(20231028-PT) Açoriano Oriental

31%-7%28-+3.
362%043689+9§7 %23'0<<<:---2
*92(%(3)1 7&%(3()3989&63()
4361%29)0%28°2-3 (-6-3
():%7'32')037
(-6)836
4%9037-1²)7
c
-:%MRG
[[[EGSVMERSSVMIRXEPTX
3URGXomR
2UoDPHQWR
*UHYHIHFKD
GHFkQKDPR PDWDGRXURV
LQGXVWULDO HVFRODV
GHSHQGH
GHDGDSWDomR
OHJLVODWLYD
SDUDVHP HFRQGLFLRQD
6D~GH
6LQGLFDWRGL]TXHJUHYH
3UHVLGHQWHGD/XVR&DQQD
GL]TXHHVSHFLILFLGDGHVGD
5HJLmRH[LJHPDOWHUDomR
HQGLYLGDPHQWR GDDGPLQLVWUDomRS~EOLFD
WHYH¦IRUWHDGHVmR§4+-2%
49&
jVUHJUDVQDFLRQDLV4+-2%
)(9%6(36)7)2()7
DGLFLRQDO
3UHVLGHQWHGR*RYHUQR5HJLRQDOHQWUHJRXRQWHPQRSDUODPHQWRR
3ODQRH2UoDPHQWRSDUD3ODQRLQFOXLLQYHVWLPHQWRVGHPLOK}HV
GHHXURVHR2UoDPHQWRQmRSUHYrHQGLYLGDPHQWRDGLFLRQDO4+-2%)
+3:)62311
/HL(OHLWRUDO
VHUiDOWHUDGD
DQWHVGH
'HSXWDGRVTXHUHP
UHIRUoDUSDULGDGHHQWUH
KRPHQVHPXOKHUHVQDV
OLVWDVGHFDQGLGDWRV4+-2%
2UoDPHQWR
GR(VWDGR
FKXPEDGRSHOR
SDUODPHQWR
GRV$oRUHV
4+-2%
49& 49&
Lic. AMI 9303
296 30 20 20
Terreno com 18680 m² com bom acesso e boa localização Moradia T4 no coração da cidade de Ponta Delgada
Porto Formoso, Ribeira Grande 66.000,00€ São José, Ponta Delgada 235.000,00€
123541146-1 123541027-418
Avenida D. João III, n.º 43 | Ponta Delgada (São Pedro)
%¤36-%2336-)28%0
5HJLRQDO 7&%(3()3989&63()
$UTXLSpODJR&URPiWLFRXVDDDUWH
FRPRPHLRGHLQWHUYHQomRVRFLDO
$DVVRFLDomR$UTXLSpODJR&URPiWLFRFULDGDHPMDQHLURGHTXHUSURPRYHU¦XPDPRGHUQLGDGHTXHVHMDYHWRUGHFRHVmR
VRFLDOHWHUULWRULDO§XWLOL]DQGRDDUWHFRPRPHLR&RQFHUWRVGHKRPHQDJHPD*\|UJ\/LJHWLDVVLQDODPLQtFLRGDDWLYLGDGHS~EOLFD
'%60%'%66)-63).3 31%¤%6-'3
$UTXLSpODJR
&URPiWLFRTXHU
SHORVVHXVSURMHWRV
SURPRYHU´XPD
PRGHUQLGDGHTXH
VHMDYHWRUGHFRHVmR
VRFLDOHWHUULWRULDOµ
*\|UJ\/LJHWLPDUFRX
DKLVWyULDGDP~VLFD
QRVpFXOR;;FRP
DVVXDVREUDV
LQIOXHQFLDGDVSHOR
HVWLORDYDQWJDUGH
(-2%,)62%2()>
%659-4¦0%+3'6318-'3
P³WLFDk'HPRFUDFLDHGLUHLWR´
LJXDOGDGHyGHDXWRULDGHFRPSR
VLWRUDVD¹RULDQDVDVVLPFRPR
FRPDFRQFH¹·RGHXPJXLDGH
ERDVSU³WLFDVSDUDGLVWULEXLUSH
%VUYMTÆPEKS'VSQ¾XMGSHIHMGEWI½Q×WMGEIVYHMXEZEPSVMÊRHSSTEXVMQÐRMSLMWXÐVMGSIEI\TPSVEÄÀSHIRSZEWWSRSVMHEHIW ORVDJHQWHVFXOWXUDLVGD5HJL·R
%2%'%6:%0,31)03
0DVFRPRUHYHORX'LQD+HU
EREQIPS$EGSVMERSSVMIRXEPTX QµPLFDGHHQFRPHQGDVGHREUDV OLIRQLDHSROLUULWPRVyUHYHOD'L GLVFULPLQD¹·RUDFLDOQRVHWRUGD QDQGH]DDVVRFLD¹·RHVW³DWUD
FRPHVSHFLDOLQWHUHVVHQRWUDED QD+HUQDQGH] FXOWXUD3DUDWDODSUHVHQWDUVH EDOKDUQRVHQWLGRGHFRQVHJXLUIL
&ULDGDHPMDQHLURGHDDV OKRGHFRPSRVLWRUHVSRUWXJXHVHV 1HVWH FRQWH[WR KRMH SHODV ·RHPFRQFHUWRTXDWURMRYHQV QDQFLDPHQWRDLQGDSDUDRXWURV
VRFLD¹·RFXOWXUDO$UTXLSºODJR HPSDUWLFXODURVD¹RULDQRV KRFRQFHUWRºDSUHVHQWDGR PÈVLFRVOLJDGRVDRSURMHWR2U SURMHWRVDWUDYºVPHVPRGHSDU
&URP³WLFRSUHWHQGHSURPRYHUD 7HQGRk0RGHUQLGDGHºy QR0XVHX+HEUDLFR6KDDU+D TXHVWUD*HUD¹·RTXHFUHVFHUDP FHULDVFRPRXWUDVLQVWLWXL¹ÇHV
LQWHUYHQ¹·RVRFLDOSHODDUWHDSUH FRPRPRWHDDVVRFLD¹·RFRQ VKDPDLQHORFDOL]D¹·RVLPEÃOL HHVWXGDUDPHPFRQWH[WRVGHGHV $LQGDQDYHUWHQWHGDLQFOXV·R
VHQWDQGRHVWHILPGHVHPDQDRV FHSWXDOL]RXXPFRQMXQWRGH FDGDGDDRULJHPMXGDLFDGH/L IDYRUHFLPHQWRVRFLRHFRQÃPLFRH R$UTXLSºODJR&URP³WLFRFRQ
VHXVSULPHLURVFRQFHUWRV SURMHWRVTXHVHGHVGREUDPHP JHWLHSHORIDFWRGDVXDYLGDHREUD GHH[FOXV·RVRFLDO WDFWRXDVVRFLD¹ÇHVTXHWUDEDOKDP
)RUPDGD SRU XP JUXSR GH TXDWURSLODUHV,QFOXV·R'HV VHUHPPDUFDGDVSHODUHDOLGDGH k2SHUFXUVRGHYLGDGHVWHVMR FRPFRPXQLGDGHVTXHV·RDOYR
QRYHSHVVRDVVHWHGDVTXDLVPÈ FHQWUDOL]D¹·R+RPHQDJHPH GDSHUVHJXL¹·RHIXJDIUXWRGDVXD YHQVºUHIOH[RGRLPSDFWRSRVLWL GHH[FOXV·RVRFLDOGHPRGRTXH
VLFRVR$UTXLSºODJR&URP³WLFR ,JXDOGDGHFRPRUHYHORXDR RULJHP YRGDHGXFD¹·RSHODDUWHQDFRQV WRGDVHVWDVFRPXQLGDGHVVHVLQ
TXHUDWUDYºVGRVVHXVSURMHWRV $¹RULDQR2ULHQWDO'LQD+HU -³SHODVKVHU³DSUHVHQWD WUX¹·RGHSHUFXUVRVGHYLGDPDLV WDPFRQYLGDGDVSDUDRVHYHQWRV
SURPRYHUkXPDPRGHUQLGDGH QDQGH]GDDVVRFLD¹·R GRQRFLQHWHDWURODJRHQVH)UDQ DXVSLFLRVRV2VVROLVWDVLQWHUSUH 0DV WDPEºP SUHWHQGH WHU
TXHVHMDYHWRUGHFRHV·RVRFLDOH $VVLPVXUJHRSURMHWRTXHDJR FLVFRG $PDUDO$OPHLGDQD/DJRD WDU·RREUDVLQºGLWDVHVHU·RDFRP VHPSUHDVXDFRPXQLFD¹·RWUD
WHUULWRULDOFRQWULEXLQGRDVVLP UDºDSUHVHQWDGRHP3RQWD'HO $PDQK·SHODVKR0X SDQKDGRVSHOD&DPHUDWD$UTXL GX]LGDHPLQJO¼VHHPXFUDQLDQR
SDUDFDPLQKRVGHGHVHQYROYL JDGD/DJRDH5LEHLUD*UDQGH VHX9LYRGR)UDQFLVFDQLVPR SºODJRyUHIHUH FRPRIRUPDGHDMXGDUDLQWHJUDU
PHQWRPDLVLJXDOLW³ULRVRQGHD FRPRDSRLRGD)XQGD¹·R*'$ QD5LEHLUD*UDQGHVHU³SDO -³SDUDRXWXEURGHHVW³ HVWDFRPXQLGDGHTXHFUHVFHX
DUWHVHMDUHFRQKHFLGDFRPRYDORU H KRPHQDJHLD R FRPSRVLWRU FRGR&RQFHUWR&HQWHQ³ULRGH SUHYLVWDXPDVHJXQGDIDVHGHV DJRUDQD5HJL·RHWHPXPDSDU
VXSHULRUSDUDDVVRFLHGDGHVy *\ÆUJ\/LJHWLDVVLQDODQGRRVHX *\ÆUJ\/LJHWL WHSURMHWRFRPDUHDOL]D¹·RGR FHULDFRPD$&$32TXHLU³WUD
3DUDWDODDVVRFLD¹·RDSRLDR FHQWHQ³ULR 1RSLODUGD,JXDOGDGHDDVVR HYHQWRk)HPLQDyQRTXDO GX]LUHPEUDLOOHRVSURJUDPDV
GHVHQYROYLPHQWRGHWU¼VDJUXSD k(VWHFRPSRVLWRUQDVFLGRQD FLD¹·RHVW³DGHVHQYROYHURSUR PÈVLFRVLQYHVWLJDGRUHVDJHQWHV 3DUDDOºPGH'LQD+HUQDQ
PHQWRVTXHSDUWLOKDPDGHGLFD 7UDQVLOYµQLDPDUFRXDKLVWÃULD MHWRk0ÈVLFD3HOD,JXDOGDGHyTXH SRO¾WLFRVHDVVRFLD¹ÇHVGHLQWHU GH]LQWHJUDPDLQGDD$VVHP
¹·R´PÈVLFDHUXGLWDq4XLQWHWR GDPÈVLFDQRVºFXOR;;FRPDV FRQWDFRPDSRLRGD'*$UWHVH YHQ¹·RFRPXQLW³ULDVHUHXQLU·R EOHLD*HUDOGDDVVRFLD¹·R$QD
+DUPRQLD&DPHUDWD$UTXLSºOD VXDVREUDVLQIOXHQFLDGDVSHOR LU³FXOPLQDUQRHYHQWRk-RYHQV HPWRUQRGDPÈVLFDSDUDDERUGDU &ULVWLQD6RDUHVH1XQR)DULD-³
JRH$]RUHDQ0RGHUQ(QVHPEOH HVWLORDYDQWJDUGHTXHTXHEUD 6ROLVWDVSHOD,JXDOGDGHyTXHGH DVTXHVWÇHVGHLJXDOGDGHGHJº D'LUH¹·RºFRPSRVWDSRU+ºOLR
qHTXHID]HPXPSDUDOHOLVPRHQ YDWRGDVDVWUDGL¹ÇHVGHFRP FRUUHU³HPPDU¹RGH QHURQRVHWRUFXOWXUDO 6RDUHV-RDQD5LEHLURH&O³XGLR
WUHDYDORUL]D¹·RGRSDWULPÃQLR SRVL¹·RXWLOL]DQGRWºFQLFDVTXH &RPRUHYHORX'LQD+HUQDQ (VWHHYHQWRFXOPLQDU³FRPXP )LJXHLUHGRHR&RQVHOKR)LVFDO
KLVWÃULFRHDH[SORUD¹·RGHQRYDV H[SORUDYDPSRUH[HPSORRXVR GH]HVWHSURMHWRSUHWHQGHVHUXPD FRQFHUWRQRTXDOVHU·RDSUHVHQ SRU'HUHN$JXLDU0ÃQLFD$Q
VRQRULGDGHVDWUDYºVGHXPDGL GHPLFURLQWHUYDORVPLFURSR D¹·RGHSUHYHQ¹·RHFRPEDWH´ WDGDVREUDVLQºGLWDVDOXVLYDV´WH GUDGHH0LJXHO%DUUHWRƇ
NotíciasFlix
%¤36-%2336-)28%0
7&%(3()3989&63() 5HJLRQDO
eSUHFLVRDGDSWDUUHJXODPHQWDomR
GRFkQKDPRLQGXVWULDOj5HJLmR
3UHVLGHQWHGD/XVR&DQQDGL]TXHHVSHFLILFLGDGHVGRV$oRUHVH[LJHPDOWHUDo}HVjVUHJUDVQDFLRQDLVSDUDSHUPLWLUTXH
SURGXWRUHVLQWHUHVVDGRVSRVVDPDSRVWDUQHVWHSURGXWR)yUXPVREUHFkQKDPRHFDQiELVFRPHoRXRQWHPQD5LEHLUD*UDQGH
)(9%6(36)7)2()7
,YKS1SRXIMVSGSRWYPXSVTVSHYXSVITVIWMHIRXIHE0YWS'ERRE
29231%68-272):)7
RYRSQRIZIW$EGSVMERSSVMIRXEPTX ¹D$TXLQRV$¹RUHVºXUJHQWH
HVVDPXGDQ¹DSRLVDVSDUFHODV
$DWXDOUHJXODPHQWD¹·RQDFLR V·R WRGDV PXLWR SHTXHQDV
QDOSDUDDSURGX¹·RGHFµQKD ([LVWHXPSRWHQFLDOJUDQGH
PRLQGXVWULDOFRORFDHQWUDYHV PDVFRPHVWDFRQGL¹·RGRV
DRVSURGXWRUHVLQWHUHVVDGRVHP PLOPHWURVTXDGUDGRVGHP¾QL
HQYHUHGDUSRUHVWD³UHDQRV$¹R PRPXLWRVDJULFXOWRUHVM³HV
UHVSHORTXHºQHFHVV³ULRWHUHP W·RGHIRUDyUHIHUH
DWHQ¹·RDVHVSHFLILFLGDGHVGD 2XWUDDOWHUD¹·RSUHQGHVH
5HJL·R2DOHUWDIRLGDGRSHOR FRPDSRVVLELOLGDGHGHSURGX
SUHVLGHQWHGD/XVR&DQQD+X ]LURFµQKDPRLQGXVWULDOHPHV
JR0RQWHLURQRSULPHLURGLDGR WXIDVk$OJXQVDJULFXOWRUHVTXH 'ERR%^SVIWGSQIÄSYSRXIQRSTEVUYIHIPIMPÒIWHE%WWSGMEÄÀS%KVÊGSPEHI7ÀS1MKYIPIEGEFELSNI
&DQQ$¹RUHV)ÃUXP7UDQVD UHPID]HUDGDSWD¹ÇHVRXPXGDU
WOµQWLFRGH&µQKDPRH&DQ³ELV
TXHGHFRUUHQRSDUTXHGHOHLOÇHV
FXOWXUDVHSRGLDPXVDUHVVDVLQ
IUDHVWUXWXUDV+RMHHPGLDQ·R
*ÐVYQTVSGYVEHIWQMWXMJMGEVSXEFY XPSDUFHLURkGHVGHDSULPHLUD
KRUDyDSURIHVVRUDXQLYHUVLW³
GD$VVRFLD¹·R$JU¾FRODGH6·R ºSHUPLWLGRSHOR'*$9SHOR EMRHEI\MWXIRXIIQXSVRSHSG¿RLEQS ULDDOHUWDSDUDRTXHFRQVLGHUD
0LJXHODWºHVWHV³EDGR TXHVHULDWDPEºPXPDDGDS XPDEXURFUDFLDLQH[SOLF³YHO
'HDFRUGRFRP+XJR0RQ WD¹·RERDSDUDD5HJL·Ry %TÐWXVÇWIHMÄÒIWHS*ÐVYQ XÇQRÊZIMWHI8,'TVMRGMTEPWYFW k2FµQKDPRHVW³QR&DW³OR
WHLURTXHWDPEºPºFRQVXOWRUH 3DUD+XJR0RQWHLURWDP 'ERR%^SVIWSEWWYRXSIQXSV X¿RGMETWMGSEXMZETVIWIRXIRE JR&RPXP(XURSHXGDV(VSº
SURGXWRUGHFµQKDPRDVUHJUDV EºPºHVVHQFLDOSHUPLWLUVH RSHETPERXEHEGER¾FMWEMRHEÆ TPERXEIUYITSVXERXSMRWTMVEQ FLHV$JU¾FRODVFRPRXPDKRUW¾
HVWLSXODGDVSHOD'LUH¹·R*HUDO XWLOL]DUDSODQWDQDVXDWRWDOL rXEFYsTEVEQYMXEWTIWWSEWVI GYMHEHSWHIZMHSESWTVSFPIQEW FROD 1·R HVW³ QD OLVWD GH
GD$OLPHQWD¹·RH9HWHULQ³ULD GDGHDWXDOPHQWHD'*$9VÃ JIVI+VEÄE&SVKIW'EWXERLS HIWE×HIUYITSHIQTVSZSGEV HVWXSHIDFLHQWHV0DVRDWXDOUH
'*$9 DHQWLGDGHTXHWUDWD G³DXWRUL]D¹·RSDUDREWHUILEUD HESVKERMÊÄÀSr%WTIWWSEW r1EWXSHEWEWSYXVEWTPERXEWHE JXODPHQWRREULJDRWRGRQD
GDVDXWRUL]D¹ÇHVGRFµQKDPR RXVHPHQWHVk,VWRºRPHVPR QSWXVEQWIMRHMWTSRÊZIMWTEVE JEQÊPMEHEGER¾FMWRÀSWSJVIQ FLRQDODHQYLDUDVFDQGLGDWXUDV
LQGXVWULDOQ·RW¼PHPFRQWDD TXHGL]HUDXPSURGXWRUGHWR IRXIRHIVUYIXYHSMWXSÆGMÇR HMWXS)\MWXIQZEVMIHEHIW SDUDD'*$9SDUDDXWRUL]D¹·R
UHDOLGDGHGRDUTXLSºODJRKD PDWHTXHSRGHSURGX]LURVWR GMEUYIXYHSSUYIETVIRHI GSQTSXIRGMEPMQIRWSESRÊZIP 1·RID]VHQWLGRQHQKXPTXHRV
YHQGR SURSRVWDV GH UHJXOD PDWHVPDVQ·RRVSRGHYHQ QSWIQGEWERÀSGSVVIWTSRHI HEQIHMGMREWYWXIRXEFMPMHEHII QRVVRVSURGXWRUHVWHQKDPGH
PHQWD¹·RTXHD/XVR&DQQDHQ GHUVÃSRGHYHQGHUDIROKDHD ½IZMHÇRGMEGMIRXÊJMGEs EKVSEPMQIRXEVEWXVÇWKVERHIW SDVVDU SRU XPD DXWRUL]D¹·R
WHQGHVHUHPSRVLWLYDVGHIRUPD UDPD2TXHRFµQKDPRWHPGH %HSGIRXIYRMZIVWMX¾VMEVIGSRLI ¾VIEWHII\TPSVEÄÀSITSWWMFMPM MXQWRGRFRQWLQHQWHSRUTXH
DIDFLOLWDUDDSRVWDGRVSURGX PDLVYDORUVHPGÈYLGDºDSDU GIUYIL¾IWTÆGMIWHETPERXEUYI HEHIWUYIIWXETPERXESJIVIGIs WDPEºPQ·RRID]HPFRPDV
WRUHVD¹RULDQRVQHVWHSURGXWR WHGDVIORUHVGDELRPDVVDWXGR RXWUDVKRUW¾FRODVRXYHJHWDLV
(QWUHHOHVDREULJDWRULHGDGH DTXLORTXHKRMHHPGLDQ·RSR QÃVºTXHVRPRVGHPDVLDGR ILPFRQVLGHUD*UD¹D%RUJHV 1LQJXºPPDQGDXPDFDQGL
GRFµQKDPRLQGXVWULDOVÃVHU GHPRVXVDU6HR*RYHUQR5H FRQVHUYDGRUHVHQW·RFRQVH &DVWDQKRGRFHQWHXQLYHUVL GDWXUD´'*$9SDUDSODQWDU
SHUPLWLGR HP WHUUHQRV FRP JLRQDOGRV$¹RUHVWLYHUHVVDFD JX¾DPRVDEULURPHUFDGRDTXL W³ULDIXQGDGRUDGD&DQQ$ PLOKRIHLM·RRXEDWDWDy
PDLVGHPLOPHWURVTXDGUD SDFLGDGH GH DGDSWDU D SDUDSRGHUXWLOL]DUDSODQWD ]RUHVHGD&DQQD3RUWXJDOH 8PDVLWXD¹·RTXHFRQVLGH
GRVk2UDQRFRQWLQHQWHQR UHJXODPHQWD¹·RSRLVLVWRQ·R WRGDyDFUHVFHQWD &(2GD1HXURQ%RQXV UDSRGHUVHUXOWUDSDVVDGDÓX]
$OHQWHMR RQGH DV ³UHDV V·R ºQDGDGHGLIHUHQWHGRTXHVH ( D DXWRQRPLD UHJLRQDO 6XEOLQKDQGRTXHR*RYHUQR GDDXWRQRPLDDGPLQLVWUDWLYD
HQRUPHVLVVRQ·RID]GLIHUHQ ID]QRXWURVSD¾VHVGD(XURSD SRGHVHUXWLOL]DGDSDUDHVWH 5HJLRQDOGRV$¹RUHVWHPVLGR GRV$¹RUHVƇ
3XEOLFLGDGH 7&%(3()3989&63()%¤36-%2336-)28%0
%¤36-%2336-)28%0
7&%(3()3989&63() 5HJLRQDO
3ODQRGHLQYHVWLPHQWRVSDUD SÈEOLFRVTXHHVW·RDVHUkFDVWLJD
GRVyGHVGHHPWHUPRVGH
SURJUHVV·RGHFDUUHLUD
DXPHQWDSDUD0( 2O¾GHUGRH[HFXWLYRUHJLRQDO
UHDO¹RXSRURXWURODGRTXHDV
SURSRVWDVGH3ODQRH2U¹DPHQ
%06%%
WRSDUDUHSUHVHQWDPWDP
3UHVLGHQWHGR VHDQÈQFLRR*RYHUQRGD5HSÈ EºPGRFXPHQWRVGHUHVSRQVD
EOLFDDSUHVHQWRXDSURSRVWDGH ELOLGDGHUHIHULQGRVH´VYHUEDV
*RYHUQR5HJLRQDO 2U¹DPHQWR GR (VWDGR SDUD UHODFLRQDGDVFRPDH[HFX¹·RGR
DQXQFLRXDLQGD TXHSUHY¼TXHRV$¹RUHV 3ODQRGH5HFXSHUD¹·RH5HVL
TXHYDLGXSOLFDU Y·RUHFHEHUFHUFDGHPLOKÇHV OL¼QFLD 355 TXHSUHY¼PL
GHHXURVHPDRDEULJRGD OKÇHVGHHXURVHPHRXWURV
HPUHODomRD /HLGDV)LQDQ¹DVGDV5HJLÇHV PLOKÇHVHPSDUDIL
R¦FKHTXHSHTXHQLQR§ $XWÃQRPDVPDLVPLOKÇHV QDQFLDPHQWRGHREUDVk6·RGR
HPPDLVGHHXURV GRTXHHP FXPHQWRVGHUHVSRQVDELOLGDGH
2QWHPQDHQWUHJDGDVSUR GHVGHORJRSRUTXHDVVHJXUDUDP
097%
SRVWDVGH3ODQRH2U¹DPHQWRGR DH[LJ¼QFLDKLVWÃULFDHLUUHSHW¾YHO
%ÄSVMERS3VMIRXEP *RYHUQRGRV$¹RUHVRFKHIHGR GHFXPSULUFRPERDH[HFX¹·RRV
H[HFXWLYRUHJLRQDOYROWRXDVD GLQKHLURVTXHR355SÇH´GLV
$SURSRVWDGH3ODQRGH,QYHVWL OLHQWDURUHIRU¹RGRVDSRLRVVR SRVL¹·RGH3RUWXJDOHGRV$¹R
PHQWRVGR*RYHUQRGRV$¹RUHV FLDLVSUHYLVWRVQRVGRFXPHQWRV UHVyOHPEURXRJRYHUQDQWH
SDUDDXPHQWRXSDUD SDUDRSUÃ[LPRDQRkPXLWRDFL -RVº0DQXHO%ROLHLURFODVVLIL
PLOKÇHVGHHXURVPDLVVHLVPL PDyGDWD[DGHLQIOD¹·RHVSHUDGD FRXDLQGDR3ODQRH2U¹DPHQWR
OKÇHVIDFH´DQWHSURSRVWDDSUH SDUDGHVWDFDQGRRVDSRLRV FRPRGRFXPHQWRVGHHVWDELOLGD
VHQWDGDDRVSDUFHLURVVRFLDLVGH DRVUHIRUPDGRVHSHQVLRQLVWDV GHHFRPSURPLVVRTXHSUHWHQ
YLGRDRUHIRU¹RGHYHUEDVLQVFULWDV k(VWHºXPRU¹DPHQWRGHMXV GHPPDQWHURULWPRGHFUHVFL
QR2U¹DPHQWRGR(VWDGR WL¹DVRFLDOYDPRVSUDWLFDPHQ PHQWRHFRQÃPLFRGDUHJL·RTXH
k7UDWDVH GH XP SODQR TXH WHGXSOLFDUSHODSULPHLUDYH]R WHPDXPHQWDGRGHIRUPDFRQVH
DSRQWDSDUDPLOKÇHVGHHX FKHTXH SHTXHQLQR >FRPSOH FXWLYD QRV ÈOWLPRV PHVHV
URVGHLQYHVWLPHQWRSÈEOLFRPDLV PHQWRUHJLRQDOGHSHQV·R@HP 23ODQRHR2U¹DPHQWRSDUD
HPUHOD¹·RDRSODQRGH PDLVGHHXURVyGLVVH-RVº 4VIWMHIRXIHS+SZIVRS6IKMSREPIRXVIKSYSRXIQRSTEVPEQIRXS VHU·RRVSULPHLURVGRFX
RTXHºVLJQLILFDWLYRyUHDO¹RXRQ 0DQXHO%ROLHLURFRPSDUDQGR EÄSVMERSEWTVSTSWXEWHI4PERSI3VÄEQIRXS PHQWRV RU¹DPHQWDLV D VHUHP
WHP-RVº0DQXHO%ROLHLURSUHVL FRPRYDORUTXHHVWDYDHPYLJRU DSUHFLDGRVDSÃVD,/HRGHSX
GHQWHGR*RYHUQRGRV$¹RUHV TXDQGRRDWXDOH[HFXWLYRWRPRX HYRWDGDVHPSOHQ³ULRGD$V OL]D¹·RyTXHH[LVWLDDWºDJRUDk9D WDGRLQGHSHQGHQWHWHUHPGH
36'&'633330 DSÃVDHQ SRVVHHP VHPEOHLD/HJLVODWLYD5HJLRQDO PRVJDUDQWLUTXHRWHPSRQH QXQFLDGRRVDFRUGRVHVFULWRVTXH
WUHJDQRSDUODPHQWRD¹RULDQRQD 2 UHIRU¹R GR &203$0,' HQWUHHGHQRYHPEUR FHVV³ULRSDUDDWLQJLURWRSRGD VXVWHQWDYDPR*RYHUQR5HJLR
+RUWDGDVSURSRVWDVGH3ODQRH DSRLR ´ FRPSUD GH PHGLFD 2SUHVLGHQWHGR*RYHUQRD¹R FDUUHLUDSRVVDWHUXPDUHGX¹·R QDO6HU·RSULPHLURDQDOLVDGRV
2U¹DPHQWRSDUDDVÈOWLPDV PHQWRV RDXPHQWRGRFRPSOH ULDQRJDUDQWLXWDPEºPTXHVH GHRXVHMDWHUHPPHOKRUHV HPVHGHGH&RPLVV·RHVWDQGR
GHVWDOHJLVODWXUD PHQWRGHDERQRGHIDP¾OLDHR U·RDOWHUDGDVDVFDUUHLUDVGDIXQ UHPXQHUD¹ÇHVHLVVRHVWHQGHVH DVDXGL¹ÇHVFRPRVPHPEURVGR
1RLQ¾FLRGRP¼VR*RYHUQR DFUºVFLPRGRVDSRLRVDRVGRHQ ¹·R SÈEOLFD QR VHQWLGR GH DWRGRVRVIXQFLRQ³ULRVSÈEOLFRV *RYHUQR5HJLRQDODJHQGDGDV
5HJLRQDOWLQKDUHYHODGRTXHR WHVGHVORFDGRVHRQFROÃJLFRVV·R SHUPLWLUTXHRVIXQFLRQ³ULRVGD HDWRGDVDVFDUUHLUDVyH[SOLFRX SDUDRVGLDVHGHQRYHPEUR
SODQR GH LQYHVWLPHQWRV SDUD RXWUDVPHGLGDVLQVFULWDVQDVSUR $GPLQLVWUD¹·R5HJLRQDOSRVVDP -RVº0DQXHO%ROLHLURFRQVLGH VHJXLQGRVHGHSRLVRGHEDWHQR
