Baixe o app para aproveitar ainda mais
Prévia do material em texto
�h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭ�ĚĞ�ϭϰϰ� � � � � $8/$�������$WRV�QRUPDWLYRV�GR�032*�6/7,��,QVWUXomR� 1RUPDWLYD� Q� ������� ±� 6HOHomR� GR� )RUQHFHGRU� H� *HVWmR� &RQWUDWXDO� �� (ODERUDomR� H� ILVFDOL]DomR� GH� FRQWUDWRV�� ���� &ULWpULRV� GH� UHPXQHUDomR� SRU� HVIRUoR� YHUVXV�SURGXWR������&OiXVXODV�H�LQGLFDGRUHV�GH�QtYHO�GH� VHUYLoR������3DSHO�GR�ILVFDOL]DGRU�GR�FRQWUDWR������3DSHO� GR� SUHSRVWR� GD� FRQWUDWDGD�� ���� $FRPSDQKDPHQWR� GD� H[HFXomR� FRQWUDWXDO�� ���� 5HJLVWUR� H� QRWLILFDomR� GH� LUUHJXODULGDGHV�� ���� 'HILQLomR� H� DSOLFDomR� GH� SHQDOLGDGHV�H�VDQo}HV�DGPLQLVWUDWLYDV�� � 680È5,2� 3È*,1$� ,QWURGXomR� �� ,1�����6HOHomR�GR�)RUQHFHGRU� �� (ODERUDomR�H�)LVFDOL]DomR�GH�&RQWUDWRV� ��� ,1���±�*HVWmR�&RQWUDWXDO� ��� 5HVXPR� ��� /LVWD�GDV�TXHVW}HV� ���� 4XHVW}HV�FRPHQWDGDV� ���� *DEDULWR� ���� � � �,QWURGXomR� � � 2Oi�SHVVRDO���&KHJDPRV�HP�QRVVR�~OWLPD�DXOD���(VSHUR�TXH�YRFrV�WHQKDP� JRVWDGR�GD�PDQHLUD�FRPR�RV�DVVXQWRV�IRUDP�DERUGDGRV�H�SULQFLSDOPHQWH� TXH� WHQKD� DVVLPLODGR� R� FRQWH~GR� QHFHVViULR� SDUD� DFHUWDUHP� WRGDV� DV� TXHVW}HV�VREUH�RV�WySLFRV�TXH�HVWXGDPRV�DTXL�� � 0DLV�XPD�YH]��SHoR�GHVFXOSDV�SHORV�DWUDVRV�QD�SRVWDJHP�GDV�DXODV��PDV� SDVVHL� SRU� SUREOHPDV� IDPLOLDUHV� GXUDQWH� HVWH� SHUtRGR� H� DJUDGHoR� D� FRPSUHHQVmR�GH�YRFrV�� � 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�Ϯ�ĚĞ�ϭϰϰ� 6REUH� RV� WySLFRV� GH� KRMH�� IL]� DOJXPDV� ³LQYHUV}HV´� HP� UHODomR� DR� HGLWDO� SDUD�TXH�HVWD�DXOD��TXH�ILFRX�EHP�JUDQGH��IOXtVVH�PHOKRU�� � 1R�PDLV��GHVHMR�OKHV�WRGD�D�VRUWH�QD�KRUD�GD�SURYD����YmR�Oi�H�GHVWUXDP�D� EDQFD���� � � $EoRV�H�6XFHVVR�� � � ,1�����6HOHomR�GR�)RUQHFHGRU� � $� IDVH�GH� VHOHomR�GR� IRUQHFHGRU� VH� LQLFLD� FRP�D�SXEOLFDomR�GR�HGLWDO�� $� SDUWLU�GH�WDO�SXEOLFDomR��RV�LQWHUHVVDGRV�SRGHUmR�ID]HU�TXHVWLRQDPHQWRV�H� DWp�SURSRU�D�LPSXJQDomR�GR�HGLWDO���7UDWD�VH�GD�IDVH�H[WHUQD�GD�OLFLWDomR� SUHYLVWD�*XLD�GH�&RQWUDWDo}HV�GH�%HQV�H�6HUYLoRV�GR�7,�GD�6HFUHWDULD�GH� /RJtVWLFD� H� 7HFQRORJLD� GD� ,QIRUPDomR� GR� 0LQLVWpULR� GR� 3ODQHMDPHQWR� 2UoDPHQWR�H�*HVWmR��6/7,�032*���FRPR�³6HOHomR�GR�)RUQHFHGRU´�� � (P�JHUDO��D�iUHD�GH�OLFLWDo}HV�p�D�UHVSRQViYHO�SRU�HVWD�HWDSD���$V�iUHDV� GH�7,� GRV�yUJmRV� DFRPSDQKDUmR�R�SURFHVVR� OLFLWDWyULR� H� UHVSRQGHUmR�RV� TXHVWLRQDPHQWRV�IHLWRV�SHODV�HPSUHVDV�LQWHUHVVDGDV��� � $� VHOHomR�GR� IRUQHFHGRU��HQYROYH�DWLYLGDGHV�GLYHUVDV�XQLGDGHV�GR�yUJmR� TXH��TXDVH�VHPSUH��VmR�FRRUGHQDGDV�SHOD�iUHD�DGPLQLVWUDWLYD�GR�yUJmR��� $V�DWLYLGDGHV�GHVWD�IDVH�LQFOXHP�� � D� 3XEOLFDomR�GR�HGLWDO��D�SDUWLU�GR�WHUPR�GH�UHIHUrQFLD�RX�GR�SURMHWR� EiVLFR��TXH�SRU�VXD�YH]�p�SURGX]LGR�FRP�EDVH�QRV�HVWXGRV�WpFQLFRV� SUHOLPLQDUHV��� � E� $QiOLVH� MXUtGLFD�� TXH� YHULILTXH� D� FRQIRUPLGDGH� GR� HGLWDO� FRP� D� OHJLVODomR� H� D� MXULVSUXGrQFLD� �/HL� ������������ DUW�� ���� SDUiJUDIR� ~QLFR������ 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϯ�ĚĞ�ϭϰϰ� � F� ([HFXomR�GD� IDVH�H[WHUQD�GD� OLFLWDomR��TXH�SRGH�HQYROYHU�GLYHUVDV� DWLYLGDGHV��WDLV�FRPR�� � x 7UDWDPHQWR� GH� TXHVWLRQDPHQWRV� GH� HPSUHVDV� LQWHUHVVDGDV�� x 7UDWDPHQWR�GH�SURSRVWDV�GH�LPSXJQDomR��� x 7UDWDPHQWR� GH� UHFXUVRV� LQWHUSRVWRV� SHODV� OLFLWDQWHV�� x ([HFXomR�GD�IDVH�GH�ODQFHV��QR�FDVR�GH�SUHJmR��� x $QiOLVH�GD�DFHLWDELOLGDGH�GR�V��SUHoR�V���� x $QiOLVH�GDV�SURSRVWDV�WpFQLFDV�H�GDV�GRFXPHQWDo}HV� GDV�OLFLWDQWHV�� x $GMXGLFDomR�H�KRPRORJDomR�GD�OLFLWDomR��� x (PLVVmR�GD�V��QRWD�V��GH�HPSHQKR��H� x $VVLQDWXUD�GR�V��FRQWUDWR�V��� � 3HQVR� VHU� LPSRUWDQWH� DQDOLVDUPRV� FRP� PDLV� GHWDOKH� DOJXQV� GHVWHV� SRQWRV�� � � /HL������������ ������ $UW�������2�SURFHGLPHQWR�GD�OLFLWDomR�VHUi�LQLFLDGR�FRP�D�DEHUWXUD�GH� SURFHVVR� DGPLQLVWUDWLYR�� GHYLGDPHQWH� DXWXDGR�� SURWRFRODGR� H� QXPHUDGR�� FRQWHQGR� D� DXWRUL]DomR� UHVSHFWLYD�� D� LQGLFDomR� VXFLQWD� GH� VHX� REMHWR� H� GR� UHFXUVR� SUySULR� SDUD� D� GHVSHVD�� H� DR� TXDO� VHUmR� MXQWDGRV�RSRUWXQDPHQWH�� ,���HGLWDO�RX�FRQYLWH�H�UHVSHFWLYRV�DQH[RV��TXDQGR�IRU�R�FDVR��� ,,���FRPSURYDQWH�GDV�SXEOLFDo}HV�GR�HGLWDO�UHVXPLGR��QD�IRUPD�GR�DUW����� GHVWD�/HL��RX�GD�HQWUHJD�GR�FRQYLWH��� ,,,� �� DWR� GH� GHVLJQDomR� GD� FRPLVVmR� GH� OLFLWDomR�� GR� OHLORHLUR� DGPLQLVWUDWLYR�RX�RILFLDO��RX�GR�UHVSRQViYHO�SHOR��FRQYLWH��� ,9���RULJLQDO�GDV�SURSRVWDV�H�GRV�GRFXPHQWRV�TXH�DV�LQVWUXtUHP��� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϰ�ĚĞ�ϭϰϰ� 9���DWDV��UHODWyULRV�H�GHOLEHUDo}HV�GD�&RPLVVmR�-XOJDGRUD��� 9,� �� SDUHFHUHV� WpFQLFRV� RX� MXUtGLFRV� HPLWLGRV� VREUH� D� OLFLWDomR�� GLVSHQVD�RX�LQH[LJLELOLGDGH��� 9,,���DWRV�GH�DGMXGLFDomR�GR�REMHWR�GD�OLFLWDomR�H�GD�VXD�KRPRORJDomR��� 9,,,� �� UHFXUVRV� HYHQWXDOPHQWH� DSUHVHQWDGRV� SHORV� OLFLWDQWHV� H� UHVSHFWLYDV�PDQLIHVWDo}HV�H�GHFLV}HV��� ,;���GHVSDFKR�GH�DQXODomR�RX�GH�UHYRJDomR�GD�OLFLWDomR��TXDQGR�IRU� R�FDVR��IXQGDPHQWDGR�FLUFXQVWDQFLDGDPHQWH��� ;���WHUPR�GH�FRQWUDWR�RX�LQVWUXPHQWR�HTXLYDOHQWH��FRQIRUPH�R�FDVR��� ;,���RXWURV�FRPSURYDQWHV�GH�SXEOLFDo}HV��� ;,,���GHPDLV�GRFXPHQWRV�UHODWLYRV�j�OLFLWDomR��� 3DUiJUDIR� ~QLFR�� � $V�PLQXWDV� GH� HGLWDLV� GH� OLFLWDomR�� EHP� FRPR� DV� GRV� FRQWUDWRV�� DFRUGRV�� FRQYrQLRV� RX� DMXVWHV� GHYHP� VHU� SUHYLDPHQWH� H[DPLQDGDV�H�DSURYDGDV�SRU�DVVHVVRULD�MXUtGLFD�GD�$GPLQLVWUDomR���� � 5HSDUHP� TXH� DR� ORQJR� GR� SURFHVVR�� VHUmR� MXQWDGRV� RV� GRFXPHQWRV� FULDGRV� GXUDQWH� VHX� DQGDPHQWR�� � 4XHVWLRQDPHQWRV�� LPSXJQDo}HV�� SDUHFHUHV�� SURSRVWDV�� HWF�� 3HUFHEDP� WDPEpP� TXH� OHL� GHWHUPLQD� TXH� DV� PLQXWDV� GH� HGLWDLV�� FRQWUDWRV�� DFRUGRV�� FRQYrQLRV�� HWF�� GHYHUmR� VHU� DSURYDGDV�SHOD�DVVHVVRULD�MXUtGLFD�GR�yUJmR�� � -i�R�JXLD�GH�ERDV�SUiWLFDV�GR�0LQLVWpULR�GH�3ODQHMDPHQWR��QHVWD�HWDSD�VmR� H[HFXWDGDV�DV�VHJXLQWHV�DWLYLGDGHV�� � x $YDOLDU�75�3%��� x 5HYLVDU�WHFQLFDPHQWH��� x &RQIHFFLRQDU�0LQXWD�GH�(GLWDO��� x $YDOLDU�0LQXWDV�GH�(GLWDO�H�&RQWUDWR��� x 5HYLVDU�5HFRPHQGDo}HV�7pFQLFDV��� x 5HYLVDU�5HFRPHQGDo}HV�$GPLQLVWUDWLYDV��� x 5HDOL]DU�$XGLrQFLD�3~EOLFD��� x 3XEOLFDU�,QVWUXPHQWR�&RQYRFDWyULR��� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϱ�ĚĞ�ϭϰϰ� x $SRLDU�7HFQLFDPHQWH�D�5HVSRVWD�DRV�4XHVWLRQDPHQWRV�RX�jV� ,PSXJQDo}HV�� x 5HDOL]DU�6HVVmR�3~EOLFD��� x $SRLDU�7HFQLFDPHQWH�D�$QiOLVH�H�-XOJDPHQWR�GDV�3URSRVWDV��� x 5HDOL]DU�+DELOLWDomR�H�'HFODUDU�9HQFHGRU��� x $SRLDU�7HFQLFDPHQWH�D�$QiOLVH�H�-XOJDPHQWR�GRV�5HFXUVRV��� x 5HVSRQGHU�'HPDLV�5HFXUVRV��� x $GMXGLFDU�H�+RPRORJDU��� x $VVLQDU�&RQWUDWR��� x 'HVWLWXLU�(TXLSH�GH�3ODQHMDPHQWR�GD�&RQWUDWDomR��� x 1RPHDU�*HVWRU�H�)LVFDLV� � 3HUFHEDP�TXH�VmR�PXLWDV�DWLYLGDGHV�H�YiULDV�GHODV�FRLQFLGHP�FRP�R�TXH� GHWHUPLQD� D� OHL�� � 2� JXLD� p� PDLV� DEUDQJHQWH� TXH� D� ���������� � 1HVWH� PRPHQWR��YDPRV�IRFDU�QR�GHWDOKH�GRV�LWHQV�PDLV�FREUDGRV�HP�SURYD���(� DLQGD�QHVWD�DXOD�YROWDUHPRV�SDUD�GHWDOKDU�D�)DVH�6HOHomR�GR�)RUQHFHGRU� j�OX]�GD�,QVWUXomR�1RUPDWLYD�Q���������H�R�UHVSHFWLYR�SURFHVVR�GR�*XLD� GH�&RQWUDWDo}HV�GH�7,�GD�6/7,�032*�� � � � 6REUH�DV�LPSXJQDo}HV�WHPRV�R�VHJXLQWH�DUWLJR�� � /HL������������ ������ $UW�������$�$GPLQLVWUDomR�QmR�SRGH�GHVFXPSULU�DV�QRUPDV�H�FRQGLo}HV� GR�HGLWDO��DR�TXDO�VH�DFKD�HVWULWDPHQWH�YLQFXODGD�� ��R��4XDOTXHU� FLGDGmR� p� SDUWH� OHJtWLPD� SDUD� LPSXJQDU� HGLWDO� GH� OLFLWDomR� SRU� LUUHJXODULGDGH� QD� DSOLFDomR�GHVWD� /HL�� GHYHQGR� SURWRFRODU� R� SHGLGR� DWp� �� �FLQFR��GLDV� ~WHLV� DQWHV� GD� GDWD� IL[DGD� SDUD� D� DEHUWXUD� GRV� HQYHORSHV� GH� KDELOLWDomR�� GHYHQGR� D� ,PSXJQDo}HV� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϲ�ĚĞ�ϭϰϰ� $GPLQLVWUDomR�MXOJDU�H�UHVSRQGHU�j�LPSXJQDomR�HP�DWp����WUrV��GLDV� ~WHLV��VHP�SUHMXt]R�GD�IDFXOGDGH�SUHYLVWD�QR���R�GR�DUW������� 3HQVR� TXH� DTXL� R� LPSRUWDQWH� p� JXDUGDU� TXH� TXDOTXHU� FLGDGmR� SRGH� HQWUDU� FRP� XP� SHGLGR� GH� LPSXJQDomR� GH� HGLWDO�� � $� LPSXJQDomR� p� SURSRVWD�TXDQGR�R�FRQWH~GR�GR�HGLWDO��H�VHXV�DQH[RV��FRPR�R�75�RX�3%��� DIURQWDP�D�/HL����������RX�GHPDLV�QRUPDV�TXH�UHJHP�R�FHUWDPH��$OpP� GLVVR��DWHQWHP�SDUD�RV�SUD]RV��� (QWUDGD� GR� SHGLGR�� $Wp� �� GLDV� DQWHV� GD� DEHUWXUD� GRV� HQYHORSHV� �OLFLWDomR�SURSULDPHQWH�GLWD��� 5HVSRVWD��DFDWDGR�RX�QmR�R�SHGLGR���(P����GLDV�~WHLV�� $JRUD�UHSDUHP�RV�SDUiJUDIRV���H���GHVWH�PHVPR�$UW������ � �R��'HFDLUi� GR� GLUHLWR� GH� LPSXJQDU� RV� WHUPRV� GR� HGLWDO� GH� OLFLWDomR� SHUDQWH� D� DGPLQLVWUDomR�R� OLFLWDQWH�TXH�QmR�R� IL]HU�DWp�R�VHJXQGR�GLD� ~WLO� TXH� DQWHFHGHU� D� DEHUWXUD� GRV� HQYHORSHV� GH� KDELOLWDomR� HP� FRQFRUUrQFLD�� D� DEHUWXUD� GRV� HQYHORSHV� FRP� DV� SURSRVWDV� HP� FRQYLWH��WRPDGD�GH�SUHoRV�RX�FRQFXUVR��RX�D�UHDOL]DomR�GH�OHLOmR�� DV�IDOKDV�RX�LUUHJXODULGDGHV�TXH�YLFLDULDP�HVVH�HGLWDO��KLSyWHVH�HP�TXH�WDO� FRPXQLFDomR�QmR�WHUi�HIHLWR�GH�UHFXUVR�� ��R��$� LPSXJQDomR� IHLWD� WHPSHVWLYDPHQWH�SHOR� OLFLWDQWH� QmR�R� LPSHGLUi� GH�SDUWLFLSDU�GR�SURFHVVR�OLFLWDWyULR�DWp�R�WUkQVLWR�HP�MXOJDGR�GD�GHFLVmR�D� HOD�SHUWLQHQWH�� 3HUFHEDP�TXH�DJRUD�D� OHL� IDOD�GRV�SUD]RV�SDUD�DV� LPSXJQDo}HV�D�VHUHP� UHDOL]DGDV� SHORV� SUySULRV� OLFLWDQWHV�� 2� SUD]R� GH� UHVSRVWD� GD� DGPLQLVWUDomR� p� GH� ��� KRUDV� ��� GLD��� � (� R� SDUiJUDIR� �� UHVJXDUGD� R� GLUHLWR� GH� TXH� R� OLFLWDQWH� TXH� HQWURX� FRP� R� SHGLGR� GH� LPSXJQDomR�� SDUWLFLSH�GR�SURFHVVR�OLFLWDWyULR�DWp�R�WUDQVLWR�HP�MXOJDGR�GR�SHGLGR�� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϳ�ĚĞ�ϭϰϰ� 