Mapas Mentais - Aula 03

July 19, 2019 | Author: donarleo | Category: Eleições, Julgamentos, Advogado, Juiz, Conselho de Segurança das Nações Unidas
Share Embed Donate


Short Description

Download Mapas Mentais - Aula 03...

Description

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

3$57(7(5&(,5$'$25*$1,=$d2'$&20326,d2 ('$&203(7Ç1&,$$'0,1,675$7,9$6'275,%81$/ 

5,7-')7 HP 0DSDV 0HQWDLV $XODS

2UJDQL]DomR$GPLQLVWUDWLYD

,'R7ULEXQDO3OHQR ,,'R&RQVHOKR(VSHFLDO

&RPSRVLomRH GD&RPSHWrQFLD $GPLQLVWUDWLYDV

3$57(7(5&(,5$ 'D2UJDQL]DomR 'D&RPSRVLomRH 'D&RPSHWrQFLD $GPLQLVWUDWLYDV GR7ULEXQDO

,,,'DV'LVSRVLo}HV&RPXQV DRV&DStWXORV$QWHULRUHV ,9'DV$WULEXLo}HV$GPLQLVWUDWLYDV GR3UHVLGHQWHGR7ULEXQDOGR 3ULPHLUR 3 ULPHLUR 9LFH3 9LFH3UHVLGHQ UHVLGHQWH WH GR 6HJXQGR9LFH3UHVLGHQWHHGR &RUUHJHGRUGH-XVWLoD

,'DV(OHLo}HV ,,'D,QGLFDomRGH$GYRJDGRV HGH0HPEURVGR 0LQLVWpULR3~EOLFR ,,,'R3URYLPHQWRGRV&DUJRV QD0DJLVWUDWXUDGH&DUUHLUD

 3UR 3URFHG FHGLPH LPHQWR QWRVV $GPLQLVWUDWLYRV

,9'R3URFHVVR$GPLQLVWUDWLYR 'LVFLSOLQD 'L VFLSOLQDU U 5HODWLYR D0DJLVWUDGRV 9'D9HULILFDomRGH,QYDOLGH] 9,'D&RPLVVmRGH $FRPSDQKDPHQWR GH(VWiJLR3UREDWyULR

'LVSRVLo}HV)LQDLV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

25*$1,=$d-2$'0,1,675$7,9$(  &20326,d-2'275,%81$/3/(12

25*$1,=$d-2$'0,1,675$7,9$ 27-')7IXQFLRQDHP

VHVV}HV DGPLQLVWUDWLYDV GR

9LVmRJHUDO

&RQVHOKR (VSHFLDO

7ULEXQDO 3OHQR

27ULEXQDOIXQFLRQD HP VHVV}HV

DUW

,±GR 7ULEXQDO3OHQR

DGPLQLVWUDWLYDV ,,±GR &RQVHOKR(VSHFLDO

)XQFLRQDPHQWR

2UJDQL]DomR $GPLQLVWUDWLYD &RQVWLWXLomR

27ULEXQDO 3OHQR pFRQVWLWXtGRGD 727$/,'$'( GRV GHVHPEDUJDGRUHV

&RPS}HVHGH  GHVHPEDUJDGRUHV GHVHPEDUJDGRUHV

3UHVLGrQFLD

6HUi SUHVLGLGR SHOR 3UHVLGHQWH GR 7ULEXQDO

DUW

&RPSRVLomR

0DLRULDDEVROXWD

7ULEXQDO 3OHQR 4XyUXP SDUD UHXQLmR

2 3OHQR VRPHQWH VH UHXQLUi QD SUHVHQoDGH GHVHPEDUJDGRUHV HP Q~PHURHTXLYDOHQWHQR PtQLPR DR LQWHLUR TXHVH VHJXLU jPHWDGH GH VHXVPHPEURV

6DOYR TXDQ XDQGR GR H[L H[LJLG JLGR R TXyUXPTXDOLILFDGR

$ YHULILFDomR GR TXyUXP pIHLWD DQWHV GR LQtFLR GD VHVVmR GHMXOJDPHQWR

DUW

&RPSHWrQFLDV $GPLQLVWUDWLYDV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

&203(7Ç1&,$6$'0,1,675$7,9$6'275,%81$/3/(12

5,7-')7 HP 0DSDV 0HQWDLV $XODS

L 3UHVLGHQWH ,± (OHJHU HGDU SRVVH DR

LL 9LFH3UHVLGHQWH LLL 9LFH3UHVLGHQWH LY &RUUHJHGRU GD-XVWLoD

,,±'DU SRVVH DRV PHPEURV GR7ULEXQDOGHVHPEDUJDGRUHV ,,,±(OHJHURV GHVHPEDUJDGRUHV HRV  MXt]HV GH ',5(,72 TXH GHYDPLQWHJUDUR 7ULEXQDO5HJLRQDO(OHLWRUDO GR ') 75(') 6mR  MXt]HV GH ',5(,72 H HQ QmR  MXt]HV GHGLUHLWR 68%67,78726 ,9±(ODERUDUD OLVWDWUtSOLFH SDUD R SUHHQ SUHHQFKLPH FKLPHQWRGDV QWRGDV YDJDV YDJDVFRUUH FRUUHVSRQ VSRQGHQWH GHQWHV V DR TXLQWR UHVHUYDGRDRV DGYRJDGRV HDRVPHPEURVGR 0LQLVWpULR3~EOLFR 9±(ODERUDUD OLVWD DVHUHQFDPLQKDGDDR3UHVLGHQWHGD5HS~EOLFD SDUDDQRPHDomRGH DGYRJDGRV TXHLQWHJUDUmRR 75( GR ') 1RVWHUPRVGR DUW,,,GD&)

,QGLFDU DR3UHVLGHQWHGR7ULEXQDOR PDJLVWUDGR DVHU SURPRYLGR SRU DQWLJXLGDGH 9,

7ULEXQDO 3OHQR &RPSHWrQFLDV $GPLQLVWUDWLYDV

(ODERUDU OLVWDWUtSOLFH VHPSUHTXHSRVVtYHO SDUDSURPRomRSRU PHUHFLPHQWR

([DPLQDU H GHFLGLU RVUHTXHULPHQWRVGH UHPRomR L 5HJLPHQWR PHPEUR EURV V 9,,± 'HVLJQDU RV PHP GDV &RPLVV}HV GH

LL -XULVSUXGrQFLD LLL$FRPSD FRPSDQKDP QKDPHQWR HQWR GH

(VWiJLR3UREDWyULR

DUW

9,,,±3URQXQFLDUVHVREUHD UHJXODULGDGH GDV FRQWDV GR 3UHVLGHQWH GR 7ULEXQDO

HJLPHQWR,QWHUQR DVVLPFRPRDV L2 5 HJLPHQWR,QWHUQR UHVSHFWLYDV HPHQGDV HRV DWRVUHJLPHQWDLV ,;± $SURYDU

LL2 5 HJLPHQWR$GPLQLVWUDWLYR HJLPHQWR$GPLQLVWUDWLYR GDV 6HFUHWDULDV GR7ULEXQDO

HJLPHQWR GD &RUUHJHGRULD GD-XVWLoD LLL2 5 HJLPHQWR HJLPHQWR,QWHUQR GDV 7XUPDV 5 HFXUVDLV HFXUVDLV GRV ;±$SURYDUR 5 HJLPHQWR,QWHUQR -XL]DGRV (VSHFLDLV &tYHLV H H& &ULPLQDLV GR')HVXDVHPHQGDV ;,± (OHJHU RVPHPEURVGR &RQVHOKR(VSHFLDO 'RVPHPEURVGR&(DSHQDV  VHUmR HOHLWRV

DUW

;,,±([HUFHUDVGHPDLVDWULEXLo}HVTXHOKHVmR FRQIHULGDVSHOD&RQVWLWXLomRRXSRUOHL L$IL[DomRGRV YHQFLPHQWRV GH VHXVPHPEURVHGRVMXt]HV 俶

,QFOXVLYH SURSRU D R

&RQJUHVVR1DFLRQDO

LL$V UHIRUPDV H HD DOWHUDo}HV QD/HLGH2UJDQL]DomR -XGLFLiULDGR')HGRV7HUULWyULRV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

&216(/+2(63(&,$/&20326,d2(&203(7Ç1&,$$'0,1,675$7,9$6 &RQVWLWXLomR 3UHVLGrQFLD

2 &RQVHOKR(VSHFLDO pFRQVWLWXtGRSHORVVHXV GHVHPEDUJDGRUHV

6HUiSUHVLGLGRSHOR 3UHVLGHQWH GR 7ULEXQDO

0DLRULDDEVROXWD

 DUW

&RPSRVLomR QR H[HUFtFLR GDVI XQo}HV DGPLQLVWUDWLYDV

4XyUXPPtQLPR SDUDUHXQLmR

H

3URFHGLPHQWRSDUD DSXUDomR GH I DOWD SXQtYHO FRP SHQD

2 &RQVHOKR(VSHFLDO VRPHQWHVH UHXQLUi QDSUHVHQoDGH GHVHPEDUJDGRUHV HPQ~PHURHTXLYDOHQWHQR PtQLPR DRLQWHLURTXHVHVHJXHjPHWDGHGHVHXVPHPEURV

6H DQWHV GRLQtFLRGDVHVVmR QmRKRXYHU TXyUXP VXILFLHQWH R 3UHVLGHQWH GHRItFLRRXDUHTXHULPHQWRGHTXDOTXHU GHVHPEDUJDGRU FRQYRFDUiGHVHPEDUJDGRUHV HQWUHRV SUHVHQWHVQR7ULEXQDOSDUD VXEVWLWXLomR GRV DXVHQWHV REVHUYDGD DVXSOrQFLD HDRUGHPGH DQWLJXLGDGH

GLVFLSOLQDU

6XVSHLomR H LPSHGLPHQWR GHLQWHJUDQWHVGR &RQVHOKR (VSHFLDO

'HYHUmR VHU FRPXQLFDGRVSUHIHUHQFLDOPHQWH DQWHV GD DEHUWXUD GD VHVVmRDR 3UHVLGHQWH 23UHVLGHQWHFRQYRFDUiGHVHPEDUJDGRU VXEVWLWXWR

L 3UHVLGHQWH ,± -XOJDU HP ~OWLPDLQVWkQFLD RV UHFXUVRV DGPLQLVWUDWLYRV FRQWUDDVGHFLV}HVGR

6DOYR TXDQGRGDGHFLVmRUHVXOWDU FULDomR RX DXPHQWR GH GHVSHVD RUoDPHQWiULD

LL 9LFH3UHVLGHQWH LLL 9LFH3UHVLGHQWH LY &RUUHJHGRU GD-XVWLoD

,,±$SOLFDU VDQo}HV GLVFLSOLQDUHVH GHFLGLU VREUH H[RQHUDomRGLVSRQLELOLGDGH H DSRVHQWDGRULD RX UHPRomRFRPSXOVyULDV GH PDJLVWUDGRV ,,, ± $YRFDU SDUDGHFLVmR SURFHGLPHQWRVDGPLQLVWUDWLYRV HPFXUVR QR7ULEXQDOSHOR YRWR GD PDLRULDDEVROXWD GHVHXVPHPEURV

&RQVHOKR (VSHFLDO

,9± 'HVLJQDU RVPHPEURVSDUDFRPSRUD&RPLVVmRGH &RQFXUVR SDUD ,QJUHVVR QD 0DJLVWUDWXUD GR7-')7 GHWHUPLQDU DUHDOL]DomRHDSURYDU RUHJXODPHQWRGRPHQFLRQDGRFRQFXUVR KRPRORJDQGR RVHX UHVXOWDGR 9± 'HFLGLU RDIDVWDPHQWR GHTXDOTXHU PDJLVWUDGRGR') HGRV 7HUULWyULRV HP PLVVmRRILFLDO SDUDDSHUIHLoRDPHQWRSURILVVLRQDO RXTXH GHTXDOTXHU PRGR LPSRUWH HP {QXV SDUDRV FRIUHVS~EOLFRV L$V YLDJHQVGR3UHVLGHQWHFRPRUHSUHVHQWDQWH GR 7ULEXQDOGHVGHTXH QmR H[FHGDPD GLDV QHP LPSOLTXHPDIDVWDPHQWRGR7HUULWyULR1DFLRQDO DUW

&RPSHWrQFLD QR H[HUFtFLR GDVI XQo}HV DGPLQLVWUDWLYDV

([FHWR

LL2V GHVORFDPHQWRVGR&RUUHJHGRUGD-XVWLoD RXGHMXL]SRU HOHGHVLJQDGRSDUDLQVSHomRHFRUUHLomRQRV7HUULWyULRV)HGHUDLV

9,± ([DPLQDU H GHIHULU VROLFLWDomRGH SHUPXWD HQWUHMXt]HVGHGLUHLWRGR')HGRV7HUULWyULRV 9,,± $SOLFDU D SHQDOLGDGH GH SHUGD GH GHOHJDomR DRV QRWiULRV HDRV RILFLDLV GHUHJLVWUR 9,,,± 3URSRU DR3RGHU/HJLVODWLYRR5HJLPHQWRGH &XVWDV GDV6HUYHQWLDV-XGLFLDLV HGRV6HUYLoRV1RWDULDLVHGH5HJLVWURTXHYLJHUiQR')HQRV7HUULWyULRV ,;± 'HVLJQDU VHPSHUGDGDWLWXODULGDGHHGDGHVLJQDomR DWp  MXt]HV GHGLUHLWRSDUDDVIXQo}HVGH DVVLVWHQWHV GD 3UHVLGrQFLD HDWp   MXt]HV GHGLUHLWRSDUD DVVLVWHQWHV GD &RUUHJHGRULD GD-XVWLoD 2 &RUUHJHGRU GD-XVWLoD SRGH DVHXFULWpULR GHOHJDU DRV  MXt]HV I XQo}HV FRUUHLFLRQDLVHPRItFLRVMXGLFLDLVHQRV6HUYLoRV1RWDULDLVHGH5HJLVWURVHP SUHMXt]RGDFRPSHWrQFLDGRMXL]GD9DUDGH5HJLVWURV3~EOLFRV ;± $XWRUL]DU DGHVWUXLomR GH GRFXPHQWRVREVHUYDGDVDVFDXWHODVOHJDLV ;,± 'HFOLQDU SDUDR3OHQR PDWpULD$'0,1,675$7,9$ GHJUDQGH UHOHYkQFLD SHORYRWRGDPDLRULDSUHVHQWHDPDLRULDDEVROXWDGRVPHPEURV ;,,± (VWDEHOHFHUGLUHWUL]HVJHUDLV TXHVHUmRREVHUYDGDVSHODGLUHomRGR7ULEXQDO ;,,,± 'HOLEHUDUVREUH DFRQYRFDomR GHMXL]GHGLUHLWRSDUDVXEVWLWXLU GHVHPEDUJDGRU QRVFDVRVGHDIDVWDPHQWR SUHYLVWRVQR5,7-')7 ;,9± (VFROKHURVPHPEURV GH7XUPD5 HFXUVDO GRV-XL]DGRV(VSHFLDLV&tYHLVH&ULPLQDLV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