SUHYLDXPYDORUGH SRVWDVGH3ODQRH2U¹DPHQWR FKHJDUPDLVGHSUHVVDDRWRSRGD UDGRWUDWDUVHGHXPDkH[FHOHQ 3OHQ³ULRGHQRYHPEURFRPLQ¾
PLOKÇHVGHHXURV-³GHSRLVGHV SDUDTXHVHU·RGLVFXWLGDV FDUUHLUDDFDEDQGRFRPDkSHQD WHQRW¾FLDySDUDRVIXQFLRQ³ULRV FLRQRGLDGRPHVPRP¼VƇ
1%29)0*)62%2(3%6%9.3097%
'HDFRUGRFRPDSURSRVWD
/HLHOHLWRUDOVHUi DSURYDGDHPVHGHGHFRPLV
V·RQRVFDVRVHPTXHRVSDU
DOWHUDGDDQWHV WLGRVFRQFRUUHQWHVQ·RFXP
SUDP DV QRYDV UHJUDV GD
SDULGDGHWHU·RGHFRUULJLUD
GHSDUD RUGHQD¹·RGRVFDQGLGDWRVQR
SUD]RP³[LPRGHKRUDV
VRESHQDGHDVOLVWDVVHUHPUH
UHIRUoDUSDULGDGH MHLWDGDSHORWULEXQDO
2V GHSXWDGRV D¹RULDQRV
SUHWHQGHPWDPEºPID]HUDO
WHUD¹ÇHVPDLVSURIXQGDVÓHL
HOHLWRUDOGRDUTXLSºODJRQR
'HSXWDGRVSUHWHQGHPUHIRUoDUDSDULGDGHHQWUH VHQWLGR GH SHUPLWLU R YRWR
KRPHQVHPXOKHUHVQDVOLVWDVGHFDQGLGDWRV HOHWUÃQLFRHRYRWRGRVHPL
SDVVDQGRGRVDWXDLVSDUD JUDQWHVPDVHVVDVPDWºULDV
4VSTSWXEHIEPXIVEÄÀS½0IM)PIMXSVEPJSMETVSZEHEIQGSQMWWÀS SURYDYHOPHQWHM³Q·RVHU·R
097%
DSURYDGDVDWHPSRGDVSUÃ
%ÄSVMERS3VMIRXEP OLVWDVGHFDQGLGDWRVSDVVDQGR HPDOWHUD¹ÇHVÓHLHOHLWRUDOGRV P¾QLPDGHGHFDGDXP [LPDVHOHL¹ÇHVUHJLRQDLV
GRVDWXDLVSDUD $¹RUHVTXHGHSRLVGHYRWDGDV GRVVH[RVDUUHGRQGDGDVHP $OºPGDOHLHOHLWRUDODFR
$OHLHOHLWRUDOSDUDD$VVHP $SURSRVWDIRLDSURYDGDSRU HPSOHQ³ULRQRSDUODPHQWRUH SUHTXHQHFHVV³ULRSDUDDXQL PLVV·RGH$SURIXQGDPHQWR
EOHLD/HJLVODWLYDGRV$¹RUHV XQDQLPLGDGHQRµPELWRGRV JLRQDOWHU·RGHVHUVXEPHWLGDV GDGHPDLVSUÃ[LPD DOHLHOHL GD$XWRQRPLDSUHWHQGHDLQ
GHYHU³VHUDOWHUDGDDQWHVGDV WUDEDOKRVGD&RPLVV·R(YHQWXDO WDPEºP´DSUHFLD¹·RGD$V WRUDO SDUD R SDUODPHQWR GDWUDEDOKDUQDUHYLV·RGD/HL
HOHL¹ÇHVUHJLRQDLVGHQR SDUDR$SURIXQGDPHQWRGD$X VHPEOHLDGD5HSÈEOLFD D¹RULDQRILFDU³LJXDOÓHJLV GH)LQDQ¹DVGDV5HJLÇHV$X
VHQWLGRGHUHIRU¹DUDSDULGDGH WRQRPLDTXHUHXQLXHP3RQWD &RPHVWDDOWHUD¹·RÚHJUD OD¹·RSDUDDVHOHL¹ÇHVGD$V WÃQRPDVHQDOHJLVOD¹·RVREUH
HQWUHKRPHQVHPXOKHUHVQDV 'HOJDGDHTXHHVW³DWUDEDOKDU GDSDULGDGH UHSUHVHQWD¹·R VHPEOHLDGD5HSÈEOLFD R3RGHU/RFDOƇ
3XEOLFLGDGH 7&%(3()3989&63()%¤36-%2336-)28%0
%¤36-%2336-)28%0
7&%(3()3989&63() 5HJLRQDO
%369-.36+)'%&6%0
*UHYHQRV$oRUHVIHFKD
PDWDGRXURVHVFRODV
HFRQGLFLRQDVD~GH
3DUDOLVDomRGDDGPLQLVWUDomRS~EOLFDWHYHIRUWHDGHVmRQRDUTXLSpODJR
UHYHODRVLQGLFDWRTXHGL]WHUDWLQJLGRRVREMHWLYRVGDOXWD
29231%68-272):)7
RYRSQRIZIW$EGSVMERSSVMIRXEPTX 1DVDÈGHRVWU¼VKRVSLWDLVGD FRPSUDGRVWUDEDOKDGRUHVH
UHJL·RIXQFLRQDUDPFRPVHUYL SHQVLRQLVWDVGD$GPLQLVWUD
*UHYHFRPkIRUWHDGHV·RyIH ¹RVP¾QLPRVKDYHQGRVHUYL¹RV ¹·R3ÈEOLFDkTXHQRVÈOWL
FKRXRVTXDWURPDWDGRXURVGRV WRWDOPHQWHHQFHUUDGRVFRPRR PRVDQRVDWLQJLXYDORUHV
$¹RUHVEHPFRPRHVFRODV FDVR GD FRQVXOWD H[WHUQD GR LQVXSRUW³YHLVyO¼VHQRFR
WHQGRDLQGDFRQGLFLRQDGRY³ +RVSLWDO GR 'LYLQR (VS¾ULWR PXQLFDGRGRVLQGLFDWR 2ÀSLSYZIUYEPUYIVEFEXIRSWUYEXVSQEXEHSYVSWHE6IKMÀS
ULDVXQLGDGHVGHVDÈGH1RED 6DQWRQDVXQLGDGHVGHVDÈGH -R·R'HFT0RWDDVVLQDODDLQ
ODQ¹RIHLWRSHOR6LQGLFDWRGRV GHLOKDRVQÈPHURVGDJUHYHIOX GDTXHVWÇHVSDUWLFXODUHVFRPR TXDQWLDSHUIHLWDPHQWH 6,$'$35$HSHORILPGD
7UDEDOKDGRUHVHP)XQ¹ÇHV WXDUDPHQWUHRVQR3LFR DSURSRVWDGH5HPXQHUD¹·R H[HTX¾YHO 'HVGH TXH SUHFDULHGDGHLQWHJUDQGRWR
3ÈEOLFDVH6RFLDLVGR6XOH5H HRVHP$QJUD(P6·R &RPSOHPHQWDUkPXLWRGLVWDQ SHUGHPRVHPPºGLDRHTXL GRVRVWUDEDOKDGRUHVGRV
JLÇHV$XWÃQRPDV-R·R'HFT 0LJXHODVSRUWDVILFDUDPIH WHGRQHFHVV³ULRyFXMRDXPHQ YDOHQWHDVDO³ULRVHQWUHDEULO 3URJUDPDV2FXSDFLRQDLVTXH
0RWDFRQVLGHUDTXHRVREMHWL FKDGDVQD/DJRD9LOD)UDQFD WRDQXQFLDGRSHOR6HFUHW³ULR GHHGHVRIUHPRV H[HUFHPIXQ¹ÇHVSHUPDQHQ
YRVIRUDPDWLQJLGRV GR&DPSRHSRVWRGHVDÈGHGH 5HJLRQDOGDV)LQDQ¹DV3OD HPPºGLDXPDTXHEUDUHDO WHVQRVVHUYL¹RVSÈEOLFRVUH
$SDUDOLVD¹·RQDFLRQDOWHYHUH 6·R 9LFHQWH )HUUHLUD WHQGR QHDPHQWRH$GPLQLVWUD¹·R3È GRVDO³ULRGHy JLRQDLVV·RRXWUDVGDVUHLYLQ
IOH[RVQRDUTXLSºODJRRQWHPQ·R 3RQWD'HOJDGDIXQFLRQDGRD EOLFDQDVFRQWDVGRUHSUHVHQ $UHSRVL¹·RGDVFDUUHLUDV GLFD¹ÇHV GR 6LQGLFDWR GRV
KRXYHTXDOTXHUDEDWHQRVPDWD H5LEHLUD*UDQGHWHYHGL WDQWHVLQGLFDOILFDSHORVHXURV SURILVVLRQDLVQD$GPLQLVWUD 7UDEDOKDGRUHVHP)XQ¹ÇHV
GRXURVGH6·R0LJXHO7HUFHLUD YHUVRV VHUYL¹RV HQFHUUDGRV k9DPRVQDWXUDOPHQWHFRQ ¹·R3ÈEOLFDHRUHVSHLWRSHORV 3ÈEOLFDVH6RFLDLVGR6XOH
)DLDOH3LFRFRPRWDPEºPQ·R 'HUHFRUGDUTXHDJUHYHIRL WLQXDUDUHLYLQGLFDURDXPHQ DFRUGRVFHOHEUDGRVSHODFRU 5HJLÇHV$XWÃQRPDVTXHFRQ
KRXYHDXODVHPHVFRODVGDV FRQYRFDGDSDUDFRPEDWHUD WRGD5HPXQHUD¹·R&RPSOH UH¹·RGD7DEHOD5HPXQHUDWÃ JUDWXORX RV WUDEDOKDGRUHV
TXDLVGDLOKDGH6·R0LJXHO GHJUDGD¹·R GR SRGHU GH PHQWDUSDUDRVHXURVD ULDõQLFDSHODUHYRJD¹·RGR SHODIRUWHDGHV·RƇ
3DUODPHQWR
GHVHPSUHJDGRV GRV$oRUHV
WL]D¹·R GH kPDWºULDV IXQGD
PHQWDLV SDUD R GHVHQYROYL
PHQWR GRV $¹RUHVy FRPR D
LQVFULWRVHPVHWHPEUR ´FKXPEDµ
FRPSDUWLFLSD¹·RGRVHQFDUJRV
UHVSHLWDQWHV´VREULJD¹ÇHVGH
VHUYL¹RSÈEOLFRGDVOLJD¹ÇHVDº
)(9%6(3'378%097% 2( UHDVLQWHULOKDVQRPRQWDQWHGH
2V$¹RUHVWLQKDPGHVHP PLOKÇHVGHHXURV
SUHJDGRVLQVFULWRVQR&HQWURGH $&RPLVV·RGH(FRQRPLDGR -³R36'FRQVLGHURXTXHR
4XDOLILFD¹·RH(PSUHJRHPVH SDUODPHQWRGRV$¹RUHVHPL 2(kQ·RLQWURGX]DVDOWH
WHPEURP¼VHPTXHSHVVRDV WLXRQWHPSRUPDLRULDSDUH UD¹ÇHVHUHIRUPDVHVWUDWºJLFDV
IRUDPFRORFDGDVQRPHUFDGRGH FHUGHVIDYRU³YHO´SURSRVWDGH TXHVHDILJXUDPHVVHQFLDLVSDUD
WUDEDOKRQDUHJL·RLQIRUPRXD 2U¹DPHQWRGR(VWDGRSDUD R FUHVFLPHQWR GD HFRQRPLD
6HFUHWDULDGD-XYHQWXGH4XDOL 2( TXHDSHQDV SRUWXJXHVDyODPHQWDQGRWDP
ILFD¹·R3URILVVLRQDOH(PSUHJR PHUHFHXRYRWRIDYRU³YHOGRV EºPTXHRH[HFXWLYRVRFLDOLVWD
6HJXQGRREROHWLPPHQVDOGD VRFLDOLVWDV GH$QWÃQLR&RVWDQ·RWHQKD
'LUH¹·R5HJLRQDOGH4XDOLILFD 2SDUHFHUUHVXOWRXQXPHP FXPSULGRDVGLVSRVL¹ÇHVSUH
¹·R3URILVVLRQDOH(PSUHJRHQ SDWHQXPDSULPHLUDYRWD¹·R YLVWDV HP DOJXQV DUWLJRV GD
WLGDGHWXWHODGDSHODVHFUHWDULD FRPRVYRWRVGHVIDYRU³YHLVGR /)5$FXMDVYHUEDVLQVFULWDVkIL
UHJLRQDOGD-XYHQWXGH4XDOL 36'HGR&'633FRPRYRWR FDPDTXºPGDVH[SHFWDWLYDVy
ILFD¹·R3URILVVLRQDOH(PSUHJR IDYRU³YHOGR36HDDEVWHQ¹·R 7DPEºPR&'633GHXSD
RVGDGRVHVWDW¾VWLFRVLQGLFDP )QWIXIQFVSI\MWXMEQSGYTEHSWRE6IKMÀS GR GHSXWDGR LQGHSHQGHQWH UHFHUQHJDWLYRSRUHQWHQGHUTXH
XPDGLPLQXL¹·RGHQRV &DUORV)XUWDGRRTXHREULJRX ºQHFHVV³ULRUHYHUD/)5$QR
LQVFULWRV´SURFXUDGHSULPHLUR )DLDO6·R-RUJH HPVHWHPEURH[LVWLDPRFX RSUHVLGHQWHGDFRPLVV·RRVR VHQWLGRGHkFRPSHQVDUGHIRU
RXQRYRHPSUHJRHPVHWHPEUR *UDFLRVD)ORUHV SDGRVQDUHJL·RGRVTXDLVKR FLDOLVWD-RVºêYLODDUHSHWLUD PDPDLVMXVWDDVQHFHVVLGDGHV
IDFHDRSHU¾RGRKRPÃORJRHXPD 6DQWD0DULDHR PHQVHPXOKHUHV YRWD¹·RTXHFRQILUPRXRVYR ILQDQFHLUDVyGRDUTXLSºODJR3RU
UHGX¹·RGHHPUHOD¹·RDR &RUYR 5HODWLYDPHQWH´VPHGLGDVGH WRVDQWHULRUHV$VVLPRGRFX ILPRGHSXWDGRLQGHSHQGHQWH
P¼VDQWHULRU 3RUFRQFHOKRVHPVHWHPEUR SURPR¹·RGHHPSUHJRMRYHP PHQWRDFDERXFKXPEDGR &DUORV)XUWDGRMXVWLILFRXDDEV
$PDLRULDGRVGHVHPSUHJD 3RQWD'HOJDGD5LEHLUD*UDQGH QRILQDOGRP¼VGHVHWHPEUR 2VGHSXWDGRVVRFLDOLVWDVRV WHQ¹·RFRPDkIDOWDGHFRQGL
GRVHUDPRULXQGRVGDV 6·R0LJXHO H$QJUDGR+H MRYHQVHVWDYDPDGHVHQYROYHU ÈQLFRVDGHIHQGHUXPSDUHFHU ¹ÇHVSDUDDHYROX¹·RGRSUR
DWLYLGDGHVGRVVHUYL¹RVHFRUUHV UR¾VPR 7HUFHLUD UHSUHVHQWD SURMHWRVHPFRQWH[WRUHDOGHWUD IDYRU³YHO ´ SURSRVWD GH FHVVRDXWRQÃPLFRyQRV$¹RUHV
SRQGLDPDGDWRWDOLGD YDPGDWRWDOLGDGHGRV EDOKRFRPGHVWDTXHSDUDR(V 2(GR*RYHUQRGD5HSÈ GHYLGR´VkUHVWUL¹ÇHVRU¹DPHQ
GHGRVGHVHPSUHJDGRVLQVFULWRV GHVHPSUHJDGRVUHJLVWDGRVQRV WDJLDU/H7 EOLFDVDOLHQWDUDPRFXPSUL WDLVyLPSRVWDVSHOR(VWDGRTXH
3RULOKDV6·R0LJXHOUHJLVWD $¹RUHV $LQGDGHDFRUGRFRPRVGDGRV PHQWRLQWHJUDOGD/HLGDV)L QRVHXHQWHQGHUFRQWLQXDPD
GRVGHVHPSUHJDGRVQD 1RTXHGL]UHVSHLWRDRVSURJUD GLYXOJDGRVSHVVRDVHVWDYDP QDQ¹DVGDV5HJLÇHV$XWÃQRPDV kFRQVWUDQJHUDYLGDDRVUHVL
UHJL·RD7HUFHLUD3LFR PDVGHLQVHU¹·RVRFLRSURILVVLRQDO HPIRUPD¹·RHPVHWHPEURƇ097% /)5$ EHPFRPRDFRQFUH GHQWHVyQDVLOKDVƇ097%
%¤36-%2336-)28%0
5HJLRQDO 7&%(3()3989&63()
%369-.36+)'%&6%0
3URMHWRSDUDHGXFDomRDOLPHQWDU
GD86,60FRPÉRQVµUHVXOWDGRV
%DODQoRGDVHJXQGDHGLomRGRSURMHWR%D/DQ6DPRVWUDTXHQRILQDOGRDQROHWLYRDSUHVHQoD
GHDOLPHQWRVVDXGiYHLVQDVODQFKHLUDVGRVDOXQRVGRDQRGHHVFRODULGDGHDXPHQWRX
'%630-2%136)-6%
YH]HVHRDXWRFRODQWHYHUPHOKR
FRUUHVSRQGHDDOLPHQWRVTXHVH
GHYHPHYLWDUHTXHQ·RGHYHP
FRQVWDUGDODQFKHLUD2REMHWL 1IXVSUYEHVEHSRSW%ÄSVIW
YRGHFDGDDOXQRºFKHJDUDRILP IRGEVIGIYIYVSWRYQERS
GRDQROHWLYRHWHUDFDGHUQHWD
VÃFRPDXWRFRODQWHVYHUGHVyVD
OLHQWD$QD*UDQDGHLUR
$YDOLDomR
k7HPRVUHODWRVGHY³ULRVSDLV EDQFiULDGD
TXHGL]HPTXHRVILOKRVM³GHIL
QHPRTXHY·ROHYDUQDVVXDV KDELWDomRQRV
ODQFKHLUDVHVFROKHQGRRVDOL
PHQWRVPDLVVDXG³YHLV2XVHMD $oRUHVDWLQJH
V·RHOHVTXHHVW·RDLPSXOVLRQDU
DV PXGDQ¹DV QR FRPSRUWD
RVHXURV
PHQWRDOLPHQWDUGDVIDP¾OLDVy
GHVWDFDDHQIHUPHLUD
HPVHWHPEUR
6HJXQGR$QD*UDQDGHLURR
SURMHWRTXHYDLLQLFLDUDVXDWHU 2YDORUPHGLDQRGHDYDOLD¹·R
FHLUDHGL¹·RWHPDJRUDSODQHD EDQF³ULDQDKDELWD¹·RQD5H
GRRFUX]DPHQWRGRVGDGRVGHV JL·R$XWÃQRPDGRV$¹RUHVIRL
WHV DOXQRV DEUDQJLGRV SHOR GHHXURVSRUPHWURTXD
%D/DQ6DHGRVGDGRVGRíQGLFH GUDGRHPVHWHPEURPDLV
GH0DVVD&RUSRUDO ,0& GRV HXURV GRTXHHPDJRV
'SSVHIREÄÀSVIZIPEUYIL¾YQErWYFMHEGVIWGIRXIsHSWPERGLIWGSVVIXSWREWPERGLIMVEWHSWEPYRSW DOXQRV GR SURMHWR k1HP GH WRHPDLVHXURV
'%630-2%136)-6%
0DLVQHPGH0HQRVy GRTXHHPVHWHPEURGH
GEVSPMREQSVIMVE$EGSVMERSSVMIRXEPTX QDGHLURkM³YDPRVSDUDDWHU k1ÃVFUL³PRVROLYURFDGHU k3DUDOHODPHQWHDHVWHSURMHWR VHJXQGRRVGDGRVRQWHPSX
FHLUDHGL¹·RHRVJDQKRVW¼P QHWDHWHPRVXPVLVWHPDGH WHPRVXPDLQLFLDWLYDTXHVHFKD EOLFDGRVSHOR,QVWLWXWR1D
2SURMHWRk%D/DQ6Dq%DUHVH VLGRVLJQLILFDWLYRVRXVHMDWH SRQWXD¹·RGHVHP³IRURYHUGH PDC1HPGHPDLVQHPGH0H FLRQDOGH(VWDW¾VWLFD
/DQFKHLUDV6DXG³YHLVyGD8QL PRVXPDVXELGDFUHVFHQWHGRV DPDUHORHYHUPHOKR2OLYURGH QRVHPTXHSHVDPRVHPHGLPRV 2FUHVFLPHQWRYHULILFDGR
GDGHGH6DÈGHGD,OKDGH6·R ODQFKHVDSURPRYHUGRVODQ KLVWÃULDVWHPFRPRSHUVRQD WRGRVRVDOXQRVDWºDRSDUD QRV$¹RUHVVÃºXOWUDSDVVDGR
0LJXHO 86,60 FRQVHJXLX FKHVFRUUHWRVHXPDGHVFLGD JHPSULQFLSDOD5LVLQKRVTXH FDOFXODURVHX,0&$JRUDYDPRV SHORUHJLVWDGRQDRXWUDUH
SHODVHJXQGDYH]PHOKRUDURV EDVWDQWHJUDQGHGRVODQFKHVD ºXPDODQFKHLUDTXHYLYHXP FUX]DURVGDGRVGHVVHSURMHWR JL·RDXWÃQRPDFRPRPHWUR
K³ELWRVDOLPHQWDUHVGRVDOXQRV HYLWDULVWRIUXWRGDVGXDVDYD SODQHWDTXHºR%D/DQ6DHTXH FRPRVGRVDOXQRVTXHV·RDOYR TXDGUDGRQD0DGHLUDDHQ
GRDQRGHHVFRODULGDGHGDV OLD¹ÇHVTXHM³IL]HPRVy SHUFRUUHWRGRRSODQHWD´SUR GHVWH%D/DQ6DSDUDYHUVHGHDO FDUHFHU HXURV UHODWLYD
HVFRODVSÈEOLFDVGH6·R0LJXHO 2VGDGRVSDUWLOKDGRVRQWHP FXUDGHDOLPHQWRVVDXG³YHLV JXPDIRUPDM³FRQVHJXLPRVJD PHQWHDDJRVWR HXURV
DXPHQWDQGRHPDSUH QD86,60UHYHODPTXHQRIL SDUDHQFKHUDVXDODQFKHLUD(OD QKRVSDUDDVDÈGHQRTXHWRFDDR HPVHWHPEUR HHXURV
VHQ¹DGHDOLPHQWRVVDXG³YHLV QDOGDSULPHLUDHGL¹·RIRLSRV ºVHPSUHDFRPSDQKDGDSHOR ,0&GHVWDVFULDQ¹DVyUHYHOD HPWHUPRVKRPÃORJRV
QDVODQFKHLUDVGDVTXDVH V¾YHODXPHQWDUHPDVODQ $TXDTXHºDVXDJDUUDIDGH $DSUHVHQWD¹·RGRVUHVXOWDGRV -³DQ¾YHOQDFLRQDORYDORU
FULDQ¹DVDEUDQJLGDV FKHLUDVVDXG³YHLVHGLPLQXLUHP ³JXDSRUTXHTXHUHPRVFRQWUL GRSURMHWR%D/DQ6DTXHGHFRU IL[RXVHQRVHXURVSRU
5HILUDVHTXHHVWDLQLFLDWL RVDOLPHQWRVDHYLWDUYH EXLUSDUDRDXPHQWRGRFRQVX UHXRQWHPGHPDQK·QD86,60 PHWUR TXDGUDGR QR ÈOWLPR
YDGD86,60SUHWHQGHDWXDU ULILFDQGRVHM³QDVHJXQGDHGL PRGH³JXDHPGHWULPHQWRGDV WDPEºPFRQWRXFRPDSUHVHQ¹D P¼VPDLVWU¼VHXURVTXHHP
QDHGXFD¹·RDOLPHQWDUDVVHQ ¹·RXPDPHOKRULDDLQGDPDLV EHELGDV D¹XFDUDGDVy FRQWD GRGLUHWRUUHJLRQDOGD6DÈGH3H DJRVWRH HXURV HP
WDQGRHPGRLVHL[RVDVODQ VLJQLILFDWLYDDXPHQWRGH $FDGHUQHWDºFRQVWLWX¾GDSRU GUR3DHVTXHDSURYHLWRXDRFD WHUPRVKRPÃORJRV
FKHLUDVHRVEDUHVHVFRODUHVHP GDVODQFKHLUDVVDXG³YHLVHGL RLWRFDS¾WXORVGHGLFDGRVÍUX VL·RSDUDDOHUWDUSDUDDLPSRU 1RFRPXQLFDGRRQWHPGL
WRGDVDVHVFRODVSÈEOLFDVGH PLQXL¹·RGHGRVDOLPHQ WDDRVODWLF¾QLRVHGHULYDGRVDRV WµQFLDGHVWHWLSRGHLQLFLDWLYDV YXOJDGRR,1(SUHFLVDTXHHP
6·R0LJXHODWUDYºVGDDYDOLD WRVSURFHVVDGRV FHUHDLVHQWUHRXWURVVHQGRUHD k1ÃVWHPRVSHUFHQWDJHQVGH WHUPRV KRPÃORJRV D WD[D
¹·RPRQLWRUL]D¹·RHPHOKRULD k(VWDPRVDIDODUGHFLQFRSRQ OL]DGDVDWLYLGDGHVQDHVFRODHHP LQFLG¼QFLDGHREHVLGDGHLQIDQ DEUDQGRX IDFH DRV GH
GDFRPSRVL¹·RGDVODQFKHLUDV WRVSHUFHQWXDLVQDVVXELGDV>GD FDVDQRILQDOGHFDGDFDS¾WXORH WLOHOHYDGDVHTXHUHPRVFRPED DJRVWRHTXHRQÈPHURGHDYD
GDRIHUWDDOLPHQWDUQDVHVFR SULPHLUDSDUDDVHJXQGDHGL DLQGDIHLWDVDVDYDOLD¹ÇHV WHULVVR(HVWDºXPDIHUUDPHQ OLD¹ÇHVFDLXSDUD
ODVHGHDWLYLGDGHVGHHGXFD¹·R ¹·R@RTXHºH[FHOHQWHyFRQVWD k7HUPLQDGRFDGDFDS¾WXORº WDSDUDLVVRyFRQVWDWRX 2,1(H[SOLFDTXHSDUDDO
DOLPHQWDUSDUDVHQVLELOL]DUD WD$QD*UDQDGHLUR IHLWDXPDDYDOLD¹·RHPGLDV 3DUD 3HGUR 3DHV XPD GDV FDQ¹DURYDORUPHGLDQRGD
FRPXQLGDGHHVFRODU áPDUJHPGRHYHQWRDHQIHU DOHDWÃULRVGRVFRQWHÈGRVGDV PDLVYDOLDVGHVWHSURMHWRSDVVD DYDOLD¹·R EDQF³ULD HP VH
2SURMHWRTXHFRPH¹RXHP PHLUDFRRUGHQDGRUDH[SOLFRX ODQFKHLUDV$VODQFKHLUDVV·R SHODPRWLYD¹·RGDVFULDQ¹DVk$ WHPEURGHVWHDQRIRUDPFRQ
FRQFOXLXHVWHDQRDVXD DRVMRUQDOLVWDVTXHRSURMHWRLQ DYDOLDGDVDOXQRDDOXQRFRPXP FULDQ¹DºPRWLYDGDDFULDUK³EL VLGHUDGDVDYDOLD¹ÇHV
VHJXQGDHGL¹·RDSÃVLQWHUUHJ FLGHkQXPDPHWRGRORJLDGHFR VLVWHPDGHVHP³IRURRXVHMDRV WRVDOLPHQWDUHVVDXG³YHLVHQ DSDUWDPHQWRVH
QRGHYLGR´SDQGHPLDWHQGR PXQLFD¹·RHQYROYHQGRSURIHV DOLPHQWRVDSURPRYHUG·RGL YROYHQGRDIDP¾OLD(QRILQDOGR PRUDGLDV PHQRVTXH
RQWHPVLGRUHYHODGRVQD86,60 VRUHVHIDP¾OLDVSRUTXHV·RRV UHLWRDXPDXWRFRODQWHYHUGHH DQROHWLYRDVFULDQ¹DVHDVVXDV QRPHVPRSHU¾RGRGH
RVUHVXOWDGRVGHVWDDSRVWD SDLVTXHSUHSDUDPDVODQFKHLUDV GHYHPFRQVWDUWRGRVRVGLDVQD IDP¾OLDVHIHWLYDPHQWHFRPSÇHP )DFHDDJRVWRUHDOL]DUDPVH
6HJXQGRDHQIHUPHLUDFRRU GDVFULDQ¹DV(DVVLPRVSDLVDO ODQFKHLUD R DPDUHOR FRUUHV ODQFKHLUDVFRPHOHPHQWRVPDLV PDLVDYDOLD¹ÇHVEDQF³ULDV
GHQDGRUDGDHTXLSDGH6DÈGH WHUDPRVK³ELWRVDOLPHQWDUHVGDV SRQGHDRVDOLPHQWRVTXHQ·R VDXG³YHLVHHVVHºRREMHWLYR RTXHFRUUHVSRQGHDXPDFUºV
(VFRODUGD86,60$QD*UD IDP¾OLDVDWUDYºVGDVFULDQ¹DVy GHYHPVHUFRQVXPLGRVWDQWDV SULQFLSDOyFRQFOXLXƇ FLPRGHƇ212097%
%¤36-%2336-)28%07&%(3()3989&63() 3XEOLFLGDGH
%¤36-%2336-)28%0
5HJLRQDO 7&%(3()3989&63()
2%896%0-78+6943())789(373')2-'37
&ULVWRyQDLOKDGH6·R-RUJH
'HVFREHUWD kDVODSDVHR&DUDPXMRHVWDSR
GHU³YLUDVHUXPDLJXDULDÈQL
FDDOYRGHH[SORUD¹·RHDOWHU
HVSpFLH QDWLYD SDUD D DWLYLGDGH GH

