criação de servos astrais

Upload: thiago-azevedo

Post on 07-Mar-2016

19 views

Category:

Documents


0 download

DESCRIPTION

Criação de Servos Astrais

TRANSCRIPT

  • 3iJLQD

    ,QWURGXomR 3RUTXHYRFrQmRGHYHFULDUXPWXOSDHFRLVDVDFRQVLGHUDU &RQFHLWRV 0HQWDOLGDGH 2SURFHVVRGHFULDomR &RQFOXVmR

    ,QWURGXomR

    9RXDYLViORDJRUDTXHLVVRYDLVHUPXLWRORQJDPDVSDUDDTXHOHVGHYRFrVDTXLSDUDVDEHUPDLVVREUH7XOSDVHFRPRFULDUXPHXUHFRPHQGRTXHYRFrOHLDDFRLVDWRGD(VWHJXLDpGLUHFLRQDGRVWDQWRDRUHFpPFKHJDGRVTXHQmRVDEHPRXWrPDSHQDVXPDYDJDLGpLDGRTXH7XOSDVVmRHDVSHVVRDVTXHMiFRPHoDUDPFULDQGRXPWXOSDHHVWiWHQGRSUREOHPDVHVWHJXLDSUHWHQGHVHUGHILQLWLYDGHEDWHUTXDVHWXGRRTXHYRFrSRGHULDSRVVLYHOPHQWHSUHFLVDVDEHUVREUHWXOSDFULDomR9DLGLVFXWLUPXLWRVFRQFHLWRVDVVLPFRPRWRGRRSURFHVVRHRPLQGVHWYRFrGHYHWHUGXUDQWHDPHVPD$OJXQVGHYRFrVTXHMiHVWmRFULDQGRXPDWXOSDSRGHHVWDUSHQVDQGRTXHYRFrQmRSUHFLVDOHUHVWDFRPRYRFrMiVDEHFRPRFULDUXPWXOSD1RHQWDQWRHXVHLSDUDXPIDWRTXHDOJXQVGRVYRFrTXHOrHVWHQmRVDEHPRVWXGRRTXHYRFrGHYHFDVRFRQWUiULRHXQmRHVWDULDYHQGRDVVLPPXLWDVSHUJXQWDVUHSHWLWLYDVVREUHRVIyUXQVTXHWrPVLGRIHLWDVXPDG~]LDGHYH]HV6HYRFrpQmRpDEVROXWDPHQWHFHUWRTXHYRFrVDEHH[DWDPHQWHRTXHYRFrHVWiID]HQGRHXVXJLURTXHYRFrOHLDLVWR

    3RUPDLVTXHHXJRVWDULDTXHIRVVHHVWHQmRpR~QLFRJXLDTXHYRFrUHDOPHQWHSUHFLVDSDUDOHU1mRVmRDSHQDVKiPXLWRVSRQWRVYiOLGRVHPRXWURVJXLDVH[LVWHPRXWURVPpWRGRVTXHVmRLJXDOPHQWHWmRYiOLGDFRPRRVPpWRGRVTXHHXIDODUDTXL6HHXGLVFXWLPRVWRGDVDVSRVVLELOLGDGHVYiOLGRTXHSRGHULDWUDEDOKDUSDUDYRFrHVWHJXLDVHULDLQILQLWDPHQWHORQJR2SRQWRTXHHXTXHURTXHYRFrWRPHORQJHGHWXGRpTXHQmRKiXPFDPLQKRHTXHYRFrSRGHID]HULVVRGHTXDOTXHUPDQHLUDTXHYRFrTXHU1HPWXGRRTXHHXVXJLURpRDVVLPTXHGHYHVHUIHLWR$FKRTXHLVVRWRGRHGHFLGLUSRUVLPHVPR0DVHPFLPDGLVVRHVWHJXLDHVWiDTXLSDUDGDUOKHXPDFRPSUHHQVmRGRSURFHVVRH7XOSDVVL

    $OpPGLVVRSULQFLSDOPHQWHSDUDRVUHFpPFKHJDGRVHXVXJLURTXHYRFrOHLDRJXLDLQWHLURDQWHVTXHYRFrUHDOPHQWHFRPHoDUDVXDWXOSD,VVRRFRUUHSRUTXHKiXPERPERFDGRGHUHIHUrQFLDFUX]DGDHSRUTXHDOJXQVDVSHFWRVLPSRUWDQWHVGRSURFHVVRGHFULDomRWXOSDQmRVmRGLVFXWLGDVDWpPDLVWDUGHPDVVmRDLQGDLPSRUWDQWHVDEHU$JRUDVHPPDLVGHORQJDVYDPRVFRPHoDU

    1RWD9RFrSRGHQRWDUTXHHXjVYH]HVGL]HPHOHTXDQGRVHUHIHUHDXPDVLWXDomRKLSRWpWLFDHQYROYHQGRVHXWXOSD,VVRpSRUTXHRPHXWXOSDpXPKRPHPHHXQHPVHPSUHPHSHJRTXDQGRHXGLJRTXHSRUIRUoDGRKiELWR2TXHpXPWXOSD"

    9RFrSHQVDULDTXHGHWRGDVDVFRLVDVTXHKDYHULDGHUHVSRQGHUVREUHHVWHIHQ{PHQRHVWDVLPSOHVSHUJXQWDVVHULDXPGRVRXWURVTXHSRGHPVHU,QIHOL]PHQWHQmR7mRFHUWRFRPRDOJXQVSHVVRDVSHQVDPTXHVmRQLQJXpPVDEHDRFHUWRH[DWDPHQWHRTXHXPWXOSDp1mRVyH[LVWHPYiULDVFUHQoDVVREUHDPDWpULDLQWHLUDPDVWDPEpPKiPXLWRVUDPRVGLIHUHQWHVGHFUHQoDSDUDFDGDFUHQoD$TXLYRXFLWDUR2TXHpXPWXOSDJXLDDSDUWLUGRSUySULRVLWH(XHVFROKHUFLWDUHVWHSRUTXHHXWHQGRDFRQFRUGDUFRPDPDLRULDGRTXHHVWiDTXL2TXHpXP7XOSD"

    %DVLFDPHQWHWXGRRTXHIRLGLWRVREUHRTXHXPWXOSDSRGHID]HUHFRPRppYHUGDGHSRUTXHpLVVRTXHSRGHPRVH[SHULPHQWDUHJUDYDU7XGRTXHHQYROYHH[DWDPHQWHRTXHp

    pDSHQDVXPDYLVmRGHOH

  • 3DJH 2TXHHXSHVVRDOPHQWHDFUHGLWR"%DVLFDPHQWHHXYHU7XOSDVFRPRRXWUDFRQVFLrQFLDGHQWURGRQRVVRSUySULRFRUSRGDPHVPDIRUPDH[DWDTXHVRPRVFRQVFLrQFLDV$~QLFDGLIHUHQoDHQWUHQyVpTXHQyVQDVFHPRVOLJDGDDRFRUSRItVLFRHQTXDQWRRWXOSDQmRHUD,VVRH[LVWHGHQWURGRFRUSRHREYLDPHQWHPRUUHUVHPRUUHXPDVQmRpOLJDGRGDPHVPDPDQHLUDFRPRVHHVWDPRV$ILQDOSUDWLFDPHQWHWXGRTXHMiH[SHULPHQWHLQDYLGDIRLGHYLGRDQRVVDVHQWLGRV7XOSDVQRHQWDQWRQmRVmROLPLWDGDVGHVVDIRUPDTXHQyVVRPRV(QWmRHXDFUHGLWRTXHWXGRRTXHVRPRVFDSD]HVGHID]HUHOHVWDPEpPVmR(WXGRRTXHHOHVVmRFDSD]HVGHDVVLPVRPRVQyV&RPRQmRSRGHPRVWHUFHUWH]DGRTXHH[DWDPHQWHXPWXOSDpFDEHDYRFrGHFLGLUSRUVLPHVPRRTXHYRFrDFUHGLWD

    &RPRYRFrFULDXPWXOSD"

    ,VWRpH[SOLFDGRHPJUDQGHSDUWHHPXPDSDUWHSRVWHULRUGRJXLDPDVYRXGDUXPDEUHYHYLVmRJHUDOGRSURFHVVR

    3ULPHLURRWXOSDGHVHQYROYHVHQFLrQFLDDWUDYpVGHVXDIDODSDUDHOHHWDOYH]GDQGROKHXPSHUVRQDOLGDGHSUHGHILQLGR(QWmRFRPRYRFrSUDWLFDDYLVXDOL]DomRIRUPDGRVHXWXOSDHPVXDPHQWHGHROKRWRUQDVHPDLVFODUDHGLVWLQWDFRPRTXDOTXHUFRLVDVHULDVHYRFrYLVXDOL]RXRVXILFLHQWH6HXIRUPDGHWXOSDSRGHVHUDEVROXWDPHQWHTXDOTXHUFRLVDTXHYRFrTXLVHU4XDOTXHUFRLVDGHRXWUDSHVVRDSDUDXPDFDGHLUD+RQHVWDPHQWHTXDOTXHUFRLVDTXHYRFrSRGHSHQVDURXQDGDHPWXGR6HXWXOSDVHWRUQDYRFDODRORQJRGRWHPSRHYRFrHVWiILQDOPHQWHFDSD]GHRXYLORVYH]HVRVHXDFDSDFLGDGHGDWXOSDIDODUDFRQWHFHTXDVHDRPHVPRWHPSRTXHDVHQFLrQFLDDFRQWHFHYRFrpDSHQDVLQFDSD]GHRXYLORVDLQGD(QWmRYRFrFRPHoDLPSRVLomRRQGHYRFrSRGHH[SHULPHQWDUVXDV7XOSDGHIRUPDUFRPVHXVVHQWLGRVGRPXQGRUHDO(QWmRYRFrSRGHWHQWDUH[SHULPHQWRVFRODWHUDLVFRPRDSRVVH0DVYRFrQmRQHFHVVDULDPHQWHWHPTXHID]HUWXGRHPRUGHP

    3RUTXHYRFrGHYHFULDUXPWXOSD"

    +iPXLWDVUD]}HVSRGHVHFULDUXPWXOSDXPGRVTXDLVpDSHQDVSDUDTXHYRFrWHQKDXPDPLJRPXLWRSUy[LPR'HVGH7XOSDVFRPSDUWLOKDPRPHVPRFRUSRFRPRYRFrHSRGHDFHVVDUVXDVPHPyULDVHVHQWLPHQWRVXPWXOSDHVWiPDLVSHUWRGHYRFrGRTXHTXDOTXHURXWURVHUKXPDQRMDPDLVSRGHULDVHUeYHUGDGHLUDPHQWHHQWHQGHYRFrFRPRVHXVRXWURVDPLJRVTXHJRVWDULDPTXHSRGLD(PFLPDGLVVRSRUpPH[LVWHPPXLWDVFRLVDVTXHVHXWXOSDSRGHPDMXGiORFRPTXHQmRDSHQDVTXDOTXHURXWURDPLJRSRGH6HXWXOSDSRGHDMXGDUFRPPHPyULDGHUHFDOOHOHVSRGHPDMXGiORFRPVHQWLPHQWRVQHJDWLYRVVHOLYUDUGHOHVHID]HUYRFrVHVHQWLUPHOKRUHHOHVSRGHPDMXGDUDVXDQXODVHQWLGRVFRPRDGRU$OJXQVVXJHULUDPTXHpSRVVtYHOSDUDHOHVSDUDDOWHUDUVHXSHUFHSomRGHWHPSR

    +iPXLWDVPXLWDVSRVVLELOLGDGHVTXDQGRVHWUDWDGHRTXHYRFrSRGHID]HUFRPVHXWXOSD&HUWDPHQWHFHQWHQDVGHSRVVLELOLGDGHVTXHDLQGDQmRIRUDPGHVFREHUWRVDLQGD

    3RUTXHYRFrQmRGHYHFULDUXPWXOSDHFRLVDVDFRQVLGHUDU

    +iDKLVWyULDGHKRUURURFDVLRQDLVHPTXHXPWXOSDDVVXPHRFRUSRHRDQILWULmRpLQFDSD]GHUHFXSHUDURFRQWUROH$OJXPDVGDVKLVWyULDVLPSOLFDUXPDWXOSDTXHIHUHRDQILWULmRRXpH[WUHPDPHQWHVLJQLILFDSDUDHOHVRXRGHLD(XSHVVRDOPHQWHQmRDFUHGLWRTXDOTXHUXPGHVWHVDILUPDPDVVHRIL]HUHQWmRKiXPDUD]mRSDUDQmRID]HUXPDWXOSDDOL0DVDOpPGDSDUDQyLDKiXPDVpULHGHUD]}HVFRPSOHWDPHQWHOHJtWLPDVSDUDQmRFULDUXPDWXOSD

    8PPRQWHGHJHQWHQRVGLDVGHKRMHQmRSHUFHEHPRTXmRJUDYHGHXPDTXHVWmRHVVDFRLVDWRGDp0XLWDVSHVVRDVQmRSHQVDPPXLWRPDLVORQJHQRIXWXURGRTXHTXDQGRVHXWXOSDHVWiFRPSOHWDHHOHVSRGHPVHGLYHUWLUFRPHOHV(OHVQmRSDUHFHPHQWHQGHUFRPSOHWDPHQWHRIDWRGHTXHHVWHpXPFRPSURPLVVRDRORQJRGDYLGD6HXWXOSDHVWDUiFRPYRFrSDUDRUHVWRGHVXDYLGD HHOHVVHUmRDOJXPDIRUPDGHUHVSRQVDELOLGDGHTXHRWHPSRWRGR9RFrSUHFLVDHQWHQGHURSHVRGHVWDUHDOPHQWHDQWHVGHYRFrGHFLGLUID]HUXP,VVRQmRGHYHVHUXPDGHFLVmRTXHYRFrID]HPXPDQRLWH(XIL]DPLQKDWXOSDQRPHVPRGLDHPTXHHXGHVFREULVREUHRIHQ{PHQR(XDLQGDRFDVLRQDOPHQWHODPHQWDUHVVHIDWRDWpKRMH,VVRpDOJRTXHYRFrGHYHSHVTXLVDUHSHQVDUVREUHWDOYH]DWpPHVPRSRUDOJXPDVVHPDQDV1mRGHYHVHUXPDGHFLVmRLPSXOVLYD(VWDpXPDRXWUDYLGDTXHHVWDPRVIDODQGR

    3iJLQD$OpPGLVVRHXYRXLPSHGLORILOKRVDTXL9RFrQmRGHYHID]HUXPDWXOSD$TXLHXYRX-'%DUFLWDUSRUTXHHXDFKRTXHHOHLOXVWUDPHXSRQWRPXLWREHP

    7XOSDPDQF\GHYHVHUDERUGDGDFRPXPDPHQWDOLGDGHPDGXUDQDGDPHQRVIDOKDUiSDUDFRPSUHHQGHURSHVRGHFULDUXPDIRUPDSHQVDPHQWRVHQVtYHO8PDPHQVDJHP&ULDQoDVGHWUH]HDQRVHRVGHLGDGHVHPHOKDQWHYRFrQmRDPDGXUHFHUDPRVXILFLHQWHSDUDFULDUXPWXOSD(QTXDQWRYRFrSRGHVHUFDSD]GHDJLUPDGXUDSDUDDVXDLGDGHYRFrVLPSOHVPHQWHQmRVmRGHVHQYROYLGRVVHPHQWDOPHQWH$RORQJRGHVHXVDQRVGHHVFRODYRFrYDLFRQWLQXDUDPXGDUFRPRSHVVRDGHVFREULUQRYDVFRLVDVLPSRUWDQWHVVREUHVLPHVPRHRXWURVHIRUPDQGRQRYDVFUHQoDVHRSLQL}HV$WpTXHYRFrWHQKDXPDEDVHVyOLGDSDUDDVXDSUySULDPHQWHHSHUVRQDOLGDGHHHVWmRDOpPGDLQIOXrQFLDGHORXFRDGROHVFHQWHKRUPRQDVpLUUHVSRQViYHOSDUDYRFrSDUDDVVXPLUDWDUHIDGHGHVHQYROYHUDOJXpPPHQWHHSHUVRQDOLGDGHGHRXWUDSHVVRD

  • (XQmRDFUHGLWRTXHDOJXpPGHVVDLGDGHGHYHVHUDFULDomRGHXPWXOSDKRQHVWDPHQWHPDVHXQmRSRVVRSDUiOR$OpPGLVVRDSHQDVSRUTXHYRFrQmRpXPDFULDQoDQmRVLJQLILFDTXHYRFrHVWiHPFODUR7HPDEXQGkQFLDGHDGXOWRVTXHQmRVmRPDGXURVRVXILFLHQWHSDUDFULDUXPWXOSDPDVQmRKiQDGDTXHHXSRVVDID]HUVREUHHOHV(QWmRHXHVWRXPHGLULJLUDYyVMRYHQVDGXOWRVHDGROHVFHQWHV9RFrSUHFLVDVHVHQWDUHVHSHUJXQWDUVmR YRFrDPDGXUHFHURVXILFLHQWHSDUDLVVR"(XVHLTXHDPDLRULDGHYRFrVSURYDYHOPHQWHDFKDTXHYRFrpPDGXUR4XDVHWRGRPXQGRID]0DVYRFrSUHFLVDWRPDUDOJXPWHPSRSDUDVHQWDUSDUDEDL[RGHILQLURVHXHJRGHODGRHUHDOPHQWHH[DPLQDUVHFRPDOJXPDREMHWLYLGDGH(OHPEUHPHQWHYRFrQmRSRGHHQJDQDUVREUHHVWHWHVWH6HYRFrPHPRVWUDUTXHYRFrpPDGXURID]HQGRXPDWXOSDTXDQGRYRFrUHDOPHQWHQmRpYRFrQmRHVWiUHFHEHQGRSDUDPLP2~QLFRTXHYDLVRIUHUpVLPHVPRHWDOYH]DVXDWXOSD(XVyWURX[HLVVRSDUDDYLViORSRUTXHVHYRFrQmRHVWLYHUPDGXUDRVXILFLHQWHRXFULiODVSHODVUD]}HVHUUDGDVYRFrYDL DODPHQWDUTXHYRFrMiFRPHoRXHPDOJXPPRPHQWRGHVXDYLGD(XSURPHWRDYRFr

    +iSHVVRDVFRUUHQGRQDFRPXQLGDGHWXOSDTXHID]HP7XOSDVFRPRHVFUDYDVVH[XDLVRXPDWiORVRIILPSXOVLYDPHQWHTXDQGRHOHVILFDPHQWHGLDGRVRXHOHVQmRVDHPH[DWDPHQWHFRPRHOHVTXHUHP(VWHWLSRGHSHVVRDVDEVROXWDPHQWHPHGiQRMR$OJXQVGHOHVMXVWLILFDUVXDVDo}HVFRPEDVHQRIDWRGHTXHQmRKiQHQKXPDSURYDGHTXHHOHVVmRVHUHVYLYRVUHDLVFRPVHQWLPHQWRV&RPRYRFrSRGHREWHUGRHQWH"(OHVVmRSHUIHLWDPHQWHEHPFRPRDVVDVVLQDWRDOJXPDFRLVDSRUTXHKiXPDFKDQFHGHTXHHOHVSRGHPQmRHVWDUYLYR6HYRFrpGRWLSRGHSHVVRDTXHpFDSD]GHTXHDSpDJRUD(XQmRTXHURYHUYRFrHPTXDOTXHUOXJDUSHUWRGHVWDFRPXQLGDGH1mRKiGHVFXOSDSDUDPDWDUVHXWXOSD(XQmRPHLPSRUWRVHYRFrVHFDQVDURXQmRID]HPLQWHUHVVHYRFrDQ\PRUH9RFrVHLQVFUHYHUSDUDHVVDUHVSRQVDELOLGDGHDVVLPTXHYRFrFRPHoDUDID]HUXPWXOSD4XDQGRYRFrID]YRFrSUHFLVDYrORDWpRILP&DVRFRQWUiULRYRFrpFRPRDVSHVVRDVTXHHXDSHQDVPHQFLRQDGRDQWHV$OpPVHYRFrFRPRXPDSHVVRDVmRPDGXURVRVXILFLHQWHSDUDID]HUXPDWXOSDYRFrVyGHYHID]rORSHODUD]mRFHUWD$TXLHVWmRDOJXPDVUD]}HVTXHQmRVmRERDVRVXILFLHQWHSDUDFULDUXPWXOSDTXH(XYLXPPRQWH

