Baixe o app para aproveitar ainda mais
Prévia do material em texto
Direito Administrativo em Mapas Mentais para Polícia Federal (cargos de Agente e Papiloscopista) Por: Marcelo Leite Thiago Strauss www.pontodosconcursos.com.br Sumário Visão Geral ............................................................................. 1. Estado, Governo e Administração Pública ............................ 1.1 Estado ............................................................................... 1.2 Governo ............................................................................ 1.3 Administração Pública .......................................................... 1.4 Princípios ........................................................................... 2. Organização Administrativa da União ..................................... 2.1 Administração pública – noções gerais ................................... 2.2 Descentralização administrativa ............................................ 2.3 Órgão ................................................................................ 2.3 Entidades em espécie .......................................................... 2.4 Entidades em espécie – Autarquia ......................................... 3. Servidores Públicos – Lei 8.112/90 ......................................... 3.1 Agente públicos .................................................................. 3.2 Normas constitucionais ........................................................ 3.3 Lei 8.112/90 ...................................................................... 3.4 Processo Administrativo Disciplinar – PAD .............................. 3.5 PAD – Rito ordinário ............................................................ 3.6 PAD – Rito sumário e prazos ................................................. 4. Licitações ................................................................................ 4.1 Noções gerais ..................................................................... 4.2 Contratação direta: dispensa e inexigibilidade ......................... 4.3 Modalidades de Licitação ...................................................... 6. Lei 8.429/92 - Improbidade Administrativa ............................ 7. Poderes Administrativos ......................................................... 7.1 Uso e abuso do poder .......................................................... 7.2 Poder hierárquico ................................................................ 7.3 Poder disciplinar ................................................................. 7.4 Poder regulamentar ............................................................. 7.5 Poder de polícia .................................................................. 8. Controle e Responsabilização da Administração ...................... 8.1 Controle administrativo ........................................................ 8.2 Controle judicial .................................................................. 8.3 Controle legislativo .............................................................. 8.4 Responsabilidade civil do Estado ........................................... 3 4 4 5 5 7 9 9 10 11 12 14 15 15 16 17 19 20 21 22 22 23 24 26 27 27 28 28 29 29 30 30 30 30 31 www.pontodosconcursos.com.br ',5(,72 $'0,1,675$7,92 ���(VWDGR��*RYHUQR�H ��$GPLQLVWUDomR�3~EOLFD &RQFHLWR��HOHPHQWRV� SRGHUHV�H�RUJDQL]DomR 6LVWHPDV�DGPLQLVWUDWLYRV 5HJLPH�MXUtGLFR�DGPLQLVWUDWLYR 3ULQFtSLRV ���2UJDQL]DomR ����$GPLQLVWUDWLYD ����GD�8QLmR $GPLQLVWUDomR�S~EOLFD�H GHVFHQWUDOL]DomR�DGPLQLVWUDWLYD 'HVFRQFHQWUDomR�H�yUJmR (QWLGDGHV HP�HVSpFLH $XWDUTXLD )XQGDo}HV�S~EOLFDV (PSUHVD�S~EOLFD 6RFLHGDGH�GH HFRQRPLD�PLVWD ���6HUYLGRUHV S~EOLFRV $JHQWHV�S~EOLFRV /HL��������� ���/LFLWDo}HV &RQFHLWR��ILQDOLGDGH�H�DEUDQJrQFLD &RQWUDWDomR GLUHWD ,QH[LJLELOLGDGH 'LVSHQVD 0RGDOLGDGHV ���,PSURELGDGH ����DGPLQLVWUDWLYD $VSHFWRV�JHUDLV 'HVFULomR�GRV�DWRV�GH�LPSURELGDGH 6DQo}HV ���3RGHUHV ��DGPLQLVWUDWLYRV 1Ro}HV�LQWURGXWyULDV 8VR�H�DEXVR�GR�SRGHU 3RGHU�KLHUiUTXLFR 3RGHU�GLVFLSOLQDU 3RGHU�UHJXODPHQWDU 3RGHU�GH�SROtFLD ���&RQWUROH�H ���5HVSRQVDELOL]DomR ���GD�$GPLQLVWUDomR &RQFHLWR &ODVVLILFDomR &RQWUROH�DGPLQLVWUDWLYR &RQWUROH�MXGLFLDO &RQWUROH�OHJLVODWLYR 5HVSRQVDELOLGDGH FLYLO�GR�(VWDGR 9,62�*(5$/ ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 1Ro}HV *HUDLV ���(VWDGR D��(OHPHQWRV GR�(VWDGR L��7HUULWyULR (OHPHQWR�ItVLFR LL��3RYR (OHPHQWR�KXPDQR LLL��*RYHUQR VREHUDQR 2UJDQL]DomR�GR�(VWDGR�RFRUUH�FRQIRUPH�VXD�OLYUH�H�VREHUDQD�YRQWDGH E��$FHSomR MXUtGLFD 3DUD�R�GLUHLWR��R�(VWDGR�p�SHVVRD�MXUtGLFD�WHUULWRULDO�VREHUDQD��UHJLGD�SHOR�GLUHLWR�S~EOLFR 3RVVXL SHUVRQDOLGDGH�MXUtGLFD $SWLGmR�JHQpULFD�SDUD�DGLTXLULU�GLUHLWRV�H�FRQWUDLU�REULJDo}HV $WULEXWR�QHFHVViULR�SDUD�VHU�VXMHLWR�QDV�UHODo}HV�MXUtGLFDV ���3RGHUHV ���GR�(VWDGR D��1Ro}HV KLVWyULFDV $ULVWyWHOHV ,GHQWLILFRX���IXQo}HV GLVWLQWDV�H[HUFLGDV SHOR�SRGHU�VREHUDQR )XQomR /HJLVODWLYD (ODERUDU�QRUPDV JHUDLV�H�DEVWUDWDV )XQomR ([HFXWLYD $SOLFDU�DV�QRUPDV�JHUDLV DRV�FDVRV�FRQFUHWRV )XQomR -XGLFDQWH $SOLFDU�DV�QRUPDV�JHUDLV SDUD�GLULPLU�HYHQWXDLV FRQIOLWRV�RFRUULGRV 0RQWHVTXLHX 3ULQFtSLR�GD�VHSDUDomR�GRV�SRGHUHV 3URS{V�TXH�DV���IXQo}HV�QmR�SRGHULDP VHU�H[HUFLGDV�SHOR�PHVPR�yUJmR 3DUD�HYLWDU�DEXVR�QR�H[HUFtFLR�GR�SRGHU��DV�IXQo}HV�GHYHULDP VHU�GLVWULEXtGDV�SRU�FHQWURV�LQGHSHQGHQWHV�HQWUH�VL��GH�IRUPD�D SRVVLELOLWDU�D��OLPLWDomR�GR�SRGHU�SHOR�SRGHU� 6LVWHPD DWXDO 'LYLVmR�IOH[tYHO�GDV�IXQo}HV�HVWDWDLV &DGD�SRGHU H[HUFH 8PD�IXQomR�SUHFtSXD��WtSLFD���H 2XWUDV�IXQo}HV�GH�QDWXUH]D�DFHVVyULD��DWtSLFDV� 0HFDQLVPR�GH�FRQWUROHV UHFtSURFRV�HQWUH�RV�SRGHUHV 6LVWHPD�GH�IUHLRV�H�FRQWUDSHVRV E��&RQFHLWR 6mR�VHJPHQWRV�HVWUXWXUDLV�HP�TXH�VH�GLYLGH�R�SRGHU�JHUDO�H�DEVWUDWR�GD�VREHUDQLD 5HSUHVHQWDP�XPD�GLYLVmR�HVWUXWXUDO�LQWHUQD��FRP�ILQDOLGDGH�GH�HVWDEHOHFHU R�HTXLOtEULR�H�R�FRQWUROH�GR�H[HUFtFLR�GR�SRGHU�GH�VREHUDQLD )UHLRV�H�FRQWUDSUHVRV F��'LVWULEXLomR ����GDV�IXQo}HV ����QD�&)��� )XQo}HV 7Ë3,&$6 &DGD�3RGHU�H[HUFH�XPD�IXQomR�SUHFtSXD 3RGHU�/HJLVODWLYR ([HUFH�D�IXQomR�OHJLVODWLYD�H�GH�FRQWUROH 3RGHU�([HFXWLYR ([HUFH�D�IXQomR�DGPLQLVWUDWLYD 3RGHU�-XGLFLiULR ([HUFH�D�IXQomR�MXULVGLFLRQDO )XQo}HV $7Ë3,&$6 1mR�Ki�H[FOXVLYLGDGH�QR�H[HUFtFLR�GDV�IXQo}HV 3RGHU /HJLVODWLYR -XOJD�RV�FULPHV�GH� UHVSRQVDELOLGDGH &ULPHV�GH�QDWXUH]D�SROtWLFD &)��DUW���� $GPLQLVWUD 2UJDQL]D�VHXV�VHUYLoRV�LQWHUQRV &)��DUWV�����H��� 3RGHU ([HFXWLYR ([HUFH�R�SRGHU�UHJXODPHQWDU &)��DUW���� -XOJD 6HP�MXULVGLomR 1mR�p�GHILQLWLYR��QmR�ID]�FRLVD�MXOJDGD� 3ULQFtSLR�GD�LQDIDVWDELOLGDGH�GD MXULVGLomR��&)��DUW�����;;;9� 3RGHU -XGLFLiULR ([HUFH�D�IXQomR�QRUPDWLYD �HODERUD�UHJLPHQWRV�LQWHUQRV� &)��DUW������,��D $GPLQLVWUD 2UJDQL]D�VHXV�VHUYLoRV�LQWHUQRV &)��DUW���� (67$'2��*29(512�(�$'0,1,675$d2�3Ò%/,&$�, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����(VWDGR��*RYHUQR�H�$GPLQLVWUDomR�3~EOLFD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 1Ro}HV *HUDLV $�$GPLQLVWUDomR� 3~EOLFD �HP�VHQWLGR�$03/2� DEUDQJH� L��*RYHUQR LL��$GPLQLVWUDomR�3~EOLFD��VHQWLGR�HVWULWR� ���*RYHUQR D��6HQWLGR� REMHWLYR &RPSUHHQGH D�)81d2 32/Ë7,&$ $WLYLGDGH�GH 3ODQHMDU (VWDEHOHFH�RV�SODQRV�GH�DomR 'LULJLU 'HILQH�DV�GLUHWUL]HV &RPDQGDU $WRV�GH�JRYHUQR �SROtWLFRV� 6DQomR�H�YHWR 1RPHDomR�GH�PLQLVWUR 'HFODUDomR *XHUUD�H�SD] (VWDGR�GH�VtWLR (VWDGR�GH�HPHUJrQFLD E��6HQWLGRVXEMHWLYR (QYROYH�RV�3RGHUHV�H�yUJmRV�FRQVWLWXFLRQDLV�UHVSRQViYHLV�SHOD�IXQomR�SROtWLFD 3RGHU�([HFXWLYR 7UDoD�GLUHWUL]HV 'LULJH�H�FRPDQGD�D�$GPLQLVWUDomR�3~EOLFD (ODERUD�SODQRV�GH�JRYHUQR 3RGHU�/HJLVODWLYR 3DUWLFLSD�FRP�PHQRU�SUHGRPLQkQFLD $WLYLGDGH�GH�DSURYDomR�H�FRQWUROH 2EV���$JHQWHV SROtWLFRV ([HUFHP�FRPSHWrQFLDV�FRQVWLWXFLRQDLV 3RVVXHP�FRQGXWD�LQGHSHQGHQWH 0DQLIHVWDomR�GD�VREHUDQLD ���$GPLQLVWUDomR ����3~EOLFD� HP� 6HQWLGR�(VWULWR D��6HQWLGR ����REMHWLYR 7DPEpP�FKDPDGR�GH�VHQWLGR�PDWHULDO�RX�IXQFLRQDO &RPSUHHQGH�D )81d2� $'0,1,675$7,9$ $WLYLGDGH�GH ([HFXWDU 3UHVWDU�VHUYLoR &RQFHLWR $WLYLGDGH�FRQFUHWD�H�LPHGLDWD TXH�R�(VWDGR�H[HUFH 6RE�UHJLPH�MXUtGLFR�GH�GLUHLWR�S~EOLFR 3DUD�FRQVHFXomR�GH�LQWHUHVVHV�FROHWLYR $EUDQJH L�� 6HUYLoR 3~EOLFR $WLYLGDGH�TXH��SRU�VXD�HVVHQFLDOLGDGH RX�UHOHYkQFLD��IRUDP�DVVXPLGDV�SHOR (VWDGR��FRP�RX�VHP�H[FOXVLYLGDGH LL�� 3ROtFLD $GPLQLVWUDWLYD 3RGHU�GH�SROtFLD $GPLQLVWUDomR�S~EOLFD�SRGH�FRQGLFLRQDU RX�UHVWULQJLU�R�XVR�H�R�JR]R�GH�EHQV� GLUHLWRV�H�DWLYLGDGHV�LQGLYLGXDLV�HP EHQHItFLR�GD�FROHWLYLGDGH�RX�GR�(VWDGR LLL��)RPHQWR ,QFHQWLYR�j�LQLFLDWLYD�SULYDGD GH�LQWHUHVVH�S~EOLFR LY��,QWHUYHQomR ,QWHUYHQomR� GR�(VWDGR�QR� VHWRU�SULYDGR ,QWHUYHQomR�QD SURSULHGDGH�SULYDGD �&)��DUW�����;;,9� ,QWHUYHQomR�LQGLUHWD�QR GRPtQLR�HFRQ{PLFR �&)��DUW������ 2EV�� 0DULD�6\OYLD�QmR�FRQVLGHUD D�DWXDomR�GLUHWD�GR�(VWDGR QR�GRPtQLR�HFRQ{PLFR FRPR�IXQomR�DGPLQLVWUDWLYD 1HVVH�FDVR��R�(VWDGR�VXEPHQWH�VH DR�UHJLPH�MXUtGLFR�GH�GLUHLWR�SULYDGR �&)��DUW������ E��6HQWLGR VXEMHWLYR 7DPEpP�FKDPDGR�GH�VHQWLGR�IRUPDO�RX�RUJkQLFR $EUDQJH�R�FRQMXQWR�GH�yUJmRV��SHVVRDV�MXUtGLFDV H�DJHQWHV�LQWHJUDQWHV�GD�DGPLQLVWUDomR�S~EOLFD 2�%UDVLO�DGRWD�R�FULWpULR�IRUPDO�GH�DGPLQLVWUDomR�S~EOLFD ,QWHJUDGR�SRU L��ÏUJmRV�GD�DGPLQLVWUDomR�GLUHWD LL��(QWLGDGHV�GD�DGPLQLVWUDomR�LQGLUHWD LLL��$JHQWHV�DGPLQLVWUDWLYRV (67$'2��*29(512�(�$'0,1,675$d2�3Ò%/,&$�,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����(VWDGR��*RYHUQR�H�$GPLQLVWUDomR�3~EOLFD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 1Ro}HV� *HUDLV ���&RQFHLWR ����GR�'LUHLWR $GPLQLVWUDWLYR 5DPR�GR�GLUHLWR�S~EOLFR TXH�WHP�SRU�REMHWR L��&RQMXQWR�GH�yUJmRV�H�SHVVRDV MXUtGLFDV�DGPLQLVWUDWLYDV $GPLQLVWUDomR�3~EOLFD HP�VHQWLGR�68%-(7,92 LL��)XQomR DGPLQLVWUDWLYD $WLYLGDGH�MXUtGLFD�QmR�FRQWHQFLRVD $GPLQLVWUDomR�3~EOLFD�HP�VHQWLGR�2%-(7,92 0DULD 6\OYLD 5DPR�GR�GLUHLWR�S~EOLFR TXH�WHP�SRU�REMHWR L��2V�yUJmRV��DJHQWHV�H�SHVVRDV� MXUtGLFDV�DGPLQLVWUDWLYDV TXH�LQWHJUDP�D�$GPLQLVWUDomR�3~EOLFD LL��$�DWLYLGDGH�MXUtGLFD�QmR�FRQWHQFLRVD�TXH�H[HUFH��H LLL��2V�EHQV�GH�TXH�XWLOL]D�SDUD�FRQVHFXomR GH�VHXV�ILQV��GH�QDWXUH]D�S~EOLFD +HO\ /RSHV &RQMXQWR�KDUP{QLFR�GH�SULQFtSLRV�MXUtGLFRV�TXH�UHJHP�RV�yUJmRV��RV�DJHQWHV�H�DV�DWLYLGDGHV S~EOLFDV�WHQGHQWHV�D�UHDOL]DU�FRQFUHWD��GLUHWD�H�LPHGLDWDPHQWH�RV�ILQV�GHVHMDGRV�SHOR�(VWDGR ���6LVWHPDV $GPLQLVWUDWLYRV D��&RQFHLWR e�R�UHJLPH�DGRWDGR�SHOR�(VWDGR�SDUD�R�FRQWUROH�GH OHJDOLGDGH�H�OHJLWLPLGDGH�GRV�DWRV�DGPLQLVWUDWLYRV E��6LVWHPD )UDQFrV &RQWHQFLRVR�DGPLQLVWUDWLYR 'XDOLGDGH�GH MXULVGLomR L��-XULVGLomR�FRPXP 3RGHU�-XGLFLiULR LL��-XULVGLomR DGPLQLVWUDWLYD -XULVGLomR�HVSHFLDO�GR�FRQWHQFLRVR�DGPLQLVWUDWLYR 5HVROYH�OLWtJLRV�QRV�TXDLV�D�DGPLQLVWUDomR�p�SDUWH 7ULEXQDLV�$GPLQLVWUDWLYRV�H�&RQVHOKR�GH�(VWDGR ,QGHSHQGrQFLD�GRV�SRGHUHV�H GHVFRQILDQoD�FRP�UHODomR�DR�MXGLFLiULR F��6LVWHPD ,QJOrV 6LVWHPD�MXGLFLiULR�RX�GH�MXULVGLomR�XQD 8QLFLGDGH�GH MXULVGLomR L��3RGHU MXGLFLiULR $SUHFLD�WRGDV�KLSyWHVHV�GH�OLWtJLR��UHVROXomR�GH�FRQIOLWRV� LL��$GPLQLVWUDomR S~EOLFD 'HFLGH��MXOJD��VHP�MXULVLGLomR 6HP�GHILQLWLYLGDGH 6LVWHPD�DGPLQLVWUDWLYR XWLOL]DGR�QR�%5$6,/ 3ULQFtSLR�GD�LQDIDVWDELOLGDGH�GH�MXULVGLomR &)��DUW�����LQF��;;;9 ���5HJLPH ���-XUtGLFR� $GPLQLVWUDWLYR D��&RQFHLWR 5HJLPH�GH�GLUHLWR S~EOLFR��DSOLFiYHO DRV�yUJmRV�H�HQWLGDGHV�TXH�FRPS}HP�D�DGPLQLVWUDomR�S~EOLFD��H j�DWXDomR�GRV�DJHQWHV�DGPLQLVWUDWLYRV &RQMXQWR�VLVWHPDWL]DGR�GH�SULQFtSLRV�H�UHJUDV�TXH�GmR�LGHQWLGDGH�DR 'LUHLWR�$GPLQLVWUDWLYR�GLIHUHQFLDQGR�R�GRV�GHPDLV�UDPRV�GR�GLUHLWR $R�PHVPR�WHPSR�TXH�DV�35(552*$7,9$6�FRORFDP�D�DGPLQLVWUDomR�HP SRVLomR�GH�VXSUHPDFLD�SHUDQWH�R�SDUWLFXODU��DV�UHVWULo}HV��68-(,d®(6� OLPLWDP�VXD�DWLYLGDGH�D�GHWHUPLQDGRV�ILQV�H�SULQFtSLRV E��6XSUHPDFLD�GR LQWHUHVVH�S~EOLFR 35(552*$7,9$6�RX�SRGHUHV�HVSHFLDLV�GD�DGPLQLVWUDomR�S~EOLFD L��3RVLomR SUHYLOHJLDGD 6mR�EHQHItFLRV�FRQFHGLGRV�SHOD�RUGHP�MXUtGLFD 9LVDP�JDUDQWLU�D�FRQVHFXomR�GRV�LQWHUHVVHV�S~EOLFRV ([�� 3UHVXQomR�GH�OHJLWLPLGDGH�H YHUDFLGDGH�GRV�DWRV�DGPLQLVWUDWLYRV 3UD]RV�PDLRUHV�HP�SURFHVVRV�MXGLFLDLV LL��3RVLomR�GH VXSUHPDFLD 9HUWLFDOLGDGH�QDV�UHODo}HV�DGPLQLVWUDomR�SDUWLFXODU 'HYHUHV�3RGHUHV &DUiWHU�LQVWUXPHQWDO ([�� &OiXVXODV�H[RUELWDQWHV�GRV�FRQWUDWRV�DGPLQLVWUDWLYRV 3RGHU�GH�LPSpULR�RX�H[WURYHUVR $XWRH[HFXWRULHGDGH�GRV�DWRV�DGPLQLVWUDWLYRV F��,QGLVSRQLELOLGDGH GR�LQWHUHVVH�S~EOLFR ,QGLVSRQLELOLGDGH��SHOD�DGPLQLVWUDomR��GRV�LQWHUHVVHV�S~EOLFRV 68-(,d®(6 L��3ULQFtSLR�GD�OHJDOLGDGH $GPLQLVWUDU�p�DSOLFDU�D�OHL�GH�RItFLR LL��6XMHLo}HV %HQV�H�LQWHUHVVHV�S~EOLFRV�QmR�VH�HQFRQWUDP j�OLYUH�GLVSRVLomR�GR�DGPLQLVWUDGRU e�D�RUGHP�OHJDO�TXH�GLVS}H�VREUH�D�ILQDOLGDGH ([�� 1HFHVVLGDGH�GH�UHDOL]DomR�GH�FRQFXUVRV�S~EOLFRV 1HFHVVLGDGH�GH�UHDOL]DomR�GH�OLFLWDo}HV�SDUD�FHOHEUDomR�GH�FRQWUDWRV ([LJrQFLD�GH�PRWLYDomR�GRV�DWRV�DGPLQLVWUDWLYRV (67$'2��*29(512�(�$'0,1,675$d2�3Ò%/,&$�,,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����(VWDGR��*RYHUQR�H�$GPLQLVWUDomR�3~EOLFD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 3ULQFtSLRV� $GPLQLVWUDWLYRV ���6XSUHPDFLD�GR� �LQWHUHVVH�S~EOLFR 3ULQFtSLR�LPSOtFLWR D��&RQFHLWR 1DV�UHODo}HV�MXUtGLFDV�HP�TXH�R�(VWDGR�DWXH�FRPR�UHSUHVHQWDQWH�GD VRFLHGDGH��VHXV�LQWHUHVVHV�SUHYDOHFHP�FRQWUD�LQWHUHVVHV�SDUWLFXODUHV 'HFODUD�D�VXSHULRULGDGH�GR�LQWHUHVVH�GD�FROHWLYLGDGH� GHWHUPLQDQGR�D�SUHYDOrQFLD�GHOH�VREUH�R�SDUWLFXODU E��'HYH�VH ���GLVWLQJXLU L��,QWHUHVVH�SULPiULR�GR�(VWDGR ,QWHUHVVH�S~EOLFR�SURSULDPHQWH�GLWR 'LPHQVmR�S~EOLFD�GRV�LQWHUHVVHV�LQGLYLGXDLV LL��,QWHUHVVH VHFXQGiULR GR�(VWDGR ,QWHUHVVHV�,QGLYLGXDLV�GR�(VWDGR 6RPHQWH�YiOLGRV�TXDQGR�LQVWUXPHQWDLV�DR�LQWHUHVVH�S~EOLFR F�� &RQVHTXrQFLDV� GR�SULQFtSLR 35(552*$7,9$6 3UHVXQomR�GH�OHJLWLPLGDGH�H YHUDFLGDGH�GRV�DWRV�DGPLQLVWUDWLYRV 3RGHU�GH�LPSpULR�RX�H[WURYHUVR $XWRH[HFXWRULHGDGH�GRV�DWRV�DGPLQLVWUDWLYRV 2XWUDV ���,QGLVSRQLELOLGDGH� GR�LQWHUHVVH�S~EOLFR 3ULQFtSLR�LPSOtFLWR D��&RQFHLWR 2�LQWHUHVVH�S~EOLFR��TXDOLILFDGR�FRPR�SUySULR GD�FROHWLYLGDGH��p�LQGLVSRQtYHO��LQDSURSULiYHO 1D�DGPLQLVWUDomR�S~EOLFD��RV�EHQV�H�LQWHUHVVHV�QmR HVWmR�j�OLYUH�GLVSRVLomR�GD�YRQWDGH�GR�DGPLQLVWUDGRU e�D�RUGHP�OHJDO�TXH�GLVS}H�VREUH�D�ILQDOLGDGH�D�TXH�HVWmR�DGVWULWRV E�� &RQVHTXrQFLDV� GR�SULQFtSLR 68-(,d®(6 3ULQFtSLR�GD�OHJDOLGDGH 2EULJDWRULHGDGH�GR�GHVHPSHQKR�GD�DWLYLGDGH�S~EOLFD ,QDOLHQDELOLGDGH�GRV�GLUHLWRV FRQFHUQHQWHV�D�LQWHUHVVHV�S~EOLFRV 2XWUDV ���/HJDOLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�H[SUHVVR &)��DUW������FDSXW 0DULD 6\OYLD 3DUD�R SDUWLFXODU 6LJQLILFD�DXWRQRPLD GD�YRQWDGH 3RGH�ID]HU�WXGR�R�TXH�D�OHL�QmR�SURtEH &)�����,, 1LQJXpP�VHUi�REULJDGR�D�ID]HU�RX�GHL[DU�GH ID]HU�DOJXPD�FRLVD�VHQmR�HP�YLUWXGH�GH�OHL 3DUD�DGPLQLVWUDomR�S~EOLFD 6LJQLILFD�YRQWDGH�OHJDO $�DGPLQLVWUDomR�S~EOLFD�Vy SRGH�ID]HU�R�TXH�D�OHL�SHUPLWH +HO\�/RSHV 1D�DGPLQLVWUDomR�S~EOLFD�QmR�Ki�OLEHUGDGH�QHP�YRQWDGH�SHVVRDO (QTXDQWR�QD�DGPLQLVWUDomR�SDUWLFXODU�p�OtFLWR�ID]HU�WXGR�DTXLOR�TXH�D�OHL�QmR SURtEH��QD�DGPLQLVWUDomR�S~EOLFD�Vy�p�SHUPLWLGR�ID]HU�R�TXH�D�OHL�DXWRUL]D &HOVR $QW{QLR e�SULQFtSLR�HVSHFtILFR�GR�(VWDGR�GH�'LUHLWR )UXWR�GD�VXEPLVVmR�GR�(VWDGR�j�OHL 6XUJH�FRPR�GHFRUUrQFLD QDWXUDO�GD�LQGLVSRQLELOLGDGH GR�LQWHUHVVH�S~EOLFR2V�LQWHUHVVHV�S~EOLFRV�VmR�GHILQLGRV SHOR�/HJLVODWLYR��TXH�UHSUHVHQWD�R�SRYR 6XEPLVVmR�GD�IXQomR�DGPLQLVWUDWLYD��DWRV�FRQFUHWRV��j IXQomR�OHJLVODWLYD��DWRV�JHUDLV��LPSHVVRDLV�H�DEVWUDWRV� ���,PSHVVRDOLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�H[SUHVVR &)��DUW������FDSXW 0DULD 6\OYLD D��&RP�UHODomR�j� ����DGPLQLVWUDomR S~EOLFD 2V�DWRV�H�SURYLPHQWRV�DGPLQLVWUDWLYRV�VmR�LPSXWDGRV�DR�yUJmR RX�j�HQWLGDGH�D�TXH�VH�YLQFXOD�R�DJHQWH�S~EOLFR��QmR�D�HOH�SUySULR 7HRULD GR�yUJmR $V�SHVVRDV�MXUtGLFDV�H[SUHVVDP�VXD YRQWDGH�SRU�PHLR�GRV�VHXV�yUJmRV 俶 5HODomR�GH ,0387$d2 $�DWLYLGDGH�GRV�yUJmRV�LGHQWLILFD�VH H�UHODFLRQD�VH�FRP�D�GD�HQWLGDGH E��&RP�UHODomR� DRV�DGPLQLVWUDGRV 5HODFLRQDGR DR�SULQFtSLR GD�ILQDOLGDGH e�VHPSUH�R�LQWHUHVVH�S~EOLFR�TXH�GHYH QRUWHDU�R�FRPSRUWDPHQWR�GD�DGPLQLVWUDomR 4XDOTXHU�DWR�GD�DGPLQLVWUDomR�S~EOLFD�GHYH ]HODU�SHOR�LQWHUHVVH�S~EOLFR��QmR�SHVVRDO +HO\�/RSHV e�R�PHVPR�SULQFtSLR�GD�ILQDOLGDGH ,PS}H�DR�DGPLQLVWUDGRU�S~EOLFD�TXH Vy�SUDWLTXH�R�DWR�SDUD�R�VHX�ILP�OHJDO $�ILQDOLGDGH�WHP�VHPSUH�FRPR�REMHWLYR FHUWR�H�LQDIDVWiYHO�R�LQWHUHVVH�S~EOLFR (VWi�HQWUHODoDGR�FRP�R SULQFtSLR�GD�LJXDOGDGH ,PS}H�j�DGPLQLVWUDomR�WUDWDU�LJXDOPHQWH�D�WRGRV TXH�HVWHMDP�QD�PHVPD�VLWXDomR�IiWLFD�H�MXUtGLFD 35,1&Ë3,26�$'0,1,675$7,926�, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����(VWDGR��*RYHUQR�H�$GPLQLVWUDomR�3~EOLFD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 3ULQFtSLRV� $GPLQLVWUDWLYRV ���0RUDOLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�H[SUHVVR &)��DUW������FDSXW D��&RQFHLWR 俺 1mR�VH�WUDWD�GD�PRUDO�FRPXP�������$FHSomR�VXEMHWLYD 7UDWD�VH� GD� �PRUDO�MXUtGLFD $FHSomR�REMHWLYD &RQMXQWR�GH�UHJUDV�GH�FRQGXWD�WLUDGDV�GD GLVFLSOLQD�LQWHULRU�GD�DGPLQLVWUDomR�S~EOLFD 0RUDO�LQWHUQD�GD�LQVWLWXLomR��FRPSOHPHQWDU�j�OHL 2V�DWRV�GHYHP�VHU��DOpP�GH�OHJDLV��KRQHVWRV��H VHJXLU�RV�ERQV�FRVWXPHV�H�D�ERD�DGPLQLVWUDomR E��7HRULD�GRV�FtUFXORV FRQFrQWULFRV $QWLJD�p�D�GLVWLQomR�HQWUH�PRUDO�H�GLUHLWR��DPERV�UHSUHVHQWDGRV�SRU�FtUFXORV FRQFrQWULFRV��VHQGR�R�PDLRU�FRUUHVSRQGHQWH�j�PRUDO�H��R�PHQRU��DR�GLUHLWR ���3XEOLFLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�H[SUHVVR &)��DUW������FDSXW 5HJUD 7RGRV�RV�DWRV�GHYHP�VHU�S~EOLFRV��JDUDQWLQGR�D�WUDQVSDUrQFLD�HVWDWDO 俺 ([FHomR� �DR�SULQFtSLR 'HYHP�VHU�OHJDOPHQWH�SUHYLVWDV�H�WDPEpP�DWHQGHUHP�DR�LQWHUHVVH�S~EOLFR ([�� 6HJXUDQoD�1DFLRQDO��&)��DUW�����;;;,,,� 'HIHVD�GD�LQWLPLGDGH��&)��DUW�����/;� 2EV�� 3XEOLFDomR�RILFLDO�GRV�DWRV H[WHUQRV�GD�DGPLQLVWUDomR�S~EOLFD e�UHTXLVLWR�GH�HILFiFLD 俺 1mR�p�SUHVVXSRVWR�GH�YDOLGDGH ���(ILFLrQFLD 3ULQFtSLR�FRQVWLWXFLRQDO�H[SUHVVR &)��DUW������FDSXW��LQVHULGR�SHOD�(&���� 3UHJD�D�PD[LPL]DomR�GH�UHVXOWDGRV�QD�DWXDomR�GD�DGPLQLVWUDomR�S~EOLFD��TXH�GHYH�VHU�UiSLGD��~WLO��HFRQ{PLFD ���5D]RDELOLGDGH�H� �SURSRUFLRQDOLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�LPSOtFLWR &)��DUW�����/,9 D��&RQFHLWR 2�SULQFtSLR� FRQGX]�jV� LGHLDV�GH L��$GHTXDomR &RQGXWD�DSWD�D�SURGX]LU�RV�HIHLWRV�GHVHMDGRV LL��1HFHVVLGDGH &RQGXWD�GHQWUR�GRV�SDGU}HV QRUPDLV�GH�DFHLWDELOLGDGH ,QH[LVWrQFLD�GH�RXWUR�PHLR�PHQRV JUDYRVR�SDUD�DOFDQoDU�R�ILP�GHVHMDGR LLL��3URSRUFLRQDOLGDGH 3RQGHUDomR�HQWUH 0HLRV�HPSUHJDGRV )LQV�DOFDQoDGRV E��$SOLFDomR /LPLWDomR�j�GLVFULFLRQDULHGDGH�DGPLQLVWUDWLYD $PSOLDomR�GR�kPELWR�GH�DSUHFLDomR�GR�DWR�DGPLQLVWUDWLYR�SHOR�3RGHU�-XGLFLiULR 3RGHU�-XGLFLiULR�DSUHFLD VH�DV�UHVWULo}HV�VmR $GHTXDGDV -XVWLILFDGDV�SHOR�LQWHUHVVH�S~EOLFR )RUPD�GH�FRQWUROH�GR�([FHVVR�GH�3RGHU ���$XWRWXWHOD &DEH�j�DGPLQLVWUDomR�S~EOLFD�UHYHU�VHXV�SUySULRV�DWRV��DQXODQGR RV�LOHJDLV�H�UHYRJDQGR�RV�LQFRQYHQLHQWHV�RX�LQRSRUWXQRV e�FRQWUROH�LQWHUQR 