2$UTXHLUR

*HUDOGR-RUGmR3HUHLUD  FRPHoRXVXDFDUUHLUDDRVDQRVTXDQGRIRLWUDEDOKDUFRPVHXSDLRFpOHEUHHGLWRU-RVp

2O\PSLRSXEOLFDQGRREUDVPDUFDQWHVFRPR2PHQLQRGRGHGRYHUGHGH0DXULFH'UXRQH0LQKDYLGDGH&KDUOHV&KDSOLQ

(P  IXQGRX D (GLWRUD 6DODPDQGUD FRP R SURSyVLWR GH IRUPDU XPD QRYD JHUDomR GH OHLWRUHV H DFDERX FULDQGR XP GRV
FDWiORJRV LQIDQWLV PDLV SUHPLDGRV GR %UDVLO (P  IXJLQGR GH VXD OLQKD HGLWRULDO ODQoRX0XLWDV YLGDV PXLWRV PHVWUHV GH
%ULDQ:HLVVOLYURTXHGHXRULJHPj(GLWRUD6H[WDQWH

)m GH KLVWyULDV GH VXVSHQVH *HUDOGR GHVFREULX2 &yGLJR 'D 9LQFL DQWHV PHVPR GH HOH VHU ODQoDGR QRV (VWDGRV 8QLGRV$
DSRVWDHPILFomRTXHQmRHUDRIRFRGD6H[WDQWHIRLFHUWHLUDRWtWXORVHWUDQVIRUPRXHPXPGRVPDLRUHVIHQ{PHQRVHGLWRULDLVGH
WRGRVRVWHPSRV

0DVQmRIRLVyDRVOLYURVTXHVHGHGLFRX&RPVHXGHVHMRGHDMXGDURSUy[LPR*HUDOGRGHVHQYROYHXGLYHUVRVSURMHWRVVRFLDLVTXH
VHWRUQDUDPVXDJUDQGHSDL[mR

&RP D PLVVmR GH SXEOLFDU KLVWyULDV HPSROJDQWHV WRUQDU RV OLYURV FDGD YH] PDLV DFHVVtYHLV H GHVSHUWDU R DPRU SHOD OHLWXUD D
(GLWRUD$UTXHLURpXPDKRPHQDJHPDHVWDILJXUDH[WUDRUGLQiULDFDSD]GHHQ[HUJDUPDLVDOpPPLUDUQDVFRLVDVYHUGDGHLUDPHQWH
LPSRUWDQWHVHQmRSHUGHURLGHDOLVPRHDHVSHUDQoDGLDQWHGRVGHVDILRVHFRQWUDWHPSRVGDYLGD
 7tWXORRULJLQDO'HDO%UHDNHU
&RS\ULJKW‹SRU+DUODQ&REHQ
&RS\ULJKWGDWUDGXomR‹SRU(GLWRUD$UTXHLUR/WGD

7RGRVRVGLUHLWRVUHVHUYDGRV
1HQKXPDSDUWHGHVWHOLYURSRGHVHUXWLOL]DGDRXUHSURGX]LGDVRE
TXDLVTXHUPHLRVH[LVWHQWHVVHPDXWRUL]DomRSRUHVFULWRGRVHGLWRUHV

WUDGXomR$OYHV&DODGR
SUHSDURGHRULJLQDLV6KHLOD7LO
UHYLVmR+HUPtQLD7RWWLH/XLV$PpULFR&RVWD
FDSD5DXO)HUQDQGHV
LPDJHPGHFDSD&KULV5HHYH7UHYLOOLRQ,PDJHV
JHUDomRGHHSXE0DUFHOR0RUDLV

&,3%5$6,/&$7$/2*$d­21$)217(
6,1',&$721$&,21$/'26(',725(6'(/,95265-


&T
&REHQ+DUODQ
4XHEUDGHFRQILDQoD>UHFXUVRHOHWU{QLFR@+DUODQ&REHQ>WUDGXomRGH$OYHV&DODGR@6mR3DXOR$UTXHLUR
UHFXUVRGLJLWDO

7UDGXomRGH'HDOEUHDNHU
)RUPDWRH3XE
5HTXLVLWRVGRVLVWHPD0XOWLSODWDIRUPD
0RGRGHDFHVVR:RUOG:LGH:HE
,6%1 UHFXUVRHOHWU{QLFR

)LFomRSROLFLDODPHULFDQD/LYURVHOHWU{QLFRV,$OYHV&DODGR,YDQLU,,7tWXOR
&''

&'8  

7RGRVRVGLUHLWRVUHVHUYDGRVQR%UDVLOSRU
(GLWRUD$UTXHLUR/WGD
5XD)XQFKDO±FRQMXQWRVH±9LOD2OtPSLD
±6mR3DXOR±63
7HO  ±)D[  
(PDLODWHQGLPHQWR#HGLWRUDDUTXHLURFRPEU
ZZZHGLWRUDDUTXHLURFRPEU
 (VWHFRPRWXGRRPDLVpSDUD$QQH

$JUDGHoRD6XQDQGDQ%6LQJK0'OHJLVWDFKHIHGRFRQGDGR
GH%HUJHQHP1RYD-HUVH\D%RE5LFKWHUD5LFK+HQVKDZ
D5LFKDUG&XUWLVD-DFRE+R\HD6KDZQ&R\QHHFODURD'DYH%ROW
 

2772%85.(25(,'$&219(56$02/(LQYHVWLXSHVDGR
±2UD0\URQ±LQVLVWLXFRPIHUYRUTXDVHUHOLJLRVR±7HQKRFHUWH]DGHTXHSRGHPRVFKHJDUDXP
DFRUGR 9RFr FHGH XP SRXFR 1yV FHGHPRV XP SRXFR 2 7LWDQV p XPD HTXLSH XQLGD 4XHUR TXH
YRFrVVHMDPSDUWHGHOD0\URQ9DPRVIRUPDUXPWLPHHWDQWRMXQWRV2TXHPHGL]"
0\URQ %ROLWDU XQLX DV SRQWDV GRV GHGRV GDV VXDV PmRV 7LQKD OLGR HP DOJXP OXJDU TXH R JHVWR
GDYDjSHVVRDXPDUGHVHQVDWH]6HQWLXVHLGLRWD
±(XQmRSRGHULDTXHUHUQDGDGLIHUHQWH2WWR±GLVVHHVTXLYDQGRVHSHODHQpVLPDYH]±9HUGDGH
0DVQyVMiFHGHPRVRPi[LPRSRVVtYHO$JRUDpFRPYRFr
2WWR EDODQoRX D FDEHoD HQHUJLFDPHQWH FRPR VH WLYHVVH DFDEDGR GH RXYLU DOJXP GLVSDUDWH
ILORVyILFRTXHGHL[DULD6yFUDWHVHQYHUJRQKDGR(VWDPSDQGRQRURVWRXPVRUULVRIRUoDGRSHUJXQWRX
DRJHUHQWHJHUDOGHVHXWLPH
±/DUU\RTXHDFKD"
3HJDQGRDGHL[D/DUU\+DQVRQEDWHXQDPHVDGHUHXQL}HVFRPXPSXQKRWmRSHOXGRTXHSRGHULD
VHUFRQIXQGLGRFRPXPURHGRUGHSHTXHQRSRUWH
±%ROLWDUTXHYiSURLQIHUQR±JULWRXFRPIDOVDI~ULD±(VWiRXYLQGR%ROLWDU"(QWHQGHXRTXHHX
GLVVH"9iSURLQIHUQR
±9iSURLQIHUQR±UHSHWLX0\URQDVVHQWLQGR±6DTXHL
±(VWiTXHUHQGREDQFDURHVSHUWRFRPLJR"+HLQ"5HVSRQGDGURJD(VWiEDQFDQGRRHVSHUWR"
0\URQRHQFDURX
±7HPXPDFRLVDSUHVDQRVHXGHQWH
±6HXHVSHUWDOKmRGHPHUGD
±(YRFrILFDOLQGRTXDQGRHVWiFRPUDLYD6HXURVWRVHLOXPLQD
2VROKRVGH/DUU\+DQVRQVHDUUHJDODUDP(OHVHYLURXSDUDRFKHIHGHSRLVGHYROWDSDUD0\URQ
±,VWRDTXLpPXLWRPDLVGRTXHYRFrSRGHULDLPDJLQDU%ROLWDU(YRFrVDEHGLVVRSRUUD
0\URQQmRGLVVHQDGD$YHUGDGHHUDTXH/DUU\+DQVRQWLQKDFHUWDUD]mR$TXLORHUDEHPPDLVGR
TXH HOH SRGHULD LPDJLQDU 7UDEDOKDYD FRPR HPSUHViULR GH DWOHWDV KDYLD DSHQDV GRLV DQRV 1D
PDLRULDGRVFDVRVVHXVFOLHQWHVWLQKDPVRUWHSRUDWLQJLUHPRPtQLPRGHTXDOLGDGHSDUDVHWRUQDUHP
SURILVVLRQDLV(RIXWHERODPHULFDQRHVWDYDORQJHGHVHUVXDHVSHFLDOLGDGH6yWLQKDWUrVMRJDGRUHVQD
OLJD QDFLRQDO D 1)/ H GRLV GHOHV HUDP GD UHVHUYD$JRUD DOL HVWDYD HOH VHQWDGR GLDQWH GH 2WWR
%XUNH R SURGtJLR GH  DQRV H PDLV MRYHP GRQR GH WLPH GD OLJD H /DUU\ +DQVRQ H[MRJDGRU
OHQGiULR TXH VH WRUQDUD GLULJHQWH ( HVWDYD QHJRFLDQGR XPD FRQWUDWDomR TXH DSHVDU GH VXD
LQH[SHULrQFLDUHSUHVHQWDYDRPDLVDOWRLQYHVWLPHQWRTXHXPWLPHMDPDLVIL]HUDHPXPQRYDWR
6LP HOH ± 0\URQ %ROLWDU ± FRQVHJXLUD UHSUHVHQWDU &KULVWLDQ 6WHHOH ³D JUDQGH SURPHVVD´ 2
TXDUWHUEDFNTXHJDQKDUDGXDVYH]HVRWURIpX+HLVPDQ4XHIRUDHOHLWRPHOKRUMRJDGRUSHODLPSUHQVD
WUrVYH]HVVHJXLGDV4XHILJXUDUDSRUTXDWURDQRVFRQVHFXWLYRVHQWUHRVPHOKRUHVDPDGRUHVGRSDtV
&RPRVHLVVRQmREDVWDVVHRJDURWRHUDRVRQKRGRXUDGRGHTXDOTXHUSDWURFLQDGRU$OXQRH[HPSODU
ERQLWRDUWLFXODGRHGXFDGRHEUDQFR VLPLVVRID]LDGLIHUHQoD 
(PHOKRUGHWXGRWLQKD0\URQFRPRHPSUHViULR
±$RIHUWDHVWiQDPHVDVHQKRUHV±FRQWLQXRX0\URQ±$FKDPRVTXHpPDLVGRTXHMXVWD
2WWR%XUNHEDODQoRXDFDEHoD
 ±ePHUGDQHQKXPD±JULWRX/DUU\+DQVRQ±9RFrpXPLGLRWD%ROLWDU9DLMRJDUDFDUUHLUDGHVVH
JDURWRSRUiJXDDEDL[R
0\URQDEULXRVEUDoRV
±4XHWDOGDUPRVXPJUDQGHDEUDoRHPJUXSRDJRUD"
/DUU\ Mi LD VROWDU RXWUR SDODYUmR PDV 2WWR HUJXHX D PmR LPSHGLQGRR 1R WHPSR HP TXH /DUU\
MRJDYDQLQJXpPFRQVHJXLDSDUiORPHVPRTXHIRVVHXPJLJDQWHFRPR'LFN%XWNXVRX5D\1LWVFKNH
$JRUDHVVHVXMHLWLQKRGHTXLORVIRUPDGRHP+DUYDUGRGHWLQKDFRPDSHQDVXPJHVWR
2WWR %XUNH VH LQFOLQRX SDUD D IUHQWH 'XUDQWH WRGD D UHXQLmR WLQKD PDQWLGR XP VRUULVR QR URVWR
JHVWLFXODUDHVXVWHQWDUDRFRQWDWRYLVXDO±SDUHFLDRPRGHORYLYRGHXPSURGXWRTXHSURPHWHVVHIDPD
HVXFHVVR0DLVGHVFRQFHUWDQWHLPSRVVtYHO2WWRHUDXPKRPHPGHEDL[DHVWDWXUDHDSDUrQFLDIUiJLOH
VHXV GHGRV HUDP RV PDLV FXUWRV TXH 0\URQ Mi YLUD 6HX FDEHOR HUD HVFXUR H FRPSULGR WLSR KHDY\
PHWDOHLDDWpRVRPEURV7LQKDFDUDGHFULDQoDHXPFDYDQKDTXHULGtFXORTXHSDUHFLDGHVHQKDGRD
OiSLV)XPDYDXPFLJDUURFRPSULGRRXWDOYH]VySDUHFHVVHFRPSULGRSRUFDXVDGRFRQWUDVWHFRPRV
GHGRV
±%RP0\URQ±GLVVH2WWR±6HMDPRVUDFLRQDLVRN"
±5DFLRQDLV7XGREHP
±)DQWiVWLFR0\URQLVVRYDLDMXGDU$YHUGDGHpTXH&KULVWLDQ6WHHOHDLQGDpXPDLQFyJQLWD1HP
VHTXHUYHVWLXXPXQLIRUPHSURILVVLRQDO3RGHVHURPDLRUIUDFDVVRGRVpFXOR
/DUU\IXQJRX
± 9RFr Mi GHYH VDEHU DOJR VREUH LVVR %ROLWDU VREUH MRJDGRUHV TXH GmR HP QDGD 4XH Vy ID]HP
PHUGD
0\URQRLJQRURX7LQKDRXYLGRHVVHWLSRGHLQVXOWRDQWHV1mRRLQFRPRGDYDPDLVeFRPRGL]HP
RTXHYHPGHEDL[RQmRPHDWLQJH
± (VWDPRV IDODQGR GR FDUD TXH WDOYH] YHQKD D VHU R PDLRUTXDUWHUEDFN GD KLVWyULD ± UHVSRQGHX
FRPILUPH]D±9RFrIH]WUrVWURFDVHDEULXPmRGHVHLVMRJDGRUHVSDUDILFDUFRPHOH1mRWHULDIHLWR
WXGRLVVRVHQmRDFUHGLWDVVHTXHHOHYDOHDSHQD
±0DVHVVDSURSRVWD
2WWRSDURXROKRXSDUDFLPDFRPRVHSURFXUDVVHDVSDODYUDVFHUWDVQRWHWR
±QmRpDSURSULDGD
±0HOKRUGL]HQGRpXPDPHUGD±DFUHVFHQWRX/DUU\
±eQRVVDSURSRVWDILQDO±GLVVH0\URQ
2WWREDODQoRXDFDEHoDVHPGHVID]HURVRUULVR
±9DPRVFRQYHUVDUPHOKRUFHUWR"9DPRVROKDUDFRLVDVREWRGRVRVkQJXORV9RFrpQRYRQLVVR
0\URQpXPH[DWOHWDWHQWDQGRVHWRUQDUXPKRPHPGHQHJyFLRV5HVSHLWRLVVReXPFDUDMRYHPTXH
HVWiFRUUHQGRDWUiVGHXPDYLUDGDQDYLGD(XUHDOPHQWHDGPLURLVVR'HYHUGDGH
0\URQILFRXQDGHOH3RGHULDWHUGLWRTXHWLQKDDPHVPDLGDGHTXH2WWRPDVDGRUDYDVHUWUDWDGR
GHIRUPDSDWHUQDOLVWD(TXHPQmRJRVWD"
±6HYRFrFRPHWHUXPHUURQHVWDQHJRFLDomR±FRQWLQXRX2WWR±SRGHVHURWLSRGHFRLVDTXHYDL
DUUXLQDUVXDFDUUHLUD6DEHRTXHHXTXHURGL]HU"0XLWDJHQWHMiDFKDTXHYRFrQmROHYDMHLWRSDUD
LVVR SDUD FXLGDU GH XP FOLHQWH GHVVH QtYHO (X QmR FODUR$FKR YRFr XP FDUD PXLWR LQWHOLJHQWH
$VWXWR0DVRPRGRFRPRHVWiDJLQGR
(OHEDODQoRXDFDEHoDFRPRXPSURIHVVRUGHVHQFDQWDGRFRPXPDOXQRSUHGLOHWR
/DUU\VHOHYDQWRXROKDQGR0\URQFRPLUULWDomR
 ± 3RU TXH QmR Gi XP ERP FRQVHOKR DR JDURWR" 'LJD D HOH SDUD FRQVHJXLU XP HPSUHViULR GH
YHUGDGH
0\URQ Mi HVSHUDYD SRU DTXHOD HQFHQDomR GH SROLFLDO PDOYDGR H SROLFLDO ERQ]LQKR 1D YHUGDGH
HVSHUDYDFRLVDDWpSLRU/DUU\+DQVRQDLQGDQmRKDYLDIHLWRQHQKXPFRPHQWiULRVREUHDYLGDVH[XDO
GD PmH GH QLQJXpP 0HVPR DVVLP 0\URQ SUHIHULD R SROLFLDO PDX /DUU\ +DQVRQ HUD XP DWDTXH
IURQWDO DOJR TXH SRGH VHU IDFLOPHQWH LGHQWLILFDGR H HQIUHQWDGR 2WWR %XUNH HUD XP FDPSR PLQDGR
FKHLRGHFREUDV
±(QWmRDFKRTXHQmRWHPRVPDLVQDGDDGLVFXWLU±GLVVH0\URQ
± 1mR VHULD PXLWR VHQVDWR VDLU GDTXL VHP XP DFRUGR 0\URQ ± DUJXPHQWRX 2WWR ± ,VVR SRGH
DUUDQKDU D LPDJHP LPSHFiYHO GH &KULVWLDQ 3UHMXGLFDU RV FRQWUDWRV GH SDWURFtQLR &XVWDU XP ERP
GLQKHLURDYRFrVGRLV9RFrQmRTXHUSHUGHUGLQKHLUR0\URQ
0\URQRHQFDURX
±1mR"
±1mRQmRTXHU
±3RVVRDQRWDULVVR"
(OHSHJRXXPOiSLVHFRPHoRXDHVFUHYHU
±1mRTXHURSHUGHUGLQKHLUR
(PVHJXLGDVRUULXSDUDRVRXWURVGRLV
±(VWRXDSUHQGHQGRPXLWRKRMHQmRp"
±(VSHUWDOKmRGHPHUGD±/DUU\PXUPXURX
2VRUULVRGH2WWRSHUPDQHFHXQRSLORWRDXWRPiWLFR
± 6H p TXH SRVVR DUULVFDU ± FRQWLQXRX ± LPDJLQR TXH &KULVWLDQ Yi TXHUHU SHJDU D SDUWH GHOH
UDSLGDPHQWH
±e"
± +i TXHP WHQKD VpULDV G~YLGDV TXDQWR DR IXWXUR GH &KULVWLDQ 6WHHOH 7HP JHQWH TXH DFUHGLWD ±
2WWRWUDJRXIXQGRRFLJDUUR±TXHHOHSRGHWHUWLGRDOJRDYHUFRPRGHVDSDUHFLPHQWRGDTXHODJDURWD
±$K±VROWRX0\URQ±$JRUDVLP
±$JRUDVLPRTXr"
±9RFrHVWiFRPHoDQGRDMRJDUODPDQRYHQWLODGRU&KHJXHLDSHQVDUTXHHXQmRHVWLYHVVHSHGLQGR
RVXILFLHQWH
/DUU\+DQVRQDSRQWRXXPSROHJDUQDGLUHomRGH0\URQ
±'iSDUDDFUHGLWDUQRTXHHVVHIUDQJRWHHVWiGL]HQGR"9RFrOHYDQWDXPDTXHVWmROHJtWLPDVREUHD
H[SLUDQKDGR&KULVWLDQXPDTXHVWmRTXHWHPWXGRDYHUFRPRYDORUGHPHUFDGRGHOH
±%RDWRVLQIHOL]HV±LQWHUURPSHX0\URQ±1LQJXpPDFUHGLWRXQHOHV1RPtQLPRIL]HUDPRS~EOLFR
VHVROLGDUL]DUFRP&KULVWLDQ(QmRFKDPH.DWK\&XOYHUGHSLUDQKD
/DUU\HUJXHXXPDVREUDQFHOKD
±2UDRUDFRPRILFDPRVQHUYRVLQKRVSRUFDXVDGHXPDPDULDQLQJXpP
$ H[SUHVVmR GH 0\URQ QmR PXGRX 7LQKD FRQKHFLGR .DWK\ &XOYHU FLQFR DQRV DQWHV TXDQGR HOD
FXUVDYDRVHJXQGRDQRGRHQVLQRPpGLRHMiHUDXPDEHOGDGH&RPRDLUPm-HVVLFD'H]RLWRPHVHV
DWUiV .DWK\ KDYLD GHVDSDUHFLGR PLVWHULRVDPHQWH GR FDPSXV GD 8QLYHUVLGDGH 5HVWRQ $Wp KRMH
QLQJXpP VDELD RQGH HOD SRGHULD HVWDU QHP R TXH KDYLD DFRQWHFLGR $ KLVWyULD WLYHUD WRGRV RV
LQJUHGLHQWHV SUHGLOHWRV GD PtGLD HVWXGDQWH ERQLWD QRLYD GR DVWUR GR IXWHERO DPHULFDQR &KULVWLDQ
6WHHOH LUPm GD URPDQFLVWD -HVVLFD &XOYHU H DLQGD XP IRUWH LQGtFLR GH YLROrQFLD VH[XDO FRPR
WHPSHUR H[WUD$ LPSUHQVD QmR S{GH VH FRQWHU$WDFRX D KLVWyULD FRPR HVIRPHDGRV VH ODQoDULDP D
XPDPHVDGHEDQTXHWH
0DV UHFHQWHPHQWH XPD VHJXQGD WUDJpGLD KDYLD GHVDEDGR VREUH D IDPtOLD &XOYHU $GDP SDL GH
.DWK\IRUDDVVDVVLQDGRWUrVQRLWHVDWUiVQRTXHDSROtFLDHVWDYDFKDPDQGRGH³DVVDOWRTXHIXJLXDR
FRQWUROH´ 0\URQ WLYHUD PXLWD YRQWDGH GH HQWUDU HP FRQWDWR FRP D IDPtOLD WHQWDU RIHUHFHU PDLV GR
TXHDSHQDVSrVDPHVPDVQmRVDELDVHVHXJHVWRVHULDEHPUHFHELGR±WLQKDTXDVHFHUWH]DGHTXHQmR
±HDFDEDUDGHFLGLQGRQmRVHDSUR[LPDU
±%RPHVH
+RXYHXPDEDWLGDjSRUWD(ODVHHQWUHDEULXH(VSHUDQ]DHQILRXDFDEHoDSHODIUHVWD
±/LJDomRSDUDYRFr0\URQ±GLVVHHOD
±$QRWHRUHFDGR
±$FKRTXHYRFrYDLTXHUHUDWHQGHU
(VSHUDQ]DILFRXMXQWRjSRUWD6HXVROKRVHVFXURVQmRUHYHODYDPQDGDPDVHOHHQWHQGHX
±-iYRX±GLVVH
(ODUHFXRXSHODSRUWD
/DUU\+DQVRQGHXXPDVVRELRGHDSUHFLDomR
±(ODpXPDJDWD%ROLWDU
±2EULJDGR/DUU\,VVRVLJQLILFDPXLWRYLQGRGHYRFr
0\URQILFRXGHSp
±-iYROWR
±1mRWHPRVRGLDLQWHLURSDUDILFDUGHVDFDQDJHPDTXL
±7HQKRFHUWH]DTXHQmR
0\URQVDLXGDVDODGHUHXQL}HVHVHHQFRQWURXFRP(VSHUDQ]DMXQWRjPHVDGHOD
±29DOHUHIHLomR±FRQWRXHOD±'LVVHTXHHUDXUJHQWH
&KULVWLDQ6WHHOH
9HQGR DTXHOH FRUSR PLJQRQ QLQJXpP GLULD TXH (VSHUDQ]D 'LD] KDYLD VLGR SURILVVLRQDO GH OXWD
OLYUH'XUDQWHWUrVDQRVIRUDFRQKHFLGDQRFLUFXLWRFRPR3HTXHQD3RFDKRQWDV2IDWRGHVHUODWLQDH
QmRWHUTXDOTXHUJRWDGHVDQJXHLQGtJHQDQRUWHDPHULFDQRQmRSDUHFLDLQFRPRGDUDGLUHomRGD$1/
$VVRFLDomR1RVVDV,QFUtYHLV/XWDGRUDV (UDVyGHWDOKH/DWLQDLQGtJHQDTXDODGLIHUHQoD"
1RDXJHGHVXDFDUUHLUDGHOXWDGRUDSURILVVLRQDORPHVPRURWHLURHUDUHSUHVHQWDGRWRGDVHPDQD
HP DUHQDV SRU WRGRV RV (VWDGRV 8QLGRV (VSHUDQ]D ³3RFDKRQWDV´  HQWUDYD QR ULQJXH XVDQGR
PRFDVVLQVXPYHVWLGRGHFDPXUoDFRPIUDQMDVHXPDIDL[DTXHDIDVWDYDRFDEHORFRPSULGRGRURVWR
PRUHQR2YHVWLGRGHFDPXUoDHUDUHWLUDGRDQWHVGDOXWDH[SRQGRXPDYHVWLPHQWDXPWDQWRPHQRUH
PHQRVWUDGLFLRQDOSDUDXPDLQGtJHQD
$ OXWD OLYUH SURILVVLRQDO WHP XPD WUDPD EDVWDQWH VLPSOHV FRP SRXTXtVVLPDV YDULDo}HV$OJXQV
OXWDGRUHV VmR PDXV $OJXQV VmR ERQV 3RFDKRQWDV HUD ERD XPD GDV IDYRULWDV GR S~EOLFR (UD
ERQLWLQKD SHTXHQD UiSLGD H WLQKD R FRUSR ILUPH 7RGR PXQGR D DGRUDYD (OD VHPSUH HVWDYD
YHQFHQGRQDKDELOLGDGHTXDQGRDRSRQHQWHID]LDDOJRLOHJDOSDUDYLUDURMRJRFRPRODQoDUDUHLDQRV
VHXVROKRVRXXVDUXPREMHWRSURLELGRTXHWRGRPXQGRSHUFHELDPHQRVRMXL](QWmRDOXWDGRUDPi
FKDPDULD PDLV GXDV FDSDQJDV H DV WUrV VH MXQWDULDP FRQWUD D SREUH 3RFDKRQWDV HVSDQFDQGR
LPSODFDYHOPHQWHDFRUDMRVDEHOGDGHSDUDHVSDQWRHUHYROWDGRVORFXWRUHVTXHWLQKDPYLVWRDPHVPD
FHQDQDVHPDQDSDVVDGDHQDVDQWHULRUHV
-XVWR TXDQGR SDUHFLD QmR KDYHU HVSHUDQoD D *UDQGH &KHIHPmH XPD FULDWXUD JLJDQWHVFD VDtD
FRUUHQGRGRYHVWLiULRHDUUDQFDYDDVIHUDVGHFLPDGDLQGHIHVD3RFDKRQWDV(QWmRMXQWDVD*UDQGH
&KHIHPmHHD3HTXHQD3RFDKRQWDVGHUURWDYDPDVIRUoDVGRPDO
7UHPHQGDPHQWHGLYHUWLGR
±9RXDWHQGHUQDPLQKDVDOD±GLVVH0\URQ
$RHQWUDUVHXVROKRVIRUDPDWUDtGRVSDUDDSODFDVREUHDPHVDSUHVHQWHGHVHXVSDLV
0\URQ%ROLWDU
(PSUHViULR(VSRUWLYR

%DODQoRX D FDEHoD 0\URQ %ROLWDU 1mR GDYD SDUD DFUHGLWDU TXH DOJXpP HVFROKHULD XP QRPH
GHVVHV SDUD XP ILOKR 4XDQGR VXD IDPtOLD VH PXGRX SDUD 1RYD -HUVH\ HOH GLVVH D WRGR PXQGR QD
HVFRODQRYDTXHVHFKDPDYD0LNH1mRDGLDQWRX'HSRLVWHQWRXGDUDVLPHVPRRDSHOLGRGH0LFNH\
4XHQDGD7RGRPXQGRYROWRXSDUD0\URQ$TXHOHQRPHHUDFRPRXPPRQVWURGHILOPHGHWHUURU
QmRPRUULDGHMHLWRQHQKXP
5HVSRQGHQGRjSHUJXQWDyEYLDQmRHOHQXQFDSHUGRRXRVSDLV
3HJRXRWHOHIRQH
±&KULVWLDQ"
±6U%ROLWDU"eRVHQKRU"
±6RX(SRUIDYRUPHFKDPHGH0\URQ±SHGLX$FHLWDURLQHYLWiYHOpVLQDOGHVHQVDWH]
±'HVFXOSHLQWHUURPSHU6HLFRPRHVWiRFXSDGR
±2FXSDGRQHJRFLDQGRRVHXFRQWUDWR(VWRXFRP2WWR%XUNHH/DUU\+DQVRQQDRXWUDVDOD
±(XDJUDGHoR6U%ROLWDUPDVLVVRpPXLWRLPSRUWDQWH±GLVVH+DYLDXPTXrGHQHUYRVLVPRQD
YR]GHOH±3UHFLVRYHURVHQKRUDJRUDPHVPR
0\URQWURFRXRWHOHIRQHGHPmR
±$OJXPDFRLVDHUUDGD&KULVWLDQ"
4XDQWDSHUVSLFiFLD
± (X SUHILUR QmR IDODU SHOR WHOHIRQH 6HUi TXH SRGHULD VH HQFRQWUDU FRPLJR QR PHX TXDUWR QR
FDPSXV"
±&ODURVHPSUREOHPD$TXHKRUDV"
±$JRUDSRUIDYRU(XQmRVHLRTXHID]HU3UHFLVRTXHRVHQKRUYHMDXPDFRLVD
0\URQUHVSLURXIXQGR
±7XGREHP9RXS{U2WWRH/DUU\SDUDIRUD9DLDMXGDUQDVQHJRFLDo}HV&KHJRDtHPXPDKRUD

ZZZ

'HPRURXPXLWRPDLV
0\URQHQWURXQRHVWDFLRQDPHQWR.LQQH\SHOD5XDQmRPXLWRORQJHGHVHXHVFULWyULRQD3DUN
$YHQXH&XPSULPHQWRX0DULRRDWHQGHQWHSDVVRXSHODWDEHODGHSUHoRVFRPVHXURGDSpHPOHWUDV
PLQ~VFXODVTXHGL]LDP³LPSRVWRGHQmRLQFOXtGR´HFDPLQKRXDWpVHXFDUURQRDQGDULQIHULRU
8P)RUG7DXUXV7UHPHQGDLVFDSDUDVHUHLDV
-iLDGHVWUDQFDUDSRUWDTXDQGRHVFXWRXXPVRPVLELODQWH&RPRXPDFREUD2XPDLVSURYiYHO
FRPRXPHVFDSDPHQWRGHDU9LQKDGRSQHXGLUHLWRWUDVHLURGRVHXFDUUR8PDROKDGDUiSLGDH0\URQ
S{GHSHUFHEHUTXHHOHKDYLDVLGRFRUWDGR
±2L0\URQ
 (OHVHYLURXUDSLGDPHQWH'RLVKRPHQVVRUULDPSDUDHOH8PSDUHFLDWmRJUDQGHTXDQWRXPSDtV
0\URQPHGLDPHWURHSHVDYDTXLORV6XS{VTXHRFDUDGHYLDWHUXQVPHWURVHTXDVH
TXLORV3DUHFLDSHJDUSHVDGRQDPXVFXODomRRFRUSRLQFKDGRFRPRVHHOHXVDVVHXPFROHWHVDOYD
YLGDVSRUEDL[RGDURXSD2VHJXQGRKRPHPHUDGHHVWDWXUDPHGLDQDHXVDYDFKDSpXGHIHOWUR
2 JUDQGDOKmR FDPLQKRX SHVDGDPHQWH HP GLUHomR DR FDUUR GH 0\URQ 2V EUDoRV EDODQoDYDP
UtJLGRVDRODGRGRWURQFR(OHLQFOLQDYDDFDEHoDHVWDODQGRDSDUWHGRFRUSRTXHQXPVHUKXPDQR
QRUPDOVHULDFKDPDGDGHSHVFRoR
±$OJXPSUREOHPDFRPRFDUUR"±SHUJXQWRXHOHFRPXPULVLQKR
±3QHXIXUDGR±GLVVH0\URQ±7HPXPHVWHSHQRSRUWDPDODV7URTXH
±$FKRTXHQmR%ROLWDU,VVRIRLVyXPSHTXHQRDYLVR
±e"
2HGLItFLRKXPDQRSX[RX0\URQSHODVODSHODV
±)LTXHORQJHGH&KD]/DQGUHDX[(OHMiDVVLQRX
±3ULPHLURWURTXHRPHXSQHX
2ULVRDXPHQWRX(UDXPULVRLGLRWDFUXHO
±1DSUy[LPDYH]QmRYRXVHUWmRERQ]LQKR±DPHDoRX(OHDSHUWRXFRPXPSRXFRPDLVGHIRUoD
HPERODQGRRWHUQRHDJUDYDWD±(QWHQGHX"
±9RFrMiGHYHVDEHUPDVSUHFLVRDOHUWiORGHTXHRVDQDEROL]DQWHVSUHMXGLFDPRVyUJmRVVH[XDLV
PDVFXOLQRV
2URVWRGRKRPHPILFRXYHUPHOKR
±ePHVPRHQJUDoDGLQKR"(XGHYLDDUUHEHQWDUVXDFDUD'HYLDVRFDUFRPYRQWDGHDWpYLUDUIORFRV
GHDYHLD
±$YHLD"
±,VVRPHVPR
±%HODLPDJHP'HYHUGDGH
±9iVHIRGHU
0\URQVXVSLURX(QWmRWRGRRVHXFRUSRSDUHFHXVHPRYLPHQWDUDRPHVPRWHPSR3ULPHLURYHLR
XPD FDEHoDGD TXH DFHUWRX HP FKHLR R QDUL] GR JUDQGDOKmR 2 VRP IRL FRPR R GH EHVRXURV VHQGR
HVPDJDGRV2VDQJXHMRUURX
±)LOKRGD
0\URQRVHJXURXSHODFDEHoDHDFHUWRXOKHXPDFRWRYHODGDQRSRPRGHDGmRTXDVHDIXQGDQGRVXD
WUDTXHLD6HJXLXVHXPVRPGHHQJDVJRGRUHVXIRFDPHQWR'HSRLVVLOrQFLR(QWmR0\URQGHVIHULX
XPJROSHFRPDODWHUDOGDPmRQDQXFDGRKRPHP
2JLJDQWHFDLXQRFKmRFRPRXPVDFRGHDUHLD
±-iFKHJD
2KRPHPFRPFKDSpXGHIHOWURVHDSUR[LPRX7LQKDXPDDUPDDSRQWDGDSDUDRSHLWRGH0\URQ
±$IDVWHVHGHOH$JRUD
0\URQIUDQ]LXRVROKRVSDUDRVXMHLWR
±,VVRpPHVPRXPFKDSpXGHIHOWUR"
±(XGLVVHSDUDVHDIDVWDU
±7XGREHPWXGREHPHVWRXPHDIDVWDQGR
±9RFrQmRSUHFLVDYDID]HULVVR±GLVVHRKRPHPPDLVEDL[RFRPXPDPiJRDTXDVHLQIDQWLO±(OH
VyHVWDYDID]HQGRRVHUYLoRGHOH
 ±8PMRYHPPDOFRPSUHHQGLGR±DFUHVFHQWRX0\URQ±$JRUDHVWRXPHVHQWLQGRSpVVLPR
±6yILTXHORQJHGR&KD]/DQGUHDX[FHUWR"
±&HUWRFRLVDQHQKXPD$YLVHD5R\2¶&RQQRUTXHHXGLVVHTXHQmRHVWiQDGDFHUWR
±1mRIXLFRQWUDWDGRSDUDOHYDUUHVSRVWD6yHVWRXHQWUHJDQGRRUHFDGR
6HPGL]HUPDLVQDGDRKRPHPFRPFKDSpXGHIHOWURDMXGRXVHXFROHJDDOHYDQWDU2JUDQGDOKmR
IRLFDPEDOHDQGRDWpRFDUURGHOHVXPDGDVPmRVQRQDUL]HDRXWUDVREUHRSRPRGHDGmR2QDUL]
HVWDYDDUUHEHQWDGRPDVRTXHGRHULDGHYHUGDGHVHULDDJDUJDQWDSULQFLSDOPHQWHTXDQGRHOHWHQWDVVH
HQJROLU
2VGRLVHQWUDUDPQRFDUURHSDUWLUDP1mRSDUDUDPSDUDWURFDURSQHXGH0\URQ
 

&202 1­2 (5$ '26 0$,6 +$%,/,'2626QRDVVXQWR0\URQKDYLDGHPRUDGRPHLDKRUDSDUDWURFDUR

SQHX H QRV SULPHLURV TXLO{PHWURV TXH URGRX IRL EHP GHYDJDU GHVFRQILDGR GH VHX WUDEDOKR H
WHPHQGR TXH R HVWHSH VH VROWDVVH 4XDQGR ILFRX PDLV FRQILDQWH DFHOHURX H SDUWLX SHOD HVWUDGD HP
GLUHomRDRFDPSXVRQGH&KULVWLDQPRUDYD/LJRXSDUD&KD]/DQGUHDX[GRWHOHIRQHGRFDUUR
$VVLPTXH&KD]DWHQGHX0\URQH[SOLFRXUDSLGDPHQWHRTXHKDYLDDFRQWHFLGR
±2VFDUDMiWLYHUDPDTXL±GLVVH&KD]
+DYLDPLOKDUHVGHUXtGRVDRIXQGR8PEHErFKRUDYD$OJXPDFRLVDFDLXHVHTXHEURX&ULDQoDV
ULUDP&KD]JULWRXSHGLQGRVLOrQFLR
±4XDQGR"±SHUJXQWRX0\URQ
±7HPXPDKRUD7UrVFDUDV
±0DFKXFDUDPYRFr"
±1mR6yPHVHJXUDUDPHIL]HUDPXPDVDPHDoDV'LVVHUDPTXHLDPTXHEUDUPLQKDVSHUQDVHHX
QmRFXPSULVVHRFRQWUDWR
4XHEUDUSHUQDVSHQVRX0\URQ4XHRULJLQDO
&KD] /DQGUHDX[ HUD MRJDGRU GH EDVTXHWH QD 8QLYHUVLGDGH GR (VWDGR GD *HyUJLD H SURYiYHO
FRQWUDWDomR SDUD XPD SULPHLUD WHPSRUDGD QD 1%$ (UD XP JDURWR SREUH GD )LODGpOILD TXH PRUDYD
FRP VHLV LUPmRV GXDV LUPmV H D PmH QXPD iUHD TXH VH PHOKRUDVVH PXLWR WDOYH] XP GLD SXGHVVH
FKHJDUDVHUFKDPDGDGHFRPXQLGDGHFDUHQWH
1R SULPHLUR DQR GH &KD] QD IDFXOGDGH R ROKHLUR GH XP HPSUHViULR LPSRUWDQWH FKDPDGR 5R\
2¶&RQQRURKDYLDDERUGDGR2VXMHLWRRIHUHFHXD&KD]XP³VLQDO´GHPLOGyODUHVFRPSDJDPHQWRV
PHQVDLVGHGyODUHVSDUDDVVLQDUXPFRQWUDWRTXHWRUQDYD2¶&RQQRUVHXHPSUHViULRTXDQGRHOH
YLUDVVHSURILVVLRQDO
&KD] ILFRX FRQIXVR 6DELD TXH DV UHJUDV GD OLJD XQLYHUVLWiULD R SURLELDP GH DVVLQDU XP FRQWUDWR
HQTXDQWRSHUWHQFHVVHDHOD2GRFXPHQWRVHULDGHFODUDGRLQYiOLGR0DVRHPSUHJDGRGH5R\JDUDQWLX
TXHLVVRQmRVHULDSUREOHPD(OHVVLPSOHVPHQWHFRORFDULDPXPDGDWDIXWXUDQRFRQWUDWRSDUDSDUHFHU
TXH KDYLD VLGR QHJRFLDGR GHSRLV $t VHULD Vy JXDUGDU R GRFXPHQWR QXP FRIUH DWp D KRUD FHUWD
1LQJXpPILFDULDVDEHQGR
&KD]ILFRXLQVHJXUR6DELDTXHDTXLORHUDLOHJDOPDVWDPEpPVDELDRTXHRGLQKHLURVLJQLILFDULD
SDUD VXD PmH H VHXV RLWR LUPmRV TXH PRUDYDP HP GRLV F{PRGRV HP XP ILP GH PXQGR KRUURURVR
(QWmR 5R\ 2¶&RQQRU HQWURX HP FHQD H GHX D FDUWDGD ILQDO VH &KD] PXGDVVH GH LGHLD HP DOJXP
PRPHQWRQRIXWXURSRGHULDSDJDURGLQKHLURGHYROWDHUDVJDURFRQWUDWR
4XDWURDQRVGHSRLV&KD]PXGRXGHLGHLDHSURPHWHXSDJDUFDGDFHQWDYR'HMHLWRQHQKXPGLVVH
5R\2¶&RQQRU9RFrWHPXPFRQWUDWRFRPDJHQWH9DLFXPSULOR
(VVDQmRHUDXPDDUPDomRLQFRPXP'H]HQDVGHHPSUHViULRVID]LDPLVVR1RUE\:DOWHUVH/OR\G
%ORRPGRLVGRVPDLRUHVQRPHVGRUDPRQRSDtVWLQKDPVLGRSUHVRVSRUHVVHPRWLYR$VDPHDoDV
WDPEpPQmRHUDPLQFRPXQV0DVDFRLVDJHUDOPHQWHDFDEDYDDtQDVDPHDoDV1HQKXPHPSUHViULRVH
DUULVFDULDDVHUGHQXQFLDGR4XDQGRRJDURWRVHPDQWLQKDILUPHRHPSUHViULRUHFXDYD
0DVQmR5R\2¶&RQQRU5R\HVWDYDXVDQGRIRUoDEUXWD0\URQILFRXVXUSUHVR
±4XHURYRFrIRUDGDFLGDGHSRUXQVWHPSRV±FRQWLQXRX0\URQ±7HPDOJXPOXJDUSDUDILFDUQD
PRLWD"
 ±7HQKRSRVVRLUSUDFDVDGHXPDPLJRHP:DVKLQJWRQ0DVRTXHYDPRVID]HU"
±(XFXLGRGLVVR6yILTXHIRUDGHFHQD
±7iOHJDOVDTXHL±UHVSRQGHX'HSRLV±$K0\URQPDLVXPDFRLVD
±2TXHp"
±8PGRVFDUDVTXHPHVHJXURXGLVVHTXHFRQKHFLDYRFr(UDXPDUPiULRFDUD4XHURGL]HUHUD
HQRUPH8PILOKRGDSXWDPRQVWUXRVR
±(OHGLVVHRQRPH"
±$DURQ'LVVHSDUDHXIDODUTXH$DURQPDQGRXOHPEUDQoDV
2V RPEURV GH 0\URQ FDtUDP$DURQ 8P QRPH GR VHX SDVVDGR ( QmR HUD XP QRPH ERP 5R\
2¶&RQQRUQmRHVWDYDVyXVDQGRIRUoDEUXWD±HVWDYDXVDQGRIRUoDEUXWDEDUUDSHVDGD

ZZZ

7UrVKRUDVGHSRLVGHVDLUGHVHXHVFULWyULR0\URQDIDVWRXWRGRVRVSHQVDPHQWRVVREUHRLQFLGHQWH
QRHVWDFLRQDPHQWRHEDWHXjSRUWDGH&KULVWLDQ$SHVDUGHWHUVHIRUPDGRGRLVPHVHVDQWHV&KULVWLDQ
DLQGD PRUDYD QR PHVPR DORMDPHQWR GR FDPSXV TXH KDYLD RFXSDGR HP WRGR R ~OWLPR DQR GH
IDFXOGDGH DJRUD SRU FDXVD GR WUDEDOKR FRPR LQVWUXWRU GH IXWHERO DPHULFDQR QR DFDPSDPHQWR GH
IpULDVGD8QLYHUVLGDGH5HVWRQ0DVGHQWURGHGRLVGLDVR7LWDQVHVWDULDFRQYRFDQGRVHXVMRJDGRUHV
SDUDDFRQFHQWUDomRH&KULVWLDQHVWDULDOi0\URQQmRWLQKDDPHQRULQWHQomRGHGHL[iORGHIRUD
&KULVWLDQ DEULX D SRUWD LPHGLDWDPHQWH$QWHV TXH 0\URQ WLYHVVH FKDQFH GH H[SOLFDU R DWUDVR R
UDSD]GLVVH
±2EULJDGRSRUYLUWmRGHSUHVVD
±$KTXHpLVVR,PDJLQD
$FRUVDXGiYHOGHVHPSUHGRURVWRGH&KULVWLDQKDYLDGHVDSDUHFLGR2URVDGRGDVERFKHFKDVTXH
IRUPDYDP FRYLQKDV TXDQGR HOH VRUULD QmR HVWDYD Oi 1HP R VRUULVR ODUJR H WtPLGR TXH ID]LD DV
HVWXGDQWHVSHUGHUHPRI{OHJR$WpDVIDPRVDVPmRVILUPHVHVWDYDPQLWLGDPHQWHWUrPXODV
±(QWUH±SHGLXHOH
±2EULJDGR
0\URQ VHQWLXVH FRPR VH WLYHVVH HQWUDGR QXP FHQiULR GH VHULDGR GH 79 GRV DQRV  3DUD
FRPHoDUROXJDUHUDLPSHFDYHOPHQWHDUUXPDGRFDPDIHLWDVDSDWRVHQILOHLUDGRVHPEDL[RGHOD1mR
KDYLDPHLDVQRFKmRQHPFXHFDVQHPDFHVVyULRVHVSRUWLYRV(DVSDUHGHVWLQKDPIOkPXODV)OkPXODV
GHYHUGDGH0\URQQmRSRGLDDFUHGLWDU1DGDGHS{VWHUHVRXFDOHQGiULRVFRPPRGHORVIDPRVDV6y
IOkPXODVDQWLTXDGDV
$ SULQFtSLR &KULVWLDQ QmR GLVVH QDGD 2V GRLV ILFDUDP DOL SDUDGRV GHVFRQIRUWiYHLV FRPR
HVWUDQKRV REULJDGRV D SHUPDQHFHU MXQWRV QXPD IHVWD H VHP XP FRSR GH EHELGD QD PmR &KULVWLDQ
PDQWLQKDRROKDUEDL[RFRPRXPDFULDQoDTXHWLYHVVHOHYDGREURQFD1mRKDYLDFRPHQWDGRVREUHR
VDQJXHQRWHUQRGH0\URQ3URYDYHOPHQWHQHPRQRWDUD
0\URQGHFLGLXXVDUXPDGHVXDVEHODVHHORTXHQWHVIUDVHVTXHEUDJHOR
±2TXHpTXHHVWiKDYHQGR"
&KULVWLDQFRPHoRXDDQGDUGHXPODGRSDUDRXWUR±RTXHQmRpIiFLOQXPTXDUWRSRXFRPDLRUTXH
XPDUPiULR0\URQSRGLDYHUTXHRVROKRVGH&KULVWLDQHVWDYDPYHUPHOKRV(OHHVWLYHUDFKRUDQGR
DVPDUFDVGDVOiJULPDVDLQGDHVWDYDPQDVERFKHFKDV
±26U%XUNHILFRXIXULRVRFRPRFDQFHODPHQWRGDUHXQLmR"±SHUJXQWRXHOH
 0\URQGHXGHRPEURV
±7HYHXPEHORIDQLTXLWRPDVYDLVREUHYLYHU1mRIRLQDGDQmRSUHFLVDVHSUHRFXSDU
±$FRQFHQWUDomRFRPHoDQDTXLQWDIHLUD"
0\URQDVVHQWLXHSHUJXQWRX
±(VWiQHUYRVR"
±8PSRXFRWDOYH]
±)RLSRULVVRTXHYRFrTXLVPHYHU"
&KULVWLDQEDODQoRXDFDEHoD+HVLWRXGHSRLVGLVVH
±(XQmRHQWHQGR6U%ROLWDU
7RGDYH]TXHRFKDPDYDPGHVHQKRU0\URQWLQKDDLPSUHVVmRGHHVWDUHPIDODQGRFRPVHXSDL
±1mRHQWHQGHRTXr&KULVWLDQ"2TXHHVWiDFRQWHFHQGR"
(OHKHVLWRXGHQRYR
±e±FRPHoRXDGL]HU(QWmRSDURXUHVSLURXIXQGRHWHQWRXGHQRYR±eD.DWK\
0\URQSHQVRXWHURXYLGRHUUDGR
±.DWK\&XOYHU"
±2VHQKRUDFRQKHFHX
0\URQQmRHQWHQGHXVHHUDXPDDILUPDomRRXXPDSHUJXQWD
±+iPXLWRWHPSR±UHVSRQGHX0\URQ
±4XDQGRHVWDYDFRPD-HVVLFD
±e
±(QWmRWDOYH]HQWHQGD6LQWRIDOWDGD.DWK\0DLVGRTXHRVHQKRULPDJLQD(ODHUDPXLWRHVSHFLDO
0\URQDVVHQWLXHQFRUDMDQGRRFRPRVHIRVVHXPHQWUHYLVWDGRUH[SHULHQWH
&KULVWLDQGHXXPSDVVRDWUiVTXDVHEDWHQGRDFDEHoDQXPDSUDWHOHLUDGHOLYURV
±2TXHDFRQWHFHXFRPHODYLURXVHQVDFLRQDOLVPR)RLSDUDUQRVWDEORLGHV)L]HUDPPDWpULDVVREUH
R GHVDSDUHFLPHQWR QR$ &XUUHQW $IIDLU 1mR SDVVRX GH XPD EULQFDGHLUD SDUD WRGR PXQGR XP
SURJUDPDGH79)LFDYDPFKDPDQGRDJHQWHGH³VRQKDGRUHV´GH³FDVDOGRVVRQKRV´
(OHIH]VLQDOGHDVSDVQRDUFRPRVGHGRV
±&RPRVHRTXHDJHQWHWLQKDIRVVHLUUHDOVHPVHQWLPHQWR7RGRPXQGRILFRXGL]HQGRTXHHXHUD
MRYHPTXHORJRLDVXSHUDU4XH.DWK\QmRSDVVDYDGHXPDORXUDERQLWDTXHH[LVWLDPPLOK}HVLJXDLV
DHODSDUDXPFDUDFRPRHX(VSHUDYDPTXHHXWRFDVVHDYLGDDGLDQWH(ODVXPLXDFDERXMiHUD
2 MHLWR GH JDURWR GH &KULVWLDQ ± DOJR TXH 0\URQ DFKDYD TXH LULD DMXGiOR D VH WRUQDU R UHL GRV
SDWURFtQLRV±KDYLDVXELWDPHQWHDVVXPLGRXPDGLPHQVmRQRYD(PYH]GRUDSD]WtPLGRLQWHOLJHQWHH
PRGHVWR GR .DQVDV 0\URQ YLX D UHDOLGDGH XPD FULDQoD DSDYRUDGD HQFROKLGD QXP FDQWR XPD
FULDQoD FXMRV SDLV HVWDYDP PRUWRV TXH QmR WLQKD IDPtOLD H SURYDYHOPHQWH QmR WLQKD DPLJRV GH
YHUGDGHVyJHQWHTXHFXOWXDYDRKHUyLRXTXHTXHULDDOJRGHOH FRPRRSUySULR0\URQ" 
0\URQEDODQoRXDFDEHoD'HMHLWRQHQKXP2XWURVHPSUHViULRVVLPPDVQmRHOH1mRHUDGHVVH
WLSR0DVPHVPRDVVLPDOJRSDUHFLGRFRPFXOSDILFRXDOLXPGHGRDILDGRFXWXFDQGRVXDVFRVWHODV
±1XQFDDFUHGLWHLGHYHUGDGHTXH.DWK\HVWLYHVVHPRUWD±FRQWLQXRX&KULVWLDQ±$FKRTXHLVVR
HUDSDUWHGRSUREOHPD(VVHQHJyFLRGHQmRVDEHUDFDEDFRQVXPLQGRDJHQWHGHSRLVGHXPWHPSR
3DUWH GH PLP SDUWH GH PLP TXDVH HVSHUDYD TXH Mi WLYHVVHP HQFRQWUDGR R FRUSR TXDOTXHU FRLVD
SDUDDFDEDUFRPLVVR1mRpXPDFRLVDKRUUtYHO6U%ROLWDUGL]HULVVR"
±1mRDFKRTXHQmR
&KULVWLDQROKRXRFRPVROHQLGDGH
 ±)LFRSHQVDQGRQDFDOFLQKD2VHQKRUVDELDGHOD"
0\URQDVVHQWLX$~QLFDSLVWDGRPLVWpULRHUDDFDOFLQKDUDVJDGDGH.DWK\HQFRQWUDGDHPFLPDGH
XPDOL[HLUDGRFDPSXV6HJXQGRERDWRVHVWDYDFREHUWDGHVrPHQHVDQJXH3DUDPXLWRVDFDOFLQKD
HUD D SURYD GR TXH VH VXVSHLWDYD KDYLD PXLWR WHPSR .DWK\ &XOYHU HVWDYD PRUWD (UD XPD KLVWyULD
WULVWH PDV QmR LQFRPXP )RUD HVWXSUDGD H DVVDVVLQDGD SRU XP SVLFRSDWD TXDOTXHU 6HX FRUSR
SURYDYHOPHQWHQXQFDVHULDHQFRQWUDGR±RXWDOYH]XPGLDDOJXQVFDoDGRUHVWURSHoDVVHPQRVUHVWRVGH
VHX HVTXHOHWR QR PHLR GR PDWR R TXH GDULD j LPSUHQVD XP JUDQGH DWUDWLYR SDUD R KRUiULR QREUH H
OHYDULD DV FkPHUDV GH YROWD SDUD RV SDUHQWHV GD YtWLPD HP EXVFD GH DOJXPD LPDJHP GH VHX
VRIULPHQWR
±(OHVIL]HUDPSDUHFHULQGHFHQWH±SURVVHJXLX&KULVWLDQ±'LVVHUDPTXHHUDFRUGHURVD'HVHGD
1XQFD FKDPDYDP GH URXSD GH EDL[R URXSD tQWLPD RX PHVPR VLPSOHVPHQWH FDOFLQKD (UD VHPSUH
FDOFLQKDGHVHGDFRUGHURVD&RPRVHLVVRIRVVHLPSRUWDQWH8PDHVWDomRGH79FKHJRXDFRQYLGDU
XPDPRGHORGD9LFWRULD¶V6HFUHWSDUDID]HUFRPHQWiULRVVREUHDFDOFLQKD&DOFLQKDGHVHGDFRUGH
URVD&RPRVHLVVRVLJQLILFDVVHTXHHODHVWDYDSHGLQGRSHORTXHDFRQWHFHX6XMDURQRPHGH.DWK\
GDTXHOHMHLWR
6XDYR]ILFRXQRDU0\URQQmRGLVVHQDGD&KULVWLDQHVWDYDjEHLUDGHDOJXPDFRLVD0\URQVy
HVSHUDYDTXHQmRIRVVHXPFRODSVRQHUYRVR
±$FKRTXHSUHFLVRLUGLUHWRDRDVVXQWR±GLVVH&KULVWLDQILQDOPHQWH
±'HPRUHTXDQWRTXLVHU1mRYRXDOXJDUDOJXP
±+RMHHXYLXPDFRLVD(X
&KULVWLDQSDURXHYLURXRVROKRVQDGLUHomRGRVGH0\URQ(VWDYDPVXSOLFDQWHV
±7DOYH].DWK\DLQGDHVWHMDYLYD
6XDVSDODYUDVDFHUWDUDP0\URQFRPRXPWDSD,QGHSHQGHQWHPHQWHGHSDUDTXH0\URQHVWLYHVVHVH
SUHSDUDQGRRTXHTXHUTXHHOHLPDJLQDVVHTXH&KULVWLDQGLULDQXQFDSRGHULDSHQVDUTXHIRVVHLVVR
±2TXr"
&KULVWLDQDEULXDJDYHWDGHVXDHVFULYDQLQKDTXHWDPEpPSDUHFLDWHUVDtGRGHXPVHULDGRGH79
DQWLJR 7RWDOPHQWH GHVHQWXOKDGD 'XDV ODWDV XPD FRP FDQHWDV %LF D RXWUD FRP OiSLV Q~PHUR GRLV
DSRQWDGRV /XPLQiULD GH KDVWH IOH[tYHO 5LVTXH H UDELVTXH FRP FDOHQGiULR 'LFLRQiULR WUDGLFLRQDO
GLFLRQiULR GH VLQ{QLPRV H(OHPHQWRV GH HVWLOR WXGR HQILOHLUDGR HQWUH GRLV VXSRUWHV GH OLYURV HP
IRUPDWRGHJORERWHUUHVWUH
±,VWRFKHJRXKRMHSHORFRUUHLR
(OH HQWUHJRX XPD UHYLVWD D 0\URQ 1D FDSD KDYLD XPD PXOKHU QXD &KDPiOD GH SHLWXGD VHULD R
PHVPRTXHFKDPDUD6HJXQGD*XHUUD0XQGLDOGHEULJXLQKD2VKRPHQVFRVWXPDPVHUIDVFLQDGRVSRU
VHLRV0\URQQmRIXJLDjUHJUD0DVDTXHOHVHUDPGHILQLWLYDPHQWHXPDEVXUGRGHJUDQGHV2URVWRGD
PXOKHUHVWDYDORQJHGHVHUERQLWRHUDPHLRGXUR(ODSDUHFLDROKDUSDUDDFkPHUDTXHUHQGRGL]HU
DOJRGRWLSR³YHPFi´PDVHPYH]GLVVRVXDH[SUHVVmRHUDPDLVFRPR³HVWRXFRPSULVmRGHYHQWUH´
$OtQJXDQRVOiELRVDVSHUQDVHVFDQFDUDGDVRGHGRFKDPDQGRROHLWRU
0XLWRVXWLOSHQVRX0\URQ
$ UHYLVWD VH FKDPDYD0DPLORV 'H DFRUGR FRP DV SDODYUDV LPSUHVVDV VREUH R VHLR GLUHLWR GD
PXOKHUDPDWpULDSULQFLSDOHUD³&RPRID]rODGHSLODUOiHPEDL[R´
0\URQHUJXHXRVROKRVUDSLGDPHQWH
±4XHQHJyFLRpHVVH"
±2FOLSHGHSDSHO
 ±2TXr"
0DV&KULVWLDQSDUHFLDIUDFRGHPDLVSDUDUHSHWLU6yDSRQWRX1DSDUWHGHFLPDGDUHYLVWD0\URQ
YLXXPEULOKRSUDWHDGR8PFOLSHHVWDYDVHQGRXVDGRFRPRPDUFDGRU
±9HLRDVVLP±GLVVH&KULVWLDQH[SOLFDQGR
0\URQ IROKHRX D UHYLVWD FDSWDQGR UiSLGRV YLVOXPEUHV GH SHOH QXD DWp FKHJDU DR FOLSH PHWiOLFR
6HXV ROKRV VH DSHUWDUDP HP FRQIXVmR (UD XPD SiJLQD GH DQ~QFLR PDV WLQKD WDQWDV IRWRV HUyWLFDV
TXDQWRTXDOTXHURXWUD1RWRSRHVWDYDHVFULWR
)DQWDVLDDRYLYRSHORWHOHIRQH±HVFROKDVXDJDWD

+DYLDWUrVILOHLUDVFDGDXPDFRPTXDWURDQ~QFLRVSUHHQFKHQGRWRGDDSiJLQD2VROKRVGH0\URQ
D H[DPLQDUDP 1mR SRGLD DFUHGLWDU QR TXH YLD ³2ULHQWDLV HVSHUDQGR SRU YRFr´ ³/pVELFDV
PROKDGDV´³%DWHSRUIDYRU´³&DGHODVQRFLR´³3HLWLQKRVGXURV´ SDUDRVTXHQmRJRVWDVVHPGD
IRWR GD FDSD VHP G~YLGD  ³4XHUR YRFr HP FLPD GH PLP´ ³9HP PRUGHU PLQKD PDom´ ³0H ID]
SHGLUPDLV´³3URFXUDVHGRWDGmR´³/LJXHDJRUDSDUDD6DYDQQDK´³'RQDGHFDVDWHVXGD´³4XHUR
XP JRUGLQKR´ &DGD DQ~QFLR WUD]LD XPD IRWR PXOKHUHV HP SRVHV SURYRFDQWHV FRP XP WHOHIRQH QD
PmR
+DYLDDQ~QFLRVDLQGDPDLVSHVDGRV7UDYHVWLV0XOKHUHVFRPJHQLWDLVGHKRPHP$OJXQV0\URQ
QHPFRQVHJXLDHQWHQGHU&RPRVHIRVVHPH[SHULrQFLDVFLHQWtILFDV2VQ~PHURVGHWHOHIRQHHUDPRGH
HVSHUDU*$7,1+$6(;20(&20('(/,&,$
0\URQIH]XPDFDUHWD6HQWLXYRQWDGHGHODYDUDVPmRV
(QWmRYLX
1DILOHLUDGHEDL[RRVHJXQGRDQ~QFLRGDGLUHLWDSDUDDHVTXHUGD'L]LD³)DoRWXGR´2WHOHIRQH
HUD'(6(-26&XVWDYDGyODUHVSRUPLQXWR³FREUDGRVGLVFUHWDPHQWHQDFRQWDWHOHI{QLFD
RXQRFDUWmRGHFUpGLWR´$FHLWDYDP9LVDH0DVWHUFDUG
$PXOKHUGDIRWRHUD.DWK\&XOYHU
0\URQVHQWLXXPFDODIULRSHUFRUUHUVHXFRUSR9ROWRXSDUDDFDSDHYHULILFRXDGDWD(UDRQ~PHUR
DWXDOGDUHYLVWD
±4XDQGRYRFrUHFHEHXLVWR"
±&KHJRXKRMHSHORFRUUHLR±UHVSRQGHX&KULVWLDQSHJDQGRXPHQYHORSH±1LVWR
$FDEHoDGH0\URQFRPHoRXDJLUDU7HQWRXOXWDUFRQWUDDWRQWXUDHFRQVHJXLUDOJXPHTXLOtEULR
PDVDIRWRGH.DWK\FRQWLQXDYDDQRFDXWHiOR2HQYHORSHHUDSDUGRFRPXP1mRKDYLDHQGHUHoRGH
UHPHWHQWH±WHULDVLGRIiFLOGHPDLV7DPEpPQmRKDYLDFDULPERGHFRUUHLRQHPVHORV'L]LDDSHQDV
&KULVWLDQ6WHHOH
&DL[DSRVWDO

6HPFLGDGHVHPHVWDGR2TXHVLJQLILFDYDTXHIRUDSRVWDGRGHQWURGRFDPSXV2HQGHUHoRIRUD
HVFULWRjPmR
±9RFrUHFHEHPXLWDFRUUHVSRQGrQFLDQmRp"±SHUJXQWRX0\URQ
&KULVWLDQDVVHQWLX
±0DVHODVYmRSDUDRXWUROXJDU,VVRYHLRSDUDDPLQKDFDL[DSRVWDOSDUWLFXODU2Q~PHURQmRp
S~EOLFR
0\URQ PDQXVHRX R HQYHORSH FRP FXLGDGR WHQWDQGR QmR HVWUDJDU TXDOTXHU GLJLWDO TXH SXGHVVH
KDYHU
±3RGHVHUXPDPRQWDJHP±DFUHVFHQWRX±$OJXpPSRGHWHUFRORFDGRRURVWRGHODQR
&KULVWLDQRIH]SDUDUEDODQoDQGRDFDEHoD6HXVROKRVHVWDYDPGHQRYRYLUDGRVSDUDRFKmR
±1mRpVyRURVWRTXHpGHOD6U%ROLWDU±GLVVHVHPJUDoD
±$K±UHDJLX0\URQSHUVSLFD]±(QWHQGL
±$FKDTXHGHYHUtDPRVHQWUHJDULVVRjSROtFLD"
±7DOYH]
± 4XHUR ID]HU D FRLVD FHUWD ± GLVVH &KULVWLDQ DV PmRV VH IHFKDQGR FRP IRUoD ± 0DV QmR YRX
GHL[DUTXHDUUDVWHPRQRPHGH.DWK\SDUDDODPDGHQRYR2VHQKRUYLXRTXHIL]HUDPTXDQGRHODHUD
DYtWLPD2TXHYmRID]HUTXDQGRYLUHPLVVR"
±9mRILFDUFRPRXUXEXVQDFDUQLoD
&KULVWLDQDVVHQWLX
±0DVSURYDYHOPHQWHpVyXPDEULQFDGHLUDGHPDXJRVWR±FRQWLQXRX0\URQ±9RXYHULILFDUDQWHV
GHID]HUPRVTXDOTXHUFRLVD
±&RPR"
±'HL[HTXHHXFXLGRGLVVR
±7HPPDLVXPDFRLVD$OHWUDQRHQYHORSH
0\URQROKRXDHVFULWDGHQRYR
±2TXHpTXHWHP"
±1mRSRVVRDILUPDUFRPFHUWH]DPDVSDUHFHEDVWDQWHFRPDGH.DWK\
 

0<5213$52868%,7$0(17(TXDQGRDYLX
7LQKD DFDEDGR GH HQWUDU QR EDU DRQGH FKHJDUD HP PHLR D XPD HVSpFLH GH GHYDQHLR D PHQWH
SDUHFHQGRXPDFkPHUDIRUDGHIRFR7HQWDYDDQDOLVDURTXHWLQKDYLVWRHGHVFREHUWRFRP&KULVWLDQ
TXHULDSURFHVVDURVIDWRVHFKHJDUDXPDFRQFOXVmRSODXVtYHOEHPHODERUDGD
1mRFRQVHJXLD
$UHYLVWDHVWDYDHQILDGDQREROVRGLUHLWRGRVREUHWXGR5HYLVWDSRUQRJUiILFDHVREUHWXGRSHQVRX
0\URQ4XHFRPELQDomR$VPHVPDVSHUJXQWDVHFRDYDPVHPSDUDUHPVXDFDEHoDVHUiTXH.DWK\
&XOYHU SRGHULD HVWDU YLYD" ( VH HVWLYHVVH R TXH KDYLD DFRQWHFLGR FRP HOD" 2 TXH SRGHULD WHU
OHYDGR.DWK\GDLQRFrQFLDGHVHXTXDUWRQRDORMDPHQWRGDIDFXOGDGHSDUDDVSiJLQDVGHDQ~QFLRVGD
UHYLVWD0DPLORV"
)RLHQWmRTXHQRWRXDPXOKHUPDLVOLQGDTXHMiYLUD
(VWDYD VHQWDGD QXP EDQFR GR EDU DV SHUQDV FRPSULGDV FUX]DGDV EHEHULFDQGR WUDQTXLODPHQWH
8VDYD EOXVD EUDQFD FRP JROD DEHUWD VDLD FLQ]D FXUWD H PHLDV SUHWDV 7XGR VH HQFDL[DYD
SHUIHLWDPHQWH3RUXPVHJXQGR0\URQSHQVRXTXHHODSRGHULDVHUIUXWRGHVXDLPDJLQDomRXPDYLVmR
GHVOXPEUDQWH TXH FRQIXQGLD VHXV VHQWLGRV 0DV R IULR QD EDUULJD R IH] GHVFDUWDU UDSLGDPHQWH HVVD
LGHLD6XDJDUJDQWDILFRXVHFD(PRo}HVIRUWHVDGRUPHFLGDVVHODQoDUDPVREUHHOHFRPRXPDRQGD
TXHTXHEUDQDSUDLDGHUHSHQWH
&RQVHJXLXHQJROLUHPVHFRHRUGHQRXTXHDVSHUQDVVHPRYHVVHP(ODHUDVLPSOHVPHQWHGHWLUDUR
I{OHJR7RGDVDVFRLVDVSDUHFLDPSHUGHUDFRUSHUWRGHODFRPRVHIRVVHPDSHQDVREMHWRVGHFHQD
DUUXPDGRVSDUDVXDFKHJDGD
0\URQVHDSUR[LPRX
±9RFrYHPVHPSUHDTXL"
(ODRHQFDURXFRPRVHHOHIRVVHXPYHOKRID]HQGRFRRSHUGHVXQJD
±&DQWDGDRULJLQDO0XLWRFULDWLYD
±$FDQWDGDSRGHQmRVHU±GLVVH0\URQ±0DVDDERUGDJHP
(OHVRUULX8PVRUULVRYLWRULRVRSHQVRX
± 4XH ERP TXH YRFr DFKD LVVR ± HOD GLVVH YLUDQGRVH GH QRYR SDUD D EHELGD ± 3RU IDYRU Yi
HPERUD
±%DQFDQGRDGLItFLO"
±9iVHFDWDU
0\URQULXHIDORX
±3DUDFRPLVVR9RFrHVWiSDJDQGRPLFR
±2TXr"
±(VWiyEYLRSDUDWRGRPXQGRQHVWHEDU
±$Kp"6HMDPDLVGLUHWRSRUIDYRU
±9RFrPHGHVHMD0XLWR
(ODTXDVHVRUULX
±eWmRyEYLRDVVLPp"
±1mRVHFXOSH(XVRXPHVPRLUUHVLVWtYHO
±$Km0HVHJXUHVHHXGHVPDLDU
 ±&ODURGRoXUD
(ODGHXXPORQJRVXVSLUR(VWDYDOLQGDFRPRVHPSUHWmROLQGDFRPRQRGLDHPTXHOKHGHXRIRUD
)D]LDTXDWURDQRVTXHHOHQmRDYLDPDVDLQGDHUDGRORURVRSHQVDUQHOD9rODGRtDPDLVDLQGD2
ILP GH VHPDQD TXH WLQKDP SDVVDGR QD FDVD GH :LQ HP 0DUWKD¶V 9LQH\DUG YROWRX j PHQWH$LQGD
SRGLDVHOHPEUDUGHFRPRDEULVDGRPDUVRSUDYDRFDEHORGHODRPRGRFRPRHODLQFOLQDYDDFDEHoD
TXDQGRHOHIDODYDRMHLWRFRPRILFDYD±HFRPRHOHDVHQWLD±XVDQGRVXDFDPLVHWDYHOKD6LPSOHVH
IUiJLOIHOLFLGDGH2IULRHPVXDEDUULJDDXPHQWRX
±2Oi0\URQ±GLVVHHOD
±2Oi-HVVLFD9RFrHVWiyWLPD
±2TXHHVWiID]HQGRDTXL"
±0HXHVFULWyULRILFDQHVWHSUpGLR3UDWLFDPHQWHPRURDTXL
(ODVRUULX
±$KLVVRPHVPR$JRUDYRFrpHPSUHViULRGHDWOHWDVQmRp"
±e
±0HOKRUGRTXHDTXHOHQHJyFLRGHWUDEDOKDUGLVIDUoDGR"
0\URQQmRUHVSRQGHX(ODROKRXSDUDHOHPDVQmRVXVWHQWRXRROKDU
±(VWRXHVSHUDQGRXPDSHVVRD±GLVVH-HVVLFDVXELWDPHQWH
±8PDSHVVRDGRVH[RPDVFXOLQR"
±0\URQ
±'HVFXOSH)DOHLVHPSHQVDU
0\URQROKRXSDUDDPmRHVTXHUGDGHOD6HXFRUDomRSXORX1mRKDYLDQHQKXPDDOLDQoD
±9RFrQmRVHFDVRXFRPRIXODQR"
±'RXJ
±,VVRPHVPR'RXJ2XVHULD'RXJLH"
±9RFrHVWi]RPEDQGRGRQRPHGHDOJXpP"
0\URQGHXGHRPEURV(ODHVWDYDFHUWD
±2TXHDFRQWHFHXFRPHOH"
2VROKRVGHODIRFDUDPDPDUFDFLUFXODUTXHXPDWXOLSDGHL[DUDQREDOFmR
±1mRIRLSRUFDXVDGHOH±GLVVH±9RFrVDEH
(OHDEULXHIHFKRXDERFD5HYLYHURSDVVDGRDPDUJRQmRDMXGDULDHPQDGD
±(QWmRRTXHDWUD]GHYROWDjFLGDGH"
±9RXGDUDXODVGXUDQWHXPVHPHVWUHQD8QLYHUVLGDGHGH1RYD<RUN
2FRUDomRGHOHDFHOHURXGHQRYR
±9RFrVHPXGRXGHYROWDSDUD0DQKDWWDQ"
±1RPrVSDVVDGR
±/DPHQWRPXLWRSHORVHXSDL
±1yVUHFHEHPRVVXDVIORUHV±LQWHUURPSHXHOD
±(XTXHULDID]HUPDLVGRTXHLVVR
±)RLPHOKRUQmRWHUIHLWR
(ODWHUPLQRXDEHELGD
±3UHFLVRLU)RLERPYHUYRFr
±$FKHLTXHLDVHHQFRQWUDUFRPDOJXpP
±0HFRQIXQGL
 ±(XDLQGDWHDPR
(ODVHOHYDQWRXHDVVHQWLX
±9DPRVWHQWDUGHQRYR±GLVVHHOH
±1mR
(ODIRLVHDIDVWDQGR
±-HVV"
±2TXr"
0\URQSHQVRXHPFRQWDUVREUHDIRWRGDLUPmGHODQDUHYLVWD
±3RGHPRVDOPRoDUMXQWRVXPDKRUDGHVVDV"6ySDUDFRQYHUVDU
±1mR
-HVVLFDVHYLURXHRGHL[RX0DLVXPDYH]

ZZZ

:LQGVRU+RUQH/RFNZRRG,,,RXYLDDKLVWyULDGH0\URQFRPDVSRQWDVGRVGHGRVGDVGXDVPmRV
XQLGDV2JHVWRFDtDEHPQHOHPXLWRPHOKRUGRTXHHP0\URQ4XDQGR0\URQWHUPLQRX:LQILFRX
TXLHWRSRUDOJXQVLQVWDQWHVFRQFHQWUDGRHPDQWHQGRDSRVLomRGDVPmRV3RUILPSRXVRXDVQDPHVD
±2UDRUDQmRpTXHWLYHPRVXPGLDHVSHFLDO"
2 HVFULWyULR GH 0\URQ HUD DOXJDGR GH :LQ VHX DQWLJR FROHJD GH TXDUWR GD XQLYHUVLGDGH (UD
FRPXP DV SHVVRDV GL]HUHP TXH R QRPH GH 0\URQ QmR FRPELQDYD FRP VXD DSDUrQFLD ± XPD
REVHUYDomRTXHHOHHQWHQGLDFRPRHORJLR0DV:LQGVRU+RUQH/RFNZRRG,,,HUDXPQRPHPDLVGR
TXHDGHTXDGRDVHXGRQR&DEHORORXURFRPSULPHQWRSHUIHLWRUHSDUWLGRGRODGRFHUWR)HLo}HVGH
XPQREUHFOiVVLFRTXDVHERQLWDVGHPDLVFRPRDOJRIHLWRGHSRUFHODQD
6XDVURXSDVHUDPVHPSUHQRHVWLORDOXQRULFRGHHVFRODGHHOLWHFDPLVDFRUGHURVDSRORRXFRP
PRQRJUDPDVFDOoDFiTXLRXGHJROIH OHLDVHIHLD VDSDWREUDQFRGHFDPXUoD GRILPGHPDLRDR
LQtFLRGHVHWHPEURRXVHMDQRSHUtRGRGDVIpULDVGHYHUmR RXOXVWURVRGHELFRILQR QRUHVWDQWHGR
DQR  $Wp R VRWDTXH GH :LQ HUD LQFRPXP QmR SDUHFLD VH UHIHULU D XPD ORFDOL]DomR JHRJUiILFD
HVSHFtILFDPDVjVHVFRODVSUHSDUDWyULDVTXHHOHIUHTXHQWDUD
:LQ HUD VLQLVWUR QR JROIH 6XD IDPtOLD HUD VyFLD GR WUDGLFLRQDOtVVLPR 0HULRQ *ROI &OXE QD
)LODGpOILD ID]LD FLQFR JHUDo}HV H GR 3LQH 9DOOH\ QR VXO GH 1RYD -HUVH\ Ki WUrV 7LQKD XP HWHUQR
EURQ]HDGRGHJROIHGDTXHOHVTXHIRUPDPXP9QRSHVFRoRSRUFDXVDGDJRODSRORDEHUWDHGmRFRU
DRV EUDoRV RQGH WHUPLQD D PDQJD GD FDPLVD ± VH EHP TXH D SHOH EUDQFROtULR GH :LQ QXQFD VH
EURQ]HDVVH(ODILFDYDHUDYHUPHOKD
:LQHUDDEXUJXHVLDEUDQFDHPHVWDGRSXUR)D]LDRTXDUWHUEDFNDVWUR&KULVWLDQ6WHHOHSDUHFHUXP
HPSUHJDGRGRPpVWLFR
0\URQRKDYLDRGLDGRjSULPHLUDYLVWD:LQHVWDYDDFRVWXPDGR$PDLRULDGDVSHVVRDVRRGLDYD
(ODVSHJDYDPDSULPHLUDLPSUHVVmRHDWUDQVIRUPDYDPHP~QLFD1RFDVRGH:LQYLDPDOJXpPGH
XPDIDPtOLDWUDGLFLRQDOPXLWRULFDHDUURJDQWHHRURWXODYDPXPEDEDFDWRWDO1mRKDYLDQDGDTXH
:LQ SXGHVVH ID]HU D UHVSHLWR 6H DV SHVVRDV TXHULDP ILFDU QD SULPHLUD LPSUHVVmR TXH ILFDVVHP
7DQWRID]LDSDUDHOH
:LQLQGLFRXDUHYLVWDVREUHVXDPHVD
±9RFrRSWRXSRUQmRFRQWDULVVRD-HVVLFD"
0\URQVHOHYDQWRXDQGRXGHXPODGRSDUDRXWURHGHSRLVVHQWRXVHGHQRYR
 ±2TXHHXLULDGL]HU"³2LHXWHDPRYROWHSDUDPLPDTXLHVWiXPDIRWRGDVXDLUPmVXSRVWDPHQWH
PRUWDDQXQFLDQGRXPGLVTXHVH[RQXPDUHYLVWDSRUQ{´"
:LQSHQVRXXPPRPHQWR
±(XVHOHFLRQDULDXPSRXFRPHOKRUDVSDODYUDV
(PVHJXLGDIROKHRXDUHYLVWDSRUQRJUiILFDDVVREUDQFHOKDVDUTXHDGDVFRPRVHGLVVHVVH³+XP´
0\URQ REVHUYDYD 7LQKD GHFLGLGR QmR FRQWDU D :LQ VREUH &KD] /DQGUHDX[ H R LQFLGHQWH QR
HVWDFLRQDPHQWR:LQWLQKDXPPRGRHVWUDQKRGHUHDJLUTXDQGRDOJXpPWHQWDYDPDFKXFDU0\URQ1HP
VHPSUH HUD ERP 0HOKRU JXDUGDU LVVR SDUD PDLV WDUGH TXDQGR 0\URQ VRXEHVVH H[DWDPHQWH FRPR
FXLGDUGH5R\2¶&RQQRU(GH$DURQ
:LQODUJRXDUHYLVWDQDPHVD
±9DPRVFRPHoDU"
±&RPHoDURTXr"
±$LQYHVWLJDomR)RLLVVRTXHYRFrSODQHMRXSDUDQyVFHUWR"
±9RFrTXHUDMXGDU"
:LQVRUULX
±0DVFODUR
(PVHJXLGDYLURXRWHOHIRQHGHIUHQWHSDUD0\URQ
±/LJXH
±3DUDRQ~PHURGDUHYLVWD"
± 1mR 0\URQ SDUD D &DVD %UDQFD ± UHVSRQGHX :LQ VHFDPHQWH ± 4XHP VDEH D JHQWH FRQVHJXH
ID]HUDSULPHLUDGDPDGL]HUDOJXPDVDFDQDJHP"
0\URQSHJRXRWHOHIRQH
±9RFrMiWHOHIRQRXSDUDDOJXPDFRLVDGHVVDV"
±(X"±:LQILQJLXFKRTXH±2TXHULGLQKRGDVGHEXWDQWHV"2JDUDQKmRGDDOWDVRFLHGDGH"9RFrVy
SRGHHVWDUGHSLOKpULD
±(XWDPEpPQmR
±7DOYH]HQWmRYRFrTXHLUDILFDUVR]LQKR±GLVVH:LQ±3DUDDIURX[DURFLQWREDL[DUDFDOoDHVVH
WLSRGHFRLVD
±0XLWRHQJUDoDGR
0\URQ OLJRX SDUD R  TXH HVWDYD VRE D IRWR GH .DWK\ 7LQKD GDGR PLOKDUHV GH WHOHIRQHPDV
LQYHVWLJDWLYRVWDQWRGXUDQWHVHXVDQRVQR)%,TXDQWRQRWUDEDOKRSDUWLFXODUSDUDGRQRVHGLUHWRUHVGH
WLPHV0DVHUDDSULPHLUDYH]TXHILFDYDVHPJUDoD
8PDVpULHGHELSVHVTXLVLWRVH[SORGLXHPVHXRXYLGRVHJXLGRVSRUXPDJUDYDomR
±'HVFXOSH6XDOLJDomRHVWiVHQGRFDQFHODGD
0\URQHUJXHXRVROKRV
±1mRFRPSOHWD
:LQEDODQoRXDFDEHoD
±(VTXHFL7HPRVEORTXHLRSDUDQ~PHURVQRSUpGLR2VIXQFLRQiULRVOLJDYDPHDFRQWDYLQKD
HQRUPH1mRVySDUDGLVTXHVH[RPDVWDPEpPDVWUyORJRVOLQKDVGHHVSRUWHVSDUDQRUPDLVUHFHLWDV
DWpGLVTXHRUDo}HV
(OHOHYRXDPmRDREROVRGHWUiVHSHJRXRXWURWHOHIRQH
±8VHHVWHePLQKDOLQKDSDUWLFXODU1mRWHPEORTXHLR
0\URQGLJLWRXQRYDPHQWH2WHOHIRQHWRFRXGXDVYH]HVDQWHVGHVHUDWHQGLGR8PDYR]GHPXOKHU
JUDYDGD GLVVH URXFD ³$O{ 9RFr OLJRX SDUD R GLVTXH IDQWDVLD 6H WHP PHQRV GH  DQRV RX QmR
GHVHMDSDJDUSRUHVWDOLJDomRGHVOLJXHDJRUDSRUIDYRU´
0HQRVGHXPVHJXQGRVHSDVVRXDQWHVTXHHODFRQWLQXDVVH
³%HPYLQGR DR GLVTXH IDQWDVLD$TXL YRFr SRGH IDODU FRP DV PXOKHUHV PDLV ERQLWDV VHQVXDLV H
FKHLDVGHGHVHMRGRPXQGR´
0\URQQRWRXTXHDJUDYDomRIDODYDPXLWRPDLVGHYDJDUDJRUDFRPRVHOHVVHSDUDXPDWXUPDGH
MDUGLPGHLQIkQFLD&DGDSDODYUDHTXLYDOLDDRWHPSRGHXPDIUDVHLQWHLUD
%HP9LQGR$R'LVTXH)DQWDVLD
$JUDYDomRSURVVHJXLX
³1XP LQVWDQWH YRFr IDODUi GLUHWDPHQWH FRP XPD GDV QRVVDV PXOKHUHV PDUDYLOKRVDV OLQGDV
VHQVXDLVHYROXSWXRVDVTXHHVWmRDTXLSDUDOHYDUVHXSUD]HUDWpQRYDVIURQWHLUDVGRr[WDVH&RQYHUVD
SDUWLFXODULQGLYLGXDO&REUDGDGLVFUHWDPHQWHHPVXDFRQWD9RFrIDODUiDRYLYRFRPDPXOKHUGDV
VXDVIDQWDVLDV´
$YR]FRQWLQXRXGHYDJDUFRPRVHUHFLWDVVHYHUVRV3RUILPGHXLQVWUXo}HV
³$SHUWH XP SDUD FRQKHFHU DV FRQILVV}HV VHFUHWDV GH XPD SURIHVVRUD PXLWR OHYDGD$SHUWH GRLV
SDUD´
0\URQROKRXSDUD:LQ
±+iTXDQWRWHPSRHVWRXQDOLJDomR"
±6HLVPLQXWRV
±-iVmRGyODUHV6DEHRTXHVLJQLILFD³HQJDQDomRWRWDO´"
:LQDVVHQWLX
±,VVRpTXHpVDFDQDJHP
0\URQDSHUWRXXPQ~PHURTXDOTXHUFRLVDSDUDVDLUGDTXHODJUDYDomR2WHOHIRQHWRFRXGH]YH]HV
±UHDOPHQWHVDELDPHVWLFDURWHPSR±DQWHVGHHOHHVFXWDURXWUDYR]IHPLQLQDGL]HQGR
±2LYRFrDt&RPRYDL"
$YR]HUDH[DWDPHQWHRTXH0\URQKDYLDHVSHUDGR*UDYHHURXFD
±$KRL±UHVSRQGHX0\URQVHPMHLWR±2OKDHXJRVWDULD
±4XDOpRVHXQRPHTXHULGR"
±0\URQ
(OHGHXXPWDSDQDWHVWDHFRQWHYHXPSDODYUmR7LQKDPHVPRVLGRLGLRWDDSRQWRGHXVDURSUySULR
QRPH"
± 0PPPP 0\URQ ± GLVVH HOD FRPR VH HVWLYHVVH SURYDQGR R JRVWR GD SDODYUD ± *RVWR GHVVH
QRPHeWmRVHQVXDO
±eEHPREULJDGR
±0HXQRPHp7DZQ\
7DZQ\$KWi
±&RPRFRQVHJXLXPHXQ~PHUR0\URQ"
±9LQXPDUHYLVWD
±4XHUHYLVWD0\URQ"
2XVRFRQVWDQWHGHVHXQRPHHVWDYDFRPHoDQGRDLUULWiOR
±0DPLORV
±8XXX*RVWRGDTXHODUHYLVWD(ODPHGHL[DWmRYRFrVDEH
$PXOKHUWLQKDPHVPRMHLWRFRPDVSDODYUDV
 ±(VFXWDDK7DZQ\HXJRVWDULDGHSHUJXQWDUVREUHVHXDQ~QFLR
±0\URQ"
±2TXr"
±$GRURVXDYR]9RFrSDUHFHEHPJRVWRVR4XHUVDEHUFRPRHXVRX"
±1mRQDYHUGDGH
±7HQKRROKRVFDVWDQKRV&DEHORFDVWDQKRFRPSULGRPHLRRQGXODGR7HQKRPHWUR(PLQKDV
PHGLGDVVmR6XWLmWDPDQKR*¬VYH]HV**
±9RFrGHYHWHUPXLWRRUJXOKRGLVVRPDV
±2TXHYRFrTXHUID]HU0\URQ"
±)D]HU"
±3DUDVHGLYHUWLU
± 2OKD 7DZQ\ YRFr SDUHFH PXLWR OHJDO YHUGDGH PDV VHUi TXH SRVVR IDODU FRP D JDURWD GR
DQ~QFLR"
±(XVRXDJDURWDGRDQ~QFLR
±1mRTXHURGL]HUDJDURWDFXMDIRWRHVWiQDUHYLVWDMXQWRFRPHVVHQ~PHURGHWHOHIRQH
±6RXHX0\URQ(XVRXDTXHODJDURWD
±$JDURWDGDIRWRpORXUDGHROKRVD]XLV9RFrGLVVHTXHWLQKDROKRVHFDEHORVFDVWDQKRV
:LQIH]VLQDOGHSRVLWLYRFRPRSROHJDU3RQWRSDUDDDWHQomRGHWDOKDGDGH0\URQ%ROLWDURiVGD
LQYHVWLJDomR
±'LVVH"±SHUJXQWRX7DZQ\±(XTXLVGL]HUORXUDGHROKRVD]XLV
±3UHFLVRIDODUFRPDJDURWDGRDQ~QFLRePXLWRLPSRUWDQWH
$YR]GHODEDL[RXPDLVXPSRXFR
±(XVRXPHOKRU0\URQ6RXDPHOKRUGHWRGDV
± 1mR GXYLGR 7DZQ\ 9RFr SDUHFH PXLWR SURILVVLRQDO 0DV QHVWH PRPHQWR SUHFLVR IDODU FRP D
JDURWDGRDQ~QFLR
±(ODQmRHVWiDTXL0\URQ
±(TXDQGRYDLYROWDU"
±1mRVHL0\URQ0DVVHQWHVHHUHOD[H9DPRVQRVGLYHUWLU
±1mRTXHURVHUJURVVHLURPDVUHDOPHQWHQmRHVWRXLQWHUHVVDGR3RVVRIDODUFRPRVHXFKHIH"
±0HXFKHIH"
±e
$JRUDVXDYR]VRDYDGLIHUHQWH0DLVFDVXDO
±9RFrHVWiEULQFDQGRQmRHVWi"
±1mR(VWRXIDODQGRVpULR3RUIDYRUSRQKDRVHXFKHIHQDOLQKD
±&HUWRHQWmR±UHVSRQGHXHOD±(VSHUHXPVHJXQGR
8PPLQXWRVHSDVVRX'HSRLVGRLV:LQGLVVH
±(ODQmRYDLYROWDU6yYDLYHUTXDQWRWHPSRRRWiULRILFDQDOLQKDHQILDQGRGLQKHLURQDFDOFLQKD
GHOD
±$FKRTXHQmR(ODJRVWRXGDPLQKDYR]'LVVHTXHHXSDUHFLDJRVWRVR
±$KVHQGRDVVLP3URYDYHOPHQWHIRLDSULPHLUDYH]TXHHODGLVVHLVVR
±)RLRTXHSHQVHL
$OJXQVPLQXWRVGHSRLV0\URQS{VRIRQHGHYROWDQRJDQFKR
±4XDQWRWHPSRGHPRURXDOLJDomR"
 :LQROKRXRUHOyJLR
±9LQWHHWUrVPLQXWRV
(OHSHJRXXPDFDOFXODGRUD
± 9LQWH H WUrV PLQXWRV YH]HV  ± GLVVH HQTXDQWR GLJLWDYD RV Q~PHURV ± (VVH WHOHIRQHPD OKH
FXVWRXGyODUHV
±8PDSHFKLQFKD4XHUVDEHUXPDFRLVDHVWUDQKD"(ODQmRGLVVHQHPXPDVDFDQDJHP
±2TXr"
±$JDURWDDRWHOHIRQH1mRGLVVHXPDVDFDQDJHPVHTXHU
±(YRFrHVWiGHVDSRQWDGR
±1mRDFKDPHLRHVWUDQKR"
:LQGHXGHRPEURVIROKHDQGRDUHYLVWD
±9RFrROKRXLVWRGLUHLWR"
±1mR
±0HWDGHGDVSiJLQDVpGHDQ~QFLRVGHGLVTXHVH[R2EYLDPHQWHpXPyWLPRQHJyFLR
±6H[RVHJXUR±GLVVH0\URQ±2PDLVVHJXURGHWRGRV
+RXYHXPDEDWLGDjSRUWD
±(QWUH±JULWRX:LQ
(VSHUDQ]DDEULXDSRUWD
±7HOHIRQHSDUDYRFr2WWR%XUNH
±'LJDDHOHTXHMiHVWRXLQGR
(ODDVVHQWLXHVDLX
± 7HQKR DOJXP WHPSR OLYUH ± GLVVH :LQ ± 9RX WHQWDU GHVFREULU TXHP S{V R DQ~QFLR 7DPEpP
YDPRVSUHFLVDUGHXPDDPRVWUDGDFDOLJUDILDGH.DWK\&XOYHUSDUDFRPSDUDU
±9HUHLRTXHSRVVRFRQVHJXLU
:LQMXQWRXGHQRYRDVSRQWDVGRVGHGRVEDWHQGRDVVXDYHPHQWHXPDVFRQWUDDVRXWUDV
±9RFrVDEHTXHHVVDIRWRWDOYH]QmRVLJQLILTXHQDGD±FRPHoRXHOH±eEDVWDQWHSURYiYHOTXH
KDMDXPDH[SOLFDomRSDUDLVVR
±7DOYH]±FRQFRUGRX0\URQOHYDQWDQGRVH(UDH[DWDPHQWHRTXHHOHWLQKDGLWRDVLPHVPRGXDV
KRUDVDWUiV0DVMiQmRDFUHGLWDYDQLVVR
±0\URQ"
±2TXr"
±9RFrQmRDFKDTXHIRLFRLQFLGrQFLD4XHURGL]HU-HVVLFDHVWDUQREDU
±1mR$FKRTXHQmR
:LQDVVHQWLX
±7HQKDFXLGDGR3DUDERPHQWHQGHGRU
 

'(6*5$d$'2
-HVVLFD &XOYHU HVWDYD VHQWDGD QD FR]LQKD GD FDVD GH VXD IDPtOLD QD PHVPD FDGHLUD TXH KDYLD
RFXSDGRWDQWDVYH]HVTXDQGRFULDQoD
(ODGHYHULDWHULPDJLQDGR'HYHULDWHUSHQVDGRGLUHLWRHVWDUSUHSDUDGDSDUDTXDOTXHUFRLVD0DV
HPYH]GLVVRRTXHWLQKDIHLWR"7LQKDILFDGRQHUYRVD7LQKDKHVLWDGR7LQKDSDUDGRSDUDWRPDUXPD
EHELGDQREDUHPEDL[RGRHVFULWyULRGHOH
,GLRWDLGLRWD
0DVQmRHUDVyLVVR(OHDVXUSUHHQGHXHHODHQWURXHPSkQLFR
3RUTXr"
'HYHULD WHU GLWR D YHUGDGH D 0\URQ 'HYHULD WHU FRQWDGR GH IRUPD GLUHWD VHP HPRWLYLGDGH D
YHUGDGHLUDUD]mRGHHVWDUOi0DVQmRFRQWRX(VWDYDGLVWUDtGDEHEHQGRHGHUHSHQWHHOHDSDUHFHX
WmRERQLWRHDRPHVPRWHPSRWmRIHULGRH
$KPHUGD-HVVLHYRFrpXPDIRGLGD
$VVHQWLX VR]LQKD e LVVR Dt )RGLGD$XWRGHVWUXWLYD ( DOJXPDV RXWUDV SDODYUDV LJXDOPHQWH UXLQV
TXHQmRFRQVHJXLDOHPEUDUDJRUD6HXHGLWRUHVXDDJHQWHQmRYLDPDFRLVDGHVVHPRGRFODUR2V
GRLVDGRUDYDPVHXV³SRQWRVIUDFRV´ H[SUHVVmRGHOHV±-HVVLHSUHIHULDGL]HU³FDJDGDV´ DWpPHVPR
RVHQFRUDMDYDP(UDPRTXHWRUQDYD-HVVLFD&XOYHUXPDHVFULWRUDWmRH[FHSFLRQDO(UDPRTXHID]LD
VXDHVFULWDWmR³DILDGD´ GHQRYRSDODYUDGHOHV 
7DOYH] IRVVH PHVPR -HVVH QmR VDELD 0DV XPD FRLVD HUD FHUWD DTXHOHV SRQWRV IUDFRVFDJDGDV
KDYLDPWRUQDGRVXDYLGDXPDPHUGD
$KFRLWDGDGDDUWLVWDVRIUHGRUD7HXFRUDomRVDQJUDSRUWDPDQKRWRUPHQWR
%DODQoRXDFDEHoDSDUDDIDVWDUDSUySULD]RPEDULD(VWDYDH[WUDRUGLQDULDPHQWHLQWURVSHFWLYDKRMH
PDV HUD GH HVSHUDU 7LQKD YLVWR 0\URQ H LVVR D OHYDYD D XP PRQWH GH ³H VH´ ± XPD DYDODQFKH
FRQVLGHUiYHOGH³HVH´GHVDEDQGRGHWRGDVDVGLUHo}HVSRVVtYHLV
(VH3HQVRXPDLVXPDYH]
&RPVHXMHLWRWLSLFDPHQWHHJRFrQWULFRWLQKDLPDJLQDGRRV³HVH´DSHQDVHPUHODomRDVLSUySULD
QmR D 0\URQ $JRUD SHQVDYD QHOH QR TXH D YLGD GH 0\URQ KDYLD VLGR GHVGH TXH R PXQGR
GHVPRURQRXHPFLPDGHOH±QmRWRGRGHXPDYH]PDVHPSHTXHQRVSHGDoRVGHFDGHQWHV
4XDWURDQRV)D]LDTXDWURDQRVTXHQmRRYLD(ODMRJDUD0\URQHPDOJXPOXJDUEHPIXQGRHPVXD
PHQWH H WUDQFDUD D SRUWD +DYLD SHQVDGR WLQKD HVSHUDQoDV"  TXH HVVH VHULD R ILP TXH D SRUWD
VXSRUWDULDXPSRXFRGHSUHVVmRVHQHFHVViULR0DVDRHQFRQWUiORKRMH±DRYHUDTXHOHURVWRJHQWLOH
ERQLWR H RV RPEURV ODUJRV DR OHU D H[SUHVVmR GH ³SRU TXH HX"´ HP VHXV ROKRV ± D SRUWD IRUD
DUUDQFDGDFRPRQXPDH[SORVmR
(OD IRL GRPLQDGD SHORV VHQWLPHQWRV 4XLV WDQWR ILFDU FRP HOH TXH SUHFLVRX LU HPERUD
LPHGLDWDPHQWH
)D]WRGRRVHQWLGRMiTXHYRFrpXPDIRGLGD
2OKRX SHOD MDQHOD (VWDYD HVSHUDQGR D FKHJDGD GH 3DXO 'XQFDQ 7LR 3DXO FRPR HOD R FKDPDYD
GHVGHSHTXHQDHUDWHQHQWHGDSROtFLDGRFRQGDGRGH%HUJHQHRWHVWDPHQWHLURHPHOKRUDPLJRGHVHX
SDL$GDP &XOYHU$GDP HUD PpGLFROHJLVWD H RV GRLV KDYLDP WUDEDOKDGR GXUDQWH PDLV GH  DQRV
SDUDDSROtFLD3DXO'XQFDQDJRUDHVWDYDDGRLVDQRVGHVHDSRVHQWDU
 3DXO YLQKD DFHUWDU RV GHWDOKHV GD PLVVD HP PHPyULD GR SDL GHOD 1mR KRXYHUD XP YHOyULR SDUD
$GDP &XOYHU (OH QmR TXHULD 0DV -HVVLFD GHVHMDYD IDODU FRP 3DXO VREUH RXWUR DVVXQWR 6R]LQKD
1mRJRVWDYDGRTXHHVWDYDDFRQWHFHQGR
±2LTXHULGD
(ODVHYLURXDRHVFXWDUDYR]
±2LPDPmH
6XD PmH YLQKD GR SRUmR (VWDYD XVDQGR XP DYHQWDO RV GHGRV UHPH[HQGR QXPD JUDQGH FUX] GH
PDGHLUDSHQGXUDGDQRSHVFRoR
± *XDUGHL D FDGHLUD GHOH ± GLVVH HOD QXP WRP IRUoDGDPHQWH FDVXDO ± 6y HVWDYD DWXOKDQGR R
HVSDoRDTXL
3HODSULPHLUDYH]-HVVLFDSHUFHEHXTXHDFDGHLUDGRSDL±jTXDOVXDPmHHVWDYDVHUHIHULQGR±
KDYLD VXPLGR GD PHVD GD FR]LQKD $ FDGHLUD VLPSOHV VHP HVWRIDPHQWR HP TXH VHX SDL KDYLD VH
VHQWDGRGHVGHTXH-HVVLFDSRGLDVHOHPEUDUDTXHILFDYDPDLVSHUWRGDJHODGHLUDWmRSHUWRTXHRSDL
SRGLDVHYLUDUDEULUDSRUWDHHVWLFDUDPmRSDUDSHJDUROHLWHQDSUDWHOHLUDGHFLPDVHPILFDUGHSp
WLQKDVLGROHYDGDJXDUGDGDHPDOJXPFDQWRFKHLRGHWHLDVGHDUDQKDQRSRUmR
0DVDGH.DWK\QmR
2ROKDUGH-HVVLHEDL[RXSDUDDFDGHLUDjVXDGLUHLWD$GH.DWK\$LQGDHVWDYDDOL6XDPmHQmR
KDYLD WRFDGR QHOD 2 SDL %RP HOH HVWDYD PRUWR 0DV .DWK\ 4XHP VDELD" 7HRULFDPHQWH HOD
SRGHULDHQWUDUSHODSRUWDGRVIXQGRVQDTXHOHPLQXWREDWHQGRDFRQWUDDSDUHGHFRPRVHPSUHID]LD
GDUXPVRUULVROXPLQRVRHVHMXQWDUDHODVSDUDRMDQWDU2VPRUWRVHVWDYDPPRUWRV4XDQGRVHPRUD
FRPXPOHJLVWDYRFrDFDEDHQWHQGHQGRFRPRRVPRUWRVVmRLQ~WHLV(VWmRPRUWRVHHQWHUUDGRV
$DOPDEHPLVVRHUDRXWUDFRLVD$PmHGH-HVVLHHUDFDWyOLFDSUDWLFDQWHHLDjPLVVDWRGDVDV
PDQKmV (P PRPHQWRV GLItFHLV FRPR DTXHOH VXD Ip HUD ~WLO ± FRPR DOJXpP TXH PDOKDVVH VHPSUH
ILQDOPHQWHGHVFREULVVHSDUDTXHVHUYHPRVP~VFXORV(ODDFUHGLWDYDVHPVRPEUDGHG~YLGDTXHD
DOPDWHULDRXWUDYLGDGLYLQDHMXELORVD7UHPHQGRFRQVROR-HVVLFDGHVHMDYDSRGHUDFUHGLWDUQLVVR
WDPEpPPDVFRPRSDVVDUGRVDQRVVXDIpSDVVDUDGHIHUYRURVDDSUHJXLoRVD
6yTXHFODUR.DWK\SRGLDQmRHVWDUPRUWD3RULVVRDPmHPDQWLQKDDFDGHLUD±FRPRVHIRVVHXP
IDURODFHVRTXHJXLDULDDILOKDPDLVQRYDGHYROWDSDUDFDVD
-HVVLFD DFRUGDYD QD PDLRULD GDV PDQKmV VHQWDQGRVH EUXVFDPHQWH QD FDPD SHQVDQGR HP ± QmR
LQYHQWDQGRQRYDVSRVVLELOLGDGHVSDUD±VXDLUPm6HUiTXH.DWK\HVWDULDPRUWDQXPSRoRHPDOJXP
OXJDU" (QWHUUDGD VRE R PDWR UDVWHLUR QD IORUHVWD" 8P HVTXHOHWR URtGR SRU DQLPDLV H KDELWDGR SRU
ODUYDV"6HUiTXHRFDGiYHUGH.DWK\HVWDULDPLVWXUDGRDRFLPHQWRGHDOJXPDOLFHUFH"(VWDULDFRPXP
SHVRGHFRQFUHWRQRIXQGRGHXPULRFRPRRPHUJXOKDGRUGHEULQTXHGRGHQWURGRDTXiULRGDVDODGH
HVWDU"7HULDPRUULGRVHPVHQWLUGRU"7HULDVLGRWRUWXUDGD"6HXFRUSRWHULDVLGRFRUWDGRHPSHTXHQRV
SHGDoRVTXHLPDGRGLVVROYLGRHPiFLGR
2XDLQGDHVWDULDYLYD"
$TXHODG~YLGDHWHUQD
.DWK\ WHULD VLGR VHTXHVWUDGD" 6HULD D HVFUDYD EUDQFD GH DOJXP [HLTXH GR 2ULHQWH 0pGLR" 2X
HVWDULDDFRUUHQWDGDHPDOJXPDID]HQGDFRPRDSDUHFHHPSURJUDPDVGH79PDLVWUDVK"3RGHULDWHU
EDWLGRDFDEHoDHDJRUDYLYHULDQDVUXDVVHPVDEHUTXHPHUD"2XWHULDVLPSOHVPHQWHIXJLGRSDUDXP
PXQGRGLIHUHQWH"
$V SRVVLELOLGDGHV HUDP LQILQLWDV 1mR p SUHFLVR WHU PXLWD FULDWLYLGDGH SDUD MXVWLILFDU R
GHVDSDUHFLPHQWRUHSHQWLQRGHDOJXpPTXHDJHQWHDPDFRPXPPLOKmRGHFRLVDVWHUUtYHLV±RXPDLV
GRORURVRDWpXPPLOKmRGHHVSHUDQoDV
2VSHQVDPHQWRVGH-HVVLFDIRUDPDIXJHQWDGRVSHORFKDFRDOKDUFDQVDGRGHXPPRWRU8P&KHY\
&DSULFHEHPFRQKHFLGRFKHLRGHSHTXHQDVPRVVDVSDURXSHUWR3DUHFLDWHUVLGRFRPSUDGRHPXPD
ORMD GH XVDGRV FXMR HVWDFLRQDPHQWR IXQFLRQDVVH GHQWUR GH XPD iUHD GH WUHLQRV GH JROIH (OD VH
OHYDQWRXHVDLXFRUUHQGRSHODSRUWDGDIUHQWH
3DXO'XQFDQHUDXPKRPHPDWDUUDFDGRFRPSDFWRFRPFDEHORDJRUDVHWRUQDQGRPDLVEUDQFRGR
TXHJULVDOKR$QGDYDDSDVVRVGHFLGLGRVFRPRID]HPRVSROLFLDLV&XPSULPHQWRXDQDVROHLUDFRP
XPVRUULVRODUJRHXPEHLMRQDERFKHFKD
±2LOLQGD&RPRHVWi"
(ODRDEUDoRX
±(VWRXEHPWLR3DXO
±3DUHFHyWLPD
±2EULJDGD
3DXODEULJRXRVROKRVGRVRO
±9HQKDYDPRVHQWUDU(VWiID]HQGRXPFDORULQIHUQDODTXLIRUD
±1XPPLQXWR±GLVVHHODSRQGRDPmRQRDQWHEUDoRGHOH±3ULPHLURTXHURIDODUFRPYRFr
±6REUHRTXr"
±2FDVRGRPHXSDL
±(XQmRHVWRXFXLGDQGRGLVVRTXHULGD1mRWUDEDOKRPDLVFRPKRPLFtGLRVYRFrVDEH$OpPGR
PDLVVHULDFRQIOLWRGHLQWHUHVVHVMiTXHHXHUDDPLJRGR$GDP
±0DVYRFrGHYHVDEHURTXHHVWiDFRQWHFHQGR
3DXO'XQFDQDVVHQWLXOHQWDPHQWH
±6HL
±0DPmHGLVVHTXHDSROtFLDDFKDTXHHOHIRLPRUWRQXPDWHQWDWLYDGHDVVDOWR
±,VVRPHVPR
±9RFrQmRDFUHGLWDQmRp"
±6HXSDLIRLDVVDOWDGR$FDUWHLUDGHOHVXPLX2UHOyJLR$WpRVDQpLV2FDUDROLPSRX
±3DUDID]HUFRPTXHSDUHFHVVHXPDVVDOWR
3DXOVRUULXJHQWLOPHQWH±FRPRKDYLDIHLWRHODVHOHPEURXHPVXDFHULP{QLDGHFULVPDQDIHVWD
GHGHEXWDQWHHQDIRUPDWXUDGDHVFROD
±$RQGHYRFrTXHUFKHJDU-HVVLFD"
±9RFrQmRDFKDHVVDFRLVDWRGDHVWUDQKD"1mRYrXPDOLJDomRHQWUHLVVRH.DWK\"
(OHFDPEDOHRXXPSDVVRDWUiVFRPRVHDVSDODYUDVGHODRWLYHVVHPHPSXUUDGR
±4XHOLJDomR"6XDLUPmVXPLXGRFDPSXVGDXQLYHUVLGDGH6HXSDLIRLDVVDVVLQDGRSRUXPODGUmR
XPDQRHPHLRGHSRLV2QGHYRFrHVWiYHQGROLJDomR"
±9RFrDFKDPHVPRTXHXPDFRLVDQmRWHPQDGDDYHUFRPDRXWUD"$FUHGLWDKRQHVWDPHQWHTXHR
UDLRFDLXGXDVYH]HVQRPHVPROXJDU"
(OHHQILRXDVPmRVQRVEROVRV
±6HYRFrHVWiSHUJXQWDQGRVHHXDFKRTXHVXDIDPtOLDIRLYtWLPDGHGXDVWUDJpGLDVWHUUtYHLVPDV
VHSDUDGDVDUHVSRVWDpVLP,VVRDFRQWHFHRWHPSRWRGR-HVV$YLGDUDUDPHQWHpMXVWD'HXVQmR
DQGDSRUDtGLYLGLQGRRPDOHPGRVHVLJXDLV$OJXPDVIDPtOLDVSDVVDPSHODYLGDSUDWLFDPHQWHVHP
VRIUHUXPDUUDQKmR2XWUDVILFDPFRPXPH[FHVVRGHWULVWH]DV&RPRDVXD
±(QWmRpRGHVWLQR(VVDpVXDUHVSRVWD2GHVWLQR
 (OHHUJXHXDVPmRV
±'HVWLQRRUDLRFDLQGRGXDVYH]HVQRPHVPROXJDUYRFrpTXHGLVVHLVVR9RFrpDHVFULWRUDQmR
HX (X Vy FKDPR GH WUDJpGLD &KDPR GH FRLQFLGrQFLD WUiJLFD XP WDQWR EL]DUUD -i YL PXLWDV PDLV
HVWUDQKDVGRTXHHVVD2VHXSDLWDPEpP
$SRUWDGDIUHQWHVHDEULX6XDPmHSDURXjVROHLUD
±2TXHHVWiDFRQWHFHQGR"
±1DGD&DURO6yHVWiYDPRVFRQYHUVDQGR
&DUROROKRXSDUDDILOKD
±-HVVLFD"
±6yHVWDPRVFRQYHUVDQGRPDPmH±UHVSRQGHXRVROKRVIL[RVQRVGH3DXOVRQGDQGRRV
(QWmR-HVVLFDVHYLURXHHQWURXHPFDVD
3DXO 'XQFDQ ILFRX REVHUYDQGRD (P VLOrQFLR VROWRX D UHVSLUDomR 7LQKD VXVSHLWDGR GH TXH HOD
VHULDXPSUREOHPD±-HVVLFDQXQFDDFHLWDYDDVVROXo}HVIiFHLVSDUDQDGDQDYLGDPHVPRTXDQGRD
UHVSRVWDHUDVLPSOHVeHOHHVSHUDYDTXHLVVRQmRDFRQWHFHVVHPDVGHILQLWLYDPHQWHKDYLDSUHYLVWR
HVVDSRVVLELOLGDGH
6yQmRVDELDRTXHID]HUDUHVSHLWR

ZZZ

0HLDQRLWH
'XDVKRUDVDQWHV&KULVWLDQ6WHHOHKDYLDVHDUUDVWDGRSDUDEDL[RGRFREHUWRUOLGRSRUPLQXWRVH
GHSRLVDSDJDGRDOX]'HVGHHQWmRHVWDYDGHLWDGRQRHVFXURLPyYHOROKDQGRRWHWRVHPDRPHQRV
WHQWDUVHHQJDQDUGHTXHKDYHULDDOJXPDHVSHUDQoDGHGRUPLUORJR
±.DWK\±GLVVHHPYR]DOWD
6XDPHQWHIOXWXDYDVHPREMHWLYRSRXVDQGRFRPRXPDERUEROHWDDSHQDVSRUEUHYHVLQVWDQWHVDQWHV
GHFRQWLQXDU$HVFXULGmRRURGHDYDPDVQmRRVLOrQFLR6LOrQFLRHUDDOJRTXHQmRH[LVWLDQXPOXJDU
FRPWDQWRVMRYHQV&KULVWLDQRXYLXEDUULVGHFHUYHMDVHQGRMRJDGRVGHXPODGRSDUDRXWURP~VLFD
DOWDULVRVFDQWRVSDODYU}HV3RGLDHVFXWDUQLWLGDPHQWH&KDUOHVH(GGLHDWDFDQWHVGHVHXWLPHQR
TXDUWR DR ODGR (OHV YLYLDP SHUPDQHQWHPHQWH QR ~OWLPR YROXPH FRPR XP UiGLR TXH HVWLYHVVH QD
SRWrQFLDPi[LPDTXDQGRRFRQWUROHVHTXHEURX&KULVWLDQQmRGHL[DYDGHJRVWDUGHIHVWDV7DPEpP
VHGLYHUWLDFRQVXPLQGRiOFRRODWpDEUDoDURGHXVGHORXoDHYRPLWDUVXDVRIHUHQGDV0DVHVWDQRLWH
QmR
3RU'HXVHVWDQRLWHQmR
±.DWK\±UHSHWLX
6HULDSRVVtYHO"'HSRLVGHWRGRHVVHWHPSR
7DQWDV FRLVDV DFRQWHFHQGR DR PHVPR WHPSR $ IDFXOGDGH KDYLD WHUPLQDGR $ FRQFHQWUDomR GR
7LWDQV FRPHoDULD HP GRLV GLDV 2 LQWHUHVVH GD LPSUHQVD KDYLD ILFDGR PDLRU GR TXH QXQFD (OH
JRVWDYDGDDWHQomRJRVWDYDGHVDLUQDFDSDGD6SRUWV,OOXVWUDWHGJRVWDYDGDDGPLUDomRHVWDPSDGD
QR URVWR GDV SHVVRDV TXDQGR IDODYDP FRP HOH *DURWR OHJDO HUD R TXH VHPSUH GL]LDP /HJDO GH
YHUGDGH &RPR VH HVSHUDVVHP TXH HOH IRVVH JURVVHLUR Vy SRUTXH FRQVHJXLD ODQoDU XPD EROD FRP
SUHFLVmR&RPRVHGHDOJXPPRGRGHYHVVHDFKDUTXHSHUWHQFLDDXPDHVSpFLHPDLVHOHYDGDPXLWR
DFLPDGRVRXWURVSRUTXHSRUDFDVRHUDERPDWOHWD
&KULVWLDQHVWDYDHPSROJDGR(VWDYDFRPPHGR6DELDTXHSUHFLVDYDSHQVDUQRIXWXUR0\URQKDYLD
FRQWDGRVREUHRVSHULJRVGDIDPDHFRPRHODSRGLDWHUYLGDFXUWD$ILQDOGHFRQWDVHOHSUySULRHUD
XPH[HPSORFOiVVLFR7LQKDH[SOLFDGRD&KULVWLDQDLPSRUWkQFLDGHMXQWDUGLQKHLURDJRUDSRUTXHVXD
FDUUHLUDQDPHOKRUGDVKLSyWHVHVGXUDULDDQRV+DYLDPXLWDFRLVDHPMRJR0XLWDPHVPR(OHHUD
FRQKHFLGR PDV ILFDU IDPRVR FRPR MRJDGRU SURILVVLRQDO VHULD PXLWR GLIHUHQWH /RJR HOH WHULD WXGR
&RPSHWLomR)DPD'LQKHLURGHYHUGDGH±QmRDDMXGDTXHRVH[DOXQRVGDXQLYHUVLGDGHOKHGDYDP
SRUEDL[RGRVSDQRV
0DVHGDt"
±.DWK\
2WHOHIRQHWRFRX
&KULVWLDQSXORXGDFDPDRFRUDomREDWHQGRFRPRRGHXPFRHOKR6HXVUHIOH[RVHUDPUiSLGRV¬V
YH]HVLVVRDJLDFRQWUDHOH(UDVyRWHOHIRQH3URYDYHOPHQWH&KDUOHVRX(GGLHGL]HQGRKRUDGDIHVWD
2V GRLV WLQKDP VLGR FRQWUDWDGRV WDPEpP &KDUOHV IRUD FKDPDGR SHOR 'DOODV QD VHJXQGD URGDGD GH
FRQWUDWDo}HV(GGLHIRUDSDUDR5DPVQDTXLQWD
3HJRXRWHOHIRQH
±$O{
1mRKRXYHUHVSRVWD
±$O{±GLVVHGHQRYR
1DGD0DVRWHOHIRQHQmRIRLGHVOLJDGR+DYLDDOJXpPOiVHJXUDQGRRIRQHHPVLOrQFLRMXQWRDR
RXYLGR
±4XHPp"
1DGD
&KULVWLDQGHVOLJRX&RPHoDYDDVHGHLWDUTXDQGRRWHOHIRQHWRFRXGHQRYR(OHDWHQGHX
±$O{
0DLVXPDYH]VLOrQFLR&KULVWLDQWHQWRXHVFXWDUFRPPDLVDWHQomR1DGD2XRXDTXLORVHULDXPD
UHVSLUDomR"2SkQLFRRGRPLQRX1mRVDELDSRUTXr(UDDSHQDVDOJXpPSDVVDQGRXPWURWHSDUDXP
Q~PHURTXHQmRHVWDYDQDOLVWD$WpSRGHULDVHU&KDUOHVRX(GGLHID]HQGRDOJXPDEULQFDGHLUD1DGD
FRPTXHVHSUHRFXSDU
6yTXHHVWDYDSUHRFXSDGR
3LJDUUHRX
±2TXHYRFrTXHU"
1DGDDLQGD
±6HOLJDUGHQRYRYRXFKDPDUDSROtFLD
%DWHX R WHOHIRQH 6XD PmR WUHPLD -i LD WHQWDU VH DFRPRGDU GH QRYR TXDQGR VH OHPEURX GH XPD
FRLVD
$VWHULVFR6HLV1RYH
$FRPSDQKLDWHOHI{QLFDKDYLDPDQGDGRXPDSURSDJDQGDSHORFRUUHLR(OHMiYLUDRDQ~QFLRQD79
± XPD PXOKHU JUiYLGD DQGDYD FRP GLILFXOGDGH HP GLUHomR DR WHOHIRQH PDV TXDQGR FKHJDYD DR
DSDUHOKRHOHMiWLQKDSDUDGRGHWRFDU(QWmRHQWUDYDDYR]GRQDUUDGRUGL]HQGRDOJRGRWLSR³9RFr
SHUGHXDOLJDomR(ODHUDLPSRUWDQWH"(UDDOJXpPFRPTXHPYRFrTXHULDIDODU"6yKiXPPRGRGH
GHVFREULU $SHUWH R DVWHULVFR H GHSRLV VHLV H QRYH´ (OHV GHPRQVWUDYDP QD WHOD SDUD R FDVR GH
DOJXpPQmRVDEHUXVDUXPWHOHIRQH(PVHJXLGDRQDUUDGRUFRQWLQXDYD³9RFrYDLVHFRQHFWDUFRPD
SHVVRD TXH OLJRX SDUD VXD FDVD PHVPR TXH R Q~PHUR GHOD HVWHMD RFXSDGR 1yV FRQWLQXDUHPRV
GLVFDQGRSRUYRFrHHQTXDQWRLVVRVXDOLQKDILFDUiOLYUHSDUDRULJLQDURXUHFHEHUFKDPDGDV´
 $PXOKHUJUiYLGDHVFXWDYDXPWRTXHGHWHOHIRQHHGHSRLVIDODYDFRPRPDULGRDOLYLDGRTXHHVWDYD
WUDEDOKDQGRGLDQWHGHXPDSUDQFKHWDQRHVFULWyULR
&KULVWLDQSHJRXRWHOHIRQH(PVHJXLGDDSHUWRXRDVWHULVFRRVHLVHRQRYH
2WHOHIRQHWRFRX
(OH FRoRX R TXHL[R 8P LQVWDQWH GHSRLV HQWURX XPD JUDYDomR ³1R PRPHQWR HVWH Q~PHUR HVWi
RFXSDGR/LJDUHPRVGHYROWDSDUDYRFrTXDQGRDOLQKDHVWLYHUOLYUH2EULJDGD´
&KULVWLDQS{VRIRQHQRJDQFKR6HQWRXVHHHVSHURX$IHVWDFRQWLQXDYD'DYDSDUDRXYLUWUrVRX
TXDWUR IHVWDV GLIHUHQWHV $OJXpP JULWRX ³,XUUXXX´ 8PD MDQHOD VH GHVSHGDoRX 3HVVRDV
FRPHPRUDUDP6HXVFROHJDVGHWLPHDSRVWDYDPODQoDPHQWRGHEDUULVGHFHUYHMDDGLVWkQFLD
2WHOHIRQHWRFRX
&KULVWLDQ SX[RX R IRQH FRPR VH IRVVH XPD EROD SHUGLGD QR JUDPDGR (VWDYDP UHSHWLQGR D
FKDPDGD'HSRLVGRTXDUWRWRTXHRWHOHIRQHIRLDWHQGLGR
6HFUHWiULDHOHWU{QLFD³2L1mRHVWDPRVHPFDVDDJRUD3RUIDYRUGHL[HVHXUHFDGRGHSRLVGRELS
HOLJDUHPRVGHYROWD2EULJDGD´
2WHOHIRQHHVFRUUHJRXGDPmRGH&KULVWLDQ8PFDODIULRSHUFRUUHXVXDQXFD8PVRP±DOJXPWLSR
GHUXtGRHQJDVJDGR±HVFDSRXGHVHXVOiELRV(OHWHQWRXIRUPDUDOJXPDSDODYUDPDVQmRFRQVHJXLX
$VHFUHWiULDHOHWU{QLFD$YR]
(UDGH.DWK\
 

