!"#$%&'''() 'LiULR2¿FLDOGR'LVWULWR)HGHUDO (VSpFLH6HJXQGR7HUPR$GLWLYRj$WDGH5HJLVWURGH3UHoRVQ&6(6')3DUWHV ',675,72 )('(5$/ SRU LQWHUPpGLR GH VXD 6(&5(7$5,$ '( (67$'2 '( 6$Ò'( [ 9,7$0(',&$/0$7(5,$/+263,7$/$5/7'$0(&13-2E! MHWR$GHTXDomRGRFyGLJR6(6UHIHUHQWHDRLWHPSDVVDQGRDRFyGLJR$DOWHUDomR HOHQFDGDQmRJHUD{QXVj6(6')3UD]RGH9LJrQFLDDFRQWDUGDVXDDVVLQDWXUD'HVSHVDGH 3XEOLFDomR6(63URFHVVR'DWDGH$VVLQDWXUD3HOD6(6') 5DIDHOGH$JXLDU%DUERVD3HOD&RQWUDWDGD7KLDJR$UDXMR2OLYHLUD/DJH7HVWHPXQKDV-XOLDQD &DYDOFDQWLGH&DUYDOKRH$OGD6RX]D5RGULJXHV (VSpFLH3ULPHLUR7HUPR$GLWLYRj$WDGH5HJLVWURGH3UHoRVQ)6(6')3DUWHV ',675,72 )('(5$/ SRU LQWHUPpGLR GH VXD 6(&5(7$5,$ '( (67$'2 '( 6$Ò'( [ 08/7,/$% ,1'Ò675,$ ( &20e5&,2 '( 352'8726 )$50$&Ç87,&26 /7'$ &13-2EMHWR5HWL¿FDUR&yGLJR6(6UHIHUHQWHDRLWHPFRQVWDQWHQR $QH[R³$´GD$WDGH5HJLVWURGH3UHoRVQ)6(6')SDVVDQGRDRVHJXLQWH$ DOWHUDomRHOHQFDGDQmRJHUDDOWHUDomRQRYDORUWRWDOUHJLVWUDGRSDUDHVVD$WD3UD]RGH9LJrQFLD DFRQWDUGDVXDDVVLQDWXUD'HVSHVDGH3XEOLFDomR6(63URFHVVR'DWDGH $VVLQDWXUD 3HOD 6(6') 5DIDHO GH$JXLDU %DUERVD 3HOD &RQWUDWDGD *XVWDYR &HUYR9HEHU7HVWHPXQKDV-XOLDQD&DYDOFDQWLGH&DUYDOKRH$OGD6RX]D5RGULJXHV $V$WDVQDtQWHJUDHQFRQWUDPVHGLVSRQLELOL]DGDVQD'LUHWRULDGH&RQWUDWRVH&RQYrQLRV68$*6(6 !"#!$%&$'(&)(*+$*(+,)-)!'&(./0*1$&(2 $9,62'(&2192&$d2 $68%6(&5(7È5,$'($'0,1,675$d2*(5$/'$6(&5(7$5,$'((67$'2'( 6$Ò'('2',675,72)('(5$/,QWHULQDQRXVRGHVXDVDWULEXLo}HVTXHOKHFRQIHUHR,QFLVR ;GR$UWLJRGD3RUWDULDQGHGHVHWHPEURGHSXEOLFDGDQR'2')QGH GHVHWHPEURGH&2192&$DVHPSUHVDVDEDL[RUHODFLRQDGDVVRESHQDGHDSOLFDomR GDVSHQDOLGDGHVSUHYLVWDVQRDUWLJRGD/HLQHQR'HFUHWRQSDUD DVVLQDWXUDGDV$WDGH5HJLVWURGH3UHoRQHQRSUD]R GHWUrVGLDVDFRQWDUGHVWDSXEOLFDomRFRPSDUHFHQGRQR6$,16HWRUGHÈUHDV,VRODGDV 1RUWH3DUTXH5XUDOVQ3UpGLRGD(PDWHU$VD1RUWH%ORFR³$´68$*&(3 $7$15HIHUHQWHDR3URFHVVR±9(;(5,1'Ò675,$(&2! 0(5&,2'((48,3$0(1726/7'$0( $7$15HIHUHQWHDR3URFHVVR(066$+263)$5,1'Ò6! "#$%&'&()*+#($)&,'&-#),.")/&0)/-$"%1%#'/&1",%23&4)5%#"$/&6$)($74($%& 6$30+352'87260(',&26+263,7$/$5(6/7'$81,248,0,&$)$50$! (7."$(%&4%($)4%1&/2% $7$ 1 5HIHUHQWH DR 3URFHVVR $&&80(' 352'8726 *',$()&0)/-$"%1%#'/&1",%2 $7$15HIHUHQWHDR3URFHVVR±)%0)$50$,1'Ò675,$ 8%#*%('."$(%&1",%2 $V$WDV QD tQWHJUD HQFRQWUDPVH GLVSRQLELOL]DGDV QD 'LUHWRULD GH &RQWUDWRV H &RQYrQLRV /.