',6326,d®(6&2081675,%81$/3/(12(&216(/+2(63(&,$/ $VXEVWLWXLomRGR 3UHVLGHQWH GR 7ULEXQDO3OHQR HGR &RQVHOKR (VSHFLDO QRH[HUFtFLRGHVXDV I XQo}HVDGPLQLVWUDWLYDVEHPFRPR DGHVHXV PHPEURVGDUVHiVHJXQGRDUHJUDLQVFXOSLGDQR DUW 3HOR 9LFH

3UHVLGHQWH 1DLPSRVVLELOLGDGHGR9LFH

3HOR 9LFH

DUW

6XEVWLWXLomRQD $GPLQLVWUDomR 6XSHULRU

6XEVWLWXLomRSRU SHUtRGR ,*8$/ RX ,1)(5,25 D GLDV

DUW

6XEVWLWXLomR GR 3UHVLGHQWH HPHPEURV

1mR VHUmRGLVWULEXtGRV 6XEVWLWXLomR 683(5,25 D GLDV DUW,

0HPEURV(/(,726GR &RQVHOKR(VSHFLDO DUW,,

0HPEURVGR&RQVHOKR (VSHFLDOHVFROKLGRVSHOR FULWpULRGH$17,*8,'$'(

'LVSRVLo}HV &RPXQVDR 3OHQRH &RQVHOKR (VSHFLDO

2VXEVWLWXWRDFXPXOD DVIXQo}HVSUySULDVGH VHXFDUJR

2UGLQiULDV

SURFHVVRVDRVXEVWLWXWR

6mRVXEVWLWXtGRVSHORV VXSOHQWHV QDRUGHPGH YRWDomR

6mRVXEVWLWXtGRVGHDFRUGRFRPD RUGHP GHFUHVFHQWH GH DQWLJXLGDGH H[FOXtGRV RV VXSOHQWHV

$ 3UHVLGrQFLD GR7ULEXQDO GHWHUPLQDUi PHGLDQWHDWR SUySULRDV GDWDV GH UHXQLmR GR 3OHQR HGR &RQVHOKR (VSHFLDO SDUDH[HUFtFLRGDVIXQo}HVDGPLQLVWUDWLYDV

6mR FRQYRFDGDV SHOD 3UHVLGrQFLD GR7ULEXQDOVHPSUHTXHQHFHVViULR

DUW

5HXQL}HV

6HUi REULJDWyULD VH UHTXHULGD SRU  GRVPHPEURVGRVUHVSHFWLYRVyUJmRV

([WUDRUGLQiULDV

DUW

3DXWDGH  MXOJDPHQWR

$FRQYRFDomRGHVHVVmRH[WUDRUGLQiULDVHUiIHLWD PHGLDQWHDHQWUHJDGH RItFLR QRV JDELQHWHV GRV GHVHPEDUJDGRUHVSHORPHQRV  GLDVDQWHV GD GDWDGHVLJQDGD

6HUi GLVWULEXtGD SUHYLDPHQWHVHPSUHTXHSRVVtYHO (ODVHUi GLVSHQVDGD VHR UHODWRU DSUHVHQWDURSURFHVVRSDUD  MXOJDPHQWRHPPHVD H QmR KRXYHU UHFXVD GDPDLRULD DUW,D,9

DUW

$WULEXLo}HVGR 3UHVLGHQWHGR 3OHQRH&(QR H[HUFtFLRGH VXDVI XQo}HV DGPLQLVWUDWLYDV

DUW S~QLFR

9RWRGR 3UHVLGHQWH

6mR DWULEXLo}HV GR 3UHVLGHQWH GR7ULEXQDO 3OHQRHGR&RQVHOKR (VSHFLDOQRH[HUFtFLRGDV IXQo}HV DGPLQLVWUDWLYDV QRTXHFRXEHU

&DEHUiDR 3UHVLGHQWH GR7ULEXQDO 3OHQR HGR

&RQVHOKR(VSHFLDO SURIHULU YRWR

,± 3UHVLGLU DV UHXQL}HV GRV UHVSHFWLYRV yUJmRVVXEPHWHQGROKHV TXHVW}HV

GHRUGHP ,,± &RQYRFDU VHVV}HV H[WUDRUGLQiULDV ,,,± 0DQWHU D RUGHP QDVVHVV}HV DGRWDQGRDVSURYLGrQFLDVQHFHVViULDV ,9±3URFODPDURV UHVXOWDGRV GRV  MXOJDPHQWRV

L'H GHVHPSDWH QRV MXOJDPHQWRV GRVUHVSHFWLYRVyUJmRV LL1RMXOJDPHQWRTXHGHSHQGHUGH TXyUXP TXDOLILFDGR SDUDDSXUDomRGRUHVXOWDGR LLL(P TXDLVTXHU HOHLo}HV R X LQGLFDo}HV I HLWDVSHOR7ULEXQDO

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

$75,%8,d®(6$'0,1,675$7,9$6'235(6,'(17('275,%81$/ ,± 3URYHU RV FDUJRV GRV VHUYLoRVDX[LOLDUHV QDIRUPDGDOHL L 1RPHDomR LL ([RQHUDomR LLL 3URPRomR ,,± ([SHGLURV DWRV GH

1(35$'$

LY 5 HPRomR

'H PDJLVWUDGRV H VHUYLGRUHV GD-XVWLoD

Y $FHVVR YL ' LVSRQLELOLGDGH YLL $SRVHQWDGRULD

,,,±2UJDQL]DUHUHDOL]DU FRQFXUVRVS~EOLFRV SDUD SURYLPHQWR GHFDUJRGRV 6(59,'25(6 GD -XVWLoD GR ') HGRV 7HUULWyULRV ,9± 1RPHDU HGDU SRVVH DRV  MXt]HV GHGLUHLWRVXEVWLWXWRV 2EVHUYDGDDRUGHPGHFODVVLILFDomRGRUHVSHFWLYRFRQFXUVR 9±%DL[DU DWRV G H GHVLJQDomR QRVFDVRVGH

L3URPRomR LL5HPRomR LLL3HUPXWD

9,±5HFHEHUR SHGLGR GH DIDVWDPHQWR FRPDILQDOLGDGHGH DSHUIHLoRDPHQWR SURILVVLRQDO IRUPXODGRSRUPHPEURGR7ULEXQDOHGHWHUPLQDUDUHVSHFWLYDGLVWULEXLomRDXPUHODWRU 9,,± &HGHU GRTXDGURSUySULRHUHTXLVLWDU GHRXWURVyUJmRV VHUYLGRUHV 9,,,±,QVWDXUDU VLQGLFkQFLD RX 3$' SDUDDSXUDU I DOWD FRPHWLGD SRUVHUYLGRUHVORWDGRVQD6HFUHWDULDGR7ULEXQDO

$WULEXLo}HV DGPLQLVWUDWLYDV GR3UHVLGHQWH GR7ULEXQDO DUW

,;±%DL[DU LQVWUXo}HV QHFHVViULDVSDUD D MXVWDU DFRQGXWD G H VHUYLGRUORWDGRQD6HFUHWDULDTXHVHMDSXQtYHOFRP DGYHUWrQFLD ;± $SOLFDU VDQo}HV GLVFLSOLQDUHV DRV VHUYLGRUHV ORWDGRVQD6HFUHWDULDGR7ULEXQDO ;,± 'HFLGLUVREUH DV TXHVW}HVDGPLQLVWUDWLYDV GH LQWHUHVVH GRV PDJLVWUDGRV HGRV VHUYLGRUHV GD-XVWLoD

5HVVDOYDGD DFRPSHWrQFLDGRVyUJmRVFROHJLDGRV ;,,± 2UJDQL]DU HPDQGDU SXEOLFDUDQXDOPHQWHDV OLVWDV GH DQWLJXLGDGH GRV PDJLVWUDGRV ;,,,± 'HFLGLU VREUH PDWpULDDGPLQLVWUDWLYD SHUWLQHQWH j RUJDQL]DomR HI XQFLRQDPHQWR GD-XVWLoDGR')H7HUULWyULRV 3RGHQGR VXEPHWHU DR 3OHQR RXDR &RQVHOKR(VSHFLDO DVPDWpULDVTXHHQWHQGHUFRQYHQLHQWHV ;,9±)D]HU SXEOLFDUQRPrVGH GH]HPEUR GH FDGDDQRD UHODomR GHWRGDV DV FLUFXQVFULo}HV HYDUDV LQVWDODGDVQD-XVWLoDGR')H7HUULWyULRV ;9±3URQXQFLDUVHVREUHD UHJXODULGDGH GDV FRQWDV GHTXDLVTXHU RUGHQDGRUHV GH GHVSHVDV LQWHJUDQWHVGD-XVWLoDGR')HGRV7HUULWyULRV ;9,±$SUHVHQWDUDR 3OHQRDQXDOPHQWHDWpGLD GHPDUoRUHODWyULRFLUFXQVWDQFLDGR GDV DWLYLGDGHV GD-XVWLoDGR')H7HUULWyULRVUHODWLYRDRDQRDQWHULRU $XWRUL]DUD RFXSDomR GH HVSDoRV GR 3DOiFLRGD-XVWLoDGHVHXV DQH[RV RXGH iUHDVSUySULDV GR7ULEXQDOQR')HQRV7HUULWyULRV ;9,,±

)L[DUDUHVSHFWLYD UHWULEXLomRSHFXQLiULD GHYLGDSRU RXWURVyUJmRV GHHQWLGDGHVRILFLDLV HSRU VHUYHQWLDV QmR UHPXQHUDGDV SRUyUJmRVS~EOLFRVRXSRUTXDLVTXHURXWURVVHUYLoRV

;9,,,±2XWRUJDU GHOHJDomR SDUDRH[HUFtFLRGDDWLYLGDGH QRWDULDO HGH UHJLVWUR ;,;±$SUHVHQWDUXP SODQRGHDGPLQLVWUDomR DR 3OHQR HP  GLDV FRQWDGRVGHVXD SRVVH ;;±3UDWLFDURV DWRV FXMD FRPSHWrQFLD OKHIRU GHOHJDGD SHOR 3OHQR R X SHOR &RQVHOKR(VSHFLDOQRH[HUFtFLRGDVIXQo}HV DGPLQLVWUDWLYDV ;;,±([HUFHUDVGHPDLVIXQo}HVTXHOKHVmRFRQIHULGDVQR5,7-')7

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

$75,%8,d®(6$'0,1,675$7,9$6'29,&(35(6,'(17( ,± 6XEVWLWXLU R3UHVLGHQWH HPVXDV I DOWDV RX LPSHGLPHQWRV

L'RTXDGURGR7ULEXQDO ,,±'DU SRVVH DRVVHUYLGRUHV LL$RVLQYHVWLGRVHPFDUJRHPFRPLVVmR ,,,± 3UHVLGLU D&RPLVVmRGH&RQFXUVR SDUD ,QJUHVVRQD 0DJLVWUDWXUD GR')H7HUULWyULRV ,9±&RQFHGHU I pULDV HOLFHQoDV DRV PDJLVWUDGRV 9± 'HVLJQDU  MXL] GHGLUHLWR VXEVWLWXWR H MXL] GHGLUHLWRGRV 7HUULWyULRV SDUDH[HUFHUHPDV I XQo}HV DHOHVFRQIHULGDVHPOHL

L 5HPRomR G H  MXt]HV GHGLUHLWR 9,±&RQGX]LU RV SURFHGLPHQWRVGH

LL 3URPRomR G H  MXt]HV GHGLUHLWR

5HODWDQGR DPDWpULD QR 3OHQR REVHUYDGD D LQVWUXomR UHODFLRQDGD j&RUUHJHGRULD

VXEVWLWXWRV

$WULEXLo}HV DGPLQLVWUDWLYDVGR 9LFH3UHVLGHQWH DUW

9,,± &RRUGHQDU DSROtWLFDGH JHVWmRGRFXPHQWDO GR7ULEXQDO 9,,,± &RRUGHQDU DSROtWLFDGH GHVHQYROYLPHQWR HGH DSHUIHLoRDPHQWR  MXULVSUXGHQFLDO HGH ELEOLRWHFRQRPLD GR7ULEXQDO ,;± (GLWDU LQVWUXomRQRUPDWLYDTXH UHJXODPHQWH D GLVWULEXLomR GRVSURFHVVRV ;± &RRUGHQDU HQRUPDWL]DU RI XQFLRQDPHQWR GRV yUJmRV T XH LQWHJUDPDHVWUXWXUDRUJDQL]DFLRQDOGD 9LFH3UHVLGrQFLD ;,± ([HUFHU TXDLVTXHU GDV DWULEXLo}HV G R 3UHVLGHQWH TXHOKHIRUHP GHOHJDGDV $ GHOHJDomR GHFRPSHWrQFLDpIHLWDSRU DWR GR 3UHVLGHQWHGH &2080$&25'2 FRPR 9LFH3UHVLGHQWH TXHWDPEpPRVXEVFUHYHUi ;,,± ([HUFHU DV GHPDLV IXQo}HV DWULEXtGDV QR5,7-')7HTXHOKHIRUHP GHOHJDGDV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

$75,%8,d®(6$'0,1,675$7,9$6'29,&(35(6,'(17(

L)pULDV ,± 6XEVWLWXLU R3UHVLGHQWH GR7ULEXQDO HPVXDV

LL$IDVWDPHQWRV LLL$XVrQFLDV LY,PSHGLPHQWRVHYHQWXDLV

&DVR R 9LFH3UHVLGHQWH HVWHMD LPSRVVLELOLWDGR GHID]rOR

L 0HGLDomR ,,± &RRUGHQDU D SROtWLFD GH

LL &RQFLOLDomR LLL 6ROXo}HV

'HFRQIOLWRVGH LQWHUHVVHV QD -XVWLoDGR')

DOWHUQDWLYDV

$WULEXLo}HV DGPLQLVWUDWLYDVGR 9LFH3UHVLGHQWH DUW$

,,,± 3UHVLGLU D&RPLVVmR 3HUPDQHQWH GH$SRLRDR &RQFXUVR GH6HUYLGRUHV HGH6HUYLoRVGH1RWDVHGH5HJLVWUR

,9± &RRUGHQDU H QRUPDWL]DU RI XQFLRQDPHQWR GRV yUJmRV TXH LQWHJUDPDHVWUXWXUDRUJDQL]DFLRQDOGD 9LFH3UHVLGrQFLD

9±([HUFHU TXDLVTXHU GDV DWULEXLo}HV GR 3UHVLGHQWH SUHYLVWDVHPOHLRXQR5,7-')7TXHOKHIRUHP GHOHJDGDV $ GHOHJDomR GHFRPSHWrQFLDpIHLWDSRU D WR GR 3UHVLGHQWHGH &2080$&25'2 FRPR 9LFH3UHVLGHQWH TXHWDPEpPRVXEVFUHYHUi