6y�PDLV� XPD�PHQomR� DR� FRQFHLWR� GH� LPSXJQDomR� SUHYLVWR� HP� OHL� SDUD� IHFKDUPRV� R� DVVXQWR�� � $� OHL� JHUDO� GH� OLFLWDomR� SUHYr� WDPEpP� D� LPSXJQDomR�GH�SUHoRV���9HMDPRV�D�UHGDomR�� ³/HL���������� ������� $UW������$V�FRPSUDV��VHPSUH�TXH�SRVVtYHO��GHYHUmR�� ��R�4XDOTXHU�FLGDGmR�p�SDUWH�OHJtWLPD�SDUD�LPSXJQDU�SUHoR�FRQVWDQWH�GR� TXDGUR�JHUDO�HP�UD]mR�GH�LQFRPSDWLELOLGDGH�GHVVH�FRP�R�SUHoR�YLJHQWH�QR� PHUFDGR�´� 2EVHUYHP� TXH� PDLV� XPD� YH]� D� OHL� SHUPLWH� D� SDUWLFLSDomR� GH� TXDOTXHU� FLGDGmR�FRP�R�REMHWLYR�GH�UHVJXDUGDU�R�LQWHUHVVH�S~EOLFR���5HSDUHP�TXH� DTXL� QmR� Ki� LPSXJQDomR� GR� HGLWDO�� PDLV� GR� SUHoR� SHOR� TXDO� R� EHP� IRL� FRQWUDWDGR���$WHQomR�QD�KRUD�GD�SURYD���,PSXJQDomR�GH�HGLWDO��VRPHQWH� VH�KRXYHU�DIURQWD�j�OHJLVODomR���� e� LPSRUWDQWH� VDEHUPRV� TXH� GXUDQWH� WRGR� R� SURFHVVR� GH� OLFLWDomR�� p� SRVVtYHO�TXH�KDMD�FRQWHVWDo}HV�TXDQWR�DR�FHUWDPH���8PD�GDV�PDQHLUDV�GH� ID]HU� LVVR� p� D� LPSXJQDomR�� TXH� DFDEDPRV� GH� HVWXGDU�� � $V� RXWUDV� SRVVLELOLGDGHV�VmR�RV�TXHVWLRQDPHQWRV�H�RV�UHFXUVRV�� � � 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϴ�ĚĞ�ϭϰϰ� � � � 2V�TXHVWLRQDPHQWRV�DFRUUHP�DQWHV�GD�DEHUWXUD�GRV�HQYHORSHV��2V� LQWHUHVVDGRV� QD� OLFLWDomR� SRGHP�� DWUDYpV� GHVWH� LQVWLWXWR�� VROLFLWDU� HVFODUHFLPHQWRV�RX�TXHVWLRQDU�D�DGPLQLVWUDomR�S~EOLFD�HP�TXDOTXHU� IDVH� GD� OLFLWDomR�� 7RGRV� RV� TXHVWLRQDPHQWRV� H� VXDV� UHVSHFWLYDV� UHVSRVWDV� GHYHP� ILFDU� GLVSRQtYHLV� D� WRGRV� RV� SDUWLFLSDQWHV� GD� OLFLWDomR�� LVWR� p�� GHYH� VHU� GDGD� SXEOLFLGDGH� GDV� SHUJXQWDV� H� GDV� UHVSRVWDV�WDPEpP�� � -i� RV� UHFXUVRV� IXQFLRQDP� GH� IRUPD� PXLWR� SDUHFLGD� FRP� D� LPSXJQDomR� DR� HGLWDO�� 0DV� QR� UHFXUVR� QmR� Ki� D� FRQWHVWDomR� GR� HGLWDO��PDV� VL� GH� XPD� GHFLVmR� WRPDGD� SHOD� FRPLVVmR� GH� OLFLWDomR�� FRPR�SRU�H[HPSOR��D�FRQWHVWDomR�GR�YHQFHGRU�� � 2V� UHFXUVRV� DGPLQLVWUDWLYRV� QRV� SURFHVVRV� OLFLWDWyULRV� WrP� HPEDVDPHQWR� QR� GLUHLWR� GH� SHWLomR� SUHYLVWR� QD� &)����� FRPR� HVFUHYH�0DULD�6\OYLD�=DQHOOD�GL�3LHWUR��� � ³GHQWUR� GR� GLUHLWR� GH� SHWLomR� HVWmR� DJDVDOKDGDV� LQ~PHUDV� PRGDOLGDGHV� GH� UHFXUVRV� DGPLQLVWUDWLYRV�� GLVFLSOLQDGDV� SRU� OHJLVODomR� HVSDUVD�� TXH� HVWDEHOHFH� QRUPDV� FRQFHUQHQWHV� D� SUD]R�� SURFHGLPHQWR��FRPSHWrQFLD�H�RXWURV�UHTXLVLWRV�D�VHUHP�REVHUYDGRV� SHORV� SHWLFLRQiULRV´�� �FI�� LQ� 'LUHLWR� $GPLQLVWUDWLYR�� ��� HG��� 6mR� 3DXOR��(G��$WODV��������S�������� � 3DUD� TXH� WDO� GLUHLWR� VHMD� H[HUFLGR�� DOJXQV� SUHVVXSRVWRV� GHYHP� VHU� REVHUYDGRV��YDPRV�D�HOHV�� 4XHVWLRQDPHQWRV�H�5HFXUVRV� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϵ�ĚĞ�ϭϰϰ� � 3UHVVXSRVWRV�2EMHWLYRV�� � � ([LVWrQFLD� GH� DWR� DGPLQLVWUDWLYR� GHFLVyULR� �� 6RPHQWH� VH� SRGH� UHFRUUHU� VH� KRXYHU� XPD� GHFLVmR� VREUH� GHWHUPLQDGD� IDVH� GR� SURFHGLPHQWR�� � � 7HPSHVWLYLGDGH� ±� RV� UHFXUVRV� GHYHP� VHU� LQWHUSRVWRV� QRV� SUD]RV�SUHVFULWRV�HP�OHL�VRE�SHQD�GH�GHFDGrQFLD�� � � )RUPD� HVFULWD�� 2V� UHFXUVRV�� HP� UHJUD�� GHYHP� WHU� IRUPD� HVFULWD��HQGHUHoDGRV�j�DXWRULGDGH�TXH�SUDWLFRX�R�DWR��(P�UHODomR�D� HVWH� SUHVVXSRVWR�� GHYH�VH� ID]HU� UHVVDOYD� TXDQWR� j� PRGDOLGDGH� SUHJmR�SUHVHQFLDO��FXMR�UHFXUVR�FRQVLGHUD�VH�LQWHUSRVWR�DVVLP�TXH�R� OLFLWDQWH�PDQLIHVWDU�D�VXD�LQWHQomR�YHUEDO�HP�UHFRUUHU�� � � )XQGDPHQWDomR��³R�UHFRUUHQWH�WHP�R�GHYHU�GH�IXQGDPHQWDU� VXD� LQVDWLVIDomR�� 1mR� VH� FRQKHFH� XP� UHFXUVR� TXH� QmR� DSRQWDU� GHIHLWRV�� HTXtYRFRV� RX� GLYHUJrQFLDV� QD� GHFLVmR� UHFRUULGD´�� �FI�� 0DUoDO�-XVWHQ�)LOKR�� LQ�&RPHQWiULRV�j�/HL�GH�/LFLWDo}HV�H�&RQWUDWRV� $GPLQLVWUDWLYRV�����HG���6mR�3DXOR��'LDOpWLFD��������S�������� � 3UHVVXSRVWRV�VXEMHWLYRV�� � � /HJLWLPLGDGH�UHFXUVDO�±�p�DWULEXtGD�DTXHOH�TXH�SDUWLFLSD�GD� OLFLWDomR�� HP� UHJUD�� R� OLFLWDQWH�� $VVLP�� QmR� SRVVXL� OHJLWLPLGDGH� UHFXUVDO� R� WHUFHLUR� TXH� QmR� SDUWLFLSD� GR� FHUWDPH�� 'HYH� KDYHU�� SRUWDQWR�� OHJtWLPR� LQWHUHVVH� QD� OLFLWDomR�� QR� FRQWUDWR� RX� QR� FDGDVWUDPHQWR�� 'HVVD� IRUPD�� ³QmR� VH� DGPLWH�� FRQWUDULDPHQWH� DR� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϬ�ĚĞ�ϭϰϰ� TXH�RFRUUH�QR�'LUHLWR�3URFHVVXDO��UHFXUVR�DR�WHUFHLUR�SUHMXGLFDGR��$� FRQGLomR�GH� WHUFHLUR�HOLPLQD�R�FDELPHQWR�GR�UHFXUVR��6H�R� WHUFHLUR� IRU�SUHMXGLFDGR�FDEHU�OKH�i�H[HUFLWDU�R�GLUHLWR�GH�SHWLomR´���RE��FLW�� S������� � � ,QWHUHVVH� UHFXUVDO� ±� GHULYD� GD� OHVLYLGDGH� GD� GHFLVmR� DRV� LQWHUHVVHV�GR�SDUWLFXODU��3DUD�0DUFHOR�3DODYpUL�FRQVXEVWDQFLD�VH�³QD� SURYD�GH�TXH�D�GHFLVmR�GD�TXDO�VH�UHFRUUH�p�OHVLYD�DR�VHX�LQWHUHVVH�� SRLV� OKH� IHUH�GLUHLWRV��RX�SUHMXGLFD�VXD�SRVLomR�SHUDQWH�R�FHUWDPH�� 1HVVH�VHQWLGR��DGPLWH�VH�R�UHFXUVR�GDTXHOH�FRQWUD�TXHP�WLYHU�VLGR� SURIHULGR� GHWHUPLQDGR� DWR�� FRPR�� SRU� H[HPSOR�� GH� LQDELOLWDomR�� KDYHQGR�LQWHUHVVH�SURFHVVXDO�HP�GLVFXWLU�D�PDWpULD�SRU�SUHWHQGHU�VH� YHU�KDELOLWDGR�SDUD�TXH�SRVVD�SURVVHJXLU�QD�GLVSXWD�� ³7DPEpP�VH�DGPLWH�R�UHFXUVR�GR�OLFLWDQWH�FRQWUD�DWRV�SUDWLFDGRV�HP� IDYRU�GH�RXWUR�FRQFRUUHQWH��FRPR��SRU�H[HPSOR��FRQWUD�D�KDELOLWDomR� GH�GHWHUPLQDGR�OLFLWDQWH��SRVWR�TXH�QR�FRQWH[WR�GD�GLVSXWD�VHMD�GH� VHX�LQWHUHVVH�R�DOLMDPHQWR�GRV�VHXV�FRQWHQGRUHV´���FI�� LQ�/LFLWDo}HV� 3~EOLFDV�� &RPHQWiULRV� H� QRWDV� jV� V~PXODV� H� j� MXULVSUXGrQFLD�GR� 7ULEXQDO�GH�&RQWDV�GR�(VWDGR�GH�6mR�3DXOR����HG���%HOR�+RUL]RQWH�� (G��)yUXP��������S��������� � � $JRUD� IDOWD� DQDOLVDUPRV� RV� SUD]RV� UHFXUVRV� QDV� OLFLWDo}HV� H� Ki� GLIHUHQoDV�QRV�SUD]RV�GHSHQGHQGR�GD�PRGDOLGDGH�GH�OLFLWDomR�� � � &RQFRUUrQFLD�H�7RPDGD�GH�3UHoRV����GLDV�~WHLV�FRQWDGRV� GD�ODYUDWXUD�GD�DWD�RX�GD�LQWLPDomR�GR�DWR�� � &RQYLWH����GLDV�~WHLV��DUW����������GD�/HL�GH�/LFLWDo}HV�� � 3UHJmR��SUHVHQFLDO�H�HOHWU{QLFR��� LPHGLDWDPHQWH� DSyV�D� GHFODUDomR�GR�YHQFHGRU�GR�FHUWDPH�� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϭ�ĚĞ�ϭϰϰ� � &RQWDJHP�GR�SUD]R��2�SUD]R� WHUi� LQtFLR�D�SDUWLU�GD� LQWLPDomR�GR� DWR�� VHMD� SHOD� LPSUHQVD� RX� SHVVRDOPHQWH�� 3DUD� D� VXD� FRQWDJHP�� H[FOXL�VH� R� GLD� GH� LQtFLR� H� LQFOXL�VH� R� GLD� GR� YHQFLPHQWR�� VH� HVVHV� GLDV�IRUHP�~WHLV��RX�VHMD��GHVGH�TXH�KDMD�H[SHGLHQWH�QR�yUJmR�� � (IHLWR� VXVSHQVLYR� GR� UHFXUVR�� TXDQGR� LQWHUSRVWR� FRQWUD� DWR� GH� KDELOLWDomR� RX� LQDELOLWDomR� GR� OLFLWDQWH� RX� FRQWUD� R� MXOJDPHQWR� GDV� SURSRVWDV�WHUi�HIHLWR�VXVSHQVLYR��RX�VHMD��HQTXDQWR�QmR�IRU�MXOJDGR� R�UHFXUVR��D�SUy[LPD�IDVH�QmR�SRGHUi�WHU�LQtFLR�� � � 3HQVR� TXH� SDUD� D� QRVVD� SURYD�� R� TXH� IRL� DSUHVHQWDGR� DTXL� p� R� VXILFLHQWH� SDUD� UHVROYHUPRV� DV� TXHVW}HV�� � 9DPRV� SDVVDU� DJRUD� j� DQiOLVH�GD�GRFXPHQWDomR�QHFHVViULD�SDUD�KDELOLWDomR�GDV�HPSUHVDV� SDUWLFLSDQWHV�GD�OLFLWDomR��PDLV�XP�LWHP�H[SOtFLWR�HP�QRVVR�HGLWDO��� � � � $� DQiOLVH� GH� GRFXPHQWDomR� RFRUUH� SULQFLSDOPHQWH� QD� HWDSD� GH� KDELOLWDomR� GDV� HPSUHVDV�� � $� KDELOLWDomR� p� XPD� GDV� HWDSDV� PDLV� LPSRUWDQWHV� SDUD� SURFHVVRV� GH� OLFLWDo}HV�� &DVR� D� HPSUHVD� YHQFHGRUD�QmR�VDWLVIDoD�DV�H[LJrQFLDV�QHFHVViULDV��FRPSURYDQGR�WDO� VLWXDomR� DWUDYpV� GH� GRFXPHQWRV�� R� REMHWR� QmR� SRGHUi� VHU� DGMXGLFDGR�SDUD�HOD��R�TXH�QD�SUiWLFD�TXHU�GL]HU� TXH�HOD�QmR�VHUi� GHFODUDGD� YHQFHGRUD�� � 1D�PDLRULD� GDV�PRGDOLGDGHV� GH� OLFLWDomR�� D� KDELOLWDomR�RFRUUH�DSyV�D�DEHUWXUD�GDV�SURSRVWDV�� �0DV�QR�SUHJmR�� PRGDOLGDGH� PDLV� FRPXP� QDV� FRQWUDWDo}HV� GH� 7,�� D� KDELOLWDomR� RFRUUH�DSyV�RV�ODQFHV���&DVR�D�HPSUHVD�TXH�GHX�R�PHQRU�QmR�ODQFH� QmR� FRQVLJD� FXPSULU� DV� H[LJrQFLDV� GR� HGLWDO� DWUDYpV� GD� $QiOLVH�GH�'RFXPHQWDomR� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϮ�ĚĞ�ϭϰϰ� GRFXPHQWDomR� DSUHVHQWDGD�� HOD� QmR� VHUi� GHFODUDGD� YHQFHGRUD� H� D� HPSUHVD� TXH� GHX� R� VHJXQGR� PHQRU� ODQFH� VHUi� FRQYLGDGD� D� DSUHVHQWDU�VXD�GRFXPHQWDomR���� � &DEH� UHVVDOWDU� TXH� p� GHYHU� GD� $GPLQLVWUDomR�� DR� UHDOL]DU� SURFHGLPHQWRV� OLFLWDWyULRV�� H[LJLU� GRFXPHQWRV� GH� KDELOLWDomR� FRPSDWtYHLV� FRP�R� UDPR�GR�REMHWR� OLFLWDGR�� HVSHFLDOPHQWH�DTXHOHV� TXH� FRPSURYHP� D� TXDOLILFDomR� WpFQLFD� H� D� FDSDFLGDGH� HFRQ{PLFR� ILQDQFHLUD� SDUD� SDUWLFLSDU� GH� OLFLWDomR� QD� $GPLQLVWUDomR� 3~EOLFD�� 7RGR� R� HGLWDO� GH� OLFLWDomR� WHP� FRPR� FOiXVXOD� DV� FRQGLo}HV� GH� SDUWLFLSDomR�QR�FHUWDPH�OLFLWDWyULR�SDUD�D�IDVH�GH�KDELOLWDomR��� 9DPRV�YHU�DJRUD�R�TXH�GL]�D����������VREUH�D�GRFXPHQWDomR�D�VHU� DSUHVHQWDGD�� � $UW�� ���� � 3DUD� D� KDELOLWDomR� QDV� OLFLWDo}HV� H[LJLU�VH�i� GRV� LQWHUHVVDGRV��H[FOXVLYDPHQWH��GRFXPHQWDomR�UHODWLYD�D�� � ,���KDELOLWDomR�MXUtGLFD�� ,,���TXDOLILFDomR�WpFQLFD�� ,,,���TXDOLILFDomR�HFRQ{PLFR�ILQDQFHLUD�� ,9�±�UHJXODULGDGH�ILVFDO�H�WUDEDOKLVWD�� 9� ±� FXPSULPHQWR� GR� GLVSRVWR� QR� LQFLVR� ;;;,,,�� GR� DUW�� �R� GD� &RQVWLWXLomR�)HGHUDO�� � $� OHL� GHWDOKD� RV� GRFXPHQWRV� QHFHVViULRV� SDUD� FDGD� XPD� GDV� KDELOLWDo}HV�RX�TXDOLILFDo}HV�UHODFLRQDGDV�QR�$UW�������1mR�FRQVLGHUR� SHUWLQHQWH� GHFRUDUPRV� WRGRV� RV� GRFXPHQWRV�� � 7UDJR� DTXL� XP� ����������������������������������������������������������� ϭ� �&ͬϴϴ� ʹ� �ƌƚ͘� ϳǑ� Ͳ� XXXIII - proibição de trabalho noturno, perigoso ou insalubre a menores de dezoito e de qualquer trabalho a menores de