࣏ࣝࢺ࢞ࣝㄒ %(09,1'26¬.2*$ 3UHIHLWXUDGH.RJD7HOFHQWUDO $Q~QFLRGD3UHIHLWXUD Ɣ(675$1*(,52648(6(52(/$%25$'262$7(67$'2'(5(6,'Ç1&,$(26,7(16 '(6&5,72612$7(67$'25(6,'Ç1&,$ 6HGHGD3UHIHLWXUDGH6RZD6(725&,9,/±VKLPLQND7(/ $RVVHJXLQWHVHVWUDQJHLURVGHTXDUWRGLYLV}HVVHUmRHODERUDGRVR$WHVWDGRGH5HVLGrQFLD H[FHWRDRUHVLGHQWHGHFXUWRSHUtRGRGHSHUPDQrQFLDFRPRWXULVWDV 1R$WHVWDGRGH5HVLGrQFLDRVVHJXLQWHVLWHQVVHUkRGHVFULWRV1RPH㺃1RPHGHFKHIHGHIDPtOLD HJUDXGHSDUHQWHVFR'DWDGHQDVFLPHQWR6H[R(QGHUHoRFRPRLJXDOGRVMDSRQHVHV 1DFLRQDOLGDGH5HJLmR'DWDTXHVHWRUQRXUHVLGHQWHHVWUDQJHLURLWHQVHVSHFLDLVSDUDUHVLGHQWH HVWUDQJHLUR HLWHQVGHFDGDGLYLVmRVHJXQWHV ձ 5HVLGHQWHGHPpGLRORQJRSHUtRGRGHSHUPDQrQFLDSHVVRDTXDOLILFDGDSDUDHPLVVmRGR FDUWmRGHSHUPDQrQFLD 2VLWHQVGHVFULWRV4XDOLILFDomRGHSHUPDQrQFLDSHUtRGRGHSHUPDQrQFLDGLDGHH[SLUDomRGR SHUtRGRGHSHUPDQrQFLDQ~PHURGRFDUWmRGHUHVLGrQFLDIDWRGHVHU UHVLGHQWHGHPpGLRORQJRSHUtRGRGHSHUPDQrQFLD ղ 5HVLGHQWHSHUPDQHQWHHVSHFLDO 2VLWHQVGHVFULWRV1~PHURGRFDUWmRGHUHVLGHQWHSHUPDQHQWHHVSHFLDOIDWRGHVHUUHVLGHQWH SHUPDQHQWHHVSHFLDO ճ 5HIXJLDGRSURWHJLGRFRPDSHUPLVVmRGHGHVHPEDUTXHWHPSRUiULDRXUHIXJLDGRFRP SHUPLVVmRGHHVWDGLDWHPSRUiULD 2VLWHQVGHVFULWRV3HUtRGRGHSHUPDQrQFLDGHVFULWDVHPFDUWmRGH5HIXJLDGRSURWHJLGRFRPD SHUPLVVmRGHGHVHPEDUTXHWHPSRUiULDRXSHUtRGRGHSHUPDQrQFLD GHVFULWDVHPFDUWmRGHUHIXJLDGRFRPSHUPLVVmRGHHVWDGLDWHPSRUiULDIDWR GHVHUUHIXJLDGRSURWHJLGRFRPDSHUPLVVmRGHGHVHPEDUTXHWHPSRUiULDRX UHIXJLDGRFRPSHUPLVVmRGHHVWDGLDWHPSRUiULD մ 5HVLGHQWHWUDQVLWyULRSRUFDXVDGRQDVFLPHQWRRXUHVLGHQWHWUDQVLWyULRSRUSHUGDGD QDFLRQDOLGDGH3RGHUUHVLGLUGHQWURGHGLDVDSyVVHWRUQDUVHURHVWUDQJHLUR 2VLWHQVGHVFULWRVIDWRGHVHUUHVLGHQWHWUDQVLWyULRSRUFDXVDGRQDVFLPHQWRRXUHVLGHQWH WUDQVLWyULRSRUSHUGDGDQDFLRQDOLGDGH 3DUDRVHVWUDQJHLURVTXHHQWUDUHPQRMDSmRGHRSDLVHVWUDQJHLUR! 4XDQGRRVHVWUDQJHLURVFRPRRUHVLGHQWHGHPpGLRORQJRSHUtRGRGHSHUPDQrQFLDHWFHQWUDUHP QRMDSmRGHRSDLVHVWUDQJHLURR7UkPLWHGH(QWUDGD7HQQ\XX7RGRNHGHYHVHUIHLWR SHVVRDOPHQWHQDSUHIHLWXUDGRORFDORQGHUHVLGHGHQWURGHGLDVDSyVVHPXGDUeQHFHVViULR DSUHVHQWDURFDUWmRGHSHUPDQrQFLDHWF ࣏ࣝࢺ࢞ࣝㄒ 3DUDRVHVWUDQJHLURVTXHVHPXGDUQRMDSmR! 4XDQGRVHPXGDUGHQWURGRMDSmReQHFHVViULRDSUHVHQWDURFDUWmRGHSHUPDQrQFLDRXRFDUWmR GHUHVLGHQWHSHUPDQHQWHHVSHFLDORXD&DUWHLUDGH5HJLVWURGH(VWUDQJHLURQDSUHIHLWXUDGRORFDO RQGHUHVLGH (PFDVRGHPXGDQoDSDUDRXWURPXQLFtSLRVHUiLPSUHVFLQGtYHOID]HUR7UkPLWHGH6DLGD 7HQV\XWVX7RGRNHQRPXQLFtSLRGH.RJDHTXDQGRID]HUR7UkPLWHGH(QWUDGD7HQQ\XX7RGRNH QRQRYRPXQLFtSLReQHFHVViULRDSUHVHQWDURFRPSURYDQWHGHWUDQVIHUrQFLDVDtGD 1RFDVRGHPXGDQoDSDUDRXWURSDLVHPERODREWHUDSHUPLVVmRGHUHHQWUDGDVHUiQHFHVViULR ID]HUR7UkPLWHGH6DLGD7HQV\XWVX7RGRNHFRPRUHJUD /RFDLVRQGHVmRHPLWLGRVDVFySLDVGR$WHVWDGRGH5HVLGrQFLD! >6HGHGD3UHIHLWXUDGH6RZD@6HWRU&LYLO7(/ >6HGH3UHIHLWXUDGH.RJD@6HWRUGHDWHQGLPHQWR3~EOLFR7(/ >6HGHGDSUHIHLWXUDGH6DQZD@ 6HWRUGH$WHQGLPHQWR3~EOLFR7(/ Ɣ62%5(5(*,6752'(³,1.$1´,QNDQWRXURNX 6HGHGD3UHIHLWXUDGH6RZD6(725&,9,/±VKLPLQND7(/ 2VLVWHPDGH5HJLVWURGH,QNDQIRLLPSODQWDGRSDUDFRPSURYDUDYHUDFLGDGHFRPRSRUWDGRUHWHP RLPSRUWDQWHSDSHOGHSURWHJHURVHXSDWULP{QLRRXGLUHLWR1RORFDODEDL[RSRGHUmRVROLFLWDUD HPLVVmRGR5HJLVWURGH,QNDQ >6HGHGD3UHIHLWXUDGH6RZD@6HWRU&LYLO7(/ >6HGHGDSUHIHLWXUDGH.RJD@ 6HWRUGH$WHQGLPHQWR3~EOLFR 7(/ >6HGHGDSUHIHLWXUDGH6DQZD@ 6HWRUGH$WHQGLPHQWR3~EOLFR 7(/ Ɣ6(*852'(6$Ò'(1$&,21$/6(*8520e',&23$5$,'2626 NRNXPLQNHQNRKRNHQNRNLNRUHLVKDLU\RKRNHQ 6HGHGDSUHIHLWXUDGH.RJD6(725'(6(*852'(6$Ò'(1$&,21$/(3(162±NRNXKRQHQNLQND 7(/ (PFDVRGHGRHQoDVRXIHULPHQWRVHQmRSXGHUFRQVXOWDUXPPpGLFRSRUIDOWDGHFRQGLo}HV ILQDQFHLUDV 2VHJXURGHVD~GHQDFLRQDOHRXVHJXURPpGLFRSDUDLGRVRVpXPVLVWHPDGHDVVLVWrQFLD