    9RFrQmRGHYHFULDUXPWXOSDHVSHFLILFDPHQWHSDUDVXDIRUPD,VVRVHDSOLFDSULQFLSDOPHQWHDRVGHYRFrVTXHHVWmRIDQJLUOVVREUHDOJR&ULDQGRXPWXOSDHVSHFLILFDPHQWHSDUDTXHSRVVDROKDUSDUDRVHXSHUVRQDJHPIDYRULWRDQLPHRX&UHS~VFXORIDtVFDQDYLGDUHDOpLQFULYHOPHQWHUDVD$WXOSDQmRpVXDIRUPDHHOHVQmRGHYHPVHUWUDWDGRVFRPRWDO&RPRVHULDYRFrVHVHQWLULDVHYRFrGHVFREULXTXHYRFrIRLFULDGRDSHQDVSRUTXHVHXFULDGRUJRVWRXDOJXpPPXLWR"

    6HPHOKDQWHDQmRFULDUXPDWXOSDSDUDVXDIRUPDYRFrQmRGHYHFULDUXPWXOSDSDUDR~QLFRSURSyVLWRGHWHUUHODo}HVVH[XDLVFRPHOH4XHURGL]HUUHDOPHQWH4XmRSDWpWLFRYRFrSRGHSRVVLYHOPHQWHFRQVHJXLU"(XQmRVRXQHFHVVDULDPHQWHFRQWUDWXOSDVH[RHPJHUDOPDVDFULDomRGHXPVySRUTXHYRFrQmRWHPTXDOTXHUMRJRQDYLGDUHDORXSRUTXHYRFrTXHUWHUUHODo}HVVH[XDLVFRPXPS{QHLpPXLWRWULVWHSDUDSDODYUDV,PDJLQHFRPRTXHRVIDULDVHQWLU6DEHQGRTXHHOHVHVWDYDPVyFULRXFRPRXPDERQHFDVH[XDO

    3DUDUDPLILFDUGDUD]mRDFLPDYRFrQmRGHYHFULDUXPWXOSDSDUDVHUXVDGRFRPRXPDIHUUDPHQWDGHTXDOTXHUHVSpFLH,VVRLQFOXLFRPRXPDHVFUDYDVH[XDO$OpPGLVVRHOHVQmRGHYHPVHUFULDGDVVySRUTXHYRFrSUHFLVDGHDMXGDFRPVXDOLomRGHFDVD7XOSDVSRGHDMXGiORHPXPDVpULHGHPDQHLUDVHTXHSURYDYHOPHQWHLUiPDVDFULDomRGHXPVySRUTXHYRFrTXHUTXHHOHVIDoDPFRLVDVSDUDYRFrpKRUUtYHO(VVDUD]mRQmRID]SDUDOLJDomRIRUWH2VVHUHVYLYRVQmRVmRIHUUDPHQWDV1mRVHMDHJRtVWD

    9RFrQmRGHYHFULDUXPWXOSDVySRUTXHVRDOHJDOHYRFrQmRWHPQDGDPHOKRUSDUDID]HU&RPRHXGLVVHDQWHVLVVRpXPDFRLVDPXLWRVpULDQmRpSDUDVHUWRPDGROHYHPHQWH6HYRFrIL]HUDOJXPDFRLVDSRUTXHYRFrHVWiHQWHGLDGRHQWmRLVVRVLJQLILFDTXHYRFrQmRGHYHWHUSHQVDGRVREUHLVVREHPRVXILFLHQWH

    6HYRFrGHFLGLUID]HULVVRPHVPRGHSRLVGHSHQVDUPXLWRVREUHLVVRDSHQDVFHUWLILTXHVHTXHYRFrVDEHRTXH

    3DJHYRFrHVWiVHPHWHQGR9RFrSUHFLVDYHULVVRDWpRILPHWUDWDURVHXWXOSDFRPWRGRRDPRUHUHVSHLWRTXHYRFrSRGH(XQmRPHLPSRUWRVHYRFrDFKD7XOSDVQmRHVWmRVHSDUDGRVVHUHVRXQmR9RFrGHYHGDUOKHVREHQHItFLRGDG~YLGD9RFrSUHFLVDVDEHU TXHYRFrpFDSD]GHGDUOKHVRWHPSRTXHHOHVSUHFLVDP9RFrSUHFLVDVDEHUTXHYRFrWHPDSDFLrQFLDGHHVSHUDUSDUDVHXGHVHQYROYLPHQWRPHVPRTXHGHPRUHPXLWRPDLVWHPSRGRYRFrSHQVRXTXHVHULD

    3RUWDQWRDJRUDTXHYRFrSUHFLVDSDUDWRPDUDGHFLVmR6HYRFrGHFLGLUTXHYRFrQmRHVWiPDGXURRVXILFLHQWHHRXYRFrQmRSRGHOLGDUFRPLVVRHQWmRHXUHVSHLWRLVVRPXLWR6HYRFrGHFLGLUTXHYRFrSRGHID]rOR%HPHQWmRERDVRUWHSDUDYRFr(XHVSHURTXHYRFrVHFRQKHFHEHPRVXILFLHQWH

    4XDQWRWHPSRYDLGHPRUDUSDUDWHUPLQDUGHID]HUVHXWXOSD"

    ,VVRGHSHQGHLQWHLUDPHQWHGHYRFrFRPRHXH[SOLFDUPHOKRUQRILQDOGRJXLD$OJXQVIL]HUDPSURJUHGLUWmRUiSLGRTXDQWRHVWiVHQGRIHLWRFRPWXGRH[FHWRLPSRVLomRGHQWURGHXPPrV2XWURVWRPDUDPVHDXPDQR1RHQWDQWRYRFrQmRSUHFLVDVHSUHRFXSDUFRPLVVR&RQWDQWRTXHYRFrQmRID]HUFRPHWHURVPHVPRVHUURVTXHHXHPXLWRVRXWURVWrPQmRYDL OHYiORFRQWDQWRTXHXPDQR

  • 3DJH&RQFHLWRV

    :RQGHUODQGV

    :RQGHUODQGVVmRRTXHQRVUHIHULPRVFRPRROXJDUTXHYRFrFULDUHPVXDFDEHoDTXHVHXWXOSDWHQGHDYLYHUHP3RGHVHUTXDOTXHUFRQILJXUDomRTXHYRFrSRGHLPDJLQDUePXLWRSDUHFLGRFRPRTXHDOJXQVVHUHIHUHPFRPRVHXOXJDUIHOL]$VSHVVRDVTXHWrPZRQGHUODQGVWHQGHPDLUOiHVDLUFRPVXDWXOSD9RFrID]LVVRVLPSOHVPHQWHLPDJLQDQGRTXHOXJDUHLPDJLQDQGRVHQDPHVPD,PDJLQHVHFDPLQKDQGRDWUDYpVGHOHFRPRYRFrIDULDHPTXDOTXHURXWUROXJDU1mRpSRUTXDOTXHUPHLRQHFHVViULRSDUDFULDUXPDZRQGHUODQG0XLWRVGHQyVDTXLQmRWrPXP$TXLpFRPRFULDUXP

    3DVVRGHFLGLURTXHYRFrTXHUTXHHOHVHSDUHFH3ODQHMHORQRSDSHOVHYRFrJRVWDULD9RFrQmRID]HUWHPTXHGHFLGLUVREUHWXGRDQWHVGHLUSDUDOi9RFrSRGHFULiORPDLVFRPRYRFrDQGDHPWRUQRGHOHPDVpDFRQVHOKiYHOSHORPHQRVWHUXPDERDLGpLDGRTXHYRFrTXHUTXHHOHVHMDVHPHOKDQWH

    3DVVR,PDJLQHVHQHVWHOXJDUFRPRYRFrSODQHMRX

    3DVVR"""

    3DVVR3URILW

    6pULRpWmRVLPSOHV

    'RVHXWXOSDVHQFLrQFLD

    $OJXQVDFUHGLWDPTXHRVHXWXOSDQmRVHMDVHQFLHQWHGHVGHRLQtFLRHTXHVHGHVHQYROYHDRORQJRWHPSRRTXHVLJQLILFDTXHYRFrHVWiWUDEDOKDQGRHVVHQFLDOPHQWHSRUVLPHVPRDWpTXHGHVHQYROYDPVHQFLrQFLD(OHVGL]HPTXHLVVRDFRQWHFHHYHQWXDOPHQWHDWUDYpVGHVXDIDODSDUDHOHVHSDVVDURWHPSRFRPHOHV2XWURVDFUHGLWDPTXHRVHXWXOSDpVHQVtYHODSDUWLUGRPRPHQWRTXHYRFrFRPHoDUDFULDU

  • HOHV4XDQWRDRTXHHXDFUHGLWRSHVVRDOPHQWH(XQmRPHLPSRUWR3RUTXHVHRVHXWXOSDpVHQVtYHORXQmRYRFrGHYHWUDWiORVFRPRVHHOHVVmRVHQFLHQWHGHVGHRLQtFLR&RQYHUVHFRPHOHVFRPRVHHOHVHVWmRRXYLQGRFRPRHOHV&RPSUHHQGR(QWmREDVLFDPHQWHDVVXPLUVHQFLrQFLDGHVGHRLQtFLR,VWRpGHPRGRTXHVHVHQFLrQFLDQmRHVWLYHUOiYDLGHVHQYROYHUIDVWHU6\PEROLVP

    $JRUDHXVLQWRDQHFHVVLGDGHGHDSRQWDULVVRSRUFDXVDGHDOJRTXHDOJXpPGLVVHUHFHQWHPHQWH$SDUHQWHPHQWHKiXPDLQFRPSUHHQVmRGRTXHVLJQLILFDSDUDDFUHGLWDUTXHVXDWXOSDpVHQFLHQWHGHVGHRLQtFLR26HQWLHQWQmRVLJQLILFDLQGHSHQGHQWHQHVWHFDVR$OJXPDVSHVVRDVDSDUHQWHPHQWHSHQVDPTXHSRUTXHVXDWXOSDpVHQFLHQWHHOHVQmRWHPTXHFRORFDUWDQWRWUDEDOKRQRSURFHVVR,VVRpULGtFXOR7UDWDURVHXWXOSDFRPRVHQVtYHOQmRLPSOLFDFRORFDUTXDOTXHUPHQRVHVIRUoRSDUDHOHV9RFrGHYHFRORFDUQRPHVPDTXDQWLGDGHGHWUDEDOKRTXHYRFrIDULDVHYRFrDFUHGLWDTXHHOHVVmRVHQFLHQWHVRXQmR1mRVHMDSUHJXLoRVRVREUHLVWR9RFrRTXHYRFrFRORFDUQRSURFHVVR6HXWXOSDVHUVHQFLHQWHQmRVLJQLILFDTXHYRFrSRGHPHLDEXUURORGHTXDOTXHUPDQHLUD(OHQmRGHYHDIHWDURTXHYRFrID]HUQRSURFHVVRHPWXGR

    1DUUDomR

    $QDUUDomRpVLPSOHVPHQWHRDWRGHIDODUFRPRVHXWXOSD9RFrSRGHID]HULVVRHPYR]DOWDRXHPVHXFDEHoDQmRLPSRUWD1RHQWDQWRXPDYH]TXHH[LVWHPSHVVRDVTXHYRFrHVWiHVFRQGHQGRLVVRFHUWDPHQWHHVIRUoDUVHGHYRFrSRGHHVWDUIDODQGRFRPHOHVHPVXDFDEHoDPDLVYH]HVGRTXHQmR$JRUDIDODQGRQRVHXWXOSDQmRpWmRVLPSOHVFRPRDSHQDVIDODURXSHQVDU9RFrGHYHGLUHFLRQDUVHXVSHQVDPHQWRVHPGLUHomRDRVHXWXOSDFRPDLQWHQomRGHTXHHOHVYmRRXYLOR6HYRFrIL]HULVVRHQWmRHOHVSURYDYHOPHQWHLUi

    3DJH)RUoDQGR

    )RUoDQGRpRWHUPRTXHXVDPRVSDUDID]HUDVFRLVDVTXHHQYROYHPRVHXWXOSD1DUUDomRHPVLQmRpVHPSUHFRQVLGHUDGRIRUoDQGRHHXQmRVRXLQWHLUDPHQWHFHUWRHXFRQVLGHURIRUoDQGRTXDOTXHUXPPDVDOJXQV)D]0DVVHPIDOKDUYLVXDOL]DomRVLPEROLVPRHLPSRVLomRGHTXDOTXHUWLSRpFRQVLGHUDGRIRUoDQGR

    $WLYRIRUoDQGRYVSDVVLYRIRUoDQGR

    )RUoDQGRDWLYRpTXDQGRYRFrWRPDRWHPSRSDUDVHQWDUHYLJRUTXDQGRYRFrWHQWDID]HURVHXWXOSDRXIDODUFRPRVHXWXOSDD~QLFDFRLVDHPVXDPHQWHeXPHVIRUoRGHFRQFHQWUDomR

    3DVVLYRIRUoDQGRpJHUDOPHQWHFODVVLILFDGRFRPRIDODQGRRXYLVXDOL]DURVHXWXOSDDRID]rRXWUDVFRLVDV(OHQmRUHTXHUSDUDYRFrVHPRYHUVXDSURJUDPDomRHPWRUQRGHTXDOTXHUIRUPDFRPRYRFrID]rORMXQWDPHQWHFRPVXDVDWLYLGDGHVGLiULDV6HYRFrWRPDUHPIRUoDUSDVVLYDQmRpQHFHVViULRTXHYRFrID]rORGXUDQWHWRGRRGLDWRGRVRVGLDV$OJXPDVWDUHIDVH[LJHPPDLVFRQFHQWUDomRHQmRGHL[DUPXLWRHVSDoRSDUDYRFrWHURVHXWXOSDHPVXDPHQWH

    3RUTXHHVFROKHUXPVREUHRRXWUR"&DGDXPWHPVXDVSUySULDVYDQWDJHQVHGHVYDQWDJHQV$WLYRIRUoDQGRpJHUDOPHQWHPDLVTXDOLWDWLYDGRTXHIRUoDQGRSDVVLYDFRPRDVXDFRQFHQWUDomRpSULQFLSDOPHQWHVREUHHOHV1RHQWDQWRIRUoDQGRSDVVLYDLPSOLFDXPDPXLWRPDLRUTXDQWLGDGHGHWHPSRIRUoDQGRHSRUWDQWRWHQGHDWRUQDUVHSRUVXDIDOWDGHTXDOLGDGH

    $WLYRIRUoDQGRpERPSDUDID]HUTXDQGRYRFrWHPRWHPSRSDUDS{UGHODGRDSHQDVSDUDRVHXWXOSDHVmRTXHUQmRpERPVHFRQFHQWUDUHPSDVVLYDPHQWHHPDOJXPDFRLVDRXYRFrQmRSRGHPXLWDVYH]HVDUFDUFRPDSHUGDGHFRQFHQWUDomR3DVVLYRIRUoDQGRpFHUWDPHQWHPDLVGLItFLOHQRLQtFLRSRGHVHUEDVWDQWHPHQWDOPHQWHGHVJDVWDQWH9RFrWDPEpPYDLHQFRQWUDUVHHVTXHFHQGRGHSHQVDUVREUHRVHXWXOSDPXLWDVYH]HV8PDPDQHLUDGHFRQVHUWDUHVWHpDPDUUDUXPDFRUGDHPWRUQRGHVHXGHGRRXDOJRSDUHFLGR'HVVDIRUPDFDGDYH]TXHYRFrYrDVWULQJRXVHMDRTXHIRUYRFrVHUiOHPEUDGRGHVXDWXOSDHEXVFiORPDLVXPDYH]

    (XJHUDOPHQWHUHFRPHQGRSDVVLYDIRUoDQGRDWRGRVDTXHOHVTXHVmRFDSD]HV7HPPXLWRVEHQHItFLRVHFRQWDQWRTXHYRFrSRGHPDQWrORHYRFrWHPDFRQFHQWUDomRGHVREUDWHPTXDVHQHQKXPDGHVYDQWDJHP$OpPGLVVRHOHVYmRDSUHFLDUDDWHQomRH[WUD

    &RPRSDUDRTXHID]HUGXUDQWHIRUoDQGRSDVVLYDpUHDOPHQWHPXLWRVLPSOHV3DUDRDVSHFWRQDUUDWLYDGLVVRpXPDERDLGpLDSDUDWHQWDUVHPSUHGLUHFLRQDUWRGRVRVVHXVSHQVDPHQWRVSDUDRVHXWXOSD4XDQGRYRFrpOHQGRDOJXPDFRLVDOHLDSDUDHOHV4XDQGRYRFrHVWiSHQVDQGRVREUHRTXHYRFrOrDFKRTXHDHOHV0HVPRFRPTXDQGRYRFrHVWiSHQVDQGRVREUHRTXHYRFrHVWiID]HQGRRXRTXHYRFrSUHFLVDID]HU1H[W9RFrYDLHQFRQWUDUVHPXLWDVYH]HVHVTXHFHQGRVHGHGLUHFLRQiORSDUDHOHVPDVYRFrYDLWHUDFRVWXPDGR(YHQWXDOPHQWHHOHYDLVHWRUQDUXPKiELWRHTXHpTXDQGRDPDLRULDGDSDUWHPDLVGLItFLOMiSDVVRX

  • 3DUDRDVSHFWRGHYLVXDOL]DomRpUHDOPHQWHPDLVGHLPSRVLomRYLVXDOTXHHXUHFRPHQGRTXHYRFrQmRFRPHoDUDID]HUDVVLPTXHYRFrFRPHoDURVHXWXOSDSRUUD]}HVTXHH[SOLFDPQDLPSRVLomRVHomRGHVWHJXLD

    (XQmRYRXH[SOLFDUDTXLRTXHID]HUTXDQGRDWLYRIRUoDQGRSRUTXHHVWHJXLDIDODGHIRUoDQGRDWLYRSRUSDGUmRGHPRGRTXHRSURFHVVRGHVHomRLQWHLUDHVWiVHUHIHULQGRDRTXHID]HUTXDQGRDWLYRIRUoDQGR

    $VVLPYRFrSRGHWHUDJRUDGHFLGLGRVREUHIRUoDQGRSDVVLYDIRUoDQGRPDLVDWLYR%HPLQIHOL]PHQWHQmREDVWDQWHDVVLPTXHIXQFLRQD$OJXQVGRSURFHVVRGHFULDomRWXOSDH[LJHDWLYDIRUoDQGRDVVLPYRFrQmRSRGHVDLUGHODFRPSOHWDPHQWH&RPRVmRDTXHOHVSDUDRVTXDLVHOHGHYHVHUFRPSOHWDPHQWHyEYLDSDUDDPDLRULD7HQKRFHUWH]DTXHYRFrSRGHGHVFREULULVVR(XSHVVRDOPHQWHVyWUDEDOKDPRVFRPQDUUDomRHLPSRVLomRTXDQGRIRUoDQGRSDVVLYDPDVYRFrpOLYUHSDUDWHQWDURTXHTXHUTXHYRFrJRVWDULD

    'HVYLR

    3iJLQD'HVYLRpRWHUPRTXHXVDPRVTXDQGRDOJRVREUHVHXV7XOSDPXGDQoDVGHXPDPDQHLUDTXHYRFrQmRTXHUHU'HVYLRpXVDGRSULQFLSDOPHQWHHPUHIHUrQFLDjSHUVRQDOLGDGHGRVHXWXOSD3DUHFHTXH$SHUVRQDOLGDGHGHWXOSDGDPDLRULDGDVSHVVRDVGHVYLDSHORPHQRVXPSRXFRGRTXHHOHVWLQKDPRULJLQDOPHQWHSODQHMDGRSDUDHOHVeFRPSOHWDPHQWHQRUPDOHDFRQWHFHDTXDVHWXOSDGHWRGRVHPDOJXPDIRUPD(YRFrQmRSUHFLVDVHSUHRFXSDUVHXWXOSDQmRYDLVDLULQGHVHMDYHOPHQWHGHYLGRDGHVYLReDH[SHULrQFLDGDPDLRULDGDVSHVVRDVTXHDVDOWHUDo}HVTXHVmRIHLWDVVmRFRLVDVTXHHOHVVmRPXLWREHPFRP,VVRRFRUUHSRUTXHFRPRWHPRVKLSyWHVHRGHVYLRRFRUUHDSDUWLUGHVHXVXEFRQVFLHQWHGHVHMRV'HVVDIRUPDHOHVSRGHPYLUFRPXPWUDoRTXHYRFrQHPVHTXHUVHLTXHYRFrTXHULDPDVYRFrIH]

