AQUISIES SIB 1 SEMESTRE 2012
Transcrição
AQUISIES SIB 1 SEMESTRE 2012
6,67(0$'( %,%/,27(&$6 9 16,% 0DWHULDLVLQFRUSRUDGRVDRDFHUYRQRSHUtRGRGH-DQMXQVHPHVWUH5HODFLRQDGRVSRUiUHDGR FRQKHFLPHQWR %LEOLRWHFD&HQWUR&DPSXV$MX&HQWUR /,9526 &ODVVH0(72'2/2*,$ %$5526$LGLO-HVXVGD6LOYHLUD/(+)(/'1HLGH $SDUHFLGDGH6RX]D)XQGDPHQWRVGHPHWRGRORJLD FLHQWtILFDHGUHLPSU6mR3DXOR3HDUVRQ 0DNURQ%RRNVS &ODVVH),/262),$ 1,(7=6&+()ULHGULFK:LOKHOP2DQWLFULVWR DQiWHPDVREUHRFULVWLDQLVPR3RUWXJDO(G S &ODVVH36,&2/2*,$ %$5',1/DXUHQFH$QiOLVHGHFRQWH~GR /DXUHQFH%DUGLQWUDGXomR>GH@/XtV$QWHUR5HWR $XJXVWR3LQKHLUR6mR3DXOR63(GLo}HV S %,$**,2ÆQJHOD0DULD%UDVLO3VLFRORJLDGR GHVHQYROYLPHQWR3HWUySROLV5-9R]HV S &ODVVH62&,2/2*,$ $5215D\PRQG$VHWDSDVGRSHQVDPHQWR VRFLROyJLFRHG6mR3DXOR/LYUDULD0DUWLQV )RQWHVS&ROHomR(QVLQR6XSHULRU WH[ WH[ WH[ WH[ WH[ %(5*(53HWHU/3HUVSHFWLYDVVRFLROyJLFDV XPDYLVmRKXPDQtVWLFD>HG@3HWUySROLV5- 9R]HV>@S WH[ '80217/RXLV+RPRKLHUDUFKLFXVRVLVWHPD GDVFDVWDVHVXDVLPSOLFDo}HVHG6mR3DXOR ('863S WH[ *,''(16$QWKRQ\$VFRQVHTXrQFLDVGD PRGHUQLGDGHS WH[ &ODVVH',5(,72 WH[ (3,3+$1,2(PLOLR%LFDOKR9,/(/$-RVp 5LFDUGRGH3DXOD;DYLHU&RRUG3HUtFLDVPpGLFDV WHRULDHSUiWLFD5LRGH-DQHLUR5-*XDQDEDUD .RRJDQFS 2/,9(,5$6HEDVWLmR*HUDOGRGH,QGHQL]Do}HVSRU WH[ DFLGHQWHGRWUDEDOKRRXGRHQoDRFXSDFLRQDO HGUHYDPSOHDWXDO6mR3DXOR/75S &ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/ WH[ /86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV FDPSRQHVDV0DFHLy$/8)$/S &ODVVH('8&$d2 %5=(=,16.,,ULD3HGDJRJLDSHGDJRJRVH IRUPDomRGHSURIHVVRUHVEXVFDHPRYLPHQWR HG6mR3DXOR3DSLUXVS WH[ &$/'(5Ï1$GROIR,JQDFLR3(66$1+$-RUJH $OH[DQGUH2QRGD62$5(69HUD/~FLD3HQD &DUQHLUR(GXFDomRVXSHULRUFRQVWUXLQGRD H[WHQVmRXQLYHUVLWiULDQDV,(6SDUWLFXODUHV6mR 3DXOR;DPmS WH[ &81+$0DULD,VDEHOGD2ERPSURIHVVRUHVXD SUiWLFDHG&DPSLQDV633DSLUXV S&ROHomR0DJLVWpULR WH[ )$=(1'$,YDQL&DWDULQD$UDQWHV2UJ'LGiWLFD HLQWHUGLVFLSOLQDULGDGHHG&DPSLQDV63 3DSLUXVS WH[ 0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$ HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD &DPSLQDV63$XWRUHV$VVRFLDGRVS &ROHomR0HPyULDGD(GXFDomR WH[ 12*8(,5$0DULDGDV'RUHV3LPHQWHO3ROtWLFDVGH WH[ H[WHQVmRXQLYHUVLWiULDEUDVLOHLUD%HOR +RUL]RQWH0*8)0*S 352-(72SROtWLFRSHGDJyJLFRGDHVFRODXPD FRQVWUXomRSRVVtYHOHG&DPSLQDV633DSLUXV S&ROHomR0DJLVWpULR)RUPDomRH 7UDEDOKR3HGDJyJLFR WH[ 5(,65RVH3pWDODVHHVSLQKRVDH[WHQVmR XQLYHUVLWiULDQR%UDVLO6mR3DXOR&,$GRV /,9526S WH[ 6$/9$'25&pVDU&ROOHWDO3VLFRORJLDGR HQVLQR3RUWR$OHJUH56$570(' S WH[ 6(0,1È5,2$('8&$d2'2&$03212 &+2'26(0,È5,'26(5*,3$12RXW D'HOPDU+RWHO$UDFDMX6(5,%(,525X\ 3DYDQ2UJHWDO6HPLQiULRDHGXFDomRGR FDPSRQRFKmRGRVHPLiULGR6HUJLSDQR HQFRQWURVHFDPLQKRVUHODWRVUHWUDWRVH FRPSURPLVVRV$UDFDMX6(81,&() S WH[ 628=$1HXVD0DULD0DUTXHVGHHWDO+LVWyULDGD WH[ HGXFDomRDQWLJXLGDGHLGDGHPpGLDLGDGH PRGHUQDFRQWHPSRUkQHD6mR3DXOR$YHUFDPS FS &ODVVH(1*(1+$5,$$0%,(17$/ %$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR $OHJUH56%RRNPDQ[[ &ODVVH0$7(0È7,&$ &267$1(723HGUR/XL]GH2OLYHLUD &<0%$/,67$0HOYLQ3UREDELOLGDGHVUHVXPRV WHyULFRVH[HUFtFLRVUHVROYLGRVH[HUFtFLRV SURSRVWRVHG6mR3DXOR(%OFKHU S WH[ WH[ 025(77,13HGUR$OEHUWR%866$%:LOWRQGH2 WH[ (VWDWtVWLFDEiVLFDHG6mR3DXOR/LYUDULD 6DUDLYDS &ODVVH)Ë6,&$ +$//,'$<'DYLG:$/.(5-HDUO5(61,&. 5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG 5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV FY WH[ 6(5:$<5D\PRQG$-(:(77-U-RKQ: 3ULQFtSLRVGHItVLFDYROPHFkQLFDFOiVVLFD 6mR3DXOR7+20621Y WH[ 75(),/-DPHV+$=(15REHUW0)tVLFDYLYD XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR /LYURV7pFQLFRVH&LHQWtILFRVFY WH[ WH[ <281*+XJK')5(('0$15RJHU$ 6($56)UDQFLV:HVWRQ=(0$16.<0DUN :DOGR6HDUVH=HPDQVN\ItVLFD,PHFkQLFD HGUHLPSU6mR3DXOR3HDUVRQ$GGLVRQ:HVOH\ Y &ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/ WH[ &$03%(//0DU\.)$55(//6KDZQ2 %LRTXtPLFDYROXPH%LRTXtPLFDEiVLFD6mR 3DXOR&HQJDJH/HDUQLQJY &ODVVH$175232/2*,$ 9(<1(3DXO2UJ+LVWyULDGDYLGDSULYDGD GRLPSpULRURPDQRDRDQRPLOHG6mR3DXOR &RPSDQKLDGDV/HWUDVY WH[ &ODVVH$1$720,$ WH[ 'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR $PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV HQHUYRVHG6mR3DXOR$WKHQHXS %LEOLRWHFD%LRPpGLFD &ODVVH&/Ë1,&$0e',&$3$72/2*,$ %25$.66LOYLR0HGLFLQDEXFDOWUDWDPHQWR FOtQLFRFLU~UJLFRGDVGRHQoDVEXFRPD[LORIDFLDLV 6mR3DXOR63$UWHV0pGLFDVS WH[ 5(*(=,-RVHSK$3DWRORJLDRUDOFRUUHODo}HV FOLQLFRSDWROyJLFDVHG5LRGH-DQHLUR5- (OVHYLHUFS WH[ 6&8//<&ULVSLDQ0HGLFLQDRUDOHPD[LORIDFLDO EDVHVGRGLDJQyVWLFRHWUDWDPHQWRHG5LRGH -DQHLUR5-(OVHYLHUS WH[ &ODVVH2'2172/2*,$ /,77/(-DPHV:HWDO0DQHMRRGRQWROyJLFRGR SDFLHQWHFOLQLFDPHQWHFRPSURPHWLGRHG5LR GH-DQHLUR5-(OVHYLHUFS WH[ 0$/$0('6WDQOH\)0DQXDOGHDQHVWHVLDORFDO WH[ HG5LRGH-DQHLUR(OVHYLHUS 0$7(5,$,6GHQWiULRV5LRGH-DQHLUR5- ,QWHUDPHULFDQD>@S WH[ 0,6&+&DUO(,PSODQWHVGHQWDLV FRQWHPSRUkQHRV5LRGH-DQHLUR5-(OVHYLHU S WH[ :257+,1*7213KLOLS/$1*%ULHQ5 58%(167(,1-HIIUH\(2VVHRLQWHJUDomRQD RQGRQWRORJLDXPDYLVmRJHUDOHG6mR3DXOR 634XLQWHVVHQFHS WH[ &ODVVH25*$1,=$d2($'0,1,675$d2'( (035(6$6,1'Ò675,$6(&20e5&,2 WH[ ),25(//,-RVp2VPLU0$/+$'$6-81,25 0DUFRV-XOLR2OLYp3VLFRORJLDQDVUHODo}HVGH WUDEDOKRXPDQRYDYLVmRSDUDDGYRJDGRVMXL]HV GRWUDEDOKRDGPLQLVWUDGRUHVHSVLFyORJRV6mR 3DXOR/7US &ODVVH/,7(5$785$ %(50$10DUVKDOO7XGRTXHpVyOLGRGHVPDQFKD WH[ QRDUDDYHQWXUDGDPRGHUQLGDGHUHLPSU6mR 3DXOR&RPSDQKLDGH%ROVRS )5(,5(5REHUWR$PHHGrYH[DPH5LRGH -DQHLUR*XDQDEDUDS WH[ /LPRQJL)UDQoD$QD&ULVWLQD4XDOLGDGHGHYLGDQR WH[ WUDEDOKR497FRQFHLWRVHSUiWLFDVQDVHPSUHVDV GDVRFLHGDGHSyVLQGXVWULDOHG6mR3DXOR $WODVS *8,0$5(6%HUQDUGR-RDTXLPGD6LOYD$ HVFUDYD,VDXUD3RUWR$OHJUH56/30 S&ROHomReVyR&RPHoR WH[ 5(*2-RVp/LQVGR3XUH]DHG5LRGH -DQHLUR5--RVp2O\PSLRS WH[ WH[ 52(6&+6\OYLD0DULD$]HYHGR3URMHWRVGH HVWiJLRHGHSHVTXLVDHPDGPLQLVWUDomRJXLDSDUD HVWiJLRVWUDEDOKRVGHFRQFOXVmRGLVVHUWDo}HVH HVWXGRVGHFDVRHGUHLPSU6mR3DXOR$WODV S 6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[ RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV ULVFRVDPELHQWDLVHG6mR3DXOR/75 S 9(5*$5$6\OYLD&RQVWDQW3URMHWRVHUHODWyULRV GHSHVTXLVDHPDGPLQLVWUDomRHG6mR3DXOR $WODVS WH[ =$1(//,-RVp&DUORV%25*(6$1'5$'( -D\UR(GXDUGR%$6726$QWRQLR9LUJtOLR %LWWHQFRXUW2UJ3VLFRORJLDRUJDQL]Do}HVH WUDEDOKRQR%UDVLOUHLPSU3RUWR$OHJUH 56$UWPHG[S%LEOLRWHFD$UWPHG 3VLFRORJLD2UJDQL]DFLRQDOH,QVWLWXFLRQDO WH[ &ODVVH/,1*hË67,&$ $5$*21e6/XLV3$/(1&,$5DPyQ *UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD (VSDQKD60S WH[ (0(',$72:DQGHU$IyUPXODGRWH[WR UHGDomRDUJXPHQWDomRHOHLWXUDHG6mR3DXOR *HUDomRS WH[ )$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\ SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ UHVSXHVWDVHG6mR3DXOR630RGHUQD S WH[ 0(/21((QULTXH0(1Ï1/RUHQD7LHPSR HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63 $WXDOS &ODVVH35e+,67Ï5,$5(6726$57()$726( 5(/Ë48,$635e+,67Ï5,&$6 WH[ )81$5,3HGUR3DXOR$EUHX12(//,)UDQFLVFR 6LOYD3UpKLVWyULDGR%UDVLO6mR3DXOR &RQWH[WRS5HSHQVDQGRD+LVWyULD &ODVVH+,67Ï5,$ $(6&5,7$GDKLVWyULDQRYDVSHUVSHFWLYDV UHLPSU6mR3DXOR81(63S %LEOLRWHFD%iVLFD WH[ $(6&5,7$GDKLVWyULDQRYDVSHUVSHFWLYDV UHLPSU6mR3DXOR81(63>@S %LEOLRWHFD%iVLFD WH[ $/%848(548(-5'XUYDO0XQL]GH+LVWyULD DDUWHGHLQYHQWDURSDVVDGRHQVDLRVGHWHRULDGD KLVWyULD%DXU~63('86&S WH[ %/2&+0DUF$SRORJLDGDKLVWyULDRXRRItFLRGH KLVWRULDGRU5LRGH-DQHLUR-=DKDUF S WH[ WH[ %8(12(GXDUGR$YLDJHPGRGHVFREULPHQWR XPRXWURROKDUVREUHDH[SHGLomRGH&DEUDO> HG@5LRGH-DQHLUR2EMHWLYDS&ROHomR 7HUUD%UDVLOLVY %85.(3HWHU&XOWXUDSRSXODUQDLGDGH PRGHUQD(XURSD6mR3DXOR63 &RPSDQKLDGH%ROVRS WH[ &(57($80LFKHOGH$FXOWXUDQRSOXUDO HG&DPSLQDV633DSLUXVS WH[ WH[ WH[ 48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD &UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS WH[ &267$6pJLR&RUUrDGD$VTXDWURFRURDVGH' 3HGUR,5LRGH-DQHLUR5-3D]H7HUUD S 48(6$'$6HEDVWLiQ,PiJHQHVGH(VSDxD PDWHUtDOGHSUiFWtFDV0DGULG(GHOVDS WH[ WH[ '$17$6,EDUr+LVWyULDGH6HUJLSHUHS~EOLFD 5LRGH-DQHLUR5-7HPSR%UDVLOHLUR S )5(,7$60DUFRV&HVDUGH+LVWyULDVRFLDOGD LQIkQFLDQR%UDVLOHG6mR3DXOR&RUWH] S WH[ *,25'$1,0iULR&XUWLV+LVWyULDGDÈIULFD DQWHULRUDRVGHVFREULPHQWRVLGDGHPRGHUQD, HG3HWUySROLV5-9R]HVS WH[ +2%6%$:0(ULF6REUHKLVWyULDHQVDLRV HGUHLPS6mR3DXOR&RPSDQKLDGDV/HWUDV S&ROHomR(QVDLRV WH[ /(*2))-DFTXHV+LVWyULDHPHPyULD UHLPSU/LVERD81,&$03S WH[ 52'5,*8(6-RVp+RQyULR+LVWRULDH KLVWRULRJUDILD5LRGH-DQHLUR5-9R]HVF S WH[ WH[ 6(9(5,12$QW{QLR-RDTXLP0HWRGRORJLDGR WUDEDOKRFLHQWtILFRHGUHYDWXDO6mR3DXOR &RUWH]S &ODVVH,1)250È7,&$6,67(0$6'( ,1)250$d2 WH[ $*8,$5)DELR&DOFLRODULGV0D[ PRGHODJHPUHQGHUHIHLWRVHDQLPDomR6mR3DXOR 63eULFDS $1,0$7,21QRZ+RQJ.RQJ7DVFKHQ WH[ S WH[ %$/'$05RTXHPDUGH/LPD$XWR&$' XWLOL]DQGRWRWDOPHQWH''HDYDQoDGRHG UHLPSU6mR3DXOR63eULFDS %($87,)8/DUFKLWHFWXUH(VWDGRV8QLGRV 2 5HLOO\FS WH[ &ODVVH /(*2))-DFTXHV2VLQWHOHFWXDLVQDLGDGHPpGLD WH[ HG5LRGH-DQHLUR5--RVp2O\PSLR S +25,(5LFDUGR0LQRUX$UWHILQDOL]DomR SUHSDUDomRHIHFKDPHQWRGHDUTXLYRV3')6mR 3DXOReULFDS WH[ WH[ 287526 0$1=$12-RVp$XJXVWR1*2/,9(,5$-D\U )LJXHLUHGRGH$OJRULWPRVOyJLFDSDUD GHVHQYROYLPHQWRGHSURJUDPDomRGHFRPSXWDGRUHV HGUHY 6mR3DXOReULFDS &ODVVH+,67Ï5,$ $558'$-RVp-REVRQGH$$WODVKLVWyULFR EiVLFRHGUHLPSU6mR3DXORÈWLFD S WH[ %LEOLRWHFD&HQWUDO-DFLQWR8FKRD& /,9526 &ODVVH0(72'2/2*,$ $1'5$'(0DULD0DUJDULGDGH,QWURGXomRj PHWRGRORJLDGRWUDEDOKRFLHQWtILFRHODERUDomRGH WUDEDOKRVQDJUDGXDomRHG6mR3DXOR$WODV S WH[ &(592$PDGR/XL]%(59,$13HGUR$OFLQR 6,/9$5REHUWRGD0HWRGRORJLDFLHQWtILFD HGUHLPSU6mR3DXOR3UHQWLFH+DOOS WH[ *,/$QWRQLR&DUORV&RPRHODERUDUSURMHWRVGH SHVTXLVDHG6mR3DXOR$WODVS WH[ /$.