'LIHUHQWH�GD�WXWHOD��TXH�p�FRQWUROH�H[WHUQR��VXMHLomR�H[HUFLGD�SRU�RXWUD�SHVVRD� D��&RQFHLWR e�R�SRGHU�TXH�WHP�D�DGPLQLVWUDomR�SDUD�UHYHU�VHXV�SUySULRV�DWRV E��$EUDQJrQFLD L��$VSHFWR�GH�OHJDOLGDGH�H�OHJLWLPLGDGH &RQGX]�D $QXODomR &RQYDOLGDomR LL��$VSHFWR�GH�PpULWR $QiOLVH�GH�FRQYHQLrQFLD�H�GH�RSRUWXQLGDGH &RQGX]�D 5HYRJDomR 6~PXOD�����67) $�DGPLQLVWUDomR�SRGH�DQXODU�VHXV�SUySULRV�DWRV��TXDQGR�HLYDGRV�GH�YtFLRV TXH�RV�WRUQHP�LOHJDLV��SRUTXH�GHOHV�QmR�VH�RULJLQDP�GLUHLWRV��RX�SRGH UHYRJi�ORV��SRU�PRWLYR�GH�FRQYHQLrQFLD�RX�RSRUWXQLGDGH��UHVSHLWDGRV�RV GLUHLWRV�DGTXLULGRV��H�UHVVDOYDGD��HP�WRGRV�RV�FDVRV��D�DSUHFLDomR�MXGLFLDO ����&RQWLQXLGDGH 3ULQFtSLR�FRQVWLWXFLRQDO�LPSOtFLWR &)��DUW�������,9 &RQFHLWR (VWDEHOHFH�D�QHFHVVLGDGH�GH�TXH�D�$GPLQLVWUDomR�3~EOLFD�QmR�LQWHUURPSD�D SUHVWDomR�GH�VHXV�VHUYLoRV��SRLV�IXQGDPHQWDLV�H�HVVHQFLDLV�j�FROHWLYLGDGH 3DUD�D�/HL��������VHUYLoR�DGHTXDGR�p�DTXHOH�TXH VDWLVID]��HQWUH�RXWUDV��DV�FRQGLo}HV�FRQWLQXLGDGH 35,1&Ë3,26�$'0,1,675$7,926�,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����(VWDGR��*RYHUQR�H�$GPLQLVWUDomR�3~EOLFD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 2UJDQL]DomR $GPLQLVWUDWLYD ���&HQWUDOL]DomR� $GPLQLVWUDWLYD D��&RQFHLWR (VWDGR�H[HFXWD�VXDV�WDUHIDV�GLUHWDPHQWH��SRU�PHLR�GRV�yUJmRV�H DJHQWHV�LQWHJUDQWHV�GD�$'0,1,675$d2�',5(7$ E��([HFXomR�GD�$WLYLGDGH���3UHVWDomR�GR�6HUYLoR )RUPD�GLUHWD�H�LPHGLDWD �� 'HVFHQWUDOL]DomR� $GPLQLVWUDWLYD D��&RQFHLWR )RUPD�GH�RUJDQL]DomR�H�DWXDomR�DGPLQLVWUDWLYD�QD�TXDO�R�(VWDGR GHVHPSHQKD�VXDV�DWULEXLo}HV�SRU�PHLR�GH�RXWUDV�SHVVRDV e�D�GLVWULEXLomR�GH�FRPSHWrQFLDV�GH�XPD SDUD�RXWUD�SHVVRD��ItVLFD�RX�MXUtGLFD E��([HFXomR�GD�$WLYLGDGH���3UHVWDomR�GR�6HUYLoR )RUPD�LQGLUHWD�H�PHGLDWD F��)RUPDV�GH� GHVFHQWUDOL]DomR L��2XWRUJD 'HVFHQWUDOL]DomR�SRU�VHUYLoRV 3RGHU�3~EOLFR�FULD�XPD�SHVVRD�MXUtGLFD H�D�HOD�DWULEXL�D�7,78/$5,'$'(�H�D (;(&8d2�GH�VHUYLoR�S~EOLFR 2FRUUH�PHGLDQWH�/(, 3UHVVXS}H�REULJDWRULDPHQWH�D HGLomR�GH�XPD�OHL�TXH�LQVWLWXD�D HQWLGDGH��RX�DXWRUL]H�VXD�FULDomR LL��'HOHJDomR 'HVFHQWUDOL]DomR�SRU�FRODERUDomR 3RGHU�3~EOLFR�DWULEXL�D�XPD SHVVRD�MXUtGLFD�GH�GLUHLWR�SULYDGR D�(;(&8d2�GH�VHUYLoR�S~EOLFR 2FRUUH PHGLDQWH &2175$72��RX $72�81,/$7(5$/ LLL��7HUULWRULDO 'HVFHQWUDOL]DomR�JHRJUiILFD 7HUULWyULRV�)HGHUDLV (QWLGDGH�ORFDO��JHRJUDILFDPHQWH GHOLPLWDGD��GRWDGD�GH�SHUVRQDOLGDGH MXUtGLFD�SUySULD��GH�GLUHLWR�S~EOLFR��FRP FDSDFLGDGH�DGPLQLVWUDWLYD�JHQpULFD $XWDUTXLD�WHUULWRULDO RX�JHRJUiILFD &)��DUW���� &)��DUW���� 9HU�0DSD�0HQWDO�GH��'HVFHQWUDOL]DomR�$GPLQLVWUDWLYD� ���'HVFRQFHQWUDomR� $GPLQLVWUDWLYD D��&RQFHLWR 7pFQLFD�DGPLQLVWUDWLYD�GH�GLVWULEXLomR�LQWHUQD GH�FRPSHWrQFLDV�GH�XPD�SHVVRD�MXUtGLFD 5HSDUWLomR�GH�IXQo}HV�HQWUH�YiULRV�yUJmRV GHVSHUVRQDOL]DGRV��VHP�TXHEUD�GD�KLHUDUTXLD 'HVFRQFHQWUDomR�HQYROYH� REULJDWRULDPHQWH��XPD�Vy�SHVVRD�MXUtGLFD ([���8QLmR�GLVWULEXL�FRPSHWrQFLDV�HQWUH�GLYHUVRV�yUJmRV GH�VXD�SUySULD�HVWUXWXUD��FRPR�RV�0LQLVWpULRV E��([HFXomR�GD�DWLYLGDGH���3UHVWDomR�GR�VHUYLoR )RUPD�GLUHWD�H�LPHGLDWD F��&RQWUROH�H[HUFLGR $872787(/$ &21752/( +,(5È548,&2 2FRUUH�QDV�UHODo}HV�GH�KLHUDUTXLD�H�GH VXERUGLQDomR�H[LVWHQWHV�HQWUH�RV�yUJmRV UHVXOWDQWHV�GD�GHVFRQFHQWUDomR 5(/$d2�'(�68%25',1$d2 'H�FDUiWHU�LQWHUQR $EUDQJrQFLD 9HULILFD /HJDOLGDGH�H�OHJLWLPLGDGH 0pULWR &RQYHQLrQFLD�H�RSRUWXQLGDGH ([�� 5HFXUVR�KLHUiUTXLFR 25*$1,=$d2�$'0,1,675$7,9$�'$�81,2�, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � � 'HVFHQWUDOL]DomR $GPLQLVWUDWLYD ���&RQFHLWR (VWDGR�GHVHPSHQKD�VXDV�DWULEXLo}HV�SRU�PHLR�GH�RXWUDV�SHVVRDV e�D�GLVWULEXLomR�GH�FRPSHWrQFLDV�GH�XPD�SDUD�RXWUD�SHVVRD��ItVLFD�RX�MXUtGLFD ([HFXomR�GD�$WLYLGDGH���3UHVWDomR�GR�6HUYLoR )RUPD�LQGLUHWD�H�PHGLDWD ���)RUPDV�GH ��GHVFHQWUDOL]DomR D��2XWRUJD 'HVFHQWUDOL]DomR�SRU�VHUYLoRV 3RGHU�3~EOLFR�FULD�XPD�SHVVRD MXUtGLFD�H�D�HOD�DWULEXL�D 7,78/$5,'$'(��H D�(;(&8d2 3UHVVXS}H�REULJDWRULDPHQWH D�HGLomR�GH�XPD�/(,�TXH ,QVWLWXD�D�HQWLGDGH��RX $XWRUL]H�VXD�FULDomR &DUDFWHUtVWLFDV 7UDQVIHUrQFLD SRU�PHLR�GH�OHL �&)��DUW������;,;�/HL�FULD�D�HQWLGDGH 3HVVRD�MXUtGLFD GH�GLUHLWR�S~EOLFR $XWDUTXLD )XQGDomR�S~EOLFD GH�GLUHLWR�3Ò%/,&2 /HL�DXWRUL]D�FULDomR�GD�HQWLGDGH 3HVVRD�MXUtGLFD�GH GLUHLWR�SULYDGR )XQGDomR�S~EOLFD GH�GLUHLWR�35,9$'2 (PSUHVD�S~EOLFD 6RFLHGDGH�GH HFRQRPLD�PLVWD (QWH�SROtWLFR 3HUGH�D�GLVSRQLELOLGDGH�GR�VHUYLoR 3DUD�UHWRPi�OR�GHSHQGHUi�GH�OHL &RQWUROH�H[HUFLGR 787(/$ $'0,1,675$7,9$ &21752/( ),1$/Ë67,&2 'HSHQGH�GH�SUHYLVmR�OHJDO�TXH HVWDEHOHoD�PHLRV��DVSHFWRV�H RFDVL}HV�GH�FRQWUROH��DWRV�GH�WXWHOD� 1mR�Ki�WXWHOD�VHP�OHL�TXH�D�SUHYHMD 9LVD�DVVHJXUDU�D�UHDOL]DomR�GRV�REMHWLYRV IL[DGRV�QRV�DWRV�GH�FRQVWLWXLomR�GD�HQWLGDGH 9HULILFDomR�GRV�UHVXOWDGRV +DUPRQL]DomR�FRP�DV SROtWLFDV�JRYHUQDPHQWDLV 5(/$d2�'( 9,1&8/$d2 'H�FDUiWHU H[WHUQR ([HUFLGR�SHOD�DGPLQLVWUDomR�GLUHWD VREUH�DGPLQLVWUDomR�LQGLUHWD 6XSHUYLVmR PLQLVWHULDO ([HUFLGR�SHOR�0LQLVWpULR�DR�TXDO D�HQWLGDGH�HVWHMD�YLQFXODGD $EUDQJrQFLD 9HULILFD�R�DOFDQFH�GRV�REMHWLYRV GD�HQWLGDGH��IL[DGRV�QD�OHL 'HYH�SUHVHUYDU�D�DXWRQ{PLD GD�HQWLGDGH�GHVFHQWUDOL]DGD ([���&RQWUROHV�SUpYLRV 1RPHDomR�GH�GLULJHQWHV E��'HOHJDomR 'HVFHQWUDOL]DomR�SRU�FRODERUDomR 3RGHU�3~EOLFR�DWULEXL�D�XPD�SHVVRD�MXUtGLFD�GH GLUHLWR�SULYDGR�D�(;(&8d2�GH�VHUYLoR�S~EOLFR 2FRUUH�PHGLDQWH�&2175$72�RX�$72�81,/$7(5$/ L��3RU�FRQWUDWR (IHWLYDGD�SRU�SUD]R�GHWHUPLQDGR 0RGDOLGDGHV &RQFHVVmR 3HUPLVVmR LL��3RU�DWR DGPLQLVWUDWLYR (P�UHJUD��QmR�Ki�SUD]R�FHUWR��HP�UD]mR�GD�SUHFDULHGDGH 3RVVLELOLGDGH�GH�UHYRJDomR�D�TXDOTXHU�WHPSR 0RGDOLGDGH $XWRUL]DomR GH�VHUYLoR�S~EOLFR 2EV�� $�WUDQVIHUrQFLD�QmR�p�GD�SUHVWDomR��PDV�VLP GD�H[SORUDomR�GH�GHWHUPLQDGR�VHUYLoR�S~EOLFR F��7HUULWRULDO 7HUULWyULRV�)HGHUDLV 2EV�� 俺 1mR Ki KLHUDUTXLD�QDV�IRUPDV�GH�GHVFHQWUDOL]DomR (QWUH�D�DGPLQLVWUDomR�GLUHWD�H�LQGLUHWD 俶 +i�9,1&8/$d2 俺 1mR�Ki�VXERUGLQDomR GH�VHUYLoR�S~EOLFR 25*$1,=$d2�$'0,1,675$7,9$�'$�81,2�,,���'(6&(175$/,=$d2 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� ÏUJmR ���&RQFHLWR 8QLGDGH�GH�DWXDomR�LQWHJUDQWH�GD�HVWUXWXUD�GD DGPLQLVWUDomR�GLUHWD�RX�DGPLQLVWUDomR�LQGLUHWD /HL�����������DUW��� 1mR�WHP�SHUVRQDOLGDGH�MXUtGLFD &HQWURV�GH�FRPSHWrQFLD�LQVWLWXtGRV�SDUD�R�GHVHPSHQKR�GH�IXQo}HV�HVWDWDLV��SRU PHLR�GH�VHXV�DJHQWHV��FXMD�DWXDomR�p�LPSXWDGD�j�SHVVRD�MXUtGLFD�D�TXH�SHUWHQFHP ���7HRULDV 6mR�WHRULDV�TXH�VXUJLUDP�SDUD�H[SOLFDU�DV�UHODo}HV�GR�(VWDGR��SHVVRD�MXUtGLFD��FRP�VHXV�DJHQWHV 俶 7HRULD�GR yUJmR 7HRULD�DGRWDGD�SHOD�GRXWULQD�H�MXULVSUXGrQFLD $�SHVVRD�MXUtGLFD�PDQLIHVWD�VXD�YRQWDGH�SRU�PHLR�GRV�yUJmRV��GH�IRUPD�TXH��TXDQGR�RV DJHQWHV�TXH�RV�FRPS}H�PDQLIHVWDP�D�VXD�YRQWDGH��p�FRPR�VH�R�SUySULR�(VWDGR�R�IL]HVVH 3ULQFtSLR�GD LPSXWDomR�YROLWLYD $�YRQWDGH�GD�SHVVRD�MXUtGLFD�GHYH�VHU�DWULEXtGD�DRV�yUJmRV TXH�D�FRPS}HP��VHQGR�HVWHV�FRPSRVWRV�GH�DJHQWHV $SOLFDomR FRQFUHWD -XVWLILFD�D�YDOLGDGH�GRV�DWRV SUDWLFDGRV�SRU�IXQFLRQiULR�GH�IDWR )XQomR GH�)DWR 3HVVRD��SUDWLFD�DWR�HVWDQGR LUUHJXODUPHQWH�LQYHVWLGD�QR�FDUJR 0DV�FRP�DSDUrQFLD�GH�OHJDOLGDGH 俺 7HRULD�GD UHSUHVHQWDomR 2�DJHQWH�S~EOLFR�VHULD�UHSUHVHQWDQWH�GR�(VWDGR $JHQWH�S~EOLFR�VHULD�HTXLSDUDGR�DR�UHSUHVHQWDQWH �WXWRU�RX�FXUDGRU��GH�SHVVRDV�LQFDSD]HV &ULWtFD (TXLSDUD�D�SHVVRD�MXUtGLFD��(VWDGR��DR�LQFDSD] 3UREOHPDV�TXDQWR�j�UHVSRQVDELOL]DomR�GD�SHVVRD�MXUtGLFD�SDUD�RV�FDVRV QRV�TXDLV�R�UHSUHVHQWDQWH�XOWUDSDVVDVVH�RV�SRGHUHV�GD�UHSUHVHQWDomR 俺 7HRULD�GR� PDQGDWR 2�DJHQWH�S~EOLFR�VHULD�PDQGDWiULR�GR�(VWDGR 0DQGDWR &RQWUDWR�PHGLDQWH�R�TXDO�XPD�SHVVRD��PDQGDQWH��RXWRUJD�SRGHUHV D�RXWUD��PDQGDWiULR��SDUD TXH�HVWH�H[HFXWH�GHWHUPLQDGRV�DWRV�HP QRPH�GR�PDQGDQWH�H�VRE�UHVSRQVDELOLGDGH�GHVWH ,QVWUXPHQWR�GR�FRQWUDWR�GH�PDQGDWR 3URFXUDomR &UtWLFD (VWDGR��TXH�QmR�SRVVXL�YRQWDGH�SUySULD��QmR�SRGH�RXWRUJDU�PDQGDWR 3UREOHPDV�TXDQWR�j�UHVSRQVDELOL]DomR�GD�SHVVRD�MXUtGLFD�SDUD�RV FDVRV�QRV�TXDLV�R�PDQGDWiULR�H[RUELWDVVH�RV�OLPLWHV�GD�SURFXUDomR ���&ODVVLILFDomR D��4XDQWR�j HVWUXWXUD L��6LPSOHV &RQVWLWXtGRV�SRU�XP�Vy�FHQWUR�GH�FRPSHWrQFLD LL��&RPSRVWR 'HVFRQFHQWUDomR�LQWHUQD 5H~QHP�HP�VXD�HVWUXWXUD�GLYHUVRV�yUJmRV ([�� e�R�TXH�RFRUUH�FRP�RV�0LQLVWpULRV�H�DV�6HFUHWDULDV E��4XDQWR�j ����DWXDomR IXQFLRQDO L��6LQJXODU 0RQRFUiWLFR���GHFLV}HV�VmR�DWULEXLomR�GH�XP�~QLFR�DJHQWH LL��&ROHJLDGR $WXDP�H�GHFLGHP�PHGLDQWH�PDQLIHVWDomR�FRQMXQWD�GH�VHXV�PHPEURV F��4XDQWR�j �����SRVLomR HVWDWDO L��,QGHSHQGHQWHV 2ULJLQiULRV�GD�&RQVWLWXLomR�)HGHUDO 5HSUHVHQWDWLYRV�GRV�3RGHUHV�GR�(VWDGR &DUDFWHUtVWLFDV ÏUJmRV�SULPiULRV 6HP�VXERUGLQDomR KLHUiUTXLFD�RX�IXQFLRQDO 6XMHLWRV�VRPHQWH�DRV�FRQWUROHV�FRQVWLWXFLRQDLV GH�XP�3RGHU�VREUH�R�RXWUR LL��$XW{QRPRV 6XERUGLQDGRV�DRV�FKHIHV�GRV�yUJmRV�LQGHSHQGHQWHV $XWRQRPLD )LQDQFHLUD $GPLQLVWUDWLYD 2SHUDFLRQDO ([HUFHP�IXQo}HV�SUHFtSXDV�GH�SODQHMDPHQWR� VXSHUYLVmR��FRRUGHQDomR�H�FRQWUROH�GDV�DWLYLGDGHV ([�� 0LQLVWpULRV��6HFUHWDULDV�GH�(VWDGR��$GYRFDFLD�*HUDO�GD�8QLmR LLL��6XSHULRUHV 6XMHLWRV�j�VXERUGLQDomR�H�DR�FRQWUROH�KLHUiUTXLFR 'HWrP�SRGHU�GH 'LUHomR &RQWUROH 'HFLVmR &RPDQGR 1mR�JR]DP�GH�DXWRQRPLD�ILQDQFHLUD��DGPLQLVWUDWLYD�H�RSHUDFLRQDO ([���6HFUHWDULD�GR�7HVRXUR�1DFLRQDO��671� LY��6XEDOWHUQRV ([HUFHP�DWULEXLo}HV�GH�PHUD�H[HFXomR 25*$1,=$d2�$'0,1,675$7,9$�'$�81,2�,,,���Ï5*2 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� (QWLGDGHV HP�(VSpFLH ���$XWDUTXLD D��&RQFHLWR 3HVVRDV�MXUtGLFDV�GH�',5(,72�3Ò%/,&2�GH FDSDFLGDGH�H[FOXVLYDPHQWH�DGPLQLVWUDWLYD 6HUYLoR�DXW{QRPR��FULDGR�SRU�OHL��FRP�SHUVRQDOLGDGH�MXUtGLFD� SDWULP{QLR�H�UHFHLWD�SUySULRV��SDUD�H[HFXWDU�$7,9,'$'(6�7Ë3,&$6 