DSDQKDFRPHUFLDOQDUHJL·RVH
GHYLGDPHQWHUHJXODPHQWDGDy
GHPDULVFR
6HJXQGRD1DWXUDOLVW&L¼Q
FLDH7XULVPRHPSUHVDQRV
$¹RUHVGHEDVHDFDGºPLFDH
IXQGDGDSRULQYHVWLJDGRUHV
QRV$oRUHV GD8QLYHUVLGDGHGH/LVERDH
$¹RUHVDYLDELOLGDGHGHH[
SORUD¹·R GD QRYD HVSºFLH
kHVW³ DJRUD D VHU HVWXGDGD
3RSXODomRGHOLQJXHLUmRIRLHQFRQWUDGD SHOR*RYHUQR5HJLRQDOGRV
$¹RUHVDWUDYºVGD'LUH¹·R
QDEDtDGD3UDLDGD9LWyULDQDLOKD7HUFHLUD 5HJLRQDOGDV3HVFDVy
$HPSUHVDDGLDQWDTXHIRL
097%
%ÄSVMERS3VMIRXEP ¹·R GR *UXSR GH (VWXGRV M³VXEPHWLGDXPDSXEOLFD¹·R
2FHµQLFRVSHUPLWLXHPFRQ FLHQW¾ILFDFRPRVUHVXOWDGRV
)RL GHVFREHUWD QD ED¾D GD FUHWRGHVFREULUXPDSRSXOD GDFDPSDQKDLQLFLDOHDYDQ
3UDLDGD9LWÃULDQD7HUFHLUD ¹·RGHOLQJXHLU·R 6ROHQPDU ¹DGDXPDSURSRVWDDR*R
XPDSRSXOD¹·RGHOLQJXHLU·R JLQDWXV QDED¾DGD3UDLDGD YHUQR5HJLRQDOSDUDILQDQ
FXMDYLDELOLGDGHGHH[SORUD 9LWÃULDQD,OKD7HUFHLUDQRV FLDPHQWR GH XP HVWXGR
¹·RkHVW³DJRUDDVHUHVWXGD $¹RUHVGHWDOKDD1DWXUDOLVW 4SXIRGMEPHII\TPSVEÄÀSIWX¾EKSVEEWIVIWXYHEHS UHODWLYR´VXDGLVWULEXL¹·RH
GDSHOR*RYHUQR5HJLRQDOy HPFRPXQLFDGRGHLPSUHQVD DEXQGµQFLD TXH SHUPLWD
IRLUHYHODGRRQWHP $GHVFREHUWDIRLIHLWDSHOR 0$5(1DWXUDOLVW&L¼QFLDH QDFRRUGHQD¹·RGRVWUDEDOKRV DSRLDUDWRPDGDGHPHGLGDV
$GHVFREHUWDIRLIHLWDSHOR SURIHVVRU$OEHUWR0DFKDGR 7XULVPRHHPFRODERUD¹·R GHPDSHDPHQWRHYLDELOLGD GHJHVW·RSDUDXPDH[SORUD
*UXSRGH(VWXGRV2FHµQLFRV IXQGDGRUGR*UXSRGH(VWX FRPR2.($126 ,QVWLWXWR GHGHH[SORUD¹·RGDHVSºFLHy ¹·RVXVWHQW³YHO
HD1DWXUDOLVW&L¼QFLDH7X GRV2FHµQLFRVGXUDQWHDH[ GH,QYHVWLJD¹·RHP&L¼QFLDV 2VLQYHVWLJDGRUHVDFUHGLWDP $Wº QRYD LQIRUPD¹·R D
ULVPRGXUDQWHDH[SHGL¹·R SHGL¹·Rk$¹RUHVyTXH GR0DU GD8QLYHUVLGDGHGRV TXH D SDU FRP kDV IDPRVDV DSDQKDGDQRYDHVSºFLHkºLQ
k$¹RUHVy(VVDH[SHGL HPSDUFHULDFRPDVWDUWXS $¹RUHVkHVW·RHPSHQKDGRV DPHLMRDVGD&DOGHLUDGH6DQWR WHUGLWDyDOHUWDD1DWXUDOLVWƇ
49&
%¤36-%2336-)28%0
7&%(3()3989&63() 5HJLRQDO
%DWHRFRUDomRHDSUHRFXSDomR
FRPDVD~GHPHQWDODXPHQWD 797%2%7-0:%
¨<RXU+HDUW%HDWV©pXPSURMHWRHXURSHXTXH
HQJOREDRLWRSDtVHVHYLVDGDUIRUPDomR
HIRUQHFHUIHUUDPHQWDVTXHPHOKRUHPDVD~GH
PHQWDOHRQtYHOGHEHPHVWDUSURILVVLRQDO
6%*%)0(986%4%90%+39:)-%
VEJEIPHYXVE$EGSVMERSSVMIRXEPTX WRGRVFXOWXUDVHRULJHQVGL
IHUHQWHV H FRPR FDGD XP
2SURMHWRC<RXU+HDUW%HDWV FRQVRDQWH R VHX SD¾V WHP
HVWHYHHQWUHHGHRXWX kXPDILORVRILDGHFRPRY¼D
EURHP6·R0LJXHOQR&RQ DSUHQGL]DJHP)RLPXLWRHQ
YHQWRGH9LOD)UDQFDGR&DP ULTXHFHGRUyGHVWDFD
SRRQGHVHUHDOL]RXXPDD¹·R $XGLFLD0RUOH\IRLTXHPHV
GHIRUPD¹·RIRFDGDQREHP WHYHUHVSRQV³YHOSHODIRUPD
HVWDUHQDVDÈGHPHQWDOGHQ ¹·RC7DPDOSD$UW3URFHVV (P
WURGRPHLRSURILVVLRQDOHQR GHFODUD¹ÇHV DR $¹RULDQR
FRPEDWHDRCEXUQRXW HDEDQ 2ULHQWDODIRUPDGRUDHCIDFL
GRQRODERUDO OLWDGRUD H[SOLFDTXHkRIHUHFH
C<RXU +HDUW %HDWV LQL GLIHUHQWHVFRPELQD¹ÇHVGH
FLRXVH HP GH]HPEUR GH IHUUDPHQWDVTXHHVW·RLQWHUOL
FRPRLQWXLWRGHSUR JDGDVFRPDFULDWLYLGDGHDV
PRYHUDVDÈGHPHQWDOREHP DUWHVRFRUSRDQDWXUH]DR
HVWDUHDUHVLOL¼QFLDQRWUD EHPHVWDU D UHVLOL¼QFLD H D
EDOKR LQFRUSRUDQGR H VDÈGHPHQWDOy
FULDQGRWºFQLFDVHIHUUDPHQ 1HVWHVHQWLGRDILUPDTXHR
WDVTXHDMXGHPQRSURFHVVR HYHQWRVHUYLXFRPRXPDHV
)LQDQFLDGRSHOD&RPLVV·R SºFLHGHCUHWLURyHPTXHRRE
(XURSHLDHDOLQKDGRFRPR MHWLYRºSHUPLWLUDRVSDUWLFL 2EWIWWÀSHIJSVQEÄÀSRS'SRZIRXSHI:MPE*VERGEHS'EQTSIWXMZIVEQTVIWIRXIWTEVXMGMTERXIW
SURJUDPD(UDVPXVQD³UHD SDQWHVGHIRUPDLQGLYLGXDOH
GD (GXFD¹·R GH $GXOWRV R FROHWLYDkH[SHULHQFLDURSRGHU UHPVHPDLVkFRQVFLHQWHVHFD H[WHUQRSRUTXHRTXHID¹RQR UDPHQWDVHWºFQLFDVTXHGH
SURMHWRFRQWDFRPDSDUWLFL GDVDUWHVHPUHOD¹·RFRPR SD]HVGHH[SUHVVDURTXHHVW·R PHXFRUSRWHPXPHIHLWRQR SRLVSRGHPXVDUHPkQÃVSUÃ
SD¹·RGHSHVVRDVHRUJDQL]D EHPHVWDUyWDOFRPRWRUQD DVHQWLUGHQWURGRVVHXVFRU RXWURyVXVWHQWDDIRUPDGRUD SULRVHQRQRVVRWUDEDOKRyUH
¹ÇHVGHRLWRSD¾VHV6ºUYLD(V SRVHQDVVXDVUHOD¹ÇHVy 6XVDQD 6LOYD SVLFÃORJD H IRU¹DDSVLFÃORJD
ORYºQLD(VORY³TXLD5RPºQLD $XGLFLD0RUOH\FRQWDDLQ XPDGDVSDUWLFLSDQWHVGRSUR 6XVDQD6LOYDGL]DLQGDTXH
,W³OLD (VSDQKD H 3RUWXJDO GDTXHHVWHSURFHVVRºVREUH MHWR GL] TXH IRL XPD H[SH SRUYLYHPRVQXPDkFXOWXUDGH
)RUDPFULDGDVGXDVVHVVÇHV WXGRXPkFUHVFLPHQWRHH[ UL¼QFLDVXUSUHHQGHQWHPDLV SURGXWLYLGDGHyTXHH[LJHVHP
GHIRUPD¹·RHVSHF¾ILFDVSDUD 2REMHWLYRGHVWH SORUD¹·RSHVVRDOTXHGHSRLV kSURIXQGDyGRTXHDGD+XQ SUHkPDLVHPHOKRUPDLVGH
DVRUJDQL]D¹ÇHVHQYROYLGDV HVW³UHODFLRQDGRFRPRFROHWL JULDSHODVSUÃSULDVFDUDFWH SUHVVDHFRPPDLRUHILFL¼QFLDy
VHQGRTXHDSULPHLUDRFRUUHX SURMHWRpFRQHFWDU YRyHTXHRPHVPRºXPDCVH U¾VWLFDVLQHUHQWHVGDLOKDHGR DFDEDPRVSRUSHUGHURVHQWL
HPMXOKRQD+XQJULDHDVH FRPRQRVVRSUySULR PHQWH TXHOHYDDQRVDCGHVD SUÃSULRFRQYHQWR GRGHkDXWRUUHJXOD¹·RyHkDFD
JXQGDDJRUDHP9LOD)UDQFD ULWPRHEDWHUGR EURFKDU DWºTXHDVSHVVRDV $RVSDUWLFLSDQWHVIRLWUDQV SDFLGDGHGHVDEHUSÅUOLPLWHVy
GR&DPSR6HJXQGRDFRRU SHUFHEDP TXH kW¼P VHQWL PLWLGRXPPRGHORGHFRPX R TXH PXLWDV YH]HV OHYD DR
GHQDGRUDGRSURMHWR=VX]VND
FRUDomRFRPDTXLOR PHQWRVVHQVD¹ÇHVHTXHSR QLFD¹·RQ·RYLROHQWDTXHOKHV CEXUQRXW k7HPRVGHPXGDU
-XKD]GHFLGLUDPYLVLWDU6·R TXHQyVSUHFLVDPRV GHPWUDEDOKDUGHIRUPDFULD G³kXPDYLV·RH[WHUQDTXHGD HVVDFXOWXUDRQGHTXDVHQRV
0LJXHOkSDUDRVSURILVVLRQDLV SDUDGHSRLVHVWDUPRV WLYD R TXH UHDOPHQWH º PRVDRRXWURHRRXWURDQÃVy GHVXPDQL]DPRVHSRPRVSDUD
WHUHPDRSRUWXQLGDGHGHWUD GLVSRQtYHLVSDUD LPSRUWDQWHSDUDHOHVGHXPD LQIRUPD6XVDQD6LOYDDFUHV VHFXQG³ULRFRLVDVTXHQDYHU
EDOKDUFRPDQDWXUH]DHSHU IRUPDTXHQ·RºLQVXSRUW³YHOy FHQWDQGRTXHFRPHVWHPºWR GDGHV·RRTXHQRVVXVWHQWDPy
FHEHURSRGHUGDPHVPDy DMXGDURVRXWURV k$VUD¾]HVGHVWHWUDEDOKRHV GRHkDWUDYºVGDDUWHFRQVHJXL UHDO¹D
'HSRLVGHXPGLDLQWURGX 797%2%7-0:%
W·RLQWULQVHFDPHQWHFRQHFWD PRVFRLVDVGHTXHQ·RHVWDPRV $ SVLFÃORJD FRQIHVVD TXH
WÃULRKRXYHGRLVGLDVHPTXH 4%68-'-4%28)(3463.)83p=396,)%68&)%87q GDVÍRUPDFRPRQÃVQRVHP FRQVFLHQWHVyYLVWRTXHDDUWH DFKRXRV$¹RUHVRHVSD¹RLGHDO
SHVVRDVGHRLWRSD¾VHVFRQ SRGHUDPRVQDQRVVDVDÈGHH SHUPLWHkDMXVWDUPRVIXQFLR SDUDID]HUHVWDVDWLYLGDGHVH
WULEX¾UDPDRID]HUXPDSDU EHPHVWDU2TXHID]HPRVWHP QDUPRV H H[SULPLUPRV VHP kID]HUXPDSDXVDXPUHWLUR
WLOKDGHDSUHVHQWD¹ÇHVHGH (VWDPRVQXPHGLItFLR XPHIHLWRFDVFDWDQDIRUPD QRVSHUFHEHUPRVDWºy HXPWUDEDOKRVREUHVLVHPHV
ZRUNVKRSVGHQWURGDVXD³UHD >&RQYHQWRGH9LOD FRPRHVWDPRVFLHQWHVGHFRPR 8WLOL]DQGRWU¼VSDUWHVGRFº W¾PXORVy
GHHVSHFLDOLGDGH+RXYHDLQ )UDQFDGR&DPSR@ WUDEDOKDPRVFRPRFRQWH[WR UHEURTXHIRFDPDLQWXL¹·RH 7DPEºPSRUTXHFRQVLGHUD
GDXPDDSUHQGL]DJHPFROHWL ´QRVVDYROWDFRPDQRVVDID DSDUWHFRJQLWLYDSRUH[HP TXHDSUÃSULDLPHUV·RGDQD
YDQRVUHVWDQWHVGLDVFRPRV LQFUtYHO2DPELHQWH P¾OLD FRPXQLGDGH H R DP SORHDWUDYºVGDGDQ¹DGHVH WXUH]DUHVXOWDQWHGDVXDWUDQ
SDUWLFLSDQWHVDDSURIXQGDUHP ID]SDUWHGRSURFHVVR ELHQWHRQGHHVWDPRV(VWDPRV QKRHSRHVLDRVSDUWLFLSDQWHV TXLOLGDGHHVLO¼QFLRQRVkQX
RVHXFRQKHFLPHQWRFRPEDVH HDSRLDRWUDEDOKR D IDODU GH UHDOPHQWH RXYLU W¼PXPDkH[SHUL¼QFLDFRP WUHGDVQRVVDVQHFHVVLGDGHVy
QRPºWRGRC7DPDOSD$UW3UR KRQUDUHUHVSHLWDUTXDLVV·RRV SOHWDyHPTXHOKHVºGDGDDFD HDSUÃSULDEHOH]DQDWXUDOH
FHVV XPPHLRGHDUWHH[SUHV
TXHHVWDPRVDID]HU QRVVRVSURFHVVRVLQWHUQRVHD SDFLGDGHGHID]HUHPXPDLQ SDLVDJ¾VWLFD GHVHQFDGHLD H
VLYDQ·RIRUPDO %9(-'-%1360)= IRUPDFRPRHVWHVV·RH[SOR WURVSH¹·RHSHUFHEHUFRPRVH GHVSHUWDDkFDSDFLGDGHHPYHU
3DUD=VX]VND-XKD]IRLSRV *361%(36%(31¦83(38%1%04%%68463')77 UDGRVDWUDYºVGRSURFHVVRFULD VHQWHPILVLFDPHQWHHPRFLR EHOH]DLQWHULRUHPQÃVHQRV
V¾YHOREVHUYDUGLIHUHQWHVPº WLYR¯XPSURFHVVRLQWHUQRH QDOPHQWHHPHQWDOPHQWH)HU RXWURVyHQDOWHFHƇ
3XEOLFLGDGH 7&%(3()3989&63()%¤36-%2336-)28%0
3JIVXEHIIQTVIKSTEVE'SRXEFMPMWXE'IVXMJMGEHS 83'

*YRÄÀS

t%WWIKYVEVEKIWXÀSHSWMWXIQEHIGSRXEFMPMHEHIKIVEPIEREPÊXMGEHEW
IQTVIWEWHSKVYTS

t)JIXYEVSWVIKMWXSWGSRXEFMPÊWXMGSWEVUYMZSISVKERMÊÄÀSMQTSWXSWITVSGIW
WEQIRXSWEPEVMEP

t+EVERXMVSGYQTVMQIRXSHIXSHEWEWSFVMKEÄÒIWGSRXEFMPÊWXMGEWJMWGEMW
IWXEXÊWXMGEWIPIKEMWEWWSGMEHEW

4IVJMP

t*SVQEÄÀSIQ*MRERÄEW)GSRSQMESY+IWXÀS

t-RWGVMXSRE3VHIQHSW'SRXEFMPMWXEW'IVXMJMGEHSW JEXSVSFVMKEXÐVMS

t4V¾XMGEGSRXEFMPÊWXMGEIJMWGEP

%SWMRXIVIWWEHSWHIM\EVSWIY':RIWXINSVREP
IQVIWTSWXEESR×QIVS
%¤36-%2336-)28%0
7&%(3()3989&63() 5HJLRQDO
$QJUDGR+HURtVPRUHJLVWD %(GL]TXH
KiFRQGLo}HV
SDUDWUDYDU
DJUDYDPHQWRGDSREUH]D GHVSHGLPHQWRV
(VWXGRPRVWUDTXHDSREUH]DDJUDYRXVHFRPrQIDVHHQWUHDVIDPtOLDVGDFODVVHPpGLDHDSRQWD 2%(FRQVLGHUDTXHkHVW·RUHX
QLGDVWRGDVDVFRQGL¹ÇHVySDUD
PHGLGDVFRPHQIRTXHHPFULDQoDVHMRYHQVTXDOLILFDomRHGHVHQYROYLPHQWRVRFLDO WUDYDU RV GHVSHGLPHQWRV QD
097%
1%6'34-1)28)0%3
FRRSHUDWLYD3UDLD&XOWXUDOHGLV
%ÄSVMERS3VMIRXEP VHTXHFDVRVHFRQFUHWL]HPR
*RYHUQR5HJLRQDOkVHU³FÈP
$SREUH]DDJUDYRXVHQRVÈOWL SOLFHGD&µPDUD0XQLFLSDOGD
PRVDQRVHP$QJUDGR+HUR¾V 3UDLDGD9LWÃULDy
PRHGHYHVHUFRPEDWLGDFRP k&RPRDSRLRGRSDUODPHQWR
PHGLGDVGLULJLGDVDFULDQ¹DVH >GRV$¹RUHV@FRPDSURPHVVD
MRYHQVGHIRPHQWRGDTXDOLILFD IHLWDSHOR*RYHUQR>5HJLRQDO@
¹·RHGHFRHV·RHGHVHQYROYL FRPDYRQWDGHGRVWUDEDOKDGR
PHQWRVRFLDOVHJXQGRXPHVWX UHVHPHQFRQWUDUXPDVROX¹·R
GRDSUHVHQWDGRQDTXLQWDIHLUD HVW·RUHXQLGDVWRGDVDVFRQGL
k1RJHUDODVLWXD¹·RºGHDJUD ¹ÇHVSDUDWUDYDURVGHVSHGL
YDPHQWRGDVLWXD¹·RGHSREUH]D PHQWRVGHLPHGLDWRSDUDGDUOX
HH[FOXV·RVRFLDO+RXYHXPDJUD JDUDRGL³ORJRyUHIHULXRSDUWLGR
YDPHQWRFRPFHUWH]DFRPDSDQ HP FRPXQLFDGR k3DUD LVVR
GHPLD>GHFRYLG@PDVDJRUD EDVWDKDYHUYRQWDGHGHWRGDVDV
YROWDDLQFUHPHQWDUVHFRPDVVL SDUWHV1HVWHPRPHQWRQ·R
WXD¹ÇHVGHJXHUUD+³XPD¼QID SDUHFHKDYHUYRQWDGHGDSDUWH
VHGDVGLILFXOGDGHVUHFHQWHVGDV GDDXWDUTXLDHRVLO¼QFLRGR*R
IDP¾OLDVGDFODVVHPºGLDyDILUPRX YHUQR>D¹RULDQR@IDU³FRPTXH
*XDOWHU&RXWRGDHPSUHVD)XQ VHWRUQHWDPEºPUHVSRQV³YHO
GRGH0DQHLRTXHHODERURXR3OD FDVRVHFRQFUHWL]HRGHVSHGL
QR(VWUDWºJLFRGH&RPEDWH´3R PHQWRGHWRGRVHVWHVWUDEDOKD
EUH]D H ([FOXV·R 6RFLDO GR 4PERS)WXVEXÆKMGSHI'SQFEXI½4SFVIÊI)\GPYWÀS7SGMEPHI%RKVEHS,IVSÊWQSÆTEVEZMKSVEVEXÆ GRUHVyDSRQWD
PXQLF¾SLRGH$QJUDGR+HUR¾V 'HSRLVGRFRPSURPLVVRDV
PRSDUDRSHU¾RGR RVQÈPHURVHVWHMDPPXLWRDEDL FLDVSVLFRDWLYDVDLPSOHPHQ $PRULPRPXQLF¾SLRM³FRPH VXPLGRQDVHPDQDSDVVDGDQR
2GRFXPHQWRDSRQWDPH [RGRVUHJLVWDGRVHP3RQWD'HO WDUHPHVFRODV ¹RXDLPSOHPHQWDURSODQRTXH SDUODPHQWRUHJLRQDOSHORVH
GLGDVLQWHJUDGDVHPWU¼VHL[RVGH JDGDQDLOKDGH6·R0LJXHO ¯SURSRVWDWDPEºPXPDIHL SUHY¼SDUFHULDVFRPRXWUDVHQ FUHW³ULRUHJLRQDOGDV)LQDQ¹DV
LQWHUYHQ¹·RkUHGX]LUDSREUH]D +³DWXDOPHQWHUHVSRVWDV UDDQXDOGHHPSUHJRXPDSOD WLGDGHVHkHPVHU·RLQFUH 'XDUWH)UHLWDVkVHRGHVSHGL
HDH[FOXV·RVRFLDOLQIDQWRMXYH GHDSRLRVRFLDOHP$QJUDGR+H WDIRUPDGLJLWDOPXQLFLSDOGH PHQWDGDVQRYDVD¹ÇHVy PHQWRGRVWUDEDOKDGRUHVGD
QLOIRPHQWDUDTXDOLILFD¹·RGR UR¾VPRTXHDEUDQJHPkPDLVGH SURPR¹·RGHHPSUHJRSURJUD $DXWDUFDGHVWDFRXDDSRVWD FRRSHUDWLYD3UDLD&XOWXUDOVH
HPSUHJRHSRWHQFLDUDFRHV·RHR SHVVRDVyPDVRHVWXGR PDVGHIRUPD¹·RHFDSDFLWD¹·R QDVPHGLGDVGHVWLQDGDVDRVMR FRQFUHWL]DUR*RYHUQR5HJLR
GHVHQYROYLPHQWRORFDOy LGHQWLILFDDQHFHVVLGDGHGHKD SDUDMRYHQVTXHQ·RHVWXGDPH YHQVH´SRSXOD¹·RFRPPDLVGH QDOVHU³FÈPSOLFHGD&µPDUD
1XPDUTXLSºODJRHPTXHkXP YHU PDLV kWUDEDOKR HP UHGHy Q·RWUDEDOKDPHRDSRLRDSUR DQRVTXHUHJLVWRXXPkDX 0XQLFLSDOGD3UDLDGD9LWÃULDy
HPFDGDWU¼VKDELWDQWHVºFRQVL (QWUHDVPHGLGDVSURSRVWDV MHWRVGHFULD¹·RGHHPSUHJRSDUD PHQWREDVWDQWHVLJQLILFDWLYRyQD FRQVLGHUDR%(
GHUDGRSREUHyRSODQRWUD¹DXP QRSODQRHVW·RSRUH[HPSOR HVVHVMRYHQV ÈOWLPDGºFDGD 2SDUWLGRWDPEºPUHIHUHTXH
GLDJQÃVWLFRGDVLWXD¹·RFRQFUH D¹ÇHVGHVHQVLELOL]D¹·RSDUDR 2DSRLRDRDUUHQGDPHQWRD k¯ LPSRUWDQWH LQYHVWLUPRV RVLO¼QFLRGR*RYHUQRD¹RULD
WDGH$QJUDGR+HUR¾VPRQDLOKD GHVHQYROYLPHQWRGHFRPSH RUJDQL]D¹·RGHHYHQWRVHIHLUDV FDGDYH]PDLVQDHGXFD¹·RGRV QRkSHUDQWHDVGHFODUD¹ÇHVSÈ
7HUFHLUDTXHFUX]RXGDGRVHV W¼QFLDVVRFLRHGXFDWLYDVHQWUH VROLG³ULDVDFULD¹·RGHXPSUR QRVVRVMRYHQVyIULVRXDOHJDQ EOLFDVIHLWDVSHODSUHVLGHQWHGD
WDW¾VWLFRVHLQTXºULWRVFRPDFR RVDOXQRVSURJUDPDVHGXFD JUDPDGHYDOHVDOLPHQWDUHVHD GRTXHDDXWDUTXLDGLVSRQLELOL &µPDUDGD3UDLDGD9LWÃULD
ODERUD¹·RGHHQWLGDGHV WLYRVGHDUWHGHVSRUWRHDWLYL LPSOHPHQWD¹·RGHD¹ÇHVSDUD ]RXHVWXGRDFRPSDQKDGRHP GXUDQWHHVWDVHPDQDºLQFRP
6HJXQGR*XDOWHUGR&RXWR GDGHV H[WUDFXUULFXODUHV RX RHQYHOKHFLPHQWRDWLYRV·RRX HWHPYLQGRDkDXPHQWDU SUHHQV¾YHOyk'HDFRUGRFRPD
PDLVGHPHWDGHGDSRSXOD¹·RGR SURJUDPDVGHFRQVFLHQFLDOL WUDVGDVPHGLGDVSUHYLVWDV RQÈPHURGHDOXQRVyDEUDQJL DXWDUFDR*RYHUQR5HJLRQDO
FRQFHOKRWHPKDELOLWD¹·RLJXDO ]D¹·RVREUHQRYDVVXEVWµQ 6HJXQGRDYHUHDGRUD)³WLPD GRVDSHVDUGHKDYHUDOJXPDUH DLQGD Q·R HIHWXRX QHQKXP
RXVXSHULRUDRFLFORHRQÈ VLVW¼QFLDSRUSDUWHGRVSDLV FRQWDFWRIRUPDOFRPDDXWDU
1%6'34-1)28)0%3
PHURGHOLFHQFLDGRVHVW³DFLPD 2XWUDGDVSUHRFXSD¹ÇHVGR TXLDDSHVDUGHVDEHUDXUJ¼Q

GDPºGLDUHJLRQDO PXQLF¾SLRSUHQGHVHFRPDQH FLDTXHK³HPSDUDURVGHVSH
$QJUDGR+HUR¾VPRUHJLVWRX FHVVLGDGHGHUHDELOLWDUHFRQVWUXLU GLPHQWRVSRUTXHM³DPDQK·
HPXPDXPHQWRGH PDLVKDELWD¹ÇHVQRFRQFHOKR >VH[WDIHLUD@VHU³RÈOWLPRGLD
QRYDORUDFUHVFHQWDGREUXWR k7RGRVRVGLDVQRVFKHJDPSH GHWUDEDOKRSDUDDOJXQVWUDED
9$% HDSUHVHQWDXPSRGHUGH GLGRVSDUDGLVSRQLELOL]DUXPD OKDGRUHVVHQDGDIRUIHLWRyO¼
FRPSUDSHUFDSLWDDFLPDGD FDVD&RPH¹DPRVDILFDUPXLWR VH$VGHFODUD¹ÇHVGDDXWDUFD
PºGLDGDUHJL·R SUHRFXSDGRV SRUTXH FRPH kV·RDEVROXWDPHQWHFRQWUDGL