%9:/'/2 &(/,52'5,*8(60$548(6 ('4"#%1&,'&()*-#%/ $9,62'($/7(5$d2 35(*2(/(75Ð1,&21 2EMHWR$TXLVLomRGHVLVWHPDDXWRPDWL]DGRGHLGHQWL¿FDomRGHEDFWpULDVHOHYHGXUDVSRU HVSHFWURPHWULDGHPDVVDDFRSODGRDVLVWHPDGHWHVWHGHVHQVLELOLGDGHDDQWLPLFURELDQRVFRQ! IRUPHHVSHFL¿FDo}HVHTXDQWLWDWLYRVFRQVWDQWHVQR7HUPRGH5HIHUrQFLD$1(;2,GR(GLWDO 3URFHVVRQ7RWDOGHLWHP9DORU7RWDO(VWLPDGR5(GL! WDOGHKjVKHGHKjVK(QWUHJDGDV3URSRVWDVDSDUWLUGH jVKQRVLWHZZZFRPSUDVQHWJRYEU$EHUWXUDGDV3URSRVWDVjVKQRVLWH ZZZFRPSUDVQHWJRYEU,QIRUPDo}HV*HUDLV2(GLWDOHQFRQWUDVHGLVSRQLELOL]DGRVHP{QXV QRVtWLRZZZFRPSUDVQHWJRYEUHFRP{QXVQRHQGHUHoR6$,1±6HWRUGHÈUHDV,VRODGDV 1RUWH±3DUTXH5XUDOVQ$VD1RUWH±%ORFR³$´DQGDUVDOD&HQWUDOGH&RPSUDV GD68$*6(6&(3%UDVtOLD') /;15$%&0'1'4%&5%/()4('1)/&*'4,'/&-79%/ 3UHJRHLUD #'/.1"%,)&,'&<.19%*'4") 35(*2(/(75Ð1,&21 $3UHJRHLUDGD&HQWUDOGH&RPSUDV68$*GD6HFUHWDULDGH(VWDGRGH6D~GHGR'LVWULWR)HGHUDO FRPXQLFDTXHQR3UHJmR(OHWU{QLFRQRVLWHQV HIRUDPFDQFHODGRVQDDFHLWDomRHRLWHPUHVWRXGHVHUWR +#$(%&4'9#;/&)1$5'$#%&/%4")/ 35(*2(/(75Ð1,&23256531 $3UHJRHLUDGD&HQWUDOGH&RPSUDV68$*GD6HFUHWDULDGH(VWDGRGH6D~GHGR'LVWULWR )HGHUDOFRPXQLFDTXHQR3UHJmR(OHWU{QLFRSRU653QVDJURXVHYHQFHGRUD GRFHUWDPHDHPSUHVD&%60e',&2&,(17Ë),&$&20e5&,2(5(35(6(17$d2 /7'$&13-SDUDRLWHPFRPRYDORUXQLWiULRGH5 2VLWHQVHIRUDPFDQFHODGRVQDDFHLWDomR +#$(%&4'9#;/&)1$5'$#%&/%4")/ %*')++,'-./0123.451,'67'8.'8.9.:;5<'8.')=67 35(*2(/(75Ð1,&21 $3UHJRHLUDGD &HQWUDO GH &RPSUDV68$* GD 6HFUHWDULD GH (VWDGR GH 6D~GH GR 'LVWULWR )HGHUDOFRPXQLFDTXHQR3UHJmR(OHWU{QLFRQVDJURXVHYHQFHGRUDGRFHUWDPH DHPSUHVD06+263,7$/$5/7'$±0(&13-SDUDRLWHP FRPRYDORUWRWDOGH5 +#$(%&4'9#;/&)1$5'$#%&/%4")/ 35(*2(/(75Ð1,&21 $3UHJRHLUDGD&HQWUDOGH&RPSUDV68$*GD6HFUHWDULDGH(VWDGRGH6D~GHGR'LVWULWR)HGHUDO FRPXQLFDTXHQR3UHJmR(OHWU{QLFRQVDJURXVHYHQFHGRUDGRFHUWDPHDHPSUHVD 3527(9,/((48,3$0(1726/7'$0(&13-SDUDRJUXSRFRP RYDORUWRWDOJOREDOGDOLFLWDomRGH5 &(5,=(+(/(1$628=$6$/(6 3"-+(./0*+$*$-!)-0*$*4$!5")!(*$,*%)6-%)(!*+(*!