$726(YD0DULD0$5&21,0DULQDGH $QGUDGH0HWRGRORJLDFLHQWtILFDFLrQFLDH FRQKHFLPHQWRFLHQWtILFRPpWRGRVFLHQWtILFRV HG6mR3DXOR$WODVS WH[ WH[ 0$1=$12-RVp$XJXVWR1*2/,9(,5$-D\U )LJXHLUHGRGH(VWXGRGLULJLGRGHDOJRULWPRV HG6mR3DXOReULFDS 0(1(*2772-RVp/XLV$5$8-27HUH]D &ULVWLQD0DOYHLUDGH2GHVHQKRGLJLWDOWpFQLFD DUWH5LRGH-DQHLUR,QWHUFLrQFLDS WH[ 0,*8(/5RGULJRGUDZ$QLPDomR'+4H JDPHV>FRQH[}HVHPHUFDGR@7HUHVySROLV5- $%S WH[ 2/,9(,5$$GULDQR(VWXGRGLULJLGRGHGV0D[ 6mR3DXOReULFDS&ROHomR3' WH[ 3$77(5621'DYLG$+(1166<-RKQ/ 2UJDQL]DomRHSURMHWRGHFRPSXWDGRUHV WLUDJHP5LRGH-DQHLUR(OVHYLHUS WH[ &ODVVH7(25,$'$&2081,&$d2('2 &21752/((0*(5$/&,%(51e7,&$ 3$5(17($QGUp2UJDQL]DGRU7UDPDVGDUHGH WH[ QRYDVGRPHQV}HVILORVyILFDVHVWpWLFDVHSROtWLFDVGD FRPXQLFDomR3RUWR$OHJUH566XOLQD S 6$17$(//$/~FLD$HFRORJLDSOXUDOLVWDGD FRPXQLFDomRFRQHFWLYLGDGHPRELOLGDGH XELTXLGDGH6mR3DXOR633DXOXVS &ROHomR&RPXQLFDomR WH[ 0$7(6&29LUHQH5R[R6&+(1,1,3DXOR +HQULTXH(FRQRPLDSDUDQmRHFRQRPLVWDV SULQFtSLRVEiVLFRVGHHFRQRPLDSDUDSURILVVLRQDLVHP PHUFDGRVFRPSHWLWLYRVHG5LRGH-DQHLUR5- 6HQDF5LRS WH[ &ODVVH-251$/,602-251$,6,035(16$ WH[ '$9,')HUQDQGR/RSHV&ULPHVGHLPSUHQVD OHJLVODomRHMXULVSUXGrQFLD6mR3DXOR,JOX S 2 68//,9$1$UWKXU6+())5,16WHYHQ0 1,6+,-,0$0DULVOHL,QWURGXomRjHFRQRPLD SULQFtSLRVHIHUUDPHQWDV6mR3DXOR3HDUVRQ 3UHQWLFH+DOOS WH[ &ODVVH),/262),$ 025,1(GJDU2PpWRGRpWLFD3RUWR$OHJUH 566XOLQDS 3$5.,10LFKDHO(FRQRPLDHG6mR3DXOR 633HDUVRQ3UHQWLFH+DOOFS WH[ WH[ 528$1(76HUJLR3DXOR$VUD]}HVGR LOXPLQLVPR6mR3DXOR&RPSDQKLDGDV/HWUDV S WH[ =,1*$120DUFR(VWXGRVGHpWLFDDQWLJD HG6mR3DXOR63'LVFXUVRHGLWRULDO3DXOXV S&ROHomR3KLORVRSKLD WH[ &ODVVH36,&2/2*,$ WH[ %2&.$QD0HUFrV%DKLD)857$'22GDLU 7(,;(,5$0DULDGH/RXUGHV7UDVVL3VLFRORJLDV XPDLQWURGXomRDRHVWXGRGHSVLFRORJLDHG6mR 3DXOR6DUDLYD6LFLOLDQR6$S &ODVVH62&,2/2*,$ $5215D\PRQG$VHWDSDVGRSHQVDPHQWR VRFLROyJLFRHG6mR3DXOR/LYUDULD0DUWLQV )RQWHVS&ROHomR(QVLQR6XSHULRU WH[ 0,1,&8&&,$JRVWLQKR'LQkPLFDGHJUXSR WHRULDVHVLVWHPDVHG6mR3DXOR$WODV S WH[ &85<9DQLD0DULD+LVWyULDGDLQGXVWULDOL]DomR QRVpFXOR;,;5LRGH-DQHLUR5-8)5- S6pULH'LGiWLFRV WH[ *,$&2021,-DPHV2UoDPHQWRS~EOLFR HGDPSOUHYHDWXDO6mR3DXOR$WODVS WH[ .58*0$13DXO5:(//65RELQ,QWURGXomRj WH[ HFRQRPLD5LRGH-DQHLUR5-(OVHYLHU S 0$1.,:1*UHJRU\,QWURGXomRjHFRQRPLD 6mR3DXOR&HQJDJH/HDUQLQJFS 628=$1LOVRQ$UD~MRGH(FRQRPLDLQWHUQDFLRQDO WH[ FRQWHPSRUkQHDGDGHSUHVVmRGHDRFRODSVR ILQDQFHLURGH6mR3DXOR63$WODV S WH[ 7+20$6-DQHW0(FRQRPLDDPELHQWDO IXQGDPHQWRVSROtWLFDVHDSOLFDo}HV6mR3DXOR63 &HQJDJH/HDUQLQJS WH[ &267$&ULVWLQD6RFLRORJLDLQWURGXomRjFLrQFLD WH[ GDVRFLHGDGHHG6mR3DXOR0RGHUQD S &ODVVH(&2120,$ $/e0$QD&OiXGLD0DFURHFRQRPLDWHRULDH SUiWLFDQR%UDVLO6mR3DXOR63(OVHYLHU S WH[ 6$$'),/+2$OIUHGR2YDORUGH0DU[ HFRQRPLDSROtWLFDSDUDRFDSLWDOLVPRFRQWHPSRUkQHR &DPSLQDV6381,&$03FS&ROHomR 0DU[ WH[ &ODVVH',5(,72 $&&,2/<+LOGHEUDQGR6,/9$*(GR 1DVFLPHQWRH&$6(//$3DXOR%RUED0DQXDOGH GLUHLWRLQWHUQDFLRQDOS~EOLFRHG6mR3DXOR /LYUDULD6DUDLYDS WH[ WH[ $'(2'$72-RmR0DXUtFLR/HLWmR)LORVRILDGR GLUHLWRXPDFUtWLFDjYHUGDGHQDpWLFDHQDFLrQFLD HPFRQWUDSRVLomRjRQWRORJLDGH1LFRODX+DUWPDQQ HG6mR3DXOR/LYUDULD6DUDLYDS $/(*5(&DUORV5HJLPHMXUtGLFRGRVDFLGHQWHV GHWUDEDOKRHGDVGRHQoDVSURILVVLRQDLVHG UHLPSU&RLPEUD$OPHGLQDS WH[ $/(0)iELR3HGUR$UELWUDJHP6mR3DXOR 63/LYUDULD6DUDLYDS&ROHomR3UiWLFD GR'LUHLWR WH[ WH[ $/(;$1'5,120DUFHOR3$8/29LFHQWH 0DQXDOGHGLUHLWRWULEXWiULRHGUHYHDWXDO 6mR3DXOR0pWRGRS $/(;$1'5,120DUFHOR3$8/29LFHQWH 0DQXDOGHGLUHLWRWULEXWiULRFDGHUQRGH TXHVW}HVHGUHYHDWXDO6mR3DXOR0pWRGR S $/0(,'$$PDGRU3DHVGH&XUVRGHIDOrQFLDH UHFXSHUDomRGHHPSUHVDHG6mR3DXOR /LYUDULD6DUDLYDS WH[ WH[ WH[ $/0(,'$*XLOKHUPH$VVLVGH&+5,670$11 0DUWKD2FKVHQKRIHUeWLFDHGLUHLWRXPD SHUVSHFWLYDLQWHJUDGDHG6mR3DXOR$WODV S %$5526:HOOLQJWRQ3DFKHFR&XUVRGHGLUHLWR DJUiULRYROXPHGRXWULQDMXULVSUXGrQFLD H[HUFtFLRVHGUHYHDWXDO3RUWR$OHJUH56 Y WH[ $/0(,'$*XLOKHUPH$VVLVGH 3(5521(02,6e6&OiXGLD&RRUGHQDGRU 'LUHLWRLQWHUQDFLRQDOGRVGLUHLWRVKXPDQRV LQVWUXPHQWRVEiVLFRVHG6mR3DXOR63$WODV S WH[ %$5526:HOOLQJWRQ3DFKHFR&XUVRGHGLUHLWR DJUiULROHJLVODomRHGUHYHDPSO3RUWR $OHJUH56GR$GYRJDGRY WH[ WH[ $/0(,'$-RmR%DWLVWDGH0DQXDOGHGLUHLWRGR FRQVXPLGRUHGUHYWLUDJHP6mR3DXOR /LYUDULD6DUDLYDS WH[ %$55262/XFDV$EUHX2UJDQL]DomR2GLUHLWR DJUiULRQDFRQVWLWXLomR5LRGH-DQHLUR5- )RUHQVHS WH[ $/2&+,2/XL]+HQULTXH$QWXQHV3ODQRGLUHWRU XUEDQRHHVWDWXWRGDFLGDGHPHGLGDVFDXWHODUHVH PRUDWyULDVXUEDQtVWLFDV%HOR+RUL]RQWH0* )RUXPS WH[ %$55262/XtV5REHUWR2FRQWUROHGH FRQVWLWXFLRQDOLGDGHQRGLUHLWREUDVLOHLUR H[SRVLomRVLVWHPiWLFDGDGRXWULQDHDQiOLVHFUtWLFDGD MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD S $/9$5(=$QVHOPR3ULHWUR6,/9$1HOVRQ3HUHV GD0DQXDOGHSURFHVVRFLYLOHSUiWLFDIRUHQVHY WHRULDJHUDOSURFHVVRGHFRQKHFLPHQWRHUHFXUVRV HGDWXDO 5LRGH-DQHLUR5-&DPSXV S %(1-$0,1$QWRQLR+HUPDQ90$548(6 &OiXGLD/LPD%(66$/HRQDUGR5RVFRH0DQXDO GHGLUHLWRGRFRQVXPLGRUHGUHYDWXDOH DPSO6mR3DXOR5HYLVWDGRV7ULEXQDLVS WH[ WH[ $0$5$/5REHUWR&81+$6pUJLR6pUYXORGD 0DQXDOGDVHOHLo}HVHGUHYDWXDO6mR 3DXOR63/LYUDULD6DUDLYDS &'520 %(572/',0iUFLD5RGULJXHV6326$72.DU\QD %DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH 0*)RUXPS WH[ WH[ $0$52/XFLDQR'LUHLWRWULEXWiULREUDVLOHLUR HG6mR3DXOR/LYUDULD6DUDLYDS WH[ $1'5(8&&,5LFDUGR$QWRQLR([HFXomRSHQDO WH[ 6mR3DXOR63(GLWRUD6DUDLYDS 3RFNHWVMXUtGLFRVY $5$Ò-2*LRYDQQL0RUDHVGH1RUPDV UHJXODPHQWDGRUDVFRPHQWDGDVOHJLVODomRGH VHJXUDQoDHVD~GHQRWUDEDOKRHG5LRGH -DQHLUR5-*9&S WH[ $5$8-2-Ò1,25*HGLHO&ODXGLQRGH3UiWLFDQR WH[ SURFHVVRFLYLOFDELPHQWRDo}HVGLYHUVDV FRPSHWrQFLDSURFHGLPHQWRVSHWLo}HVPRGHORV HG6mR3DXOR$WODVS $5$8-21DGLD'H'LUHLWRLQWHUQDFLRQDO SULYDGRWHRULDHSUiWLFDEUDVLOHLUDHGDWXDOH DPS5LRGH-DQHLUR5-5HQRYDU WH[ WH[ %$5$77$$OHVVDQGUR&ULPLQRORJLDFUtWLFDH FUtWLFDGRGLUHLWRSHQDOLQWURGXomRDVRFLRORJLDGR GLUHLWRSHQDOHG5LRGH-DQHLUR5HYDQ>@ S&ROHomR3HQVDPHQWR&ULPLQROyJLFRY %$55(772/DXUR,QYHVWLJDomRMXGLFLDOHOHLWRUDO HDomRGHLPSXJQDomRGHPDQGDWRHOHWLYR HGUHYHDPSOS WH[ WH[ %(572/2-RVp*LOPDU3HWLo}HVIRUHQVH DQRWDGDVHG/HPH630L]XQRS %(572/2-RVp*LOPDU3UiWLFDSURFHVVXDOFLYLO DQRWDGDHGUHYHDWXDO6mR3DXOR63 0L]XQRS %,7(1&2857&H]DU5REHUWR&yGLJRSHQDO FRPHQWDGRHGDWXDO6mR3DXOR/LYUDULD 6DUDLYDS WH[ WH[ %,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR SHQDOSDUWHHVSHFLDOGRVFULPHVFRQWUDD DGPLQLVWUDomRS~EOLFDGRVFULPHVSUDWLFDGRVSRU SUHIHLWRVHGUHYDWXDOHDPSO6mR3DXOR /LYUDULD6DUDLYDY WH[ %,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR SHQDOSDUWHHVSHFLDOGRVFULPHVFRQWUDDSHVVRD HG6mR3DXOR/LYUDULD6DUDLYDY WH[ %,7(1&2857&H]DU5REHUWR7UDWDGRGHGLUHLWR WH[ SHQDOSDUWHJHUDOHGUHYDPSOHDWXDO6mR 3DXOR/LYUDULD6DUDLYDY WH[ %,77$5(GXDUGR&%$/0(,'$*XLOKHUPH $VVLVGH&XUVRGHILORVRILDGRGLUHLWRHG6mR 3DXOR$WODVS %,77$5(GXDUGR&%&XUVRGHpWLFDMXUtGLFD pWLFDJHUDOHSURILVVLRQDOHG6mR3DXOR6DUDLYD 6LFLOLDQR6$S WH[ &Æ0$5$$OH[DQGUH)UHLWDV/Lo}HVGHGLUHLWR SURFHVVXDOFLYLOYROXPH,HG5LRGH-DQHLUR /XPHQ-XULVY %2%%,21RUEHUWR$HUDGRVGLUHLWRV WLUDJHP5LRGH-DQHLUR&DPSXV(OVHYLHUF S WH[ &Æ0$5$$OH[DQGUH)UHLWDV/Lo}HVGHGLUHLWR SURFHVVXDOFLYLOYROXPH,,HG5LRGH -DQHLUR/XPHQ-XULVY %21$9,'(63DXOR&XUVRGHGLUHLWR FRQVWLWXFLRQDOHGDWXDOHDPSO6mR3DXOR 0DOKHLURVS WH[ &$032,9DOGLU0DQXDOGHSUiWLFDIRUHQVHFLYLO WH[ )UDQFD63/HPRV&UX]>@S WH[ &$0326),/+20RDF\U/REDWRGH)DOrQFLDH UHFXSHUDomR%HOR+RUL]RQWH0*'HO5H\ S WH[ %21),0(GLOVRQ0RXJHQRW&XUVRGHSURFHVVR SHQDOHG6mR3DXOR/LYUDULD6DUDLYD S WH[ &$3(=)HUQDQGR&XUVRGHGLUHLWRSHQDO OHJLVODomRSHQDOHVSHFLDOHG6mR3DXOR/LYUDULD 6DUDLYDY WH[ %25*(6$QWRQLR0RXUD&XUVRFRPSOHWRGH GLUHLWRDJUiULR&DPSR*UDQGH06 &RQWHPSODU>@ WH[ %5$*$5RGULJR%HUQDUGHV7HRULDHSUiWLFDGD DUELWUDJHP%HOR+RUL]RQWH0*'HO5H\ S %5$6,/&yGLJRGHGHIHVDGRFRQVXPLGRU &yGLJRGHGHIHVDGRFRQVXPLGRU6mR3DXOR 5,'((/S&ROHomRGH/HLV5LGHHO WH[ WH[ %5$6,//HLVHOHJLVODomR6HJXUDQoDHPHGLFLQD GRWUDEDOKR15D&/7DUWVDOHL QGHSRUWDULDQGH HG6mR3DXOR$WODV[LS &ROHomR0DQXDLVGH/HJLVODomR$WODV &$3(=)HUQDQGR&XUVRGHGLUHLWRSHQDOSDUWH JHUDODUWVDHG6mR3DXOR/LYUDULD 6DUDLYDY WH[ WH[ WH[ &$3(=)HUQDQGR&XUVRGHSURFHVVRSHQDO WH[ HG6mR3DXOR/LYUDULD6DUDLYDS &$33(//(77,0DXUR*$57+%U\DQW$FHVVRj MXVWLoDUHLPSU3RUWR$OHJUH6$)DEULV S WH[ &$5'(//$+DUROGR3DUDQKRVeWLFDSURILVVLRQDO GDDGYRFDFLDHVWDWXWRGDDGYRFDFLDHFyGLJRGH pWLFDHGLVFLSOLQD6mR3DXOR63/LYUDULD6DUDLYD S WH[ %5,72$OH[LV$XJXVWR&RXWRGH([HFXomRSHQDO 6mR3DXOR4XDUWLHU/DWLQGR%UDVLOS WH[ %8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR GHGLUHLWRSURFHVVXDOFLYLOSURFHGLPHQWRVFRPXP RUGLQiULRHVXPiULRHGUHYDWXDOHDPSO6mR 3DXOR/LYUDULD6DUDLYDYW WH[ &$5/,9LOPD0DULD,QRFrQFLR0DQXDOGHSUiWLFD WH[ IRUHQVH&DPSLQDV636HUYDQGDS &'520 WH[ %8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR