3UHVLGrQFLDGD5HS~EOLFD &DVD&LYLO 6XEFKHILDSDUD$VVXQWRV-XUtGLFRV '(&5(721'('('(=(0%52'( &RQFHGH LQGXOWR QDWDOLQR H FRPXWDomR GH SHQDV H Gi RXWUDV SURYLGrQFLDV 2 35(6,'(17( '$ 5(3Ò%/,&$ QR XVR GD DWULEXLomR TXH OKH FRQIHUH R DUW LQFLVR ;,, GD &RQVWLWXLomR WHQGR HP YLVWD D PDQLIHVWDomR GR &RQVHOKR 1DFLRQDO GH 3ROtWLFD &ULPLQDO H 3HQLWHQFLiULD DFROKLGD SHOR 0LQLVWUR GH (VWDGR GD -XVWLoD H FRQVLGHUDQGR D WUDGLomR GH FRQFHGHU SHUGmR DR FRQGHQDGR HP FRQGLo}HV GH PHUHFrOR SRU RFDVLmR GDV IHVWLYLGDGHV FRPHPRUDWLYDV GR 1DWDO SURSRUFLRQDQGROKH RSRUWXQLGDGHV SDUD VXD KDUP{QLFD LQWHJUDomR VRFLDOREMHWLYRPDLRUGDVDQomRSHQDO '(&5(7$ $UWReFRQFHGLGRLQGXOWR ,DRFRQGHQDGRDSHQDSULYDWLYDGHOLEHUGDGHQmRVXSHULRUDRLWRDQRVQmRVXEVWLWXtGDSRUUHVWULWLYDVGHGLUHLWRV RXPXOWDHQmREHQHILFLDGRFRPDVXVSHQVmRFRQGLFLRQDOGDSHQDTXHDWpGHGH]HPEURGH WHQKD FXPSULGR XPWHUoRGDSHQDVHQmRUHLQFLGHQWHRXPHWDGHVHUHLQFLGHQWH ,, DR FRQGHQDGR D SHQD SULYDWLYD GH OLEHUGDGH VXSHULRU D RLWR DQRV TXH DWp GH GH]HPEUR GH WHQKD FRPSOHWDGRVHVVHQWDDQRVGHLGDGHHFXPSULGRXPWHUoRGDSHQDVHQmRUHLQFLGHQWHRXPHWDGHVHUHLQFLGHQWH ,,,DRFRQGHQDGRDSHQDSULYDWLYDGHOLEHUGDGHTXHDWpGHGH]HPEURGHWHQKDFXPSULGRHPUHJLPH IHFKDGRRXVHPLDEHUWRLQLQWHUUXSWDPHQWHTXLQ]HDQRVGDSHQDVHQmRUHLQFLGHQWHRXYLQWHDQRVVHUHLQFLGHQWH ,9 j FRQGHQDGD D SHQD SULYDWLYD GH OLEHUGDGH VXSHULRU D RLWR DQRV TXH DWp GH GH]HPEUR GH WHQKD FXPSULGRHPUHJLPHIHFKDGRRXVHPLDEHUWRXPWHUoRGDSHQDVHQmRUHLQFLGHQWHRXPHWDGHVHUHLQFLGHQWHHVHMD PmHGHILOKRFRPGHILFLrQFLDPHQWDORXItVLFDRXPHQRUGHGH]HVVHLVDQRVFXMRVFXLGDGRVGHODQHFHVVLWH 9DRFRQGHQDGRDSHQDSULYDWLYDGHOLEHUGDGHVXSHULRU D VHLV DQRV H QmR VXSHULRU D GR]H DQRV GHVGH TXH Mi WHQKD FXPSULGR GRLV TXLQWRV GD SHQD VH SULPiULR RX WUrV TXLQWRV VH UHLQFLGHQWH HQFRQWUHVH FXPSULQGR SHQD QR UHJLPH VHPLDEHUWR H Mi WHQKD XVXIUXtGR DWp GH GH]HPEUR GH QR PtQLPR GH FLQFR VDtGDV WHPSRUiULDV SUHYLVWDVQRDUWLQFLVR,FRPELQDGRFRPRDUWFDSXWGD/HLQRGHGHMXOKRGH 9,DRFRQGHQDGRDSHQDGHPXOWDDSOLFDGDFXPXODWLYDPHQWHFRPSHQDSULYDWLYDGHOLEHUGDGHGHVGHTXHQmR TXLWDGDDTXHODHFXPSULGDDSHQDSULYDWLYDGHOLEHUGDGHLPSRVWDDWpGHGH]HPEURGH 