0<521(17528&$0%$/($1'2QRHVFULWyULRErEDGRGHFDQVDoRSRUQmRWHUGRUPLGR1HPKDYLDVH
GDGRRWUDEDOKRGHLUSDUDDFDPDQDQRLWHDQWHULRU7HQWDUDOHUPDVDVSDODYUDVQDGDYDPGLDQWHGH
VHXVROKRVHPRQGDVVHPVLJQLILFDGR/LJDUDD793URJUDPDomRQRWXUQDGHIiFLOGLJHVWmR(SLVyGLRV
UHDOPHQWH DQWLJRV GH)7URRS GXUDQWHWUrVKRUDVVHJXLGDV/DUU\6WRUFKQRSDSHOGH$JDUQHUDHP
WUrVSDODYUDVSXURJrQLRLQWHUSUHWDWLYR4XHPLPDJLQDULDTXHEDWHUHPDOJXpPUHSHWLGDPHQWHFRPXP
FKDSpXSRGHULDSDUHFHUWmRHQJUDoDGR"
0DV QHP PHVPR XPD GLYHUVmR GH WmR DOWR QtYHO IRL FDSD] GH LPSHGLU VXD PHQWH GH YROWDU D XP
SHQVDPHQWR-HVVKDYLDYROWDGR(FRPR:LQGLVVHUDQmRHUDFRLQFLGrQFLD
¬PHLDQRLWHVXDPmHGHVFHUDHQURODGDHPXPURXSmR
±4XHULGRYRFrHVWiEHP"
±(VWRXPmH
±9RFrSDUHFHXGLVWUDtGRRWHPSRWRGR
±1mRpQDGD6yHVWRXFRPPXLWRWUDEDOKR
(ODRHQFDUDUDFRPXPDH[SUHVVmRGHLQFUHGXOLGDGHGRWLSR³VRXVXDPmHHYRFrQmRPHHQJDQD´
±6HYRFrGL]
$RVDQRV0\URQDLQGDYLYLDQDFDVDGRVSDLV7XGREHPTXHHOHWLYHVVHVHXSUySULRHVSDoR
XPTXDUWRFRPEDQKHLURQRSRUmRPDVQmRKDYLDFRPRQHJDUPRUDYDFRPPDPmHHSDSDL
&LQFR PLQXWRV GHSRLV GH D PmH WHU YROWDGR SDUD D FDPD &KULVWLDQ 6WHHOH OLJDUD SDUD VXD OLQKD
SDUWLFXODU D TXH WRFDYD EDL[LQKR QR SRUmR SDUD QmR DFRUGDU RV SDLV TXH WLQKDP VRQR PXLWR OHYH
0\URQWLQKDFHUWH]DGHTXHHOHVKDYLDPWUDEDOKDGRFRPRYLJLDVHPDOJXPDYLGDSDVVDGD&KULVWLDQ
S{V0\URQDSDUGRVWHOHIRQHPDVHVWUDQKRV
0\URQ Mi FRQKHFLD R DVWHULVFRVHLVQRYH 2 VHUYLoR HUD FREUDGR GH DFRUGR FRP D XWLOL]DomR ±
FHUFDGHFHQWDYRVDFDGDYH]2SUREOHPDpTXHHVVHVHUYLoRQmRUDVWUHDYDRWHOHIRQHSDUDRTXDO
GLVFDYD ,VVR VH FRQVHJXLD FRP DVWHULVFRFLQFRVHWH PHVPR TXH R Q~PHUR IRVVH PHUDPHQWH
LQIRUPDGRjFRPSDQKLDWHOHI{QLFDORFDOTXHRHQWUHJDYDVRPHQWHjVDXWRULGDGHVFRPSHWHQWHV
0HVPRDVVLP0\URQOLJDULDSDUDDOJXPDVGHVXDVDQWLJDVIRQWHVQDFRPSDQKLDWHOHI{QLFDSDUDYHU
RTXHFRQVHJXLULDGHVFREULU6DELDTXHRDVWHULVFRVHLVQRYHVyIXQFLRQDYDSDUDFHUWDViUHDVORFDLV
HQWmRFRPFHUWH]DQmRKDYLDVLGRXPDFKDPDGDGHORQJDGLVWkQFLD-iHUDXPFRPHoR0HOKRUGRTXH
QDGD 0\URQ WDPEpP FRORFDULD XP LGHQWLILFDGRU GH FKDPDGDV QR WHOHIRQH GH &KULVWLDQ$JRUD HUD
WXGRDXWRPiWLFRQLQJXpPSUHFLVDYDPDLVDWHQGHURWHOHIRQHHILFDUHQURODQGRQDOLQKD±FRPRVHYLD
DQWLJDPHQWHQDWHOHYLVmR±DWpTXHRUDVWUHDPHQWRVHFRPSOHWDVVH2LGHQWLILFDGRUPRVWUDYDRQ~PHUR
DQWHVPHVPRGHDSHVVRDDWHQGHURWHOHIRQH
0DVFODURQDGDGLVVRUHVSRQGLDjVSHUJXQWDVPDLVLPSRUWDQWHV
6HULDPHVPRDYR]GH.DWK\TXH&KULVWLDQKDYLDHVFXWDGR"(VHIRVVHRTXHLVVRVLJQLILFDYD"
0XLWDVSHUJXQWDV1mRPXLWDVUHVSRVWDV
$SUR[LPRXVHGDPHVDGH(VSHUDQ]D
±&RPRYmRDVFRLVDV"
(ODFUDYRXXPROKDULUULWDGRQHOHEDODQoRXDFDEHoDHQRMDGDHYROWRXDROKDUSDUDDPHVD
±(VWiWRPDQGRGHVFDIHLQDGRGHQRYR"±SHUJXQWRXHOH
2XWURROKDUGHLUULWDomR0\URQGHXGHRPEURV
 ±$OJXPUHFDGR"
8PEDODQoRGHFDEHoD(VSHUDQ]DPXUPXURXDOJXPDFRLVD0\URQDFKRXWHUHQWHQGLGRDOJRFRPR
³EXQGDVXMD´HPHVSDQKRO
±4XHUGL]HUSRUTXHHVWiWmRFKDWHDGD"
±&HUWR±UHVSRQGHXHODHPWRPFRUWDQWH±&RPRVHYRFrQmRVRXEHVVH
±1mRVHL
2 ROKDU GH LUULWDomR HVWDYD GH YROWD $V PXOKHUHV WLQKDP XP WDOHQWR SDUD HVVH WLSR GH ROKDU
(VSHUDQ]DWLQKDXPGRPGLYLQR
±'HL[HSDUDOi±GLVVHHOH±6yOLJXHSDUD2WWR%XUNH
±$JRUD"±SHUJXQWRX(VSHUDQ]DDYR]GHVWLODQGRVDUFDVPR±9RFrQmRYDLHVWDURFXSDGR"
±6yIDoDLVVRFHUWR"9RFrHVWiFRPHoDQGRDPHLUULWDU
±8XXX(VWRXWUHPHQGR
0\URQEDODQoRXDFDEHoD1mRWLQKDWHPSRSDUDRPDXKXPRUGHOD$WUDYHVVRXDVDODHDEULXD
SRUWDGHVHXHVFULWyULR3DURX
±2L
3LJDUUHRXHIHFKRXDSRUWDGHSRLVGHHQWUDU
±2Oi-HVVLFD

ZZZ

3DUD D PDLRULD GRV DWOHWDV SHQVRX -HVVLFD RV UHIOHWRUHV VH DSDJDP OHQWDPHQWH 0DV SDUD XQV
SRXFRV D OX] GHVDSDUHFH WUDJLFDPHQWH FRPR VH KRXYHVVH XPD V~ELWD IDOWD GH HQHUJLD EDQKDQGRRV
QXPDHVFXULGmRFHJD
(UDRFDVRGH0\URQ
3DUDDPDLRULDGRVDWOHWDVDVPXGDQoDVHPVXDVSHUVSHFWLYDVDMXGDPDEDL[DUDOX]JUDGXDOPHQWH
2DVWURGDHVFRODYLUDRHVTXHQWDEDQFRGRWLPHGDIDFXOGDGH$OX]GLPLQXL8PMRJDGRUFRQVHJXH
VHU WLWXODU GD HTXLSH XQLYHUVLWiULD PDV ORJR SHUFHEH TXH QXQFD VHUi VHX PDLRU SRQWXDGRU $ OX]
GLPLQXL2tGRORGDIDFXOGDGHHQWHQGHTXHMDPDLVFKHJDUiDFRPSHWLUSURILVVLRQDOPHQWHQRHVSRUWH
$OX]GLPLQXL(KiRVHOHLWRVXPHPFDGDPLOKmRRVTXHWrPDTXDVHLPSRVVtYHO³FRLVDFHUWD´HVH
WRUQDPDWOHWDVSURILVVLRQDLV
3DUD HVVHV D OX] p RIXVFDQWH GR WLSR TXH FDXVD GDQRV LUUHYHUVtYHLV j YLVmR GH TXHP ROKD
GLUHWDPHQWHSDUDHOD3RULVVRHUDWmRLPSRUWDQWHUHGX]LUDOXPLQRVLGDGHDRVSRXFRV8PDWOHWDSRGLD
VHDFRVWXPDUDSHUGHUDOX]YDJDURVDPHQWH(OHFUHVFHULDFRPHoDQGRFRPRFDORXURLQH[SHULHQWHDWp
FKHJDUDVHXiSLFHFRPRMRJDGRU(QWmRDOX]FRPHoDULDDGLPLQXLUjPHGLGDTXHHOHSDVVDVVHDVHU
XPYHWHUDQRPDGXUR
&RP0\URQLVVRQmRKDYLDDFRQWHFLGR
(OHIRUDXPGRVSRXFRVLOXPLQDGRVSHORVPDLVSRWHQWHVZDWWVFRPRVHRVUHIOHWRUHVDSRQWDVVHP
SDUDHOHHGHGHQWURGHOH6HXWDOHQWRSDUDREDVTXHWHKDYLDVHWRUQDGRHYLGHQWHDLQGDQDVH[WDVpULH
(OHFKHJDUDDTXHEUDUWRGRVRVUHFRUGHVGHSRQWRVHUHERWHVGRFRQGDGRGH(VVH[HP1RYD-HUVH\
EHUoRGHJUDQGHVQRPHVGREDVTXHWH0\URQHUDEDL[RSDUDXPDOD2WLPHRDSUHVHQWDYDFRPRWHQGR
PHWURSRUpPHOHQDYHUGDGHPHGLDDSHQDVPHWURPDVHUDXPDFULDWXUDGHIRUoDEUXWDXP
WRXURHWLQKDXPDLPSXOVmRLQFUtYHO)RLWUHPHQGDPHQWHGLVSXWDGR(VFROKHXD8QLYHUVLGDGH'XNHH
HPTXDWURDQRVJDQKRXGRLVWtWXORVGDOLJDXQLYHUVLWiULD
 2%RVWRQ&HOWLFVRKDYLDFKDPDGRQDSULPHLUDURGDGDGHFRQWUDWDo}HVRRLWDYRQRPHGDOLVWD$
OX]GH0\URQILFRXLPSRVVLYHOPHQWHEULOKDQWH
(HQWmRRIXVtYHOTXHLPRX
8PDOHVmRLQHVSHUDGDIRLRTXHGLVVHUDP(UDXPDSDUWLGDGHSUpWHPSRUDGDFRQWUDR:DVKLQJWRQ
%XOOHWV'RLVMRJDGRUHVTXHSHVDYDPTXLORVMXQWRVIL]HUDPVDQGXtFKHGRFDORXUR0\URQ%ROLWDU
2V PpGLFRV XVDUDP WRGR WLSR GH WHUPRV WpFQLFRV SDUD R KRPHPFULDQoD TXH QXQFD KDYLD VH
PDFKXFDGRDQWHVVHTXHUWLYHUDXPWRUQR]HORWRUFLGR)UDWXUDVP~OWLSODVGLVVHUDP(VIDFHODPHQWRGH
SDWHOD,PRELOL]DomR&DGHLUDGHURGDV0XOHWDV%HQJDOD
$QRV
'H]HVVHLVPHVHVGHSRLV0\URQSRGLDDQGDUPDVFRQWLQXRXPDQFDQGRSRUPDLVGRLVDQRV1XQFD
YROWRX6XDFDUUHLUDKDYLDDFDEDGR$~QLFDYLGDTXHHOHFRQKHFHUDWLQKDVLGRUHWLUDGD$LPSUHQVD
SXEOLFRXXPDPDWpULDRXGXDVPDV0\URQIRLHVTXHFLGRUDSLGDPHQWH
(VFXULGmRFRPSOHWD
-HVVLFDIUDQ]LXDWHVWD5HIOHWRUHV0HWiIRUDUXLP&OLFKrGHPDLVHLPSUHFLVDGHPDLV%DODQoRXD
FDEHoDHROKRXSDUDHOH
±,VVRH[SOLFD±GLVVH0\URQ
±2TXr"
±2KXPRUGH(VSHUDQ]D
±$K
(ODVRUULX
±(XGLVVHTXHPDUFDPRVKRUD(ODQmRSDUHFHXPXLWRVDWLVIHLWDHPPHYHU
±1mREULQFD
±(ODDLQGDPHPDWDULDSRUFHQWDYRVQmRp"
±2XPHWDGHGLVVR$FHLWDXPFDIp"
±&ODUR
(OHSHJRXRWHOHIRQH
±3RGHPHWUD]HUXPFDIpSXUR"2EULJDGR
3{VRIRQHGHYROWDQRJDQFKRHROKRXSDUDHOD
±&RPRYDLR:LQ"±SHUJXQWRX-HVVLFD
±%HP
±$IDPtOLDGHOHpGRQDGHVWHSUpGLR"
±e
±3HORTXHVRXEHR:LQYLURXXPWUHPHQGRPDJRGDVILQDQoDVPHVPRVHPTXHUHU
0\URQDVVHQWLXHHVSHURX
±(QWmRYRFrFRQWLQXDDQGDQGRFRPR:LQ±FRQWLQXRXHOD±$LQGDHVWiFRP(VSHUDQ]D$VFRLVDV
QmRPXGDUDPPXLWR
±0XGDUDP±GLVVHHOH
(VSHUDQ]DDSDUHFHXjSRUWDFRPDH[SUHVVmRGHGHVSUH]RDLQGDQRURVWR
±2WWR%XUNHHVWDYDHPUHXQLmR
±7HQWHIDODUFRP/DUU\+DQVRQ
(ODHQWUHJRXRFDIpD-HVVLFDGHXXPVRUULVRPLVWHULRVRHVDLX-HVVLFDH[DPLQRXD[tFDUD
±6HUiTXHHODFXVSLXGHQWUR"
±3URYDYHOPHQWH±UHVSRQGHX0\URQ
 (ODSRXVRXD[tFDUD
±(VWRXPHVPRSUHFLVDQGRGLPLQXLURFDIp
0\URQ URGHRX D PHVD H VHQWRXVH$ SDUHGH DWUiV GHOH HUD FREHUWD GH FDUWD]HV GH WHDWUR 7RGRV
PXVLFDLV6HXVGHGRVWDPERULODUDPQDPHVD
±'HVFXOSHSRURQWHP±GLVVHHOD±(XTXHULDOKHID]HUXPDVXUSUHVDSHJiORGHVSUHYHQLGR(QmR
RFRQWUiULR
±$LQGDTXHUVDLUVHPSUHHPYDQWDJHP"
±$FKRTXHVLPeRKiELWR
(OHGHXGHRPEURVPDVQmRGLVVHQDGD
±3UHFLVRGDVXDDMXGD±FRQWLQXRXHOD
(OHHVSHURX
(ODUHVSLURXHPHUJXOKRXIXQGR
±$SROtFLDGLVVHTXHPHXSDLIRLPRUWRQXPDVVDOWR1mRDFUHGLWRQLVVR
±(PTXHYRFrDFUHGLWD"
±$FKRTXHRDVVDVVLQDWRGHOHWHPDOJRDYHUFRP.DWK\
0\URQ QmR ILFRX VXUSUHVR ,QFOLQRXVH SDUD D IUHQWH R ROKDU MDPDLV FUX]DQGR R GHOD SRU PXLWR
WHPSR
±2TXHDID]GL]HULVVR"
± $ SROtFLD GL] TXH QmR SDVVD GH FRLQFLGrQFLD ± GLVVH HOD VLPSOHVPHQWH ± 1mR VRX PXLWR GH
DFUHGLWDUHPFRLQFLGrQFLDV
±(RDPLJRGHVHXSDLQDSROtFLD&RPRpPHVPRRQRPHGHOH"
±3DXO'XQFDQ
±,VVR-iIDORXFRPHOH"
±-i
±("
(ODFRPHoRXDEDWHUFRPRSpXPKiELWRDQWLJRLQFRQVFLHQWHLUULWDQWH2EULJRXVHDSDUDU
±3DXOWDPEpPGL]TXHIRLDVVDOWR(QXPHURXWRGRVRVIDWRVGDFHQDGRFULPHDFDUWHLUDTXHVXPLX
DVMRLDVTXHIRUDPOHYDGDVHVVHWLSRGHFRLVD(VWiVHQGRDEVROXWDPHQWHOyJLFRHREMHWLYRRTXHQmR
ID]RJrQHURGHOH
±&RPRDVVLP"
±3DXO'XQFDQpXPKRPHPSDVVLRQDO&DEHoDTXHQWH2PHOKRUDPLJRGHOHpDVVDVVLQDGRHHOH
SDUHFHTXDVHEODVp1mRpRHVWLORGHOH
(ODSDURXUHPH[HXVHQDFDGHLUD
±$OJXPDFRLVDQmRVHHQFDL[DQmRVHLFRPRH[SOLFDU
0\URQFRoRXRTXHL[RPDVILFRXTXLHWR
±2OKDYRFrVDEHTXHHXQXQFDIXLFKHJDGDDRPHXSDL±FRQWLQXRXHOD±(OHQmRHUDXPKRPHP
IiFLO GH VH DPDU (UD PXLWR PHOKRU FRP RV FDGiYHUHV GR TXH FRP RV YLYRV *RVWDYD GR LGHDO GH
IDPtOLD GR FRQFHLWR 0DV R FRWLGLDQR GLVVR QmR HUD SDUD HOH 0HVPR DVVLP SUHFLVR GHVFREULU D
YHUGDGH3RU.DWK\
±&RPR.DWK\HVHXSDLVHGDYDP"
(ODSHQVRXXPPRPHQWR
± 4XDQGR pUDPRV FULDQoDV RV GRLV QmR HUDP PXLWR tQWLPRV .DWK\ HUD D PHQLQLQKD GD PDPmH
ILFDYDJUXGDGDQHODTXHULDVHULJXDODHODHPWXGRHVVDVFRLVDV0DVQDpSRFDHPTXHGHVDSDUHFHX
HX GLULD TXH HOD HVWDYD PDLV SUy[LPD GR PHX SDL GR TXH GD PLQKD PmH (OH ILFRX PXLWR DEDODGR
)LFRXREFHFDGR1mR³REFHFDGR´QmRpIRUWHREDVWDQWH7RGRVQyVILFDPRVREFHFDGRVFODUR0DV
QmRFRPRPHXSDL$TXLORRFRQVXPLX7XGRQHOHPXGRX(OHVHPSUHKDYLDVLGRRGLVFUHWROHJLVWDGR
FRQGDGRRKRPHPTXHQmRFDXVDYDSUREOHPDV'HUHSHQWHHOHHVWDYDXVDQGRRFDUJRSDUDSUHVVLRQDU
DVLQYHVWLJDo}HVKRUDVSRUGLD)LFRXSDUDQRLFRFRQYHQFLGRGHTXHDSROtFLDQmRHVWDYDID]HQGR
WXGRTXHSRGLDSDUDHQFRQWUiOD&RPHoRXDWpDLQYHVWLJDUSRUFRQWDSUySULD
±(GHVFREULXDOJXPDFRLVD"
±1mR1mRTXHHXVDLED
0\URQGHVYLRXRROKDU3DUDDSDUHGHPDLVGLVWDQWH8PDIRWRGHXPILOPHGRVLUPmRV0DU[8PD
QRLWHQDySHUD*URXFKRRHQFDUDYDPDVQmRRIHUHFLDQHQKXPDUHVSRVWD
±2TXHIRL"±SHUJXQWRXHOD
±1DGD&RQWLQXH
±1mRKiPXLWDFRLVDPDLV6ySRVVRGL]HUTXHPHXSDLYLQKDDJLQGRGHPRGRPXLWRHVWUDQKRQDV
~OWLPDVVHPDQDV&RPHoRXDOLJDUSDUDPLPRWHPSRWRGRTXDQGRDQWHVQyVVyQRVIDOiYDPRVXPDV
WUrV YH]HV SRU DQR H SDUHFLD PHLR FKRURVR (UD FRPR VH HVWLYHVVH UHSUHVHQWDQGR R SDSHO GH SDL
SHUIHLWRFRPYLJRUUHQRYDGR1mRGDYDSDUDVDEHUVHHUDXPDPXGDQoDVpULDRXVyXPDIDVH
0\URQDVVHQWLXGHVYLDQGRRROKDUGHQRYR1mRGLVVHQDGD-HVVLFDTXDVHFKHJRXDSHQVDUTXHHOH
KRXYHVVHVHGHVOLJDGRWRWDOPHQWHDWpTXHSRUILPHOHGLVVHDYR]TXDVHLQDXGtYHO
±2TXHYRFrDFKDTXHDFRQWHFHXFRP.DWK\"
±1mRVHL
±$FKDTXHHODHVWiPRUWD"
±(X±HODFRPHoRXDGL]HUPDVIH]XPDSDXVD±6LQWRIDOWDGHODeTXHQmRTXHURDFUHGLWDU
TXHHODHVWHMDPRUWD
(OHDVVHQWLXGHQRYR
±(QWmRRTXHTXHUTXHHXIDoD"
±'rXPDROKDGDQRFDVR'HVFXEUDRTXHHVWiDFRQWHFHQGR
±3UHVXPLQGRTXHDOJRHVWHMDDFRQWHFHQGR
±&ODUR
±3RUTXHHX"
(ODSHQVRXXPPRPHQWR
±1mRVHLEHP3HQVHLTXHYRFrDFUHGLWDULDHPPLP3HQVHLTXHDMXGDULD
±9RXDMXGDU0DVHQWHQGDXPDFRLVDHXWHQKRXPJUDQGHLQWHUHVVHSURILVVLRQDOHPUHVROYHULVVR
WXGR
±&KULVWLDQ"
±6RXHPSUHViULRGHOH6RXUHVSRQViYHOSHOREHPHVWDUGHOH
±(OHDLQGDVHQWHIDOWDGDPLQKDLUPm
±e
±(OHHVWiEHP"
2URVWRGH0\URQSHUPDQHFHXLQDOWHUDGR
±(VWi
±&KULVWLDQpXPERPJDURWR*RVWRGHOH
0\URQDVVHQWLX
-HVVLFDVHOHYDQWRXHIRLDWpDMDQHOD0\URQDIDVWRXRROKDU1mRJRVWDYDGHILFDUROKDQGRSDUDHOD
SRUPXLWRWHPSR(ODHQWHQGLD,VVRWDPEpPDPDJRDYD(ODROKRXSDUDD3DUN$YHQXHDQGDUHV
DEDL[R 8P PRWRULVWD GH Wi[L FRP XP WXUEDQWH VDFXGLD R SXQKR SDUD XPD VHQKRUD GH EHQJDOD $
VHQKRUDEDWHXQHOHHVDLXFRUUHQGR2PRWRULVWDFDLX2WXUEDQWHQmRVDLXGROXJDU
±(VFRQGHUVHXVVHQWLPHQWRVGHPLPQXQFDIRLVHXIRUWH±GLVVHHODDLQGDROKDQGRSHODMDQHOD±2
TXHYRFrQmRTXHUPHFRQWDU"
(OHQmRUHVSRQGHX
±0\URQ
(VSHUDQ]DRVDOYRXHQWUDQGRSHODSRUWDVHPEDWHU
±/DUU\+DQVRQQmRHVWiQRHVFULWyULR±GLVVHHOD
:LQHQWURXHPVHJXLGD
±&RQVHJXLXPDFRLVDGDTXHODUHYLVWD
6XDYR]PRUUHXTXDQGRYLX-HVVLFD
±2L:LQ±GLVVHHOD
±2Oi-HVVLFD&XOYHU
2VGRLVVHDEUDoDUDP
± 1RVVD YRFr HVWi DEVROXWDPHQWH IDQWiVWLFD /L XPD PDWpULD D VHX UHVSHLWR RXWUR GLD TXH D
FKDPDYDGHVtPERORVH[XDOOLWHUiULR
±9RFrQmRGHYLDOHUHVVHWLSRGHOL[R
±(VWDYDQDVDODGHHVSHUDGRPHXGHQWLVWD6pULR
6HJXLXVHXPDSDXVDGHVFRQIRUWiYHOTXHEUDGDSRU(VSHUDQ]DTXHDSRQWRXSDUD-HVVLFDHHQILRXR
GHGRQDERFDFRPRVHIRUoDVVHRY{PLWR'HSRLVDYDQoRXSRUWDDIRUD
±6HPSUHHQFDQWDGRUD±PXUPXURX-HVVLFD
0\URQVHOHYDQWRX
±2QGHYRFrHVWiKRVSHGDGD"
±1DFDVDGHPDPmH
±2WHOHIRQHpRPHVPR"
±e
±/LJRSDUDYRFrPDLVWDUGH$JRUDSUHFLVRVDLUFRP:LQ
-HVVLFDROKRXSDUD:LQ(OHULXSDUDHOD6HXURVWRFRPRVHPSUHQmRUHYHODYDQDGD
±7HQKRXPDUHXQLmRFRPPHXHGLWRUHVWDWDUGH±GLVVHHOD±0DVHVWDUHLHPFDVDDQRLWHWRGD
±ÏWLPR/LJRSDUDYRFr
8P LPSDVVH LQF{PRGR 1LQJXpP VDELD H[DWDPHQWH FRPR VH GHVSHGLU 8P DFHQR" 8P DSHUWR GH
PmR"8PEHLMR"
±7HPRVGHLU±GLVVH0\URQ(SDVVRXUDSLGDPHQWHSRUHODVHPFKHJDUPXLWRSHUWR
:LQ DEUDoRXD GDTXHOH MHLWR WLSR ³R TXH VH SRGH ID]HU"´ H IRL DWUiV (OD ROKRXRV VXPLU QD
HVTXLQDGRFRUUHGRU%DWPDQH5RELQSDUWLQGRSDUDDDomR
(QWmR IRL HPERUD -i KDYLD VH HQFRQWUDGR FRP 0\URQ GXDV YH]HV H RV GRLV DLQGD QmR WLQKDP VH
WRFDGR±QHPPHVPRHVEDUUDGRXPQRRXWUR
(UDHVWUDQKR
 

±248(92&Ç'(6&2%5,8"±SHUJXQWRX0\URQ
:LQYLURXRYRODQWHEUXVFDPHQWHSDUDDGLUHLWD2-DJXDU;-5UHVSRQGHXVHPQHPFDQWDUSQHXV
(VWDYDPPXGRVQRFDUURID]LDPLQXWRV2~QLFRVRPYLQKDGR&'SOD\HUGH:LQ'RP4XL[RWH
ID]HQGRVHUHQDWDSDUDVXDDPDGD'XOFLQHLD
±$UHYLVWD0DPLORVpSXEOLFDGDSHOD('$±UHVSRQGHX:LQ
±('$"
±(GLWRUD'HVHMR$UGHQWH
2XWUDEDWFXUYD2-DJXDUDFHOHURXSDUDPDLVGHTXLO{PHWURVSRUKRUD
±/LPLWHGHYHORFLGDGH±GLVVH0\URQ±-iRXYLXIDODU"
:LQRLJQRURX
±2HVFULWyULRHGLWRULDOILFDHP)RUW/HH1RYD-HUVH\
±³(VFULWyULRHGLWRULDO´"
±7DQWRID]RQRPH7HPRVXPDUHXQLmRFRPXPWDOGH6U)UHG1LFNOHUJHUHQWHHGLWRULDO
±$PmHGHOHGHYHVHQWLUXPRUJXOKRHWDQWR
±7RPPRUDOL]DQWHKHLQ"±PHGLWRX:LQ±/HJDO
±2TXHYRFrGLVVHDR6U1LFNOHU"
±1DGD/LJXHLHSHUJXQWHLVHSRGtDPRVIDODUFRPHOH(OHGLVVHTXHVLP3DUHFHXXPVXMHLWRPXLWR
DJUDGiYHO
±7HQKRFHUWH]DGHTXHpXPSUtQFLSH
0\URQROKRXSHODMDQHOD2VSUpGLRVSDVVDYDPQXPERUUmR2VGRLVYROWDUDPDILFDUHPVLOrQFLR
±3URYDYHOPHQWHYRFrHVWiVHSHUJXQWDQGRRTXH-HVVLFDIRLID]HUQRPHXHVFULWyULR
:LQGHXGHRPEURVVHPPXLWRHPSHQKR1mRHUDGRVHXHVWLORVHLQWURPHWHU
±eRDVVDVVLQDWRGRSDLGHOD$SROtFLDGL]TXHIRLDVVDOWR(ODDFKDTXHQmR
±2TXHHODDFKD"
±4XHKiXPDOLJDomRHQWUHRDVVDVVLQDWRGRSDLHRGHVDSDUHFLPHQWRGH.DWK\
±(QWmRDWUDPDILFDPDLVGHQVD9DPRVDMXGiOD"
±9DPRV
±%RP(QWmRDFKDPRVTXHKiXPDOLJDomR"
±$FKDPRV
±&HUWR±FRQFRUGRX:LQ
3DUDUDPQDHQWUDGDGHXPSUpGLRTXHSRGHULDVHUXPERPDUPD]pPRXXPHVSDoRSDUDHVFULWyULRV
GHDOXJXHOEDUDWR1mRKDYLDHOHYDGRUPDVDILQDOGHFRQWDVHUDPDSHQDVWUrVDQGDUHV$(GLWRUD
'HVHMR $UGHQWH ILFDYD QR VHJXQGR DQGDU 4XDQGR HQWUDUDP QD DQWHVVDOD 0\URQ ILFRX XP WDQWR
VXUSUHVR 1mR VDELD DR FHUWR R TXH HVSHUDUD PDV WLQKD LPDJLQDGR TXH D VHGH GH XP QHJyFLR TXH
OLGDYDFRPSRUQRJUDILDQmRIRVVHWmRFRPXP$VSDUHGHVHUDPEUDQFDVFRPUHSURGXo}HVEDUDWDV
SRUpPGHERPJRVWR±DUWLVWDVFRPR0F.QLJKW)DQFKH%HKUHQV1DPDLRULDSDLVDJHQVGHSUDLDVH
FUHS~VFXORV 1DGD GH VHLRV j PRVWUD 6XUSUHVD Q~PHUR XP $ VXUSUHVD Q~PHUR GRLV IRL D
UHFHSFLRQLVWDVHPQDGDGHHVSHFLDO(UDGHWLSRFRPSOHWDPHQWHSDGUmRQmRXPDH[FRHOKLQKDHVWUHOD
SRUQ{YHOKDR[LJHQDGDHSHODQFXGDFRPXPULVLQKRHQFRUDMDGRUHXPDSLVFDGHODVHGXWRUD
0\URQILFRXTXDVHGHVDSRQWDGR
 ±(PTXHSRVVRDMXGiORV"±SHUJXQWRXHOD
±9LHPRVYHUR6U1LFNOHU±GLVVH:LQ
±6HXVQRPHVSRUIDYRU"
±:LQGVRU/RFNZRRGH0\URQ%ROLWDU
(ODSHJRXRLQWHUIRQHDSHUWRXRERWmRHOKHVLQGLFRXXPLQVWDQWHGHSRLV
±3RUDTXHODSRUWD
1LFNOHU RV UHFHEHX FRP XP DSHUWR GH PmR ILUPH 9HVWLD WHUQR D]XO JUDYDWD YHUPHOKD H FDPLVD
EUDQFD±WmRFRQVHUYDGRUTXDQWRXPFDQGLGDWRUHSXEOLFDQRDR6HQDGR6XUSUHVDQ~PHURWUrV0\URQ
KDYLDHVSHUDGRFRUG}HVGHRXUREULQFRRXSHORPHQRVXPDQHOQRPLQGLQKR0DV)UHG1LFNOHUQmR
XVDYD MRLDV D QmR VHU XPD DOLDQoD VLPSOHV GH FDVDPHQWR 2 FDEHOR HUD JULVDOKR D SHOH XP SRXFR
GHVERWDGD
±3DUHFHRVHXWLR6LG±:LQVXVVXUURX
(UDYHUGDGH2HGLWRUGDUHYLVWD0DPLORVHUDDFDUDGH6LGQH\*ULIILQUHQRPDGRRUWRGRQWLVWD
±3RUIDYRUVHQWHPVH±GLVVH1LFNOHUYROWDQGRSDUDWUiVGDPHVD(OHVRUULXSDUD0\URQ±(X
DVVLVWL jV TXDUWDV GH ILQDO TXDQGR YRFrV YHQFHUDP R .DQVDV 9RFr IH]  SRQWRV 7UHPHQGR
GHVHPSHQKR,QFUtYHO
±2EULJDGR±UHVSRQGHX0\URQ
±1XQFDYLQDGDLJXDO2PRGRFRPRDTXHOH~OWLPRDUUHPHVVREHLMRXDWDEHOD
±2EULJDGR
±)RLVLPSOHVPHQWHLQFUtYHO
1LFNOHUUHQRYRXRVRUULVREDODQoDQGRDFDEHoDHVSDQWDGRFRPDOHPEUDQoD'HSRLVVHUHFRVWRX
±%RPRTXHSRVVRID]HUSHORVVHQKRUHV"
±7HPRVDOJXPDVSHUJXQWDVVREUHXPDQ~QFLRQXPDGDVVXDVpSXEOLFDo}HV±GLVVH0\URQ
±4XDO"
±0DPLORV
(UDHVTXLVLWRGL]HUDTXHODSDODYUD0\URQWHQWRXQmRID]HUFDUHWD
±,QWHUHVVDQWH±UHVSRQGHX1LFNOHU
±3RUTXHGL]LVVR"
± $0DPLORV p XPD SXEOLFDomR UHODWLYDPHQWH QRYD H HVWi YHQGHQGR SRXFR 'H ORQJH p D SLRU
YHQGDGDVUHYLVWDVPHQVDLVGD('$9RXGDUPDLVXPPrVRXGRLVHGHSRLVSURYDYHOPHQWHHODYDL
VHUWLUDGDGHFLUFXODomR
±4XDQWDVUHYLVWDVYRFrVSXEOLFDP"
±6HLV
±7RGDVFRPRD0DPLORV"
1LFNOHUGHXXPULVLQKR
±7RGDVVmRSRUQRJUiILFDVVLP(VmRWRGDVFRPSOHWDPHQWHOHJDLV
0\URQOKHHQWUHJRXDUHYLVWDTXH&KULVWLDQKDYLDOKHGDGR
±4XDQGRHVWDIRLLPSUHVVD"
)UHG1LFNOHUSUDWLFDPHQWHQmRROKRX
±+iTXDWURGLDV
±6y"
±eD~OWLPDHGLomRDFDERXGHFKHJDUjVEDQFDV(VWRXVXUSUHVRSRUYRFrVWHUHPHQFRQWUDGRXPD
0\URQDEULXDSiJLQDTXHLQWHUHVVDYD
 ±*RVWDUtDPRVGHVDEHUTXHPSDJRXSRUHVWHDQ~QFLR
1LFNOHUS{VVHXVyFXORVGHOHLWXUD
±4XDO"
±1DILOHLUDGHEDL[R9RO~SLD
±$K8PGLVTXHVH[R
±$OJXPSUREOHPD"
±1mR0DVHVVHDQ~QFLRQmRIRLSDJR
±&RPRDVVLP"
±)D]SDUWHGDQDWXUH]DGRQHJyFLR±H[SOLFRX1LFNOHU±$OJXpPPHOLJDSDUDFRORFDUXPDQ~QFLR
SDUDXPDOLQKDGHGLVTXHVH[R(XGLJRTXHFXVWDWDQWR(OHGL]³8DXHVWRXFRPHoDQGRDJRUDQmR
SRVVRSDJDU´'HPRGRTXHVHSDUHFHUXPDERDLGHLDHXGLYLGRPHLRDPHLRFRPHOH(PRXWUDV
SDODYUDV FXLGR GR PDUNHWLQJ VH p TXH SRGHPRV GL]HU DVVLP HQTXDQWR PHX VyFLR FXLGD GD SDUWH
WpFQLFDWHOHIRQHVFDERVJDURWDVSDUDDWHQGHUDVOLJDo}HVWRGRRUHVWR(QyVUDFKDPRVWXGR,VVR
OLPLWDRVULVFRVGRVGRLV
±9RFrID]PXLWRLVVR"
(OHDVVHQWLX
±1RYHQWDSRUFHQWRGRVPHXVDQ~QFLRVVmRGHGLVTXHVH[R(XGLULDTXHWHQKRSDUWLFLSDomRHP
WUrVTXDUWRVGHOHV
±3RGHQRVGDURQRPHGRVHXVyFLRQHVVHHPSUHHQGLPHQWRHVSHFtILFR"
1LFNOHUH[DPLQRXDIRWRQDUHYLVWD
±9RFrVQmRWUDEDOKDPSDUDDSROtFLDQmRp"
±1mR
±6mRLQYHVWLJDGRUHVSDUWLFXODUHV"
±1mR
(OHWLURXRVyFXORV
± 0LQKD HGLWRUD p EHP SHTXHQD 7HQKR PHX SUySULR QLFKR e FRPR HX JRVWR 1LQJXpP PH
LQFRPRGDHHXQmRLQFRPRGRQLQJXpP1mRWHQKRLQWHUHVVHHPSXEOLFLGDGH
0\URQ WURFRX XP ROKDU FRP :LQ 1LFNOHU WLQKD XPD IDPtOLD SURYDYHOPHQWH XPD EHOD FDVD HP
7HQDIO\ H FRQWDYD DRV YL]LQKRV TXH WUDEDOKDYD QR UDPR HGLWRULDO 8P SRXFR GH SUHVVmR WDOYH]
VXUWLVVHHIHLWR
± 9RX VHU IUDQFR FRP YRFr ± GLVVH 0\URQ ± 6H QmR QRV DMXGDU D FRLVD SRGH YLUDU DOJR PDLRU
-RUQDLV79HFRLVDHWDO
±,VVRpXPDDPHDoD"
±$EVROXWDPHQWHQmR±GLVVH0\URQ(QWmRHQILRXDPmRQDFDUWHLUDSHJRXXPDQRWDGHGyODUHV
HFRORFRXDQDPHVD±6yTXHUHPRVVDEHUTXHPS{VRDQ~QFLR
1LFNOHUHPSXUURXDQRWDGHYROWDSDUD0\URQFRPDH[SUHVVmRVXELWDPHQWHLUULWDGD
±2TXHpLVVR"8PILOPH"1mRSUHFLVRGHVXERUQR6HRFDUDIH]DOJXPDFRLVDHUUDGDQmRTXHUR
WHU QDGD D YHU FRP HOH (VWH QHJyFLR Mi WHP SUREOHPDV VXILFLHQWHV (X FRPDQGR XPD RSHUDomR
OHJtWLPD1HQKXPDJDURWDPHQRUGHLGDGHQHQKXPDWUDQVDomRLOHJDO
0\URQROKRXSDUD:LQ
±(XGLVVHTXHHOHHUDXPSUtQFLSH
±3HQVHRTXHTXLVHU±GLVVH1LFNOHURWRPGHYR]GHL[DQGRFODURTXHHOHMiKDYLDSDVVDGRSRU
LVVRPXLWDVYH]HV±(VWHpXPQHJyFLRFRPRTXDOTXHURXWUR6RXVyXPFDUDKRQHVWRWHQWDQGRJDQKDU
DYLGDKRQHVWDPHQWH
±0XLWRSDWULyWLFRGDVXDSDUWH
(OHGHXGHRPEURV
± 2OKD VHL TXH DV FRLVDV QmR VmR SHUIHLWDV QHVWH UDPR 0DV Ki HPSUHVDV PXLWR SLRUHV ,%0
([[RQ 8QLRQ &DUELGH (VVHV VmR RV YHUGDGHLURV PRQVWURV RV YHUGDGHLURV H[SORUDGRUHV (X QmR
URXERQmRPLQWR6yVDWLVIDoRXPDQHFHVVLGDGHVRFLDO
0\URQWLQKDXPDUHVSRVWDSURQWDPDV:LQEDODQoRXDFDEHoDLPSHGLQGRRGHGL]rOD(OHHVWDYD
FHUWR'HTXHDGLDQWDULDFRPSUDUEULJDFRPRVXMHLWR"
±3RGHQRVGDURQRPHHRHQGHUHoRSRUIDYRU"±LQVLVWLX0\URQ
1LFNOHUDEULXXPDJDYHWDDWUiVGHVLHWLURXXPDSDVWDGHSDSHO
±(OHHVWiHPDOJXPDHQFUHQFD"
±6ySUHFLVDPRVIDODUFRPHOH
±3RGHPGL]HUSRUTXr"
:LQIDORXFRP1LFNOHUSHODSULPHLUDYH]
±9RFrQmRLDTXHUHUVDEHU
)UHG1LFNOHUKHVLWRXYLXRROKDUILUPHGH:LQGHSRLVDVVHQWLX
±$HPSUHVDVHFKDPD$%&(OHVWrPXPDFDL[DSRVWDOHP+RERNHQQ~PHUR2QRPHGRFDUD
p-HUU\1mRVHLPDLVQDGDVREUHHOH
±2EULJDGR±GLVVH0\URQOHYDQWDQGRVH±0DLVXPDSHUJXQWDVHQmRVHLPSRUWDDOJXPDYH]Mi
YLXDJDURWDGRDQ~QFLR"
±1mR
±7HPFHUWH]D"
±$EVROXWD
±6HDYLURXVHOHPEUDUPDLVDOJXPDFRLVDSRGHULDOLJDUSDUDPLP"±SHGLX0\URQHQWUHJDQGR
OKHXPFDUWmR
1LFNOHUSDUHFHXTXHGHVHMDYDID]HUXPDSHUJXQWDRROKDUYROWDQGRFRQWLQXDPHQWHSDUDDIRWRGH
.DWK\PDVDFDERXGL]HQGR
±&ODUR
$VVLPTXHVDtUDP:LQSHUJXQWRX
±2TXHYRFrDFKD"
±(OHHVWiPHQWLQGR

ZZZ

'HYROWDDRFDUUR0\URQSHUJXQWRX
±3RVVRXVDURWHOHIRQH"
:LQ DVVHQWLX VHP TXH R Sp DIURX[DVVH R SHGDO 2 SRQWHLUR GR YHORFtPHWUR SDLUDYD SHORV 
0\URQ ILFRX ROKDQGR SDUD HOH FRPR VH IRVVH XP WD[tPHWUR QXPD FRUULGD ORQJD R ROKDU ORQJH GR
ERUUmRGDUXD
0\URQOLJRXSDUDRHVFULWyULR(VSHUDQ]DDWHQGHXGHSRLVGRSULPHLURWRTXH
±0%5HSUHVHQWDo}HV(VSRUWLYDV
20HUDGH0\URQHR%GH%ROLWDU(OHPHVPRKDYLDFULDGRRQRPHPDVUDUDPHQWHDODUGHDYD
LVVR
 ±2WWR%XUNHRX/DUU\+DQVRQOLJDUDP"
±1mR0DVHVWRXFRPXPPRQWHGHUHFDGRV
±1DGDGH%XUNHQHP+DQVRQ"
±(VWiVXUGR"
±&KHJRGDTXLDSRXFR
0\URQ GHVOLJRX 2WWR H /DUU\ Mi GHYLDP WHU WHOHIRQDGR (VWDYDP HYLWDQGRR$ TXHVWmR HUD SRU
TXr"
±3UREOHPDV"±SHUJXQWRX:LQ
±7DOYH]
±$FKRTXHSUHFLVDPRVGHXPSRXFRGHHQHUJLD
0\URQHUJXHXRVROKRV5HFRQKHFHXDUXDLPHGLDWDPHQWH
±$JRUDQmR:LQ
±$JRUD
±3UHFLVRYROWDUSDUDRHVFULWyULR
±,VVRSRGHHVSHUDU9RFrSUHFLVDGHHQHUJLD3UHFLVDGHFRQFHQWUDomR3UHFLVDGHHTXLOtEULR
±2GHLRTXDQGRYRFrIDODDVVLP
:LQVRUULXHQWUDQGRQRHVWDFLRQDPHQWR
±9HQKD(XRGLDULDOKHGDUXPDVXUUDDTXLGHQWURGRFDUUR
$SODFDGL]LD (6&2/$ 0(675( .:$1 '( 7$( .:21 '2 0HVWUH.ZDQHVWDYDFRPTXDVHDQRVH
DJRUD UDUDPHQWH GDYD DXODV (P YH] GLVVR WLQKD IXQFLRQiULRV EHP WUHLQDGRV H ILFDYD HP VHX
HVFULWyULR DFRPSDQKDQGR DV DXODV SRU TXDWUR WHOHYLVRUHV 9H] SRU RXWUD VH LQFOLQDYD VREUH XP
PLFURIRQHHURVQDYDSDUDDOJXPSREUHDOXQRFKDPDQGROKHDDWHQomR3DUHFLDDOJRTXHVySRGHULD
DFRQWHFHUHP2PiJLFRGH2]
6H R LQJOrV GR PHVWUH .ZDQ PHOKRUDVVH XP SRXTXLQKR SRGHULD FKHJDU DR QtYHO GH XP GLDOHWR
4XDWRU]HDQRVDWUiVTXDQGR:LQWLQKDVyHOHRKDYLDWUD]LGRGD&RUHLD3DUD0\URQSDUHFLDTXH
QDTXHODpSRFDRPHVWUH.ZDQIDODYDLQJOrVPHOKRU
:LQH0\URQWURFDUDPVXDVURXSDVSRUGRERNVEUDQFRV2VGRLVDPDUUDUDPVXDVIDL[DVQDFLQWXUD
:LQHUDIDL[DSUHWDGHVH[WRGDQSUDWLFDPHQWHRUDQNLQJPDLVDOWRGHTXDOTXHUSHVVRDQRV(VWDGRV
8QLGRV/XWDYDWDHNZRQGRGHVGHRVDQRV0\URQWLQKDFRPHoDGRQDpSRFDGHIDFXOGDGHRTXHOKH
GDYDDQRVGHSUiWLFDHXPDIDL[DSUHWDGHWHUFHLURGDQ
$SUR[LPDUDPVH GD SRUWD GR PHVWUH .ZDQ SDUDUDP DWp TXH HOH QRWDVVH VXD SUHVHQoD GHSRLV
GREUDUDPRFRUSRQXPDUHYHUrQFLD
±%RDWDUGHPHVWUH.ZDQ±GLVVHUDPHPXQtVVRQR
.ZDQVRUULXVHPGHQWHV
±9RFrVFKHJDFHGR
±6LPVHQKRU±UHVSRQGHX:LQ
±3UHFLVDDMXGD"
±1mRVHQKRU
.ZDQ RV GLVSHQVRX JLUDQGR GH YROWD SDUD DV WHODV GH 79 0\URQ H :LQ IL]HUDP PDLV XPD
UHYHUrQFLD H SDVVDUDP SDUD RGRMDQJ GHVWLQDGR DRV SUDWLFDQWHV PDLV H[SHULHQWHV &RPHoDUDP FRP
PHGLWDomR DOJR TXH 0\URQ QXQFD KDYLD GRPLQDGR GH WRGR :LQ DGRUDYD 0HGLWDYD GXUDQWH SHOR
PHQRVXPDKRUDSRUGLD
:LQVHQWRXVHHPSRVLomRGHOyWXV0\URQVHFRQWHQWRXHPVHQWDUQRFKmRGREUDQGRXPDSHUQDHP
IUHQWH j RXWUD 2V GRLV IHFKDUDP RV ROKRV SXVHUDP RV SROHJDUHV QD SDOPD GDV PmRV GLUHWDPHQWH
DEDL[RGRPLQGLQKRHYLUDUDPDVSDOPDVSDUDRWHWR(QWmRDSRLDUDPDVPmRVQRVMRHOKRV,QVWUXo}HV
FRPHoDUDP D HFRDU QD PHQWH GH 0\URQ FRPR XP PDQWUD &RVWDV HUHWDV %DVH GD OtQJXD HQURODGD
FRQWUDRVGHQWHVGHFLPD
(OHUHVSLURXSHORQDUL]GXUDQWHVHLVVHJXQGRVFRQFHQWUDQGRVHHPHPSXUUDURDUSDUDEDL[RDWpD
ERFD GR HVW{PDJR H H[SDQGLU D EDUULJD VHP TXH R SHLWR VH PH[HVVH 6HJXURX R DU ID]HQGR XPD
FRQWDJHPSDUDTXHVXDPHQWHQmRSHUGHVVHRIRFR'HSRLVGHVHWHVHJXQGRVH[SLURXFRQWDQGRDWp
H HVYD]LDQGR SRU FRPSOHWR R DEGRPH FRQWUDtGR (QWmR HVSHURX TXDWUR VHJXQGRV H LQVSLURX
QRYDPHQWH
:LQ ID]LD LVVR VHP GLILFXOGDGH 1mR SUHFLVDYD FRQWDU 6XD PHQWH ILFDYD YD]LD 0\URQ VHPSUH
FRQWDYD6yDVVLPFRQVHJXLDLPSHGLUTXHDPHQWHVHYROWDVVHSDUDRVSUREOHPDVGRGLD±HPHVSHFLDO
QXPGLDFRPRDTXHOH0DVVHPSHUFHEHUFRPHoRXDUHOD[DU$WHQVmRVDtDGHVHXFRUSRFRPFDGD
H[SLUDomRSURIXQGD4XDVHID]LDFyFHJDV
0HGLWDUDPGXUDQWHPLQXWRVDWpTXH:LQDEULXRVROKRVHGLVVH
±%DUUR
6LJQLILFDYD³SDUDU´HPFRUHDQR
)L]HUDPH[HUFtFLRVGHDORQJDPHQWRQRVPLQXWRVVHJXLQWHV:LQHUDIOH[tYHOFRPRXPEDLODULQR
ID]LD DEHUWXUD WRWDO GDV SHUQDV VHP TXDOTXHU HVIRUoR 0\URQ KDYLD JDQKDGR EDVWDQWH IOH[LELOLGDGH
GHVGH TXH FRPHoDUD QR WDH NZRQ GR$FUHGLWDYD TXH LVVR OKH SHUPLWLUD VDOWDU  FHQWtPHWURV PDLV
DOWRQDpSRFDGDIDFXOGDGH4XDVHFRQVHJXLDID]HUDEHUWXUDWRWDOGDVSHUQDVPDVQmRDVXVWHQWDYDSRU
PXLWRWHPSR
5HVXPLQGR0\URQHUDIOH[tYHO:LQHUDXPERQHFRGHPDVVLQKD
(QWmRSDVVDUDPDRSRRPVHXPDVpULHGHPRYLPHQWRVFRPSOLFDGRVTXHPDLVSDUHFLDXPSDVVRGH
GDQoDYLROHQWR2TXHPXLWRVIDQiWLFRVSRUDFDGHPLDMDPDLVSHUFHEHPpTXHDVDUWHVPDUFLDLVVmR
yWLPRVH[HUFtFLRVDHUyELFRV$SHVVRDILFDHPPRYLPHQWRFRQVWDQWH±SXODQGRYLUDQGRVHJLUDQGR±
PH[HQGREUDoRVHSHUQDVGXUDQWHPHLDKRUDVHPSDUDU%ORTXHLREDL[RHFKXWHIURQWDOEORTXHLRDOWR
HVRFREORTXHLRPpGLRHFKXWHJLUDWyULR%ORTXHLRVLQWHUQRVEORTXHLRVH[WHUQRVFXWLODGDSXQKRV
JROSHVGHSDOPDGDPmRMRHOKRVHFRWRYHORV(UDXPDPDOKDomRH[DXVWLYDHHPSROJDQWH
:LQ ID]LD VXD VHTXrQFLD VHP IDOKDV 4XHP R YLVVH SHOD UXD SRGHULD GL]HU TXH VH WUDWDYD GH XP
DOPRIDGLQKDGHFODVVHDOWDLQFDSD]GHDUUDQKDUXPSrVVHJRFRPVHXPHOKRUVRFR0DVQXPGRMDQJ
HOH SURYRFDYD PHGR H HVSDQWR 1mR HUD SRU DFDVR TXH R WDH NZRQ GR HUD FRQVLGHUDGR XPDDUWH
PDUFLDO:LQHUDXPDUWLVWDRPHOKRUTXH0\URQMiYLUD
0\URQ VH OHPEURX GD SULPHLUD YH] TXH YLUD :LQ GHPRQVWUDU VHX WDOHQWR (UDP FDORXURV QD
IDFXOGDGH 8P JUXSR GH MRJDGRUHV GH IXWHERO DPHULFDQR GHFLGLX UDVSDU RV FDFKRV ORXURV GH :LQ
SRUTXHQmRJRVWDYDGDDSDUrQFLDGHOH&LQFRGHOHVVHHVJXHLUDUDPSDUDGHQWURGHVHXTXDUWRWDUGHGD
QRLWH±XPFRPFUHPHHDSDUHOKRGHEDUEHDUHTXDWURSDUDVHJXUDURVEUDoRVHDVSHUQDVGH:LQ
(QFXUWDQGR D KLVWyULD R WLPH GH IXWHERO WHYH XPD WHPSRUDGD UXLP QDTXHOH DQR 0XLWRV DWOHWDV
OHVLRQDGRV
3RU ~OWLPR 0\URQ H :LQ OXWDUDP MXQWRV XP SRXFR 'HSRLV VH MRJDUDP QR WDWDPH H IL]HUDP 
IOH[}HV ± :LQ FRQWDQGR DOWR HP FRUHDQR )HLWR LVVR VHQWDUDPVH GH QRYR SDUD PHGLWDU GHVWD YH]
GXUDQWHPLQXWRV
±%DUUR±GLVVH:LQ
2VGRLVDEULUDPRVROKRV
 ±(VWiPDLVFRQFHQWUDGR"±SHUJXQWRX:LQ±6HQWLQGRRIOX[RGHHQHUJLD"2HTXLOtEULR"
±6LP*DIDQKRWR4XHUTXHHXSHJXHDSHGULQKDQDVXDPmRDJRUD"
:LQVHOHYDQWRXGDSRVLomRGHOyWXVQXP~QLFRPRYLPHQWRJUDFLRVRHVHPHVIRUoR
±(HQWmR"&KHJRXDDOJXPDGHFLVmR"
±&KHJXHL±UHVSRQGHX0\URQWHQWDQGRVHOHYDQWDUGHXPDYH]VyEDODQoDQGRVHGHXPODGRSDUD
RXWURHQTXDQWRHUJXLDRFRUSR±9RXFRQWDUWXGRD-HVVLFD
 

5(&$'26 (0 3$3(,=,1+26 $'(6,926  DPDUHORV FREULDP R WHOHIRQH GH 0\URQ FRPR XPD SUDJD GH
JDIDQKRWRV (OH RV GHVFRORX H IROKHRX 1DGD GH 2WWR %XUNH /DUU\ +DQVRQ RX TXDOTXHU SHVVRD GR
7LWDQV
1mRHUDXPERPVLQDO
3{VRIRQHGHRXYLGRFRPPLFURIRQH7LQKDUHVLVWLGRDXViORSRUPXLWRWHPSRDFKDQGRTXHHUD
PDLVDGHTXDGRDFRQWURODGRUHVGHWUiIHJRDpUHRPDVORJRDSUHQGHUDTXHHPVHXWUDEDOKRHOHHUD
FRPR XP EHEr GHQWUR GR ~WHUR GR HVFULWyULR 2 WHOHIRQH HUD LQGLVSHQViYHO VHX FRUGmR XPELOLFDO
$TXHOHDSDUHOKRIDFLOLWDYDDVFRLVDV(OHSRGLDDQGDUILFDYDFRPDVPmRVOLYUHVHHYLWDYDDVFmLEUDV
QRSHVFRoRTXHVHJXUDURIRQHFRQWUDRRPEURFDXVDYDP
6HX SULPHLUR WHOHIRQHPD IRL SDUD R GLUHWRU GH PDUNHWLQJ GD %XUJHU&LW\ XPD QRYD UHGH GH
ODQFKRQHWHV(OHVTXHULDPDVVLQDUXPFRQWUDWRFRP&KULVWLDQHHVWDYDPRIHUHFHQGRXPERPGLQKHLUR
PDV0\URQQmRWLQKDFHUWH]D$%XUJHU&LW\HUDUHJLRQDO8PDUHGHQDFLRQDOSRGHULDID]HUXPDRIHUWD
PHOKRU ¬V YH]HV D SDUWH PDLV GLItFLO GR VHUYLoR HUD GL]HU QmR 'LVFXWLULD RV SUyV H FRQWUDV FRP
&KULVWLDQGHL[DULDTXHHOHGHFLGLVVH$ILQDORQRPHHUDGHOH2GLQKHLURHUDGHOH
0\URQ Mi KDYLD FRQVHJXLGR YiULRV FRQWUDWRV GH SDWURFtQLR EDVWDQWH OXFUDWLYRV SDUD R UDSD] 2V
FHUHDLV :KHDWLHV HVWDPSDULDP D LPDJHP GH &KULVWLDQ HP VXDV FDL[DV D SDUWLU GH RXWXEUR$ 'LHW
3HSVLWHULDXPFRPHUFLDOHPTXHHOHMRJDULDXPDJDUUDIDGHGRLVOLWURVSDUDXPJUXSRGHMRYHQVHP
XPDHVSLUDOSHUIHLWD$1LNHHVWDYDGHVHQYROYHQGRXPDOLQKDGHDJDVDOKRVHFKXWHLUDVTXHWHULDPVHX
VREUHQRPH
&KULVWLDQ SRGHULD JDQKDU PLOK}HV HP SDWURFtQLRV PXLWR PDLV GR TXH MRJDQGR SDUD R 7LWDQV SRU
PHOKRU TXH IRVVH D RIHUWD GH 2WWR %XUNH 'H FHUWD IRUPD LVVR HUD HVWUDQKR $ WRUFLGD ID]LD XP
HVWDUGDOKDoRHQRUPHVHXPMRJDGRUSHGLVVHDOWRQDKRUDGDFRQWUDWDomR&KDPDYDPQRGHLQVHQVtYHO
H HJRtVWD TXDQGR R GLQKHLUR YLQKD GH XP ULFR GRQR GH WLPH ± PDV QmR WLQKDP SUREOHPD TXDQGR D
JUDQDSUHWDYLQKDGD3HSVLGD1LNHRXGD:KHDWLHVHPWURFDGHRMRJDGRUSURPRYHUSURGXWRVTXH
SURYDYHOPHQWH QXQFD XVDYD H GRV TXDLV WDOYH] QHP JRVWDVVH 1mR ID]LD VHQWLGR &KULVWLDQ JDQKDULD
PDLV GLQKHLUR JUDYDQGR XP FRPHUFLDO KLSyFULWD SRU WUrV GLDV GR TXH WURPEDQGR FRP PDUPDQMRV
VXDGRVHVXSHUGHVHQYROYLGRVGXUDQWHWRGDDWHPSRUDGD±HHUDDVVLPTXHRVWRUFHGRUHVTXHULDP
1HQKXP HPSUHViULR VH LQFRPRGDYD FRP HVVH HVTXHPD $ PDLRULD UHFHELD HQWUH  H  GR
VDOiULRQHJRFLDGRSDUDRVMRJDGRUHV 0\URQFREUDYD HILFDYDFRPDGRGLQKHLURTXH
YLQKD GH SDWURFtQLRV D SDUWH GH 0\URQ HUD GH  ± EHP HOH HUD QRYR QR UDPR  (P RXWUDV
SDODYUDVHPXPFRQWUDWRGHXPPLOKmRGHGyODUHVFRPXPWLPHRHPSUHViULRUHFHELDXQVPLO
)HFKDQGRXPFRQWUDWRGHSXEOLFLGDGHGHXPPLOKmRGHGyODUHVRHPSUHViULRSRGLDJDQKDUDWp
PLO
2VHJXQGRWHOHIRQHPDGH0\URQIRLSDUD5LFN\/DQHXPUXQQLQJEDFNGR1HZ<RUN-HWVHH[
FROHJDGHWLPHGH&KULVWLDQQDIDFXOGDGH5LFN\HUDXPGRVVHXVFOLHQWHVPDLVLPSRUWDQWHVH0\URQ
WLQKDTXDVHFHUWH]DGHTXHIRUDHOHTXHPFRQYHQFHUD&KULVWLDQDFRQWUDWiOR
±7HQKRXPDDSUHVHQWDomRQXPDFRO{QLDGHIpULDVLQIDQWLOSDUDYRFr±FRPHoRX0\URQ±(VWmR
RIHUHFHQGRPLO
±3DUHFHERP4XDQWRWHPSRWHQKRGHILFDUOi"
±8PDVGXDVKRUDVeVyIDODUXPSRXFRGDUXQVDXWyJUDIRVHVVHWLSRGHFRLVD
 ±4XDQGR"
±1RRXWURViEDGR
±(DDSUHVHQWDomRQRVKRSSLQJ"
±eGRPLQJR1R/LYLQJVWRQ0DOO0RUOH\¶V6SRUWLQJ*RRGV
5LFN\ UHFHEHULD PDLV  PLO GyODUHV SDUD VHQWDUVH D XPD PHVD GXUDQWH GXDV KRUDV GDQGR
DXWyJUDIRV
±0DQHLUR
±4XHUTXHHXPDQGHXPDOLPXVLQHSHJDUYRFr"
±1mRHXYRXGHFDUUR-iVDEHDOJXPDFRLVDVREUHRFRQWUDWRGRDQRTXHYHP"
±(VWDPRVFKHJDQGROi5LFN\0DLVXPDVHPDQDQRPi[LPR(VFXWHTXHURTXHYRFrYHQKDIDODU
FRPR:LQRTXDQWRDQWHVFHUWR"
±&HUWRFODUR
±9RFrHVWiHPIRUPD"
±1DPHOKRUGDPLQKDYLGD4XHURDTXHODYDJD
±&RQWLQXHWUDEDOKDQGR(QmRGHL[HGHIDODUFRP:LQ
±3RGHGHL[DU)DORX0\URQ
±)DORX
2VWHOHIRQHPDVFRQWLQXDUDPFDGDXPVHIXQGLQGRQRVHJXLQWH(OHUHWRUQRXOLJDo}HVGDLPSUHQVD
7RGRVTXHULDPVDEHUVREUHRFRQWUDWRSHQGHQWHHQWUHR7LWDQVH&KULVWLDQ0\URQGL]LDHGXFDGDPHQWH
TXHQmRWLQKDFRPHQWiULRVDID]HU¬VYH]HVXVDUDPtGLDFRPRDODYDQFDQXPDQHJRFLDomRHUDERP
PDV QmR FRP 2WWR %XUNH 'L]LD DSHQDV TXH DV FRLVDV HVWDYDP VH HQFDPLQKDQGR H TXH SRGHULDP
FKHJDUDXPDFRUGRDTXDOTXHUPRPHQWR
(P VHJXLGD OLJRX SDUD -RH 1RUULV XP H[MRJDGRU GRV<DQNHHV TXH DSDUHFLD TXDVH WRGR ILP GH
VHPDQDHPDOJXPHYHQWROLJDGRDFDUW}HVGHEHLVHERO-RHJDQKDYDPDLVHPXPPrVKRMHHPGLDGR
TXHHPWRGDXPDWHPSRUDGDQRDXJHGDFDUUHLUD
(P VHJXLGD IRL /LQGD 5HJDO XPD WHQLVWD SURILVVLRQDO TXH WLQKD DFDEDGR GH HQWUDU SDUD DV 
SULPHLUDV GR UDQNLQJ /LQGD HVWDYD SUHRFXSDGD FRP D LGDGH RIHQGLGD SRUTXH XP ORFXWRU KDYLD VH
UHIHULGRDHODFRPR³FRQKHFLGDYHWHUDQD´/LQGDWLQKDTXDVHDQRV
(ULF.UDPHUHVWXGDQWHGR~OWLPRDQRQD8QLYHUVLGDGHGD&DOLIyUQLDHTXHSURYDYHOPHQWHHQWUDULD
QD VHJXQGD OLVWD GH FRQWUDWDo}HV GD OLJD QDFLRQDO HVWDYD QD FLGDGH 0\URQ FRQVHJXLUD PDUFDU XP
MDQWDUFRPHOH,VVRVLJQLILFDYDTXH0\URQHUDILQDOLVWD±HOHHXP]LOKmRGHRXWURVHPSUHViULRV$
FRQFRUUrQFLD HUD DFLUUDGD ([HPSOR H[LVWHP  HPSUHViULRV FUHGHQFLDGRV SHOD OLJD QDFLRQDO
GLVSXWDQGRRVMRJDGRUHVXQLYHUVLWiULRVTXHVmRFRQYRFDGRVHPDEULO$OJRWHPGHVHUSRVWRGH
ODGR*HUDOPHQWHpDpWLFD
0\URQ OLJRX SDUD R JHUHQWH JHUDO GR 1HZ<RUN -HWV 6DP /RJDQ SDUD IDODU VREUH R FRQWUDWR GH
5LFN\/DQH
±2JDURWRHVWiQDPHOKRUIRUPDGDFDUUHLUD±DODUGHRX0\URQ/HYDQWRXVHHDQGRXGHXPODGR
SDUDRXWUR0\URQWLQKDXPHVFULWyULRJUDQGHEDVWDQWHLPSRQHQWHQD3DUN$YHQXHHQWUHDVUXDVH
,VVRLPSUHVVLRQDYDDVSHVVRDVHDDSDUrQFLDHUDLPSRUWDQWHQDTXHOHQHJyFLR±1XQFDYLQDGD
LJXDO(VWRXGL]HQGR6DPRJDURWRpRQRYR*D\OH6D\HUVeLQFUtYHO(VWRXIDODQGRVpULR
±(OHpEDL[RGHPDLV±GLVVH/RJDQ
±'RTXHYRFrHVWiIDODQGR"%DUU\6DQGHUVpEDL[RGHPDLV"(PPLWW6PLWKpEDL[RGHPDLV"5LFN\
pPDLVDOWRTXHHOHV(WHPOHYDQWDGRSHVR(VWRXGL]HQGRHOHYDLVHUGRVJUDQGHV
 ±$Km2OKD0\URQHOHpXPJDURWROHJDO7UDEDOKDGXUR0DVQmRSRVVRRIHUHFHUPDLVGRTXH
$TXDQWLDDLQGDHUDPXLWREDL[D0DVWLQKDVXELGR
2V WHOHIRQHPDV FRQWLQXDUDP VHP LQWHUUXSomR (P DOJXP PRPHQWR DR ORQJR GR GLD (VSHUDQ]D
WURX[HXPVDQGXtFKHTXHHOHHQJROLX
¬VRLWRGDQRLWH0\URQGHXVHX~OWLPRWHOHIRQHPDGRHVFULWyULR
-HVVLFDDWHQGHX
±$O{"
±9RXSDVVDUQDVXDFDVDHPXPDKRUD3UHFLVDPRVFRQYHUVDU

ZZZ

0\URQREVHUYRXRURVWRGH-HVVLFDSURFXUDQGRXPDUHDomR(ODFRQWLQXDYDROKDQGRDUHYLVWDFRPR
VH IRVVH DSHQDV XP H[HPSODU GD1HZVZHHN QXPD SDVVLYLGDGH DSDYRUDQWH 'H YH] HP TXDQGR
DVVHQWLDROKDYDRUHVWRGDSiJLQDHDFDSDGDUHYLVWDVHPSUHUHWRUQDQGRjIRWRGH.DWK\(VWDYDWmR
LQGLIHUHQWHTXH0\URQTXDVHHVSHURXTXHHODDVVRELDVVH
$SHQDV RV QyV GRV GHGRV UHYHODYDP DOJXPD FRLVD (VWDYDP EUDQFRV WRWDOPHQWH VHP VDQJXH DV
SiJLQDVVHQGRDPDVVDGDVHPVHXDSHUWRPRUWDO
±9RFrHVWiEHP"±SHUJXQWRXHOH
±(VWRX±UHVSRQGHXHODDYR]FDOPDTXDVHWUDQTXLOL]DGRUD±9RFrGLVVHTXH&KULVWLDQUHFHEHX
LVWRSHORFRUUHLR"
±)RL
±(YRFrH:LQIDODUDPFRPRKRPHPTXHSXEOLFDHVWD±HODWHQWRXIDODUPDVKHVLWRXRURVWR
ILQDOPHQWHGHPRQVWUDQGRDOJXPVLQDOGHQRMR±HVWDFRLVD"
±)DODPRV
(ODDVVHQWLX
±(OHGHXRHQGHUHoRGHTXHPS{VRDQ~QFLR"
±6yXPDFDL[DSRVWDO9RXLQYHVWLJDUDPDQKmYHUTXHPSHJDDFRUUHVSRQGrQFLD
(ODHUJXHXRVROKRVSHODSULPHLUDYH]
±9RXFRPYRFr
(OHTXDVHSURWHVWRXPDVVHFRQWHYH1mRWLQKDFKDQFHFRQWUDHOD
±&HUWR
±4XDQGR&KULVWLDQOKHGHXHVWDFRLVD"
±2QWHP
,VVRDWUDLXDDWHQomRGHOD
±9RFrVDELDGLVVRRQWHP"
(OHDVVHQWLX
±(QmRPHFRQWRX"±UHDJLXHODULVSLGDPHQWH±(XDEULPHXFRUDomRSDUDYRFrPHVHQWLFRPR
XPDHVTXL]RIUrQLFDSDUDQRLFDHYRFrVDELDGLVVRRWHPSRWRGR"
±1mRVDELDGLUHLWRFRPRFRQWDU
±+iPDLVDOJXPDFRLVDTXHYRFrQmRPHFRQWRX"
±&KULVWLDQUHFHEHXXPWHOHIRQHPDRQWHPjQRLWH(OHDFKDTXHHUDGH.DWK\
±2TXr"
0\URQ FRQWRX UDSLGDPHQWH 4XDQGR FKHJRX j SDUWH HP TXH &KULVWLDQ HVFXWRX D YR] GH .DWK\ R
URVWRGHODILFRXWRWDOPHQWHVHPFRU
±$VXDDPLJDGDFRPSDQKLDWHOHI{QLFDGHVFREULXDOJXPDFRLVD"
±1mR0DVVDEHPRVTXHRVHUYLoRTXH&KULVWLDQXVRXVyIXQFLRQDSDUDDOJXPDVFLGDGHVGHQWURGR
FyGLJRGHiUHD
±4XDQWDV"
±8QVWUrVTXDUWRVGHODV
±(QWmRVmRGDSDUWHQRUWHGH1RYD-HUVH\RHVWDGRFRPPDLRUGHQVLGDGHSRSXODFLRQDOGRV
(VWDGRV8QLGRV",VVROLPLWDDEXVFDDTXr"'RLVWUrVPLOK}HVGHSHVVRDV"
±1mRpXPDJUDQGHDMXGD±DGPLWLXHOH±PDVpDOJXPDFRLVD
2ROKDUGHODSRXVRXGHQRYRQDUHYLVWD
±(XQmRTXHULDSHJDUSHVDGRFRPYRFreVyTXH
±7XGREHP
±9RFrpDPHOKRUSHVVRDTXHHXMiFRQKHFL±GLVVHHOD±6pULR
±eYRFrpRPDLRUSpQRVDFR
±eGLItFLOQHJDULVVR±UHVSRQGHXHODXPTXDVHVRUULVRQRURVWR
±4XHULUjSROtFLD"±SHUJXQWRXHOH±2XIDODUFRP3DXO'XQFDQ"
(ODSHQVRXSRUXPPRPHQWR
±1mRVHLEHP
±$LPSUHQVDYDLDOXFLQDU9DLDUUDVWDU.DWK\SHODODPD
±1mROLJRDPtQLPDSDUDRTXHDLPSUHQVDIL]HU
±6yHVWRXDYLVDQGR
±(OHVSRGHPFKDPiODGHYDJDEXQGDGHXPPLOKmRGHPRGRVGLIHUHQWHV1mRPHLPSRUWD
±(VXDPmH"
±7DPEpPQmROLJRDPtQLPDSDUDRTXHHODTXHU6yTXHURTXH.DWK\VHMDHQFRQWUDGD
±(QWmRYRFrTXHUFRQWDUDHOHV±GLVVH0\URQ
±1mR
(OHROKRXSDUD-HVVLFDFRQIXVR
±3RGHULDVHUPDLVFODUD"
$VSDODYUDVVDtUDPOHQWDVPHGLGDVDVLGHLDVFKHJDQGRDRPHVPRWHPSRTXHHODIDODYD
±.DWK\MiVXPLXKiPDLVGHXPDQR±FRPHoRX±(PWRGRHVVHWHPSRDSROtFLDHDLPSUHQVDQmR
FRQVHJXLUDP[RQJDV$EVROXWDPHQWHQDGD(ODVLPSOHVPHQWHGHVDSDUHFHXVHPGHL[DUUDVWUR
±("
±0DVDJRUDWHPRVHVWDUHYLVWD$OJXpPDHQYLRXSDUD&KULVWLDQRTXHVLJQLILFDTXHDOJXpPWDOYH]
.DWK\ WDOYH] QmR HVWi WHQWDQGR ID]HU FRQWDWR 3HQVH Vy 3HOD SULPHLUD YH] HP PDLV GH XP DQR Ki
DOJXPWLSRGHFRPXQLFDomR1mRTXHURSHUGHULVVR1mRTXHURTXHRFDVRJDQKHQRYDUHSHUFXVVmRH
DVVXVWHHVVDSHVVRD.DWK\SRGHGHVDSDUHFHUGHQRYR(VWH±HODOHYDQWRXDUHYLVWD±HVWHQHJyFLRp
QRMHQWRPDVWDPEpPGikQLPReDOJXPDFRLVD1mRPHHQWHQGDPDO(XHVWRXFKRFDGD0DVpXPILR
GHHVSHUDQoD7UHPHQGDPHQWHHPERODGRPDVDLQGDDVVLPXPILR6HDSROtFLDHDLPSUHQVDIRUHP
DYLVDGDVTXHPIH]LVVRSRGHILFDUFRPPHGRHVXPLUGHQRYR(GHVWDYH]SDUDVHPSUH1mRSRVVR
DUULVFDU7HPRVGHPDQWHULVVRHPVHJUHGR
0\URQFRQILUPRXFRPDFDEHoD
±)D]VHQWLGR
±(DJRUD"±SHUJXQWRXHOD
±9DPRVDRFRUUHLRHP+RERNHQ3HJRYRFrGHPDQKmFHGRjVVHLV
 

23(5)80('(-(66,&$HUDPDUDYLOKRVR
(VWDYDP QD 8SWRZQ 6WDWLRQ HP +RERNHQ (OD HVWDYD PXLWR SHUWR GHOH 2 FDEHOR WLQKD DTXHOH
FKHLURGHUHFpPODYDGRTXHHOHWHQWDYDHVTXHFHUID]LDDQRV6HQWLORRGHL[DYDWRQWR
±(QWmRpDVVLPTXHVHEDQFDRGHWHWLYH±GLVVHHOD
±(PSROJDQWHQmRp"
+DYLDPFKHJDGRjVVHLVHPHLDHHVWDYDPDOLID]LDTXDVHXPDKRUDWHQWDQGRQmRFKDPDUDWHQomR±
R TXH QmR HUD IiFLO TXDQGR R KRPHP WLQKD  PHWUR H D PXOKHU HUD LQFULYHOPHQWH ERQLWD 3RU
HQTXDQWRQLQJXpPKDYLDWRFDGRDFDL[DSRVWDO
2 WpGLR FKHJRX ORJR -HVVLFD ROKRX R SUHoR GH YiULDV FDL[DV SDUD HQFRPHQGDV 1mR HUD PXLWR
LQWHUHVVDQWH /HX RV DQ~QFLRV GRV FODVVLILFDGRV $FKRX XP SRXTXLQKR PDLV LQWHUHVVDQWH
&ODVVLILFDGRVHPXPDDJrQFLDGRVFRUUHLRV&RPRVHTXLVHVVHPXPDUHVSRVWDSRUFDUWD
±6HPG~YLGDYRFrVDEHID]HUXPDPXOKHUVHGLYHUWLU±GLVVHHOD
±eSRULVVRTXHPHFKDPDPGH&DSLWmR'LYHUVmR
(ODULX8PVRPPHOyGLFR0\URQVHQWLXXPIULRQDEDUULJD
±*RVWDGHWUDEDOKDUFRPRHPSUHViULRGHDWOHWDV&DSLWmR'LYHUVmR"
±0XLWtVVLPR
±6HPSUHDFKHLTXHRVHPSUHViULRVHUDPXPEDQGRGHVDFDQDV
±2EULJDGR
± 9RFr VDEH R TXH HX TXHUR GL]HU 6DQJXHVVXJDV 9tERUDV *DQDQFLRVRV IDPLQWRV SRU GLQKHLUR
SDUDVLWDV&DUDVTXHHQJDQDPDWOHWDVLQJrQXRVHDOPRoDPQR/H&LUTXHHQTXDQWRGHVWURHPWXGRRTXH
KiGHERPQRHVSRUWH
± 2V SUREOHPDV GR 2ULHQWH 0pGLR WDPEpP VmR QRVVD FXOSD ± LQWHUURPSHX HOH ± ( R GpILFLW QR
RUoDPHQWRGRJRYHUQR
±7iPDVYRFrQmRpQDGDGLVVR
±1mRVRXVDQJXHVVXJDYtERUDQHPSDUDVLWDeXPHORJLRHWDQWR
±9RFrHQWHQGHX
(OHGHXGHRPEURV
±+iPXLWRVHPSUHViULRVVDFDQDV7DPEpPKiXPPRQWHGHPpGLFRVVDFDQDVDGYRJDGRVVDFDQDV
(OHSDURXVHQWLQGRTXHDVSDODYUDVSDUHFLDPIDPLOLDUHV)UHG1LFNOHUQmRKDYLDXVDGRRPHVPR
DUJXPHQWRSDUDMXVWLILFDUVXDVUHYLVWDV"
± 2V HPSUHViULRV VmR XP PDO QHFHVViULR ± FRQWLQXRX 0\URQ ± 6HP HOHV RV DWOHWDV VHULDP
H[SORUDGRV
±3RUTXHP"
±3HORVGRQRVGRVWLPHVSHORVGLULJHQWHV2VHPSUHViULRVIL]HUDPEHPSDUDDFDUUHLUDGRVDWOHWDV
$MXGDUDPDDXPHQWDURVVDOiULRVDJDUDQWLUTXHRDWOHWDHVFROKHULDHPTXHHTXLSHILFDUFRQVHJXLUDP
SDWURFtQLRVHPGLQKHLUR
±(QWmRTXDOpDSDUWHUXLP"
0\URQSHQVRXXPPRPHQWR
±'XDVFRLVDV(PSULPHLUROXJDUWHPHPSUHViULRTXHpPDXFDUiWHU3XUDHVLPSOHVPHQWH9rXP
JDURWRQRYRULFRHVHDSURYHLWD0DVjPHGLGDTXHRVDWOHWDVILFDUHPPDLVHVFODUHFLGRVjPHGLGD
TXHKRXYHUPDLVKLVWyULDVFRPRDGH.DUHHP$EGXO-DEEDUDPDLRULDGHVVHVEDQGLGRVYDLVHUSRVWD
SDUDIRUDGRPHUFDGR
±(HPVHJXQGR"
± 2V HPSUHViULRV WrP GH ID]HU PXLWDV FRLVDV GLIHUHQWHV 6RPRV QHJRFLDGRUHV FRQWDGRUHV
FRQVXOWRUHV ILQDQFHLURV EDEiV DJHQWHV GH YLDJHP FRQVHOKHLURV IDPLOLDUHV FRQVHOKHLURV
PDWULPRQLDLVPROHTXHVGHUHFDGRODFDLRVRTXHIRUQHFHVViULRSDUDID]HURQHJyFLR
±(FRPRYRFrID]WXGRLVVR"
±5HSDVVRGXDVGDVWDUHIDVSULQFLSDLVDR:LQFRQWDGRUHFRQVXOWRUILQDQFHLUR(XVRXRDGYRJDGR
(OH p R DGPLQLVWUDGRU $OpP GLVVR WHPRV (VSHUDQ]D TXH p FDSD] GH ID]HU TXDVH WXGR $ FRLVD
IXQFLRQDEHP&DGDXPGHQyVHTXLOLEUDHFRPSOHWDRRXWUR
±&RPRRVWUrVSRGHUHVGRJRYHUQR
(OHDVVHQWLX
±9RFrVHULDRRUJXOKRGRVJUDQGHVHVWDGLVWDV
$OJXpPOHYRXDPmRDWpDFDL[DHDDEULX
±+RUDGRVKRZ±GLVVH0\URQ
-HVVLFDJLURXDFDEHoDSDUDROKDU2KRPHPHUDPDJUR7XGRQHOHHUDFRPSULGRGHPDLVDORQJDGR
GHPRGRIDQWDVPDJyULFRFRPRVHHOHWLYHVVHSDVVDGRSRUXPDPiTXLQDGHWRUWXUDPHGLHYDO$WpR
URVWRSDUHFLDFRPSULGRFRPRXPDLPDJHPFDULPEDGDHPPDVVDGHPRGHODU
±5HFRQKHFHRFDUD"±SHUJXQWRX0\URQ
(ODKHVLWRX
±+iDOJRQHOHPDVDFKRTXHQmR
±9HQKDYDPRVVDLUGDTXL
'HVFHUDP UDSLGDPHQWH RV GHJUDXV H HQWUDUDP QR FDUUR 0\URQ KDYLD HVWDFLRQDGR HP XPD iUHD
SURLELGDHPIUHQWHDRSUpGLRHFRORFDGRXPDSODFDGHHPHUJrQFLDSROLFLDOQRSDUDEULVD3UHVHQWHGH
XP DPLJR GD SROtFLD $ SODFD HUD PXLWR ~WLO ± SULQFLSDOPHQWH QDV pSRFDV HP TXH RV VKRSSLQJV
HQWUDYDPHPOLTXLGDomR
2KRPHPPDJURVDLXGRLVPLQXWRVGHSRLV(QWURXQXP2OGVPRELOHDPDUHOR3ODFDGH1RYD-HUVH\
0\URQHQJUHQRXRFDUURHIRLDWUiV2KRPHPSHJRXD5RWDHPGLUHomRj*DUGHQ6WDWH3DUNZD\
VHJXLQGRSDUDRQRUWH
±(VWDPRVURGDQGRGHFDUURKiTXDVHPLQXWRV±GLVVH-HVVLFD±3RUTXHHOHDOXJDULDXPDFDL[D
GHFRUUHLRWmRORQJHGHFDVD"
±7DOYH]QmRHVWHMDLQGRSDUDFDVD7DOYH]HVWHMDLQGRWUDEDOKDU
±2HVFULWyULRGRGLVTXHVH[R"
±7DOYH]2XSRGHVHUTXHHOHYiWmRORQJHSDUDTXHQLQJXpPRYHMD
'HL[RX D SLVWD QD VDtGD  HQWURX QD 5RWD  SDUD R QRUWH H VDLX QD /LQFROQ $YHQXH HP
5LGJHZRRG
-HVVLFDVHHQGLUHLWRXQREDQFR
±eDVDtGDSDUDDPLQKDFDVD±GLVVHHOD
±(XVHL
±2TXHpTXHHVWiDFRQWHFHQGRDTXL"
2 2OGVPRELOH DPDUHOR YLURX j HVTXHUGD QR ILP GD UDPSD $JRUD HVWDYDP D PHQRV GH FLQFR
TXLO{PHWURVGDFDVDGH-HVVLFD6HHOHSHJDVVHD/LQFROQ$YHQXHDWpD*RGZLQ5RDGHVWDULDP
1mR
 26U0DJURYLURXQD.HQPRUH5RDGPHWURVDQWHVGROLPLWHGH5LGJHZRRG$LQGDHVWDYDP
QRFRUDomRVXEXUEDQR±RVXE~UELRHPTXHVWmRHUD*OHQ5RFN1RYD-HUVH\*OHQ5RFNWLQKDHVVH
QRPHSRUFDXVDGHXPDURFKDJLJDQWHTXHILFDYDQD5RFN5RDG7XGRSDUHFLDWHU³URFN´QRQRPH
22OGVPRELOHDPDUHORSHJRXXPDHQWUDGDGHYHtFXORV.HQPRUH5RDG
±$MDFRPQDWXUDOLGDGH±GLVVHHOH±1mRILTXHROKDQGRSDUDOi
±2TXr"
(OH QmR UHVSRQGHX 3DVVRX GLUHWR SHOD FDVD YLURX QD UXD VHJXLQWH H HVWDFLRQRX DWUiV GH DOJXQV
DUEXVWRV 3HJRX R WHOHIRQH GR FDUUR H OLJRX SDUD R HVFULWyULR )RL DWHQGLGR QD PHWDGH GR SULPHLUR
WRTXH
±0%5HSUHVHQWDo}HV(VSRUWLYDV±GLVVH(VSHUDQ]D
± &RQVLJD WXGR TXH SXGHU VREUH HVWH HQGHUHoR .HQPRUH 5RDG  *OHQ 5RFN 1RYD -HUVH\ 2
QRPHGRGRQRYHULILFDomRGHFUpGLWRDFRLVDWRGD
±(QWHQGLGR
&OLTXH
(OHGLVFRXRXWURQ~PHUR
±0LQKDDPLJDGDFRPSDQKLDWHOHI{QLFD±H[SOLFRXD-HVVLFD(GHSRLV±/LVD"eR0\URQ2OKD
SUHFLVRGHXPIDYRU.HQPRUH5RDG*OHQ5RFN1RYD-HUVH\1mRVHLTXDQWDVOLQKDVRFDUDWHP
PDVSUHFLVRTXHYHULILTXHWRGDV4XHURVDEHUGHFDGDQ~PHURSDUDRTXDOHOHWHOHIRQDUQDVSUy[LPDV
KRUDV&HUWR2TXHYRFrGHVFREULXVREUHDTXHOH"2TXr"$KFHUWRHQWHQGR2EULJDGR
'HVOLJRX
±2TXHHODGLVVH"
±2QmRpRSHUDGRSHODFRPSDQKLDWHOHI{QLFDGDTXLeGHXPDHPSUHVDSHTXHQDGD&DUROLQD
GR6XO(ODQmRWHPDFHVVR
±(RTXHYDPRVID]HUDJRUD"6yYLJLDUDFDVD"
±1mR(XHQWUR9RFrILFDDTXL
(ODHUJXHXXPDVREUDQFHOKD
±2TXr"
±(UDYRFrTXHQmRTXHULDDVVXVWDUQLQJXpP6HHVVHFDUDWHPDOJXPDFRLVDDYHUFRPVXDLUPm
FRPRDFKDTXHHOHYDLUHDJLUYHQGRYRFr"
(OD FUX]RX RV EUDoRV GLDQWH GR SHLWR H IXPHJRX 6DELD TXH HOH HVWDYD FHUWR PDV QHP SRU LVVR
ILFDULDIHOL]
±9DLORJR±GLVVH
(OH VDLX GR FDUUR (UD XP GDTXHOHV EDLUURV VHP YDULDomR FDGD FDVD FRQVWUXtGD FRP R PHVPR
SURMHWRGHYiULRVQtYHLVHPWHUUHQRVGHWUrVPLOPHWURVTXDGUDGRV¬VYH]HVDFDVDHUDLQYHUWLGDD
IUHQWH ILFDYD QRV IXQGRV H D FR]LQKD PXGDYD GH ODGR $ PDLRULD WLQKD IRUUDomR GH DOXPtQLR QDV
SDUHGHV$UXDIHGLDDFODVVHPpGLD
0\URQEDWHX2KRPHPPDJURDEULXDSRUWD
±-HUU\"
2 URVWR GR PDJUR GHPRQVWURX TXH HOH KDYLD ILFDGR FRQIXVR 'H SHUWR VXD DSDUrQFLD HUD PHOKRU
PDLVSHQVDWLYRGRTXHHVTXLVLWR&RPXPDEOXVDGHJRODUXOrHXPFLJDUURHUDRWLSRTXHSRGHULD
IDFLOPHQWHHVWDUOHQGRSRHPDVQXPFDIp
±(PTXHSRVVRDMXGiOR"
±-HUU\HX
 ±9RFrGHYHWHUVHHQJDQDGR0HXQRPHQmRp-HUU\
±9RFrVHSDUHFHFRPR-HUU\
$OJRVRPEULRDWUDYHVVRXRURVWRGHOH
±6LQWRPXLWR±GLVVHIHFKDQGRDSRUWD±5HDOPHQWHQmRWHQKRWHPSR
±7HPFHUWH]D-HU"
±(XMiOKHGLVVH
±9RFrFRQKHFH.DWK\&XOYHU"
)RLXPDWDTXHIXUWLYR(FHUWHLUR
±4XHTXHQHJyFLRpHVVH"±UHDJLXHOHEUXVFDPHQWH
±$FKRTXHFRQKHFH
±4XHPpYRFr"
±0HXQRPHp0\URQ%ROLWDU
±(HXGHYHULDFRQKHFrOR"
±%RPVHYRFrIRVVHXPJUDQGHImGHEDVTXHWH1DYHUGDGHQmR0DVHXJRVWDULDGHID]HUXPDV
SHUJXQWDV
±1mRWHQKRQDGDDGL]HU
+RUDGHXVDURiVGHHVSDGDV0\URQSHJRXDUHYLVWD
±7HPFHUWH]D-HUU\"
2VEUDQFRVGRVROKRVGRPDJURFUHVFHUDPYH]HVSDUHFHQGRSUDWRVGHORXoDQRURVWRDORQJDGR
±9RFrPHFRQIXQGLXFRPRXWUDSHVVRD$GHXV
(OHEDWHXDSRUWD
0\URQGHXGHRPEURVHYROWRXDRFDUUR
±(HQWmR"±SHUJXQWRX-HVVLFD
±1yVRVDFXGLPRV$JRUDpYHURTXHFDLGRVEROVRV

ZZZ

$EDQFDGHMRUQDLVGREDLUUR
:LQVHOHPEUDYDGHXPWHPSRHPTXHHODHVWDYDDVVRFLDGDDQRVWDOJLDHDLPDJHQVGRV(VWDGRV
8QLGRVGHYHUGDGHIHLWDVSRU1RUPDQ5RFNZHOO-iQmRHUDDVVLP$JRUDHUDLJXDOHPTXDOTXHUUXD
TXDOTXHU HVTXLQD TXDOTXHU FLGDGH]LQKD GR LQWHULRU GRFHV MRUQDLV FDUW}HV GH FRPHPRUDomR ± H
UHYLVWDVSRUQRJUiILFDV$VFULDQoDVSRGLDPSHJDUXPDEDUUDGHFKRFRODWHHGDUXPDHVSLDGLQKDWXGR
DRPHVPRWHPSR$SRUQRJUDILDWLQKDVHWRUQDGRXPHOHPHQWREiVLFRGDYLGDDPHULFDQD3RUQRJUDILD
SHVDGD'RWLSRTXHID]LDD3HQWKRXVHSDUHFHUXPDUHYLVWDGHGHFRUDomR
:LQVHDSUR[LPRXGRKRPHPTXHHVWDYDDWUiVGDVFDUWHODVGHELOKHWHVGHORWHULD
±&RPOLFHQoD±GLVVH
±6LP"
± 3RGHULD GL]HU VH R VHQKRU WHP RV H[HPSODUHV PDLV UHFHQWHV GH&OLPD[[ (VSRUUR 2UJDVPR
+RMH/DPELGDV;RWWDH0DPLORV"
8PDPXOKHULGRVDRIHJRXHOKHGHXXPROKDUJHODGR:LQVRUULXSDUDHOD
±'HL[HPHDGLYLQKDU±GLVVHHOH±&RHOKLQKDGRPrVHPMXQKRGH"
(ODIH]XPUXtGRWLSRKXPSIHVHYLURX
±9HULILTXHDOL±UHVSRQGHXRKRPHP±(QWUHDVUHYLVWDVHPTXDGULQKRVHRVYtGHRVGD'LVQH\
 ±2EULJDGR
:LQ HQFRQWURX WUrV&OLPD[[ 2UJDVPR +RMH H;RWWD 7HQWRX PDLV WUrV EDQFDV H FRQVHJXLX D
/DPELGDVPDVQmRKDYLDVLQDOGD(VSRUURRXGD0DPLORV)LQDOPHQWHHQFRQWURXH[HPSODUHVGHODV
QXPDORMDGHSRUQRJUDILDSHVDGDQD5XDD3DOiFLR3RUQ{GR5HL'DYL+DYLDXPDJUDQGHSODFD
QD IUHQWH GL]HQGR$%(572  +25$6  ,VVR p TXH HUD FRQYHQLrQFLD :LQ VH FRQVLGHUDYD XP VXMHLWR
EDVWDQWHFRQKHFHGRUGRPXQGRPDVRVLWHQVHDVIRWRJUDILDVQR³SDOiFLR´SURYDUDPTXHWDQWRVXDV
H[SHULrQFLDVGHYLGDTXDQWRVXDLPDJLQDomRHUDPQDPHOKRUGDVKLSyWHVHVOLPLWDGDV
(UDTXDVHPHLRGLDTXDQGRVDLXGDORMD8PDPDQKmSURGXWLYDHTXDVHHGXFDWLYD
&RPRLWRUHYLVWDVHQILDGDVGHEDL[RGREUDoR:LQSHJRXXPWi[LSDUDDiUHDFHQWUDOGH0DQKDWWDQ
$LQGDQREDQFRGHWUiVIRLIROKHDQGRDOJXPDV
±$WpDJRUDWXGREHP±GLVVHHPYR]DOWD
2PRWRULVWDROKRXRSHORUHWURYLVRUGHXGHRPEURVHVHYLURXGHYROWDSDUDDUXD
4XDQGRFKHJRXDRHVFULWyULR:LQHVSDOKRXDVUHYLVWDVVREUHVXDPHVD([DPLQRXDVDWHQWDPHQWH
FRPSDUDQGRDV,QFUtYHO([DWDPHQWHFRPRVXVSHLWDUD(OHHVWDYDFHUWR
&LQFRPLQXWRVGHSRLVFRORFRXDVUHYLVWDVQDJDYHWDGDPHVDHLQWHUIRQRXSDUD(VSHUDQ]D
±)DoDDJHQWLOH]DGHPDQGDUR0\URQjPLQKDVDODDVVLPTXHHOHFKHJDU
 

±7(1+280$&21),66­2$)$=(5±GLVVH-HVVLFD
(VWDYDPVDLQGRGRHVWDFLRQDPHQWR.LQQH\QD5XDRFKHLURGHXULQDHIXPDoDGHFDUEXUDGRUVH
GLVVLSDQGRjPHGLGDTXHFKHJDYDPDRDUUHODWLYDPHQWHSXURGDFDOoDGD9LUDUDPQD4XLQWD$YHQLGD
$ ILOD SDUD REWHQomR GH SDVVDSRUWHV SDVVDYD GD HVWiWXD GH $WODV 8P QHJUR FRP GUHDGORFNV
FRPSULGRV HVSLUUDYD UHSHWLGDPHQWH R FDEHOR EDODQoDQGR FRPR G~]LDV GH FREUDV 8PD PXOKHU
UHFODPRXFRPXPWVFWVF0XLWDVSHVVRDVjHVSHUDROKDYDPSDUDD&DWHGUDOGH
6W3DWULFNGRRXWURODGRGDUXDFRPRVHLPSORUDVVHPSHODLQWHUYHQomRGLYLQDRURVWRPDUFDGRGH
DQJ~VWLD7XULVWDVMDSRQHVHVWLUDYDPIRWRVGDHVWiWXDHGDILOD
±(VWRXRXYLQGR±UHVSRQGHX0\URQ
&RQWLQXDUDPDQGDQGR-HVVLFDQmRVHYLURXSDUDHOH(QFDUDYDRFDPLQKRDGLDQWHRROKDUIL[RHP
QDGD
±1yVQmRpUDPRVPDLVWmRXQLGDV1DYHUGDGH.DWK\HHXPDOQRVIDOiYDPRV
0\URQILFRXVXUSUHVR
±'HVGHTXDQGR"
±2V~OWLPRVWUrVDQRVPDLVRXPHQRV
±2TXHDFRQWHFHX"
(ODEDODQoRXDFDEHoDPDVFRQWLQXRXVHPROKiOR
± 1mR VHL GLUHLWR (OD PXGRX 2X WDOYH] Vy WHQKD FUHVFLGR H HX QmR FRQVHJXL OLGDU FRP LVVR
6LPSOHVPHQWH QRV DIDVWDPRV 4XDQGR QRV YtDPRV HUD FRPR VH HOD QmR VXSRUWDVVH ILFDU QR PHVPR
F{PRGRTXHHX
±6LQWRPXLWR
±eEHPQmRpJUDQGHFRLVD6yTXH.DWK\PHOLJRXQDQRLWHHPTXHGHVDSDUHFHX)RLDSULPHLUD
YH]HPQmRVHLTXDQWRWHPSR
±2TXHHODTXHULD"
±1mRVHL(XHVWDYDVDLQGR'LVVHTXHHVWDYDFRPSUHVVDHGHVOLJXHL
)LFDUDPHPVLOrQFLRSHORUHVWRGRFDPLQKRDWpRHVFULWyULRGH0\URQ
4XDQGRVDtUDPGRHOHYDGRU(VSHUDQ]DOKHHQWUHJRXXPSHGDoRGHSDSHOHGLVVH
±:LQTXHUYHUYRFrLPHGLDWDPHQWH
(PVHJXLGDHODHQFDURX-HVVLFDFRPRXPER[HDGRUROKDULDXPRSRQHQWHPDQFDQGRHFRPDJXDUGD
DEHUWD
±2WWR%XUNHRX/DUU\+DQVRQOLJDUDP"±SHUJXQWRX0\URQ
(ODYLURXSDUDHOHRROKDUIXULRVR
±1mR:LQTXHUYHUYRFrLPHGLDWDPHQWH
±(XHVFXWHLGDSULPHLUDYH]'LJDTXHYRXGDTXLDFLQFRPLQXWRV
(QWUDUDPQDVDODGH0\URQ(OHIHFKRXDSRUWDHH[DPLQRXDIROKD-HVVLFDVHQWRXVHGLDQWHGHOHH
FUX]RX DV SHUQDV GH XP PRGR TXH SRXFDV PXOKHUHV VmR FDSD]HV WUDQVIRUPDQGR XP PRYLPHQWR
FRPXP QXPD DUPDGLOKD VH[XDO 0\URQ WHQWRX QmR ROKDU H[SOLFLWDPHQWH 7DPEpP WHQWRX QmR VH
OHPEUDUGDOX[~ULDTXHDTXHODVSHUQDVGHVSHUWDYDPQDFDPD)RLPDOVXFHGLGRQDVGXDVWDUHIDV
±2TXHGL]Dt"±SHUJXQWRXHOD
(OHYROWRXDVL
 ±1RVVRDPLJRPDJURGD.HQPRUH5RDGHP*OHQ5RFNVHFKDPD*DU\*UDG\
-HVVLFDIUDQ]LXRVROKRV
±2QRPHSDUHFHIDPLOLDU
(ODEDODQoRXDFDEHoD
±0DVQmRFRQVLJRPHOHPEUDUGHRQGH
± e FDVDGR Ki VHWH DQRV D PXOKHU VH FKDPD$OOLVRQ 6HP ILOKRV 7HP XPD KLSRWHFD GD FDVD QR
YDORU GH  PLO GyODUHV SDJD HP GLD 0DLV QDGD SRU HQTXDQWR 'HYHPRV GHVFREULU PDLV GDTXL D
SRXFR±(OHS{VRSDSHOQDPHVD±$FKRTXHWHPRVGHFRPHoDUDDWDFDULVVRSRUGLYHUVDVIUHQWHV
±&RPR"
± 3UHFLVDPRV YROWDU j QRLWH HP TXH VXD LUPm GHVDSDUHFHX &RPHoDPRV Dt H YDPRV HP IUHQWH 2
FDVR WRGR SUHFLVD VHU UHLQYHVWLJDGR 2 DVVDVVLQDWR GR VHX SDL WDPEpP 1mR HVWRX GL]HQGR TXH RV
SROLFLDLVQmRIRUDPPHWLFXORVRV3URYDYHOPHQWHIRUDP0DVDJRUDVDEHPRVDOJXPDVFRLVDVTXHHOHV
QmRVDEHP
±$UHYLVWD
±([DWR
±&RPRSRVVRDMXGDU"
±&RPHFHDOHYDQWDUWXGRRTXHSXGHUVREUHRTXH.DWK\HVWDYDID]HQGRTXDQGRVXPLX)DOHFRP
RV DPLJRV GHOD DV FROHJDV GH TXDUWR DV FROHJDV GD LUPDQGDGH XQLYHUVLWiULD DV RXWUDV OtGHUHV GH
WRUFLGDTXDOTXHUSHVVRD
±&HUWR
±$OpPGLVVRFRQVLJDRVUHJLVWURVHVFRODUHVGHOD9DPRVYHUVHKiDOJXPDFRLVDOi4XHURYHUTXH
FXUVRVHODID]LDHPTXHDWLYLGDGHVHVWDYDHQYROYLGDTXDOTXHUFRLVD
(VSHUDQ]DHVFDQFDURXDSRUWD
±9DOHUHIHLomR/LQKDGRLV
0\URQROKRXRUHOyJLR&KULVWLDQGHYLDHVWDUQRPHLRGRWUHLQR3HJRXRWHOHIRQH
±&KULVWLDQ"
±6U%ROLWDUQmRVHLRTXHHVWiDFRQWHFHQGR
0\URQPDOFRQVHJXLDRXYLU3DUHFLDTXH&KULVWLDQHVWDYDQXPW~QHOGHYHQWR
±2QGHYRFrHVWi"
±1XPWHOHIRQHS~EOLFRGRODGRGHIRUDGRHVWiGLRGR7LWDQV
±4XDOpRSUREOHPD"
±1mRTXHUHPPHGHL[DUHQWUDU

ZZZ

-HVVLFDILFRXQRHVFULWyULRSDUDGDUDOJXQVWHOHIRQHPDV0\URQVDLXjVSUHVVDV2FDPLQKRGD5XD
DWpD:HVW6LGH+LJKZD\HVWDYDHVWUDQKDPHQWHOLYUH/LJRXSDUD2WWR%XUNHH/DUU\+DQVRQGR
FDUUR1HQKXPGRVGRLVDWHQGHX0\URQQmRILFRXVXUSUHVR
(QWmR OLJRX SDUD XP WHOHIRQH HP :DVKLQJWRQ TXH QmR HVWDYD QD OLVWD 3RXFDV SHVVRDV WLQKDP R
Q~PHUR
±$O{±DWHQGHXDYR]HGXFDGDPHQWH
±2L37
±$KPHUGD0\URQTXHSRUUDYRFrTXHU"
 ±3UHFLVRGHXPIDYRU
± 3HUIHLWR (VWDYD DJRUD PHVPR GL]HQGR D XPD SHVVRD SX[D FRPR HX TXHULD TXH R %ROLWDU PH
OLJDVVHSHGLQGRXPIDYRU3RXFDVFRLVDVPHGmRWDQWDDOHJULD
37WUDEDOKDYDQR)%,$VFKHILDVGR)%,PXGDYDPFRQVWDQWHPHQWH37SHUPDQHFLD$LPSUHQVD
QmR VDELD GD H[LVWrQFLD GHOH PDV WRGR SUHVLGHQWH GHVGH 1L[RQ WLYHUD VHX Q~PHUR QD GLVFDJHP
UiSLGD
±2FDVR.DWK\&XOYHU±GLVVH0\URQ±4XHPpRPHOKRUFDUDSDUDIDODUVREUHLVVR"
±2SROLFLDOORFDO±UHVSRQGHX37VHPKHVLWDU±(OHp[HULIHRXDOJRDVVLP8PFDUDIDQWiVWLFR
DPLJRPHX(VTXHFLRQRPH
±3RGHPHDUUXPDUXPDUHXQLmRFRPHOH"
±3RUTXHQmR"6HUYLUjVVXDVQHFHVVLGDGHVGiXPSURSyVLWRjPLQKDYLGD
±(XOKHGHYRXPD
±9RFrMiPHGHYHYiULDV0DLVGRTXHSRGHSDJDU/LJRTXDQGRWLYHUDOJXPDFRLVD
0\URQGHVOLJRX2WUkQVLWRFRQWLQXDYDOLYUH,QFUtYHO$WUDYHVVRXDSRQWH
:DVKLQJWRQHFKHJRXD0HDGRZODQGVHPWHPSRUHFRUGH
2&RPSOH[R(VSRUWLYRGH0HDGRZODQGVIRUDHUJXLGRHP(DVW5XWKHUIRUGXPDUHJLmRSDQWDQRVD
VHPXWLOLGDGHSHUWRGD1HZ-HUVH\7XUQSLNH$OLILFDYDPDSLVWDGHDWOHWLVPRGH0HDGRZODQGVR
HVWiGLRGR7LWDQVHDDUHQD%UHQGDQ%\UQHTXHKRPHQDJHDYDXPH[JRYHUQDGRUTXDVHWmRTXHULGR
TXDQWR XP YHOKRWH QXP EDLOH GH IRUPDWXUD 3URWHVWRV GLJQRV GH 5HYROXomR )UDQFHVD LUURPSHUDP
FRQWUD R QRPH PDV QmR DGLDQWRX$ UHYROWD GR SRYR QmR p XP DGYHUViULR j DOWXUD GR HJR GH XP
SROtWLFR
±$KPHX'HXV
2 FDUUR GH &KULVWLDQ ± RX HOH SUHVXPLX TXH IRVVH R FDUUR GH &KULVWLDQ ± HVWDYD SUDWLFDPHQWH
LQYLVtYHO VRE R FREHUWRU GH UHSyUWHUHV 0\URQ Mi SUHYLUD TXH LVVR SXGHVVH DFRQWHFHU 7LQKD GLWR D
&KULVWLDQSDUDVHWUDQFDUQRFDUURHQmRGL]HUQHQKXPDSDODYUD,UHPERUDVHULDLQ~WLO$LPSUHQVD
WHULDVLPSOHVPHQWHLGRDWUiVH0\URQQmRHVWDYDDILPGHXPDSHUVHJXLomRGHFDUUR
3DURXDOLSHUWR2VUHSyUWHUHVVHYLUDUDPSDUDHOHFRPROH}HVFKHLUDQGRXPFRUGHLURIHULGR
±2TXHHVWiDFRQWHFHQGR0\URQ"
±3RUTXH&KULVWLDQQmRHVWiWUHLQDQGR"
±9RFrHVWiVHJXUDQGRRFRQWUDWRRXRTXr"
±2TXHHVWiDFRQWHFHQGRFRPRFRQWUDWRGHOH"
0\URQ GLVVH TXH QmR WLQKD FRPHQWiULRV IRL QDGDQGR SHOR PDU GH PLFURIRQHV FkPHUDV H JHQWH
HVSUHPHQGRVHSDUDGHQWURGRFDUURVHPSHUPLWLUTXHDRQGDHQWUDVVHFRPHOH
±6DLDGLULJLQGR±GLVVH0\URQ
&KULVWLDQOLJRXRFDUURHIRLDFHOHUDQGR2VUHSyUWHUHVVHDIDVWDUDPDFRQWUDJRVWR
±6LQWRPXLWR6U%ROLWDU
±2TXHDFRQWHFHX"
±2VHJXUDQoDQmRPHGHL[RXHQWUDU'LVVHTXHWLQKDRUGHQVSDUDPHPDQWHUGRODGRGHIRUD
±)LOKRGDSXWD±PXUPXURX0\URQ2WWR%XUNHHVXDHVWUDWpJLDGHVJUDoDGD6XMHLWLQKRDUGLORVR
0\URQGHYHULDHVWDUSUHSDUDGRSDUDDOJRDVVLP0DVEDUUDUDHQWUDGDGHXPMRJDGRU",VVRSDUHFLD
XPDDWLWXGHH[WUHPDPHVPRSDUDRVSDGU}HVGH2WWR%XUNH$SHVDUGDSRVHHOHVHVWDYDPEDVWDQWH
SHUWR GH DVVLQDU %XUNH KDYLD H[SUHVVDGR IRUWH LQWHUHVVH HP FRORFDU &KULVWLDQ QRV WUHLQRV R PDLV
UiSLGRSRVVtYHOSDUDSUHSDUiORSDUDDWHPSRUDGD
 (QWmRSRUTXHLULDGHL[DU&KULVWLDQGRODGRGHIRUD"
0\URQQmRJRVWRXGDTXLOR
±9RFrWHPWHOHIRQHQRFDUUR"±SHUJXQWRX
±1mRVHQKRU
1mRLPSRUWDYD
±'rPHLDYROWD3DUHSHUWRGRSRUWmR&
±2TXHRVHQKRUYDLID]HU"
±9HQKDFRPLJR
2VHJXUDQoDWHQWRXLPSHGLORVPDV0\URQVHJXLXDGLDQWHHPSXUURX&KULVWLDQHVWiGLRDGHQWUR
±(LYRFrVQmRWrPSHUPLVVmRGHHQWUDU±JULWRXRVXMHLWR±3DUHPDt
±$WLUHHPQyV±GLVVH0\URQVHJXLQGRHPIUHQWH
(QWUDUDP QR FDPSR -RJDGRUHV VH FKRFDYDP FRP IRUoD FRQWUD RV ERQHFRV GH WUHLQR &RP PXLWD
IRUoD1LQJXpPHPEURPDYD(UDXPDVHOHWLYD$PDLRULDGRVDWOHWDVEULJDYDSRUXPOXJDUQRWLPH
7LQKDPVLGRDVHVWUHODVGDHVFRODHGDIDFXOGDGHWRGRVDFRVWXPDGRVjSXUDJUDQGH]DGRFDPSRGH
MRJR$PDLRUSDUWHQmRVHULDVHOHFLRQDGD$PDLRUSDUWHQmRSHUPLWLULDTXHRVRQKRWHUPLQDVVHDt
SURFXUDULDRXWURVWLPHVHVSHUDULDWHQWDULDLQFHVVDQWHPHQWHPRUUHQGRGHYDJDUDFDGDPLQXWR
8PDSURILVVmRJODPRXURVD
7UHLQDGRUHVVRSUDYDPDSLWRV5XQQLQJEDFNVGDYDPSLTXHVGHFRUULGD.LFNHUVPDQGDYDPDEROD
SDUDDVWUDYHVGRJROGRODGRRSRVWR3XQWHUVFKXWDYDPDERODDOWRHPDUFRVOHQWRVHSUHJXLoRVRV
9iULRVMRJDGRUHVVHYLUDUDPHYLUDP&KULVWLDQ8P]XP]XPFRPHoRX0\URQRLJQRURX7LQKDYLVWR
VHXDOYRVHQWDGRQDSULPHLUDILODGLDQWHGDOLQKDGHMDUGDV
2WWR %XUNH HVWDYD FRPR &pVDU QR &ROLVHX DTXHOH VRUULVR LPEHFLO DLQGD JUXGDGR QR URVWR RV
EUDoRV DSRLDGRV QDV FDGHLUDV DR ODGR GD VXD $WUiV GHOH HVWDYDP /DUU\ +DQVRQ H DOJXQV RXWURV
GLULJHQWHV 2 6HQDGR GH &pVDU 'H YH] HP TXDQGR 2WWR VH UHFRVWDYD H SUHPLDYD R VpTXLWR FRP
FRPHQWiULRVTXHSURYRFDYDPDWDTXHVGHULVRGLJQRVGHDQHXULVPDV
±0\URQ±JULWRX2WWRHPWRPDJUDGiYHODFHQDQGRFRPVXDPmRPLQ~VFXOD±9HQKDFi6HQWHVH
± (VSHUH DTXL ± GLVVH 0\URQ D &KULVWLDQ ( VXELX RV GHJUDXV 2 VpTXLWR OLGHUDGR SRU /DUU\
+DQVRQVHOHYDQWRXQXP~QLFRPRYLPHQWRHPDUFKRXSDUDORQJH
0\URQSUHVWRXFRQWLQrQFLDDHOHV
±8PGRLVWUrVTXDWUR'LUHLWDYROYHU
1LQJXpPULX4XHVXUSUHVD
±6HQWHVH0\URQ±GLVVH2WWRULQGRGHRUHOKDDRUHOKD±9DPRVEDWHUXPSDSLQKR
±9RFrQmRWHPUHVSRQGLGRDRVPHXVWHOHIRQHPDV±GLVVH0\URQ
±9RFrOLJRX"
2WWREDODQoRXDFDEHoD
±7HUHLGHIDODUVREUHLVVRFRPPLQKDVHFUHWiULD±]RPERX2WWR
0\URQH[SLURXOHQWDPHQWHHVHVHQWRX
±3RUTXH&KULVWLDQILFRXGRODGRGHIRUD"
±2UD0\URQQDYHUGDGHpEHPVLPSOHV&KULVWLDQDLQGDQmRDVVLQRXRFRQWUDWR27LWDQVQmRWHP
WHPSRSDUDLQYHVWLUHPDOJXpPTXHWDOYH]QmRIDoDSDUWHGRQRVVRIXWXUR
(OHPRYHXDFDEHoDLQGLFDQGRRFDPSR
±(VWiYHQGRTXHPHVWiDTXLSDUDXPWHVWH"1HLO'HFNHUGH&LQFLQQDWL8PyWLPRTXDUWHUEDFN
±eHOHpIDQWiVWLFReTXDVHFDSD]GHID]HUXPODQoDPHQWRHPHVSLUDO
 2WWRVROWRXXPULVLQKR
±(QJUDoDGR0\URQ9RFrpXPVXMHLWRPXLWRGLYHUWLGR
±)LFRIHOL]SRUYRFrDFKDULVVR3RGHULDPHGL]HURTXHHVWiDFRQWHFHQGR"
2WWR%XUNHDVVHQWLX
±eMXVWR0\URQ(QWmRYDPRVIDODUIUDQFDPHQWHFHUWR"
±5DFLRQDOPHQWHIUDQFDPHQWHRTXHYRFrTXLVHU
±ÏWLPR*RVWDUtDPRVGHUHQHJRFLDURFRQWUDWRGRVHXFOLHQWH3DUDPHQRV
±6HL
±$FKDPRVTXHVHXFOLHQWHSHUGHXYDORUGHPHUFDGR
±$Km
%XUNHRREVHUYRX
±9RFrQmRSDUHFHVXUSUHVR0\URQ
±(QWmRRTXHYDLVHUGHVWDYH]"
±&RPRDVVLPRTXHYDLVHUGHVWDYH]"
±%RPYDPRVFRPHoDUFRP%HQQ\.HOHKHU9RFrRFRQYLGRXjVXDFDVDIH]RFDUDHQFKHUDFDUD
GHSRLVPDQGRXXPSROLFLDOLUDWUiVGHOHHHOHIRLSUHVRSRUGLULJLUHPEULDJDGR
2WWRSDUHFHXDGHTXDGDPHQWHHPFKRTXH
±1mRWLYHQDGDDYHUFRPLVVR
±)RLLQFUtYHOFRPRHOHDVVLQRXRFRQWUDWRQRGLDVHJXLQWH(WHYHR(GGLH6PLWK9RFrPDQGRXXP
LQYHVWLJDGRUSDUWLFXODUWLUDUIRWRVFRPSURPHWHGRUDVGHOHHDPHDoRXPRVWUiODVjHVSRVD
±2XWUDPHQWLUD
± ÏWLPR PHQWLUD (QWmR YDPRV DR TXH LQWHUHVVD 2 TXH FDXVRX HVVD V~ELWD GHVYDORUL]DomR GH
&KULVWLDQ"
2WWRVHUHFRVWRX3HJRXXPFLJDUURQXPDFLJDUUHLUDGHRXURFRPXPHPEOHPDGR7LWDQV
±)RLDOJRTXHHXYLQXPDUHYLVWDPXLWRLPRUDO$OJRTXHPHGHL[RXUHDOPHQWHFRQVWHUQDGR
(OHQmRSDUHFLDFRQVWHUQDGR3DUHFLDEDVWDQWHVDWLVIHLWR
±,VVRpTXHpEDL[DURQtYHO±GLVVH0\URQ±9RFrGHYLDVHRUJXOKDU
±2TXr"
±9RFrDUPRXLVVR$UHYLVWD
2WWRVRUULX
±$KHQWmRYRFrVDELD
±&RPRFRQVHJXLXDTXHODIRWR"
±4XHIRWR"
±$GRDQ~QFLR
±1mRWLYHQDGDDYHUFRPHOD
±&ODUR9RFrpXPVLPSOHVDVVLQDQWHGD0DPLORV
±1mRWLYHQDGDDYHUFRPDTXHOHDQ~QFLR0\URQ+RQHVWDPHQWH
±(QWmRFRPRFRQVHJXLXDUHYLVWD"
±$OJXpPPHPRVWURX
±4XHP"
±1mRWHQKRSHUPLVVmRSDUDIDODUVREUHLVVR
±0XLWRFRQYHQLHQWH
± 1mR VHL VH JRVWR GR VHX WRP 0\URQ ( GHL[HPH GL]HU RXWUD FRLVD IRL YRFr TXH DJLX HUUDGR
QHVVHFDVR6HVDELDVREUHDUHYLVWDWLQKDDUHVSRQVDELOLGDGHpWLFDGHPHFRQWDU
0\URQROKRXSDUDRFpX
±9RFrXVRXDSDODYUD³pWLFD´(QHQKXPUDLRFDLX'HXVQmRH[LVWH
2VRUULVRYDFLORXPDVSHUPDQHFHXRQGHHVWDYD
±3RUPDLVTXHGHVHMHPRV0\URQQmRSRGHPRVVLPSOHVPHQWHGHVFRQVLGHUDULVVR$UHYLVWDH[LVWH
HLVVRGHYHVHUOHYDGRHPFRQWD(QWmRGHL[HPHDSUHVHQWDUPLQKDSURSRVWD
±6RXWRGRRXYLGRV
±9RFrYDLSHJDUQRVVDRIHUWDDWXDOHEDL[iODHP6HQmRDFHLWDUDIRWRGD6UWD&XOYHUVHUi
GLYXOJDGD3HQVHQLVVR9RFrWHPWUrVGLDVSDUDGHFLGLU
2WWR REVHUYRX HQTXDQWR 1HLO 'HFNHU ID]LD XP SDVVH$ EROD SDUHFHX XP SDWR GH DVD TXHEUDGD
&DLXEHPDQWHVGRUHFHSWRU2WWRIUDQ]LXDWHVWDHDFDULFLRXRFDYDQKDTXH
±'LJDPRVGRLVGLDV
 

