You are on page 1of 77

Aula 31

Engenharia Civil p/ TRT 24ª (Analista Judiciário - Engenharia) Com videoaulas

Professor: Marcus Campiteli


 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

$8/$$XWRFDG


680È5,2 3È*,1$

CONSIDERAÇÕES PRELIMINARES 1

1. COMANDOS DO AUTOCAD 2

2. PRINCIPAIS COMANDOS 4

3. AUTOCAD 3D 9

4. QUESTÕES COMENTADAS 28

5. QUESTÕES APRESENTADAS NESTA AULA 60

6. GABARITO 76

2OiSHVVRDO

7UDJR QHVWD DXOD RV SULQFLSDLV FRPDQGRV GR $XWRFDG


SURJUDPD PDLV FRPXPHQWH XWLOL]DGR QRV GHVHQKRV GRV
SURMHWRVGHHQJHQKDULD

%RQVHVWXGRV


02423412177

 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

±&20$1'26'2$872&$'

&ŽŶƚĞ͗фŚƚƚƉ͗ͬͬǁǁǁ͘ƚƵƚŽƌŝĂůĐĂĚ͘ĐŽŵͬĐƵƌƐŽͲĂƵƚŽĐĂĚͲŶŝǀĞůͲϭͲůŝƐĂŽͲϭ͘Śƚŵůх

2 $XWR&$' XVD SRQWRV SDUD GHWHUPLQDU RQGH XP REMHWR p


HQFRQWUDGR +i XPD RULJHP QR SRQWR 
  &DGD REMHWR
REMHWR p
SRVLFLRQDGR UHODomRjRULJHP
SRVLFLRQDGRHPUHODomRjRULJHP

8P GHVORFDPHQWR KRUL]RQWDO SDUD D GLUHLWD FRQVLGHUDVH FRPR


SRVLWLYR
SRVLWLYR HP UHODomR DR HL[R ;
; H SDUD D HVTXHUGD
HVTXHUGD QHJDWLYR
QHJDWLYR 8P
GHVORFDPHQWR YHUWLFDO SDUD FLPD FRQVLGHUDVH FRPR SRVLWLYR HP
UHODomRDRHL[R <
UHODomRDRHL[R<

3RQWRVUHODWLYRVDGLFLRQDVH#SDUDGL]HUDR$XWR&$'TXHRSRQWR
#
VHJXLQWHpUHODWLYRDR~OWLPRSRQWRLQFRUSRUDGR'HSRLVGHIL[DGRXP
VHJXLQWHpUHODWLYRDR~OWLPRSRQWRLQFRUSRUDGR
SRQWRRVHJXLQWHSRGHVHUIL[DGRFRPRFRPDQGR#;<
#;<

#'$ HP TXH'HVWiD


&RRUGHQDGD 3RODU±$GRWDVHRFRPDQGR#'$ '
XPD GLVWkQFLD H $ p R kQJXOR
kQJXOR ([HPSOR # VHOHFLRQDUi XPD
OLQKDXQLGDGHVHPOLQKDUHWDDFLPDGRSULPHLURSRQWR

$FRQYHQomRGHVLQDLVpDGRFtUFXORWULJRQRPpWULFRRXVHMDSRVLWLYR
SRVLWLYR
VHQWLGRDQWLKRUiULRDSDUWLUGDSRVLomRž
QRVHQWLGRDQWLKRUiULRDSDUWLUGDSRVLomRž

02423412177

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

3DUD YHULILFDU XP HUUR GH GDWLORJUDILD HP FRPDQGR DQWHULRU


SUHVVLRQDVH ) SDUD WUD]HU DFLPD D WHOD GR WH[WR H YHULILFDU VXD
GDWLORJUDILD'LJLWDVH)SDWDUHWRUQDUDRGHVHQKRGDWHODDQWHULRU

7HODGR$XWRFDG

±35,1&,3$,6&20$1'26

)RQWH KWWSZZZHQJHQLXPQHWDXWRFDGSULQFLSDLVFRPDQGRVHDOJXQVWUXTXHVSHOR
PHLRKWPO!

$5& ± 'HVHQKD DUFRV


$5& DUFRV 'HYHVH VHPSUH FRQVLGHUDU R VHQWLGR
02423412177

DQWLKRUiULRSDUDRGHVHQKRGRVDUFRV
DQWLKRUiULR
x $'&(17(5 ± 2 $XWR&$' 'HVLJQ&HQWHU $'&  VHPHOKDQWH DR
$'&(17(5
([SORUDGRU GR :LQGRZV DSUHVHQWD XPD MDQHOD FRP XP
LQWHUIDFH LQWXLWLYR QR TXDO VH SRGH SHVTXLVDU RV FRQWH~GRV GRV
GHVHQKRV
GHVHQKRV &RP R $XWR&$' 'HVLJQ&HQWHU SRGHVH YLVXDOL]DU
OLVWDV GR FRQWH~GR GRV GHVHQKRV WDO FRPR GH EORFRV OD\HUV
HVWLORV GH WH[WR GH RXWURV GHVHQKRV 3RGHVH VLPSOHVPHQWH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

DUUDVWDU H ODUJDU TXDOTXHU XP GHVWHV FRQWH~GRV SDUD XP


GHVHQKRTXDOTXHUDEHUWR
x $5($ ± ,QIRUPD DiUHD H R SHUtPHWURGH
SHUtPHWUR ILJXUDV GHILQLGDV SRU
SRQWRVRXSRUSROLOLQKDV
SRQWRVRXSRUSROLOLQKDV
x %/2&. ± (VWH FRPDQGR FULD XPD HQWLGDGH ³EORFR´
³EORFR´ FRP DV
HQWLGDGHV VHOHFLRQDGDV (VWH EORFR FULDGR H[LVWH VRPHQWH QR
GHVHQKRHPHGLomR

2EVeSRVVtYHOUHGHILQLUXP EORFRQRGHVHQKRUHID]HQGRREORFR
XWLOL]DQGRRPHVPRQRPH

x %5($.±4XHEUDOLQKDVSROLOLQKDVFtUFXORRXDUFRQXPRXGRLV
4XHEUDOLQKDVSROLOLQKDVFtUFXORRXDUFRQXPRXGRLV
SRQWRV
SRQWRV
x &,5&/( ± 'HVHQKD FtUFXORV SHOR FHQWUR H UDLR
UDLR FHQWUR H
GLkPHWUR  SRQWRV  SRQWRV GXDV WDQJHQWHV H UDLR H WUrV
WDQJHQWHV
x &23< ± &RSLD XPD HQWLGDGH RX XP JUXSR GH HQWLGDGHV
VHOHFLRQDGDV GH XP SRQWR EDVH SDUD XP SRQWR ILQDO
ILQDO $
RSomRPXOWLSOXVSHUPLWHDFySLDGRPHVPRREMHWRYiULDVYH]HV
PXOWLSOXV PHVPRREMHWRYiULDVYH]HV

2EV$RSomR&23< 32,17pPXLWR~WLOSDUDFRSLDU
&23< :,7+ %$6( 32,17 FRSLDU
XP REMHWR SDUD RXWUD SDUWH GR GHVHQKR WHQGR XP SRQWR GH
UHIHUrQFLD ,JXDOPHQWH ~WLO p D RSomR &2/$5 &20 $6
&225'(1$'$625,*,1$,6TXHSHUPLWHFRODUXPDHQWLGDGHQXP
02423412177

DPELHQWHGHWUDEDOKRQRYRPDQWHQGRDVXDORFDOL]DomRHVSDFLDO

x ',67$1&(±,QIRUPDDGLVWkQFLDHQWUHGRLVSRQWRV
GLVWkQFLDHQWUHGRLVSRQWRV
x ',9,'(±'LYLGHXPDHQWLGDGHHPVHJPHQWRVLJXDLV6HOHFLRQH
XPDHQWLGDGH VHJPHQWRVLJXDLV
XPD HQWLGDGH H GHSRLV LQWURGX]D R Q~PHUR GH VHJPHQWRV
VHJPHQWRV TXH
GHVHMD
x (5$6( ± $SDJD
$SDJD XPD HQWLGDGH RX XP JUXSR GH HQWLGDGHV
HQWLGDGHV
VHOHFLRQDGDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

x (;7(1' ± (VWHQGH XPD OLQKD


OLQKD SROLOLQKD RX DUFR HP GLUHomR
GLUHomR D
IURQWHLUD 
XPDRXWUDHQWLGDGH IURQWHLUD 

$V IURQWHLUDV GHYHP HVWDU QR DOFDQFH GDV HQWLGDGHV FDVR


FRQWUiULR GXUDQWH D XWLOL]DomR GR FRPDQGR ([WHQG DOWHUDU QD
RSomR('*(GH1RH[WHQGSDUD([WHQG

x ı6HOHFFLRQDVHDVIURQWHLUDV
x ı6HOHFFLRQDVHDVHQWLGDGHVDVHUHPHVWHQGLGDV
x ),//(7 ±)D]DXQLmRGDVSRQWDVGHGXDVOLQKDV
)D]DXQLmR GHGXDVOLQKDV SROLOLQKDVRX
SROLOLQKDVRX
DUFRV7DPEpPSHUPLWHID]HU
DUFRV DFRQFRUGkQFLDGHOLQKDVDWUDYpV
FRQFRUGkQFLDGHOLQKDV
GHXPDUFRFRPUDLRGHILQLGRSHORFRPDQGR
DUFR UDLRGHILQLGR
x +$7&+ ± 3UHHQFKH XPD iUHD
iUHD FRP XP SDGUmR (VWHV SDGU}HV
SRGHP VHU GH TXDWUR WLSRVGHILQLGR
GHILQLGR SHOR XVXiULR
XVXiULR TXH FRQVLVWH
HP OLQKDV SDUDOHODV RX HP XPD PDOKD TXDGUDGD
TXDGUDGDSDGU}HV
DUPD]HQDGRV TXH VmR WLSRV FRPSOH[RV GH KDFKXUDSDGU}HV
DUPD]HQDGRV
FXVWRP
FXVWRP TXH VmR QRYRV SDGU}HV DFUHVFHQWDGRV SHOR XVXiULR
XVXiULR
SDGU}HVJUDGLHQWH
HSDGU}HVJUDGLHQWH

2EV'XUDQWHDVHOHomRGRWLSRGH+DWFKDXWLOL]DUSRGHVHXWLOL]DU
D RSomR &5($7( 6(3$5$7( +$7&+6 SDUD FULDU YiULRV KDWFKV DR
PHVPR WHPSR QR HQWDQWR SRGHVH HGLWDU
HGLWDU FDGD SDUWH
VHSDUDGDPHQWH
VHSDUDGDPHQWH

x ,16(57 ± (VWH FRPDQGR LQVHUH


LQVHUH QR GHVHQKR RV EORFRV
EORFRV
02423412177

H[LVWHQWHV QR GHVHQKR RX QR GLVFR UtJLGR


UtJLGR 3HUPLWH DLQGD D
PXGDQoDGHHVFDODVQR[\]HURWDomR
PXGDQoDGHHVFDODVQR[\]HURWDomR
x ,' 32,17 ± )RUQHFH DV FRRUGHQDGDV GH XP SRQWR
SRQWR FOLFDGR QD
WHOD
x /,1( ± 'HVHQKD OLQKDV VLPSOHV
VLPSOHV 'HVHQKD XPD OLQKD GH XP
SRQWRDRXWURHDJXDUGDPDLVXPRXWURSRQWRSDUDFRQWLQXDUD
GHVHQKDUOLQKDV)LQDOL]DVHRFRPDQGRFRP(QWHURX(6&3DUD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

GHVHQKDUOLQKDVFRPPHGLGDVH[DWDVXWLOL]HR6QDSOLJDGR ) 
XWLOL]HR6QDSOLJDGR )
RXHQWUHFRPRVGDGRVDWUDYpVGDOLQKDGHFRPDQGRV
x /$<(5 ± 7RGR R GHVHQKR GHYHVH VHU IHLWR HP YiULRV OD\HUV
OD\HUV
FDPDGDV
FDPDGDV  &DGD FDPDGD SRGH VHU XWLOL]DGD SRU XP WLSR GH
LQIRUPDomRGRGHVHQKR
LQIRUPDomRGRGHVHQKRFRPRFDPDGDSDUDHVWUXWXUDSDUHGHV
FRWDV VtPERORV PRELOLiULR SRUWDV MDQHODV GHWDOKHV HWF
4XDQWR PDLV OD\HUV WLYHU QR GHVHQKR PDLV IiFLO VHUi HGLWiOR
(PDUTXLWHWXUDXPDTXDQWLGDGHGHFDPDGDVHPWRUQRGHp
RXVXDOPDVWHPHPSUHVDVTXHXWLOL]DPPDLVGHFDPDGDV
SDUD YiULRV SURMHWRV GLIHUHQWHV FRPR LQFrQGLR HVWUXWXUD
HOpFWULFRKLGUiXOLFRSDLVDJLVPRHWF 
x 4/($'(5 ± &ULD VHWDV GH FKDPDGD SDUD FRPHQWDU DOJR SRGH
VHU XWLOL]DGR SRU H[HPSOR HP RUJDQRJUDPDV 3RGH DOWHUDU
DOWHUDU R
HVWLORHGLPHQV}HVGDVHWDQDVSURSULHGDGHVGDHQWLGDGH
SURSULHGDGHVGDHQWLGDGH
x /,67±)RUQHFHXPDOLVWDGDVFDUDFWHUtVWLFDVGHXPDHQWLGDGH
)RUQHFHXPDOLVWDGDVFDUDFWHUtVWLFDV HQWLGDGH
FRPROD\HUFRUORFDOL]DomRiUHDSHUtPHWURHWF
x 029(±$OWHUDDORFDOL]DomRGDVHQWLGDGHVVHOHFLRQDGDV3DUDD
$OWHUDDORFDOL]DomR
H[HFXomRGRFRPDQGRVHOHFLRQHXPJUXSRGHHQWLGDGHVGrXP
FOLTXHSDUDRSRQWRLQtFLRGRPRYLPHQWRHXPFOLTXHSDUDRILP
GRPRYLPHQWR

x 0$7&+3523 ± &RSLD DV SURSULHGDGHV


SURSULHGDGHV GH XP REMHWR SDUD XP
RX PDLV REMHWRV 6HOHFLRQD R REMHFWR GRPLQDQWH H GHSRLV R
GRPLQDGR
GRPLQDGR
02423412177

x 0,5525 ± (VSHOKD XPD HQWLGDGH RX XP JUXSR GH HQWLGDGHV


HQWLGDGHV
VHOHFLRQDGDVSRUXPDOLQKDGHHVSHOKRGHILQLGDSRUGRLVSRQWRV
SRUXPDOLQKDGHHVSHOKR
$ GLVWkQFLD GRV REMHWRV j OLQKD GH HVSHOKR p LJXDO 2 FRPDQGR
SHUJXQWDUiVHPDQWpPRXDSDJDRREMHWRDHVSHOKDU
SHUJXQWDUiVHPDQWpPRXDSDJDRREMHWRDHVSHOKDU
x 07(;7 ± 3HUPLWH HVFUHYHU FRP D RSomR GH WH[WR P~OWLSOR
3HGHVH GRLV SRQWRV
SRQWRV QD WHOD DEULQGR XPD FDL[D GH WH[WR
WH[WR $SyV
LVWR DSUHVHQWDUi R TXDGUR GH GLiORJR DR ODGR SRGHQGR
PRGLILFDUYiULDVFDUDFWHUtVWLFDVGDIRQWH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

x 2))6(7±)D]DFySLDSDUDRODGR RIIVHW GHOLQKDVSROLOLQKDV


)D]DFySLDSDUDRODGR RIIVHW GHOLQKDVSROLOLQKDV
DUFRV H FtUFXORV
FtUFXORV 2 FRPDQGR LQLFLDOPHQWH
LQLFLDOPHQWH SHUJXQWD SHOD
RIIVHW (VWD GLVWkQFLD SRGH VHU LQWURGX]LGD
GLVWkQFLD GR RIIVHW
PDQXDOPHQWH RX DWUDYpV GH GRLV FOLTXHV FRP R PRXVH QD
GLVWkQFLDGHVHMDGD
x 3(',7 ±&RPDQGRGHHGLomRGHSROLOLQKDV&RPHOHSRGHDEULU
&RPDQGRGHHGLomRGHSROLOLQKDV
RX IHFKDU SROLOLQKDV
SROLOLQKDV DFUHVFHQWDU QRYRV VHJPHQWRV
VHJPHQWRV DOWHUDU D
HVSHVVXUD GH WRGRV RV VHJPHQWRV JHUDU FXUYDV D SDUWLU GRV
HVSHVVXUD
YpUWLFHV

2EV 3RGHVH DLQGD XWLOL]DU D RSomR (',7 9(57(;


