Protocolo Internacional de Medição e Verificação De
Transcrição
Protocolo Internacional de Medição e Verificação De
3URWRFROR ,QWHUQDFLRQDOGH 0HGLomRH9HULILFDomR 'H3HUIRUPDQFH &RQFHLWRVH2So}HVSDUDD 'HWHUPLQDomRGH(FRQRPLDVGH (QHUJLDHGHÈJXD 9ROXPH 3UHSDUDGRSHOD(IILFLHQF\9DOXDWLRQ2UJDQL]DWLRQ 2UJDQL]DomRSDUDD$YDOLDomRGH(ILFLrQFLD ZZZHYRZRUOGRUJ 2XWXEURGH (92±%U 3URWRFROR,QWHUQDFLRQDOGH0HGLomR H9HULILFDomR'H3HUIRUPDQFH &RQFHLWRVH2So}HVSDUDD'HWHUPLQDomRGH(FRQRPLDVGH (QHUJLDHGHÈJXD 9ROXPH 3UHSDUDGRSHOD(IILFLHQF\9DOXDWLRQ2UJDQL]DWLRQ 2UJDQL]DomRSDUDD$YDOLDomRGH(ILFLrQFLD ZZZHYRZRUOGRUJ 2XWXEUR (92±%U ZZZHYRZRUOGRUJ $YLVmRGD(92 $PLVVmRGD(92 ! " " # $35(6(17$d®2 Ì1',&( $%&'& ( )* + # ( ,,# -. x *" x " x , / 0 0 " x 0# 1 * #) 23452 0. / * *# 6 )57 / , # 2)57234528 0'99:;2 3<)) 8=3))<2>;# 6 0 7 4?5 * 2 4?5 , , 0 # 23452# 7 * , !0 * , / #723452* #@ =6 > # 5 0 * 0 EORJ)57 ()57# $ A* 234528A.BAC# ;# D*(C 2 E( ).':%9F$-G$H&&G* (%&&&:$6 ).2710IIJ$''K%1 CCC#C# Ì1',&( Ì1',&( A ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ $*5$'(&,0(1726 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͳͲ $/7(5$d®(61(67$(',d2 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͳ͵ 35()È&,2 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͳͶ 2UJDQL]DomRGHVWH'RFXPHQWR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ &$3Ë78/2,1752'8d2$23,093 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͳͺ 2EMHWLYRVHÆPELWRGR3,093͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ 9DQWDJHQVGDXWLOL]DomRGR3,093͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ 5HODomRGR3,093FRPRXWUDVGLUHWLYDVGH09 ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ 4XHPXWLOL]DR3,093" ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ &$3Ë78/2'(),1,d2(2%-(7,926'$09 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ʹͻ 2EMHWLYRVGD09͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ &$3Ë78/235,1&Ë3,26'(09ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͵ͳ &$3Ë78/2(6758785$(23d®(6'23,093ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͵ʹ ,QWURGXomR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ 7HUPLQRORJLDGD(QHUJLDGDÈJXDHGD'HPDQGD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ 23URFHVVRGH&RQFHSomRGD09HR5HODWyULRGH,QIRUPDomR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ /LPLWHVGH0HGLomR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ 6HOHomRGR3HUtRGRGH0HGLomR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ %DVHVSDUD$MXVWHV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϴ 9LVmR*HUDOGDV2So}HVGR3,093 ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ 2So}HV$%0HGLomR,VRODGDGDV0HGLGDVGH5DFLRQDOL]DomRGH(QHUJLD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ 2SomR'6LPXODomRFDOLEUDGD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ $JUDGHFLPHQWRV *XLDGH6HOHomRGHRSo}HV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ &$3Ë78/2&217(Ò'2'23/$12'(09 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͺ &$3Ë78/25(/$7$5$09ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ʹ &$3Ë78/2$'(62$23,093 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͵ &$3Ë78/22875$648(67®(6&20816'(09 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ͷ $SOLFDomRGRVSUHoRVGDHQHUJLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ $MXVWHVGRSHUtRGRGHUHIHUrQFLDQmRGHURWLQD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ 2SDSHOGDLQFHUWH]D3UHFLVmR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ &XVWR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ (TXLOLEUDUDLQFHUWH]DHRFXVWR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ 9HULILFDomRSRUXPYHULILFDGRULQGHSHQGHQWH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ 'DGRVSDUDRPHUFDGRGHHPLVV}HV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϯ &RQGLo}HVGHIXQFLRQDPHQWRPtQLPR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϰ 'DGRVFOLPiWLFRV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϰ 3DGU}HVPtQLPRVGHHQHUJLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϱ 4XHVW}HVUHODWLYDVjPHGLomR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϱ Aͻ.XǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͻʹ &$3Ë78/25()(5Ç1&,$6 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ͻ 2XWURVUHFXUVRV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϬ $1(;2$(;(03/26 ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲʹ $,QWURGXomR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϮ $0HOKRULDGDHILFLrQFLDGHXPDPRWRERPED±2SomR$͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϯ $(ILFLrQFLDGDLOXPLQDomR±2SomR$͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ $*HVWmRGHIXJDVGHDUFRPSULPLGR±2SomR% ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ $0HOKRULDGRFRQMXQWRWXUELQDJHUDGRU±2SomR%͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϰ $0HOKRULDGDHILFLrQFLDGDFDOGHLUD±2SomR$͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ $0~OWLSODV$5(VFRPGDGRVPHGLGRVQRSHUtRGRGHUHIHUrQFLD2SomR& ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϴ $JUDGHFLPHQWRV $0~OWLSODV$5(VHPXPHGLItFLRVHPPHGLGRUHVGHHQHUJLDGXUDQWHRSHUtRGRGHUHIHUrQFLD±2SomR' ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϮ $1RYRHGLItFLRFRQFHELGRPHOKRUGRTXHDVQRUPDV±2SomR' ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϱ $1(;2%,1&(57(=$ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹͺ %,QWURGXomR ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϴ %0RGHODJHP͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϯ %$PRVWUDJHP͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϬ %0HGLomR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϯ %&RPELQDomRGRVFRPSRQHQWHVGHLQFHUWH]D ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϰ %([HPSORGHXPDDQiOLVHGHLQFHUWH]D ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϵ $1(;2&0$7(5,$/(63(&Ë),&2'(&$'$5(*,2ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷʹ ͲϭhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂͲƉƌŝůϮϬϬϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϮ ͲϮ&ƌĂŶĐĞͲ:ƵŝůůĞƚϮϬϬϵ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϯ ͲϯƐƉĂŹĂͲϮϬϬϵ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϰ ͲϰZŽŵĂŶŝĂͲ:ƵůLJϮϬϭϬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϱ ͲϱƵůŐĂƌŝĂͲ:ƵůLJϮϬϭϬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϲ ͲϲnjĞĐŚZĞƉƵďůŝĐͲ^ĞƉƚĞŵďĞƌϮϬϭϬ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϳ ͲϳƌŽĂƚŝĂͲ^ĞƉƚĞŵďĞƌϮϬϭϬ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϴ ͲϴWŽůĂŶĚͲ^ĞƉƚĞŵďĞƌϮϬϭϬ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϴ &±%UDVLOQRYHPEURGH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱϵ $JUDGHFLPHQWRV 6LM6)(34)-E7$ 723452 #6)57 ** )%&')57 # 'LUHWRULDGD(92 D*(C(*8(;)3N E*5(*8$6;)2$( D*$*FE32(*8$6;3( 63$O8F;46N# PP O83;(6$*) E*OP8(*;)E*38)E3; DM 8(*;-M( 2QD8<;L34)N)( $*F83;3ML83ML; 2N 8(;) EN8(*;(3) O)O8(3)); $M#$*8$6;$*( 3# 6$*8$6;3ML83ML; &RPLWrGR,309 D(*8$6;@) O$?E* 38@)$E; E*68$6;6<()$6 M,(*8$6;$) 63# )<8$6;MQO43 NDL8$*6;) O(O2ON# $F*C,8$6;(L3# F8$6;(L3## FN8(;1(PO 4 8$C;31E)(P <($4813-)) A3-)); EO2*8$6;6*) O( )E*8$6;(*) O$ 2*58$6;-MC) ONO FG8$6;G) O) NG8$6;2) O(3#82)(3; $JUDGHFLPHQWRV 6XEFRPLWrGRSODQR09 )E*(*8$6;(*) O$ $JUDGHFLPHQWRV $$JUDGHFLPHQWRV $L 8$6;-03# F8$6;(L3# E*68$6;6<()$6 &RODERUDGRUHVGR,3093 6)57 / 8CCC#AC# ;. DP8$6;E06 4*O D*$*F8$6;3( $M#$*8$6;$*( 3# 6)-)J6 ) 82 ) O6 O; 1(PO 12C6 )<)< ) O2ON# )#16(J)1 6(6 L-< P)2A)$(7### 33# -03# -*6) O$1 C22# @) O$?E* 3# $ L?)(O $*)(32#N# $L$A($E($E*$(#N(* $*() $1( NN( ECL2O<8EL2<; E*) O< LR #$#)2676*2 5 2C8P F ;N 6)57 () )) 3 23452 .1 ( M/E*2SM#) =2,2> 8,CCC#A,#; # $JUDGHFLPHQWRV 9HUVmR%UDVLOHLUDUHYLVWDGH 6 )E)- <, # $JUDGHFLPHQWRV 6NE)M6TU)$-)$E6)3TV7 6)%&&9)%&&K )6 # ))A%&'& )%&&9. '# 60( 1 (M/E* M 2S8,=6 >ZZZSHUPDQHQWSURMHFWHX;" %# ( '& 6$PM6) L 'W" / ( '#HW#XW#9 W#'&" H# ( 9" W# $ ( '& "" I# E/606A' :# 0606AK0" K# " X# X#'% "0 # 9HUVmR%UDVLOHLUDUHYLVWDGH )60(=60(A9A1># $OWHUDo}HVQHVWDHGLomR 2M)<Y(37 2UJDQL]DomRGHVWH'RFXPHQWR 7532345*) 823452;53 !, #723452 84?5; !,#64?5 !#@23452 4?5!# 723452A! #(!24?5 /,#723452 0#6 23452, 24?5 23452#23452 8;8;8;4?5# 7( 5323452A . '#23452)57#6'#WL, " %#4?54?5" H#4?5 4?5# 7/ " W#23452#6 , #7'H< H **" I#!24?5 4?5 !" :#23452" K#A* !" X# !4?5" 9#" '&#/# 3UHIiFLR 7606'%023452 *# M ZHE)570*2M! 4?5# 7601 4?5# 760( .) 6<)*M1 M/E*( 2S1# (92H3,093 723452823452; )O57 8)57A7 6); #6)57 #6)57 ! #6)57 # 6)57 #7 (*( 6 , # 6)57 ZHE8CCC#AC# ;. x )57 ! " x /" " x 23452 S.BAC# " x )57# 7)57# 2)57 4?5#2 ZHE)57CCC#AC# # 6)57A0# 3XEOLFDo}HVDWXDLVGD(92 6)57 ZHE. 9ROXPH,GR3,093&RQFHLWRVHRSo}HVSDUDD'HWHUPLQDomRGD(FRQRPLDGH(QHUJLD HGHÈJXD 3UHIiFLR 753 , #), 24?5 ,#724?5A 0 !* ,# 9ROXPH,,GR3,0934XHVW}HVUHODWLYDVjTXDOLGDGHGRDULQWHULRU 7533 , #$, , #7+ # 9ROXPH,,,GR3,093$SOLFDo}HV 75333 53#7 823; ,08233;#) A # 723<)) 8=3))22>; , # +LVWyULDGDVHGLo}HVDQWHULRUHV 623452-*6) O4 5282-645) ; 4'99:'99K 32452823 45*) ;#661 23452%&&' %&&%#7533 %&&%#6 $Z) O87);A4) ) # )%&&%324523# 4) ) #7324523# ZHE5333-() M#)%&&W324523#)O57 0# 3UHIiFLR )%&&K)575' 601A#- 76?10 #)%&&95'! ) 60($6<# )RUPDomRH&HUWLILFDomR 6)57** #)57 # ) 4?5# 6)57 2(45 8(452A(542; 0* 23452#7(4522 4?5 4?5#2 (452(452CCC#A C# # )XWXURV3ODQRVGD(92 7)57 #6)57 23452A)57 ,0)57# [)57. x )57" x " " x ,3* # 6)57 #) SBAC# #E )57#6/ )57 0 CCC#AC# #6)57,#<A *# 3UHIiFLR (62\EN7'3-EM7TV76723452 2EMHWLYRVHÆPELWRGR3,093 6)O57 8)57;234 5 2 823452; , # 723452 . x 23452 * , # 6 , 23452 " x23452 0 ' 86));%" x 23452 / 2 4 5 82 4?5;#)24?5 4?5 ! # 24?5,H" x 23452 A ,0#7( '#W 23452# 7 5 3 23452 09 ( %" 09( H"2*09( W#73ODQRGH09!HFRQRPLD ( I:#623452 23452( K#753 4?5 ( X 09#0,606 601# 7533234520 6)) $VSDODYUDVHPLWiOLFRWrPVHXVLJQLILFDGRGHILQLGRQRFDStWXOR (PERUDKDMDDOJXPDGLVFXVVmRDFHUFDGDVGLIHUHQoDVHQWUHRVGRLVWHUPRVJPHGLGDGHUDFLRQDOL]DomRGHHQHUJLD0(H PHGLGDGHHILFLrQFLDHQHUJpWLFD0((JRWHUPRFRPXP$omRGH(ILFLrQFLD(QHUJpWLFD$((pGHILQLGRGHPRGRTXHLQFOXD DVDFo}HVGHFRQVHUYDomRHHILFLrQFLD9HUFDStWXOR ZZZHYRZRUOGRUJFRQWpPDOLVWDGRVSURILVVLRQDLVFHUWLILFDGRVGH09&093VJSHVVRDVFRPH[SHULrQFLDDGHTXDGDFXMR FRQKHFLPHQWRVREUHR,3093IRLGHPRQVWUDGRSRUVXDDSURYDomRHPH[DPH &DStWXOR²,QWURGXomRDR3,093 # 7 5 33 # 75333234524?5 0# 723452," / ZHE )57 8CCC#AC# ;# 9DQWDJHQVGDXWLOL]DomRGR3,093 6*!23452'99I 23452. x , * #@ HFRQRPLDV 23452 HFRQRPLDV #UHODWyULRGHHFRQRPLD 23452 * #(PSUHVDVGH6HUYLoRV (QHUJpWLFRV8(6&2V;,UHODWyULRGHHFRQRPLD 23452 " x &RQWUDWR GH 'HVHPSHQKR (QHUJpWLFR# 6 23452 09 , &RQWUDWRGH'HVHPSHQKR(QHUJpWLFR" x UHODWyULRV GH HFRQRPLD " x * , , # x 0 , # 7 23452 , , ,A # &DStWXOR²,QWURGXomRDR3,093 5HODomRGR3,093FRPRXWUDVGLUHWLYDVGH09 7 ( 9 23452# @ . x 6$PM6) L 'WA%&&% 4 ) O $ 8 M H ( '&;# ) 6 $O P M 6A( ) 3# 23452#6'W 23452# 6 * 23452 'W 7 23452# 6 'W / 09 6$PM6) *.]]#*# ]]*]" x L*L22,6 8%&&I;, G M 3 G 1 ( $ # 7 ( E 32452 , #5CCC# * # # 4XHPXWLOL]DR3,093" 723452 0909#( , UHODWyULRV GH HFRQRPLD # ) 3ODQR GH 09 , # 7 * 09 0. x ( %A0909" x ( H A 09 23452#EA /09 23452" x ( W A HFRQRPLD 0 HFRQRPLD# 7 @ ' 4?5W#XAW#'& #6W#'' ! # 7 60 6 0 23452'%, " &DStWXOR²,QWURGXomRDR3,093 x ( I A ! 3ODQR GH 09 A* !# 7 A 09," x ( : A ! ! HFRQRPLD" x ( K A 23452 23452" x ( X A 09 , 09#J* 09 # ( ! # 6 X#I # 7 60 1 " 0# 6*A , 09 # 7 ( X 09 0" x ( 9AA*#7 ( 9" x ( '&A/# ) 23452 , / , 3ODQRV GH 09 # 6 '#W#''#W#'& A* . x * " x ! HFRQRPLD x " x " x ^N))Z" x , 0 * ," x L" x , " x # < A* *# &DStWXOR²,QWURGXomRDR3,093 &RQWUDWDQWHVGHGHVHPSHQKRHQHUJpWLFRHRVVHXVFOLHQWHVGRVHWRULPRELOLiULR 7,090FRQWUDWRVGHGHVHPSHQKRHQHUJpWLFR * , #73ODQR09AFRQWUDWRGHGHVHPSHQKRHQHUJpWLFR * # 7 09 #7 + 68W#X#';S# 20 **A* FKLOOHU # - FKLOOHUV # -/18W#X#%; FKLOOHU ( 8 W#9; LQVWDODomR * # - FRQWUDWRV GH GHVHPSHQKR HQHUJpWLFR * 0$((V(# A 3ODQR GH 09 8( I; IDWRUHV HVWiWLFRV SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# - 8 W#'& 5 333 2 3 23452;# - 0 8W#'&; * SHUtRGRGHUHIHUrQFLD,6))# 6 FRQWUDWRGHGHVHPSHQKRHQHUJpWLFR !8;6))# @ 8W#I#%;OLPLWHGHPHGLomR 8W#W; 0 SHUtRGRGHUHIHUrQFLD!#) IDWRUHVHVWiWLFRV3ODQRGH09 !8;6))8X#%;# )0 09 8 W#X#H X#''; . 09" HFRQRPLD " S ," , 8X#HAX#I601;# 7 8X#';# &DStWXOR²,QWURGXomRDR3,093 @ 3ODQR GH 09 ! HFRQRPLD FRQWUDWDQWHGHGHVHPSHQKRHQHUJpWLFR8X#:;# 7 60 6 0 23452 8 6AK 6AX 6A9 6A% 6AH 6A: ;# &RQWUDWDQWHVGHGHVHPSHQKRHQHUJpWLFRHVHXVFOLHQWHVGHSURFHVVRVLQGXVWULDLV 7 , 09 FRQWUDWRV GH GHVHPSHQKR HQHUJpWLFR * * , 6))#- )$(7 8 ;# 7 3ODQR 09 A FRQWUDWR GH GHVHPSHQKR HQHUJpWLFR * # 70 #2+A 0 # _ $YDULiYHLVLQGHSHQGHQWHV8601A%#';# 6 AA * HQHUJLD0 # 66))8W#X;, * # 6 OLPLWH GH PHGLomR , * HQHUJpWLFR # 6 09 /# 709A FRQWUDWR GH GHVHPSHQKR HQHUJpWLFR# @ + 068W#X#';A S#20 0 ! + #- # -/ 18W#X#%; &DStWXOR²,QWURGXomRDR3,093 #6(8W#9; * # @A 0 $((V 8 W#W; A HIHLWRV LQWHUDWLYRV 7 FRQWUDWRV GH GHVHPSHQKR HQHUJpWLFR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD ! #3HUtRGRVGH5HODWyULR 8W#I#%;OLPLWHV GHPHGLomR8W#W; SHUtRGRGH UHIHUrQFLD! # IDWRUHVHVWiWLFRV 3ODQR GH 09 8( I; ! 8X#%;,3HUtRGRGHUHIHUrQFLD# 7 #7FRQWUDWDQWHV GH GHVHPSHQKR HQHUJpWLFR A * 8W#I#%;# 2 ] 8W#I#H;* # 60098W#X#HX#'%; 0 HFRQRPLD " S ," , 8X#HAX#I601;# 7 HFRQRPLD FRQWUDWR GH GHVHPSHQKRHQHUJpWLFR8X#';# @ 3ODQR GH 09 ! HFRQRPLD R HQHUJLD FRQWUDWDQWHGHGHVHPSHQKRHQHUJpWLFR8X#:; 7 60 6 0 23452 8 6AW 6AI 6A% 6AH#' 6A: ;# &RQVXPLGRUHV GH HQHUJLD LQGXVWULDLV H GH HGLItFLRV TXH ID]HP D SUySULD UDFLRQDOL]DomR 7 HQHUJLD ! 