7DPEºPRQÈPHURGHWUDED ¹DPQRVDFKHJDUDJUHJDGRVGD WÃULDVFRPDTXLORTXHGLVVHR

OKDGRUHVSRUFRQWDGHRXWUHPLQV FODVVHPºGLDyUHYHORX VHFUHW³ULRUHJLRQDOGDV)LQDQ
FULWRVQD6HJXUDQ¹D6RFLDOWHP )³WLPD$PRULPUHIHULXDLQ ¹DVDVHPDQDSDVVDGDQRSDU
DXPHQWDGRPDVRSUH¹RPºGLR GDDDSRVWDHPD¹ÇHVGHVHQVL ODPHQWRTXDQGRDILUPRXTXH
GDVFDVDVVXELXHQWUH ELOL]D¹·RGHMRYHQVSDUDFRP R*RYHUQRLDCHQFRQWUDUXPD
HHRSUH¹RGDVUHQGDV EDWH´WR[LFRGHSHQG¼QFLDHHP VROX¹·RFRPD&µPDUD0XQL
2FRQFHOKRºRVHJXQGRGDUH SURMHWRVTXHSURPRYDPRHQ FLSDOGD3UDLDGD9LWÃULD TXH
JL·RFRPkPDLVSHVVRDVHPFRQ YHOKHFLPHQWRDWLYRMXQWRGD LDCDMXGDUDUHVROYHUPDLVHVWD
GL¹·RGHVHPDEULJRyDLQGDTXH %YXEVUYMEVIGSRLIGIERIGIWWMHEHIHIQEMWLEFMXEÄÀSRSGSRGIPLS SRSXOD¹·RVºQLRUƇ WHUU¾YHOKHUDQ¹DGR36 yƇ097%
%¤36-%2336-)28%0
2SLQLmR 7&%(3()3989&63()
'HERDVLQWHQo}HVHVWiR*RYHUQRFKHLR
$KLVWÃULDUHPHWHDQRYHP WXRDFRUGRySDUDGHVSHGL GXDVKLSÃWHVHVRX9µQLD)HUUHLUD QHVWHFDVRRLPSDFWRGRVGHVSHGL
EURGHTXDQGRQRWL PHQWRVVHPGÃQHPSLHGDGH HVW³DPHQWLUTXDQGRGL]TXHDLQGD PHQWRV¯FHUWRTXHR*RYHUQRGHYLD
FLDGDVDVFRQFOXVÇHVGDDX 1DVHVV·RSOHQ³ULDGHRX DJXDUGDUHVSRVWDGR*RYHUQRRX WHUWLGRXPDDWXD¹·RPDLVFºOHUHH
GLWRULD´VLWXD¹·RILQDQFHLUD WXEURVHWHPHVHVHXQVGHV 'XDUWH)UHLWDVHVW³DPHQWLUTXDQGR HILFD]FRQWXGRQ·RSRGHPRVGHVYLDU
HUHFXUVRVKXPDQRVGRJUX SHGLPHQWRVGHSRLVRVHFUH GL]TXHHVVHWUDEDOKRHVW³DVHUGHVHQ DFXOSDGDDXWDUTXLDSUDLHQVHQDDX
SRPXQLFLSDOFRQVWLWX¾GR W³ULRGDV)LQDQ¹DVDILUPRX YROYLGRHPFRQMXQWRFRPD&µPDUD V¼QFLDGHGL³ORJRHGHHVIRU¹RSDUD
SHOD&µPDUD0XQLFLSDO 32/Ì7,&$ TXHR*RYHUQRHVWDULDDkWUD ,JXDOPHQWHJUDYHºDSHUVLVW¼QFLD TXHXPDGHFLV·RIRVVHWRPDGDHP
3('521(9(6
3UDLD$PELHQWHH&RRSHUDWL '(387$'23(/2 EDOKDUFRPD&µPDUDGD GR*RYHUQRHPGHEUX¹DUVHVREUHR SUROGHVWHVWUDEDOKDGRUHV
YD3UDLD&XOWXUDOTXHXOWUD 3$11$$/5$$ 3UDLDGD9LWÃULDySDUDkDMX SUREOHPDFRPRXPDkWHUU¾YHOKHUDQ 5HVWDQRVDJRUDDSURPHVVDGR
SDVVDYDRVGROLPLWH GDUDUHVROYHUyDVLWXD¹·R ¹DGHL[DGDSHOR36yXWLOL]DQGRRV ([HFXWLYRFRPDVIDP¾OLDVTXH
GHHQGLYLGDPHQWRSHUPLWLGR GHFODUD¹ÇHVTXHVHPHDUDP WUDEDOKDGRUHVFRPRDUPDGHDUUH 'XDUWH)UHLWDVGL]kSRGHUHPFRQWDU
SRUOHLHPRXWXEURGH IDOVDVHVSHUDQ¹DVQRVWUDED PHVVRSRO¾WLFRTXDQGRQDUHDOLGDGH FRPRDSRLRGD&ROLJD¹·RyPDV
1RHQWDQWRWRGRRSUREOHPDDFDERX OKDGRUHVHDSDQKDUDPGHVXUSUHVDD GHYHULDHVWDUHPSHQKDGRHPHQFRQ FRPREHPVDEHPRVGHERDVLQWHQ
SRUUHFDLUVREUHD&RRSHUDWLYDTXH SUHVLGHQWHGDDXWDUTXLDSUDLHQVH WUDUXPDVROX¹·RSDUDUHVROYHUDVL ¹ÇHVHVW³R*RYHUQRFKHLRƇ
DXIHULDXPDG¾YLGDVXSHULRU´VFDSD TXHDWº´GDWDDILUPDQ·RWHUUHFHEL WXD¹·RGHVWDVIDP¾OLDVGHL[DGDVDR
FLGDGHVGDDXWDUTXLD GRTXDOTXHUFRQWDFWRSRUSDUWHGR DEDQGRQRHVHPPHLRGHVXVWHQWR
1DDOWXUDRPXQLF¾SLRM³DPHD¹DYD ([HFXWLYR OHPEUDQGRFRPDPHVPD 7RGDYLDQ·RSRGHPRVVHUEHQHYR
DUHGX¹·RGHGHVSHVDVFRPSHVVRDO FRUSDUWLG³ULD OHQWHVFRPDIRUPDLQVHQV¾YHODOWLYDH
SDUDkVDOYDJXDUGDURPDLRUQÈPHUR 2UDHVFXVDGRVHU³GL]HUTXHDERD GHVDMXVWDGDFRPRD&µPDUD0XQLFL
SRVV¾YHOGHSRVWRVGHWUDEDOKRyGH YRQWDGHGR*RYHUQRSHFDSRUWDUGLD SDOFRPXQLFRXHVWDGHFLV·RDRVVHXV
DFRUGRFRPDDXWDUFD9µQLD)HUUHLUD 9µQLD)HUUHLUDDFUHVFHQWDDLQGDTXH FRODERUDGRUHVVHPTXHOKHVWLYHVVH
(PPDU¹RGHVWHDQRDUHGX¹·R HUDGRFRQKHFLPHQWRGR*RYHUQRD VLGRVHTXHUH[SOLFDGRVRVFULWºULRVGH
DQXQFLDGDFRPH¹RXSRUVHUHQWUH VLWXD¹·RYLYLGDQD3UDLDGD9LWÃULD VHOH¹·R2SRGHUORFDOWDPEºPSHOD
DIXQFLRQ³ULRVGD&RRSHUDWLYD GHVGHRLQ¾FLRGRSURFHVVRHGHWRGDV VXDPDLRUSUR[LPLGDGHFRPRVFLGD
3UDLD&XOWXUDOGHXPWRWDOGH DVFRQVHTX¼QFLDVTXHHVWHDFDUUHWDYD G·RVWHPRGHYHUGHDMXGDUDVIDP¾
8PDUHGX¹·RTXHUDSLGDPHQWHSDV WHQGRHPFRQWDDVLWXD¹·RILQDQFHLUD OLDVHGHWHUXPSDSHOPDLVDWLYRQD
VRXGHkUHVFLV·RYROXQW³ULDSRUPÈ GRPXQLF¾SLR5HVWDPQRVDJRUD SURFXUDGHVROX¹ÇHVSDUDPLQLPL]DU
*XHUUDVTXHLQIHOL]PHQWHQmRVmR
GH$OHFULPH0DQMHURQD
$JXHUUDTXHDIOLJHFRPRV ¯SUHFLVRHGXFDUPDVVLYD VHPSUHSDUHFHPWHUFRQVFL¼QFLDGRV $YHUGDGHºTXHDYLRO¼QFLDHRV
VHXVHVTXDGUÇHVRPXQGRº PHQWHSDUDTXHDVSHVVRDVVH VHQWLPHQWRVYLYHQFLDGRVQRFRQIOLWR VHQWLPHQWRVGHH[FOXV·RVHQWLGRV
RWLSRGHHUURSHUIHLWRGHIL DFHLWHPXPDV´VRXWUDVQDV HQHPW·RSRXFRGHPRQVWUDPFDSD SRUDOJXQVMRYHQVHRGHVHVSHURGH
ORVRILDyDILUPRXQXPGRV VXDVGLIHUHQ¹DVDILUPD$Q FLGDGHSDUDRVUHJXODU DOJXQVSURIHVVRUHVTXHQ·RFRQVH
VHXVSRHPDV$OEHUWR&DHLUR WÃQLR'DP³VLRQXPDHQWUH 1DVÈOWLPDVGXDVGºFDGDVW¼PVLGR JXHPOLGDUFRPDWHQV·RFRQW¾QXDGH
$JXHUUDHRKRUURUGRPL YLVWD(HVVDDPHD¹DQRVÈO LPSOHPHQWDGRVQRFRQWH[WRHVFRODU FHUWDVWXUPDVQ·RV·RUHGXW¾YHLVDRV
QDPWUDJLFDPHQWHRVWHP ('8&$d$2 WLPRVWHPSRVHQWUDQRV SURJUDPDVGHGHVHQYROYLPHQWRVR HOHPHQWRVDSRQWDGRVQHVWHFXUWRHV
$1$&5,67,1$
SRVUHFHQWHVGHPRQVWUDQGR 6,/9$ WRGRVGLDVSHORVROKRV FLRHPRFLRQDOHGHUHJXOD¹·RGHHPR SD¹RGHRSLQL·R7DOYH]QRHQWDQWR
FRPRºXUJHQWHXPDHGXFD 352)(6625$ 2VHVSD¹RVHFRQWH[WRVGD ¹ÇHVGHIRUPDDSUHYHQLUSUREOHPDV DVLPSOLFLGDGHGHVWDDQ³OLVHSXGHVVH
¹·RTXHVXVWHQWHDFDSDFLGD HGXFD¹·RSDVVDPSHODIDP¾ GHFRPSRUWDPHQWRHSUREOHP³WLFDV VHUVXSHUDGDFRPDPRU2DPRUºXP
GHGHQRVFRORFDUQROXJDU OLDHSHODHVFRODTXHLQIHOL] GHVDÈGHPHQWDOQRVDOXQRV$SHVDU WHUPRSRXFRDSOLFDGRQDFRPSUHHQ
GRVRXWURVTXHHQIDWL]HD PHQWHW¼P´VYH]HVDVVXDV GHIXQGDPHQWDGRVFLHQWLILFDPHQWH V·RGDHVFRODHDVXDUHDOLGDGH1R
Q·RGLVFULPLQD¹·RHPIXQ¹·RGDSHU kJXHUULQKDVySUÃSULDVVHPDQDOLVD HVWHWLSRGHSURJUDPDV TXDQGRH[LV HQWDQWRVHWRGRVSDLVHSURIHVVRUHV
WHQ¹DDGHWHUPLQDGRVJUXSRVºWQL UHPDVPÈWXDVGLILFXOGDGHVHPHGX WHP V·RSRUUHJUDGHVHQYROYLGRV SDUWLOKDUPRVDSDL[·RSRUGHVHQFD
FRVHPIXQ¹·RGHGHILFL¼QFLDVHP FDU$YLGDPRGHUQDHP3RUWXJDOQ·R GXUDQWHXPDKRUDXPDYH]SRUVH GHDUFXULRVLGDGHVHQRVFRPSURPH
IXQ¹·RGDRULHQWD¹·RVH[XDOHWF SURWHJHDVIDP¾OLDVKRUDVH[FHVVLYDV PDQDUHJUHVVDQGRGHVHJXLGDRV WHUPRVFRPLQWHQVLGDGHDHORJLDU
8PDHGXFD¹·RTXHSURSRUFLRQH´V GHWUDEDOKRPXLWDVGDVTXDLVSDVVD DOXQRVSDUDFRQWH[WRVHVFRODUHVHID PRVDVSHWRVSRVLWLYRVGRRXWURVH
FULDQ¹DVHMRYHQVLQVWUXPHQWRVSDUD GDVDRYRODQWHRXHPWUDQVSRUWHVSÈ PLOLDUHVRQGHRVFRPHQW³ULRVVREUH GHPRQVWUDUPRVFRPSUHHQV·RSHOD
VHSHQVDUHSHQVDURVRXWURVQRUHJLV EOLFRVGLILFXOGDGHVHFRQÃPLFDVH DVVLWXD¹ÇHVLQWHUSHVVRDLVQRPHDGD GLILFXOGDGHVGRRXWURHVWDUHPRVVHP
WRGDWRPDGDGHFRQVFL¼QFLDGDV VWUHVVHVGHFRUUHQWHVGHVVHVHRXWURV PHQWHHPUHOD¹·RDRVFRQIOLWRVQ·R GÈYLGDDFRQWULEXLUSDUDDWHQXDU
HPR¹ÇHVHTXHDVHQVLQHDH[SULPL SUREOHPDVWDOYH]ID¹DPFRPTXH UHFRUUHPDXPGLVFXUVRTXHDERUGH VHQWLPHQWRVGHH[FOXV·RHGHVROLG·R
ODVDGHTXDGDPHQWH$DERPLQD¹·R PXLWDVIDP¾OLDVQ·RWHQKDPRSRUWX DVHPR¹ÇHVQHPG·RSLVWDVSDUDDUH HLVVRºPHLRFDPLQKRSDUDPHQRV
TXHDVVLVWLPRVWRGRVRVGLDVQDWHOH QLGDGHVGHSDUWLOKDUHPRVGLWRV JXOD¹·RGDVPHVPDV(VWDUHDOLGDGH kJXHUULQKDVyHWDOYH]DMXGHPHVPR
YLV·RDHVSLUDOKHGLRQGDGHYLRO¼QFLD lWHPSRVGHTXDOLGDGHzFRPRVVHXV WRUQDHVWHVSURJUDPDVPHQRVHILFD DFRQWULEXLUSDUDDTXHODFRLVDTXH
HPTXHRÃGLRJHUDÃGLRRVGLVFXUVRV ILOKRVFRPDIUHTX¼QFLDQHFHVV³ULD ]HVQDPHGLGDHPTXHDPLÈGHRDP WRGRVGHVHMDPRVDSD]QRPXQGRƇ
ºSLFRVGDEDWDOKDHGDQD¹·RTXHVH $HVFRODHRVSURIHVVRUHVVHPWH ELHQWHHGXFDWLYRDFDEDSRUQ·RIDYR
VREUHSÇHDRVYDORUHVGRKXPDQLVPR UHPVLGRSDUDLVVRSUHSDUDGRVV·R UHFHUQHPSURORQJDURTXHº
HQRVTXDLVRVLQVWLQWRVPDLVSULPLWL IRU¹DGRVPXLWDVYH]HVDOLGDUFRP HQVLQDGRQHVVHVSURJUDPDV1HVWH
YRVGHWHUULWRULDOLGDGHV·RPDLVLP WXUPDVRQGHRVFRQIOLWRVHQWUHDOX TXDGURWDOYH]IRVVHLQWHUHVVDQWH
SRUWDQWHVGRTXHDVYLGDVKXPDQDV QRVHHQWUHSURIHVVRUHVHDOXQRVV·R DODUJDUHVWHWLSRGHSURJUDPDVDSDLV
WXGRLVWRWHPGHVHUYHHPHQWHPHQWH PXLWRPDLVIUHTXHQWHVGRTXHRGH HSURIHVVRUHVFRPRXPLQVWUXPHQWR
FRQWUDULDGR¯SUHFLVRHGXFDUPDVVL VHM³YHOSDUDXPDPELHQWHVDOXWDUGH SDUDDOWHUDUDQDWXUH]DGRVFRQWH[WRV
YDPHQWHFDVRFRQWU³ULRRVVHUHVKX DSUHQGL]DJHP'LVFÃUGLDVHFKRTXHV HGXFDWLYRVHPUHOD¹·R´SUÃSULDUH
PDQRVLU·RPDWDUVHXQVDRVRXWURV RQGHRVDOXQRVHSURIHVVRUHVQHP JXOD¹·RHPRFLRQDO
%¤36-%2336-)28%0
7&%(3()3989&63() 2SLQLmR
$IRPHHDVFDVWDQKDV
$SUR[LPDVHPDLVXPGLD FRPIXQFKRSDUDGDUJRVWR PHIH]PDWXWDUY³ULRVGLDV'LVVH WXDUDVGLIHUHQ¹DVVRFLDLVHDVGLIL
GH6·R0DUWLQKRHPDLV 0HQLQRGDFLGDGHFRPR DVVLPk-³FRPLRS·RGHPLOKRWRGR FXOGDGHVTXHGHIDFWRH[LVWLDP
XPDYH]SRGHUHPRVFRPHU HXHUDFRVWXPDYDSHGLUXP TXHKDYLDGHFRPHUQDYLGD$JRUDº FRPRQHVWDIUDVHW¾SLFDVREUHR
FDVWDQKDV ERFDGLQKRGHD¹ÈFDUSDUD S·RGHWULJRy kQDFRGHS·RQHJURTXHDFULDQ¹DWL
$IRUPDFRPRDFXOWXUD SÅUSRUFLPDGDVFDVWDQKDV 3HUFHEHURTXHOKHLDQDDOPDQR URXGHHQWUHRVDQGUDMRVTXHOKHFR
GDVWHUUDVVHPXGDºLQWH WUDQVIRUPDQGRDVHPSHU PRPHQWRGRUHVPXQJRºSHUFHEHU EULDPRFRUSRPDJURy
UHVVDQWHHFRPRGL]LDXP 32/Ì7,&$ IHLWDVREUHPHVDGH2XWRQR DUD]·RSHODTXDORVLQKDPHVDVFDV &RPRROKDUQRS·RGHWULJRDV
)5$1&,6&2
FRQKHFLGRPHXK³GLDVHOD 0$'852 $JRUDTXDVHQ·RDSDUH WDQKDVDVEDWDWDVSULPHLURDVGR JHQWHVFRPLDPRTXHWLQKDPHFDGD
ºRTXHILFDTXDQGRWXGRVH ',$6 FHPFDVWDQKDVFR]LGDV6·R FHVGHSRLVDVRXWUDVDVFDLRWDV YH]TXHDRORQJRGRDQRDSDUHFLDP
086(¾/2*2
HVTXHFH DVVDGDVHVHDVFRPSUDPRV HUDPFXOWLYDGDVSRUWXGRRTXHº VXEVWLWXWRVFDSD]HVGHSUHHQFKHU
/HPEURPHVHPSUHGH QDUXDY¼PHPFDUWXFKRV ODGR¯SHUFHEHUSRUTXHUD]·RRPL WDQWDQHFHVVLGDGHHUDDIHVWD
FRPRDSÃVRVLVPRGHMD GHSDSHOFRPDOJXPVDO OKRIRLW·REHPYLQGRHW·RPDO $JRUDºRWHPSRGDVFDVWDQKDV
QHLURGHHFRPDFKH 0DVIDODQGRGHFDVWD DPDGR¯HQWHQGHUSRUTXHºTXHR +RMHHQWUHQÃVV·RPRWLYRGHJXOR
JDGDGHWDQWDJHQWHGHIRUDVHFR QKDVYDOHDSHQDUHOHPEUDUDUD]·R QRVVRWHPSRGR(VS¾ULWR6DQWRºW·R GLFHHIHVWDPDVSDUDRXWURVPHV
PH¹RXDMDQWDUFDGDYH]PDLVWDUGH SHODTXDOID]HPRVWDQWDIHVWDHPUH SRYRDGRGHS·HVIHLWRVGHWULJRVH PRDWXDOPHQWHDLQGDDMXGDPD
QDLOKD7HUFHLUD GRUGDVLPSOHVFRLVDTXHºFRP¼ODV MDPVLPSOHVS·HVDOYRVHGH³JXD SDVVDUPRPHQWRVGLI¾FHLVƇ
$WºHQW·RDKRUDGRMDQWDUHUDHQ &RPTXDVHWU¼VTXDUWDVSDUWHVGRV VHMDPS·HVGHOHLWHURVTXLOKDV
WUHDVVHLVHPHLDHDVVHWHSDUDGH Y³ULRVELOLÇHVGHKXPDQRVDYLYHU PDVVDFHYDGDDGXEDGDFRPWXGRR
SRLVVHSRGHUVDLUDYLVLWDUDPLJRV HPFLGDGHVORQJHGRVVLVWHPDVGH TXHVHOKHSRGLDDFUHVFHQWDULVVR
RXSDUDLUSDUDRVGHJUDXVGD6ºHP SURGX¹·RHPXLWRLQFRQVFLHQWHVGR VHPIDODUQDVYºVSHUDVQDVURVTXL
DPHQDFDYDTXHLUDGHVGHR*RYHU TXHLVVRHQYROYHVDEHPRVTXHRS·R OKDVGHDJXDUGHQWH{(SRUD¾IRUD
QDGRU&LYLOH3UHVLGHQWHGD-XQWD FRVWXPDDSDUHFHUWRGRVRVGLDV 3RURXWURODGRYDOHDSHQDDQGDU
*HUDODRVFDORLURVGR/LFHXPDLV $SDUHFHHSURQWR¯GLI¾FLOPHWHUQD SRUD¾HYHUFRPRRVLQKDPHVDFRP
DWUHYLGRV$JRUDMDQWDVH´VRLWRRX FDEH¹DGDVSHVVRDVTXHRS·RVR SDQKDPRYRVHOLQJXL¹DSRUH[HP
DWºPDLVWDUGH EUHWXGRRS·RDOYRHGHWULJRHUD SORQR3LFRRXRTXHVHSDVVRXHP
$VFDVWDQKDVWDPEºPHUDPGLIH PXLWRPHQRVIUHTXHQWH 6·R-RUJHQD5HYROWDGRV,QKDPHV
UHQWHVHVDELDPGLIHUHQWHPHQWH +³WHPSRVRXYLXPHPLJUDQWH $SUÃSULDOLWHUDWXUDURPµQWLFDGR
SRLVRFRVWXPHHUDVHUHPFR]LGDV DOJRUDLYRVRDGL]HUXPDIUDVHTXH VºFXOR;,;HQFDUUHJRXVHGHDFHQ
'LJD/HLWRU
$LQpUFLDGRJRYHUQR ¹·RVRFLDOSRUWXJXHVDYHULIL
FDUTXHR(VWDGRQDGDID]HP
FRQWDFWDUDHPEDL[DGD2QRU
PDOVHULDDHPEDL[DGDFRQ
1·RºSURSULDPHQWHkDOWDSR
O¾WLFDyPDVºRPDLVSULRULW³
FRPRVSRUWXJXHVHV UHOD¹·RDRVTXHQ·RFRQVH WDFWDURVSRUWXJXHVHVHQ·RR ULRGHID]HUDQWHVGHDFRQWHFHU
JXLUDPYLUQRSULPHLURYRR FRQWU³ULR$FODVVHGLSORP³WL FDODPLGDGHV&KDPDVHDLVWR
TXHILFDUDPHP,VUDHO SDUD3RUWXJDO FDHPFRQVWDQWHURWD¹·RQ·R k6HUYL¹RD3RUWXJDOyƇ
3HUJXQWRPHRQGHHVW³D LQVWLWXLXQRVSRVWRVHPTXHYDL 4%903*6)-8%7(3%1%6%0
SURSDJDQGDTXHIH]HQFKHU SDVVDQGRXPDHVWUXWXUDTXH
(QTXDQWRDVVLVWLPRVDXPJR SHORPLQLVWUR-R·R&UDYLQKR WDQWRVMRUQDLVVREUHHVWHXO SRVVDDSUHVHQWDUUHVXOWDGRV
YHUQRVLOHQFLRVRDFHUFDGRSD TXHQ·RDWHQGHFKDPDGDVWH WUDPRGHUQR k*DELQHWH GH HPFDVRGHFULVH$kDOWDSRO¾
UDGHLURGHOXVRLVUDHOLWDVWH OHIÃQLFDVDRVSRUWXJXHVHVTXH (PHUJ¼QFLD&RQVXODUy" WLFDyQ·RºDÈQLFDIXQ¹·RGRV
PRV DVVLVWLGR WDPEºP ´ ILFDUDPQDTXHOHSD¾VHTXH 6HU³TXHRWUDEDOKRGHFDVD GLSORPDWDVHPERUDVHMDFRP
LGHQWLILFD¹·RGHGHVDSDUHFL DLQGDWHQWDPGHVHVSHUDGD GR0LQLVWºULRGRV1HJÃFLRV SUHHQV¾YHOTXHVHMDDTXLORTXH
GRVIHLWDSHODFRPXQLGDGHMX PHQWHVDLUGH,VUDHO (VWUDQJHLURVTXHGHYHULDWHU PDLVJRVWDPGHID]HU1RHQ
GDLFDUHVLGHQWHQR3RUWR 'XUDQWHRVÈOWLPRVDQRVR VHQVLELOL]DGRHFRQVWLWX¾GR WDQWRRFRQWDFWRFRPRVSRU
$LGHQWLILFD¹·RGHVHLVOXVR 36WHPDQXQFLDGRGLYHUVDV XPUHJLVWRGRVSRUWXJXHVHVH WXJXHVHV DLQIRUPD¹·RUH
LVUDHOLWDVHQWUHDVTXDLVGXDV YH]HVDH[LVW¼QFLDGHXPPH OXVRLVUDHOLWDVUHVLGHQWHVHP FROKLGD DFHUFD GDV VXDV
MRYHQVQDFDVDGRVDQRV JD HTXLSDGR k*DELQHWH GH ,VUDHO IRL IHLWR" 7HQGR HP GLILFXOGDGHVDYLVLWD´VDVVR
7DLU%LUDH/LUD]$VXOOLQ IRL HPHUJ¼QFLDFRQVXODUySDUDVL FRQWD,VUDHOVHUXP(VWDGR FLD¹ÇHVDRVFOXEHVGHVSRUWL
GLYXOJDGD PXLWR DQWHV GH WXD¹ÇHVGHFULVH HP FRQVWDQWH DPHD¹D SHOR YRVOXVLWDQRVH´VFROHWLYLGD
TXDOTXHUIRQWHGLSORP³WLFD ¯FXULRVRHSHQRVRFRQVWD PXQGRLVOµPLFRFLUFXQGDQ GHVH[LVWHQWHVQRHVWUDQJHLUR
RXJRYHUQDWLYDRID]HU WDUDJRUDTXDQGRDVVLVWLPRV WH"(XDFKRTXHQ·R WHPGHSDVVDUDVHUXPDSULR
,QIHOL]PHQWH DVVLVWLPRV DRGHVHVSHURGRVSRUWXJXHVHV (VWHWUDEDOKRVHWLYHVVHVLGR ULGDGH GRV GLSORPDWDV GH
WDPEºP´SDVVLYLGDGHGRVGL HP,VUDHO DDSHODUDDOJXP IHLWRFRPDQWHFHG¼QFLDQ·ROH PRGRDVDEHUTXHPV·RRTXH
SORPDWDV GD HPEDL[DGD GH WLSRGHDSRLRGR(VWDGRSRU YDULDRVSRUWXJXHVHVDDQGD ID]HPHRQGHHVW·RRVSRUWX
3RUWXJDOHP,VUDHOWXWHODGD WXJX¼VDWUDYºVGDFRPXQLFD UHPGHVHVSHUDGRVDWHQWDUHP JXHVHV H OXVRGHVFHQGHQWHV
2VWH[WRVHQYLDGRVSDUDSXEOLFD¹·RQDVUXEULFDVk'LJD/HLWRUyHk&DUWDDR'LUHWRUyGHYHPLQGLFDUQRPHPRUDGDHWHOHIRQH1·RSXEOLFDPRVRVDUWLJRVDVVLQDGRVFRPSVHXGÃQLPRVRXLQLFLDLV2$¹RULDQR2ULHQWDOUHVHUYDVH
DRGLUHLWRGHVHOHFLRQDURXUHVXPLUSRUUD]ÇHVGHHVSD¹RRXFODUH]D5XD'U%UXQR7DYDUHV&DUUHLUR3RQWD'HOJDGD6·R0LJXHO$¹RUHV(PDLODFRULDQRRULHQWDO#DFRULDQRRULHQWDOSW
'SSVHIREHSVE)HMXSVMEP '327)0,3()%(1-2-786%¤ 3 (MVIXSVHI4YFPMGMHEHI%RXÐRMS*MPMRXS +SZIVRSHSW%ÄSVIW

