0RELO-HW2LO$YLDWLRQ

0RELO-HW2LO
'HVFULomRGR3URGXWR
2yOHR0RELO-HW2LOpXPOXEULILFDQWHGHWHUFHLUDJHUDomRGHGHVHPSHQKRH[WUDHOHYDGRSDUDWXUELQDVGHJiV
DHURQiXWLFDVHVSHFLDOPHQWHGHVHQYROYLGRSDUDVDWLVIDomRGRVUHTXLVLWRVGDVWXUELQDVGHJiVXWLOL]DGDVHPDHURQDYHV
FRPHUFLDLVHPLOLWDUHV(VWHyOHRpIRUPXODGRDSDUWLUGHyOHREDVHHVWHiULFRHVSHFLDOPHQWHSUHSDUDGRHXPFRQMXQWRGH
DGLWLYRVTXtPLFRVH[FOXVLYR2UHVXOWDGRpXPOXEULILFDQWHFRPXPDVXSHULRUHVWDELOLGDGHWpUPLFDHDQWLR[LGDomRHXPD
H[FHOHQWHUHVLVWrQFLDjGHWHULRUDomRHIRUPDomRGHGHSyVLWRVPDQWHQGRDRPHVPRWHPSRDVFDUDFWHUtVWLFDVItVLFDV
H[LJLGDVSHORVIDEULFDQWHVGHPRWRUHVHDVHVSHFLILFDo}HVPLOLWDUHV$VSURSULHGDGHVItVLFDVGR0RELO-HW2LOVmR
VHPHOKDQWHVjVGRVOXEULILFDQWHVDFWXDLVGHJHUDomRDQWHULRUSDUDWXUELQDVGHJiV$JDPDHIHFWLYDGHWHPSHUDWXUDVGH
RSHUDomRGHVWHOXEULILFDQWHVLWXDVHHQWUH&)H&)

9DQWDJHQVH%HQHItFLRV
20RELO-HW2LOpHVSHFLDOPHQWHIRUPXODGRSDUDVDWLVID]HUDVULJRURVDVH[LJrQFLDVGDVWXUELQDVGHJiVDHURQiXWLFDV
GH~OWLPDJHUDomRIXQFLRQDQGRQXPDDPSODJDPDGHFRQGLo}HVVHYHUDV4XDQGRFRPSDUDGRFRPXPOXEULILFDQWHGH
7LSR,,WtSLFRR0RELO-HW2LOUHGX]DR[LGDomRGXUDQWHRDUPD]HQDPHQWRDWpFHUFDGHHDSUHVHQWDXPD
FDSDFLGDGHGHFRQWURORGHGHSyVLWRVDXPDWHPSHUDWXUD)PDLVHOHYDGD(VWDVSURSULHGDGHVIRUDPFRQILUPDGDVHP
GLYHUVRVHQVDLRVODERUDWRULDLVLQFOXLQGR(QVDLRGH(VWDELOLGDGH&RUURVmR2[LGDomR(QVDLRGH'HSRVLomR$OFRU
&RTXLILFDomRHP)DVHGH9DSRU(QVDLRGH(UGFRHP5RODPHQWRVHP$OWD7HPSHUDWXUD(QVDLRGH(QJUHQDJHQV5\GHU
HR(QVDLRGH2[LGDomRGH3HOtFXOD)LQDGD0RELO$ULJRURVDUHODomRHQWUHDVEDL[DVWHPSHUDWXUDVHDYLVFRVLGDGHGR
0RELO-HW2LOMXQWDPHQWHFRPRVHXEDL[RSRQWRGHIOXLGH]LQIHULRUD&DVVHJXUDXPDERDIOXLGH]DEDL[D
WHPSHUDWXUDSHUPLWLQGRRDUUDQTXHHDOXEULILFDomRDWHPSHUDWXUDVPXLWREDL[DVDWp&(PULJRURVRVHQVDLRVGH
ODERUDWyULRHFRQGLo}HVUHDLVHPYRRR0RELO-HW2LODSUHVHQWDWDPEpPH[FHOHQWHHVWDELOLGDGHDRDUPD]HQDPHQWR
HPWHPSHUDWXUDVGHDWp&)$WD[DGHHYDSRUDomRDHVWDVWHPSHUDWXUDVpVXILFLHQWHUHGX]LGDRTXHDMXGDD
LPSHGLUDSHUGDH[FHVVLYDGHYROXPHGROXEULILFDQWH$FDSDFLGDGHGHUHVLVWrQFLDjVFDUJDVGR0RELO-HW2LOp
SURYHQLHQWHGDYLVFRVLGDGHGRVHXyOHREDVHHDVVLPQmRVHHQFRQWUDVXMHLWRDSHUGDVGHYLGRjSHUGDGHDGLWLYRVSDUD
PHOKRUDPHQWRGRQGLFHGH9LVFRVLGDGH,92OXEULILFDQWHDSUHVHQWDDLQGDXPDH[FHOHQWHUHVLVWrQFLDjIRUPDomRGH
HVSXPD$VSULQFLSDLVFDUDFWHUtVWLFDVHEHQHItFLRVLQFOXHP
3URSULHGDGHV
([FHOHQWHHVWDELOLGDGHWpUPLFDHjR[LGDomR