6))# @ HFRQRPLD , ^ 09Z 6))# - &DStWXOR²,QWURGXomRDR3,093 , * # 709'#W#'#'#W#% 0A* HQHUJLD FRQWUDWDQWH GH GHVHPSHQKR HQHUJpWLFR# M A# *HVWRUHV GH LQVWDODo}HV TXH SUHVWDP FRQWDV SRU YDULDo}HV GH RUoDPHQWR GH HQHUJLDiJXD 2 HQHUJLD LQVWDODo}HV HQHUJLD + LQVWDODo}HV# 7 +0 # $ YDULiYHLV LQGHSHQGHQWHV 0HQHUJpWLFRV # 7 DMXVWHV GR SHUtRGR GH UHIHUrQFLD ,!LQVWDODo}HV# 4 , * HFRQRPLD ( W ,0HQHUJpWLFR#2 3ODQRV GH098( I;A/6))#4 ( 8 W#9; # $ 8 W#X; , LQVWDODomR 8 61;# 7 HQHUJpWLFR ,HQHUJLD81W#X#%; ,+A*HQHUJLD86W#X#';#6 0 # A 8W#X#HX#'%;# 7pFQLFRVGHFRQFHSomRGHQRYRVHGLItFLRV 7 , * * HQHUJpWLFD # 6 SHUtRGR GH UHIHUrQFLD 8W#'&;SHUtRGRGHUHIHUrQFLD#6 A#( * ! &DStWXOR²,QWURGXomRDR3,093 # 2 # 6! HQHUJLD SHUtRGR GH UHIHUrQFLD A ( 8 W#9; SHUtRGR GH UHIHUrQFLD# E 23 5 333 23452 - ( A # 1RYRV SURMHWLVWDV GH HGLItFLRV TXH SURFXUDP UHFRQKHFLPHQWR SDUD VHXV SUySULRV SURMHWRVVXVWHQWiYHLV 7 , , * #2 4?5 23452#623452( K2 4?5 ( I 2 2 4?5# 7 , '#W#I 5 333 234523# *HUHQWHV GH HGLItFLRV H[LVWHQWHV TXH SURFXUDP UHFRQKHFLPHQWR SDUD D TXDOLGDGH DPELHQWDOGDRSHUDomRGRVVLVWHPDV 7 0 # 2 4?5 23452#623452 K2 4?5 8( I; 2 2 4?5#6 86));8( W#X; , * # 6 7 ( 8( W#9; 0# ) * 7 8( W#'&; , # 7pFQLFRVGHFRQFHSomRHJHVWRUHVGHSURJUDPDVUHJLRQDLVGHHILFLrQFLD E * # &DStWXOR²,QWURGXomRDR3,093 HFRQRPLDLQVWDODo}HV*!#) , # A 23452 ( WHFRQRPLDLQVWDODo}HV# 6 23452 # E / , # 2 , ( 8 W#9; # - * A HFRQRPLD SHUtRGR GH UHIHUrQFLDSHUtRGRVGH5HODWyULR# 6)57 #6)57 09 ^ Z 82J<2)57;# 3URPRWRUHVGHSURMHWRVGHFRQVXPRHILFLHQWHGHiJXD 6 09 09 09 # 6 , '#W#''#W#I'#W#X# 7 8 ;#2 , A (# 7 6)) 8 W#X; 6))8601AH;* # @ 0,' 234528( W;+ *# 0 8 X#'' I; 09, # &DStWXOR²,QWURGXomRDR3,093 (VTXHPDVGHPHUFDGRGHHPLVV}HV 7 , # E , 8'#W#H'#W#W;# 7, 8;# A / * / # 7 %&&% 23452# 2 HFRQRPLD 8 1 ( W#X#% W#9;# ) # 6 X#K 09 # &DStWXOR²,QWURGXomRDR3,093 (62\EN7%)<3-3TV7)71D)E357$609 =0HGLomRH9HULILFDomR>809; HFRQRPLDW #6HFRQRPLD HQHUJLD#2HFRQRPLD , , # 609 . x " x " x " x " x !# @0/,* 09#- *HFRQRPLD#6 HFRQRPLD # E HFRQRPLD 09#6 HFRQRPLD23452 HQHUJLD# 2EMHWLYRVGD09 6 09 ,HQHUJpWLFD ,. DDXPHQWDUDHFRQRPLDGHHQHUJLD 6 0 HFRQRPLD GH HQHUJLD $((V#),A, $((* HFRQRPLD 8FHWDO#'99K'999PHWDO#'99:;" EGRFXPHQWDUWUDQVDo}HVILQDQFHLUDV 2 , * ] * # 3ODQR GH 09 * ," $VSDODYUDVHPLWiOLFRWrPVHXVLJQLILFDGRGHILQLGRQRFDStWXOR &DStWXOR²'HILQLomRH2EMHWLYRVGH09 FDXPHQWDURILQDQFLDPHQWRSDUDSURMHWRVGHHILFLrQFLD 3ODQRGH09! # E , # ) , HQHUJpWLFD," GPHOKRUDUSURMHWRVGHHQJHQKDULDIXQFLRQDPHQWRHPDQXWHQomRGDLQVWDODomR 63ODQRGH09,, 09S,#09 , # 09 ," HJHULURUoDPHQWRVHQHUJpWLFRV 4HFRQRPLD,09, HQHUJLD 0 #6 09, 0 " IDXPHQWDURYDORUGRVFUpGLWRVGHUHGXomRGHHPLVVmR )0,#6 3ODQR GH 09 HFRQRPLD * ! ! 3ODQR GH09" JDSRLDUDDYDOLDomRGHSURJUDPDVGHHILFLrQFLDUHJLRQDLV $ HQHUJLD 09 , HQHUJLD# ( HFRQRPLD 09 , * " K DXPHQWDU D FRPSUHHQVmR GR S~EOLFR DFHUFD GD JHVWmR GH HQHUJLD FRPR IHUUDPHQWDGHSROtWLFDS~EOLFD 6 * , 09 /#)/, , ,#6HFRQRPLD09 / HQHUJLD* // 0 # &DStWXOR²'HILQLomRH2EMHWLYRVGH09 (62\EN7H2M3-(\237$)09 7 09I 0 . &RPSOHWR6HFRQRPLDGHHQHUJLDA ,# 6 09 " &RQVHUYDGRU 090HFRQRPLD" &RQVLVWHQWH 7 ! D , . x ,HQHUJpWLFD x HQHUJpWLFD," x , ,HQHUJLD# ^(Z ^Z * ! # 6 A* 23452 , , # 3UHFLVR 7 ! 09 09#7090 HFRQRPLD # 7 09 A A * ,# 7 *# 5HOHYDQWH 6 HFRQRPLD + * * + # 7UDQVSDUHQWHE09 #6 ( I : / 3ODQR GH 0 ! HFRQRPLD # 7 A 0 S09 # @ * 09 # $VSDODYUDVHPLWiOLFRWrPVHXVLJQLILFDGRGHILQLGRQRFDStWXOR &DStWXOR3ULQFtSLRVGH09 (62\EN7W)$EMEM6)72TU)$723452 ,QWURGXomR 6HFRQRPLD: HFRQRPLD ] #6 A , # )LJXUD &RQVXPRGHHQHUJLD &RQVXPRGH UHIHUrQFLD DMXVWDGR &RQVXPRGHUHIHUrQFLD GHHQHUJLD 6 2 '%101/+#17 %1057/1&''0'4)+#'8+6#&1 ^!A6))Z ,PSOHPHQWDomRGH 6)) 3HUtRGRGRFRQVXPR GH 3HUtRGRGH UHIHUrQFLD 5HODWyULR 7HPSR (0< '*! $(( # @ 0 $(( # 2$(( #6 =SHUtRGRGHUHIHUrQFLD> $((#$((SHUtRGRGHUHIHUrQFLD *$((8*=SHUtRGRGHUHIHUrQFLDDMXVWDGR>;#6HFRQRPLD^FRQVXPR $VSDODYUDVHPLWiOLFRWrPVHXVLJQLILFDGRGHILQLGRQRFDStWXOR &DStWXOR(VWUXWXUDH2So}HVGR3,093 GHHQHUJLDHYLWDGRZSHUtRGRGHUHIHUrQFLDDMXVWDGR SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD $ , FRQVXPR GH UHIHUrQFLD R GH GHWHUPLQDomR GH HFRQRPLD # _ HQHUJpWLFRV HFRQRPLD + HQHUJLD# 6 )'; . (FRQRPLD ` 8( 3HUtRGR GH UHIHUrQFLD J ( SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD;a6,# 7 b6,b , SHUtRGRV GH UHIHUrQFLD GH 5HODWyULR , # 7 ^,Z ! HFRQRPLD $((# $ , * ,#2 =HFRQRPLD> , 0 SHUtRGR GH UHIHUrQFLDSHUtRGRVGH5HODWyULR# 7 ,#$ * , 2 098( H;# 7HUPLQRORJLDGD(QHUJLDGDÈJXDHGD'HPDQGD 7HFRQRPLD * HFRQRPLD #2 HQHUJLD #*00HGLGDGH5DFLRQDOL]DomRGH (QHUJLD8$((; .* # 23URFHVVRGH&RQFHSomRGD09HR5HODWyULRGH,QIRUPDomR 74?5M! 6))# 7 09 . &DStWXOR(VWUXWXUDH2So}HVGR3,093 ! , 09# $ #$ 6)) 6)) 8W#W;# 6))8; . D; 23452 8 W#KAW#'';,6))" " 4?5"E , HQHUJLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD ,8W#:;"F;SHUtRGR GH UHIHUrQFLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 8 W#I; 8 FRQWUDWR GH GHVHPSHQKRHQHUJpWLFR;" HQHUJLD SHUtRGR GH UHIHUrQFLD A" 3ODQRGH098( I; 'H# I9" S 3ODQRGH09 $(( $((, $((# 7 * b#b 86 7M-N 8'999; 6$PM6) 'A'99: ;" HQHUJLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD3ODQRGH09" HFRQRPLDHQHUJLD3ODQR GH09 HFRQRPLDV3ODQRGH098( :;# 7K9!HFRQRPLD# E 3ODQR GH 09 23452 * #)! HFRQRPLD3ODQRGH098X#:;# &DStWXOR(VWUXWXUDH2So}HVGR3,093 - * HFRQRPLDV# /LPLWHVGH0HGLomR 6HFRQRPLDLQVWDODomR ,. x ,!, HFRQRPLD OLPLWH GH PHGLomR # HQHUJLD K# ) 6))W#X" x , !, * LQVWDODomRHQHUJLD LQVWDODomR* HFRQRPLD#7 OLPLWHGHPHGLomR LQVWDODomR#67( (IHLWRV,QWHUDWLYRV([HPSOR 3DUDXPD$((TXHUHGX]DVQHFHVVLGDGHVGHDOLPHQWDomRGDLOXPLQDomRROLPLWH GHPHGLomRGHYHLQFOXLUDSRWrQFLDGDVOkPSDGDV&RQWXGREDL[DUDHQHUJLDGD LOXPLQDomRSRGHWDPEpPEDL[DUDVFRQGLo}HVGHUHIULJHUDomRPHFkQLFDHRX DXPHQWDUDVFRQGLo}HVGHDTXHFLPHQWR7DLVIOX[RVGHHQHUJLDGHDTXHFLPHQWRH DUUHIHFLPHQWRDWULEXtGRVjLOXPLQDomRQmRSRGHPGHKiELWRVHUIDFLOPHQWH PHGLGRV6mRHIHLWRVLQWHUDWLYRVTXHSRGHUmRWHUGHVHUHVWLPDGRVHPYH]GH LQFOXtGRVGHQWURGROLPLWHGHPHGLomR W#9" x SHUtRGR GH UHIHUrQFLD SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD HQHUJpWLFRV LQVWDODomR#7OLPLWHGHPHGLomR #67W#'&# 6 OLPLWHGHPHGLomRSUiWLFR#-HQHUJpWLFRV $((8; # E # @ OLPLWHGHPHGLomRLPDJLQiULR ^HIHLWRV LQWHUDWLYRVZX# _ HIHLWRV LQWHUDWLYRV HFRQRPLD# 6 $GHWHUPLQDomRGRFRQVXPRGHHQHUJLDSRGHVHUIHLWDSRUPHGLomRGLUHWDGRIOX[RGHHQHUJLDRXSRUPHGLomRGLUHWDGH VLPLODUHV³SUR[LHV´GHFRQVXPRTXHIRUQHFHPLQGLFDomRGLUHWDGRFRQVXPRGHHQHUJLD (VWHVHIHLWRVLQWHUDWLYRVVmRSRUYH]HVFKDPDGRVGHµIXJDV¶ &DStWXOR(VWUXWXUDH2So}HVGR3,093 3ODQR GH 09 # 6HOHomRGR3HUtRGRGH0HGLomR A SHUtRGR GH UHIHUrQFLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# $ 0 # 3HUtRGRGHUHIHUrQFLD 7SHUtRGRGHUHIHUrQFLD. x LQVWDODomR#) 0 . &LFORVGHIXQFLRQDPHQWR±([HPSORV x 7 # x 7 * # x #20* , 0" x , * 0 #7 / * , A 8W#:;!6))" x 6))#2 0 SHUtRGRGHUHIHUrQFLD$((# &DStWXOR(VWUXWXUDH2So}HVGR3,093 7,$(( * SHUtRGR GH UHIHUrQFLD# 2 , * LQVWDODomR FLFOR# 3HUtRGRGHGHWHUPLQDomRGDHFRQRPLD 7 ! HFRQRPLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# 7 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD FLFOR LQVWDODomR HFRQRPLD # 6 , , HFRQRPLD bb+# 6SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD $(( HFRQRPLD # 3SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD # $ ! * *# 6 23452 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 23452#$ 23452 HFRQRPLD!HFRQRPLD 23452# 3HUtRGRV$GMDFHQWHVGH0HGLomR7HVWHHPIXQFLRQDPHQWR3DUDGR @$((SHUtRGRVGHUHIHUrQFLD SHUtRGRV GH 5HODWyULR, # ! 0$(( # )=E]2>HQHUJLD$(( $(( &DStWXOR(VWUXWXUDH2So}HVGR3,093 SHUtRGRGHUHIHUrQFLD #6 ,HFRQRPLD$((#6)';W#' HFRQRPLD , HQHUJLD ,# ) 6)) E 3# - OLPLWHV GH PHGLomR , HQHUJLD # 7 , E <]2 #7 0 # 2 0 ]2 # _ $((V 2 ) # %DVHVSDUD$MXVWHV 7 DMXVWHV ) '; W#' OLPLWHGHPHGLomR#$ ,. $MXVWHVGHURWLQD J,HQHUJLD SHUtRGRGHGHWHUPLQDomRGD HFRQRPLD # 2 ,#6 8,;0 A + / HQHUJLD # ,3ODQRGH09# 5 60 1 " $MXVWHV QmRGH URWLQD J * 0 * . * / # ) # 5 X#% DMXVWHVQmRGHURWLQD# &DStWXOR(VWUXWXUDH2So}HVGR3,093 )DWRUHV(VWiWLFRV ([HPSORVGHIDWRUHVHVWiWLFRVTXHSUHFLVDPGHDMXVWHVQmRSHUtRGLFRV x TXDQWLGDGHGHHVSDoRDVHUDTXHFLGRRXFRPDUFRQGLFLRQDGR x WLSR GH SURGXWRV D VHUHP SURGX]LGRV RX Q~PHUR GH WXUQRV GH SURGXomR SRU GLD x FDUDFWHUtVWLFDV GH UHYHVWLPHQWR GR HGLItFLR QRYR LVRODPHQWR MDQHODV SRUWDV LPSHUPHDELOLGDGHGHDU x TXDQWLGDGHWLSRRXXWLOL]DomRGRHTXLSDPHQWRGDLQVWDODomRHGRVXWLOL]DGRUHV x QRUPD DPELHQWDO LQWHULRU H[ QtYHLV GH LOXPLQDomR WHPSHUDWXUD QtYHLV GH YHQWLODomRH x WLSRRXKRUiULRGHRFXSDomR 2 )';0. (FRQRPLD HQHUJLDQRSHUtRGRGHUHIHUrQFLD±&RQVXPRQRµSHUtRGRGHGHWHUPLQDomRGD HFRQRPLD¶ $MXVWHV'HURWLQD$MXVWHV1mRGHURWLQD 7DMXVWHV)';0 ,#7, HFRQRPLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD , 0 09# )LJXUD'RLV &RQVXPRGHHQHUJLD HYLWDGR RX&XVWRHYLWDGR 'HWHUPLQDGRVHJXQGRDV FRQGLo}HVGR3HUtRGRGH $QiOLVH9HUVHomR (FRQRPLD (FRQRPLDGH (QHUJLDH &XVWRV 7LSRVGH (FRQRPLD (FRQRPLDQRUPDOL]DGD 'HWHUPLQDGDVHJXQGR FRQGLo}HVIL[DVRXµQRUPDLV¶ 9HUVHomR 9 2VHJXLQWHVPpWRGRVJHQHUDOL]DGRVSRGHPVHUDSOLFDGRVjV2So}HV$%H&GHVFULWDVQRUHVWDQWHGR&DStWXOR$2SomR' LQFOXLJHUDOPHQWHRVDMXVWHVGHQWURGDVLPXODomRHPERUDRFRQMXQWRGHFRQGLo}HVGHDMXVWHGHYDDLQGDVHUHVFROKLGR &DStWXOR(VWUXWXUDH2So}HVGR3,093 '; %DVHGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLDRX8VR(YLWDGRGH(QHUJLD @HFRQRPLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD FRQVXPR GH HQHUJLD HYLWDGR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD#7FRQVXPRGHHQHUJLDHYLWDGRHFRQRPLDSHUtRGRGHGHWHUPLQDomR GDHFRQRPLDHQHUJLD $((8;# @ HFRQRPLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 0 SHUtRGR GH UHIHUrQFLD , SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD# 2HFRQRPLD)';. &RQVXPRGHHQHUJLDHYLWDGR8(FRQRPLD;` 8 3HUtRGR GH UHIHUrQFLD r $MXVWHV GH URWLQD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD r$MXVWHVQmRGHURWLQDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD;A&RQVXPR GRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD ) . &RQVXPRGHHQHUJLDHYLWDGR8(FRQRPLD;` 3HUtRGRGHUHIHUrQFLDDMXVWDGR±&RQVXPRGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD r$MXVWHVQmRGHURWLQDFRQVXPRGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomR GDHFRQRPLD '; 7 3HUtRGR GH UHIHUrQFLD DMXVWDGR FRQVXPR GH UHIHUrQFLD DMXVWHV GH URWLQD ,A SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD# 7 SHUtRGR GH UHIHUrQFLD DMXVWDGR A SHUtRGR GH UHIHUrQFLD YDULiYHLV LQGHSHQGHQWHV SHUtRGR GH UHIHUrQFLD# ( YDULiYHO LQGHSHQGHQWH SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD SHUtRGR GH UHIHUrQFLDSHUtRGRGHUHIHUrQFLDDMXVWDGR# &DStWXOR(VWUXWXUDH2So}HVGR3,093 9DULiYHLV,QGHSHQGHQWHV 9DULiYHO LQGHSHQGHQWH p XP SDUkPHWUR TXH SRGH PXGDU UHJXODUPHQWH H FDXVDU LPSDFWR PHQVXUiYHO QR FRQVXPR GH HQHUJLD GH XP VLVWHPD RX LQVWDODomR 3RU H[HPSOR XPD YDULiYHO LQGHSHQGHQWH FRPXP TXH UHJH R FRQVXPR GH HQHUJLD GR HGLItFLR p D WHPSHUDWXUD H[WHULRU 'R PHVPR PRGR HP XPD IiEULFD R Q~PHUR GH XQLGDGHV SURGX]LGR HP GHWHUPLQDGR SHUtRGR p IUHTXHQWHPHQWH XPD YDULiYHO LQGHSHQGHQWH TXH DIHWD VLJQLILFDWLYDPHQWH R FRQVXPR GH HQHUJLD 2XWUD YDULiYHO LQGHSHQGHQWH FRPXP p R Q~PHUR GH VHJXQGRV KRUDVRX GLDV GH FDGD SHUtRGRGH PHGLomR9HUWDPEpPDVHomR %DVHGH&RQGLo}HVIL[DVRX(FRQRPLD1RUPDOL]DGD 7 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD ,#6 SHUtRGRGH UHIHUrQFLD , ^Z# 7 , , 0 HFRQRPLD =HFRQRPLD QRUPDOL]DGD> SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# - FRQVXPRVSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD GH UHIHUrQFLD , , 08^Z;# 6 ) '; ) '; ! HFRQRPLD QRUPDOL]DGD. (FRQRPLD1RUPDOL]DGD` 83HUtRGRGHUHIHUrQFLDr$MXVWHVGHURWLQD0 r$MXVWHVQmRGHURWLQD0; A8&RQVXPRGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLDr$MXVWHVGHURWLQD 0 r$MXVWHVQmRGHURWLQD0; '; 7 DMXVWHV GH URWLQD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD *FRQVXPRGR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD YDULiYHLV LQGHSHQGHQWHV SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD#),FRQVXPRGRSHUtRGR GHGHWHUPLQDomRGDHFRQRPLD0*#6,0 SHUtRGR GH UHIHUrQFLD SHUtRGR GH UHIHUrQFLD , SHUtRGR GH UHIHUrQFLD 0 *# &DStWXOR(VWUXWXUDH2So}HVGR3,093 4XHEDVHSDUDDMXVWHRXTXHWLSRGHµ(FRQRPLD¶" )DWRUHV D WHU HP FRQVLGHUDomR TXDQGR VH HVFROKH HQWUH FRQVXPR GH HQHUJLD HYLWDGR H HFRQRPLDQRUPDOL]DGD 2PRGHORGHHFRQRPLDGR³&RQVXPRGHHQHUJLDHYLWDGR´(TXDomRE A GHSHQGHGDVFRQGLo}HVGHIXQFLRQDPHQWRGRµSyVUHWURILW¶$SHVDUGHDHFRQRPLDSRGHU VHUDMXVWDGDFRUUHWDPHQWHSDUDIHQ{PHQRVFRPRRFOLPDRQtYHOUHSRUWDGRGDHFRQRPLD GHSHQGHGRFOLPD A QmR SRGH VHU FRPSDUDGR GLUHWDPHQWH FRP HFRQRPLDV SUHYLVWDV VRE FRQGLo}HV GH FRQVXPRGHUHIHUrQFLD 2PRGHORGHHFRQRPLDGD³(FRQRPLDQRUPDOL]DGD´(TXDomRF A QmR p DIHWDGR SHODV FRQGLo}HV GR µSyV UHWURILW¶ XPD YH] TXH R FRQMXQWR IL[R GH FRQGLo}HVpHVWDEHOHFLGRXPD~QLFDYH]HQmRpDOWHUDGR A SRGH VHU GLUHWDPHQWH FRPSDUDGR FRP HFRQRPLDV SUHYLVWDV VRE R PHVPR FRQMXQWR IL[R GHFRQGLo}HV A DSHQDV SRGH VHU UHSRUWDGR GHSRLV GH XP FLFOR FRPSOHWR GH FRQVXPR GH HQHUJLD GR SHUtRGRGHDQiOLVHGHPRGRTXHDFRUUHODomRPDWHPiWLFDHQWUHRFRQVXPRGRSHUtRGR GHDQiOLVHHDVFRQGLo}HVGHIXQFLRQDPHQWRSRVVDVHUGHGX]LGD 9LVmR*HUDOGDV2So}HVGR3,093 6HQHUJLD)'; . x 0A , " x $(( LQVWDODomR LQVWDODomR# 6 ! SHUtRGRV GH UHIHUrQFLD GH SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD x + HQHUJLD# 2 0+ * , " x UHSUHVHQWDQWHV SUR[LHV HQHUJLD# 2 0 " x * D LQVWDODomR HP # 0 7)A% 87;# $ HQHUJLD , * , + HQHUJLD #- HVWLPDWLYDV +$((8676;# &DStWXOR(VWUXWXUDH2So}HVGR3,093 723452HFRQRPLD861(;#6* OLPLWH GH PHGLomR 8 W#W;#$HFRQRPLD LQVWDODomR7(7 # - * ! $(( 6)) 87 6 717;# 7@'0W#XW#'&#)0 A 60 6# 6 W#'' $, # &DStWXOR(VWUXWXUDH2So}HVGR3,093 2SomR3,093 &RPRFDOFXODUD HFRQRPLD ( * 6HFRQRPLD SHUtRGRGHUHIHUrQFLD FRQVXPRGR SHUtRGRGHGHWHUPLQDomR +A*#) GDHFRQRPLD. + R 4 $((] +A* ,# " R 5HVWLPDGRV# 6 $MXVWHVGHURWLQDQmR GHURWLQD0 # + SHUtRGRGH GHWHUPLQDomRGD HFRQRPLD# $0HGLomR,VRODGDGD $((0HGLomRGRV SDUkPHWURVFKDYH 4XDGUR 9LVmR JHUDOGDV RSo}HV GR3,093 $SOLFDo}HVWtSLFDV 66)) +A* * # (* * # 7+ HVWLPDGRV6HVWLPDWLYDV A *! *#_ , +HVWLPDGR#_ HFRQRPLD HVWLPDWLYD # &DStWXOR(VWUXWXUDH2So}HVGR3,093 2SomR3,093 &RPRFDOFXODUD HFRQRPLD $SOLFDo}HVWtSLFDV 6 ,0# 4 QG #-SHUtRGRGH FRQVXPRGHUHIHUrQFLD FRQVWDQW#7 SHUtRGR GHGHWHUPLQDomRGD HFRQRPLD # &7RGDD,QVWDODomR 6 6HFRQRPLD 2 SHUtRGRGH UHIHUrQFLD LQVWDODomR LQVWDODomRSHUtRGR LQVWDODomR# LQVWDODomR# GHGHWHUPLQDomRGD 4 HFRQRPLD8 ;# 4 HQHUJLD $MXVWHVGHURWLQD LQVWDODomR 0 SHUtRGRGHUHIHUrQFLD SHUtRGRGHGHWHUPLQDomR GDHFRQRPLD# SHUtRGRGHGHWHUPLQDomR # GDHFRQRPLD# $MXVWHVQmRGHURWLQD 0 # 4 SHUtRGR 6HFRQRPLD GHUHIHUrQFLDFRQVXPR GRSHUtRGRGHUHODWR ] HQHUJLD * $((# 6 HQHUJLD# $MXVWHVGHURWLQDQmR GHURWLQD0 # HFRQRPLD SHUtRGRGHGHWHUPLQDomR GDHFRQRPLD# %0HGLomRLVRODGDGD $((0HGLomRGHWRGRV RVSDUkPHWURV &DStWXOR(VWUXWXUDH2So}HVGR3,093 4XDGUR GDVRSo} 2SomR3,093 &RPRFDOFXODUD HFRQRPLD $ * # 8 M , * ;# LQVWDODomR# '6LPXODomRFDOLEUDGD 6HFRQRPLD HQHUJLD LQVWDODomR LQVWDODomR# ) * # $SOLFDo}HVWtSLFDV 2 LQVWDODomR 0* SHUtRGRGHUHIHUrQFLD# 4 ! # ( SHUtRGRGHUHIHUrQFLD SHUtRGRGH UHODWR# 2So}HV$%0HGLomR,VRODGDGDV0HGLGDVGH5DFLRQDOL]DomRGH(QHUJLD 6 W#W OLPLWH GH PHGLomR *# 6 OLPLWH GH PHGLomR YDULiYHLV LQGHSHQGHQWHV IDWRUHV HVWiWLFRV LQVWDODomR#- LQVWDODomR*OLPLWHGHPHGLomR /LPLWHV GH PHGLomR ^ Z HIHLWRVLQWHUDWLYRV# LQVWDODomR 6))HQHUJLD LQVWDODomR # 4 LQVWDODomR OLPLWH GH PHGLomR $(( * # &DStWXOR(VWUXWXUDH2So}HVGR3,093 $HQHUJLD $(( . x 6.436)).4+A*8W#X#';" x 1. 