9(57(; RQGH SRGHUi
DGLFLRQDUQRYRVSRQWRVDSDJDURXPRYHURVH[LVWHQWHV«
QRYRVSRQWRV DSDJDURXPRYHURVH[LVWHQWHV

x 3/,1( ± 'HVHQKD OLQKDV FRQWtQXDV


FRQWtQXDV 7DPEpP SHUPLWH
SHUPLWH R
GHVHQKRGHDUFRV
GHVHQKRGHDUFRVGHQWURGRPHVPRFRPDQGRePXLWRXWLOL]DGR
WDPEpP SDUD DFKDU XPD iUHD RX XP SHUtPHWUR EDVWDQGR
GHVHQKDUXPSROtJRQRHSHGLUDVXDiUHDFRPRFRPDQGR$UHD
$$ RXR3HUtPHWURDWUDYpVGRFRPDQGR/LVW /6 
x 32,17±'HVHQKDXPSRQWRXWLOL]DGRQRUPDOPHQWHSDUDGLYLGLU
'HVHQKDXP QRUPDOPHQWH GLYLGLU
OLQKDV / SROLOLQKDV 3/ HDUFRV $ 
OLQKDV / SROLOLQKDV 3/ HDUFRV $ HPGLPHQV}HVLJXDLVFRP
R FRPDQGR GLYLGH ',9  H PHDVXUH 0(  3DUD PXGDU R HVWLOR
GRSRQWRDSUHVHQWDGRQDWHODGHYHVHDOWHUDURFRPDQGR3RLQW
6W\OHPHQX)RUPDW3RLQW6W\OHHGHSRLVQRSURPSWFRPPDQG
GLJLWH5HJHQ 5(  02423412177

x 32/<*21 ± 'HVHQKD SROtJRQRV


SROtJRQRV TXH VmR SROLOLQKDV IHFKDGDV
IHFKDGDV
GHILQLGDV SHOR ODGR
ODGR LQVFULWR
LQVFULWR HP XP FtUFXOR RX FLUFXQVFULWR
FLUFXQVFULWR SRU
XPFtUFXOR
x 385*(±5HPRYHGRDUTXLYRWRGDVDVHVWUXWXUDVFULDGDVHQmR
5HPRYHGRDUTXLYR DVHVWUXWXUDVFULDGDV QmR
XWLOL]DGDV EORFRV OD\HUV WLSRV GH OHWUD
OHWUD 3HUPLWH GLPLQXLU R
WDPDQKRGRILFKHLURGHWUDEDOKR
x 5(*(1±)RUoDXPDUHJHQHUHomRGDWHODPRVWUDQGRDVFXUYDV
)RUoDXPDUHJHQHUHomRGDWHOD PRVWUDQGR FXUYDV
GHDUFRVHFtUFXORVFRPRUHDOPHQWHGHYHPDSDUHQWDU VHPILFDU
UHDOPHQWH DSDUHQWDU
FRPFDQWRVTXHQmRH[LVWHP 
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

x 5(&7$1*/( ± 'HVHQKD XP UHFWkQJXOR


UHFWkQJXOR 3HGH DSHQDV GRLV
SRQWRVHPGLDJRQDOQDWHOD

x 5(*,21 ± &ULD XPD IDFH D SDUWLU GH REMHWRV H[LVWHQWH


XWLOL]DGRSDUD' 
XWLOL]DGRSDUD'
x 527$7( ± 5RGD XPD HQWLGDGH RX XP JUXSR GH HQWLGDGHV HP
HP
WRUQRGHXPSRQWREDVH2FRPDQGRWHPDRSomRUHIHUHQFHTXH
WRUQRGHXPSRQWREDVH
SHUPLWHDPXGDQoDGDUHIHUrQFLD RkQJXORGHIDXOWp]HUR 

2EV ([LVWHP GXDV RSo}HV SDUD URGDU XP REMHFWRDWUDYpV GR


kQJXOR SURSULDPHQWH GLWR RX URGDQGR GHWHUPLQDGR REMHWR GH
PRGR D WHU D PHVPDLQFOLQDomR GH XP GHWHUPLQDGR VHJPHQWR
3DUDLVVRGHYHUiLQLFLDOPHQWHHVWDURREMHWRFRPXPDURWDomRGH
]HUR JUDXV XWLOL]DU R FRPDQGR /,67 /6  SDUD YHU R kQJXOR GR
REMHWR H URGDU HVVH REMHWR FRP R LQYHUVR GR YDORU LQLFLDO  GHSRLV
GH HVWDU FRP ]HUR JUDXV GH URWDomR EDVWD DSOLFDU GH QRYR R
FRPDQGR 527$7( H FOLFDU HP GRLV SRQWRV GLVWLQWRV GR VHJPHQWR
GHUHIHUrQFLD

x 675(7&+ ± (VWLFD DV HQWLGDGHV VHOHFFLRQDGDV


VHOHFFLRQDGDV 6y SRGHP VHU
XWLOL]DGRV RV PRGRV GH VHOHomR FURVVLQJ H ZLQGRZ SDUD HVWH
FRPDQGR

x 6&$/( ± 0RGLILFD D HVFDOD GH XPD HQWLGDGH RX XP JUXSR GH
HQWLGDGHV VHOHFLRQDGDV 2 YDORU GH HVFDOD PDLRU TXH 

02423412177

DXPHQWDHPHQRUTXHGLPLQXL pXPSURGXWRGDVGLPHQV}HV
DXPHQWD PHQRUTXHGLPLQXL
GR REMHWR  2 FRPDQGR SHGH XP SRQWR GH EDVH SDUD D SDUWLU
GHOHH[HFXWDUDDFomR
x 63/,1(±&ULDFXUYDVVSOLQH
&ULDFXUYDVVSOLQH
x 75,0±&RUWDOLQKDVSROLOLQKDVHDUFRVHPUHODomRDXPDRXWUD
&RUWDOLQKDV
HQWLGDGH IURQWHLUD  $V IURQWHLUDV GHYHP FUX]DU DV HQWLGDGHV
HQWLGDGHV
&DVR QmR FUX]HP p QHFHVViULR DOWHUDU QD RSomR ('*( GH1R
GH1R

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

H[WHQG
G SDUD([WHQG
SDUD([WHQG
G GXUDQWH D H[HFXomR GR FRPDQGR 75,0
75 

0RGRGHDWXDomR

x ı6HOHFLRQDVHDVIURQWHLUDV VSDFH 
x ƒ ± 6HOHFLRQDVH DV HQWLGDGHV D VHUHP FRUWDGDV VSDFH  RX
XWLOL]DU D RSomR )(1&( )  FULDQGR XP VHJPHQWR
VHJPHQWR VREUH DV
³SRQWDV´DFRUWDV
³SRQWDV´DFRUWDV

x (;3/2'( ± ([SORGH GHVDJUXSD  DV HQWLGDGHV FRPR EORFRV


SROLOLQKDV KDWFK GLPHQVLRQDPHQWR PDOKDV H VyOLGRV 1mR
1mR VH
GHYH H[SORGLU GLPHQVLRQDPHQWR FRWDV  3RGH H[LVWLU QR
GHVHQKR EORFRV DQLQKDGRV LVWR p EORFRV FULDGRV FRP RXWURV
EORFRV3DUDH[SORGLORVVHUiQHFHVViULRH[SORGLORYiULDVYH]HV
LQLFLDOPHQWHREORFRSULQFLSDOGHSRLVRVRXWURVGHPDLVEORFRV
x ) ± 3HUPLWH OLJDU H GHVOLJDU R REMHFW VQDS H WDPEpP TXDQGR
WRGRVRVRVQDSHVWmRGHVOLJDGRVRDFHVVRDRTXDGURGHGLiORJR
RVQDSHVWmRGHVOLJDGRV
'UDIWLQJ6HWWLQJV
'UDIWLQJ6HWWLQJV
x ) ±/LJDHGHVOLJDR257+2TXHSHUPLWHVRPHQWHRGHVHQKR
/LJDHGHVOLJDR257+2
OLQKDVRUWRJRQDLV
GHOLQKDVRUWRJRQDLVDRFXUVRU

2EV3RUIDOWDGHFRQKHFLPHQWRPXLWRVDFKDPTXHR$XWR&$'Vy
SRGH GHVHQKDU RUWRJRQDOPHQWH QRV kQJXORV SUpGHILQLGRV
SUpGHILQLGRV GH ž
ž ž H ž
ž R TXH QmR p YHUGDGH 3RGHVH URGDU R HL[R
02423412177

RUWRJRQDO SDUD TXDOTXHU kQJXOR GHVHMDGR EDVWDQGR FRQILJXUDU R


FRPDQGR VQDS RX GHQWUR GR TXDGUR 'UDIWLQJ 6HWWLQJV
6HWWLQJV HP 6QDS
DQG*ULGPRGLILTXHRYDORUGH$QJOH
DQG*ULG RYDORUGH$QJOH

$872&$''
&ŽŶƚĞƐ͗фŚƚƚƉ͗ͬͬŶĞƐŚĞƌ͘ĞŶŐ͘ďƌͬĂƌƋƵŝƚĞƚƵƌĂͬĂƵƚŽĐĂĚͬĂƌƋƵŝǀŽƐͬƵƚŽйϮϬϯ͘ƉĚĨхĞ
фŚƚƚƉ͗ͬͬǁǁǁ͘ŚŝĚƌŽ͘ƵĨĐŐ͘ĞĚƵ͘ďƌͬƚǁŝŬŝͬƉƵďͬWĂĐϬ//ͬtĞď,ŽŵĞͬƉŽƐƚŝůĂͺƵƚŽĐĂĚͺϯ͘ƉĚĨх


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 $VEDUUDVGHDWDOKR WRROEDUV PDLVXWLOL]DGDVSDUDVHWUDEDOKDU


HP'VmR'RUELW6KDGH6ROLGV6ROLGVHGLWLQJ6XIDFHV0RGLI\,,
HGLWDUSROLOLQKD 

 $ PDLRULD GRV FRPDQGRV SDUD WUDQVIRUPDomR GR GHVHQKR HP


WUrV GLPHQV}HV SUHFLVD GR REMHWR FRPR XPD HQWLGDGH SHOD
WUDQVIRUPDomR GR FRQWRUQR GR GHVHQKR HP GXDV GLPHQV}HV HP
SROLOLQKD

3DUD D UHSUHVHQWDomR GH REMHWRV WULGLPHQVLRQDLV QR $XWR&$'


DGRWDPVHDVWUrVGLPHQV}HVFRPDVFRRUGHQDGDV ;<= 

$VFRRUGHQDGDV FLOtQGULFDVVmRGHILQLGDVSRUXPDGLVWkQFLDXP
kQJXOR H XPD DOWXUD SH    XQLGDGHV HPXP kQJXOR GH
RQRSODQR;<HFRPDOWXUDHP=GHXQLGDGHV 

$V FRRUGHQDGDV HVIpULFDV VmR GHILQLGDV SRU XPD GLVWkQFLD XP


kQJXORQRSODQR;<HXPkQJXORPHGLGRHPUHODomRDRSODQR;< S
H    XQLGDGHV HP XP kQJXOR GH R QR SODQR ;< H
kQJXORGHRDSDUWLUGRSODQR;<

2 FRPDQGR (OHYDWLRQ IL[D R FXUVRU QXPD GHWHUPLQDGD SRVLomR


QRHL[R=3HHOHYDWLRQIL[DRFXUVRUXQLGDGHVQRHL[R=

7RGRV RV SRQWRV GR GHVHQKR WrP FRPR UHIHUrQFLD R VLVWHPD GH
02423412177

FRRUGHQDGDVSDGUmRGR$XWR&$' :&6±:RUOG&RRUGLQDWH6\VWHP
6LVWHPD:RUOGGHFRRUGHQDGDV 

1RVGHVHQKRV'SRGHVHUQHFHVViULRHGLWDURGHVHQKRHPSODQRV
GLIHUHQWHVGRSODQR;<GD:&63DUDWDQWRR8&6±8VHU&RRUGLQDWH
6\VWHP  6LVWHPD GH FRRUGHQDGDV GR XVXiULR SHUPLWH HVSHFLILFDU
GLUHo}HV SDUD RV HL[RV ID]HQGR FRP TXH VHPSUH VH HVWHMD
GHVHQKDQGR HP XPD YLVWD SODQD (VVH FRPDQGR p DFHVVDGR DWUDYpV
GRPHQXWRROV±QHZXFVRXGLJLWDQGRXFVQDOLQKDGHFRPDQGR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

2So}HVGHFRPDQGR

:RUOG±$WLYDRVLVWHPDGHFRRUGHQDGDVSDGUmR :&6 

2EMHFW±&ULDXPQRYR8&6SDVVDQGRSHORREMHWRVHOHFLRQDGRH
FRPRHL[R[YROWDGRSDUDRSRQWRGHVHOHomR

9LHZ&ULDXPQRYR8&6SDUDOHORDYLVWDDWXDO WHOD 

2ULJLQ±0XGDDRULJHPGRVLVWHPDGHFRRUGHQDGDV

 3RLQW ± &ULD XP 8&6 VROLFLWDQGR XP SRQWR GH RULJHP H DV
GLUHo}HVGRVHL[RV;H<

;<=&ULDXPQRYR8&6SHODURWDomRGR8&6DWXDOHPWRUQR
GHXPGRVHL[RV

9,68$/,=$d­2

 9LHZSRUWV  3HUPLWH VHOHFLRQDU TXDQWDV GLYLV}HV QD MDQHOD GH


GHVHQKR GHVHMDVH WUDEDOKDU &DGD GLYLVmR SRGH UHSUHVHQWDU XPD
YLVWD GLIHUHQWH GR GHVHQKR (VVH FRPDQGR p DFLRQDGR DWUDYpV GR
PHQXYLHZYLHZSRUWV

02423412177

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

)RQWHKWWSZZZP\FDGVLWHFRP!

1RVGHVHQKRV'GLVS}HVHGDVVHJXLQWHVIHUUDPHQWDVGH]RRP

 ' SDQ ± WUDQVIRUPD R FXUVRU HP XPD PmR TXH SRVVLELOLWD


PRYHUDMDQHODGHGHVHQKRGR$XWR&$'

 ' ]RRP ± WUDQVIRUPD R FXUVRU HP XPD OXSD TXH SRVVLELOLWD


02423412177

DXPHQWDURXGLPLQXLUDYL]XDOL]DomRGRGHVHQKR

'2UELW±SRVVLELOLWDJLUDUDWHODGHGHVHQKRPDQXDOPHQWH

 ' &RQWLQXRXV ± SRVVLELOLWD JLUDU D WHOD GH GHVHQKR GH IRUPD


FRQWtQXDDWHODILFDUiJLUDQGRDWpTXHVHFDQFHOHRFRPDQGR

'HPDLVFRPDQGRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

932,17PXGDDSRVLomRGRREVHUYDGRUHPUHODomRDRVLVWHPD
GHFRRUGHQDGDVSDGUmRGR$XWR&$' :&6 

2So}HV
2So}HVGHFRPDQGR

  URWDWH PXGD D SRVLomR GR REVHUYDGRU DWUDYpV GD VXD


URWDomRHPWRUQRGDRULJHPGRVLVWHPDGHFRRUGHQDGDVSDGUmRH

  9LHZ 3RLQW! HVSHUD SHODV FRRUGHQDGDV GR SRQWR GH


SRVLFLRQDPHQWRGRREVHUYDGRUROKDQGRSDUDDGLUHomR

 ''932,17  IRUPD DSULPRUDGD GR FRPDQGR 932,17 $


GLIHUHQoD HVWi QD LQWHUIDFH SRLV R FRPDQGR ''932,17 DEUH XPD
FDL[DGHGLiORJRVRQGHVmRLQGLFDGRVRVSDUkPHWURVQHFHVViULRV

02423412177

 'YLHZ  HVVH FRPDQGR EDVHLDVH QD LGHLD GH H[LVWrQFLD GH XP
REVHUYDGRU H XP DOYR RQGH R GHVHQKR p REVHUYDGR GH IRUPD
GLQkPLFD2So}HVGHFRPDQGR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  &DPHUD ± *LUD D FkPHUD REVHUYDGRU  HP WRUQR GR REMHWR


DOYR 

 7DUJHW±*LUDRDOYRHPWRUQRGRREVHUYDGRU

 'LVWDQFH±$SUR[LPD$IDVWDRREVHUYDGRU

 3RLQWV±'HILQHDSRVLomRGRDOYRHGRREVHUYDGRU

 3DQ±$UUDVWDRGHVHQKRODWHUDOPHQWH

 =RRP±$PSOLDUHGX]DYLVXDOL]DomRGRREMHWR

 7ZLVW±*LUDRREMHWRHPWRUQRGDOLQKDFkPHUDDOYR

 &OLS±3URGX]XPFRUWHQRREMHWR

 +LGH±2FXOWDDVOLQKDVQmRYLVtYHLV

6+$'(

  ' ZLUHIUDPH  3HUPLWH YLVXDOL]DU R GHVHQKR HP IRUPD


DUDPDGDHWUDQVSDUHQWH

  ' ZLUHIUDPH  7DPEpP SHUPLWH YLVXDOL]DU R GHVHQKR HP


IRUPD DUDPDGD H WUDQVSDUHQWH Vy TXH FRP RV HL[RV ZFVXFV
FRORULGRV 02423412177

  +LGGHQ  (VVD YLVXDOL]DomR p VLPLODU D G ZLUHIUDPH Vy TXH


HOD ³HVFRQGH´ DV OLQKDV DWUiV GR VyOLGR OLQKDV QmR YLVtYHLV GDTXHOH
SRQWR 

  )ODW VKDGHG  &RORFD XPD FREHUWXUD QD VXSHUItFLH RX


SUHHQFKHWRGRRVyOLGRFRPXPDFDEDPHQWRUD]RiYHO

  *RXUDXG 6KDGHG  )D] D PHVPD FRLVD GR )ODW 6KDGHG


SRUpPFRPXPDFDEDPHQWRPHOKRU

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  )ODW 6KDGHG HGJHV RQ  &RPELQD R IODW VKDGH FRP