+$55,621*25'2129,&(5(,725'(*5$'8$d­2FHUWLILFRXVHGHTXHDSRUWDGHVXDVDODHVWLYHVVH
IHFKDGD)HFKDGDHWUDQFDGDQDYHUGDGH1mRLULDVHDUULVFDU1mRFRPLVVR
6HQWRXVHGHQRYRHROKRXSHODMDQHOD$UHVSHLWDGD8QLYHUVLGDGH5HVWRQHPWRGDDVXDJOyULD(OD
QmR HVWDYD QR VHOHWR JUXSR GDV RLWR PHOKRUHV GR SDtV PDV GHYHULD$ YLVWD GH VXD VDOD HUD XPD
PLVWXUD GH JUDPD YHUGH H SUpGLRV GH WLMRORV YHUPHOKRV 2V DOXQRV KDYLDP VDtGR SDUD DV IpULDV GH
YHUmR PDV DV iUHDV FRPXQV DLQGD WLQKDP DOJXPDV SHVVRDV ± HVWXGDQWHV WUHLQDQGR IXWHERO RX WrQLV
SHVVRDV GDV UHGRQGH]DV TXH XVDYDP R FDPSXV FRPR SDUTXH HWHUQRV KLSSLHV TXH ID]LDP
SHUHJULQDo}HVDLQVWLWXLo}HVOLEHUDLVFRPRPXoXOPDQRVLDPD0HFD8PPRQWHGHOHQoRVYHUPHOKRV
SRQFKRVHJUDQROD8PKRPHPEDUEXGRODQoRXXPIULVEHH8PPHQLQLQKRRSHJRX
+DUULVRQ*RUGRQQmRYLXQDGDGLVVR1mRWLQKDJLUDGRDFDGHLUDSDUDGHVIUXWDUDSDLVDJHP7LQKD
IHLWR LVVR SDUD DIDVWDU R ROKDU GD GD FRLVD HP VXD PHVD 4XHULD VLPSOHVPHQWH GHVWUXLU DTXHOD
SRUFDULDHHVTXHFrOD0DVQmRSRGLD$OJRRLPSHGLD(DOJRRDWUDtDSDUDOiSDUDXPDSiJLQDSHUWR
GRILQDO
'HVWUXDLVVRVHXLGLRWD6HDOJXpPGHVFREULU
2TXHSRGHULDDFRQWHFHU"
(OHQmRVDELD*LURXDFDGHLUDGHYROWDPDQWHQGRRROKDUORQJHGDUHYLVWD8PDSDVWDRQGHHVWDYD
HVFULWR&8/9(5 .$7+(5,1(  HVWDYD j GLUHLWD (OH HQJROLX HP VHFR &RP D PmR WUrPXOD IROKHRX DV
SLOKDV GH WUDQVFULo}HV H FDUWDV GH UHFRPHQGDomR (UDP UHDOPHQWH LPSUHVVLRQDQWHV PDV DJRUD
+DUULVRQQmRWLQKDWHPSRSDUDLVVR
$FDPSDLQKDGRLQWHUIRQH±XPVRPKRUUHQGR±GHXOKHXPVXVWR
±5HLWRU*RUGRQ"
±6LP±GLVVHHOHTXDVHJULWDQGR6HXFRUDomREDWLDFRPRRGHXPFRHOKR
±+iDOJXpPDTXLTXHGHVHMDYrOR(ODQmRPDUFRXKRUDPDVDFKHLTXHRVHQKRUWDOYH]TXLVHVVH
YrOD
$YR]GH(GLWKHVWDYDEDL[DXPVXVVXUURGHLJUHMD
±4XHPp"±SHUJXQWRXHOH
±-HVVLFD&XOYHUeLUPmGH.DWK\
2SkQLFRYD]RXRFRUDomRGHOHFRPRXPDODQoDGHJHOR
±5HLWRU*RUGRQ"
(OHFREULXDERFDFRPPHGRGHJULWDU
±5HLWRU*RUGRQ"2VHQKRUDLQGDHVWiDt"
1mRKDYLDRSomR(OHWHULDGHUHFHErODHGHVFREULURTXHHODGHVHMDYD$JLUGHTXDOTXHURXWUR
PRGRJHUDULDVXVSHLWD
$EULXDJDYHWDGHEDL[RHMRJRXGHQWURRTXHHVWDYDVREUHDPHVD)HFKRXDSHJRXDVFKDYHVHD
WUDQFRX0HOKRUSUHYHQLUGRTXHUHPHGLDU3RUILPGHVWUDQFRXDSRUWD
±0DQGHD6UWD&XOYHUHQWUDU±GLVVH
-HVVLFD HUD QR PtQLPR WmR ERQLWD TXDQWR D LUPm RX VHMD DEVROXWDPHQWH LQFUtYHO (OH SHQVRX HP
FRPRGHYHULDFXPSULPHQWiODHDFDERXRSWDQGRSHORHVWLORGRQRGHIXQHUiULD±VLPSDWLDGLVWDQFLDGD
SURILVVLRQDOLVPRFDORURVR
$SHUWRXDPmRGHODGHPRGRILUPHHJHQWLO
 ±6UWD&XOYHUODPHQWRWHUPRVGHQRVFRQKHFHUHPWDLVFLUFXQVWkQFLDV1RVVDVRUDo}HVHVWmRFRP
VXDIDPtOLDQHVWHPRPHQWRGLItFLO
±2EULJDGDSRUPHUHFHEHUVHPWHUPDUFDGRKRUD
(OHEDODQoRXDPmRFRPRVHUHVSRQGHVVH³1mRpQDGD´
±3RUIDYRUVHQWHVH3RVVROKHRIHUHFHUDOJXPDFRLVD"&DIpUHIULJHUDQWH"
±1mRREULJDGD
(OHYROWRXjFDGHLUD6HQWRXVHHFUX]RXDVPmRVVREUHDPHVD
±(PTXHSRVVRDMXGiOD"
±3UHFLVRGDSDVWDGDPLQKDLUPm±UHVSRQGHX-HVVLFD
+DUULVRQVHQWLXRVGHGRVVHDSHUWDUHPPDVPDQWHYHRURVWRILUPH
±$SDVWDFRPRVUHJLVWURVHVFRODUHVGHVXDLUPm"
±6LP
±3RVVRSHUJXQWDURPRWLYR"
±7HPDYHUFRPRGHVDSDUHFLPHQWRGHOD
±6HL±GLVVHHOHGHYDJDU6XDYR]HOHSUySULRILFRXVXUSUHVRDRRXYLUFRQWLQXDYDFDOPD±&UHLR
TXHDSROtFLDIRLEDVWDQWHPHWLFXORVDFRPDSDVWD(OHVIL]HUDPFySLDGHWXGRRTXHKiQHOD
±(XVHL0DVJRVWDULDGHYHUDSDVWDSHVVRDOPHQWH
9iULRVVHJXQGRVVHSDVVDUDP-HVVLFDVHUHPH[HXQDFDGHLUD
±6HULDXPSUREOHPD"±SHUJXQWRX
±1mRQmR%RPWDOYH],QIHOL]PHQWHWDOYH]QmRVHMDSRVVtYHOOKHHQWUHJDUDSDVWD
±&RPRDVVLP"
± 2 TXH TXHUR GL]HU p TXH QmR VHL VH D VHQKRULWD WHP GLUHLWR OHJDO GH H[DPLQiOD 2V SDLV
FHUWDPHQWH WrP 0DV QmR VHL TXDQWR D LUPmRV 3UHFLVR YHULILFDU LVVR FRP XP DGYRJDGR GD
XQLYHUVLGDGH
±(XHVSHUR±GLVVH-HVVLFD
±$KyWLPR3RGHULDDJXDUGDUQDRXWUDVDODSRUIDYRU"
(ODDVVHQWLXYLURXVHHSDURX2OKRXSDUDHOHSRUFLPDGRRPEUR
±2VHQKRUFRQKHFLDPLQKDLUPmQmRpUHLWRU*RUGRQ"
(OHFRQVHJXLXGDUXPVRUULVR
±&RQKHFLD8PDMRYHPPDUDYLOKRVD
±.DWK\WUDEDOKDYDSDUDRVHQKRU
±$UTXLYDQGRDWHQGHQGRRWHOHIRQHHVVHWLSRGHFRLVD±UHVSRQGHXHOHUDSLGDPHQWH±(UDPXLWR
HILFLHQWH7RGRVVHQWLPRVPXLWDIDOWDGHOD
±(ODOKHSDUHFLDEHP"
±%HP"
±$QWHVGHGHVDSDUHFHU±FRQWLQXRX-HVVLFDRVROKRVVHGHPRUDQGRQRVGHOH±(VWDYDDJLQGRGH
DOJXPPRGRHVWUDQKR"
*RWDVGHVXRUEURWDUDPQDWHVWDGRYLFHUHLWRUPDVHOHQmRRXVRXHQ[XJDU
±1mRQmRTXHHXWHQKDQRWDGR(ODSDUHFLDSHUIHLWDPHQWHEHP3RUTXHSHUJXQWD"
±6yHVWRXYHULILFDQGR9RXHVSHUDUOiIRUD
±2EULJDGR
+DUULVRQVROWRXRDU(DJRUD"7HULDGHOKHGDUDSDVWD5HFXVDUVHULDPDLVGRTXHVXVSHLWR0DV
FODURQmRSRGLDVLPSOHVPHQWHDEULUDJDYHWDGHEDL[RVDFDUDSDVWDGDOLHHQWUHJiODD-HVVLFD1mR
HVSHUDULDDOJXQVPLQXWRVLULDDWpRDUTXLYRSDUDFXLGDUGRFDVR³SHVVRDOPHQWH´HUHWRUQDULDFRPR
TXHHODSHGLUD
3RUTXH-HVVLFD&XOYHUSUHFLVDYDGDTXLOR"+DYHULDDOJRTXHHOHGHL[DUDGHYHU"
1mR7LQKDFHUWH]DGLVVR
+DYLDSDVVDGRRDQRLQWHLURHVSHUDQGRUH]DQGRSDUDTXHWXGRDFDEDVVH0DVGHYHULDVDEHUTXH
QmR VHULD DVVLP &RLVDV FRPR DTXHOD QXQFD PRUUHP GH YHUGDGH (ODV VH HVFRQGHP FULDP UDt]HV
ILFDPPDLVIRUWHVHVHSUHSDUDPSDUDXPQRYRDWDTXH
.DWK\&XOYHUQmRHVWDYDPRUWDHHQWHUUDGD+DYLDUHWRUQDGRFRPRXPIDQWDVPDDVVRPEUDQGRR
JULWDQGRGHDOJXPRXWURPXQGR
&ODPDQGRSRUYLQJDQoD

ZZZ

0\URQUHWRUQRXjVDOD
±:LQFKDPRXSHORLQWHUIRQHGXDVYH]HV4XHUYHUYRFr$JRUD
±(VWRXLQGR
±0\URQ"
±2TXr"
2VROKRVOLQGRVHHVFXURVGH(VSHUDQ]DHVWDYDPVROHQHV
±(ODYROWRX"$-HVVLFD
±1mR6yHVWiGHYLVLWD
(VSHUDQ]DSDUHFHXQmRDFUHGLWDUPXLWR0\URQQmRLQVLVWLX1HPHOHVDELDPDLVRTXHSHQVDU
6XELXDHVFDGDGHGRLVHPGRLVGHJUDXV2HVFULWyULRGH:LQILFDYDGRLVDQGDUHVDFLPDPDVHUD
FRPRVHIRVVHHPRXWUDGLPHQVmR$VVLPTXHDEULXDJUDQGHSRUWDGHDoRRDODULGRLQFHVVDQWHDWDFRX
FRP WXGR 2 DPSOR HVSDoR VHP GLYLVyULDV YLYLD HP FRQVWDQWH PRYLPHQWR 8PDV  WDOYH] 
PHVDV FREULDP R SLVR FRPR VH IRVVHP WDSHWHV FDGD XPD GHODV FRP SHOR PHQRV GRLV WHUPLQDLV GH
FRPSXWDGRU+DYLDFHQWHQDVGHKRPHQVVHQWDGRVRXGHSpWRGRVGHFDPLVDVRFLDOEUDQFDJUDYDWDH
VXVSHQVyULRV RV SDOHWyV SHQGXUDGRV QR HQFRVWR GDV FDGHLUDV 2 Q~PHUR GH PXOKHUHV HUD
GRORURVDPHQWHSHTXHQR2VKRPHQVHVWDYDPDRWHOHIRQHDPDLRULDFREULQGRRERFDOFRPDPmRSDUD
JULWDUFRPRXWUDSHVVRD7RGRVSDUHFLDPLJXDLV(UDPSUDWLFDPHQWHDPHVPDSHVVRD
%HPYLQGRj/RFN+RUQH6HJXURVH,QYHVWLPHQWRV
7RGRVRVVHLVDQGDUHVHUDPH[DWDPHQWHLJXDLV1DYHUGDGHIUHTXHQWHPHQWH0\URQVXVSHLWDYDGH
TXHD/RFN+RUQHWLQKDDSHQDVXPDQGDUHTXHSDUDFULDUDLOXVmRGHTXHDHPSUHVDHUDPDLRUR
HOHYDGRUHUDDMXVWDGRSDUDSDUDUQHOHLQGHSHQGHQWHPHQWHGRQ~PHURTXHVHDSHUWDVVHGRDR
8PD VHTXrQFLD GH VDODV IHFKDGDV GHOLPLWDYD R SHUtPHWUR (UDP UHVHUYDGDV DRV ILJXU}HV RV
PDQGDFKXYDVRV³Q~PHURXP´4XHPWLQKDXPDVDODJDQKDYDMDQHODVHOX]GRVROGLIHUHQWHPHQWHGRV
SH}HVGRODGRGHGHQWURTXHSHUGLDPDVD~GHHDFRUFRPDVOkPSDGDVIULDV
:LQWLQKDXPDVDODGHFDQWRFRPYLVWDSDUDD5XDHD3DUN$YHQXH±XPSULYLOpJLRTXHSRUVL
VyLQGLFDYDGLQKHLUR$GHFRUDomRLQIRUPDYDPDLVGLQKHLURGHIDPtOLDULFDHWUDGLFLRQDO3DUHGHV
IRUUDGDV FRP PDGHLUD HVFXUD 7DSHWH YHUGHIORUHVWD 3ROWURQDV GH HQFRVWR DOWR 4XDGURV GH FDoD j
UDSRVDQDSDUHGH&RPRVH:LQMiWLYHVVHYLVWRXPDUDSRVDDOJXPDYH]QDYLGD
4XDQGR 0\URQ HQWURX :LQ HUJXHX R ROKDU GH VXD JLJDQWHVFD PHVD GH FDUYDOKR$ PHVD SHVDYD
SRXFR PHQRV TXH XP FDPLQKmR (OH HVWLYHUD H[DPLQDQGR XP UHODWyULR XP GDTXHOHV LQWHUPLQiYHLV
IRUPXOiULRV FRQWtQXRV FRP OLQKDV YHUGHV H EUDQFDV $ PHVD HVWDYD FREHUWD GHOHV $Wp TXH
FRPELQDYDPFRPRWDSHWH
±&RPRIRLVHXHQFRQWURPDWLQDOFRPQRVVRDPLJR-HUU\RUHLGDGLVTXHDQDJHP"±SHUJXQWRX:LQ
±'LVTXHDQDJHP"
:LQVRUULX
±3DVVHLDPDQKmLQWHLUDERODQGRLVVR
±9DOHXDSHQD
0\URQFRQWRXVHXHQFRQWURFRP*DU\³-HUU\´*UDG\:LQVHUHFRVWRXHMXQWRXDVSRQWDVGRVGHGRV
GDVGXDVPmRV(PVHJXLGD0\URQRFRORFRXDSDUGRHQFRQWURFRP2WWR%XUNH:LQVHLQFOLQRXSDUD
DIUHQWHHVHSDURXRVGHGRV
±2WWR%XUNHpXPEDQGLGR±GLVVH:LQFRPDYR]FRPHGLGD±7DOYH]HXGHYHVVHID]HUXPDYLVLWD
SDUWLFXODUDHOH
2OKRXSDUD0\URQFKHLRGHHVSHUDQoD
±1mR$LQGDQmR3RUIDYRU
±7HPFHUWH]D"
±7HQKR3URPHWD:LQ1DGDGHYLVLWDV
(OHILFRXFODUDPHQWHGHVDSRQWDGR
±7XGREHP±UHVSRQGHXFRQWUDULDGR
±(SRUTXHYRFrTXHULDPHYHU"
±$K
2URVWRGH:LQVHLOXPLQRXGHQRYR
±'rXPDROKDGDQLVVR
(OHSX[RXRVUHODWyULRVHVHPFHULP{QLDRVMRJRXQRFKmR(PEDL[RKDYLDXPDSLOKDGHUHYLVWDV
$ GH FLPD VH FKDPDYD&OLPD[[ 2 VXEWtWXOR GL]LD ³8P ; D PDLV SDUD PDUFDU VHX SUD]HU´ %HOD
HVWUDWpJLDGHYHQGDV:LQDVHVSDOKRXHPOHTXHVREUHDPHVDFRPRVHHVWLYHVVHID]HQGRXPWUXTXH
FRPFDUWDVGHEDUDOKR
±6HLVUHYLVWDV±GLVVH
0\URQOHXRVWtWXORV&OLPD[[/DPELGDV(VSRUUR;RWWD2UJDVPR+RMHHFODUR0DPLORV
±6mRDVSXEOLFDo}HVGR1LFNOHU"
±1RVVDYRFrpERPPHVPR±GLVVH:LQ
±$QRVGHWUHLQDPHQWR2TXHKiQHODV"
±'rXPDROKDGDQDVSiJLQDVTXHHXPDUTXHL
0\URQFRPHoRXFRPD&OLPD[[$FDSDPRVWUDYDRXWUDPXOKHUFRPVHLRVJLJDQWHVFRVGHVWDYH]
ODPEHQGR R SUySULR PDPLOR &RQYHQLHQWH :LQ WLQKD XVDGR PDUFDGRUHV GH OLYUR GH FRXUR SDUD
LQGLFDU DV SiJLQDV 0DUFDGRUHV GH FRXUR HP UHYLVWDV SRUQ{V 2 PHVPR TXH FLJDUURV QXPD DXOD GH
DHUyELFD
$SiJLQDPDUFDGDMiHUDFRQKHFLGD0\URQVHQWLXRHVW{PDJRUHYLUDU
)DQWDVLDDRYLYRSHORWHOHIRQH±HVFROKDVXDJDWD

$LQGDKDYLDWUrVILOHLUDVFDGDXPDFRPTXDWURDQ~QFLRV6HXROKDUGHVFHXLPHGLDWDPHQWHSDUDD
GH EDL[R R VHJXQGR DQ~QFLR GD GLUHLWD SDUD D HVTXHUGD$LQGD GL]LD ³)DoR WXGR´ 2 Q~PHUR GH
WHOHIRQH DLQGD HUD '(6(-26 2 SUHoR DLQGD HUD  GyODUHV SRU PLQXWR $LQGD FREUDGRV
GLVFUHWDPHQWHQDFRQWDWHOHI{QLFDRXQRFDUWmRGHFUpGLWR9LVDRX0DVWHUFDUG
 0DVDPXOKHUGDIRWRQmRHUD.DWK\&XOYHU
(OHH[DPLQRXUDSLGDPHQWHRUHVWRGDSiJLQD0DLVQDGDHVWDYDGLIHUHQWH$VRULHQWDLVFRQWLQXDYDP
HVSHUDQGR$OJXpP DLQGD SHGLD ³%DWH SRU IDYRU´ H ³3HLWLQKRV GXURV´ DLQGD QmR WLQKD FKHJDGR j
SXEHUGDGH
±(VVDPHVPDSiJLQDGHDQ~QFLRVHVWiQDVVHLVUHYLVWDV±H[SOLFRX:LQ±0DVVyD0DPLORVWHPD
IRWRGH.DWK\&XOYHU
±,QWHUHVVDQWH
0\URQSHQVRXXPPRPHQWR
±1LFNOHUSURYDYHOPHQWHYHQGHSDFRWHVSDUDRVDQXQFLDQWHVFRPSUHHVSDoRHPVHLVSHORSUHoRGH
WUrVHVVHWLSRGHFRLVD
±([DWR(XGLULDTXHWRGDVDVVHLVUHYLVWDVWrPH[DWDPHQWHRVPHVPRVDQ~QFLRV
±0DVDOJXpPFRORFRXDIRWRGH.DWK\QD0DPLORV
0\URQ HVWDYD VH DFRVWXPDQGR D GL]HU R QRPH GD UHYLVWD -i QmR SDUHFLD UHSXJQDQWH QRV VHXV
OiELRVRTXHRIH]VHQWLUVHUHSXJQDQWH
±9RFrVHOHPEUDGR1LFNOHUGL]HQGRTXHD0DPLORVYHQGLDSRXFR"±SHUJXQWRX:LQ
0\URQDVVHQWLX
±%RPHXWLYHXPDWUHPHQGDGLILFXOGDGHHPHQFRQWUiOD$PDLRULDGDVRXWUDVIRLEHPIiFLOGH
DFKDU HP EDQFDV GH HVTXLQD 0DV SUHFLVHL LU D XPD ORMD GH SRUQRJUDILD SHVDGD QD 5XD  SDUD
FRQVHJXLUD0DPLORV
±1RHQWDQWR±DFUHVFHQWRX0\URQ±2WWR%XUNHFRQVHJXLXXPH[HPSODU
±([DWR7HQKRFHUWH]DGHTXHYRFrFRQVLGHURXDSRVVLELOLGDGHGHRVHQKRU%XUNHHVWDUSRUWUiV
GLVVR
±$LGHLDPHSDVVRXSHODFDEHoD
8PDEDWLGDjSRUWD(VSHUDQ]DHQWURX
± 6HX HVSHFLDOLVWD HP FDOLJUDILD HVWi DR WHOHIRQH ± GLVVH HOD ± 3DVVHL D OLJDomR SDUD D OLQKD GR
:LQ
:LQSHJRXRIRQHHHQWUHJRXD0\URQ
±$O{
±2L0\URQpR6ZLQGOHU$FDERGHH[DPLQDUDVGXDVDPRVWUDVTXHYRFrPHGHX
0\URQWLQKDHQYLDGRD6ZLQGOHURHQYHORSHRQGHYLHUDD0DPLORVHXPDFDUWDHVFULWDSRU.DWK\
±(HQWmR"
±&RPELQDPeHODRXXPIDOViULRSURILVVLRQDO
0\URQVHQWLXXPDSHUWRQRHVW{PDJR
±7HPFHUWH]D"
±$EVROXWD
±2EULJDGRSRUOLJDU
±'HQDGD
0\URQGHYROYHXRIRQHD:LQ
±&RPELQDP"±SHUJXQWRX:LQ
±e
:LQVHUHFRVWRXGHQRYRQDSROWURQDHVRUULX
±0DUDYLOKD
 

0<521(6%$5528&205,&.</$1( QRFRUUHGRU)D]LDWUrVPHVHVTXHQmRRYLD5LFN\SDUHFLDEHP
PDLRU21HZ<RUN-HWVLDJRVWDUGLVVR
±2TXHHVWiID]HQGRDTXL"±SHUJXQWRX0\URQ
±0DUTXHLKRUDFRPR:LQ±UHVSRQGHX5LFN\FRPXPVRUULVRODUJR±&RPRRPHXHPSUHViULR
DFRQVHOKRX
±eERPVDEHUTXHYRFrRXYHVHXHPSUHViULR
±6HPSUH2FDUDpEULOKDQWH
±(QXQFDFRQWHVWDXPFOLHQWH
5LFN\JDUJDOKRX
±(VFXWDRXYLGL]HUTXHR&KULVWLDQIRLLPSHGLGRGHHQWUDUQRHVWiGLR
$VQRWtFLDVFRUULDPGHSUHVVD
±2QGHRXYLXGLVVR"
±1D:)$1
$:)$1HUDDHVWDomRGHUiGLRHVSRUWLYDGH1RYD<RUN
±7HPIDODGRFRPHOHXOWLPDPHQWH"
5LFN\IH]XPDFDUHWD
±&RPR&KULVWLDQ"
±e
±1mRIDORGHVGHPHX~OWLPRMRJRGHIXWHEROXQLYHUVLWiULRRTXrKiXPDQRHPHLR
±$FKHLTXHYRFrVIRVVHPDPLJRV
1DYHUGDGH0\URQWLQKDSUHVXPLGRTXH5LFN\KDYLDUHFRPHQGDGRVHXVVHUYLoRVD&KULVWLDQ
±)RPRVFROHJDVGHWLPH±UHVSRQGHX5LFN\FRPILUPH]D±1XQFDIRPRVDPLJRV
±9RFrQmRJRVWDGHOH"
5LFN\GHXGHRPEURV
±1DYHUGDGHQmR1HQKXPGHQyVJRVWDYD
±³1yV´TXHP"
±2VFDUDVGRWLPH
±2TXHKiGHHUUDGRFRPHOH"
±eXPDORQJDKLVWyULDFDUD1mRYDOHDSHQDFRQWDU
±(XJRVWDULDGHRXYLU
±'LJDPRVRVHJXLQWH&KULVWLDQHUDXPSRXTXLQKRSHUIHLWRGHPDLVSDUDDPDLRULDGHQyVFHUWR"
±(JRFrQWULFR"
5LFN\IH]XPDSDXVDSHQVDQGR
±1DYHUGDGHQmR4XHURGL]HUSDUDVHUKRQHVWRDFKRTXHDPDLRUSDUWHHUDFL~PH&KULVWLDQQmR
HUDVyERPHUDPDLVGRTXHyWLPR(UDLQFUtYHO2PHOKRUTXHMiYL
±(GDt"
±(GDtTXHHOHHVSHUDYDRPHVPRGHWRGRPXQGR
±(OHSHJDYDQRSpGDVSHVVRDVTXDQGRHODVHUUDYDP"
5LFN\IH]RXWUDSDXVDEDODQoRXDFDEHoD
±1mRWDPEpPQmRpLVVR
 ±9RFrQmRHVWiVHQGRPXLWRFODUR5LFN\
5LFN\/DQHROKRXSDUDFLPDROKRXSDUDEDL[RROKRXSDUDDHVTXHUGDROKRXSDUDDGLUHLWDSDUHFLD
PXLWRLQTXLHWR
±1mRVHLH[SOLFDU±GLVVH±9DLSDUHFHUSLFXLQKDPDVRVFDUDVQmRDGRUDYDPWRGDDDWHQomRTXH
HOH UHFHELD 4XHUR GL]HU QyV JDQKDPRV GRLV FDPSHRQDWRV QDFLRQDLV H R ~QLFR FDUD FRP TXHP D
LPSUHQVDIDODYDHUDR&KULVWLDQ
±(XDFRPSDQKHLDVHQWUHYLVWDV(OHVHPSUHGDYDWRGRRFUpGLWRDRVFROHJDVGHWLPH
±eXPSHUIHLWRFDYDOKHLUR±UHVSRQGHX5LFN\FRPPDLVGRTXHXPOHYHVDUFDVPR±7RGDDTXHOD
EDERVHLUD GH ³p XP WUDEDOKR GH HTXLSH´ Vy ID]LD D LPSUHQVD DPiOR DLQGD PDLV 2V FDUDV GR WLPH
DFKDYDPTXHHOHVyTXHULDSURPRomRVDEH"(OHHUDVXDSUySULDHPSUHVDGHUHODo}HVS~EOLFDV(OHV
RFXOSDYDPSRUVHUSRSXODUGHPDLV
±(YRFr"
±1mRVHL7DOYH]$YHUGDGHpTXHHXVLPSOHVPHQWHQmRJRVWDYDPXLWRGHOH1mRWtQKDPRVQDGD
HPFRPXPDQmRVHURIXWHERO(OHpXPJDURWREUDQFRGR0HLR2HVWH(XVRXXPQHJURGDFLGDGH
JUDQGH1mRpXPDFRPELQDomRGDVPHOKRUHV
±(UDVyLVVR"
(OHHQFROKHXGHOHYHRVRPEURV
± $FKR TXH VLP 0DV FDUD WXGR LVVR p KLVWyULD DQWLJD 1mR VHL SRU TXH SX[HL R DVVXQWR 1mR
LPSRUWD PDLV 2 &KULVWLDQ VLPSOHVPHQWH QmR VH HQFDL[DYD WXGR EHP (OH HUD XP FDUD OHJDO DFKR
6HPSUHIRLHGXFDGR0DVLVVRQmREDWHPXLWREHPQRYHVWLiULRVDEH"
0\URQVDELD%ULQFDGHLUDVDGROHVFHQWHVVH[LVWDVHKRPRIyELFDVHVVHHUDRFHUQHGDSRSXODULGDGH
QRYHVWLiULR
±3UHFLVRLUFDUD:LQGHYHHVWDUVHSHUJXQWDQGRRQGHHVWRX
±&HUWR9HMRYRFrSRUDt
$QWHVGH5LFN\YLUDUHVDLU0\URQVHOHPEURXGHRXWUDFRLVD
±(.DWK\&XOYHU"
2URVWRGH5LFN\ILFRXEUDQFR
±2TXHpTXHWHPHOD"
±9RFrDFRQKHFLD"
± 8P SRXFR 4XHUR GL]HU HOD HUD OtGHU GH WRUFLGD H QDPRUDYD RTXDUWHUEDFN 0DV QyV QXQFD
VDtPRVQHPQDGD±GLVVH$JRUDSDUHFLDPXLWRLQIHOL]±3RUTXHHVWiSHUJXQWDQGR"
±(ODHUDSRSXODU"2XWDPEpPHUDRGLDGD"
2V ROKRV GH 5LFN\ VDOWDUDP GH XP ODGR SDUD RXWUR FRPR SiVVDURV WHQWDQGR HQFRQWUDU XP ORFDO
VHJXURSDUDSRXVDU
±2OKD0\URQYRFrVHPSUHIRLFRUUHWRFRPLJRHXVHPSUHIXLFRUUHWRFRPYRFrFHUWR"
±&HUWR
±1mRTXHURIDODUPDLVQDGD(ODHVWiPRUWDePHOKRUGHL[DUFRPRHVWi
±2TXHLVVRVLJQLILFD"
±1DGD6yQmRJRVWRGHIDODUVREUHHODFHUWR"ePHLRDUUHSLDQWH$JHQWHVHYrGHSRLV
5LFN\VHDSUHVVRXSHORFRUUHGRUFRPRVHXPDGYHUViULRGHPHWURVGHDOWXUDHVWLYHVVHTXHUHQGR
WRPDUOKHDEROD0\URQRREVHUYRX3HQVRXVHGHYHULDLUDWUiVGHOHPDVGHFLGLXTXHQmR5LFN\QmR
GLULDPDLVQDGDKRMH
 

(63(5$1=$(1),28DFDEHoDSHODSRUWD
±$OJXpPRXDOJXPDFRLVDHVWiDTXLSDUDYHUYRFr
0\URQ HUJXHX D PmR VLOHQFLDQGRD 2 IRQH GH RXYLGR FRP PLFURIRQH QmR WLYHUD XP GHVFDQVR
GHVGHTXHHOHUHWRUQDUDDRHVFULWyULR
±2OKDSUHFLVRGHVOLJDU±GLVVHHOH±9HMDVHFRQVHJXHSDVViORSDUDDSULPHLUDFODVVH(OHpXP
FDUDJUDQGH2EULJDGR
7LURXRIRQHGDFDEHoD
±4XHPp"
(ODIH]XPDFDUHWD
±$DURQ1mRGLVVHRVREUHQRPH
1mRSUHFLVDYD
±0DQGHHQWUDU
9HU$DURQ HUD FRPR FDLU QXPD GREUD WHPSRUDO (OH HVWDYD WmR JUDQGH TXDQWR 0\URQ OHPEUDYD
JUDQGHFRPRRSDOHUPDTXHRHQFRQWUDUDQRHVWDFLRQDPHQWR9HVWLDXPWHUQREUDQFRUHFpPSDVVDGR
PDV VHP FDPLVD H[LELQGR XP ERP SHGDoR GR SHLWR EURQ]HDGR 7DPEpP QmR XVDYD PHLDV &DEHOR
HVWLORVRSHQWHDGRSDUDWUiVjOD3DW5LOH\$QGDUEDPEROHDQWHÏFXORVHVFXURVGHJULIH3HUIXPHGH
JULIHTXHWLQKDFKHLURGHUHSHOHQWHGHLQVHWRV$DURQHUDDSUySULDGHILQLomRGH³UHILQDGR´±HUDVy
SHUJXQWDUDHOH
±4XHERPYrOR0\URQ±GLVVHFRPXPVRUULVRODUJR
$SHUWDUDPVH DV PmRV 0\URQ QmR DSHUWRX FRP IRUoD (UD H[SHULHQWH 6H IL]HVVH LVVR $DURQ
SURYDYHOPHQWHDSHUWDULDPDLVIRUWHDLQGD
±6HQWHVH
±0DUDYLOKRVR
$DURQRIH]HPXPJHVWRHODERUDGRDEULQGRRVEUDoRVFRPRVHXVDVVHXPDFDSD'HSRLVWLURXRV
yFXORVFRPXPHVWDOR
±*RVWRGRVHXHVFULWyULReIDQWiVWLFRPHVPR
±2EULJDGR
±)DQWiVWLFRHQGHUHoR9LVWDIDQWiVWLFD
$VHQKDp³IDQWiVWLFR´
±(VWiSURFXUDQGRXPDVDODSDUDDOXJDU"
$DURQULXFRPRVHLVVRIRVVHDSpURODGDVSpURODV
±1mR±UHVSRQGHX±1mRJRVWRGHILFDUWUDQFDGRQXPDVDOD1mRID]PHXJrQHUR*RVWRGDPLQKD
OLEHUGDGH*RVWRGHHVWDUSRUFRQWDSUySULDQDHVWUDGD1mRPHGDULDEHPDFRUUHQWDGRDXPDPHVD
±8DXLVVRpIDVFLQDQWH$DURQ9HUGDGH
(OHULXGHQRYR
±$K0\URQYRFrQmRPXGRXQHPXPSRXFR)LFRIHOL]HPYHU
1mR VH YLDP GHVGH R HQVLQR PpGLR 0\URQ WLQKD HVWXGDGR QD /LYLQJVWRQ +LJK HP 1RYD -HUVH\
$DURQ HVWXGDUD QD HVFROD DUTXLLQLPLJD D :HVW 2UDQJH 2V WLPHV MRJDYDP XP FRQWUD R RXWUR GXDV
YH]HVSRUDQRHUDUDPHQWHHUDXPHQFRQWURDJUDGiYHO
1DpSRFDRPHOKRUDPLJRGH0\URQHUDXPWRXURHQRUPHFKDPDGR7RGG0LGURQ7RGGHUDXP
JDURWRJUDQGHHVLPSOHVGHFRUDomRPROHHTXHQmRSURQXQFLDYDGLUHLWRR6(OHVHUDPFRPR*HRUJH
H /HQQ\ HP5DWRV H KRPHQV GH 6WHLQEHFN$OpP GLVVR 7RGG HUD R JDURWR PDLV IRUWH TXH 0\URQ
FRQKHFLD
7RGGQXQFDSHUGLDXPDEULJD1XQFD1LQJXpPMDPDLVFKHJDYDSHUWRGHOH(UDVLPSOHVPHQWHIRUWH
GHPDLV'XUDQWHXPMRJRQR~OWLPRDQRGHHVFROD$DURQDWDFRXSRUEDL[RHTXDVHPDFKXFRX0\URQ
7RGG WRPRX DV GRUHV 3DUWLX SDUD FLPD GH$DURQ$DURQ DFDERX FRP HOH 0\URQ WHQWRX DMXGDU R
DPLJRPDV$DURQRHPSXUURXSDUDORQJHFRPRVHHOHIRVVHGHSDSHO&RQWLQXRXDVXUUDU7RGGVHP
SDUDUPHWRGLFDPHQWHRWHPSRWRGRHQFDUDQGR0\URQVHPDRPHQRVROKDUSDUDDYtWLPD
$ VXUUD IRL GDV JUDQGHV 4XDQGR DFDERX R URVWR GH 7RGG HUD XPD PDVVD LUUHFRQKHFtYHO (OH
SDVVRXTXDWURPHVHVQXPKRVSLWDO6XDERFDILFRXIHFKDGDRPD[LODUSUHVRFRPILRVGHDoRGXUDQWH
TXDVHXPDQR
±(L±GLVVH$DURQDSRQWDQGRSDUDRFDUWD]GHXPILOPHQDSDUHGH±eR:RRG\$OOHQHDTXHOD
IXODQD
±'LDQH.HDWRQ
±,VVRPHVPR'LDQH.HDWRQ
±3RVVRID]HUDOJXPDFRLVDSRUYRFr$DURQ"±SHUJXQWRX0\URQ
$DURQYLURXRFRUSRLQWHLURSDUD0\URQ$YLVmRGHVHXSHLWRGHSLODGRHUDTXDVHRIXVFDQWH
±$FKRTXHSRGH0\URQ1DYHUGDGHDFKRTXHSRGHPRVID]HUXPDFRLVDXPSHORRXWUR
±e"
±(XUHSUHVHQWRXPFRQFRUUHQWHVHX6XUJLXXPDFHUWDGLVSXWDHQWUHYRFrVGRLV0HXFOLHQWHGHVHMD
UHVROYrODSDFLILFDPHQWH
±$JRUDYRFrpDGYRJDGR$DURQ"
(OHVRUULX
±1mRH[DWDPHQWH
±$K
±(VWRXPHUHIHULQGRDXPUDSD]FKDPDGR&KD]/DQGUHDX[(OHDVVLQRXUHFHQWHPHQWHXPFRQWUDWR
FRPDVXDHPSUHVDD0%5HSUHVHQWDo}HV(VSRUWLYDV
±(XPHVPRSHQVHLQRQRPH
±2TXr"
±0%5HSUHVHQWDo}HV(VSRUWLYDV)XLHXTXHEROHLRQRPH
$DURQUHQRYRXRVRUULVR(UDXPVRUULVRERP&RPXPPRQWHGHGHQWHV
±+iXPSUREOHPDFRPRFRQWUDWR
±'LJD
± 9HMD EHP R VHQKRU /DQGUHDX[ WDPEpP DVVLQRX XP FRQWUDWR FRP 5R\ 2¶&RQQRU GD 7UX3UR
(PSUHHQGLPHQWRV2FRQWUDWRpDQWHULRUDRVHX3RUWDQWRKiXPSUREOHPDVHXFRQWUDWRpLQYiOLGR
±3RUTXHQmRGHL[DPRVXPWULEXQDOGHFLGLULVVR"
(OHGHXXPVXVSLURIXQGR
±0HXFOLHQWHDFKDTXHpGRLQWHUHVVHGHWRGRVHYLWDUROLWtJLR
±2UDTXHVXUSUHVD(RTXHRVHXFOLHQWHVXJHUH"
±2VHQKRU2¶&RQQRUHVWDULDGLVSRVWRDSDJDUSHORVHXWHPSR
±ePXLWDJHQHURVLGDGHGHOH
±e
±(VHHXUHFXVDU"
 ±(VSHUHPRVTXHQmRFKHJXHDLVVR
±0DVHVHFKHJDU"
$DURQVXVSLURXOHYDQWRXVHDSRLRXVHXSHVRQDPHVDGH0\URQ
±6HUHLREULJDGRDID]HUFRPTXHYRFrGHVDSDUHoD
±&RPRQXPWUXTXHGHPiJLFD"
±&RPRQDPRUWH
0\URQS{VDPmRQRSHLWR
±2K2K2K
$DURQULXGHQRYRGHVWDYH]VHPYRQWDGH
±-iHVWRXVDEHQGRGDVXDGHPRQVWUDomRGHWDHNZRQGRQRHVWDFLRQDPHQWR0DVDTXHOHFDUDHUD
XP PXVFXORVR LGLRWD (X QmR /XWHL ER[H SURILVVLRQDOPHQWH 6RX IDL[D SUHWD HP MLXMtWVX H JUDQGH
PHVWUHHPDLNLGR(XMiPDWHL
±$SRVWRTXHLVVRILFDyWLPRQRFXUUtFXOR
±'HL[HPHFRORFDUHPWHUPRVEHPVLPSOHV0\URQVHVDFDQHDUDJHQWHHXPDWRYRFr
±(VWRXWUHPHQGR
0\URQQmRWLQKDWDQWDFRQILDQoDTXDQWRVDUFDVPRPDVVDELDTXHHUDPHOKRUQmRGHPRQVWUDUPHGR
&DUDVFRPR$DURQVmRFRPRFmHV4XDQGRVHQWHPFKHLURGHPHGRDWDFDP
$DURQULXGHQRYR(VWDYDULQGRXPERFDGRKRMH2XHVWDYDVHGLYHUWLQGRPXLWRRXWLQKDLQDODGR
DOJXPWLSRGHJiV'HXDVFRVWDVHIRLSDUDDSRUWD
±(VWHpR~OWLPRDYLVR±GLVVH±2X/DQGUHDX[KRQUDRFRQWUDWRFRPRVHQKRU2¶&RQQRURXYRFrV
GRLVYLUDPFRPLGDGHYHUPHV
&RPLGDGHYHUPHV3ULPHLURDYHLD$JRUDFRPLGDGHYHUPHV
± *RVWR GH YRFr 0\URQ 5HDOPHQWH RGLDULD TXH DOJXPD FRLVD UXLP DFRQWHFHVVH 0DV YRFr
HQWHQGH
±1HJyFLRVVmRQHJyFLRV
±([DWR
(VSHUDQ]DDSDUHFHXjSRUWD
$DURQGHXOKHXPVRUULVRGHWXEDUmR
±2UDRUD±REVHUYRXHOH'HSRLVGHXVXDPHOKRUSLVFDGHODGHKRPHPIRUWH
(VSHUDQ]DFRQVHJXLXQmRDUUDQFDUDVURXSDV,VVRpTXHHUDDXWRFRQWUROH
±$WHQGDDOLQKDGRLV±GLVVHHOD
± 2XoD HVVH WHOHIRQHPD DWHQWDPHQWH 0\URQ ± FRPSOHWRX$DURQ FRP XP ULVR ILQDO ±$SUHFLH D
VHULHGDGHGDVLWXDomR(OHPEUHVHFRPLGDGHYHUPHV
±&RPLGDGHYHUPHV3RGHGHL[DU1mRYRXHVTXHFHU
$DURQSLVFRXSDUD(VSHUDQ]DGHQRYRMRJRXOKHXPEHLMRHIRLHPERUD
±&KDUPRVR±GLVVHHOD
±4XHPpDRWHOHIRQH"
±&KD]/DQGUHDX[
0\URQSHJRXRDSDUHOKR
±$O{
±2VHVFURWRVIRUDPQDFDVDGDPLQKDPmH±JULWRX&KD]±'LVVHUDPTXHLDPFRUWDURPHXVDFRH
PDQGDUSDUDHODQXPDFDL[D0LQKDPmHFDUD'LVVHUDPLVVRjPLQKDPmH
0\URQVHQWLXRVGHGRVVHDSHUWDUHPIHFKDQGRRVSXQKRV
 ±9RXFXLGDUGLVVR±UHVSRQGHXOHQWDPHQWH±(OHVQmRYmRLQFRPRGiODGHQRYR
&KHJDGHEULQFDGHLUD$JRUDHUDSUDYDOHU
(UDKRUDGHFRQWDUD:LQVREUH5R\2¶&RQQRU

ZZZ

:LQ VRUULX FRPR XPD FULDQoD QXP GLD GH QHYH TXH WLYHVVH DFDEDGR GH RXYLU QR UiGLR TXH DV
HVFRODVHVWDULDPIHFKDGDV
±5R\2¶&RQQRU±GLVVHHOH
±1mRTXHURTXHHOHVHPDFKXTXH3URPHWD
2V ROKRV GH :LQ VH SHUGHUDP VRQKDGRUHV 7DOYH] HOH WLYHVVH EDODQoDGR D FDEHoD FRQILUPDQGR
PDV0\URQQmRWHYHFHUWH]D
 

2%$80*$57¶61$3$/,6$'(6$9(18(2DQWLJRSRQWRGHHQFRQWURGHOHV
3HWHU&KLQRVUHFHEHXjSRUWDRVROKRVDUUHJDODGRVGHSUD]HUHVXUSUHVDDRYHU-HVVLFD
±6UWD&XOYHU4XHPDUDYLOKRVRYrODRXWUDYH]
±eERPYHUYRFr3HWHU
±$VHQKRULWDHVWiOLQGDFRPRVHPSUH(PEHOH]DRPHXUHVWDXUDQWH
±2L3HWHU±GLVVH0\URQ
±eRL
(OH GHVFDUWRX 0\URQ FRP XP JHVWR 7RGD D VXD DWHQomR HVWDYD HP -HVVLFD 6H XP FURFRGLOR
PRUGHVVHVHXSpQDTXHOHPRPHQWRHOHQHPQRWDULD
±(VWiPHLRPDJUDVHQKRULWD&XOYHU
±$FRPLGDQmRpWmRERDHP:DVKLQJWRQ
±(QJUDoDGR±GLVVH0\URQ±$FKHLTXHHODKDYLDHQJRUGDGRXPSRXFR
-HVVLFDROKRXRIL[DPHQWH
±9RFrpXPKRPHPPRUWR
2%DXPJDUW¶VHUDXPDLQVWLWXLomRHP(QJOHZRRG1RYD-HUVH\'XUDQWHDQRVKDYLDVLGRXPD
GHOLFDWpVVHQ MXGDLFD FRQKHFLGD SHORV IDQWiVWLFRV VRUYHWHV H VREUHPHVDV 4XDQGR 3HWHU &KLQ R
FRPSURXRLWRDQRVDWUiVPDQWHYHDWUDGLomRHDLQGDDFUHVFHQWRXDPHOKRUFXOLQiULDQRXYHOOHFKLQHVD
GR HVWDGR$ FRPELQDomR IRL XP VXFHVVR 8P SHGLGR QRUPDO SRGHULD FRQVLVWLU HP SDWR j 3HTXLP
PDFDUUmRFRPJHUJHOLPPLONVKDNHGHFKRFRODWHEDWDWDIULWDHXPVXQGDH³PRUWHSRUFKRFRODWH´GH
VREUHPHVD 4XDQGR 0\URQ H -HVVLFD PRUDYDP MXQWRV FRPLDP QR %DXPJDUW¶V SHOR PHQRV XPD YH]
SRUVHPDQD
0\URQFRQWLQXDYDDSDUHFHQGRXPDYH]SRUVHPDQD*HUDOPHQWHFRP:LQRX(VSHUDQ]D¬VYH]HV
VR]LQKR1XQFDFRPXPDQDPRUDGD
3HWHUIRLFRPHOHVSDVVDQGRSHODPiTXLQDGHUHIULJHUDQWHVHFRORFDQGRRVQXPUHVHUYDGRVREXPD
SLQWXUD HQRUPH$UWH PRGHUQD (UD XP UHWUDWR GH &KHU RX %DUEDUD %XVK 7DOYH] GDV GXDV 'LItFLO
GL]HU
0\URQH-HVVLFDVHQWDUDPVHIUHQWHDIUHQWHHPVLOrQFLR2PRPHQWRSDUHFHXSHVDGRDYDVVDODGRU
(VWDUDOLMXQWRVRXWUDYH]+DYLDPHVSHUDGRTXHLVVRJHUDVVHDOJXPDOHYHQRVWDOJLD0DVRHIHLWRIRL
PDLVSDUHFLGRFRPRGHXPDWURPEDGD
±6HQWLIDOWDGHVWHOXJDU±GLVVHHOD
±e
-HVVLFDHVWHQGHXDPmRSRUFLPDGDPHVDHVHJXURXDGHOH
±6HQWLIDOWDGHYRFr
2URVWRGHODHVWDYDLOXPLQDGRFRPRDFRQWHFLDTXDQGRRROKDYDFRPRVHHOHIRVVHD~QLFDSHVVRD
HPWRGRRPXQGR0\URQVHQWLXXPDSHUWRQRFRUDomR±HUDTXDVHLPSRVVtYHOUHVSLUDU2UHVWRGR
PXQGRVHGHVIH]HPSHGDoRV6yKDYLDHOHVGRLV
±1mRVHLEHPRTXHGL]HU
(ODVRUULX
±2TXr"0\URQ%ROLWDUHVWiVHPSDODYUDV"
±$FUHGLWHVHTXLVHU
 3HWHUDSDUHFHX6HPSUHkPEXORVDQXQFLRX
±9RFrVYmRFRPHoDUFRPDSHULWLYRGHSDWRFURFDQWHHFRGRUQDFRPSLQK}HV2SUDWRSULQFLSDO
YDLVHUVLULPROHQXPPROKRHVSHFLDOHDODJRVWD%DXPJDUWFRPFDPDUmR
±3RGHPRVHVFROKHUDVREUHPHVD"±SHUJXQWRX0\URQ
±1mR0\URQYRFrYDLFRPHUWRUWDGHSHFmjPRGD(SDUDDVHQKRULWD&XOYHU
(OHSDURXID]HQGRVXVSHQVHFRPRXPDSUHVHQWDGRUGH79TXHDQXQFLDVVHRVSUrPLRVGDURGDGD
(ODVRUULXFKHLDGHH[SHFWDWLYD
±9RFrQmRYDLGL]HU
3HWHUDVVHQWLX
±%RORSXGLPGHEDQDQDFRPZDIHUGHEDXQLOKD6yWHPRVPDLVXPSHGDoRPDVYRXVHSDUDUSDUD
YRFr
±'HXVRDEHQoRH3HWHU
±$JHQWHID]RTXHSRGH9RFrVQmRWURX[HUDPYLQKR"
1R%DXPJDUW¶VFDGDXPOHYDYDDSUySULDEHELGD
±(VTXHFHPRV±GLVVH-HVVLFD
(ODHVWDYDGHL[DQGR3HWHURIXVFDGRFRPVHXVRUULVR1mRHUDMXVWR2ROKDUGH-HVVLFDHUDFRPR
XPODVHUGH-RUQDGDQDVHVWUHODVSRVWRQRQtYHOGHDWRUGRDPHQWR0DVRVRUULVRHUDIDWDO
±9RXPDQGDUDOJXpPEXVFDUXPDJDUUDID&KDUGRQQD\.HQGDOO-DFNVRQ"
±9RFrWHPERDPHPyULD±GLVVHHOD
±1mR6yOHPEURRTXHpLPSRUWDQWH
0\URQUHYLURXRVROKRV3HWHUIH]XPDOLJHLUDUHYHUrQFLDHVDLX
(OD YLURX R VRUULVR SDUD 0\URQ (OH VH VHQWLX DSDYRUDGR GHVDPSDUDGR H QXPD IHOLFLGDGH
GHOLUDQWH
±6LQWRPXLWR±GLVVHHOD
(OHEDODQoRXDFDEHoD(VWDYDFRPPHGRGHDEULUDERFD
±(XQmRTXHULD
-HVVLFDQmRVDELDGLUHLWRFRPRFRQWLQXDU
±&RPHWLXPPRQWHGHHUURVQDYLGD6RXLGLRWD$XWRGHVWUXWLYD
±1mR9RFrpSHUIHLWD
$YR]GHODILFRXGUDPiWLFDDPmRHQFRVWDGDQRSHLWR
±³7LUHDYHQGDGRVROKRVHPHYHMDFRPRUHDOPHQWHVRX´
(OHSHQVRXXPPRPHQWR
±'XOFLQHLDSDUD'RP4XL[RWHHP2KRPHPGH/D0DQFKD(p³WLUHDVQXYHQV´QmRDYHQGD
±(VWRXLPSUHVVLRQDGD
±:LQHVWDYDHVFXWDQGRQRFDUUR
$TXHODHUDXPDDQWLJDEULQFDGHLUDGRVGRLVDGLYLQKDUFLWDo}HV
(OD S{V D SRQWD GR GHGR GHQWUR GD WDoD GHVHQKDQGR SHTXHQRV FtUFXORV GH iJXD H GHSRLV
REVHUYDQGRRVFRPRVHEXVFDVVHXPDUHVSRVWD3RUILPFULRXXPORJRWLSRDTXiWLFRGDV2OLPStDGDV
±1mRVHLRTXHHVWRXWHQWDQGRGL]HU±REVHUYRXHQILP±1mRVHLRTXHTXHURTXHDFRQWHoDDTXL
(QWmRHUJXHXRVROKRV
±8PD~OWLPDFRQILVVmRFHUWR"
(OHDVVHQWLX
±9LPSURFXUiORSRUTXHDFKHLTXHYRFrDMXGDULD,VVRHUDYHUGDGH0DVQmRIRLR~QLFRPRWLYR
 ±(XVHL7HQWRQmRSHQVDUPXLWRDUHVSHLWR)LFRDSDYRUDGR
±(QWmRRTXHID]HPRVDJRUD"
(UDDFKDQFHGHOH(VSHUDYDTXHKRXYHVVHRXWUDV
±&RQVHJXLXDSDVWDGDVXDLUPm"
±&RQVHJXL
±-iH[DPLQRX"
±1mR$FDEHLGHSHJDU
±(QWmRSRUTXHQmRDDEULPRVDJRUD"
(ODFRQFRUGRXPH[HQGRDFDEHoD2DSHULWLYRGHSDWRFURFDQWHHFRGRUQDFRPSLQK}HVDSDUHFHX
-HVVLFDSHJRXXPHQYHORSHGHSDSHOSDUGRHFRUWRXRODFUH
±3RUTXHYRFrQmRROKDSULPHLUR"
±&HUWR±GLVVHHOH±0DVGHL[HXPSRXFRGHFRPLGDSDUDPLP
±(VWiFRUUHQGRULVFR
(OH FRPHoRX D IROKHDU RV SDSpLV $ SiJLQD GH FLPD HUD D ILFKD GR HQVLQR PpGLR 'HSRLV GR
SULPHLURDQRHODHVWDYDHPROXJDUQXPJUXSRGHDOXQRV1DGDPDX3RUpPQRILPGR~OWLPR
DQRVXDFRORFDomRKDYLDFDtGRFRQVLGHUDYHOPHQWHSDUDR
±$VQRWDVGHODFDtUDPQR~OWLPRDQRGRHQVLQRPpGLR±GLVVH0\URQ
±$VGHTXHPQmRFDHP"(ODSURYDYHOPHQWHILFRXYRDQGRGHPDLV
±eSURYDYHOPHQWH
0DVHPJHUDOLVVRVLJQLILFDYDTXHRVDOXQRVTXHFRVWXPDYDPWLUDU$FDLULDPSDUD%RX&.DWK\
KDYLDWLUDGRXP$WUrV'HXP)QR~OWLPRVHPHVWUH6XDILFKDDQWHVLUUHSUHHQVtYHOWDPEpPJDQKDUD
YiULDVDQRWDo}HVSRUGHWHQomR±WRGDVQR~OWLPRDQR(VWUDQKR0DVSURYDYHOPHQWHQmRVLJQLILFDYD
QDGD
±9DLPHFRQWDURTXHDFRQWHFHXKRMH"±SHUJXQWRX-HVVLFDHQWUHXPDPRUGLGDHRXWUD
(ODHUDOLQGDDWpTXDQGRHVWDYDFRPHQGRIHLWRXPDOHLWRD,QFUtYHO(OHFRPHoRXDFRQWDUVREUHD
GHVFREHUWDGR:LQQDVVHLVUHYLVWDV
±(RTXHVLJQLILFDDIRWRGHODHVWDUDSHQDVQXPDUHYLVWD"
±1mRVHLDRFHUWR
±0DVWHPDOJXPDLGHLD"
0\URQWLQKD0DVHUDFHGRGHPDLVSDUDGL]HUTXDOTXHUFRLVD
±$LQGDQmR
±$OJXPDQRYLGDGHGDVXDDPLJDGDFRPSDQKLDWHOHI{QLFD"
(OHDVVHQWLX
± *DU\ *UDG\ GHX GRLV WHOHIRQHPDV GHSRLV TXH QyV VDtPRV 8P IRL SDUD R HVFULWyULR GH )UHG
1LFNOHU QD (GLWRUD 'HVHMR $UGHQWH 2 VHJXQGR IRL SDUD DOJXP RXWUR OXJDU QD FLGDGH 1LQJXpP
DWHQGHXTXDQGRWHQWDPRVRQ~PHUR-iHUDILPGHWDUGHTXDQGRUHFHEHPRVDLQIRUPDomR
±(RHVSHFLDOLVWDHPFDOLJUDILD"
(UDPHOKRUVHUGLUHWR
±$OHWUDFRPELQD2XpGH.DWK\RXGHXPIDOViULRPXLWRERP
,VVRIH]FRPTXHHODGLPLQXtVVHDYHORFLGDGHGRVKDVKLV
±0HX'HXV
±e
±(QWmRHODHVWiYLYD"
 ±$LQGDpVyXPDSRVVLELOLGDGH1DGDPDLV$TXHOHHQYHORSHSRGHWHUVLGRHVFULWRDQWHVGHHOD
PRUUHU2XFRPRHXGLVVHSRGHVHUXPDIDOVLILFDomRPXLWRERD
±9RFrHVWiFKXWDQGR
±1mRVHLEHP6HHODHVWLYHUYLYDRQGHHVWi"3RUTXHHVWiID]HQGRWXGRLVVR"
±7DOYH]WHQKDVLGRVHTXHVWUDGD7DOYH]HVWHMDVHQGRREULJDGD
±2EULJDGDDHQGHUHoDUHQYHORSHV"4XHPpTXHHVWiFKXWDQGRDJRUD"
±9RFrWHPDOJXPDH[SOLFDomRPHOKRU"
±$LQGDQmR0DVHVWRXWUDEDOKDQGRQLVVR±GLVVH(OHFRPHoRXDH[DPLQDUDSDVWDGHQRYR±-i
RXYLXIDODUGHXPFDUDFKDPDGR2WWR%XUNH"
±2GRQRGHJUDYDGRUDTXHDJRUDpRPDQGDFKXYDGR7LWDQV"
±,VVR(OHWDPEpPVDELDVREUHDUHYLVWD
0\URQUHVXPLXUDSLGDPHQWHVXDYLVLWDDRHVWiGLRGR7LWDQV
±(QWmRYRFrDFKDTXH2WWR%XUNHSRGHHVWDUSRUWUiVGLVVR"
±2WWRWHPXPPRWLYRGHUUXEDUDTXDQWLDTXH&KULVWLDQHVWiSHGLQGR(OHFHUWDPHQWHWHPUHFXUVRV
PXLWRGLQKHLUR(LVVRH[SOLFDULDSRUTXH&KULVWLDQUHFHEHXXPH[HPSODUSHORFRUUHLR
±(OHHVWDYDPDQGDQGRXPUHFDGRD&KULVWLDQ±DFUHVFHQWRXHOD
±&HUWR
±0DVFRPR%XUNHLULDIDOVLILFDUDOHWUDGDPLQKDLUPm"
±(OHSRGHWHUFRQWUDWDGRXPSHULWR
±2QGHHOHFRQVHJXLXXPDDPRVWUDGDOHWUD"
±1mRVHLPDVQmRSRGHVHUWmRGLItFLODVVLP
2VROKRVGHODSHUGHUDPREULOKR
±(QWmRLVVRWXGRHUDXPDIUDXGH"(UDXPDWUDPDSDUDREWHUYDQWDJHPQXPDQHJRFLDomR"
±eSRVVtYHO0DVQmRDFKR
±3RUTXr"
±$OJXPD FRLVD VLPSOHVPHQWH QmR EDWH 3RU TXH %XUNH WHULD WDQWR WUDEDOKR" (OH SRGHULD WHU QRV
FKDQWDJHDGRVyFRPDIRWR1mRSUHFLVDYDFRORFiODQXPDUHYLVWD$IRWREDVWDYD
(ODVHDJDUURXjHVSHUDQoDGHOHFRPRVHIRVVHXPDWiEXDGHVDOYDomR
±%HPSHQVDGR±GLVVH
±$VVLPDTXHVWmRILFDVHQGRFRPR2WWRFRQVHJXLXXPH[HPSODUGDUHYLVWD"
±7DOYH]DOJXpPGDRUJDQL]DomRGHOHWHQKDFRPSUDGRQXPDEDQFD
±ePXLWRLPSURYiYHO$0DPLORV±DSDODYUDVRRXHVTXLVLWDGHQRYRRTXHHUDERP±WHPXPD
WD[D GH FLUFXODomR PXLWR EDL[D$V FKDQFHV GH DOJXpP GR 7LWDQV WHU FRPSUDGR DTXHOD UHYLVWD HP
HVSHFLDO WHU WLGR WHPSR GH OrOD FRP FXLGDGR GH DOJXP PRGR WHU YLVWR D IRWR GH .DWK\ QD ~OWLPD
ILOHLUDGHXPDSiJLQDGHDQ~QFLRVQDSDUWHGHWUiVpPXLWRUHPRWDQDPHOKRUGDVKLSyWHVHV
-HVVLFDHVWDORXRVGHGRV
±$OJXpPPDQGRXSDUDHOHSHORFRUUHLRWDPEpP
0\URQDVVHQWLX
±3RUTXH&KULVWLDQVHULDR~QLFR"$WpRQGHVDEHPRVDUHYLVWDSRGHWHUVLGRHQYLDGDSDUDYiULDV
SHVVRDV
±&RPRYDPRVGHVFREULU"
±(VWRXWUDEDOKDQGRQLVVR
(OH FRQVHJXLX VDOYDU XP SHGDFLQKR GH SDWR FURFDQWH DQWHV TXH IRVVH VXJDGR SHOR EXUDFR QHJUR
(VWDYD GHOLFLRVR 9ROWRX D DWHQomR GH QRYR SDUD D SDVWD GH .DWK\$V QRWDV UXLQV FRQWLQXDUDP QR
SULPHLUR VHPHVWUH QD 5HVWRQ 1R VHJXQGR DV QRWDV KDYLDP PHOKRUDGR FRQVLGHUDYHOPHQWH (OH
SHUJXQWRXVREUHLVVRD-HVVLFD
± .DWK\ VH DMXVWRX j YLGD XQLYHUVLWiULD DFKR ± UHVSRQGHX HOD ± (QWURX SDUD R JUXSR GH WHDWUR
YLURXOtGHUGHWRUFLGDFRPHoRXDQDPRUDUR&KULVWLDQ2SULPHLURVHPHVWUHGHYHWHUVLGRXPFKRTXH
FXOWXUDO1mRpLQFRPXPLVVRDFRQWHFHU
±e$FKRTXHQmR
±9RFrQmRSDUHFHFRQYHQFLGR
(OHGHXGHRPEURV0\URQ%ROLWDU6U,QFUHGXOLGDGH
(PVHJXLGDYLQKDPDVFDUWDVGHUHFRPHQGDomRGH.DWK\7UrV2RULHQWDGRUGDHVFRODGHHQVLQR
PpGLR GL]LD TXH HOD HUD ³H[FHSFLRQDOPHQWH WDOHQWRVD´ $ SURIHVVRUD GH KLVWyULD DILUPDYD ³6HX
HQWXVLDVPRSHODYLGDpFRQWDJLDQWH´2SURIHVVRUGHLQJOrVFRPSOHWDYD³.DWK\&XOYHUpLQWHOLJHQWH
HVSLULWXRVD H GLYHUWLGD 7HUi PXLWR FRP TXH FRQWULEXLU SDUD TXDOTXHU LQVWLWXLomR GH HQVLQR´ %HORV
FRPHQWiULRV/HXDWpRILPGDSiJLQD
±(SD±GLVVH
±2TXHIRL"
(OHOKHSDVVRXDYLEUDQWHFDUWDGHUHFRPHQGDomRGRSURIHVVRUGHLQJOrVGD5LGJHZRRG+LJK8P
WDO6U*UDG\
8PWDO6U*DU\³-HUU\´*UDG\
 

0<521 $&25'28 180 68672  FRP R VRP GR WHOHIRQH (VWDYD VRQKDQGR FRP -HVVLFD 7HQWRX VH
OHPEUDU GR VRQKR PDV RV GHWDOKHV VH GHVIL]HUDP HP Sy H IRUDP VRSUDGRV SDUD ORQJH GHL[DQGR
DSHQDVSHTXHQRVIUDJPHQWRVGHIUXVWUDomR2UHOyJLRQDPHVLQKDGHFDEHFHLUDPDUFDYDVHWHKRUDV
$OJXpPHVWDYDOLJDQGRSDUDVXDFDVDjVVHWHGDPDQKm0\URQWLQKDXPDERDLGHLDGHTXHPHUD
±$O{
±%RPGLD0\URQ(VSHURTXHQmRWHQKDDFRUGDGRYRFr
0\URQUHFRQKHFHXDYR]6RUULXHSHUJXQWRX
±4XHPp"
±5R\2¶&RQQRU
±25R\2¶&RQQRU"
±%HPFUHLRTXHVLP5R\2¶&RQQRURHPSUHViULR
±2VXSHUHPSUHViULR±FRUULJLX0\URQ±$TXHGHYRDKRQUD5R\"
±6HULDSRVVtYHOQRVHQFRQWUDUPRVKRMH"±SHUJXQWRXDYR]FRPXPWRPHVJDQLoDGRSHUFHSWtYHO
±&ODUR5R\1RPHXHVFULWyULRFHUWR"
±$KQmR
±1RVHXHVFULWyULR5R\"
±$KQmR
0\URQVHQWRXVHQDFDPD
±'HYRFRQWLQXDUDGLYLQKDQGROXJDUHVHQTXDQWRYRFrGL]TXHQWHRXIULR"
±&RQKHFHREDU5HLOO\¶VQD5XD"
±&RQKHoR
± 9RX HVWDU QR UHVHUYDGR GR FDQWR GD GLUHLWD QR IXQGR 8PD GD WDUGH 3DUD R DOPRoR 6H YRFr
FRQFRUGDU
±%HOH]D5R\4XHUTXHHXXVHDOJXPDURXSDHPHVSHFLDO"
±$KQmR
0\URQGHVOLJRXHVRUULX8PDYLVLWDQRWXUQDGH:LQJHUDOPHQWHHQTXDQWRYRFrHVWDYDQXPVRQR
SURIXQGRHPVHXTXDUWRVHXVDQWXiULRPDLVtQWLPR6HPSUHIXQFLRQDYD
6DLXGDFDPD2XYLXVXDPmHHPFLPDQDFR]LQKDHRSDLQDVDODYHQGRWHOHYLVmR0DQKmQDFDVD
GRV%ROLWDU$SRUWDGRSRUmRVHDEULX
±(VWiDFRUGDGR0\URQ"±JULWRXVXDPmH
0\URQ4XHGURJDGHQRPHKRUURURVR(OHRRGLDYDFRPWRGDVDVIRUoDV7LQKDQDVFLGRFRPWRGRV
RVGHGRVGDVPmRVHGRVSpVQmRPDQFDYDQmRWLQKDOiELROHSRULQRQHPRUHOKDGHDEDQR±DVVLP
SDUDFRPSHQVDUDIDOWDGHLQIRUW~QLRVRVSDLVOKHGHUDPRQRPHGH0\URQ
±(VWRX±UHVSRQGHX
±6HXSDLWURX[HSmRIUHVFR(VWiQDPHVD
±2EULJDGR
(OHVDLXGDFDPDHVXELXDHVFDGD&RPXPDGDVPmRVVHQWLXDEDUEDiVSHUDTXHWHULDGHUDVSDU
FRPDRXWUDWLURXDUHPHODGRFDQWRGRVROKRV6HXSDLHVWDYDHVSDUUDPDGRQRVRIi8VDYDXPFDVDFR
$GLGDVHFRPLDXPSmR]LQKRGRTXDOHVFRUULDSDWr([DWDPHQWHFRPRID]LDWRGDVDVPDQKmVHVWDYD
DVVLVWLQGRDXPYtGHRGHJLQiVWLFD(QWUDQGRHPIRUPDSRURVPRVH
 ±%RPGLD0\URQ7HPSmRIUHVFRQDPHVD
±$KREULJDGR±GLVVH
(UDFRPRVHRVSDLVQXQFDRXYLVVHPXPDRRXWUR
(QWURXQDFR]LQKD6XDPmHWLQKDTXDVHDQRVPDVSDUHFLDPXLWRPDLVQRYD'LJDPRV(
DJLDFRPRVHIRVVHPXLWRPDLVQRYDWDPEpP'LJDPRV
±9RFrFKHJRXWDUGHRQWHP±GLVVHHOD
0\URQVROWRXXPJUXQKLGR
±$TXHKRUDVDILQDOYRFrFKHJRX"
±%HPWDUGH(UDPTXDVH
0\URQ%ROLWDUDTXHOHTXHDWUDSDOKDYDRVRQRGHSHVVRDVLQGHIHVDV
±(HQWmR"±FRPHoRXDPmHOXWDQGRSDUDSDUHFHUFDVXDO±&RPTXHPYRFrHVWDYD"
$VXWLOH]DHPSHVVRD
±&RPQLQJXpP
±1LQJXpP"9RFrILFRXIRUDDQRLWHWRGDFRPQLQJXpP"
0\URQROKRXSDUDDHVTXHUGDHSDUDDGLUHLWD
±4XDQGRYRFrYDLWUD]HUDVOX]HVRIXVFDQWHVHRVILRVGHHOHWULFLGDGH"
±ÏWLPR0\URQ6HQmRTXHUFRQWDU
±1mRTXHURFRQWDU
±ÏWLPR(UDXPDJDURWD"
±0mH
±&HUWRHVTXHoDTXHHXSHUJXQWHL
0\URQSHJRXRWHOHIRQHHGLJLWRXRQ~PHURGH:LQ'HSRLVGRRLWDYRWRTXHMiLDGHVOLJDUTXDQGR
XPDYR]IUDFDGLVWDQWHWRVVLX
±$O{
±:LQ"
±e
±7XGREHP"
±$O{
±:LQ"
±e
±3RUTXHGHPRURXWDQWRSDUDDWHQGHU"
±$O{
±:LQ"
±4XHPp"
±0\URQ
±0\URQ%ROLWDU"
±4XDQWRV0\URQVYRFrFRQKHFH"
±0\URQ%ROLWDU"
±1mR0\URQ5RFNHIHOOHU
±7HPDOJXPDFRLVDHUUDGD±GLVVH:LQ
±2TXr"
±7HUULYHOPHQWHHUUDGD
±'RTXHYRFrHVWiIDODQGR"
 ±$OJXPHVFURWRHVWiPHOLJDQGRjVVHWHGDPDQKmILQJLQGRVHUPHXPHOKRUDPLJR
±'HVFXOSHHVTXHFLDKRUD
:LQQmRHUDRTXHVHSRGHULDFKDPDUGHSHVVRDPDWLQDO'XUDQWHRVDQRVTXHRVGRLVSDVVDUDPQD
8QLYHUVLGDGH 'XNH :LQ QXQFD VDtD GD FDPD DQWHV GR PHLRGLD ± PHVPR TXDQGR WLQKDP DXOD GH
PDQKm1DYHUGDGHHOHHUDDSHVVRDGHVRQRPDLVSHVDGRTXH0\URQFRQKHFLDRXSRGHULDLPDJLQDU
2VSDLVGH0\URQSRURXWURODGRDFRUGDYDPTXDQGRDOJXpPSHLGDYDHPXPDFLGDGHYL]LQKD$QWHV
GHHOHVHPXGDUSDUDRSRUmRWRGRGLDHUDDPHVPDFRLVD
3RUYROWDGDVWUrVGDPDGUXJDGD0\URQOHYDQWDYDGDFDPDSDUDLUDREDQKHLUR(QTXDQWRSDVVDYD
QDSRQWDGRVSpVSHORTXDUWRGRVSDLVVHXSDLGHVSHUWDYDWUDQTXLODPHQWH±FRPRVHDOJXpPWLYHVVH
GHL[DGRFDLUXPSLFROpQRVHXVDFR
³4XHPp"´JULWDYDRSDL
³(XSDL´
³eYRFr0\URQ"´
³6RXSDL´
³7XGREHPILOKR"´
³7XGRyWLPRSDL´
³2TXHHVWiID]HQGRDFRUGDGR"(VWiSDVVDQGRPDORXVHQWLQGRDOJXPDFRLVD"´
³6yHVWRXLQGRDREDQKHLURSDL9RXDREDQKHLURVR]LQKRGHVGHRVDQRV´
'XUDQWHRVHJXQGRDQRQDXQLYHUVLGDGH0\URQH:LQGLYLGLUDPRPHQRUTXDUWRGRFDPSXVFRP
XP EHOLFKH TXH :LQ GL]LD TXH ³UDQJLD OLJHLUDPHQWH´ H 0\URQ GL]LD TXH ³SDUHFLD XP SDWR VHQGR
DWURSHODGRSRUXPDUHWURHVFDYDGHLUD´
8PGLDGHPDQKmTXDQGRDFDPDHVWDYDVLOHQFLRVDHHOHH:LQGRUPLDPXPDERODGHEHLVHERO
GHVSHGDoRXDMDQHOD2EDUXOKRIRLWmRDOWRTXHWRGRRDORMDPHQWRSXORXGDFDPDHFRUUHXSDUDYHUVH
0\URQH:LQWLQKDPVREUHYLYLGRjI~ULDGRPHWHRULWRTXHDWUDYHVVDUDRWHWR
0\URQFRUUHXDWpDMDQHOD[LQJDQGR2XWURVPRUDGRUHVGRDORMDPHQWRVDtUDPHPGLVSDUDGDSHOR
SLVRFREHUWRGHURXSDVtQWLPDVHVHMXQWDUDPDRVJULWRVGH0\URQ2EDUXOKRIRLWDPDQKRTXHFKHJRX
DLQFRPRGDUXPDJDUoRQHWHTXHHVWDYDID]HQGRXPDSDXVDSDUDRFDIp
(:LQVLPSOHVPHQWHFRQWLQXRXGRUPLQGRFRPXPDFROFKDGHFDFRVGHYLGURVREUHRFREHUWRU
1DQRLWHVHJXLQWH0\URQJULWRXQRHVFXURGHVXDFDPDGHEDL[R
³:LQ"´
³2TXr"´
³&RPRpTXHYRFrFRQVHJXHWHUXPVRQRWmRSHVDGR"´
0DV:LQQmRUHVSRQGHXSRUTXHKDYLDDGRUPHFLGR
$RWHOHIRQH:LQSHUJXQWRX
±2TXHYRFrTXHU"
±)RLWXGREHPRQWHPjQRLWH"
±26U2¶&RQQRUDLQGDQmROLJRXSDUDYRFr"
±/LJRX
)LPGHSDSR0\URQQmRTXHULDGHWDOKHV
±6HLTXHYRFrQmRPHDFRUGRXSDUDTXHVWLRQDUPLQKDHILFLrQFLD
± .DWK\ &XOYHU UHFHEHX VRPHQWH XPD QRWD $ QR ~OWLPR DQR TXH SDVVRX QD 5LGJHZRRG +LJK
$GLYLQKDTXHPHUDRSURIHVVRU"
±4XHP"
 ±*DU\*UDG\
± +XP 'RQR GH GLVTXH VH[R H SURIHVVRU GH LQJOrV GR HQVLQR PpGLR 0LVWXUD YRFDFLRQDO
LQWHUHVVDQWH
±3HQVHLHPLUPRVYLVLWDUR6U*UDG\DJRUDFHGR
±1DHVFROD"
±&ODUR3RGHPRVILQJLUTXHVRPRVSDLVSUHRFXSDGRV
±&RPRPHVPRILOKR"
±9HULILFDQGRVHDHVFRODp³DEHUWDDGLIHUHQoDV´
:LQJDUJDOKRX
±9DLVHUGLYHUWLGR
 

±&2029$026(1&2175È/2"±SHUJXQWRX:LQ
&KHJDUDPj5LGJHZRRG+LJKjVQRYHHPHLD(UDXPGLDTXHQWHGHMXQKRGRWLSRTXHYRFrILFDYD
ROKDQGR SHOD MDQHOD H WRUFHQGR SDUD D DXOD DFDEDU 1mR KDYLD PXLWR PRYLPHQWR ± FRPR VH WRGD D
HVFRODDWpPHVPRRSUpGLRHVWLYHVVHVHHQWUHJDQGRjVIpULDVGHYHUmR
0\URQVHOHPEURXGHFRPRDTXHOHVGLDVHUDPVRIULGRV,VVROKHGHXXPDLGHLD
±9DPRVDFLRQDURDODUPHGHLQFrQGLR±GLVVH
±2TXr"
±7RGRPXQGRWHUiGHVDLU9DLVHUPDLVIiFLOYrOR
±(VWXSLGDPHQWHHQJHQKRVR
±$OpPGLVVRHXVHPSUHTXLVDFLRQDUXPDODUPHGHLQFrQGLR
±9LYHQGRSHULJRVDPHQWH
1LQJXpP QRWRX TXDQGR HQWUDUDP QD HVFROD 1mR KDYLD JXDUGDV QHP WUDQFDV QD SRUWD QHP
PRQLWRUHVGHFRUUHGRU1mRHUDXPDHVFRODGHiUHDXUEDQD0\URQHQFRQWURXXPDODUPHGHLQFrQGLR
QmRPXLWRORQJHGDHQWUDGD
±&ULDQoDVQmRWHQWHPLVVRHPFDVD±GLVVHHOH(SX[RX
&DPSDLQKDV GLVSDUDUDP (P VHJXLGD YLHUDP RV JULWRV GH FRPHPRUDomR GD JDURWDGD 0\URQ VH
VHQWLXEHPFRPVHXIHLWR3HQVRXHPDFLRQDUDODUPHVFRPPDLVIUHTXrQFLDPDVGHFLGLXTXHSRGHULD
SDUHFHULPDWXULGDGH
:LQPDQWHYHDSRUWDDEHUWDHILQJLXVHUGDEULJDGDGHLQFrQGLR
±)LODLQGLDQD±GLVVHDRVDOXQRV±(OHPEUHPVHVyYRFrVSRGHPHYLWDURVLQFrQGLRV
0\URQYLX*UDG\
±%LQJR
±2QGH"
±9LUDQGRDHVTXLQD¬HVTXHUGD2SUySULR6U1D0RGD
*DU\ *UDG\ HVWDYD XVDQGR XP EOD]HU DPDUHOR HP HVWLOR ORMD GH GHSDUWDPHQWRV H FDOoD MXVWD GH
FLQWXUDEDL[DFRPOLVWUDVODUDQMD:LQSDUHFHXVHQWLUGRUFRPHVVDYLVmR
:LQH0\URQIRUDPDWpRSURIHVVRU
±2L-HUU\
$FDEHoDGH*UDG\JLURXHPGLUHomRDHOHV
±(VVHQmRpRPHXQRPH
±eYRFrMiGLVVHeRVHXDSHOLGRFHUWR"4XDQGRID]QHJyFLRVFRP)UHG
1LFNOHU6HXQRPHYHUGDGHLURp*DU\*UDG\
$OXQRVTXHHVWDYDPSHUWRSDUDUDPGHDQGDU
±$QGDQGR±GLVVH*DU\ULVSLGDPHQWH
2VDOXQRVYROWDUDPDFDPLQKDUPDVDFRQWUDJRVWR
±3URIHVVRUHVLPSDFLHQWHV±REVHUYRX0\URQ
±&RLVDWULVWH±FRQFRUGRX:LQ
2 URVWR ILQR GH *DU\ SDUHFHX VH HVWLFDU DLQGD PDLV &KHJRX PDLV SHUWR SDUD TXH QLQJXpP
HVFXWDVVH
±7DOYH]SRVVDPRVFRQWLQXDUHVWDFRQYHUVDPDLVWDUGH±VXVVXUURX
 ±$FKRTXHQmR*DU\
±(VWRXQRPHLRGHXPDDXOD
±4XHSHQLQKD±GLVVH0\URQ
:LQHUJXHXXPDVREUDQFHOKD
±4XHSHQLQKD"
±'HYHWHUDYHUFRPHVWDUGHYROWDjHVFROD±UHVSRQGHX0\URQ±$OpPGLVVRDFKHLDSURSULDGR
FRQVLGHUDQGRDVLWXDomR
:LQSHQVRXSRUXPPRPHQWR
±&HUWRSRVVRDFHLWDULVVR
0\URQVHYLURXGHQRYRSDUD*DU\
±2WUHLQDPHQWRGHLQFrQGLRYDLGXUDUXPSRXTXLQKR'HSRLVYDLGHPRUDUPDLVXPSRXTXLQKRSDUD
D JDURWDGD YROWDU 'HSRLV HOHV YmR TXHUHU ILFDU HPEURPDQGR XP WHPSR QRV FRUUHGRUHV $Wp Oi
WHUHPRVWHUPLQDGR
*DU\FUX]RXRVEUDoRVVREUHRSHLWR
±1mR
± 2SomR GRLV HQWmR ± GLVVH 0\URQ SHJDQGR XP H[HPSODU GD0DPLORV ± 3RGHPRV FKDPDU R
GLUHWRUHEULQFDUGHDGLYLQKDRTXHpLVVR
*UDG\WRVVLXQRSXQKRIHFKDGR8PDSLWRGHERPEHLURVRRXDOWR6LUHQHVFKHJDUDPPDLVSHUWR
±1mRVHLGRTXHYRFrVHVWmRIDODQGR±GLVVHGDQGRPDLVDOJXQVSDVVRVSDUDORQJHGRVDOXQRV
±(XVHJXLYRFr
±2TXr"
0\URQVXVSLURXH[DVSHUDGR
±9RFrHVWHYHHP+RERNHQRQWHPGHPDQKm3HJRXDFRUUHVSRQGrQFLDQXPHQGHUHoRXVDGRSDUD
DQXQFLDUOLQKDVGHGLVTXHVH[RHPUHYLVWDVSRUQRJUiILFDV'HSRLVIRLSDUDFDVDHP*OHQ5RFNPH
YLXHQWURXHPSkQLFRHOLJRXSDUD)UHG1LFNOHURHGLWRUGDVWDLVUHYLVWDV
±$PDGRU±DFUHVFHQWRX:LQFRPUHSXOVD
±1yVSRGHPRVGLVFXWLULVVRFRPYRFrRXFRPRFRQVHOKRHVFRODU9RFrpTXHVDEH
*DU\ROKRXSDUDRUHOyJLR
±9RFrVWrPGRLVPLQXWRV
±ÏWLPR
0\URQIH]XPVLQDOLQGLFDQGRDGLUHLWD
±3RUTXHQmRYDPRVSDUDREDQKHLURGRVSURIHVVRUHV",PDJLQRTXHYRFrWHQKDDFKDYH
±7HQKR
(OHDEULXDSRUWD0\URQVHPSUHTXLVHUDYHUXPEDQKHLURGHSURIHVVRUHVVDEHUFRPRYLYHDRXWUD
PHWDGH(UDFRPXPHPWRGRVRVVHQWLGRV
±%RPDTXLHVWRX±GLVVH*DU\±2TXHYRFrVTXHUHP"
±)DOHVREUHHVVHDQ~QFLR
*DU\HQJROLXHPVHFR6HXSRPRGHDGmRVXELXHGHVFHXFRPRDFDEHoDGHXPER[HDGRUHYLWDQGR
MDEV
±1mRVHLQDGDDUHVSHLWRGLVVR
0\URQH:LQWURFDUDPXPROKDU
±3RVVRHQILDUDFDEHoDGHOHQRYDVRVDQLWiULR"±SHUJXQWRX:LQ
*DU\HQULMHFHX
 ±6HHVWmRTXHUHQGRPHDVVXVWDUQmRYDLGDUFHUWR
$YR]GH:LQTXDVHLPSORUDYD
±8PDHQILDGLQKDUiSLGD"
±$LQGDQmR
0\URQYROWRXDDWHQomRSDUD*DU\
±1mRWHQKRLQWHUHVVHHPDUUHEHQWDUYRFr*DU\9RFrpXPSHUYHUWLGRPDVLVVRpSUREOHPDVHX
4XHURVDEHUTXDOpVXDOLJDomRFRP.DWK\&XOYHU
2VXRUEURWRXDFLPDGROiELRVXSHULRUGH*DU\
±(ODIRLPLQKDDOXQD
±(XVHL3RUTXHDIRWRGHODHVWiQD0DPLORV"1RVHXDQ~QFLR"
±1mRIDoRLGHLD9LSHODSULPHLUDYH]RQWHP
±0DVRDQ~QFLRpVHXFHUWR"
(OHKHVLWRXPHLRHQFROKHQGRRVRPEURVHPVLOrQFLRSDUDQLQJXpP
±&HUWR±GLVVH±$GPLWR(XDQXQFLRQDVUHYLVWDVGR6U1LFNOHU1mRKiOHLVFRQWUDLVVR0DV
QmRSXVDTXHODIRWRGH.DWK\QRDQ~QFLR
±4XHPIH]LVVR"
±1mRVHL
±0DVYRFrDGPLWHTXHRSHUDOLQKDVGHGLVTXHVH[R"
±6LP,VVRpLQRIHQVLYR)DoRSDUDJDQKDUXPGLQKHLURH[WUD1LQJXpPVHPDFKXFD
±2XWURSUtQFLSH±GLVVH0\URQ±4XDQWRGLQKHLURH[WUD"
±1RDXJHGRQHJyFLRHXFRQVHJXLDPLOGyODUHVSRUPrV
0\URQQmRWHYHFHUWH]DVHRXYLUDGLUHLWR
±9LQWHPLOGyODUHVSRUPrVFRPGLVTXHVH[R"
±(PPHDGRVGRVDQRVVLP$QWHVGHRJRYHUQRFRPHoDUDILFDUHPFLPDGDVOLQKDV
$JRUDWHQKRVRUWHTXDQGRWLURPLO
±%XURFUDWDVGHVJUDoDGRV±GLVVH0\URQ±(FRPR.DWK\&XOYHUVHHQFDL[DHPWXGRLVVR"
±&RPRDVVLP"
±2UD*DUU\XPDIRWRGHODQXDVDLXQRVHXDQ~QFLRGHVWHPrV7DOYH]VHMDLVVRRTXHHXTXHLUD
GL]HU
±-iIDOHL1mRWLYHQDGDDYHUFRPLVVR
±(QWmRDFKRTXHpFRLQFLGrQFLDMiTXHHODIRLVXDDOXQDHFRLVDHWDO
±e
±1mRYRXVHJXUDURFDUDHPEDL[RG¶iJXDSRUPXLWRWHPSR±SURPHWHX:LQ±3RUIDYRU
0\URQEDODQoRXDFDEHoD
±9RFrHVFUHYHXXPDFDUWDGHUHFRPHQGDomRIDQWiVWLFDSDUDHODHQWUDUQDIDFXOGDGHFRUUHWR"
±.DWK\HUDXPDyWLPDDOXQD
±(RTXHPDLV"
±6HHVWiVXJHULQGRTXHPHXUHODFLRQDPHQWRFRP.DWK\LDDOpPGRFRQWDWRSURIHVVRUDOXQR
±eH[DWDPHQWHRTXHHVWRXVXJHULQGR
'HQRYRHOHFUX]RXRVEUDoRVVREUHRSHLWR
±1mRYRXPHGLJQDUDUHVSRQGHULVVR(HVWRXHQFHUUDQGRHVWDFRQYHUVD
*DU\HVWDYDIDODQGRFRPRXPSURIHVVRU¬VYH]HVRVSURIHVVRUHVVHHVTXHFHPGHTXHDYLGDQmRp
XPDVDODGHDXOD
 ±(QILHDFDEHoDGHOHQDiJXD±GLVVH0\URQ
±&RPWRGRRSUD]HU
*DU\ HUD XQV FLQFR FHQWtPHWURV PDLV DOWR GR TXH :LQ (OH HQFKHX R SHLWR H ODQoRX DR RXWUR VHX
ROKDUPDLVIXOPLQDQWH
±1mRWHQKRPHGRGHYRFr±GLVVH*DU\
±(UURQ~PHURXP
2PRYLPHQWRGH:LQIRLWmRUiSLGRTXHQmRSRGHULDVHUFDSWDGRSRUFkPHUDVGHYtGHR6HJXURXD
PmRGH*DU\WRUFHXDHSX[RXDSDUDEDL[R0RYLPHQWRKDSNLGR*DU\WRPERXQRFKmRGHODGULOKRV
:LQDSHUWRXRMRHOKRQDSRQWDGRFRWRYHORGH*DU\*HQWLOPHQWH6HPH[DJHUDUQDGRU6yREDVWDQWH
SDUDHOHVDEHUTXHPPDQGDYD
±'URJD±GLVVH:LQ
±2TXr"
±7RGRVRVYDVRVHVWmROLPSRV2GHLRTXDQGRLVVRDFRQWHFH
±$OJXPDFRLVDDDFUHVFHQWDUDQWHVGRPHUJXOKR"±SHUJXQWRX0\URQ
2URVWRGH*DU\HVWDYDEUDQFR
±3URPHWDPTXHQmRYmRFRQWDUDQLQJXpP±FRQVHJXLXGL]HU
±9DLGL]HUDYHUGDGH"
±9RX0DVYRFrVWrPGHMXUDUTXHQmRYmRFRQWDUDQLQJXpP1HPDRGLUHWRUQHPDQLQJXpP
±&HUWR
0\URQ IH] XP VLQDO FRP D FDEHoD H :LQ R VROWRX *DU\ VHJXURX D PmR DFDULFLDQGRD FRPR VH
IRVVHXPFDFKRUULQKRPDFKXFDGR
±.DWK\HHXWLYHPRVXPFDVR±GLVVHHOH
±4XDQGR"
±1R~OWLPRDQRGHHVFROD6yGXURXDOJXQVPHVHV1mRDYLPDLV-XUR
±(pVyLVVR"
(OHDVVHQWLX
±1mRVHLGHPDLVQDGD$OJXpPFRORFRXDTXHODIRWRQRDQ~QFLR
±6HYRFrHVWLYHUPHQWLQGR*DU\
±1mRHVWRX-XURSRU'HXV
±&HUWR±DGPLWLX0\URQ±3RGHLU
*DU\VDLXFRUUHQGR1HPSDURXSDUDROKDURFDEHORQRHVSHOKR
±/L[R±GLVVH0\URQ±2VXMHLWRpSXUROL[R6HGX]DOXQDVWHPXPVHUYLoRGHGLVTXHVH[R
±0DVVHYHVWHFRPRQLQJXpP±FRQWUDS{V:LQ±(DJRUD"
±9DPRVWHUPLQDUDLQYHVWLJDomR'HSRLVSURFXUDPRVRFRQVHOKRHVFRODUHFRQWDPRVWXGRVREUHDV
DWLYLGDGHVH[WUDFXUULFXODUHVGR6U*UDG\
±9RFrQmRSURPHWHXDHOHTXHQmRLUtDPRVFRQWDU"
0\URQGHXGHRPEURV
±(XPHQWL
 

180$ (63e&,( '( 75$16( -HVVLFD DJUDGHFHX D 0\URQ H GHVOLJRX R WHOHIRQH (QWURX PHLR
FDPEDOHDQGRQDFR]LQKDHVHQWRX6XDPmHHRLUPmRPDLVQRYR(GZDUGHUJXHUDPRVROKRV
±4XHULGD±FRPHoRX&DURO&XOYHU±7XGREHP"
±7XGR±EDOEXFLRX
±4XHPHUDDRWHOHIRQH"
±0\URQ
6LOrQFLR
±(VWiYDPRVIDODQGRVREUH.DWK\±FRQWLQXRXHOD
±2TXHpTXHWHPHOD"±SHUJXQWRX(GZDUG
6HXLUPmRVHPSUHKDYLDVLGR(GZDUGQmR(G(GGLHRX7HG)D]LDDSHQDVXPDQRTXHKDYLDVDtGR
GDIDFXOGDGHHMiHUDXPHPSUHHQGHGRUGHVXFHVVRGRQRGHXPHVFULWyULRTXHGHVHQYROYLDVRIWZDUHV
SDUDYiULDVHPSUHVDVGHUHQRPH
0HVPR QR HVFULWyULR (GZDUG Vy XVDYD MHDQV H FDPLVDV GH PDOKD KRUURURVDV GR WLSR FRP
GHFDOTXHV JUXGDGRV D IHUUR TXHQWH TXH GL]LDP FRLVDV FRPR ³9DL IXQGR´ 1mR SRVVXtD QHQKXPD
JUDYDWD7LQKDXPURVWRODUJRTXDVHIHPLQLQRFRPIHLo}HVGHOLFDGDV4XDOTXHUPXOKHUPDWDULDSDUD
WHUFtOLRVFRPRRVGHOH6yRFDEHORFRUWDGRjHVFRYLQKDHDIUDVHHQpUJLFDQDFDPLVHWDVXJHULDPR
RUJXOKRGH(GZDUGRVIHUDVGDLQIRUPiWLFDWrPDVPHOKRUHVIHUUDPHQWDV
-HVVLFDUHVSLURXIXQGR1mRSRGLDPDLVVHSUHRFXSDUHPVHUVXWLOHQmRPDJRDUDVSHVVRDV$EULX
DEROVDHWLURXXPH[HPSODUGD0DPLORV
±(VWDUHYLVWDFKHJRXjVEDQFDVKiDOJXQVGLDV±GLVVH
-RJRXDQDPHVDFRPDFDSDSDUDFLPD8PPLVWRGHSHUSOH[LGDGHHQRMRFREULXRURVWRGHVXD
PmH
(GZDUGSHUPDQHFHXLQDOWHUDGR
±4XHPHUGDpHVVD"±SHUJXQWRXHOH
-HVVLFDIRLDWpD~OWLPDSiJLQD
±$t±GLVVHVLPSOHVPHQWHDSRQWDQGRSDUDDIRWRGH.DWK\QDILOHLUDGHEDL[R
2V GRLV GHPRUDUDP DOJXQV LQVWDQWHV SDUD FRPSUHHQGHU R TXH HVWDYDP YHQGR FRPR VH D
LQIRUPDomR VH SHUGHVVH HP DOJXP OXJDU HQWUH R ROKR H R FpUHEUR 'HSRLV &DURO &XOYHU VROWRX XP
JHPLGR6XDPmRIRLDWpDERFDDEDIDQGRXPJULWR2VROKRVGH(GZDUGVHHVWUHLWDUDP
-HVVLFDQmROKHVGHXWHPSRGHVHUHFXSHUDU
±7HPPDLV±GLVVH
6XDPmHHVSLRXDFRPROKRVYD]LRVHDVVRPEUDGRV1mRH[LVWLDPDLVYLGDDWUiVGHOHVFRPRVHXP
~OWLPRVRSURGHYHQWRIULRWLYHVVHDSDJDGRDFKDPDWUrPXOD
±8PHVSHFLDOLVWDHPFDOLJUDILDDQDOLVRXRHQYHORSHHPTXHDUHYLVWDFKHJRX$OHWUDpLJXDOjGH
.DWK\
(GZDUGSX[RXRDUFRPIRUoD$VSHUQDVGH&DUROILQDOPHQWHFHGHUDP(ODFDLXSHVDGDPHQWHQD
FDGHLUDID]HQGRRVLQDOGDFUX]/iJULPDVVXUJLUDPHPVHXVROKRV
±(ODHVWiYLYD"±FRQVHJXLXSHUJXQWDU
±1mRVHL
±0DVKiXPDFKDQFH"±SHUJXQWRX(GZDUG
 -HVVLFDDVVHQWLX
±6HPSUHKRXYHXPDFKDQFH
6LOrQFLRDWRUGRDGR
±0DVSUHFLVRGHLQIRUPDo}HV±FRQWLQXRX-HVVLFD±3UHFLVRVDEHURTXHDFRQWHFHXFRP.DWK\2
TXHDIH]PXGDU
2VROKRVGH(GZDUGVHHVWUHLWDUDPGHQRYR
±&RPRDVVLP"
±.DWK\WHYHXPFDVRFRPRSURIHVVRUGHLQJOrVQRHQVLQRPpGLR1R~OWLPRDQR
0DLVVLOrQFLR-HVVLFDQmRWHYHFHUWH]DVHHUDXPVLOrQFLRDWRUGRDGR
±2SURIHVVRUDGPLWLXXPYHUPHFKDPDGR*DU\*UDG\
±1mR±GLVVHDPmHVHPIRUoDV(PVHJXLGDEDL[RXDFDEHoDFRPRFUXFLIL[REDODQoDQGRFRPR
XPSrQGXOR&RPHoRXDFKRUDU±-HVXV0HXEHErQmR
(GZDUGVHOHYDQWRX
±-iEDVWD-HVV
±1mREDVWD
(GZDUGSHJRXVHXFDVDFR
±(VWRXVDLQGR
±(VSHUH$RQGHYRFrYDL"
±7FKDX
±3UHFLVDPRVIDODUVREUHLVVR
±3UHFLVDPRVFRLVDQHQKXPD
±(GZDUG
(OHVDLXFRUUHQGRSHODSRUWDGRVIXQGRVEDWHQGRDDRSDVVDU
-HVVLFDVHYLURXGHQRYRSDUDDPmH2VVROXoRVGHODHUDPGHFRUWDURFRUDomR-HVVLFDHVSHURX
XPPLQXWRRXGRLV'HSRLVVHYLURXHVDLXGDFR]LQKD

ZZZ

5R\2¶&RQQRUMiHVWDYDQRUHVHUYDGRGRVIXQGRVTXDQGR0\URQFKHJRX6HXFRSRHVWDYDYD]LRH
HOH FKXSDYD XP FXER GH JHOR 2 EDUXOKR TXH ID]LD OHPEUDYD XP WDPDQGXi QD IUHQWH GH XP
IRUPLJXHLUR
±2L5R\
2¶&RQQRULQGLFRXROXJDUGRRXWURODGRGDPHVDVHPVHLQFRPRGDUHPILFDUGHSp8VDYDDQpLVGH
RXURTXHGHVDSDUHFLDPQDVGREUDVGHFDUQHGDVLPDFXODGDVPmRVJRUGXFKDV$VXQKDVHUDPEHQIHLWDV
QD PDQLFXUH (VWDYD HQWUH RV  H RV  DQRV PDV HUD LPSRVVtYHO GL]HU RQGH (UD PHLR FDUHFD H
XVDYD R IDPRVR SHQWHDGR TXH HVWLFDYD RV ILRV UHPDQHVFHQWHV DWp R RXWUR ODGR GD FDEHoD R FDEHOR
SDUWLGRWmREDL[RTXHSDUHFLDVDLUGDD[LOD
±%HOROXJDU5R\±GLVVH0\URQ±0HVDUHVHUYDGDOX]EDL[DP~VLFDURPkQWLFDDRIXQGR6HHX
QmRVRXEHVVH
2¶&RQQRUEDODQoRXDFDEHoD
±2OKD%ROLWDUVHLTXHYRFrVHDFKDXPFDUDHQJUDoDGRPDVGiXPWHPSRFHUWR"
±(QWmRDFKRTXHQmRYRXJDQKDUIORUHVYRX"
±3UHFLVDPRVFRQYHUVDU
 ±6RXWRGRRXYLGRV
8PDJDUoRQHWHVHDSUR[LPRX
±3RVVRVHUYLUDOJRSDUDRVVHQKRUHVEHEHUHP"
±2XWUR±UHVSRQGHX5R\DSRQWDQGRSDUDRFRSR
±(SDUDRVHQKRU"
±9RFrVWrPDOJXPDFKRFRODWDGR"±SHUJXQWRX0\URQ
±$FKRTXHVLP
±ÏWLPR9RXTXHUHUXP
(ODVDLX5R\EDODQoRXDFDEHoD
±8PDSRUUDGHXPDFKRFRODWDGR±UHVPXQJRX
±'LVVHDOJXPDFRLVD"
±6HXFDSDQJDPHYLVLWRXRQWHPjQRLWH
±2VVHXVPHYLVLWDUDPSULPHLUR±GLVVH0\URQ
±1mRWLYHQDGDDYHUFRPLVVR
0\URQOKHGHXVHXPHOKRUROKDUHVWLOR³FRUWDHVVD´GHSXUDLQFUHGXOLGDGH$JDUoRQHWHVHUYLXDV
EHELGDV 5R\ SHJRX VHX XtVTXH FRPR VH IRVVH R DQWtGRWR TXH VDOYDULD VXD YLGD 0\URQ HP
FRQWUDSDUWLGDEHEHULFRXRDFKRFRODWDGRFRPHOHJkQFLD6HPSUHXPFDYDOKHLUR
±2OKD0\URQ±SURVVHJXLX2¶&RQQRU±eRVHJXLQWH(XDVVLQHLFRPR/DQGUHDX['HLGLQKHLUR
DGLDQWDGR'HLGLQKHLURWRGRVRVPHVHV0DQWLYHPHXODGRGRDFRUGR
±9RFrDVVLQRXFRPHOHLOHJDOPHQWH
±1mRVRXRSULPHLURDID]HULVVR
±1HPR~OWLPR$RQGHTXHUFKHJDU5R\"
±2OKDYRFrPHFRQKHFH6DEHFRPRHXRSHUR
0\URQDVVHQWLX
±9RFrpXPEDQGLGRWLWLFDGHJDOLQKD
±3RVVRWHUDPHDoDGRRJDURWRÏWLPR-iIL]LVVRDQWHV0DVpVy1XQFDPDFKXTXHLQLQJXpPGH
YHUGDGH
±$Km
±6HRVDWOHWDVILFDVVHPVDEHQGRHXHVWDULDDUUXLQDGR
±6HULDXPDSHQD
±%ROLWDUYRFrQmRHVWiIDFLOLWDQGRDVFRLVDV
±1mRHVWRXWHQWDQGR
2¶&RQQRUVHJXURXDEHELGDGHQRYR(QJROLXDHVLQDOL]RXSDUDDJDUoRQHWHSHGLQGRRXWUD
±(XPHHQYROYLFRPJHQWHHUUDGD±GLVVHHOH
±&RPRDVVLP"
±$UUDQMHLXPDGtYLGDGHMRJRHQRUPH4XHQmRSRGLDSDJDU
±3RULVVRHOHVILFDUDPFRPXPDSDUWHGDVXDHPSUHVD
5R\DVVHQWLX
±$JRUDHOHVPHFRQWURODP2VHXRVHXDPLJRGHRQWHPjQRLWH
8PFRQWDGRU*HLJHUSRGHULDWHUUHJLVWUDGRRWUHPRUHPVXDYR]TXDQGRHOHPHQFLRQRX:LQ
±4XHURID]HURTXHHOHGLVVHPDVQmRWHQKRPDLVSRGHUSDUDLVVR
0\URQWRPRXRXWURJROHGDEHELGDWRUFHQGRSDUDQmRILFDUFRPELJRGHGHFKRFRODWH
±0HXDPLJRQmRILFDULDVDWLVIHLWRHPVDEHUGLVVR
 ±9RFrSUHFLVDGL]HUDHOHTXHQmRVRXHX
±(QWmRTXHPp"
5R\VHUHFRVWRXQREDQFREDODQoDQGRDFDEHoD
± 1mR SRVVR GL]HU TXHP 0DV SRVVR GL]HU TXH HOHV MRJDP SHVDGR ( QmR HQWHQGHP QDGD GHVVH
QHJyFLR $FKDP TXH SRGHP FRQWURODU TXDOTXHU XP SHOR PHGR 4XHUHP DOJXpP SDUD VHUYLU GH
H[HPSORSDUDRVRXWURV
±(HVVHDOJXpPVHULDR/DQGUHDX["
± /DQGUHDX[ ( YRFr 4XHUHP PDFKXFDU /DQGUHDX[ 4XHUHP PDWDU YRFr (VWmR FRORFDQGR VXD
FDEHoDDSUrPLR
2XWURJROHWUDQTXLOR0\URQQmRGLVVHQDGD
±9RFrQHPSDUHFHSUHRFXSDGR±GLVVH5R\
±(XGRXJDUJDOKDGDQDFDUDGDPRUWH%RPWDOYH]QmRJDUJDOKDGDePDLVXPULVLQKR8PULVLQKR
VLOHQFLRVR
±0HX'HXVYRFrpPDOXFR
±(QmRIDULDLVVRGLUHWDPHQWHQDFDUDGDPRUWH'HPRGRTXHpPDLVFRPRXPULVLQKRVLOHQFLRVR
SHODVFRVWDVGHOD
±%ROLWDULVVRQmRWHPJUDoD
±1mR±FRQFRUGRX0\URQ±1mRWHP6XJLURYHHPHQWHPHQWHTXHYRFrRVPDQGHSDUDU
±9RFrQmRRXYLXXPDSDODYUDGRTXHHXGLVVH"1mRWHQKRQHQKXPFRQWUROHVREUHLVVR
±6HDOJXPDFRLVDPHDFRQWHFHUPHXDPLJRYDLILFDUPXLWRFKDWHDGR9DLVHYLQJDUHPYRFr
5R\HQJROLXHPVHFR
±0DVHXHVWRXLPSRWHQWH9RFrSUHFLVDDFUHGLWDU
±(QWmRPHGLJDTXHPPDQGD
±1mRSRVVR
0\URQGHXGHRPEURV
±7DOYH]SRVVDPRVVHUHQWHUUDGRVXPDRODGRGRRXWUR&RPRXPDFHQDGHWUDJpGLDURPkQWLFD
±(OHVYmRPHPDWDUVHHXGLVVHUDOJXPDFRLVD
±2TXHDFKDTXHPHXDPLJRYDLID]HUFRPYRFr"
5R\HVWUHPHFHX&KXSRXRJHORGHQRYRWHQWDQGRDSURYHLWDUDV~OWLPDVJRWDVGDEHELGD
±2QGHHVWiDTXHODYDFDLGLRWDFRPPHXGULQTXH"
±4XHPpTXHPDQGD5R\"
±9RFrQmRILFRXVDEHQGRSRUPLPFHUWR"
±-XURSHODPLQKDPmHPRUWLQKD
0DLVXPDFKXSDGDQRJHOR(PVHJXLGD5R\GLVVH
±$FKH
±+HUPDQ$FKH"±SHUJXQWRX0\URQVXUSUHVR±e+HUPDQ$FKHTXHPHVWiSRUWUiVGLVVR"
5R\EDODQoRXDFDEHoDQHJDQGR
±2LUPmRPDLVQRYRGHOH)UDQN(OHHVWiGHVFRQWURODGR1mRVHLRTXHDTXHOHSVLFRSDWDSRGH
ID]HU
)UDQN $FKH )D]LD VHQWLGR +HUPDQ $FKH HUD XP GRV PDLRUHV FULPLQRVRV GH 1RYD <RUN
UHVSRQViYHO SHOR VRIULPHQWR GH PXLWD JHQWH 0DV SHUWR GH VHX LUPmR PDLV QRYR )UDQN +HUPDQ
SDUHFLDRERPVDPDULWDQR$DURQDGRUDULDWUDEDOKDUSDUDDOJXpPFRPR)UDQN
1mRHUDXPDERDQRWtFLD0\URQSDURXGHVRUULU
±0DLVDOJXPDFRLVDTXHYRFrSRVVDPHFRQWDU"
±1mR6yQmRTXHURTXHQLQJXpPVHPDFKXTXH
±9RFrpXPFDUDLQFUtYHO5R\7mRDOWUXtVWD
2¶&RQQRUVHOHYDQWRX
±1mRWHQKRPDLVQDGDDGL]HU
±$FKHLTXHLUtDPRVDOPRoDU
±$OPRFHVR]LQKReSRUPLQKDFRQWD
±1mRYDLVHURPHVPRVHPDVXDFRPSDQKLD
±0DVYRFrYDLFRQVHJXLUGDUXPMHLWR
0\URQSHJRXRFDUGiSLR
±9RXWHQWDU
 

3$5$48(00$,6SRGHULDOLJDU"
$UHVSRVWDHUDyEYLDSHUFHEHX-HVVLFD
1DQF\6HUDW&ROHJDGHTXDUWRHDPLJDPDLVtQWLPDGH.DWK\
-HVVLFDHVWDYDVHQWDGDjPHVDGRSDL$VOkPSDGDVHVWDYDPDSDJDGDVDVFRUWLQDVIHFKDGDVPDVD
OX]GRVRODLQGDHUDVXILFLHQWHPHQWHIRUWHSDUDVHHVJXHLUDUHIRUPDUVRPEUDV
$GDP &XOYHU IL]HUD WRGR R SRVVtYHO SDUD TXH VHX HVFULWyULR GH FDVD OHYDVVH D XPD VHQVDomR
UDGLFDOPHQWHGLIHUHQWHGDTXHVHWLQKDQRGRQHFURWpULRGRFRQGDGRPDFDEUDLQVWLWXFLRQDOIHLWDGH
FLPHQWR2UHVXOWDGRHUDPLVWR2F{PRGRWLQKDSDUHGHVGHXPDPDUHORYLYRYiULDVMDQHODVIORUHV
GHVHGDPHVDGHIyUPLFDEUDQFD(XUVRVGHSHO~FLDSRUWRGRVRVODGRV8UVyFUDWHV)UDQN8UVLQDWUD
FRP8UVDPP\'DYLV-U8UVXOD$QGUHVV3HWH8UVDPSUDV8UVRSKLD/RUHQ$DWPRVIHUDHUDDOHJUH
DLQGD TXH GH XPD DOHJULD IRUoDGD FRPR XP SDOKDoR GH TXHP D JHQWH UL PHVPR DFKDQGRR PHLR
DVVXVWDGRU
3HJRX D DJHQGD WHOHI{QLFD QD EROVD 1DQF\ KDYLD PDQGDGR XP FDUWmR SDUD D IDPtOLD GH -HVVLFD
DOJXPDV VHPDQDV DQWHV 7LQKD FRQVHJXLGR XPD EROVD H HVWDYD QR FDPSXV -HVVLFD SHJRX R Q~PHUR
GHODHGLVFRX
1R WHUFHLUR WRTXH D VHFUHWiULD HOHWU{QLFD DWHQGHX -HVVLFD GHL[RX XP UHFDGR H GHVOLJRX -i LD
FRPHoDUDPH[HUQDVJDYHWDVTXDQGRXPDYR]DIH]SDUDU
±-HVVLFD
(UJXHX RV ROKRV 6XD PmH HVWDYD MXQWR j SRUWD 7LQKD ROKHLUDV IXQGDV R URVWR HUD D PiVFDUD GD
PRUWH2FRUSRRVFLODYDFRPRVHHVWLYHVVHSUHVWHVDFDLU
±2TXHHVWiID]HQGRDTXL"±SHUJXQWRX&DURO
±6yGDQGRXPDROKDGD
&DURODVVHQWLXDFDEHoDEDODQoDQGRQRILRTXHHUDVHXSHVFRoR
±(QFRQWURXDOJXPDFRLVD"
±$LQGDQmR
&DUROVHQWRXVH2OKDYDSDUDDIUHQWHPDVVHPIRFR
± (OD VHPSUH IRL XPD FULDQoD WmR IHOL] ± GLVVH GHYDJDU 2V GHGRV EULQFDYDP FRP XP WHUoR R
ROKDUDLQGDGLVWDQWH±.DWK\QXQFDSDUDYDGHVRUULU7LQKDXPVRUULVRPDUDYLOKRVRIHOL],OXPLQDYD
WXGRDRUHGRU9RFrH(GZDUGERPRVGRLVHUDPPDLVSHQVDWLYRV0DV.DWK\HODVHPSUHVRUULD
SDUDWXGRHSDUDWRGRV9RFrVHOHPEUD"
±e±UHVSRQGHX-HVVLFD±/HPEUR
± 6HX SDL FRVWXPDYD EULQFDU GL]HQGR TXH HOD WLQKD D SHUVRQDOLGDGH GH XPD OtGHU GH WRUFLGD TXH
HQFRQWURXDOX]±DFUHVFHQWRX&DUROULQGRGDOHPEUDQoD±1DGDDGHL[DYDSRUEDL[R
3DURXHRULVRIRLVHGHVERWDQGR
±$QmRVHUDFKRHX
±.DWK\DGRUDYDYRFrPDPmH
(ODGHXXPVXVSLURIXQGRDUIDQGRFRPRVHPHVPRVXVSLUDUH[LJLVVHXPHVIRUoRHQRUPH
±(XIXLXPDPmHUtJLGDFRPYRFrVGXDV5tJLGDGHPDLVDFKR(UDDQWLTXDGD
-HVVLFDQmRUHVSRQGHX
±6yQmRTXHULDTXHYRFrHVXDLUPm
 (ODEDL[RXDFDEHoD
±2TXr"±SHUJXQWRX-HVVLFD
(OD EDODQoRX D FDEHoD 6HXV GHGRV SDVVDYDP SHODV FRQWDV GR WHUoR QXP ULWPR PDLV DUGRURVR
'XUDQWHPXLWRWHPSRQHQKXPDGDVGXDVIDORX(QWmR&DUROGLVVH
±9RFrHVWDYDFHUWD-HVVLFD.DWK\PXGRX
±4XDQGR"
±1R~OWLPRDQRDQWHVGDIDFXOGDGH
±2TXHDFRQWHFHX"
/iJULPDVEURWDUDPQRVROKRVGH&DURO6XDERFDWHQWRXIRUPDUSDODYUDVDVPmRVVHPRYHQGRHP
JHVWRVGHLPSRWrQFLD
±2VRUULVR±UHVSRQGHXHODFRPRVHGHVVHGHRPEURV±8PGLDHOHVXPLX
±3RUTXr"
6XD PmH HQ[XJRX RV ROKRV 2 OiELR LQIHULRU HVWUHPHFHX -HVVLFD VHQWLX TXH VHX FRUDomR DEULD
HVSDoRSDUDDPmHPDVSRUDOJXPPRWLYRRUHVWDQWHGRFRUSRQmRRVHJXLX(ODSHUPDQHFHXVHQWDGD
YHQGRDVRIUHUHVWUDQKDPHQWHDOKHLDFRPRVHHVWLYHVVHDVVLVWLQGRDXPDODFULPRVDQRYHODGH79
±1mRHVWRXWHQWDQGRPDJRDUYRFr±GLVVH-HVVLFD±6yTXHURHQFRQWUDU.DWK\
±(XVHLTXHULGD
±$FKR±FRQWLQXRX-HVVLFD±TXHRTXHPXGRX.DWK\HVWiOLJDGRDRGHVDSDUHFLPHQWRGHOD
2VRPEURVGDPmHVHDIURX[DUDP
±'HXVPLVHULFRUGLRVR
±(XVHLTXHLVVRGyLPDVVHSXGHUPRVDFKDU.DWK\VHSXGHUPRVGHVFREULUTXHPPDWRXSDSDL
$FDEHoDGH&DUROVHOHYDQWRXEUXVFDPHQWH
±6HXSDLIRLPRUWRQXPDVVDOWR
±1mRDFUHGLWRQLVVR$FKRTXHHVWiWXGROLJDGR2GHVDSDUHFLPHQWRGH.DWK\RDVVDVVLQDWRGH
SDSDLWXGR
±0DVFRPR"
±$LQGDQmRVHL0\URQHVWiPHDMXGDQGRDGHVFREULU
$FDPSDLQKDGDSRUWDWRFRX
±'HYHVHURWLR3DXO±GLVVHDPmHLQGRSDUDDSRUWD
±0mH"
&DUROSDURXPDVQmRVHYLURX
±2TXHHVWiDFRQWHFHQGR"2TXHYRFrHVWiFRPPHGRGHPHFRQWDU"
$FDPSDLQKDWRFRXGHQRYR
±ePHOKRUHXDWHQGHU±GLVVH&DURO(GHVFHXFRUUHQGRDHVFDGD