P~WXDRQGHRVDILOLDGRVSDJDPXPSODQRGHVHJXURSDUDRVFXVWRVPpGLFRVTXDQGR QHFHVViULRV7RGRVRVHVWUDQJHLURVSRUWDGRUHVGHYLVWRSDUDUHVLGLUSRUPDLVGHWUrVPHVHVQR -DSmRGHYHPVHLQVFUHYHUQRVHJXURGHVD~GH1RVHJXURGHVD~GHKiR6HJXURGH6D~GHGR 7UDEDOKDGRU6KDNDL+RNHQR6HJXURGH6D~GH1DFLRQDO.RNXPLQ.HQNR+RNHQHR6HJXUR 0pGLFRSDUDLGRVRV6HRHVWUDQJHLURQmRWLYHULQVFULWRQR6HJXURGH6D~GHGR7UDEDOKDGRUGH VXDFRPSDQKLDHOHWHUiTXHVHLQVFUHYHUQR6HJXURGH6D~GH1DFLRQDO(FDVRWHQKDPDLV GHDQRVGHLGDGHGHYHVHLQVFUHYHUQR6HJXUR0pGLFRSDUD,GRVRV ࣏ࣝࢺ࢞ࣝㄒ ¸ $TXHOHV TXH VH LQVFUHYHUDP QR 6HJXUR GH 6D~GH 1DFLRQDO HRX 6HJXUR 0pGLFR SDUD ,GRVRVDSUHVHQWDRFDUWmRRXFRPSURYDQWHGRVHJXQGRVHPHVWUHQDUHFHSomRGRKRVSLWDOH SDJDDSHQDVXPDSHTXHQDTXDQWLDGRVFXVWRVGDFRQVXOWDPpGLFD ¸3DUDLQVFUHYHUVHQR6HJXURGH6D~GH1DFLRQDOHRX6HJXUR0pGLFRSDUD,GRVRVID]VH UHTXHULPHQWRQREDOFmRGR6HWRUGH6HJXURGH6D~GH1DFLRQDOH3HQVmR Ɣ6,67(0$'(3(1621$&,21$/NRNXPLQQHQNLQ 6HGHGDSUHIHLWXUDGH.RJD6(725'(6(*852'(6$Ò'(1$&,21$/(3(162±NRNXKRQHQNLQND7(/ 7RGRV RVHVWUDQJHLURV UHVLGHQWHV QR -DSmRTXH SRVVXHP R FDUWmR GH UHJLVWUR GH HVWUDQJHLURV H TXHWHQKDPHQWUHHDQRVGHLGDGHGHYHPLQVFUHYHUVHQR6LVWHPDGH3HQVmR1DFLRQDO2 REMHWLYRSULQFLSDOGHVWHVLVWHPDpDVVHJXUDUXPPHLRGHYLGDHVWiYHOSDUDRVLGRVRV(OHWDPEpP DVVHJXUDRPHLRGHYLGDGRVDILOLDGRVTXHVHWRUQDUDPGHILFLHQWHVRXGRVGHSHQGHQWHVGDTXHOHV TXH IDOHFHUDP 2V HVWUDQJHLURV TXH VH LQVFUHYHUDP QR VLVWHPD SRGHUi H[LJLU XP UHHPEROVR SDUFLDODSyVGHL[DUHPR-DSmR 3DUD UHLYLQGLFDU RV GLUHLWRV GH EHQHILFLiULR p SUHFLVR VDWLVID]HU FHUWRV FULWpULRV 0DLRUHV LQIRUPDo}HVQR6HWRUGH6HJXURGH6D~GH1DFLRQDOH3HQVmR כ2VIXQFLRQiULRVGHFRPSDQKLDVRXIiEULFDVQR-DSmRGHYHPLQVFUHYHUVHQR6LVWHPDGH6HJXUR GR7UDEDOKDGRUHQmRSUHFLVDPDVVRFLDUVHDR6LVWHPDGH3HQVmR1DFLRQDO ¸ 3DUD LQVFUHYHU VH QR 6LVWHPD GH 6HJXUR GR 7UDEDOKDGRU &RQVXOWH D VXD HPSUHVD TXH VH UHVSRQVDELOL]DUiSHORVSURFHGLPHQWRV Ɣ6,67(0$'(35(9,'Ç1&,$0e',&$LU\RXIXNXVKLVHGR 6HGHGDSUHIHLWXUDGH.RJD6(725'(6(*852 '(6$Ò'(1$&,21$/ (3(162±NRNXKR QHQNLQND7(/ $WUDYpV GR 6LVWHPD GH $VVLVWrQFLD 0pGLFD 6RFLDO FRQKHFLGR FRPR ³0DUXIXNX´ R JRYHUQR GH ,EDUDNL H R PXQLFtSLR GH .RJD EHQHILFLDP RV FLGDGmRV DUFDQGR FRP XPD SDUWH GRV FXVWRV QHFHVViULRV QDV LQVWLWXLo}HV KRVSLWDODUHV RV JDVWRV FRP D VD~GH H EHPHVWDU VRFLDO GDV JHVWDQWHVFULDQoDVUHFpPQDVFLGDVIDPtOLDGHyUImRGHSDLRXGDPmHHSRUWDGRUGHHOHYDGRJUDX GHGHILFLrQFLDItVLFD+iROLPLWHGHUHQGDSDUDUHFHEHUHVWHEHQHItFLR 㸨$VSHVVRDVTXHSRGHUmRVHUEHQHILFLDGRV *HVWDQWHVJHVWDQWHVFDGDVWUDGDVSRUWDGRUDVGD&DGHUQHWDGH6D~GHPDWHUQR± /LPLWDGRVRSDUDDJHVWDQWHFRPGRHQoDVRXIHULPHQWRVTXHSRGHPFRPSURPHWHUQRSDUWR &ULDQoDVGHDQRGHLGDGHDWpRWHUFHLURDQRSULPiULR )DPtOLDyUImRGHSDLRXGDPmHSDLRXPmHRXUHVSRQViYHOSHORILOKRPHQRUGHDQRV 3RUWDGRUGHHOHYDGRJUDXGHGHILFLrQFLDItVLFD3RUWDGRUGHGHILFLrQFLDFRPSURYDGRDWUDYpV GD&DUWHLUDGH3RUWDGRUGH'HILFLrQFLD)tVLFD 㸨&RQGLo}HVQHFHVViULDV 7HUFRPSURYDomRGHHQGHUHoRGRPXQLFtSLRGH.RJD (VWDULQVFULWRQR6HJXURGH6D~GH1DFLRQDO 5HQGDOLPLWDGDGHQWURGRIDL[DHVWDEHOHFLGD ࣏ࣝࢺ࢞ࣝㄒ 㸨3DUDUHFHEHUREHQHItFLR )D]HURVWUkPLWHVMXQWRDR6HWRUGH6HJXURGH6D~GH1DFLRQDOH3HQVmRPXQLGRVGH GRFXPHQWRVTXHFRPSURYHFRPREHQHILFLDGR0DLRUHVLQIRUPDo}HVQR6HWRUGH6HJXURGH 6D~GH1DFLRQDOH3HQVmR &XLGDGRFDVRRFRUUDDWUDVRQRVWUkPLWHVSRGHUiSHUGHURVEHQHItFLRVGRVFXVWRVPpGLFRV Ɣ62%5(6,67(0$'(68%6Ë',20e',&2LU\RKLMRVHLVHGR 6HGHGDSUHIHLWXUDGH.RJD6(725'(6(*852 '(6$Ò'(1$&,21$/ (3(162±NRNXKRQHQNLQND7(/ 6LVWHPDGH6XEVtGLR0pGLFRVFRQKHFLGRFRPR³0DUXNR´IRLFULDGRSHODSUHIHLWXUDGH.RJDFRP REMHWLYRGHDWULEXLUDVFULDQoDVTXHVHUmRRIXWXURGDVJHUDo}HVQDVFHUHPHFUHVFHUHPGHQWURGH XPDPELHQWHVDXGiYHOFRPVXEVtGLRVPpGLFRVjVUHVSHFWLYDVIDPtOLDVMXQWDPHQWHFRPVLVWHPD