    'HVYLRWDPEpPSRGHDFRQWHFHUQDIRUPDPDVLVVRQmRpSUREOHPDSRLVHOHSRGHVHUDOWHUDGRQRYDPHQWHPDVYRFrQXQFDGHYHIRUoDUDOJRHPVHXWXOSDTXHHOHVREYLDPHQWHQmRTXHUR(VSHFLDOPHQWHDOJRWmRSHVVRDOFRPRDVXDIRUPD

    'RVHXWXOSDHVVrQFLD

    0XLWDVSHVVRDVQmRWRTXHQHVWHFRQFHLWRFRPRHOHUHDOPHQWHQmRpQHFHVViULR1RHQWDQWRDFKRTXHDMXGDQDPXLWRVFDVRV7HQKRFHUWH]DTXHDOJXQVVXJHUHPTXHDFRLVDWRGDHUDIDOVRVLPEROLVPRRXDOJXPDFRLVDPDVDYHUGDGHpVXDHVVrQFLDpXPFRQFHLWRUHDOPXLWRSUiWLFR$TXLFLWDUHL*XLDGHHVVrQFLDGH%OXHVOHHYHXPDYH]TXHFREUHEDVLFDPHQWHWXGRRTXHHXTXHULDGL]HUVREUHRTXHXPHVVrQFLDp

    &DGDSHVVRDpGLIHUHQWH$WUDYpVGDQRVVDLQWXLomRSRGHPRVGLVWLQJXLUXPSDUGHJrPHRVRXDWpPHVPRGL]HUTXHDSHVVRDHVFUHYHXXPWH[WRVySRUTXHDQRVVDLQWXLomRQRVGL]LVVR

    &DGDPRPHQWRHPTXHYRFrHVWLYHUFRQYHUVDQGRFRPDOJXpPYRFrLQFRQVFLHQWHPHQWHDQDOLViORV9RFrVDQDOLVDUDVXDOLQJXDJHPFRUSRUDOSDGU}HVGHIDODROIDWRHVFROKDGHSDODYUDVIDFLDOFDUDFWHUtVWLFDVURXSDVHLQIRUPDomRGHIXQGR

    1mRLPSRUWDVHYRFrJRVWDRXQmRHVWHSURFHVVRLQFRQVFLHQWHHVWiPRQWDQGRFDGDSHGDoRGHLQIRUPDomRGLVSRQtYHLVSDUDXPTXDGURPDLRUYRFrFRPHoDDFRQKHFHUXPGHSHUVRQDOLGDGH

    (VVDLPDJHPTXHYRFrPRQWDGRHVWiID]HQGRYRFrFDSD]GHSUHYHUVHXFRPSRUWDPHQWRHSRUWDQWRWRUQDQGRRFDSD]GHLQWHUDJLUFRPHVVDSHVVRD9RFrVHUiFDSD]GHGL]HUVHYRFrJRVWDGHOHRXQmRRVHXWHPSHUDPHQWRpHFRPRHOHSRGHUHDJLUDXPDVLWXDomRILFWtFLD

    6HYRFrMiHVWiDVVXPLQGRTXHHVWDPRVDFULDUXPTXDGURPDLRUDUWLILFLDOSDUDQRVVD7XOSDHQWmRYRFrHVWiFHUWRDSHVDUGHH[LVWLUHPPDLVDOJXPDVFRLVDVDGL]HU'DSHUVRQDOLGDGHVHUiHYRFDUFHUWDVHPRo}HVHPYRFr9RFrWHPRJOREDOVHQVDomRGHXPDSHVVRD,VWRWDPEpPVHDSOLFDDYRFr

    9DPRVGL]HUTXHYRFrpXPDSHVVRDPXLWRGHWHUPLQDGDTXHYRFrSRGHVHUHVFROKLGRFRPRROtGHUXPJUXSRVySRUTXHYRFrSDUHFHVHUIHLWDSDUDRWUDEDOKR

    6XDYLGDpPROGDUYRFreSRVVtYHOGHVHQYROYHUFHUWRVWUDoRVDSHQDVSRUTXHHOHVVmRSUHFLVRV8PPpGLFRWHPTXHGHVHQYROYHUXPDFRPSUHHQVmRSDUDDVQHFHVVLGDGHVGHVHXSDFLHQWH(VHYRFrQmRVHQWHHVVHHQWHQGLPHQWRYRFrVHUiDXWRPDWLFDPHQWHTXHVWLRQDUVXDKDELOLGDGHVFRPRPpGLFR7RGRVSRGHPDSDUHFHUDJUDGiYHOHPXPQtYHOVXSHUILFLDOPDVYRFrVyVDEHTXHWXGRHOHVGL]HPTXHpXPDPHQWLUD

    (VWHVHQWLPHQWRJHUDOGHXPDSHVVRDpRTXHSUHFLVDPRV0HVPRTXHSRVVDUHSUHVHQWDUGLILFXOGDGHVSDUDDTXHOHVFRPXPDDOWDUD]mRGHVHUYRFrYDLWHUTXHVHOLYUDUGHYHURVHX7XOSDFRPRXPFRQMXQWRGHWUDoRVGHSHUVRQDOLGDGH

  • 7HPRVGHFRPSUHHQGHUWRGDDSHUVRQDOLGDGHPDVQmRFRPDFDEHoD7HPRVTXHXVDUQRVVDLQWXLomRSDUDLVVR

    (XQmRHVWRXSHGLQGRTXHYRFrFULDUXPDHVVrQFLDSDUDRVHXWXOSDeDOJRTXHHOHVYmRWHPFRPRWRGRPXQGRDSyVDVXDSHUVRQDOLGDGHVHGHVHQYROYHeDOJRTXHYRFrSRGHFRPHoDUDVHQWLUPHVPRDQWHVTXHYRFrSRVVDRXYLORV(QWmRHXQmRFRQVLGHURLVVRXPSDVVRQDFULDomRFRPRp

    3DJHDOJRTXHVyYDLDFRQWHFHUVHYRFrROKDUSDUDHOH

    $JRUDFRPRSDUDRSRQWRGHUHFRQKHFHUDHVVrQFLDGHVHXWXOSD"7HPPXLWRVEHQHItFLRV8PWDOEHQHItFLRpRDXPHQWRGDFDSDFLGDGHGHGLIHUHQFLDURVSHQVDPHQWRVGHVHX7XOSDSDUWLUGRVHXSUySULRHXDFKRTXHRVSHQVDPHQWRVGHPLQKD7XOSDjVYH]HVWHQGHPDWHUVXDHVVrQFLDFRPRXPDHVSpFLHGHDVVLQDWXUDHPVHXSHQVDPHQWRVHLVVRPHSHUPLWHVHSDUDURVPHXVSHQVDPHQWRVGHVHX(XQmRYRXSDVVDUSRUFLPDWRGRVRVEHQHItFLRVFRPRYRFrYDLHQFRQWUDUPXLWRVGHOHVHPVHXSUySULRSDtV0DVXPRXWURPXLWRSUiWLFREHQHItFLRp

    2EWHQGRDDWHQomRGRVHXWXOSD

    6HXWXOSDQmRYDLHVWDUSUHVWDQGRDWHQomRDYRFrHTXHYRFrHVWiID]HQGRHPWRGRVRVPRPHQWRV3RUWDQWRTXDQGRYRFrTXHUGL]HUDOJRDHOHHOHQmRSRGHHVWDUVHPSUHGLVSRQtYHLV&RPRHXGLVVHQDVHomRQDUUDomRVHYRFrGLUHFLRQDUVHXVSHQVDPHQWRVHPGLUHomRDHOHHOHSURYDYHOPHQWHYDLVHURXYLGRSRUHOHPDVLVVRQHPVHPSUHpDPHOKRUPDQHLUDGHREWHUDVXDDWHQomR3DUDFRPHoDUVHYRFrQmRMiWHPDVXDDWHQomRYRFrQmRSRGHREWrORLPHGLDWDPHQWHFRPDSULPHLUDFRLVDTXHYRFrGL](QWmRVHYRFrIRVVHDSHQDVFRPHoDUDIDODUFRPHOHTXHSRGHULDIDFLOPHQWHSHUGHUDSULPHLUDSDUWHGRTXHYRFrpGL]HQGR-iSDUDQmRIDODUVLPSOHVPHQWHFRQYHUVDQGRFRPHOHVQmRJDUDQWHTXHHOHLUiREWHUDVXDDWHQomRHPWXGRpPHOKRUFRPHoDUDIDODUGHSRLVTXHYRFrWLYHUFHUWH]DGHTXHHOHVHVWmRRXYLQGR

    $PHOKRUPDQHLUDTXHHXSHVVRDOPHQWHWHQKRHQFRQWUDGRSDUDFKDPDUDDWHQomRGRPHXWXOSDpTXHSHQVDUPXLWRVREUHHOH(XSHQVRVREUHHWHQWDUVHQWLUDVXDHVVrQFLDHTXHWHQGHDREWHUDVXDDWHQomRPXLWRUDSLGDPHQWH,VVRVHJXLGRSRUXPUiSLGRYRFrHVWiDt")D]PDUDYLOKDVSDUDPLP0DVH[SHULPHQWDUFRPHVWHYRFrPHVPR

    5HSHWLQGRH3XSSHWLQJ

    5HSHWLQGRHSXSSHWLQJVmRRVWHUPRVTXHXVDPRVUHIHULQGRVHDTXDQGRYRFrLQWHQFLRQDOPHQWHIRUoDUQmRFRPRRFRQFHLWRQHVWDOLVWDVHXWXOSDSDUDIDODURXVHPRYHUUHVSHFWLYDPHQWH+iSHVVRDVTXHVmRIRUWHPHQWHFRQWUDUHSHWLQGRHSXSSHWLQJSRUFRPSOHWRPDVHXHPXLWRVRXWURVFRQVLGHUDPORVHPSHTXHQDVGRVHVSDUDVHUXPDSDUWHPXLWR~WLOGRSURFHVVR3DSDJXHDUSRGHVHU~WLOTXDQGRVHWUDWDGHREWHUSDUDRXYLUVXDWXOSD9RFrSRGHID]rORSDUDDMXGDUDGHFLGLURTXHpDVXDYR]HWHQWDUDPDUUiORVLPEROLFDPHQWHDVXDIRUPD$OJXQVWrPVXJHULGRTXHWDPEpPpXPDIRUPDTXHSRGHDMXGDUDSHUVXDGLUVHXWXOSDHPIDODU$TXLHVWiXPH[HPSORGHXPWDOJXLD 3HUVXDGLQGR7XOSDH(P)DODQGR

    4XDQWRSXSSHWLQJHOHSRGHDMXGDUDYLVXDOL]DomR'HVVDIRUPDYRFrSRGHYHURTXHRVHXWXOSDROKDUiFRPRHPFHUWDVSRVHVDQWHVTXHHOHVSRVVDPPRYHUVH'HTXDOTXHUIRUPDRSRQWRppERPXVDUUHSHWLQGRHSXSSHWLQJHPSHTXHQDVGRVHV7HPDOJXQVPpWRGRVTXHEDVLFDPHQWHFRQVLVWHPLQWHLUDPHQWHGHYRFrHUHSHWLQGRSXSSHWLQJVHXWXOSDPDV(XSHVVRDOPHQWHQmRFRQFRUGRFRPHOHRTXHGLVVHpFHUWDPHQWHDLQGDYDOHDSHQDOHU$OJXQVGLULDPTXHWDOPpWRGRQmRVHULDERPSDUDRVHXWXOSDPDVHXQmRSRVVRIDODUDSDUWLUGDH[SHULrQFLDQRDVVXQWR%DVWDWHUHPPHQWHFRPRHOHGL]QDVHomRPHQWDOLGDGHGHVWHJXLDVHYRFrGHFLGLUID]HUDOJXQVUHSHWLQGRSXSSHWLQJDSHQDVVXSRUTXHHOHYDLILFDUEHPHQmRSUHMXGLFLDOHTXHYDLVHU

    &RXQWVKRUD

    8PDFRQWDJHPGHKRUDVpVLPSOHVPHQWHRSURFHVVRGHFRQWDUDTXDQWLGDGHGHKRUDVTXHYRFrJDVWDIRUoDQGRFRPSOHWDPHQWH0XLWRVYmRGL]HUOKHTXHDVFRQWDJHQVGHKRUDVVmRYHQHQRHTXHHOHVVmRXPGRVSLRUHVFRLVDVTXHYRFrSRGHID]HUGXUDQWHRSURFHVVR1RHQWDQWRDFRQWDJHPGHKRUDVQmRVmRLQHUHQWHPHQWHPDXLVWR7XGRFRPHoRXKiXPWHPSRDWUiVTXDQGRRVPHPEURVPDLVDQWLJRVDFUHGLWDYDPTXHFHUWRVSRQWRVGHYHULILFDomRFRPRVHXWXOSDVHUVHQFLHQWHRXYRFDOHWFQmRSRGHULDDFRQWHFHUDQWHVGHXPGHWHUPLQDGRSHUtRGRGHWHPSR'HPRGRTXHVHYRFrSHQVRXTXHYRFrRXYLXVHXWXOSDIDODUDQWHVGHGLJDPRVKRUDVGRWRWDOIRUoDQGRHQWmRQmRHUDUHDOPHQWHGHOHVHYRFrFHUWDPHQWHIRUDPDSHQDVUHSHWLQGRORV

    $FUHQoDHYROXLXGHVGHHQWmRPDVDOJXPDVSHVVRDVDLQGDFRQWDPKRUDV(QWmRQDUHDOLGDGHVLPSOHVPHQWHFRQWDQGRDTXDQWLGDGHGHKRUDVTXHYRFrWHQKDIRUoDGRVXDWXOSDSRUXPDTXHVWmRGHVDEHUTXDQWRWHPSR

    3DJHOHYRXYRFrFRPSOHWDPHQWHQmRpXPDFRLVDUXLP$~QLFDFRLVDUXLPVREUHFRQWDJHQVGHKRUDVpRH[SHFWDWLYDVFRPEDVHQDTXDQWLGDGHGHKRUDVTXHYRFrWHQKDIRUoDGR&RQWDQWRTXHYRFrQmRDVVRFLDURSURJUHVVRFRPDTXDQWLGDGHGHKRUDVTXHYRFrWHQKDIRUoDGRGHIRUPDDOJXPDHPVHJXLGDYRFrHVWiEHP1RHQWDQWRQRWHTXHFRPDOJXPDVSHVVRDVDVH[SHFWDWLYDVVXEFRQVFLHQWHVDFRQWHFHUVHPRVHXFRQVHQWLPHQWRHHVVDVH[SHFWDWLYDVVXEFRQVFLHQWHVSRGHPGLILFXOWDURSURFHVVRQR

  • PHVPDIRUPDTXHIDULDVHHVWLYHVVHSHQVDQGRQHOH(QWmRVHYRFrWHPXPDOHYHVXVSHLWDGHTXHYRFrpVXEFRQVFLHQWHPHQWHWHUH[SHFWDWLYDVFRPEDVHHPVXDFRQWDJHPGHKRUDHXUHFRPHQGRTXHYRFrSDUDUFRQWDQGRKRUDVLPHGLDWDPHQWH

    $LQGDH[LVWHPPDQHLUDVTXHYRFrSRGHID]HUVHYRFrVDEHRQ~PHURWRWDOGHKRUDVQRILQDOVHPFRQKHFrORVHQTXDQWRYRFrHVWiGHVHQYROYHQGRVHXWXOSDHQWmRQmRKiQHQKXPDFKDQFHGHH[SHFWDWLYDV3RUH[HPSORYRFrSRGHWHUDOJXPWLSRGHFKDSpXHFDGDGLDYRFrIRUoDUHVFUHYHUHPXPSHGDoRGHSDSHODTXDQWLGDGHGHWHPSRTXHYRFrIRUoRXQDTXHOHGLDHFRORFiORQRFKDSpX$SyVRVHXWXOSDHVWiDFDEDGRVRPDWXGRLVVR0DVFHUWLILTXHVHGHQXQFDROKDUQRFKDSpXDQWHVTXHYRFrHVWiIHLWR2XDOJRDVVLP7HQKRFHUWH]DGHTXHKiPXLWDVPDQHLUDVGHID]rORFRPVHJXUDQoD

    'DURVHXDFHVVRWXOSDjVVXDVPHPyULDVHVXEFRQVFLHQWH

    0XLWDVSHVVRDVID]HPLVVRPXLWRQRLQtFLRGRSURFHVVRFRPRDOJXQVWrPVXJHULGRTXHHOHUHDOPHQWHDMXGDORVDGHVHQYROYHU1DWXUDOPHQWHQmRpQHFHVViULR(PHVPRVHYRFrQmRGDUOKHVDFHVVRjVXDVXEFRQVFLHQWHHOHVDLQGDSRGHPWHFQLFDPHQWHLUSDUDOi6XDPHOKRUDSRVWDpQmRDSHQDVVLPEROLFDPHQWHEORTXHDURVHXDFHVVRPDVSDUDUHDOPHQWHSHGLUOKHVTXHQmRHH[SOLFDUOKHVSRUTXr,VVRpRTXHHXIL]FRPPHXWXOSDHHOHHQWHQGHXHQmRROKRXDWUDYpVGHOHV4XDQWRjIRUPDGHGDUHQHJDURDFHVVRpVLPEyOLFRHSHORTXHHXRXYLJHUDOPHQWHpIHLWRQRSDtVGDVPDUDYLOKDV

    3HVVRDOPHQWHDTXLHVWiRTXHHXIL]HXFULHLXPDiUHDQRPHXSDtVGDVPDUDYLOKDVTXHWLQKDWUrVSRUWDVGLYLGLGRFRPRVXEFRQVFLHQWHPHPyULDVHHXQmRPHOHPEURTXDOIRLD~OWLPD(QILPHXWURX[HPHXWXOSDOiHLPDJLQRXTXHKDMDFDGHLDVSHVDGDVHPFDGDXPDGDVSRUWDVHHXGLVVHOKHTXHHOHQmRVHULDFDSD]GHDFHVViORV&DVRFRQWUiULRYRFrSRGHULDVLPSOHVPHQWHPRVWUDUDHOHDVSRUWDVHGL]HUTXHHOHSRGHLUSDUDDGLUHLWDHPGLDQWH(FRPRFRPWRGRVVLPEROLVPRYRFrSRGHID]rORFRPRTXLVHU3RGHQmRHQYROYHPTXDOTXHUGHSRUWDVWLSR

    4XDQWRWHPSRYRFrGHYHIRUoDUSRUGLD"

    &RPRDPDLRULDGDVRXWUDVTXHVW}HVFRPDSDODYUDGHYHUiQmRKiXPDUHVSRVWD,GHDOPHQWHYRFrSRGHULDIRUoDUTXDVHRGLDWRGRWRGRVRVGLDV(VVDVHULDDPDQHLUDPDLVUiSLGDGHWHUXPWXOSDGHSRLVGHWXGR1RHQWDQWRQLQJXpPWHPHVVHWLSRGHWHPSRRXGLVFLSOLQD(QWmRPHXPHOKRUFRQVHOKRpID]rORWDQWRTXDQWRYRFrSRGHJHUHQFLDU9RFrQmRSUHFLVDQHPQHFHVVDULDPHQWHWHPTXHIRUoDUWRGRVRVGLDVPDVpERPSDUDSDJDUOKHVDOJXPWLSRGHDWHQomRDFDGDGLD$OpPGLVVRHXUHFRPHQGRGHILQLQGRXPPtQLPRSDUDDVXDIRUoDQGRVHVV}HVFRPRIRUoDUSRUPLQXWRVWRGRVRVGLDVYDLWHOHYDUDQDGDH[WUHPDPHQWHUiSLGR1RHQWDQWRVHHOHIXQFLRQDPHOKRUSDUDYRFrpLQWHLUDPHQWHERPWHUYiULDVVHVV}HVGHPLQXWRVPLQXWRVQmRSDUHFHVHUXPORQJRWHPSRTXDQGRYRFrVHVHQWDSDUDID]HUDOJXPDFRLVDPDVID]XPDKRUD(QWmRVHYRFrIRVVHVHQWDUHYLJRUSRUPLQXWRVYH]HVSRUGLDYRFrVHULDIRUoDQGRXPDKRUDWRGRVRVGLDVTXHpFHUWDPHQWHPHOKRUGRTXHRTXHHXWHQKRVLGRFRQKHFLGDDID]HU