ZZZ

±(QWmR)UDQN$FKHTXHUPDWDUYRFr±FRPHoRX:LQ
0\URQFRQILUPRXFRPDFDEHoD
±eRTXHSDUHFH
±4XHYHUJRQKD
±6HHOHDRPHQRVPHFRQKHFHVVH6HWLYHVVHFRQWDWRFRPPHXHXYHUGDGHLUR
(VWDYDPVHQWDGRVQDSULPHLUDILODGRHVWiGLRGR7LWDQV3RUSXUDERQGDGH2WWRKDYLDFRQFRUGDGR
HPGHL[DUTXH&KULVWLDQWUHLQDVVH,VVRHRIDWRGHTXH1HLO'HFNHURYHWHUDQRTXDUWHUEDFNHVWDYD
MRJDQGRSDUDOiGHPDO
2 WUHLQR GD PDQKm WLQKD VLGR GH SLTXHV GH FRUULGD H MRJDGDV HQVDLDGDV $ SDUWH GD WDUGH QR
HQWDQWR IRL XPD FHUWD VXUSUHVD 2V MRJDGRUHV HVWDYDP FRP HTXLSDPHQWR FRPSOHWR FRLVD TXH
SUDWLFDPHQWHQmRVHYLDWmRFHGRQRDQR
±)UDQN$FKHQmRpXPFDUDOHJDO±GLVVH:LQ
±*RVWDGHWRUWXUDUDQLPDLV
±2TXr"
±7HQKRXPDPLJRTXHRFRQKHFHXTXDQGRHUDFULDQoD±H[SOLFRX0\URQ±$GLYHUVmRSUHGLOHWD
GH)UDQN$FKHHUDSHUVHJXLUJDWRVHFDFKRUURVHDUUHEHQWDUDFDEHoDGHOHVFRPXPWDFRGHEHLVHERO
±$SRVWRTXHLVVRLPSUHVVLRQDYDDVJDURWDV
0\URQDVVHQWLX
±(QWmRSUHVXPRTXHYRFrYiSUHFLVDUGHPHXVVHUYLoRVHVSHFLDLV
±3HORPHQRVGXUDQWHXQVGLDV±UHVSRQGHX0\URQ
±%HOH]D3RVVRSUHVXPLUWDPEpPTXHYRFrWHPXPSODQR"
±(VWRXWUDEDOKDQGRQLVVR$UGXDPHQWH
&KULVWLDQVDLXFRUUHQGRSHORFDPSR0RYLDVHVHPHVIRUoRDRHVWLORGRVJUDQGHVDWOHWDV(QWURX
QDURGDSDUDFRPELQDUDMRJDGDVDLXGHODHVHSRVLFLRQRXQRFDPSR
±&RQWDWRWRWDO±JULWRXXPWUHLQDGRU
0\URQROKRXSDUD:LQ
±1mRJRVWRGLVVR
±'RTXr"
±&RQWDWRWRWDOQRSULPHLURGLD
&KULVWLDQFRPHoRXDJULWDUQ~PHURV'HSRLVGLVVHXP³YDPRVOi´DQWHVTXHDERODIRVVHSDVVDGD
5HFXRXDOJXQVSDVVRVSDUDID]HURODQoDPHQWR
±$KPHUGD±GLVVH0\URQ
7RPP\ /DZUHQFH ROLQHEDFNHU SURILVVLRQDO GR 7LWDQV DYDQoRX OLYUH &KULVWLDQ R YLX WDUGH
GHPDLV7RPP\DUUHPHWHXFRQWUD&KULVWLDQEDWHQGRFRPRFDSDFHWHQRHVWHUQRGHOHHMRJDQGRRQR
FKmR ± R WLSR GH LPSDFWR TXH GyL FRPR R GLDER PDV QmR FDXVD GDQR SHUPDQHQWH 2V RXWURV
GHIHQVRUHVVHHPSLOKDUDPSRUFLPD
&KULVWLDQVHOHYDQWRXHQFROKHQGRVHFRPDPmRQRSHLWR1LQJXpPRDMXGRX
0\URQILFRXGHSp
:LQRLPSHGLXEDODQoDQGRDFDEHoD
±6HQWHVH0\URQ
2WWR%XUNHGHVFHXDHVFDGDUHERFDQGRVHXVpTXLWR
0\URQROKRXIXULRVRSDUDHOH2WWRGHXXPVRUULVROXPLQRVR)H]WVFWVF
± 7URTXHL XP ERFDGR GH YHWHUDQRV SRSXODUHV SDUD SRGHU ILFDU FRP HOH ± GLVVH ± 3DUHFH TXH
DOJXQVUDSD]HVQmRJRVWDUDPPXLWRGDLGHLD
±6HQWHVH0\URQ±UHSHWLX:LQ
0\URQKHVLWRXGHSRLVREHGHFHX
&KULVWLDQYROWRXPDQFDQGRSDUDDURGDGHMRJDGRUHV$QXQFLRXDMRJDGDVHJXLQWHHVHSRVLFLRQRX
QRYDPHQWH$YDOLRXDGHIHVDJULWRXQ~PHURVH³YDPRVOi´GHSRLVSHJRXDERODQRFHQWUR5HFXRX
7RPP\ /DZUHQFH GLVSDURX GH QRYR SHOD HVTXHUGD FRPSOHWDPHQWH OLYUH &KULVWLDQ VH LPRELOL]RX
7RPP\ SDUWLX SDUD FLPD GHOH 6DOWRX FRPR XPD SDQWHUD RV EUDoRV HVWLFDGRV SDUD XPD WURPEDGD
FDSD] GH HVPDJDU RVVRV &KULVWLDQ VH PRYHX QR ~OWLPR LQVWDQWH 1mR IRL XP PRYLPHQWR DPSOR 1D
YHUGDGHVyXPOHYHGHVYLR7RPP\SDVVRXYRDQGRSRUHOHHGHVSHQFRXQRFKmR&KULVWLDQLQVSLURX
IXQGRHODQoRXXPDERPED
3DVVHFRPSOHWR
0\URQVHYLURXULQGR
±(L2WWR
±2TXr"
±3RGHODPEHUPHXVDSDWR
2VRUULVRGH2WWRQmRVHGHVIH]0\URQVHSHUJXQWRXFRPRHOHFRQVHJXLD7DOYH]VXDERFDWLYHVVH
FRQJHODGRGDTXHOHMHLWR2WWRDVVHQWLXHIRLDQGDQGR6HXFRUWHMRRVHJXLXHPILODFRPRXPDIDPtOLD
GHSDWRVVHOYDJHQV
±(VFXWDDQGHLSHQVDQGR±GLVVH0\URQ
±ePHVPR"
±6REUH*DU\*UDG\
±2TXHpTXHWHP"
±(OHWHYHXPFDVRFRPXPDDOXQD(ODGHVDSDUHFHPDLVRXPHQRVXPDQRGHSRLV2WHPSRSDVVDH
DIRWRGHODYDLSDUDUQXPDQ~QFLRSRUQ{TXHHOHSXEOLFD
±(YRFrTXHUGL]HUTXH
±eXPDPDOXTXLFH
±7XGRQHVVHFDVRpPDOXTXLFH
0\URQEDODQoRXDFDEHoD
±3HQVHEHP*UDG\DGPLWLXTXHWHYHXPFDVRFRP.DWK\FHUWR"$VVLPTXDOVHULDD~OWLPDFRLVD
TXHHOHLULDTXHUHU"
±'LYXOJiOR
±1RHQWDQWRDIRWRGHODIRLSDUDUQRDQ~QFLRGHOH
±$K±DVVHQWLX:LQ±9RFrDFKDTXHDOJXpPHVWiDUPDQGRSDUDFLPDGHOH
±([DWR
±4XHP"
±)UHG1LFNOHUVHULDPLQKDDSRVWD
±+XP(OHUHDOPHQWHHQWUHJRXRQ~PHURGDFDL[DSRVWDOGH*UDG\VHPPXLWDUHOXWkQFLD
±(WHPRSRGHUGHWURFDUDVIRWRVHPVXDSUySULDUHYLVWD
±(RTXHYRFrVXJHUH"±SHUJXQWRX:LQ
± *RVWDULD TXH YRFr LQYHVWLJDVVH R VHQKRU )UHG 1LFNOHU PXLWR PHWLFXORVDPHQWH 7DOYH] GHYHVVH
IDODUFRPHOHRXWUDYH])DODU±UHSHWLX0\URQ±1mRYLVLWDU
1RFDPSR&KULVWLDQHVWDYDUHFXDQGRGHQRYR3HODWHUFHLUDYH]VHJXLGD7RPP\/DZUHQFHSDVVRX
LQWRFDGRSHORODGRHVTXHUGR1DYHUGDGHRMRJDGRUTXHGHYHULDLPSHGLORGHDYDQoDUILFRXSDUDGR
FRPDVPmRVQRVTXDGULVROKDQGR
±2SUySULRFROHJDGHHTXLSHGH&KULVWLDQHVWiDSURQWDQGRFRQWUDHOH±GLVVH0\URQ
&KULVWLDQVHGHVYLRXGH7RPP\/DZUHQFHGREURXRVEUDoRVHODQoRXDERODFRPXPDYHORFLGDGH
VLGHUDOGLUHWDPHQWHFRQWUDDYLULOKDGRWDOFROHJDGHHTXLSH+RXYHXPVRPFXUWRXXXPS2UDSD]
GHVSHQFRXFRPRXPDFDGHLUDGREUiYHO
±8L±GLVVH:LQ
 0\URQTXDVHEDWHXSDOPDV
±,JXDOjTXHOHILOPH*ROSHEDL[R
2 MRJDGRU FODUR HVWDYD XVDQGR XP SURWHWRU GH YLULOKD 0DV XP SURWHWRU GH YLULOKD QmR HUD
VXILFLHQWH FRQWUD XP PtVVLO HP DOWD YHORFLGDGH (OH URORX QR FKmR HP SRVLomR IHWDO RV ROKRV
DUUHJDODGRV7RGRVRVKRPHQVSRUSHUWRSDUHFHUDPVHQWLUDGRUHVROWDUDPXP³8XX´FROHWLYR
&KULVWLDQIRLDWpRMRJDGRU±XPVXMHLWRTXHSHVDYDPDLVGHTXLORV±HRIHUHFHXDPmRSDUD
TXHHOHVHOHYDQWDVVH(OHDDFHLWRX'HSRLVPDQFDQGRYROWRXSDUDDURGDGHMRJDGRUHV
±&KULVWLDQWHPFROK}HV±GLVVH0\URQ
:LQFRQILUPRXFRPDFDEHoD
±0DVVHUiTXHSRGHPRVGL]HURPHVPRGRRXWURUDSD]"
 

$66,048(0<521(17528QRFDPSXVGD8QLYHUVLGDGH5HVWRQRWHOHIRQHGHVHXFDUURWRFRX
±&RQVHJXLRTXHYRFrTXHUVHXPDOD±GLVVH37±2QRPHGRPHXDPLJRp-DNH&RXUWHUeR
[HULIHGDFLGDGH
±;HULIH-DNH±UHVSRQGHX0\URQ±9RFrHVWiEULQFDQGRQmRp"
±1mRVHGHL[HHQJDQDUSHORFDUJR-DNHWUDEDOKRXHPGHOHJDFLDVGHKRPLFtGLRVQD)LODGpOILDHP
%RVWRQHHP1RYD<RUNeXPERPVXMHLWR'LVVHTXHUHFHEHULDYRFrKRMHjVWUrVKRUDV
0\URQROKRXRUHOyJLR(UDXPDKRUD$GHOHJDFLDILFDYDDFLQFRPLQXWRVGDOL
±2EULJDGR37
±3RVVRSHUJXQWDUXPDFRLVD0\URQ"
±0DQGDYHU
±3RUTXHHVWiYHQGRLVVR"
±eXPDORQJDKLVWyULD
±7HPDYHUFRPDLUPmGHODDTXHOHILOH]mRTXHYRFrDQGRXFRPHQGR"
(OHGHXXPDJDUJDOKDGD
±9RFrpSXUDHOHJkQFLD37
±0\URQXPGLDGHVVHVTXHURTXHYRFrPHFRQWH$KLVWyULDWRGD
±3URPHWR
0\URQSDURXRFDUURHIRLSDUDRDQWLJRFHQWURDWOpWLFR2HVWDGRGRFRUUHGRUHUDXPSRXFRPDLV
SUHFiULRGRTXH0\URQHVSHUDYD$VSDUHGHVHUDPFREHUWDVSRUWUrVILOHLUDVGHIRWRVHPROGXUDGDV
PRVWUDQGRHTXLSHVGRSDVVDGR±DOJXPDVGHDWpDQRVDWUiV0\URQVHDSUR[LPRXGHXPDSRUWDGH
YLGURRQGXODGRTXHSDUHFLDWHUVDtGRGHXPILOPHDQWLJRGRGHWHWLYH6DP6SDGH$SDODYUDIXWHERO
HVWDYDSLQWDGDHPSUHWR(OHEDWHX
$YR]IRLFRPRXPSQHXYHOKRFRUUHQGRSRUXPDHVWUDGDGHFKmR
±2TXHp"
0\URQHQILRXDFDEHoD
±(VWiRFXSDGRWUHLQDGRU"
'DQQ\&ODUNHRWUHLQDGRUGHIXWHERODPHULFDQRGD8QLYHUVLGDGH5HVWRQ
OHYDQWRXRROKDUGHVHXFRPSXWDGRU
±4XHPpYRFrPHUGD"±SHUJXQWRXUtVSLGR
±9RXEHPREULJDGR0DVYDPRVSXODUDVDPHQLGDGHV
±(UDSDUDHXDFKDUJUDoD"
0\URQLQFOLQRXDFDEHoD
±(QmRDFKRX"
±9RXSHUJXQWDUPDLVXPDYH]TXHPpYRFr"
±0\URQ%ROLWDU
$FDUHWDGRWUHLQDGRUQmRPXGRX
±(HXGHYHULDFRQKHFrOR"
(UDXPGLDTXHQWHGHYHUmRRFDPSXVHVWDYDSUDWLFDPHQWHYD]LRHDOLHVWDYDROHQGiULRWUHLQDGRU
GH IXWHERO XQLYHUVLWiULR XVDQGR WHUQR H JUDYDWD DVVLVWLQGR D YLGHRWDSHV GH FDQGLGDWRV GR HQVLQR
PpGLR7HUQRHJUDYDWDVHPDUFRQGLFLRQDGR6HRFDORULQFRPRGDYD'DQQ\&ODUNHHOHQmRGHL[DYD
LVVRWUDQVSDUHFHU7XGRQHOHHUDEHPFRUWDGRHDUUXPDGR(VWDYDGHVFDVFDQGRDPHQGRLQVHFRPHQGR
PDV QmR KDYLD VXMHLUD YLVtYHO 2V P~VFXORV GR PD[LODU VH DYROXPDYDP HQTXDQWR HOH PDVWLJDYD
ID]HQGRSHTXHQRVUHOHYRVVHIRUPDUHGHVDSDUHFHUSHUWRGDVRUHOKDV7LQKDXPDYHLDSURHPLQHQWHQD
WHVWD
±6RXHPSUHViULRGHDWOHWDV
(OHPRYHXRVROKRVUDSLGDPHQWHFRPRXPQREUHGLVSHQVDQGRXPODFDLR
±6DLDGDTXL(VWRXRFXSDGR
±3UHFLVDPRVFRQYHUVDU
±)RUDGDTXLVHXHVFURWR$JRUD
±(XVy
±(VFXWDFDEHoDGHPHUGD±FRPHoRXDSRQWDQGRRGHGRSDUD0\URQQXPJHVWRFDUDFWHUtVWLFRGH
WUHLQDGRU ± (X QmR IDOR FRP D UDOp 1XQFD (VWRX j IUHQWH GH XP SURJUDPD OLPSR FRP MRJDGRUHV
OLPSRV 1mR UHFHER VXERUQR GH VXSRVWRV HPSUHViULRV QHP PHUGD QHQKXPD GHVVH WLSR 3RUWDQWR VH
YRFrYHLRDTXLFRPXPHQYHORSHFKHLRGHYHUGLQKDVSRGHHQILiORQRUDER
0\URQEDWHXSDOPDV
±/LQGROLQGR8PDSHUIRUPDQFHPDUDYLOKRVDHPRFLRQDQWHLQHVTXHFtYHO
'DQQ\&ODUNHHUJXHXRVROKRVUDSLGDPHQWH1mRHVWDYDDFRVWXPDGRDWHUVXDVRUGHQVTXHVWLRQDGDV
PDVSDUWHGHOHSDUHFHXDFKDULVVRTXDVHGLYHUWLGR
±'rRIRUDGDTXL±UHVPXQJRXPDVDJRUDFRPPDLVJHQWLOH]D9LURXVHGHQRYRSDUDDWHOHYLVmR
1DWHODXPMRYHPTXDUWHUEDFNODQoDYDXPDHVSLUDOORQJDDSHUWDGD8PMRJDGRUSHJRX7RXFKGRZQ
0\URQGHFLGLXGHVDUPiORWDWLFDPHQWH
±2JDURWRSDUHFHEDVWDQWHERP±GLVVH
± e VRUWH VXD YRFr VHU XP VDQJXHVVXJD H QmR XP FDoDWDOHQWRV 2 JDURWR p KRUUtYHO$JRUD VH
PDQGD
±4XHURIDODUVREUH&KULVWLDQ6WHHOH
,VVRDWUDLXDDWHQomRGH&ODUNH
±2TXHpTXHWHP"
±6RXRHPSUHViULRGHOH
± $K ± UHDJLX 'DQQ\ &ODUNH ± $JRUD OHPEUR 9RFr p R DQWLJR MRJDGRU GH EDVTXHWH 2 TXH
PDFKXFRXRMRHOKR
±$VHXGLVSRU
±&KULVWLDQHVWiEHP"
0\URQWHQWRXSDUHFHUFDVXDO
±6RXEHTXHHOHQmRVHGDYDPXLWREHPFRPRVFROHJDVGHWLPH
±(GDt"9RFrpDVVLVWHQWHVRFLDOUHVSRQViYHOSRUHOH"
±4XDOHUDRSUREOHPD"
±1mRVHLSRUTXHLVVRSRGHULDLPSRUWDUDJRUD
±0DVPHVPRDVVLPPHIDoDHVVHIDYRU
2WUHLQDGRUGHPRURXXPWHPSRSDUDUHOD[DURROKDUIHUR]
±(UDXPPRQWHGHFRLVDV±GLVVH±0DVDFKRTXHRSULQFLSDOSUREOHPDHUD+RUW\
±+RUW\"
7pFQLFDDYDQoDGDGHLQWHUURJDWyULR3UHVWHDWHQomR
±-XQLRU+RUWRQ±H[SOLFRX±(OHMRJDYDQDGHIHVD9HORFLGDGHWDPDQKRWDOHQWR0DVLQWHOLJHQWH
FRPRXPDODWDGHUHIULJHUDQWH
±(RTXHHVVHWDOGH+RUW\WLQKDDYHUFRPR&KULVWLDQ"
±(OHVQmRVHFUX]DYDP
±&RPRDVVLP"
'DQQ\&ODUNHSHQVRXXPPRPHQWR
±1mRVHL7LQKDDOJRDYHUFRPXPDJDURWDTXHVXPLX
±.DWK\&XOYHU"
±,VVR(OD
±2TXHpTXHWHP"
(OHVHYLURXSDUDRYLGHRFDVVHWHHWURFRXGHILWD'HSRLVGLJLWRXDOJRQRFRPSXWDGRU
±$FKRTXHWDOYH]HODWHQKDQDPRUDGRR+RUW\DQWHVGR&KULVWLDQ$OJRDVVLP
±(RTXHDFRQWHFHX"
±+RUW\HUDDPDomSRGUHGRFHVWRGHVGHRLQtFLR1R~OWLPRDQRGHOHGHVFREULTXHYHQGLDGURJDV
DRVPHXVMRJDGRUHVFRFDtQDDQDEROL]DQWHV'HXVVDEHRTXHPDLV3RULVVRRH[SXOVHL0DLVWDUGH
ILTXHLVDEHQGRTXHID]LDWUrVDQRVTXHHOHIRUQHFLDHVWHURLGHVDRWLPH
4XH ³PDLV WDUGH´ SRUUD QHQKXPD SHQVRX 0\URQ 0DV SHOD SULPHLUD YH] QmR H[SUHVVRX VHX
SHQVDPHQWR
±(RTXHLVVRWHPDYHUFRPR&KULVWLDQ"
± &RPHoDUDP D FLUFXODU ERDWRV GH TXH &KULVWLDQ WLQKD IHLWR R +RUW\ VHU H[SXOVR GR WLPH +RUW\
DOLPHQWRXRVERDWRVYRFrVDEHGL]HQGRDRVFDUDVTXHR&KULVWLDQHVWDYDGHGXUDQGRWRGRVHOHVSRU
XVDUHPDQDEROL]DQWHVFRLVDVDVVLP
±(HUDYHUGDGH"
± 1mR 'RLV GRV PHXV PHOKRUHV MRJDGRUHV DSDUHFHUDP WmR GRLG}HV QXP GLD GH MRJR TXH PDO
FRQVHJXLDPHQ[HUJDU)RLHQWmRTXHDJL&KULVWLDQQmRWHYHQDGDDYHUFRPLVVR0DVVDEHFRPRp
7RGRV DFKDYDP TXH &KULVWLDQ HUD R DVWUR TXH VH TXLVHVVH OLPSDU D EXQGD TXDOTXHU WUHLQDGRU LULD
FRUUHQGREXVFDUSDSHOKLJLrQLFRSHUIXPDGR
±9RFrGLVVHDRVFDUDVTXH&KULVWLDQQmRWLQKDQDGDDYHUFRPLVVR"
(OHIH]XPDFDUHWD
±$FKDTXHLVVRDMXGDULD"(OHVLDPSHQVDUTXHHXRHVWDYDHQFREULQGRSURWHJHQGR,DPRGLiOR
DLQGD PDLV 'HVGH TXH LVVR QmR DIHWDVVH RV UHVXOWDGRV GRV MRJRV H QmR DIHWRX QmR HUD GD PLQKD
FRQWD'HL[HLSUDOi
±9RFrLQYHVWHPHVPRQRGHVHQYROYLPHQWRGRFDUiWHUGRVDWOHWDVWUHLQDGRU
(OHGHXD0\URQVHXPHOKRUROKDUGHLQWLPLGDUFDORXUR$YHLDGDWHVWDFRPHoRXDSXOVDU
±9RFrHVWiSDVVDQGRGRSRQWR%ROLWDU
±1mRVHULDDSULPHLUDYH]
±(XPHLPSRUWRFRPPHXVJDURWRV
±eGHXSUDYHU9RFrGHL[RXR+RUW\ILFDUHQTXDQWRHOHERPEDYDVHXVJDURWRVFRPVXEVWkQFLDV
TXHHUDPSHULJRVDVPDVDXPHQWDYDPDFDSDFLGDGHGHOHVGHMRJDU4XDQGRHOHSHJRXPDLVSHVDGRH
SDUWLX SDUD FRLVDV TXH WLQKDP LPSDFWR QHJDWLYR QR FDPSR GH UHSHQWH YRFr YLURX XP OHJtWLPR
PLOLWDQWHGDOXWDFRQWUDDVGURJDV
±1mRSUHFLVRILFDURXYLQGRHVVDEDERVHLUD±DUHQJRX'DQQ\&ODUNH±3ULQFLSDOPHQWHYLQGRGH
XPYDPSLURLPSUHVWiYHOVXJDGRUGHVDQJXH'rRIRUDGDPLQKDVDOD$JRUD
± 4XHU DVVLVWLU D XP ILOPH FRPLJR XPD KRUD GHVVDV" ± GLVVH 0\URQ ± 2X WDOYH] XP VKRZ GD
%URDGZD\"
±)RUD
0\URQVDLX0DLVXPGLDPDLVXPDPLJR2VHJUHGRHUDRFKDUPH
7LQKDWHPSRVXILFLHQWHDQWHVGHYLVLWDUR[HULIH-DNHSRULVVRGHFLGLXGDUXPSDVVHLR2FDPSXV
SDUHFLDXPDFLGDGHIDQWDVPDVyIDOWDYDRIHQRVHQGROHYDGRSHORYHQWR2VDOXQRVKDYLDPSDUWLGR
SDUD DV IpULDV GH YHUmR 2V SUpGLRV HVWDYDP WULVWHV H VHP YLGD$ GLVWkQFLD XP DSDUHOKR GH VRP
WRFDYD(OYLV&RVWHOOR'XDVJDURWDVDSDUHFHUDP7tSLFDVHVWXGDQWHVXVDQGRPLQLEOXVDVHVKRUWVTXH
VyLDPDWpDYLULOKD/HYDYDPXPFDFKRUURSHTXHQRHSHOXGRSDUDSDVVHDU±XPVKLKW]X3DUHFLDR
SULPR ,W GD IDPtOLD $GGDPV GHSRLV GH WHU JLUDGR PXLWR WHPSR QD VHFDGRUD 0\URQ VRUULX H DV
FXPSULPHQWRXFRPDFDEHoDHQTXDQWRSDVVDYDP1HQKXPDGDVGXDVGHVPDLRXQHPDUUDQFRXDURXSD
(VSDQWRVR0DVRFDFKRUULQKRURVQRXSDUDHOH
(VWDYDTXDVHQRFDUURTXDQGRYLXDSODFD
&RUUHLRGRFDPSXV

3DURXROKRXDRUHGRUQmRYLXQLQJXpP+XP9DOLDDSHQDWHQWDU
2LQWHULRUGRFRUUHLRHUDSLQWDGRGHYHUGHLQVWLWXFLRQDODPHVPDFRUGREDQKHLURGDHVFROD$V
SDUHGHV GR FRPSULGR FRUUHGRU HP IRUPD GH 9 HVWDYDP FREHUWDV GH FDL[DV SRVWDLV 2XYLX R VRP
GLVWDQWHGHXPUiGLR1mRFRQVHJXLXLGHQWLILFDUDP~VLFDXPEDL[RFRPEDWLGDPRQyWRQD
0\URQ VH DSUR[LPRX GD MDQHOLQKD GH YLGUR +DYLD XP JDURWR VHQWDGR FRP RV SpV SDUD FLPD$
P~VLFD YLQKD GRV RXYLGRV GHOH (VWDYD HVFXWDQGR XP GDTXHOHV DSDUHOKRV FRP IRQHV TXH SDUHFHP
HQWUDUSHORRXYLGRHVHFRQHFWDUGLUHWDPHQWHDRFpUHEUR2VWrQLVSUHWRVGHFDQRDOWRSRXVDYDPQXPD
PHVD R ERQp GH EHLVHERO DEDL[DGR FRPR XP VRPEUHLUR QD KRUD GD VHVWD +DYLD XP OLYUR HP VHX
FROR2SHUDomR6K\ORFNGH3KLOLS5RWK
±%RPOLYUR±GLVVH0\URQ
2JDURWRQmRHUJXHXRVROKRV
±%RPOLYUR±UHSHWLX0\URQGHVWDYH]JULWDQGR
2JDURWRWLURXRVIRQHVGRVRXYLGRVFRPXPHVWDORGHVXFomR(UDSiOLGRHUXLYR4XDQGRWLURXR
ERQpRFDEHORHUDDIURUUHYROWR,JXDODR%HUQLHGRVHULDGR*HUDomRLQGRPiYHO
±2TXr"
±(XGLVVHERPOLYUR
±-iOHX"
0\URQDVVHQWLX
±6HPG~YLGD
2JDURWRVHOHYDQWRX(UDDOWRHGHVHQJRQoDGR
±9RFrMRJDEDVTXHWH"±SHUJXQWRX0\URQ
±-RJR$FDEHLGHFRQFOXLURSULPHLURDQR1mRMRJXHLPXLWR
±6RX0\URQ%ROLWDU
2JDURWRROKRXRLQH[SUHVVLYR
±-RJXHLEDVTXHWHQD'XNH
1DGD
±6HPDXWyJUDIRVSRUIDYRU
±+iTXDQWRWHPSRYRFrMRJRX"±SHUJXQWRXRJDURWR
±0HIRUPHLKiDQRV
 ±$K±UHVSRQGHXRJDURWRFRPRVHLVVRH[SOLFDVVHWXGR
0\URQ IH] FRQWDV UiSLGDV QD FDEHoD 2 JDURWR WHULD  RX  DQRV TXDQGR 0\URQ JDQKRX R
FDPSHRQDWRQDFLRQDO'HUHSHQWHVHVHQWLXPXLWRYHOKR
±1DpSRFDDJHQWHXVDYDFHVWDVGHFROKHUSrVVHJRV
±2TXr"
±'HL[DSUDOi3RVVRID]HUXPDVSHUJXQWDV"
2JDURWRGHXGHRPEURV
±7XGREHP
±4XDODVXDFDUJDKRUiULDDTXLQRFRUUHLR"
±&LQFRGLDVSRUVHPDQDQRYHUmRGHQRYHjVFLQFR
±(pVHPSUHWmRFDOPRDVVLP"
±1HVWDpSRFDGRDQRp6HPDOXQRVTXDVHQmRKiFRUUHVSRQGrQFLD
±eYRFrTXHPVHSDUDDVFRUUHVSRQGrQFLDV"
±&ODUR
±(ID]FROHWD"
±&ROHWD"
±'DFRUUHVSRQGrQFLDGRFDPSXV
±)DoRPDVVyWHPDTXHODFDL[DSHUWRGDSRUWDGDIUHQWH
±eD~QLFDFDL[DGHFRUUHLRGRFDPSXV"
±e
±7HPSHJDGRPXLWDFRUUHVSRQGrQFLDGRFDPSXVXOWLPDPHQWH"
±4XDVHQDGD7UrVTXDWURFDUWDVSRUGLD
±&RQKHFH&KULVWLDQ6WHHOH"
±6yGHQRPH4XHPQmRFRQKHFH"
±(OHUHFHEHXXPHQYHORSHSDUGRJUDQGHKiDOJXQVGLDV1mRKDYLDFDULPERGHFRUUHLRGHPRGR
TXHWHPGHWHUVLGRPDQGDGRGRFDPSXV
±eHXOHPEUR2TXHpTXHWHP"
±9RFrYLXTXHPSRVWRX"
±1mR0DVIRUDPDV~QLFDVFRUUHVSRQGrQFLDVTXHUHFHELQDTXHOHGLDLQWHLUR
0\URQLQFOLQRXDFDEHoD
±)RUDP"
±2TXr"
±9RFrGLVVH³IRUDP´4XHIRUDPDV~QLFDVFRUUHVSRQGrQFLDV
±&HUWR'RLVHQYHORSHVJUDQGHV([DWDPHQWHLJXDLVDQmRVHUSHORHQGHUHoR
±9RFrVHOHPEUDGHTXHPUHFHEHXRRXWUR"
±&ODUR+DUULVRQ*RUGRQ2YLFHUHLWRUGHJUDGXDomR
 

1$1&<6(5$7/$5*2868$0$/$ QRFKmRHUHERELQRXDVHFUHWiULDHOHWU{QLFD$ILWDYROWRXFRUUHQGR
JXLQFKDQGRRWHPSRWRGR(ODKDYLDSDVVDGRRILPGHVHPDQDHP&DQF~QDV~OWLPDVIpULDVDQWHVGH
FRPHoDUDEROVDQD8QLYHUVLGDGH5HVWRQVXDDOPDPDWHU
2SULPHLURUHFDGRHUDGHVXDPmH
³1mR TXHUR DWUDSDOKDU VXDV IpULDV TXHULGD PDV DFKR TXH YRFr JRVWDULD GH VDEHU TXH R SDL GH
.DWK\ &XOYHU IDOHFHX RQWHP )RL HVIDTXHDGR SRU XP DVVDOWDQWH 8PD FRLVD KRUUtYHO 'H TXDOTXHU
PRGR DFKHL TXH YRFr JRVWDULD GH VDEHU /LJXH SDUD D JHQWH TXDQGR YROWDU 6HX SDL H HX TXHUHPRV
OHYiODSDUDMDQWDUQRVHXDQLYHUViULR´
$V SHUQDV GH 1DQF\ FDPEDOHDUDP (OD VH GHL[RX FDLU QD FDGHLUD PDO RXYLQGR RV RXWURV GRLV
UHFDGRV±XPGRFRQVXOWyULRGRGHQWLVWDOHPEUDQGRXPDOLPSH]DGHGHQWHVQDVH[WDIHLUDRRXWURGH
XPDDPLJDSODQHMDQGRXPDIHVWD
$GDP &XOYHU HVWDYD PRUWR 1mR GDYD SDUD DFUHGLWDU 6XD PmH WLQKD GLWR TXH IRUD QXP DVVDOWR
1DQF\ILFRXSHQVDQGR6HULDPHVPR"2XWHULDDOJRDYHUFRPDYLVLWDGHOHQD
1DQF\FDOFXORXRVGLDVGDVHPDQD
2SDLGH.DWK\KDYLDPRUULGRQRGLDHPTXHDYLVLWDUD
8PDYR]QDVHFUHWiULDDWURX[HGHYROWDGHVHXVSHQVDPHQWRV
³$O{1DQF\$TXLp-HVVLFD&XOYHULUPmGH.DWK\4XDQGRFKHJDUSRUIDYRUPHOLJXH3UHFLVR
IDODU FRP YRFr DVVLP TXH SRVVtYHO (VWRX QD FDVD GD PLQKD PmH 2 Q~PHUR DTXL p  e
LPSRUWDQWH2EULJDGD´
'H UHSHQWH 1DQF\ VHQWLX PXLWR IULR 2XYLX R UHVWDQWH GRV UHFDGRV 'HSRLV ILFRX VHQWDGD LPyYHO
GXUDQWH YiULRV PLQXWRV DYDOLDQGR DV RSo}HV .DWK\ HVWDYD PRUWD RX SHOR PHQRV HUD QR TXH WRGR
PXQGRDFUHGLWDYD(DJRUDRSDLKRUDVGHSRLVGHIDODUFRP1DQF\WDPEpPHVWDYDPRUWR
2TXHLVVRVLJQLILFDYD"
&RQWLQXRXLPyYHO2~QLFRVRPQDVDODHUDVXDUHVSLUDomRFXUWDRIHJDQWH(QWmRSHJRXRWHOHIRQH
HOLJRXSDUD-HVVLFD

ZZZ

$VDODGRYLFHUHLWRUGHJUDGXDomRHVWDYDIHFKDGDSRULVVR0\URQIRLGLUHWRjFDVDGHOH(UDXPD
YHOKD FRQVWUXomR YLWRULDQD FRP FREHUWXUD GH FHGUR TXH ILFDYD QD H[WUHPLGDGH RHVWH GR FDPSXV
7RFRXDFDPSDLQKD8PDPXOKHUPXLWRDWUDHQWHDEULXDSRUWD
±(PTXHSRVVRDMXGiOR"±SHUJXQWRXFRPXPVRUULVRVROtFLWR
8VDYD XP WHUQLQKR FUHPH 1mR HUD MRYHP PDV WLQKD XPD JUDoD XPD EHOH]D H XPD VHQVXDOLGDGH
TXHGHL[DUDPDERFDGH0\URQPHLRVHFD(OHWLUDULDRFKDSpXSDUDXPDPXOKHUGDTXHODVVHWLYHVVH
XP
±%RDWDUGH±GLVVH±(VWRXSURFXUDQGRRUHLWRU*RUGRQ0HXQRPHp0\URQ%ROLWDUH
±2MRJDGRUGHEDVTXHWH"±LQWHUURPSHXHOD±&ODUR(XGHYHULDWrORUHFRQKHFLGRLPHGLDWDPHQWH
4XHVHDFUHVFHQWHFRQKHFLPHQWRGHEDVTXHWHDJUDoDEHOH]DHVHQVXDOLGDGH
±9LVHXVMRJRVSHORFDPSHRQDWRQDFLRQDO7RUFLSRUYRFrRWHPSRWRGR
±2EULJDGR
 ±$tYRFrVHPDFKXFRX
(ODSDURXEDODQoDQGRDFDEHoDTXHFRURDYDVHXSHVFRoRGH$XGUH\+HSEXUQ
±(XFKRUHL3DUHFLDTXHXPDSDUWHGHPLPWLQKDVHPDFKXFDGRWDPEpP
*UDoD EHOH]D VHQVXDOLGDGH FRQKHFLPHQWR GH EDVTXHWH H DK VHQVLELOLGDGH $OpP GLVVR WLQKD
SHUQDVORQJDVHHUDFKHLDGHFXUYDV1RWRGRXPEHORFRQMXQWR
±ePXLWDJHQWLOH]DVXDREULJDGR
±eXPSUD]HUFRQKHFrOR0\URQ
$WpVHXQRPHVRDYDEHPQDTXHOHVOiELRV
±(DVHQKRUDGHYHVHUDHVSRVDGRUHLWRU*RUGRQ$DGRUiYHO³UHLWRUHVD´
(ODULXGDWLUDGDjOD:RRG\$OOHQ
±eVRX0DGHODLQH*RUGRQ(QmRPHXPDULGRQmRHVWiHPFDVD
±(HOHYDLGHPRUDU"
(OD VRUULX FRPR VH D SHUJXQWD WLYHVVH GXSOR VHQWLGR 'HSRLV OKH GHX XPD ROKDGD TXH IH] 0\URQ
FRUDU
±9DL±UHVSRQGHXOHQWDPHQWH±9DLGHPRUDUKRUDV
'HVWDTXHQDSURQ~QFLDGH³KRUDV´
±%RPHQWmRQmRYRXLQFRPRGiODPDLV
±1mRpLQF{PRGRDOJXP
±9ROWRHPRXWUDKRUD
0DGHODLQH HOHJRVWDYDGDTXHOHQRPH DVVHQWLXUHFDWDGD
±(VWDUHLHVSHUDQGR
±)RLXPSUD]HUFRQKHFrOD
&RP0\URQFDGDIUDVHHUDXPDDUPDGLOKDSDUDPXOKHUHV
±)RLXPSUD]HUFRQKHFrORWDPEpP±PXUPXURXHOD±7FKDX0\URQ
$SRUWDVHIHFKRXOHQWDHSURYRFDQWHPHQWH(OHILFRXDOLPDLVXPLQVWDQWHUHVSLURXIXQGRDOJXPDV
YH]HVHYROWRXTXDVHFRUUHQGRSDUDRFDUUR8ID
2OKRXRUHOyJLR+RUDGHHQFRQWUDUR[HULIH-DNH

ZZZ

-DNH&RXUWHUHVWDYDVR]LQKRQDGHOHJDFLDTXHSDUHFLDXPFHQiULRGHVHULDGRGRVDQRVGR
WLSR TXH PRVWUDYD D YLGD HP XPD FLGDGH]LQKD GR LQWHULRU 6y TXH QHVWH FDVR -DNH R [HULIH HUD
QHJUR1XQFDKDYLDQHJURVQHVVHVVHULDGRV1HPMXGHXVODWLQRVDVLiWLFRVQDGDGRWLSR7HULDVLGR
XPEHORWRTXH7DOYH]XPUHVWDXUDQWHJUHJRRXXPFDUDFKDPDGR$EGXOWUDEDOKDQGRQDPHUFHDULD
0\URQ DYDOLRX TXH -DNH WHULD  H WDQWRV DQRV 8VDYD URXSDV FLYLV VHP SDOHWy FRP D JUDYDWD
DIURX[DGD8PDSDQoDHQRUPHVHGHUUDPDYDGHOHFRPRVHSHUWHQFHVVHDRXWUDSHVVRD3DVWDVGHFRU
SDUGDVHHVSDOKDYDPQDPHVDGH-DNHMXQWRFRPXPPLRORGHPDomHRVUHVWRVGRTXHSRGHULDWHU
VLGRXPVDQGXtFKH-DNHGHXGHRPEURVFDQVDGRHOLPSRXRQDUL]FRPRTXHSDUHFLDXPSDQRGH
SUDWR
±5HFHELXPWHOHIRQHPD±GLVVHHOHQROXJDUGDDSUHVHQWDomR±'L]HQGRSDUDDMXGiOR
±(XDJUDGHFHULD±UHVSRQGHX0\URQ
-DNHVHUHFRVWRXHS{VRVSpVQDPHVD
±9RFrMRJRXFRQWUDRWLPHGRPHXILOKR*HUDUG'D0LFKLJDQ
 ±&ODUR/HPEUR*DURWRGXUmR2PRQVWURGDVWDEHODV0XLWRERPQDGHIHVD
-DNHDVVHQWLXRUJXOKRVR
±2SUySULR2VDUUHPHVVRVQmRYDOLDPQDGDPDVDJHQWHVHPSUHVDELDTXHHOHHVWDYDDOL
±8PFDUDTXHS}HRUGHPQDFDVD
±e$JRUDWUDEDOKDSDUDDSROtFLDHP1RYD<RUN-ipGHWHWLYH8PSROLFLDOGRVERQV
±&RPRRSDL
-DNHVRUULX
±e
±0DQGHOHPEUDQoDV0HOKRUDLQGDOKHGrXPDFRWRYHODGDQDVFRVWHODV$LQGDGHYRXPDVDHOH
-DNHMRJRXDFDEHoDSDUDWUiVHJDUJDOKRX
±(VVHpR*HUDUG'HOLFDGH]DQXQFDIRLRIRUWHGHOH±FRPSOHWRXR[HULIHDVVRDQGRRQDUL]QR
SDQRGHSUDWR±0DVWHQKRFHUWH]DGHTXHYRFrQmRYHLRDTXLSDUDIDODUGHEDVTXHWH
±eDFKRTXHQmR
±(QWmRSRUTXHQmRPHGL]GRTXHVHWUDWD0\URQ"
±eRFDVR.DWK\&XOYHU(VWRXGDQGRXPDROKDGDQHOH0XLWRVXEUHSWLFLDPHQWH
±6XEUHSWLFLDPHQWH±UHSHWLX-DNHOHYDQWDQGRXPDVREUDQFHOKD±3DODYUDHQRUPH0\URQ
±(VWRXLQYHVWLQGRQRPHXYRFDEXOiULR&RPSUHLXPDVILWDVGHDXWRDSHUIHLoRDPHQWRSDUDRXYLUQR
FDUUR
±ePHVPR"
-DNHDVVRRXRQDUL]GHQRYR3DUHFLDRJULWRGHDFDVDODPHQWRGHXPFDUQHLUR
±(TXDOpRVHXLQWHUHVVHQLVVRDOpPGRIDWRGHUHSUHVHQWDU&KULVWLDQ6WHHOHHWHUWLGRXPDTXHGD
SHODLUPmGH.DWK\"
±9RFrpPHWLFXORVR
2[HULIHGHXXPDPRUGLGDQRSHGDoRGHVDQGXtFKHTXHHVWDYDQDPHVD6RUULX
±$JHQWHDGRUDXPHORJLR
±eFRPRYRFrGLVVH&KULVWLDQ6WHHOH(OHpPHXFOLHQWH(VWRXWHQWDQGRDMXGiOR
-DNHRREVHUYRXQRYDPHQWHHVSHUDQGR(UDXPWUXTXHDQWLJR)LTXHTXLHWRSRUWHPSRVXILFLHQWHH
DWHVWHPXQKDFRPHoDDIDODUGHQRYRH[SOLFDQGRPHOKRURDVVXQWR0\URQQmRPRUGHXDLVFD
'HSRLVTXHXPPLQXWRLQWHLURVHSDVVRX-DNHGLVVH
± (QWmR GHL[HPH HQWHQGHU GLUHLWR &KULVWLDQ 6WHHOH DVVLQD FRP YRFr 8P GLD YRFrV FRPHoDP D
EDWHUSDSR(OHGL]³6DEH0\URQMiTXHYRFrYLYHEDEDQGRPHXRYLQKREUDQFRHFRLVDHWDOTXHUR
TXHEDQTXHDSRUUDGR'LFN7UDF\HHQFRQWUHDPXOKHUTXHHXHVWDYDSHJDQGRHTXHVXPLXKiXPDQR
HPHLRHRVFDQDVHRVIHGHUDLVQmRFRQVHJXHPDFKDU´)RLDVVLP0\URQ"
±&KULVWLDQQmRIDODSDODYUmR±UHVSRQGHX0\URQ
±&HUWRyWLPRTXHUGHL[DUDOHQJDOHQJDGHODGR"9DPRVGHL[DU0DVVHTXHUDOJXPDFRLVDGH
PLPSUHFLVDFRODERUDUWDPEpP
±eMXVWR0DVQmRSRVVR3HORPHQRVSRUHQTXDQWR
±3RUTXr"
±3RGHULDIHULUXPERFDGRGHJHQWH(SURYDYHOPHQWHQmRpQDGD
(OHIH]XPDFDUHWD
±&RPRDVVLPIHULU"
±1mRSRVVRVHUPDLVFODUR
±1mRSRGHpRFDUDOKR
 ±(VWRXGL]HQGR-DNH1mRSRVVRGL]HUQDGD
-DNHRREVHUYRXGHQRYR
±'HL[HPHGL]HUXPDFRLVD%ROLWDU(XQmRILFRFRUUHQGRDWUiVGHIDPDHJOyULD6RXFRPRPHX
ILOKRHUDHPTXDGUD1mRFKDPRDWHQomRPDVWUDEDOKRIHLWRXPFRQGHQDGR1mRTXHURVDLUQRMRUQDO
SDUDWHQWDUVXELUQDFDUUHLUD7HQKRDQRV0LQKDFDUUHLUDQmRLUiPDLVWmRORQJH%RPLVVRSRGH
SDUHFHUPHLRDQWLTXDGRSDUDYRFrPDVDFUHGLWRQDMXVWLoD*RVWRGHYHUDYHUGDGHSUHYDOHFHU9LYL
FRPRGHVDSDUHFLPHQWRGH.DWK\&XOYHUGXUDQWHPHVHV&RQKHoRDDWpSHORODGRDYHVVR(QmR
GHVFREULQDGDVREUHRTXHDFRQWHFHXQDTXHODQRLWH
±2TXHYRFrDFKDTXHDFRQWHFHX"
-DNHSHJRXXPOiSLVHEDWXFRXQDPHVD
±$PHOKRUKLSyWHVHEDVHDGDQDVHYLGrQFLDV"
0\URQDVVHQWLX
±(ODIXJLX
±2TXHRID]SHQVDULVVR"
8PVRUULVROHQWRDSDUHFHXQRURVWRGH-DNH
±,VVRHXVHLHYRFrSUHFLVDGHVFREULU
±37GLVVHTXHYRFrDMXGDULD
-DNHGHXGHRPEURVHPRUGHXQRYDPHQWHRVDQGXtFKH
±(DLUPmGH.DWK\"3HORTXHVRXEHYRFrVGRLVHUDPPXLWRFKHJDGRV
±$JRUDVRPRVDPLJRV
-DNHDVVRELRXEDL[LQKR
±(XDYLQD79eGLItFLOVHUDPLJRGHXPDPXOKHUGDTXHODV
±9RFrpXPYHUGDGHLURKRPHPGRVDQRV-DNH
±eTXHHXHVTXHFLGHUHQRYDUPLQKDDVVLQDWXUDGD&RVPRSROLWDQ
2VGRLVVHHQFDUDUDPGXUDQWHXPWHPSR-DNHVHDFRPRGRXQDFDGHLUDHH[DPLQRXDVXQKDV
±2TXHYRFrTXHUVDEHU"
±7XGR'HVGHRLQtFLR
-DNHFUX]RXRVEUDoRVGLDQWHGRSHLWR5HVSLURXIXQGRHVROWRXRDUOHQWDPHQWH
±$ VHJXUDQoD GR FDPSXV UHFHEHX XP WHOHIRQHPD GD FROHJD GH TXDUWR GH .DWK\ &XOYHU 1DQF\
6HUDW.DWK\H1DQF\PRUDYDPQDLUPDQGDGH3VLÐPHJD%HODFDVD6yJDURWDVEUDQFDVERQLWDVGH
FDEHORVORXURVHGHQWHVEUDQFRV7RGDVSDUHFLGDVHIDODQGRGDPHVPDIRUPD9RFrHQWHQGHX
0\URQDVVHQWLX1RWRXTXH-DNHQmRHVWDYDOHQGRQHPFRQVXOWDQGRXPGRVVLr6DELDWXGRLVVRGH
FDEHoD
± 1DQF\ 6HUDW GLVVH DR VROGDGLQKR GH FKXPER GD VHJXUDQoD GR FDPSXV TXH ID]LD WUrV GLDV TXH
.DWK\&XOYHUQmRYROWDYDDRTXDUWR
±3RUTXH1DQF\HVSHURXWDQWRWHPSRSDUDOLJDU"
± 3DUHFH TXH .DWK\ QmR SDVVDYD PDLV PXLWDV QRLWHV QD FDVD GD LUPDQGDGH 1D PDLRU SDUWH GR
WHPSRGRUPLDQRTXDUWRGRVHXFOLHQWH6DEHDTXHOHTXHQmRJRVWDGHIDODUSDODYUmR
/HYHVRUULVR
±'HTXDOTXHUPRGRRVHXJDURWRH1DQF\VHHQFRQWUDUDPXPGLDHFRPHoDUDPDFRQYHUVDUFDGD
XPDFKDQGRTXH.DWK\WLQKDSDVVDGRDTXHOHVWUrVGLDVFRPRRXWUR)RLHQWmRTXHSHUFHEHUDPTXHHOD
KDYLDVXPLGRHFKDPDUDPDVHJXUDQoDGRFDPSXV
±(HQWmR"
 ±$VHJXUDQoDGRFDPSXVIDORXFRPDJHQWH±SURVVHJXLXR[HULIH±PDVDSULQFtSLRQLQJXpPGHX
PXLWDEROD8PDHVWXGDQWHGHVDSDUHFHUSRUDOJXQVGLDVQmRpH[DWDPHQWHXPDFRQWHFLPHQWRGHDEDODU
D7HUUD0DVHQWmRXPGRVVHJXUDQoDVHQFRQWURXDFDOFLQKDHPFLPDGHXPDOL[HLUDHEHPYRFrVDEH
RTXHDFRQWHFHX$KLVWyULDVHHVSDOKRXFRPRXPDPDQFKDGHEULOKDQWLQDQRWUDYHVVHLURGR(OYLV
±(XOLTXHKDYLDVDQJXHQDFDOFLQKD±GLVVH0\URQ
± ([DJHUR GD PtGLD +DYLD XPD PDQFKD GH VDQJXH VHFD SURYDYHOPHQWH GH PHQVWUXDomR 1yV D
H[DPLQDPRV%QHJDWLYR2PHVPRGH.DWK\&XOYHU0DVWDPEpPKDYLDVrPHQ0DWHULDOVXILFLHQWH
SDUDID]HUWHVWHVGH'1$HGHVDQJXH
±9RFrVWLQKDPDOJXPVXVSHLWR"
±6yXP2VHXJDURWR&KULVWLDQ6WHHOH
±3RUTXHHOH"
± 2V PRWLYRV GH VHPSUH 1DGD PXLWR HVSHFtILFR (UD R QDPRUDGR (OD LD VH HQFRQWUDU FRP HOH
TXDQGRVXPLX0DVRWHVWHGH'1$GRVrPHQROLEHURX
(OHDEULXXPSHTXHQRUHIULJHUDGRUDWUiVGDFDGHLUD
±4XHUXPD&RFD"
±1mRREULJDGR
-DNHSHJRXXPDODWDHDDEULX
±9RFrSURYDYHOPHQWHOHXRVHJXLQWHQRVMRUQDLV.DWK\YDLDXPDIHVWDGDLUPDQGDGH7RPDXPD
RX GXDV EHELGDV QDGD VpULR VDL jV  GD QRLWH SDUD VH HQFRQWUDU FRP &KULVWLDQ H VRPH )LP GD
KLVWyULD0DVDJRUDGHL[HPHSUHHQFKHUDOJXPDVODFXQDV
0\URQVHLQFOLQRXSDUDDIUHQWH-DNHWRPRXXPJROHGH&RFDHOLPSRXDERFDQDPDQJDGDFDPLVD
6HXDQWHEUDoRHUDGRWDPDQKRGHXPWURQFRGHFDUYDOKR
± 6HJXQGR YiULDV FROHJDV GD LUPDQGDGH .DWK\ DQGDYD PHLR GLVWUDtGD 1mR SDUHFLD HOD PHVPD
7DPEpPVDEHPRVTXHHODUHFHEHXXPWHOHIRQHPDDOJXQVPLQXWRVDQWHVGHVDLUGDFDVD'LVVHD1DQF\
6HUDW TXH R WHOHIRQHPD HUD GH &KULVWLDQ H TXH LULD HQFRQWUiOR &KULVWLDQ QHJD TXH WHQKD OLJDGR$
FKDPDGD IRL IHLWD SHORV UDPDLV GR FDPSXV GH PRGR TXH QmR SXGHPRV UDVWUHiOD 0DV D FROHJD GH
TXDUWR GLVVH TXH .DWK\ SDUHFLD WHQVD DR WHOHIRQH QmR FRPR VH HVWLYHVVH IDODQGR FRP VHX SUtQFLSH
HQFDQWDGR R 6U %RFD/LPSD .DWK\ GHVOLJRX R WHOHIRQH H YROWRX SDUD EDL[R FRP 1DQF\ 'HSRLV
SRVRXSDUDDDJRUDIDPRVD~OWLPDIRWRDQWHVGHSDUWLUGHYH]
(OHDEULXDJDYHWDGDPHVDHHQWUHJRXDIRWRD0\URQ&ODUR0\URQDYLUDLQ~PHUDVYH]HV&DGD
MRUQDO GR SDtV D KDYLD SXEOLFDGR FRP IDVFtQLR PyUELGR  FROHJDV GH LUPDQGDGH .DWK\ HUD D
VHJXQGD GD HVTXHUGD 8VDYD VXpWHU D]XO H VDLD 3pURODV DGRUQDYDP R SHVFRoR 0XLWR HOHJDQWH
6HJXQGR DV FROHJDV GH .DWK\ HOD VDLX GD FDVD VR]LQKD LPHGLDWDPHQWH GHSRLV GH WLUDUHP D IRWR
1XQFDPDLVYROWRX
±%HP±GLVVH-DNH±(QWmRHODVDLGDIHVWD0DVGHSRLVGLVVRXPDSHVVRDDYLXFRPFHUWH]D
±4XHP"
± 2 WUHLQDGRU GR WLPH 8P FDUD FKDPDGR 7RQ\ *DUGROD $FKRX HVWUDQKR TXH HOD HQWUDVVH QR
YHVWLiULRGRWLPHSRUYROWDGDVKGDQRLWH¬TXHODKRUDMiQmRGHYLDKDYHUQLQJXpPQRYHVWLiULR
7RQ\VyHVWDYDDOLSRUTXHWLQKDHVTXHFLGRXPDFRLVD3HUJXQWRXRTXHHODID]LDOiHHODGLVVHTXHLD
VHHQFRQWUDUFRP&KULVWLDQ7RQ\SHQVRXTXHGLDERHVVHVMRYHQVGHKRMH'HYLDPWHUPDUFDGRDOL
SDUDGDUHPXQVDPDVVRV7RQ\GHFLGLXTXHRPHOKRUVHULDQmRID]HUPXLWDVSHUJXQWDV
-DNHUHVSLURXIXQGRDQWHVGHFRQWLQXDU
± (VVH p R QRVVR ~OWLPR UHODWRVHJXUR D UHVSHLWR GR SDUDGHLUR GHOD 7LYHPRV XP SRVVtYHO
DYLVWDPHQWRQRODGRRHVWHGRFDPSXVSRUYROWDGDVGDQRLWH$OJXpPYLXXPDPXOKHUORXUDXVDQGR
VXpWHUD]XOHVDLD(VWDYDHVFXURGHPDLVSDUDTXHFRQVHJXLVVHLGHQWLILFiOD$WHVWHPXQKDGLVVHTXH
QHPDWHULDQRWDGRVyTXHHODSDUHFLDDSUHVVDGD1mRFRUUHQGRPDVVHJXLQGRHPSDVVRVUiSLGRV
±2QGHQRODGRRHVWHGRFDPSXV"±SHUJXQWRX0\URQ
-DNHWLURXXPPDSDGDSDVWDDLQGDH[DPLQDQGRRURVWRGH0\URQFRPRVHHOHWLYHVVHDOJXPDSLVWD
$EULXRPDSDHDSRQWRX
±$TXL1DIUHQWHGR0LOLNHQ+DOO
±2TXHpR0LOLNHQ+DOO"±SHUJXQWRX0\URQ
±2SUpGLRGD0DWHPiWLFD(VWDYDWUDQFDGRGHVGHDVQRYHGDQRLWH0DVDWHVWHPXQKDGLVVHTXH
HODHVWDYDLQGRSDUDRHVWH
2V ROKRV GH 0\URQ VHJXLUDP R FDPLQKR SDUD RHVWH +DYLD TXDWUR SUpGLRV FRP D OHJHQGD GH
UHVLGrQFLDVGRVGRFHQWHV0\URQVHOHPEUDYDGROXJDU
(UDRQGHRYLFHUHLWRU*RUGRQPRUDYD
±2TXHIRL"±SHUJXQWRX-DNH
±1DGD
±&RQWDRXWUD%ROLWDU9RFrGHVFREULXDOJXPDFRLVD
±1mRpQDGD
$VVREUDQFHOKDVGH-DNHIUDQ]LUDP
±ÏWLPReDVVLPTXHYRFrTXHU"(QWmRIRGDVH$LQGDWHQKRPHXiVQDPDQJDHQmRYRXPRVWUDU
0\URQKDYLDVHSUHSDUDGRSDUDLVVR-DNH&RXUWHUSUHFLVDULDUHFHEHUDOJXPDFRLVDHPWURFDGDV
LQIRUPDo}HV TXH HVWDYD UHSDVVDQGR 7XGR EHP GHVGH TXH 0\URQ SXGHVVH YLUDU D VLWXDomR D VHX
IDYRU
±3DUHFH±GLVVH0\URQOHQWDPHQWH±TXH.DWK\HVWDYDDQGDQGRQDGLUHomRGDFDVDGRYLFHUHLWRU
±(GDt"
0\URQQmRGLVVHQDGD
±(ODWUDEDOKDYDSDUDHOH±GLVVH-DNH
0\URQDVVHQWLX
±4XDOpDOLJDomR"
±%HPWHQKRFHUWH]DGHTXHHOHQmRWHPQDGDDYHUFRPLVVR0DVWDOYH]YRFrTXHLUDSHUJXQWDUD
HOHMiTXHpWmRPHWLFXORVRHFRLVDHWDO
±9RFrHVWiGL]HQGR
±1mRHVWRXGL]HQGRQDGD6yHVWRXID]HQGRXPDREVHUYDomR
0DLV XPD YH] -DNH R REVHUYRX 0\URQ ROKRX GH YROWD FRP WUDQTXLOLGDGH 8PD YLVLWD GH -DNH
&RXUWHUSURYDYHOPHQWHQmRGREUDULDRYLFHUHLWRU*RUGRQPDVWDOYH]RDPDFLDVVHXPSRXFR
±$JRUDTXDQWRjTXHOHiVQDPDQJD
-DNHKHVLWRX
±.DWK\&XOYHUKHUGRXGLQKHLURGDDYy±GLVVH
±9LQWHHFLQFRPLO±DFUHVFHQWRX0\URQ±2VWUrVQHWRVUHFHEHUDPDPHVPDTXDQWLD2GLQKHLUR
HVWiQREDQFR
±1mRH[DWDPHQWH±GLVVH-DNH
(OHVHOHYDQWRXHSX[RXDVFDOoDVSDUDFLPD
±4XHUVDEHUSRUTXHIDOHLTXHDVHYLGrQFLDVDSRQWDYDPSDUD.DWK\WHUIXJLGR"
0\URQDVVHQWLX
 ± 1R GLD HP TXH GHVDSDUHFHX .DWK\ &XOYHU IRL DR EDQFR (OD UHWLURX WRGD D KHUDQoD &DGD
FHQWDYR
 

0<521(67$9$92/7$1'23$5$129$<25./LJRXRUiGLR(VWDYDWRFDQGR³&DUHOHVV:KLVSHU´XP
FOiVVLFRGR:KDP*HRUJH0LFKDHOODPHQWDYDRIDWRGHTXHQXQFDPDLVGDQoDULDSRUTXH³SpVTXH
FDUUHJDPFXOSDQmRWrPULWPR´3URIXQGRSHQVRX0\URQ0XLWRSURIXQGR
3HJRXRWHOHIRQHGRFDUURHOLJRXSDUD(VSHUDQ]D
±&RPRYmRDVFRLVDV"±SHUJXQWRX
±9RFrHVWiYROWDQGRSDUDRHVFULWyULR"
±(VWRXLQGR
±(XQmRSDUDULDQRFDPLQKR±GLVVHHOD
±3RUTXr"
±9RFrWHPXPDUHXQLmRQmRDJHQGDGDFRPXPFOLHQWH
±4XHP"
±&KD]/DQGUHDX[
±(OHGHYHULDHVWDUHVFRQGLGRHP:DVKLQJWRQ
±%RPHVWiDTXL(QmRSDUHFHQDGDEHP
±'LJDSDUDHVSHUDU(VWRXLQGR

ZZZ

±eRVHJXLQWH±FRPHoRX&KD]±4XHURFDQFHODUQRVVRFRQWUDWR
(OH FRPHoRX D DQGDU GH XP ODGR SDUD RXWUR QR HVFULWyULR FRPR XP SDL QD VDOD GH HVSHUD GD
PDWHUQLGDGH'HIDWRQmRSDUHFLDQDGDEHP2VRUULVRGHYDLGDGHQmRH[LVWLDPDLV(PYH]GHDQGDU
HUHWRHRUJXOKRVRSDUHFLDVHHQFROKHUFRPRVHWLYHVVHXPDFRUFXQGD)LFDYDSDVVDQGRDOtQJXDQRV
OiELRVROKDQGRDRUHGRUDEULQGRHIHFKDQGRDVPmRV
±3RUTXHQmRFRPHoDGRFRPHoR"±WHQWRX0\URQ
±1mRWHPFRPHoR±GLVVH&KD]ULVSLGDPHQWH±4XHURVDLU9RFrYDLEULJDU"
±2TXHDFRQWHFHX"
±1mRDFRQWHFHXQDGD0XGHLGHLGHLDVyLVVR4XHURILFDUFRPR5R\2¶&RQQRUQD7UX3UR(OHV
VmRLPSRUWDQWHV9RFrpXPFDUDOHJDO0\URQPDVQmRWHPRVFRQWDWRVGHOHV
±$Km
6LOrQFLR0DLVSDVVRVGHXPODGRSDUDRXWUR
±3RGHPHGDURFRQWUDWRRXQmR"
±&RPRIRLTXHHOHVFRQYHQFHUDPYRFr&KD]"
±1mRVHLGHTXHSRUUDYRFrHVWiIDODQGR4XDQWDVYH]HVSUHFLVRUHSHWLU"1mRTXHURYRFrFRPR
HPSUHViULRIDORX"
&KD]HVWDYDjEHLUDGRSUHFLStFLRHRVFLODQGR
±4XHURD7UX3UR
±1mRpWmRVLPSOHVDVVLP
±9RFrYDLEULJDUFRPLJRSRUFDXVDGLVVR"±SHUJXQWRXHOHGHQRYR
±(OHVQmRYmRSDUDUSRUDt&KD]9RFrHVWiGHVFRQWURODGR3UHFLVDGHL[DUTXHHXRDMXGH
(OHSDURX
 ±0HDMXGDU"9RFrTXHUPHDMXGDU"(QWmRGHYROYDPHXFRQWUDWR(QmRILQMDTXHOLJDDPtQLPD
SDUDPLP9RFrVyTXHUDVXDSDUWH
±9RFrDFUHGLWDPHVPRQLVVR"
&KD]EDODQoRXDFDEHoD
±9RFrQmRHQWHQGHXFDUD1mRTXHURYRFr4XHURD7UX3UR
±(QWHQGL(FRPRGLVVHDQWHVQmRpWmRVLPSOHVDVVLP$TXHOHVFDUDVDJDUUDUDPYRFrSHORVDFR
9RFrDFKDTXHHOHVYmRVROWDUVHIL]HURTXHHOHVTXHUHP0DVQmRYmR3HORPHQRVQmRSDUDVHPSUH
4XDQGRTXLVHUHPDOJXPDRXWUDFRLVDYmRHQILDUDPmRQDVXDFDOoDHDSHUWDURXWUDYH](OHVQmRYmR
SDUDU&KD]$WpHVSUHPHUWXGRRTXHSXGHUHP
±&DUDYRFrQmRVDEHGHPHUGDQHQKXPD1mRSUHFLVRILFDUPHH[SOLFDQGR
(OHVHDSUR[LPRXGDPHVDPDVVHXVROKRVHVWDYDPYLUDGRVHPRXWUDGLUHomR
±4XHURDSRUFDULDGDTXHOHFRQWUDWR(DJRUD
0\URQSHJRXRWHOHIRQH
±(VSHUDQ]DWUDJDRFRQWUDWRGR&KD]2RULJLQDO
(GHVOLJRX
±6yYDLOHYDUXPLQVWDQWH
&KD]QmRGLVVHQDGD
±9RFrQmRVDEHQRTXHHVWiVHPHWHQGR±FRQWLQXRX0\URQ
±9DLVHIRGHUFDUD(XVHLPXLWREHPQRTXHHVWRXPHPHWHQGR
±'HL[HHXDMXGDU&KD]
(OHIXQJRX
±2TXHYRFrSRGHID]HU"
±3RVVRID]HUFRPTXHHOHVSDUHP
±$KpGiSDUDYHU$WpDJRUDYRFrIH]XPVHUYLoRIDQWiVWLFR
±2TXHIRLTXHDFRQWHFHX"
0DVHOHDSHQDVEDODQoRXDFDEHoD
(VSHUDQ]DHQWURXHHQWUHJRXRFRQWUDWRD0\URQTXHRUHSDVVRXD&KD]2UDSD]RDJDUURXHIRL
DQGDQGRUDSLGDPHQWHSDUDDSRUWD
±'HVFXOSH0\URQ0DVLVVRpXPQHJyFLR
±9RFrQmRSRGHYHQFrORV&KD]3HORPHQRVQmRVR]LQKR(OHVYmRVXJiORDWpYRFrILFDUVHFR
±1mRVHSUHRFXSHFRPLJR3RVVRFXLGDUGHPLPPHVPR
±$FKRTXHQmR
±6yILTXHGHIRUDSRUUD,VVRQmRpPDLVGDVXDFRQWD
(OH IRL HPERUD VHP ROKDU SDUD WUiV 4XDQGR VDLX :LQ DEULX D SRUWD TXH VHSDUDYD D VDOD GH
UHXQL}HVGDGH0\URQ
±&RQYHUVDLQWHUHVVDQWH±GLVVH:LQ
0\URQDVVHQWLXSHQVDWLYR
±3HUGHPRVXPFOLHQWH±FRQWLQXRX:LQ±4XHSHQD
±1mRpVyLVVR
±$tpTXHYRFrVHHQJDQD±UHVSRQGHX:LQFRPILUPH]D±eVyLVVR(OHWURFRXYRFrSRURXWUR
HPSUHViULR(FRPRGLVVHFRPWDQWDHORTXrQFLD³LVVRQmRpPDLVGDVXDFRQWD´
±&KD]HVWiVHQGRSUHVVLRQDGR
±(YRFrVHRIHUHFHXSDUDDMXGiOR(OHUHFXVRX
 ±(OHpVyXPJDURWRFRPPHGR
±(OHpXPDGXOWRTXHWRPDVXDVSUySULDVGHFLV}HV8PDGHODVIRLPDQGDUYRFrVHIRGHU
0\URQHUJXHXRVROKRV
±9RFrVDEHRTXHYmRID]HUFRPHOH
±/LYUHDUEtWULR0\URQ/DQGUHDX[HVFROKHXSHJDURGLQKHLURQDpSRFDGDIDFXOGDGH(HVFROKHX
YROWDUSDUDHOHVDJRUD
±9RFrSRGHVHJXLOR"
±2TXr"
±6HJXLUR&KD]9HUSDUDRQGHHOHYDLOHYDURFRQWUDWR
±9RFrHVWiFRPSOLFDQGRRTXHpVLPSOHV0\URQ'HL[HSUDOi
±1mRSRVVR9RFrVDEHTXHQmRSRVVR
:LQDVVHQWLX
±$FKRTXHVHL±FRQILUPRX(OHSHQVRXXPPRPHQWR±9RXID]HULVVRSHODQRVVDHPSUHVD3HORV
OXFURV 6H FRQVHJXLUPRV SHJDU R /DQGUHDX[ GH YROWD VHUi PXLWR OXFUDWLYR 9RFr SRGH JRVWDU GH
EULQFDUGHVXSHUKHUyLPDVSDUDPLPLVVRQmRpXPDFUX]DGDPRUDO9RXID]HUSHORGLQKHLUReR
~QLFRPRWLYR2GLQKHLUR
0\URQDVVHQWLX
±(XQmRLDTXHUHUTXHIRVVHGHRXWURMHLWR
±ÏWLPR'HVGHTXHHVWHSRQWRHVWHMDFODUR(TXHURTXHYRFrILTXHFRPLVVR
:LQ OKH HQWUHJRX XP 6PLWK  :HVVRQ FDOLEUH  H XP FROGUH GH RPEUR 0\URQ R FRORFRX
&DUUHJDU XPD DUPD HUD LQFULYHOPHQWH GHVFRQIRUWiYHO QR HQWDQWR D VHQVDomR TXH FDXVDYD HUD ERD
FRPRDOHPEUDQoDGHXPDHVSpFLHGHEROKDSURWHWRUD¬VYH]HVDTXHODVHQVDomRGHL[DYDDSHVVRD
LQHEULDGDID]LDDWpPHVPRFRPTXHVHVHQWLVVHLQYHQFtYHO
1DPDLRULDGDVYH]HVHUDDtTXHHODVHGDYDPDO
±7HQKDFXLGDGRUHGREUDGR±GLVVH:LQ±$QRWtFLDHVWiQDERFDGRSRYR
±4XHQRWtFLD"
±6XDFDEHoDIRLRILFLDOPHQWHSRVWDDSUrPLR±GLVVH:LQFRPRVHIRVVHXPDGLYHUWLGDFRQYHUVD
GHFRTXHWHO±4XHPDSDJDUYRFrOHYDPLOGyODUHV
0\URQIH]XPDFDUHWD
±7ULQWDPLO"4XHpLVVRHXMiIXLIHGHUDO'HYHULDYDOHUPLOPLOQRPtQLPR
±$HFRQRPLDDQGDUXLP$VFRLVDVHVWmRGLItFHLV
±)XLSRVWRHPOLTXLGDomR"
±3DUHFHTXHVLP
0\URQDEULXRUHYyOYHUHYHULILFRX&RPRVXVSHLWDYD:LQKDYLDFDUUHJDGRDDUPDFRPGXQGXQV
EDODVFRPXPFRUWHQDSDUWHIURQWDOTXHVHDEULDPDRLPSDFWRHFDXVDYDPXPHVWUDJRPXLWRPDLRU
3DUD:LQQmREDVWDYDXVDUSURMpWHLVGHSRQWDRFD7LQKDGHSUHSDUiORVSDUDDTXHOHHIHLWRH[WUD
±,VVRpLOHJDO
:LQS{VDPmRQRSHLWR
±1RVVD2K'HXV4XH+RUURU
±(GHVQHFHVViULR
±6HYRFrGL]
±(XGLJR
±(ODVVmRHILFD]HV
±1mRTXHUR±GLVVH0\URQ
±7XGREHP±GLVVHHQWUHJDQGROKHEDODVVHPFRUWH±6HXIURX[R
 

-(66,&$289,825(&$'2QDVHFUHWiULDHOHWU{QLFD
³2L-HVVLFDe1DQF\6HUDW6LQWRPXLWRHPVDEHUVREUHRVHXSDL(OHHUDXPKRPHPPXLWRERP
1HPDFUHGLWR(OHHVWHYHDTXLQDPDQKmHPTXHPRUUHXeWmRHVWUDQKR(OHHVWDYDPXLWRQRVWiOJLFR
QDTXHOHGLD)LFRXIDODQGRGRVXpWHUDPDUHORRSUHGLOHWRGHOHTXHGHXD.DWK\8PDKLVWyULDOLQGD
(XTXHULDWHUSRGLGRDMXGDUPDLV6LPSOHVPHQWHQmRDFUHGLWR%RPHVWRXIDODQGRGHPDLVGHVFXOSH
)DoRLVVRTXDQGRILFRQHUYRVD'HTXDOTXHUPRGRYRXFKHJDUHPFDVDjVGH]GDQRLWHKRMH9RFr
SRGHPHOLJDURXSDVVDUDTXL7FKDX´
-HVVLFDUHERELQRXDPHQVDJHPHRXYLXGHQRYR'HSRLVSHODWHUFHLUDYH]1DQF\6HUDWWLQKDYLVWR
VHXSDLQDPDQKmHPTXHHOHIRLDVVDVVLQDGR
2XWUDFRLQFLGrQFLD"
(ODDFKDYDTXHQmR

ZZZ

0\URQOLJRXSDUDDPmH
±9RXSDVVDUXQVGLDVIRUDGHFDVD
±2TXr"
±9RXILFDUFRPR:LQ
±1DFLGDGH"
±e
±1DFLGDGHGH1RYD<RUN"
±1mRPmHQD&LGDGHGR.XZDLW
±1mRVHMDWmRPHWLGRDHVSHUWLQKRFRPVXDPmHJXDUGHLVVRSDUDRVVHXVDPLJRV(SRUTXr"
+XP6HUiTXHGHYHULDFRQWDU"3RUTXHXPFULPLQRVRS{VPLQKDFDEHoDDSUrPLRPmHHQmR
TXHURFRORFDUYRFrHSDSDLHPSHULJR0HOKRUQmR3RGHULDGHL[iODSUHRFXSDGD
±9RXWHUGHWUDEDOKDUDWpWDUGHQRVSUy[LPRVGLDV
±7HPFHUWH]D"
±7HQKR
±7HQKDFXLGDGR0\URQ1mRDQGHSRUDtVR]LQKRjQRLWH
(VSHUDQ]DDEULXDSRUWD
±7HOHIRQHPDXUJHQWHQDOLQKDWUrV±GLVVHHODVXILFLHQWHPHQWHDOWRSDUDDPmHGH0\URQRXYLU
±0mHSUHFLVRGHVOLJDU7HOHIRQHPDXUJHQWH
±/LJXHSDUDQyV
±9RXOLJDU±SURPHWHX(OHGHVOLJRXHROKRXSDUD(VSHUDQ]D±2EULJDGR
±'HQDGD
±7HPDOJXpPQDOLQKDPHVPR"
(ODFRQILUPRXFRPDFDEHoD
±7LPP\6LPSVRQGHQRYR7HQWHLUHVROYHUPDVHOHGLVVHTXHRSUREOHPDUHTXHUDVXDH[SHUWLVH
7LPP\6LPSVRQMRJDYDFRPRLQWHUEDVHQR5HG6R[(UDXPSpQRVDFRSURILVVLRQDO
±2L7LPP\
 ±3{0\URQID]GXDVKRUDVTXHHVWRXHVSHUDQGRDSRUFDULDGRVHXWHOHIRQHPD
±(XHVWDYDIRUD4XDOpRSUREOHPD"
±(VWRXDTXLHP7RURQWRFHUWR"QR+LOWRQ(RKRWHOQmRWHPiJXDTXHQWH
0\URQHVSHURX'HSRLVGLVVH
±(XHVFXWHLGLUHLWR7LPP\"9RFrGLVVH
±,QDFUHGLWiYHOQmRp"±JULWRX7LPP\±(XHQWUHLQRFKXYHLURVDFRX"HILTXHLHVSHUDQGR&LQFR
PLQXWRV  PLQXWRV $ iJXD HVWDYD FRQJHODQGR 0\URQ *HODGD SUD FDUDOKR $t HX OLJXHL SDUD D
UHFHSomR H XP JHUHQWH EDEDFD PH GLVVH TXH HOHV HVWmR FRP XP SUREOHPD QR HQFDQDPHQWR 3RUUD
HQFDQDPHQWR" ,VWR p XP KRWHO RX XP HVWDFLRQDPHQWR GH WUDLOHUV"$t HX SHUJXQWHL H YmR FRQVHUWDU
TXDQGR"(HOHYHLRFRPXPSDSRIXUDGRSUDGL]HUTXHQmRVDEH'iSDUDDFUHGLWDUQHVVDPHUGD"
1mRSHQVRX0\URQ
±7LPP\SRUTXHH[DWDPHQWHYRFrHVWiOLJDQGRSDUDPLP"
± -HVXV &ULVWR 0\URQ HX VRX SURILVVLRQDO FHUWR" ( HVWRX QHVWH ILP GH PXQGR VHP iJXD TXHQWH
4XHURGL]HUQmRWHPQDGDQRPHXFRQWUDWRTXHIDOHGLVVR"
±8PDFOiXVXODGHiJXDTXHQWHWDOYH]"
±2XDOJXPDFRLVDGRWLSR)DODVpULR&RPRpTXHHOHVID]HPXPQHJyFLRGHVVHV"3UHFLVRGHXP
EDQKRDQWHVGRMRJR8PEDQKRTXHQWHeSHGLUGHPDLV"4XHURGL]HURTXHpTXHHXIDoR"
(QILHDFDEHoDQRYDVRHGrGHVFDUJDSHQVRX0\URQPDVVDJHDQGRDVWrPSRUDVFRPDVSRQWDVGRV
GHGRV
±9HUHLRTXHSRVVRID]HU7LPP\
±)DOHFRPRJHUHQWHGRKRWHO0\URQ)DoDHOHHQWHQGHUDLPSRUWkQFLDGLVVR
± 3DUD PLP ± GLVVH 0\URQ ± RV yUImRV GR /HVWH (XURSHX VmR Vy XP SHTXHQR LQF{PRGR VH
FRPSDUDGRVDLVVR0DVVHDiJXDTXHQWHQmRYROWDUORJRYiSDUDRXWURKRWHO0DQGDUHPRVDFRQWD
SDUDR5HG6R[
±%RDLGHLD2EULJDGR0\URQ
&OLF
0\URQROKRXSDUDRWHOHIRQH,QDFUHGLWiYHO5HFRVWRXVHHILFRXSHQVDQGRHPFRPROLGDUFRPVHXV
WUrV JUDQGHV SUREOHPDV D SDUWLGD V~ELWD GH &KD] /DQGUHDX[ R SRVVtYHO UHVVXUJLPHQWR GH .DWK\
&XOYHUHRHQFDQDPHQWRGR+LOWRQGH7RURQWR'HFLGLXGHL[DUR~OWLPRSDUDOi1mRVHSRGHID]HU
WXGR
3UREOHPD  &KD] /DQGUHDX[ HVWDYD IHFKDQGR XP FRQWUDWR FRP )UDQN $FKH XP FDUD QDGD
FRQILiYHO6yKDYLDXPDVDtGDSDUDLVVR2LUPmRPDLVYHOKR+HUPDQ
0\URQSHJRXRWHOHIRQHHGLVFRX$LQGDVDELDRQ~PHURGHFRU)RLDWHQGLGRDRSULPHLURWRTXH
±7DYHUQDGR&ODQF\
±eR0\URQ%ROLWDU*RVWDULDGHYHUR+HUPDQ
±(VSHUHDt
&LQFRPLQXWRVVHSDVVDUDPDQWHVTXHDYR]UHWRUQDVVH
±$PDQKm'XDVKRUDV
&OLF 1mR SUHFLVDYD HVSHUDU UHVSRVWD 4XDOTXHU TXH IRVVH D KRUD HP TXH +HUPDQ $FKH
FRQFRUGDVVHHPUHFHEHUDOJXpPDSHVVRDLULD
3UREOHPD.DWK\&XOYHU$UHYLVWD 0DPLORVIRUDHQYLDGDGHXPDFDL[DGHFRUUHVSRQGrQFLDGR
FDPSXV7LQKDVLGRPDQGDGDQmRVRPHQWHSDUD&KULVWLDQ6WHHOHPDVWDPEpPSDUD+DUULVRQ*RUGRQ
R YLFHUHLWRU GH JUDGXDomR 3RU TXr" 0\URQ VDELD TXH .DWK\ KDYLD WUDEDOKDGR SDUD R YLFHUHLWRU
6HUiTXHVXDVWDUHIDVLDPDOpPGHVLPSOHVPHQWHDUTXLYDUGRFXPHQWRV"7HULDPXPFDVRWDOYH]"(D
DGRUiYHOHVSRVDGRUHLWRU"6HUiTXHHODXVDYDFDOFLQKD"
0DV0\URQHVWDYDVHGHVYLDQGRGRDVVXQWR
2 FDWDOLVDGRU GH WRGD D KLVWyULD KDYLD VLGR R DQ~QFLR QD0DPLORV *DU\ *UDG\ GLVVHUD TXH QmR
WLQKDQDGDDYHUFRPLVVR7DOYH]QmR7DOYH]VLP0DVGHTXDOTXHUPRGRDIRWRWHULDGHSDVVDUSRU
)UHG1LFNOHU2ERPHYHOKR)UHGG\HVWDYDQRFHQWURGHWXGR
0\URQSURFXURXRQ~PHURHGLVFRX
±('$(PTXHSRVVRDMXGiOR"
±*RVWDULDGHIDODUFRP)UHG1LFNOHU
±4XHPHVWiIDODQGR"
±0\URQ%ROLWDU
±$JXDUGHXPLQVWDQWHSRUIDYRU
8PPLQXWRVHSDVVRX(QWmR)UHG1LFNOHUDWHQGHX
±$O{
±6U1LFNOHUDTXLpR0\URQ%ROLWDU
±2L0\URQ2TXHSRVVRID]HUSRUYRFr"
±*RVWDULDGHSDVVDUDtHID]HUPDLVXPDVSHUJXQWDVVREUHRDQ~QFLR
±,QIHOL]PHQWHHVWRXPXLWRRFXSDGRDJRUD0\URQ3RUTXHQmRPHOLJDDPDQKm"7DOYH]SRVVDPRV
PDUFDUDOJXPDFRLVD
6LOrQFLR
±0\URQ"(VWiDt"
±6DEHTXHPWLURXDIRWR6U1LFNOHU"
±&ODURTXHQmR
±6HXDPLJR-HUU\QHJDWHUTXDOTXHUFRQKHFLPHQWRVREUHLVVR
±0\URQSRUIDYRU9RFrpXPKRPHPH[SHULHQWH2TXHHVSHUDYDTXHHOHGLVVHVVH"
±(OHGL]TXHQmRWHYHQDGDDYHUFRPDIRWRGRDQ~QFLR
±%RPLVVRpLPSRVVtYHO2DQXQFLDQWHHUDHOH(OHHQWUHJRXDIRWR
±(QWmRRVHQKRUWHPXPDFySLDGHOD"
3DXVD
±7HPGHHVWDUQDSDVWDHPDOJXPOXJDU
±7DOYH]RVHQKRUSRVVDVHSDUiODHHXSDVVRDtSDUDSHJDU
±(VFXWH0\URQGHWHVWRVHUJURVVHLURPDVHVWRXUHDOPHQWHRFXSDGR9DLVHUDPHVPDIRWRTXH
YRFrMiYLX
±$IRWRGH.DWK\VDLXDSHQDVQD0DPLORV
±2TXr"
±$IRWRGHOD1mRVDLXHPQHQKXPDGDVRXWUDVUHYLVWDV6yQD0DPLORV
3DXVD
±(GDt"
0DVGHUHSHQWHKDYLDLQVHJXUDQoDQDYR]GHOH
±(GDtTXHDPHVPDSiJLQDGHDQ~QFLRVIRLSXEOLFDGDHPWRGDVDVVHLVUHYLVWDV$QmRVHUSRU
XPD SHTXHQD GLIHUHQoD $OJXpP PXGRX Vy XPD IRWR QD ILOHLUD GH EDL[R GR DQ~QFLR TXH VDLX QD
0DPLORV$IRWRIRLWURFDGDVyQDTXHODUHYLVWDHQmRQDVRXWUDV3RUTXr"
)UHG1LFNOHUWRVVLX
 ± 5HDOPHQWH QmR VHL 0\URQ 6HJXLQWH YRX YHULILFDU H DYLVR D YRFr 7HQKR XP ]LOKmR GH
WHOHIRQHPDVHVSHUDQGR3UHFLVRFRUUHU7FKDX
2XWURFOLF
0\URQVHUHFRVWRX)UHG1LFNOHUHVWDYDFRPHoDQGRDHQWUDUHPSkQLFR

ZZZ

&RPDPmRWUrPXOD)UHG1LFNOHUGLVFRXRQ~PHUR'HSRLVGHWUrVWRTXHVRWHOHIRQHIRLDWHQGLGR
±3ROtFLDGRFRQGDGR
)UHGSLJDUUHRX
±3DXO'XQFDQSRUIDYRU
 

129('$12,7(
0\URQOLJRXSDUD-HVVLFDHDFRORFRXDSDUGRTXHKDYLDGHVFREHUWRFRPUHODomRDRYLFHUHLWRU
±$FKDPHVPRTXH.DWK\HVWDYDWHQGRXPFDVRFRPHOH"±SHUJXQWRX-HVVLFD
±1mRVHL0DVGHSRLVGHYHUDPXOKHUGHOHGXYLGRPXLWR
±%RQLWD"
±0XLWR(HQWHQGHGHEDVTXHWH$WpFKRURXTXDQGRHXPHOHVLRQHL
-HVVLFDIH]XPUXtGR
±$PXOKHUSHUIHLWD
±(VWRXGHWHFWDQGRXPOHYHFL~PH"
± 9i VRQKDQGR ± GLVVH -HVVLFD ± 2 IDWR GH XP KRPHP VHU FDVDGR FRP XPD PXOKHU OLQGD QmR R
LPSHGHGHWHUFDVRVFRPDOXQDVERQLWDV
± 9HUGDGH 3RUWDQWR D TXHVWmR p FRPR R QRPH GR YLFHUHLWRU *RUGRQ IRL SDUDU QDTXHOD LQIDPH
OLVWDGHFRUUHVSRQGrQFLD"
±1mRIDoRDPtQLPDLGHLD0DVHXWDPEpPGHVFREULXPDFRLVDLQWHUHVVDQWHKRMH0HXSDLYLVLWRX
1DQF\6HUDWDFROHJDGHTXDUWRGH.DWK\QDPDQKmHPTXHPRUUHX
±3RUTXr"
±$LQGDQmRVHL1DQF\GHL[RXXPUHFDGRQDPLQKDVHFUHWiULD9RXHQFRQWUiODHPXPDKRUD
±%RP/LJXHSDUDPLPVHGHVFREULUPDLVDOJXPDFRLVD
±2QGHYRFrYDLHVWDU"
±7UDEDOKRjQRLWHQDERDWH&KLSSHQGDOH¶V±UHVSRQGHX0\URQ±0HXQRPHDUWtVWLFRp=RUUR
±'HYLDVHU0LXGLQKR
±8L
8PVLOrQFLRGHVFRQIRUWiYHORVHQJROLX)RL-HVVLFDTXHPSRUILPRURPSHX
±3RUTXHQmRSDVVDDTXLHPFDVDHVWDQRLWH"±SHUJXQWRXOXWDQGRSDUDPDQWHUDYR]ILUPH
2FRUDomRGH0\URQPDUWHORX
±9DLILFDUWDUGH
±7XGREHP1mRDQGRGRUPLQGRPXLWReVyEDWHUQDMDQHODGRPHXTXDUWR=RUUR
(ODGHVOLJRX1RVFLQFRPLQXWRVVHJXLQWHV0\URQILFRXVHQWDGRSHUIHLWDPHQWHLPyYHOSHQVDQGRHP
-HVVLFD7LQKDPFRPHoDGRDQDPRUDUXPPrVDQWHVGRILPGHVXDFDUUHLUD(ODILFRXFRPHOH(OD
FXLGRXGHOH(ODRDPRX(OHWHQWRXDIDVWiODVREDOJXPSUHWH[WRPDVFXOLQRGHSURWHJrOD0DVHOD
QmRIRLHPERUD3HORPHQRVQmRQDTXHODpSRFD
(VSHUDQ]DDEULXDSRUWDVHPEDWHU2OKRXRHGLVVHULVSLGDPHQWH
±3DUHFRPLVVR
±2TXr"
±9RFrHVWiID]HQGRDTXHODFDUDGHQRYR
±4XHFDUD"
(ODRLPLWRX
±$TXHODFDUDLQVXSRUWiYHOGHFDFKRUULQKRVRIUHQGRGHDPRU
±(XQmRHVWDYDID]HQGRFDUDQHQKXPD
±$KWi9RFrPHGHL[DHQMRDGD0\URQ
 ±2EULJDGR
±6DEHRTXHHXDFKR"$FKRTXHYRFrHVWiPDLVLQWHUHVVDGRHPWLUDUDURXSDGH-HVVLFDGRTXHHP
HQFRQWUDUDLUPmGHOD
±0HX'HXVRTXHHVWiKDYHQGRFRPYRFr"
±(XHVWDYDOiOHPEUD"4XDQGRHODIRLHPERUD
±-iVRXXPUDSD]LQKR3RVVRFXLGDUGHPLPPHVPR
(VSHUDQ]DEDODQoRXDFDEHoD
±'pMjYX7XGRGHQRYR
±2TXr"
±&XLGDUGHVLPHVPR)DoDPHULU9RFrHVWiSDUHFHQGR&KD]/DQGUHDX[2VGRLVHVWmRFHJRV
2URVWRPRUHQRGH(VSHUDQ]DID]LDRSHQVDUHPQRLWHVHVSDQKRODVDUHLDGRXUDGDOXDFKHLDQRFpX
VHPHVWUHODV+RXYHUDPRPHQWRVGHDWUDomRHQWUHRVGRLVPDVXPRXRXWURVHPSUHSHUFHELDRTXH
LVVRLULDVLJQLILFDUHSDUDYD(VVDVWHQWDo}HVQmRVXUJLDPPDLV'HSRLVGH:LQ(VSHUDQ]DHUDVXD
DPLJDPDLVtQWLPD$SUHRFXSDomRGHODHUDJHQXtQD0\URQVDELD
0XGRXGHDVVXQWR
±+DYLDDOJXPPRWLYRSDUDVXDHQWUDGDVHPVHDQXQFLDU"
±'HVFREULXPDFRLVD
±2TXr"
(OD OHX QXP EORFR GH HVWHQRJUDILD 0\URQ QmR ID]LD LGHLD GR PRWLYR GH (VSHUDQ]D WHU XP EORFR
GDTXHOHV(ODQmRVDELDHVWHQRJUDILD
±)LQDOPHQWHUDVWUHHLRRXWURQ~PHURSDUDRQGH*DU\*UDG\OLJRXGHSRLVGDVXDYLVLWDeGHXP
HVW~GLRGHIRWRJUDILDFKDPDGRVDFDVy*ORERV*OREDLV)RWRV3HUWRGD'pFLPD$YHQLGDMXQWRDR
W~QHO
±ÈUHDEDUUDSHVDGD
±$PDLVSHVDGDGHWRGDV±GLVVHHOD±$FKRTXHRHVW~GLRpHVSHFLDOL]DGRHPSRUQRJUDILD
±eERPWHUXPDHVSHFLDOLGDGH
0\URQROKRXRUHOyJLR
±$OJXPDQRWtFLDGR:LQ"
±$LQGDQmR±UHVSRQGHXHOD
± 'HL[H R HQGHUHoR GR HVW~GLR QD FDL[D GH PHQVDJHQV GHOH 7DOYH] HOH WHUPLQH D WHPSR GH VH
HQFRQWUDUFRPLJR
±9RFrYDLOiHVWDQRLWH"
±9RX
(VSHUDQ]DIHFKRXREORFRFRPXPHVWDOR
±3RVVRLUMXQWR"
±$RHVW~GLRIRWRJUiILFR"
±e
±9RFrQmRWHPDXODKRMH"
(VSHUDQ]DHVWDYDHVWXGDQGRGLUHLWRjQRLWHQD8QLYHUVLGDGHGH1RYD<RUN
±1mR(IL]WRGRRGHYHUGHFDVDSDSDL0HVPR
±&DOHDERFDHYHQKD
 

35267,787Ï32/,6
+DYLDGHWRGRVRVWLSRV%UDQFDVQHJUDVDVLiWLFDVODWLQDV±XPDYHUGDGHLUD218GHSURVWLWXWDV
$PDLRULDHUDQRYDPXLWRQRYDFDPEDOHDQGRQRVVDOWRVDOWRVFRPRFULDQoDVEULQFDQGRGHVHYHVWLU
GH DGXOWDV ± R TXH QR ILP GDV FRQWDV HUD YHUGDGH (P JHUDO HUDP PDJUDV VHFDV FRP PDUFDV GH
DJXOKD FREULQGR RV EUDoRV FRPR GH]HQDV GH LQVHWRV PLQ~VFXORV D SHOH UHSX[DGD HP YROWD GRV
PDODUHVGDQGRDRVURVWRVXPDUGHFDYHLUDDVVRPEUDGD2VROKRVHUDPYD]LRVHIXQGRVHRFDEHOR
VHPYLGD
0\URQPXUPXURX
±(OHVQmRVDEHPTXHHVWmRID]HQGRDPRUFRPXPDSHVVRDMiPRUWD"
(VSHUDQ]DSDURXSHQVDQGR
±(VVDHXQmRFRQKHoR
±)RQWLQHHP2VPLVHUiYHLV2PXVLFDO
±1mRSRVVRSDJDUSDUDLUDPXVLFDLVGD%URDGZD\0HXFKHIHpSmRGXUR
±3RUpPERQLWR
0\URQ ROKRX SDUD XPD ORXUD GH FDOoD MXVWD HVWLOR DQRV  TXH QHJRFLDYD FRP XP RWiULR QXP
)RUG&RQKHFLDEHPDKLVWyULD7LQKDYLVWRJDURWDV jVYH]HVJDURWRV LJXDLVDHODGHVFHUHPGHXP
{QLEXVQRWHUPLQDO3RUW$XWKRULW\YLQGRGD9LUJtQLD2FLGHQWDOGRRHVWHGD3HQVLOYkQLDRXGDTXHOD
YDVWLGmR iULGD TXH RV QRYDLRUTXLQRV FKDPDYDP VLPSOHVPHQWH GH 0HLR2HVWH +DYLDP IXJLGR GH
FDVD±WDOYH]SDUDHYLWDUDEXVRVSRUpPPDLVSURYDYHOPHQWHSRUTXHHVWDYDPHQWHGLDGDVH³VHXOXJDU´
HUDDFLGDGHJUDQGH6DtDPGR{QLEXVFRPXPVRUULVRODUJRKLSQRWL]DGDVVHPXPWRVWmR
2VFDIHW}HVREVHUYDYDPHHVSHUDYDPFRPDSDFLrQFLDGHXPDDYHGHUDSLQD4XDQGRFKHJDYDD
KRUD FHUWD HOHV PHUJXOKDYDP SDUD R DWDTXH$SUHVHQWDYDP D *UDQGH 0Dom FRQVHJXLDP XP OXJDU
SDUD HODV ILFDUHP XP SRXFR GH FRPLGD XP EDQKR TXHQWH WDOYH] XP TXDUWR FRP EDQKHLUD GH
KLGURPDVVDJHP OX]HV RIXVFDQWHV XP DSDUHOKR GH &' PDQHLUR H 79 D FDER FRP FRQWUROH UHPRWR
3URPHWLDP DSUHVHQWiODV D XP IRWyJUDIR FRQVHJXLU TXH WUDEDOKDVVHP FRPR PRGHORV 'HSRLV DV
OHYDYDPDIHVWDVIHVWDVGHYHUGDGHQmRDTXHODPHUGLQKDLQRFHQWHGH&DLSLUySROLVFRPXPSRXFRGH
FHUYHMD H XP HVWXGDQWH HVSLQKHQWR SDVVDQGR D PmR QHODV QR EDQFR GH WUiV GH XPD SLFDSH (
PRVWUDYDPFRPRVHGLYHUWLUFRPPDWHULDOGHSULPHLUDSyGRVERQV
(QWmRDVFRLVDVPXGDULDP$OJXpPWHULDGHSDJDUSRUWRGDHVVDGLYHUVmR2WUDEDOKRFRPRPRGHOR
QmRYLULDHHODVQmRSRGLDPVLPSOHVPHQWHTXHUHUWXGRGHJUDoD$OpPGLVVRDJRUDDIHVWDVHULDPDLV
QHFHVVLGDGHGRTXHOX[R&RPRFRPHURXUHVSLUDU(ODVQmRFRQVHJXLDPPDLVVREUHYLYHUVHPFKHLUDU
XPDFDUUHLUDRXWRPDUXPSLFRGHVXDDJXOKDIDYRULWD
1mRGHPRUDYDPXLWRSDUDFKHJDUHPDRIXQGRGRSRoR(HQWmRQmRWLQKDPIRUoDV±QHPPHVPR
GHVHMRUHDOPHQWH±SDUDVHOHYDQWDU
9LQKDPSDUDUDOL
0\URQHVWDFLRQRXRFDUUR(OHH(VSHUDQ]DVDtUDPHPVLOrQFLR0\URQVHQWLXRHVW{PDJRUHYLUDU
(UDQRLWHyEYLR/XJDUHVDVVLPVyH[LVWLDPjQRLWH)XJLDPGRDWDTXHGDOX]GRVRO
0\URQQXQFDKDYLDXVDGRRVVHUYLoRVGHXPDSURVWLWXWDPDVVDELDTXH:LQDVKDYLDFRQWUDWDGRHP
PXLWDVRFDVL}HV:LQJRVWDYDGDFRQYHQLrQFLD6HXORFDOSUHGLOHWRHUDXPERUGHODVLiWLFRQD5XD
FKDPDGR&DVD1REUH(PPHDGRVGRVDQRV:LQHDOJXQVDPLJRVID]LDPRTXHFKDPDYDPGH
³QRLWH FKLQHVD´ QR DSDUWDPHQWR GHOH ± SHGLDP D FRPLGD QR +XQDQ *DUGHQ H DV PXOKHUHV QD &DVD
1REUH$YHUGDGHHUDTXH:LQQmRQXWULDVHQWLPHQWRVSHORVH[RRSRVWR1mRFRQILDYDQDVPXOKHUHV
2 TXH TXHULD HUDP SURVWLWXWDV 1mR Vy SHOD IDOWD GH OLJDomR DIHWLYD ± SRUTXH QXQFD GHL[DYD TXH
PXOKHU DOJXPD VH OLJDVVH D HOH ± PDV SRUTXH DV SURVWLWXWDV HUDP FRPR IROKHWRV GH SURSDJDQGD
'HVFDUWiYHLV
0\URQ QmR DFKDYD TXH :LQ DLQGD SDUWLFLSDVVH GHVVHV HYHQWRV ± SHOR PHQRV QmR QHVVHV WHPSRV
DVVRODGRVSRUGRHQoDV±PDVQmRWLQKDFHUWH]D2VGRLVQXQFDIDODYDPDUHVSHLWR
±%HOROXJDU±GLVVH0\URQ±3LWRUHVFR
(VSHUDQ]DDVVHQWLX
3DVVDUDPSRUXPDHVSpFLHGHERDWH$P~VLFDHUDVXILFLHQWHPHQWHDOWDSDUDUDFKDUDFDOoDGD8PD
FULDWXUDDGROHVFHQWH±0\URQQmRVDELDVHHUDGRVH[RPDVFXOLQRRXIHPLQLQR±FRPFDEHORYHUGH
HVSHWDGRWURPERXQHOH3DUHFLDD(VWiWXDGD/LEHUGDGH2OXJDUHUDXPDLQILQLGDGHGHPRWRFLFOHWDV
EULQFRVHPRUHOKDVHPDPLORVWDWXDJHQVFRUUHQWHV8PFRURFRQVWDQWHGHSURVWLWXWDVFKDPDQGR³(L
TXHULGR´ VH MRJDYD VREUH HOH YLQGR GH WRGRV RV ODGRV RV URVWRV VH WXUYDQGR QXPD PDVVD GH UXtQD
KXPDQD3DUHFLDRVKRZGHDEHUUDo}HVGHXPSDUTXHGHGLYHUV}HV
$ SODFD VREUH D SRUWD GL]LD &/8%( 96)  2 ORJRWLSR HUD XP GHGR PpGLR HP ULVWH 6XWLO 1XP
TXDGURQHJURHVWDYDHVFULWRRVHJXLQWH
1RLWHKHDY\³PHGLFDO´
%DQGDVDRYLYR
&RUULPHQWR
H
7HUP{PHWUR5HWDO
(PVHXV~QLFRVVKRZVQDFLGDGH

0\URQ SRGLD YHU SHOD SRUWD DEHUWD $V SHVVRDV QmR GDQoDYDP (ODV SXODYDP DV FDEHoDV
EDODQoDQGR VHP YLGD FRPR VH R SHVFRoR IRVVH GH ERUUDFKD RV EUDoRV JUXGDGRV DR FRUSR 0\URQ
IRFDOL]RXXPJDURWRWDOYH]GHDQRVSHUGLGRQRr[WDVHYLROHWDRVXRUJUXGDQGRQRURVWRRFDEHOR
FRPSULGR,PDJLQRXVHDEDQGDQRSDOFRVHULDD&RUULPHQWRRXD7HUP{PHWUR5HWDO1mRLPSRUWDYD
2VRPHUDRGHXPDSRUFDQRFLRGHQWURGHXPSURFHVVDGRUGHDOLPHQWRV
$FHQDWRGDHUDXPDPHVFODGH'LFNHQVFRP%ODGH5XQQHU
±2HVW~GLRILFDDRODGR±GLVVH(VSHUDQ]D
2 OXJDU HUD XPD FRQVWUXomR IHLWD HP DUHQLWR DYHUPHOKDGR 2X KDYLD VLGR XPD FDVD JUDQGH H
GHVDMHLWDGD RX XP SHTXHQR DUPD]pP $V PXOKHUHV SHQGLDP GDV MDQHODV FRPR IDUUDSRV GH XPD
GHFRUDomRGH1DWDOHVTXHFLGDDQRVDWUiV
±eDt"±SHUJXQWRX0\URQ
±7HUFHLURDQGDU±UHVSRQGHX(VSHUDQ]D
(ODQmRSDUHFLDQHPXPSRXFRLQWLPLGDGDSHORDPELHQWHPDVWLQKDYLQGRGHUXDVTXHQmRHUDP
PXLWRPHOKRUHVGRTXHDTXHOD6HXURVWRSHUPDQHFLDXPODJRSOiFLGR(VSHUDQ]DQXQFDGHPRQVWUDYD
IUDTXH]D([SORGLDIUHTXHQWHPHQWHPDVPHVPRGHSRLVGHWDQWRWHPSR0\URQQXQFDDYLUDFKRUDU
(ODQmRSRGLDGL]HURPHVPRGHOH
0\URQ VH DSUR[LPRX GD HVFDGD GD IUHQWH 8PD SURVWLWXWD REHVD HQILDGD QXP PDFDFmR DSHUWDGR
GHPDLVODPEHXRVOiELRVHVHS{VQDIUHQWHGHOH
±(LJDURWmRTXHUXPERTXHWH"&LQTXHQWDSUDWDV
0\URQWHQWRXQmRIHFKDURVROKRV
 ± 1mR ± UHVSRQGHX EDL[LQKR ROKDQGR SDUD R FKmR 4XHULD RIHUHFHU SDODYUDV GH VDEHGRULD
SDODYUDV TXH SXGHVVHP WUDQVIRUPiOD PXGDU VXD YLGD 0DV Vy GLVVH ± 6LQWR PXLWR ± H SDVVRX
GHSUHVVD$JRUGDGHXGHRPEURVHIRLHPIUHQWH
1mR KDYLD HOHYDGRU 2 TXH QmR HUD VXUSUHVD$V HVFDGDV HVWDYDP DWXOKDGDV GH JHQWH D PDLRULD
GHVPDLDGD ± RX WDOYH] PRUWD 0\URQ H (VSHUDQ]D SXODUDP FRP FXLGDGR SRU FLPD GHOHV 8PD
FDFRIRQLD GH P~VLFD ± WXGR GHVGH 1HLO 'LDPRQG DR TXH SDUHFLD VHU D EDQGD &RUULPHQWR ±
HVWURQGHDYD QR FRUUHGRU +DYLD RXWURV VRQV WDPEpP *DUUDIDV VH TXHEUDQGR JULWRV SDODYU}HV
HVWRXURVXPEHErFKRUDQGR8PDVLQIRQLDGRLQIHUQR
4XDQGRFKHJDUDPDRWHUFHLURDQGDUYLUDPXPHVFULWyULRFRPSRUWDGHYLGUR1mRKDYLDQLQJXpP
GHQWUR PDV DV IRWRV QD SDUHGH ± SDUD QmR PHQFLRQDU R FKLFRWH H DV DOJHPDV ± GHL[DYDP SRXFD
G~YLGDGHTXHWLQKDPFKHJDGRDROXJDUFHUWR0\URQWHQWRXDPDoDQHWD(ODJLURX
±)LTXHDTXLIRUD±GLVVH
±&HUWR
(OHHQWURX
±2Oi
1LQJXpPUHVSRQGHXPDVKDYLDP~VLFDQRRXWURF{PRGR3DUHFLDXPFDOLSVR&KDPRXGHQRYRH
HQWURXQRHVW~GLR
0\URQ ILFRX SDVPR DR YHU FRPR R OXJDU HUD SURILVVLRQDO /LPSR EHP LOXPLQDGR FRP XPD
GDTXHODVVRPEULQKDVEULOKDQWHVTXHDJHQWHVHPSUHYrQRVHVW~GLRVIRWRJUiILFRV+DYLDPHLDG~]LDGH
PiTXLQDVHPWULSpVHUHIOHWRUHVFRPFRUHVYDULDGDV
0DVRFHQiULRQmRIRLRSULPHLURLWHPTXHRLPSUHVVLRQRX2XWUDVFRLVDVMiKDYLDPDWUDtGRVHX
ROKDU$PXOKHUQXDPRQWDGDQXPDPRWRSRUH[HPSOR3DUDVHUH[DWRHODQmRHVWDYDWRWDOPHQWHQXD±
XVDYDERWDVSUHWDV0DLVQDGD1mRHUDXPHVWLORTXHTXDOTXHUPXOKHUSXGHVVHXVDUPDVILFDYDEHP
QHOD$LQGDQmRRWLQKDYLVWRMiTXHH[DPLQDYDFRPDWHQomRDUHYLVWDTXHVHJXUDYD7KH1DWLRQDO
6XQ0DQFKHWH³*DURWRGHDQRVYLUDDYy´+XP&KHJRXPDLVSHUWR7LQKDVHLRVJUDQGHVPDV
GDYDSDUDYHUDVFLFDWUL]HVVREHOHV6LOLFRQHXPtFRQHGDPRGDGRVDQRV
(ODHUJXHXRVROKRVHVSDQWDGD
0\URQGHXXPVRUULVRFDORURVR
±2L
(ODJULWRX8PJULWRODQFLQDQWH
±6DLGDTXLSRUUD±EHUURXFREULQGRRSHLWR
5HFDWR7mRUDURKRMHHPGLD%RPVDEHUTXHDLQGDH[LVWLD
±0HXQRPH±GLVVH0\URQ
2XWURJULWRODQFLQDQWH0\URQRXYLXXPEDUXOKRjVVXDVFRVWDVHVHYLURX8PJDURWRPDJULFHOD
VHP FDPLVD HVWDYD SDUDGR 6HX DEGRPH WLSR %UXFH /HH EULOKDYD (OH DEULX XP FDQLYHWH XP ULVR
PDQtDFR HVWDPSDGR QD FDUD FXUYRX XP SRXFR R FRUSR H IH] VLQDO FRQYLGDQGR 0\URQ D DWDFiOR
0XLWR$PRUVXEOLPHDPRU6HDRPHQRVRJDURWRHVWDODVVHRVGHGRV
2XWUD SRUWD VH DEULX H XPD OX] YHUPHOKD YD]RX SDUD IRUD 8PD PXOKHU DSDUHFHX 2 FDEHOR HUD
HQFDUDFRODGRHSDUHFLDUXLYRPDVQmRGDYDSDUDWHUFHUWH]DVHHUDPHVPRGHVVDFRURXVHVyHVWDYD
YHUPHOKRSRUFDXVDGDOX]GRODERUDWyULR
±9RFrHVWiLQYDGLQGRXPDSURSULHGDGHSDUWLFXODU±GLVVHHODD0\URQ±+HFWRUWHPRGLUHLWRGH
PDWiORDtPHVPR
± 1mR VHL RQGH YRFr WLURX VHX GLSORPD GH DGYRJDGD ± UHVSRQGHX 0\URQ ± PDV VH +HFWRU QmR
WLYHUFXLGDGRYRXWLUDUREULQTXHGRGHOHHHQILDUQROXJDURQGHRVROQmREULOKD
+HFWRUGHXXPULVLQKR&RPHoRXDMRJDURFDQLYHWHGHXPDGDVPmRVSDUDDRXWUD
±8DX±GLVVH0\URQ
$PRGHORSHODGDIXJLXSDUDRFDPDULPTXHWLQKDRLQWHOLJHQWHOHWUHLUR 6$/$ '( '(63,5 $PXOKHU
SDVVRXSDUDRHVW~GLRHIHFKRXDSRUWDGRODERUDWyULR2FDEHORHUDUXLYRPHVPRQDYHUGDGHPDLV
XPFDVWDQKRFODUHDGRSHORVRO7LQKDRTXHDOJXQVFKDPDULDPGHSHOHGHSrVVHJRFHUFDGHDQRVH
XPDUGHHOHJkQFLDSRUPDLVHVWUDQKRTXHLVVRIRVVH$SUySULDkQFRUDGH79WUDEDOKDQGRQRPXQGR
SRUQ{
±9RFrpDGRQD"±SHUJXQWRX0\URQ
± +HFWRU p PXLWR ERP FRP R FDQLYHWH ± UHVSRQGHX HOD HP WRP FDOPR ± e FDSD] GH DUUDQFDU R
FRUDomRGHXPKRPHPHPRVWUiORDRGRQRDQWHVTXHHOHPRUUD
±,VVRGHYHDQLPDUXPDIHVWD
+HFWRUFKHJRXPDLVSHUWR0\URQQmRVHPH[HX
± (X SRGHULD GHPRQVWUDU PLQKDV KDELOLGDGHV HP DUWHV PDUFLDLV ± FRPHoRX 0\URQ 3RUpP VDFRX
UDSLGDPHQWHDDUPDHDSRQWRXSDUDRSHLWRGH+HFWRU±0DVDFDEHLGHWRPDUEDQKR
2VROKRVGH+HFWRUVHDUUHJDODUDPGHVXUSUHVD
±4XHLVVRVHMDXPDOLomRSDUDYRFrJDURWRGRFDQLYHWH±FRQWLQXRX0\URQ±0HWDGHGDVSHVVRDV
QHVWHSUpGLRSURYDYHOPHQWHDQGDDUPDGD6HILFDUSRUDtEDODQoDQGRHVVHEULQTXHGRDOJXpPTXHQmR
VHMDWmRERQ]LQKRTXDQWRHXYDLDFDEDUDSDJDQGRYRFr
$UXLYDQmRSDUHFHXDEDODGDFRPDDUPD
±6DLDGDTXL±GLVVHD0\URQ±$JRUD
±9RFrpDGRQD"±WHQWRXHOHGHQRYR
±9RFrWHPXPPDQGDGR"
±1mRVRXSROLFLDO
±(QWmRFDLDIRUDGDTXL
(ODVHPH[LDXPERFDGRDRIDODU2VTXDGULVHDVSHUQDVHPPRYLPHQWRFRQVWDQWH)H]XPVLQDO
SDUDRJDURWRTXHIHFKRXRFDQLYHWH
±3RGHLU+HFWRU
±1mRWmRUiSLGR+HFWRU±GLVVH0\URQ±(QWUHQRODERUDWyULR1mRTXHURTXHYRFrILTXHID]HQGR
SODQRVGHYROWDUFRPXPUHYyOYHU
+HFWRUROKRXSDUDDUXLYD(ODDVVHQWLXHHOHHQWURX
±)HFKHDSRUWD±RUGHQRX0\URQ
(OHDIHFKRX0\URQIRLDWpOiHSX[RXRWULQFR
$UXLYDS{VDVPmRVQRVTXDGULV
±)HOL]DJRUD"
±4XDVHHPr[WDVH
±(QWmRVDLD
±(VFXWH±GLVVH0\URQFRPVHXVRUULVRFDSD]GHGHUUHWHUJHOHLUDV±1mRTXHURHQFUHQFD6yYLP
FRPSUDUXPDVIRWRV0HXQRPHp%HUQLH:RUOH\7UDEDOKRSDUDXPDQRYDUHYLVWDSRUQ{
(ODIH]XPDFDUHWD
± 6HUi TXH HX SDUHoR PHVPR WmR LGLRWD %HUQLH :RUOH\ TXH YHLR FRPSUDU IRWRV" 'i XP WHPSR
FDUDOKR
+RXYHXPUXtGRV~ELWR3HVVRDV8PPRQWH8PDFRPRomRPHVPRSDUDRVSDGU}HVGDTXHOHOXJDU
%HPRQGHWLQKDGHL[DGR(VSHUDQ]D6R]LQKD
0\URQVHYLURXHFRUUHXVHQWLQGRRFRUDomRVDOWDUQDJDUJDQWD6HDOJXPDFRLVDWLYHVVHDFRQWHFLGR
DHOD
(OHSX[RXDSRUWD'H]HQDVGHSHVVRDVURGHDYDP(VSHUDQ]DDPDLRULDDMRHOKDQGRVH(ODHVWDYD
SDUDGDQRPHLRVRUULQGRH±HOHQmRSRGLDDFUHGLWDU±GDQGRDXWyJUDIRV
±eD3RFDKRQWDV±JULWRXDOJXpP
±(VFUHYDQRPHX³&RPDPRUSDUDR0DQXHO´
±9RFrDLQGDpPLQKDIDYRULWD
±/HPEURTXDQGRYRFrEDWHXQD5DLQKD&DULPED4XHOXWD
±$TXHOD+DQQDK5RGRYLD(UDXPDWUDSDFHLUD7LYHYRQWDGHGHPDWiODTXDQGRMRJRXVDOQRVVHXV
ROKRV
(VSHUDQ]DROKRXSDUD0\URQGHXGHRPEURVHYROWRXDDVVLQDUFDL[DVGHIyVIRURVHSHGDoRVGH
SDSHO$UXLYDRVHJXLXDWpDSRUWD4XDQGRYLX(VSHUDQ]DVHLOXPLQRX
±3RFD"
(VSHUDQ]DROKRXGHYROWD
±/XF\"
(ODVVHDEUDoDUDP(QWUDUDPQRHVW~GLR0\URQIRLDWUiV
±3RURQGHYRFrDQGRXPXOKHU"±SHUJXQWRX/XF\
±3RUDt
$VGXDVVHEHLMDUDP1RVOiELRV8PSRXFRGHPRUDGRGHPDLV(VSHUDQ]DVHYLURX
±0\URQ"
±+HLQ"
±6HXVROKRVHVWmRDUUHJDODGRV
±(VWmR"
±(XQmRFRQWRWXGRDYRFr
± 3DUHFH TXH QmR ± GLVVH HOH ± 0DV SHOR PHQRV DJRUD VHL SRU TXH PLQKD LQFUtYHO EHOH]D QmR
HPSROJRXVXDDPLJD
$VGXDVDFKDUDPLVVRGLJQRGHULVRV
±/XF\HVWHp0\URQ%ROLWDU
/XF\ROKRXRGHFLPDDEDL[R
±eVHXQDPRUDGR"
±1mR6yDPLJR(PHXFKHIH
±3DUHFHXPFDUDTXHHXFRQKHoRTXHWUDEDOKDYDQXPVKRZGHWDUDVQXPDERDWHDTXLSHUWR7LQKD
XPQ~PHURHPTXHPLMDYDHPYiULDVPXOKHUHV
±1mRHUDHX±JDUDQWLX0\URQ±1HPPLFWyULRS~EOLFRHXJRVWRGHXVDU
/XF\YROWRXDDWHQomRSDUD(VSHUDQ]D
±9RFrHVWiyWLPD3RFD
±2EULJDGD
±6DLXGRQHJyFLRGHOXWDVQmRp"
±&RPSOHWDPHQWH
±0DVDLQGDPDOKD"
±6HPSUHTXHSRVVR
±1D1DXWLOXV"
 ±e
±'iSDUDYHU±GLVVH/XF\FRPXPVRUULVRPDOLFLRVR±9RFrHVWiPHVPRXPWHVmR
0\URQSLJDUUHRX
±(QWmRRTXHDFKDUDPGRMRJRGRV.QLFNV"
$VPXOKHUHVRLJQRUDUDP
±$LQGDWLUDIRWRVGDVOXWDGRUDV"±SHUJXQWRX(VSHUDQ]D
±+RMHHPGLDQmRPXLWR(VWRXSULQFLSDOPHQWHQHVWHWLSRGHPHUGDDTXL
(VSHUDQ]DROKRXGHYROWDSDUD0\URQ
±$/XF\(VVHQmRpRQRPHYHUGDGHLURGHOD1yVDFKDPDPRVDVVLPSRUFDXVDGRVFDEHORVGH
/XFLOOH%DOO(ODID]LDDVIRWRVGHGLYXOJDomRGHWRGDVDVOXWDGRUDV
±)RLRTXHGHGX]L±UHVSRQGHX0\URQ±$FKDTXHHODSRGHQRVDMXGDU"
±2TXHYRFrVTXHUHPVDEHU"±SHUJXQWRX/XF\
0\URQOKHHQWUHJRXRH[HPSODUGD0DPLORV$SRQWRXSDUDDIRWRGH.DWK\
±4XHURVDEHUVREUHLVVR±GLVVH
/XF\H[DPLQRXDIRWRSRUXPVHJXQGR
±(OHpFDQD"±SHUJXQWRXD(VSHUDQ]D
±(PSUHViULRHVSRUWLYR
±$K±GLVVHDSHQDV1mRSHGLXPDLVGHWDOKHV±3RUTXHLVVRSRGHFRORFDUDJHQWHHPHQFUHQFD
±&RPRDVVLP"±SHUJXQWRX0\URQ
±$IRWR$JDURWDHVWiFRPRVSHLWRVGHIRUD
±(GDt"
±(GDtTXHpLOHJDO1mRpSHUPLWLGRH[LELUVHLRVHPDQ~QFLRVGHFHQWUDLV9DPRVQRVIHUUDU
VHRJRYHUQRYLULVVR
±³9DPRV´"±UHSHWLX0\URQ
'HQRYRUHFRUUHQGRjVWpFQLFDVDYDQoDGDVGHLQWHUURJDWyULR
±6RXXPDGDVGRQDVGHVVDVHPSUHVDVGHGLVTXHVH[R8PPRQWHGHOLQKDVIXQFLRQDPQHVWHSUpGLR
± 1mR VHL VH HQWHQGL GLUHLWR ± GLVVH 0\URQ ± e LOHJDO PRVWUDU RV SHLWRV" 0DV TXDVH WRGDV DV
PXOKHUHVGHVWDUHYLVWDHVWmRFRPRVSHLWRVjPRVWUD
±1mRQRVDQ~QFLRVGHOLQKDV±FRUULJLX/XF\±$SURYDUDPXPDOHLKiXQVGRLVDQRV1DV
OLQKDVpSURLELGRWHUSRUQRJUDILD2OKHDTXL
(ODYLURXXPDSiJLQDHDSRQWRXSDUDRXWURDQ~QFLR
±$IRWRSRGHVHULQVLQXDQWHPDVDJDURWDQmRSRGHHVWDUQXD(YHMDRVQRPHVGDVOLQKDV&RLVDV
WLSR ³&RQILVV}HV 6HFUHWDV´ RX ³)DOH FRP *DURWDV´$JRUD YHMD DV GDV OLQKDV  %DUUD SHVDGD
³*R]HQDV0LQKDV7HWDV´FRLVDVDVVLP
0\URQVHOHPEURXGDFRQYHUVDFRP7DZQ\SHODOLQKD7LQKDILFDGRSDVPRSRUTXHHODQmR
GLVVHUDQDGDSHVDGR
±(QWmRVH[RSRUWHOHIRQHVyQDVRXWUDVOLQKDV"
± ,VVR ( YRFr SUHFLVD DXWRUL]DUPHVPR D OLJDomR e H[LJrQFLD GR JRYHUQR 0DV TXDOTXHU LGLRWD
SRGH OLJDU SDUD XP  $ FREUDQoD p DXWRPiWLFD &RPHoD TXDVH LPHGLDWDPHQWH GHSRLV GH R
WHOHIRQHPD VHU DWHQGLGR 1mR IXQFLRQD DVVLP FRP XPD OLQKD  RX XP GRV RXWURV Q~PHURV e
SUHFLVR XVDU R FDUWmR GH FUpGLWR RX SHUPLWLU TXH XP SURYHGRU FRPSOHWH D OLJDomR e DVVLP TXH p
FREUDGR
±(QWmRHVVHQHJyFLRGHGL]HUTXHDVOLQKDVVmRSRUQRJUiILFDV
 ± %HVWHLUD ± FRPSOHWRX /XF\ ± (ODV VmR Vy XP WUXTXH 1mR SRGHPRV GL]HU QDGD SHVDGR QHVVDV
OLQKDVHQWmRHODVVmREDVLFDPHQWHLVFDVSRUTXHVmRIiFHLVGHXVDU2FDUDVySUHFLVDGLVFDU6HP
FDUWmR GH FUpGLWR 6HP DXWRUL]DU XP SURYHGRU 1D PDLRULD GDV YH]HV IDODPRV VREUH PDVVDJHQV RX
QDGDU QXV FRLVDV TXH VHMDP VXJHVWLYDV PDV QmR H[SOLFLWDPHQWH VH[XDLV 2 ODQFH p GHL[DU R FDUD
H[FLWDGRHQWHQGHX"
±$FKRTXHVLP
±'HTXDOTXHUPRGRRVFDUDVOLJDPFKHLRVGHWHVmR4XHURGL]HUDPDLRULDHVWiWmRH[FLWDGDTXH
PHWHULD DWp QXP EXUDFR QD SDUHGH SDUD VH DOLYLDU 2 TXH WHQWDPRV p ID]HU FRP TXH HOH GLJD XPD
VDFDQDJHP SULPHLUR R TXH JHUDOPHQWH QmR p PXLWR GLItFLO$VVLP TXH HOH ID] LVVR GL]HPRV ³$K
QHQpPQmRSRGHPRVIDODUDVVLPQHVWDOLQKDPDVYRFrSRGHOLJDUSDUDPLPQRQ~PHURWDOFRPXP
FDUWmRGHFUpGLWR´2FDUDOLJDHSDJDGHQRYR
±(OHVQmRWrPPHGRGHFRPRLVVRYDLDSDUHFHUQDIDWXUDGRFDUWmR"±SHUJXQWRX0\URQ
/XF\EDODQoRXDFDEHoD$LQGDVHPH[LDDRIDODU(UDLUULWDQWHHVHQVXDODRPHVPRWHPSR
±(PJHUDORVQRPHVGDVHPSUHVDVVmREHPGLVFUHWRV&REUDPRVXVDQGRQRPHVFRPR1RUZRRG
,QFRUSRUDWHRX7HOHPDUNQmR/pVELFDV7HVXGDVRX$WUL]&KXSDGRUD4XHUYHU"
±2TXr"
±$iUHDGHRSHUDomROiHPFLPD2QGHDWHQGHPRVDOJXQVWHOHIRQHPDV0XLWDJHQWHWUDEDOKDHP
FDVDPDVWHQKRXPDHTXLSHGHVHLVRXVHWHDTXL
0\URQGHXGHRPEURV
±eWXGREHP
/XF\VXELXXPDQGDUFRPHOHV8PIHGRUHQMRDWLYRLPSUHJQDYDRDUQDHVFDGD4XDQGRFKHJDUDP
DRSDWDPDU/XF\DEULXXPDSRUWD3DVVDUDPHIHFKDUDPQDUDSLGDPHQWH
±$TXLpD)DQWDVLDV3DUD6HPSUH±GLVVH/XF\±3DUDQmRPHQFLRQDUD/DPEHODPEHD*HPLGRV
7HOHGLYHUVmRHGH]HQDVGHRXWUDV
0\URQ QmR DFUHGLWRX QR TXH HVWDYD YHQGR 6HX TXHL[R FDLX (VSHUDYD PXOKHUHV IHLDV JRUGDV RX
YHOKDV0DVQmRDTXLOR
(UDPKRPHQV7RGRVPHQRVXPDIXQFLRQiULDHUDPKRPHQV
±/LQKDVJD\V"±SHUJXQWRXHOH
/XF\EDODQoRXDFDEHoDVRUULQGR
±3RXTXtVVLPRVJD\VOLJDP7DOYH]XPHPFDGDFHP
±0DVHOHVVmRKRPHQV
0\URQ%ROLWDUDSHUVSLFiFLDHPSHVVRD
2XYLXXPVXMHLWRFRPYR]JURVVDGHFDPLQKRQHLURGL]HU
±eJUDQGmRHQILDDWpRIXQGR,VVR$KTXHJRVWRVR
/XF\VRUULXSDUDRVXMHLWR(OHUHYLURXRVROKRVHFRQWLQXRX
±1mRSDUDJDUDQKmR0RQWDHPPLP
0\URQILFRXVDWLVIHLWRHPYHUTXH(VSHUDQ]DHVWDYDLJXDOPHQWHFRQIXVD
±2TXHHVWiDFRQWHFHQGR/XF\"±SHUJXQWRXHOD
± 7HPSRV GH FULVH 1D HFRQRPLD DWXDO RV KRPHQV VmR PmR GH REUD PDLV EDUDWD$ PDLRULD GDV
JDURWDVHVWiQDUXD$TXLHVWmRRVLUPmRVGHODVSULPRVJDURWRVGHUXD
±0DVDYR]GHOHV
±(OHVXVDPXPDSDUHOKRGHDOWHUDomRGHYR]$6KDUSHU,PDJHYHQGHPDVHXFRQVLJRPDLVEDUDWR
QR9LOODJH'iSDUDID]HUTXDOTXHUJDURWLQKDILFDUFRPDYR]GR%DUU\:KLWHRXYLFHYHUVD(VVHV
FDUDV SRGHP YLUDU XPD PXOKHU URXFD XPD YLUJHP DGROHVFHQWH XPD PHQLQLQKD TXDOTXHU FRLVD TXH
HVWLYHUQRDQ~QFLR
0\URQHVWDYDSDVPR
±2VFOLHQWHVVDEHP"
±&ODURTXHQmR±UHVSRQGH(YLUDQGRSDUD(VSHUDQ]D±eEXUULQKRPDVDWpTXHpVLPSiWLFR
0\URQ%ROLWDURKRPHPGDVIDQWDVLDVOpVELFDV
$ VDOD SDUHFLD XP HVFULWyULR GH WHOHPDUNHWLQJ FRPXP 2V WHOHIRQHV HUDP GH DOWD WHFQRORJLD
'H]HQDV GH OLQKDV VH LOXPLQDYDP WRGDV LQGLFDQGR R SDSHO TXH GHYHULD VHU UHSUHVHQWDGR 'RQD GH
FDVD WHVXGD 'RPLQDWUL[ 7UDYHVWL 3HLWXGD$Wp WDUD SRU SpV &DGD HPSUHJDGR WDPEpP WLQKD RXWUR
WHOHIRQHSDUDFRQILUPDomRGH9LVDH0DVWHUFDUG
±$V OLQKDV PDUFDGDV FRP XP 1 QmR SRGHP WHU SRUQRJUDILD ± H[SOLFRX /XF\ ± 7DPEpP WHPRV
PDLVFHUFDGHSHVVRDVWUDEDOKDQGRHPFDVD$PDLRULDGHODVVmRPXOKHUHV
±'RQDVGHFDVDWHVXGDV"
±$OJXPDV$ PDLRULD p VLPSOHVPHQWH GRQD GH FDVD 'H TXDOTXHU PRGR p SRU LVVR TXH DFKHL R
DQ~QFLRHVWUDQKR8PDQ~QFLRGHQmRGHYHULDWHUXPDJDURWDFRPRVSHLWRVGHIRUD
6DtUDPGDVDOD0\URQTXDVHWURSHoRXQXPErEDGRTXHHVFROKHXRPRPHQWRHPTXH0\URQHVWDYD
SDVVDQGRSRUFLPDGHOHSDUDVHOHYDQWDU9ROWDUDPSDUDRHVW~GLR
±$$%&pXPDGDVHPSUHVDVTXHRSHUDPOiGHFLPD"±SHUJXQWRX0\URQ
±e
±(VDEHPRVTXH*DU\*UDG\OLJRXSDUDYRFrRQWHP3RGHGL]HURPRWLYR"
±4XHP"
±*DU\*UDG\
/XF\EDODQoRXDFDEHoD
±1mRVHLTXHPp
±(TXHWDO-HUU\"
±$K HOH ± GLVVH GDQGR XP ULVLQKR ±$FKHL PHVPR TXH HVVH QmR HUD R QRPH YHUGDGHLUR (OH
VHPSUHIH]PXLWRVHJUHGR
±(RTXHHOHTXHULD"
(ODDVVHQWLXFRPRVHDOJRWLYHVVHDFDEDGRGHOKHRFRUUHU
±$JRUDHVWRXHQWHQGHQGR
±2TXr"
±(OHPHSHUJXQWRXVREUHXPDIRWRTXHHXWLUHLKiXQVGRLVDQRV
±(VWD"±SHUJXQWRX0\URQDSRQWDQGRGHQRYRSDUDDIRWRGH.DWK\
±e8PDGDVJDURWDVGHOH
0\URQH(VSHUDQ]DWURFDUDPXPROKDU
±4XHUGL]HUTXHKDYLDRXWUDV"
±$OJXPDV0HLDG~]LDWDOYH]PDLV
0\URQVHQWLXDI~ULDFRQVXPLORGHQRYR
±*DURWDVPHQRUHVGHLGDGH"
±&RPRpTXHHXYRXVDEHUSRUUD"
±9RFrQmRSHUJXQWRX"
±(XSDUHoRXPSROLFLDO"2OKDFDUDVHYRFrYHLRDTXLSDUDSHJDUQRPHXSp
±(OHQmRYHLRSDUDLVVR±GLVVH(VSHUDQ]D±3RGHFRQILDU
 ±3RVVRpRFDUDOKR3RFD(OHLQYDGLXLVVRDTXLFRPXPDSRUUDGHXPDDUPDTXDVHPDWRXPLQKD
PRGHORGHPHGR
±3UHFLVDPRVGDVXDDMXGD±LQVLVWLX(VSHUDQ]D±(XSUHFLVRGDVXDDMXGD
±1mRTXHURSUHMXGLFDUYRFr/XF\±GLVVH0\URQ±6yHVWRXLQWHUHVVDGRQDJDURWDGDIRWR
/XF\KHVLWRX
±7iERP±GLVVHSRUILP±0DVSHJDOHYH
0\URQDVVHQWLXUDSLGDPHQWH
±-HUU\WURX[HHVVDJDURWDSDUDYRFr"
± )RL TXDQGR HX WLQKD R RXWUR HVW~GLR D XQV GRLV TXDUWHLU}HV GDTXL &RPR IDOHL HOH WURX[H
DOJXPDV JDURWDV QR FRUUHU GRV DQRV 4XHULD IRWRV GHODV SDUD WRGR WLSR GH FRLVDV 5HYLVWDV SRUQ{
GLYXOJDomR GH ILOPHV GH VDFDQDJHP H WXGR R PDLV $ PDLRULD HUD XP SRXFR PHOKRU GR TXH DV
SHULJXHWHVTXHDJHQWHYrSRUDt0DVJHUDOPHQWHHOHPDQWpPDVIRWRVJXDUGDGDVDWpHODVILFDUHPXP
SRXFRPDLVYHOKDV$WpFKHJDUHPjPDLRULGDGHDFKR
$I~ULDGHQRYR0\URQIHFKRXRVSXQKRV
±(QWmR-HUU\SHUJXQWRXVREUHHVVDIRWRRQWHP"
±)RL
±2TXHHOHTXHULDVDEHU"
±6HHXYHQGLDOJXPDFySLDUHFHQWHPHQWH
±(YHQGHX"
3DXVD
±9HQGL+iXQVGRLVPHVHV
±4XHPFRPSURX"
±9RFrDFKDTXHHXPDQWHQKRUHJLVWURV"
±+RPHPRXPXOKHU"
±+RPHP
±9RFrVHOHPEUDGDDSDUrQFLDGHOH"
(ODSHJRXXPFLJDUURDFHQGHXUHVSLURXIXQGR
±1mRVRXPXLWRERDFRPILVLRQRPLDV
±4XDOTXHUFRLVD/XF\±DFUHVFHQWRX(VSHUDQ]D±1RYRYHOKRTXDOTXHUFRLVDGHTXHYRFrVH
OHPEUH
2XWUDEDIRUDGD(GHSRLV
±9HOKR1mRYHOKtVVLPRPDVQmRHUDXPFDUDQRYR'HYLDWHUDLGDGHGRPHXSDL(VDELDRTXH
HVWDYDID]HQGR±FRPSOHWRX2OKRXSDUD0\URQ±'LIHUHQWHGHYRFr%HUQLH:RUOH\'HXVGRFpX
0\URQSUHVVLRQRX
±2TXHYRFrTXHUGL]HUFRP³VDELDRTXHHVWDYDID]HQGR´"
± 2 FDUD SDJRX XPD JUDQD SUHWD FRP XPD FRQGLomR TXH HX HQWUHJDVVH WRGDV DV IRWRV H RV
QHJDWLYRV QD IUHQWH GHOH QD KRUD (VSHUWR (OH TXHULD JDUDQWLU TXH HX QmR WLYHVVH WHPSR GH ID]HU
FySLDVRXXPMRJRH[WUDGHQHJDWLYRV
±4XDQWRHOHSDJRX"
±6HLVPLOHTXLQKHQWRVQRWRWDO(PGLQKHLUR&LQFRSHODVIRWRVHQHJDWLYRV0LOSHORQ~PHURGR
WHOHIRQH GR -HUU\ 'LVVH TXH TXHULD HQWUDU HP FRQWDWR FRP D JDURWD SHVVRDOPHQWH 'HSRLV PH GHX
PDLVSDUDHXQmRGL]HUQDGDDR-HUU\
8PJULWRGHJHODURVDQJXHYHLRGRVIXQGRVGRSUpGLRHIRLLJQRUDGR
 ±9RFrUHFRQKHFHULDRKRPHPVHRYLVVHGHQRYR"±SHUJXQWRX0\URQ
±1mRVHL1mRFRQVLJRYLVXDOL]DUDJRUDPDVVHDJHQWHVHYLVVHFDUDDFDUDTXHPVDEH"
2VRPGHEDWLGDVYHLRGDSRUWDGRODERUDWyULR
±3RVVRVROWDUR+HFWRUDJRUD"
±-iHVWDPRVGHVDtGD±UHVSRQGHX0\URQ(PVHJXLGDOKHHQWUHJRXXPFDUWmR±&DVRVHOHPEUH
GHPDLVDOJXPDFRLVD
±eHXOLJR±FRQILUPRX(ODROKRXSDUD(VSHUDQ]D±9rVHQmRVRPH3RFD
(VSHUDQ]DDVVHQWLXPDVQmRGLVVHQDGD
2VGRLVGHVFHUDPHPVLOrQFLR4XDQGRVDtUDPQRDUTXHQWHGDUXDFHUFDGRVSHODQRLWHHODGLVVH
±(XQmRWLYHDLQWHQomRGHFKRFDUYRFrOiHPFLPD
±1mRpGDPLQKDFRQWD±GLVVHHOH±)LTXHLVXUSUHVRVyLVVR
±/XF\pOpVELFD(XH[SHULPHQWHLXPSRXFR+iPXLWRWHPSR
±1mRSUHFLVDH[SOLFDU
0DV HOH ILFRX VDWLVIHLWR SRU HOD WHU FRQWDGR 0\URQ QmR WLQKD VHJUHGRV SDUD (VSHUDQ]D 1mR
JRVWDYDGHSHQVDUTXHHODWHULDDOJXPSDUDHOH
-iLDPYROWDUDRFDUURTXDQGR0\URQVHQWLXRFDQRGHXPDDUPDFRQWUDVXDVFRVWHODV
±)LTXHIULR0\URQ±GLVVHXPDYR]
(UDRKRPHPFRPFKDSpXGHIHOWURTXHRDERUGDUDQRHVWDFLRQDPHQWR(OHHQILRXDPmRQRSDOHWy
GH 0\URQ H SHJRX R  8P VHJXQGR KRPHP FRP XP ELJRGH TXH LD TXDVH DWp R TXHL[R DJDUURX
(VSHUDQ]DHHQFRVWRXXPDDUPDHPVXDWrPSRUD
±6HR0\URQVHPH[HU±GLVVHRGRFKDSpX±HVSDOKHRFpUHEURGHVVDYDFDQDFDOoDGD
2KRPHPDVVHQWLXPHLRVRUULQGR
±9HQKDP±GLVVHRGRFKDSpXFXWXFDQGR0\URQFRPDDUPD±9DPRVGDUXPDYROWLQKD
 

