Baixe o app para aproveitar ainda mais
Prévia do material em texto
3UHVLGrQFLD�GD�5HS~EOLFD &DVD�&LYLO 6XEFKHILD�SDUD�$VVXQWRV�-XUtGLFRV &2167,78,d2�'$�5(3Ò%/,&$�)('(5$7,9$�'2�%5$6,/�'(����� (PHQGDV�&RQVWLWXFLRQDLV (PHQGDV�&RQVWLWXFLRQDLV�GH�5HYLVmR $WR�GDV�'LVSRVLo}HV�&RQVWLWXFLRQDLV�7UDQVLWyULDV $WRV�GHFRUUHQWHV�GR�GLVSRVWR�QR����GR�DUW��� Ë1',&(�7(0È7,&2 7H[WR�FRPSLODGR 35(Æ0%8/2 � � � � � � � �1yV�� UHSUHVHQWDQWHV�GR�SRYR�EUDVLOHLUR�� UHXQLGRV�HP�$VVHPEOpLD�1DFLRQDO�&RQVWLWXLQWH� SDUD� LQVWLWXLU� XP (VWDGR� 'HPRFUiWLFR�� GHVWLQDGR� D� DVVHJXUDU� R� H[HUFtFLR� GRV� GLUHLWRV� VRFLDLV� H� LQGLYLGXDLV�� D� OLEHUGDGH�� D VHJXUDQoD��R�EHP�HVWDU��R�GHVHQYROYLPHQWR��D� LJXDOGDGH�H�D�MXVWLoD�FRPR�YDORUHV�VXSUHPRV�GH�XPD�VRFLHGDGH IUDWHUQD�� SOXUDOLVWD� H� VHP� SUHFRQFHLWRV�� IXQGDGD� QD� KDUPRQLD� VRFLDO� H� FRPSURPHWLGD�� QD� RUGHP� LQWHUQD� H LQWHUQDFLRQDO�� FRP� D� VROXomR� SDFtILFD� GDV� FRQWURYpUVLDV�� SURPXOJDPRV�� VRE� D� SURWHomR� GH� 'HXV�� D� VHJXLQWH &2167,78,d2�'$�5(3Ò%/,&$�)('(5$7,9$�'2�%5$6,/� 7Ë78/2�, '26�35,1&Ë3,26�)81'$0(17$,6 $UW����$�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO��IRUPDGD�SHOD�XQLmR�LQGLVVRO~YHO�GRV�(VWDGRV�H�0XQLFtSLRV�H�GR�'LVWULWR�)HGHUDO��FRQVWLWXL�VH�HP (VWDGR�'HPRFUiWLFR�GH�'LUHLWR�H�WHP�FRPR�IXQGDPHQWRV� ,���D�VREHUDQLD� ,,���D�FLGDGDQLD� ,,,���D�GLJQLGDGH�GD�SHVVRD�KXPDQD� ,9���RV�YDORUHV�VRFLDLV�GR�WUDEDOKR�H�GD�OLYUH�LQLFLDWLYD� 9���R�SOXUDOLVPR�SROtWLFR� 3DUiJUDIR� ~QLFR�� 7RGR�R� SRGHU� HPDQD�GR�SRYR�� TXH�R� H[HUFH�SRU�PHLR� GH� UHSUHVHQWDQWHV� HOHLWRV� RX�GLUHWDPHQWH�� QRV� WHUPRV�GHVWD &RQVWLWXLomR� $UW����6mR�3RGHUHV�GD�8QLmR��LQGHSHQGHQWHV�H�KDUP{QLFRV�HQWUH�VL��R�/HJLVODWLYR��R�([HFXWLYR�H�R�-XGLFLiULR� $UW����&RQVWLWXHP�REMHWLYRV�IXQGDPHQWDLV�GD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO� ,���FRQVWUXLU�XPD�VRFLHGDGH�OLYUH��MXVWD�H�VROLGiULD� ,,���JDUDQWLU�R�GHVHQYROYLPHQWR�QDFLRQDO� ��,,,���HUUDGLFDU�D�SREUH]D�H�D�PDUJLQDOL]DomR�H�UHGX]LU�DV�GHVLJXDOGDGHV�VRFLDLV�H�UHJLRQDLV� ,9���SURPRYHU�R�EHP�GH�WRGRV��VHP�SUHFRQFHLWRV�GH�RULJHP��UDoD��VH[R��FRU��LGDGH�H�TXDLVTXHU�RXWUDV�IRUPDV�GH�GLVFULPLQDomR� $UW����$�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�UHJH�VH�QDV�VXDV�UHODo}HV�LQWHUQDFLRQDLV�SHORV�VHJXLQWHV�SULQFtSLRV� �,���LQGHSHQGrQFLD�QDFLRQDO� ,,���SUHYDOrQFLD�GRV�GLUHLWRV�KXPDQRV� ,,,���DXWRGHWHUPLQDomR�GRV�SRYRV� ,9���QmR�LQWHUYHQomR� 9���LJXDOGDGH�HQWUH�RV�(VWDGRV� 9,���GHIHVD�GD�SD]� 9,,���VROXomR�SDFtILFD�GRV�FRQIOLWRV� 9,,,���UHS~GLR�DR�WHUURULVPR�H�DR�UDFLVPR� ,;���FRRSHUDomR�HQWUH�RV�SRYRV�SDUD�R�SURJUHVVR�GD�KXPDQLGDGH� ;���FRQFHVVmR�GH�DVLOR�SROtWLFR� 3DUiJUDIR� ~QLFR�� $�5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO� EXVFDUi� D� LQWHJUDomR� HFRQ{PLFD�� SROtWLFD�� VRFLDO� H� FXOWXUDO� GRV� SRYRV� GD� $PpULFD /DWLQD��YLVDQGR�j�IRUPDomR�GH�XPD�FRPXQLGDGH�ODWLQR�DPHULFDQD�GH�QDo}HV� 7Ë78/2�,, '26�',5(,726�(�*$5$17,$6�)81'$0(17$,6 &$3Ë78/2�, '26�',5(,726�(�'(9(5(6�,1',9,'8$,6�(�&2/(7,926 $UW����7RGRV�VmR�LJXDLV�SHUDQWH�D�OHL��VHP�GLVWLQomR�GH�TXDOTXHU�QDWXUH]D��JDUDQWLQGR�VH�DRV�EUDVLOHLURV�H�DRV�HVWUDQJHLURV�UHVLGHQWHV QR�3DtV�D�LQYLRODELOLGDGH�GR�GLUHLWR�j�YLGD��j�OLEHUGDGH��j�LJXDOGDGH��j�VHJXUDQoD�H�j�SURSULHGDGH��QRV�WHUPRV�VHJXLQWHV� ,���KRPHQV�H�PXOKHUHV�VmR�LJXDLV�HP�GLUHLWRV�H�REULJDo}HV��QRV�WHUPRV�GHVWD�&RQVWLWXLomR� ,,���QLQJXpP�VHUi�REULJDGR�D�ID]HU�RX�GHL[DU�GH�ID]HU�DOJXPD�FRLVD�VHQmR�HP�YLUWXGH�GH�OHL� ,,,���QLQJXpP�VHUi�VXEPHWLGR�D�WRUWXUD�QHP�D�WUDWDPHQWR�GHVXPDQR�RX�GHJUDGDQWH� ,9���p�OLYUH�D�PDQLIHVWDomR�GR�SHQVDPHQWR��VHQGR�YHGDGR�R�DQRQLPDWR� 9���p�DVVHJXUDGR�R�GLUHLWR�GH�UHVSRVWD��SURSRUFLRQDO�DR�DJUDYR��DOpP�GD�LQGHQL]DomR�SRU�GDQR�PDWHULDO��PRUDO�RX�j�LPDJHP� 9,���p�LQYLROiYHO�D�OLEHUGDGH�GH�FRQVFLrQFLD�H�GH�FUHQoD��VHQGR�DVVHJXUDGR�R�OLYUH�H[HUFtFLR�GRV�FXOWRV�UHOLJLRVRV�H�JDUDQWLGD��QD�IRUPD GD�OHL��D�SURWHomR�DRV�ORFDLV�GH�FXOWR�H�D�VXDV�OLWXUJLDV� 9,,���p�DVVHJXUDGD��QRV�WHUPRV�GD�OHL��D�SUHVWDomR�GH�DVVLVWrQFLD�UHOLJLRVD�QDV�HQWLGDGHV�FLYLV�H�PLOLWDUHV�GH�LQWHUQDomR�FROHWLYD� 9,,,� �� QLQJXpP�VHUi�SULYDGR�GH�GLUHLWRV�SRU�PRWLYR�GH� FUHQoD� UHOLJLRVD�RX�GH� FRQYLFomR� ILORVyILFD�RX�SROtWLFD�� VDOYR� VH�DV� LQYRFDU�SDUD H[LPLU�VH�GH�REULJDomR�OHJDO�D�WRGRV�LPSRVWD�H�UHFXVDU�VH�D�FXPSULU�SUHVWDomR�DOWHUQDWLYD��IL[DGD�HP�OHL� ,;���p�OLYUH�D�H[SUHVVmR�GD�DWLYLGDGH�LQWHOHFWXDO��DUWtVWLFD��FLHQWtILFD�H�GH�FRPXQLFDomR��LQGHSHQGHQWHPHQWH�GH�FHQVXUD�RX�OLFHQoD� ;���VmR�LQYLROiYHLV�D�LQWLPLGDGH��D�YLGD�SULYDGD��D�KRQUD�H�D�LPDJHP�GDV�SHVVRDV��DVVHJXUDGR�R�GLUHLWR�D�LQGHQL]DomR�SHOR�GDQR�PDWHULDO RX�PRUDO�GHFRUUHQWH�GH�VXD�YLRODomR� ;,���D�FDVD�p�DVLOR�LQYLROiYHO�GR�LQGLYtGXR��QLQJXpP�QHOD�SRGHQGR�SHQHWUDU�VHP�FRQVHQWLPHQWR�GR�PRUDGRU��VDOYR�HP�FDVR�GH�IODJUDQWH GHOLWR� RX� GHVDVWUH�� RX� SDUD� SUHVWDU� VRFRUUR�� RX�� GXUDQWH� R� GLD�� SRU� GHWHUPLQDomR� MXGLFLDO�� � � � � � � �9LGH� /HL� Q� �������� GH� ������ � � �9LJrQFLD� ;,,� �� p� LQYLROiYHO� R� VLJLOR� GD� FRUUHVSRQGrQFLD� H� GDV� FRPXQLFDo}HV� WHOHJUiILFDV�� GH� GDGRV� H� GDV� FRPXQLFDo}HV� WHOHI{QLFDV�� VDOYR�� QR ~OWLPR� FDVR�� SRU� RUGHP� MXGLFLDO�� QDV�KLSyWHVHV�H� QD� IRUPD�TXH�D� OHL� HVWDEHOHFHU� SDUD� ILQV� GH� LQYHVWLJDomR� FULPLQDO� RX� LQVWUXomR�SURFHVVXDO SHQDO���������9LGH�/HL�Q��������GH������ ;,,,���p�OLYUH�R�H[HUFtFLR�GH�TXDOTXHU�WUDEDOKR��RItFLR�RX�SURILVVmR��DWHQGLGDV�DV�TXDOLILFDo}HV�SURILVVLRQDLV�TXH�D�OHL�HVWDEHOHFHU� ;,9���p�DVVHJXUDGR�D�WRGRV�R�DFHVVR�j�LQIRUPDomR�H�UHVJXDUGDGR�R�VLJLOR�GD�IRQWH��TXDQGR�QHFHVViULR�DR�H[HUFtFLR�SURILVVLRQDO� ;9���p�OLYUH�D�ORFRPRomR�QR�WHUULWyULR�QDFLRQDO�HP�WHPSR�GH�SD]��SRGHQGR�TXDOTXHU�SHVVRD��QRV�WHUPRV�GD�OHL��QHOH�HQWUDU��SHUPDQHFHU RX�GHOH�VDLU�FRP�VHXV�EHQV� ;9,� �� WRGRV�SRGHP�UHXQLU�VH�SDFLILFDPHQWH��VHP�DUPDV��HP� ORFDLV�DEHUWRV�DR�S~EOLFR�� LQGHSHQGHQWHPHQWH�GH�DXWRUL]DomR��GHVGH�TXH QmR�IUXVWUHP�RXWUD�UHXQLmR�DQWHULRUPHQWH�FRQYRFDGD�SDUD�R�PHVPR�ORFDO��VHQGR�DSHQDV�H[LJLGR�SUpYLR�DYLVR�j�DXWRULGDGH�FRPSHWHQWH� ;9,,���p�SOHQD�D�OLEHUGDGH�GH�DVVRFLDomR�SDUD�ILQV�OtFLWRV��YHGDGD�D�GH�FDUiWHU�SDUDPLOLWDU� ;9,,,���D�FULDomR�GH�DVVRFLDo}HV�H��QD�IRUPD�GD�OHL��D�GH�FRRSHUDWLYDV�LQGHSHQGHP�GH�DXWRUL]DomR��VHQGR�YHGDGD�D�LQWHUIHUrQFLD�HVWDWDO HP�VHX�IXQFLRQDPHQWR� ;,;���DV�DVVRFLDo}HV�Vy�SRGHUmR�VHU�FRPSXOVRULDPHQWH�GLVVROYLGDV�RX�WHU�VXDV�DWLYLGDGHV�VXVSHQVDV�SRU�GHFLVmR�MXGLFLDO��H[LJLQGR�VH� QR�SULPHLUR�FDVR��R�WUkQVLWR�HP�MXOJDGR� ;;���QLQJXpP�SRGHUi�VHU�FRPSHOLGR�D�DVVRFLDU�VH�RX�D�SHUPDQHFHU�DVVRFLDGR� ;;,� �� DV� HQWLGDGHV� DVVRFLDWLYDV�� TXDQGR� H[SUHVVDPHQWH� DXWRUL]DGDV�� WrP� OHJLWLPLGDGH� SDUD� UHSUHVHQWDU� VHXV� ILOLDGRV� MXGLFLDO� RX H[WUDMXGLFLDOPHQWH� ;;,,���p�JDUDQWLGR�R�GLUHLWR�GH�SURSULHGDGH� ;;,,,���D�SURSULHGDGH�DWHQGHUi�D�VXD�IXQomR�VRFLDO� ;;,9���D� OHL�HVWDEHOHFHUi�R�SURFHGLPHQWR�SDUD�GHVDSURSULDomR�SRU�QHFHVVLGDGH�RX�XWLOLGDGH�S~EOLFD��RX�SRU� LQWHUHVVH�VRFLDO��PHGLDQWH MXVWD�H�SUpYLD�LQGHQL]DomR�HP�GLQKHLUR��UHVVDOYDGRV�RV�FDVRV�SUHYLVWRV�QHVWD�&RQVWLWXLomR� ;;9���QR�FDVR�GH�LPLQHQWH�SHULJR�S~EOLFR��D�DXWRULGDGH�FRPSHWHQWH�SRGHUi�XVDU�GH�SURSULHGDGH�SDUWLFXODU��DVVHJXUDGD�DR�SURSULHWiULR LQGHQL]DomR�XOWHULRU��VH�KRXYHU�GDQR� ;;9,� �� D� SHTXHQD� SURSULHGDGH� UXUDO�� DVVLP� GHILQLGD� HP� OHL�� GHVGH� TXH� WUDEDOKDGD� SHOD� IDPtOLD�� QmR� VHUi� REMHWR� GH� SHQKRUD� SDUD SDJDPHQWR�GH�GpELWRV�GHFRUUHQWHV�GH�VXD�DWLYLGDGH�SURGXWLYD��GLVSRQGR�D�OHL�VREUH�RV�PHLRV�GH�ILQDQFLDU�R�VHX�GHVHQYROYLPHQWR� ;;9,,���DRV�DXWRUHV�SHUWHQFH�R�GLUHLWR�H[FOXVLYR�GH�XWLOL]DomR��SXEOLFDomR�RX�UHSURGXomR�GH�VXDV�REUDV��WUDQVPLVVtYHO�DRV�KHUGHLURV�SHOR WHPSR�TXH�D�OHL�IL[DU� ;;9,,,���VmR�DVVHJXUDGRV��QRV�WHUPRV�GD�OHL� D�� D� SURWHomR� jV� SDUWLFLSDo}HV� LQGLYLGXDLV� HP� REUDV� FROHWLYDV� H� j� UHSURGXomR� GD� LPDJHP� H� YR]� KXPDQDV�� LQFOXVLYH� QDV� DWLYLGDGHV GHVSRUWLYDV� E��R�GLUHLWR�GH�ILVFDOL]DomR�GR�DSURYHLWDPHQWR�HFRQ{PLFR�GDV�REUDV�TXH�FULDUHP�RX�GH�TXH�SDUWLFLSDUHP�DRV�FULDGRUHV��DRV�LQWpUSUHWHV�H jV�UHVSHFWLYDV�UHSUHVHQWDo}HV�VLQGLFDLV�H�DVVRFLDWLYDV� ;;,;� �� D� OHL� DVVHJXUDUi� DRV� DXWRUHV� GH� LQYHQWRV� LQGXVWULDLV� SULYLOpJLR� WHPSRUiULR�SDUD� VXD� XWLOL]DomR�� EHP� FRPR�SURWHomR� jV� FULDo}HV LQGXVWULDLV�� j� SURSULHGDGH� GDV� PDUFDV�� DRV� QRPHV� GH� HPSUHVDV� H� D� RXWURV� VLJQRV� GLVWLQWLYRV�� WHQGR� HP� YLVWD� R� LQWHUHVVH� VRFLDO� H� R GHVHQYROYLPHQWR�WHFQROyJLFR�H�HFRQ{PLFR�GR�3DtV� ;;;���p�JDUDQWLGR�R�GLUHLWR�GH�KHUDQoD� ;;;,� ��D�VXFHVVmR�GH�EHQV�GH�HVWUDQJHLURV�VLWXDGRV�QR�3DtV�VHUi� UHJXODGD�SHOD� OHL�EUDVLOHLUD�HP�EHQHItFLR�GR�F{QMXJH�RX�GRV� ILOKRV EUDVLOHLURV��VHPSUH�TXH�QmR�OKHV�VHMD�PDLV�IDYRUiYHO�D�OHL�SHVVRDO�GR��GH�FXMXV�� ;;;,,���R�(VWDGR�SURPRYHUi��QD�IRUPD�GD�OHL��D�GHIHVD�GR�FRQVXPLGRU� ;;;,,,���WRGRV�WrP�GLUHLWR�D�UHFHEHU�GRV�yUJmRV�S~EOLFRV�LQIRUPDo}HV�GH�VHX�LQWHUHVVH�SDUWLFXODU��RX�GH�LQWHUHVVH�FROHWLYR�RX�JHUDO��TXH VHUmR� SUHVWDGDV� QR� SUD]R� GD� OHL�� VRE� SHQD� GH� UHVSRQVDELOLGDGH�� UHVVDOYDGDV� DTXHODV� FXMR� VLJLOR� VHMD� LPSUHVFLQGtYHO� j� VHJXUDQoD� GD VRFLHGDGH�H�GR�(VWDGR���5HJXODPHQWR�������9LGH�/HL�Q���������GH������ �;;;,9���VmR�D�WRGRV�DVVHJXUDGRV��LQGHSHQGHQWHPHQWH�GR�SDJDPHQWR�GH�WD[DV� D��R�GLUHLWR�GH�SHWLomR�DRV�3RGHUHV�3~EOLFRV�HP�GHIHVD�GH�GLUHLWRV�RX�FRQWUD�LOHJDOLGDGH�RX�DEXVR�GH�SRGHU� E��D�REWHQomR�GH�FHUWLG}HV�HP�UHSDUWLo}HV�S~EOLFDV��SDUD�GHIHVD�GH�GLUHLWRV�H�HVFODUHFLPHQWR�GH�VLWXDo}HV�GH�LQWHUHVVH�SHVVRDO� ;;;9���D�OHL�QmR�H[FOXLUi�GD�DSUHFLDomR�GR�3RGHU�-XGLFLiULR�OHVmR�RX�DPHDoD�D�GLUHLWR� ;;;9,���D�OHL�QmR�SUHMXGLFDUi�R�GLUHLWR�DGTXLULGR��R�DWR�MXUtGLFR�SHUIHLWR�H�D�FRLVD�MXOJDGD� ;;;9,,���QmR�KDYHUi�MXt]R�RX�WULEXQDO�GH�H[FHomR� ;;;9,,,���p�UHFRQKHFLGD�D�LQVWLWXLomR�GR�M~UL��FRP�D�RUJDQL]DomR�TXH�OKH�GHU�D�OHL��DVVHJXUDGRV� D��D�SOHQLWXGH�GH�GHIHVD� E��R�VLJLOR�GDV�YRWDo}HV� F��D�VREHUDQLD�GRV�YHUHGLFWRV� G��D�FRPSHWrQFLD�SDUD�R�MXOJDPHQWR�GRV�FULPHV�GRORVRV�FRQWUD�D�YLGD� ;;;,;���QmR�Ki�FULPH�VHP�OHL�DQWHULRU�TXH�R�GHILQD��QHP�SHQD�VHP�SUpYLD�FRPLQDomR�OHJDO� ;/���D�OHL�SHQDO�QmR�UHWURDJLUi��VDOYR�SDUD�EHQHILFLDU�R�UpX� ;/,���D�OHL�SXQLUi�TXDOTXHU�GLVFULPLQDomR�DWHQWDWyULD�GRV�GLUHLWRV�H�OLEHUGDGHV�IXQGDPHQWDLV� ;/,,���D�SUiWLFD�GR�UDFLVPR�FRQVWLWXL�FULPH�LQDILDQoiYHO�H�LPSUHVFULWtYHO��VXMHLWR�j�SHQD�GH�UHFOXVmR��QRV�WHUPRV�GD�OHL� ;/,,,���D�OHL�FRQVLGHUDUi�FULPHV�LQDILDQoiYHLV�H�LQVXVFHWtYHLV�GH�JUDoD�RX�DQLVWLD�D�SUiWLFD�GD�WRUWXUD���R�WUiILFR�LOtFLWR�GH�HQWRUSHFHQWHV�H