GD�$GPLQLVWUDomR�3~EOLFD��TXH�UHTXHLUDP��SDUD�VHX�PHOKRU IXQFLRQDPHQWR��JHVWmR�DGPLQLVWUDWLYD�H�ILQDQFHLUD�GHVFHQWUDOL]DGD ([�� %DQFR�FHQWUDO��&RPLVVmR�GH�YDORUHV�PRELOLiULRV��&90���,EDPD E��(VSpFLHV L��$XWDUTXLD�FRPXP LL��$XWDUTXLD�IXQGDFLRQDO )XQGDomR�S~EOLFD�GH�GLUHLWR�S~EOLFR LLL��$XWDUTXLD �����WHUULWRULDO e�D�GLYLVmR�JHRJUiILFD��FRP�SHUVRQDOLGDGH MXUtGLFD�SUySULD��FULDGD�SDUD�SUHVWDU�VHUYLoRV JHQpULFRV�j�VRFLHGDGH 7HUULWyULRV�IHGHUDLV LY��$XWDUTXLD�SURILVVLRQDO ������FRUSRUDWLYD�������������������������&RQVHOKRV�GH�ILVFDOL]DomR�GH�SURILVV}HV Y��$XWDUTXLD ���LQWHUIHGHUDWLYD 1D�IRUPD�GH�DVVRFLDomR�S~EOLFD &RQVyUFLRV�S~EOLFRV ,QWHJUD�D�DGPLQLVWUDomR�LQGLUHWD GH�PDLV�GH�XP�HQWH�IHGHUDGR 9HU�0DSDV�0HQWDLV�GH��$XWDUTXLDV�,��H��$XWDUTXLDV�,,� ���)XQGDomR ����3~EOLFD D��&RQFHLWR 3DWULP{QLR 'RWDGR�GH�SHUVRQDOLGDGH�MXUtGLFD�GH�',5(,72 3Ò%/,&2�RX�GH�',5(,72�35,9$'2 'HVWLQDGR��SRU�OHL��j�SUHVWDomR�GH DWLYLGDGHV�S~EOLFDV�QD�iUHD�VRFLDO $WULEXLomR�GH�SHUVRQDOLGDGH�MXUtGLFD�D�GHWHUPLQDGR SDWULP{QLR��GHVWLQDGR�D�ILP�HVSHFtILFR ÈUHD�GH�DWXDomR /HL�FRPSOHPHQWDU &)��DUW������;,; E��1DWXUH]D ����-XUtGLFD L��)XQGDomR�S~EOLFD�GH�GLUHLWR�3Ò%/,&2 &ULDomR &ULDGDV�SRU�/(,�HVSHFtILFD &)��DUW������;,; 5HJLPH MXUtGLFR 5HJLPH�MXUtGLFR�GH�',5(,72�3Ò%/,&2 6XEPHWH�VH�jV�PHVPDV�VXMHLo}HV H�SUHUURJDWLYDV�TXH�FDUDFWHUL]DP�R UHJLPH�MXUtGLFR�GH�GLUHLWR�S~EOLFR (VSpFLH�GR�JrQHUR�DXWDUTXLD )XQGDomR�DXWiUTXLFD ([���)XQDL LL��)XQGDomR�S~EOLFD�GH�GLUHLWR�35,9$'2 &ULDomR &ULDGDV�SRU�$72�GR�3RGHU�3~EOLFR� PHGLDQWH�DXWRUL]DomR�HP�OHL�HVSHFtILFD &)��DUW������;,; 5HJLPH� MXUtGLFR� +Ë%5,'2 5HJLPH�MXUtGLFR�GH�',5(,72�35,9$'2�FRP GHUURJDo}HV�GH�QRUPDV�GH�',5(,72�3Ò%/,&2 ([HPSORV�GH LQFLGrQFLD�GR GLUHLWR�S~EOLFR 6XMHLo}HV /LFLWDomR &RQFXUVR�S~EOLFR 9HGDomR�GH DFXPXODomR�GH�FDUJR 3UHUURJDWLYDV ,PXQLGDGH�UHFtSURFD &)��DUW��������� 25*$1,=$d2�$'0,1,675$7,9$�'$�81,2�,9���(17,'$'(6�(0�(63e&,( ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH�3URI��7KLDJR�6WUDXVV� � �� (QWLGDGHV HP�(VSpFLH ���(PSUHVD� 3~EOLFD D��&RQFHLWR 3HVVRDV�MXUtGLFDV�GH�',5(,72�35,9$'2��LQWHJUDQWHV�GD�DGPLQLVWUDomR�LQGLUHWD� LQVWLWXtGDV�SHOR�SRGHU�S~EOLFR�PHGLDQWH�DXWRUL]DomR�HP�OHL�HVSHFtILFD��VRE TXDOTXHU�IRUPD�MXUtGLFD H�FRP FDSLWDO�H[FOXVLYDPHQWH�S~EOLFR E��&ULDomR $72�GR 3RGHU�3~EOLFR ,QVFULomR�GR�DWR�FRQVWLWXWLYR QR�UHJLVWUR�FRPSHWHQWH &&��DUW���� $SyV�DXWRUL]DomR�HP�OHL�HVSHFtILFD �&)��DUW������;,; �&ULDomR�GH �6XEVLGLiULD 1HFHVViULD�DXWRUL]DomR OHJLVODWLYD�SDUD�FULDomR &)��DUW������;; 俺 1mR�SUHFLVD�VHU�DXWRUL]DomR�HVSHFtILFD 3RGH�FRQVWDU�GD�SUySULD�OHL�TXH DXWRUL]RX�D�LQVWLWXLomR�GD�HVWDWDO F��5HJLPH� MXUtGLFR L��([SORUD�DWLYLGDGH HFRQ{PLFD 5HJLPH�MXUtGLFR�GH�GLUHLWR�SULYDGR 'HUURJDGR�VRPHQWH�QR�TXH�GLVS}H�D�&) &)��DUW�����������,, LL��3UHVWD ���VHUYLoR�S~EOLFR 5HJLPH�MXUtGLFR�GH�GLUHLWR�SULYDGR 'HUURJDGR�SRU &) ([�� 5HVSRQVDELOLGDGH�FLYLO REMHWLYD��VXMHLomR� &)��DUW�������� /HL &)��DUW����� G��7UDoRV� GLVWLQWRV L��)RUPD�GH�RUJDQL]DomR 4XDOTXHU�GDV�IRUPDV�DGPLWLGDV�QR�'LUHLWR LL��&RPSRVLomR�GR�FDSLWDO ([FOXVLYDPHQWH�S~EOLFR LLL��)RUR�SURFHVVXDO (PSUHVD 3~EOLFD�)HGHUDO -XVWLoD IHGHUDO ([FHWR�FDXVDV�WUDEDOKLVWDV &)��DUW�������, H��5HJLPH�GH�SHVVRDO (PSUHJR�3~EOLFR &/7 2EULJDWRULHGDGH�GH�FRQFXUVR�S~EOLFR ���6RFLHGDGH�GH� (FRQRPLD�0LVWD D��&RQFHLWR 3HVVRDV�MXUtGLFDV�GH�',5(,72�35,9$'2��LQWHJUDQWHV�GD�DGPLQLVWUDomR�LQGLUHWD� LQVWLWXtGDV�SHOR�SRGHU�S~EOLFR��PHGLDQWH�DXWRUL]DomR�HP�OHL�HVSHFtILFD��VRE�D IRUPD�GH�VRFLHGDGH�DQ{QLPD�H�FRP�FDSLWDLV�S~EOLFRV�H�SULYDGRV E��&ULDomR $72�GR 3RGHU�3~EOLFR ,QVFULomR�GR�DWR�FRQVWLWXWLYR QR�UHJLVWUR�FRPSHWHQWH &&��DUW���� $SyV�DXWRUL]DomR�HP�OHL�HVSHFtILFD �&)��DUW������;,; &ULDomR�GH 6XEVLGLiULD 1HFHVViULD�DXWRUL]DomR OHJLVODWLYD�SDUD�FULDomR &)��DUW������;; 俺 1mR�SUHFLVD�VHU�HVSHFtILFD 3RGH�FRQVWDU�GD�SUySULD�OHL�TXH DXWRUL]RX�D�LQVWLWXLomR�GD�HVWDWDO F��5HJLPH� MXUtGLFR L��([SORUD�DWLYLGDGH ���HFRQ{PLFD 5HJLPH�MXUtGLFR�GH�GLUHLWR�SULYDGR 'HUURJDGR�VRPHQWH�QR�TXH�GLVS}H�D�&) &)��DUW�����������,, LL��3UHVWD�VHUYLoR ����S~EOLFR 5HJLPH�MXUtGLFR�GH�GLUHLWR�SULYDGR 'HUURJDGR�SRU &) ([�� 5HVSRQVDELOLGDGH�FLYLO REMHWLYD��VXMHLomR� &)��DUW�������� /HL &)��DUW����� G��7UDoRV GLVWLQWRV L��)RUPD�GH�RUJDQL]DomR 6RFLHGDGH�DQ{QLPD��FDSLWDO�DEHUWR�RX�IHFKDGR� LL��&RPSRVLomR�GR�FDSLWDO &DSLWDO�S~EOLFR�H�SULYDGR LLL��)RUR�SURFHVVXDO -XVWLoD�HVWDGXDO H��5HJLPH�GH�SHVVRDO (PSUHJR�3~EOLFR &/7 2EULJDWRULHGDGH�GH�FRQFXUVR�S~EOLFR 25*$1,=$d2�$'0,1,675$7,9$�'$�81,2�9���(17,'$'(6�(0�(63e&,( ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� $XWDUTXLD ���&RQFHLWR 6XUJHP�D�SDUWLU�GD�GHVFHQWUDOL]DomR�DGPLQLVWUDWLYD�SRU RXWRUJD��SRU�VHUYLoRV��IXQFLRQDO�RX�WpFQLFD� 3HVVRDV�MXUtGLFDV�GH�',5(,72�3Ò%/,&2�GH�FDSDFLGDGH�H[FOXVLYDPHQWH�DGPLQLVWUDWLYD 6HUYLoR�DXW{QRPR��FULDGR�SRU�OHL��FRP�SHUVRQDOLGDGH�MXUtGLFD��SDWULP{QLR�H�UHFHLWD�SUySULRV��SDUD H[HFXWDU�$7,9,'$'(6�7Ë3,&$6�GD�$GPLQLVWUDomR�3~EOLFD��TXH�UHTXHLUDP��SDUD�VHX�PHOKRU IXQFLRQDPHQWR��JHVWmR�DGPLQLVWUDWLYD�H�ILQDQFHLUD�GHVFHQWUDOL]DGD��'/���������DUW�����,� ([���%DQFR�FHQWUDO��&RPLVVmR�GH�YDORUHV�PRELOLiULRV��&90���,EDPD ���&DUDFWHUtVWLFDV D��&ULDomR�SRU ����OHL�HVSHFtILFD &)��DUW������;,; &RP�LQtFLR�GD�YLJrQFLD�GD�OHL��D�DXWDUTXLD�DGTXLUH�SHUVRQDOLGDGH�MXUtGLFD�H�HVWi�LQVWLWXtGD E��3HUVRQDOLGDGH�MXUtGLFD ����GH�GLUHLWR�S~EOLFR 3RU�SRVVXtUHP�SHUVRQDOLGDGH�MXUtGLFD��VmR�WLWXODUHV�GH�GLUHLWRV�H�REULJDo}HV 5HJLPH�MXUtGLFR�GH�',5(,72�3Ò%/,&2 6XMHLo}HV 3UHUURJDWLYDV F��&DSDFLGDGH�GH� DXWRDGPLQLVWUDomR 1mR�SRVVXHP�FDSDFLGDGH�SROtWLFD 俶 3RVVXHP �����FDSDFLGDGH� DGPLQLVWUDWLYD L��*HQpULFD $XWDUTXLD�JHRJUiILFD�RX�WHUULWRULDO ([HUFH�P~OWLSORV�VHUYLoRV QR�kPELWR�GH�VHX�WHUULWyULR LL��(VSHFtILFD $XWDUTXLD�GH�VHUYLoR�RX�LQVWLWXFLRQDO ([HUFH�R�VHUYLoR�TXH�OKH�p�DWULEXtGR�SRU�OHL G��(VSHFLDOL]DomR ����GRV�ILQV�RX DWLYLGDGHV &DUDFWHUtVWLFD�GD�GHVFHQWUDOL]DomR�DGPLQLVWUDWLYD�SRU�VHUYLoRV�RX�IXQFLRQDO 3ULQFtSLR�GD HVSHFLDOL]DomR &DGD�DXWDUTXLD�p�HVSHFLDOL]DGD�QD�PDWpULD�TXH�D�OHL�OKH�DWULEXLX 2V�VHUYLoRV�SUHVWDGRV�UHTXHUHP�PDLRU�JUDX�GH�HVSHFLDOL]DomR H��6XMHLomR�DR�FRQWUROH�RX�WXWHOD 6XMHLWDV�D�FRQWUROH�GD�SHVVRD�SROtWLFD TXH�DV�FULRX��j�TXDO�VmR�YLQFXODGDV 5HODomR�GH�YLQFXODomR &RQWUROH�ILQDOtVWLFR I��5HVSRQVDELOLGDGH�FLYLO 5HVSRQVDELOLGDGH�REMHWLYD J��-Xt]R�FRPSHWHQWH /LWtJLRV�FRPXQV -XVWLoD�IHGHUDO &)��DUW�������, K��,PXQLGDGH�WULEXWiULD �9HGDGR�LQVWLWXLomR�GH�LPSRVWRV�VREUH�SDWULP{QLR��UHQGD�H�VHUYLoRV &)��DUW��������� L��'LULJHQWHV L��)RUPD�GH�LQYHVWLGXUD &RQIRUPH�SUHYLVmR�QD�OHL�RX�HVWDWXWR�GD�DXWDUTXLD LL��1RPHDomR &RPSHWrQFLD &KHIH�GR�([HFXWLYR &)��DUW������;;9 3RGHUi�VHU�H[LJLGD��QD�&)�RX�QD�OHL��D ����DSURYDomR�SUpYLD�GR�6HQDGR�)HGHUDO &)��DUW������;,9 ([���%DFHQ LLL��([RQHUDomR� 1mR�SRGH�D�OHL�HVWDEHOHFHU�KLSyWHVHV�GH ����H[LJrQFLD�GH�DSURYDomR�OHJLVODWLYD�SUpYLD 67) 2IHQVD�DR�SULQFtSLR�GD�VHSDUDomR�GRV�SRGHUHV ���(VSpFLHV D��$XWDUTXLD�FRPXP E��$XWDUTXLD�IXQGDFLRQDO )XQGDomR�S~EOLFD�LQVWLWXtGD�GLUHWDPHQWH�SRU�OHL�HVSHFtILFD� FRP�SHUVRQDOLGDGH�MXUtGLFD�GH�GLUHLWR�S~EOLFR F��$XWDUTXLD� WHUULWRULDO e�D�GLYLVmR�JHRJUiILFD��FRP�SHUVRQDOLGDGH�MXUtGLFD�SUySULD� FULDGD�SDUD�SUHVWDU�VHUYLoRV�JHQpULFRV�j�VRFLHGDGH e�XPD�H[FHomR�DR�SULQFtSLR�GD�HVSHFLDOL]DomR 7HUULWyULRV IHGHUDLV ,QWHJUDP�D�8QLmR &ULDomR�SRU�OHL�FRPSOHPHQWDU G�� $XWDUTXLD� ����SURILVVLRQDO �FRUSRUDWLYD� &RQVHOKRV� GH� ILVFDOL]DomR�GH SURILVV}HV (IHWXDP�RV�VHUYLoRV�GH�ILVFDOL]DomR�GH�SURILVV}HV�UHJXODPHQWDGDV ([HUFHP��QR�TXH�WDQJH�jV�DWLYLGDGHV SURILVVLRQDLV�UHJXODPHQWDGDV 3RGHU�GH�SROtFLD 3RGHU�GH�WULEXWDU 3RGHU�GH�SXQLU 67) 1mR�HVWmR�QD DGPLQLVWUDomR�LQGLUHWD 0DV�SRVVXHP�QDWXUH]D MXUtGLFD�GH�GLUHLWR�S~EOLFR 1mR�LQFOXL�2$% H��$XWDUTXLD LQWHUIHGHUDWLYD 1D�IRUPD�GH�DVVRFLDomR�S~EOLFD &RQVyUFLRV�S~EOLFRV��&)��DUW������F�F�&&��DUW������,9� ,QWHJUD�D�DGPLQLVWUDomR�LQGLUHWD�GH�PDLV�GH�XP�HQWH�IHGHUDGR (17,'$'(6�(0�(63e&,(���$87$548,$ ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����2UJDQL]DomR�DGPLQLVWUDWLYD�GD�8QLmR 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 6HUYLGRUHV� 3~EOLFRV ���&RQFHLWR $JHQWHV�S~EOLFRV�VmR�WRGRV�DTXHOHV�TXH�H[HUFHP�IXQomR�S~EOLFD�FRPR�SUHSRVWRV�GR�(VWDGR ���(VSpFLHV D��$JHQWH� SROtWLFR &RQFHLWR 6mR�RV�DJHQWHV�S~EOLFRV�TXH�H[HUFHP�D�IXQomR�SROtWLFD &DUDFWHUtVWLFDV 3RVVXHP�Vtatus FRQVWLWXFLRQDO 俶 6XMHLWRV�jV�UHJUDV�GD�&RQVWLWXLomR�)HGHUDO 俺 1mR�VXMHLWRV�jV�UHJUDV�GRV�VHUYLGRUHV�S~EOLFRV 1mR�HVWmR��HP�UHJUD��VXMHLWRV�j�KLHUDUTXLD E��$JHQWH� ����DGPLQLVWUDWLYR� �����VHUYLGRU� S~EOLFR� &RQFHLWR 6mR�DTXHOHV�YLQFXODGRV�DR�(VWDGR�SRU XPD�UHODomR�SHUPDQHQWH�GH�WUDEDOKR ([HUFHP�FRP�FDUiWHU�GH�SHUPDQrQFLD�XPD�IXQomR�S~EOLFD &DUDFWHUtVWLFDV ���3URILVVLRQDOLGDGH ([HUFHP�HIHWLYD�SURILVVmR�TXDQGR QR�GHVHPSHQKR�GH�VXDV�IXQo}HV ���'HILQLWLYLGDGH 5HJUD�JHUDO��R�VHUYLGRU�H[HUFH�VXD IXQomR�FRP�FXQKR�GH�SHUPDQrQFLD 俺 ([FHomR $TXHOHV�TXH�H[HUFHP IXQomR�GH�FDUiWHU�WHPSRUiULR ���5HODomR�MXUtGLFD�GH�WUDEDOKR 7LSRV L��6HUYLGRU� HVWDWXWiULR 2FXSDP�FDUJR�S~EOLFR &DUJR 9LWDOtFLR ,���0HPEURV�GR�3RGHU�-XGLFLiULR &)��DUW������, ,,���0HPEURV�GR�0LQLVWpULR�3~EOLFR &)��DUW�����������,��D ,,,���0HPEURV�GR 7ULEXQDLV�GH�&RQWDV &)��DUW������� 2EV�� 3DUWH�GD�GRXWULQD�FODVVLILFD�RV RFXSDQWHV�GH�FDUJRV�YLWDOtFLRV FRPR�DJHQWHV�SROtWLFRV (IHWLYR 2FXSDQWH�GH &DUJR�LVRODGR &DUJR�RUJDQL]DGR HP�FDUUHLUD (P�FRPLVVmR 