GHGLUHLWRSURFHVVXDOFLYLOUHFXUVRVSURFHVVRVH LQFLGHQWHVQRVWULEXQDLVVXFHGkQHRVUHFXUVDLV WpFQLFDVGHFRQWUROHGDVGHFLV}HVMXULVGLFLRQDLV HGUHYDWXDOHDPSO6mR3DXOR/LYUDULD6DUDLYD Y WH[ &$55,219DOHQWLQ&RPHQWiULRVjFRQVROLGDomR GDVOHLVGRWUDEDOKROHJLVODomRFRPSOHPHQWDU MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD S &$55,219DOHQWLQ&RPHQWiULRVjFRQVROLGDomR GDVOHLVGRWUDEDOKROHJLVODomRFRPSOHPHQWDU MXULVSUXGrQFLDHG6mR3DXOR/LYUDULD6DUDLYD S WH[ &$59$/+2),/+2-RVpGRV6DQWRV0DQXDOGH GLUHLWRDGPLQLVWUDWLYRHG5LRGH-DQHLUR /XPHQ-XULVS WH[ &$59$/+23DXORGH%DUURV&XUVRGHGLUHLWR WULEXWiULRHG6mR3DXOR/LYUDULD6DUDLYD S WH[ &$6(//(-RVp(UDVPR0DQXDOGHSUiWLFD IRUHQVHSURFHVVRFLYLOHGUHY6mR3DXOR 6DUDLYD6LFLOLDQR6$S WH[ WH[ %8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR GHGLUHLWRSURFHVVXDOFLYLOWHRULDJHUDOGR SURFHVVXDOFLYLO6mR3DXOR/LYUDULD6DUDLYD S %8(12&DVVLR6FDUSLQHOOD&XUVRVLVWHPDWL]DGR WH[ GHGLUHLWRSURFHVVXDOFLYLOWXWHODDQWHFLSDGD WXWHODFDXWHODUSURFHGLPHQWRVFDXWHODUHVHVSDFtILFRV HGUHYDWXDOHDPSO 6mR3DXOR/LYUDULD6DUDLYD Y &$6752&DUORV$OEHUWR3HUHLUDGH/$==$5, -RmR%DWLVWD&XUVRHOHPHQWDUGHGLUHLWR SUHYLGHQFLiULRFRQIRUPHD/HJLVODomRHPYLJRU DWpDEULOGH6mR3DXOR/7US WH[ &$67527KDOHV&RQVHOKRGHVHJXUDQoDGD 218XQLSRODULGDGHFRQVHQVRVHWHQGrQFLDV UHLPSU&XULWLED35-XUXiS &,&&2&OiXGLRGH+LVWyULDGRSHQVDPHQWR MXUtGLFRHGDILORVRILDGRGLUHLWRHG6mR 3DXOR63/LYUDULD6DUDLYDS &,175$$QW{QLR&DUORVGH$UD~MR*5,129(5 $GD3HOOHJULQL',1$0$5&2&kQGLGR5DQJHO 7HRULDJHUDOGRSURFHVVRHG6mR3DXOR 0DOKHLURVS '(/*$'20DXULFLR*RGLQKR&XUVRGHGLUHLWRGR WH[ WUDEDOKRHG6mR3DXOR/75S WH[ WH[ '(/ 2/02)ORULVEDOGH6RX]D&XUVRGHGLUHLWR LQWHUQDFLRQDOS~EOLFR5LRGH-DQHLUR)RUHQVH S WH[ WH[ ',3,(7520DULD6\OYLD=DQHOOD'LUHLWR DGPLQLVWUDWLYRHG6mR3DXOR$WODV S WH[ WH[ ',',(5-81,25)UHGLH&XUVRGHGLUHLWR SURFHVVXDOFLYLOLQWURGXomRDRGLUHLWRSURFHVVXDO FLYLOHSURFHVVRGRFRQKHFLPHQWRHG6DOYDGRU %$32',90Y WH[ &2(/+2)iELR8OKRD&XUVRGHGLUHLWR FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR /LYUDULD6DUDLYDY WH[ ',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO EUDVLOHLURGLUHLWRGDVFRLVDVHG6mR3DXOR /LYUDULD6DUDLYDY WH[ &2(/+2)iELR8OKRD&XUVRGHGLUHLWR FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR /LYUDULD6DUDLYDY WH[ ',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO EUDVLOHLURGLUHLWRGDVVXFHVV}HVHG6mR 3DXOR/LYUDULD6DUDLYDY WH[ &2(/+2)iELR8OKRD&XUVRGHGLUHLWR FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR /LYUDULD6DUDLYDY WH[ ',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO EUDVLOHLURUHVSRQVDELOLGDGHFLYLOHG6mR 3DXOR/LYUDULD6DUDLYDY WH[ &2(/+2)iELR8OKRD0DQXDOGHGLUHLWR FRPHUFLDOGLUHLWRGHHPSUHVDHG6mR3DXOR /LYUDULD6DUDLYDS WH[ ',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO EUDVLOHLURWHRULDGDVREULJDo}HVFRQWUDWXDLVH H[WUDFRQWUDWXDLVHG6mR3DXOR/LYUDULD 6DUDLYDY &2Ç/+26DFKD&DOPRQ1DYDUUR&XUVRGH GLUHLWRWULEXWiULREUDVLOHLURHGUHYHDWXDO 5LRGH-DQHLUR)RUHQVHS WH[ &203$5$72)iELR.RQGHU$DILUPDomR KLVWyULFDGRVGLUHLWRVKXPDQRVHGUHYH DWXDOWLUDJHP6mR3DXOR/LYUDULD6DUDLYD S WH[ &21(*/,$12OLYDU3URSDJDQGDHOHLWRUDOGH DFRUGRFRPR&yGLJR(OHLWRUDOHFRPD/HL PRGLILFDGDSHODV/HLV HH/HL FRPSO/HLGDILFKDOLPSDHGUHY DWXDO&XULWLED35-XUXiS WH[ &255(,$0DUFXV2ULRQH*RQoDOYHV7HRULDJHUDO GRSURFHVVRHGWLUDJHP6mR3DXOR /LYUDULD6DUDLYDS WH[ &81+$-Ò1,25'LUOH\GD&RQWUROHGH FRQVWLWXFLRQDOLGDGHWHRULDHSUiWLFDHGUHY DPSOHDWXDO6DOYDGRU%$-XV3RGLYP S WH[ &81+$-Ò1,25'LUOH\GD&XUVRGHGLUHLWR FRQVWLWXFLRQDOHGUHYDPSOHDWXDO 6DOYDGRU%$-XV3RGLYPS WH[ WH[ ',1,=0DULD+HOHQD&XUVRGHGLUHLWRFLYLO EUDVLOHLURWHRULDJHUDOGRGLUHLWRFLYLOHG6mR 3DXOR/LYUDULD6DUDLYDY '21,=(77,(OStGLR&XUVRGLGiWLFRGHGLUHLWR SURFHVVXDOFLYLOHG6mR3DXOR63/XPHQ -XULVS WH[ (/,$65REHUWR-RmR'LUHLWRIXQGDPHQWDLVGD FULDQoDHGRDGROHVFHQWH6mR3DXOR/LYUDULD 6DUDLYDS WH[ )$5,$(GLPXU)HUUHLUDGH&XUVRGHGLUHLWR DGPLQLVWUDWLYRSRVLWLYRHGUHYHDPSO%HOR +RUL]RQWH0*'HO5H\S WH[ WH[ )$5,$6&ULVWLDQR&KDYHVGH526(19$/' 1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRGDVIDPtOLDV HGUHYDPSOHDWXDO 6DOYDGRU%$-XV3RGLYP S WH[ )$5,$6&ULVWLDQR&KDYHVGH526(19$/' 1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRGDV REULJDo}HVHG6DOYDGRU%$-XV3RGLYP S )$5,$6&ULVWLDQR&KDYHVGH526(19$/' 1HOVRQ&XUVRGHGLUHLWRFLYLOGLUHLWRUHDLV HGUHYDPSOHDWXDO6DOYDGRU%$-XV3RGLYP Y WH[ )$5,$6&ULVWLDQR&KDYHVGH526(19$/' 1HOVRQ'LUHLWRFLYLOWHRULDJHUDOHG5LRGH -DQHLUR5-/XPHQ-XULVS WH[ WH[ )$==,2-Ò1,25:DOGR/HLGHIDOrQFLDH UHFXSHUDomRGHHPSUHVDVHGUHYHDPSO6mR 3DXOR63$WODVS *21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO EUDVLOHLURFRQWUDWRVHDWRVXQLODWHUDLVHG6mR 3DXOR/LYUDULD6DUDLYDY WH[ *21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO EUDVLOHLURGLUHLWRGDVFRLVDVHGUHY6mR 3DXOR/LYUDULD6DUDLYDY WH[ *21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO EUDVLOHLURGLUHLWRGDVVXFHVV}HVHGUHY6mR 3DXOR/LYUDULD6DUDLYDY WH[ WH[ )(55$=-Ò1,257HUFLR6DPSDLR,QWURGXomRDR HVWXGRGRGLUHLWRWpFQLFDGHFLVmRGRPLQDomR HGUHYHDPSO6mR3DXOR$WODVS WH[ *21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO EUDVLOHLURGLUHLWRGHIDPtOLDHG6mR3DXOR /LYUDULD6DUDLYDY )(55(,5$),/+20DQRHO*RQoDOYHV'LUHLWRV KXPDQRVIXQGDPHQWDLVHG6mR3DXOR /LYUDULD6DUDLYD WH[ WH[ *21d$/9(6&DUORV5REHUWR'LUHLWRFLYLO EUDVLOHLURSDUWHJHUDOHG6mR3DXOR/LYUDULD 6DUDLYDY ),*8(,5('2/~FLD9DOOH&XUVRGHGLUHLWR DGPLQLVWUDWLYRHGUHYDPSHDWXDO6mR 3DXOR0DOKHLURVS WH[ WH[ *21d$/9(6+HEH6LJQRULQL%5$1'2 (GXDUGR3RQWH2UJ3VLFRORJLDMXUtGLFDQR%UDVLO HG5LRGH-DQHLUR5-1$8S WH[ ),/20(12-RVp*HUDOGR%ULWR0DQXDOGH GLUHLWRVGRFRQVXPLGRUHG6mR3DXOR$WODV S *$*/,$123DEOR6WRO]H3$03/21$),/+2 5RGROIR1RYRFXUVRGHGLUHLWRFLYLOFRQWUDWRV FRQWUDWRVWHRULDJHUDOHG6mR3DXOR/LYUDULD 6DUDLYDYW WH[ *$*/,$123DEOR6WRO]H3$03/21$),/+2 5RGROIR1RYRFXUVRGHGLUHLWRFLYLOREULJDo}HV HG6mR3DXOR/LYUDULD6DUDLYDY WH[ *$*/,$123DEOR6WRO]H3$03/21$),/+2 5RGROIR1RYRFXUVRGHGLUHLWRFLYLOSDUWHJHUDO HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD Y WH[ WH[ *$*/,$123DEOR6WRO]H3$03/21$),/+2 5RGROIR1RYRFXUVRGHGLUHLWRFLYLO UHVSRQVDELOLGDGHFLYLOHGUHYDWXDOHDPSO 6mR3DXOR/LYUDULD6DUDLYDY *$63$5,1,'LRJHQHV'LUHLWRDGPLQLVWUDWLYR HG6mR3DXOR63/LYUDULD6DUDLYD S WH[ *2(6+XJR0DQXDOGHGLUHLWRSUHYLGHQFLiULR WH[ HG 5LRGH-DQHLUR5-)HUUHLUDS 6pULH&RQFXUVRV *20(6-RVp-DLUR'LUHLWRHOHLWRUDOHG6mR 3DXOR63$WODVS WH[ *20(62UODQGR&XUVRGHGLUHLWRGRWUDEDOKR WH[ HG 5LRGH-DQHLUR)RUHQVHS *21d$/9(60DUFXV9LQtFLXV5LRV1RYRFXUVR GHGLUHLWRSURFHVVXDOFLYLOH[HFXomRHSURFHVVR FDXWHODUHG6mR3DXOR/LYUDULD6DUDLYDY WH[ *2<$5')$%5(6LPRQH)LORVRILDFUtWLFDH UD]mRMXULGLFD6mR3DXOR0DUWLQV)RQWHV S WH[ *5(&2),/+29LFHQWH'LUHLWRSURFHVVXDOFLYLO EUDVLOHLURWHRULDJHUDOGRSURFHVVRDDX[LOLDUHVGD MXVWLoDHG6mR3DXOR6DUDLYD6LFLOLDQR6$ Y WH[ *5(&2),/+29LFHQWH0DQXDOGHSURFHVVR SHQDOHGUHYDWXDO6mR3DXOR/LYUDULD 6DUDLYDS WH[ *5(&25RJpULR&XUVRGHGLUHLWRSHQDOSDUWH HVSHFLDODUWVDGR&3HG1LWHUyL5- ,PSHWXVY WH[ *5(&25RJpULR&XUVRGHGLUHLWRSHQDOSDUWH JHUDODUWVDGR&3HG1LWHUyL5- ,PSHWXVY WH[ +$5$'$.L\RVKL'LUHLWRILQDQFHLURHWULEXWiULR WH[ HG6mR3DXOR$WODVS ,%5$+,0)iELR=DPELWWH&XUVRGHGLUHLWR SUHYLGHQFLiULRHGUHYHDWXDO1LWHUyL5- ,PSHWXVS WH[ ,6+,'$9iOWHU.HQML(VWDWXWRGDFULDQoDHGR DGROHVFHQWHGRXWULQDHMXULVSUXGrQFLDHG 6mR3DXOR$WODVS WH[ WH[ -$5',0(GXDUGR0DUFLDO)HUUHLUD0DQXDOGH GLUHLWRILQDQFHLURHWULEXWiULRHG6mR3DXOR /LYUDULD6DUDLYDS -(686'DPiVLR(GH&yGLJRSHQDODQRWDGR HG6mR3DXOR/LYUDULD6DUDLYDS WH[ WH[ -(686'DPiVLR(GH'LUHLWRSHQDOSDUWH HVSHFLDOFULPHVFRQWUDDIpS~EOLFDDFULPHVFRQWUDD DGPLQLVWUDomRS~EOLFDHG6mR3DXOR/LYUDULD 6DUDLYDY -(686'DPiVLR(GH'LUHLWRSHQDOSDUWH HVSHFLDO&ULPHVFRQWUDDSHVVRDDFULPHVFRQWUDR SDWULP{QLRHG6mR3DXOR63/LYUDULD6DUDLYD Y WH[ -(686'DPiVLR(GH'LUHLWRSHQDOSDUWH HVSHFLDOGRVFULPHVFRQWUDDSURSULHGDGHLPDWHULDOD GRVFULPHVFRQWUDDSD]S~EOLFDHGWLUDJHP 6mR3DXOR/LYUDULD6DUDLYDY WH[ -(686'DPiVLR(GH'LUHLWRSHQDOSDUWHJHUDO WH[ HG 6mR3DXOR/LYUDULD6DUDLYDY 0$&+$'2&DUORV$XJXVWR$OFkQWDUD0DQGDGR GHLQMXQomRXPLQWUXPHQWRGHHIHWLYLGDGHGD FRQVWLWXLomRHG6mR3DXOR$WODVS WH[ 0$&+$'2+XJRGH%ULWR&XUVRGHGLUHLWR WULEXWiULRHGUHYDWXDOHDPSO6mR3DXOR 0DOKHLURVS WH[ 0$&+$'2+XJRGH%ULWR,QWURGXomRDRHVWXGR GRGLUHLWRHG6mR3DXOR$WODVS WH[ 0$Ë//2$IRQVR6HUUDQR,QWURGXomRj FULPLQRORJLD6mR3DXOR5HYLVWDGRV7ULEXQDLV >@S WH[ 0$/+(,52(PHUVRQ3HQKD0DQXDOGHGLUHLWR LQWHUQDFLRQDOS~EOLFRHGUHYDWXDO6mR 3DXOR5HYLVWDGRV7ULEXQDLVS WH[ 0$0('(*ODGVWRQ$DGYRFDFLDHDRUGHPGRV DGYRJDGRVGR%UDVLOHG6mR3DXOR$WODV S WH[ WH[ -(686'DPiVLR(GH3UHVFULomRSHQDOGH DFRUGRFRPD/HLQGHHG WLUDJHP6mR3DXOR/LYUDULD6DUDLYDS WH[ 0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO EUDVLOHLURGLUHLWRVRFLHWiULRVRFLHGDGHVVLPSOHVH HPSUHViULDVHG6mR3DXOR63$WODV 9 WH[ 0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO EUDVLOHLURHPSUHVDHDWXDomRHPSUHVDULDOHG 6mR3DXOR$WODVY WH[ .(57=0$1,YDQ&XUVRSUiWLFRGHGLUHLWR SUHYLGHQFLiULRHGUHYDPSOHDWXDO 6DOYDGRU%D-XV3RGLYPS .