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

$75,%8,d®(6$'0,1,675$7,9$6'2&255(*('25 

5,7-')7 HP 0DSDV 0HQWDLV $XODS

,± 5HDOL]DU LQVSHo}HV HFRUUHLo}HV QRVVHUYLoRV  MXGLFLDLV HH[WUDMXGLFLDLV GR') HGRV7HUULWyULRVH ]HODU SHOD UDSLGH]TXDOLGDGH HHILFLrQFLD GRVVHUYLoRV ,,± 5HDOL]DUDQXDOPHQWHLQVSHo}HV HFRUUHLo}HV QRVOLYURVGRV WDEHOLmHV HGRV RILFLDLV GH UHJLVWUR GH LPyYHLV GRV7HUULWyULRVFRPRLQWXLWRGHYHULILFDURFXPSULPHQWRGRGLVSRVWRQD/HL (VVDDWULEXLomRSRGHVHU GHOHJDGD D MXL] GHGLUHLWR ,,,±([SHGLU SURYLPHQWRVSRUWDULDV HLQVWUXo}HV QHFHVViULRVDR ERPIXQFLRQDPHQWR GRVVHUYLoRVGD-XVWLoDGH *UDX HGRV6HUYLoRV 1RWDULDLV HGH5HJLVWURVQR') (VVDDWULEXLomRSRGHVHU GHOHJDGD DR 6HFUHWiULR*HUDO GD &RUUHJHGRULD GD-XVWLoD ,9±

%DL[DUDV LQVWUXo}HV QHFHVViULDVSDUDRVHUYLoRGH GLVWULEXLomR GHIHLWRVQR *UDX GH-XULVGLomR 'HVLJQDU R MXL] GHGLUHLWRVXEVWLWXWR UHVSRQViYHO SHOD GLVWULEXLomR GD&LUFXQVFULomR-XGLFLiULDGH%UDVtOLD

9±3URSRUDR 3OHQR DDSURYDomR GDHVWUXWXUD DGPLQLVWUDWLYD GD 6HFUHWDULDGD&RUUHJHGRULDGD-XVWLoDHGDVVXDVDWULEXLo}HV 9,±

)LVFDOL]DU RSURFHGLPHQWRIXQFLRQDO GRVPDJLVWUDGRVGH *UDX GH RItFLR RXPHGLDQWH UHFODPDomR 3URSRU DR &RQVHOKR(VSHFLDO VHIRURFDVRDLQVWDXUDomRGH SURFHVVRDGPLQLVWUDWLYR

9,,± 3UHVLGLULQTXpULWR GHVWLQDGRj DSXUDomR GH LQIUDomRSHQDO SUDWLFDGDSRU  MXL] 9,,,± 5HFHEHU HLQVWUXLU RSHGLGRGH DIDVWDPHQWR SDUD DSHUIHLoRDPHQWR SURILVVLRQDO GH PDJLVWUDGR GH *UDXHVXEPHWrORDR &RQVHOKR(VSHFLDO ,;± 'HVLJQDU RV  MXt]HVGLUHWRUHV GRVIyUXQVGDVFLUFXQVFULo}HVGR')H I L[DUOKHV DV DWULEXLo}HV ;± )LVFDOL]DU DDWLYLGDGHGRV  MXt]HVGHSD] HI L[DU DLPSRUWkQFLDTXHVHUiUHFHELGDSDUDDFHOHEUDomRGHFDVDPHQWR 2EVHUYDGRR 5HJLPHQWRGH &XVWDVGDV6HUYHQWLDV-XGLFLDLVHGRV 6HUYLoRV1RWDULDLVHGH5HJLVWURTXHYLJHUiQR')HQRV7HUULWyULRV ;,± %DL[DU RV DWRV GH GHVLJQDomR RXGH VXEVWLWXLomR GRV WDEHOLmHV HGRV RILFLDLV GH UHJLVWURSDUD UHVSRQGHUHPFRPR LQWHULQRV RX LQWHUYHQWRUHV QD YDFkQFLD RX DIDVWDPHQWR FRPSXOVyULRGR WLWXODU L 'LUHWRU GH 6HFUHWDULD QRFDVRGHYDFkQFLDGRWLWXODUGDYDUD H GHVLJQDU VHUYLGRUSDUDVXEVWLWXtORHPVHXVLPSHGLPHQWRV

DUW

$WULEXLo}HV DGPLQLVWUDWLYDV GR&RUUHJHGRU

;,,± ,QGLFDU j QRPHDomR

LL2V &RQWDGRUHV3DUWLGRUHV LLL2V 'LVWULEXLGRUHV LY2V 'HSRVLWiULRV 3~EOLFRV

2&RUUHJHGRUSRGHGHVLJQDU XP GRV 'HSRVLWiULRV3~EOLFRV QRPHDGRVSDUDVHUYLU FRPR &RRUGHQDGRU GRV'HSyVLWRV3~EOLFRV

;,,,± 5HJXODU DVDWLYLGDGHVGRV &RQWDGRUHV3DUWLGRUHV'LVWULEXLGRUHV H'HSRVLWiULR 3~EOLFRGLVSRQGR HVSHFLDOPHQWH VREUHDV I RUPDV GH FRQWUROH GRV EHQV HPGHSyVLWR ;,9± 'HWHUPLQDU RQ~PHURGH VHUYLGRUHV FRP I pS~EOLFD SDUDFDGDRItFLRMXGLFLDO ;9± 'HFLGLU VREUHDVTXHVW}HV DGPLQLVWUDWLYDV UHODWLYDVDRV VHUYLGRUHV ORWDGRVQD6HFUHWDULDGD&RUUHJHGRULDGD-XVWLoD

5HVVDOYDGD DFRPSHWrQFLD GRV yUJmRVFROHJLDGRV

;9,±,QVWDXUDU VLQGLFkQFLD RX 3$' SDUDDSXUDU I DOWD FRPHWLGDSRU VHUYLGRUHV ORWDGRVQD 6HFUHWDULDGD&RUUHJHGRULDGD-XVWLoDEHPFRPRSRU WDEHOLmHV HRILFLDLVGHUHJLVWUR LPSRQGROKHVQROLPLWHGHVXDFRPSHWrQFLDDV SHQDOLGDGHV FDEtYHLV ;9,,± ([DPLQDU HGHFLGLU VREUHRV UHFXUVRVDGPLQLVWUDWLYRV UHODWLYRVD VDQo}HV GLVFLSOLQDUHV DSOLFDGDVSHORV PDJLVWUDGRV DRV VHUYLGRUHV TXHOKHVVHMDPVXERUGLQDGRV ;9,,,%DL[DU LQVWUXo}HV QHFHVViULDVSDUDDSOLFDomRGHDMXVWDPHQWRGH FRQGXWD DVHUYLGRUHV ORWDGRV QRVRItFLRVMXGLFLDLVH[WUDMXGLFLDLVH QD6HFUHWDULDGD&RUUHJHGRULDGD -XVWLoDDTXHPVHSRVVD DWULEXLU LQIUDomRGLVFLSOLQDU SXQtYHOFRP DGYHUWrQFLD RXFRQVLGHUDGDGH OHVLYLGDGHPtQLPD ;,;± ([HUFHU DVGHPDLVIXQo}HV TXHOKHVmR DWULEXtGDV QR5,7-')7 H SUDWLFDU RVDWRV FXMDFRPSHWrQFLDOKHVHMD GHOHJDGD 

3RGHPVHU GHOHJDGDV D MXt]HV

,$V LQVSHo}HV HFRUUHLo}HV QRVVHUYLoRV  MXGLFLDLV HH[WUDMXGLFLDLV ,,$ SUHVLGrQFLD GH 3$'V

6$/92 DGHSURFHVVRVTXHDSXUHPSUiWLFDGH LQIUDomR SHQDO DWULEXtGDD PDJLVWUDGR RXD  MXL]GHSD]



$ LQVSHomR QRV 7HUULWyULRV)HGHUDLV VHUiIHLWD SHVVRDOPHQWH SHOR &RUUHJHGRU GD-XVWLoDFRPR DX[tOLR GH  MXL] GHGLUHLWRSRUHOHFRQYRFDGR (VVDLQVSHomRDEUDQJHUiQRPtQLPRPHWDGHGDV FLUFXQVFULo}HVH[LVWHQWHVQR7HUULWyULRHPFDGDDQR

'HVVDIRUPDQRILQDOGRELrQLRWRGDVDV FLUFXQVFULo}HVGHYHPWHUVLGRLQVSHFLRQDGDV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

352&(',0(1726$'0,1,675$7,926(/(,d®(6,

5,7-')7 HP 0DSDV 0HQWDLV $XODS

$V HOHLo}HV SDUDRVFDUJRVGH GLUHomR GR 7-')7 VHUmRUHDOL]DGDVSHOR 7ULEXQDO3OHQR PHGLDQWHFRQYRFDomRGR3UHVLGHQWH

ÏUJmR FRPSHWHQWH

2FRUUHUmRHP I HYHUHLUR GR DQR HPTXH ILQGDU RPDQGDWR GRVDQWHFHVVRUHV

'DWDGDV HOHLo}HV

(DUHJUDGHWUDQVLomRSRGHUiVHU GLVFLSOLQDGDHP DWRUHJLPHQWDO +DYHQGR YDFkQFLD QR FXUVR GR PDQGDWR GHDOJXPGRVFDUJRVGHGLUHomRHVHQGR QHFHVViULR VHSURFHGHUD QRYDHOHLomR



9DFkQFLD QRFXUVRGR PDQGDWR

2 3UHVLGHQWH DFRQYRFDUiSDUD XPGRV GLDVVHJXLQWHV

6$/92 VHIDOWDUHP 0(126 GH 0(6(6 SDUDR 7e50,12 GRPDQGDWR 6HUiH[HUFLGDSHOR 9LFH

DUWV

3UHVLGrQFLD

(OHLomR SDUD RVFDUJRV GHGLUHomR

&DVRIDOWH PHQRV GHPHVHV D VXEVWLWXLomR  VHUiIHLWDGD VHJXLQWHIRUPD

&DUJRVGHGLUHomR $GPLQLVWUDomRVXSHULRU

9LFH 3UHVLGrQFLD 9LFH 3UHVLGrQFLD

DUW

3UHVLGHQWH

4XDOTXHUXPGRV VHUmR VXEVWLWXtGRV SHORV GHPDLV PHPEURV REVHUYDGDD RUGHP GHFUHVFHQWH GH

$17,*8,'$'(

&RUUHJHGRULD

9LFH 9LFH &RUUHJHGRU

6XUJLQGRYDJDGHDOJXPFDUJRGHGLUHomRSRU DSRVHQWDGRULDFRPSXOVyULD GRUHVSHFWLYRWLWXODU



(OHLo}HV

9DFkQFLDSRU DSRVHQWDGRULD FRPSXOVyULD

$HOHLomRVHUiUHDOL]DGDGHQWURGRV  GLDV TXHDQWHFHGHUHPVXDRFRUUrQFLD

L'R 3UHVLGHQWH DUW

&DQGLGDWRV

$HOHLomR

LL'R 9LFH LLL'R 9LFH LY'R &RUUHJHGRU

$WpTXHVHHVJRWHPWRGRVRVQRPHV QmR ILJXUDUi HQWUHRVHOHJtYHLV SDUDTXDOTXHURXWURFDUJRR GHVHPEDUJDGRUTXHKRXYHUVLGR DUW

,PSHGLPHQWRV

5HFDLUiQRV 

GHVHPEDUJDGRUHV PDLVDQWLJRV TXH QmR HVWHMDP LPSHGLGRV GH RFXSDUHVVHVFDUJRV

, 3UHVLGHQWH  6$/92 VHHVWLYHU FRPSOHWDQGR PDQGDWR SRU SHUtRGR LQIHULRU DDQR ,, 9LFH9LFH H&RUUHJHGRU SRUXPSHUtRGRWRWDOGH  DQRV



5HHOHLomR

1mR VHDGPLWLUi UHHOHLomR SDUDR PHVPRFDUJR

$QWHVGHVHSURFHGHUjYRWDomRR 3UHVLGHQWH FRQVXOWDUi RV GHVHPEDUJDGRUHV HOHJtYHLV VREUHD FRQFRUGkQFLD GHHYHQWXDOLQGLFDomR 27ULEXQDOSRGHUi QmRDFHLWDU DUHFXVD SHOR YRWRGD PDLRULDDEVROXWD GHVHXVPHPEURV

DUW

&RQVXOWD LQLFLDO

(P QHQKXPFDVR  DUHFXVDVHUiDFHLWD $3Ï6 DHOHLomR 

5HFXVD

$UHFXVDDFHLWD QmRSUHMXGLFDUi SDUDHIHLWRVGDHOHLomR SDUDFDUJRGHGLUHomRGR75(')DFRORFDomRGR GHVHPEDUJDGRUQDOLVWDGHDQWLJXLGDGH 2XVHMD SRGHUi FRQFRUUHUjYDJDGR 75(')PHVPR WHQGR UHFXVDGR RFDUJRGHGLUHomRGR7-')7

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

352&(',0(1726$'0,1,675$7,926(/(,d®(6,,

5,7-')7 HP 0DSDV 0HQWDLV $XODS

275(HOHJHUiVHX 3UHVLGHQWH H9LFH3UHVLGHQWH GHQWUHRV GHVHPEDUJDGRUHV &)DUW

(OHLomRGH GHVHPEDUJDGRU RXGH  MXL] SDUDFRPSRUR75(

6HUiUHDOL]DGDQRV GLDVSRVWHULRUHV DRUHFHELPHQWRGR RItFLR TXHFRPXQLTXH R WpUPLQR GR PDQGDWR

,2 3UHVLGHQWH DUW

(OHLomRSDUD FRPSRVLomR GR75(')