GHFRQWUROHGHQDWDOLGDGH7UDWDVHGHXPVLVWHPDSUySULRGRPXQLFtSLRGH.RJD 㸨$VSHVVRDVTXHSRGHUmRVHUEHQHILFLDGRV *HVWDQWHVRX&ULDQoDVGHDQRGHLGDGHDWpRWHUFHLURDQRSULPiULRGHVGHTXHDUHQGD DQXDOQmRH[FHGDDRYDORUGHWHUPLQDGRSHORVLVWHPD0DUXIXNX ͤ*HVWDQWHV/LPLWDGRVRSDUDDJHVWDQWHFRPGRHQoDVRXIHULPHQWRVTXHSRGHP FRPSURPHWHUQRSDUWR ³6KRFKXJDNXVHL³FULDQoDVTXHHVWHMDPFXUVDQGRDVpULHSULPiULDDWpDQRJLQDVLDO 㸨&RQGLo}HVQHFHVViULDV 7HUFRPSURYDomRGHHQGHUHoRGRPXQLFtSLRGH.RJD (VWDULQVFULWRQR6HJXURGH6D~GH1DFLRQDO 㸨3DUDUHFHEHUREHQHItFLR )D]HURVWUkPLWHVMXQWRDR6HWRUGH6HJXURGH6D~GH1DFLRQDOH3HQVmRPXQLGRVGH GRFXPHQWRVTXHFRPSURYHPFRPREHQHILFLDGR0DLRUHVLQIRUPDo}HVGHYHUmRVHUREWLGDVMXQWR D6HWRUGH6HJXURGH6D~GH1DFLRQDOH3HQVmR &XLGDGRFDVRRFRUUDDWUDVRQRVWUkPLWHVSRGHUiSHUGHURVEHQHItFLRV Ɣ&$'(51(7$'(3257$'25(6'('(),&,Ç1&,$VKRXJDLVKDWHFKR ³.HQNRQR(NL´6(725'($66,67Ç1&,$$26'(),&,(17(6±VKRXJDLIXNXVKLND7(/ &DUWHLUDGH3RUWDGRUGH'HILFLrQFLD)tVLFD! 6HUiHPLWLGDDRVSRUWDGRUHVGHGHILFLrQFLDItVLFDYLVXDODXGLWLYDVLVWHPDFDUGtDFRVLVWHPD UHVSLUDWyULRHWFGHDFRUGRFRPDVROLFLWDomRHIHWXDGDHSRGHUiVHUEHQHILFLDGRFRPDWHQGLPHQWR GDDVVLVWrQFLDVRFLDOFRQIRUPHDQHFHVVLGDGHHDJUDYLGDGHGDGHILFLrQFLD &DGHUQHWDGH7UDWDPHQWR0pGLFR! 1R&HQWURGH&RQVXOWDSDUD0HQRUHVPHQRUHVGHDQRVGHLGDGH³-LGRX6RXGDQVKR´RXQR &HQWURGH&RQVXOWDGD$VVLVWrQFLDGD3URYtQFLDGH,EDUDNL±³,EDUDNLNHQ)XNXVKL6RXGDQ&HQWHU´ ±SRGHUiUHFHEHUDWHQGLPHQWRVRFLDODWUDYpVGDFDGHUQHWDTXHpHPLWLGRDWUDYpVGDVROLFLWDomR SDUDHPLVVmRGHDFRUGRFRPRQtYHOGHJUDYLGDGHDWUDYpVGDDYDOLDomRPpGLFDHSVLFROyJLFD 3DUDDVFULDQoDVTXHIRUHPFRQILUPDGDVFRPGHILFLrQFLDPHQWDOGHYHVHLQVFUHYHUVHSDUD ࣏ࣝࢺ࢞ࣝㄒ UHFHEHUDFDUWHLUDGHDVVLVWrQFLDSRUWDGRUGHGHILFLrQFLDPHQWDOHUHFHEHURVGHYLGRVEHQHItFLRV GHDFRUGRFRPRQtYHOGHJUDYLGDGHGDGHILFLrQFLD &DUWHLUDGH$VVLVWrQFLDSDUDSRUWDGRUHVGH'HILFLrQFLD0HQWDO! 6HUiHPLWLGDDWUDYpVGDVROLFLWDomRDRVSRUWDGRUHVGHGHILFLrQFLDPHQWDOQDTXDOFDXVDP OLPLWDo}HVQRVHXFRQYtYLRQDVRFLHGDGHRXFRWLGLDQRSDUDTXHSRVVDUHFHEHUDDVVLVWrQFLD QHFHVViULD /RFDOGHLQVFULomR! >NHQNRQR(NL@6HWRUGH$VVLVWrQFLDDR'HILFLHQWH7(/ >6HGHGDSUHIHLWXUDGH6RZD@6HWRUGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH.RJD@6DODGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH6DQZD@6DODGH6HUYLoRV&RPXQLWiULRV 7(/ Ɣ68%6Ë',2'$&5,$1d$-LGRWHDWH68%6Ë',2'(0$187(1d2,1)$17,/-LGR )X\R7HDWH,1&(17,92),1$1&(,52'(3$572(&5,$d26\XVVDQ.RVRGDWH 6\RUHLNLQ 6HGHGD3UHIHLWXUDGH6RZD6(725'($-8'$'(&5,$d2±NRVRGDWHRHQND7(/ VREUH6XEVtGLR,QIDQWLO! 6HUiSDJRjSHVVRDTXHFXLGDGDVFULDQoDVFRPLGDGHGHDQRVFRPSOHWRVHRVPHVHVDWpR SULPHLURGHPDUoRDSyVRDQLYHUViULRFULDQoDVDQWHVGDIRUPDWXUDGRQtYHO³FKXJDNNR´ 6XEVtGLRGH0DQXWHQomR,QIDQWLO! e SDJRjPmHTXHQmR UHFHEHDVVLVWrQFLDGRSDL RX DR SDLTXHQmR UHFHEHDVVLVWrQFLDGDPmH GHYLGRDVHSDUDomRRXDSHVVRDTXHFXLGDGRPHQRU ,QFHQWLYR)LQDQFHLURGH3DUWRH&ULDomR! 6HUiSDJRWUH]HQWRVPLO\HQVVHUmSDJRFHPPLO\HQVHPSDUFHODVDQXDLVjSHVVRDTXHSDULXH FXLGDGDVPDLVGHWUrVFULDQoDV7HPDOJXPDV&RQGLo}HVQHFHVViULDV Ɣ0$75,&8/$5(0&5(&+(KRLNXVKRKRLNXHQ 6HGHGD3UHIHLWXUDGH6RZD6(725 '(0(','$6'(&5,$d2±NRVRGDWHWDLVDNXND7(/ &UHFKHpXPDLQVWLWXLomRLQIDQWLOSDUDDEULJDUPHQRUHVGXUDQWHSHUtRGRGHWHUPLQDGRSRUPRWLYRGH WUDEDOKRGRVSDLVRXGRHQoDVTXHLPSRVVLELOLWHRVFXLGDGRVDRPHQRUQDVXDUHVLGrQFLD +RUiULRGHDWHQGLPHQWR &UHFKH3~EOLFD'DVKVjVKV &UHFKH3DUWLFXODU±'DVKVjVKVYDULDFRQIRUPHLQVWLWXLomR /RFDOGH,QVFULomR! >6HGHGDSUHIHLWXUDGH6RZD@6HWRUGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH.RJD@6DODGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH6DQZD@6DODGH6HUYLoRV&RPXQLWiULRV 7(/ Ɣ0$75,&8/$512-$5',0'(,1)Æ1&,$\RFKLHQ 6HGHGDSUHIHLWXUDGH6RZD6(725'(32/Ë7,&$,1)$17,/± NRGRPRVHLVDNXND7(/ ࣏ࣝࢺ࢞ࣝㄒ $VLQVWLWXLo}HVGHMDUGLPGHLQIkQFLDQRPXQLFtSLRVmRWRGDVSDUWLFXODUHV3RUWDQWRDVLQIRUPDo}HV GHYHUmRVHUHVFODUHFLGDVGLUHWDPHQWHHPFDGDLQVWLWXLomR Ɣ0$75Ë&8/$(75$16)(5Ç1&,$'((6&2/$'2(16,122%5,*$7Ï5,2 VKRFKXXJDNNRXWHQQ\XJDNX 6HGHGDSUHIHLWXUDGH.RJD6(725'(('8&$d2(6&2/$5±N\RXLNXVRXPXND7(/ 26LVWHPD(GXFDFLRQDOREULJDWyULRQR-DSmRpSODQHMDGRHPDQRVGLYLGLGRVHPVKRJDNNRFRP DQRV GH GXUDomR HFKXJDNNRFRPGXUDomRGH DQRV 2DQR OHWLYRGHWRGDVDVHVFRODVFRPHoD HP DEULO H WHUPLQD HP PDUoRGRDQRVHJXLQWH 4XDQGRXPDFULDQoDHQWUH DDQRVGHLGDGH SODQHMDWUDQVIHULUSDUDHVFRODS~EOLFDpQHFHVViULRFRQVXOWDUQR6HWRUGH(GXFDomR(VFRODUSDUD GHILQLUDHVFRODTXHLUiIUHQTXHQWDU1HVWHVHWRURVSDLVUHFHEHUmRXPDYLVRRILFLDOHVSHFLILFDQGR DHVFRODTXHGHYHVHUHQWUHJXHQDHVFROD 4XDQGR D FULDQoD p WUDQVIHULGR GH RXWUD iUHD GR -DSmR SDUD D FLGDGH GH .RJD p QHFHVViULR DSUHVHQWDU R &RPSURYDQWH (VFRODU ]DLJDNX VKRXPHLVKR H D 5HTXLVLomR GRV /LYURV 'LGiWLFRV N\RNDVKRVKLN\XVKRPHLVKR (PFDVRGHPXGDQoDGHHQGHUHoRVHUiQHFHVViULRWUkPLWHVGHPXGDQoDGHHQGHUHoR Ɣ&/8%(,1)$17,/MLGRNXUDEX 6HGHGD3UHIHLWXUDGH6RZD6(725 '(0(','$6'(&5,$d2±NRVRGDWHWDLVDNXND7(/ 2&OXEH,QIDQWLOpXPDLQVWLWXLomRRQGHDEULJDDVFULDQoDVGHjDQRSULPiULRDSyVRKRUiULR HVFRODUGHYLGRDDXVrQFLD GR UHVSRQViYHOQDUHVLGrQFLD GHYLGRDRWUDEDOKR6H WLYHVVHYDJDV R UHVSRViYHOTXHWHPDVFULDQoDVGHjDQRSULPiULRSRGHULDID]HULQVFULomR 2&OXEH,QIDQWLOHQFRQWUDVHHPWRGDVDVHVFRODV +RUiULRGHDWHQGLPHQWRGHVHJXQGDjVH[WDGDVKVjVKV 6iEDGRIHULDGRORQJRGDVKVDVKV /RFDOGHLQVFULomR! >6HGHGDSUHIHLWXUDGH6RZD@6HWRUGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH.RJD@6DODGH6HUYLoRV&RPXQLWiULRV7(/ >6HGHGDSUHIHLWXUDGH6DQZD@6DODGH6HUYLoRV&RPXQLWiULRV 7(/ Ɣ$662&,$d2,1)$17,/.RGRPRQRNDL 6HGHGDSUHIHLWXUDGH.RJD6(725'(&85626352),66,21$/,=$17(66KRJDLJDNXVKXND 5HFRPHQGDVHDLQVFULomRGDVFULDQoDVGHQtYHOIXQGDPHQWDOHPpGLReFRPRXPFOXEHTXH DMXGDDVFULDQoDVDID]HUHPDPL]DGHV6mRUHDOL]DGRVUHFUHDo}HVIHVWLYDLVHPXLWDVDWLYLGDGHV FRPXQLWiULDV0DLRUHVLQIRUPDo}HVVREUHD$VVRFLDomR,QIDQWLOQR6HWRUGHFXUVRV SURILVVLRQDOL]DQWHVVKRJDLJDNXVKXND Ɣ,1)250$d®(662%5(%,%/,27(&$WRVKRNDQ 6HGHGDSUHIHLWXUDGH6RZD6(725'($'0,1,675$d2'$6,167$/$d®(6'(('8&$d262&,$/±VKDNDL N\RXLNXVKLVHWVXNDQULND7(/ eSRVVtYHOREWHUHPSUpVWLPRGHOLYURVH&'eQHFHVViULRFDGDVWUDUVH ࣏ࣝࢺ࢞ࣝㄒ >%LEOLRWHFDGH.RJD@ >%LEOLRWHFDGH6DQZD@ 7(/ 7(/ +RUiULRGHIXQFLRQDPHQWR! 'DV KV jV KV QRV ViEDGRV GRPLQJRV H IHULDGRV GDV KV jV KV 'LD)HFKDGR! 'LDVGHRUJDQL]DomRQRV ILQDLVGRVPHVHV)LQDO GH $QRH$QR 1RYR3HUtRGR HVSHFLDOSDUDRUJDQL]DomR'LDV)HFKDGRVHVSHFLDLV >%LEOLRWHFDVGRV&HQWURV&RPXQLWiULRV@ &HQWUR&RPXQLWiULR&HQWUDO&KXR.RXPLQNDQ 7(/ ³7VXWVXPLNDQ´&HQWUR&RPXQLWiULR7VXWVXPL 7(/ &HQWUR&RPXQLWiULR1DNDGD³1DNDGD.RXPLQNDQ´ 7(/ ³<X&HQWHU´6RZD 7(/ ³7RQH0LGRULNDQ´6KRJDLJDNXVKX&HQWHU6RZD 7(/ +RUiULRGHIXQFLRQDPHQWR!'DVKVjVKV 'LD)HFKDGR! 'LDV GH RUJDQL]DomR QRV ILQDLV GRV PHVHV )LQDO GH $QR H $QR 1RYR 3HUtRGR HVSHFLDO SDUD RUJDQL]DomR'LDV)HFKDGRVHVSHFLDLV Ɣ,167$/$d®(6(63257,9$6WDLLNXVKLVHWVX *LQiVLR(VSRUWLYR*HUDO6(725'()20(172(63257,92±VXSRWVXVKLQNRND7(/ *LQiVLR(VSRUWLYRGH.RJD 7(/ 3DUTXH(VSRUWLYD&HQWUDOGH.RJD 7(/ 3DUTXH(VSRUWLYD&HQWUDOGH.RJDFRPSLVFLQDWpUPLFD 7(/ &HQWUR(VSRUWLYR³6DQZD.HQNR)XUHDL´FRPSLVFLQD 7(/ &HQWURGH,QWHUFkPELR(VSRUWLYRGH.RJDFRPSLVFLQD 7(/ Ɣ,1)250$d262%5(6(59,d2'($66,67Ç1&,$$9,'$&27,',$1$VHLNDWVXVKLHQ $WHQGHPRVjGLYHUVRVDVVXQWRVFRPR&RQVXOWDVREUH$VVXQWRV-XUtGLFRV&RQVXOWDVREUH'LUHLWRV +XPDQRV $VVXQWRV 7ULEXWiULRV $VVXQWRV )HPLQLQRV $VVXQWRV *HUDLV &RQVXOWD VREUH $SRVHQWDGRULD$VVXQWRV&RWLGLDQRVHHWF &DVR QmR FRQVLJD GLVWLQJXLU R SUREOHPD FHQWUDO GD FRQVXOWD OLJXH SDUD R FHQWUR