ZLUHIUDPH

  *RXUDXG VKDGHG HGJHV RQ  &RPELQD R *RXUDXG VKDGHG


FRPZLUHIUDPH

683(5)Ë&,(6

$V YDULiYHLV D VHJXLU VmR GH JUDQGH XWLOLGDGH TXDQGR VH WUDEDOKD
FRP VXSHUItFLHV SRLV ID]HP FRP TXH HODV WHQKDP XP DFDEDPHQWR
PHOKRU2VFRPDQGRVVmR 685)7$%H685)7$%HVmRDFLRQDGRV
GLJLWDQGRRVQDOLQKDGHFRPDQGR

02423412177

 ')$&(  (VVH FRPDQGR VHUYH SDUD IDFHDU RV GHVHQKRV SRLV


TXDQGR VH ID] XP GHVHQKR HP WUrV GLPHQV}HV HOH QmR SRVVXL
SUHHQFKLPHQWRDSHQDVOLQKDV

(OHpDFHVVDGRDWUDYpVGRPHQXGUDZ±VXUIDFHV±')DFH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

$ LPDJHP DEDL[R PRVWUD XP H[HPSOR GD XWLOL]DomR GR FRPDQGR


')$&( RQGH WHPRV XP UHWkQJXOR IHLWR SRU  OLQKDV SUHHQFKLGR
GHSRLVDWUDYpVGRFRPDQGR

'2%-(&76

(VVH FRPDQGR DFLRQD URWLQDV SDUD FULDomR GH DOJXPDV IRUPDV


JHRPpWULFDV VLPSOHV (OH p DFHVVDGR DWUDYpV GR PHQX GUDZ ±
VXUIDFHV±'6XUIDFHV

02423412177

)RQWHZZZFDGWXWRUQHW!

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 

 ('*(685) FULDomR GH XPD VXSHUItFLH SHOD FRPELQDomR GH


TXDWUR FXUYDV DGMDFHQWHV (OH p DFLRQDGR DWUDYpV GR PHQX 'UDZ ±
6XUIDFHV ± (GJH 6XUIDFH 6XD OLQKD GH FRPDQGR p VHOHFLRQDU DV 
OLQKDVSDUDJHUDUDVXSHUItFLH

 5(9685)FULDomRGHVXSHUItFLHVGHUHYROXomRDSDUWLUGHSHUILV
ELGLPHQVLRQDLV (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ±
6XUIDFHV ± 5HYROYHG 6XUIDFH 6XD OLQKD GH FRPDQGR p VHOHFLRQDU
REMHWR VHOHFLRQDU HL[R kQJXOR GH LQLFLR GD UHYROXomR kQJXOR GH
JLUDomR

 58/(685) FULDomR GH VXSHUItFLHV SHOD FRPELQDomR GH GRLV


SHUILV DEHUWRV RX IHFKDGRV 2V SHUILV SRGHP VHU GR WLSR /LQH $UF
3OLQH6SOLQHRX3RLQW
02423412177

6HRSULPHLURSHUILOIRUDEHUWRRVHJXQGRWDPEpPGHYHUiVHUVH
IRU IHFKDGR R VHJXQGR WHP TXH VHU IHFKDGR $ GHQVLGDGH GD PDOKD
JHUDGDpFRQWURODGDSHODYDULiYHO6XUIWDE

(VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6XUIDFHV ±


5XOHG 6XUIDFH 6XD OLQKD GH FRPDQGR p VHOHFLRQD R SULPHLUR SHUILO
VHOHFLRQDRVHJXQGRSHUILO

7$%685)FULDomRGHXPDVXSHUItFLHH[WUXGDGDDSDUWLUGHXPD
FXUYD SHUILO HXPDUHWDTXHGHILQHRVHQWLGRHkQJXORGDH[WUXomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

(VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6XUIDFHV ±


7DEXODWHG6XUIDFH6XDOLQKDGHFRPDQGRpVHOHFLRQDURSHUILODVHU
H[WUXGDGRVHOHFLRQDUDUHWDGHGHILQLomR

6Ï/,'26

$VYDULiYHLVPRVWUDGDVDVHJXLUVmRGHJUDQGHXWLOLGDGHTXDQGRVH
WUDEDOKDFRPVyOLGRV

D  ,62/,1(6±'HILQHRQ~PHURGHOLQKDV ZLUHIUDPHV GHGHILQLomR


GHSHoDVVyOLGDVeDWXDOL]DGDYLDFRPDQGR5(*(1

E  )$&(75(6 ± &RQWUROD R Q~PHUR GH IDFHV FRP TXH R $XWR&$'


PRVWUD VXSHUItFLHV DUUHGRQGDGDV DSyV R XVR GRV FRPDQGRV +,'(
6+$'( H 5(1'(5 $FHLWD YDORUHV HQWUH  D  4XDQWR PDLRU R
YDORU PHOKRU VHUi D TXDOLGDGH GD DSUHVHQWDomR H
FRQVHTXHQWHPHQWHPDLVGHPRUDGDDRSHUDomR

F  (;758'( FULD REMHWRV VyOLGRV WULGLPHQVLRQDLV D SDUWLU GH SHUILV


ELGLPHQVLRQDLV FRQIHULQGROKHV SURIXQGLGDGH H kQJXOR GH H[WUXVmR
7DPEpP SRGH FULDU REMHWRV GHILQLGRV SHOR YROXPH JHUDGR SRU XP
SHUILO DR SHUFRUUHU XP FDPLQKR GHILQLGR SRU XPD HQWLGDGH FRPR
OLQKDDUFRHWF

(VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6ROLGV ±


02423412177

([WUXGH RX DWUDYpV GD WRROEDU VROLGV 6XD OLQKD GH FRPDQGR p
VHOHFLRQDU REMHWR DOWXUD GH H[WUXVmR RX FDPLQKR GD H[WUXVmR 3DWK
&DPLQKR 6ROLFLWD D VHOHomR GH XP FDPLQKR FULDQGR XP VyOLGR D
SDUWLUGRYROXPHJHUDGRSHORSHUILODRSHUFRUUHURFDPLQKRLQGLFDGR
2FDPLQKRSRGHVHUXPDOLQKDSROLOLQKDDUFR 

G  ,17(5)(5( DQDOLVD D LQWHUIHUrQFLD HQWUH YiULRV VyOLGRV JHUDQGR


XPREMHWRQDUHJLmRFRPXPDDPERV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6ROLGV ±


,QWHUIHUHQFH RX DWUDYpV GD WRROEDU VROLGV 6XD OLQKD GH FRPDQGR p
VHOHFLRQDU R SULPHLUR REMHWR VHOHFLRQDU R VHJXQGR REMHWR JHUDU XP
REMHWRGDLQWHUIHUrQFLD <HV1R 

H 5(92/9(FULDSHoDVVyOLGDVSHODUHYROXomRGHXPSHUILOHPWRUQR
GH XP HL[R UHDO RX LPDJLQiULR 2 REMHWR JHUDGR p XPD HQWLGDGH GR
WLSR 6ROLG D TXDO SRVVXL SURSULHGDGHV ItVLFDV WDLV FRPR PDVVD
YROXPHFHQWURGHJUDYLGDGHHWF6HQGRXPVyOLGRSRGHVHUHGLWDGR
DWUDYpVGHRSHUDo}HVERROHDQDV XQLmRVXEWUDomRHWF 

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6ROLGV ±


,QWHUIHUHQFH RX DWUDYpV GD WRROEDU VROLGV 6XD OLQKD GH FRPDQGR p
VHOHFLRQDU REMHWR D VHU UHYROXFLRQDGR VHOHFLRQDU R HL[R GH URWDomR
2EMHFWSHUPLWHDVHOHomRGHXPDOLQKDFRPRHL[RGHURWDomR;<
XWLOL]DRHL[R[RX\FRPRHL[RGHURWDomR6WDUWSRLQWRID[LVGHILQH
R HL[R DWUDYpV GH  SRQWRV LQGLFDGRV SHOR XVXiULR  kQJXOR GH
UHYROXomR

I 6(&7,21H6/,&(

 2 FRPDQGR 6(&7,21 H[WUDL VHo}HV GH SHoDV VyOLGDV TXH


SDVVDP SRU SODQRV LQGLFDGRV SHOR XVXiULR 2 REMHWR JHUDGR p XPD
HQWLGDGHGRWLSR5(*,21TXHSRGHVHUH[SORGLGDHHGLWDGD
02423412177

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6ROLGV ±


6HFWLRQRXDWUDYpVGDWRROEDUVROLGV2So}HVGHFRPDQGR2EMHFWR
SODQRGHFRUWHpGHILQLGRSRUXPREMHWR

2So}HVGHFRPDQGR

 2EMHFW 2 SODQR GH FRUWH p GHILQLGR SRU XP REMHWR


FLUFXQIHUrQFLDRXSROLOLQKD 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϭϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 =D[LV2SODQRGHFRUWHpGHILQLGRSRUXPSRQWRSRURQGHSDVVD
RPHVPRHSHODGLUHomRSRVLWLYDGRHL[R=

9LHZ2SODQRGHFRUWHpSDUDOHORjWHOD

;<2SODQRGHFRUWHpSDUDOHORDRSODQR;<

<=2SODQRGHFRUWHpSDUDOHORDRSODQR<=

=;2SODQRGHFRUWHpSDUDOHORDRSODQR=;

  SRLQWV!2XVXiULRLQGLFDWUrVSRQWRVTXHGHILQLUmRRSODQR
GHFRUWH

2 FRPDQGR 6/,&( GLYLGH XP REMHWR VyOLGR HP GXDV SDUWHV


XWLOL]DQGR FRPR GLYLVRU XP SODQR LQGLFDGR SHOR XVXiULR (VVH
FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 'UDZ ± 6ROLGV ± 6OLFH RX
DWUDYpVGDWRROEDUVROLGV

J 81,21WUDQVIRUPDGRLVRXPDLVREMHWRVHPXPD~QLFDSHoD

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± 6ROLGV


(GLWLQJ±8QLRQRXDWUDYpVGDWRROEDUVROLGVHGLWLQJ

2SomRGHFRPDQGRVHOHFLRQDUREMHWRVDVHUHPVRPDGRV

K  68%75$&7 UHPRYH GH XP SULPHLUR REMHWR DV SDUWHV FRPXQV


02423412177

HQWUHHVVHREMHWRHRVGHPDLVREMHWRVVHOHFLRQDGRV2REMHWRJHUDGR
pXPQRYRVyOLGR

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± 6ROLGV


(GLWLQJ±6XEWUDFWRXDWUDYpVGDWRROEDUVROLGVHGLWLQJ

 2SomR GH FRPDQGR VHOHFLRQDU REMHWR TXH VH YDL UHWLUDU XPD
SDUWHVHOHFLRQDURREMHWRTXHVHGHVHMDUHWLUDU

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

L  ,17(56(&7JHUDXPVyOLGRDSDUWLUGRYROXPHFRPXPDGRLVRX
PDLVREMHWRV

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± 6ROLGV


(GLWLQJ±,QWHUVHFWRXDWUDYpVGDWRROEDUVROLGVHGLWLQJ

 2SomRGHFRPDQGRVHOHFLRQDUREMHWRV

(',d­2

D  '$55$<FRSLDXPHOHPHQWRQYH]HVGLVWULEXLQGRRHPOLQKDV
FROXQDV H QtYHLV DUUD\ UHWDQJXODU  RX HP WRUQR GH XP HL[R DUUD\
SRODU 

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± '


2SHUDWLRQ±'$UUD\

 2SomR GH FRPDQGR VHOHFLRQDU REMHWRV VHOHFLRQDU R WLSR GH


DUUD\ UUHWDQJXODU SSRODU  Q~PHUR GH OLQKDV \  Q~PHUR GH
FROXQDV [ Q~PHURGHQtYHLV ] GLVWkQFLDHQWUHDVOLQKDVGLVWkQFLD
HQWUHDVFROXQDVGLVWkQFLDHQWUHRVQtYHLV

E  '32/< FULD SROLOLQKDV QR HVSDoR WULGLPHQVLRQDO (VVH FRPDQGR


JHUD XPD HQWLGDGH IRUPDGD SRU YiULDV OLQKDV FXMRV YpUWLFHV SRGHP
SHUWHQFHU D SODQRV GLIHUHQWHV $ HQWLGDGH '32/< QmR SHUPLWH D
FULDomRGHVHJPHQWRVFXUYRVRXFRPHVSHVVXUD
02423412177

 (VVHFRPDQGRpDFLRQDGRDWUDYpVGRPHQX'UDZ±'3RO\

 2SomR GH FRPDQGR (VSHFLILFDU SRQWR LQLFLDO SUy[LPR SRQWR


HQGSRLQWRIOLQH GHVID]R~OWLPRVHJPHQWRGH'SRO\ XQGR IHFKD
D'SRO\GRSULPHLURDWpR~OWLPRVHJPHQWR FORVH 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

F $/,*1PRYH H URWDFLRQD VLPXOWDQHDPHQWH R REMHWR VHOHFLRQDGR


GHWDOIRUPDDSRVLFLRQiORDOLQKDGRDXPVHJXQGRREMHWRRXDSRQWRV
SUpGHWHUPLQDGRV

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± '


2SHUDWLRQ±$OLJQ

G  &+$0)(5 FULD FKDQIURV QDV DUHVWDV GH SHoDV VyOLGDV (VVH


FRPDQGRpDFLRQDGRDWUDYpVGRPHVPRDWDOKRXVDGRSDUDRFKDQIUR
HP'

H  ),//(7 FULDDUUHGRQGDPHQWRVHPFDQWRVYLYRVGHSHoDVVyOLGDV
(VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHVPR DWDOKR XVDGR SDUD R
FKDQIURHP'

J  (;7(1' SURORQJD REMHWRV DWp HQFRQWUDU RXWUR REMHWR GHILQLGR


FRPR GHOLPLWDGRU (P GHVHQKRV WULGLPHQVLRQDLV R GHOLPLWDGRU H R
REMHWRDVHUH[WHQGLGRSRGHPHVWDUHPSODQRVGLIHUHQWHV

K  75,0 R FRPDQGR WULP WDPEpP SRGH VHU DSOLFDGR HP SURMHWRV


WULGLPHQVLRQDLV H FRPR QR H[WHQG D HQWLGDGH FRUWDQWH QmR SUHFLVD
HVWDU QR PHVPR SODQR GD HQWLGDGH D VHU FRUWDGD 6mR DFLRQDGRV
FRPRQR'

 2So}HVGHFRPDQGR SDUDR(;7(1'H75,0 


02423412177

  3URMHFW3HUPLWHHVFROKHURWLSRGHSURMHomRSDUDRFRUWHGDV
HQWLGDGHV

  1RQH1mRKiSURMHomR$VHQWLGDGHVSUHFLVDPWHUXPSRQWR
GHLQWHUVHFomRUHDO

 8FV$HQWLGDGHFRUWDQWHpSURMHWDGDQD8&6FRUUHQWH

 9LHZ$HQWLGDGHFRUWDQWHpSURMHWDGDQDYLVWDFRUUHQWH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  (GJH&RQVLGHUDRXQmRRSURORQJDPHQWRGRREMHWRFRUWDQWH
SDUDTXHSRVVDKDYHUXPSRQWRGHLQWHUVHomRLPDJLQiULR

 8QGR'HVID]R~OWLPRFRUWH


L  0,5525'  GXSOLFD R REMHWR VHOHFLRQDGR H[HFXWDQGR XP


HVSHOKDPHQWR GR PHVPR XWLOL]DQGR HL[RV RX SODQRV GH VLPHWULD
VLWXDGRVHPTXDOTXHUSRVLomRQRHVSDoRLQGHSHQGHQWHGD8&6DWLYD

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± '


2SHUDWLRQ±0LUUR'