4 3 6)). 4 + 8 W#X#%;" 7OLPLWHGHPHGLomR$(( # @ OLPLWH GH PHGLomR ([HPSORGHLVRODPHQWRGR A 0 HTXLSDPHQWR $((# 8PDFDOGHLUDpVXEVWLWXtGDSRU A RXWUDPDLVHILFLHQWHeHVWDEHOHFLGR HIHLWRV LQWHUDWLYRV 8 W#W;# 2 XPOLPLWHGHPHGLomRDSHQDVHP 0 WRUQRGDFDOGHLUDGHPRGRTXHD DYDOLDomRGDQRYDFDOGHLUDQmR P56( 8 VHMDDIHWDGDSRUYDULDo}HVQD ; / FDUJDGHDTXHFLPHQWRGHWRGDD OLPLWH GH PHGLomR LQVWDODomR + 0HGLGRUHVSDUDRFRQVXPRGH FRPEXVWtYHOHFDORUOLEHUWDGRSHOD # - $(( FDOGHLUDVmRWXGRRTXHp P56( QHFHVViULRSDUDDYDOLDUDHILFLrQFLD HIHLWR LQWHUDWLYR # $ GDVGXDVFDOGHLUDVHPWRGDD HIHLWR LQWHUDWLYR , H[WHQVmRGRVHXIXQFLRQDPHQWR$ HFRQRPLDpUHSRUWDGDSDUDD$(( *HIHLWRLQWHUDWLYR GDFDOGHLUDDSOLFDQGRR PHOKRUDPHQWRGDHILFLrQFLD HFRQRPLD #7 REVHUYDGRjFDUJDDQXDOHVWLPDGD GDFDOGHLUD2WHVWHGHHILFLrQFLD , GDFDOGHLUDpUHSHWLGRDQXDOPHQWH # - OLPLWH GH PHGLomR HIHLWRV LQWHUDWLYRV*A# [0HIHLWRVLQWHUDWLYRVOLPLWHGHPHGLomR 0DMXVWH)';# 6 HQHUJLD OLPLWH GH PHGLomR 8; 8; DMXVWH ) ';# 6 W#I 0 # 7 + # 6 + # 7 + ! $(( SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD# &DStWXOR(VWUXWXUDH2So}HVGR3,093 6A +FRQVWDQWH#FRQVWDQWH #2HFRQRPLD # 6 HFRQRPLD # ) * * ! $((# M HFRQRPLD 8( HWDO#'99W'99:"PHWDO#'99I;# $ 2 4?5 , # 7 + , # 2 FRQVWDQWH 0 0 FRQVWDQWH# ( # 7 + + 8* 0 ; # 7 + * * # 2 8 ] ; SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# )0 A F P 8'99'; 6Q HW DO# 8'9XX; PO E* 8'9X:; 1 $ P8'99I'99I;1$HWDO#8'99:;# @/ $(( OLPLWHGHPHGLomR + # E 0 #) * 6)) #) ^Z # 7 60 1AH # 2 A #7*,#- &DStWXOR(VWUXWXUDH2So}HVGR3,093 #4 # 66)). x * $(( , FRQWUDWRGHGHVHPSHQKR HQHUJpWLFRVHMDHPUD]mRGHHFRQRPLD$((VHPRVWUDU 7(" x HIHLWRV LQWHUDWLYRV $(( HQHUJLD LQVWDODomR " x LQVWDODomROLPLWHGHPHGLomR " x YDULiYHLV LQGHSHQGHQWHV HQHUJLD " x ,0HQHUJLD" x OLPLWHGHPHGLomR " x +7 DMXVWHVQmRGHURWLQD7(" x x " *! # 6 /6)) W#X#' W#X#% 0# @ 6)) W#X#H# 6 6$PM6) 8%&&%;*# 2SomR$0HGLomRLVRODGDGH$((0HGLomRGRVSDUkPHWURVFKDYH (7646)).4+A* HQHUJLD ) '; A +HVWLPDWLYDV#EHVWLPDWLYDV HFRQRPLD #_+ HVWLPDGRV + HFRQRPLD#7YDORUHVHVWLPDGRV + 3ODQRGH098( I;#6HVWLPDWLYDVA *!* SHUtRGRGH UHIHUrQFLD" " " # &DStWXOR(VWUXWXUDH2So}HVGR3,093 @ + * FRQVWDQWH * $(( SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD#6SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD +SHUtRGRGH UHIHUrQFLD# $ + * SHUtRGRVGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD +HVWLPDWLYD ( * + + HFRQRPLD # 2 0* %#'&&%#H&&*HFRQRPLD%#'&&%#H&&* +HFRQRPLD #7HVWLPDWLYDV 0#5601AI#'# 6$ , , * $((# @ * # $HFRQRPLD+HVWLPDGR+ HVWLPDWLYD#20 + SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD 2TXHPHGLU" &RQVLGHUHVHRH[HPSORGHXPSURMHWRGH + SHUtRGR GH LOXPLQDomRRQGHDDOLPHQWDomRFRQVXPLGD GR SHUtRGR GH DQiOLVH p PHGLGD PDV D UHIHUrQFLD DOLPHQWDomR GR FRQVXPR GH UHIHUrQFLD HVWLPDWLYD# QmR p PHGLGD 3RU FRQVHJXLQWH R FRQVXPRGDDOLPHQWDomRGHYH VHU WUDWDGR FRPR XPD HVWLPDWLYD QR FRQWH[WR GD )0 7 6 $(( XWLOL]DomRGD2SomR$ &RPR UHVXOWDGR DV KRUDV GH IXQFLRQDPHQWRGHYHUmRVHUPHGLGDV VHR # 6 HFRQRPLD SURFHGLPHQWR XVDGR IRU SDUD DGHULU j A 7 6 2SomR$GR3,093 A A HVWLPDWLYD # 7 $(( 0 @ % +HVWLPDWLYDV76# &DStWXOR(VWUXWXUDH2So}HVGR3,093 4XDGUR ([HPSORGH LOXPLQDomR )(4A 0HGLomRYV(VWUDWpJLDGH $GHVmR HVWLPDWLYD j2SomR 6LWXDomR +RUDVGH &RQVXPRGD $" IXQFLRQDPHQWR DOLPHQWDomR 4 (VWLPDWLYD $ $((* (VWLPDWLYD 4 - (VWLPDWLYD 4 $ $(( 4 (VWLPDWLYD - $(( *. 6SHUtRGRGH (VWLPDWLYD 4 $ UHIHUrQFLD* 4 (VWLPDWLYD - * 6** 4 (VWLPDWLYD $ (VWLPDWLYD 4 - 6* 4 (VWLPDWLYD -J * (VWLPDWLYD 4 71 @,760 FRQVXPRGH UHIHUrQFLD $(( + # 7 0 . x $(( FRQVWDQWH * # )0. * *#2 , * SHUtRGRVGHUHIHUrQFLDGHSHUtRGRGHGHWHUPLQDomRGD HFRQRPLD*HVWLPDGDV " x $((* # )0. #2, SHUtRGRGHUHIHUrQFLD SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD " x $(( * # )0. , * , # @ 7 6 # L * # &DStWXOR(VWUXWXUDH2So}HVGR3,093 2SomR$&iOFXORV 6 ) '; W#' 23452# - 76*DMXVWHVGHURWLQDQmRGHURWLQD OLPLWH GH PHGLomR YDORUHV HVWLPDGRV SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD SHUtRGRGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD# * HQHUJLD SHUtRGR GH UHIHUrQFLD SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD+76 #2 )'; . 76(FRQRPLD`9DORUHVWLPDGR083HUtRGRGHUHIHUrQFLD+ JµSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD¶+; 2SomR$9HULILFDomRGDLQVWDODomR HVWLPDGRV76 HVWLPDWLYDV , HFRQRPLD# 6 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 0 # E HFRQRPLD SDUkPHWURV HVWLPDGRV# 6 * # E 0* # 06)) # 2A HFRQRPLD * */* # - 0 * + HFRQRPLD# * , YDORUHVHVWLPDGRV# 2SomR$&XVWR 6HFRQRPLD76 7 HVWLPDU + #- HVWLPDWLYD &DStWXOR(VWUXWXUDH2So}HVGR3,093 /HVWLPDWLYD# 6 7 6 . HVWLPDWLYD # 2SomR$$VPHOKRUHVDSOLFDo}HV 2*6))W#X 76. x x HVWLPDWLYD +A* DMXVWHV QmRGH URWLQD OLPLWHGHPHGLomR" HVWLPDWLYDV" x $(( +HVWLPDGRV" x HVWLPDWLYD + 717" x +A*HFRQRPLD#7+A *, * ,* # 2SomR%0HGLomRLVRODGDGH$((0HGLomRGHWRGRVRVSDUkPHWURV 67146)).4+ HQHUJLD)'; + HQHUJLD# 6HFRQRPLD$(( 71#- 0 # 7 7 1 76#E71 ] HFRQRPLD # ) , HFRQRPLDGHHQHUJLD# 2SomR%&iOFXORV 6 ) '; W#' 23452# - 71*DMXVWHVGHURWLQDQmRGHURWLQD OLPLWH GH PHGLomR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLDSHUtRGRGHUHIHUrQFLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# 2 7 1 )'; . &DStWXOR(VWUXWXUDH2So}HVGR3,093 7 1 (FRQRPLD (QHUJLD GR SHUtRGR GH UHIHUrQFLD (QHUJLD GR SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD 2SomR%$VPHOKRUHVDSOLFDo}HV 2 6)) W#X 71. x " x +7 " x HFRQRPLDOLPLWHGHPHGLomR# $VSHFWRVGDPHGLomRLVRODGDGD$(( 6 6)) * # ) HQHUJLD,HQHUJLD $((#7* SHUtRGR GHUHIHUrQFLD3ODQRGH09# 2 0 OLPLWH GH PHGLomR . " " 0"" " # A HFRQRPLD GH HQHUJLD #6 *# 2 A HFRQRPLD8X#'';# 6 A* 6))# 0HGLo}HVGHHOHWULFLGDGH 2A8;" ""'&/ #-! + #6A LQVWDODomR# 2VYDORUHVUPVYDORUPpGLRTXDGUiWLFRSRGHPVHUUHSRUWDGRVSRULQVWUXPHQWRVGLJLWDLVGHHVWDGRVyOLGRSDUDH[SOLFDU FRUUHWDPHQWHDUHGHHOpFWULFDTXDQGRH[LVWHPGLVWRUo}HVGHRQGDHPFLUFXLWRVGHFRUUHQWHDOWHUQDGD &DStWXOR(VWUXWXUDH2So}HVGR3,093 '; 4 0 # ) * # 6 0 # 6 0,, !# 7 * *# 7 A #20* 0'I 'I # - * ! # ) ! A 0 A * VRIWZDUH!A#EA * 0 !0# * A **# &DOLEUDomR 7 *# A #7 #$ # M( '&#H# 2SomR&7RGDDLQVWDODomR 7(.E LQVWDODomR * LQVWDODomR# 7 OLPLWH GH PHGLomR LQVWDODomR # ) 7 HFRQRPLD$((LQVWDODomR HQHUJLD# 6 LQVWDODomRHFRQRPLD7( LQVWDODomR$((# 67(A , HFRQRPLD !0 LQVWDODomR#$ &DStWXOR(VWUXWXUDH2So}HVGR3,093 0 SHUtRGR GH UHIHUrQFLDHQHUJLDHFRQRPLD#) HFRQRPLD ! $(( 0 ''# E HFRQRPLD '&c SHUtRGR GH UHIHUrQFLD HQHUJLD HFRQRPLDSHUtRGRGHUHIHUrQFLD SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD# 3 LQVWDODomR DMXVWHV QmRGH URWLQD 7(HFRQRPLD 8X#%DMXVWHVQmRGHURWLQDGRSHUtRGRGHUHIHUrQFLD; 2 A ! LQVWDODomR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# ) IDWRUHV HVWiWLFRV SHUtRGR GH UHIHUrQFLD , # 66$PM6)8%&&%;*# 2SomR&$VSHFWRVUHODWLYRVDRVGDGRVGHHQHUJLD @ LQVWDODo}HVLQVWDODomR LQVWDODo}HV * # 2 0 HQHUJLD #$HQHUJLD HQHUJLD HFRQRPLDLQVWDODomR# 2 0HQHUJLDA#2 0HFRQRPLD#0 0# _ HFRQRPLD LQVWDODomR * LQVWDODomR # - HQHUJLD #@ A * , # 9HUDQH[R%$$6+5$(IRUQHFHPpWRGRVTXDQWLWDWLYRVSDUDDYDOLDURLPSDWRGDVYDULDo}HVQRVGDGRVGRFRQVXPR GHUHIHUrQFLDjPHGLGDTXHRµSyVUHWURILW¶VHDORQJD &DStWXOR(VWUXWXUDH2So}HVGR3,093 $* / # 6HFRQRPLD ! # $ SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD # - HFRQRPLD HFRQRPLDbb# 2SomR&$VSHFWRVUHODWLYRVjVIDWXUDVGHHQHUJLD 7 7( ,,#@ A * * 09#2 # 7 ! # N * # - ! # 7 ! HFRQRPLD # @ 0 # 6 !#- # 3 # E 0 , # 2SomR&9DULiYHLVLQGHSHQGHQWHV 2+ HQHUJLD LQVWDODomR YDULiYHLV LQGHSHQGHQWHV 8 0 0 W#:#';# 6 YDULiYHLV LQGHSHQGHQWHV # 7 0S#6 # 6 0 # 6 ** &DStWXOR(VWUXWXUDH2So}HVGR3,093 !8]; # 6 YDULiYHLVLQGHSHQGHQWHV #6 DQiOLVHGHUHJUHVVmR / YDULiYHLVLQGHSHQGHQWHVSHUtRGRGHUHIHUrQFLD8601A%;# 7+ HQHUJLDSHUtRGRGHUHIHUrQFLD DMXVWHVGHURWLQDHFRQRPLD'%A )';;;# 6YDULiYHLVLQGHSHQGHQWHV HQHUJLD#20 0 # 6 # 2SomR&&iOFXORVHPRGHORVPDWHPiWLFRV 2 7 ( DMXVWHV GH URWLQD ) '; AHQHUJLD # HQHUJLD ,# - DQiOLVHGHUHJUHVVmRHQHUJLD YDULiYHLV LQGHSHQGHQWHV 0" JUDXVGLD """]#7 , + 53 HQHUJLD #20HQHUJLD A 8NP'99:"'99:;# 6 7 ( 8'% %W H: ; SHUtRGR GH FRQVXPR GH UHIHUrQFLD SHUtRGRV GH 5HODWyULR 8< '9X:;# 7 / 89 '& 'H 'X 0; # 7 * * #7** /YDULiYHLVLQGHSHQGHQWHV SHUtRGRGHUHIHUrQFLD HFRQRPLD 8F'99:FQHWDO'99%;#6 FLFOR# 7RGRVRVRXWURVSDUkPHWURVTXHDIHWDPRFRQVXPRGHHQHUJLDLVWRp³IDWRUHVHVWiWLFRV´YHUFDL[DGHWH[WRQDVHomR GHYHPVHUPHGLGRVHUHJLVWUDGRVQRVSHUtRGRVGRFRQVXPRGHUHIHUrQFLDHGHDQiOLVHGHPRGRTXHSRVVDPVHUIHLWRVDMXVWHV QmRSHULyGLFRVVHQHFHVViULRYHUVHomR &DStWXOR(VWUXWXUDH2So}HVGR3,093 4 7 (# 2 A M% 8 60 1A%#%;'H# 7 60 1A%#% , # 2SomR&0HGLomR 6HQHUJLDLQVWDODomR# 7 '&&c HFRQRPLD HQHUJLD# 7 * # 7 HQHUJLD LQVWDODomR#6HQHUJLD * * # 7 LQVWDODomR HQHUJLD LQVWDODomR#6 3ODQRGH 09 , # 2SomR&&XVWR 77( HQHUJLD IDWRUHV HVWiWLFRV OLPLWH GH PHGLomR DMXVWHV QmRGH URWLQD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 7 , 0 #)**0# 7IDWRUHVHVWiWLFRV*LQVWDODomR" IDWRUHVHVWiWLFRV"" +,0# 2SomR&$VPHOKRUHVDSOLFDo}HV 67(A*. x *HQHUJpWLFRLQVWDODomR$((" ,QIRUPDo}HVDGLFLRQDLVUHVSHLWDQWHVDHVWHVSURFHGLPHQWRVGHVHOHomRSRGHPVHUHQFRQWUDGDVHP5H\QROGVH)HOV .LVVRFNHWDOHQR$6+5$(+DQGERRNRI)XQGDPHQWDOV&DStWXOR0DQXDOGH3ULQFtSLRVIXQGDPHQWDLV GR$6+5$($6+5$(WDPEpPIRUQHFHYiULRVWHVWHVHVWDWtVWLFRVSDUDYDOLGDUDXWLOLGDGHGRVPRGHORVGHUHJUHVVmR GHULYDGRV &DStWXOR(VWUXWXUDH2So}HVGR3,093 x 0$((LQVWDODomR" x $(( , HQHUJLD 8 * , 0;# 6 HFRQRPLD SHUtRGR GH UHIHUrQFLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD8601A'#%;" x 6)) 87 6 1; 0 0# 2 0 HIHLWRV LQWHUDWLYRV $(( " x SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD x IDWRUHV HVWiWLFRV DMXVWHVQmRGHURWLQD x A HQHUJLD YDULiYHLVLQGHSHQGHQWHV# 2SomR'6LPXODomRFDOLEUDGD 7 $ VRIWZDUH HQHUJLD LQVWDODomR )';#bbHQHUJLD 0# 67* $(( LQVWDODomR*7(#-7 HFRQRPLD $((,/$((V# 67* LQVWDODomR*761#- HQHUJLD W#WW#X# 67/. x 8=>;0 # E . R HQHUJpWLFD R LQVWDODo}HV0* LQVWDODomR SHUtRGR GR FRQVXPR GH UHIHUrQFLD $((" x GR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD 8=! 0 6))>; # [ LQVWDODomR HQHUJLD# 6 DMXVWHVQmRGHURWLQD0761 (0HFRQRPLD" &DStWXOR(VWUXWXUDH2So}HVGR3,093 x HFRQRPLD $(( A 761 # $ HQHUJLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD VRIWZDUH HFRQRPLD # 3 ! SHUtRGR GH UHIHUrQFLD * 8 W#X#'#%;#6,# 6 7 09 HQHUJpWLFDLQVWDODo}HV#623533323452 =( HFRQRPLD > 09 #6235333 SHUtRGRGHUHIHUrQFLD # 6 0 HQHUJLD 7 # 2 7. x 0 VRIWZDUH" x * * A*" x , +8bb;# * HQHUJLD * HQHUJpWLFR8W#'&#%;" x 7 # 0 S ! #7/VRIZDUH # 6 6$PM6) 8%&&%; * # E . x " x 0" x 0" x 0" x /# &DStWXOR(VWUXWXUDH2So}HVGR3,093 6 $(( . x !" x 0P56(# 2SomR'7LSRVGHSURJUDPDVGHVLPXODomRGHHGLItFLRV 3 ( H%46$PM6)8%&&I;:#H6$PM6)8%&&%; 60(# 2 * * *# - 6$PM6) " *" "P56(# @VRIWZDUH# 2SomR'&DOLEUDomR 6HFRQRPLD7A0 HQHUJLD#6HFRQRPLD* * # 6 HQHUJLDLQVWDODomR, # ) HQHUJLD YDULiYHLV LQGHSHQGHQWHVIDWRUHVHVWiWLFRV# 6 * '% #) # ) * #7 3ODQRGH09, # * LQVWDODomR , # ) " " " " # 6 8;0 #6 # $ #4 &DStWXOR(VWUXWXUDH2So}HVGR3,093 * # E ] #)A HQHUJLD LQVWDODomR # [ 81 HW DO '99: PQ HW DO# '99H $'99:;# 0 0. '# +A" %# #- #$ , #560 (A91# H# + " W# HQHUJLD HQHUJLD **" I# # L 0AO , # 7 ( :#H # 6 3ODQRGH0909" :# 'HW I# M* # 6 # HQHUJLD * * # 2SomR'&iOFXORV $ )';A .$((#6 ,#6)';A. (FRQRPLD`(QHUJLDGRSHUtRGRGHUHIHUrQFLD$(( &DStWXOR(VWUXWXUDH2So}HVGR3,093 J(QHUJLDGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD $(( '; )7)';^Z # $HQHUJLD SHUtRGRGHUHIHUrQFLDSHUtRGR GHGHWHUPLQDomRGDHFRQRPLD)'; HQHUJLD#-A, #2 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD ) '; A. (FRQRPLD`(QHUJLDGRSHUtRGRGHUHIHUrQFLD$(( J(QHUJLD 8$((; d]A) 2SomR'5HODWyULRGHHFRQRPLDFRQWtQXR $ * 7 $((V # - 7(7 SHUtRGRGHUHIHUrQFLD ! #67(HQHUJLD! $(( # - HQHUJLD . ; 7";SHUtRGRGHUHIHUrQFLD 7(HFRQRPLD8; # 2SomR'$VPHOKRUHVDSOLFDo}HV 67**# 67. x x HQHUJLDFRQVXPRGHUHIHUrQFLDHQHUJLDGRSHUtRGRGH GHWHUPLQDomR GD HFRQRPLD " 0$((A761" x $(( LQVWDODomR*," x * $(( ,/$((7610" &DStWXOR(VWUXWXUDH2So}HVGR3,093 ' ; x $((HIHLWRVLQWHUDWLYRV$((0 761," x SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD * ] HQHUJLD" x 0 HQHUJLD * " x LQVWDODomR $(( VRIWZDUH " x VRIWZDUH" x * ! HQHUJLD# *XLDGH6HOHomRGHRSo}HV 623452 09,,, #6< H! $ *# &DStWXOR(VWUXWXUDH2So}HVGR3,093 )LJXUD3URFHVVRGH 6HOHomRGDRSomR 6LPSOLILFDGD ,QtFLR * 35( ( 35( e 4,QVWDODomR * 35(e - $ $ - *e * LQVWDODomR - 35(e - - $ - $ 3 + HIHLWRV LQWHUDWLYRV (FRQRPLD f'&ce 6 3 +A* HIHLWRVLQWHUDWLYRV HVWLPDU+ * $ LQVWDODomR 7 < SHUtRGRGRFRQVXPR GHUHIHUrQFLD SHUtRGRGHDQiOLVH" $ ( - <SHUtRGR GRFRQVXPRGHUHIHUrQFLD SHUtRGRGHDQiOLVH $ $((8; $ - 2SomR% 2SomR$ 2SomR& 2SomR' 3 6)). + 3 6)). +A* E ,QVWDODomR $ _ *23452# - A* , @H0# &DStWXOR(VWUXWXUDH2So}HVGR3,093 2SomRVXJHULGD 4XDGUR &DUDWHUtVWLFDVGD$((GRSURMHWR 2So}HV $ % & ' g g g g g VXJHULGDV -$(( PDUFDGDV -* FRPXP; (FRQRPLD'&c g g g 4/$(( g g g 6+ HQHUJLD g g g 7HIHLWRVLQWHUDWLYRV6)) g g 4OLPLWHGH PHGLomR g g _* g g g 2 ! g g g ( g g ( g )0 g &DStWXOR(VWUXWXUDH2So}HVGR3,093 (62\EN7I(7-E)h772N6-7)09 63ODQRGH09HFRQRPLD# 6 HFRQRPLD ! $((V # 7 SHUtRGR GH UHIHUrQFLD $(( # 2 A $(( *# 6 # 3ODQRGH09 'H!. '# 2EMHWLYRGD$(($(( $((# 3 , SHUtRGR GH UHIHUrQFLD " %# 2SomRGR3,093VHOHFLRQDGDH/LPLWHGHPHGLomR)23452 W#X J W#'& HFRQRPLD# ) / / 523452 85323452)57'&&&&A'.