5HJLPH�OHJDO��HVWDWXWiULR� (VWDWXWR�MXUtGLFR LL��(PSUHJDGR�S~EOLFR 2FXSDP�HPSUHJR�S~EOLFR 5HJLPH�FRQWUDWXDO&/7 LLL��6HUYLGRU� WHPSRUiULR ([HUFHP�IXQomR�S~EOLFD 1HFHVVLGDGH�WHPSRUiULD�GH H[FHSFLRQDO�LQWHUHVVH�S~EOLFR 5HJLPH�MXUtGLFR�HVSHFLDO��PLVWR� &)��DUW������,; F��$JHQWH�HP� GHOHJDomR 5HFHEHP�GR�(VWDGR�D�FRPSHWrQFLD�SDUD�H[HFXWDU�GHWHUPLQDGD�DWLYLGDGH�S~EOLFD /HLORHLURV��SHULWRV��VHUYLoRV�QRWDULDLV��FRQFHVVLRQiULRV��SHUPLVVLRQiULRV�H�DXWRUL]DWiULRV G��$JHQWH�KRQRUtILFR &RODERUDP�FRP�R�(VWDGR�WHPSRUDULDPHQWH 6HP�YtQFXOR�SURILVVLRQDO�FRP�D�DGPLQLVWUDomR�S~EOLFD -XUDGRV��PHViULRV��HWF H��$JHQWH�FUHGHQFLDGR 5HFHEHP�D�LQFXPErQFLD�SDUD�UHSUHVHQWDU�D DGPLQLVWUDomR�S~EOLFD�HP�GHWHUPLQDGDV�DWLYLGDGHV 6(59,'25(6�3Ò%/,&26���$*(17(6�3Ò%/,&26 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 6HUYLGRUHV 3~EOLFRV ���5HJLPH ����MXUtGLFR D��(VWDWXWiULR 5HODomR�MXUtGLFD�GH�WUDEDOKR�GLVFLSOLQDGD�SRU�XP�GLSORPD�OHJDO�HVSHFtILFR��(VWDWXWR� 5HODomR� GH QDWXUH]D�HVWDWXWiULD 1mR�FRQWUDWXDO (VWDWXWR� QmR p�LPXWiYHO ,QH[LVWrQFLD�GH�GLUHLWR�DGTXLULGR�TXDQWR j�LPXWDELOLGDGH�GR�UHJLPH�HVWDWXWiULR E��7UDEDOKLVWD 5HODomR�MXUtGLFD�GH�WUDEDOKR�GLVFLSOLQDGD�SHOD�&/7 5HODomR�GH�QDWXUH]D�FRQWUDWXDO &RQWUDWR�GH�WUDEDOKR F��(VSHFLDO ���$FHVVR D��$�FDUJR� ����HPSUHJR ����H�IXQomR %UDVLOHLUR 'HYH�SUHHQFKHU�RV�UHTXLVLWRV HVWDEHOHFLGRV�QD�OHL 1RUPD�FRQVWLWXFLRQDO�GH�HILFiFLD�FRQWLGD &)��DUW������, (VWUDQJHLUR 1D�IRUPD�GD�OHL 1RUPD�FRQVWLWXFLRQDO�GH�HILFiFLD�OLPLWDGD &)��DUW������, 5HTXLVLWRV�SDUD�DFHVVR�D FDUJRV�H�HPSUHJRV�S~EOLFRV L��'HYHP�VHU�SUHYLVWRV�HP�OHL LL��'HYHP�REVHUYDU�R�SULQFtSLR�GD�UD]RDELOLGDGH�H�HVWDU UHODFLRQDGRV�j�QDWXUH]D�GDV�DWULEXLo}HV�GR�FDUJR LLL��'HYHP�VH�SDXWDU�HP�FULWpULRV�REMHWLYRV E��&RQFXUVR S~EOLFR 2EULJDWRULHGDGH &DUJR�S~EOLFR (IHWLYR &RPLVVmR 1mR�QHFHVVLWD�GH�FRQFXUVR�S~EOLFR (PSUHJR�S~EOLFR &)��DUW������,, 3UD]R�GH YDOLGDGH &)��DUW������,,, $Wp���$QRV 3URUURJiYHO���YH]��SRU�LJXDO�SHUtRGR 1mR�KDYHUi�QRYR�FRQFXUVR�HQTXDQWR�KRXYHU�FDQGLGDWR�DSURYDGR HP�FRQFXUVR�DQWHULRU��FRP�SUD]R�GH�YDOLGDGH�QmR�H[SLUDGR /HL���������� DUW���� ���*UHYH 'LUHLWR�GH�JUHYH ([HUFLGR�QRV�WHUPRV�H�QRV�OLPLWHV�GHILQLGRV�HP�OHL�HVSHFtILFD 1RUPD�FRQVWLWXFLRQDO�GH�HILFiFLD�OLPLWDGD &)��DUW������9,, 67) $SOLFDomR��HQTXDQGR�QmR�HGLWDGD�D�OHL�TXH�UHJXODPHQWD�R�LQFLVR�9,,�GR DUW�����GD�&)��QR�TXH�FRXEHU��GD�OHL�GH�JUHYH�YLJHQWH�QR�VHWRU�SULYDGR ���$FXPXODomR 9HGDGD $FXPXODomR�UHPXQHUDGD�GH�FDUJRV��HPSUHJRV��IXQo}HV &)��DUW������;9,�H�;9,, ([FHWR +DYHQGR FRPSDWLELOLGDGH GH�KRUiULRV L����FDUJRV�GH�SURIHVVRU LL��&DUJR�GH�SURIHVVRU � FDUJR�WpFQLFR�RX�FLHQWtILFR LLL����FDUJRV�SULYDWLYRV�iUHD�GH�VD~GH LY��0DQGDWR�GH�YHUHDGRU &)��DUW������,,, Y��3HUPLVVmR�SDUD�MXt]HV�H[HUFHUHP�R�PDJLVWpULR &)��DUW������S��~QLFR��, YL��3HUPLVVmR�SDUD�PHPEURV�GR�0LQLVWpULR 3~EOLFR�H[HUFHUHP�R�PDJLVWpULR &)��DUW�����������G $FXPXODomR�GH�UHPXQHUDomR FRP�SURYHQWRV�GH�DSRVHQWDGRULD GR�UHJLPH�GH�SUHYLGrQFLD SUySULR�GRV�VHUYLGRUHV �5336� 俺9HGDGD $FXPXODomR�GH 3URYHQWRV�GH�DSRVHQWDGRULD�GR�5336 5HPXQHUDomR &DUJR (PSUHJR )XQomR ([FHWR SDUD &DUJRV�DFXPXOiYHLV�QD�IRUPD�GD�&RQVWLWXLomR &DUJRV�HOHWLYRV &DUJRV�HP�FRPLVVmR &)��DUW��������� ���(VWDELOLGDGH D��&RQFHLWR e�XPD�JDUDQWLD�GH�RUGHP�FRQVWLWXFLRQDO��FRQIHULGD�D�RFXSDQWHV�GH�FDUJR�S~EOLFR�()(7,92 9LVD�DVVHJXUDU�VXD�SHUPDQrQFLD�QR�FDUJR��HQTXDQWR�DWHQGLGRV�RV�UHTXLVLWRV�OHJDLV E��5HTXLVLWRV L��$SURYDomR�HP�FRQFXUVR�S~EOLFR�SDUD�FDUJR�S~EOLFR�GH�SURYLPHQWR�HIHWLYR LL��7UrV�DQRV�GH�HIHWLYR�H[HUFtFLR LLL��$YDOLDomR�HVSHFLDO�GH�GHVHPSHQKR�SRU�FRPLVVmR�LQVWLWXtGD�SDUD�HVVD�ILQDOLGDGH F��+LSyWHVHV�GH ��SHUGD�GR�FDUJR ��DSyV�HVWDELOLGDGH L��6HQWHQoD�MXGLFLDO�WUDQVLWDGD�HP�MXOJDGR LL��3URFHVVR�DGPLQLVWUDWLYR��DVVHJXUDGD�DPSOD�GHIHVD LLL��3URFHGLPHQWR�GH�DYDOLDomR �����SHULyGLFD�GH�GHVHPSHQKR 1RUPD�FRQVWLWXFLRQDO�GH�HILFiFLD�OLPLWDGD 1D�IRUPD�GD�OHL�FRPSOHPHQWDU &)��DUW�������� LY��&XPSULPHQWR�GRV�OLPLWHV�FRP�D ����GHVSHVD�FRP�SHVVRDO�DWLYR�H�LQDWLYR 1RUPD�FRQVWLWXFLRQDO�GH�HILFiFLD�OLPLWDGD &)��DUW��������� 6(59,'25(6�3Ò%/,&26���1250$6�&2167,78&,21$,6 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� /HL��������� ���3URYLPHQWR D��&RQFHLWR $WR�DGPLQLVWUDWLYR�SHOR�TXDO�VH�SUHHQFKH�R�FDUJR�YDJR 3RGH VHU L��2ULJLQiULR 9tQFXOR�LQLFLDO�GR�VHUYLGRU�DR�FDUJR 1RPHDomR LL��'HULYDGR 'HSHQGH�GH�YtQFXOR�DQWHULRU�FRP�D�DGPLQLVWUDomR�S~EOLFD 2EV�� 9HGDGR�$&(662�RX�$6&(162�H�D�75$16)(5Ç1&,$ 'HFODUDGDV�LQFRQVWLWXFLRQDLV E��)RUPDV L��1RPHDomR )RUPD�GH�SURYLPHQWR�RULJLQiULR &DUJR�HIHWLYR�PHGLDQWH�FRQFXUVR�S~EOLFR &DUJR�HP�FRPLVVmR� 1mR�H[LJH�FRQFXUVR�S~EOLFR LL��3URPRomR )RUPD�GH�SURYLPHQWR�GHULYDGR )RUPD�GH�YDFkQFLD�GR�FDUJR�DQWHULRU (P�FDUJR�HIHWLYR�RUJDQL]DGR�HP�FDUUHLUD LLL��5HDGDSWDomR )RUPD�GH�SURYLPHQWR�GHULYDGR ,QYHVWLGXUD�GR�VHUYLGRU�HP�FDUJR�GH�DWULEXLo}HV�H�UHVSRQVDELOLGDGHV�FRPSDWtYHLV FRP�D�OLPLWDomR�TXH�WHQKD�VRIULGR�HP�VXD�FDSDFLGDGH�ItVLFD�RX�PHQWDO 9HULILFDGD�HP�LQVSHomR�PpGLFD &DVR�RFRUUD�LQH[LVWrQFLD�FDUJR�YDJR��R�VHUYLGRU�ILFDUi�FRPR�H[FHGHQWH LY��5HYHUVmR )RUPD�GH�SURYLPHQWR�GHULYDGR 5HWRUQR�j DWLYLGDGH�GR DSRVHQWDGR ���3RU� LQYDOLGH] -XQWD�PpGLFD�RILFLDO�GHFODUD�LQVXEVLVWHQWHV RV�PRWLYRV�GD�DSRVHQWDGRULD (QFRQWUDQGR�VH�SURYLGR�R�FDUJR� R�VHUYLGRU�ILFDUi�FRPR�H[FHGHQWH ���9ROXQWiULR 1R�LQWHUHVVH�GD�DGPLQLVWUDomR�S~EOLFD 5HTXLVLWRV L��7HQKD�VROLFLWDGR�D�UHYHUVmR LL��$�DSRVHQWDGRULD� WHQKD�VLGR�YROXQWiULD LLL��(VWiYHO�TXDQGR�QD�DWLYLGDGH LY��$SRVHQWDGRULD� WHQKD�RFRUULGR�QRV� ��DQRV�DQWHULRUHV�j�VROLFLWDomR Y��+DMD�FDUJR�YDJR Y��$SURYHLWDPHQWR )RUPD�GH�SURYLPHQWR�GHULYDGR 5HWRUQR�j�DWLYLGDGH�GR�VHUYLGRU�HP�GLVSRQLELOLGDGH (QTXDQWR�HP�GLVSRQLELOLGDGH��p�UHPXQHUDGR�SURSRUFLRQDOPHQWH DR�WHPSR�GH�VHUYLoR��H�QmR�WHPSR�GH�FRQWULEXLomR ([FOXVLYR�SDUD�VHUYLGRU�HVWiYHO YL��5HLQWHJUDomR )RUPD�GH�SURYLPHQWR�GHULYDGR 5HWRUQR�j�DWLYLGDGH�GR�LOHJDOPHQWH�GHPLWLGR 5HVVDUFLPHQWR�GH�WRGRV�RV�SUHMXt]RV�VRIULGRV ([WLQWR�R�FDUJR 2�VHUYLGRU�VHUi�DSURYHLWDGR�HP�RXWUR�FDUJR )LFDUi�HP�GLVSRQLELOLGDGH��FRP�UHPXQHUDomR SURSRUFLRQDO�DR�WHPSR�GH�VHUYLoR (YHQWXDO�RFXSDQWH GR�FDUJR ���5HFRQGX]LGR�DR�FDUJR�GH� RULJHP��VHP�GLUHLWR�j LQGHQL]DomR ���$SURYHLWDGR�HP�RXWUR�FDUJR ���3RVWR�HP�GLVSRQLELOLGDGH��FRP�UHPXQHUDomR� SURSRUFLRQDO�DR�WHPSR�GH�VHUYLoR ([FOXVLYR�SDUD�VHUYLGRU�HVWiYHO YLL��5HFRQGXomR )RUPD�GH�SURYLPHQWR�GHULYDGR &DVRV ��� ,QDELOLWDomR�HP� ����HVWiJLR� SUREDWyULR� UHODWLYR�D�RXWUR�FDUJR 6~PXOD�$*8 6HUYLGRU�SRGHUi�GHVLVWLU�GR�HVWiJLR� SUREDWyULR�H�SHGLU�UHFRQGXomR�DR� FDUJR�DQWHULRUPHQWH�RFXSDGR ���5HLQWHJUDomR�GR�DQWHULRU�RFXSDQWH ([FOXVLYR�SDUD�VHUYLGRU�HVWiYHO ���3RVVH D��&RQFHLWR $WR�ELODWHUDO�HQWUH�R�DSURYDGR�HP�FRQFXUVR�S~EOLFR�H�D�DGPLQLVWUDomR�S~EOLFD 1mR�FRQIXQGLU� FRP 120($d2 $WR�XQLODWHUDO�GD�DGPLQLVWUDomR�S~EOLFD��D�VHU�SUDWLFDGR�VHJXQGR VXD�FRQYHQLrQFLD��GHQWUR�GR�SUD]R�GH�YDOLGDGH�GR�FRQFXUVR E��3UD]R L��3UD]R�SDUD� 3266( ���GLDV��FRQWDGRV�GD�SXEOLFDomR�GR�DWR�GH�SURYLPHQWR /HL�����������DUW�������� 2EV�� 6HUi�WRUQDGR�VHP�HIHLWR�R�DWR�GH�SURYLPHQWR� VH�D�SRVVH�QmR�RFRUUHU�QR�SUD]R�SUHYLVWR /HL�����������DUW�������� LL��3UD]R�SDUD�R�(;(5&Ë&,2 ���GLDV��FRQWDGRV�GD�GDWD�GD�SRVVH /HL�����������DUW�������� 6(59,'25(6�3Ò%/,&26���/(,����������, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� /HL��������� ���9DFkQFLD 6mR�DV�KLSyWHVHV�SUHYLVWDV�QD�OHL�QDV�TXDLV�R�VHUYLGRU�GHVRFXSD R�FDUJR��WRUQDQGR�R�SDVVtYHO�GH�VHU�SUHHQFKLGR�SRU�RXWUD�SHVVRD )RUPDVL��([RQHUDomR &DUJR HIHWLYR 'H�RItFLR ���5HSURYDomR�HP�HVWiJLR�SUREDWyULR ���7RPD�SRVVH�H�QmR�HQWUD�HP H[HUFtFLR�QR�SUD]R�OHJDO $�SHGLGR /HL�����������DUW���� &DUJR�HP�&RPLVVmR $�MXt]R�GD�DXWRULGDGH�FRPSHWHQWH $�SHGLGR /HL�����������DUW���� ([FHVVR�GH�GHVSHVDV�FRP�SHVVRDO�DWLYR�H�LQDWLYR &)��DUW��������� 2EV�� 俺 1mR�p�VDQomR LL��'HPLVVmR e�VDQomR��SHQDOLGDGH�GLVFLSOLQDU�D�VHU DSOLFDGD�QRV�FDVRV�OHJDOPHQWH�SUHYLVWRV /HL�����������DUW����� LLL��3URPRomR LY��5HDGDSWDomR Y��$SRVHQWDGRULD 3DVVDJHP�GR�VHUYLGRU�GD�DWLYLGDGH�SDUD D�LQDWLYLGDGH��VHJXQGR�DV�UHJUDV�SUySULDV YL��)DOHFLPHQWR YLL��3RVVH�HP�RXWUR�FDUJR�LQDFXPXOiYHO 2EV�� 2�HVWDWXWR�QmR�LQFOXL�QR�URO�GH�YDFkQFLDV�D�UHFRQGXomR � &RQWXGR��QD�SUiWLFD��TXDQGR�GH�VXD�RFRUUrQFLD��Ki�SURYLPHQWR GH�XP�FDUJR�H��DR�PHVPR�WHPSR��RXWUR�ILFD�YDJR )RUPDV�GH�SURYLPHQWR H�YDFkQFLD /HL��������� 3URPRomR�H�UHDGDSWDomR 'RXWULQD 3URPRomR��UHDGDSWDomR�H�UHFRQGXomR ���(VWiJLR ��3UREDWyULR 3HUtRGR�GH�H[HUFtFLR�GR�VHUYLGRU��GXUDQWH�R�TXDO�p�REVHUYDGD�H�DSXUDGD�SHOD�$GPLQLVWUDomR� D�FRQYHQLrQFLD�RX�QmR�GH�VXD�SHUPDQrQFLD�QR�VHUYLoR�S~EOLFR��PHGLDQWH�D�YHULILFDomR�GRV UHTXLVLWRV�HVWDEHOHFLGRV�HP�OHL�SDUD�D�DTXLVLomR�GD�HVWDELOLGDGH 3UD]R ��DQRV &ULWpULRV L��$VVLGXLGDGH LL��'LVFLSOLQD LLL��&DSDFLGDGH�GH�LQLFLDWLYD LY��3URGXWLYLGDGH Y��5HVSRQVDELOLGDGH /HL�����������DUW���� ���5HPRomR 'HVORFDPHQWR�GR�6(59,'25��QR�kPELWR�GR�PHVPR�TXDGUR��FRP�RX�VHP�PXGDQoD�GH�VHGH /HL�����������DUW���� )RUPDV L��$�SHGLGR ���$�FULWpULR�GD�DGPLQLVWUDomR�S~EOLFD ���,QGHSHQGHQWHPHQWH�GR�LQWHUHVVH�GD�DGPLQLVWUDomR�S~EOLFD LL��'H�RItFLR 2EV�� 俺 1mR�p�IRUPD�GH�SURYLPHQWR�RX�YDFkQFLD ���5HGLVWULEXLomR 'HVORFDPHQWR�GR�&$5*2�GH�SURYLPHQWR�HIHWLYR��RFXSDGR�RX�YDJR�QR�kPELWR GR�TXDGUR�JHUDO�GH�SHVVRDO��SDUD�RXWUR�yUJmR�RX�HQWLGDGH�GR�PHVPR�3RGHU /HL�����������DUW���� 2EV�� 俺 1mR�p�IRUPD�GH�SURYLPHQWR�RX�YDFkQFLD ���6XEVWLWXLomR 6HUYLGRUHV�LQYHVWLGRV�HP�FDUJR�RX�IXQomR�GH�GLUHomR�RX�FKHILD�H�RV�RFXSDQWHV�GH�FDUJR�GH 