GURJDV�DILQV��R� WHUURULVPR�H�RV�GHILQLGRV�FRPR�FULPHV�KHGLRQGRV��SRU�HOHV� UHVSRQGHQGR�RV�PDQGDQWHV��RV�H[HFXWRUHV�H�RV�TXH��SRGHQGR HYLWi�ORV��VH�RPLWLUHP� ;/,9���FRQVWLWXL�FULPH�LQDILDQoiYHO�H�LPSUHVFULWtYHO�D�DomR�GH�JUXSRV�DUPDGRV��FLYLV�RX�PLOLWDUHV��FRQWUD�D�RUGHP�FRQVWLWXFLRQDO�H�R�(VWDGR 'HPRFUiWLFR� ;/9���QHQKXPD�SHQD�SDVVDUi�GD�SHVVRD�GR�FRQGHQDGR��SRGHQGR�D�REULJDomR�GH� UHSDUDU�R�GDQR�H�D�GHFUHWDomR�GR�SHUGLPHQWR�GH EHQV�VHU��QRV�WHUPRV�GD�OHL��HVWHQGLGDV�DRV�VXFHVVRUHV�H�FRQWUD�HOHV�H[HFXWDGDV��DWp�R�OLPLWH�GR�YDORU�GR�SDWULP{QLR�WUDQVIHULGR� ;/9,���D�OHL�UHJXODUi�D�LQGLYLGXDOL]DomR�GD�SHQD�H�DGRWDUi��HQWUH�RXWUDV��DV�VHJXLQWHV� D��SULYDomR�RX�UHVWULomR�GD�OLEHUGDGH� E��SHUGD�GH�EHQV� F��PXOWD� G��SUHVWDomR�VRFLDO�DOWHUQDWLYD� H��VXVSHQVmR�RX�LQWHUGLomR�GH�GLUHLWRV� ;/9,,���QmR�KDYHUi�SHQDV� D��GH�PRUWH��VDOYR�HP�FDVR�GH�JXHUUD�GHFODUDGD��QRV�WHUPRV�GR�DUW������;,;� E��GH�FDUiWHU�SHUSpWXR� F��GH�WUDEDOKRV�IRUoDGRV� G��GH�EDQLPHQWR� H��FUXpLV� ;/9,,,���D�SHQD�VHUi�FXPSULGD�HP�HVWDEHOHFLPHQWRV�GLVWLQWRV��GH�DFRUGR�FRP�D�QDWXUH]D�GR�GHOLWR��D�LGDGH�H�R�VH[R�GR�DSHQDGR� ;/,;���p�DVVHJXUDGR�DRV�SUHVRV�R�UHVSHLWR�j�LQWHJULGDGH�ItVLFD�H�PRUDO� /���jV�SUHVLGLiULDV�VHUmR�DVVHJXUDGDV�FRQGLo}HV�SDUD�TXH�SRVVDP�SHUPDQHFHU�FRP�VHXV�ILOKRV�GXUDQWH�R�SHUtRGR�GH�DPDPHQWDomR� /,� �� QHQKXP� EUDVLOHLUR� VHUi� H[WUDGLWDGR�� VDOYR� R� QDWXUDOL]DGR�� HP� FDVR� GH� FULPH� FRPXP�� SUDWLFDGR� DQWHV� GD� QDWXUDOL]DomR�� RX� GH FRPSURYDGR�HQYROYLPHQWR�HP�WUiILFR�LOtFLWR�GH�HQWRUSHFHQWHV�H�GURJDV�DILQV��QD�IRUPD�GD�OHL� /,,���QmR�VHUi�FRQFHGLGD�H[WUDGLomR�GH�HVWUDQJHLUR�SRU�FULPH�SROtWLFR�RX�GH�RSLQLmR� /,,,���QLQJXpP�VHUi�SURFHVVDGR�QHP�VHQWHQFLDGR�VHQmR�SHOD�DXWRULGDGH�FRPSHWHQWH� /,9���QLQJXpP�VHUi�SULYDGR�GD�OLEHUGDGH�RX�GH�VHXV�EHQV�VHP�R�GHYLGR�SURFHVVR�OHJDO� /9���DRV� OLWLJDQWHV��HP�SURFHVVR� MXGLFLDO�RX�DGPLQLVWUDWLYR��H�DRV�DFXVDGRV�HP�JHUDO�VmR�DVVHJXUDGRV�R�FRQWUDGLWyULR�H�DPSOD�GHIHVD� FRP�RV�PHLRV�H�UHFXUVRV�D�HOD�LQHUHQWHV� /9,���VmR�LQDGPLVVtYHLV��QR�SURFHVVR��DV�SURYDV�REWLGDV�SRU�PHLRV�LOtFLWRV� /9,,���QLQJXpP�VHUi�FRQVLGHUDGR�FXOSDGR�DWp�R�WUkQVLWR�HP�MXOJDGR�GH�VHQWHQoD�SHQDO�FRQGHQDWyULD� �/9,,,���R�FLYLOPHQWH�LGHQWLILFDGR�QmR�VHUi�VXEPHWLGR�D�LGHQWLILFDomR�FULPLQDO��VDOYR�QDV�KLSyWHVHV�SUHYLVWDV�HP�OHL���5HJXODPHQWR�� /,;���VHUi�DGPLWLGD�DomR�SULYDGD�QRV�FULPHV�GH�DomR�S~EOLFD��VH�HVWD�QmR�IRU�LQWHQWDGD�QR�SUD]R�OHJDO� /;���D�OHL�Vy�SRGHUi�UHVWULQJLU�D�SXEOLFLGDGH�GRV�DWRV�SURFHVVXDLV�TXDQGR�D�GHIHVD�GD�LQWLPLGDGH�RX�R�LQWHUHVVH�VRFLDO�R�H[LJLUHP� /;,� ��QLQJXpP�VHUi�SUHVR�VHQmR�HP� IODJUDQWH�GHOLWR�RX�SRU�RUGHP�HVFULWD�H� IXQGDPHQWDGD�GH�DXWRULGDGH� MXGLFLiULD�FRPSHWHQWH��VDOYR QRV�FDVRV�GH�WUDQVJUHVVmR�PLOLWDU�RX�FULPH�SURSULDPHQWH�PLOLWDU��GHILQLGRV�HP�OHL� /;,,� �� D�SULVmR�GH�TXDOTXHU�SHVVRD�H�R� ORFDO�RQGH�VH�HQFRQWUH� VHUmR�FRPXQLFDGRV� LPHGLDWDPHQWH�DR� MXL]� FRPSHWHQWH�H�j� IDPtOLD�GR SUHVR�RX�j�SHVVRD�SRU�HOH�LQGLFDGD� /;,,,���R�SUHVR�VHUi�LQIRUPDGR�GH�VHXV�GLUHLWRV��HQWUH�RV�TXDLV�R�GH�SHUPDQHFHU�FDODGR��VHQGR�OKH�DVVHJXUDGD�D�DVVLVWrQFLD�GD�IDPtOLD�H GH�DGYRJDGR� /;,9���R�SUHVR�WHP�GLUHLWR�j�LGHQWLILFDomR�GRV�UHVSRQViYHLV�SRU�VXD�SULVmR�RX�SRU�VHX�LQWHUURJDWyULR�SROLFLDO� /;9���D�SULVmR�LOHJDO�VHUi�LPHGLDWDPHQWH�UHOD[DGD�SHOD�DXWRULGDGH�MXGLFLiULD� /;9,���QLQJXpP�VHUi�OHYDGR�j�SULVmR�RX�QHOD�PDQWLGR��TXDQGR�D�OHL�DGPLWLU�D�OLEHUGDGH�SURYLVyULD��FRP�RX�VHP�ILDQoD� /;9,,���QmR�KDYHUi�SULVmR�FLYLO�SRU�GtYLGD��VDOYR�D�GR�UHVSRQViYHO�SHOR�LQDGLPSOHPHQWR�YROXQWiULR�H�LQHVFXViYHO�GH�REULJDomR�DOLPHQWtFLD H�D�GR�GHSRVLWiULR�LQILHO� /;9,,,���FRQFHGHU�VH�i�KDEHDV�FRUSXV�VHPSUH�TXH�DOJXpP�VRIUHU�RX�VH�DFKDU�DPHDoDGR�GH�VRIUHU�YLROrQFLD�RX�FRDomR�HP�VXD�OLEHUGDGH GH�ORFRPRomR��SRU�LOHJDOLGDGH�RX�DEXVR�GH�SRGHU� �/;,;���FRQFHGHU�VH�i�PDQGDGR�GH�VHJXUDQoD�SDUD�SURWHJHU�GLUHLWR�OtTXLGR�H�FHUWR��QmR�DPSDUDGR�SRU�KDEHDV�FRUSXV�RX�KDEHDV�GDWD� TXDQGR�R�UHVSRQViYHO�SHOD�LOHJDOLGDGH�RX�DEXVR�GH�SRGHU�IRU�DXWRULGDGH�S~EOLFD�RX�DJHQWH�GH�SHVVRD�MXUtGLFD�QR�H[HUFtFLR�GH�DWULEXLo}HV�GR 3RGHU�3~EOLFR� �/;;���R�PDQGDGR�GH�VHJXUDQoD�FROHWLYR�SRGH�VHU�LPSHWUDGR�SRU� D��SDUWLGR�SROtWLFR�FRP�UHSUHVHQWDomR�QR�&RQJUHVVR�1DFLRQDO� E�� RUJDQL]DomR� VLQGLFDO�� HQWLGDGH� GH� FODVVH� RX� DVVRFLDomR� OHJDOPHQWH� FRQVWLWXtGD� H� HP� IXQFLRQDPHQWR� Ki� SHOR�PHQRV� XP� DQR�� HP GHIHVD�GRV�LQWHUHVVHV�GH�VHXV�PHPEURV�RX�DVVRFLDGRV� /;;,� �� FRQFHGHU�VH�i�PDQGDGR� GH� LQMXQomR� VHPSUH� TXH� D� IDOWD� GH� QRUPD� UHJXODPHQWDGRUD� WRUQH� LQYLiYHO� R� H[HUFtFLR� GRV� GLUHLWRV� H OLEHUGDGHV�FRQVWLWXFLRQDLV�H�GDV�SUHUURJDWLYDV�LQHUHQWHV�j�QDFLRQDOLGDGH��j�VREHUDQLD�H�j�FLGDGDQLD� /;;,,���FRQFHGHU�VH�i�KDEHDV�GDWD� D��SDUD�DVVHJXUDU�R�FRQKHFLPHQWR�GH� LQIRUPDo}HV� UHODWLYDV�j�SHVVRD�GR� LPSHWUDQWH��FRQVWDQWHV�GH� UHJLVWURV�RX�EDQFRV�GH�GDGRV�GH HQWLGDGHV�JRYHUQDPHQWDLV�RX�GH�FDUiWHU�S~EOLFR� E��SDUD�D�UHWLILFDomR�GH�GDGRV��TXDQGR�QmR�VH�SUHILUD�ID]r�OR�SRU�SURFHVVR�VLJLORVR��MXGLFLDO�RX�DGPLQLVWUDWLYR� /;;,,,���TXDOTXHU�FLGDGmR�p�SDUWH�OHJtWLPD�SDUD�SURSRU�DomR�SRSXODU�TXH�YLVH�D�DQXODU�DWR�OHVLYR�DR�SDWULP{QLR�S~EOLFR�RX�GH�HQWLGDGH GH� TXH� R� (VWDGR� SDUWLFLSH�� j� PRUDOLGDGH� DGPLQLVWUDWLYD�� DR� PHLR� DPELHQWH� H� DR� SDWULP{QLR� KLVWyULFR� H� FXOWXUDO�� ILFDQGR� R� DXWRU�� VDOYR FRPSURYDGD�Pi�Ip��LVHQWR�GH�FXVWDV�MXGLFLDLV�H�GR�{QXV�GD�VXFXPErQFLD� /;;,9���R�(VWDGR�SUHVWDUi�DVVLVWrQFLD�MXUtGLFD�LQWHJUDO�H�JUDWXLWD�DRV�TXH�FRPSURYDUHP�LQVXILFLrQFLD�GH�UHFXUVRV� /;;9���R�(VWDGR�LQGHQL]DUi�R�FRQGHQDGR�SRU�HUUR�MXGLFLiULR��DVVLP�FRPR�R�TXH�ILFDU�SUHVR�DOpP�GR�WHPSR�IL[DGR�QD�VHQWHQoD� /;;9,���VmR�JUDWXLWRV�SDUD�RV�UHFRQKHFLGDPHQWH�SREUHV��QD�IRUPD�GD�OHL��������9LGH�'HFUHWR�Q��������GH������ D��R�UHJLVWUR�FLYLO�GH�QDVFLPHQWR�E��D�FHUWLGmR�GH�yELWR� �/;;9,,���VmR�JUDWXLWDV�DV�Do}HV�GH�KDEHDV�FRUSXV�H�KDEHDV�GDWD��H��QD� IRUPD�GD� OHL��RV�DWRV�QHFHVViULRV�DR�H[HUFtFLR�GD�FLGDGDQLD� �5HJXODPHQWR� /;;9,,,� D� WRGRV�� QR� kPELWR� MXGLFLDO� H� DGPLQLVWUDWLYR�� VmR� DVVHJXUDGRV� D� UD]RiYHO� GXUDomR� GR� SURFHVVR� H� RV�PHLRV� TXH� JDUDQWDP� D FHOHULGDGH�GH�VXD�WUDPLWDomR���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ���$V�QRUPDV�GHILQLGRUDV�GRV�GLUHLWRV�H�JDUDQWLDV�IXQGDPHQWDLV�WrP�DSOLFDomR�LPHGLDWD� ���2V�GLUHLWRV�H�JDUDQWLDV�H[SUHVVRV�QHVWD�&RQVWLWXLomR�QmR�H[FOXHP�RXWURV�GHFRUUHQWHV�GR�UHJLPH�H�GRV�SULQFtSLRV�SRU�HOD�DGRWDGRV� RX�GRV�WUDWDGRV�LQWHUQDFLRQDLV�HP�TXH�D�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�VHMD�SDUWH� ���2V�WUDWDGRV�H�FRQYHQo}HV�LQWHUQDFLRQDLV�VREUH�GLUHLWRV�KXPDQRV�TXH�IRUHP�DSURYDGRV��HP�FDGD�&DVD�GR�&RQJUHVVR�1DFLRQDO��HP GRLV� WXUQRV�� SRU� WUrV� TXLQWRV� GRV� YRWRV� GRV� UHVSHFWLYRV�PHPEURV�� VHUmR� HTXLYDOHQWHV� jV� HPHQGDV� FRQVWLWXFLRQDLV�� �,QFOXtGR� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH����������$WRV�DSURYDGRV�QD�IRUPD�GHVWH�SDUiJUDIR� ���2�%UDVLO�VH�VXEPHWH�j�MXULVGLomR�GH�7ULEXQDO�3HQDO�,QWHUQDFLRQDO�D�FXMD�FULDomR�WHQKD�PDQLIHVWDGR�DGHVmR���,QFOXtGR�SHOD�(PHQGD &RQVWLWXFLRQDO�Q�����GH������ &$3Ë78/2�,, '26�',5(,726�62&,$,6 �$UW����6mR�GLUHLWRV�VRFLDLV�D�HGXFDomR��D�VD~GH��R�WUDEDOKR��R�OD]HU��D�VHJXUDQoD��D�SUHYLGrQFLD�VRFLDO��D�SURWHomR�j�PDWHUQLGDGH�H�j LQIkQFLD��D�DVVLVWrQFLD�DRV�GHVDPSDUDGRV��QD�IRUPD�GHVWD�&RQVWLWXLomR� $UW���R� 6mR� GLUHLWRV� VRFLDLV� D� HGXFDomR�� D� VD~GH�� R� WUDEDOKR�� D� PRUDGLD�� R� OD]HU�� D� VHJXUDQoD�� D� SUHYLGrQFLD� VRFLDO�� D� SURWHomR� j PDWHUQLGDGH�H�j�LQIkQFLD��D�DVVLVWrQFLD�DRV�GHVDPSDUDGRV��QD�IRUPD�GHVWD�&RQVWLWXLomR��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q���� GH������ $UW�� ��6mR�GLUHLWRV�VRFLDLV�D�HGXFDomR��D�VD~GH��D�DOLPHQWDomR��R� WUDEDOKR��D�PRUDGLD�� R� OD]HU�� D� VHJXUDQoD��D�SUHYLGrQFLD� VRFLDO�� D SURWHomR� j� PDWHUQLGDGH� H� j� LQIkQFLD�� D� DVVLVWrQFLD� DRV� GHVDPSDUDGRV�� QD� IRUPD� GHVWD� &RQVWLWXLomR�� �5HGDomR� GDGD� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH������ $UW����6mR�GLUHLWRV�VRFLDLV�D�HGXFDomR��D�VD~GH��D�DOLPHQWDomR��R�WUDEDOKR��D�PRUDGLD��R�WUDQVSRUWH��R� OD]HU� D�VHJXUDQoD��D�SUHYLGrQFLD�VRFLDO��D�SURWHomR�j�PDWHUQLGDGH�H�j� LQIkQFLD��D�DVVLVWrQFLD�DRV�GHVDPSDUDGRV��QD IRUPD�GHVWD�&RQVWLWXLomR�����5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ $UW����6mR�GLUHLWRV�GRV�WUDEDOKDGRUHV�XUEDQRV�H�UXUDLV��DOpP�GH�RXWURV�TXH�YLVHP�j�PHOKRULD�GH�VXD�FRQGLomR�VRFLDO� ,� �� UHODomR� GH� HPSUHJR� SURWHJLGD� FRQWUD� GHVSHGLGD� DUELWUiULD� RX� VHP� MXVWD� FDXVD�� QRV� WHUPRV� GH� OHL� FRPSOHPHQWDU�� TXH� SUHYHUi LQGHQL]DomR�FRPSHQVDWyULD��GHQWUH�RXWURV�GLUHLWRV� ,,���VHJXUR�GHVHPSUHJR��HP�FDVR�GH�GHVHPSUHJR�LQYROXQWiULR� �,,,���IXQGR�GH�JDUDQWLD�GR�WHPSR�GH�VHUYLoR� ,9���VDOiULR�PtQLPR��� IL[DGR�HP� OHL��QDFLRQDOPHQWH�XQLILFDGR��FDSD]�GH�DWHQGHU�D�VXDV�QHFHVVLGDGHV�YLWDLV�EiVLFDV�H�jV�GH�VXD� IDPtOLD FRP� PRUDGLD�� DOLPHQWDomR�� HGXFDomR�� VD~GH�� OD]HU�� YHVWXiULR�� KLJLHQH�� WUDQVSRUWH� H� SUHYLGrQFLD� VRFLDO�� FRP� UHDMXVWHV� SHULyGLFRV� TXH� OKH SUHVHUYHP�R�SRGHU�DTXLVLWLYR��VHQGR�YHGDGD�VXD�YLQFXODomR�SDUD�TXDOTXHU�ILP� 9���SLVR�VDODULDO�SURSRUFLRQDO�j�H[WHQVmR�H�j�FRPSOH[LGDGH�GR�WUDEDOKR� 9,���LUUHGXWLELOLGDGH�GR�VDOiULR��VDOYR�R�GLVSRVWR�HP�FRQYHQomR�RX�DFRUGR�FROHWLYR� 9,,���JDUDQWLD�GH�VDOiULR��QXQFD�LQIHULRU�DR�PtQLPR��SDUD�RV�TXH�SHUFHEHP�UHPXQHUDomR�YDULiYHO� �9,,,���GpFLPR�WHUFHLUR�VDOiULR�FRP�EDVH�QD�UHPXQHUDomR�LQWHJUDO�RX�QR�YDORU�GD�DSRVHQWDGRULD� ,;���UHPXQHUDomR�GR�WUDEDOKR�QRWXUQR�VXSHULRU�j�GR�GLXUQR� �;���SURWHomR�GR�VDOiULR�QD�IRUPD�GD�OHL��FRQVWLWXLQGR�FULPH�VXD�UHWHQomR�GRORVD� ;,� �� SDUWLFLSDomR�QRV� OXFURV�� RX� UHVXOWDGRV�� GHVYLQFXODGD�GD� UHPXQHUDomR��H�� H[FHSFLRQDOPHQWH�� SDUWLFLSDomR�QD�JHVWmR�GD�HPSUHVD� FRQIRUPH�GHILQLGR�HP�OHL� ;,,���VDOiULR�IDPtOLD�SDUD�RV�VHXV�GHSHQGHQWHV� �;,,� �� VDOiULR�IDPtOLD� SDJR� HP� UD]mR� GR� GHSHQGHQWH� GR� WUDEDOKDGRU� GH� EDL[D� UHQGD� QRV� WHUPRV� GD� OHL��5HGDomR� GDGD� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH������ ;,,,���GXUDomR�GR�WUDEDOKR�QRUPDO�QmR�VXSHULRU�D�RLWR�KRUDV�GLiULDV�H�TXDUHQWD�H�TXDWUR�VHPDQDLV��IDFXOWDGD�D�FRPSHQVDomR�GH�KRUiULRV H�D�UHGXomR�GD�MRUQDGD��PHGLDQWH�DFRUGR�RX�FRQYHQomR�FROHWLYD�GH�WUDEDOKR���YLGH�'HFUHWR�/HL�Q��������GH������ ;,9���MRUQDGD�GH�VHLV�KRUDV�SDUD�R�WUDEDOKR�UHDOL]DGR�HP�WXUQRV�LQLQWHUUXSWRV�GH�UHYH]DPHQWR��VDOYR�QHJRFLDomR�FROHWLYD� ;9���UHSRXVR�VHPDQDO�UHPXQHUDGR��SUHIHUHQFLDOPHQWH�DRV�GRPLQJRV� ;9,���UHPXQHUDomR�GR�VHUYLoR�H[WUDRUGLQiULR�VXSHULRU��QR�PtQLPR��HP�FLQTHQWD�SRU�FHQWR�j�GR�QRUPDO���9LGH�'HO��������DUW�������� ;9,,���JR]R�GH�IpULDV�DQXDLV�UHPXQHUDGDV�FRP��SHOR�PHQRV��XP�WHUoR�D�PDLV�GR�TXH�R�VDOiULR�QRUPDO� �;9,,,���OLFHQoD�j�JHVWDQWH��VHP�SUHMXt]R�GR�HPSUHJR�H�GR�VDOiULR��FRP�D�GXUDomR�GH�FHQWR�H�YLQWH�GLDV� ;,;���OLFHQoD�SDWHUQLGDGH��QRV�WHUPRV�IL[DGRV�HP�OHL� ;;���SURWHomR�GR�PHUFDGR�GH�WUDEDOKR�GD�PXOKHU��PHGLDQWH�LQFHQWLYRV�HVSHFtILFRV��QRV�WHUPRV�GD�OHL� ;;,���DYLVR�SUpYLR�SURSRUFLRQDO�DR�WHPSR�GH�VHUYLoR��VHQGR�QR�PtQLPR�GH�WULQWD�GLDV��QRV�WHUPRV�GD�OHL� ;;,,���UHGXomR�GRV�ULVFRV�LQHUHQWHV�DR�WUDEDOKR��SRU�PHLR�GH�QRUPDV�GH�VD~GH��KLJLHQH�H�VHJXUDQoD� ;;,,,���DGLFLRQDO�GH�UHPXQHUDomR�SDUD�DV�DWLYLGDGHV�SHQRVDV��LQVDOXEUHV�RX�SHULJRVDV��QD�IRUPD�GD�OHL� ;;,9���DSRVHQWDGRULD� ;;9���DVVLVWrQFLD�JUDWXLWD�DRV�ILOKRV�H�GHSHQGHQWHV�GHVGH�R�QDVFLPHQWR�DWp�VHLV�DQRV�GH�LGDGH�HP�FUHFKHV�H�SUp�HVFRODV� �;;9� �� DVVLVWrQFLD� JUDWXLWD� DRV� ILOKRV� H� GHSHQGHQWHV� GHVGH� R� QDVFLPHQWR� DWp� �� �FLQFR�� DQRV� GH� LGDGH� HP� FUHFKHV� H� SUp�HVFRODV� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ;;9,���UHFRQKHFLPHQWR�GDV�FRQYHQo}HV�H�DFRUGRV�FROHWLYRV�GH�WUDEDOKR� ;;9,,���SURWHomR�HP�IDFH�GD�DXWRPDomR��QD�IRUPD�GD�OHL� �;;9,,,� �� VHJXUR�FRQWUD�DFLGHQWHV�GH� WUDEDOKR��D�FDUJR�GR�HPSUHJDGRU��VHP�H[FOXLU�D� LQGHQL]DomR�D�TXH�HVWH�HVWi�REULJDGR��TXDQGR LQFRUUHU�HP�GROR�RX�FXOSD� ;;,;���DomR��TXDQWR�D�FUpGLWRV�UHVXOWDQWHV�GDV�UHODo}HV�GH�WUDEDOKR��FRP�SUD]R�SUHVFULFLRQDO�GH� D��FLQFR�DQRV�SDUD�R�WUDEDOKDGRU�XUEDQR��DWp�R�OLPLWH�GH�GRLV�DQRV�DSyV�D�H[WLQomR�GR�FRQWUDWR�� ������E��DWp�GRLV�DQRV�DSyV�D�H[WLQomR�GR�FRQWUDWR��SDUD�R�WUDEDOKDGRU�UXUDO� ;;,;� ��DomR��TXDQWR�DRV�FUpGLWRV� UHVXOWDQWHV�GDV� UHODo}HV�GH� WUDEDOKR�� FRP�SUD]R�SUHVFULFLRQDO�GH�FLQFR�DQRV�SDUD�RV� WUDEDOKDGRUHV XUEDQRV�H� UXUDLV��DWp�R� OLPLWH�GH�GRLV�DQRV�DSyV�D�H[WLQomR�GR�FRQWUDWR�GH� WUDEDOKR��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH ����������� D���5HYRJDGD����5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������������ E���5HYRJDGD����5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������������ ;;;���SURLELomR�GH�GLIHUHQoD�GH�VDOiULRV��GH�H[HUFtFLR�GH�IXQo}HV�H�GH�FULWpULR�GH�DGPLVVmR�SRU�PRWLYR�GH�VH[R�� LGDGH��FRU�RX�HVWDGR FLYLO� ;;;,���SURLELomR�GH�TXDOTXHU�GLVFULPLQDomR�QR�WRFDQWH�D�VDOiULR�H�FULWpULRV�GH�DGPLVVmR�GR�WUDEDOKDGRU�SRUWDGRU�GH�GHILFLrQFLD� ;;;,,���SURLELomR�GH�GLVWLQomR�HQWUH�WUDEDOKR�PDQXDO��WpFQLFR�H�LQWHOHFWXDO�RX�HQWUH�RV�SURILVVLRQDLV�UHVSHFWLYRV� ;;;,,,���SURLELomR�GH� WUDEDOKR�QRWXUQR��SHULJRVR�RX� LQVDOXEUH�DRV�PHQRUHV�GH�GH]RLWR�H�GH�TXDOTXHU� WUDEDOKR�D�PHQRUHV�GH�TXDWRU]H DQRV��VDOYR�QD�FRQGLomR�GH�DSUHQGL]� ;;;,,,� �� SURLELomR�GH� WUDEDOKR�QRWXUQR��SHULJRVR�RX� LQVDOXEUH�D�PHQRUHV�GH�GH]RLWR�H�GH�TXDOTXHU� WUDEDOKR�D�PHQRUHV�GH�GH]HVVHLV DQRV��VDOYR�QD�FRQGLomR�GH�DSUHQGL]��D�SDUWLU�GH�TXDWRU]H�DQRV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ;;;,9���LJXDOGDGH�GH�GLUHLWRV�HQWUH�R�WUDEDOKDGRU�FRP�YtQFXOR�HPSUHJDWtFLR�SHUPDQHQWH�H�R�WUDEDOKDGRU�DYXOVR 3DUiJUDIR� ~QLFR�� 6mR� DVVHJXUDGRV� j� FDWHJRULD� GRV� WUDEDOKDGRUHV� GRPpVWLFRV� RV� GLUHLWRV� SUHYLVWRV� QRV� LQFLVRV� ,9�� 9,�� 9,,,�� ;9�� ;9,,� ;9,,,��;,;��;;,�H�;;,9��EHP�FRPR�D�VXD�LQWHJUDomR�j�SUHYLGrQFLD�VRFLDO� 3DUiJUDIR�~QLFR��6mR�DVVHJXUDGRV�j�FDWHJRULD�GRV� WUDEDOKDGRUHV�GRPpVWLFRV�RV�GLUHLWRV�SUHYLVWRV�QRV�LQFLVRV� ,9��9,��9,,��9,,,��;��;,,,� ;9�� ;9,�� ;9,,�� ;9,,,�� ;,;�� ;;,�� ;;,,�� ;;,9�� ;;9,�� ;;;�� ;;;,� H� ;;;,,,� H�� DWHQGLGDV� DV� FRQGLo}HV� HVWDEHOHFLGDV� HP� OHL� H� REVHUYDGD� D VLPSOLILFDomR�GR�FXPSULPHQWR�GDV�REULJDo}HV�WULEXWiULDV��SULQFLSDLV�H�DFHVVyULDV��GHFRUUHQWHV�GD�UHODomR�GH�WUDEDOKR�H�VXDV�SHFXOLDULGDGHV��RV SUHYLVWRV� QRV� LQFLVRV� ,�� ,,�� ,,,�� ,;�� ;,,�� ;;9� H� ;;9,,,�� EHP� FRPR� D� VXD� LQWHJUDomR� j� SUHYLGrQFLD� VRFLDO�� � � �5HGDomR� GDGD� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH������ $UW����e�OLYUH�D�DVVRFLDomR�SURILVVLRQDO�RX�VLQGLFDO��REVHUYDGR�R�VHJXLQWH� ,���D�OHL�QmR�SRGHUi�H[LJLU�DXWRUL]DomR�GR�(VWDGR�SDUD�D�IXQGDomR�GH�VLQGLFDWR��UHVVDOYDGR�R�UHJLVWUR�QR�yUJmR�FRPSHWHQWH��YHGDGDV�DR 3RGHU�3~EOLFR�D�LQWHUIHUrQFLD�H�D�LQWHUYHQomR�QD�RUJDQL]DomR�VLQGLFDO� ,,���p�YHGDGD�D�FULDomR�GH�PDLV�GH�XPD�RUJDQL]DomR�VLQGLFDO��HP�TXDOTXHU�JUDX��UHSUHVHQWDWLYD�GH�FDWHJRULD�SURILVVLRQDO�RX�HFRQ{PLFD� QD�PHVPD� EDVH� WHUULWRULDO�� TXH� VHUi� GHILQLGD� SHORV� WUDEDOKDGRUHV� RX� HPSUHJDGRUHV� LQWHUHVVDGRV�� QmR� SRGHQGR� VHU� LQIHULRU� j� iUHD� GH� XP 0XQLFtSLR� ,,,� �� DR� VLQGLFDWR� FDEH� D� GHIHVD� GRV� GLUHLWRV� H� LQWHUHVVHV� FROHWLYRV� RX� LQGLYLGXDLV� GD� FDWHJRULD�� LQFOXVLYH� HP� TXHVW}HV� MXGLFLDLV� RX DGPLQLVWUDWLYDV� ,9���D�DVVHPEOpLD�JHUDO�IL[DUi�D�FRQWULEXLomR�TXH��HP�VH�WUDWDQGR�GH�FDWHJRULD�SURILVVLRQDO��VHUi�GHVFRQWDGD�HP�IROKD��SDUD�FXVWHLR�GR VLVWHPD�FRQIHGHUDWLYR�GD�UHSUHVHQWDomR�VLQGLFDO�UHVSHFWLYD��LQGHSHQGHQWHPHQWH�GD�FRQWULEXLomR�SUHYLVWD�HP�OHL� 9���QLQJXpP�VHUi�REULJDGR�D�ILOLDU�VH�RX�D�PDQWHU�VH�ILOLDGR�D�VLQGLFDWR� 9,���p�REULJDWyULD�D�SDUWLFLSDomR�GRV�VLQGLFDWRV�QDV�QHJRFLDo}HV�FROHWLYDV�GH�WUDEDOKR� 9,,���R�DSRVHQWDGR�ILOLDGR�WHP�GLUHLWR�D�YRWDU�H�VHU�YRWDGR�QDV�RUJDQL]Do}HV�VLQGLFDLV� 9,,,���p�YHGDGD�D�GLVSHQVD�GR�HPSUHJDGR�VLQGLFDOL]DGR�D�SDUWLU�GR�UHJLVWUR�GD�FDQGLGDWXUD�D�FDUJR�GH�GLUHomR�RX�UHSUHVHQWDomR�VLQGLFDO H��VH�HOHLWR��DLQGD�TXH�VXSOHQWH��DWp�XP�DQR�DSyV�R�ILQDO�GR�PDQGDWR��VDOYR�VH�FRPHWHU�IDOWD�JUDYH�QRV�WHUPRV�GD�OHL� 3DUiJUDIR�~QLFR��$V�GLVSRVLo}HV�GHVWH�DUWLJR�DSOLFDP�VH�j�RUJDQL]DomR�GH�VLQGLFDWRV�UXUDLV�H�GH�FRO{QLDV�GH�SHVFDGRUHV��DWHQGLGDV�DV FRQGLo}HV�TXH�D�OHL�HVWDEHOHFHU� $UW����e�DVVHJXUDGR�R�GLUHLWR�GH�JUHYH��FRPSHWLQGR�DRV�WUDEDOKDGRUHV�GHFLGLU�VREUH�D�RSRUWXQLGDGH�GH�H[HUFr�OR�H�VREUH�RV�LQWHUHVVHV TXH�GHYDP�SRU�PHLR�GHOH�GHIHQGHU� ���$�OHL�GHILQLUi�RV�VHUYLoRV�RX�DWLYLGDGHV�HVVHQFLDLV�H�GLVSRUi�VREUH�R�DWHQGLPHQWR�GDV�QHFHVVLGDGHV�LQDGLiYHLV�GD�FRPXQLGDGH� ���2V�DEXVRV�FRPHWLGRV�VXMHLWDP�RV�UHVSRQViYHLV�jV�SHQDV�GD�OHL� $UW������e�DVVHJXUDGD�D�SDUWLFLSDomR�GRV� WUDEDOKDGRUHV�H�HPSUHJDGRUHV�QRV�FROHJLDGRV�GRV�yUJmRV�S~EOLFRV�HP�TXH�VHXV� LQWHUHVVHV SURILVVLRQDLV�RX�SUHYLGHQFLiULRV�VHMDP�REMHWR�GH�GLVFXVVmR�H�GHOLEHUDomR� $UW�� ���� 1DV� HPSUHVDV� GH� PDLV� GH� GX]HQWRV� HPSUHJDGRV�� p� DVVHJXUDGD� D� HOHLomR� GH� XP� UHSUHVHQWDQWH� GHVWHV� FRP� D� ILQDOLGDGH H[FOXVLYD�GH�SURPRYHU�OKHV�R�HQWHQGLPHQWR�GLUHWR�FRP�RV�HPSUHJDGRUHV� &$3Ë78/2�,,, '$�1$&,21$/,'$'( $UW������6mR�EUDVLOHLURV� ,���QDWRV� D��RV�QDVFLGRV�QD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO��DLQGD�TXH�GH�SDLV�HVWUDQJHLURV��GHVGH�TXH�HVWHV�QmR�HVWHMDP�D�VHUYLoR�GH�VHX�SDtV� E��RV�QDVFLGRV�QR�HVWUDQJHLUR��GH�SDL�EUDVLOHLUR�RX�PmH�EUDVLOHLUD��GHVGH�TXH�TXDOTXHU�GHOHV�HVWHMD�D�VHUYLoR�GD�5HS~EOLFD�)HGHUDWLYD�GR %UDVLO� F��RV�QDVFLGRV�QR�HVWUDQJHLUR��GH�SDL�EUDVLOHLUR�RX�GH�PmH�EUDVLOHLUD��GHVGH�TXH�VHMDP�UHJLVWUDGRV�HP�UHSDUWLomR�EUDVLOHLUD�FRPSHWHQWH� RX� YHQKDP� D� UHVLGLU� QD� 5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO� DQWHV� GD� PDLRULGDGH� H�� DOFDQoDGD� HVWD�� RSWHP�� HP� TXDOTXHU� WHPSR�� SHOD QDFLRQDOLGDGH�EUDVLOHLUD� ������F��RV�QDVFLGRV�QR�HVWUDQJHLUR��GH�SDL�EUDVLOHLUR�RX�PmH�EUDVLOHLUD��GHVGH�TXH�YHQKDP�D�UHVLGLU�QD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�H�RSWHP� HP�TXDOTXHU�WHPSR��SHOD�QDFLRQDOLGDGH�EUDVLOHLUD��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ F��RV�QDVFLGRV�QR�HVWUDQJHLUR�GH�SDL�EUDVLOHLUR�RX�GH�PmH�EUDVLOHLUD��GHVGH�TXH�VHMDP�UHJLVWUDGRV�HP�UHSDUWLomR�EUDVLOHLUD�FRPSHWHQWH�RX YHQKDP� D� UHVLGLU� QD� 5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO� H� RSWHP�� HP� TXDOTXHU� WHPSR�� GHSRLV� GH� DWLQJLGD� D� PDLRULGDGH�� SHOD� QDFLRQDOLGDGH EUDVLOHLUD���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,,���QDWXUDOL]DGRV� D�� RV� TXH�� QD� IRUPD� GD� OHL�� DGTXLUDP� D� QDFLRQDOLGDGH� EUDVLOHLUD�� H[LJLGDV� DRV� RULJLQiULRV� GH� SDtVHV� GH� OtQJXD� SRUWXJXHVD� DSHQDV UHVLGrQFLD�SRU�XP�DQR�LQLQWHUUXSWR�H�LGRQHLGDGH�PRUDO� E��RV�HVWUDQJHLURV�GH�TXDOTXHU�QDFLRQDOLGDGH��UHVLGHQWHV�QD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�Ki�PDLV�GH�WULQWD�DQRV�LQLQWHUUXSWRV�H�VHP FRQGHQDomR�SHQDO��GHVGH�TXH�UHTXHLUDP�D�QDFLRQDOLGDGH�EUDVLOHLUD� E��RV�HVWUDQJHLURV�GH�TXDOTXHU�QDFLRQDOLGDGH��UHVLGHQWHV�QD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�Ki�PDLV�GH�TXLQ]H�DQRV�LQLQWHUUXSWRV�H�VHP FRQGHQDomR�SHQDO��GHVGH�TXH�UHTXHLUDP�D�QDFLRQDOLGDGH�EUDVLOHLUD��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ �����$RV�SRUWXJXHVHV�FRP�UHVLGrQFLD�SHUPDQHQWH�QR�3DtV��VH�KRXYHU�UHFLSURFLGDGH�HP�IDYRU�GH�EUDVLOHLURV��VHUmR�DWULEXtGRV�RV�GLUHLWRV LQHUHQWHV�DR�EUDVLOHLUR�QDWR��VDOYR�RV�FDVRV�SUHYLVWRV�QHVWD�&RQVWLWXLomR� �����$RV�SRUWXJXHVHV�FRP�UHVLGrQFLD�SHUPDQHQWH�QR�3DtV��VH�KRXYHU�UHFLSURFLGDGH�HP�IDYRU�GH�EUDVLOHLURV��VHUmR�DWULEXtGRV�RV�GLUHLWRV LQHUHQWHV�DR�EUDVLOHLUR��VDOYR�RV�FDVRV�SUHYLVWRV�QHVWD�&RQVWLWXLomR��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ ���$�OHL�QmR�SRGHUi�HVWDEHOHFHU�GLVWLQomR�HQWUH�EUDVLOHLURV�QDWRV�H�QDWXUDOL]DGRV��VDOYR�QRV�FDVRV�SUHYLVWRV�QHVWD�&RQVWLWXLomR� ���6mR�SULYDWLYRV�GH�EUDVLOHLUR�QDWR�RV�FDUJRV� ,���GH�3UHVLGHQWH�H�9LFH�3UHVLGHQWH�GD�5HS~EOLFD� ,,���GH�3UHVLGHQWH�GD�&kPDUD�GRV�'HSXWDGRV� ,,,���GH�3UHVLGHQWH�GR�6HQDGR�)HGHUDO� ,9���GH�0LQLVWUR�GR�6XSUHPR�7ULEXQDO�)HGHUDO� 