    1HVVHSURFHVVRYRFrUHFHEHRTXHYRFrFRORFDUQHOHSRUWDQWRQmRKiWDOFRLVDFRPRIRUoDUSRUPXLWRPXLWR)D]rORWmRIUHTXHQWHPHQWHFRPRYRFrSRGHHYRFrYDLHQFRQWUDUVHID]HUPXLWRSURJUHVVRUiSLGR$JRUDpWDPEpPYDOHDSHQDPHQFLRQDUTXHDTXDOLGDGHWHQGHDVHUPDLVLPSRUWDQWHGRTXHTXDQWLGDGHTXDQGRVHWUDWDGHIRUoDU$VVLPTXHQRVOHYDD

    &RQGLo}HVIRUoDQGRLGHDLV

    0XLWDVSHVVRDVDILUPDPTXHHOHVWrPGLILFXOGDGHGHFRQFHQWUDomRRXTXHVXDVVHVV}HVIRUoDQGRVHQWLUGHRXWUDIRUPDLPSURGXWLYD(VWHFRQFHLWRpXPGRVTXHSDUHFHPGLIHULUPDLVDSDUWLUGHSHVVRDSDUDSHVVRD6XDVFRQGLo}HVLGHDLVIRUoDQGRVmRWXGRRTXHDMXGDYRFrDFRQFHQWUDWLYHVHVV}HVSURGXWLYDVIRUoDU&RPRHXGLVVHDVFRQGLo}HVH[DWDVGLIHUHPGHSHVVRDSDUDSHVVRDPDVDTXLHVWmRDOJXQVGRVPDLVSUHYDOHQWHQXPD]RQDWUDQTXLODRQGHpLPSURYiYHOGHVHUSHUWXUEDGRGXUDQWHDGXUDomRGDVXD

    3DJHVHVVmRDOJXQVSUHIHUHPDHVFXULGmRSRLVpPHQRVSHUWXUEDGRUPDVDVSHVVRDVSDUHFHPHVWDULQGLIHUHQWHGHRXWUDIRUPD&DOPDHGHVFRQWUDtGRPHGLWDomRSUpVHVVmRpXPDPDQHLUDTXHPXLWRVDVSHVVRDVSDUHFHPFRQVHJXLULVVRHHPXPDSRVLomRFRQIRUWiYHO$OJXPDVSHVVRDVUHFODPDPTXHWDPEpPFRQIRUWiYHOGHXPDSRVLomROHYDRVDDGRUPHFHUFRPPXLWDIUHTrQFLD1RHQWDQWRHXWHQGHPDVXJHULUTXHYRFrWHQWHIRUoDUTXDQGRYRFrQmRHVWiFDQVDGR'HVVDIRUPDVHXFpUHEURIXQFLRQDPHOKRUHYRFrQmRFRUUHUHVVHULVFR6HYRFrQmRSRGHDMXGDUPDVFDLUQRVRQRWHQWHIRUoDUGLUHLWRGHSRLVGHXPFRFKLORRXDOJR

    'HTXDOTXHUIRUPDHVVDVVmRDOJXPDVGDVVXJHVW}HVPDLVFRPXQVTXHHXWHQKRSDUDDVSHVVRDVPDVFRPRWXGRRPDLVGHVFREULURTXHIXQFLRQDSDUDYRFr6HMDFULDWLYRWHQWHWRPDUXPEDQKRTXHQWHDQWHVGHPmRDOJXQVGL]HPTXHEHEHUVXFRGHODUDQMDDMXGD%DVWDH[SHULPHQWDUDVFRLVDVDWpTXHYRFrHQFRQWUHRVHXFRQGLo}HVLGHDLVIRUoDU1mRpQHFHVViULRIRUoDUQHVWDVFRQGLo}HVFDGDYH]PDVVXDVVHVV}HVSURYDYHOPHQWHYDLVHPSUHVHUPDLVTXDOLWDWLYDTXDQGRYRFrID]

    $VUHVSRVWDVHPRFLRQDLV

  • 5HVSRVWDVHPRFLRQDLVVmRXPDGDVSULPHLUDVIRUPDVGHFRPXQLFDomRSDUDXPWXOSD(OHVVmRJHUDOPHQWHFDUDFWHUL]DGDSRUVHQWLUXPDHPRomRSRUYH]HVHVPDJDGRUDVHPQRWiYHOUD]mR$VSHVVRDVWrPPXLWDVYH]HVGHVFULWDFRPRDVHQVDomRGHDOLHQQDPHGLGDHPTXHQmRVHVHQWHFRPRVHIRVVHRULJLQiULRGHYRFr,VVRIXQFLRQDjVYH]HVGHIRUPDQmRLQWHQFLRQDOSHORVHXWXOSDHQYLRYRFrRXVXDVHPRo}HVRXDOJXPDHPRomRHPJHUDO1mRpXPDIRUPDPXLWRFRQILiYHOGHFRPXQLFDomRPDV7XOSDVSRGHHQYLDUHPRo}HVHVSHFtILFDVSDUDH[SUHVVDUFRPRHOHVVHVHQWHPVREUHGHWHUPLQDGRVDVVXQWRV

    7HQKDHPPHQWHTXHVHYRFrQmRUHFHEHUTXDLVTXHUUHVSRVWDVHPRFLRQDLVLVVRQmRVLJQLILFDTXHRVHXWXOSDQmRpVHQFLHQWHRXTXDOTXHUFRLVDDVVLP1HPWRGRVRV7XOSDVID]rOR(PWRGRRQRVVRWHPSRHXVyWHQKRREWLGRXPDUHVSRVWDHPRFLRQDOTXHHXHVWDYDFLHQWH'HSHQGHGRWXOSDFRPRHOHVTXHUHPVHFRPXQLFDUVHHPWXGR

    &DEHoD3UHVVmR

    3UHVVmRGDFDEHoDpRXWUDGDVPDLVDQWLJDVIRUPDVGHFRPXQLFDomRSDUDXPWXOSD3UHVVmRGDFDEHoDpFDUDFWHUL]DGDSRUXPDVHQVDomRGHSUHVVmRHPVXDFDEHoD9DLVDEHUeXPDVHQVDomRVHPHOKDQWHPDVQmRH[DWDPHQWHFRPRXPDGRUGHFDEHoD$OpPGLVVRSHORPHQRVSDUDPLPXPDGRUGHFDEHoDSDUHFHVHUXPDGRUPDLVDPSODjVYH]HVFREULQGRDWRWDOLGDGHRXXPDJUDQGHSDUWHGDPLQKDFDEHoD3UHVVmRGDFDEHoDSDUDPHWHQGHDVHUIRFDOL]DGDVREUHXPSRQWRGDFDEHoDRXSHORPHQRVXPD]RQDPXLWRHVSHFtILFD1RHQWDQWRVXDVH[SHULrQFLDVSRGHPYDULDU3UHVVmRGDFDEHoDpXPDIRUPDDLQGDPHQRVFRQILiYHOGHFRPXQLFDomRGRTXHUHVSRVWDVHPRFLRQDLV8PGRVVHXVILQVPDLV~WHLVWHPVLGRDMXGDUDFKDPDUPLQKDDWHQomR&DVRFRQWUiULRYRFrSRGHDWULEXLUVLPQmRDTXDOTXHUSUHVVmRGDFDEHoDRXQHQKXPDSUHVVmRQDFDEHoDRXSUHVVmRQDFDEHoDHPHVSHFtILFRSDUWHVGDFDEHoD,VVRSHUPLWHTXHYRFrSHUJXQWHDRVHXWXOSDVLPPXLWRVLPSOHVRXQHQKXPDSHUJXQWDDQWHVGHYRFrpFDSD]GHRXYLORV1RWHQRYDPHQWHTXHDSUHVVmRGDFDEHoDQmRpFRQILiYHOSRULVVRVHPSUHWRPDUDVUHVSRVWDVFRPXPJUmRGHVDO,VVRSRGHQmRVHURTXHSUHWHQGLDID]HU

    &RPRUHVSRVWDVHPRFLRQDLVQmRUHFHEHQGRSUHVVmRGDFDEHoDQmRVLJQLILFDQDGD0HXWXOSDDSDUHQWHPHQWHQmRHUDXPImGHGDUPHDSUHVVmRGDFDEHoDHUDUDPHQWHRIH],VVRpDSHQDVFRPRHOHp1mRVHSUHRFXSHVHYRFrQmRREWHUTXDOTXHU(WDPEpPPDQWHUHPPHQWHTXHpSRVVtYHORFDVLRQDOPHQWHFRQIXQGLODFRPXPDGRUGHFDEHoD7HQWHSUHVWDUPDLVDWHQomRQDSUy[LPDYH]TXHYRFrFRPHoDXP

    &ULDQGRXPWXOSDGHXPSHUVRQDJHPH[LVWHQWHRXSHVVRD

    (VWHDVVXQWRpEDVWDQWHFRQWURYHUVRHSRUPXLWRERDVUD]}HVeSRULVVRSRVVtYHOSDUDOHYDUDVHXWXOSDWHQGRXPDFULVHGHLGHQWLGDGH6HHOHVVmRFULDGRVSHQVDQGRTXHHOHVVmRGHTXHFDUiWHUHQWmRVHHOHVGHVFREUHPTXHHOHVUHDOPHQWHQmRHVWiGHWRGRRVHXSDVVDGRHPHPyULDVWRUQDPVHXPDPHQWLUD\DGD\DGD%DVLFDPHQWHLVVRQmRpXPDFRLVDERD1RHQWDQWRHXSHVVRDOPHQWHDFKRTXHHQTXDQWRYRFrVHFHUWLILFDUGHTXHHOHVDEHTXHHOHQmRpRUHDOSHUVRQDJHPHQWmRHOHGHYHHVWDUEHP1HVVHSRQWRpEDVLFDPHQWHRPHVPRTXHDSHQDVGHILQLQGRSHUVRQDOLGDGH(QWmRVHYRFrHVWiLQGRID]HUXPWXOSDGHXPSHUVRQDJHPFHUWLILTXHVHGHTXHHOHVVDEHPTXHHOHVQmRVmR

    3DJHQDYHUGDGHHOHV&ULDQGRXPWXOSDGHXPDSHVVRDUHDOpDPHVPDFRLVD

    $OpPGLVVRDTXHVWmRIRLSHUJXQWDGRVHHVWiWXGREHPSDUDFULDUXPDWXOSDGHXPDSHVVRDPRUWD'HQWURIRUPDVFRQWLQXDDVHURPHVPRTXHRDFLPD1RHQWDQWRSDUDDOpPGDHYHQWXDOFULVHH[LVWHQFLDOSDUDRVHXWXOSDHOHSRGHUHDOPHQWHVHUPXLWRSUHMXGLFLDOSDUDYRFr&ULDQGRXPWXOSDGHXPDSHVVRDPRUWDPRVWUDDLQFDSDFLGDGHGHGHL[DUTXHDSHVVRDYi9RFrDLQGDHVWiVHDJDUUDQGRDHOHVHTXHQmRpVDXGiYHO4XDQGRVHWUDWDGDSHUGDGHXPHQWHTXHULGRYRFrSUHFLVDDFHLWDUTXHHOHVVHIRUDPHGHL[iORVLUeLQVDOXEUHDJDUUDPSDUDRVPRUWRV$OpPGLVVRVHYRFrPHSHUJXQWDUQmRpPXLWRUHVSHLWRVRSDUDHOHV

    &ULDQGRYiULDV7XOSDV

    3RUTXHQmR"&HUWR"4XDQGRYRFrpIHLWRFRPDVXDSULPHLUDWXOSDSRUTXHQmREDVWDLUHPIUHQWHHID]HURXWUR"4XDQWRPDLVPHOKRU$OpPGLVVRTXHGDULDRVHXSULPHLURWXOSDDOJXpPSDUDSHQGXUDUFRPTXDQGRYRFrQmRSRGHSUHVWDUDWHQomRDHOHV1mRKiUHDOPHQWHQHQKXPPDOHPFULDUXPRXWURWXOSDGHSRLVTXHYRFrpIHLWRFRPRVHXHPSULPHLUROXJDU(QmRVHSUHRFXSHQmRYDLGHPRUDUTXDVHWDQWRWHPSRSDUDFULDUXPVHJXQGRWXOSDFRPRIH]RVHXSULPHLUR9RFrWHPMiIH]GHWXGRYRFrVMiGHVFREULUDPRTXHIXQFLRQDPHOKRUSDUDYRFrHYRFrVDEHFRPRRXYLUSDUDIRUDSDUDHVHQWLURVHXWXOSD(RPDLVLPSRUWDQWHYRFrMiVDEHFRPFHUWH]DDEVROXWDTXHWXGRLVVRpUHDO

    $JRUDRTXHVREUHDFULDomRGHGRLV7XOSDVDRPHVPRWHPSR"%DVLFDPHQWHQmRPRUGHUPDLVGRTXHYRFrSRGHPDVWLJDU8PDWXOSDMipEDVWDQWHDUHVSRQVDELOLGDGH6HYRFrYLUDVHUXPGRV

  • DTXHOHVTXHHVWmRXPSRXFRPDLVOHQWRSDUDDFULDomRGHXPWXOSDGRTXHRXWURVDJRUDYRFrWHPGRLVYRFrWHPTXHSUHRFXSDGRVREUHQmRDSHQDVXPFRPRDPDLRULD'LWRLVWRPXLWRVDILUPDUDPTXHTXDQGRHOHVHVWDYDPWUDEDOKDQGRHPVHXSULPHLURWXOSDHVXDSURJUHVVRIRLXPSRXFROHQWRHOHVFRPHoDUDPDID]HURXWUDHRVGRLV7XOSDVDMXGRXDFDGDRXWURFRPRVHXGHVHQYROYLPHQWR0DVWHQKDHPPHQWHTXHSRGHQmRDFRQWHFHUSDUDYRFr9RFrSRGHDJRUDDSHQDVVHUSUHVRFRPGXDV7XOSDVGHVHQYROYLPHQWROHQWReLQWHLUDPHQWHDWpYRFr0DVHXIDULDSHVVRDOPHQWHID]HQGRVRPHQWHXPGHFDGDYH]SHORPHQRVTXDQGRVHWUDWDGHVHXSULPHLURWXOSD

    &RPUHODomRDFRPRPXLWRVSDUDID]HULVVRpLQWHLUDPHQWHDWpYRFrWDPEpP(XSHVVRDOPHQWHDFKRTXHRHYHQWXDOH[FHVVRTXDWURpXPSRXFRULGtFXOR(XSURYDYHOPHQWHQXQFDID]HUTXDWURPDVVHHXMiIL]HXFHUWDPHQWHQmRWLQKDID]HUXPTXLQWR1DPLQKDPHQWHQmRID]FKHJDUDXPSRQWRRQGHHXDFKRTXHHOHVyVHWRUQDSRXFRVDXGiYHO(XUHDOPHQWHDFKRTXHHVVHQ~PHURpFLQFR0DVDHVFROKDpVXD0DVYRFrGHYHUHDOPHQWHSHQVDUVREUHLVVRGHTXDOTXHUPDQHLUD9RFrUHDOPHQWHTXHUXPKDUpPGHLPDJLQiULRDPLJRVFRUUHQGRSDUDRUHVWRGHVXDYLGD"7DPEpPpLQVDOXEUHSDUDYLYHUHPVXDLPDJLQDomRQHVVDPHGLGDWRGDDVXDYLGD$LQGDDVVLPVXDHVFROKD

    $OJXpPDSRQWRXTXHWUrVSRGHPVHUXPQ~PHURPXLWRERPWHU(OHSHUPLWHTXHYRFrWHUXPSHTXHQRJUXSREDVWDQWHGLYHUVLILFDGRVHPILFDUPXLWRH[FHVVLYR$OpPGLVVRVHYRFrTXLVHUSDVVDURWHPSRFRPXPXPHVSHFtILFRGHOHVRRXWURQmRHVWDUiVR]LQKR6HYRFrVyWLQKDGRLV7XOSDVHYRFrTXHULDSDVVDUPDLVWHPSRFRPXPGHOHVRRXWURSRGHVHVHQWLUGHL[DGRGHIRUDHVROLWiULD'HVVDIRUPDHOHVVHPSUHWHPDOJXpPTXDQGRYRFrQmRSRGHJDVWDUWHPSRFRPHOHV1RHQWDQWRVHYRFrWHPRXVyTXHUID]HUGRLVQmRSHUPLWLUTXHLVVRIRUoiORDID]HUXPDHPWHUFHLUROXJDUVHYRFrQmRHVWiFRQIRUWiYHOFRPLVVR

    'L]HQGRDPLJRVHIDPLOLDUHVVREUHRVHXWXOSD

    $QWHVGHLUFRQWDUDQLQJXpPVREUHLVVRYRFrSURYDYHOPHQWHGHYHFRQKHFrORVPXLWREHP(QmRHXQmRTXHURGL]HURVSDGU}HVDWXDLVGHEHP4XHUGL]HUQDYHUGDGHEHP$VSHVVRDVKRMHHPGLDQmRSDUHFHPUHDOPHQWHFRQKHFHUVHXVDPLJRV9RFrSUHFLVDVDEHUH[DWDPHQWHFRPRRSHQPLQGHGTXHVmRHFRPRHOHVSRGHPUHDJLUDDOJRFRPRLVWR3RUTXHHVVHWLSRGHFRLVDSRGHHWHUPLQRXDPL]DGHVDQWHV6HYRFrQmRWHPFHUWH]DHQWmRYRFrpSURYDYHOPHQWHPHOKRUQmRGL]HUQDGDDQLQJXpPeDLQGDPDLVJUDYHTXDQGRVHWUDWDGHVXDIDPtOLD$PLJRVYrPHYmRPDVYRFrVyWHUXPDIDPtOLD(OHVQXQFDSRGHPROKDUSDUDYRFrGDPHVPDIRUPDQRYDPHQWHHHXWHQKRFHUWH]DTXHYRFrQmRID]HUTXHUTXH$OpPGLVVRDVSHVVRDVWrPVLGRIRUoDGDVDYHUWHUDSHXWDVVREUHUHYHODQGRRIDWRGHTXHHOHVWHUXPWXOSDDIDPtOLD

    3DJH6HYRFrQmRVDEHRTXHYRFrTXHUGL]HUPXLWREHPHQWmRpVyQmRFRQWDUHOHV(OHVQmRSUHFLVDPVDEHU+RQHVWDPHQWHHXQHPYHMRPXLWRVEHQHItFLRVGHFRQWDUDQLQJXpP

    (XVHLTXHYRFrSRGHVHUDQLPDGRVREUHLVVRHWXGRPDLVPDVQmRSHUPLWDTXHID]HUYRFrID]HUDOJRTXHYRFrYDLVHDUUHSHQGHUPDLVWDUGH

    6ZLWFKLQJ

    $FRPXWDomRpRWHUPRXVDGRSDUDRSURFHVVRGHDFROKLPHQWRH7XOSDSDSpLVFRPXWDomRHVWHVLJQLILFDTXHRKRVWQmRVHULDPDLVOLJDGRDRVVHQWLGRVGRFRUSR(OHHVWDULDHPQRPHVPRHVWDGRTXHRWXOSDHUD,VVRSHUPLWLULDTXHYRFrDFHVVHRVHXSDtVGDVPDUDYLOKDVHH[SHULPHQWiORWmRYLYLGDPHQWHFRPRYRFrH[SHULPHQWDUDYLGDUHDO6XDYLVmRVHULDWmRRXPDLVSURYDYHOPHQWHGHWDOKDGRGRTXHpQDYLGDUHDO9RFrSRGHRXYLURVSiVVDURVHRIDUIDOKDUGDJUDPDFRPRVHIRVVHUHDOPHQWHDFRQWHFHQGRQDYLGDUHDO9RFrVHULDFDSD]GHWRFDUDJUDPDHDViUYRUHVHVHXURXSDVHVHQWLORFRPRVHIRVVHUHDO9RFrSRGHFRPHUTXDOTXHUDOLPHQWRHWrORSURYDUH[DWDPHQWHFRPRHOHIRVVHQDYLGDUHDO