4EYPE+SYZIME'4% 1EVGS&IPS+EPMRLE 4VIWMHIRXI (ITEVXEQIRXSHI4VSHYÄÀS%Q¿RHMS&SXIPLS 'LIJI )WXETYFPMGEÄÀSÆETSMEHETIPS
(SQMRKSW4SVXIPEHI%RHVEHI :SKEP 'EVPSW7SYWE (IWMKRIV )HYEVHS6IWIRHIW *SXSKVEJME 4631)(-%4VSKVEQE6IKMSREP
)HMXSVIWHIJIGLSHI)HMÄÀS 4IHVS+SRÄEPZIW1IPS :SKEP 4YFPMGMHEHI4EYPS.SVKI 'LIJIHI)UYMTEHI:IRHEW HI%TSMS½'SQYRMGEÄÀS7SGMEP4VMZEHE
%RE'EVZEPLS1IPS'44EYPS*EYWXMRS'4
6YM.SVKI'EFVEP'4%'EVSPMRE1SVIMVE'4% 1EXVMGYPEHERE'SRWIVZEXÐVMEHS6IKMWXS -QTVIWWÀS'SMRKVE0HE7IHI4EVUYI-RHYWXVMEPHE6MFIMVE
2YRS1EVXMRW2IZIW'4% 'SQIVGMEPHI4SRXE(IPKEHE +VERHI0SXI6MFIMVE+VERHI71MKYIP%ÄSVIW
)HMXSVHIJIGLSHI(IWTSVXS%VXLYV1IPS'4 'ETMXEP7SGMEPc2-4'
.SVREPMWXE,IRVMUYI0MRLEVIW'4 (MWXVMFYMÄÀS2SXÊGMEW(MVIGXI'88 4SVXI4EKS
'SSVHIREHSVE%3SRPMRII6IZMWXE%ÄSVIW 7IHIHS)HMXSV`7IHIHE6IHEÄÀS (ITÐWMXS0IKEPR
%RE'EVZEPLS1IPS'4 6YE(V&VYRS8EZEVIW'EVVIMVS 6IKMWXS)6'R %ÄSVMERS3VMIRXEP
4SRXE(IPKEHE7ÀS1MKYIP%ÄSVIW IR %ÄSVQIHME7% -772
(MVIXSV)HMXSVMEP4EYPS7MQÒIW'4 )78%8983)(-836-%0[[[EGSVMERSSVMIRXEPTX 8IPIJ KIVEP (IXIRXSVIWGSQQEMWHI HS'ETMXEP7SGMEP
TEKMREIWXEXYXSIHMXSVMEP *E\ +PSFEP2SXÊGMEW1IHME+VSYT7% %RXÐRMS0SYVIRÄSHI1IPS 1IQFVSLSRSV¾VMS -RWÊKRME 1IHEPLEHI3YVS
46346-)(%()%¤361)(-%'3192-'%¤ 31908-1¦(-% )QEMP%HQMRMWXVEÄÀSEGSVQIHME$EGSVMERSSVMIRXEPTX 8MVEKIQQÆHMEHM¾VMEHIÎQFVSHII\IQTPEVIW HE3VHIQHS-RJERXI %YXSRÐQMGE HS1YRMGÊTMS
))(-¤ 3()49&0-'%¤²)77% 6IHEÄÀSEGSVMERSSVMIRXEP$EGSVMERSSVMIRXEPTX (SQ,IRVMUYI HI1ÆVMXS'ÊZMGS HI4SRXE(IPKEHE
%¤36-%2336-)28%0
2SLQLmR 7&%(3()3989&63()
DDJULFXOWXUDGRVDVVXQWRVFXOWXUDLV
´VYH]HVºXPSHQDUSDUDHQ SDUDRDPELHQWHTXHRSHU WDQWRVHW·RYDULDGRVPRYLPHQWRV PHQWRJOREDOTXHºSUHFLVDPHQWHR
FRQWUDUDVVXQWRGHFDUQDYDO PLWHHVWDUGHQWURGDVUD¹DV TXH´QRVVDYROWDSXOXODP TXHDVHQKRUDVHFUHW³ULDUHJLRQDO
VREUHRTXDOFRQVLGHUDUDO TXHFRPEDWHPDVDOWHUD¹ÇHV VRILDULEHLURSUHFLVDGHLQDODUSDUD
JXPDVOLQKDVRXWUDVYH]HV FOLP³WLFDVSDUDRIXWXUR HXPDGDVSDVWDVTXHHVW³PDQL UHHTXLOLEUDUDKLSHUYHQWLOD¹·RTXHD
SDUHFHTXHQRVFDHPQRFROR IHVWDPHQWHDFRUUHUPDODHVWHJR DVVRPDGHWRGDVDVYH]HVTXHTXHU
DTXHODVTXHGHYHU·RVHUDV VLQFHUDPHQWHGRWDQWR YHUQRHDFXLGDUSHORLQWHUHVVHTXH DSDUHFHU
OLQKDVPHVWUDVGDQRVVDDU 0257('$ TXHM³OLHUHOLVREUHDOWHUD W¼PGDGRDRDVVXQWRFRQWLQXDU³D
%(=(55$
JXPHQWD¹·RHVWHPRUWHGD 52*e5,2 ¹ÇHVFOLP³WLFDVVREUHD FRUUHUPXLWRPDOqSDUWLFXODUPHQWH ºVHJXLUHPIUHQWHPHXVDPLJRVH
EH]HUUDWHPDVRUWHGHOKH 6286$ HPLVV·RGHJDVHVHVWXID HV SDUDRVGHVJUD¹DGRVGRVDJHQWHV GDUOKHVHPSUHHPTXHQWHƇ
352)(6625
WHUFD¾GRQRFRORGRLVDVVXQ SHFLDOPHQWHGHVGHRFRZV FXOWXUDLVHDUW¾VWLFRVGRVD¹RUHVqºD
WRVTXHDSDUHQWHPHQWHGHV SLUDF\WRGRVQÃVTXHP SDVWDGRVDVVXQWRVFXOWXUDLV
FRQH[RVW¼PDVXDUHOD¹·R QXQFD" HVREUHRDTXHFLPHQWRJOR
EDOHPJHUDOQXQFDPHWLQKDDSHU HVWDPRVHPQRYHPEURHRP³[LPR
HWLPRORJLFDPHQWHkFXOWXUDyH FHELGRGHTXHRVWRXURVGRVQRVVRV TXHPXLWDVGDVHQWLGDGHVHDJHQWHV
kDJULFXOWXUDyGHULYDPGRODWLPH JDQDGHURVV·RXPDGDVVROX¹ÇHV FXOWXUDLVGRVD¹RUHVUHFHEHUDPDWº´
V·RVHQ·RVHPHOKDQWHVPXLWRSD SDUDRIXWXUR GDWDIRUDPSDODYUDVYD]LDVHQRWDV
UHFLGDVVHkFXOWXUDyWHPDVXDRUL GHSURFHVVDPHQWRHQYLDGDVFRPR
JHPQDUHOD¹·RHQWUHRVYHUERVFROH HXDLQGDVRXGRWHPSRHPTXHXP FRPSURYDWLYRGHTXHRVDVVXQWRV
UHVLJQLILFDQGRkFXOWLYDUyRX GHVJUD¹DGRVHFUHW³ULRUHJLRQDOGD FXOWXUDLVM³ODYDUDPDVP·RVVREUH
kFXLGDUyHFXOWXVUHODFLRQDGRFRP VDÈGHWHYHRGHVOL]HGHFKDPDUkSDV HVVHSURFHVVRILFDQGRDJRUDDEROD
kFXOWLYRyHkHGXFD¹·RyDSDODYUD TXLPyDRMRUQDOGRKRVSLWDOGHDQ GRODGRGHTXHPSDJDTXHºFRPR
kDJULFXOWXUDyGHULYDGHVVHPHVPR JUDDKRUDVJDUGHYHVWHVTXHVHYLX TXHPGL]JDVWDUDPRGLQKHLURH
FXOWLYRHFXLGDGRPDVRULHQWDGR QDTXHOHSDUODPHQWRDKRVWRPERV Q·RRK³SDUDFXPSULURP¾QLPR
SDUDRkFDPSRyRXDkWHUUDyH[SUHV VHFRVHSHVDGRVGRVGHSXWDGRVHGH
VDVQRWHUPRkDJULy SXWDGDVTXHVHRXYLUDPDFDLUSHOR YROWDQGRDRFDUQDYDOVRILDULEHLUR
FK·RGRKHPLFLFORDQWHRSURIHUL ODQ¹RXFRPRQRWDQRV¾WLRRILFLDOGR
SRUWDQWRVHFXOWXUDHPJHUDOVH PHQWREODVIHPRGRWDOVHFUHW³ULRDV WULJRYHUQRGRVD¹RUHVDQRW¾FLDkFDU
UHIHUHDRDFWRGHFXOWLYDUDOJRTXH H[LJ¼QFLDVGHGHPLVV·R QDYDOGDLOKDWHUFHLUDGLVWLQJXLGR
DRORQJRGRVWHPSRVIRLDEUDQJHQGR FRPRSDWULPÃQLRFXOWXUDOLPDWHULDO
WRGDVDVDFWLYLGDGHVKXPDQDVUHOD PDVQ·RVHSDVVDQDGDPLQKDJHQWH SHODGLUHF¹·RJHUDOGRSDWULPÃQLR
FLRQDGDVFRPRGHVHQYROYLPHQWR FXOWXUDOyHFRQWLQXDSDU³JUDIRIRUD
LQWHOHFWXDODUW¾VWLFRHVRFLDODDJUL HVWHGHOLFLRVRHSLVÃGLRºVDWLUL]D DGL]HURTX·RLPSRUWDQWHDVHFUHW³
FXOWXUDDFDEDSRUHPHUJLUGRPHV GRPDLVXPDYH]SRUULFDUGRDUDÈ ULDGRVkDVVXQWRVFXOWXUDLVyHQWHQGLD
PRDFWRGHFXLGDUGHDOJRQHVWH MRSHUHLUDQRVHXSURJUDPDGHKX VHUDTXHODGLVWLQ¹·RSDUDDQRVVD
FDVRFXOWLYDUDWHUUDRXFXOWLYDURV PRULVWRºJR]DUFRPTXHP kLGHQWLGDGHLGLRVVLQFU³WLFDyHGH
FDPSRV WUDEDOKDDOL³VM³V·RY³ULDVDVWLUD FRPRDTXHODGLVWLQ¹·RUHFRQKHFLD
GDVGHVWHQRVVRGHVJRYHUQRUHJLRQDO XPDLGHQWLGDGHWUDQVPLWLGDGHJHUD
YHPHVWDDVVRFLD¹·RGHLGHLDVD TXHIL]HUDPKRQUDVGHKRU³ULRQR ¹·RHPJHUD¹·RHWFHWHUDHWFHWHUD
SURSÃVLWRGHGRLVHSLVÃGLRVFDULFD EUHQDVWHOHYLVÇHVQDFLRQDLVLQ
WRVTXHGHULYDPSUHFLVDPHQWHGD FOXLQGRQRW¾FLDVTXHQ·RVHSXEOLFD ERPRHQJUD¹DGRHPWRGRHVWH
PHVPDSDODYUDTXHUSRUSUHVHQ¹D UDPQRVD¹RUHV SURFHVVRºTXHQ·RVÃQ·RVHGLVWLQ
GHODRXSRUIDOWDRXFRPRWDPEºP JXLXRFDUQDYDOGDLOKDWHUFHLUD
VHSRGHULDGL]HUVREUHDVSDODYUDV RUDRHSLVÃGLRGRVHFUHW³ULRGD FRPRDVXDLQVFUL¹·RGRLQYHQW³ULR
TXHQ·RK³DJULFXOWXUDVHPFXOWXUD DJULFXOWXUDUHODFLRQDVHSHUIHLWD QDFLRQDOGRSDWULPÃQLRFXOWXUDO
SHVHHPERUDSRUDEVXUGRSRVVD PHQWHFRPRXWURHSLVÃGLRGHVWD LPDWHULDOIRLSXEOLFDGDQRGL³ULRGD
H[LVWLUFXOWXUDVHPDDJULFXOWXUD IHLWDFRPDVHFUHW³ULDUHJLRQDOGD UHSÈEOLFDGHGHDJRVWRGH
HGXFD¹·RHkDVVXQWRVFXOWXUDLVy IUXWRGHXPDWXUDGRWUDEDOKRGDGL
RSULPHLURWHPTXHYHUFRPDV YXOJRFXOWXUDSDUDHIHLWRVGHHVWL UHF¹·RUHJLRQDOGDFXOWXUDHGHPXL
DILUPD¹ÇHVGRVHFUHW³ULRUHJLRQDO OR HDUHFHQWHGLVWLQ¹·RGRFDUQDYDO WRVGRVVHXVDJHQWHVDTXHPWRGRV
GDDJULFXOWXUDHGHVHQYROYLPHQWR GDWHUFHLUDFRPRSDWULPÃQLRFXOWX QÃVDJUDGHFHPRVGLDULDPHQWH
UXUDOGHVWH[LLLWULSDUWLGRJRYHUQR UDOLPDWHULDO
GRVD¹RUHVQRGHEDWHGDDVVHPEOHLD DSDUHQWHPHQWHFRQIXQGLUDP
OHJLVODWLYDUHJLRQDOVREUHXPSUR DQWHVGLVVRXPOHPEUHWHTXHPHº XPDOHPEUDQ¹DFRPXPDGLVWLQ¹·R
SRVWDFRQWUDDVWRXUDGDVSHORSDQ VHPSUHPXLWRTXHULGRHVWH[LLLDO Q·RVHSDVVDQDGD
GLVVHRVHQKRUVHFUHW³ULRUHJLRQDO WHUJRYHUQRGRVD¹RUHVDWUDYºVGD
TXHkRWRXURºXPDQLPDOTXHFRP VXDVHFUHW³ULDVRILDULEHLURH[WLQ SRUWDQWRDDJULFXOWXUDEHQHILFLD
EDWHDVDOWHUD¹ÇHVFOLP³WLFDVºXP JXLXDkVHFUHWDULDUHJLRQDOGDFXOWX ULDHPPXLWRFRPXPDERDGRVHGH
DQLPDOTXHSHODVXDDOLPHQWD¹·R UDyHEDL[RXDGHQ¾YHOÓDLDGHUD FXOWXUDSDUWLFXODUPHQWHFLHQW¾ILFD
SHORVHXSDVWRUHLR SHODVXD WLQJGDILWFKSDUDkVHFUHWDULD SDUDJDUDQWLUTXHQ·RVÃRWRXURQ·R
OLEHUWD¹·RGHGLÃ[LGRGHFDUERQR UHJLRQDOGRVDVVXQWRVFXOWXUDLVy VHMDHPEDL[DGRUGRFRPEDWH´VDOWH
SHUPLWHHVWDUGHQWURGDVUD¹DVTXH UD¹ÇHVFOLP³WLFDVPDVWDPEºPDV
FRPEDWHPDVDOWHUD¹ÇHVFOLP³WLFDV Q·RºPDLVGRTXHXPSUHFRQFHLWR YLDJHQVQRWHPSRQDVXDHVWUDWºJLD
SDUDRIXWXURy LGHROÃJLFRHQTXDQWRRSDUWLGRVR GHLUDRIXWXURYHUFRPRDVFRLVDV
FLDOLVWDHOHYDGHkDVVXQWRVFXOWXUDLVy V·RSDUDDVWUD]HUGHQRYRDRSUH
UHOHLDPRVHVWDSºURODFLHQW¾ILFDHGR SDUDkFXOWXUDyQDVXDVHPSLWHUQDID VHQWHQ·RVHMDPDVROX¹·RHVWUDWº
PDLVDOWRQ¾YHOGHSURSULHGDGHLQWH PLJHUDGDYLQWHQDGHDQRVQRVD¹RUHV JLFDTXHDQWÃQLRYHQWXUDDQXQFLRX
OHFWXDOQRTXH´VDOWHUD¹ÇHVFOLP³WL QDGDTXDQGRRSDUWLGRVRFLDOGHPR
FDVGL]UHVSHLWRkRWRXURºXPDQLPDO FUDWDVHY¼QRSRGHUYROWDDWU³VQR SRURXWURODGREHQHILFLDULDDFXO
TXHFRPEDWHDVDOWHUD¹ÇHVFOLP³WL WHPSRHQRVSURWDJRQLVWDVGHPXLWDV WXUDGRVDVVXQWRVFXOWXUDLVFRP
FDVyºXPDQLPDOTXHOLEHUWDXPD GDVVXDVSDVWDVQXPPRYLPHQWRGH XPDERDGRVHGHGLÃ[LGRGHFDUERQR
TXDQWLGDGHGHGLÃ[LGRGHFDUERQR PDNHWKHD]RUHVJUHDWDJDLQÓDLDGH GRVWRXURVTXHFRPEDWHPRDTXHFL
%¤36-%2336-)28%0
7&%(3()3989&63()
(FRQRPLD
(-6)-8376)7)6:%(37
(XURQH[W
/tGHUHVGD8( /LVERD
47-TXW
HVSHUDP
TXHLQIODomR 1%-3679&-(%&'4
FRQWLQXHDFDLU
/tGHUHVGL]HPTXHDLQIODomRFRQWLQXDDVHU 1%-36()7'-(%7)1%4%
XPDSUHRFXSDomRIXQGDPHQWDOHpHVVHQFLDO
TXHRSURFHVVRGHGHVLQIODomRSURVVLJD
097%

%ÄSVMERS3VMIRXEP SHWLWLYLGDGHGDVQRVVDVHFR
QRPLDVyO¼VHQXPDGHFODUD
2VO¾GHUHVGD8QL·R(XURSHLD ¹·RGD&LPHLUDGR(XURUHDOL '38%¤²)7
8( UHXQLGRVRQWHPHP%UX ]DGD RQWHP HP IRUPDWR 231) '38%¤ 3 :%6
[HODVDGPLWLUDPTXHDLQIOD LQFOXVLYR FRPWRGRVRVSD¾VHV
%086- c
¹·RDLQGDºXPDkSUHRFXSD¹·R GD8(HQ·RVÃGDPRHGDÈQL
&'4 c
IXQGDPHQWDOyPDVGLVVHUDP FD HP%UX[HODV &')ERYRGMSYUYIHIM\SYEWXE\EWHINYVSMREPXIVEHEW
'%136-1 c
HVSHUDUTXHDWD[DFRQWLQXHD 1RGRFXPHQWRDFRUGDGRSH
'88 c
GHVFHUTXDQGRDVHFRQRPLDV ORVFKHIHVGH*RYHUQRHGH(V DQXQFLDGRTXHGHL[RXDVWD[DV (FRQÃPLFDH0RQHW³ULDHSDUD )(4 c
FRPXQLW³ULDVFUHVFHPkFRP WDGRGD8(ºVDOLHQWDQGRTXH GHMXURLQDOWHUDGDVRTXHDFRQ DSRLDUDUHVLOL¼QFLDHDHVWDEL )(46)23::)-7 c
XPDGLQµPLFDUHGX]LGDy DVHFRQRPLDVFRPXQLW³ULDVkGH WHFHSHODSULPHLUDYH]GHVGHMX OLGDGHGDHFRQRPLDGD³UHDGR +%04)2)6+-% c
k$LQIOD¹·RFRQWLQXDDVHU UDPSURYDVGHXPDUHVLVW¼QFLD OKRGHHVHGHYHDRDEUDQ HXURHGD8QL·R(XURSHLDQR +6))2:308 c
XPDSUHRFXSD¹·RIXQGDPHQ QRW³YHO IDFH DRV QXPHURVRV GDPHQWRGDLQIOD¹·RRVO¾GHUHV VHXFRQMXQWRy -&)6730 c
WDOHºHVVHQFLDOTXHRSURFHV FKRTXHVHFRQÃPLFRVHFRQWL GD8(YLQFDPTXHkDVUHJUDVGH $ &LPHLUD GR (XUR UHDOL .)61%68-27 c
VR GH GHVLQIOD¹·R SURVVLJD QXDPDFUHVFHUHPERUDFRP FRRUGHQD¹·RGDVSRO¾WLFDVRU ]RXVHQRVHJXQGRGLDGHXP 138%)2+-0 c
&RQWLQXDPRVXQLGRVQDQRVVD XPDGLQµPLFDUHGX]LGDy ¹DPHQWDLVQDFLRQDLVV·RHV &RQVHOKR(XURSHXHP%UX[H 2%:-+%836 c
ILUPH GHWHUPLQD¹·R GH DX 8PGLDGHSRLVGHR%DQFR VHQFLDLVSDUDXPDFRRUGHQD¹·R ODVPDUFDGRSHODVWHQVÇHVQR 237 c
PHQWDUDUHVLOL¼QFLDHDFRP &HQWUDO (XURSHX %&( WHU HILFD]GDVSRO¾WLFDVQD8QL·R 0ºGLR2ULHQWHƇ 6)2 c
7)1%4% c
(-6)-8376)7)6:%(37
732%) c
$QDOLVWDVUHYHHPHPDOWD 8E\EWHI.YVS
)YVMFSVQIWIW
LQIODomRSDUD
3HULWRVFRQVXOWDGRV HHP FRQWUD VXEMDFHQWHHPGH
3UHYHHPWDPEºPTXHDLQ WDPEºPQRLQTXºULWR )YVMFSVQIWIW
SHOR%DQFR&HQWUDO
IOD¹·RJOREDOPºGLDDORQJRSUD DQWHULRU HPGH
(XURSHXSUHYHHP
XPDLQIODomRJOREDO
]RHPVHMDGHRPHV
PRTXHQRLQTXºULWRDQWHULRU
FRQWUD HHPGH
IDFHD

QD]RQDHXURGH 2%&(GHFLGLXQDTXLQWD $ PDLV ORQJR SUD]R HP
HPHP IHLUDPDQWHUDVWD[DVGHMXUR SUHYHHPXPDLQIOD¹·R )YVMFSVQIWIW
HHP LQDOWHUDGDVHP´PHGLGD VXEMDFHQWHGH
097%
%ÄSVMERS3VMIRXEP
TXHDLQIOD¹·RDEUDQGDHGHSRLV
GHDVWHUDXPHQWDGRLQLQWHU
UXSWDPHQWHGH]YH]HVGHVGHMX
$LQIOD¹·RVXEMDFHQWHH[FOXL
RVSUH¹RVGDHQHUJLDGRVJº
QHURVDOLPHQWDUHVGR³OFRRO

OKRGHPDVDGYHUWLXTXH HGRWDEDFRSRUVHUHPPDLV 8E\EWHINYVSEYQIRXEVEQHI^
2VDQDOLVWDVHFRQÃPLFRVFRQ RVSUH¹RVGDHQHUJLDSRGHPDX YRO³WHLV ZIÎWHIWHINYPLSHI &kPELR
VXOWDGRVSHOR%&(UHYLUDPOL PHQWDUDLQGDPDLVGHYLGRDR $OºPGLVVRRVSHULWRVFRQ
JHLUDPHQWHHPDOWDDVSUHYL DXPHQWRGDVWHQVÇHVJHRSRO¾ VXOWDGRVSHOR%&(UHYHHPHP $VSUHYLVÇHVGHGHVHPSUH LQGLFDWLYR
VÇHVGHLQIOD¹·RSDUDHHP WLFDVQR0ºGLR2ULHQWH EDL[DDVVXDVSUHYLVÇHVGHFUHV JRSDUDHVWHDQRHSDUD 4VMRGMTEMW1SIHEW
EDL[DSDUDPDVHVSHUDP 2%&(FRQVLGHUDTXHDVVXDV FLPHQWRSDUDHVWHDQRHSDUD IRUDPUHYLVWDVOLJHLUDPHQWH
TXHHVWDVHPDQWHQKDDFLPDGR WD[DVGHMXURVHVLWXDPHPQ¾ RSUÃ[LPR HPEDL[D 3WZEPSVIWETVIWIRXEHSW
REMHWLYRGHWDQWRHP YHLVTXHVHIRUHPPDQWLGRVGX 2VSHULWRVFRQVXOWDGRVSHOR 3UHYHHPDJRUDTXHD]RQD WÀSIQVIPEÄÀSESIYVS
FRPRDORQJRSUD]R UDQWHXPSHU¾RGRVXILFLHQWH %&(SUHYHHPXPFUHVFLPHQ HXURWHQKDXPDWD[DGHGH 4%ª7 13)(%
2VSHULWRVFRQVXOWDGRVSHOR PHQWH ORQJR FRQWULEXLU·R WRHPGH FRQWUD VHPSUHJRGHHP )9% (°0%6
%DQFR&HQWUDO(XURSHX %&( VXEVWDQFLDOPHQWHSDUDID]HU QRLQTXºULWRDQWHULRU FRQWUDQRLQTXºULWRDQ .%4 3 -)2)
SUHYHHPXPDLQIOD¹·RJOREDOQD GHVFHUDLQIOD¹·RSDUDDPº HP GH FRQWUD WHULRU HP FRQ 6)-2392-(3 0-&6%
]RQD HXUR GH HP GLRSUD]R HPGH FRQ WUD HP 79ª¤% *6%2'3
FRQWUDQRLQTXºULWRDQWH 2VSHULWRVFRQVXOWDGRVSHOR WUD HDORQJRSUD]RGH FRQWUD HHP
&6%7-0 6)%0
ULRU HP M³HUD %&( SUHYHHP XPD LQIOD¹·R FRQWUD FRQWUD Ƈ
%¤36-%2336-)28%0
&ODVVLILFDGRV 7&%(3()3989&63()
2SZMHEHIQYPEXEHIZSVE
-13&-0-6-3
HSVE%WI\]P¾FMSWGEVRY
%66)2(%7) HSWFYFYQKVERHIQEWWE
%VQEÎRWGSQQ KIQIVÐXMGEGSQEGIWWÐVMSW
GEHE4ÆHMVIMXSQIXVSW VIPE\ERXIIWIQTVIWWEW
:MEV¾TMHE4SRXE 'SRXEGXS
(IPKEHE6+VERHI /Q

'SRXEGXEV801
SY (-:)6737
%PYKEWIUYEVXSWRSGIRXVS :IRHIWIIQFEVGEÄÀS
HEGMHEHIEWSPXIMVSGEWEP 7XEVJMWLIVQSXSV
QSFMPEHSIIUYMTEHSGSQ =ERQEV,4GSQ
MRXIVRIXIHIWTIWEWMRGPYM *P]FVMHKIQSXSVHITVSE
HEW'SRXEGXS
TEPEQIRXEFIVÄSIQXIVVE