+285,3DXOR55RTXH$'LUHLWRGR FRQVXPLGRUFRQWUDWRVUHVSRQVDELOLGDGHFLYLOH GHIHVDGRFRQVXPLGRUHPMXL]RHGUHYDWXDO DPSO6mR3DXOR$WODVS 0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO EUDVLOHLURIDOrQFLDHUHFXSHUDomRGHHPSUHVDV HG6mR3DXOR63$WODVY WH[ WH[ 0$0('(*ODGVWRQ'LUHLWRHPSUHVDULDO EUDVLOHLURWtWXORVGHFUpGLWRHG6mR3DXOR $WODVY WH[ WH[ /($/5RVHPLUR3HUHLUD7HRULDJHUDOGRSURFHVVR WH[ SULPHLURVHVWXGRVHGUHYHDXPHQW5LRGH -DQHLUR5-)RUHQVHS /(1=$3HGUR'LUHLWRFRQVWLWXFLRQDO HVTXHPDWL]DGRHGUHYDWXDOHDPS6mR 3DXOR/LYUDULD6DUDLYDS WH[ 0$1863HGUR3DXOR7HL[HLUD520$5&DUOD 7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU HPYLJRUHG6mR3DXOR$WODVS /,%(5$7,:LOVRQ'RQL]HWL'LUHLWRGDFULDQoDH GRDGROHVFHQWHHG6mR3DXOR5,'((/ S WH[ 0$5&25HQDWR&XUVRGHH[HFXomRSHQDO WH[ HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD S WH[ /,0$(GXDUGR:HLVV0DUWLQVGH3URWHomRGR FRQVXPLGRUEUDVLOHLURQRFRPpUFLRHOHWU{QLFR LQWHUQDFLRQDO6mR3DXOR$WODVS WH[ 0$5&$72$QWRQLR&DUORV&RRUG&yGLJRGH SURFHVVRFLYLOLQWHUSUHWDGRHGUHYHDWXDO 6mR3DXOR$WODVS 0$5&$72$QWRQLR&DUORV3URFHGLPHQWRV HVSHFLDLVHG6mR3DXOR$WODVS WH[ /Ð%23DXOR/XL]1HWR&RPHQWiULRVDRHVWDWXWR WH[ GDDGYRFDFLDHG6mR3DXOR%UDVtOLD-XUtGLFD S /Ð%23DXOR/XL]1HWR'LUHLWRFLYLOIDPLOtDV HG6mR3DXOR/LYUDULD6DUDLYDS WH[ 0$5,121,/XL]*XLOKHUPH$5(1+$576pUJLR WH[ &UX]([HFXomRWHRULDJHUDOGDH[HFXomR OLTXLGDomRGHVHQWHQoDH[HFXomRGHVHQWHQoD HGUHYHDWXDO6mR3DXOR5HYLVWDGRV7ULEXQDLV Y&XUVRGH3URFHVVR&LYLO 0$5,121,/XL]*XLOKHUPH$5(1+$576pUJLR WH[ &UX]3URFHVVRGHFRQKHFLPHQWRHGUHYH DWXDO6mR3DXOR5HYLVWDVGRV7ULEXQDLVY 0$5,121,/XL]*XLOKHUPH7HRULDJHUDOGR SURFHVVRHGUHYHDWXDO6mR3DXOR5HYLVWD GRV7ULEXQDLVY&XUVRGH3URFHVVR&LYLO WH[ 0(1'(6*LOPDU)HUUHLUD&2(/+2,QRFrQFLR 0iUWLUHV%5$1&23DXOR*XVWDYR*RQHW&XUVRGH GLUHLWRFRQVWLWXFLRQDOHGUHYHDWXDO6mR 3DXOR/LYUDULD6DUDLYDS WH[ WH[ 0,&+(/2VZDOGR$FLGHQWHVGRWUDEDOKRH GRHQoDVRFXSDFLRQDLVHG6mR3DXOR63/75 S WH[ 0$548(6%HQHGLWR)HUUHLUD0$548(6&DUOD 5HJLQDGD6LOYD&RODE'LUHLWRDJUiULREUDVLOHLUR HGUHYHDWXDO*RLkQLD*2$%S 0$548(6,5REHUWR:DJQHU'LUHLWRUHDLV DJUiULRIXQomRVRFLDOHGUHLPSU &XULWLED35-XUXiS WH[ 0$57,16$GDOEHUWR0DQXDOGLGiWLFRGHGLUHLWR GRWUDEDOKRHGDWXDOHDPS6mR3DXOR 0DOKHLURVS WH[ WH[ 0$57,16),/+2,YHV*DQGUDGD6LOYD0DQXDO GHGLUHLWRHSURFHVVRGRWUDEDOKRHGUHYH DWXDO6mR3DXOR6DUDLYD6LFLOLDQR6$S 0,&+(/69HUD0DULD1XQHV'LUHLWRHOHLWRUDO DWXDOL]DGRFRPDUHIRUPDHOHLWRUDOGDOHL TXHPRGLILFRXDOHLHOHLWRUDODOHLGRVSDUWLGRV SROtWLFRVHRFyGLJR(OHLWRUD/HGUHYHDWXDO 3RUWR$OHJUH/LYGR$GYRJDGRS WH[ 0,5$</Ï3(=(PtOLR0DQXDOGHSVLFRORJLD MXUtGLFDHG6RURFDED639LGDS WH[ 0,5$%(7(-XOLR)DEEULQL)$%%5,1,5HQDWR1 0DQXDOGHGLUHLWRSHQDOSDUWHHVSHFLDODUWVD GR&3HGUHYHDWXDO6mR3DXOR$WODV Y WH[ 0,5$%(7(-XOLR)DEEULQL)$%%5,1,5HQDWR1 WH[ 0DQXDOGHGLUHLWRSHQDOSDUWHJHUDODUWVD GR&3HGUHYDWXDO6mR3DXOR$WODVY 0$57,16),/+2,YHV*DQGUDGD6LOYD0DQXDO HVTXHPiWLFRGHGLUHLWRHSURFHVVRGRWUDEDOKR HGUHYHDWXDO6mR3DXOR/LYUDULD6DUDLYD S WH[ 0$57,16)UDQ7tWXORVGHFUpGLWRHG5LR GH-DQHLUR)RUHQVHS WH[ 0$57,166HUJLR3LQWR'LUHLWRGRWUDEDOKR HG6mR3DXOR$WODVS WH[ 0$57,166HUJLR3LQWR0DQXDOGRLPSRVWR VREUHVHUYLoRVHGDWXDOUHYHDPSO6mR 3DXOR63$WODVS WH[ 0$6621&OHEHU'LUHLWRSHQDOHVTXHPDWL]DGR SDUWHJHUDODUWVDHGUHYDWXDOHDPS 6mR3DXOR0pWRGRY WH[ 0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[ )OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR 3DXOR63/LYUDULD6DUDLYDS 0('$8$52GHWH'LUHLWRDGPLQLVWUDWLYR PRGHUQRHGUHYHDWXDO6mR3DXOR5HYLVWD GRV7ULEXQDLVS WH[ 0217(,52&OiXGLD6HUYLOKD)LORVRILDGRGLUHLWR WH[ GHFLVmRMXGLFLDOHWHRULDGDDUJXPHQWDomRMXUtGLFD )ORULDQySROLV6&&RQFHLWR(GLWRULDOS 0('(,526-RmR3DXOR)RQWRXUDGH7HRULDJHUDO GRSURFHVVRRSURFHVVRFRPRVHUYLoRS~EOLFR HGUHYDWXDO&XULWLED35-XUXiS WH[ 0(,5(//(6+HO\/RSHV$/(,;2'pFLR %DOHVWHUR%85/(),/+2-RVp(PPDQXHO'LUHLWR DGPLQLVWUDWLYREUDVLOHLURHG6mR3DXOR 0DOKHLURVS WH[ 0(//2&HOVR$QW{QLR%DQGHLUDGH&XUVRGH GLUHLWRDGPLQLVWUDWLYRHG6mR3DXOR 0DOKHLURVS WH[ 0,5$%(7(-XOLR)DEEULQL0DQXDOGHGLUHLWR SHQDOSDUWHHVSHFLDODUWVD%GR&3 HGUHYHDWXDO6mR3DXOR$WODVY WH[ 02/,1$$QWRQLR*DUFtD3DEORVGH*20(6/XL] )OiYLR&ULPLQRORJLDLQWURGXomRDVHXV IXQGDPHQWRVWHyULFRVHGUHIRUDWXDOHDPSO 6mR3DXOR5HYLVWDGRV7ULEXQDLVS WH[ 0217(,52:DVKLQJWRQGH%DUURV0$/8) &DUORV$OEHUWR'DEXV&XUVRGHGLUHLWRFLYLO GLUHLWRGDVFRLVDVHG6mR3DXOR/LYUDULD 6DUDLYDY WH[ 0217(,52:DVKLQJWRQGH%DUURV3,172$QD &ULVWLQDGH%DUURV0RQWHLUR)UDQoD&XUVRGH GLUHLWRFLYLOGLUHLWRGDVVXFHVV}HVHG6mR 3DXOR/LYUDULD6DUDLYDY WH[ WH[ 0217(,52:DVKLQJWRQGH%DUURV6,/9$ 5HJLQD%HDWUL]7DYDUHVGD&XUVRGHGLUHLWRFLYLO GLUHLWRGHIDPtOLDHG6mR3DXOR/LYUDULD 6DUDLYDY 025$(6$OH[DQGUHGH'LUHLWRFRQVWLWXFLRQDO HG6mR3DXOR$WODVS WH[ 025$(6$OH[DQGUHGH'LUHLWRVKXPDQRV IXQGDPHQWDLVWHRULDJHUDOFRPHQWiULRVDRV$UWV DGD&RQVWLWXLomRGD5HS~EOLFD)HGHUDWLYDGR %UDVLOGRXWULQDHMXULVSUXGrQFLDHG6mR3DXOR $WODVS&ROHomR7HPDV-XUtGLFRV WH[ 025$(6*XLOKHUPH%UDJD3HxDGH&XUVRGH GLUHLWRFRQVWLWXFLRQDOHG6mR3DXOR63 $WODVS WH[ 0277$6\OYLR%$5&+(7*XVWDYR&XUVRGH GLUHLWRFRQVWLWXFLRQDOHG5LRGH-DQHLUR (OVHYLHUFS 2/,9(,5$-DPHV(GXDUGR&yGLJRGHGHIHVDGR FRQVXPLGRUDQRWDGRHFRPHQWDGRGRXWULQDH MXULVSUXGrQFLDHG6mR3DXOR63$WODV S WH[ 2/,9(,5$5pJLV)HUQDQGHVGH&XUVRGHGLUHLWR ILQDQFHLURHGUHYHDWXDO6mR3DXOR5HYLVWD GRV7ULEXQDLVS WH[ 2/,9(,5$6HEDVWLmR*HUDOGRGH,QGHQL]Do}HVSRU WH[ DFLGHQWHGRWUDEDOKRRXGRHQoDRFXSDFLRQDO HGUHYDPSOHDWXDO6mR3DXOR/75S WH[ 23,7=6LOYLD&%23,7=2VZDOGR&XUVR FRPSOHWRGHGLUHLWRDJUiULRHGUHYHDWXDO 6mR3DXOR63/LYUDULD6DUDLYDS 1$'(53DXOR,QWURGXomRDRHVWXGRGRGLUHLWR WH[ HG 5LRGH-DQHLUR5-)RUHQVH[[[LL S WH[ 1$6&,0(172$PDXUL0DVFDUR,QLFLDomRDR GLUHLWRGRWUDEDOKRHG6mR3DXOR/75 S WH[ 3$(6-RVp(GXDUGR6DER)XQGDo}HVDVVRFLDo}HV WH[ HHQGLGDGHVGHLQWHUHVVHVRFLDODVSHFWRVMXUtGLFRV DGPLQLVWUDWLYRVFRQWiEHLVWUDEDOKLVWDVHWULEXWiULRV HG 5LRGH-DQHLUR5-)RUHQVHS 12%5(-Ò1,25(GLOVRQ3HUHLUD'HVDSURSULDomR SDUDILQVGHUHIRUPDDJUiULDHGUHYHDPS &XULWLED35-XUXiS WH[ 3(5(,5$%UXQR<HSHV&XUVRGHGLUHLWR LQWHUQDFLRQDOS~EOLFRHG6mR3DXOR/LYUDULD 6DUDLYDS 129(/,120DUFHOR'LUHLWRFRQVWLWXFLRQDO HGUHYDWXDOHDPSO6mR3DXOR0pWRGR S WH[ 3,29(6$1)OiYLD&ULVWLQD'LUHLWRVKXPDQRVHR WH[ GLUHLWRFRQVWLWXFLRQDOLQWHUQDFLRQDOHGUHY HDWXDO6mR3DXOR/LYUDULD6DUDLYDS 18&&,*XLOKHUPHGH6RX]D&yGLJRSHQDO FRPHQWDGRHGUHYDWXDOHDPSO6mR3DXOR 5HYLVWDGRV7ULEXQDLVS WH[ 18&&,*XLOKHUPHGH6RX]D0DQXDOGHGLUHLWR SHQDOSDUWHJHUDOSDUWHHVSHFLDOHGUHY DWXDOHDPSO6mR3DXOR5HYLVWDGRV7ULEXQDLV S WH[ WH[ 18&&,*XLOKHUPHGH6RX]D0DQXDOGHSURFHVVR SHQDOHH[HFXomRSHQDOHGUHYDWXDOHDPSO 6mR3DXOR5HYLVWDGRV7ULEXQDLV>@S 18&&,*XLOKHUPHGH6RX]D18&&,1iWDOLD &ULVWLQD)HUUHLUD3UiWLFDIRUHQVHSHQDOHG UHYDWXDOHDPSO6mR3DXOR5HYLVWDGRV7ULEXQDLV S WH[ 181(65L]]DWWR0DQXDOGHLQWURGXomRDRHVWXGR WH[ GRGLUHLWRFRPH[HUFtFLRVSDUDVDODGHDXODHOLo}HV GHFDVDHG6mR3DXOR/LYUDULD6DUDLYD S 2/,9(,5$(XJrQLR3DFHOOLGH&XUVRGHSURFHVVR WH[ SHQDOHG6mR3DXOR63$WODVS WH[ 5$0$<$1$0DUFRV'LUHLWRHOHLWRUDOHG UHYDPSODWXDO1LWHUyL5-,PSHWXVS WH[ 5$1*(/3DXOR'LUHLWRSURFHVVXDOSHQDO HGUHYDPSHDWXDO5LRGH-DQHLUR/XPHQ-XULV S WH[ 5$:/6-RKQ8PDWHRULDGDMXVWLoDHG WLUDJHP6mR3DXOR/LYUDULD0DUWLQV)RQWHV S WH[ 5($/(0LJXHO)LORVRILDGRGLUHLWRHG WLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR6$ S WH[ 5($/(0LJXHO/Lo}HVSUHOLPLQDUHVGHGLUHLWR WH[ HGWLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR 6$S 5(%28d$6*DEULHOD0DLD7UDPDVHQWUH VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV S WH[ WH[ 5(&+67(,1(5%HDW:DOWHU'LUHLWR LQWHUQDFLRQDOSULYDGRWHRULDHSUiWLFDHG UHYHDWXDO6mR3DXOR/LYUDULD6DUDLYDS 5(=(.-RVp)UDQFLVFR'LUHLWRLQWHUQDFLRQDO S~EOLFRFXUVRHOHPHQWDUHGUHYDWXDO6mR 3DXOR/LYUDULD6DUDLYDS WH[ WH[ 52&+$-RVpGH$OEXTXHUTXH7HRULDJHUDOGR SURFHVVRHGDWXDOHDPSO6mR3DXOR$WODV S 6,/9$/XL]&OiXGLR0DQXDOGHSURFHVVRH SUiWLFDSHQDOHG5LRGH-DQHLUR5-)RUHQVH S WH[ 6,/9(,5$9ODGPLU2OLYHLUDGD'LUHLWRVKXPDQRV WH[ FRQFHLWRVVLJQLILFDGRVHIXQo}HV6mR3DXOR63 /LYUDULD6DUDLYDS 52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGDV FRLVDVHGUHYHDWXDO6mR3DXOR6DUDLYD 6LFLOLDQR6$Y WH[ 6,0,21$72)UHGHULFR$0RQWH7UDWDGRGH GLUHLWRIDOLPHQWDU5LRGH-DQHLUR5-)RUHQVH S WH[ 52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGDV VXFHVV}HVHGWLUDJHP6mR3DXOR/LYUDULD 6DUDLYDY WH[ 6=$%Ï-Ò1,25$GDOEHUWR0RKDL0DQXDOGH VHJXUDQoDKLJLHQHHPHGLFLQDGRWUDEDOKR HGDWXDO6mR3DXOR635,'((/S WH[ 52'5,*8(66LOYLR'LUHLWRFLYLOGLUHLWRGH IDPLOLDHGWLUDJHP6mR3DXOR/LYUDULD 6DUDLYDY WH[ 7$578&()HUQDQGD0DQXDOGHSUiWLFDFLYLO HGUHYHDWXDO6mR3DXOR630pWRGR S WH[ 52'5,*8(66LOYLR'LUHLWRFLYLOSDUWHJHUDO HGDWXDO6mR3DXOR6DUDLYD6LFLOLDQR6$ Y WH[ 7$578&()OiYLR'LUHLWRFLYLOYROXPHOHLGH LQWURGXomRHSDUWHJHUDOHGUHYHDWXDO6mR 3DXOR630pWRGRY WH[ 527+(1%85*:DOWHU&DOXGLXV3ULQFtSLRV FRQVWLWXFLRQDLVWLUDJHP3RUWR$OHJUH6HUJLR $QWRQLR)DEULV(GLWRUS WH[ 7$578&()OiYLR'LUHLWRFLYLOYROXPHGLUHLWR GDVREULJDo}HVHUHVSRQVDELOLGDGHFLYLOHGUHY DWXDOHDPS6mR3DXOR630pWRGRY WH[ 6$/,%$7XIIL0HVVLDV&XUVREiVLFRGHVHJXUDQoD WH[ HKLJLHQHRFXSDFLRQDOHG6mR3DXOR63/75 S 7$578&()OiYLR'LUHLWRFLYLOYROXPHWHRULD WH[ JHUDOGRVFRQWUDWRVHFRQWUDWRVHPHVSpFLHHG UHYDWXDOHDPS6mR3DXOR630pWRGRY 6$//(66/0RQWHLUR)5('(5,&2$OHQFDU 3URFHVVRFLYLOWHRULDHSUiWLFDGRSURILVVLRQDOGR GLUHLWR&DPSLQDV630LOOHQQLXPS WH[ 6$1726(UQDQH)LGpOLVGRV0DQXDOGHGLUHLWR SURFHVVXDOFLYLOSURFHVVRGHFRQKHFLPHQWR HG6mR3DXOR/LYUDULD6DUDLYDY WH[ 6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH GLUHLWRSURFHVVXDOFLYLOHG6mR3DXOR 