dezesseis anos, salvo na condição de aprendiz, a partir de quatorze anos;� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϯ�ĚĞ�ϭϰϰ� UHVXPR�TXH�SHQVR�VHU�VXILFLHQWH�SDUD�UHVROYHU�DV�TXHVW}HV�VREUH�R� WHPD�� � +DELOLWDomR�-XUtGLFD���VmR�GRFXPHQWRV�FRPR�UHJLVWUR�FRPHUFLDO�RX� FRQWUDWR�VRFLDO�GD�HPSUHVD�� � 5HJXODULGDGH�)LVFDO���VmR�GRFXPHQWRV�FRPR�LQVFULomR�QR�&DGDVWUR� *HUDO�GH�&RQWULEXLQWHV�H�SURYDV�GH�UHJXODULGDGH�QD�)D]HQGD�3~EOLFD� �IHGHUDO��HVWDGXDO�H�PXQLFLSDO��H�6HJXULGDGH�6RFLDO�� � 4XDOLILFDomR� 7pFQLFD� �� VmR� GRFXPHQWRV� FRPR� LQVFULomR� QD� HQWLGDGH�SURILVVLRQDO�FRPSHWHQWH�H�FRPSURYDomR�GH�DSWLGmR�SDUD�D� DWLYLGDGH�DVVLQDGD�SRU�WHUFHLURV�� � 4XDOLILFDomR� (FRQ{PLFR�)LQDQFHLUD� �� VmR� GRFXPHQWRV� FRPR� EDODQoR� SDWULPRQLDO� H� GHPRQVWUDomR� ILQDQFHLUD� GD� HPSUHVD� H� FHUWLGmR�QHJDWLYD�GH�IDOrQFLD�� � � � � � $OpP� GD� DQiOLVH� GH� GRFXPHQWRV� VREUH� D� UHJXODULGDGH� H� D� TXDOLILFDomR� GD� HPSUHVD�� Ki� WDPEpP� D� DQiOLVH� GDV� SURSRVWDV� WpFQLFDV� �PDLV� XP� LWHP� H[SOtFLWR� HP� QRVVR� HGLWDO��� � 2EYLDPHQWH� VRPHQWH�KDYHUi�DQiOLVH�GH�SURSRVWDV�WpFQLFDV�TXDQGR�D�OLFLWDomR�IRU� GR� WLSR� WpFQLFD� H� SUHoR� RX� PHOKRU� WpFQLFD�� � 1HVWH� SRQWR� YRX� UHOHPEUi�ORV�GR�VHJXLQWH�� � 0RGDOLGDGHV�GH�OLFLWDomR�VmR�� $QiOLVH�GH�3URSRVWDV�7pFQLFDV� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϰ�ĚĞ�ϭϰϰ� � �&RQFRUUrQFLD�� �7RPDGD�GH�SUHoRV�� �&RQYLWH�� �&RQFXUVR�� �/HLOmR��H� �3UHJmR� � 7LSRV�GH�OLFLWDomR�VmR�� � �0HQRU�3UHoR�� �0HOKRU�7pFQLFD�� �7pFQLFD�H�3UHoR��H� �0DLRU�/DQFH�RX�RIHUWD��SDUD�DOLHQDomR�RX�FRQFHVVmR��� � -i�VDEHPRV�TXH�EHQV�H�VHUYLoRV�GH�7,�VmR�FRQVLGHUDGRV�FRPXQV�H� DWXDOPHQWH� D� LPHQVD� PDLRULD� GDV� OLFLWDo}HV� SDUD� DTXLVLo}HV� GH� VROXo}HV� GH� 7,� VmR� QD�PRGDOLGDGH� SUHJmR� H� GR� WLSR�PHQRU� SUHoR��� 0DV� D� OHL� DLQGD� IDFXOWD� DR� JHVWRU� D� SRVVLELOLGDGH� GH� UHDOL]DU� XPD� OLFLWDomR�GR�WLSR�WpFQLFD�H�SUHoR�SDUD�DTXLVLomR�GH�EHQV�H�VHUYLoRV� GH� 7,� GHVGH� TXH� WDO� VLWXDomR� VHMD� PXLWR� EHP� MXVWLILFDGD�� � 1HVWH� FDVR��DV�SURSRVWDV�WpFQLFDV�SUHFLVDP�VHU�DYDOLDGDV�H�SRQWXDGDV�GH� PDQHLUD�TXH��MXQWDPHQWH�FRP�D�SURSRVWD�FRPHUFLDO��SRVVD�FRPSRU� D�PHOKRU�SURSRVWD�SDUD�D�DGPLQLVWUDomR�� � 7pFQLFD�H�SUHoR�p�R�WLSR�GH�OLFLWDomR�RQGH�D�SURSRVWD�PDLV�YDQWDMRVD� SDUD� D� $GPLQLVWUDomR� WHP� EDVH� QD� PDLRU� PpGLD� SRQGHUDGD�� FRQVLGHUDQGR�VH� DV� QRWDV� REWLGDV� QDV� SURSRVWDV� GH� SUHoR� H� GH� WpFQLFD��� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϱ�ĚĞ�ϭϰϰ� � ([LVWHP� IDWRUHV� SUHGHWHUPLQDGRV� H� TXH� GHYHP� VHU� FRQVLGHUDGRV� FRPR� UHTXLVLWRV� WpFQLFRV�� (VVHV� FULWpULRV� GHYHP� VHU� HVWDEHOHFLGRV� SUHYLDPHQWH�QR�HGLWDO�GH�OLFLWDomR��SRLV�D�HPSUHVD��OLFLWDGD��GHYHUi� FRQKHFHU� DV� ³UHJUDV�GR� MRJR´�TXH� VHUmR�XWLOL]DGDV� QD�DYDOLDomR�GD� VXD� SURSRVWD�� 2� DUWLJR� WUD]� XPD� UHODomR� GH� IDWRUHV� D� VHUHP� DGRWDGRV��D�VDEHU�� � x 3UD]R�GH�HQWUHJD�� x 6XSRUWH�GH�VHUYLoRV�� x 4XDOLGDGH�� x 3DGURQL]DomR�� x &RPSDWLELOLGDGH�� x 'HVHPSHQKR��H� x *DUDQWLD�WpFQLFD���� � 1HVWHV�FDVRV�VHUmR�GHVFODVVLILFDGDV�DV�SURSRVWDV�TXH�QmR�REWLYHUHP� D� SRQWXDomR� PtQLPD� H[LJLGD� HP� HGLWDO�� TXH� D� FRQWUDWDQWH� SRGHUi� H[FOXLU� DWp� ��� �TXDWUR�� IDWRUHV� GR� URO� GHWHUPLQDGR� SHOR� GHFUHWR� H� TXH�HVWHV� IDWRUHV�SRGHP�VHU�GHVPHPEUDGRV�HP�VXEIDWRUHV��GHVGH� TXH�LVVR�VHMD�MXVWLILFDGR�QR�HGLWDO�� � 5HFRUUDPRV� DR� $UW����GD� /HL� �������� SDUD� IHFKDUPRV� HVWH� DVVXQWR�� � ³$UW�� ���� � 2� MXOJDPHQWR� GDV� SURSRVWDV� VHUi� REMHWLYR�� GHYHQGR� D� &RPLVVmR� GH� OLFLWDomR� RX� R� UHVSRQViYHO� SHOR� FRQYLWH� UHDOL]i�OR� HP� FRQIRUPLGDGH� FRP� RV� WLSRV� GH� OLFLWDomR�� RV� FULWpULRV� SUHYLDPHQWH� HVWDEHOHFLGRV� QR� DWR� FRQYRFDWyULR� H� GH� DFRUGR� FRP� RV� IDWRUHV� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϲ�ĚĞ�ϭϰϰ� H[FOXVLYDPHQWH�QHOH�UHIHULGRV��GH�PDQHLUD�D�SRVVLELOLWDU�VXD�DIHULomR� SHORV�OLFLWDQWHV�H�SHORV�yUJmRV�GH�FRQWUROH�� ������ � �R� � 1DV� OLFLWDo}HV� GR� WLSR� �PHOKRU� WpFQLFD�� VHUi� DGRWDGR� R� VHJXLQWH� SURFHGLPHQWR� FODUDPHQWH� H[SOLFLWDGR� QR� LQVWUXPHQWR� FRQYRFDWyULR��R�TXDO�IL[DUi�R�SUHoR�Pi[LPR�TXH�D�$GPLQLVWUDomR�VH� SURS}H�D�SDJDU�� � ,� �� VHUmR� DEHUWRV� RV� HQYHORSHV� FRQWHQGR� DV� SURSRVWDV� WpFQLFDV� H[FOXVLYDPHQWH�GRV�OLFLWDQWHV�SUHYLDPHQWH�TXDOLILFDGRV�H�IHLWD�HQWmR� D� DYDOLDomR� H� FODVVLILFDomR� GHVWDV� SURSRVWDV� GH� DFRUGR� FRP� RV� FULWpULRV�SHUWLQHQWHV�H� DGHTXDGRV�DR�REMHWR� OLFLWDGR�� GHILQLGRV� FRP� FODUH]D� H� REMHWLYLGDGH� QR� LQVWUXPHQWR� FRQYRFDWyULR� H� TXH� FRQVLGHUHP� D� FDSDFLWDomR� H� D� H[SHULrQFLD� GR� SURSRQHQWH�� D� TXDOLGDGH� WpFQLFD� GD� SURSRVWD�� FRPSUHHQGHQGR� PHWRGRORJLD�� RUJDQL]DomR��WHFQRORJLDV�H�UHFXUVRV�PDWHULDLV�D�VHUHP�XWLOL]DGRV�QRV� WUDEDOKRV��H�D�TXDOLILFDomR�GDV�HTXLSHV�WpFQLFDV�D�VHUHP�PRELOL]DGDV� SDUD�D�VXD�H[HFXomR�� � ,,� �� XPD� YH]� FODVVLILFDGDV� DV� SURSRVWDV� WpFQLFDV�� SURFHGHU�VH�i� j� DEHUWXUD�GDV�SURSRVWDV�GH�SUHoR�GRV�OLFLWDQWHV�TXH�WHQKDP�DWLQJLGR� D�YDORUL]DomR�PtQLPD�HVWDEHOHFLGD�QR�LQVWUXPHQWR�FRQYRFDWyULR�H�j� QHJRFLDomR� GDV� FRQGLo}HV� SURSRVWDV�� FRP� D� SURSRQHQWH� PHOKRU� FODVVLILFDGD�� FRP� EDVH� QRV� RUoDPHQWRV� GHWDOKDGRV� DSUHVHQWDGRV� H� UHVSHFWLYRV� SUHoRV� XQLWiULRV� H� WHQGR� FRPR� UHIHUrQFLD� R� OLPLWH� UHSUHVHQWDGR�SHOD�SURSRVWD�GH�PHQRU�SUHoR�HQWUH�RV� OLFLWDQWHV�TXH� REWLYHUDP�D�YDORUL]DomR�PtQLPD�� � 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϳ�ĚĞ�ϭϰϰ� ,,,� �� QR� FDVR� GH� LPSDVVH� QD� QHJRFLDomR� DQWHULRU�� SURFHGLPHQWR� LGrQWLFR�VHUi�DGRWDGR��VXFHVVLYDPHQWH��FRP�RV�GHPDLV�SURSRQHQWHV�� SHOD� RUGHP� GH� FODVVLILFDomR�� DWp� D� FRQVHFXomR� GH� DFRUGR� SDUD� D� FRQWUDWDomR�� � ,9���DV�SURSRVWDV�GH�SUHoRV�VHUmR�GHYROYLGDV�LQWDFWDV�DRV�OLFLWDQWHV� TXH�QmR�IRUHP�SUHOLPLQDUPHQWH�KDELOLWDGRV�RX�TXH�QmR�REWLYHUHP�D� YDORUL]DomR�PtQLPD�HVWDEHOHFLGD�SDUD�D�SURSRVWD�WpFQLFD�� � ,,,� �� QR� FDVR� GH� LPSDVVH� QD� QHJRFLDomR� DQWHULRU�� SURFHGLPHQWR� LGrQWLFR�VHUi�DGRWDGR��VXFHVVLYDPHQWH��FRP�RV�GHPDLV�SURSRQHQWHV�� SHOD� RUGHP� GH� FODVVLILFDomR�� DWp� D� FRQVHFXomR� GH� DFRUGR� SDUD� D� FRQWUDWDomR�� � ,9���DV�SURSRVWDV�GH�SUHoRV�VHUmR�GHYROYLGDV�LQWDFWDV�DRV�OLFLWDQWHV� TXH�QmR�IRUHP�SUHOLPLQDUPHQWH�KDELOLWDGRV�RX�TXH�QmR�REWLYHUHP�D� YDORUL]DomR�PtQLPD�HVWDEHOHFLGD�SDUD�D�SURSRVWD�WpFQLFD�� � � �R� � 1DV� OLFLWDo}HV� GR� WLSR� �WpFQLFD� H� SUHoR�� VHUi� DGRWDGR�� DGLFLRQDOPHQWH� DR� LQFLVR� ,� GR� SDUiJUDIR� DQWHULRU�� R� VHJXLQWH� SURFHGLPHQWR�FODUDPHQWH�H[SOLFLWDGR�QR�LQVWUXPHQWR�FRQYRFDWyULR�� ,���VHUi�IHLWD�D�DYDOLDomR�H�D�YDORUL]DomR�GDV�SURSRVWDV�GH�SUHoRV��GH� DFRUGR� FRP� FULWpULRV� REMHWLYRV� SUHHVWDEHOHFLGRV� QR� LQVWUXPHQWR� FRQYRFDWyULR�� � ,,���D�FODVVLILFDomR�GRV�SURSRQHQWHV�IDU�VH�i�GH�DFRUGR�FRP�D�PpGLD� SRQGHUDGD� GDV� YDORUL]Do}HV�GDV� SURSRVWDV� WpFQLFDV� H�GH�SUHoR�� GH� DFRUGR�FRP�RV�SHVRV�SUHHVWDEHOHFLGRV�QR�LQVWUXPHQWR�FRQYRFDWyULR�� � 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϴ�ĚĞ�ϭϰϰ� 3HVVRDO�� YHMDP� TXH� D� ³UHJUD� GR� MRJR´� GHYH� HVWDU� HVWDEHOHFLGD� QR� HGLWDO�GH�FRQYRFDomR���,VWR�p��RV�FULWpULRV�GH�MXOJDPHQWR��SRQWXDomR�� SRQGHUDomR�� HWF�� GHYHP� FRQVWDU� QR� HGLWDO�� � *UDYHP� DLQGD� TXH� QR� WLSR� ³WpFQLFD� H� SUHoR´�� VHUmR� DQDOLVDGDV� DV� SURSRVWDV� WpFQLFDV� H� UHDOL]DGD� D� FODVVLILFDomR� GH� DFRUGR� FRP� D� PpGLD� SRQGHUDGD� GDV� SURSRVWDV�DSUHVHQWDGDV��WpFQLFD�H�SUHoR��� 1mR� H[LVWH� GLVSRVLWLYR� QD� ��������� TXH� UHJXODPHQWH� D� VROLFLWDomR� RX� H[LJrQFLD�GH�DPRVWUD�GR�REMHWR�D�VHU�FRQWUDWDGR��0DV�WDLV�VROLFLWDo}HV�SRU� SDUWH�GRV�FRQWUDWDQWHV�YrP�VH�WRUQDQGR�FDGD�YH]�PDLV�FRPXP��REULJDQGR� DOJXQV�WULEXQDLV�GH�FRQWDV�D�VH�SURQXQFLDUHP�� $� SUHRFXSDomR� FRP� D� H[LJrQFLD� GDV� DPRVWUDV� PDLV� XPD� YH]� HVWi� UHODFLRQDGD�FRP�D�SRVVtYHO�UHVWULomR�GD�FRPSHWLWLYLGDGH�� $� V~PXOD� Q� ��� GR� 7&(�63� HVWDEHOHFH� TXH� D� GDWD� GH� DSUHVHQWDomR�GDV� DPRVWUDV�GHYHUi�VHU�HP�FRQMXQWR�FRP�D�GDWD�GD�HQWUHJD�GD�SURSRVWD�� 6Ò08/$�1����±�(P�SURFHGLPHQWR�OLFLWDWyULR��R�SUD]R�SDUD�DSUHVHQWDomR� GDV�DPRVWUDV�GHYH�FRLQFLGLU�FRP�D�GDWD�GD�HQWUHJD�GDV�SURSRVWDV�� (QWUHWDQWR�� QDV� OLFLWDo}HV� UHDOL]DGDV� SHOD� PRGDOLGDGH� SUHJmR� �SULQFLSDO� PRGDOLGDGH� DSOLFDGD� DRV� EHQV� H� VHUYLoRV� GH� 7,��� WDQWR� SUHVHQFLDO� FRPR� HOHWU{QLFD�� R� HQWHQGLPHQWR� GRXWULQiULR� H� MXULVSUXGHQFLDO� p� GH� TXH� D� DPRVWUD�GHYH�VHU�H[LJLGD�WmR�VRPHQWH�GR�SULPHLUR�FRORFDGR��D�VDEHU�� ³6H� IRU� R� FDVR� GH� DSUHVHQWDomR� GH� DPRVWUDV�� DILJXUD�VH� HYLGHQWH� R� GHVFDELPHQWR�GH�LPSRU�VH�D�H[LJrQFLD�HP�UHODomR�D�WRGRV�RV�OLFLWDQWHV��$� ~QLFD� DOWHUQDWLYD� VHUi� GHWHUPLQDU� TXH� R� OLFLWDQWH� FXMD� RIHUWD� VDJUDU�VH� YHQFHGRUD�GHYHUi�DSUHVHQWDU�D�DPRVWUD�DQWHV�GD�DVVLQDWXUD�GR�FRQWUDWR�� 2X�VHMD��RV� OLFLWDQWHV� WHUmR�FRQKHFLPHQWR�GH�TXH��VH�VDtUHP�YHQFHGRUHV� GR� FHUWDPH�� WHUmR� GH� HQFDPLQKDU� LPHGLDWDPHQWH� D� DPRVWUD� GR� REMHWR� 6ROLFLWDomR�H�$QiOLVH�GH�$PRVWUDV� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϭϵ�ĚĞ�ϭϰϰ� RIHUWDGR´��FI��0DUoDO�-XVWHQ�)LOKR�LQ�3UHJmR�±�&RPHQWiULRV�j�/HJLVODomR�GR� 3UHJmR�&RPXP�H�(OHWU{QLFR����HG���'LDOpWLFD��6mR�3DXOR��������S�������� -i� R� 