1DWXUH]D�(VSHFLDO�WHUmR�VXEVWLWXWRV�LQGLFDGRV�QR�UHJLPHQWR�LQWHUQR�RX��QR�FDVR�GH�RPLVVmR� SUHYLDPHQWH�GHVLJQDGRV�SHOR�GLULJHQWH�Pi[LPR�GR�yUJmR�RX�HQWLGDGH /HL�����������DUW�����H��� 6(59,'25(6�3Ò%/,&26���/(,����������,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3$' ���,QWURGXomR D��$EUDQJrQFLD L��2EMHWLYD ,OtFLWRV� DGPLQLVWUDWLYRV GLVFLSOLQDUHV ,OtFLWR�DVVRFLDGR�DR�H[HUFtFLR�GR�FDUJR $SXUD�IDWRV�UHODFLRQDGRV�j GLVFLSOLQD�GRV�VHUYLGRUHV LL��6XEMHWLYD 6HUYLGRUHV�HVWDWXWiULRV 2FXSDQWHV�GH�FDUJR (IHWLYR &RPLVVmR E��&LrQFLD�GH ��LUUHJXODULGDGH $XWRULGDGH�TXH�WLYHU�FLrQFLD�GH�LUUHJXODULGDGH QR�VHUYLoR�S~EOLFR�p�REULJDGD�D�SURPRYHU�D�VXD DSXUDomR�PHGLDQWH 6LQGLFkQFLD 3$' 'HYHU�GH�DSXUDomR /HL�����������DUW����� F��'HQ~QFLD 5HTXLVLWRV�GH DGPLVVLELOLGDGH L��,GHQWLILFDomR�H� HQGHUHoR� GR�GHQXQFLDQWH 俺 1mR�SRGH�VHU�DQ{QLPD LL��)RUPXODGD�SRU�HVFULWR�������)RUPDO LLL��2�REMHWR�GD�GHQ~QFLD�GHYH� FRQILJXUDU�LQIUDomR�GLVFLSOLQDU G��5HSUHVHQWDomR 'HYHU�GR�VHUYLGRU /HL�����������DUW�������LQF��9,�H�;,, (QFDPLQKDGD�SHOD�YLD�KLHUiUTXLFD�H�DSUHFLDGD�SHOD DXWRULGDGH�VXSHULRU�jTXHOD�FRQWUD�D�TXDO�p�IRUPXODGD ���6LQGLFkQFLD D��&RQFHLWR 6LQGLFkQFLD�HP�VHQWLGR�DPSOR 3URFHGLPHQWR�DGPLQLVWUDWLYR�TXH YLVD�DSXUDomR�GH�LUUHJXODULGDGH 7LSRORJLD 6LQGLFkQFLD� LQTXLVLWRULDO 3URFHGLPHQWR�DGPLQLVWUDWLYR�LQYHVWLJDWLYR� GLVFULFLRQiULR�H�GH�QDWXUH]D�LQTXLVLWRULDO 6LQGLFkQFLD� FRQWUDGLWyULD 3URFHGLPHQWR�FpOHUH��GHVWLQDGR�D�DSXUDU UHVSRQVDELOLGDGH�GH�PHQRU�JUDYLGDGH /HL��������� E��&RPLVVmR ��RX���VHUYLGRUHV�HVWiYHLV F��)DVHV /HL����������QmR�HVWDEHOHFH�QHQKXPD�IDVH 'RXWULQD 5HFRPHQGD�PHVPR�UHJUDPHQWR�GR�3$'���5LWR�2UGLQiULR G��&RQVHTXrQFLDV L��$UTXLYDPHQWR�GR�3URFHVVR LL��$SOLFDomR�GH�SHQDOLGDGH�GH $GYHUWrQFLD 6XVSHQVmR�GH�DWp����GLDV LLL��,QVWDXUDomR�GH�3$' H��3HQDOLGDGHV L��$GYHUWrQFLD LL��6XVSHQVmR�SRU�DWp����GLDV I��3UD]RV &RQFOXVmR $Wp����GLDV 3URUURJDomR 3RU�LJXDO�SUD]R 6(59,'25(6�3Ò%/,&26���352&(662�$'0,1,675$7,92�',6&,3/,1$5���3$' ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV�GD�8QLmR���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3$'�� 5LWR� 2UGLQiULR ���&RQFHLWR ,QVWUXPHQWR�GHVWLQDGR�D�DSXUDU�UHVSRQVDELOLGDGH GH�VHUYLGRU�SRU�LQIUDomR�SUDWLFDGD L��1R�H[HUFtFLR�GH�VXDV�DWULEXLo}HV��28 LL��4XH�WHQKD�UHODomR�FRP�DV�DWULEXLo}HV� GR�FDUJR�HP�TXH�VH�HQFRQWUH�LQYHVWLGR 2EULJDWyULR�TXDQGR� LOtFLWR� SUDWLFDGR�HQVHMDU�SHQDOLGDGH�GH L��6XVSHQVmR�SRU�PDLV�GH����GLDV LL��2XWUDV�PDLV�JUDYHV ���'HPLVVmR ���&DVVDomR�GH $SRVHQWDGRULD 'LVSRQLELOLGDGH ���'HVWLWXLomR�GH�FDUJR�HP�FRPLVVmR ���&RPLVVmR )RUPDGD�SRU����WUrV��VHUYLGRUHV�HVWiYHLV 2�SUHVLGHQWH�GD FRPLVVmR�GHYH�WHU L��&DUJR�HIHWLYR�GH�PHVPR�QtYHO�RX�VXSHULRU��H�RX LL��1tYHO�GH�HVFRODULGDGH�LJXDO�RX�VXSHULRU�DR�GR�LQGLFLDGR ���)DVHV D��,QVWDXUDomR ,QLFLD�FRP�D�SXEOLFDomR�GR�DWR�TXH�FRQVWLWXLU�D�FRPLVVmR 'HYH�VHU�SUHFHGLGD�GH H[DPH�GH�DGPLVVLELOLGDGH $QiOLVH�SUpYLD��HP�TXH�D�DXWRULGDGH�FRPSHWHQWH GHFLGH�VH�GHWHUPLQD�RX�QmR�D�LQVWDXUDomR�GR�3$' 'HYH�KDYHU� LQGtFLRV�GH L��0DWHULDOLGDGH��IDWR���H�RX LL��$XWRULD��VXMHLWR� E��,QTXpULWR� DGPLQLVWUDWLYR L��,QVWUXomR %XVFD�HOHPHQWRV�SDUD�DPSDUDU�D�IRUPDomR�GH FRQYLFomR�GD�FRPLVVmR�H�GD�DXWRULGDGH�MXOJDGRUD 2EMHWLYD�D�FROHWD�GH�SURYDV $WRV�GH�LQVWUXomR�SUREDWyULD �URO�H[HPSOLILFDWLYR� 'LOLJrQFLDV 3HUtFLDV 'HSRLPHQWRV�GH�WHVWHPXQKDV $FDUHDo}HV ,QWHUURJDWyULR�GR�DFXVDGR ,QGLFLDomR ÒOWLPR�DWR�GD�LQVWUXomR ,QVWUXPHQWR�GH�DFXVDomR�IRUPDO�GR�VHUYLGRU 6HUYLGRU�SDVVD�GH�DFXVDGR�SDUD�,1',&,$'2 $�LQGLFLDomR GHOLPLWD�D DFXVDomR TXDQWR�D L��$XWRULD 4XDOLILFD�R�VHUYLGRU LL��0DWHULDOLGDGH 'HVFUHYH�RV�IDWRV $SRQWD�DV�SURYDV LL��'HIHVD )RUPD )RUPD�HVFULWD 3ULQFtSLR�GR�IRUPDOLVPR�PRGHUDGR�RX GD�LQVWUXPHQWDOLGDGH�GDV�IRUPDV 5HYHOLD 1mR�DSUHVHQWDomR�GD�GHIHVD�QR�SUD]R (IHLWRV�GD UHYHOLD L��'HVLJQDomR�GH ���GHIHQVRU�GDWLYR 6HUYLGRU�HVWiYHO�RX�QmR 5HTXLVLWRV &DUJR��H�RX (VFRODULGDGH LL��&RPSHWrQFLD�SDUD�GHVLJQDU R�GHIHQVRU�GDWLYR $XWRULGDGH LQVWDXUDGRUD LLL��5HODWyULR 'LULJLGR�j�DXWRULGDGH�LQVWDXUDGRUD 0HQomR�jV�SURYDV 'HYH�FRQWHU�JUDX�GH�FRQYLFomR 'HYH�VHU� FRQFOXVLYR TXDQWR�j ���,QRFrQFLD ���5HVSRQVDELOLGDGH 'LVSRVLWLYR�OHJDO�WUDQVJUHGLGR &LUFXQVWkQFLDV $JUDYDQWHV $WHQXDQWHV F��-XOJDPHQWR ���3UD]RV &RQFOXVmR�GR�3$' 1mR�H[FHGHUi����GLDV��FRQWDGRV�GD�SXEOLFDomR�GR�DWR�FRQVWLWXWLYR�GD�FRPLVVmR 3URUURJiYHO�SRU�LJXDO�SHUtRGR ���&RQWUDGLWyULR�H�DPSOD�GHIHVD 'HYHP�VHU�FRQFHGLGRV�D�SDUWLU�GD�IDVH�GR�LQTXpULWR�DGPLQLVWUDWLYR /HL�����������DUW����� ���$IDVWDPHQWR�SUHYHQWLYR &DEtYHO 0HGLGD�FDXWHODU 3DUD�TXH�VHUYLGRU�QmR�YHQKD�LQIOXLU�QD�DSXUDomR 俺 1mR�p�SHQDOLGDGH 3UD]R $Wp����GLDV 3URUURJiYHO�SRU�LJXDO�SHUtRGR 6(59,'25(6�3Ò%/,&26���3$'���5,72�25',1È5,2 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3$'�� 5LWR 6XPiULR H�3UD]RV ���5LWR�� 6XPiULR D��+LSyWHVHV L��$FXPXODomR�LOHJDO�GH &DUJRV� (PSUHJRV��RX )XQo}HV�S~EOLFDV LL��$EDQGRQR GH�FDUJR $XVrQFLD�LQWHQFLRQDO�SRU�PDLV�GH����GLDV /HL�������DUW����� LLL��,QDVVLGXLGDGH KDELWXDO )DOWD�LQMXVWLILFDGD�SRU����GLDV ,QWHUSRODGDPHQWH�HP SHUtRGR�GH����PHVHV /HL�������DUW����� E��&RPLVVmR ��VHUYLGRUHV�HVWiYHLV F��)DVHV L��,QVWDXUDomR ,QGLFDomR $XWRULD 0DWHULDOLGDGH�GD�WUDQVJUHVVmR LL��,QVWUXomR�VXPiULD ���,QGLFLDomR ���'HIHVD ���5HODWyULR LLL��-XOJDPHQWR ���3UD]RVD��3UD]R�GR SURFHVVR 3UD]R�SDUD�FRQFOXVmR�PDLV�SUD]R�SDUD�MXOJDPHQWR L��6LQGLFkQFLD ������������� ����GLDV LL��3$'���5LWR�RUGLQiULR ������������� �����GLDV LLL��3$'���5LWR�VXPiULR ������������ ����GLDV E��3UHVFULomR L��3HQDV�H[SXOVLYDV��FDSLWDLV� ��DQRV LL��6XVSHQVmR ��DQRV LLL��$GYHUWrQFLD ����GLDV ��PRPHQWRV ���&RPHoD D�FRUUHU $�SDUWLU�GH�TXDQGR�R�IDWR VH�WRUQRX�FRQKHFLGR ���,QWHUURPSH $EHUWXUD�VLQGLFkQFLD ,QVWDXUDomR�3$' ���5HFRPHoD $SyV�SUD]R�GHFLVmR�ILQDO �SUD]R�SURFHVVR� 6(59,'25(6�3Ò%/,&26���3$'���5,72�680È5,2�(�35$=26 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����6HUYLGRUHV�3~EOLFRV���/HL��������� 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� /LFLWDo}HV ���&RQFHLWR /LFLWDomR�p�XP�SURFHGLPHQWR�DGPLQLVWUDWLYR�PHGLDQWH�R TXDO�D�DGPLQLVWUDomR�S~EOLFD�VHOHFLRQD�D�SURSRVWD�PDLV YDQWDMRVD�SDUD�R�FRQWUDWR 'HFRUUH GLUHWDPHQWH�GR L��3ULQFtSLR�GD�OHJDOLGDGH LL��3ULQFtSLR�GD�LQGLVSRQLELOLGDGH GR�LQWHUHVVH�S~EOLFR 6XMHLo}HV ���)LQDOLGDGH� GD�OLFLWDomR L��6HOHFLRQDU�D�SURSRVWD� PDLV�YDQWDMRVD�SDUD�D� DGPLQLVWUDomR PHOKRU UHODomR &XVWR 2QHURVLGDGH %HQHItFLR 4XDOLGDGH LL�$VVHJXUDU�D�REVHUYkQFLD�GR� SULQFtSLR�FRQVWLWXFLRQDO�GD ���LVRQRPLD�������������������������������������������&RPSHWLomR LLL��3URPRYHU�R�GHVHQYROYLPHQWR�QDFLRQDO�VXVWHQWiYHO /HL����������DUW��� ���$EUDQJrQFLD D��2EMHWLYD��R�TXr� &�$�6�2 &RPSUDV $OLHQDo}HV 6HUYLoRV 2EUDV &RQFHVV}HV 3HUPLVV}HV /RFDo}HV /HL����������DUW��� E��6XEMHWLYD �TXHP� L��$GPLQLVWUDomR�GLUHWD LL��$GPLQLVWUDomR�LQGLUHWD 2EV�� (PSUHVD�S~EOLFD�H�VRFLHGDGH�GH HFRQRPLD�PLVWD�H[SORUDGRUDV�GH DWLYLGDGH�HFRQ{PLFD��HQTXDQWR QmR�HGLWDGR�VHX�HVWDWXWR�MXUtGLFR &)��DUW�����������,,, F��1RUPDV &)��DUW������;;9,, &)��DUW������;;, &)��DUW�����������,,, /HL�������� /HL��������� /,&,7$d®(6 ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����/LFLWDo}HV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� &RQWUDWDomR 'LUHWD ���,QH[LJLELOLGDGH $�OLFLWDomR�p�,1(;,*Ë9(/�QDV�KLSyWHVHV�HP�TXH�KDMD�,19,$%,/,'$'(�MXUtGLFD�GH�FRPSHWLomR +LSyWHVHV SUHYLVWDV�QD /HL��������� 5RO�H[HPSOLILFDWLYR /HL�����������DUW���� L��$TXLVLo}HV )RUQHFHGRU�H[FOXVLYR 俺 9HGDGD�35()(5Ç1&,$�'(�0$5&$ LL��&RQWUDWDomR�GH ����VHUYLoR� WpFQLFR ����SURILVVLRQDO HVSHFLDOL]DGR 3UHVVXSRVWRV ���4XDQWR DR�VHUYLoR 6HUYLoR�WpFQLFR�SURILVVLRQDO HVSHFLDOL]DGR��673(� ���4XDQWR�DR�REMHWR 1DWXUH]D�VLQJXODU ���4XDQWR�j�SHVVRD 1RWyULD�HVSHFLDOL]DomR 俺 9HGDGR�SDUD�VHUYLoRV�GH�38%/,&,'$'(�(�',98/*$dÆ2 LLL��&RQWUDWDomR�GH� SURILVVLRQDO�GR�VHWRU�DUWtVWLFR 'LUHWDPHQWH�RX�SRU�PHLR�GH�HPSUHViULR�H[FOXVLYR &RQVDJUDGR�SHOD�FUtWLFD�HVSHFLDOL]DGD RX�SHOD�RSLQLmR�S~EOLFD ���'LVSHQVD $�',63(16$�GH�OLFLWDomR�RFRUUH�QDV�KLSyWHVHV�SUHYLVWDV�QD�OHL��TXDQGR�KDMD�9,$%,/,'$'(�MXUtGLFD�GH�FRPSHWLomR D��/LFLWDomR ',63(16$'$ +LSyWHVHV�YLQFXODGDV 2�DGPLQLVWUDGRU�'(9(�GLVSHQVDU $SOLFDGD�jV�DOLHQDo}HV 5RO�H[DXVWLYR��/HL�����������DUW����� E��/LFLWDomR� ',63(16È9(/ +LSyWHVHV�GLVFULFLRQiULDV 2�DGPLQLVWUDGRU�32'(�GLVSHQVDU 'LVFULFLRQDULHGDGH�DGPLQLVWUDWLYD 5RO�H[DXVWLYR /HL�����������DUW���� 3ULQFLSDLV FDVRV L��2EUDV�� VHUYLoRV� ���H�FRPSUDV�GH� SHTXHQR�YDORU 2EUDV�H�VHUYLoRV GH�HQJHQKDULD 9DORU�DWp�����FRQYLWH�����PLO�UHDLV� 2XWURV�VHUYLoRV H�FRPSUDV 9DORU�DWp�����GR�FRQYLWH����PLO�UHDLV� 2EV�� /LPLWH�GH���� &RQVyUFLR�3~EOLFR 6RFLHGDGH�GH�HFRQRPLD�PLVWD (PSUHVD�S~EOLFD $JrQFLD�([HFXWLYD /HL�����������DUW�������~QLFR LL��*XHUUD�RX�JUDYH�SHUWXUEDomR�GD�RUGHP LLL��(PHUJrQFLD �����RX� FDODPLGDGH S~EOLFD $EUDQJrQFLD %HQV�QHFHVViULRV�DR�DWHQGLPHQWR�GD�VLWXDomR 3DUFHODV�GH�REUDV���VHUYLoRV�FRQFOXtGDV�SUD]R Pi[LPR�GH�����GLDV�FRQVHFXWLYRV�FRQWDGRV GD�RFRUUrQFLD�GD�HPHUJrQFLD���FDODPLGDGH 3UHVVXSRVWRV SDUD�D�GLVSHQVD ���(PHUJrQFLD�RX�FDODPLGDGH�S~EOLFD ���8UJrQFLD�GH� DWHQGLPHQWR 2FDVLRQDU�SUHMXt]R &RPSURPHWHU�VHJXUDQoD 俺 9HGDGD�SURUURJDomR�GRV�UHVSHFWLYRV�FRQWUDWRV LY��/LFLWDomR� GHVHUWD 6LWXDomR�QD�TXDO�D�OLFLWDomR�p�FRQYRYDGD�H�QmR�DSDUHFH�LQWHUHVVDGR 3UHVVXSRVWRV SDUD�D�GLVSHQVD 'HPRQVWUDomR�GH�TXH�D�UHSHWLomR GD�OLFLWDomR�FDXVDUi�SUHMXt]R 0DQXWHQomR��QD�FRQWUDWDomR�GLUHWD��GH