,,2 9LFH3UHVLGHQWH



6HUmR LQHOHJtYHLV

,,,2 9LFH3UHVLGHQWH ,92 &RUUHJHGRU 6HUmR HOHJtYHLV RV GHVHPEDUJDGRUHV QmRLPSHGLGRV

'HVHPEDUJDGRUHV

 H

)DUVHiDHVFROKDREVHUYDQGRVH D RUGHPGHDQWLJXLGDGH

(OHJtYHLV

-Xt]HV

6HUiFRQVLGHUDGR HOHLWR TXHPREWLYHUSHOR PHQRV PHWDGHPDLVXP GRVYRWRV



(OHLWR



DUW

(QWUHRV  MXt]HVVHUmR HOHJtYHLV RVLQWHJUDQWHVGD SULPHLUD TXLQWDSDUWH GDOLVWDGHDQWLJXLGDGH

2 TXyUXPPtQLPR GHGHOLEHUDomRGR 7ULEXQDO 3OHQR pGH  GRVGHVHPEDUJDGRUHV

4XyUXP PtQLPR

(OHLo}HV

([FHWR DTXHOHVTXH DQWHV GD YRWDomRPDQLIHVWDUHP REMHomR

6HLVVR QmR RFRUUHUSURFHGHUVHiD VHJXQGRHVFUXWtQLR 6H WRGRV RV FDUJRV GH GLUHomRHVWLYHUHP YDJRV HOHJHUVHiQHVWDRUGHP

2UGHPGD HOHLomR

 2 3UHVLGHQWH  2 9LFH3UHVLGHQWH  2 9LFH3UHVLGHQWH  2 &RUUHJHGRU GD-XVWLoD

3URFHGLPHQWRV 3DUDD HOHLomR GRV FDUJRVGH GLUHomR GR7-')7

6H QmR I RU DOFDQoDGR RQ~PHURGH YRWRV PHWDGH PDLVXPSURFHGHUVHiD VHJXQGRHVFUXWtQLR 

6HJXQGR HVFUXWtQLR

6H QmR DOFDQoDGR QRYDPHQWHR TXyUXP

3URFHGHUVHiD WHUFHLUR HVFUXWtQLR

6yFRQFRUUHUmRRV  PDLVYRWDGRV (P WHUFHLURHVFUXWtQLR VySRGHUmRVHUYRWDGRV RV  TXHREWLYHUHP PDLRUQ~PHUR GHVXIUiJLRV 

7HUFHLUR HVFUXWtQLR

6HRVDOFDQoDUHPD PHVPD YRWDomR QRVHJXQGRHVFUXWtQLR (PSDWH

2 PDLVPRGHUQR VHUi H[FOXtGR

&RQVLGHUDUVHi HOHLWR RPDLVDQWLJR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  ,1',&$d2'($'92*$'26('(0(0%526'203  GRVOXJDUHVGRV 75)VGRV 7ULEXQDLV GRV (VWDGRVHGR ') H 7HUULWyULRV VHUiFRPSRVWRGH

&)DUW

,0HPEURVGR 0LQLVWpULR3~EOLFR FRPPDLVGHDQRVGHFDUUHLUD ,, $GYRJDGRV GHQRWyULRVDEHUMXUtGLFRHGH UHSXWDomRLOLEDGDFRPPDLVGHDQRVGH HIHWLYDDWLYLGDGHSURILVVLRQDO

6mRLQGLFDGRVHP OLVWDVr[WXSOD SHORVyUJmRV GHUHSUHVHQWDomRGDVUHVSHFWLYDVFODVVHV

4XLQWR FRQVWLWXFLRQDO

GHVHPEDUJDGRUHV 7-')7

GH 

YDJDV SDUDPHPEURVGR 03 YDJDV SDUD DGYRJDGRV

6HRFRUUHU YDJD QR 7-')7 SDUDVHU SURYLGD SRUPHPEURGR 03')7 RXSRU DGYRJDGR 23UHVLGHQWHVROLFLWDUiDR3*-')7HDR3UHVLGHQWHGD 2$%')DUHVSHFWLYD OLVWDVr[WXSOD GRVLQGLFDGRV /LVWD Vr[WXSOD

1RFDVRUHODWLYRDR 03 FRQVWDUmRWDPEpPGDOLVWD

3DUDDHODERUDomRGDOLVWDSHOR7ULEXQDO3OHQR FDGDGHVHPEDUJDGRUYRWDUiHP  QRPHV

/LVWDWULSOLFH

9DJDV GHVWLQDGDV DRTXLQWR FRQVWLWXFLRQDO

,QGLFDGRV

&RQVLGHUDPVHLQGLFDGRVRV PDLVYRWDGRV GHVGHTXH WHQKDP REWLGRSHORPHQRV PHWDGH GRVYRWRVGHVHXVLQWHJUDQWHV 0DLRULDDEVROXWD



6HJXQGR HVFUXWtQLR

,QGLFDomRGH DGYRJDGRVH GHPHPEURV GR03

,,$UHVSHFWLYD DQWLJXLGDGH QDFDUUHLUD

2 7ULEXQDO3OHQR HODERUDUiD OLVWDWUtSOLFH



DUW

,2V FDUJRV TXH RFXSDP(

6HIRUQHFHVViULRVHJXQGRHVFUXWtQLRDHOHFRQFRUUHUmR RV PDLVYRWDGRV HHP P~PHURFRUUHVSRQGHQWH DR GREUR GRVOXJDUHVSRUSUHHQFKHU ([FOXLVH HPFDVRGH HPSDWH RV PDLVPRGHUQRV

1RV HVFUXWtQLRV VHJXLQWHV REVHUYDUVHiDUHJUDGRWySLFRDQWHULRU 

(VFUXWtQLRV VHJXLQWHV

6HQHQKXPDOFDQoDU PHWDGHGRVYRWRV

6HKRXYHU HPSDWH 

'RLVQRPHV UHVWDQWHV

DUW

/LVWDGH DGYRJDGRV SDUDR75(

6HUi H[FOXtGR RTXHWLYHUREWLGR PHQRUQ~PHUR GH VXIUiJLRV

6HUi H[FOXtGR RPDLVPRGHUQR

5HVWDQGRDSHQDVQRPHVWHUVHiSRU LQGLFDGR RTXHREWLYHU PDLRUQ~PHUR GH YRWRV (PFDVRGH HPSDWH R PDLVDQWLJR

$HODERUDomRGH OLVWD GH DGYRJDGRV LQGLFDGRVSDUD R 75( REHGHFHUiDRGLVSRVWRQR WySLFRDQWHULRU (QWHQGHUVHiSRU PDLVPRGHUQR

2DGYRJDGRGHLQVFULomR PDLVUHFHQWH QD2

%$ )OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  3529,0(172'26&$5*261$0$*,675$785$'(&$55(,5$  120($d2 )RUPDVGH 3529,0(172 GRVFDUJRVQDPDJLVWUDWXUD 1RPHDomR

DUW

3URYLPHQWR

5HPRomR

3URPRomR

$FHVVR

3HUPXWD

2 SURYLPHQWR GRVFDUJRVGH -8,= GHGLUHLWR VXEVWLWXWR GR ') H-8,= GHGLUHLWRGRV 7HUULWyULRV &RQGLFLRQDVHj DSURYDomR HP FRQFXUVRS~EOLFR 1RVWHUPRVGH5HJXODPHQWRDSURYDGR SHOR&RQVHOKR(VSHFLDOREHGHFLGRVRV UHTXLVLWRVHVSHFLILFDGRVHPOHL

2FRQFXUVRSDUD SURYLPHQWRGRV FDUJRVLQLFLDLVGH

DUW

&RQFXUVR ~QLFR

6HUi Ò1,&2

,, -XL] G H GLUHLWRGRV 7HUULWyULRV

e I DFXOWDGR DRVFDQGLGDWRVDSURYDGRV QD RUGHPGHFODVVLILFDomRRGLUHLWR GH RSomR SRUXPRXRXWURFDUJR

1RPHDomR

&RQFXUVR

, -XL] G H GLUHLWR VXEVWLWXWR GR ')(

2 &RQVHOKR(VSHFLDO GHWHUPLQDUiD UHDOL]DomR GH FRQFXUVR GHVGHTXH

DUW

5HTXLVLWRV SDUD UHDOL]DomR

,+DMD PDLV G H YDJDV SDUD VHUHPSURYLGDV( ,, 1mRH[LVWDP FDQGLGDWRV KDELOLWDGRV HPQ~PHURVXILFLHQWH

2 &RQVHOKR(VSHFLDO SRGHUi GHWHUPLQDU DUHDOL]DomRGH FRQFXUVR DSHQDV SDUDR SURYLPHQWRGHFDUJRGH  MXL] GHGLUHLWR GRV 7HUULWyULRV DUWS~QLFR

DUW

&DEHUiD &RPLVVmR GH &RQFXUVR SDUD ,QJUHVVR QD 0DJLVWUDWXUD

,(ODERUDUD OLVWD GRV SRQWRV TXHVHUmR REMHWR GHH[DPH ,,'HFLGLUVREUHRVSHGLGRVGH LQVFULomR ,,,5HDOL]DUDV SURYDV H DWULEXLUOKHV QRWDV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  3529,0(172'26&$5*261$0$*,675$785$'(&$55(,5$  5(02d235202d2($&(662',6326,d®(6*(5$,6, DUW

1Ro}HV JHUDLV

6HUmR UHDOL]DGDVDV

L 5HPRo}HV GRV  MXt]HVGHGLUHLWR28

'HVGHTXHYHULILFDGD D YDFkQFLD GHFDUJRGH

LL 3URPRo}HV GRV MXt]HV GHGLUHLWR VXEVWLWXWRV

 MXL]GHGLUHLWRGR')

'HYHUmR VHUREVHUYDGDVDV GLVSRVLo}HVFRQWLGDVQD &)QD/HL2UJkQLFDGD0DJLVWUDWXUD1DFLRQDOHQD /HLGH2UJDQL]DomR-XGLFLiULDGR')H7HUULWyULRV

)DUVHi PHGLDQWH



&LUFXQVFULo}HV  MXGLFLiULDVGR') DUW

, 5HPRomRDSHGLGR GHMXt]HVGHGLUHLWR ( ,, 3URPRomR GHMXt]HVGH GLUHLWRVXEVWLWXWRVGR') , 5HPRomR GRVMXt]HVGHGLUHLWR GR')HGRV7HUULWyULRV 28

3UHHQFKLPHQWR GRVFDUJRVGH  MXL]GHGLUHLWR

5HVHUYDGRDRVGRV 6HUmR SURYLGRV SRU



&LUFXQVFULomR -XGLFLiULDGH %UDVtOLD

7HUULWyULRV GDVYDJDV ,, 3URPRomR GH MXt]HV GHGLUHLWRVXEVWLWXWRV &DVR UHPDQHVoD YDJD QmR SURYLGD SRU UHPRomR

6RPHQWH DSyV DQRV GHH[HUFtFLRQDFODVVH

5HPRomR 3URPRomRH $FHVVR 'LVSRVLo}HV JHUDLV



2MXL] SRGHUi VHU UHPRYLGR RX SURPRYLGR

6 $/92

VH

$V LQGLFDo}HV HDV OLVWDV SDUD

, 1mRKRXYHU FRPHVVHUHTXLVLWR TXHP DFHLWH ROXJDUYDJR28 ,,2VPHPEURVGR3OHQR UHFXVDUHP SRU PDLRULDDEVROXWDWRGRVRVLQGLFDGRV

, 5HPRomR HSDUD SURPRomR DRV FDUJRV GHMXL]GHGLUHLWRGR')

6HUmR UHDOL]DGDV QD RUGHP GH

YDFkQFLD

,, 5HPRomR QRV7HUULWyULRV ,±'D FULDomR GR FDUJR L $SRVHQWDGRULD LL ([RQHUDomR



DUW

9DFkQFLD QRo}HV JHUDLV

&RQVLGHUDUVHi FRPR GDWDGH DEHUWXUD GDYDJDD

,,±'D SXEOLFDomR GRDWRGH

LLL 3HUGD GRFDUJR LY 5HPRomR

FRPSXOVyULD28 Y 'HFUHWDomR GH

GLVSRQLELOLGDGH ,,,± 'DWD HPTXHRPDJLVWUDGR SURPRYLGR DVVXPLU RFDUJR ,9±'R I DOHFLPHQWR GRPDJLVWUDGR 

&RLQFLGrQFLDQD GDWDGDYDFkQFLD 

5 HPRomR DSHGLGR

$ RUGHP GHLQGLFDomRILFDUiD FULWpULR GR 7ULEXQDO

$RVHYHULILFDUD UHPRomRDSHGLGR &RQVLGHUDUVHiSDUDHIHLWRGH YDFkQFLD D GDWD H P TXHIRL DEHUWD DYDJDSURYLGD PHGLDQWH UHPRomR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  3529,0(172'26&$5*261$0$*,675$785$'(&$55(,5$  5(02d235202d2($&(662',6326,d®(6*(5$,6,, 2 3UHVLGHQWHGR7ULEXQDO  HP GLDV GHFODUDUiD UHVSHFWLYD YDFkQFLD SRUPHLRGHSXEOLFDomRQR'-(

9DFkQFLDQRFDUJR GHMXL]GHGLUHLWR 

3URYLPHQWR PHGLDQWH 5 (02d2

2V LQWHUHVVDGRV GHYHUmRUHTXHUHU LQVFULomR HP GLDV  FRQWDGRVGD SXEOLFDomR GDGHFODUDomRGH YDFkQFLD

DUW

3URYLPHQWR QRFDUJR GHMXL] GHGLUHLWR 2SURYLPHQWRGR FDUJRGH  MXL] GH GLUHLWR 68%67,7872 FRQGLFLRQDVHj DSURYDomRHP &21&8562 S~EOLFR DUW

6HUmRFRQVLGHUDGRV LQVFULWRV WRGRVRV  MXt]HV GH GLUHLWR 68%67,78726 TXH



3URYLPHQWR PHGLDQWH 35202d2

,7HQKDPPDLVGH  DQRV GH H[HUFtFLR QD FODVVH ,,,QWHJUHPD SULPHLUDTXLQWD SDUWHGDOLVWDGH DQWLJXLGDGH

&DEHDRVTXHDUHFXVDUHPVH PDQLIHVWDU DWpR LQtFLR GD YRWDomR

5HFXVD 

9DJDQRV7HUULWyULRVRXQR')DVHU SURYLGDSRUMXL]GHGLUHLWRGRV 7HUULWyULRV

)DUVHiLPHGLDWD FRPXQLFDomRDRVLQWHUHVVDGRV



2V SURYLPHQWRV YLQFXODPVHD DWR GR 3UHVLGHQWH GR7ULEXQDO

(QFHUUDGRRSUD]RGH LQVFULomRRXGHUHFXVDV

2 &RUUHJHGRU DSUHVHQWDUi 5 (/$7Ï5,2  SUHVWDQGR LQIRUPDo}HV VREUHRVIDWRVTXHSRVVDPVHU ~WHLV j DYDOLDomR GD FRQGXWDIXQFLRQDO GRVMXt]HV

6HQWHQoDV SURIHULGDVDQXDOPHQWH

5HPRomR 3URPRomRH $FHVVR 'LVSRVLo}HV JHUDLV

3URFHVVRVGLVWULEXtGRV ,±2 Q~PHUR GH

1RFDVRGHRMXL]HVWDURXGHWHUVLGR FRQYRFDGR QR~OWLPRDQRRQ~PHURGH SURFHVVRVUHFHELGRV HRGH YRWRVSURIHULGRV

DUW H

$YDOLDomR GD FRQGXWD IXQFLRQDO GRVMXt]HV FDQGLGDWRV

jUHVSHFWLYDYDUD

2 UHODWyULR GR&RUUHJHGRU FRQWHUi

,,±2VFDVRVHPTXHRMXL] H[FHGHX RV SUD]RVOHJDLV HVSHFLILFDGRVRWHPSRHDMXVWLILFDWLYDGRH[FHVVR ,,,±2V HORJLRV UHFHELGRV ,9±$V SHQDOLGDGHV LPSRVWDV 9±2UHVXOWDGRDOFDQoDGRHP FXUVRV GH DSHUIHLoRDPHQWRHTXDLVTXHU WtWXORVREWLGRV 9,±$V REVHUYDo}HV I RUPXODGDVSRU GHVHPEDUJDGRUHV HPDFyUGmRVUHPHWLGRVj&RUUHJHGRULDSDUDDV SURYLGrQFLDVQHFHVViULDV