(7+$ '/()1%&"+(4$(%&,'&/%=,'&,'&6#%/>1$% (',7$/1'('('(=(0%52'( $',5(725$'$(6&2/$7e&1,&$'(6$Ò'('(%5$6Ë/,$PDQWLGDSHOD)XQGDomRGH (QVLQRH3HVTXLVDHP&LrQFLDVGD6D~GHYLQFXODGDj6HFUHWDULDGH(VWDGRGH6D~GHGR'LVWULWR )HGHUDOQRXVRGDVDWULEXLo}HVTXHOKHFRQIHUHR5HJLPHQWR(VFRODUDSURYDGRSHOD6XEVHFUHWDULD GH3ODQHMDPHQWRH,QVSHomRGH(QVLQRGD6HFUHWDULDGH(VWDGRGH(GXFDomRGR'LVWULWR)HGHUDO PHGLDQWHD2UGHPGH6HUYLoRQ?GHGHDEULOGH7251$3Ò%/,&2DUHWL¿FDomR GRTXDGURFRQVWDQWHQRLWHPGR(GLWDOQGHGHRXWXEURGHSXEOLFDGRQR'2') QGHSiJVTXHWUDWDGDDEHUWXUDGR3URFHVVR6HOHWLYR3~EOLFRSDUDR LQJUHVVRGHFDQGLGDWRVQRVFXUVRVGH(GXFDomR3UR¿VVLRQDO7pFQLFDGH1tYHO0pGLRGD(VFROD 7pFQLFDGH6D~GHGH%UDVtOLD(7(6%QRTXHVHUHIHUHjSUHYLVmRGHLQLFLRGDVDXODVSHUPD! QHFHQGRLQDOWHUDGRVRVGHPDLVLWHQVHVXELWHQVGRUHIHULGRHGLWDO>@ @A&,)&(#)4)9#%*%&,%/&%"$5$,%,'/ $BCD %BEFEGHGC 3HUtRGR @ 3HUtRGRGHLQVFULo}HVHVROLFLWDo}HVLVHQomRGHWD[DHDWHQGLPHQWRHVSHFLDO D A ÒOWLPRGLDSDUDSDJDPHQWRGDWD[DGHLQVFULomR 'LYXOJDomRGDGDWDKRUiULRHORFDOGHDSOLFDomRGDSURYDREMHWLYD 'DWDGHDSOLFDomRGDSURYDREMHWLYD I 'LYXOJDomRGRJDEDULWRSUHOLPLQDUGDSURYDREMHWLYD 3HUtRGRSDUDLQWHUSRVLomRGHUHFXUVRVFRQWUDRJDEDULWRSUHOLPLQDU D 'LYXOJDomRGRVUHVXOWDGRVGRSURFHVVRVHOHWLYRS~EOLFR J 3UHYLVmRGHPDWUtFXOD D K 3UHYLVmRGHLQLFLRGDVDXODV >@ (1$'($5$Ò-2*$/92 ,ELCB?LH& !$%&$'(&)(*+$*$!'(+0*+$*!$1"&(-.(*47#2)%( 5(7,),&$d2 1R ([WUDWR GR 7HUPR$GLWLYR DR &RQWUDWR GH 3UHVWDomR GH 6HUYLoR Q ±663 3URFHVVR Q SXEOLFDGR QR '2') 1 GH GH GH]HPEUR GH SiJLQD 21'( 6( /Ç ³35,0(,52 7(502$',7,92$2 &2175$72 '( 35(67$d2 '( 6(59,d26 1 ´ /(,$6( 6(*81'2 7(502 $',7,92$2&2175$72'(35(67$d2'(6(59,d261´ !"#!$%&$'(&)(*+$*(+,)-)!'&(./0*1$&(2 (;75$72'(&2035$62%5$6(6(59,d26±129(0%52 1(&LDO&RPpUFLR,QG~VWULDGH$OLPHQWRV51( 28QLYHUVLWiULR5HVW,QGXV&RP($JURS/WGD51(&LDO &RPpUFLR,QG~VWULDGH$OLPHQWRV/WGD51(&RPSDQKLD GH6DQHDPHQWR$PELHQWDOGR')&$(6%51()HGHUDO 9LGDH3UHYLGrQFLD51(&RPSDQKLDGH6DQHDPHQWR$P! ELHQWDOGR')&$(6%51(6LP}HV%RHFKDW&RPHUFLDO )DUPDFrXWLFD /WGD 5 1( &RPSDQKLD GH 6DQHDPHQWR$P! ELHQWDOGR')±&$(6%5ÈOYDUR+HQULTXH)GRV6DQWRV6XEVHFUHWiULR GH$GPLQLVWUDomR*HUDO 4028%)(*,)2)'(&*+0*+)!'&)'0*3$+$&(2 ,'-%#"%*'4")&,'&/%=,'&'&%//$/"74($%&%)&-'//)%1 5HIHUrQFLD $XWRV GR 3URFHVVR $GPLQLVWUDWLYR GH 5HFRQKHFLPHQWR GH 'tYLGD Q +263,7$/6$17$+(/(1$&13-$YLVWDGD LQVWUXomRFRQWLGDQRSUHVHQWHSURFHVVRHRGLVSRVWRQRVWHUPRVGR'HFUHWR*')Q GHGHIHYHUHLURGH5(&21+(d2DGtYLGDQRYDORUGH5WUrVPL! OK}HVVHVVHQWDPLOVHWHQWDHXPUHDLVHRLWRFHQWDYRVHPIDYRUGDFLWDGDHPSUHVD%UDVtOLD