AQUISIES SIB 1 SEMESTRE 2012

Transcrição

AQUISIES SIB 1 SEMESTRE 2012
6,67(0$'(
%,%/,27(&$6
9
16,%
0DWHULDLVLQFRUSRUDGRVDRDFHUYRQRSHUtRGRGH-DQMXQžVHPHVWUH5HODFLRQDGRVSRUiUHDGR
FRQKHFLPHQWR
%LEOLRWHFD&HQWUR&DPSXV$MX&HQWUR
/,9526
&ODVVH0(72'2/2*,$
%$5526$LGLO-HVXVGD6LOYHLUD/(+)(/'1HLGH
$SDUHFLGDGH6RX]D)XQGDPHQWRVGHPHWRGRORJLD
FLHQWtILFDHGUHLPSU6mR3DXOR3HDUVRQ
0DNURQ%RRNVS
&ODVVH),/262),$
1,(7=6&+()ULHGULFK:LOKHOP2DQWLFULVWR
DQiWHPDVREUHRFULVWLDQLVPR3RUWXJDO(G
S
&ODVVH36,&2/2*,$
%$5',1/DXUHQFH$QiOLVHGHFRQWH~GR
/DXUHQFH%DUGLQWUDGXomR>GH@/XtV$QWHUR5HWR
$XJXVWR3LQKHLUR6mR3DXOR63(GLo}HV
S
%,$**,2ÆQJHOD0DULD%UDVLO3VLFRORJLDGR
GHVHQYROYLPHQWR3HWUySROLV5-9R]HV
S
&ODVVH62&,2/2*,$
$5215D\PRQG$VHWDSDVGRSHQVDPHQWR
VRFLROyJLFRHG6mR3DXOR/LYUDULD0DUWLQV
)RQWHVS&ROHomR(QVLQR6XSHULRU
WH[
WH[
WH[
WH[
WH[
%(5*(53HWHU/3HUVSHFWLYDVVRFLROyJLFDV
XPDYLVmRKXPDQtVWLFD>HG@3HWUySROLV5-
9R]HV>@S
WH[
'80217/RXLV+RPRKLHUDUFKLFXVRVLVWHPD
GDVFDVWDVHVXDVLPSOLFDo}HVHG6mR3DXOR
('863S
WH[
*,''(16$QWKRQ\$VFRQVHTXrQFLDVGD
PRGHUQLGDGHS
WH[
&ODVVH',5(,72
WH[
(3,3+$1,2(PLOLR%LFDOKR9,/(/$-RVp
5LFDUGRGH3DXOD;DYLHU&RRUG3HUtFLDVPpGLFDV
WHRULDHSUiWLFD5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQFS
2/,9(,5$6HEDVWLmR*HUDOGRGH,QGHQL]Do}HVSRU WH[
DFLGHQWHGRWUDEDOKRRXGRHQoDRFXSDFLRQDO
HGUHYDPSOHDWXDO6mR3DXOR/75S
&ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/
WH[
/86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH
SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH
LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV
FDPSRQHVDV0DFHLy$/8)$/S
&ODVVH('8&$d­2
%5=(=,16.,,ULD3HGDJRJLDSHGDJRJRVH
IRUPDomRGHSURIHVVRUHVEXVFDHPRYLPHQWR
HG6mR3DXOR3DSLUXVS
WH[
&$/'(5Ï1$GROIR,JQDFLR3(66$1+$-RUJH
$OH[DQGUH2QRGD62$5(69HUD/~FLD3HQD
&DUQHLUR(GXFDomRVXSHULRUFRQVWUXLQGRD
H[WHQVmRXQLYHUVLWiULDQDV,(6SDUWLFXODUHV6mR
3DXOR;DPmS
WH[
&81+$0DULD,VDEHOGD2ERPSURIHVVRUHVXD
SUiWLFDHG&DPSLQDV633DSLUXV
S&ROHomR0DJLVWpULR
WH[
)$=(1'$,YDQL&DWDULQD$UDQWHV2UJ'LGiWLFD
HLQWHUGLVFLSOLQDULGDGHHG&DPSLQDV63
3DSLUXVS
WH[
0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$
HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD
&DPSLQDV63$XWRUHV$VVRFLDGRVS
&ROHomR0HPyULDGD(GXFDomR
WH[
12*8(,5$0DULDGDV'RUHV3LPHQWHO3ROtWLFDVGH WH[
H[WHQVmRXQLYHUVLWiULDEUDVLOHLUD%HOR
+RUL]RQWH0*8)0*S
352-(72SROtWLFRSHGDJyJLFRGDHVFRODXPD
FRQVWUXomRSRVVtYHOHG&DPSLQDV633DSLUXV
S&ROHomR0DJLVWpULR)RUPDomRH
7UDEDOKR3HGDJyJLFR
WH[
5(,65RVH3pWDODVHHVSLQKRVDH[WHQVmR
XQLYHUVLWiULDQR%UDVLO6mR3DXOR&,$GRV
/,9526S
WH[
6$/9$'25&pVDU&ROOHWDO3VLFRORJLDGR
HQVLQR3RUWR$OHJUH56$570('
S
WH[
6(0,1È5,2$('8&$d­2'2&$03212
&+­2'26(0,È5,'26(5*,3$12RXW
D'HOPDU+RWHO$UDFDMX6(5,%(,525X\
3DYDQ2UJHWDO6HPLQiULRDHGXFDomRGR
FDPSRQRFKmRGRVHPLiULGR6HUJLSDQR
HQFRQWURVHFDPLQKRVUHODWRVUHWUDWRVH
FRPSURPLVVRV$UDFDMX6(81,&()
S
WH[
628=$1HXVD0DULD0DUTXHVGHHWDO+LVWyULDGD WH[
HGXFDomRDQWLJXLGDGHLGDGHPpGLDLGDGH
PRGHUQDFRQWHPSRUkQHD6mR3DXOR$YHUFDPS
FS
&ODVVH(1*(1+$5,$$0%,(17$/
%$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR
$OHJUH56%RRNPDQ[[
&ODVVH0$7(0È7,&$
&267$1(723HGUR/XL]GH2OLYHLUD
&<0%$/,67$0HOYLQ3UREDELOLGDGHVUHVXPRV
WHyULFRVH[HUFtFLRVUHVROYLGRVH[HUFtFLRV
SURSRVWRVHG6mR3DXOR(%OFKHU
S
WH[
WH[
025(77,13HGUR$OEHUWR%866$%:LOWRQGH2 WH[
(VWDWtVWLFDEiVLFDHG6mR3DXOR/LYUDULD
6DUDLYDS
&ODVVH)Ë6,&$
+$//,'$<'DYLG:$/.(5-HDUO5(61,&.
5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG
5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV
FY
WH[
6(5:$<5D\PRQG$-(:(77-U-RKQ:
3ULQFtSLRVGHItVLFDYROPHFkQLFDFOiVVLFD
6mR3DXOR7+20621Y
WH[
75(),/-DPHV+$=(15REHUW0)tVLFDYLYD
XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR
/LYURV7pFQLFRVH&LHQWtILFRVFY
WH[
WH[
<281*+XJK')5(('0$15RJHU$
6($56)UDQFLV:HVWRQ=(0$16.<0DUN
:DOGR6HDUVH=HPDQVN\ItVLFD,PHFkQLFD
HGUHLPSU6mR3DXOR3HDUVRQ$GGLVRQ:HVOH\
Y
&ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/
WH[
&$03%(//0DU\.)$55(//6KDZQ2
%LRTXtPLFDYROXPH%LRTXtPLFDEiVLFD6mR
3DXOR&HQJDJH/HDUQLQJY
&ODVVH$175232/2*,$
9(<1(3DXO2UJ+LVWyULDGDYLGDSULYDGD
GRLPSpULRURPDQRDRDQRPLOHG6mR3DXOR
&RPSDQKLDGDV/HWUDVY
WH[
&ODVVH$1$720,$
WH[
'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR
$PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV
FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV
HQHUYRVHG6mR3DXOR$WKHQHXS
%LEOLRWHFD%LRPpGLFD
&ODVVH&/Ë1,&$0e',&$3$72/2*,$
%25$.66LOYLR0HGLFLQDEXFDOWUDWDPHQWR
FOtQLFRFLU~UJLFRGDVGRHQoDVEXFRPD[LORIDFLDLV
6mR3DXOR63$UWHV0pGLFDVS
WH[
5(*(=,-RVHSK$3DWRORJLDRUDOFRUUHODo}HV
FOLQLFRSDWROyJLFDVHG5LRGH-DQHLUR5-
(OVHYLHUFS
WH[
6&8//<&ULVSLDQ0HGLFLQDRUDOHPD[LORIDFLDO
EDVHVGRGLDJQyVWLFRHWUDWDPHQWRHG5LRGH
-DQHLUR5-(OVHYLHUS
WH[
&ODVVH2'2172/2*,$
/,77/(-DPHV:HWDO0DQHMRRGRQWROyJLFRGR
SDFLHQWHFOLQLFDPHQWHFRPSURPHWLGRHG5LR
GH-DQHLUR5-(OVHYLHUFS
WH[
0$/$0('6WDQOH\)0DQXDOGHDQHVWHVLDORFDO WH[
HG5LRGH-DQHLUR(OVHYLHU‹S
0$7(5,$,6GHQWiULRV5LRGH-DQHLUR5-
,QWHUDPHULFDQD>@S
WH[
0,6&+&DUO(,PSODQWHVGHQWDLV
FRQWHPSRUkQHRV5LRGH-DQHLUR5-(OVHYLHU
S
WH[
:257+,1*7213KLOLS/$1*%ULHQ5
58%(167(,1-HIIUH\(2VVHRLQWHJUDomRQD
RQGRQWRORJLDXPDYLVmRJHUDOHG6mR3DXOR
634XLQWHVVHQFHS
WH[
&ODVVH25*$1,=$d­2($'0,1,675$d­2'(
(035(6$6,1'Ò675,$6(&20e5&,2
WH[
),25(//,-RVp2VPLU0$/+$'$6-81,25
0DUFRV-XOLR2OLYp3VLFRORJLDQDVUHODo}HVGH
WUDEDOKRXPDQRYDYLVmRSDUDDGYRJDGRVMXL]HV
GRWUDEDOKRDGPLQLVWUDGRUHVHSVLFyORJRV6mR
3DXOR/7US
&ODVVH/,7(5$785$
%(50$10DUVKDOO7XGRTXHpVyOLGRGHVPDQFKD WH[
QRDUDDYHQWXUDGDPRGHUQLGDGHUHLPSU6mR
3DXOR&RPSDQKLDGH%ROVRS
)5(,5(5REHUWR$PHHGrYH[DPH5LRGH
-DQHLUR*XDQDEDUDS
WH[
/LPRQJL)UDQoD$QD&ULVWLQD4XDOLGDGHGHYLGDQR WH[
WUDEDOKR497FRQFHLWRVHSUiWLFDVQDVHPSUHVDV
GDVRFLHGDGHSyVLQGXVWULDOHG6mR3DXOR
$WODVS
*8,0$5­(6%HUQDUGR-RDTXLPGD6LOYD$
HVFUDYD,VDXUD3RUWR$OHJUH56/30
S&ROHomReVyR&RPHoR
WH[
5(*2-RVp/LQVGR3XUH]DHG5LRGH
-DQHLUR5--RVp2O\PSLRS
WH[
WH[
52(6&+6\OYLD0DULD$]HYHGR3URMHWRVGH
HVWiJLRHGHSHVTXLVDHPDGPLQLVWUDomRJXLDSDUD
HVWiJLRVWUDEDOKRVGHFRQFOXVmRGLVVHUWDo}HVH
HVWXGRVGHFDVRHGUHLPSU6mR3DXOR$WODV
S
6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[
RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV
ULVFRVDPELHQWDLVHG6mR3DXOR/75
S
9(5*$5$6\OYLD&RQVWDQW3URMHWRVHUHODWyULRV
GHSHVTXLVDHPDGPLQLVWUDomRHG6mR3DXOR
$WODVS
WH[
=$1(//,-RVp&DUORV%25*(6$1'5$'(
-D\UR(GXDUGR%$6726$QWRQLR9LUJtOLR
%LWWHQFRXUW2UJ3VLFRORJLDRUJDQL]Do}HVH
WUDEDOKRQR%UDVLOUHLPSU3RUWR$OHJUH
56$UWPHG[S%LEOLRWHFD$UWPHG
3VLFRORJLD2UJDQL]DFLRQDOH,QVWLWXFLRQDO
WH[
&ODVVH/,1*hË67,&$
$5$*21e6/XLV3$/(1&,$5DPyQ
*UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD
(VSDQKD60S
WH[
(0(',$72:DQGHU$IyUPXODGRWH[WR
UHGDomRDUJXPHQWDomRHOHLWXUDHG6mR3DXOR
*HUDomRS
WH[
)$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\
SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ
UHVSXHVWDVHG6mR3DXOR630RGHUQD
S
WH[
0(/21((QULTXH0(1Ï1/RUHQD7LHPSR
HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63
$WXDOS
&ODVVH35e+,67Ï5,$5(6726$57()$726(
5(/Ë48,$635e+,67Ï5,&$6
WH[
)81$5,3HGUR3DXOR$EUHX12(//,)UDQFLVFR
6LOYD3UpKLVWyULDGR%UDVLO6mR3DXOR
&RQWH[WRS5HSHQVDQGRD+LVWyULD
&ODVVH+,67Ï5,$
$(6&5,7$GDKLVWyULDQRYDVSHUVSHFWLYDV
UHLPSU6mR3DXOR81(63‹S
%LEOLRWHFD%iVLFD
WH[
$(6&5,7$GDKLVWyULDQRYDVSHUVSHFWLYDV
UHLPSU6mR3DXOR81(63>@S
%LEOLRWHFD%iVLFD
WH[
$/%848(548(-5'XUYDO0XQL]GH+LVWyULD
DDUWHGHLQYHQWDURSDVVDGRHQVDLRVGHWHRULDGD
KLVWyULD%DXU~63('86&S
WH[
%/2&+0DUF$SRORJLDGDKLVWyULDRXRRItFLRGH
KLVWRULDGRU5LRGH-DQHLUR-=DKDUF
S
WH[
WH[
%8(12(GXDUGR$YLDJHPGRGHVFREULPHQWR
XPRXWURROKDUVREUHDH[SHGLomRGH&DEUDO>
HG@5LRGH-DQHLUR2EMHWLYDS&ROHomR
7HUUD%UDVLOLVY
%85.(3HWHU&XOWXUDSRSXODUQDLGDGH
PRGHUQD(XURSD6mR3DXOR63
&RPSDQKLDGH%ROVRS
WH[
&(57($80LFKHOGH$FXOWXUDQRSOXUDO
HG&DPSLQDV633DSLUXVS
WH[
WH[
WH[
48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD
&UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO
OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS
WH[
&267$6pJLR&RUUrDGD$VTXDWURFRURDVGH'
3HGUR,5LRGH-DQHLUR5-3D]H7HUUD S
48(6$'$6HEDVWLiQ,PiJHQHVGH(VSDxD
PDWHUtDOGHSUiFWtFDV0DGULG(GHOVDS
WH[
WH[
'$17$6,EDUr+LVWyULDGH6HUJLSHUHS~EOLFD
5LRGH-DQHLUR5-7HPSR%UDVLOHLUR
S
)5(,7$60DUFRV&HVDUGH+LVWyULDVRFLDOGD
LQIkQFLDQR%UDVLOHG6mR3DXOR&RUWH]
S
WH[
*,25'$1,0iULR&XUWLV+LVWyULDGDÈIULFD
DQWHULRUDRVGHVFREULPHQWRVLGDGHPRGHUQD,
HG3HWUySROLV5-9R]HVS
WH[
+2%6%$:0(ULF6REUHKLVWyULDHQVDLRV
HGUHLPS6mR3DXOR&RPSDQKLDGDV/HWUDV
S&ROHomR(QVDLRV
WH[
/(*2))-DFTXHV+LVWyULDHPHPyULD
UHLPSU/LVERD81,&$03S
WH[
52'5,*8(6-RVp+RQyULR+LVWRULDH
KLVWRULRJUDILD5LRGH-DQHLUR5-9R]HVF
S
WH[
WH[
6(9(5,12$QW{QLR-RDTXLP0HWRGRORJLDGR
WUDEDOKRFLHQWtILFRHGUHYDWXDO6mR3DXOR
&RUWH]S
&ODVVH,1)250È7,&$6,67(0$6'(
,1)250$d­2
WH[
$*8,$5)DELR&DOFLRODULGV0D[
PRGHODJHPUHQGHUHIHLWRVHDQLPDomR6mR3DXOR
63eULFDS
$1,0$7,21QRZ+RQJ.RQJ7DVFKHQ WH[
S
WH[
%$/'$05RTXHPDUGH/LPD$XWR&$'
XWLOL]DQGRWRWDOPHQWH''HDYDQoDGRHG
UHLPSU6mR3DXOR63eULFDS
%($87,)8/DUFKLWHFWXUH(VWDGRV8QLGRV
2
5HLOO\FS
WH[
&ODVVH
/(*2))-DFTXHV2VLQWHOHFWXDLVQDLGDGHPpGLD WH[
HG5LRGH-DQHLUR5--RVp2O\PSLR
S
+25,(5LFDUGR0LQRUX$UWHILQDOL]DomR
SUHSDUDomRHIHFKDPHQWRGHDUTXLYRV3')6mR
3DXOReULFDS
WH[
WH[
287526
0$1=$12-RVp$XJXVWR1*2/,9(,5$-D\U
)LJXHLUHGRGH$OJRULWPRVOyJLFDSDUD
GHVHQYROYLPHQWRGHSURJUDPDomRGHFRPSXWDGRUHV
HGUHY
6mR3DXOReULFDS
&ODVVH+,67Ï5,$
$558'$-RVp-REVRQGH$$WODVKLVWyULFR
EiVLFRHGUHLPSU6mR3DXORÈWLFD
S
WH[
%LEOLRWHFD&HQWUDO-DFLQWR8FKRD&
/,9526
&ODVVH0(72'2/2*,$
$1'5$'(0DULD0DUJDULGDGH,QWURGXomRj
PHWRGRORJLDGRWUDEDOKRFLHQWtILFRHODERUDomRGH
WUDEDOKRVQDJUDGXDomRHG6mR3DXOR$WODV
S
WH[
&(592$PDGR/XL]%(59,$13HGUR$OFLQR
6,/9$5REHUWRGD0HWRGRORJLDFLHQWtILFD
HGUHLPSU6mR3DXOR3UHQWLFH+DOOS
WH[
*,/$QWRQLR&DUORV&RPRHODERUDUSURMHWRVGH
SHVTXLVDHG6mR3DXOR$WODVS
WH[
/$.$726(YD0DULD0$5&21,0DULQDGH
$QGUDGH0HWRGRORJLDFLHQWtILFDFLrQFLDH
FRQKHFLPHQWRFLHQWtILFRPpWRGRVFLHQWtILFRV
HG6mR3DXOR$WODVS
WH[
WH[
0$1=$12-RVp$XJXVWR1*2/,9(,5$-D\U
)LJXHLUHGRGH(VWXGRGLULJLGRGHDOJRULWPRV
HG6mR3DXOReULFDS
0(1(*2772-RVp/XLV$5$8-27HUH]D
&ULVWLQD0DOYHLUDGH2GHVHQKRGLJLWDOWpFQLFD
DUWH5LRGH-DQHLUR,QWHUFLrQFLDS
WH[
0,*8(/5RGULJRGUDZ$QLPDomR'+4H
JDPHV>FRQH[}HVHPHUFDGR@7HUHVySROLV5-
$%S
WH[
2/,9(,5$$GULDQR(VWXGRGLULJLGRGHGV0D[
6mR3DXOReULFDS&ROHomR3'
WH[
3$77(5621'DYLG$+(1166<-RKQ/
2UJDQL]DomRHSURMHWRGHFRPSXWDGRUHV
WLUDJHP5LRGH-DQHLUR(OVHYLHUS
WH[
&ODVVH7(25,$'$&2081,&$d­2('2
&21752/((0*(5$/&,%(51e7,&$
3$5(17($QGUp2UJDQL]DGRU7UDPDVGDUHGH WH[
QRYDVGRPHQV}HVILORVyILFDVHVWpWLFDVHSROtWLFDVGD
FRPXQLFDomR3RUWR$OHJUH566XOLQD
S
6$17$(//$/~FLD$HFRORJLDSOXUDOLVWDGD
FRPXQLFDomRFRQHFWLYLGDGHPRELOLGDGH
XELTXLGDGH6mR3DXOR633DXOXVS
&ROHomR&RPXQLFDomR
WH[
0$7(6&29LUHQH5R[R6&+(1,1,3DXOR
+HQULTXH(FRQRPLDSDUDQmRHFRQRPLVWDV
SULQFtSLRVEiVLFRVGHHFRQRPLDSDUDSURILVVLRQDLVHP
PHUFDGRVFRPSHWLWLYRVHG5LRGH-DQHLUR5-
6HQDF5LRS
WH[
&ODVVH-251$/,602-251$,6,035(16$
WH[
'$9,')HUQDQGR/RSHV&ULPHVGHLPSUHQVD
OHJLVODomRHMXULVSUXGrQFLD6mR3DXOR,JOX
S
2
68//,9$1$UWKXU6+())5,16WHYHQ0
1,6+,-,0$0DULVOHL,QWURGXomRjHFRQRPLD
SULQFtSLRVHIHUUDPHQWDV6mR3DXOR3HDUVRQ
3UHQWLFH+DOOS
WH[
&ODVVH),/262),$
025,1(GJDU2PpWRGRpWLFD3RUWR$OHJUH