-(66,&$3$5281$)5(17('$&$6$TXH1DQF\6HUDWKDYLDDOXJDGRSHORVHPHVWUH1DYHUGDGHHUDXP
FDVHEUH QR ILP GH XPD UXD HVFXUD D FHUFD GH XP TXLO{PHWUR H PHLR GR FDPSXV GD 8QLYHUVLGDGH
5HVWRQ0HVPRjQRLWH-HVVLFDSRGLDYHUDFRUURVDVDOPmRGDVSDUHGHVTXHSDUHFLDQmRFRPELQDU
QHP XP SRXFR FRP FRLVD DOJXPD QR SODQHWD 7HUUD 1R TXLQWDO HUD FRPR VH DV iUYRUHV WLYHVVHP
YRPLWDGR ± LJXDO DR MDUGLP GD IDPtOLD 0RQVWUR 8P GHVERWDGR$&5( 675((7   HVWDYD SLQWDGR QD
SODFD FDVWLJDGD SHOR WHPSR 8P +RQGD $FFRUG D]XO FRP DGHVLYR GD 8QLYHUVLGDGH 5HVWRQ VH
DFRPRGDYDQDHQWUDGDGHYHtFXORV
-HVVLFDIRLDQGDQGRSHORTXHUHVWDYDGRTXHXPGLDGHYLDWHUVLGRXPFDPLQKRDFLPHQWDGR7RFRX
D FDPSDLQKD H LPHGLDWDPHQWH RXYLX R VRP GH DOJXpP DQGDQGR jV SUHVVDV 9iULRV VHJXQGRV VH
SDVVDUDP1LQJXpPDWHQGHX7HQWRXGHQRYR'HVWDYH]QmRKRXYHVRPGHSDVVRV1mRKRXYHVRP
DOJXP
±1DQF\"±FKDPRXHOD±e-HVVLFD&XOYHU
$SHUWRXDFDPSDLQKDPDLVDOJXPDVYH]HVPDVQXPDFDVDWmRSHTXHQDQmRKDYLDPXLWDFKDQFHGH
Mi QmR WHUHP RXYLGR$ QmR VHU TXH 1DQF\ HVWLYHVVH WRPDQGR EDQKR (UD XPD SRVVLELOLGDGH 'DYD
SDUDYHUSRUHQWUHDVOkPLQDVGDVYHQH]LDQDVTXHDVOX]HVHVWDYDPDFHVDV2FDUURHVWDYDQDHQWUDGD
-HVVLFDWLQKDHVFXWDGRPRYLPHQWR
1DQF\WLQKDGHHVWDUHPFDVD
-HVVLFDOHYRXDPmRjPDoDQHWD(PFRQGLo}HVQRUPDLVHODSURYDYHOPHQWHQmRVDLULDDEULQGRD
SRUWDGHXPDSHVVRDTXHPDOFRQKHFLD VyYLUD1DQF\XPDYH] 0DVDVFRQGLo}HVQmRHUDPQHPXP
SRXFRQRUPDLV6HJXURXDPDoDQHWDHDJLURX
7UDQFDGD
(DJRUD"
)LFRX WRFDQGR D FDPSDLQKD SRU PDLV FLQFR PLQXWRV 1DGD DLQGD (QWmR IRL DQGDQGR DR UHGRU GD
FDVDRULHQWDQGRVHFRPDDMXGDGHXPDOkPSDGDGLVWDQWHQDUXDHGDFRUQDGDGLVFUHWDGDVSDUHGHV
7URSHoRX QXP YHORFtSHGH TXH SDUHFLD WHU VXUJLGR GH XPD HVFDYDomR DUTXHROyJLFD 6HXV SpV VH
HPERODYDPQDJUDPDDOWDTXHSLQLFDYDRVWRUQR]HORV(QTXDQWRDQGDYD-HVVLFDIRLHVSLDQGRSHODV
SHTXHQDV IUHVWDV GDV YHQH]LDQDV 3{GH YLVOXPEUDU RV F{PRGRV H YHU DOJXQV PyYHLV H FRLVDV
SHQGXUDGDVQDVSDUHGHVPDVQHQKXPDSHVVRD
1R TXLQWDO GRV IXQGRV YLX TXH DV YHQH]LDQDV GD FR]LQKD QmR HVWDYDP EDL[DGDV ( D OX] HVWDYD
DSDJDGD6HPDOkPSDGDGDUXDSDUDODQoDUOX]QDVSDUHGHVDOLHUDXPEUHXWRWDO(VSLRXSHODMDQHOD
SRQGRDVPmRVHPFRQFKDSDUDWHQWDUYHUPHOKRU8PDUpVWLDGHOX]GRF{PRGRGDIUHQWHDWUDYHVVDYD
DFR]LQKD1DPHVDKDYLDXPDEROVD(XPMRJRGHFKDYHV
$OJXpPHVWDYDHPFDVD
8PVRPDWUiVDIH]GDUXPSXOR-HVVLFDJLURXPDVHVWDYDHVFXURGHPDLVSDUDLGHQWLILFDURTXH
HUD6HXFRUDomREDWLDORXFDPHQWHQRSHLWR*ULORVFDQWDYDPVHPSDUDU%DWHXQDSRUWDFRPRVGRLV
SXQKRV
±1DQF\1DQF\
2XYLX R SkQLFR QD SUySULD YR] H VH FHQVXURX SRU LVVR&RQWUROHVH 9RFr HVWi DVVXVWDQGR D VL
PHVPD
3DURXUHVSLURXIXQGRDOJXPDVYH]HVVHQWLXVHUHOD[DU2OKRXGHQRYRSHODMDQHODHQFRVWDQGRR
URVWRQRYLGUR(VWDYDROKDQGRDUpVWLDGHOX]TXDQGRDFRQWHFHX
$OJXpPSDVVRX
-HVVLFDGHXXPVDOWRSDUDWUiV1mRWLQKDYLVWRDSHVVRDQmRWLQKDYLVWRFRLVDDOJXPDVyRIDFKR
GHOX]VXPLUSRUXPVHJXQGR2OKRXGHQRYR1DGD0DVDOJXpPKDYLDSDVVDGRHEORTXHDGRDOX]
3{VDPmRQDPDoDQHWDGDFR]LQKD
'HVWDYH]DSRUWDQmRHVWDYDWUDQFDGD$PDoDQHWDYLURXIDFLOPHQWH
1mRHQWUHDtVXDLGLRWD&KDPHDSROtFLD
(GL]HURTXr"4XHHXEDWLjSRUWDHQLQJXpPDWHQGHX"4XHGHSRLVFRPHFHLDHVSLDUSHODVMDQHODVH
YLDOJXpPDQGDQGROiGHQWUR"
1mRSDUHFHWmRUXLP
3DUHFHVLP$OpPGLVVRHXWHULDGHHQFRQWUDUXPWHOHIRQH4XDQGRHQFRQWUDVVHRTXHTXHUTXH
HVWLYHVVH DFRQWHFHQGR DJRUD Mi SRGHULD WHU DFDEDGR (X SRGHULD SHUGHU PLQKD ~QLFD RSRUWXQLGDGH
GH
'HTXr"
(PSXUURX D YR] SDUD ORQJH 'HSRLV DEULX D SRUWD 7LQKD HVSHUDGR TXH HOD JXLQFKDVVH
HVWULGHQWHPHQWHPDVVHDEULXFRPVLOrQFLRQRWiYHO(QWURXQDFR]LQKDHGHL[RXDSRUWDDEHUWD$VVLP
HUDPHOKRUSDUDRFDVRGHXPDIXJDUiSLGD
±1DQF\".DWK\"
/HYRX D PmR j ERFD 1mR WLQKD TXHULGR GL]HU LVVR .DWK\ QmR HVWDYD DOL -HVVLFD GHVHMDYD
DUGHQWHPHQWH TXH HVWLYHVVH PDV WHULD VLGR VLPSOHV GHPDLV .DWK\ QmR HVWDYD DOL ( VH HVWLYHVVH
FHUWDPHQWHQmRWHULDPHGRGHDEULUDSRUWDSDUDDLUPm.DWK\6XDLUPmPDLVQRYD$LUPmTXHWLQKD
VRUULVROXPLQRVR$LUPmTXHHODDPDYD
$LUPmTXHYRFrGHL[RXVHDIDVWDU$LUPmHPFXMDFDUDYRFrGHVOLJRXRWHOHIRQHLPSDFLHQWHQD
QRLWHHPTXHHODGHVDSDUHFHX
'XUDQWH YiULRV PLQXWRV -HVVLFD DSHQDV ILFRX QD FR]LQKD 1mR RXYLD TXDOTXHU VRP H[FHWR SRU
DTXHOHV JULORV HQORXTXHFHGRUHV 1HQKXP EDUXOKR GH iJXD GH WRUQHLUD RX GH FKXYHLUR 1LQJXpP
DQGDQGRjVSUHVVDV1HQKXPSDVVR$EULXDEROVDHSHJRXDFDUWHLUDTXHHVWDYDGHQWUR&DUWHLUDGH
PRWRULVWDHYiULRVFDUW}HVGHFUpGLWR±WXGRHPQRPHGH1DQF\6HUDW9LURXDVDEDVDWpDSDUWHGH
WUiVHSDURXGHUHSHQWHGLDQWHGHXPDIRWR
$IRWR$IRWRGDVFROHJDVGHLUPDQGDGH$~OWLPDIRWRGH.DWK\
/DUJRXDFDUWHLUDFRPRVHIRVVHXPDQLPDOFRPHVFDPDV&KHJDGLVVHDVLPHVPD)RLHPGLUHomR
j OX] 8P GRV VHXV SpV GHVOL]RX SDUD D IUHQWH R RXWUR R VHJXLX (P TXHVWmR GH VHJXQGRV -HVVLFD
HVWDYDQDHQWUDGDGRRXWURF{PRGR+DYLDXPDIUHVWDDEHUWDSHUPLWLQGRTXHDOX]VHSURMHWDVVH(OD
HPSXUURXDSRUWDHHQWURXDJDFKDGDFRPRXPSROLFLDODUPDGRSUHSDUDQGRVHSDUDRSLRU
(RTXHYLXIRLPHVPRRSLRU
&DPEDOHRXSDUDWUiV
±0HX'HXV
1DQF\HVWDYDFDtGDGHFRVWDVDVPmRVGRVODGRVGRFRUSRRVROKRVSURMHWDGRVFRPRGXDVERODV
GHJROIHHQFDUDQGR-HVVLFD2URVWRHUDGHXPD]XODUUR[HDGRFRPRXPKHPDWRPDJLJDQWH$ERFD
HVWDYD HVFDQFDUDGD H UHWRUFLGD HP SXUD DJRQLD$ OtQJXD SHQGLD SDUD IRUD FRPR XP SHL[H PRUWR
7RGR R URVWR GH 1DQF\ 6HUDW DLQGD HVWDYD FRQJHODGR QXPD H[SUHVVmR TXH JULWDYD H LPSORUDYD SRU
R[LJrQLR8PDILQDOLQKDGHVDOLYDDLQGDPROKDGDVHJUXGDYDDRTXHL[R
8P FRUGmR ± QmR HUD XP ILR PHWiOLFR ± HVWDYD HQURODGR QR SHVFRoR GH 1DQF\ SUDWLFDPHQWH
LQYLVtYHO$PDLRUSDUWHGHOHKDYLDFRUWDGRDSHOHHHVWDYDFUDYDGDQDFDUQH8PDOLQKDGHVDQJXH
PDUFDYDRSRQWRRQGHRILRKDYLDSHQHWUDGR
-HVVLFD ILFRX ROKDQGR SHUGLGD 2 PXQGR GHVDSDUHFHX SRU YiULRV LQVWDQWHV GHL[DQGR DSHQDV XP
UDVWURGHKRUURU(ODDSDJRXGDPHQWHRVSDVVRVUiSLGRVGHTXDQGRWRFDUDDFDPSDLQKD(VTXHFHXVH
GDSHVVRDTXHKDYLDFUX]DGRRIDFKRGHOX]
1mR RXYLX RV SDVVRV VH DSUR[LPDQGR$LQGD SUHVD j H[SUHVVmR QR URVWR GH 1DQF\ LQFDSD] GH
DIDVWDURVROKRVVHQWLXXPDGRUV~ELWDHLQWHQVDQDFDEHoD9LXFODU}HVEUDQFRV2FRUSRVHGREURXH
WRPERXSDUDDIUHQWH8PWRUSRUHXPIRUPLJDPHQWRYLHUDPHPVHJXLGD
(GHSRLVQDGD
 

268-(,72'2&+$3e86$%,$RTXHHVWDYDID]HQGR
±)LTXHDOJXQVSDVVRVDWUiVGHPLP±URVQRXSDUDRKRPHPGRELJRGH
1RHVWDFLRQDPHQWRRGRFKDSpXHRIRUWmR TXHSDUDIHOLFLGDGHGH0\URQSDUHFLDWHUSHUGLGRR
HPSUHJR  WLQKDP VXEHVWLPDGR 0\URQ 2 GR FKDSpX QmR FRPHWHULD R PHVPR HUUR GXDV YH]HV 1mR
DSHQDV PDQWLQKD RV ROKRV H D DUPD IL[RV QHOH FRPR HVWDYD VH FHUWLILFDQGR GH TXH %LJRGH R QRYR
SDUFHLURILFDVVHFRP(VSHUDQ]DDXPDGLVWkQFLDVHJXUD
(VSHUWR
0\URQ TXHULD ID]HU DOJXPD FRLVD PDV PHVPR VHX PRYLPHQWR PDLV SUHFLVR VHULD LQ~WLO QDTXHOD
FLUFXQVWkQFLD6HFRQVHJXLVVHDUUDQFDUDDUPDGRFDUDGRFKDSpXGHMHLWRQHQKXPFRQVHJXLULDYLUiOD
SDUD%LJRGHDQWHVGHRVXMHLWRDWLUDUQHOHRXHP(VSHUDQ]D
7HULD GH ILFDU DOHUWD H HVSHUDU 6DELD R TXH %LJRGH H R GR FKDSpX SUHWHQGLDP 1mR WLQKDP VLGR
FRQWUDWDGRVSDUDOKHSDJDUXPVRUYHWHHQVLQDUGDQoDGHVDOmRRXPHVPRHVSDQFiOR1mRGHVWDYH]
±'HL[HDLU±GLVVH0\URQ±(ODQmRWHPQDGDDYHUFRPLVVR
±&RQWLQXHDQGDQGR±UHVSRQGHXRGRFKDSpX
±9RFrVQmRSUHFLVDPGHOD
±$QGDQGR
±7DOYH]HXTXHLUDXPDFRPSDQKLDSDUDPDLVWDUGH±%LJRGHIDORXSHODSULPHLUDYH]HPWRPGH
]RPEDULD
(P VHJXLGD SDURX H DSHUWRX D DUPD FRQWUD D ERFKHFKD GLUHLWD GH (VSHUDQ]D HQTXDQWR ODPELD D
HVTXHUGD±ODPELDGHYHUGDGHFRPRXPDYDFD(VSHUDQ]DVHHQULMHFHX%LJRGHROKRXSDUD0\URQ
±6HULDXPSUREOHPDSDUDYRFrPHXFKDSD"
0\URQVDELDTXHDVSDODYUDVHUDPVXSpUIOXDVRXSUHMXGLFLDLVQHVVHHVWiJLR)LFRXGHERFDIHFKDGD
9LUDUDPXPDHVTXLQD2IHGRUGHOL[RHUDDYDVVDODGRU$SLOKDWLQKDSHORPHQRVGRLVPHWURVGH
DOWXUD GRV GRLV ODGRV GH XP EHFR HVWUHLWR 2 GR FKDSpX H[DPLQRX UDSLGDPHQWH D iUHD 3DUHFLD
DEDQGRQDGD
±$QGD±GLVVHGDQGRRXWUDFXWXFDGDHP0\URQFRPDDUPD±3DUDRILPGREHFR
0\URQVHQWLXFRPRVHHVWLYHVVHDQGDQGRQDSUDQFKDGHXPQDYLRSLUDWD7HQWRXLURPDLVGHYDJDU
SRVVtYHO
±2TXHYDPRVID]HUFRPHVWDJDWD"±SHUJXQWRX%LJRGH
2GRFKDSpXMDPDLVDIDVWDYDRROKDUGH0\URQ
±(ODYLXDJHQWHeWHVWHPXQKD
±0DVDJHQWHQmRIRLFRQWUDWDGRSUDDSDJDUHOD±JHPHXR%LJRGH
±(GDt"
±(GDtTXHQmRYDPRVGHVSHUGLoDUXPDFRLVLQKDGHVVDV±GLVVHVRUULQGR±$LQGDPDLVTXDQGRD
JHQWHSRGHFRPHUHODSULPHLUR
%LJRGHULXGDSUySULDVXJHVWmR2GRFKDSpXQmR(OHGHXXPSDVVRDWUiVDSRQWDQGRDDUPDSDUD
DVFRVWDVGH0\URQ
0\URQ VH YLURX SDUD HQFDUiOR (VWDYDP VHSDUDGRV SRU XQV GRLV PHWURV$WUiV GH 0\URQ ILFDYD
XPDSDUHGH1mRKDYLDURWDGHIXJD$MDQHODPDLVSUy[LPDHVWDYDDSHORPHQRVTXDWURPHWURVGR
FKmR(OHQmRWLQKDHVSDoRSDUDVHPH[HU
 2GRFKDSpXOHYDQWRXDDUPDDWpTXHHODHQFDUDVVH0\URQ0\URQQmRSLVFRX2OKRXQRVROKRVGR
FDUDGRFKDSpX
(HQWmRHOHVVXPLUDP2VROKRVGRFDUDGRFKDSpXVXPLUDP-XQWRFRPPHWDGHGDFDEHoD
$EDODKDYLDDUUHEHQWDGRRFUkQLRUDFKDQGRDFDEHoDFRPRVHIRVVHXPFRFR(OHGHVOL]RXSDUDR
FKmRRFKDSpXIOXWXDQGRDWUiV
8PDEDODGXQGXP
%LJRGHJULWRXHODUJRXDDUPDHUJXHQGRDVPmRV
±(XPHUHQGR
0\URQFRUUHXSDUDDIUHQWH
±1mR(OHVHUHQ
0DV RXWUR WLUR IRL GLVSDUDGR 2 URVWR GR %LJRGH VXPLX QXP MRUUR GH QpYRD YHUPHOKD 0\URQ
SDURXIHFKDQGRRVROKRV%LJRGHVHMXQWRXDRGRFKDSpXQRFKmRLPXQGR(VSHUDQ]DFRUUHXSDUDVH
DEUDoDUD0\URQ2VGRLVVHYLUDUDPSDUDDHQWUDGDGREHFR
:LQ DSDUHFHX H[DPLQDQGR VHX WUDEDOKR FRPR VH IRVVH XPD HVWiWXD GD TXDO QmR WLQKD FHUWH]D VH
JRVWDYD 9HVWLD WHUQR FLQ]D D JUDYDWD YHUPHOKD DLQGD FRP R Qy LPSHFiYHO 2 FDEHOR ORXUR HVWDYD
DUUXPDGRFRQVHUYDGRUSDUWLGRFRPRVHPSUHGRODGRHVTXHUGR$VIDFHVHVWDYDPURVDGDVHKDYLD
XPOHYHVRUULVRQRURVWR$FRQWLQXDYDHPVXDPmRGLUHLWD
±%RDQRLWH±GLVVHHOH
±+iTXDQWRWHPSRYRFrHVWDYDDTXL"±SHUJXQWRX0\URQ
1mRWLQKDYLVWR:LQTXDQGRVDtUDPGRHVW~GLRGH/XF\PDVVDELDTXHHOHHVWDYDDOL&RP:LQ
YRFrVLPSOHVPHQWHVDELD(UDXPDGDVFRQVWDQWHVGDYLGD
±&KHJXHLTXDQGRYRFrVHQWUDUDPQDTXHOHDQWURGHPiUHSXWDomR±GLVVH:LQFRPXPVRUULVR±
0DVTXHULDTXHPLQKDHQWUDGDWLYHVVHXPDUGHGUDPDWLFLGDGH
0\URQVROWRX(VSHUDQ]D
±ePHOKRULUPRVDQGDQGR±GLVVH:LQ±$QWHVTXHDVDXWRULGDGHVFKHJXHP
$IDVWDUDPVHGRVFDGiYHUHVHPVLOrQFLR(VSHUDQ]DHVWDYDWUHPHQGR0\URQWDPEpPQmRVHVHQWLD
WmREHP6y:LQQmRSDUHFLDSHUWXUEDGRSHORTXHRFRUUHUD(QTXDQWRVHDSUR[LPDYDPGRFDUURD
PHVPDSURVWLWXWDJRUGDYHVWLGDFRPRPDFDFmRDSHUWDGRGHPDLVVHDSUR[LPRXGH:LQ
±(LTXHULGRTXHUXPERTXHWH"&LQTXHQWDSUDWDV
:LQROKRXSDUDHOD
±3UHIHULULDTXHPHXVrPHQIRVVHVXJDGRSRUXPFDWHWHU
±7XGREHP±GLVVHDJDURWD±4XDUHQWDSUDWDV
:LQJDUJDOKRXHFRQWLQXRXDQGDQGR
 

±72'$6$681,'$'(6$&5(675((77RGDVDVXQLGDGHV$FUH6WUHHW
3DXO'XQFDQRXYLXRFKDPDGRHPVHXUiGLRGDSROtFLD(VWDYDDSRXFRVTXDUWHLU}HVGRORFDOPDV
DTXHOD QmR HUD D VXD iUHD /RQJH GLVVR (OH FHUWDPHQWH QmR SRGHULD DWHQGHU 6y DWUDLULD DWHQomR H
LQFLWDULDSHUJXQWDV3HUJXQWDVGRWLSRRTXHHOHHVWDYDID]HQGRDOL"
$VSHoDVFRPHoDYDPDVHHQFDL[DU)UHG1LFNOHURHGLWRUGDTXHODVUHYLVWDVEDUDWDVKDYLDOLJDGR
PDLVFHGRSDUDHOH2TXH)UHGGLVVHUDD3DXOH[SOLFDYDPXLWDFRLVD1mRWXGR1HPGHORQJH0DV
DJRUD HOH HQWHQGLD R FRPSRUWDPHQWR GH -HVVLFD QD RXWUD QRLWH (OD ILFDUD VDEHQGR VREUH D IRWR GH
.DWK\0\URQ%ROLWDUGHYLDWHUFRQWDGR
0DVFRPR0\URQKDYLDREWLGRXPH[HPSODU"
1mRLPSRUWDYD1mRPHVPR2TXHLPSRUWDYDDJRUDHUDTXH0\URQ%ROLWDUHVWDYDHQYROYLGR1mR
SRGLD VXEHVWLPiOR -HVVLFD Mi HUD XP Sp QR VDFR JUDQGH R EDVWDQWH 0DV DJRUD WLQKD 0\URQ D VHX
ODGRHSURYDYHOPHQWH:LQ/RFNZRRGRSVLFyWLFRGDGXSODGLQkPLFD3DXOVDELDXPSRXFRVREUHR
DQWLJRWUDEDOKRGHOHVFRPRVIHGHUDLV1mRPXLWR0\URQH:LQVySUHVWDYDPFRQWDVDRDOWRHVFDOmR
GRJRYHUQR2WUDEDOKRGRVGRLVHUDTXDVHVHPSUHVHFUHWR0DV3DXOFRQKHFLDDUHSXWDomRGHOHV,VVR
EDVWDYD
8P FDUUR GD SROtFLD SDVVRX UDSLGDPHQWH FRP DV VLUHQHV EHUUDQGR 3URYDYHOPHQWH LQGR SDUD R
Q~PHUR  GD $FUH 6WUHHW 3DXO DXPHQWRX R YROXPH GR UiGLR 4XHULD RXYLU FDGD SDODYUD TXH
GLVVHVVHP
3HQVRX VH GHYHULD OLJDU SDUD &DURO PDV R TXH SRGHULD OKH GL]HU" (OD QmR IRUD HVSHFtILFD DR
WHOHIRQHVyFRQWDUDVREUHRUHFDGRGH1DQF\SDUD-HVVLFD(QWmRRTXH-HVVLFDVDELD"&RPRKDYLD
GHVFREHUWR"
(RTXH&DURODFDEDULDVHQGRSUHVVLRQDGDDGL]HU"
'XDV DPEXOkQFLDV SDVVDUDP D WRGD D YHORFLGDGH SRU HOH 7DPEpP WLQKDP DV VLUHQHV HP YROXPH
WRWDO 3DXO HQJROLX HP VHFR 4XHULD SDUDU R FDUUR PDV TXHULD DLQGD PDLV LU SDUD R PDLV ORQJH
SRVVtYHO
'H QRYR 3DXO 'XQFDQ SHQVRX HP VHX DPLJR$GDP &XOYHU 0RUWR$VVDVVLQDGR &RP WXGR TXH
KDYLDDFRQWHFLGR3DXOQmRWLYHUDWHPSRGHILFDUGHOXWR
eOXWR
,VVR SRGLD SDUHFHU HVWUDQKR ± 3DXO 'XQFDQ GH OXWR SRU$GDP &XOYHU 6REUHWXGR OHYDQGRVH HP
FRQWDFRPR$GDPKDYLDSDVVDGRDV~OWLPDVSUHFLRVDVKRUDVGHVXDYLGD

ZZZ

:LQH0\URQGHL[DUDP(VSHUDQ]DGLDQWHGRDSDUWDPHQWRTXHHODGLYLGLDFRPDLUPmHDSULPDQD
SDUWHOHVWHGH*UHHQZLFK9LOODJH0\URQDDFRPSDQKRXDWpDSRUWD
±9RFrHVWiEHP"
(OD FRQILUPRX FRP D FDEHoD 6HX URVWR HVWDYD GH XPD SDOLGH] PRUWDO 1mR KDYLD IDODGR XPD
SDODYUDGHVGHRVWLURV
±2:LQ±WHQWRXGL]HU
(ODSDURXEDODQoRXDFDEHoD'HPRURXXPPLQXWRLQWHLURSDUDVHFRQWURODU
 ±(OHQRVVDOYRX±GLVVHSRUILP±$FKRTXHpLVVRRTXHLPSRUWD
±e
±9HMRYRFrGHPDQKm
0\URQUHWRUQRXDRFDUUR/LJRXSDUD-HVVLFD(ODDLQGDQmRHVWDYDHPFDVDPDV0\URQFRQVHJXLX
DFRUGDUDPmHGHOD
(QWmR IRL FRP :LQ DWp XPD ODQFKRQHWH  KRUDV QD 6H[WD$YHQLGD ± XPD GDTXHODV ODQFKRQHWHV
JUHJDVFRPPHQXGRWDPDQKRGHXPURPDQFHGH7ROVWyL:LQHUDYHJHWDULDQR3HGLXXPDVDODGDH
IULWDV0\URQSHGLXXPD&RFDGLHW1mRFRQVHJXLULDFRPHU
'HSRLVGHVHDFRPRGDUHP0\URQSHUJXQWRX
±2TXHDFRQWHFHXFRPR&KD]"
:LQHVWDYDPH[HQGRHPXPFHVWRGHSmRGRUPLGR6HXURVWRUHJLVWURXVHXGHVSUD]HUHHOHDFDERX
VHGHFLGLQGRSRUXPSDFRWLQKRGHELVFRLWRVVDOJDGRV
± 2 6U /DQGUHDX[ IRL GLUHWR GH QRVVR UHVSHLWDGR HVFULWyULR SDUD XP SUpGLR QD 4XLQWD$YHQLGD
Q~PHUR  3HJRX R HOHYDGRU DWp R RLWDYR DQGDU TXH p DOXJDGR SRU 5R\ 2¶&RQQRU H D 7UX3UR
(PSUHHQGLPHQWRV 4XDQGR /DQGUHDX[ HQWURX QR HOHYDGRU HVWDYD FRP R FRQWUDWR DSHUWDGR HQWUH DV
SDWDV 4XDQGR VDLX R FRQWUDWR Mi QmR HUD YLVtYHO 1mR WLQKD EROVRV HP TXH SXGHVVH JXDUGDU WDO
GRFXPHQWR&RQFOXVmRR6U/DQGUHDX[HQWUHJRXRFRQWUDWRDDOJXpPQD7UX3UR(PSUHHQGLPHQWRV
±6HXVSRGHUHVGHGHGXomR±GLVVH0\URQ±(PXPDSDODYUDLQFUtYHLV
:LQVRUULX
±3UHVXPRTXHYRFrHVWHMDVHVHQWLQGRPHOKRU
0\URQGHXGHRPEURV
±1yVGRLVQmRVRPRVLJXDLV±DFUHVFHQWRX:LQ±9RFrFKDPDGHH[HFXomRRTXHHXIL](XFKDPR
GHH[WHUPtQLRGHSUDJDV
±9RFrQmRSUHFLVDYDPDWiOR
±(XTXHULDPDWiOR±GLVVH:LQPRQRWRQDPHQWH±(GXYLGRTXHTXDOTXHUXPGHQyVYiODPHQWDU
DPRUWHGHOHSRUPXLWRWHPSR
9HUGDGHPDVGLVFXWLURDVVXQWRQmRHVWDYDWUDQTXLOL]DQGR0\URQ3UHIHULDGHL[iORGHODGR
±$RQGHR&KD]IRLGHSRLVGD7UX3UR"
:LQGHXXPDPRUGLGDGHOLFDGDQRFDQWRGRELVFRLWR
± $QWHV GH HQWUDU QHVVH DVVXQWR GHYR REVHUYDU TXH DR VDLU GR SUpGLR R 6U /DQGUHDX[ IRL
DFRPSDQKDGR SRU XP KRPHP JUDQGH TXH VH HQFDL[D QD GHVFULomR GR VHX DPLJR $DURQ *UDQGH
&RQILDQWH$WOpWLFR7HUQRVHPFDPLVDÏFXORVHVFXURVDSHVDUGHRVROMiWHUVHSRVWR
±3DUHFHR$DURQ
± 2V GRLV VH VHSDUDUDP QD UXD$DURQ HQWURX QXPD OLPXVLQH &KD] /DQGUHDX[ DQGRX DWp R +RWHO
2PQL
±4XH2PQL"±SHUJXQWRX0\URQ+DYLDYiULRVHP0DQKDWWDQ
±2TXHILFDSHUWRGR&DUQHJLH+DOO/DQGUHDX[VHHQFRQWURXFRPDPmHQRVDJXmR2HQFRQWURGRV
GRLVIRLEDVWDQWHFRPRYHQWH0mHHILOKRVHDEUDoDUDP2VGRLVHVWDYDPFKRUDQGR
±+XP
$JDUoRQHWHFKHJRXFRPDFRPLGDHDEHELGD3RXVRXDVQDPHVDFRoRXDEXQGDFRPXPOiSLVH
YROWRXjFR]LQKD
±(DRQGHHOHVIRUDPGHSRLV"
±6XELUDP3HGLUDPVHUYLoRGHTXDUWR
 0\URQSHQVRXXPPRPHQWR
±2TXHDPmHGR&KD]HVWiID]HQGRIRUDGD)LODGpOILD"
± (X SUHVXPLULD ± GLVVH :LQ SHJDQGR XP JXDUGDQDSR H DEULQGRR QR FROR ± EDVHDGR QR
GHVHVSHURGHDPERVTXH)UDQN$FKHSHJRX&KD]/DQGUHDX[XVDQGRXPDSHVVRDGDIDPtOLD
±6HTXHVWUR"
:LQGHXGHRPEURV
±eXPDSRVVLELOLGDGH)UDQNDFDEDGHPDQGDUGRLVKRPHQVPDWDUHPYRFr'XYLGRPXLWRTXHHOH
WLYHVVHHVFU~SXORVHPID]HUXPVHTXHVWURHPXPEDLUURSREUH
6LOrQFLR
±(VWDPRVPH[HQGRHPXPYHVSHLUR±GLVVH0\URQ
±(VWDPRV8PYHVSHLURGRVJUDQGHV
&KD]WLQKDXPDIDPtOLDJUDQGH6H)UDQNTXLVHVVHPHVPRDWLQJLORSHJDULDXPGRVLUPmRV
±9DPRVUHVROYHULVVRDPDQKm±GLVVH0\URQ±0DUTXHLXPHQFRQWURFRP+HUPDQ$FKH'XDV
KRUDV1ROXJDUGHVHPSUH
±(XGHYRFRPSDUHFHU"
±6HPG~YLGD
:LQFRPHXVXDVDODGD
±9RFrVDEHTXHLVVRQmRYDLVHUIiFLO
0\URQDVVHQWLX
±+HUPDQ$FKHQmRJRVWDGHLQWHUYLUQRVQHJyFLRVGRLUPmR
±(XVHL
:LQSRXVRXRJDUIR
±6HYRFrPHSHUPLWLUDRXVDGLDGHXPDVXJHVWmR
±(VWRXRXYLQGR
±)UDQN$FKHPDQGRXGRLVSURILVVLRQDLVDWUiVGHYRFr$PRUWHGHOHVQmRYDLGLVVXDGLORGHWHQWDU
GHQRYR
±$Km(TXDOpDVXDVXJHVWmR"
±(YLWDUDVSHUGDV)D]HUXPDWURFD9RFrGHL[DTXHHOHVILTXHPFRPR/DQGUHDX[(OHVFDQFHODP
RSUrPLRSHODVXDFDEHoD
±1mRSRVVRID]HULVVR
±3RGH0DVHVWiRSWDQGRSRUQmRID]HU
±0HUDTXHVWmRGHHVFROKDGHSDODYUDV
±9RFrQmRSUHFLVDDMXGiOR
±(XTXHURDMXGiOR
:LQVXVSLURX
±'HYHPRVWHQWDULOXPLQDUDWpPHVPRRVTXHSUHIHUHPSHUPDQHFHUQDHVFXULGmR9RFrMiWHPXP
SODQR"
±$LQGDHVWRXWUDEDOKDQGRQLVVR
±$UGXDPHQWH"
0\URQDVVHQWLX
±1HVVHPHLRWHPSR±GLVVH:LQ±RTXHGHVFREULXFRPDIRWyJUDID"
0\URQRFRORFRXDSDUGRHQFRQWURFRP/XF\
±(TXHPFRPSURXDVIRWRV"
 ±8PQRPHPHYHPjPHQWH±UHVSRQGHX0\URQ
±4XHP"
±$GDP&XOYHU
±2SDLGH.DWK\"
0\URQDVVHQWLX
±3HQVHEHP2FRPSUDGRUWLQKDPDLVGHDQRV4XLVWRGDVDVFySLDVHWRGRVRVQHJDWLYRVQR
DWR1mRGHL[RXQDGDDRDFDVR
±8PSDLSURWHJHQGRDILOKD"
±)D]VHQWLGR±GLVVH0\URQ
± 0DV .DWK\ HVWDYD GHVDSDUHFLGD KDYLD PDLV GH XP DQR &RPR$GDP &XOYHU GH UHSHQWH ILFRX
VDEHQGRGDVIRWRV"
±7DOYH]VRXEHVVHRWHPSRWRGR
±(QWmRSRUTXHGHPRURXWDQWRSDUDFRPSUiODV"
0\URQGHXGHRPEURV
±6DEHUHPRVPDLVDPDQKm9RXPDQGDU(VSHUDQ]DDRHVW~GLRFRPXPDIRWRGH$GDP&XOYHUSDUD
YHUVH/XF\RUHFRQKHFH
:LQFRPHXPDLVXPSRXFRGHVDODGD
±eXPDHYROXomREHPHVWUDQKDSDUDRFDVR
±e
±0DV±:LQFRPHoRXDGL]HUPDVSDURXSDUDWHUPLQDUGHPDVWLJDU±(LVXPGHWDOKHTXHWDOYH]
YRFrQmRWHQKDFRQVLGHUDGRVH$GDP&XOYHUFRPSURXWRGRVRVQHJDWLYRVHIRWRJUDILDVSDUDSURWHJHU
DILOKDFRPRXPDIRWRIRLSDUDUQDTXHODUHYLVWD"
0\URQKDYLDFRQVLGHUDGR6yQmRWLQKDUHVSRVWD
$ JDUoRQHWH YROWRX WUD]HQGR D FRQWD 0\URQ SDJRX SHORV GRLV 1R WRWDO  GyODUHV $
JHQHURVLGDGHHPSHVVRD)RUDPSDUDRQRUWHGH0DQKDWWDQ:LQPRUDYDQRHGLItFLR6DQ5HPRGH
IUHQWHSDUDR&HQWUDO3DUN:HVW0XLWRFKLTXH(VWDYDPQD5XDTXDQGRRWHOHIRQHGRFDUURWRFRX
0\URQROKRXVHX6ZDWFKFRORULGR3UHVHQWHGH(VSHUDQ]D
3DVVDYDGDPHLDQRLWH
±0HLRWDUGHSDUDOLJDUHPSDUDVHXFDUUR±REVHUYRX:LQ
0\URQDWHQGHX
±$O{"
$YR]IRLUiSLGD
±%ROLWDUpR-DNH&RXUWHU9HQKDFRUUHQGRSDUDR+RVSLWDO6W%DUQDEDVHP/LYLQJVWRQDJRUD
±2TXHDFRQWHFHX"
±6yYHQKDSDUDFi$JRUD
 

±5(&(%(0262&+$0$'232592/7$ GDVRQ]HHPHLD±GLVVH-DNHOHYDQGR0\URQSHORVDJXmRGR
6W%DUQDEDV$H[SUHVVmRQRURVWRGH-DNHHUDLPSDVVtYHORVROKRVYHUPHOKRVHLQFKDGRV3DVVDUDP
UDSLGDPHQWHSHOREDOFmRFLUFXODUGDUHFHSomRHHVSHUDUDPXPHOHYDGRU
±-HVVLFDHVWiEHP"±SHUJXQWRX0\URQ
± 9DL ILFDU ± UHVSRQGHX 'HSRLV -DNH DFUHVFHQWRX ± *RVWDULD GH SRGHU GL]HU R PHVPR VREUH
1DQF\6HUDW
±2TXHDFRQWHFHX"
±)RLHVWUDQJXODGDFRPXPILRGHDoR
2HOHYDGRUFKHJRX-DNHDSHUWRXRERWmRGRTXLQWRDQGDU
±4XDQGRQLQJXpPDWHQGHXDSRUWD-HVVLFDHQWURXSHORVIXQGRV2DVVDVVLQRDLQGDGHYLDHVWDUOi
(OHDQRFDXWHRXHIXJLX4XDQGRHODYROWRXDVLOLJRXSDUDQyV(XGLULDTXHHODWHYHEDVWDQWHVRUWH
HPQmRWHUVLGRPRUWD
$SRUWDGRHOHYDGRUVHDEULXFRPXPGLQJ
±(PTXHTXDUWRHODHVWi"±SHUJXQWRX0\URQ
±1R
0\URQGLVSDURXSHORFRUUHGRU9LURXDHVTXLQD-HVVLFDHVWDYDQDFDPDRURVWRFLQ]HQWR+DYLD
XPPpGLFRDRODGRSUHSDUDQGRXPDLQMHomR-DNHFKHJRXDWUiVGH0\URQPDVILFRXSHUWRGDSRUWD
$YR]GHODHVWDYDHQJURODGD
±0\URQ"
± (VWRX DTXL ± GLVVH HOH VHJXUDQGR VXD PmR (OD SDUHFLD SHTXHQD IUiJLO H VR]LQKD ± 1mR YRX
HPERUD
2PpGLFRDSOLFRXDLQMHomR
±9RFrSUHFLVDGHVFDQVDU±GLVVHHOH
±(VWRXEHP±LQVLVWLX-HVVLFDVHPIRUoDV±4XHURLUHPERUD
±$FKDPRVPHOKRUYRFrSDVVDUDQRLWHDTXLHPREVHUYDomR
±0DV
±(VFXWHRTXHHOHGL]-HVV±LQWHUURPSHX0\URQ±1mRKiQDGDTXHSRVVDPRVID]HUHVWDQRLWH
$GURJDFRPHoRXDID]HUHIHLWR2VROKRVGHODHVWUHPHFHUDP
±1DQF\
±7XGREHP±WUDQTXLOL]RX0\URQ
±2URVWRGHODHVWDYDD]XODGR
±6KKK
-HVVLFDGHVOL]RXSDUDDLQFRQVFLrQFLD0\URQROKRXSDUDRPpGLFR
±(ODYDLILFDUEHP"
±9DL$FKRTXHRFKRTXHSHORTXHYLXIRLPXLWRSLRUGRTXHDSDQFDGDQDFDEHoD
-DNHS{VDPmRQRRPEURGH0\URQ
±9HQKDHXSDJRRFDIp
±4XHURILFDUDTXL
±9RFrSRGHYROWDUGHSRLV$JRUDWHPRVGHFRQYHUVDU
0\URQROKRXSDUD-HVVLFD&DtUDHPXPVRQRSURIXQGR
 ±(ODYDLGRUPLUXPWHPSR±JDUDQWLXRPpGLFR
6HJXLUDPHPVLOrQFLRSHORFRUUHGRUHSHJDUDPRHOHYDGRUGHYROWDDRVDJXmR2OXJDUWLQKDFKHLUR
GH KRVSLWDO ± DTXHOD PLVWXUD ~QLFD GH DQWLVVpSWLFR H FRPLGD KRVSLWDODU :LQ KDYLD HVWDFLRQDGR R
FDUURHDJRUDHVWDYDVHQWDGRQDUHFHSomR/HYDQWRXVHDRYrORV
±$TXHOHpRVHXDPLJR:LQ"±SHUJXQWRX-DNHLQGLFDQGRFRPRTXHL[R±2WDOGHTXHP37PH
IDORX"
±e
±'LJDSDUDHOHILFDUDTXL4XHURIDODUFRPYRFrDVyV
0\URQIH]XPVLQDOSDUD:LQTXHDVVHQWLXHVHQWRXVHGHQRYRSHJDQGRXPMRUQDOHFUX]DQGRDV
SHUQDV-DNHROKRXRSRUXPPLQXWR
±(OHpWmRPDOXFRTXDQWRR37GL]"
±eLVVRDt
±9HQKD
3HJDUDPRFDIpHHQFRQWUDUDPXPDPHVDQRFDQWR
±$ SHUtFLD HVWi H[DPLQDQGR D FDVD GH 1DQF\ (OHV YmR PH PDQGDU XP ELS VH DFKDUHP DOJXPD
FRLVD
±(RTXHYRFrVDEHDWpDJRUD"±SHUJXQWRX0\URQ
±1mRPXLWDFRLVD1DQF\SDVVRXRV~OWLPRVGLDVHP&DQF~QSUHVHQWHGHIRUPDWXUDGRVSDLV
±(OHVMiVDEHP"
-DNHEDODQoRXDFDEHoD
±9RXOiGHSRLVGHFRQYHUVDUPRV
6LOrQFLR-DNHRTXHEURX
±(FRPR-HVVLFDVHHQYROYHXQLVVR"
±(ODTXHULDTXHHXLQYHVWLJDVVHRDVVDVVLQDWRGRSDL1mRHQJROLDDYHUVmRGHTXHHOHIRUDPRUWR
QXPDVVDOWRTXHGHXHUUDGR
-DNHDVVHQWLX
±(ODDFKDYDTXHRDVVDVVLQDWRGRSDLWLQKDDOJRDYHUFRPDLUPm±FRQFOXLXRSROLFLDO
±e
±)RLRTXHSHQVHL(VWRXFRPRGRVVLrQRFDUUR
0\URQHUJXHXRFRUSR
±2GRVVLrGRKRPLFtGLRGH$GDP&XOYHU"
±1mRVRXLGLRWD%ROLWDU9RFrFRPHoRXDLQYHVWLJDUGHSRLVGHPHVHV3RUTXr"7LQKDGHVHUR
DVVDVVLQDWRGRSDL9RFrYLXDOJXPDOLJDomRHQWUHRFDVRGHOHHRGDILOKD0DVYRXVHUKRQHVWR(X
QmR YHMR 1DTXHOH GRVVLr QmR Ki QDGD TXH OLJXH RV FDVRV +i DOJXPDV LQFRHUrQFLDV WDOYH] 0DV
QHQKXPDOLJDomR
±4XHWLSRGHLQFRHUrQFLDV"
±$GDP&XOYHUGHYHULDHVWDUHP'HQYHUTXDQGRIRLPRUWR1XPFRQJUHVVRGHPpGLFRVOHJLVWDVQR
+\DWW5HJHQF\0DVQmRDSDUHFHXOiSHUGHXRYRRGHPDQKm
±2GRVVLrGL]RPRWLYR"
±$GDPQmRVHVHQWLXEHP([SOLFDomRUD]RiYHO
±4XHPFRQWRXLVVR"
±$PXOKHUGHOH
3DXVD
 ±2TXHPDLV"
±0DLVQDGD$FHQDGRFULPHHUDXPDUXDFDOPDEHPFRPXP(OHOHYRXXPDIDFDGDQRFRUDomR
±2TXHHOHHVWDYDID]HQGRQDUXD"
±$HVSRVDGLVVHTXHHOHIRLID]HUFRPSUDVQXPDPHUFHDULD
0\URQSHQVRXQLVVRSRUXPPRPHQWR
±&RLVDHVWUDQKDSDUDID]HUTXDQGRYRFrQmRHVWiVHVHQWLQGREHP
±eLVVRpIiFLOGHGL]HUDJRUDDTXLVHQWDGRV0DVRVSROLFLDLVHVWDYDPDWUiVGHXPDVVDOWDQWH
1LQJXpPUHDOPHQWHGHXDPtQLPDSDUDXPYRRSHUGLGRRXRTXHLVVRSRGHULDVLJQLILFDU
±+iDOJXPDWHVWHPXQKDGRDVVDVVLQDWR"
±1HQKXPD2GRVVLrpEHPLQFRQVLVWHQWH
-DNHVHLQFOLQRXSDUDDIUHQWHHQFDUDQGR0\URQTXHQmRGHVYLRXRROKDU
±$JRUD±GLVVH-DNHOHQWDPHQWH±FRPHFHDIDODU(QmRPHYHQKDFRPDTXHODKLVWyULDGH³QmR
TXHUR TXH QLQJXpP VH PDFKXTXH´ e WDUGH GHPDLV SDUD LVVR 3RU TXH DILQDO YRFr HVWi HQYROYLGR
QLVVR"
±-iGLVVH-HVVLFD
-DNH VH LQFOLQRX PDLV SDUD D IUHQWH DWp TXH RV URVWRV ILFDVVHP VHSDUDGRV DSHQDV SRU DOJXQV
FHQWtPHWURV
±3DUHGHPHHQURODU±URVQRX±1mRVRXFHJR'iSDUDYHUTXH-HVVLFD&XOYHUpXPPXOKHUmR
0DVQmRFRPHFHFRPDTXHOHSDSRGHTXHYRFrGHFLGLXGHL[DUWXGRGHODGRSDUDDMXGiOD9RFrQmR
HVWiWmRQDSLRUDVVLP
±7DPEpPKDYLDR&KULVWLDQDFRQVLGHUDU±GLVVH0\URQ
±2TXHHOHWHPDYHU"
±eRPHXSULQFLSDOFOLHQWH$LQGDHVWiSHUWXUEDGRFRPRGHVDSDUHFLPHQWRGDQRLYD
-DNHVROWRXXPDIXQJDGHOD
±eSRGHDSRVWDU
±2TXHYRFrTXHUGL]HUFRPLVVR"
±4XHURGL]HUTXHQmRHVWRXFRQYHQFLGRGHTXH&KULVWLDQVHMDFRPSOHWDPHQWHLQRFHQWH
±0DVYRFrGLVVHTXHRWHVWHGH'1$GRVrPHQ
±1mRHVWRXGL]HQGRTXHHOHDHVWXSURX
±(QWmRHVWiGL]HQGRRTXr"
± 4XH HOH SRGH HVWDU HQYROYLGR 6HX FOLHQWH QmR WLQKD XP iOLEL VyOLGR SDUD D KRUD GR
GHVDSDUHFLPHQWR(OHGL]TXHIRLSDUDFDPDjVGDQRLWHPDVQLQJXpPSRGHFRQILUPDU
±(OHWHPXPTXDUWRLQGLYLGXDO±UHVSRQGHX-DNH±4XHPYDLFRQILUPDUTXHHOHHVWDYDQDFDPDVH
HOHPRUDVR]LQKR"
±eVXVSHLWR
±&RPR".DWK\&XOYHUIRLYLVWDHQWUDQGRQRYHVWLiULRGRWLPHGHSRLVGDVGDQRLWHFHUWR"
-DNHDVVHQWLX
±(YRFrVDEHTXH&KULVWLDQHVWDYDHPUHXQLmRFRPRDVVLVWHQWHWpFQLFRDWpDVK±FRQWLQXRX
0\URQ±,VVRIRLFRQILUPDGR
±0DVRiOLELWHUPLQDDt
±'HSRLVGLVVRHOHIRLSDUDFDPD.DWK\IRLYLVWDDQGDQGRGRRXWURODGRGRFDPSXVjVK1mR
YHMRQHQKXPDOLJDomR
±7DOYH]QmRKDMD±GLVVH-DNHVLPSOHVPHQWH±0DVHOHpRQDPRUDGR2QDPRUDGRVHPSUHpXP
VXVSHLWRLPSRUWDQWH(WHPRXWUDFRLVD
±2TXr"
±2VFROHJDVGHWLPHGHOH
±2TXHpTXHWHP"
-DNHWHUPLQRXGHWRPDURFDIp%DWHXQRIXQGRGRFRSLQKRSDUDEHEHUDV~OWLPDVJRWDV
±(OHVFRRSHUDUDPDFKRPDVDVGHFODUDo}HVGHDOJXQVGHOHVIRUDPWUHPHQGDPHQWHYDJDV1DGD
TXH HX SXGHVVH LGHQWLILFDU PDV DOJXQV SDUHFLDP PDLV QHUYRVRV GR TXH GHYHULDP &RPR VH
HVWLYHVVHP HQFREULQGR DOJXPD FRLVD &RPR VH WDOYH] VRPHQWH WDOYH] HVWLYHVVHP SURWHJHQGR R
TXDUWHUEDFNDVWURDQWHVGRJUDQGHMRJR
6y TXH QLQJXpP GR WLPH JRVWDYD GH &KULVWLDQ SHQVRX 0\URQ 2V FROHJDV QmR LULDP VH HVIRUoDU
SDUDSURWHJrOR1DYHUGDGHIDULDPRFRQWUiULR
(QWmRSRUTXHHVWDULDPQHUYRVRV"
-DNHVHUHFRVWRXHVRUULXPXGDQGRGHWiWLFD
±$JRUD 0\URQ HX HVWRX VHQGR XP DPRU QmR p" &RQWHL WXGR R TXH VHL H YRFr DLQGD HVWi PH
HPEURPDQGR,VVRQmRpOHJDO$OJXPDFRLVDTXHYRFrDLQGDQmRPHFRQWRXFRORFRXXPDEHODSXOJD
DWUiVGDVXDRUHOKD%RPHXYLVLWHLQRVVRDPLJRRYLFHUHLWRU*RUGRQKiSRXFDVKRUDVFRPRYRFr
VXJHULX2VXMHLWRIRLFRUGLDODPLJiYHOQHPXPSRXFRPHWLGRDEHVWD2TXHQmRID]RJrQHURGHOH
1DYHUGDGHDFKRTXHHOHHVWDYDVHFDJDQGRGHPHGR(SRUTXr"
±(OHFRQWRXDOJXPDFRLVD"
±$KHOHIRLPXLWRVROtFLWR.DWK\HUDXPDJDURWDPDUDYLOKRVDDOXQDH[HPSODUWUDEDOKDGRUDEOi
EOiEOi$K p 7DPEpP GLVVH TXH VXD H[QDPRUDGD OKH IH] XPD YLVLWD ( SDUHFH TXH OKH SHGLX RV
DUTXLYRVGDLUPm9HMDVy
±1yVHVWiYDPRVWHQWDQGRREWHURPi[LPRGHLQIRUPDomRSRVVtYHO
±6REUHRTXr"
0\URQROKRXSDUDVHXFDIp3DUHFLDiJXDGHHVJRWR
±1DPDQKmHPTXHIRLDVVDVVLQDGR$GDP&XOYHUYLVLWRX1DQF\6HUDW
2VROKRVGH-DNHVHDUUHJDODUDPXPSRXFR
±&RPRYRFrVDEHGLVVR"
±1DQF\GHL[RXXPUHFDGRQDVHFUHWiULDHOHWU{QLFDGH-HVVLFDPDUFDQGRXPHQFRQWURSDUDKRMHjV
GDQRLWH7DPEpPGLVVHTXHWLQKDYLVWR$GDP&XOYHUQDPDQKmGRDVVDVVLQDWR
± -HVXV &ULVWR ± H[FODPRX -DNH FUX]DQGR RV EUDoRV H SRXVDQGRRV QD EDUULJD ± (QWmR$GDP
&XOYHU YLVLWD 1DQF\ 6HUDW GH PDQKm 'HVFREUH DOJXPD FRLVD $OJXPD FRLVD LPSRUWDQWH 7mR
LPSRUWDQWHTXHRID]FDQFHODUDYLDJHP
±7mRLPSRUWDQWH±DFUHVFHQWRX0\URQ±TXHROHYDjPRUWH
-DNHDVVHQWLXSHQVDWLYR
±(QWmRRDVVDVVLQRSUHFLVDVHOLYUDUGDIRQWH
±1DQF\6HUDW
± &HUWR ± GLVVH -DNH (QWmR SDURX XP LQVWDQWH ± 0DV HX LQWHUURJXHL D JDURWD GXUDQWH KRUDV
3HUJXQWHLWXGR
6XD YR] VXPLX H XPD VRPEUD DWUDYHVVRX VHX URVWR 0\URQ VDELD R TXH HOH HVWDYD SHQVDQGR
4XDOTXHUSROLFLDOTXHYDOHVVHDOJXPDFRLVDHVWDULDVHID]HQGRDVPHVPDVSHUJXQWDV6HUiTXHHXIL]
PHUGD"'HL[HLDOJXPDFRLVDHVFDSDU"$JDURWDHVWiPRUWDSRUPLQKDFDXVD"
± 6H 1DQF\ VDELD GH DOJR WmR LPSRUWDQWH ± GLVVH 0\URQ ± R DVVDVVLQR QmR WHULD HVSHUDGR RLWR
PHVHV SDUD VLOHQFLiOD$FKR TXH D FRLVD p XP SRXFR PDLV FRPSOLFDGD GR TXH HVWDPRV SHQVDQGR
$FKRTXH$GDP&XOYHUMiKDYLDMXQWDGRDPDLRUSDUWHGRTXHEUDFDEHoD1DQF\WLQKDD~OWLPDSHoD
XPDSHoDTXHHPVLQmRVLJQLILFDYDQDGDSDUDQLQJXpP$QmRVHUSDUD$GDP&XOYHU
±9RFrHVWiGL]HQGRLVVRVySDUDHXPHVHQWLUPHOKRU"
±1mReFRPRYHMRDFRLVD6HDFKDVVHTXHYRFrKDYLDIHLWRPHUGDGLULD
±9RFrQmRYLXRFRUSRGHOD±GLVVH-DNHEDL[LQKR±(VWUDQJXODPHQWRQmRpXPDFRLVDERQLWD$
SRUFDULDGRILRTXDVHDGHFDSLWRX1mRpDPHOKRUPRUWHTXHVHSRGHWHU0\URQ
-DNHSDURXHEDODQoRXDFDEHoD
± 'HSRLV GH YHU DTXLOR VHL R TXH -HVVLFD WDPEpP HVWi SHQVDQGR SRUTXH ILFR PH SHUJXQWDQGR D
PHVPDFRLVD
±2TXr"±SHUJXQWRX0\URQ
±6HUiTXH.DWK\WHYHXPGHVWLQRVHPHOKDQWH"
6LOrQFLR0\URQWRPRXXPJROHGRFDIp-iHVWDYDIULRPDVHOHQmRUHFODPRX&DIpIULRFRPMHLWR
GHiJXDGHHVJRWRSDUHFLDFRPELQDUFRPDVLWXDomR
± 37 PH FRQWRX WXGR VREUH YRFr ± UHFRPHoRX -DNH ± 'LVVH TXH YRFr HUD LQWHOLJHQWH H TXH HX
SRGLDFRQILDUHPYRFr(OHQmRIDODLVVRVREUHPXLWDVSHVVRDV'LVVHTXHYRFrHRWDOGH:LQHVWmR
HQWUHRVPHOKRUHVTXHH[LVWHP4XHVmRXPSRXFRUHEHOGHVGHPDLVPDVQHVVHPRPHQWRLVVRSRGHVHU
~WLO SDUD PLP 6RX SROLFLDO 3UHFLVR VHJXLU DV UHJUDV 9RFr QmR ,VVR IDFLOLWD DV FRLVDV SDUD YRFr
0DVHVWDPRVIDODQGRGRPHXWHUULWyULRHQmRYRXILFDUSDUDGRTXHQHPXPDSRUUDGHXPILJXUDQWHGH
FLQHPD
(OHS{VDVPmRVQDPHVD(UDPJUDQGHVFDORVDVHQmRWLQKDPDQpLV
±'HPRGRTXHTXHURTXHYRFrPHFRQWHWXGR0\URQ$JRUD6yYRFrHHX$FRLVDQmRYDLVDLU
GDTXLGRXPLQKDSDODYUD1mRHVFRQGDQDGD(QWHQGHX"
0\URQDVVHQWLX
±(QWmRFRPHFHDIDODUJDURWR6RXWRGRRXYLGRV
0\URQSHJRXDUHYLVWDHDHQWUHJRXD-DNH
±7XGRFRPHoRXFRPLVWR
 

26-251$,6'$0$1+­6(*8,17(QmRID]LDPTXDOTXHUPHQomRDRDVVDVVLQDWRGH1DQF\6HUDWPDVR
UiGLR HVWDYD FRPHoDQGR D QRWLFLDU R FDVR GH XPD PXOKHU DVVDVVLQDGD (UD Vy TXHVWmR GH WHPSR
0\URQSHJRXD5RWDSDUDROHVWHDWpYLUDUQD1HZ-HUVH\7XUQSLNHHPGLUHomRDRQRUWH(VWUDGD
SLWRUHVFD 1XP GLD ERQLWR HUD FRPR GLULJLU DWUDYpV GR RHVWH GH %HLUXWH 2 SUREOHPD p TXH DV
SHVVRDV ID]LDP XP MXOJDPHQWR LQMXVWR GH 1RYD -HUVH\ EDVHDGDV QHVVD HVWUDGD (UD FRPR DYDOLDU D
EHOH]DGHXPDPXOKHUSHORWDPDQKRGHVHXVSpV
2UiGLRWRFDYD%LOO\-RHOTXHGHFODUDYD³HXWHDPRGRMHLWRTXHp´)iFLOGHIDODUTXDQGRVHp
FDVDGRFRP&KULVWLH%ULQNOH\
$ VDtGD  RHVWH OHYRXR GLUHWDPHQWH SDUD R HVWDFLRQDPHQWR HP 0HDGRZODQGV ,QWULJDV H
DVVDVVLQDWRV HUDP SXUD GLYHUVmR PDV R TXH SDJDYD DV FRQWDV HUD DJHQFLDU DWOHWDV (OH WLQKD XP
HQFRQWURFRP2WWR%XUNHTXHHVWDYDHVSHUDQGRDUHVSRVWDjVXDH[LJrQFLDFRPUHODomRDRFRQWUDWR
GH&KULVWLDQ0\URQKDYLDSUHSDUDGRXPD
7LQKD SDVVDGR D QRLWH QR KRVSLWDO FRP -HVVLFD WHQWDQGR ILFDU FRQIRUWiYHO QXPD SROWURQD TXH
SRGHULDVHUYLUGHLQVWUXPHQWRGHWRUWXUDPHGLHYDO0DVQmRVHLQFRPRGRX*RVWDYDGHYrODGRUPLU
7UD]LDOHPEUDQoDV(OHPDQWLQKDDHVSHUDQoDGHTXHXPGLDGRUPLVVHPMXQWRVGHQRYRPDVDQRLWH
DQWHULRUQmRIRUDEHPRTXHWLQKDHPPHQWH
-HVV KDYLD DFRUGDGR GXDV KRUDV DWUiV %ULJDQGR ,UULWDGD ([LJLQGR 2X VHMD QRYLQKD HP IROKD
$QWHV TXH VHX LUPmR (GZDUG D OHYDVVH SDUD FDVD 0\URQ FRQWRX D HOD WXGR R TXH VDELD ±
SULQFLSDOPHQWHVREUHDLGDDRHVW~GLRGH/XF\(ODOKHGHXXPDIRWRGRSDLSDUDPRVWUDUD/XF\
0\URQILFRXVXUSUHVRDRYHUTXH-HVVLFDDQGDYDFRPXPDIRWRGRSDLQDFDUWHLUD0DVILFRXPXLWR
PDLVVXUSUHVRDRFDSWDUXPUiSLGRYLVOXPEUHGHXPDIRWRJUDILDWLUDGDTXDWURYHU}HVDWUiV±TXHHOD
WHQWRXSDVVDUVHPTXHHOHYLVVH0DVHOHYLXHVHOHPEURXGRPRPHQWRH[DWRHPTXHIRUDWLUDGD2
~OWLPRILPGHVHPDQDGHOHVHP0DUWKD¶V9LQH\DUG6yRVGRLV%URQ]HDGRVIHOL]HVUHOD[DGRV8P
FKXUUDVFRQDFDVDGHYHUDQHLRGH:LQ2DXJHDQWHVGDLQHYLWiYHOTXHGD
0\URQ QmR WHYH FKDQFH GH WURFDU GH URXSD 3DUHFLD WHU SDVVDGR D QRLWH GHQWUR GH XP FHVWR GH
ODYDQGHULD
2WWR R HVSHUDYD HP VHX FDPDURWH QR HVWiGLR GR 7LWDQV /DUU\ +DQVRQ HVWDYD FRP HOH 2WWR
FXPSULPHQWRX0\URQFRPXPDSHUWRGHPmRRVVXGRHXPVRUULVRODUJR5DGLDQWHFRPRXPUDLRGH
VRO/DUU\OKHGHXXPDFHQRUiSLGR1mRHQFDURX0\URQ1mRHUDGHHVSDQWDU/DUU\+DQVRQHUDXP
VXMHLWRGXUmRJURVVHLURDWpPDVWHQWDYDMRJDUOLPSR1mRJRVWDYDGHWUDSDFHDUHQmRDSURYDYDRTXH
2WWRHVWDYDID]HQGR1DYHUGDGHSDUHFLDSUHIHULUVHIXQGLUFRPDSDUHGHHGHVDSDUHFHU
± 3RU IDYRU 0\URQ ± GLVVH 2WWR DEULQGR RV EUDoRV FRPR XP DSUHVHQWDGRU GH SURJUDPD GH 79
UHFHEHQGRVHXVFRQYLGDGRVGDQRLWH±6HQWHVHRQGHTXLVHU
±6HPSUHXPDQILWULmRSHUIHLWR2WWR
±(XWHQWR0\URQ2EULJDGRSRUQRWDU
±6DUFDVPR2WWR,VVRVHFKDPDVDUFDVPR
2WWRPDQWHYHRVRUULVRLOXPLQDGR6HXFDYDQKDTXHHUDH[DWDPHQWHRPHVPRGHVHPSUHQXQFDPDLV
IHFKDGRRXPDLVUDOR'HYLDDSDUiORWRGRGLDSHQVRX0\URQ6HQWDUDPVHHPGXDVFDGHLUDVYLUDGDV
SDUDRFDPSR/LQKDGDVMDUGDV4XDOTXHUWRUFHGRUPDWDULDSRUDTXHOHVOXJDUHV/iHPEDL[RRV
MRJDGRUHV HVWDYDP HVSDOKDGRV QR FDPSR 0\URQ YLX &KULVWLDQ DQGDQGR SDUD D ODWHUDO (VWDYD VHP
FDSDFHWH D FDEHoD HUJXLGD &KULVWLDQ QmR VDELD GR DVVDVVLQDWR GH 1DQF\ 6HUDW ± R QRPH GHOD QmR
IRUDGLYXOJDGR±PDVORJRORJRRVMRUQDOLVWDVHVWDULDPHPFLPDGHOH0\URQVySRGLDSURWHJrORDWp
FHUWRSRQWRPDVWLQKDHVSHUDQoDVGHTXHDQRWtFLDGDDVVLQDWXUDGRFRQWUDWRFDSWDVVHDPDLRUSDUWHGD
DWHQomRGDLPSUHQVD
±(HQWmR"±GLVVH2WWREDWHQGRSDOPDV±(VWiSURQWRSDUDDVVLQDU"
/i HPEDL[R QR FDPSR &KULVWLDQ HVWDYD VHQGR DSUHVHQWDGR D XP SXQKDGR GH KRPHQV GH FDEHOR
FRPSULGR0\URQRVUHFRQKHFHXGHXPYtGHRGD079(UDPD~OWLPDGHVFREHUWDGD*UDYDGRUD2WWR
8PJUXSRFKDPDGR6WLOO/LIH6RPERPPDVVHUiTXHWLQKDPRWDOHQWRFUXGRGLJDPRV&RUULPHQWR"
±&ODUR±GLVVH0\URQ±eWXGRRTXHTXHUHPRV
±ÏWLPR(XWURX[HXPDFDQHWD
±4XHSUiWLFR(XWURX[HXPFRQWUDWR
0\URQ R HQWUHJRX D 2WWR TXH OHX UDSLGDPHQWH 6XD ERFD HVWDYD VRUULQGR PDV RV ROKRV VH
HVWUHLWDUDP2WWRSDVVRXRSDSHOD/DUU\+DQVRQ
±(VWRXFRQIXVR0\URQ,VVRVHSDUHFHFRPVXD~OWLPDRIHUWD
±0XLWRREVHUYDGRU2WWR
±$FKHLTXHWtQKDPRVXPDFRUGR
±(WHPRV$tHVWi
± $FKR TXH YRFr HVWi HVTXHFHQGR ± HOH IH] XPD SDXVD SURFXUDQGR D SDODYUD FHUWD ± D V~ELWD
GHVYDORUL]DomRGR&KULVWLDQ
±9RFrID]FRPTXHHOHSDUHoDXPDPRHGDHVWUDQJHLUD
2WWRJDUJDOKRX2OKRXSDUD/DUU\FRPRVHGLVVHVVHULDWDPEpP/DUU\VyFRQVHJXLXHVERoDUXP
VRUULVR
±&HUWR0\URQYRXDFHLWDULVVR7RGRVQyVDWpFHUWRSRQWRVRPRVPHUFDGRULDV0DVVHXFOLHQWH
HVWiDYDOLDGRQXPFkPELRGHVIDYRUiYHO
±2EULJDGRSRUFRQWLQXDUFRPDPHWiIRUD2WWRPDVQmRYHMRDFRLVDGHVVHPRGR
0\URQROKRXSDUD/DUU\+DQVRQ
±&RPRHOHWHPVHVDtGRHPFDPSR/DUU\"
±%RPpPXLWRFHGR±UHVSRQGHX/DUU\SLJDUUHDQGR±5HDOPHQWHQmRGiSDUDGL]HUPXLWRGHSRLV
GHXPSHUtRGRWmRFXUWR
±0DVVHYRFrWLYHVVHGHDYDOLiORDWpDJRUD"
2XWUDSLJDUUHDGD
±6yGLJDPRV±UHVSRQGHXHOH±TXHRGHVHPSHQKRGH&KULVWLDQQmRWHPGHFHSFLRQDGR
±$tHVWi±GLVVH0\URQLJXDODQGRVHXVRUULVRDRGH2WWR±2YDORUGHOHQRPtQLPRDXPHQWRX
FRP VHX GHVHPSHQKR HP FDPSR$JRUD YRFrV WrP XP EHOR JRVWLQKR GR SRWHQFLDO GHOH 1mR YHMR
FRPRSRGHULDPSHGLUTXHEDL[iVVHPRVRSUHoR
2WWRVHOHYDQWRXDVVHQWLQGR&UX]RXDVPmRVjVFRVWDVHDQGRXDWpREDU
±$FHLWDXPDEHELGD0\URQ"
±9RFrWHPDOJXPDFKRFRODWDGR"
±1mRQmRWHQKR
±(QWmRQmR
(OHVHVHUYLXGHXP8S1mRSHUJXQWRXVH/DUU\+DQVRQTXHULDDOJXPDFRLVD
± 9RX DGPLWLU ± GLVVH 2WWR ± TXH R GHVHPSHQKR GH &KULVWLDQ WHP VLGR EHP LPSUHVVLRQDQWH DWp
DJRUD PDV GHYR DOHUWiOR 0\URQ H D YRFr WDPEpP /DUU\ GH TXH Ki XPD JUDQGH GLIHUHQoD HQWUH
WUHLQRHMRJRHQWUHDPDQHLUDFRPRXPDWOHWDVHDSUHVHQWDHQTXDQWRHVWiDSHQDVSUDWLFDQGRHDIRUPD
FRPRUHDJHVRESUHVVmR
0\URQH/DUU\WURFDUDPXPROKDU2ROKDUGL]LDEDEDFDSUHWHQVLRVR
±0DVWDPEpPPHGHL[HDFUHVFHQWDU±FRQWLQXRX2WWR±TXHQRVVRSURGXWRGHSHQGHGHPDLVGRTXH
VLPSOHVPHQWH GHVHPSHQKR 6H SRU H[HPSOR QRVVR WLPH YHQFHVVH R 6XSHU %RZO PDV WDPEpP
HVWLYHVVHHQYROYLGRQXPJUDQGHHVFkQGDORGHVH[RRXGURJDVRYDORUJHUDOGRSURGXWRGHFOLQDULD
±3RGHGHPRQVWUDULVVRFRPXPJUiILFR"±SHUJXQWRX0\URQ±1mRVHLVHHQWHQGL
± 4XHUR GL]HU TXH D IRWRJUDILD QDTXHOD SXEOLFDomR GH EDL[R QtYHO ID] FRP TXH &KULVWLDQ YDOKD
PHQRVGLQKHLURSDUDQyV
±0DVQmRpXPDIRWRGHOH
±eXPDIRWRGDQRLYDGHOH
±([QRLYD
±([QRLYDTXHGHVDSDUHFHXHPFLUFXQVWkQFLDVPLVWHULRVDV
± &KULVWLDQ H HX HVWDPRV GLVSRVWRV D FRUUHU R ULVFR )RL QXPD SXEOLFDomR SHTXHQD$Wp DJRUD D
FRLVDQmRIRLGLYXOJDGD1mRDFKDPRVTXHVHUi
2WWR EHEHULFRX VHX 8S 3DUHFHX JRVWDU ± FKHJRX D DFUHVFHQWDU XP ³DDDK´ FRPR VH HVWLYHVVH
JUDYDQGRXPFRPHUFLDO
±0DVDLPSUHQVDSRGHGHVFREULU
±$FKRTXHQmR'LVFXWLLVVRFRPR&KULVWLDQ1yVGRLVDFKDPRVDPHVPDFRLVD
±(QWmRVmRGRLVLGLRWDV
$IDFKDGDGH2WWRFRPHoDYDDFDLU
±2UD2WWRLVVRQmRIRLPXLWRJHQWLO
$IDFKDGDVHHUJXHXGHQRYRVXDYHFRPRXPDMDQHODHOpWULFDGHFDUUR
± 'HL[HPH OHPEUiOR GH QRVVD GLVFXVVmR DQWHULRU VREUH HVVH PHVPR DVVXQWR 0\URQ 9HMD VH
FRQVHJXH HQWHQGHU 9RFr SHJD QRVVR DFRUGR H GLPLQXL  GR YDORU 6HQmR D IRWR DXQDWXUHO GD
6UWD&XOYHUYDLDS~EOLFRDUUXLQDQGRDFDUUHLUDGHSDWURFtQLRVGRVHXFOLHQWH
±0DVHOHQmRIH]QDGD2WWReVyXPDIRWRGH.DWK\&XOYHU
± 1mR LPSRUWD 2V DQXQFLDQWHV QmR JRVWDP GH DEVROXWDPHQWH QHQKXPD FRQWURYpUVLD /HPEUHVH
0\URQQRVQHJyFLRVDDSDUrQFLDpPXLWRPDLVLPSRUWDQWHGRTXHDYHUGDGH
±$SDUrQFLDYHUVXVYHUGDGH3UHFLVRDQRWDULVVR
2WWRSHJRXRXWURFRQWUDWR
±$VVLQHDTXL±GLVVH±$JRUD
0\URQDSHQDVVRUULXSDUDHOH
±$VVLQH0\URQ2XHXDUUXtQRYRFr
±1mRFUHLR2WWR
0\URQFRPHoRXDGHVDERWRDUDFDPLVD
±2TXHYRFrDFKDTXHHVWiID]HQGR"
±1mRILTXHH[FLWDGR2WWR9RXSDUDUGHSRLVGRWHUFHLURERWmR6yYRXDEULUREDVWDQWHSDUDOKH
PRVWUDULVWR
(OHDSRQWRXSDUDRSHTXHQRPLFURIRQHQRSHLWR
±4XHPHU"
±eXPPLFURIRQH2WWR9DLDWpXPJUDYDGRUSUHVRQRFLQWR3RGHGLYXOJDUDIRWRYRFrpTXHP
VDEH,VVRSRGHSUHMXGLFDUR&KULVWLDQRXQmR(PFRQWUDSDUWLGDHXYRXGLYXOJDUDILWD7DPEpPYRX
SURFHVVDU YRFr SRU TXDOTXHU GDQR TXH &KULVWLDQ VRIUD SRU FRQWD GDV VXDV Do}HV ( FODUR YRX PH
DVVHJXUDUGHTXHYRFrVHMDSUHVRSRUFKDQWDJHPHH[WRUVmR
0\URQVRUULX
±(XVHPSUHTXLVWHUXPDJUDYDGRUD±FRPSOHWRX±$VJDWDVDGRUDPLVVRQmRp2WWR"
2WWRROKRXRFRPIULH]D
±/DUU\"
±6LPVHQKRU%XUNH
±7LUHDILWDGHOH¬IRUoDVHQHFHVViULR
0\URQROKRXSDUD+DQVRQ
±9RFrpXPFDUDJUDQGH/DUU\(VHLTXHIRLXPGRV IXOOEDFNVPDLVGXU}HVTXHHVVHHVSRUWHMi
FRQKHFHX0DVVHVDLUGHVVDFDGHLUDHXYRXGHL[iORHQJHVVDGRGDFDEHoDDRVSpV
/DUU\+DQVRQPHUDPHQWHDVVHQWLX1mRILFRXFRPPHGRPDVWDPEpPQmRVDLXGHRQGHHVWDYD
±1yVVRPRVGRLV±LQVLVWLX2WWR±(XSRVVRFKDPDURVVHJXUDQoDVSDUDDMXGDU
±$FKRTXHQmR6U%XUNH±GLVVH/DUU\TXDVHVRUULQGR±(QmRFUHLRTXHDOJXQVVHJXUDQoDVYmR
DPHGURQWiORPXLWR9mR0\URQ"
±eSRXFRSURYiYHO
±$FKRTXHGHYHUtDPRVDVVLQDURFRQWUDWRGHOHVHQKRU%XUNH6HULDRPHOKRUSDUDWRGRV
±$WpUHGLJLXPPDWHULDOSDUDDLPSUHQVD±GLVVH0\URQ±'L]FRPR&KULVWLDQHVWiIHOL]HPMRJDU
HPXPWLPHWmRQRWiYHOHGHERDUHSXWDomRFRPRR7LWDQV
2WWRSHQVRXSRUXPPRPHQWR
±6HHXDVVLQDUYRFrHQWUHJDDILWD"
±eSRXFRSURYiYHO
±3RUTXr"
± 9RFr ILFD FRP D UHYLVWD H HX ILFR FRP D ILWD 3HQVH QLVVR FRPR QRVVR SHTXHQR HTXLOtEULR GH
IRUoDV8PUHWRUQRjJXHUUDIULD
±0DVYRFrWHPPLQKDSDODYUD
±3RUIDYRU2WWRGyLTXDQGRHXULRGHPDLV
2WWRSHQVRXXPPRPHQWR(VWDYDDEDODGRPDVFDOPR1LQJXpPFKHJDWmRMRYHPDRQtYHOHPTXH
HOHHVWDYDVHPDSUHQGHUFRPDOJXQVWRPERV
±0\URQ"
±6LP
±0DOSRVVRGL]HUFRPRQyVGR7LWDQVHVWDPRVHPSROJDGRVHPWHUFRQRVFR&KULVWLDQ6WHHOHR
TXDUWHUEDFNGRIXWXUR
±eVyDVVLQDU2WWR
±2SUD]HUpPHX0\URQ
±1mR2WWRePHX
2WWRDVVLQRX0\URQH2WWRDSHUWDUDPDVPmRV2WUDWRHVWDYDIHLWR
±9DPRVHQFDUDUDLPSUHQVDMXQWRV0\URQ"
±3DUHFHPDUDYLOKRVR2WWR
±+iXPFKXYHLURDTXLHPEDL[R3RVVRSURYLGHQFLDUXPNLWGHEDUEHDUVHTXLVHU
±ePXLWDJHQWLOH]DVXD
2VRUULVRGH2WWRHVWDYDGHYROWD2VXMHLWRQXQFDILFDYDSRUEDL[RGXUDQWHPXLWRWHPSR(OHSHJRX
RWHOHIRQH
 ±&KULVWLDQ6WHHOHDVVLQRX±GLVVH'HSRLVROKDQGRGHYROWDHSLVFDQGRSDUD0\URQDFUHVFHQWRX
±&RPRPDLRUVDOiULRMiRIHUHFLGRDXPQRYDWR
0\URQ SLVFRX GH YROWD H HUJXHX RV SROHJDUHV$PLJRV GH LQIkQFLD 2OKRX R UHOyJLR 6y KDYHULD
WHPSR VXILFLHQWH SDUD WRPDU XP EDQKR H SDUWLFLSDU GD FROHWLYD DQWHV GH YROWDU j FLGDGH SDUD R
HQFRQWURFRP+HUPDQ$FKH
1mRID]LDLGHLDGHFRPRHQIUHQWDULDRVPDOLJQRVLUPmRV$FKH0DVDLQGDHVWDYDWUDEDOKDQGRQLVVR
$UGXDPHQWH
 

-(66,&$ &+(*28 ¬ &$6$ (0 5,'*(:22' jVKRUDV2PpGLFRWLQKDSHGLGRPDLVDOJXQVH[DPHVGH

PDQKm -HVVLFD VH QHJDUD D ID]rORV 1R ILP FKHJDUDP D XP DFRUGR -HVVLFD SURPHWHUD LU DR VHX
FRQVXOWyULRHPDOJXPPRPHQWRGDVHPDQD(GZDUGDOHYDUDSDUDFDVDHPVLOrQFLR
4XDQGRFKHJDUDP-HVVLFDQRWRXTXHRFDUURGDPmHQmRHVWDYDQDHQWUDGD4XHERP1mRHVWDYD
PXLWR D ILP GH HQIUHQWDU KLVWHULD GH PmH DLQGD SRU FLPD -HVVLFD KDYLD LQVLVWLGR HP TXH QLQJXpP
FRQWDVVH D &DURO VREUH R LQFLGHQWH GD QRLWH DQWHULRU $ PmH Mi HVWDYD FRP FRLVDV VXILFLHQWHV QD
FDEHoD1mRKDYLDPRWLYRSDUDSHUWXUEiODVHPQHFHVVLGDGH
)RLGLUHWRSDUDRHVFULWyULRGRSDL(OHKDYLDGHVFREHUWRDOJXPDFRLVDHVWDYDFODUR(UDPPXLWRV
DFRQWHFLPHQWRVHVWUDQKRVDRPHVPRWHPSR(OHKDYLDYLVLWDGR1DQF\6HUDWQDPDQKmHPTXHPRUUHX
7LQKDIDOWDGRDXPFRQJUHVVRGHOHJLVWDVHP'HQYHUSRUTXHQmRVHVHQWLDEHP±DOJRTXHHOHQXQFD
IDULD7DOYH]DWpWLYHVVHFRPSUDGRIRWRVGH.DWK\QXD
1mRHUDSUHFLVRVHU6KHUORFN+ROPHVSDUDSHUFHEHUTXHDOJRHVWDYDHVWUDQKR
$FHQGHX D OX] LOXPLQDQGR D VDOD GH XP PRGR XP WDQWR IRUWH GHPDLV SDUD VHX JRVWR 5HJXORX D
LQWHQVLGDGHQRGLPPHU(GZDUGHVWDYDPH[HQGRQDJHODGHLUDQRDQGDUGHEDL[R
&RPHoRX D UHPH[HU QDV JDYHWDV GR SDL 1mR ID]LD LGHLD GR TXH HVWDYD SURFXUDQGR 7DOYH] XPD
FDL[LQKD FRP3,67$&+$9( UDELVFDGR HP FLPD 6HULD ERP 7HQWRX QmR SHQVDU HP 1DQF\ 6HUDW QR
URVWRD]XOFRQJHODGRGHWHUURUPDVRSHQVDPHQWRFRQWLQXRXDQFRUDGRjVXDIUHQWH9LVXDOL]RXFRLVDV
PDLVDJUDGiYHLVFRPRDFRUGDUHYHU0\URQGREUDGRQDSROWURQDGRKRVSLWDOFRPRXPFRQWRUFLRQLVWD
GR&LUTXHGX6ROHLO$LPDJHPDIH]VRUULU
1DJDYHWDGRDUTXLYRHQFRQWURXXPDSDVWDRQGHHVWDYDHVFULWR&&$FRQWDFRQVROLGDGDGHVHXSDL
QR 0HUULOO /\QFK 3HJRXD 2 H[WUDWR GH XPD FRQWD FRQVROLGDGD p XP LQVWUXPHQWR ILQDQFHLUR GH
JUDQGHEHOH]D7XGRQXPUHODWyULRVyVXDVDo}HVDSOLFDo}HVMXURVUHFHELGRVFKHTXHVWUDQVDo}HV
FRPRFDUWmR-HVVLFDWDPEpPWLQKDXPD
9HULILFRXDVFREUDQoDVHRVFKHTXHVGHELWDGRVQR~OWLPRH[WUDWR1DGDLQFRPXP2SUREOHPDHUD
TXHRH[WUDWRWHUPLQDYDWUrVVHPDQDVDWUiV3UHFLVDYDGHDOJRPDLVUHFHQWH
)ROKHRXDWpD~OWLPDSiJLQD(PEDL[RHPOHWUDVSHTXHQDVHVWDYDHVFULWR³9RFrWHPXPFDUDFWHUH
DOIDEpWLFRQRQ~PHURGHVXDFRQWDGR0HUULOO/\QFK3RUIDYRUXVHQRYHRLWRGRLVWUrVWUrVTXDWUR
SDUDDFHVVDURVGDGRVFRQVROLGDGRVGHVXDFRQWD
'DGRVFRQVROLGDGRV2DWHQGLPHQWRHOHWU{QLFRGREDQFR(ODMiKDYLDXVDGRHVVHVHUYLoRVHPSUH
TXHWLQKDDOJXPDG~YLGDDUHVSHLWRGHVXDFRQWD'LJLWRXRQ~PHURHRXYLXLPHGLDWDPHQWHXPDYR]
JUDYDGD
³%HPYLQGRDRDWHQGLPHQWRHOHWU{QLFRGR0HUULOO/\QFK'LJLWHRQ~PHURGHVXDFRQWDHDVHQKD
GHDFHVVR´
-HVVLFDGLJLWRX
³(VFROKD XPD RSomR 9RFr SRGH LQWHUURPSHU R DWHQGLPHQWR D TXDOTXHU LQVWDQWH 3DUD VDOGR H
OLPLWHV GLJLWH XP 3DUD LQIRUPDo}HV VREUH FKHTXHV FRPSHQVDGRV GLJLWH GRLV 3DUD ~OWLPRV
ODQoDPHQWRVGLJLWHWUrV3DUDWUDQVDo}HVPDLVUHFHQWHVFRP9LVDGLJLWHVHLV´
(ODGHFLGLXFRPHoDUFRPRFDUWmRHGHSRLVROKDURVFKHTXHV$SHUWRXRVHLV
$YR]GLVVH
³(PGHPDLRFRPSUDFRP9LVDQRYDORUGHGyODUHV(PGHPDLRFRPSUDFRP9LVD
QRYDORUGHGyODUHV´
$ PiTXLQD QmR GL]LD RQGH DV FRPSUDV WLQKDP VLGR IHLWDV 7DPEpP QmR LQIRUPDYD HP QRPH GH
TXHPRVFKHTXHVKDYLDPVLGRGHVFRQWDGRV6DEHUDSHQDVDVTXDQWLDVQmRLULDDGLDQWDUGHQDGD
³(PGHPDLRFRPSUDFRP9LVDQRYDORUGHGyODUHV´
-HVVLFDFRQJHORX7UrVPLOGyODUHV"3DUDTXr"'HVOLJRXDSHUWRXRERWmRGHUHGLVFDUHFRORFRXR
Q~PHURGHDFHVVRGDFRQWD
³(VFROKDXPDRSomR´
'HVWDYH]DSHUWRXR]HURSDUDIDODUFRPXPDWHQGHQWH
±%RPGLD±FDQWDURORXXPDPXOKHUGHYR]DJUDGiYHO±(PTXHSRVVRDMXGDU"
±+iXPDFREUDQoDGR9LVDQDPLQKDFRQWDGHPDLVGHPLOGyODUHV*RVWDULDGHVDEHUGHRQGHp
±2Q~PHURGDFRQWDSRUIDYRU"
±1RYHRLWRGRLVWUrVWUrVTXDWUR
+RXYHDOJXQVFOLTXHVGHWHFODGRDRIXQGR
±6HXQRPHSRUIDYRU±SHGLXDDWHQGHQWH
-HVVLFDROKRXRH[WUDWR(UDFRQWDFRQMXQWDJUDoDVD'HXV
±&DURO&XOYHU
±6yXPPRPHQWR6UD&XOYHU
0DLVFOLTXHV
±3URQWRGyODUHV/RMD2OKR(VSLmRHP0DQKDWWDQ
2OKR(VSLmR"4XHPHUGDHUDHVVD"
±2EULJDGD±GLVVH-HVVLFD
±0DLVDOJXPDFRLVDKRMH6UD&XOYHU"
±6LP0HXPDULGRHHXWHPRVWRGRVRVUHJLVWURVQRFRPSXWDGRUPDVHOHHVWiFRPXPSUREOHPDQR
GLVFRUtJLGR6HUiTXHSRGHULDPHGL]HUTXDLVIRUDPRVFKHTXHVPDLVUHFHQWHVTXHEDWHUDPQDFRQWD"
±6HPG~YLGD
0DLVFOLTXHV
±&KHTXHXPXPQRYHGHGyODUHVSDUDD9ROYR)LQDQFHFRPSHQVDGRHPGHPDLR
3DJDPHQWRGRFDUUR
±&KHTXHXPXPRLWRGHGyODUHVSDUDD,PRELOLiULD*HWDZD\WDPEpPFRPSHQVDGRHPGH
PDLR
(VSHUHDt
±9RFrGLVVH,PRELOLiULD*HWDZD\"
±,VVRPHVPR
±'L]RQGHHODpORFDOL]DGD"
±,QIHOL]PHQWHQmRWHQKRHVVDLQIRUPDomR
5HSDVVDUDPRUHVWDQWHGRVFKHTXHVGRPrV1DGDLQFRPXP-HVVLFDDJUDGHFHXjPXOKHUHGHVOLJRX
'HTXHVHULDPHVVHVGyODUHVSDUDD,PRELOLiULD*HWDZD\"(RVGyODUHVSDUDD2OKR
(VSLmR"0DLVHPDLVFRLVDVHVWUDQKDV
(GZDUGEDWHXjSRUWD
±2L±GLVVHHOH
±2L
(OHHQWURXQRHVFULWyULRGRSDLDFDEHoDEDL[D
± 'HVFXOSH SHOR RXWUR GLD ± GLVVH (GZDUG ( SLVFRX YiULDV YH]HV RV FtOLRV OLQGRV GH PRUUHU
VXELQGRHGHVFHQGR±3RUWHUIXJLGRGDTXHOHMHLWR
±7XGREHP
±9RFrFRORFRXRGHGRQDIHULGDID]HQGRWRGDVDTXHODVSHUJXQWDV
± (ODV SUHFLVDP VHU IHLWDV ± UHVSRQGHX HOD ±$FKR TXH WXGR HVWi OLJDGR 2 TXH DFRQWHFHX FRP
.DWK\2TXHDFRQWHFHXFRPSDSDL2TXHIH].DWK\PXGDU
(GZDUG VH HQFROKHX GLDQWH GD SDODYUD ³PXGDU´ 'HSRLV EDODQoRX D FDEHoD 6XD FDPLVD GR GLD
PRVWUDYD%HDYLVH%XWWKHDG
±9RFrHVWiHUUDGD±GLVVHHOH±,VVRQmRWHPQDGDDYHUFRPRTXHDFRQWHFHXFRPHOD
±7DOYH]2~QLFRPRGRGHGHVFREULUpVHYRFrPHFRQWDU
±1mRPHVLQWRjYRQWDGHSDUDLVVReGRORURVR
±6RXVXDLUPm9RFrSRGHFRQILDUHPPLP
±1yVQXQFDIRPRVFKHJDGRV±GLVVHHOHGLUHWR±1mRFRPRYRFrH.DWK\
±2XFRPRYRFrH.DWK\±UHVSRQGHX-HVVLFD±0DVPHVPRDVVLPHXDPRYRFr
(ODHVSHURX
±1mRVHLH[DWDPHQWHSRURQGHFRPHoDU7XGRFRPHoRXQR~OWLPRDQRGHODQRHQVLQRPpGLR9RFr
WLQKDDFDEDGRGHVHPXGDUSDUD:DVKLQJWRQ(XHVWDYDHP&ROXPELD0RUDYDSHUWRGRFDPSXVFRP
PHXDPLJR0DWW/HPEUDGHOH"
±&ODUR1DPRURX.DWK\GXUDQWHGRLVDQRV
±4XDVHWUrV±FRUULJLX(GZDUG±0DWWH.DWK\SDUHFLDPXPFDVDOGHRXWURVpFXOR)LFDUDPMXQWRV
WUrVDQRVHHOHQXQFDEHPDYDQoRXRVLQDO1XQFDPHVPR(QmRIRLSRUIDOWDGHWHQWDU0DWWHUDR
FDUDPDLVFRUUHWRTXHHXFRQKHFLDPDVLVVRQmRVLJQLILFDYDTXHQmRSUHVVLRQDVVHGHYH]HPTXDQGR
0DV.DWK\RVHJXUDYD
-HVVLFDDVVHQWLXOHPEUDQGRVH1DTXHOHHVWiJLR.DWK\DLQGDOKHFRQWDYDVHJUHGRV
±0DPmHDGRUDYD0DWW±FRQWLQXRX(GZDUG±$FKDYDTXHHOHHUDRPi[LPR&RVWXPDYDFRQYLGi
ORSDUDWRPDUFKiFRPRQXPDFHQDGH¬PDUJHPGDYLGD2SUHWHQGHQWHVHQWDQGRVHQDYDUDQGDSDUD
FRUWHMDUVXDILOKDPDLVQRYD3DSDLWDPEpPJRVWDYDGHOH3DUHFLDTXHWXGRLDEHP(OHVSODQHMDYDP
ILFDU QRLYRV GDOL D XP DQR FDVDU GHSRLV GD IRUPDWXUD GHOH XPD DXWrQWLFD KLVWyULD GH DPRU GH
VXE~UELR DPHULFDQR $Wp TXH XP GLD .DWK\ OLJRX SDUD HOH H VLPSOHVPHQWH OKH GHX R IRUD 6HP
H[SOLFDomR
(GZDUGIH]XPDSHTXHQDSDXVDHFRQWLQXRX
±0DWWILFRXGHVRODGR7HQWRXIDODUFRPHODPDV.DWK\QmRTXHULDYrOR(XWHQWHLIDODUFRPHOD
WDPEpPPDVHODQmRTXLVQHPVDEHU(QWmRFRPHFHLDRXYLUERDWRV
-HVVLFDVHUHPH[HXQDFDGHLUD
±4XHWLSRGHERDWRV"
±'RWLSR±GLVVH(GZDUGOHQWDPHQWH±TXHXPLUPmRQmRJRVWDGHRXYLUVREUHDLUPm
±$K
± 3LRU GR TXH DK 2V FDUDV IDODYDP PDO GHOD VHP SDUDU$OJXpP ILQDOPHQWH KDYLD HQFRQWUDGR D
FKDYHGRFLQWRGHFDVWLGDGHGDVHQKRULWD3XUH]DHUDRTXHGL]LDPHDJRUDQmRFRQVHJXLDPIHFKiOR
GHQRYR&KHJXHLDHQWUDUQXPDEULJD/HYHLDPDLRUVXUUDSURWHJHQGRDKRQUDGH.DWK\
(OHFXVSLXDSDODYUD³KRQUD´FRPRVHWLYHVVHXPJRVWRUXLP
±(ODPXGRXHPFDVDWDPEpP±FRQWLQXRX(GZDUG±1XQFDPDLVIRLjPLVVD$FKHLTXHPDPmHLD
WHUXPDWDTXHFDUGtDFR9RFrVDEHFRPRHODpFRPUHODomRDHVVDVFRLVDV
-HVVLFDDVVHQWLX6DELDPXLWREHP
 ±0DVHODQXQFDGLVVHXPDSDODYUD.DWK\FRPHoRXDILFDUIRUDGHFDVDDWpWDUGH,DDIHVWDVGD
IDFXOGDGH¬VYH]HVQHPYROWDYDSDUDFDVD
±0DPmHQmRDLPSHGLX"
±(ODQmRSRGLD-HVV(UDLQFUtYHO.DWK\KDYLDSDVVDGRDYLGDWRGDFRPPHGRGHOD'HUHSHQWH
IRLFRPRVH.DWK\WLYHVVHHQFRQWUDGRNULSWRQLWD0DPmHQmRSRGLDWRFiOD
±(SDSDL"
± (OH QXQFD IRL WmR UtJLGR TXDQWR PDPmH YRFr VDEH 4XHULD VHU DPLJR GH WRGR PXQGR H QmR R
FDUUDVFR 0DV HVWUDQKDPHQWH .DWK\ ILFRX PDLV SUy[LPD GH SDSDL GXUDQWH WXGR LVVR (OH ILFRX
HPSROJDGRFRPDDWHQomRV~ELWDTXHUHFHEHX$FKRTXHWLQKDPHGRGHTXHVHSHJDVVHSHVDGRIRVVH
DIDVWiOD
3DUHFLDFRLVDGHVHXSDL
±2TXHYRFrIH]"±SHUJXQWRXHOD
±&RQIURQWHL.DWK\
±2TXHHODGLVVH"
± 1D YHUGDGH QDGD 1mR QHJRX QHP FRQILUPRX 6y ILFRX DOL SDUDGD FRP XP VRUULVR HVWUDQKR
'LVVHTXHHXQmRHQWHQGLDTXHHXHUDLQJrQXR,QJrQXR'iSDUDDFUHGLWDUTXH.DWK\FKDPDVVHRXWUD
SHVVRDGHLQJrQXD"
-HVVLFDSHQVRXSRUXPPLQXWR
±0DVQDGDGLVVRH[SOLFDRTXHIH].DWK\PXGDU
(GZDUG DEULX D ERFD SDURX$EULX RV EUDoRV GHSRLV GHL[RXRV FDLU DR ODGR GR FRUSR FRPR VH
IRVVHPSHVDGRVGHPDLV6XDYR]HUDSUDWLFDPHQWHLQDXGtYHO
±7HYHDYHUFRPPDPmH±GLVVHHOH
±2TXrFRPPDPmH"
±1mRVHL$FKRTXHWDOYH]PDPmHVDLED.DWK\VHDIDVWRXGHYRFrHGHPLP0DVDLQGDDPDYDD
JHQWH)RLPDPmHTXHUHFHEHXDSLRUSDUWH
-HVVLFDVHUHFRVWRXQDFDGHLUDGRSDLSHQVDQGRQR~OWLPRFRPHQWiULRGRLUPmR
±(XVDELDTXH.DWK\KDYLDPXGDGRQRV~OWLPRVGRLVDQRVPDVQmRID]LDLGHLD
6XDYR]ILFRXQRDU
±0DVSDVVRX-HVV9RFrWHPTXHVHOHPEUDUGLVVR
±2TXHSDVVRX"
± (VVD IDVH GD .DWK\ e SRU LVVR TXH QmR DFKR TXH D PXGDQoD HVWHMD UHODFLRQDGD FRP R
GHVDSDUHFLPHQWR4XDQGRHODVXPLXWXGRLVVRHVWDYDQRSDVVDGR
±&RPRDVVLPQRSDVVDGR"
±(ODPXGRXGHYROWD$KQmRTXHURGL]HUTXHHODFRPHoRXDLUjPLVVDWRGRGRPLQJRRXILFRX
DPLJXLQKD GH PDPmH 0DV R TXH TXHU TXH WHQKD WUDQVIRUPDGR .DWK\ ILQDOPHQWH IRL HPERUD (OD
HVWDYDUHFXSHUDQGRRMHLWRDQWLJR$FKRTXH&KULVWLDQWHYHPXLWRDYHUFRPLVVR$FKRTXHHOHDMXGRX
DVDOYiODGDEHLUDGRSUHFLStFLR2FRPSRUWDPHQWRGHYDJDEXQGDFRPFHUWH]DSDURX$VGURJDVD
EHELGDDVIDUUDVWDPEpP(RXWUDVFRLVDV2VRUULVRDWpYROWRXXPSRXFR
-HVVLFDVHOHPEURXGDILFKDHVWXGDQWLOGH.DWK\$VQRWDVWHUUtYHLVQR~OWLPRDQRGRHQVLQRPpGLR
H QR LQtFLR GD IDFXOGDGH 'HSRLV D YROWD V~ELWD SDUD R yWLPR GHVHPSHQKR D SDUWLU GR VHJXQGR
VHPHVWUH±TXDQGRFRQKHFHX&KULVWLDQ7XGREDWLDFRPRTXH(GZDUGHVWDYDGL]HQGR
(QWmR R SDVVDGR HUD LUUHOHYDQWH" 6HUi TXH DTXHOH SHUtRGR GD YLGD GHOD FRPR (GZDUG KDYLD
LQVLVWLGRWHULDILFDGRSDUDWUiV"7DOYH]0DV-HVVLFDGXYLGDYD6HRSDVVDGRHVWLYHVVHPHVPRPRUWR
HHQWHUUDGRSRUTXHDIRWRGHODKDYLDVDtGRDJRUDQXPDUHYLVWDSRUQRJUiILFD"(LVVRFODUROHYDYDj
TXHVWmRFHQWUDORTXHIL]HUD.DWK\PXGDULQLFLDOPHQWH"
-HVVLFDDLQGDQmRVDELD0DVDJRUDWLQKDXPDERDLGHLDGHTXHPSRGHULDVDEHU
 