%&&K; 0;# 3 OLPLWH GH PHGLomR HFRQRPLD# 7 0HQHUJLD # HIHLWRV LQWHUDWLYRV OLPLWH GH PHGLomR , 8W#W;" H# 5HIHUrQFLD3HUtRGRHQHUJLDHFRQGLo}HVSHUtRGRGH UHIHUrQFLD HQHUJLD OLPLWH GH PHGLomR# 8- FRQWUDWRVGHGHVHPSHQKRHQHUJpWLFRHQHUJLDGRSHUtRGRGHUHIHUrQFLD SHUtRGRGHUHIHUrQFLD(6&2 A;# , HFRQRPLD FRQWUDWR GH GHVHPSHQKR HQHUJpWLFR *SHUtRGRGHUHIHUrQFLD 3ODQRGH09)SHUtRGRGHUHIHUrQFLD. ;SHUtRGRGRFRQVXPRGHUHIHUrQFLD8W#I#';" ;HQHUJLDSHUtRGRGHUHIHUrQFLD" ; YDULiYHLV LQGHSHQGHQWHV HQHUJLD80.0;" ;)DWRUHVHVWiWLFRVHQHUJLD. A &DStWXOR&RQWH~GRGR3ODQRGH09 A SHUtRGR GH UHIHUrQFLD YDULiYHLV LQGHSHQGHQWHV# 82 0 SHUtRGR GH UHIHUrQFLD A / # ) SHUtRGR GH UHIHUrQFLD # ] 8@63; * / * #553323452 ASHUtRGRGHUHIHUrQFLD0 #20SHUtRGRGH UHIHUrQFLD$((,#7 ,HQHUJLDSHUtRGRGHUHIHUrQFLD * SHUtRGRGHUHIHUrQFLD A * *, A.# < A 8* ; A SHUtRGRGRFRQVXPR GHUHIHUrQFLD# 6 SHUtRGR GH UHIHUrQFLD 0 ] # 6 0 OLPLWH GH PHGLomR * !HFRQRPLD#@09LQVWDODomR 8W#9W#'&;LQVWDODomR " ³3HUtRGRGHGHWHUPLQDomRGDHFRQRPLD´3SHUtRGRGHGHWHUPLQDomRGD HFRQRPLD# ) + $(( $((8W#I#%;" %DVHSDUDRDMXVWH, HQHUJLD,#6SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD ,0#(W#:* HFRQRPLD HQHUJLD HYLWDGD 8W#:#'; HFRQRPLD QRUPDOL]DGD 8W#:#%;" 3URFHGLPHQWRGHDQiOLVH) 0 *!!HFRQRPLD#2 YDULiYHLV LQGHSHQGHQWHV " 3UHoR GD HQHUJLD 3 HFRQRPLD, 8X#';" (VSHFLILFDo}HVGRPHGLGRU)#2 . " &DStWXOR&RQWH~GRGR3ODQRGH09 " " " 8X#''#';" 5HVSRQVDELOLGDGHVGHPRQLWRUDPHQWR6 HQHUJLDYDULiYHLVLQGHSHQGHQWHVIDWRUHVHVWiWLFRVOLPLWH GHPHGLomRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD" 3UHFLVmRHVSHUDGD6 # ) ,!HFRQRPLD,8X#H60 1;" 2UoDPHQWR HFRQRPLD SHUtRGR GHGHWHUPLQDomRGDHFRQRPLD" )RUPDWRGRUHODWyULR3 8( :;# !" *DUDQWLDGHTXDOLGDGH) !HFRQRPLD! !# +, ! 3ODQRGH09# 276. x -XVWLILFDomR GH HVWLPDWLYDV 6 YDORUHV HVWLPDGRV )0 YDORUHV HVWLPDGRV# 4 + HVWLPDWLYDV HFRQRPLD HFRQRPLDV + HVWLPDGRV" x ,QVSHo}HVSHULyGLFDV! SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD HVWLPDGRV# 27. x 1RPHGRVRIWZDUHM/VRIWZDUH " x 'DGRV GH HQWUDGDVDtGD < ! ! S " x 'DGRVPHGLGRV6+ #" x &DOLEUDomR M HQHUJLD #M HQHUJLD# @ DMXVWHVQmRGHURWLQD# &DStWXOR&RQWH~GRGR3ODQRGH09 7 8 '' ; #6HFRQRPLD * # 6 X#I # @3ODQRVGH09 0 60 6# 6 ZHE )O 5 7 8CCC#AC# ;3ODQRVGH09# &DStWXOR&RQWH~GRGR3ODQRGH09 (62\EN7:M)N6E6M609 7 ! 4?5 3ODQR GH 098( I;# M!09. x SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD. SHUtRGRGHPHGLomRHQHUJLDYDULiYHLV LQGHSHQGHQWHV" x ," x 76YDORUHVHVWLPDGRV" x HQHUJLD" x x DMXVWH QmR SHULyGLFR GR SHUtRGR GH UHIHUrQFLD # 7 0 SHUtRGRGHUHIHUrQFLD *," (FRQRPLDHQHUJLD# 7 ! 09 , # 7 HQHUJLD!09LQVWDODomR#E / HQHUJLD* HQHUJLDLQVWDODomR# &DStWXOR²5HODWDUD09 (62\EN7K6)$V76723452 723452HFRQRPLD # 7 23452 3ODQRV GH 09 , # 7 23452 003ODQRVGH09 8( H;# 723452. '# 3ODQRGH09 A3ODQRGH09 SHUtRGRGH GHWHUPLQDomRGDHFRQRPLD" %# 3ODQRGH09. x / 23452 x 23452 x 3ODQRGH098( I; x ,23452 x , 09( H# H# 3ODQRGH0923452" W# ! 09 * M098( :;# 7 , 23452 * . =6 * 5323452)57'&&&&A'.%&'&#> 6=724?5 5323452)57'&&&&A'.%&'&ii>" ,7= 7i23452># &DStWXOR$GHVmRDR3,093 (62\EN7X7EM6$@)$EU)$(74-$)09 2 ( W 0 / 723452*#( # $SOLFDomRGRVSUHoRVGDHQHUJLD 6 HFRQRPLD A . (FRQRPLD`(J( %; 7. (`(HQHUJLDSHUtRGRGHUHIHUrQFLDDMXVWHV (`(HQHUJLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLDDMXVWHV 7A ((# @SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD HFRQRPLD 8HQHUJLDHYLWDGRW#:#'; SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD =#> )0 060 6# 3URJUDPDGHSUHoRV 7 # "" " 8 ( 9 J ;" , " "0# 9HU&DStWXORSDUDDGHILQLomRGH³HFRQRPLD´9HUWDPEpPDVHomRSDUDDH[SOLFDomRGDGLIHUHQoD HQWUHHFRQRPLDGHHQHUJLDHHQHUJLDHYLWDGDRXHFRQRPLDQRUPDOL]DGD$PHVPDH[SOLFDomRDSOLFDVHj GLIHUHQoDHQWUHHFRQRPLDGHFXVWRVHFXVWRVHYLWDGRVRXHFRQRPLDGHFXVWRVQRUPDOL]DGD 2VDMXVWHVVmRRVDGHTXDGRVGHVFULWRVQR&DStWXOR &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 7 #2 (()%; 0 * # ) * 0 #6 HQHUJLD# 7 0$(( # 87 $((#6 HQHUJLD ;# @ * LQVWDODomR HFRQRPLD 0 # 3UHoRPDUJLQDO HFRQRPLD HQHUJLD SRXSDGDV SUHoR PDUJLQDO HQHUJLD# _ SUHoR PDUJLQDO, SHUtRGRVGHUHIHUrQFLD GH5HODWyULR# 4 FXVWRVPDUJLQDLV- HFRQRPLD# 7URFDGHIRQWHGHHQHUJLDHPXGDQoDVQRSURJUDPDGHSUHoRV 6 X#' HQHUJLD SHUtRGR GH UHIHUrQFLD SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD $(( SHUtRGRGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomR GD HFRQRPLD# E 0 $(( HQHUJLD # ) A SHUtRGR GH UHIHUrQFLD ( ) %;# 7 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD (# - * SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD# 20 A SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD#)( SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD # ( SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD # E $((8;#20 * $(( X#'. ((# $MXVWHVGRSHUtRGRGHUHIHUrQFLDQmRGHURWLQD 6 HQHUJLD OLPLWH GH PHGLomR A DMXVWHVGHURWLQDW#:#6MXVWHVQmRGHURWLQDDMXVWHV GHUHIHUrQFLD0/ OLPLWHVGHPHGLomRIDWRUHVHVWiWLFRV# 7 DMXVWHV QmRGH URWLQD OLPLWH GH PHGLomR ! SHUtRGR GH UHIHUrQFLD# E IDWRU HVWiWLFR YDULiYHLV LQGHSHQGHQWHV# 2 0 $(( * /*#@* $(( DMXVWH QmR SHULyGLFR # 6 HQHUJLD * HQHUJLD GR SHUtRGRGHUHIHUrQFLDHFRQRPLD$((# 7HVWLPDGRV7623452** ,OLPLWHGHPHGLomR8 W#X#';#2 DMXVWHVQmRGH URWLQD A7 6# 20 *HVWLPDGR HFRQRPLD 7 6 $(( *# 6! 6)) LQVWDODomR OLPLWH GH PHGLomR# - 7 6 *A 0HFRQRPLD #676DMXVWHQmRSHULyGLFR# 6 SHUtRGR GH UHIHUrQFLD 3ODQR GH 09IDWRUHVHVWiWLFRV,, DMXVWHV QmRGH URWLQD # _ * IDWRUHVHVWiWLFRV#) LQVWDODomR HFRQRPLD#3ODQRGH09 IDWRUHVWiWLFR# @ DMXVWHVQmRGHURWLQD 3ODQRGH09# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 7 DMXVWHV QmRGH URWLQD 8IDWRUHV HVWiWLFRV# [ 0 #$ HQHUJLD LQVWDODomR $(( HQHUJLD LQVWDODomR A 7 1# 6 7 ( HFRQRPLD HQHUJLD LQVWDODomRIDWRUHVHVWiWLFRV# 2SDSHOGDLQFHUWH]D3UHFLVmR 6 * '&&c#7HQHUJLD HQHUJLD# ) HFRQRPLD 0HFRQRPLD#6)';* 8HQHUJLDSHUtRGRGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD 0,#2 8; ! HFRQRPLD A , 3ODQRGH09# 6 HFRQRPLD . x J 0" x J 0 HQHUJLD# 7 0" x J # 6 ': 8 %c * ;8+ *;" x HIHLWRVLQWHUDWLYRV8OLPLWHGHPHGLomR; HFRQRPLD" x HVWLPDWLYD+76A#2A YDORU + $((+ $((!# 1HVWH3URWRFRORDDPRVWUDJHPQmRVHUHIHUHDSURFHGLPHQWRVHVWDWtVWLFRVULJRURVRVPDVjVPHOKRUHVSUiWLFDVFRPRDV WUDWDGDVQRDQH[R% &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 4 6016$PM6)8%&&%;I#%#''#'K5 MO ? ( 8%&&&; HFRQRPLD# ) GH09, 09# 6 HFRQRPLD ,09#6X#I $((,#7601A'#% HFRQRPLD !09,# 6 0 , FRQILDQoD# 2 0I#&&&SUHFLVmRa'&& 9IcFRQILDQoD#E 9Ic W#9&&I#'&&# - HFRQRPLD * #2 , 09 # 7 , * # @ SUHFLVmR ! HFRQRPLD A HFRQRPLD GtJLWRV VLJQLILFDWLYRV / GtJLWRV VLJQLILFDWLYRV # 5 60 6A% 0 0 / # &XVWR 7HFRQRPLD. x 23452" x / $((V 0 " x /0 OLPLWHGHPHGLomR761 /" x *SHUtRGR GHUHIHUrQFLD" x 0 8 ;" 'HYHVHQRWDUTXHFRQWUDULDPHQWHj$6+5$(*XLGHOLQHR3,093QmRUHTXHUDLQFOXVmRGD LQFHUWH]DQRVUHODWyULRVGHHFRQRPLD &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 x *" x * HVWLPDWLYDV76" x / 0 YDULiYHLV LQGHSHQGHQWHV " x SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD" x " x !HFRQRPLD" x HFRQRPLD" x 0 HFRQRPLD# 7 09 * HFRQRPLD $(( ! !#4 *, # 2, ! 09 HFRQRPLD $(( # - 23452 $(( 09 # _ 23452 ,!#E09 HFRQRPLD $((# 2SomR$ 4XDGUR -/"0 "SHUtRGRGH GHWHUPLQDomRGDHFRQRPLD# (OHPHQWRV ~QLFRVGRV 2SomR% -/"SHUtRGRGH GHWHUPLQDomRGDHFRQRPLD 2SomR& -/ SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD"/ YDULiYHLVLQGHSHQGHQWHVDMXVWHV GHURWLQD# 2SomR' -/0"/ " # FXVWRVGH09 &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 7WA* / # 76HVWLPDWLYDV HVWLPDWLYD , 0# 7 76*0 71# 576 17( SHUtRGRVGH5HODWyULR #- 761*, # @ / $(( 7(/$((761# 7 # E ! $(( LQVWDODomR# A 09 , SHUtRGR GH GHWHUPLQDomRGDHFRQRPLD#-, * , $((#7HFRQRPLD HFRQRPLDHFRQRPLD8X#I;# 4 * #7 LQVWDODomR # - *# (TXLOLEUDUDLQFHUWH]DHRFXVWR )!HFRQRPLD HFRQRPLD# 7 09'&cHFRQRPLD# 6HFRQRPLD, 09 # EA0,HFRQRPLDj'&&#&&& jI#&&&] 09SUHFLVmR aj%I#&&& 9&c # 2 SUHFLVmR ajK#&&& 09j'&#&&&]8'&cHFRQRPLD; j%&#&&&]8%&c;# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 7 HFRQRPLD !#- *# * * HFRQRPLD * # 4 , *# 7 09 FRQWUDWR GH GHVHPSHQKR HQHUJpWLFR HFRQRPLD# 7 0 #)*L 8'99:;# )8X#H;#2 ! 09,# 2,LQVWDODomR*3ODQRGH09yWLPR# ) 3ODQR GH 09 yWLPR HFRQRPLD 09 + 09# 7 60 1 # 7 1AI#' 1AI#% ,# - $(( , 09 0$(( SHUtRGRGHUHIHUrQFLDSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD#20 76HFRQRPLD6)) ,HFRQRPLD6)) *+HVWLPDGRV +HVWLPDGRV*# 6 3ODQR GH 09 0 HQHUJLD OLPLWH GH PHGLomR 2 0 HFRQRPLD HFRQRPLD (A 09.'X '# 9DULDomRGHHQHUJLDEDL[D $(( GH SHTXHQR YDORU 6 $(( 09 A '&c HFRQRPLD * HQHUJLD # E 7 6 'X 5<)428%&&%;# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 SHUtRGRV GH 5HODWyULR # 2 0 0 *" %# 9DULDomRGHHQHUJLDDOWD$((GHSHTXHQRYDORU6$(( 09 ' # - 0 HQHUJLD + 7 1 # 6 7 1# 6 7 ( W#9 HFRQRPLD'&c LQVWDODomR" H# 9DULDomR GH HQHUJLD EDL[D $(( GH JUDQGH YDORU ( 0 HQHUJLD 0 7 6 # E HFRQRPLD * SUHFLVmR 09HFRQRPLD#2 0 HFRQRPLD $(( j'#&&&#&&& jI#&&&09j%&#&&& SUHFLVmR#$(( 7 (# 6 7 ( 09 0 IDWRUHV DMXVWHVQmRGHURWLQD W# 9DULDomR GH HQHUJLD DOWD $(( GH JUDQGH YDORU ) 0A 7 6 1 # - HFRQRPLD " 7 ( IDWRUHVDMXVWHV QmRGHURWLQD#7SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD/ FLFORVLQVWDODomR# 9HULILFDomRSRUXPYHULILFDGRULQGHSHQGHQWH @ LQVWDODomR HFRQRPLD GH HQHUJLD ! HFRQRPLD# ) 3ODQRGH09 ! HFRQRPLD0# 60DMXVWHVQmRGHURWLQD#- DMXVWHV QmRGH URWLQD LQVWDODomR * HQHUJLD# 7 LQVWDODomR IDWRUHV HVWiWLFRV A *DMXVWHVQmRGHURWLQD# FRQWUDWR GH GHVHPSHQKR HQHUJpWLFR * # , #$ &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD ,A# 7 * 0 * $((V 09 FRQWUDWRV GH GHVHPSHQKR HQHUJpWLFR# 4 / 2 ( 4 5 8( 4 5 2A(452;#'9 'DGRVSDUDRPHUFDGRGHHPLVV}HV 6 23452 ! HFRQRPLD !# ( 3ODQR GH 09 , 23452 , #-234523ODQRGH09 , , HFRQRPLD # 7 . x HFRQRPLD ** * " A -70 (75 # ) " x ! " x SHUtRGRGHUHIHUrQFLDDMXVWDGRHFRQRPLD # 2 FRQVXPRV GH UHIHUrQFLD DMXVWDGRV $((V k0k kk # 6 $((V #6 # 2 0 " 2SURJUDPDGH&093pXPDDWLYLGDGHFRQMXQWDGD(IILFLHQF\9DOXDWLRQ2UJDQL]DWLRQHGD$VVRFLDWLRQRI (QHUJ\(QJLQHHUV$(($FHVVtYHODWUDYpVGRVtWLRGDZHEGD(92ZZZHYRZRUOGRUJ &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 x HFRQRPLD , " x HFRQRPLD 0# ( * ! HFRQRPLD #2HFRQRPLD 0=>0* # 2 HFRQRPLD => 0 # 6 ! 0 * =L LA ()O2,8GM3%&&K;># &RQGLo}HVGHIXQFLRQDPHQWRPtQLPR LQVWDODomR + #7+A*. "" 0"""0 0 "0# 73ODQRGH09 8( I;# 7 5 33 23452 =( * > # 'DGRVFOLPiWLFRV @ # 2 * # - #$ A, # @ JUDXGLD# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 3DGU}HVPtQLPRVGHHQHUJLD @ %& HFRQRPLD HQHUJLD GR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD # - HQHUJLD GR SHUtRGR GH UHIHUrQFLD HQHUJLD # 4XHVW}HVUHODWLYDVjPHGLomR 6 # ) 8, '&#%;# 6 )57# 7 @ I 0 A* 09 #)@ # (UURVQDREWHQomRGHGDGRVHGDGRVSHUGLGRV -*#6 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD #73ODQR GH 09 0 0 0 #) #7 #7 3ODQR GH 09 SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD # - SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD HFRQRPLD # _ SHUtRGR GH UHIHUrQFLD HQHUJLDYDULiYHLVLQGHSHQGHQWHV0SHUtRGR GHUHIHUrQFLD#2 SHUtRGRGHUHIHUrQFLD 07#@ SHUtRGRGHUHIHUrQFLD ASHUtRGRGHUHIHUrQFLD* #73ODQRGH09SHUtRGRGHUHIHUrQFLD# 286'HSDUWPHQWRI(QHUJ\ V%XLOGLQJ(QHUJ\6WDQGDUGVDQG*XLGHOLQHV3URJUDP%6*3GLVSRQtYHO HPZZZHUHQGRHJRYEXLOGLQJVFRGHVBVWDQGDUGVEXLOGLQJVIRUQHFHLQIRUPDomRDFHUFDGDVQRUPDVGRV HGLItFLRVUHVLGHQFLDLVFRPHUFLDLVHIHGHUDLVGRV(8$ &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 4XDGUR7LSRVGHPHGLGRUHVFKDYH±3DUWH $SOLFDomR &DWHJRULDGR PHGLGRU 7LSRVGH PHGLGRU ( 8R; E 3 8E3; E / l'c E 8; E E8EE; E / C 4 8 R ; # 83))) I'9A'99%; 3UHFLVmR WtSLFD 0HOKRUHV XVRV 4XHVW}HVHVSHFLDLVGH 09 - '&&c * < * ( M 2 *0 8ME; M 10 6 4#E EA ) ) )0#6 #- E 8 ; &XVWR UHODWLYR - 80. ; *S 2 (68C; ) (6 8CA*; E 8*; 4 &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 4XDGUR7LSRVGH PHGLGRUHVFKDYH² 3DUWH 4XDGUR7LSRVGHPHGLGRUHVFKDYH±3DUWH $SOLFDomR 8c; &DWHJRULD GR PHGLGRU 7LSRVGH PHGLGRU 3UHFLVmR WtSLFD &XVWR UHODWLYR 0HOKRUHV XVRV 4XHVW}HV HVSHFLDLVGH 09 - 2 'AIc 0# l'c E l'c N * 6 ! l'c E 4 0 4 ) 4 0 3 <0 8] ; - 2 ) 1? ! 10 ( ( 0 0 # 2 # L l'c ) &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 8WLOL]DomRGHVLVWHPDVGHFRPDQGRSDUDDREWHQomRGHGDGRV #-KDUGZDUHVRIWZDUH * 0 0 # 6 + / . 0# 6 / HFRQRPLD / # 7VRIWZDUH*, IDWRUHV HVWiWLFRV SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD # 7 LQVWDODomR ! * *0# E ! , # 6 PRGHP !# - # 7 # - b b 865;HFRQRPLD 65 8( HW DO# '99H P 6Q'99H;#_ 65 # A . x ] 0 HQHUJLD" !A 65 " &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 x . R VWDQGDUG R ] #80 8$QHWDO#'99%;; R 0 # 'tJLWRV6LJQLILFDWLYRV @0 # 2 *, #723452 ,# 6 =># $H#'G[?G\ ¨[?