7&8� VH� SURQXQFLRX� DILUPDQGR� TXH� D� H[LJrQFLD� GH� DSUHVHQWDomR� GH� DPRVWUDV� HP� SUHJmR� p� DGPLWLGD� DSHQDV� QD� IDVH� GH� FODVVLILFDomR� GDV� SURSRVWDV�H�VRPHQWH�GR�OLFLWDQWH�SURYLVRULDPHQWH�FODVVLILFDGR�HP�SULPHLUR� OXJDU�� $FyUGmR�Q�������������3OHQiULR�7&8��TXH�EHP�HOXFLGRX�HVWD�TXHVWmR�� ³$�H[LJrQFLD�GH�DPRVWUDV��QD�IDVH�GH�KDELOLWDomR��RX�GH�FODVVLILFDomR��IHLWD� D� WRGRV� RV� OLFLWDQWHV�� DOpP� GH� LOHJDO�� SRGHULD� VHU� SRXFR� UD]RiYHO�� SRUTXDQWR� LPSRULD� {QXV� TXH�� D� GHSHQGHU� GR� REMHWR�� VHULD� H[FHVVLYR�� D� WRGRV� RV� OLFLWDQWHV�� HQFDUHFHQGR� R� FXVWR� GH� SDUWLFLSDomR� QD� OLFLWDomR� H� GHVHVWLPXODQGR�D�SUHVHQoD�GH�SRWHQFLDLV�OLFLWDQWHV�� $�VROLFLWDomR�GH�DPRVWUD�QD�IDVH�GH�FODVVLILFDomR�SRGH�VHU�IHLWD�DSHQDV�DR� OLFLWDQWH� TXH� VH� DSUHVHQWD� SURYLVRULDPHQWH� HP� SULPHLUR� OXJDU�� DR� FRQWUiULR��QmR�RQHUD�R� OLFLWDQWH��SRUTXDQWR� FRQILUPDGD�D�SURSULHGDGH�GR� REMHWR�� WHP� HOH� GH� HVWDU� SUHSDUDGR� SDUD� HQWUHJi�OR�� QHP� UHVWULQJH� D� FRPSHWLWLYLGDGH�GR� FHUWDPH��DOpP�GH�SUHYHQLU�D�RFRUUrQFLD�GH� LQ~PHURV� SUREOHPDV�SDUD�D�DGPLQLVWUDomR�´� )LFDPRV�FRP�R�HQWHQGLPHQWR�GR�7&8�SDUD�D�QRVVD�SURYD�RN"� � 7RGDV�DV�UHJUDV�H�DWLYLGDGHV�TXH�YLPRV�DWp�RFRUUHP�DR�ORQJR�GH�XP� SURFHVVR� GHQRPLQDGR� ³6HOHomR� GR� )RUQHFHGRU´� SHOD� ,1�������� H� GHWDOKDGR�SHOR�*XLD�GH�&RQWUDWDo}HV�GH�7,�GD�6/7,�� 6HOHomR�GR�)RUQHFHGRU�±�3URFHVVR�,1���H�*XLD�GH�&RQWUDWDo}HV�GH� 7,� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�ϮϬ�ĚĞ�ϭϰϰ� (P�VHX�$UW�����QR�FDSXW��D�,1�GHWHUPLQD�TXH�DV�D�IDVH�GH�VHOHomR�GR� IRUQHFHGRU� GHYHUi� REVHUYDU� RXWUDV� QRUPDV�� FRPR� R� 'HFUHWR� ��������� H� D� SUySULD� /HL� ���������� � -i� HVWXGDPRV� RV� GLVSRVLWLYRV� DIHWRV�D�QRVVD�PDWpULD�QDV�DXODV�H�WySLFRV�DQWHULRUHV�H�R�3DUiJUDIR� ÒQLFR� GR� $UW�� ��� GHWHUPLQD� D� REULJDWRULHGDGH� GD� XWLOL]DomR� GD� PRGDOLGDGH� 3UHJmR� SDUD� DTXLVLomR� GH� EHQV� H� VHUYLoRV� FRPXQV��� 9DPRV�j�VXD�UHGDomR�� ³,1��������� $UW���� ������ 3DUiJUDIR� ~QLFR�� e� REULJDWyULD� D� XWLOL]DomR� GD� PRGDOLGDGH� 3UHJmR� SDUD�DV�FRQWUDWDo}HV�GH�TXH�WUDWD�HVWD�,1�VHPSUH�TXH�D�6ROXomR�GH� 7HFQRORJLD� GD� ,QIRUPDomR� IRU� HQTXDGUDGD� FRPR� EHQV� RX� VHUYLoRV� FRPXQV�� FRQIRUPH� R� DUW�� �� GD� /HL� Q� �������� GH� ������ SUHIHUHQFLDOPHQWH�QD�IRUPD�HOHWU{QLFD��GH�DFRUGR�FRP�R�'HFUHWR�Q� �������GH�����´� $Wp�Dt� WXGR�EHP�� �-i�VDEtDPRV�TXH�EHQV�H�VHUYLoRV�GH�7,�VmR��HP� UHJUD��FRQVLGHUDGRV�FRPXQV�H�TXH�SRU�LVVR�GHYHPRV�XVDU�R�3UHJmR� SDUD�OLFLWi�ORV��(�QmR�VH�HVTXHoDP�GH�TXH�H[LVWHP�H[FHo}HV�� $JRUD� YRFrV� OHPEUDP�TXH�QR� LQtFLR� GHVWD� DXOD� HX� IDOHL�TXH�D� IDVH� H[WHUQD�GH�XPD�FRQWUDWDomR�VH�LQLFLD�FRP�D�SXEOLFDomR�GR�HGLWDO�QD� SUDoD"��3RLV�p���$t�YHLR�D�,1����H�GLVVH�TXH�D�IDVH�GH�³6HOHomR�GR� )RUQHFHGRU´� p� LQLFLDGD�D�SDUWLU� GR�HQFDPLQKDPHQWR�GR�7HUPR�GH� 5HIHUrQFLD��75��RX�3URMHWR�%iVLFR��3%��SHOD�iUHD�GH�7,�SDUD�D�iUHD� GH�OLFLWDo}HV��3RLV�EHP��SDUD�D�QRVVD�SURYD��FRQVLGHUR�TXH�GHYHPRV� PDUFDU�FHUWD�D�TXHVWmR�TXH�DILUPH�TXH�D�6HOHomR�GR�)RUQHFHGRU�VH� 79578821883 �h�/dKZ�&/^��>�����KEdZK>���yd�ZEK�ʹ�d��ͬ^�� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϯ� � WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ���������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ����������������WĄŐ͘�Ϯϭ�ĚĞ�ϭϰϰ� LQLFLD� FRP� HVWH� HQYLR� FRQVLGHUDQGR� D� OLWHUDOLGDGH� GD� ,1���� � $OpP� GLVVR�� SHQVR� TXH� GHYHPRV� DVVXPLU� TXH� HVWi� FRUUHWD� WDPEpP� D� SULPHLUD� DILUPDomR� VH� D� TXHVWmR� HVWLYHU� IDODQGR� HP� ³)DVH� ([WHUQD´���2N"��� %RP��D�SDUWLU�GR�$UW������D�,1�DWULEXL�DV� UHVSRQVDELOLGDGHV�GD�IDVH� GH� 6HOHomR� GR� )RUQHFHGRU�� � 3DUD� PHOKRU� HVWXGDUPRV� HVWDV� DWULEXLo}HV�� YHMDPRV� R� IOX[R� GD� UHIHULGD� IDVH� VHJXQGR� R� *XLD� GH� &RQWUDWDo}HV�GD�6/7,�� 79578821883 �& �� Ͳ�� 'h �ʹ� �Ƶ Ěŝ ƚŽ ƌŝĂ �ĚĞ �d/ � �Ƶ ƌƐŽ �dĞ ſƌ ŝĐŽ � Wƌ ŽĨ ͘�& Ąď ŝŽ �� ůǀĞ Ɛ�ʹ �� Ƶů Ă�Ϭ ϰ� � Wƌ ŽĨ ͘�& Ąď ŝŽ �� ůǀĞ Ɛ�� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� �ǁ ǁǁ ͘Ğ Ɛƚƌ Ăƚ ĞŐ ŝĂĐ ŽŶ ĐƵ ƌƐ ŽƐ ͘ĐŽ ŵ ͘ď ƌ�� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� WĄ Ő͘� ϮϮ �ĚĞ � ϭϰ ϰ� � &ŝŐ Ƶƌ Ă�ϭ Ͳ�W ƌŽ ĐĞ ƐƐ Ž�Ě Ğ�^ ĞůĞ ĕĆ Ž�Ě Ž�& Žƌ ŶĞ ĐĞ ĚŽ ƌ�Ͳ �&Ž Ŷƚ Ğ͗� 'Ƶ ŝĂ� ĚĞ �� ŽŶ ƚƌĂ ƚĂ ĕƁ ĞƐ �ĚĞ �d/ �Ͳ� D WK ' 79 57 88 21 88 3 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϯ�ĚĞ� ϭϰϰ� 3HoR�TXH�YRFrV�REVHUYHP�FXLGDGRVDPHQWH�DV�UDLDV�TXH�LQGLFDP�RV� UHVSRQViYHLV�SHOD�H[HFXomR�GDV�DWLYLGDGHV��/HPEUDP�VH�GRV�DWRUHV� H� iUHDV� HQYROYLGDV� TXH� YLPRV� QD� DXOD� ��"� � 3RLV� p�� DOJXQV� GHOHV� DSDUHFHP� DTXL� REYLDPHQWH�� � $�PDLRULD� GHVWDV� DWULEXLo}HV� GR�*XLD� IRUDP� GHILQLGDV� H� GHWDOKDGDV� GH� DFRUGR� FRP� RV�PDQGDPHQWRV� GD� ,1���TXH�GL]�R�VHJXLQWH�� ³,1��������� $UW������&DEHUi�D�ÈUHD�GH�/LFLWDo}HV�FRQGX]LU�DV�HWDSDV�GD�IDVH�GH� 6HOHomR�GR�)RUQHFHGRU�� $UW�� ���� &DEHUi� D� ÈUHD� GH� 7HFQRORJLD� GD� ,QIRUPDomR�� FRP� D� SDUWLFLSDomR� GR� ,QWHJUDQWH� 7pFQLFR�� GXUDQWH� D� IDVH� GH� 6HOHomR� GR� )RUQHFHGRU�� ,� �� DQDOLVDU� DV� VXJHVW}HV� IHLWDV� SHODV� ÈUHDV� GH� /LFLWDo}HV� H� -XUtGLFD� SDUD� R� 7HUPR� GH� 5HIHUrQFLD� RX� 3URMHWR� %iVLFR� H� GHPDLV� GRFXPHQWRV�� ,,� ��DSRLDU�WHFQLFDPHQWH�R�SUHJRHLUR�RX�D�&RPLVVmR�GH�/LFLWDomR� QD�UHVSRVWD�DRV�TXHVWLRQDPHQWRV�RX�jV�LPSXJQDo}HV�GRV�OLFLWDQWHV�� H� ,,,� ��DSRLDU�WHFQLFDPHQWH�R�SUHJRHLUR�RX�D�&RPLVVmR�GH�/LFLWDomR� QD�DQiOLVH�H�MXOJDPHQWR�GDV�SURSRVWDV�H�GRV�UHFXUVRV�DSUHVHQWDGRV� SHORV�OLFLWDQWHV�´� 2�SULQFLSDO�DTXL�p�JUDYDU�TXH�D�6HOHomR�GR�)RUQHFHGRU�p�FRQGX]LGD� SHOD�iUHD�GH�OLFLWDo}HV�FRP�R�DSRLR�GD�iUHD�GH�7,��(�TXH�DSRLR� p�HVVH"��9DPRV�VHJXLU�R�IOX[R�SDUD�HQWHQGHU�WRGR�R�SURFHVVR�� � 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϰ�ĚĞ� ϭϰϰ� $SyV�D�IDVH�GH�SODQHMDPHQWR��TXH�p�ILQDOL]DGD�FRP�D�DSURYDomR�GR� 75�RX�3%�SHOD�DXWRULGDGH�FRPSHWHQWH��D�iUHD�GH�7,�HQFDPLQKDUi�R� UHIHULGR� LQVWUXPHQWR� FRQYRFDWyULR� SDUD� D� iUHD� GH� OLFLWDo}HV�� LQLFLDQGR� HQWmR� D� IDVH� GH� VHOHomR� GR� IRUQHFHGRU�� � $� SULPHLUD� DWLYLGDGH� GD� iUHD� GH� OLFLWDo}HV� H� DYDOLDU� R� 75� RX� 3%�� 1mR� HVWi� UHSUHVHQWDGR�QR� IOX[R��PDV�R�*XLD� LQGLFD�TXH��QHVWH�PRPHQWR��Ki� WDPEpP� D� DEHUWXUD� GR� SURFHVVR� DGPLQLVWUDWLYR� SHOD� iUHD� DGPLQLVWUDWLYD��(VWD�DWLYLGDGH�VH�ID]�QHFHVViULD�SDUD�ID]HU�FXPSULU� R�GLVSRVWR�QD�/HL����������� ³$UW�� ���� 2� SURFHGLPHQWR� GD� OLFLWDomR� VHUi� LQLFLDGR� FRP� D� DEHUWXUD� GH� SURFHVVR� DGPLQLVWUDWLYR�� GHYLGDPHQWH� DXWXDGR�� SURWRFRODGR� H� QXPHUDGR�� FRQWHQGR� D� DXWRUL]DomR� UHVSHFWLYD�� D� LQGLFDomR�VXFLQWD�GH�VHX�REMHWR�H�GR�UHFXUVR�SUySULR�SDUD�D�GHVSHVD�� H�DR�TXDO�VHUmR�MXQWDGRV�RSRUWXQDPHQWH�������´� %RP�� D� SDUWLU� GD� DQiOLVH� UHDOL]DGD� SHOD� iUHD� GH� OLFLWDo}HV� SRGHP� DSDUHFHU� QHFHVVLGDGHV� GH� DMXVWHV� QR� HGLWDO� �HP� JHUDO� DFRQWHFH���� $TXL�FRPHoD�R�DSRLR�TXH�D�iUHD�GH�7,�SUHVWD�DR�SURFHVVR����� ³,� ��DQDOLVDU�DV�VXJHVW}HV�IHLWDV�SHODV�ÈUHDV�GH�/LFLWDo}HV���´� (�QR�IOX[R� LVWR�HVWi�UHSUHVHQWDGR�FRPR�D�UHYLVmR�WpFQLFD�GR�75�RX� 3%� DSyV� D� DQiOLVH� UHDOL]DGD� SHOD� iUHD� GH� OLFLWDo}HV�� LVWR� p�� DSyV� DYDOLDomR� TXDQWR� DR� DWHQGLPHQWR� GRV� SDGU}HV�� OHJLVODomR� H� RXWURV� SDUkPHWURV� LQWHUQRV�� D� iUHD� GH� OLFLWDo}HV� GHYHUi� HQFDPLQKDU� UHFRPHQGDo}HV�j�iUHD�WpFQLFD��SRU�PHLR�GR�,QWHJUDQWH�7pFQLFR��TXH� UHDOL]DUi�DV�DOWHUDo}HV�QHFHVViULDV�SDUD�R�DQGDPHQWR�GR�SURFHVVR�� 9HQFLGD� HVWD� HWDSD�� 75� RX� 3%� UHYLVDGR� H� DMXVWDGR�� D� PLQXWD� GR� HGLWDO�GH�FRQYRFDomR�VHUi�HODERUDGD�SHOD�iUHD�GH�OLFLWDo}HV���� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϱ�ĚĞ� ϭϰϰ� 3HVVR$//���4XHP�HODERUD�75�H�3%�p�D�(TXLSH� GH� 3ODQHMDPHQWR� GD� &RQWUDWDomR�� 4XHP� HQFDPLQKD� R� 75� RX� R� 3%� SDUD� D� iUHD� GH� OLFLWDo}HV�p�D�ÈUHD�GH�7,��4XHP�HODERUD�D�PLQXWD�GR�HGLWDO�p�D�ÈUHD� GH�/LFLWDo}HV�� $� PLQXWD� GR� HGLWDO� p� HQWmR� HQYLDGD� SDUD� D� ÈUHD� -XUtGLFD� TXH� HIHWXDUi� VXD� DQiOLVH�� � (VVH� WUkPLWH� DWHQGH� DR� GLVSRVWR� QD� /HL� ���������� ³$UW���������� 3DUiJUDIR�~QLFR�� �$V�PLQXWDV�GH�HGLWDLV�GH� OLFLWDomR��EHP�FRPR�DV� GRV� FRQWUDWRV�� DFRUGRV�� FRQYrQLRV� RX� DMXVWHV� GHYHP� VHU� SUHYLDPHQWH�H[DPLQDGDV�H�DSURYDGDV�SRU�DVVHVVRULD�MXUtGLFD� GD�$GPLQLVWUDomR���5HGDomR�GDGD�SHOD�/HL�Q��������GH������´� 0DLV�XPD�YH]��DJRUD�DSyV�D�DQiOLVH�SHOD�ÈUHD�-XUtGLFD��D�ÈUHD�GH�7,� HQWUDUi�HP�FHQD�SDUD�DQDOLVDU�H�UHDOL]DU�SRVVtYHLV�DMXVWHV�VXJHULGRV� H�QR�75�RX�3%��� ³,� �� DQDOLVDU� DV� VXJHVW}HV� IHLWDV� SHODV� ÈUHDV� GH� /LFLWDo}HV� H� -XUtGLFD� SDUD� R� 7HUPR� GH� 5HIHUrQFLD� RX� 3URMHWR� %iVLFR� H� GHPDLV� GRFXPHQWRV�´� 0DV�SURIHVVRU����D�ÈUHD�-XUtGLFD�QmR�DQDOLVD�Vy�D�PLQXWD�GR�HGLWDO"� &RPR�HOHV�SRGHULDP�LQGLFDU�QHFHVVLGDGHV�GH�DMXVWHV�QR�75�RX�3%"�� &DUR�D��DOXQR�D���R�75�ID]�SDUWH�GD�PLQXWD�GR�HGLWDO���6HPSUH�TXH� XP�HGLWDO�p�ODQoDGR�R�75�ID]�SDUWH�GR�LQVWUXPHQWR�FRQYRFDWyULR��SRU� LVVR�� TXDQGR� D� GRFXPHQWDomR� FKHJD� SDUD� DQiOLVH� GD� ÈUHD� -XUtGLFD�HOH� FKHJD�FRPSOHWR�H�HOHV�GHYHP�DQDOLVDU�R� LQVWUXPHQWR�GH� IRUPD� FRPSOHWD�� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϲ�ĚĞ� ϭϰϰ� %RP��HQWmR�D�ÈUHD�GH�7,�UHDOL]D�DV�DOWHUDo}HV�H�R�IOX[R�LQGLFD�TXH�R� GRFXPHQWR�UHYLVDGR�GHYH�VHU�HQYLDGR�SDUD�D�ÈUHD�-XUtGLFD�RX�SDUD�D� ÈUHD� GH� /LFLWDo}HV� QRYDPHQWH� D� GHSHQGHU� GR� FDVR�� 9DOH� UHVVDOWDU� TXH�� HP� SDUDOHOR� j� UHYLVmR� WpFQLFD� SHOD� ÈUHD� GH� 