+$9,$ ',9(56$6 &2,6$6 '( 48( 0\URQJRVWDULDPDLVGRTXHGHYLVLWDU+HUPDQ$FKH7HURJORER

RFXODUUHPRYLGRFRPXPDFROKHUGHVREUHPHVDSRUH[HPSOR
±2XYLVXDHQWUHYLVWDFROHWLYDQRUiGLR±GLVVH:LQ
$ FDSRWD GR -DJXDU ;-5 YHUGHROLYD GH :LQ HVWDYD DEDL[DGD 0\URQ QmR DGRUDYD DQGDU FRP D
FDSRWDDEDL[DGD(UDVyXPDTXHVWmRGHWHPSRDWpTXHXPLQVHWRVHJUXGDVVHHPVHXVGHQWHV
±,PDJLQRTXH&KULVWLDQWHQKDILFDGRVDWLVIHLWRFRPRQHJyFLR±FRQWLQXRX:LQ
±0XLWR
±$LPSUHQVDDLQGDQmRGHVFREULX1DQF\6HUDW
±-DNHDLQGDQmROLEHURXRQRPHGHOD$VVLPTXHIL]HUHPLVVR
±9DLVHUXPDIHVWD
±([DWR
±&KULVWLDQVDEH"
±$LQGDQmR(OHHVWDYDWmRIHOL]6yTXLVGHL[DUTXHHOHFXUWLVVHPDLVXPWHPSR
±9RFrGHYHULDDYLViOR
±9RXDYLVDU-DNHSURPHWHXPHFRQWDUQRLQVWDQWHHPTXHIL]HUHPDGLYXOJDomRGRQRPH
±9RFrSDUHFHJRVWDUGHVVHWDOGH-DNH
±eXPERPVXMHLWR3RGHPRVFRQILDUQHOH
:LQEDODQoRXRVGHGRVQRYRODQWHHYROWRXDVHJXUiOR$FHOHURX
±1mRFRQILRHPSROLFLDLV±GLVVH:LQ±ePDLVVHJXURDVVLP
2FDUURHVWDYDLQGRUiSLGRGHPDLV$:HVW6LGH+LJKZD\QmRIRLFRQVWUXtGDSDUDHVVDYHORFLGDGH
± XPD HVWUDGD GH TXDWUR SLVWDV FRP VLQDLV GH WUkQVLWR D FDGD  PHWURV $OpP GLVVR DV REUDV
FRQVWDQWHVQmRDMXGDYDP+DYLDKRPHQVQDSLVWDGHVGHTXHTXDOTXHUSHVVRDFRQVHJXLDOHPEUDU2V
OLYURVGHKLVWyULDDILUPDPTXH3HWHU0LQXLWRKRODQGrVTXHFRPSURX0DQKDWWDQGRVtQGLRVHP
FRVWXPDYDUHFODPDUGRVDWUDVRVQDDOWXUDGD5XD
0DVQDGDGLVVRGHWLQKDRSpSHVDGRGH:LQQRDFHOHUDGRU2-DYLV&HQWHUHUDXPERUUmR$VVLP
FRPRRULR+XGVRQSRUVLQDO
±'iSDUDUHGX]LUXPSRXTXLQKR"±SHGLX0\URQ
±1mRSUHFLVDVHSUHRFXSDU2FDUURWHPDLUEDJSDUDRPRWRULVWD
±0DUDYLOKD
(VWDYDPFKHJDQGRSHUWRGRHVFULWyULRGH$FKH2HVW{PDJRGH0\URQGHXXPQy±TXHVySLRUDYD
FRPDSROXLomRTXHEDWLDHPVHXURVWRSRUFDXVDGDFDSRWDDEDL[DGD6HXVQHUYRVHVWDYDPUHWHVDGRV
FRPRDVFRUGDVGHXPDUDTXHWHGHWrQLVQRYD:LQSRURXWURODGRSDUHFLDUHOD[DGR0DVDILQDOGH
FRQWDV)UDQN$FKHQmRWLQKDSRVWRDFDEHoDGHOHDSUrPLR
2WHOHIRQHGRFDUURWRFRX:LQDWHQGHX
±$O{±GLVVH(QWUHJRXRWHOHIRQHD0\URQ±eR37
0\URQDWHQGHX
±(Dt"
±&RPRHVWiVHVHQWLQGRKRMH0\URQ"
±1mRSRVVRUHFODPDU
±)LFRIHOL]HPRXYLULVVR(VFXWDYRFrQmRYDLDGLYLQKDURTXHDFRQWHFHXRQWHPjQRLWH
 ±2TXr"
±'RLVGRVPHOKRUHVSLVWROHLURVGH1RYD<RUNIRUDPHQFRQWUDGRVPRUWRVQXPEHFR7ULVWHQmRp"
±7UiJLFR±FRQFRUGRX0\URQ
±(OHVWUDEDOKDYDPSDUD)UDQN$FKH
±9HUGDGH"
±8VDUDPXPD0DJQXPFRPEDODVGXQGXP(VWRXURXDFDEHoDGHOHV
±4XHSHUGD
±eHXQHPHVWRXGRUPLQGRGLUHLWRSRUFDXVDGLVVR'HTXDOTXHUPRGRRSDSRTXHDQGDSRUDtp
TXHLVVRQmRDFDERX&DGiYHUHVQmRFKHJDPDDWUDSDOKDURVGHVHMRVGHXPFDUDFRPRR)UDQN$FKH
4XHPTXHUTXHVHMDRVDFDQDIHLRVRTXHGHL[RXR)UDQNSXWRDLQGDHVWiFRPDFDEHoDDSUrPLR
±)HLRVR"±GLVVH0\URQ
±%RPIRLXPSUD]HUIDODUFRPYRFr0\URQ&XLGHVH
±9RFrWDPEpP37
0\URQGHVOLJRX
±2SUrPLRFRQWLQXDGHSp"±SHUJXQWRX:LQ
±eLVVRDt
±(OHVQmRYmRPDWDUYRFrQRHVFULWyULRGR+HUPDQ(OHQXQFDSHUPLWLULD
0\URQ VDELD TXH LVVR HUD YHUGDGH +DYLD XP FHUWR FyGLJR PHVPR HQWUH KRPHQV TXH
SURYDYHOPHQWH RUGHQDYDP D PRUWH GH FHQWHQDV GH SHVVRDV$OJXQV LGLRWDV DFUHGLWDYDP TXH HOH VH
EDVHDYDHPDOJXPWLSRGHpWLFD1HPGHORQJH(VVDVQRUPDVHUDPGXDVFRLVDVSDUDRVPDILRVRV 
XPDIRUPDGHID]rORVSDUHFHUTXDVHKXPDQRVH  XPPRGRGHVHSURWHJHUHSURWHJHUVXDSRVLomR
eWLFDSDUDXPPDILRVRHUDRPHVPRTXHKRQHVWLGDGHSDUDXPSROtWLFR
8PFDQWHLURGHREUDVRVIH]GLPLQXLUDYHORFLGDGHSHUWRGD5XDPDVPHVPRDVVLPFKHJDUDP
DQWHV GD KRUD 2 FKHLUR GH SL]]D YLQKD QR DU ± SURYDYHOPHQWH SRU HVWDUHP GLDQWH GH XPD SL]]DULD
FKDPDGD $ 3ULPHLUD 5D\¶V 3L]]D 2ULJLQDO GH 1RYD <RUN 9HUGDGH 1mR (VWDPRV %ULQFDQGR
+RQHVWDPHQWH 6RPRV 1yV 8PD PXOKHU DOWD FRP WHUQLQKR D]XO H yFXORV HVFXURV HOHJDQWHV
FDPLQKDYD FKHLD GH REMHWLYLGDGH SHOD FDOoDGD 0\URQ VRUULX H HOD GHYROYHX R VRUULVR (OH WHULD
SUHIHULGRXPGHVPDLRRXDWpPHVPRXPOHYHWURSHomRPDVQmRVHSRGHWHUWXGR
¬V GXDV GD WDUGH D 7DYHUQD GR &ODQF\ Mi HVWDYD QR SLTXH WRWDO 0\URQ SDURX GLDQWH GD SRUWD
DMHLWRXRFDEHORYLURXjHVTXHUGDVRUULXYLURXjGLUHLWDVRUULXROKRXSDUDFLPDVRUULX
:LQROKRXRLQWHUURJDWLYR
±2VIHGHUDLVWLUDPIRWRGHWRGRPXQGRTXHHQWUDDTXL±GLVVH0\URQ±4XHURHVWDUFRPDPHOKRU
DSDUrQFLDSRVVtYHO
±$JRUDpTXHYRFrPHGL]"(VWRXKRUURURVR
7RGRVRVFOLHQWHVGD7DYHUQDGR&ODQF\HUDPKRPHQV$TXHOHQmRHUDH[DWDPHQWHXPOXJDUSDUD
DUUDQMDU SDUFHLURV GH VZLQJ 8PD MXNHER[ WRFDYD %RE 6HJHU $ GHFRUDomR HUD HP HVWLOR FHUYHMD
DPHULFDQDXPPRQWHGHOHWUHLURVGHQHRQFRPRVQRPHVGDVPDUFDV±%XGZHLVHU%XG/LJKW0LOOHU
0LOOHU/LWH6FKLOLW]±XPUHOyJLRGHSDUHGHGD0LFKHOREHVSHOKRGD&RRUVGHVFDQVRVGHFRSRVGD
3DEVWFDQHFDVFRPRORJRWLSRGD5ROOLQJ5RFN
0\URQVDELDTXHDOLKDYLDSURYDYHOPHQWHXPPLOKmRGHHTXLSDPHQWRVGHJUDPSRGR)%,+HUPDQ
$FKHQmRVHLPSRUWDYD4XDOTXHUXPTXHGLVVHVVHDOJRUHDOPHQWHSUHMXGLFLDOGHQWURGD7DYHUQDGR
&ODQF\ HUD SDUD Oi GH LGLRWD H PHUHFLD GDQoDU $ FRQYHUVD GH YHUGDGH DFRQWHFLD QDV VDODV GRV
IXQGRV$FKHVHFHUWLILFDYDGHTXHWRGRGLDIRVVHPIHLWDVYDUUHGXUDVFRQWUDJUDPSRVQHODV
 :LQ DWUDLX DOJXQV ROKDUHV FXULRVRV TXDQGR HQWUDUDP 9HVWLUVH HP HVWLOR XQLYHUVLWiULR QmR HUD
H[DWDPHQWHPRGDHQWUHDFOLHQWHODGD7DYHUQDGR&ODQF\0DVQLQJXpPROKRXSRUPXLWRWHPSR(VVH
HUDXPEDURQGHQLQJXpPROKDYDQLQJXpPSRUPXLWRWHPSR
±$TXHOHpRVHXDPLJR$DURQ"±SHUJXQWRX:LQ
$DURQ HVWDYD QRV IXQGRV GR EDU FRP VHX WHUQR EUDQFR GH VHPSUH 'HVWD YH] QmR HVWDYD VHP
FDPLVDPHVPRTXHHVWLYHVVHXVDQGRXPDGDTXHODVFDPLVHWDVTXHPRVWUDPRSHLWRUDO(UDFRPRVH
WRGDVDVURXSDVGH$DURQWLYHVVHPHQWUDGRQXPDPiTXLQDGHIXVmRPROHFXODUMXQWRFRPH[HPSODUHV
GHUHYLVWDVPDVFXOLQDVHXPDFySLDGRGRFXPHQWiULRIHLWRFRP$UQROG6FKZDU]HQHJJHUQRDXJHGR
ILVLFXOWXULVPR$DURQ DFHQRX SDUD TXH HOHV VH DSUR[LPDVVHP D PmR GR WDPDQKR GH XPD WDPSD GH
EXHLUR
±2Oi0\URQ±GLVVH$DURQ±eUHDOPHQWHXPSUD]HUYHUYRFrGHQRYR
0\URQ%ROLWDUDSRSXODULGDGHHPSHVVRD
±$DURQTXHURTXHFRQKHoD:LQ/RFNZRRG
$DURQYLURXRVRUULVRSDUD:LQ
±0XLWRSUD]HU:LQ
2VGRLVWURFDUDPXPDSHUWRGHPmRVFRPROKDUHVPRUWDLVFDGDTXDODYDOLDQGRRRXWURQHQKXP
GRVGRLVKHVLWDQWH
±(OHVHVWmRHVSHUDQGRQRVIXQGRV±GLVVH$DURQ±9HQKDP
$DURQRVOHYRXDXPDSRUWDWUDQFDGDRQGHKDYLDXPHVSHOKRIDOVR$SRUWDVHDEULXLPHGLDWDPHQWH
(OHV HQWUDUDP 'RLV FDSDQJDV HVWDYDP GH Sp FRP URVWRV GH SHGUD 'LDQWH GHOHV XP FRUUHGRU
FRPSULGR+DYLD±HLVVRHUDQRYR±XPGHWHFWRUGHPHWDOFRPRQRVDHURSRUWRV
$DURQGHXGHRPEURVFRPRVHGLVVHVVHVLQDOGRVWHPSRV
±(QWUHJXHPDVDUPDVSRUJHQWLOH]D'HSRLVSDVVHP
0\URQWLURXVHX:LQXPQRYRHPIROKD2GDQRLWHDQWHULRUIRUDGHVWUXtGRVHPG~YLGD
3DVVDUDP 2 GHWHFWRU GH PHWDO QmR DSLWRX PDV PHVPR DVVLP RV GRLV FDSDQJDV RV UHYLVWDUDP FRP
XPDGDTXHODVHQJHQKRFDVTXHSDUHFHPYLEUDGRUHV'HSRLVRVUHYLVWDUDPGHQRYRGHVWDYH]FRPDV
PmRV
±0XLWRPHWLFXORVR±GLVVH:LQ
±4XDVHDJUDGiYHO±DFUHVFHQWRX0\URQ±$FKHLTXHHOHLDSHGLUXPUDLR;GRPHXSXOPmR
±(LHQJUDoDGLQKR±UHVPXQJRXXPGRVFDSDQJDV±3RUDTXL
2V GRLV FDSDQJDV DVVXPLUDP VXDV SRVLo}HV HVFROWDQGRRV SHOR FRUUHGRU $DURQ ILFRX DWUiV
ROKDQGR 0\URQ QmR JRVWRX GDTXLOR $V SDUHGHV HUDP EUDQFDV R FDUSHWH HUD ODUDQMDHVFULWyULR
/LWRJUDILDVGD5LYLHUD)UDQFHVDVHHQILOHLUDYDPQDVSDUHGHV$IUHQWHGD7DYHUQDGR&ODQF\SDUHFLD
XPDHVSHOXQFDRVIXQGRVSDUHFLDPXPFRQVXOWyULRGHGHQWLVWD
'RLVRXWURVKRPHQVDSDUHFHUDPQDH[WUHPLGDGHRSRVWDGRFRUUHGRU$PERVSRUWDYDPDUPDV
0\URQVHLQFOLQRXSDUDRRXYLGRGH:LQ
±2RX
:LQDVVHQWLX
2VGRLVKRPHQVDSRQWDUDPDVDUPDVSDUD0\URQH:LQ8PGHOHVURVQRX
±(LYRFr&DFKLQKRV'RXUDGRV9HQKDFi
:LQROKRXSDUD0\URQ
±&DFKLQKRV'RXUDGRV"
±$FKRTXHHOHTXHUGL]HUYRFr
 ±$K2FDEHORORXUR$JRUDVDTXHL
±e'RXUDGLQKRDUUDVWHHVVHUDERSDUDFi
±$WpPDLVWDUGH±GLVVH:LQ(IRLDQGDQGRSHORFRUUHGRU
2V GRLV FDSDQJDV GR GHWHFWRU GH PHWDLV VDFDUDP DV DUPDV 4XDWUR KRPHQV TXDWUR DUPDV$OWR
SRGHUGHIRJR1mRLULDPVHDUULVFDUGHSRLVGDQRLWHDQWHULRU
±0mRVQDFDEHoD9DPRV
:LQ H 0\URQ VHSDUDGRV SRU DSUR[LPDGDPHQWH WUrV PHWURV REHGHFHUDP 8P GRV FDSDQJDV TXH
WLQKDPXVDGRRGHWHFWRUGHPHWDLVVHDSUR[LPRXGH0\URQ6HPDYLVRDFHUWRXDFRURQKDGDDUPDQR
VHXULP
0\URQWRPERXGHMRHOKRV$QiXVHDRGRPLQRX2KRPHPFRQWLQXRXFRPXPFKXWHQDVFRVWHODV
'HSRLV RXWUR 0\URQ FDLX QR FKmR 2 RXWUR KRPHP VH MXQWRX DR SULPHLUR 3LVRWHRX DV FR[DV GH
0\URQFRPRVHDSDJDVVHIRJRQRPDWRUDVWHLUR8PDSLVDGDDFHUWRXRULPMiGRORULGR0\URQDFKRX
TXHLULDYRPLWDU
1XPDHVSpFLHGHQpYRDYLX:LQ(OHQmRKDYLDVHPRYLGRRURVWRPRVWUDQGRDOJRSDUHFLGRFRP
GHVLQWHUHVVH :LQ WLQKD DYDOLDGR D VLWXDomR H GHFLGLGR UDSLGDPHQWH QmR SRGHULD ID]HU QDGD SDUD
DMXGDU3UHRFXSDUVHHILFDUDEDODGRQmRDGLDQWDYD:LQHVWDYDDSURYHLWDQGRRWHPSRSDUDHVWXGDU
FDOPDPHQWHRVKRPHQV1mRJRVWDYDGHHVTXHFHUXPURVWR
2VFKXWHVYLQKDPQXPDRQGDLQLQWHUUXSWD0\URQVHHQURORXHPSRVLomRIHWDOHWHQWRXVXSRUWDU2V
FKXWHVGRtDPFRPRRGLDERPDVHUDPDIREDGRVGHPDLVSDUDFDXVDUTXDOTXHUGDQRVpULR8PDFHUWRX
SHUWRGRVHXROKR,DILFDUUR[RFRPFHUWH]D
(QWmRXPDYR]JULWRX
±4XHPHUGDpHVVD"3DUHPDJRUDPHVPR
2VFKXWHVFHVVDUDPLPHGLDWDPHQWH
±6DLDPGHFLPDGHOH
2VKRPHQVUHFXDUDP
±'HVFXOSHVHQKRU$FKH
0\URQURORXGHFRVWDV&RPDOJXPHVIRUoRFRQVHJXLXVHVHQWDU+HUPDQ$FKHHVWDYDSDUDGRMXQWR
DXPDSRUWDDEHUWD
±9RFrHVWiEHP0\URQ"
0\URQVHHQFROKHX
±1XQFDHVWLYHPHOKRU+HUPDQ
±1HPSRVVRGL]HUFRPRODPHQWRSRULVVR±GLVVH$FKH'HSRLVROKRXFRPIHURFLGDGHSDUDVHXV
KRPHQV±0DVDOJXPDVSHVVRDVYmRODPHQWDUDLQGDPDLV
2V KRPHQV VH HQFROKHUDP DIDVWDQGRVH GR YHOKR 0\URQ TXDVH UHYLURX RV ROKRV (UD WXGR
HQFHQDomR2VKRPHQVGH+HUPDQ$FKHQmRHVSDQFDYDPYLVLWDQWHVQRFRUUHGRUVHPTXHHOHWLYHVVH
SHUPLWLGRDQWHV$TXLORIRUDWUDPDGR$JRUD0\URQVXSRVWDPHQWHGHYLDDOJRD+HUPDQPHVPRDQWHV
GRLQtFLRGDFRQYHUVD3DUDQmRPHQFLRQDURIDWRGHTXHDGRUOHYDDRPHGRRFRTXHWHOSHUIHLWRSDUD
DEULUXPDQHJRFLDomR
$DURQ YHLR SHOR FRUUHGRU $MXGRX 0\URQ D ILFDU GH Sp H GHX GH RPEURV FRPR VH GLVVHVVH
VDFDQDJHPPDVRTXHVHSRGHID]HU"
±9HQKDP±FKDPRX+HUPDQ±9DPRVFRQYHUVDUQDPLQKDVDOD
0\URQHQWURXKHVLWDQWH)D]LDYiULRVDQRVTXHQmRLDDOLPDVSRXFDFRLVDKDYLDPXGDGR2WHPD
GD GHFRUDomR DLQGD HUD R PHVPR 1D SDUHGH SULQFLSDO XPD SLQWXUD IHLWD SRU /H5R\ 1HLPDQ
PRVWUDQGR XP FDPSR GH JROIH 8P PRQWH GDTXHODV FKDUJHVREUDV GH DUWH LGLRWDV FRP JROILVWDV
DQWLTXDGRV)RWRVDpUHDVGHFDPSRVGHJROIH1XPFDQWRGDVDODXPDLPDJHPSURMHWDGDHPXPDWHOD
PRVWUDYD D iUHD SODQD GH XP FDPSR GH JROIH (P IUHQWH D HOD KDYLD XPWHH 4XDQGR D EROD HUD
ODQoDGDFRQWUDDWHODXPFRPSXWDGRUFDOFXODYDRQGHHODWHULDSRXVDGRHDWXDOL]DYDDLPDJHP(QWmR
RMRJDGRULDSDUDDSUy[LPDWDFDGD'LYHUWLGtVVLPR
±%HORHVFULWyULR±GLVVH:LQ
,PDJLQD
±2EULJDGRILOKR
+HUPDQ$FKHVRUULX'HQWHVFRPMDTXHWDV(OHHVWDYDFRPHWDQWRVDQRVEURQ]HDGRHHPIRUPD
8VDYDFDOoDEUDQFDHXPDFDPLVDGHJROIHDPDUHODFRPRXUVRGRXUDGRGD1LFNODXVQROXJDURQGH
QRUPDOPHQWHILFDULDXPMDFDUp±FRPRVHHOHHVWLYHVVHDFDPLQKRGHXPWRUQHLRHP0LDPL%HDFK
+HUPDQ$FKHWLQKDFDEHORVJULVDOKRV1mRHUDPGHOHGHYHUGDGH3HUXFDRXLPSODQWHGRVERQVTXHD
PDLRULDGDVSHVVRDVSURYDYHOPHQWHQmRFRQVHJXLULDQRWDU7LQKDPDQFKDVGHLGDGHQDVPmRV2URVWR
QmR WLQKD UXJDV SURYDYHOPHQWH GHYLGR D LQMHo}HV GH FROiJHQR RX D XPD SOiVWLFD 2 SHVFRoR
HQWUHJDYD$FDUQHHUDIURX[DHOHPEUDYD5RQDOG5HDJDQ3DUHFLDXPHQRUPHWHVWtFXOR
±3RUIDYRUVHQKRUHVVHQWHPVH
(OHVVHVHQWDUDP$SRUWDIRLIHFKDGD$DURQGRLVQRYRVFDSDQJDVH+HUPDQ$FKH2DSHUWRGD
QiXVHDQRHVW{PDJRGH0\URQFRPHoRXDDIURX[DU
+HUPDQSHJRXXPWDFRGHJROIHHVHQWRXVHQDEHLUDGDPHVD
±3HORTXHVRXEHYRFrH)UDQNWLYHUDPXPGHVHQWHQGLPHQWR0\URQ
±(UDVREUHLVVRTXHHXTXHULDFRQYHUVDU
+HUPDQDVVHQWLX
±)UDQN
$ SRUWD VH DEULX )UDQN HQWURX 'DYD SDUD YHU TXH HUDP LUPmRV DPERV WLQKDP IHLo}HV TXDVH
LGrQWLFDVPDVHUDDtTXHWHUPLQDYDPDVVHPHOKDQoDV)UDQNWLQKDSHORPHQRVTXLORVDPDLVGR
TXHRLUPmRPDLVYHOKR7LQKDIRUPDGHSHUDFRPRPEURVHVWUHLWRVPDVSQHXVTXHIDULDPLQYHMDDR
ERQHFRGD0LFKHOLQ)UDQNHUDFRPSOHWDPHQWHFDUHFDVHPVHLQFRPRGDUFRPXPDSHUXFD2VGHQWHV
HUDPHVFXURVHHVSDoDGRV2URVWRYLYLDSHUPDQHQWHPHQWHQXPDFDUHWDGHUDLYD
2VGRLVWLQKDPFUHVFLGRQDVUXDV$PERVKDYLDPFRPHoDGRFRPREDQGLGRVGDUDOpHVXELGRQD
FDUUHLUD7LQKDPYLVWRRVILOKRVVHUHPPRUWRVDWLURVQRFRUUHUGRVDQRVHKDYLDPDWLUDGRQRVILOKRV
GH PXLWD JHQWH +HUPDQ JRVWDYD GH ILQJLU TXH YLYLD QXP SODQR PDLV HOHYDGR GR TXH R LUPmR PDLV
QRYRHPDLVUXGH±XPPXQGRRQGHKDYLDOLYURVDUWHJROIH0DVDIXJDQmRHUDWmRIiFLO'RLVODGRV
GDPHVPDPRHGD)UDQNOHPEUDYDD+HUPDQGHPRGRGRORURVRVXDVRULJHQVHWDOYH]VXDYHUGDGHLUD
QDWXUH]D0DV)UDQNVHQWLDVHFRQIRUWiYHOHDFHLWDYDVHXPXQGR+HUPDQQmR
)UDQNYHVWLDXPDJDVDOKRHVSRUWLYRD]XOSyOYRUDFRPDFDEDPHQWRDPDUHORQHRQ2FDVDFRHVWDYD
FRPR]tSHUDEHUWRH±VHJXLQGRDGLFDGHPRGDGH<YHV6W$DURQ±QmRXVDYDFDPLVD2VSHORVGR
SHLWRHVWDYDPPHODGRVFRPDOJXPWLSRGHyOHRRXVXRU8PWUHPHQGRWHVmR$VFDOoDVMXVWDVHUDP
XQV GRLV Q~PHURV PHQRUHV GR TXH GHYHULDP GHOLQHDQGR XP YROXPH QD YLULOKD 0\URQ FRPHoRX D
VHQWLUQiXVHDGHQRYR
)UDQNQmRIDORX6HQWRXVHjPHVDGRLUPmRHHVSHURX
± %RP 0\URQ ± FRQWLQXRX +HUPDQ ± VRXEH TXH LVVR WXGR WHP D YHU FRP XP PHQLQR QHJUR TXH
MRJDEDVTXHWH
±&KD]/DQGUHDX[±UHVSRQGHX0\URQ±(QmRVHLVHHOHILFDULDIHOL]VHQGRFKDPDGRGH³PHQLQR´
 ± 3HUGRH XP YHOKR TXH QmR HVWi D SDU GH WRGRV RV WHUPRV SROLWLFDPHQWH FRUUHWRV 1mR TXLV VHU
GHVUHVSHLWRVR
:LQILFRXVHQWDGRHPVLOrQFLRHVWXGDQGRRDPELHQWH
±'HL[HPHGL]HUFRPRYHMRDFRLVD±FRQWLQXRX+HUPDQ±(HVWRXWHQWDQGRVHUREMHWLYR2VHX
6U /DQGUHDX[ IH] XP FRQWUDWR 3HJRX R GLQKHLUR 'XUDQWH TXDWUR DQRV DMXGRX D IDPtOLD FRP HVVD
JUDQD(TXDQGRFKHJRXDKRUDGHSDJDUVHQHJRX
±,VVRpVHUREMHWLYR"&KD]/DQGUHDX[pVyXPJDURWR
±3RXSHPHGRVHUPmR±LQWHUURPSHX+HUPDQJHQWLOPHQWH±1mRVRPRVDVVLVWHQWHVVRFLDLV9RFr
VDEHGLVVR6RPRVHPSUHViULRV)L]HPRVXPLQYHVWLPHQWRQHVVHUDSD]$UULVFDPRVYiULRVPLOKDUHV
GHGyODUHVQHOH2LQYHVWLPHQWRHVWDYDSUHVWHVDJHUDUGLYLGHQGRVTXDQGRYRFrLQWHUIHULX
± (X QmR LQWHUIHUL (OH PH SURFXURX e XP JDURWR DVVXVWDGR 2¶&RQQRU S{V DV FRUUHQWHV QHOH
TXDQGR HOH HVWDYD FRP  DQRV +i XP PRWLYR SDUD H[LVWLUHP UHJUDV FRQWUD DERUGDU DWOHWDV GHVVD
LGDGH$JRUDRJDURWRHVWiWHQWDQGRVDLUDQWHVGHDIXQGDUGHPDLV
+HUPDQSDUHFHXGHVFUHQWH
±$KTXDOp0\URQ+RMHHPGLDRVJDURWRVFUHVFHPUiSLGR(OHVDELDH[DWDPHQWHRTXHHVWDYD
ID]HQGR (QWmR LVVR HUD FRQWUD DV UHJUDV *UDQGH FRLVD 2 JDURWR FRQKHFLD DV UHJUDV ( TXHULD R
GLQKHLURGHTXDOTXHUPRGR
±(OHYDLSDJDU
)UDQN$FKHIDORXSHODSULPHLUDYH]
±9DLSDJDUSRUUDQHQKXPD
0\URQDFHQRX
±2L)UDQN(VWiQDEHFDKHLQ"
±(IRGDVHYRFrWDPEpPVHXERVWDGHLQVHWR7UDWRpWUDWR
0\URQVHYLURXSDUD:LQ
±%RVWDGHLQVHWR"
:LQGHXGHRPEURV
±2WUDWR±FRQWLQXRX0\URQ±HUDTXH&KD]SRGLDYROWDUDWUiVDTXDOTXHUPRPHQWRHGHYROYHUR
GLQKHLUR5R\2¶&RQQRUGLVVHLVVRDHOH
±(VWRXFDJDQGRHDQGDQGRSDUDRTXH2¶&RQQRUGLVVH
±3RUIDYRU)UDQN±GLVVH+HUPDQ±1mRSUHFLVDPRVGHKRVWLOLGDGHV
±$KHOHTXHVHIRGD+HUPDQ(VVHEDEDFDTXHUpPHVDFDQHDU4XHUURXEDUFRPLGDGDSRUUDGD
PLQKD PHVD 1mR p Vy HVVH FULRXOR R /DQGUHDX[ ,VVR p Vy R FRPHoR 7HPRV GH]HQDV GH IXWXURV
DWOHWDV TXH DVVLQDUDP DVVLP 6H SHUGHUPRV XP YDPRV SHUGHU WRGRV 2 QHJyFLR p ID]HU RV RXWURV
HPSUHViULRVVDEHUHPTXHQmRSRGHPPH[HUFRPDJHQWH3RUPLPDJHQWHDFDEDFRPR%ROLWDUDJRUD
PHVPR
±1mRJRVWRGHVVDLGHLD±GLVVH0\URQ
±4XHPSHUJXQWRXDYRFrSRUUD"
±6yHVWRXGDQGRPLQKDRSLQLmR
±3RUIDYRU)UDQNLVVRQmRHVWiDMXGDQGR9RFrSURPHWHXGHL[DUTXHHXFXLGDVVHGRDVVXQWR
±&XLGDUGHTXr"0DWHRILOKRGDSXWD)LPGHSDSR
±(VSHUHQDRXWUDVDOD(XUHVROYRLVVRSURPHWR
)UDQNROKRXIXULRVRSDUD0\URQ
0\URQQmRVHGHXRWUDEDOKRGHROKDUIXULRVRGHYROWD6DELDTXHLVVRID]LDSDUWHGRVKRZ6DELD
TXHHOHVHVWDYDPWHQWDQGRLQWLPLGiORGRPHVPRPRGRTXH2WWR%XUNHH/DUU\+DQVRQWLQKDPIHLWR
0DVSRUDOJXPPRWLYRDSRVVLELOLGDGHGHPRUUHUGDYDWRGDXPDGLQkPLFDGLIHUHQWHDRQ~PHUR
:LQQRHQWDQWRFRQWLQXDYDSHQVDWLYR
±9HQKD$DURQ±UHVPXQJRX)UDQN±9DPRVVDLUGDTXLSRUUD
(OHVHOHYDQWRX
±0DVRSUrPLRFRQWLQXDGHSp±FRQFOXLX
±ÏWLPR±GLVVH+HUPDQ±6HYRFrTXHUPDWiORQmRYRXLPSHGLU
±(OHMiHVWiPRUWR
)UDQNH$DURQVDtUDP)UDQNEDWHXDSRUWD([DJHUDQGRQDUHSUHVHQWDomRSHQVRX0\URQPDVHUD
XPDSDUWLFLSDomRHVSHFLDOGHSHVR
±(OHpGLYHUWLGR±GLVVH0\URQ
+HUPDQIRLSDUDRFDQWRGDVDOD'HXXPDWDFDGDOHQWDWUHLQDQGR
±(XQmRPH[HULDFRPHOH0\URQ)UDQNHVWiFRPUDLYDGHYHUGDGH-iHXVHPSUHJRVWHLGHYRFr
'HVGHRVYHOKRVWHPSRV0DVQmRVHLVHSRVVRDMXGDUQHVWHFDVR
2V³YHOKRVWHPSRV´WLQKDPFRPHoDGRQRVHJXQGRDQRGH0\URQQD8QLYHUVLGDGH'XNH1mRHUD
XPDFRLVDTXHHOHJRVWDVVHGHOHPEUDU6HXSDLDQGDUDMRJDQGR(SHUGHQGR1RGLDDQWHULRUDXPD
SDUWLGDFRQWUDD8QLYHUVLGDGHGR(VWDGRGD*HyUJLD0\URQYROWRXDRGRUPLWyULRHHQFRQWURXRSDLH
GRLVFDSDQJDVGH+HUPDQ$FKH2VFDSDQJDVGLVVHUDPD0\URQTXHVHD'XNHJDQKDVVHSRUPDLVGH
SRQWRVFRPRSUHYLDPDVDSRVWDVVHXSDLSHUGHULDXPGHGR(OHHVWDYDFKRUDQGRDSULPHLUDYH]
TXH0\URQYLXRSDLFKRUDU0\URQSHUGHXDSRVVHGHERODWUrVYH]HVQRV~OWLPRVVHJXQGRVGR
MRJRSDUDJDUDQWLUTXHD'XNHJDQKDVVHSRUDSHQDVSRQWRVGHGLIHUHQoD
3DLHILOKRQXQFDFRQYHUVDUDPVREUHLVVR
±3RUTXHpTXHHVVHJDURWRHVVHWDOGH&KD]/DQGUHDX[pWmRLPSRUWDQWHSDUDYRFr0\URQ"
±$FKRTXHYDOHDSHQDVDOYiOR
±'HTXr"
±(OHpVyXPJDURWR+HUPDQ)UDQNHVWiSUHVVLRQDQGRGHPDLVRFRLWDGR4XHURTXHLVVRSDUH
+HUPDQVRUULXPXGRXGHWDFRGHXPDLVDOJXQVJLURV'HSRLVSHJRXVHXSXWWHU
±&RQWLQXDEDQFDQGRRPRFLQKRKHLQ0\URQ"
±1HPXPSRXFR6yHVWRXWHQWDQGRDMXGDURJDURWR
±(DVLPHVPR
±ÏWLPR(DPLPPHVPR
0\URQ QRWRX TXH +HUPDQ $FKH HVWDYD XVDQGR VDSDWRV GH JROIH FRP WUDYDV 0HX 'HXV 3DUD D
PDLRULDGDVSHVVRDVRJROIHpXPDGHVFXOSDLGLRWDSDUDGL]HUTXHSUDWLFDXPHVSRUWH3DUDRXWUDVp
XPDREVHVVmRTXHFRQVRPHDYLGD1mRH[LVWHPHLRWHUPR
± 1mR DFKR TXH HX SRVVD LPSHGLU R )UDQN ± GLVVH +HUPDQ H[DPLQDQGR VHX SRVLFLRQDPHQWR QR
FDUSHWH±(OHpPXLWRGHWHUPLQDGR
±9RFrFRPDQGDRVKRZ7RGRPXQGRVDEHGLVVR
± 0DV )UDQN p PHX LUPmR 1mR PH PHWR QRV DVVXQWRV GHOH D QmR VHU TXH VHMD DEVROXWDPHQWH
QHFHVViULR1mRFUHLRTXHVHMDRFDVR
±2TXH)UDQNIH]FRPHOH"
±2TXr"
±&RPRHOHDPHGURQWRXRJDURWR"
±$K ± VROWRX +HUPDQ 2XWUD PXGDQoD GH WDFR 'HVWD YH] WURFRX RSXWWHUSRUXPGHPDGHLUD±
6HTXHVWURXDLUPmGHOH*rPHDDFKR
0\URQVHQWLXRHVW{PDJRVHUHYLUDUGHQRYR7LQKDDFHUWDGRPDVLVVRQmRRGHL[DYDIHOL]
±(ODHVWiEHP"
±$KHXQmRPHSUHRFXSDULD±GLVVH+HUPDQFRPRVHIRVVHXPDSHUJXQWDUHDOPHQWHLGLRWD±(OHV
QmRYmRPDFKXFiOD'HVGHTXH/DQGUHDX[FRQWLQXHDFRRSHUDU
±4XDQGRYmRVROWiOD"
± 0DLV GRLV GLDV 7HP DOJR D YHU FRP RILFLDOL]DU R FRQWUDWR H HYLWDU TXH /DQGUHDX[ PXGH GH
RSLQLmR
±2TXHYRFrTXHU+HUPDQ"2TXHYDLFXVWDUSDUDWLUDU)UDQNGLVVR"
(OHFDOoRXXPDOXYDGHJROIHHGHXXPDWDFDGDPXLWRHODERUDGDROKDQGRDVPmRV
±6RXXPYHOKR0\URQ8PYHOKRULFR2TXHYRFrSRGHULDPHGDU"
:LQVHLQFOLQRXSDUDDIUHQWHPRYHQGRVHSHODSULPHLUDYH]
±6HXWDFRHVWiDEHUWRGHPDLVQRJLUR6U$FKH7HQWHJLUDURVSXOVRVXPSRXTXLQKRPDLV/HYHD
PmRXPSRXFRSDUDDGLUHLWD
$PXGDQoDV~ELWDGHDVVXQWRSHJRXWRGRPXQGRGHVXUSUHVD+HUPDQROKRXSDUD:LQ
±'HVFXOSH1mROHPEURVHXQRPH
±:LQGVRU+RUQH/RFNZRRG,,,
±$KHQWmRYRFrpRLPRUWDO:LQ1mRpH[DWDPHQWHRTXHHXHVSHUDYD
(OHWHVWRXRQRYRSRVLFLRQDPHQWR
±3DUHFHHVWUDQKR
±)LFDPHOKRUGHSRLVGHDOJXPDVVHPDQDV±GLVVH:LQ±2VHQKRUMRJDVHPSUH"
±2Pi[LPRTXHSRVVR3DUDPLPpPDLVGRTXHVRPHQWHXPMRJRe
±6DJUDGR±FRPSOHWRX:LQ
2VROKRVGHOHVHDQLPDUDP
±([DWR2VHQKRUMRJD6U/RFNZRRG"
±-RJR
±1mRH[LVWHQDGDLJXDOH[LVWH"
±1DGD±FRQFRUGRX:LQ±2QGHRVHQKRUMRJD"
± 1mR p IiFLO SDUD SHVVRDV FRPR HX HQFRQWUDU ERQV FDPSRV (QWUHL SDUD XP FOXEH HP
:HVWFKHVWHU26W$QWKRQ\¶V&RQKHFH"
±1mR
±1mRpH[DWDPHQWHXPFDPSR7HPEXUDFRVFODUR0XLWRFKHLRGHSHGUDV$JHQWHSUHFLVDVHU
PHLRFDEULWRPRQWrV
+LVWyULDVGHJROIH0\URQDGRUDYD(TXHPQmRJRVWD"
±1mRHQWHQGRXPDFRLVD±GLVVH0\URQHQWUDQGRQRMRJR±&RPWRGDDVXDpLQIOXrQFLDSRU
TXHQmRMRJDRQGHTXLVHU"
+HUPDQH:LQROKDUDPQRFRPRVHHOHIRVVHXPKHUHJHQXUH]DQGRQR9DWLFDQR
±3HUGRHR±GLVVH:LQ±0\URQQmRVDEHQDGDGHJROIH$FKDTXHIHUURQRYHpXPVXSOHPHQWR
YLWDPtQLFR
+HUPDQJDUJDOKRX2VFDSDQJDVDFRPSDQKDUDP0\URQQmRHQWHQGHXDSLDGD
±6HLVLP±GLVVH0\URQ±2JROIHpXPEDQGRGHKRPHQVTXHYHVWHPURXSDVKRUUtYHLVHXVDP
SURSULHGDGHVJLJDQWHVFDVSDUDEULQFDUFRPXPDERODHXPDYDUD
0\URQULX1LQJXpPRDFRPSDQKRX2VJROILVWDVQmRVmRFRQKHFLGRVSHORVHQVRGHKXPRU
 +HUPDQS{VRWDFRGHYROWDQDEROVD
± 1mR VH HQWUD j IRUoD QHP VH SDJD SDUD HQWUDU SDUD XP FDPSR GH JROIH ± H[SOLFRX ± 5HVSHLWR
GHPDLVRMRJRHVXDVWUDGLo}HVSDUDID]HUXPDFRLVDWmRJURVVHLUD6HULDFRPRHQFRVWDUXPDDUPDQD
FDEHoDGHXPSDGUHSDUDVHQWDUQREDQFRGDIUHQWHQDLJUHMD
±6DFULOpJLR±GLVVH:LQ
±([DWR1HQKXPJROILVWDGHYHUGDGHIDULDLVVR
±(OHSUHFLVDVHUFRQYLGDGR±DFUHVFHQWRX:LQ
±3HUIHLWR(QXPERPFDPSRDJHQWHQmRMRJDVLPSOHVPHQWH$JHQWHSUHVWDKRPHQDJHPDHOH(X
DGRUDULDVHUFRQYLGDGRSDUDXPGRVJUDQGHVFDPSRVGRPXQGR6HULDXPVRQKR0DVQmRHVWiQRPHX
GHVWLQR
±4XHWDOVHUFRQYLGDGRSDUDGRLVGHOHV"±SHUJXQWRX:LQ
±'RLV
+HUPDQ SDURX 6HXV ROKRV IDLVFDUDP SRU XP PLOLVVHJXQGR H GLPLQXtUDP R EULOKR UDSLGDPHQWH
FRPRVHSRUPHGRGHTXHHVWLYHVVHPEULQFDQGRFRPHOH
±&RPRDVVLP"
:LQDSRQWRXSDUDXPDIRWRQDSDUHGHGDHVTXHUGD
±20HULRQ*ROI&OXE±GLVVH'HSRLVDSRQWRXSDUDXPDIRWRQDSDUHGHGRRXWURODGR±(R3LQH
9DOOH\
±2TXHpTXHWHP"
±3UHVXPRTXHRVHQKRUMiWHQKDRXYLGRIDODUGHOHV
± 2XYLGR IDODU" ± UHSHWLX +HUPDQ ± 6mR RV GRLV SULQFLSDLV FDPSRV GD &RVWD /HVWH GRLV GRV
PHOKRUHVGRPXQGR&LWHXPEXUDFRTXDOTXHUXPGHTXDOTXHUGRVGRLVFDPSRV
±2EXUDFRVHLVGR0HULRQ
2URVWRGH+HUPDQUHOX]LXFRPRRGHXPDFULDQFLQKDQDPDQKmGH1DWDO
±8PGRVEXUDFRVPDLVVXEHVWLPDGRVGHWRGRVRVOXJDUHV,QLFLDVHFRPXPDWDFDGDTXDVHjVFHJDV
GRWHHDWpXPDiUHDSODQDTXHSURSLFLDXPDTXHGDVXDYH9RFrGHYHFRPHoDUDWDFDGDGRWHHQRPHLR
GR EDQFR GH DUHLD YROWDQGR SDUD R FHQWUR H PDQWHQGRVH ORQJH GRV OLPLWHV H[WHUQRV TXH ILFDP j
GLUHLWD8VHXPWDFRGHIHUURGHORQJRSDUDPpGLRSDUDRJUHHQOLJHLUDPHQWHHOHYDGRWHQGRFXLGDGR
FRPRVEDQFRVGHDUHLDjHVTXHUGDHjGLUHLWD
:LQVRUULX
±0XLWRLPSUHVVLRQDQWH
0XLWRHQWHGLDQWH
±1mRPHGLJDTXHMiMRJRXQR0HULRQHQR3LQH9DOOH\6U/RFNZRRG±GLVVH+HUPDQDOJRPXLWR
DOpPGHHVSDQWRUHYHUHQWHUHVVRDQGRHPVXDYR]
±6RXVyFLRGRVGRLV
+HUPDQSX[RXRDUFRPIRUoD0\URQTXDVHHVSHURXTXHHOHIL]HVVHRVLQDOGDFUX]
±6yFLR±FRPHoRXLQFUpGXOR±'RVGRLV"
±6RXKDQGLFDSWUrVQR0HULRQ±FRQWLQXRX:LQ±+DQGLFDSFLQFRQR3LQH9DOOH\(JRVWDULDTXH
RVHQKRUIRVVHPHXFRQYLGDGRHPDPERVQXPILPGHVHPDQD9DPRVWHQWDUID]HUEXUDFRVQXPGLD
HPFDGDFDPSR&RPHoDPRVjVFLQFRGDPDQKm$QmRVHUTXHVHMDFHGRGHPDLV
+HUPDQEDODQoRXDFDEHoD
±1mRpFHGRGHPDLV±FRQVHJXLXGL]HU
±2SUy[LPRILPGHVHPDQDHVWiERPSDUDRVHQKRU"
 +HUPDQSHJRXRWHOHIRQH
±6ROWHPDJDURWD±GLVVHHOH±(FDQFHOHPRSUrPLRSHODFDEHoDGH0\URQ%ROLWDU6HDOJXpP
HQFRVWDUDPmRQHOHPRUUH
 

:,1 ( 0<521 92/7$5$0$2 (6&5,7Ï5,2 0\URQHVWDYDGRORULGRGDVXUUDPDVQmRKDYLDTXHEUDGR

QDGD6REUHYLYHULD(OHHUDDVVLP7HUULYHOPHQWHFRUDMRVR
±9RFrHVWiKRUUtYHO±GLVVH(VSHUDQ]D
±9RFrOLJDGHPDLVSDUDDVDSDUrQFLDV
(OHMRJRXSDUDHODDIRWRGH$GDP&XOYHU
±9HMDVHVXDDPLJD/XF\RUHFRQKHFH
(ODSUHVWRXFRQWLQrQFLD
±-DZRKO.RPPDQGDQW
'HWRGRVRVVHULDGRVDQWLJRVRSUHGLOHWRGH(VSHUDQ]DHUD*XHUUDVRPEUDHiJXDIUHVFD0\URQ
QmR HUD XP Im DUGRURVR PDV GHVHMDULD WHU HVWDGR SUHVHQWH TXDQGR DOJXP MRYHP ILJXUmR GD 79
GLVVHUD³(LWHQKRXPDLGHLDSDUDXPVHULDGRGHFRPpGLD(OHVHSDVVDQXPFDPSRGHSULVLRQHLURV
QD$OHPDQKDQD]LVWD*DUJDOKDGDVJHUDLV´
±4XDQWRVWHOHIRQHPDV"±SHUJXQWRX0\URQ
± &HUFD GH XP PLOKmR 1D PDLRULD D LPSUHQVD TXHUHQGR VHXV FRPHQWiULRV VREUH &KULVWLDQ WHU
DVVLQDGRRFRQWUDWR±GLVVHHODVRUULQGR±%RPWUDEDOKR
±2EULJDGR
±$TXHOHWDOGH2WWR%XUNH±GLVVHHODFRPXPOiSLVSHUWRGDERFD±eVROWHLUR"
0\URQROKRXDDWHUURUL]DGR
±3RUTXHYRFrTXHUVDEHU"
±(OHpERQLWLQKR
$QiXVHDYROWRX
±9RFrHVWiPHWRUWXUDQGRSDUDJDQKDUXPDXPHQWRp"3RUIDYRUGLJDTXHVLP
(VSHUDQ]DGHXXPULVRPDOLFLRVRPDVQmRGLVVHQDGD(OHIRLSDUDVXDVDOD
±(VSHUHDt±GLVVHHOD±&KHJRXXPUHFDGRHVWUDQKRSDUDYRFrKiDOJXQVPLQXWRV
±'H"
±8PDPXOKHUFKDPDGD0DGHODLQH1mRTXLVGDURVREUHQRPH3DUHFHXDUGRURVD
$³UHLWRUHVD´+XP
±'HL[RXRQ~PHUR"
(VSHUDQ]DDVVHQWLXHRHQWUHJRXDHOH
±/HPEUHVHXVHFDPLVLQKD
±2EULJDGRPmH
±3RUIDODUQLVVRVXDPmHOLJRXGXDVYH]HVHVHXSDLXPD$FKRTXHHVWmRSUHRFXSDGRVFRPYRFr
(OHHQWURXQDVDOD6HXSHTXHQRDEULJRSDUWLFXODU*RVWDYDGDOL$VDODGHUHXQL}HVGHFRUDGDGH
PRGR WUDGLFLRQDO HUD RQGH ID]LD D PDLRU SDUWH GDV QHJRFLDo}HV H UHXQL}HV LPSRUWDQWHV R TXH R
GHL[DYDOLYUHSDUDDUUXPDUVXDVDODFRPRTXLVHVVH7LQKDFODURVXDYLVWDGDVLOKXHWDGH0DQKDWWDQj
HVTXHUGD 1D SDUHGH DWUiV GD PHVD FRORFDUD S{VWHUHV HPROGXUDGRV GH PXVLFDLV GD %URDGZD\8P
YLROLQLVWDQRWHOKDGR8PSLMDPDSDUDGRLV&RPRYHQFHUQDYLGDVHPID]HUIRUoD2KRPHPGHOD
0DQFKD2VPLVHUiYHLV$JDLRODGDVORXFDV$&KRUXV/LQH2IDQWDVPDGDySHUDH$PRUVXEOLPH
DPRU
2XWUD SDUHGH WLQKD IRWRV GH ILOPHV +XPSKUH\ %RJDUW H ,QJULG %HUJPDQ HP&DVDEODQFD :RRG\
$OOHQH'LDQH.HDWRQHP1RLYRQHXUyWLFRQRLYDQHUYRVD.DWKHULQH+HSEXUQH6SHQFHU7UDF\HP$
FRVWHODGH$GmR*URXFKR&KLFRH+DUSR0DU[HP8PDQRLWHQDySHUD$GDP:HVWH%XUW:DUG
H P%DWPDQ R VHULDGR GH 79 ± R YHUGDGHLUR %DWPDQ QR TXDO %XUJHVV 0HUHGLWK ID]LD R 3LQJXLP H
&HVDU5RPHURR&XULQJD$HUDGHRXURGDWHOHYLVmR
$~OWLPDSDUHGHWLQKDIRWRVGRVFOLHQWHVGH0\URQ(PSRXFRVGLDV&KULVWLDQ6WHHOHYHVWLQGRR
XQLIRUPHD]XOGR7LWDQVHQWUDULDSDUDRJUXSR
/LJRXSDUDRQ~PHURGH0DGHODLQH*RUGRQ$VHFUHWiULDHOHWU{QLFDDWHQGHX$YR]VHGRVD2XYL
ODGHQRYRGHL[RXVXDJDUJDQWDVHFD'HVOLJRXVHPGHL[DUUHFDGR2OKRXDKRUDQDRXWUDSDUHGH2
UHOyJLRWLQKDDIRUPDGHXPUHOyJLRGHSXOVRJLJDQWHVFRFRPDLQVtJQLDGR%RVWRQ&HOWLFVQRFHQWUR
7UrVHPHLD
$LQGDGDYDWHPSRGHFKHJDUDRFDPSXV0DGHODLQHQmRHUDLPSRUWDQWHPDV0\URQTXHULDPXLWR
YHURYLFHUHLWRU(TXHULDDSDUHFHUGHVXUSUHVD
'LDQWHGDPHVDGH(VSHUDQ]DGLVVH
±9RXGDUXPDVDtGD9RFrSRGHIDODUFRPLJRQRWHOHIRQHGRFDUUR
±(VWiPDQFDQGR"
±8PSRXFR2VKRPHQVGR$FKHSHJDUDPSHVDGRFRPLJR
±$K9HMRYRFrPDLVWDUGH
±'yLIHLWRRGLDERPDVHXDJXHQWR
±$Km
±1mRIDoDXPDFHQD
±3RUGHQWURHVWRXPRUUHQGR±GLVVHHOD
±3RUIDYRUYHMDVHFRQVHJXHHQFRQWUDUR&KD]/DQGUHDX['LJDTXHSUHFLVDPRVFRQYHUVDU
±&HUWR
6DLX3HJRXRFDUURQDJDUDJHP:LQFXUWLDFDUURV$GRUDYDVHX-DJXDUYHUGHROLYD0\URQWLQKD
XP)RUG7DXUXVD]XO1mRHUDRTXHVHSRGHULDFKDPDUGHDILFLRQDGRSRUFDUURV2FDUURROHYDYDGR
SRQWR$DRSRQWR%VyLVVR1mRHUDVtPERORGHVWDWXV1mRHUDXPVHJXQGRODU1mRHUDVHXILOKR
$ YLDJHP QmR GHPRURX 0\URQ SHJRX R W~QHO /LQFROQ 3DVVRX SHOR IDPRVR <RUN 0RWHO 3ODFD
FRPSULGD
SRUKRUD
SRUVHPDQD
4XDUWRVHVSHOKDGRV
$JRUDFRPOHQoyLV

3DJRX R SHGiJLR QD 3DUNZD\ $ PXOKHU GD FDELQH IRL PXLWR VLPSiWLFD 4XDVH ROKRX SDUD HOH
TXDQGRMRJRXRWURFR
/LJRXSDUDVXDPmHSHORWHOHIRQHGRFDUURHJDUDQWLXTXHHVWDYDEHP(ODOKHSHGLXTXHOLJDVVH
SDUDRSDLHOHpTXHHVWDYDSUHRFXSDGR0\URQOLJRXSDUDRSDLHJDUDQWLXTXHHVWDYDEHP(OHR
PDQGRX OLJDU SDUD D PmH HOD p TXH HVWDYD SUHRFXSDGD &RPXQLFDomR SHUIHLWD R VHJUHGR GH XP
FDVDPHQWRIHOL]
3HQVRXHP.DWK\&XOYHU3HQVRXHP$GDP&XOYHU3HQVRXHP1DQF\6HUDW7HQWRXYLVXDOL]DUDV
OLQKDVTXHRVFRQHFWDYDP2VWUDoRVHUDPWrQXHVQDPHOKRUGDVKLSyWHVHV7LQKDFHUWH]DGHTXH)UHG
1LFNOHUR6U5HYLVWD3RUQ{HUDXPGHOHV$TXHODIRWRQmRWLQKDHQWUDGRVR]LQKDQD 0DPLORV)UHG
SDUHFLD FRQWURODU EDVWDQWH R VHX QHJyFLR 6HP G~YLGD VDELD PDLV GR TXH UHYHODUD :LQ HVWDYD
LQYHVWLJDQGRRSDVVDGRGHOHYHQGRRTXHSRGHULDGHVHQWHUUDU
0HLD KRUD GHSRLV 0\URQ FKHJRX DR FDPSXV (VWDYD H[WUDGHVHUWR 1LQJXpP QRV JUDPDGRV
3RXTXtVVLPRV FDUURV 3DURX SHUWR GD FDVD GR YLFHUHLWRU GH JUDGXDomR H EDWHX j SRUWD 0DGHODLQH
HOHDLQGDJRVWDYDGRQRPH DWHQGHX(ODVRUULXDRYrORFODUDPHQWHVDWLVIHLWDLQFOLQDQGRDFDEHoD
XPSRXFR
±2UDROi0\URQ
±2L
2UHWRUQRGR6U0DQHLUR
0DGHODLQH *RUGRQ YHVWLD XP XQLIRUPH GH WrQLV 6DLD EUDQFD FXUWD %HODV SHUQDV %OXVD EUDQFD
0\URQ QRWRX TXH HUD WUDQVSDUHQWH 2EVHUYDomR DUJXWD WUDEDOKR GH XP PHVWUH GD LQYHVWLJDomR
0DGHODLQHRVXUSUHHQGHXREVHUYDQGRD1mRSDUHFHXSDUWLFXODUPHQWHRIHQGLGD
±'HVFXOSHLQFRPRGDU±GLVVH0\URQ
±1mRpLQF{PRGR(XMiLDWRPDUXPEDQKR
+XP
±6HXPDULGRQmRHVWiHPFDVDQmRp"
(ODFUX]RXDVPmRVVRERVVHLRV
±9DLGHPRUDUKRUDVSDUDFKHJDU5HFHEHXPHXUHFDGR"
(OHDVVHQWLX
±*RVWDULDGHHQWUDU"
±6UD5RELQVRQDVHQKRUDHVWiWHQWDQGRPHVHGX]LUQmRHVWi"
±2TXr"
±$SULPHLUDQRLWHGHXPKRPHP
±$K
0DGHODLQH PROKRX RV OiELRV 7LQKD XPD ERFD PXLWR VHQVXDO$V SHVVRDV QmR GmR LPSRUWkQFLD j
ERFD)DODPGRQDUL]GRTXHL[RGRVROKRVGRVPDODUHV0\URQFXUWLDERFDV
±$FKRTXHHXGHYHULDILFDURIHQGLGD±FRQWLQXRXHOD±4XHURGL]HUQmRVRXWmRPDLVYHOKDGR
TXHYRFr0\URQ
±%RPDUJXPHQWR5HIHUrQFLDDRILOPHUHWLUDGD
±(QWmRYRXSHUJXQWDUGHQRYR*RVWDULDGHHQWUDU"
±&ODUR±UHVSRQGHX0\URQ
'HUUXEDQGRDFRPDHVSLULWXRVLGDGHUiSLGD4XHFKDQFHHODWHULDFRQWUDXPDUpSOLFDWmREULOKDQWH"
(OD GHVDSDUHFHX GH YROWD QD FDVD FULDQGR XP YiFXR TXH VXJRX 0\URQ ± FRQWUD D YRQWDGH GHOH
FODUR2LQWHULRUHUDOHJDORWLSRGHFDVDHPTXHREYLDPHQWHVHUHFHELDPPXLWDVYLVLWDV*UDQGHVDOD
DEHUWDjHVTXHUGD$EDMXUHVGD7LIIDQ\7DSHWHVSHUVDV%XVWRVGHIUDQFHVHVFRPFDEHORVFRPSULGRV
HHQFDUDFRODGRV&DUULOKmR5HWUDWRVDyOHRGHKRPHQVGHURVWRVpULR
±4XHUVHVHQWDU"±GLVVHHOD
±2EULJDGR
$UGRURVD)RLDSDODYUDTXH(VSHUDQ]DXVRX7LQKDDYHU1mRVRPHQWHDYR]GH0DGHODLQHPDV
VHXVJHVWRVVHXDQGDUVHXVROKRVVXDSHUVRQDOLGDGH
±4XHWDOXPDEHELGD"±SHUJXQWRXHOD
0\URQQRWRXTXHHODKDYLDSUHSDUDGRXPDSDUDVLSUySULD
±&ODURRPHVPRTXHYRFrHVWLYHUWRPDQGR
±8PDYRGFDW{QLFD
 ±3DUHFHERP
0\URQRGLDYDYRGFD
(ODSUHSDURXDEHELGD0\URQEHEHULFRXWHQWDQGRQmRID]HUFDUHWD1mRWHYHFHUWH]DVHFRQVHJXLX
(ODVHVHQWRXSHUWRGHOH
±1XQFDIXLWmRDWUHYLGDDVVLPDQWHV±GLVVHHOD
±eIDWR"
± 0DV PH VLQWR PXLWR DWUDtGD SRU YRFr e XP GRV PRWLYRV SHORV TXDLV DGRUDYD YHU YRFr MRJDU
9RFrpPXLWRERQLWRPHVPR7HQKRFHUWH]DGHTXHHVWiFDQVDGRGHRXYLULVVR
±%RPQmRVHLVH³FDQVDGR´pDSDODYUDFHUWD
0DGHODLQH FUX]RX DV SHUQDV 1mR HUD D FUX]DGD GH SHUQDV GH -HVVLFD PDV PHVPR DVVLP YDOLD D
SHQDROKDU
±4XDQGRYRFrDSDUHFHXRQWHPHXQmRTXLVSHUGHUDRSRUWXQLGDGH'HFLGLHVTXHFHUDFDXWHODHLU
IXQGR
0\URQQmRFRQVHJXLDWLUDURVRUULVRGRURVWR
±6HL
(ODVHOHYDQWRXHHVWHQGHXDPmR
±(DJRUDTXHWDODTXHOHEDQKR"
±$KSRGHPRVFRQYHUVDUDQWHV"
8PDVRPEUDGHSHUSOH[LGDGHSDVVRXSHORURVWRGHOD
±+iDOJXPDFRLVDHUUDGD"
0\URQILQJLXHPEDUDoR
±9RFrQmRpFDVDGD"
±(LVVRLQFRPRGDYRFr"
1DYHUGDGHQmR
±e$FKRTXHLQFRPRGD
±$GPLUiYHO±GLVVHHOD
±2EULJDGR
±(LGLRWDWDPEpP
±2EULJDGR
(ODULX
± 1D YHUGDGH p XPD JUDoD 0DV R UHLWRU *RUGRQ H HX WHPRV R TXH FKDPDPRV GH FDVDPHQWR
VHPLDEHUWR
+XP
±3RGHULDVHUXPSRXTXLQKRPDLVHVSHFtILFD"
±(VSHFtILFD"
±6ySDUDPHGHL[DUPDLVFRQIRUWiYHOFRPWXGRLVVR
(ODYROWRXDVHVHQWDU(UDFRPRVHDVDLDEUDQFDQmRHVWLYHVVHDOL3HQVDQGRPHOKRUDVSHUQDV
HUDPHVWXSHQGDV
±1XQFDSUHFLVHLVHUPDLVHVSHFtILFDDQWHV
±,PDJLQR0DVHVWRXLQWHUHVVDGR
6REUDQFHOKDHUJXLGD
±(P"
±3RGHPRVFRPHoDUFRPDGHILQLomRGH³VHPLDEHUWR´"
 (ODVXVSLURX
±0HXPDULGRHHXVRPRVDPLJRVtQWLPRVGHVGHDLQIkQFLD1RVVRVSDLVSDVVDYDPRVYHU}HVMXQWRV
HP+\DQQLV3RUW2VGRLVpUDPRVGH³IDPtOLDVFHUWDV´
(ODGHVHQKRXDVDVSDVFRPRVGHGRV
±$FKDPRVTXHLVVREDVWDULD0DVQmREDVWRX
±(SRUTXHQmRVHGLYRUFLDP"
(ODROKRXRLQWHUURJDWLYDPHQWH
±3RUTXHHVWRXFRQWDQGRLVVR"
±3RUFDXVDGRVPHXVFDVWRVROKRVD]XLV(OHVVmRKLSQyWLFRV
±7DOYH]VHMDP
0\URQOKHODQoRXWRGDDVXDWLPLGH]VLPSOyULD3UrPLRGHPHOKRUH[SUHVVmRIDFLDO
±0HXPDULGRWHPFRQH[}HVSROtWLFDV-iIRLHPEDL[DGRUeRSULPHLURGDILODSDUDVHWRUQDUUHLWRU
GDXQLYHUVLGDGH6HQRVGLYRUFLDUPRV
±,VVRDFDED±FRQFOXLX0\URQ
±e0HVPRKRMHHPGLDDPHUDVXJHVWmRGHXPHVFkQGDORSRGHGHVWUXLUXPDFDUUHLUDHXPHVWLOR
GH YLGD 3RUpP PDLV GR TXH LVVR +DUULVRQ H HX DLQGD VRPRV ERQV DPLJRV 0HOKRUHV DPLJRV QD
YHUGDGH6yTXHSUHFLVDPRVGHFHUWDTXDQWLGDGHGHHVWtPXORH[WHUQR
±&HUWDTXDQWLGDGH"
±8PDYH]DFDGDGRLVPHVHV
8DX
±&RPRYRFrVFKHJDUDPDHVVHQ~PHUR"$OJXPWLSRGHQRYRDOJRULWPR"
(ODVRUULX
± 0XLWDV GLVFXVV}HV 1HJRFLDo}HV QD YHUGDGH 8PD YH] SRU PrV SDUHFLD PXLWR 8PD YH] SRU
VHPHVWUHSRXFR
0\URQDVVHQWLX&RPRGLULD'RURWK\³7RWyQmRHVWDPRVPDLVQR.DQVDV´
±(VHPSUHXVDPRVFDPLVLQKD±DFUHVFHQWRXHOD±,VVRID]SDUWHGRDFRUGR
±6HL
±9RFrWHP"8PDFDPLVLQKD"
±&RORFDGD"
(ODVRUULX
±7HQKRDOJXPDVOiHPFLPD±GLVVH0DGHODLQH
±3RVVRSHUJXQWDUPDLVXPDFRLVD"
±6HIRUQHFHVViULR
±&RPRYRFrHVHXPDULGRVDEHPTXHRRXWURPDQWHYHDTXDQWLGDGH"
±eIiFLO±GLVVHHOD±1yVFRQWDPRVXPDRRXWUR7XGR$MXGDDDSLPHQWDUXPSRXFRDVFRLVDV
0DGHODLQHHUDVHULDPHQWHLQFRPXPRTXHVyDWRUQDYDPDLVDWUDHQWHSDUD0\URQ
±2VHXPDULGRFRVWXPDVHGLYHUWLUFRPDVDOXQDV"
(ODVHLQFOLQRXSDUDDIUHQWHHS{VDPmRQDFR[DGHOH1DSDUWHVXSHULRU%HPVXSHULRU
±(VVHWLSRGHFRLVDH[FLWDYRFr"
±e
(OH WHQWRX XP VRUULVR GHYDVVR 0DV GHYDVVR QmR HUD VHX HVWLOR 3{GH YHU QRV ROKRV GHOD TXH
0DGHODLQHQmRHVWDYDHQJROLQGR(ODWLURXDPmR
±2TXHYRFrHVWiDSURQWDQGR0\URQ"
 ±$SURQWDQGR"
±6LQWRTXHHVWRXVHQGRXVDGD0DVQmRGRPRGRTXHHXWLQKDHPPHQWH
&DUD
±6yHVWRXHQWUDQGRQRFOLPD
±$FKRTXHQmR0\URQ
(ODRHVWXGRXSRUXPPRPHQWR
±6HMDKRQHVWR1yVYDPRVSDUDDFDPD"
±1mR±UHVSRQGHXHOH±1mRYDPRV
±1XQFDIXLUHMHLWDGDDQWHV
±(HXQXQFDUHMHLWHLXPDSURSRVWDDVVLP3HQVDQGREHPQXQFDWLYHXPDSURSRVWDDVVLP
±eSRUTXHVRXFDVDGD"
±1mR
±9RFrHVWiHQYROYLGRFRPRXWUDSHVVRD"
± 3LRU (VWRX FRPHoDQGR XP UHODFLRQDPHQWR TXH VLJQLILFD PXLWR SDUD PLP 1mR VHL R TXH YDL
DFRQWHFHU(VWRXFRQIXVR
±4XHDPRU
(OHOKHODQoRXQRYDPHQWHRVRUULVRGHWLPLGH]VLPSOyULD
±6HQmRGHUFHUWR"±GLVVHHOD
±(XYROWR
(QWmRHODREHLMRX3DUDYDOHU8PEHLMRWUHPHQGDPHQWHJRVWRVR(OHVHVHQWLXQDVQXYHQV
±eVyRFRPHoR±GLVVHHOD
(OHHVWDULDPRUWRDQWHVGRVHJXQGRDWR
±3UHFLVRUHDOPHQWHIDODUFRPVHXPDULGR6DEHTXDQGRHOHYDLYROWDU"
±9DLGHPRUDUXPWHPSR0DVHVWiQDVDODGHOHGRRXWURODGRGRFDPSXV6R]LQKR9RFrYDLWHUGH
EDWHUIRUWHSDUDHOHRXYLU
0\URQVHOHYDQWRX
±2EULJDGR
±0\URQ"
±2TXr"
±1yVQXQFDGDPRVQRPHVTXDQGRIDODPRVGRVQRVVRVFDVRV1mRVHLVH+DUULVRQVHGLYHUWHFRP
DVDOXQDV'XYLGRPXLWR
±(.DWK\&XOYHU"
(ODVHDVVXVWRXYLVLYHOPHQWH6HXURVWRVHHQULMHFHX
±$FKRPHOKRUYRFrLUDJRUD
±2VFDVWRVROKRVD]XLV±GLVVH0\URQ±2EVHUYHRVFDVWRVROKRVD]XLV
±'HVWDYH]QmR(TXDQGRHXYLDYRFrMRJDUQmRHUDPRVROKRVTXHPHFKDPDYDPDWHQomR
±1mR"
±(UDDVXDEXQGD±GLVVHHOD±)LFDYDXPDJUDoDQDTXHOHVKRUWLQKR
0\URQVHQWLXVHEDUDWR2XHPr[WDVH3URYDYHOPHQWHHPr[WDVH
±(OHVHVWDYDPWHQGRXPFDVR"±SHUJXQWRX
(ODQmRGLVVHQDGD
±(XUHERORVHSUHFLVDU
±(OHVQmRHVWDYDPWHQGRXPFDVR±GLVVHHODFRPILUPH]D±'LVVRHXVHL
 ±(QWmRSRUTXHYRFrILFRXWmRDEDODGD"
±9RFrSHUJXQWRXVHPHXPDULGRWHYHXPFDVRLOtFLWRFRPXPDHVWXGDQWHTXHSURYDYHOPHQWHIRL
DVVDVVLQDGD)LTXHLDWRUGRDGD
±9RFrFRQKHFHX.DWK\&XOYHU"
±1mR
±6HXPDULGRIDODYDVREUHHOD"
±1DYHUGDGHQmR6yVHLTXHHODWUDEDOKDYDQRHVFULWyULRGHOH
0DGHODLQHROKRXSDUDRFDUULOKmRVHOHYDQWRXHOHYRX0\URQDWpDSRUWD
± &RQYHUVH FRP PHX PDULGR 0\URQ (OH p XP ERP KRPHP 9DL FRQWDU WXGR TXH YRFr SUHFLVD
VDEHU
±7LSR"
(ODEDODQoRXDFDEHoD
±2EULJDGDSHODYLVLWD
0DGHODLQHHVWDYDVHIHFKDQGR3URYDYHOPHQWHPDJRDGDFRPDWpFQLFDGHLQWHUURJDWyULRGHOH3RU
HOH WHU XVDGR R FRUSR PDOKDGR SDUD VH GDU EHP 0\URQ QXQFD KDYLD IHLWR LVVR DQWHV *RVWRX 3HOR
PHQRVHUDPHOKRUGRTXHGDUFRURQKDGDVHPXPVXVSHLWR
0\URQ VH YLURX H VDLX 3URYDYHOPHQWH 0DGHODLQH HVWDYD ROKDQGR VXD EXQGD 6HJXLX UHERODQGR
OHYHPHQWHHQTXDQWRDWUDYHVVDYDUiSLGRRFDPSXV
 

-(66,&$ (1&217528 $ ,02%,/,È5,$ *(7$:$<  QDV 3iJLQDV $PDUHODV GR FRQGDGR GH %HUJHQ 2
HVFULWyULRIXQFLRQDYDHPXPFKDOpGHPDGHLUDDRODGRGHXP0F'RQDOG¶VVDLQGRGD5RWDQRODGR
GH1RYD-HUVH\GDGLYLVDFRP1RYD<RUN(UDPDSHQDVPLQXWRVGHFDUURPDVSDUHFLDTXHHOD
KDYLDYLDMDGRDWpXPSDVVDGRUXUDO$WpORMDGHUDo}HVKDYLDDOL
6yKDYLDXPDSHVVRDQRHVFULWyULR
±2UDROi±GLVVHRKRPHPFRPXPVRUULVRODUJRGHPDLV
7LQKD  H SRXFRV DQRV HUD FDUHFD GH EDUED FRPSULGD JULVDOKD H GHVFXLGDGD FRPR D GH XP
SURIHVVRUXQLYHUVLWiULR8VDYDFDPLVDGHIODQHODJUDYDWDSUHWDMHDQV/HYL¶VH$OO6WDUYHUPHOKRGH
FDQRORQJR
± 6RX 7RP &RUEHWW SUHVLGHQWH GD ,PRELOLiULD *HWDZD\ ± DQXQFLRX HQWUHJDQGROKH XP FDUWmR ±
(PTXHSRVVRDMXGiOD"
±6RXILOKDGR'U$GDP&XOYHU(OHSDVVRXXPFKHTXHSDUDVXDHPSUHVDHPGHPDLRQRYDORU
GHGyODUHV
±6LPHGDt"
±(OHIDOHFHXUHFHQWHPHQWH*RVWDULDGHVDEHUSDUDTXHIRLRFKHTXH
&RUEHWWGHXXPSDVVRDWUiV
±6LQWRPXLWtVVLPR±GLVVHHOH±6HXSDLHUDXPDERDSHVVRD
±2EULJDGD3RGHGL]HUSRUTXHHOHSURFXURXRVHQKRU"
&RUEHWWSHQVRXXPPRPHQWRGHXGHRPEURV
±1mRYHMRSRUTXHQmR(OHDOXJRXXPDFDEDQD
±3HUWRGDTXL"
±$RLWRGH]TXLO{PHWURV1DIORUHVWD
±'XUDQWHTXDQWRWHPSR"
±8PPrV&RPHoDQGRHPGHPDLR2DOXJXHODLQGDYDOHSRUDOJXPDVVHPDQDVVHYRFrTXLVHU
XVDU
±4XHWLSRGHFDEDQD"
±4XHWLSR"%RPpXPDEHPVLPSOHV8PTXDUWRXPEDQKHLURFRPFKXYHLURVDODXPDFR]LQKD
SHTXHQD
1mRID]LDVHQWLGR
±2VHQKRUSRGHULDPHGDUXPDFySLDGDFKDYHHPHGL]HUFRPRFKHJDUOi"
(OHDYDOLRXRSHGLGRPDVWLJDQGRRODGRLQWHUQRGDERFD
±ePHLRGLVWDQWH0HLRGLItFLOGHDFKDUTXHULGD
$IRUD³QHQpP´H³DPRU´KDYLDSRXFDVFRLVDVGDVTXDLV-HVVLFDPDLVJRVWDYDGHVHUFKDPDGDGR
TXHGH³TXHULGD´0DVQmRHUDKRUDGHH[SOLFDUVHXVVHQWLPHQWRV0RUGHXROiELRHVHFRQWHYH
±2FKDOpILFDORQJHGHWXGR±FRQWLQXRX7RP±%HPORQJHVHpTXHYRFrPHHQWHQGH8PSRXFR
GHFDoDXPSRXFRGHSHVFDPDVSULQFLSDOPHQWHSD]HVLOrQFLR
(OHSHJRXXPFKDYHLURSHVDGRFRPRXPKDOWHUH
±(XOHYRYRFr
±2EULJDGD
(OHIDORXRWHPSRWRGRHQTXDQWRGLULJLDVHX/DQG&UXLVHU7R\RWDFRPRVHHODIRVVHXPDFOLHQWH
 ±$TXLILFDDPHUFHDULDORFDO
(UDXPDHQRUPHORMDGDUHGHGHVXSHUPHUFDGRV$ 3
(ODILFRXVXUSUHVDTXDQGRHOHHQWURXQXPDHVWUDGDGHFKmR(VWDYDPLQGRGLUHWRSDUDDIORUHVWD
±eERQLWRDTXLQmRp"%RQLWRGHYHUGDGH
±$Km
$IROKDJHPYHUGHRVURGHDYD-HVVLFDQmRID]LDPXLWRRHVWLOR³YLYHUHPFRQWDWRFRPDQDWXUH]D´
3DUD HOD D YLGD DR DU OLYUH VLJQLILFDYD LQVHWRV XPLGDGH VXMHLUD H QDGD GH iJXD HQFDQDGD RX
EDQKHLUR 2 KRPHP KDYLD HYROXtGR GXUDQWH PLOK}HV GH DQRV SDUD HVFDSDU GD VHOYD 3RU TXH YROWDU
FRUUHQGR"3RUpPPDLVLPSRUWDQWHTXHLVVRVHXSDLHUDFRPRHOD2GLDYDPDWR
3RUTXHHOHDOXJDULDXPDFDEDQDQDTXHOHOXJDU"
7RPDSRQWRXSDUDXPDUDYLQDDGLDQWH
±+iGRLVDQRVXPFDUDIRLPRUWRSRUXPFDoDGRUDOL$FLGHQWH2FDoDGRUDFKRXTXHHOHHUDXP
YHDGRDWLURXQDFDEHoD
±$Km
±¬VYH]HVHQFRQWUDPFRUSRVQDIORUHVWD1RV~OWLPRVGRLVDQRVDFKRTXHIRUDPWUrV(QFRQWUDUDP
XPDMRYHPKiDSHQDVGRLVPHVHV'L]HPTXHHODIXJLXGHFDVD1mRGDYDSDUDWHUFHUWH]DSRUTXH
HVWDYDWRGDGHFRPSRVWDHFRLVDHWDO
±9RFrpXPWUHPHQGRYHQGHGRU7RP
(OHULX
±eEHPHXVHLTXDQGRDSHVVRDQmRpFRPSUDGRUD
-HVVLFDREYLDPHQWHVDELDWXGRVREUHRVFRUSRV$SROtFLDQmRWLQKDSUHQGLGRRDVVDVVLQRPDVR
FRQVHQVRJHUDOHUDTXHRSVLFRSDWDKDYLDSHJDGRPDLVXPDMRYHPTXHDLQGDQmRIRUDHQFRQWUDGD
.DWK\&XOYHU
6HUiTXHRGHVWLQRGH.DWK\SRGHULDWHUVLGRWmRVLPSOHVHKRUUtYHODVVLP"7HULDVLGRPDLVXPD
YtWLPDGHXPSVLFRSDWDDOHDWyULRFRPRWRGRPXQGRSHQVDYD"
1mRGLVVH-HVVLFDDVLPHVPD+DYLDPXLWRVIXURVQDKLVWyULD
±4XDQGRHXHUDFULDQoDHPRUDYDDTXLSHUWR±GLVVH7RP±HVWDIORUHVWDHUDFKHLDGHOHQGDV2
SHVVRDODQWLJRGL]LDTXHXPFDUDFRPXPJDQFKRQROXJDUGDPmRYLYLDDTXLHFRVWXPDYDVHTXHVWUDU
PHQLQRVPDOFULDGRVHHVWULSiORVFRPRJDQFKR
±(QFDQWDGRU
±¬VYH]HVPHSHUJXQWRVHHOHQmRSDVVRXDVHLQWHUHVVDUSHODVMRYHQV
-HVVLFDQmRGLVVHQDGD
±2SHVVRDORFKDPDYDGH&DSLWmR*DQFKR±FRQWLQXRXHOH
±2TXr"
±&DSLWmR*DQFKReFRPRRFKDPiYDPRV
±1mRWLQKDXPDIDGD6LQLQKRWDPEpP"
±8PDRTXr"
±'HL[DSUDOi
'LULJLUDPPDLVTXDVHGRLVTXLO{PHWURVSDUDORQJHGDFLYLOL]DomR
±eDTXHOD±GLVVH7RP±$OLHPFLPDDWUiVGDViUYRUHV
(UDXPFKDOpGHPDGHLUDSHTXHQRFRPXPDYDUDQGDJUDQGHQDIUHQWH
±5~VWLFDQmRp"
³'HFUpSLWD´VHULDXPDGMHWLYRPDLVDGHTXDGR-HVVLFDREVHUYRXDYDUDQGDPDVQmRKDYLDQHQKXP
FDLSLUDGHVGHQWDGRWRFDQGREDQMR
±0HXSDLGLVVHSRUTXHTXHULDDOXJDUHVVDFDEDQD"
±6yFRPHQWRXTXHSUHFLVDYDGHXPOXJDUSDUDVHDIDVWDUGHWXGR
$LQGD QmR ID]LD VHQWLGR 1DTXHOH PrV VHX SDL ILFDULD IRUD SRU XPD VHPDQD HP XP FRQJUHVVR (
$GDP&XOYHUQmRHUDRWLSRTXHVHDIDVWDYDGHWXGR(OHOLGDYDFRPPRUWRV1DVIpULDVTXHULDLUD
/DV 9HJDV$WODQWLF &LW\ RX TXDOTXHU OXJDU PRYLPHQWDGR H FKHLR GH JHQWH$JRUD HVWDYD DOXJDQGR
XPDFDEDQDQRPHLRGRQDGD
7RPXVRXDFKDYHH[WUDSDUDGHVWUDQFDUDSRUWD(PSXUURXDHGLVVH
±9RFrSULPHLUR
-HVVLFDHQWURXQDVDOD(SDURX
7RPYHLRDWUiVGHOD6XDYR]VDLXQXPVXVVXUUR
±4XHPHUGDpHVVD"±SHUJXQWRXHOH
 

2 (6&5,7Ï5,2 '2 9,&(5(,725 *25'21ILFDYDQR&RPSWRQ+DOO2SUpGLRWLQKDDSHQDVWUrVDQGDUHV

PDV HUD DPSOR &ROXQDV JUHJDV QD IUHQWH EHUUDYDP TXH R OXJDU HUD XPD &DVD GH $SUHQGL]DGR
)DFKDGD GH WLMRORV YHUPHOKRV 3RUWDV GXSODV EUDQFDV /RJR QD HQWUDGD KDYLD XP TXDGUR FKHLR GH
DYLVRV DQWLJRV 5HXQL}HV GRV JUXSRV XVXDLV GR FDPSXV &RPLWr $IURDPHULFDQR SHOD 0XGDQoD
$OLDQoD *D\/pVELFD /LEHUWDGRUHV GD 3DOHVWLQD &RDOL]mR SHOR )LP GD 'RPLQDomR 0DVFXOLQD
(VWXGDQWHV QD /XWD SHOD /LEHUGDGH GD ÈIULFD GR 6XO ± WRGRV WLUDQGR IpULDV GH YHUmR$ pSRFD GH
GLYHUVmRGDIDFXOGDGH
1mR KDYLD QLQJXpP QR VDJXmR JLJDQWHVFR $ GHFRUDomR HUD HP PiUPRUH 3LVRV EDODXVWUDGDV
FROXQDV GH PiUPRUH$V SDUHGHV HUDP FREHUWDV SRU HQRUPHV UHWUDWRV GH KRPHQV YHVWLQGR EHFD D
PDLRULDGRVTXDLVSHUGHULDDFDEHoDVHOHVVHRTXDGURGHDYLVRV7RGDVDVOX]HVHVWDYDPDFHVDV2V
SDVVRVGH0\URQHFRDYDPQRHVSDoRVLOHQFLRVR4XHULDJULWDU³(FR´PDVHUDDGXOWRGHPDLV
$V VDODV GHVWLQDGDV DR YLFHUHLWRU GH JUDGXDomR ILFDYDP QR ILP GR FRUUHGRU HVTXHUGR$ SRUWD
HVWDYDWUDQFDGD0\URQEDWHXFRPIRUoD
±5HLWRU*RUGRQ"
2XYLXSDVVRVDWUiVGDSRUWDGHPDGHLUDHVFXUD9iULRVVHJXQGRVGHSRLVHODVHDEULX2YLFHUHLWRU
*RUGRQXVDYDyFXORVGHDURVJURVVRV7LQKDFDEHORUDORFRUWDGRGHPRGRFRQVHUYDGRUURVWRERQLWR
H ROKRV FDVWDQKRFODURV $V IHLo}HV HUDP JHQWLV FRPR VH RV RVVRV GD IDFH WLYHVVHP VLGR
DUUHGRQGDGRVSDUDVXDYL]DUDDSDUrQFLD3DUHFLDDIiYHOGLJQRGHFRQILDQoD0\URQRGLRXLVVR
±6LQWRPXLWR±GLVVHRYLFHUHLWRU±2HVFULWyULRHVWiIHFKDGRDWpDPDQKmGHPDQKm
±3UHFLVDPRVFRQYHUVDU
2YLFHUHLWRUILFRXYLVLYHOPHQWHFRQIXVR
±(XFRQKHoRYRFr"
±$FKRTXHQmR
±9RFrQmRpDOXQRGDTXL
±'HMHLWRQHQKXP
±3RVVRSHUJXQWDUTXHPp"
0\URQROKRXRFRPILUPH]D
±2VHQKRUVDEHTXHPVRX(VDEHVREUHRTXHGHVHMRIDODU
±1mRIDoRDPtQLPDLGHLDGRTXHHVWiGL]HQGRPDVHVWRXPXLWRRFXSDGR
±7HPOLGRDOJXPDUHYLVWDERDXOWLPDPHQWH"
7RGRRFRUSRGRYLFHUHLWRU*RUGRQHVWUHPHFHX
±2TXHGLVVH"
±$FKRTXHHXSRGHULDYROWDUTXDQGRRHVFULWyULRHVWLYHVVHDSLQKDGRGHJHQWH7DOYH]WUDJDDOJXP
PDWHULDO GH SHVTXLVD SDUD RV PHPEURV GR FRQVHOKR XQLYHUVLWiULR DSHVDU GH LPDJLQDU TXH HOHV Vy
OHLDPRVDUWLJRV
1mRKRXYHUHVSRVWD
0\URQ VRUULX ± FRP DU GH TXHP VDEH GDV FRLVDV 3HOR PHQRV HVSHUDYD TXH SDUHFHVVH LVVR 1mR
WLQKDLGHLDGHTXDOVHULDRSDSHOGRYLFHUHLWRUQDTXHOHSHTXHQRPLVWpULR3UHFLVDYDLUFRPFDXWHOD
2YLFHUHLWRUWRVVLXQRSXQKRIHFKDGR1mRHUDXPDWRVVHGHYHUGDGHRXSDUDOLPSDUDJDUJDQWD
(UDVRPHQWHXPDHVWUDWpJLDSDUDJDQKDUWHPSRWHUFKDQFHGHSHQVDU3RUILPGLVVH
 ±(QWUHSRUIDYRU
(GHVDSDUHFHXGHYROWDQRHVFULWyULR'HVWDYH]QmRKRXYHXPYiFXRVXJDQGRRPDVPHVPRDVVLP
0\URQ IRL DWUiV 3DVVDUDP SRU DOJXPDV SROWURQDV QD VDOD GH HVSHUD 8PD PHVD GH VHFUHWiULD $
PiTXLQDGHHVFUHYHUHVWDYDVREXPDFDSDEHJH&DPXIODGDSDUDRFDVRGHHVWRXUDUXPDJXHUUD
$VDODGRYLFHUHLWRU*RUGRQHUDGHFRUDGDHPHVWLOR³GLULJHQWHGHXQLYHUVLGDGH´0XLWDPDGHLUD
'LSORPDV(VERoRVDQWLJRVGDFDSHODGD8QLYHUVLGDGH5HVWRQ%ORFRVGHDFUtOLFRFRPUHFRUWHVGH
MRUQDORXSUrPLRVVREUHDPHVD(VWDQWHVUHSOHWDVGHWtWXORVGHQmRILFomR2VOLYURVQmRWLQKDPVLGR
WRFDGRV(UDPDGHUHoRVHVWDYDPDOLSDUDFULDUXPFOLPDGHWUDGLomRSURILVVLRQDOLVPRFRPSHWrQFLD
$LQGLVSHQViYHOIRWRGHIDPtOLD0DGHODLQHHXPDJDURWDTXHSDUHFLDWHURXDQRV0\URQSHJRX
DIRWR
±%RQLWDIDPtOLD±GLVVH±%RQLWDHVSRVD
±2EULJDGR3RUIDYRUVHQWHVH
0\URQVHQWRX
±'LJDRQGH.DWK\WUDEDOKDYD"
2UHLWRUSDURXQRPHLRGRPRYLPHQWRGHVHQWDUVH
±&RPR"
±2QGHILFDYDDPHVDGHOD"
±'HTXHP"
±.DWK\&XOYHU
2 YLFHUHLWRU *RUGRQ WHUPLQRX GH VHQWDUVH GHYDJDU FRPR VH HQWUDVVH QXPD EDQKHLUD GH iJXD
TXHQWH
±(ODGLYLGLDXPDPHVDFRPRXWUDDOXQDQDVDODDRODGR
±&RQYHQLHQWH±GLVVH0\URQ
2YLFHUHLWRUIUDQ]LXDVVREUDQFHOKDV
±'HVFXOSH1mRHQWHQGLVHXQRPH
±'HOXLVH'RP'HOXLVH
2 UHLWRU VH SHUPLWLX XP VRUULVLQKR GXUR 3DUHFLD WHQVR D SRQWR GH D PXVFXODWXUD HVWDODU 6HP
G~YLGD UHFHEHU D UHYLVWD R GHL[DUD VRE SUHVVmR 6HP G~YLGD D YLVLWD GH -DNH QR GLD DQWHULRU R
GHL[DUDVREPDLVSUHVVmRDLQGD
±2TXHSRVVRID]HUSHORVHQKRU6U'HOXLVH"
±$FKRTXHRVHQKRUVDEH
'H QRYR R VRUULVR GH TXHP VDEH GDV FRLVDV &RPELQDGR FRP RV FDVWRV ROKRV D]XLV 6H R YLFH
UHLWRU*RUGRQIRVVHPXOKHUMiHVWDULDVHPURXSDV
±,QIHOL]PHQWHQmRIDoRDPtQLPDLGHLD
0\URQFRQWLQXRXFRPRVRUULVRGHTXHPVDEHGDVFRLVDV6HQWLDVHXPLGLRWDRXRPHWHRURORJLVWD
GHXPQRWLFLiULRPDWXWLQRVHpTXHH[LVWHGLIHUHQoD(VWDYDWHQWDQGRXPYHOKRWUXTXH)LQMDTXHVDEH
PDLVGRTXHVDEH)DoDFRPTXHHOHIDOH$SUHQGDFRPRTXHRXYLU,PSURYLVH
2YLFHUHLWRUS{VDVPmRVQDPHVD7HQWDQGRSDUHFHUTXHHVWDYDQRFRQWUROH
±7RGDHVWDFRQYHUVDpPXLWRHVWUDQKD7DOYH]RVHQKRUSRVVDH[SOLFDUSRUTXHHVWiDTXL
±$FKHLTXHGHYHUtDPRVEDWHUXPSDSR
±6REUH"
±2GHSDUWDPHQWRGHLQJOrVSDUDFRPHoDU$LQGDPDQGDPRVDOXQRVOHUHPR%HRZXOI"
±3RUIDYRUTXDOTXHUTXHVHMDRVHXQRPHQmRWHQKRWHPSRSDUDEULQFDGHLUD
 ±1HPHX
0\URQ SHJRX VHX H[HPSODU GD0DPLORV H R MRJRX VREUH D PHVD$ UHYLVWD HVWDYD FRPHoDQGR D
ILFDUDPDVVDGDHJDVWDGHWDQWRPDQXVHLRFRPRVHSHUWHQFHVVHDXPDGROHVFHQWHFKHLRGHKRUP{QLRV
2YLFHUHLWRUPDOROKRX
±2TXHpLVVR"
±4XHPHVWiEULQFDQGRDJRUD"
2YLFHUHLWRU*RUGRQVHUHFRVWRXRVGHGRVPH[HQGRQRTXHL[R
±4XHPpYRFr"'HYHUGDGH"
±1mRLPSRUWD6RXDSHQDVXPPHQVDJHLUR
±0HQVDJHLURGHTXHP"
0\URQRHQFDURX
±&DLDQDUHDO
2YLFHUHLWRUUHVSLURXIXQGRFRPRVHHVWLYHVVHSUHVWHVDPHUJXOKDU
±2TXHYRFrTXHU"
±2SUD]HUGDVXDFRPSDQKLDQmREDVWD"
±,VVRQmRpDVVXQWRSDUD]RPEDULD
±1mRPHVPR
±(QWmRIDoDDJHQWLOH]DGHSDUDUFRPDEULQFDGHLUD2TXHTXHUGHPLP"
0\URQWHQWRXGHQRYRRVRUULVRGHTXHPVDEHGDVFRLVDV2YLFHUHLWRU*RUGRQSDUHFHXSHUSOH[R
SRUXPEUHYHPRPHQWRPDVGHSRLVGHYROYHXRVRUULVR7DPEpPHUDGHTXHPVDELDGDVFRLVDV
±2XVHUiTXHGHYRGL]HU±DFUHVFHQWRXHOH±³TXDQWR´"
$JRUD HOH SDUHFLD QR FRQWUROH GD VLWXDomR 7LQKD UHFHELGR R JROSH H HVWDYD LQGR HP IUHQWH 8P
SUREOHPDKDYLDVXUJLGR0DVKDYLDXPDVROXomR6HPSUHKDYLDHPVHXPXQGR
'LQKHLUR
(OHSHJRXXPWDOmRGHFKHTXHVQDJDYHWDGHFLPD
±(HQWmR"
±1mRpWmRVLPSOHVDVVLP±GLVVH0\URQ
±2TXHTXHUGL]HU"
±2VHQKRUQmRDFKDTXHDOJXpPGHYHULDSDJDU"
(OHGHXGHRPEURV
±9DPRVIDODUGHQ~PHURV
±1mRDFKDTXHLVVRYDOHPDLVGRTXHVLPSOHVPHQWHGLQKHLUR"
(OHSDUHFHXSHUSOH[RFRPRVH0\URQWLYHVVHDFDEDGRGHQHJDUDH[LVWrQFLDGDJUDYLGDGH
±1mRHQWHQGRRTXHYRFrTXHUGL]HU
±4XHWDOMXVWLoD".DWK\PHUHFH0XLWR
±&RQFRUGR(HVWRXGLVSRVWRDSDJDU0DVGHTXHDYLQJDQoDDGLDQWDULDSDUDHODDJRUD"9RFrpR
PHQVDJHLURQmRp"
±6RX
±(QWmRYROWHHGLJDD.DWK\SDUDDFHLWDURGLQKHLUR
2FRUDomRGH0\URQSDURX$TXHOHKRPHPTXHFODUDPHQWHHVWDYDHQYROYLGRQRTXHDFRQWHFHUD
QDTXHOD QRLWH DFUHGLWDYD TXH 0\URQ HUD PHQVDJHLUR GH XPD .DWK\ &XOYHU TXH HVWDYD YLYD
UHVSLUDQGRHPDOJXPOXJDU9iFRPFDOPDEHOR0\URQ0XLWDFDOPD
0DVFRPRMRJDUHVVH
 ±.DWK\QmRHVWiIHOL]FRPRVHQKRU±WHQWRX
±1XQFDGHVHMHLTXHQDGDGHUXLPDFRQWHFHVVHDHOD
0\URQS{VDPmRQRSHLWRHHUJXHXDFDEHoDGUDPDWLFDPHQWH
±6HMDPYRVVDVLQWHQo}HVPDOLJQDVRXFDULGRVDVYLHVWHVGHPRGRGHPDVLDGRTXHVWLRQiYHO
±2TXHLVVRTXHUGL]HU"
0\URQGHXGHRPEURV
±*RVWRGHFLWDU6KDNHVSHDUHQDVFRQYHUVDV)D]FRPTXHHXSDUHoDLQWHOLJHQWHQmRDFKD"
2YLFHUHLWRU*RUGRQIH]XPDFDUHWD
±3RGHPRVYROWDUDRTXHLQWHUHVVD"
±&ODUR
±(QWmR.DWK\QmRTXHURGLQKHLUR
±([DWDPHQWH
±2TXHHODTXHUHQWmR"
%RDSHUJXQWD
±4XHUTXHDYHUGDGHVHMDUHYHODGD±DUULVFRX6HPVHFRPSURPHWHUYDJRDEHUWR
±4XHYHUGDGH"
± 3DUH GH EDQFDU R LGLRWD ± UHDJLX 0\URQ ULVSLGDPHQWH ILQJLQGR LUULWDomR ± 9RFr QmR HVWDYD
SUHVWHVDSUHHQFKHUXPFKHTXHGHVWLQDGRjLQVWLWXLomRGHFDULGDGHSUHGLOHWDGHODHVWDYD"
±0DVHXQmRIL]QDGD±HOHVHODPHQWRX±.DWK\IRLHPERUDQDTXHODQRLWH(XQXQFDPDLVDYL
&RPRSRGHULDVDEHURTXHSHQVDURXRTXHID]HU"
0\URQ ODQoRXOKH XP ROKDU GH GHVFUHQoD )H] LVVR SRUTXH QmR WLQKD LGHLD GR TXH PDLV WHQWDU
$JRUDHVWDYDID]HQGRRMRJRGH-DNHR³ILTXHHPVLOrQFLRHHVSHUHTXHHOHPHVPRGrFRUGDSDUDVH
HQIRUFDU´ ,VVR IXQFLRQDYD HVSHFLDOPHQWH EHP FRP SROtWLFRV (OHV QDVFHP FRP XP FURPRVVRPR
GHIHQVLYRTXHQmRSHUPLWHRVLOrQFLRSURORQJDGR
± (OD SUHFLVD HQWHQGHU ± FRQWLQXRX HOH ± (X IL] R PHOKRU TXH SXGH (OD GHVDSDUHFHX 2 TXH HX
SRGLDID]HU",UjSROtFLD"(UDLVVRRTXHHODTXHULD"(XQmRWLQKDFRPRVDEHU(VWDYDSHQVDQGRQHOD
(ODSRGLDWHUPXGDGRGHLGHLD(XQmRVDELD(VWDYDWHQWDQGROHYDUHPFRQWDRVLQWHUHVVHVGHOD
$H[SUHVVmRGHGHVFUHQoDYHLRPDLVIiFLOGHSRLVGHVVD~OWLPDIUDVH0\URQVyGHVHMDYDVDEHUGR
TXHDILQDORYLFHUHLWRUHVWDYDIDODQGR2VGRLVILFDUDPROKDQGRXPSDUDRRXWUR(QWmRDFRQWHFHX
XPDFRLVDFRPRURVWRGH*RUGRQ0\URQQmRVDEHULDGL]HUH[DWDPHQWHRTXHIRLPDVWRGDDSRVWXUD
GHOHSDUHFHXVHDIURX[DU6HXVROKRVPXGDUDPH[LELQGRXPDGRUSURIXQGD(OHEDODQoRXDFDEHoD
±&KHJD±GLVVHHPYR]EDL[D
±2TXHFKHJD"
(OHIHFKRXRWDOmRGHFKHTXHV
±1mRYRXSDJDU'LJDD.DWK\TXHIDoRRTXHHODTXLVHU9RXILFDUDRODGRGHODQmRLPSRUWDR
TXHDFRQWHoD,VVRMiIRLORQJHGHPDLV1mRSRVVRYLYHUDVVLP1mRVRXXPKRPHPPDX(ODpXPD
JDURWDGRHQWH3UHFLVDGHDMXGD(XTXHURDMXGDU
0\URQQmRHVSHUDYDSRULVVR
±(VWiIDODQGRVpULR"
±6LP0XLWR
±4XHUDMXGDUVXDH[DPDQWH"
$FDEHoDGHOHVHOHYDQWRXEUXVFDPHQWH
±2TXHIRLTXHYRFrGLVVH"
 0\URQHVWLYHUDSDWLQDQGRjVFHJDVHPJHORILQR3DUHFLDTXHR~OWLPRFRPHQWiULRIRUDXPDHVSpFLH
GHPDoDULFRDFHVR
±9RFrGLVVH³DPDQWH´"
(SD
±.DWK\QmRPDQGRXYRFr±FRQWLQXRXHOH±(ODQmRWHPQDGDDYHUFRPLVVRWHP"
0\URQQmRGLVVHQDGD
±4XHPpYRFr"4XDOpRVHXQRPHYHUGDGHLUR"
±0\URQ%ROLWDU
±4XHP"
±0\URQ%ROLWDU
±eGDSROtFLD"
±1mR
±(QWmRpH[DWDPHQWHRTXr"
±(PSUHViULRHVSRUWLYR
±2TXr"
±5HSUHVHQWRDWOHWDV
±9RFr(QWmRRTXHYRFrWHPDYHUFRPLVVR"
±6RXXPDPLJR(VWRXWHQWDQGRHQFRQWUDU.DWK\
±(ODHVWiYLYD"
±1mRVHL0DVRVHQKRUSDUHFHDFKDUTXHVLP
2YLFHUHLWRU*RUGRQDEULXDJDYHWDGHEDL[RSHJRXXPFLJDUURHRDFHQGHX
±,VVRID]PDO±GLVVH0\URQ
±3DUHLGHIXPDUKiFLQFRDQRV3HORPHQRVpRTXHWRGRPXQGRSHQVD
±2XWURVHJUHGLQKR"
(OHVRUULXVHPDFKDUJUDoD
±(QWmRIRLYRFrTXHPHPDQGRXDUHYLVWD
0\URQEDODQoRXDFDEHoD
±1mR
±(QWmRTXHPIRL"
± 1mR VHL (VWRX WHQWDQGR GHVFREULU 0DV VHL VREUH LVVR ( DJRUD WDPEpP VHL TXH R VHQKRU HVWi
HVFRQGHQGRDOJRVREUHRGHVDSDUHFLPHQWRGH.DWK\
(OHWUDJRXIXQGRHVROWRXXPDORQJDEDIRUDGDGHIXPDoD
±(XSRGHULDQHJDU3RGHULDQHJDUWXGRRTXHIRLGLWRDTXLKRMH
±3RGHULD0DVHXWHQKRDUHYLVWD1mRWHQKRPRWLYRVSDUDPHQWLU(WDPEpPVRXDPLJRGR[HULIH
-DNH&RXUWHU0DVRVHQKRUHVWiFHUWR1RILPVHULDDPLQKDSDODYUDFRQWUDDVXD
2YLFHUHLWRU*RUGRQWLURXRVyFXORVHFRoRXRVROKRV
±1mR±GLVVHHOHOHQWDPHQWH±1mRYDPRVFKHJDUDHVVHSRQWR(XHVWDYDIDODQGRVpULR4XHUR
DMXGiOD3UHFLVRDMXGiOD
0\URQ QmR VDELD EHP R TXH SHQVDU 2 VXMHLWR SDUHFLD HVWDU VRIUHQGR GH YHUGDGH PDV 0\URQ Mi
WLQKDYLVWRGHVHPSHQKRVTXHSRULDPQRFKLQHORDWRUHVGRTXLODWHGH/DZUHQFH2OLYLHU$TXHODFXOSD
VHULD UHDO" 6HUi TXH D V~ELWD FDWDUVH VHULD XPD FULVH GH FRQVFLrQFLD RX XPD HVWUDWpJLD GH
DXWRSUHVHUYDomR"0\URQQmRVDELD7DPEpPQmRVHLPSRUWDYDPXLWRGHVGHTXHFKHJDVVHjYHUGDGH
±4XDQGRIRLD~OWLPDYH]TXHRVHQKRUYLX.DWK\"
 ±1DQRLWHHPTXHHODGHVDSDUHFHX
±(ODIRLjVXDFDVD
(OHDVVHQWLX
±(UDWDUGH$FKRTXHSRUYROWDGDVRQ]HRQ]HHPHLDGDQRLWH(XHVWDYDQRPHXHVFULWyULR0LQKD
PXOKHUHVWDYDQDFDPD$FDPSDLQKDWRFRX1mRXPDYH]5HSHWLGDPHQWHFRPXUJrQFLD,QWHUFDODGD
FRPEDWLGDVIRUWHVQDSRUWD(UD.DWK\
6XDYR]HVWDYDQRSLORWRDXWRPiWLFRFRPRVHOHVVHXPFRQWRGHIDGDVSDUDXPDFULDQoD
± (OD HVWDYD FKRUDQGR 2X SHOR PHQRV VROXoDQGR LQFRQWURODYHOPHQWH 7DQWR TXH QmR FRQVHJXLD
IDODU /HYHLD SDUD R PHX HVFULWyULR 6HUYL XP SRXFR GH FRQKDTXH H HQUROHL XPD PDQWD HP VHXV
RPEURV(ODSDUHFLD
(OHSDURXSHQVRX
±PXLWRSHTXHQD'HVDPSDUDGD6HQWHLPHGLDQWHGHODHVHJXUHLVXDPmR(ODSX[RXDGHYROWD
)RLHQWmRTXHDVOiJULPDVSDUDUDP1mRDRVSRXFRVPDVGHXPDYH]VyFRPRVHWLYHVVHPGHVOLJDGR
XP ERWmR )LFRX LPyYHO 6HX URVWR HVWDYD FRPSOHWDPHQWH YD]LR VHP TXDOTXHU HPRomR (QWmR
FRPHoRXDIDODU
(OHHQILRXDPmRQDJDYHWDSDUDSHJDURXWURFLJDUUR&RORFRXRQDERFD2IyVIRURVHDFHQGHXQD
TXDUWDWHQWDWLYD
± &RPHoRX GR LQtFLR $ YR] GHOD HVWDYD QRWDYHOPHQWH ILUPH 1mR ILFRX HPEDUJDGD QHP
HVJDQLoDGD R TXH p LQFUtYHO TXDQGR VH SHQVD TXH DSHQDV DOJXQV LQVWDQWHV DQWHV GLVVR HOD HVWDYD
KLVWpULFD0DVDVSDODYUDVFRQWUDGL]LDPRWRPFDOPR&RQWRXKLVWyULDV
(OHSDURXGHQRYREDODQoRXDFDEHoD
±VXUSUHHQGHQWHVQRPtQLPR(XFRQKHFLD.DWK\KDYLDTXDVHXPDQRDFKDYDTXHHODHUDXPD
MRYHPSRQGHUDGDGRFHFRUUHWD1mRHVWRXID]HQGRMXOJDPHQWRVPRUDLV0DVSDUDPLPHODVHPSUH
KDYLDVLGRDQWLTXDGD(DOLHVWDYDHODFRQWDQGRKLVWyULDVTXHIDULDPXPPDULQKHLURFRUDU
(OHUHVSLURXIXQGRDQWHVGHFRQWLQXDU
±&RPHoRXFRQWDQGRTXHDQWHVHODKDYLDVLGRWXGRTXHHXVHPSUHDFKHLTXHHODIRVVH8PDJDURWD
FRPXP $ TXHULGLQKD GH WRGRV 0DV HQWmR PXGRX (P VXDV SUySULDV SDODYUDV WRUQRXVH ³XPD
YDJDEXQGD VHP IUHLR´ &RPHoRX FRP DOJXQV UDSD]HV GD WXUPD GR HQVLQR PpGLR 0DV UDSLGDPHQWH
SDVVRX SDUD FRLVDV PDLRUHV $GXOWRV SURIHVVRUHV DPLJRV GRV SDLV &RP QHJURV DVLiWLFRV
KRPRVVH[XDLV GRLV DR PHVPR WHPSR DWp RUJLDV 7LUDYD IRWRV GRV HQFRQWURV 3DUD JXDUGDU GH
OHPEUDQoDGLVVHFRPXPULVLQKR
±(ODPHQFLRQRXDOJXPQRPH"±SHUJXQWRX0\URQ±'RVSURIHVVRUHVGRVDGXOWRVRXGHDOJXpP"
±1mR1HQKXPQRPH
2VGRLVILFDUDPHPVLOrQFLR2YLFHUHLWRU*RUGRQSDUHFLDH[DXVWR
±2TXHDFRQWHFHXHPVHJXLGD"±LQVWLJRX0\URQ
(OHOHYDQWRXDFDEHoDGHYDJDUFRPRVHLVVRH[LJLVVHJUDQGHHVIRUoR
±$YLGDGHODFRPHoRXDPXGDU3DUDPHOKRU(ODGLVVHTXHSHUFHEHXTXHRTXHHVWDYDID]HQGRHUD
HUUDGRHHVW~SLGR'LVVHTXHFRPHoRXDUHVROYHUVHXVSUREOHPDV)RLDtTXHFRQKHFHX&KULVWLDQHVH
DSDL[RQRX(ODTXHULDGHL[DUWXGRSDUDWUiVPDVQmRHUDIiFLO2SDVVDGRQmRLDHPERUD(ODWHQWDYD
HWHQWDYD(HQWmR
$YR]GHOHILFRXQRDU
±(HQWmR"±0\URQRLQFHQWLYRX
±(QWmR.DWK\VLPSOHVPHQWHROKRXSDUDPLP1XQFDYRXHVTXHFHULVVR(ODGLVVH³)XLHVWXSUDGD
HVWDQRLWH´$VVLP'RQDGD)LTXHLSDVPRFODUR(UDPVHLVGLVVHHOD2XVHWHHODQmRWLQKDFHUWH]D
8P HVWXSUR FROHWLYR QR YHVWLiULR 3HUJXQWHL TXDQGR (OD GLVVH TXH WLQKD FRPHoDGR PHQRV GH XPD
KRUD DQWHV 7LQKD LGR DR YHVWLiULR HQFRQWUDU DOJXpP 8P FKDQWDJLVWD GLVVH HOD 8P H[ p
SUHWHQGHQWHTXHKDYLDDPHDoDGRUHYHODUVHXSDVVDGR(ODLULDSDJDUSHORVLOrQFLRGHOH
2GLQKHLURTXHHODUHWLUDUDGREDQFRSHQVRX0\URQ
±0DVTXDQGRHODFKHJRXDRYHVWLiULRRFKDQWDJLVWDQmRHVWDYDVR]LQKR9iULRVFROHJDVGHWLPH
HVWDYDP FRP HOH LQFOXVLYH RXWUR SUHWHQGHQWH DQWHULRU 'LVVH TXH HOHV QmR EDWHUDP QHOD ( HOD QmR
OXWRX(UDPPXLWRVHHUDPPXLWRIRUWHV
(OHIHFKRXRVROKRVVXDYR]HUDXPVXVVXUUR
±(OHVVHUHYH]DUDP
6LOrQFLR
±&RPRHXGLVVHDQWHV.DWK\PHFRQWRXWXGRLVVRQRWRPPDLVVHUHQRTXHHXMiDRXYLUDXVDU2V
ROKRVHVWDYDPOtPSLGRVGHFLGLGRV'LVVHTXHVyKDYLDXPPRGRGHHQWHUUDURSDVVDGR'HXPDYH]
SRU WRGDV 7HULD GH HQIUHQWiOR GH FDEHoD HUJXLGD WLUiOR GDV VRPEUDV H MRJiOR DR VRO SDUD TXH
GHILQKDVVHHPRUUHVVHFRPRXPYDPSLUR'LVVHTXHVDELDRTXHSUHFLVDYDID]HU
0DLVVLOrQFLR
±2TXHHUD"±SHUJXQWRX0\URQ
±3URFHVVDURVUDSD]HVTXHDKDYLDPHVWXSUDGR(QFDUDURSDVVDGRHGHSRLVGHL[DUWXGRSDUDWUiV
&DVRFRQWUiULRLVVRLULDDFRPSDQKiODSHORUHVWRGDYLGD
±2TXHRVHQKRUGLVVH"
2YLFHUHLWRU*RUGRQVHHQFROKHXGLDQWHGDSHUJXQWD$SDJRXRFLJDUUR2OKRXSDUDDJDYHWDGH
EDL[RPDVQmRSHJRXRXWUR
±)DOHLSDUDHODVHDFDOPDU
(OHULXGDOHPEUDQoD
±$FDOPDU 1HVVH SRQWR D JDURWD HVWDYD WmR VHP HPRomR WmR DOKHLD TXH HUD FRPR VH HVWLYHVVH
OHQGRXPFDWiORJRWHOHI{QLFR(HXGLVVHSDUDHODVHDFDOPDU0HX'HXV
±2TXHPDLV"
±'LVVHTXHDFKDYDTXHHODDLQGDHVWDYDHPFKRTXH(IDOHLVpULR'LVVHTXHHODGHYHULDSHQVDUHP
WXGRSHVDUDVRSo}HVHQmRFRUUHUSDUDXPDGHFLVmRTXHVHPG~YLGDDIHWDULDRUHVWRGDVXDYLGD
'LVVHSDUDSHQVDUQRTXHVLJQLILFDULDWHURSDVVDGRH[SRVWR3DUDVXDIDPtOLDSDUDRVDPLJRVSDUDR
QRLYRSDUDHODSUySULD
±(PRXWUDVSDODYUDV±GLVVH0\URQ±RVHQKRUWHQWRXFRQYHQFrODDQmRID]HUDDFXVDomR
± 7DOYH] 0DV QmR GLVVH R TXH HVWDYD SHQVDQGR UHDOPHQWH XPD MRYHP TXH VH GHVFUHYLD FRPR
YDJDEXQGDVHPIUHLRHTXHKDYLDWLGRHQYROYLPHQWRFRPSRUQRJUDILDHVH[RVHOYDJHPDFXVDQGRGH
HVWXSUR XP JUXSR GH UDSD]HV XQLYHUVLWiULRV GRLV GRV TXDLV WHULDP WLGR XP UHODFLRQDPHQWR DQWHULRU
FRPHOD(XTXHULDTXHHODSHQVDVVHHPWXGRLVVRDQWHVGHFRPHWHUTXDOTXHULPSUXGrQFLD
±1mRVHMDWmRERQ]LQKRFRQVLJRPHVPR±GLVVH0\URQ±2VHQKRUQmRGHXDPtQLPDSDUDHOD(OD
YHLRSHGLUDMXGDHRVHQKRUSHQVRXHPWXGRPHQRVQHOD3HQVRXHPVXDSUHFLRVDLQVWLWXLomR3HQVRX
QRHVFkQGDOR3HQVRXQRWLPHGHIXWHEROjVYpVSHUDVGHXPFDPSHRQDWRQDFLRQDO3HQVRXQDSUySULD
FDUUHLUD HP FRPR SHJDULD PDO R IDWR GH HOD WUDEDOKDU SDUD R VHQKRU H VH VHQWLU j YRQWDGH SDUD
SURFXUiORHPVXDFDVDWDUGHGDQRLWH2VHXQRPHILFDULDOLJDGRDLVVR$VSHVVRDVLULDPLQYHVWLJi
ORPDLVGHSHUWRWDOYH]GHVHQWHUUDUVHXDUUDQMRFRQMXJDOLQFRPXP
,VVRRIH]HUJXHUDFDEHoD
 ±2TXHpTXHWHPPHXDUUDQMRFRQMXJDO"
±$H[SUHVVmR³XPDYH]DFDGDGRLVPHVHV´VLJQLILFDDOJXPDFRLVDSDUDRVHQKRU"
6HXTXHL[RFDLX
±&RPR
(OHSDURXTXDVHVRUULX
±9RFrpXPUDSD]PXLWREHPLQIRUPDGR
±2QLVFLHQWH±FRUULJLX0\URQ±&RPR'HXV
±1mRYRXFRPHQWDUVREUHPHXFDVDPHQWRSRUpPQmRVHULDGHWRGRKRQHVWRVHQmRDGPLWLVVHTXH
HVVDV FRQVLGHUDo}HV HJRtVWDV PH SDVVDUDP SHOD FDEHoD 0DV HX HVWDYD SUHRFXSDGR FRP .DWK\
WDPEpP8PHUURDVVLP
±8PHVWXSURUHLWRU1mRXPHUUR.DWK\IRLHVWXSUDGD(ODQmRFRPHWHXXP³HUUR´1mRIRLYtWLPD
GHXPDPHUDLQGLVFULomR8PEDQGRGHMRJDGRUHVGHIXWHEROSUHQGHXDQXPYHVWLiULRHVHUHYH]RX
YLROHQWDQGRD
±9RFrHVWiVLPSOLILFDQGRDVLWXDomR
±2VHQKRUpTXHVLPSOLILFRXDVLWXDomR6LPSOHVPHQWHFRORFRX.DWK\HP~OWLPROXJDU
±1mRpYHUGDGH
0\URQEDODQoRXDFDEHoD1mRHUDKRUDSDUDLVVR
±(RTXHDFRQWHFHXGHSRLVTXHRVHQKRUEULQGRX.DWK\FRPVHXViELRFRQVHOKR"
(OHWHQWRXGDUGHRPEURVPDVQmRFRQVHJXLX
±(ODPHROKRXGHXPMHLWRHVWUDQKRFRPRVHHXDWLYHVVHWUDtGR(XVyTXHULDDMXGDU7DOYH]HOD
WHQKD HQWHQGLGR PLQKDV SDODYUDV GR PHVPR MHLWR TXH YRFr 1mR VHL (OD VH OHYDQWRX H GLVVH TXH
YROWDULDQDPDQKmVHJXLQWHSDUDID]HUDVDFXVDo}HV(IRLHPERUD1XQFDPDLVWLYHQRWtFLDVGHODDWp
TXHHVWDUHYLVWDFKHJRXSHORFRUUHLR(RWHOHIRQHPDKiDOJXPDVQRLWHV
±4XHWHOHIRQHPD"
±+iDOJXPDVQRLWHVPXLWRWDUGHUHFHELXPWHOHIRQHPD8PDYR]GHPXOKHUSRGHULDVHUGH.DWK\
RXQmRGLVVH³&XUWDDUHYLVWD9HQKDPHSHJDU(XVREUHYLYL´
±³9HQKDPHSHJDU(XVREUHYLYL´"
±$OJRDVVLP
±2TXHHODTXHULDGL]HU"
±1mRIDoRDPtQLPDLGHLD
±2TXHRVHQKRUSHQVRXTXDQGRILFRXVDEHQGRGRGHVDSDUHFLPHQWRGH.DWK\"
± 4XH HOD KDYLD IXJLGR 4XH WLQKD GHFLGLGR TXH DTXLOR HUD D JRWD G¶iJXD SDUD HOD $FKHL TXH
YROWDULD TXDQGR HVWLYHVVH SURQWD $ SROtFLD WDPEpP SHQVRX LVVR DWp TXH HQFRQWUDUDP D FDOFLQKD
(QWmRYHLRDVXVSHLWDGHFULPHVH[XDO0DVHXVDELDTXHDFDOFLQKDSURYDYHOPHQWHHVWDYDOLJDGDDR
HVWXSURQmRDRGHVDSDUHFLPHQWR3RULVVRFRQWLQXHLDFKDQGRTXHHODWHULDIXJLGR
±1mRSDVVRXSHODVXDFDEHoDDSRVVLELOLGDGHGHTXHRVHVWXSUDGRUHVTXLVHVVHPVLOHQFLiOD"
±3DVVRXVLP0DVDTXHOHVUDSD]HVQmRVHULDPFDSD]HVGH
±(VWXSUDGRUHV±FRUULJLX0\URQ±³5DSD]HV´TXHHVWXSUDUDPHPJUXSRXPDJDURWDTXHQXQFDOKHV
IH]PDO2VHQKRUQmRDFKRXTXHHOHVWHULDPDFDSDFLGDGHGHFRPHWHUDVVDVVLQDWR"
±6HHOHVTXLVHVVHPPDWiODQXQFDWHULDPGHL[DGRTXHIRVVHHPERUD±FRQWUDS{VRYLFHUHLWRUFRP
ILUPH]D±)RLRTXHSHQVHL
±(HQWmRILFRXGHERFDIHFKDGD
(OHDVVHQWLX
 ±)RLXPHUUR$JRUDHXVHL(VSHUDYDTXHHODWLYHVVHDSHQDVIXJLGRGXUDQWHDOJXQVGLDVSDUDS{UD
FDEHoD QR OXJDU 4XDQGR XPD VHPDQD VH SDVVRX SHUFHEL TXH HUD WDUGH GHPDLV SDUD GL]HU DOJXPD
FRLVD
±2VHQKRURSWRXSRUYLYHUFRPDPHQWLUD
±e
±0DVHODHUDVyXPDHVWXGDQWH)RLSURFXUiORSHGLQGRDMXGDQRPRPHQWRPDLVGLItFLOGDYLGD(
RVHQKRUUHFXVRX
±$FKDTXHHXQmRVHLGLVVR"±JULWRXHOH±,VVRHVWiPHFRUURHQGRKiXPDQRHPHLR
±eRVHQKRUpXPYHUGDGHLUREHQIHLWRU
±2TXHpTXHYRFrTXHUGHPLPDILQDO%ROLWDU"
0\URQVHOHYDQWRX
±3HoDGHPLVVmR,PHGLDWDPHQWH
±(VHHXUHFXVDU"
± (QWmR YRX DUUDVWiOR SDUD EDL[R H YDL VHU SLRU GR TXH R VHQKRU MDPDLV LPDJLQRX$PDQKm GH
PDQKmFHGR(QWUHJXHDFDUWDGHGHPLVVmR
2YLFHUHLWRUROKRXSDUDFLPDRVGHGRVVXVWHQWDQGRRTXHL[R2WHPSRSDVVRX6HXURVWRFRPHoRX
D VH VXDYL]DU FRPR VH GHYLGR DR WRTXH GH XP PDVVDJLVWD 2V ROKRV VH IHFKDUDP H RV RPEURV VH
DIURX[DUDP'HSRLVHOHDVVHQWLXOHQWDPHQWH
±&HUWR2EULJDGR
±,VVRQmRpSHQLWrQFLD2VHQKRUQmRYDLHVFDSDUWmRIiFLO
±(XVHL
±8PD~OWLPDFRLVD.DWK\PHQFLRQRXDOJXPQRPH"
±1RPH"
±'RVHVWXSUDGRUHV
(OHKHVLWRX
±1mR
±0DVRVHQKRUID]DOJXPDLGHLD"
±1mRVHEDVHLDHPQDGDGHFRQFUHWR
±'LJD
±$OJXQVGLDVGHSRLVGHHODGHVDSDUHFHUQRWHLTXHXPFHUWRDOXQRFRPHoRXDHVEDQMDUGLQKHLUR
(UDXPHQFUHQTXHLUR&RPSURXXP%0:FRQYHUVtYHO,VVRPHFKDPRXDDWHQomRSRUTXHHOHSDVVRX
FRPRFDUURSRUFLPDGRJUDPDGR$UUDQFRXXPPRQWHGHJUDPD
±4XHP"
± 8P H[MRJDGRU GH IXWHERO )RL H[SXOVR GR WLPH SRU YHQGHU GURJDV 2 QRPH GHOH HUD -XQLRU
+RUWRQ2SHVVRDORFKDPDYDGH
±+RUW\
0\URQIRLHPERUDVHPGL]HUPDLVXPDSDODYUDFRPSUHVVDHPVDLUGRSUpGLR(UDXPGLDOLQGR
4XHQWHHVHFRRVROHQIUDTXHFHQGRQRILPGHWDUGHPDVDLQGDUHOXWDQGRHPLUHPERUD2DUWUD]LD
FKHLURVGHJUDPDUHFpPFRUWDGDHFHUHMHLUDVHPIORU0\URQVHQWLXYRQWDGHGHHVWHQGHUXPDWRDOKDQR
JUDPDGR4XLVVHGHLWDUHSHQVDUQRTXHDFRQWHFHUDD.DWK\&XOYHU
1mRWLQKDWHPSR
2WHOHIRQHHPVHX)RUG7DXUXVHVWDYDWRFDQGRTXDQGRHOHDEULXDSRUWD(UD(VSHUDQ]D
±%HFRVHPVDtGDFRP/XF\±GLVVHHOD±1mRIRL$GDP&XOYHUTXHFRPSURXDVIRWRV
2XWUDWHRULDLQGRSHORVDUHV-iLDOLJDURFDUURTXDQGRHVFXWRXDYR]GH-DNH&RXUWHU
±,PDJLQHLTXHIRVVHHQFRQWUiORDTXL
0\URQROKRXSHODMDQHODDEHUWD
±2TXHIRL-DNH"
±9DPRVOLEHUDURQRPHGH1DQF\6HUDWSDUDDLPSUHQVD
0\URQDVVHQWLX
±2EULJDGRSRUDYLVDU
±1mRpSRULVVRTXHHVWRXDTXL
0\URQQmRJRVWRXGDYR]GHOH
±7HPRVXPVXVSHLWR±FRQWLQXRX-DNH±1yVRSHJDPRVSDUDLQWHUURJDWyULR
±4XHP"
±6HXFOLHQWH&KULVWLDQ6WHHOH
 