9���GD�FDUUHLUD�GLSORPiWLFD� 9,���GH�RILFLDO�GDV�)RUoDV�$UPDGDV� 9,,���GH�0LQLVWUR�GH�(VWDGR�GD�'HIHVD�,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ �����6HUi�GHFODUDGD�D�SHUGD�GD�QDFLRQDOLGDGH�GR�EUDVLOHLUR�TXH� ,���WLYHU�FDQFHODGD�VXD�QDWXUDOL]DomR��SRU�VHQWHQoD�MXGLFLDO��HP�YLUWXGH�GH�DWLYLGDGH�QRFLYD�DR�LQWHUHVVH�QDFLRQDO� ,,���DGTXLULU�RXWUD�QDFLRQDOLGDGH�SRU�QDWXUDOL]DomR�YROXQWiULD� ,,���DGTXLULU�RXWUD�QDFLRQDOLGDGH��VDOYR�QRV�FDVRV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ D��GH�UHFRQKHFLPHQWR�GH�QDFLRQDOLGDGH�RULJLQiULD�SHOD�OHL�HVWUDQJHLUD���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ E�� GH� LPSRVLomR� GH� QDWXUDOL]DomR�� SHOD� QRUPD� HVWUDQJHLUD�� DR� EUDVLOHLUR� UHVLGHQWH� HP� HVWDGR� HVWUDQJHLUR�� FRPR� FRQGLomR� SDUD SHUPDQrQFLD�HP�VHX�WHUULWyULR�RX�SDUD�R�H[HUFtFLR�GH�GLUHLWRV�FLYLV���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ $UW������$�OtQJXD�SRUWXJXHVD�p�R�LGLRPD�RILFLDO�GD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO� ���6mR�VtPERORV�GD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�D�EDQGHLUD��R�KLQR��DV�DUPDV�H�R�VHOR�QDFLRQDLV� ���2V�(VWDGRV��R�'LVWULWR�)HGHUDO�H�RV�0XQLFtSLRV�SRGHUmR�WHU�VtPERORV�SUySULRV� &$3Ë78/2�,9 '26�',5(,726�32/Ë7,&26 $UW������$�VREHUDQLD�SRSXODU�VHUi�H[HUFLGD�SHOR�VXIUiJLR�XQLYHUVDO�H�SHOR�YRWR�GLUHWR�H�VHFUHWR��FRP�YDORU�LJXDO�SDUD�WRGRV��H��QRV�WHUPRV GD�OHL��PHGLDQWH� ,���SOHELVFLWR� ,,���UHIHUHQGR� ,,,���LQLFLDWLYD�SRSXODU� ���2�DOLVWDPHQWR�HOHLWRUDO�H�R�YRWR�VmR� ,���REULJDWyULRV�SDUD�RV�PDLRUHV�GH�GH]RLWR�DQRV� ,,���IDFXOWDWLYRV�SDUD� D��RV�DQDOIDEHWRV� E��RV�PDLRUHV�GH�VHWHQWD�DQRV� F��RV�PDLRUHV�GH�GH]HVVHLV�H�PHQRUHV�GH�GH]RLWR�DQRV� ���1mR�SRGHP�DOLVWDU�VH�FRPR�HOHLWRUHV�RV�HVWUDQJHLURV�H��GXUDQWH�R�SHUtRGR�GR�VHUYLoR�PLOLWDU�REULJDWyULR��RV�FRQVFULWRV� ���6mR�FRQGLo}HV�GH�HOHJLELOLGDGH��QD�IRUPD�GD�OHL� ,���D�QDFLRQDOLGDGH�EUDVLOHLUD� ,,���R�SOHQR�H[HUFtFLR�GRV�GLUHLWRV�SROtWLFRV� ,,,���R�DOLVWDPHQWR�HOHLWRUDO� ,9���R�GRPLFtOLR�HOHLWRUDO�QD�FLUFXQVFULomR� �9���D�ILOLDomR�SDUWLGiULD�����5HJXODPHQWR9,���D�LGDGH�PtQLPD�GH� D��WULQWD�H�FLQFR�DQRV�SDUD�3UHVLGHQWH�H�9LFH�3UHVLGHQWH�GD�5HS~EOLFD�H�6HQDGRU� E��WULQWD�DQRV�SDUD�*RYHUQDGRU�H�9LFH�*RYHUQDGRU�GH�(VWDGR�H�GR�'LVWULWR�)HGHUDO� F��YLQWH�H�XP�DQRV�SDUD�'HSXWDGR�)HGHUDO��'HSXWDGR�(VWDGXDO�RX�'LVWULWDO��3UHIHLWR��9LFH�3UHIHLWR�H�MXL]�GH�SD]� G��GH]RLWR�DQRV�SDUD�9HUHDGRU� ���6mR�LQHOHJtYHLV�RV�LQDOLVWiYHLV�H�RV�DQDOIDEHWRV� ���6mR� LQHOHJtYHLV�SDUD�RV�PHVPRV�FDUJRV��QR�SHUtRGR�VXEVHTHQWH��R�3UHVLGHQWH�GD�5HS~EOLFD��RV�*RYHUQDGRUHV�GH�(VWDGR�H�GR 'LVWULWR�)HGHUDO��RV�3UHIHLWRV�H�TXHP�RV�KRXYHU�VXFHGLGR��RX�VXEVWLWXtGR�QRV�VHLV�PHVHV�DQWHULRUHV�DR�SOHLWR� � �� 2� 3UHVLGHQWH� GD� 5HS~EOLFD�� RV� *RYHUQDGRUHV� GH� (VWDGR� H� GR� 'LVWULWR� )HGHUDO�� RV� 3UHIHLWRV� H� TXHP� RV� KRXYHU� VXFHGLGR�� RX VXEVWLWXtGR�QR�FXUVR�GRV�PDQGDWRV�SRGHUmR�VHU�UHHOHLWRV�SDUD�XP�~QLFR�SHUtRGR�VXEVHTHQWH��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q ����GH������ ���3DUD� FRQFRUUHUHP�D�RXWURV� FDUJRV�� R�3UHVLGHQWH� GD�5HS~EOLFD�� RV�*RYHUQDGRUHV�GH�(VWDGR�H� GR�'LVWULWR�)HGHUDO� H� RV�3UHIHLWRV GHYHP�UHQXQFLDU�DRV�UHVSHFWLYRV�PDQGDWRV�DWp�VHLV�PHVHV�DQWHV�GR�SOHLWR� ���6mR�LQHOHJtYHLV��QR�WHUULWyULR�GH�MXULVGLomR�GR�WLWXODU��R�F{QMXJH�H�RV�SDUHQWHV�FRQVDQJtQHRV�RX�DILQV��DWp�R�VHJXQGR�JUDX�RX�SRU DGRomR��GR�3UHVLGHQWH�GD�5HS~EOLFD��GH�*RYHUQDGRU�GH�(VWDGR�RX�7HUULWyULR��GR�'LVWULWR�)HGHUDO��GH�3UHIHLWR�RX�GH�TXHP�RV�KDMD�VXEVWLWXtGR GHQWUR�GRV�VHLV�PHVHV�DQWHULRUHV�DR�SOHLWR��VDOYR�VH�Mi�WLWXODU�GH�PDQGDWR�HOHWLYR�H�FDQGLGDWR�j�UHHOHLomR� ����2�PLOLWDU�DOLVWiYHO�p�HOHJtYHO��DWHQGLGDV�DV�VHJXLQWHV�FRQGLo}HV� ,���VH�FRQWDU�PHQRV�GH�GH]�DQRV�GH�VHUYLoR��GHYHUi�DIDVWDU�VH�GD�DWLYLGDGH� ,,� ��VH�FRQWDU�PDLV�GH�GH]�DQRV�GH�VHUYLoR��VHUi�DJUHJDGR�SHOD�DXWRULGDGH�VXSHULRU�H��VH�HOHLWR��SDVVDUi�DXWRPDWLFDPHQWH��QR�DWR�GD GLSORPDomR��SDUD�D�LQDWLYLGDGH� ���/HL�FRPSOHPHQWDU�HVWDEHOHFHUi�RXWURV�FDVRV�GH� LQHOHJLELOLGDGH�H�RV�SUD]RV�GH�VXD�FHVVDomR��D� ILP�GH�SURWHJHU�D�QRUPDOLGDGH�H OHJLWLPLGDGH�GDV�HOHLo}HV�FRQWUD�D� LQIOXrQFLD�GR�SRGHU�HFRQ{PLFR�RX�R�DEXVR�GR�H[HUFtFLR�GH� IXQomR��FDUJR�RX�HPSUHJR�QD�DGPLQLVWUDomR GLUHWD�RX�LQGLUHWD� � �� /HL� FRPSOHPHQWDU� HVWDEHOHFHUi� RXWURV� FDVRV� GH� LQHOHJLELOLGDGH� H� RV� SUD]RV� GH� VXD� FHVVDomR�� D� ILP� GH� SURWHJHU� D� SURELGDGH DGPLQLVWUDWLYD�� D� PRUDOLGDGH� SDUD� H[HUFtFLR� GH� PDQGDWR� FRQVLGHUDGD� YLGD� SUHJUHVVD� GR� FDQGLGDWR�� H� D� QRUPDOLGDGH� H� OHJLWLPLGDGH� GDV HOHLo}HV�FRQWUD�D�LQIOXrQFLD�GR�SRGHU�HFRQ{PLFR�RX�R�DEXVR�GR�H[HUFtFLR�GH�IXQomR��FDUJR�RX�HPSUHJR�QD�DGPLQLVWUDomR�GLUHWD�RX�LQGLUHWD� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�GH�5HYLVmR�Q����GH������ ������2�PDQGDWR�HOHWLYR�SRGHUi�VHU� LPSXJQDGR�DQWH�D�-XVWLoD�(OHLWRUDO�QR�SUD]R�GH�TXLQ]H�GLDV�FRQWDGRV�GD�GLSORPDomR�� LQVWUXtGD�D DomR�FRP�SURYDV�GH�DEXVR�GR�SRGHU�HFRQ{PLFR��FRUUXSomR�RX�IUDXGH� ������$�DomR�GH�LPSXJQDomR�GH�PDQGDWR�WUDPLWDUi�HP�VHJUHGR�GH�MXVWLoD��UHVSRQGHQGR�R�DXWRU��QD�IRUPD�GD�OHL��VH�WHPHUiULD�RX�GH PDQLIHVWD�Pi�Ip� $UW������e�YHGDGD�D�FDVVDomR�GH�GLUHLWRV�SROtWLFRV��FXMD�SHUGD�RX�VXVSHQVmR�Vy�VH�GDUi�QRV�FDVRV�GH� ,���FDQFHODPHQWR�GD�QDWXUDOL]DomR�SRU�VHQWHQoD�WUDQVLWDGD�HP�MXOJDGR� ,,���LQFDSDFLGDGH�FLYLO�DEVROXWD� ,,,���FRQGHQDomR�FULPLQDO�WUDQVLWDGD�HP�MXOJDGR��HQTXDQWR�GXUDUHP�VHXV�HIHLWRV� ,9���UHFXVD�GH�FXPSULU�REULJDomR�D�WRGRV�LPSRVWD�RX�SUHVWDomR�DOWHUQDWLYD��QRV�WHUPRV�GR�DUW�����9,,,� 9���LPSURELGDGH�DGPLQLVWUDWLYD��QRV�WHUPRV�GR�DUW��������� $UW�����$�OHL�TXH�DOWHUDU�R�SURFHVVR�HOHLWRUDO�Vy�HQWUDUi�HP�YLJRU�XP�DQR�DSyV�VXD�SURPXOJDomR� $UW������$�OHL�TXH�DOWHUDU�R�SURFHVVR�HOHLWRUDO�HQWUDUi�HP�YLJRU�QD�GDWD�GH�VXD�SXEOLFDomR��QmR�VH�DSOLFDQGR�j�HOHLomR�TXH�RFRUUD�DWp�XP DQR�GD�GDWD�GH�VXD�YLJrQFLD���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ &$3Ë78/2�9 '26�3$57,'26�32/Ë7,&26 � $UW�� ���� e� OLYUH� D� FULDomR�� IXVmR�� LQFRUSRUDomR� H� H[WLQomR� GH� SDUWLGRV� SROtWLFRV�� UHVJXDUGDGRV� D� VREHUDQLD� QDFLRQDO�� R� UHJLPH GHPRFUiWLFR��R�SOXULSDUWLGDULVPR��RV�GLUHLWRV�IXQGDPHQWDLV�GD�SHVVRD�KXPDQD�H�REVHUYDGRV�RV�VHJXLQWHV�SUHFHLWRV��5HJXODPHQWR ,���FDUiWHU�QDFLRQDO� ,,���SURLELomR�GH�UHFHELPHQWR�GH�UHFXUVRV�ILQDQFHLURV�GH�HQWLGDGH�RX�JRYHUQR�HVWUDQJHLURV�RX�GH�VXERUGLQDomR�D�HVWHV� ,,,���SUHVWDomR�GH�FRQWDV�j�-XVWLoD�(OHLWRUDO� ,9���IXQFLRQDPHQWR�SDUODPHQWDU�GH�DFRUGR�FRP�D�OHL� � �� e� DVVHJXUDGD� DRV� SDUWLGRV� SROtWLFRV� DXWRQRPLD� SDUD� GHILQLU� VXD� HVWUXWXUD� LQWHUQD�� RUJDQL]DomR� H� IXQFLRQDPHQWR�� GHYHQGR� VHXV HVWDWXWRV�HVWDEHOHFHU�QRUPDV�GH�ILGHOLGDGH�H�GLVFLSOLQD�SDUWLGiULDV� ���e�DVVHJXUDGD�DRV�SDUWLGRV�SROtWLFRV�DXWRQRPLD�SDUD�GHILQLU�VXD�HVWUXWXUD� LQWHUQD��RUJDQL]DomR�H� IXQFLRQDPHQWR�H�SDUD�DGRWDU�RV FULWpULRV�GH�HVFROKD�H�R�UHJLPH�GH�VXDV�FROLJDo}HV�HOHLWRUDLV��VHP�REULJDWRULHGDGH�GH�YLQFXODomR�HQWUH�DV�FDQGLGDWXUDV�HP�kPELWR�QDFLRQDO� HVWDGXDO��GLVWULWDO�RX�PXQLFLSDO��GHYHQGR�VHXV�HVWDWXWRV�HVWDEHOHFHU�QRUPDV�GH�GLVFLSOLQD�H�ILGHOLGDGH�SDUWLGiULD���5HGDomR�GDGD�SHOD�(PHQGD &RQVWLWXFLRQDO�Q�����GH������ ���2V�SDUWLGRV�SROtWLFRV��DSyV�DGTXLULUHP�SHUVRQDOLGDGH� MXUtGLFD��QD� IRUPD�GD� OHL�FLYLO�� UHJLVWUDUmR�VHXV�HVWDWXWRV�QR�7ULEXQDO�6XSHULRU (OHLWRUDO� ���2V�SDUWLGRV�SROtWLFRV�WrP�GLUHLWR�D�UHFXUVRV�GR�IXQGR�SDUWLGiULR�H�DFHVVR�JUDWXLWR�DR�UiGLR�H�j�WHOHYLVmR��QD�IRUPD�GD�OHL� ���e�YHGDGD�D�XWLOL]DomR�SHORV�SDUWLGRV�SROtWLFRV�GH�RUJDQL]DomR�SDUDPLOLWDU� 7Ë78/2�,,, '$�25*$1,=$d2�'2�(67$'2 &$3Ë78/2�, '$�25*$1,=$d2�32/Ë7,&2�$'0,1,675$7,9$ $UW������$�RUJDQL]DomR�SROtWLFR�DGPLQLVWUDWLYD�GD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO�FRPSUHHQGH�D�8QLmR��RV�(VWDGRV��R�'LVWULWR�)HGHUDO�H�RV 0XQLFtSLRV��WRGRV�DXW{QRPRV��QRV�WHUPRV�GHVWD�&RQVWLWXLomR� ���%UDVtOLD�p�D�&DSLWDO�)HGHUDO� � ��2V� 7HUULWyULRV� )HGHUDLV� LQWHJUDP� D�8QLmR�� H� VXD� FULDomR�� WUDQVIRUPDomR� HP�(VWDGR� RX� UHLQWHJUDomR� DR�(VWDGR� GH� RULJHP� VHUmR UHJXODGDV�HP�OHL�FRPSOHPHQWDU� ���2V�(VWDGRV�SRGHP�LQFRUSRUDU�VH�HQWUH�VL��VXEGLYLGLU�VH�RX�GHVPHPEUDU�VH�SDUD�VH�DQH[DUHP�D�RXWURV��RX�IRUPDUHP�QRYRV�(VWDGRV RX�7HUULWyULRV�)HGHUDLV��PHGLDQWH�DSURYDomR�GD�SRSXODomR�GLUHWDPHQWH� LQWHUHVVDGD��DWUDYpV�GH�SOHELVFLWR��H�GR�&RQJUHVVR�1DFLRQDO��SRU� OHL FRPSOHPHQWDU� ���$�FULDomR��D�LQFRUSRUDomR��D�IXVmR�H�R�GHVPHPEUDPHQWR�GH�0XQLFtSLRV�SUHVHUYDUmR�D�FRQWLQXLGDGH�H�D�XQLGDGH�KLVWyULFR�FXOWXUDO�GR DPELHQWH�XUEDQR�� IDU�VH�mR�SRU� OHL�HVWDGXDO��REHGHFLGRV�RV� UHTXLVLWRV�SUHYLVWRV�HP�/HL�&RPSOHPHQWDU�HVWDGXDO��H�GHSHQGHUmR�GH�FRQVXOWD SUpYLD��PHGLDQWH�SOHELVFLWR��jV�SRSXODo}HV�GLUHWDPHQWH�LQWHUHVVDGDV� ���$�FULDomR��D�LQFRUSRUDomR��D�IXVmR�H�R�GHVPHPEUDPHQWR�GH�0XQLFtSLRV��IDU�VH�mR�SRU�OHL�HVWDGXDO��GHQWUR�GR�SHUtRGR�GHWHUPLQDGR SRU� /HL� &RPSOHPHQWDU� )HGHUDO�� H� GHSHQGHUmR� GH� FRQVXOWD� SUpYLD�� PHGLDQWH� SOHELVFLWR�� jV� SRSXODo}HV� GRV� 0XQLFtSLRV� HQYROYLGRV�� DSyV GLYXOJDomR�GRV�(VWXGRV�GH�9LDELOLGDGH�0XQLFLSDO��DSUHVHQWDGRV�H�SXEOLFDGRV�QD�IRUPD�GD�OHL��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q ����GH�����������9LGH�DUW�������$'&7 $UW������e�YHGDGR�j�8QLmR��DRV�(VWDGRV��DR�'LVWULWR�)HGHUDO�H�DRV�0XQLFtSLRV� ,� �� HVWDEHOHFHU� FXOWRV� UHOLJLRVRV� RX� LJUHMDV�� VXEYHQFLRQi�ORV�� HPEDUDoDU�OKHV� R� IXQFLRQDPHQWR� RX� PDQWHU� FRP� HOHV� RX� VHXV UHSUHVHQWDQWHV�UHODo}HV�GH�GHSHQGrQFLD�RX�DOLDQoD��UHVVDOYDGD��QD�IRUPD�GD�OHL��D�FRODERUDomR�GH�LQWHUHVVH�S~EOLFR� ,,���UHFXVDU�Ip�DRV�GRFXPHQWRV�S~EOLFRV� ,,,���FULDU�GLVWLQo}HV�HQWUH�EUDVLOHLURV�RX�SUHIHUrQFLDV�HQWUH�VL� &$3Ë78/2�,, '$�81,2 $UW������6mR�EHQV�GD�8QLmR� ,���RV�TXH�DWXDOPHQWH�OKH�SHUWHQFHP�H�RV�TXH�OKH�YLHUHP�D�VHU�DWULEXtGRV� ,,� �� DV� WHUUDV� GHYROXWDV� LQGLVSHQViYHLV� j� GHIHVD� GDV� IURQWHLUDV�� GDV� IRUWLILFDo}HV� H� FRQVWUXo}HV� PLOLWDUHV�� GDV� YLDV� IHGHUDLV� GH FRPXQLFDomR�H�j�SUHVHUYDomR�DPELHQWDO��GHILQLGDV�HP�OHL� ,,,���RV�ODJRV��ULRV�H�TXDLVTXHU�FRUUHQWHV�GH�iJXD�HP�WHUUHQRV�GH�VHX�GRPtQLR��RX�TXH�EDQKHP�PDLV�GH�XP�(VWDGR��VLUYDP�GH�OLPLWHV�FRP