5HVXPR GRTXH

$ &RUUHJHGRULD HQYLDUiD FDGDGHVHPEDUJDGRU  HPDWp KVDQWHV GD HODERUDomR GD OLVWD SDUD UHPRomR RX SURPRomR DUW

FRQVWDUGRV

DVVHQWDPHQWRV GRV

L -Xt]HVGHGLUHLWR TXH UHTXHUHUDPVXD LQVFULomR SDUDD UHPRomR28 LL-Xt]HVGHGLUHLWR VXEVWLWXWRV TXH QmR PDQLIHVWDUDP UHFXVD jSURPRomR

&DEHUiDR 3OHQR H[DPLQDU HGHFLGLU

5 HTXHULPHQWRVGH UHPRomRHGHSURPRomR

27ULEXQDO3OHQRSRGHUi DEVWHUVH WHPSRUDULDPHQWHGH LQGLFDUQRPHV VHDVVLPUHFRPHQGDUR LQWHUHVVHS~EOLFR $QWLJXLGDGH

DUW

&ULWpULRV

0HUHFLPHQWR

$FHVVRDR FDUJRGH GHVHPEDUJDGRU

L2V MXt]HV GH GLUHLWR

PDLVDQWLJRV 6HUmRSUHVWDGDV LQIRUPDo}HVVREUH

3DUDRFULWpULR GH DQWLJXLGDGH

LL 7RGRV RV  MXt]HV GHGLUHLWRTXHUH~QDP FRQGLo}HV OHJDLV SDUDR FULWpULR GH PHUHFLPHQWR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  3529,0(172'26&$5*261$0$*,675$785$'(&$55(,5$  5(02d235202d2($&(662,,, 1RMXt]RGH GLUHLWRQR ') RXQRV 7HUULWyULRV

6HUiIDFXOWDGDD UHPRomR DRVMXt]HVGH GLUHLWRTXHWHQKDPSHORPHQRV  DQRV GHH[HUFtFLRFRPR  MXL] GHGLUHLWR WLWXODU



1RMXt]RGHGLUHLWRFRP FRPSHWrQFLD HP WRGR RWHUULWyULRGR ')RXQD &LUFXQVFULomR-XGLFLiULDGH %UDVtOLDLQFOXVLYHQRVFDVRVGH SURYLPHQWRLQLFLDOGHVVHVMXt]RV 

9DJD

$VYDJDVGHFRUUHQWHV RXUHPDQHVFHQWHV GDVUHPRo}HV

6HUiSURYLGDPHGLDQWH UHPRomR GH  MXL] GHGLUHLWR 7,78/$5  GH  MXt]RFRPHVVDVFRPSHWrQFLDV

6HUmRSURYLGDVPHGLDQWH UHPRomR GH  MXt]HV GHGLUHLWR 7,78/$5(6 GDV GHPDLVFLUFXQVFULo}HVMXGLFLiULDVGR')

DUW

5HPRomR



1RMXt]RGHGLUHLWRQDV GHPDLV FLUFXQVFULo}HV  MXGLFLiULDVGR ') LQFOXVLYHQRVFDVRVGHSURYLPHQWR LQLFLDOGHVVHVMXt]RV

6HUmRSURYLGDVPHGLDQWH SURPRomR GH  MXt]HV GHGLUHLWR 68%67,78726



$VYDJDVGHFRUUHQWHVRX UHPDQHVFHQWHVGDVUHPRo}HV

5HPRomR 3URPRomR H$FHVVR

6HUiSURYLGDPHGLDQWH UHPRomR GH  MXL] GHGLUHLWR WLWXODU GHMXt]R FRPHVVDVFRPSHWrQFLDV



1mR VHUi DGPLWLGD UHPRomR SDUDYDUDGH LJXDO QDWXUH]D GHQWURGD PHVPDFLUFXQVFULomR  MXGLFLiULD



'HVPHPEUDPHQWR GDYDUD

6HUi DVVHJXUDGD DR  MXL] GHGLUHLWRGDYDUDRULJLQiULD DQWHV GD UHPRomRD RSomR SHOR QRYRMXt]R 1RSUD]RGHGLDVFRQWDGR GDGHFODUDomRGHYDFkQFLD

eDDVFHQVmRGRFDUJRGR  MXL]GHGLUHLWR VXEVWLWXWR SDUDRFDUJRGH  MXL]GHGLUHLWR 6ySRGHUiRFRUUHUHQWUHRVTXH WLYHUHP  DQRV GH H[HUFtFLR , 1mR KRXYHUTXHPDSUHVHQWHR UHTXLVLWRGH DQRV GH H[HUFtFLR

DUWV

3URPRomR 3URPRomRGH  MXL]GHGLUHLWR 6867,7872

6$/92 VH

,,6HRSUHHQFKHU QmR DFHLWH ROXJDUYDJR28 ,,,2VPHPEURVGR3OHQR UHFXVDUHP SRU PDLRULDDEVROXWD 72'26 RV LQGLFDGRV

2EHGHFHUiDRV FULWpULRV GH

L $QWLJXLGDGH LL 0HUHFLPHQWR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926  3529,0(172'26&$5*261$0$*,675$785$'(&$55(,5$  5(02d-235202d-2($&(662,9 eDDVFHQVmRGRFDUJRGH  MXL]GHGLUHLWR DRFDUJRGH GHVHPEDUJDGRU L $QWLJXLGDGH 2EHGHFHUiDRV FULWpULRV GH

LL 0HUHFLPHQWR

6HUmRFRQVLGHUDGRV LQVFULWRV

5HFXVD

7RGRV RVMXt]HVGHGLUHLWRLQWHJUDQWHVGD TXLQWDSDUWH GDOLVWDGH DQWLJXLGDGH

&DEHUiDRMXL]TXHUHFXVDURDFHVVRVH PDQLIHVWDU DWpR LQtFLR GD YRWDomR 2 3OHQR HPHVFUXWtQLR LQGLFDUi R  MXL]GHGLUHLWRTXHWHUiDFHVVRjYDJD

(ODERUDGDD OLVWDWUtSOLFH

$SHQDV XPDYDJD

DUW DUW

$FHVVR

1~PHUR GHYDJDV

$FHVVRSRU PHUHFLPHQWR

0DLVGH XPDYDJD

(PFDVR GHHPSDWH

5HPRomR 3URPRomR H$FHVVR $SXUDomRGR PHUHFLPHQWR

(ODERUDGDDOLVWDWUtSOLFHIDUVHiYRWDomR 6HUiFRQVLGHUDGR LQGLFDGR RMXL]GHGLUHLWR TXHWHQKDREWLGR YRWDomRPDMRULWiULD 6HUmRHODERUDGDVVHPSUHTXH SRVVtYHOOLVWDVWUtSOLFHVHPQ~PHUR FRUUHVSRQGHQWHDRGHYDJDV

3URFHGHUVHiDQRYRHVFUXWtQLRUHSHWLQGRVH DYRWDomRTXDQWDVYH]HVIRUHPQHFHVViULDV $SHQDVHQWUHDTXHOHVTXH REWLYHUHPLJXDOQ~PHURGHYRWRV

6HUmR REVHUYDGRVH FRQVLGHUDGRV

, 7RGRVRVGDGRVFRQWLGRVQRUHODWyULR GR&RUUHJHGRUSDUDDYDOLDomRGD FRQGXWDIXQFLRQDOGRVMXt]HV ,,2IDWRGHRMXL]MiKDYHUILJXUDGRHP OLVWDSDUDDFHVVRSRUPHUHFLPHQWR ,,,$UHVSHFWLYDDQWLJXLGDGHQRFDUJR

DUW

$FHVVRSRU DQWLJXLGDGH

23OHQRVRPHQWHSRGHUi UHFXVDU RMXL] PDLVDQWLJR SHORYRWRGHQRPtQLPR GRVPHPEURV 5HSHWLQGRVHDYRWDomRDWpREWHUVHDLQGLFDomR

DUW

(VFUXWtQLRV VXEVHTXHQWHV

$SOLFDUVHiRGLVSRVWRQR DUWH

3RGHUmRVROLFLWDUSHUPXWD

'HYHUiVHUVROLFLWDGDPHGLDQWH UHTXHULPHQWR GLULJLGRDR 3UHVLGHQWH GR7ULEXQDO

DUW

3HUPXWD

2VMXt]HVGHGLUHLWRGR')HGRV7HUULWyULRV

3URFHGLPHQWR

~QLFR

9HGDomR

23UHVLGHQWHGR7ULEXQDODSyVLQVWUXtORVXEPHWrORi DR &RQVHOKR(VSHFLDO SDUD GHOLEHUDomR 1mR VHUi SHUPLWLGD SHUPXWDTXHHQYROYD  MXL]GHGLUHLWR HP FRQGLo}HV GH DFHVVR DR7-DSyVRVXUJLPHQWRGH YDJD (148$172QmR I RUHVWD SURYLGD

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'26,  6(d2,',6326,d®(6*(5$,6 ,0HGLDQWH '(&,62 GD PDLRULD DEVROXWD GR &RQVHOKR(VSHFLDO 1RFDVRGH 3RU

,1,&,$7,9$ DUW

3URFHGLPHQWRGH DSXUDomRGHI DOWD SXQtYHOFRPSHQD GLVFLSOLQDU

,'R &RUUHJHGRU

PDJLVWUDGRV GH *UDX

,,'R 3UHVLGHQWH

1RV GHPDLV FDVRV

,QVWDXUDUVHi

,'H TXDOTXHU

GHVHPEDUJDGRU ,,'RV &KHIHV GRV 3RGHUHV ([HFXWLYR H /HJLVODWLYR GR')

~QLFR

,,3RUPHLRGH

,,,'R 3*-')7

5(35(6(17$d2 IXQGDPHQWDGD

$QWHV GD GHFLVmR VREUHD LQVWDXUDomR GRSURFHVVR

0RPHQWR DUW

'HIHVD SUpYLD

,9'RV 3UHVLGHQWHV GR &RQVHOKR)HGHUDO GD2$% RXGD 6HFFLRQDO GD2$% QR ') RXQRV 7HUULWyULRV

GLDV 3UD]RGR PDJLVWUDGR

3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

6HUiFRQWDGRGD GDWD GHHQWUHJDGH FySLD GR WHRUGD DFXVDomR HGH SURYDVH[LVWHQWHV $FySLDOKHVHUiUHPHWLGDSHOR 3UHVLGHQWHPHGLDQWHRItFLRQDV KRUDV LPHGLDWDPHQWH VHJXLQWHV jDSUHVHQWDomRGDDFXVDomR 6HUiUHDOL]DGDSHOR 3UHVLGHQWH

&RQYRFDomRGR&RQVHOKR(VSHFLDO

'LVSRVLo}HV JHUDLV

0RPHQWR DUW  H 

$SUHFLDomR SHOR &RQVHOKR (VSHFLDO

)LQGR RSUD]R FRQFHGLGRSDUDD GHIHVDSUpYLD KDMD RX QmR VLGRDSUHVHQWDGD ,$ LQVWDXUDomR28

'HFLVmR

6HUmRHQFDPLQKDGDV SUHYLDPHQWHDRV LQWHJUDQWHV FySLDV

3URFHGLPHQWR

$FyUGmR

'HWHUPLQDGD DLQVWDXUDomR GR SURFHVVR

5HODWRU 5HYLVRU

,'RWHRUGD DFXVDomR ,,'D GHIHVDSUpYLDVHDSUHVHQWDGD ,,,'DV SURYDV H[LVWHQWHV

, &RUUHJHGRU

5HODWDUiD DFXVDomR SHUDQWHR&(

DUW

'RSURFHVVR

,,2 DUTXLYDPHQWR

1RFDVRGH PDJLVWUDGRV GH *UDX

,, 3UHVLGHQWH GR7ULEXQDO

&RQWHUiD

1RV GHPDLV FDVRV

, ,PSXWDomR GRV I DWRV ( ,, 'HOLPLWDomR GRWHRUGD DFXVDomR

1D PHVPDVHVVmR VHUi 6257($'2 RUHODWRU 1HVWHSURFHGLPHQWR 12 KDYHUiUHYLVRU 2 &RQVHOKR(VSHFLDO SRU PDLRULDDEVROXWDGHFLGLUiVREUH R DIDVWDPHQWR RX QmR GRPDJLVWUDGRGHVXDV I XQo}HV 6HUmRDVVHJXUDGRVRVVXEVtGLRV LQWHJUDLV DWpD GHFLVmRILQDO

$IDVWDPHQWR GRPDJLVWUDGR

3UD]R GH DIDVWDPHQWR

GLDV SURUURJiYHOSRUDWpR GREUR RX PDLVTXDQGRDGHPRUDGHFRUUHU GRH[HUFtFLRGR GLUHLWRGHGHIHVD

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'26,,  6(d-2,',6326,d®(6*(5$,6 2 PDJLVWUDGR HRUHVSHFWLYR GHIHQVRU VHUmR LQWLPDGRV GH WRGRV RVDWRVGRSURFHVVR

,QWLPDomRGRV DWRVGRSURFHVVR

2 UHODWRU VRUWHDGRGHWHUPLQDUiD FLWDomR GR PDJLVWUDGRSDUDDSUHVHQWDUGHIHVDHHQFDPLQKDUi DRPDJLVWUDGRFySLDGRDFyUGmRGR&RQVHOKR(VSHFLDO 5HJUDJHUDO 3UD]R

GLDV

'RLVRXPDLVPDJLVWUDGRV

0DJLVWUDGR UHYHO 'HIHVDGR PDJLVWUDGR

6HUiFRQVLGHUDGR UHYHO TXDQGR UHJXODUPHQWH FLWDGR QmR DSUHVHQWDUGHIHVD QRSUD]RDVVLQDGR 'HFODUDGDD UHYHOLD RUHODWRUGHVLJQDUi GHIHQVRUGDWLYR HFRQFHGHUOKHi LJXDO SUD]R SDUDDDSUHVHQWDomRGHGHIHVDGLDV 6HUi FLWDGR SRU HGLWDO