±248(e48(7(02&+5,67,$1"±SHUJXQWRX0\URQ
±1DQF\6HUDWWLQKDDOXJDGRDTXHODFDVDKiXPDVHPDQD±UHVSRQGHX-DNH±8PGLDRXGRLVDQWHV
GHSDUWLUSDUD&DQF~Q$LQGDQHPKDYLDGHVIHLWRDPXGDQoD
±("
±(FRPRDVGLJLWDLVGH&KULVWLDQ6WHHOHGLJLWDLVOLPSDVIUHVFDVHVWDYDPSRUWRGRROXJDU"1D
PDoDQHWDGDIUHQWH1XPFRSR1RFRQVROHGDODUHLUD
0\URQWHQWRXQmRSDUHFHUSHUSOH[R
±2UD-DNH9RFrQmRSRGHID]HUXPDSULVmREDVHDGRQLVVR$LPSUHQVDYDLFRPrORYLYR
±&RPRVHHXOLJDVVHDPtQLPD
±9RFrQmRWHPQDGDSDUDDFXViOR
±3RGHPRVSURYDUTXHHOHHVWHYHQRORFDOGRFULPH
±(GDt"9RFrSRGHSURYDUTXH-HVVLFDHVWHYHOi9DLSUHQGrODWDPEpP"
-DNHGHVDERWRRXRSDOHWySHUPLWLQGRTXHDEDUULJDVHH[SDQGLVVH(VWDYDXVDQGRXPWHUQRPDUURP
GHFHUFDGH1XPDSDODYUDODSHODV-DNHQmRHUDHVFUDYRGDPRGD
± 7XGR EHP JDURWR HVSHUWR (QWmR TXHU PH GL]HU R TXH VHX FOLHQWH IRL ID]HU QD FDVD GH 1DQF\
6HUDW"
±9DPRVSHUJXQWDUDHOH(OHYDLIDODUFRPYRFr&KULVWLDQpXPERPJDURWR-DNH1mRRDUUXtQH
EDVHDGRHPHVSHFXODomR
±e(XRGLDULDDUUXLQDUVXDVFRPLVV}HV
±*ROSHEDL[R-DNH
±9RFrQmRpLPSDUFLDOQHVWHFDVR%ROLWDU2JDURWRpVHXFOLHQWHPDLVYDOLRVRpRVHXLQJUHVVR
SDUDDVJUDQGHVOLJDV9RFrQmRTXHUTXHHOHVHMDFXOSDGR
0\URQROKRXSDUDHOHVHPGL]HUQDGD
±'HL[HVHXFDUURDTXL±GLVVH-DNH±(XROHYRDWpDGHOHJDFLD
)LFDYDVyDXPTXLO{PHWURHPHLR4XDQGRSDUDUDPQRHVWDFLRQDPHQWR-DNHGLVVH
±2QRYRSURPRWRUGHMXVWLoDHVWiDt8PMRYHPILJXUmRFKDPDGR5RODQG
(SD
±&DU\5RODQG"±SHUJXQWRX0\URQ±&DEHORHQFDUDFRODGR"
±9RFrRFRQKHFH"
±&RQKHoR
± (OH DGRUD SXEOLFLGDGH ± GLVVH -DNH ± )LFD FRP WHVmR TXDQGR VH Yr QD 79 3UDWLFDPHQWH VH
PHORXWRGRTXDQGRRXYLXRQRPHGH&KULVWLDQ
0\URQSRGLDLPDJLQDU(OHH&DU\5RODQGHUDPYHOKRVFRQKHFLGRV,VVRQmRHUDQDGDERP
±(OHGLYXOJRXRQRPHGH&KULVWLDQ"
±$LQGDQmR&DU\GHFLGLXHVSHUDUDWpDVKRUDV3DUDFRQVHJXLUDSDUHFHUDRYLYRHPWRGDVDV
UHGHV
±(WHPWHPSRVXILFLHQWHSDUDDMHLWDUDVPDGHL[DV
±,VVRWDPEpP
&KULVWLDQ HVWDYD VHQWDGR QXPD VDOD SHTXHQD QmR WHULD PDLV GR TXH VHLV PHWURV TXDGUDGRV
2FXSDYDXPDFDGHLUDDWUiVGHXPDPHVD1mRKDYLDOX]HVTXHQWHVRXTXDOTXHUSHVVRDFRPHOH
 ±2QGHHVWiR5RODQG"±SHUJXQWRX0\URQ
±$WUiVGRHVSHOKR
(VSHOKRIDOVRDWpPHVPRQXPDGHOHJDFLDFKLQIULPFRPRHVWD0\URQHQWURXQDVDODROKRXSDUDR
HVSHOKR DMHLWRX D JUDYDWD H VH FRQWHYH SDUD QmR ID]HU XP JHVWR REVFHQR SDUD 5RODQG 2 6U
0DWXULGDGHDWDFDRXWUDYH]
±6U%ROLWDU"
0\URQ VH YLURX &KULVWLDQ DFHQRX SDUD HOH FRPR VH WLYHVVH YLVWR XP URVWR IDPLOLDU QD
DUTXLEDQFDGD
±9RFrHVWiEHP"±SHUJXQWRX0\URQ
±(VWRX6yDLQGDQmRHQWHQGLRTXHHVWRXID]HQGRDTXL
8PSROLFLDOXQLIRUPL]DGRHQWURXFRPXPJUDYDGRU0\URQVHYLURXSDUD-DNH
±(OHHVWiSUHVR"
-DNHULX
±4XDVHHVTXHFL%ROLWDU9RFrpDGYRJDGRWDPEpPeERPOLGDUFRPXPSURILVVLRQDO
±(OHHVWiSUHVR"±0\URQUHSHWLX
±$LQGDQmR6yTXHUHPRVID]HUXPDVSHUJXQWDV
2SROLFLDOXQLIRUPL]DGRFXLGRXGRVDMXVWHVSUHOLPLQDUHV(QWmR-DNHFRPHoRX
±6RXR[HULIH-DNH&RXUWHU6U6WHHOH/HPEUDVHGHPLP"
±6LPVHQKRU2VHQKRUHVWiFXLGDQGRGRGHVDSDUHFLPHQWRGDPLQKDQRLYD
±&RUUHWR$JRUD6U6WHHOHFRQKHFHXPDPXOKHUFKDPDGD1DQF\6HUDW"
±(ODHUDFROHJDGHTXDUWRGH.DWK\QD5HVWRQ
±2VHQKRUVDEHTXH1DQF\6HUDWIRLDVVDVVLQDGDRQWHPjQRLWH"
2VROKRVGH&KULVWLDQVHDUUHJDODUDP(OHVHYLURXSDUD0\URQ0\URQ
DVVHQWLX
±0HX'HXV1mR
±2VHQKRUHUDDPLJRGH1DQF\6HUDW"
$YR]GHOHVDLXRFD
±6LPVHQKRU
±6U6WHHOHSRGHQRVGL]HURQGHHVWHYHRQWHPjQRLWH"
0\URQLQWHUURPSHX
±2QWHPjQRLWHDTXHKRUDV"
±'HVGHTXHVDLXGRWUHLQRDWpDKRUDHPTXHIRLGRUPLU
0\URQKHVLWRX$TXLORHUDXPDDUPDGLOKD(OHSRGLDWHQWDUGHVDUPiODRXSRGHULDGHL[DU&KULVWLDQ
FXLGDUGLVVRVR]LQKR1DPDLRULDGDVFLUFXQVWkQFLDVWHULDLQWHUYLQGRHGDGRXPDYLVRVXWLOVREUHR
TXHDUHVSRVWDHUUDGDSRGHULDVLJQLILFDU0DVGHVWDYH]DSHQDVVHUHFRVWRXHREVHUYRX
± 6H TXHU VDEHU VH HX HVWLYH FRP 1DQF\ 6HUDW RQWHP j QRLWH ± GLVVH &KULVWLDQ OHQWDPHQWH ± D
UHVSRVWDpVLP
0\URQ UHVSLURX GH QRYR 2OKRX SDUD R HVSHOKR IDOVR H S{V D OtQJXD SDUD IRUD 2 ILP GR 6U
0DWXULGDGH
±$TXHKRUDVIRLLVVR"±SHUJXQWRX-DNH
±3RUYROWDGDVQRYH
±2QGHRVHQKRUDYLX"
±1DFDVDGHOD
 ±1D$FUH6WUHHWQ~PHUR"
±6LPVHQKRU
±4XDOIRLRSURSyVLWRGHVXDYLVLWD"
±1DQF\YROWRXGHXPDYLDJHPQDTXHODPDQKm(ODPHOLJRXHGLVVHTXHSUHFLVDYDIDODUFRPLJR
±'LVVHSRUTXr"
±'LVVHTXHWLQKDDOJRDYHUFRP.DWK\1mRTXLVGL]HUPDLVQDGDSHORWHOHIRQH
±2TXHDFRQWHFHXTXDQGRRVHQKRUFKHJRXjFDVDQD$FUH6WUHHWQ~PHUR"
±1DQF\SUDWLFDPHQWHPHS{VSRUWDDIRUD'LVVHTXHHXSUHFLVDYDLUHPERUDLPHGLDWDPHQWH
±'LVVHSRUTXr"
±1mRVHQKRU(XSHUJXQWHLRTXHHVWDYDDFRQWHFHQGRPDVHODLQVLVWLX3URPHWHXPHOLJDUGDOLD
XPRXGRLVGLDVHFRQWDUWXGRPDVTXHHXWLQKDGHLUHPERUD
±2TXHRVHQKRUIH]"
±$UJXPHQWHLFRPHODGXUDQWHXPPLQXWRRXGRLV(ODFRPHoRXDILFDUSHUWXUEDGDHIDODUFRLVDV
TXHQmRID]LDPVHQWLGR$WpTXHHXGHVLVWLHIXLHPERUD
±4XHWLSRGHFRLVDHODGLVVH"
±$OJRVREUHLUPmVVHUHXQLUHP
0\URQVHHQULMHFHX
±2TXrVREUHLUPmVVHUHXQLUHP"±SHUJXQWRX-DNH
±1mROHPEURH[DWDPHQWH$OJRWLSR³eKRUDGHDVLUPmVVHUHXQLUHP´1mRHVWDYDID]HQGRPXLWR
VHQWLGRVHQKRU
-DNHROKRXSDUD0\URQ0\URQROKRXGHYROWD
±9RFrVHOHPEUDGHPDLVDOJXPDFRLVDTXHHODWHQKDGLWR"
±1mRVHQKRU
±9RFrIRLGLUHWRSDUDFDVDGHSRLVGLVVR"
±6LPVHQKRU
±$TXHKRUDVFKHJRXHPFDVD"
±8PDVKGDQRLWHDFKR7DOYH]XPSRXFRPDLVWDUGH
±+iDOJXpPTXHSRVVDFRQILUPDUDKRUD"
±$FKRTXHQmR$FDEHLGHPHPXGDUSDUDXPSUpGLRHP(QJOHZRRG7DOYH]DOJXPYL]LQKRWHQKD
YLVWRQmRVHL
±2VHQKRUVHLPSRUWDULDHPHVSHUDUDTXLXPPLQXWR"
-DNH VLQDOL]RX SDUD TXH 0\URQ R VHJXLVVH 0\URQ FRQFRUGRX PDV DQWHV GH VDLU VH LQFOLQRX QD
GLUHomRGH&KULVWLDQ
±1mRGLJDPDLVQHQKXPDSDODYUDDWpHXYROWDU
2UDSD]DVVHQWLX
)RUDPSDUDDRXWUDVDOD2RXWURODGRGRHVSHOKRSRUDVVLPGL]HU
&DU\5RODQGWLQKDPRVWUDGRVLQDLVGHDPELomRSROtWLFDSHODSULPHLUDYH]DRVDLUGR~WHURGDPmH
2SURPRWRUWLQKDIHLWRDIDFXOGDGHGHGLUHLWRMXQWRFRP0\URQHP+DUYDUG(UDXPVXMHLWREULOKDQWH
(GLWRUGRMRUQDOMXUtGLFR$VVLVWHQWHGHXPMXL]GD6XSUHPD&RUWH
$LQGD SDUHFLD R PHVPR 7HUQR FLQ]D FRP FROHWH VLP HOH LD SDUD DV DXODV XVDQGR WHUQR  1DUL]
DGXQFR2OKRVSHTXHQRVHHVFXURV&DEHORVHQFDUDFRODGRVVROWRVFRPRRVGHXPDVWURGHURFNGRV
DQRVVyTXHPDLVFXUWRV
5RODQGEDODQoRXDFDEHoD'HSRLVIH]XPUXtGRTXHGHPRQVWUDYDLQGLJQDomR
 ±&OLHQWHFULDWLYR%ROLWDU
±1mRWmRFULDWLYRTXDQWRVHXEDUEHLUR±UHVSRQGHX0\URQ
-DNHFRQWHYHXPDJDUJDOKDGD
± $FUHGLWR TXH GHYHPRV ILFKiOR ± FRQWLQXRX 5RODQG ± 9DPRV DQXQFLDU QD FROHWLYD SDUD D
LPSUHQVD
±$JRUDHQWHQGL±GLVVH0\URQ
±(QWHQGHXRTXr"
±2SDXGXUR4XDQGRYRFrGLVVH³LPSUHQVD´
5LVLQKRVGLVIDUoDGRV
5RODQGIXPHJRX
±$LQGDpFRPHGLDQWHKHLQ%ROLWDU"%RPVHXFOLHQWHHVWiSUHVWHVDFDLUGRFDYDOR
±$FKRTXHQmR&DU\
±1mRPHLPSRUWDRTXHYRFrDFKH
0\URQVXVSLURX
±&KULVWLDQOKHGHXXPDH[SOLFDomRUD]RiYHOSDUDHVWDUQDFDVDGH1DQF\6HUDW9RFrQmRWHPQDGD
DOpP GLVVR RX VHMD QmR WHP QDGD$OpP GR PDLV LPDJLQH DV PDQFKHWHV VH &KULVWLDQ IRU LQRFHQWH
³-RYHP 3URPRWRU &RPHWH (UUR 0DQFKD R 1RPH GH +HUyL GR (VSRUWH 9LVDQGR D *DQKR 3HVVRDO
3UHMXGLFDR7LWDQVQR6XSHU%RZO7RUQDVHR+RPHP0DLV2GLDGRGR(VWDGR´
5RODQGHQJROLXHPVHFR1mRKDYLDSHQVDGRQLVVR(VWLYHUDRIXVFDGRSHODVOX]HV$VOX]HVGD79
±;HULIH&RXUWHURTXHDFKD"
(UDKRUDGHGDUPDUFKDDUp
±1mRWHPRVHVFROKD±GLVVH-DNH±7HPRVGHGHL[iORLU
±9RFrDFUHGLWDQDKLVWyULDGHOH"
-DNHGHXGHRPEURV
±1mRGiSDUDVDEHU0DVQmRWHPRVRVXILFLHQWHSDUDPDQWrORDTXL
±&HUWR±GLVVH5RODQGDVVHQWLQGRFRPHVIRUoR6XMHLWRLPSRUWDQWH±(OHHVWiOLYUH0DVpPHOKRU
QmRVDLUGDFLGDGH
0\URQROKRXSDUD-DNH
±1mRVDLUGDFLGDGH"
0\URQULX*DUJDOKRX
±(OHDFDEDGHGL]HUSDUDQmRVDLUGDFLGDGH"
-DNHHVWDYDWHQWDQGRVHVHJXUDU0DVVHXVOiELRVHVWUHPHFLDPXPERFDGR
2URVWRGH5RODQGILFRXYHUPHOKR
±,QIDQWLO±GLVVHFRPGHVSUH]R±;HULIHTXHURDWXDOL]Do}HVGLiULDVVREUHRFDVR
±6LPVHQKRU
5RODQG ODQoRX D WRGRV VHX ROKDU PDLV DPHGURQWDGRU 1LQJXpP FDLX GH MRHOKRV (OH VDLX
LQWHPSHVWLYDPHQWH
±7UDEDOKDUSDUDHOHGHYHVHUXPDJDUJDOKDGDLQWHUPLQiYHO±GLVVH0\URQ
±'LYHUWLGtVVLPR
±&KULVWLDQHHXSRGHPRVLUDJRUD"
-DNHEDODQoRXDFDEHoD
±1mRDQWHVGHHXVDEHUVREUHVXDYLVLWDDRYLFHUHLWRU*RUGRQ
 

0<521$78$/,=28-$.( 'HSRLVOHYRX&KULVWLDQSDUDFDVD1RFDPLQKRS{V&KULVWLDQDSDUGHWXGR
WDPEpP'HWXGR&KULVWLDQTXLVVDEHU0\URQWHQWRXSRXSiORPDVQmRWLQKDRGLUHLWRGHHVFRQGHU
GHOHHVVDVFRLVDV
&KULVWLDQQmRRLQWHUURPSHXFRPSHUJXQWDV'HIDWRQmRGLVVHQDGD(PFDPSRHOHHUDFRQKHFLGR
SHODSRVWXUDTXHPDQWLQKDHPTXDOTXHUVLWXDomR1HVVHPRPHQWRRURVWRGH&KULVWLDQPRVWUDYDVXD
PHOKRUH[SUHVVmRGHMRJR
4XDQGR0\URQWHUPLQRXQHQKXPGRVGRLVIDORXGXUDQWHYiULRVPLQXWRV(QWmR0\URQSHUJXQWRX
±9RFrHVWiEHP"
&KULVWLDQDVVHQWLX6HXURVWRHVWDYDSiOLGR
±2EULJDGRSRUVHUKRQHVWRFRPLJR±GLVVH
±.DWK\DPDYDYRFr0XLWR1mRVHHVTXHoDGLVVR
2UDSD]DVVHQWLXQRYDPHQWH
±7HPRVTXHHQFRQWUiOD±GLVVH&KULVWLDQ
±(VWRXWHQWDQGR
&KULVWLDQVHUHPH[HXQREDQFRSDUDHQFDUDU0\URQ
± 4XDQGR HX HVWDYD VHQGR VRQGDGR SRU WRGRV DTXHOHV HPSUHViULRV JUDQGHV WRGR R SURFHVVR
SDUHFLD QmR VHL PXLWR LPSHVVRDO 7XGR WLQKD D YHU FRP GLQKHLUR$LQGD WHP HX VHL 1mR HVWRX
VHQGRLQJrQXRPDVRVHQKRUIRLGLIHUHQWH(XVRXEHLQVWLQWLYDPHQWHTXHSRGLDFRQILDU$FKRTXHR
TXHHVWRXWHQWDQGRGL]HUpTXHRVHQKRUYLURXPDLVGRTXHXPHPSUHViULRSDUDPLP)LFRIHOL]SRUWr
ORHVFROKLGR
±(XWDPEpP3RGHQmRVHURPHOKRUPRPHQWRSDUDSHUJXQWDUPDVFRPRYRFrILFRXVDEHQGRGH
PLP"
±$OJXpPIH]XPDUHFRPHQGDomRH[FHOHQWH
±4XHP"
&KULVWLDQVRUULX
±2VHQKRUQmRVDEH"
±8PFOLHQWH"
±1mR
0\URQEDODQoRXDFDEHoD
±1mRIDoRLGHLD
&KULVWLDQVHUHFRVWRXQREDQFR
±-HVVLFD(ODPHFRQWRXDKLVWyULDGDVXDYLGD6REUHVHXWHPSRGHMRJDGRUVXDOHVmRRTXHR
VHQKRUSDVVRXFRPRWUDEDOKRXSDUDR)%,FRPRYROWRXDHVWXGDU'LVVHTXHRVHQKRUHUDDPHOKRU
SHVVRDTXHHODFRQKHFLD
±-HVVLFDQmRFRQKHFHPXLWDJHQWH
9ROWDUDPDILFDUHPVLOrQFLR$1HZ-HUVH\7XUQSLNHHVWDYDFRPXPDIDL[DFHQWUDOIHFKDGDRTXH
RVIH]GLPLQXLUDYHORFLGDGHDWpTXDVHVHDUUDVWDUHP'HYHULDPWHUSHJDGRDVDtGDRHVWH0\URQMiLD
PXGDUGHIDL[DTXDQGR&KULVWLDQGLVVHXPDFRLVDTXHTXDVHRIH]SLVDUQRIUHLR
±0LQKDPmHSRVRXQXDXPDYH]
0\URQSHQVRXTXHWLQKDRXYLGRPDO
 ±2TXr"
±4XDQGRHXHUDFULDQoD1mRVHLVHSXEOLFDUDPQXPDUHYLVWD'XYLGR(ODQmRHUDPXLWRERQLWDQD
pSRFD7LQKDDQRVPDVDSDUHQWDYD7UDEDOKDYDFRPRSURVWLWXWDHP1RYD<RUN1DUXD1mRVHL
TXHPpPHXSDL(ODDFKDYDTXHHUDXPFDUDGHXPDIHVWDGHGHVSHGLGDGHVROWHLURPDVQmRID]LD
LGHLDGHTXDO
0\URQ R ROKRX GLVIDUoDGDPHQWH &KULVWLDQ ROKDYD SDUD D IUHQWH$ H[SUHVVmR GH MRJR FRQWLQXDYD
HPVHXURVWR
±3HQVHLTXHVHXVSDLVWLQKDPFULDGRYRFrQR.DQVDV±GLVVH0\URQFRPFDXWHOD
&KULVWLDQEDODQoRXDFDEHoD
± )RUDP PHXV DYyV 0LQKD PmH PRUUHX TXDQGR HX WLQKD  DQRV (OHV PH DGRWDUDP 7tQKDPRV R
PHVPRVREUHQRPHHQWmRHXILQJLDTXHHOHVHUDPPHXVSDLVGHYHUGDGH
±(XQmRVDELD6LQWRPXLWR
±1mRSUHFLVD(OHVIRUDPSDLVPDUDYLOKRVRV$FKRTXHFRPHWHUDPPXLWRVHUURVFRPPLQKDPmH
SHORPRGRFRPRHODDFDERX0DVHUDPERQVHDPRURVRVFRPLJR6LQWRPXLWDIDOWDGHOHV
$JRUDRVLOrQFLRHUDPDLVSHVDGR3DVVDUDPSRU0HDGRZODQGV0\URQSDJRXRSHGiJLRQRILPGD
HVWUDGD H VHJXLX DV SODFDV SDUD D SRQWH *HRUJH :DVKLQJWRQ &KULVWLDQ KDYLD FRPSUDGR XP
DSDUWDPHQWR TXH ILFDYD WUrV TXLO{PHWURV DQWHV GD SRQWH H D  GR HVWiGLR GR 7LWDQV 7UH]HQWRV
DSDUWDPHQWRVSUpIDEULFDGRVFRPRQRPHGH&URVV&UHHN3RLQWHXPGDTXHOHVFRQMXQWRVUHVLGHQFLDLV
GH1RYD-HUVH\TXHSDUHFLDPWHUVDtGRGH3ROWHUJHLVW
(QTXDQWRSDUDYDPQXPVLQDORWHOHIRQHGRFDUURWRFRX0\URQDWHQGHX
±$O{
±2QGHYRFrHVWi"
(UD-HVVLFD
±(P(QJOHZRRG
± 3HJXH D 5RWD  SDUD RHVWH DWp D  QRUWH ± GLVVH HOD UDSLGDPHQWH ± 9RX HQFRQWUDU YRFr QR
HVWDFLRQDPHQWRGR3DWKPDUNHP5DPVH\
±2TXHHVWiDFRQWHFHQGR"
±6yPHHQFRQWUHOi$JRUD
 

12 020(172 (0 48( 9,8 -HVVLFD SDUDGD VRE R EULOKR FUHSXVFXODU GDV OX]HV IOXRUHVFHQWHV GR
HVWDFLRQDPHQWR GR 3DWKPDUN GRORURVDPHQWH OLQGD YHVWLQGR XPD FDOoD MHDQV MXVWD H XPD EOXVD
YHUPHOKDDEHUWDQRSHVFRoR0\URQVRXEHTXHKDYLDSUREOHPD(GRVJUDQGHV
±ePXLWRUXLP"±SHUJXQWRX
(ODDEULXDSRUWDGRFDUURHVHQWRXVHDRODGRGHOH
±3LRU
(OH QmR S{GH HYLWDU 1mR FRQVHJXLD SDUDU GH SHQVDU HP FRPR HOD HUD OLQGD (VWDYD XP SRXFR
SiOLGD RV ROKRV PHLR IXQGRV GHPDLV$LQGD QmR WLQKD SpV GH JDOLQKD PDV QRYDV UXJDV KDYLDP VH
GHVHQKDGRQRURVWR7HULDPHVWDGRDOLRQWHPRXQRGLDHPTXHHODIRLDRVHXHVFULWyULR"1mRWLQKD
FHUWH]D 0DV DFKRX TXH HOD MDPDLV SDUHFHUD WmR GHYDVWDGRUD $V LPSHUIHLo}HV VH YRFr TXLVHVVH
FKDPDU DVVLP Vy D WRUQDYDP PDLV UHDO H SRUWDQWR PDLV GHVHMiYHO $ ³UHLWRUHVD´ 0DGHODLQH HUD
DWUDHQWHPDVQmRSDVVDYDGHXPDODQWHUQDGHEROVRGLDQWHGRIDURORIXVFDQWHTXHHUD-HVVLFD
±4XHUFRQWDU"
(ODEDODQoRXDFDEHoD
±3UHILURPRVWUDU
(FRPHoRXDGDURULHQWDo}HV4XDQGRFKHJDUDPDXPDHVWUDGDFRPRQRPHPXLWRDSURSULDGRGH
&DPLQKRGH7HUUD9HUPHOKDHODGLVVH
±0HXSDLDOXJRXXPDFDEDQDDTXL
±1HVWDIORUHVWD"
±e
±4XDQGR"
± 'XDV VHPDQDV DWUiV$OXJRX SRU XP PrV 6HJXQGR R FRUUHWRU HOH TXHULD XP OXJDU FDOPR 8P
OXJDUSDUDVHDIDVWDUGHWXGR
±1mRSDUHFHPXLWRRHVWLORGRVHXSDL
±1HPXPSRXFR±FRQFRUGRXHOD
$OJXQVPLQXWRVGHSRLVFKHJDUDPjFDEDQD0\URQDFKDYDGLItFLODFUHGLWDUTXH$GDP&XOYHUXP
KRPHPTXHHOHFRQKHFHUDEDVWDQWHEHPGXUDQWHRWHPSRTXHILFDUDFRP-HVVLFDTXLVHVVHWLUDUIpULDV
DOL2VXMHLWRJRVWDYDGHMRJDU*RVWDYDGHFDYDORVGHUROHWDGHYLQWHHXP*RVWDYDGHDomR6XD
LGHLDGHFDOPDULDHUDXPVKRZGH7RQ\%HQQHWWQXPHVWiGLRORWDGR
-HVVLFD VDLX GR FDUUR 0\URQ IRL DWUiV$ SRVWXUD GHOD HUD HUHWD SHUIHLWD$VVLP FRPR R DQGDU
DOJR TXH 0\URQ QR SDVVDGR DGRUDYD ILFDU ROKDQGR 0DV KDYLD XPD KHVLWDomR LQFRQIXQGtYHO QRV
SDVVRV FRPR VH DV SHUQDV QmR WLYHVVHP FHUWH]D VH FRQVHJXLULDP VXVWHQWDU DTXHOH WURQFR HOHJDQWH
GXUDQWHWRGRRORQJRSHUFXUVR
$V SLVDGDV GRV GRLV HVWDODUDP QRV GHJUDXV GD YDUDQGD GH PDGHLUD 0\URQ YLX SDUWHV SRGUHV
-HVVLFDGHVWUDQFRXDSRUWDHDHPSXUURX
±9HMD
0\URQYLX1mRGLVVHQDGD3RGLDVHQWLURROKDUGHODIL[RQHOH
± 9HULILTXHL R FDUWmR GR PHX SDL ± GLVVH HOD ± (OH JDVWRX PDLV GH  PLO GyODUHV QXPD ORMD QD
FLGDGHFKDPDGD2OKR(VSLmR
0\URQ FRQKHFLD D ORMD $TXLOR HUD GHILQLWLYDPHQWH FRLVD GH Oi 7UrV FkPHUDV GH YtGHR
HVSDUUDPDGDV QR VRIi 3DQDVRQLF 7RGDV FRP VXSRUWH GH PRGR TXH SXGHVVHP VHU SHQGXUDGDV VH
IRVVHRFDVR7DPEpPKDYLDWUrVSHTXHQRVPRQLWRUHVGHWHOHYLVmR7DPEpP3DQDVRQLF'RWLSRTXH
VH YHULD QD VDOD GH VHJXUDQoD GH XP SUpGLR FKLTXH 'RLV DSDUHOKRV GH YLGHRFDVVHWH 7RVKLED 8P
PRQWHGHFDERVHFRLVDVGRWLSR
0DVQmRHUDLVVRRTXHPDLVLQFRPRGDYD6R]LQKRVDTXHOHVDSDUHOKRVHOHWU{QLFRVWRGRVSRGHULDP
VLJQLILFDU YiULDV FRLVDV 0DV RXWURV GRLV LWHQV ± TXH DWUDtUDP R ROKDU GH 0\URQ H SUHQGHUDP VXD
DWHQomRFRPRXPEHErTXHVHJXUDVVHXPDPRHGD±PXGDYDPWXGR(UDPRFDWDOLVDGRUTXHIDOWDYD
&RPSOHWDYDPXPDPLVWXUDSHULJRVDGHPDLVSDUDVHULJQRUDGD
(QFRVWDGRQDSDUHGHKDYLDXPIX]LO(QRFKmRDRODGRXPSDUGHDOJHPDV
±2TXHpTXHHOHHVWDYDID]HQGRDTXL"±SHUJXQWRX-HVVLFD
0\URQ VDELD QR TXH HOD HVWDYD SHQVDQGR 1DV JDURWDV PRUWDV HQFRQWUDGDV DOL SHUWR$V LPDJHQV
GLYXOJDGDVQD79FRUSRVHVSDQFDGRVHGHFRPSRVWRVSDLUDYDPDFLPDGHOHVFRPRIDQWDVPDV
±4XDQGRHOHFRPSURXHVVDVFRLVDV"±SHUJXQWRX0\URQ
±+iGXDVVHPDQDV
2VROKRVGHODHVWDYDPOtPSLGRVFRQWURODGRV
±(VFXWHHXWLYHWHPSRGHSHQVDUQLVVR0HVPRTXHQRVVRVSLRUHVWHPRUHVVHMDPYHUGDGHHOHV
QmRH[SOLFDPQDGD(DIRWRQDUHYLVWD"2XDOHWUDGH.DWK\QDTXHOHHQYHORSH"2XRVWHOHIRQHPDV"
2XSRUVLQDORDVVDVVLQDWRGHOH"
0\URQROKRXSDUDHOD6DELDTXHHVWDYDSURFXUDQGRXPDH[SOLFDomR±TXDOTXHUXPDTXHQmRIRVVH
DTXHRVHQFDUDYDQDTXHOHLQVWDQWH
±9RFrHVWiEHP"±SHUJXQWRXHOH
(OD FUX]RX RV EUDoRV VRE RV VHLRV XPD GDV PmRV HP FDGD FRWRYHOR FRPR VH HVWLYHVVH VH
DEUDoDQGR
±(VWRXPHVHQWLQGRGHVDQFRUDGD±GLVVHHOD
±9RFrDJXHQWDPDLV"
$VPmRVGHODWRPEDUDPDRODGRGRFRUSR
±3RUTXr"2TXHKRXYH"
(OHKHVLWRX
(ODH[SORGLX
±1mRPHHQUROHGURJD
±-HVV
±9RFrVDEHTXHRGHLRHVVDVXDEDEDTXLFHGHSURWHJHUDPRFLQKD'LJDRTXHHVWiDFRQWHFHQGR
GURJD
±.DWK\IRLHVWXSUDGDSRUXPJUXSRGRVFROHJDVGHWLPHGH&KULVWLDQQDQRLWHHPTXHGHVDSDUHFHX
)RLFRPRVH-HVVLFDWLYHVVHOHYDGRXPWDSDQDFDUD0\URQFRUUHXSDUDHOD
±6LQWRPXLWR±GLVVH
±6yFRQWHRTXHDFRQWHFHX7XGR
0\URQFRQWRX2VROKRVFODURVHFRQWURODGRVGH-HVVLFDILFDUDPYD]LRVVHPYLGD(ODSHUPDQHFHX
QXPVLOrQFLRSRXFRFDUDFWHUtVWLFR
±'HVJUDoDGRV±FRQVHJXLXGL]HU±'HVJUDoDGRVILOKRVGDSXWD
(OHDVVHQWLX
±8PGHOHVDPDWRX±GLVVHHOD±2XWRGRV3DUDTXHHODVHFDODVVH
±eSRVVtYHO
 (ODIH]XPDSDXVDSHQVDQGR(QWmRVHXVROKRVYROWDUDPjYLGD
±,PDJLQH±FRPHoRXOHQWDPHQWH±TXHPHXSDLWHQKDGHVFREHUWRVREUHRHVWXSUR
0\URQDVVHQWLX
±2TXHHOHIDULD"±FRQWLQXRXHOD±&RPRYRFrUHDJLULDVHWLYHVVHDFRQWHFLGRFRPVXDILOKD"
±)LFDULDIXULRVR
±&RQVHJXLULDVHFRQWURODU"
±.DWK\QmRpPLQKDILOKDHPHVPRDVVLPDLQGDQmRVHLVHSRVVRPHFRQWURODU
-HVVLFDDVVHQWLX
±(QWmRWDOYH]DSHQDVWDOYH]LVVRH[SOLTXHHVVDVFRLVDVDTXL2PDWHULDOHOHWU{QLFRDVDOJHPDVR
IX]LO e SRVVtYHO TXH HOH HVWLYHVVH XVDQGR HVWH HVFRQGHULMR QD IORUHVWD SDUD SHJDU XP HVWXSUDGRU H
ID]HUMXVWLoDFRPDVSUySULDVPmRV
±.DWK\IRLHVWXSUDGDSRUXPJUXSR(UDPVHLVRXVHWH0DVHVWHOXJDUSDUHFHWHUVLGRSUHSDUDGR
SDUDXPDSHVVRD
± 0DV ± FRQWLQXRX HOD XP OHYH VRUULVR IDQWDVPDJyULFR QR URVWR ± LPDJLQH VH PHX SDL HVWLYHVVH
H[DWDPHQWHQDPHVPDSRVLomRHPTXHHVWDPRVDJRUD
±1mRHQWHQGL
±,PDJLQHVHHOHVRXEHVVHRQRPHGHDSHQDVXPHVWXSUDGRU7DOYH]HVVHWDOGH+RUWRQ2TXHHOH
SRGHULDID]HU"2TXHYRFrSRGHULDID]HU"
±3RGHULDVHTXHVWUiORHID]HUFRPTXHHOHIDODVVH
±([DWDPHQWH
± 0DV p XPD SRVVLELOLGDGH WUHPHQGDPHQWH UHPRWD 3RU TXH HX JUDYDULD HP YtGHR" 3RU TXH
SUHFLVDULDGHFkPHUDVHPRQLWRUHV"
±3DUDJUDYDUDFRQILVVmRFHUWLILFDUVHGHTXHQLQJXpPYLQKDSHODHVWUDGDVHLOi9RFrWHPXPD
KLSyWHVHPHOKRU"
(OHQmRWLQKD
±9RFrH[DPLQRXRUHVWRGDFDVD"
±1mRWLYHFKDQFH2FRUUHWRUPHWURX[HDTXL3UDWLFDPHQWHLQIDUWRXTXDQGRYLXHVVDVFRLVDV
±2TXHYRFrGLVVHDHOH"
± 4XH HX VDELD TXH LVVR WXGR HVWDYD DTXL 4XH PHX SDL HUD LQYHVWLJDGRU SDUWLFXODU H WUDEDOKDYD
GLVIDUoDGR
0\URQIH]XPDFDUHWD
±)RLRPHOKRUTXHHXSXGHERODUQDKRUD
±(HOHHQJROLX"
±$FKRTXHVLP
0\URQEDODQoRXDFDEHoD
±$FKHLTXHYRFrIRVVHHVFULWRUD
±1mRVRXERDHPLPSURYLVDU6RXPXLWRPHOKRUQDSDUWHHVFULWDGRTXHQDRUDO
±%DVHDGRHPPLQKDSUySULDH[SHULrQFLD±GLVVHHOH±HXWHULDGHGLVFRUGDU
±%HODKRUDSDUDID]HUJUDFLQKD
(OHGHXGHRPEURV
±6ySDUDUHOD[DU
(ODTXDVHVRUULX
±9DPRVYHUDFDVD±GLVVHHOH
 1mRKDYLDPXLWDFRLVDSDUDROKDU$VDODQmRWLQKDJDYHWDVQHPDUPiULRV7XGRHVWDYDjYLVWDR
HTXLSDPHQWRHOHWU{QLFRDVDOJHPDVRIX]LO$FR]LQKDQmRWLQKDVXUSUHVDV2PHVPRHPUHODomRDR
EDQKHLUR&RPLVVRUHVWDYDDSHQDVRTXDUWR
(UDSHTXHQR'RWDPDQKRGHXPTXDUWRGHKyVSHGHVQXPDFDVDGHSUDLD$FDPDGHFDVDORFXSDYD
TXDVHRF{PRGRLQWHLUR+DYLDOXPLQiULDVGHOHLWXUDQRVGRLVODGRVGDFDPDSUHVDVjSDUHGHSRUTXH
QmR VREUDYD HVSDoR SDUD PHVLQKDV GH FDEHFHLUD 7DPEpP QmR KDYLD SHQWHDGHLUD $ FDPD HVWDYD
DUUXPDGDFRPXPDFROFKDGHIODQHOD9HULILFDUDPRDUPiULR
%LQJR
&DOoDVSUHWDVFDPLVHWDSUHWDFDVDFRSUHWR(SLRUGHWXGRXPDPiVFDUDGHHVTXLSUHWD
±0iVFDUDGHHVTXLQRYHUmR"±SHUJXQWRX0\URQ
± (OH SRGHULD SUHFLVDU GH XPD SDUD VHTXHVWUDU R +RUWRQ ± VXS{V HOD 0DV VHX WRP GH YR] QmR
FRQYHQFLD
0\URQ VH DEDL[RX H ROKRX HPEDL[R GD FDPD 9LX XP VDFR SOiVWLFR (VWLFRX D PmR SHJRXR H R
DUUDVWRXSHORSLVRFREHUWRGHSRHLUD2VDFRHUDYHUPHOKR$VLQLFLDLV 0/&%HVWDYDPLPSUHVVDVQD
IUHQWH
±0HGLFLQDOHJDOGRFRQGDGRGH%HUJHQ±H[SOLFRX-HVVLFD
3DUHFLD XP GDTXHOHV DQWLJRV VDFRV GH JXDUGDU WHUQRV FRP ERWmR GH SUHVVmR QD SDUWH GH FLPD
0\URQ R SX[RX 2 VDFR VH DEULX FRP XP HVWDOR 7LURX GH GHQWUR XPD FDOoD HVSRUWLYD FLQ]D FRP
FDGDUoR QD FLQWXUD 'HSRLV HQILRX D PmR GH QRYR H SHJRX XP VXpWHU DPDUHOR FRP D OHWUD 7 HP
YHUPHOKR$VGXDVSHoDVGHURXSDHVWDYDPFREHUWDVGHWHUUDJUXGDGD
±5HFRQKHFHLVWR"±SHUJXQWRXHOH
±6yRVXpWHUDPDUHOR(UDGRPHXSDLGHTXDQGRHVWXGDYDQD7DUORZ
±&RLVDHVWUDQKDSDUDVHJXDUGDUVREXPDFDPDDTXL
2VROKRVGH-HVVLFDVHLOXPLQDUDP
±$ PHQVDJHP GH 1DQF\ 0HX 'HXV (OD GLVVH TXH PHX SDL FRQWRX VREUH R VXpWHU DPDUHOR GH
.DWK\
±(SDGHYDJDUDt2TXH1DQF\GLVVHH[DWDPHQWH"
±9RXFLWDUDRSpGDOHWUD³)LFRXIDODQGRGRVXpWHUDPDUHORRSUHGLOHWRGHOHTXHGHXD.DWK\
8PD KLVWyULD OLQGD´ )RUDP H[DWDPHQWH HVVDV SDODYUDV 1mR HUD PHX SDL TXHP R XVDYD HUD .DWK\
3DUDGRUPLURXILFDUHPFDVD
±6HXSDLGHXDHOD"
±e
±(FRPRRSHJRXGHYROWD"
±1mRVHL'HYLDHVWDUQRPHLRGDVFRLVDVSHVVRDLVGHODQDIDFXOGDGH
±2TXHQmRH[SOLFDSRUTXHHOHIDORXGLVVRD1DQF\6HUDW2XSRUTXHHVWDYDHVFRQGLGRHPEDL[R
GDFDPDGHOH
2VGRLVILFDUDPSDUDGRVHPVLOrQFLR
±(VWDPRVGHL[DQGRHVFDSDUDOJXPDFRLVD±GLVVHHOD
±7DOYH]RVHXSDLWHQKDYLVWRQHVWDVFRLVDVDOJRTXHQyVDLQGDQmRFRQVHJXLPRVHQ[HUJDU
±&RPRDVVLP"
± 1mR VHL 0DV HVWDV URXSDV REYLDPHQWH VLJQLILFDYDP DOJR SDUD HOH 7DOYH] HOH DV WHQKD
HQFRQWUDGRHPDOJXPOXJDULQFRPXP2XWDOYH]DSROtFLDWHQKDHQFRQWUDGR
±0DV.DWK\HVWDYDXVDQGRD]XOQDQRLWHHPTXHVXPLX,VVRILFRXFODUR
 0\URQVHOHPEURXGRWHVWHPXQKRGDVFROHJDVGDLUPDQGDGHHGDIRWR0DVDILQDO
±+iXPPRGRGHYHULILFDULVVR
±&RPR"
(OH IRL FRUUHQGR DWp R FDUUR$ HVFXULGmR ILQDOPHQWH KDYLD UHLYLQGLFDGR SDUD VL R ORQJR GLD GH
YHUmR/LJRXRWHOHIRQHHVSHUDQGRTXHQmRHVWLYHVVHPIRUDGDiUHDGHFREHUWXUD7UrVEDUULQKDVVH
LOXPLQDUDPQDWHOD2EDVWDQWHSDUDRWHOHIRQHIXQFLRQDU7HQWRXIDODUFRPRHVFULWyULRGRYLFHUHLWRU
*RUGRQ'HL[RXWRFDUYH]HV6HPUHVSRVWD7HQWRXDFDVDGHOH)RLDWHQGLGRDRWHUFHLURWRTXH
2YLFHUHLWRU*RUGRQGLVVH
±$O{
±2TXH.DWK\HVWDYDXVDQGRTXDQGRIRLjVXDFDVD"
1mRKDYLDQHFHVVLGDGHGHLGHQWLILFDomRQHPGHDPHQLGDGHV
±8VDQGR"8PDEOXVDHXPDVDLD
±'HTXHFRU"
±$]XO$FKRTXHDEOXVDHVWDYDPHLRUDVJDGD
0\URQGHVOLJRX
±'HYROWDjHVWDFD]HUR±GLVVH-HVVLFD
7DOYH]SHQVRX0\URQ0DVRFODUmRGHXPDLPDJHPDWUDYHVVRXVHXSHQVDPHQWR1mRFRQVHJXLX
FDSWiODQHPFRQVHJXLXLGHQWLILFDURTXHVHULD0DVKDYLDHVWDGRDOL9ROWDULD
±9DPRV±GLVVH-HVVLFDEDL[LQKRVHJXUDQGRVXDPmR$OX]GRFDUURSURSRUFLRQDYDLOXPLQDomR
VXILFLHQWHSDUDTXHHOHYLVVHDH[SUHVVmRQRVROKRVGHOD(UDPROKRVOLQGRVFODURVDSRQWRGHVHUHP
TXDVHDPDUHORV±4XHURLUHPERUDGDTXL
(OH IHFKRX D SRUWD GR FDUUR VHQWLQGRVH VXELWDPHQWH HQJDVJDGR $ OX] LQWHUQD VH DSDJRX
PHUJXOKDQGRRVQDHVFXULGmR0\URQQmRFRQVHJXLDPDLVYHURURVWRGHOD
±$RQGHYRFrTXHULU"
1RHVFXURHVFXWRXDYR]GHOD
±$DOJXPOXJDURQGHDJHQWHSRVVDILFDUDVyV
 

(1&2175$5$080+LOWRQHP0DKZDK
&RP-HVVLFDDVHXODGR0\URQSHGLXDPHOKRUVXtWHGLVSRQtYHO2ROKDUGRUHFHSFLRQLVWDSDVVRX
GH0\URQSDUD-HVVLFDHVSLDQGRDFRPOX[~ULDHLQYHMDQGR0\URQ$OJXpPHVWDYDRIHUHFHQGRXPD
UHFHSomRIRUPDOQRVDJXmRGRKRWHO+RPHQVGHVPRNLQJPXOKHUHVGHYHVWLGRVORQJRV0DVWRGRVRV
KRPHQVERTXLDEHUWRVROKDYDPSDUD-HVVLFDTXHXVDYDFDOoDMHDQVHXPDEOXVDYHUPHOKDGHERW}HV
0\URQ HVWDYD DFRVWXPDGR FRP LVVR 4XDQGR QDPRUDYDP HOH GH LQtFLR VHQWLD XP SUD]HU TXDVH
SHUYHUVR HP YHU RV KRPHQV ROKDQGR SDUD HOD $VVLVWLD D WXGR FRP R IDPLOLDU ULVLQKR PDFKmR
WULXQIDQWHGH³SRGHROKDUPDVTXHPSHJDVRXHX´0DVGHSRLVHOHFRPHoRXDYHUQRVROKDUHVFRLVDV
TXHQmRHVWDYDPOiHDLQVHJXUDQoDPDVFXOLQDPDLVIDPLOLDUDLQGDVHHQWHUURXQDVXDUDFLRQDOLGDGH
-HVVLFD HUD WUHLQDGD QLVVR 6DELD FRPR LJQRUDU RV ROKDUHV VHP SDUHFHU IULD HQWHGLDGD RX
LQWHUHVVDGD
2 TXDUWR ILFDYD QR VH[WR DQGDU 0DO KDYLDP IHFKDGR D SRUWD TXDQGR FRPHoDUDP D VH EHLMDU$
OtQJXDGH-HVVLFDFLUFXORXDGHOHHWHQWHRXDJHQWLOPHQWHID]HQGRRFRUSRLQWHLURGH0\URQWUHPHU
GHVDPSDUDGR(OHFRPHoRXDGHVDERWRDUDEOXVDGH-HVVLFD6XDERFDILFRXVHFD&KHJRXDRIHJDU
TXDQGRDYLXQXDGHQRYR)LFRXVHPI{OHJRHWRQWR6HJXURXXPVHLRTXHQWHVHQWLQGRQDPmRDTXHOH
SHVRGHOLFLRVR(ODJHPHXHPVXDERFD
)RUDPSDUDDFDPD
6HPSUH KDYLDP IHLWR DPRU GH IRUPD LQWHQVD HQWUHJDQGRVH WRWDOPHQWH PDV GHVWD YH] GH DOJXP
PRGRIRLPDLVDQLPDOHVFRFKHLRGHFDUrQFLDHQRHQWDQWRPDLVWHUQR
0DLVWDUGHPXLWRPDLVWDUGH-HVVLFDVHQWRXVHEHLMDQGRRJHQWLOPHQWHQDERFKHFKD
±,VVRIRLLQFUtYHO±GLVVH
0\URQGHXGHRPEURV
±1DGDPDX
±1DGDPDX"
±3DUDPLP3DUDYRFrIRLLQFUtYHO
(ODS{VRVSpVIRUDGDFDPDHYHVWLXXPURXSmRGRKRWHO
±(XJRVWHL±GLVVHHOD
±)RLRTXHSDUHFHX
±)XLXPSRXTXLQKREDUXOKHQWDQmRIXL"
±8PSRXTXLQKREDUXOKHQWRpXPVKRZGR7KH:KR9RFrPDQGRXYHUQRYROXPH
(OD SDURX MXQWR j FDPD VRUULQGR 2 URXSmR HVWDYD DPDUUDGR IURX[DPHQWH IRUPDQGR XP GHFRWH
EDVWDQWHJHQHURVRHPRVWUDQGRSHUQDVWmRORQJDVDSRQWRGHVHUHPTXDVHLQWLPLGDQWHV
±1mRRXYLYRFrUHFODPDU
±&RPRSRGHULDRXYLUFRPDTXHODJULWDULDWRGD"
±4XHKRUDVVmR"
±0HLDQRLWH
(OHHVWHQGHXDPmRSDUDRWHOHIRQH
±(VWiFRPIRPH"±SHUJXQWRX0\URQ
(ODOKHODQoRXXPROKDUTXHHOHVHQWLXQRVGHGRVGRVSpV%RPQmRH[DWDPHQWHQRVGHGRVGRVSpV
±0RUUHQGRGHIRPH±UHVSRQGHX
 ±)RPHGHFRPLGD-HVV'HFRPLGD
±$K
±1XQFDRXYLXIDODUVREUHR³WHPSRGHUHFXSHUDomR´GRVKRPHQVQDDXODGHHGXFDomRVH[XDO"
±'HYRWHUIDOWDGRQHVVHGLD
±1yVSUHFLVDPRVGRVWUrVHUUHVUHDEDVWHFLPHQWRUHVWDXUDomRUHFXSHUDomR
(OHROKRXSDUDRPHQX
±'URJD
±2TXHIRL"
±1mRWHPRVWUDV
±0\URQ"
±2TXr"
±7HPXPDEDQKHLUDGHKLGURPDVVDJHPDTXL
±-HVV
(ODROKRXSDUDHOHFRPDULQRFHQWH
±3RGHPRVILFDUGHPROKRDWpDFRPLGDFKHJDU5HFXSHUDomReXPGRVWUrVHUUHV
±6yILFDUGHPROKR"
±6yILFDUGHPROKR
(OD WLQKD GLWR ILFDU GH PROKR (OH HVWDYD FHUWR GLVVR 6HP VH HQVDERDUHP 0DV IRL DVVLP TXH D
FRLVDFRPHoRX(ODRHQVDERRXWUD]HQGRRGHYROWDjYLGD0\URQWHQWRXUHVLVWLUTXDVHFRPPHGR
GH VHQWLU FRPR DTXLOR HUD ERP 0DV QmR S{GH -HVVLFD EULQFRX FRP HOH SURYRFRXR DWp R OLPLWH
GHL[RXR EDODQoDGR GHSRLV SX[RXR GH YROWD 0\URQ QmR WLQKD FKDQFHV ([SUHVV}HV FRPRFpX
r[WDVHSDUDtVRHQpFWDUGRVGHXVHVIOXWXDYDPHPVXDPHQWH
5HQGLomRWRWDO
&RPXPVXVVXUURGH³DJRUD´HODROLEHUWRX6HXVWHUPLQDLVQHUYRVRVVHDJLWDUDPHFDQWDUDP$
H[SORVmRGHOX]LQFDQGHVFHQWHIRLWmRSRGHURVDTXHVHXVRXYLGRVHVWDODUDP2EULOKRGRHXHPVHXV
ROKRV
±,QFUtYHO±HOHFRQVHJXLXGL]HU
(ODVHUHFRVWRXVRUULQGR
±1DGDPDX
+RXYHXPDEDWLGDQDSRUWD3URYDYHOPHQWHHUDRVHUYLoRGHTXDUWR1HQKXPGRVGRLVVHPH[HX
±3RUTXHQmRYDLDWHQGHU"±GLVVHHOD
±0LQKDVSHUQDV1mRFRQVHJXHPVHPH[HU7DOYH]HXQmRDQGHQXQFDPDLV
2XWUDEDWLGD
±(XHVWRXQXD±GLVVHHOD
±(FRPRHXHVWRXSURQWRSDUDXPDHQWUHYLVWDFROHWLYD"
±0DVYRFrUHFHEHULDXPDERDFREHUWXUDGDLPSUHQVD
0\URQVHODPHQWRXSHODSLDGD
2XWUDEDWLGD
±$QGD0\URQ(QUROHXPDWRDOKDHPYROWDGHVVDEXQGDGXULQKDHPH[DVH
(UD D VHJXQGD PXOKHU D PHQFLRQDU VXD EXQGD QR PHVPR GLD 8KX (OH SHJRX D WRDOKD H IRL HP
GLUHomRjSRUWD2XWUDEDWLGD
±6yXPVHJXQGR
$EULXDSRUWD1mRHUDDFRPLGD
 ±6HUYLoRGHTXDUWR±GLVVH:LQ±3RVVRDUUXPDUVXDFDPD"
±1mRYLXDSODFDGH³QmRSHUWXUEH´"
:LQROKRXSDUDDPDoDQHWD
±'HVFXOSD0LPQmRIDODUVHXLGLRPD
±&RPRDFKRXDJHQWHDILQDO"
±5DVWUHHLVHXFDUWmR±GLVVHFRPRVHIRVVHDFRLVDPDLVQDWXUDOGRPXQGR±9RFrHQWURXDTXLjV
K
:LQHQFRVWRXDFDEHoDQRSRUWDO
±2Oi-HVVLFD±JULWRX
'REDQKHLUR
±2L:LQ
0\URQ RXYLXD VDLQGR GD EDQKHLUD $ LPDJHP GD iJXD FDVFDWHDQGR SRU VHX FRUSR QX R DWLQJLX
FRPRXPJROSH
±(QWUH±UHVPXQJRX
±2EULJDGR
:LQOKHHQWUHJRXXPHQYHORSHSDUGR
±$FKHLTXHYRFrJRVWDULDGHROKDULVVR
-HVVLFD YHLR GR EDQKHLUR 2 URXSmR HVWDYD PDLV EHP DPDUUDGR (Q[XJDYD R FDEHOR FRP XPD
WRDOKD
±2TXHKi"±SHUJXQWRX
± $ ILFKD SROLFLDO GH XP WDO GH )UHG 1LFNOHU WDPEpP FRQKHFLGR FRPR 1LFN )UHGHULFNV ±
UHVSRQGHX:LQ
±$SHOLGRFULDWLYR±GLVVH0\URQ
±3DUDXPFDUDFULDWLYR
-HVVLFDVHQWRXVHQDFDPD
±eRHGLWRUSRUQ{FHUWR"
0\URQDVVHQWLX$ILFKDQmRHUDPXLWRORQJD(OHFRPHoRXSHODVGDWDVPDLVUHFHQWHV,QIUDo}HVGH
WUkQVLWRGXDVGHODVSRUGLULJLUHPEULDJDGRXPDSULVmRSRUIUDXGHSRVWDO
±9HMDHP±GLVVH:LQ
0\URQROKRXGHMXQKRGH)UHG1LFNOHUIRLSUHVRSRUFRORFDUHPULVFRREHPHVWDUGH
XPDFULDQoD$DFXVDomRIRLUHWLUDGD
±(GDt"
±26U1LFNOHUVHHQYROYHXFRPSRUQRJUDILDLQIDQWLO±H[SOLFRX:LQ±1DpSRFDHOHQmRSDVVDYD
GHXPIRWyJUDIRGHVFRQKHFLGR0DVIRLDSDQKDGRFRPDPmRSRUDVVLPGL]HUQRSRWHGHELVFRLWRV
0DLVSUHFLVDPHQWHWLUDQGRIRWRVGHXPPHQLQRGHDQRV
±0HX'HXV±H[FODPRX-HVVLFD
0\URQVHOHPEURXGRHQFRQWURFRPRVXMHLWR
±³6RXVyXPFDUDKRQHVWRWHQWDQGRJDQKDUDYLGDKRQHVWDPHQWH´
±3RLVp
±3RUTXHDDFXVDomRIRLUHWLUDGD"±SHUJXQWRX-HVVLFD
±$K±GLVVH:LQDSRQWDQGRXPGHGRSDUDRDOWR±eDtTXHDVFRLVDVILFDPLQWHUHVVDQWHV(P
PXLWRVVHQWLGRVQmRpXPDKLVWyULDLQFRPXP)UHG1LFNOHUHUDVRPHQWHRIRWyJUDIR3HL[HSHTXHQR
$VDXWRULGDGHVTXHULDPRSHL[HJUDQGH2SHL[LQKRGHGXURXRSHL[mRHPWURFDGHFOHPrQFLD
 ±(HOHVUHWLUDUDPDDFXVDomRSRUFRPSOHWR"±SHUJXQWRX0\URQ±1mRIRLMXOJDGRQHPFRPRXP
GHOLWROHYH"
± 1HP LVVR 3DUHFH TXH R 6U 1LFNOHU WDPEpP FRQFRUGRX HP DMXGDU D SROtFLD VHPSUH TXH
QHFHVViULR
±(RTXHLVVRVLJQLILFDSDUDQyV"
±7RGRHVVHDUUDQMRIRLQHJRFLDGRHQWUH1LFNOHUHRSROLFLDOHQFDUUHJDGRGDLQYHVWLJDomR±GLVVH
:LQ
(OHODQoRXXPROKDUUiSLGRSDUD-HVVLFD
±2SROLFLDOHQFDUUHJDGRGDLQYHVWLJDomRHUDRVHXDPLJR3DXO'XQFDQ
 

±/È(67È12662$0,*2±GLVVH:LQ±26U-XQLRU+RUWRQ
+RUW\SDUHFLDPHVPRXPH[MRJDGRUGHIXWHERODPHULFDQR*UDQGHHGHFRVWDVODUJDVLQFKDGRH
FKHLRGHYHLDVVDOWDGDV2VEUDoRVSDUHFLDPWRUDV$VURXSDVVHULDPSHUIHLWDVSDUDXPYLGHRFOLSHGH
UDS%HUPXGDODUJDTXHGHVFLDDWpDEDL[RGRVMRHOKRV&DPLVDGHEHLVHEROGR6W/RXLV&DUGLQDOVSRU
IRUD GD EHUPXGD 6HP PHLDV 5HHERN SUHWR GH FDQR DOWR 8P ERQp GR &KLFDJR :KLWH 6R[ ÏFXORV
HVFXURVHXPPRQWHGHMRLDV
(UDPQRYHGDPDQKm$5XDHP0DQKDWWDQHVWDYDVLOHQFLRVD+RUW\ID]LDXPDWUDQVDomRGH
GURJDV (OH HQWUDUD H VDtUD GD FDGHLD LQ~PHUDV YH]HV 2 ~QLFR SHUtRGR ORQJR GH OLEHUGDGH IRUD
GXUDQWH R WHPSR HP TXH HVWXGDUD QD 8QLYHUVLGDGH 5HVWRQ 'URJDV SULQFLSDOPHQWH$VVDOWR j PmR
DUPDGD XPD YH] 'XDV DFXVDo}HV GH DJUHVVmR VH[XDO 7LQKD  DQRV H HUD XP FULPLQRVR SRU
H[FHOrQFLD &RPR D PDLRULD GRV FRQGHQDGRV KDYLD SDVVDGR R WHPSR QD SULVmR OHYDQWDQGR SHVR
3X[DQGRIHUUR$VLQVWLWXLo}HVSHQDLVGHVHQYROYHPDIRUoDItVLFDGRVKRPHQVYLROHQWRVGHPRGRTXH
DRVDLUHOHVSRVVDPLQWLPLGDUHDJUHGLUFRPPXLWRPDLVKDELOLGDGH%HORVLVWHPD
-HVVLFDQmRWLQKDYLQGRFRPHOHV(VWDYDHPSDFRWDQGRDVFRLVDVGRSDLQRHVFULWyULR±LVWRpQR
QHFURWpULR±HSURFXUDQGRSRUPDLVERPEDV0\URQKDYLDFRQVHJXLGRFRQYHQFrODDQmRFRQIURQWDU
3DXO 'XQFDQ DWp VDEHUHP XP SRXFR PDLV (OD R HVFXWRX FRQWUDULDGD PDV HUD DVVLP TXH -HVVLFD
JHUDOPHQWHRXYLD
+RUW\ DFDERX D WUDQVDomR FRP XP JDURWR TXH QmR SDUHFLD WHU PDLV GH  DQRV (OHV VH
FXPSULPHQWDUDPEDWHQGRQDPmRHUJXLGDXPGRRXWURH+RUW\IRLDQGDQGRSDUDRHVWH1mROHYDYDXP
ZDONPDQPDVDQGDYDFRPRVHRXYLVVHXP0XLWRLUUHTXLHWR2VROKRVYHUPHOKRV$LQWHUYDORVGH
SRXFRVSDVVRVIXQJDYDHOLPSDYDRQDUL]FRPDVFRVWDVGDPmR
±4XHPVDEHVROHWUDU³FKHLUDGRU´"
±3URYDYHOPHQWHHOHVyHVWiJULSDGR±GLVVH:LQ
±9tUXVFRORPELDQR
6DtUDP GH YLVWD HQTXDQWR HOH VH DSUR[LPDYD 4XDQGR +RUW\ FKHJRX j HQWUDGD GR EHFR 0\URQ
VXUJLXjIUHQWHGHOH
±-XQLRU+RUWRQ"
+RUW\OKHGHXXPROKDUGHHVFiUQLRWtSLFRGDVUXDV
±4XHPpTXHTXHUVDEHUSRUUD"
±5HVSRVWDLQWHOLJHQWH±GLVVH0\URQ
±6DLGDPLQKDIUHQWHRXWHHQFKRGHSRUUDGD
(OHROKRXSDUD:LQ
±(QFKRRVGRLVVHXVSDQDFD
±3DQDFDV±FRUULJLX:LQ±8PSDQDFD'RLVSDQDFDV3OXUDO
±4XHPHUGDp
±4XHUHPRVIDODUFRPYRFr±GLVVH0\URQ
±$KYDLVHIRGHUFDUD
0\URQVHYLURXSDUD:LQ
±(OHpIRGmRPHVPR
±e±FRQFRUGRX:LQ±$FKRTXHYRXPHPLMDU
 +RUW\ IRL QD GLUHomR GH :LQ 7LQKD QR PtQLPR  FHQWtPHWURV H  TXLORV D PDLV GR TXH HOH
3URYDYHOPHQWH DFKRX TXH HVWDYD VHQGR HVSHUWR SDUWLQGR SDUD LQWLPLGDU R FDULQKD SHTXHQR 0\URQ
WHQWRXQmRVRUULUTXDQGR+RUW\GLVVH
±9RXPHGLYHUWLUDYDOHUIRGHQGRYRFr
±6HYRFr[LQJDUGHQRYR±GLVVH:LQFRPRWRPGHXPSURIHVVRUGHMDUGLPGHLQIkQFLD±YRXVHU
REULJDGRDVLOHQFLiOR
±9RFr"
+RUW\JDUJDOKRXFRPYRQWDGH(OHVHDEDL[RXXPSRXFRDWpTXHVHXQDUL]SUDWLFDPHQWHWRFDVVHR
GH:LQ:LQQmRVHPH[HX
±2PDXULFLQKREUDQTXHORYDLPHID]HUFDODUDERFD"9DLVHIR
:LQSUDWLFDPHQWHQmRVHPH[HX6HXEUDoRVXELXGHXXPDSDQFDGDQRSOH[RVRODUGH+RUW\FRPD
SDOPD GD PmR H QR TXH SDUHFHX XP GpFLPR GH VHJXQGR HVWDYD GH YROWD DR ODGR GR FRUSR +RUW\
FDPEDOHRXSDUDWUiVRIHJDQGRLQFDSD]GHSX[DUR[LJrQLRSDUDRVSXOP}HV
±(XSHGLSDUDQmR[LQJDU±GLVVH:LQ
+RUW\ OHYRX TXDVH PHLR PLQXWR SDUD VH UHFXSHUDU 4XDQGR FRQVHJXLX IRL ORJR VH OHYDQWDQGR H
GL]HQGR
±)LOKRGDSXWDQHUYRVLQKRGHPHUGD9RXDEULUXPFXQRYRHPYRFr
(OHSDUWLXSDUDFLPDGH:LQRVEUDoRVHVWHQGLGRVFRPRVHIRVVHVHFKRFDUFRQWUDXPDWDFDQWHGH
RXWUR WLPH :LQ GHVYLRX GHOH H GHX XP FKXWH UiSLGR DFHUWDQGR GH QRYR R SOH[R VRODU +RUW\ VH
GREURXHFDLX6HXURVWRHUDXPDPLVWXUDGHI~ULDGRUVXUSUHVDHFODURYHUJRQKD2OKRXHPYROWD
SDUDVHFHUWLILFDUGHTXHQLQJXpPHVWLYHVVHDVVLVWLQGR$ILQDOGHFRQWDVHVWDYDOHYDQGRXPDVXUUDGR
SUySULRPDXULFLQKREUDQTXHOR
±+iRVVRVQRFRUSR±GLVVH:LQFDOPR±'DSUy[LPDYH]YRXTXHEUDUXP
0DV+RUW\QmRHVWDYDHVFXWDQGR6HXVROKRVVHDUUHJDODUDP$I~ULDUHWRUFLDVHXURVWR±SDUDQmR
PHQFLRQDU VXD OLPLWDGD FDSDFLGDGH GH UDFLRFtQLR /HYDQWRXVH FDPEDOHDQGR ILQJLQGR HVWDU PDLV
PDFKXFDGR GR TXH QD UHDOLGDGH 6XUSUHHQGHU R DGYHUViULR 4XDQGR HVWDYD VXILFLHQWHPHQWH SHUWR
+RUW\DJLX
'HYLD HVWDU PHVPR FKHLR GH FRFD SHQVRX 0\URQ 2X VHU HVW~SLGR GH YHUGDGH 7DOYH] DV GXDV
FRLVDV
:LQVHLQFOLQRXGHVYLDQGRGRJROSHHGHXXPFKXWHODWHUDOQDGLUHomRGDFDQHODGH+RUW\+RXYH
XPHVWDORFRPRXPJUDYHWRVHFRVHSDUWLQGR+RUW\JULWRXHFDLX:LQOHYDQWRXDSHUQDSDUDRXWUR
FKXWHPDV0\URQRLPSHGLXVLQDOL]DQGRFRPDFDEHoD
±$JRUDVmR±GLVVH:LQEDL[DQGRRSpVXDYHPHQWH±(DFRQWDJHPUHJUHVVLYDFRQWLQXD
±9RFrTXHEURXPLQKDSHUQDVHXIL
(OHSDURXVHJXUDQGRDSHUQDHURODQGRQRFKmR
±9RFrTXHEURXPLQKDSHUQD
±6XDWtELDGLUHLWD±FRUULJLX:LQ
±4XHPVmRYRFrVSR"
±9DPRVID]HUXPDVSHUJXQWDV±FRUWRX0\URQ±9RFrYDLUHVSRQGHU
±0LQKDSHUQDFDUD3UHFLVRGHXPPpGLFR
±4XDQGRDFDEDUPRV
± 2OKD HX Vy WUDEDOKR SDUD R 7HUUHOO (OH PH GHX HVWD iUHD 6H YRFrV WrP SUREOHPD FRP LVVR
IDOHPFRPHOHFHUWR"
 ±1mRTXHUHPRVFRQYHUVDUVREUHLVVR
±3RUIDYRUFDUDHVWRXLPSORUDQGR0LQKDSHUQD
±9RFrHVWXGRXQD8QLYHUVLGDGH5HVWRQ
8PDH[SUHVVmRGHVXUSUHVDVXEVWLWXLXDGHGRU
±eHGDt"4XHURPHXFXUUtFXOR"
±9RFrFRQKHFHX.DWK\&XOYHU
$JRUDSkQLFR
±9RFrVVmRGDSROtFLD"
±1mR
6LOrQFLR
±9RFrFRQKHFLD.DWK\&XOYHU
±.DWK\RTXr"
±1~PHUR±GLVVH:LQ±)rPXUHVTXHUGR2IrPXUpRPDLRURVVRGRFRUSRKXPDQR
±7iERPHXFRQKHFLD(GDt"
±&RPRVHFRQKHFHUDP"±SHUJXQWRX0\URQ
±1XPDIHVWD1DSULPHLUDVHPDQDGHODQDIDFXOGDGH
±9RFrVQDPRUDUDP"
±1DPRUDU"
+RUW\ULXGLVVR
±1mR(ODQmRHUDGRWLSRTXHDJHQWHQDPRUD
±'HTXHWLSRHODHUD"
±'RWLSRTXHODPEHXPLQKDEDQDQDQDSULPHLUDQRLWH$GR:LOOLHWDPEpP
±4XHPp:LOOLH"
±0HXFROHJDGHTXDUWR
±(OHMRJDIXWHERODPHULFDQR"
±-RJD±HOHUHVSRQGHX'HSRLVDFUHVFHQWRX±0DVVyHPWLPHVHVSHFLDLV
&RPRVHLVVRIL]HVVHGHOHXPVHULQIHULRU
±&RQWLQXH
±&DUDSRUTXHYRFrTXHURXYLULVVR"
±&RQWLQXH
+RUW\ GHX GH RPEURV$ SHUQD HVWDYD LQFKDQGR PDV D FRFD HQWRUSHFLD D GRU R VXILFLHQWH SDUD
PDQWrORIDODQGR
±2OKDDJHQWHIH]XPDIHVWD1D0RRUH+RXVH2QGHRVQHJURVPRUDYDP.DWK\HUDWLSRD~QLFD
EUDQFDDOL&KHJRXYHVWLGDTXHQHPXPDSXWDGHOX[R4XHURGL]HUHODHUDXPDJDWDVDFRX"$JHQWH
FRPHoRXDEDWHUSDSRHFRLVDHWDO(ODFKHLURXXPDILOHLUDTXHQHPXPDVSLUDGRUGHSy*RVWDYDGR
EDJXOKR$tDJHQWHFRPHoRXDGDQoDUGHYDJDU
$OHPEUDQoDOKHWURX[HXPVRUULVR
±6DUUDQGRVDFRX"(ODS{VDPmRQD9DUD3UHWDDOLPHVPRQDSLVWDGHGDQoD&RPHoRXDHVIUHJDU
DFRLVDHWDO3RULVVRHXOHYHLHODSUDFLPDHHODPHFKXSRX0DVQmRIRLVyLVVR(ODSHJRXXPD
PiTXLQD IRWRJUiILFD QD EROVD 3RUUD XPD PiTXLQD$t SHGLX SDUD HX WLUDU IRWRV 6HP VDFDQDJHP
4XHULDFORVHVGHODFRPD9DUD3UHWD
2HVW{PDJRGH0\URQFRPHoRXDUHYLUDUGHQRYR:LQROKDYDFRPRGHVLQWHUHVVHGHVHPSUH
+RUW\FRQWLQXRX
 ± 1D QRLWH VHJXLQWH HOD YROWRX 3HJRX R :LOOLH H HX DR PHVPR WHPSR$ JHQWH WLURX PDLV IRWRV
FXUWLXGHPRQWmR6yTXHGHVVDYH]HXWDPEpPHVWDYDFRPDPLQKDPiTXLQD
±(QWmRYRFrWDPEpPWLURXIRWRV
±eSRUUD
±9RFrH.DWK\WLYHUDPPDLVpHQFRQWURV"
±1mR0DVDILODGHODDQGRX$TXHODYDJDEXQGDHUDXPDJDWDGHSULPHLUD7RGDORXUDJRVWRVDH
FRLVDHWDO
±9RFrIDORXFRPHODGHSRLVGLVVR"
(OHGHXGHRPEURV
±8PSRXFR1mRPXLWR0DVTXDQGRHODFRPHoRXDILFDUFRPR&KULVWLDQFDUDIRLRXWUDKLVWyULD
±&RPRDVVLP"
±(ODILFRXWRGDGHQDUL]HPSLQDGRFRPRVHDPHUGDGHODQmRIHGHVVHPDLV2VGRLVFKHLRVGH
DPRU]LQKR H FRLVD H WDO TXH QHP VH HVWLYHVVHP ID]HQGR XP VHULDGR GH 79 'H UHSHQWH D YDJDED
DFKDYDTXHHUDYLUJHP4XHURGL]HUDSXWDWLQKDPRQWDGRQDPLQKDYDUDLJXDOWRXUREUDYRHGHXPD
KRUDSUDRXWUDQHPGL]LDRL1mRHUDFHUWR1mRHUDFHUWRPHVPR
$HGXFDomRHPSHVVRD
±(QWmRYRFrGHFLGLXFKDQWDJHiOD±GLVVH0\URQ
±'HMHLWRQHQKXP1mR
±1yVVDEHPRV+RUW\6DEHPRVTXHHODOKHSDJRXSHODVIRWRV
+RUW\IXQJRX
±$KTXDOpDTXLORQmRIRLFKDQWDJHP)RLXPDWUDQVDomRFRPHUFLDO(XVyOLJXHLSUDHODXPGLDH
GLVVHTXHWDOYH]HXEDL[DVVHXPSRXFRDERODGHOD
( GHSRLV GLVVH TXH XPD LPDJHP YDOLD PLO SDODYUDV (OD FRQFRUGRX FRPLJR H GLVVH TXH HVWDYD
GLVSRVWDDSDJDUSRUDTXHODVIRWRVWmRPDUDYLOKRVDV(XIDOHLTXHHODVYDOLDPPXLWRSUDPLP4XH
WLQKDPXPJUDQGHYDORUVHQWLPHQWDOVDFRX"0DVDJHQWHDFDERXFKHJDQGRDXPDFRUGR8PDFRUGR
ERPSDUDRVGRLV±HQIDWL]RXHOH±HQmRFKDQWDJHP
+RUW\VHJXURXDSHUQDHVHHQFROKHXGHGRU
±)LPGDKLVWyULDFDUD
±9RFrHVTXHFHXGHIDODUVREUHXPDFRLVD
±2TXr"
±2HVWXSURFROHWLYRQRYHVWLiULR
(OHQmRSDUHFHXVXUSUHVR(VERoRXXPVRUULVRHGLVVH
±(VWXSUR"&DUDYRFrQmRHVWiHQWHQGHQGR$TXHODPXOKHUHUDXPDSXWDFKHLDGHWHVmR0HUGDHOD
HUDFDSD]GHSXODUQXDQXPDSLOKDGHSHGUDVVHDFKDVVHTXHKDYLDXPDFREUDQRPHLR(ODJRVWDYDGD
FRLVD7RGRPXQGRVHGLYHUWLXSUDYDOHU
:LQROKRXSDUD0\URQ$H[SUHVVmRGL]LD³ILTXHIULR´
±9RFrVHUDPTXDQWRV"±SHUJXQWRX0\URQ
±6HLV
±3RUTXHYRFrQmRSHJRXVyRGLQKHLUR+RUW\"±SHUJXQWRXHOHHPYR]EDL[D±3RUTXHWLYHUDP
GHHVWXSUiOD"
±(XMiGLVVHFDUD
±(ODQmRIRLjTXHOHYHVWLiULRSDUDID]HUVH[RFRQVHQVXDOFRPVHLVSHVVRDV9RFrVDHVWXSUDUDP
±1mRWHPFRPRFDUD±GLVVHHOHEDODQoDQGRDFDEHoD±(ODHUDXPDSXWDGHFDERDUDER(XPD
YH] SXWD VHPSUH SXWD e DVVLP TXH p (OD HUD XPD YDJDED GH QDUL] HPSLQDGR 1DPRUDGD GR
TXDUWHUEDFN$SRUUDGDWtSLFDOtGHUGHWRUFLGD4XHPHODDFKDYDTXHHUDSRUUD"$tHXPRVWUHLDHOD
)L] HOD VH OHPEUDU GH RQGH YLQKD R TXH HOD HUD GH YHUGDGH ( QmR XPD SRUUD GH UDLQKD GR EDLOH
9DJDED3XWDFKXSDGRUDGHSDX
:LQHQWURXQDIUHQWHGH0\URQ0HGLGDSUHYHQWLYD
±$OpPGLVVR±FRQWLQXRX+RUW\±RQDPRUDGRGHODHVWDYDPHGHYHQGR
±&KULVWLDQ6WHHOH"
±e(OHPHVDFDQHRX(DtHXVDFDQHHLHOH3DVVHLDSXWLQKDGHOHSUXPPRQWHGHFDUDV)RLVyXPD
YLQJDQFLQKDPHXFKDSD3URVDFDQDTXHIH]HXVHUH[SXOVRGRWLPH
±1mRIRLR&KULVWLDQ±GLVVH0\URQ
±'RTXHYRFrHVWiIDODQGR"
±(XFRQYHUVHLFRPRWUHLQDGRU&ODUNH'RLVFDUDVDSDUHFHUDPGRLG}HVSDUDMRJDU)RLSRULVVR
TXHYRFrIRLH[SXOVR&KULVWLDQQmRWHYHQDGDDYHUFRPLVVR
±$K±UHDJLX+RUW\GDQGRGHRPEURV±4XHPGLULD"
±2VHXUHPRUVRpPXLWRWRFDQWH±GLVVH0\URQ
±3UHFLVRGHXPPpGLFRFDUD0LQKDSHUQDHVWiPHPDWDQGR
±9RFrQmRVHSUHRFXSRXHPVHUDSDQKDGR"
±2TXr"
±1mRWHYHPHGRGHTXHHODGHQXQFLDVVHRHVWXSUR"
+RUW\IH]XPDFDUHWDFRPRVHGHUHSHQWH0\URQWLYHVVHFRPHoDGRDIDODUMDSRQrV
±7iPDOXFRFDUD"(LDFRQWDUSUDTXHP"(ODWLQKDDFDEDGRGHPHGDUXPDJUDQDSUHWDSUDILFDU
TXLHWR 6H HOD GLVVHVVH TXDOTXHU FRLVD R QHJyFLR LD VH HVSDOKDU 7RGD D YHUGDGH 7RGR PXQGR LD
VDEHU&KULVWLDQDPDPmHGHODRSDSDLRVSURIHVVRUHV7RGRPXQGRLDGHVFREULURTXHHODHVWDYD
SDJDQGR SUD HVFRQGHU ( GDt VH HOD IRVVH LGLRWD D SRQWR GH FRQWDU" +DYLD IRWRV H WHVWHPXQKDV GH
TXDQGRHODWUDQVRXFRPLJRHFRPR:LOOLH4XHPLDDFUHGLWDUTXHHODIRLHVWXSUDGDGHSRLVGHYHU
DTXLOR"
2 YLFHUHLWRU *RUGRQ KDYLD OHYDQWDGR R PHVPR DUJXPHQWR OHPEURX 0\URQ *UDQGHV PHQWHV
SHQVDPGHPRGRSDUHFLGR
±2OKDFDUDPLQKDSHUQDHVWiPHPDWDQGR
±9RFrYLX.DWK\GHQRYR"±FRQVHJXLXSHUJXQWDU0\URQ
±1mR
±)RLYRFrTXHMRJRXIRUDDFDOFLQKD"
±1mR8PGRVRXWURVFDUDVILFRXFRPHOD$FKHLTXHLDJXDUGDUGHOHPEUDQoD4XDQGRVRXEHTXH
HODHVWDYDVXPLGDILFRXFRPPHGRHMRJRXIRUD
±4XHP"
±1mRYRXHQWUHJDUQRPHV
±9DL±GLVVH:LQ±9DLVLP
(SRXVRXRSpQDWtELDTXHEUDGD,VVREDVWRX
±7XGREHPWXGREHP&RPRHXIDOHLQyVpUDPRVVHLV7UrVQHJURVGRLVEUDQFRVXPFKLQD
2SRUWXQLGDGHVLJXDLVSDUDRVHVWXSUDGRUHV
±8PHUDRNLFNHU8PFDUDFKDPDGR7RPP\:X(WHYHR(G:RRGVR%REE\7D\ORU:LOOLHH
HX
±6mRFLQFR
 +RUW\KHVLWRX
±'iXPWHPSRFDUD2RXWURIRLRTXHMRJRXIRUDDFDOFLQKD0DVHOHpPHXFDPDUDGD$LQGDPH
GiXPDJUDQDTXDQGRHVWRXSRUEDL[RVDFRX"1mRSRVVRGDURQRPHGHOH(OHpLPSRUWDQWH
±&RPRDVVLPLPSRUWDQWH"
±-RJDIXWHEROSURILVVLRQDOHHVVDPHUGDWRGD1mRSRVVRHQWUHJDURQRPHGHOH
:LQS{VXPDOHYHSUHVVmRQDSHUQD+RUW\FHGHX
±5LFN\/DQH
0\URQFRQJHORX
±2UXQQLQJEDFNGR1HZ<RUN-HWV"
3HUJXQWD LGLRWD 4XDQWRV 5LFN\ /DQHV TXH MRJDP IXWHERO SURILVVLRQDO HVWXGDUDP QD 8QLYHUVLGDGH
5HVWRQ"
±e$JRUDROKDFDUDpVyLVVRRTXHHXVHL
:LQGLVVHD0\URQ
±7HPPDLVDOJXPDSHUJXQWDSDUDHOH"
0\URQEDODQoRXDFDEHoD
±(QWmRYiHPERUD
0\URQQmRVHPH[HX
±(XGLVVHSDUDLUHPERUD±UHSHWLX:LQ
±1mR
±9RFrRXYLXRTXHHOHGLVVH9RFrQXQFDYDLFRQVHJXLUFRQGHQiOR(OHYHQGHGURJDVDFULDQoDV
HVWXSUDPXOKHUHVLQRFHQWHVFKDQWDJHLDURXEDHDLQGDSRUFLPDULGHWXGR
+RUW\VHQWRXVH
±4XHSRUUDpHVVD"
±9i±UHSHWLX:LQ
0\URQKHVLWRX
±(XFRQWHLWXGRRTXHVDELDFDUD
+DYLDXPWUHPRUQDYR]GH+RUW\
0\URQQmRVHPH[HX
±1mRPHGHL[DVR]LQKRFRPHVVHILOKRGDSXWDPDOXFR±+RUW\JULWRX
±9iHPERUD±GLVVH:LQ
0\URQEDODQoRXDFDEHoD
±1mR(XYRXILFDU
:LQDYDOLRXDVIHLo}HVGH0\URQ(QWmRDVVHQWLXHVHDSUR[LPRXGH+RUW\TXHHVWDYDWHQWDQGRVH
DUUDVWDUPDVQmRLDORQJH
±1mRRPDWH±GLVVH0\URQ
:LQDVVHQWLX(VHHQWUHJRXDRWUDEDOKRFRPDPHWLFXORVLGDGHGHXPFLUXUJLmR6XDH[SUHVVmRQmR
PXGRXHPPRPHQWRDOJXP6HRXYLXRVJULWRVGH+RUW\QmRFKHJRXDGHPRQVWUDU
'HSRLVGHSRXFRWHPSR0\URQSHGLXTXHHOHSDUDVVH&RPUHOXWkQFLD:LQVHDIDVWRX
2VGRLVIRUDPHPERUD
 

5,&.</$1(025$9$18035e',2 HP1RYD-HUVH\VHPHOKDQWHDRGH&KULVWLDQ:LQILFRXHVSHUDQGR
QRFDUUR(QTXDQWRVHDSUR[LPDYDGDSRUWD0\URQPDLVVHQWLDGRTXHRXYLDRVJUDYHVGRDSDUHOKR
GH VRP GH 5LFN\ )RUDP QHFHVViULRV WUrV WRTXHV QD FDPSDLQKD H YiULDV EDWLGDV QD SRUWD DQWHV TXH
5LFN\DSDUHFHVVH
±(L0\URQ
(OHHVWDYDXVDQGRXPDFDPLVDGHVHGDTXHRXHUDR~OWLPRJULWRGDPRGDRXHUDDSDUWHGHFLPDGH
XPSLMDPD'LItFLOGL]HU(VWDYDGHVDERWRDGDUHYHODQGRXPItVLFREHPGHILQLGR$FDOoDHUDSUHVD
FRPFDGDUoR(VWDYDGHFKLQHORV'HYLDPHVPRVHUSLMDPD2XURXSDGHILFDUHPFDVD2XWDOYH]HOH
HVWLYHVVHSHQVDQGRHPID]HUXPDSRQWDHP-HDQQLHpXPJrQLR
±3UHFLVDPRVFRQYHUVDU±GLVVH0\URQ
±(QWUH
$P~VLFDHUDUXLPHHQVXUGHFHGRUD)D]LDDEDQGD&RUULPHQWRSDUHFHU%UDKPV$GHFRUDomRHUD
PRGHUQDFRPPyYHLVOLVRV0XLWDILEUDGHYLGUR0XLWRSUHWRHEUDQFR0XLWRVFDQWRVDUUHGRQGDGRV
$DSDUHOKDJHPGHVRPRFXSDYDXPDSDUHGHLQWHLUD$VOX]HVGRHTXDOL]DGRUSDUHFLDPDOJRWLUDGRGH
-RUQDGDQDVHVWUHODV
5LFN\GHVOLJRXRVRP2VLOrQFLRIRLLPHGLDWR0\URQVHQWLXRSHLWRSDUDUGHYLEUDU
±(Dt"±GLVVH5LFN\
0\URQOKHMRJRXXPIUDVFRGHYLGUR5LFN\RSHJRXHROKRXSDUD0\URQLQWHUURJDWLYR
±0LMHGHQWUR±GLVVH0\URQ
±2TXr"
±4XHURTXHYRFrXULQHQHVVHIUDVFR
5LFN\ROKRXSDUDRIUDVFR'HSRLVSDUD0\URQ
±3RUTXr"
±2VHXWDPDQKR±H[SOLFRX0\URQ±9RFrHVWiWRPDQGRHVWHURLGHV
±'HMHLWRQHQKXPFDUD(XQmR
±(QWmRPHGrXPDDPRVWUDGHXULQD$JRUD9RXPDQGDUWHVWDUQRODERUDWyULR
5LFN\ROKRXSDUDRYLGUR1mRGLVVHQDGD
±$QGD5LFN\1mRWHQKRRGLDWRGR
±9RFrpPHXHPSUHViULR0\URQ1mRpPLQKDPmH
±9HUGDGH9RFrHVWiWRPDQGRHVWHURLGHV"
±1mRpGDVXDFRQWD
±9RXHQWHQGHULVVRFRPRXPVLP
±(QWHQGDFRPRTXLVHU
±+RUW\YHQGHXSDUDYRFr"2XYRFrWHPXPQRYRIRUQHFHGRUGHVGHDpSRFDGDIDFXOGDGH"
6LOrQFLR
±9RFrHVWiGHPLWLGR0\URQ±GLVVH5LFN\
±(VWRXDUUDVDGR$JRUDIDOHVREUHRHVWXSURGH.DWK\&XOYHU
0DLV VLOrQFLR 5LFN\ HVWDYD OXWDQGR SDUD SDUHFHU j YRQWDGH PDV VXD OLQJXDJHP FRUSRUDO R
GHQXQFLDYD
±(XVHLGHWXGR±FRQWLQXRX0\URQ±6HXFROHJXLQKD+RUW\FRQWRX&DUDPDQHLURSRUVLQDO8P
GRFH
5LFN\ FDPEDOHRX SDUD WUiV 3{V R IUDVFR HP FLPD GH XP FXER EULOKDQWH TXH 0\URQ GHGX]LX TXH
VHULDXPDPHVD9LURXVH6XDYR]VDLXSUDWLFDPHQWHLQDXGtYHO±(XQmRWRTXHLQHOD
±0HQWLUD9RFrHRXWURVFLQFRFDUDVDSHJDUDPQRYHVWLiULR(VHUHYH]DUDPQRHVWXSUR
±1mR1mRIRLDVVLPTXHDFRQWHFHX
0\URQHVSHURX5LFN\DERWRRXDFDPLVDDLQGDGHFRVWDVSDUD0\URQ3HJRXXP&'QRDSDUHOKR
GHVRPHRHQILRXGHYROWDQDFDL[D
±(XHVWDYDOi±FRPHoRX5LFN\HPYR]EDL[D±1RYHVWLiULR(VWDYDGRLGmR7RGRPXQGRHVWDYD
&RPSOHWDPHQWHGRLGRV+RUW\WLQKDDFDEDGRGHUHFHEHUXPORWHQRYRH
(OHGHXGHRPEURVGHL[DQGRRUHVWRGDIUDVHQRDU
±$ FRLVD FRPHoRX FRPR XP GHVDILR 1yV VDEtDPRV TXH QXQFD LUtDPRV DWp R ILP$FKDPRV TXH
tDPRVFKHJDUQDEHLUDPDVVHPSXODU)LFDPRVHVSHUDQGRTXHDOJXpPGHVVHRVLQDOSDUDSDUDU
(OHVHLQWHUURPSHXGHQRYR
±0DVQLQJXpPGHX±GLVVH0\URQ
5LFN\DVVHQWLXOHQWDPHQWH
±$FRLVDSDURX0DVWDUGHGHPDLV3DURXTXDQGRHUDDPLQKDYH]HHXGLVVHQmR
±'HSRLVGHRVRXWURVWHUHPIHLWR"
±e(XILTXHLSDUDGRROKDQGR$WpLQFHQWLYHL
6LOrQFLR
±9RFrJXDUGRXDFDOFLQKDGHOD"
±*XDUGHL
±4XDQGRVRXEHTXHDSROtFLDHVWDYDLQYHVWLJDQGRMRJRXQDOL[HLUD
(OHHQFDURX0\URQ
±1mR±GLVVHFRPXPDHVSpFLHGHPHLRVRUULVR±(XQmRVHULDLGLRWDDSRQWRGHGHL[DUDTXLORHP
FLPDGHXPDOL[HLUD7HULDTXHLPDGR
0\URQSHQVRXQLVVRSRUXPPRPHQWR$FKRXTXHHUDXPERPDUJXPHQWR
±(QWmRTXHPMRJRXDFDOFLQKDIRUD"
5LFN\GHXGHRPEURV
±.DWK\DFKR(XHQWUHJXHLDFDOFLQKDDHOD
±4XDQGR"
±0DLVWDUGH
±$TXHKRUDV"
± 3RU YROWD GD PHLDQRLWH DFKR 'HSRLV TXH DFRQWHFHX 'HSRLV TXH HOD VDLX GR YHVWLiULR IRL
FRPR VH DOJXpP WLYHVVH GDGR XP DQWtGRWR j JHQWH 2X FRPR VH DOJXpP WLYHVVH DFHQGLGR D OX] H D
JHQWHILQDOPHQWHYLVVHRTXHWLQKDIHLWR7RGRVILFDPRVHPVLOrQFLRHIRPRVHPERUD0HQRVR+RUW\
(OHHVWDYDULQGRIHLWRXPDKLHQDILFDQGRFDGDYH]PDLVGRLGmR2VRXWURVYROWDUDPSDUDRVTXDUWRV
1LQJXpPGLVVHXPDSDODYUD)XLSDUDDFDPDSHORPHQRVGXUDQWHXPWHPSR(QWmRPHYHVWLHVDtGH
QRYR 1mR WLQKD QHQKXP SODQR 9HUGDGH 6y TXHULD HQFRQWUiOD 'L]HU DOJXPD FRLVD 6y TXHULD
0HUGDQmRVHL
6HXVGHGRVHVWDYDPEULQFDQGRFRPRFDEHORWRUFHQGRRFRPRXPPHQLQLQKR5LFN\SDUHFLDWHU
GLPLQXtGRGHWDPDQKR
±$FDEHLHQFRQWUDQGRD
±2QGH"
 ±&UX]DQGRRFDPSXV
±2QGHHVSHFLILFDPHQWH"
±1RPHLRDFKR1RJUDPDGR
±(PTXHGLUHomRHODLD"
(OHSHQVRXXPPRPHQWR
±3DUDRVXO
±&RPRVHWDOYH]HVWLYHVVHYLQGRGDiUHDRQGHPRUDPRVSURIHVVRUHV"
±e
'HSRLVGHWHUVDtGRGDFDVDGRYLFHUHLWRU*RUGRQSHQVRXHOH
±&RQWLQXH
±(XPHDSUR[LPHLGHOD&KDPHLDSHORQRPH$FKHLTXHHODLDVDLUFRUUHQGRVDEH"(VWDYDHVFXUR
H FRLVD H WDO 0DV HOD QmR FRUUHX 6y VH YLURX H PH HQFDURX 1mR HVWDYD FRP PHGR 1mR HVWDYD
WUHPHQGR6yILFRXDOLSDUDGDPHROKDQGRGHXPPRGRTXHLQFRPRGDYD(XSHGLGHVFXOSD(ODQmR
GLVVH QDGD (QWUHJXHL D FDOFLQKD 'LVVH TXH HOD SRGLD XVDU FRPR SURYD $Wp IDOHL TXH HX
WHVWHPXQKDULD 1mR SODQHMHL GL]HU LVVR$ FRLVD VDLX .DWK\ SHJRX D FDOFLQKD H IRL DQGDQGR 1mR
GLVVHQDGD
±)RLD~OWLPDYH]TXHYRFrDYLX"
±)RL
±2TXHHODHVWDYDXVDQGR"
±8VDQGR"
±&RPTXHURXSDHVWDYDTXDQGRYRFrDYLXSHOD~OWLPDYH]"
(OHROKRXSDUDFLPDWHQWDQGROHPEUDU
±$OJXPDFRLVDD]XOHXDFKR
±1mRHUDDPDUHOR"
±1mR$PDUHORFRPFHUWH]DQmRHUD
±(ODQmRWLQKDWURFDGRGHURXSDGHVGHRHVWXSUR"
±$FKRTXHQmReHUDDPHVPDURXSD
0\URQIRLSDUDDSRUWD
± 9RFr YDL SUHFLVDU GH PDLV GR TXH XP QRYR HPSUHViULR 5LFN\ 9DL SUHFLVDU GH XP ERP
DGYRJDGR
 

-$.( (67$9$ 6(17$'2 3(572  GH (VSHUDQ]D QD VDOD GH HVSHUD /HYDQWRXVH TXDQGR 0\URQ H :LQ
HQWUDUDP
±7HPXPPLQXWR"
0\URQDVVHQWLX
±1DPLQKDVDOD
±6R]LQKR±GLVVH-DNH
6HPXPDSDODYUD:LQJLURXHVDLX
±1mRpQDGDSHVVRDO±FRQWLQXRX-DNH±0DVHVVHFDUDPHGiDUUHSLRV
±(QWUH
0\URQSDURXMXQWRjPHVDGH(VSHUDQ]D
±&RQVHJXLXIDODUFRPR&KD]"
±$LQGDQmR
(OHHQWUHJRXXPHQYHORSHDHOD
±+iXPDIRWRGHQWUR/HYHSDUDD/XF\9HMDVHHODRUHFRQKHFH
(VSHUDQ]DDVVHQWLX
0\URQDFRPSDQKRX-DNHSDUDGHQWURGDVDOD2DUFRQGLFLRQDGRHVWDYDQRPi[LPR4XHERP
±2TXHRWUD]j*UDQGH0Dom-DNH"
±(XHVWLYHQR-RKQ-D\YHULILFDQGRXPDFRLVD
±)RLDRODERUDWyULRGHFULPLQDOtVWLFD"
±e
±'HVFREULXDOJR"
-DNHQmRUHVSRQGHX,QFOLQRXVHSDUDDIUHQWHHIUDQ]LXRVROKRVH[DPLQDQGRDVIRWRVQDSDUHGHGH
FOLHQWHV
±2XYLIDODUGHDOJXQVGHVVHVFDUDV0DVQmRWHPQHQKXPVXSHUDVWURDTXL
±eQHQKXP
±1DGDFRPR&KULVWLDQ6WHHOH
0\URQVHQWRXVH3{VDVSHUQDVQDPHVD
±$LQGDDFKDTXHHOHPDWRX1DQF\6HUDW"
-DNHPH[HXRVRPEURVQXPPRYLPHQWRLQGHILQLGR
±6yGLJDPRVTXH&KULVWLDQQmRpPDLVQRVVRSULQFLSDOVXVSHLWR
±(TXHPp"
-DNHVHDIDVWRXGDSDUHGHGHFOLHQWHV6HQWRXVHHFUX]RXDVSHUQDV
±$QGHL UHYHQGR R KRPLFtGLR GH$GDP &XOYHU 'HVFREUL XPD FRLVD LQWHUHVVDQWH 3DUHFH TXH RV
SROLFLDLV Vy VH FRQFHQWUDUDP QR ORFDO GR FULPH H QRV DUUHGRUHV 1mR KDYLD PRWLYR SDUD YHULILFDU
QDGDPDLV(VWDYDPFRQYHQFLGRVGHTXHHOHIRLXPDYtWLPDDOHDWyULDGDYLROrQFLDQDVUXDV(XIXLSRU
RXWUR FDPLQKR )L] SHUJXQWDV QR EDLUUR GH &XOYHU HP 5LGJHZRRG %HOD FLGDGH 6y GH EUDQFRV
1HQKXPQHJUR9RFrMiHVWHYHOiQmRp"
0\URQDVVHQWLX
± 3RLV p (X IDOHL FRP XP FDUD TXH PRUD GXDV FDVDV GHSRLV GRV &XOYHU (OH FRQWRX TXH HVWDYD
SDVVHDQGR FRP R FDFKRUUR QD QRLWH HP TXHVWmR 1mR WLQKD FHUWH]D GD KRUD PDV DFKRX TXH VHULDP
XPDVRLWR3DUHFHTXHRXYLXXPDEULJDIHLDQDFDVDGRV&XOYHU2PDLRUEDUUDFR'LVVHTXHQXQFD
WLQKD RXYLGR QDGD DVVLP DQWHV )RL WmR IHLR TXH HOH TXDVH FKDPRX D SROtFLD PDV QmR TXLV VH
LQWURPHWHU(UDPYL]LQKRVKiDQRVHFRLVDHWDO3RULVVRGHL[RXSUDOi
±(OHVDELDRPRWLYRGDEULJD"
-DNHEDODQoRXDFDEHoD
±1mR(UDPVyYR]HVDOWDV'H$GDPH&DURO
0\URQ ILFRX VHQWDGR HP VLOrQFLR DLQGD UHFRVWDGR QD FDGHLUD $GDP H &DURO &XOYHU KDYLDP
EULJDGR KRUDV DQWHV GR DVVDVVLQDWR GH $GDP 0\URQ WHQWRX MXQWDU LVVR FRP R TXH Mi VDELD 3HOD
SULPHLUDYH]DVFRLVDVHVWDYDPFRPHoDQGRDVHHQFDL[DU
±2TXHPDLVYRFrFRQVHJXLX"±SHUJXQWRX
±6REUHRDVVDVVLQDWRGH$GDP&XOYHU"1DGD
6LOrQFLR
± )RUDP HQFRQWUDGRV DOJXQV ILRV GH FDEHOR QR ORFDO GR DVVDVVLQDWR GH 1DQF\ 6HUDW ± FRQWLQXRX
-DNH±1RFRUSR0DLVHVSHFLILFDPHQWHQDPmRGH1DQF\
0\URQVHHQULMHFHX
±&RPRVHHODWLYHVVHDUUDQFDGRGRDVVDVVLQR"
± 7DOYH] ± UHVSRQGHX -DNH ± 0DV QyV YHULILFDPRV RV ILRV HP QRVVDV LQVWDODo}HV H KRMH FHGR
FRQILUPDPRVRVUHVXOWDGRVQR-RKQ-D\1mRKiG~YLGD3HUWHQFHPD.DWK\&XOYHU
0\URQVHQWLXVXDFDUQHYLUDUSHGUDJHODGD1mRFRQVHJXLDIDODU
±7tQKDPRVDOJXQVILRVGHFDEHORGHODDUTXLYDGRV±FRQWLQXRX-DNH±'HDQWHV3DUDRFDVRGH
HQFRQWUDUPRV XP FRUSR RX TXHUHUPRV YHULILFDU XP ORFDO 7LUDPRV GD HVFRYD GH FDEHORV QD
IDFXOGDGH 2V GRLV ODERUDWyULRV IL]HUDP WRGRV RV WHVWHV GH FRPSDUDomR SRVVtYHLV 1HQKXP WHP
G~YLGD6mRILRVGRFDEHORGH.DWK\
0\URQ EDODQoRX D FDEHoD (VWDYD WRQWR $OJR HP VXD PHQWH ILFDYD UHSHWLQGR ³,VVR QmR ID]
VHQWLGR´
±&RQFOXLXDOJXPDFRLVDGLVVR0\URQ"
±6yRPHVPRTXHYRFr
-DNHDVVHQWLX
±2TXH&KULVWLDQGLVVH
±³eKRUDGHDVLUPmVVHUHXQLUHP´±FLWRX0\URQ
±e3DUHFHTXHDJRUDJDQKDXPQRYRVHQWLGRQmRp"
± 0DV DLQGD QmR H[SOLFD QDGD &RQVLGHUHPRV TXH .DWK\ &XOYHU HVWHMD YLYD ( TXH 1DQF\ 6HUDW
VRXEHVVHGLVVR3RUTXH.DWK\LULDPDWiOD"
-DNHGHXGHRPEURV
± .DWK\ SRGH WHU FKHJDGR DR IXQGR GR SRoR 4XHUR GL]HU SULPHLUR HOD WHP WRGR XP SDVVDGR
HVWUDQKR 'HSRLV VH DSDL[RQD 'HSRLV p FKDQWDJHDGD 'HSRLV VRIUH XP HVWXSUR FROHWLYR 'HSRLV R
UHLWRUOKHGiDVFRVWDV(ODGHVPRURQD7HPXPFRODSVR)RJH7DOYH]FRQWHD1DQF\6HUDWWDOYH]
QmR0DVGHDOJXPPRGR1DQF\GHVFREUH1DQF\PDUFDXPDUHXQLmRSURYDYHOPHQWHXPDUHXQLmR
VXUSUHVD HQWUH DV FROHJDV GD LUPDQGDGH .DWK\ FKHJD FHGR 1mR ILFD IHOL] FRP D VXUSUHVD
SURJUDPDGDSRU1DQF\
±3RULVVRDPDWD"
± 3RGHULD VHU ± GLVVH -DNH ± .DWK\ HVWi HQORXTXHFLGD 1mR TXHU VHU HQFRQWUDGD 0HUGD HOD
SURYDYHOPHQWH PDWRX R SDL SHOR PHVPR PRWLYR (VWi GRLGD 7DOYH] TXHLUD YLQJDQoD SRU DOJXP
PRWLYR &RQWUD R SDL FRQWUD D PHOKRU DPLJD DWp PHVPR FRQWUD &KULVWLDQ R YLFHUHLWRU *RUGRQ H
WRGDVDVSHVVRDVSDUDTXHPPDQGRXDTXHODUHYLVWDEDUDWD
1mRSDUHFLDID]HUVHQWLGRSDUD0\URQ
±(DEULJDHQWUH$GDPH&DURO&XOYHU"&RPRLVVRVHHQFDL[D"
±1mRIDoRDPtQLPDLGHLD(VWRXPRQWDQGRHVVDPHUGDWRGDHQTXDQWRIDOR7DOYH]DEULJDVyWHQKD
VLGR FRLQFLGrQFLD 7DOYH] R YHOKR $GDP HVWLYHVVH QR OLPLWH SRUTXH LD VH HQFRQWUDU FRP D ILOKD
7DOYH]DPmHVDLEDPDLVGRTXHHVWiGL]HQGR
0\URQSHQVRXQLVVR(UDFRQIXVRPDVD~OWLPDSDUWHID]LDVHQWLGR(UDSURYiYHOTXH&DURO&XOYHU
VRXEHVVH PDLV GR TXH HVWDYD GL]HQGR 0DLV GR TXH SURYiYHO 0\URQ Mi SRGLD LPDJLQDU R TXH HOD
HVWDULDHVFRQGHQGR
(UDKRUDGHID]HUXPDYLVLWDD&DURO&XOYHU
 

0<5213$5281$+(,*+7652$' HP5LGJHZRRGHPIUHQWHjUHVLGrQFLDHPHVWLORYLWRULDQRTXHOKH
HUDIDPLOLDU+HVLWRX'HYHULDWHUFRQWDGRD-HVVLFDPDVKiFRLVDVTXHXPDPXOKHUSRGHHVWDUPDLV
GLVSRVWDDUHYHODUDXPFRQKHFLGRGRTXHDXPDILOKD7DOYH]IRVVHHVWHRFDVR
&DURO&XOYHUDWHQGHXDSRUWD(VWDYDXVDQGRXPDYHQWDOHOXYDVGHERUUDFKD6RUULXDRYrORPDV
RVRUULVRQmRVHUHIOHWLXQRVROKRV
±2Oi0\URQ
±2Oi6UD&XOYHU
±-HVVLFDQmRHVWiHPFDVD
±(XVHL4XHULDIDODUFRPDVHQKRUDVHWLYHUXPPLQXWR
2VRUULVRSHUPDQHFHX0DVXPDVRPEUDFUX]RXRURVWRGHOD
±(QWUH±GLVVHHOD±3RVVROKHVHUYLUDOJXPDFRLVDSDUDEHEHU"4XHWDOXPSRXFRGHFKi"
±6HULDyWLPR
(OHHQWURX0\URQH-HVVLFDQmRLDPDOLFRPIUHTXrQFLDQRWHPSRHPTXHILFDUDPMXQWRV(PXPRX
RXWURIHULDGRLPSRUWDQWHVyLVVR0\URQQmRJRVWDYDGDTXHODFDVD$OJRQHODHUDVXIRFDQWHFRPRVH
RDUIRVVHSHVDGRGHPDLVSDUDVHUUHVSLUDGRQRUPDOPHQWH
6HQWRXVHQXPVRIiGXURFRPRXPEDQFRGHSDUTXH$GHFRUDomRHUDVROHQH'H]HQDVGHREMHWRV
UHOLJLRVRV 9iULDV 1RVVDV 6HQKRUDV FUX]HV H SLQWXUDV FRP GRXUDomR 8P PRQWH GH KDORV H URVWRV
VHUHQRVROKDQGRSDUDRFpX
&DURO UHDSDUHFHX GRLV PLQXWRV GHSRLV VHP DV OXYDV H R DYHQWDO WUD]HQGR FKi H ELVFRLWRV
DPDQWHLJDGRV (UD XPD PXOKHU ERQLWD 1mR VH SDUHFLD GH IDWR FRP DV ILOKDV SRUpP 0\URQ SRGLD
HQ[HUJDUWUDoRVGHODQDVGXDV1DSRVWXUDHUHWDGH-HVVLFD1RULVRWtPLGRGH.DWK\
±(FRPRYRFrYDL"±SHUJXQWRXHOD
±%HPREULJDGR
±)D]PXLWRWHPSRTXHQmRRYtDPRV0\URQ
±e
±9RFrH-HVVLFD"±(ODFRPHoRXDSHUJXQWDUILQJLQGRHPEDUDoR)D]LDLVVRFRPIUHTXrQFLD±
'HVFXOSH1mRpGDPLQKDFRQWD
(ODVHUYLXRFKi0\URQWRPRXXPJROHHPRUGLVFRXXPELVFRLWR&DURO&XOYHUIH]RPHVPR
±$PLVVDpDPDQKm±GLVVHHOD±$GDPGRRXRFRUSRDXPDIDFXOGDGHGHPHGLFLQDVDEH"3DUD
HOHVyRHVStULWRLPSRUWDYD2FRUSRHUDWHFLGRVHPYDORU$FKRTXHID]SDUWHGHVHUPpGLFROHJLVWD
0\URQDVVHQWLXWRPRXRXWURJROH
±%RPQmRFRQVLJRDFUHGLWDUQHVWHFOLPD±DUHQJRXHODFRPXPVRUULVRGHGLVWUDomRFRQJHODGRQR
URVWR ± (VWi WmR TXHQWH Oi IRUD 6H QmR FKRYHU ORJR R JUDPDGR GD IUHQWH YDL ILFDU PDUURP ( QyV
SDJDPRVSDUDVHPHiORGHQRYRQDHVWDomRSDVVDGD
±$SROtFLDFKHJDUiDTXLORJR±LQWHUURPSHX0\URQ±$FKHLTXHGHYHUtDPRVFRQYHUVDUDQWHV
(ODS{VDPmRQRSHLWR
±$SROtFLD"
±4XHUHPIDODUFRPDVHQKRUD
±&RPLJR"6REUHRTXr"
±(OHVVDEHPVREUHDEULJD8PYL]LQKRHVWDYDSDVVHDQGRFRPRFDFKRUUR2XYLXDVHQKRUDHR'U
&XOYHU
(ODVHHQULMHFHX0\URQHVSHURXPDVHODQmRGLVVHQDGD
±2'U&XOYHUQmRHVWDYDGRHQWHQDTXHODQRLWHHVWDYD"
$FRUIRLVXPLQGRGRURVWRGHOD&DUROSRXVRXD[tFDUDGHFKiHHQ[XJRXRVFDQWRVGDERFDFRP
XPJXDUGDQDSRGHSDQR
±(OHQmRSUHWHQGLDLUjTXHOHFRQJUHVVRHP'HQYHUQmRp6UD&XOYHU"
(ODEDL[RXDFDEHoD
±6UD&XOYHU"
1HQKXPPRYLPHQWR
±6HLTXHLVVRQmRpIiFLO±GLVVH0\URQJHQWLOPHQWH±0DVHVWRXWHQWDQGRHQFRQWUDU.DWK\
2VROKRVGHODSHUPDQHFHUDPIL[RVQRFKmR
±9RFrDFKDPHVPRTXHFRQVHJXH0\URQ"
±eSRVVtYHO1mRTXHUROKHGDUIDOVDVHVSHUDQoDVPDVDFKRSRVVtYHO
±(QWmRYRFrDFKDTXHHODSRGHHVWDUYLYD"
±6LPKiXPDFKDQFH
)LQDOPHQWHHODHUJXHXDFDEHoD2VROKRVHVWDYDPPDUHMDGRV
±)DoDRTXHWLYHUGHID]HUSDUDHQFRQWUiOD0\URQ
$YR]GHODHVWDYDVXUSUHHQGHQWHPHQWHILUPH
±(ODpPLQKDILOKD0HXEHEr(ODWHPGHILFDUHPSULPHLUROXJDU,QGHSHQGHQWHPHQWHGHTXDOTXHU
FRLVD
0\URQ HVSHURX TXH &DURO &XOYHU FRQWLQXDVVH PDV HOD FDLX QR VLOrQFLR QRYDPHQWH 4XDVH XP
PLQXWRGHSRLV0\URQGLVVH
±2'U&XOYHUVyILQJLXTXHLDjTXHOHFRQJUHVVR
(ODUHVSLURXIXQGRHDVVHQWLX
±$VHQKRUDDFKRXTXHHOHKDYLDYLDMDGRQDTXHODPDQKm
2XWUDFRQILUPDomRQXPPRYLPHQWRPHFkQLFR
±(QWmRHOHDVXUSUHHQGHXDTXL
±)RL
$YR]VXDYHGH0\URQSDUHFLDHVWURQGHDUQDVDOD8PUHOyJLRDQWLJRWLTXHWDTXHDYDLQVDQDPHQWH
±6UD&XOYHURTXHHOHYLXTXDQGRFKHJRX"
/iJULPDVFRPHoDUDPDFRUUHU(ODEDL[RXDFDEHoDGHQRYR
±(OHDYLX±FRQWLQXRX0\URQ±FRPRXWURKRPHP"
1DGD
±2KRPHPHUD3DXO'XQFDQ"
(ODOHYDQWRXDFDEHoD6HXROKDUHQFRQWURXRGHOH
±(UD(XHVWDYDFRP3DXO
0\URQHVSHURXGHQRYR
±$GDPPRQWRXXPDDUPDGLOKD±FRQWLQXRXHOD±(QyVFDtPRV
$VSDODYUDVHVWDYDPILUPHVGHQRYR
± (OH VXVSHLWDYD 1mR VHL FRPR 3RU LVVR IH] H[DWDPHQWH R TXH YRFr GLVVH ILQJLX TXH LD D XP
FRQJUHVVRHP'HQYHU$WpPHIH]PDUFDURVYRRVSDUDHXWHUFHUWH]DGHTXHHOHHVWDULDORQJH
±2TXHDFRQWHFHXTXDQGRVHXPDULGRDYLX"
&DUROFRoRXRURVWRFRPGHGRVWUrPXORV(ODVHOHYDQWRXYLURXVHSDUDRRXWURODGR
 ±([DWDPHQWHRTXHVHSRGHHVSHUDUTXHDFRQWHoDTXDQGRXPKRPHPHQFRQWUDDPXOKHUQDFDPD
FRPVHXPHOKRUDPLJR$GDPHQORXTXHFHX7LQKDEHELGRPXLWRRTXHQmRDMXGRXHPQDGD*ULWRX
FRPLJR PH FKDPRX GH QRPHV KRUUtYHLV (X PHUHFLD 0HUHFLD PXLWR PDLV (OH DPHDoRX 3DXO 1yV
WHQWDPRVDFDOPiORPDVFODURHUDLPSRVVtYHO
(OD SHJRX R FKi GH QRYR &DGD SDODYUD SDUHFLD IRUWDOHFrOD WRUQDQGR XP SRXFR PDLV IiFLO
UHVSLUDU
±$GDPVDLXTXHQHPXPORXFR)LTXHLDSDYRUDGD3DXOIRLDWUiVGHOH0DV$GDPSHJRXRFDUURH
IRLHPERUD3DXOVDLXGHSRLVGLVVR
±+iTXDQWRWHPSRDVHQKRUDH3DXO'XQFDQ"
$YR]GHOHVLPSOHVPHQWHVHHVYDLXQXPPXUP~ULR
±6HLVDQRV
±0DLVDOJXpPVDEH"
2 DXWRFRQWUROH GHOD DFDERX 1mR GHYDJDU 0DV FRPR VH XPD ERPED WLYHVVH H[SORGLGR HP VHX
URVWR(ODGHVPRURQRXFKRUDQGRFRSLRVDPHQWH(QWmR0\URQSHUFHEHX(OHVHQWLXRVDQJXHFRQJHODU
±.DWK\±VXVVXUURXHOH±.DWK\VDELD
2VVROXoRVILFDUDPPDLVLQWHQVRV
±(ODGHVFREULX±FRQWLQXRXHOH±QRVHJXQGRJUDXTXDQGRHVWDYDQR~OWLPRDQR
&DUROWHQWRXSDUDUGHFKRUDUPDVGHPRURXDFRQVHJXLU0\URQVHOHPEURXGHFRPR.DWK\DGRUDYD
D PmH D PXOKHU SHUIHLWD DTXHOD TXH FRQVHJXLD FRQFLOLDU D PRGHUQLGDGH FRP RV YDORUHV DQWLJRV
&DURO&XOYHUKDYLDVLGRGRQDGHFDVDHGRQDGHORMD7LQKDFULDGRWUrVILOKRVOLQGRV7LQKDGDGRD
HOHV PDLV GR TXH DSHQDV XPD QRomR GR TXH KRMH p FKDPDGR GH ³YDORUHV IDPLOLDUHV´ 3RUTXH VHXV
YDORUHV KDYLDP VLGR XPD GRXWULQD UtJLGD TXH HOD LQVLVWLD TXH RV ILOKRV VHJXLVVHP -HVVLFD KDYLD VH
UHEHODGR (GZDUG WDPEpP 6RPHQWH .DWK\ IRUD WUDQFDGD GHQWUR GHOHV FRP VXFHVVR FRPR XP OHmR
PDQWLGRQXPDMDXODSHTXHQDGHPDLV
(QRILPVHOLEHUWDUD
± .DWK\ ± &DURO &XOYHU FRPHoRX D GL]HU PDV SDURX H IHFKRX RV ROKRV FRP IRUoD (QWmR
SURVVHJXLX±(ODQRVSHJRXMXQWRV
±(IRLHQWmRTXHHODPXGRX±FRQFOXLX0\URQ
&DURO&XOYHUDVVHQWLXRVROKRVDLQGDIHFKDGRV
± (X IL] LVVR FRP HOD 7XGR R TXH DFRQWHFHX IRL SRU PLQKD FDXVD 'HXV PH SHUGRH ± VXSOLFRX
(QWmREDODQoRXDFDEHoD±1mR(XQmRPHUHoRSHUGmR1mRTXHUR6yTXHURPHXEHErGHYROWD
±2TXH.DWK\IH]TXDQGRGHVFREULXYRFrVGRLV"
±1DGD$SULQFtSLR6yVHYLURXHVDLXFRUUHQGR0DVQRGLDVHJXLQWHURPSHXFRPRQDPRUDGR
0DWW(DSDUWLUGDtHODVHFHUWLILFRXGHTXHHXSDJDVVHSHORTXHWLQKDIHLWR3RUWRGRVRVDQRVTXH
IXLKLSyFULWD3RUWRGRVRVDQRVTXHPHQWLSDUDHOD(ODTXHULDPHPDJRDUGRSLRUPRGRSRVVtYHO
±&RPHoRXDGRUPLUFRPTXDOTXHUXP
±e(VHDVVHJXURXGHTXHHXVRXEHVVHGHWXGR
±(ODFRQWDYDjVHQKRUD"
&DURO&XOYHUEDODQoRXDFDEHoD
±.DWK\QmRIDODYDPDLVFRPLJR
±&RPRDVHQKRUDGHVFREULX"
(ODKHVLWRX6HXURVWRHVWDYDVpULRDSHOHUHSX[DGD
±)RWRV±GLVVHVLPSOHVPHQWH
 2XWUDSHoDTXHVHHQFDL[DYD+RUW\HDPiTXLQDIRWRJUiILFD
±(ODOKHGDYDIRWRVHPTXHDSDUHFLDFRPKRPHQV
±e
±%UDQFRVQHJURVjVYH]HVPDLVGHXP
2VROKRVGHODVHIHFKDUDPGHQRYRPDV&DUROFRQVHJXLXGL]HU
± 1mR Vy IRWRV FRP KRPHQV $ FRLVD FRPHoRX GHYDJDU $OJXPDV IRWRV GHOD QXD &RPR D GD
UHYLVWD
±$VHQKRUDWLQKDYLVWRDTXHODIRWRDQWHV"
±9L+DYLDDWpRQRPHGHXPHVW~GLRFDULPEDGRDWUiV
±*ORERV*OREDLV)RWRV"
±1mR(UDDOJRFRPR)UXWR3URLELGR
±$VHQKRUDDLQGDWHPHVVDIRWR"
(ODEDODQoRXDFDEHoD
±-RJRXIRUD"
(ODEDODQoRXDFDEHoDGHQRYR
± (X TXLV GHVWUXtODV 4XLV TXHLPiODV H ILQJLU TXH QXQFD WLQKD YLVWR 0DV QmR FRQVHJXL .DWK\
HVWDYDPHFDVWLJDQGR0DQWrODVHUDXPDIRUPDGHSHQLWrQFLD-DPDLVFRQWHLDQLQJXpPVREUHHODV
PDVQmRSRGLDVLPSOHVPHQWHMRJDUIRUD0\URQYRFrHQWHQGHQmRp"
(OHDVVHQWLX
±3RULVVRHXDVHVFRQGLQRVyWmR1XPDFDL[DDQWLJD$FKHLTXHHVWDULDPHPVHJXUDQoD
0\URQYLXDRQGHLVVRLULDGDU
±(VHXPDULGRDVHQFRQWURX
±6LP
±4XDQGR"
±+iDOJXQVPHVHV(OHQmRPHFRQWRX0DVHXSHUFHELSHORPRGRFRPRHOHHVWDYDDJLQGR)XL
ROKDU QR VyWmR$V IRWRV WLQKDP VXPLGR$GDP DFKRX TXH .DWK\ DV KDYLD HVFRQGLGR Oi 1mR ID]LD
LGHLD GH TXH HOD DV KDYLD PDQGDGR SDUD PLP 2X WDOYH] IL]HVVH 7DOYH] DVVLP WHQKD FRPHoDGR D
VXVSHLWDUGHPLP1mRVHL
±6DEHRTXHRVHXPDULGRIH]FRPDVIRWRV6UD&XOYHU"
±1mR(ODVHUDPKRUUtYHLV7mRGRORURVRROKDUSDUDHODV$FKRTXH$GDPDVGHVWUXLX
0\URQGXYLGDYD
2VGRLVILFDUDPVHQWDGRVHPVLOrQFLRGXUDQWHYiULRVPLQXWRV3RUILP0\URQGLVVH
±-HVVLFDYDLTXHUHUVDEHU
&DURO&XOYHUDVVHQWLX
±&RQWH0\URQ
(ODRDFRPSDQKRXDWpDSRUWD0\URQSDURXMXQWRDRFDUURHVHYROWRX([DPLQRXDFDVDYLWRULDQD
FLQ]D 9LQWH H VHLV DQRV DWUiV XPD MRYHP IDPtOLD KDYLD VH PXGDGR SDUD DOL 3XVHUDP EDODQoRV QR
TXLQWDOHXPDFHVWDGHEDVTXHWHQDHQWUDGDGHYHtFXORV3RVVXtDPXPFDUURJUDQGHTXHXVDYDPSDUD
LUDRVWUHLQRVGDOLJDGHEHLVHEROLQIDQWLOHDRVHQVDLRVGRFRUDO&RPSDUHFLDPDUHXQL}HVGHSDLVH
PHVWUHV GDYDP IHVWDV GH DQLYHUViULR 0\URQ TXDVH SRGLD YHU WXGR LVVR DFRQWHFHQGR FRPR XP
FRPHUFLDOGHVHJXURVSDVVDQGRHPVXDFDEHoD
(QWURXQRFDUURHIRLHPERUD
 

0<521(67$9$'(1292SHQVDQGRQDVOLQKDVTXHVHUHODFLRQDYDPQRVFDVRV
/LQKDVFRPR*DU\*UDG\2YLFHUHLWRU*RUGRQ1DQF\6HUDW&DURO&XOYHU&KULVWLDQ6WHHOH)UHG
1LFNOHU 3DXO 'XQFDQ 5LFN\ /DQH +RUW\ H RV FULPLQRVRV 0DV KDYLD DOJXpP TXH HOH GHL[DUD GH
QRWDU
2WWR%XUNH
( VH -DNH HVWLYHVVH FHUWR" ( VH DV UHYLVWDV WLYHVVHP VLGR PDQGDGDV SRU YLQJDQoD RX WDOYH]
PRWLYDGDV SRU XPD UDLYD HTXLYRFDGD H LUUDFLRQDO" 'H TXDOTXHU PRGR VLJQLILFDYD TXH WRGR PXQGR
TXHUHFHEHUDXPH[HPSODUGD0DPLORVWLQKDDOJXPDOLJDomRFRP.DWK\&XOYHU
0HQRV2WWR%XUNH
&RPRHOHVHHQFDL[DYD"2WWRQHPKDYLDFRQKHFLGR.DWK\&XOYHU
2XKDYLD"
0\URQVDLXGD5RWDQRVKRSSLQJ*DUGHQ6WDWH3OD]DHSHJRXD5RWDQDGLUHomRVXODWpD5RWD
 1RYD -HUVH\ WHUUD GDV URWDV (QWURX HP 0HDGRZODQGV H SDURX SHUWR GH RQGH ILFDYDP RV
HVFULWyULRV GD DGPLQLVWUDomR GR 7LWDQV (QFRQWURX D VDOD GR JHUHQWH JHUDO H SHUJXQWRX SRU /DUU\
+DQVRQ
'HL[DUDPQRHQWUDUTXDVHQRPHVPRLQVWDQWH(OHH[SOLFRXUDSLGDPHQWHRPRWLYRGDYLVLWD
/DUU\ +DQVRQ ROKDYDR VHP H[SUHVVmR $V PmRV HQRUPHV HVWDYDP FUX]DGDV VREUH D PHVD 6HX
SHVFRoRIRUoDYDRERWmRGHFLPDGDFDPLVD/DUU\WLQKDXQVDQRVPDVQmRKDYLDILFDGRIOiFLGR
1mRSHODSULPHLUDYH]0\URQSHQVRXTXHHOHSDUHFLDR6DUJHQWR5RFNGRVJLELVDQWLJRV6yIDOWDYDR
HQRUPHFKDUXWRQDERFD
/DUU\ HVWLYHUD  YH]HV HQWUH RV PHOKRUHV GD OLJD H JDQKDUD GRLV SUrPLRV GH 0HOKRU -RJDGRU
3URILVVLRQDO +DYLD VLGR HVFROKLGR SDUD R +DOO GD )DPD GR )XWHERO VHP QHFHVVLGDGH GH VHJXQGR
WXUQRQDVYRWDo}HV6HXHVFULWyULRHUDHQIHLWDGRFRPWURIpXV+DYLDWDPEpPPXLWDVIRWRVVXDVDQWLJDV
GHVGHDHVFRODDWpRVWLPHVSURILVVLRQDLVSDVVDQGRSHODXQLYHUVLGDGH(PSUHWRHEUDQFRHHPFRUHV
2PHVPRFDEHORFRUWDGRjHVFRYLQKD2PHVPRVRUULVRUHVROXWR'LIHUHQWHVSRVHVLQFOXVLYHFRPR
MRHOKRHUJXLGRHREUDoRHVWHQGLGRVLPXODQGRXPDFRUULGDDIDYRULWDGHOHQRSDVVDGR
4XDQGR0\URQWHUPLQRX/DUU\FRQWLQXRXREVHUYDQGRDVSUySULDVPmRVGXUDQWHXPPLQXWRFRPR
VHIRVVHPDOJRTXHHOHQXQFDKRXYHVVHQRWDGR
±3RUTXHSHUJXQWDDPLP"±GLVVH±3RUTXHQmRSHUJXQWDDR2WWR%XUNHVREUHDUHYLVWD"
±3RUTXHHOHQmRYDLPHGL]HU
±(RTXHID]YRFrDFKDUTXHHXYRX"
±3RUTXHYRFrQmRpXPHVFURWR
$ERFDGH/DUU\VHUHWRUFHXQDGLUHomRGHXPVRUULVRPDVHOHVHFRQWHYH
±9LQGRGHYRFrLVVRUHDOPHQWHVLJQLILFDPXLWR
0\URQQmRGLVVHQDGD
±,VVRpLPSRUWDQWHQmRp"
0\URQDVVHQWLX
/DUU\VHUHFRVWRX
±%XUNHQmRUHFHEHXDUHYLVWDSHORFRUUHLR8PGHWHWLYHSDUWLFXODUFRQWRXVREUHHOD
0\URQVHUHPH[HXQDFDGHLUD
 ±2WWRPDQGRXLQYHVWLJDU&KULVWLDQ"
$YR]GH/DUU\VDLXPRQyWRQD
±8PKRPHPFRPDLQWHJULGDGHLQTXHVWLRQiYHOGH2WWR%XUNHMDPDLVVHUHEDL[DULDDHVVHQtYHO
±9RFrHVWiFUX]DQGRRVGHGRVSRUEDL[RGDPHVD
'HQRYRRTXDVHVRUULVR
±,VVRQmRVDLGHVWDVDOD%ROLWDU(QWHQGHX"
±-XURSRU'HXV±SURPHWHX0\URQ
±%XUNHWHPXPDGLYLVmRGHVHJXUDQoD±H[SOLFRX/DUU\±(OHV[HUHWDPWRGRPXQGRTXHHVWiQD
IROKD GH SDJDPHQWR ,QFOXVLYH HVWH VHX FULDGR 7DPEpP Ki XPD UHGH GH LQIRUPDQWHV SRU WRGR R
FRPSOH[R2SULQFtSLREiVLFRpEDVWDQWHVLPSOHVVHYRFrGHVFREULUDOJXPDVXMHLUDVREUHXP7LWDQ
%XUNHSDJDXPDJUDQDSUHWDSHODLQIRUPDomR8PDGHVVDVIRQWHVGHVFREULXDUHYLVWD
±&RPR"
±1mRVHL7DOYH]VHMDXPOHLWRUILHO
±6DEHTXDOpRQRPHGHOH"
± %ULDQ 6DQIRUG 8PD FULDWXUD YHUGDGHLUDPHQWH GHVSUH]tYHO 7UDEDOKD HP$WODQWLF &LW\ 1D URWD
GRVFDVVLQRV(VSLRQDMRJDGRUHVHVVHWLSRGHFRLVD6HXP7LWDQFRORFDUXPDPRHGDQXPDPiTXLQD
FDoDQtTXHLVHOHDYLVDSULQFLSDOPHQWHGHSRLVGRFDVRGR0LFKDHO-RUGDQ%XUNHJRVWDGHVHPDQWHU
LQIRUPDGR,VVROKHGiXPDYDQWDJHPQDVQHJRFLDo}HV
0\URQVHOHYDQWRX
±2EULJDGR'HYHUGDGH
± (L %ROLWDU ,VVR QmR QRV WRUQD DPLJXLQKRV QHP QDGD 6H FRQYHUVDUPRV GH QRYR DLQGD RGHLR
YRFr6DFRX"
±(VWDPRVWHQGRXPPRPHQWRFDORURVRDJRUDQmRp/DUU\"
+DQVRQDSRLRXRVFRWRYHORVQDPHVDDSRQWDQGRXPGHGRSDUD0\URQ
±$LQGDDFKRTXHYRFrpXPDERVWDGHFDFKRUURQRPHXVDSDWR1DSUy[LPDYH]TXHRYLUYRX
SURYDULVVR
0\URQDEULXRVEUDoRV
±4XDOp/DUU\4XHWDODTXHOHDEUDoRDJRUD"
±(VSHUWDOKmRGHPHUGD
±,VVRpXPQmR"
±)DoDPHXPIDYRU%ROLWDU
±eVyGL]HUROKRVOLQGRV
±6DLDGDSRUUDGDPLQKDVDOD
 

