWXFLRQDOGR0LQLVWpULR 3~EOLFRQR%UDVLOHQWUHRXWURV $ $137 p XPD GDV SDWURFLQDGRUDV GR &RQ JUHVVR 1RYDGLUHWRULDGD$QDPDWUD 1RGLDGHPDLRDGLUHWRULDGD$137SULYLOHJLRX DSRVVHGDQRYDGLUHWRULDGD$QDPDWUDDJRUDSUHVL GLGDSRU-RVp1LOWRQ3DQGHORW $OpP GD SUHVHQoD GR SUHVL GHQWH 6HEDVWLmR &DL[HWD TXH FRPS{V D PHVD QD VRO HQLGDGH WDPEpP SDUWLFLSD UDPDYLFHSUHVLGHQWH-XOLDQD 9LJQROLRGLUHWRUGH$VVXQWRV /HJLVODWLYRV0R\VpV6QLIHUH DGLUHWRUD¿QDQFHLUD/XGPLOD 5HLVGH%ULWR/RSHV %2/(7,0$1370$,2'( 7UHLQDPHQWR QRYRV SURFXUDGRUHV %2/(7,0$1370$,2'( /LYURVH 3XEOLFDo}HV 'LYXOJXHVHXOLYURQRVLWHHQR,QIRUPDWLYRGD$137 (QYLDULQIRUPDo}HVSDUDLPSUHQVD#DQSWRUJEU -XVWLoDGR7UDEDOKR $ $VVRFLDomR 1DFLRQDO GRV 0DJLV WUDGRV GD -XVWLoD GR7UDEDOKR $QDPDWUD ODQoRXHVWHPrVROLYUR³-XVWLoDGRWUDEDOKR &RPSHWrQFLD $PSOLDGD´ SXEOLFDGR SHOD HGLWRUD /7U H FRRUGHQDGR SHORV PDJLVWUD GRV*ULMDOER)HUQDQGHV&RXWLQKRH0DUFRV 1HYHV )DYD $ REUD UH~QH DUWLJRV GH MXULVWDV PLQLVWURV PHPEURV GR 0LQLVWpULR 3~EOLFR H DGYRJDGRV SDUD LQFHQWLYDU R GHEDWHDFHUFDUGHXPWHPDTXHVHJXQGR RV FRRUGHQDGRUHV WHP D LQWHQomR GH ³IRUQHFHUHOHPHQWRVSDUDDFRQVWUXomRGD QRYD-XVWLoDGR7UDEDOKR´$RWRGRWH[WRVHSiJLQDVDQDOLVDP DVGLYHUVDVTXHVW}HVGD-XVWLoDGR7UDEDOKRDOWHUDGDVSHOD(PHQGD &RQVWLWXFLRQDOQIRUQHFHQGRLQWHUSUHWDo}HVGLYHUVDVVREUHSRQWRV SROrPLFRVGDDPSOLDomRGDFRPSHWrQFLD ³2WHPSRDVVHQWDUiDVGLYHUJrQFLDVHIDUiFRQYHUJLUDLQWHUSUH WDomRTXHDWHQGDDPDLRUH¿FiFLDDRVLQWHUHVVHVGDUD]mRGHH[LVWLUGR -XGLFLiULRTXHpRFLGDGmR´D¿UPDP&RXWLQKRH)DYDQDDSUHVHQWDomR GROLYUR2SURFHVVRGHPXGDQoDSHORTXDOSDVVDD-XVWLoD7UDEDOKLVWD HTXHFRORFDHVWHUDPRGR-XGLFLiULRDRDOFDQFHGHWRGRHTXDOTXHU WUDEDOKDGRUpSDUDHOHV³UHVSRVWDDRSURFHVVRKLVWyULFRGHFULDomRGH QRYDV ¿JXUDV FRQWUDWXDLV HQYROYHQWHV GR WUDEDOKR GR KRPHP TXH PHVPRFDPLQKDQGRjPDUJHPGRWUDEDOKRVXERUGLQDGRRHPSUHJR XUJHPSRUSURWHomRHIHWLYDGRVGLUHLWRVKXPDQRVGRFLGDGmRWUDED OKDGRU´(QWUHRVFRODERUDGRUHV¿JXUDRYLFHSURFXUDGRUGR7UDEDOKR 2WDYLR%ULWR/RSHVDQDOLVDQGR³$(PHQGD&RQVWLWXFLRQDOQHR 0LQLVWpULR3~EOLFRGR7UDEDOKR´ 5HIRUPDGR-XGLFLiULR 2MXL]IHGHUDO)OiYLR'LQRRMXL]GRWUD EDOKR +XJR 0HOR )LOKR R FRQVXOWRU GR 6HQDGR )HGHUDO /HRQDUGR %DUERVD H R SURFXUDGRU GD 5HS~EOLFD 1LFRODR 'LQR ODQoDUDPQRGLDGHPDLRROLYUR³5HIRUPD GR -XGLFLiULR &RPHQWiULRV j (PHQGD &RQVWLWXFLRQDOQ´SHODHGLWRUDFD ULRFD ,PSHWXV 2 ODQoDPHQWR IRL UHDOL]DGR QR7ULEXQDO5HJLRQDO)HGHUDOGD5HJLmR %UDVtOLD')1DVSiJLQDVGDREUDRV DXWRUHVRIHUHFHPDRS~EOLFRXPDDPSODH GHQVD UHÀH[mR D SURSyVLWR GDV LQRYDo}HV WUD]LGDV SHOD 5HIRUPD GR -XGLFLiULR FRQFOXtGD DSyV WUH]H