6DUDLYD6LFLOLDQR6$Y WH[ 6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH GLUHLWRSURFHVVXDOFLYLOHGDWXDO6mR3DXOR 6DUDLYD6LFLOLDQR6$Y WH[ 6$17260RDF\U$PDUDO3ULPHLUDVOLQKDVGH GLUHLWRSURFHVVXDOFLYLOHG6mR3DXOR /LYUDULD6DUDLYDY WH[ 6+(&$,5$6pUJLR6DORPmR&ULPLQRORJLD HGUHYDWXDO6mR3DXOR635HYLVWDGRV 7ULEXQDLVFS 7255(65LFDUGR/RER&XUVRGHGLUHLWR ILQDQFHLURHWULEXWiULRHG5LRGH-DQHLUR 5HQRYDUS WH[ WH[ 6,/9$-RVp$IRQVRGD&XUVRGHGLUHLWR FRQVWLWXFLRQDOSRVLWLYRHGUHYHDWXDO6mR 3DXOR0DOKHLURVS 7285,1+2),/+2)HUQDQGRGD&RVWD0DQXDO GHSURFHVVRSHQDOHG6mR3DXOR/LYUDULD 6DUDLYDS WH[ WH[ 7$9$5(60DUFHOR/HRQDUGR'LUHLWR SUHYLGHQFLiULRHGUHYDPSOHDWXDO5LRGH -DQHLUR5-/XPHQ-XULVS WH[ 7(//(6-81,25*RIIUHGR,QLFLDomRQDFLrQFLD GRGLUHLWRHG6mR3DXOR6DUDLYD6LFLOLDQR6$ S WH[ 7+(2'252-Ò1,25+XPEHUWR&XUVRGHGLUHLWR WH[ SURFHVVXDOFLYLOSURFHVVRGHH[HFXomRHSURFHVVR FDXWHODUHG5LRGH-DQHLUR5-)RUHQVH Y 7+(2'252-Ò1,25+XPEHUWR&XUVRGHGLUHLWR WH[ SURFHVVXDOFLYLOWHRULDJHUDOGRGLUHLWRSURFHVVXDO FLYLOHSURFHVVRGHFRQKHFLPHQWRHG WLUDJHP5LRGH-DQHLUR5-)RUHQVHY 7285,1+2),/+2)HUQDQGRGD&RVWD3UiWLFDGH SURFHVVRSHQDOHG6mR3DXOR/LYUDULD 6DUDLYDS WH[ 7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR SHQDOHGUHYHDWXDO6mR3DXOR/LYUDULD 6DUDLYDY WH[ WH[ 7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR SHQDOHG6mR3DXOR/LYUDULD6DUDLYD Y WH[ 7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR SHQDOHG6mR3DXOR/LYUDULD6DUDLYD Y 7285,1+2),/+2)HUQDQGRGD&RVWD3URFHVVR SHQDOHGUHYHDWXDO6mR3DXOR/LYUDULD 6DUDLYDY WH[ 9$5(//$0DUFHOR'LDV'LUHLWRLQWHUQDFLRQDO S~EOLFRHG6mR3DXOR/LYUDULD6DUDLYD S WH[ 9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRGDV WH[ VXFHVV}HVHG6mR3DXOR$WODVY &ROHomR'LUHLWR&LYLO 9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRGH IDPtOLDHG6mR3DXOR$WODVY WH[ 9(126$6tOYLRGH6DOYR'LUHLWRFLYLOGLUHLWRV UHDLVHG6mR3DXOR$WODVY&ROHomR 'LUHLWR&LYLO WH[ WH[ 9(126$6tOYLRGH6DOYR'LUHLWRFLYLOSDUWH JHUDOHG6mR3DXOR$WODVY&ROHomR 'LUHLWR&LYLO 9(126$6tOYLRGH6DOYR'LUHLWRFLYLO UHVSRQVDELEOLGDGHFLYLOHG6mR3DXOR$WODV Y&ROHomR'LUHLWR&LYLO WH[ WH[ 9(126$6tOYLRGH6DOYR'LUHLWRFLYLOWHRULD JHUDOGDVREULJDo}HVHWHRULDJHUDOGRVFRQWUDWRV HG6mR3DXOR$WODVY&ROHomR'LUHLWR &LYLO 9(126$6tOYLRGH6DOYR,QWURGXomRDRHVWXGR GRGLUHLWRSULPHLUDVOLQKDVHG6mR3DXOR $WODVS WH[ 9,$11$-RmR(UQHVWR$UJRQpV&XUVRGHGLUHLWR SUHYLGrQFLiULRHG6mR3DXOR63$WODV S WH[ WH[ :$/'$UQROGR'LUHLWRFLYLOFRQWUDWRVHP HVSpFLHHGUHIRUP6mR3DXOR$WODVY &ROHomR'LUHLWR&LYLO :$/'$UQROGR'LUHLWRFLYLOGLUHLWRGDV REULJDo}HVHWHRULDJHUDOGRVFRQWUDWRVHG6mR 3DXOR63/LYUDULD6DUDLYDY WH[ :$/'$UQROGR'LUHLWRFLYLOLQWURGXomRHSDUWH JHUDOHG6mR3DXOR/LYUDULD6DUDLYDY WH[ :$/'$UQROGR)216(&$3ULVFLOD03&RUUrD GD'LUHLWR&LYLOGLUHLWRGHIDPtOLDHGUHIRU 6mR3DXOR6DUDLYD6LFLOLDQR6$Y WH[ :$/'$UQROGR*,$1&2/,%UXQQR3DQGRUL 'LUHLWRFLYLOUHVSRQVDELEOLGDGHFLYLO6mR3DXOR /LYUDULD6DUDLYDY&ROHomR'LUHLWR&LYLO WH[ :$0%,(5/XL]5RGULJXHV7$/$0,1,(GXDUGR &XUVRDYDQoDGRGHSURFHVVRFLYLOWHRULDJHUDO GRSURFHVVRHSURFHVVRGHFRQKHFLPHQWRHG UHYDPSHDWXDO6mR3DXOR5HYLVWDGRV7ULEXQDLV Y WH[ :$0%,(5/XL]5RGULJXHV7$/$0,1,(GXDUGR &XUVRDYDQoDGRGHSURFHVVRFLYLOH[HFXomR HGUHYDPSOHDWXDO6mR3DXOR5HYLVWDGRV 7ULEXQDLVY WH[ :(,6&DUORV'LUHLWRVKXPDQRVFRQWHPSRUkQHRV WH[ HG6mR3DXOR630DOKHLURVS =$))$521,(XJHQLR5D~O3,(5$1*(/,-RVp +HQULTXH0DQXDOGHGLUHLWRSHQDOEUDVLOHLUR SDUWHJHUDOHGUHYHDWXDO6mR3DXOR5HYLVWD GRV7ULEXQDLVY WH[ &ODVVH',5(,72352&(668$/'2 75$%$/+2 WH[ /(,7(&DUORV+HQULTXH%H]HUUD&XUVRGHGLUHLWR SURFHVVXDOGRWUDEDOKRHG6mR3DXOR/75 S 0$/7$&KULVWRYmR3LUDJLEH7RVWHV3UiWLFDGR SURFHVVRWUDEDOKLVWDHG6mR3DXOR/75 S WH[ 0$57,166HUJLR3LQWR'LUHLWRSURFHVVXDOGR WUDEDOKRGRXWULQDHSUiWLFDIRUHQVHPRGHORVGH SHWLo}HVUHFXUVRVVHQWHQoDVHRXWURVHG6mR 3DXOR$WODVS WH[ 1$6&,0(172$PDXUL0DVFDUR&XUVRGHGLUHLWR WH[ SURFHVVXDOGRWUDEDOKRHG6mR3DXOR /LYUDULD6DUDLYDS &ODVVH',5(,72$0%,(17$//(,6'( 3527(d2$0%,(17$/ $1781(63DXORGH%HVVD'LUHLWRDPELHQWDO HGUHYHDWXDO5LRGH-DQHLUR5-/XPHQ-XULV S %(/752$QW{QLR)*&XUVRGHGLUHLWR DPELHQWDO$QW{QLR)*%HOWUmR6mR3DXOR 630pWRGRS WH[ WH[ %5$6,/&85,$/XL]5REHUWR&e63('(6/LYLD 1,&2/(77,-XOLDQDFRODE/HLVH/HJLVODomR /HJLVODomRGHGLUHLWRDPELHQWDOHG6mR 3DXOR/LYUDULD6DUDLYDS&ROHomR 6DUDLYDGH/HJLVODomR WH[ WH[ ),25,//2&HOVR$QWRQLR3DFKHFR&XUVRGH GLUHLWRDPELHQWDOEUDVLOHLURHGUHYDWXDOH DPS6mR3DXOR/LYUDULD6DUDLYDS 181(6(GVRQGH2OLYHLUD(GXFDomRVXSHULRUQR %UDVLOHVWXGRVGHEDWHVFRQWURYpUVLDV5LRGH -DQHLUR5-*DUDPRQGS WH[ 5(,65RVH3pWDODVHHVSLQKRVDH[WHQVmR XQLYHUVLWiULDQR%UDVLO6mR3DXOR&,$GRV /,9526S WH[ WH[ WH[ *5$1=,(5$0DULD/XL]D0DFKDGR'LUHLWR DPELHQWDOHG6mR3DXOR63$WODV S WH[ 628=$5HJLQD0DULDGH(GXFDomRGHVXUGRV SRQWRVHFRQWUDSRQWRV6mR3DXOR6XPPXVF S 0$&+$'23DXOR$IIRQVR/HPH'LUHLWR DPELHQWDOEUDVLOHLURHGUHYDWXDOHDPSO 6mR3DXOR0DOKHLURVS WH[ =25=2&DFLOGD0DULD6,/9$/DXUDFL'RQGpGD 32/(1=7DPDUD3HGDJRJLDHPFRQH[mR &DQRDV568/%5$S 0,/$5eeGLV'LUHLWRGRDPELHQWHDJHVWmR DPELHQWDOHPIRFRGRXWULQDMXULVSUXGrQFLD JORVViULRHGUHYDWXDOHDPSO6mR3DXOR 5HYLVWDGRV7ULEXQDLVS WH[ 08.$,7RVKLR7HPDVDWXDLVGHGLUHLWR XUEDQtVWLFRHDPELHQWDOWLUDJHP%HOR +RUL]RQWH(GLWRUD)yUXPS WH[ WH[ &(6&$&OHX]D*HUWUXGHV*LPHQHV2UJDQL]DomR GHHYHQWRVPDQXDOSDUDSODQHMDPHQWRHH[HFXomR >HG@ 6mR3DXOR6XPPXVS 6,59,16.$6/XtV3DXOR0DQXDOGHGLUHLWR DPELHQWDOHGUHYDWXDOHDPSO6mR3DXOR 6DUDLYD6LFLOLDQR6$S WH[ WH[ *,È&202&ULVWLQD7XGRDFDEDHPIHVWD HYHQWROtGHUGHRSLQLmRPRWLYDomRHS~EOLFR6mR 3DXOR6XPPXVFS &ODVVH$'0,1,675$d23Ò%/,&$*(672 3Ò%/,&$ WH[ 3(,;272-RmR3DXOR02UJ *RYHUQDQGRR JRYHUQRPRGHUQL]DomRGDDGPLQLVWUDomRS~EOLFD QR%UDVLO6mR3DXOR63$WODV[LLS 628=$$QWRQLR5LFDUGRGH0RGHORVGHJHVWmRQD DGPLQLVWUDomRS~EOLFDXPDDQiOLVHGDVDJrQFLDV UHJXODGRUDV&XLDEi07(G8)07S WH[ &ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/ WH[ /86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV FDPSRQHVDV0DFHLy$/8)$/S &ODVVH('8&$d2 $*8,$5&DUPHQ0DULD(GXFDomRHVDEHUHV FRUUHODomRFRPDQDWXUH]DHDFXOWXUD5LRGH -DQHLUR5-*XDQDEDUD.RRJDQS (GXFDomR)tVLFDQR(QVLQR6XSHULRU WH[ WH[ $1781(6&HOVR$/9(65XEHP2DOXQRR SURIHVVRUDHVFRODXPDFRQYHUVDVREUHHGXFDomR &DPSLQDV633DSLUXV0DUHVS &ROHomR3DSLUXV'HEDWHV &ODVVH785,602 WH[ %5,772-DQDLQD)217(61HQD(VWUDWpJLDV SDUDHYHQWRVXPDyWLFDGRPDUNHWLQJHGRWXULVPR HGDPSODWXDO 6mR3DXOR$OHSKS 3$&+(&2$ULVWLGHVGH2OLYHLUD0DQXDOGR PDvWUHG K{WHOHG6mR3DXOR6(1$& S &ODVVH(1*(1+$5,$$0%,(17$/ $66803d2/XL])HUQDQGR-RO\6LVWHPDGH JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62 HG&XULWLED35-XUXi S WH[ WH[ WH[ &$7$/29HUD0DUJDULGD/HVVD /$<5$5*8(63KLOLSSH3RPLH%$&(/$5,]DEHO &ULVWLQD%UXQR2UJDQL]DomR8QLYHUVLGDGHQR VpFXOR;;,HGXFDomRHJHVWmRDPELHQWDOQD 8QLYHUVLGDGHGH%UDVtOLD%UDVtOLD')8Q% S ',$65HLQDOGR0DUNHWLQJDPELHQWDOpWLFD UHVSRQVDELOLGDGHVRFLDOHFRPSHWLWLYLGDGHQRV QHJyFLRVUHLPSU6mR3DXOR63$WODV S WH[ /(1=,(UYLP)$9(52/X]LD2WLOLD%RUWRWWL ,QWURGXomRjTXtPLFDGDDWPRVIHUDFLrQFLDYLGD HVREUHYLYrQFLD5LRGH-DQHLUR5-/7& S WH[ WH[ 027$6XHW{QLR,QWURGXomRjHQJHQKDULD DPELHQWDOHGUHY5LRGH-DQHLUR5-$%(6 S 6$1726/XFLDQR0LJXHO0RUHLUDGRV$YDOLDomR DPELHQWDOGHSURFHVVRVLQGXVWULDLVHG6mR 3DXOR632ILFLQDGH7H[WRVS WH[ :,16(0,863LHWHU0LOWRQVGHYHUGH 6DOYDGRU%$6DQWD+HOHQDS WH[ &ODVVH0$7(0È7,&$ %28/263DXOR&$0$5*2,YDQGH*HRPHWULD WH[ DQDOtWLFDXPWUDWDPHQWRYHWRULDOHGUHLPSU 6mR3DXOR0F*UDZ+LOOS -8/,$1(//,-RVp5REHUWR&iOFXORYHWRULDOH JHRPHWULDDQDOtWLFD-RVp5REHUWR-XOLDQHOOL S &ODVVH48Ë0,&$ $7.,163:-21(6/RUHWWD3ULQFtSLRVGH TXtPLFDTXHVWLRQDQGRDYLGDPRGHUQDHRPHLR DPELHQWHHG3RUWR$OHJUH56%RRNPDQ [[LLS WH[ WH[ %(77(/+(,0)UHGHULFN$(WDO,QWURGXomRj WH[ TXLPLFDJHUDO6mR3DXOR63&HQJDJH/HDUQLQJ FS &ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/ WH[ %(5*-HUHP\07<02&=.2-RKQ/ 675<(5/XEHUW%LRTXtPLFDHG5LRGH -DQHLUR*XDQDEDUD.RRJDQFS ,1*5$+$0-RKQ/,QWURGXomRjPLFURELRORJLD WH[ XPDDERUGDJHPEDVHDGDHPHVWXGRVGHFDVRV6mR 3DXOR63&HQJDJH/HDUQLQJFS 5,%(,52'DUF\2SRYREUDVLOHLURDIRUPDomRH WH[ RVHQWLGRGR%UDVLOUHLPSU6mR3DXOR &RPSDQKLDGH%ROVRS &ODVVH&,Ç1&,$60e',&$6 $9$1=,2VPDU2UJDQL]DGRU2UWRSHGLDH WUDXPDWRORJLDFRQFHLWRVEiVLFRVGLDJQyVWLFRH WUDWDPHQWRHG6mR3DXOR635RFD S WH[ %(57,1%ULJLWWH0(1'(6)iWLPD6HJXUDQoDGH WH[ DOLPHQWRVQRFRPpUFLRDWDFDGRHYDUHMR5LRGH -DQHLUR5-6HQDF1DFLRQDOS &,35,$12-RVHSK--$+1:DUUHQ7:+,7( 0DUN(0DQXDOIRWRJUiILFRGHWHVWHVRUWRSpGLFRV HQHXUROyJLFRVHG6mR3DXOR0DQROH S WH[ ':25.,150'RPtQLRGDYLGDDERUWR HXWDQiVLDHOLEHUGDGHVLQGLYLGXDLVHG6mR3DXOR :0)0DUWLQV)RQWHVS WH[ )$86720DULD$UOHQH3ODQHMDPHQWRGHGLHWDVH GDDOLPHQWDomR5LRGH-DQHLUR5-5HYLQWHU S WH[ )5$1&2*XLOKHUPH7DEHODGHFRPSRVLomR TXtPLFDGRVDOLPHQWRVHG6mR3DXOR$WKHQHX S WH[ *(50$123HGUR0DQXHO/HDO*(50$12 0DULD,]DEHO6LP}HV+LJLHQHHYLJLOkQFLDVDQLWiULD GHDOLPHQWRVHGUHYDWXDO%DUXHUL63 0DQROHS WH[ WH[ 0277$9DOWHU7HL[HLUD%LRTXtPLFDFOtQLFDSDUD RODERUDWyULRSULQFtSLRVHLQWHUSUHWDo}HVHG 6mR3DXOR('8&6S WH[ 6È1&+(=2&$f$5DPyQ1XWULomRGH$D= WXGRRTXHYRFrSUHFLVDVDEHUSDUDHQWHQGHUD DOLPHQWDomR6mR3DXOR636HQDF6mR3DXOR S WH[ 1(/621'DYLG/3ULQFtSLRVGHELRTXtPLFD /HKQLQJHUHG3RUWR$OHJUH56$570(' S WH[ 6$1($0(172VD~GHHDPELHQWHIXQGDPHQWRV SDUDXPGHVHQYROYLPHQWRVXVWHQWiYHOUHLPSU %DUXHUL630DQROHS WH[ 23/867,/&DUPHQ3D]HWDO3URFHGLPHQWRV