Baixe o app para aproveitar ainda mais
Prévia do material em texto
0DQXDO�%UDVLOHLUR�GH�6LQDOL]DomR�GH�7UkQVLWR 92/80(�,, 6LQDOL]DomR�9HUWLFDO�GH $GYHUWrQFLD &216(/+2�1$&,21$/�'(�75Æ16,72 &2175$1 ���� 0LQLVWpULR GDV�&LGDGHV'(1$75$1 � &RQVHOKR�1DFLRQDO�GH�7UkQVLWR��%UDVLO���&2175$1�� 6LQDOL]DomR�YHUWLFDO�GH�DGYHUWrQFLD���&RQWUDQ�'HQDWUDQ� ��HGLomR�±�%UDVtOLD���&RQWUDQ������� ����S����LO���0DQXDO�%UDVLOHLUR�GH�6LQDOL]DomR�GH�7UkQVLWR������ ��6LQDOL]DomR� �7UkQVLWR��� OHJLVODomR�� %UDVLO� ��7UkQVLWR�� OHJLVODomR�� %UDVLO� ��1RUPDV� GH� WUkQVLWR�� %UDVLO� ��&yGLJR� GH� WUkQVLWR�� %UDVLO� ,�� %UDVLO�� 'HSDUWDPHQWR� 1DFLRQDO� GH� 7UkQVLWR� �'(1$75$1��,,��7tWXOR� &���V�� &RS\ULJKW�������±�&2175$1 &''�������� 3UHVLGHQWH�GD�5HS~EOLFD /8,=�,1È&,2�/8/$�'$�6,/9$ 0LQLVWUR�GH�(VWDGR�GDV�&LGDGHV 0$5&,2�)257(6�'(�$/0(,'$ 3UHVLGHQWH�GR�&RQVHOKR�1DFLRQDO�GH�7UkQVLWR $/)5('2�3(5(6�'$�6,/9$ 9ROXPH�,� ±� 6LQDOL]DomR�9HUWLFDO�GH�5HJXODPHQWDomR 9ROXPH�,,� ±� 6LQDOL]DomR�9HUWLFDO��GH�$GYHUWrQFLD 9ROXPH�,,,� ±� 6LQDOL]DomR�9HUWLFDO�GH�,QGLFDomR 9ROXPH�,9� ±� 6LQDOL]DomR�+RUL]RQWDO 9ROXPH�9� ±� 6LQDOL]DomR�6HPDIyULFD 9ROXPH�9,� ±� 6LQDOL]DomR�GH�2EUDV�H�'LVSRVLWLYRV��$X[LOLDUHV� �0,1,67e5,2�'$6�&,'$'(6 0LQLVWUR�0DUFLR�)RUWHV�GH�$OPHLGD &216(/+2�1$&,21$/�'(�75Æ16,72 0(0%526�'2�&2175$1 3UHVLGHQWH $OIUHGR�3HUHV�GD�6LOYD 0LQLVWpULR�GD�&LGDGHV /XL]�&DUORV�%HUWRWWR -DTXHOLQH�)LOJXHLUDV�&KDSDGHQVH�3DFKHFR 0LQLVWpULR�GD�&LrQFLD�H�7HFQRORJLD /XL]�$QWRQLR�5RGULJXHV�(OLDV -RVp�$QWRQLR�6LOYpULR 0LQLVWpULR�GD�'HIHVD -RmR�3DXOR�6\OORV 5XL�&HVDU�GD�6LOYHLUD 0LQLVWpULR�GD�(GXFDomR 5RGULJR�/DPHJR�GH�7HL[HLUD�6RDUHV &DUORV�$OEHUWR�5LEHLUR�GH�;DYLHU 0LQLVWpULR�GR�0HLR�$PELHQWH 5X\�GH�*yHV�/HLWH�GH�%DUURV &DUORV�$OEHUWR�)HUUHLUD�GRV�6DQWRV 0LQLVWpULR�GD�6D~GH 9DOWHU�&KDYHV�&RVWD 'HERUDK�&DUYDOKR�0DOWD 0LQLVWpULR�GRV�7UDQVSRUWHV (GVRQ�'LDV�*RQoDOYHV :DOGHPDU�)LQL�-XQLRU (48,3(�7e&1,&$ &kPDUD�7HPiWLFD�GH�(QJHQKDULD�GH�7UDIHJR��GH�6LQDOL]DomR�H�GD�9LD *HVWmR���������� &RRUGHQDGRU � 6HEDVWLmR�5LFDUGR�&��0DUWLQV� $57(63�63 0HPEURV � $FFLRO\�*DOYmR�)LOKR� '(75$1�35 � $GULDQD�5LEHLUR�1RJXHLUD� '(75$1�63 � %UXQR�%DWLVWD�GH�%��0DUWLQV� &17 � &DUORV�+HQULTXH�3LUHV�/HDQGUR� $0&�±�)RUWDOH]D�&( � (PHUVRQ�'LDV�*RQoDOYHV� %&7WUDQ�±�%DOQHiULR�&DPERUL~�6& � )OiYLR�$XJXVWR�*RPHV� $177 � )OiYLR�6DOYDGRU�6LP}HV� $57(63 � *LO�)LUPLQR�*XHGHV� $%&5 � *LYDOGR�0HGHLURV�GD�6LOYD� '35) � ËWDOR�0DUTXHV�)LOL]ROD� '(1$75$1 � -RVp�-DLUR�GH�6RX]D� &21)($ � /LFLQLR�GD�6LOYD�3RUWXJDO� $13(7 � 0DUFHOLQR�$XJXVWR�6DQWRV�5RVD� '1,7 � 0DUFHOR�3HUUXSDWR�(�6LOYD� 17& � 0DUFR�$QW{QLR�%DQGHLUD�0HQH]HV� $177 � 0DULD�$OLFH�3UXGrQFLR�-DFTXHV� $13(7 � 0DULD�%HDWUL]�%HUWL�GD�&RVWD� &17 � 0DULD�6HOPD�)UHLWDV�6FKZDE� '(5�0* � 0DXUR�9LQFHQ]R�0D]]DPDWL� '(1$75$1 � 1HXWR�*RQoDOYHV�GRV�5HLV� 17& � 2PDU�GH�&DVWUR�5LEHLUR�-~QLRU� ,76 � 3DVFKRDO�7ULVWDQ�9DUJDV�6REULQKR� '(5�63 � 3DXOD�/XFLHQH�&DQGHLUD� &(7��6DQWRV � 3pUVLR�:DOWHU�%RUWROORWR� $%(75$16 � 6D\RQDUD�/RSHV�GH�6RX]D� %+75$16�±�%HOR�+RUL]RQWH�0* � &RQYLGDGRV � 1DQF\�5HLV�6FKQHLGHU� &(7�63 � 5RVkQJHOD�%DWWLVWHOOD� 85%6�±�&XULWLED�35 $SRLR�'(1$75$1 $QD�3DXOD�6DQWRV�GD�6LOYD $QW{QLD�/~FLD�*XHGHV�GD�6LOYD $QGUp�*RQoDOYHV�)ORUrQFLR +HOGHU�'RPLQJRV�GR�1DVFLPHQWR -XOLDQD�/RSHV�1XQHV $32,2�7e&1,&2�±�*5832�'(�75$%$/+2 &RRUGHQDGRUD � $GULDQD�5LEHLUR�1RJXHLUD� '(75$1�63 � (GVRQ�)HUUHLUD�&RVWD�-U�� '(5�63 � /XL]�)HOLSSH�'DXG� $57(63 � 0DUtOLD�0DOODUG� '(5�0* � 1DQF\�'RQLQL�%RQDWR� '(75$1�63 � 1RUPD�0DFDEHOOL� &(7�63 � 3DXOD�/XFLHQH�&DQGHLUD� &(7��6DQWRV�63 � 5RJpULR�$OYHV� (0'(&�±�&DPSLQDV�63 � 5RTXH�(GXDUGR�GRV�6DQWRV� '(5�63 � 5RVkQJHOD�%DWWLVWHOOD� 85%6�±�&XULWLED�35 � 6LOYDQD�'L�%HOOD�6DQWRV� &(7�63 $35(6(17$d2�'$���(',d2 2�0DQXDO�%UDVLOHLUR�GH�6LQDOL]DomR�GH�7UkQVLWR�±�9ROXPH�,,�IRL�HODERUDGR�HP�FRQVRQkQFLD�FRP� R�&yGLJR�GH�7UkQVLWR�%UDVLOHLUR��&7%��H�FRP�DV�GLUHWUL]HV�GD�3ROtWLFD�1DFLRQDO�GH�7UkQVLWR��7UDWD� VH� GH� XP� GRFXPHQWR� WpFQLFR� TXH� YLVD� j� XQLIRUPL]DomR� H� SDGURQL]DomR� GD�6LQDOL]DomR�9HUWLFDO� GH�$GYHUWrQFLD�� FRQILJXUDQGR�VH� FRPR� IHUUDPHQWD� GH� WUDEDOKR� LPSRUWDQWH� SDUD� RV� WpFQLFRV� TXH� WUDEDOKDP�QRV�yUJmRV�RX�HQWLGDGHV�GH�WUkQVLWR�HP�WRGDV�DV�HVIHUDV� (VWH�PDQXDO�IRL�GHVHQYROYLGR�SHOD�&kPDUD�7HPiWLFD�GH�(QJHQKDULD�GH�7UiIHJR�GH�6LQDOL]DomR� H� GD�9LD� �*HVWmR� ±� ������������ yUJmR� GH� DVVHVVRUDPHQWR� DR�&RQWUDQ� FRPSRVWR� SRU� WpFQLFRV� H� HVSHFLDOLVWDV� GH� WUkQVLWR� GH� WRGR� R� %UDVLO�� DRV� TXDLV� DJUDGHFHPRV� D� LQHVWLPiYHO� FRODERUDomR� H� HPSHQKR�QD�HODERUDomR�GHVWH�PDQXDO� 6DOLHQWDPRV�DLQGD��RV�HVIRUoRV�GDV�GHPDLV�&kPDUDV�7HPiWLFDV�H�GRV�PHPEURV�GR�&RQWUDQ�QR� VHQWLGR�GH�UHJXODPHQWDU�RV�DUWLJRV�GR�&7%��WUDEDOKR�LPSUHVFLQGtYHO�SDUD�SURPRYHU�D�VHJXUDQoD�QR� WUkQVLWR��FRODERUDQGR�SDUD�D�PHOKRULD�QD�TXDOLGDGH�GH�YLGD�QR�3DtV� (VSHUDPRV�TXH�WDO�SXEOLFDomR�IDoD�FRP�TXH�RV�SURMHWLVWDV�TXH�DWXDP�QR�6LVWHPD�1DFLRQDO�GH� 7UkQVLWR�VHMDP�OHYDGRV�D�SHQVDU�HP�WRGRV�DTXHOHV�TXH�FRQYLYHP�QDV�YLDV�S~EOLFDV��HVSHFLDOPHQWH� RV�SHGHVWUHV��FLFOLVWDV��PRWRFLFOLVWDV�H�FRQGXWRUHV��HP�iUHDV�XUEDQDV�RX�UXUDLV��FRP�XPD�YLVmR�PDLV� VROLGiULD��REMHWLYDQGR�UHGX]LU�R�tQGLFH�H�D�VHYHULGDGH�GRV�DFLGHQWHV�QR�WUkQVLWR� $/)5('2�3(5(6�'$�6,/9$ 3UHVLGHQWH�GR�&RQWUDQ RESOLUÇÃO Nº 243, DE 22 DE JUNHO DE 2007 Aprova o Volume II – Sinalização Vertical de Advertência, do Manual Brasileiro de Sinalização de Trânsito. O CONSELHO NACIONAL DE TRÂNSITO – CONTRAN, usando da competência que lhe confere o art. 12, inciso VIII, da Lei nº 9.503, de 23 de setembro de 1997, que instituiu o Código de Trânsito Brasileiro, e conforme Decreto nº 4.711, de 29 de maio de 2003, que dispõe sobre a coordenação do Sistema Nacional de Trânsito – SNT, e Considerando a necessidade de promover informação técnica atualizada aos órgãos e entidades do Sistema Nacional de Trânsito, compatível com o disposto na Resolução n° 160, de 22 de abril de 2004, do CONTRAN; Considerando os estudos e a aprovação na 11ª Reunião Ordinária da Câmara Temática de Engenharia de Tráfego, da Sinalização e da Via, em dezembro de 2006, resolve: Art. 1º Fica aprovado, o Volume II – Sinalização Vertical de Advertência, do Manual Brasileiro de Sinalização de Trânsito, anexo a esta Resolução. Art. 2º Ficam revogados o Capítulo IV – Placas de Advertência do Manual de Sinalização de Trânsito – Parte I, Sinalização Vertical aprovado pela Resolução nº 599/82, do CONTRAN e disposições em contrário. Art. 3º Os órgãos e entidades de trânsito terão até 30 de junho de 2008 para se adequarem ao disposto nesta Resolução. Art. 4º Os Anexos desta Resolução encontram-se disponíveis no sitio eletrônico www.denatran.gov.br. Art. 5º Esta Resolução entra em vigor na data de sua publicação. ALFREDO PERES DA SILVA Presidente ELCIONE DINIZ MACEDO Ministério das Cidades – Suplente JOSÉ ANTONIO SILVÉRIO Ministério da Ciência e Tecnologia – Suplente JOÃO PAULO SYLLOS Ministério da Defesa – Titular RUI CÉSAR DA SILVEIRA BARBOSA Ministério da Defesa – Suplente RODRIGO LAMEGO DE TEIXEIRA SOARES Ministério da Educação – Titular CARLOS ALBERTO FERREIRA DOS SANTOS Ministério do Meio Ambiente – Suplente EDSON DIAS GONÇALVES Ministério dos Transportes – Titular VALTER CHAVES COSTA Ministério da Saúde – Titular 680È5,2 ��� $SUHVHQWDomR����������������������������������������������������������������������������������������������������������� � � ��� ËQGLFH�GRV�6LQDLV�GH�$GYHUWrQFLD�������������������������������������������������������������������������� � � ��� ,QWURGXomR����������������������������������������������������������������������������������������������������������������� � � � ���� 3ULQFtSLRV�GD�VLQDOL]DomR�GH�WUkQVLWR���������������������������������������������������������������� � � ��� &RQVLGHUDo}HV�*HUDLV�VREUH�6LQDOL]DomR�GH�$GYHUWrQFLD���������������������������������� � �� � ���� 'H¿QLomR H IXQomR������������������������������������������������������������������������������������������� � �� � ���� $VSHFWRV�OHJDLV������������������������������������������������������������������������������������������������� � �� � ���� 6LQDLV�GH�DGYHUWrQFLD��������������������������������������������������������������������������������������� � �� � � ������ ,QIRUPDo}HV�FRPSOHPHQWDUHV��������������������������������������������������������������� � �� � ���� $EUDQJrQFLD�GRV�6LQDLV������������������������������������������������������������������������������������ � �� � ���� )RUPDV�H�FRUHV������������������������������������������������������������������������������������������������� � �� � ���� 