0DJLVWUDGR HPOXJDU LQFHUWRRX QmRVDELGR

6HUi FRPXP HGH GLDV

&RPSUD]RGH GLDV 3XEOLFDGR XPD YH]QRyUJmR RILFLDO GHLPSUHQVDXWLOL]DGRSHOR 7ULEXQDOSDUDGLYXOJDUVHXVDWRV

$PXGDQoDGHUHVLGrQFLD REULJD RPDJLVWUDGRD FRPXQLFDU RHQGHUHoR HP TXHUHFHEHUiFLWDo}HV QRWLILFDo}HVRXLQWLPDo}HVDR

L 5HODWRU LL &RUUHJHGRU( LLL 3UHVLGHQWH

DUWV

'HFLGLUiVREUHDSURGXomRGH SURYDV UHTXHULGDV SHOR DFXVDGR

,QVWUXomR GRSURFHVVR

'LVSRVLo}HV JHUDLV

'HWHUPLQDUiGH RItFLR DV SURYDV SHULFLDLVHWpFQLFDV TXHHQWHQGHUSHUWLQHQWHVSDUDD HOXFLGDomR GRVIDWRV 3URGXomR GHSURYDV

2 UHODWRU

7RPDUi GHSRLPHQWRV GDV WHVWHPXQKDV

1R Pi[LPR GH DFXVDomR H DWp GH GHIHVD

)DUiDV DFDUHDo}HV 3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

3RGHUi GHOHJDU SRGHUHVD  MXL]GHGLUHLWR SDUDSURGX]LODV 2UHODWRUSRGHUiLQWHUURJDU R DFXVDGR VREUHRV I DWRV DHOH LPSXWDGRV ,QWHUURJDWyULR

5D]}HV ILQDLV

'HVLJQDQGR SDUDWDQWR GLD  KRUD HORFDO( 'HWHUPLQDQGRD LQWLPDomR GR PDJLVWUDGR HGHVHX GHIHQVRU

)LQGDDLQVWUXomRR 03 HR PDJLVWUDGRDFXVDGR RXR UHVSHFWLYR GHIHQVRU WHUmR YLVWD GRVDXWRVSRU GLDV SDUDUD]}HVILQDLV

, ,QFOXLU RSURFHVVRQD SDXWD GR &RQVHOKR (VSHFLDO SDUDMXOJDPHQWRHP GLDV DSyV RSUD]RGDVUD]}HVILQDLVFRPRXVHPHODV ,, 2UGHQDU DLQWLPDomR GR 03 GRPDJLVWUDGR DFXVDGR HGRUHVSHFWLYR GHIHQVRU 3URYLGrQFLDV GRUHODWRU

,,, 'HWHUPLQDU D UHPHVVD DRV GHVHPEDUJDGRUHV LQWHJUDQWHV GR &RQVHOKR (VSHFLDOGH FySLDV

L'R DFyUGmR LL'D GHIHVD LLL'DV UD]}HVILQDLV GR 03 HGR PDJLVWUDGR LY'HRXWUDV SHoDV TXH HQWHQGHU QHFHVViULDV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'26,,, 

6(d2,',6326,d®(6*(5$,6

&RPSHWrQFLD

&RQVHOKR(VSHFLDO

 5 HODWyULR 6HVVmRGH  MXOJDPHQWR

 6XVWHQWDomRRUDO3HORSUD]RGH PLQ SDUD FDGD SDUWH &ROHWDGRV YRWRV

DUW

-XOJDPHQWR

4XyUXPSDUDLPSRVLomR GHSHQDOLGDGH 3XEOLFLGDGH

6RPHQWH SRGHUiVHULPSRVWDSXQLomRDR PDJLVWUDGRSHORYRWRGD PDLRULDDEVROXWD GRV PHPEURV GR &RQVHOKR(VSHFLDO

'DGHFLVmRVRPHQWHVHUi SXEOLFDGD DFRQFOXVmR 6HR &RQVHOKR(VSHFLDO HQWHQGHUTXH H[LVWHP LQGtFLRV VXILFLHQWHV GHFULPHGH DomRSHQDOS~EOLFD

,QGtFLRV GHFULPH

2 3UHVLGHQWH GR7ULEXQDO UHPHWHUi DR 03 FySLDGRVDXWRV

6HUmRODQoDGDVQRSURQWXiULRGR PDJLVWUDGRTXHVHUiPDQWLGR SHOD&RUUHJHGRULDGD-XVWLoD

DUW

5HJLVWURV

,,$V SHQDOLGDGHV GHILQLWLYDPHQWH LPSRVWDV( ,,,$V DOWHUDo}HV GHFRUUHQWHVGHMXOJDGRVGR &1-

DUW

/LPLWDomRGD 3XEOLFLGDGH

'LVSRVLo}HV JHUDLV

,$ LQVWDXUDomR GHSURFHVVRDGPLQLVWUDWLYR

(PUD]mRGD QDWXUH]D GD LQIUDomR RXGH SURFHVVRDGPLQLVWUDWLYR D DXWRULGDGHFRPSHWHQWHSRGHUi OLPLWDU DSXEOLFLGDGHGRVDWRVDR DFXVDGR HDRVUHVSHFWLYRV DGYRJDGRV QRVFDVRVHPTXHDSUHVHUYDomRGRVLJLOR 12 SUHMXGLTXHR LQWHUHVVHS~EOLFR HR GLUHLWRjLQIRUPDomR

DUW

/HJLVODomR

3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

$VQRUPDVHRVSULQFtSLRVGDV /HLV H EHP FRPRDVQRUPDVGR&1-DSOLFDPVH VXEVLGLDULDPHQWH DRV SURFHGLPHQWRVHDRVSURFHVVRVGLVFLSOLQDUHVFRQWUDPDJLVWUDGRV

'HYHUi SURPRYHUD DSXUDomR LPHGLDWD GHLUUHJXODULGDGHGH TXHWLYHUFLrQFLDR $SXUDomR

$V QRWtFLDV VREUH LUUHJXODULGDGHVVHUmR REMHWR GH DSXUDomR '(6'(48( 5HTXLVLWRV

, &RUUHJHGRU

1RFDVRGH PDJLVWUDGRV GH *UDX

,, 3UHVLGHQWH

1RV GHPDLV FDVRV

,&RQWHQKDPD LGHQWLILFDomR H R HQGHUHoR GR QRWLFLDQWH( ,,6HMDPIRUPXODGDVSRU HVFULWR FRQILUPDGDDDXWHQWLFLGDGH

$SXUDGRVRVIDWRVR PDJLVWUDGR VHUi QRWLILFDGR SDUDSUHVWDULQIRUPDo}HV1R SUD]R GH GLDV DUW

,QIRUPDo}HV

&RPXQLFDomRGH LUUHJXODULGDGHV

,&DVR 12 KDMD LQGtFLRV GH PDWHULDOLGDGH RXGH DXWRULD GHLQIUDomRDGPLQLVWUDWLYD $ DXWRULGDGHFRPSHWHQWH RUGHQDUiR DUTXLYDPHQWR GRSURFHGLPHQWRSUHOLPLQDU PHGLDQWHGHFLVmR I XQGDPHQWDGD +LSyWHVHV

,,4XDQGRR I DWR QDUUDGR 12 FRQILJXUDU HYLGHQWHLQIUDomRGLVFLSOLQDU RX LOtFLWRSHQDO

$UTXLYDPHQWR

$QRWtFLD GH LUUHJXODULGDGH VHUi DUTXLYDGD GH SODQR SHOR

5HFXUVR

L &RUUHJHGRU QR FDVRGHPDJLVWUDGRV GH *UDX 28 LL 3UHVLGHQWH QRVGHPDLVFDVRV

&DEHUi UHFXUVRDR &RQVHOKR(VSHFLDO

1R SUD]R GH GLDV SRUSDUWHGR QRWLFLDQWH

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'26,9  6(d-2,',6326,d®(6*(5$,6 ,± $GYHUWrQFLD

DUW H

6mR SHQDVGLVFLSOLQDUHV DSOLFiYHLVDRV PDJLVWUDGRV GR ') HGRV 7HUULWyULRV

,,± &HQVXUD ,,,± 5HPRomRFRPSXOVyULD ,9± 'LVSRQLELOLGDGH

3HQDVH GHYHUHV

9± $SRVHQWDGRULDFRPSXOVyULD 2V GHYHUHV GRPDJLVWUDGRVmRDTXHOHVSUHYLVWRV QD&)QD/20$1QR&(01QR&3&DUW QR&33DUWQD/2-')7HQR5HJLPHQWR

1DKLSyWHVHGHYLRODomR GDVYHGDo}HVGRDUW ~QLFR,D,9GD&)

6HUi SUHFHGLGD GH SURFHVVR DGPLQLVWUDWLYR REVHUYDQGRVHRTXH GLVS}HPRVDUWVDGR5HJLPHQWR

,± )DOWD TXHGHULYHGDYLRODomRjV SURLELo}HV FRQWLGDVQD&)HQDVOHLV 3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

'LVSRVLo}HV JHUDLV

,,±0DQLIHVWD QHJOLJrQFLD QR FXPSULPHQWRGRV GHYHUHV GRFDUJR 3HUGHUi R FDUJR HP FDVRGH

,,,±3URFHGLPHQWR LQFRPSDWtYHO FRPD GLJQLGDGH D KRQUD HR GHFRUR GHVXDVIXQo}HV ,9± ,QVXILFLHQWH FDSDFLGDGHGHWUDEDOKR 9±3URFHGLPHQWRIXQFLRQDO LQFRPSDWtYHO FRPRERP GHVHPSHQKRGDVDWLYLGDGHVGR3RGHU-XGLFLiULR

DUW

3HUGDGH FDUJRGH PDJLVWUDGR QmRYLWDOtFLR

6HUiLQVWDXUDGRD TXDOTXHU WHPSR GHQWUR GR ELrQLR LQLFLDOSUHYLVWRQD&)

2 SURFHGLPHQWR GLVFLSOLQDU SDUDDSXUDomRGH I DOWD LPSXWDGDDMXL] QmR YLWDOtFLR SXQtYHO FRP SHUGD GRFDUJR

0HGLDQWH LQGLFDomRGR &RUUHJHGRU DR&RQVHOKR(VSHFLDO

6XVSHQGHUi RFXUVRGR SUD]R GR YLWDOLFLDPHQWR

2 UHFHELPHQWR GD DFXVDomR SHOR &RQVHOKR(VSHFLDO

L 5HPRomRFRPSXOVyULD 2 &RQVHOKR(VSHFLDO SRGHUiVH HQWHQGHU 1-2 VHURFDVRGH SHUGD GRFDUJR DSOLFDU DV SHQDV GH

LL &HQVXUD28 LLL $GYHUWrQFLD

e YHGDGD DDSOLFDomRGHSHQDGH GLVSRQLELOLGDGH 2MXL]QmRYLWDOtFLRILFDUi LPSHGLGR GHVHU SURPRYLGR RX UHPRYLGR 1RFDVRGH DSOLFDomR GDV SHQDVGH FHQVXUD RXGH UHPRomRFRPSXOVyULD

(QTXDQWR QmRGHFRUUHU SUD]R GH DQR GDSXQLomRLPSRVWD

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

 352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'269  6(d®(6,,H,,, 6-2 DSOLFDYHLV

$V SHQDV GH DGYHUWrQFLD HGH FHQVXUD

$RV PDJLVWUDGRV GH *UDX

1DVKLSyWHVHV SUHYLVWDV QR 5 HJLPHQWR ( GHFLGLGDV SHORYRWRGD PDLRULDDEVROXWD GRVLQWHJUDQWHVGR &RQVHOKR(VSHFLDO 1-2 VmRDSOLFDYHLV

$RV PDJLVWUDGRV GH *UDX

1-2 VHLQFOXLQHVVD H[FHomRRV  MXt]HV GHGLUHLWR FRQYRFDGRV SDUDR 7ULEXQDO

DUW

6HomR,, $GYHUWrQFLD HFHQVXUD

(VWi VXMHLWR jSHQDGH DGYHUWrQFLD 0DJLVWUDGRQHJOLJHQWH QRFXPSULPHQWRGRV GHYHUHVGRFDUJR

1D UHLWHUDomR (QRVFDVRV GHSURFHGLPHQWR LQFRUUHWR $SHQDVHUiGH FHQVXUD  6(DLQIUDomR QmRMXVWLILFDUSXQLomR PDLVJUDYH

6HUmRDSOLFDGDV UHVHUYDGDPHQWH SRU HVFULWR $VSHQDVGH DGYHUWrQFLD HFHQVXUD

3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

+LSyWHVHV

2V PDJLVWUDGRV YLWDOtFLRV VXMHLWDPVHjSHUGDGR FDUJRQDVKLSyWHVHVSUHYLVWDVQD&)HQD/20$1

0DJLVWUDGR QmRYLWDOtFLR

DUW

6HomR,,, 3HUGDGR FDUJR

&RQVWDUmR QRV DVVHQWDPHQWRV GRPDJLVWUDGR PDQWLGRVSHOD&RUUHJHGRULDGD-XVWLoD

3URFHGLPHQWR DGPLQLVWUDWLYR

3HUGHUi RFDUJRSRU LQWHUHVVHS~EOLFR TXDQGRD JUDYLGDGHGDVIDOWDV 1-2  MXVWLILFDUDDSOLFDomRGH SHQDGH FHQVXUD RXGH UHPRomRFRPSXOVyULD

2SURFHGLPHQWRDGPLQLVWUDWLYRSDUDSHUGDGR FDUJR REHGHFHUi DRSUHYLVWRQR 5 HJLPHQWR

([LJLUVHiR TXyUXP GH PDLRULDDEVROXWD GRVPHPEURVGR &RQVHOKR(VSHFLDO 4XyUXPSDUD GHFUHWDomR GDSHUGD GRFDUJR

9HULILFDGD DQWHV GR LQtFLR GDVHVVmRD LQH[LVWrQFLD GH TXyUXP VXILFLHQWHjGHOLEHUDomRGRWHPDR3UHVLGHQWH GHRItFLRRXDUHTXHULPHQWRGHTXDOTXHUGHVHPEDUJDGRU FRQYRFDUi GHVHPEDUJDGRUHV SDUD VXEVWLWXLomR GRV DXVHQWHVHQWUHRVSUHVHQWHVQR7ULEXQDO DUW 

2VDXWRVVHUmR DUTXLYDGRV 6HRTXyUXP 1-2 I RU DOFDQoDGR

5(66$/9$'$ DSRVVLELOLGDGHGHR &RQVHOKR(VSHFLDO LPSRU RXWUDV VDQo}HV DRPDJLVWUDGRFDVRFRQVLGHUH QmRKDYHUIXQGDPHQWRSDUDDSHUGDGRFDUJR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'269, 

6(d-2,9

, ',6321,%,/,'$'( RXD $326(17$'25,$&2038/6Ï5,$ GH TXDOTXHU PDJLVWUDGR GD-XVWLoD GR')H7HUULWyULRV

2 &RQVHOKR(VSHFLDO SRGHUi GHWHUPLQDU D

DUW

&RPSHWrQFLD

3RGHVHU GHVHPEDUJDGRU MXL]GH GLUHLWR RX MXL]GHGLUHLWRVXEVWLWXWR

'HIRUPD  MXVWLILFDGD HSRUPRWLYRGH LQWHUHVVHS~EOLFR

,, 5(02d-2 GHMXL]GHGLUHLWR

(PTXDOTXHUKLSyWHVHD GHFUHWDomR GH UHPRomRFRPSXOVyULD GH GLVSRQLELOLGDGH RXGH DSRVHQWDGRULDFRPSXOVyULD eH[LJLGRRTXyUXPGH PDLRULD DEVROXWD GRVFRPSRQHQWHVGR &RQVHOKR(VSHFLDO