DQRV GH WUDPLWDomR 2VDXWRUHVDQDOLVDPRVSUHFHLWRVGDQRYDRUGHPFRQVWLWXFLRQDOH DERUGDPVXDVFRQVHTrQFLDVSUiWLFDVSURSRQGRLQWHUSUHWDo}HVFRQ VLVWHQWHVHLQRYDGRUDV2OLYURWUD]DLQGDREVHUYDo}HVHFRPHQWiULRV VREUHSRQWRVLPSRUWDQWHVFRPRDFULDomRGRV&RQVHOKRV1DFLRQDLVGD -XVWLoDHGR0LQLVWpULR3~EOLFRDV~PXODYLQFXODQWHHDIHGHUDOL]DomR (VWHVHRXWURVOLYURVHSXEOLFDo}HVHVWmRGLVSRQtYHLVQD%LEOLRWHFDGR VLWHGD$137VHomR5HVHQKDV ZZZDQSWRUJEUELEOLRWHFD5(6(1+$6UHVHQKDVFIP &DVR&DUUHIRXU $SURFXUDGRUDGR7UDEDOKR0DULD%HDWUL]$OPHLGD %UDQGW IDORX VREUH R SURFHVVR FRQWUD R &DUUHIRXU QD 79-XVWLoDHQD791DFLRQDO2SURJUDPDIRLDRDUQRV GLDHQD79-XVWLoDHQRGLDGRPHVPRPrV QD791DFLRQDO &RQYHQomR4XDGUR $ 5iGLR 6HQDGR HQWUHYLVWRX QR GLD GH PDLR R SUHVLGHQWH GD $137 6HEDVWLmR &DL[HWD VREUH D PRELOL]DomR HQFDEHoDGD SHOD $VVRFLDomR H RXWUDV HQWLGDGHVSDUDFREUDUDUDWL¿FDomRGD&RQYHQomR 4XDGURSDUDR&RQWUROHGR7DEDFRWUDWDGRLQWHUQDFLRQDO SDUDDLPSOHPHQWDomRGHPHGLGDVTXHEXVFDPGHWHUD H[SDQVmRGRFRQVXPRGRWDEDFR 7UDEDOKRHVFUDYR 7UDEDOKR HVFUDYR IRL XP GRV WHPDV DERUGDGRV SHORSURJUDPD6KRZGD1RWtFLDGRGLDGHPDLR2 SUHVLGHQWHGD$1376HEDVWLmR&DL[HWDIRLXPGRVHQ WUHYLVWDGRVHDSDUWLUGRVGDGRVGLYXOJDGRVQR5HODWyULR *OREDOGD2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7 DERUGRXDVGLYHUVDVTXHVW}HVHQYROYLGDVQRDVVXQWRQR %UDVLO$QHFHVVLGDGHGHDSURYDomRGD3(&GR7UDEDOKR (VFUDYRIRLXPGRVWySLFRVFRPHQWDGRVSRU&DL[HWD $VLWXDomRGRWUDEDOKRHVFUDYRQR(VStULWR6DQWR IRLQRWLFLDGDSHOD&%19LWyULDTXHHQWUHYLVWRXDSURFX UDGRUDGR7UDEDOKR'DQLHOH&RUUHLD)DJXQGHVGD 5HJLmRQRGLDGHPDLR 2VGDGRVGRUHODWyULRGD2,7HRGHVWDTXHGDGRjV Do}HVQR%UDVLOWDPEpPIRUDPDSDXWDGDHQWUHYLVWDGD 5HGH79FRPRSUHVLGHQWHGD$137QRGLDGHPDLR GXUDQWHDVROHQLGDGHGHODQoDPHQWRGRUHODWyULR (;3(',(17( %ROHWLP,QIRUPDWLYR$137$QRQPDLRGH 3HULyGLFRPHQVDOGD$VVRFLDomR1DFLRQDOGRV3URFXUDGRUHV GR7UDEDOKR±$137 6%64XDGUD%ORFR³6´6DODVDQGDU %UDVtOLD')&(3 7HOHZZZDQSWRUJEUDQSW#DQSWRUJEU 7LUDJHPH[HPSODUHV -RUQDOLVWDUHVSRQViYHO1HUL$FFLRO\'57') 3URMHWR*Ui¿FRHGLDJUDPDomR,QWHUDJrQFLD&RPXQLFDomR ,PSUHVVmR*Ui¿FD ',5(725,$ 3UHVLGHQWH6HEDVWLmR9LHLUD&DL[HWD 9LFH3UHVLGHQWH-XOLDQD9LJQROL 6HFUHWiULR*HUDO5LFDUGR%UXHOGD6LOYHLUD 'LUHWRUD)LQDQFHLUD/XGPLOD5HLV%ULWR/RSHV 'LUHWRUGH5HODo}HV,QVWLWXFLRQDLV0DUFHOR%UDQGmRGH0RUDLV&XQKD 'LUHWRUGH$VVXQWRV-XUtGLFRV5RJpULR5RGULJXHVGH)UHLWDV 'LUHWRUGH$VVXQWRV/HJLVODWLYRV0R\VpV6LPmR6]QLIHU 'LUHWRUD6RFLDOHGH(YHQWRV$QD0DULD*RPHV5RGULJXHV 'LUHWRUGH&RPXQLFDomR-RVp'LQL]GH0RUDHV 'LUHWRUHV6XSOHQWHV'XOFH0DULV*DOOH,YR(XJrQLR0DUTXHV ,QrV3HGURVDGH$QGUDGH)LJXHLUD