566XOLQDS
3$5.,10LFKDHO(FRQRPLDHG6mR3DXOR
633HDUVRQ3UHQWLFH+DOOFS
WH[
WH[
528$1(76HUJLR3DXOR$VUD]}HVGR
LOXPLQLVPR6mR3DXOR&RPSDQKLDGDV/HWUDV
S
WH[
=,1*$120DUFR(VWXGRVGHpWLFDDQWLJD
HG6mR3DXOR63'LVFXUVRHGLWRULDO3DXOXV
S&ROHomR3KLORVRSKLD
WH[
&ODVVH36,&2/2*,$
WH[
%2&.$QD0HUFrV%DKLD)857$'22GDLU
7(,;(,5$0DULDGH/RXUGHV7UDVVL3VLFRORJLDV
XPDLQWURGXomRDRHVWXGRGHSVLFRORJLDHG6mR
3DXOR6DUDLYD6LFLOLDQR6$S
&ODVVH62&,2/2*,$
$5215D\PRQG$VHWDSDVGRSHQVDPHQWR
VRFLROyJLFRHG6mR3DXOR/LYUDULD0DUWLQV
)RQWHVS&ROHomR(QVLQR6XSHULRU
WH[
0,1,&8&&,$JRVWLQKR'LQkPLFDGHJUXSR
WHRULDVHVLVWHPDVHG6mR3DXOR$WODV
S
WH[
&85<9DQLD0DULD+LVWyULDGDLQGXVWULDOL]DomR
QRVpFXOR;,;5LRGH-DQHLUR5-8)5-
S6pULH'LGiWLFRV
WH[
*,$&2021,-DPHV2UoDPHQWRS~EOLFR
HGDPSOUHYHDWXDO6mR3DXOR$WODVS
WH[
.58*0$13DXO5:(//65RELQ,QWURGXomRj WH[
HFRQRPLD5LRGH-DQHLUR5-(OVHYLHU
S
0$1.,:1*UHJRU\,QWURGXomRjHFRQRPLD
6mR3DXOR&HQJDJH/HDUQLQJFS
628=$1LOVRQ$UD~MRGH(FRQRPLDLQWHUQDFLRQDO WH[
FRQWHPSRUkQHDGDGHSUHVVmRGHDRFRODSVR
ILQDQFHLURGH6mR3DXOR63$WODV
S
WH[
7+20$6-DQHW0(FRQRPLDDPELHQWDO
IXQGDPHQWRVSROtWLFDVHDSOLFDo}HV6mR3DXOR63
&HQJDJH/HDUQLQJS
WH[
&267$&ULVWLQD6RFLRORJLDLQWURGXomRjFLrQFLD WH[
GDVRFLHGDGHHG6mR3DXOR0RGHUQD
S
&ODVVH(&2120,$
$/e0$QD&OiXGLD0DFURHFRQRPLDWHRULDH
SUiWLFDQR%UDVLO6mR3DXOR63(OVHYLHU
S
WH[
6$$'),/+2$OIUHGR2YDORUGH0DU[
HFRQRPLDSROtWLFDSDUDRFDSLWDOLVPRFRQWHPSRUkQHR
&DPSLQDV6381,&$03FS&ROHomR
0DU[
WH[
&ODVVH',5(,72
$&&,2/<+LOGHEUDQGR6,/9$*(GR
1DVFLPHQWRH&$6(//$3DXOR%RUED0DQXDOGH
GLUHLWRLQWHUQDFLRQDOS~EOLFRHG6mR3DXOR
/LYUDULD6DUDLYDS
WH[
WH[
$'(2'$72-RmR0DXUtFLR/HLWmR)LORVRILDGR
GLUHLWRXPDFUtWLFDjYHUGDGHQDpWLFDHQDFLrQFLD
HPFRQWUDSRVLomRjRQWRORJLDGH1LFRODX+DUWPDQQ
HG6mR3DXOR/LYUDULD6DUDLYDS
$/(*5(&DUORV5HJLPHMXUtGLFRGRVDFLGHQWHV
GHWUDEDOKRHGDVGRHQoDVSURILVVLRQDLVHG
UHLPSU&RLPEUD$OPHGLQDS
WH[
$/(0)iELR3HGUR$UELWUDJHP6mR3DXOR
63/LYUDULD6DUDLYDS&ROHomR3UiWLFD
GR'LUHLWR
WH[
WH[
$/(;$1'5,120DUFHOR3$8/29LFHQWH
0DQXDOGHGLUHLWRWULEXWiULRHGUHYHDWXDO
6mR3DXOR0pWRGRS
$/(;$1'5,120DUFHOR3$8/29LFHQWH
0DQXDOGHGLUHLWRWULEXWiULRFDGHUQRGH
TXHVW}HVHGUHYHDWXDO6mR3DXOR0pWRGR
S
$/0(,'$$PDGRU3DHVGH&XUVRGHIDOrQFLDH
UHFXSHUDomRGHHPSUHVDHG6mR3DXOR
/LYUDULD6DUDLYDS
WH[
WH[
WH[
$/0(,'$*XLOKHUPH$VVLVGH&+5,670$11
0DUWKD2FKVHQKRIHUeWLFDHGLUHLWRXPD
SHUVSHFWLYDLQWHJUDGDHG6mR3DXOR$WODV
S
%$5526:HOOLQJWRQ3DFKHFR&XUVRGHGLUHLWR
DJUiULRYROXPHGRXWULQDMXULVSUXGrQFLD
H[HUFtFLRVHGUHYHDWXDO3RUWR$OHJUH56
Y
WH[
$/0(,'$*XLOKHUPH$VVLVGH
3(5521(02,6e6&OiXGLD&RRUGHQDGRU
'LUHLWRLQWHUQDFLRQDOGRVGLUHLWRVKXPDQRV
LQVWUXPHQWRVEiVLFRVHG6mR3DXOR63$WODV
S
WH[
%$5526:HOOLQJWRQ3DFKHFR&XUVRGHGLUHLWR
DJUiULROHJLVODomRHGUHYHDPSO3RUWR
$OHJUH56GR$GYRJDGRY
WH[
WH[
$/0(,'$-RmR%DWLVWDGH0DQXDOGHGLUHLWRGR
FRQVXPLGRUHGUHYWLUDJHP6mR3DXOR
/LYUDULD6DUDLYDS
WH[
%$55262/XFDV$EUHX2UJDQL]DomR2GLUHLWR
DJUiULRQDFRQVWLWXLomR5LRGH-DQHLUR5-
)RUHQVHS
WH[
$/2&+,2/XL]+HQULTXH$QWXQHV3ODQRGLUHWRU
XUEDQRHHVWDWXWRGDFLGDGHPHGLGDVFDXWHODUHVH
PRUDWyULDVXUEDQtVWLFDV%HOR+RUL]RQWH0*
)RUXPS
WH[
%$55262/XtV5REHUWR2FRQWUROHGH
FRQVWLWXFLRQDOLGDGHQRGLUHLWREUDVLOHLUR
H[SRVLomRVLVWHPiWLFDGDGRXWULQDHDQiOLVHFUtWLFDGD
MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD
S
$/9$5(=$QVHOPR3ULHWUR6,/9$1HOVRQ3HUHV
GD0DQXDOGHSURFHVVRFLYLOHSUiWLFDIRUHQVHY
WHRULDJHUDOSURFHVVRGHFRQKHFLPHQWRHUHFXUVRV
HGDWXDO
5LRGH-DQHLUR5-&DPSXV
S
%(1-$0,1$QWRQLR+HUPDQ90$548(6
&OiXGLD/LPD%(66$/HRQDUGR5RVFRH0DQXDO
GHGLUHLWRGRFRQVXPLGRUHGUHYDWXDOH
DPSO6mR3DXOR5HYLVWDGRV7ULEXQDLVS
WH[
WH[
$0$5$/5REHUWR&81+$6pUJLR6pUYXORGD
0DQXDOGDVHOHLo}HVHGUHYDWXDO6mR
3DXOR63/LYUDULD6DUDLYDS
&'520
%(572/',0iUFLD5RGULJXHV6326$72.DU\QD
%DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD
XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH
0*)RUXPS
WH[
WH[
$0$52/XFLDQR'LUHLWRWULEXWiULREUDVLOHLUR
HG6mR3DXOR/LYUDULD6DUDLYDS
WH[
$1'5(8&&,5LFDUGR$QWRQLR([HFXomRSHQDO WH[
6mR3DXOR63(GLWRUD6DUDLYDS
3RFNHWVMXUtGLFRVY
$5$Ò-2*LRYDQQL0RUDHVGH1RUPDV
UHJXODPHQWDGRUDVFRPHQWDGDVOHJLVODomRGH
VHJXUDQoDHVD~GHQRWUDEDOKRHG5LRGH
-DQHLUR5-*9&S
WH[
$5$8-2-Ò1,25*HGLHO&ODXGLQRGH3UiWLFDQR WH[
SURFHVVRFLYLOFDELPHQWRDo}HVGLYHUVDV
FRPSHWrQFLDSURFHGLPHQWRVSHWLo}HVPRGHORV
HG6mR3DXOR$WODVS
$5$8-21DGLD'H'LUHLWRLQWHUQDFLRQDO
SULYDGRWHRULDHSUiWLFDEUDVLOHLUDHGDWXDOH
DPS5LRGH-DQHLUR5-5HQRYDU
WH[
WH[
%$5$77$$OHVVDQGUR&ULPLQRORJLDFUtWLFDH
FUtWLFDGRGLUHLWRSHQDOLQWURGXomRDVRFLRORJLDGR
GLUHLWRSHQDOHG5LRGH-DQHLUR5HYDQ>@
S&ROHomR3HQVDPHQWR&ULPLQROyJLFRY
%$55(772/DXUR,QYHVWLJDomRMXGLFLDOHOHLWRUDO
HDomRGHLPSXJQDomRGHPDQGDWRHOHWLYR
HGUHYHDPSOS
WH[
WH[
%(572/2-RVp*LOPDU3HWLo}HVIRUHQVH
DQRWDGDVHG/HPH630L]XQRS
%(572/2-RVp*LOPDU3UiWLFDSURFHVVXDOFLYLO
DQRWDGDHGUHYHDWXDO6mR3DXOR63
0L]XQRS
%,7(1&2857&H]DU5REHUWR&yGLJRSHQDO
FRPHQWDGRHGDWXDO6mR3DXOR/LYUDULD
6DUDLYDS
WH[
WH[
%,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR
SHQDOSDUWHHVSHFLDOGRVFULPHVFRQWUDD
DGPLQLVWUDomRS~EOLFDGRVFULPHVSUDWLFDGRVSRU
SUHIHLWRVHGUHYDWXDOHDPSO6mR3DXOR
/LYUDULD6DUDLYDY
WH[
%,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR
SHQDOSDUWHHVSHFLDOGRVFULPHVFRQWUDDSHVVRD
HG6mR3DXOR/LYUDULD6DUDLYDY
WH[
%,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR WH[
SHQDOSDUWHJHUDOHGUHYDPSOHDWXDO6mR
3DXOR/LYUDULD6DUDLYDY
WH[
%,77$5(GXDUGR&%$/0(,'$*XLOKHUPH
$VVLVGH&XUVRGHILORVRILDGRGLUHLWRHG6mR
3DXOR$WODVS
%,77$5(GXDUGR&%&XUVRGHpWLFDMXUtGLFD
pWLFDJHUDOHSURILVVLRQDOHG6mR3DXOR6DUDLYD
6LFLOLDQR6$S
WH[
&Æ0$5$$OH[DQGUH)UHLWDV/Lo}HVGHGLUHLWR
SURFHVVXDOFLYLOYROXPH,HG5LRGH-DQHLUR
/XPHQ-XULVY
%2%%,21RUEHUWR$HUDGRVGLUHLWRV
WLUDJHP5LRGH-DQHLUR&DPSXV(OVHYLHUF
S
WH[
&Æ0$5$$OH[DQGUH)UHLWDV/Lo}HVGHGLUHLWR
SURFHVVXDOFLYLOYROXPH,,HG5LRGH
-DQHLUR/XPHQ-XULVY
%21$9,'(63DXOR&XUVRGHGLUHLWR
FRQVWLWXFLRQDOHGDWXDOHDPSO6mR3DXOR
0DOKHLURVS
WH[
&$032,9DOGLU0DQXDOGHSUiWLFDIRUHQVHFLYLO WH[
)UDQFD63/HPRV&UX]>@S
WH[
&$0326),/+20RDF\U/REDWRGH)DOrQFLDH
UHFXSHUDomR%HOR+RUL]RQWH0*'HO5H\
S
WH[
%21),0(GLOVRQ0RXJHQRW&XUVRGHSURFHVVR
SHQDOHG6mR3DXOR/LYUDULD6DUDLYD
S
WH[
&$3(=)HUQDQGR&XUVRGHGLUHLWRSHQDO
OHJLVODomRSHQDOHVSHFLDOHG6mR3DXOR/LYUDULD
6DUDLYDY
WH[
%25*(6$QWRQLR0RXUD&XUVRFRPSOHWRGH
GLUHLWRDJUiULR&DPSR*UDQGH06
&RQWHPSODU>@
WH[
%5$*$5RGULJR%HUQDUGHV7HRULDHSUiWLFDGD
DUELWUDJHP%HOR+RUL]RQWH0*'HO5H\
S
%5$6,/&yGLJRGHGHIHVDGRFRQVXPLGRU
&yGLJRGHGHIHVDGRFRQVXPLGRU6mR3DXOR
5,'((/S&ROHomRGH/HLV5LGHHO
WH[
WH[
%5$6,//HLVHOHJLVODomR6HJXUDQoDHPHGLFLQD
GRWUDEDOKR15D&/7DUWVDOHL
QžGHSRUWDULDQžGH
HG6mR3DXOR$WODV[LS
&ROHomR0DQXDLVGH/HJLVODomR$WODV
&$3(=)HUQDQGR&XUVRGHGLUHLWRSHQDOSDUWH
JHUDODUWVžDHG6mR3DXOR/LYUDULD
6DUDLYDY
WH[
WH[
WH[
&$3(=)HUQDQGR&XUVRGHSURFHVVRSHQDO WH[
HG6mR3DXOR/LYUDULD6DUDLYDS
&$33(//(77,0DXUR*$57+%U\DQW$FHVVRj
MXVWLoDUHLPSU3RUWR$OHJUH6$)DEULV
S
WH[
&$5'(//$+DUROGR3DUDQKRVeWLFDSURILVVLRQDO
GDDGYRFDFLDHVWDWXWRGDDGYRFDFLDHFyGLJRGH
pWLFDHGLVFLSOLQD6mR3DXOR63/LYUDULD6DUDLYD
S
WH[
%5,72$OH[LV$XJXVWR&RXWRGH([HFXomRSHQDO
6mR3DXOR4XDUWLHU/DWLQGR%UDVLOS
WH[
%8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR
GHGLUHLWRSURFHVVXDOFLYLOSURFHGLPHQWRVFRPXP
RUGLQiULRHVXPiULRHGUHYDWXDOHDPSO6mR
3DXOR/LYUDULD6DUDLYDYW
WH[
&$5/,9LOPD0DULD,QRFrQFLR0DQXDOGHSUiWLFD WH[
IRUHQVH&DPSLQDV636HUYDQGDS
&'520
WH[
%8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR
GHGLUHLWRSURFHVVXDOFLYLOUHFXUVRVSURFHVVRVH
LQFLGHQWHVQRVWULEXQDLVVXFHGkQHRVUHFXUVDLV
WpFQLFDVGHFRQWUROHGDVGHFLV}HVMXULVGLFLRQDLV
HGUHYDWXDOHDPSO6mR3DXOR/LYUDULD6DUDLYD
Y
WH[
&$55,219DOHQWLQ&RPHQWiULRVjFRQVROLGDomR
GDVOHLVGRWUDEDOKROHJLVODomRFRPSOHPHQWDU
MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD
S
&$55,219DOHQWLQ&RPHQWiULRVjFRQVROLGDomR
GDVOHLVGRWUDEDOKROHJLVODomRFRPSOHPHQWDU
MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD
S
WH[
&$59$/+2),/+2-RVpGRV6DQWRV0DQXDOGH
GLUHLWRDGPLQLVWUDWLYRHG5LRGH-DQHLUR
/XPHQ-XULVS
WH[
&$59$/+23DXORGH%DUURV&XUVRGHGLUHLWR
WULEXWiULRHG6mR3DXOR/LYUDULD6DUDLYD
S
WH[
&$6(//(-RVp(UDVPR0DQXDOGHSUiWLFD
IRUHQVHSURFHVVRFLYLOHGUHY6mR3DXOR
6DUDLYD6LFLOLDQR6$S
WH[
WH[
%8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR
GHGLUHLWRSURFHVVXDOFLYLOWHRULDJHUDOGR
SURFHVVXDOFLYLO6mR3DXOR/LYUDULD6DUDLYD
S
%8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR WH[
GHGLUHLWRSURFHVVXDOFLYLOWXWHODDQWHFLSDGD
WXWHODFDXWHODUSURFHGLPHQWRVFDXWHODUHVHVSDFtILFRV
HGUHYDWXDOHDPSO
6mR3DXOR/LYUDULD6DUDLYD
Y
&$6752&DUORV$OEHUWR3HUHLUDGH/$==$5,
-RmR%DWLVWD&XUVRHOHPHQWDUGHGLUHLWR
SUHYLGHQFLiULRFRQIRUPHD/HJLVODomRHPYLJRU
DWpDEULOGH6mR3DXOR/7US
WH[
&$67527KDOHV&RQVHOKRGHVHJXUDQoDGD
218XQLSRODULGDGHFRQVHQVRVHWHQGrQFLDV
UHLPSU&XULWLED35-XUXiS
&,&&2&OiXGLRGH+LVWyULDGRSHQVDPHQWR
MXUtGLFRHGDILORVRILDGRGLUHLWRHG6mR
3DXOR63/LYUDULD6DUDLYDS
&,175$$QW{QLR&DUORVGH$UD~MR*5,129(5
$GD3HOOHJULQL',1$0$5&2&kQGLGR5DQJHO
7HRULDJHUDOGRSURFHVVRHG6mR3DXOR
0DOKHLURVS
'(/*$'20DXULFLR*RGLQKR&XUVRGHGLUHLWRGR WH[
WUDEDOKRHG6mR3DXOR/75S
WH[
WH[
'(/
2/02)ORULVEDOGH6RX]D&XUVRGHGLUHLWR
LQWHUQDFLRQDOS~EOLFR5LRGH-DQHLUR)RUHQVH
S
WH[
WH[
',3,(7520DULD6\OYLD=DQHOOD'LUHLWR
DGPLQLVWUDWLYRHG6mR3DXOR$WODV
S
WH[
WH[
',',(5-81,25)UHGLH&XUVRGHGLUHLWR
SURFHVVXDOFLYLOLQWURGXomRDRGLUHLWRSURFHVVXDO
FLYLOHSURFHVVRGRFRQKHFLPHQWRHG6DOYDGRU
%$32',90Y
WH[
&2(/+2)iELR8OKRD&XUVRGHGLUHLWR
FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR
/LYUDULD6DUDLYDY
WH[
',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO
EUDVLOHLURGLUHLWRGDVFRLVDVHG6mR3DXOR
/LYUDULD6DUDLYDY
WH[
&2(/+2)iELR8OKRD&XUVRGHGLUHLWR
FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR
/LYUDULD6DUDLYDY
WH[
',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO
EUDVLOHLURGLUHLWRGDVVXFHVV}HVHG6mR
3DXOR/LYUDULD6DUDLYDY
WH[
&2(/+2)iELR8OKRD&XUVRGHGLUHLWR
FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR
/LYUDULD6DUDLYDY
WH[
',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO
EUDVLOHLURUHVSRQVDELOLGDGHFLYLOHG6mR
3DXOR/LYUDULD6DUDLYDY
WH[
&2(/+2)iELR8OKRD0DQXDOGHGLUHLWR
FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR
/LYUDULD6DUDLYDS
WH[
',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO
EUDVLOHLURWHRULDGDVREULJDo}HVFRQWUDWXDLVH
H[WUDFRQWUDWXDLVHG6mR3DXOR/LYUDULD
6DUDLYDY
&2Ç/+26DFKD&DOPRQ1DYDUUR&XUVRGH
GLUHLWRWULEXWiULREUDVLOHLURHGUHYHDWXDO
5LRGH-DQHLUR)RUHQVHS
WH[
&203$5$72)iELR.RQGHU$DILUPDomR
KLVWyULFDGRVGLUHLWRVKXPDQRVHGUHYH
DWXDOWLUDJHP6mR3DXOR/LYUDULD6DUDLYD
S
WH[
&21(*/,$12OLYDU3URSDJDQGDHOHLWRUDOGH
DFRUGRFRPR&yGLJR(OHLWRUDOHFRPD/HL
PRGLILFDGDSHODV/HLV
HH/HL
FRPSO/HLGDILFKDOLPSDHGUHY
DWXDO&XULWLED35-XUXiS
WH[
&255(,$0DUFXV2ULRQH*RQoDOYHV7HRULDJHUDO
GRSURFHVVRHGWLUDJHP6mR3DXOR
/LYUDULD6DUDLYDS
WH[
&81+$-Ò1,25'LUOH\GD&RQWUROHGH
FRQVWLWXFLRQDOLGDGHWHRULDHSUiWLFDHGUHY
DPSOHDWXDO6DOYDGRU%$-XV3RGLYP
S
WH[
&81+$-Ò1,25'LUOH\GD&XUVRGHGLUHLWR
FRQVWLWXFLRQDOHGUHYDPSOHDWXDO
6DOYDGRU%$-XV3RGLYPS
WH[
WH[
',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO
EUDVLOHLURWHRULDJHUDOGRGLUHLWRFLYLOHG6mR
3DXOR/LYUDULD6DUDLYDY
'21,=(77,(OStGLR&XUVRGLGiWLFRGHGLUHLWR
SURFHVVXDOFLYLOHG6mR3DXOR63/XPHQ
-XULVS
WH[
(/,$65REHUWR-RmR'LUHLWRIXQGDPHQWDLVGD
FULDQoDHGRDGROHVFHQWH6mR3DXOR/LYUDULD