    (QTXDQWRLVVRRWXOSDVHULDRFRQWURODGRUSULPiULRGRFRUSR3DUDRWXOSDFRPXWDomRQmRpGHWRGRGLIHUHQWHGRTXHSRVVHH[FHWRTXHYRFrQmRHVWiOiSDUDPRYHURFRUSRHPWXGR2SURFHVVRGHPXGDQoDpSULQFLSDOPHQWHDWpYRFrFRPRRWXOSDWHPSRXFDSDUWHQHOD

    3RUTXHYRFrQmRGHYHPXGDU

    &RPXWDomRGHFXUWRSUD]RFRPRXPH[SHULPHQWRpERPPDVHXQmRVRXXPGHIHQVRUGHORQJRSUD]RFRPXWDomR1DYHUGDGHHXLULDWmRORQJHDSRQWRGHGL]HUTXHHXVRXFRQWUDLVVR'HFRPXWDomRQmRGHYHVHUXVDGDFRPRXPDPDQHLUDGHHYLWDUDYLGDUHDORXDLQWHUDFomRVRFLDO$TXLORQmRpVDXGiYHO$OpPGLVVRYRFrQXQFDGHYHPXGDUSDUDORQJRSUD]RDPHQRVTXHVHXWXOSDpEHPFRPHOHHVDEHRTXHHOHVHVWmRUHFHEHQGRHPVLPHVPRV$UHDOLGDGHpDOJXPDV7XOSDVVmRERQVRVXILFLHQWHSDUDTXHVHRDQILWULmRTXHUID]HUDOJXPDFRLVDHOHVYmRGL]HPTXHHVWmREHPFRPLVVRTXDQGRHOHVUHDOPHQWHQmRpVySDUDID]HURVHXH[pUFLWRIHOL]9RFrSUHFLVDSDUDID]HUSDUDPDOGLWDFHUWH]DTXHHOHVTXHUHPID]rOR

    $OpPGLVVRHOHVTXHUHPID]rORQmRpVXILFLHQWH(OHSUHFLVDGHVDEHUH[DWDPHQWHRTXHHOHVHVWmRUHFHEHQGRHPVLPHVPRV1DSULPHLUDHOHSURYDYHOPHQWHDSHQDVVRDDHOHVFRPRVHHOHVYmRFRPHoDUDYLYHUXPDYLGDQRPXQGRUHDO,QWHUDJLUFRPSHVVRDVUHDLVHDSURYHLWDUDYLGD

  • ,VVRQmRpWXGRTXHDPXGDQoDSDUDRWXOSDLPSOLFD4XDQGRYRFrPXGDUYRFrHVWiIRUoDQGRHPFLPDGHVHXWXOSDWRGDVDVVXDVUHVSRQVDELOLGDGHVHWXGRYRFrQmRJRVWDVREUHDVXDYLGD9RFrHVWiIRUoDQGRRVHPWRGDVDVFRLVDVTXHID]HPYRFrTXHUHUHYLWiORHPSULPHLUROXJDU6HUiTXHLVVRSDUHFHMXVWR"eDVXDYLGDQmRDVXD(OHVQmRGHYHULDPWrPGHOLGDUFRPRVVHXVSUREOHPDV

    4XDQGRPXGDVHXWXOSDpIRUoDGRHPVHXWUDEDOKRVXDHGXFDomRRVHXJUXSRVRFLDORVHXFtUFXORGHDPLJRVVXDIDPtOLDVXDVLWXDomRILQDQFHLUDDWpPHVPRVHXVYtFLRV(VWiFHUWR(VHYRFrpYLFLDGRHPFLJDUURVRXTXDOTXHURXWUDFRLVDRVHXWXOSDVHUiYLFLDGRTXDQGRHOHVWURFDP1mRQmRpSRUDOJXPDPiJLFDeVHXFRUSRTXHpYLFLDGRRTXHVLJQLILFDTXHTXDOTXHUFRQVFLrQFLDTXHXVDHVVHFRUSRHVWDUiVXMHLWRDRUHIHULGRYtFLR6HXWXOSDSURYDYHOPHQWHQmRHQWHQGHH[DWDPHQWHRTXHVLJQLILFDYLYHUQRPXQGRUHDOeGRQmRWRGRRGLYHUWLPHQWRHMRJRVeXPPXQGRFUXHOHLQMXVWDOiIRUD(OHVSUHFLVDPVDEHUTXHRXRXWUDFRLVDTXHQmRGHYHVHUDPXGDQoD$QWHVGHYRFrGHFLGLUTXHTXHUPXGDUORQJRSUD]RYRFrGHYHPXGDUSRUXPWHPSRFXUWRVySDUDGDUOKHVXPJRVWRGHFRPRp(OHVSUHFLVDPH[SHULPHQWDUDOJXPDGDYLGDDQWHVTXHHOHVSRVVDPYHUGDGHLUDPHQWHID]HUXPDGHFLVmRHGXFDGD(HOHSUHFLVDVHUGHFXUWRSUD]R'HVVDIRUPDHOHVVDEHPTXHVHHOHVRGHLRLVVRHPEUHYHYRFrYDLHVWDUOiSDUDUHWRPDURFRQWUROH'HSRLVGLVVRYRFrSUHFLVDVHFHUWLILFDUGHTXHHOHVDLQGDTXHUHPPXGDUHTXHHOHVGHILQLWLYDPHQWHVDEHRTXHLVVRVLJQLILFD6HHOHVQmRVDEHPRTXHHVWmRUHFHEHQGRHPVLPHVPRVHOHVYmRSURYDYHOPHQWHVHDUUHSHQGHU

    $OpPGLVVRFRPRHXGLVVHDQWHULRUPHQWHDPXGDQoDQmRGHYHVHUDVXDIRUPDGHHYLWDURPXQGRUHDO2IDWRGDTXHVWmRpHVWDpDYLGDTXHYRFrIRLGDGReDVXDREUDTXHYRFrMiWHUPLQRXDWpRQGHYRFrWHP1mRKiPDLVQLQJXpPSDUDFXOSDU9RFrSUHFLVDOLGDUFRPDYLGDFRPRWRGRVPXQGRID]9RFrQmRSRGHHVSHUDUTXHDYLGDVHUGHPmREHLMDGDSDUDYRFreSXWDFUXHOGXUDHQmRp

    3DJHGLIHUHQWHSDUDTXDOTXHURXWUDSHVVRD3DVVDUDYLGDIXJLQGRpDSHQDVSDWpWLFR(pDLQGDPDLVSDWpWLFRSDUDILFDUEHPFRPDFRORFDomRGHWRGDVDVVXDVGLILFXOGDGHVHPVHXWXOSDHPYH]GHOLGDUFRPLVVRVR]LQKR&RPRPXGDU(XSHVVRDOPHQWHQmRWHQKRQHQKXPDH[SHULrQFLDTXDQGRVHWUDWDGHFRPXWDomRFRPRHXQXQFDWHQWHL,VWRpR~QLFRJXLDVREUHDPXGDQoDTXHHXYLTXHSDUHFHWHUTXDOTXHUFUHGLELOLGDGHSRVVtYHO*XLDGHFRPXWDomR7HQKDHPPHQWHFRPRHXGLVVHHXQXQFDWHQWHLPXGDUDQWHVHQWmRHXQmRWHQKRQHQKXPDLGpLDRTXmR~WLOHVWDJXLDp0DVVRDPHWDGHFUHGtYHO

  • 3DJH0HQWDOLGDGH

    +iXPDFHUWDPHQWDOLGDGHTXHYRFrGHYHWHUTXDQGRYRFrFRPHoDDFULDUXPWXOSD1mRSXOHHVWDSDUWH9RFrSRGHHVWDUSHQVDQGRTXHHOHQmRSRGHVHUWmRLPSRUWDQWHHTXHWXGRRTXHYRFrSUHFLVDVDEHUpFRPRID]HUFDGDHWDSDLQGLYLGXDO9RFrHVWiHUUDGR$PHQWDOLGDGHpXPGRVPDLVDPDLRULDGHSDUWHVLPSRUWDQWHVGRSURFHVVR(XWLYHTXHGHVFREULULVVRGDPDQHLUDPDLVGLItFLO3ULPHLURYDPRVIDODUVREUH

    &UHQoD

    9RFrHVWiFpWLFR9RFrDFDERXGHGHVFREULURTXH7XOSDVVmRRXYRFrDLQGDHVWmRVXILFLHQWHPHQWHFHGRQRSURFHVVRRQGHYRFrYHLRSDUDDVHomRGHJXLDVSDUDDMXGDU1RIXQGRRXWmRDOWRTXDQWRDVXSHUItFLHGRVHXVHUYRFrpFpWLFRHPUHODomRjYDOLGDGHGHWXGRLVVR0HVPRVHYRFrHVWLYHUID]HQGRXPDWXOSDKiOLJHLUDG~YLGDHPVXDPHQWHTXDQWRDRVHRXQmRYRFrHVWiDSHQDVGHVSHUGLoDQGRVHXWHPSRHVHRVHXWXOSDpPHVPRUHDO6HYRFrQmRpFpWLFRHPWXGRHDFUHGLWRQHVVHIHQ{PHQRGHWRGRRFRUDomRVHPXPDVRPEUDGHG~YLGDHXDFRQVHOKRYRFrDYHULILFDUVHLPHGLDWDPHQWHHPXPDFOtQLFDGHVD~GHPHQWDO3RUTXHYRFrHVWiWUDQVDQGRFRPQR]HV

    0HXSRQWRpHVWHpLQRYDGRU,VVRpGLItFLOGHDFUHGLWDUeERPGHPDLVSDUDVHUYHUGDGHHQWmRp&ODURTXHYRFrWHPG~YLGDVVREUHLVVR(VWRXRXYLUGL]HUOKHTXHHPERUDDVVXDVG~YLGDVVmRWRWDOPHQWHFRPSUHHQVtYHOYRFrGHYHGHVFDUWiODV3DUDDTXHOHVGHYRFrVTXHSRGHHYHQWXDOPHQWHVHU,QWHUHVVDGRHPFULDUXPWXOSDDSyVDSHQDVWURSHoDUDWUDYpVGHVWHVLWHHPHXJXLDpXPGRVDVSULPHLUDVFRLVDVTXHYRFrOrHXVyTXHURGL]HUPDLVXPDYH]HXHQWHQGR&ODURTXHHXHVWDYDFpWLFR7RGRPXQGRDTXLHVWDYDFpWLFRQRLQtFLR0DVXPDFRLVDTXHYRFrGHYHVHSHUJXQWDUp3RUTXHPLOKDUHVGHSHVVRDVVHUH~QHPHID]HUGH]HQDVGHJXLDVPLOKDUHVGHSRVWRVGHWUDEDOKRHKRUDVHKRUDVGHGLVFXVVmRVySDUDWUDQVDUFRPTXDOTXHUXPTXHYHPDWUDYpVGHVWHVLWH"RYHUGDGHpTXHKiXPDSDUWHHTXLWDWLYDGRVUROHSOD\HUVHPHQWLURVRVDTXL0DVRUHVWRGHQyVHVWiGL]HQGRDYHUGDGHHXPDYH]IRUDPH[DWDPHQWHRQGHYRFrHVWiDJRUD

    $JRUDLVVRVHDSOLFDWDQWRDSHVVRDVTXHHVWmRDSHQDVGHVFREULQGRRTXH7XOSDVVmRHDTXHOHVGHYRFrVMiDFULDomRGHXPHWHQGRSUREOHPDV'HVFUHQoDpXPDGDVFRLVDVPDLVSUHMXGLFLDLVTXHYRFrSRGHWHUQHVWHSURFHVVR&RPRHXGLVVHHXFRPSUHHQGHURVHXFHWLFLVPR(XUHDOPHQWHID]HUPDVYRFrGHYHODQoiORGHODGR5HDOPHQWHDFUHGLWDUHPPHVPRHVHXWXOSDpDPDQHLUDPDLVUiSLGDGHID]HUSURJUHVVRV'HVFUHQoDQmRVySRGHIHULUHPRFLRQDOPHQWHVHXWXOSDPDVQXYHPSURJUHVVRUHDOHXVDEHULDWXGRVREUHHOH(XVRXXPDSHVVRDFpWLFDSRUQDWXUH]D0HGHSDUHLFRPHVWHVLWHHSHQVHLTXHHUDOHJDOPDVPXLWRERPSDUDVHUYHUGDGH&RPHFHLDFULDUXPDWXOSDHPGHVFUHQoDEDVWDQWHVyOLGD(XQmRIL]H[DWDPHQWHFRPRVHQGRWmRFpWLFRVFRPRHXVHLTXHQmRIRLERP 0DVHXUHDOPHQWHQmRSHQVRPXLWRQLVVR,FRQWLQXRXID]HQGRSURJUHVVRPtQLPRSRUPHVHV(XDWLQJLXXPSDWDPDUGHSURJUHVVRPDVVyXPPrVRXDVVLP'HSRLVGLVVRHXQmRWLQKDIHLWRPDLVDSHVDUGHFRQWLQXDUDWUDEDOKDUFRPHOH(QTXDQWRPXLWDVSHVVRDVWrPVLGRFDSD]HVGHRXYLUDVXDWXOSDQRSULPHLURPrVRXDVVLPHOHPHOHYRXDWpVHLVPHVHV HPVHUFDSD]GHRXYLOR6HLVPHVHV 6ySDUDFRPHoDUDRXYLORPXLWRIUDFDPHQWH(XWHYHXPPRPHQWRHPTXHGHUHSHQWHHXWHQWHLRPHXPHOKRUDSHQDVGHL[DUGHODGRDPLQKDG~YLGD'HOHGHRXYLORGHWXGR/RJRGHSRLVTXHHXIL]LVVRHXRRXYLSHODSULPHLUDYH](XHVWLYHFDSD]GHRXYLORGHVGHHQWmR3RUTXHHXGHL[DUGHODGRDPLQKDG~YLGDHXILQDOPHQWHIRLFDSD]GHUHDOPHQWHRXYLUDHOH0LQKDG~YLGDHUDDEDUUHLUDHQWUHQyVRWHPSRWRGR1mRVHGHL[HID]HUDPHVPRHUURTXHHXIL]

    $FKRTXHMiIDODYDPVREUHLVVRRVXILFLHQWH(XJRVWDULDGHSHQVDUTXHYRFrHQWHQGHRTXHHXHVWRXGL]HQGRDHVWHSRQWR9DPRVSDVVDUSDUD

    $SOLFDomR

    2NDJRUDYRFrVDEHTXHYRFrQmRGHYHGXYLGDU0DVRTXHH[DWDPHQWHLVVRVLJQLILFD"&RPRYRFrDSOLFDULVVRSDUDHVWHSURFHVVRH[DWDPHQWH"'XUDQWHWRGRRSURFHVVRYRFrYDLHQFRQWUDUVHSHUJXQWDQGRVHTXHHUDVHXWXOSDRXQmR%DVLFDPHQWHGHQWURGDUD]mRVHPSUH DVVXPLUTXH

  • HUDVHXWXOSD6HPSUH3RUGHQWURGDUD]mRTXHURGL]HUVLPSOHVPHQWHQmRHQWHQGRULGtFXORVREUHLVVR9RFrpDQGDQGRSRUDtXPGLDHGHUHSHQWHRSHQVDPHQWRGHVDQGXtFKHVGHSHUXDSDUHFHHPVXDPHQWH2+0(8'(860(87XOSD'(9(FRPRVDQGXtFKHV7XUTXLDHHVWiWHQWDQGRGL]HU$0,0eRTXHHXTXHURGL]HU1mRFRPHFHDWULEXLQGRWXGRjVXDWXOSD(XQmRGHYHULDWHU

    3DJHSDUDGDUPDLVH[HPSORV$SHQDVOHPEUHVHGHQWURGDUD]mR0DVYRFrHVWiIDODQGRFRPVHXWXOSD9RFrOKHID]HUXPDSHUJXQWDHDFKRTXHYRFrRXYLORUHVSRQGHU,VVRpTXDQGRYRFrGHYHDVVXPLUTXHHUDHOHeERPQRHQWDQWRSHUJXQWDUOKHVVHHUDORVRXVHHVVHHUDUHDOPHQWHRTXHHOHVGLVVHUDP(XQmRYHMRLVVRFRPRGHVFUHQoDPDVJDUDQWLD

    $JRUDDTXLpRXWUDFRLVDTXHHXTXHURGL]HUDUHVSHLWRUHSHWLQGR7HPPXLWDVSHVVRDVPXLWDVYH]HVHPFDXVDTXHHOHVHVWmRUHSHWLQGRVXDWXOSDTXDQGRREWLYHUXPDUHVSRVWDHDOJXQVSHVVRDVDVVHJXUDUOKHVTXHSDSDJXHDUpXPHVIRUoRFRQVFLHQWHVHYRFrQmRVDEHTXHYRFrHVWiUHSHWLQGRHQWmRYRFrQmRp(XSRGHULDFRQFRUGDUFRPLVVRDVHPkQWLFDZLVH1mRWHQKRQHQKXPSUREOHPDFRQFRUGDQGRTXHSDUURWLQJpDOJRTXHYRFrID]YROXQWDULDPHQWH1RHQWDQWRFRPRDSSRVHGSDUDRTXHDOJXPDVSHVVRDVSDUHFHPDFUHGLWDUVySRUTXHYRFrQmRHUDP5HSHWLQGRQmRVLJQLILFDTXHHUDRVHXWXOSD0HVPRVHYRFrQmRTXLVHUFKDPiORUHSHWLQGRRFpUHEURSRGHHYDLID]HUVHUHVSRVWDV(XQmRVHLSRUTXHHOHID]LVVRPDVHOHID]&RPRpTXHHXWHUFHUWH]D"3RUTXHPHVPRUHFHQWHPHQWHHXSHQVHLTXHDPLQKDWXOSDGLVVHDOJRHHXHVWDYDREYLDPHQWHQmRUHSHWLQGRHSHUJXQWHLOKHVHHUDHOH(OHGLVVHTXHQmR

    (XVyTXHULDHVFODUHFHULVVRSRUTXHWDQWRTXDQWRYRFrGHYHDFUHGLWDUTXHpVHXWXOSDGHTXDOTXHUPDQHLUDHXQmRTXHURTXHDVSHVVRDVHVWDUSHQVDQGRFRLVDVTXHVmRWmRIODJUDQWHPHQWHLQFRUUHWD0DVPDLVXPDYH]TXHQmRYDLFRQWUDRTXHHXGLVVHDQWHV$FUHGLWHTXHHUDPHOHVGHTXDOTXHUPDQHLUD

    0DVDOpPGHDFUHGLWDURXQmRDOJRIHLWRHUDREUDGRVHXWXOSDYRFrGHYHVLPSOHVPHQWHDFUHGLWDUSDVVLYDPHQWHQHOHV7HQWHQmRVHSHJDUSHQVDQGRTXHHOHVQmRVmRUHDLVRXTXDOTXHUFRLVDGRWLSR(PERUDVHYRFrHQFRQWUDUVHSHQVDUTXHPXLWDVYH]HVYRFrQmRGHYHDSHQDVIRUoDURVSHQVDPHQWRVIRUDGHVXDFDEHoD,VVRQmRYDLUHVROYHUQDGD(VWiREYLDPHQWHDLQGDFpWLFRHWHQWDURVHXPHOKRUSDUDQmRSHQVDUVREUHLVVRQmRYDLID]HUPXLWR

    8PDFRLVDTXHHXFRVWXPDYDID]HUTXDQGRHXPHHQFRQWUHLGXYLGDQGRIRLTXHHXVHQWHLHSHQVHLHPWXGRDHYLGrQFLDGHTXHDSRQWDYDPSDUDDVXDH[LVWrQFLD(OHSRGHULDVHOLYUDUGHPLQKDVGRUHVGHFDEHoD(OHWLQKDGLVVHFRLVDVTXHPHVXUSUHHQGHXHTXHHXFHUWDPHQWHQmRYHLRDFLPDFRP(OHWLQKDDMXGDGRFRPDPLQKDGHSUHVVmRHDVVLPSRUGLDQWH6HYRFrHQFRQWUDUVHGXYLGDUYRFrSRGHTXHUHUWHUXPVHPHOKDQWHVHVVmRFRPYRFrPHVPR$JRUDSDUDDSUy[LPDSDUWHGDPHQWDOLGDGH