¨\H#%0. (0 H#%A#6 H#% a # 2 / . x m&8&&&'%HfH ;" x 8&'%HfH ;" x *, 8'%H&&fH " '%H0'&W"'%#H&&fI '%H&&0'&W;" x ! m&/'8&&&'%Hf H ;# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 2SHUDomRDULWPpWLFD $%% gdn 4%H g0n 2 g UHJUD 680 ; #6 80 ; 6 6 ±([HPSORV -/ &&'%H H " '%H&& H 8'%H0'&W;" '%#H&& I 8'%H&&0'&W;" '&&&%H : " '%#H&&&&& X " '%#H&&&'% X # $ &%&I: %IK% 'WW%I XK:'oooooo 8I ; '#&%H' 4 '%HWI0&&H:9 `&WI: 8H fH:9; I:&&&0&&&KXI%'%`&WH9K% 8I fI:&&&; 2 %&&p% `%:K 8H H; 6 0 #20 H%'QGW#I:W* %' %% %H P 0 0# 4Qಬ$PQ4*) X*)##%#%A%#H# 0DUNಬV6WDQGDUG+DQGERRNIRU0HFKDQLFDO(QJLQHHUVWK(GSS &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 j&&K'%]QG*8q; QmR.H%'QG0W#I:W*`'W:#I&WQG*f 'WK#&&&QG* 'WK#&&&QG*0j&&K'%]QG*`j'&#W::fj'&#I&&# $0. H%'QG0W#I:W*0j&#&K'%]QG*`j'&#WH'fj'&#W&& - =>#)0 A# ±&DVRVHVSHFLDLV 6 / /0#-/0 # 0/0# $j&&:]QG*8q;K%I#:9'QG* jWH#IW'W:jW&#&&& #) /0#-*8;# 70#$ j''I*]8q;HjHWI4 jH*#4 =H> # _*/4?5 ,# 8q; A# &DStWXOR²2XWUDVTXHVW}HVFRPLQVGH09 &$3Ì78/2'(),1,d¯(6 2VWHUPRVHQFRQWUDPVHHPLWiOLFRQRWH[WRSDUDLQGLFDUTXHWrPRVVHJXLQWHVVLJQLILFDGRV $((±$omRGH(ILFLrQFLD(QHUJpWLFD$WLYLGDGHRXFRQMXQWRGHDWLYLGDGHVFRQFHELGRV SDUDDXPHQWDUDHILFLrQFLDHQHUJpWLFDGHXPDLQVWDODomRVLVWHPDRXSHoDGHHTXLSDPHQWR $V$((VSRGHPWDPEpPFRQVHUYDUHQHUJLDVHPPXGDUDHILFLrQFLD9iULDV$((VSRGHP VHULPSODQWDGDVQXPDLQVWDODomRDRPHVPRWHPSRFDGDXPDFRPXPDLQWHQVLGDGH GLIHUHQWH8PD$((SRGHLPSOLFDUXPDRXPDLVDOWHUDo}HVItVLFDVDRHTXLSDPHQWRGD LQVWDODomRUHYLV}HVGRVSURFHGLPHQWRVGHIXQFLRQDPHQWRHGHPDQXWHQomRDOWHUDo}HVGH VRIWZDUHRXQRYRVPHLRVGHIRUPDomRRXJHVWmRGRVXVXiULRVGRHVSDoRRXRSHUDo}HVHGR SHVVRDOGDPDQXWHQomR8PD$((SRGHVHUDSOLFDGDFRPRXPDDOWHUDomRDXPVLVWHPDRX LQVWDODomRMiH[LVWHQWHVRXFRPRXPDPRGLILFDomRDXPFRQFHLWRDQWHVGDFRQVWUXomRGH XPQRYRVLVWHPDRXLQVWDODomR $MXVWHV GH URWLQD 2V FiOFXORV QD (TXDomR D GR FDStWXOR IHLWRV FRP XPD IyUPXOD PRVWUDGD QR 3ODQR GH 09 SDUD H[SOLFDU DV DOWHUDo}HV QDV YDULiYHLV LQGHSHQGHQWHV VHOHFLRQDGDVGHQWURGDIURQWHLUDGHPHGLomRGHVGHRSHUtRGRGHUHIHUrQFLD $MXVWHVGRSHUtRGRGHUHIHUrQFLD$MXVWHVQmRGHURWLQDVHo}HVHTXHVXUMDPGH DOWHUDo}HV GXUDQWH R SHUtRGR GH H[HFXomR GDV $((V HP TXDOTXHU IDWRU TXH JRYHUQH D HQHUJLD GD LQVWDODomR GHQWUR GD IURQWHLUD GH PHGLomR H[FHWR DV GHQRPLQDGDV YDULiYHLV LQGHSHQGHQWHVXVDGDVSDUDDMXVWHVGHURWLQD $MXVWHV QmR GH URWLQD &iOFXORV LQGLYLGXDLV GH HQJHQKDULD QD (TXDomR GR FDStWXOR SDUD H[SOLFDU DV DOWHUDo}HV QRV IDWRUHV HVWiWLFRV GHQWUR GD IURQWHLUD GH PHGLomR GHVGH R SHUtRGR GH UHIHUrQFLD 4XDQGR RV DMXVWHV QmR GH URWLQD VmR DSOLFDGRV DR SHUtRGR GH UHIHUrQFLD VmR jV YH]HV GHQRPLQDGRV DSHQDV ³DMXVWHV GR SHUtRGR GH UHIHUrQFLD´ 9HU WDPEpPVHomR $QiOLVH GH UHJUHVVmR 7pFQLFD PDWHPiWLFD TXH H[WUDL SDUkPHWURV GH XP FRQMXQWR GH GDGRV SDUD GHVFUHYHU D FRUUHODomR HQWUH YDULiYHLV LQGHSHQGHQWHV PHGLGDV H YDULiYHLV GHSHQGHQWHVKDELWXDOPHQWHGDGRVGHHQHUJLD9HU$QH[R% &LFOR3HUtRGRGHWHPSRHQWUHRLQtFLRGHPRGRVVXFHVVLYRVGHIXQFLRQDPHQWRVLPLODUHVGH XPD LQVWDODomR RX SHoD GH HTXLSDPHQWR FXMR FRQVXPR GH HQHUJLD YDULH HP UHVSRVWD DRV SURFHGLPHQWRV GH IXQFLRQDPHQWR RX YDULiYHLV LQGHSHQGHQWHV 3RU H[HPSOR R FLFOR GD PDLRULDGRVHGLItFLRVpGHPHVHVXPDYH]TXHRVHXFRQVXPRGHHQHUJLDUHVSRQGHjV FRQGLo}HVFOLPiWLFDVH[WHULRUHVTXHYDULDPQXPDEDVHDQXDO8PRXWURH[HPSORpRFLFOR VHPDQDOGHXPSURFHVVRLQGXVWULDOTXHIXQFLRQDDRV'RPLQJRVGHIRUPDGLIHUHQWHGRUHVWR GDVHPDQD &RHILFLHQWHGHGHWHUPLQDomR5 9HU$QH[R% &RHILFLHQWHGHYDULkQFLD&99HU$QH[R% &RPLVVLRQDPHQWR 3URFHVVR SDUD UHDOL]DU YHULILFDU H GRFXPHQWDU R GHVHPSHQKR GR HTXLSDPHQWR HP VDWLVID]HU DV QHFHVVLGDGHV GH IXQFLRQDPHQWR GD LQVWDODomR GHQWUR GD FDSDFLGDGHGHFRQFHSomREHPFRPRHPFRQIRUPLGDGHFRPDGRFXPHQWDomRGDFRQFHSomR HRVFULWpULRVIXQFLRQDLVGRSURSULHWiULRLQFOXLQGRDIRUPDomRGRSHVVRDORSHUDFLRQDO &RQVWDQWH 7HUPRXVDGRSDUDGHVFUHYHUXPSDUkPHWUR ItVLFR TXHQmR VH DOWHUDGXUDQWH XPSHUtRGRGHDQiOLVH9DULDo}HVPHQRUHVSRGHPVHUREVHUYDGDVQRSDUkPHWURSRGHQGR VHFRQWLQXDUDGHVFUHYrORFRPRFRQVWDQWH$PDJQLWXGHGDVYDULDo}HVTXHVmRWLGDVFRPR VHQGRµPHQRUHV¶GHYHVHUUHSRUWDGDQR3ODQRGH09 &RQWUDWR GH SHUIRUPDQFH HQHUJpWLFD &RQWUDWR HQWUH GXDV RX PDLV SDUWHV QR TXDO R SDJDPHQWR VH EDVHLD QD REWHQomR GH UHVXOWDGRV HVSHFtILFRV WDLV FRPR D UHGXomR QRV FXVWRVGHHQHUJLDRXRUHHPEROVRGRLQYHVWLPHQWRGHQWURGHXPGHWHUPLQDGRSHUtRGR &9(04&RHILFLHQWHGHYDULkQFLDHUURPpGLRTXDGUiWLFR9HU$QH[R% &DStWXOR'HILQLo}HV 'HPDQGD D VHU SDJD 8P PpWRGR TXH DV HPSUHVDV GR VHWRU HQHUJpWLFR XWLOL]DP SDUD HVWDEHOHFHU D GHPDQGD SHOD TXDO HOHV IDWXUDP TXDQGR HVWD p GLIHUHQWH GD GHPDQGD UHJLVWUDGD $V HPSUHVDV GR VHWRU HQHUJpWLFR SRGHP FRQVLGHUDU Pi[LPRV RX PtQLPRV VD]RQDLV IDWRU GH SRWrQFLD RX PRQWDQWHV GRV FRQWUDWRV SDUD HVWDEHOHFHU D GHPDQGD HP IDWXUDVFKDPDGD³GHPDQGDIDWXUDGD´ 'HPDQGD$WD[DGHHQHUJLDQDXQLGDGHGHWHPSR0XLWDV&RQFHVVLRQiULDVDGRWDPFRPR SDUFHODGHVXDIDWXUDRYDORUGDGHPDQGDPi[LPD³GHPDQGDGHSLFR´$GHPDQGDHOpWULFD pQRUPDOPHQWHGHILQLGDHP³N:´9HUWDPEpP³GHPDQGDIDWXUDGD´ 'HVYLRSDGUmR9HU$QH[R% 'tJLWRV VLJQLILFDWLYRV 4XDQWLGDGH GH GtJLWRV GH XP Q~PHUR QHFHVViULD SDUD DOFDQoDU R LQWHUYDORGHFRQILDQoDIL[DGR9HUVHomR 'LVWULEXLomRW9HU$QH[R% (FRQRPLD QRUPDOL]DGD 5HGXomR QR FRQVXPR RX QR FXVWR GD HQHUJLD TXH RFRUUHX GXUDQWHDH[HFXomRGDV$((VFRPSDUDGDFRPDTXHWHULDRFRUULGRVHDLQVWDODomRWLYHVVH VLGR HTXLSDGD H IXQFLRQDVVH FRPRGXUDQWH R SHUtRGRGH UHIHUrQFLD PDV VRE XP FRQMXQWR QRUPDOGHFRQGLo}HV(VWDVFRQGLo}HVQRUPDLVSRGHPVHUXPDPpGLDDORQJRSUD]RRXDV GH XP TXDOTXHU RXWUR SHUtRGR GH WHPSR HVFROKLGR TXH QmR VHMD R GH GHWHUPLQDomR GDV HFRQRPLDV $V FRQGLo}HV QRUPDLV SRGHP WDPEpP VHU HVWDEHOHFLGDV FRPR VHQGR DV TXH SUHYDOHFHP GXUDQWH R SHUtRGR GH UHIHUrQFLD HVSHFLDOPHQWH VH IRUDP XVDGDV FRPR EDVH SDUD SUHYHU D HFRQRPLD 9HU VHomR 6H DV FRQGLo}HV IRUHP DV GR SHUtRGR GH GHWHUPLQDomR GDV HFRQRPLDV R WHUPR FRQVXPR GH HQHUJLD HYLWDGR YHU VHomR RX DSHQDVHFRQRPLDpXVDGRHPYH]GHHFRQRPLDQRUPDOL]DGD (FRQRPLD5HGXomRQRXVRRXQRFXVWRGHHQHUJLD$HFRQRPLDItVLFDSRGHVHUH[SUHVVD FRPR XVR GH HQHUJLD HYLWDGR RX HFRQRPLD QRUPDOL]DGD YHU VHo}HV H UHVSHFWLYDPHQWH$HFRQRPLDPRQHWiULDSRGHVHUH[SUHVVDGHIRUPDDQiORJDFRPR³FXVWR HYLWDGR´ RX ³FXVWR GD HFRQRPLD QRUPDOL]DGD´ YHU VHomR $ HFRQRPLD XWLOL]DGD QR 3,093 QmR p D VLPSOHV GLIHUHQoD HQWUH DV IDWXUDV GR FRPHUFLDOL]DGRU GH HQHUJLD QRV SHUtRGRV GH UHIHUrQFLD H GH SyVH[HFXomR GDV $((V RX DV TXDQWLGDGHV FRQWDGDV 9HU VHomRSDUDPDLVLQIRUPDo}HVDFHUFDGHVWHSRQWR (IHLWRVLQWHUDWLYRV(IHLWRVQDHQHUJLDFULDGRVSRUXPD$((PDVQmRPHGLGRVGHQWURGD IURQWHLUDGHPHGLomR (PSUHVDV GH 6HUYLoRV GH (QHUJLD (6&2 8PD HPSUHVD TXH IRUQHFH VHUYLoRV GH FRQFHSomRHH[HFXomRGH$((VVREXPFRQWUDWRGHSHUIRUPDQFHHQHUJpWLFD (QHUJLD DMXVWDGD GR SHUtRGR GH UHIHUrQFLD 2 XVR GD HQHUJLD QR SHUtRGR GH UHIHUrQFLD DMXVWDGRSDUDXPFRQMXQWRGLIHUHQWHGHFRQGLo}HVGHRSHUDomR (QHUJLDGHUHIHUrQFLD2XVRGDHQHUJLDGRSHUtRGRGHUHIHUrQFLDVHPDMXVWHV (QHUJLD8VRGHHQHUJLDRXGHiJXDRXDLQGDDGHPDQGDSDUDHIHLWRGHVWH3URWRFROR (UURSDGUmRGDHVWLPDWLYD9HU$QH[R% (UURSDGUmRGRFRHILFLHQWH9HU$QH[R% (UURSDGUmR9HU$QH[R% (UURSURYiYHO9HU$QH[R% (UURVLVWHPiWLFRPpGLR(609HU$QH[R% (VWLPDWLYD 3URFHVVR GH GHWHUPLQDomR GH XP SDUkPHWUR XWLOL]DGR HP XP FiOFXOR GH HFRQRPLDDWUDYpVGHRXWURVPpWRGRVTXHQmRUDPHGLomRQRVSHUtRGRVGHUHIHUrQFLDHGH GHWHUPLQDomR GD HFRQRPLD (VWHV PpWRGRV SRGHP LU GHVGH VXSRVLo}HV DUELWUiULDV D HVWLPDWLYDV GH HQJHQKDULD GHULYDGDV GD FODVVLILFDomR GR IDEULFDQWH GR GHVHPSHQKR HQHUJpWLFRGRHTXLSDPHQWR2VWHVWHVGRGHVHPSHQKRHQHUJpWLFRGRHTXLSDPHQWRTXHQmR VmR IHLWRVQRORFDORQGH HVWHpXVDGRGXUDQWHR SyVH[HFXomRGDV $((V VmRHVWLPDWLYDV SDUDILQVGHDGHUrQFLDDR3,093 &DStWXOR'HILQLo}HV )DWRUHV HVWiWLFRV &DUDWHUtVWLFDV GH XPD LQVWDODomR TXH DIHWDP R FRQVXPR GH HQHUJLD GHQWURGD IURQWHLUDGH PHGLomRHVFROKLGDPDVQmRXVDGDVFRPREDVHSDUDRVDMXVWHVGH URWLQD(VWDVFDUDFWHUtVWLFDVLQFOXHPFDUDWHUtVWLFDVIL[DVDPELHQWDLVGHIXQFLRQDPHQWRHGH PDQXWHQomR3RGHPVHUFRQVWDQWHVRXYDULiYHLV9HUDVVHo}HVH )URQWHLUDGHPHGLomR)URQWDLUDYLUWXDOHVWDEHOHFLGDjYROWDGRHTXLSDPHQWRHRXVLVWHPDV SDUDVHSDUDUDTXHOHVTXHVmRUHOHYDQWHVSDUDDGHWHUPLQDomRGDHFRQRPLDGDTXHOHVTXH QmR R VmR 7RGRV RV FRQVXPRV GH HQHUJLD GR HTXLSDPHQWR RX GRV VLVWHPDV GHQWUR GD IURQWHLUDGHPHGLomRGHYHPVHUPHGLGRVRXHVWLPDGRV9HUVHomR *UDXVGLD 8P JUDXGLD p D PHGLGD GD FDUJD GH DTXHFLPHQWR RX UHVIULDPHQWR QXPD LQVWDODomRSURGX]LGDSHODWHPSHUDWXUDH[WHULRU4XDQGRDWHPSHUDWXUDPpGLDH[WHULRUGLiULD HVWi XP JUDX DEDL[R GD WHPSHUDWXUD GH UHIHUrQFLD HVWDEHOHFLGD FRPR SRU H[HPSOR R& SRU XP GLD p GHILQLGR TXH Ki XP JUDXGLD GH DTXHFLPHQWR 6H HVWD GLIHUHQoD GH WHPSHUDWXUD VH PDQWLYHVVH GXUDQWH GH] GLDV KDYHULD GH] JUDXVGLD GH DTXHFLPHQWR FRQWDGRVSDUDRSHUtRGRWRWDO6HDGLIHUHQoDGHWHPSHUDWXUDIRVVHPJUDXVGXUDQWH GLDVVHULDPFRQWDGRVJUDXVGLDGHDTXHFLPHQWR4XDQGRDWHPSHUDWXUDDPELHQWHHVWi DEDL[RGDWHPSHUDWXUDGHUHIHUrQFLDpQHFHVViULRTXHRVJUDXVGLDGHDTXHFLPHQWRVHMDP FRQWDGRV4XDQGRDWHPSHUDWXUDDPELHQWHHVWiDFLPDGDUHIHUrQFLDVHUmRFRQWDGRVJUDXV GLD GH UHVIULDPHQWR 9HU R $QH[R & %UDVLO SDUD D GHWHUPLQDomR GD WHPSHUDWXUD GH UHIHUrQFLD ,QVWDODomR(GLItFLRRXORFDOLQGXVWULDOFRPYiULRVVLVWHPDVTXHXWLOL]DP(QHUJLD8PDDOD RXVHomRGHXPDLQVWDODomRPDLRUSRGHUiVHUWUDWDGDFRPRXPDLQVWDODomRSRUVLVyVHWLYHU PHGLGRUHVTXHPHoDPVHSDUDGDPHQWHWRGDDVXD(QHUJLD ,QWHUYDOR GH FRQILDQoD $ SUREDELOLGDGH GH TXDOTXHU YDORU PHGLGR ILFDU GHQWUR GH XPD JDPDHVWDEHOHFLGDGHSUHFLVmR9HU$QH[R% 0pGLD9HU$QH[R% 0HGLomR H 9HULILFDomR 09 3URFHVVR GH XWLOL]DomR GH PHGLo}HV SDUD GHWHUPLQDU FRUUHWDPHQWH D HFRQRPLD UHDO GHQWUR GH XPD LQVWDODomR LQGLYLGXDO SRU XP SURJUDPD GH JHVWmRGHHQHUJLD$HFRQRPLDQmRSRGHVHUPHGLGDGLUHWDPHQWHXPDYH]TXHUHSUHVHQWD DDXVrQFLDGRFRQVXPRGHHQHUJLD(PYH]GLVVRDHFRQRPLDpGHWHUPLQDGDFRPSDUDGRR FRQVXPR PHGLGR DQWHV H GHSRLV GD LPSOHPHQWDomR GH XP SURMHWR ID]HQGR RV DMXVWHV DGHTXDGRVSDUDDVDOWHUDo}HVQDVFRQGLo}HV9HUWDPEpP&DStWXOR 0HGLo}HV &ROHomR GH GDGRV GH HQHUJLD GXUDQWH XP SHUtRGR GH WHPSR QXPD LQVWDODomR DWUDYpVGDXWLOL]DomRGHGLVSRVLWLYRVGHPHGLomR 0RGHOR GH VLPXODomR &RQMXQWR GH DOJRULWPRV TXH FDOFXOD R XVR GH HQHUJLD GH XPD LQVWDODomREDVHDGRHPHTXDo}HVGHHQJHQKDULDHSDUkPHWURVGHXWLOL]DomRGHILQLGRV 1tYHOGHFRQILDQoD3UREDELOLGDGHGHTXHXPYDORUPHGLGRHVWHMDFRPSUHHQGLGRHPXPD GHWHUPLQDGDIDL[DGHSUHFLVmR9HU$QH[R% 3HUtRGRGHGHWHUPLQDomRGDHFRQRPLD3HUtRGRGHWHPSRTXHVHVHJXHjLPSOHPHQWDomR GHXPD$((FRPUHODWyULRVGHHFRQRPLDDGHUHQWHVDR3,093(VWHSHUtRGRSRGHVHUWmR FXUWR TXDQWR R WHPSR GH XPD PHGLomR LQVWDQWkQHD GH XPD TXDQWLGDGH FRQVWDQWH VXILFLHQWHPHQWHORQJRSDUDUHIOHWLUWRGRVRVPRGRVGHIXQFLRQDPHQWRQRUPDOGHXPVLVWHPD RX LQVWDODomR FRPRSHUDo}HV YDULiYHLV D GXUDomR GR SHUtRGR GH UHHPEROVR ILQDQFHLURGH XPLQYHVWLPHQWRDGXUDomRGHXPSHUtRGRGHPHGLomRGRGHVHPSHQKRHQHUJpWLFRVREXP FRQWUDWRGHGHVHPSHQKRHQHUJpWLFRRXLQGHILQLGR 3HUtRGRGHUHIHUrQFLD3HUtRGRGHWHPSRHVFROKLGRSDUDUHSUHVHQWDURIXQFLRQDPHQWRGD LQVWDODomR RX VLVWHPD DQWHV GD LPSOHPHQWDomR GH XPD $(( (VWH SHUtRGR SRGH VHU WmR FXUWR TXDQWR R WHPSR QHFHVViULR SDUD XPD PHGLomR LQVWDQWkQHD GH XPD TXDQWLGDGH FRQVWDQWHRXVXILFLHQWHPHQWHORQJRSDUDUHIOHWLUXPFLFORGHIXQFLRQDPHQWRFRPSOHWRGHXP VLVWHPDRXLQVWDODomRHPFRQGLo}HVYDULiYHLV 3ODQRGH09'RFXPHQWRGHILQLGRQR&DStWXOR 3UHFLVmR4XDQWLGDGHSHODTXDOVHHVSHUDTXHXPYDORUPHGLGRVHGHVYLHGRYHUGDGHLUR YDORU$SUHFLVmRpH[SUHVVDFRPRXPDWROHUkQFLDGH³´4XDOTXHUGHFODUDomRGHSUHFLVmR &DStWXOR'HILQLo}HV DFHUFD GH XP YDORU PHGLGR GHYH LQFOXLU XPD GHFODUDomR GH FRQILDQoD 3RU H[HPSOR D SUHFLVmRGHXPPHGLGRUSRGHVHUFODVVLILFDGDSHORIDEULFDQWHGRPHGLGRUFRPRFRP XPLQWHUYDORGHFRQILDQoDGH9HUDQH[RV%H%SDUDDVGHILQLo}HVGHSUHFLVmR DEVROXWDHSUHFLVmRUHODWLYD 3UHoRPDUJLQDO2FXVWRGHXPDXQLGDGHDGLFLRQDOGHXPSURGXWRFREUDGRVREXPDWDULID KRUiULDFRPSOH[D 5HSUHVHQWDQWH³SUR[L´3DUkPHWURPHGLGRTXHVXEVWLWXLDPHGLomRGLUHWDQRORFDOGHXP SDUkPHWURGHHQHUJLDTXDQGRVHSURYRXTXHH[LVWLDXPDUHODomRHQWUHRVGRLVQRORFDO3RU H[HPSORVHVHSURYRXTXHH[LVWHXPDUHODomRHQWUHRVLQDOGHVDtGDGHXPFRQWURODGRUGH XPYDULDGRUGHYHORFLGDGHHDQHFHVVLGDGHGHSRWrQFLDGDYHQWRLQKDFRQWURODGDHVWHVLQDO GHVDtGDpXPUHSUHVHQWDQWHGDSRWrQFLDGDYHQWRLQKD 8VRHYLWDGRGHHQHUJLD5HGXomRGRXVRGHHQHUJLDTXHRFRUUHXGXUDQWHRSHUtRGRGH GHWHUPLQDomRGDHFRQRPLDUHODWLYDPHQWHDRTXHWHULDRFRUULGRVHDLQVWDODomRMiHVWLYHVVH QR SHUtRGR GH UHIHUrQFLD IXQFLRQDQGR QDV FRQGLo}HV GR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLDYHUVHomR³&XVWRHYLWDGR´pRHTXLYDOHQWHPRQHWiULRGR³XVRGHHQHUJLD HYLWDGR´$PERVVmRKDELWXDOPHQWHGHQRPLQDGRV³HFRQRPLD´(FRQRPLDQRUPDOL]DGDpXP RXWURWLSRGHHFRQRPLD 9DULkQFLD9HU$QH[R% 9DULiYHOLQGHSHQGHQWH3DUkPHWURTXHVHHVSHUDTXHYDULHUHJXODUPHQWHHTXHWHQKDXP LPSDFWRPHQVXUiYHOQRFRQVXPRGHHQHUJLDGHXPVLVWHPDRXLQVWDODomR 9HULILFDomR 3URFHVVR GH DQiOLVH GH XP UHODWyULR SUHSDUDGR SRU RXWURV FRP R ILP GH YHULILFDUDVXDDGHTXDomRDRREMHWLYRSUHWHQGLGR &DStWXOR'HILQLo}HV (62\EN7'&M)<)Mr-(36$ -7E6. 6 A # 7 ! " *#- A # '# 6Q P# P F#)# N( 2# < #N# '9XX# b6 6 * ( G*A<O PO ) N 3 ) b 2 *6()))'9XX$$O) O)O1 5#'& #'&#'WA'&#%:# %# 6$PM6) L 'A'99:# E* P56( ( 2# 6 $O P 5 6( ) 6L # H# 6$PM6) L 'WA%&&% 4 ) O $ # 6 $OP 5 6( ) 6L # W# 6$PM6)#'9X9#66L46 *) O( M P56( ) 6 $O P 5 6 ( ) 6L # I# 6$PM6) %&&I# PQ. < (* H% A b) O ) 4 4*b6L # :# 6$E4 '99%# $ E 4* 6 NQ M O < 26$OE 42**2O# K# 1Q#POG#'9XW#b7A$(<C4 $O3 1 b-1$1 $$M-#'I9DO# X# 1M#'9XW#<E2<C4#D* GO$-CnQ-CnQ# 9# 1 (# (* D# P (# PO 4# 4 M# '99:# bEQ 6 1 k 5 $ . 6 N NO P* 3b 2 * 6()))'99:$$O) O)O1 5#W#W#''AW#%'# '&# 10* D#2# L 4# N1 D# '99I# bP56(&' EQ. 6 EQ %& 2O P56( $O ) O $O ) O (b < 6$PM6)# ''# 10* D#2# L 4# N1 D# '99W# bEQ 2O P56( $O ) O(A2'.14b6$PM6)E5#'&&2#%# '%# 10* D#2# L 4# N1 D# '99W# bEQ 2O P56( $O ) O ( A 2 %. M (* 4b 6$PM6) E 5# '&&2#%# 'H# 1 $ E#)# P D#$# '99I# b6 G*AOO 2 PO)AN )O P(1 G*AOPObH&*3O) O() O(DO H&A6 W# &DStWXOR5HIHUrQFLDV 'W# 1 $ E#)# P D#$# '99I# b6 3 2 (PO$4b2 1 $'99I.#WKIA WXW# 'I# 1$E#)#PD#5,D#PN#'99:#bEO$ <* HK&&& <0 N * )0 6)) * $7) < 1 b 2 *'99:6()))$O$O6 # ':# 1* 4# '99H# P56(&%. EQ. 6 * $ $O P56( $O ) O ( 6 $O P 5 6 ( ) 6L # 'K# 1OD#7k-#'99%#b(MPOE* E0 N$E6M 2 b 2 * '99% P P ( E0 6?4O) O$ONOM-#)$NA26A9%]&%A'I# 'X# ( # P D# 1O D# 2O 1# 41 D# '99H# b ) O 4 ( $O 2 4 )0 6)) 2,b<$OM$7)Ls)A<L&'A9&()%'&&H$* $7)7 () O) O$O NO M)$NAEMA 9']&9]&%E06?4O4*# '9# ( #PD#N4#PQD#6*6#'99W#b(n6*'I&c 2)06))$ e3EM eb2 *'99W6()))$$O#I#KHAI#XX6 # %&# ( # P D# N 4# 6* 6# '99:# b3 ( ( * E0 N$E6M 2 . ( O 6* 'I&c ) )06))$ .Mb2 *'99:6()))$O$O 6 # %'# ( 5# 8#; '9XX# b2 PO 6Ob )L?L ) )'I'1PMG*4*83M;# %%# )#'99$O#4LCAP-CnQ-CnQ3$1-&A &KA&'KHHXA9# %H# ))3'9X'#PQ)O4 ))3G* #(# 3$1-A&A9H'&H%A''AH# %W# )2M3 '99H# b< ) M ( )A b8M# s)2M3EMA'&&9XW5%;#26(.)2CM*3# %I# <4#8#;'9X:#b$34 ) O$ E*2 $Q 4*82M3$4;b) O1 5#9-#'%# %:# < 4# FQ F# 4 4#6# MO (# '99I# b6 2M3$4 k Lb ( ) O ) $ M 2 O 2-CDODO# %K# <)42J<) O4 2 *#$#) O%&&&# =4?5L.45<) O2,5%#%># %X# <)42J<) O4 2 *#$#) O%&&%# =L<)424?576># %9# L 4#N# '99:# bE* 5 3 4. < * 4 E*Gk6*)*7*b) O$D%8';.WHAI:# H&# L 4#N# '99:# bM . 