 2So}HVGHFRPDQGR

 3ODQHE\REMHFW3URGX]HVSHOKDPHQWRGRREMHWRVHOHFLRQDGR
XWLOL]DQGRFRPRSODQRVGHVLPHWULDRVSODQRVGHILQLGRVSRUXPREMHWR

 /DVW8WLOL]DRSODQRGHVLPHWULDPDLVUHFHQWHPHQWHXVDGR

 =D[LV2SODQRGHVLPHWULDpGHILQLGRHPIXQomRGHXPHL[R=
LQGLFDGRDWUDYpVGHSRQWRVSHORXVXiULR

  9LHZ 8WLOL]D R SODQR GH YLVXDOL]DomR SDUDOHOR j WHOD FRPR


SODQRGHVLPHWULD

  ;<<=;= 8WLOL]D RV SODQRV ;< <= H =; UHVSHFWLYDPHQWH


FRPRSODQRVGHHVSHOKDPHQWR 02423412177

  SRLQWV! 2 XVXiULR SRGHUi LQGLFDU WUrV SRQWRV SRU


FRRUGHQDGDVRXYLDPRXVHTXHGHILQLUmRRSODQRGHVLPHWULD

M  527$7(' URWDFLRQD REMHWRV QR HVSDoR HP WRUQR GH HL[RV


GHILQLGRV SHOR XVXiULR 7UDWDVH GH XP FRPDQGR GH JUDQGH
DSOLFDELOLGDGHSRUpPQmRLPSUHVFLQGtYHOMiTXHSRGHVHUVXEVWLWXtGR
SHOR XVR FRPELQDGR GRV FRPDQGRV 5RWDWH '  H 8&6 $ GLIHUHQoD
HQWUH RV FRPDQGRV 5RWDWH H 5RWDWH ' p TXH R SULPHLUR WHP R HL[R

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

GH URWDomR OLPLWDGR DR SODQR 8&6 FRUUHQWH HQTXDQWR R VHJXQGR QmR
SRVVXLHVVDOLPLWDomR

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 0RGLI\ ± '


2SHUDWLRQ±5RWDWH'

 2So}HVGHFRPDQGR

 $[LVE\2EMHFW5RWDFLRQDRREMHWRHPWRUQRGHHQWLGDGHVGR
WLSR /LQH 3OLQH RX HP WRUQR GH XPD UHWD LPDJLQiULD TXH SDVVD SHOR
FHQWURGHXPDFLUFXQIHUrQFLDRXDUFR

  /DVW8WLOL]DRPHVPRHL[RHPWRUQRGRTXDOIRLH[HFXWDGDD
PDLVUHFHQWHRSHUDomRGHURWDomR

 9LHZ5RWDFLRQDRREMHWRHPWRUQRGHXPSRQWRHVFROKLGRQD
WHODFRPRQXPDURWDomRELGLPHQVLRQDO

  ;D[LV 5RWDFLRQD R REMHWR HP WRUQR GH XP HL[R SDUDOHOR DR
HL[R;

  <D[LV 5RWDFLRQD R REMHWR HP WRUQR GH XP HL[R SDUDOHOR DR
HL[R<

  =D[LV 5RWDFLRQD R REMHWR HP WRUQR GH XP HL[R SDUDOHOR DR
HL[R= 02423412177

  SRLQWV!5RWDFLRQDRREMHWRVHOHFLRQDGRHPWRUQRGHXP
HL[RGHILQLGRSRUGRLVSRQWRVLQGLFDGRVSHORXVXiULR

)27255($/,602

2 $XWR&$' SRVVLELOLWD D FULDomR GH WUDEDOKRV FRP H[FHOHQWH QtYHO


GHDFDEDPHQWRFKHJDQGRDVLPXODUDUHDOLGDGHFRPJUDQGHJUDXGH
VHPHOKDQoD (VVHV UHFXUVRV VmR DSOLFDGRV QD DSUHVHQWDomR GH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

SURMHWRVVRILVWLFDGRVQDFULDomRGHPDTXHWHVHOHWU{QLFDVHSURWyWLSRV
YLUWXDLVQDFULDomRGHPDWHULDOSXEOLFLWiULRDOpPGHRXWUDVDWLYLGDGHV

$OpP GR FRQKHFLPHQWR WpFQLFR UHTXHULGR ID]VH QHFHVViULR XP


FHUWR IHHOLQJ SRLV D PDLRULD GRV UHFXUVRV OX] UHIOH[R VRPEUD
kQJXOR  p GHILQLGD DWUDYpV GH FULWpULRV SXUDPHQWH YLVXDLV R TXH ID]
GR ERP JRVWR H GD H[SHULrQFLD RV SULQFLSDLV LQJUHGLHQWHV SDUD D
REWHQomRGHERQVUHVXOWDGRV

D  5(1'(5 UHQGHUL]DomRpXPSURFHVVRGHVLPXODomRGHUHDOLGDGH
TXHDJUHJDUHFXUVRVGHFRUVRPEUDWH[WXUD DSDUrQFLDGRPDWHULDO 
UHIOH[RHQWUHRXWURV2REMHWLYRpDVLPXODomRGRSURMHWRH[HFXWDGR
VHUYLQGR FRPR DUJXPHQWR WpFQLFR HRX FRPHUFLDO SDUD D WRPDGD GH
GHFLV}HV $ TXDOLGDGH GD UHQGHUL]DomR GHSHQGH GH XPD VpULH GH
IDWRUHV FRPR R WLSR GH UHQGHUL]DGRU RV PDWHULDLV DWULEXtGRV DRV
REMHWRVDVOX]HVGDFHQDHWF

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 9LHZ ± 5HQGHU ±


5HQGHU

E  /,*+76 pXVDGRSDUDFULDUSRQWRVGHOX]GLUHFLRQDGRVDRREMHWR
RXQmRTXHSURSRUFLRQDPHIHLWRVGHVRPEUHDPHQWREULOKRFRQWUDVWH
HWF $ OX] p XP SRQWR IXQGDPHQWDO SDUD D REWHQomR GH FHQDV
UHDOLVWDV 6H QmR IRU FULDGR QHQKXP SRQWR GH OX] DGLFLRQDO R
$XWR&$' XWLOL]D D OX] SDGUmR 2XWURV SDUkPHWURV TXH SRGHP VHU
02423412177

FRQWURODGRV VmR D LQWHQVLGDGH H D FRU GD OX] DPELHQWH TXH


LQIOXHQFLDPGHIRUPDVLJQLILFDWLYDQDLPDJHPILQDO

 (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 9LHZ ± 5HQGHU ±


/LJKW

F  6&(1(6 LPDJLQHXPHVW~GLRIRWRJUiILFR$FDGDIRWRVmRDFHVDV
GHWHUPLQDGDV OX]HV DSDJDGDV RXWUDV H UHSRVLFLRQDGD D FkPDUD
YLVDQGRREWHUXPDPHOKRULPDJHP1R$XWR&$'DFRQWHFHRPHVPR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

&ULDPVHDVOX]HV /LJKWV HGHILQHPVHRVkQJXORVGHYLVXDOL]DomRGD


SHoDRXDPELHQWH '9,(: 3DUDFULDUXPDFHQDQR$XWR&$'GHYH
VHHVFROKHUGHWHUPLQDGDVOX]HV FULDGDVYLDFRPDQGR/,*+76 HXPD
YLVWD FULDGDYLDFRPDQGR9,(:RX''9,(: $RH[HFXWDURFRPDQGR
5(1'(5 R $XWR&$' SHUPLWLUi D VHOHomR GH XPD FHQD H D
UHQGHUL]DomRDFRQWHFHUiFRPDVFDUDFWHUtVWLFDVDHODDWULEXtGDV

G  50$7 SRVVLELOLWD D DVVRFLDomR GDV VXSHUItFLHV GH XP GHVHQKR D


WH[WXUDV GH PDWHULDO 3RGHVH GDU DSDUrQFLDV DRV REMHWRV FRPR
FRQFUHWRJUDPDYLGURPDGHLUDHWF$VWH[WXUDVVmRFULDGDVDSDUWLU
GH LPDJHQV IRWRV RX GHVHQYROYLGDV DWUDYpV GH DUWLItFLRV GH
SURJUDPDomR3RGHVH GHILQLU WDPEpPEULOKRUXJRVLGDGHSHUFHQWXDO
GH UHIOH[mR UHIUDomR HWF 2 $XWR&$' SRVVXL XPD ELEOLRWHFD GH
PDWHULDLVSRUpPQRYRVPDWHULDLVSRGHPVHUFULDGRVSHORXVXiULRGH
DFRUGR FRP VXDV QHFHVVLGDGHV 9RFr QmR p REULJDGR D DWULEXLU
WH[WXUDVDRVREMHWRVGRGHVHQKR'HVVDIRUPDDRDSOLFDUR5(1'(5
VHUmR FRQVLGHUDGDV DV FRUHV GRV REMHWRV FRPELQDGDV FRP DV OX]HV
FULDGDV 1mR KDYHQGR QHQKXPD OX] R $XWR&$' XWLOL]D XPD
FRQILJXUDomRGHOX]HVSDGUmR2FRPDQGR0$7/,%DFHVVDDELEOLRWHFD
GH WH[WXUDV H p H[DWDPHQWH LJXDO DR ERWmR ³0DWHULDOV /LEUDU\´ QD
FDL[DGHGLiORJRGR50$7

H  0$33,1* SRVVLELOLWDDDGDSWDomRGHXPDLPDJHPjVIRUPDVGH
XPREMHWRWULGLPHQVLRQDO2 $XWR&$'SRVVXLWLSRVGHPDSDVSDUD
02423412177

HQWLGDGHV SODQDV HVIpULFDV FLOtQGULFDV H VyOLGDV (VVH FRPDQGR p


DFLRQDGRDWUDYpVGRPHQX9LHZ±5HQGHU±0DSSLQJ

I  /$1'6&$3( LQFOXVmR GHREMHWRV SDUDSDLVDJLVPRHP FHQDVTXH


VHUmRUHQGHUL]DGDV&RPLVVRHVVHVREMHWRVQmRSUHFLVDPVHUFULDGRV
QR $XWR&$' R TXH JHUDULD GHVHQKRV H[WUHPDPHQWH FRPSOH[RV 2V
REMHWRV /$1'6&$3( SRVVXHP XP UHGX]LGR Q~PHUR GH IDFHV H VmR
yWLPRVSDUDDUHSUHVHQWDomRGHSODQWDViUYRUHVSHVVRDVHWFWHQGR
FRPRUHVXOWDGRILQDOXPDH[FHOHQWHTXDOLGDGH3DUDDFULDomRGHXP

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

REMHWR /$1'6&$3( VmR QHFHVViULDV GXDV LPDJHQV 0DSD GH


2SDFLGDGHH)RWRGR2EMHWR

 2PDSDGHRSDFLGDGHFRQWURODDWUDQVSDUrQFLDGDIRWRRXVHMD
WXGRRTXHpSUHWRQRPDSDpWUDQVSDUHQWHQDIRWR(VVHFRPDQGRp
DFLRQDGR DWUDYpV GR PHQX 9LHZ ± 5HQGHU ±  RSo}HV GH ODQGVFDSH
TXHVmR

 /DQGVFDSH1HZ±,QVHUHRVREMHWRVGDELEOLRWHFDFRUUHQWH$
DOWXUDHSRVLomRGRREMHWRSRGHPVHUPRGLILFDGDV

  /DQGVFDSH (GLW ± 3HUPLWH D DOWHUDomR GD DOWXUD GR REMHWR


LQVHULGR

  /DQGVFDSH /LEUDU\ ± *HUHQFLD D ELEOLRWHFD ODQGVFDSH EHP


FRPRDGHILQLomRGHQRYRVREMHWRVHELEOLRWHFDV

 2 REMHWR ODQGVFDSH FULDGR p FRPSRVWR SRU XP QRPH H VH


UHIHUHQFLD D GRLV DUTXLYRV GH LPDJHP FRQIRUPH YLVWR QR FRQFHLWR
(VWHVREMHWRVSRGHPVHUVDOYRVQDELEOLRWHFD SDGUmRGR$XWR&$'RX
HP TXDOTXHU RXWUD ELEOLRWHFD FULDGD SHOR XVXiULR 1mR HVTXHFHU TXH
DV LPDJHQV GHYHP SHUPDQHFHU QR GLUHWyULR QR TXDO IRUDP
ORFDOL]DGDV

J  67$76 HVVH FRPDQGR PRVWUD DOJXQV GDGRV HVWDWtVWLFRV GH


02423412177

H[HFXomR GD UHGHQUL]DomR FRPR SRU H[HPSOR R WHPSR JDVWR QD


RSHUDomR DV GLPHQV}HV GD LPDJHP JHUDGD R Q~PHUR GH IDFHV
UHGHQUL]DGDV HWF (VVDV LQIRUPDo}HV SRGHP VHU JUDYDGDV HP XP
DUTXLYR(VVHFRPDQGRpDFLRQDGRDWUDYpVGRPHQX9LHZ±5HQGHU±
6WDWLVWLFV

K  6$9(,0* JHUDDUTXLYRVUDVWHU EPSWLIWJD JUDYDQGRQHOHVD


SDUWH GD iUHD JUiILFD DSUHVHQWDGD QD WHOD QR PRPHQWR GD H[HFXomR
GR FRPDQGR RX XPD iUHD GD PHVPD GHILQLGD SHOR XVXiULR 2

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

FRPDQGR5(3/$<YLVXDOL]DDUTXLYRVGHLPDJHQV WLISF[EPSHWF 2


TXH DSDUHFH QD WHOD p DSHQDV XPD UHSUHVHQWDomR GR GHVHQKR
UHIHUHQFLDGR 2 PHVPR GHVDSDUHFH GD WHOD DSyV D H[HFXomR GR
FRPDQGR 5(*(1 (OH WDPEpP SRGH VHU XWLOL]DGR SDUD DSUHVHQWDomR
GHSURMHWRVGHPRQVWUDWLYRVSDUDHYHQWRVHDWpFRPRELEOLRWHFDSDUD
FRQVXOWD YLVXDO (VVH FRPDQGR p DFLRQDGR DWUDYpV GR PHQX 9LHZ ±
7RROV±'LVSOD\LPDJH


±48(67®(6&20(17$'$6

 ±3HWUREUDV±7pFQLFR±&HVJUDQULR 2EVHUYHR
FURTXLDVHJXLU

0DQWHQGRVH DV RULHQWDo}HV SDGU}HV GHIDXOW  GR $XWR&$'


GHVHMDVHGHVHQKDUD)LJXUDGRFURTXLQR$XWR&$'XWLOL]DQGR
R FRPDQGR /LQH HVSHFLILFDQGR RV SRQWRV SRU FRRUGHQDGDV
DWUDYpVGRWHFODGR3DUDWDQWRDSyVHVSHFLILFDURSRQWR3D
ILPGHHVSHFLILFDURSRQWRVHJXLQWH 3 GLJLWDVH

$ # 02423412177

% >@

& 

' !