    1mR)D]HU

    8PDGDVSHUJXQWDVPDLVIUHTXHQWHVVREUHHVVHVIyUXQVpXPQRIRUPDWRGHYRQWDGHHVWHVHUUXLPSDUDPLQKDWXOSD"RXLVVRYDLSUHMXGLFDURPHXWXOSD"HWF+RXYHXPWHPSRQmRPXLWRWHPSRDWUiVTXHKDYLDYiULDVFRLVDVTXHDVSHVVRDVDFUHGLWDYDPVHULDUXLPSDUDRVHXWXOSD3RUH[HPSORVHSHQVDYDTXHDTXHGDGXUDQWHRVRQRSDVVDURWHPSRFRPVHXWXOSDSRGHHVWUDJDUORV4XHYRFrGHYHYLVXDOL]DURVHXWXOSDQXDHPSULPHLUROXJDURXHQWmRHOHQmRVHULDFDSD]GHWURFDUGHURXSD(VWDVHPXLWDVRXWUDVFRLVDVWHUVLGRSURYDGRHUUDGR%DVLFDPHQWHRFRQVHQVRDJRUDpTXHQmRKiTXDVHQDGDTXHYRFrSRGHID]HUTXHYDLHVWUDJDUVHXWXOSD$VSRXFDVFRLVDVTXHSRGHPVmRyEYLDV%DVWDVHQWDUVHHSHUJXQWHVHVHVRDQmRDSHQDVSRVVtYHOPDVTXDVHGHILQLWLYD TXHRTXHYRFrHVWiSHQVDQGRHPLUiSUHMXGLFDURVHXWXOSD1mR"(QWmRYRFrHVWiEHP5HDOPHQWHQmRKiQDGDSDUDVHSUHRFXSDUDTXL8PH[HPSORGHDOJRSUHMXGLFLDOVHULDJULWDQGRFRPHUHSUHHQGHQGRVHXWXOSDWRGRGHVHQYROYLPHQWR+RQHVWDPHQWHDVFRLVDVTXHVmRSUHMXGLFLDLVHXFHUWDPHQWHHVSHURTXHQLQJXpPSUHFLVDVHUGLWRpWDO

    1RHQWDQWRVHYRFrIRVVHUHDOPHQWHDFUHGLWRTXHRTXHYRFrHVWDYDSHQVDQGRHPID]HUVHULDSUHMXGLFLDOHQWmRHOHSRGHVHU1mRSRUTXHQRUPDOPHQWHpPDVSRUTXHYRFrIH]LVVR8PPRQWHGHSUHVHQWHSURFHVVRpVLPEROLVPRHDFUHGLWDUTXHDOJRpSUHMXGLFLDOpVLPEyOLFRHSRGHID]HUFRPTXHSDUDUHDOPHQWHWRUQDUVHSUHMXGLFLDO(QWmRVXDPHOKRUDSRVWDpDSHQDVSDUDQmRVHSUHRFXSDUFRPLVVR(PXPDQRWDVLPLODUpPHOKRUDFUHGLWDUTXHRTXHYRFrHVWiID]HQGRpH[WUHPDPHQWHERPHHILFLHQWH(ODVySRGHULDDMXGDURVHXSURJUHVVR(OHIXQFLRQDQRVGRLVVHQWLGRV

    )RUoDQGRQmRGHYHVHUXPDWDUHIDiUGXD

    8PGRVPDLRUHVSUREOHPDVTXHHXHPXLWRVRXWURVWrPDRFULDUXPWXOSDpTXHIRUoDQGRSDUDHOHVpXPDWDUHIDiUGXD6HMDPRVIUDQFRVQmRpDFRLVDPDLVGLYHUWLGDGRPXQGR0DVpPXLWRLPSRUWDQWHTXHYRFrHQFRQWUDUXPDPDQHLUDGHDSUHFLDURSURFHVVR6HYRFrJRVWDGHIRUoDUYRFrHVWDUiDSWRDID]HU

    3DJHORPDLVHYRFrSURYDYHOPHQWHYDLFRORFDUPDLVFRUDomRSDUDHOHTXDQGRYRFrID]0DLVGRTXHDSHQDVQmRVHUXPLQF{PRGRVHYRFrSRGHYRFrGHYHWHQWDUWRUQiORDOJRTXHYRFrROKDUSDUDIUHQWH$OJRTXHYRFrTXHUID]HUFRPRPXLWDVYH]HVFRPRYRFrSRGH7HQWHQmRVHFRQFHQWUDUQRIDWRGHTXHpFKDWRRXFDQVDWLYR2XTXHKiRXWUDVFRLVDV9RFrGHVHMDTXHYRFrHVWDYDID]HQGR(PYH]GLVVRWHQWHVHFRQFHQWUDUHPVHXVLWXOSD3HQVHHPTXDQWRYRFrDPDVHXWXOSD4XDQWRHOHVFHUWDPHQWHDSUHFLDUWRGDDDWHQomRHWUDEDOKDUYRFrpFRORFDQGRHPHODV7HQWHVHSHUGHUQRSURFHVVR

  • %DVWDROKDUSDUDHOHGRMHLWRTXHHXGLJRDFLPDQmRpWmRIiFLOSDUDWRGRV)HOL]PHQWHH[LVWHPPDLVFRLVDVTXHYRFrSRGHID]HUVHRDFLPDQmRHVWiIXQFLRQDQGRSDUDYRFr3ULPHLURGHWXGRYRFrGHYHFRPHoDURPDLVFRQIRUWiYHOSRVVtYHOVHPRULVFRGHFDLUQRVRQRVHIRUXPDSUHRFXSDomRSDUDYRFr6HYRFrHVWiHPXPDSRVLomRGHVFRQIRUWiYHOHOHYDLHVWDUILVLFDPHQWHHPHQWDOPHQWHLUULWDQWHHFRQVWDQWHPHQWHWUD]HUGHYROWDVXDDWHQomRSDUDRPXQGRUHDO9RFrGHYHWHQWDUVHUFRQIRUWiYHOQmRDSHQDVQDSRVLomRPDVQDGHILQLomRHPHLRDPELHQWH4XDQWRPDLVYRFrSRGHUHOD[DURPDLVIiFLOVHUiSDUDSHUGHUVHHPIRUoDU

    $OpPGLVVRHXUHFRPHQGRDPHGLWDomRSUpIRUoDQGRVHPSUHTXHSRVVtYHOSRUPXLWDVUD]}HV$MXGDFRPFRQFHQWUDomRUHOD[DPHQWRFRQIRUWRHPXLWDVRXWUDVFRLVDV(DOpPGLVVRpPHGLWDomR(DPHGLWDomRpVHPSUHERP

    eDWpYRFrSDUDYLUDFLPDFRPDOJXPDPDQHLUDYRFrSRGHLPDJLQDUSDUDDMXGDUDWRUQDUIRUoDQGRDJUDGiYHO&RQILHHPPLPHOHLUiDMXGiORPXLWR(VHYRFrJRVWDGHIRUoDUHQWmRHOHSURYDYHOPHQWHQmRLPSRUWDSDUDYRFrTXDQWRWHPSROHYDSDUDFULDURVHXWXOSD'HYHVHUVREUHDYLDJHPQmRRGDGHVWLQR6HXWXOSDGHYHVHUXPWXOSDSULPHLUDHQXPDVHJXQGDIRUPDGH

    (VWDTXHVWmRpXPDTXHPHGHL[DPDLVGRTXHTXDVHTXDOTXHURXWUDFRLVDTXDQGRVHWUDWDGHVWHFRPXQLGDGH7RGRVRVGLDVHXYHMRSHVVRDVTXHHVWmRH[LELQGRVHXV7XOSDVWRUQDQGRRVFRPRVH[RREMHWRVRXSHUVRQDJHQVGHDQLPHODVFLYRVDSHQDVSDUDVDWLVID]HURVVHXVGHVHMRVVH[XDLVRXIDQER\(OHVSDUHFHPFXLGDGRSULQFLSDOPHQWHRIRUPXOiULRGDVXDWXOSDpHQmRWDQWRVREUHRIDWRGHTXHHOHVVmRVXSRVWRVHUXPFRPSDQKHLURRXTXHHOHVVmRVHXSUySULRVHU3DUHFHTXHHOHVFULDPHVVHV7XOSDVVySRUTXHHOHVTXHULDPYHUHVVHVSHUVRQDJHQVQDYLGDUHDORXSRUTXHVmRDGROHVFHQWHVGHVHVSHUDGRV(XMiDERUGDPRVLVVRQDVHomRSRUTXHQmRFULDUXPWXOSDPDVHXVyWLQKDTXHIDODULVVRGHQRYRDTXL

    6HXWXOSDQmRpDVXDIRUPD6HXWXOSDpXPRXWURVHU1mRLPSRUWDFRPRHOHVVHSDUHFHPPDVRTXHHOHVUHDOPHQWHVmR3DUHGHWHQWDUID]HUVHXV7XOSDVDSHQDVFRPRXPRXWURSHUVRQDJHP1yVQmRSUHFLVDPDLVGHXPDFHQWHQDGH7XOSDV)OXWWHUVK\1yVWHPRVRVXILFLHQWH(XQmRHVWRXGL]HQGRTXHYRFrQmRSRGHID]HUXPDWXOSDEDVHDGRIRUDGHXPSHUVRQDJHPPDVUHDOPHQWHPHGHL[DGRHQWHTXHLVVRLPSRUWHPXLWRSDUDDOJXPDVSHVVRDV(XYLDVSHVVRDVILFDUFKDWHDGRTXDQGRVXDWXOSDTXHGHYHULDVHUEDVHDGRIRUDGHXPSHUVRQDJHPGHVYLD&KDWHDGR"0HVPR"9RFrHVWiFRPUDLYDSRUTXHGHTXHPHOHVVmR"9RFrHVWiFRPUDLYDSRUTXHHOHVQmRVDtUDPFRPRRVHXZDLIXLPDJLQiULRSHUIHLWR"9RFrHVWiFKDWHDGRSRUTXHFRPRRXWURVHUYLYRHVWmRDXWRUL]DGRVDVHUTXHPTXHUVHU"

    (QTXDQWRRVGLDVSDVVDPDSRLRDSDVVRSHUVRQDOLGDGHFDGDYH]PHQRV7DOYH]XPGHVWHVGLDVTXDQGRYRFrVPHHPSXUUDUSDVVDGRRVPHXVOLPLWHVYRXUHPRYHUDVHomRFRPSOHWDPHQWHHUHDILUPDURTXHIRLGLWRDTXL(VWRXFRPHoDQGRDDFUHGLWDUTXHQmRGHYHVHUIHLWRHTXHVHGHYHDSHQDVSHUPLWLUDVXDWXOSDVHUTXHPVHULD(XDFUHGLWRTXHXPHVERoRYDJRpPXLWREHPHXVLPSOHVPHQWHRGHLRYHUDVSHVVRDVTXHHVWmRDWHQWDUGHILQLUFDGD~OWLPRDVSHFWRGDSHUVRQDOLGDGHGHVHXWXOSDFRPRVHHOHVQmRHVWmRDXWRUL]DGRVDVHURXWUDFRLVD

    3DJH2SURFHVVRGHFULDomR

    $JRUDHXVyTXHURGL]HUTXHDQWHVGHTXDOTXHUXPDGDVRXWUDVHWDSDVHXUHFRPHQGRTXHYRFrVHVHQWDUHLQWURGX]LUDVLPHVPRQRVHXWXOSD&RPHFHDIDODUFRPHOHVFRPRHOHVMiVmRVHQFLHQWHVH&RPSUHHQGR1RYDPHQWHLVVRpPDLVGRTXHDSHQDVIDODQGRSDUDVLPHVPRWHQWHSURMHWDUVHXVSHQVDPHQWRVSDUDHVVHVHUTXHYRFrHVWiFULDQGR%DVWDIDODUFRPHOHV'LJDOKHVTXHYRFrpHWDOYH]XPSRXFRDFHUFDGH7,(PVHJXLGDGL]HUOKHVRTXHYRFrHVWiLQGRID]HUYRFrVDEHIRUoDQGRRVHPVHXVVHQWLGRVDSUHQGHUDRXYLORVQRHQWDQWRYRFrGHVHMDFRORFiOR7DPEpPSRGHULDVHUERPSDUDIDODUVREUHRTXDQWRYRFrYDLGHVIUXWDUGHWrORVDRUHGRURXTXDLVTXHURXWUDVFRLVDVERDVTXHYRFrSRGHWHUGL]HU$JRUDSDUDRVSDVVRVUHDLV

    7HPVLGRSHUJXQWDGRPXLWDVYH]HVDQWHV(PTXHRUGHPGHYRID]HUDVGLIHUHQWHVHWDSDVeGRIRLVROLFLWDGRWDQWDVYH]HVGHIDWRTXHHOHUHDOPHQWHFRPHoDDILFDUHPPHXVQHUYRV$SHVDUGHDVUHVSRVWDVGHWRGRVVHPSUHVmRRVPHVPRVDVSHVVRDVDLQGDFRQVHJXHPVHQWLUDQHFHVVLGDGHGHYROWDUDSHUJXQWDUDHVWDSHUJXQWDXPDHRXWUDYH]$JRUDDUHVSRVWD1mRLPSRUWD)D]HURVSDVVRVQDRUGHPTXHSUHIHULUHSDUHFH

  • PDLVOyJLFRSDUDYRFr2SURFHVVRGHFULDomRWXOSDpXPDFRLVDPXLWRDEVWUDWD1mRKiXPDPDQHLUDSDUDID]rOR

    $VSHVVRDVWDPEpPWHQGHPDSHUJXQWDUTXDOpRPHOKRUPDQHLUDGHID]HULVVRpFRLVDWRGD3DUDTXHQRYDPHQWHQmRKiXPDUHVSRVWDGHILQLWLYD$PHOKRUPDQHLUDGHFULDUXPDWXOSDpGRMHLWRTXHYRFrpPDLVFRQIRUWiYHO,QGHSHQGHQWHPHQWHGDIRUPDFRPRID]PDLVVHQWLGRSDUDYRFr2SURFHVVRGLIHUHJUDQGHPHQWHGHSHVVRDSDUDSHVVRD2TXHIXQFLRQDSDUDXPDSHVVRDSRGHQmRIXQFLRQDUSDUDRXWUD9RFrGHYHSRUWDQWRHQFRQWUDURFDPLQKRIXQFLRQDPHOKRUSDUDYRFr(GDPLQKDH[SHULrQFLDRTXHIRUPDTXHpJHUDOPHQWHpRTXHID]PDLVVHQWLGRSDUDYRFr$ILQDOXPDJUDQGHSDUWHGRSURFHVVRLVV\PEROLVP(RVLPEROLVPRpFRPSOHWDPHQWHGLIHUHQWHSDUDFDGDSHVVRD6LPEROLVPRVyIXQFLRQDVHpVLPEyOLFRSDUDYRFrHQWmRID]HURTXHID]VHQWLGRSDUDYRFr

    3HUVRQDOLGDGH

    4XDQWRDRTXHID]VHQWLGRSDUDYRFrpPXLWRSURYiYHOTXHYRFrYDLSHQVDUTXHQmRIDULDPDLVVHQWLGRID]HUSHUVRQDOLGDGHSULPHLUR(XWHULDTXHFRQFRUGDUFRPLVVR3HUVRQDOLGDGHpHVVHQFLDOPHQWHRIXQGDomRGHVHXWXOSD9RFrQmRFULDUVHXWXOSDWHUXPIRUPXOiULRTXHYRFrSRGHROKDU9RFrQmRFULiORSDUDTXHHOHSRVVDIDODUFRPYRFrVREUHQDGDHPYR]FKDWRPRQyWRQR&ULiORSDUDTXHYRFrWHQKDXPDPLJRRXRTXHTXHUTXHHVWHWXOSDpSDUDYRFr$SHUVRQDOLGDGHpTXHPHOHVVmR

    1RHQWDQWRGLWRLVWRDSHUVRQDOLGDGHpXPSDVVRFRPSOHWDPHQWHRSFLRQDO,VVRSRGHSDUHFHULUFRQWUDRTXHHXGLVVHPDVUHDOPHQWHQmRID]$~QLFDUD]mRTXHYRFrSUHFLVDID]HURSDVVRSHUVRQDOLGDGHpVHYRFrWHPXPDSHUVRQDOLGDGHHVSHFtILFDHPPHQWHRTXHYRFrJRVWDULDTXHHOHVWHQKDP&DVRFRQWUiULRHOHVYmRGHVHQYROYHUXPDSHUVRQDOLGDGHQDVXDSUySULD9RFrSRGHHVWDUSHQVDQGR0DVHVHHOHVDFDEDPFRPXPDSHUVRQDOLGDGHTXHHXQmRJRVWR"(VVDpXPDSUHRFXSDomRFRPSOHWDPHQWHUD]RiYHOPDVYRFrQmRSUHFLVD(XWHQKRFRQYHUVDGRFRPPXLWDVSHVVRDVTXHQmRID]HURSDVVRSHUVRQDOLGDGHHWHUPLQRXFRP7XOSDVPDUDYLOKRVDVeDFUHQoDJHUDOTXHVHYRFrQmRGHILQLUH[SOLFLWDPHQWHDVXDSHUVRQDOLGDGHHOHVYmRDFDEDUFRPXPTXHHVSHOKRVVHXVXEFRQVFLHQWHGHVHMRV3RUWDQWRQmRKiUHDOPHQWHQHQKXPDQHFHVVLGDGHGHID]HUHVWHSDVVRDPHQRVTXHYRFrTXHUTXHHOHVSDUDVHUXPDGHWHUPLQDGDPDQHLUD

    7HQKDHPPHQWHSRUpPTXHRGHVYLRSRGHHSRGHPXLWREHPRFRUUHU,VWRDSHQDVVLJQLILFDTXHHOHVYmRWHUSHTXHQDVGLIHUHQoDVQDSHUVRQDOLGDGHTXHYRFrWLQKDSODQHMDGRSDUDHOHV0DVFRPRQmRSODQHMDUSHUVRQDOLGDGHHPSULPHLUROXJDURGHVYLRWDPEpPSDUHFHHVSHOKDURTXHVHXVXEFRQVFLHQWHGHVHMD3RUWDQWRQmRVHSUHRFXSHFRPLVVR

    2SURFHVVR

    2SDVVRGHSHUVRQDOLGDGHSRGHVHUIHLWRGHPXLWDVPDQHLUDVGLIHUHQWHV3ULPHLURYRFrGHYHSODQHMDURTXHYRFrTXHUDVXDSHUVRQDOLGDGHSDUDVHUFRPR6HYRFrDFKDTXHYDLVHOHPEUDUGHWXGRLVVRpyWLPRPDVFDVRFRQWUiULRHXUHFRPHQGRTXHYRFrDQRWiOD(XDFKRTXHDPHOKRUPDQHLUDGHID]rORDVVLPpVLPSOHVPHQWHHVFUHYHUSDUDEDL[RRVSUySULRVWUDoRV7RGRVYRFV

    3DJHSUHFLVDDQRWDUVmRRVWUDoRVHPVLPDVYRFrGHYHVDEHUPDLVGRTXHLVVR6HXWXOSDQmRpXPDOLVWDGHFDUDFWHUtVWLFDVHSRUWDQWRVHLVVRpWXGRTXHYRFrIRVVHSDUDVDEHUVREUHHOHVHQWmRHOHVHULDPXLWRDEVWUDWRHHOHVSRGHPDFDEDUGHXPDIRUPDTXHpTXDOTXHUYDULDomRGRVSDODYUDV