GH FRQVXOWDV FRPXQLWiULRVQRWHOHIRQHHVSHFtILFR7(/ $VVXQWRVGH&RQVXOWDV 5HVHUYDV,QIRUPDo}HV -XUtGLFRV $GPLQLVWUDWLYRV 6HGHGDSUHIHLWXUDGH6RZD6KLPLQ6RGDQ&HQWHU 7(/&HQWUDO 6HGHGDSUHIHLWXUDGH6RZD6KLPLQ6RGDQ&HQWHU ࣏ࣝࢺ࢞ࣝㄒ 7ULEXWiULRV 'LUHLWRV+XPDQRV $VVXQWRVGD0XOKHU 'HILFLHQWHV $WHQGLPHQWRDR &RQVXPLGRU 3HQVmRGH9LDJHQVGH 1HJyFLRV &DVDPHQWR $VVXQWRV3UHRFXSDQWHV 3UHVHUYDomRGD6D~GH 7(/&HQWUDO 6HGHGDSUHIHLWXUDGH6RZD6KLPLQ6RGDQ&HQWHU 7(/&HQWUDO 1RFDVRGHUHVHUYD.DQWR6KLQHWVX]HLULVKLNDLILOLDOGH.RJD 3URFXUHRQXPHURGH7(/GH.DQWR6KLQHWVX]HLULVKLNDLILOLDOGH.RJD SDUDRLQIRUPDWLYRGHFLGDGH.RJD.RXKRXRVKLUDVHEDQRXR +RPHSDJHGHFLGDGH.RJD 6HGHGDSUHIHLWXUDGH6RZD'LYLVmRGH3URPRomRGRV'LUHLWRV +XPDQRV-LQNHQ6XLVKLQND 7(/&HQWUDO 6HWRUGH6HUYLoRV*HUDLVHP$VVLVWrQFLD6RFLDO*HUDO&HQWURGH $VVLVWrQFLD6RFLDOGH6RZDLQWHULRUGR>.HQNRQR(NL@)XNXVKL 6RPXND6RZD)XNXVKL&HQWHU³.HQNRQR(NL´QDL 7(/ 6HWRUGH$VVLVWrQFLDj'HILFLHQWHV&HQWURGH$VVLVWrQFLD6RFLDOGH 6RZDLQWHULRUGR>.HQNRQR(NL@6KRJDL)XNXVKLND6RZD)XNXVKL &HQWHU³NHQNRQR(NL´QDL 7(/ &HQWURGHDWHQGLPHQWRDRFRQVXPLGRUGD&LGDGHGH.RJD.RJDVKL 6KRKL6HLNDWVX&HQWHU 7(/ 6HFUHWDULDGH3UHYLGrQFLDGH6KLPRGDWH6KRPRGDWH1HQNLQ -LPXVKR 7(/ &RQVHOKRGH$VVLVWrQFLD6RFLDOGD&LGDGHGH.RJD.RJDVKL 6KDNDL)XNXVKL.\RJLNDL 7(/ 6HWRUGH6HUYLoRV*HUDLVHP$VVLVWrQFLD6RFLDO*HUDO&HQWURGH $VVLVWrQFLD6RFLDOGH6RZDLQWHULRUGR>.HQNRQR(NL@)XNXVKL 6RPXND6RZD)XNXVKL&HQWHU³.HQNRQR(NL´QDL 7(/ 6(725'()250$d2'$6$Ò'(>NHQNR]XNXULND@&HQWURFRPXQLWiULR .RJD)XNXVKLQR0RUL.DLNDQ 7(/ Ɣ62%5(3$572(&8,'$'2,1)$17,/LNXMLVKXVVDQ .RJD³)XNXVKLQR0RUL.DLNDQ´6(725'()250$d2'$6$Ò'(±NHQNR]XNXULND7(/ 1DVLWXDomRDEDL[RSURFXUHR6HWRUGH)RUPDomRGD6D~GH ż &RQILUPDGDDJUDYLGH]HQHFHVVLWDUHFHEHUD&DGHUQHWDGH6D~GH0DWHUQR,QIDQWLOERVKL NHQNRWHFKR ࣏ࣝࢺ࢞ࣝㄒ ż 4XDQGRTXLVHULQIRUPDo}HVVREUHGRHQoDVGHVHQYROYLPHQWRRXPpWRGRGHQXWULomRGRVHX EHEr ż 4XDQGRTXLVHULQIRUPDo}HVVREUHYDFLQDVHH[DPHVPpGLFRVSDUDVHXVILOKRV (PFDVRVGHJUDYLGH]«$RHQJUDYLGDUVHFRQVXOWHRPpGLFRSDUDID]HURVH[DPHVHDR VHULQIRUPDGRDGDWDGRQDVFLPHQWRDSUHVHQWHD'HFODUDomRGH*UDYLGH]³1LQVKLQ7RGRNH´ (OKHVHUiHQWUHJXHD&DGHUQHWDGH6D~GH0DWHUQR,QIDQWLOHDVILFKDVSDUDH[DPHVSUp QDWDLVGDJHVWDQWH&RPSDUHFHUPXQLGRGH&DUWHLUDGH6D~GH±³.HQNR+RNHQVKR´H FDULPER eSRVVtYHOUHFHEHUD&DGHUQHWDGH6D~GH0DWHUQR,QIDQWLO%RVKL.HQNRWHFKRQR³)XNXVKL QRPRUL.DLNDQ´NHQNR]XNXULND6HGHGDSUHIHLWXUDGH.RJDNRNXKRQHQNLQND6HGHGD SUHIHLWXUDGH6RZDNRNXKRQHQNLQPDGRJXFKLVLWVX6HGHGDSUHIHLWXUDGH6DQZDNRNXKR QHQNLQPDGRJXFKLVLWVX 9DFLQDomR«8VDGRSDUDSUHYHQomRGHGRHQoDVVpULDVFDXVDGDVSRUYtUXVHJHUPHV 3DUD&ULDQoD9DFLQDomRFRQWUD,QIHFomRSHOR+LE,QIHFomRSQHXPRFyFLFDSHGLiWULFD 'LIWHULD㺃7pWDQR㺃&RTXHOXFKH㺃3ROLRPLHOLWH9DFLQDFRPELQDGDTXiGUXSODYDFLQD FRPELQDGDWULSOD㺃3ROLRPLHOLWH%&*6DUDPSRH5XEpROD9DFLQDFRPELQDGD GXSOD&DWDSRUD(QFHIDOLWH-DSRQHVD'LIWHULD㺃7pWDQR'~SOLFH9DFLQDGH SUHYHQomRGHFDQFrUXWHULQR+39TXHVmRFRQVLGHUDGDVSHULyGLFDVD SHVVRDFRPDLGDGHUHFRPHQGDGDUHFHEHUiDSOLFDomRJUDWXLWD-iDYDFLQDomR FRQWUD&D[XPED&DWDSRUD+LSDWLWHWLSR%URWDYLUXVH,QIOXHQ]DpIDFXOWDWLYD SRUWDQWRDDSOLFDomRVHUiFREUDGD ([DPHPpGLFRSDUDFULDQoDVeUHDOL]DGRQDVFULDQoDVGHDPHVHVSDUDDYDOLDomRGR VHXHVWDGRGHVD~GHHGHVHQYROYLPHQWRSDUDTXHWHQKD FUHVFLPHQWRVDGLR ([DPHPpGLFRGRPrV5HDOL]DGRQDPDWHUQLGDGHRQGHQDVFHXFXVWRHIHWLYR 5HYLVmRPpGLFDGHEHErVGHDPrV5HDOL]DGRHPFDGDEDLUURSHOD³)XNXVKLQR 0RUL.DLNDQ´³.HQNRQRHNL´H&HQWURGH$VVLVWrQFLD6RFLDOGH /RFDO6DQZDHFDGDUHJLmR6HUiHQYLDGRSUHYLDPHQWHR FRPXQLFDGRFRPDVLQVWUXo}HV 5HYLVmRPpGLFDGHEHErVGHDPHVHV5HDOL]DGRHPKRVSLWDLVDWUDYpVGDILFKDGH UHTXLVLomRGHH[DPHPpGLFRSDUDODFWDQWHV 5HYLVmRPpGLFDGHDQRHPHVHVRXDQRV 5HDOL]DGRHPFDGDEDLUURSHOD ³)XNXVKLQR0RUL.DLNDQ´³.HQNRQRHNL´&HQWURGH $VVLVWrQFLD6RFLDOGH/RFDO6DQZDHFDGDUHJLmR6HUi HQYLDGRSUHYLDPHQWHRFRPXQLFDGRFRPDVLQVWUXo}HV &RQVXOWDVREUHFXLGDGRLQIDQWLO&RQVXOWHVHPSUHTXHKRXYHUG~YLGDVREUHHVWDGRItVLFRRX HPRFLRQDO &RQVXOWDGHWHOHIRQH3DUD³)XNXVKLQR0RUL.DLNDQ´6HWRUGH)RUPDomRGD6D~GH NHQNR]XNXULND 7(/ ࣏ࣝࢺ࢞ࣝㄒ &RQVXOWDGH6D~GH3DUD%HEpVH&ULDQoDV5HDOL]DGRHPFDGDEDLUURSHOD³)XNXVKLQR 0RUL.DLNDQ´³.HQNRQRHNL´FDGDPrVH&HQWURGH $VVLVWrQFLD6RFLDOGH/RFDO6DQZDFDGDGRLVPHVHV Ɣ62%5((;$0('(6$Ò'(NHQNRVKLQGDQ .RJD³)XNXVKLQR0RUL.DLNDQ´6(725'()250$d2'$6$Ò'(± NHQNR]XNXULND7(/ 3DUDRVLQWHUHVVDGRVHPUHDOL]DUH[DPHGHVD~GHHVSHFtILFRHH[DPHGHFkQFHU 3DUDHVFODUHFLPHQWRVREUHH[DPHGHVD~GHGHDGXOWRV 3DUDFRQVXOWDVVREUHDVD~GHSUySULDRXGDIDPtOLD 3URFXUHHQWUDUHPFRQWDWRFRPR6HWRUGH)RUPDomRGD6D~GHNHQNR]XNXULND Ɣ62%5(6(*852'($66,67Ç1&,$$/21*235$=2NDLJRKRNHQ ³.HQNRQR(NL´6(725'($66,67Ç1&,$$/21*235$=2±NDLJRKRNHQND7(/ 2 VLVWHPD GH 6HJXUR GH $VVLVWrQFLD D /RQJR 3UD]R p PDQWLGR SHOR SDJDPHQWR GR VHJXUR GDV SHVVRDVDFLPDGHDQRVGHLGDGHHWHPDILQDOLGDGHGHDSRLDUDVSHVVRDVTXHQHFHVVLWDPGH DVVLVWrQFLDHVXDVIDPtOLDVUHODWLYRVDVLQVHJXUDQoDVHUHVSRQVDELOLGDGHV 2VVHUYLoRV GH DVVLVWrQFLD D ORQJR SUD]R VmR SDUD DV SHVVRDV DFLPD GH DQRV GH LGDGH TXH QHFHVVLWDP GH DSRLR H DVVLVWrQFLD RX SDUD DV SHVVRDV HQWUH H DQRV GH LGDGH TXH QHFHVVLWDPUHFHEHUDSRLRHDVVLVWrQFLDGHYLGRDGRHQoDVGHFDXVDVHVSHFtILFDV 7RGDVDVSHVVRDVFRPPDLVGHDQRVHTXHYLYHPQR-DSmRSRUPDLVGHDQRVmRREULJDGRV DVHLQVFUHYHUHPQRVLVWHPDGHDVVLVWrQFLDDORQJRSUD]R 3DUDXWLOL]DUVHGRVVHUYLoRVGRVHJXURGHDVVLVWrQFLDpQHFHVViULRFRPSURYDUHVWDVQHFHVVLGDGHV 0DLRUHVLQIRUPDo}HVSRGHUmRVHUREWLGDVQREDOFmRGRVHWRU Ɣ6(59,d26'($66,67Ç1&,$62&,$/$2,'262&201(&(66,'$'('(&8,'$'261$ &$6$ NHQNRQR(NLVHWRUGHDVVLVWrQFLDDRLGRVR.RUHL)XNXVKLNDWHO 2VHUYLoRGHDVVLVWrQFLDVRFLDODRVLGRVRVpSUHVWDGRDRVLGRVRVUHJLVWUDGRVFRPRUHVLGHQWHVQD &LGDGHGH.RJDTXHPRUDPVR]LQKRVRXDIDPtOLDpFRQVWLWXLGDVRPHQWHGHLGRVRV2VHUYLoRp RIHUHFLGRSDUDTXHRLGRVRSRVVDPDQWHUDVD~GHHDLQGHSHQGrQFLDQRFRWLGLDQR 0DLRUHVLQIRUPDo}HVSRGHUmRVHUREWLGDVQREDOFmRGRVHWRU Ɣ/,;2JRPL 6HGHGDSUHIHLWXUDGH6DQZD6(725'(0(,2$0%,(17(±NDQN\RND7(/ ¸)DYRUUHVSHLWDUDVUHJUDVVREUHROL[R 2V OL[RV FRPEXVWtYHLV GHYHP VHU MRJDGRV QR ORFDO GLD GD VHPDQD H KRUiULR GHWHUPLQDGRV $ H[SRVLomRGROL[RQRORFDOIRUDGRVGLDVGHWHUPLQDGRVFDXVDUiLQF{PRGRDRVYL]LQKRV 3URFXUHVHSDUDUHHPEDODUFRQIRUPH PHQFLRQDGDQD³,QVWUXomRSDUD/L[R´HFRORTXHSDUDFROHWD VRPHQWHQRGLDKRUiULRHORFDOGHWHUPLQDGR ࣏ࣝࢺ࢞ࣝㄒ /RFDOSDUDFRQVXOWDVVREUHFRPRMRJDURVOL[RV! >'LVWULWR.RJD@ 8VLQDGH/L[RGH.RJD³.RJD&OHDQ&HQWHU´ 7(/ >'LVWULWR6RZD6DQZD@ 6HWRUGH0HLR$PELHQWH 7(/ Ɣ48(67®(6'(,0326726]HLNLQ 6HGHGDSUHIHLWXUDGH.RJD6(725'(75,%87$d2081,&,3$/±VKLPLQ]HLND7(/ 2VVHUYLoRV S~EOLFRV FRPR VRFLDLV HGXFDomR SUHYHQomR j FDODPLGDGHV FROHWD GH OL[R HWF VmR H[HFXWDGRVDWUDYpVGRVLPSRVWRVPXQLFLSDLV 3RUHVWDUD]mRVROLFLWDPRVRSDJDPHQWRGRLPSRVWRDWpRYHQFLPHQWRLQFOXVLYHDTXHOHVTXHQmR SRVVXHPQDFLRQDOLGDGHMDSRQHVDPDVTXHHVWHMDPHQTXDGUDGRVSDUDRUHFROKLPHQWRGRLPSRVWR 6HJXHDH[SOLFDomRVREUHLPSRVWRPXQLFLSDOLPSRVWRVREUHYHtFXORVOHYHVHLPSRVWRVREUHEHQV LPyYHLV ,PSRVWR0XQLFLSDO5HVLGHQFLDO! ¸4XHPGHYHFRQWULEXLU 7RGDVDVSHVVRDVTXHHVWLYHUHPUHVLGLQGRQRPXQLFtSLRGH.RJDQRGLDGHMDQHLURGDTXHOH DQRpQHFHVViULRID]HUDGHFODUDomRGHUHQGDLQFOXLUHVWLWXLomR $WULEXWDomRpREULJDWyULDSDUDWRGDVDVSHVVRDVTXHWLYHUDPXPGHWHUPLQDGRYDORUGHUHQGD QRSHUtRGRGHMDQHLURjGH]HPEUR z $VSHVVRDVTXHQmRIL]HUHPDGHFODUDomRGRLPSRVWRGHUHQGDQmRUHFHEHUmRRFHUWLILFDGR GH TXLWDomR GH LPSRVWR (VWH FHUWLILFDGR VHUi QHFHVViULR SDUD D UHQRYDomR GH YLVWR GH WUDEDOKRYLVWRSHUPDQHQWHPXGDQoDGRWLSRGHYLVWRHDWXDOL]DomRGRYLVWRSRULVVRQmR