6DUDLYDS
WH[
)$5,$(GLPXU)HUUHLUDGH&XUVRGHGLUHLWR
DGPLQLVWUDWLYRSRVLWLYRHGUHYHDPSO%HOR
+RUL]RQWH0*'HO5H\S
WH[
WH[
)$5,$6&ULVWLDQR&KDYHVGH526(19$/'
1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRGDVIDPtOLDV
HGUHYDPSOHDWXDO
6DOYDGRU%$-XV3RGLYP
S
WH[
)$5,$6&ULVWLDQR&KDYHVGH526(19$/'
1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRGDV
REULJDo}HVHG6DOYDGRU%$-XV3RGLYP
S
)$5,$6&ULVWLDQR&KDYHVGH526(19$/'
1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRUHDLV
HGUHYDPSOHDWXDO6DOYDGRU%$-XV3RGLYP
Y
WH[
)$5,$6&ULVWLDQR&KDYHVGH526(19$/'
1HOVRQ'LUHLWRFLYLOWHRULDJHUDOHG5LRGH
-DQHLUR5-/XPHQ-XULVS
WH[
WH[
)$==,2-Ò1,25:DOGR/HLGHIDOrQFLDH
UHFXSHUDomRGHHPSUHVDVHGUHYHDPSO6mR
3DXOR63$WODVS
*21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO
EUDVLOHLURFRQWUDWRVHDWRVXQLODWHUDLVHG6mR
3DXOR/LYUDULD6DUDLYDY
WH[
*21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO
EUDVLOHLURGLUHLWRGDVFRLVDVHGUHY6mR
3DXOR/LYUDULD6DUDLYDY
WH[
*21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO
EUDVLOHLURGLUHLWRGDVVXFHVV}HVHGUHY6mR
3DXOR/LYUDULD6DUDLYDY
WH[
WH[
)(55$=-Ò1,257HUFLR6DPSDLR,QWURGXomRDR
HVWXGRGRGLUHLWRWpFQLFDGHFLVmRGRPLQDomR
HGUHYHDPSO6mR3DXOR$WODVS
WH[
*21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO
EUDVLOHLURGLUHLWRGHIDPtOLDHG6mR3DXOR
/LYUDULD6DUDLYDY
)(55(,5$),/+20DQRHO*RQoDOYHV'LUHLWRV
KXPDQRVIXQGDPHQWDLVHG6mR3DXOR
/LYUDULD6DUDLYD
WH[
WH[
*21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO
EUDVLOHLURSDUWHJHUDOHG6mR3DXOR/LYUDULD
6DUDLYDY
),*8(,5('2/~FLD9DOOH&XUVRGHGLUHLWR
DGPLQLVWUDWLYRHGUHYDPSHDWXDO6mR
3DXOR0DOKHLURVS
WH[
WH[
*21d$/9(6+HEH6LJQRULQL%5$1'­2
(GXDUGR3RQWH2UJ3VLFRORJLDMXUtGLFDQR%UDVLO
HG5LRGH-DQHLUR5-1$8S
WH[
),/20(12-RVp*HUDOGR%ULWR0DQXDOGH
GLUHLWRVGRFRQVXPLGRUHG6mR3DXOR$WODV
S
*$*/,$123DEOR6WRO]H3$03/21$),/+2
5RGROIR1RYRFXUVRGHGLUHLWRFLYLOFRQWUDWRV
FRQWUDWRVWHRULDJHUDOHG6mR3DXOR/LYUDULD
6DUDLYDYW
WH[
*$*/,$123DEOR6WRO]H3$03/21$),/+2
5RGROIR1RYRFXUVRGHGLUHLWRFLYLOREULJDo}HV
HG6mR3DXOR/LYUDULD6DUDLYDY
WH[
*$*/,$123DEOR6WRO]H3$03/21$),/+2
5RGROIR1RYRFXUVRGHGLUHLWRFLYLOSDUWHJHUDO
HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD
Y
WH[
WH[
*$*/,$123DEOR6WRO]H3$03/21$),/+2
5RGROIR1RYRFXUVRGHGLUHLWRFLYLO
UHVSRQVDELOLGDGHFLYLOHGUHYDWXDOHDPSO
6mR3DXOR/LYUDULD6DUDLYDY
*$63$5,1,'LRJHQHV'LUHLWRDGPLQLVWUDWLYR
HG6mR3DXOR63/LYUDULD6DUDLYD
S
WH[
*2(6+XJR0DQXDOGHGLUHLWRSUHYLGHQFLiULR WH[
HG
5LRGH-DQHLUR5-)HUUHLUDS
6pULH&RQFXUVRV
*20(6-RVp-DLUR'LUHLWRHOHLWRUDOHG6mR
3DXOR63$WODVS
WH[
*20(62UODQGR&XUVRGHGLUHLWRGRWUDEDOKR WH[
HG
5LRGH-DQHLUR)RUHQVHS
*21d$/9(60DUFXV9LQtFLXV5LRV1RYRFXUVR
GHGLUHLWRSURFHVVXDOFLYLOH[HFXomRHSURFHVVR
FDXWHODUHG6mR3DXOR/LYUDULD6DUDLYDY
WH[
*2<$5')$%5(6LPRQH)LORVRILDFUtWLFDH
UD]mRMXULGLFD6mR3DXOR0DUWLQV)RQWHV
S
WH[
*5(&2),/+29LFHQWH'LUHLWRSURFHVVXDOFLYLO
EUDVLOHLURWHRULDJHUDOGRSURFHVVRDDX[LOLDUHVGD
MXVWLoDHG6mR3DXOR6DUDLYD6LFLOLDQR6$
Y
WH[
*5(&2),/+29LFHQWH0DQXDOGHSURFHVVR
SHQDOHGUHYDWXDO6mR3DXOR/LYUDULD
6DUDLYDS
WH[
*5(&25RJpULR&XUVRGHGLUHLWRSHQDOSDUWH
HVSHFLDODUWVDGR&3HG1LWHUyL5-
,PSHWXVY
WH[
*5(&25RJpULR&XUVRGHGLUHLWRSHQDOSDUWH
JHUDODUWVDGR&3HG1LWHUyL5-
,PSHWXVY
WH[
+$5$'$.L\RVKL'LUHLWRILQDQFHLURHWULEXWiULR WH[
HG6mR3DXOR$WODVS
,%5$+,0)iELR=DPELWWH&XUVRGHGLUHLWR
SUHYLGHQFLiULRHGUHYHDWXDO1LWHUyL5-
,PSHWXVS
WH[
,6+,'$9iOWHU.HQML(VWDWXWRGDFULDQoDHGR
DGROHVFHQWHGRXWULQDHMXULVSUXGrQFLDHG
6mR3DXOR$WODVS
WH[
WH[
-$5',0(GXDUGR0DUFLDO)HUUHLUD0DQXDOGH
GLUHLWRILQDQFHLURHWULEXWiULRHG6mR3DXOR
/LYUDULD6DUDLYDS
-(686'DPiVLR(GH&yGLJRSHQDODQRWDGR
HG6mR3DXOR/LYUDULD6DUDLYDS
WH[
WH[
-(686'DPiVLR(GH'LUHLWRSHQDOSDUWH
HVSHFLDOFULPHVFRQWUDDIpS~EOLFDDFULPHVFRQWUDD
DGPLQLVWUDomRS~EOLFDHG6mR3DXOR/LYUDULD
6DUDLYDY
-(686'DPiVLR(GH'LUHLWRSHQDOSDUWH
HVSHFLDO&ULPHVFRQWUDDSHVVRDDFULPHVFRQWUDR
SDWULP{QLRHG6mR3DXOR63/LYUDULD6DUDLYD
Y
WH[
-(686'DPiVLR(GH'LUHLWRSHQDOSDUWH
HVSHFLDOGRVFULPHVFRQWUDDSURSULHGDGHLPDWHULDOD
GRVFULPHVFRQWUDDSD]S~EOLFDHGWLUDJHP
6mR3DXOR/LYUDULD6DUDLYDY
WH[
-(686'DPiVLR(GH'LUHLWRSHQDOSDUWHJHUDO WH[
HG
6mR3DXOR/LYUDULD6DUDLYDY
0$&+$'2&DUORV$XJXVWR$OFkQWDUD0DQGDGR
GHLQMXQomRXPLQWUXPHQWRGHHIHWLYLGDGHGD
FRQVWLWXLomRHG6mR3DXOR$WODVS
WH[
0$&+$'2+XJRGH%ULWR&XUVRGHGLUHLWR
WULEXWiULRHGUHYDWXDOHDPSO6mR3DXOR
0DOKHLURVS
WH[
0$&+$'2+XJRGH%ULWR,QWURGXomRDRHVWXGR
GRGLUHLWRHG6mR3DXOR$WODVS
WH[
0$Ë//2$IRQVR6HUUDQR,QWURGXomRj
FULPLQRORJLD6mR3DXOR5HYLVWDGRV7ULEXQDLV
>@S
WH[
0$/+(,52(PHUVRQ3HQKD0DQXDOGHGLUHLWR
LQWHUQDFLRQDOS~EOLFRHGUHYDWXDO6mR
3DXOR5HYLVWDGRV7ULEXQDLVS
WH[
0$0('(*ODGVWRQ$DGYRFDFLDHDRUGHPGRV
DGYRJDGRVGR%UDVLOHG6mR3DXOR$WODV
S
WH[
WH[
-(686'DPiVLR(GH3UHVFULomRSHQDOGH
DFRUGRFRPD/HLQGHHG
WLUDJHP6mR3DXOR/LYUDULD6DUDLYDS
WH[
0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO
EUDVLOHLURGLUHLWRVRFLHWiULRVRFLHGDGHVVLPSOHVH
HPSUHViULDVHG6mR3DXOR63$WODV
9
WH[
0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO
EUDVLOHLURHPSUHVDHDWXDomRHPSUHVDULDOHG
6mR3DXOR$WODVY
WH[
.(57=0$1,YDQ&XUVRSUiWLFRGHGLUHLWR
SUHYLGHQFLiULRHGUHYDPSOHDWXDO
6DOYDGRU%D-XV3RGLYPS
.+285,3DXOR55RTXH$'LUHLWRGR
FRQVXPLGRUFRQWUDWRVUHVSRQVDELOLGDGHFLYLOH
GHIHVDGRFRQVXPLGRUHPMXL]RHGUHYDWXDO
DPSO6mR3DXOR$WODVS
0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO
EUDVLOHLURIDOrQFLDHUHFXSHUDomRGHHPSUHVDV
HG6mR3DXOR63$WODVY
WH[
WH[
0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO
EUDVLOHLURWtWXORVGHFUpGLWRHG6mR3DXOR
$WODVY
WH[
WH[
/($/5RVHPLUR3HUHLUD7HRULDJHUDOGRSURFHVVR WH[
SULPHLURVHVWXGRVHGUHYHDXPHQW5LRGH
-DQHLUR5-)RUHQVHS
/(1=$3HGUR'LUHLWRFRQVWLWXFLRQDO
HVTXHPDWL]DGRHGUHYDWXDOHDPS6mR
3DXOR/LYUDULD6DUDLYDS
WH[
0$1863HGUR3DXOR7HL[HLUD520$5&DUOD
7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU
HPYLJRUHG6mR3DXOR$WODVS
/,%(5$7,:LOVRQ'RQL]HWL'LUHLWRGDFULDQoDH
GRDGROHVFHQWHHG6mR3DXOR5,'((/
S
WH[
0$5&­25HQDWR&XUVRGHH[HFXomRSHQDO WH[
HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD
S
WH[
/,0$(GXDUGR:HLVV0DUWLQVGH3URWHomRGR
FRQVXPLGRUEUDVLOHLURQRFRPpUFLRHOHWU{QLFR
LQWHUQDFLRQDO6mR3DXOR$WODVS
WH[
0$5&$72$QWRQLR&DUORV&RRUG&yGLJRGH
SURFHVVRFLYLOLQWHUSUHWDGRHGUHYHDWXDO
6mR3DXOR$WODVS
0$5&$72$QWRQLR&DUORV3URFHGLPHQWRV
HVSHFLDLVHG6mR3DXOR$WODVS
WH[
/Ð%23DXOR/XL]1HWR&RPHQWiULRVDRHVWDWXWR WH[
GDDGYRFDFLDHG6mR3DXOR%UDVtOLD-XUtGLFD
S
/Ð%23DXOR/XL]1HWR'LUHLWRFLYLOIDPLOtDV
HG6mR3DXOR/LYUDULD6DUDLYDS
WH[
0$5,121,/XL]*XLOKHUPH$5(1+$576pUJLR WH[
&UX]([HFXomRWHRULDJHUDOGDH[HFXomR
OLTXLGDomRGHVHQWHQoDH[HFXomRGHVHQWHQoD
HGUHYHDWXDO6mR3DXOR5HYLVWDGRV7ULEXQDLV
Y&XUVRGH3URFHVVR&LYLO
0$5,121,/XL]*XLOKHUPH$5(1+$576pUJLR WH[
&UX]3URFHVVRGHFRQKHFLPHQWRHGUHYH
DWXDO6mR3DXOR5HYLVWDVGRV7ULEXQDLVY
0$5,121,/XL]*XLOKHUPH7HRULDJHUDOGR
SURFHVVRHGUHYHDWXDO6mR3DXOR5HYLVWD
GRV7ULEXQDLVY&XUVRGH3URFHVVR&LYLO
WH[
0(1'(6*LOPDU)HUUHLUD&2(/+2,QRFrQFLR
0iUWLUHV%5$1&23DXOR*XVWDYR*RQHW&XUVRGH
GLUHLWRFRQVWLWXFLRQDOHGUHYHDWXDO6mR
3DXOR/LYUDULD6DUDLYDS
WH[
WH[
0,&+(/2VZDOGR$FLGHQWHVGRWUDEDOKRH
GRHQoDVRFXSDFLRQDLVHG6mR3DXOR63/75
S
WH[
0$548(6%HQHGLWR)HUUHLUD0$548(6&DUOD
5HJLQDGD6LOYD&RODE'LUHLWRDJUiULREUDVLOHLUR
HGUHYHDWXDO*RLkQLD*2$%S
0$548(6,5REHUWR:DJQHU'LUHLWRUHDLV
DJUiULRIXQomRVRFLDOHGUHLPSU
&XULWLED35-XUXiS
WH[
0$57,16$GDOEHUWR0DQXDOGLGiWLFRGHGLUHLWR
GRWUDEDOKRHGDWXDOHDPS6mR3DXOR
0DOKHLURVS
WH[
WH[
0$57,16),/+2,YHV*DQGUDGD6LOYD0DQXDO
GHGLUHLWRHSURFHVVRGRWUDEDOKRHGUHYH
DWXDO6mR3DXOR6DUDLYD6LFLOLDQR6$S
0,&+(/69HUD0DULD1XQHV'LUHLWRHOHLWRUDO
DWXDOL]DGRFRPDUHIRUPDHOHLWRUDOGDOHL
TXHPRGLILFRXDOHLHOHLWRUDODOHLGRVSDUWLGRV
SROtWLFRVHRFyGLJR(OHLWRUD/HGUHYHDWXDO
3RUWR$OHJUH/LYGR$GYRJDGRS
WH[
0,5$</Ï3(=(PtOLR0DQXDOGHSVLFRORJLD
MXUtGLFDHG6RURFDED639LGDS
WH[
0,5$%(7(-XOLR)DEEULQL)$%%5,1,5HQDWR1
0DQXDOGHGLUHLWRSHQDOSDUWHHVSHFLDODUWVD
GR&3HGUHYHDWXDO6mR3DXOR$WODV
Y
WH[
0,5$%(7(-XOLR)DEEULQL)$%%5,1,5HQDWR1 WH[
0DQXDOGHGLUHLWRSHQDOSDUWHJHUDODUWVžD
GR&3HGUHYDWXDO6mR3DXOR$WODVY
0$57,16),/+2,YHV*DQGUDGD6LOYD0DQXDO
HVTXHPiWLFRGHGLUHLWRHSURFHVVRGRWUDEDOKR
HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD
S
WH[
0$57,16)UDQ7tWXORVGHFUpGLWRHG5LR
GH-DQHLUR)RUHQVHS
WH[
0$57,166HUJLR3LQWR'LUHLWRGRWUDEDOKR
HG6mR3DXOR$WODVS
WH[
0$57,166HUJLR3LQWR0DQXDOGRLPSRVWR
VREUHVHUYLoRVHGDWXDOUHYHDPSO6mR
3DXOR63$WODVS
WH[
0$6621&OHEHU'LUHLWRSHQDOHVTXHPDWL]DGR
SDUWHJHUDODUWVžDHGUHYDWXDOHDPS
6mR3DXOR0pWRGRY
WH[
0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[
)OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV
RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR
HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR
3DXOR63/LYUDULD6DUDLYDS
0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYR
PRGHUQRHGUHYHDWXDO6mR3DXOR5HYLVWD
GRV7ULEXQDLVS
WH[
0217(,52&OiXGLD6HUYLOKD)LORVRILDGRGLUHLWR WH[
GHFLVmRMXGLFLDOHWHRULDGDDUJXPHQWDomRMXUtGLFD
)ORULDQySROLV6&&RQFHLWR(GLWRULDOS
0('(,526-RmR3DXOR)RQWRXUDGH7HRULDJHUDO
GRSURFHVVRRSURFHVVRFRPRVHUYLoRS~EOLFR
HGUHYDWXDO&XULWLED35-XUXiS
WH[
0(,5(//(6+HO\/RSHV$/(,;2'pFLR
%DOHVWHUR%85/(),/+2-RVp(PPDQXHO'LUHLWR
DGPLQLVWUDWLYREUDVLOHLURHG6mR3DXOR
0DOKHLURVS
WH[
0(//2&HOVR$QW{QLR%DQGHLUDGH&XUVRGH
GLUHLWRDGPLQLVWUDWLYRHG6mR3DXOR
0DOKHLURVS
WH[
0,5$%(7(-XOLR)DEEULQL0DQXDOGHGLUHLWR
SHQDOSDUWHHVSHFLDODUWVD%GR&3 HGUHYHDWXDO6mR3DXOR$WODVY
WH[
02/,1$$QWRQLR*DUFtD3DEORVGH*20(6/XL]
)OiYLR&ULPLQRORJLDLQWURGXomRDVHXV
IXQGDPHQWRVWHyULFRVHGUHIRUDWXDOHDPSO
6mR3DXOR5HYLVWDGRV7ULEXQDLVS
WH[
0217(,52:DVKLQJWRQGH%DUURV0$/8)
&DUORV$OEHUWR'DEXV&XUVRGHGLUHLWRFLYLO
GLUHLWRGDVFRLVDVHG6mR3DXOR/LYUDULD
6DUDLYDY
WH[
0217(,52:DVKLQJWRQGH%DUURV3,172$QD
&ULVWLQDGH%DUURV0RQWHLUR)UDQoD&XUVRGH
GLUHLWRFLYLOGLUHLWRGDVVXFHVV}HVHG6mR
3DXOR/LYUDULD6DUDLYDY
WH[
WH[
0217(,52:DVKLQJWRQGH%DUURV6,/9$
5HJLQD%HDWUL]7DYDUHVGD&XUVRGHGLUHLWRFLYLO
GLUHLWRGHIDPtOLDHG6mR3DXOR/LYUDULD
6DUDLYDY
025$(6$OH[DQGUHGH'LUHLWRFRQVWLWXFLRQDO
HG6mR3DXOR$WODVS
WH[
025$(6$OH[DQGUHGH'LUHLWRVKXPDQRV
IXQGDPHQWDLVWHRULDJHUDOFRPHQWiULRVDRV$UWVž
DžGD&RQVWLWXLomRGD5HS~EOLFD)HGHUDWLYDGR
%UDVLOGRXWULQDHMXULVSUXGrQFLDHG6mR3DXOR
$WODVS&ROHomR7HPDV-XUtGLFRV
WH[
025$(6*XLOKHUPH%UDJD3HxDGH&XUVRGH
GLUHLWRFRQVWLWXFLRQDOHG6mR3DXOR63
$WODVS
WH[
0277$6\OYLR%$5&+(7*XVWDYR&XUVRGH
GLUHLWRFRQVWLWXFLRQDOHG5LRGH-DQHLUR
(OVHYLHUFS
2/,9(,5$-DPHV(GXDUGR&yGLJRGHGHIHVDGR
FRQVXPLGRUDQRWDGRHFRPHQWDGRGRXWULQDH
MXULVSUXGrQFLDHG6mR3DXOR63$WODV
S
WH[
2/,9(,5$5pJLV)HUQDQGHVGH&XUVRGHGLUHLWR
ILQDQFHLURHGUHYHDWXDO6mR3DXOR5HYLVWD
GRV7ULEXQDLVS
WH[
2/,9(,5$6HEDVWLmR*HUDOGRGH,QGHQL]Do}HVSRU WH[
DFLGHQWHGRWUDEDOKRRXGRHQoDRFXSDFLRQDO
HGUHYDPSOHDWXDO6mR3DXOR/75S
WH[
23,7=6LOYLD&%23,7=2VZDOGR&XUVR
FRPSOHWRGHGLUHLWRDJUiULRHGUHYHDWXDO
6mR3DXOR63/LYUDULD6DUDLYDS
1$'(53DXOR,QWURGXomRDRHVWXGRGRGLUHLWR WH[
HG
5LRGH-DQHLUR5-)RUHQVH[[[LL
S
WH[
1$6&,0(172$PDXUL0DVFDUR,QLFLDomRDR
GLUHLWRGRWUDEDOKRHG6mR3DXOR/75
S
WH[
3$(6-RVp(GXDUGR6DER)XQGDo}HVDVVRFLDo}HV WH[
HHQGLGDGHVGHLQWHUHVVHVRFLDODVSHFWRVMXUtGLFRV
DGPLQLVWUDWLYRVFRQWiEHLVWUDEDOKLVWDVHWULEXWiULRV
HG
5LRGH-DQHLUR5-)RUHQVHS
12%5(-Ò1,25(GLOVRQ3HUHLUD'HVDSURSULDomR
SDUDILQVGHUHIRUPDDJUiULDHGUHYHDPS
&XULWLED35-XUXiS
WH[
3(5(,5$%UXQR<HSHV&XUVRGHGLUHLWR