WRGDV�DV�FRQGLo}HV�SUHHVWDEHOHFLGDV Y��/LFLWDomR� IUDFDVVDGD 7RGRV�RV�OLFLWDQWHV�VmR GHVFODVVLILFDGRV�SRU DSUHVHQWDUHP�SURSRVWDV�FRP 3UHoRV�PDQLIHVWDPHQWH�VXSHULRUHV DRV�SUDWLFDGRV�QR�PHUFDGR�QDFLRQDO 3UHoRV�LQFRPSDWtYHLV�FRP�RV�IL[DGRV SRU�yUJmRV�RILFLDLV�FRPSHWHQWHV 3UHVVXSRVWRV SDUD�D� GLVSHQVD 6RPHQWH GLVSHQVDUi�DSyV IL[DU�DRV�OLFLWDQWHV 3UD]R�GH���GLDV�~WHLV SDUD�QRYD�SURSRVWD &RQYLWH ��GLDV�~WHLV 3HUVLVWLQGR D�VLWXDomR 6HUi�DGPLWLGD�D�DGMXGLFDomR�GLUHWD GRV�EHQV�RX�VHUYLoRV��SRU�YDORU QmR�VXSHULRU�DR�FRQVWDQWH�GR UHJLVWUR�GH�SUHoRV��RX�GRV�VHUYLoRV /HL�����������DUW������9,,�F�F�DUW�������� YL��5HPDQHVFHQWH &RQWUDWDomR�GH�UHPDQHVFHQWH�GH�REUD���VHUYLoR�� IRUQHFLPHQWR��HP�FRQVHTXrQFLD�GH�UHVFLVmR�FRQWUDWXDO 3UHVVXSRVWRV SDUD�D�GLVSHQVD $WHQGLGD�D�FODVVLILFDomR�GD�OLFLWDomR�DQWHULRU $FHLWDV�DV�PHVPDV�FRQGLo}HV�GR YHQFHGRU���LQFOXVLYH�SUHoR��FRUULJLGR� &2175$7$d2�',5(7$ ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����/LFLWDo}HV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 0RGDOLGDGHV GH�OLFLWDomR ���&RQFRUUrQFLD 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�HVWLPDWLYD�GD�FRQWUDWDomR $EUDQJrQFLD 6XMHLWR 4XDOTXHU�LQWHUHVVDGR�TXH�FRPSURYH�UHTXLVLWRV�PtQLPRV ([LJH�KDELOLWDomR�SUHOLPLQDU 2EMHWR L��2EUDV�H�VHUYLoRV�GH�HQJHQKDULD�DFLPD�GH�5�������������� LL��&RPSUDV�H�VHUYLoRV�TXH�QmR�VHMDP ����GH�HQJHQKDULD�DFLPD�GH�5������������ LLL��&RPSUD�H�DOLHQDomR�GH�EHQV�LPyYHLV LY��&RQFHVV}HV�GH�GLUHLWR�UHDO�GH�XVR Y��/LFLWDo}HV�LQWHUQDFLRQDLV 2EV�� $�FRQFRUUrQFLD�VH�DSOLFD�DRV�FDVRV�HP�TXH�FRXEHU�WRPDGD�GH�SUHoRV�H�FRQYLWH ���7RPDGD� GH�SUHoRV 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�HVWLPDWLYD�GD�FRQWUDWDomR $EUDQJrQFLD 6XMHLWR L��,QWHUHVVDGRV�GHYLGDPHQWH�FDGDVWUDGRV ([LJH� FDGDVWUDPHQWR &RUUHVSRQGH�j�IDVH�GH�+DELOLWDomR e�SUpYLR LL�� ,QWHUHVVDGRV� QmR� FDGDVWUDGRV� ����TXH� DWHQGHUHP� FRQGLo}HV� H[LJLGDV�SDUD�R�FDGDVWUDPHQWR $Wp�R���GLD�DQWHULRU�j�GDWD�GR UHFHELPHQWR�GDV�SURSRVWDV 2EMHWR L��2EUDV�H�VHUYLoRV�GH�HQJHQKDULD�DWp�5�������������� LL��&RPSUDV�H�VHUYLoRV�TXH�QmR�VHMDP�GH�HQJHQKDULD�DWp�5������������ LLL��/LFLWDo}HV�LQWHUQDFLRQDLV 6H�D�DGPLQLVWUDomR�SRVVXLU FDGDVWUR�LQWHUQDFLRQDO 2EV�� $�WRPDGD�GH�SUHoR�VH�DSOLFD�DRV�FDVRV�HP�TXH�FRXEHU�FRQYLWH ���&RQYLWH 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�HVWLPDWLYD�GD�FRQWUDWDomR D��$EUDQJrQFLD 6XMHLWR L��&RQYLGDGRV�LQWHUHVVDGRV� GR� UDPR�SHUWLQHQWH�DR�VHX�REMHWR &DGDVWUDGRV�RX�QmR 1R�Q~PHUR�PtQLPR�GH���SDUWLFLSDQWHV LL��&DGDVWUDGRV�TXH� PDQLIHVWDUHP�LQWHUHVVH $Wp����KRUDV�DQWHV�GR�SUD]R SDUD�HQWUHJD�GDV�SURSRVWDV 2EMHWR L��2EUDV�H�VHUYLoRV�GH�HQJHQKDULD�DWp�5������������ LL��&RPSUDV�H�VHUYLoRV�TXH�QmR�VHMDP�GH�HQJHQKDULD�DWp�5����������� LLL��/LFLWDomR�LQWHUQDFLRQDO��TXDQGR�QmR�KRXYHU� IRUQHFHGRU�GR�EHP�RX�VHUYLoR�QR�SDtV E��1~PHUR�GH� SURSRVWDV 5HJUD�JHUDO 6H�QmR�KRXYHU�SHOR�PHQRV���SURSRVWDV��UHSHWH�R�FRQYLWH 俺 ([FHomR /LPLWDo}HV�GH�PHUFDGR 0DQLIHVWR�GHVLQWHUHVVH�GRV�FRQYLGDGRV F��3XEOLFLGDGH )HLWD�GLUHWDPHQWH�DRV�FRQYLGDGRV G��,QVWUXPHQWR�FRQYRFDWyULR &DUWD�FRQYLWH 俺 1mR�Ki�HGLWDO 2EV�� 6H�FRXEHU�FRQYLWH��D�DGPLQLVWUDomR�SRGHUi�XWLOL]DU�D WRPDGD�GH�SUHoRV�H��HP�TXDOTXHU�FDVR��D�FRQFRUUrQFLD 2EV�� 3DUFHODPHQWR GR�REMHWR e�SULQFtSLR��GHYH�VHU�REVHUYDGR� /HL�����������DUW�������� 2EMHWR�GH QDWXUH]D�GLYLVtYHO 2EULJDWyULD�D�DGMXGLFDomR�SRU�LWHP��H�QmR�SRU�SUHoR�JOREDO 'HVGH�TXH�WpFQLFD�H�HFRQRPLFDPHQWH�YLiYHO 6~PXOD�����GR�7&8俺 )UDFLRQDPHQWR�GD�GHVSHVD 俺 e�YHGDGR /HL�����������DUW�������� 4XDQGR�SDUFHODGR��GHYH�VHU�HVFROKLGD�D�PRGDOLGDGH SHUWLQHQWH�DR�REMHWR�WRGR��RX�VHMD��R�VRPDWyULR�GDV�SDUFHODV 02'$/,'$'(6�'(�/,&,7$d2�, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����/LFLWDo}HV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 0RGDOLGDGHV GH�/LFLWDomR ���/HLOmR D��&RQFHLWR 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�QDWXUH]D�GR�REMHWR $GRWDGR�SDUD�DOLHQDo}HV E��2EMHWR�GR�OHLOmR L��%HQV�PyYHLV ,QVHUYtYHLV�SDUD�D�DGPLQLVWUDomR $Wp�R�YDORU�GH�5������������ LL��%HQV�LPyYHLV FXMD�DTXLVLomR�KDMD�GHULYDGR�GH SURFHGLPHQWRV�MXGLFLDLV GDomR�HP�SDJDPHQWR LLL��3URGXWRV OHJDOPHQWH�DSUHHQGLGRV�RX�SHQKRUDGRV F��&DUDFWHUtVWLFDV 3HUPLWH�D�SDUWLFLSDomR�GH�TXDOTXHU�LQWHUHVVDGR 俺 1mR�Ki�H[LJrQFLD�GH�KDELOLWDomR e�YHQFHGRU�GR�OHLOmR�DTXHOH�TXH�RIHUHFHU�R�PDLRU ODQFH��LJXDO�RX�VXSHULRU�DR�YDORU�GD�DYDOLDomR ���&RQFXUVR D��&RQFHLWR 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�QDWXUH]D�GR�REMHWR 8WLOL]DGR�SDUD HVFROKD�GH L��7UDEDOKR�WpFQLFR��FLHQWtILFR�RX�DUWtVWLFR LL��6HUYLoRV� WpFQLFRV�SURILVVLRQDLV� HVSHFLDOL]DGRV��673(� 6HOHFLRQDGRV�SUHIHUHQFLDOPHQWH PHGLDQWH�FRQFXUVR /HL�����������DUW�������� E��3URFHGLPHQWR &RQVWLWXLomR�GH�FRPLVVmR�HVSHFLDO�LQWHJUDGD SRU�SHVVRDV�GH�UHSXWDomR�LOLEDGD�H�UHFRQKHFLGR FRQKHFLPHQWR�GD�PDWpULD�HP�H[DPH /HL�����������DUW�������� -XOJDPHQWR 俺 1mR�XWLOL]D�RV�WLSRV�GH�OLFLWDomR /HL�����������DUW�������� 5HDOL]DGR�SHOD�FRPLVVmR�HVSHFLDO��FRQIRUPH GHILQLGR�QR�UHJXODPHQWR�SUySULR�GR�FRQFXUVR ���3UHJmR D��&RQFHLWR 3URFHGLPHQWR�OLFLWDWyULR�DGRWDGR�HP�UD]mR�GD�QDWXUH]D�GR�REMHWR 8WLOL]DGR�SDUD�DTXLVLomR�GH�EHQV�H�VHUYLoRV�FRPXQV /HL������������DUW��� E��2EMHWR� GR�SUHJmR %HQV�H�VHUYLoRV �FRPXQV 6mR�DTXHOHV�FXMRV SDGU}HV�GH�GHVHPSHQKR H�TXDOLGDGH�SRVVDP�VHU 2EMHWLYDPHQWH�GHILQLGRV�SHOR�HGLWDO (VSHFLILFDo}HV�XVXDLV�GH�PHUFDGR 1mR�VH�DSOLFD�D�FRQWUDWDomR�GH�REUDV�GH�HQJHQKDULD� � ����ORFDo}HV�LPRELOLiULDV�H�DOLHQDo}HV�HP�JHUDO�������������������������'HFUHWR�����������DUW��� 3RGH�VHU�XWLOL]DGR�SDUD�TXDOTXHU�YDORU�GH�FRQWUDWR F��$GRomR�GR�SUHJmR 2EULJDWyULR 8QLmR 'HFUHWR�����������DUW��� )DFXOWDWLYR (VWDGRV��')�H�PXQLFtSLRV /HL������������DUW��� G��7LSR�GH�OLFLWDomR 0HQRU�SUHoR /HL������������DUW�����; H��0RGDOLGDGHV�GH�SUHJmR 3UHVHQFLDO (OHWU{QLFD I��3HFXOLDULGDGHV� GR�SUHJmR ,QYHUVmR�GDV�IDVHV $�KDELOLWDomR�GRV�OLFLWDQWHV�p�IDVH�SRVWHULRU j�GH�MXOJDPHQWR�GDV�SURSRVWDV +RPRORJDomR�RFRUUH GHSRLV�GD�DGMXGLFDomR 5HJUD 3UHJRHLUR�DGMXGLFD $XWRULGDGH�FRPSHWHQWH�KRPRORJD ([FHomR 4XDQGR�Ki�LQWHUSRVLomR�GH�UHFXUVRV�� D�DXWRULGDGH�FRPSHWHQWH�DGMXGLFD�H� KRPRORJD /HL������������DUW�����;;,�H�;;,, ���&RQVXOWD 0RGDOLGDGH�GH�OLFLWDomR�DSOLFiYHO�H[FOXVLYDPHQWH�jV�DJrQFLDV�UHJXODGRUDV 8WLOL]DGD�SDUD�DTXLVLomR�GH�EHQV�H�VHUYLoRV�QmR�FRPXQV ([FHWXDGRV�REUDV�H�VHUYLoRV GH�HQJHQKDULD�FLYLO 02'$/,'$'(6�'(�/,&,7$d2�,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV &DS����/LFLWDo}HV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� ,PSURELGDGH $GPLQLVWUDWLYD ���$VSHFWRV ����JHUDLV D��%DVH ��FRQVWLWXFLRQDO &)��DUW�������� 2V�DWRV�GH�LPSURELGDGH�DGPLQLVWUDWLYD�LPSRUWDUmR�D�VXVSHQVmR GRV�GLUHLWRV�SROtWLFRV��D�SHUGD�GD�IXQomR�S~EOLFD��D LQGLVSRQLELOLGDGH�GRV�EHQV�H�R UHVVDUFLPHQWR�DR�HUiULR 5HJXODPHQWDomR�OHJDO /HL��������� E��6XMHLWRV ����SDVVLYRV L��$GPLQLVWUDomR�S~EOLFD�GLUHWD�H� LQGLUHWD��GH�TXDOTXHU�GR 3RGHUHV�GD�8QLmR��GRV�HVWDGRV��GR�')�H�GRV�PXQLFtSLRV LL��(PSUHVD�HVWDWDO�RX�HQWLGDGH�FXMD�FULDomR�RX�FXVWHLR�R�HUiULR�FRQFRUUD ����FRP�PDLV�GH�FLQTXHQWD�SRU�FHQWR�GR�SDWULP{QLR�RX�GD�UHFHLWD�DQXDO LLL��(QWLGDGH�TXH�UHFHED�VXEYHQomR��EHQHItFLR�RX�LQFHQWLYR��ILVFDO�RX�FUHGLWtFLR��GH ����yUJmR�S~EOLFR��EHP�FRPR�DTXHODV�SDUD�FXMD�FULDomR�RX�FXVWHLR�R�HUiULR�KDMD�FRQFRUULGR ����RX�FRQFRUUD�FRP�PHQRV�GH�����GR�SDWULP{QLR�RX�GD�UHFHLWD�DQXDO��OLPLWDQGR�VH�D ����VDQomR�SDWULPRQLDO�j�UHSHUFXVVmR�GR�LOtFLWR�VREUH�D�FRQWULEXLomR�GRV�FRIUHV�S~EOLFRV F��6XMHLWRV ����DWLYRV $JHQWHV�S~EOLFRV HP�VHQWLGR�DPSOR L��([HUoD�PDQGDWR��FDUJR�HP�FRPLVVmR��RX�IXQomR�GH�FRQILDQoD LL��([HUoD�FDUJR�HIHWLYR�RX�HPSUHJR�S~EOLFR /HL�����������DUW��� G��1DWXUH]D�GDV VDQo}HV L��$GPLQLVWUDWLYD 3HUGD�GD�IXQomR�S~EOLFD��SURLELomR GH�FRQWUDWDU�FRP�R�3RGHU�3~EOLFR LL��&LYLO 5HVVDUFLPHQWR�DR�HUiULR��SHUGD�GRV EHQV�H�YDORUHV�LOtFLWRV��PXOWD�FLYLO LLL��3ROtWLFD 6XVSHQVmR�GRV�GLUHLWRV�SROtWLFRV $ /HL��������� QmR� HVWDEHOHFH� 6$1d®(6 3(1$,6�SHOD�SUiWLFD�GH�DWRV�GH�LPSURELGDGH ���'HVFULomR ��GRV�DWRV�GH ��LPSURELGDGH D��(QULTXHFLPHQWR LOtFLWR 9DQWDJHP�SDWULPRQLDO�LQGHYLGD�HP�UD]mR�GR�H[HUFtFLR�GH FDUJR��PDQGDWR��IXQomR��HPSUHJR�RX�DWLYLGDGH�S~EOLFRV /HL�����������DUW��� E��3UHMXt]R DR�HUiULR $omR�RX�RPLVVmR��GRORVD�RX�FXOSRVD��TXH�HQVHMH�SHUGD SDWULPRQLDO��GHVYLR��DSURSULDomR��PDOEDUDWHDPHQWR�RX GLODSLGDomR�GRV�EHQV�RX�KDYHUHV�GR�3RGHU�3~EOLFR /HL�����������DUW���� 6DQo}HV F��$WHQWDP�FRQWUD ����RV�SULQFtSLRV�GD DGP��S~EOLFD $omR�RX�RPLVVmR�TXH�YLROH�RV�GHYHUHV�GH KRQHVWLGDGH��LPSDUFLDOLGDGH��OHJDOLGDGH�H�OHDOGDGH /HL�����������DUW���� 6DQo}HV ���6DQo}HV D��(QULTXHFLPHQWR LOtFLWR L��6XVSHQVmR�GRV�GLUHLWRV�SROtWLFRV�GH�2,72�D�'(=�DQRV LL��3HUGD�GD�IXQomR�S~EOLFD LLL��3HUGD�GRV�EHQV�RX�YDORUHV�DFUHVFLGRV�LOLFLWDPHQWH�DR�SDWULP{QLR LY��5HVVDUFLPHQWR�LQWHJUDO�GR�GDQR��TXDQGR�KRXYHU Y��3URLELomR�GH�FRQWUDWDU�FRP�R�3RGHU�3~EOLFR�RX�UHFHEHU ����EHQHItFLRV�RX� LQFHQWLYRV� ILVFDLV�RX�FUHGLWtFLRV��GLUHWD�RX ����LQGLUHWDPHQWH��DLQGD�TXH�SRU� LQWHUPpGLR�GH�SHVVRD� MXUtGLFD GD�TXDO�VHMD�VyFLR�PDMRULWiULR��SHOR�SUD]R�GH�'(=�DQRV YL��3DJDPHQWR�GH�PXOWD�FLYLO�GH�DWp�75Ç6 YH]HV�R�YDORU�GR�DFUpVFLPR�SDWULPRQLDO E��3UHMXt]R ����DR�HUiULR L��6XVSHQVmR�GRV�GLUHLWRV�SROtWLFRV�GH�&,1&2�D�2,72�DQRV LL��3HUGD�GD�IXQomR�S~EOLFD LLL��3HUGD�GRV�EHQV�RX�YDORUHV�DFUHVFLGRV� LOLFLWDPHQWH DR�SDWULP{QLR��VH�FRQFRUUHU�HVWD�FLUFXQVWkQFLD LY��5HVVDUFLPHQWR�LQWHJUDO�GR�GDQR