RXWURV�SDtVHV��RX�VH�HVWHQGDP�D�WHUULWyULR�HVWUDQJHLUR�RX�GHOH�SURYHQKDP��EHP�FRPR�RV�WHUUHQRV�PDUJLQDLV�H�DV�SUDLDV�IOXYLDLV�,9���DV�LOKDV�IOXYLDLV�H�ODFXVWUHV�QDV�]RQDV�OLPtWURIHV�FRP�RXWURV�SDtVHV��DV�SUDLDV�PDUtWLPDV��DV�LOKDV�RFHkQLFDV�H�DV�FRVWHLUDV��H[FOXtGDV� GHVWDV��DV�iUHDV�UHIHULGDV�QR�DUW������,,� ,9�DV�LOKDV�IOXYLDLV�H�ODFXVWUHV�QDV�]RQDV�OLPtWURIHV�FRP�RXWURV�SDtVHV��DV�SUDLDV�PDUtWLPDV��DV�LOKDV�RFHkQLFDV�H�DV�FRVWHLUDV��H[FOXtGDV� GHVWDV�� DV� TXH� FRQWHQKDP�D� VHGH� GH�0XQLFtSLRV�� H[FHWR� DTXHODV� iUHDV� DIHWDGDV� DR� VHUYLoR� S~EOLFR� H� D� XQLGDGH� DPELHQWDO� IHGHUDO�� H� DV UHIHULGDV�QR�DUW������,,��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ 9���RV�UHFXUVRV�QDWXUDLV�GD�SODWDIRUPD�FRQWLQHQWDO�H�GD�]RQD�HFRQ{PLFD�H[FOXVLYD� 9,���R�PDU�WHUULWRULDO� 9,,���RV�WHUUHQRV�GH�PDULQKD�H�VHXV�DFUHVFLGRV� 9,,,���RV�SRWHQFLDLV�GH�HQHUJLD�KLGUiXOLFD� ,;���RV�UHFXUVRV�PLQHUDLV��LQFOXVLYH�RV�GR�VXEVROR� ;���DV�FDYLGDGHV�QDWXUDLV�VXEWHUUkQHDV�H�RV�VtWLRV�DUTXHROyJLFRV�H�SUp�KLVWyULFRV� ;,���DV�WHUUDV�WUDGLFLRQDOPHQWH�RFXSDGDV�SHORV�tQGLRV� ���e�DVVHJXUDGD��QRV�WHUPRV�GD�OHL��DRV�(VWDGRV��DR�'LVWULWR�)HGHUDO�H�DRV�0XQLFtSLRV��EHP�FRPR�D�yUJmRV�GD�DGPLQLVWUDomR�GLUHWD�GD 8QLmR��SDUWLFLSDomR�QR�UHVXOWDGR�GD�H[SORUDomR�GH�SHWUyOHR�RX�JiV�QDWXUDO��GH�UHFXUVRV�KtGULFRV�SDUD�ILQV�GH�JHUDomR�GH�HQHUJLD�HOpWULFD�H�GH RXWURV� UHFXUVRV� PLQHUDLV� QR� UHVSHFWLYR� WHUULWyULR�� SODWDIRUPD� FRQWLQHQWDO�� PDU� WHUULWRULDO� RX� ]RQD� HFRQ{PLFD� H[FOXVLYD�� RX� FRPSHQVDomR ILQDQFHLUD�SRU�HVVD�H[SORUDomR� ���$� IDL[D�GH�DWp�FHQWR�H�FLQTHQWD�TXLO{PHWURV�GH� ODUJXUD��DR� ORQJR�GDV� IURQWHLUDV� WHUUHVWUHV��GHVLJQDGD�FRPR�IDL[D�GH� IURQWHLUD��p FRQVLGHUDGD�IXQGDPHQWDO�SDUD�GHIHVD�GR�WHUULWyULR�QDFLRQDO��H�VXD�RFXSDomR�H�XWLOL]DomR�VHUmR�UHJXODGDV�HP�OHL� $UW������&RPSHWH�j�8QLmR� ,���PDQWHU�UHODo}HV�FRP�(VWDGRV�HVWUDQJHLURV�H�SDUWLFLSDU�GH�RUJDQL]Do}HV�LQWHUQDFLRQDLV� ,,���GHFODUDU�D�JXHUUD�H�FHOHEUDU�D�SD]� ,,,���DVVHJXUDU�D�GHIHVD�QDFLRQDO� ,9� �� SHUPLWLU�� QRV� FDVRV�SUHYLVWRV�HP� OHL� FRPSOHPHQWDU�� TXH� IRUoDV�HVWUDQJHLUDV� WUDQVLWHP�SHOR� WHUULWyULR�QDFLRQDO� RX�QHOH�SHUPDQHoDP WHPSRUDULDPHQWH� 9���GHFUHWDU�R�HVWDGR�GH�VtWLR��R�HVWDGR�GH�GHIHVD�H�D�LQWHUYHQomR�IHGHUDO� 9,���DXWRUL]DU�H�ILVFDOL]DU�D�SURGXomR�H�R�FRPpUFLR�GH�PDWHULDO�EpOLFR� 9,,���HPLWLU�PRHGD� 9,,,���DGPLQLVWUDU�DV�UHVHUYDV�FDPELDLV�GR�3DtV�H�ILVFDOL]DU�DV�RSHUDo}HV�GH�QDWXUH]D�ILQDQFHLUD��HVSHFLDOPHQWH�DV�GH�FUpGLWR��FkPELR�H FDSLWDOL]DomR��EHP�FRPR�DV�GH�VHJXURV�H�GH�SUHYLGrQFLD�SULYDGD� ,;���HODERUDU�H�H[HFXWDU�SODQRV�QDFLRQDLV�H�UHJLRQDLV�GH�RUGHQDomR�GR�WHUULWyULR�H�GH�GHVHQYROYLPHQWR�HFRQ{PLFR�H�VRFLDO� �;���PDQWHU�R�VHUYLoR�SRVWDO�H�R�FRUUHLR�DpUHR�QDFLRQDO� ;,� ��H[SORUDU�� GLUHWDPHQWH�RX�PHGLDQWH� FRQFHVVmR�D�HPSUHVDV� VRE�FRQWUROH�DFLRQiULR�HVWDWDO�� RV� VHUYLoRV� WHOHI{QLFRV�� WHOHJUiILFRV�� GH WUDQVPLVVmR�GH�GDGRV�H�GHPDLV�VHUYLoRV�S~EOLFRV�GH�WHOHFRPXQLFDo}HV��DVVHJXUDGD�D�SUHVWDomR�GH�VHUYLoRV�GH� LQIRUPDo}HV�SRU�HQWLGDGHV GH�GLUHLWR�SULYDGR�DWUDYpV�GD�UHGH�S~EOLFD�GH�WHOHFRPXQLFDo}HV�H[SORUDGD�SHOD�8QLmR� ;,���H[SORUDU��GLUHWDPHQWH�RX�PHGLDQWH�DXWRUL]DomR��FRQFHVVmR�RX�SHUPLVVmR��RV�VHUYLoRV�GH�WHOHFRPXQLFDo}HV��QRV�WHUPRV�GD�OHL��TXH GLVSRUi�VREUH�D�RUJDQL]DomR�GRV�VHUYLoRV��D�FULDomR�GH�XP�yUJmR� UHJXODGRU�H�RXWURV�DVSHFWRV� LQVWLWXFLRQDLV��5HGDomR� GDGD� SHOD�(PHQGD &RQVWLWXFLRQDO�Q����GH����������� ;,,���H[SORUDU��GLUHWDPHQWH�RX�PHGLDQWH�DXWRUL]DomR��FRQFHVVmR�RX�SHUPLVVmR� D��RV�VHUYLoRV�GH�UDGLRGLIXVmR�VRQRUD��H�GH�VRQV�H�LPDJHQV�H�GHPDLV�VHUYLoRV�GH�WHOHFRPXQLFDo}HV� D��RV�VHUYLoRV�GH�UDGLRGLIXVmR�VRQRUD��H�GH�VRQV�H�LPDJHQV��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH����������� E��RV�VHUYLoRV�H�LQVWDODo}HV�GH�HQHUJLD�HOpWULFD�H�R�DSURYHLWDPHQWR�HQHUJpWLFR�GRV�FXUVRV�GH�iJXD��HP�DUWLFXODomR�FRP�RV�(VWDGRV�RQGH VH�VLWXDP�RV�SRWHQFLDLV�KLGURHQHUJpWLFRV� F��D�QDYHJDomR�DpUHD��DHURHVSDFLDO�H�D�LQIUD�HVWUXWXUD�DHURSRUWXiULD� G�� RV� VHUYLoRV� GH� WUDQVSRUWH� IHUURYLiULR� H� DTXDYLiULR� HQWUH� SRUWRV� EUDVLOHLURV� H� IURQWHLUDV� QDFLRQDLV�� RX� TXH� WUDQVSRQKDP�RV� OLPLWHV� GH (VWDGR�RX�7HUULWyULR� H��RV�VHUYLoRV�GH�WUDQVSRUWH�URGRYLiULR�LQWHUHVWDGXDO�H�LQWHUQDFLRQDO�GH�SDVVDJHLURV� I��RV�SRUWRV�PDUtWLPRV��IOXYLDLV�H�ODFXVWUHV� �;,,,���RUJDQL]DU�H�PDQWHU�R�3RGHU�-XGLFLiULR��R�0LQLVWpULR�3~EOLFR�H�D�'HIHQVRULD�3~EOLFD�GR�'LVWULWR�)HGHUDO�H�GRV�7HUULWyULRV� ;,,,� �� RUJDQL]DU� H� PDQWHU� R� 3RGHU� -XGLFLiULR�� R� 0LQLVWpULR� 3~EOLFR� GR� 'LVWULWR� )HGHUDO� H� GRV� 7HUULWyULRV� H� D� 'HIHQVRULD� 3~EOLFD� GRV 7HUULWyULRV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH���������3URGXomR�GH�HIHLWR� ;,9���RUJDQL]DU�H�PDQWHU�D�SROtFLD�IHGHUDO��D�SROtFLD�URGRYLiULD�H�D�IHUURYLiULD�IHGHUDLV��EHP�FRPR�D�SROtFLD�FLYLO��D�SROtFLD�PLOLWDU�H�R�FRUSR GH�ERPEHLURV�PLOLWDU�GR�'LVWULWR�)HGHUDO�H�GRV�7HUULWyULRV� ;,9���RUJDQL]DU�H�PDQWHU�D�SROtFLD�FLYLO��D�SROtFLD�PLOLWDU�H�R�FRUSR�GH�ERPEHLURV�PLOLWDU�GR�'LVWULWR�)HGHUDO��EHP�FRPR�SUHVWDU�DVVLVWrQFLD ILQDQFHLUD�DR�'LVWULWR�)HGHUDO�SDUD�D�H[HFXomR�GH�VHUYLoRV�S~EOLFRV��SRU�PHLR�GH�IXQGR�SUySULR��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q ����GH������ ;9���RUJDQL]DU�H�PDQWHU�RV�VHUYLoRV�RILFLDLV�GH�HVWDWtVWLFD��JHRJUDILD��JHRORJLD�H�FDUWRJUDILD�GH�kPELWR�QDFLRQDO� ;9,���H[HUFHU�D�FODVVLILFDomR��SDUD�HIHLWR�LQGLFDWLYR��GH�GLYHUV}HV�S~EOLFDV�H�GH�SURJUDPDV�GH�UiGLR�H�WHOHYLVmR� ;9,,���FRQFHGHU�DQLVWLD� ;9,,,���SODQHMDU�H�SURPRYHU�D�GHIHVD�SHUPDQHQWH�FRQWUD�DV�FDODPLGDGHV�S~EOLFDV��HVSHFLDOPHQWH�DV�VHFDV�H�DV�LQXQGDo}HV� ;,;���LQVWLWXLU�VLVWHPD�QDFLRQDO�GH�JHUHQFLDPHQWR�GH�UHFXUVRV�KtGULFRV�H�GHILQLU�FULWpULRV�GH�RXWRUJD�GH�GLUHLWRV�GH�VHX�XVR���5HJXODPHQWR� ;;���LQVWLWXLU�GLUHWUL]HV�SDUD�R�GHVHQYROYLPHQWR�XUEDQR��LQFOXVLYH�KDELWDomR��VDQHDPHQWR�EiVLFR�H�WUDQVSRUWHV�XUEDQRV� ;;,���HVWDEHOHFHU�SULQFtSLRV�H�GLUHWUL]HV�SDUD�R�VLVWHPD�QDFLRQDO�GH�YLDomR� ;;,,���H[HFXWDU�RV�VHUYLoRV�GH�SROtFLD�PDUtWLPD��DpUHD�H�GH�IURQWHLUD� ;;,,� �� H[HFXWDU� RV� VHUYLoRV� GH� SROtFLD�PDUtWLPD�� DHURSRUWXiULD� H� GH� IURQWHLUDV�� �5HGDomR� GDGD� SHOD� (PHQGD�&RQVWLWXFLRQDO� Q� ���� GH ����� ;;,,,� �� H[SORUDU� RV� VHUYLoRV� H� LQVWDODo}HV� QXFOHDUHV� GH� TXDOTXHU� QDWXUH]D� H� H[HUFHU� PRQRSyOLR� HVWDWDO� VREUH� D� SHVTXLVD�� D� ODYUD�� R HQULTXHFLPHQWR� H� UHSURFHVVDPHQWR�� D� LQGXVWULDOL]DomR� H� R� FRPpUFLR� GH� PLQpULRV� QXFOHDUHV� H� VHXV� GHULYDGRV�� DWHQGLGRV� RV� VHJXLQWHV SULQFtSLRV�H�FRQGLo}HV� D��WRGD�DWLYLGDGH�QXFOHDU�HP�WHUULWyULR�QDFLRQDO�VRPHQWH�VHUi�DGPLWLGD�SDUD�ILQV�SDFtILFRV�H�PHGLDQWH�DSURYDomR�GR�&RQJUHVVR�1DFLRQDO� �E�� VRE� UHJLPH�GH�FRQFHVVmR�RX�SHUPLVVmR��p�DXWRUL]DGD�D�XWLOL]DomR�GH� UDGLRLVyWRSRV�SDUD�D�SHVTXLVD�H�XVRV�PHGLFLQDLV��DJUtFRODV� LQGXVWULDLV�H�DWLYLGDGHV�DQiORJDV� E�� VRE� UHJLPH� GH� SHUPLVVmR�� VmR� DXWRUL]DGDV� D� FRPHUFLDOL]DomR� H� D� XWLOL]DomR� GH� UDGLRLVyWRSRV� SDUD� D� SHVTXLVD� H� XVRV� PpGLFRV� DJUtFRODV�H�LQGXVWULDLV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ �F��D�UHVSRQVDELOLGDGH�FLYLO�SRU�GDQRV�QXFOHDUHV�LQGHSHQGH�GD�H[LVWrQFLD�GH�FXOSD� F��VRE�UHJLPH�GH�SHUPLVVmR��VmR�DXWRUL]DGDV�D�SURGXomR��FRPHUFLDOL]DomR�H�XWLOL]DomR�GH�UDGLRLVyWRSRV�GH�PHLD�YLGD�LJXDO�RX�LQIHULRU�D GXDV�KRUDV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ G��D�UHVSRQVDELOLGDGH�FLYLO�SRU�GDQRV�QXFOHDUHV�LQGHSHQGH�GD�H[LVWrQFLD�GH�FXOSD���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ;;,9���RUJDQL]DU��PDQWHU�H�H[HFXWDU�D�LQVSHomR�GR�WUDEDOKR� ;;9���HVWDEHOHFHU�DV�iUHDV�H�DV�FRQGLo}HV�SDUD�R�H[HUFtFLR�GD�DWLYLGDGH�GH�JDULPSDJHP��HP�IRUPD�DVVRFLDWLYD� $UW������&RPSHWH�SULYDWLYDPHQWH�j�8QLmR�OHJLVODU�VREUH� ,���GLUHLWR�FLYLO��FRPHUFLDO��SHQDO��SURFHVVXDO��HOHLWRUDO��DJUiULR��PDUtWLPR��DHURQiXWLFR��HVSDFLDO�H�GR�WUDEDOKR� ,,���GHVDSURSULDomR� ,,,���UHTXLVLo}HV�FLYLV�H�PLOLWDUHV��HP�FDVR�GH�LPLQHQWH�SHULJR�H�HP�WHPSR�GH�JXHUUD� ,9���iJXDV��HQHUJLD��LQIRUPiWLFD��WHOHFRPXQLFDo}HV�H�UDGLRGLIXVmR� 9���VHUYLoR�SRVWDO� 9,���VLVWHPD�PRQHWiULR�H�GH�PHGLGDV��WtWXORV�H�JDUDQWLDV�GRV�PHWDLV� 9,,���SROtWLFD�GH�FUpGLWR��FkPELR��VHJXURV�H�WUDQVIHUrQFLD�GH�YDORUHV�9,,,���FRPpUFLR�H[WHULRU�H�LQWHUHVWDGXDO� ,;���GLUHWUL]HV�GD�SROtWLFD�QDFLRQDO�GH�WUDQVSRUWHV� ;���UHJLPH�GRV�SRUWRV��QDYHJDomR�ODFXVWUH��IOXYLDO��PDUtWLPD��DpUHD�H�DHURHVSDFLDO� ;,���WUkQVLWR�H�WUDQVSRUWH� ;,,���MD]LGDV��PLQDV��RXWURV�UHFXUVRV�PLQHUDLV�H�PHWDOXUJLD� ;,,,���QDFLRQDOLGDGH��FLGDGDQLD�H�QDWXUDOL]DomR� ;,9���SRSXODo}HV�LQGtJHQDV� ;9���HPLJUDomR�H�LPLJUDomR��HQWUDGD��H[WUDGLomR�H�H[SXOVmR�GH�HVWUDQJHLURV� ;9,���RUJDQL]DomR�GR�VLVWHPD�QDFLRQDO�GH�HPSUHJR�H�FRQGLo}HV�SDUD�R�H[HUFtFLR�GH�SURILVV}HV� ;9,,���RUJDQL]DomR�MXGLFLiULD��GR�0LQLVWpULR�3~EOLFR�H�GD�'HIHQVRULD�3~EOLFD�GR�'LVWULWR�)HGHUDO�H�GRV�7HUULWyULRV��EHP�FRPR�RUJDQL]DomR DGPLQLVWUDWLYD�GHVWHV���� ;9,,���RUJDQL]DomR�MXGLFLiULD��GR�0LQLVWpULR�3~EOLFR�GR�'LVWULWR�)HGHUDO�H�GRV�7HUULWyULRV�H�GD�'HIHQVRULD�3~EOLFD�GRV�7HUULWyULRV��EHP�FRPR RUJDQL]DomR�DGPLQLVWUDWLYD�GHVWHV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH���������3URGXomR�GH�HIHLWR� ;9,,,���VLVWHPD�HVWDWtVWLFR��VLVWHPD�FDUWRJUiILFR�H�GH�JHRORJLD�QDFLRQDLV� ;,;���VLVWHPDV�GH�SRXSDQoD��FDSWDomR�H�JDUDQWLD�GD�SRXSDQoD�SRSXODU� ;;���VLVWHPDV�GH�FRQVyUFLRV�H�VRUWHLRV� ;;,� �� QRUPDV�JHUDLV�GH�RUJDQL]DomR��HIHWLYRV��PDWHULDO� EpOLFR�� JDUDQWLDV�� FRQYRFDomR�H�PRELOL]DomR�GDV�SROtFLDV�PLOLWDUHV�H� FRUSRV�GH ERPEHLURV�PLOLWDUHV� ;;,,���FRPSHWrQFLD�GD�SROtFLD�IHGHUDO�H�GDV�SROtFLDV�URGRYLiULD�H�IHUURYLiULD�IHGHUDLV� ;;,,,���VHJXULGDGH�VRFLDO� ;;,9���GLUHWUL]HV�H�EDVHV�GD�HGXFDomR�QDFLRQDO� ;;9���UHJLVWURV�S~EOLFRV� ;;9,���DWLYLGDGHV�QXFOHDUHV�GH�TXDOTXHU�QDWXUH]D� ;;9,,���QRUPDV�JHUDLV�GH�OLFLWDomR�H�FRQWUDWDomR��HP�WRGDV�DV�PRGDOLGDGHV��SDUD�D�DGPLQLVWUDomR�S~EOLFD��GLUHWD�H�LQGLUHWD��LQFOXtGDV�DV IXQGDo}HV�LQVWLWXtGDV�H�PDQWLGDV�SHOR�3RGHU�3~EOLFR��QDV�GLYHUVDV�HVIHUDV�GH�JRYHUQR��H�HPSUHVDV�VRE�VHX�FRQWUROH� ;;9,,� �� QRUPDV� JHUDLV� GH� OLFLWDomR� H� FRQWUDWDomR�� HP� WRGDV� DV�PRGDOLGDGHV�� SDUD� DV� DGPLQLVWUDo}HV� S~EOLFDV� GLUHWDV�� DXWiUTXLFDV� H