6)0%< STXMQSIWXEHS1EMWMRJSV
QEÄÒIWIJSXSWRS
0MRHEEGSQTERLERXIQIMKE
1EVOIXTPEGIHS*EGIFSSO
WIMSWHYVMRLSWFYQFYQ
IQTMREHSWSYQYMXSJSKSWE 'YWXS.YWXSSYTEVE
%XIRHSREWGEPQEWQEWWE SYFEVGSRE
KIRWIFVMRUYIHSW 1EVMRE4SVXEWHS1EV
$$VVRFLD·µR
GH'RHQWHVGH'RU&UÁQLFD
GRV$·RUHV $''&$
DSRLDRVGRHQWHV
HIDP¼OLD
-XQWRVIDUHPRVPHOKRU
)D·DVHVÁFLR
5XD'U$ULVWLGHVGD0RWDQ3RQWD'HOJDGD
'HVSRUWR
%¤36-%2336-)28%0
7&%(3()3989&63()
)UYMTEWEÄSVMEREWXIRXEQJEÎV
ZEPIVSJEXSVGEWERSGEQTISREXS )(9%6(36)7)2()7
)XWHERO)RUPDo}HVGR5DERGH3HL[H
/XVLWkQLDH)RQWLQKDVMRJDPDPDQKm
HPVRORDoRULDQRSDUDD6pULH&
GR&DPSHRQDWRGH3RUWXJDO &G3
,)26-59)0-2,%6)7
LIRVMUYIPMRLEVIW$EGSVMERSSVMIRXEPTX 6DQWDUºPHGR9LWÃULDGH6HU
QDFKH TXH VRPDP DWXDO
$VºWLPDMRUQDGDGD6ºULH&GR PHQWHSRQWRVPDVW¼PXP
&G3UHDOL]DVHDRORQJRGHVWH MRJRDPDLVGLVSXWDGR
V³EDGRFRPGHVWDTXHSDUDR $VºWLPDURQGDDUUDQFDFRP
IDFWRGDVWU¼VHTXLSDVGD5HJL·R XPGXHORQDLOKD7HUFHLUDHQWUH
DWXDUHPHPFDVD )RQWLQKDVH3HQLFKH´VK
25DERGH3HL[HTXDUWRFODV HQFRQWURTXHFRORFDIUHQWHD
VLILFDGRFRPSRQWRVWHP IUHQWHRHR
SHODIUHQWHR%HQILFDGH&DVWH $V UHVWDQWHV SDUWLGDV GR
OR%UDQFR QRQR GXHORFRP DJUXSDPHQWRGLVSXWDPVH´V
LQ¾FLRDJHQGDGRSDUDDVK KHQWUHDVTXDLVR8QL·R
QR&DPSRGR%RP-HVXV 9LWÃULD6HUQDFKHHR$O
$SDUWLGDVHU³´SRUWDIHFKD YHUFD8QL·R6DQWDUºPTXH
GDGHYLGRDRFDVWLJRSRUH[
FHVVRGHDGHSWRVQRMRJRFRPR 5DERGH3HL[HMRJDj
2SHU³ULRGDºSRFD
1DWHUFHLUDSRVL¹·RFRP
SRUWDIHFKDGDGHYLGR
SRQWRVHVW³R/XVLWµQLDTXH DRFDVWLJRUHODWLYRj
HVWHV³EDGRSDUWHFRPRHVWD pSRFDSRU
WXWRGHFODURIDYRULWRSDUDDUH H[FHVVRGHDGHSWRV
FH¹·RDR*RXYHLDCODQWHUQDYHU
PHOKD GD FRPSHWL¹·R FRP FRQWUDR2SHUiULR
DSHQDVFLQFRSRQWRV$SDUWLGD
FRPH¹D´VK PHUHFHU·RDWHQ¹·RHVSHFLDO
'HSRLVGDHOLPLQD¹·RGD7D¹D GH/XVLWµQLDH5DERGH3HL[H
GH3RUWXJDODRVSºVGR%HQILFD DPERVDHVSUHLWDUHPRDVVDO
RVFRPDQGDGRVSRU5LFDUGR WRDRVGRLVSULPHLURVOXJDUHV
3HVVRDTXHUHPGDUXPVLQDOGH GHDFHVVRÍDVHGHVXELGD
IRU¹DQRUHJUHVVRDR&G3 1RWDWDPEºPSDUDRFRQ
2V YHUGHV GD 5XD GD 6º IURQWRHQWUH8QL·RGH7RPDUH
TXHUHPUHJUHVVDUÓLGHUDQ¹D 0DULQKHQVHQR(VW³GLR0X
LVRODGDPDVSDUDLVVRDFRQ QLFLSDO$QWÃQLR(GXDUGR)RU
WHFHUWHU·RGHHVSHUDUWDP WHVHSDUDDUHFH¹·RGR6HUWD
EºPSRUXPGHVOL]HGR8QL·R QHQVHDR0RUW³JXDƇ 6EFSHI4IM\IIWX¾RSUYEVXSPYKEVHEXEFIPEGPEWWMJMGEXMZEGSQTSRXSW
'(7%28%'0%6%
6MGEVHMRLSERXIZÇ FRORFDPRVQRVWUHLQRVDFDED
SRUVHUHIOHWLUQDTXLORTXHDFRQ
WHFHQRVMRJRVyGHVWDFRX
NSKSrGSQTPMGEHSs 2FHQWURFDPSLVWDGHDQRV
TXHQRMRJRFRPR9LDQHQVH
SDUDD7D¹DGH3RUWXJDOVHHV
)XWHERO 2 PºGLR GR 6DQWD $OXWDUSHODVXELGDDRSULQFL WUHRXDPDUFDUHVWDºSRFDIH]
&ODUD5LFDUGLQKRDQWHY¼kXP SDOHVFDO·RR6DQWD&ODUDYDL TXHVW·RGHUHIHULUTXHRVDGHS
MRJRFRPSOLFDGRyQRGRPLQJR TXHUHUDVVXPLUGHVGHFHGRRHQ WRVkW¼PVLGRXPGRVSLODUHV
FRQWUDR%HQILFD%QR(VW³GLR FRQWURIUHQWHDRDWXDOFODV GHVWHERPLQ¾FLRGHWHPSRUD
GH6·R0LJXHO VLILFDGRTXHDWºDRPRPHQWR GDyGR6DQWD&ODUD
k9DLVHUFRPRW¼PVLGRWRGRV VRPRXDSHQDVVHWHSRQWRV k$SURYHLWRGHVGHM³SDUDDSH
RVMRJRVGHVWD/LJDQ·RK³MRJRV 5LFDUGLQKRGHVWDFDDLPSRU ODUDTXHFRPSDUH¹DPQRGR
I³FHLV¯XPDHTXLSDMRYHPFRP WµQFLDGDERDSUHSDUD¹·RTXHD PLQJR6RPRVPXLWRPDLVIRU
TXDOLGDGHPDVRIRFRºQRQRVVR HTXLSDWHYHSDUDHVWHMRJR WHV FRP R DSRLR GRV QRVVRV
JUXSRHQDTXLORTXHºRQRVVRWUD k7LYHPRVXPDVHPDQDGHWUD DGHSWRVyVXVWHQWRX
EDOKRGL³ULR4XHUHPRVRIHUHFHU EDOKRPXLWRSRVLWLYDFRPD 6DQWD&ODUDH%HQILFD%HQ
XPDYLWÃULDHXPDERDH[LEL¹·R PHVPDLQWHQVLGDGHHHQWUHJD FRQWUDPVH´VKQR(VW³GLR
DRVDGHSWRVyUHIHULXRFDPLVROD TXHDHTXLSDWºFQLFDQRVH[LJH GH6·R0LJXHOFRPDUELWUDJHP
HPGHFODUD¹ÇHVSDUWLOKDGDV GHVGHRLQ¾FLRGDWHPSRUDGD GH3HGUR5DPDOKRGD$VVRFLD
QRV¾WLRRILFLDOGRVD¹RULDQRV 3HQVRTXHHVVDH[LJ¼QFLDTXH ¹·RGH)XWHEROGH¯YRUDƇ,0 1ÆHMSN¾QEVGSYRSZIKSPSWGSQEGEQMWSPEHS7ERXE'PEVE
'HVSRUWR %¤36-%2336-)28%0
7&%(3()3989&63()
)(9%6(36)7)2()7
3PMZIMVIRWIWI7ERXE
'PEVE&½IWTIVE
HIGSQTERLMEREWpQIMEWq
)XWHERO2OLYHLUHQVHVH6DQWD&ODUD%ILFDPDVDEHU
HVWHILPGHVHPDQDTXDLVVHUmRRVRXWURVFOXEHVQDV
PHLDVILQDLVGD7DoDGH+RQUD-RmRGH%ULWR=HIHULQR
,)26-59)0-2,%6)7
LIRVMUYIPMRLEVIW$EGSVMERSSVMIRXEPTX 4%68) VRWHU³GHYHQFHUR0DU¾WLPR
794)6-36 HP3RQWD'HOJDGDSRUQRP¾
&RPDSULPHLUDSRVL¹·RGR (%7 QLPRGRLVJRORVGHGLIHUHQ¹D
*UXSR$JDUDQWLGDLQGHSHQ 8%&)0%7 6HLVWRQ·RDFRQWHFHUVHU³R
GHQWHPHQWHGRVUHVXOWDGRVGD +6943% 9DVFRGD*DPDDDSXUDUVH
ÈOWLPDMRUQDGDR2OLYHLUHQ 3PMZIMVIR $RXWUDSDUWLGDRSÇHR6DQ
VHVSDUWHSDUDDGHVORFD¹·RDR WIWTSRXSW WLDJR TXLQWR DR6SRUWLQJ,GHDO
UHGXWRGRêJXLDFRPRLQWXL :EWGSHE VH[WR HPêJXDGH3DX
4VIWMHIRXIHE7%(HS7ERXE'PEVEEKVEHIGMHSTIPEVIGIÄÀSREMPLE8IVGIMVE WRGHDSHQDVFXPSULUFDOHQ +EQE 2VMRJRVGR*UXSR%V·RQR
G³ULRQXPDDOWXUDHPTXH &IRJMGE GRPLQJR´VK26DQWD
&VYRS:MGMRXMRQSWXVE WHPSRQWRV
2VHQFRQWURVGR*UXSR$GLV
SXWDPVHWRGRVKRMH´VK
KYME
+6943&
7ERXE'PEVE
&ODUD%SDUWHSDUDDÈOWLPD
MRUQDGD HP 6·R 5RTXH QR
SULPHLUROXJDUFRPSRQ
rSVKYPLSsTIPSNSKS FRPDÈQLFDGÈYLGDUHFDLUHP
TXDODHTXLSDTXHYDLDVVHJXUDU
RELOKHWHSDUDDVCPHLDV QRVH
&TSRXSW
3TIV¾VMS
7ÀS6SUYI
WRVPDLVXPTXHR2SHU³ULR
IROJDQHVWDURQGD HGRLVTXH
RVCDPDUHORV
VIEPMÊHSRE8IVGIMVE JXQGROXJDU
9DVFRGD*DPD SRQWRV
H%HQILFDêJXLD SRQWRV
2VHQFDUQDGRVW¼PRDFHVVR
´VCPHLDV DVVHJXUDGRPDVSR
GHPVHUXOWUDSDVVDGRVSHOR6·R
GXDVHTXLSDVGHUURWDGDVSHOR 5RTXHHPFDVRGHGHUURWDGD
)XWHERO3UHVLGHQWHGD6DQWD&ODUD$oRUHV)XWHERO 2OLYHLUHQVHVQHVWDIDVHV·R WXUPDFRPDQGDGDSHORWºFQL
RVFDQGLGDWRVDRFXSDUDYDJD FR1XQR3LPHQWHO
6$'HQFDUD´FRPPXLWRRUJXOKRµRIDFWRGRVVXE TXHDLQGDHVW³HPDEHUWR 0HVPRQ·RMRJDQGRQDÈOWL
WHUHPGLVSXWDGRD~OWLPDMRUQDGDQDLOKD7HUFHLUD &RPRDVGXDVHTXLSDVHP PDMRUQDGDR2SHU³ULRSRGH
SDWDUDPQRMRJRTXHUHDOL]D JDUDQWLUDTXDOLILFD¹·RFDVRR
,)26-59)0-2,%6)7
UDPHQWUHVL VHU³DGLIH 6·R5RTXHHPSDWDRXSHUFD
LIRVMUYIPMRLEVIW$EGSVMERSSVMIRXEPTX 59)78²)7 $6$'HQFDUQDGDHQDOWHFH UHQ¹DGHJRORVDGHWHUPLQDU FRPR6DQWD&ODUD%
%6)730:)6 DLQGDDUHDOL]D¹·RGHRXWUDVDWL RFOXEHDSXUDGR $LQGDQHVWDVºWLPDHÈOWLPD
'HSRLVGDLJXDOGDGHDGRLVJR )QHIGPEVE YLGDGHVUHDOL]DGDVHPVRORWHU 29DVFRGD*DPDIROJDQHV MRUQDGDGHVWDTXHSDUDRVGXH
ORVQRGXHORGDRLWDYDMRUQDGD ÄÒIW½684 FHLUHQVHQRPHDGDPHQWHDYL WDÈOWLPDMRUQDGDRTXHVLJQL ORV6DQWR$QWÃQLR9LWÃULD&OX
GD/LJD5HYHOD¹·RFRPR(VWR %ÄSVIW6MGEV VLWDGRVMRJDGRUHV´(VFROD(%, ILFDTXHSDUDR%HQILFDêJXLD EH3LFRGD3HGUDH9DOH)RUPR
ULO3UDLD%UXQR9LFLQWLQIH] HS4EGLIGS -,GH$QJUDGR+HUR¾VPR FRQVHJXLURW·RDOPHMDGRDFHV VR8QL·R0LFDHOHQVHƇ
TXHVW·RGHDJUDGHFHU´LOKD7HU EJMVQSYUYIL¾ DOJRTXHSURSRUFLRQRXkXPD 6%*%)0'%2).3
FHLUDSHODH[FHOHQWHUHFH¹·RTXH UYIWXÒIWEVI PDQK·EHPGLIHUHQWHDRVMR
DHTXLSDD¹RULDQDIRLDOYR WSPZIVTEVEUYI YHQVWHUFHLUHQVHVTXHKDELWXDO
k*RVWRVHPSUHGHWLUDURODGR SWNSKSWWINEQ PHQWHWRUFHPSHOR6DQWD&ODUD
SRVLWLYRGDVFRLVDVHDQRVVDLGD RS'SQTPI\S ´GLVWµQFLDy
SDUDD7HUFHLUDDFDERXSRUVHU (IWTSVXMZSHEW k3RUTXHR6DQWD&ODUDUH
DOJRTXHHQFDUDPRVFRPPXL 0EVERNIMVEW SUHVHQWDD5HJL·RHQ·RDSH
WRRUJXOKR¯OÃJLFRTXHGRSRQ GSQSEGSRW QDVXPDLOKDGRDUTXLSºODJR
WRGHYLVWDILQDQFHLURLPSOLFD XVYÄÀSHIYQE 4XHUHPRVHVWDUSUÃ[LPRVGH
XPHVIRU¹RGDQRVVDSDUWHPDV rIWXVYXYVETEVE WRGRVHTXHWRGRVVHXQDPHP
DYHUGDGHºTXHIRPRVPXLW¾V EXIPIZMWÀSs WRUQRGRFOXEHGHIRUPDDTXH
VLPREHPUHFHELGRVHºPXLWR SRVVDPRVOHYDURQRPHGRV
LPSRUWDQWHFULDUHVWHFRQFHLWR $¹RUHVSRUHVVHPXQGRIRUDy
GHXQL·RHQWUHDVQRYHLOKDVyUH DFUHVFHQWRX9LFLQWLQ
IHULXRHPSUHV³ULREUDVLOHLUR 2SUÃ[LPRHQFRQWURFDVHL
FLWDGRQRV¾WLRRILFLDOGD6$'GR URHVW³PDUFDGRSDUDRGLD
6DQWD&ODUD GHQRYHPEURGLDQWHGR6SRU
WLQJHDSHQDVSRGHU³VHUGLV
6DQWD&ODUDRFXSD SXWDGRQR&RPSOH[R'HVSRU
WLYRGDV/DUDQMHLUDVHP3RQWD
RVpWLPRHSHQ~OWLPR 'HOJDGDFDVRVHMDPUHVROYL
OXJDUGD6pULH% GRVkFRQVWUDQJLPHQWRVGHQD
GD/LJD5HYHODomR WXUH]DORJ¾VWLFDyVHJXQGRGH
FRPXPWRWDO FODUD¹ÇHV GR SUHVLGHQWH GR
FOXEHHYRJDOGD6$'5LFDU
GHVHLVSRQWRV GR3DFKHFR´573$¹RUHVƇ 7ERXE'PEVE&GSQUYEPMJMGEÄÀSKEVERXMHERS+VYTS&HE8EÄEHI,SRVE
%¤36-%2336-)28%07&%(3()3989&63() 3XEOLFLGDGH
'HVSRUWR %¤36-%2336-)28%0
7&%(3()3989&63()
)(9%6(36)7)2()7
*SRXI 7TSVXMRKHE
HS&EWXEVHS ,SVXEIRJVIRXE
HIJVSRXE S&SEZMWXE
S)WQSVM^ $QGHERO26SRUWLQJGD+RU
WDUHFHEHHVWHV³EDGRR%RD
YLVWDHPSDUWLGDDFRQWDUSDUD
9ROHLERO$)RQWHGR%DVWDU DVºWLPDMRUQDGDGD'LYLV·RGH
GRFXPSUHHVWHV³EDGRIUHQWH +RQUD
DR(VPRUL]GXHORIRUDVWHLURD 2VIDLDOHQVHVHVW·RQRQRQR
FRQWDUSDUDDTXLQWDMRUQDGDGD OXJDUGDWDEHODFODVVLILFDWLYD
/LJDPDVFXOLQD FRPQRYHSRQWRVDRSDVVRTXH
2V WHUFHLUHQVHV HVW·R QR RVD[DGUH]DGRVHVW·RHP
TXDUWRSRVWRGDWDEHODFODVVL FRPRLWR
ILFDWLYDFRPVHWHSRQWRVFRP -³RFRQMXQWRGR0DULHQVHV
PHQRVXPMRJRGLVSXWDGRHP TXHWLQKDHVWHV³EDGRFRPSUR
UHOD¹·RDRDGYHUV³ULRGHVWHV³ PLVVRFDVHLURGLDQWHGRGH
EDGRTXHºFRPXPWRWDO 'H]HPEURSDUDDVH[WDMRUQDGD
GHFLQFRSRQWRV GD,,'LYLV·RQDFLRQDOYLXD
SDUWLGDVHUDGLDGDSDUDRGLD
=RQD$¹RUHVSURVVHJXH GHQRYHPEURƇ,0
1D,,'LYLV·RIHPLQLQD=RQD
$¹RUHVGLVSXWDPVHHVWHV³
EDGRWU¼VGXHORVUHODWLYRV´ (SMWEÄSVMERSW
1MGEIPIRWIWGSQHYIPSJSVEWXIMVSTEVEE--(MZMWÀSREGMSREPHIJYXWEP TXLQWDMRUQDGD
$ $'5LEHLULQKD 8QLGRV REWIPIÄÀS
SRU6LWHUFHLUDFODVVLILFDGD
0MZVEQIRXSHIWPSGEWI UHFHEH R &',9ROHL $¹RUHV

ÈOWLPR ´VK
1D3UDLDGD9LWÃULDGHVWD
REGMSREP
$QGHERO2PLFDHOHQVH*RQ
E'EWXIPS&VERGS TXHSDUDDUHFH¹·RGD$'5(
3UDLHQVH VHJXQGD DR6DQWD
&UX]6&O¾GHULVRODGRGDWD
¹DOR3RQWHHRIDLDOHQVH)UDQ
FLVFR(VFREDUIRUDPFKDPDGRV
SDUDRHVW³JLRGDVHOH¹·RQD
EHODFODVVLILFDWLYD2MRJRLQL FLRQDOGHVXETXHVHUHDOL
)XWVDO*'&DVDGR JUHVVDUDRVWULXQIRVGHSRLVGR JDUQR3DYLOK·R0XQLFLSDOGH FLD´VK ]DGHGHRXWXEURDGHQR
3RYRGR/LYUDPHQWR GHVDLUHFDVHLURFRPR%DUED $QJUDGR+HUR¾VPR $MRUQDGDDEUHFRPDSDU YHPEURHP(VSLQKR
YLVLWDKRMHRUHGXWRGR UHQVH 3UHFLVDPHQWH´PHVPDKRUD WLGD&DOKHWD)RQWHGR%DV *RQ¹DOR 3RQWH LQWHJUD RV
%DLUUR%RD(VSHUDQoD &RQWXGRDWDUHIDQ·RVHDIL GR/XVLWµQLDMRJDR%DUEDUHQ WDUGR DJHQGDGD SDUD DV TXDGURVGR$&5DER3HL[HIRU
JXUDI³FLOSDUDR/LYUDPHQWR VH GLDQWH GR FRQMXQWR GR K QDV 9HODV HP 6·R PD¹·RGH6·R0LJXHOTXHLQL
-RJRpUHIHUHQWHjVH[WD TXHWHU³SHODIUHQWHRDWXDO 8391 8QL·RH3URJUHVVRGD -RUJHƇ,0 FLRXUHFHQWHPHQWHDWLYLGDGH
MRUQDGDGD6pULH% TXDUWRFODVVLILFDGRGD6ºULH 9HQGD1RYD QHVWDPRGDOLGDGH
GD,,'LYLVmRQDFLRQDO %FRPXPWRWDOGHQRYHSRQ 1RWHUFHLUROXJDUFRPSRQ -³RDQGHEROLVWD)UDQFLVFR
WRVVRPDGRV WRVHFRPDPEL¹·RGHXOWUDSDV 'ERHIP¾VMEGSQ (VFREDUUHSUHVHQWDR6SRUWLQJ
$VHTXLSDVGDLOKD7HUFHL VDURVULYDLVGLUHWRVDWXUPDFR GD+RUWDFOXEHQRTXDOFXP
,)26-59)0-2,%6)7
LIRVMUYIPMRLEVIW$EGSVMERSSVMIRXEPTX UDY·RMRJDUHPFDVDQHVWD PDQGDGDSHORWUHLQDGRU7RP³V HIWPSGEÄÀS SULXWRGRRVHXSHUFXUVRFRPR
MRUQDGD 6LOYDºIDYRULWDDSHVDUGRDG MRJDGRUƇ,0
$ IRUPD¹·R PLFDHOHQVH GR 2/XVLWµQLDWHPUHFH¹·RR YHUV³ULRDWUDYHVVDUXPDERD E+V¿RHSPE
*'&3/LYUDPHQWRWHPHVWHV³ $06$& $VVRFLD¹·RGRV0R IDVHFRPGXDVYLWÃULDVQRVÈO
EDGRSDUWLGDIRUDVWHLUDGLDQWH UDGRUHVGH6DQWR$QWÃQLRGRV WLPRVGRLVHQFRQWURVWDOFRPR +yTXHLHPSDWLQV2&DQGH 8VMERKPI
GR%DLUUR%RD(VSHUDQ¹DFRP &DYDOHLURV QXPDDOWXUDHP RVWHUFHLUHQVHV O³ULDYDLMRJDUKRMHQRWHUUHQR
FRPH¹R DJHQGDGR SDUD DV TXHRVGRLVFOXEHVHVW·RFRPRV 28391RFXSDRVºWLPROX GR*UµQGRODSDUWLGDDJHQGD %HZIRXYVIN¾
K PHVPRVSRQWRV JDUGDWDEHODFODVVLILFDWLYDFRQ GDSDUDDVKUHIHUHQWH´
2FRQMXQWRRULHQWDGRSHOR $SDUWLGDWHPFRPH¹RPDU WDELOL]DQGRXPWRWDOGHVHWH TXDUWDMRUQDGDGD,,'LYLV·R HIGSVVI
WºFQLFR3HGUR5DPRVTXHUUH FDGRSDUDDVKHWHU³OX SRQWRVƇ QDFLRQDO
$WXUPDSLFRHQVHHVW³HP $WOHWLVPR$SURYD7ULDQJOH
TXDUWROXJDUFRPVHWHSRQWRV $GYHQWXUHUHDOL]DGDQDVLOKDV
0YWMX¿RMENSKE :IVHIWHE6YE WLYDHQTXDQWRRVQRUWHQKRV HVWDQGRR*UµQGRODQHVWHPR GR3LFR)DLDOH6·R-RUJHDU
V·RQRQRVSRVLFLRQDGRV PHQWRHPDQWHSHQÈOWLPRFRP UDQFRXKRMHHPVRORSLFRHQVHH
JSVEHIGEWE HE7ÆGSQZMWMXE $WXUPDIHPLQLQDGR)D\DO XPSRQWRDUUHFDGDGRDRFDER SURORQJDVHDWºGRPLQJR
6SRUWHVWUHLDVHKRMHQD,,'L GHWU¼VMRJRV $RUJDQL]D¹·RGD$]RUHV7UDLO
½4ÐZSE YLV·RIHPLQLQD6XO%FRPGHV 1D,,,'LYLV·RQDFLRQDOR+Ã 5XQGHVWDFDTXHV·RkTXDVH
)XWHERO 2/XVLWµQLD WHP ORFD¹·RDRFDPSRGR&DUQLGH TXHL&OXEH3RQWD'HOJDGDWHPUH TXLOÃPHWURVGHXPGHVDILRTXH
HVWHV³EDGRGXHORQRFDPSR % DVTXHWHERO 2/XVLWµQLD &OXEH%´VK FH¹·RDR-XYHQWXGH$]HLWRQHQVH ILFDU³QDVVXDVPHPÃULDVQ·R
GR)DUHQVH´VKHPHQ WHPHVWHV³EDGRYLVLWDDRWHU -³RFRQMXQWRPDVFXOLQRGR ´VK2GXHORºUHODWLYR´ DSHQDVSHODGXUH]Dy
FRQWURUHIHUHQWH´MRU UHQRGR&'3ÃYRDHPSDUWL $QJUD%DVNHWWHPUHFH¹·RDR MRUQDGDGD=RQD6XO% 2QWHPRVDWOHWDVSHUFRUUH
QDGDGD6ºULH6XO GDUHODWLYD´TXLQWDMRUQDGDGD $()¾VLFD´VKGXHORD 2FRQMXQWRRULHQWDGRSHOR UDPRVWULOKRVGR3LFRKRMHRV
2VWHUFHLUHQVHVHVW·RDIXQ /LJDPDVFXOLQD FRQWDUSDUDDWHUFHLUDMRUQD WUHLQDGRU 6DQGUR 0HOR º R SDOFRVVHU·RDVIDM·VGH6·R
GDGRVQRÈOWLPROXJDUGDWD 2VYHUGHVGD5XDGD6ºTXH GDGD=RQD6XOGD,'LYLV·R ÈQLFRTXHDLQGDQ·RYHQFHX 5RTXHHGHSRLVGLVVRLU·R
EHODFODVVLILFDWLYDFRPDSH DLQGD Q·R YHQFHUDP HVWD QDFLRQDO(VWHºRVHJXQGR QRDJUXSDPHQWRSHUPDQH kUXPDUDRFHQ³ULRTXDVHOX
QDVGRLVSRQWRVDRSDVVRTXH WHPSRUDGDSDUDRFDPSHR MRJRQDFRPSHWL¹·RGRVWHU FHQGRSRULVVRQRÈOWLPROX QDU GR 9XOF·R GRV &DSHOL
RV DOJDUYLRV V·R VHJXQGRV QDWRHVW·RQRHSHQÈOWL FHLUHQVHVTXHRFXSDPRWHU JDUFRPDSHQDVGRLVSRQWRV QKRVyWHUPLQDQGRQD5LEHL
FRPƇ,0 PROXJDUGDWDEHODFODVVLILFD FHLURSRVWRQDWDEHODƇ,0 DUUHFDGDGRVƇ,0 ULQKDƇ,0
%¤36-%2336-)28%0
7&%(3()3989&63()
;DGUH]
'336()2%¤ 3
%773'-%¤ 3()<%(6)>
(%6)+- 3%98°231%(37%¤36)7
09ª773%6)7`%0)<%2(6%4)6)-6%
%HQHItFLRV

[[[JEGIFSSOGSQE\VEEGSVIW
)QERYIP0EWOIV'EQTIÀS
1YRHMEPHIE
GR;DGUH] DVXDFDSDFLGDGHGHYLGR´PH
PRUL]D¹·RGHSDGUÇHVHODQFHV
DMXGDQGRSRUH[HPSORDUHGX
SDUDSHVVRDV
]LURVLPSDFWRVGDGLVOH[LD
)DYRUHFHDVRFLDOL]D¹·R
&RPRR[DGUH]SUHFLVDGHXP
VHJXQGR MRJDGRU DMXGD DV
HVSHFLDLV FULDQ¹DVHDGXOWRVDIRUWDOHFH
UHPOD¹RVVRFLDLV
2DXWLVPRºXPH[HPSORGH
XPDFRQGL¹·RTXHFRPRWUDWD
$RIDODUPRVGHSHVVRDVFRPQH $XPHQWDDFRQFHQWUD¹·R PHQWRFRUUHWRHFRPVRFLDOL]D
FHVVLGDGHVHVSHFLDLVSRGHPRV GHFULDQ¹DVFRPKLSHUDWLYLGD ¹·RSRGHWHUVXDVHYHULGDGHGL
LQFOXLUSHVVRDVFRP6¾QGURPH GHRXDXWLVPRDWUDYºVGRIRFR PLQX¾GD
GH'RZQ$XWLVPRSUREOHPDV QRMRJR 3URPRYHDLQWHJUD¹·RVR
QDIDODYLV·RDXGL¹·RORFRPR 0HOKRUDDDSUHQGL]DJHP FLDOFRPSOHWD3RUTXHXPDYH]
¹·RKLSHUDWLYLGDGHRXDWºGLIL 3RUVHUXPMRJRGHHVWUDWºJLD TXHDVSHVVRDVMRJDPGHLJXDO
FXOGDGHV GH DSUHQGL]DJHP FRQFHQWUD¹·RHDQ³OLVHHVWLPX SDUDLJXDOHVWDVV·RYLVWDVFRP
-³ºVDELGRTXHR[DGUH]WUD] ODY³ULDV³UHDVGRFºUHEURHRGHV DSWLGÇHVHTXDOLGDGHVJDUDQ
LQÈPHUDVYDQWDJHQVHPGLYHU HQYROYLPHQWRFRJQLWLYRIDFLOL WLQGRDVVLPXPDPDLRUFRQ
VDV³UHDVDMXGDQGRDPHOKRUDU WDQGRDDSUHQGL]DJHPDFULDQ¹DV ILDQ¹DHDXWRHVWLPD
DFRJQL¹·RHDLQWHJUD¹·RGRV FRPGLILFXOGDGHVLQWHOHFWXDLV 1D)3;SRGHU·RSDUWLFLSDU
VHXVSUDWLFDQWHV $XPHQWDRSRGHUGHPH DWOHWDVFRPQHFHVVLGDGHVHVSH
1RDUWLJRGHVWDVHPDQDHQX PRUL]D¹·R&RPDSU³WLFDDVV¾ FLDLV KDYHQGR XP WDEXOHLUR
PHUDPRVDOJXPDVGDVSULQFL GXDGR[DGUH]SHVVRDVFRPQH FRPFDUDFWHU¾VWLFDVHVSHFLDLV
SDLVYDQWDJHQVGDVXDSU³WLFD FHVVLGDGHVHVSHFLDLVDXPHQWDP SDUDRVLQYLVXDLVƇ
$QiOLVHVDSDUWLGDV SDUWLGD@ 4G 4F I 3UREOHPD

5[FE[FHI[JI[J
'DYLG1DYDUUD 1E %H %E %H
>1I4G4F5GH &6%2'%7
YV.ODXV%LVFKRII 5K3UHWDVGHVSHUGLFDUDPXPD
JUDQGHRSRUWXQLGDGHSDUDJD
.3+%1
)+%2,%1
QKDUDLQLFLDWLYD@%D1I
4G>4H(UDOLJHL 'LVMWXMER7YEVI^
UDPHQWHPHOKRUSDUDDVEUDQ ZW'EVPSW
FDV@ 4F %E %[E 1EXEQSVSW
F[E 4[H .D 5K
5JH4F4F>.E
5G 4F 4G 5K H
F ( D SRVL¹·R FRQWLQXD
LJXDODGD@D%[D%[J
5J%I%EG5[J
6DFULILFLREULOKDQWHGH1DYDUD
H5J.I5I 6DELDTXH
H F 1I H G F[G JKK1HDJ .H.E5I4K1G
1[G1F1FG%HD 5J1F%[F5[FJ 5[GH[G4K>4K 1%<)9;)
4G%G(VWDOLQKD K[JK[J1KI>1E 5I.E%[F%[F r%IWXVEXÆKMEVIUYIVTIRWEQIRXSIRUYERXSEX¾XMGE
WHPXPDÃWLPDUHSXWD¹·RSDUD 7HULDVLGROLJHLUDPHQWHVXSH 5[I(DVQHJUDVW¼PDOJXP VIUYIVSFWIVZEÄÀSs
DVEUDQFDV5F.E1I ULRU@4E>E(UDPHV FRQWUDMRJR@4E4H
>E&RPDLGHLDTXHFRPH PRQHFHVV³ULR$SRVL¹·RºDJX .I%H.J4G
¹DUDFRUULGDGHSHÇHV@IE GDHRSULPHLURDDWDFDUYHQFHD Ƈ
$QHGRWDV 2[DGUH] PHOKRUVHJXLUPRVSHODOLQKD 2V%LVSRVHRV&DYDORV