LQWHUQDFLRQDOS~EOLFRHG6mR3DXOR/LYUDULD
6DUDLYDS
129(/,120DUFHOR'LUHLWRFRQVWLWXFLRQDO
HGUHYDWXDOHDPSO6mR3DXOR0pWRGR
S
WH[
3,29(6$1)OiYLD&ULVWLQD'LUHLWRVKXPDQRVHR WH[
GLUHLWRFRQVWLWXFLRQDOLQWHUQDFLRQDOHGUHY
HDWXDO6mR3DXOR/LYUDULD6DUDLYDS
18&&,*XLOKHUPHGH6RX]D&yGLJRSHQDO
FRPHQWDGRHGUHYDWXDOHDPSO6mR3DXOR
5HYLVWDGRV7ULEXQDLVS
WH[
18&&,*XLOKHUPHGH6RX]D0DQXDOGHGLUHLWR
SHQDOSDUWHJHUDOSDUWHHVSHFLDOHGUHY
DWXDOHDPSO6mR3DXOR5HYLVWDGRV7ULEXQDLV
S
WH[
WH[
18&&,*XLOKHUPHGH6RX]D0DQXDOGHSURFHVVR
SHQDOHH[HFXomRSHQDOHGUHYDWXDOHDPSO
6mR3DXOR5HYLVWDGRV7ULEXQDLV>@S
18&&,*XLOKHUPHGH6RX]D18&&,1iWDOLD
&ULVWLQD)HUUHLUD3UiWLFDIRUHQVHSHQDOHG
UHYDWXDOHDPSO6mR3DXOR5HYLVWDGRV7ULEXQDLV
S
WH[
181(65L]]DWWR0DQXDOGHLQWURGXomRDRHVWXGR WH[
GRGLUHLWRFRPH[HUFtFLRVSDUDVDODGHDXODHOLo}HV
GHFDVDHG6mR3DXOR/LYUDULD6DUDLYD
S
2/,9(,5$(XJrQLR3DFHOOLGH&XUVRGHSURFHVVR WH[
SHQDOHG6mR3DXOR63$WODVS
WH[
5$0$<$1$0DUFRV'LUHLWRHOHLWRUDOHG
UHYDPSODWXDO1LWHUyL5-,PSHWXVS
WH[
5$1*(/3DXOR'LUHLWRSURFHVVXDOSHQDO
HGUHYDPSHDWXDO5LRGH-DQHLUR/XPHQ-XULV
S
WH[
5$:/6-RKQ8PDWHRULDGDMXVWLoDHG
WLUDJHP6mR3DXOR/LYUDULD0DUWLQV)RQWHV
S
WH[
5($/(0LJXHO)LORVRILDGRGLUHLWRHG
WLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR6$
S
WH[
5($/(0LJXHO/Lo}HVSUHOLPLQDUHVGHGLUHLWR WH[
HGWLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR
6$S
5(%28d$6*DEULHOD0DLD7UDPDVHQWUH
VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR
HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH
FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV
S
WH[
WH[
5(&+67(,1(5%HDW:DOWHU'LUHLWR
LQWHUQDFLRQDOSULYDGRWHRULDHSUiWLFDHG
UHYHDWXDO6mR3DXOR/LYUDULD6DUDLYDS
5(=(.-RVp)UDQFLVFR'LUHLWRLQWHUQDFLRQDO
S~EOLFRFXUVRHOHPHQWDUHGUHYDWXDO6mR
3DXOR/LYUDULD6DUDLYDS
WH[
WH[
52&+$-RVpGH$OEXTXHUTXH7HRULDJHUDOGR
SURFHVVRHGDWXDOHDPSO6mR3DXOR$WODV
S
6,/9$/XL]&OiXGLR0DQXDOGHSURFHVVRH
SUiWLFDSHQDOHG5LRGH-DQHLUR5-)RUHQVH
S
WH[
6,/9(,5$9ODGPLU2OLYHLUDGD'LUHLWRVKXPDQRV WH[
FRQFHLWRVVLJQLILFDGRVHIXQo}HV6mR3DXOR63
/LYUDULD6DUDLYDS
52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGDV
FRLVDVHGUHYHDWXDO6mR3DXOR6DUDLYD
6LFLOLDQR6$Y
WH[
6,0,21$72)UHGHULFR$0RQWH7UDWDGRGH
GLUHLWRIDOLPHQWDU5LRGH-DQHLUR5-)RUHQVH
S
WH[
52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGDV
VXFHVV}HVHGWLUDJHP6mR3DXOR/LYUDULD
6DUDLYDY
WH[
6=$%Ï-Ò1,25$GDOEHUWR0RKDL0DQXDOGH
VHJXUDQoDKLJLHQHHPHGLFLQDGRWUDEDOKR
HGDWXDO6mR3DXOR635,'((/S
WH[
52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGH
IDPLOLDHGWLUDJHP6mR3DXOR/LYUDULD
6DUDLYDY
WH[
7$578&()HUQDQGD0DQXDOGHSUiWLFDFLYLO
HGUHYHDWXDO6mR3DXOR630pWRGR
S
WH[
52'5,*8(66LOYLR'LUHLWRFLYLOSDUWHJHUDO
HGDWXDO6mR3DXOR6DUDLYD6LFLOLDQR6$
Y
WH[
7$578&()OiYLR'LUHLWRFLYLOYROXPHOHLGH
LQWURGXomRHSDUWHJHUDOHGUHYHDWXDO6mR
3DXOR630pWRGRY
WH[
527+(1%85*:DOWHU&DOXGLXV3ULQFtSLRV
FRQVWLWXFLRQDLVWLUDJHP3RUWR$OHJUH6HUJLR
$QWRQLR)DEULV(GLWRUS
WH[
7$578&()OiYLR'LUHLWRFLYLOYROXPHGLUHLWR
GDVREULJDo}HVHUHVSRQVDELOLGDGHFLYLOHGUHY
DWXDOHDPS6mR3DXOR630pWRGRY
WH[
6$/,%$7XIIL0HVVLDV&XUVREiVLFRGHVHJXUDQoD WH[
HKLJLHQHRFXSDFLRQDOHG6mR3DXOR63/75
S
7$578&()OiYLR'LUHLWRFLYLOYROXPHWHRULD WH[
JHUDOGRVFRQWUDWRVHFRQWUDWRVHPHVSpFLHHG
UHYDWXDOHDPS6mR3DXOR630pWRGRY
6$//(66/0RQWHLUR)5('(5,&2$OHQFDU
3URFHVVRFLYLOWHRULDHSUiWLFDGRSURILVVLRQDOGR
GLUHLWR&DPSLQDV630LOOHQQLXPS
WH[
6$1726(UQDQH)LGpOLVGRV0DQXDOGHGLUHLWR
SURFHVVXDOFLYLOSURFHVVRGHFRQKHFLPHQWR
HG6mR3DXOR/LYUDULD6DUDLYDY
WH[
6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH
GLUHLWRSURFHVVXDOFLYLOHG6mR3DXOR
6DUDLYD6LFLOLDQR6$Y
WH[
6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH
GLUHLWRSURFHVVXDOFLYLOHGDWXDO6mR3DXOR
6DUDLYD6LFLOLDQR6$Y
WH[
6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH
GLUHLWRSURFHVVXDOFLYLOHG6mR3DXOR
/LYUDULD6DUDLYDY
WH[
6+(&$,5$6pUJLR6DORPmR&ULPLQRORJLD
HGUHYDWXDO6mR3DXOR635HYLVWDGRV
7ULEXQDLVFS
7255(65LFDUGR/RER&XUVRGHGLUHLWR
ILQDQFHLURHWULEXWiULRHG5LRGH-DQHLUR
5HQRYDUS
WH[
WH[
6,/9$-RVp$IRQVRGD&XUVRGHGLUHLWR
FRQVWLWXFLRQDOSRVLWLYRHGUHYHDWXDO6mR
3DXOR0DOKHLURVS
7285,1+2),/+2)HUQDQGRGD&RVWD0DQXDO
GHSURFHVVRSHQDOHG6mR3DXOR/LYUDULD
6DUDLYDS
WH[
WH[
7$9$5(60DUFHOR/HRQDUGR'LUHLWR
SUHYLGHQFLiULRHGUHYDPSOHDWXDO5LRGH
-DQHLUR5-/XPHQ-XULVS
WH[
7(//(6-81,25*RIIUHGR,QLFLDomRQDFLrQFLD
GRGLUHLWRHG6mR3DXOR6DUDLYD6LFLOLDQR6$
S
WH[
7+(2'252-Ò1,25+XPEHUWR&XUVRGHGLUHLWR WH[
SURFHVVXDOFLYLOSURFHVVRGHH[HFXomRHSURFHVVR
FDXWHODUHG5LRGH-DQHLUR5-)RUHQVH
Y
7+(2'252-Ò1,25+XPEHUWR&XUVRGHGLUHLWR WH[
SURFHVVXDOFLYLOWHRULDJHUDOGRGLUHLWRSURFHVVXDO
FLYLOHSURFHVVRGHFRQKHFLPHQWRHG
WLUDJHP5LRGH-DQHLUR5-)RUHQVHY
7285,1+2),/+2)HUQDQGRGD&RVWD3UiWLFDGH
SURFHVVRSHQDOHG6mR3DXOR/LYUDULD
6DUDLYDS
WH[
7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR
SHQDOHGUHYHDWXDO6mR3DXOR/LYUDULD
6DUDLYDY
WH[
WH[
7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR
SHQDOHG6mR3DXOR/LYUDULD6DUDLYD
Y
WH[
7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR
SHQDOHG6mR3DXOR/LYUDULD6DUDLYD
Y
7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR
SHQDOHGUHYHDWXDO6mR3DXOR/LYUDULD
6DUDLYDY
WH[
9$5(//$0DUFHOR'LDV'LUHLWRLQWHUQDFLRQDO
S~EOLFRHG6mR3DXOR/LYUDULD6DUDLYD
S
WH[
9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRGDV WH[
VXFHVV}HVHG6mR3DXOR$WODVY
&ROHomR'LUHLWR&LYLO
9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRGH
IDPtOLDHG6mR3DXOR$WODVY
WH[
9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRV
UHDLVHG6mR3DXOR$WODVY&ROHomR
'LUHLWR&LYLO
WH[
WH[
9(126$6tOYLRGH6DOYR'LUHLWRFLYLOSDUWH
JHUDOHG6mR3DXOR$WODVY&ROHomR
'LUHLWR&LYLO
9(126$6tOYLRGH6DOYR'LUHLWRFLYLO
UHVSRQVDELEOLGDGHFLYLOHG6mR3DXOR$WODV
Y&ROHomR'LUHLWR&LYLO
WH[
WH[
9(126$6tOYLRGH6DOYR'LUHLWRFLYLOWHRULD
JHUDOGDVREULJDo}HVHWHRULDJHUDOGRVFRQWUDWRV
HG6mR3DXOR$WODVY&ROHomR'LUHLWR
&LYLO
9(126$6tOYLRGH6DOYR,QWURGXomRDRHVWXGR
GRGLUHLWRSULPHLUDVOLQKDVHG6mR3DXOR
$WODVS
WH[
9,$11$-RmR(UQHVWR$UJRQpV&XUVRGHGLUHLWR
SUHYLGrQFLiULRHG6mR3DXOR63$WODV
S
WH[
WH[
:$/'$UQROGR'LUHLWRFLYLOFRQWUDWRVHP
HVSpFLHHGUHIRUP6mR3DXOR$WODVY
&ROHomR'LUHLWR&LYLO
:$/'$UQROGR'LUHLWRFLYLOGLUHLWRGDV
REULJDo}HVHWHRULDJHUDOGRVFRQWUDWRVHG6mR
3DXOR63/LYUDULD6DUDLYDY
WH[
:$/'$UQROGR'LUHLWRFLYLOLQWURGXomRHSDUWH
JHUDOHG6mR3DXOR/LYUDULD6DUDLYDY
WH[
:$/'$UQROGR)216(&$3ULVFLOD03&RUUrD
GD'LUHLWR&LYLOGLUHLWRGHIDPtOLDHGUHIRU
6mR3DXOR6DUDLYD6LFLOLDQR6$Y
WH[
:$/'$UQROGR*,$1&2/,%UXQQR3DQGRUL
'LUHLWRFLYLOUHVSRQVDELEOLGDGHFLYLO6mR3DXOR
/LYUDULD6DUDLYDY&ROHomR'LUHLWR&LYLO
WH[
:$0%,(5/XL]5RGULJXHV7$/$0,1,(GXDUGR
&XUVRDYDQoDGRGHSURFHVVRFLYLOWHRULDJHUDO
GRSURFHVVRHSURFHVVRGHFRQKHFLPHQWRHG
UHYDPSHDWXDO6mR3DXOR5HYLVWDGRV7ULEXQDLV
Y
WH[
:$0%,(5/XL]5RGULJXHV7$/$0,1,(GXDUGR
&XUVRDYDQoDGRGHSURFHVVRFLYLOH[HFXomR
HGUHYDPSOHDWXDO6mR3DXOR5HYLVWDGRV
7ULEXQDLVY
WH[
:(,6&DUORV'LUHLWRVKXPDQRVFRQWHPSRUkQHRV WH[
HG6mR3DXOR630DOKHLURVS
=$))$521,(XJHQLR5D~O3,(5$1*(/,-RVp
+HQULTXH0DQXDOGHGLUHLWRSHQDOEUDVLOHLUR
SDUWHJHUDOHGUHYHDWXDO6mR3DXOR5HYLVWD
GRV7ULEXQDLVY
WH[
&ODVVH',5(,72352&(668$/'2
75$%$/+2
WH[
/(,7(&DUORV+HQULTXH%H]HUUD&XUVRGHGLUHLWR
SURFHVVXDOGRWUDEDOKRHG6mR3DXOR/75
S
0$/7$&KULVWRYmR3LUDJLEH7RVWHV3UiWLFDGR
SURFHVVRWUDEDOKLVWDHG6mR3DXOR/75
S
WH[
0$57,166HUJLR3LQWR'LUHLWRSURFHVVXDOGR
WUDEDOKRGRXWULQDHSUiWLFDIRUHQVHPRGHORVGH
SHWLo}HVUHFXUVRVVHQWHQoDVHRXWURVHG6mR
3DXOR$WODVS
WH[
1$6&,0(172$PDXUL0DVFDUR&XUVRGHGLUHLWR WH[
SURFHVVXDOGRWUDEDOKRHG6mR3DXOR
/LYUDULD6DUDLYDS
&ODVVH',5(,72$0%,(17$//(,6'(
3527(d­2$0%,(17$/
$1781(63DXORGH%HVVD'LUHLWRDPELHQWDO
HGUHYHDWXDO5LRGH-DQHLUR5-/XPHQ-XULV
S
%(/75­2$QW{QLR)*&XUVRGHGLUHLWR
DPELHQWDO$QW{QLR)*%HOWUmR6mR3DXOR
630pWRGRS
WH[
WH[
%5$6,/&85,$/XL]5REHUWR&e63('(6/LYLD
1,&2/(77,-XOLDQDFRODE/HLVH/HJLVODomR
/HJLVODomRGHGLUHLWRDPELHQWDOHG6mR
3DXOR/LYUDULD6DUDLYDS&ROHomR
6DUDLYDGH/HJLVODomR
WH[
WH[
),25,//2&HOVR$QWRQLR3DFKHFR&XUVRGH
GLUHLWRDPELHQWDOEUDVLOHLURHGUHYDWXDOH
DPS6mR3DXOR/LYUDULD6DUDLYDS
181(6(GVRQGH2OLYHLUD(GXFDomRVXSHULRUQR
%UDVLOHVWXGRVGHEDWHVFRQWURYpUVLDV5LRGH
-DQHLUR5-*DUDPRQGS
WH[
5(,65RVH3pWDODVHHVSLQKRVDH[WHQVmR
XQLYHUVLWiULDQR%UDVLO6mR3DXOR&,$GRV
/,9526S
WH[
WH[
WH[
*5$1=,(5$0DULD/XL]D0DFKDGR'LUHLWR
DPELHQWDOHG6mR3DXOR63$WODV
S
WH[
628=$5HJLQD0DULDGH(GXFDomRGHVXUGRV
SRQWRVHFRQWUDSRQWRV6mR3DXOR6XPPXVF
S
0$&+$'23DXOR$IIRQVR/HPH'LUHLWR
DPELHQWDOEUDVLOHLURHGUHYDWXDOHDPSO
6mR3DXOR0DOKHLURVS
WH[
=25=2&DFLOGD0DULD6,/9$/DXUDFL'RQGpGD
32/(1=7DPDUD3HGDJRJLDHPFRQH[mR
&DQRDV568/%5$S
0,/$5eeGLV'LUHLWRGRDPELHQWHDJHVWmR
DPELHQWDOHPIRFRGRXWULQDMXULVSUXGrQFLD
JORVViULRHGUHYDWXDOHDPSO6mR3DXOR
5HYLVWDGRV7ULEXQDLVS
WH[
08.$,7RVKLR7HPDVDWXDLVGHGLUHLWR
XUEDQtVWLFRHDPELHQWDOWLUDJHP%HOR
+RUL]RQWH(GLWRUD)yUXPS
WH[
WH[
&(6&$&OHX]D*HUWUXGHV*LPHQHV2UJDQL]DomR
GHHYHQWRVPDQXDOSDUDSODQHMDPHQWRHH[HFXomR
>HG@
6mR3DXOR6XPPXVS
6,59,16.$6/XtV3DXOR0DQXDOGHGLUHLWR
DPELHQWDOHGUHYDWXDOHDPSO6mR3DXOR
6DUDLYD6LFLOLDQR6$S
WH[
WH[
*,È&202&ULVWLQD7XGRDFDEDHPIHVWD
HYHQWROtGHUGHRSLQLmRPRWLYDomRHS~EOLFR6mR
3DXOR6XPPXVFS
&ODVVH$'0,1,675$d­23Ò%/,&$*(67­2
3Ò%/,&$
WH[
3(,;272-RmR3DXOR02UJ *RYHUQDQGRR
JRYHUQRPRGHUQL]DomRGDDGPLQLVWUDomRS~EOLFD
QR%UDVLO6mR3DXOR63$WODV[LLS
628=$$QWRQLR5LFDUGRGH0RGHORVGHJHVWmRQD
DGPLQLVWUDomRS~EOLFDXPDDQiOLVHGDVDJrQFLDV
UHJXODGRUDV&XLDEi07(G8)07S
WH[
&ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/
WH[
/86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH
SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH
LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV
FDPSRQHVDV0DFHLy$/8)$/S
&ODVVH('8&$d­2
$*8,$5&DUPHQ0DULD(GXFDomRHVDEHUHV
FRUUHODomRFRPDQDWXUH]DHDFXOWXUD5LRGH
-DQHLUR5-*XDQDEDUD.RRJDQS
(GXFDomR)tVLFDQR(QVLQR6XSHULRU
WH[
WH[
$1781(6&HOVR$/9(65XEHP2DOXQRR
SURIHVVRUDHVFRODXPDFRQYHUVDVREUHHGXFDomR
&DPSLQDV633DSLUXV0DUHVS
&ROHomR3DSLUXV'HEDWHV
&ODVVH785,602
WH[
%5,772-DQDLQD)217(61HQD(VWUDWpJLDV
SDUDHYHQWRVXPDyWLFDGRPDUNHWLQJHGRWXULVPR
HGDPSODWXDO
6mR3DXOR$OHSKS
3$&+(&2$ULVWLGHVGH2OLYHLUD0DQXDOGR
PDvWUHG
K{WHOHG6mR3DXOR6(1$&
S
&ODVVH(1*(1+$5,$$0%,(17$/
$66803d­2/XL])HUQDQGR-RO\6LVWHPDGH
JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD
LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62
HG&XULWLED35-XUXi
S
WH[
WH[
WH[
&$7$/­29HUD0DUJDULGD/HVVD
/$<5$5*8(63KLOLSSH3RPLH%$&(/$5,]DEHO
&ULVWLQD%UXQR2UJDQL]DomR8QLYHUVLGDGHQR
VpFXOR;;,HGXFDomRHJHVWmRDPELHQWDOQD
8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD')8Q%
S
',$65HLQDOGR0DUNHWLQJDPELHQWDOpWLFD
UHVSRQVDELOLGDGHVRFLDOHFRPSHWLWLYLGDGHQRV
QHJyFLRVUHLPSU6mR3DXOR63$WODV
S
WH[
/(1=,(UYLP)$9(52/X]LD2WLOLD%RUWRWWL
,QWURGXomRjTXtPLFDGDDWPRVIHUDFLrQFLDYLGD
HVREUHYLYrQFLD5LRGH-DQHLUR5-/7&
S
WH[
WH[
027$6XHW{QLR,QWURGXomRjHQJHQKDULD
DPELHQWDOHGUHY5LRGH-DQHLUR5-$%(6
S
6$1726/XFLDQR0LJXHO0RUHLUDGRV$YDOLDomR
DPELHQWDOGHSURFHVVRVLQGXVWULDLVHG6mR
3DXOR632ILFLQDGH7H[WRVS
WH[
:,16(0,863LHWHU0LOWRQVGHYHUGH
6DOYDGRU%$6DQWD+HOHQDS
WH[
&ODVVH0$7(0È7,&$
%28/263DXOR&$0$5*2,YDQGH*HRPHWULD WH[
DQDOtWLFDXPWUDWDPHQWRYHWRULDOHGUHLPSU
6mR3DXOR0F*UDZ+LOOS
-8/,$1(//,-RVp5REHUWR&iOFXORYHWRULDOH
JHRPHWULDDQDOtWLFD-RVp5REHUWR-XOLDQHOOL
S
&ODVVH48Ë0,&$
$7.,163:-21(6/RUHWWD3ULQFtSLRVGH