IXQGDFLRQDLV� GD� 8QLmR�� (VWDGRV�� 'LVWULWR� )HGHUDO� H� 0XQLFtSLRV�� REHGHFLGR� R� GLVSRVWR� QR� DUW�� ���� ;;,�� H� SDUD� DV� HPSUHVDV� S~EOLFDV� H VRFLHGDGHV�GH�HFRQRPLD�PLVWD��QRV�WHUPRV�GR�DUW�����������,,,���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ;;9,,,���GHIHVD�WHUULWRULDO��GHIHVD�DHURHVSDFLDO��GHIHVD�PDUtWLPD��GHIHVD�FLYLO�H�PRELOL]DomR�QDFLRQDO� ;;,;���SURSDJDQGD�FRPHUFLDO� 3DUiJUDIR�~QLFR��/HL�FRPSOHPHQWDU�SRGHUi�DXWRUL]DU�RV�(VWDGRV�D�OHJLVODU�VREUH�TXHVW}HV�HVSHFtILFDV�GDV�PDWpULDV�UHODFLRQDGDV�QHVWH DUWLJR� $UW������e�FRPSHWrQFLD�FRPXP�GD�8QLmR��GRV�(VWDGRV��GR�'LVWULWR�)HGHUDO�H�GRV�0XQLFtSLRV� ,���]HODU�SHOD�JXDUGD�GD�&RQVWLWXLomR��GDV�OHLV�H�GDV�LQVWLWXLo}HV�GHPRFUiWLFDV�H�FRQVHUYDU�R�SDWULP{QLR�S~EOLFR� ,,���FXLGDU�GD�VD~GH�H�DVVLVWrQFLD�S~EOLFD��GD�SURWHomR�H�JDUDQWLD�GDV�SHVVRDV�SRUWDGRUDV�GH�GHILFLrQFLD� ,,,� �� SURWHJHU� RV� GRFXPHQWRV�� DV� REUDV� H� RXWURV� EHQV� GH� YDORU� KLVWyULFR�� DUWtVWLFR� H� FXOWXUDO�� RV� PRQXPHQWRV�� DV� SDLVDJHQV� QDWXUDLV QRWiYHLV�H�RV�VtWLRV�DUTXHROyJLFRV� ,9���LPSHGLU�D�HYDVmR��D�GHVWUXLomR�H�D�GHVFDUDFWHUL]DomR�GH�REUDV�GH�DUWH�H�GH�RXWURV�EHQV�GH�YDORU�KLVWyULFR��DUWtVWLFR�RX�FXOWXUDO� 9���SURSRUFLRQDU�RV�PHLRV�GH�DFHVVR�j�FXOWXUD��j�HGXFDomR�H�j�FLrQFLD� 9� �� SURSRUFLRQDU� RV� PHLRV� GH� DFHVVR� j� FXOWXUD�� j� HGXFDomR�� j� FLrQFLD�� j� WHFQRORJLD�� j� SHVTXLVD� H� j LQRYDomR����5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ 9,���SURWHJHU�R�PHLR�DPELHQWH�H�FRPEDWHU�D�SROXLomR�HP�TXDOTXHU�GH�VXDV�IRUPDV� 9,,���SUHVHUYDU�DV�IORUHVWDV��D�IDXQD�H�D�IORUD� 9,,,���IRPHQWDU�D�SURGXomR�DJURSHFXiULD�H�RUJDQL]DU�R�DEDVWHFLPHQWR�DOLPHQWDU� �,;���SURPRYHU�SURJUDPDV�GH�FRQVWUXomR�GH�PRUDGLDV�H�D�PHOKRULD�GDV�FRQGLo}HV�KDELWDFLRQDLV�H�GH�VDQHDPHQWR�EiVLFR� ;���FRPEDWHU�DV�FDXVDV�GD�SREUH]D�H�RV�IDWRUHV�GH�PDUJLQDOL]DomR��SURPRYHQGR�D�LQWHJUDomR�VRFLDO�GRV�VHWRUHV�GHVIDYRUHFLGRV� �;,� �� UHJLVWUDU�� DFRPSDQKDU� H� ILVFDOL]DU� DV� FRQFHVV}HV�GH�GLUHLWRV� GH�SHVTXLVD� H� H[SORUDomR�GH� UHFXUVRV� KtGULFRV� H�PLQHUDLV� HP�VHXV WHUULWyULRV� ;,,���HVWDEHOHFHU�H�LPSODQWDU�SROtWLFD�GH�HGXFDomR�SDUD�D�VHJXUDQoD�GR�WUkQVLWR� 3DUiJUDIR�~QLFR�� /HL� FRPSOHPHQWDU� IL[DUi�QRUPDV�SDUD�D� FRRSHUDomR�HQWUH�D�8QLmR�H�RV�(VWDGRV�� R�'LVWULWR�)HGHUDO� H� RV�0XQLFtSLRV� WHQGR�HP�YLVWD�R�HTXLOtEULR�GR�GHVHQYROYLPHQWR�H�GR�EHP�HVWDU�HP�kPELWR�QDFLRQDO� 3DUiJUDIR�~QLFR��/HLV�FRPSOHPHQWDUHV�IL[DUmR�QRUPDV�SDUD�D�FRRSHUDomR�HQWUH�D�8QLmR�H�RV�(VWDGRV��R�'LVWULWR�)HGHUDO�H�RV�0XQLFtSLRV� WHQGR�HP�YLVWD�R�HTXLOtEULR�GR�GHVHQYROYLPHQWR�H�GR�EHP�HVWDU�HP�kPELWR�QDFLRQDO�� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH ����� $UW������&RPSHWH�j�8QLmR��DRV�(VWDGRV�H�DR�'LVWULWR�)HGHUDO�OHJLVODU�FRQFRUUHQWHPHQWH�VREUH� �,���GLUHLWR�WULEXWiULR��ILQDQFHLUR��SHQLWHQFLiULR��HFRQ{PLFR�H�XUEDQtVWLFR� ,,���RUoDPHQWR� ,,,���MXQWDV�FRPHUFLDLV� ,9���FXVWDV�GRV�VHUYLoRV�IRUHQVHV� 9���SURGXomR�H�FRQVXPR� 9,� �� IORUHVWDV�� FDoD�� SHVFD�� IDXQD�� FRQVHUYDomR� GD� QDWXUH]D�� GHIHVD� GR� VROR� H� GRV� UHFXUVRV� QDWXUDLV�� SURWHomR� GR�PHLR� DPELHQWH� H FRQWUROH�GD�SROXLomR� 9,,���SURWHomR�DR�SDWULP{QLR�KLVWyULFR��FXOWXUDO��DUWtVWLFR��WXUtVWLFR�H�SDLVDJtVWLFR� 9,,,� �� UHVSRQVDELOLGDGH� SRU� GDQR� DR�PHLR� DPELHQWH�� DR� FRQVXPLGRU�� D� EHQV� H� GLUHLWRV� GH� YDORU� DUWtVWLFR�� HVWpWLFR�� KLVWyULFR�� WXUtVWLFR� H SDLVDJtVWLFR� ,;���HGXFDomR��FXOWXUD��HQVLQR�H�GHVSRUWR� ,;� �� HGXFDomR�� FXOWXUD�� HQVLQR�� GHVSRUWR�� FLrQFLD�� WHFQRORJLD�� SHVTXLVD�� GHVHQYROYLPHQWR� H� LQRYDomR�� � �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ;���FULDomR��IXQFLRQDPHQWR�H�SURFHVVR�GR�MXL]DGR�GH�SHTXHQDV�FDXVDV� ;,���SURFHGLPHQWRV�HP�PDWpULD�SURFHVVXDO� ;,,���SUHYLGrQFLD�VRFLDO��SURWHomR�H�GHIHVD�GD�VD~GH� ;,,,���DVVLVWrQFLD�MXUtGLFD�H�'HIHQVRULD�S~EOLFD� ;,9���SURWHomR�H�LQWHJUDomR�VRFLDO�GDV�SHVVRDV�SRUWDGRUDV�GH�GHILFLrQFLD� ;9���SURWHomR�j�LQIkQFLD�H�j�MXYHQWXGH� ;9,���RUJDQL]DomR��JDUDQWLDV��GLUHLWRV�H�GHYHUHV�GDV�SROtFLDV�FLYLV� ���1R�kPELWR�GD�OHJLVODomR�FRQFRUUHQWH��D�FRPSHWrQFLD�GD�8QLmR�OLPLWDU�VH�i�D�HVWDEHOHFHU�QRUPDV�JHUDLV� ���$�FRPSHWrQFLD�GD�8QLmR�SDUD�OHJLVODU�VREUH�QRUPDV�JHUDLV�QmR�H[FOXL�D�FRPSHWrQFLD�VXSOHPHQWDU�GRV�(VWDGRV� � �� ,QH[LVWLQGR� OHL� IHGHUDO� VREUH� QRUPDV� JHUDLV�� RV� (VWDGRV� H[HUFHUmR� D� FRPSHWrQFLD� OHJLVODWLYD� SOHQD�� SDUD� DWHQGHU� D� VXDV SHFXOLDULGDGHV� ���$�VXSHUYHQLrQFLD�GH�OHL�IHGHUDO�VREUH�QRUPDV�JHUDLV�VXVSHQGH�D�HILFiFLD�GD�OHL�HVWDGXDO��QR�TXH�OKH�IRU�FRQWUiULR� &$3Ë78/2�,,, '26�(67$'26�)('(5$'26 �$UW������2V�(VWDGRV�RUJDQL]DP�VH�H�UHJHP�VH�SHODV�&RQVWLWXLo}HV�H�OHLV�TXH�DGRWDUHP��REVHUYDGRV�RV�SULQFtSLRV�GHVWD�&RQVWLWXLomR� ����6mR�UHVHUYDGDV�DRV�(VWDGRV�DV�FRPSHWrQFLDV�TXH�QmR�OKHV�VHMDP�YHGDGDV�SRU�HVWD�&RQVWLWXLomR� ���&DEH�DRV�(VWDGRV�H[SORUDU�GLUHWDPHQWH��RX�PHGLDQWH�FRQFHVVmR��D�HPSUHVD�HVWDWDO��FRP�H[FOXVLYLGDGH�GH�GLVWULEXLomR��RV�VHUYLoRV ORFDLV�GH�JiV�FDQDOL]DGR� ���&DEH�DRV�(VWDGRV�H[SORUDU�GLUHWDPHQWH��RX�PHGLDQWH�FRQFHVVmR��RV�VHUYLoRV�ORFDLV�GH�JiV�FDQDOL]DGR��QD�IRUPD�GD�OHL��YHGDGD�D HGLomR�GH�PHGLGD�SURYLVyULD�SDUD�D�VXD�UHJXODPHQWDomR��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ � �� 2V� (VWDGRV� SRGHUmR�� PHGLDQWH� OHL� FRPSOHPHQWDU�� LQVWLWXLU� UHJL}HV� PHWURSROLWDQDV�� DJORPHUDo}HV� XUEDQDV� H� PLFURUUHJL}HV� FRQVWLWXtGDV�SRU�DJUXSDPHQWRV�GH�PXQLFtSLRV� OLPtWURIHV��SDUD� LQWHJUDU�D�RUJDQL]DomR��R�SODQHMDPHQWR�H�D�H[HFXomR�GH�IXQo}HV�S~EOLFDV�GH LQWHUHVVH�FRPXP� $UW������,QFOXHP�VH�HQWUH�RV�EHQV�GRV�(VWDGRV� ,���DV�iJXDV�VXSHUILFLDLV�RX�VXEWHUUkQHDV��IOXHQWHV��HPHUJHQWHV�H�HP�GHSyVLWR��UHVVDOYDGDV��QHVWH�FDVR��QD�IRUPD�GD�OHL��DV�GHFRUUHQWHV GH�REUDV�GD�8QLmR� ,,� ��DV�iUHDV��QDV� LOKDV�RFHkQLFDV�H�FRVWHLUDV��TXH�HVWLYHUHP�QR�VHX�GRPtQLR��H[FOXtGDV�DTXHODV�VRE�GRPtQLR�GD�8QLmR��0XQLFtSLRV�RX WHUFHLURV� ,,,���DV�LOKDV�IOXYLDLV�H�ODFXVWUHV�QmR�SHUWHQFHQWHV�j�8QLmR� ,9���DV�WHUUDV�GHYROXWDV�QmR�FRPSUHHQGLGDV�HQWUH�DV�GD�8QLmR� $UW�� ����2� Q~PHUR� GH� 'HSXWDGRV� j� $VVHPEOpLD� /HJLVODWLYD� FRUUHVSRQGHUi� DR� WULSOR� GD� UHSUHVHQWDomR� GR� (VWDGR� QD� &kPDUD� GRV 'HSXWDGRV�H��DWLQJLGR�R�Q~PHUR�GH�WULQWD�H�VHLV��VHUi�DFUHVFLGR�GH�WDQWRV�TXDQWRV�IRUHP�RV�'HSXWDGRV�)HGHUDLV�DFLPD�GH�GR]H� ���6HUi�GH�TXDWUR�DQRV�R�PDQGDWR�GRV�'HSXWDGRV�(VWDGXDLV��DSOLFDQGR��Vr�OKHV�DV�UHJUDV�GHVWD�&RQVWLWXLomR�VREUH�VLVWHPD�HOHLWRUDO� LQYLRODELOLGDGH��LPXQLGDGHV��UHPXQHUDomR��SHUGD�GH�PDQGDWR��OLFHQoD��LPSHGLPHQWRV�H�LQFRUSRUDomR�jV�)RUoDV�$UPDGDV� � �� $� UHPXQHUDomR� GRV� 'HSXWDGRV� (VWDGXDLV� VHUi� IL[DGD� HP� FDGD� OHJLVODWXUD�� SDUD� D� VXEVHTHQWH�� SHOD� $VVHPEOpLD� /HJLVODWLYD� REVHUYDGR�R�TXH�GLVS}HP�RV�DUWV��DUWV�������,,�������,,,�H�����������,�� � � � � � � � ��� $� UHPXQHUDomR� GRV� 'HSXWDGRV� (VWDGXDLV� VHUi� IL[DGD� HP� FDGD� OHJLVODWXUD�� SDUD� D� VXEVHTHQWH�� SHOD� $VVHPEOpLD� /HJLVODWLYD� REVHUYDGR� R� TXH� GLVS}HP� RV� DUWV�� DUWV�� ����� ,,�� ����� ,,,� H� ����� � ���� ,� �� QD� UD]mR� GH�� QR� Pi[LPR�� VHWHQWD� H� FLQFR� SRU� FHQWR� GDTXHOD HVWDEHOHFLGD��HP�HVSpFLH��SDUD�RV�'HSXWDGRV�)HGHUDLV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q��������� ���2�VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV�VHUi�IL[DGR�SRU�OHL�GH�LQLFLDWLYD�GD�$VVHPEOpLD�/HJLVODWLYD��QD�UD]mR�GH��QR�Pi[LPR��VHWHQWD�H FLQFR�SRU�FHQWR�GDTXHOH�HVWDEHOHFLGR��HP�HVSpFLH��SDUD�RV�'HSXWDGRV�)HGHUDLV��REVHUYDGR�R�TXH�GLVS}HP�RV�DUWV�����������������������,,� �����,,,��H����������,��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ � ��&RPSHWH� jV�$VVHPEOpLDV� /HJLVODWLYDV� GLVSRU� VREUH� VHX� UHJLPHQWR� LQWHUQR�� SROtFLD� H� VHUYLoRV� DGPLQLVWUDWLYRV� GH� VXD� VHFUHWDULD�� H SURYHU�RV�UHVSHFWLYRV�FDUJRV� ���$�OHL�GLVSRUi�VREUH�D�LQLFLDWLYD�SRSXODU�QR�SURFHVVR�OHJLVODWLYR�HVWDGXDO� $UW������$�HOHLomR�GR�*RYHUQDGRU�H�GR�9LFH�*RYHUQDGRU�GH�(VWDGR��SDUD�PDQGDWR�GH�TXDWUR�DQRV��UHDOL]DU�VH�i�QRYHQWD�GLDV�DQWHV�GR WpUPLQR� GR�PDQGDWR� GH� VHXV� DQWHFHVVRUHV�� H� D� SRVVH� RFRUUHUi� QR� GLD� �� GH� MDQHLUR� GR� DQR� VXEVHTHQWH�� REVHUYDGR�� TXDQWR� DR�PDLV�� R GLVSRVWR�QR�DUW����� $UW������$�HOHLomR�GR�*RYHUQDGRU�H�GR�9LFH�*RYHUQDGRU�GH�(VWDGR��SDUD�PDQGDWR�GH�TXDWUR�DQRV��UHDOL]DU�VH�i�QR�SULPHLUR�GRPLQJR�GH RXWXEUR��HP�SULPHLUR� WXUQR��H�QR�~OWLPR�GRPLQJR�GH�RXWXEUR��HP�VHJXQGR� WXUQR��VH�KRXYHU��GR�DQR�DQWHULRU�DR�GR� WpUPLQR�GR�PDQGDWR�GH VHXV� DQWHFHVVRUHV�� H� D� SRVVH� RFRUUHUi� HP� SULPHLUR� GH� MDQHLUR� GR� DQR� VXEVHTHQWH�� REVHUYDGR�� TXDQWR� DR�PDLV�� R� GLVSRVWR� QR� DUW�� ��� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH����� 3DUiJUDIR� ~QLFR�� 3HUGHUi� R� PDQGDWR� R� *RYHUQDGRU� TXH� DVVXPLU� RXWUR� FDUJR� RX� IXQomR� QD� DGPLQLVWUDomR� S~EOLFD� GLUHWD� RX� LQGLUHWD� UHVVDOYDGD�D�SRVVH�HP�YLUWXGH�GH�FRQFXUVR�S~EOLFR�H�REVHUYDGR�R�GLVSRVWR�QR�DUW������,��,9�H�9� � ��3HUGHUi� R�PDQGDWR� R�*RYHUQDGRU� TXH� DVVXPLU� RXWUR� FDUJR� RX� IXQomR� QD� DGPLQLVWUDomR� S~EOLFD� GLUHWD� RX� LQGLUHWD�� UHVVDOYDGD� D SRVVH� HP� YLUWXGH� GH� FRQFXUVR� S~EOLFR� H� REVHUYDGR� R� GLVSRVWR� QR� DUW�� ���� ,�� ,9� H� 9��5HQXPHUDGR� GR� SDUiJUDIR� ~QLFR�� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH������ ���2V�VXEVtGLRV�GR�*RYHUQDGRU��GR�9LFH�*RYHUQDGRU�H�GRV�6HFUHWiULRV�GH�(VWDGR�VHUmR� IL[DGRV�SRU� OHL�GH� LQLFLDWLYD�GD�$VVHPEOpLD /HJLVODWLYD��REVHUYDGR�R�TXH�GLVS}HP�RV�DUWV������;,���������������,,�������,,,��H����������,��,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH ����� &$3Ë78/2�,9 'RV�0XQLFtSLRV $UW������2�0XQLFtSLR�UHJHU�VH�i�SRU�OHL�RUJkQLFD��YRWDGD�HP�GRLV�WXUQRV��FRP�R�LQWHUVWtFLR�PtQLPR�GH�GH]�GLDV��H�DSURYDGD�SRU�GRLV�WHUoRV GRV� PHPEURV� GD� &kPDUD� 0XQLFLSDO�� TXH� D� SURPXOJDUi�� DWHQGLGRV� RV� SULQFtSLRV� HVWDEHOHFLGRV� QHVWD� &RQVWLWXLomR�� QD� &RQVWLWXLomR� GR UHVSHFWLYR�(VWDGR�H�RV�VHJXLQWHV�SUHFHLWRV� ,���HOHLomR�GR�3UHIHLWR��GR�9LFH�3UHIHLWR�H�GRV�9HUHDGRUHV��SDUD�PDQGDWR�GH�TXDWUR�DQRV��PHGLDQWH�SOHLWR�GLUHWR�H�VLPXOWkQHR�UHDOL]DGR