( 

 &RRUGHQDGDSRODUDGRWDVHRFRPDQGR#'$ HPTXH'HVWi
DXPDGLVWkQFLDH $pRkQJXOR([HPSOR#VHOHFLRQDUiXPD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

OLQKD  XQLGDGHV HP OLQKD UHWD DFLPD GR SULPHLUR SRQWR $
FRQYHQomRGHVLQDLVpDGRFtUFXORWULJRQRPpWULFRRXVHMDSRVLWLYRQR
VHQWLGRDQWLKRUiULRDSDUWLUGDSRVLomRž

 3RUWDQWRDFRRUGHQDGDSRODUVHULD#SRLVDLQFOLQDomR
GDUHWDHVWiDžGDKRUL]RQWDOQRVHQWLGRDQWLKRUiULR

*DEDULWR$

  ± &DVD GD 0RHGD ± 7pFQLFR ± &HVJUDQULR 
&RQVLGHUH D VHJXLQWH OLQKD TXH IRL GHVHQKDGD QR $XWR&DG
OLJDQGR RV SRQWRV  H  FRP D XWLOL]DomR GH VLQWD[H GH
FRRUGHQDGDSRODUUHODWLYD
02423412177

$VLQWD[HXWLOL]DGDIRL

$ #

% #

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϮϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

& #

' #

( #

 &RQIRUPHYLPRVDFRRUGHQDGDSRODUVHUi#

*DEDULWR$

 ±3HWUREUDV±7pFQLFR±&HVJUDQULR &RQVLGHUH
D VHJXLQWH OLQKD GHVHQKDGD QR $XWRFDG FRP D XWLOL]DomR GR
FRPDQGR /,1( 2 SRQWR 3 IRL PDUFDGR HP XPD FRRUGHQDGD
TXDOTXHUQDiUHDGHGHVHQKR

3DUDWUDoDUDOLQKDDWpRSRQWR3FRPDVGLVWkQFLDVPDUFDGDV
QRGHVHQKRTXDOGRVFRPDQGRVIRLXWLOL]DGR"

$ # 02423412177

% #

&  

'  

(   

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 3RQWR 5HODWLYR DGLFLRQDVH Λ SDUD GL]HU DR $XWR&$' TXH R


SRQWR VHJXLQWH p UHODWLYR DR ~OWLPR SRQWR LQFRUSRUDGR 'HSRLV GH
IL[DGRXPSRQWRRVHJXLQWHSRGHVHUIL[DGRFRPRFRPDQGRΛy͕z͘

 3RUWDQWRRSRQWRUHODWLYR3VHULD#

*DEDULWR$

  ± /LTXLJDV ± &HVJUDQULR  7UDEDOKDQGR FRP R
$XWR&$'  XP SURMHWLVWD SUHFLVD GHVHQKDU VREUH XP
REMHWR SRQWRV FRP XP HVSDoDPHQWR GHILQLGR 3DUD WHU
VXFHVVRQDWDUHIDHOHXVDUiRFRPDQGR

$ 6&$/(

 0RGLILFD D HVFDOD GH XPD HQWLGDGH RX XP JUXSR GH HQWLGDGHV
VHOHFLRQDGDV2YDORUGHHVFDODPDLRUTXHDXPHQWDHPHQRUTXH
GLPLQXL p XP SURGXWR GDV GLPHQV}HV GR REMHWR  2 FRPDQGR SHGH
XPSRQWRGHEDVHSDUDDSDUWLUGHOHH[HFXWDUDDomR

% /,0,76

 'HILQHRVOLPLWHVGDiUHDGHWUDEDOKR

& ',9,'(

 'LYLGH XPD HQWLGDGH HP VHJPHQWRV LJXDLV 6HOHFLRQH XPD


HQWLGDGHHGHSRLVLQWURGX]DRQ~PHURGHVHJPHQWRVTXHGHVHMD
02423412177

' 0($685(

 2V FRPDQGRVPHDVXUHH GLYLGH VHUYHP SDUD VHSDUDU REMHWRV


HP VHJPHQWRV DWUDYpV GH SRQWRV RX EORFRV $ GLIHUHQoD HQWUH R
GLYLGH H RPHDVXUHp TXH XVDQGR R GLYLGH SDUWLFLRQDPRV RV REMHWRV
DWUDYpV GH XP Q~PHUR GH VHJPHQWRV H FRP R
FRPDQGRPHDVXUHSDUWLFLRQDPRV DWUDYpV GR FRPSULPHQWR GRV
VHJPHQWRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

( 81,76

 'HWHUPLQDRIRUPDWRGDXQLGDGHGRGHVHQKR

*DEDULWR'

  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R


$XWR&$'TXDOGRVtFRQHVDVHJXLUHVTXHPDWL]DGRVUHSUHVHQWD
RFRPDQGR7ULP"

5RWDWH


6FDOH


%UHDN


([WHQG


 7ULP


02423412177

527$7( DOWHUD D RULHQWDomR GH XP REMHWR RX JUXSR GH REMHWRV
DWUDYpVGHXPSRQWRGHEDVHHXPkQJXORGHURWDomR

6&$/(DOWHUDRWDPDQKRGHXPREMHWRDSDUWLUGRSRQWRGHEDVH

%5($.SDJDSDUFLDOPHQWHXPVHJPHQWRGHXPREMHWR

(;7(1'HVWHQGHREMHWRVDWpXPDOLQKDGHIURQWHLUD

75,0DSDJDSDUFLDOPHQWHXPREMHWRRXJUXSRGHREMHWRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

*DEDULWR(


  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR 
'HVHQKDQGR FRP $XWR&$' SDUD FULDU REMHWRV SDUDOHORV D
SDUWLUGHXPREMHWRMiH[LVWHQWHpXWLOL]DGRRFRPDQGR

$ 'LVW

,QIRUPDDGLVWkQFLDHQWUHGRLVSRQWRV

% $OLJQ

3HUPLWHFRWDUDGLVWkQFLDOLQHDUHQWUHSRQWRV

& 6SOLQH

&ULDFXUYDVVSOLQH

' 6WUHWFK

(VWLFDXPREMHWR

( 2IIVHW

 2 FRPDQGR 2))6(7 ID] D FySLD SDUD R ODGR RIIVHW  GH


OLQKDV SROLOLQKDV DUFRV H FtUFXORV 2 FRPDQGR LQLFLDOPHQWH
SHUJXQWDSHODGLVWkQFLDGRRIIVHWHVWDGLVWkQFLDSRGHVHULQWURGX]LGD
PDQXDOPHQWH RX DWUDYpV GH GRLV FOLTXHV FRP R PRXVH FRP D
02423412177

GLVWkQFLDGHVHMDGD

*DEDULWR(

67-  &HVSH  $ UHVSHLWR GR $XWR&DG IHUUDPHQWD
LQIRUPDWL]DGD HPSUHJDGD QD HODERUDomR GH SURMHWRV GH
HQJHQKDULDMXOJXHRVLWHQVVXEVHTXHQWHV

 2SURMHWRHODERUDGRHPGLYHUVDVFDPDGDV OD\HUV 
SHUPLWHDRUJDQL]DomRGRVGHVHQKRVIDFLOLWDQGRVXDHGLomR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 ([DWRRV/D\HUVSHUPLWHPWUDEDOKDUFRPXPSURMHWRHPIRUPD
GHFDPDGDV2VGLIHUHQWHVOD\HUVSRGHPVHUGHILQLGRVSRUGLIHUHQWHV
FRUHVHHVSHVVXUDVGHOLQKDVDGRWDGDV SDUDGLIHUHQWHVILQDOLGDGHVGR
GHVHQKR &RP LVVR SRGHVH HGLWDU OD\HUV HVSHFtILFRV VHP LQWHUIHULU
QRV GHPDLV OD\HUV ,QFOXVLYH SRGHVH FRQJHODU RV GHPDLV OD\HUV GH
IRUPDDVHWUDEDOKDUVRPHQWHFRPROD\HUGHLQWHUHVVH

*DEDULWR&RUUHWD

   2 FRPDQGR RIIVHW SHUPLWH HVSHOKDU HQWLGDGHV
VHOHFLRQDGDVDXPDGLVWkQFLDSUHGHILQLGDSHORGHVHQKLVWD

 2 FRPDQGR RIIVHW ID] D FySLD SDUD R ODGR RIIVHW  GH OLQKDV


SROLOLQKDV DUFRV H FtUFXORV 2 FRPDQGR LQLFLDOPHQWH SHUJXQWD SHOD
GLVWkQFLDGRRIIVHW(VWDGLVWkQFLDSRGHVHULQWURGX]LGDPDQXDOPHQWH
RXDWUDYpVGHGRLVFOLTXHVFRPRPRXVHQDGLVWkQFLDGHVHMDGD

 -i R FRPDQGR 0LUURU HVSHOKD XPD HQWLGDGH RX XP JUXSR GH
HQWLGDGHV VHOHFLRQDGDV SRU XPD OLQKD GH HVSHOKR GHILQLGD SRU GRLV
SRQWRV$GLVWkQFLDGRVREMHWRVjOLQKDGHHVSHOKRpLJXDO2FRPDQGR
SHUJXQWDUiVHPDQWpPRXDSDJDRREMHWRDHVSHOKDU

*DEDULWR(UUDGD


  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  4XDO GDV
02423412177

Do}HV DEDL[R p H[HFXWDGD XWLOL]DQGRVH R FRPDQGR $5($ GR


$XWRFDG"

$ 0RGLILFDUDiUHDGHGHVHQKR

% &ULDUXPREMHWRFRPRYDORUGDVXDiUHDGHILQLGD

& &RQYHUWHUXPSROtJRQRHPXPDUHJLmRGHiUHDGHILQLGD

'  +DFKXUDU RX VRPEUHDU D iUHD GH XP RX PDLV REMHWRV
IHFKDGRVVHOHFLRQDGRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

( &DOFXODUDiUHDHRSHUtPHWURGHGHWHUPLQDGRVREMHWRVRX
GHUHJL}HVGHILQLGDV

 &RQIRUPHYLPRVRFRPDQGR$5($LQIRUPDDiUHDHRSHUtPHWUR
GHILJXUDVGHILQLGDVSRUSRQWRVRXSRUSROLOLQKDV

*DEDULWR(

 ±3HWUREUDV±7pFQLFR±&HVJUDQULR $VILJXUDV
DEDL[R UHSUHVHQWDP XP GHVHQKR DQWHV H GHSRLV GD XWLOL]DomR
GHFHUWRFRPDQGRGR$XWRFDG

2FRPDQGRXWLOL]DGRIRL

$ &23<

% 675(7&+

& 0,5525

' (;7(1'
02423412177

( 029(

 9HULILFDVH TXH R GHVHQKR IRL HVWLFDGR /RJR IRL XWLOL]DGR R


FRPDQGR6WUHWFK

*DEDULWR%


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

   3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R 2EMHFW

6QDSGR$XWR&$'RVtPEROR pXWLOL]DGRSDUD

$ GHVHQKDUOLQKDV/,1(

% FRUWDUSDUWHGHXPREMHWRVHOHFLRQDGR

& GREUDURFRPSULPHQWRGHXPDOLQKD

' HVWHQGHUXPDOLQKDDWpXPHOHPHQWROLPLWH

( LGHQWLILFDURSRQWRH[WUHPRGHXPDOLQKD

6HJXHPRVVtPERORVGH2EMHFW6QDS

02423412177

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 9HULILFDVH TXH R VtPEROR LQGLFDGR QD TXHVWmR UHIHUHVH DR


(QGSRLQW TXH GHWHUPLQD R SRQWR ILQDO GH XPD OLQKD DUFR RX RXWUR
REMHWRTXHWHQKDXPSRQWRILQDOGHILQLGR

*DEDULWR(

   3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R PHQX
SXOO GRZQ WHFODQGR HP 'UDZ H D VHJXLU HP $UF DSDUHFHP
DOJXPDVRSo}HVSDUDDGHILQLomRGRVSRQWRVFDUDFWHUtVWLFRVGR
GHVHQKRGHDUFRV(QWUHHODVHVWmR
,6WDUW&HQWHU(QG

,,6WDUW&HQWHU$QJOH

,,,6WDUW(QG$QJOH

,9&HQWHU6WDUW/HQJKW

(VWmRSUHVHQWHVQR$XWRFDG

$ ,H,,DSHQDV

% ,,,H,9DSHQDV

& ,,,,H,9DSHQDV

' ,,,,,H,9DSHQDV

( ,,,,,,H,9
02423412177

 2 FRPDQGR $5& GHVHQKD DUFRV D SDUWLU GH XP FHQWUR GH XP
kQJXOR GH XP UDLR GH WDQJHQWHV H RXWURV LWHQV 'HYHVH VHPSUH
FRQVLGHUDURVHQWLGRDQWLKRUiULRSDUDRGHVHQKRGRVDUFRV

 ([HPSORGHFULDomRGRDUFRDSDUWLUGHSRQWRV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 1HVWH FDVR GHILQHVH XP SRQWR LQLFLDO XP SRQWR ILQDO H XP
SRQWRFHQWUDORXRSRQWRLQLFLDORSRQWRFHQWUDOHRSRQWRILQDO

 3RUWDQWRWRGDVDVRSo}HVVmRSRVVtYHLV

*DEDULWR(

  ± /LTXLJDV ± 7pFQLFR ± &HVJUDQULR  &RP R


REMHWLYR GH FULDU XPD VpULH GH OLQKDV HQFDGHDGDV FRPR XP
GHVHQKR D PmROLYUH RX GH LQWURGX]LU FRQWRUQRV GH PDSDV
XWLOL]DQGR R $XWR&$' GHQWUH RV FRPDQGRV D VHJXLU R
DSURSULDGRp

$ 6.(7&+

&RQVWUyL OLQKDV TXH SDUHFHP VHU IHLWDV D PmR 6mR OLQKDV IRUPDGDV
SRUSHTXHQDVRXWUDVOLQKDVHWRPDPRIRUPDWRFRPTXHSHUFRUUHPRV
02423412177

R FXUVRU GH WHOD QD iUHD GH WUDEDOKR (VWH FRPDQGR SHGH XP
LQFUHPHQWRTXHFDGDYH]PHQRUPHQRUHVHPDLVUHDOLVWDVVmRVHXV
WUDoRV

% 3/,1(

32/</,1( &RQVWUyL YiULDV OLQKDV HP VpULH IRUPDQGR XPD Vy


HQWLGDGH (VWH HVWLOR GH OLQKD SRGH ID]HU DUFRV VSOLQHV OLQKDV FRP
FDQWRV DUUHGRQGDGRV  FULDU HVSHVVXUDV HWF 2 FRPDQGR 32/</,1(
WDPEpPSRGHVHU³H[SORGLGR´HWUDQVIRUPDGRHPYiULDVHQWLGDGHV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

& 0/,1(

08/7/,1(±&RQVWUyLYiULDVOLQKDVFRPXPPHVPRFRPDQGRHWRGDV
HODV FRPSRQGR XPD Vy HQWLGDGH 6mR DMXVWiYHLV SRU FRPDQGRV
SUySULRVGHPRGLILFDomRGH08/7/,1(6

' 5$<

&RPDQGR SDUD FRQVWUXomR GH VHPLOLQKDV SRVVXHP XPD GDV


H[WUHPLGDGHV WHQGHQGR DR LQILQLWR  (VWH WLSR GH OLQKD p XPD OLQKD
DX[LOLDUTXHQmRID]SDUWHGRGHVHQKRHPVL

( $5&

2FRPDQGR$5&GHVHQKDDUFRV

*DEDULWR$


 ±'3(5-±)*9 2EVHUYHRVGHVHQKRVDEDL[R

2 FRPDQGR GR $XWRFDG TXH SHUPLWH VDLU GH IRUPD PDLV


02423412177

HILFLHQWHGRGHVHQKRGDHVTXHUGDSDUDRGHVHQKRGDGLUHLWDp

$ 5RWDWH

5RGDXPDHQWLGDGHRXXPJUXSRGHHQWLGDGHVHPWRUQRGHXP
SRQWR EDVH 2 FRPDQGR WHP D RSomR UHIHUHQFH TXH SHUPLWH D
PXGDQoDGDUHIHUrQFLD RkQJXORGHIDXOWp]HUR 

% 2IIVHW

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϯϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

)D] D FySLD SDUD R ODGR RIIVHW  GH OLQKDV SROLOLQKDV DUFRV H


FtUFXORV 2 FRPDQGR LQLFLDOPHQWH SHUJXQWD SHOD GLVWkQFLD GR RIIVHW
(VWD GLVWkQFLD SRGH VHU LQWURGX]LGD PDQXDOPHQWH RX DWUDYpV GH GRLV
FOLTXHVFRPRPRXVHQDGLVWkQFLDGHVHMDGD

& 0RYH

$OWHUD D ORFDOL]DomR GDV HQWLGDGHV VHOHFLRQDGDV 3DUD D


H[HFXomR GR FRPDQGR VHOHFLRQH XP JUXSR GH HQWLGDGHV Gr XP
FOLTXH SDUD R SRQWR LQtFLR GR PRYLPHQWR H XP FOLTXH SDUD R ILP GR
PRYLPHQWR

' &RS\

&RSLDXPDHQWLGDGHRXXPJUXSRGHHQWLGDGHVVHOHFLRQDGDVGH
XP SRQWR EDVH SDUD XP SRQWR ILQDO $ RSomR PXOWLSOXV SHUPLWH D
FySLDGRPHVPRREMHWRYiULDVYH]HV

( $UUD\

&ULD YiULDV FySLDV RUJDQL]DGDV HP OLQKDV FROXQDV RX


DUUDQMRVFLUFXODUHVGHREMHWRVVHOHFLRQDGRV

*DEDULWR(


  ± 7&(3,  )&&  1R $XWRFDG RV FRPDQGRV
TXH SHUPLWHP DSUR[LPDU RX DIDVWDU D LPDJHP GLYLGLU D iUHD
02423412177

GH GHVHQKR DOWHUDU FRUHV DWULEXLU PDWHULDLV HWF HQFRQWUDP


VHQRPHQX

$ '5$:SRVVXLFRPDQGRVSDUDGHVHQKDUQR$XWR&$'
% ,16(57SRVVXLFRPDQGRVGHLQVHUomRGHHQWLGDGHVGR$XWR&$'
RXREMHWRVGHRXWURVVRIWZDUHV
&  )250$7 FRQILJXUD YiULRV SDUkPHWURV GH FRPDQGRV GR
$XWR&$'

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' 722/6SRVVXLIHUUDPHQWDVGR$XWR&$'
(  9,(: SRVVXL FRPDQGRV GH YLVXDOL]DomR GR GHVHQKR FRPR SRU
H[HPSORGDUXP]RRPQRGHVHQKR

*DEDULWR(

 ±03($0±)&& 2FRPDQGRGR$XWR&$'TXH
SHUPLWHFULDUXPDFRQFRUGkQFLD DUUHGRQGDPHQWR HQWUHGXDV
OLQKDV TXH VH LQWHUFHSWDP RX HQWUH FDQWRV GH XPD 3RO\OLQH
FRPRUDLRGHWHUPLQDGRSHORXVXiULRpGHQRPLQDGR