'LPHQV}HV�������������������������������������������������������������������������������������������������������� � �� � ���� 3DGU}HV�DOIDQXPpULFRV������������������������������������������������������������������������������������� � �� � ���� 5HWURUUHÀHWLYLGDGH H LOXPLQDomR ���������������������������������������������������������������������� � �� � ���� 0DWHULDLV�GDV�SODFDV����������������������������������������������������������������������������������������� � �� � ����� 6XSRUWH�GDV�SODFDV������������������������������������������������������������������������������������������� � �� � ����� 0DQXWHQomR�H�FRQVHUYDomR������������������������������������������������������������������������������ � �� � ����� 3RVLFLRQDPHQWR�QD�YLD�������������������������������������������������������������������������������������� � �� � ����� &ULWpULRV�GH�ORFDomR������������������������������������������������������������������������������������������ � �� � � �������'LVWkQFLD�GH�YLVLELOLGDGH������������������������������������������������������������������������ � �� � � �������'LVWkQFLD�GH�GHVDFHOHUDomR�H�RX�PDQREUD������������������������������������������� � �� ��� 6LQDLV�GH�$GYHUWrQFLD��������������������������������������������������������������������������������������������� � �� � ���� &XUYDV�KRUL]RQWDLV�������������������������������������������������������������������������������������������� � �� � � ������ 6XEJUXSR�GH�FXUYDV�LVRODGDV���������������������������������������������������������������� � �� � � ������ 6XEJUXSR�GH�VHTrQFLD�GH�FXUYDV�������������������������������������������������������� � �� � ���� ,QWHUVHo}HV������������������������������������������������������������������������������������������������������� � �� � � ������ &UX]DPHQWR�GH�YLDV������������������������������������������������������������������������������ � �� � � ������ 9LDV�ODWHUDLV��HQWURQFDPHQWRV�REOtTXRV�H�FRQIOXrQFLDV������������������������ � �� � � ������ ,QWHUVHomR�HP�³7´�H�ELIXUFDomR�HP�³<´�������������������������������������������������� � �� � � ������ -XQo}HV�VXFHVVLYDV�FRQWUiULDV�������������������������������������������������������������� � �� � � ������ ,QWHUVHomR�HP�FtUFXOR���������������������������������������������������������������������������� � �� � ���� &RQWUROH�GH�WUiIHJR������������������������������������������������������������������������������������������� � �� � ���� ,QWHUIHUrQFLD�GH�WUDQVSRUWH�������������������������������������������������������������������������������� � �� � ���� &RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD���������������������������������������������������������������������� � �� � ���� 3HU¿O ORQJLWXGLQDO ��������������������������������������������������������������������������������������������� � �� � ���� 7UDoDGR�GD�SLVWD����������������������������������������������������������������������������������������������� � �� � ���� 2EUDV���������������������������������������������������������������������������������������������������������������� � �� � ���� 6HQWLGR�GH�FLUFXODomR��������������������������������������������������������������������������������������� � �� � ����� 6LWXDomR�GH�ULVFR�HYHQWXDO�������������������������������������������������������������������������������� � �� � ����� 3HGHVWUHV�H�FLFOLVWDV����������������������������������������������������������������������������������������� ���� � ����� 5HVWULo}HV�GH�GLPHQV}HV�H�SHVR�GH�YHtFXORV�������������������������������������������������� ���� ��� 6LQDOL]DomR�(VSHFLDO�GH�$GYHUWrQFLD��������������������������������������������������������������������� ���� ��� ,QIRUPDo}HV�&RPSOHPHQWDUHV������������������������������������������������������������������������������� ���� $SrQGLFH�±�'LDJUDPDomR�GRV�6LQDLV������������������������������������������������������������������������������ ���� Apresentação 1 1. APRESENTAÇÃO O Manual Brasileiro de Sinalização de Trânsito, elaborado pela Câmara Temática de Engenharia de Tráfego, de Sinalização e da Via, abrange todas as sinalizações, dispositivos auxiliares, sinalização semafórica e sinalização de obras determinados pela Resolução nº 160/04 do CONTRAN, e é composto dos seguintes Volumes: Volume I – Sinalização Vertical de Regulamentação Volume II – Sinalização Vertical de Advertência Volume III – Sinalização Vertical de Indicação Volume IV – Sinalização Horizontal Volume V – Sinalização Semafórica Volume VI – Sinalização de Obras e Dispositivos Auxiliares O Departamento Nacional de Trânsito – DENATRAN, no uso de suas atribuições, definidas no Código de Trânsito Brasileiro, Artigo 19, inciso XIX, de organizar, elaborar, complementar e alterar os manuais e normas de projetos de implementação da sinalização, dos dispositivos e equipamentos de trânsito aprovados pelo Conselho Nacional de Trânsito – CONTRAN, apresenta o Volume II do Manual Brasileiro de Sinalização de Trânsito, aprovado pela Resolução do CONTRAN n° 243, de 22 de junho de 2007. Este Volume II refere-se à Sinalização Vertical de Advertência de Trânsito, elaborado pela Câmara Temática de Engenharia de Tráfego, da Sinalização e da Via, gestão 2004/2006 e incorpora as alterações determinadas através da Resolução n° 160 de 22 de Abril de 2004. São apresentados para cada sinal e sinalizações especiais: seu significado, princípios de utilização, posicionamento na via, exemplos de aplicação, relacionamento com outras sinalizações e dimensões. O Apêndice deste Volume II contém a diagramação dos sinais, definindo os pictogramas, letras, algarismos, tarjas e orlas utilizados na construção dos mesmos, determinando o padrão legalmente estabelecido. ËQGLFH�GRV�6LQDLV�GH�$GYHUWrQFLD����� �����Ë1',&(�'26�6,1$,6�'(�$'9(57Ç1&,$ � 6LQDO &yGLJR 1RPH 3iJLQD $��D &XUYD�DFHQWXDGD�j�HVTXHUGD �� $��E &XUYD�DFHQWXDGD�j�GLUHLWD �� $��D &XUYD�j�HVTXHUGD �� $��E &XUYD�j�GLUHLWD �� $��D 3LVWD�VLQXRVD�j�HVTXHUGD �� $��E 3LVWD�VLQXRVD�j�GLUHLWD �� $��D &XUYD�DFHQWXDGD�HP�³6´�j�HVTXHUGD �� $��E &XUYD�DFHQWXDGD�HP�³6´�j�GLUHLWD �� $��D &XUYD�HP�³6´�j�HVTXHUGD �� $��E &XUYD�HP�³6´�j�GLUHLWD �� $�� &UX]DPHQWR�GH�YLDV �� $��D 9LD�ODWHUDO�j�HVTXHUGD �� $��E� 9LD�ODWHUDO�j�GLUHLWD �� �����ËQGLFH�GRV�6LQDLV�GH�$GYHUWrQFLD�� 6LQDO &yGLJR 1RPH 3iJLQD $�� ,QWHUVHomR�HP�³7´ �� $�� %LIXUFDomR�HP�³<´ �� $���D� (QWURQFDPHQWR�REOtTXR�j�HVTXHUGD �� $���E (QWURQFDPHQWR�REOtTXR�j�GLUHLWD �� $���D -XQo}HV�VXFHVVLYDV�FRQWUiULDV�SULPHLUD�j�HVTXHUGD �� $���E -XQo}HV�VXFHVVLYDV�FRQWUiULDV�SULPHLUD�j�GLUHLWD �� $��� ,QWHUVHomR�HP�FtUFXOR �� $���D &RQIOXrQFLD�j�HVTXHUGD �� $���E &RQIOXrQFLD�j�GLUHLWD �� $��� 6HPiIRUR�j�IUHQWH �� $��� 3DUDGD�REULJDWyULD�j�IUHQWH �� $��� %RQGH �� $��� 3LVWD�LUUHJXODU �� $��� 6DOLrQFLD�RX�ORPEDGD �� ËQGLFH�GRV�6LQDLV�GH�$GYHUWrQFLD����� 6LQDO &yGLJR 1RPH 3iJLQD $��� 'HSUHVVmR �� $���D� 'HFOLYH�DFHQWXDGR �� $���E $FOLYH�DFHQWXDGR �� $���D (VWUHLWDPHQWR�GH�SLVWD�DR�FHQWUR �� $���E (VWUHLWDPHQWR�GH�SLVWD�j�HVTXHUGD �� $���F (VWUHLWDPHQWR�GH�SLVWD�j�GLUHLWD �� $���G $ODUJDPHQWR�GH�SLVWD�j�HVTXHUGD �� $���H $ODUJDPHQWR�GH�SLVWD�j�GLUHLWD�� $��� 3RQWH�HVWUHLWD �� $��� 3RQWH�PyYHO �� $��� 2EUDV �� $��� 0mR�GXSOD�DGLDQWH �� $���D 6HQWLGR�~QLFR �� $���E 6HQWLGR�GXSOR �� 6 Índice dos Sinais de Advertência Sinal Código Nome Página A-27 Área com desmoronamento 98 A-28 Pista escorregadia 100 A-29 Projeção de cascalho 102 A-30a Trânsito de ciclistas 108 A-30b Passagem sinalizada de ciclistas 109 A-30c Trânsito compartilhado por ciclistas e pedestres 110 A-31 Trânsito de tratores ou maquinária agrícola 103 A-32a Trânsito de pedestres 111 A-32b Passagem sinalizada de pedestres 112 A-33a Área escolar 113 A-33b Passagem sinalizada de escolares 114 A-34 Crianças 115 A-35 Animais 104 A-36 Animais selvagens 104 ËQGLFH�GRV�6LQDLV�GH�$GYHUWrQFLD����� 6LQDO &yGLJR 1RPH 3iJLQD $��� $OWXUD�OLPLWDGD ��� $��� /DUJXUD�OLPLWDGD ��� $��� 3DVVDJHP�GH�QtYHO�VHP�EDUUHLUD �� $��� 3DVVDJHP�GH�QtYHO�FRP�EDUUHLUD �� $��� &UX]�GH�6DQWR�$QGUp �� $���D ,QtFLR�GH�SLVWD�GXSOD �� $���E )LP�GH�SLVWD�GXSOD �� $���F 3LVWD�GLYLGLGD �� $��� $HURSRUWR ��� $��� 9HQWR�ODWHUDO ��� $��� 5XD�VHP�VDtGD �� $��� 3HVR�EUXWR�WRWDO�OLPLWDGR ��� $��� 3HVR�OLPLWDGR�SRU�HL[R ��� $��� &RPSULPHQWR�OLPLWDGR ��� ,QWURGXomR����� ��� ,1752'8d2 $�VLQDOL]DomR�YHUWLFDO�p�XP�VXEVLVWHPD�GD�VLQDOL]DomR�YLiULD��TXH�VH�XWLOL]D�GH�VLQDLV�DSRVWRV� VREUH�SODFDV�IL[DGDV�QD�SRVLomR�YHUWLFDO��DR�ODGR�RX�VXVSHQVDV�VREUH�D�SLVWD��WUDQVPLWLQGR� PHQVDJHQV� GH� FDUiWHU� SHUPDQHQWH� RX�� HYHQWXDOPHQWH�� YDULiYHO��PHGLDQWH� VtPERORV� H�RX� OHJHQGDV�SUHHVWDEHOHFLGDV�H�OHJDOPHQWH�LQVWLWXtGDV� $�VLQDOL]DomR�YHUWLFDO�WHP�D�ILQDOLGDGH�GH�IRUQHFHU�LQIRUPDo}HV�TXH�SHUPLWDP�DRV�XVXiULRV� GDV�YLDV�DGRWDU�FRPSRUWDPHQWRV�DGHTXDGRV��GH�PRGR�D�DXPHQWDU�D�VHJXUDQoD��RUGHQDU�RV� IOX[RV�GH�WUiIHJR�H�RULHQWDU�RV�XVXiULRV�GD�YLD� $�VLQDOL]DomR�YHUWLFDO�p�FODVVLILFDGD�VHJXQGR�VXD�IXQomR��TXH�SRGH�VHU�GH� x� UHJXODPHQWDU�DV�REULJDo}HV��OLPLWDo}HV��SURLELo}HV�RX�UHVWULo}HV�TXH�JRYHUQDP�R�XVR� GD�YLD� x� DGYHUWLU�RV�FRQGXWRUHV�VREUH�FRQGLo}HV�FRP�SRWHQFLDO�GH�ULVFR�H[LVWHQWHV�QD�YLD�RX� QDV�VXDV�SUR[LPLGDGHV��WDLV�FRPR�HVFRODV�H�SDVVDJHQV�GH�SHGHVWUHV� x� LQGLFDU�GLUHo}HV��ORFDOL]Do}HV��SRQWRV�GH�LQWHUHVVH�WXUtVWLFR�RX�GH�VHUYLoRV�H�WUDQVPLWLU� PHQVDJHQV� HGXFDWLYDV�� GHQWUH� RXWUDV�� GH� PDQHLUD� D� DMXGDU� R� FRQGXWRU� HP� VHX� GHVORFDPHQWR� 2V�VLQDLV�SRVVXHP�IRUPDV�SDGURQL]DGDV��DVVRFLDGDV�DR�WLSR�GH�PHQVDJHP�TXH�SUHWHQGHP� WUDQVPLWLU��UHJXODPHQWDomR��DGYHUWrQFLD�RX�LQGLFDomR�� 7RGRV�RV�VtPERORV�H� OHJHQGDV�GHYHP�REHGHFHU�D�GLDJUDPDomR�GRV�VLQDLV�FRQWLGD�QHVWH� 0DQXDO� ������3ULQFtSLRV�GD�VLQDOL]DomR�GH�WUkQVLWR 1D�FRQFHSomR�H�QD�LPSODQWDomR�GD�VLQDOL]DomR�GH�WUkQVLWR��GHYH�VH�WHU�FRPR�SULQFtSLR�EiVLFR� DV�FRQGLo}HV�GH�SHUFHSomR�GRV�XVXiULRV�GD�YLD��JDUDQWLQGR�D�UHDO�HILFiFLD�GRV�VLQDLV� 3DUD�LVVR��p�SUHFLVR�DVVHJXUDU�j�VLQDOL]DomR�YHUWLFDO�RV�SULQFtSLRV�D�VHJXLU�GHVFULWRV� ������,QWURGXomR /HJDOLGDGH &yGLJR� GH� 7UkQVLWR� %UDVLOHLUR� ±� &7%� H� OHJLVODomR��FRPSOHPHQWDU� 6XILFLrQFLD SHUPLWLU� IiFLO�SHUFHSomR�GR�TXH�UHDOPHQWH�p�LPSRUWDQWH��FRP�TXDQWLGDGH�GH�VLQDOL]DomR�FRPSDWtYHO�FRP�D�QHFHVVLGDGH� 3DGURQL]DomR VHJXLU� XP�SDGUmR� OHJDOPHQWH� HVWDEHOHFLGR�� VLWXDo}HV� LJXDLV�GHYHP�VHU�VLQDOL]DGDV�FRP�R�PHVPR�FULWpULR� &ODUH]D WUDQVPLWLU�PHQVDJHQV�GH�IiFLO�FRPSUHHQVmR� 3UHFLVmR�H� FRQILDELOLGDGH VHU�SUHFLVD�H�FRQILiYHO��FRUUHVSRQGHU�j�VLWXDomR�H[LVWHQWH��WHU� FUHGLELOLGDGH� 9LVLELOLGDGH�H� OHJLELOLGDGH VHU�YLVWD�j�GLVWkQFLD�QHFHVViULD� VHU�OLGD�HP�WHPSR�KiELO�SDUD�D�WRPDGD�GH�GHFLVmR� 0DQXWHQomR�H� FRQVHUYDomR HVWDU�SHUPDQHQWHPHQWH�OLPSD��FRQVHUYDGD��IL[DGD�H�YLVtYHO� &RQVLGHUDo}HV�*HUDLV������ �����&216,'(5$d®(6�*(5$,6�62%5(�6,1$/,=$d2�'(�$'9(57Ç1&,$ ������'HILQLomR�H�IXQomR $�VLQDOL]DomR�YHUWLFDO�GH�DGYHUWrQFLD�WHP�SRU�ILQDOLGDGH�DOHUWDU�DRV�XVXiULRV�DV�FRQGLo}HV� SRWHQFLDOPHQWH�SHULJRVDV��REVWiFXORV�RX�UHVWULo}HV�H[LVWHQWHV�QD�YLD�RX�DGMDFHQWHV�D�HOD�� LQGLFDQGR�D�QDWXUH]D�GHVVDV�VLWXDo}HV�j�IUHQWH��TXHU�VHMDP�SHUPDQHQWHV�RX�HYHQWXDLV� 'HYH�VHU�XWLOL]DGD�VHPSUH�TXH�R�SHULJR�QmR�VH�HYLGHQFLH�SRU�VL�Vy�� (VVD�VLQDOL]DomR�H[LJH�JHUDOPHQWH�XPD�UHGXomR�GH�YHORFLGDGH�FRP�R�REMHWLYR�GH�SURSLFLDU� PDLRU�VHJXUDQoD�GH�WUkQVLWR� $� DSOLFDomR� GD� VLQDOL]DomR� GH� DGYHUWrQFLD�GHYH� VHU� IHLWD� DSyV� HVWXGRV� GH� HQJHQKDULD�� OHYDQGR�VH�HP�FRQWD�RV�DVSHFWRV��ItVLFRV��JHRPpWULFRV��RSHUDFLRQDLV��DPELHQWDLV��GDGRV� HVWDWtVWLFRV� GH� DFLGHQWHV�� XVR� H� RFXSDomR� GR� VROR� OLQGHLUR�� $� GHFLVmR� GH� FRORFDomR� GHVVHV�VLQDLV�GHSHQGH�GH�H[DPH�DSXUDGR�GDV�FRQGLo}HV�GR�ORFDO�H�GR�FRQKHFLPHQWR�GR� FRPSRUWDPHQWR�GRV�XVXiULRV�GD�YLD� 6HX�XVR�VH� MXVWLILFD� WDQWR�QDV�YLDV� UXUDLV�TXDQWR�XUEDQDV��TXDQGR�GHWHFWDGD�D�VXD� UHDO� QHFHVVLGDGH��GHYHQGR�VH�HYLWDU�R�VHX�XVR�LQGLVFULPLQDGR�RX�H[FHVVLYR��SRLV�FRPSURPHWH� D�FRQILDELOLGDGH�H�D�HILFiFLD�GD�VLQDOL]DomR� 3ODFDV� GH� VLQDOL]DomR� GH� DGYHUWrQFLD� GHYHP� VHU� LPHGLDWDPHQWH� UHWLUDGDV�� TXDQGR� DV� VLWXDo}HV�TXH�H[LJLUDP�VXD�LPSODQWDomR�GHL[DUHP�GH�H[LVWLU� $�VLQDOL]DomR�GH�DGYHUWrQFLD�FRPS}H�VH�GH� x� 6LQDLV�GH�DGYHUWrQFLD� x� 6LQDOL]DomR�HVSHFLDO�GH�DGYHUWrQFLD� x� ,QIRUPDo}HV�FRPSOHPHQWDUHV�DRV�VLQDLV�GH�DGYHUWrQFLD� &RQMXQWR�GH�6LQDLV�GH�$GYHUWrQFLD 6mR�VHVVHQWD�H�QRYH�VLQDLV�GH�DGYHUWrQFLD�XWLOL]DGRV�SDUD�DOHUWDU�R�XVXiULR�GD�YLD�TXDQWR�j� DSUR[LPDomR�GH�SRQWRV�WUHFKRV�FUtWLFRV�RX�REVWiFXORV� $��D $��E $��D $��E $��D $��E $��D $��E $��D $��E $�� $��D $��E $�� $�� $���D ������&RQVLGHUDo}HV�*HUDLV $���E $���D $���E $��� $��D $���E $��� $��� $��� $��� $��� $��� $���D $���E $���D $���E $���F $���G $���H $��� $��� $��� $��� $��D $���E $��� $��� $��� $���D $���E $���F $��� $���D $���E $���D $���E $��� $��� $��� $��� $��� $��� $��� $��� $���D $���E $���F $��� $��� $��� $��� $��� $��� 6LQDOL]DomR�HVSHFLDO�GH�DGYHUWrQFLD e�XWLOL]DGD�HP�VLWXDomR�HP�TXH�QmR�p�SRVVtYHO�R�HPSUHJR�GRV�VLQDLV�HVWDEHOHFLGRV�QR� LWHP����� (VVHV� VLQDLV� HVSHFLDLV� SRGHP� VHU� GHVHQYROYLGRV� FRQIRUPH� FDGD� VLWXDomR� HVSHFtILFD�� LQGLFDQGR�D�QDWXUH]D�GD�FRQGLomR�DSUHVHQWDGD�QD�YLD� &RQVLGHUDo}HV�*HUDLV������ ([HPSORV� D��6LQDOL]DomR�HVSHFLDO�SDUD�IDL[DV�RX�SLVWDV�H[FOXVLYDV�GH�{QLEXV E��6LQDOL]DomR�HVSHFLDO�SDUD�SHGHVWUHV F�� 6LQDOL]DomR� HVSHFLDO� GH� DGYHUWrQFLD� VRPHQWH� SDUD� URGRYLDV�� HVWUDGDV� H� YLDV� GH� WUkQVLWR�UiSLGR ������$VSHFWRV�OHJDLV (VWD�VLQDOL]DomR�SRVVXL�FDUiWHU�GH�DGYHUWrQFLD�GH�DFRUGR�FRP�DV�H[LJrQFLDV�FRQWLGDV�QR� &yGLJR�GH�7UkQVLWR�%UDVLOHLUR�±�&7%�TXH�DWULEXL�DR�yUJmR�RX�HQWLGDGH�FRP�FLUFXQVFULomR� MXULVGLomR�VREUH�D�YLD��D�SURPRomR�GH�FRQGLo}HV�SDUD�WUkQVLWR�VHJXUR� $V�IRUPDV��FRUHV�H�GLPHQV}HV�TXH�IRUPDP�RV�VLQDLV�GH�DGYHUWrQFLD�VmR�REMHWR�GH�UHVROXomR� GR� &2175$1� H� GHYHP� VHU� ULJRURVDPHQWH� VHJXLGRV�� SDUD� TXH� VH� REWHQKD� R� PHOKRU� HQWHQGLPHQWR�SRU�SDUWH�GR�XVXiULR��2V�GHWDOKHV�GRV�VLQDLV�DTXL�DSUHVHQWDGRV�FRQVWLWXHP� XP�SDGUmR�FRHUHQWH�FRP�D�OHJLVODomR�YLJHQWH� ������&RQVLGHUDo}HV�*HUDLV ������6LQDLV�GH�DGYHUWrQFLD &RP�R�REMHWLYR�GH�IDFLOLWDU�VHX�HQWHQGLPHQWR��RV�����VHVVHQWD�H�QRYH��VLQDLV�GH�DGYHUWrQFLD� HVWmR�VXEGLYLGLGRV�HP�JUXSRV�H�VXEJUXSRV��FRQIRUPH�VXD�QDWXUH]D��IXQomR��FDUDFWHUtVWLFD�H� DVSHFWR�GR�WUkQVLWR�TXH�DGYHUWHP� 2V�JUXSRV�H�VXEJUXSRV�VmR�RV�VHJXLQWHV� ��� &XUYDV�+RUL]RQWDLV ����FXUYDV�LVRODGDV ����VHTrQFLD�GH�FXUYDV ��� ,QWHUVHo}HV� ��� &RQWUROH�GH�7UiIHJR ��� ,QWHUIHUrQFLD�GH�7UDQVSRUWH ��� &RQGLo}HV�GD�6XSHUItFLH�GD�3LVWD ��� 3HUILO�/RQJLWXGLQDO ��� 7UDoDGR�GD�3LVWD ��� 2EUDV ��� 6HQWLGR�GH�&LUFXODomR ����6LWXDo}HV�GH�5LVFR�(YHQWXDO ����3HGHVWUHV�H�&LFOLVWDV� ����5HVWULo}HV�GH�'LPHQV}HV�H�3HVR�GH�9HtFXORV 2�FDStWXOR���DSUHVHQWD�R�TXDGUR�FRP�RV�QRPHV��FyGLJRV�H�GHVHQKRV�GRV�VLQDLV�GH�DGYHUWrQFLD�� SRU�JUXSR�H�VXEJUXSR� ������,QIRUPDo}HV�FRPSOHPHQWDUHV +DYHQGR�QHFHVVLGDGH�GH�IRUQHFHU�LQIRUPDo}HV�FRPSOHPHQWDUHV�DRV�VLQDLV�GH�DGYHUWrQFLD�� HVWDV�GHYHP�VHU� LQVFULWDV�HP�SODFD�DGLFLRQDO�RX�LQFRUSRUDGDV�j�SODFD�SULQFLSDO� IRUPDQGR� XP�Vy�FRQMXQWR��QD�IRUPD�UHWDQJXODU��DGPLWLGD�D�H[FHomR�SDUD�D�SODFD�DGLFLRQDO�FRQWHQGR� R�Q~PHUR�GH�OLQKDV�IpUUHDV�TXH�FUX]DP�D�SLVWD��$V�FRUHV�GD�SODFD�DGLFLRQDO�GHYHP�VHU�DV� PHVPDV�GRV�VLQDLV�GH�DGYHUWrQFLD� ([HPSORV� &RQVLGHUDo}HV�*HUDLV������ ������$EUDQJrQFLD�GRV�6LQDLV 'HYHP�VHU�LPSODQWDGRV�DQWHV�GRV�ORFDLV�TXH�UHTXHUHP�DWHQomR�GRV�XVXiULRV�GH�PDQHLUD� TXH�WHQKDP�WHPSR�SDUD�SHUFHEr�OR��FRPSUHHQGHU�D�PHQVDJHP�H�UHDJLU�GH�IRUPD�DGHTXDGD� j�VLWXDomR� ������)RUPDV�H�FRUHV $�IRUPD�SDGUmR�GRV�VLQDLV�GH�DGYHUWrQFLD�p�D�TXDGUDGD��GHYHQGR�XPD�GDV�GLDJRQDLV�ILFDU� QD�SRVLomR�YHUWLFDO��H�DV�FRUHV�VmR��DPDUHOD�H�SUHWD� &RQVWLWXHP�H[FHomR�TXDQWR�D�IRUPD�RV�VLQDLV�$����D�±�³6HQWLGR�~QLFR´��$���E�±�³6HQWLGR� GXSOR´�H�$����±�³&UX]�GH�6DQWR�$QGUp´� &RQVWLWXHP�H[FHomR�TXDQWR�D�FRU�RV�VLQDLV�$����±�³6HPiIRUR�j�IUHQWH´�H�$����±�³2EUDV´�� 1D�VLQDOL]DomR�GH�REUDV��R�IXQGR�H�D�RUOD�H[WHUQD�GHYHP�VHU�QD�FRU�ODUDQMD� &DUDFWHUtVWLFDV�GRV�6LQDLV�GH�DGYHUWrQFLD )RUPD &RU )XQGR $PDUHOD 6tPEROR 3UHWD 2UOD�LQWHUQD 3UHWD 2UOD�H[WHUQD $PDUHOD /HJHQGD 3UHWD &DUDFWHUtVWLFDV�GR�6LQDO�$��� )RUPD &RU )XQGR $PDUHOD 6tPEROR 9HUGH $PDUHOD 9HUPHOKD 3UHWD 2UOD�LQWHUQD 3UHWD 2UOD�H[WHUQD $PDUHOD ������&RQVLGHUDo}HV�*HUDLV &DUDFWHUtVWLFDV�GR�6LQDO�$��� )RUPD &RU )XQGR /DUDQMD 6tPEROR 3UHWD 2UOD�LQWHUQD 3UHWD 2UOD�H[WHUQD /DUDQMD &DUDFWHUtVWLFDV�GRV�6LQDLV�$����D�±�$����E�±�$��� 6LQDO &RU )RUPD &yGLJR $���D $���E )XQGR $PDUHOD 2UOD�LQWHUQD 3UHWD 2UOD�H[WHUQD $PDUHOD 6tPEROR 3UHWD $��� )XQGR $PDUHOD 2UOD�LQWHUQD 2UOD�H[WHUQD 3UHWD $PDUHOD &DUDFWHUtVWLFDV�GD�6LQDOL]DomR�HVSHFLDO�GH�DGYHUWrQFLD� &RU )XQGR $PDUHOD 6tPEROR 3UHWD 2UOD�LQWHUQD��RSFLRQDO� 3UHWD 2UOD�H[WHUQD $PDUHOD 7DUMD 3UHWD /HJHQGD 3UHWD $V� FDUDFWHUtVWLFDV� ItVLFDV� GD� VLQDOL]DomR� HVSHFLDO� GH� DGYHUWrQFLD�� GHYHP� SRVVXLU� IRUPD� UHWDQJXODU��SRGHQGR�YDULDU�HP�VXDV�GLPHQV}HV�HP�IXQomR�GDV�PHQVDJHQV�QHODV�FRQWLGDV� &RQVLGHUDo}HV�*HUDLV������ &DUDFWHUtVWLFDV�GDV�LQIRUPDo}HV�FRPSOHPHQWDUHV� &RU )XQGR $PDUHOD 2UOD�LQWHUQD��RSFLRQDO� 3UHWD 2UOD�H[WHUQD $PDUHOD 7DUMD 3UHWD /HJHQGD 3UHWD &RUHV $�XWLOL]DomR�GDV�FRUHV�QRV�VLQDLV�GH�DGYHUWrQFLD�GHYH�VHU�IHLWD�REHGHFHQGR�VH�DRV�FULWpULRV� DEDL[R�H�DR�3DGUmR�0XQVHOO��LQGLFDGR� &RU 