EiVLFRVHPPLFURELRORJLDFOtQLFDHG6mR 3DXOR6DUYLHUS WH[ 7e&1,&$GLHWpWLFDVHOHomRHSUHSDURGHDOLPHQWRV PDQXDOGHODERUDWyULR6mR3DXOR63$WKHQHX S 0$18$/GHELRTXtPLFDFRPFRUUHODo}HVFOtQLFDV WH[ 6mR3DXOR%OXFKHU[[[YLLLS ;$9,(55LFDUGR0HWDO/DERUDWyULRQDSUiWLFD WH[ FOtQLFDHG3RUWR$OHJUH56$570(' S &ODVVH$175232/2*,$ &$6&8'2/XtVGD&kPDUD+LVWyULDGD DOLPHQWDomRQR%UDVLOHG6mR3DXOR*OREDO S WH[ &ODVVH$1$720,$ WH[ 'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR $PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV HQHUYRVHG6mR3DXOR$WKHQHXS %LEOLRWHFD%LRPpGLFD 5,*877,$GULDQD$WODVGHDQDWRPLD%DUXHUL 63*LUDVVROFS WH[ 7$1.3DWULFN:$WODVGHDQDWRPLDKXPDQD 6mR3DXOR$570('S WH[ 9$1'(*5$$)).HQW0$QDWRPLDKXPDQD HG%DUXHUL630DQROHS WH[ &ODVVH),6,2/2*,$+80$1$ &$5/6211HLO5)LVLRORJLDGRFRPSRUWDPHQWR WH[ HG %DUXHUL630DQROHS )2;6WXDUW,UD)LVLRORJLDKXPDQDHG %DXU~630DQROHS WH[ &ODVVH)$50È&,$ 5,%(,52&OiXGLRGH-HVXV&RVPHWRORJLDDSOLFDGD WH[ DGHUPRHVWpWLFDHG6mR3DXOR63 3KDUPDERRNVS &ODVVH),6,27(5$3,$75$7$0(1726 7(5$3Ç87,&26 $*1(-RQHV(GXDUGR(XVHLHOHWURWHUDSLD 6DQWD0DULD563DOORWWLS WH[ WH[ %$5%26$/XtV*XLOKHUPH)LVLRWHUDSLD SUHYHQWLYDQRVGLVW~UELRVRVWHRPXVFXODUHV UHODFLRQDGRVDRWUDEDOKR'257VDILVLRWHUDSLD GRWUDEDOKRDSOLFDGDHG5LRGH-DQHLUR5- *XDQDEDUD.RRJDQS &85<9DOpULD&ULVWLQD5RGULJXHV%5$1'2 0DULQDGH%ULWR5HDELOLWDomRHPSDUDOLVLD FHUHEUDO5LRGH-DQHLUR5-0HGERRN S WH[ 'g/.(10HFKWKLOG)LVLRWHUDSLDHPRUWRSHGLD WH[ 6mR3DXOR636DQWRVFS .('(0DULD3DXOLQD9LOODUHMR(GLWRU 'HUPDWRORJLDHVWpWLFDHG6mR3DXOR63 $WKHQHXS WH[ /$+Ï=$QD/~FLD&DSHODUL&RRUGHQDomRHWDO )LVLRWHUDSLDHP87,SHGLiWULFDHQHRQDWDO %DUXHUL630DQROHS WH[ WH[ 3$6&+2$/0iULR$XJXVWR)LVLRWHUDSLD FDUGLRYDVFXODUDYDOLDomRHFRQGXWDQDUHDELOLWDomR FDUGtDFD%DUXHUL630DQROHF[LYS 52%(576219DOHWDO(OHWURWHUDSLDH[SOLFDGD WH[ SULQFtSLRVHSUiWLFD5LRGH-DQHLUR5-(OVHYLHU S 6$+50$116KLUOH\'LDJQyVWLFRHWUDWDPHQWR GDVVtQGURPHVGHGLVIXQomRGRVPRYLPHQWRV 6mR3DXOR636DQWRVS WH[ 6$50(172*HRUJH-HUUH9LHLUD(GLWRU )LVLRWHUDSLDHP87,6mR3DXOR63$WKHQHX S WH[ 6$50(172*HRUJH-HUUH9LHLUD2UJDQL]DGRU2 $%&GDILVLRORJLDUHVSLUDWyULD%DUXHUL63 0DQROHS WH[ 6+80:$<&22.$QQH:22//$&277 0DUMRULH&RQWUROHPRWRUWHRULDHSOLFDo}HV SUiWLFDVHG%DUXHUL630DQROHS WH[ 628&+$5'3KLOLSSH2//,(50DUF$V HVFROLRVHVVHXWUDWDPHQWRILVLRWHUDSrXWLFRH RUWRSpGLFRHGUHYHDPSO6mR3DXOR63e 5HDOL]Do}HVS WH[ &ODVVH7(5$3,$6',9(56$6 )5$1./9LFNWRU(PLO(PEXVFDGHVHQWLGRXP SVLFyORJRQRFDPSRGHFRQFHQWUDomRHG6mR /HRSROGR566LQRGDOS ),6,27(5$3,$DTXiWLFD%DUXHUL630DQROH S6pULH5HDELOLWDomR,QVWLWXWR&RKHQ WH[ ),6,27(5$3,$HPWUDXPDWRORJLDFLUXUJLD6mR 3DXOR636DQWRVS WH[ ),7,3$/',5DFKHO%H]HUUD)LVLRWHUDSLD UHVSLUDWyULDQRSDFLHQWHREVWUXWLYRFU{QLFR %DUXHUL630DQROHS WH[ *$111DQF\2UWRSHGLDJXLDGHFRQVXOWDUiSLGD SDUDILVLRWHUDSLDGLVW~UELRVWHVWHVHHVWUDWpJLDVGH UHDELOLWDomR5LRGH-DQHLUR5-*XDQDEDUD .RRJDQFS WH[ &ODVVH&/Ë1,&$0e',&$3$72/2*,$ $5067521*3HWHU:$67,(0DUWLQ 52&.$//$QGUHD'LDJQyVWLFRSRULPDJHP 5LRGH-DQHLUR5-5HYLQWHUFS *+,.$63DWULFLD$)LVLRWHUDSLDHUHDELOLWDomR HVWXGRVGHFDVRV5LRGH-DQHLUR5-*XDQDEDUD .RRJDQS WH[ %5$6,/(,52),/+2*HUDOGR%RJOLRORSDWRORJLD WH[ HG5LRGH-DQHLUR5-*XDQDEDUD.RRJDQ FS +h7(5%(&.(5$QWMH(GLWRU)LVLRWHUDSLDHP WH[ QHXURORJLD6mR3DXOR636DQWRVFS WH[ 0('(,5260\OHQD',$6(PtOLD(TXRWHUDSLD WH[ 1Ro}HVHOHPHQWDUHVHDVSHFWRVQHXURFLHQWtILFRV 5LRGH-DQHLUR5-5HYLQWHUS )$,/$&(5HQDWR+HPRJUDPDPDQXDOGH LQWHUSUHWDomRHG3RUWR$OHJUH56$UWHV 0pGLFDVS WH[ WH[ *2/':$66(5*HUVRQ3DXOR (OHWURFDUGLRJUDPDRULHQWDGRSDUDRFOtQLFR HG5LRGH-DQHLUR5-5XELRS WH[ WH[ -$&2%),/+2:LOVRQ.,.8&+,(OLQD/LND *HULDWULDHJHURQWRORJLDEiVLFDV5LRGH-DQHLUR 5-(OVHYLHUS -25*($QWRQLR2ODYR&DUGRVR0LFURELRORJLD EXFDO6mR3DXOR/LY6DQWRVS WH[ WH[ 025$(6(GJDU1XQHVGH$YDOLDomR PXOWLGLPHQVLRQDOGRLGRVRDFRQVXOWDGRLGRVR LQVWUXPHQWDOGHUDVWUHLRHG%HOR+RUL]RQWH0* )ROLXPS 025$(6(GJDU1XQHVGH025$(6)OiYLD/DQQD WH[ GH,QFDSDFLGDGHFRJQLWLYDDERUGDJHP GLDJQyVWLFDHWHUDSrXWLFDGDVGHPrQFLDVQRLGRVR %HOR+RUL]RQWH0*)ROLXPS&ROHomR *XLDGH%ROVRHP*HULDWULDH*HURQWRORJLD &ODVVH2'2172/2*,$ %,$62772*21=$/(='DQLHOD$SDUHFLGD $ERUGDJHPLQWHUGLVFLSOLQDUGDVGLVIXQo}HV WHPSRURPDQGLEXODUHV%DUXHUL630DQROH S &ODVVH(1)(50$*(0 $/)$52/()(95(5RVDOLQGD$SOLFDomRGR SURFHVVRGHHQIHUPDJHPXPDIHUUDPHQWDSDUDR SHQVDPHQWRFUtWLFRHG3RUWR$OHJUH56 $570('S %25*(6$QD/XL]D9LOHOD)8-,025,(OL]DEHWK 2UJDQL]DomR(QIHUPDJHPHDVD~GHGR DGROHVFHQWHQDDWHQomREiVLFD%DUXHUL63 0DQROHS6pULH(QIHUPDJHP WH[ WH[ 02+$//(0$QGUpD*RPHVGD&RVWD 52'5,*8(6$QGUHD%H]HUUD2UJDQL]DGRUD (QIHUPDJHPRQFROyJLFD%DUXHUL630DQROH S6pULH(QIHUPDJHP WH[ WH[ 2*8,6627DND&$03263DXOR)HUQDQGRGH 6RX]D)5(,7$6*HQLYDO)HUQDQGHVGH 2UJDQL]DomR3HVTXLVDHPKLVWyULDGD HQIHUPDJHP%DUXHUL630DQROHS 6pULH(QIHUPDJHPH6D~GH 3277(53DWULFLD$3(55<$QQH*ULIILQ )XQGDPHQWRVGHHQIHUPDJHP5LRGH-DQHLUR 5-(OVHYLHUS WH[ &ODVVH(1*(1+$5,$7(&12/2*,$(0*(5$/ +,15,&+65RJHU$./(,1%$&+0HUOLQ5(,6 WH[ /LQHX%HOLFRGRV(QHUJLDHPHLRDPELHQWH6mR 3DXOR&HQJDJH/HDUQLQJFS 3)(,/:DOWHU3)(,/0LFKHOH(VWUXWXUDVGHDoR WH[ GLPHQVLRQDPHQWRSUiWLFRHG5LRGH-DQHLUR /LYURV7pFQLFRVH&LHQWtILFRVS WH[ WH[ %5Ç7$6$QD&ULVWLQD3DVVDUHOOD*$0%$0yQLFD WH[ $QWDU2UJDQL]DomR(QIHUPDJHPHVD~GHGR DGXOWR%DUXHUL630DQROHS6pULH (QIHUPDJHP %8/(&+(.*ORULD01,&FODVVLILFDomRGDV LQWHUYHQo}HVGHHQIHUPDJHP5LRGH-DQHLUR5- (OVHYLHUS WH[ &$59$/+25DFKHOGH%,$1&+,(VWHOD5HJLQD )HUUD]2UJDQL]DomR(QIHUPDJHPHPFHQWUR FLU~UJLFRHUHFXSHUDomR%DUXHUL630DQROH S6pULH(QIHUPDJHP WH[ WH[ &,3(YHUVmRFODVVLILFDomRLQWHUQDFLRQDOSDUDD SUiWLFDGHHQIHUPDJHPYHUVmR6mR3DXOR63 $OJROS ',$*1Ï67,&26GHHQIHUPDJHPGD1$1'$ GHILQLo}HVHFODVVLILFDomR3RUWR $OHJUH$570('[LS *(29$1,1,7HOPD025(,5$$OPHULQGD '251(//(66RUDLD+LVWyULDGDHQIHUPDJHP YHUV}HVHLQWHUSUHWDo}HVHG5LRGH-DQHLUR 5HYLQWHUS WH[ &ODVVH(&2120,$'20e67,&$ $5$Ò-2:LOPD0DULD&RHOKR7(16(5&ODUD 0iUFLD5RGULJXHV2UJDQL]DomR*DVWURQRPLD FRUWHVHUHFRUWHV%UDVtOLD')6(1$&Y WH[ $875$1&KULVWLQD6DERUHVGR%UDVLOUHFHLWDV GDHPEDL[DGD5LRGH-DQHLUR5-5HFRUG S WH[ $9(5<=DNFHUYHMDVDVPHOKRUHVFHUYHMDV GRPXQGRHPXP~QLFROLYUR6mR3DXOR63 0DUFR=HURS WH[ %$5%26$*XVWDYR7H[WR¬PHVDFRP *HRUJHWWHDDUWHGDJDVWURQRPLDIUDQFHVDQDPHVD FDULRFD5LRGH-DQHLUR5-6HQDF1DFLRQDO S6pULH¬0HVD%UDVLOHLUD WH[ %$5(6HUHVWDXUDQWHVJHVWmRGHSHTXHQRV QHJyFLRV5LRGH-DQHLUR5-6(1$& S WH[ WH[ %$55(725RQDOGR/RSHV3RQWHV3DVVDSRUWH SDUDRVDERUWHFQRORJLDVSDUDDHODERUDomRGH FDUGiSLRVHG6mR3DXOR636(1$& S %(&.+HLQ](WDO$UWHHFLrQFLDGRVHUYLoR 6mR3DXOR$QKHPEL0RUXPELS WH[ %(/$6&2:DUUHQ2TXHLUHPRVFRPHU DPDQKm"XPDKLVWyULDGRIXWXURGDDOLPHQWDomR 6mR3DXOR636HQDF6mR3DXORS WH[ 'Ï5,$&DUORV$OEHUWR$IRUPDomRGDFXOLQiULD WH[ EUDVLOHLUD6mR3DXOR633XEOLIROKDS 6pULH %(5*(527&DUROLQH&R]LQKDYHJHWDULDQD VDODGDV6mR3DXOR63&XOWUL[FS WH[ '8&+(1(/DXUHQW6REUHPHVDVHVXDVWpFQLFDV WH[ 6mR3DXOR630DUFR=HURS %,770$10DUN7XGRHPDLVXPSRXFRGD HVFROKDGRVLQJUHGLHQWHVjVWpFQLFDVFXOLQiULDV 6DQWD&HFtOLD63/H\DY WH[ )$*/,$5,*DEULHOD6FXWD7XULVPRH DOLPHQWDomRDQiOLVHVLQWURGXWyULDV6mR3DXOR 5RFDS WH[ %5$*$5REHUWR00*HVWmRGDJDVWURQRPLD FXVWRVIRUPDomRGHSUHoRVJHUHQFLDPHQWRH SODQHMDPHQWRGROXFURHG6mR3DXOR63 6(1$&S WH[ )$5,$6/XL]&RQIHLWDULDQDFLRQDOFRQFHLWRV UHFHLWDVWHQGrQFLDV6mR3DXOR63/0 S WH[ &$1(//$5$:/66DQGUD3mRDUWHHFLrQFLD WH[ HG6mR3DXOR636(1$&S )$552:-RDQQD(VFRODGHFKHIVWpFQLFDVSDVVR WH[ DSDVVRSDUDDFXOLQiULDVHPVHJUHGRV%DUXHUL 630DQROHFS WH[ &$9$/&$17,3HGUR$SiWULDQDVSDQHODV KLVWyULDHUHFHLWDVGDFR]LQKDEUDVLOHLUD6mR3DXOR 636HQDF6mR3DXORS )$552:-RDQQD(VFRODGHFXOLQiULDGDV PHOKRUHVUHFHLWDVFOiVVLFDVHFRQWHPSRUkQHDVSDVVRD SDVVR%DUXHUL630DQROHS &(80DULD'R&R]LQKDQDWXUDOGRGLDDGLD HG6mR3DXOR6(1$&S WH[ &+((6(VXPSWXRXVFKHHVHUHFLSHVIRUDOO RFFDVLRQV$XVWUDOLD/RYH)RRGS WH[ &+()SURILVVLRQDOHG6mR3DXOR636(1$& S WH[ &+()6WpFQLFDVHHTXLSDPHQWRV6mR3DXOR63 0HOKRUDPHQWRVS WH[ &KLFR-XQLRU5RWHLURVGRVDERUGRHVWDGRGR5LR GH-DQHLURWXULVPRJDVWURQ{PLFR5LRGH -DQHLUR5-6HQDF5LRS WH[ &25'21%/(8&22.(5<6&+22/5HFHLWDV FDVHLUDVIUDQFHVD>6O@+)8OOPDQQF S/H&RUGRQ%OHX5HFHLWDVFDVHLUDV WH[ &25'21%/(8&22.(5<6&+22/5HFHLWDV FDVHLUDVOHJXPHV>6O@+)8OOPDQQF S WH[ &25'21%/(8&22.(5<6&+22/5HFHLWDV FDVHLUDVPROKRV>6O@+)8OOPDQQF S/H&RUGRQ%OHX5HFHLWDVFDVHLUDV WH[ &2;(GLWK0)5$1&,6&KHU\O(6DERUHVGD FR]LQKDVDXGiYHO6mR3DXOR63 0HOKRUDPHQWRVS WH[ &2;-HII02,1(0DULH3LHUUH(UYDVFXOLQiULDV WH[ FRPRFXOWLYDUFXLGDUHDUPD]HQDUHUYDVDURPiWLFDVH XViODVQDFR]LQKDSDUDGDUPDLVVDERUDRVDOLPHQWRV 6mR3DXOR633XEOLIROKDS )(51$1'(6&DORFD9LDJHPJDVWURQ{PLFD DWUDYpVGR%UDVLOHG6mR3DXOR6HQDF6mR 3DXORFS WH[ WH[ ),/,33(//,0DULQD&R]LQKDLWDOLDQD6mR 3DXOR630DUFR=HURS WH[ )216(&$0DUFHOR7UDOGL7HFQRORJLDVJHUHQFLDLV GHUHVWDXUDQWHVHG6mR3DXOR636(1$& S WH[ )5$1&(&KULVWLQH2OLYURGHILQLWLYRGHGLFDVH VXJHVW}HVGHFXOLQiULD6mR3DXOR630DUFR =HURS WH[ )5(('0$13DXO2UJ+LVWyULDGRVDERU 6mR3DXOR6HQDF6mR3DXORFS WH[ )8.82.$<DVXNR&R]LQKDMDSRQHVD6mR 3DXOR630DUFR=HURS WH[ *5$1$72$OLFH6DERUGR%UDVLO5LRGH -DQHLUR5-6H[WDQWHS WH[ WH[ .1,*+7-RKQ%.276&+(9$5/HQGDO+ *HVWmRSODQHMDPHQWRHRSHUDomRGHUHVWDXUDQWHV HG6mR3DXOR635RFDS .85/$16.