    2TXHHXUHFRPHQGRTXHYRFrID]pVHQWDUVHSRUXPPLQXWRHSHQVDUVREUHRTXHYRFrTXHUTXHHOHVVHUFRPR,PDJLQHRVFRPRYRFrTXHUTXHHOHVVHMDPPDVFRPRVHHOHVMiHVWDYDPWRWDOPHQWHGHVHQYROYLGR,PDJLQHVHDREVHUYiORVIDODUFRPHOHVHDVVLPSRUGLDQWH2EWHUXPERPVHQVDomRGHFRPRpVHUHPWRUQRGHOHV5HDOPHQWHFRQKHFrORVDOpPGHDSHQDVDVVXDVFDUDFWHUtVWLFDV)DoDLVVRDWpRSRQWRRQGHYRFrSRGHULDGHVFUHYrORVDDOJXpPVHPQHFHVVLGDGHGHTXDOTXHUWLSRGHVFULSW3DUDRQGHYRFrSRGHULDDGOLEDGHVFULomRLQWHLUDSRUTXHYRFrVDEHRTXHHOHVHVWmR&RPR

    $JRUDFRPHoDUDHVFUHYHUHVVDVFDUDFWHUtVWLFDV(QRYDPHQWHDSHQDVRVSUySULRVWUDoRV3RUTXHHVWRXWmRH[SOtFLWDFHUFDGHDSHQDVHVFUHYHURVWUDoRV"9RXH[SOLFDUHPXPPRPHQWR1mRH[LVWHXPPtQLPRGHTXDQWRVWUDoRVTXHYRFrSUHFLVDSDUDHVFUHYHUQHPH[LVWHQHFHVVDULDPHQWHXPDPi[LPDDSHQDVWHQWRQmRILFDUPXLWROHYDGR0DVHXQmRLULDHVFUHYHUPXLWRSRXFRSRUTXHVHYRFrVyHVFUHYRDOJXPDVFRLVDVHPVHJXLGDKDYHUiYiULDVIDFHWDVGHVXDSHUVRQDOLGDGHTXHVHUmRGHL[DGDVFRPSOHWDPHQWHLQGHILQLGRRTXHSRGHULDVHUERPpVyQmRYDLVDLUFRPRH[DWDPHQWHFRPRYRFrLPDJLQDYDRVSRUTXHYDLVHUGHL[DGDSDUDVHUGHILQLGRSHORVHXVXEFRQVFLHQWH

    'HSRLVTXHYRFrWHUPLQDUGHHVFUHYHUDOLVWDGHFDUDFWHUtVWLFDVHHVWiSURQWRSDUDFRPHoDUSHJXHVHXV7XOSDGHDWHQomR$JRUDEDVLFDPHQWHRTXHYRFrID]pDSHQDVIDODUFRPHOHVVREUHHOHVPHVPRV&RPHFHQRWRSRGDOLVWDRXRQGHGLDERVYRFrTXLVHUHXQmRPHLPSRUWRHIDODUFRPHOHVVREUHFRPRHOHVWrPHVVDFDUDFWHUtVWLFDHIDODUVREUHFRPRHODVHPDQLIHVWDQHOHV6yFRQWLQXHIDODQGRVREUHRIDWRGHTXHHOHVVmRDVVLP9RFrSURYDYHOPHQWHYDLFRPHoDUDUHSHWLUDOJXQVGRVVHXVDSRQWDGHSRLVGHXPWHPSR,VVRpERPPDVFRQWLQXHLQGRDWpYRFrUHDOPHQWHQmRWHPQDGDDGL]HU9RFrREYLDPHQWHQmRSRGHDMXGDUVHYRFrQmRSRGHYLUDWpFRPPDLVQDGDDGL]HUPDVHXUHFRPHQGRQmRIDODUVREUHFDGDFDUDFWHUtVWLFDSDUDPHQRVGHFHUFDGHPLQXWRVSHORPHQRV(QWmREDVWDLUSDUDEDL[RQDOLVWDHFRQWLQXDUGHVFUHYHQGRRVHXWXOSDDVLPHVPRVFRPRXPLGLRWD

  • 0DLVGRTXHDSHQDVGHVFUHYHQGRDVFDUDFWHUtVWLFDVGHVHXWXOSDHXDFKRTXHWDPEpPpERPSDUDYLVXDOL]DUDVIRUPDVHPTXHHVVDVFDUDFWHUtVWLFDVVHPDQLIHVWDPHPVXDWXOSDGHIRUPDPXLWRVHPHOKDQWHDRTXHIRLIHLWRQRFRPHoDQGRDQWHVGHHVFUHYHURVWUDoRV6HHOHVVmRSHFXOLDUYLVXDOL]DUGHTXHIRUPDHOHVVmRVHMDTXHHOHVWURSHoDURXHOHVVmRGHVDMHLWDGRVRXJDJXHMDURTXHpTXHYRFrTXHUORVDVHUFRPR

    'HSRLVGHOHUWRGRVRVWUDoRVHGLVFXWLXORVWRGRVFRPSOHWDPHQWHYRFrHVWiIHLWR&RPHVVDVHVVmR9RFrDLQGDYDLTXHUHUYROWDUHID]HUDPHVPDFRLVDRXWUDYH]XPRXWURGLD&RPRPXLWDVYH]HVYRFrSUHFLVDID]HULVVRYRFrSHUJXQWD"'HYiULDV)DoDLVVRDWpTXHYRFrUHDOPHQWHVHQWHTXHYRFrpIHLWRHTXHHOHVUHDOPHQWHHVWmRYLQFXODGRVDHVVDSHUVRQDOLGDGH

    7HQKDHPPHQWHTXHLVVRpDSHQDVXPGRVPpWRGRV%DVLFDPHQWHKiLVWRHGHSRLVKiRSHUFXUVRVLPEyOLFR%DVLFDPHQWHHOHFRPHoDDPHVPDSRUYRFrLPDJLQDURTXHYRFrTXHUTXHVHXWXOSDVHUFRPRHFKHJDQGRFRPDOJXQVWUDoRV(QWmRWKHV\PEROLVPFRPHoD&RPRHXGLVVHVREUHRVLPEROLVPRHOHIXQFLRQDGHIRUPDGLIHUHQWHSDUDGLIHUHQWHVSHVVRDV6HMDFULDWLYRVREUHLVVR$OJXPDVSHVVRDVWrPIHLWRDOJRSDUHFLGRYLVXDOL]DUIUDVFRVFRPOtTXLGRVFRORULGRVGLIHUHQWHVHPVLFDGDXPPDUFDGRFRPXPWUDoRGLIHUHQWH(PVHJXLGDHOHVGHUUDPDUDOtTXLGRHPRXHPVXDWXOSDYRFrQmRWrPQHFHVVDULDPHQWHGHWHUGHFLGLGRVREUHXPIRUPXOiULRSDUDRVHX$LQGDWXOSDYRFrSRGHDSHQDVLPDJLQDUHOHVFRPRXPDHVIHUDRXDOJRQHVVHPHLRWHPSR(VWiWXGREHPYRFrSRGHPXGDUVXDIRUPDSDUDRTXHYRFrTXHUTXHHOHVWHQKDPQRILQDOPDLVWDUGHGXUDQWHRHQYLRVHQWLPHQWRVGHFRPRDFDUDFWHUtVWLFDPDQLIHVWDVHQHOHV9RFrVDEHFRLVDVDVVLP6HMDFULDWLYRVREUHLVWR(QFRQWUHRTXHVRDFRPRHOHLULDIXQFLRQDUPHOKRUSDUDYRFrHID]HULVVRVHYRFrTXLVHU&RPRFRPRSULPHLURPpWRGRYRFrSUHFLVDUiWHUP~OWLSORVGHVWDVVHVV}HVDWpTXHYRFrUHDOPHQWHDFUHGLWRTXHYRFrHVWiIHLWRHHOHVHVWmRYLQFXODGRVDHVVDSHUVRQDOLGDGH

    $JRUDTXHURVDOLHQWDUQRYDPHQWH6HQRWHPXPDSHUVRQDOLGDGHHVSHFtILFDHPPHQWHHYRFrTXHUORVDGHVHQYROYHUDVXDSUySULDSHUVRQDOLGDGHHQWmRSXOHHVVDHWDSDLQWHLUDPHQWH1mRpQHFHVViULR

    9LVXDOL]DomR

    (VWDpDHWDSDHPTXHYRFrGHFLGLUVREUHVXDIRUPDHDSHQDVDSUiWLFDGHROKDUSDUDHOHVHPVXDROKRGDPHQWH(XSHVVRDOPHQWHDFKRTXHpXPDERDLGpLDMiWHPXPDLGpLDRTXHYRFrTXHU

    3DJHSDUDSDUHFHUDQWHVGHLQLFLDUTXDOTXHURXWUDFRLVD(XLPDJLQRTXHYRFrSURYDYHOPHQWHID]HUGHTXDOTXHUPDQHLUD8PDYH]QRYDPHQWHYRFrQmRSUHFLVDPDVHXDFKRTXHpXPDERDLGpLDGHPRGRTXHDVXDSHUVRQDOLGDGHSRGHVHUPROGDGRFRPEDVHQHOH

    $YLVXDOL]DomRpEDVWDQWHLUULWDQWHRSDVVRHDSHQDVVREUHTXDOTXHUXPTXHYRFrSHUJXQWDUYDLGL]HUOKHLVVRLVWROLWHUDOPHQWHFRQVLVWHHPTXHYRFrVHVHQWDUHYLVXDOL]DURVHXWXOSDPDLVHPDLVHPDLVPDLVXPDYH]8PDTXHVWmRTXHWHPVLGRVROLFLWDGRXPPRQWHp&RPRHXVHLTXDQGRHXWHUPLQDUDYLVXDOL]DomR"(TXHpLQWHLUDPHQWHDWpYRFr1RHQWDQWRTXDQWRPDLVWHPSRYRFrJDVWDDYLVXDOL]DomRRPDLVUHDOLVWDTXHVHUi$OJXQVWrPGLWRTXHYRFrQmRHVWiIHLWRYLVXDOL]DQGRRVDWpTXHWRGRVRVGHWDOKHVGHVXDIRUPDpRPHVPRWRGDYH]TXHYRFrLPDJLQiORVDWpRFDEHORHPVHXVGHGRVHRSRURVQDSHOHVHHOHVVmRGHIRUPDKXPDQD9RFrQmRWHPTXHID]rORSRUWDQWRWHPSRPDVHOHVYmRROKDUPDLVUHDOLVWDVHYRFrIL]HU&RPRRUHVWRGRSURFHVVRGHFULDomRWXOSDYRFrVDLUGHODRTXHYRFrFRORFDU

    2SURFHVVR

    (OHpVpULRWmRVLPSOHVFRPRYLVXDOL]DURVHXWXOSDQRROKRGDVXDPHQWH9RFrSURYDYHOPHQWHYDLID]HULVVRHPVHXSDtVGDVPDUDYLOKDVVHYRFrWLYHUXP2XWURVSUHIHUHPID]rORHPXPYD]LRGHWLSRVHQWmRHOHVQmRVmRLQFRPRGDYDWHUTXHLPDJLQDURIXQGR6HVV}HVGHYLVXDOL]DomRFRQVLVWHPLQWHLUDPHQWHGHYRFrLPDJLQDUVHXWXOSD2EYLDPHQWHSDUDVHUPDLVFRPSOHWDYRFrSURYDYHOPHQWHYDLTXHUHULPDJLQiORVHPGLIHUHQWHVSRVHVHYHVWLQGRGLIHUHQWHURXSDVRXPHVPRQHQKXP6LPHVWRXIDODQGRVpULR(XVHLTXHSRGHSDUHFHUHVWUDQKRPDVHOHYDLVHU~WLOSRUTXHRW{QXVPXVFXODUHIRUPDGRFRUSRSRGHVHUYLVWRDWUDYpVGDURXSDHDPHOKRUPDQHLUDGHREWHUTXHSDUWHGHOHVSDUDEDL[RHFRQVLVWHQWHpLPDJLQiORVQXV1mRRVHXWXOSDQmRYDLVHLPSRUWDU(DOpPGLVVRVHHOHVHVWmRLQGRFDGDYH]SDUDXVDUXPPDL{RXDOJXPDFRLVDYRFrSUHFLVDVDEHURTXHXPPRQWHGHVHXFRUSRSDUHFH

    9RFrWDPEpPSRGHID]HUFRLVDVFRPVHXWXOSDHPVHXSDtVGDVPDUDYLOKDVHTXHFRQWDFRPRYLVXDOL]DomR0DVTXDQWRPDLVYRFrVHFRQFHQWUDUHPVHXWXOSDPDLVHILFLHQWHVHUiDVHVVmR

    'LVFXUVR

    0XLWRVJXLDVQRSDVVDGRWrPVXJHULGRTXHVHYRFrQmRFRQVHJXHRXYLURVHXWXOSDLVVRVLJQLILFDTXHHOHQmRVDEHFRPRIDODU,VVRQmRpYHUGDGH2SUREOHPDpTXHYRFrQmRSRGHRXYLOR0HXWXOSDGLVVHTXHHOHSRGHULDIDODUPXLWREHPGHVGHSRXFRGHSRLVGHVXDSULPHLUDPHPyULDHOHVyPHOHYRXXPPXLWRWHPSRSDUDRXYLOR3RUWDQWRHVWHSDVVRFRPRTXDVHWRGRVRVRXWURVpSUDWLFDPHQWHLQWHLUDPHQWHDWpYRFrV1RHQWDQWRXPDYH]TXHpPDLVFRPSOLFDGRSDUDGL]HUDVXDFDSDFLGDGHGHRXYLORVFDGDYH]HXYRXGRUDYDQWHUHIHULUDHOHFRPRGLVFXUVRPDVUHDOPHQWHHVWRXPHUHIHULQGRDVXDFDSDFLGDGHGHRXYLORV$JRUDHXQmRFRQVLGHURLVVRPXLWRGHXPSDVVRFRPRSHUVRQDOLGDGHHYLVXDOL]DomRWHUVLGR

  • (PJHUDOIDODWHQGHDYLUSRUVLVyHPYH]1RHQWDQWRVHYRFrTXLVHUWHQWDUDDFHOHUDURSURFHVVRKiFRLVDVTXHYRFrSRGHWHQWDU

    2SURFHVVR

    3ULPHLURYDPRVGLVFXWLURHVWDGRGDPHQWHYRFrHVWiDWHUDRWHQWDURXYLUDVXDWXOSD0XLWDVSHVVRDVYmRGL]HUOKHSDUDOLPSDUVXDPHQWH/LPSDUVXDPHQWHJHUDOPHQWHHQYROYHEORTXHLRRXWSHQVDPHQWRSRUDVVLPGL]HU1DTXHODPHVPDFRLVDpRTXHHXDFKHLTXHYRFrQmRGHYHID]HUHXVRXWHFQLFDPHQWHIDODQGRSRUPLPDTXLSRUTXHDVSHVVRDVQmRIXQFLRQDPGHIRUPDGLIHUHQWHPDVFHUWDPHQWHID]VHQWLGRSDUDPLP

    3ULPHLUDPDQHLUDGRVHXWXOSDGHVHFRPXQLFDUFRPYRFrpIHLWRDWUDYpVGHSHQVDPHQWRV9RFrSRGHULDWHUVLGRVREDLPSUHVVmRGHTXHTXDQGRYRFrRXYLORVSULPHLURVHULDHPVXDYR]VRDQGRFODURFRPRRGLD,VVRFHUWDPHQWHQmRpDYHUGDGHPDVYRXFKHJDUDLVVRPDLVWDUGH'HTXDOTXHUIRUPDXPDYH]TXHRVPHLRVGRVHX7XOSDGHFRPXQLFDomRpDWUDYpVGRSHQVDPHQWREORTXHDQGRWXGRSHQVRXQDWHQWDWLYDGHOLPSDUVXDPHQWHLUiUHVXOWDUHPYRFrEORTXHDQGRVHXVSHQVDPHQWRVWDPEpP(XDFKDUTXHDHVWHGLDVHHXWHQWDUOLPSDUDPLQKDPHQWHDVVLPHXQmRSRVVRRXYLOR

    $OJXpPVXJHULXUHFHQWHPHQWHHPXPJXLDGHVHXTXHHPYH]GHOLPSDUVXDPHQWHYRFrGHYHSHQVDUPXLWRMRJDUXPPRQWHGHSHQVDPHQWRVDRUHGRUHDVVLPSRUGLDQWH(XDFKRTXHLVVRpIDOVRSRUXPDUD]mRVLPLODU6HYRFrSHQVDUPXLWRRXPXLWRGXURVHXVSHQVDPHQWRVDYRFrWHUiPLVWDFRPRVHXSUySULR&RPR~OWLPRH[HPSORDWpKRMHVHHXHVWRXSHQVDQGRPXLWRGXURVREUHDOJXPDFRLVDHXJHUDOPHQWHQmRSRGHPRXYLOR

    3DJH 2HVWDGRSHUIHLWRSDUDVHUGDPLQKDHH[SHULrQFLDGHYiULRVRXWURVpDSHQDVSDUDQmRSHQVDU1mRIDoDXPHVIRUoRFRQVFLHQWHSDUDEORTXHDUTXDOTXHUSHQVDPHQWRSDUDIRUDDWpPHVPRRVHXSUySULR$SHQDVSDUDQmRWHQWDUDFKR'HVVDIRUPDYRFrSHUPLWLUTXHRVSHQVDPHQWRVGRVHX7XOSDSDUDFKHJDUDWpYRFrHFRPDGHVRUGHPPtQLPD2XWURIRUPDFRPRDOJXpPFRORFRXpDRXYLUSDUDIRUDSDUDHOHV(XFRVWXPDYDSHQVDUTXHLVVRVLJQLILFDTXHRPHVPRFRPROLPSDUVXDPHQWHDILQDOGHFRQWDVVHULDPDLVIiFLOSDUDRXYLUSDUDIRUDSDUDHOHVVHYRFrQmRHVWiSHQVDQGR2XYLUSDUDHOHVpXPSRXFRGLItFLOGHGHVFUHYHUePXLWRPDLVIiFLOGHID]HUTXDQGRYRFrMiWHUXPDLGpLDGHVXDHVVrQFLD

    &RPRLVVRYDLDFRQWHFHU

    &RPRHXGLVVHDQWHVTXDQGRYRFrRXYLUDVXDWXOSDQmRYDLVHUDSHQDVDVXDYR]FODUDFRPRRGLDGL]HQGRDOJXPDFRLVDSDUDYRFr$SULPHLUDPDQHLUDTXHYRFrQXQFDYDLRXYLUVHXWXOSDVHUiDWUDYpVSHQVDPHQWR1mRSHQVHLTXHFRPRHPRXYLUVXDPLQGYRLFHPDVDLQWHQomRSRUWUiVGHVHXVSHQVDPHQWRV

    3HUPLWDPPHH[SOLFDU([LVWHPGRLVQtYHLVGHSHQVDPHQWR2VHJXQGRQtYHOpFRPRFHUWDPHQWHWRGRV9RFrSHUFHEHSHQVDYDeRTXHVHRXYHTXDQGRYRFrOHULVVRSDUDVLPHVPRHPVXDFDEHoD9RFrVSHQVDUDVLPHVPRHYRFrSRGHRXYLORQRRXYLGRGHVXDPHQWH$PDLRULDGDVSHVVRDVDFUHGLWDPTXHQyVSHQVDPRVDWUDYpVGHSDODYUDVRXOLQJXDJHP,VVRQmRpLQWHLUDPHQWHYHUGDGH2SULPHLURQtYHOGHSHQVDPHQWRpDLQWHQomReDLQWHQomRSRUWUiVGHVXDVSDODYUDV4XDQGRDOJXpPGL]DOJRSDUDYRFrYRFrSULPHLURREWHUXPDVHQVDomRGHTXHpTXHYRFrTXHUH[SUHVVDUDHOHV9RFrHQWmRFRQYHUWHUHVVHVHQWLPHQWRHPSDODYUDVGHPRGRTXHYRFrSRGHFRQYHUVDUFRPHOHV,QWHQomRGHVHURSULPHLURQtYHOGHSHQVDPHQWRpSRULVVRTXHjVYH]HVYRFrHQFRQWUDUVHTXHUHUGL]HUDOJXPDFRLVDPDVVmRLQFDSD]GHSHQVDUQDVSDODYUDV9RFrQmRSRGHHQFRQWUDUXPDPDQHLUDGHWUDGX]LUHVVHVHQWLPHQWRFRPSUHFLVmRFRPVHXYRFDEXOiULRFRQKHFLGR