$ &,5&/(

 &ULDU FtUFXORV D SDUWLU GH XP UDLR GH XP GLkPHWUR GH GRLV RX
WUrVSRQWRVHGHWDQJHQWHV

% 75,0

 &RUWD OLQKDV SROLOLQKDV H DUFRV HP UHODomR D XPD RXWUD


HQWLGDGH IURQWHLUD  $V IURQWHLUDV GHYHP FUX]DU DV HQWLGDGHV &DVR
QmR FUX]HP p QHFHVViULR DOWHUDU QD RSomR ('*( GH1R H[WHQG
SDUD([WHQGGXUDQWHDH[HFXomRGRFRPDQGR75,0 75 

& 527$7(

 5RGDXPDHQWLGDGHRXXPJUXSRGHHQWLGDGHVHPWRUQRGHXP
02423412177

SRQWR EDVH 2 FRPDQGR WHP D RSomR UHIHUHQFH TXH SHUPLWH D


PXGDQoDGDUHIHUrQFLD RkQJXORGHIDXOWp]HUR 

' $55$<

 &ULD YiULDV FySLDV RUJDQL]DGDV HP OLQKDV FROXQDV RX DUUDQMRV


FLUFXODUHVGHREMHWRVVHOHFLRQDGRV

( ),//(7

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 )D] D XQLmR GDV SRQWDV GH GXDV OLQKDV SROLOLQKDV RX DUFRV
7DPEpPSHUPLWHID]HUDFRQFRUGkQFLDGHOLQKDVDWUDYpVGHXPDUFR
FRPUDLRGHILQLGRSHORFRPDQGR

*DEDULWR(


  ± )XQGDomR &DVD ± 981(63  &RP UHODomR DRV
UHFXUVRVGR$XWRFDGŠFODVVLILTXHDVDILUPDo}HV,,,H,,,HP
YHUGDGHLUDV 9 RXHPIDOVDV ) 

, $ IRUPD PDLV DGHTXDGD SDUD VH WUDoDU XP FtUFXOR p SHOR
FRPDQGR³/LQH´GRPHQX³'UDZ´

(UUDGRLQGLFDVHRFRPDQGR&LUFOH

,, 1mR p SRVVtYHO FRQYHUWHU XP GHVHQKR GH SROHJDGDV SDUD


FHQWtPHWURV

(UUDGDSRGHVHXWLOL]DURFRPDQGR6FDOH

,,,1mRpSRVVtYHOLQVHULUEORFRVQRVGHVHQKRV

(UUDGRSRGHVHXWLOL]DURFRPDQGR,QVHUW

$FODVVLILFDomRFRUUHWDp

$ , 9 ,, 9 ,,, ) 


02423412177

% , ) ,, ) ,,, 9 

& , 9 ,, ) ,,, ) 

' , ) ,, 9 ,,, 9 

( , ) ,, ) ,,, ) 

*DEDULWR(

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± )XQGDomR &DVD ± 981(63  3DUD DOWHUDU DV


GLPHQV}HV GH HOHPHQWRV GH XP GHVHQKR QR SURJUDPD
$XWRFDGŠGHYHVHXWLOL]DURFRPDQGR

$ =RRP

 $PSOLDRXUHGX]DYLVXDOL]DomRGRVGHVHQKRV

% 6FDOH

 3HUPLWHDPSOLDURXUHGX]LURVGHVHQKRV

& ([WHQG

 (VWHQGHXPDOLQKDjRXWUD

' 6WUHWFK

 (VWLFDXPREMHWR

( 0RYH

 0RYLPHQWDXPGHVHQKR

*DEDULWR%


 ±6$(3±981(63 3DUDH[HFXWDUKDFKXUDVHP
XPGHVHQKRXWLOL]DQGRRSURJUDPD$XWR&$'RFRPDQGRDVHU
XWLOL]DGRp
02423412177

$ $55$<

 &ULD YiULDV FySLDV RUJDQL]DGDV HP OLQKDV FROXQDV RX DUUDQMRV


FLUFXODUHVGHREMHWRVVHOHFLRQDGRV

% &+$0)(5

 3HUPLWHGHVHQKDUFDQWRVFKDQIUDGRV

& &23<

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 &RSLDREMHWRVHGHVHQKRV

' ),//(7

 )D] D XQLmR GDV SRQWDV GH GXDV OLQKDV SROLOLQKDV RX DUFRV
7DPEpPSHUPLWHID]HUDFRQFRUGkQFLDGHOLQKDVDWUDYpVGHXPDUFR
FRPUDLRGHILQLGRSHORFRPDQGR

( +$7&+

 3HUPLWHLQVHULUKDFKXUDV

*DEDULWR(

  ± '3(5- ± )*9  2EVHUYH R GHVHQKR DEDL[R


FULDGRSRUPHLRGRSURJUDPD$XWRFDG

02423412177

2 GLPHQVLRQDPHQWR TXH QR PHQX ',0(16,21 XVRX D RSomR


$/,*1('PHGH

$ 

% 

& 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' 

( 

 2V tFRQHV GD EDUUD GH IHUUDPHQWDV 'LPHQVLRQ GHVWLQDPVH D


FULDUFRWDV

/,1($5SHUPLWHFRWDUDVGLVWkQFLDVKRUL]RQWDLVRXYHUWLFDLV

$/,*1(' SHUPLWH FRWDU D GLVWkQFLD OLQHDU HQWUH 


SRQWRV

25',1$7( SHUPLWH FRWDU D SRVLomR GH XP SRQWR


UHODWLYDPHQWHDRSRQWRGHRULJHPGDVFRRUGHQDGDV  

 5$',86 SHUPLWH FRWDU R UDLR GH XPD FLUFXQIHUrQFLD RX GH


XPDUFRGHFLUFXQIHUrQFLD
02423412177

',$0(7(5SHUPLWHFRWDURGLkPHWURGHXPDFLUFXQIHUrQFLD

$1*8/$5SHUPLWHFRWDURkQJXORIRUPDGRSRUGXDVOLQKDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

%$6(/,1( SHUPLWH GHILQLU YiULDV FRWDJHQV UHODWLYDPHQWH D


XPSRQWRLQLFLDOFRPXP

&217,18286 SHUPLWLU GHILQLU YiULDV FRWDJHQV HP


FRQWLQXLGDGHFRPDSULPHLUD

/($'(5SHUPLWHOHJHQGDURREMHWRFRPWH[WR

&(17(5SHUPLWHGHVHQKDUGXDVOLQKDVHPFUX]TXHGHILQHP
RFHQWURGHXPDFLUFXQIHUrQFLDRXDUFR

(',7 SHUPLWH DOWHUDU FDUDFWHUtVWLFDV GR WH[WR GD FRWDJHP


FRPDVVHJXLQWHVRSo}HV

+20(UHFRORFDRWH[WRQDSRVLomRSDGUmR

1(:SHUPLWHHVFUHYHUQRYRWH[WRQDSRVLomRSDGUmR

527$7(SHUPLWHURGDURWH[WRGDFRWD

2%/,48(DMXVWDDVOLQKDVGHFKDPDGDHPIXQomRGHXPDOLQKD
02423412177

7(',7 SHUPLWH DOLQKDU R WH[WR GD FRWD UHODWLYDPHQWH j OLQKD


GHFRWDJHPFRPDVVHJXLQWHVRSo}HV

/()7DOLQKDRWH[WRSHORODGRHVTXHUGRGDOLQKDGHFRWD

5,*+7DOLQKDRWH[WRSHORODGRGLUHLWRGDOLQKDGHFRWD

+20(FRORFDRWH[WRQDSRVLomRSDGUmR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

$1*/(SHUPLWHURGDURWH[WR

'',0 'LPHQVLRQ 6W\OH  DEUH XPD FDL[D GH GLiORJR RQGH p


SRVVtYHOHGLWDUWLSRVGHFRWDJHPSDGUmR

',083 8SGDWH  SHUPLWH DWXDOL]DU WRGDV DV FRWDJHQV


FULDGDV QR GHVHQKR SDUD ILFDUHP HP FRQIRUPLGDGH FRP D QRYD
FRQILJXUDomRGHFRWDJHQV

*DEDULWR(


$%,1  &HVSH  3DUD SURMHWDU RX DQDOLVDU SURMHWRV GH
HQJHQKDULD XP SURJUDPD PXLWR XWLOL]DGR p R $XWR&$' TXH
SHUPLWH PDLRU DJLOLGDGH QR HQYLR H PDQXVHLR GH SODQWDV H
GHPDLV GHVHQKRV 1HVVH VHQWLGR YLVDQGR DR XVR GR $XWR&$'
SDUD D HODERUDomR GRV GHVHQKRV GH SURMHWRV GH HQJHQKDULD
LQGHSHQGHQWHPHQWH GDV YHUV}HV XWLOL]DGDV H DLQGD D
QHFHVVLGDGH GH TXH R HQJHQKHLUR WHQKD FRQKHFLPHQWR GH
DOJXQV FRPDQGRV H SURFHGLPHQWRV D ILP GH UHDOL]DU R VHX
WUDEDOKRMXOJXHRVLWHQVVXEVHTXHQWHV

02423412177

 ±4XDQGRRXVXiULRDSyVGHVHQKDUXPTXDGUDGRGH
TXDWURXQLGDGHVGHODGRH[HFXWDRFRPDQGRVFDOHVHOHFLRQDD
ILJXUD GHVHQKDGD GLJLWD  H SUHVVLRQD >(QWHU@ R TXDGUDGR
ILQDO WHUi XPD iUHD HTXLYDOHQWH D  GD iUHD GR TXDGUDGR
RULJLQDO

2 FRPDQGR 6&$/( PRGLILFD D HVFDOD GH XPD HQWLGDGH RX XP


JUXSR GH HQWLGDGHV VHOHFFLRQDGDV 2 YDORU GH HVFDOD PDLRU TXH 
DXPHQWD H PHQRU TXH  GLPLQXL p XP SURGXWR GDV GLPHQV}HV GR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

REMHWR  2 FRPDQGR SHGH XP SRQWR GH EDVH SDUD D SDUWLU GHOH
H[HFXWDUDDomR

2 YDORU GH HVFDOD  UHGX]LUi RV ODGRV GR TXDGUDGR SHOD
PHWDGH R TXH UHVXOWD HP XPD iUHD HTXLYDOHQWH D  GD iUHD
RULJLQDO

*DEDULWR&RUUHWD

  ± 8WLOL]DQGRVH R $XWR&$' SDUD D HODERUDomR GH
GHVHQKRV p SRVVtYHO VDOYDU RV SURMHWRV HP DUTXLYRV FRP
H[WHQVmRGZJRXG[I

([DWR RV DUTXLYRV GR $XWRFDG SRGHP VHU VDOYRV HP GZJ RX
G[I

$ WHUPLQDomR G[I FRUUHVSRQGH j 'UDZLQJ ([FKDQJH )RUPDW H


GHVWLQDVH j H[SRUWDomR GH DUTXLYRV GH $XWRFDG SDUD RXWURV
SURJUDPDVWDOFRPR&RUHO'UDZ

*DEDULWR&RUUHWD

  ± 2 FRPDQGR RIIVHW SHUPLWH TXH R XVXiULR FULH XP
QRYRREMHWRFRPIRUPDVSDUDOHODVDRREMHWRVHOHFLRQDGR(VVH
FRPDQGRIDFLOLWDRGHVHQKRGHSDUHGHV
02423412177

2 FRPDQGR 2))6(7 ID] D FySLD SDUD R ODGR RIIVHW  GH OLQKDV


SROLOLQKDV DUFRV H FtUFXORV 2 FRPDQGR LQLFLDOPHQWH SHUJXQWD SHOD
GLVWkQFLDGRRIIVHWHVWDGLVWkQFLDSRGHVHULQWURGX]LGDPDQXDOPHQWH
RXDWUDYpVGHGRLVFOLTXHVFRPRPRXVHFRPDGLVWkQFLDGHVHMDGD

*DEDULWR&RUUHWD


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± 3DUD FULDU FySLDV GH XP REMHWR GLVWULEXtGDV HP


OLQKDVHFROXQDVSUHYLDPHQWHGHILQLGDVRXVXiULRGHYHXVDUR
FRPDQGR SRODU DUUD\ SRGHQGR VHOHFLRQDU R REMHWR DQWHV RX
GHSRLVGRFRPDQGRVHUHIHWXDGR


3DUDFULDUFySLDVGHXPREMHWRGLVWULEXtGDVHPOLQKDVHFROXQDV
SUHYLDPHQWH GHILQLGDV R XVXiULR GHYH XVDU R FRPDQGR 5HFWDQJXODU
$UUD\FRQIRUPHDMDQHODDVHJXLU

2FRPDQGR3RODU$UUD\SHUPLWHFULDUFySLDVHPSRVLomRFLUFXODU
02423412177

GLVWDQFLDGDVGHLJXDOkQJXORHPWRUQRGHXPSRQWR

*DEDULWR(UUDGD

  ± &DVR R XVXiULR H[HFXWH R FRPDQGR UHFWDQJOH
VHOHFLRQH XP SRQWR QD WHOD GLJLWH # H DFLRQH D WHFOD
>(QWHU@VHUiFULDGRXPTXDGUDGRFRPGXDVXQLGDGHVGHODGR
HP TXH R SRQWR VHOHFLRQDGR QD WHOD VHUi R YpUWLFH LQIHULRU
HVTXHUGRGRTXDGUDGR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϰϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

2 FRPDQGR 5(&7$1*/( GHVHQKD XP UHWkQJXOR 3HGH DSHQDV


GRLVSRQWRVHPGLDJRQDOQDWHOD

1R FDVR GD TXHVWmR RV GRLV SRQWRV GD GLDJRQDO VmR R YpUWLFH
LQIHULRUHVTXHUGRHRSRQWRGHILQLGRjGLVWkQFLD G[G\    

*DEDULWR&RUUHWD

  ± 3DUD DSDJDU REMHWRV VHOHFLRQDGRV XPD RSomR p R
DFLRQDPHQWRVLPXOWkQHRGDVWHFODV>&WUO@>$OW@>'HO@

2 FRPDQGR (5$6( DSDJD XPD HQWLGDGH RX XP JUXSR GH


HQWLGDGHVVHOHFLRQDGDV

2 FRPDQGR GD TXHVWmR DFLRQD R TXDGUR GR JHUHQFLDGRU GH


WDUHIDVGRFRPSXWDGRU

*DEDULWR(UUDGD

  ± 7-*2 ± )*9  1R VLVWHPD $XWR&$' IRL
H[HFXWDGR XP GHVHQKR QR HVSDoR GR PRGHOR 0RGHO 
XWLOL]DQGRVHRPHWURFRPRXQLGDGHGRGHVHQKR$RLPSULPLOR
GLUHWDPHQWH D SDUWLU GD DED GR PRGHOR XWLOL]DQGRVH FRPR
02423412177

SDUkPHWURV GH HVFDOD D LGHQWLGDGH ³ PP   XQLWV´


REWHYHVHXPDLPSUHVVmRFRPDHVFDOD

$ 

% 

& 

' 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

( 

XQLW P

/RJRXQLWV P PP

6HPPQRGHVHQKRHTXLYDOHDPPQDUHDOLGDGHHQWmRD
HVFDODVHULDGH

*DEDULWR(


 ±)XQGDomR&DVD±981(63 &DGDSURJUDPDGH
FRPSXWDGRU WHP XP IRUPDWR GH DUTXLYR SDGUmR FRP XPD
H[WHQVmR TXH HOH HVWi KDELOLWDGR SDUD DEULU 1R $XWRFDGŠ D
H[WHQVmR TXH LGHQWLILFD XP IRUPDWR GH DUTXLYR PXLWR
FRPSDFWR TXH IDFLOLWD VXD PDQLSXODomR H YLVXDOL]DomR HP
SiJLQDVQD:HEp

$ GJQ

% GZI

& GZJ

' G[I

( MSJ
02423412177

)RQWHKWWSUDGQHYHVEORJVSRWFRPEUH[WHQVRHVGHDUTXLYRVFULDGRVHKWPO!