DUW

4XyUXP DUW

,QH[LVWrQFLD GHTXyUXP

9HULILFDGD DQWHV GR LQtFLR GDVHVVmRD LQH[LVWrQFLD GH TXyUXP VXILFLHQWHjGHOLEHUDomRGRWHPD 2 3UHVLGHQWH GH RItFLR RXD UHTXHULPHQWR GHTXDOTXHU GHVHPEDUJDGRU FRQYRFDUi GHVHPEDUJDGRUHV SDUD VXEVWLWXLomR GRV DXVHQWHV HQWUHRVSUHVHQWHVQR7ULEXQDO DUW

2 PDJLVWUDGR VHUiUHPRYLGR FRPSXOVRULDPHQWH SRU LQWHUHVVH S~EOLFR

5HPRomR FRPSXOVyULD GLVSRQLELOLGDGH HDSRVHQWDGRULD FRPSXOVyULD

4XDQGRR H[HUFtFLR GDVUHVSHFWLYDV IXQo}HV I RU LQFRPSDWtYHO FRPD DWXDomR (PTXDOTXHUyUJmRIUDFLRQiULRQD 7XUPDQD&kPDUDQDYDUDQRMXt]RQR  MXL]DGRRXQDFLUFXQVFULomRHPTXHDWXH )L[DUi GHVGHORJRD FLUFXQVFULomR H D YDUD HPTXHR  MXL] SDVVDUiD DWXDU

5 HPRomR FRPSXOVyULD

3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

DUW

'LVSRQLELOLGDGH

DUW

$SRVHQWDGRULD FRPSXOVyULD

DUW

3URFHGLPHQWR

DUW

6HR &RQVHOKR (VSHFLDO FRQFOXLU SHOD UHPRomR FRPSXOVyULD

2 PDJLVWUDGR VHUiSRVWRHP GLVSRQLELOLGDGH FRP YHQFLPHQWRV SURSRUFLRQDLV DR WHPSRGH VHUYLoR SRULQWHUHVVHS~EOLFR

2 PDJLVWUDGR VHUi DSRVHQWDGR FRPSXOVRULDPHQWH SRU LQWHUHVVH S~EOLFR TXDQGR

6HRMXL] 1-2 DFHLWDURX 1-2 DVVXPLUR FDUJRQRV GLDV SRVWHULRUHVDR I LP GR SUD]R I L[DGRSDUDHQWUDUHP H[HUFtFLR QDYDUDSDUDDTXDOIRLUHPRYLGR 6HUiFRORFDGRHP GLVSRQLELOLGDGH 6863(1'(1'26( RSDJDPHQWR GHVHXV YHQFLPHQWRV DWpD H[SHGLomRGRQHFHVViULRGHFUHWR 4XDQGRD JUDYLGDGH GDV IDOWDV 1-2  MXVWLILFDUD DSOLFDomRGHSHQDGH FHQVXUD RXGH UHPRomRFRPSXOVyULD

,±0RVWUDUVHPDQLIHVWDPHQWH QHJOLJHQWH QR FXPSULPHQWR GHVHXV GHYHUHV ,,±3URFHGHUGHIRUPD LQFRPSDWtYHO FRPD GLJQLGDGHD KRQUD HR GHFRUR GHVXDVIXQo}HV ,,,±'HPRQVWUDU LQVXILFLHQWH FDSDFLGDGH GH WUDEDOKR RX DSUHVHQWDU SURFHGHU IXQFLRQDO LQFRPSDWtYHO FRPR ERPGHVHPSHQKR GDVDWLYLGDGHVGR3RGHU-XGLFLiULR

2SURFHGLPHQWRSDUD UHPRomRFRPSXOVyULDSDUD GLVSRQLELOLGDGH RXSDUD DSRVHQWDGRULDFRPSXOVyULD REHGHFHUiDRGLVSRVWRQRV DUWV D GR 5,7-')7 (PWRGRVRVFDVRVD I RUPDOL]DomR GRVDWRV GDUVHiPHGLDQWH SXEOLFDomR QRyUJmR RILFLDO

9HU S DXOD

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(662$'0,1,675$7,92',6&,3/,1$55(/$7,92$0$*,675$'269,, 

6(d29

DUW

,QVWDXUDomR GRLQTXpULWR

1RWtFLDTXHFRQWHQKDLQGtFLRVGH SUiWLFDGH LQIUDomRSHQDO SRU SDUWHGH PDJLVWUDGR GH *UDX

&RPSHWrQFLDSDUD SUHVLGLURIHLWR

'LVWULEXLomR GRLQTXpULWR

6HUiHQFDPLQKDGDDR &RUUHJHGRU TXHGHFLGLUiDFHUFD GH LQVWDXUDomR GH LQTXpULWR

,QVWDXUDGRLQTXpULWRFRPSHWLUi DR &RUUHJHGRU SUHVLGLURIHLWR

5HDOL]DGDVDVGLOLJrQFLDVQHFHVViULDVDR HVFODUHFLPHQWR GRVIDWRVR &RUUHJHGRU GHWHUPLQDUiD GLVWULEXLomR GRLQTXpULWR

2UHODWRUDEULUi YLVWD DR3*-

,5HTXHUHU 3*-

3RGHUi

L 'LOLJrQFLDV FRPSOHPHQWDUHV LL $UTXLYDPHQWR

28

DUW

$SXUDomRGH IDWRGHOLWXRVR LPSXWDGRD PDJLVWUDGR

3RU GLDV

,,2IHUHFHU GHQ~QFLD

,QTXpULWR

2UHODWRUSRGHUi VROLFLWDU j3*- DGHVLJQDomR GH 3URFXUDGRU SDUD DFRPSDQKDU RLQTXpULWR

3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU UHODWLYRD PDJLVWUDGRV

2UHODWRU VXEPHWHUi RVDXWRVDR &RQVHOKR (VSHFLDO SDUD 2IHUHFLGD DGHQ~QFLD

DUW

,QVWDXUDomR GH SURFHGLPHQWR DGPLQLVWUDWLYR

28 ,, 5HMHLomR

3HGLGRGHDUTXLYDPHQWR IHLWRSHOR3*-

/HJLVODomR

, 5HFHELPHQWR

6HUi GHIHULGR SHOR UHODWRU

2UHODWRUREVHUYDUiQRTXHFRXEHUDV QRUPDV DSOLFDGDVj DomRSHQDORULJLQiULD GHILQLGDVQR 5 ,7-')7 QD OHJLVODomR HVSHFLDO HQDV OHLVSURFHVVXDLV DSOLFiYHLV

9HULILFDGDDH[LVWrQFLD GH I DOWDSXQtYHO FRP SHQDGLVFLSOLQDU

2 UHODWRU HQFDPLQKDUiDR &RUUHJHGRU DVFySLDVHRVGRFXPHQWRVQHFHVViULRV j LQVWDXUDomR GR SURFHGLPHQWR $'0,1,675$7,92 1RVWHUPRVGHILQLGRVQR 5 ,7-')7

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(6626$'0,1,675$7,9269(5,),&$d2'(,19$/,'(=, 2SURFHGLPHQWRGHYHULILFDomRGHLQYDOLGH]GH PDJLVWUDGRSDUDDSRVHQWDGRULDVHUi LQLFLDGR L0HGLDQWH 5 (48(5,0(172 GR PDJLVWUDGR LQWHUHVVDGR , 3UHVLGHQWH GR7ULEXQDO ,QLFLDWLYD

LL3RUPHLRGH '(7(50,1$d2 GR

,, 9LFH 3UHVLGHQWH ,,, 9LFH 3UHVLGHQWH28 ,9 &RUUHJHGRU GD-XVWLoD

LLL0HGLDQWH 35292&$d2 GLULJLGDDR 3UHVLGHQWH GR7ULEXQDOSRUTXDOTXHU GHVHPEDUJDGRU 2PDJLVWUDGRTXHVH DIDVWDU SRU PHVHV RX PDLV DR WRGRHP  DQRVFRQVHFXWLYRV SDUDWUDWDPHQWRGHVD~GH DUW

3URFHGLPHQWR

/LFHQoDSDUD WUDWDPHQWR GHVD~GHGH PDJLVWUDGR

'HYHUiVXEPHWHUVHDH[DPHSDUDYHULILFDomR GHLQYDOLGH]TXDQGRUHTXHUHU QRYD OLFHQoD SDUDLJXDOILP GHQWUR GRVSUy[LPRVDQRV 2 3UHVLGHQWH GR7ULEXQDO GHFLGLUi VREUH D LQVWDXUDomR RX QmR GR SURFHGLPHQWR

,QVWDXUDomRGR SURFHGLPHQWR

(PFDVR DILUPDWLYR

'HWHUPLQDUiR DIDVWDPHQWR GR PDJLVWUDGR GR H[HUFtFLR GHVXDV I XQo}HV DWpDGHFLVmR I LQDO

1RPHDUi  MXQWDPpGLFDFRQVWLWXtGDGHPpGLFRVGR TXDGUR GR7ULEXQDOVHPSUHTXHSRVVtYHOGH HVSHFLDOLVWDV DTXDOSURFHGHUiDR H[DPH GHYHULILFDomRGHLQYDOLGH]

'HWHUPLQDUiD GLVWULEXLomR GRSURFHGLPHQWRDXP UHODWRU

9HULILFDomR GHLQYDOLGH]

23UHVLGHQWH GR7ULEXQDO

2UHODWRURUGHQDUiRVGHPDLV DWRV HGLOLJrQFLDV QHFHVViULRVj DYHULJXDomR GRFDVR 1RPHDUi FXUDGRU DRSDFLHQWHVHVHWUDWDUGHLQFDSDFLGDGH PHQWDO 6(0 SUHMXt]RGDGHIHVDTXHHVWHTXHLUDRIHUHFHU SHVVRDOPHQWHRXSRUDGYRJDGRTXHFRQVWLWXLU

0DQGDUiQRWLILFDUR SDFLHQWH HVHIRURFDVRR FXUDGRUQRPHDGRRXRDGYRJDGRFRQVWLWXtGRGR WHRUGD LQLFLDWLYD HGD QRPHDomR GDMXQWDPpGLFD $RUHFHEHU RSURFHVVR R5(/$725 

$VVLQDUiRSUD]RGH GLDV SDUDRSDFLHQWH UHTXHUHU GLOLJrQFLDV HLQGLFDU SURYDV RXVHTXLVHU PpGLFRDVVLVWHQWH 'HWHUPLQDUiD UHDOL]DomR GH H[DPH PpGLFRTXHVHUiIHLWRSHOD  MXQWDPpGLFD 2 UHODWRU GHFLGLUiVREUHDV GLOLJrQFLDV HVREUHDV SURYDVUHTXHULGDV

DUW

'HFRUULGRR SUD]RGHGLDV

-XQWD PpGLFD

3RGHUiWDPEpPGHWHUPLQDU RXWUDV GLOLJrQFLDV QHFHVViULDV jFRPSOHWDDYHULJXDomRGDYHUGDGH )HLWRRH[DPHDMXQWDPpGLFDQRSUD]RGH GLDV RIHUHFHUiODXGR I XQGDPHQWDGR DVVLQDGRSRUVHXV PHPEURV HSHOR DVVLVWHQWH VHKRXYHU

/DXGRGD  MXQWDPpGLFD

6HDMXQWDPpGLFDVROLFLWDU  MXVWLILFDGDPHQWH SURUURJDomR GRSUD]RHVVHVHUiSURUURJDGRSHOR WHPSRLQGLFDGRFRPR QHFHVViULR 2PHPEURGDMXQWDPpGLFDRXRDVVLVWHQWHTXH GLYHUJLU GDPDLRULDRIHUHFHUiODXGR VHSDUDGR L 12 FRPSDUHFHQGR R SDFLHQWH 6(0 FDXVD  MXVWLILFDGD28

1mRUHDOL]DGR RH[DPH

LL 5HFXVDQGRVH DVHU VXEPHWLGR DRH[DPHRUGHQDGR

2  MXOJDPHQWR IDUVHiFRPRV HOHPHQWRV GH SURYD FROLJLGRV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(6626$'0,1,675$7,9269(5,),&$d2'(,19$/,'(=,, DUW

5 D]}HV GHGHIHVD

&RQFOXtGDDLQVWUXomRR UHODWRU DVVLQDUiSUD]RV VXFHVVLYRV GH GLDV SDUDR SDFLHQWH HSDUDR FXUDGRU DSUHVHQWDUHP UD]}HV GH GHIHVD

2 UHODWRU ODQoDUiQRSURFHVVRUHODWyULR HVFULWR DUW

)LQGR RSUD]R FRP DVUD]}HV RX VHP HODV

3DUDVHUGLVWULEXtGRDWRGRVRV PHPEURV GR &RQVHOKR(VSHFLDO FRPDV FySLDV GRVDWRV SURFHVVXDLVTXHHQWHQGHUFRQYHQLHQWHV

5HODWyULR

(SHGLUiD GHVLJQDomR GH GLD SDUDR  MXOJDPHQWR

&RPSHWrQFLD

2  MXOJDPHQWR VHUiIHLWRSHOR &RQVHOKR(VSHFLDO

0DLRULDDEVROXWD GRVPHPEURVGR&RQVHOKR(VSHFLDO 4XyUXP

DUW 

,QH[LVWrQFLD GHTXyUXP

9HULILFDomR GHLQYDOLGH]

9HULILFDGD DQWHV GR LQtFLR GDVHVVmR D LQH[LVWrQFLD GH TXyUXP VXILFLHQWH jGHOLEHUDomRGRWHPD 2 3UHVLGHQWH GH RItFLR RXD UHTXHULPHQWR GHTXDOTXHUGHVHPEDUJDGRU FRQYRFDUi GHVHPEDUJDGRUHV SDUD VXEVWLWXLomR GRV DXVHQWHV HQWUHRVSUHVHQWHVQR7ULEXQDO /HLWXUDGR UHODWyULR

DUW

-XOJDPHQWR

'RDGYRJDGRRXGR FXUDGRUGR LQWHUHVVDGR

 6XVWHQWDomR RUDO

3UD]R

3URFHGLPHQWR

PLQ

 5HODWRU H RVGHPDLV GHVHPEDUJDGRUHV 927$52 2 3UHVLGHQWH GR7ULEXQDOWDPEpP YRWDUi $ GHFLVmR GR7ULEXQDO SHOD LQFDSDFLGDGH GRPDJLVWUDGR ,QFDSDFLGDGH GRPDJLVWUDGR