TXtPLFDTXHVWLRQDQGRDYLGDPRGHUQDHRPHLR
DPELHQWHHG3RUWR$OHJUH56%RRNPDQ
[[LLS
WH[
WH[
%(77(/+(,0)UHGHULFN$(WDO,QWURGXomRj WH[
TXLPLFDJHUDO6mR3DXOR63&HQJDJH/HDUQLQJ
FS
&ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/
WH[
%(5*-HUHP\07<02&=.2-RKQ/
675<(5/XEHUW%LRTXtPLFDHG5LRGH
-DQHLUR*XDQDEDUD.RRJDQFS
,1*5$+$0-RKQ/,QWURGXomRjPLFURELRORJLD WH[
XPDDERUGDJHPEDVHDGDHPHVWXGRVGHFDVRV6mR
3DXOR63&HQJDJH/HDUQLQJFS
5,%(,52'DUF\2SRYREUDVLOHLURDIRUPDomRH WH[
RVHQWLGRGR%UDVLOUHLPSU6mR3DXOR
&RPSDQKLDGH%ROVRS
&ODVVH&,Ç1&,$60e',&$6
$9$1=,2VPDU2UJDQL]DGRU2UWRSHGLDH
WUDXPDWRORJLDFRQFHLWRVEiVLFRVGLDJQyVWLFRH
WUDWDPHQWRHG6mR3DXOR635RFD
S
WH[
%(57,1%ULJLWWH0(1'(6)iWLPD6HJXUDQoDGH WH[
DOLPHQWRVQRFRPpUFLRDWDFDGRHYDUHMR5LRGH
-DQHLUR5-6HQDF1DFLRQDOS
&,35,$12-RVHSK--$+1:DUUHQ7:+,7(
0DUN(0DQXDOIRWRJUiILFRGHWHVWHVRUWRSpGLFRV
HQHXUROyJLFRVHG6mR3DXOR0DQROH
S
WH[
':25.,150'RPtQLRGDYLGDDERUWR
HXWDQiVLDHOLEHUGDGHVLQGLYLGXDLVHG6mR3DXOR
:0)0DUWLQV)RQWHVS
WH[
)$86720DULD$UOHQH3ODQHMDPHQWRGHGLHWDVH
GDDOLPHQWDomR5LRGH-DQHLUR5-5HYLQWHU
S
WH[
)5$1&2*XLOKHUPH7DEHODGHFRPSRVLomR
TXtPLFDGRVDOLPHQWRVHG6mR3DXOR$WKHQHX
S
WH[
*(50$123HGUR0DQXHO/HDO*(50$12
0DULD,]DEHO6LP}HV+LJLHQHHYLJLOkQFLDVDQLWiULD
GHDOLPHQWRVHGUHYDWXDO%DUXHUL63
0DQROHS
WH[
WH[
0277$9DOWHU7HL[HLUD%LRTXtPLFDFOtQLFDSDUD
RODERUDWyULRSULQFtSLRVHLQWHUSUHWDo}HVHG
6mR3DXOR('8&6S
WH[
6È1&+(=2&$f$5DPyQ1XWULomRGH$D=
WXGRRTXHYRFrSUHFLVDVDEHUSDUDHQWHQGHUD
DOLPHQWDomR6mR3DXOR636HQDF6mR3DXOR
S
WH[
1(/621'DYLG/3ULQFtSLRVGHELRTXtPLFD
/HKQLQJHUHG3RUWR$OHJUH56$570('
S
WH[
6$1($0(172VD~GHHDPELHQWHIXQGDPHQWRV
SDUDXPGHVHQYROYLPHQWRVXVWHQWiYHOUHLPSU
%DUXHUL630DQROHS
WH[
23/867,/&DUPHQ3D]HWDO3URFHGLPHQWRV
EiVLFRVHPPLFURELRORJLDFOtQLFDHG6mR
3DXOR6DUYLHUS
WH[
7e&1,&$GLHWpWLFDVHOHomRHSUHSDURGHDOLPHQWRV
PDQXDOGHODERUDWyULR6mR3DXOR63$WKHQHX
S
0$18$/GHELRTXtPLFDFRPFRUUHODo}HVFOtQLFDV WH[
6mR3DXOR%OXFKHU[[[YLLLS
;$9,(55LFDUGR0HWDO/DERUDWyULRQDSUiWLFD WH[
FOtQLFDHG3RUWR$OHJUH56$570('
S
&ODVVH$175232/2*,$
&$6&8'2/XtVGD&kPDUD+LVWyULDGD
DOLPHQWDomRQR%UDVLOHG6mR3DXOR*OREDO
S
WH[
&ODVVH$1$720,$
WH[
'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR
$PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV
FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV
HQHUYRVHG6mR3DXOR$WKHQHXS
%LEOLRWHFD%LRPpGLFD
5,*877,$GULDQD$WODVGHDQDWRPLD%DUXHUL
63*LUDVVROFS
WH[
7$1.3DWULFN:$WODVGHDQDWRPLDKXPDQD
6mR3DXOR$570('S
WH[
9$1'(*5$$)).HQW0$QDWRPLDKXPDQD
HG%DUXHUL630DQROHS
WH[
&ODVVH),6,2/2*,$+80$1$
&$5/6211HLO5)LVLRORJLDGRFRPSRUWDPHQWR WH[
HG
%DUXHUL630DQROHS
)2;6WXDUW,UD)LVLRORJLDKXPDQDHG
%DXU~630DQROHS
WH[
&ODVVH)$50È&,$
5,%(,52&OiXGLRGH-HVXV&RVPHWRORJLDDSOLFDGD WH[
DGHUPRHVWpWLFDHG6mR3DXOR63
3KDUPDERRNVS
&ODVVH),6,27(5$3,$75$7$0(1726
7(5$3Ç87,&26
$*1(-RQHV(GXDUGR(XVHLHOHWURWHUDSLD
6DQWD0DULD563DOORWWLS
WH[
WH[
%$5%26$/XtV*XLOKHUPH)LVLRWHUDSLD
SUHYHQWLYDQRVGLVW~UELRVRVWHRPXVFXODUHV
UHODFLRQDGRVDRWUDEDOKR'257VDILVLRWHUDSLD
GRWUDEDOKRDSOLFDGDHG5LRGH-DQHLUR5-
*XDQDEDUD.RRJDQS
&85<9DOpULD&ULVWLQD5RGULJXHV%5$1'­2
0DULQDGH%ULWR5HDELOLWDomRHPSDUDOLVLD
FHUHEUDO5LRGH-DQHLUR5-0HGERRN S
WH[
'g/.(10HFKWKLOG)LVLRWHUDSLDHPRUWRSHGLD WH[
6mR3DXOR636DQWRVFS
.('(0DULD3DXOLQD9LOODUHMR(GLWRU
'HUPDWRORJLDHVWpWLFDHG6mR3DXOR63
$WKHQHXS
WH[
/$+Ï=$QD/~FLD&DSHODUL&RRUGHQDomRHWDO
)LVLRWHUDSLDHP87,SHGLiWULFDHQHRQDWDO
%DUXHUL630DQROHS
WH[
WH[
3$6&+2$/0iULR$XJXVWR)LVLRWHUDSLD
FDUGLRYDVFXODUDYDOLDomRHFRQGXWDQDUHDELOLWDomR
FDUGtDFD%DUXHUL630DQROHF[LYS
52%(576219DOHWDO(OHWURWHUDSLDH[SOLFDGD WH[
SULQFtSLRVHSUiWLFD5LRGH-DQHLUR5-(OVHYLHU
S
6$+50$116KLUOH\'LDJQyVWLFRHWUDWDPHQWR
GDVVtQGURPHVGHGLVIXQomRGRVPRYLPHQWRV
6mR3DXOR636DQWRVS
WH[
6$50(172*HRUJH-HUUH9LHLUD(GLWRU
)LVLRWHUDSLDHP87,6mR3DXOR63$WKHQHX
S
WH[
6$50(172*HRUJH-HUUH9LHLUD2UJDQL]DGRU2
$%&GDILVLRORJLDUHVSLUDWyULD%DUXHUL63
0DQROHS
WH[
6+80:$<&22.$QQH:22//$&277
0DUMRULH&RQWUROHPRWRUWHRULDHSOLFDo}HV
SUiWLFDVHG%DUXHUL630DQROHS
WH[
628&+$5'3KLOLSSH2//,(50DUF$V
HVFROLRVHVVHXWUDWDPHQWRILVLRWHUDSrXWLFRH
RUWRSpGLFRHGUHYHDPSO6mR3DXOR63e
5HDOL]Do}HVS
WH[
&ODVVH7(5$3,$6',9(56$6
)5$1./9LFNWRU(PLO(PEXVFDGHVHQWLGRXP
SVLFyORJRQRFDPSRGHFRQFHQWUDomRHG6mR
/HRSROGR566LQRGDOS
),6,27(5$3,$DTXiWLFD%DUXHUL630DQROH
S6pULH5HDELOLWDomR,QVWLWXWR&RKHQ
WH[
),6,27(5$3,$HPWUDXPDWRORJLDFLUXUJLD6mR
3DXOR636DQWRVS
WH[
),7,3$/',5DFKHO%H]HUUD)LVLRWHUDSLD
UHVSLUDWyULDQRSDFLHQWHREVWUXWLYRFU{QLFR
%DUXHUL630DQROHS
WH[
*$111DQF\2UWRSHGLDJXLDGHFRQVXOWDUiSLGD
SDUDILVLRWHUDSLDGLVW~UELRVWHVWHVHHVWUDWpJLDVGH
UHDELOLWDomR5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQFS
WH[
&ODVVH&/Ë1,&$0e',&$3$72/2*,$
$5067521*3HWHU:$67,(0DUWLQ
52&.$//$QGUHD'LDJQyVWLFRSRULPDJHP
5LRGH-DQHLUR5-5HYLQWHUFS
*+,.$63DWULFLD$)LVLRWHUDSLDHUHDELOLWDomR
HVWXGRVGHFDVRV5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQS
WH[
%5$6,/(,52),/+2*HUDOGR%RJOLRORSDWRORJLD WH[
HG5LRGH-DQHLUR5-*XDQDEDUD.RRJDQ
FS
+h7(5%(&.(5$QWMH(GLWRU)LVLRWHUDSLDHP WH[
QHXURORJLD6mR3DXOR636DQWRVFS
WH[
0('(,5260\OHQD',$6(PtOLD(TXRWHUDSLD WH[
1Ro}HVHOHPHQWDUHVHDVSHFWRVQHXURFLHQWtILFRV
5LRGH-DQHLUR5-5HYLQWHUS
)$,/$&(5HQDWR+HPRJUDPDPDQXDOGH
LQWHUSUHWDomRHG3RUWR$OHJUH56$UWHV
0pGLFDVS
WH[
WH[
*2/':$66(5*HUVRQ3DXOR
(OHWURFDUGLRJUDPDRULHQWDGRSDUDRFOtQLFR
HG5LRGH-DQHLUR5-5XELRS
WH[
WH[
-$&2%),/+2:LOVRQ.,.8&+,(OLQD/LND
*HULDWULDHJHURQWRORJLDEiVLFDV5LRGH-DQHLUR
5-(OVHYLHUS
-25*($QWRQLR2ODYR&DUGRVR0LFURELRORJLD
EXFDO6mR3DXOR/LY6DQWRVS
WH[
WH[
025$(6(GJDU1XQHVGH$YDOLDomR
PXOWLGLPHQVLRQDOGRLGRVRDFRQVXOWDGRLGRVR
LQVWUXPHQWDOGHUDVWUHLRHG%HOR+RUL]RQWH0*
)ROLXPS
025$(6(GJDU1XQHVGH025$(6)OiYLD/DQQD WH[
GH,QFDSDFLGDGHFRJQLWLYDDERUGDJHP
GLDJQyVWLFDHWHUDSrXWLFDGDVGHPrQFLDVQRLGRVR
%HOR+RUL]RQWH0*)ROLXPS&ROHomR
*XLDGH%ROVRHP*HULDWULDH*HURQWRORJLD
&ODVVH2'2172/2*,$
%,$62772*21=$/(='DQLHOD$SDUHFLGD
$ERUGDJHPLQWHUGLVFLSOLQDUGDVGLVIXQo}HV
WHPSRURPDQGLEXODUHV%DUXHUL630DQROH
S
&ODVVH(1)(50$*(0
$/)$52/()(95(5RVDOLQGD$SOLFDomRGR
SURFHVVRGHHQIHUPDJHPXPDIHUUDPHQWDSDUDR
SHQVDPHQWRFUtWLFRHG3RUWR$OHJUH56
$570('S
%25*(6$QD/XL]D9LOHOD)8-,025,(OL]DEHWK
2UJDQL]DomR(QIHUPDJHPHDVD~GHGR
DGROHVFHQWHQDDWHQomREiVLFD%DUXHUL63
0DQROHS6pULH(QIHUPDJHP
WH[
WH[
02+$//(0$QGUpD*RPHVGD&RVWD
52'5,*8(6$QGUHD%H]HUUD2UJDQL]DGRUD
(QIHUPDJHPRQFROyJLFD%DUXHUL630DQROH
S6pULH(QIHUPDJHP
WH[
WH[
2*8,6627DND&$03263DXOR)HUQDQGRGH
6RX]D)5(,7$6*HQLYDO)HUQDQGHVGH
2UJDQL]DomR3HVTXLVDHPKLVWyULDGD
HQIHUPDJHP%DUXHUL630DQROHS
6pULH(QIHUPDJHPH6D~GH
3277(53DWULFLD$3(55<$QQH*ULIILQ
)XQGDPHQWRVGHHQIHUPDJHP5LRGH-DQHLUR
5-(OVHYLHUS
WH[
&ODVVH(1*(1+$5,$7(&12/2*,$(0*(5$/
+,15,&+65RJHU$./(,1%$&+0HUOLQ5(,6 WH[
/LQHX%HOLFRGRV(QHUJLDHPHLRDPELHQWH6mR
3DXOR&HQJDJH/HDUQLQJFS
3)(,/:DOWHU3)(,/0LFKHOH(VWUXWXUDVGHDoR WH[
GLPHQVLRQDPHQWRSUiWLFRHG5LRGH-DQHLUR
/LYURV7pFQLFRVH&LHQWtILFRVS
WH[
WH[
%5Ç7$6$QD&ULVWLQD3DVVDUHOOD*$0%$0yQLFD WH[
$QWDU2UJDQL]DomR(QIHUPDJHPHVD~GHGR
DGXOWR%DUXHUL630DQROHS6pULH
(QIHUPDJHP
%8/(&+(.*ORULD01,&FODVVLILFDomRGDV
LQWHUYHQo}HVGHHQIHUPDJHP5LRGH-DQHLUR5-
(OVHYLHUS
WH[
&$59$/+25DFKHOGH%,$1&+,(VWHOD5HJLQD
)HUUD]2UJDQL]DomR(QIHUPDJHPHPFHQWUR
FLU~UJLFRHUHFXSHUDomR%DUXHUL630DQROH
S6pULH(QIHUPDJHP
WH[
WH[
&,3(YHUVmRFODVVLILFDomRLQWHUQDFLRQDOSDUDD
SUiWLFDGHHQIHUPDJHPYHUVmR6mR3DXOR63
$OJROS
',$*1Ï67,&26GHHQIHUPDJHPGD1$1'$
GHILQLo}HVHFODVVLILFDomR3RUWR
$OHJUH$570('[LS
*(29$1,1,7HOPD025(,5$$OPHULQGD
'251(//(66RUDLD+LVWyULDGDHQIHUPDJHP
YHUV}HVHLQWHUSUHWDo}HVHG5LRGH-DQHLUR
5HYLQWHU‹S
WH[
&ODVVH(&2120,$'20e67,&$
$5$Ò-2:LOPD0DULD&RHOKR7(16(5&ODUD
0iUFLD5RGULJXHV2UJDQL]DomR*DVWURQRPLD
FRUWHVHUHFRUWHV%UDVtOLD')6(1$&Y
WH[
$875$1&KULVWLQD6DERUHVGR%UDVLOUHFHLWDV
GDHPEDL[DGD5LRGH-DQHLUR5-5HFRUG
S
WH[
$9(5<=DNFHUYHMDVDVPHOKRUHVFHUYHMDV
GRPXQGRHPXP~QLFROLYUR6mR3DXOR63
0DUFR=HURS
WH[
%$5%26$*XVWDYR7H[WR¬PHVDFRP
*HRUJHWWHDDUWHGDJDVWURQRPLDIUDQFHVDQDPHVD
FDULRFD5LRGH-DQHLUR5-6HQDF1DFLRQDO
S6pULH¬0HVD%UDVLOHLUD
WH[
%$5(6HUHVWDXUDQWHVJHVWmRGHSHTXHQRV
QHJyFLRV5LRGH-DQHLUR5-6(1$&
S
WH[
WH[
%$55(725RQDOGR/RSHV3RQWHV3DVVDSRUWH
SDUDRVDERUWHFQRORJLDVSDUDDHODERUDomRGH
FDUGiSLRVHG6mR3DXOR636(1$&
S
%(&.+HLQ](WDO$UWHHFLrQFLDGRVHUYLoR
6mR3DXOR$QKHPEL0RUXPELS
WH[
%(/$6&2:DUUHQ2TXHLUHPRVFRPHU
DPDQKm"XPDKLVWyULDGRIXWXURGDDOLPHQWDomR
6mR3DXOR636HQDF6mR3DXORS
WH[
'Ï5,$&DUORV$OEHUWR$IRUPDomRGDFXOLQiULD WH[
EUDVLOHLUD6mR3DXOR633XEOLIROKDS
6pULH
%(5*(527&DUROLQH&R]LQKDYHJHWDULDQD
VDODGDV6mR3DXOR63&XOWUL[FS
WH[
'8&+(1(/DXUHQW6REUHPHVDVHVXDVWpFQLFDV WH[
6mR3DXOR630DUFR=HURS
%,770$10DUN7XGRHPDLVXPSRXFRGD
HVFROKDGRVLQJUHGLHQWHVjVWpFQLFDVFXOLQiULDV
6DQWD&HFtOLD63/H\DY
WH[
)$*/,$5,*DEULHOD6FXWD7XULVPRH
DOLPHQWDomRDQiOLVHVLQWURGXWyULDV6mR3DXOR
5RFDS
WH[
%5$*$5REHUWR00*HVWmRGDJDVWURQRPLD
FXVWRVIRUPDomRGHSUHoRVJHUHQFLDPHQWRH
SODQHMDPHQWRGROXFURHG6mR3DXOR63
6(1$&S
WH[
)$5,$6/XL]&RQIHLWDULDQDFLRQDOFRQFHLWRV
UHFHLWDVWHQGrQFLDV6mR3DXOR63/0
S
WH[
&$1(//$5$:/66DQGUD3mRDUWHHFLrQFLD WH[
HG6mR3DXOR636(1$&S
)$552:-RDQQD(VFRODGHFKHIVWpFQLFDVSDVVR WH[
DSDVVRSDUDDFXOLQiULDVHPVHJUHGRV%DUXHUL
630DQROHFS
WH[
&$9$/&$17,3HGUR$SiWULDQDVSDQHODV
KLVWyULDHUHFHLWDVGDFR]LQKDEUDVLOHLUD6mR3DXOR
636HQDF6mR3DXORS
)$552:-RDQQD(VFRODGHFXOLQiULDGDV
PHOKRUHVUHFHLWDVFOiVVLFDVHFRQWHPSRUkQHDVSDVVRD
SDVVR%DUXHUL630DQROHS
&(80DULD'R&R]LQKDQDWXUDOGRGLDDGLD
HG6mR3DXOR6(1$&S
WH[
&+((6(VXPSWXRXVFKHHVHUHFLSHVIRUDOO
RFFDVLRQV$XVWUDOLD/RYH)RRGS
WH[
&+()SURILVVLRQDOHG6mR3DXOR636(1$&
S
WH[
&+()6WpFQLFDVHHTXLSDPHQWRV6mR3DXOR63
0HOKRUDPHQWRVS
WH[
&KLFR-XQLRU5RWHLURVGRVDERUGRHVWDGRGR5LR
GH-DQHLURWXULVPRJDVWURQ{PLFR5LRGH
-DQHLUR5-6HQDF5LRS
WH[
&25'21%/(8&22.(5<6&+22/5HFHLWDV
FDVHLUDVIUDQFHVD>6O@+)8OOPDQQF
S/H&RUGRQ%OHX5HFHLWDVFDVHLUDV
WH[
&25'21%/(8&22.(5<6&+22/5HFHLWDV
FDVHLUDVOHJXPHV>6O@+)8OOPDQQF
S
WH[
&25'21%/(8&22.(5<6&+22/5HFHLWDV
FDVHLUDVPROKRV>6O@+)8OOPDQQF
S/H&RUGRQ%OHX5HFHLWDVFDVHLUDV
WH[
&2;(GLWK0)5$1&,6&KHU\O(6DERUHVGD
FR]LQKDVDXGiYHO6mR3DXOR63
0HOKRUDPHQWRVS
WH[
&2;-HII02,1(0DULH3LHUUH(UYDVFXOLQiULDV WH[
FRPRFXOWLYDUFXLGDUHDUPD]HQDUHUYDVDURPiWLFDVH
XViODVQDFR]LQKDSDUDGDUPDLVVDERUDRVDOLPHQWRV
6mR3DXOR633XEOLIROKDS
)(51$1'(6&DORFD9LDJHPJDVWURQ{PLFD
DWUDYpVGR%UDVLOHG6mR3DXOR6HQDF6mR
3DXORFS
WH[
WH[
),/,33(//,0DULQD&R]LQKDLWDOLDQD6mR
3DXOR630DUFR=HURS
WH[
)216(&$0DUFHOR7UDOGL7HFQRORJLDVJHUHQFLDLV
GHUHVWDXUDQWHVHG6mR3DXOR636(1$&
S
WH[
)5$1&(&KULVWLQH2OLYURGHILQLWLYRGHGLFDVH
VXJHVW}HVGHFXOLQiULD6mR3DXOR630DUFR
=HURS
WH[
)5(('0$13DXO2UJ+LVWyULDGRVDERU
6mR3DXOR6HQDF6mR3DXORFS
WH[
)8.82.$<DVXNR&R]LQKDMDSRQHVD6mR
3DXOR630DUFR=HURS
WH[
*5$1$72$OLFH6DERUGR%UDVLO5LRGH
-DQHLUR5-6H[WDQWHS
WH[
WH[
.1,*+7-RKQ%.276&+(9$5/HQGDO+
*HVWmRSODQHMDPHQWRHRSHUDomRGHUHVWDXUDQWHV
HG6mR3DXOR635RFDS
.85/$16.<0DUN9,(,5$6LOYDQD6DOXPD
KLVWyULDGRPXQGR6mR3DXOR636HQDF6mR
3DXORS
WH[
/2'<5DXO%UDVLOERPGHERFDWHPDVGD
DQWURSRORJLDGDDOLPHQWDomR6mR3DXOR636HQDF
6mR3DXORS
WH[
0$*1,(5025(120DULDQQH&RQIHLWDULD
6mR3DXOR63/DURXVVHS
WH[
0$5&+(6,*XDOWLHUR$PHVDSRVWDKLVWyULD
HVWpWLFDGDFR]LQKD6mR3DXOR636(1$&
S
WH[
0$==(,&HOLD0$==(,&HOPD'RMHLWLQKRGH
0LQDVFXOLQiULDUHJLRQDO6mR3DXOR636HQDF
6mR3DXORS
WH[
0&*((+DUROG&RPLGDHFR]LQKDFLrQFLDH
FXOWXUDGDFXOLQiULD6mR3DXOR63:0)0DUWLQV