9,,DRFRQGHQDGR D SDUDSOpJLFR WHWUDSOpJLFR RX SRUWDGRU GH FHJXHLUD WRWDO GHVGH TXH WDLV FRQGLo}HV QmR VHMDP DQWHULRUHV j SUiWLFD GR GHOLWR H VH FRPSURYHP SRU ODXGR PpGLFR RILFLDO RX QD IDOWD GHVWH SRU PpGLFR GHVLJQDGR SHOR MXt]R GD H[HFXomRRX E DFRPHWLGR FXPXODWLYDPHQWH GH GRHQoD JUDYH SHUPDQHQWH DSUHVHQWDQGR LQFDSDFLGDGH VHYHUD FRP JUDYH OLPLWDomR GH DWLYLGDGH H UHVWULomR GH SDUWLFLSDomR H[LJLQGR FXLGDGRV FRQWtQXRV GHVGH TXH FRPSURYDGD SRU ODXGR PpGLFRRILFLDORXQDIDOWDGHVWHSRUPpGLFRGHVLJQDGRSHORMXt]RGDH[HFXomRFRQVWDQGRRKLVWyULFRGDGRHQoDFDVR QmRKDMDRSRVLomRGREHQHILFLiULRPDQWLGRRGLUHLWRGHDVVLVWrQFLDQRVWHUPRVGRDUWGD&RQVWLWXLomRH 9,,,DRVVXEPHWLGRVjPHGLGDGHVHJXUDQoDTXHDWpGHGH]HPEURGHWHQKDPVXSRUWDGRSULYDomRGD OLEHUGDGHLQWHUQDomRRXWUDWDPHQWRDPEXODWRULDOSRUSHUtRGRLJXDORXVXSHULRUDRPi[LPRGDSHQDFRPLQDGDj LQIUDomR SHQDOFRUUHVSRQGHQWHjFRQGXWDSUDWLFDGDRXQRVFDVRVGHVXEVWLWXLomRSUHYLVWDQRDUWGD/HLQGH SRUSHUtRGRLJXDODRWHPSRGDFRQGHQDomRPDQWLGRRGLUHLWRGHDVVLVWrQFLDQRVWHUPRVGRDUWGD&RQVWLWXLomR 3DUiJUDIR~QLFR2LQGXOWRGHTXHFXLGDHVWH'HFUHWRQmRVHHVWHQGHjVSHQDVDFHVVyULDVSUHYLVWDVQR&yGLJR 3HQDO0LOLWDUHDRVHIHLWRVGDFRQGHQDomR $UWR2FRQGHQDGRDSHQDSULYDWLYDGHOLEHUGDGHQmREHQHILFLDGRFRPDVXVSHQVmRFRQGLFLRQDOGDSHQDTXH DWp GH GH]HPEUR GH WHQKD FXPSULGR XP TXDUWR GD SHQD VH QmR UHLQFLGHQWH RX XP WHUoR VH UHLQFLGHQWH H QmRSUHHQFKDRVUHTXLVLWRVGHVWH'HFUHWRSDUDUHFHEHULQGXOWRWHUiFRPXWDGDDSHQDUHPDQHVFHQWHGHXPTXDUWRVH QmRUHLQFLGHQWHHGHXPTXLQWRVHUHLQFLGHQWHDIHULGDQDGDWDDFLPDPHQFLRQDGD 3DUiJUDIR ~QLFR 2 DJUDFLDGR SRU DQWHULRU FRPXWDomR WHUi VHX EHQHItFLR FDOFXODGR VREUH R UHPDQHVFHQWH GD SHQD HP GH GH]HPEUR GH REVHUYDGR R GHVFRQWR HIHWLYDGR VHP QHFHVVLGDGH GH QRYR UHTXLVLWR WHPSRUDO H VHPSUHMXt]RGDUHPLomRSUHYLVWDQRDUWGD/HLQGH $UWR1DFRQFHVVmRGRLQGXOWRRXGDFRPXWDomRGHYHUiSDUDHIHLWRVGDLQWHJUDOL]DomRGRUHTXLVLWRWHPSRUDO VHU FRPSXWDGD D GHWUDomR GH TXH WUDWD R DUW GR &yGLJR 3HQDO H TXDQGR IRU R FDVR R DUW GR &yGLJR 3HQDO 0LOLWDUVHPSUHMXt]RGDUHPLomRSUHYLVWDQRDUWGD/HLQGH $UWR$FRQFHVVmRGRVEHQHItFLRVGHVWH'HFUHWRILFDFRQGLFLRQDGDjLQH[LVWrQFLDGHDSOLFDomRGHVDQomRSRU IDOWD GLVFLSOLQDU GH QDWXUH]D JUDYH FRPHWLGD QRV ~OWLPRV GR]H PHVHV GH FXPSULPHQWR GD SHQD H QR FDVR GH FULPH PLOLWDUGDLQH[LVWrQFLDGHDSOLFDomRGHVDQomRSRUIDOWDGLVFLSOLQDUSUHYLVWDQRVUHVSHFWLYRVUHJXODPHQWRVGLVFLSOLQDUHV YHULILFDGD QRV ~OWLPRV GR]H PHVHV GH FXPSULPHQWR GD SHQD FRQWDGRV HP DPERV RV FDVRV UHWURDWLYDPHQWH j SXEOLFDomRGHVWH'HFUHWR $UWR2VEHQHItFLRVSUHYLVWRVQHVWH'HFUHWRVmRDSOLFiYHLVDLQGDTXH , D VHQWHQoD FRQGHQDWyULD WHQKD WUDQVLWDGR HP MXOJDGR SDUD D DFXVDomR VHP SUHMXt]R GR MXOJDPHQWR GH UHFXUVRGDGHIHVDQDLQVWkQFLDVXSHULRU ,, KDMD UHFXUVR GD DFXVDomR TXH QmR YLVH D PDMRUDU D TXDQWLGDGH GD SHQD RX DV FRQGLo}HV H[LJLGDV SDUD D FRQFHVVmRGRLQGXOWRHGDFRPXWDomRRX ,,,HVWHMDRFRQGHQDGRHPFXPSULPHQWRGHOLYUDPHQWRFRQGLFLRQDO $UWR$LQDGLPSOrQFLDGDSHQDGHPXOWDFXPXODGDFRPSHQDSULYDWLYDGHOLEHUGDGHQmRLPSHGHDFRQFHVVmR GRLQGXOWRRXGDFRPXWDomR $UWR$VSHQDVFRUUHVSRQGHQWHVDLQIUDo}HVGLYHUVDVGHYHPVRPDUVHSDUDHIHLWRGRLQGXOWRHGDFRPXWDomR 3DUiJUDIR~QLFR1DKLSyWHVHGHKDYHUFRQFXUVRFRPLQIUDomRGHVFULWDQRDUWRRFRQGHQDGRQmRWHUiGLUHLWRD LQGXOWRRXFRPXWDomRHQTXDQWRQmRFXPSULULQWHJUDOPHQWHDSHQDFRUUHVSRQGHQWHDRFULPHLPSHGLWLYRGRVEHQHItFLRV DUWGR&yGLJR3HQDO $UWR2VEHQHItFLRVSUHYLVWRVQHVWH'HFUHWRQmRDOFDQoDPRVFRQGHQDGRV ,SRUFULPHGHWRUWXUDWHUURULVPRRXWUiILFRLOtFLWRGHGURJDVQRVWHUPRVGRDUWGD/HLQR GH GH DJRVWRGHH[FHWXDGDVDVKLSyWHVHVSUHYLVWDVQRVRDRRGRDUWLJRFLWDGRGHVGHTXHDFRQGXWDWtSLFDQmR WHQKDFRQILJXUDGRDSUiWLFDGDPHUFDQFLD ,, SRU FULPH KHGLRQGR SUDWLFDGR DSyV D HGLomR GD /HL QR GH GH MXOKR GH REVHUYDGDV DV DOWHUDo}HVSRVWHULRUHV ,,,SRUFULPHVGHILQLGRVQR&yGLJR3HQDO0LOLWDUTXHFRUUHVSRQGDPDRVGHOLWRVSUHYLVWRVQRVLQFLVRV,H,,GHVWH DUWLJR 3DUiJUDIR ~QLFR $V UHVWULo}HV GHVWH DUWLJR H GR LQFLVR , GR DUW R QmR VH DSOLFDP jV KLSyWHVHV SUHYLVWDV QR LQFLVR9,,GRFLWDGRDUWR $UWR$DXWRULGDGHTXHFXVWRGLDURFRQGHQDGRHR&RQVHOKR3HQLWHQFLiULRHQFDPLQKDUmRDRMXt]RGDH[HFXomR DOLVWDGDTXHOHVTXHVDWLVIDoDPRVUHTXLVLWRVQHFHVViULRVSDUDDFRQFHVVmRGRVEHQHItFLRVHQXQFLDGRVQHVWH'HFUHWR