7,�� D� ÈUHD� $GPLQLVWUDWLYD� GHYH� HIHWXDU� DV� UHYLV}HV� GDV� TXHVW}HV� DGPLQLVWUDWLYDV�TXH�SRU�YHQWXUD�WHQKDP�VLGR�OHYDQWDGDV�� 6HJXLQGR� R� SURFHVVR� WHPRV� D� DYDOLDomR� GD� QHFHVVLGDGH� GH� UHDOL]DomR� GH� XPD� DXGLrQFLD� S~EOLFD�� � (VWD� DYDOLDomR� HVWi� EDVHDGD�HP�XP�FULWpULR�REMHWLYR�YLVDQGR�DWHQGHU�DR�GLVSRVWR�QR�$UW�� ���GD�/HL����������� ³$UW�������6HPSUH�TXH�R�YDORU�HVWLPDGR�SDUD�XPD�OLFLWDomR�RX�SDUD� XP�FRQMXQWR�GH� OLFLWDo}HV�VLPXOWkQHDV�RX�VXFHVVLYDV� IRU�VXSHULRU�D� �����FHP��YH]HV�R�OLPLWH�SUHYLVWR�QR�DUW������LQFLVR�,��DOtQHD� �F��GHVWD�/HL��R�SURFHVVR�OLFLWDWyULR�VHUi�LQLFLDGR��REULJDWRULDPHQWH�� FRP�XPD�DXGLrQFLD� S~EOLFD� FRQFHGLGD� SHOD� DXWRULGDGH� UHVSRQViYHO� FRP�DQWHFHGrQFLD�PtQLPD�GH�����TXLQ]H��GLDV�~WHLV�GD�GDWD�SUHYLVWD� SDUD� D� SXEOLFDomR� GR� HGLWDO�� H� GLYXOJDGD�� FRP� D� DQWHFHGrQFLD� PtQLPD� GH� ��� �GH]�� GLDV� ~WHLV� GH� VXD� UHDOL]DomR�� SHORV� PHVPRV� PHLRV�SUHYLVWRV�SDUD�D�SXEOLFLGDGH�GD�OLFLWDomR��j�TXDO�WHUmR�DFHVVR� H�GLUHLWR�D�WRGDV�DV�LQIRUPDo}HV�SHUWLQHQWHV�H�D�VH�PDQLIHVWDU�WRGRV� RV�LQWHUHVVDGRV�´� 2� YDORU� FLWDGR� QR� DUWLJR� VH� UHIHUH� DR� YDORU� GH� ������������� �XP� PLOKmR�H�TXLQKHQWRV�PLO� UHDLV��D� SDUWLU�GR�TXDO��D� /HL�GHWHUPLQD�D� XWLOL]DomR� GD� PRGDOLGDGH� FRQFRUUrQFLD�� � 3DUD� GHFLGLU� VH� KDYHUi� DXGLrQFLD�S~EOLFD��GHYH�VH�PXOWLSOLFDU�HVVH�YDORU�SRU�������)D]HQGR� HVVD� ³FRQWLQKD´� FKHJDPRV� ��������������� �FHQWR� H� FLQTXHQWD� PLOK}HV�GH�UHDLV��� �e�EHP�GLItFLO� WHUPRV�XPD�OLFLWDomR�SDUD�iUHD�GH� 7,� TXH� FKHJXH� D� HVWH� YDORU�� PDV�� SRGH� VHU� TXH� DFRQWHoD�� � $OpP� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϳ�ĚĞ� ϭϰϰ� GLVVR��R�UHIHULGR�DUWLJR�IDOD�HP�YDORU�HVWLPDGR�SDUD�XPD�OLFLWDomR�RX� SDUD�XP�FRQMXQWR�GH�OLFLWDo}HV�VLPXOWkQHDV�RX�VXFHVVLYDV���� ³3DUiJUDIR�~QLFR���3DUD�RV�ILQV�GHVWH�DUWLJR��FRQVLGHUDP�VH�OLFLWDo}HV� VLPXOWkQHDV� DTXHODV� FRP� REMHWRV� VLPLODUHV� H� FRP� UHDOL]DomR� SUHYLVWD�SDUD�LQWHUYDORV�QmR�VXSHULRUHV�D�WULQWD�GLDV�H�OLFLWDo}HV� VXFHVVLYDV� DTXHODV� HP� TXH�� WDPEpP� FRP� REMHWRV� VLPLODUHV�� R� HGLWDO� VXEVHTXHQWH� WHQKD�XPD�GDWD�DQWHULRU�D� FHQWR�H�YLQWH� GLDV� DSyV� R� WpUPLQR� GR� FRQWUDWR� UHVXOWDQWH� GD� OLFLWDomR� DQWHFHGHQWH�´� %RP�� VH� KRXYHU� D� QHFHVVLGDGH�� D� DXGLrQFLD� S~EOLFD� VHUi� UHDOL]DGD� FRP�DQWHFHGrQFLD�GH��QR�PtQLPR�����GLDV�GD�GDWD�GH�SXEOLFDomR�GR� HGLWDO�� �(�D�FKDPDGD�SDUD� WDO�DXGLrQFLD�GHYH�VHU� UHDOL]DGD����GLDV� DQWHV�GD�VXD�RFRUUrQFLD�� 'HSRLV� GLVVR� WXGR� R� TXH� YLPRV� DWp� DTXL�� p� TXH� R� LQVWUXPHQWR� FRQYRFDWyULR� �HGLWDO�� p� SXEOLFDGR�� � 5HSDUHP� TXH� IRL� XP� ORQJR� FDPLQKR� DWp� FKHJDUPRV� D� HVWH� SRQWR�� � (� DTXL� GHYR� UHOHPEUi�ORV� TXH�� D� IDVH� GH� VHOHomR� GR� IRUQHFHGRU�� GH� DFRUGR� FRP� R� *XLD� GH� &RQWUDWDo}HV�GD�6/7,�VH�LQLFLD�FRP�R�HQFDPLQKDPHQWR�GR�75�RX�3%� SHOD�iUHD�GH�7,�SDUD�iUHD�GH� OLFLWDo}HV��PDV�TXH�D� IDVH�H[WHUQD�p� LQLFLDGD�D�SDUWLU�GD�SXEOLFDomR�GR�HGLWDO���2�HPEDVDPHQWR�SDUD�HVWD� ~OWLPD�DILUPDomR�HX�UHWLUR�GR�$UW����GD�/HL��������������QmR�HVWi� H[SUHVVD� HP�QRVVR� HGLWDO��� � (VWD� /HL� LQVWLWXL�� QR� kPELWR� GD�8QLmR�� (VWDGRV�� 'LVWULWR� )HGHUDO� H� 0XQLFtSLRV�� D� PRGDOLGDGH� GH� OLFLWDomR� GHQRPLQDGD�SUHJmR��SDUD�DTXLVLomR�GH�EHQV�H�VHUYLoRV�FRPXQV��� 9DPRV�j�WUDQVFULomR�� ³/HL������������� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϴ�ĚĞ� ϭϰϰ� $UW�� �� $� IDVH� H[WHUQD� GR� SUHJmR� VHUi� LQLFLDGD� FRP� D� FRQYRFDomR�GRV�LQWHUHVVDGRV�H�REVHUYDUi�DV�VHJXLQWHV�UHJUDV�� �����´� &RPR� D� UHIHULGD� OHL� QmR� HVWi� H[SUHVVD� HP� QRVVR� HGLWDO�� QmR� FDEH� FLWDUPRV�PDLV�QDGD�HP�UHODomR�DR�VHX�FRQWH~GR���� 3DUD�IHFKDUPRV�R�HQWHQGLPHQWR��GH�XPD�YH]�SRU�WRGDV��GH�RQGH�D� IDVH�H[WHUQD�VH�LQLFLD��WUDJR�R�HQWHQGLPHQWR�GR�7&8�� ³$� IDVH� H[WHUQD� WHP� LQtFLR� FRP� D� GLYXOJDomR� GR� DWR� FRQYRFDWyULR�H�YDL�DWp�D�FRQWUDWDomR�GR�IRUQHFLPHQWR�GR�EHP��GD� H[HFXomR�GD�REUD�RX�GD�SUHVWDomR�GRV�VHUYLoRV�´� 9ROWDQGR�DR�*XLD�GH�&RQWUDWDo}HV�GH�7,�GD�6/7,�H�j�)DVH�GH�6HOHomR� GR�)RUQHFHGRU��WHPRV�HQWmR�D�SXEOLFDomR�GR�HGLWDO��D�PDQHLUD�FRPR� HVWD� SXEOLFDomR� VHUi� UHDOL]DGD� LUi� YDULDU� GH� DFRUGR� FRP� D� PRGDOLGDGH�GH�OLFLWDomR�DGRWDGD�� 6H�KRXYHU�TXHVWLRQDPHQWRV�RX�WHQWDWLYDV�GH�LPSXJQDomR��D�ÈUHD�GH� 7,� DWXDUi� QRYDPHQWH� SDUD� DSRLDU� WHFQLFDPHQWH� DV� UHVSRVWDV��� 9HQFLGD�PDLV�HVWD�HWDSD��WRGRV�RV�TXHVWLRQDPHQWRV�H�WHQWDWLYDV�GH� LPSXJQDo}HV� GHYLGDPHQWH� UHVSRQGLGDV�� Ki� D� UHDOL]DomR� GD� VHVVmR� S~EOLFD�SDUD�UHFHELPHQWR�GDV�SURSRVWDV���(VWD�VHVVmR�SRGH�RFRUUHU� SUHVHQFLDOPHQWH�QRV�SURFHVVRV�FXMDV�PRGDOLGDGHV�OLFLWDWyULDV�VHMDP� &RQFRUUrQFLD��7RPDGD�GH�3UHoRV��&RQYLWH�RX�3UHJmR�3UHVHQFLDO��RX� HP�VLWH�GD�,QWHUQHW�QRV�FDVRV�GH�3UHJmR�(OHWU{QLFR�� $SyV� R� UHFHELPHQWR� GDV� SURSRVWDV�� PDLV� XPD� YH]� D� iUHD� GH� 7,� SRGHUi� VHU� FKDPDGD� D� DSRLDU� R� SURFHVVR�� 1HVWH� PRPHQWR�� HOD� GHYHUi� DSRLDU� �LQWHJUDQWH� WpFQLFR�� WHFQLFDPHQWH� D� DQiOLVH� R� MXOJDPHQWR�GDV�SURSRVWDV���� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�Ϯϵ�ĚĞ� ϭϰϰ� (QWmR� R� YHQFHGRU� p� GHFODUDGR� SHOD� iUHD� GH� OLFLWDo}HV� H�PDLV� XPD� YH]�SRGHP�VXUJLU�TXHVWLRQDPHQWRV��DJRUD�VRE�D�IRUPD�GH�UHFXUVRV� DGPLQLVWUDWLYRV���&DVR�WDLV�UHFXUVRV�VHMDP�GH�FXQKR�WpFQLFR��D�iUHD� GH�7,�GHYHUi�UHVSRQGr�ORV���1RV�WHUPRV�GR�*XLD��³&DVR�KDMD�UHFXUVR� GH�WHRU�WpFQLFR�LQWHUSRVWR�SHORV�OLFLWDQWHV��R�3UHJRHLUR�RX�3UHVLGHQWH� GD�FRPLVVmR�GH�OLFLWDo}HV�VROLFLWDUi�DSRLR�j�ÈUHD�GH�7,�SRU�PHLR�GH� VHX�,QWHJUDQWH�7pFQLFR�SDUD�TXH�SURFHGD�D�DQiOLVH�H�MXOJDPHQWR�´� 2V� GHPDLV� UHFXUVRV� ILFDP� D� FDUJR� GD� SUySULD� iUHD� GH� OLFLWDo}HV��� $SyV� D� UHVSRVWD� DRV� UHFXUVRV� D� $XWRULGDGH� &RPSHWHQWH� GHYH� DGMXGLFDU�R�REMHWR�GD�FRQWUDWDomR�DR�YHQFHGRU�GR�FHUWDPH�H�UHDOL]DU� D�KRPRORJDomR�GD�OLFLWDomR���� � )LTXHP� HVSHUWRV�� � $GMXGLFDU� p� GLIHUHQWH� GH� KRPRORJDU�� �$�DGMXGLFDomR� VH� UHIHUH�DR�DWR� GH� DWULEXLU� R� REMHWR� GD� OLFLWDomR� DR� YHQFHGRU�GR�FHUWDPH�� � -i�D�KRPRORJDomR� p�R�DWR�SHOR�TXDO�VH�FRQFOXL�SHOD�YDOLGDGH�GH�WRGR�R�SURFHVVR� OLFLWDWyULR�� $� KRPRORJDomR� p� R� DWR� TXH� HQFHUUD� D� OLFLWDomR�� DEULQGR�HVSDoR�SDUD�D�FRQWUDWDomR�� $SyV�D�DGMXGLFDomR�GR�REMHWR�H�D�KRPRORJDomR�GD� OLFLWDomR��WHPRV� DVVLQDWXUD� GR� FRQWUDWR�� &RP� HVWD� DVVLQDWXUD�� D� HTXLSH� GH� SODQHMDPHQWR�GD�FRQWUDWDomR��DTXHOD�TXH�IRL�PRQWDGD�Oi�QR�LQtFLR�GD� IDVH�GH�SODQHMDPHQWR�� �1HVWH�PRPHQWR��VmR�QRPHDGRV�R�*HVWRU�H� RV�)LVFDLV�GR�FRQWUDWR���1D�DXOD�VHJXLQWH�YDPRV�GHWDOKDU�DV�IXQo}HV� GHVWHV�DWRUHV���3RU�KRUD��EDVWD�VDEHUPRV�TXH��GH�DFRUGR�FRP�R�*XLD� GH� &RQWUDWDo}HV� GD� 6/7,�� D� )DVH� GH� 6HOHomR� GR� )RUQHFHGRU� VH� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϬ�ĚĞ� ϭϰϰ� HQFHUUD� FRP� D� DVVLQDWXUD� GR� FRQWUDWR� H� FRP� D� QRPHDomR�� SHOD� $XWRULGDGH�&RPSHWHQWH�GRV�VHJXLQWHV�DWRUHV�� x *HVWRU�GR�&RQWUDWR�� x )LVFDO�7pFQLFR�� x )LVFDO�5HTXLVLWDQWH��H�� x )LVFDO�$GPLQLVWUDWLYR��2XWUR�SRQWR�TXH�HP�SHQVR�TXH�PHUHFH�GHVWDTXH�VmR�RV�FULWpULRV�GH� VHOHomR� GH� XP� IRUQHFHGRU�� � 1mR� FRQIXQGDP� HVWHV� FULWpULRV� FRP� D� DQiOLVH�GH�SURSRVWDV�WpFQLFDV�TXH�YLPRV�QHVWD�DXOD��SRLV�PHVPR�HP� XPD� OLFLWDomR�GR� WLSR�PHQRU�SUHoR�� WHPRV�FULWpULRV�TXH� LUmR�GHILQLU� VH� GHWHUPLQDGR� IRUQHFHGRU� GHYH� VHU� FRQWUDWDGR� RX� QmR��� 2EYLDPHQWH�� WDLV� FULWpULRV� VmR� FRQVWUXtGRV� DR� ORQJR� GD� IDVH� GH� SODQHMDPHQWR� GD� FRQWUDWDomR� H� XWLOL]DGRV� QD� IDVH� GH� VHOHomR� GR� IRUQHFHGRU� SDUD� JDUDQWLU� TXH� R� OLFLWDQWH� WHP� FRQGLo}HV�PtQLPDV� H� LQGLVSHQViYHLV�SDUD�FRQWUDWDU�FRP�D�$GPLQLVWUDomR�3~EOLFD���1R�ILQDO� GDV�FRQWDV�SHVVRDO��R�TXH�VH�TXHU�FRP�HVWHV�FULWpULRV�p�PLQLPL]DU�RV� ULVFRV�TXH�R� FRQWUDWR�QmR� VHMD� FXPSULGR�� EXVFDQGR�JDUDQWLU� TXH�D� HPSUHVD� D� VHU� FRQWUDWDGD� VHUi� FDSD]� GH� H[HFXWDU� R� REMHWR� GR� FRQWUDWR���9DPRV�UHOHPEUDU�R�$UW�����TXH�Mi�YLPRV�QHVWD�DXOD�� ³/HL���������� ������ $UW�� ���� 3DUD� D� KDELOLWDomR� QDV� OLFLWDo}HV� H[LJLU�VH�i� GRV� LQWHUHVVDGRV��H[FOXVLYDPHQWH��GRFXPHQWDomR�UHODWLYD�D�� ,���KDELOLWDomR�MXUtGLFD�� &ULWpULRV�GH�6HOHomR�GR�)RUQHFHGRU� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϭ�ĚĞ� ϭϰϰ� ,,���TXDOLILFDomR�WpFQLFD�� ,,,���TXDOLILFDomR�HFRQ{PLFR�ILQDQFHLUD�� ,9�±�UHJXODULGDGH�ILVFDO�H�WUDEDOKLVWD�� 9� ±� FXPSULPHQWR� GR� GLVSRVWR� QR� LQFLVR� ;;;,,,� GR� DUW�� �R� GD� &RQVWLWXLomR� )HGHUDO� �;;;,,,� �� SURLELomR� GH� WUDEDOKR� QRWXUQR�� SHULJRVR�RX�LQVDOXEUH�D�PHQRUHV�GH�GH]RLWR�H�GH�TXDOTXHU�WUDEDOKR� D� PHQRUHV� GH� GH]HVVHLV� DQRV�� VDOYR� QD� FRQGLomR� GH� DSUHQGL]�� D� SDUWLU�GH�TXDWRU]H�DQRV���´� 3HUFHEDP� TXH�� GH� DFRUGR� FRP� D� OHL� JHUDO� GH� OLFLWDo}HV�� D� $GPLQLVWUDomR� GHYHUi� ³FREUDU´� GRFXPHQWRV� TXH� FRPSURYHP� DVSHFWRV� MXUtGLFRV�� WpFQLFRV�� HFRQ{PLFR�ILQDQFHLURV� H� ILVFDLV� H� WUDEDOKLVWDV���� 6REUH� RV� FULWpULRV� WpFQLFRV�� TXH� VmR� RV� TXH� PDLV� QRV� LQWHUHVVDP� DTXL�� SRGHPRV� GL]HU� TXH� HVWHV� VmR� GHILQLGRV� SDUD� WRUQDU� SRVVtYHO� XPD� DYDOLDomR� GD� FDSDFLGDGH� WpFQLFD� GR� SRVVtYHO� FRQWUDWDGR� �OLFLWDQWH�� HP� UHODomR� j� UHDOL]DomR� GR� REMHWR� GD� FRQWUDWDomR���� 2EYLDPHQWH� p� YHGDGD� TXDOTXHU� H[LJrQFLD� TXH� QmR� JXDUGH� UHODomR� FRP�R�REMHWR�D�VHU�FRQWUDWDGR�Qp�SHVVRDO"��$�LGHLD�p�H[LJLU�R�PtQLPR� QHFHVViULR�SDUD�TXH�D�FRPSHWLWLYLGDGH�QmR�VHMD�UHVWULQJLGD�� �1HVWH� VHQWLGR�� WUDJR� GRLV� HQWHQGLPHQWRV� GR� 