)RQWHVS
WH[
0(1(*$/($OH[DQGUH&DUSHGLHPEDQTXHWH
GHDURPDHWHPSHURV%UDVtOLD')6HQDF'LVWULWR
)HGHUDOS
WH[
0217$1$5,0DVVLPR2UJDQL]DomR2PXQGR
QDFR]LQKDKLVWyULDLGHQWLGDGHWURFDV6mR
3DXOR636(1$&S
WH[
0217(%(//21DQF\GH3LOOD&2//$d2-DQLQH WH[
+HOIVW/LHFKW2UJDQL]DomR*DVWURQRPLDFRUWHV
UHFRUWHV%UDVtOLD')6(1$&Y
025$(60DUWD&RRUGHQDomR6DERUXQLYHUVDO WH[
%UDVtOLD')6HQDF'LVWULWR)HGHUDOS
1$6&,0(1721(72)pQHORQGR&RRUGHQDomR WH[
5RWHLURSDUDHODERUDomRGHPDQXDOGHERDV
SUiWLFDVGHIDEULFDomR%3)HPUHVWDXUDQWHV
HG6mR3DXOR636(1$&S
6$1726$QWRQLR0DODTXLDVGRV*20(6)iELR
GH)UHLWDV%$55(725RQDOGR/RSHV3RQWHV
2UJ*DVWURQRPLDKLVWyULDGRVKRWpLVHVFROD
6HQDF6mR3DXOR6mR3DXOR6HQDF6mR3DXOR
FS
WH[
WH[
6$1726$QWRQLR0DODTXLDVGRV*20(6)iELR
GH)UHLWDV%$55(725RQDOGR/RSHV3RQWHV
2UJ*DVWURQRPLDKLVWyULDGRVKRWpLVHVFROD
6HQDF6mR3DXORHG6mR3DXOR6HQDF6mR3DXOR
FS
6(%(660DULDQD,167,7872
,17(51$&,21$/'($57(6&8/,1È5,$6
0$86,6(%(66$5*(17,1$7pFQLFDVGH
FRQIHLWDULDSURILVVLRQDOHG6mR3DXOR63
6(1$&S
WH[
WH[
6(%(660DULDQD7pFQLFDVGHFR]LQKD
SURILVVLRQDOHG6mR3DXOR636(1$&
S
6(%(663DXOR7pFQLFDVGHSDGDULDSURILVVLRQDOWH[
5LRGH-DQHLUR5-6(1$&S
6(*5('26GHFKHIVDVPHOKRUHVWpFQLFDVGRV
PHVWUHVGDJDVWURQRPLDDWXDO6mR3DXOR63
3XEOLIROKDS
6(1$&'HSDUWDPHQWR1DFLRQDO6DERUHVFRUHV
GDV0LQDV*HUDLVDFXOLQiULDPLQHLUDQR+RWHO
6HQDF*URJRWyHG5LRGH-DQHLUR6HQDF
1DFLRQDOF
WH[
WH[
1250$1-LOO2UJDQL]DGRU&KHIVVHJUHGRVH
UHFHLWDV6mR3DXOR630HOKRUDPHQWRV
S
WH[
181(60DULD/~FLD&OHPHQWLQR181(60iUFLD
&OHPHQWLQR+LVWyULDGDDUWHGDFR]LQKDPLQHLUD
SRU'RQD/XFLQKDHG6mR3DXOR63
/DURXVVHS
WH[
3$&+(&2$ULVWLGHVGH2OLYHLUD0DQXDOGH
VHUYLoRGRJDUoRPHG6mR3DXOR63
6(1$&S
WH[
6,021)UDQoRLV3DUDRQGHIRUDPRVFKHIV"ILP WH[
GHXPDJDVWURQRPLDIUDQFHVD6mR3DXOR6HQDF
6mR3DXORS
5(&(,7$6FDVHLUDVEDWDWDV&KLQD+)
8OOPDQQ&ROHomR/H&RUGRQ%OHX
WH[
WH[
6:((76(5:HQG\FRTXHWpLVDVPDLV
LQFUtYHLVUHFHLWDVHPXP~QLFROLYUR6mR3DXOR63
0DUFR=HURS
52'5,*8(6'RPLQJRV$UWHGHFR]LQKDU WH[
5LRGH-DQHLUR5-6HQDF5LRFS
526(1%/800RUW&KRFRODWHXPDVDJD
DJULGRFHSUHWDHEUDQFD5LRGH-DQHLUR5-5RFFR
S
WH[
58+/0$10LFKDHO$DOPDGHXPFKHIYLDJHP
SDUDDSHUIHLomR6mR3DXOR636HQDF6mR3DXOR
S
WH[
6$17$0$5,$6DQWL$FR]LQKDDQXXPDYLVmR
UHQRYDGRUDGRPXQGRGDJDVWURQRPLD6mR3DXOR
6HQDF6mR3DXORFS
WH[
6,/9$6DQGUD0DULD&KHPLQ6HDEUDGD&DUGiSLR WH[
JXLDSUiWLFRSDUDDHODERUDomRHG6mR3DXOR
635RFDFS
7e&1,&$6FXOLQiULDVHVVHQFLDLV6mR3DXOR63
0DUFR=HURS
WH[
7(,&+0$11,RQH0HQGHV7HFQRORJLDFXOLQiULD WH[
>HG@&D[LDVGR6XO56('8&6S
7(,&+0$11,RQH70HQGHV&DUGiSLRV
WpFQLFDVHFULDWLYLGDGHHGUHYHDPSO&D[LDV
GR6XO56('8&6S&ROHomR
+RWHODULD
WH[
7+,6+HUYH+HUDQoDFXOLQiULDHDVEDVHVGD
JDVWURQRPLDPROHFXODU6mR3DXOR636(1$&
S
WH[
WH[
,8'Ë&,%866pUJLRGH7HRULDGDFRQWDELOLGDGH WH[
HG
6mR3DXOR$WODVS
WH[
75()=(55XGROI&OiVVLFRVGDOLWHUDWXUD
FXOLQiULDRVPDLVLPSRUWDQWHVOLYURVGDKLVWyULDGD
JDVWURQRPLD6mR3DXOR636(1$&S
0$5,21-RVp&DUORV&RQWDELOLGDGHHPSUHVDULDO WH[
DFRQWDELOLGDGHFRPRLQVWUXPHQWRGHDQiOLVH
JHUrQFLDHGHFLVmRHG6mR3DXOR$WODV
S
WH[
9$6&21&(//26)UHGHULFR&$9$/&$17,
(XGHPDU%$5%26$/RXUGHV0HQXFRPR
PRQWDUXPFDUGiSLRHILFLHQWH6mR3DXOR635RFD
S
0$57,16(OLVHX52&+$:HOLQJWRQ
&RQWDELOLGDGHGHFXVWRVOLYURGHH[HUFtFLRV
HG6mR3DXOR$WODVS
7257$6UHFHLWDVGRFHVHVDOJDGDV%DUXHUL63
0DQROHS
:$5(,1*0DUFXVHWDO)DFDVHFRUWHVWpFQLFDV
SDUDFRUWDUWULQFDUSLFDUHILOHWDUOHJXPHVSHL[HV
FDUQHVHIUXWDV6mR3DXOR633XEOLIROKD
S
WH[
:(5/(/RXNLH,QJUHGLHQWHV$OHPDQKD+)
8OOPDQQFS
WH[
:+,11<+HDWKHU2UJDQL]DomR&XOLQiULD
H[SUHVVD6mR3DXOR633XEOLIROKD
WH[
:5,*+7-HQL75(8,//((ULF/H&RUGRQ%OHX WH[
WRGDVDVWpFQLFDVFXOLQiULDVUHLPSU>6O@
0DUFR=HURFS
&ODVVH&217$%,/,'$'(
$/0(,'$0DUFHOR&DYDOFDQWL$XGLWRULDXP
FXUVRPRGHUQRHFRPSOHWRWH[WRVH[HPSORVH
H[HUFtFLRVUHVROYLGRVHG6mR3DXOR$WODV
S
WH[
WH[
&+$1%HWW\/LOLDQ)XQGDQGDPHQWRGD
SUHYLGrQFLDFRPSOHPHQWDUGDDWXiULDj
FRQWDELOLGDGHHG6mR3DXOR$WODVS
)$%5(77,/iXGLR&DPDUJR&RQWDELOLGDGH
WULEXWiULDHG6mR3DXOR$WODVS
WH[
)(55(,5$$UDFpOL&ULVWLQDGH6RXVD6,48(,5$
-RVp5LFDUGR0DLDGH*20(60{QLFD=DLGDQ
2UJ&RQWDELOLGDGHDPELHQWDOHUHODWyULRV
VRFLDLVHG6mR3DXOR$WODVS
WH[
+(51$1'(=3(5(=-81,25-RVp2/,9(,5$
/XtV0DUWLQVGH&RQWDELOLGDGHDYDQoDGDWH[WRH
WHVWHVFRPDVUHVSRVWDVHG6mR3DXOR$WODV
S
WH[
,8'Ë&,%866pUJLRGHHWDO0DQXDOGH
FRQWDELOLGDGHVRFLHWiULDDSOLFiYHODWRGDVDV
VRFLHGDGHV6mR3DXOR$WODV[[YLS
WH[
,8'Ë&,%866pUJLRGH$QiOLVHGHEDODQoRVD
DQiOLVHGHOLTXLGH]HGRHQGLYLGDPHQWRDDQiOLVHGR
JLURHGUHLPSU6mR3DXOR$WODV
S
WH[
WH[
WH[
3$'29(=(&OyYLV/XtV0DQXDOGH
FRQWDELOLGDGHEiVLFDFRQWDELOLGDGHLQWURGXWyULDH
LQWHUPHGLiULDWH[WRVHH[HUFtFLRVHGUHLPSU
6mR3DXOR$WODVS
6$1726$ULRYDOGRGRV*289(,$)HUQDQGR
+HQULTXH&kPDUD9,(,5$3DWUtFLDGRV6DQWRV
&RQWDELOLGDGHGDVVRFLHGDGHVFRRSHUDWLYDV
DVSHFWRVJHUDLVHSUHVWDomRGHFRQWDV6mR3DXOR
63$WODVS
WH[
WH[
6$1726-RVp/XL]GRV6&+0,'73DXOR
&RQWDELOLGDGHVRFLHWiULDHG6mR3DXOR$WODV
S
WH[
6$1726-RVp/XL]GRV6&+0,'73DXOR
)(51$1'(6/XFLDQH$OYHV&RQWDELOLGDGH
DYDQoDGDDVSHFWRVVRFLHWiULRVHWULEXWiULRVHG
6mR3DXOR$WODVS
6,/9$/LQR0DUWLQVGD&RQWDELOLGDGH
JRYHUQDPHQWDOXPHQIRTXHDGPLQLVWUDWLYRGD
QRYDFRQWDELOLGDGHS~EOLFDHG6mR3DXOR$WODV
S
WH[
&ODVVH25*$1,=$d­2($'0,1,675$d­2'(
(035(6$6,1'Ò675,$6(&20e5&,2
WH[
%$/'$05RTXHPDUGH/LPD(WDO
*HUHQFLDPHQWRGHSURFHVVRVGHQHJyFLRV%30
%XVLQHVV3URFHVV0DQDJHPHQWHGUHLPSU
6mR3DXOR63eULFDS
%$5%26$),/+2$QWRQLR1XQHV6HJXUDQoDGR
WUDEDOKRJHVWmRDPELHQWDOHG6mR3DXOR
$WODVS
WH[
%(.,16DXO)DLQJDXV(QGRPDUNHWLQJFRPR
SUDWLFiORFRPVXFHVVRUHLPSU6mR3DXOR63
3HDUVRQ3UHQWLFH+DOOS
WH[
%/(66$5HJLQD0HUFKDQGLVLQJQRSRQWRGH
YHQGDHG6mR3DXOR$WODVS
WH[
&+,$9(1$72,GDOEHUWR(PSUHHQGHGRULVPR
GDQGRDVDVDRHVStULWRHPSUHHQGHGRUHG6mR
3DXOR0DQROHHGS
WH[
'58&.(53HWHU)HUGLQDQG,QWURGXomRj
DGPLQLVWUDomR6mR3DXOR&HQJDJH/HDUQLQJ
>@S
WH[
)$/=213LHUUH(G(UJRQRPLD6mR3DXOR
63%OXFKHU[[LS
WH[
*5,17.HLWK6RFLRORJLDGRWUDEDOKR/LVERD
3LDJHWS
WH[
-(6721-RKQ1(/,6-RKDQ%XVLQHVVSURFHVV
PDQDJHPHQWSUDFWLFDOJXLGHOLQHVWRVXFFHVVIXO
LPSOHPHQWDWLRQVQGHG(VWDGRV8QLGRV
(OVHUYLHU3XEOLVKLQJ&RPSDQ\FS
WH[
/$8'21.HQQHWK&/$8'21-DQH36LVWHPDV
GHLQIRUPDomRJHUHQFLDLVHG6mR3DXOR
3HDUVRQ3UHQWLFH+DOOS
WH[
/,'$,WLUR(UJRQRPLDSURMHWRHSURGXomR
HGUHLPSU6mR3DXOR(%OFKHUS
WH[
WH[
0$7$5$==2'DQWH&3(67$1$$UPDQGR
2OLYHLUD$QiOLVHILQDQFHLUDGHEDODQoRV
DERUGDJHPJHUHQFLDOGHDFRUGRFRPDV/HLVQž
(HG6mR3DXOR$WODV
SFP
026(5)UDQFLVFR0DQXDOGHJHVWmRGH
DOLPHQWDomRHEHELGDVHG3RUWXJDO&(723
S
WH[
2
%5,(1-DPHV$6LVWHPDVGHLQIRUPDomRHDV
GHFLV}HVJHUHQFLDLVQDHUDGDLQWHUQHWHG
WLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR6$
S
WH[
260XPDYLVmRFRQWHPSRUkQHDRUJDQL]DomR
VLVWHPDVHPpWRGRV6mR3DXOR633HDUVRQ
3UHQWLFH+DOOS
WH[
352-(&70$1$*(0(17,167,787( 8PJXLD
GRFRQKHFLPHQWRHPJHUHQFLDPHQWRGHSURMHWRV
JXLD30%2.HG1HZWRZQ6TXDUH30,%RRN
6HUYLFH&HQWHUFS
WH[
9$5*$65LFDUGR2VPHLRVMXVWLILFDPRVILQV
JHVWmREDVHDGDHPYDORUHVGDpWLFDLQGLYLGXDOj
pWLFDHPSUHVDULDO6mR3DXOR633HDUVRQ3UHQWLFH
+DOOS
WH[
&ODVVH38%/,&,'$'((3523$*$1'$
6$17$(//$/~FLD1g7+:LQIULHG(VWUDWpJLDV WH[
VHPLyWLFDVGDSXEOLFLGDGH6mR3DXOR63
&HQJDJH/HDUQLQJS
&ODVVH7(&12/2*,$48Ë0,&$,1'Ò675,$6
48Ë0,&$6($),16
WH[
$5$Ò-2:LOPD0&2UJDQL]DGRUD$OTXLPLD
GRVDOLPHQWRVHG%UDVtOLD')6(1$&
S6pULH$OLPHQWRVH%HELGDVY
$662&,$7,21'(/$6200(//(5,(
,17(51$7,21$/(6RPPHOLHUSURILVVmRGR
IXWXURWpFQLFDVSDUDIRUPDomRSURILVVLRQDOHG
5LRGH-DQHLUR5-6(1$&S
WH[
%($720DQRHO*XLDGHYLQKRVHG6mR
3DXOR63/DURXVVHS
WH[
%,5'5%\URQ67(:$57:DUUHQ(
/,*+7)227(GZLQ1)HQ{PHQRVGH
WUDQVSRUWHVHG5LRGH-DQHLUR/LYURV
7pFQLFRVH&LHQWtILFRVS
WH[
3$&+(&2$ULVWLGHVGH2OLYHLUD,QLFLDomRj
HQRORJLDHG6mR3DXOR6(1$&S
WH[
3+,//,365RG8PDEUHYHKLVWyULDGRYLQKR WH[
HG5LRGH-DQHLUR5-5HFRUGS
6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[
RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV
ULVFRVDPELHQWDLVHG6mR3DXOR/75
S
WH[
3,172'DQLHO0DQXDOGLGiWLFRGRYLQKR
LQLFLDomRjHQRORJLDHGUHYHDWXDO6mR3DXOR
63$QKHPEL0RUXPELS
&ODVVH,1'Ò675,$'$&216758d­2
%27(/+20DQRHO+HQULTXH&DPSRV5,%(,52
-5*HUDOGRGH$QGUDGH,QVWDODo}HVKLGUiXOLFDV
SUHGLDLVXVDQGRWXERVGH39&H335HG6mR
3DXOR(%OFKHUS
WH[
7$9$5(6-RVpGD&XQKD1Ro}HVGHSUHYHQomRH
FRQWUROHGHSHUGDVHPVHJXUDQoDGRWUDEDOKR
HG6mR3DXOR6(1$&S
WH[
0(/29DQGHUOH\GH2OLYHLUD$=(9('21(772 WH[
-RVp0DUWLQLDQRGH,QVWDODo}HVSUHGLDLV
KLGUiXOLFRVDQLWiULDVUHLPSU6mR3DXOR(
%OFKHU
785%$1(IUDLP,QWURGXomRDVLVWHPDVGH
LQIRUPDomRXPDDERUGDJHPJHUHQFLDO6mR
3DXORS
WH[
02/,7(512$QWRQLR&DGHUQRVGHSURMHWRVGH
WHOKDGRVHPHVWUXWXUDVGHPDGHLUDHG6mR
3DXOR(%OFKHUS
&ODVVH$57(6
$5*$1*LXOLR&DUOR$UWH0RGHUQDGR
,OXPLQLVPR$RV0RYLPHQWRV&RQWHPSRUDQHRV
HG6mR3DXOR&RPSDQKLDGDV/HWUDVS
WH[
WH[
%(5(1621%HUQDUG(VWpWLFDHKLVWyULDHG WH[
6mR3DXOR633HUVSHFWLYDS&ROHomR
'HEDWHV
&ODVVH'(6,*1'(6(1+2,1'8675,$/
$0%526(*DYLQ*ULGVVPHVWUXWXUDRX
SDGUmRGHOLQKDVXVDQGRSDUDRULHQWDUR
SRVLFLRQDPHQWRGRVHOHPHQWRVGHXPGHVLJQ3RUWR
$OHJUH%RRNPDQS
WH[
&5,$d­2YLVXDOHPXOWLPtGLD6mR3DXOR
&HQJDJH/HDUQLQJ[LS
WH[
)$:&(777$1*5RJHU&RPSLODGRU2OLYURHR WH[
GHVLJQHU,HPEDODJHPQDYHJDomRHVWUXWXUDH
HVSHFLILFDomR6mR3DXOR5RVDUL>@Y
)8(17(65RGROIR$SUiWLFDGRGHVLJQJUiILFR WH[
XPDPHWRGRORJLDFULDWLYD6mR3DXOR5RVDUL
S&ROHomR)XQGDPHQWRVGR'HVLJQ
WH[
*2')5(<-DVRQ'LVHxRGHFDWiORJRV\IROOHWRV WH[
%DUFHORQD**LOOL9
$0%526(*DYLQ+$55,63DXO)XQGDPHQWRV
GHGHVLJQFULDWLYR3RUWR$OHJUH56%RRNPDQ
S
WH[
WH[
+(//(56WHYHQ/LQJXDJHQVGRGHVLJQ
FRPSUHHQGHQGRRGHVLJQJUiILFR>HG@6mR
3DXOR5RVDUL>@S&ROHomR)XQGDPHQWRV
GR'HVLJQ
$0%526(*DYLQ+$55,63DXOLPSUHVVmRH
DFDEDPHQWRYDomRGHSURGX]LUXPPDWHULDO
LPSUHVVRYFRPSOHWDUDFULDomRRXGHFRUDomRGR
PDWHULDOLPSUHVVR3RUWR$OHJUH%RRNPDQ
S'HVLJQ%iVLFR
WH[
$0%526(*DYLQ+$55,63DXO'LFLRQiULR
YLVXDOGHGHVLJQJUiILFR3RUWR$OHJUH56
%RRNPDQS
$0%526(*DYLQ+$55,63DXO/D\RXWVP WH[
XPDUUDQMRGHSDUWHVHWFGHDFRUGRFRPXPSODQR
3RUWR$OHJUH%RRNPDQS'HVLJQ%iVLFR
$5$Ò-2(PDQXHO$FRQVWUXomRGROLYURHG WH[
5LRGH-DQHLUR/H[LNRQ>@S
-8/,È1)HUQDQGR$/%$55$&Ë1-HV~V'HVHQKR WH[
SDUDGHVLJQHUVLQGXVWULDLVDXODGHGHVHQKR
SURILVVLRQDO/LVERD(VWDPSDS
WH[
.,0%$//5DOSK&$6(57$-RH7KHGDWD
ZDUHKRXVHHWOWRRONLWSUDFWLFDOWHFKQLTXHVIRU
H[WUDFWLQJFOHDQLQJFRQIRUPLQJDQGGHOLYHULQJGDWD
(VWDGRV8QLGRV:LOH\FS
.29$'/2))+XJR5RWHLURGHXPDYLGDQR
GHVLJQ6mR3DXOR5RVDULS
7H[WRV'HVLJQ
WH[
%$11'DYLG1RYRPDQXDOGHSURGXomRJUiILFD
3RUWR$OHJUH%RRNPDQS
WH[
/(,7(5LFDUGR9HUpFRPSUHHQGHUGHVLJQFRPR WH[
IHUUDPHQWDHVWUDWpJLFDGHQHJyFLRHG5LRGH
-DQHLUR5-6(1$&S
%$5%$5È6DXOR)5(,7$66\GQH\2UJ
'HVLJQJHVWmRPpWRGRVSURMHWRVSURFHVVRV5LR
GH-DQHLUR&LrQFLD0RGHUQDS
WH[
0$621'DQLHO0DWHULDOHV\SURFHVRVGH
LPSUHVLyQ%DUFHORQD**S
WH[
0(675,1(5)DELR*HVWmRHVWUDWUpJLFDGH
HPEDODJHPXPDIHUUDPHQWDGHFRPSHWLWLYLGDGH
SDUDVXDHPSUHVD6mR3DXOR3HDUVRQ3UHQWLFH
+DOO[YLLLS
WH[
%$5%(526LOYLD&2==2%UXQHOOD(FRGHVLJQ WH[
%DUFHORQD+)8OOPDQQS
%(5*675g0%R)XQGDPHQWRVGDFRPXQLFDomR
YLVXDO6mR3DXOR5RVDULS
WH[
%,(5870LFKDHO2UJHWDO7H[WRVFOiVVLFRVGR
GHVLJQJUiILFR6mR3DXOR:0)0DUWLQV)RQWHV
[L[S
WH[
1(80(,(50DUW\$HPSUHVDRULHQWDGDSHOR
GHVLJQ3RUWR$OHJUH%RRNPDQS
&$/9(5*LOHV2TXHpGHVLJQGHHPEDODJHQV" WH[
3RUWR$OHJUH%RRNPDQ
&$5'2625DIDHO2GHVLJQEUDVLOHLURDQWHVGR
GHVLJQDVSHFWRVGDKLVWyULDJUiILFD
6mR3DXOR&RVDF1DLI\S
WH[
1(*5­2&HOVR&$0$5*2(OHLGD'HVLJQGH
HPEDODJHPGRPDUNHWLQJjSURGXomR6mR3DXOR
1RYDWHFS
WH[
&/$,5.DWH0DQXDOGHWLSRJUDILDDKLVWyULDD WH[
WpFQLFDHDDUWHHG3RUWR$OHJUH56%RRNPDQ
S
WH[
1,(0(<(5/XF\7LSRJUDILDXPDDSUHVHQWDomR WH[
HGUHLPSU
7HUHVySROLV5-$%S
&ROHomR%DVH'HVLJQ
2/,9(,5$,HGDGH2UJ2TXHpTXDOLGDGHHP
LOXVWUDomRQROLYURLQIDQWLOHMXYHQLOFRPD