([FHOHQWHSURWHFomRFRQWUDRGHVJDVWHHDFRUURVmR

9DQWDJHQVH%HQHItFLRV3RWHQFLDLV
5HGXomRGDIRUPDomRGHGHSyVLWRVGHFDUERQRHODPDV
0DQXWHQomRGDHILFLrQFLDGRPRWRUHSURORQJDPHQWRGD
YLGD~WLOGRPRWRU
5HGXomRGDR[LGDomRGRyOHRGXUDQWHRDUPD]HQDPHQWR
HPHDXPHQWRGRFRQWURORGHGHSyVLWRVSDUD
WHPSHUDWXUDV)VXSHULRUHV
$XPHQWRGDYLGD~WLOGRVYHGDQWHVHQJUHQDJHQVH
URODPHQWRV5HGXomRGDPDQXWHQomRGRPRWRU

(VWDELOLGDGHGDYLVFRVLGDGHHUHVLVWrQFLDjVFDUJDVGHFRUWH
/XEULILFDomRHILFD]DHOHYDGDVWHPSHUDWXUDV
QXPDDPSODJDPDGHWHPSHUDWXUDV
(VWDELOLGDGHTXtPLFDDDOWDVWHPSHUDWXUDVGHRSHUDomR
5HGXomRGDVSHUGDVSRUHYDSRUDomRHGRFRQVXPRGHyOHR
0DQXWHQomRGDUHVLVWrQFLDGDSHOtFXODGHOXEULILFDQWHHP
([FHOHQWHUHVLVWrQFLDjIRUPDomRGHHVSXPD
FRQGLo}HVGHRSHUDomRULJRURVDV
3RVVLELOLGDGHGHDUUDQTXHHOXEULILFDomRHILFD]GRV
%RDIOXLGH]DEDL[DVWHPSHUDWXUDV
SULQFLSDLVFRPSRQHQWHVDWHPSHUDWXUDVGHDWp)

$SOLFDo}HV
20RELO-HW2LOpUHFRPHQGDGRSDUDPRWRUHVGHWXUELQDGHJiVDHURQiXWLFRVGRWLSRWXUERMDFWRWXUERIDQWXUER
KpOLFHHWXUERYHLRKHOLFySWHURVXWLOL]DGRVHPDSOLFDo}HVFRPHUFLDLVHPLOLWDUHVeDLQGDDGHTXDGRSDUDWXUELQDVGHJiV
DHURQiXWLFDVXWLOL]DGDVHPDSOLFDo}HVLQGXVWULDLVHPDUtWLPDV20RELO-HW2LOpDSURYDGRQRVWHUPRVGD
FODVVLILFDomRGH$OWD(VWDELOLGDGH7pUPLFD+76GDHVSHFLILFDomRPLOLWDU(8$0,/35)eDLQGDFRPSDWtYHOFRP
RVRXWURVOXEULILFDQWHVVLQWpWLFRVSDUDWXUELQDVGHJiVGHDFRUGRFRPDQRUPDPLOLWDU(8$0,/35)1RHQWDQWR
DPLVWXUDGHRXWURVSURGXWRVQmRpUHFRPHQGDGDGHYLGRDRULVFRGHDOJXPDSHUGDGHGHVHPSHQKRGR0RELO-HW2LO
20RELO-HW2LOpFRPSDWtYHOFRPWRGRVRVPHWDLVXWLOL]DGRVQDFRQVWUXomRGHWXUELQDVGHJiVDVVLPFRPRD
KWWSZZZH[[RQPRELOFRP3RUWXJDO3RUWXJXHVH$YLDWLRQ3'6*/;;37$9,(00RELOB-HWB2LOBDVS[





0RELO-HW2LO$YLDWLRQ

ERUUDFKD)9LWRQ$ERUUDFKD+%XQD1HRXWURVPDWHULDLVQRUPDOPHQWHXWLOL]DGRVHPFRPSRQHQWHVGHYHGDomR

(VSHFLILFDo}HVH$SURYDo}HV
20RELO-HW2LOSRVVXLDVVHJXLQWHVDSURYDo}HVGRV
FRQVWUXWRUHV
0RWRUHV

+RQH\ZHOO/\FRPLQJ7XUELQHV
;
5ROOV5R\FH$OOLVRQ(QJLQH&RPSDQ\
;
&)0,QWHUQDWLRQDO
;
*HQHUDO(OHFWULF&RPSDQ\
;
,QWHUQDWLRQDO$HUR(QJLQHV
;
3UDWWDQG:KLWQH\*URXS
;
3UDWWDQG:KLWQH\*URXS&DQDGi
;
5ROOV5R\FH/LPLWHG
;
61(&0$
;
+RQH\ZHOO*DUUHWW7XUELQH(QJLQH&RPSDQ\
;
$FHVVyULRV