3DGUmR0XQVHOO 8WLOL]DomR�QRV�6LQDLV�GH�$GYHUWrQFLD $PDUHOD ��<5�������� IXQGR�H�RUOD�H[WHUQD�GRV�VLQDLV�GH�DGYHUWrQFLD��IRFR�VHPDIyULFR�GR�VtPEROR�GR�VLQDO�$���� 3UHWD� 1���� VtPERORV��WDUMDV��RUODV�LQWHUQDV�H�OHJHQGDV�GRV�VLQDLV�GH�DGYHUWrQFLD� 9HUGH ���*���� IRFR�VHPDIyULFR�GR�VtPEROR�GR�VLQDO�$���� 9HUPHOKD ����5����� IRFR�VHPDIyULFR�GR�VtPEROR�GR�VLQDO�$���� 30��±��3DGUmR�0XQVHOO <�����±��<HOORZ�DPDUHOR 1�����±��1HXWUDO��FRUHV�DEVROXWDV� 5�����±��5HG�YHUPHOKR *�����±��*UHHQ�YHUGH ������'LPHQV}HV 'HYHP�VHPSUH�VHU�REVHUYDGDV�DV�GLPHQV}HV�PtQLPDV�HVWDEHOHFLGDV�SRU�WLSR�GH�YLD�FRQIRUPH� WDEHODV�D�VHJXLU� ������&RQVLGHUDo}HV�*HUDLV 'LPHQV}HV�PtQLPDV�±�6LQDLV�GH�IRUPD�TXDGUDGD 9LD /DGR�PtQLPR�P� 2UOD�H[WHUQD� PtQLPD �P� 2UOD�LQWHUQD� PtQLPD �P� 8UEDQD ����� ����� ����� 5XUDO��HVWUDGD� ����� ����� ����� 5XUDO��URGRYLD� ����� ����� ����� ÈUHDV�SURWHJLGDV�SRU� OHJLVODomR�HVSHFLDO� � ����� ����� ����� � ��UHODWLYD�D�SDWULP{QLR�KLVWyULFR��DUWtVWLFR��FXOWXUDO��DUTXLWHW{QLFR��DUTXHROyJLFR�H�QDWXUDO� 2EV���1RV�FDVRV�GH�VLQDLV�GH�DGYHUWrQFLD�GHVHQKDGRV�HP�SODFD�DGLFLRQDO��R�ODGR�PtQLPR�SRGH�VHU�GH�����P� 'LPHQV}HV�PtQLPDV�±�6LQDLV�GH�IRUPDU�UHWDQJXODU 9LD /DGR�PDLRU� PtQLPR �P� /DGR�PHQRU� PtQLPR �P� 2UOD�H[WHUQD� PtQLPD �P� 2UOD�LQWHUQD� PtQLPD �P� 8UEDQD ����� ����� ����� ����� 5XUDO��HVWUDGD� ����� ����� ����� ����� 5XUDO��URGRYLD� ����� ����� ����� ����� ÈUHDV�SURWHJLGDV�SRU� OHJLVODomR�HVSHFLDO� � ����� ����� ����� ����� � ��UHODWLYD�D�SDWULP{QLR�KLVWyULFR��DUWtVWLFR��FXOWXUDO��DUTXLWHW{QLFR��DUTXHROyJLFR�H�QDWXUDO� 'LPHQV}HV�PtQLPDV�±�6LQDO�&UX]�GH�6DQWR�$QGUp�±�$��� 3DUkPHWUR 9DULDomR 5HODomR�HQWUH�GLPHQV}HV�GH�ODUJXUD�H� FRPSULPHQWR�GRV�EUDoRV GH�����D����� ÆQJXORV�PHQRUHV�IRUPDGRV�HQWUH�RV�GRLV� EUDoRV HQWUH����H��� &RQVLGHUDo}HV�*HUDLV������ ������3DGU}HV�DOIDQXPpULFRV 3DUD�PHQVDJHQV� FRPSOHPHQWDUHV�GRV� VLQDLV� GH�DGYHUWrQFLD� HP� iUHDV�XUEDQDV��GHYHP� VHU�XWLOL]DGDV�DV�IRQWHV�GH�DOIDEHWRV�H�Q~PHURV�GRV�WLSRV�+HOYpWLFD�0pGLXP��$ULDO��6WDQGDUG� $OSKDEHWV�IRU�+LJKZD\�6LJQV�DQG�3DYHPHQW�0DUNLQJV�RX�VLPLODU� (P�iUHDV�UXUDLV�GHYHP�VHU�XWLOL]DGDV�DV�IRQWHV�GH�DOIDEHWRV�H�Q~PHURV�GR�WLSR�6WDQGDUG� $OSKDEHWV�IRU�+LJKZD\�6LJQV�DQG�3DYHPHQW�0DUNLQJV��VHULHV�³'´�RX�³(��0�´� ������5HWURUUHIOHWLYLGDGH�H�LOXPLQDomR 2V�VLQDLV�GH�DGYHUWrQFLD�SRGHP�VHU�DSOLFDGRV�HP�SODFDV�SLQWDGDV��UHWURUUHIOHWLYDV��OXPLQRVDV� �GRWDGDV�GH�LOXPLQDomR�LQWHUQD��RX�LOXPLQDGDV��GRWDGDV�GH�LOXPLQDomR�H[WHUQD�IURQWDO�� 1DV�URGRYLDV�RX�YLDV�GH�WUkQVLWR�UiSLGR��QmR�GRWDGDV�GH�LOXPLQDomR�S~EOLFD��DV�SODFDV�GHYHP� VHU�UHWURUUHIOHWLYDV��OXPLQRVDV�RX�LOXPLQDGDV� (VWXGRV� GH� HQJHQKDULD� SRGHP� GHPRQVWUDU� D� QHFHVVLGDGH� GH� XWLOL]DomR� GDV� SODFDV� UHWURUUHIOHWLYDV��OXPLQRVDV�RX�LOXPLQDGDV�HP�YLDV�FRP�GHILFLrQFLD�GH�LOXPLQDomR�RX�VLWXDo}HV� FOLPiWLFDV�DGYHUVDV� $V� SODFDV� FRQIHFFLRQDGDV� HP� PDWHULDO� UHWURUUHIOHWLYR�� OXPLQRVDV� RX� LOXPLQDGDV� GHYHP� DSUHVHQWDU�R�PHVPR�IRUPDWR��GLPHQV}HV�H�FRUHV�QRV�SHUtRGRV�GLXUQR�H�QRWXUQR� ������0DWHULDLV�GDV�SODFDV 2V�PDWHULDLV�PDLV�DGHTXDGRV�SDUD�VHUHP�XWLOL]DGRV�FRPR�VXEVWUDWRV�SDUD�D�FRQIHFomR�GDV� SODFDV�GH�VLQDOL]DomR�VmR�R�DoR��DOXPtQLR��SOiVWLFR�UHIRUoDGR�H�PDGHLUD�LPXQL]DGD� 2V�PDWHULDLV�PDLV�XWLOL]DGRV�SDUD�FRQIHFomR�GRV�VLQDLV�VmR�DV�WLQWDV�H�SHOtFXODV� $V�WLQWDV�XWLOL]DGDV�VmR��HVPDOWH�VLQWpWLFR��IRVFD�RX�VHPL�IRVFD�RX�SLQWXUD�HOHWURVWiWLFD� $V�SHOtFXODV�XWLOL]DGDV�VmR��SOiVWLFDV��QmR�UHWURUUHIOHWLYDV��RX�UHWURUUHIOHWLYDV�GRV�VHJXLQWHV� WLSRV�� GH� HVIHUDV� LQFOXVDV�� GH� HVIHUDV� HQFDSVXODGDV� RX� GH� OHQWHV� SULVPiWLFDV�� D� VHUHP� GHILQLGDV�GH�DFRUGR�FRP�DV�QHFHVVLGDGHV�GH�SURMHWR� 3RGHUmR�VHU�XWLOL]DGRV�RXWURV�PDWHULDLV�TXH�YHQKDP�D�VXUJLU�D�SDUWLU�GH�GHVHQYROYLPHQWR� WHFQROyJLFR�� GHVGH� TXH� SRVVXDP� SURSULHGDGHV� ItVLFDV� H� TXtPLFDV� TXH� JDUDQWDP� DV� FDUDFWHUtVWLFDV� HVVHQFLDLV� GR� VLQDO�� GXUDQWH� WRGD� VXD� YLGD� ~WLO�� HP� TXDLVTXHU� FRQGLo}HV� FOLPiWLFDV��LQFOXVLYH�DSyV�H[HFXomR�GR�SURFHVVR�GH�PDQXWHQomR� (P� IXQomR� GR� FRPSURPHWLPHQWR� FRP� D� VHJXUDQoD� GD� YLD�� QmR� GHYH� VHU� XWLOL]DGD� WLQWD� EULOKDQWH�RX�SHOtFXODV�UHWURUUHIOHWLYDV�GR�WLSR�³HVIHUDV�H[SRVWDV´� 2�YHUVR�GD�SODFD�GHYH�VHU�QD�FRU�SUHWD��IRVFD�RX�VHPL�IRVFD� (P�FDVRV�GH�VLQDOL]DomR�WHPSRUiULD�SRGHP�VHU�XWLOL]DGRV�FRPR�VXEVWUDWR�SDUD�FRQIHFomR� GDV�SODFDV�RXWURV�PDWHULDLV��GHVGH�TXH�JDUDQWDP�DV�FDUDFWHUtVWLFDV�GRV�VLQDLV�H�D�VHJXUDQoD� YLiULD�GXUDQWH�R�SHUtRGR�GH�VXD�XWLOL]DomR� ������&RQVLGHUDo}HV�*HUDLV �������6XSRUWH�GDV�SODFDV 2V�VXSRUWHV�GHYHP�VHU�GLPHQVLRQDGRV�H�IL[DGRV�GH�PRGR�D�VXSRUWDU�DV�FDUJDV�SUySULDV�GDV� SODFDV�H�RV�HVIRUoRV�GD�DomR�GR�YHQWR��JDUDQWLQGR�VXD�FRUUHWD�SRVLomR� 2V�VXSRUWHV�GHYHP�VHU�IL[DGRV�GH�PRGR�D�PDQWHU�ULJLGDPHQWH�DV�SODFDV�HP�VXD�SRVLomR� SHUPDQHQWH�H�DSURSULDGD��HYLWDQGR�TXH�VHMDP�JLUDGDV�RX�GHVORFDGDV� 3DUD� IL[DomR�GD�SODFD�DR�VXSRUWH�GHYHP� VHU�XVDGRV�HOHPHQWRV� IL[DGRUHV�DGHTXDGRV�GH� IRUPD�D�LPSHGLU�D�VROWXUD�RX�GHVORFDPHQWR�GD�PHVPD� 2V� PDWHULDLV� PDLV� XWLOL]DGRV� SDUD� FRQIHFomR� GRV� VXSRUWHV� VmR� R� DoR� H� D� PDGHLUD� LPXQL]DGD� 2XWURV� PDWHULDLV� H[LVWHQWHV� RX� VXUJLGRV� D� SDUWLU� GH� GHVHQYROYLPHQWR� WHFQROyJLFR� SRGHP� VHU� XWLOL]DGRV�� GHVGH� TXH� SRVVXDP� SURSULHGDGHV� ItVLFDV� H� TXtPLFDV� TXH� JDUDQWDP� VXDV� FDUDFWHUtVWLFDV�RULJLQDLV�GXUDQWH�WRGD�VXD�YLGD�~WLO�HP�TXDLVTXHU�FRQGLo}HV�FOLPiWLFDV� ([HPSORV�GH�VXSRUWHV� ��� �� )LJ��� �� �� )LJ��� �� )LJ��� &RQVLGHUDo}HV�*HUDLV������ (P�GHWHUPLQDGRV�FDVRV�DV�SODFDV�SRGHP�VHU�IL[DGDV�HP�VXSRUWHV�H[LVWHQWHV�XVDGRV�SDUD�RXWURV�ILQV��WDLV�FRPR��SRVWHV�GH�LOXPLQDomR��FROXQDV�RX�EUDoRV�GH�VXVWHQWDomR�GH�JUXSRV� VHPDIyULFRV� 3RU�TXHVWmR�GH�VHJXUDQoD�H�YLVLELOLGDGH�p�UHFRPHQGiYHO��TXDQGR�SRVVtYHO��TXH�D�HVWUXWXUD� GH�YLDGXWRV��SRQWHV�H�SDVVDUHODV�VHMD�XWLOL]DGD�FRPR�VXSRUWH�GRV�VLQDLV��PDQWLGD�D�DOWXUD� OLYUH�GHVWLQDGD�j�SDVVDJHP�GRV�YHtFXORV� 2V�VLQDLV�FRORFDGRV�HP�iUHDV�GH�SLVWDV�GLYHUJHQWHV�GHYHP�HVWDU�DSRLDGRV�HP�VXSRUWHV� FRODSVtYHLV��TXH�SHUPLWDP�FKRTXHV�VHP�FDXVDU�RX�VRIUHU�GDQRV��1R�FDVR�GD�XWLOL]DomR�GH� VXSRUWHV�GH�IL[DomR�UtJLGRV�GHYH�VH�JXDUQHFHU�R�ORFDO�FRP�GHIHQVDV�RX�EDUUHLUDV��D�ILP�GH� SURWHJHU�RV�XVXiULRV�QD�HYHQWXDO�FROLVmR� 2V�VXSRUWHV�GHYHP�SRVVXLU�FRUHV�QHXWUDV�H�IRUPDV�TXH�QmR�LQWHUILUDP�QD�LQWHUSUHWDomR�GR� VLJQLILFDGR�GR�VLQDO��1mR�GHYHP�FRQVWLWXLU�REVWiFXORV�j�VHJXUDQoD�GH�YHtFXORV�H�SHGHVWUHV� 3DUD�VLQDLV�XVDGRV�WHPSRUDULDPHQWH��RV�VXSRUWHV�SRGHP�VHU�SRUWiWHLV�RX�UHPRYtYHLV�FRP� FDUDFWHUtVWLFDV�GH�IRUPD�H�SHVR�TXH�LPSHoDP�VHX�GHVORFDPHQWR� �������0DQXWHQomR�H�FRQVHUYDomR 3ODFDV�GH�VLQDOL]DomR�VHP�FRQVHUYDomR�RX�FRP�FRQVHUYDomR�SUHFiULD�SHUGHP�VXD�HILFiFLD� FRPR�GLVSRVLWLYRV�GH�FRQWUROH�GH�WUiIHJR��SRGHQGR�LQGX]LU�DR�GHVUHVSHLWR��FRPSURPHWHQGR� D�VHJXUDQoD�YLiULD� $V� SODFDV� GH� VLQDOL]DomR�GHYHP� VHU� PDQWLGDV� QD� SRVLomR� DSURSULDGD�� VHPSUH� OLPSDV� H� OHJtYHLV� 'HYHP�VHU�WRPDGRV�FXLGDGRV�HVSHFLDLV�SDUD�DVVHJXUDU�TXH�D�YHJHWDomR��PRELOLiULR�XUEDQR�� SODFDV� SXEOLFLWiULDV�� PDWHULDLV� GH� FRQVWUXomR� H� GHPDLV� LQWHUIHUrQFLDV� QmR� SUHMXGLTXHP� D� YLVXDOL]DomR�GD�VLQDOL]DomR��PHVPR�TXH�WHPSRUDULDPHQWH� �������3RVLFLRQDPHQWR�QD�YLD $�UHJUD�JHUDO�GH�SRVLFLRQDPHQWR�GDV�SODFDV�GH�VLQDOL]DomR�FRQVLVWH�HP�FRORFi�ODV�QR�ODGR� GLUHLWR�GD�YLD��QR�VHQWLGR�GR�IOX[R�GH�WUiIHJR�TXH�DGYHUWHP��H[FHWR�QRV�FDVRV�SUHYLVWRV�QHVWH� 0DQXDO� H� D� VLQDOL]DomR� GHVWLQDGD� D� FLFOLVWDV� H� SHGHVWUHV� TXH�GHYH� VHU� GHWHUPLQDGD� SRU� HVWXGRV�GH�HQJHQKDULD� $V�SODFDV�GH�VLQDOL]DomR�GHYHP�VHU�FRORFDGDV�QD�SRVLomR�YHUWLFDO��ID]HQGR�XP�kQJXOR�GH� ���D����HP�UHODomR�DR�IOX[R�GH�WUiIHJR��YROWDGDV�SDUD�R�ODGR�H[WHUQR�GD�YLD��(VWD�LQFOLQDomR� WHP�SRU�REMHWLYR�DVVHJXUDU�ERD�YLVLELOLGDGH�H�OHLWXUD�GRV�VLQDLV��HYLWDQGR�R�UHIOH[R�HVSHFXODU� TXH�SRGH�RFRUUHU�FRP�D�LQFLGrQFLD�GH�OX]�GRV�IDUyLV�RX�GH�UDLRV�VRODUHV�VREUH�D�SODFD� ������&RQVLGHUDo}HV�*HUDLV )LJ��� $V�SODFDV�VXVSHQVDV�SRGHP�VHU�XWLOL]DGDV��FRQIRUPH�HVWXGRV�GH�HQJHQKDULD��QDV�VHJXLQWHV� VLWXDo}HV� x� LQWHUVHomR�FRPSOH[D� x� WUrV�RX�PDLV�IDL[DV�SRU�VHQWLGR� x� GLVWkQFLD�GH�YLVLELOLGDGH�UHVWULWD� x� SHTXHQR�HVSDoDPHQWR�HQWUH�LQWHUVHo}HV�� x� UDPSDV�GH�VDtGDV�FRP�IDL[DV�P~OWLSODV� x� JUDQGH�SHUFHQWDJHP�GH�{QLEXV�H�FDPLQK}HV�QD�FRPSRVLomR�GR�WUiIHJR� x� IDOWD�GH�HVSDoR�SDUD�FRORFDomR�GDV�SODFDV�QDV�SRVLo}HV�FRQYHQFLRQDLV� x� YROXPH�GH�WUiIHJR�SUy[LPR�j�FDSDFLGDGH�GD�YLD� x� LQWHUIHUrQFLDV�XUEDQDV��iUYRUHV��SDLQpLV��DEULJRV�GH�{QLEXV�HWF��� 