DUW

&DUiWHU FRQILGHQFLDO

6HUi WRPDGD SHOD PDLRULD DEVROXWD GRVPHPEURVGR &RQVHOKR(VSHFLDO

5HFRQKHFLGD D LQFDSDFLGDGH GRPDJLVWUDGR

2 3UHVLGHQWH GR 7ULEXQDOHGLWDUiR DWR GH DSRVHQWDGRULD

2 SURFHGLPHQWR GHYHULILFDomRGH LQYDOLGH] WHUi FDUiWHU &21),'(1&,$/ 3RGHUmR FRPSDUHFHU DTXDOTXHU DWRGRSURFHVVRH SDUWLFLSDU GD UHVSHFWLYD LQVWUXomR

L2 SDFLHQWH LL2 UHVSHFWLYRDGYRJDGR( LLL2 FXUDGRU QRPHDGR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926&20,66-2'(  $&203$1+$0(172'((67È*,2352%$7Ï5,2, ,2 H[DPH GDVFRQGLo}HV SHVVRDLV HGR GHVHPSHQKR GRMXL]GHGLUHLWR VXEVWLWXWR DUW

&RPSHWrQFLD

&RPSHWH j &$(3

,,$HPLVVmRGH SDUHFHU VREUHHVVHVDVSHFWRV GXUDQWHRV  SULPHLURVDQRV GH H[HUFtFLR WHQGRHPYLVWDDDYDOLDomRSDUD YLWDOLFLHGDGH

&$(3  &RPLVVmR GH$FRPSDQKDPHQWR GH(VWiJLR3UREDWyULR

,QtFLR

$SDUWLUGD HQWUDGD HP H[HUFtFLR RMXL]GHGLUHLWR VXEVWLWXWR I LFDUiVXMHLWRDR HVWiJLRSUREDWyULR

DQRV 3HUtRGR

'XUDQWHRTXDOD&RPLVVmRDYDOLDUi VHPHVWUDOPHQWH DVFRQGLo}HV SHVVRDLV HDFDSDFLGDGHSDUDR GHVHPSHQKR GDV I XQo}HV LQHUHQWHVDR FDUJR 2FRUUHU SURPRomR GH  MXL]GHGLUHLWRVXEVWLWXWR

6H GXUDQWH RHVWiJLR SUREDWyULR

&RQWLQXDUi VXEPHWLGRDRHVWiJLR SUREDWyULRSDUD YLWDOLFLDPHQWR

2 &RUUHJHGRU SURSXVHUDR &RQVHOKR(VSHFLDO LQVWDXUDomR GH SURFHVVRDGPLQLVWUDWLYR

$ DYDOLDomR GRPDJLVWUDGRVHUi LPHGLDWDPHQWH LQLFLDGD GLVSHQVDQGR RSUD]RVHPHVWUDO HVWLSXODGRSDUDVHXLQtFLR

1RFDVRGH DUTXLYDPHQWR R DFRPSDQKDPHQWR GRHVWiJLRSUREDWyULR UHWRPDUi RFXUVR QRUPDO

$OpP GD DYDOLDomR GDFRQGXWD I XQFLRQDO R GHVHPSHQKR VHUi DXIHULGR ,3RUDYDOLDomR TXDOLWDWLYD HTXDQWLWDWLYD

&RPLVVmRGH $FRPSDQKDPHQWR GH(VWiJLR 3UREDWyULR

,,±3HOR Q~PHUR GH

3URFHVVRV TXHOKHIRUHP GLVWULEXtGRV

,,,±3HORVFDVRVHPTXHRMXL]HH[FHGHX RV SUD]RVOHJDLV HVSHFLILFDGRVRWHPSRHDMXVWLILFDWLYDGRH[FHVVR

DUW

(VWiJLR SUREDWyULR

6HQWHQoDV SURIHULGDVVHPHVWUDOPHQWH

$YDOLDomRGH

GHVHPSHQKR GRMXL]GH GLUHLWR VXEVWLWXWR

,9±3HORV HORJLRV UHFHELGRV 9±3HODV SHQDOLGDGHV LPSRVWDV 9,±3HORVUHVXOWDGRDOFDQoDGRHP FXUVRV G H DSHUIHLoRDPHQWRHTXDLVTXHU WtWXORVREWLGRV 3DUDHVVDDYDOLDomRRMXL]GHGLUHLWRVXEVWLWXWRVXMHLWRDRHVWiJLR SUREDWyULRGHYHUiIUHTXHQWDURVFXUVRVGHDSHUIHLoRDPHQWR PLQLVWUDGRVSHOR,QVWLWXWRGH)RUPDomR0LQLVWUR/XL]9LFHQWH &HUQLFFKLDUR±(VFRODGH$GPLQLVWUDomR-XGLFLiULD 

9,,±3HODV REVHUYDo}HV I RUPXODGDVSRU GHVHPEDUJDGRUHV HPDFyUGmRVUHPHWLGRVj&RUUHJHGRULDSDUDDV SURYLGrQFLDVQHFHVViULDV 9,,,±3RUH[HUFHUHYHQWXDOPHQWHRXWUDV DWLYLGDGHV UHOHYDQWHV QD-XVWLoDGR')RXGRV7HUULWyULRV L5HODWLYRVDRVMXt]HVGHGLUHLWR VXEVWLWXWRVFRP PHQRV G H DQRV GH  MXGLFDWXUD ,±3URFHVVRV

GLVWULEXtGRV

$ &RUUHJHGRULD UHPHWHUi

VHPHVWUDOPHQWH j&$(3RVGDGRV 2XWURV

HOHPHQWRV SDUD DYDOLDomR GHGHVHPSHQKR

LL (VWDWtVWLFRV GH

,,± $XGLrQFLDV UHDOL]DGDV ,,,±3URFHVVRV

FRQFOXVRV FRP H[FHVVR GH SUD]R ,9± VHQWHQoDV GRWLSRH

$ 3UHVLGrQFLD GR 75(') SRGHUiDSUHVHQWDURXWURV TXHHQWHQGD UHOHYDQWHV SDUDDDYDOLDomRGRPDJLVWUDGR

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

352&(',0(1726$'0,1,675$7,926&20,66-2'(  $&203$1+$0(172'((67È*,2352%$7Ï5,2,

7HUi '8$6VHQWHQoDV SRU6(0(675( DQDOLVDGDVSHOD&RPLVVmRGH $FRPSDQKDPHQWRGH(VWiJLR3UREDWyULR

3DUDHIHLWR GDDYDOLDomR TXDOLWDWLYD FDGD  MXL] GHGLUHLWR VXEVWLWXWR

DUW

$YDOLDomR TXDOLWDWLYD

8PD VHOHFLRQDGD SHOR  MXL] GH GLUHLWRVXEVWLWXWR (QWUHDVVHQWHQoDV SURODWDGDV QR VHPHVWUH HP DYDOLDomR

'R WLSR $RXWUD HVFROKLGD SHOD &$(3 'R WLSR

6HUmRLJXDOPHQWHDYDOLDGDV

6HUiDYDOLDGDVRE  HQIRTXHV 4XDOLGDGH GRWUDEDOKR

&RPLVVmRGH $FRPSDQKDPHQWR GH(VWiJLR 3UREDWyULR

,± (VWUXWXUD GRDWRVHQWHQFLDO HGDVGHFLV}HVHPJHUDO ,,± 3UHVWH]D HVHJXUDQoD QRH[HUFtFLRGDIXQomR

&$(3  &RPLVVmR GH$FRPSDQKDPHQWR GH(VWiJLR3UREDWyULR

6HUiUHVXOWDQWHGDV REVHUYDo}HV HGDV LQIRUPDo}HV REWLGDVSHORV PHPEURV GD&$(3

DUW

$YDOLDomRGDSUHVWH]D H GDVHJXUDQoDQR H[HUFtFLRGDIXQomR

$&RPLVVmRWDPEpPREWHUiGRMXL] WLWXODU LQIRUPDo}HVVREUHR GHVHPSHQKR GD URWLQD GHWUDEDOKRGR YLWDOLFLDQGR

6HUiUHDOL]DGDDR WpUPLQR GR PrV DUW

$YDOLDomR TXDQWLWDWLYD

&RQVLGHUDQGRVH REMHWLYDPHQWH DVHVWDWtVWLFDV DFXPXODGDV DWpRPHQFLRQDGRSHUtRGRUHODWLYDV ,$RVSURFHVVRV FRQFOXVRV DRMXL] ,,¬VVHQWHQoDV SURODWDGDV GHYLGDPHQWHWLSLILFDGDV( ,,,$RVSURFHVVRV QmR  MXOJDGRV

)OiYLD0XQGLP 0DUFHOR/HLWH

ZZZSRQWRGRVFRQFXUVRVFRPEU

5,7-')7 HP 0DSDV 0HQWDLV $XODS

 &20,66-2'($&203$1+$0(172'((67È*,2352%$7Ï5,2  ,16758d-2'2352&(662('(&/$5$d-2'(9,7$/,&,('$'(, 4XDQGRRMXL] YLWDOLFLDQGR FRPSOHWDUXP  HPHVHV GH H[HUFtFLR GDPDJLVWUDWXUD

DUWV

3URFHGLPHQWR LQGLYLGXDOGH DYDOLDomRGR PpULWRIXQFLRQDO

2 &RUUHJHGRU I DUiFRPXQLFDU RIDWRDR SUHVLGHQWH GD &$(3

0RPHQWR $ &$(3 GHWHUPLQDUiDDEHUWXUDGHSURFHGLPHQWR DSyVFRPXQLFDomRGR&RUUHJHGRU

$EHUWXUD GR SURFHGLPHQWR 2EMHWLYR

3DUDDTXLVLomRGH YLWDOLFLHGDGH

,7RGDVDVDYDOLDo}HVTXDOLWDWLYDHTXDQWLWDWLYDUHDOL]DGDV L$R GHVHPSHQKR GRMXL] ,,$V LQIRUPDo}HV GHGLUHLWRVXEVWLWXWR SUHVWDGDV SHOD LL¬V FRUUHLo}HV QDV UHVSHFWLYDV &RUUHJHGRULD VREUH GDGRV YDUDVGHDWXDomRGRYLWDOLFLDQGR( HVWDWtVWLFRV UHODWLYRV

,QWHJUDUmR R SURFHGLPHQWR DGPLQLVWUDWLYR

LLL$RV 3$'V HYHQWXDOPHQWH LQVWDXUDGRV

3$' 3URFHVVR$GPLQLVWUDWLYR'LVFLSOLQDU DUWV

4XDOTXHU PHPEUR GD &$(3 L 'LUHWDPHQWH DyUJmRVFRPLVV}HV SRGHUiDSUHVHQWDURXUHTXHUHU HXQLGDGHVGR7ULEXQDO28 RXWURVHOHPHQWRV UHOHYDQWHV LL3RU PHLR GD &RPLVVmR HD SDUDDDYDOLDomRGRPDJLVWUDGR  MXt]R GHVWDDRXWURVWULEXQDLV yUJmRVS~EOLFRVRXHQWLGDGHV

,QVWUXomR GRSURFHVVR

3RGHUmRDSUHVHQWDU LQIRUPDo}HV H HOHPHQWRV TXHHQWHQGD UHOHYDQWHV SDUDDLQVWUXomRGRSURFHVVR TXDOTXHU

2XWURV HOHPHQWRV

$SyVRMXL]YLWDOLFLDQGRFRPSOHWDU  DQR H PHVHV GHH[HUFtFLRGDPDJLVWUDWXUD DUW

,QVWUXomRGR SURFHVVRH GHFODUDomRGH YLWDOLFLHGDGH

&$(3 &RPLVVmR GH$FRPSDQKDPHQWR GH(VWiJLR3UREDWyULR

,'HVHPEDUJDGRU ,,-XL]GHGLUHLWR ,,,2XWUDDXWRULGDGH28 ,93DUWHLQWHUHVVDGD

$SyVUHFHELGDDFRPXQLFDomRGHTXHRMXL]YLWDOLFLDQGR FRPSOHWRXDQRHPHVHVGHH[HUFtFLRH LQVWDXUDGRV RV SURFHGLPHQWRV DGPLQLVWUDWLYRVLQGLYLGXDLV DUW

'LVWULEXLomR HSDUHFHU

2 SUHVLGHQWH GD &$(3 SURFHGHUij GLVWULEXLomR GRVDXWRV HQWUHWRGRVRV LQWHJUDQWHV GD&RPLVVmRGHVLJQDQGRGDWD SDUD YRWDomR GR UHODWyULR TXHVHUiDSUHVHQWDGR

'LVWULEXLomR GRVDXWRV

2VPHPEURVGD&$(3GHYHUmR GHYROYHU RVSURFHGLPHQWRV DGPLQLVWUDWLYRVDR SUHVLGHQWH 3DUHFHU

1RSUD]R Pi[LPR GH GLDV 5HODWDGRV FRPRSDUHFHU I DYRUiYHO RX GHVIDYRUiYHO jYLWDOLFLHGDGH 5HFHELGRVRVSURFHGLPHQWRVRSUHVLGHQWHGD &$(3 SURYLGHQFLDUiDUHPHVVD GDVFySLDVGRV SDUHFHUHV SDUDRV GHPDLV LQWHJUDQWHVGD &RPLVVmR 5HDOL]DGDD YRWDomR GRUHODWyULRRSUHVLGHQWHGD &$(3 HQYLDUiDR3UHVLGHQWHGR7ULEXQDOR UHODWyULR GD &RPLVVmR

,QFOXVmR HP SDXWD

4XHVHUiLQFOXtGRHP SDXWD GH  MXOJDPHQWR GR 7ULEXQDO3OHQR

2 UHODWyULR FRQWHUi D 3523267$ GH

L 9LWDOLFLDPHQWR GRMXL]28 LL $IDVWDPHQWR GDVUHVSHFWLYDV I XQo}HV 2 DIDVWDPHQWR RX R YLWDOLFLDPHQWR VyRFRUUHUi VH

DUWV

$SUHFLDomR SHOR 7ULEXQDO 3OHQR

9LWDOLFLDPHQWR RX DIDVWDPHQWR GR PDJLVWUDGR

$3529$'$ SURSRVWDGH YLWDOLFLHGDGH

$ SURSRVWD HP XP RXHP RXWUR VHQWLGRIRU $3529$'$ 4XyUXP SDUD DSURYDomR

0DLRULDDEVROXWD

2 PDJLVWUDGR WRUQDUVHi 9,7$/Ë&,2 DRFRPSOHWDURV  DQRV GHH[HUFtFLR 6$/92 VHDOJXPIDWR QRYR QmRGHWHUPLQDU D UHDEHUWXUD GRSURFHGLPHQWRGHDYDOLDomR

$3529$'$ SURSRVWDGH 1-2 YLWDOLFLHGDGH 2 3UHVLGHQWH GR7ULEXQDO

2ILFLDUiDR PDJLVWUDGR $)$67$1'22 GHVXDVIXQo}HV 5HPHWHUiRVDXWRVGR SURFHGLPHQWR DGPLQLVWUDWLYRj GLVWULEXLomR

View more...

Comments

Copyright ©2017 KUPDF Inc.
SUPPORT KUPDF