0<521/,*283$5$%5,$16$1)25' 6HFUHWiULDHOHWU{QLFD'HL[RXXPUHFDGRGL]HQGRTXHWLQKDXP
FDVRLPSRUWDQWHTXHYDOLDPLOGyODUHVHTXHLULDSDVVDUQRHVFULWyULRGHOHjVVHWHGDQRLWH%ULDQ
6DQIRUGHVWDULDOi8PFDUDFRPR6DQIRUGYHQGHULDDPmHSRUPLO
0\URQOLJRXSDUDRHVFULWyULR
±0%5HSUHVHQWDo}HV(VSRUWLYDV
±0RVWURXDIRWRD/XF\"
±0RVWUHL
±("
±9RFrGHVFREULXRFRPSUDGRU
±/XF\WHYHFHUWH]D"
±3RVLWLYR
±2EULJDGR
'HVOLJRX7HULDXPDKRUDOLYUH,ULDDWpRGHSDUWDPHQWRGHPHGLFLQDOHJDOGRFRQGDGRRQGHR'U
$GDP&XOYHUWUDEDOKDYD(UDVyXPDLQWXLomRPDVYDOLDDSHQDYHULILFDU
2SUpGLRHUDGHWLMRORVYHUPHOKRVFRPXP~QLFRDQGDU,QVWLWXFLRQDOTXDVHXPDHVFRODSHTXHQD
(UD PRELOLDGR FRP FDGHLUDV GH PHWDO FRP HVWRIDGR ILQR LJXDLV jV GH SURIHVVRUDV SULPiULDV $V
UHYLVWDVGDVDODGHHVSHUDHUDPSUp:DWHUJDWH2FKmRGHODGULOKRVHUDJDVWRHDPDUHODGRSHORXVR
FRPRR³DQWHV´QXPFRPHUFLDOGHVDEmRHPSy1mRKDYLDQDGDQHPPHVPRUHPRWDPHQWHGHFRUDWLYR
±$'UD/LHVWi"±SHUJXQWRXjUHFHSFLRQLVWD
±9RXFKDPiOD
6DOO\ /L XVDYD XQLIRUPH GH KRVSLWDO PDV QmR KDYLD QHQKXP VDQJXH QD URXSD (UD FKLQHVD WLQKD
TXDVHDQRVPDVSDUHFLDEHPPDLVMRYHP8VDYDyFXORVELIRFDLV+DYLDXPPDoRGHFLJDUURVQR
EROVRGDIUHQWH&LJDUURVQXPMDOHFRGHPpGLFR(UDRPHVPRTXHXVDUFKXWHLUDFRPVPRNLQJ
+DYLDP VH HQFRQWUDGR DOJXPDV YH]HV 6DOO\ /L FRPSDUHFLD D PXLWRV HYHQWRV GD IDPtOLD &XOYHU
7LQKDVLGRREUDoRGLUHLWRGH$GDPQD~OWLPDGpFDGD0\URQDFXPSULPHQWRXFRPXPEHLMRQRURVWR
±-HVVLFDPHGLVVHTXHYRFrHVWDYDLQYHVWLJDQGRDPRUWHGH$GDP±GLVVHHODVHPSUHkPEXOR
(OHDVVHQWLXGL]HQGR
±3RGHPRVFRQYHUVDUSRUXPPLQXWR"
±&ODUR
(ODRJXLRXDWpVXDVDOD'HQRYRGHFRUDomRLQVWLWXFLRQDO6HPLWHQVSHVVRDLV0XLWRVOLYURVGH
SDWRORJLD 0HVD GH PHWDO &DGHLUDV GH PHWDO 8P SHTXHQR JUDYDGRU TXH HOD SURYDYHOPHQWH XVDYD
GXUDQWHDVDXWySVLDV6HXVGLSORPDVQDSDUHGH(ODQmRHUDFDVDGDQHPWLQKDILOKRVGHPRGRTXHQmR
KDYLDIRWRVQDPHVD0DVKDYLDXPJUDQGHFLQ]HLUR7UDQVERUGDQGR
(ODULVFRXXPIyVIRURDFHQGHXRFLJDUURHGLVVH
±&RPRYmRDVFRLVDV"
±8PDPpGLFDIXPDQGR±REVHUYRX0\URQ±7VFWVF
±0HXVSDFLHQWHVQXQFDUHFODPDP
±%RPDUJXPHQWR
(ODWUDJRXIXQGR
±2TXHYRFrTXHUVDEHU"
 ±9RFrH$GDPWLYHUDPXPFDVR"
±6LP
6HPKHVLWDomR(ODRROKRXGLUHWRQRVROKRV
±+iXQVTXDWURDQRV'XURXXPDVHPDQD
±$GDPWLQKDPXLWRVFDVRV"
±$JRUDYRFrPHSHJRX$OJXQVDFKR3RUTXHSHUJXQWD"
±6yHVWRXWHQWDQGRMXQWDUXPDVFRLVDV
±5HODWLYDVDRDVVDVVLQDWR"
±e
(ODWLURXRVyFXORV
±2TXHDYLGDDPRURVDGH$GDPWHPDYHUFRPLVVR"
±3URYDYHOPHQWHQDGD±DGPLWLX0\URQ±&RPR$GDPYLQKDDJLQGRQRV~OWLPRVGRLVPHVHV"
±'HXPMHLWRPHLRPDOXFR
'HQRYRVHPKHVLWDU
±(PTXHVHQWLGR"
(ODSHQVRXXPSRXFR
± (P WHUPRV SURILVVLRQDLV HOH QmR HVWDYD PH GHL[DQGR DMXGiOR HP PXLWRV FDVRV LPSRUWDQWHV
7UDEDOKDYDVR]LQKRHPWRGRV
±(LVVRHUDLQFRPXP"
±1XQFDKDYLDDFRQWHFLGR1yVVHPSUHWUDEDOKiYDPRVMXQWRVQRVFDVRVLPSRUWDQWHV
±(VVHVFDVRV(UDPGDVJDURWDVHQFRQWUDGDVQDPDWDQRQRUWHGRHVWDGR"
(ODRHQFDURX
±4XHUPHGL]HUFRPRVDELD"
±6yHVWRXVXSRQGR
±7UHPHQGDVXSRVLomR0\URQ
±9RFrGLVVHTXHHUDPFDVRVLPSRUWDQWHV(XOHLRRVMRUQDLV(VVHVVmRRVFDVRVLPSRUWDQWHVTXH
HVWmRVHQGRQRWLFLDGRV
(ODQmRDFUHGLWRXPDVWDPEpPQmRLQVLVWLX
±(RTXHPDLV"±SHUJXQWRX0\URQ
(ODGHXRXWUDWUDJDGD
± (OH HVWDYD PXLWR GLVWUDtGR 4XDQGR D JHQWH IDODYD FRP HOH HOH EDODQoDYD D FDEHoD PDV QmR
SUHVWDYDDWHQomR
±0DLVDOJXPDFRLVD"
(ODDSDJRXRFLJDUURDSHVDUGHDLQGDIDOWDUPXLWRSDUDRILQDO$FHQGHXRXWUR
±eXPQRYRPRGRGHSDUDUGHIXPDU±GLVVH±(XIXPRDPHVPDTXDQWLGDGHGHFLJDUURVPDVGRX
PHQRVWUDJDGDVDFDGDGLD'LPLQXLomRJUDGXDODWpSDUDUWRWDOPHQWH1HVWHULWPRQmRGHYRGHPRUDU
PDLVGHDQRV
±%RDVRUWH
±2EULJDGD
2XWUDWUDJDGD
±$GDPSHGLXXPERFDGRGHH[DPHVHVWUDQKRVSDUDD~OWLPDJDURWDTXHHQFRQWUDUDPQDIORUHVWD
±&RPRDVVLPH[DPHVHVWUDQKRV"
±6XSpUIOXRV3HORPHQRVQDPLQKDRSLQLmR
 ±9RFrVQXQFDFRQVHJXLUDPLGHQWLILFiODQmRp"
±1mR
±(QWmRWDOYH]HOHHVWLYHVVHID]HQGRRVH[DPHVSDUDYHUVHSRGHULDWHUXPDLGHLDGROXJDUGHRQGH
HODYHLR
±7DOYH]0DVHOHPDQGDYDXPSHGLGRGHFDGDYH](VSHUDYDTXHXPH[DPHUHWRUQDVVHDQWHVGH
SHGLURXWUR0HGLGDVDQWURSROyJLFDVIRUPDHWDPDQKRGRFUkQLRRVVRVSpOYLFRVHVWUXWXUDyVVHDH
GDVDUWLFXODo}HVXPDFRLVDGHFDGDYH]
±(RTXHYRFrDFKDGLVVR"
(ODGHXGHRPEURVGHQRYR
± 1mR DFKR QDGD e Vy XP H[HPSOR GR TXH HX TXLV GL]HU TXDQGR IDOHL TXH HOH HVWDYD DJLQGR GH
PRGRHVTXLVLWR'LVWUDtGR2FDVRHUDHVWUDQKRSDUDFRPHoDU2FUkQLRGDYtWLPDIRLHVPDJDGRSHOR
DJUHVVRU PDV QmR IRL LVVR R TXH D PDWRX (P RXWUDV SDODYUDV HOD IRL HQWHUUDGD YLYD QD IORUHVWD
0RUUHXWHQWDQGRFDYDUXPDVDtGDFRPDVPmRV
6LOrQFLR
±2TXHHVVDJDURWDHVWDYDYHVWLQGR"±SHUJXQWRX0\URQ
6DOO\VHHQULMHFHXXPSRXFR'HSRLVVHLQFOLQRXSDUDDIUHQWH
±&HUWR0\URQRTXHHVWiDFRQWHFHQGR"
±1DGD3RUTXr"
±9RFrVDEHSRUTXr
0\URQSDURX
±$URXSDGDJDURWDVXPLX±FRQFOXLXHOH
±6XPLX
6HXFRUDomRTXDVHSDURXFRPRVHHOHHVWLYHVVHVDOWDQGRFRPXPSDUDTXHGDVUDVJDGR
±$KPHUGD
±2TXHIRL"
±6DOO\SUHFLVRTXHYRFrIDoDXPH[DPHSDUDPLP
 

2 (1'(5(d2 '( %5,$1 6$1)25' LQYHVWLJDGRU SDUWLFXODU HUD XPD ERDWH GH VWULSWHDVH
FRQYHQLHQWHPHQWH ORFDOL]DGD D XP TXDUWHLUmR GR OX[XRVR 0HUY *ULIILQ¶V 5HVRUWV$WODQWLF &LW\ HUD
DVVLP 2V JUDQGHV KRWpLV HUDP FRPR IORUHV OLQGDV LQWRFDGDV SHODV HUYDV GDQLQKDV GD SREUH]D H GD
YXOJDULGDGHDRUHGRU$VEHODVIORUHVQmRKDYLDPHPEHOH]DGRDVYL]LQKDQoDVFRPRSURPHWHUDPRV
GRQRV GRV FDVVLQRV 2 FRQWUDVWH QR PtQLPR WRUQDYD DV HUYDV GDQLQKDV PDLV HVSDOKDIDWRVDPHQWH
KRUUHQGDV
$ ERDWH FKDPDYDVH (DJHU %HDYHU H HUD H[DWDPHQWH R TXH VHULD GH HVSHUDU 'R ODGR GH IRUD
OHWUHLUR SLVFDQWH FRP OHWUDV IDOWDQGR 'HQWUR OX]HV EDL[DV HP YROWD GR EDU H UHIOHWRUHV IRUWHV QR
SDOFR0XOKHUHVHQWHGLDGDVVHUHYH]DYDPGDQoDQGRDPDLRULDIHLDV0XLWDSHODQFD0XLWRVLOLFRQH
0XLWRKHUSHV
0\URQ FRPHWHX R HUUR SULPiULR GH HQWUDU QR TXH FKDPDYDP LQGHYLGDPHQWH GH EDQKHLUR 2V
PLFWyULRVHVWDYDPFKHLRVGHFXERVGHJHOR±XPVXEVWLWXWRDGHTXDGRVXS{VHOHSDUDXPDGHVFDUJD
GH YHUGDGH 1mR KDYLD SRUWDV QRV FXEtFXORV R TXH QmR LPSHGLD QLQJXpP GH GHIHFDU 8P KRPHP
DJDFKDGRVRUULXHDFHQRXSDUD0\URQ
0\URQGHFLGLXTXHSRGLDHVSHUDU
&KDPRXXPEDUPDQ
±3RGHPHGL]HUFRPRFKHJDUDRHVFULWyULRGH%ULDQ6DQIRUG"
±0LFKHORE%XG%XG/LJKW&RRUV
±6yTXHURVDEHU
±0LFKHORE%XG%XG/LJKW&RRUV
0\URQSHJRXFLQFRGyODUHV2EDUPDQRVHQILRXQREROVR
±$SRUWDGRVIXQGRV6XEDXPDQGDU
(OHQmRHVSHURXTXH0\URQDJUDGHFHVVH&DSLWDOLVPR
8PD GDV GDQoDULQDV VH DSUR[LPRX GHOH 6RUULX &DGD GHQWH WLQKD XP kQJXOR SUySULR FRPR VH D
ERFDIRVVHDREUDSULPDGHXPGHQWLVWDORXFR
±2L±GLVVHHOD
±2L
±9RFrpXPJDWR
±1mRWHQKRGLQKHLURQHQKXP
(ODJLURXHIRLDQGDQGR$KURPDQFH
$ HVFDGD QmR UDQJLD (VWDODYD 0\URQ ILFRX HVSHUDQGR TXH HOD GHVSHQFDVVH 1R SDWDPDU KDYLD
DSHQDVXPDSRUWD(VWDYDDEHUWD0\URQEDWHXQDSDUHGHHHVSLRXGHQWUR
±2Oi±FKDPRX
8P KRPHP TXH HOH SUHVXPLX VHU %ULDQ 6DQIRUG YHLR j SRUWD 7RGR VRUULVRV 9HVWLQGR XP WHUQR
EHJHTXHIRUDSDVVDGRSHOD~OWLPDYH]GXUDQWHDLQYDVmRGDEDtDGRV3RUFRV
±9RFrpRFDUDTXHGHL[RXRUHFDGR"
±6RX
2HVFULWyULRHUDXPPLQLFDVVLQR$FRLVDPDLVSDUHFLGDFRPXPDPHVDGHWUDEDOKRHUDXPDUROHWD
8P FDoDQtTXHLV QXP GRV FDQWRV %DUDOKRV HP WRGD SDUWH 'DGRV DQWLJRV LQXWLOL]DGRV FRP XPD
IXUDGHLUD FREULDP R FKmR $VVLP FRPR IRUPXOiULRV GH DSRVWDV HP FDYDORV &DUWHODV GH ELQJR
WDPEpP
2KRPHPHVWHQGHXDPmR
±%ULDQ6DQIRUG0DVWRGRPXQGRPHFKDPDGH9LQWHH8P6DEHTXHPPHGHXHVVHDSHOLGR"
0\URQEDODQoRXDFDEHoD
±)UDQNLHeFRPRHXFKDPR)UDQN6LQDWUD)UDQNLH1mR)UDQN&KDPRGH)UDQNLH
(OHSDURXHVSHUDQGR
±$SHOLGROHJDO
± ,PDJLQD Vy )UDQNLH H HX HVWiYDPRV MRJDQGR QR 6DQGV XPD QRLWH FHUWR" H HX HVWDYD QXP GRV
PHXVGLDVGHVRUWHVDEH"$t)UDQNLHVHYLUDSDUDPLPHGL]³(LSDUDFRPLVVR9LQWHH8P9RFr
QmR SHUGH QXQFD´$VVLP )UDQNLH GLVVH ³(L 9LQWH H 8P´ 'R QDGD 2 QRPH SHJRX$JRUD WRGR
PXQGRPHFKDPDGH9LQWHH8P3RUFDXVDGR)UDQNLH
±ÏWLPDKLVWyULD±GLVVH0\URQ
±eERPVDEHFRPRp(RTXHSRVVRID]HUSHORVHQKRU6U
±2OVRQ0HUOLQ2OVRQ
9LQWHH8PVRUULXFRPRTXHPVDEHGDVFRLVDV
±7XGREHPSRVVRHPEDUFDUQHVVD6HQWHVH6U2OVRQ
0\URQVHQWRXVH
±0DVDQWHVGHFRPHoDUPRV6U2OVRQGHYRGL]HUXPDFRLVDGHFDUD
(OH HVWDYD VHJXUDQGR GDGRV PRYHQGRRV QDV PmRV FRPR DOJXPDV SHVVRDV ID]HP FRP DTXHODV
ERODVFKLQHVDVTXHGL]HPTXHPHOKRUDPDFLUFXODomR
±2TXr"
± 6RX XP KRPHP PXLWR RFXSDGR 7HP XP PRQWH GH FRLVD LPSRUWDQWH DFRQWHFHQGR QHVWH H[DWR
PRPHQWR6DEHFRPRFRPHFHLQHVWHQHJyFLR"
0\URQEDODQoRXDFDEHoD
± (X HUD FKHIH GH VHJXUDQoD GR &DHVDUV 3DODFH HP 9HJDV &KHImR 6DEH FRPR p (X HVWDYD HP
9HJDV FHUWR" 0DV R 'RQQ\ p FRPR HX FKDPR 'RQDOG 7UXPS 'RQQ\ 2 'RQQ\ SHGLX SDUD HX
FRPDQGDUDVHJXUDQoDGRSULPHLURKRWHOGHOHQD6WULS'HSRLVFRPHoRXDSHJDUQRPHXSpSDUDHX
RUJDQL]DUDVHJXUDQoDGR7DM0DKDO(XGLVVH³'RQQ\HVWRXFRPFRLVDGHPDLVQRVPHXVRPEURVWi
VDEHQGR"´
0\URQROKRXSDUDFLPD8PDYLmR]LQKRYRDYDQRDOWRGHL[DQGRPXLWRSDSRIXUDGRQDHVWHLUD
±'HPRGRTXHRPHXSUREOHPDpRVHJXLQWHYHMDVy(XWHQKRXPDUHXQLmRDPDQKmGHPDQKmFRP
R6WHYLH6WHYH:\QQ&HGLQKRjVVHWHHPSRQWR&DUDIDQWiVWLFRR6WHYLH0DGUXJDGRU$FRUGDjV
FLQFR WRGR GLD 6DEH TXH HOH p SUDWLFDPHQWH FHJR" 7HP FDWDUDWD RX VHL Oi R TXr (VFRQGH GH WRGR
PXQGR 6y FRQWD DRV DPLJRV PDLV tQWLPRV %RP R 6WHYLH TXHU TXH HX IDoD XPD FRLVD SDUD HOH
1RUPDOPHQWH HX GLULD TXH QmR PDV p XP IDYRU SHVVRDO H R 6WHYLH p XP ERP DPLJR 'LIHUHQWH GR
'RQQ\1mRVRXORXFRSHOR'RQQ\$JRUDHOHDFKDTXHpXPJDUDQKmRSRUTXHHVWiFRPD0DUOD
±6U9LQWHH8P
±3RUIDYRU±GLVVHHOHOHYDQWDQGRDVPmRV±3RGHPHFKDPDUVyGH9LQWHH8P
±(XJRVWDULDGHID]HUDOJXPDVSHUJXQWDVp9LQWHH8P3UHFLVRGHVXDH[SHUWLVHQXPDVVXQWR
LPSRUWDQWH
(OHDVVHQWLX0XLWRFRPSUHHQVLYR1mRUHSX[RXDVFDOoDVEDQFDQGRRLPSRUWDQWHPDVGHYHULDWHU
IHLWRLVVR
±'HTXHVHWUDWD"
 ±9RFrIH]XPWUDEDOKRUHFHQWHPHQWHSDUDXPDPLJRPHX26U2WWR%XUNH
8PVRUULVRODUJRDJRUD
±&ODUR22WWR8PyWLPRJDURWR(VSHUWRFRPRSRXFRV(OHPHOLJDVHPSUHTXHYHPSRUDTXL
(YRFrSURYDYHOPHQWHRFKDPDGH2WWLHSHQVRX0\URQ
±9RFrGHXXPDUHYLVWDDHOHKiDOJXQVGLDV8PH[HPSODUGD0DPLORV
$JRUD9LQWHH8PSDUHFLDFDXWHORVR5RORXRVGDGRVQDPHVD'HXWUrV
±2TXHpTXHWHP"
±3UHFLVDPRVVDEHUFRPRORFDOL]RXDUHYLVWD
±3UHFLVDPRVTXHP"
±(XWUDEDOKRFRPR6U%XUNH
6yGHGL]HULVVR0\URQVHQWLXQiXVHD
±(QWmRSRUTXHR.HQQmROLJRX"(OHpRFRQWDWRXVXDO
0\URQVHLQFOLQRXSDUDDIUHQWH&RPDUGHFRQVSLUDomR
± ,VWR p PDLRU GR TXH R .HQ 9LQWH H 8P$FKDPRV TXH QmR SRGHPRV FRQILDU HP QLQJXpP QHVWH
DVVXQWRDOpPGHYRFr
(OHDVVHQWLX'HQRYRPXLWRFRPSUHHQVLYR
±6yHQWUHQyV9LQWHH8PHLVWRWHPGHSHUPDQHFHUHPVLJLOR
±&ODUR
±YRFrpDSULPHLUDRSomRSDUDVXEVWLWXLUR.HQ0DVVDEHPRVFRPRYRFrDQGDRFXSDGR
2VROKRVGHOHEULOKDUDPXPSRXFR
±$SUHFLRLVVR6U2OVRQPDVSDUDDOJXpPFRPR2WWR%XUNHHXSRGHULDWHQWDUDEULU
±3ULPHLURYDPRVIDODUGHVWHFDVRFHUWR"&RPRHQFRQWURXDUHYLVWD"
2ROKDUFDXWHORVRGHQRYR
±1mRPHOHYHDPDO±GLVVHHOH±0DVFRPRYRXVDEHUTXHYRFrWUDEDOKDFRPR2WWR"&RPRYRX
VDEHUTXHYRFrQmRpXPWUDPELTXHLURTXDOTXHU"
0\URQVRUULX
±(XVDELD
±2TXr"
±(XGLVVHDR2WWRTXHYRFrHUDRFDUDFHUWRSDUDRVHUYLoR9RFrQmRpGHVFXLGDGReFDXWHORVR
*RVWDPRVGLVVR3UHFLVDPRVGLVVR
9LQWHH8PEDODQoRXRVRPEURV3HJRXRVGDGRVMRJRXGHQRYR'RLV
±6RXSURILVVLRQDO±GLVVHHOH
± 6HP G~YLGD (QWmR SRU TXH QmR OLJD SDUD D OLQKD SDUWLFXODU GR 2WWR" (OH YDL FRQILUPDU WXGR
9RFrFHUWDPHQWHWHPRQ~PHUR
,VVR R IH] GLPLQXLU R SDVVR (OH HQJROLX HP VHFR WHQWDQGR GLVIDUoDU ROKRX HP YROWD FRPR XP
FRHOKRDFXDGR0\URQSRGLDYHUDVHQJUHQDJHQVURGDQGR
±$KQmRKiPRWLYRSDUDLQFRPRGDUR2WWR±GLVVH9LQWHH8P±9RFrVDEHFRPRHOHRGHLDHVVDV
FRLVDV'iSDUDYHUTXHYRFrpXPFDUDKRQHVWR$OpPGLVVRFRPRLULDVDEHUVREUHDUHYLVWDVH2WWR
QmRWLYHVVHFRQWDGR"
0\URQEDODQoRXDFDEHoD
±9RFrpXPKRPHPLQFUtYHO9LQWHH8P
(OHEDODQoRXDPmRFRPPRGpVWLD
±&RPRHQFRQWURXDUHYLVWD"
 ± 1mR GHYHUtDPRV IDODU VREUH PHX SDJDPHQWR" 3HOR WHOHIRQH YRFr GLVVH DOJXPD FRLVD VREUH 
PLO
±2WWRGLVVHTXHSRGLDFRQILDUHPYRFr)DORXSDUDPDQGDUDFRQWDSHOR.HQ4XDQWRYRFrDFKDU
MXVWRSHODLQIRUPDomR
2XWUDFRQILUPDomRGHFDEHoD(OHSHJRXRVGDGRV-RJRXGHQRYR2XWURWUrV7UHLQRWUHLQR
±(XQmRHQFRQWUHLDUHYLVWD±GLVVH9LQWHH8P±(ODPHHQFRQWURX
±&RPRDVVLP"
± )XL FRQWUDWDGR SDUD ID]HU XP VHUYLoR 3DUWH GHOH HUD PDQGDU H[HPSODUHV GD UHYLVWD D DOJXPDV
SHVVRDV
±&KULVWLDQ6WHHOHHUDXPDGHODV"
± (UD )RL DVVLP TXH VXVSHLWHL 4XHUR GL]HU UHFHEL RV HQYHORSHV HQGHUHoDGRV H ODFUDGRV 1mR
UHFRQKHFLQHQKXPQRPHDQmRVHURGR&KULVWLDQ2WWRMiWLQKDGLWRTXHTXHULDVDEHUTXDOTXHUFRLVD
TXDOTXHUFRLVDVREUHR6WHHOH3RULVVRHXDEULHGHLXPDHVSLDGD)RLHQWmRTXHYLDIRWR
±4XHPFRQWUDWRXYRFrSDUDSRVWDUDVUHYLVWDV"
9LQWHH8PS{VXPDILFKDQRYHUPHOKRXPDQRtPSDU*LURXDUROHWD
±4XHUDSRVWDUXPDVILFKDV"
±1mR4XHPFRQWUDWRXYRFr"
± %RP HVVD p D SDUWH HVWUDQKD 1mR VHL 5HFHEL XP SDFRWH JUDQGH SHOR FRUUHLR FRP LQVWUXo}HV
PXLWRHVSHFtILFDV(GLQKHLUR6HPQRPH
±$OJXPHQGHUHoRGHUHPHWHQWH"
±1mR6yXPFDULPERGHFRUUHLR
±'HRQGH"
±'DTXLPHVPRGH$WODQWLF&LW\5HFHELKiXQVRXGLDV
$UROHWDSDURX3UHWR
±'URJD±GLVVH9LQWHH8P
±$LQGDHVWiFRPDVLQVWUXo}HV"
±&ODUR
(OHDEULXXPDJDYHWDHOKHHQWUHJRXXPSHGDoRGHSDSHO
±$TXL
$FDUWDKDYLDVLGRGDWLORJUDIDGD
&DUR6U6DQIRUG
3HOD TXDQWLD GH  PLO GyODUHV PDLV GHVSHVDV  JRVWDULD TXH UHDOL]DVVH RV VHJXLQWHV
VHUYLoRV
'HQWURGRSDFRWHRVHQKRUHQFRQWUDUiVHWHHQYHORSHV'RLVGHOHVGHYHPVHUSRVWRVQD
FDL[D GH FRUUHLR GR FDPSXV GD 8QLYHUVLGDGH 5HVWRQ QD VH[WDIHLUD 2V RXWURV FLQFR GHYHP
VHUGHL[DGRVHPXPDFDL[DGHFRUUHLRHPVXDVUHVSHFWLYDVFLGDGHV
3RUIDYRUDRPHVPRWHPSRHQYLHDFDGDSHVVRDGDOLVWDRPDWHULDOGHGLYXOJDomRGD
HPSUHVD1HZ-HUVH\%HOOTXHVHJXHDQH[DGR
 3HoR TXH DUUDQMH XP WHOHIRQH FRP FyGLJR GH iUHD  TXH IXQFLRQH SDUD R VHUYLoR
DVWHULVFRVHLVQRYH(VVDOLQKDGHYHUiVHUGHVFRQHFWDGDLPHGLDWDPHQWHFDVRDOJXpPOLJXHGH
YROWD RX D DWHQGD *RVWDULD TXH R VHQKRU FRQHFWDVVH DR WHOHIRQH XPD VHFUHWiULD HOHWU{QLFD
FRPDILWDTXHVHJXHMXQWR3RUIDYRUOLJXHGHVVHWHOHIRQHSDUDFDGDXPGRVQ~PHURVOLVWDGRV
DEDL[R 1DV GXDV SULPHLUDV QRLWHV ± ViEDGR H GRPLQJR ± R VHQKRU GHYH DSHQDV OLJDU
 UHSHWLGDPHQWHILFDUQDOLQKDTXDQGRDWHQGHUHPHQmRGL]HUQDGDDWpTXHDSHVVRDGHVOLJXH
1D VHJXQGDIHLUD YDL OLJDU H GL]HU R VHJXLQWH ³&XUWD D UHYLVWD 9HQKD PH SHJDU (X
VREUHYLYL´eLPSRUWDQWHTXHIDoDFRPTXHDYR]SDUHoDIHPLQLQDHQmRPXLWRFODUD &RPRR
VHQKRUVDEHKiDSDUHOKRVTXHSRGHPGLVIDUoDUYR]HVHID]rODVVRDUIHPLQLQDV
(PDQH[RKiXPDRUGHPGHSDJDPHQWRQRYDORUGHPLOGyODUHV'HSRLVGHWHUPLQDU
HVVDVWDUHIDVLUHLFRQWDWiORSHVVRDOPHQWHSRUYROWDGRGLDQRYHGHVWHPrVHSDJDURVPLO
UHVWDQWHVPDLVGHVSHVDV
'HYRSHUPDQHFHUDQ{QLPR$JUDGHoRDFRPSUHHQVmR
0\URQHUJXHXRVROKRV
± 3UHVXPR TXH R PDWHULDO GH GLYXOJDomR GD 1HZ -HUVH\ %HOO H[SOLFDVVH R IXQFLRQDPHQWR GR
DVWHULVFRVHLVQRYH
&RQILUPDomRGHFDEHoD
±4XHPHUDPDVVHWHSHVVRDV"
9LQWHH8PGHXGHRPEURV2VGDGRVIRUDPODQoDGRVGHQRYR2XWURGRLV2FDUDOHYDYDMHLWR
±1mROHPEUR8PHUDR&KULVWLDQ7LQKDXPTXHHUDUHLWRU0DQGHLRXWURGHXPDFLGDGHFKDPDGD
*OHQ5RFN
±3DUDXPWDOGH*DU\*UDG\
±eRQRPHpHVVH7DPEpPPDQGHLWUrVGH1RYD<RUN
±8PHUDSDUD-XQLRU+RUWRQ"
±$KpDFKRTXHVLP-XQLRU2QRPHPHpIDPLOLDU
±(R~OWLPR"
±2XWUROXJDUHP1RYD-HUVH\3HUWRGH*OHQ5RFN
0\URQSDURX
±5LGJHZRRG"
±e3HORPHQRVWHUPLQDYDHP³ZRRG´1RQRPHGHXPDPXOKHU/HPEURSRUTXHWRGRVRVRXWURV
HUDPKRPHQV
±&DURO&XOYHU"
(OHSHQVRXXPPRPHQWR
±eeLVVR8PQRPHFRPGRLVFrV
2VRPEURVGH0\URQVHDIURX[DUDP
±(LPHXFKDSDYRFrHVWiOHJDO"
±ÏWLPR±GLVVHHOHEDL[LQKR±(RVWHOHIRQHPDV"
±2VQ~PHURVYLHUDPHPRXWUDSiJLQD-RJXHLIRUDTXDQGRWHUPLQHL/LJXHLSDUD6WHHOHHGHVOLJXHL
DOJXPDVYH]HV4XDQGROLJXHLGHYROWDSDUDGDURUHFDGRDOLQKDHVWDYDGHVOLJDGD$FKRTXHHOHVH
PXGRX
0\URQDVVHQWLX&KULVWLDQKDYLDVHPXGDGRGRFDPSXVSDUDRDSDUWDPHQWRQRYR
±2FDUDGH1RYD<RUN-XQLRUQXQFDHVWDYDHPFDVDSRULVVRQmRIDOHLFRPHOHWDPEpP7RGRV
RVRXWURVUHFHEHUDPRVWHOHIRQHPDVPXGRVHGHSRLVRVUHFDGRV
±4XDQWDVSHVVRDVXVDUDPRDVWHULVFRVHLVQRYH"
±6yGXDV&KULVWLDQHRFDUDGH*OHQ5RFN'HTXDOTXHUPRGRRVFDUDV
GH1RYD<RUNQmRFRQVHJXLULDP2DVWHULVFRVHLVQRYHVyIXQFLRQDGRFyGLJRGHiUHD
±-iWHYHQRWtFLDVGRVHXFOLHQWH"
±1mR(RQWHPIRLGLDQRYH(VWRXGL]HQGRpPHOKRUHOHQmRVDFDQHDUR9LQWHH8P6DQIRUG
 2XWUDUHSX[DGDGHFDOoDPHQWDO
±6HpTXHHOHWHPDPRUjYLGD
±$Km3RGHPHFRQWDUPDLVDOJXPDFRLVD"
±6REUHHVVHFDVR"1mR(LTXHUGDUXPSXORQR0HUY¶V"(OHVPHFRQKHFHPOi3RVVRFRQVHJXLU
XPDERDPHVDSDUDDJHQWH-RJDUXPSRXTXLQKRGHYLQWHHXPWDOYH]3DUDYHUDOHQGDHPDomR
7HQWDGRUSHQVRX0\URQ&RPRHOHWUyOLVHQRVWHVWtFXORV
±4XHPVDEHRXWUDKRUD"
±eFHUWR'LJDTXDQWRYRFrDFKDTXHGHYRFREUDUGR2WWR"&RPRYRFrGLVVHHXJRVWRGHVHU
MXVWR
±$KHXFREUDULDDTXDQWLDLQWHJUDO
±2VPLO"
±e9RFrDMXGRXPXLWR9LQWHH8P2EULJDGR
±eFXLGHVH$SDUHoDTXDOTXHUKRUDGHVVDV
±$KPDLVXPDFRLVD
±2TXr"
±3RVVRXVDUVHXEDQKHLUR"
 

(5$0 '(= ( 0(,$ '$ 12,7( TXDQGR0\URQFKHJRXjFDVDGH3DXO'XQFDQ$VOX]HVDLQGDHVWDYDP

DFHVDV0\URQQmRWLQKDOLJDGRSDUDPDUFDURHQFRQWUR4XHULDRHOHPHQWRVXUSUHVD
$ FDVD HUD VLPSOHV PDV ERQLWD 3UHFLVDYD GH XPD QRYD SLQWXUD WDOYH] 2 MDUGLP WLQKD YiULRV
FDQWHLURVHPIORU0\URQVHOHPEURXGHTXH3DXOJRVWDYDGHMDUGLQDJHPQDVKRUDVGHIROJD0XLWRV
SROLFLDLVJRVWDYDP
3DXO'XQFDQDWHQGHXDSRUWDVHJXUDQGRXPMRUQDOÏFXORVGHOHLWXUDVHDSRLDYDPQDSRQWDGHVHX
QDUL]2FDEHORJULVDOKRHVWDYDEHPSHQWHDGR8VDYDXPDFDOoDD]XOPDULQKRIROJDGDHXPUHOyJLR
6SHLGHOFRPSXOVHLUDPHWiOLFDUHJXOiYHO(UDRSUySULRKRPHPFDVXDOGD6HDUV$WHOHYLVmRHVWDYD
OLJDGD DR IXQGR 8PD SODWHLD DSODXGLD FRP YRQWDGH 3DXO HVWDYD VR]LQKR D QmR VHU SRU XP JROGHQ
UHWULHYHUTXHGRUPLDHQURVFDGRQDIUHQWHGD79FRPRVHHODIRVVHXPDODUHLUDQXPDQRLWHFRPQHYH
±3UHFLVDPRVFRQYHUVDU3DXO
±,VVRQmRSRGHHVSHUDUDWpGHPDQKm"±SHUJXQWRX$YR]GHOHHVWDYDWHQVD±'HSRLVGDPLVVDGH
$GDP"
0\URQ EDODQoRX D FDEHoD H HQWURX $ SODWHLD DSODXGLX GH QRYR 0\URQ ROKRX SDUD D WHOD (G
0F0DKRQDSUHVHQWDYDVHXSURJUDPDGHWDOHQWRV$VJDURWDVSURSDJDQGDQmRHVWDYDPHPFHQDSRU
LVVR0\URQGHXDVFRVWDVSDUDDWHOHYLVmR
3DXOIHFKRXDSRUWD
±'HTXHVHWUDWD0\URQ"
1XPDPHVLQKDGHFHQWURHVWDYDPD1DWLRQDO*HRJUDSKLFHR*XLDGD79$OpPGLVVRGRLVOLYURV
R ~OWLPR GH 5REHUW /XGOXP H D %tEOLD GR 5HL -DLPH 7XGR PXLWR DUUXPDGR 8P UHWUDWR GR JROGHQ
UHWULHYHU HP VHXV GLDV GH MXYHQWXGH HVWDYD SHQGXUDGR QD SDUHGH +DYLD DLQGD ELEHO{V H XQV GRLV
SUDWRV FRP LOXVWUDo}HV GH 1RUPDQ 5RFNZHOO HQIHLWDQGR D VDOD 1DGD TXH OHPEUDVVH XP UHWLUR GH
VROWHLUmRRXXPDQWURGHOX[~ULD
±-iVHLVREUHVHXFDVRFRP&DURO&XOYHU±GLVVH0\URQ
3DXO'XQFDQEDQFRXRGHVHQWHQGLGR
±1mRVHLGRTXHYRFrHVWiIDODQGR
±'HL[HPHWHQWDUHVFODUHFHU2FDVRH[LVWHKiVHLVDQRV.DWK\SHJRXYRFrHDPDPmHKiXQVGRLV
DQRV$GDPWDPEpPSHJRXYRFrVQDQRLWHHPTXHIRLDVVDVVLQDGR$OJXPDFRLVDOKHVRDIDPLOLDU"
2URVWRGHOHILFRXEUDQFR
±&RPR"
±&DUROPHFRQWRX
0\URQVHQWRXVH3HJRXD%tEOLDHIROKHRXD
±$FKRTXHYRFrSXORXDSDUWHVREUHQmRFRELoDUDPXOKHUGRSUy[LPRQmRp3DXO"
±1mRpRTXHYRFrHVWiSHQVDQGR
±2TXHQmRpRTXHHXHVWRXSHQVDQGR"
±(XDPR&DURO(ODPHDPD
±,VVRSDUHFHyWLPR3DXO
±$GDPDWUDWDYDPXLWRPDO(OHMRJDYD$QGDYDFRPSURVWLWXWDV(UDIULRFRPDIDPtOLD
±(QWmRSRUTXH&DUROQmRVHGLYRUFLRXGHOH"
±1mRSRGLD1yVGRLVVRPRVFDWyOLFRVSUDWLFDQWHV$,JUHMDQmRSHUPLWLULD
 ±$,JUHMDSUHIHUHDLQILGHOLGDGHFRQMXJDO"
±,VVRQmRWHPJUDoD
±1mRQmRWHP
±4XHPpYRFrSDUDQRVMXOJDU"$FKDTXHHUDIiFLO"
0\URQGHXGHRPEURV
±9RFrVQmRSDUDUDP1HPPHVPRGHSRLVTXH.DWK\YLX
±(XDPR&DURO
±eRTXHYRFrGL]
±$GDP&XOYHUHUDPHXPHOKRUDPLJR(OHVLJQLILFDYDPXLWRSDUDPLP0DVTXDQGRVHWUDWDYDGD
IDPtOLDHUDXPVDFDQD(OHHUDTXHPSDJDYDDVFRQWDVPDVVyLVVR3HUJXQWHD-HVVLFD0\URQ(OD
YDLGL]HU(XVHPSUHHVWLYHSUHVHQWH'HVGHTXHHODHUDSHTXHQLQLQKD4XHPDOHYRXSDUDRKRVSLWDO
TXDQGRHODFDLXGHELFLFOHWD"(X4XHPIH]XPEDODQoRSDUDHOD"(X4XHPDOHYRXGHFDUURDWpD
'XNHTXDQGRHODHQWURXSDUDDIDFXOGDGH"(X
±9RFrWDPEpPVHYHVWLDGH&RHOKLQKRGD3iVFRD"
(OHEDODQoRXDFDEHoD
±9RFrQmRHQWHQGH
±&RUUHomRHXFDJRHDQGR+iXPDGLIHUHQoD$JRUDYDPRVYROWDUDRGLDHPTXH.DWK\SHJRX
YRFrVGRLV'LJDRTXHDFRQWHFHX
2URVWRGHOHGHPRQVWURXVXDLUULWDomR
±9RFrVDEHRTXHDFRQWHFHX(ODHQWURXHQRVYLX
±9RFrVHVWDYDPQXV"
±2TXr"
±9RFrHD6UD&XOYHUHVWDYDPQDVJDUUDVGDSDL[mR"
±1mRYRXPHGLJQDUDUHVSRQGHU
(UDKRUDGHVDFXGLUDMDXODGHOHXPSRXTXLQKR
±4XHSRVLomR"3DSDLHPDPmHIUDQJRDVVDGRRTXr"$OJXPGHYRFrVHVWDYDXVDQGRDOJHPDRX
PiVFDUD"
(OHVHS{VGHSpDRODGRGH0\URQHQFDUDQGRRGHFLPD7RGRPXQGRDFKDYDLVVRWUHPHQGDPHQWH
LQWLPLGDQWHILFDUHUHWRGLDQWHGHXPLQLPLJRVHQWDGR2IDWRHUDTXH0\URQSRGLDGDUXPDSDQFDGD
QDYLULOKDGHOHDQWHVTXHRRXWURVHTXHUIHFKDVVHRSXQKR
±&XLGDGRILOKR±GLVVH3DXO
±&RPR.DWK\UHDJLXDRYHURVSRPELQKRV"
±1mRKRXYHUHDomR(ODIXJLX
±$OJXPGHYRFrVIRLDWUiV"
±1mR1DYHUGDGHQyVGRLVILFDPRVPXLWRFKRFDGRV
±$SRVWRTXHVLP9RFrVFKHJDUDPDGLVFXWLURDVVXQWRFRP.DWK\"
3DXOVHDIDVWRXFLUFXORXVHQWRXVHQDSROWURQDDRODGRGH0\URQ
±(ODVyIDORXGLVVRFRPLJRXPDYH]
±4XDQGR"
±$OJXQVPHVHVGHSRLV
±2TXHDFRQWHFHX"
(OH GHVYLRX RV ROKRV JLUDQGRRV UDSLGDPHQWH SDUD XP ODGR H SDUD RXWUR SURFXUDQGR XP OXJDU
VHJXURRQGHSRXVDU
 ±1mRpIiFLOGHGL]HU
0\URQDVVHQWLXILQJLQGRVROLGDULHGDGH
±&RQWLQXH
±.DWK\PHGHXXPDFDQWDGD
±9RFrFDLX"
±2TXr"
±$FHLWRXDFDQWDGD"
0DLVXPDYH]RURVWRGHPRQVWURXVXDLUULWDomR
±&ODURTXHQmR
±9RFrGHXRIRUDQHOD"
±)LQJLTXHQmRWLQKDHQWHQGLGRRTXHHODHVWDYDIDODQGR
±(ODLQVLVWLX"
±,QVLVWLX0DVHXFRQWLQXHLLJQRUDQGR
± 0DV DSRVWR TXH ILFRX EHP H[FLWDGR 0mH H ILOKD $V GXDV ERQLWDV 6XDV IDQWDVLDV GHYHP WHU
FKHJDGRDRiSLFH
$ LUULWDomR VH WUDQVIRUPRX HP I~ULD (OH ILQDOPHQWH WLURX RV yFXORV GH OHLWXUD 0XLWR
GUDPDWLFDPHQWH
±ÒOWLPRDYLVRPHXFKDSD
±$Km(QWmRDJRUDPHIDOHVREUH)UHG1LFNOHU
(PSXWHFrOR0XGDUGHDVVXQWREUXVFDPHQWH0DQWrORGHVHVWDELOL]DGR
±4XHP"
±3DUDTXHPpGDSROtFLDYRFrPHQWHPXLWRPDO9DPRVOi9RFrSURS{VXPDEDUJDQKDD
1LFNOHUQXPDDFXVDomRGHSRUQRJUDILDLQIDQWLO6HLWXGRVREUHVXDOLJDomRFRPHOH3DXO2TXHQmR
VHLpFRPRHOHVHHQFDL[DQLVVR
±(OHPHDMXGRXGHYH]HPTXDQGR&RPDOJXQVFDVRV
±,QFOXVLYHRGHVDSDUHFLPHQWRGH.DWK\&XOYHU"
±'HFHUWDIRUPDVLP
±&RPR"
±$FKRTXHQmRKiPRWLYRSDUDQmRFRQWDU
3DXOWRVVLXQRSXQKRWUrPXOR2JROGHQUHWULHYHUDEULXXPROKRPDVQmRVHPH[HX
±$GDPHQFRQWURXIRWRVGH.DWK\QRVyWmR7URX[HSDUDPLPHPVHJUHGRDEVROXWR1RYHUVRGH
XPD KDYLD R QRPH GH XP HVW~GLR IRWRJUiILFR FKDPDGR )UXWR 3URLELGR 1mR FRQVHJXL HQFRQWUDU R
HVW~GLRHPOXJDUQHQKXP3RULVVR$GDPHHXYLVLWDPRV1LFNOHU1LFNOHUGLVVHTXHR)UXWR3URLELGR
DJRUDVHFKDPDYD*ORERV*OREDLV'HXRHQGHUHoR
±(QWmRYRFrIRLOiHFRPSURXWRGDVDVIRWRVHRVQHJDWLYRVGH.DWK\"
3HUJXQWDGHVQHFHVViULD/XF\MiKDYLDLGHQWLILFDGR3DXO'XQFDQDSDUWLUGHXPDIRWR
±e1yVTXHUtDPRVSURWHJHURQRPHGH.DWK\0DVWDPEpPTXHUtDPRVVDEHUTXHPHUDRDQLPDO
TXHKDYLDOHYDGR.DWK\DRHVW~GLR
±*DU\*UDG\
±9RFrMiVDELD"
±6RXPXLWREHPLQIRUPDGR±GLVVH0\URQ
±%RPHXLQYHVWLJXHLWXGRVREUHHVVH*UDG\(OHHUDVLQLVWURVHPG~YLGD8PSURIHVVRUGRQRGH
WRGDVDTXHODVOLQKDVGHGLVTXHVH[R(OHWLQKDDQ~QFLRVHPSHORPHQRVUHYLVWDVSRUQRJUiILFDV(X
R VHJXL GXUDQWH XPDV GXDV VHPDQDV IL] ERD SDUWH GLVVR QDV KRUDV GH IROJD 7DPEpP JUDPSHHL R
WHOHIRQHGHOHSRUXPWHPSR0DVQRILPQmRGHVFREULQDGD
±&RPR$GDPUHDJLXDLVVR"
±1mRUHDJLXEHP$GDPYLYLDPHSURFXUDQGRFRPDOJXPDQRYDDERUGDJHPGRFDVRGH.DWK\D
PDLRULD EDVHDGD Vy QR GHVHVSHUR GHOH 1mR R FXOSR (OD HUD D ILOKD PDLV QRYD GHOH$ ~QLFD FRP
TXHPWLQKDXPUHODFLRQDPHQWRGHFHQWH$GDPHVWDYDGLVSRVWRDWXGRSDUDDFKiOD4XHULDVHTXHVWUDU
*DU\HWRUWXUiORDWpHOHIDODU(XGLVVHTXHIDULDTXDOTXHUFRLVDTXHDMXGDVVHPDVTXHSUHFLViYDPRV
DJLUGHQWURGRVOLPLWHVGDOHL(OHQmRJRVWRXGLVVR
±)DOHVREUHDQRLWHHPTXH$GDPPRUUHX
3DXOUHVSLURXIXQGR
±(OHDUPRXERQLWRSDUDQyV
±6HLGHWXGRLVVR2TXHDFRQWHFHXGHSRLVTXHHOHSHJRXYRFrH&DUROQDFDPD"
3DXO'XQFDQHVIUHJRXRVROKRVFRPDVSDOPDVGDVPmRV
±)LFRXWRWDOPHQWHORXFR&RPHoRXD[LQJDU&DURO'HQRPHVKRUUtYHLV1yVWHQWDPRVFRQYHUVDU
FRPHOHPDVRTXHSRGHUtDPRVGL]HU"'HSRLVGHXPWHPSRHOHGLVVHTXHTXHULDRGLYyUFLRHVDLX
FRUUHQGR
±(RTXHYRFrIH]"
±9LPSDUDFDVD
±3DURXQRFDPLQKR"
±1mR
±+iDOJXpPTXHSRVVDFRQILUPDUTXHYRFrHVWDYDHPFDVD"
±(XPRURVR]LQKR
±+iDOJXpPTXHSRVVDFRQILUPDUTXHYRFrHVWDYDHPFDVD"±UHSHWLX0\URQ
±1mRGURJD)RLSRULVVRTXH&DUROHHXQmRFRQWDPRVDQLQJXpP6DEtDPRVRTXHLULDSDUHFHU
±1DGDERP±FRQFRUGRX0\URQ
±(XQmRRPDWHL$JLPDOFRPHOH)XLXPSpVVLPRDPLJR0DVQmRRPDWHL
0\URQHQFROKHXRVRPEURVOLJHLUDPHQWH
±9RFrSDUHFHXPERPFDQGLGDWR3DXO0HQWLXVREUHDQRLWHGRDVVDVVLQDWRGHOH(VWDYDWHQGRXP
FDVR GH DQRV FRP D HVSRVD GHOH XPD PXOKHU TXH Vy SRGHULD VH FDVDU FRP YRFr VH R PDULGR
PRUUHVVH (OH SHJRX YRFrV GRLV QD FDPD GHOH QD QRLWH GR DVVDVVLQDWR$ ILOKD GHVDSDUHFLGD HUD D
~QLFD SHVVRD TXH VDELD VREUH D OLJDomR VHFUHWD GH YRFrV $ IRWR GHOD DSDUHFHX QXPD UHYLVWD
SXEOLFDGDSHORVHXLQIRUPDQWH%HP3DXOHXGLULDTXHLVVRSRGHGDUXPDWUHPHQGDPHUGD
±(XQmRWLYHQDGDDYHUFRPLVVR
±2TXHYRFrIH]FRPDVIRWRVGH.DWK\"
±(QWUHJXHLD$GDPFODUR
±*XDUGRXDOJXPD"7DOYH]FRPRXPSHTXHQRVXYHQLU"
±&ODURTXHQmR
±(QXQFDYLXQHQKXPDGDVIRWRVGHQRYR"
±1XQFD
±0DVGHDOJXPPRGRDIRWRGH.DWK\IRLSDUDUQXPDUHYLVWDSRUQ{
3DXODVVHQWLXOHQWDPHQWH
±8PDUHYLVWDSRUQ{SXEOLFDGDSRUVHXFROHJXLQKD)UHG1LFNOHU
2XWUDFRQILUPDomRGHFDEHoD
 ± 3RUWDQWR DJRUD YHP D JUDQGH SHUJXQWD 3DXO FRPR D IRWR GH .DWK\ IRL SDUDU QD UHYLVWD GR
1LFNOHU"
8VDQGR RV GRLV EUDoRV SDUD VH DSRLDU 3DXO VH OHYDQWRX )RL DWp R WHOHYLVRU H R GHVOLJRX $V
GDQoDULQDVTXHVHDSUHVHQWDYDPVXPLUDP2FDFKRUURQmRVHPH[HX3DXOH[DPLQRXDWHODYD]LDSRU
XPWHPSRHGHSRLVGLVVH
±,VVRYDLSDUHFHUORXFXUD
±(VWRXRXYLQGR
±)RLR$GDP(OHS{VDIRWRGH.DWK\QDUHYLVWD
0\URQHVSHURX6XDFROXQDFRPHoRXDIRUPLJDU
±7DPEpPQmRFRPSUHHQGR±SURVVHJXLX3DXO±1LFNOHUPHOLJRXRQWHP(VWDYDDEDODGRGLVVH
TXHYRFrDQGDYD[HUHWDQGRHTXHMiGHYLDWHUSHUFHELGRDOJXPDFRLVD(XQmRID]LDLGHLDGRTXHHOH
HVWDYDIDODQGR(QWmRHOHH[SOLFRX$GDPSHGLXDR1LFNOHUSDUDS{UDTXHODIRWRQDUHYLVWD9HMDEHP
$GDPFRQKHFHX1LFNOHUTXDQGRHVWiYDPRVWHQWDQGRDFKDURHVW~GLRIRWRJUiILFR'HSRLVYROWRXOiH
ILQJLXTXHDLQGDHVWDYDWUDEDOKDQGRQXPFDVRFRPLJR'LVVHD1LFNOHUSDUDS{UDIRWRQRDQ~QFLRGH
*DU\*UDG\7DPEpPRRULHQWRXDGDURDSHOLGRHRHQGHUHoRGH*DU\VHDOJXpPSHUJXQWDVVHPDV
QmRGL]HUPDLVQDGD
±3LVWDVVXILFLHQWHVSDUDDFKDUHPR*UDG\±GLVVH0\URQ
±eRTXHSDUHFH
±1LFNOHUGLVVHSRUTXHVyS{VRDQ~QFLRQD0DPLORV"
±1mR3RVVRSHUJXQWDUVHYRFrTXLVHU
0\URQEDODQoRXDFDEHoD
±1mRpQHFHVViULR
± e Vy LVVR R TXH VHL 1mR FRQVLJR LPDJLQDU TXDO HUD D LQWHQomR GH$GDP 7DOYH] HOH TXLVHVVH
DSURQWDUXPDDUPDGLOKDSDUD*UDG\RXWDOYH]VLPSOHVPHQWHWHQKDSLUDGR0DVDYHUGDGHpTXHQmR
LPDJLQRSRUTXH$GDPSRULDDIRWRGDSUySULDILOKDQDTXHODUHYLVWD
0\URQVHOHYDQWRX7LQKDXPDERDLGHLDGRPRWLYR
 

:,16(2/+2812(63(/+2$SHVDUGHVHUTXDVHPHLDQRLWHVXDQRLWDGDHVWDYDDSHQDVFRPHoDQGR
$MHLWRXRFDEHORVRUULXSDUDRSUySULRUHIOH[RHGLVVH
±0HX'HXVFRPRHXVRXERQLWR
0\URQJUXQKLX
±9DLOLJDUSDUD-HVVLFD"±SHUJXQWRX:LQ
±4XHURUHSDVVDUWXGRGHQRYR
±$JRUD"
±$JRUD
±(ID]HUPLQKDGRQ]HODFDVDGRLUDHVSHUDU"
±(ODYDLVREUHYLYHU
±9RFrQmRHQWHQGH(VVDJDURWDpPXLWRHVSHFLDOSDUDPLP
±4XDOpRVREUHQRPHGHOD"
:LQSHQVRXXPPRPHQWRGHXGHRPEURV
±&HUWRRTXHYRFrTXHUUHSDVVDU"
±(XOKHFRQWHLWXGRRTXHVHL4XHURVDEHUFRPRYRFrYrDFRLVD
:LQGHXDVFRVWDVSDUDRHVSHOKRDQWLJR6HXDSDUWDPHQWRQR&HQWUDO3DUN:HVWWLQKDVLGRSUHVHQWH
GRDY{(UDJLJDQWHVFRYDOLDPLOK}HVHHUDGHFRUDGRFRPR9HUVDOKHV0\URQWLQKDPHGRGHWRFDUHP
TXDOTXHU FRLVD DOL (VWDYD VHQWDGR QXPD FDGHLUD DQWLJD FRP EUDoRV GH PDGHLUD TXH TXDVH IXUDYDP
VXDVFRVWHODV
±,PSRUWDVHVHHXGLYLGLURFDVRHPWUrVHQWLGDGHVDXW{QRPDV"±SHUJXQWRX:LQ
±&RPRTXLVHU
±ÏWLPR(QWmRFRPHFHPRV(QWLGDGHXPRGHVDSDUHFLPHQWRGH.DWK\&XOYHU1R~OWLPRDQRGR
VHJXQGR JUDX D SHUVRQDOLGDGH GH .DWK\ VRIUHX XPD WUDQVIRUPDomR PRWLYDGD SHOR TXH D PmH GHOD
DJRUDUHYHORXDYRFr(QWmR.DWK\VHGHGLFRXDIHULUDUHIHULGDPmHXVDQGRGHSURPLVFXLGDGH'DtDV
IRWRVODVFLYDVTXH.DWK\PDQGDYDSDUD&DUROSHORFRUUHLR0DV.DWK\&XOYHUQmRYLDRSHULJRGH
VHXV DWRV $FKDYD TXH SRGHULD VLPSOHVPHQWH SDUDU TXDQGR GHVHMDVVH &RQWXGR QmR IRL DVVLP 1R
PRPHQWRHPTXHTXLVSDUDUVXSRVWDPHQWHTXDQGRFRQKHFHX&KULVWLDQVLPSOHVPHQWHQmRFRQVHJXLX
0\URQDVVHQWLX
± (QWUD HP FHQD R 6U -XQLRU +RUWRQ (OH GHFLGLX JDQKDU XPD JUDQD FRP D QRYD .DWK\ &XOYHU
SXULILFDGDXVDQGRGHFKDQWDJHP.DWK\FRQFRUGRXHPSDJDUSHORVLOrQFLRHSHODVIRWRV1DQRLWHHP
TXHVWmRR6U+RUWRQOLJRXSDUD.DWK\QDFDVDGDLUPDQGDGH(ODFRQVHQWLXHPVHHQFRQWUDUFRPHOH
QRYHVWLiULR/iIRLHVWXSUDGDSRU-XQLRU+RUWRQHYiULRVFROHJDV
:LQSDURXHIRLQDGLUHomRGHXPGHFDQWHU
±4XHUFRQKDTXH"
±1mRREULJDGR
(OHVHUYLXXPSRXFRQXPDWDoD
± 2 HVWXSUR D OHYRX D XP SRQWR GH UXSWXUD HPRFLRQDO ± FRQWLQXRX HOH ± (OD GHVPRURQRX 'H
UHSHQWHDQVLDYDSRUUHGHQomRHSRUMXVWLoDDFLPDGHWXGR3RULVVRIRLLPHGLDWDPHQWHjFDVDGRYLFH
UHLWRU*RUGRQSDUDGHQXQFLDURHVWXSUR(OHHUDVHXFKHIHHHODSURYDYHOPHQWHRFRQVLGHUDYDDPLJR
&RQWRX D HOH R TXH DFRQWHFHX QR YHVWLiULR$ UHDomR GHOH IRL LQ~WLO RX SUHMXGLFLDO j GHFLVmR GHOD
(VFROKDDRSomR
±3URYDYHOPHQWHSUHMXGLFLDO±DFUHVFHQWRX0\URQ
± e SURYDYHOPHQWH SUHMXGLFLDO 'H TXDOTXHU PRGR .DWK\ VDLX GHVRODGD GD FDVD GH *RUGRQ
$QGRX SHOR FDPSXV QXPD HVSpFLH GH DWRUGRDPHQWR FDWDW{QLFR LPDJLQR 5LFN\ /DQH VH DSUR[LPRX
GHOD3HGLXGHVFXOSDVHOKHHQWUHJRXDFDOFLQKDLVWRpDSURYDGRFULPH'HSRLVGLVVR4XHPVDEH"
$ ~QLFD FRLVD GH TXH WHPRV FHUWH]D p TXH D FDOFLQKD IRL HQFRQWUDGD HP FLPD GH XPD OL[HLUD GLDV
GHSRLV$OJXPDSHUJXQWDDWpDJRUD"
0\URQEDODQoRXDFDEHoD
± (QWmR SDVVHPRV j HQWLGDGH GRLV R HQYROYLPHQWR GH $GDP &XOYHU $OJXP WHPSR GHSRLV GR
GHVDSDUHFLPHQWRGH.DWK\VHXSDLHQFRQWUDQRVyWmRDVIRWRVODVFLYDVGHVXDSULQFHVLQKD6DEHPRV
TXHHODVIRUDPHVFRQGLGDVDOLSRU&DURO&XOYHU0DVWHQKRFHUWH]DGHTXH$GDPQmRGHGX]LXLVVR
&HUWDPHQWH SHQVRX TXH .DWK\ DV KDYLD RFXOWDGR Oi 7DPEpP WHULD SUHVXPLGR QDWXUDOPHQWH TXH DV
IRWRVHVWDYDPOLJDGDVDRGHVDSDUHFLPHQWRGDILOKD
±)D]VHQWLGR
±eEDVWDQWH
:LQJLURXVHXFRQKDTXHHVWXGDQGRDFRU
±(QWmR$GDP&XOYHUSHGHDMXGDD3DXO'XQFDQHPVXDLQYHVWLJDomR(OHVUDVWUHLDPDRULJHPGDV
IRWRV SRU PHLR GH )UHG 1LFNOHU 7DPEpP GHVFREUHP D UHVSHLWR GH *DU\ *UDG\ &RQWLQXDP D
LQYHVWLJDomR PDV QmR VXUJH PDLV QDGD 3DXO TXHU GHVLVWLU$GDP HVWi GHVHVSHUDGR WDQWR TXH WHQWD
DWUDLURDJUHVVRUGHXPPRGRPXLWRSRXFRRUWRGR[R
:LQSDURXRUJDQL]DQGRRSHQVDPHQWR
±$TXL p TXH D FRLVD ILFD LQWHUHVVDQWH ± GLVVH HOH ± 6DEHPRV TXH$GDP HVWDYD FRP DV IRWRV
6DEHPRV TXH HOH SURYLGHQFLRX SDUD TXH D LPDJHP DSDUHFHVVH QD UHYLVWD SRUQRJUiILFD $FKR
VLJQLILFDWLYRTXHDIRWRVyWHQKDVLGRSRVWDQDUHYLVWD0DPLORV
0\URQVHLQFOLQRXSDUDDIUHQWH(VWDYDPHPVLQWRQLD
±$UHYLVWDGHPHQRUFLUFXODomRTXDVHLQH[LVWHQWH
±2IDWRLQFRPRGRXYRFrGHVGHRFRPHoR±GLVVH:LQ
0\URQDVVHQWLX
±$OJXpPQmRTXHULDTXHDUHYLVWDIRVVHYLVWDSRUPXLWDJHQWH
±2SDLGHODSRUH[HPSOR
±([DWR
±(±FRQWLQXRX:LQ±VDEHPRVTXH$GDP&XOYHUJRVWDYDGHIUHTXHQWDURVFDVVLQRVGH$WODQWLF
&LW\(OHSRGHWHUFRQKHFLGRVHXDPLJR9LQWHH8PQXPDGDVYLVLWDVRXSHORPHQRVWHURXYLGRIDODU
GHOH3RGHWHUFRQWUDWDGRDOJXpPSDUDIDOVLILFDUDOHWUDGDILOKD3URYDYHOPHQWHWLQKDXPDJUDYDomR
DQWLJD GH VHFUHWiULD HOHWU{QLFD FRP D YR] GHOD (QWmR$GDP &XOYHU DUPRX WXGR 0DQGRX D UHYLVWD
SDUD DV SHVVRDV TXH SRGHULDP HVWDU HQYROYLGDV QR GHVDSDUHFLPHQWR GH .DWK\ 2 QRLYR GHOD SDUD
FRPHoDU(SHVVRDVTXHHVWDYDPQDVIRWRVFRPR-XQLRU+RUWRQ
±3RUTXHHOHPDQGRXXPDSDUDDHVSRVD"±SHUJXQWRX0\URQ
±1mRVHL
±(SDUDRYLFHUHLWRU*RUGRQ"
± 7DOYH] DOJXPD GDTXHODV IRWRV GR VyWmR PRVWUDVVH *RUGRQ 2X WDOYH]$GDP WHQKD GHVFREHUWR
VREUH D YLVLWD GH .DWK\ j FDVD GHOH QDTXHOD QRLWH 3URYDYHOPHQWH $GDP &XOYHU HVWDYD DSHQDV
FREULQGRWRGDVDVSRVVLELOLGDGHV0DVDJRUDLVVRQmRpWmRUHOHYDQWHSDUDRFDVR2TXHpUHOHYDQWH
pRPRWLYRGH$GDPSDUDQmRTXHUHUPDLVDDMXGDGH3DXO'XQFDQ
±$GDPGHVFREULXTXH3DXOHVWDYDGRUPLQGRFRPDPXOKHUGHOH
:LQDVVHQWLX
±3DXOMiQmRSRGLDVHUFRQVLGHUDGRDPLJRQHPGLJQRGHFRQILDQoD$JRUD$GDPHVWDYDVR]LQKR
(QWmRPDQGRXRSDFRWHSDUDR6U9LQWHH8PFHUWLILFDQGRVHGHTXHQXQFDSXGHVVHPUDVWUHiORD
SDUWLUGRPDWHULDO'HSRLVDUPRXDVHJXQGDRSHUDomRGHJXHUUDFRQWUDDHVSRVDH3DXO6XUSUHHQGHX
RVGRLVVDLXFRUUHQGRHIRLDVVDVVLQDGR
±(TXHPRPDWRX"
:LQSRXVRXDWDoDQXPDHVSLQHWDGRVpFXOR;9,,-XQWRXDVPmRVWRFDQGRDSHQDVDVSRQWDVGRV
GHGRVEDWHQGRDVJHQWLOPHQWHXPDVFRQWUDDVRXWUDV
±+iGXDVSRVVLELOLGDGHV±GLVVH±3ULPHLUD3DXO'XQFDQ1mRSRGHPRVVLPSOHVPHQWHGHVFDUWi
OR(OHWLQKDPRWLYDomRHRSRUWXQLGDGH6HJXQGD$GDPTXHULDFXWXFDURDVVDVVLQRLVVRHVWiFODUR
0DVWDOYH]DUHYLVWDWHQKDSURYRFDGRPDLVHQFUHQFDGRTXHHOHKDYLDSUHYLVWR
±$QmRVHUSRUXPDFRLVD±UHDJLX0\URQ±$VUHYLVWDVDLQGDQmRWLQKDPVLGRGLVWULEXtGDV$GDP
PRUUHXGRLVGLDVDQWHVGH9LQWHH8PPDQGiODVSHORFRUUHLR
±(QWmRWDOYH]DOJXpPWHQKDGHVFREHUWRRTXH$GDPHVWDYDDSURQWDQGRDQWHVPHVPRGHHODVVHUHP
HQYLDGDV
±2WWR%XUNH"
:LQGHXGHRPEURV
±0DV2WWRQmRWLQKDQHQKXPDOLJDomRFRP.DWK\&XOYHU±GLVVH0\URQ
±1mRTXHVDLEDPRV2TXHQRVOHYDjHQWLGDGHWUrVDVLQFyJQLWDV8PDJUDQGHLQFyJQLWDSHORTXH
YHMRp1DQF\6HUDW3RGHPRVSUHVXPLUTXHHODGHXLQIRUPDo}HVYDOLRVDVD$GDP&XOYHU0DVQmR
VDEHPRVTXHPDPDWRX2XRTXHHODTXLVGL]HUTXDQGRIDORXD&KULVWLDQTXHHUDKRUDGHDVLUPmVVH
UHXQLUHP6REUHWXGRQmRVDEHPRVSRUTXHRFDEHORGH.DWK\&XOYHUIRLHQFRQWUDGRQRFDGiYHUGHOD
:LQROKRXVHXFDEHORQRHVSHOKRQRYDPHQWH3HUIHLWR6RUULXSLVFRXVyIDOWRXEHLMDURSUySULR
UHIOH[R
±7DPEpPQmRWHPRVH[SOLFDomRSDUDDFDEDQDGH$GDP&XOYHUQDIORUHVWD(OHSRGHWHUILFDGR
GHVHVSHUDGRDSRQWRGHTXHUHUVHTXHVWUDURVVXVSHLWRVSDUDLQWHUURJiORV2XWDOYH]HVWLYHVVHDWUiV
GHYLQJDQoDFRQWUDWRGRVRVTXHVDtUDPQDVIRWRVFRP.DWK\&RPR*DU\*UDG\2X-XQLRU+RUWRQ
0DVSRUDOJXPPRWLYRPLQKDPHQWHQmRDFHLWDSRUFRPSOHWRQHQKXPDGHVVDVKLSyWHVHV
0\URQDVVHQWLX7DPEpPQmRSDUHFLDPGHWRGRDFHLWiYHLVSDUDHOH
±3RUWDQWRDJRUDFKHJDPRVj~OWLPDLQFyJQLWD$LQFyJQLWDPDLVVLJQLILFDWLYDGHWRGDVDSUySULD
VHQKRULWD.DWK\&XOYHU(VWiYLYD"(VWiSRUWUiVGHWXGRLVVR"(VWiHQYROYLGDGHDOJXPPRGR"
:LQSHJRXDWDoDVREUHDHVSLQHWD7RPRXXPJROHGHFRQKDTXHGHL[RXRURODUQDOtQJXDHQJROLX
±)LP
2VGRLVILFDUDPVHQWDGRVHPVLOrQFLR0\URQUHYLURXRVIDWRVQDPHQWHRXWUDYH]1HQKXPGHOHV
PXGRX:LQH[DPLQRXRURVWRGHOH
±,VVRWXGRIRLXPH[HUFtFLRPHQWDO±GLVVH:LQ±8PWHVWGULYHSRUDVVLPGL]HU
0\URQILFRXTXLHWR
±9RFrVDEHRTXHDFRQWHFHX6DELDDQWHVPHVPRGHHXGL]HUDRPHQRVXPDSDODYUD
0\URQHQWUHJRXRWHOHIRQHD:LQ
±&DQFHOHVHXHQFRQWUR7HPRVPXLWRWUDEDOKRDID]HU
 

$0,66$
0\URQFKHJRXDWUDVDGRHVHHVFRQGHXDWUiVGHXPDFROXQD3UHFLVDYDGHVHVSHUDGDPHQWHWRPDUXP
EDQKRID]HUDEDUEDHWLUDUXPFRFKLOR(GDYDSDUDQRWDU
9LX-HVVLFDQREDQFRGDIUHQWH$PmHHVWDYDVHQWDGDHQWUHHODH(GZDUG2VWUrVFKRUDYDP
2SDGUHIH]RGLVFXUVRSDGUmRFRPRXPDWRUTXHVRXEHVVHDVIDODVEHPGHPDLV1DGDGHQRYRRX
RULJLQDOIRLGLWR1mRKDYLDFDL[mRQHPFDGiYHUEHPYHVWLGRUHSRXVDQGRHPSD]2SDGUHSDUHFLD
LQFRPRGDGRFRPLVVRFRPDDXVrQFLDGRDGHUHoRFRVWXPHLUR1DVKRUDVSUHGHWHUPLQDGDVID]LDXP
JHVWRSDUDEDL[RHWLQKDGHGLVIDUoDUDRSHUFHEHUTXHQmRKDYLDQDGDGLDQWHGHOH
0\URQ ILFRX IRUD GH YLVWD $ LJUHMD HVWDYD DSLQKDGD 3DXO 'XQFDQ HVWDYD VHQWDGR QD VHJXQGD
ILOHLUDGLUHWDPHQWHDWUiVGH&DURO'HYH]HPTXDQGRSXQKDDPmRQRRPEURGHODPDVQXQFDGHL[DYD
SRUPXLWRWHPSR0DQWHUDVDSDUrQFLDV&KULVWLDQHVWDYDDRODGRGHOHRUDQGRGHFDEHoDEDL[D2WWR
%XUNHH/DUU\+DQVRQVHHQFRQWUDYDPDOJXPDVILOHLUDVDWUiV%HODMRJDGDGHPDUNHWLQJ6HPG~YLGDD
LPSUHQVDILFDULDVDEHQGRGDSUHRFXSDomRVLQFHUDGH2WWR%XUNHSHORVRIULPHQWRGHVHXVMRJDGRUHV
'HQRYRPDQWHUDVDSDUrQFLDV
:LQ HVWDYD SHUWR GRV IXQGRV ¬ GLUHLWD GHOH VHQWDYDVH 6DOO\ /L 2 URVWR GHOD SDUHFLD DEDWLGR
FRPRVHSUHFLVDVVHGHXPFLJDUUR0\URQIDODUDFRPHODQDQRLWHDQWHULRU(ODKDYLDIHLWRRH[DPH2
UHVXOWDGRFRQILUPDUDDVVXVSHLWDVGHOH
2 YLFHUHLWRU *RUGRQ H VXD HVSRVD 0DGHODLQH HVWDYDP j HVTXHUGD 2 YLFHUHLWRU HVWDYD VpULR
0DGHODLQH*RUGRQHVWDYDOLQGDGHSUHWR0\URQUHFRQKHFHXPDLVDOJXQVURVWRVQDPXOWLGmRPDVQmR
FRQVHJXLDOHPEUDUVHXVQRPHVRXGHRQGHRVFRQKHFLD1mRLPSRUWDYD
2SDGUHIH]DOJXQV~OWLPRVFRPHQWiULRVVREUHDRXWUDYLGDDYRQWDGHGH'HXVHRUHHQFRQWURFRP
RVHQWHVTXHULGRVQRFpX2VVROXoRVGH-HVVLFDVDFXGLDPWRGRRVHXFRUSR1LQJXpPSDVVRXREUDoR
HPYROWDGHOD1LQJXpPDFRQVRORX(ODSDUHFLDSHTXHQDHIUiJLO0\URQVHQWLXXPQyQDJDUJDQWD
/iYDPRVQyV
4XDQGR D FHULP{QLD FKHJRX DR ILP 0\URQ QmR KHVLWRX $QGRX GHFLGLGDPHQWH SHOR FRUUHGRU
-HVVLFDFRUUHXSDUDHOH(OHVVHDEUDoDUDPDPERVIHFKDQGRRVROKRV$VSHVVRDVFRPHoDUDPDVH
GLULJLUSDUDDVDtGD:LQILFRXSHUWRGH2WWR%XUNH/DUU\+DQVRQHGRYLFHUHLWRU*RUGRQ
)LQDOPHQWH-HVVLFDRVROWRX
±2QGHYRFrHVWDYD"
0\URQHQJROLXHPVHFR&XPSULPHQWRX3DXO'XQFDQFRPXPDFHQRGHFDEHoDDSHUWRXDPmRGH
(GZDUGHGH&KULVWLDQEHLMRX&DUROGHOHYHQRURVWR
±1mRVHLFRPRGL]HU±UHVSRQGHX
±4XDOpRSUREOHPD"
(OHROKRXDGLUHWRQRVROKRV
±(QFRQWUHL.DWK\(ODHVWiYLYD
2JUXSRILFRXHPVLOrQFLR
-HVVLFDDEULXDERFDIHFKRXD
±9RXHQFRQWUiODHVWDQRLWH±GLVVH0\URQ
-HVVLFDILQDOPHQWHUHVJDWRXDSUySULDYR]
±&RPR"
 ±eXPDORQJDKLVWyULD0DVHODHVWiYLYD9RXWUD]rODSDUDFDVDHVWDQRLWH
-HVVLFDROKRXSDUD&DURO&DUROROKRXGHYROWD7RGRPXQGRROKRXSDUDWRGRPXQGR
±9RXFRPYRFr±GLVVH-HVVLFD
±1mRSRGH
±1mRSRVVRFRLVDQHQKXPD
±(XSURPHWLDHOD9RXVyHX6R]LQKR(ODHVWiDSDYRUDGD
±3RUTXr"
±3RUTXHDOJXpPWHQWRXPDWiOD
±4XHP"
0\URQEDODQoRXDFDEHoD
±(ODQmRTXLVFRQWDU3HORPHQRVSRUWHOHIRQH
(OHVHJXURXDPmRGH-HVVLFD(VWDYDIULDHUtJLGD&RPRPiUPRUH
±9RXWUD]rODGLUHWRSDUDFDVD3URPHWR(QWmRYDPRVFRQYHUVDU0DVQmRSRGHPRVFRUUHURULVFR
GHDVVXVWiOD
-HVVLFDEDODQoRXDFDEHoD3DUHFLDSHUGLGD
±2QGHYRFrYDLHQFRQWUiOD"
±1DIORUHVWD
±4XHIORUHVWD"
-HVVLFDUHFXRXXPSRXFR
±1mRID]VHQWLGR±IDORXHOD
±1mRSRVVRFRQWDU-HVVLFD3URPHWLD.DWK\(ODGLVVHTXHpROXJDURQGHDGHL[DUDPDFKDQGR
TXHHVWLYHVVHPRUWD4XHUPRVWUDURQGHDFRQWHFHX
0DLVVLOrQFLR
±6DQWR'HXV±GLVVH3DXO'XQFDQ
&DUROSUDWLFDPHQWHGHVPDLRXQRVEUDoRVGHOH
±2QGHHODHVWHYHXOWLPDPHQWH"±SHUJXQWRX-HVVLFD
±6yVHLDOJXPDVSDUWHVSHODPLQKDLQYHVWLJDomR(ODSDVVRXTXDVHWRGRRWHPSRVHUHFXSHUDQGR
GRVIHULPHQWRV7DPEpPHVWHYHQR&DULEH1XPDLOKDFKDPDGD&XUDoDR&KHJXHLDHVVDSLVWDDSDUWLU
GRVUHJLVWURVGR+RVSLWDO6W0DU\1DQRLWHHPTXHHODVXPLXHOHVLQWHUQDUDPXPDPXOKHUTXHIRL
HQFRQWUDGDLQFRQVFLHQWHQRPHLRGHXPDHVWUDGD(ODGHXRQRPHGH.DWKHULQH3LHUFH
&DURORIHJRX
±3LHUFH"eRPHXQRPHGHVROWHLUD
0\URQDVVHQWLX
±$LQGD QmR VHL WRGRV RV GHWDOKHV (OD IRL JROSHDGD QD FDEHoD$ SDQFDGD UDFKRX R FUkQLR 2
DJUHVVRU DFKRX TXH HOD HVWLYHVVH PRUWD 0DV QmR HVWDYD (OH D HQWHUURX QD IORUHVWD (OD DFRUGRX H
FRQVHJXLXFDYDUHVDLUeXPPLODJUHTXHWHQKDVREUHYLYLGR
2VROKRVGH-HVVLFDVHHQFKHUDPGHOiJULPDV
±(ODHVWiYLYD"
±(VWi
±7HPFHUWH]D"
±7HQKR
(QWmR-HVVLFDDEUDoRXDPmH(GZDUGSDUWLFLSRXGRDEUDoR&KULVWLDQH3DXOROKDUDPSHUSOH[RV
0\URQVHYLURXSDUDDSRUWD:LQHVWDYDSDUDGROi(PXPJHVWRTXDVHLPSHUFHSWtYHOFRPDFDEHoD
HOHGHXD0\URQRVLQDOGHFRQILUPDomR
 

0<5213$5282&$552 QDHVWUDGDGHWHUUD(VWDYDVR]LQKR2UHOyJLRGRFDUURPDUFDYDRLWRHPHLD
GDQRLWH3HJRXVXDODQWHUQDHIRLSDUDRSRQWRGHHQFRQWUR
$ YHJHWDomR HUD FHUUDGD *DOKRV IXVWLJDYDP VHX URVWR (OH WHQWRX RXYLU RXWURV VRQV *ULORV
FDQWDQGR0DLVQDGD2IDFKRGDODQWHUQDFRUWDYDDHVFXULGmRGHQVDDEULQGRRFDPLQKRSRURQGHHOH
VHJXLD 0\URQ RXYLD VHXV SpV HVPDJDUHP IROKDV H JUDYHWRV $ ERFD HVWDYD WRWDOPHQWH VHFD (UD
VHPSUHDVVLPHPPRPHQWRVFRPRHVVH
$JRUDHVWDYDFKHJDQGRSHUWRQmRIDOWDYDPPDLVGHRXPHWURV
±.DWK\"±JULWRX
1LQJXpPUHVSRQGHX
±eR0\URQ.DWK\(VWRXVR]LQKR
1mR KRXYH UHVSRVWD 0DV HQWmR 0\URQ RXYLX XP VRP GH SDVVRV j VXD IUHQWH$OJR VXUJLX 8PD
SHVVRD8PDSHVVRDGHFDEHORVORXURVFRPSULGRV
±7XGREHP±GLVVHJHQWLOPHQWH±(VWRXVR]LQKRDTXL
(ODFDPLQKRXKHVLWDQWHHPVXDGLUHomR$PmRGLUHLWDSURWHJLDRVROKRVGDFODULGDGHGDODQWHUQD
0\URQDIDVWRXRIDFKR
±(VWiWXGREHP±GLVVH
(ODFRQWLQXRXLQGRHPVXDGLUHomRXPDVLOKXHWDIUDFD2VSDVVRVHUDPOHQWRVGLILFXOWRVRVFRPR
RVGHXPPRQVWURGHILOPHWUDVK
±7XGREHP±UHSHWLX0\URQ±1LQJXpPYDLPDFKXFDUYRFr
±4XHULDTXHLVVRIRVVHYHUGDGH
$ YR] QmR WLQKD YLQGR GHOD 7LQKD YLQGR GH WUiV GHOH 0\URQ IHFKRX RV ROKRV 6HXV RPEURV VH
DIURX[DUDP
±2Oi&KULVWLDQ
±1mRVHPH[D6U%ROLWDU/HYDQWHDVPmRV
±3RUTXHPHGDURWUDEDOKR"
±2TXr"
±9RFrYDLQRVPDWDUGHTXDOTXHUMHLWR&RPRWHQWRXPDWDU.DWK\&RPRPDWRXRSDLGHODH1DQF\
±(XQmRTXHULDID]HUPDODQLQJXpP
±0DVIH]
&KULVWLDQHQJDWLOKRXDDUPD
±0mRVSDUDFLPD$JRUD
0\URQOHYDQWRXDVPmRVGHYDJDU
± .DWK\ VH DEULX SDUD YRFr QDTXHOD QRLWH &RQWRX WXGR FDGD GHWDOKH VyUGLGR GD YLGD GHOD (OD
TXHULDSDVVDUXPDHVSRQMDQRSDVVDGRHUHFRPHoDU
± (OD PHQWLX SDUD PLP ± JULWRX &KULVWLDQ ± 2 WHPSR WRGR TXH ILFDPRV MXQWRV (UD WXGR XPD
PHQWLUD
±3RULVVRYRFrWHQWRXPDWiOD
±.DWK\TXHULDTXHHXDLQGDDDPDVVH6U%ROLWDU0DVRVHQKRUQmRHQWHQGH"(XQXQFDDDPHL(X
DPDYDXPDPHQWLUD(ODTXHULDTXHHXPDQWLYHVVHDTXHODPHQWLUDHQTXDQWRHODFRQWDYDVXDKLVWyULDDR
PXQGR 4XHULD TXH HX HQWUHJDVVH PHXV FROHJDV GH WLPH TXH MRJDVVH IRUD TXDOTXHU FKDQFH GH XP
FDPSHRQDWRQDFLRQDOHXPWURIpX+HLVPDQ(PQRPHGHXPDSXWDPHQWLURVD
±8PDSXWDPHQWLURVD±GLVVH0\URQ±&RPRVXDPmH
(OHDVVHQWLX
±'LJDDHOD6U%ROLWDU'LJDRTXHDTXHOHMRJRVLJQLILFRX(PWHUPRVGHGLQKHLURIDPDRUJXOKR
2VHQKRUHQWHQGH6U%ROLWDU(OHPHDMXGRXDFRQVHJXLURFRQWUDWR
±3RULVVRYRFrDJROSHRXQDFDEHoD
±(XQmRTXHULD6LPSOHVPHQWHDFRQWHFHX3HQVHLTXHHODHVWLYHVVHPRUWD1mRFRQVHJXLHQFRQWUDU
DSXOVDomR
±3RULVVRYHLRFRPHODDWpDTXLHHQWHUURXRFRUSR(VSHUDYDTXHHODQXQFDIRVVHHQFRQWUDGDPDV
VHIRVVHFXOSDULDPDOJXPDVVDVVLQRHPVpULH
&KULVWLDQFKHJRXPDLVSHUWR/HYDQWRXDDUPD
±&KHJDGHFRQYHUVD1mRYRXGHL[DUTXHRVHQKRUILTXHPHHPEURPDQGRDWpDOJXpPDSDUHFHU
±1mRSUHFLVD7HPDOJXpPDTXLGHVGHRFRPHoR
:LQVDLXGHWUiVGHXPDiUYRUHDPHQRVGHXPPHWURGH&KULVWLDQ$SHUWRXRFRQWUDRRXYLGR
GHOHHGLVVH
±/DUJXHDDUPDRXVHXFpUHEURYLUDDOPRoRGHHVTXLOR
&KULVWLDQODUJRXDDUPD
±$FDERX±JULWRX0\URQ
'RLVSROLFLDLVXQLIRUPL]DGRVVXUJLUDPDGLVWDQFLD&KHJDUDPHDOJHPDUDP&KULVWLDQ
-DNH&RXUWHUYHLRFDPEDOHDQGRGHSRLVGHOHVSLVDQGRDOWRHPPHLRDRFDSLPFUHVFLGR
±(VWRXYHOKRGHPDLVSDUDHVVDPHUGD±UHVPXQJRX
4XDQGRFKHJRXjFODUHLUDGLVVH
±%HODDUPDomR%ROLWDU
±0XLWRVGHWDOKHVeRVHJUHGRGHXPDERDWUDPRLD
±$JRUDYDLPHFRQWDURTXHHVWiDFRQWHFHQGR"
±&ODUR-HVV"
-HVVLFDWLURXDSHUXFDORXUDHGHXXPSDVVRjIUHQWH
&KULVWLDQILFRXERTXLDEHUWR
±4XHGLDER
±9RFrPDWRX.DWK\±GLVVH0\URQ±0DVQmRIRLFRPDSDQFDGDQDWHVWD(ODVXIRFRXWHQWDQGR
VDLUGHEDL[RGDWHUUD
±(RQGHHVWiRFRUSR"±SHUJXQWRX-DNHSDUHFHQGRFRQIXVR
±1RQHFURWpULR+iGRLVPHVHVGHVGHTXHDSROtFLDRHQFRQWURX6DOO\/LFRQFOXLXDLGHQWLILFDomR
RQWHPjQRLWH
±0DVSRUTXHHOHQmRIRLLGHQWLILFDGRDQWHV"
±3RUTXHROHJLVWDHUDRSDLGH.DWK\(OHSHUFHEHXLPHGLDWDPHQWHGHTXHPVHWUDWDYDPDVILQJLX
TXHQmR
±3RUTXr"
± 3DUH SDUD SHQVDU -DNH 6HJXQGR D SHUVSHFWLYD GH$GDP &XOYHU$ VXD LQYHVWLJDomR QmR WLQKD
GHVFREHUWRQDGDHPPHVHV$GDPVDELDGLVVR7DPEpPVDELDTXHRFRUSRQmRRIHUHFLDQHQKXPD
SLVWDQRYD3RULVVRDFKRXTXHR~QLFRPRGRGHSHJDURDVVDVVLQRGH.DWK\VHULDID]HUFRPTXHHOH
VHUHYHODVVH&RPR"(QJDQDQGRRGHIRUPDTXHDFUHGLWDVVHTXH.DWK\DLQGDHVWDYDYLYD$ILQDOGH
FRQWDV HOD HVWDYD YLYD TXDQGR IRL HQWHUUDGD QD IORUHVWD $VVLP $GDP PDQWHYH HP VHJUHGR D
LGHQWLGDGHGRFRUSR3DUDWRGRPXQGRDSROtFLDRVDPLJRVDWpDIDPtOLD0DVDFKRXTXHDVIRWRVHP
TXHHODDSDUHFLDQXDHVWDYDPOLJDGDVDWXGRLVVR3RULVVRDVXVRX
±4XHUGL]HUTXHHOHS{VRDQ~QFLRQDTXHODUHYLVWD"
0\URQDVVHQWLX
± $GDP &XOYHU SODQHMRX WXGR $Wp RV WHOHIRQHPDV PLVWHULRVRV GL]HQGR ³9HQKD PH SHJDU (X
VREUHYLYL´)H]WXGRRTXHS{GHSDUDSDUHFHUTXH.DWK\HVWDYDYLYD
-DNHDVVHQWLX
±(QWmRRTXHYRFrVIL]HUDPDJRUD
±)RLFRQFOXLURSODQRGH$GDP&XOYHU1RVVDHQFHQDomRQDLJUHMDKRMHFHGRSODQWRXDV~OWLPDV
VHPHQWHVGHG~YLGD
±9RFrHVWDYDIRUoDQGR&KULVWLDQDID]HUXPDMRJDGD
±([DWR
±,QFUtYHO(QWmRWRGRPXQGRHVWDYDSDUWLFLSDQGR"
± -HVVLFD HVWDYD ± UHVSRQGHX 0\URQ ± ( D PmH H R LUPmR GHOD 7HULD VLGR FUXHO GHPDLV PHQWLU
SDUD HOHV 0DV 3DXO 'XQFDQ QmR VDELD 1HP PDLV QLQJXpP ( :LQ VH FHUWLILFRX GH TXH WRGRV RV
VXVSHLWRV2WWRRYLFHUHLWRUDWp*DU\*UDG\VRXEHVVHPTXH.DWK\KDYLD³VREUHYLYLGR´
±(QWmRYRFrQmRWLQKDFHUWH]DGHTXHHUD&KULVWLDQ"
±1mRHXWLQKDFHUWH]D
±(VWDYDWHQWDQGRMRJDUOLPSR
0\URQDVVHQWLX
±3RULVVRQmRFRQWHLQDGDDYRFr4XHULDTXHYRFrYLVVHRTXHDFRQWHFHXVHPWHUQHQKXPDLGHLD
SUHFRQFHELGD
±(QWHQGL±GLVVH-DNH±&RQWLQXH
±$GDP &XOYHU VDELD TXH Vy R DVVDVVLQR FRQKHFLD HVWH OXJDU 6H IL]HVVH R DVVDVVLQR SHQVDU TXH
.DWK\DLQGDSRGHULDHVWDUYLYDHOHWHULDGHYROWDUDTXLSDUDWHUFHUWH]DGHTXHHVWDYDPRUWD3RULVVR
$GDPDOXJRXDFDEDQDDTXLSHUWR3RULVVRWLQKDWRGRDTXHOHHTXLSDPHQWRHOHWU{QLFR3DUDJUDYDU
3DUDWHUSURYDV
±3HJDULDRDVVDVVLQRTXDQGRHOHYROWDVVHjFHQDGRFULPH
±,VVR
±0DVXPDFRLVDHXQmRHQWHQGR$GDPPRUUHXDQWHVTXHDUHYLVWDIRVVHHQYLDGD&RPR&KULVWLDQ
ILFRXVDEHQGR"
± 1mR ILFRX /HPEUHVH $GDP HUD OHJLVWD QmR LQYHVWLJDGRU (OH GHL[RX HVFDSDU XPD SLVWD
LPSRUWDQWH3HORPHQRVDSULQFtSLR
±4XHSLVWD"
±$VURXSDVGH.DWK\
±2TXHpTXHWHP"
± 4XDQGR R FRUSR GH .DWK\ IRL HQFRQWUDGR HVWDYD YHVWLGR FRP XP VXpWHU DPDUHOR H XPD FDOoD
HVSRUWLYDFLQ]D0DVDVFROHJDVGDLUPDQGDGHFRQWDUDPTXHHODHVWDYDFRPXPDURXSDD]XOTXDQGR
VDLXGDFDVD2VHVWXSUDGRUHVGLVVHUDPTXHHODYHVWLDD]XO2YLFHUHLWRU*RUGRQIDORXGDURXSDD]XO
5LFN\ /DQH GLVVH TXH HOD HVWDYD GH D]XO $OpP GLVVR DV FROHJDV GH LUPDQGDGH WDPEpP IRUDP
FDWHJyULFDVDRDILUPDUTXH.DWK\QmRUHWRUQRXjFDVD3RULVVRDTXHVWmRHUDGHRQGHYLHUDPRVXpWHU
DPDUHORHDFDOoDFLQ]D"
-DNHGHXGHRPEURV
 ±$GDPGHPRURXXPWHPSRSDUDSHUFHEHUDLPSRUWkQFLDGDVURXSDV0DVTXDQGRSHUFHEHXIRLj
IRQWHPDLVyEYLD$FROHJDGHTXDUWRGH.DWK\
±1DQF\6HUDW
± &HUWR 0DV HOH QmR TXHULD UHYHODU TXH R FRUSR GH .DWK\ KDYLD VLGR HQFRQWUDGR 3RU LVVR
SHUJXQWRX D 1DQF\ RQGH SRGLD HQFRQWUDU R VXpWHU DPDUHOR SUHGLOHWR GHOD ILQJLQGR VHU XP SDL
SDVVDQGR SRU XP PRPHQWR QRVWiOJLFR 0DV SHQVH EHP 6H .DWK\ QmR YROWRX j FDVD GD LUPDQGDGH
RQGHWURFRXGHURXSD"
$JRUD-DNHHVWDYDHQWHQGHQGR
± 1D FDVD GH &KULVWLDQ ± GLVVH HVWDODQGR RV GHGRV ± .DWK\ GRUPLD Oi R WHPSR WRGR 'HYLD WHU
URXSDVOi
±,VVR
±(1DQF\H&KULVWLDQHUDPDPLJRV±GLVVH-DNHSHJDQGRRILRGDPHDGD±(ODQmRYLXQDGDGH
HUUDGRHPFRQWDUDHOHVREUHDYLVLWDGH$GDP3URYDYHOPHQWHDFKRXERQLWLQKDDFRLVDWRGD
0\URQVHYLURXSDUD&KULVWLDQ
± 9RFr ILFRX DSDYRUDGR TXDQGR VRXEH TXH$GDP HVWDYD SHUJXQWDQGR SHOR VXpWHU DPDUHOR 9RFr
VDELD TXH HOH HVWDYD FKHJDQGR SHUWR 3RU LVVR R VHJXLX QDTXHOD QRLWH 2XYLX D EULJD GHOH FRP D
HVSRVD 9LXR VDLU WUDQVWRUQDGR GH FDVD H DFKRX TXH HUD D RSRUWXQLGDGH LGHDO SDUD PDWiOR 2XWUR
GHVYLRGHIRFRSHUIHLWR
&KULVWLDQILFRXTXLHWR
±&RPRDVVLPRXWURGHVYLRGHIRFRSHUIHLWR"±SHUJXQWRX-DNH
±1RLQtFLRGDVXDLQYHVWLJDomRVREUHRGHVDSDUHFLPHQWRGH.DWK\HPTXHPYRFrVHFRQFHQWURX"
±1R&KULVWLDQ&RPRHXGLVVHQyVVHPSUHLQYHVWLJDPRVRQDPRUDGR
±(RTXH&KULVWLDQIH]"$VHJXUDQoDGRFDPSXVHVWDYDSDVVDQGRSHQWHILQRHPWXGRHPEXVFDGH
SLVWDV(QWmRHOHFRORFRXDFDOFLQKDHPFLPDGDOL[HLUD
±$FDOFLQKDFRPRVrPHQGHRXWUDSHVVRD±DFUHVFHQWRX-DNH
±3URYDGHTXHQmRHUDHOHRFXOSDGR
±(VVDIRLGHVXUSUHHQGHU
±(OHWDPEpPQRVS{VQDGLUHomRHUUDGDFRP1DQF\6HUDW(OHHVWUDQJXORX1DQF\'HSRLVFRORFRX
ILRVGRFDEHORGH.DWK\QDFHQDGRFULPH
±0DVRQGHHOHFRQVHJXLXRFDEHOR"
± .DWK\ GRUPLD QR TXDUWR GHOH R WHPSR WRGR FHUWR" (OD GHYLD WHU RXWUDV FRLVDV Oi DOpP GDV
URXSDV(VFRYDGHFDEHORSRUH[HPSOR
±)LOKRGDSXWD
±)RLTXDVHSHUIHLWR&XOSDUDOJXpPTXHHVWDYDPRUWD(VH.DWK\QmRHVWLYHVVHPRUWDVHKRXYHVVH
PHVPR VREUHYLYLGR LVVR LULD ID]HU FRP TXH HOD SDUHFHVVH XPD OXQiWLFD 4XHP DFUHGLWDULD HP XPD
JDURWD TXH KDYLD PDWDGR D H[FROHJD GH TXDUWR" 0DV &KULVWLDQ QmR FRQWDYD FRP R VXUJLPHQWR GH
-HVVLFD QD FDVD GH 1DQF\ (OH HQWURX HP SkQLFR *ROSHRXD QD FDEHoD H IXJLX 2 SUREOHPD p TXH
KDYLDGHL[DGRGLJLWDLV0DV&KULVWLDQIRLHVSHUWR$WpXVRXLVVRHPSURYHLWRSUySULR4XDQGRYRFrR
SHJRX QD PDQKm VHJXLQWH HOH DGPLWLX LPHGLDWDPHQWH TXH KDYLD HVWDGR QD FDVD GH 1DQF\ ( GHSRLV
YHLRFRPDPDUDYLOKRVDKLVWyULDVREUHDVLUPmVVHUHXQLUHP
±0DLVXPGHVYLRGHIRFRSHUIHLWR±GLVVH-DNH
±6yTXHVHHVTXHFHXGRFRSR
±4XHFRSR"
 ±$VGLJLWDLVGHOHIRUDPHQFRQWUDGDVHPYiULRVOXJDUHVGDFDVDLQFOXVLYHQXPFRSR1RHQWDQWR
&KULVWLDQ QRV GLVVH TXH 1DQF\ PDO R GHL[RX HQWUDU TXH SUDWLFDPHQWH R H[SXOVRX IDODQGR DOJXPD
FRLVDVREUHDVLUPmVVHUHXQLUHP1HVVDVFLUFXQVWkQFLDVQmRVHULDHVWUDQKRTXHHODOKHRIHUHFHVVH
XPDEHELGD"
0\URQROKRXSDUD&KULVWLDQ(OHEDL[RXRVROKRV
±(XHXQmRTXHULDID]HUPDODQHQKXPGHOHV6U%ROLWDU
± 9RFr IRL PDQLSXODGRU H FDOFXOLVWD ± GLVVH 0\URQ ± &REULX WRGDV DV EDVHV DWp TXDQGR PH
FRQWUDWRX(XHUDXPHPSUHViULRSHTXHQR3RGHULDVHUFRQWURODGR9RFrFRQKHFLDPHXSDVVDGRVDELD
TXHHXHUDXPLQYHVWLJDGRUH[SHULHQWH$FKDYDTXHVHVXUJLVVHDOJXPSUREOHPDHXJXDUGDULDWXGR
HPVHJUHGR4XHLULDPDQWrORLQIRUPDGR4XHWHQWDULDSURWHJHUYRFr9RFrPHIH]GHRWiULR
7RGRPXQGRSHUPDQHFHXHPVLOrQFLRDWpTXH-DNHGLVVH
±&HUWR/HYHPQRGDTXL
2VSROLFLDLVOHYDUDP&KULVWLDQ
0\URQ ROKRX SDUD -HVVLFD (OD DLQGD QmR WLQKD GLWR XPD SDODYUD /iJULPDV HVFRUULDP SHOR VHX
URVWR1HQKXPDOiJULPDGDTXHODPDQKmKDYLDVLGRSHORSDL7DOYH]DOJXPDVGHVWDVIRVVHP
:LQEDODQoRXDFDEHoD
±³$OPRoRGHHVTXLOR´1mRDFUHGLWRTXHHXIDOHL³DOPRoRGHHVTXLOR´
-HVVLFDSDURXGHFKRUDU$WpVRUULXXPSRXTXLQKR0\URQSDVVRXREUDoRHPYROWDGHODHSX[RXD
SDUDSHUWR-XQWRVYROWDUDPSDUDRFDUUR
 

75Ç6',$6'(32,60<521OHYDYD-HVVLFDDRDHURSRUWR
±eVyPHGHL[DUQRWHUPLQDO±GLVVHHOD
±9RXHVSHUDUFRPYRFrQRSRUWmRGHHPEDUTXH
±ePHOKRUYRFrYROWDU
±(VWRXFRPWHPSR
±2WUkQVLWRYDLHVWDUKRUUtYHO
±1mRPHLPSRUWR
±0\URQ"
±2TXr"
±6yPHGHL[HOiHYiHPERUD9RFrVDEHTXHHXRGHLRFHQDV
±1mRYRXID]HUFHQD
±9RFrVHPSUHID]FHQD
6LOrQFLR
±2TXHYDLDFRQWHFHUFRP*DU\*UDG\"±SHUJXQWRXHOD
±0DQGHLWRGDVDVLQIRUPDo}HVDRFRQVHOKRHVFRODUHjLPSUHQVDORFDO1mRVHLVHHOHYDLSDUDD
FDGHLDPDVVXDFDUUHLUDWHUPLQRX
±(RYLFHUHLWRU*RUGRQ"
±3HGLXGHPLVVmRKRMHFHGR9DLSDVVDUSDUDRVHWRUSULYDGR
±(RVHVWXSUDGRUHV"
± &DU\ 5RODQG p R SURPRWRU (VVH FDVR VLJQLILFD JUDQGHV PDQFKHWHV (OH YDL VH HVIRUoDU DR
Pi[LPR5LFN\/DQHYDLWHVWHPXQKDU
±9RFrGHL[RXGHVHUHPSUHViULRGR5LFN\"
0\URQDVVHQWLX
±(SHUGHXR&KULVWLDQ
2XWUDFRQILUPDomRGHFDEHoD
±1RWRGR±GLVVHHOD±HVWHFDVRQmRWHYHXPHIHLWRHFRQ{PLFRSRVLWLYRSDUDYRFr
±(VWRXPDLVSUHRFXSDGRFRPRHIHLWRSHVVRDO
±2XVHMD
±2XVHMDYRFrHVWDUGHYROWDjPLQKDYLGD
±0DVLVVRQmRpERP"
±e6yTXHYRFrHVWiLQGRHPERUD
±6ySRUXPRXGRLVPHVHVeXPDWXUQrGHGLYXOJDomRGHOLYUR
(OHSDURXQDIUHQWHGRWHUPLQDO
±(XYROWR±GLVVHHOD
(OHDVVHQWLX
-HVVLFDREHLMRX0\URQDHQYROYHX3RUILPHODRHPSXUURX$FRQWUDJRVWRHOHDVROWRX
±(XWHDPR±GLVVHHOH
±(XWDPEpPWHDPR
(ODVDLXGRFDUUR
±(YRXYROWDU
 0\URQDREVHUYRXFDPLQKDUSDUDDHQWUDGD2OKRXDSDVVDUSHODSRUWDDXWRPiWLFDGHYLGURYLXD
VHGLULJLUDREDOFmRGDFRPSDQKLDDpUHDDFRPSDQKRXDFRPRROKDUHQTXDQWRGHVDSDUHFLDGHVFHQGR
XPDHVFDGDURODQWH&RQWLQXRXROKDQGRPHVPRGHSRLVGHHODWHUVXPLGRDWpTXHXPVHJXUDQoDEDWHX
HPVXDMDQHOD
±ÈUHDGHGHVHPEDUTXHPHXFKDSD3RGHLUVDLQGR
0\URQROKRXPDLVXPDYH]'HSRLVYROWRXSDUDRHVFULWyULR
 &21+(d$2875267Ë78/26'2$8725

&LODGD

+DOH\0F:DLGWHPDQRVeDOXQDH[HPSODUGLVFLSOLQDGDDPDHVSRUWHVHVRQKDHQWUDUSDUDXPD
ERDIDFXOGDGH3RULVVRTXDQGRFHUWDQRLWHHODQmRYROWDSDUDFDVDHWUrVPHVHVWUDQVFRUUHPVHPTXH
VHWHQKDTXDOTXHUQRWtFLDGHODWRGRVQDFLGDGHFRPHoDPDLPDJLQDURSLRU
2 DVVLVWHQWH VRFLDO 'DQ 0HUFHU UHFHEH XP HVWUDQKR WHOHIRQHPD GH XPD DGROHVFHQWH H YDL D VHX
HQFRQWUR$R FKHJDU DR ORFDO HOH p VXUSUHHQGLGR SHOD HTXLSH GH XP SURJUDPD GH WHOHYLVmR TXH R
H[LEHHPUHGHQDFLRQDOFRPRSHGyILOR,QRFHQWDGRSRUIDOWDGHSURYDV'DQpPRUWRORJRHPVHJXLGD
1DMXQomRGHVVDVGXDVKLVWyULDVHVWi:HQG\7\QHVDUHSyUWHUTXHDUPRXDFLODGDSDUD'DQHTXH
VH WRUQD D ~QLFD WHVWHPXQKD GH VHX DVVDVVLQDWR :HQG\ VHPSUH FRQILRX DSHQDV QRV IDWRV PDV VHX
LQVWLQWROKHGL]TXH0HUFHUWDOYH]QmRIRVVHFXOSDGR$JRUDHODSUHFLVDGHVFREULUVHGHVPDVFDURXXP
FULPLQRVRRXFDXVRXDPRUWHGHXPLQRFHQWH
1DVLQYHVWLJDo}HVGDPRUWHGH'DQHGRGHVDSDUHFLPHQWRGH+DOH\YHUGDGHVLQLPDJLQiYHLVVmR
UHYHODGDVHDIUDJLOLGDGHGHYLGDVDSDUHQWHPHQWHQRUPDLVpSRVWDjSURYD7RGRVWrPDOJRDHVFRQGHU
HRVVHJUHGRVVHLQWHUOLJDPHVHFRPSOHWDPHPXPHODERUDGRPRVDLFRGHPLVWpULRV
+DUODQ &REHQ PDLV XPD YH] GHL[D R OHLWRU VHP DU&LODGD IDOD GH FXOSD OXWR H SHUGmR HP XPD
WUDPD UHSOHWD GH UHYLUDYROWDV VXUSUHHQGHQWHV 1DGD p R TXH SDUHFH H WXGR SRGH VHU GHVIHLWR DWp D
~OWLPDSiJLQD
 1mRFRQWHDQLQJXpP

+iRLWRDQRVHQTXDQWRFRPHPRUDYDPRDQLYHUViULRGHVHXSULPHLUREHLMRR'U'DYLG%HFNHVXD
HVSRVD(OL]DEHWKVRIUHUDPXPWHUUtYHODWDTXH(OHIRLJROSHDGRHFDLXQRODJRLQFRQVFLHQWH(ODIRL
UDSWDGDHEUXWDOPHQWHDVVDVVLQDGDSRUXPVHULDONLOOHU
2 FDVR YROWD j WRQD TXDQGR D SROtFLD HQFRQWUD GRLV FRUSRV HQWHUUDGRV SHUWR GR ORFDO GR FULPH
MXQWR FRP R WDFR GH EHLVHERO XVDGR SDUD QRFDXWHDU 'DYLG$R PHVPR WHPSR R PpGLFR UHFHEH XP
PLVWHULRVRHPDLOTXHDSDUHQWHPHQWHVySRGHWHUVLGRHQYLDGRSRUVXDHVSRVD
(VVHVQRYRVIDWRVID]HPUHVVXUJLULQ~PHUDVSHUJXQWDVVHPUHVSRVWDV&RPR'DYLGFRQVHJXLXVDLU
GRODJR"(OL]DEHWKHVWiYLYD"(VHHVWLYHUGHTXHPHUDRFRUSRHQWHUUDGRRLWRDQRVDQWHV"3RUTXH
HODGHPRURXWDQWRSDUDHQWUDUHPFRQWDWRFRPRPDULGR"
1D PLUD GR )%, FRPR SULQFLSDO VXVSHLWR GD PRUWH GD HVSRVD H FDoDGR SRU XP SHULJRVtVVLPR
DVVDVVLQR GH DOXJXHO 'DYLG %HFN FRQWDUi DSHQDV FRP R DSRLR GH VXD PHOKRU DPLJD D PRGHOR
6KDXQD GD FpOHEUH DGYRJDGD +HVWHU &ULPVWHLQ H GH XP WUDILFDQWH GH GURJDV SDUD GHVFREULU WRGD D
YHUGDGHHSURYDUVXDLQRFrQFLD
1mRFRQWHDQLQJXpPIRLROLYURPDLVDFODPDGRGHLQGLFDGRSDUDGLYHUVRVSUrPLRVHQWUH
HOHV(GJDU$QWKRQ\0DFDYLW\1HURH%DUU\(PIRLDGDSWDGRSDUDRFLQHPDQXPDSURGXomR
IUDQFHVDYHQFHGRUDGHTXDWUR&HVDUV R2VFDUIUDQFrV LQFOXVLYHGHPHOKRUDWRUHGLUHWRU
 &RQILHHPPLP

$YLGDQRVXE~UELRGH/LYLQJVWRQSDUHFHSHUIHLWD$RROKDUSDUDDTXHODVPDQV}HVWRGRVDFUHGLWDP
TXHDVSHVVRDVTXHYLYHPDOLVmRFRPSOHWDPHQWHIHOL]HV0DVDYHUGDGHpTXHFRPRHPTXDOTXHU
OXJDUGRPXQGRFDGDXPDGDTXHODVIDPtOLDVWHPDVXDWUDJpGLDSDUWLFXODU
0LNHH7LD%D\HSUHRFXSDGRVFRPVHXILOKR$GDPUHVROYHPLQYDGLUDSULYDFLGDGHGRJDURWRH
HVSLRQiOR
%HWV\ +LOO VHQWHVH FXOSDGD SRU QmR WHU SHUFHELGR DV PXGDQoDV QR FRPSRUWDPHQWR GH VHX ILOKR
6SHQFHUHSRUQmRWHUIHLWRQDGDTXHSXGHVVHHYLWDUVHXVXLFtGLR
*X\1RYDNFULDVR]LQKR<DVPLQPDVHPERUDVHMDXPSDLH[WUHPDPHQWHGHGLFDGRQmRFRQVHJXH
LPSHGLUTXHXPLQIHOL]FRPHQWiULRGHXPSURIHVVRUWRUQHDLQIkQFLDGDPHQLQDXPLQIHUQR
/XFDV /RULPDQ HVWi JUDYHPHQWH GRHQWH H SUHFLVD GH XP WUDQVSODQWH GH ULP PDV VXD PmH 6XVDQ
JXDUGDXPVHJUHGRGHYDVWDGRUTXHSRGHDUUXLQDUDIDPtOLD
(QTXDQWRDFRPSDQKDDVGRUHVSUHRFXSDo}HVHDQJ~VWLDVGHFDGDXPGHVVHVSHUVRQDJHQVYRFrYDL
PHUJXOKDU QXPD DYHQWXUD HPRFLRQDQWH H FKHLD GH PLVWpULRV HP TXH WRGDV HVVDV KLVWyULDV
DSDUHQWHPHQWHLQGHSHQGHQWHVVHFRQHFWDPQXPILQDOVXUSUHHQGHQWHHDUUHEDWDGRU
(P&RQILHHPPLP+DUODQ&REHQQRVID]SHQVDUVREUHFRPRSDLVGHVHVSHUDGRVVmRFDSD]HVGH
XOWUDSDVVDUWRGRVRVOLPLWHVQDWHQWDWLYDGHSURWHJHUVHXVILOKRV
 'HVDSDUHFLGRSDUDVHPSUH

:LOO.OHLQOHYDYDXPDYLGDWUDQTXLODQXPVXE~UELRULFRGH1RYD-HUVH\DWpTXHVHXLUPmRPDLV
YHOKR .HQ VRPH DR VHU DFXVDGR GH HVWXSUDU H DVVDVVLQDU VXD YL]LQKD -XOLH 0LOOHU 3DUD D SROtFLD
.HQWRUQDVHXPIRUDJLGRLQWHUQDFLRQDO0DVVXDIDPtOLDTXHQXQFDPDLVWHYHQRWtFLDVGHOHSUHIHUH
DFUHGLWDUTXHHOHPRUUHXDDFHLWDUTXHVHMDXPFULPLQRVR
3HORPHQRVHUDRTXH:LOOSHQVDYDDWpTXHDQRVGHSRLVQROHLWRGHPRUWHDPmHOKHUHYHOD
TXH VHX LUPmR HVWDULD YLYR 4XDQGR UHVROYH LQYHVWLJDU PHOKRU R FDVR :LOO VRIUH RXWUR JUDQGH
FKRTXH VXD QDPRUDGD 6KHLOD ± TXH VHPSUH PDQWHYH VHX SDVVDGR HP VHJUHGR ± GHVDSDUHFH H DV
LPSUHVV}HVGLJLWDLVGHODVmRHQFRQWUDGDVQDFHQDGHXPFULPHQR1RYR0p[LFR
6HUiTXHHVVDVWUDJpGLDVSRGHULDPWHUDOJRHPFRPXP"3RUVHXHQYROYLPHQWRFRPRVSULQFLSDLV
VXVSHLWRV GRV GRLV FDVRV GH DVVDVVLQDWR :LOO VH Yr jV YROWDV FRP R REVWLQDGR GLUHWRUDVVLVWHQWH
-RVHSK3LVWLOORXPGRVDJHQWHVPDLVSRGHURVRVGR)%,
3DUD WRUQDU WXGR DLQGD PDLV HVWUDQKR H SHUWXUEDGRU HOH SDVVD WDPEpP D VHU SHUVHJXLGR SRU XP
SVLFRSDWDLPSODFiYHOTXHUHVVXUJHHQLJPDWLFDPHQWHGRVHXSDVVDGR
(QTXDQWRSURFXUDFRPSUHHQGHUHVVHVDFRQWHFLPHQWRVFRPDDMXGDGHVHXDPLJR6TXDUHVXPLRJXH
H[SDUWLGiULRGRQD]LVPRHGH.DW\DLUPmPDLVQRYDGH-XOLH:LOOGHVFREUHTXHDYHUGDGHQHP
VHPSUHpRTXHSDUHFHVHU±HUDUDPHQWHpRTXHJRVWDUtDPRV
'HQVR DYDVVDODGRU H VXUSUHHQGHQWH HVVH WKULOOHU WUD] UHYHODo}HV H GHVFREHUWDV TXH VH VXFHGHP
QXPWXUELOKmRGHHPRo}HVHQmRFHVVDPDWpD~OWLPDSiJLQD
 &21+(d$26&/È66,&26'$(',725$$548(,52


4XHGDGHJLJDQWHVGH.HQ)ROOHWW
1mRFRQWHDQLQJXpP'HVDSDUHFLGRSDUDVHPSUH&RQILHHPPLPH&LODGDGH+DUODQ&REHQ
$FDEDQDGH:LOOLDP3<RXQJ
$IDUVD$YLQJDQoDH$WUDLomRGH&KULVWRSKHU5HLFK
ÈJXDSDUDHOHIDQWHVGH6DUD*UXHQ
2VtPERORSHUGLGR2&yGLJR'D9LQFL$QMRVHGHP{QLRV3RQWRGHLPSDFWR H)RUWDOH]DGLJLWDO
GH'DQ%URZQ
-XOLHWDGH$QQH)RUWLHU
2JXDUGLmRGHPHPyULDVGH.LP(GZDUGV
2JXLDGRPRFKLOHLURGDVJDOi[LDV2UHVWDXUDQWHQRILPGRXQLYHUVR$YLGDRXQLYHUVRHWXGR
PDLV$WpPDLVHREULJDGRSHORVSHL[HVH3UDWLFDPHQWHLQRIHQVLYDGH'RXJODV$GDPV
2QRPHGRYHQWRGH3DWULFN5RWKIXVV
$SDVVDJHPGH-XVWLQ&URQLQ
$UHYROWDGH$WODVGH$\Q5DQG
$FRQVSLUDomRIUDQFLVFDQDGH-RKQ6DFN
 ,1)250$d®(662%5(26
35Ï;,026/$1d$0(1726


3DUDVDEHUPDLVVREUHRVWtWXORVHDXWRUHV
GD(',725$$548(,52
YLVLWHRVLWHZZZHGLWRUDDUTXHLURFRPEU
RXVLJD#HGLWRUDDUTXHLURQR7ZLWWHU
$OpPGHLQIRUPDo}HVVREUHRVSUy[LPRVODQoDPHQWRV
YRFrWHUiDFHVVRDFRQWH~GRVH[FOXVLYRVHSRGHUiSDUWLFLSDUGH
SURPRo}HVHVRUWHLRV

6HTXLVHUUHFHEHULQIRUPDo}HVSRUHPDLO
EDVWDFDGDVWUDUVHGLUHWDPHQWHQRQRVVRVLWH

3DUDHQYLDUVHXVFRPHQWiULRVVREUHHVWHOLYUR
HVFUHYDSDUDDWHQGLPHQWR#HGLWRUDDUTXHLURFRPEU
RXPDQGHXPDPHQVDJHPSDUD#HGLWRUDDUTXHLURQR7ZLWWHU

(',725$$548(,52
5XD)XQFKDO±FRQMXQWRVH±9LOD2OtPSLD
±6mR3DXOR±63
7HO  ±)D[  
(PDLODWHQGLPHQWR#HGLWRUDDUTXHLURFRPEU