QRFDVDPHQWR SULQFLSDORXVHFXQG³ULD"y 2TXHXPELVSRGLVVHDRRXWUR
$DURQ1LP]RZLWFK k$PLQKDPXOKHUGLV ELVSRGXUDQWHXPDSDUWLGDGH
1LP]RZLWFKH0DURF]\HVWD VHTXHPHGHL[DYDVH 25HLHRVSHÇHV [DGUH]"
YDPDMRJDUTXDQGRHVWHÈOWL SDUWLFLSDVVH QR WRU 3RUTXHRUHLGR[DGUH]ºXPÃWL k$QRVVDIººIRUWHPDVRVFD
PRWLURXXPFLJDUURGDFDUWHL QHLRGRÈOWLPRILPGH PRFKHIH" YDORVV·RPDLVU³SLGRV
UDHRGHL[RXVREUHDPHVD VHPDQDy 3RUTXHHOHºERPHPPDQWHU
1LP]RZLWFKSURWHVWRXMXQ k(QW·RRTXHIL]HVWH"y VHXV IXQFLRQ³ULRV HP OLQKD 2VSUREOHPDVGR3H·R
WRDR³UELWURHHVWHFRQWHVWRX kH FRPR VHPSUHy 2TXHDFRQWHFHXTXDQGRRSH·R
TXH0DURF]\Q·RHVWDYDDIX 2QRPHGR&DYDOR IRLDRPºGLFR"
PDUDRTXH1LP]RZLWFKDFUHV 6HQWLGR 3RUTXHRFDYDORVHPSUHIRLFKD 2PºGLFRGLVVHk9RF¼HVW³
FHQWRXk9RF¼ºPHVWUHHVDEH GHRULHQWD¹·R PDGRGHkFDYDORyQR[DGUH]" DSHQDVVRIUHQGRGHFRPSOH[R
TXHDDPHD¹DºPDLVIRUWHGR 'RLVMRJDGRUHVGH[DGUH]TXH (QW·RSDVVDGRDOJXPWHP 3RUTXHVHFKDPDVVHkXQLFÃU GHLQIHULRULGDGHyƇ
TXHDH[HFX¹·Ry ULDPLUMXQWRVGHFDUURDXPD SRRFRQGXWRUYHULILFRXRPDSD QLRyHOHQ·RVHULDOHYDGRDVºULR
FRPSHWL¹·RGH[DGUH] HSHUJXQWRXk2TXHDFKDV"¯ QRWDEXOHLUR
3XEOLFLGDGH 7&%(3()3989&63()%¤36-%2336-)28%0
6iEDGR
%¤36-%2336-)28%0
7&%(3()3989&63()
&RQYHUJLUQDP~VLFD
/8Ì6%$55(,5$
03%8,) 0LOKDUHVGHJpQHURVHPLOK}HVGHSURMHWRV
r-0IX-X-R%RH-X8SSO)ZIV]XLMRKsu 1HVWHHVSDoRDFLPDGHWXGRLPSRUWDDOJR
FRQYHUJLUQDP~VLFDVHMDTXDOIRUHP
4EVESWPIMXSVIWQEMW¾ZMHSWHSIWTEÄSGSQIÄEVTIPSÐFZMSEETEVIRXIVIHYRH¿RGME QRPHGDIRUPDDUWtVWLFD$TXLSUHIHUrQFLDV
HIEFSVHEVYQHMWGSTIPEWIKYRHEZIÎQTSYGEWWIQEREW'SQTVIIRHSTIVJIM
XEQIRXI4SVÆQHETVMQIMVEZI^SJSGSJSMHIQEWMEHSRYQE×RMGEJEM\Er-W-X6IEPP]
H[SOLFLWDPHQWHSHVVRDLV
=SY#sITSYGSTEVESVIWXERXIHMWGSuXEPZIÛYEWIEXÆHIWVIWTIMXSWS%TÐWRSZEWZ¾
VMEWIWGYXEWIHIGSRWYQMVGIVGEHIYQEHIÎREHIPMZIKMKWHI0SEXLIIHIIRXIR
HIVEWMKRMJMG¿RGMEHEWQIWQEWHMÎVGSRJSVXEZIPQIRXIUYIRÀSL¾UYEPUYIV
FERHERSQYRHSLSNIUYIIWXINEEJEÎVSQIWQS2ÀSWMKRMJMGEUYIWINEEQIPLSV
SYEQEMWGSQTPI\EQEWÆHIRXVSHSQIXEPIHIWXIVIKMWXSIWTIGÊJMGSSTVSNIXS
:-30)28:-6%
UYIQEMWVEHMGEPMÊRSÄÒIWSFWSPIXEWIWIHIWEJMEEWMTVÐTVMETEVEPERÄEV r-(SRqX'EVIt+SH'SQTPI\s
YQHMWGSUYIRÀSWÐIWXMGESWPMQMXIWHSKÆRIVSSYHETVÐTVMEMRH×WXVMEQEW
SWWIRXMQIRXSWUYIEHZÇQHEEQ¾PKEQEHIWSRW8IRHSTSVZIRXYVEEWYEQEMSVMRW
?7MRKPIWAut
TMVEÄÀSIQ(IJXSRIWSYXVSEWTIXSLIEVX[EVQMRKÆZIVQ×WMGSWEETSMEVQ×WMGSW
GSQ'LMRS1SVIRSETSVZ¾VMEWZIÎWRÀSWÐEIPSKMEVSXVEFEPLSZSGEPHI )WX¾REWQÀSWHI:-30)28:-6%ZMVEVSQYRHSHS
/EHIIQ*VERGIQEWXSHEEHMVIÄÀSGVMEXMZEHSUYEVXIXSHI0MZIVTSSPuUYIXIQ EZIWWSEUYERHSHSPERÄEQIRXSHSWIYTVMQIMVSHMWGS
ÎVSWIQIPLERÄEWGSQSSYXVS½I\GIÄÀSHEGSQTSRIRXIMRSZEVSVEIHIJSVQEWXS HIIWX×HMSETÐWN¾IQXIVGIPIFVEHSSWIYTVM
XEPQIRXIHMWXMRXEWHSUYIXVEÊSNSKS2IWXEGEX¾VXMGEIMRXIRWEQIWGPEHIQI QIMVS)4p8MPPq(IEXL;EWRqX)RSYKLqIQEKSWXS×PXM
XEPGSVIGSQEPKYQRYQIXEPIWLSIKEÎVITIXIWIYQEJÐVQYPEN¾GSRLIGMHEE QS)WTIGMEPQIRXITEVEYQGIVXSKVYTSHIQS
QEMSVI\TPSWÀSHSHMWGSWYVKIETÐWHYEWHEWJEM\EWQEMWGSRXMHEW IHEWQIPLSVIWHS KV¾JMGSERSWXEPKMEÆMRGSQIRWYV¾ZIPWSFVIXYHSRETVMQIMVE
¾PFYQZIVHEHIWINEHMXE r+SVIHsRÀSÆWÐEJEM\EQEMWTIWEHEHSHMWGSQEWHSERS JEM\EWSFVIEUYEPIWGVIZSr-(SRqX'EVIs'EWSRÀSXMZIWWIQSWJEGMPQIRXIEGIWWSES
IRÀSWIZ¾EZIVHIWXEHÆGEHE¦SYXVSHSWZ¾VMSWQEVGSWEPGERÄEHSWTIPSWFVMX¿RM ERSHIPERÄEQIRXSHIHIXIVQMREHSXVEFEPLSHMVMEMQIHMEXEQIRXIUYIIVEÐFZMSTVM
GSWUYIN¾PERÄSYQEMWYQHMWGSHIWHIIWXESFVE QIMVSWERSWHSWWIRGETWYPERHSSQIPLSVHIGSRWEKVEHSWEVXMWXEWIKVY
TVMQEQSHIVREp8LI8LMRKW8LI]&IPMIZI q TSWGSQS)ZERIWGIRWI*P]PIEJ4EVEQSVISY/MXXMI FERHEHILIEZ]QIXEPJIQM
REQMRLESTMRMÀSRÀSXÀSTVSPÊJMGSGSQSSERXIGIW RMREUYIJI^SRHEWREZMVEHEHSWÆGYPS )QVIPEÄÀSEIWXIWHSMW×PXMQSWQEMWUYI
WSVQEWSYXVSTEWWSMQTSVXERXITEVEIWXEFI ÐFZMEWEWTEVIGIRÄEWZSGEMWE,EMPI];MPPMEQWI1SVKER0ERHIVWVIWTIXMZEQIRXI
PIGIV0SEXLIGSQSYQEHEWJPEKFIEVIVHEGIRE 3VIJVÀSHIr-(SRqX'EVIsÆHEUYIPIWWYJMGMIRXIQIRXITSHIVSWSWTEVEEGVIWGIRXEVMQI
QIXEPTEVESWTVÐ\MQSW IWTIVSIY ZEPIRXIWERSW HMEXEQIRXIYQEJEM\EEYQETPE]PMWXWSFVIXYHSEYQEHIXLVS[FEGOHSWERSW¦
,¾GIVXEQIRXIEPKSHIHMJIVIRGMEHSRSGSRNYRXS TIWEHSQEWRYRGEZMWGIVEPSYXSSQYGL½WIQIPLERÄEHEWWYEWRSXÐVMEWMRW
MRKPÇWTEVEUYIXEPEGSRXIÄERÀSIQTIUYIRETEV TMVEÄÒIWr+SH'SQTPI\sRSERSWIKYMRXIXSVRSYWIRSYXVSHSWKVERHIWWYGIWWSWHI
XITIPETVÐTVMETVSTIRWÀSIQHIWEJMEVSUYIJSM :-30)28:-6%EVXMWXEGSQEWGIRHÇRGMEQI\MGEREQSWXVERHSSYXVSEPGERGIZSGEP
JIMXSERXIVMSVQIRXITIPEGVMEÄÀSHITIÄEWWMRKY YQEQFMIRXIQEMWSQMRSWSISWQIWQSWWIRXMQIRXSWHIERK×WXMEIVIFIPMÀS2ÀSQI
PEVIWQYMXEWHIWXEWTVIWIRXIWRSHMWGSHI VIGSVHSRSW×PXMQSWXIQTSWGSRXYHSHIQIJM\EVXERXSRYQEJEM\EGSQSr-(SRqX'E
VIsIQXIVQSWHIQIVIQIXIVTEVESYXVSWXIQTSWHIJSVQEXÀSGPEVEIMQIHMEXE
()%(&)%8+-60 49((0)3*19((
r%RSXLIV(E]s?7MRKPIAu r%[E]*VSQ1Is?7MRKPIAu
9QEHEWHSIRÄEWHSWXIQTSWÆETVIGMSWMHEHI :EQSWGSQIÄEVGSQSÐFZMSp9FMUYMXSYWqS
EJEPXEHIKIRYMRMHEHIUYIWIIRGSRXVE QEMWVIGIRXIHMWGSHI4YHHPISJ1YHHÆTÆWWM
IQTVEXMGEQIRXIXSHSSPEHSIQZ¾VMSW QS2SJYRHSEXÆSWTVÐTVMSWMRXIKVERXIWHE
EWTIXSWHSUYSXMHMERS7MRXSUYIUYIV FERHEGSRGSVHEQQYMXSTSVVIWTSRWEFMPMHEHI
GSQSTIWWSEWRSUYIJEÎQSWSYGSQSUYI HEGSRXYVFEHETVSHYÄÀSUYIXIQGSVVIPEÄÀS
GVMEQSWJEPXEEYXIRXMGMHEHI2EHETEVIGIXÀS GSQSWTVSFPIQEWTIWWSEMWIPIKEMWHSZS
SVK¿RMGS%XIRÄÀSRÀSRIGIWWEVMEQIRXIHE GEPMWXE;IW7GERXPMR)IWXEIRXVEHEÆQYMXS
RSWWEVIWTSRWEFMPMHEHIWIÆEWWMQUYIWSQSW TSVIPIYQEJMKYVEGEVMWQ¾XMGEUYITSHMEXIVXMHSYQEGEVVIMVEIJIXMZEQIRXIHMJIVIR
QEMWIQEMWTVSKVEQEHSW1EWRIWXIEQFMIRXITVIXIRWMSWSIPSRKIHEZIVHEHI XI(EW×PXMQEWZIÎWUYISZMREWRSXÊGMEWEHQMXMYUYIEWYEGSZIVHIr%FSYXE+MVPs
HEQSWQEMWZEPSVUYERHSIRGSRXVEQSWEPKSZIVHEHIMVEQIRXISVK¿RMGSuI HI2MVZEREJMGSYYQE I\TPIXMZS SWWIYWGSPIKEWHIFERHEEFERHSREVEQRSIQTEP
WMQTSVRSVQEL¾WIQTVIJSVQEHIHMWXMRKYMV:EP3PWSR(IEHFIEX+MVPREQ×WM GSIIRJVIRXSYTVSFPIQEWPIKEMWTSVMRZEWÀSHITVSTVMIHEHI¦YQETIREQIWQS
GEÆETEM\SREH$TIPEWYEEVXIITIPSWWIRXMQIRXSWUYIQIXIG¾TEVEJSVEHIPE N¾UYIIWXEJSMEQIWQEFERHEUYIIQXMRLESQYRHSESWWIYWTÆW)R
0¾IWX¾HIJSVQERSXSVMEQIRXIIWTSRX¿RIE8EPZI^TSVMWWSEMRHERÀSXIRLE XVERHSIQGIRERYQTIVÊSHSHIZIVEWIWXVERLSSRHIWIUYIVMEJEÎVEPKSHSTSWX
PERÄEHSSTVMQIMVSHMWGSHIIWX×HMSTVIJIVMRHSEWWMQNYRXEVYQEGSPIÄÀSHIWMR KVYRKIIRYQIXEPXYHSRSQIWQSp'SQI'PIERqEGEFSYQIWQSTSVWIVYQHSW
KPIWIPERÄEQIRXSWWSPXSWUYIGETXIQSIWTÊVMXSHSQSQIRXS%Q×WMGEISMRHMI ¾PFYRWHIJMRMXMZSWHIWXIVIKMWXSIIJIXMZEQIRXIYQHSWQIPLSVIWuUYIEMRHE
VSGOHI(IEHFIEX+MVPWÀSLMWXÐVMEWXÀSZIPLEWGSQSSTVÐTVMSXIQTSEHIGSVE LSNIIQHMEHIWTIVXEYQEGIVXERSWXEPKMETIPETVIWIRÄEHIJEM\EWLSNIMGÐRMGEW½WYE
ÄÒIWTEVXMHSWMHIRXMHEHIIVIFIPMÀSr%RSXLIV(E]sVIXVEXESGSRJPMXSMRXIV TVÐTVMEQERIMVEGSQSr&PYVV]sr7LI,EXIW1IsSYr'SRXVSPs(SMWERSWHITSMW
RSHYQEVIPEÄÀSUYIGLIKSYESJMREPHEWEYHEHIIUYMÄ¾HSEVVITIRHM 7GERXPMR S×RMGSQIQFVSSVMKMREPEMRHEREFERHE IGSQTERLMETVIWIRXIEVEQSWJÀW
QIRXS%REVVEXMZEJEWXTEGIHIZSPYMTEVEEPKYÆQUYIGSQEWYEQ¾KSEEGEFE GSQSPERÄEQIRXSHIRSZEJEM\EIQERXIGMTEÄÀSHIRSZSHMWGSr%[E]*VSQ
TSVWIGSRJSVQEVIIWX¾TVSRXETEVEWIKYMVGSQYQRSZSHME9QEPMÄÀSHIUYI 1Is2SQIWQSIRGSRXVEZEWIXEQFÆQYQEZIVWÀSHIr&PIIHsRYRGEETVIWIRXEHEI
GSQSMRHMGEETVÐTVMEGSQTSWMÄÀSEZMHEÆQIVIGMHEWIVZMZMHEESQ¾\M YQEGSQTIXIRXIZIVWÀSEG×WXMGEHIr'SRXVSPsYQEHEWQEMWVIGSRLIGMHEWJEM\EWHS
QSETIWEVHSWGSRXVEXIQTSWUYIXIJEÎQGVIWGIVGSQIPIW KVYTS-WXSGPEVSRSTSVZIRXYVEQIPLSVTIVÊSHSZSGEPHI7GERXPMRUYIGSQTIRWEZE
EPKYQEWPMQMXEÄÒIWGSQYQEVSYUYMHÀSUYIWIIRUYEHVEZEFIQRSVIKMWXSTVIXIRHM
HS%TEVXMVHEÊJSMIQUYIHEPMZVIMRJIPM^QIRXIp0MJI3R(MWTPE]q Ip*E
QSYWq EMRHEWÀSXVEFEPLSWEMRHEEWWMQVIPEXMZEQIRXIGSQTIXIRXIW
6iEDGR %¤36-%2336-)28%0
7&%(3()3989&63()
+VEYHIHMJMGYPHEHIJ¾GMP +VEYHIHMJMGYPHEHIQÆHMS
6XGRNX 6XGRNX

,QIDQWLO

'SQTPIXEV
EKVIPLEHI
'SQTPIXEV
JSVQEEUYI
EKVIPLEHI
GEHEPMRLEGEHE
JSVQEEUYI
GSPYREIGEHE
GEHEPMRLEGEHE
YQEHEWGEM\EW
GSPYREIGEHE
\GSRXIRLEQ
YQEHEWGEM\EW
XSHSWSW
\GSRXIRLEQ
R×QIVSWHIE
XSHSWSW
R×QIVSWHIE
/6%>=(%('31
3DODYUDVFUX]DGDV 3LQWDU 6ROXo}HV

,36->328%-79RMHEHIHIQIHMHEHI :)68-'%-7%ZIJEFYPSWE×RMGERSWIY 79(3/97
GETEGMHEHIIPÆGXVMGE)RSZIPEVSJMSHIYQE KÆRIVSEUYEPHYVEZEWÆGYPSWIUYIUYIM
QIEHE%REGSVIXE3RSRSHMEERXIW QEHEVIREWGMEHEWTVÐTVMEWGMRÊW 1MX
HSWMHSWRSERXMKSGEPIRH¾VMSVSQERS4E 7IVVEVIQXSVSW(M^WIHSERMQEPUYI
PEZVEKVIKEUYIWMKRMJMGETEPEZVEIVE^ÀS TÒISZSWMWXSÆGYNSIQFVMÀSWIHIWIRZSPZI
%GVÐRMQSHI-QTSWXSWSFVIS:EPSV ½GYWXEHEWWYFWX¿RGMEWHSSZSIJSVEHSSV
%GVIWGIRXEHSRMQS MRXIVN 7MWXIQEHI KERMWQSQEXIVRS6IPEXMZSESWVMRW
ERXMFPSUYIMSHEWVSHEWHIYQEYXSQÐZIP +VERHIEPKEÊVVE JMK %PXEVGVMWXÀS%R
'IPYPSWIHIQEHIMVESYHEGEWGEHSWJVY XMKETEPEZVEJVERGIWEGSVVIWTSRHIRXIES
XSWHYVSW'ÀS-RWXMXYXS'EQÒIW EFVIZ EGXYEPSYM6IQSMRLSHI¾KYE VIK (I
'EQMRLEV'LETE*VYXSHETEPQIMVE WMPYHMV5YISYEUYIPIUYIHMPETMHE
GLEQEHEHEXMPIMVE%PÆQHMWWS'EQTIS )PIQIRXSHIJSVQEÄÀSHITEPEZVEWUYII\
REXSTVSJMWWMSREPRSVXIEQIVMGERSHIFEW TVMQIEMHIMEHISYZMHS¦TSGERSX¾ZIP
UYIXIFSP EFVIZ 'ÐPIVE4IWWSEUYI 5YEPUYIVEFIVXYVEGMVGYPEV'VMEVFEKE
GYQTVISVHIRWEYXSQEXMGEQIRXI JMK KVE×HE*IRSPUYIWII\XVEMHEIWWÇRGMEHS
1YPLIVRSFVI TP %VVERNSTSYGSETSY XSQMPLS3TIV¾VME,EFMXERXIHE
GS%QSJMREV4IÄEGMPÊRHVMGETEVEXETEV 6×WWME)WXMPLEÄS
GIVXSWZEWSW
79(3/97
3FVIMVE6YWWS0EWGE
(MPETMHEHSV3XS)VE%VS&EKEV8MQSP
&EFIP%VE3MP3PE(IWIRGERXEV
:)68-'%-7*ÆRM\8SVEV3ZÊTEVS6IREP
(EQEW)PEFSVS6EPEV6SPLE
-'-V8EFPE(EXMP3VE2&%-VE6SFSX
2SREW0SKSW-:%)ME%&7<ÊPSR4IVVS
,36->328%-7*EVEH(SFEV)VIQMXE
4%0%:6%7'69>%(%7
+RUyVFRSR
&DUQHLURE &DUDQJXHMRE %DODQoDE &DSULFyUQLRE
)ZMXITIVHIVXIQTSEUYIWXMS 8MVITVSZIMXSHIXSHSWSWQS %PMQIRXIEWYEVIPEÄÀSGSQ )RXVIKYIWIESEQSV¦YQE
REVSWWIYWWIRXMQIRXSW7IIWX¾ETEM QIRXSWEWÐWGSQETIWWSEEQEHE QERMJIWXEÄÒIWHIEQSVIGEVMRLS HEWQEMSVIWVMUYIÊWUYITSHIQSWXIV
\SREHEQIVKYPLIHIGEFIÄERS *EÄEVIJIMÄÒIWEGEHEHYEWLSVEWTEVE 7IRXMVWI¾GSQQYMXEJSVÄEIIRIVKME 7IXIQXIRHÇRGMETEVEXIRWÀSEVXIVMEP
EQSV'SRXMRYIEIQTIRLEVWIREW XIVWIQTVIIRIVKME,SNITSHIV¾VIWSP %WYEEYXSVMHEHITSHIV¾WIVTSWXE½ EPXEGSQEQEMWEPLS.YRXIXYHSSUYI
WYEWJYRÄÒIW ZMHEYQEUYIWXÀSUYIEEXSVQIRXEZE TVSZE1ERXIRLEWIJMVQI GSRWIKYMV>IPITIPEWYEWIKYVERÄE
7RXURE /HmRE (VFRUSLmRE $TXiULRE
(ÇEXIRÄÀSESWWIYWEQMKSW *EÄEYQEWYVTVIWEESWIY )WXINEQEMWEXIRXS½WRIGIWWM :EPSVMÎWIQEMW.¾HM^MESHM
QEMWTVÐ\MQSW4SVUYIRÀSTVITEVEYQ EQSV*SVXEPIÄEEVIPEÄÀS'SQEQEMW HEHIWHETIWWSEEQEHE%XVEZIWWEYQ XEHSrWIIYRÀSKSWXEVHIQMQUYIQ
IRGSRXVS#4EVEUYISWIYWYGIWWSRÀS JVYXSWWIGSWGSQSGENYWIEZIPÀW*E^ FSQTIVÊSHS8IV¾IRIVKMETEVEHEVI KSWXEV¾#s'YMHIQEMWHIWM
3250$5,$+(/(1$0$57,16 TEWWIHIYQEMPYWÀSHIWIQTIRLIEW FIQESGÆVIFVS8IVQMRIXEVIJEWTIR ZIRHIV%TSMIYQEQMKSUYITSHIIWXEV (MEMRXIRWSERÊZIPTVSJMWWMSREP4SHIVI
7$5¾/2*$ XEVIJEWGSQHIHMGEÄÀS HIRXIW'SRGVIXMÊV¾SWWIYWSFNIXMZSW EEXVEZIWWEVHMJMGYPHEHIW GIFIVYQETVSTSWXEZERXENSWE

7(/
6,7(ZZZPDULDKHOHQDSW *pPHRVE 9LUJHPE 6DJLWiULRE 3HL[HVE
(0$,/PDULDKHOHQD#PDULDKHOHQDSW %QSV(ÇQEMWEXIRÄÀS½JEQÊ (MKE½TIWWSEUYIXIQESPEHS 1ERXIRLEELEVQSRMEREVIPE (IM\ISEQSVZIRGIV4EVEHIW
%/2*KWWSFRQFXOWRULRGHDVWUROR
JLDEORJVVDSRSW
PME(IZIWIVWIQTVIYQETVMSVMHEHI SUYERXSÆMQTSVXERXITEVEWM(MQMRYE ÄÀS¦TVSZ¾ZIPUYIXIRLETVSFPIQEW GSRXVEMVIIRGSRXVEVELEVQSRMEMRXI
)DFHERRNZZZIDFHERRNFRP 7E×HI*EÄEI\EQIWHIVSXMRETEVEZIVM EUYERXMHEHIHIGEJÆ4PERIMIYQTVSNI RSWVMRW6IHYÊSGSRWYQSHIWEPIFI VMSVJEÄEQIHMXEÄÀS4EWWIESPEHSHI
0DULD+HOHQD79 JMGEVWIIWX¾XYHSFIQGSQEWE×HI XSUYIQYHISVYQSHEWYEZMHE'EQM FEQYMXE¾KYE9QEQMKSTSHITIHMV GSQIRX¾VMSWQEPHSWSWHIGSPIKEW
4SWWMFMPMHEHIHIQYHEVHIIQTVIKS RLIESIRGSRXVSHSUYIQEMWHIWINE PLIHMRLIMVS7IGSRJMERIPIIQTVIWXI 1ERXIRLEWIJMIPESWWIYWTVMRGÊTMSW
%¤36-%2336-)28%07&%(3()3989&63() 3XEOLFLGDGH
0,66$'2',$
0$18(/9/$'(0,52
26ï5,262$5(6
$IDP¼OLDGH0DQXHO9ODGHPLUR2VÁULR6RDUHV
SDUWLFLSDTXHLU±VHUFHOHEUDGDPLVVDVXIUDJDQ
GRDDOPDGDTXHOHVHXHQWHTXHULGRDPDQKµ
GLD²VKRUDVQD,JUHMD3DURTXLDOGH6µR
3HGUR3RQWD'HOJDGD
$JUDGHFHQGRGHVGHM±DWRGDVDVSHVVRDVTXH
SDUWLFLSDUHP QHVWH DWR OLWÆUJLFR EHP FRPR
WRGDVDTXHODVTXHDDFRPSDQKDUDPHSUHVWD
UDPKRPHQDJHPDTXDQGRGRVHXIDOHFLPHQWR
%¤36-%2336-)28%0
,QIRUPDo}HV~WHLV 7&%(3()3989&63()
7UDQVSRUWHV )DUPiFLDV %LOKHWHLUDV &LQHPD 6RUWH