4 5 2 ( b 2 * 6())) '99: $ $O ) O )O 1 W#'HHAW#'WH G* #(#. 6 ( ) OA ))O# &DStWXOR5HIHUrQFLDV H'# PD#1#7k-#'99I#b3 4G*# E4nG*7)A%$b6$PM6)E5#'&I2#%D# H%# P D# MO 6# ( # E # 7k- # P G# '99:# b4 ) OA$ )06)).)0*E0N$E6M 2 b7QM -NOM-#7M-N]$]9HA$2&9&]'<O# HH# P D# E G## < (# $ <# 1O D# '99%# b( <C P56( $O 4 b 2 * '99% 6$4)]D$)$]F$)$3$) O(# HW# PO #N# E* $## '9X:# b4 $ 6 4 3 M $ P b 2 * 6())) '9X: $$O) O)O1 5#9#9#'H%A9#'WI# HI# P D# 8;# '9X%# bM 6 (* 4 PO Ob L )(E*1I&P$GC4*# H:# PF#6QP#'99H#b) O4 ($OE* 24 *N$E6M2 bNC1QO- NO M -# N1NAHH''WA (AHI& D 8 E0 $ ) O (7;# HK# PQD#N4#( #PD#F$#64#'99H#b2 7487?4;$ *$((0b) O$O N E* M -# )$NAEMA9H]&'A &K E0 6?4 O ( $ E0# HX# P 2# '99'# bPO 4 ( $b 6$PM6) E5#9K#HI%'# H9# PO(#G#$*OD#<#'9XW#b(E4$O 31 b-#1#$#1 $$M-#'IHDO# W&# POG#'9XI#b4EPO<<Cb< 6 1 ) ) O 4 7M-N 2 -# (7-<AXI'&%'X4*# W'# PO M#G# PO (#G# '9XH# bL L * 7A$ ( PO4($O1 b-#1#$#1 $$'IK $# W%# 32(('99I#364 ((* .$AE* 6O# ( GQ L 33 * $ 6 M * 3 2((* L$C#:W# WH# F$#'99:#bE*L) O2$*33.4 ) O N (1 b6$PM6)E5#'&%2%# WW# F $# P D# '99'# b6 4* O 3O N $* -AG*A ) )Ab 2 * '99' 6$4)AD$)$ 3$) O(6$4)-CnQ-CnQ#WIKAW:K4*# WI# FL#F$#M6#'999#bE*M34 ?5$M 2b2 *)()))'999$ $O5#'2'# W:# F L# M 6# 4L * $#'99K# b) O )O 6 (O. E*) )O$O4Q$ (1 b 2 *)()))'99K$$O5#32%# WK# FQF#( #PD#MO6#'99%#b4 )06)) $ <*E0N$E6M2 .2O4* OMb$ &DStWXOR5HIHUrQFLDV ) '99%. 2 * 6$4)AD$)$A$$4) 3 $ ) O (4PC6# WX# FQ F# Gg# $Q M# ( # 4*O D# P D# '99W# b)4 5 '#Wb ) O $O NO )$NA$GA9W]'%A&' E0 ) )0$E06?4O$O# W9# F #)# '9XH# b$ ) O 6O * 4 1 4*b 6$PM6)6L 3$1-&A9'&''&AH9AI# I&# FCQ1#'99'#bPO$bD*6($O5# KW#:9KAK&K# I'# N # P D# '99:# b4*O 5A1 O E. 6 $*2( HA(* A4M (1 b) O$ONOM-#)$NAEMA9:]&9A&%# I%# N # P D# '99:# b6 $O 2A$ 4* 6O ) O FA'% 2 $*b ) O $O NO M -# )$NAEMA9:]''A&'-# IH# N 4# '99&# 6 $ $ 6 PO $ D 6 )*O(*P.5#%	:WAX# IW# NQ1#'99I#3) kPQH).24 6O#(*1Q(OM2O3$1-&AX&'9AX'9KA%# II# 4M#'9X9#<C4PQ4LCP2* (O-C nQ-CnQ3$1-&A&KA&W%&W:AK# I:# 4O(#D#'99&#b6 PO$b-6$6E*1# 5#'W-#'9 68;# I:# 7M-N 8'999; =6 2 L ( )0 1 > 2 O 2 ) O ( 3# 7Q M - NO 87M-N]E4A '999]HW; *.]]### ]]0#*# IK# M 6# '9XX# b2 ) 1 . 4* O 6O 4) ObD$) O) 5#''&#I%A::# IX# M 6# M* 6# '99%# b) O $ 4 ( 1 . E G*43b) O1 5#'9#'WHA'IW# I9# M D## 46 M#(# '9XH# b6 ($ G GA P4b-#1#$#E*-''K9# :&# MO E# ( # %&&&# bO b4b ) O $ < $14b6$PM6)P56(?MM*5:-'DO%&&&# :'# MO (# < 4# '9XX# bMO ( G* 6, ) O 1 b 2 6())) '9XX $ $O ) O )O 1 5#'&#'&#%HKA'&#%W'# :%# M D# 1O D# P D# E # '99%# b( E 2C* 3 <Cb2 * '99% P P ( E06?4O) O$ONOM-#)$NA26A9%]&%A&9# :H# M 3#D# G* L#4# '99&# bPOb 3 4 )$.E*6$6)%##XA&'# :W# M* # ( # '99'# b6 < 2 (* A2 4 2 ) O((1 b2 *6$4)AD$)$AD$4)# &DStWXOR5HIHUrQFLDV :I# $)N'99:#EM-$n$5'W#%) )$8))$;#$) O NO 4* ) O G 4 G# ::# $ 5# '99:# b ( 4* O PO 1 ) O $ 4 ) O < )0 1 b 2*## 6* E0 6?4 O 6 # :K# $QM#PD#1**OO$#MO4#G D#5$#'99%# bE 6$O4 1 ) O( $Ob 2 * ) ** $O 3 1 $O P P(E0#'9KA%&W4O# :X# 5 )# $*O D# '999# bL * 4 ) M 5 ( ) OA)O 2, (A(* 4 bN1-NMsW'IWH# :9# 5#1QQM#$*6#LD#'99H#b$OA6,) ). G* ( E* ) 6O 6 E* ) $ 7 E* 6Oeb 2 * '99H ) O 2 ) ( (* 3# K&# G $# 8#; '9X9# 4 PO E (* L ) (I&P$GC4*# K'# GD#6#'9K:#bNA3ALE*Ob-#1#$#4 *'I&DO# K%# GD#6#$M#D#'9X:#bE*(.64$( Nb-#1#$#4 *'KWDO# KH# GM3 8%&&K; L LA( )O 2, * LPL 2 2, 6 %&&KO *GM 38GM3; * G 1 ( $ 8G1($; CCC# * # # 2XWURVUHFXUVRV 6 /#6)57 ZHE 8CCC#AC# ; QZHE. '# 6 ( M ( 4* ) O 3#E)N.%'KAHHHAH''I*.]]#### %# 6 ( ) O ) )O 86())); G* #(# E)N. %&%AW%9AXXKH*.]]CCC## # H# 6$OP M 6( ) 86$PM6); 6L #E)N.W&WA:H:AXW&&*.]]CCC#*# # W# 6 $O 4* ) 86$4); -C DO# E)N. X&&AXWHA%K:H# *.]]CCC## # I# 6 ) O ) 86)); N L6# E)N. W&WA9%IA9IIX *.]]CCC## # :# 1 )O 3 4* ) 6 O 6#E)N.HHW]X%'AH&9I*.]]CCC### &DStWXOR5HIHUrQFLDV K# () O)$8())$;2O-CDO# E)N.:&9AWI%AIWWI*.]]CCC##]t# X# ) ) 3 8))3;# G* (# E)N. %&%AI&XAI&&& *.]]CCC## ]]# 9# ) O $O NO ( $ E0# E)N. 9K9AXWIA9%'H *.]]CCCA ### '&# < $ ) O ( ( ( <# E)N. 8W&K; :HXA '&&& *.]]CCC#### ''# 3)$-62-CnQ-CnQ#E)N.%'%A%WXAI&&&*.]]CCC## # '%# NC 1QO - NO 8N1-N; 1QO (6# E)N. I'&A WX:A:'I: ).))EB# *.]]## # 'H# -6) O$(8-6)$(7;G* #(#E)N. %&%AX%%A&9I&*.]]CCC## # 'W# ) O 3 6 8)36; ) O G* #(# E)N.%&%AIX:AXX&&*.]]CCC### # 'I# - MC ) O NO 8-M)N; 1 ( E)N.8H&H;%KIAH&&&*.]]CCC## # ':# -E*3$8-E3$;#$#(8E* O O * < ; $ 5 # E)N.K&HA:&IA:&&&*.]]CCC## # 'K# 7Q M - NO 87M-N; 7Q M E E.8X:I;IKWAI%&:*.]]CCC## ]7M-N]1E(# 'X# 2 -*C - NO 82--N; M* G* E.8I&9;HK%AW%'K*.]]CCC## ] ]# &DStWXOR5HIHUrQFLDV 6-)g76)g)42N7$ $,QWURGXomR ) 0 , A* 09 # ( 0 / 09 23452 * ,# 70'%. x *86A%;" x 86A%A';" x 86AH;" x 86AHA';" x / 86AHA%;" x 86AW;" x *,] 86AI;" x *86A:;" x /$5(V" x 86AKA';" x / $5( SHUtRGR GH UHIHUrQFLD86AX;" x ,*86A9;# ) 0 09# -* # 2 3ODQRV GH 09 0 ! HFRQRPLD ZHE)578CCC#AC# ;#6 5 333 23452 0 09 , # 7 )57 , ! 0 ZHE8S.BA C# ;# $QH[R$([HPSORV $0HOKRULDGDHILFLrQFLDGHXPDPRWRERPED±2SomR$ 6LWXDomR , A A +# 6 * # 6 # 2 A 23452#7* !6M)# )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 6 I # ) ', 0 * # 7 **HFRQRPLD #-* # 7 0 * # 7 )$(7 # 70* # 3ODQR GH 09 7 3ODQR GH 09 , /#<76 5 3 23452 )57 '&&& J '.%&'& 09# 7 7 6 HVWLPDWLYD * / # <)$(7 #6 * H*#6*# 0* QG* #W#H%'* 6M)#P+* 9c#6*H#9H%*%H# M. 676. $QH[R$([HPSORV 2 'H%QG 6!6M) 9X%QG M HHXQG%W ) HWQG0H#9H%*`'H&#&&&QG*%W 7 A HFRQRPLD 'H&#&&&QG*# HVWLPDGRV HFRQRPLD HVWLPDGD 'H%#9&% QG*]%I 0 M&%I::]QG*q ` MHW#&&&]#%: 7 # $'HVORFDPHQWRGHGHPDQGDGHXPDPRWRERPED±2SomR% 6LWXDomR7 606A% &K.&&'&.&&*'X.&&%&.&&*, #7 + #7 # )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 7 0 %I * 8'Ic; 8 * ;# 6* !#2 71 5323452)57'&&&&J'.%&'& , * # 7 , # 2 0 # 3ODQRGH096 UHSUHVHQWDQWH #6UHSUHVHQWDQWH 08I&&6; pRYDORUUHDOFDOFXODGRDQWHVGRDUUHGRQGDPHQWRHPGtJLWRVVLJQLILFDWLYRV (VWDTXDQWLGDGHSRGHVHUH[SUHVVDFRPQmRPDLVGHGtJLWRVVLJQLILFDWLYRVFRPRH[SOLFDPDVREVHUYDo}HV PHQFLRQDGDV DFLPD DFHUFD GR Q~PHUR PtQLPR GH GtJLWRV VLJQLILFDWLYRV 2 YDORU UHDO FDOFXODGR p 5 H GHYHULDVHUPDLVEHPH[SUHVVRFRPR5[HPERUDVHMDRIRUPDWRQRUPDOGHPRHGD FRUUHVSRQGrQFLDDSUR[LPDGDHPRXW55DQG 5 $QH[R$([HPSORV I' * I #7 # 7 ! ! # 5HVXOWDGRV ! 'X#&& * %&#&& * I # 6 * #69X%QG 8606A%;#7 7 1 9X%QG# $(ILFLrQFLDGDLOXPLQDomR±2SomR$ 6LWXDomR ) * * 0 # ) , * 0 )$(7 / # 7 A HFRQRPLD # 6 HFRQRPLD 3ODQR GH 0923452!6M)# 3ODQR GH09 76 5 323452)57'&&&&J'.%&'& *HVWLPDGDV#73ODQRGH09*! # )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 6 3ODQR GH 09 . x * HWK#) " x HIHLWRLQWHUDWLYR" x # - A * HIHLWRV LQWHUDWLYRV " $QH[R$([HPSORV x *0 #( # ) , * HVWLPDGDV# 3ODQR GH 09 7 OLPLWH GH PHGLomR $5( * HWK. x HIHLWRLQWHUDWLYR * :&c # 6 3 K9c 3" x IDWRUHV HVWiWLFRV SHUtRGR GH UHIHUrQFLD / * +" x H& * * ! ! # ) 2 #7@6AHA'# N ! )! $ 6! L ( < Ic Ic :'c '&c '&c 9c 0pGLD* E E '&: %% XH %' WX I H' '' X% %I ':X ':X 4XDGUR$3HVTXLVDGRSHUtRGRGH IXQFLRQDPHQWR SUHFLVmRUHODWLYD * 0 HVWLPDGRV# 2 '9 GHVYLRSDGUmR: 'I* #('90:`''WHUURSDGUmRPpGLRV 'W*8)1AW;#(FRQILDQoD9Ic /'9:8@1A';#2 ) 1AK9IcFRQILDQoDSUHFLVmRUHODWLYD* . '9: u'#W IKc WX 7*0SUHFLVmR# $QH[R$([HPSORV 6 : * * # E * H9 'H% 8 0;A *HVWLPDGDV . N < 4XDGUR$+RUDV HVWLPDGDVGH IXQFLRQDPHQWR ! )! $ 6! L ( I&&c I&&c :'&&c '&&&c '&&&c 9&&c P HVWLPDGDV H9 'H% '&:# %%# XH# %'# IW# I# H'# ''# X%# %I# ':X# ':X# P HVWLPDGDV W#W%W H#I'W %#'K% '#HIW H#I%X X#KK& 6)) * HVWLPDGD* %#999H#&&&H 8* H&&0'&H;# x SHUtRGR GH UHIHUrQFLD ZDWW HWK#6 A * %XX QG# $ + 8` H QG 'c; # A " x +HFRQRPLD #6 5* #6 A ,* I&c " x (-j&&:H]QG*%K(-j'&XI]QGA(-j&%II]H # 5HVXOWDGRV6!$5( *SHUtRGRGHUHIHUrQFLD#6':% QG + * # ( 0 'c +0 !6)) ':&QG8`':%0&99;#2 %XXJ':&`'%XQG# %K FRUUHVSRQGrQFLDDSUR[LPDGDHPRXW&'1 5 $QH[R$([HPSORV 6HFRQRPLD 8)';,;'%XQG0H#&&&*]` HXW#&&&QG*]# 6HFRQRPLD'%XQG'&:WQG% '#W&XQG]# 7HFRQRPLDHVWLPDGD7623452. 8HXW#&&&QG*0j&&:H;d8'#W&X0j'&XI;`(-jH9#I&& $ HFRQRPLD '&HFRQRPLD 3HXW#&&&]'&`HX#W&& QG*]# 7 :&c HFRQRPLD . `:&c0HX#W&&QG*]0I`'%#&&&QG* 6 0. `'%#&&&QG*]K9c`'I#&&&QG* # 7 '&W99QG*]H 0 `'I#&&&]'&W99`'#W&&H # 7 0'#W&&0j&%II`(-jH: HFRQRPLD jH9#I&&JjH:&`(-jH9#'&&# $&RQWUROHRSHUDFLRQDOGDLOXPLQDomR±2SomR$ 6LWXDomR*\*%# P # P K& # 7 * * # 7 , # @ # )DWRUHVTXHDIHWDPDFRQFHSomRGD09-**, # - # 7 # $QH[R$([HPSORV 7 , HFRQRPLD HFRQRPLD# 7A*8; WI&M%X]QG*# 3ODQR GH 09 2 09 A HFRQRPLD 7653 23452)57'&&&J'.%&'&#,6M) * * # 6 8)';;HVWLPDGD0%%H QG# M * * # 7 / SUHFLVmR a'&cFRQILDQoD9&c* #(A*PpGLDV '%I*GHVYLRSDGUmR%I#2 (5&%/8 %9'9:;'I8)1A'';#*K&, '% / 8) 1A'%;# (A&90 '% # -*HIHLWRVLQWHUDWLYRV6M) A# )A *# 5HVXOWDGRV 6! * *'%#7PpGLR ''I GHVYLR SDGUmR %9# 2 &9 &%W 8 ` %9 ] ''I ; 0 SUHFLVmR#) #- /PpGLD ''XGHVYLRSDGUmR%W8&9`&%&;# ) * SHUtRGR GH UHIHUrQFLD# 7 SHUtRGR GH UHIHUrQFLD # 6 * #6PpGLDX%*GHVYLRSDGUmR H*#-(5&&W&%0 #-* %X %9 'M`%KM8#'';# 5601AHW# $QH[R$([HPSORV * DMXVWH QmR SHULyGLFR SHUtRGRGHUHIHUrQFLD# 6*''XJX%`H:*#6HFRQRPLD )';. %%HQG0H:*]`X#&&&X&0'&HQG*] (WXHFRQRPLD. X#&&&0WX0WI&`M'K*# -*HFRQRPLD6M) # 2 7 6 23452 A 9&c FRQILDQoD HFRQRPLD! M'K *+a '&c # $(ILFLrQFLDQDLOXPLQDomRS~EOLFDHUHJXODJHPGHLQWHQVLGDGH±2SomR% 6LWXDomR7/ # - I&c * # 6 %H # 6 6M) # 6 )$(7 0 # 6 * HFRQRPLD)$(70 HFRQRPLD # )DWRUHV TXH DIHWDP D FRQFHSomR GH 09 7 SHUtRGR GH UHIHUrQFLD%&c*# 6, #2 / * Hc# HFRQRPLD #7%H( # - * # ( + #2 * *# 6 ,** # $QH[R$([HPSORV 3ODQR GH 09 6 %H '#KIH&&&QG* #7/*SHUtRGRGH UHIHUrQFLD 3ODQR GH 09 , # 6 HFRQRPLD715323452)57'&&&&J'.'&)';#7 / , SHUtRGR GR FRQVXPR GH UHIHUrQFLD *Hc# DMXVWHQmRGHURWLQD0 %&c SHUtRGR GH UHIHUrQFLD Hc SHUtRGR GH GHPRPVWUDomR GD HFRQRPLD 6 HQHUJLD GR SHUtRGRGH UHIHUrQFLD , %#'%:#&&&QG*8`'#KIH&&&0&9K]&X&;# 7 0 * # $ 0 Hc DMXVWH QmR SHULyGLFR SHUtRGRGHGHPRPVWUDomRGDHFRQRPLDHc# 6 HFRQRPLD '& /&:&&QH&]QG*# 5HVXOWDGRV 6 HFRQRPLD , ! 6M)0*Hc# 0 * Ic K # 6 HFRQRPLD . 3HUtRGRGHUHIHUrQFLD %#'H&#&&&QG* ) ` '#%WH#&&&QG* 7,*` § & 9K& · K & u ' # %WH # &&& ' &&& ¸ u ¨ © & 9I& ¹ '% ) ,Wu `'#%WH#&&&d'I#&&&` (FRQRPLD8 ; `%#'H&#&&&J'#%IX#&&&` ( `XK&#&&&QG*0&:&&` 'I # &&& N:K '#%IX#&&&QG* XK&#&&&QG* I%&#&&&Q H& 'Mj`HQ8]'';# $QH[R$([HPSORV $*HVWmRGHIXJDVGHDUFRPSULPLGR±2SomR% 6LWXDomR7 */! Mj%&&#&&& 0#7 * #7 * 0 0 # )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 )0 09# 7 * , HFRQRPLD0aIc HFRQRPLDFRQILDQoD9Ic# 7 % '& WW% # @ # 7 , # 6 8* = >; 0 &I4G@ 6AWA'# 4 84J$; 4* 87J6; 4XDGUR$ 2 8'K.H&A 3UHoRVGR Mj&9IK]QG* Mj&9HW]QG* %&.H&*$ $0; FRQVXPRGH 2 Mj&'WH]QG* Mj&'%9]QG* HOHWULFLGDGH E0W%9c# 6A *, * / 0 # 3ODQRGH093ODQRGH09 ZHE )578CCC#AC# ;#_715 323452)57'&&&&J '.'& HFRQRPLD0 #6)';23452,SHUtRGRGHUHIHUrQFLD # 7 3ODQR GH 09 * , $QH[R$([HPSORV 0" 8C ; #(VVDIURQWHLUDGHPHGLomR :H 0 #7 HIHLWR LQWHUDWLYR * # < 8 ;#7 # 7IDWRUHVHVWiWLFRV DMXVWHQmRSHULyGLFR#E /" "* # 7 SHUtRGR GH UHIHUrQFLD #E * #-*YDULiYHOLQGHSHQGHQWH S 0#APpGLR SHUtRGR GH UHIHUrQFLD HFRQRPLD# < SHUtRGRGHUHIHUrQFLD ,9I]I!HFRQRPLD# 5HVXOWDGRV , HFRQRPLD ZHE)57#A 9I]I SHUtRGRGHUHIHUrQFLD 6M)# 7 SHUtRGR GH UHIHUrQFLD # 5A ! * # 2 ,S !HFRQRPLD# 6HFRQRPLD SHUtRGRGHUHIHUrQFLDDMXVWDGR/ PpGLR SHUtRGRGHUHIHUrQFLD # 7 HFRQRPLD * #-HFRQRPLD# ) # 7 * , SHUtRGR GH UHIHUrQFLD IDWRUHV HVWiWLFRV # 7 $QH[R$([HPSORV * HFRQRPLDV # 6 HFRQRPLD A # $0HOKRULDGRFRQMXQWRWXUELQDJHUDGRU±2SomR% 6LWXDomR !#4 A 8EL;#( EL#6 0#)A A (# )DWRUHVTXHDIHWDPDFRQFHSomRGD097,09* # 6 * 0 0 #)HIHLWRVLQWHUDWLYRV # 7 A # 3ODQRGH096(715 323452)57'&&&J'.'& #60 *< 6AI#'# $QH[R$([HPSORV )<3(3r-(36E_M43(6)163g62M)$$V76-E)$66E6N3v6TV7 )LJXUD$ 'HVHPSHQKR HQHUJpWLFRGRYHOKR URWRU )OX[RYROXPpWULFR 7 SHUtRGR GH UHIHUrQFLD . )8c;`8A&&&&%WK00%;d8&%II00;d'WI ) * #7 )';23452# 7 0 # < , # 5HVXOWDGRV ! 6M) *SHUtRGR GHUHIHUrQFLDDMXVWDGR)';23452#) # - EL DMXVWHVQmRGHURWLQD $QH[R$([HPSORV $0HOKRULDGDHILFLrQFLDGDFDOGHLUD±2SomR$ 6LWXDomR )$(7 !6* HFRQRPLD ! w%I#&&& A SHUtRGR GH UHIHUrQFLD# 6 )$(7! HFRQRPLD 5 3 23452 )57 '&&& J '.%&'&# < )$(7 3ODQR GH 096M)# )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 ) A #6)$(7* #- / !#7! * w&K&]# 3ODQR GH 09 6 7 6 5 3 23452 )57 '&&&& J '.%&'& * # $ IURQWHLUD GH PHGLomR # ) 0 #6HIHLWRVLQWHUDWLYRV GD IURQWHLUD GH PHGLomR# 6 )$(7 # %W'#H&& ! -/ % #PK#9I&! # 2 9&W#:&& # 6 ! * # 6 ) '; 23452 9&W#:&&HVWLPDWLYD#)HVWLPDWLYDH' !# 6 + ) ';# 7 , * # 6 * * # )$(7 H' 2VQtYHLVGHLQYHQWiULRGRSHWUyOHRVmROLGRVGHXPPHGLGRUGHUHVHUYDWyULRQmRFDOLEUDGRGHSUHFLVmR GHVFRQKHFLGD8PDYH]TXHDPDJQLWXGHGRVDMXVWHVGRLQYHQWiULRpSHTXHQDUHODWLYDPHQWHDVHQWUHJDV FRQWDGDVGXUDQWHRDQRTXDOTXHUHUURQHVWHWHUPRGHLQYHQWiULRIRLFRQVLGHUDGRQHJOLJHQFLiYHO $QH[R$([HPSORV ! #E! SUHFLV}HV a%c ,# 7 SHUtRGR GH UHIHUrQFLD PpGLDVA Iu(dIu(#<, ! AIu( dIu(! 0 SHUtRGRGHUHIHUrQFLD#( 0 *# 6 ! * * # $ # 6 # 7 # wI#'&& ! HFRQRPLD#<0 * # - )$(7 0wH#&&&*# 7 H # 7 ! ! ! # 5HVXOWDGRV<*SHUtRGRGH UHIHUrQFLD! AIu(dIu(#A ! * :I%c# 6! SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD AIu(dIu(#7 X&:c# - * SHUtRGR GH UHIHUrQFLD #2 DMXVWHVQmRGHURWLQD# $QH[R$([HPSORV ( ) '; 23452 HFRQRPLD %H9#%&& ! . (FRQRPLD2! %H9#%&&08'J&:I%]&X&:; WI#K&& 7HFRQRPLDw&K&0WI#K&&`wH'#9&&H% ) HFRQRPLD A )$(7 * # $0~OWLSODV$5(VFRPGDGRVPHGLGRVQRSHUtRGRGHUHIHUrQFLD 2SomR& 6LWXDomR , ) # 7 , $5( P56( * #7,, # )DWRUHVTXHDIHWDPDFRQFHSomRGD097, %&&ISHUtRGRGH UHIHUrQFLD#6 * I # 6 # 6 # 7 ! !0#-* S # 6 ! + A H# 6 HFRQRPLD K9#%W&H HX&#&&& QG* # 3ODQRGH093ODQRGH097(53 23452)57'&&&&J'.'&HFRQRPLD , #67(* $5( # HFRQRPLD=> )';# H% 6HFRQRPLD!