1DV�YLDV�UXUDLV�H�XUEDQDV�GH�WUkQVLWR�UiSLGR��D�QmR�VHU�TXH�R�HVSDoR�H[LVWHQWH�VHMD�PXLWR� OLPLWDGR�� UHFRPHQGD�VH�PDQWHU� XPD� GLVWkQFLD�PtQLPD� GH� ����PHWURV� HQWUH� SODFDV�� SDUD� SHUPLWLU�D� OHLWXUD�GH�WRGRV�RV�VLQDLV��HP�IXQomR�GR�WHPSR�QHFHVViULR�SDUD�D�SHUFHSomR�H� UHDomR�GRV�FRQGXWRUHV��HVSHFLDOPHQWH�TXDQGR�VmR�GHVHQYROYLGDV�YHORFLGDGHV�HOHYDGDV� $�DOWXUD�H�R�DIDVWDPHQWR�ODWHUDO�GH�FRORFDomR�GDV�SODFDV�GH�VLQDOL]DomR�HVWmR�HVSHFLILFDGRV� GH�DFRUGR�FRP�R�WLSR�GH�YLD��XUEDQD�RX�UXUDO�H�VmR�DSUHVHQWDGRV�QDV�ILJXUDV�D�VHJXLU� (P�YLDV�XUEDQDV $� ERUGD� LQIHULRU� GD� SODFD� RX� GR� FRQMXQWR� GH� SODFDV�� FRORFDGD� ODWHUDOPHQWH�j�YLD��GHYH�ILFDU�D�XPD�DOWXUD�OLYUH�HQWUH������H�����P� HP�UHODomR�DR�VROR�� LQFOXVLYH�SDUD�D�PHQVDJHP�FRPSOHPHQWDU��VH� HVWD�H[LVWLU��$V�SODFDV�DVVLP�FRORFDGDV�VH�EHQHILFLDP�GD�LOXPLQDomR� S~EOLFD� H� SURYRFDP� PHQRU� LPSDFWR� QD� FLUFXODomR� GRV� SHGHVWUHV�� DVVLP�FRPR��ILFDP�OLYUHV�GR�HQFREULPHQWR�FDXVDGR�SHORV�YHtFXORV� � 3DUD�DV�SODFDV�VXVSHQVDV�VREUH�D�SLVWD�D�DOWXUD�OLYUH�PtQLPD�GHYH� VHU�GH�����P� &RQVLGHUDo}HV�*HUDLV������ )LJ��� 2� DIDVWDPHQWR� ODWHUDO�� PHGLGR� HQWUH� D� SURMHomR� YHUWLFDO� GD� ERUGD� ODWHUDO�GD�SODFD�H�D�ERUGD�GD�SLVWD��GHYH�VHU��QR�PtQLPR��GH�����P� SDUD�WUHFKRV�UHWRV�GD�YLD�H�����P�SDUD�WUHFKRV�HP�FXUYD� 1RV�FDVRV�GH�SODFDV�VXVSHQVDV��GHYHP�VHU�FRQVLGHUDGRV�RV�PHVPRV� YDORUHV�PHGLGRV�HQWUH�R�VXSRUWH�H�D�ERUGD�GD�SLVWD� )LJ���� � $� FRORFDomR� GH� SODFDV� ODWHUDLV� HP� YLDV� GH� WUkQVLWR� UiSLGR�� FRP� FDUDFWHUtVWLFDV� VHPHOKDQWHV� jV� YLDV� UXUDLV�� SRGH� VHU� HIHWXDGD� GD� PHVPD�IRUPD�j�DSOLFDGD�QHVWDV�~OWLPDV��GHVGH�TXH�QmR�REVWUXD�D� HYHQWXDO�FLUFXODomR�GH�SHGHVWUHV� (P�YLDV�UXUDLV $V�SODFDV�GHYHP�VHU�LPSODQWDGDV�FRP�����P�GH�DOWXUD��D�FRQWDU�GD� ERUGD�LQIHULRU�GD�SODFD�j�VXSHUItFLH�GD�SLVWD� 3DUD�DV�SODFDV�VXVSHQVDV��D�DOWXUD�OLYUH�PtQLPD�GHYH�VHU�GH�����P� )LJ��� ������&RQVLGHUDo}HV�*HUDLV $V� SODFDV� GHYHP� VHU� LPSODQWDGDV� FRP� XP� DIDVWDPHQWR� ODWHUDO� PtQLPR�GH�����P�PHGLGR�HQWUH�D�SURMHomR�YHUWLFDO�GD�ERUGD�ODWHUDO� GD�SODFD�H�GR�ERUGR�GR�DFRVWDPHQWR�RX�GR�ERUGR�H[WHUQR�GD�SLVWD�� TXDQGR�QmR�H[LVWLU�R�DFRVWDPHQWR� (P� YLDV� FRP� GLVSRVLWLYRV� GH� SURWHomR� FRQWtQXD� �GHIHQVDV� RX� EDUUHLUDV��� R�DIDVWDPHQWR� ODWHUDO�GHYH� VHU�GH�QR�PtQLPR�����P��D� FRQWDU�GR�OLPLWH�H[WHUQR�GR�GLVSRVLWLYR� 3DUD�SODFDV�VXVSHQVDV�R�DIDVWDPHQWR� ODWHUDO�GHYH� VHU�QR�PtQLPR� ����P�HQWUH�R�VXSRUWH�H�R�ERUGR�H[WHUQR�GR�DFRVWDPHQWR�RX�SLVWD� )LJ��� )LJ��� �������&ULWpULRV�GH�ORFDomR $�SODFD�GH�DGYHUWrQFLD�GHYH�VHU�FRORFDGD�DQWHV�GR�SRQWR�RQGH�RFRUUH�R�SHULJR�RX�VLWXDomR� LQHVSHUDGD��D�XPD�GLVWkQFLD�TXH�SHUPLWD�WHPSR�VXILFLHQWH�GH�SHUFHSomR��UHDomR�H�PDQREUD� GR�FRQGXWRU� (VWD�GLVWkQFLD�p�GHWHUPLQDGD�SHOD�YHORFLGDGH�GH�DSUR[LPDomR�GR�YHtFXOR�HP�IXQomR�GR�ORFDO� FRP�SRWHQFLDO�GH�ULVFR�RX�VLWXDomR�LQHVSHUDGD�� 3DUD�SRVLFLRQDU�R�VLQDO�DR�ORQJR�GD�YLD��GHYHP�VHU�DQDOLVDGRV�RV�VHJXLQWHV�DVSHFWRV�� x� GLVWkQFLD�GH�YLVLELOLGDGH� x� GLVWkQFLD�GH�GHVDFHOHUDomR�H�RX�PDQREUD� &RQVLGHUDo}HV�*HUDLV������ )LJ���� ���������'LVWkQFLD�GH�YLVLELOLGDGH $� GLVWkQFLD� PtQLPD� GH� YLVLELOLGDGH� GR� VLQDO� p� FDOFXODGD� HP� IXQomR� GD� YHORFLGDGH� GH� DSUR[LPDomR��FRQVLGHUDQGR�XP�WHPSR�GH�SHUFHSomR�UHDomR� LJXDO�D�����VHJXQGRV��1HVVD� GLVWkQFLD��WDPEpP�HVWD�LQFOXtGR�R�WUHFKR��DQWHULRU�j�SODFD��HP�TXH�R�FRQGXWRU�GHL[D�GH�YLVXDOL]i� OD��D�SDUWLU�GR�SRQWR�RQGH�D�WUDMHWyULD�GR�YHtFXOR�IRUPD�XP�kQJXOR�GH����HP�UHODomR�D�SODFD� 'LVWkQFLD�PtQLPD�GH�YLVLELOLGDGH 9HORFLGDGH�GH�DSUR[LPDomR���.P�K� 'LVWkQFLD�PtQLPD�GH�YLVLELOLGDGH��P� �� �� �� �� �� �� �� �� �� �� �� ��� ��� ��� ��� ��� ��� ��� ���������'LVWkQFLD�GH�GHVDFHOHUDomR�H�RX�PDQREUD� $�GLVWkQFLD�HQWUH�D�SODFD�H�R�SRQWR�FUtWLFR�RX�VLWXDomR�LQHVSHUDGD�GHYH�VHU�WDO�TXH�SHUPLWD�D� GHVDFHOHUDomR�H�RX�PDQREUD��DWp�D�SDUDGD�VH�QHFHVViULR��FRQIRUPH�D�SODFD�RX�D�VLWXDomR� GHWHUPLQDGD��(VWD�GLVWkQFLD�GHSHQGH�GD�YHORFLGDGH�GH�DSUR[LPDomR�RX�GR�WLSR�GH�PDQREUD� QHFHVViULD� ������&RQVLGHUDo}HV�*HUDLV $� WDEHOD�D� VHJXLU�DSUHVHQWD�DV�GLVWkQFLDV�PtQLPDV�QHFHVViULDV�SDUD�GHVDFHOHUDomR�H�RX� PDQREUD�HQWUH�D�SODFD�H�R�SRQWR�FUtWLFR��ORFDO�FRP�SRWHQFLDO�GH�ULVFR�H�RX�VLWXDomR�LQHVSHUDGD�� VHJXQGR�DV�FRQGLo}HV�GH�GHVDFHOHUDomR�VXDYH�H�FRQVWDQWH�LJXDO�D�����P�Vð� (VVDV�GLVWkQFLDV�PtQLPDV�VmR�REWLGDV�DWUDYpV�GD�FRUUHODomR�HQWUH�D�YHORFLGDGH�GH�DSUR[LPDomR� GR�YHtFXOR�H�D�YHORFLGDGH�ILQDO�QHFHVViULD�SDUD�JDUDQWLU�D�VHJXUDQoD�GR�WUkQVLWR� 'LVWkQFLD�GH�GHVDFHOHUDomR�H�RX�PDQREUD 9HORFLGDGH� $SUR[LPDomR �NP�K� 'LVWkQFLD�GH�GHVDFHOHUDomR�H�RX�PDQREUD�±��P�� 9H OR F� NP �K ]HUR �� �� �� �� �� �� �� �� �� ��� ��� �� ' LV Wk QF LD ��P � �� �� �� �� � �� �� �� �� �� �� � �� �� �� �� �� �� �� � �� �� �� �� �� �� �� �� � �� ��� ��� ��� ��� �� �� �� �� � �� ��� ��� ��� ��� ��� ��� �� �� �� � ��� ��� ��� ��� ��� ��� ��� ��� �� �� �� � ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� �� �� � ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� �� �� )RQWH��&(7�±�&RPSDQKLD�GH�(QJHQKDULD�GH�7UiIHJR�GH�6mR�3DXOR3RGH�VH�DGRWDU�DOJXQV�SDGU}HV�GH�GLVWkQFLDV�PtQLPDV�QHFHVViULDV�HVWDEHOHFLGRV�QD�WDEHOD� D�VHJXLU��SDUD�HIHWXDU�GHVDFHOHUDomR�H�RX�PDQREUD�HQWUH�D�SODFD�H�D�VLWXDomR�VREUH�D�TXDO� DGYHUWH�� 'LVWkQFLD�PtQLPD�GH�GHVDFHOHUDomR�H�RX�PDQREUD 7LSR�GH�YLDV 9HORFLGDGH��9�NP�K� 'LVWkQFLD�PtQLPD�GH� GHVDFHOHUDomR�H�RX� PDQREUD��P� 8UEDQDV 9����� �� ���d�9����� ��� 9�t��� ��� 5XUDLV 9����� ��� ���d�9�d��� ��� 9�!��� ��� 6LQDLV�GH�$GYHUWrQFLD������ �����6,1$,6�'(�$'9(57Ç1&,$ (VWH�FDStWXOR�DSUHVHQWD�RV�VLQDLV�GH�DGYHUWrQFLD��VHXV�VLJQLILFDGRV��SULQFtSLRV�GH�XWLOL]DomR�� SRVLFLRQDPHQWR�QD�YLD��H[HPSORV�GH�DSOLFDomR�H�UHODFLRQDPHQWRV�FRP�RXWURV�VLQDLV� $�WDEHOD�D�VHJXLU�UHODFLRQD�RV�VLQDLV�DJUXSDGRV�FRQIRUPH�PHQFLRQDGR�QR�LWHP����� 6LQDLV�GH�$GYHUWrQFLD *UXSR�GH�VLQDLV 1RPH &yGLJR 6LQDO ������&XUYDV�+RUL]RQWDLV ��������&XUYDV�,VRODGDV &XUYD�DFHQWXDGD�j�HVTXHUGD $��D &XUYD�DFHQWXDGD�j�GLUHLWD $��E &XUYD�j�HVTXHUGD $��D &XUYD�j�GLUHLWD $��E ��������6HTrQFLD�GH�&XUYDV 3LVWD�VLQXRVD�j�HVTXHUGD $��D 3LVWD�VLQXRVD�j�GLUHLWD $��E &XUYD�DFHQWXDGD�HP�³6´�j� HVTXHUGD $��D &XUYD�DFHQWXDGD�HP�³6´�j�GLUHLWD $��E &XUYD�HP�³6´�j�HVTXHUGD $��D &XUYD�HP�³6´�j�GLUHLWD $��E ������,QWHUVHo}HV &UX]DPHQWR�GH�YLDV $�� ������6LQDLV�GH�$GYHUWrQFLD 9LD�/DWHUDO�j�HVTXHUGD $��D 9LD�/DWHUDO�j�GLUHLWD $��E ,QWHUVHomR�HP�³7´ $�� %LIXUFDomR�HP�³<´ $�� (QWURQFDPHQWR�REOtTXR�j� HVTXHUGD $���D� (QWURQFDPHQWR�REOtTXR�j�GLUHLWD $���E -XQo}HV�VXFHVVLYDV�FRQWUiULDV� SULPHLUD�j�HVTXHUGD $���D -XQo}HV�VXFHVVLYDV�FRQWUiULDV� SULPHLUD�j�GLUHLWD $���E ,QWHUVHomR�HP�FtUFXOR $��� &RQIOXrQFLD�j�HVTXHUGD $���D &RQIOXrQFLD�j�GLUHLWD $���E ������&RQWUROH�GH�WUiIHJR 6HPiIRUR�j�IUHQWH $��� 3DUDGD�REULJDWyULD�j�IUHQWH $��� ������,QWHUIHUrQFLD�GH�WUDQVSRUWH %RQGH $��� 3RQWH�PyYHO $��� 6LQDLV�GH�$GYHUWrQFLD������ 3DVVDJHP�GH�QtYHO�VHP�EDUUHLUD $��� 3DVVDJHP�GH�QtYHO�FRP�EDUUHLUD $��� &UX]�GH�6DQWR�$QGUp $��� ������&RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD 3LVWD�LUUHJXODU $��� 6DOLrQFLD�RX�ORPEDGD $��� 'HSUHVVmR $��� ������3HUILO�ORQJLWXGLQDO 'HFOLYH�DFHQWXDGR $���D� $FOLYH�DFHQWXDGR $���E ������7UDoDGR�GD�SLVWD (VWUHLWDPHQWR�GH�SLVWD�DR�FHQWUR $���D (VWUHLWDPHQWR�GH�SLVWD�j� HVTXHUGD $���E (VWUHLWDPHQWR�GH�SLVWD�j�GLUHLWD $���F $ODUJDPHQWR�GH�SLVWD�j�HVTXHUGD $���G $ODUJDPHQWR�GH�SLVWD�j�GLUHLWD $���H 3RQWH�HVWUHLWD $��� ������6LQDLV�GH�$GYHUWrQFLD ,QtFLR�GH�SLVWD�GXSOD $���D )LP�GH�SLVWD�GXSOD $���E 3LVWD�GLYLGLGD $���F 5XD�VHP�VDtGD $��� ������2EUDV 2EUDV $��� ������6HQWLGR�GH�FLUFXODomR 0mR�GXSOD�DGLDQWH $��� 6HQWLGR�~QLFR $���D 6HQWLGR�GXSOR $���E �������6LWXDo}HV�GH�ULVFR�HYHQWXDO� ÈUHD�FRP�GHVPRURQDPHQWR $��� 3LVWD�HVFRUUHJDGLD $��� 3URMHomR�GH�FDVFDOKR $��� 7UkQVLWR�GH�WUDWRUHV�RX� PDTXLQiULD�DJUtFROD $��� $QLPDLV $��� $QLPDLV�VHOYDJHQV $��� 6LQDLV�GH�$GYHUWrQFLD������ $HURSRUWR $��� 9HQWR�ODWHUDO $��� �������3HGHVWUHV�H�FLFOLVWDV 7UkQVLWR�GH�FLFOLVWDV $���D 3DVVDJHP�VLQDOL]DGD�GH�FLFOLVWDV $���E 7UkQVLWR�FRPSDUWLOKDGR�SRU� FLFOLVWDV�H�SHGHVWUHV $���F 7UkQVLWR�GH�SHGHVWUHV $���D 3DVVDJHP�VLQDOL]DGD�GH� SHGHVWUHV $���E ÈUHD�HVFRODU $���D 3DVVDJHP�VLQDOL]DGD�GH� HVFRODUHV $���E &ULDQoDV $��� �������5HVWULo}HV�GH�GLPHQV}HV�H�SHVR�GH�YHtFXORV $OWXUD�OLPLWDGD $��� /DUJXUD�OLPLWDGD $��� 3HVR�EUXWR�WRWDO�OLPLWDGR $��� 3HVR�OLPLWDGR�SRU�HL[R $��� &RPSULPHQWR�OLPLWDGR $��� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ���� &XUYDV�KRUL]RQWDLV 2�JUXSR�GH�VLQDLV�GH�DGYHUWrQFLD�GH�FXUYDV�KRUL]RQWDLV�SRGH�VHU�GLYLGLGR�HP�GRLV�VXEJUXSRV�� DV�FXUYDV�LVRODGDV�H�DV�VHTrQFLDV�GH�FXUYDV�� $JUXSDPHQWR�GH� FXUYDV 'LVWkQFLD� HQWUH�FXUYDV� �FRPSULPHQWR� GD�WDQJHQWH� &RPR�VLQDOL]DU 7LSR�GH�FXUYD &yGLJR� GR�6LQDO �����6LQDO &XUYDV�LVRODGDV t�������P LVRODGDPHQWH FXUYD�DFHQWXDGD $��D $��E FXUYD $��D $��E 6HTrQFLDV�GH� FXUYDV ��������P FRQMXQWDPHQWH SLVWD�VLQXRVD $��D $��E FXUYD�DFHQWXDGD� HP�³6´ $��D $��E FXUYD�HP�³6´ $��D $��E 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ 'LIHUHQWHV� FRQILJXUDo}HV�GH� FXUYDV�LVRODGDV�H�GH� VHTrQFLDV�GH�FXUYDV� $�VHJXLU�VmR�DSUHVHQWDGDV�DV�FDUDFWHUtVWLFDV�GRV�VLQDLV�GH�FXUYDV��SRU�VXEJUXSRV�GH�FXUYDV� LVRODGDV�H�VHTrQFLD�GH�FXUYDV� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ��������6XEJUXSR�GH�FXUYDV�LVRODGDV &XUYD�DFHQWXDGD�j�HVTXHUGD�H�&XUYD�DFHQWXDGD�j�GLUHLWD 6LQDLV� &XUYD�DFHQWXDGD�j�HVTXHUGD $��D &XUYD�DFHQWXDGD�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH�� GH� XPD� FXUYD� DFHQWXDGD� j� HVTXHUGD� RX� j� GLUHLWD�� UHVSHFWLYLGDGH� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP� VHU�XWLOL]DGRV�VHPSUH�TXH�H[LVWLU� FXUYD�KRUL]RQWDO�DGLDQWH�� HP�YLDV�RQGH�DV�YHORFLGDGHV�GH�DSUR[LPDomR�DFDUUHWHP�PDQREUD� TXH�SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV�XVXiULRV� $�XWLOL]DomR�GRV�VLQDLV�VH�Gi�SHOD�WDEHOD�DEDL[R� 5DLR�GD�FXUYD� �5� ÆQJXOR�FHQWUDO� �D� 9HORFLGDGH ��9� &XUYD� DFHQWXDGD 5�d���P ��P��5�d����P D�!