7&8� TXH� FRUURERUDP� HVWD� DILUPDomR�� ³2� JHVWRU� GHYH� DEVWHU�VH� GH� ID]HU� H[LJrQFLDV� GHVQHFHVViULDV�� LUUHOHYDQWHV� H� TXH� QmR� HVWHMDP� UHODFLRQDGDV� GLUHWDPHQWH� FRP� D� H[HFXomR�GR�REMHWR�´� � 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϮ�ĚĞ� ϭϰϰ� ³(VWDEHOHoD�� FRP� FODUH]D�� D� H[SHULrQFLD� D� VHU� H[LJLGD� GDV� HPSUHVDV� OLFLWDQWHV� QD� KDELOLWDomR�� REVHUYDQGR� HVWULWDPHQWH� RV� OLPLWHV� GR� TXH� IRU� QHFHVViULR� SDUD� D� JDUDQWLD� GD� TXDOLGDGH� GR� VHUYLoR�� QmR� UHVWULQJLQGR� D� FRPSHWLWLYLGDGH� GR� FHUWDPH�� GH� PRGR� D� GDU� FXPSULPHQWR� DR� DUW�� ���� LQFLVR� ;;,�� GD� &RQVWLWXLomR� )HGHUDO�� H� DR� DUW�� ��� � ��� LQFLVR� ,�� GD� /HL� �����������´� � 2� $UW�� ��� GD� ��������� GHILQH� TXDO� p� D� GRFXPHQWDomR� WpFQLFD� D� VHU� H[LJLGD���9DPRV�YHU�� ³/HL���������� $UW������$�GRFXPHQWDomR�UHODWLYD�j�TXDOLILFDomR�WpFQLFD�OLPLWDU�VH�i�D�� ,���UHJLVWUR�RX�LQVFULomR�QD�HQWLGDGH�SURILVVLRQDO�FRPSHWHQWH�� ,,� �� FRPSURYDomR� GH� DSWLGmR� SDUD� GHVHPSHQKR� GH� DWLYLGDGH� SHUWLQHQWH�H�FRPSDWtYHO�HP�FDUDFWHUtVWLFDV��TXDQWLGDGHV�H�SUD]RV� FRP� R� REMHWR� GD� OLFLWDomR�� H� LQGLFDomR� GDV� LQVWDODo}HV� H� GR� DSDUHOKDPHQWR� H� GR� SHVVRDO� WpFQLFR� DGHTXDGRV� H� GLVSRQtYHLV� SDUD� D� UHDOL]DomR�GR�REMHWR�GD� OLFLWDomR��EHP�FRPR�GD�TXDOLILFDomR�GH�FDGD�XP� GRV�PHPEURV�GD�HTXLSH�WpFQLFD�TXH�VH�UHVSRQVDELOL]DUi�SHORV�WUDEDOKRV�� ,,,� �� FRPSURYDomR�� IRUQHFLGD� SHOR� yUJmR� OLFLWDQWH�� GH� TXH� UHFHEHX� RV� GRFXPHQWRV��H��TXDQGR�H[LJLGR��GH�TXH�WRPRX�FRQKHFLPHQWR�GH�WRGDV�DV� LQIRUPDo}HV� H� GDV� FRQGLo}HV� ORFDLV� SDUD� R� FXPSULPHQWR� GDV� REULJDo}HV� REMHWR�GD�OLFLWDomR�� ,9���SURYD�GH�DWHQGLPHQWR�GH�UHTXLVLWRV�SUHYLVWRV�HP�OHL�HVSHFLDO��TXDQGR� IRU�R�FDVR�´� �³$�UHJUD�p�FODUD���´�$�/HL�GHWHUPLQD�TXH��TXDQWR� j� TXDOLILFDomR� WpFQLFD�� VRPHQWH� HVWD� GRFXPHQWDomR�SRGHUi�VHU�H[LJLGD��PDV�R�LQFLVR�,,� Gi�XPD�³FHUWD�PDUJHP´�DR�DGPLQLVWUDGRU�S~EOLFR�SDUD�GHILQLU�RV�FULWpULRV� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϯ�ĚĞ� ϭϰϰ� WpFQLFRV�� � (VWH� LQFLVR� p� FRPSOHPHQWDGR� SHOR� � �� GR� PHVPR� DUWLJR��� 9HMDPRV�� ³� �R� $� FRPSURYDomR� GH� DSWLGmR� UHIHULGD� QR� LQFLVR� ,,� GR� �FDSXW�� GHVWH� DUWLJR��QR�FDVR�GDV�OLFLWDo}HV�SHUWLQHQWHV�D�REUDV�H�VHUYLoRV��VHUi�IHLWD�SRU� DWHVWDGRV� IRUQHFLGRV�SRU�SHVVRDV� MXUtGLFDV�GH�GLUHLWR�S~EOLFR�RX�SULYDGR�� GHYLGDPHQWH� UHJLVWUDGRV� QDV� HQWLGDGHV� SURILVVLRQDLV� FRPSHWHQWHV�� OLPLWDGDV�DV�H[LJrQFLDV�D�� ,� �� FDSDFLWDomR� WpFQLFR�SURILVVLRQDO�� FRPSURYDomR�GR� OLFLWDQWH�GH�SRVVXLU� HP� VHX� TXDGUR� SHUPDQHQWH�� QD� GDWD� SUHYLVWD� SDUD� HQWUHJD� GD� SURSRVWD�� SURILVVLRQDO� GH� QtYHO� VXSHULRU� RX� RXWUR� GHYLGDPHQWH� UHFRQKHFLGR� SHOD� HQWLGDGH� FRPSHWHQWH�� GHWHQWRU� GH� DWHVWDGR� GH� UHVSRQVDELOLGDGH� WpFQLFD� SRU� H[HFXomR� GH� REUD� RX� VHUYLoR� GH� FDUDFWHUtVWLFDV� VHPHOKDQWHV�� OLPLWDGDV� HVWDV� H[FOXVLYDPHQWH� jV� SDUFHODV� GH�PDLRU�UHOHYkQFLD�H�YDORU�VLJQLILFDWLYR�GR�REMHWR�GD�OLFLWDomR��YHGDGDV�DV� H[LJrQFLDV�GH�TXDQWLGDGHV�PtQLPDV�RX�SUD]RV�Pi[LPRV�´� (P� JHUDO�� D� FRPSURYDomR� GD� TXDOLILFDomR� WpFQLFD� p� REWLGD� D� SDUWLU� GH� DWHVWDGRV��3DUD�R�7&8��HP�UHJUD��QmR�GHYH�KDYHU�D�H[LJrQFLD�GH�Q~PHUR� PtQLPR� GH� DWHVWDGRV� GH� FDSDFLWDomR� WpFQLFD�� WDO� FRPR� HVWi� OHL�� PDV� D� SUySULD� &RUWH� GH� &RQWDV� DGPLWH� H[FHo}HV�� (VWHV� DWHVWDGRV� SRGHP� VHU� HPLWLGRV�SRU�SHVVRDV�MXUtGLFDV�GH�GLUHLWR�S~EOLFR�FRPR�GH�GLUHLWR�SULYDGR�� 6H�QmR�KRXYHU�MXVWLILFDWLYD��QmR�p�SRVVtYHO�TXH�R�JHVWRU�UHVWULQMD�R�DFHLWH� GRV�DWHVWDGRV�VRPHQWH�SDUD�DTXHOHV�OLFLWDQWHV�TXH�RV�REWpP�GH�yUJmRV�RX� HQWLGDGHV�S~EOLFDV��$OpP�GLVVR��GHYHP�VHU�DFHLWRV�FHUWLG}HV�RX�DWHVWDGRV� REWLGRV�SHOD�H[HFXomR�GH�VHUYLoRV�VLPLODUHV��$� OHL� UHVWULQJH�TXH�GHYHUmR� VHU� DGPLWLGRV� DWHVWDGRV� GH� RXWURV� VHUYLoRV�� GHVGH� TXH� VLPLODUHV�� GH� FRPSOH[LGDGH�WHFQROyJLFD�RX�RSHUDFLRQDO�HTXLYDOHQWH�RX�VXSHULRU��7XGR� LVVR�HP�SURO�GD�QmR�UHVWULomR�GD�FRPSHWLYLGDGH���� $OpP�GLVVR��GHYH�VHU�GHVWDFDGD�D�YHGDomR�GD�H[LJrQFLD�GD�FRPSURYDomR� GH� YtQFXOR� GRV� SURILVVLRQDLV� GH� FDSDFLGDGH� WpFQLFR� RSHUDFLRQDO� QR� PRPHQWR�GD�KDELOLWDomR��7DO� H[LJrQFLD�� VHJXQGR�D� OHL�� Vy�p� FDEtYHO�SDUD� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϰ�ĚĞ� ϭϰϰ� SURILVVLRQDLV� GH� QtYHO� VXSHULRU� RX� RXWUR� GHYLGDPHQWH� UHFRQKHFLGR� SHOD� DXWRULGDGH� FRPSHWHQWH�� GHWHQWRUHV� GD� UHVSRQVDELOLGDGH� WpFQLFD� SHOD� H[HFXomR�GR�REMHWR�� 6REUH�D�TXDOLILFDomR�WpFQLFR�SURILVVLRQDO��WUDJR�XP�UHVXPR�GR�TXH�HVWi�OHL� H�p�FRUURERUDGR�SHOR�7&8�� 2V�DWHVWDGRV�GH�FDSDFLGDGH�WpFQLFD�QmR�SRGHUmR�HVWDU�OLPLWDGRV�HP�� �WHPSR�±�QmR�SRGH�VHU�H[LJLGR�SUD]R�GH�YDOLGDGH��3RU�H[HPSOR��GDWDGR� GRV�~OWLPRV�����GLDV�� �pSRFD�±�QmR�SRGH�VHU�H[LJLGR�TXH�R�REMHWR�WHQKD�VLGR�H[HFXWDGR�HP� GHWHUPLQDGR�SHUtRGR��D�QmR� VHU�TXDQGR�D� WHFQRORJLD�D�VHU�DGRWDGD�VHMD� UHFHQWH�� � ORFDLV� HVSHFtILFRV� ±�QmR� SRGH� VHU� H[LJLGR� TXH� R� REMHWR� WHQKD� VLGR� H[HFXWDGR� HP� GHWHUPLQDGR� ORFDO�� 3RU� H[HPSOR�� RV� VHUYLoRV� RX� R� IRUQHFLPHQWR�WHQKDP�VLGR�UHDOL]DGRV�HP�%UDVtOLD�')��� 7HPRV� PDLV� XPD� GHOLEHUDomR� GR� 7ULEXQDO� TXH� PHUHFH� XPD� DWHQomR� HVSHFLDO�� ³$EVWHQKD�VH� GH� H[LJLU� TXH� RV� SURILVVLRQDLV� OLVWDGRV� SHODV� SDUWLFLSDQWHV�� SDUD� FRPSURYDomR� GD� FDSDFLGDGH� WpFQLFR�RSHUDFLRQDO�� WHQKDP�� QR� PRPHQWR�GD�KDELOLWDomR��YtQFXOR�SURILVVLRQDO�GH�TXDOTXHU�QDWXUH]D�MXUtGLFD� FRP�D�UHVSHFWLYD�OLFLWDQWH��XPD�YH]�TXH��GH�DFRUGR�FRP�R�LQFLVR�,�GR���� GR� DUW�� ��� GD� /HL� Q�� ���������� WDO� H[LJrQFLD� VRPHQWH� p� FDEtYHO� SDUD� D� FRPSURYDomR� GD� FDSDFLGDGH� WpFQLFR�SURILVVLRQDO�� HP� UHODomR� DRV� SURILVVLRQDLV� GH� QtYHO� VXSHULRU�� RX� RXWUR� GHYLGDPHQWH� UHFRQKHFLGR� SHOD� HQWLGDGH�FRPSHWHQWH��GHWHQWRUHV�GH�UHVSRQVDELOLGDGH�WpFQLFD�´� 0DV�R�TXH�LVVR�TXHU�GL]HU"��3HVVRDO��p�R�VHJXLQWH��'LJDPRV�TXH�R�REMHWR� OLFLWDGR� VHMD� XPD� 6DOD� &RIUH� �DTXLVLomR� H� LQVWDODomR�� FRP� H[HFXomR� GH� REUD�±� LVVR� p� Vy�XP�H[HPSOR���2� HGLWDO� SRGHUi� �H�GHYHUi�� H[LJLU� TXH�D� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϱ�ĚĞ� ϭϰϰ� HPSUHVD�WHQKD�HP�VHX�TXDGUR��XP�HQJHQKHLUR�UHJLVWUDGR�QR�&RQVHOKR� 5HJLRQDO� GH� (QJHQKDULD� H� $UTXLWHWXUD� ±� &5($� �SURILVVLRQDO� GH� QtYHO� VXSHULRU�� UHFRQKHFLGR� SRU� HQWLGDGH� FRPSHWHQWH��QR�PRPHQWR� GD� IDVH� GH�KDELOLWDomR��FRQIRUPH�PDQGDPHQWR�GD�/HL����������� �0DV����FDVR�R� yUJmR�FRQWUDWDQWH�H[LMD�WDPEpP�XP�*HUHQWH�GH�3URMHWRV�FHUWLILFDGR�SHOR� 30,��303��SDUD�JHUHQFLDU�R�SURMHWR��D�H[LJrQFLD��TXH�REYLDPHQWH�WDPEpP� GHYHUi� FRQVWDU� QR� HGLWDO�� SDUD� TXH� HVWH� SURILVVLRQDO� FRQVWH� QR� TXDGUR� �YtQFXOR�SURILVVLRQDO��GD�HPSUHVD�GHYH�VHU�FXPSULGD�DSHQDV�QD�DVVLQDWXUD� GR�FRQWUDWR���$�LGHLD�DTXL�p�QmR�RQHUDU�DV�HPSUHVDV�DQWHV�GD�DVVLQDWXUD� GR�FRQWUDWR�� &HUWDPHQWH� p� SHUPLWLGD� D� VXEVWLWXLomR� GR� SHVVRDO� WpFQLFR� TXH� IRL� DSUHVHQWDGR�DQWHULRUPHQWH��PDV�QHVVHV�FDVRV��GHYH�VH�REVHUYDU�R������ ³�����2V�SURILVVLRQDLV� LQGLFDGRV�SHOR� OLFLWDQWH�SDUD�ILQV�GH�FRPSURYDomR� GD�FDSDFLWDomR�WpFQLFR�SURILVVLRQDO�GH�TXH�WUDWD�R� LQFLVR�,�GR���R�GHVWH� DUWLJR� GHYHUmR� SDUWLFLSDU� GD� REUD� RX� VHUYLoR� REMHWR� GD� OLFLWDomR�� DGPLWLQGR�VH� D� VXEVWLWXLomR� SRU� SURILVVLRQDLV� GH� H[SHULrQFLD� HTXLYDOHQWH� RX�VXSHULRU��GHVGH�TXH�DSURYDGD�SHOD�DGPLQLVWUDomR�´� 2EVHUYHP�D�$GPLQLVWUDomR�GHYH�DSURYDU�D�VXEVWLWXLomR�� e�LPSRUWDQWH�VDEHU�WDPEpP�TXH�RV�yUJmRV�FRQWUDWDQWHV�SRGHUmR�H[LJLU�D� ³PHWRGRORJLD�GH�H[HFXomR´�GRV�OLFLWDQWHV��PDV�LVVR�Vy�QR�FDVR�GH�REUDV�� VHUYLoRV�RX�FRPSUDV�GH�JUDQGH�YXOWR���9HMDPRV�R�TXH�GL]�D�/HL�� ³� �R� 1R� FDVR� GH� REUDV�� VHUYLoRV� H� FRPSUDV� GH� JUDQGH� YXOWR�� GH� DOWD� FRPSOH[LGDGH� WpFQLFD�� SRGHUi� D� $GPLQLVWUDomR� H[LJLU� GRV� OLFLWDQWHV� D� PHWRGRORJLD� GH� H[HFXomR�� FXMD� DYDOLDomR�� SDUD� HIHLWR� GH� VXD� DFHLWDomR� RX� QmR�� DQWHFHGHUi� VHPSUH� j� DQiOLVH� GRV� SUHoRV� H� VHUi� HIHWXDGD�H[FOXVLYDPHQWH�SRU�FULWpULRV�REMHWLYRV�� � �R� (QWHQGH�VH� SRU� OLFLWDomR� GH� DOWD� FRPSOH[LGDGH� WpFQLFD� DTXHOD� TXH� HQYROYD� DOWD� HVSHFLDOL]DomR�� FRPR� IDWRU� GH� H[WUHPD� UHOHYkQFLD� SDUD� JDUDQWLU� D� H[HFXomR� GR� REMHWR� D� VHU� FRQWUDWDGR�� RX� TXH� SRVVD� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϲ�ĚĞ� ϭϰϰ� FRPSURPHWHU� D� FRQWLQXLGDGH� GD� SUHVWDomR� GH� VHUYLoRV� S~EOLFRV� HVVHQFLDLV�´� 6H�H[LJLGD��D�PHWRGRORJLD�GH�H[HFXomR�SURSRVWD�GHYHUi�VHU�DQDOLVDGD�SHOD� $GPLQLVWUDomR� H[FOXVLYDPHQWH� SRU� FULWpULRV� REMHWLYRV�� 5HVVDOWD�VH� TXH� HVVD� DQiOLVH� GHYHUi� VHU� UHDOL]DGD� VHPSUH� DQWHV� GD� DQiOLVH� GRV� SUHoRV�� 0DV� LVVR�QmR�DFRQWHFH�HP�WRGRV�RV�FDVRV�Qp�SHVVRDO"�/HPEUH�VH�TXH�D� FRQWUDWDomR� GH� 7,� HVWi� UHVWULWD� D� GRLV� WLSRV�� WpFQLFD� H� SUHoR� H� PHQRU� SUHoR��VHQGR�TXH�D�XWLOL]DomR�GR�PHQRU�SUHoR�GHYHUi�VHU�UHDOL]DGD�VHPSUH� SRU�SUHJmR��(�QR�SUHJmR��D�IDVH�GH�KDELWDomR�HVWi�LQYHUWLGD�HP�UHODomR�jV� GHPDLV�PRGDOLGDGHV��GH�PRGR�TXH�SULPHLUR�GHYH�VHU�DYDOLDGD�D�SURSRVWD� GH�SUHoR�YHQFHGRUD�SDUD�GHSRLV�DIHULU�RV�FULWpULRV�GH�KDELOLWDomR��LQFOXVLYH� RV�WpFQLFRV�� $JRUD� YDPRV� YHU� PDLV� XP� HQWHQGLPHQWR� GR� 