HVTXHoDGHID]HUDGHFODUDomRGRLPSRVWRGHUHQGD ¸)RUPDGHFRQWULEXLomR 0pWRGRHVSHFtILFRUHWLGRQDIRQWH 1RFDVRGHIXQFLRQiULRGHHPSUHVDVHUiGHELWDGRRYDORUDQXDOHPSDUFHODVPHQVDLVHVmR GHVFRQWDGRVGRVDOiULRPHQVDO 0pWRGRSDGUmRDXWRWULEXWDomR 6mRSDUDRVDXW{QRPRVHTXHVHUmRFREUDGRVRVYDORUHVDQXDLVGLYLGLGRVHPSDUFHODV 1RPrVGHMXQKRpQRWLILFDGRRYDORUDQXDO2YHQFLPHQWRGRSDJDPHQWRpQR~OWLPRGLDGRV PHVHVGHMXQKRDJRVWRRXWXEURHMDQHLUR (PFDVRGHPXGDQoDSDUDIRUDGRPXQLFtSLRGH.RJDRXUHWRUQRDSiWULDGHYHUiVH DSUHVHQWDUSDUDSUHVWDomRGHFRQWDVGRYDORUUHVWDQWH ¸3URSRUomRGR,PSRVWR5HVLGHQFLDO-XPLQ]HL 9DORUSURSRUFLRQDO,PSRVWRPXQLFLSDO±,PSRVWRSURYLQFLDO±TXHVmRFDOFXODGRV LQGLYLGXDOPHQWHVREUHDUHQGD 9DORUIL[R,PSRVWRPXQLFLSDO±\HQV,PSRVWRSURYLQFLDO±\HQV 2,PSRVWR5HVLGHQFLDOpRUHVXOWDGRGDVRPDGRVGRLVYDORUHV ࣏ࣝࢺ࢞ࣝㄒ ¸(PFDVRGHVRQHJDomRGRLPSRVWR &DVRQmRIRUHPSDJRVDWpDGDWDGHYHQFLPHQWRVHUiHQYLDGRXPDYLVRGRDWUDVRGHSDJDPHQWR (PHVPRDSyVRDYLVRQmRIL]HURSDJDPHQWRVHUiDGLFLRQDGRXPMXURVGHLQDGLSOrQFLDGH Pi[LPRDQXDO ,PSRVWRVREUHYHtFXORVOHYHV³NHLMLRGXVKD]HL´! $QXDOPHQWHRVSURSULHWiULRVGHYHtFXORVOHYHVRXPRWRVVHUmRWULEXWDGRVGHLPSRVWRQRGLD GHDEULO ¸3HUtRGRSDUDFRQWULEXLomR $QXDOPHQWHQDSULPHLUDTXLQ]HQDGHPDLRVHUiHQYLDGDDQRWLILFDomRTXHGHYHUiVHUSDJRDWp R~OWLPRGLDGRPHVGHPDLR ¸(PFDVRGHWUDQVIHUrQFLDGRYHtFXORjRXWURpLQGLVSHQViYHODH[HFXomRGRWUkPLWHGH DOWHUDomRGHSURSULHGDGHRXDQXODURFDGDVWURGHSURSULHGDGH(PFDVRGHPXGDQoDSDUD IRUDGRPXQLFtSLRGH.RJDRXUHWRUQRjSiWULDWDPEpPGHYHUiSURFHGHUGDPHVPDIRUPD ¸(PFDVRGHSDJDPHQWRDSyVRYHQFLPHQWRVHUiDFUHVFLGRMXURVGHPi[LPRDQXDO &RPSURYDQWHGH,PSRVWR0XQLFLSDO! ¸7LSRGHFRPSURYDQWHV &RPSURYDQWHGH7ULEXWDomRYHPGHVFULWRRYDORUGDUHQGDGRDQRDQWHULRUHRLPSRVWRPXQLFLSDO DQXDODSDJDU &RPSURYDQWHGH1mRWULEXWDomRYHPGHVFULWRRYDORUGHUHQGDGRDQRDQWHULRUTXHQmRWHQKD VLGRWULEXWDGR &RPSURYDQWHGH5HQGDYHPGHVFULWRFRPYDORUGHUHQGDREWLGDQRDQRDQWHULRU &RPSURYDQWHGH3DJDPHQWRGH,PSRVWRYHPGHVFULWRFRPYDORUWRWDOGRDQRjSDJDUYDORUSDJR HRVDOGRDSDJDU ¸7D[DSDUDHPLVVmRGR&RPSURYDQWH \HQVSRUFRPSURYDQWH(P&RPSURYDQWHGH7ULEXWDomR\HQVSRUFDGDLPSRVWR /RFDOSDUDFRQVXOWDVVREUHWULEXWDomR! ż 6HGHGDSUHIHLWXUDGH.RJD 6HWRUGH7ULEXWDomR0XQLFLSDO 7(/ /RFDOGHHPLVVmRGRFRPSURYDQWH! ż 6HGHGDSUHIHLWXUDGH.RJD 6HWRUGH7ULEXWDomR0XQLFLSDO 7(/ ż 6HGHGDSUHIHLWXUDGH6RZD 6HWRUGH6HUYLoRV&RPXQLWiULRV 7(/ ż 6HGHGDSUHIHLWXUDGH6DQZD6DODGH6HUYLoRV&RPXQLWiULRV 7(/ Ɣ62%5(62/,&,7$d2'(/,*$d2('(6/,*$0(172'(È*8$((6*272 MRJHVXLGRVKL\RNDLVKLWHLVKL 6HGHGDSUHIHLWXUDGH6DQZD6(725'(È*8$327È9(/±VXLGRND7(/ ࣏ࣝࢺ࢞ࣝㄒ $VROFLWDomRGHOLJDomR RXGHVOLJDPHQWRGHiJXD H HVJRWRGHYHUiVHUIHLWRSHORSUySULR XVXiULR PHPEURGDIDPtOLDRXSURFXUDGRUMXQWRDR%DOFmRGRFHQWURGHDWHQGLPHQWRDRFRQVXPLGRU 2 SDJDPHQWR GD WD[D SRGHUiVHU IHLWR QRFHQWURGHDWHQGLPHQWR DRFRQVXPLGRU MXQWR DR 6HWRU &LYLOGDVHGHRXILOLDLVUHSDUWLo}HVEDQFiULDVRXORMDVGHFRQYHQLrQFLD >6HGHGDSUHIHLWXUDGH.RJD@&HQWURGH$WHQGLPHQWRGDWDULIDVÈJXDGRFRQVXPLGRU 7(/ Ɣ0(','$35(9(17,9$'(&$/$0,'$'(6ERVDLWDLVDNX 6HGHGDSUHIHLWXUDGH6RZD6(725'$$'0,1,675$d2'(&5,6((35(9(1d2'(&$/$0,'$'(6± NLNLNDQULERVDLND7(/ >(PFDVRGHWHUUHPRWR@ 5HVLGrQFLD!1mRVHDIREHSDUDIXJLU3URFXUHFRRSHUDUFRPRVYL]LQKRVDSDJDQGRRSULQFtSLRGH LQFrQGLR H DMXGDU D VRFRUUHU DV YtWLPDV 2 UHI~JLR p D ~OWLPD DOWHUQDWLYD H[FHWR HP FDVR GH LQFrQGLR ÈUHDSDUDUHI~JLRHORFDOSDUDDEULJRV! (VWmRGHWHUPLQDGDVFRPRORFDOSDUDDEULJRVDVHVFRODVHPJHUDOHRXWUDVFRQVWUXo}HVS~EOLFDV $OpP GLVVR FDGD DVVRFLDomR S~EOLFD GH FDGD EDLUUR WDPEpP SURFXUDP GHWHUPLQDU ORFDLV SDUD HVVD ILQDOLGDGH 3DUD FDVRV GH SHUGD GH PRUDGLDV H TXH QHFHVVLWH GH DEULJR SRU ORQJR WHPSR VHUiSUHSDUDGRRVDEULJRVHPHVFRODVSDUDTXHVHMDPIRUQHFLGDVDOLPHQWRV3RUWDQWRUHFRPHQGD