HP�WRGR�R�3DtV� ,,���HOHLomR�GR�3UHIHLWR�H�GR�9LFH�3UHIHLWR�DWp�QRYHQWD�GLDV�DQWHV�GR�WpUPLQR�GR�PDQGDWR�GRV�TXH�GHYDP�VXFHGHU��DSOLFDGDV�DV�UHJUDV GR�DUW������QR�FDVR�GH�PXQLFtSLRV�FRP�PDLV�GH�GX]HQWRV�PLO�HOHLWRUHV� ,,� ��HOHLomR�GR�3UHIHLWR�H�GR�9LFH�3UHIHLWR� UHDOL]DGD�QR�SULPHLUR�GRPLQJR�GH�RXWXEUR�GR�DQR�DQWHULRU�DR� WpUPLQR�GR�PDQGDWR�GRV�TXH GHYDP� VXFHGHU�� DSOLFDGDV� DV� UHJUDV� GR� DUW�� ���� QR� FDVR� GH�0XQLFtSLRV� FRP�PDLV� GH� GX]HQWRV�PLO� HOHLWRUHV��5HGDomR� GDGD� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH����� ,,,���SRVVH�GR�3UHIHLWR�H�GR�9LFH�3UHIHLWR�QR�GLD���GH�MDQHLUR�GR�DQR�VXEVHTHQWH�DR�GD�HOHLomR� ,9���Q~PHUR�GH�9HUHDGRUHV�SURSRUFLRQDO�j�SRSXODomR�GR�0XQLFtSLR��REVHUYDGRV�RV�VHJXLQWHV�OLPLWHV� D��PtQLPR�GH�QRYH�H�Pi[LPR�GH�YLQWH�H�XP�QRV�0XQLFtSLRV�GH�DWp�XP�PLOKmR�GH�KDELWDQWHV� E��PtQLPR�GH�WULQWD�H�WUrV�H�Pi[LPR�GH�TXDUHQWD�H�XP�QRV�0XQLFtSLRV�GH�PDLV�GH�XP�PLOKmR�H�PHQRV�GH�FLQFR�PLOK}HV�GH�KDELWDQWHV� F��PtQLPR�GH�TXDUHQWD�H�GRLV�H�Pi[LPR�GH�FLQTHQWD�H�FLQFR�QRV�0XQLFtSLRV�GH�PDLV�GH�FLQFR�PLOK}HV�GH�KDELWDQWHV� ,9� �� SDUD� D� FRPSRVLomR� GDV� &kPDUDV� 0XQLFLSDLV�� VHUi� REVHUYDGR� R� OLPLWH� Pi[LPR� GH�� �5HGDomR� GDGD� SHOD� (PHQGD� &RQVWLWXLomR &RQVWLWXFLRQDO�Q�����GH����������3URGXomR�GH�HIHLWR����9LGH�$',1������ D�����QRYH��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�DWp���������TXLQ]H�PLO��KDELWDQWHV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO Q�����GH������ E������RQ]H��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH�������� �TXLQ]H�PLO��KDELWDQWHV�H�GH�DWp�������� �WULQWD�PLO��KDELWDQWHV�� �5HGDomR GDGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ F�� ��� �WUH]H�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� FRP� PDLV� GH� ������� �WULQWD� PLO�� KDELWDQWHV� H� GH� DWp� ������� �FLQTXHQWD� PLO�� KDELWDQWHV� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ G�� ��� �TXLQ]H�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� ������� �FLQTXHQWD� PLO�� KDELWDQWHV� H� GH� DWp� ������� �RLWHQWD� PLO�� KDELWDQWHV� �,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ H�� ��� �GH]HVVHWH�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� ������� �RLWHQWD� PLO�� KDELWDQWHV� H� GH� DWp� �������� �FHQWR� H� YLQWH� PLO� KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ I������GH]HQRYH��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH����������FHQWR�H�YLQWH�PLO��KDELWDQWHV�H�GH�DWp����������FHQWR�VHVVHQWD�PLO� KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ J������YLQWH�H�XP��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH����������FHQWR�H�VHVVHQWD�PLO��KDELWDQWHV�H�GH�DWp��������� �WUH]HQWRV�PLO� KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ K�� ��� �YLQWH� H� WUrV�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� �������� �WUH]HQWRV� PLO�� KDELWDQWHV� H� GH� DWp� �������� �TXDWURFHQWRV� H FLQTXHQWD�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ L�� ��� �YLQWH� H� FLQFR�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� �������� �TXDWURFHQWRV� H� FLQTXHQWD� PLO�� KDELWDQWHV� H� GH� DWp� ������� �VHLVFHQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ M������YLQWH�H�VHWH��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH����������VHLVFHQWRV�PLO��KDELWDQWHV�H�GH�DWp����������VHWHFHQWRV�FLQTXHQWD PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ N�� ��� �YLQWH� H� QRYH�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� �������� �VHWHFHQWRV� H� FLQTXHQWD� PLO�� KDELWDQWHV� H� GH� DWp� ������� �QRYHFHQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ O�� ��� �WULQWD� H� XP�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� �������� �QRYHFHQWRV� PLO�� KDELWDQWHV� H� GH� DWp� ���������� �XP� PLOKmR� H FLQTXHQWD�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ P������WULQWD�H�WUrV��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH������������XP�PLOKmR�H�FLQTXHQWD�PLO��KDELWDQWHV�H�GH�DWp������������XP PLOKmR�H�GX]HQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������Q������WULQWD�H�FLQFR��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH������������XP�PLOKmR�H�GX]HQWRV�PLO��KDELWDQWHV�H�GH�DWp������������XP PLOKmR�H�WUH]HQWRV�H�FLQTXHQWD�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ R������WULQWD�H�VHWH��9HUHDGRUHV��QRV�0XQLFtSLRV�GH������������XP�PLOKmR�H�WUH]HQWRV�H�FLQTXHQWD�PLO��KDELWDQWHV�H�GH�DWp���������� �XP�PLOKmR�H�TXLQKHQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ S������WULQWD�H�QRYH��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH������������XP�PLOKmR�H�TXLQKHQWRV�PLO��KDELWDQWHV�H�GH�DWp������������XP PLOKmR�H�RLWRFHQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ T������TXDUHQWD�H�XP��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH������������XP�PLOKmR�H�RLWRFHQWRV�PLO��KDELWDQWHV�H�GH�DWp���������� �GRLV�PLOK}HV�H�TXDWURFHQWRV�PLO��KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ U�� ��� �TXDUHQWD� H� WUrV�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� ���������� �GRLV� PLOK}HV� H� TXDWURFHQWRV� PLO�� KDELWDQWHV� H� GH� DWp �����������WUrV�PLOK}HV��GH�KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ V�� ��� �TXDUHQWD� H� FLQFR��9HUHDGRUHV�� QRV�0XQLFtSLRV� GH�PDLV� GH� ���������� �WUrV�PLOK}HV�� GH� KDELWDQWHV� H� GH� DWp� ���������� �TXDWUR PLOK}HV��GH�KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ W�� ��� �TXDUHQWD� H� VHWH��9HUHDGRUHV�� QRV�0XQLFtSLRV�GH�PDLV� GH����������� �TXDWUR�PLOK}HV�� GH�KDELWDQWHV�H�GH� DWp� ���������� �FLQFR PLOK}HV��GH�KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ X�� ��� �TXDUHQWD� H� QRYH�� 9HUHDGRUHV�� QRV�0XQLFtSLRV� GH�PDLV� GH� ���������� �FLQFR�PLOK}HV�� GH� KDELWDQWHV� H� GH� DWp� ���������� �VHLV PLOK}HV��GH�KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ Y�� ��� �FLQTXHQWD� H� XP�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� ���������� �VHLV� PLOK}HV�� GH� KDELWDQWHV� H� GH� DWp� ���������� �VHWH PLOK}HV��GH�KDELWDQWHV���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ Z�� ��� �FLQTXHQWD� H� WUrV�� 9HUHDGRUHV�� QRV� 0XQLFtSLRV� GH� PDLV� GH� ���������� �VHWH� PLOK}HV�� GH� KDELWDQWHV� H� GH� DWp� ���������� �RLWR PLOK}HV��GH�KDELWDQWHV��H���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ [������FLQTXHQWD�H�FLQFR��9HUHDGRUHV��QRV�0XQLFtSLRV�GH�PDLV�GH������������RLWR�PLOK}HV��GH�KDELWDQWHV�� � � � � � � � �,QFOXtGD�SHOD�(PHQGD &RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������ 9���UHPXQHUDomR�GR�3UHIHLWR��GR�9LFH�3UHIHLWR�H�GRV�9HUHDGRUHV�IL[DGD�SHOD�&kPDUD�0XQLFLSDO�HP�FDGD�OHJLVODWXUD��SDUD�D�VXEVHTHQWH� REVHUYDGR�R�TXH�GLVS}HP�RV�DUWV������;,�������,,�������,,,��H�����������,� 9���VXEVtGLRV�GR�3UHIHLWR��GR�9LFH�3UHIHLWR�H�GRV�6HFUHWiULRV�0XQLFLSDLV� IL[DGRV�SRU� OHL�GH� LQLFLDWLYD�GD�&kPDUD�0XQLFLSDO��REVHUYDGR�R TXH�GLVS}HP�RV�DUWV������;,���������������,,�������,,,��H����������,�����������5HGDomR�GDGD�SHOD�(PHQGD�FRQVWLWXFLRQDO�Q�����GH������ 9,���D�UHPXQHUDomR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D��QR�Pi[LPR��VHWHQWD�H�FLQFR�SRU�FHQWR�GDTXHOD�HVWDEHOHFLGD��HP�HVSpFLH��SDUD�RV 'HSXWDGRV�(VWDGXDLV��UHVVDOYDGR�R�TXH�GLVS}H�R�DUW������;,�����������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ 9,� �� VXEVtGLR� GRV� 9HUHDGRUHV� IL[DGR� SRU� OHL� GH� LQLFLDWLYD� GD� &kPDUD� 0XQLFLSDO�� QD� UD]mR� GH�� QR� Pi[LPR�� VHWHQWD� H� FLQFR� SRU� FHQWR GDTXHOH�HVWDEHOHFLGR��HP�HVSpFLH��SDUD�RV�'HSXWDGRV�(VWDGXDLV��REVHUYDGR�R�TXH�GLVS}HP�RV�DUWV����������������������� ,,������� ,,,��H ���������,���5HGDomR�GDGD�SHOD�(PHQGD�FRQVWLWXFLRQDO�Q�����GH������ 9,���R�VXEVtGLR�GRV�9HUHDGRUHV�VHUi�IL[DGR�SHODV�UHVSHFWLYDV�&kPDUDV�0XQLFLSDLV�HP�FDGD�OHJLVODWXUD�SDUD�D�VXEVHTHQWH��REVHUYDGR�R TXH�GLVS}H�HVWD�&RQVWLWXLomR��REVHUYDGRV�RV�FULWpULRV�HVWDEHOHFLGRV�QD�UHVSHFWLYD�/HL�2UJkQLFD�H�RV�VHJXLQWHV�OLPLWHV�Pi[LPRV���������5HGDomR GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ D�� HP� 0XQLFtSLRV� GH� DWp� GH]� PLO� KDELWDQWHV�� R� VXEVtGLR� Pi[LPR� GRV� 9HUHDGRUHV� FRUUHVSRQGHUi� D� YLQWH� SRU� FHQWR� GR� VXEVtGLR� GRV 'HSXWDGRV�(VWDGXDLV��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ E��HP�0XQLFtSLRV�GH�GH]�PLO�H�XP�D�FLQTHQWD�PLO�KDELWDQWHV��R�VXEVtGLR�Pi[LPR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D� WULQWD�SRU�FHQWR�GR VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ F��HP�0XQLFtSLRV�GH�FLQTHQWD�PLO�H�XP�D�FHP�PLO�KDELWDQWHV��R�VXEVtGLR�Pi[LPR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D�TXDUHQWD�SRU�FHQWR GR�VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ G��HP�0XQLFtSLRV�GH�FHP�PLO�H�XP�D�WUH]HQWRV�PLO�KDELWDQWHV��R�VXEVtGLR�Pi[LPR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D�FLQTHQWD�SRU�FHQWR GR�VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ H��HP�0XQLFtSLRV�GH�WUH]HQWRV�PLO�H�XP�D�TXLQKHQWRV�PLO�KDELWDQWHV��R�VXEVtGLR�Pi[LPR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D�VHVVHQWD�SRU FHQWR�GR�VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV�������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ I��HP�0XQLFtSLRV�GH�PDLV�GH�TXLQKHQWRV�PLO�KDELWDQWHV��R�VXEVtGLR�Pi[LPR�GRV�9HUHDGRUHV�FRUUHVSRQGHUi�D�VHWHQWD�H�FLQFR�SRU�FHQWR GR�VXEVtGLR�GRV�'HSXWDGRV�(VWDGXDLV��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ 9,,� �� R� WRWDO� GD� GHVSHVD� FRP� D� UHPXQHUDomR� GRV� 9HUHDGRUHV� QmR� SRGHUi� XOWUDSDVVDU� R�PRQWDQWH� GH� FLQFR� SRU� FHQWR� GD� UHFHLWD� GR 0XQLFtSLR��������,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ 9,,,� �� LQYLRODELOLGDGH� GRV� 9HUHDGRUHV� SRU� VXDV� RSLQL}HV�� SDODYUDV� H� YRWRV� QR� H[HUFtFLR� GR�PDQGDWR� H� QD� FLUFXQVFULomR� GR�0XQLFtSLR� �5HQXPHUDGR�GR�LQFLVR�9,��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ ,;� �� SURLELo}HV� H� LQFRPSDWLELOLGDGHV�� QR� H[HUFtFLR� GD� YHUHDQoD�� VLPLODUHV�� QR� TXH� FRXEHU�� DR� GLVSRVWR� QHVWD� &RQVWLWXLomR� SDUD� RV