*0GtJLWRVVLJQLILFDWLYRV/0 # $QH[R$([HPSORV A*3ODQRGH090#7 ZHE )57 8CCC#A C# ;# 7/LPLWHGHPHGLomRHFRQRPLD. R " R 0 " R # 6 SHUtRGRGH UHIHUrQFLD%&&I * # 7 SHUtRGRGHUHIHUrQFLD! JUDXGLD# 7 JUDXGLD * 5 / # 6 # 6 0 # A I&JUDXVGLDGH DTXHFLPHQWR8L6;#E SHUtRGRVGH5HODWyULRI& L6 SHUtRGR GH UHIHUrQFLD DMXVWDGR SHUtRGRGHUHIHUrQFLD,/ # 6HQHUJLD]L6 @ 6AKA' , A* # $QH[R$([HPSORV 6 L6 M% L6 @1A'23452'X9X 9&c#)! # E * # 6 M% # 7 # 2 A * # 2 L6 * , # ) ! SHUtRGR GH UHIHUrQFLDGHUHIHUrQFLD,A/ SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD# 7 # 2 ! SHUtRGRGHUHIHUrQFLDSHUtRGRGHUHIHUrQFLD ,# 7 ! HFRQRPLD # 6 ! HFRQRPLD 3 a'&c a%&c#6HFRQRPLD 3 HUURSDGUmR!SHUtRGRGHUHIHUrQFLD8601A '#%;# 7 * 0 A SUHFLVmR $QH[R$([HPSORV , I&L6# 6HFRQRPLD # 5HVXOWDGRV 7 GR SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD ( , ! ! # ) HFRQRPLD )'; ZHE)57# 6 SHUtRGRGHUHIHUrQFLDDMXVWDGR HQHUJLDGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLDHFRQRPLD# 9 K ! HFRQRPLD'%#)* ZHE )57# $&RQWDELOL]DomRGDHQHUJLDGHWRGDDLQVWDODomRHPUHODomRDRRUoDPHQWR 6LWXDomR < * 0 ! # )DWRUHV TXH DIHWDP D FRQFHSomR GD 09 6 *! * # 2 , 09 , # 3ODQR GH 09 7 7 ( 5 3 23452)57'&&&&J'.%&'&0 ! # 7 # 5HVXOWDGRV 2 , # 7 . x ( 3 # 8 ; 8 JUDXVGLD ;" $QH[R$([HPSORV x 7 3 # 8; 8 ;" x E6 8 ; # ,#2 # ) IDWRUHV HVWiWLFRV # E S!*# ) ! , ,#2A* # $ 0~OWLSODV $5(V HP XP HGLItFLR VHP PHGLGRUHV GH HQHUJLD GXUDQWH R SHUtRGR GH UHIHUrQFLD±2SomR' 6LWXDomR, $5( 656( * # 7 # 7 , SURMHWR # )DWRUHVTXHDIHWDPDFRQFHSomRGD09, , , # 6 , HFRQRPLD SHUtRGRGHUHIHUrQFLD# 6 HFRQRPLD ! 6M) # 3ODQRGH09A #) ) '; 7 5 3 23452 )57 '&&& J '.%&'& $QH[R$([HPSORV * 6M)#2 *# 7OLPLWHGHPHGLomR,, #- HQHUJLD A , # 2 HQHUJLD , . x 'Q &'H , #P0 # 7 &'H Q 0" x Hc , , " x A** , # 6 HFRQRPLD $5( VRIWZDUH7)%#' #< #6 , # 6 0#<HFRQRPLD # 7 $j&%%]H# E 'I&H0 SHUtRGR GH UHIHUrQFLD# $ 'I& H #7 ,#7 , j&'X]QG* j&&I]QG* "j'&%I]QGA# 6! SHUtRGRGHUHIHUrQFLD 7( # 5HVXOWDGRV6 HFRQRPLD. '# #7 '% ! $5(" %# PRGHOR GH VLPXODomR , . $5( " " " SHUtRGRGHGHWHUPLQDomRGDHFRQRPLD6 $QH[R$([HPSORV 0 # 3 4?5 *# # 2 # # 7 &9(04 '%c #6* &9(04 6$PM6) 8%&&%; FRQILDQoD 0 # 2 = > ! S ! ! " H# 0 #6 IDWRUHV HVWiWLFRV * SHUtRGRGHUHIHUrQFLD#7=PRGHORGHFRQGLo}HVQRUPDLVDSyVD$5(> ! S ! ! " W# ! , $5(# 7 =PRGHOR GH FRQGLo}HV QRUPDLV GR SHUtRGR GH UHIHUrQFLD> ! S ! ! " I# )';HFRQRPLD @6AXA'# $(FRQRPLDVLPXODGDGD ELEOLRWHFDVREFRQGLo}HV QRUPDLV ( *8QG*; ( *8QG*; 8QGA ; 58*; 4 SHUtRGRGH UHIHUrQFLD 4 ! 6M) (FRQRPLD '#&&H#&&& :I:#&&& HWK#&&& %#%I&#&&& '#:'&#&&& :W&#&&& K#%W' :#%%W '#&'K I#IWW %#:9I %#XW9 :# 7 HFRQRPLD , @6AXA% * # $QH[R$([HPSORV $(FRQRPLDGR MXQWRGRVHGLItFLRV ( *8QG*; ( *8QG*; 8QGA; 5 (FRQRPLD (FRQRPLD ,# (FRQRPLD ( (FRQRPLD $j HWK#&&& HIK#W&& HIK#W&& :W#HH% :W&#&&& :I9#%&& :I9#%&& H%#9:& '#&'K '#&WX %:K %#XW9#&&& Q / '#&WX 'I& / E '&#KW% HH#'%I j'W'#&&&HH 6HFRQRPLD # $1RYRHGLItFLRFRQFHELGRPHOKRUGRTXHDVQRUPDV±2SomR' 6LWXDomR # 2 ! :&c # )DWRUHV TXH DIHWDP D FRQFHSomR GH 09 < 0 , A I&c# 7 # 2A !# 7,HFRQRPLD * 0 # E * # 3ODQRGH09675323452)57'&&&J'.%&'& HFRQRPLD # _ ) '; )' ;SHUtRGRGHUHIHUrQFLDHQHUJLD ! # 7 #7 ) '; # - 2Q~PHURILQDOGDHFRQRPLDpH[SUHVVRXVDQGRWUrVGtJLWRVVLJQLILFDWLYRVSRUTXHRPHQRUQ~PHURGHGtJLWRV XVDGRQRFiOFXORpWUrVN:K±IDVH $QH[R$([HPSORV HFRQRPLD) ' ;#HW 6! 8= >; = > A SHUtRGR GH UHIHUrQFLD 7 ( 5323452)57'&&&J'.%&'&* # 5HVXOWDGRV! # < * * JUDXVGLD JUDXVGLD # ) , JUDXVGLD # 7 0 # 7 PRGHOR GH VLPXODomR# #6 = #> 7 @6A9A'. L D < 4 6 4 D* D* 6 $ 7 - d'c AHc &c d%c A%c dKc A:c d'c AHc A'c dHc d'c ( 8QG*; 2 < A%c d'c d'c &c A%c A'c dHc d'c dIc d%c A:c A%c d%c &c AXc A'c dKc d'c A%c A'c A%c A'c dWc d'c 8QG; d:c A%c AIc AHc d:c A9c dXc dIc A:c dIc A9c dWc 7DEOH$(UURV GHFDOLEUDomRPHQVDLV 7 #)=># (VWHPpWRGRpRPHVPRTXHR0pWRGRGD2SomR'GR9ROXPH,,,3DUWH1RYD&RQVWUXomRGR 3,093 $QH[R$([HPSORV 7 , @ 6A9A' =PRGHOR QRUPDOL]DGR FRUULJLGR#> 7 HFRQRPLD # 6 HFRQRPLD , # 6 HFRQRPLD # ) # 7 A 7( # $QH[R$([HPSORV $1(;2%,1&(57(=$ %,QWURGXomR 7 , 09 HFRQRPLD GH HQHUJLD# 2 ! HFRQRPLD , # 6 ! HFRQRPLD ! # 7 ! # 6 #6*09 *, *8X#I;# 7HFRQRPLDGHHQHUJLDHQHUJLD =,> DPEDV DV PHGLo}HV DR , 8W#')';#E, # 7 0 0 ,# ) => #)* # E A PpGLRV 0GHVYLRSDGUmRHUURSDGUmRYDULkQFLD# 6 ,#20 HFRQRPLD = > , 6M)!# 7. . x 4RGHODJHP 2V HUURV QD PRGHODJHP PDWHPiWLFD VmR GHYLGRV D XPD IRUPD IXQFLRQDO LQDGHTXDGD LQFOXVmR GH YDULiYHLV LUUHOHYDQWHV H[FOXVmR GH YDULDQWHVUHOHYDQWHVHWF9HU$QH[R%" x 6PRVWUDJHP 2 HUUR GH DPRVWUDJHP VXUJH TXDQGR DSHQDV XPD SRUomR GD SRSXODomRGHYDORUHVUHDLVpPHGLGDRXpXVDGDXPDDERUGDJHPGHDPRVWUDJHP FRPHUURVLVWHPiWLFR$UHSUHVHQWDomRGHDSHQDVXPDSRUomRGDSRSXODomRSRGH RFRUUHU WDQWR QR VHQWLGR ItVLFR LVWR p DSHQDV GRV DSDUHOKRV GH LOXPLQDomRVmRFRQWDGRVQRVHQWLGRWHPSRUDODPHGLomRRFRUUHGXUDQWH DSHQDVGH]PLQXWRVGHFDGDKRUD9HU$QH[R%" x 0HGLomR 2V HUURV GH PHGLomR UHVXOWDP GH YiULRV IDWRUHV SUHFLVmR GRV VHQVRUHV HUURV GH VHJXLPHQWR GH GDGRV GHVYLRV GHVGH D FDOLEUDomR PHGLo}HV LPSUHFLVDV HWF 6 !# 5 60 1AW W#X#HX#''# $QH[R%,QFHUWH]D ) 0 # 7 60 1AI # 6 *#)0 $HVWLPDWLYDV76 HIHLWRV LQWHUDWLYRV 7 61#6 * */# 0601A:#E 0606.6AH6AHA%6AW6AK#6 ZHE )57 8CCC#AC# ; 6AW6AK# %([SULPLUDLQFHUWH]D 2 HFRQRPLD HFRQRPLD 0 , FRQILDQoD SUHFLVmR# 6 FRQILDQoD A HFRQRPLD SUHFLVmR#HI20 HFRQRPLD . = * HFRQRPLD'#&&&QG*8; 9&c 8FRQILDQoD; a%&c '#&&&#> < 1A'# 1~PHURGHYDORUHVREVHUYDGRV )LJXUD% 'LVWULEXLomRQRUPDO GDSRSXODomR 9&c X&& '#%&& :&& K&& X&& 9&& '#&&& '#'&& '#%&& '#H&& '#W&& 9DORUHVREVHUYDGRV SUHFLVmR 8a%&c;FRQILDQoD8 9&c; # 7 09 SUHFLVmR 0 HI 7 001A'#H $QH[R%,QFHUWH]D 0 FRQILDQoD# 2 0 HFRQRPLD SUHFLVmRa'cFRQILDQoD9IcHIc# %,QFHUWH]DDFHLWiYHO 6 HFRQRPLD #)HFRQRPLDHUURSDGUmR 8601A'#H;SHUtRGRGHUHIHUrQFLD#$YDULkQFLD SHUtRGRGHUHIHUrQFLD0!0 HQHUJLD LQVWDODo}HV HFRQRPLD# @ A . x " x YDULiYHLVLQGHSHQGHQWHV" x *" x 723452,*# %'HILQLo}HVGHWHUPRVHVWDWtVWLFRV 0pGLD 8 < ;. 6 # 6 PpGLD 8n; /8; . ¦< L < Q 1A' 9DULkQFLD8$%;.4 #@PpGLD#6 YDULkQFLD PpGLD# 6 PpGLD 8 0PpGLD;8 PpGLD;#6YDULkQFLD . 6 % ¦ 8< < ; L Q ' % 1A% 'HVYLR SDGUmR 8;. $ YDULkQFLD# ) 8 0 YDULkQFLDQG*%GHVYLRSDGUmRQG*;# $QH[R%,QFHUWH]D V 6% 1AH (UUR SDGUmR 8)2;. 7 'HVYLR SDGUmR Q # ) SUHFLVmR# (3 V Q 1AW 3UHFLVmR.6SUHFLVmR 0DEVROXWD UHODWLYD FRQILDQoD #7 FRQILDQoDA0*+# 3UHFLVmRDEVROXWDHUURSDGUmR=W>@1A' =W>. W[(3 4XDGUR% TXDGURW ,QWHUYDORGHFRQILDQoD 1~PHURGHOHLWXUDV 1~PHURGHOHLWXUDV 7DPDQKRGDDPRVWUD 7DPDQKRDPRVWUD ,QWHUYDORGHFRQILDQoD ) A FRQILDQoD0 )0`aSUHFLVmRDEVROXWD 7 => + 8 0/;# 1AI $QH[R%,QFHUWH]D 1A: 3UHFLVmRUHODWLYDSUHFLVmRDEVROXWD. W q (3 (VWLPDWLYD 1AK )0 SUHFLVmR UHODWLYD 60 6AH# ( 0 A@1A%'% PpGLD8'#&&&;. 1 6 AI& %#I&& 9& X#'&& A'I& %%#I&& AX& :#W&& '%& 'W#W&& A'X& H%#W&& A%W& IK#:&& %'& WW#'&& W& '#:&& AK& W#9&& ''& '%#'&& %&& W&#&&& %W:#:&& N M ' 9I& % '#&9& H XI& W 9%& I '#'%& : X%& K K:& X '#%'& 9 '#&W& '& 9H& '' '#''& '% '#%&& E '%#&&& 4XDGUR%([HPSORVGHGDGRVHGHDQiOLVH 70pGLR. < ¦ <L Q '% #&&& '% '#&&& % 69DULkQFLD8$ ;. 6 % ¦ 8<L < ; Q ' % %W:#:&& '% ' %%#W'X 6% 7'HVYLRSDGUmR8;. V %% #W'X 'I& 7(UURSDGUmR. (3 V Q 'I& '% WH 7@1A'=W>'X&'% 9&c#2. 3UHFLVmRDEVROXWD. W u (3 'X u WH KK $QH[R%,QFHUWH]D 3UHFLVmRUHODWLYD. W u (3 HVWLPDWLYD KK '#&&& KKc 6*9&cFRQILDQoDPpGLR0 9%H '#&KK QG*# 2A 9&c FRQILDQoD PpGLR '% '#&&&aK#Kc#AA. x 9IcFRQILDQoDPpGLR'%'#&&&a9Ic" x X&cFRQILDQoDPpGLR'%'#&&&aIXc" x I&cFRQILDQoDPpGLR'%'#&&&aH&c# %0RGHODJHP 6 09 DMXVWDPHQWRV GH URWLQD)'( W#6 YDULiYHLV LQGHSHQGHQWHV# 6 * HQHUJLD YDULiYHLV LQGHSHQGHQWHV ; 8 * ^0Z;# ) DQiOLVHGHUHJUHVVmR# - DQiOLVH GH UHJUHVVmR =0> HQHUJLD YDULiYHLVLQGHSHQGHQWHV8;L;#20; HQHUJLDPpGLD #7#20 =E> =E> # 7 . < ERE;E;«ES;SH . x < * HQHUJLD 80H&'''*#;" x ;LW 8L ` ' % H i S; ^SZ YDULiYHLV LQGHSHQGHQWHV " x EL8`&'%iS;YDULiYHOLQGHSHQGHQWH 08E&;YDULiYHLVLQGHSHQGHQWHV" x H 0 ! , YDULiYHLVLQGHSHQGHQWHV#6DQiOLVHGHUHJUHVVmR, EL!0 $QH[R%,QFHUWH]D 8 H:;# 0HQHUJLD . `HW%#&&&d8:H0*'$;d8'&H0*'5;d8%%%07; L6 LM JUDXGLDV # 6 # - HW%#&&& QG*" :H L6 " '&H LM" %%% 'c# 7 60 1A: 0 ! DQiOLVH GH UHJUHVVmR / YDULiYHOLQGHSHQGHQWHVRIWZDUH*# %(UURVGHPRGHODJHP @ . '# 0 # YDULiYHLVLQGHSHQGHQWHV" %# YDULiYHLV LQGHSHQGHQWHV 8;" H# " W# " I# A# ( 0# %8WLOL]DomRGHGDGRVIRUDGDIDL[D $ HQHUJpWLFR # ) 0 # 7 0# $6+5$(VXJHUHTXHDDQiOLVHGHUHJUHVVmRGHYHVHUFDSD]GHSURGX]LUYDORUHVGHHPHQRUHVGRTXH $QH[R%,QFHUWH]D %2PLVVmRGHYDULiYHLVUHOHYDQWHV - 09 DQiOLVH GH UHJUHVVmR 0 HQHUJLD# 6 HQHUJLD 0 / YDULiYHLV LQGHSHQGHQWHV#7 YDULiYHLVLQGHSHQGHQWHV 4 0/ 0 # 6 YDULiYHLVLQGHSHQGHQWHV HQHUJLD# 6 YDULiYHO LQGHSHQGHQWH # 7 0601A%0 ;# $ YDULiYHO LQGHSHQGHQWH 8 0 L6; 0 HQHUJLD# 7 #( ; <# - 0 ! 80 0 M% 1A%#%#' 0;# 6 0 * * ,* # 2 * 0 SHUtRGRGHUHIHUrQFLD#- SHUtRGR GH GHWHUPLQDomR GD HFRQRPLD#E,3ODQRGH 09# %,QFOXVmRGHYDULiYHLVLUUHOHYDQWHV [YDULiYHLVLQGHSHQGHQWHV#$ 8; # - , # AYDULiYHLVLQGHSHQGHQWHVDQiOLVH GH UHJUHVVmR # 6 + 0#-GLVWULEXLomRW81A %#%#H 0; + YDULiYHLV LQGHSHQGHQWHV #_0HQHUJLD 09 +YDULiYHLVLQGHSHQGHQWHV# $QH[R%,QFHUWH]D %)RUPDIXQFLRQDO _ # 2 0 # 2 0 8 ^Z; 0 8 0 0 A;# 4 / # ) # E0< I;;;# 7 601A%#%0# %(VFDVVH]GHGDGRV 7 8;80 0A ;#7 # 7 # ) 0 *# %$YDOLDomRGRVPRGHORVGHUHJUHVVmR 2 0 HQHUJLDYDULiYHLVLQGHSHQGHQWHV 0# 7 60 1A: 0 # %&RHILFLHQWHGHGHWHUPLQDomR5 7 0 0 50< PpGLR0 #45. 5% 0n n $QH[R%,QFHUWH]D 0. x 5 % ¦ 8< < ; ¦ 8< < ; L % % L . x x <L ` ], YDULiYHOLQGHSHQGHQWH8; ;" x < `PpGLDHQHUJLD1A'" x <L`HQHUJLD80;# E *DQiOLVHGHUHJUHVVmR 5# 60 5&&'&& * 0* <8YDULiYHLVLQGHSHQGHQWHVg *0<;#5 '& 0'&&c<8< , YDULiYHLV LQGHSHQGHQWHV;# -*5# L* YDULiYHLVLQGHSHQGHQWHV#)*,* 5 &KI HQHUJLDYDULiYHLVLQGHSHQGHQWHV# 7 5 # 7 , 5# < 5 0 8 0 ; # - ! YDULiYHLV LQGHSHQGHQWHV# %(UURSDGUmRGDHVWLPDWLYD @ HQHUJLD 8<; YDULiYHLV LQGHSHQGHQWHV0HUURSDGUmRGDHVWLPDWLYD8)2 < ;# ) 0 *# $QH[R%,QFHUWH]D YDULiYHLVLQGHSHQGHQWHV HQHUJLD 8 < ; 0 0 < 1A:. x < r W u (3x < . x x < ,HQHUJLD8n; " x 78@1A';" x (3x HUURSDGUmRGDHVWLPDWLYD8;#_. < ¦ 8<y < ; L (3x L Q S ' < % 1AX S/YDULiYHLVLQGHSHQGHQWHV # ) (04 (04HQHUJLDA(04 &9(04# (3x &9 8 (04 ; < oo 1A9 < *8(06; . x (06 ¦ 8< L Q <L ; 1A'& 7 (06 # (06 0 # 6 # 7 (04 # E 7# $QH[R%,QFHUWH]D %'LVWULEXLomRW 8EN; ; < , # 6 0 HUUR SDGUmR GR FRHILFLHQWH GLVWULEXLomRW# GLVWULEXLomRW + # YDORUHVWFUtWLFRVTXDGURW8@1A';# 7 HUUR SDGUmR GH FDGD FRHILFLHQWH VRIWZDUH # 6 A. x (3E ¦ 8< < ; ]8Q %; ¦8; ; ; L % % L 2YDULiYHOLQGHSHQGHQWH0 8;#( A009 HUURVSDGUmR# 60E 1A:. EW[(3E 7 HUUR SDGUmR GR FRHILFLHQWH E GLVWULEXLomRW# ) !# 6 GLVWULEXLomRW VRIWZDUH . A E (3E GLVWULEXLomRW W @1A'#$GLVWULEXLomRW/@ 1A'# GLVWULEXLomRW% , HUUR SDGUmR 0 < ; # 2A E # - GLVWULEXLomRW%SUHFLVmRa'&&c. E#2* a'&c $QH[R%,QFHUWH]D GLVWULEXLomRW'&HUURSDGUmRE &'!E# 2*GLVWULEXLomRW. x YDULiYHLVLQGHSHQGHQWHVHQHUJLD" x YDULiYHLV LQGHSHQGHQWHV , 0 0 8 ; E GLVWULEXLomRW;" x "" x "0 # %$PRVWUDJHP 6 #6 Q 1#( Q 1 !# LHUURSDGUmR Q #7,* =I>HUURSDGUmR8*; I # %'HWHUPLQDomRGRWDPDQKRGDDPRVWUD 2A Q # 6 * # 1 5 *# 7 *. '# VHOHFLRQDUXPDSRSXODomRKRPRJrQHD2 , A , # $ * #20 80!; $QH[R%,QFHUWH]D 8 0;" %# GHWHUPLQDU RV QtYHLV GHVHMDGRV GH SUHFLVmR H GH FRQILDQoD 8 0*;#6SUHFLVmR A 8,0a0c;# SUHFLVmR # 6 FRQILDQoD A 0 SUHFLVmR8, 0 a 0c SUHFLVmR;# #20 FRQILDQoD9&cSUHFLVmRa'&c 0 8a'&c; 8;9&c#(0 * LQVWDODomR A * # 6 * # 2 9&]'&8FRQILDQoDSUHFLVmR;* * 0 8a'&c; * 9&c *# 6 FRQILDQoD9&cSUHFLVmRa'&c#-3ODQRGH09 8X#I;#4*SUHFLVmR a%&ca'&c*W *Aa%c*'&&8 Q ;# $ 0 09. 'HFLGLU R QtYHO GH GHVDJUHJDomR# ) FRQILDQoDSUHFLVmR # 5 60 1AI#%# M SUHFLVmRFRQILDQoD*%" %# &DOFXODURWDPDQKRGDDPRVWUDLQLFLDO#1A * . Q& ] % q FY % H% . x QR* " x &9 FRHILFLHQWH GH YDULkQFLD # 6 PpGLD GHVYLR SDGUmR &I &9" $QH[R%,QFHUWH]D 1A'' x H ,SUHFLVmR x ] @ 1A' / FRQILDQoD ,# 2 0]'9:FRQILDQoD9Ic8':W9&c"'%X X&c"&:KI&cFRQILDQoD# 2 0 9&c FRQILDQoD '&c SUHFLVmR &9 &I *8Q;. QR '#:W % u &#I % &#'% :K ) 80*; , / , &9 , , # 6 * 09 &9" H# $MXVWDU D HVWLPDWLYD LQLFLDO GR WDPDQKR GD DPRVWUD SDUD SHTXHQDV SRSXODo}HV# 7 * , %&* #20*8QR`:K; 81;%&& H * # 2 =, > # ) , * 8Q; . Q Q& 1 Q& 1 1A'% 6,0* 8Q;9&c]a'&cI2 ,606AHA'" W# )LQDOL]DU R WDPDQKR GD DPRVWUD# * 8QR;&9A&9 , #2 * SUHFLVmR# $ &9 W * , SUHFLVmR#$&9,SUHFLVmR * )1A''1A'%# [ PpGLD GHVYLR SDGUmR #7&9*8)1A''1A'%; # M $QH[R%,QFHUWH]D #2 ,#209 * 0# $ 0 ! ! HFRQRPLD SUHFLVmR # %0HGLomR 6 HQHUJLD YDULiYHLV LQGHSHQGHQWHV 09#-*'&&c0 0'&&c#60 # * 8 SUHFLVmR; *# 7SUHFLVmR,, 0 #-/ SUHFLVmR # 6 0 , SUHFLVmR 0 SUHFLVmR # 6^Z +#2*, ! # _ SUHFLVmR # 2 0 ! *SUHFLVmR. x ^Z 8 0 0 0;" x ! # ( SUHFLVmR0 SUHFLVmR# -*# 6 SUHFLVmR # A FRQILDQoD SUHFLVmR 6 , FRQILDQoD9Ic# $QH[R%,QFHUWH]D @ / HFRQRPLD PpGLD 60 1AI #7HUURSDGUmR. (3 SUHFLVmR u 1A'H W 7W #2 @1A'W *# @ / S#6PpGLD #7HUURSDGUmRPpGLR 1AW# 6 W#X#H X#'' /# %&RPELQDomRGRVFRPSRQHQWHVGHLQFHUWH]D E , ) ' ( W HFRQRPLD# 6 HFRQRPLD# ) 0A HUURSDGUmR# 7 # 6 ! . x $ HFRQRPLD 8&; 8 6DYLQJV &' r & % r ### r & S ; HUUR SDGUmR. (38(FRQRPLD;` (3 8&' ; % (3 8& % ; % ####### (3 8& S ; % 1A'W 2 0 HFRQRPLD ) '; ( W SHUtRGRGHUHIHUrQFLDDMXVWDGRSHUtRGRGHGHWHUPLQDomRGDHFRQRPLD 3'(HUURSDGUmR8HFRQRPLD;. (38(FRQRPLD;` (38,; % (38 2'( ; % $QH[R%,QFHUWH]D 7(38UHIHUrQFLDDMXVWDGD;HUURSDGUmR)1AX#7 (3 8FRQVXPR GR µSyVH[HFXomR GDV $5(V¶; 0 )1A'H# x $ HFRQRPLD 8&L;8 6DYLQJV &'q & %q### q & S ;HUURSDGUmR HFRQRPLD0. (38(FRQRPLD ; | (FRQRPLD % % % § (38&S ; · § (38&'; · § (38&% ; · ¸ 1A'I ¸¸ ######¨ ¸¸ ¨¨ ¨¨ ¨ &S ¸ © &' ¹ © &% ¹ © ¹ 0HFRQRPLD. (FRQRPLD`zG0P $ 3ODQR GH 09 * =P> HUURSDGUmR#$3ODQRGH09 zGHUURSDGUmR#7HUURSDGUmR HFRQRPLD! . (3 8 (FRQRPLD ; (FRQRPLD % % § (3 8 ' :DWW ; · § (3 8 +RUDV ; · ¨ ¸ ¨ ¸ © ' :DWW ¹ © +RUDV ¹ @ (UUR 3DGUmR HFRQRPLD(UUR3DGUmR)1A'W. )2E8(FRQRPLD;` ` (38HFRQRPLD' ; % (38HFRQRPLD% ; % ######## (38HFRQRPLD1 ; % ` 1 u (3 8HFRQRPLD ; 1A': 7 1 / HFRQRPLD (UUR 3DGUmR ,# HUURSDGUmRHFRQRPLD HFRQRPLD " < 1A'" @ 1A' HA. $QH[R%,QFHUWH]D '; SUHFLVmR DEVROXWD UHODWLYD HFRQRPLD FRQILDQoD 8 0 9&c; W @ 1A' )1AI1AK" %; (UUR3URYiYHO8(3;0I&c#7(UUR3URYiYHO #@ ,(3#86$PM6)'99K;#7@1A' I&c W ` &:K * H& &:K HUURV SDGUmR PpGLR# 6 HUUR SURYiYHOHFRQRPLD)1A:a&:K0)28(FRQRPLD;# H; 7 FRQILDQoD 9&c 8/&; 0 9&c !