7&8�� GHVWD� YH]� VREUH� DV� FHUWLILFDo}HV�GH�SURFHVVRV�GH�GHVHQYROYLPHQWR�GH�6:��� $FyUGmR������������3OHQiULR�7&8�� ³(VWDEHOHoD�D�DFHLWDELOLGDGH�GH�WRGDV�DV�FHUWLILFDo}HV�LG{QHDV�GLVSRQtYHLV� QR� PHUFDGR� SDUD� R� SURFHVVR� GH� GHVHQYROYLPHQWR� H�RX� PDQXWHQomR� GH� VRIWZDUH� GRV� IRUQHFHGRUHV�� HPLWLGDV� SRU� HQWLGDGH� FHUWLILFDGRUD� LQGHSHQGHQWH�� QmR� LQFOXLQGR� SURGXWRV� HVSHFtILFRV�� VHQmR� HP� FDUiWHU� H[HPSOLILFDWLYR��WDLV�FRPR�³FHUWLILFDomR�&00�RX�VLPLODU´��FDVR�QHFHVVLWHP� LQFOXLU�FRPR�TXHVLWR�WpFQLFR�SDUD�MXOJDPHQWR�GDV�SURSRVWDV�D�FHUWLILFDomR� GR�IRUQHFHGRU�HP�TXDOLGDGH�QR�GHVHQYROYLPHQWR�GH�VRIWZDUH�´� 6HQGR� DVVLP�� TXDQGR� MXVWLILFiYHO�� SRGHP�VH� VROLFLWDU� FHUWLILFDo}HV� YLVDQGR� j� PLQLPL]DomR� GRV� ULVFRV� LQHUHQWHV� j� H[HFXomR� GR� REMHWR� FRQWUDWDGR��1HVWHV� FDVRV�� SRUpP�� GH� DFRUGR� FRP�R� 7&8�� HVWD� H[LJrQFLD� GHYH� VHU� IHLWD� GH� PDQHLUD� PDLV� DPSOD�� FRQVLGHUDQGR� RSRUWXQDV� DV� GLYHUVDV�SRVVLELOLGDGHV�GH�FHUWLILFDo}HV�LG{QHDV�GLVSRQtYHLV�� x ([LJrQFLDV�� QD� IDVH� GH� KDELOLWDomR�� GH� FHUWLILFDo}HV� HPLWLGDV� SRU� LQVWLWXLo}HV� S~EOLFDV� RX� SULYDGDV� FUHGHQFLDGDV� SHOR� ,QVWLWXWR� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϳ�ĚĞ� ϭϰϰ� 1DFLRQDO� GH� 0HWURORJLD�� 1RUPDOL]DomR� H� 4XDOLGDGH� ,QGXVWULDO� �� ,QPHWUR�� TXH� DWHVWHP�� FRQIRUPH� UHJXODPHQWDomR� HVSHFtILFD�� D� DGHTXDomR�GRV�VHJXLQWHV�UHTXLVLWRV�� � R 6HJXUDQoD�SDUD�R�XVXiULR�H�LQVWDODo}HV�� R &RPSDWLELOLGDGH�HOHWURPDJQpWLFD��H� R &RQVXPR�GH�HQHUJLD�� � x ��([LJrQFLD� FRQWUDWXDO� GH� FRPSURYDomR� GD� RULJHP� GRV� EHQV� LPSRUWDGRV� RIHUHFLGRV� SHORV� OLFLWDQWHV� H� GD� TXLWDomR� GRV� WULEXWRV� GH� LPSRUWDomR� D� HOHV� UHIHUHQWHV�� TXH� GHYH� VHU� DSUHVHQWDGD�QR�PRPHQWR�GD�HQWUHJD�GR�REMHWR��VRE�SHQD�GH�UHVFLVmR� FRQWUDWXDO�H�PXOWD�� %RP�� HVWD� IRL� D� IDVH� GH� VHOHomR� GR� IRUQHFHGRU�� � $QWHV� GH� IDODUPRV� GD� JHVWmR�FRQWUDWXDO�GH�DFRUGR�FRP�D�,1����YDPRV�HVWXGDU�D�(ODERUDomR�H� )LVFDOL]DomR�GH�&RQWUDWRV���LWHP����GR�QRVVR�(GLWDO��SRLV�HQWHQGR�TXH�HVWD� VHULD�XPD�³VHTXrQFLD´�PDLV�OyJLFD�SDUD�D�DVVLPLODomR�GR�FRQWH~GR�� � � � 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϴ�ĚĞ� ϭϰϰ� �(ODERUDomR�H�)LVFDOL]DomR�GH�&RQWUDWRV� � � 'H� DFRUGR� FRP� R� *XLD� GH� &RQWUDWDo}HV� GH� 7,� GR� 0LQLVWpULR� GR� 3ODQHMDPHQWR�� &RQWUDWDU� p� ID]HU� FRQWUDWR�� RX� VHMD�� p� XP� DFRUGR� RX� FRQYHQomR�HQWUH�GXDV�RX�PDLV�SHVVRDV�SDUD�D�H[HFXomR�GH�DOJXPD�FRLVD�� VRE�GHWHUPLQDGDV�FRQGLo}HV��2�FRQWUDWR�p��SRUWDQWR��R�GRFXPHQWR�HP� TXH� VH� UHJLVWUD� HVVH� DFRUGR� RX� FRQYHQomR�� � (� HVWDV� FRQGLo}HV� GHYHP� HVWDU� WRGDV� HVFULWDV� QR� UHIHULGR� LQVWUXPHQWR�� � 9HMDPRV� DJRUD� RV� LWHQV� HVSHFtILFRV�FRQVWDQWHV�QR�HGLWDO�� � 2�TXH�GHYH�FRQWDU�QRV�FRQWDWRV"��2�FRQWUDWR�p�HVFULWR��REYLDPHQWH��FRP� EDVH� QR� 75� ±� 7HUPR� GH� 5HIHUrQFLD� RX� 3%� ±� 3URMHWR� %iVLFR� H� GHYH�� GH� DFRUGR� FRP� D� /HL� ���������� FRQWHU� XP� FRQWH~GR� PtQLPR� TXH� YLVD� HVWDEHOHFHU�WRGDV�DV�UHJUDV�XWLOL]DGDV�DR�ORQJR�GD�VXD�H[HFXomR���� � 1R� $UWLJR� ���� D� /HL� ��������� HVWDEHOHFH� TXH� RV� FRQWUDWRV� GHYHP� HVWDEHOHFHU� HP� VXDV� FOiXVXODV� DV� FRQGLo}HV� SDUD� VXD� H[HFXomR� FRP�FODUH]D�H�SUHFLVmR�H�R�$UW�����GHWHUPLQD�TXH�FOiXVXODV�VmR�HVWDV��� � 9DPRV�GDU�XPD�OLGD�QR�$UW������ �� ³$UW�������6mR� FOiXVXODV� QHFHVViULDV� HP� WRGR� FRQWUDWR� DV� TXH� HVWDEHOHoDP�� ,���R�REMHWR�H�VHXV�HOHPHQWRV�FDUDFWHUtVWLFRV�� ,,���R�UHJLPH�GH�H[HFXomR�RX�D�IRUPD�GH�IRUQHFLPHQWR��,,,���R�SUHoR�H�DV�FRQGLo}HV�GH�SDJDPHQWR��RV�FULWpULRV��GDWD�EDVH�H� SHULRGLFLGDGH� GR� UHDMXVWDPHQWR� GH� SUHoRV�� RV� FULWpULRV� GH� DWXDOL]DomR� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϯϵ�ĚĞ� ϭϰϰ� PRQHWiULD� HQWUH� D�GDWD� GR� DGLPSOHPHQWR� GDV� REULJDo}HV� H� D� GR�HIHWLYR� SDJDPHQWR�� ,9���RV� SUD]RV� GH� LQtFLR� GH� HWDSDV� GH� H[HFXomR�� GH� FRQFOXVmR�� GH� HQWUHJD��GH�REVHUYDomR�H�GH�UHFHELPHQWR�GHILQLWLYR��FRQIRUPH�R�FDVR�� 9���R� FUpGLWR� SHOR� TXDO� FRUUHUi� D� GHVSHVD�� FRP� D� LQGLFDomR� GD� FODVVLILFDomR�IXQFLRQDO�SURJUDPiWLFD�H�GD�FDWHJRULD�HFRQ{PLFD�� 9,���DV� JDUDQWLDV� RIHUHFLGDV� SDUD� DVVHJXUDU� VXD� SOHQD� H[HFXomR�� TXDQGR�H[LJLGDV�� 9,,���RV� GLUHLWRV� H� DV� UHVSRQVDELOLGDGHV� GDV� SDUWHV�� DV� SHQDOLGDGHV� FDEtYHLV�H�RV�YDORUHV�GDV�PXOWDV�� 9,,,���RV�FDVRV�GH�UHVFLVmR�� ,;���R� UHFRQKHFLPHQWR� GRV� GLUHLWRV� GD� $GPLQLVWUDomR�� HP� FDVR� GH� UHVFLVmR�DGPLQLVWUDWLYD�SUHYLVWD�QR�DUW�����GHVWD�/HL�� ;���DV� FRQGLo}HV� GH� LPSRUWDomR�� D� GDWD� H� D� WD[D� GH� FkPELR� SDUD� FRQYHUVmR��TXDQGR�IRU�R�FDVR�� ;,���D�YLQFXODomR�DR�HGLWDO�GH� OLFLWDomR�RX�DR� WHUPR�TXH�D�GLVSHQVRX� RX�D�LQH[LJLX��DR�FRQYLWH�H�j�SURSRVWD�GR�OLFLWDQWH�YHQFHGRU�� ;,,���D� OHJLVODomR� DSOLFiYHO� j� H[HFXomR� GR� FRQWUDWR� H� HVSHFLDOPHQWH� DRV�FDVRV�RPLVVRV�� ;,,,���D�REULJDomR�GR�FRQWUDWDGR�GH�PDQWHU��GXUDQWH�WRGD�D�H[HFXomR� GR� FRQWUDWR�� HP� FRPSDWLELOLGDGH� FRP� DV� REULJDo}HV� SRU� HOH� DVVXPLGDV�� WRGDV�DV�FRQGLo}HV�GH�KDELOLWDomR�H�TXDOLILFDomR�H[LJLGDV�QD�OLFLWDomR�´� �� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϬ�ĚĞ� ϭϰϰ� 2� FRQWUDWR� DGPLQLVWUDWLYR� GHYH� UHVSHLWDU� WXGR� DTXLOR� TXH� IRL� HVWDEHOHFLGR� QD� OLFLWDomR�� VRE� SHQD� GH� QXOLGDGH� �SULQFtSLR� GD� YLQFXODomR� DR� LQVWUXPHQWR� FRQYRFDWyULR���2� LQVWUXPHQWR� FRQYRFDWyULR� IL[D� DV� FOiXVXODV� GR�IXWXUR�FRQWUDWR��$�PLQXWD�GR�FRQWUDWR�GHYH�VHU�XP�DQH[R�REULJDWyULR� GR� LQVWUXPHQWR� FRQYRFDWyULR� �DUW�� ���� �� GD� /HL� ���������� � 9DPRV� DQDOLVDU�RV�SULQFLSDLV�LQFLVRV�GR�DUWLJR�WUDQVFULWR�� � 2EVHUYHP�TXH�R�$UW�����GHILQH� FOiXVXODV�QHFHVViULDV�HP�XP�FRQWUDWR�� GHQWUH�HVWDV�HVWmR�D�GHVFULomR�GR�REMHWR�GR�FRQWUDWR��D�PDQHLUD�FRPR�R� FRQWUDWR�VHUi�H[HFXWDGR��UHJLPH�GH�H[HFXomR�RX�IRUPD�GH�IRUQHFLPHQWR��� � 3HQVR� TXH� YDOH� D� SHQD� YHUPRV� TXDLV� VmR� RV� UHJLPHV� GH� H[HFXomR� SUHYLVWRV�QD�/HL���6mR�HOHV�� � x (PSUHLWDGD�SRU�SUHoR�JOREDO��/���������$UW�����9,,,��³D´���� $TXHOH�HP�TXH�VH�GHILQH�HP�GHWDOKHV�R�TXH�GHYH�VHU�IHLWR�H�R�VHX� FXVWR� WRWDO� p� FRQKHFLGR� QD� IDVH� GH� OLFLWDomR�� 6HX� SDJDPHQWR�� QR� HQWDQWR�� SRGH� VHU� IHLWR� GH� IRUPD� SDUFHODGD�� $� OLFLWDomR� RFRUUH� HP� FLPD� GR� YDORU� GR� SURMHWR� LQWHLUR�� HPERUD� H[LVWDP� SDJDPHQWRV� LQWHUPHGLiULRV��3RU�H[HPSOR��� � 3URMHWR� $� � 5�� ������� SUHoR� JOREDO�� RQGH� VHX� SDJDPHQWR� DFRQWHFHUi�QDV�FRQGLo}HV�D�VHJXLU�� 3URGXWR�$�ĺ�SUD]R�GH�HQWUHJD�GH����GLDV� �5��������� 3URGXWR�%�ĺ�SUD]R�GH�HQWUHJD�GH����GLDV� �5��������� 3URGXWR�&�ĺ�SUD]R�GH�HQWUHJD�GH����GLDV� �5��������� � x (PSUHLWDGD�SRU�SUHoR�XQLWiULR��/���������$UW�����9,,,��³E´�� �� $TXHOH� HP� TXH� VH� FRQWUDWD� SRU� SUHoR� FHUWR� GH� XQLGDGH� GHPDQGDGD�� RQGH� DR� ORQJR� GD� FRQWUDWDomR� YiULRV� SURMHWRV� VHUmR� UHDOL]DGRV�� SRUpP� FDGD� XP�GHOHV� QmR� p� FRPSOHWDPHQWH� FRQKHFLGR� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϭ�ĚĞ� ϭϰϰ� QD�IDVH�GH�OLFLWDomR��QR�HQWDQWR��R�PpWRGR��RX�VHMD��FDGD�XPD�GDV� HWDSDV� SDUD� UHDOL]DomR� GHVWHV� SURMHWRV� p� FRQKHFLGR� H� GHILQLGR� HP� GHWDOKHV�� 2� WDPDQKR� RX� FXVWR� GH� FDGD� XP� GRV� SURMHWRV� VHUi� GHILQLGR�FRP�EDVH�HP�PpWULFD�TXH�GHWHUPLQDUi�R�YDORU�SUHYLVWR�GH� FDGD� HWDSD�� &RPR� DOJXPDV� FDUDFWHUtVWLFDV�� SDUD� D� UHDOL]DomR� GDV� HWDSDV�� SRGHP� YDULDU� DR� ORQJR� GR� WHPSR�� SRU� UD]}HV� GLYHUVDV�� R� FXVWR� ILQDO� GR� SURMHWR� SRGH� YDULDU�� SDUD� FLPD� RX� SDUD� EDL[R�� $� SUHVHQoD�GH�XPD�SODQLOKD�GH� FXVWRV�XQLWiULRV�SHUPLWH�D� UHDOL]DomR� GH�DGLWLYRV�D�ILP�GH�YLDELOL]DU�D�FRQFOXVmR�GDV�HWDSDV�SURMHWRV�YLVWR� TXH�R�SUHoR�GH�FDGD�FRPSRQHQWH�p�FRQKHFLGR��� � ([HPSOR�� &RQWUDWDomR� GH� VHUYLoRV� GH� GHVHQYROYLPHQWR� RX� PDQXWHQomR� GH� VLVWHPDV� FRP� HVFRSR� DEHUWR� SDJR� SRU� SRQWR� GH� IXQomR�� � x 5HJLPH� GH� H[HFXomR� SRU� 7DUHID� �/��������� $UW�� ��� 9,,,�� ³G´�� �� $TXHOH� HP� TXH� VH� DMXVWD� PmR�GH�REUD� SDUD� SHTXHQRV� WUDEDOKRV� SRU� SUHoR� FHUWR�� FRP�RX� VHP� IRUQHFLPHQWR� GH�PDWHULDLV� REVHUYDQGR�R�GLVSRVWR�QD�/HL������������/���������$UW������,,��³D´�H� ~QLFR�� � ([HPSOR�� 6HUYLoR� GH� SLQWXUD� GH� VDOD� FRP� R� IRUQHFLPHQWR� GH� PDWHULDO� � x (PSUHLWDGD� LQWHJUDO� �/��������� $UW�� ��� 9,,,�� ³H´�� �� $TXHOH� HP� D� HPSUHVD� DVVXPH� WRWDOPHQWH�� FRPSOHWDPHQWH�� LQWHJUDPHQWH� DV� UHVSRQVDELOLGDGHV� SHORV� VHUYLoRV� ILQDLV�� 7RGD� D� SDUWH� GH� ILVFDOL]DomR��DFRPSDQKDPHQWR�GRV�VHUYLoRV�p�IHLWD�SRU�HOD�VR]LQKD�� FDEHQGR�D�&RQWUDWDQWH�XP�JHUHQFLDPHQWR�H�ILVFDOL]DomR�GH�QDWXUH]D� DGPLQLVWUDWLYD��2�SDJDPHQWR�DFRQWHFH�PHGLDQWH�D�FRPSURYDomR�GR� UHVXOWDGR�ILQDO��RX�VHMD��VH�Wi�IXQFLRQDQGR�RX�QmR��VH�DWHQGH�RX�QmR� RV�REMHWLYRV�� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϮ�ĚĞ� ϭϰϰ� � ([HPSOR�� &RQVWUXomR� GH� XP� SUpGLR� TXH� GHYHUi� VHU� HQWUHJXH� QR� SRQWR� HP� TXH� SRVVLELOLWH� D� FRQWUDWDQWH� FRORFDU� HP� RSHUDomR� VXDV� DWLYLGDGHV�� � $JRUD�REVHUYHP�R�LQFLVR�,,,�GR�$UW������(OH�IDOD�GRV�SUHoRV�H�FRQGLo}HV�GH� SDJDPHQWR��PDV� WDPEpP� GH� FULWpULRV� GH� UHDMXVWHV�� � )DODUHPRV�PDLV� VREUH� HVWD� SRVVLELOLGDGH� GH� UHDMXVWHV� QD� SUy[LPD� DXOD�� PDV� JXDUGHP� GHVGH� Mi� TXH� p� HVWH� LQFLVR� TXH� SHUPLWH� D� FRUUHomR� GH� HYHQWXDLV� GHVHTXLOtEULRV� HFRQ{PLFRV� ILQDQFHLURV� QRV� FRQWUDWRV�� �0DV� SDUD� TXH� LVWR� VHMD�IHLWR��DV�UHJUDV�GHYHP�REULJDWRULDPHQWH�HVWDU�SUHYLVWDV�QR�FRQWUDWR�� � -i� R� LQFLVR� 