VHHVWDUFLHQWHVGHVVHVORFDLVEHPFRPRSUHSDUDGRVSDUDHYHQWXDOLGDGHV ¸3URFXUHUHIXJLDUVHDSp ¸ 3URFXUH UHIXJLDUVH VRPHQWH FRP REMHWRV GH H[WUHPD QHFHVVLGDGH H OHYHR QDV FRVWDV PRFKLODV ¸'HL[HRSUHSDUDGRFRPR³NLWUHI~JLR´ Ɣ&2081,&$d2(06,78$d2'((0(5*Ç1&,$NLQN\XUHQUDNXVDNL 6HGHGDSUHIHLWXUDGH6RZD6(725'$$'0,1,675$d2'(&5,6((35(9(1d2'(&$/$0,'$'(6 6(725'(35(9(1d2'(&5,0(6'(75Æ16,72 ±NLNLNDQULERVDLNDNRWVXERKDQND7(/ ¸&RUSRGH%RPEHLURV±(PFDVRGHLQFrQGLRHFDODPLGDGHGLVTXH ¸&RUSRGH%RPEHLURV$PEXOkQFLD±(PFDVRGHDFLGHQWHRXGRHQWHVHPTXHKDMDULVFRGHYLGD GLVTXH ¸3ROtFLD±(PFDVRGHFULPHGLVTXH ¸3ROtFLD±(PFDVRGHDFLGHQWHGHWUkQVLWRGLVTXH &DVRQmRKDMDIHULGR! 3DUD QmR SURYRFDU DFLGHQWHV VXEVHTHQWHV H QmR REVWUXLU R IOX[R GH WUkQVLWR GHVORTXH R YHtFXORSDUDORFDOVHJXURHVLJDDVRULHQWDo}HVGDSROtFLD &DVRKDMDIHULGR! eIXQGDPHQWDOPDQWHURIHULGRQRORFDOH[FHWRFDVRGHHVWDUQRORFDOGHDFLGHQWHVXEVHTHQWH 1HVVHFDVRSURWHMDRIHULGRGHVORFDQGRRFXLGDGRVDPHQWHSDUDORFDOVHJXURHFRPXQLTXHD SROtFLDHDRERPEHLURLPHGLDWDPHQWH ࣏ࣝࢺ࢞ࣝㄒ Ɣ62%5(+263,7$,6(0(5*(1&,$,6NLQN\XQRWRNLQRE\RXLQ ³)XNXVKLQR0RUL.DLNDQ´6(725'()250$d2'$6$Ò'(± NHQNRX]XNXULND7(/ >,QIRUPDo}HVVREUHUHSDUWLo}HVPpGLFDV@ ³6RZD&KXR%\RLQ´+RVSLWDO&HQWUDOGH6RZD ³.RJD%\RLQ´+RVSLWDOGH.RJD ³.RJD6HNLMXML%\RLQ´+RVSLWDOGD&UX]9HUPHOKDGH.RJD ³<XDL.LQHQ%\RXLQ´+RVSLWDO0HPRULDO<XDL ³,EDUDNL6HLQDQ,U\R&HQWHU´&HQWUDO0pGLFD,EDUDNL6HLQDQ 7(/ 7(/ 7(/ 7(/ 7(/ כ6REUHRXWUDVUHSDUWLo}HVPpGLFDVSRUIDYRUFRQVXOWHR*XLDGD&LGDGHGH.RJD Ɣ62%5($8;Ë/,268%6,67Ç1&,$VHLNDWVXKRJR ³.HQNRQR(NL´6(725'($8;Ë/,268%6,67Ç1&,$±VHLNDWVXKRJRND7(/ eRVLVWHPDGHDX[tOLRjVSHVVRDVUHLQLFLDUHPDQRYDYLGDSRUPRWLYRVFRPRGRHQoDRXDFLGHQWHV SHUGDGDUHQGDILQDQFHLUDGHYLGRjPRUWHRXVHSDUDomRUHGXomRGDUHQGDGHYLGRjLGDGHHWFRX VHMD VLWXDo}HV TXH LQVXSHUiYHO PHVPR FRP HVIRUoR GR SUySULR 6mR DWHQGLGDV GH DFRUGR FRP SDGU}HVSUpGHWHUPLQDGDV Ɣ&2168/7$662%5(9,2/Ç1&,$'20e67,&$KDLJXVKDERU\RNXVRGDQ &(1752'(&2168/7$($8;Ë/,262%5(9,2/Ç1&,$'20e67,&$± NRJDVKLKDLJXV\DERU\RNXVRGDQVKLHQVHQWD7(/ 1R &HQWUR GH &RQVXOWD H $X[tOLR VREUH 9LROrQFLD 'RPpVWLFD DWHQGH DV FRQVXOWDV GDVYtWLPDV GD 9LROrQFLD'RPpVWLFDVRIULGDSHORDSDUFHLURD Ɣ&8562'(/Ë1*8$-$321(6$QLKRQJRN\RVKLWVX 6HGHGDSUHIHLWXUDGH6RZD6(725'(3/$1(-$0(172 ±NLNDNXND7(/ (VWi VHQGR UHDOL]DGR FXUVR GH OtQJXD MDSRQHVD DRV HVWUDQJHLURV 2 FXUVR p UHDOL]DGR LQGLYLGXDOPHQWHDFDGDDOXQRSHORVSURIHVVRUHVYROXQWiULRV6mRUHDOL]DGRVGLYHUVRVHYHQWRVSDUD FRQIUDWHUQL]Do}HV0DLRUHVLQIRUPDo}HVSRGHUiVHUREWLGDQRHVFULWyULRGD$VVRFLDomR,QWHUFkPELR ,QWHUQDFLRQDOGH.RJD6HWRUGH3ODQHMDPHQWRGD3UHIHLWXUDGH.RJD >&XUVRHP.RJD3HUtRGR'LXUQR@&HQWURGHLQWHUFkPELRUHJLRQDOGH.RJD+DQDPRPRSXUD]D 7RGDVDVTXDUWDVIHLUDV +RUiULRGDVKVjVKV 7(/ QRLQWHULRUGR6HWRUGH3ODQHMDPHQWRGD3UHIHLWXUDGH.RJD >&XUVRHP.RJD3HUtRGR1RWXUQR@&HQWURGHLQWHUFkPELRUHJLRQDOGH.RJD+DQDPRPRSXUD]D 7RGDVDVVH[WDVIHLUDV +RUiULRKVjVKV 7(/ >&XUVRHP6RZD@ &OXEH&RPXQLWiULR&HQWUDO³&KXR.RXPLQNDQ´ 7RGRVRVViEDGRV +RUiULRKVjVKV 7(/ ࣏ࣝࢺ࢞ࣝㄒ >&XUVR9ROXQWiULRGH/tQJXD-DSRQHVDGH6DQZD³6DQZD1LKRQJR9ROXQWHHU.\RVKLWVX´@ &OXEH&RPXQLWiULRGH6DQZD³6DQZD.RXPLQNDQ´6HGHGD3UHIHLWXUDGH 6DQZDSLVR HVH[WDVIHLUDVGRPrV +RUiULRKVjVKV 7(/ 9DORU! 2FXUVRp*5$78,72SRUpPVHUiFREUDGRFXVWRGRVPDWHULDLVXWLOL]DGRV LQVFULomR! 'LUHWDPHQWHQRFXUVRGXUDQWHRKRUiULRGHFXUVRGHFDGDORFDO Ɣ&(1752'(&2168/7$$26(675$1*(,526JDLNRNXMLQVRGDQFHQWHU ¸$VVRFLDomR,QWHUQDFLRQDOGH,EDUDNL 7(/ 7RGDVDVVHPDQDVGHVHJXQGDjVH[WDIHLUDGDVKVjVKVH[FHWRRVIHULDGRV 6HJXQGD 7HUoD 4XDUWD 4XLQWD 6H[WD ,QJOrV࣭-DSRQrV 3RUWXJXrV KVjVKV &KLQrV KVjVKV (VSDQKRO 7DLODQGrV &RUHDQR &KLQrV 7DJiORJR 3RUWXJXrV 7DLODQGrV KVjVKV ,QGRQpVLR KVjVKV