��� D�t��� 9�d����NP�K ���NP�K�d�9�d����NP�K 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ 6HX�XVR�p�REULJDWyULR�HP�YLDV�UXUDLV��YLDV�GH�WUkQVLWR�UiSLGR�RX�YLDV� DUWHULDLV�FRP�EDL[D�RFXSDomR�OLQGHLUD��RQGH�D�YHORFLGDGH�SUDWLFDGD�p� SRWHQFLDOPHQWH�SHULJRVD�SDUD�D�FXUYD�� 8WLOL]DP�VH� HVWHV� VLQDLV� WDPEpP� QDV� GHPDLV� YLDV� XUEDQDV�� FXMD� YLVLELOLGDGH� VHMD� SUHMXGLFDGD�� TXDQGR� R� WUDoDGR� QmR� IRU� IDFLOPHQWH� SHUFHELGR��RX�TXDQGR�Ki�QHFHVVLGDGH�GH�UHGXomR�GH�YHORFLGDGH�� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH�VHU�FRORFDGD�QR�ODGR�GLUHLWR�GD�YLD��GH�DFRUGR�FRP�RV� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWDV�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ([HPSORV�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ &XUYD�j�HVTXHUGD�H�FXUYD�j�GLUHLWD 6LQDLV &XUYD�j�HVTXHUGD $��D &XUYD�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH��GH�XPD�FXUYD�j�HVTXHUGD�RX�j�GLUHLWD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP�VHU�XWLOL]DGRV�VHPSUH�TXH�H[LVWLU�FXUYD�KRUL]RQWDO�DGLDQWH��HP� YLDV�RQGH�DV�YHORFLGDGHV�GH�DSUR[LPDomR�DFDUUHWHP�PDQREUD�TXH� SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV�XVXiULRV� $�XWLOL]DomR�GRV�VLQDLV�VH�Gi�SHOD�WDEHOD�DEDL[R� 5DLR�GD�FXUYD��5� ÆQJXOR�FHQWUDO��D� &XUYD ��P�d�5������P���P�d�5������P ���d�D����� D�d��� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV 6HX�XVR�p�REULJDWyULR�HP�YLDV�UXUDLV��YLDV�GH�WUkQVLWR�UiSLGR�RX�YLDV� DUWHULDLV�FRP�EDL[D�RFXSDomR�OLQGHLUD��RQGH�D�YHORFLGDGH�SUDWLFDGD�p� SRWHQFLDOPHQWH�SHULJRVD�SDUD�D�FXUYD�� 3RGHP� VHU� XWLOL]DGRV� WDPEpP� QDV� GHPDLV� YLDV� XUEDQDV�� FXMD� YLVLELOLGDGH� VHMD� SUHMXGLFDGD�� TXDQGR� R� WUDoDGR� QmR� IRU� IDFLOPHQWH� SHUFHELGR��RX�TXDQGR�Ki�QHFHVVLGDGH�GH�UHGXomR�GH�YHORFLGDGH�� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH�VHU�FRORFDGD�QR�ODGR�GLUHLWR�GD�YLD��GH�DFRUGR�FRP�RV� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR���� (P�SLVWDV�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD�6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ��������6XEJUXSR�GH�VHTrQFLD�GH�FXUYDV (VVHV� VLQDLV� VmR� FODVVLILFDGRV� HP� IXQomR� GR� Q~PHUR� H� GD� FRQILJXUDomR� GDV� FXUYDV� TXH� FRPS}HP�D�VHTrQFLD��FRPR�PRVWUD�R�TXDGUR�D�VHJXLU� 1RPH &yGLJR 6LQDO Q�GH�FXUYDV &RPSULPHQWR�GD�WDQJHQWH 3LVWD�VLQXRVD�j� HVTXHUGD $��D ��RX�PDLV PHQRU�TXH����P 3LVWD�VLQXRVD�j�GLUHLWD $��E &XUYD�DFHQWXDGD�HP�³6´� j�HVTXHUGD $��D � PHQRU�TXH����P &XUYD�DFHQWXDGD�HP�³6´� j�GLUHLWD $��E &XUYD�HP�³6´�j� HVTXHUGD $��D � PHQRU�TXH����P &XUYD�HP�³6´�j�GLUHLWD $��E )RQWH�PDQXDO�'1(5 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ 3LVWD�VLQXRVD�j�HVTXHUGD�H�j�GLUHLWD 6LQDLV� 3LVWD�VLQXRVD�j�HVTXHUGD $��D 3LVWD�VLQXRVD�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH�� GH� WUrV� RX� PDLV� FXUYDV� KRUL]RQWDLV� VXFHVVLYDV�� VHQGR� D� SULPHLUD�j�HVTXHUGD��RX�j�GLUHLWD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP�VHU�XWLOL]DGRV�VHPSUH�TXH�H[LVWLU�XPD�VHTrQFLD�GH�WUrV�RX� PDLV� FXUYDV� KRUL]RQWDLV� VXFHVVLYDV�� TXH� SRVVDP� FRPSURPHWHU� D� VHJXUDQoD�GR�WUkQVLWR� $V�FXUYDV�VXFHVVLYDV�GHYHP�HVWDU�VHSDUDGDV�SRU�WDQJHQWHV�PHQRUHV� TXH�����PHWURV� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWDV�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ([HPSOR�GH� DSOLFDomR� 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ &XUYD�$FHQWXDGD�HP�³6´�j�HVTXHUGD�H�j�GLUHLWD 6LQDLV� &XUYD�DFHQWXDGD�HP�³6´�j�HVTXHUGD $��D &XUYD�DFHQWXDGD�HP�³6´�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH�� GH� GXDV� FXUYDV� DFHQWXDGDV� KRUL]RQWDLV� VXFHVVLYDV� IRUPDQGR�³6´� 3ULQFtSLR�GH� XWLOL]DomR 'HYHP� VHU� XWLOL]DGRV� VHPSUH� TXH� H[LVWLU�� DGLDQWH�� GXDV� FXUYDV� DFHQWXDGDV�VXFHVVLYDV� IRUPDQGR�³6´��TXH�SRVVDP�FRPSURPHWHU�D� VHJXUDQoD�GR�WUkQVLWR� $V� FXUYDV� VXFHVVLYDV� GHYHP� HVWDU� VHSDUDGDV� SRU� XPD� WDQJHQWH� PHQRU�TXH�����PHWURV� 2V�VLQDLV�$��D�H�$��E�GHYHP�VHU�XWLOL]DGRV�TXDQGR��DWHQGLGDV�DV� FRQGLo}HV� DFLPD�� SHOR� PHQRV� XPD� GDV� FXUYDV� HQTXDGUH�VH� QDV� VHJXLQWHV�FRQGLo}HV� 7LSR 5DLR�GD�FXUYD�5� ÆQJXOR�FHQWUDO �D� 9HORFLGDGH��9� &XUYD� DFHQWXDGD 5�d���P ��P��5�d����P D�!��� D�t��� 9�d����NP�K ���NP�K�d�9�d����NP�K 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWDV�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV������ &XUYD�HP�³6´�j�HVTXHUGD�H�j�GLUHLWD 6LQDLV &XUYD�HP�³6´�j�HVTXHUGD $��D &XUYD�HP�³6´�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD� DGLDQWH��GH�GXDV�FXUYDV�KRUL]RQWDLV�VXFHVVLYDV�IRUPDQGR�³6´� 3ULQFtSLR�GH� XWLOL]DomR 'HYHP� VHU� XWLOL]DGRV� VHPSUH� TXH� H[LVWLU� DGLDQWH�� GXDV� FXUYDV� VXFHVVLYDV�IRUPDQGR�³6´�TXH�SRVVDP�FRPSURPHWHU�D�VHJXUDQoD�GR� WUkQVLWR�� $V� FXUYDV� VXFHVVLYDV� GHYHP� HVWDU� VHSDUDGDV� SRU� XPD� WDQJHQWH� PHQRU�TXH�����PHWURV� 7LSR 5DLR�GD�FXUYD��5� ÆQJXOR�FHQWUDO��D� &XUYD�HP�³6´ ��P�d�5������P���P�d�5������P ���d�D����� D�d��� 3RVLFLRQDPHQWR QD�YLD $� SODFD� GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWDV�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ������6LQDLV�GH�$GYHUWrQFLD�±�&XUYDV�KRUL]RQWDLV ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR� FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV�GH� 6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ ������,QWHUVHo}HV 2�JUXSR�GH�VLQDLV�UHODWLYRV�jV�LQWHUVHo}HV�HVWi�RUJDQL]DGR�SRU�FLQFR�VXEJUXSRV�GH�VLWXDo}HV� DQiORJDV��FRPR�DSUHVHQWD�R�TXDGUR�DEDL[R� 2V� VLQDLV� GHVWH� JUXSR� QmR� GHYHP� VHU� XWLOL]DGRV� HP� LQWHUVHo}HV� VHPDIRUL]DGDV� RX� UHJXODPHQWDGDV�FRP�R�VLQDO�5���±�³3DUDGD�REULJDWyULD´� 6XEJUXSR 6LQDO ������&UX]DPHQWR�GH�YLDV &UX]DPHQWR�GH�YLDV $�� ������9LDV�ODWHUDLV��HQWURQFDPHQWRV� REOtTXRV�H�FRQIOXrQFLDV 9LD�/DWHUDO�j�HVTXHUGD $��D 9LD�/DWHUDO�j�'LUHLWD $��E (QWURQFDPHQWR�REOtTXR�j� HVTXHUGD $���D (QWURQFDPHQWR�REOtTXR�j�GLUHLWD $���E &RQIOXrQFLD�j�HVTXHUGD $���D &RQIOXrQFLD�j�GLUHLWD� $���E ������,QWHUVHomR�HP�³7´�RX %LIXUFDomR�HP�³<¶ ,QWHUVHomR�HP�³7´ $�� %LIXUFDomR�HP�³<´ $�� ������,QWHUVHomR�HP�FtUFXOR ,QWHUVHomR�HP�FtUFXOR $��� ������-XQo}HV�VXFHVVLYDV�FRQWUiULDV -XQo}HV�VXFHVVLYDV�FRQWUiULDV� SULPHLUD�j�HVTXHUGD $���D -XQo}HV�VXFHVVLYDV�FRQWUiULDV� SULPHLUD�j�GLUHLWD� $���E ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV $�VLQDOL]DomR�GH�DGYHUWrQFLD�HP�LQWHUVHo}HV�WDLV�FRPR��FUX]DPHQWRV��YLDV�ODWHUDLV��MXQo}HV� H�ELIXUFDo}HV�GHYH�VHU�IHLWD�FRP�EDVH�QDV�FDUDFWHUtVWLFDV�GH�FDGD�XPD�GHVVDV�VLWXDo}HV�� 3DUD�GHILQLU�D�XWLOL]DomR�GRV�VLQDLV��p�LPSRUWDQWH�REVHUYDU�DWHQWDPHQWH�R�ORFDO�H�FRQVLGHUDU� R� SRQWR� GH� YLVWD� GR� FRQGXWRU�� DYDOLDQGR� D� IRUPD� FRPR� SHUFHEHP� D� VLWXDomR� H� TXDO� p� R� FRPSRUWDPHQWR�DGHTXDGR�HP�FDGD�FDVR�� $�SDUWLU�GRV�SDUkPHWURV�DSUHVHQWDGRV�D�VHJXLU�H�GDV�REVHUYDo}HV�HP�FDPSR��R�SURMHWLVWD� SRGH�DYDOLDU�FDGD�VLWXDomR�H�HVFROKHU�R�V��VLQDO�LV��DGHTXDGR�V�� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ ��������&UX]DPHQWR�GH�YLDV 6LQDO &UX]DPHQWR�GH�YLDV $�� 6LJQLILFDGR 2�VLQDO�$���DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XP�FUX]DPHQWR�GH�GXDV�YLDV�HP�QtYHO� 3ULQFtSLR�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�HP�FUX]DPHQWR�GH�GXDV�YLDV�HP�QtYHO��GH�GLItFLO� LGHQWLILFDomR�j�GLVWkQFLD��TXH�SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV�� XVXiULRV�GD�YLD� 'HYH�VHU�XWLOL]DGR�QDV�YLDV� UXUDLV�RX�XUEDQDV�GH�JUDQGH�H[WHQVmR� FRP�FDUDFWHUtVWLFDV�GH�FRUUHGRU�GH�WUiIHJR�&RQVLGHUD�VH�FUX]DPHQWR�GH�YLDV�D�VLWXDomR�HP�TXH�D�JHRPHWULD� GR�ORFDO�WHP�FRQILJXUDomR�VLPLODU�DRV�H[HPSORV�D�VHJXLU� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV 2�VLQDO�$���QmR�GHYH�VHU�XWLOL]DGR�QRV�FDVRV�HP�TXH�R�FUX]DPHQWR� VHMD�VLQDOL]DGR�FRP� ±� �VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR��RX ±� �VLQDO�5���³3DUDGD�REULJDWyULD´�� � 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ ��������9LDV�ODWHUDLV��HQWURQFDPHQWRV�REOtTXRV�H�FRQIOXrQFLDV 2�kQJXOR� GH� HQJDWH� GH� XPD� YLD� VHFXQGiULD� QD� YLD� D� VHU� VLQDOL]DGD� GHWHUPLQD� R� VLQDO� D� VHU�HPSUHJDGR��'HYH�VH�FRQVLGHUDU��SDUD�WDO�HVFROKD��R�kQJXOR�IRUPDGR�HQWUH�D�YLD�D�VHU� VLQDOL]DGD�H�RV�SULPHLURV�������PHWURV�GD�YLD�VHFXQGiULD��(QWUHWDQWR��D�SHUFHSomR�TXH�R� PRWRULVWD�WHP�GR�kQJXOR�IRUPDGR�HQWUH�DV�YLDV��DVVLP�FRPR�D�UHGXomR�GH�YHORFLGDGH��VmR�RV� IDWRUHV�GHWHUPLQDQWHV�QD�HVFROKD�GR�VLQDO��$�REVHUYDomR�DWHQWD�GR�ORFDO�p�TXH�YDL�GHWHUPLQDU� R�VLQDO�D�VHU�HPSUHJDGR� 2�kQJXOR�IRUPDGR�HQWUH�D�YLD�D�VHU�VLQDOL]DGD�H�RV�SULPHLURV�������PHWURV�GD�YLD�VHFXQGiULD� GHWHUPLQD�R�VLQDO�D�VHU�HPSUHJDGR��EHP�FRPR�D�YLVLELOLGDGH�GR�PRWRULVWD�H�D�UHGXomR�GH� YHORFLGDGH�QHFHVViULD� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV 9LD�ODWHUDO�j�GLUHLWD�H�9LD�ODWHUDO�j�HVTXHUGD 6LQDLV 9LD�ODWHUDO�j�HVTXHUGD $��D 9LD�ODWHUDO�j�GLUHLWD $��E 6LJQLILFDGR 2V�VLQDLV�$��D�H�$��E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH��GH�XPD�YLD�ODWHUDO�j�HVTXHUGD�RX�j�GLUHLWD��UHVSHFWLYDPHQWH�� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP� VHU� XWLOL]DGRV� HP� HQWURQFDPHQWR� HP� QtYHO� GH� GLItFLO� LGHQWLILFDomR�j�GLVWkQFLD��TXH�SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV� XVXiULRV�GD�YLD��QDV�VHJXLQWHV�FRQGLo}HV� $��D (QWURQFDPHQWR�SHUSHQGLFXODU�j�HVTXHUGD��IRUPDQGR�kQJXORV�GH����� D�����FRP�R�HL[R�GD�YLD�VLQDOL]DGD� $��E (QWURQFDPHQWR�SHUSHQGLFXODU�j�GLUHLWD�� IRUPDQGR�kQJXORV�GH����D� ����FRP�R�HL[R�GD�YLD�VLQDOL]DGD� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ (VVHV�VLQDLV�QmR�GHYHP�VHU�XWLOL]DGRV�QRV�FDVRV�HP�TXH�R�FUX]DPHQWR� VHMD�VLQDOL]DGR�FRP� ±� VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR��RX ±� VLQDO�5���³3DUDGD�REULJDWyULD´� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV (QWURQFDPHQWR�REOtTXR�j�HVTXHUGD�H�(QWURQFDPHQWR�REOtTXR�j�GLUHLWD 6LQDLV (QWURQFDPHQWR�REOtTXR�j�HVTXHUGD� $���D (QWURQFDPHQWR�REOtTXR�j�GLUHLWD� $���E 6LJQLILFDGR 2V�VLQDLV�$���D�H�$���E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH��GH�XP�HQWURQFDPHQWR�j�HVTXHUGD�RX�j�GLUHLWD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP�VHU�XWLOL]DGRV�HP�HQWURQFDPHQWR�HP�QtYHO�REOtTXR�GH�GLItFLO� LGHQWLILFDomR�j�GLVWkQFLD�TXH�SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV� XVXiULRV�GD�YLD�QDV�VHJXLQWHV�FRQGLo}HV� $���D� (QWURQFDPHQWR�REOtTXR�j�HVTXHUGD�IRUPDQGR�kQJXORV�GH�����D����� GR�HL[R�GD�YLD�VLQDOL]DGD� $���E (QWURQFDPHQWR�REOtTXR�j�GLUHLWD�IRUPDQGR�kQJXORV�GH�����D�����GR� HL[R�GD�YLD�VLQDOL]DGD 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ (VVHV�VLQDLV�QmR�GHYHP�VHU�XWLOL]DGRV�QRV�FDVRV�HP�TXH�R�FUX]DPHQWR� VHMD�VLQDOL]DGR�FRP� ±� VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR��RX ±� VLQDO�5���³3DUDGD�REULJDWyULD´� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSORV�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWR�HP�UHVROXomR�YLJHQWH�GR�&2175$1�TXH�WUDWD�GH�VLQDOL]DomR� GH�WUkQVLWR� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV &RQIOXrQFLD�j�HVTXHUGD�H�&RQIOXrQFLD�j�GLUHLWD� 6LQDLV &RQIOXrQFLD�j�HVTXHUGD $���D &RQIOXrQFLD�j�GLUHLWD $���E 6LJQLILFDGR 2V� VLQDLV� $���D� H� $���E� DGYHUWHP� R� FRQGXWRU� GR� YHtFXOR� GD� H[LVWrQFLD�� DGLDQWH�� GD� FRQIOXrQFLD� GH� XPD� YLD�� j� HVTXHUGD� RX� j� GLUHLWD��UHVSHFWLYDPHQWH� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP�VHU�XWLOL]DGRV�HP�FRQIOXrQFLD�HP�QtYHO�GH�GLItFLO�LGHQWLILFDomR� j�GLVWkQFLD��TXH�SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV�XVXiULRV�GD� YLD��QDV�VHJXLQWHV�FRQGLo}HV� $���D &RQIOXrQFLD�HP�kQJXORV�j�HVTXHUGD�GH�����D�����FRP�R�HL[R�GD� YLD�VLQDOL]DGD� $���E &RQIOXrQFLD� HP� kQJXORV� j� GLUHLWD� GH� �� D� ��� FRP� R� HL[R� GD� YLD� VLQDOL]DGD� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ (VVHV� VLQDLV� QmR� GHYHP� VHU� XWLOL]DGRV� QRV� FDVRV� HP� TXH�� Ki� VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR��RX�D�DSUR[LPDomR�D�VHU� VLQDOL]DGD�VHMD�UHJXODPHQWDGD�FRP�R�VLQDO�5���±�³3DUDGD�REULJDWyULD´� RX�5���±�³�'r�D�SUHIHUrQFLD´� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSORV�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV� 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV ��������,QWHUVHomR�HP�³7´�H�ELIXUFDomR�HP�³<´ 6LQDLV ,QWHUVHomR�HP�³7´ $�� %LIXUFDomR�HP�³<´ $�� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH�GH� XPD�LQWHUVHomR�HP�³7´� 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH�GH� XPD�ELIXUFDomR�HP�³<´� 3ULQFtSLR�GH� XWLOL]DomR 'HYHP� VHU� XWLOL]DGRV� HP� LQWHUVHomR� HP� IRUPD� GH� ³7´� RX� HP� ELIXUFDomR�HP� IRUPD�GH� ³<´�GH�GLItFLO� LGHQWLILFDomR�j�GLVWkQFLD�TXH� SRVVD�FRPSURPHWHU�D�VHJXUDQoD�GRV�XVXiULRV�GD�YLD� $�HVFROKD�GRV�VLQDLV�$���±�´,QWHUVHomR�HP�³7´´�H�$���±�³%LIXUFDomR� HP� ³<´´� p� IHLWD�D�SDUWLU� GD� FRQILJXUDomR�JHRPpWULFD�GD� LQWHUVHomR�� FRQVLGHUDQGR� D� WRSRJUDILD�� RV� UDLRV� GH� FRQFRUGkQFLD�H� WDPEpP� D� EDL[D�RFXSDomR�GRV�ORWHV�OLQGHLURV� $�� 4XDQGR�R�kQJXOR�HQWUH�DV�YLDV�IRU�!����XWLOL]D�VH�R�VLQDO�$��� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ $�� 4XDQGR� R� kQJXOR� HQWUH� DV� YLDV� WUDQVYHUVDLV� IRU� ������ GHYH� VHU� XWLOL]DGR�R�VLQDO�$��� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSORV�GH� DSOLFDomR � ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV� 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWR�HP�UHVROXomR�YLJHQWH�GR�&2175$1�TXH�WUDWD�GH�VLQDOL]DomR� GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ ��������-XQo}HV�VXFHVVLYDV�FRQWUiULDV 6LQDLV -XQo}HV�VXFHVVLYDV�FRQWUiULDV�SULPHLUD�j�HVTXHUGD� $���D -XQo}HV�VXFHVVLYDV�FRQWUiULDV�SULPHLUD� j�GLUHLWD $���E 6LJQLILFDGR 2V�VLQDLV�$���D�H�$���E�DGYHUWHP�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD�� DGLDQWH�� GH� MXQo}HV� VXFHVVLYDV� FRQWUiULDV�� HVWDQGR� D� SULPHLUD� YLD� ODWHUDO�j�HVTXHUGD�RX�j�GLUHLWD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP�VHU�XWLOL]DGRV�TXDQGR�H[LVWLUHP�MXQo}HV�VXFHVVLYDV�FRQWUiULDV� GH�GLItFLO� LGHQWLILFDomR�j�GLVWkQFLD�� VRPHQWH�TXDQGR�HVVDV� MXQo}HV� IRUHP�SUy[LPDV�HQWUH�VL��FRQIRUPH�ILJXUD��� ([HPSOR�GH� DSOLFDomR 2V�VLQDLV�$���D�H�$���E�QmR�GHYHP�VHU�XWLOL]DGRV�QRV�FDVRV�HP�TXH� R�FUX]DPHQWR�VHMD�VLQDOL]DGR�FRP� ±� VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR��RX ±� VLQDO�5���³3DUDGD�REULJDWyULD´� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV������ ��������,QWHUVHomR�HP�FtUFXOR 6LQDO ,QWHUVHomR�HP�FtUFXOR $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XPD�LQWHUVHomR�HP�FtUFXOR��URWDWyULD���QD�TXDO�D�FLUFXODomR�p�IHLWD�QR� VHQWLGR�DQWL�KRUiULR� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�TXDQGR�H[LVWLU�XPD�LQWHUVHomR�HP�TXH�D�FRQILJXUDomR� JHRPpWULFD�RX�D�VLQDOL]DomR�KRUL]RQWDO�REULJXH�R�PRYLPHQWR�FLUFXODU� QR�VHQWLGR�DQWL�KRUiULR��GH�GLItFLO�SHUFHSomR�j�GLVWkQFLD��TXH�SRVVD� FRPSURPHWHU�D�VHJXUDQoD�GRV�XVXiULRV�GD�YLD� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUVHo}HV 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV� 'HYH�DQWHFHGHU�D�VLQDOL]DomR�GH�5HJXODPHQWDomR�5����±�³6HQWLGR� FLUFXODU�REULJDWyULR´�RX�5���D�±�³6HQWLGR�GH�FLUFXODomR�GD�YLD´� 3RGH� DFRPSDQKDU� D� VLQDOL]DomR� GH� UHJXODPHQWDomR� 5��� ±� ³'r� D� SUHIHUrQFLD´� 6LQDLV�GH�$GYHUWrQFLD�±�&RQWUROH�GH�WUiIHJR������ ������&RQWUROH�GH�WUiIHJR 6LQDO 6HPiIRUR�j�IUHQWH $��� 6LJQLILFDGR� 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XPD�VLQDOL]DomR�VHPDIyULFD�GH�UHJXODPHQWDomR� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH� VHU� XWLOL]DGR� TXDQGR� H[LVWLU� VHPiIRUR� DGLDQWH�� HP� VLWXDo}HV� GH� GLItFLO� SHUFHSomR� RX� TXH� SRVVD� FRPSURPHWHU� D� VHJXUDQoD� GRV� XVXiULRV�GD�YLD��WDLV�FRPR� ±� DQWHV�GH�XP�VHPiIRUR�ORFDOL]DGR�HP�SRVLomR�TXH�QmR�REHGHoD�DV� FRQGLo}HV�PtQLPDV�GH�YLVLELOLGDGH��QHFHVViULDV�SDUD�D�SHUFHSomR�� UHDomR�H�PDQREUD�GR�FRQGXWRU��FRPR�DSyV�FXUYDV�KRUL]RQWDLV�RX� YHUWLFDLV� ±� HP�URGRYLDV�YLDV�GH�WUkQVLWR�UiSLGR� ±� HP�VDtGDV�GH�W~QHLV� ±� DSyV�ORQJRV�WUHFKRV�GH�IOX[R�LQLQWHUUXSWR� ±� DSyV�ORQJRV�WUHFKRV�VHP�VHPiIRUR�RX�ORQJRV�WUHFKRV�GH�SUHIHUrQFLD� GH�SDVVDJHP� 