PHPEURV�GR�&RQJUHVVR�1DFLRQDO�H�QD�&RQVWLWXLomR�GR�UHVSHFWLYR�(VWDGR�SDUD�RV�PHPEURV�GD�$VVHPEOpLD�/HJLVODWLYD���5HQXPHUDGR�GR�LQFLVR 9,,��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ ;���MXOJDPHQWR�GR�3UHIHLWR�SHUDQWH�R�7ULEXQDO�GH�-XVWLoD���5HQXPHUDGR�GR�LQFLVR�9,,,��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ ;,���RUJDQL]DomR�GDV�IXQo}HV�OHJLVODWLYDV�H�ILVFDOL]DGRUDV�GD�&kPDUD�0XQLFLSDO���5HQXPHUDGR�GR�LQFLVR�,;��SHOD�(PHQGD�&RQVWLWXFLRQDO Q����GH������ ;,,���FRRSHUDomR�GDV�DVVRFLDo}HV�UHSUHVHQWDWLYDV�QR�SODQHMDPHQWR�PXQLFLSDO���5HQXPHUDGR�GR�LQFLVR�;��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q ���GH������ ;,,,� �� LQLFLDWLYD�SRSXODU�GH�SURMHWRV�GH� OHL�GH� LQWHUHVVH�HVSHFtILFR�GR�0XQLFtSLR��GD�FLGDGH�RX�GH�EDLUURV��DWUDYpV�GH�PDQLIHVWDomR�GH� SHOR�PHQRV��FLQFR�SRU�FHQWR�GR�HOHLWRUDGR���5HQXPHUDGR�GR�LQFLVR�;,��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q����GH������ ;,9���SHUGD�GR�PDQGDWR�GR�3UHIHLWR��QRV�WHUPRV�GR�DUW������SDUiJUDIR�~QLFR���5HQXPHUDGR�GR�LQFLVR�;,,��SHOD�(PHQGD�&RQVWLWXFLRQDO�Q ���GH������ $UW�����$��2�WRWDO�GD�GHVSHVD�GR�3RGHU�/HJLVODWLYR�0XQLFLSDO��LQFOXtGRV�RV�VXEVtGLRV�GRV�9HUHDGRUHV�H�H[FOXtGRV�RV�JDVWRV�FRP�LQDWLYRV� QmR�SRGHUi�XOWUDSDVVDU�RV�VHJXLQWHV�SHUFHQWXDLV�� UHODWLYRV�DR�VRPDWyULR�GD� UHFHLWD� WULEXWiULD�H�GDV� WUDQVIHUrQFLDV�SUHYLVWDV�QR���R�GR�DUW� ����H�QRV�DUWV������H������HIHWLYDPHQWH�UHDOL]DGR�QR�H[HUFtFLR�DQWHULRU���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,���RLWR�SRU�FHQWR�SDUD�0XQLFtSLRV�FRP�SRSXODomR�GH�DWp�FHP�PLO�KDELWDQWHV���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,�������VHWH�SRU�FHQWR��SDUD�0XQLFtSLRV�FRP�SRSXODomR�GH�DWp����������FHP�PLO��KDELWDQWHV����5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXLomR &RQVWLWXFLRQDO�Q�����GH����������3URGXomR�GH�HIHLWR� ,,���VHWH�SRU�FHQWR�SDUD�0XQLFtSLRV�FRP�SRSXODomR�HQWUH�FHP�PLO�H�XP�H�WUH]HQWRV�PLO�KDELWDQWHV���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO Q�����GH������ ,,� ������VHLV�SRU�FHQWR��SDUD�0XQLFtSLRV�FRP�SRSXODomR�HQWUH����������FHP�PLO��H��������� �WUH]HQWRV�PLO��KDELWDQWHV�� �5HGDomR�GDGD SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������� ,,,� �� VHLV� SRU� FHQWR� SDUD� 0XQLFtSLRV� FRP� SRSXODomR� HQWUH� WUH]HQWRV� PLO� H� XP� H� TXLQKHQWRV� PLO� KDELWDQWHV�� �,QFOXtGR� SHOD� (PHQGD &RQVWLWXFLRQDO�Q�����GH������ ,,,� �� ��� �FLQFR�SRU� FHQWR�� SDUD�0XQLFtSLRV� FRP�SRSXODomR� HQWUH� �������� �WUH]HQWRV�PLO� H� XP�� H� �������� �TXLQKHQWRV�PLO�� KDELWDQWHV� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������� ,9���FLQFR�SRU�FHQWR�SDUD�0XQLFtSLRV�FRP�SRSXODomR�DFLPD�GH�TXLQKHQWRV�PLO�KDELWDQWHV���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH ����� ,9���������TXDWUR�LQWHLURV�H�FLQFR�GpFLPRV�SRU�FHQWR��SDUD�0XQLFtSLRV�FRP�SRSXODomR�HQWUH����������TXLQKHQWRV�PLO�H�XP��H���������� �WUrV�PLOK}HV��GH�KDELWDQWHV���5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������� 9�������TXDWUR�SRU�FHQWR��SDUD�0XQLFtSLRV�FRP�SRSXODomR�HQWUH������������WUrV�PLOK}HV�H�XP��H������������RLWR�PLOK}HV��GH�KDELWDQWHV� �,QFOXtGR�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������� 9,���������WUrV�LQWHLURV�H�FLQFR�GpFLPRV�SRU�FHQWR��SDUD�0XQLFtSLRV�FRP�SRSXODomR�DFLPD�GH������������RLWR�PLOK}HV�H�XP��KDELWDQWHV� �,QFOXtGR�SHOD�(PHQGD�&RQVWLWXLomR�&RQVWLWXFLRQDO�Q�����GH������� ��R� $� &kPDUD�0XQLFLSDO� QmR� JDVWDUi�PDLV� GH� VHWHQWD� SRU� FHQWR� GH� VXD� UHFHLWD� FRP� IROKD� GH� SDJDPHQWR�� LQFOXtGR� R� JDVWR� FRP� R VXEVtGLR�GH�VHXV�9HUHDGRUHV���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ��R�&RQVWLWXL�FULPH�GH�UHVSRQVDELOLGDGH�GR�3UHIHLWR�0XQLFLSDO���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,���HIHWXDU�UHSDVVH�TXH�VXSHUH�RV�OLPLWHV�GHILQLGRV�QHVWH�DUWLJR���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,,���QmR�HQYLDU�R�UHSDVVH�DWp�R�GLD�YLQWH�GH�FDGD�PrV��RX��,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ,,,���HQYLi�OR�D�PHQRU�HP�UHODomR�j�SURSRUomR�IL[DGD�QD�/HL�2UoDPHQWiULD���,QFOXtGR�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ ��R�&RQVWLWXL�FULPH�GH�UHVSRQVDELOLGDGH�GR�3UHVLGHQWH�GD�&kPDUD�0XQLFLSDO�R�GHVUHVSHLWR�DR���R�GHVWH�DUWLJR��,QFOXtGR�SHOD�(PHQGD &RQVWLWXFLRQDO�Q�����GH������ $UW������&RPSHWH�DRV�0XQLFtSLRV� ,���OHJLVODU�VREUH�DVVXQWRV�GH�LQWHUHVVH�ORFDO� ,,���VXSOHPHQWDU�D�OHJLVODomR�IHGHUDO�H�D�HVWDGXDO�QR�TXH�FRXEHU� ,,,� �� LQVWLWXLU� H� DUUHFDGDU� RV� WULEXWRV� GH� VXD� FRPSHWrQFLD�� EHP� FRPR� DSOLFDU� VXDV� UHQGDV�� VHP�SUHMXt]R� GD� REULJDWRULHGDGH� GH� SUHVWDU FRQWDV�H�SXEOLFDU�EDODQFHWHV�QRV�SUD]RV�IL[DGRV�HP�OHL� ,9���FULDU��RUJDQL]DU�H�VXSULPLU�GLVWULWRV��REVHUYDGD�D�OHJLVODomR�HVWDGXDO� 9���RUJDQL]DU�H�SUHVWDU��GLUHWDPHQWH�RX�VRE� UHJLPH�GH�FRQFHVVmR�RX�SHUPLVVmR��RV�VHUYLoRV�S~EOLFRV�GH� LQWHUHVVH� ORFDO�� LQFOXtGR�R�GH WUDQVSRUWH�FROHWLYR��TXH�WHP�FDUiWHU�HVVHQFLDO� 9,� �� PDQWHU�� FRP� D� FRRSHUDomR� WpFQLFD� H� ILQDQFHLUD� GD� 8QLmR� H� GR� (VWDGR�� SURJUDPDV� GH� HGXFDomR� SUp�HVFRODU� H� GH� HQVLQR IXQGDPHQWDO� 9,� ��PDQWHU��FRP�D�FRRSHUDomR� WpFQLFD�H� ILQDQFHLUD�GD�8QLmR�H�GR�(VWDGR��SURJUDPDV�GH�HGXFDomR� LQIDQWLO�H�GH�HQVLQR� IXQGDPHQWDO� �5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ 9,,���SUHVWDU��FRP�D�FRRSHUDomR�WpFQLFD�H�ILQDQFHLUD�GD�8QLmR�H�GR�(VWDGR��VHUYLoRV�GH�DWHQGLPHQWR�j�VD~GH�GD�SRSXODomR� 9,,,� �� SURPRYHU�� QR� TXH� FRXEHU�� DGHTXDGR� RUGHQDPHQWR� WHUULWRULDO��PHGLDQWH� SODQHMDPHQWR� H� FRQWUROH� GR� XVR�� GR� SDUFHODPHQWR� H� GD RFXSDomR�GR�VROR�XUEDQR� ,;���SURPRYHU�D�SURWHomR�GR�SDWULP{QLR�KLVWyULFR�FXOWXUDO�ORFDO��REVHUYDGD�D�OHJLVODomR�H�D�DomR�ILVFDOL]DGRUD�IHGHUDO�H�HVWDGXDO� $UW�� ���� $� ILVFDOL]DomR� GR�0XQLFtSLR� VHUi� H[HUFLGD� SHOR� 3RGHU� /HJLVODWLYR� 0XQLFLSDO�� PHGLDQWH� FRQWUROH� H[WHUQR�� H� SHORV� VLVWHPDV� GH FRQWUROH�LQWHUQR�GR�3RGHU�([HFXWLYR�0XQLFLSDO��QD�IRUPD�GD�OHL� ���2�FRQWUROH�H[WHUQR�GD�&kPDUD�0XQLFLSDO�VHUi�H[HUFLGR�FRP�R�DX[tOLR�GRV�7ULEXQDLV�GH�&RQWDV�GRV�(VWDGRV�RX�GR�0XQLFtSLR�RX�GRV &RQVHOKRV�RX�7ULEXQDLV�GH�&RQWDV�GRV�0XQLFtSLRV��RQGH�KRXYHU� � �� 2� SDUHFHU� SUpYLR�� HPLWLGR� SHOR� yUJmR� FRPSHWHQWH� VREUH� DV� FRQWDV� TXH� R� 3UHIHLWR� GHYH� DQXDOPHQWH� SUHVWDU�� Vy� GHL[DUi� GH SUHYDOHFHU�SRU�GHFLVmR�GH�GRLV�WHUoRV�GRV�PHPEURV�GD�&kPDUD�0XQLFLSDO� � �� $V� FRQWDV� GRV� 0XQLFtSLRV� ILFDUmR�� GXUDQWH� VHVVHQWD� GLDV�� DQXDOPHQWH�� j� GLVSRVLomR� GH� TXDOTXHU� FRQWULEXLQWH�� SDUD� H[DPH� H DSUHFLDomR��R�TXDO�SRGHUi�TXHVWLRQDU�OKHV�D�OHJLWLPLGDGH��QRV�WHUPRV�GD�OHL� ���e�YHGDGD�D�FULDomR�GH�7ULEXQDLV��&RQVHOKRV�RX�yUJmRV�GH�&RQWDV�0XQLFLSDLV� &$3Ë78/2�9 '2�',675,72�)('(5$/�(�'26�7(55,7Ï5,26 6(d2�, '2�',675,72�)('(5$/ $UW������2�'LVWULWR�)HGHUDO��YHGDGD�VXD�GLYLVmR�HP�0XQLFtSLRV��UHJHU��VH�i�SRU�OHL�RUJkQLFD��YRWDGD�HP�GRLV�WXUQRV�FRP�LQWHUVWtFLR�PtQLPR GH�GH]�GLDV��H�DSURYDGD�SRU�GRLV�WHUoRV�GD�&kPDUD�/HJLVODWLYD��TXH�D�SURPXOJDUi��DWHQGLGRV�RV�SULQFtSLRV�HVWDEHOHFLGRV�QHVWD�&RQVWLWXLomR� ���$R�'LVWULWR�)HGHUDO�VmR�DWULEXtGDV�DV�FRPSHWrQFLDV�OHJLVODWLYDV�UHVHUYDGDV�DRV�(VWDGRV�H�0XQLFtSLRV� ���$�HOHLomR�GR�*RYHUQDGRU�H�GR�9LFH�*RYHUQDGRU��REVHUYDGDV�DV�UHJUDV�GR�DUW������H�GRV�'HSXWDGRV�'LVWULWDLV�FRLQFLGLUi�FRP�D�GRV *RYHUQDGRUHV�H�'HSXWDGRV�(VWDGXDLV��SDUD�PDQGDWR�GH�LJXDO�GXUDomR� ���$RV�'HSXWDGRV�'LVWULWDLV�H�j�&kPDUD�/HJLVODWLYD�DSOLFD�VH�R�GLVSRVWR�QR�DUW����� ���/HL�IHGHUDO�GLVSRUi�VREUH�D�XWLOL]DomR��SHOR�*RYHUQR�GR�'LVWULWR�)HGHUDO��GDV�SROtFLDV�FLYLO�H�PLOLWDU�H�GR�FRUSR�GH�ERPEHLURV�PLOLWDU� 6(d2�,, '26�7(55,7Ï5,26 $UW������$�OHL�GLVSRUi�VREUH�D�RUJDQL]DomR�DGPLQLVWUDWLYD�H�MXGLFLiULD�GRV�7HUULWyULRV� ���2V�7HUULWyULRV�SRGHUmR�VHU�GLYLGLGRV�HP�0XQLFtSLRV��DRV�TXDLV�VH�DSOLFDUi��QR�TXH�FRXEHU��R�GLVSRVWR�QR�&DStWXOR�,9�GHVWH�7tWXOR� ���$V�FRQWDV�GR�*RYHUQR�GR�7HUULWyULR�VHUmR�VXEPHWLGDV�DR�&RQJUHVVR�1DFLRQDO��FRP�SDUHFHU�SUpYLR�GR�7ULEXQDO�GH�&RQWDV�GD�8QLmR� � �� 1RV� 7HUULWyULRV� )HGHUDLV� FRP� PDLV� GH� FHP� PLO� KDELWDQWHV�� DOpP� GR� *RYHUQDGRU� QRPHDGR� QD� IRUPD� GHVWD� &RQVWLWXLomR�� KDYHUi yUJmRV� MXGLFLiULRV� GH� SULPHLUD� H� VHJXQGD� LQVWkQFLD�� PHPEURV� GR�0LQLVWpULR� 3~EOLFR� H� GHIHQVRUHV� S~EOLFRV� IHGHUDLV�� D� OHL� GLVSRUi� VREUH� DV HOHLo}HV�SDUD�D�&kPDUD�7HUULWRULDO�H�VXD�FRPSHWrQFLD�GHOLEHUDWLYD� &$3Ë78/2�9, '$�,17(59(1d2 $UW������$�8QLmR�QmR�LQWHUYLUi�QRV�(VWDGRV�QHP�QR�'LVWULWR�)HGHUDO��H[FHWR�SDUD� ,���PDQWHU�D�LQWHJULGDGH�QDFLRQDO� ,,���UHSHOLU�LQYDVmR�HVWUDQJHLUD�RX�GH�XPD�XQLGDGH�GD�)HGHUDomR�HP�RXWUD� ,,,���S{U�WHUPR�D�JUDYH�FRPSURPHWLPHQWR�GD�RUGHP�S~EOLFD� ,9���JDUDQWLU�R�OLYUH�H[HUFtFLR�GH�TXDOTXHU�GRV�3RGHUHV�QDV�XQLGDGHV�GD�)HGHUDomR� 9���UHRUJDQL]DU�DV�ILQDQoDV�GD�XQLGDGH�GD�)HGHUDomR�TXH� D��VXVSHQGHU�R�SDJDPHQWR�GD�GtYLGD�IXQGDGD�SRU�PDLV�GH�GRLV�DQRV�FRQVHFXWLYRV��VDOYR�PRWLYR�GH�IRUoD�PDLRU� E��GHL[DU�GH�HQWUHJDU�DRV�0XQLFtSLRV�UHFHLWDV�WULEXWiULDV�IL[DGDV�QHVWD�&RQVWLWXLomR��GHQWUR�GRV�SUD]RV�HVWDEHOHFLGRV�HP�OHL� 9,���SURYHU�D�H[HFXomR�GH�OHL�IHGHUDO��RUGHP�RX�GHFLVmR�MXGLFLDO� 9,,���DVVHJXUDU�D�REVHUYkQFLD�GRV�VHJXLQWHV�SULQFtSLRV�FRQVWLWXFLRQDLV� D��IRUPD�UHSXEOLFDQD��VLVWHPD�UHSUHVHQWDWLYR�H�UHJLPH�GHPRFUiWLFR� E��GLUHLWRV�GD�SHVVRD�KXPDQD� F��DXWRQRPLD�PXQLFLSDO� G��SUHVWDomR�GH�FRQWDV�GD�DGPLQLVWUDomR�S~EOLFD��GLUHWD�H�LQGLUHWD� H�� DSOLFDomR� GR� PtQLPR� H[LJLGR� GD� UHFHLWD� UHVXOWDQWH� GH� LPSRVWRV� HVWDGXDLV�� FRPSUHHQGLGD� D� SURYHQLHQWH� GH� WUDQVIHUrQFLDV�� QD PDQXWHQomR�H�GHVHQYROYLPHQWR�GR�HQVLQR���,QFOXtGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH������ H�� DSOLFDomR� GR� PtQLPR� H[LJLGR� GD� UHFHLWD� UHVXOWDQWH� GH� LPSRVWRV� HVWDGXDLV�� FRPSUHHQGLGD� D� SURYHQLHQWH� GH� WUDQVIHUrQFLDV�� QD PDQXWHQomR�H�GHVHQYROYLPHQWR�GR�HQVLQR�H�QDV�Do}HV�H�VHUYLoRV�S~EOLFRV�GH�VD~GH��5HGDomR�GDGD�SHOD�(PHQGD�&RQVWLWXFLRQDO�Q�����GH ����� $UW������2�(VWDGR�QmR�LQWHUYLUi�HP�VHXV�0XQLFtSLRV��QHP�D�8QLmR�QRV�0XQLFtSLRV�ORFDOL]DGRV�HP�7HUULWyULR�)HGHUDO��H[FHWR�TXDQGR� ,���GHL[DU�GH�VHU�SDJD��VHP�PRWLYR�GH�IRUoD�PDLRU��SRU�GRLV�DQRV�FRQVHFXWLYRV��D�GtYLGD�IXQGDGD�
Compartilhar