#@ 1A' ) 1A: /& a':W 0 )2 8(FRQRPLD; * H&# %$YDOLDomRGDVLQWHUDo}HVGRVP~OWLSORVFRPSRQHQWHVGDLQFHUWH]D 6 ) 1A'W 1A'I 0 ! HFRQRPLD#709 HFRQRPLD#E SUHFLVmR HFRQRPLD * SUHFLVmR # 6VRIWZDUH* / 4(#64( /=> #E # = > 0 6M) # * 9: G * :W G# $ * '& * HFRQRPLD . 26 89: :W; u '& u H:I ''KN:K '#&&& 6*:WG 0#-0** *#6** * # 2 HFRQRPLD * # 7 09 HFRQRPLD # $QH[R%,QFHUWH]D 6 < 1% HFRQRPLD + ***#(+H&c HFRQRPLD # 2A HFRQRPLD *** #H&cHFRQRPLD9&c H&c*HFRQRPLDH&c# )LJXUD% ([HPSORGD$QiOLVHGH VHQVLELOLGDGH²(FRQRPLDQD LOXPLQDomR $4?5** aIc HFRQRPLD a'Ic#2**9''&'C HFRQRPLD99'HIQG*#6 HFRQRPLDH: QG* 8'HI A 99;# $ '& QG* jH:& # $ * * SUHFLVmR jH:& / HFRQRPLD # 6< 1%*HFRQRPLD 08*** 0;#_ *,a%&c HFRQRPLD a%&ca%HQG*8`%&c ''KQG*;#6 HFRQRPLDW:QG*8`%0%HQG*;jW:& #-, 0 * jW:& /HFRQRPLD# 6 HFRQRPLD * 8W: QG*; * * 8H: QG*;# EA HFRQRPLD * $QH[R%,QFHUWH]D < 1%# ) * 8a%&c; * *8aIc;# # 7 0 #64( 0 + 09A* 0 !HFRQRPLD# %(VWDEHOHFLPHQWRGHREMHWLYRVSDUDDLQFHUWH]DTXDQWLILFiYHOGDHFRQRPLD (601A'#- ,09#6 09 4?5 S!HFRQRPLD !09#<3ODQRGH 09 8( I;# 6HFRQRPLDHQHUJLD HQHUJLD ! HQHUJLD# L , SUHFLVmR UHODWLYD , SUHFLVmRDEVROXWD,*SUHFLVmR DEVROXWD#20 I&& QG HFRQRPLD '&& QG a'&c FRQILDQoD9&c8=9&]'&>;. x SUHFLVmRDEVROXWDI&QG8'&c I&&QG;FRQILDQoD9&c x HFRQRPLDSUHFLVmRDEVROXWDHFRQRPLD '&QG8'&c'&&QG;FRQILDQoD9&c#2 SUHFLVmR DEVROXWD QD HFRQRPLD UHSRUWDGD '& QG SUHFLV}HV DEVROXWDVKQG8)1A'W 0 SUHFLVmR;# ( FRQILDQoDSUHFLVmR 9&]'& HFRQRPLD 9&]'& # 7 SUHFLVmR ! HFRQRPLD HQHUJLD +HFRQRPLD#20*HFRQRPLD /81;*8+;8&; ZDWWV.(FRQRPLD`10+0O&]'& +# - SUHFLVmR 9&]'& +9&]'&,HFRQRPLD+ #)1A'ISUHFLVmR9&cFRQILDQoD a'Kc#A/ZDWW *SUHFLVmR9&]'&*SUHFLVmR9&]'& HFRQRPLD# $QH[R%,QFHUWH]D 6SUHFLVmR #6* 09 # L SUHFLVmR # $ , SUHFLVmR HFRQRPLD , SUHFLVmR# %([HPSORGHXPDDQiOLVHGHLQFHUWH]D - @ 1AH 0 * #EA A'% JUDXVGLD 8LM; # ) *#7 . $4YM377$M)$NE67$ ) M4/ &9K &RHILFLHQWHGH GHWHUPLQDomR ( , &9% (UURSDGUmR 7 '%&& 2UGHQDGD RULJHP *'5 4XDGUR% ([HPSORGRV UHVXOWDGRV QXPDSODQLOKD GDDQiOLVHGH UHJUHVVmR (UUR 'LVW7 SDGUmR LQIHULRU VXSHULRU 'I'9: HK&X I#%9II: I#9K%KW &RHILFLHQWHV QD )'%QG* LM . (`I#:HW'Id8K9W0LM; 758=>@1A H;&9H9Hc'% 0 LM# ) , )'( W# 7 K9W QG* LM HUUR SDGUmR &:X#) )2 GLVWULEXLomRW8=E>@1AH;'':W#)GLVWULEXLomRW $QH[R%,QFHUWH]D W@1A'8W`%%'% FRQILDQoD 9Ic;# 2 '':W %% LM YDULiYHO LQGHSHQGHQWH # 6 * 0 FRQILDQoD 9Ic :W% 9WI SUHFLVmRUHODWLYDa'9c8`8K9WJ:W%;]K9W;#2AFRQILDQoD 9IcLMQG*:W%9WIQG*# 7HUURSDGUmRGDHVWLPDWLYD! H:KI#7LM ':%8;#2 0LM . ( `I#:HWd8K9W0':%; `:#9%&QG* A AW@1A'%%'%FRQILDQoD9Ic 0 . <0`:#9%&a8%%0H:KI;`:#''%K#K%9QG*# 6SUHFLVmRDEVROXWDaX&9QG*8`%%0H:KI;SUHFLVmRUHODWLYDa'%c 8`X&9 ]:9%&;# 7 * HUURSDGUmRGDHVWLPDWLYD SUHFLVmR UHODWLYD '%c# $ W#H&& QG* HFRQRPLD )';( W. (FRQRPLD`:#9%&JW#H&&`%#:%&QG* '&&c 0 8)2 ` &c; #7)2HFRQRPLD. (3 8HFRQRPLD0H QVDO ; (3 UHIHU # DMXVWDGD (3 FRQV# QR3'( % % ` H:KI % & % `H:KI W%%0HFRQRPLD . <0 `%#:%&a8%%0H:KI; `%#:%&aX&9`'#X''H#W%9 $QH[R%,QFHUWH]D 2SUHFLVmRHFRQRPLDAHUURSDGUmR HFRQRPLD # 6 HFRQRPLD HUURSDGUmR. )28HFRQRPLD;` '% u H:K#I% `'#%KHQG* W SHUtRGR GH UHIHUrQFLD %% # 2 SUHFLVmR DEVROXWD HFRQRPLD %% 0 '#%KH ` %#X&' QG*# 2 HFRQRPLDV %#:%& QG* HFRQRPLD H'#WW& QG* SUHFLVmR UHODWLYD ! HFRQRPLD 9c 8 ` 8%#X&' ] H'#WW&; 0 '&&;# $QH[R%,QFHUWH]D )RUPDWDGR)RQWH 7LPHV1HZ5RPDQ 6-)g7(46E)M36N)$2)(\<3(7)(66M)L3V7 )60/ )57 #( 53" #6 )57, +* ,/# &8QLWHG6WDWHVRI$PHULFD$SULO $GGLWLRQWR&KDSWHU {4?5L.45<) O2,5%#% A%&&&8M%K(*'&;#E*#$#) Ok<) O 4 2 8<)42;C* O #$# #E*<)424?5LC*'99: C*O**32452#3 09 *O(&0#E*<)42L OC**32452 CQ0* OC (&0#E*NC1QO-NOC8*.]]## ]]; *<)424?5L*4?5 *764?5*Q# {E*#$#$7(Z2(Z() O)O )2.E*4* M M )286%&&:;#E* O OO#3*C*32452 09#E*2*(46O( 8(6N46(;C*.]]CCC## # $GGLWLRQWR&KDSWHUVDQG 6CO *O *N*) O) 8N))E4;*#$#L1 (# $GGLWLRQWR&KDSWHU $A*(&0V*O* $) O*C$333<)428%&&&;#-*C* <)42ZN)A6A&'N(A6A&'(PA6A&'C*32452 *O# $GGLWLRQWR&KDSWHU (*%#%#'<)428%&&&;OHQHUJ\ SHUIRUPDQFHFRQWUDFW#E*$<) O4 2 * *L<)4209768%&&%; * HVWLPDWLRQO#$# #8-.*<)42 HVWLPDWHG YDOXHV=#>; $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR )RUPDWDGR)RQWH 7LPHV1HZ5RPDQ )RUPDWDGR)RQWH 7LPHV1HZ5RPDQ )RUPDWDGR)RQWH 7LPHV1HZ5RPDQ $GGLWLRQWR&KDSWHU 3O (*H% *6$PM6)PQ8%&&I;#E*$) O87); ACO A OA CCC### ] ]oO# 6$PM6)Z OAOO* Z* * P56(O#7*OA HQHUJ\P56(#$6$PM6)Z P56(&%Q81*'99H;]*P56(&'Q 810*'99W'99W'99I;#$AP56( OF8'9XH;#)** C86$PM6)'9X9$)N'99:;# $GGLWLRQWR&KDSWHU,WHP E* C***8VHU 1HZV5#%&-#'C***ONC1QO-NO *.]] ## -C#<C* #$##7#)# *.]]CCC## O# ] ] O]]C*]C*o## 6C**#7*#$#-( (*.]]C### ]]]#*# 7*, C*C* *G*4QO *#$#-MC) O NOZCQ ) OA'& *.]]CCC## ] ] O'&]# $GGWLRQWR&KDSWHU E*#$#) Ok1 ) O$L 2 81$L2;CCC### ] ]o] #$#< # &)UDQFH-XLOOHW 3ODQGH09ZZ*O 5Z32452 Z#)0.3245253)57'&&&&A'.%&&9.< &KDSLWUH '#W6'1*Q 0P@).CCC#*# &KDSLWUH2SWLRQ' W#'&6'.30OR1+ N Z6)4)8Z;.*.]]'9W#''K#%%H#'%9 W#'&6%.4R N Z6)4)8Z;. *.]]'9W#''K#%%H#'%9 W#'&6H.4R 4A<.*.]]##]o] (7$E3(.*.]]CCC##],]#* W#'&6W.4*(* . 6$PM6)%&&%'&I'M2 W#'&6I.-006$PM6)%&&% $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR &(VSDxD )32452)|0 N 4O!O0O !O#20! )|. $QH[RVDO&DStWXOR 2!! )|* *!O N #)*! O ()- )-'I%'K=) O .4*0 O O ># N! . {N! "ON ! ! # {N! ! 0 MWK]%&&K#$* (4 3EO(36)O!L6O 2 545#) . {(o5n25O2|O4E8) !;# {(oLE # N! ,N !(!6(!) )#)!*) (6!26N O(# )2 (*4 3EO(36)O45 #) *! -E# $C43EO( *.]]CCC#O#] ]])) ]() ]2 (]2 ]M#0 ) N3)M!0 bN! b 1AP)'(! E )!# * (6N)-)MJ5n2 C *.]]CCC# # ]0#*e`HH $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR $QH[RVDO&DStWXOR,WHP N! C6 ) 4 4464MO4 C*.]]CCC##]]]]eQ` 2!! *! 6 ) 4 4464MO4 C*.]]CCC##]]] ] $QH[RVDO&DStWXOR NO !|(! E)!8(E); C45 *.]]CCC##]]0#*e`o?Q`C?`II%?3`%%: MM 3E)8M3E); C43EO( *.]]CCC#O#] ]])) ]M3E)]2 ]3E #0# &5RPDQLD-XO\ $GGLWLRQWR&KDSWHU³,3093¶V5HODWLRQVKLS7R2WKHU09*XLGHOLQHV´ 6**32452*M-) O1 )L#E*-L*CO O O*C**# $GGLWLRQWR&KDSWHU³&DOLEUDWLRQ´ * *O*-3 4 O***O OM#E*OC* C# $GGLWLRQWR&KDSWHU³0HDVXUHPHQW5HIHUHQFHV´ 4 *)) O4ME* ) O4MO6-M)8M) OM O6*O; *()) O4O6-M)# <* O* . ()3:&&WWA'( ()3:&'X:5 ()3:&&WWA%3 ()3:&:XK6 CA* O&#%$&#I$ ()3:'&H:6 CA* O'% ()3:'%:X6 CA* O%H ()3:&I%'(&#I'% CA* ()3:&XK&A%A'EO#2%.7 #$ '.2CO O# ()3:&XK&AWEO#2W.2# ()3:&XK&AIEO#2I.E# ()3:''&K0* # 0* ()3:'HHWAW O#2W. ()3:%&I:A:')O J0* $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR J2:'.7,O8713$;()3:%&I:A:%)O J 0* J2:%.3 ()3:%&I:AW:)O J0* J2W:.NQO PN( ()3:%&I:AIH)O J0* J2IH.(7$)46NO ()3:%&I:A%')O J0* J2%'.0* ()3:%&I:AW%)O J0* J2W%.2*OOO* 0* <** O* . $M)-'WHWJ'E* O2'.L5C#8'99X; $E6$::9:EQ 8;8'9X:; )-'WHWJ%HWI:P8'99K;3$7]3)(KWX&3* OJ E0* COAA$A OE)]() 8'99';3$7]3)(KW9XA'3* OAA7$O3J 1M4.E*148'99W;2)&&%M * * O8'99W; 2)&&H- AC8'9XW; 2)I&%AX- * C* #P28'99X;$(&&'<CQ * 0 8'99:; $(&&%<CQ C * OC*Q8'99X; 734NMKI83M;E* O8'9XX; -E4AHA'I9A9W4 * O8'99W; $GGLWLRQWR&KDSWHU³'DWDIRU(PLVVLRQ7UDGLQJ´ (7% *-62 M L*L)(**C C. *.]]CCC##]<]E)gEc%&60c%&PLo-62oA c%&<3-6No%&&9X'XHX'K%W:# ( ) # &%XOJDULD-XO\ )J1 OO . %&&W]%%])(4 %&&:]9I])(%&&:]9I])(*)2 *('%%&&:***C4$ C* 8 ; %&&&]II])() OO * 9:]IK])() OO** * 9%]W%]))()OC*ACC* $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR 1$)-'%%:'.%&&HLC 1$)-'%%:'.%&&H]6'.%&&: 1$)-'%%:'.%&&H]6(.%&&H 1$)-'%W&IA'.%&&: 1$)-'%W&IA'.%&&:]6'.%&&: 1$)-'%WX&.%&&H 1$)-'%WX&.%&&H]6'.%&&: 1$)-'HI9.%&&& 1$)-'HI9.%&&&]6'.%&&: 1$)-'W'IWA'.%&&:d6'.%&&KG 1$)-'W%H:.%&&9 1$)-'WHW.%&&KP 1$)-I&WK&A'.%&&:6() O 9&]H9:])(6 XK]W&W])($ 9K]%H])(2 9%]KI])() O ** 1$)-I&%9W.'99X]6%.%&&W N * 1$)-I&%9W.%&&H 1$)-I&%9W.%&&H]6'.%&&H &&]HFK5HSXEOLF6HSWHPEHU M *O)(* C*O O#PC* 32452*#E*(** C. 3* . }$-%I&&3 }$-%I&'5 }$-%I&%5 }$-%I&94 }$-%IK&2 }$-%IK%2 }$-%IKW6O }$-%IKI5 }$-%IK:5C *O }$-%IKKN C*C }$-%IKX3 C }$-%IX&E* }$-%IX'L* }$-%IX%2AO*C* }$-%IXHE** }$-%IXI(* 3* O. }$-99%'E C }$-99H'L* }$-99W'G * }$-99WK4 }$-99:XLCA A }$-99K'2* $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR }$-99X&LO*OA *M O. }$-&''H&&N }$-&:&%'&(* C** }$-&K&&%'PC }$-&K&%W&PCCA }$-&K&H&I) }$-&K&:'&P0* CACAC }$-'&I&&W( }$-''&&'&2 }$-'%&&&&P56(O }$-HH%&&&) }$-HX&I%:POA }$-HXII&%L }$-:IK99'7 }$-KH&IW&E* A'%HW }$-KH&II&E* J* }$-KH&I:&E* J }$-)-XHIP*** AC* OO * }$-)-XHWP*** #6C* OO $GGLWLRQWR&KDSWHU³'DWDIRU(PLVVLRQ7UDGLQJ´ 5(7%*))E $*C* O*)*86-:9I]%&&W(# ;# &&URDWLD6HSWHPEHU $GGLWLRQWR&KDSWHU³&DOLEUDWLRQ´ M*C*.=4*O* OO*( O 8PQ,,;C*#> $GGLWLRQWR&KDSWHU³'HILQLWLRQV´ 1 OA*=1 O (NC OA>=7~, ,vQ QQ~, ,,~,>) OA* =$(NC OA>=,vQ QQ~, ,,~,> &3RODQG6HSWHPEHU M . #74)O 8##%&&KH#%K"NCL%&&K-H%K;8##%&'& ':H#''&H"NCL%&'&-':H''&H;# $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR #NC C8##%&'&::#W%'"NCL%&'&-:: W%';# #7( 8##%&'&9 #:'"NCL%&'&-9:'; #7*4)O O. { .##%&&X'X#''I"NCL%&&X-'X''I { O6(O.##%&&X''#:H"NCL%&&X-'' :H {C**C.##%&&XW#%H"NCL%&&X- W%H# &±%UDVLOQRYHPEURGH $GLomRjV6Ho}HVH 1R%UDVLORVSULQFLSDLVSURJUDPDVSDUDFDUDFWHUL]DUDVXVWHQWDELOLGDGHGHSURMHWRV HRSHUDomRGHHGLItFLRVVmRRVVHJLRQWHV x /(('/HDGHUVKLSLQ(QHUJ\DQG(QYLURQPHQWDO'HVLJQFHUWLILFDGR LQWHUQDFLRQDOFULDGRSHOR86*UHHQ%XLOGLQJ&RXQFLOQRV(VWDGRV8QLGRVH UHSUHVHQWDGRQR%UDVLOSHOR*%&%UDVLO*UHHQ%XLOGLQJ&RXQFLO%UDVLO 7UDWDVHGHXPVLVWHPDGHRULHQWDo}HVSDUDFRQVWUXo}HVTXHFRQVLGHUDWRGR RFLFORGHYLGDGDHGLILFDomRGHVGHDHVFROKDGRVtWLRRQGHVHUiFRQVWUXtGRR SURMHWRHVXDVLQVWDODo}HVDSURFHGrQFLDGRVPDWHULDLVHRVLPSDFWRV DPELHQWDLVGDHGLILFDomRDYDOLDQGRWDPEpPRFRQVXPRGHHQHUJLD KWWSZZZJEFEUDVLORUJEU"S FHUWLILFDFDR x (1&(3URFHO(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLDGR3URJUDPD 1DFLRQDOGH&RQVHUYDomRGH(QHUJLD(OpWULFDGD(OHWUREUiVPpWRGR EUDVLOHLURTXHFODVVLILFDDHGLILFDomRTXDQWRjHILFLrQFLDQRFRQVXPRGH HQHUJLDHOpWULFDLQFHQWLYDQGRDLQGDRXVRGHIRQWHVDOWHUQDWLYDVGHHQHUJLDH DHFRQRPLDGHiJXD6mRDYDOLDGRVRVLVWHPDGHLOXPLQDomRRVLVWHPDGH FRQGLFLRQDPHQWRGHDUHDHQYROWyULD KWWSZZZHOHWUREUDVFRPSFLPDLQDVS"9LHZ ^(&&$$ '$&'$)` x $48$$OWD4XDOLGDGH$PELHQWDO±PpWRGRDGDSWDGRDR%UDVLOEDVHDGRQR ³'pPDUFKH+4(´IUDQFrV3RVVXLFULWpULRVSDUDJHVWmRGRHPSUHHQGLPHQWRH GH GHVHPSHQKR GD FRQVWUXomR FRQVLGHUDQGR DLQGD DV FRQGLo}HV GH FRQIRUWR H VD~GH GR XVXiULRKWWSZZZYDQ]ROLQLRUJEUFRQWHXGR DVS"FRGBVLWH LGBPHQX $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR $GLomRj6HomR x $%171%5,62YHUVmREUDVLOHLUDGHQRPLQDGD³6LVWHPDGH *HVWmRGH(QHUJLD5HTXLVLWRVFRP2ULHQWDo}HVSDUD8VR´FXMRFDStWXOR± 'HILQLo}HVGHXVXEVtGLRVSDUDDVHOHomRGRVWHUPRVXVDGRVQR&DStWXOR± 'HILQLo}HVGH3,093HFXMRFDStWXOR±0RQLWRUDPHQWRPHGLomRH DQiOLVHRULHQWDTXDQWRjFRPSOH[LGDGHGDVPHGLo}HV3RGHVHUDGTXLULGDHP ZZZDEQWRUJEU x $1((/0DQXDOSDUDHODERUDomRGR3URJUDPDGH(ILFLrQFLD(QHUJpWLFD DSURYDGRSHOD51QGHTXHFRQWpPWRGDDRULHQWDomR LQFOXVLYHVREUH09UHIHUHQWHDRVSURMHWRVVREVHXILQDQFLDPHQWR3RGHVHU HQFRQWUDGRHP+773ZZZDQHHOJRYEUDUTXLYRV3')DUHQBSGI $GLomRj6HomRLWHP x 2VGDGRVFOLPDWROyJLFRVGHWHPSHUDWXUDPpGLDPHQVDOHGR%DODQoR+tGULFR 1RUPDO PHQVDO QRV ~OWLPRV DQRV GH PDLV GH PXQLFtSLRV GR %UDVLO HVWmRGLVSRQtYHLVHPZZZEGFOLPDFQSPHPEUDSDEU x 2V UHJLVWURV DQHPRPpWULFRV GRV UHJLPHV GH YHQWR H GH YDULiYHLV FRUUHODWDV SDUD EDOL]DU DSURYHLWDPHQWRV HyOLRHOpWULFRV VmR LQIRUPDGRV QR $WODV GR 3RWHQFLDO (yOLFR %UDVLOHLUR GLVSRQtYHLV HP ZZZFUHVHVEFHSHOEULQGH[SKS"OLQN DWODVBHROLFRBEUDVLO x $ EDVH GH GDGRV GDV LUUDGLDo}HV VRODUHV QR WHUULWyULR EUDVLOHLUR HVWmR GLVSRQtYHLVHPZZZVRFLHGDGHGRVRORUJEU $GLomRj6HomR 2IDWRUGHHPLVVmRGDUHGHUHSUHVHQWDDTXDQWLGDGHGH&2HPLWLGDSRU0:K JHUDGRSHODVXVLQDVTXHRSHUDPGHQWURGR6LVWHPD,QWHUOLJDGR1DFLRQDO6,1 +iGLIHUHQWHVPRGHORVSDUDFiOFXORGRIDWRUGHHPLVVmRGDUHGHHR0LQLVWpULRGH &LrQFLDH7HFQRORJLD0&7SXEOLFDGRLVPpWRGRVGHFiOFXORVSDUDRVIDWRUHVGH HPLVVmRQR6,1FRPEDVHQRVGDGRVGLVSRQLELOL]DGRVSHOD$JrQFLD1DFLRQDOGH (QHUJLD(OpWULFD$1((/ x RSULPHLURFiOFXORpGHVWLQDGRDDWLYLGDGHVGHSURMHWRGHQWURGR0HFDQLVPR GH'HVHQYROYLPHQWR/LPSR0'/HYLVDHVWLPDUDVHPLVV}HVGHVORFDGDV SHODLQWURGXomRGHXPDQRYDXVLQDQDPDUJHPGRVLVWHPD $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR x RVHJXQGRVHGHVWLQDDLQYHQWiULRVGHHPLVV}HVHPJHUDOHFRQVLGHUDWRGDV DVXVLQDVTXHHVWmRJHUDQGRHQHUJLDHQmRVRPHQWHDTXHODVTXHHVWHMDP IXQFLRQDQGRQDPDUJHP $PERVRVFiOFXORVSRGHPVHUHQFRQWUDGRVQDSiJLQDGR0&7HP KWWSZZZPFWJRYEULQGH[SKSFRQWHQWYLHZKWPO $GLomRDR&DStWXOR±'HILQLo}HV³*UDXVGLD´ x $VWHPSHUDWXUDVGHUHIHUrQFLDVHUmRDVWHPSHUDWXUDVGHFRQIRUWRGHILQLGDV SHOD1RUPD%UDVLOHLUD$%171%5(VWD1RUPDSRGHVHUDGTXLULGDHP ZZZDEQWRUJEU $GLomRDR$QH[R%,QFHUWH]DDFHLWiYHO &RQVLGHUDQGRDQDWXUH]DGRVLVWHPDHOpWULFREUDVLOHLURFRPIRUWHSUHGRPLQkQFLDGH JHUDomRKLGUHOpWULFDDVDo}HVGHHILFLrQFLDTXHUHFHEHPLQFHQWLYRGRJRYHUQR GHYHPWHUXPDFRQILDELOLGDGHJDUDQWLGDSDUDSRGHULQWHJUDURSODQHMDPHQWR HQHUJpWLFR1HVWHVHQWLGRpLPSRUWDQWHTXHVHHVWDEHOHoDPJUDXVGHLQFHUWH]D DFHLWiYHLVSDUDHVWDVDo}HV )RLUHGLJLGRXPGRFXPHQWRSDUDLQLFLDUDVGLVFXVV}HVVREUHHVWHWHPDTXHHVWi GLVSRQtYHOHPZZZLQHHRUJEUDSiJLQDGR,1((±,QVWLWXWR1DFLRQDOGH(ILFLrQFLD (QHUJpWLFDVHPSUHHQYROYLGRFRPTXHVW}HVGH09 $QH[R&0DWHULDOHVSHFtILFRGHFDGDUHJLmR ZZZHYRZRUOGRUJ $(92DJUDGHFHDRVVHXVDWXDLVDVVLQDQWHVSULQFLSDLV 3DFLILF*DVDQG(OHWULF&RPSDQ\ 6DQ'LHJR*DV(OHWULF&RPSDQ\ 6RXWKHUQ&DOLIRUQLD(GLVRQ UHIHUrQFLD86AK;UHIHUrQFLD (IILFLHQF\9DOXDWLRQ2UJDQL]DWLRQ
Documentos relacionados
Prefeitura Municipal de Ibirapitanga publica
(P FDGD 0XQLFtSLR H HP FDGD 5HJLmR $GPLQLVWUDWLYD KDYHUi QR PtQLPR XP &RQVHOKR 7XWHODU FRPR yUJmR LQWHJUDQWH GD DGPLQLVWUDomR S~EOLFD ORFDO FRPSRVWR GH FLQFR ...
Leia maisO golpe de aríete em tubulações de recalque. Análise
YI P +P P F PV 7 V W VPDQREUDOHQWD 'DtYHP
Leia maisPEQEPEHLJHfl OT Kaycp/iSHfl 5-b/irapnfi EOOfl eHfl KO Kfl 33
OT Kaycp/iSHfl 5-b/irapnfi EOOfl eHfl KO Kfl 33 MLC International Consulting Group no noBOfl: TPCHMHT 33 paaeMTiie Ha K/IIOMOBM KOMnereHUMM Ha rena pecypcM. MSKVCTBOTO A3 npnopnTii3MpaMe,
Leia mais