3RGH� VHU� XWLOL]DGR� TXDQGR� GD� LPSODQWDomR� GH� XP� QRYR� FRQMXQWR� VHPDIyULFR��SHUPDQHFHQGR�WHPSR�VXILFLHQWH�SDUD�D�FRQVROLGDomR�GR� HTXLSDPHQWR�VHPDIyULFR� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�D�GLUHLWD�QmR�DSUHVHQWHP�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH�� HVWH�VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�D�HVTXHUGD� 2� ORFDO� GR� VHPiIRUR� D� VHU� FRQVLGHUDGR� SDUD� ILQV� GH� FiOFXOR� GD� GLVWkQFLD�GR�VLQDO�p�D�SRVLomR�GD�OLQKD�GH�UHWHQomR� (P� LQWHUVHo}HV� FRP� URGRYLDV� H� FRP� YLDV� GH� WUkQVLWR� UiSLGR� �DQWHFHGHQGR�R�FUX]DPHQWR�FRP�RXWUDV�YLDV��p�REULJDWyULR�R�XVR�GR� VLQDO�$����FRP�PHQVDJHP�FRPSOHPHQWDU�GH�GLVWkQFLD�³$BBBP´��D�QR� PtQLPR����P�H�UHSHWLGR�HQWUH����P�H����P�DQWHV�GD�LQWHUVHomR� ������6LQDLV�GH�$GYHUWrQFLD�±�&RQWUROH�GH�WUiIHJR ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 8WLOL]DGR� DQWHULRUPHQWH� D� VHPiIRURV� H� SRGH� HVWDU� DVVRFLDGR� j� VLQDOL]DomR�KRUL]RQWDO�FRP�OHJHQGD�³6,1$/�$BBP´� 6LQDLV�GH�$GYHUWrQFLD�±�&RQWUROH�GH�WUiIHJR������ 3DUDGD�REULJDWyULD�j�IUHQWH 6LQDO 3DUDGD�REULJDWyULD�j�IUHQWH $��� 6LJQLILFDGR� 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XP�VLQDO�5���±�³3DUDGD�REULJDWyULD´�� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�TXDQGR�QmR�VmR�DWHQGLGDV�DV�FRQGLo}HV�PtQLPDV� GH� YLVLELOLGDGH�SDUD� R� VLQDO�5���±� ³3DUDGD�REULJDWyULD´� GH� IRUPD�D� SHUPLWLU�XPD�GHVDFHOHUDomR�VHJXUD�DWp�D�SDUDGD�WRWDO�GR�YHtFXOR� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�D�GLUHLWD�QmR�DSUHVHQWHP�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH�� HVWH�VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 8WLOL]DGR� TXDQGR� DQWHFHGH� R� VLQDO� 5��� ±� ³3DUDGD� REULJDWyULD´�� SRGHQGR� YLU� DFRPSDQKDGR� GH� PHQVDJHP� FRPSOHPHQWDU� GH� GLVWkQFLD�$�BBP� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH ������,QWHUIHUrQFLD�GH�WUDQVSRUWH 2�JUXSR�GH�VLQDLV�VREUH�D� LQWHUIHUrQFLD�GH� WUDQVSRUWH�HVWi�RUJDQL]DGR�FRPR�DSUHVHQWD�R� TXDGUR�UHVXPR�D�VHJXLU� 6LQDO %RQGH $��� 3RQWH�PyYHO $��� 3DVVDJHP�GH�QtYHO�VHP�EDUUHLUD $��� 3DVVDJHP�GH�QtYHO�FRP�EDUUHLUD $��� &UX]�GH�6DQWR�$QGUp $��� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH������ %RQGH 6LQDO %RQGH $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� FUX]DPHQWR�RX�FLUFXODomR�GH�ERQGHV� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�VHPSUH�TXH�H[LVWLU�QD�YLD�XPD�LQWHUVHomR�RX�WUHFKR� FRP�FLUFXODomR�GH�ERQGH�� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH�VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 1DV�VLWXDo}HV�HP�TXH�D�YLD�FUX]D�D�OLQKD�GH�ERQGH��GHYH�VHU�XWLOL]DGR� R�VLQDO�5���RX�VHPiIRUR� 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWR�HP�UHVROXomR�YLJHQWH�GR�&2175$1�TXH�WUDWD�GH�VLQDOL]DomR� GH�WUkQVLWR� ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH 3RQWH�PyYHO 6LQDO 3RQWH�PyYHO $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XPD�SRQWH�PyYHO� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�VHPSUH�TXH�H[LVWLU�D�SRVVLELOLGDGH�GH�LQWHUUXSomR� GD�YLD�SRU�XPD�SRQWH�PyYHO� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 4XDQGR� R�PRYLPHQWR� VREUH� D� SRQWH� IRU� FRQWURODGR� SRU� VHPiIRUR�� GHYH�VH�XWLOL]DU�R�VLQDO�$����±�³6HPiIRUR�j�IUHQWH´�HP�FRQMXQWR�FRP�R� VLQDO�$����±�³3RQWH�PyYHO´��1HVWH�FDVR��GHYH�VHU�LPSODQWDGD�WDPEpP� OLQKD�GH�UHWHQomR�GHILQLQGR�D�SRVLomR�RQGH�RV�YHtFXORV�GHYHP�SDUDU� FRP�VHJXUDQoD� 'HYHP� VHU� XWLOL]DGDV� EDUUHLUDV� PyYHLV� �FDQFHODV�� MXQWR� DR� SRQWR� RQGH�VH�GHVHMD�TXH�RV�YHtFXORV�SDUHP��2�EUDoR�GD�EDUUHLUD�GHYH�VHU� UHYHVWLGR�GH�PDWHULDO�DPDUHOR��UHIOHWLYR��H�SUHWR� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH������ &UX]DPHQWRV�URGRIHUURYLiULRV 6LQDLV 3DVVDJHP�GH�QtYHO�VHP�EDUUHLUD $��� 3DVVDJHP�GH�QtYHO�FRP�EDUUHLUD $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XP�FUX]DPHQWR�FRP�OLQKD�IpUUHD�HP�QtYHO�VHP�EDUUHLUD� 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XP�FUX]DPHQWR�FRP�OLQKD�IpUUHD�HP�QtYHO�FRP�EDUUHLUD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYHP� VHU� XWLOL]DGDV� VHPSUH� TXH� H[LVWLUHP� FUX]DPHQWRV� URGRIHUURYLiULRV�HP�QtYHO�� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSORV�GH� DSOLFDomR ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 'HYH�DQWHFHGHU�R�VLQDO�$����±�³&UX]�GH�6DQWR�$QGUp´�� 6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH������ &UX]�GH�6DQWR�$QGUp 6LQDO &UX]�GH�6DQWR�$QGUp $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��QR�ORFDO�GH� FUX]DPHQWR�FRP�OLQKD�IpUUHD�HP�QtYHO� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�VHPSUH�TXH�H[LVWLU�XP�FUX]DPHQWR�URGRIHUURYLiULR� HP�QtYHO� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR ������6LQDLV�GH�$GYHUWrQFLD�±�,QWHUIHUrQFLD�GH�WUDQVSRUWH 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV 'HYH� VHU� SUHFHGLGR� SHOR� VLQDO� $���� ±� ³3DVVDJHP� GH� QtYHO� VHP� EDUUHLUD´�RX�$����±� ³3DVVDJHP�GH�QtYHO�FRP�EDUUHLUD´��4XDQGR�DV� FRQGLo}HV�GR�SDYLPHQWR�SHUPLWHP��GHYH�VHU�GHPDUFDGD�D�VLQDOL]DomR� KRUL]RQWDO�GH�� x����OLQKDV�GH�UHWHQomR� x����SURLELomR�GH�XOWUDSDVVDJHP�H�RX�WUDQVSRVLomR� x����VtPEROR�&UX]�GH�6DQWR�$QGUp�� 'HYH�VHU�DFRPSDQKDGR�GR�VLQDO�5���±� ³3DUDGD�REULJDWyULD´�RX�GH� VLQDOL]DomR�VHPDIyULFD�� 6LQDLV�GH�$GYHUWrQFLD�±�&RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD������ ������&RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD (VVH� JUXSR� p� FRPSRVWR� SRU� WUrV� VLQDLV� UHIHUHQWHV� jV� FRQGLo}HV� GD� VXSHUItFLH� GD� SLVWD�� DSUHVHQWDGRV�D�VHJXLU� 6LQDO 3LVWD�LUUHJXODU $��� 6DOLrQFLD�RX�ORPEDGD $��� 'HSUHVVmR $��� ������6LQDLV�GH�$GYHUWrQFLD�±�&RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD 3LVWD�LUUHJXODU 6LQDO 3LVWD�LUUHJXODU $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XP�WUHFKR�GH�SLVWD�FRP�VXSHUItFLH�LUUHJXODU� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH�VHU�XWLOL]DGR�TXDQGR�D�VXSHUItFLH�GD�SLVWD�IRU�WmR�LUUHJXODU�TXH� SRVVD�DIHWDU�D�VHJXUDQoD�GRV�XVXiULRV�GD�YLD� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV� 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV� GH�6LQDOL]DomR�+RUL]RQWDO�H�9HUWLFDO�GH�5HJXODPHQWDomR� 4XDQGR� QHFHVViULR�� SRGHP� VHU� XWLOL]DGRV� GLVSRVLWLYRV� DX[LOLDUHV�� SUHYLVWRV� HP� UHVROXomR� YLJHQWH� GR� &2175$1� TXH� WUDWD� GH� VLQDOL]DomR�GH�WUkQVLWR� 5HFRPHQGD�VH� D� XWLOL]DomR� GH� PHQVDJHQV� FRPSOHPHQWDUHV� GH� GLVWkQFLD�RX�GH�H[WHQVmR�FRPR�$�BBP��3Uy[LPRV�BBP� Sinais de Advertência – Condições da superfície da pista 77 Saliência ou lombada Sinal Saliência ou lombada A-18 Significado O sinal A-18 adverte o condutor do veículo da existência, adiante, de saliência, lombada ou ondulação transversal sobre a superfície de rolamento. Princípios de utilização Deve ser utilizado: • Quando existir ondulação transversal, de acordo com legislação específica do CONTRAN. • Nos casos de saliência sobre a pista que possa afetar a segurança dos usuários da via. • O sinal A-18 colocado junto à ondulação transversal deve ser complementado com seta de posição. Posicionamento na via A placa deve ser colocada no lado direito da via. Nos casos de ondulações transversais deve respeitar legislação específica do CONTRAN. Em pista com sentido único de circulação, em que o posicionamento da placa à direita não apresente boas condições de visibilidade, este sinal pode ser repetido ou colocado à esquerda. Exemplo de aplicação Relacionamento com outras sinalizações Deve acompanhar o sinal R-19 – “Velocidade máxima permitida”, quando se tratar de ondulação transversal. ������6LQDLV�GH�$GYHUWrQFLD�±�&RQGLo}HV�GD�VXSHUItFLH�GD�SLVWD 'HSUHVVmR 6LQDO 'HSUHVVmR $��� 6LJQLILFDGR 2�VLQDO�$����DGYHUWH�R�FRQGXWRU�GR�YHtFXOR�GD�H[LVWrQFLD��DGLDQWH��GH� XPD�GHSUHVVmR�QD�SLVWD� 3ULQFtSLRV�GH� XWLOL]DomR 'HYH� VHU� XWLOL]DGR� TXDQGR� H[LVWLU� GHSUHVVmR� GH� GLItFLO� SHUFHSomR�� TXH�SRVVD�DIHWDU�D�VHJXUDQoD�GRV�RFXSDQWHV�GR�YHtFXOR�H�GHPDLV� XVXiULRV�GD�YLD� (P�LQWHUVHo}HV�GH�YLDV�XUEDQDV��DV�YDOHWDV�SDUD�GUHQDJHP�GHYHP� VHU�VLQDOL]DGDV�FRPR�GHSUHVVmR�VRPHQWH�TXDQGR�FRQVWDWDGR�ULVFR�D� VHJXUDQoD�YLiULD� 3RVLFLRQDPHQWR QD�YLD $�SODFD�GHYH� VHU� FRORFDGD� QR� ODGR� GLUHLWR� GD� YLD�� GH� DFRUGR� FRP� FULWpULRV�HVWLSXODGRV�QR�&DStWXOR��� (P�SLVWD�FRP�VHQWLGR�~QLFR�GH�FLUFXODomR��HP�TXH�R�SRVLFLRQDPHQWR� GD�SODFD�j�GLUHLWD�QmR�DSUHVHQWH�ERDV�FRQGLo}HV�GH�YLVLELOLGDGH��HVWH� VLQDO�SRGH�VHU�UHSHWLGR�RX�FRORFDGR�j�HVTXHUGD� ([HPSOR�GH� DSOLFDomR 5HODFLRQDPHQWR FRP�RXWUDV� VLQDOL]Do}HV� 1DV� VLWXDo}HV� TXH� H[LMDP� D� UHGXomR� GH� YHORFLGDGH�� SRGH� VHU� XWLOL]DGD�VLQDOL]DomR�FRQIRUPH�FULWpULRV�HVWDEHOHFLGRV�QRV�0DQXDLV�
Compartilhar