SDODYUDRLOXVWUDGRU6mR3DXOR'LIXVmR&XOWXUDO
GR/LYURS
WH[
3+,//,363HWHU/%ULHILQJDJHVWmRGRSURMHWR
GHGHVLJQ6mR3DXOR%OXFKHU[[LLS
WH[
32<1255LFN$EDL[RDVUHJUDVGHVLJQJUiILFR WH[
HSyVPRGHUQLVPR3RUWR$OHJUH56%RRNPDQ
S
5$,0(6-RQDWKDQ%+$6.$5$1/DNVKPL
'HVLJQUHWU{DQRGHGHVLJQJUiILFR6mR
3DXOR6HQDF6mR3DXORS
WH[
&$59$/+2%HQMDPLQGH$UD~MR'HVHQKR
JHRPpWULFRHGLPSU5LRGH-DQHLUR
,PSHULDO1RYR0LOrQLRS
WH[
'(5'<.(GLWK2UJDQL]DGRUD'LVHJQRGHVHQKR WH[
GHVtJQLRHG6mR3DXOR636(1$&
S
WH[
52'5,*8(6'HODQR1DPLQJRQRPHGDPDUFD WH[
5LRGH-DQHLUR5-$%S
*20(6/XL]9LGDO1HJUHLURV67(,1(5$QD
$PpOLD2UJDQL]DGRUD'HEX[R6DQWD0DULD
568)60>@S
6$/7=,QD'HVLJQHWLSRJUDILDIXQGDPHQWRV WH[
GRGHVLJQFRPWLSRV6mR3DXOR%OXFKHU
S
0$57Ë152,**DEULHO)XQGDPHQWRVGRGHVHQKR WH[
DUWtVWLFRDXODGHGHVHQKR6mR3DXOR0DUWLQV
)RQWHVS
6$0$5$7LPRWK\(OHPHQWRVGRGHVLJQJXLDGH WH[
HVWLORJUiILFR3RUWR$OHJUH%RRNPDQ
S
6&+1(,'(5:LOKHOP'HVHQKRWpFQLFR
LQGXVWULDOLQWURGXomRGRVIXQGDPHQWRVGHGHVHQKR
WpFQLFRLQGXVWULDO>6O@+(086FS
6$0$5$7LPRWK\(YROXomRGRGHVLJQGDWHRULD WH[
jSUiWLFD3RUWR$OHJUH%RRNPDQS
6$17$526$-RVp*XLOKHUPH025$(6
$QDPDULDGH$YDOLDomRHSURMHWRQRGHVLJQGH
LQWHUIDFHV5LRGH-DQHLUR$%FS
WH[
6&+1(,'(5%HDW'HVLJQXPDLQWURGXomRR
GHVLJQQRFRQWH[WRVRFLDOFXOWXUDOHHFRQ{PLFR
6mR3DXOR63%OXFKHUFS
WH[
6(''217RQ\,PDJHQVXPIOX[RGHWUDEDOKR
GLJLWDOFULDWLYRSDUDGHVLJQHUVJUiILFRV3RUWR
$OHJUH%RRNPDQS
WH[
6+$8*+1(66<$GULDQ&RPRVHUXPGHVLJQHU
JUiILFRVHPYHQGHUVXDDOPD6mR3DXOR63
6(1$&6mR3DXORS
WH[
9,//$6%2$6$QGUp3URGXomRJUiILFDSDUD
GHVLJQHUVHGUHYDWXDOHDPSOUHLPSU
7HUHVySROLV5-$%S6pULH2ILFLQD
WH[
:+((/(5$OLQD'HVLQJGHLGHQWLGDGHGDPDUFD WH[
XPJXLDFRPSOHWRSDUDDFULDomRFRQVWUXomRH
PDQXWHQomRGHPDUFDVIRUWHVHG3RUWR$OHJUH
56%RRNPDQS
=((*(1/DZUHQFH)XQGDPHQWRVGHLOXVWUDomR WH[
3RUWR$OHJUH%RRNPDQS
&ODVVH$548,7(785$
%(//(,,OGRQ\+HOLR(GLILFLRVLQG~VWULDLVHP
DoRSURMHWRHFiOFXORHG6mR3DXOR3LQL
S
WH[
&ODVVH)272*5$),$
*5(<&KULVWRSKHU,OXPLQDomRHPHVW~GLR
WpFQLFDVHWUXTXHVSDUDIRWyJUDIRVGLJLWDLV
&DPERUL~6&3KRWRVFS
2/,9(53DXOR$VSHFWRVMXUtGLFRVGLUHLWR
DXWRUDOIRWRJUDILDHLPDJHP6mR3DXOR/HWUDV
/HWUDVS
&ODVVH&,1(0$),/0(6
&,1(0$72*5È),&26
%$5%26$$QGUpD&81+$(GJDU7HRGRURGD
$QWURSRORJLDHLPDJHP5LRGH-DQHLUR-
=DKDUFP
&ODVVH('8&$d­2)Ë6,&$((63257(6
&$55(,52(GXDUGR$XJXVWR&RRUGHQDomR
*HVWmRGDHGXFDomRItVLFDHHVSRUWH5LRGH
-DQHLUR5-*XDQDEDUD.RRJDQS
(GXFDomR)tVLFDQR(QVLQR6XSHULRU
WH[
WH[
WH[
WH[
WH[
&$67(//$1,),/+2/LQR&$67(//$1,5DIDHO WH[
0RUHQR2VMRJRVGHPLQKDHVFROD&DPSLQDV
63$XWRUHV$VVRFLDGRVS
&21)('(5$d­2%5$6,/(,5$'(
$7/(7,602$WOHWLVPRUHJUDVRILFLDLVGH
FRPSHWLomR6mR3DXOR633KRUWH
S
WH[
WH[
&255(,$0DUFRV0LUDQGD7UDEDOKDQGRFRP
MRJRVFRRSHUDWLYRVHPEXVFDGHQRYRVSDUDGLJPDV
QDHGXFDomRItVLFDHG&DPSLQDV633DSLUXV
S&ROHomR3DSLUXV(GXFDomR
&ODVVH'(6(1+2'(6(1+2$57Ë67,&2$57((
2)Ë&,26$3/,&$'26
&81+$6HUJLR$XJXVWR(WDO)XWHERO
DVSHFWRVPXOWLGLVFLSOLQDUHVSDUDRHQVLQRH
WUHLQDPHQWR5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQS(GXFDomR)tVLFDQR(QVLQR
6XSHULRU
WH[
:,/025(-DFN+&267,//'DYLG/
.(11(<:/DUU\)LVLRORJLDGRHVSRUWHHGR
H[HUFtFLRHG%DUXHUL630DQROH
S
WH[
WH[
'$2/,2-RFLPDU&RRUGHQDGRU(GXFDomRItVLFD
HVFRODUROKDUHVDSDUWLUGDFXOWXUD&DPSLQDV63
$XWRUHV$VVRFLDGRVS&ROHomR
(GXFDomR)tVLFDH(VSRUWHV
&ODVVH(63257(6$48È7,&26($e5(26
WH[
$63(&726ILVLROyJLFRVHWpFQLFRVGDQDWDomR
5LRGH-DQHLUR5-*XDQDEDUD.RRJDQS
(GXFDomR)tVLFDQR(QVLQR6XSHULRU
WH[
'$5,'26XUD\D&ULVWLQD5$1*(/,UHQH
&RQFHLomR$QGUDGH&RRUGHQDomR(GXFDomRItVLFD
QDHVFRODLPSOLFDo}HVSDUDDSUiWLFDSHGDJyJLFD
5LRGH-DQHLUR5-*XDQDEDUD.RRJDQS
(GXFDomR)tVLFDQR(QVLQR6XSHULRU
&ODVVH/,1*hË67,&$
)2851,(5,VDEHOOH$SUHQGDDIDODUIUDQFrVR
FXUVRLGHDOSDUDYRFrGRPLQDURLQGLRPD6mR
3DXOR633XEOLIROKDS
WH[
',021-81,257KHRGRUH$QDWRPLDGRFRUSR
HPPRYLPHQWRRVVRVP~VFXORVHDUWLFXODo}HV
HG%DUXHUL630DQROHS
WH[
)5$1&Ç6SDUDRGLDDGLDOHIUDQFDLVGHWRXVOHV
MRXUV6mR3DXOR630DUWLQV)RQWHVS
WH[
)(51$1'(6-RVp/XtV$WOHWLVPRFRUULGDV
HGUHYUHLPSU6mR3DXOR(38S
WH[
3(,5&(&KDUOHV6DQGHUV6HPLyWLFDHG6mR
3DXOR3HUVSHFWLYDS&ROHomR(VWXGRV
WH[
WH[
)(51$1'(6-RVp/XtV$WOHWLVPRODQoDPHQWRV
HDUUHPHVVRVHGUHY6mR3DXOR(38
S
)(51$1'(6-RVp/XtV$WOHWLVPRRVVDOWRV
WpFQLFDLQLFLDomRWUHLQDPHQWRHGUHLPSU
6mR3DXOR(38S
WH[
)(55(,5$$OXLVLR(OLDV;DYLHU526(-Ò1,25
'DQWHGH%DVTXHWHEROWpFQLFDVHWiWLFDVXPD
DERUGDJHPGLGiWLFRSHGDJyJLFDHGDPSOH
DWXDO6mR3DXOR(38S
WH[
0$12&&+,$3DW$QDWRPLDGRH[HUFtFLR
%DUXHUL630DQROHS
WH[
0&$5'/(:LOOLDP'.$7&+)UDQN,
.$7&+9LFWRU/1XWULomRSDUDRGHVSRUWRHR
H[HUFtFLRHG5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQFS
WH[
025(,5$:DJQHU:H\6,0®(65HJLQD
0$57,16,GD&DUQHLUR$XODVGHHGXFDomRItVLFD
QRHQVLQRPpGLRHG&DPSLQDV633DSLUXV
S&ROHomR3DSLUXV(GXFDomR
WH[
5$$/7(-XG\/9DQ3VLFRORJLDGRHVSRUWH
HG6mR3DXOR636DQWRVS
48$'5265RQLFH0OOHUGH.$51233/RGHQLU WH[
%HFNHU/tQJXDGHVLQDLVEUDVLOHLUDHVWXGRV
OLQJtVWLFRVUHLPSU3RUWR$OHJUH$570('
S
&ODVVH+,67Ï5,$
$5,Ê63KLOLSSH+LVWyULDVRFLDOGDFULDQoDHGD
IDPtOLDHG5LRGH-DQHLUR5-/LYURV7pFQLFRV
H&LHQWtILFRVS
*,25'$1,0iULR&XUWLV+LVWyULDGDÈIULFD
DQWHULRUDRVGHVFREULPHQWRVLGDGHPRGHUQD,
HG3HWUySROLV5-9R]HVS
WH[
WH[
0212*5$),$6
&ODVVH',5(,72
$$d­2SRSXODUFRPRIRUPDGHSURWHomRDRPHLR
DPELHQWHI
WH[
$'2d­2SRUFDVDLVKRPRDIHWLYRVI
WH[
$6&/È868/$6GHSHUPDQrQFLDQRFRQWUDWRGH
WUDEDOKRI
WH[
WH[
WH[
$66e',2PRUDOQDVUHODo}HVGHWUDEDOKR
I
WH[
5$1*(/,UHQH&RQFHLomR$QGUDGH&RRUGHQDomR
(GXFDomRItVLFDQDLQIkQFLD5LRGH-DQHLUR5-
*XDQDEDUD.RRJDQS(GXFDomR)tVLFD
QR(QVLQR6XSHULRU
$66e',2PRUDOQDVUHODo}HVGHWUDEDOKRHVXDV
FRQVHTXrQFLDVMXUtGLFDVI
WH[
5266(772-Ò1,25$GULDQR-RVp(WDO-RJRV
HGXFDWLYRVHVWUXWXUDHRUJDQL]DomRGDSUiWLFD
HG6mR3DXOR633KRUWHS
WH[
&2/,6­2GHSULQFtSLRVIXQGDPHQWDLVHDVSURSRVWDV WH[
SDUDVXDVROXomRI
&2175$72GHWUDEDOKRYLJrQFLDHILPGLYHUVRV
WLSRVGHUHVFLVmRUHVLOLomRFRQWUDWXDOI
WH[
',5(,72GRQDVFLPHQWRSHUVRQDOLGDGHMXUtGLFD
I
WH[
()(,726M~ULGLFRVQDXQLmRHVWiYHOI WH[
)5$1&Ç6JXLDGHFRQYHUVDomRSDUDYLDJHQV
HVVHQFLDOSDUDYRFrVHFRPXQLFDUEHP6mR3DXOR
633XEOLIROKDS*XLDGH&RQYHUVDomR
SDUDYLDJHQV
WH[
/(02,1(&DUROLQHPLQXWRVIUDQFrVDSUHQGD
RLGLRPDFRPDSHQDVPLQXWRVGHSUiWLFDGLiULD
6mR3DXOR633XEOLIROKDS
WH[
(0%5,$*8(=DRYRODQWHFRPRDGYHQWRGD/(,
I
WH[
(67È*,2VHPYtQFXORHPSUHJDWtFLRRVULVFRVGD
FULDomRGDUHODomRGHHPSUHJRI
WH[
2'(69,578$0(172GRFRQWUDWRGHHVWiJLR
FRPRRFRQVHTXHQWHUHFRQKHFLPHQWRGRYtQFXOR
HPSUHJDWLFLRHVHXHIHLWRQRVkPELWRVMXUtGLFRH
VRFLDOI
WH[
/,9526
2021,725$0(172GRHPDLOIXQFLRQDO
I
WH[
&ODVVH0(72'2/2*,$
628=$)UDQFLVFRGDV&KDJDVGH(VFUHYHQGRH
QRUPDOL]DQGRWUDEDOKRVDFDGrPLFRVXPJXLD
PHWRGROyJLFR)ORULDQySROLV6&8)6&
S6pULH'LGiWLFD
%LEOLRWHFD(VWkQFLD&DPSXV(VWkQFLD
WH[
235,1&Ë3,2GDGLJQLGDGHGDSHVVRDKXPDQD
FRPRIXQGDPHQWRGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
I
26',5(,726WUDEDOKLVWDVGDHPSUHJDGD
GRPpVWLFDI
WH[
7(5&(5,=$d­2QRVHUYLoRS~EOLFRHVHXV
UHIOH[RVD[LROyJLFRVI
WH[
&ODVVH36,&2/2*,$
$7.,16215LFKDUG&60,7+(GZDUG(
$7.,16215LWD/,QWURGXomRjSVLFRORJLDGH
+LOJDUGHG3RUWR$OHJUH56$570('
S
(1&,&/23(',$
WH[
&ODVVH',5(,72
%(572/',0iUFLD5RGULJXHV6326$72.DU\QD
%DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD
XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH
0*)RUXPS
%5$6,/&RQVWLWXLomR&RQVWLWXLomRGD
5HS~EOLFD)HGHUDWLYDGR%UDVLOGHGH2XWXEUR
GHHG6mR3DXOR$WODVS
&ROHomRGH0DQXDLVGH/HJLVODomR$WODV
',&,21$5,2
&ODVVH(&2120,$'20e67,&$
+(/(1(+HOHQ'LFLRQiULRGHWHUPRVGH
JDVWURQRPLDIUDQFrVSRUWXJXrVUHLPSU6mR
3DXOR63%RFFDWRS
WH[
$/0$1$48(*8,$
&ODVVH/,1*hË67,&$
)5$1&Ç6JXLDGHFRQYHUVDomRSDUDYLDJHQV6mR WH[
3DXOR633XEOLIROKDS*XLDGH
&RQYHUVDomRSDUDYLDJHQV
WH[
WH[
%5$*+,52//,(ODLQH0DULD(WDO3VLFRORJLD
JHUDO>HG@3HWUySROLV5-9R]HV>@
S
'$9,'2))/LQGD/,QWURGXomRjSVLFRORJLD
HG6mR3DXOR0DNURQS
&ODVVH(&2120,$'20e67,&$
%28e9LQFHQW(QFLFORSpGLDGDJDVWURQRPLD
IUDQFHVD5LRGH-DQHLUR5-(GLRXUR S
WH[
WH[
WH[
WH[
,+(5,1*5XGROI9RQ$OXWDSHORGLUHLWRHG WH[
6mR3DXOR5HYLVWDGRV7ULEXQDLVS57
7H[WRV)XQGDPHQWDLV
0$1863HGUR3DXOR7HL[HLUD520$5&DUOD
7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU
HPYLJRUHG6mR3DXOR$WODVS
WH[
0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[
)OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV
RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR
HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR
3DXOR63/LYUDULD6DUDLYDS
5(%28d$6*DEULHOD0DLD7UDPDVHQWUH
VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR
HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH
FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV
S
WH[
&ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/
WH[
&217$'25&ODXGLR5REHUWR3URMHWRVVRFLDLV
DYDOLDomRHSUiWLFDHGUHLPSU6mR3DXOR
$WODVS
/86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH
SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH
LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV
FDPSRQHVDV0DFHLy$/8)$/S
WH[
&ODVVH('8&$d­2
%,77(1&2857&LUFH0DULD)HUQDQGHV(QVLQRGH WH[
KLVWyULDIXQGDPHQWRVHPpWRGRVHG6mR
3DXOR&RUWH]S
&855Ë&8/2SRGHUHOXWDVHGXFDFLRQDLVFRPD
SDODYUDRVVXEDOWHUQRV3RUWR$OHJUH$570('
S
WH[
WH[
*$1',1'DQLOR$SUiWLFDGRSODQHMDPHQWR
SDUWLFLSDWLYRQDHGXFDomRHHPRXWUDVLQVWLWXLo}HV
JUXSRVHPRYLPHQWRVGRVFDPSRVFXOWXUDOVRFLDO
SROtWLFRUHOLJLRVRHJRYHUQDPHQWDO3HWUySROLV5-
9R]HVS
WH[
3,0(17$6HOPD*DUULGR6DEHUHVSHGDJyJLFRVH
DWLYLGDGHGRFHQWHHG6mR3DXOR&RUWH]
S
5,%(,52)OiYLD'LDV-RJRVHPRGHODJHPQD
HGXFDomRPDWHPiWLFD&XULWLED35,%3(;
S
WH[
9$6&21&(//26&HOVRGRV6DQWRV
&RRUGHQDomRGRWUDEDOKRSHGDJyJLFR GRSURMHWR
SROtWLFRSHGDJyJLFRDRFRWLGLDQRGDVDODGHDXOD
HG6mR3DXOR63/LEHUWDGS
WH[
9,//$6%2$6%HQLJQD0DULDGH)UHLWDV9LUDQGR
DHVFRODGRDYHVVRSRUPHLRGDDYDOLDomRHG
&DPSLQDV633DSLUXVS
WH[
:$&+,/,6.,0DUFHOR'LGiWLFDHDYDOLDomR
DOJXPDVSHUVSHFWLYDVGDHGXFDomRPDWHPiWLFD
&XULWLED35,%3(;S
WH[
&ODVVH(1*(1+$5,$$0%,(17$/
$66803d­2/XL])HUQDQGR-RO\6LVWHPDGH
JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD
LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62
HG&XULWLED35-XUXi
S
WH[
%$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR
$OHJUH56%RRNPDQ[[
WH[
&81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR
-RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO
HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S
WH[
-211$(573KLOLSSH&XUUtFXORHFRPSHWrQFLDV WH[
3RUWR$OHJUH56$570('S
0,//(5-5*7\OHU&LrQFLDDPELHQWDO6mR
3DXOR&HQJDJH/HDUQLQJFS
WH[
WH[
7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH
UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV
GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG
UHLPSU6mR3DXOR$WODVS
WH[
*$1',1'DQLOR&58=&DUORV+HQULTXH&DUULOKR
3ODQHMDPHQWRQDVDODGHDXOD3HWUySROLV5-
9R]HVFS
./(,15HMDQH5DPRV+$77*(0RUJDQD
'RPrQLFD2UJDQL]DGRUD,QFOXVmRHVFRODU
LPSOLFDo}HVSDUDRFXUUtFXOR6mR3DXOR63
3DXOLQDVS
WH[
WH[
/,%Æ1(2-RVp&DUORV2/,9(,5$-RVp)HUUHLUD
GH726&+,0LU]D6HDEUD(GXFDomRHVFRODU
SROtWLFDVHVWUXWXUDHRUJDQL]DomRHG6mR3DXOR
&RUWH]S
0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$
HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD
&DPSLQDV63$XWRUHV$VVRFLDGRVS
&ROHomR0HPyULDGD(GXFDomR
WH[
3$/0$),/+2-RmR&DUGRVR3ROtWLFD
HGXFDFLRQDOEUDVLOHLUDHGXFDomREUDVLOHLUDQXPD
GpFDGDGHLQFHUWH]DDYDQoRVH
UHWURFHVVRV6mR3DXOR&WHS
WH[
&ODVVH)Ë6,&$
$/21620DUFHOR)tVLFDXPFXUVRXQLYHUVLWiULR
PHFkQLFDHGUHYUHLPSU6mR3DXOR(
%OFKHUY
WH[
+$//,'$<'DYLG:$/.(5-HDUO5(61,&.