QRSUD]RGHWULQWDGLDVFRQWDGRVGHVXDSXEOLFDomR R2SURFHGLPHQWRSUHYLVWRQRFDSXWGHVWHDUWLJRSRGHUiLQLFLDUVHGHRItFLRDUHTXHULPHQWRGRLQWHUHVVDGR GHTXHPRUHSUHVHQWHGHVHXF{QMXJHRXFRPSDQKHLURSDUHQWHRXGHVFHQGHQWHGD'HIHQVRULD3~EOLFDGR0LQLVWpULR 3~EOLFR GR &RQVHOKR 3HQLWHQFLiULR GR &RQVHOKR GD &RPXQLGDGH GR 3DWURQDWR GD DXWRULGDGH DGPLQLVWUDWLYD GD 2XYLGRULDGR6LVWHPD3HQLWHQFLiULRGD&RUUHJHGRULDGR6LVWHPD3HQLWHQFLiULRRXGRPpGLFRTXHDVVLVWHRFRQGHQDGR TXHVHHQTXDGUHQDVVLWXDo}HVSUHYLVWDVQRLQFLVR9,,GRDUWR R 2 MXt]R GD H[HFXomR SURIHULUi GHFLVmR DSyV RXYLU R 0LQLVWpULR 3~EOLFR D GHIHVD H R &RQVHOKR 3HQLWHQFLiULRH[FHWXDGRHVWHQDVKLSyWHVHVFRQWHPSODGDVQRVLQFLVRV9,,H9,,,GRDUWR $UW2VyUJmRVFHQWUDLVGDDGPLQLVWUDomRSHQLWHQFLiULDSUHHQFKHUmRRTXDGURHVWDWtVWLFRGHDFRUGRFRPR PRGHOR DQH[R D HVWH 'HFUHWR GHYHQGR HQFDPLQKiOR DWp XP DQR D FRQWDU GD GDWD GH VXD SXEOLFDomR DR 'HSDUWDPHQWR3HQLWHQFLiULR1DFLRQDOGR0LQLVWpULRGD-XVWLoD R $ SDUWLU GH MDQHLUR GH R 'HSDUWDPHQWR 3HQLWHQFLiULR 1DFLRQDO PDQWHUi SXEOLFDGR QR VHX SRUWDO GD UHGHPXQGLDOGHFRPSXWDGRUHVTXDGURHVWDWtVWLFRGLVFULPLQDGRSRUXQLGDGHIHGHUDWLYD FRP DV LQIRUPDo}HV UHODWLYDV jTXDQWLGDGHGHLQGXOWRVHFRPXWDomRFRQFHGLGRV R 2 FXPSULPHQWR GR GLVSRVWR QR FDSXW VHUi ILVFDOL]DGR SHOR &RQVHOKR 1DFLRQDO GH 3ROtWLFD &ULPLQDO H 3HQLWHQFLiULDHSHOR'HSDUWDPHQWR3HQLWHQFLiULR1DFLRQDOHYHULILFDGRQDVRSRUWXQLGDGHVGHLQVSHomRRXGHHVWXGRGH SURMHWRVODVWUHDGRVHPUHFXUVRVGR)XQGR3HQLWHQFLiULR1DFLRQDO)813(1 $UW(VWH'HFUHWRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR %UDVtOLDGHGH]HPEURGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD /8,=,1È&,2/8/$'$6,/9$ /XL]3DXOR7HOHV)HUUHLUD%DUUHWR (VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH $1(;2 ,1'8/72'(1$7$/ 027,926'(7(50,1$17(6 %(1(),&,$'263(/26$57,*26 '$&21'(1$d2 &5,0(6&2175$$3(662$ +20,&Ë',2 /(6®(6&25325$,6 287526 &5,0(6&2175$23$75,0Ð1,2 )8572 528%2 (;72562 (67(/,21$72 287526 &5,0(6&2175$26&26780(6 72'26 &5,0(6&2175$$3$=3Ò%/,&$ 72'26 &5,0(6&2175$$)e3Ò%/,&$ 72'26 &5,0(6&2175$$$'0,1,675$d23Ò%/,&$ 72'26 727$/ R 0$6& )(0 R 0$6& )(0