GZJ$UTXLYRSDGUmRGR$XWRFDG

G[I  $UTXLYR GH LQWHUFkPELR IDFLOPHQWH OLGR SRU GLYHUVRV RXWURV


VRIWZDUHV
GZV$UTXLYRSDUDDUPD]HQDUSDGU}HVGHGHVHQKR OD\HUVHVWLORGH
FRWDVHVWLORVGHWDEHODVHWF 

GZW$UTXLYRTXHDUPD]HQDPRGHORVGHOD\RXW

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

SDW'HILQLo}HVGHKDFKXUDV

OLQ'HILQLo}HVGHOLQKDV

VKSHVK['HILQLo}HVGHVKDSHV

OVS5RWLQDV/LVS

VUF6FULSWV

DU[5RWLQDV&

DUJ$UTXLYRVGHSURILOHV

GZI  )RUPDWR YHWRULDO XWLOL]DGR SDUD SRVWDJHQV :HE


GUDZLQJZHEIRUPDW 

G[H$UPD]HQDFRQILJXUDo}HVGHH[WUDomRGHGDGRV

IDVHYO[$UTXLYRVOLVSFRPSLODGRV3URLEHDFHVVRDRFyGLJRIRQWH

*DEDULWR%


  ± 757 ± )&&  2 FRPDQGR /,0,76 GR
SURJUDPD$XWR&$'ŠGHVWLQDVHDGHWHUPLQDU
$   D iUHD GH WUDEDOKR TXH p LQGLFDGD SRU XP UHWkQJXOR HP
IXQomRGRGHVHQKRDVHUIHLWR

% RSHUtPHWURGHWUDEDOKRHPIXQomRGHXPFtUFXORQRTXDO
02423412177

HVWHMDLQVFULWRRGHVHQKRDVHUIHLWR

& DiUHDGHWH[WRGRFRPDQGR'7(;7

' RWDPDQKRGDVFRWDVHRWDPDQKRGDVVHWDVGRFRPDQGR
',0

( DHVSHVVXUDGDVOLQKDVGRFRPDQGR/,1(7<3(

 2FRPDQGR/,0,76GHILQHRVOLPLWHVGDiUHDGHWUDEDOKR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

*DEDULWR$


  ± 6$(3 ± 981(63  8WLOL]DQGR R SURJUDPD
$XWR&$'RFRPDQGR675(7&+SHUPLWH

$  HVWLFDU XPD RX PDLV HQWLGDGHV VHOHFLRQDGDV SRU PHLR GH


XPDMDQHOD

% HVWHQGHUXPDOLQKDRXDUFRDWpXPHOHPHQWROLPLWH

&   UHDOL]DU XPD FySLD GH XPD HQWLGDGH VHOHFLRQDGD


DOWHUDQGRVXDVGLPHQV}HV

' UHDOL]DUXPDFySLDVLPpWULFDGHXPREMHWR

( FRUWDUSDUWHGHREMHWRVRXHQWLGDGHVVHOHFLRQDGDV

 2FRPDQGR675(7&+SHUPLWHHVWLFDUREMHWRVHHQWLGDGHV

*DEDULWR$


$1$7(/  &HVSH  &RP UHODomR DR XVR GH WHFODV GH
IXQo}HVQR$XWR&$'MXOJXHRVLWHQVTXHVHVHJXHP

 )SHUPLWHRDFHVVRDIHUUDPHQWDVGHDMXGD KHOS 

([DWRGDPHVPDIRUPDTXHHPRXWURVSURJUDPDVRFRPDQGR
02423412177

)DFLRQDDDMXGDGR$XWRFDG

*DEDULWR&RUUHWD

   ) SHUPLWH DOWHUQDU HQWUH D WHOD JUiILFD H D WHOD GH
WH[WR

([DWR R FRPDQGR ) DOWHUQD HQWUH D WHOD JUiILFD H D WHOD GR


WH[WRHYLFHYHUVD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ


*DEDULWR&RUUHWD

 )OLJD HGHVOLJDR*5,'TXH pIRUPDGRSRU SRQWRV
YLVtYHLV QD WHOD XWLOL]DGRV DSHQDV SDUD D UHIHUrQFLD QR
GHVHQKR

)RQWHKWWSZZZMDFLQWRPHQGHVHWLEUPDFNHQ]LHIHUUDPHQWDV$XWRFDGDXODDXODKWP!

2FRPDQGR)OLJDHGHVOLJDRREMHFWVQDS

6XUJLUiXPDMDQHODTXHSHUPLWLUiOLJDURXGHVOLJDURVGLIHUHQWHV
WLSRVGHVQDSDVHUHPXWLOL]DGRVGXUDQWHDVHVVmRGHGHVHQKR

02423412177




'HVFULomRGHFDGDXPGRVWLSRVGHREMHFWVQDS

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

(1'32,17 ± 'HWUPLQD R SRQWR ILQDO GH XPD OLQKD DUFR RX


RXWUR REMHWR TXH WHQKD XP SRQWR ILQDO GHILQLGR e LQGLFDGR SRU XP
SHTXHQRTXDGUDGR

0,'32,17 ± 2EWpP R SRQWR PpGLR GH XP REMHWR TXH WHQKD


GXDV H[WUHPLGDGHV 3RGH VHU XVDGR SDUD OLQKDV H DUFRV e LQGLFDGR
SRUXPSHTXHQRWULkQJXOR

&(17(5 ± 2EWpP R FHQWUR GH FtUFXORV DUFRV H HOLSVHV e


LQGLFDGRSRUXPSHTXHQRFtUFXOR

48$'5$17±4XDGUDQWHVVmRRVFDQWRVGHFtUFXORVHHOLSVHV
$UFRVWDPEpPSRGHPWHUTXDGUDQWHVeLQGLFDGRSRUXPORVDQJR

,17(56(&7,21 ± $ LQWHUVHFomR DSDUHFH VHPSUH TXH GRLV


REMHWRVVHFUX]DUHPeLQGLFDGRSRUXP;

3(53(1',&8/$5 ± 7UDoD XPD OLQKD GH XP SRQWR D RXWUR


IRUPDQGR XP kQJXOR UHWR FRP XP REMHWR e LQGLFDGR SRU XP
TXDGUDGRFRPGXDVH[WHQV}HV

7$1*(17±7DQJHQWVmRXVDGDVHPFtUFXORVDUFRVHHOLSVHVe
LQGLFDGRSRUXPFtUFXORFRPXPDOLQKDVREUHHOH

$ HVFROKD GRV REMHFW VQDSV WDPEpP SRGH VHU IHLWD SDUD R


SUy[LPR SRQWR D SDUWLU GD EDUUD GH IHUUDPHQWDV 2EMHFW 6QDSV TXH
02423412177

SRGHVHUYLVXDOL]DGDSHORPHQX9LHZ7RROEDUV


*DEDULWR(UUDGD

   ) SHUPLWH DFHVVR DR TXDGUR GH GLiORJR 2VQDS
6HWWLQJV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

2FRPDQGR)SHUPLWHOLJDUHGHVOLJDURREMHFWVQDSHWDPEpP
TXDQGR WRGRV RV RVQDS HVWmR GHVOLJDGRV R DFHVVR DR TXDGUR GH
GLiORJR'UDIWLQJ6HWWLQJV

*DEDULWR(UUDGD

&%0')  &HVSH  &RP EDVH QD HGLomR GH JHRPHWULD


DYDQoDGDGR$XWR&$'MXOJXHRVLWHQVVXEVHTHQWHV

  ± 2 FRPDQGR )LOOHW VHUYH SDUD GHVHQKDU XP DUFR
XQLQGRGXDVOLQKDVSDUDOHODVRXQmR

2 FRPDQGR ),//(7 ID] D XQLmR GDV SRQWDV GH GXDV OLQKDV


SROLOLQKDV RX DUFRV 7DPEpP SHUPLWH ID]HU D FRQFRUGkQFLD GH OLQKDV
DWUDYpVGHXPDUFRFRPUDLRGHILQLGRSHORFRPDQGR

*DEDULWR&RUUHWD

  ± 3DUD VH GHVPHPEUDU REMHWRV FRPSRVWRV HP VXDV
SDUWHVFRPSRQHQWHVSRGHVHXVDURFRPDQGR([SORGH


2 FRPDQGR (;3/2'( GHVDJUXSD DV HQWLGDGHV FRPR EORFRV


02423412177

SROLOLQKDV KDWFK GLPHQVLRQDPHQWR PDOKDV H VyOLGRV 1mR VH GHYH


H[SORGLU GLPHQVLRQDPHQWR FRWDV  3RGH H[LVWLU QR GHVHQKR EORFRV
DQLQKDGRVLVWRpEORFRVFULDGRVFRP RXWURVEORFRV3DUDH[SORGLORV
VHUiQHFHVViULRH[SORGLORYiULDVYH]HVLQLFLDOPHQWHREORFRSULQFLSDO
GHSRLVRVGHPDLVEORFRV

*DEDULWR&RUUHWD


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 ±3DUDVHGHILQLUDRSHUDomRGHFKDQIUDGXUDSRGHVH
XVDURFRPDQGR+DWFKHGLW

2FRPDQGR&KDQIHUGHVWLQDVHDFKDQIUDUXPDDUHVWDYLYD

*DEDULWR(UUDGD

  ± 2V SDUkPHWURV GH XPD KDFKXUD SRGHP VHU
PXGDGRVFRPRFRPDQGR'LVWDQFH

2 FRPDQGR 'LVWDQFH VHUYH SDUD PHGLU DOJR WDO FRPR R


FRPSULPHQWRGHXPDOLQKDRXDGLVWkQFLDHQWUHGRLVSRQWRV

*DEDULWR(UUDGD

  ± 2 FRPDQGR $UUD\ VHUYH SDUD FULDU YiULDV FySLDV
RUJDQL]DGDV HP OLQKDV FROXQDV RX DUUDQMRV FLUFXODUHV GH
REMHWRVVHOHFLRQDGRV

([DWR QR SULPHLUR FDVR VHOHFLRQDVH 5HFWDQJXODU $UUD\ H QR


VHJXQGRFDVR3RODU$UUD\

*DEDULWR&RUUHWD

&() &RPUHODomRDR$XWR&$'5MXOJXHRVLWHQVTXH
02423412177

VHVHJXHP

 ±2FRPDQGR6DYHSHUPLWHVDOYDURDUTXLYRTXHHVWi
QRPRPHQWRDEHUWR6HRDUTXLYRMiSRVVXLUQRPHRXVHMDMi
WLYHU VLGR VDOYR SHOR PHQRV XPD YH] R FRPDQGR VDOYD DV
DOWHUDo}HVQRDUTXLYRGHPHVPRQRPH


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

$VLWXDomRGHVFULWDDFLPDpDPHVPDHPGLIHUHQWHVSURJUDPDV
DVVLPFRPRQR$XWRFDG

*DEDULWR&RUUHWD

  ± $ IXQomR GR FRPDQGR 6QDS p SHUPLWLU VHOHFLRQDU H
FRSLDUWUHFKRVGRGHVHQKRHPHODERUDomR

)RQWHKWWSZZZGHPHWXIPJEUJUDGGLVFLSOLQDVHTPQDXWRFDGEDVLFRSGI!


2 FRPDQGR 6QDS IRUoD R FXUVRU D GHVORFDU HP GLVWkQFLDV
HVSHFtILFDV GHILQLGDV SHOR XVXiULR e EDVWDQWH ~WLO SDUD PDQWHU D
SUHFLVmR TXDQGR DV GLVWkQFLDV IRUHP LQGLFDGDV SHOR FXUVRU RX SDUD
GHVHQKRV HP SHUVSHFWLYD LVRPpWULFD FRP R DX[tOLR GR JULG 8VDGR
MXQWRFRPR*5,'SDUDGHVHQKRVLVRPpWULFRV

*DEDULWR(UUDGD

  ± $ VHTrQFLD GH FDUDFWHUHV #! LQGLFD XP
FRPDQGR SDUD WUDoDU XPD OLQKD GH WDPDQKR  FRP  JUDXV
GHLQFOLQDomRQRVHQWLGRDQWLKRUiULR

(PFRRUGHQDGDVSRODUHVGHYHPVHULQGLFDGRVRGHVORFDPHQWRH
R kQJXOR GH LQFOLQDomR GHVWH GHVORFDPHQWR XWLOL]DQGR FRPR
02423412177

UHIHUrQFLD R FtUFXOR WULJRQRPpWULFR 2V YDORUHV LQGLFDGRV VmR VHPSUH


HP UHODomR DR ~OWLPR SRQWR GHILQLGR $ VLQWD[H p #G‰ RQGH G
UHSUHVHQWDDGLVWkQFLDH‰RkQJXOR
2VtPERORGHkQJXOR³´HVWiLQYHUWLGRQRFRPDQGRGDTXHVWmR

*DEDULWR(UUDGD

3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  2 FURTXL GD SODQWD
EDL[DDSUHVHQWDGRDVHJXLUUHIHUHVHjVTXHVW}HVH
WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± 'HVFRQVLGHUDQGR D UHSUHVHQWDomR GR WHOKDGR TXDO


GRVFURTXLVFRUUHVSRQGHDRFRUWHLQGLFDGRQDSODQWDEDL[D"

02423412177

 2 FRUWH  UHVXOWD QD PHVPD LPDJHP TXH WHUtDPRV VH


SRVLFLRQDGRV VREUH D OLQKD  FRP YLVWD SDUD R PHVPR VHQWLGR GDV
IOHFKDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϱϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 &RPLVVRQRODGRGLUHLWRGDILJXUDWHPRVRFRUWHGRYLGURHGR
ODGRHVTXHUGRRFRUWHGDSDUHGH(PIUHQWHDSDUHGHFRPDOWXUDGH
PGRODGRGLUHLWRHGRODGRHVTXHUGRDSRUWDDEHUWD

 $ILJXUDGDOHWUD$FRUUHVSRQGHjLPDJHPDSDUWLUGRFRUWH

*DEDULWR$

 ±$VOLQKDVH[LVWHQWHVQRYmRGDSRUWDLQGLFDPTXHKi

$ SHLWRULO

% VROHLUD

& WHVWHLUD

' FKDSLP

( IURQWLVStFLR

 $ LPDJHP HP SODQWD GD SRUWD DSUHVHQWD GXDV OLQKDV SDUDOHODV


GDPHVPDODUJXUDGDSDUHGHTXHUHSUHVHQWDPDVROHLUDLQVWDODGDQR
SLVRMXQWRjVHQWUDGDVGRVF{PRGRVVREDSRUWD

*DEDULWR%

±48(67®(6$35(6(17$'$61(67$$8/$
02423412177


 ±3HWUREUDV±7pFQLFR±&HVJUDQULR 2EVHUYHR
FURTXLDVHJXLU

0DQWHQGRVH DV RULHQWDo}HV SDGU}HV GHIDXOW  GR $XWR&$'


GHVHMDVHGHVHQKDUD)LJXUDGRFURTXLQR$XWR&$'XWLOL]DQGR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

R FRPDQGR /LQH HVSHFLILFDQGR RV SRQWRV SRU FRRUGHQDGDV


DWUDYpVGRWHFODGR3DUDWDQWRDSyVHVSHFLILFDURSRQWR3D
ILPGHHVSHFLILFDURSRQWRVHJXLQWH 3 GLJLWDVH

$ #

% >@

& 

' !

( 


  ± &DVD GD 0RHGD ± 7pFQLFR ± &HVJUDQULR 
&RQVLGHUH D VHJXLQWH OLQKD TXH IRL GHVHQKDGD QR $XWR&DG
OLJDQGR RV SRQWRV  H  FRP D XWLOL]DomR GH VLQWD[H GH
FRRUGHQDGDSRODUUHODWLYD

$VLQWD[HXWLOL]DGDIRL
02423412177

$ #

% #

& #

' #

( #

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

 ±3HWUREUDV±7pFQLFR±&HVJUDQULR &RQVLGHUH
D VHJXLQWH OLQKD GHVHQKDGD QR $XWRFDG FRP D XWLOL]DomR GR
FRPDQGR /,1( 2 SRQWR 3 IRL PDUFDGR HP XPD FRRUGHQDGD
TXDOTXHUQDiUHDGHGHVHQKR

3DUDWUDoDUDOLQKDDWpRSRQWR3FRPDVGLVWkQFLDVPDUFDGDV
QRGHVHQKRTXDOGRVFRPDQGRVIRLXWLOL]DGR"

$ #

% #

&  

'  

(   


  ± /LTXLJDV ± &HVJUDQULR  7UDEDOKDQGR FRP R
02423412177

$XWR&$'  XP SURMHWLVWD SUHFLVD GHVHQKDU VREUH XP


REMHWR SRQWRV FRP XP HVSDoDPHQWR GHILQLGR 3DUD WHU
VXFHVVRQDWDUHIDHOHXVDUiRFRPDQGR

$ 6&$/(

% /,0,76

& ',9,'(

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' 0($685(

( 81,76


  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R
$XWR&$'TXDOGRVtFRQHVDVHJXLUHVTXHPDWL]DGRVUHSUHVHQWD
RFRPDQGR7ULP"

  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR 


'HVHQKDQGR FRP $XWR&$' SDUD FULDU REMHWRV SDUDOHORV D
SDUWLUGHXPREMHWRMiH[LVWHQWHpXWLOL]DGRRFRPDQGR

$ 'LVW

% $OLJQ

& 6SOLQH

' 6WUHWFK

( 2IIVHW 02423412177


67-  &HVSH  $ UHVSHLWR GR $XWR&DG IHUUDPHQWD
LQIRUPDWL]DGD HPSUHJDGD QD HODERUDomR GH SURMHWRV GH
HQJHQKDULDMXOJXHRVLWHQVVXEVHTXHQWHV