5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG
5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV
FY
WH[
6(5:$<5D\PRQG$-(:(77-U-RKQ:
3ULQFtSLRVGHItVLFDYROPHFkQLFDFOiVVLFD
6mR3DXOR7+20621Y
WH[
75(),/-DPHV+$=(15REHUW0)tVLFDYLYD
XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR
/LYURV7pFQLFRVH&LHQWtILFRVFY
WH[
WH[
<281*+XJK')5(('0$15RJHU$
6($56)UDQFLV:HVWRQ=(0$16.<0DUN
:DOGR6HDUVH=HPDQVN\ItVLFD,PHFkQLFD
HGUHLPSU6mR3DXOR3HDUVRQ$GGLVRQ:HVOH\
Y
&ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/
WH[
$%%$6$EXO./,&+70$1$QGUHZ+
3,//$,6KLY,PXQRORJLDFHOXODUHPROHFXODU
HGWLUDJHP5LRGH-DQHLUR(OVHYLHUF
S
$/%(576%UXFH(WDO%LRORJLDPROHFXODUGD
FpOXODHGUHLPSU3RUWR$OHJUH56$UWHV
0pGLFDVS
WH[
$/%(576%UXFH(WDO)XQGDPHQWRVGD
ELRORJLDFHOXODUHG3RUWR$OHJUH$570('
S
WH[
%(5*-HUHP\07<02&=.2-RKQ/
675<(5/XEHUW%LRTXtPLFDHG5LRGH
-DQHLUR*XDQDEDUD.RRJDQFS
WH[
&$03%(//0DU\.%LRTXtPLFDYROXPH
%LRORJLDPROHFXODU6mR3DXOR&HQJDJH/HDUQLQJ
Y
WH[
&$03%(//0DU\.%LRTXtPLFDYROXPH
%LRTXtPLFDPDWDEyOLFD6mR3DXOR&HQJDJH
/HDUQLQJY
WH[
&$03%(//0DU\.)$55(//6KDZQ2
%LRTXtPLFDYROXPH%LRTXtPLFDEiVLFD6mR
3DXOR&HQJDJH/HDUQLQJY
WH[
&$59$/+2+HUQDQGHV)$FpOXODHG
%DUXHUL630DQROHS
WH[
&223(5*HRIIUH\0$FpOXODXPDDERUGDJHP
PROHFXODUHG3RUWR$OHJUH$570('
S
WH[
'85È1-RVp(QULTXH5RGDV%LRItVLFDFRQFHLWRV
HDSOLFDo}HVHG6mR3DXOR3HDUVRQ3UHQWLFH
+DOOS
WH[
)257(:LOPD&DUYDOKR1HYHV,PXQRORJLDGR
EiVLFRDRDSOLFDGRHG3RUWR$OHJUH56
$570('S
WH[
*$5&,$(GXDUGR$&%LRItVLFDUHLPS6mR
3DXOR6DUYLHUS
WH[
+(1(,1(,EUDKLP)HOLSSH%LRItVLFDEiVLFD
HG6mR3DXOR$WKHQHXS%LEOLRWHFD
%LRPpGLFD
WH[
/(9,1621:DUUHQ0LFURELRORJLDPpGLFDH
LPXQRORJLDHG3RUWR$OHJUH56$570('
S
WH[
0$',*$10LFKDHO70$57,1.2-RQK0
3$5.(5-DFN0LFURELRORJLDGH%URFNHG
6mR3DXOR3UHQWLFH+DOOS
WH[
027$,YDQ%LHULPXQRORJLDEiVLFDHDSOLFDGD WH[
HG
5LRGH-DQHLUR*XDQDEDUD.RRJDQF
S
6,/9$&DUORV+HQULTXH3HVV{DGH0HQH]HVH(WDO WH[
%DFWHULRORJLDHPLFRORJLDSDUDRODERUDWyULR
FOtQLFR5LRGH-DQHLUR5-5HYLQWHUS
75$%8/6,/XL]5DFKLG0LFURELRORJLDHG
6mR3DXOR$WKHQHXS6pULH
%LRPpGLFD7H[WRSDUDD8QLYHUVLGDGH
&ODVVH&,Ç1&,$60e',&$6
$1*(5$0,&$0219DOGHPDU$XJXVWR
2UJDQL]DGRU3VLFRVVRPiWLFDHDSVLFRORJLDGD
GRUHGUHYHDPSO6mR3DXOR&HQJDJH
/HDUQLQJS
&ODVVH$1$720,$
'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR
$PpULFR$QDWRPLDKXPDQDVLVWrPLFDH
VHJPHQWDUHG6mR3DXOR$WKHQHXS
%LEOLRWHFD%LRPpGLFD
0225(.HLWK/(PEULRORJLDEiVLFDHG
WLUDJHP5LRGH-DQHLUR(OVHYLHUFS
WH[
WH[
WH[
WH[
1(77(5)UDQN+$WODVGDDQDWRPLDKXPDQD WH[
HG5LRGH-DQHLUR5-(OVHYLHUFS
62%277$-RKDQQHV$WODVGHDQDWRPLDKXPDQD WH[
FDEHoDSHVFRoRHH[WUHPLGDGHVXSHULRUHG5LR
GH-DQHLUR*XDQDEDUD.RRJDQY
62%277$-RKDQQHV$WODVGHDQDWRPLDKXPDQD WH[
WURQFRYtVFHUDVHH[WUHPLGDGHLQIHULRUHGUHY
HDWXDO5LRGH-DQHLUR*XDQDEDUD.RRJDQY
63(1&($OH[DQGHU3$QDWRPLDKXPDQDEiVLFD WH[
HG
6mR3DXOR0DQROHS
:+($7(5KLVWRORJLDIXQFLRQDOWH[WRHDWODVHP
FRUHVHG5LRGH-DQHLUR5-(OVHYLHUF
S
&ODVVH),6,2/2*,$+80$1$
+$//-RQK(7UDWDGRGHILVLRORJLDPpGLFD
HG5LRGH-DQHLUR(OVHYLHU[[LS
WH[
WH[
6,1*,*OHQDQ)LVLRORJLDGLQkPLFDWH[WREiVLFR
SDUDRVFXUVRVGHFLrQFLDVELROyJLFDVHG6mR
3DXOR$WKHQHXFS
WH[
&ODVVH&/Ë1,&$0e',&$3$72/2*,$
WH[
.,(56=(1%$80$EUDKDP/+LVWRORJLDH
ELRORJLDFHOXODUXPDLQWURGXomRjSDWRORJLD
HGWLUDJHP5LRGH-DQHLUR(OVHYLHUS
&ODVVH(1)(50$*(0
&8,'$5GHLGRVRVQRFRQWH[WRGDIDPtOLDTXHVW}HV
SVLFROyJLFDVHVRFLDLV6mR3DXOR$OtQHD
S
WH[
2*8,6627DND6&+0,'70DULD-RVp2
H[HUFtFLRGDHQIHUPDJHPXPDDERUGDJHP
pWLFROHJDOHGDWXDOHDPSO5LRGH-DQHLUR5-
*XDQDEDUD.RRJDQS
WH[
2*8,6627DND7UDMHWyULDKLVWyULFDHOHJDOGD
HQIHUPDJHPHGUHYDPSO%DUXHUL63
0DQROHS
WH[
WH[
6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[
RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV
ULVFRVDPELHQWDLVHG6mR3DXOR/75
S
&ODVVH('8&$d­2)Ë6,&$((63257(6
',021-81,257KHRGRUH$QDWRPLDGRFRUSR
HPPRYLPHQWRRVVRVP~VFXORVHDUWLFXODo}HV
HG%DUXHUL630DQROHS
&ODVVH/,1*hË67,&$
$5$*21e6/XLV3$/(1&,$5DPyQ
*UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD
(VSDQKD60S
)$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\
SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ
UHVSXHVWDVHG6mR3DXOR630RGHUQD
S
WH[
48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD
&UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO
OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS
WH[
&ODVVH*(2*5$),$
WH[
6$17265RVHDQH0DULD5XGQLFNGRV628=$
6DQGUD0DUD/RSHVGH2HQVLQRGHJHRJUDILDH
VXDVOLQJXDJHQV&XULWLED35,%3(;
S&ROHomR0HWRGRORJLDGR(QVLQRGH+LVWyULDH
*HRJUDILDY
/,952621252
&ODVVH25*$1,=$d­2($'0,1,675$d­2'(
(035(6$6,1'Ò675,$6(&20e5&,2
WH[
2/,9(,5$'MDOPDGH3LQKR5HERXoDVGH
$GPLQLVWUDomRGHSURFHVVRVFRQFHLWRV
PHWRGRORJLDSUiWLFDVHG6mR3DXOR63$WODV
S
260XPDYLVmRFRQWHPSRUkQHDRUJDQL]DomR
VLVWHPDVHPpWRGRV6mR3DXOR633HDUVRQ
3UHQWLFH+DOOS
0(/21((QULTXH0(1Ï1/RUHQD7LHPSR
HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63
$WXDOS
WH[
WH[
WH[
&ODVVH',5(,72
%25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
&$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
&20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO
GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR
3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('26LPRQH'LRJR&6È5HQDWR
0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
0$&('2-81,250DUFR$QWRQLR6LOYDGH
&2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD
DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR
LQWHUQDFLRQDO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO
SHQDO6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV
KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
628=$/XL]$QWRQLRGH.h03(/9LWRU
)UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH
SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
%LEOLRWHFD,WDEDLDQD&DPSXV,WDEDLDQD
/,9526
&ODVVH',5(,72
%(572/',0iUFLD5RGULJXHV6326$72.DU\QD
%DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD
XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH
0*)RUXPS
WH[
0$1863HGUR3DXOR7HL[HLUD520$5&DUOD
7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU
HPYLJRUHG6mR3DXOR$WODVS
WH[
0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR
)OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV
RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR
HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR
3DXOR63/LYUDULD6DUDLYDS
WH[
5(%28d$6*DEULHOD0DLD7UDPDVHQWUH
VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR
HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH
FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV
S
WH[
&ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/
WH[
/86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH
SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH
LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV
FDPSRQHVDV0DFHLy$/8)$/S
&ODVVH('8&$d­2
$&5,$1d$GHDDQRVHDHGXFDomRLQIDQWLOXP WH[
UHWUDWRPXOWLIDFHWDGR&DQRDV568/%5$
S
3$529LWRU+HQULTXH$GPLQLVWUDomRHVFRODU
LQWURGXomRFUtWLFDHG6mR3DXOR&RUWH]
S
&ODVVH(1*(1+$5,$$0%,(17$/
WH[
$66803d­2/XL])HUQDQGR-RO\6LVWHPDGH
JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD
LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62
HG&XULWLED35-XUXi
S
WH[
&81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR
-RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO
HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S
WH[
7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH
UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV
GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG
UHLPSU6mR3DXOR$WODVS
WH[
&ODVVH25*$1,=$d­2($'0,1,675$d­2'(
(035(6$6,1'Ò675,$6(&20e5&,2
6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[
RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV
ULVFRVDPELHQWDLVHG6mR3DXOR/75
S
&ODVVH/,1*hË67,&$
$5$*21e6/XLV3$/(1&,$5DPyQ
*UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD
(VSDQKD60S
WH[
)$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\
SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ
UHVSXHVWDVHG6mR3DXOR630RGHUQD
S
WH[
0(/21((QULTXH0(1Ï1/RUHQD7LHPSR
HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63
$WXDOS
WH[
48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD
&UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO
OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS
WH[
&ODVVH/,7(5$785$
1(58'$3DEOR$QWRORJtDJHQHUDO(VSDQKD
$OIDJXDUDS
&ODVVH+,67Ï5,$
$5,Ê63KLOLSSH+LVWyULDVRFLDOGDFULDQoDHGD
IDPtOLDHG5LRGH-DQHLUR5-/LYURV7pFQLFRV
H&LHQWtILFRVS
WH[
WH[
/,952621252
&ODVVH',5(,72
%25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
&$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
628=$)UDQFLVFRGDV&KDJDVGH(VFUHYHQGRH
QRUPDOL]DQGRWUDEDOKRVDFDGrPLFRVXPJXLD
PHWRGROyJLFR)ORULDQySROLV6&8)6&
S6pULH'LGiWLFD
WH[
&20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO
GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR
3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('26LPRQH'LRJR&6È5HQDWR
0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
0$&('2-81,250DUFR$QWRQLR6LOYDGH
&2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD
DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR
LQWHUQDFLRQDO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO
SHQDO6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
%5$6,/&RQVWLWXLomR&RQVWLWXLomRGD
5HS~EOLFD)HGHUDWLYDGR%UDVLOGHGH2XWXEUR
GHHG6mR3DXOR$WODVS
&ROHomRGH0DQXDLVGH/HJLVODomR$WODV
3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV
KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
%5$6,/9DGHPHFXPHGDWXDOHDPSO6mR WH[
3DXOR6DUDLYD6LFLOLDQR6$S
58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
WH[
(3,3+$1,2(PLOLR%LFDOKR9,/(/$-RVp
5LFDUGRGH3DXOD;DYLHU&RRUG3HUtFLDVPpGLFDV
WHRULDHSUiWLFD5LRGH-DQHLUR5-*XDQDEDUD
.RRJDQFS
628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
)28&$8/70LFKHO9LJLDUHSXQLUQDVFLPHQWR
GDSULVmR>HG@3HWUySROLV5-9R]HV
S
628=$/XL]$QWRQLRGH.h03(/9LWRU
)UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
,+(5,1*5XGROI9RQ$OXWDSHORGLUHLWRHG WH[
6mR3DXOR5HYLVWDGRV7ULEXQDLVS57
7H[WRV)XQGDPHQWDLV
9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH
SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
%LEOLRWHFD3URSULi&DPSXV3URSULi
/,9526
&ODVVH0(72'2/2*,$
&ODVVH36,&2/2*,$
*$/9­2,]DEHO+HQUL:DOORQXPDFRQFHSomR
GLDOpWLFDGRGHVHQYROYLPHQWRLQIDQWLOHG
3HWUySROLV5-9R]HVS&ROHomR
(GXFDomRH&RQKHFLPHQWR
&ODVVH(67$7Ë67,&$
)216(&$-DLUR6LPRQGD0$57,16*LOEHUWRGH
$QGUDGH&XUVRGHHVWDWtVWLFDHGUHLPSU
6mR3DXOR$WODVS
&ODVVH',5(,72
%(572/',0iUFLD5RGULJXHV6326$72.DU\QD
%DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD
XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH
0*)RUXPS
0$1863HGUR3DXOR7HL[HLUD520$5&DUOD
7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU
HPYLJRUHG6mR3DXOR$WODVS
WH[
WH[
WH[
WH[
WH[
WH[
0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[
)OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV
RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR
HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR
3DXOR63/LYUDULD6DUDLYDS
5(%28d$6*DEULHOD0DLD7UDPDVHQWUH
VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR
HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH
FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV
S
WH[
&ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/
WH[
&217$'25&ODXGLR5REHUWR3URMHWRVVRFLDLV
DYDOLDomRHSUiWLFDHGUHLPSU6mR3DXOR
$WODVS
/86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH
SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH
LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV
FDPSRQHVDV0DFHLy$/8)$/S
WH[
&ODVVH('8&$d­2
$&5,$1d$GHDDQRVHDHGXFDomRLQIDQWLOXP WH[
UHWUDWRPXOWLIDFHWDGR&DQRDV568/%5$
S
$1781(6&HOVR-RJRVSDUDDHVWLPXODomRGDV
P~OWLSODVLQWHOLJrQFLDVHG3HWUySROLV5-
9R]HVS
WH[
%,77(1&2857&LUFH0DULD)HUQDQGHV(QVLQRGH WH[
KLVWyULDIXQGDPHQWRVHPpWRGRVHG6mR
3DXOR&RUWH]S
&85<&DUORV5REHUWR-DPLO%(,6,(*(/&HOVRGH
5XL2/,9(,5$'DOLOD$QGUDGH*HVWmR
GHPRFUiWLFDGDHGXFDomRGHVDILRV
FRQWHPSRUkQHRVHG3HWUySROLV5-9R]HV
S
WH[
('8&$d­2LQIDQWLOPXLWRVROKDUHVHG6mR
3DXOR&RUWH]S
WH[
)(55(,5$1DXUD6\ULD&DUDSHWR$*8,$5
0iUFLD$QJHODGD62UJ*HVWmRGDHGXFDomR
LPSDVVHVSHUVSHFWLYDVHFRPSURPLVVRVHG6mR
3DXOR&RUWH]S
WH[
./(,15HMDQH5DPRV+$77*(0RUJDQD
'RPrQLFD2UJDQL]DGRUD,QFOXVmRHVFRODU
LPSOLFDo}HVSDUDRFXUUtFXOR6mR3DXOR63
3DXOLQDVS
WH[
WH[
/,%Æ1(2-RVp&DUORV2/,9(,5$-RVp)HUUHLUD
GH726&+,0LU]D6HDEUD(GXFDomRHVFRODU
SROtWLFDVHVWUXWXUDHRUJDQL]DomRHG6mR3DXOR
&RUWH]S
0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$
HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD
&DPSLQDV63$XWRUHV$VVRFLDGRVS
&ROHomR0HPyULDGD(GXFDomR
WH[
WH[
0217(,52$QD0DULD*$63$5(//2$UOHWWH
0HGHLURV0$*$/+­(60DUFHORGH6RX]D
2UJDQL]DGRU(QVLQRGHKLVWyULDVXMHLWRVVDEHUHV
HSUiWLFDVHG5LRGH-DQHLUR5-0DXDG;
S
025(,5$$QWRQLR)ODYLR%DUERVD&XUUtFXORVH
SURJUDPDVQR%UDVLOHG6mR3DXOR3DSLUXV
S&ROHomR0DJLVWpULR)RUPDomRH
7UDEDOKR3HGDJyJLFR
WH[
3$/0$),/+2-RmR&DUGRVR3ROtWLFD
HGXFDFLRQDOEUDVLOHLUDHGXFDomREUDVLOHLUDQXPD
GpFDGDGHLQFHUWH]DDYDQoRVH
UHWURFHVVRV6mR3DXOR&WHS
WH[
3$529LWRU+HQULTXH$GPLQLVWUDomRHVFRODU
LQWURGXomRFUtWLFDHG6mR3DXOR&RUWH]
S
WH[
WH[
3,0(17$6HOPD*DUULGR6DEHUHVSHGDJyJLFRVH
DWLYLGDGHGRFHQWHHG6mR3DXOR&RUWH]
S
WH[
*$1',1'DQLOR$SUiWLFDGRSODQHMDPHQWR
SDUWLFLSDWLYRQDHGXFDomRHHPRXWUDVLQVWLWXLo}HV
JUXSRVHPRYLPHQWRVGRVFDPSRVFXOWXUDOVRFLDO
SROtWLFRUHOLJLRVRHJRYHUQDPHQWDO3HWUySROLV5-
9R]HVS
*$1',1'DQLOR&58=&DUORV+HQULTXH&DUULOKR
3ODQHMDPHQWRQDVDODGHDXOD3HWUySROLV5-
9R]HVFS
WH[
*22'621,YRU)&XUUtFXORWHRULDHKLVWyULD
>HG@3HWUySROLV5-9R]HV>@S
&ROHomR&LrQFLDV6RFLDLVGD(GXFDomR
WH[
+2))0$11-XVVDUD0DULD/HUFK$YDOLDomR
PHGLDGRUDXPDSUiWLFDHPFRQVWUXomRGD
SUpHVFRODjXQLYHUVLGDGHHG3RUWR$OHJUH56
0HGLDomRS
WH[
-211$(573KLOLSSH&XUUtFXORHFRPSHWrQFLDV WH[
3RUWR$OHJUH56$570('S
5,%(,52)OiYLD'LDV-RJRVHPRGHODJHPQD
HGXFDomRPDWHPiWLFD&XULWLED35,%3(;
S
WH[
6$/9$'25&pVDU&ROO$SUHQGL]DJHPHVFRODUH
FRQVWUXomRGRFRQKHFLPHQWRUHLPSU3RUWR
$OHJUH56$570('S
WH[
WH[
6,/9$7RPD]7DGHXGD'RFXPHQWRVGH
LGHQWLGDGHXPDLQWURGXomRjVWHRULDVGRFXUUtFXOR
HGUHLPSU
%HOR+RUL]RQWH0*$XWrQWLFD
S
WH[
602/(.iWLD6WRFFR',1,=0DULD,JQH]
&Æ1','23DWUtFLD%ULQFDGHLUDVLQIDQWLVQDV
DXODVGHPDWHPiWLFD3RUWR$OHJUH56
$570('S&ROHomR0DWHPiWLFDGHD
9$6&21&(//26&HOVRGRV6DQWRV
&RRUGHQDomRGRWUDEDOKRSHGDJyJLFR GRSURMHWR
SROtWLFRSHGDJyJLFRDRFRWLGLDQRGDVDODGHDXOD
HG6mR3DXOR63/LEHUWDGS
WH[
9,//$6%2$6%HQLJQD0DULDGH)UHLWDV9LUDQGR
DHVFRODGRDYHVVRSRUPHLRGDDYDOLDomRHG
&DPSLQDV633DSLUXVS
WH[
:$&+,/,6.,0DUFHOR'LGiWLFDHDYDOLDomR
DOJXPDVSHUVSHFWLYDVGDHGXFDomRPDWHPiWLFD
&XULWLED35,%3(;S
WH[
&ODVVH(1*(1+$5,$$0%,(17$/
$66803d­2/XL])HUQDQGR-RO\6LVWHPDGH
JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD
LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62
HG&XULWLED35-XUXi
S
WH[
%$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR
$OHJUH56%RRNPDQ[[
WH[
&81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR
-RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO
HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S
WH[
0,//(5-5*7\OHU&LrQFLDDPELHQWDO6mR
3DXOR&HQJDJH/HDUQLQJFS
WH[
7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH
UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV
GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG
UHLPSU6mR3DXOR$WODVS
WH[
&ODVVH0$7(0È7,&$
&267$1(723HGUR/XL]GH2OLYHLUD
&<0%$/,67$0HOYLQ3UREDELOLGDGHVUHVXPRV
WHyULFRVH[HUFtFLRVUHVROYLGRVH[HUFtFLRV
SURSRVWRVHG6mR3DXOR(%OFKHU
S
WH[
025(77,13HGUR$OEHUWR%866$%:LOWRQGH2 WH[
(VWDWtVWLFDEiVLFDHG6mR3DXOR/LYUDULD
6DUDLYDS
&ODVVH)Ë6,&$
+$//,'$<'DYLG:$/.(5-HDUO5(61,&.
5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG
5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV
FY
75(),/-DPHV+$=(15REHUW0)tVLFDYLYD
XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR
/LYURV7pFQLFRVH&LHQWtILFRVFY
&ODVVH$175232/2*,$
+$//6WXDUW$LGHQWLGDGHFXOWXUDOQD
SyVPRGHUQLGDGHHG5LRGH-DQHLUR'3$
S
WH[
WH[
WH[
&ODVVH$1$720,$
WH[
'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR
$PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV
FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV
HQHUYRVHG6mR3DXOR$WKHQHXS
%LEOLRWHFD%LRPpGLFD
&ODVVH25*$1,=$d­2($'0,1,675$d­2'(
(035(6$6,1'Ò675,$6(&20e5&,2
WH[
),25(//,-RVp2VPLU0$/+$'$6-81,25
0DUFRV-XOLR2OLYp3VLFRORJLDQDVUHODo}HVGH
WUDEDOKRXPDQRYDYLVmRSDUDDGYRJDGRVMXL]HV
GRWUDEDOKRDGPLQLVWUDGRUHVHSVLFyORJRV6mR
3DXOR/7US
)5$1d$$QD&ULVWLQD/LPRQJL&RPSRUWDPHQWR
RUJDQL]DFLRQDOFRQFHLWRVHSUiWLFDV6mR3DXOR
6DUDLYD6LFLOLDQR6$S
WH[
/LPRQJL)UDQoD$QD&ULVWLQD4XDOLGDGHGHYLGDQR WH[
WUDEDOKR497FRQFHLWRVHSUiWLFDVQDVHPSUHVDV
GDVRFLHGDGHSyVLQGXVWULDOHG6mR3DXOR
$WODVS
2/,9(,5$'MDOPDGH3LQKR5HERXoDVGH
$GPLQLVWUDomRGHSURFHVVRVFRQFHLWRV
PHWRGRORJLDSUiWLFDVHG6mR3DXOR63$WODV
S
WH[
=$1(//,-RVp&DUORV%25*(6$1'5$'(
-D\UR(GXDUGR%$6726$QWRQLR9LUJtOLR
%LWWHQFRXUW2UJ3VLFRORJLDRUJDQL]Do}HVH
WUDEDOKRQR%UDVLOUHLPSU3RUWR$OHJUH
56$UWPHG[S%LEOLRWHFD$UWPHG
3VLFRORJLD2UJDQL]DFLRQDOH,QVWLWXFLRQDO
WH[
&ODVVH'(6,*1'(6(1+2,1'8675,$/
9,//$6%2$6$QGUp,GHQWLGDGHHFXOWXUD
HGUHYDPSO7HUHVySROLV5-$%S
6pULH'HVLJQ
&ODVVH('8&$d­2)Ë6,&$((63257(6
6$1726&tFHUR5RGULJXHVGRV%ULQFDQGRFRP
VXFDWDV5LRGH-DQHLUR6SULQW‹S
WH[
WH[
&ODVVH(63257(6$48È7,&26($e5(26
WH[
*20(6:DJQHU'RPLQJRV)-RJRVH
EULQFDGHLUDVDTXiWLFDVFRPPDWHULDO
QmRFRQYHQFLRQDOHG5LRGH-DQHLUR6SULQW
S
&ODVVH/,7(5$785$
1(58'$3DEOR$QWRORJtDJHQHUDO(VSDQKD
$OIDJXDUDS
WH[
&ODVVH*(2*5$),$
WH[
6$17265RVHDQH0DULD5XGQLFNGRV628=$
6DQGUD0DUD/RSHVGH2HQVLQRGHJHRJUDILDH
VXDVOLQJXDJHQV&XULWLED35,%3(;
S&ROHomR0HWRGRORJLDGR(QVLQRGH+LVWyULDH
*HRJUDILDY
&ODVVH+,67Ï5,$
7(1Ï5,2'RXJODV$SUDWWR'$17$6&DUPHQ
/~FLD5LR6mR)UDQFLVFRXPQLQKRGHFXOWXUDV
0DFHLy$/('8)$/S
WH[
628=$/XL]$QWRQLRGH.h03(/9LWRU
)UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH
SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
/,952621252
&ODVVH',5(,72
%25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
&$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[
6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
&20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO
GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR
3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
),*8(,5('26LPRQH'LRJR&6È5HQDWR
0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
0$&('2-81,250DUFR$QWRQLR6LOYDGH
&2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD
DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR
LQWHUQDFLRQDO6mR3DXOR63/LYUDULD
6DUDLYDY&ROHomR2$%1DFLRQDOIDVH
WH[
2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO
SHQDO6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV
KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD
Y&ROHomR2$%1DFLRQDOIDVH
WH[
58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR
3DXOR63/LYUDULD6DUDLYDY&ROHomR
2$%1DFLRQDOIDVH
WH[
&RQVXOWHDVQRYDVDTXLVLo}HVGRVHXFXUVR

Documentos relacionados

Minicurso 5: Ferramentas para Busca de Informações sobre

Minicurso 5: Ferramentas para Busca de Informações sobre UHODFLRQDGDV j VD~GH SDUD GHVHQYROYLPHQWR H DSOLFDomR GH SUHYHQomR H FRQWUROH GH GRHQoDV VD~GH DPELHQWDO SURPRomR GD VD~GH H GHOLQHDPHQWR GH DWLYLGDGHV HGXFDFLRQDLV 7DPEpP...

Leia mais

Page 1 of 4 SICT 2011 - Relatório Científico 30-05

Page 1 of 4 SICT 2011 - Relatório Científico 30-05 > ' 1'   7 B / ' '    8     ' I 8  7-      *-  ' 7  ''' : 8  '   #* B* ...

Leia mais