Y��3URLELomR�GH�FRQWUDWDU�FRP�R�3RGHU�3~EOLFR�RX�UHFHEHU�EHQHItFLRV�RX ����LQFHQWLYRV�ILVFDLV�RX�FUHGLWtFLRV��GLUHWD�RX�LQGLUHWDPHQWH��DLQGD�TXH�SRU�LQWHUPpGLR ����GH�SHVVRD�MXUtGLFD�GD�TXDO�VHMD�VyFLR�PDMRULWiULR��SHOR�SUD]R�GH�&,1&2�DQRV YL��3DJDPHQWR�GH�PXOWD�FLYLO�GH�DWp�'8$6�YH]HV�R�YDORU�GR�GDQR F��$WHQWDP�FRQWUD ����RV�SULQFtSLRV�GD DGP��S~EOLFD L��6XVSHQVmR�GRV�GLUHLWRV�SROtWLFRV�GH�75Ç6�D�&,1&2�DQRV LL��3HUGD�GD�IXQomR�S~EOLFD LLL��5HVVDUFLPHQWR�LQWHJUDO�GR�GDQR��TXDQGR�KRXYHU LY��3URLELomR�GH�FRQWUDWDU�FRP�R�3RGHU�3~EOLFR�RX�UHFHEHU�EHQHItFLRV�RX �����LQFHQWLYRV�ILVFDLV�RX�FUHGLWtFLRV��GLUHWD�RX�LQGLUHWDPHQWH��DLQGD�TXH�SRU�LQWHUPpGLR �����GH�SHVVRD�MXUtGLFD�GD�TXDO�VHMD�VyFLR�PDMRULWiULR��SHOR�SUD]R�GH�75Ç6�DQRV Y��3DJDPHQWR�GH�PXOWD�FLYLO�GH�DWp�&(0�YH]HV�R YDORU�GD�UHPXQHUDomR�SHUFHELGD�SHOR�DJHQWH /(,������������,0352%,'$'(�$'0,1,675$7,9$ ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS������/HL������������,PSURELGDGH�$GPLQLVWUDWLYD 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3RGHUHV� $GPLQLVWUDWLYRV ���1Ro}HV� �LQWURGXWyULDV D��&RQFHLWR 3UHUURJDWLYDV�FRQFHGLGDV�SHOR�RUGHQDPHQWR�MXUtGLFR�j $GPLQLVWUDomR�3~EOLFD�SDUD�FRQVHFXomR�GRV�ILQV�S~EOLFRV 'HFRUUrQFLD�GLUHWD�GR�SULQFtSLR�GD�VXSUHPDFLD�GR�LQWHUHVVH�S~EOLFR E��$EXVR� GH�SRGHU &RQFHLWR L��8VR�GR SRGHU 3UHUURJDWLYD�HVSHFLDO�FRQFHGLGD�SHOR�'LUHLWR 3~EOLFR�SDUD�FRQVHFXomR�GRV�ILQV�S~EOLFRV LL��$EXVR GH�SRGHU 2FRUUH�TXDQGR�Ki�H[HUFtFLR LOHJtWLPR�GHVVDV�SUHUURJDWLYDV 0RGDOLGDGHV GH�$%862 '(�32'(5 L��([FHVVR GH�SRGHU $JHQWH�DWXD�IRUD�GRV�OLPLWHV GD�VXD�FRPSHWrQFLD 9tFLR�QR�HOHPHQWR�FRPSHWrQFLD LL��'HVYLR GH�SRGHU $JHQWH��HPERUD�GHQWUR�GH�VXD�yUELWD�GH FRPSHWrQFLDV��DIDVWD�VH�GR�LQWHUHVVH�S~EOLFR %XVFD�DOFDQoDU�ILP�GLYHUVR�GDTXHOH�TXH�DOHL�OKH�SHUPLWLX��H[SOtFLWD�RX�LPSOLFLWDPHQWH 9tFLR�QR�HOHPHQWR ILQDOLGDGH 'HVYLR�GH�ILQDOLGDGH ���3RGHU� YLQFXODGR D��&RQFHLWR e�R�SRGHU�TXH�GLVS}H�D�DGPLQLVWUDomR�S~EOLFD�SDUD�SUiWLFD�GH�DWRV�YLQFXODGRV 7UDWD�VH�PDLV�GH�XP�GHYHU�GR�TXH�SURSULDPHQWH�XP�SRGHU E��$WR YLQFXODGR $�OHL�GHWHUPLQD�WRGRV�RV�HOHPHQWRV QHFHVViULRV�j�SUiWLFD�GR�DWR &RPSHWrQFLD )LQDOLGDGH )RUPD 0RWLYR 2EMHWR 1mR�Ki�PDUJHP�GH�OLEHUGDGH�DR�DGPLQLVWUDGRU��FRQYHQLrQFLD�H�RSRUWXQLGDGH� F��$WR�GLVFULFLRQiULR 6mR�YLQFXODGRV DSHQDV�RV�HOHPHQWRV &RPSHWrQFLD )LQDOLGDGH )RUPD 4XDQGR�HVVHQFLDO ���3RGHU� GLVFULFLRQiULR D��&RQFHLWR e�R�SRGHU�TXH�GLVS}H�j�DGPLQLVWUDomR�S~EOLFD SDUD�SUiWLFD�GH�DWRV�GLVFULFLRQiULRV 2�'LUHLWR�FRQFHGH�j�DGPLQLVWUDomR��GH�PRGR�H[SOtFLWR�RX�LPSOtFLWR��R SRGHU�SDUD�SUiWLFD�GH�DWRV�DGPLQLVWUDWLYRV�FRP�OLEHUGDGH�GH�HVFROKD 0pULWR DGPLQLVWUDWLYR /LEHUGDGH�GH�HVFROKD &RQYHQLrQFLD 2SRUWXQLGDGH E��(OHPHQWRV YLQFXODGRV &RPSHWrQFLD )LQDOLGDGH )RUPD 4XDQGR�HVVHQFLDO F�� (OHPHQWRV GLVFULFLRQiULRV 0RWLYR 2EMHWR )RUPD 4XDQGR�QmR�HVVHQFLDO G��&RQWUROH ����H[HUFLGR ����SHOR�3RGHU -XGLFLiULR &RQWUROH� GH� �����/(*$/,'$'(� H� �/(*,7,0,'$'( $EUDQJH�HOHPHQWRV�YLQFXODGRV $EUDQJH HOHPHQWRV GLVFULFLRQiULRV /LPLWDo}HV�LPSRVWDV�SHORV 3ULQFtSLRV�*HUDLV�GR�'LUHLWR )XQGDPHQWR 3ULQFtSLR�GD�LQDIDVWDELOLGDGH GD�MXULVGLomR &)��DUW�����;;;9 俺 1mR�Ki�FRQWUROH�GH�0e5,72 H��&RQWUROH ����H[HUFLGR�SHOD ����DGPLQLVWUDomR S~EOLFD &RQWUROH� GH� �����/(*$/,'$'(� H� /(*,7,0,'$'( $EUDQJH�HOHPHQWRV�YLQFXODGRV $EUDQJH HOHPHQWRV GLVFULFLRQiULRV 5D]RDELOLGDGH�H SURSRUFLRQDOLGDGH �FRQWUROH�GH�OHJLWLPLGDGH� )XQGDPHQWR 3ULQFtSLR�GD�DXWRWXWHOD &RQWUROH�GH�0e5,72 32'(5(6�$'0,1,675$7,926�, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����3RGHUHV�$GPLQLVWUDWLYRV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3RGHUHV� $GPLQLVWUDWLYRV ���3RGHU� +LHUiUTXLFR D��&RQFHLWR e�R�SRGHU�TXH�GLVS}H�D DGPLQLVWUDomR�S~EOLFD�SDUD� L��'LVWULEXLU�H�HVFDORQDU�IXQo}HV LL��2UGHQDU�H�UHYHU�DWXDomR�GH�VHXV�DJHQWHV (VWi�UHODFLRQDGR�j�SUySULD�IRUPD�GH�RUJDQL]DomR�GD�IXQomR�DGPLQLVWUDWLYD +LHUDUTXLD e�D�UHODomR�GH�VXERUGLQDomR�H[LVWHQWH�HQWUH�yUJmRV�H�DJHQWHV�GD�DGPLQLVWUDomR�S~EOLFD 5HODomR�GH�VXERUGLQDomR FRQVLVWH�HP� 'LVWULEXLomR�GH�IXQo}HV *UDGXDomR�GD�DXWRULGDGH�GRV�DJHQWHV 2EV�� 俺 1mR�Ki�KLHUDUTXLD�HQWUH�GLIHUHQWHV�SHVVRDV�MXUtGLFDV $�UHODomR�H[LVWHQWH�HQWUH�D�DGPLQLVWUDomR�GLUHWD H�DV�HQWLGDGHV�GD�DGPLQLVWUDomR�LQGLUHWD�p 5HODomR�GH YLQFXODomR 7XWHOD�DGPLQLVWUDWLYD &RQWUROH�ILQDOtVWLFR 6XSHUYLVmR 俺 1mR�Ki�KLHUDUTXLD�QR�-XGLFLiULR�H �/HJLVODWLYR��QD�VXDV�IXQo}HV�SUySULDV�������)XQomR�-XULVGLFLRQDO 3ULQFtSLR�GD�OLYUH FRQYLFomR�GR�MXL] )XQomR�/HJLVODWLYD E��)DFXOGDGHV� ����GHFRUUHQWHV�GR� ��3RGHU�+LHUiUTXLFR L��2UGHQDU &RQVHTXrQFLD 'HYHU�GH REHGLrQFLD $V�GHWHUPLQDo}HV�VXSHULRUHV�GHYHP VHU�ILHOPHQWH�FXPSULGDV��D�PHQRV�TXH VHMD�PDQLIHVWDPHQWH�LOHJDLV /HL�����������DUW�������,9 LL��&RQWURODU &RQVHTXrQFLD 0DQXWHQomR�GH�DWRV�YiOLGRV��FRQYHQLHQWHV�H�RSRUWXQRV 5HYRJDomR�GH�DWRV�GLVFULFLRQiULRV LQFRYHQLHQWHV�RX�LQRSRUWXQRV $QXODomR�GH�DWRV�LOHJDLV &RQYDOLGDomR�GH�DWRV�FRP�GHIHLWRV�VDQiYHLV LLL��'HOHJDU $WR�GLVFULFLRQiULR��UHYRJiYHO�D�TXDOTXHU�WHPSR��QR�TXDO�R DJHQWH�RULJLQDOPHQWH�FRPSHWHQWH��GHOHJDQWH��FRQIHUH�D�RXWUR DJHQWH��GHOHJDGR��R�H[HUFtFLR�WHPSRUiULR�GH�DOJXPDV�DWULEXLo}HV ÆPELWR�GR�SURFHVVR DGPLQLVWUDWLYR�IHGHUDO $JHQWH GHOHJDGR 俺 1mR�SUHFLVD�VHU �KLHUDUTXLFDPHQWH�VXERUGLQDGR /HL�����������DUW���� LY��$YRFDU $WR�GLVFULFLRQiULR�QR�TXDO�R�VXSHULRU�KLHUiUTXLFR�WUD]�SDUD�VL R�H[HUFtFLR�WHPSRUiULR�GH�DWULEXLomR�GH�XP�VXERUGLQDGR ÆPELWR�GR�SURFHVVR� DGPLQLVWUDWLYR�IHGHUDO $JHQWH 3UHFLVD�VHU �KLHUDUTXLFDPHQWH�VXERUGLQDGR /HL�����������DUW���� �1mR� FRQIXQGLU L��6XERUGLQDomR ���DGPLQLVWUDWLYD�������&DUiWHU�LQWHUQR (VWDEHOHFLGR�HQWUH�yUJmRV�GH�XPD PHVPD�SHVVRD�DGPLQLVWUDWLYD 'HFRUUH�GD�$872787(/$ LL��9LQFXODomR ���DGPLQLVWUDWLYD����&DUiWHU�H[WHUQR 5HVXOWD�GR�FRQWUROH�TXH�SHVVRDV�IHGHUDWLYDV�H[HUFHP VREUH�SHVVRDV�SHUWHQFHQWHV�j�DGPLQLVWUDomR�LQGLUHWD 'HFRUUH�GD�787(/$ ���3RGHU� ��'LVFLSOLQDU D��&RQFHLWR e�D�IDFXOGDGH�GH L��3XQLU�LQWHUQDPHQWH�LQIUDo}HV�IXQFLRQDLV�GRV�VHXV�VHUYLGRUHV LL��3XQLU LQIUDo}HV�DGPLQLVWUDWLYDV FRPHWLGDV�SRU�SHVVRDV� VXMHLWDV j�GLVFLSOLQD�GRV�yUJmRV�H�VHUYLoRV�GD�DGPLQLVWUDomR�S~EOLFD E��&DUDFWHUtVLWFDV L��5HODomR�FRP�SRGHU�KLHUiUTXLFR 3RGHU�GLVFLSOLQDU�p�FRUUHODWR�DR�SRGHU KLHUiUTXLFR��PDV�FRP�HOH�QmR�VH�FRQIXQGH LL��'HFRUUH�GD ���VXSUHPDFLD�HVSHFLDO $�DGPLQLVWUDomR�S~EOLFD�H[HUFH�VXSUHPDFLD�HVSHFLDO�VREUH�WRGRV DTXHOHV�TXH�D�HOD�VH�YLQFXODP�SRU�UHODo}HV�GH�TXDOTXHU�QDWXUH]D� VXERUGLQDQGR�VH�jV�QRUPDV�GH�IXQFLRQDPHQWR�GR�VHUYLoR�RX�GR HVWDEHOHFLPHQWR�TXH�SDVVDP�D�LQWHJUDU�GHILQLWLYD�H�WUDQVLWRULDPHQWH 'HFRUUH�GD�VXSUHPDFLD�HVSHFLDO 9tQFXOR�MXUtGLFR�HVSHFtILFR LLL��1mR�VH�FRQIXQGH�FRP�R SRGHU�SXQLWLYR�GR�(VWDGR )XQomR�MXULVGLFLRQDO 5HSUHVVmR�GH�FULPHV�H FRQWUDYHQo}HV�SHQDLV 'HFRUUH�GD�VXSUHPDFLD�JHUDO LY��'LVFULFLRQDULHGDGH 4XDQWR ¬�JUDGXDomR�GD�SHQDOLGDGH�GLVFLSOLQDU $R�HQTXDGUDPHQWR�GD�FRQGXWD�GHQWUH�DV�KLSyWHVHV SUHYLVWDV�QD�OHL��FRQFHLWRV�MXUtGLFRV�LQGHWHUPLQDGRV� Y��9LQFXODomR 4XDQWR�j $SXUDomR�GD�UHVSRQVDELOLGDGH /HL�����������DUWV������H���� $SOLFDomR�GD�SHQD�FDEtYHO 0RWLYDomR 2�DWR�GH�DSOLFDomR�GH�SHQDOLGDGH�GHYH�VHU�PRWLYDGR 32'(5(6�$'0,1,675$7,926�,, ZZZ�SRQWRGRVFRQFXUVRV�FRP�EU 'LUHLWR�$GPLQLVWUDWLYR�HP�0DSDV�0HQWDLV�SDUD�3) &DS����3RGHUHV�$GPLQLVWUDWLYRV 3URI��0DUFHOR�/HLWH� 3URI��7KLDJR�6WUDXVV� � �� 3RGHUHV� $GPLQLVWUDWLYRV ���3RGHU� �5HJXODPHQWDU D��&RQFHLWR 3UHUURJDWLYD�FRQIHULGD�DR�FKHIH�GR�3RGHU�([HFXWLYR�SDUD HGLWDU�GHFUHWRV�H�UHJXODPHQWRV�SDUD�D�ILHO�H[HFXomR�GDV�OHLV &)��DUW������,9 $�FRPSHWrQFLD�SDUD�H[SHGLomR�GRV�GHFUHWRV�RX UHJXODPHQWRV�GH�H[HFXomR�QmR�p�SDVVtYHO�GH�GHOHJDomR���������&)��DUW������S��~QLFR e�HVSpFLH�GR�JrQHUR�SRGHU�QRUPDWLYR 2EV�� 3RGHU QRUPDWLYR 3UHUURJDWLYD�FRQIHULGD�j�DGPLQLVWUDomR�S~EOLFD�SDUD HGLWDU�DWRV�QRUPDWLYRV�JHUDLV�H�DEVWUDWRV�SDUD FRPSOHPHQWDU�DV�OHLV�H�SHUPLWLU�VXD�HIHWLYD�DSOLFDomR 3RGHU UHJXODGRU &RPSHWrQFLD SDUD 5HJXODPHQWDomR�WpFQLFD 0HGLDQWH�SDUkPHWURV�SUHYLDPHQWH HVWDEHOHFLGRV�QD�OHL ÆPELWR $WLYLGDGHV�DGPLQLVWUDWLYDV�GH DOWD�FRPSOH[LGDGH�WpFQLFD E��/LPLWHV 俺 1mR�SRGH�FULDU�GLUHLWRV�H�REULJDo}HV 俺 1mR�SRGH�FRQWUDULDU�RV�FRPDQGRV OHJDLV��FRQWUD�OHJHP� 3ULQFtSLR�GD�OHJDOLGDGH &)��DUW�����,, ���3RGHU ��GH�3ROtFLD D��&RQFHLWR )DFXOGDGH�TXH�GLVS}H�D�DGPLQLVWUDomR�S~EOLFD�SDUD�FRQGLFLRQDU�RX�UHVWULQJLU�R�XVR�H�R JR]R�GH�EHQV��GLUHLWRV�H�DWLYLGDGHV�LQGLYLGXDLV�HP�EHQHItFLR�GD�FROHWLYLGDGH�RX�GR�(VWDGR E��,QFLGrQFLD ,QFLGH�VREUH %HQV 'LUHLWRV $WLYLGDGHV 俺 1mR�LQFLGH�VREUH�3(662$6 32/Ë&,$ ÏUJmRV DGPLQLVWUDWLYRV 3ROtFLD� DGPLQLVWUDWLYD ,QFLGH�VREUH %HQV 'LUHLWRV $WLYLGDGHV ,QFLGH�QR�kPELWR�GDV LQIUDo}HV�DGPLQLVWUDWLYDV ÏUJmRV�GH VHJXUDQoD �FRUSRUDo}HV� HVSHFLDOL]DGDV� 3ROtFLD�GH�PDQXWHQomR GD�RUGHP�S~EOLFD ,QFLGH�GLUHWDPHQWH VREUH�SHVVRDV 3ROtFLD�MXGLFLiULD ,QFLGH�QR�kPELWR GRV�LOtFLWRV�SHQDLV 俺 1mR�VH�WUDWD�GR�SRGHU�GH�SROtFLD� �HVWXGDGR�QR�'LUHLWR�$GPLQLVWUDWLYR F��$WULEXWRV L��'LVFULFLRQDULHGDGH LL��$XWRH[HFXWRULHGDGH ([FHWR�QD�FREUDQoD�GH�PXOWDV LLL��&RHUFLELOLGDGH 1mR�VH�DSOLFD�D�WRGRV�RV�FDVRV G��0HLRV�GH DWXDomR L��([SHGLomR�GH� ���QRUPDV� OLPLWDGRUDV� ���H�VDQFLRQDGRUDV�GD� FRQGXWD 3RGHU�OHJLVODWLYR�HVWDEHOHFH��SRU OHL��DV�OLPLWDo}HV�DGPLQLVWUDWLYDV )L[D &RQGLo}HV 5HTXLVLWRV $�DGPLQLVWUDomR�S~EOLFD�H[SHGH�DWRV QRUPDWLYRV��UHJXODPHQWDUHV�jV�OHLV $�DGPLQLVWUDomR S~EOLFD�H[SHGH DWRV�QHJRFLDLV 2XWRUJD�R $/9$5È $OYDUi�GH OLFHQoD 'HILQLWLYR�H YLQFXODQWH $OYDUi� GH� DXWRUL]DomR 3UHFiULR�H� GLVFULFLRQiULR
Compartilhar