 2SURMHWRHODERUDGRHP GLYHUVDVFDPDGDV OD\HUV 


SHUPLWHDRUJDQL]DomRGRVGHVHQKRVIDFLOLWDQGRVXDHGLomR


WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

   2 FRPDQGR RIIVHW SHUPLWH HVSHOKDU HQWLGDGHV


VHOHFLRQDGDVDXPDGLVWkQFLDSUHGHILQLGDSHORGHVHQKLVWD

  ± 3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  4XDO GDV
Do}HV DEDL[R p H[HFXWDGD XWLOL]DQGRVH R FRPDQGR $5($ GR
$XWRFDG"

$ 0RGLILFDUDiUHDGHGHVHQKR

% &ULDUXPREMHWRFRPRYDORUGDVXDiUHDGHILQLGD

& &RQYHUWHUXPSROtJRQRHPXPDUHJLmRGHiUHDGHILQLGD

'  +DFKXUDU RX VRPEUHDU D iUHD GH XP RX PDLV REMHWRV
IHFKDGRVVHOHFLRQDGRV

( &DOFXODUDiUHDHRSHUtPHWURGHGHWHUPLQDGRVREMHWRVRX
GHUHJL}HVGHILQLGDV


 ±3HWUREUDV±7pFQLFR±&HVJUDQULR $VILJXUDV
DEDL[R UHSUHVHQWDP XP GHVHQKR DQWHV H GHSRLV GD XWLOL]DomR
GHFHUWRFRPDQGRGR$XWRFDG

02423412177

2FRPDQGRXWLOL]DGRIRL

$ &23<

% 675(7&+

& 0,5525

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' (;7(1'

( 029(

   3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R 2EMHFW

6QDSGR$XWR&$'RVtPEROR pXWLOL]DGRSDUD

$ GHVHQKDUOLQKDV

% FRUWDUSDUWHGHXPREMHWRVHOHFLRQDGR

& GREUDURFRPSULPHQWRGHXPDOLQKD

' HVWHQGHUXPDOLQKDDWpXPHOHPHQWROLPLWH

( LGHQWLILFDURSRQWRH[WUHPRGHXPDOLQKD


   3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  1R PHQX
SXOO GRZQ WHFODQGR HP 'UDZ H D VHJXLU HP $UF DSDUHFHP
DOJXPDVRSo}HVSDUDDGHILQLomRGRVSRQWRVFDUDFWHUtVWLFRVGR
GHVHQKRGHDUFRV(QWUHHODVHVWmR

,6WDUW&HQWHU(QG

,,6WDUW&HQWHU$QJOH
02423412177

,,,6WDUW(QG$QJOH

,9&HQWHU6WDUW/HQJKW

(VWmRSUHVHQWHVQR$XWRFDG

$ ,H,,DSHQDV

% ,,,H,9DSHQDV

& ,,,,H,9DSHQDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' ,,,,,H,9DSHQDV

( ,,,,,,H,9


  ± /LTXLJDV ± 7pFQLFR ± &HVJUDQULR  &RP R
REMHWLYR GH FULDU XPD VpULH GH OLQKDV HQFDGHDGDV FRPR XP
GHVHQKR D PmROLYUH RX GH LQWURGX]LU FRQWRUQRV GH PDSDV
XWLOL]DQGR R $XWR&$' GHQWUH RV FRPDQGRV D VHJXLU R
DSURSULDGRp

$ 6.(7&+

% 3/,1(

& 0/,1(

' 5$<

( $5&


 ±'3(5-±)*9 2EVHUYHRVGHVHQKRVDEDL[R

02423412177

2 FRPDQGR GR $XWRFDG TXH SHUPLWH VDLU GH IRUPD PDLV


HILFLHQWHGRGHVHQKRGDHVTXHUGDSDUDRGHVHQKRGDGLUHLWDp

$ 5RWDWH

% 2IIVHW

& 0RYH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϲĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' &RS\

( $UUD\


  ± 7&(3,  )&&  1R $XWRFDG RV FRPDQGRV
TXH SHUPLWHP DSUR[LPDU RX DIDVWDU D LPDJHP GLYLGLU D iUHD
GH GHVHQKR DOWHUDU FRUHV DWULEXLU PDWHULDLV HWF HQFRQWUDP
VHQRPHQX

$ '5$:
% ,16(57
& )250$7
' 722/6
( 9,(:

 ±03($0±)&& 2FRPDQGRGR$XWR&$'TXH
SHUPLWHFULDUXPDFRQFRUGkQFLD DUUHGRQGDPHQWR HQWUHGXDV
OLQKDV TXH VH LQWHUFHSWDP RX HQWUH FDQWRV GH XPD 3RO\OLQH
FRPRUDLRGHWHUPLQDGRSHORXVXiULRpGHQRPLQDGR

$ &,5&/(

% 75,0

& 527$7( 02423412177

' $55$<

( ),//(7


  ± )XQGDomR &DVD ± 981(63  &RP UHODomR DRV
UHFXUVRVGR$XWRFDGŠFODVVLILTXHDVDILUPDo}HV,,,H,,,HP
YHUGDGHLUDV 9 RXHPIDOVDV ) 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϳĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

, $ IRUPD PDLV DGHTXDGD SDUD VH WUDoDU XP FtUFXOR p SHOR
FRPDQGR³/LQH´GRPHQX³'UDZ´

,, 1mR p SRVVtYHO FRQYHUWHU XP GHVHQKR GH SROHJDGDV SDUD


FHQWtPHWURV

,,,1mRpSRVVtYHOLQVHULUEORFRVQRVGHVHQKRV

$FODVVLILFDomRFRUUHWDp

$ , 9 ,, 9 ,,, ) 

% , ) ,, ) ,,, 9 

& , 9 ,, ) ,,, ) 

' , ) ,, 9 ,,, 9 

( , ) ,, ) ,,, ) 

  ± )XQGDomR &DVD ± 981(63  3DUD DOWHUDU DV


GLPHQV}HV GH HOHPHQWRV GH XP GHVHQKR QR SURJUDPD
$XWRFDGŠGHYHVHXWLOL]DURFRPDQGR

$ =RRP

% 6FDOH

& ([WHQG 02423412177

' 6WUHWFK

( 0RYH

 ±6$(3±981(63 3DUDH[HFXWDUKDFKXUDVHP
XPGHVHQKRXWLOL]DQGRRSURJUDPD$XWR&$'RFRPDQGRDVHU
XWLOL]DGRp

$ $55$<

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϴĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

% &+$0)(5

& &23<

' ),//(7

( +$7&+

  ± '3(5- ± )*9  2EVHUYH R GHVHQKR DEDL[R


FULDGRSRUPHLRGRSURJUDPD$XWRFDG

2 GLPHQVLRQDPHQWR TXH QR PHQX ',0(16,21 XVRX D RSomR


$/,*1('PHGH
02423412177

$ 

% 

& 

' 

( 

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϲϵĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

$%,1  3DUD SURMHWDU RX DQDOLVDU SURMHWRV GH


HQJHQKDULD XP SURJUDPD PXLWR XWLOL]DGR p R $XWR&$' TXH
SHUPLWH PDLRU DJLOLGDGH QR HQYLR H PDQXVHLR GH SODQWDV H
GHPDLV GHVHQKRV 1HVVH VHQWLGR YLVDQGR DR XVR GR $XWR&$'
SDUD D HODERUDomR GRV GHVHQKRV GH SURMHWRV GH HQJHQKDULD
LQGHSHQGHQWHPHQWH GDV YHUV}HV XWLOL]DGDV H DLQGD D
QHFHVVLGDGH GH TXH R HQJHQKHLUR WHQKD FRQKHFLPHQWR GH
DOJXQV FRPDQGRV H SURFHGLPHQWRV D ILP GH UHDOL]DU R VHX
WUDEDOKRMXOJXHRVLWHQVVXEVHTXHQWHV

 ±4XDQGRRXVXiULRDSyVGHVHQKDUXPTXDGUDGRGH
TXDWURXQLGDGHVGHODGRH[HFXWDRFRPDQGRVFDOHVHOHFLRQDD
ILJXUD GHVHQKDGD GLJLWD  H SUHVVLRQD >(QWHU@ R TXDGUDGR
ILQDO WHUi XPD iUHD HTXLYDOHQWH D  GD iUHD GR TXDGUDGR
RULJLQDO


  ± 8WLOL]DQGRVH R $XWR&$' SDUD D HODERUDomR GH
GHVHQKRV p SRVVtYHO VDOYDU RV SURMHWRV HP DUTXLYRV FRP
H[WHQVmRGZJRXG[I


  ± 2 FRPDQGR RIIVHW SHUPLWH TXH R XVXiULR FULH XP
02423412177

QRYRREMHWRFRPIRUPDVSDUDOHODVDRREMHWRVHOHFLRQDGR(VVH
FRPDQGRIDFLOLWDRGHVHQKRGHSDUHGHV


  ± 3DUD FULDU FySLDV GH XP REMHWR GLVWULEXtGDV HP
OLQKDVHFROXQDVSUHYLDPHQWHGHILQLGDVRXVXiULRGHYHXVDUR
FRPDQGR SRODU DUUD\ SRGHQGR VHOHFLRQDU R REMHWR DQWHV RX
GHSRLVGRFRPDQGRVHUHIHWXDGR

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϬĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± &DVR R XVXiULR H[HFXWH R FRPDQGR UHFWDQJOH


VHOHFLRQH XP SRQWR QD WHOD GLJLWH # H DFLRQH D WHFOD
>(QWHU@VHUiFULDGRXPTXDGUDGRFRPGXDVXQLGDGHVGHODGR
HP TXH R SRQWR VHOHFLRQDGR QD WHOD VHUi R YpUWLFH LQIHULRU
HVTXHUGRGRTXDGUDGR


  ± 3DUD DSDJDU REMHWRV VHOHFLRQDGRV XPD RSomR p R
DFLRQDPHQWRVLPXOWkQHRGDVWHFODV>&WUO@>$OW@>'HO@


  ± 7-*2 ± )*9  1R VLVWHPD $XWR&$' IRL
H[HFXWDGR XP GHVHQKR QR HVSDoR GR PRGHOR 0RGHO 
XWLOL]DQGRVHRPHWURFRPRXQLGDGHGRGHVHQKR$RLPSULPLOR
GLUHWDPHQWH D SDUWLU GD DED GR PRGHOR XWLOL]DQGRVH FRPR
SDUkPHWURV GH HVFDOD D LGHQWLGDGH ³ PP   XQLWV´
REWHYHVHXPDLPSUHVVmRFRPDHVFDOD

$ 

% 

& 

' 

(  02423412177


 ±)XQGDomR&DVD±981(63 &DGDSURJUDPDGH
FRPSXWDGRU WHP XP IRUPDWR GH DUTXLYR SDGUmR FRP XPD
H[WHQVmR TXH HOH HVWi KDELOLWDGR SDUD DEULU 1R $XWRFDGŠ D
H[WHQVmR TXH LGHQWLILFD XP IRUPDWR GH DUTXLYR PXLWR
FRPSDFWR TXH IDFLOLWD VXD PDQLSXODomR H YLVXDOL]DomR HP
SiJLQDVQD:HEp

$ GJQ

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϭĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

% GZI

& GZJ

' G[I

( MSJ


  ± 757 ± )&&  2 FRPDQGR /,0,76 GR
SURJUDPD$XWR&$'ŠGHVWLQDVHDGHWHUPLQDU

$   D iUHD GH WUDEDOKR TXH p LQGLFDGD SRU XP UHWkQJXOR HP


IXQomRGRGHVHQKRDVHUIHLWR

% RSHUtPHWURGHWUDEDOKRHPIXQomRGHXPFtUFXORQRTXDO
HVWHMDLQVFULWRRGHVHQKRDVHUIHLWR

& DiUHDGHWH[WRGRFRPDQGR'7(;7

' RWDPDQKRGDVFRWDVHRWDPDQKRGDVVHWDVGRFRPDQGR
',0

( DHVSHVVXUDGDVOLQKDVGRFRPDQGR/,1(7<3(


  ± 6$(3 ± 981(63  8WLOL]DQGR R SURJUDPD
$XWR&$'RFRPDQGR675(7&+SHUPLWH
02423412177

$  HVWLFDU XPD RX PDLV HQWLGDGHV VHOHFLRQDGDV SRU PHLR GH


XPDMDQHOD

% HVWHQGHUXPDOLQKDRXDUFRDWpXPHOHPHQWROLPLWH

&   UHDOL]DU XPD FySLD GH XPD HQWLGDGH VHOHFLRQDGD


DOWHUDQGRVXDVGLPHQV}HV

' UHDOL]DUXPDFySLDVLPpWULFDGHXPREMHWR

( FRUWDUSDUWHGHREMHWRVRXHQWLGDGHVVHOHFLRQDGDV

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϮĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ


$1$7(/  &RP UHODomR DR XVR GH WHFODV GH IXQo}HV QR
$XWR&$'MXOJXHRVLWHQVTXHVHVHJXHP

 )SHUPLWHRDFHVVRDIHUUDPHQWDVGHDMXGD KHOS 


   ) SHUPLWH DOWHUQDU HQWUH D WHOD JUiILFD H D WHOD GH
WH[WR


 )OLJD HGHVOLJDR*5,'TXH pIRUPDGRSRU SRQWRV
YLVtYHLV QD WHOD XWLOL]DGRV DSHQDV SDUD D UHIHUrQFLD QR
GHVHQKR


   ) SHUPLWH DFHVVR DR TXDGUR GH GLiORJR 2VQDS
6HWWLQJV


&%0') &RPEDVHQDHGLomRGHJHRPHWULDDYDQoDGDGR
$XWR&$'MXOJXHRVLWHQVVXEVHTHQWHV

  ± 2 FRPDQGR )LOOHW VHUYH SDUD GHVHQKDU XP DUFR
XQLQGRGXDVOLQKDVSDUDOHODVRXQmR
02423412177


  ± 3DUD VH GHVPHPEUDU REMHWRV FRPSRVWRV HP VXDV
SDUWHVFRPSRQHQWHVSRGHVHXVDURFRPDQGR([SORGH


 ±3DUDVHGHILQLUDRSHUDomRGHFKDQIUDGXUDSRGHVH
XVDURFRPDQGR+DWFKHGLW

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϯĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± 2V SDUkPHWURV GH XPD KDFKXUD SRGHP VHU


PXGDGRVFRPRFRPDQGR'LVWDQFH


  ± 2 FRPDQGR $UUD\ VHUYH SDUD FULDU YiULDV FySLDV
RUJDQL]DGDV HP OLQKDV FROXQDV RX DUUDQMRV FLUFXODUHV GH
REMHWRVVHOHFLRQDGRV


&() &RPUHODomRDR$XWR&$'5MXOJXHRVLWHQVTXH
VHVHJXHP

 ±2FRPDQGR6DYHSHUPLWHVDOYDURDUTXLYRTXHHVWi
QRPRPHQWRDEHUWR6HRDUTXLYRMiSRVVXLUQRPHRXVHMDMi
WLYHU VLGR VDOYR SHOR PHQRV XPD YH] R FRPDQGR VDOYD DV
DOWHUDo}HVQRDUTXLYRGHPHVPRQRPH


  ± $ IXQomR GR FRPDQGR 6QDS p SHUPLWLU VHOHFLRQDU H
FRSLDUWUHFKRVGRGHVHQKRHPHODERUDomR

  ± $ VHTrQFLD GH FDUDFWHUHV #! LQGLFD XP


FRPDQGR SDUD WUDoDU XPD OLQKD GH WDPDQKR  FRP  JUDXV
GHLQFOLQDomRQRVHQWLGRDQWLKRUiULR

02423412177

3HWUREUDV ± 7pFQLFR ± &HVJUDQULR  2 FURTXL GD SODQWD


EDL[DDSUHVHQWDGRDVHJXLUUHIHUHVHjVTXHVW}HVH

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϰĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

  ± 'HVFRQVLGHUDQGR D UHSUHVHQWDomR GR WHOKDGR TXDO


GRVFURTXLVFRUUHVSRQGHDRFRUWHLQGLFDGRQDSODQWDEDL[D"

02423412177

 ±$VOLQKDVH[LVWHQWHVQRYmRGDSRUWDLQGLFDPTXHKi

$ SHLWRULO

% VROHLUD

& WHVWHLUD

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϱĚĞϳϲ

 dĞŽƌŝĂĞYƵĞƐƚƁĞƐ
 WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝʹƵůĂϯϭ

' FKDSLP

( IURQWLVStFLR


±*$%$5,72

1) A 12) E 23) Correta 34) Errada
2) A 13) A 24) Errada 35) Correta
3) A 14) E 25) Correta 36) Correta
4) D 15) E 26) Errada 37) Errada
5) E 16) E 27) E 38) Errada
6) E 17) E 28) B 39) Correta
7) Correta 18) B 29) A 40) Correta
8) Errada 19) E 30) A 41) Errada
9) E 20) E 31) Correta 42) Errada
10) B 21) Correta 32) Correta 43) A
11) E 22) Correta 33) Errada 44) B



02423412177

WƌŽĨ͘DĂƌĐƵƐs͘ĂŵƉŝƚĞůŝǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌWĄŐŝŶĂϳϲĚĞϳϲ


You might also like