+RQH\ZHOO8QLGDGHVDX[LOLDUHVGHSRWrQFLDHPiTXLQDVGH
;
FLFORGHDU
+DPLOWRQ6WDQGDUG0RWRUHVGHDUUDQTXH
;
+DPLOWRQ6XQGVWUDQG&RUS8QLGDGHVGH3RWrQFLD
$X[LOLDUHV$38WUDQVPLVV}HVGHYHORFLGDGHFRQVWDQWHH ;
JHUDGRUHVFRPWUDQVPLVVmRLQWHJUDGD
0RELO-HW2LO
$SURYDomRVHJXQGRDQRUPDPLOLWDU(8$0LO35)
;
$OWD(VWDELOLGDGH7pUPLFD+76

&DUDFWHUtVWLFDV7tSLFDV
9LVFRVLGDGH
F6W#&)
F6W#&)
F6W#&)
GHDOWHUDomR#&DSyVKRUDV
3RQWRGHIOXLGH]&)$670'
3RQWRGHDXWRLQIODPDomR&)$670'
3RQWRGHFRPEXVWmR&)
7HPSHUDWXUDGHDXWRLJQLomR&)
7$1PJ.2+JQDDPRVWUD
'HQVLGDGH
3HUGDSRUHYDSRUDomR
3HUGDSRUHYDSRUDomRK#&+J
K#&+J
K#&+JLJXDOjSUHVVmRDSpVGH
DOWLWXGH
(VSXPDPO
6HTXrQFLD,&
6HTXrQFLD,,&


















6HTXrQFLD,,,&DSyVHQVDLRGHD)
(VWDELOLGDGHGDHVSXPDDSyVPLQXWRGHDVVHQWDPHQWR
PO
'LODWDomRGHERUUDFKD
%RUUDFKD)KD&

%RUUDFKD+KD&







KWWSZZZH[[RQPRELOFRP3RUWXJDO3RUWXJXHVH$YLDWLRQ3'6*/;;37$9,(00RELOB-HWB2LOBDVS[





0RELO-HW2LO$YLDWLRQ

%RUUDFKD+KD&
(VWDELOLGDGHGDFDUJDGHFRUWHVyQLFD.9#&GH
DOWHUDomR
(QJUHQDJHP5\GHUPpGLDGHOELQ+HUFROXEH$






6D~GHH6HJXUDQoD
&RPEDVHQDVLQIRUPDo}HVWR[LFROyJLFDVGLVSRQtYHLVHVVHSURGXWRQmRGHYHSURGX]LUHIHLWRVDGYHUVRVSDUDDVD~GH
TXDQGRXWLOL]DGRHPDQLSXODGRFRUUHWDPHQWH,QIRUPDo}HVVREUHXWLOL]DomRPDQXVHLRVD~GHHVHJXUDQoDSRGHPVHU
FRQVXOWDGDVQD)ROKDGHGDGRVGHVHJXUDQoDGRPDWHULDO06'6GLVSRQtYHOQRGLVWULEXLGRUORFDORXQD,QWHUQHWHP
KWWSZZZH[[RQPRELOFRPOXEHV
2ORJyWLSR([[RQ0RELOH0RELOVmRPDUFDVUHJLVWDGDVGD([[RQ0RELO&RUSRUDWLRQRXGHXPDGDVVXDVHPSUHVDV
VXEVLGLiULDV3'6$9

([[RQ0RELO/XEULFDQWVDQG6SHFLDOWLHV(XURSHGLYLVLRQRI([[RQ0RELO3HWUROHXP &KHPLFDOEYED
3ROGHUGLMNZHJ
%$QWZHUSHQ%HOJLXP
KWWSZZZH[[RQPRELOFRP
'HYLGRjFRQWLQXDLQYHVWLJDomRHGHVHQYROYLPHQWRGHSURGXWRVDLQIRUPDomRDTXLFRQWLGDSRGHUiVHUDFWXDOL]DGDVHP
DYLVRSUpYLR$VFDUDFWHUtVWLFDVWtSLFDVSRGHUmRYDULDUOLJHLUDPHQWH$OJXQVSURGXWRVSRGHPQmRHVWDUGLVSRQtYHLV
ORFDOPHQWH
&RS\ULJKW([[RQ0RELO&RUSRUDWLRQ7RGRVRVGLUHLWRVUHVHUYDGRV

KWWSZZZH[[RQPRELOFRP3RUWXJDO3RUWXJXHVH$YLDWLRQ3'6*/;;37$9,(00RELOB-HWB2LOBDVS[