13:-1)2831%6ª8-13 4328%()0+%(% '30-7)91-'%)0)27) 463+6%1%¤ 3 83830383
1989%0-78% '-2)40%')
43490%6 8IVÄEEWI\XEHEWL½WL 7SVXIMSHIHISYXYFVS WSVXIMS
*962%7)QZMEKIQHI0MWFSETEVE
4SRXE(IPKEHE 6YE1EGLEHSHSW7ERXSW )RGIVVEHSESWW¾FEHSWHSQMRKSWWI 7%0%
'36:3)Q:IPEWPEVKERHSTEVE4SRXE 8IPIJSRI KYRHEWIJIVMEHSW 863007(
(IPKEHE 2SWHMEWHIIWTIX¾GYPSHIXIVÄEEW¾ 7IWWÒIW½WLLLL
86%27-2790%6 6-&)-6%+6%2() FEHSHEW,½LSVEHIMRÊGMSHS %77%77-237(%09%(%7*036)7 )9631-0,²)7
1328)&6%7-0u)QZMEKIQHI4SRXE 1-7)6-'°6(-% IZIRXS%SWHSQMRKSWIJIVMEHSWLS 7IWWÒIW½WL 7SVXIMSHIHISYXYFVS WSVXIMS
(IPKEHETEVE0MWFSEI0IM\ÒIW 6YEHI7ÀS*VERGMWGS VEWERXIWHSMRÊGMSHSIZIRXS 2·1)637
1328)(%+9-%u)QZMEKIQHI0MWFSE 8IPIJSRI 8IPIJSRI 7%0%
7%;<
)786)0%7
TEVE4SRXE(IPKEHE 8)%8631-'%)0)27)
4328%(3730u)QZMEKIQHI0IM\ÒIW 7IWWÒIW½WLLLL
7%28%1%6-% 8IVÄEEW¾FEHSHEWL½WL
TEVE4SRXE(IPKEHE 10, 3
%&ª0-%3&38)0,3 2SWHMEWHIIWTIX¾GYPSHEWL
7.36+)u)Q:MPEHS4SVXSPEVKERHS 7%0% 7SVXIMSHIHISYXYFVS WSVXIMS
TEVE4SRXE(IPKEHE 6YE8IÐJMPSHI&VEKE ½WL8IPIJSRI 91%463*-77 37¦6-% 911)
8IPIJSRI 8)%8636-&)-6%+6%2()27) 2·1)6372;;
1%6+%6)8,))Q4SRXE(IPKEHE 8-)67)6-)9<
+70-2)7 7IKEWI\XEL½WL 7IWWÒIW½WL
-2790%6u)Q4SRXE(IPKEHEPEVKERHS MRMRXIVVYTXEQIRXI %77%77-237(%09%(%7*036)7 038%6-%'077-'%
TEVE0MWFSE 8IPIJSRI 7IWWÒIW½WL 7SVXIMSHIHISYXYFVS WIQERE
0%96%7u)QZMEKIQTEVEE4VEMEHE:M 7%;<
XÐVME 7IWWÒIW½WL
4VÆQMSc
4VÆQMSc
7HOHIRQHV~WHLV
4VÆQMSc
7%0%
%LEOLRWHFDV 4%8690,%4%8%(
7IWWÒIW½WLLL
363 6HUYLoR 3)<36'-78% 038%6-%43490%6
4·&0-'%)%659-:3 3RQWD'HOJDGD 6260XOKHU 7IWWÒIW½WLL 7SVXIMSHIHISYXYFVS WIQERE
()4328%()0+%(% 4VÆQMSc
,SV¾VMSHIZIVÀS 4VÆQMSc
NYPLSEKSWXSIWIXIQFVS *15 $3$9 4VÆQMSc
(IEJIMVEHEWL½WL 3RQWD'HOJDGD 3RQWD'HOJDGD 4VÆQMSc
)RGIVVEESW¾FEHS
,SV¾VMSHIMRZIVRS
HISYXYFVSENYRLS
(IEJIMVEHEWL½WL %RPEHLURV /LQKD
7¾FEHSHEWL½WL 3RQWD'HOJDGD 6D~GH$oRUHV
192-'-4%0)62)783(3'%283 HEWL½WL
4328%()0+%(% 0XVHXV 192-'-4%0:-0%*6%2'%
(IEJIMVEHEWL½WL (3'%143
%659-:3192-'-4%0 7i[LV &HQWURGH6D~GH (IEJIMVEHEWL½WL
197)9'%60371%',%(3
()4328%()0+%(% 6mR0LJXHO GH3RQWD'HOJDGD ()()3989&63%()1%6¤3 IHEWL½WLW¾FEHS
(IEJIMVEHEWL½WL 8IVÄEEHSQMRKSHEWL½WL IHSQMRKSHEWL½WL
192-'-4%0
IHEWL½WL
')2863192-'-4%0
7IQMRXIVVYTÄÀSTEVEEPQSÄS
2)7836()7397%
0DULQKD6DOYDPHQWR 80$5 -RGPYMJIVMEHSW)RGIVVE½WWIKYRHEW
()'90896% 4303197)30°+-'3 (IEJIMVEHEW
JIMVEEJIMVEHEWL½WL 3RQWD'HOJDGD $oRUHV (3'30-7)91-'%)0)27) L½WLIHEWL½WL
*IVMEHSW IRGIVEHSW :MWMXEWYNIMXEEQEVGEÄÀS 197)9(386-+3
TVÆZME (%43:3%¤ 3
W¾FEHSHEWL½WL
(IEWI\XEHEWL½WL
192-'-4%0(%6-&)-6%+6%2() 0LVVDV -KVINE4EVSUYMEPHI7ÀS6SUYIL
197)9,)&6%-'37%,%6
,%77%1%-1()4328%()0+%(% W¾FEHSHSQMRKSIJIVMEHSW
(IEJIMVEHEWL½WL L½WL-KVINE4EVSUYMEPHI HEWL½WL
%659-:3192-'-4%0 4368%7(3'¦9 7-2%+3+%
2SWWE7IRLSVEHSW%RNSWRE*ENÀHI
7IKYRHEE7I\XEHEWL½WL 197)9
(%6-&)-6%+6%2() 4328%()0+%(% &EM\SL-KVINE1EXVM^7ERXY¾VMS ()0%+3%%¤36)7
(IEJIMVEHEWL½WL ,366-3(%71-77%7(31-2-'%-7 197)91-0-8%6
7ERXS'VMWXSI-KVINE2SWWE7IRLSVE (37%¤36)7 2×GPIS1YWISPÐKMGSHS4VIWÆTMS2×
192-'-4%0(%2-)0()7 :)74)68-2%7 *¾XMQEL)VQMHEHI7ÀS+SRÄEPS GPIS1YWISPÐKMGSHS'EFSYGSI2×
(IEJIMVEHEWL½WL
6-&)-6%+6%2() 7&%(3 7ÀS4IHVS L-KVINE4EVSUYMEPHE GPISW1YWISPÐKMGSWHE6MFIMVE'LÀ
7¾FEHSI(SQMRKSHEWL½WLI
(IEJIMVEHEWL½WL L-KVINE4EVSUYMEPHE1EXVM^ 7ÀS7I 1EXVM^ 7ÀS7IFEWXMÀS L-KVINE HEWL½WL %VXI7EGVEI)XRSKVEJME'EWE1YWIY
192-'-4%0 FEWXMÀS L-KVINE2SWWE7VEHEW1IV 4EVSUYMEP7ÀS.SWÆL-KVINE4E )RGIVVEHSESWJIVMEHSW 1EVMEHSW%RNSW1IPS2×GPISHE%HIKE
():-0%*6%2'%(3'%143 GÇW &EMVVSW2SZSW L-KVINE2SWWE VSUYMEP7ÀS4IHVS 192-'-4%0 2×GPISHE%KVMGYPXYVEI5YMRXEP)XRS
(IEJIMVEHEWL½WL 7IRLSVE*¾XMQEL'PÊRMGEHI&SQ (%6-&)-6%+6%2() KV¾JMGS
192-'-4%0(%43:3%¤ 3 .IWYWL-KVINE-QEGYPEHS'SVEÄÀS 1-77%7%37(-%7()7)1%2% 7IKYRHEEWI\XEHEWL½WL (IEJIMVEHEWL½WL
(IEJIMVEHEWL½WL 1EVME 74IHVS L-KVINE4EVSUYMEP L7ERXY¾VMS7IRLSV7ERXS'VMWXS 197)9:-:3 HEWL½WL
')2863()132-836->%¤ 3 HI7.SWÆI-KVINE4EVSUYMEPHI7ERXE HSW1MPEKVIWL7ERXY¾VMS7IRLSV (3*6%2'-7'%2-713 7¾FEHS(SQMRKSI*IVMEHSW)RGIVVEHS
'PEVEL-KVINE4EVSUYMEPHI2SWWE 7ERXS'VMWXSHSW1MPEKVIW QIRSWESW 7IKYRHEEWI\XEHEWL½WL 'EWEHE'YPXYVE'EVPSW'ÆWEV
)-2:)78-+%¤ 3(%7*962%7
7IRLSVEHSW%RNSW*ENÀHI&EM\SL W¾FEHSW L-KVINE4EVSUYMEPHE1E '%7%(3%6'%23 EJIMVEHEWL½WLHEWL½W
HIWIXIQFVSEHINYRLS(IE
-KVINE4EVSUYMEPHI7ÀS4IHVSI-KVINE XVM^ 7ÀS7IFEWXMÀS L'ETIPEHE 6-&)-6%+6%2() L
HSQMRKSHEWL½WLIHEW JIMVEHEWL½WL
2SWWE7IRLSVE*¾XMQE-KVINE4EVSUYMEP 'EWEHI7E×HI27VEHE'SRGIMÄÀS 7IKYRHEEWI\XEHEWL½WL
L½WLHINYRLSE 7¾FEHS(SQMRKSI*IVMEHSW)RGIVVEHS
HI2SWWE7IRLSVEHE3PMZIMVE*ENÀHI XIVÄEEWI\XEJIMVE L-KVINE-QE 197)9(%)1-+6%¤ 3
WIXIQFVS(IWIKYRHEEHSQMRKSHEW 2×GPIS1YWISPÐKMGSHE'EWEHS6S
'MQE-KVINE4EVSUYMEPHI7ÀS6SUYI GYPEHS'SVEÄÀSHI1EVMEI-KVINE4EVS %¤36-%2%
L½WL QIMVS
UYMEPHI7ÀS.SWÆL-KVINE4EVS 7IKYRHEEWI\XEHEWL½WL
136%(%(%)7'6-8% :MWMXEWETIREWTSVQEVGEÄÀSTVÆZME
(31-2+3 UYMEPHE1EXVM^ 7ÀS7IFEWXMÀS L %659-4¦0%+3')2863()%68)7
'%7%%61%2(3'±68)7 -KVINE4EVSUYMEPHI7ÀS4IHVS-KVINEHI EXVEZÆWHS
L7ERXY¾VMS7IRLSV7ERXS'VMWXS '328)14362)%7
63(6-+9)7 HSW1MPEKVIWL7ERXY¾VMS7IRLSV 2SWWE7IRLSVEHI*¾XMQEI-KVINE4EVS (IXIVÄEEHSQMRKSHEWL½WL SYQYWIY$PEKSEEGSVIWTX
,SV¾VMSHEWL½WL XIVÄE 7ERXS'VMWXSHSW1MPEKVIWL-KVI UYMEPHI7ERXE'PEVEL-KVINE4EVS '%7%(37:90'²)7 'SPIÄÀS:MWMX¾ZIPHE1EXVM^
UYEVXEWI\XEIW¾FEHS )RGIVVEHE UYMEPHI2SWWE7IRLSVEHE3PMZIMVE*ENÀ %XEPLEHE6SW¾VMS0EKSE HI0EKSE
NE1EXVMÎ-KVINE-QEGYPEHS'SVEÄÀS
HSQMRKSWIKYRHEIUYMRXE HI'MQE HIXIVÄEJIMVEEWI\XEJIMVE 197)9(38%&%'3%1%-% (IEJIMVEHEWL½WL
HI1EVME 74IHVS I-KVINE4EVSUYMEP
192-'-4%0 (IWIKYRHEEWI\XEJIMVEHEWL½WL HEWL½WL
7ERXE'PEVEL'EWEHI7E×HI2 L-KVINE4EVSUYMEPHI2SWWE7IRLS
831%>&36&%:-)-6% W¾FEHS½WLIHEWL½WL 7¾FEHS(SQMRKSI*IVMEHSW)RGIVVEHS
7VE'SRGIMÄÀSL-KVINE4EVSUYMEP VEHSW%RNSWRE*ENÀHI&EM\S XIVÄEW
(IEJIMVEHEWL½WL ')2863'90896%0 8IRHEHS*IVVIMVS*IVVEHSV
7ÀS4IHVSI-KVINE4EVSUYMEPHI7ÀS UYEVXEWIUYMRXEWJIMVEW L-KVINE
(%'%0396%0%+3% (IEJIMVEHEWL½WL
IHEWL½WL .SWÆL-KVINE4EVSUYMEPHI2SWWE 4EVSUYMEPHI7ÀS6SUYI XIVÄEWIUYMR
(IJIMVEEW¾FEHSHEWL½WLI 7¾FEHS(SQMRKSI*IVMEHSW)RGIVVEHS
W¾FEHSHSQMRKSIJIVMEHSWIRGIVVEHS 7IRLSVEHE3PMZIMVERE*ENÀHI'MQE XEWJIMVEW
%¤36-%2336-)28%07&%(3()3989&63() 3XEOLFLGDGH
3XEOLFLGDGH 7&%(3()3989&63()%¤36-%2336-)28%0
%¤36-%2336-)28%0
7&%(3()3989&63()
0HWHR 7Y
49&
0YE2SZE 5'VIWGIRXI 0YE'LIME 51MRKYERXI 2EWGIVHS7SP 4ÑVHS7SP

½W K ½WK
+XPLGDGHTVIZMWXE ÌQGLFH89$ 0DUpV

TEVELSNI EQERLÀ )JIXMZSHISRXIQ ,SNI &EM\EQEV½WI
K K %QERLÀ &EM\EQEV½WI
K K
4VIZMWXSTEVELSNI 4VIMEQEV½WI
K K 4VIMEQEV½WI
K K
*UXSR2FLGHQWDO
*UXSR&HQWUDO
*UXSR2ULHQWDO

4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ

EFIVXEW EFIVXEW FSEWEFIVXEW
%KYEGIMVSWREQEHVYKEHE %KYEGIMVSWREQERLÀIMRÊGMS %KYEGIMVSWHYVERXIEXEVHI
:IRXSRSVSIWXIQSHIVEHSEJVIWGS HEXEVHI:IRXSSIWXIQSHIVEHSE :IRXSSIWXIQSHIVEHSEJVIWGS
OQL GSQVENEHEWEXÆOQL JVIWGS OQL GSQVENEHEWEXÆ OQL GSQVENEHEWEXÆ
1EVGEZEHS OQLVSHERHSTEVERSVSIWXI OQLVSHERHSTEVERSVSIWXI
3RHEWRSVSIWXIHIEQIXVSW 1EVGEZEHS 1EVGEZEHS
3RHEWRSVSIWXIHIEQIXVSW 3RHEWRSVSIWXIHIEQIXVSW
HMQMRYMRHSTEVEEQIXVSW
*VIRXI *VIRXI *VIRXI *VIRXI -WÐFEVEW %PXE &EM\E

*VME 5YIRXI 3GPYWE )WXEGMSR¾VME 4VIWWÀS 4VIWWÀS
49& 49&
684%¤36)7 684 7-'

4SVXYKYIWI7SYP >MK>EK ½W
%ÄSVIW,SNI 6SGO]/[EXIVR¾VMS 'EM\E1¾KMGE%W,SQIREKIRW
2SXÊGMEWHS%XP¿RXMGS +EVJMIPH %PÑ1EVGS4EYPS )WTIGMEMW
:MWMXE+YMEHE 7TEGI2SZE 2SWWS1YRHS
4EVPEQIRXS%ÄSVIW 4SVXS4ETIP 4VMQIMVS.SVREP
8IPINSVREP%ÄSVIW 7LI6EIEW4VMRGIWEW %PXE(IJMRMÄÀS
6IKVIWWS%S4EPGS HS4SHIV ))WTIGMEP
%:MHE4VMZEHEHSW0MZVSW *SPLEHI7EPE 4VSKVEQEE(IJMRMV
8IPINSVREP%ÄSVIW %:SPXE%S1YRHS %'EWE(E%YVSVE
3W2SWWSW(MEW )Q(MEW .SVREP(E2SMXI
,MWXÐVMEWHE8IVVEIHE+IRXI .SVREP 8IVVE2SWWE
'¾4SV'EWE'SQ,IVQER.SWÆ ,IVZÆ/SYFM3H]WWI] 2S4EVEÊWS%7IQERE
*SPLEHI7EPE 0IZERXEXI)6M
684 ,SXIP-QTÆVMS
&SQ(ME4SVXYKEP &8:
1IXEQSVJSWIW &IRJMGE,
36IKVIWWS(E2EXYVIÊ 8:- 9QE7IQEREHS1IPLSV
,SVEHSW4SVXYKYIWIW -RWTIXSV1E\ &IRJMGE*ER>SRI
%UYM4SVXYKEP 5YIVMHS1YHIM%'EWE 'MRI&8:
3W1IPLSVIW1SQIRXSW &8Z (SMW½W :IVQIPLS'PEVS
.SVREPHE8EVHI -'2*4SVXYKEP2EXYVEP 'SVTSVEXI'PYF
:S^HS'MHEHÀS 8:-.SVREP &IRJMGE,SVEW
34VIÄS'IVXS &)2*-'%<'%7%4-%%' 'SRXEQI &EWUYIXIFSP
8IPINSVREP )Q*EQÊPME &IRJMGE\-QSVXEP&'
4VSKVEQE'EYXIPEV 3&IRJMGEXIQIWXIW¾FEHSVIGIÄÀSES'EWE4MEIQTEVXMHEVIJIVIRXI½ )Q*EQÊPME&MK&VSXLIV 'EQT2EGMSREP
8EWOQEWXIV RSRENSVREHEHE-0MKETSVXYKYIWE .SVREP2EGMSREP )QMWWÀS)WTIGMEP
'SRGIVXS(I,SQIREKIQ *IWXE¦*IWXE &IRJMGE\'EWE4ME4VMQIMVE0MKE
%,IVQÊRME7MPZE %(IWMKREV 86%271-77 3)1(-6)83
49& 49& 49&

49&
7&%(3()3989&63()
[[[EGSVMERSSVMIRXEPTX
)QEMPEGSVMERSSVMIRXEP$EGSVMERSSVMIRXEPTX`8IPIJSRI`*%<
49&
49&
)ODJUDQWH (-6)-8376)7)6:%(37
7RGDJXHUUD
pLQMXVWD
,'(,$6
+É08,7$6
/8Ì662$5(6
$/0(,'$
352)(6625
'(32578*8¶6
-HUXVDOºPQ·RºXPDFLGDGH
FRPRDVRXWUDV%HU¹RGHWU¼V
GDVUHOLJLÇHVPDLVVLJQLILFDWLYDV
GRPXQGRPHPRULDOGHFUHQ
¹DVHFXOWXUDVFUX]DPHQWRGH
HWQLDVHFLYLOL]D¹ÇHVFDUUHJDQD
VXD+LVWÃULDVDQJXHHO³JULPDV
TXHMDPDLVVHU·RDSDJDGDV(º
SUHFLVDPHQWHGHYLGRDXPUHV
VHQWLPHQWRKLVWÃULFRPDOUHVRO
YLGRTXHDVVLVWLPRVDVXFHVVLYDV
JXHUUDVHDWDTXHVWHUURULVWDV
7RGDVDVSDODYUDVTXHDUUDQMH
7 36359) PRVSRUPDLVGXUDVHREMHWLYDV
30EVKSHE6YEHE4IHVEIWX¾ETVIGMWEVHIQERYXIRÄÀSTSVUYIEZIKIXEÄÀSXSQSYGSRXEHEGEPÄEHE QXQFDVHU·RVXILFLHQWHVSDUD
HQWHQGHUDVLPDJHQVTXHQRV
HQWUDPSHODFDVDGHQWUR$
2UoDPHQWRSDUDVHP VHWUDGX]QXPVLJQLILFDWLYRDX
PHQWRGHUHODWLYDPHQWHDR
RPHVPRREMHWLYRyºVDOLHQWDGR
$LQGDGHDFRUGRFRPDSUR
JXHUUDDRYLYRHP*D]DºDOJR
PLVHU³YHO(GLJDPPLOYH]HV
HQGLYLGDPHQWRDGLFLRQDO DQRGHy6HJXQGRDSURSRVWD
HVVHPRQWDQWHkJDUDQWHDDGHTXD
SRVWDkDSHVDUGDFRQWHQ¹·R
LPSRVWD´VGHVSHVDVGHIXQ
PLVHU³YHOTXHMDPDLVVDEHUH
PRVRTXHLVVRº1ÃVRVMXGDL
GDUHVSRVWDDRFRQWH[WRLQIODFLR FLRQDPHQWRREVHUYDGDSHORV FRFULVW·RVQÃVRVFLYLOL]DGRV
22U¹DPHQWRGRV$¹RUHVSDUD QXPPRQWDQWHGHDWºPLOKÇHV QLVWDWDQWRDRQ¾YHOGDVIDP¾OLDV GHFUºVFLPRVGDVYHUEDVDIHWDV HGXFDGRVHRFLGHQWDLVDLQGD
QRYDORUGHPLOPLOKÇHVGH GHHXURVyk&RQWHPSODVHDVVLP FRPRGDVHPSUHVDVyDIHWDYHUEDV ´VDTXLVL¹ÇHVGHEHQVHVHUYL TXHLQRFHQWHVVRPRVWHQWDGRV
HXURVºXPRU¹DPHQWRkVHPHQ DSRVVLELOLGDGHGHUHQHJRFLD¹·R DGLFLRQDLVDRVVHWRUHVGDDJULFXO ¹RVHGHEHQVGHFDSLWDO DRVPDLVFRQIXVRVSHQVDPHQ
GLYLGDPHQWRDGLFLRQDOyVHJXQGR FRPDVLQVWLWXL¹ÇHVGHFUºGLWR WXUDGDVSHVFDVHGDSURPR¹·RWX HUHVSHWLYDPHQWH DV WRV(VHºYHUGDGHTXHDJXHUUD
DSURSRVWDGHGHFUHWROHJLVODWLYR DOWHUDQGRVHFRQGL¹ÇHVFRQWUD U¾VWLFDkQ·RGHVFXUDQGRDQHFHVV³ PHVPDVUHJLVWDPXPDFUºVFL SULPHLURD8FUµQLDHDJRUD,V
UHJLRQDOHQWUHJXHQRSDUODPHQWR WXDLVGHGLYHUVRVHPSUºVWLPRV ULDSUXG¼QFLDQDJHVW·RRU¹DPHQWDOy PRGHHPUHVXOWDGRGRV UDHOHVW³DPROGDUQRVGHWDO
6HJXQGRRGRFXPHQWRDRS QRPHDGDPHQWHPDWXULGDGHV k$VWUDQVIHU¼QFLDVGD8QL·R(XUR QHFHVV³ULRVUHIRU¹RVSDUDRVVH IRUPDRSHQVDPHQWRQ·RºPH
¹·RkUHFDLXPDYH]PDLVQXP REVHUYDQGRVHFULWºULRVGHULJRU SHLDHVWLPDGDVHPPLOKÇHVGH WRUHVGDVDÈGHHGDHGXFD¹·RGD QRVTXHRVUHIOH[RVVÃVHWRUQD
RU¹DPHQWRVHPHQGLYLGDPHQWR HHILFL¼QFLDFRPYLVWD´PLQLPL HXURVUHYHODPVHHVVHQFLDLVSDUD RUGHPGRVPLOKÇHVGHHXURV U·RYLV¾YHLVQRORQJRSUD]R
DGLFLRQDOFLQJLQGRVHDRUHIL ]D¹·RGHFXVWRVyO¼VH XPDHOHYDGDH[HFX¹·RILQDQFHLUDGR HSDUDMXURVHRXWURVHQFDUJRV 4XDQGRQRSDVVDGRQRVUHVWDYD
QDQFLDPHQWRHDXPDJHVW·RFUL 1RRU¹DPHQWRSURSRVWRSDUD SODQRGHLQYHVWLPHQWRVDVVLPFRPR FXMDHVWLPDWLYDSDUDVHVL RHQYLRGHDMXGDKXPDQLW³ULDH
WHULRVDGDVXDG¾YLGDQRPHDGD QRYDORUGH DVWUDQVIHU¼QFLDVGR2(>2U¹D WXDQRVPLOKÇHVGHHXURVy ILQDQFHLUDUREXVWDKRMHGHV
PHQWHDWUDYºVGHXPDRSHUD¹·R HXURVRLQYHVWLPHQWRSÈEOLFRGL PHQWRGR(VWDGR@QDRUGHPGRV 22U¹DPHQWRGRV$¹RUHVSDUD FRQILDPRVSDUDTXHILQVHHP
GHWUDQVIRUPD¹·RGHG¾YLGDFR UHWRGR*RYHUQR5HJLRQDODVFHQ PLOKÇHVGHHXURVTXHFRQ IRLQRYDORUGHPLOPL QRPHGHTXHFDXVDVHGHVWLQD
PHUFLDOHPG¾YLGDILQDQFHLUD { GHDPLOKÇHVGHHXURVkRTXH WULEXLU·RVLJQLILFDWLYDPHQWHSDUD OKÇHVGHHXURVƇ097% ULDHVVDPHVPDDMXGDƇ
49&
363GD/DJRDGHWpPVXVSHLWR
GHWUiILFRGHVLQWpWLFDV
$%ULJDGDGH,QYHVWLJD¹·R&UL 1RHQWDQWRkORJRDSÃVWHUVLGR
PLQDOGD/DJRDGHWHYHHPIOD UHVWLWX¾GRÓLEHUGDGHFRQWL
JUDQWHGHOLWRXPKRPHPGH QXRXFRPRWU³ILFRGHGURJD
DQRVLQGLFLDGRSHORFULPHGH VLQWºWLFDyRTXHGHVSROHWRXGH
WU³ILFRGHHVWXSHIDFLHQWHV QÈQFLDVOHYDQGRDQRYDRSH
2DUJXLGRM³WLQKDVLGRGH UD¹·RSROLFLDORQGHHVWHIRLLQ
WLGRHPIODJUDQWHGHOLWRQRLQ¾ WHUFHWDGR D YHQGHU GURJD
FLRGHRXWXEURSRUHVWDUDYHQ VLQWºWLFDDGRLVWR[LFRGHSHQ
GHUHVWXSHIDFLHQWHVGHRULJHP GHQWHVQR3RUWRGRV&DUQHLURV
VLQWºWLFDQR3RUWRVGRV&DUQHL WHQGRVLGRDLQGDSRVV¾YHOORFD
URVQD/DJRDyWHQGRILFDGR OL]DUHDSUHHQGHUGRVHVLQGLYL
FRPDREULJD¹·RGHDSUHVHQWD GXDLVGHGURJDVLQWºWLFDHTXDQ
¹ÇHVSHULÃGLFDVGL³ULDVSHUDQ WLDVPRQHW³ULDVVXVSHLWDV)RL
WHDVDXWRULGDGHVHDSURLEL¹·R GHWLGRHPIODJUDQWHWHQGRIL
GHIUHTXHQWDURUHIHULGRSRUWR FDGRHPSULV·RSUHYHQWLYDƇ4+

(20231028-PT) Açoriano Oriental

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

(20231028-PT) Açoriano Oriental

Uploaded by

Copyright:

Available Formats

31%-7%28-+3.

HVSpFLH QDWLYD SDUD D DWLYLGDGH GH

PHURGHOLFHQFLDGRVHVW³DFLPD 2XWUDGDVSUHRFXSD¹ÇHVGR TXLDDSHVDUGHVDEHUDXUJ¼Q

7DPEºPRQÈPHURGHWUDED ¹DPQRVDFKHJDUDJUHJDGRVGD WÃULDVFRPDTXLORTXHGLVVHR

'SSVHIREHSVE)HMXSVMEP '327)0,3()%(1-2-786%¤ 3 (MVIXSVHI4YFPMGMHEHI%RXÐRMS*MPMRXS +SZIVRSHSW%ÄSVIW

0MZVEQIRXSHIWPSGEWI UHFHEH R &',9ROHL $¹RUHV

$QiOLVHVDSDUWLGDV SDUWLGD@ 4G 4F I 3UREOHPD

$QHGRWDV 2[DGUH] PHOKRUVHJXLUPRVSHODOLQKD 2V%LVSRVHRV&DYDORV

3DODYUDVFUX]DGDV 3LQWDU 6ROXo}HV

7UDQVSRUWHV )DUPiFLDV %LOKHWHLUDV &LQHPD 6RUWH

0YE2SZE 5'VIWGIRXI 0YE'LIME 51MRKYERXI 2EWGIVHS7SP 4ÑVHS7SP

+XPLGDGHTVIZMWXE ÌQGLFH89$ 0DUpV

4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ

VIRXI VIRXI VIRXI VIRXI -WÐFEVEW %PXE &EM\E

684%¤36)7 684 7-'

49& 49& 49&

You might also like

(20231028-PT) Açoriano Oriental

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

(20231028-PT) Açoriano Oriental

Uploaded by

Copyright:

Available Formats

31%-7%28-+3.

HVSpFLH QDWLYD SDUD D DWLYLGDGH GH

PHURGHOLFHQFLDGRVHVW³DFLPD 2XWUDGDVSUHRFXSD¹ÇHVGR TXLDDSHVDUGHVDEHUDXUJ¼Q

7DPEºPRQÈPHURGHWUDED ¹DPQRVDFKHJDUDJUHJDGRVGD WÃULDVFRPDTXLORTXHGLVVHR

'SSVHIREHSVE)HMXSVMEP '327)0,3()%(1-2-786%¤ 3 (MVIXSVHI4YFPMGMHEHI%RXÐRMS*MPMRXS +SZIVRSHSW%ÄSVIW

0MZVEQIRXSHIWPSGEWI UHFHEH R &',9ROHL $¹RUHV

$QiOLVHVDSDUWLGDV SDUWLGD@ 4G 4F I 3UREOHPD

$QHGRWDV 2[DGUH] PHOKRUVHJXLUPRVSHODOLQKD 2V%LVSRVHRV&DYDORV

3DODYUDVFUX]DGDV 3LQWDU 6ROXo}HV

7UDQVSRUWHV )DUPiFLDV %LOKHWHLUDV &LQHPD 6RUWH

0YE2SZE 5'VIWGIRXI 0YE'LIME 51MRKYERXI 2EWGIVHS7SP 4ÑVHS7SP

+XPLGDGHTVIZMWXE ÌQGLFH89$ 0DUpV

4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ 4IVÊSHSWHIGÆYQYMXSRYFPEHSGSQ

*VIRXI *VIRXI *VIRXI *VIRXI -WÐFEVEW %PXE &EM\E

684%¤36)7 684 7-'

49& 49& 49&

You might also like

PHURGHOLFHQFLDGRVHVW³DFLPD 2XWUDGDVSUHRFXSD¹ÇHVGR TXLDDSHVDUGHVDEHUDXUJ¼Q

7DPEºPRQÈPHURGHWUDED ¹DPQRVDFKHJDUDJUHJDGRVGD WÃULDVFRPDTXLORTXHGLVVHR

'SSVHIREHSVE)HMXSVMEP '327)0,3()%(1-2-786%¤ 3 (MVIXSVHI4YFPMGMHEHI%RXÐRMS*MPMRXS +SZIVRSHSW%ÄSVIW

0MZVEQIRXSHIWPSGEWI UHFHEH R &',9ROHL $¹RUHV

$QiOLVHVDSDUWLGDV SDUWLGD@ 4G 4F I 3UREOHPD

0YE2SZE 5'VIWGIRXI 0YE'LIME 51MRKYERXI 2EWGIVHS7SP 4ÑVHS7SP

VIRXI VIRXI VIRXI VIRXI -WÐFEVEW %PXE &EM\E

684%¤36)7 684 7-'