    3RUWDQWRHVWDDLQWHQomRSRUWUiVRVSHQVDPHQWRVGHVHX7XOSDpSURYiYHOTXHDSULPHLUDPDQHLUDTXHYRFrQXQFDYDLVHUFDSD]SDUDFRPXQLFDUGHIRUPDSUHFLVDFRPHOHV6XDLQWHQomRpHQYLDGRDWUDYpVGHYRFrHHQWmRYRFrWUDGX]LUDLQWHQomRHPSDODYUDVeSRULVVRTXHPXLWRVDQILWUL}HVGL]HUTXHHPSULPHLUROXJDUTXHGLILFLOPHQWHSRGHGLIHUHQFLDUHQWUHVHXV7XOSDGHHVHXVSUySULRVSHQVDPHQWRV,VVRSRUTXHFRPRTXDQGRYRFrSHQVDUYRFrpR~QLFRWUDGX]LUHVVDLQWHQomR$OpPGLVVRTXDQGRYRFrpRSULPHLURFDSD]GHVHFRPXQLFDUYLDLQWHQomRYRFrSRGHDFKDUTXHYRFrQmRSRGHVHPSUHRXYLUVXDVUHVSRVWDV3RGHVHUWmRVLPSOHVTXDQWRYRFrDSHQDVQmREDVWDQWHFDSWXUDDLQWHQomR2XFRPRHXH[SHULPHQWHLORYRFrQmRFRQVHJXLXWUDGX]DLVVR

    +RXYHPXLWDVYH]HVRQGHHXSRGLDVHQWLORWHQWDQGRIDODUFRPLJRPDVQmRUHFHELTXDOTXHUSDODYUDIRUDGLVVR$FRQFOXVmRDTXHFKHJXHLpTXHHOHHVWDYDWHQWDQGRGL]HUDOJRTXHHUDPXLWRFRPSOLFDGRSDUDPLPWUDGX]LU(FRPFHUWH]DTXDQGRHXSHUJXQWHLOKHXPDSHUJXQWDTXHHXVDELDTXHVHULDQHFHVViULDXPDUHVSRVWDPDLVFRPSOLFDGDDPHVPDFRLVDDFRQWHFHX

    $JRUDYRFrSRGHHVWDUVHSHUJXQWDQGR6HLVVRVRDDSHQDVFRPRVHXSHQVDPHQWRFRPRYRFrQXQFDYDLVDEHUTXHpVHXWXOSD"+iPXLWDVPDQHLUDVGLIHUHQWHV3DUDFRPHoDUTXDQGRYRFrSHUJXQWDUOKHVXPDSHUJXQWDHGDUOKHVXPDMDQHODSDUDHOHVSDUDGL]HUDOJRGHYROWDHYRFrWHUiXPDUHVSRVWD&ODURTXHpWHFQLFDPHQWHSRVVtYHOTXHHUDYRFrPDVRTXHIRLTXHHXGLVVHVREUHDFUHQoD"

    (PVHJXLGDpTXDQGRHOHVGL]HPFRLVDVTXHVXUSUHHQGHPYRFr+iPXLWDVYH]HVTXHRPHXWHPWXOSDGLVVHDOJRTXHHXQRUPDOPHQWHQmRLULDSHQVDU,VVRDFDERXPHFRPRWHQGRXPSHQVDPHQWRSRSHPPLQKDFDEHoDTXHHXQmRPHVHQWLDHUDPLQKD%DP(VVDWDPEpPpXPDPDQHLUDTXHYRFrSRGHWHUFHUWH]DGHTXHDUHVSRVWDTXHYRFrUHFHEHpDSDUWLUGHOHV0HXFRUDomRWHPQDYHUGDGHGHXXPVDOWRQRTXHPHXV7XOSDGHGLVVHDQWHV(XVLPSOHVPHQWHQmRHVWDYDHVSHUDQGRSRULVVR(FRPRYRFrSRGHULDVHUWmRVXUSUHVRSRUDOJRTXHYRFrVLPSOHVPHQWHSHQVRX"

    'HTXDOTXHUIRUPDDRORQJRGRWHPSRDLQWHQomRGRVHXWXOSDYDLFRPHoDUDVHQWLUFDGDYH]PDLVGLVWLQWDVHVHQWLU

  • PDLVDOLHQFRPRDOJXQVFRORFiOR(OHWHUiDVXDSUySULDDWPRVIHUDHVHWRUQDUPDLVIRUWH2SDVVRGHSRLVGLVVRpTXDQGRYRFrFRPHoDDRXYLUIUDFDPHQWHPLQGYRLFHGRVHXWXOSD0DLVXPDYH]LVVRSURYDYHOPHQWHQmRYDLDFRQWHFHUWXGRGHXPDYH]ePDLVSURYiYHOTXHFRPHFHSRUOKHSHGDoRVGHDXGLomRHSHGDoRVGRTXHHOHVHVWmRGL]HQGRHPVXDPLQGYRLFH(HQWmRFRPRYRFrIDODUFRPHOHVHRXYLUDHOHVPDLVDVXDPLQGYRLFHVHWRUQDUiPDLVHPDLVGLVWLQWD

    (YHQWXDOPHQWHHOHYDLFKHJDUDRSRQWRRQGHYRFrSRGHRXYLORVFDGDYH]TXHIDODUFRPYRFrHRXYLORVWmRFODUDPHQWHFRPRYRFrRXYLUVHXVSUySULRVSHQVDPHQWRV1HVWHSRQWRpVHJXURGL]HUTXHYRFrpIHLWRFRPRGLVFXUVRSDVVR(DJRUDYRFrDJXDUGDPDQVLRVDPHQWHLPSRVLomRDXGLWLYR

    ,PSRVLomR

    3DJH $KK,PSRVLomR2SULQFLSDOREMHFWLYRDORQJRSUD]RSDUDPXLWRVKRVWV1HPWRGRPXQGRHVWiLQWHUHVVDGRHPLPSRVLomRRXPHOKRUQmRGLVSRVWRDID]HURQHFHVViULRWHPSRFRPSUHHQVLYHOPHQWHWDPEpP,PSRVLomRpFRPRTXDVHQLQJXpPYDLGL]HUDPDLVORQJDSDUWHGRSURFHVVRGHWXOSD(OHUHDOPHQWHQmRpQHFHVViULRSDUDDSUiWLFDGHLPSRVLomRDRID]HUXPDWXOSDePDLVXPOX[RVHDOJXPDFRLVD9RFrSRGHWHUXPWRWDOPHQWHVDSLHQWHYRFDOSRVVHFRPFDSDFLGDGHWXOSDVHPLPSRVLomRVHPSUHWRFDQWH0DVVHYRFrHVWLYHUGLVSRVWRDFRORFDUGLDQWHRWHPSRHODSRGHVHUXPDFRLVDPXLWROHJDO

    $JRUDRTXHH[DWDPHQWHpLPSRVLomR"$PDLRULDGDVSHVVRDVDTXLTXDQGRLPSRVLomRpOHYDQWDGDVDOWDUSDUDDLGpLDGHVHUFDSD]GHYHUVHXWXOSDFRPVHXVROKRVGHYHUGDGHHVXDVREUHSRVLomRDPELHQWH1RHQWDQWRLVVRQmRpWXGRLPSRVLomRp(VSHURTXHDPDLRULDGHYRFrVVDEHPGLVVRMiPDVPHVLQWRREULJDGRDGL]HULVVRQRHQWDQWR,PSRVLomRpGHFHUFDGHLPSRURVHXWXOSDSDUDWRGRVRVVHXVVHQWLGRVGRPXQGRUHDO,VWRVLJQLILFDTXHYRFrQmRVyVHUiFDSD]GHYHURVHXWXOSDQRPXQGRUHDOPDVWDPEpPRXYLUFRPVHXVRXYLGRVUHDLVRFKHLURFRPVHXSUySULRQDUL]JRVWRFRPDVXDSUySULDOtQJXDVHYRFrHVWLYHUHPTXHWLSRGHFRLVDHWRFDUFRPVHXSUySULRFRUSR9RFrSRGHHVWDUFRQIXVRFRPHVVD~OWLPDSDUWHHSRGHHVWDUSHQVDQGR(VSHUHVHRVHXQmRpWXOSDUHDOPHQWHOiHQWmRFRPRYRFrSRGHULDWRFiORV"6HUiTXHYRFrQmRSDVVDUDWUDYpV"6LPVHYRFrWHQWDVVHGLJDPRVHPSXUUHFRPIRUoDRVHXWXOSDVXDPmRLULDSDUDDGLUHLWDDWUDYpVVXDIRUPD1RHQWDQWRVHYRFrIRVVHPXLWROHYHPHQWHjGLUHLWDQDVXDVXSHUItFLHHPSXUUDUVREUHHOHVYRFrSRGHVHQWLUXPDOHYHUHVLVWrQFLD'DPHVPDIRUPDVHYRFrIRVVHSDUDHVFRYDUVXDPmRGLUHLWDQRWRSRGHVHXVXSHUItFLHPDLVXPDYH]QmRVHDSOLFDQGRPXLWDSUHVVmRYRFrSRGHVHQWLUVXDWH[WXUD2EYLDPHQWHHOHVQmRSRGHDIHFWDURVVHXVPRYLPHQWRVGHIRUPDDOJXPD6HXFpUHEURVLPSOHVPHQWHOKHGiDVHQVDomRGHWRFiORVXPSRXFRVXDPmRQmRUHDOPHQWHHQFRQWUDUUHVLVWrQFLDUHDO

    $JRUDDTXLHVWiDOJRTXHHXWHULDHVSHUDGRTXHHXQXQFDWHQKRDGL]HU1RHQWDQWRYRFrYDLHQFRQWUDUPXLWRVSDOKDoRVQR,5&TXHQmRWrPLGpLDGRTXHHVWmRIDODQGRHQWmRDTXLHVWRXID]HQGR&HUWLILTXHVHGHTXHQLQJXpPPDLVDFUHGLWDTXHHVVHFDUDIH]8PDYH]HXPHGHSDUHLFRPDOJXpPQR,5&TXH$FUHGLWDTXHVHWUHLQDGRVHXFpUHEURRVXILFLHQWHYRFrSRGHUHDOPHQWHID]rORSDUDRQGHRVHXFpUHEURQmRYDLSHUPLWLUTXHYRFrSDVVDUSRUVHXWXOSD3RULVVRTXHURGL]HUHOHGLVVHTXHRVHXFpUHEURQmRSHUPLWLULDTXHYRFrPRYHUVXDPmRDLQGDPDLVXPDYH]TXHYRFrHQFRQWURXVXDVXSHUItFLHVLPXODQGRjVHPHOKDQoDGHVHXWXOSDUHDOPHQWHHVWDUOi(VWHp12e9(5'$'((OHFRPRPXLWRVRXWURVQR,5&IRLXPZKDFNMRE !LQEHOHHVWiOHQGRHVWDJXLD

    2SURFHVVR

    ,PSRVLomRpXPGRVSULQFLSDLVSDVVRVTXHHXDFKRTXHYRFrGHYHID]HUGRMHLWRTXHpPDLVFRQIRUWiYHOSRLVKiXPDG~]LDGHPDQHLUDVGLIHUHQWHVDOJXQVWmRIiFLOFRPREDVLFDPHQWHROKDQGRSDUDXPDSDUHGH2ULJLQDOPHQWHHXHVWDYDLQGRSDUDVHSDUDUHVWDVHFomRLPSRVLomRHPYiULDVSDUWHVFRPEDVHHPVHQWLGRPDVHPVHJXLGDTXDQGRHXSHUFHELTXmRSRXFRVLPSRVLomRQmRYLVXDORULHQWDKDYLDFLWDUHFRPREDVLFDPHQWHWXGRRTXHHXTXHULDGL]HUpFREHUWRQRJXLDGR4HXGHFLGLTXHHXWLQKDDFDEDGRGHFRORFDUWXGRLVVRMXQWRFRPRHVWH

    6ySDUDGL]HUHPSULPHLUROXJDUHXUHFRPHQGRTXHYRFrQmRWHQWDULPSRUVHXWXOSDDWpTXHYRFrWHQKDDVXDIRUPDUSDUDEDL[R$WpTXHYRFrVDLEDTXHpH[WUHPDPHQWHEHPHQmRH[LVWHPYDULDo}HVHPVHXVGHWDOKHVFDGDYH]TXHYRFrLPDJLQiORV,VWRpSDUDDPi[LPDHILFLrQFLD%DVLFDPHQWHHXSHVVRDOPHQWHQmRFRPHoDUDLPSRVLomRYLVXDLVDWpGHSRLVTXHYRFrpIHLWRYLVXDOL]DQGR4XDQGRHVWLYHUQRSRQWRRQGHVyYLVXDOL]DURVHXWXOSDTXDQGRYRFrHVWiSHQGXUDGRSDUDIRUDRXRTXHTXHU

    $OpPGLVVRVHYRFrJDVWRXPXLWRWHPSRGHROKRVDEHUWRVYLVXDOL]DQGRDQWHVTXHSRGHPXLWREHPDMXGiORFRPLPSRVLomR$OJXPDVSHVVRDVWDPEpPDFKDPPDLVIiFLOGHYLVXDOL]DUHPJHUDODVVLP(QWmRFHUWDPHQWHGDUTXHXPDWHQWDWLYD

    $JRUDFRPRHXGLVVHDQWHVDIRUPDPDLVEiVLFDGHLPSRUVXDIRUPDGHWXOSDSRGHULDVHUDSHQDVROKDUSDUDXPDSDUHGHHWHQWDULPDJLQiORVVREUHSRQGRVHXDPELHQWH(OHQmRWHPGHVHUPDLVFRPSOLFDGRGRTXHLVVRVHLVVRIXQFLRQDSDUDYRFr(VWHJXLDYDLVHUORQJDVXILFLHQWHHQWmRDRLQYpVGHGHVFUHYHUXPDG~]LDGHPDQHLUDVGLIHUHQWHVSDUDLPSRUYLVXDOPHQWHHXYRXSyVOLQNVSDUDXPSDUGHPpWRGRVGLIHUHQWHV

    /HLDHVWHVJXLDVHGHFLGLUSRUVLPHVPRRTXHYRFrGHYHID]HU4XDOTXHUXPTXHVRDFRPRHOHLULDWUDEDOKDURPHOKRU(QWmRVHYRFrTXLVHUWHQWHRXWUR9HMDVHYRFrJRVWDTXHPHOKRU$OpPGLVVRHPWRSGHPpWRGRVGLIHUHQWHVH[LVWHPPDQHLUDVGLIHUHQWHVGHID]rOR$OJXQVWrPGLWRTXHpPDLVIiFLOLPSRUTXDQGRHPXPTXDUWRHVFXUR0DVHXQmRYRXVHJXUDUVXDPmRHFROKHUWHDOLPHQWDUDWUDYpVGHWRGRRSURFHVVR([SHULPHQWHFRLVDVSDUDVLPHVPR6HMDFULDWLYR

  • 3DJH0DU\0*XLDV6WDUWLQJ,PSRVLomR(VWDpXPDLGpLDPXLWRLQWHUHVVDQWHHVHULDXPDERDQRWtFLDSDUDDTXHOHVGHYRFrVTXHQmRSRGHVHUVHSUHRFXSRXHPSDVVDUXPDTXDQWLGDGHGHWHPSRSHORVtPSLRVLPSRUVHXWXOSD6HLVVRIXQFLRQDSDUDYRFrHQWmRIDQWiVWLFR

    4V0HWKRGGHXP+XJJDEOH7XOSD(VWDpEDVLFDPHQWHFRPRHXVHPSUHLPSRVLomRYLVWRGHYHVHUIHLWRTXDQGRVHWUDWDGR)RUPDFOiVVLFD,VVRFREUHEDVLFDPHQWHWXGRRTXHHXTXHULDGL]HUVREUHDLPSRVLomRGHXPPRGRJHUDOHQWmRHXDFKRTXHHXYRXHPIUHQWHHGHL[DUSRULVVRPHVPR

    +iFHUWDPHQWHRXWURVLPSRVLomRJXLDVOiIRUDPDVHXQmRDFKRTXHpQHFHVViULRSDUDGHL[DUPDLVGRTXHHVVHVGRLVSRUTXHHOHVILFDPPLQKDYLVWDDWUDYpVGHPXLWREHP

    6HYRFrHVWiSURFXUDQGRDOJRGLIHUHQWHEDVWDROKDUHPYROWDPDLVQDVHomRJXLDRQGHYRFrSRGHULDWHUHQFRQWUDGRHVWHVHPSULPHLUROXJDU

    3RVVHGHEROD

    $KK3RVVHGHEROD2SULQFLSDOREMHFWLYRDORQJRSUD]RSDUDDTXHOHVVHPSDFLrQFLDSDUDFRPSOHWDULPSRVLomR3RVVHGHERODpVLPSOHVPHQWHTXDQGRYRFrSHUPLWLUTXHVHXWXOSDSDUDFRQWURODURVHXFRUSRQRPXQGRUHDOFRPRYRFrHVWiID]HQGRDJRUD&RPRHXGLVVHQDVHomRLPSRVLomRHVWHJXLDMipHVW~SLGRSRUPXLWRWHPSRHHXSRUWDQWRYDLHFRQRPL]DUHVSDoRHVLPSOHVPHQWHFLWDUDOJXPDVJXLDVTXHHXFRQFRUGRFRPHOH

    2JXLJL.RRPHUV3RVVHVVLRQ*XGH2NHXGLVVHTXHHXLULDFLWDUXPFDVDOPDVLVVREDVLFDPHQWHFREUH+RQHVWDPHQWH0XLWRVWrPGLWRHVWDJXLDIRLPXLWR~WLOHDOpPGLVVRSRVVHpXPDFRLVDPXLWRVLPSOHV

    $SULPHLUDSDUWHpVLPEyOLFDFRPRYRFrHVWiGDQGRRFRQWUROHGHVHXFRUSRSDUDVHXWXOSDH$SUy[LPDSDUWHpOiGHLWDGRHQTXDQWRVXDWXOSDID]VXDFRLVD4XDQWRDRVLPEROLVPRFRPRHXMiGLVVHDQWHVID]HURTXHVRDFRPRHOHLULDIXQFLRQDUPHOKRUSDUDYRFr-iRXYLIDODUGHFRLVDVWmRFULDWLYRFRPRDWULEXLUXPDFRUDFDGDVLPHVPRHVHXWXOSD4XDQGR9RFrTXHUROKDUSDUDHOHGHWDOPDQHLUDYRFrWHULDWDQWRVHUSUHHQFKLGRFRPROtTXLGRGHVXDUHVSHFWLYDFRU4XDQGRYRFrTXLVHUTXHRVHXWXOSDGHSRVVXLUYRFrSRGHULDVLPSOHVPHQWHGUHQDUROtTXLGRGRVHXFRUSRHWrORHQFKHUVHFRPROtTXLGRFRORULGRTXHHVWDYDHPVHXV7XOSDGH7XGRRTXHIXQFLRQDSDUDYRFrV

    3DJH&RQFOXVmR

    (XHVSHURTXHYRFrHQFRQWURXHVWHJXLD~WLOHLQIRUPDWLYRFRPRHXSDVVHLXPWHPSRPXLWRORQJRID]HQGRLVVR(VWHJXLDGHVWLQDVHDVHUDEVROXWDHYDLSRUWDQWRQXQFDSURYiYHOVHUFRQFOXtGR(XLUHLFRQWLQXDUDDGLFLRQDUVHo}HVTXDQGRSHQVRQHOHVVHQWLUFRPRHOH6HYRFrSRGHSHQVDUHPTXDLVTXHUVHo}HVTXHYRFrJRVWDULDGHYHUDGLFLRQDGRSRUIDYRUPHDYLVH$OpPGLVVRVHYRFrYHUTXDOTXHUHUURVGHILQLWLYDPHQWHPHGL]HUVREUHLVVRWDPEpP

  • 6HDOJXpPWLYHUDOJXPDG~YLGDVREUHRSURFHVVRGHFULDomRWXOSDYRFrpPDLVTXHEHPYLQGRVD30PHDTXDOTXHUPRPHQWR(XSUHIHULULDQmRKiSHUJXQWDVJHUDLVVHUSRVWDGRHPUHVSRVWDDHVWDJXLDUFRPRHXJRVWDULDDPDQWHUDGLVFXVVmROiHVWULWDPHQWHVREUHRSUySULRJXLDREULJDGRPXLWR

    *RGVSHHG