9� WUDWD� GD� SUHYLVmR� RUoDPHQWiULD�� � /i� QR� $UW�� ��� D� /HL� ��������� GHWHUPLQD� TXH� REUDV� H� RV� VHUYLoRV� VRPHQWH� SRGHUmR� VHU� OLFLWDGRV� TXDQGR� KRXYHU� SUHYLVmR� GH� UHFXUVRV� RUoDPHQWiULRV� TXH� DVVHJXUHP� R� SDJDPHQWR� GDV� REULJDo}HV� H� HVWD� SUHYLVmR� RUoDPHQWiULD� WDPEpP�GHYH�FRQVWDU�QR�FRQWUDWR��FRQIRUPH�GHWHUPLQD�R�$UW������ � 3DUD�IHFKDUPRV�R�HVWXGR�GHVVH�DUWLJR��FRQVLGHUR�LPSRUWDQWH�UHVVDOWDU�TXH� GHYHP� VHU� FRORFDGDV� QR� FRQWUDWR� WRGDV� DV� SRVVLELOLGDGHV� GH� PXOWDV� H� SHQDOLGDGHV�FDEtYHLV���6H�D�SUHYLVmR�GH�PXOWDV�RX�SHQDOLGDGHV�QR�FDVR�GH� GHVFXPSULPHQWR�� SRU� H[HPSOR�� GR� QtYHO� GH� VHUYLoR� FRQWUDWXDO�� QmR� HVWLYHUHP�IL[DGDV�HP�FRQWUDWR��D�FRQWUDWDQWH�QmR�SRGHUi�DSOLFDU�QHQKXP� WLSR�GH�VDQomR��� � 2XWUR�DUWLJR�LPSRUWDQWH�p�R����TXH�WUDWD�GDV�JDUDQWLDV�D�VHUHP�SUHVWDGDV� H�TXH�GHYHP�FRQVWDU�QR�FRQWUDWR�� � ³$UW�������$�FULWpULR�GD�DXWRULGDGH�FRPSHWHQWH��HP�FDGD�FDVR��H�GHVGH� TXH� SUHYLVWD� QR� LQVWUXPHQWR� FRQYRFDWyULR�� SRGHUi� VHU� H[LJLGD� SUHVWDomR� GH�JDUDQWLD�QDV�FRQWUDWDo}HV�GH�REUDV��VHUYLoRV�H�FRPSUDV�´� � 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϯ�ĚĞ� ϭϰϰ� 1R� FDVR� GH� H[LJrQFLD� GHVWD� SUHUURJDWLYD� GH� H[LJrQFLD� GH� JDUDQWLD� VHU� H[HUFLGD�SHOD�$GPLQLVWUDomR��R�FRQWUDWDGR�SRGHUi�RSWDU�SRU�� � x &DXomR�HP�GLQKHLUR�RX�HP�WtWXORV�GD�GtYLGD�S~EOLFD�� x 6HJXUR�JDUDQWLD�� x )LDQoD�EDQFiULD�� � ,PSRUWDQWH��2�YDORU�GHVVD�JDUDQWLD�QmR�SRGH�VHU�VXSHULRU�D����GR�YDORU�GR�FRQWUDWR��(VWD�p�D�UHJUD���(�VH�WHPRV�XPD�UHJUD�WHPRV�XPD�H[FHomR�� 9HMDP�R�TXH�GL]�D�SUySULD�/HL�� � ³��R��3DUD�REUDV��VHUYLoRV�H�IRUQHFLPHQWRV�GH�JUDQGH�YXOWR�HQYROYHQGR� DOWD� FRPSOH[LGDGH� WpFQLFD� H� ULVFRV� ILQDQFHLURV� FRQVLGHUiYHLV�� GHPRQVWUDGRV� DWUDYpV� GH� SDUHFHU� WHFQLFDPHQWH� DSURYDGR� SHOD� DXWRULGDGH� FRPSHWHQWH�� R� OLPLWH� GH� JDUDQWLD� SUHYLVWR� QR� SDUiJUDIR� DQWHULRU� SRGHUi� VHU� HOHYDGR� SDUD� DWp� GH]� SRU� FHQWR� GR� YDORU� GR� FRQWUDWR�´� � 6HQGR� DVVLP� SHVVRDO�� VH� RFRUUHUHP� RV� FULWpULRV� GR� SDUiJUDIR� ��� D� JDUDQWLD�H[LJLGD�SRGHUi�VHU�GH�DWp������ � $OpP�GHVWHV�SRQWRV��GHYR�PHQFLRQDU�TXH�D�OHL�SUHYr�VHU�QXOR�TXDOTXHU� FRQWUDWR�YHUEDO�FRP�D�DGPLQLVWUDomR�H[FHWR�DTXHODV�FRPSUDV�GH�SURQWR� SDJDPHQWR�� � 1mR� H[LVWHP� FRQWUDWR� SRU� SUD]R� LQGHWHUPLQDGR� H� WRGR� FRQWUDWR� REYLDPHQWH� GHYH� WHU� RV� QRPHV� GDV� SDUWHV� H� RV� GH� VHXV� UHSUHVHQWDQWHV�� D� ILQDOLGDGH�� R� DWR� TXH� DXWRUL]RX� D� VXD� ODYUDWXUD�� R� Q~PHUR� GR� SURFHVVR� GD� OLFLWDomR�� GD� GLVSHQVD� RX� GD� LQH[LJLELOLGDGH�� D� VXMHLomR�GRV�FRQWUDWDQWHV�jV�QRUPDV�GHVWD�/HL�H�jV�FOiXVXODV�FRQWUDWXDLV�� � 3RU�ILP��YDOH�GL]HU�TXH�WRGR�H�TXDOTXHU�FRQWUDWR�GD�DGPLQLVWUDomR�S~EOLFD� GHYHUi� WHU� VHX� UHVXPR� SXEOLFDGR� QD� LPSUHQVD� RILFLDO� SDUD� TXH� WHQKD� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϰ�ĚĞ� ϭϰϰ� HILFiFLD�� � $� DGPLQLVWUDomR� GHYHUi� ID]HU� D� SXEOLFDomR� HP� DWp� ���GLDV� GD� DVVLQDWXUD�GR�FRQWUDWR��FRQIRUPH�R�3DUiJUDIR�ÒQLFR�GR�$UW������ � ³3DUiJUDIR� ~QLFR�� � $� SXEOLFDomR� UHVXPLGD� GR� LQVWUXPHQWR� GH� FRQWUDWR� RX� GH� VHXV� DGLWDPHQWRV� QD� LPSUHQVD� RILFLDO�� TXH� p� FRQGLomR� LQGLVSHQViYHO� SDUD� VXD� HILFiFLD�� VHUi� SURYLGHQFLDGD� SHOD� $GPLQLVWUDomR�DWp�R�TXLQWR�GLD�~WLO�GR�PrV�VHJXLQWH�DR�GH�VXD�DVVLQDWXUD�� SDUD�RFRUUHU�QR�SUD]R�GH�YLQWH�GLDV�GDTXHOD�GDWD��TXDOTXHU�TXH�VHMD�R�VHX� YDORU��DLQGD�TXH�VHP�{QXV��UHVVDOYDGR�R�GLVSRVWR�QR�DUW�����GHVWD�/HL�´� � � 2EVHUYHP�TXH��FDVR�QmR�KDMD�WDO�SXEOLFDomR��R�FRQWUDWR�QmR�WHUi�HILFiFLD�� � $JRUD�YRX� LQYHUWHU�XP�SRXFR�D�RUGHP�GH�FRPR�RV� WySLFRV�DSDUHFHP�QR� HGLWDO��PDV�WRGRV�HOHV�VHUmR�FREHUWRV���0DLV�XPD�YH]��HVWRX�ID]HQGR�LVVR� SDUD� EXVFDU� R� HQWHQGLPHQWR� PDLV� OyJLFR� SRVVtYHO�� � 3RU� LVVR�� YDPRV� FRPHoDU�SHOR�LWHP�³$FRPSDQKDPHQWR�GD�([HFXomR�&RQWUDWXDO´�� � � � � $QWHV�GH�TXDOTXHU�FRLVD��FDEH�PHQFLRQDU�TXH�D�JHVWmR��DFRPSDQKDPHQWR� H�ILVFDOL]DomR�GH�FRQWUDWRV�p�³SRGHU�GHYHU´�GD�$GPLQLVWUDomR��EHP�FRPR� GLVS}H�R�DUW�����GD�OHL���������� � ³$UW�����$�H[HFXomR�GR�FRQWUDWR�GHYHUi�VHU�DFRPSDQKDGD�H�ILVFDOL]DGD� SRU� XP� UHSUHVHQWDQWH� GD� $GPLQLVWUDomR� HVSHFLDOPHQWH� GHVLJQDGR�� SHUPLWLGD� D� FRQWUDWDomR� GH� WHUFHLURV� SDUD� DVVLVWL�OR� H� VXEVLGLi�OR� GH� LQIRUPDo}HV�SHUWLQHQWHV�D�HVVD�DWULEXLomR�´� � 2X�VHMD��D�$GPLQLVWUDomR�GHYHUi�GHVLJQDU�XP�UHSUHVHQWDQWH��QR�PtQLPR� XP��TXH�VHUi�R�UHVSRQViYHO�SHOR�DFRPSDQKDPHQWR�GR�FRQWUDWR���9HUHPRV� PDLV�D�IUHQWH�TXH�HVWHV�UHSUHVHQWDQWHV�HP�JHUDO��VmR�R�JHVWRU�GR�FRQWUDWR� H� R� ILVFDO� GR� FRQWUDWR� �TXH� WDPEpP�SRGH�H�� HP�DOJXQV� FDVRV�� GHYH� VHU� ��(ODERUDomR�GRV�&RQWUDWRV���$FRPSDQKDPHQWR�GD�([HFXomR� &RQWUDWXDO� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϱ�ĚĞ� ϭϰϰ� PDLV�GH�XP����2EVHUYHP�TXH�D�OHL�SHUPLWH�D�FRQWUDWDomR�GH�WHUFHLURV�SDUD� ³DMXGDU´� QR� DFRPSDQKDPHQWR� GR� FRQWUDWR�� PDV� QmR� HVTXHoDP� TXH� D� UHVSRQVDELOLGDGH�p�GD�$GPLQLVWUDomR��6HUYLGRU��� �� 2�REMHWLYR�GHVVD�JHVWmR��RX�DFRPSDQKDPHQWR��H�ILVFDOL]DomR�p�JDUDQWLU�R� GLVSRVWR�QR�DUW�����GD�OHL���������� � ³$UW����� 2� FRQWUDWR� GHYHUi� VHU� H[HFXWDGR� ILHOPHQWH� SHODV� SDUWHV�� GH� DFRUGR�FRP�DV�FOiXVXODV�DYHQoDGDV�H�DV�QRUPDV�GHVWD�/HL��UHVSRQGHQGR� FDGD�XPD�SHODV�FRQVHTXrQFLDV�GH�VXD�LQH[HFXomR�WRWDO�RX�SDUFLDO�´� � � 9ROWDQGR�QR�DUWLJR�����WHPRV�RV�VHJXLQWHV�LQFLVRV�� � ³���2� UHSUHVHQWDQWH�GD�$GPLQLVWUDomR�DQRWDUi�HP�UHJLVWUR�SUySULR� WRGDV� DV� RFRUUrQFLDV� UHODFLRQDGDV� FRP� D� H[HFXomR� GR� FRQWUDWR�� GHWHUPLQDQGR�R�TXH�IRU�QHFHVViULR�j�UHJXODUL]DomR�GDV�IDOWDV�RX�GHIHLWRV� REVHUYDGRV�� � �� $V� GHFLV}HV� H� SURYLGrQFLDV� TXH� XOWUDSDVVDUHP� D� FRPSHWrQFLD� GR� UHSUHVHQWDQWH�GHYHUmR� VHU� VROLFLWDGDV� D� VHXV� VXSHULRUHV�HP� WHPSR�KiELO� SDUD�D�DGRomR�GDV�PHGLGDV�FRQYHQLHQWHV�´� � 2EVHUYHP� TXH� R� UHSUHVHQWDQWH� GD� $GPLQLVWUDomR� WRPDUi� QRWD� GDV� RFRUUrQFLDV�H�GHWHUPLQDUi�D�UHJXODUL]DomR�GH�IDOWDV�RX�GHIHLWRV�� �6H�QmR� HVWLYHU� QD� VXD� FRPSHWrQFLD�� HVWH� UHSUHVHQWDQWH� GHYH� FRPXQLFDU� D� VHXV� VXSHULRUHV�SDUD�TXH�DV�PHGLGDV�VHMDP�WRPDGDV�� � 0DV�TXH�TXHP�p�HVVH�³UHSUHVHQWDQWH´"��(P�JHUDO�p�R�*HVWRU�RX�RV�)LVFDLV� GR� FRQWUDWR�� � $LQGD� QHVVD� DXOD� YHUHPRV� WRGR� R� SURFHVVR� GHILQLGR� SHODV� ³%RDV�3UiWLFDV´�H�DV�DWULEXLo}HV�GH�FDGD�XP�GHVVHV�³UHSUHVHQWDQWHV´�� � &RQVLGHUR�LPSRUWDQWHV�RV�DUWV�����H����GD�OHL����������YHMDPRV�� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϲ�ĚĞ� ϭϰϰ� � ³$UW������2�FRQWUDWDGR�p�REULJDGR�D�UHSDUDU��FRUULJLU��UHPRYHU��UHFRQVWUXLU� RX� VXEVWLWXLU�� jV� VXDV� H[SHQVDV�� QR� WRWDO� RX� HP� SDUWH�� R� REMHWR� GR� FRQWUDWR�HP�TXH�VH�YHULILFDUHP�YtFLRV��GHIHLWRV�RX�LQFRUUHo}HV�UHVXOWDQWHV� GD�H[HFXomR�RX�GH�PDWHULDLV�HPSUHJDGRV�� � $UW������2�FRQWUDWDGR�p�UHVSRQViYHO�SHORV�GDQRV�FDXVDGRV�GLUHWDPHQWH�j� $GPLQLVWUDomR� RX� D� WHUFHLURV�� GHFRUUHQWHV� GH� VXD� FXOSD� RX� GROR� QD� H[HFXomR�GR�FRQWUDWR��QmR�H[FOXLQGR�RX�UHGX]LQGR�HVVD�UHVSRQVDELOLGDGH� D�ILVFDOL]DomR�RX�R�DFRPSDQKDPHQWR�SHOR�yUJmR�LQWHUHVVDGR�´� � 2�DUW�����p�EHP�DXWRH[SOLFDWLYR�H�SRU�LVVR�QmR�PHUHFH�PDLRUHV�GHWDOKHV��� -i�R�DUW����GHILQH�TXH�R�FRQWUDWDGR�p�UHVSRQViYHO�SHORV�GDQRV�FDXVDGRV�j� $GPLQLVWUDomR�RX�D� WHUFHLURV��VHMD�SRU�GROR�RX�FXOSD�� �&KDPR�D�DWHQomR� GH� YRFrV� SDUD� ~OWLPD� SDUWH� GR� DUWLJR�� RQGH� D� OHL� HVWDEHOHFH� TXH� QmR� KDYHUi� UHGXomR� RX� H[FOXVmR� GHVVD� UHVSRQVDELOLGDGH� HP� IXQomR� GD� ILVFDOL]DomR� H[HUFLGD� SHOR� yUJmR�� LVWR� p�� R� IDWR� GH� D� $GPLQLVWUDomR� ILVFDOL]DU�R�FRQWUDWR�QmR�H[LPH�R�FRQWUDWDGR�GD�UHVSRQVDELOLGDGH�� � 6REUH�D�H[HFXomR�GR� FRQWUDWR��D� OHL� JHUDO�GH� OLFLWDo}HV�HVWDEHOHFH�DLQGD� TXH� R� FRQWUDWDGR� p� UHVSRQViYHO� SHORV� HQFDUJRV� WUDEDOKLVWDV�� SUHYLGHQFLiULRV�� ILVFDLV� H� FRPHUFLDLV� UHVXOWDQWHV� GD� H[HFXomR� GR� FRQWUDWR�� � $TXL� WHPRV� XP� SRQWR� GH� DWHQomR�� SRLV� D� LQDGLPSOrQFLD� GRV� HQFDUJRV� WUDEDOKLVWDV�� ILVFDLV� H� FRPHUFLDLV� QmR� WUDQVIHUH� D� UHVSRQVDELOLGDGH�SDUD�D�$GPLQLVWUDomR���9HMDPRV�R�DUW���������� � ³/HL���������>«@� $UW������ >«@� ��� $� LQDGLPSOrQFLD� GR� FRQWUDWDGR�� FRP� UHIHUrQFLD� DRV� HQFDUJRV� WUDEDOKLVWDV�� ILVFDLV� H� FRPHUFLDLV� QmR� WUDQVIHUH� j� $GPLQLVWUDomR� 3~EOLFD� D� UHVSRQVDELOLGDGH� SRU� VHX� SDJDPHQWR�� QHP� SRGHUi� 79578821883 �&��Ͳ��'h�ʹ��ƵĚŝƚŽƌŝĂ�ĚĞ�d/� �ƵƌƐŽ�dĞſƌŝĐŽ� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ�ʹ��ƵůĂ�Ϭϰ�� WƌŽĨ͘�&ĄďŝŽ��ůǀĞƐ������������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������WĄŐ͘�ϰϳ�ĚĞ� ϭϰϰ� RQHUDU�R�REMHWR�GR�FRQWUDWR�RX�UHVWULQJLU�D�UHJXODUL]DomR�H�R�XVR� GDV�REUDV�H�HGLILFDo}HV��LQFOXVLYH�SHUDQWH�R�5HJLVWUR�GH�,PyYHLV�´� � 2EVHUYHP�TXH��DOpP�GH�QmR�WUDQVIHULU�D�UHVSRQVDELOLGDGH�GR�SDJDPHQWR� SDUD� D� $GPLQLVWUDomR�� HVVD� LQDGLPSOrQFLD� QmR� SRGH� VHU� PRWLYR� SDUD� RQHUDU� R� FRQWUDWR� RX� LPSHGLU� TXH� D� DGPLQLVWUDomR� XVXIUXD� GR� REMHWR� FRQWUDWDGR���-i�SHQVRX�R�SUHSRVWR��YHUHPRV�VXDV�DWULEXLo}HV�PDLV�IUHQWH�� HQWUDQGR�QD�VDOD�GR�JHVWRU�GR�FRQWUDWR�H�IDODQGR�� � ³��2L�FKHIH��2�GLD�Wi�OLQGR�KRMH�QmR�p�PHVPR"��(QWmR��YHMD�EHP����p�TXH�D� PLQKD� HPSUHVD� QmR� HVWi� FRQVHJXLQGR� UHFROKHU� R� )*76� GR� SHVVRDO� TXH� WUDEDOKD�DTXL�QR�QRVVR�FRQWUDWR����HQWmR�VHUi�TXH�QmR�Gi�SUD�ID]HU�XPD�
Compartilhar