<0DUN9,(,5$6LOYDQD6DOXPD KLVWyULDGRPXQGR6mR3DXOR636HQDF6mR 3DXORS WH[ /2'<5DXO%UDVLOERPGHERFDWHPDVGD DQWURSRORJLDGDDOLPHQWDomR6mR3DXOR636HQDF 6mR3DXORS WH[ 0$*1,(5025(120DULDQQH&RQIHLWDULD 6mR3DXOR63/DURXVVHS WH[ 0$5&+(6,*XDOWLHUR$PHVDSRVWDKLVWyULD HVWpWLFDGDFR]LQKD6mR3DXOR636(1$& S WH[ 0$==(,&HOLD0$==(,&HOPD'RMHLWLQKRGH 0LQDVFXOLQiULDUHJLRQDO6mR3DXOR636HQDF 6mR3DXORS WH[ 0&*((+DUROG&RPLGDHFR]LQKDFLrQFLDH FXOWXUDGDFXOLQiULD6mR3DXOR63:0)0DUWLQV )RQWHVS WH[ 0(1(*$/($OH[DQGUH&DUSHGLHPEDQTXHWH GHDURPDHWHPSHURV%UDVtOLD')6HQDF'LVWULWR )HGHUDOS WH[ 0217$1$5,0DVVLPR2UJDQL]DomR2PXQGR QDFR]LQKDKLVWyULDLGHQWLGDGHWURFDV6mR 3DXOR636(1$&S WH[ 0217(%(//21DQF\GH3LOOD&2//$d2-DQLQH WH[ +HOIVW/LHFKW2UJDQL]DomR*DVWURQRPLDFRUWHV UHFRUWHV%UDVtOLD')6(1$&Y 025$(60DUWD&RRUGHQDomR6DERUXQLYHUVDO WH[ %UDVtOLD')6HQDF'LVWULWR)HGHUDOS 1$6&,0(1721(72)pQHORQGR&RRUGHQDomR WH[ 5RWHLURSDUDHODERUDomRGHPDQXDOGHERDV SUiWLFDVGHIDEULFDomR%3)HPUHVWDXUDQWHV HG6mR3DXOR636(1$&S 6$1726$QWRQLR0DODTXLDVGRV*20(6)iELR GH)UHLWDV%$55(725RQDOGR/RSHV3RQWHV 2UJ*DVWURQRPLDKLVWyULDGRVKRWpLVHVFROD 6HQDF6mR3DXOR6mR3DXOR6HQDF6mR3DXOR FS WH[ WH[ 6$1726$QWRQLR0DODTXLDVGRV*20(6)iELR GH)UHLWDV%$55(725RQDOGR/RSHV3RQWHV 2UJ*DVWURQRPLDKLVWyULDGRVKRWpLVHVFROD 6HQDF6mR3DXORHG6mR3DXOR6HQDF6mR3DXOR FS 6(%(660DULDQD,167,7872 ,17(51$&,21$/'($57(6&8/,1È5,$6 0$86,6(%(66$5*(17,1$7pFQLFDVGH FRQIHLWDULDSURILVVLRQDOHG6mR3DXOR63 6(1$&S WH[ WH[ 6(%(660DULDQD7pFQLFDVGHFR]LQKD SURILVVLRQDOHG6mR3DXOR636(1$& S 6(%(663DXOR7pFQLFDVGHSDGDULDSURILVVLRQDOWH[ 5LRGH-DQHLUR5-6(1$&S 6(*5('26GHFKHIVDVPHOKRUHVWpFQLFDVGRV PHVWUHVGDJDVWURQRPLDDWXDO6mR3DXOR63 3XEOLIROKDS 6(1$&'HSDUWDPHQWR1DFLRQDO6DERUHVFRUHV GDV0LQDV*HUDLVDFXOLQiULDPLQHLUDQR+RWHO 6HQDF*URJRWyHG5LRGH-DQHLUR6HQDF 1DFLRQDOF WH[ WH[ 1250$1-LOO2UJDQL]DGRU&KHIVVHJUHGRVH UHFHLWDV6mR3DXOR630HOKRUDPHQWRV S WH[ 181(60DULD/~FLD&OHPHQWLQR181(60iUFLD &OHPHQWLQR+LVWyULDGDDUWHGDFR]LQKDPLQHLUD SRU'RQD/XFLQKDHG6mR3DXOR63 /DURXVVHS WH[ 3$&+(&2$ULVWLGHVGH2OLYHLUD0DQXDOGH VHUYLoRGRJDUoRPHG6mR3DXOR63 6(1$&S WH[ 6,021)UDQoRLV3DUDRQGHIRUDPRVFKHIV"ILP WH[ GHXPDJDVWURQRPLDIUDQFHVD6mR3DXOR6HQDF 6mR3DXORS 5(&(,7$6FDVHLUDVEDWDWDV&KLQD+) 8OOPDQQ&ROHomR/H&RUGRQ%OHX WH[ WH[ 6:((76(5:HQG\FRTXHWpLVDVPDLV LQFUtYHLVUHFHLWDVHPXP~QLFROLYUR6mR3DXOR63 0DUFR=HURS 52'5,*8(6'RPLQJRV$UWHGHFR]LQKDU WH[ 5LRGH-DQHLUR5-6HQDF5LRFS 526(1%/800RUW&KRFRODWHXPDVDJD DJULGRFHSUHWDHEUDQFD5LRGH-DQHLUR5-5RFFR S WH[ 58+/0$10LFKDHO$DOPDGHXPFKHIYLDJHP SDUDDSHUIHLomR6mR3DXOR636HQDF6mR3DXOR S WH[ 6$17$0$5,$6DQWL$FR]LQKDDQXXPDYLVmR UHQRYDGRUDGRPXQGRGDJDVWURQRPLD6mR3DXOR 6HQDF6mR3DXORFS WH[ 6,/9$6DQGUD0DULD&KHPLQ6HDEUDGD&DUGiSLR WH[ JXLDSUiWLFRSDUDDHODERUDomRHG6mR3DXOR 635RFDFS 7e&1,&$6FXOLQiULDVHVVHQFLDLV6mR3DXOR63 0DUFR=HURS WH[ 7(,&+0$11,RQH0HQGHV7HFQRORJLDFXOLQiULD WH[ >HG@&D[LDVGR6XO56('8&6S 7(,&+0$11,RQH70HQGHV&DUGiSLRV WpFQLFDVHFULDWLYLGDGHHGUHYHDPSO&D[LDV GR6XO56('8&6S&ROHomR +RWHODULD WH[ 7+,6+HUYH+HUDQoDFXOLQiULDHDVEDVHVGD JDVWURQRPLDPROHFXODU6mR3DXOR636(1$& S WH[ WH[ ,8'Ë&,%866pUJLRGH7HRULDGDFRQWDELOLGDGH WH[ HG 6mR3DXOR$WODVS WH[ 75()=(55XGROI&OiVVLFRVGDOLWHUDWXUD FXOLQiULDRVPDLVLPSRUWDQWHVOLYURVGDKLVWyULDGD JDVWURQRPLD6mR3DXOR636(1$&S 0$5,21-RVp&DUORV&RQWDELOLGDGHHPSUHVDULDO WH[ DFRQWDELOLGDGHFRPRLQVWUXPHQWRGHDQiOLVH JHUrQFLDHGHFLVmRHG6mR3DXOR$WODV S WH[ 9$6&21&(//26)UHGHULFR&$9$/&$17, (XGHPDU%$5%26$/RXUGHV0HQXFRPR PRQWDUXPFDUGiSLRHILFLHQWH6mR3DXOR635RFD S 0$57,16(OLVHX52&+$:HOLQJWRQ &RQWDELOLGDGHGHFXVWRVOLYURGHH[HUFtFLRV HG6mR3DXOR$WODVS 7257$6UHFHLWDVGRFHVHVDOJDGDV%DUXHUL63 0DQROHS :$5(,1*0DUFXVHWDO)DFDVHFRUWHVWpFQLFDV SDUDFRUWDUWULQFDUSLFDUHILOHWDUOHJXPHVSHL[HV FDUQHVHIUXWDV6mR3DXOR633XEOLIROKD S WH[ :(5/(/RXNLH,QJUHGLHQWHV$OHPDQKD+) 8OOPDQQFS WH[ :+,11<+HDWKHU2UJDQL]DomR&XOLQiULD H[SUHVVD6mR3DXOR633XEOLIROKD WH[ :5,*+7-HQL75(8,//((ULF/H&RUGRQ%OHX WH[ WRGDVDVWpFQLFDVFXOLQiULDVUHLPSU>6O@ 0DUFR=HURFS &ODVVH&217$%,/,'$'( $/0(,'$0DUFHOR&DYDOFDQWL$XGLWRULDXP FXUVRPRGHUQRHFRPSOHWRWH[WRVH[HPSORVH H[HUFtFLRVUHVROYLGRVHG6mR3DXOR$WODV S WH[ WH[ &+$1%HWW\/LOLDQ)XQGDQGDPHQWRGD SUHYLGrQFLDFRPSOHPHQWDUGDDWXiULDj FRQWDELOLGDGHHG6mR3DXOR$WODVS )$%5(77,/iXGLR&DPDUJR&RQWDELOLGDGH WULEXWiULDHG6mR3DXOR$WODVS WH[ )(55(,5$$UDFpOL&ULVWLQDGH6RXVD6,48(,5$ -RVp5LFDUGR0DLDGH*20(60{QLFD=DLGDQ 2UJ&RQWDELOLGDGHDPELHQWDOHUHODWyULRV VRFLDLVHG6mR3DXOR$WODVS WH[ +(51$1'(=3(5(=-81,25-RVp2/,9(,5$ /XtV0DUWLQVGH&RQWDELOLGDGHDYDQoDGDWH[WRH WHVWHVFRPDVUHVSRVWDVHG6mR3DXOR$WODV S WH[ ,8'Ë&,%866pUJLRGHHWDO0DQXDOGH FRQWDELOLGDGHVRFLHWiULDDSOLFiYHODWRGDVDV VRFLHGDGHV6mR3DXOR$WODV[[YLS WH[ ,8'Ë&,%866pUJLRGH$QiOLVHGHEDODQoRVD DQiOLVHGHOLTXLGH]HGRHQGLYLGDPHQWRDDQiOLVHGR JLURHGUHLPSU6mR3DXOR$WODV S WH[ WH[ WH[ 3$'29(=(&OyYLV/XtV0DQXDOGH FRQWDELOLGDGHEiVLFDFRQWDELOLGDGHLQWURGXWyULDH LQWHUPHGLiULDWH[WRVHH[HUFtFLRVHGUHLPSU 6mR3DXOR$WODVS 6$1726$ULRYDOGRGRV*289(,$)HUQDQGR +HQULTXH&kPDUD9,(,5$3DWUtFLDGRV6DQWRV &RQWDELOLGDGHGDVVRFLHGDGHVFRRSHUDWLYDV DVSHFWRVJHUDLVHSUHVWDomRGHFRQWDV6mR3DXOR 63$WODVS WH[ WH[ 6$1726-RVp/XL]GRV6&+0,'73DXOR &RQWDELOLGDGHVRFLHWiULDHG6mR3DXOR$WODV S WH[ 6$1726-RVp/XL]GRV6&+0,'73DXOR )(51$1'(6/XFLDQH$OYHV&RQWDELOLGDGH DYDQoDGDDVSHFWRVVRFLHWiULRVHWULEXWiULRVHG 6mR3DXOR$WODVS 6,/9$/LQR0DUWLQVGD&RQWDELOLGDGH JRYHUQDPHQWDOXPHQIRTXHDGPLQLVWUDWLYRGD QRYDFRQWDELOLGDGHS~EOLFDHG6mR3DXOR$WODV S WH[ &ODVVH25*$1,=$d2($'0,1,675$d2'( (035(6$6,1'Ò675,$6(&20e5&,2 WH[ %$/'$05RTXHPDUGH/LPD(WDO *HUHQFLDPHQWRGHSURFHVVRVGHQHJyFLRV%30 %XVLQHVV3URFHVV0DQDJHPHQWHGUHLPSU 6mR3DXOR63eULFDS %$5%26$),/+2$QWRQLR1XQHV6HJXUDQoDGR WUDEDOKRJHVWmRDPELHQWDOHG6mR3DXOR $WODVS WH[ %(.,16DXO)DLQJDXV(QGRPDUNHWLQJFRPR SUDWLFiORFRPVXFHVVRUHLPSU6mR3DXOR63 3HDUVRQ3UHQWLFH+DOOS WH[ %/(66$5HJLQD0HUFKDQGLVLQJQRSRQWRGH YHQGDHG6mR3DXOR$WODVS WH[ &+,$9(1$72,GDOEHUWR(PSUHHQGHGRULVPR GDQGRDVDVDRHVStULWRHPSUHHQGHGRUHG6mR 3DXOR0DQROHHGS WH[ '58&.(53HWHU)HUGLQDQG,QWURGXomRj DGPLQLVWUDomR6mR3DXOR&HQJDJH/HDUQLQJ >@S WH[ )$/=213LHUUH(G(UJRQRPLD6mR3DXOR 63%OXFKHU[[LS WH[ *5,17.HLWK6RFLRORJLDGRWUDEDOKR/LVERD 3LDJHWS WH[ -(6721-RKQ1(/,6-RKDQ%XVLQHVVSURFHVV PDQDJHPHQWSUDFWLFDOJXLGHOLQHVWRVXFFHVVIXO LPSOHPHQWDWLRQVQGHG(VWDGRV8QLGRV (OVHUYLHU3XEOLVKLQJ&RPSDQ\FS WH[ /$8'21.HQQHWK&/$8'21-DQH36LVWHPDV GHLQIRUPDomRJHUHQFLDLVHG6mR3DXOR 3HDUVRQ3UHQWLFH+DOOS WH[ /,'$,WLUR(UJRQRPLDSURMHWRHSURGXomR HGUHLPSU6mR3DXOR(%OFKHUS WH[ WH[ 0$7$5$==2'DQWH&3(67$1$$UPDQGR 2OLYHLUD$QiOLVHILQDQFHLUDGHEDODQoRV DERUGDJHPJHUHQFLDOGHDFRUGRFRPDV/HLVQ (HG6mR3DXOR$WODV SFP 026(5)UDQFLVFR0DQXDOGHJHVWmRGH DOLPHQWDomRHEHELGDVHG3RUWXJDO&(723 S WH[ 2 %5,(1-DPHV$6LVWHPDVGHLQIRUPDomRHDV GHFLV}HVJHUHQFLDLVQDHUDGDLQWHUQHWHG WLUDJHP6mR3DXOR6DUDLYD6LFLOLDQR6$ S WH[ 260XPDYLVmRFRQWHPSRUkQHDRUJDQL]DomR VLVWHPDVHPpWRGRV6mR3DXOR633HDUVRQ 3UHQWLFH+DOOS WH[ 352-(&70$1$*(0(17,167,787( 8PJXLD GRFRQKHFLPHQWRHPJHUHQFLDPHQWRGHSURMHWRV JXLD30%2.HG1HZWRZQ6TXDUH30,%RRN 6HUYLFH&HQWHUFS WH[ 9$5*$65LFDUGR2VPHLRVMXVWLILFDPRVILQV JHVWmREDVHDGDHPYDORUHVGDpWLFDLQGLYLGXDOj pWLFDHPSUHVDULDO6mR3DXOR633HDUVRQ3UHQWLFH +DOOS WH[ &ODVVH38%/,&,'$'((3523$*$1'$ 6$17$(//$/~FLD1g7+:LQIULHG(VWUDWpJLDV WH[ VHPLyWLFDVGDSXEOLFLGDGH6mR3DXOR63 &HQJDJH/HDUQLQJS &ODVVH7(&12/2*,$48Ë0,&$,1'Ò675,$6 48Ë0,&$6($),16 WH[ $5$Ò-2:LOPD0&2UJDQL]DGRUD$OTXLPLD GRVDOLPHQWRVHG%UDVtOLD')6(1$& S6pULH$OLPHQWRVH%HELGDVY $662&,$7,21'(/$6200(//(5,( ,17(51$7,21$/(6RPPHOLHUSURILVVmRGR IXWXURWpFQLFDVSDUDIRUPDomRSURILVVLRQDOHG 5LRGH-DQHLUR5-6(1$&S WH[ %($720DQRHO*XLDGHYLQKRVHG6mR 3DXOR63/DURXVVHS WH[ %,5'5%\URQ67(:$57:DUUHQ( /,*+7)227(GZLQ1)HQ{PHQRVGH WUDQVSRUWHVHG5LRGH-DQHLUR/LYURV 7pFQLFRVH&LHQWtILFRVS WH[ 3$&+(&2$ULVWLGHVGH2OLYHLUD,QLFLDomRj HQRORJLDHG6mR3DXOR6(1$&S WH[ 3+,//,365RG8PDEUHYHKLVWyULDGRYLQKR WH[ HG5LRGH-DQHLUR5-5HFRUGS 6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[ RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV ULVFRVDPELHQWDLVHG6mR3DXOR/75 S WH[ 3,172'DQLHO0DQXDOGLGiWLFRGRYLQKR LQLFLDomRjHQRORJLDHGUHYHDWXDO6mR3DXOR 63$QKHPEL0RUXPELS &ODVVH,1'Ò675,$'$&216758d2 %27(/+20DQRHO+HQULTXH&DPSRV5,%(,52 -5*HUDOGRGH$QGUDGH,QVWDODo}HVKLGUiXOLFDV SUHGLDLVXVDQGRWXERVGH39&H335HG6mR 3DXOR(%OFKHUS WH[ 7$9$5(6-RVpGD&XQKD1Ro}HVGHSUHYHQomRH FRQWUROHGHSHUGDVHPVHJXUDQoDGRWUDEDOKR HG6mR3DXOR6(1$&S WH[ 0(/29DQGHUOH\GH2OLYHLUD$=(9('21(772 WH[ -RVp0DUWLQLDQRGH,QVWDODo}HVSUHGLDLV KLGUiXOLFRVDQLWiULDVUHLPSU6mR3DXOR( %OFKHU 785%$1(IUDLP,QWURGXomRDVLVWHPDVGH LQIRUPDomRXPDDERUGDJHPJHUHQFLDO6mR 3DXORS WH[ 02/,7(512$QWRQLR&DGHUQRVGHSURMHWRVGH WHOKDGRVHPHVWUXWXUDVGHPDGHLUDHG6mR 3DXOR(%OFKHUS &ODVVH$57(6 $5*$1*LXOLR&DUOR$UWH0RGHUQDGR ,OXPLQLVPR$RV0RYLPHQWRV&RQWHPSRUDQHRV HG6mR3DXOR&RPSDQKLDGDV/HWUDVS WH[ WH[ %(5(1621%HUQDUG(VWpWLFDHKLVWyULDHG WH[ 6mR3DXOR633HUVSHFWLYDS&ROHomR 'HEDWHV &ODVVH'(6,*1'(6(1+2,1'8675,$/ $0%526(*DYLQ*ULGVVPHVWUXWXUDRX SDGUmRGHOLQKDVXVDQGRSDUDRULHQWDUR SRVLFLRQDPHQWRGRVHOHPHQWRVGHXPGHVLJQ3RUWR $OHJUH%RRNPDQS WH[ &5,$d2YLVXDOHPXOWLPtGLD6mR3DXOR &HQJDJH/HDUQLQJ[LS WH[ )$:&(777$1*5RJHU&RPSLODGRU2OLYURHR WH[ GHVLJQHU,HPEDODJHPQDYHJDomRHVWUXWXUDH HVSHFLILFDomR6mR3DXOR5RVDUL>@Y )8(17(65RGROIR$SUiWLFDGRGHVLJQJUiILFR WH[ XPDPHWRGRORJLDFULDWLYD6mR3DXOR5RVDUL S&ROHomR)XQGDPHQWRVGR'HVLJQ WH[ *2')5(<-DVRQ'LVHxRGHFDWiORJRV\IROOHWRV WH[ %DUFHORQD**LOOL9 $0%526(*DYLQ+$55,63DXO)XQGDPHQWRV GHGHVLJQFULDWLYR3RUWR$OHJUH56%RRNPDQ S WH[ WH[ +(//(56WHYHQ/LQJXDJHQVGRGHVLJQ FRPSUHHQGHQGRRGHVLJQJUiILFR>HG@6mR 3DXOR5RVDUL>@S&ROHomR)XQGDPHQWRV GR'HVLJQ $0%526(*DYLQ+$55,63DXOLPSUHVVmRH DFDEDPHQWRYDomRGHSURGX]LUXPPDWHULDO LPSUHVVRYFRPSOHWDUDFULDomRRXGHFRUDomRGR PDWHULDOLPSUHVVR3RUWR$OHJUH%RRNPDQ S'HVLJQ%iVLFR WH[ $0%526(*DYLQ+$55,63DXO'LFLRQiULR YLVXDOGHGHVLJQJUiILFR3RUWR$OHJUH56 %RRNPDQS $0%526(*DYLQ+$55,63DXO/D\RXWVP WH[ XPDUUDQMRGHSDUWHVHWFGHDFRUGRFRPXPSODQR 3RUWR$OHJUH%RRNPDQS'HVLJQ%iVLFR $5$Ò-2(PDQXHO$FRQVWUXomRGROLYURHG WH[ 5LRGH-DQHLUR/H[LNRQ>@S -8/,È1)HUQDQGR$/%$55$&Ë1-HV~V'HVHQKR WH[ SDUDGHVLJQHUVLQGXVWULDLVDXODGHGHVHQKR SURILVVLRQDO/LVERD(VWDPSDS WH[ .,0%$//5DOSK&$6(57$-RH7KHGDWD ZDUHKRXVHHWOWRRONLWSUDFWLFDOWHFKQLTXHVIRU H[WUDFWLQJFOHDQLQJFRQIRUPLQJDQGGHOLYHULQJGDWD (VWDGRV8QLGRV:LOH\FS .29$'/2))+XJR5RWHLURGHXPDYLGDQR GHVLJQ6mR3DXOR5RVDULS 7H[WRV'HVLJQ WH[ %$11'DYLG1RYRPDQXDOGHSURGXomRJUiILFD 3RUWR$OHJUH%RRNPDQS WH[ /(,7(5LFDUGR9HUpFRPSUHHQGHUGHVLJQFRPR WH[ IHUUDPHQWDHVWUDWpJLFDGHQHJyFLRHG5LRGH -DQHLUR5-6(1$&S %$5%$5È6DXOR)5(,7$66\GQH\2UJ 'HVLJQJHVWmRPpWRGRVSURMHWRVSURFHVVRV5LR GH-DQHLUR&LrQFLD0RGHUQDS WH[ 0$621'DQLHO0DWHULDOHV\SURFHVRVGH LPSUHVLyQ%DUFHORQD**S WH[ 0(675,1(5)DELR*HVWmRHVWUDWUpJLFDGH HPEDODJHPXPDIHUUDPHQWDGHFRPSHWLWLYLGDGH SDUDVXDHPSUHVD6mR3DXOR3HDUVRQ3UHQWLFH +DOO[YLLLS WH[ %$5%(526LOYLD&2==2%UXQHOOD(FRGHVLJQ WH[ %DUFHORQD+)8OOPDQQS %(5*675g0%R)XQGDPHQWRVGDFRPXQLFDomR YLVXDO6mR3DXOR5RVDULS WH[ %,(5870LFKDHO2UJHWDO7H[WRVFOiVVLFRVGR GHVLJQJUiILFR6mR3DXOR:0)0DUWLQV)RQWHV [L[S WH[ 1(80(,(50DUW\$HPSUHVDRULHQWDGDSHOR GHVLJQ3RUWR$OHJUH%RRNPDQS &$/9(5*LOHV2TXHpGHVLJQGHHPEDODJHQV" WH[ 3RUWR$OHJUH%RRNPDQ &$5'2625DIDHO2GHVLJQEUDVLOHLURDQWHVGR GHVLJQDVSHFWRVGDKLVWyULDJUiILFD 6mR3DXOR&RVDF1DLI\S WH[ 1(*52&HOVR&$0$5*2(OHLGD'HVLJQGH HPEDODJHPGRPDUNHWLQJjSURGXomR6mR3DXOR 1RYDWHFS WH[ &/$,5.DWH0DQXDOGHWLSRJUDILDDKLVWyULDD WH[ WpFQLFDHDDUWHHG3RUWR$OHJUH56%RRNPDQ S WH[ 1,(0(<(5/XF\7LSRJUDILDXPDDSUHVHQWDomR WH[ HGUHLPSU 7HUHVySROLV5-$%S &ROHomR%DVH'HVLJQ 2/,9(,5$,HGDGH2UJ2TXHpTXDOLGDGHHP LOXVWUDomRQROLYURLQIDQWLOHMXYHQLOFRPD SDODYUDRLOXVWUDGRU6mR3DXOR'LIXVmR&XOWXUDO GR/LYURS WH[ 3+,//,363HWHU/%ULHILQJDJHVWmRGRSURMHWR GHGHVLJQ6mR3DXOR%OXFKHU[[LLS WH[ 32<1255LFN$EDL[RDVUHJUDVGHVLJQJUiILFR WH[ HSyVPRGHUQLVPR3RUWR$OHJUH56%RRNPDQ S 5$,0(6-RQDWKDQ%+$6.$5$1/DNVKPL 'HVLJQUHWU{DQRGHGHVLJQJUiILFR6mR 3DXOR6HQDF6mR3DXORS WH[ &$59$/+2%HQMDPLQGH$UD~MR'HVHQKR JHRPpWULFRHGLPSU5LRGH-DQHLUR ,PSHULDO1RYR0LOrQLRS WH[ '(5'<.(GLWK2UJDQL]DGRUD'LVHJQRGHVHQKR WH[ GHVtJQLRHG6mR3DXOR636(1$& S WH[ 52'5,*8(6'HODQR1DPLQJRQRPHGDPDUFD WH[ 5LRGH-DQHLUR5-$%S *20(6/XL]9LGDO1HJUHLURV67(,1(5$QD $PpOLD2UJDQL]DGRUD'HEX[R6DQWD0DULD 568)60>@S 6$/7=,QD'HVLJQHWLSRJUDILDIXQGDPHQWRV WH[ GRGHVLJQFRPWLSRV6mR3DXOR%OXFKHU S 0$57Ë152,**DEULHO)XQGDPHQWRVGRGHVHQKR WH[ DUWtVWLFRDXODGHGHVHQKR6mR3DXOR0DUWLQV )RQWHVS 6$0$5$7LPRWK\(OHPHQWRVGRGHVLJQJXLDGH WH[ HVWLORJUiILFR3RUWR$OHJUH%RRNPDQ S 6&+1(,'(5:LOKHOP'HVHQKRWpFQLFR LQGXVWULDOLQWURGXomRGRVIXQGDPHQWRVGHGHVHQKR WpFQLFRLQGXVWULDO>6O@+(086FS 6$0$5$7LPRWK\(YROXomRGRGHVLJQGDWHRULD WH[ jSUiWLFD3RUWR$OHJUH%RRNPDQS 6$17$526$-RVp*XLOKHUPH025$(6 $QDPDULDGH$YDOLDomRHSURMHWRQRGHVLJQGH LQWHUIDFHV5LRGH-DQHLUR$%FS WH[ 6&+1(,'(5%HDW'HVLJQXPDLQWURGXomRR GHVLJQQRFRQWH[WRVRFLDOFXOWXUDOHHFRQ{PLFR 6mR3DXOR63%OXFKHUFS WH[ 6(''217RQ\,PDJHQVXPIOX[RGHWUDEDOKR GLJLWDOFULDWLYRSDUDGHVLJQHUVJUiILFRV3RUWR $OHJUH%RRNPDQS WH[ 6+$8*+1(66<$GULDQ&RPRVHUXPGHVLJQHU JUiILFRVHPYHQGHUVXDDOPD6mR3DXOR63 6(1$&6mR3DXORS WH[ 9,//$6%2$6$QGUp3URGXomRJUiILFDSDUD GHVLJQHUVHGUHYDWXDOHDPSOUHLPSU 7HUHVySROLV5-$%S6pULH2ILFLQD WH[ :+((/(5$OLQD'HVLQJGHLGHQWLGDGHGDPDUFD WH[ XPJXLDFRPSOHWRSDUDDFULDomRFRQVWUXomRH PDQXWHQomRGHPDUFDVIRUWHVHG3RUWR$OHJUH 56%RRNPDQS =((*(1/DZUHQFH)XQGDPHQWRVGHLOXVWUDomR WH[ 3RUWR$OHJUH%RRNPDQS &ODVVH$548,7(785$ %(//(,,OGRQ\+HOLR(GLILFLRVLQG~VWULDLVHP DoRSURMHWRHFiOFXORHG6mR3DXOR3LQL S WH[ &ODVVH)272*5$),$ *5(<&KULVWRSKHU,OXPLQDomRHPHVW~GLR WpFQLFDVHWUXTXHVSDUDIRWyJUDIRVGLJLWDLV &DPERUL~6&3KRWRVFS 2/,9(53DXOR$VSHFWRVMXUtGLFRVGLUHLWR DXWRUDOIRWRJUDILDHLPDJHP6mR3DXOR/HWUDV /HWUDVS &ODVVH&,1(0$),/0(6 &,1(0$72*5È),&26 %$5%26$$QGUpD&81+$(GJDU7HRGRURGD $QWURSRORJLDHLPDJHP5LRGH-DQHLUR- =DKDUFP &ODVVH('8&$d2)Ë6,&$((63257(6 &$55(,52(GXDUGR$XJXVWR&RRUGHQDomR *HVWmRGDHGXFDomRItVLFDHHVSRUWH5LRGH -DQHLUR5-*XDQDEDUD.RRJDQS (GXFDomR)tVLFDQR(QVLQR6XSHULRU WH[ WH[ WH[ WH[ WH[ &$67(//$1,),/+2/LQR&$67(//$1,5DIDHO WH[ 0RUHQR2VMRJRVGHPLQKDHVFROD&DPSLQDV 63$XWRUHV$VVRFLDGRVS &21)('(5$d2%5$6,/(,5$'( $7/(7,602$WOHWLVPRUHJUDVRILFLDLVGH FRPSHWLomR6mR3DXOR633KRUWH S WH[ WH[ &255(,$0DUFRV0LUDQGD7UDEDOKDQGRFRP MRJRVFRRSHUDWLYRVHPEXVFDGHQRYRVSDUDGLJPDV QDHGXFDomRItVLFDHG&DPSLQDV633DSLUXV S&ROHomR3DSLUXV(GXFDomR &ODVVH'(6(1+2'(6(1+2$57Ë67,&2$57(( 2)Ë&,26$3/,&$'26 &81+$6HUJLR$XJXVWR(WDO)XWHERO DVSHFWRVPXOWLGLVFLSOLQDUHVSDUDRHQVLQRH WUHLQDPHQWR5LRGH-DQHLUR5-*XDQDEDUD .RRJDQS(GXFDomR)tVLFDQR(QVLQR 6XSHULRU WH[ :,/025(-DFN+&267,//'DYLG/ .(11(<:/DUU\)LVLRORJLDGRHVSRUWHHGR H[HUFtFLRHG%DUXHUL630DQROH S WH[ WH[ '$2/,2-RFLPDU&RRUGHQDGRU(GXFDomRItVLFD HVFRODUROKDUHVDSDUWLUGDFXOWXUD&DPSLQDV63 $XWRUHV$VVRFLDGRVS&ROHomR (GXFDomR)tVLFDH(VSRUWHV &ODVVH(63257(6$48È7,&26($e5(26 WH[ $63(&726ILVLROyJLFRVHWpFQLFRVGDQDWDomR 5LRGH-DQHLUR5-*XDQDEDUD.RRJDQS (GXFDomR)tVLFDQR(QVLQR6XSHULRU WH[ '$5,'26XUD\D&ULVWLQD5$1*(/,UHQH &RQFHLomR$QGUDGH&RRUGHQDomR(GXFDomRItVLFD QDHVFRODLPSOLFDo}HVSDUDDSUiWLFDSHGDJyJLFD 5LRGH-DQHLUR5-*XDQDEDUD.RRJDQS (GXFDomR)tVLFDQR(QVLQR6XSHULRU &ODVVH/,1*hË67,&$ )2851,(5,VDEHOOH$SUHQGDDIDODUIUDQFrVR FXUVRLGHDOSDUDYRFrGRPLQDURLQGLRPD6mR 3DXOR633XEOLIROKDS WH[ ',021-81,257KHRGRUH$QDWRPLDGRFRUSR HPPRYLPHQWRRVVRVP~VFXORVHDUWLFXODo}HV HG%DUXHUL630DQROHS WH[ )5$1&Ç6SDUDRGLDDGLDOHIUDQFDLVGHWRXVOHV MRXUV6mR3DXOR630DUWLQV)RQWHVS WH[ )(51$1'(6-RVp/XtV$WOHWLVPRFRUULGDV HGUHYUHLPSU6mR3DXOR(38S WH[ 3(,5&(&KDUOHV6DQGHUV6HPLyWLFDHG6mR 3DXOR3HUVSHFWLYDS&ROHomR(VWXGRV WH[ WH[ )(51$1'(6-RVp/XtV$WOHWLVPRODQoDPHQWRV HDUUHPHVVRVHGUHY6mR3DXOR(38 S )(51$1'(6-RVp/XtV$WOHWLVPRRVVDOWRV WpFQLFDLQLFLDomRWUHLQDPHQWRHGUHLPSU 6mR3DXOR(38S WH[ )(55(,5$$OXLVLR(OLDV;DYLHU526(-Ò1,25 'DQWHGH%DVTXHWHEROWpFQLFDVHWiWLFDVXPD DERUGDJHPGLGiWLFRSHGDJyJLFDHGDPSOH DWXDO6mR3DXOR(38S WH[ 0$12&&+,$3DW$QDWRPLDGRH[HUFtFLR %DUXHUL630DQROHS WH[ 0&$5'/(:LOOLDP'.$7&+)UDQN, .$7&+9LFWRU/1XWULomRSDUDRGHVSRUWRHR H[HUFtFLRHG5LRGH-DQHLUR5-*XDQDEDUD .RRJDQFS WH[ 025(,5$:DJQHU:H\6,0®(65HJLQD 0$57,16,GD&DUQHLUR$XODVGHHGXFDomRItVLFD QRHQVLQRPpGLRHG&DPSLQDV633DSLUXV S&ROHomR3DSLUXV(GXFDomR WH[ 5$$/7(-XG\/9DQ3VLFRORJLDGRHVSRUWH HG6mR3DXOR636DQWRVS 48$'5265RQLFH0OOHUGH.$51233/RGHQLU WH[ %HFNHU/tQJXDGHVLQDLVEUDVLOHLUDHVWXGRV OLQJtVWLFRVUHLPSU3RUWR$OHJUH$570(' S &ODVVH+,67Ï5,$ $5,Ê63KLOLSSH+LVWyULDVRFLDOGDFULDQoDHGD IDPtOLDHG5LRGH-DQHLUR5-/LYURV7pFQLFRV H&LHQWtILFRVS *,25'$1,0iULR&XUWLV+LVWyULDGDÈIULFD DQWHULRUDRVGHVFREULPHQWRVLGDGHPRGHUQD, HG3HWUySROLV5-9R]HVS WH[ WH[ 0212*5$),$6 &ODVVH',5(,72 $$d2SRSXODUFRPRIRUPDGHSURWHomRDRPHLR DPELHQWHI WH[ $'2d2SRUFDVDLVKRPRDIHWLYRVI WH[ $6&/È868/$6GHSHUPDQrQFLDQRFRQWUDWRGH WUDEDOKRI WH[ WH[ WH[ $66e',2PRUDOQDVUHODo}HVGHWUDEDOKR I WH[ 5$1*(/,UHQH&RQFHLomR$QGUDGH&RRUGHQDomR (GXFDomRItVLFDQDLQIkQFLD5LRGH-DQHLUR5- *XDQDEDUD.RRJDQS(GXFDomR)tVLFD QR(QVLQR6XSHULRU $66e',2PRUDOQDVUHODo}HVGHWUDEDOKRHVXDV FRQVHTXrQFLDVMXUtGLFDVI WH[ 5266(772-Ò1,25$GULDQR-RVp(WDO-RJRV HGXFDWLYRVHVWUXWXUDHRUJDQL]DomRGDSUiWLFD HG6mR3DXOR633KRUWHS WH[ &2/,62GHSULQFtSLRVIXQGDPHQWDLVHDVSURSRVWDV WH[ SDUDVXDVROXomRI &2175$72GHWUDEDOKRYLJrQFLDHILPGLYHUVRV WLSRVGHUHVFLVmRUHVLOLomRFRQWUDWXDOI WH[ ',5(,72GRQDVFLPHQWRSHUVRQDOLGDGHMXUtGLFD I WH[ ()(,726M~ULGLFRVQDXQLmRHVWiYHOI WH[ )5$1&Ç6JXLDGHFRQYHUVDomRSDUDYLDJHQV HVVHQFLDOSDUDYRFrVHFRPXQLFDUEHP6mR3DXOR 633XEOLIROKDS*XLDGH&RQYHUVDomR SDUDYLDJHQV WH[ /(02,1(&DUROLQHPLQXWRVIUDQFrVDSUHQGD RLGLRPDFRPDSHQDVPLQXWRVGHSUiWLFDGLiULD 6mR3DXOR633XEOLIROKDS WH[ (0%5,$*8(=DRYRODQWHFRPRDGYHQWRGD/(, I WH[ (67È*,2VHPYtQFXORHPSUHJDWtFLRRVULVFRVGD FULDomRGDUHODomRGHHPSUHJRI WH[ 2'(69,578$0(172GRFRQWUDWRGHHVWiJLR FRPRRFRQVHTXHQWHUHFRQKHFLPHQWRGRYtQFXOR HPSUHJDWLFLRHVHXHIHLWRQRVkPELWRVMXUtGLFRH VRFLDOI WH[ /,9526 2021,725$0(172GRHPDLOIXQFLRQDO I WH[ &ODVVH0(72'2/2*,$ 628=$)UDQFLVFRGDV&KDJDVGH(VFUHYHQGRH QRUPDOL]DQGRWUDEDOKRVDFDGrPLFRVXPJXLD PHWRGROyJLFR)ORULDQySROLV6&8)6& S6pULH'LGiWLFD %LEOLRWHFD(VWkQFLD&DPSXV(VWkQFLD WH[ 235,1&Ë3,2GDGLJQLGDGHGDSHVVRDKXPDQD FRPRIXQGDPHQWRGD5HS~EOLFD)HGHUDWLYDGR%UDVLO I 26',5(,726WUDEDOKLVWDVGDHPSUHJDGD GRPpVWLFDI WH[ 7(5&(5,=$d2QRVHUYLoRS~EOLFRHVHXV UHIOH[RVD[LROyJLFRVI WH[ &ODVVH36,&2/2*,$ $7.,16215LFKDUG&60,7+(GZDUG( $7.,16215LWD/,QWURGXomRjSVLFRORJLDGH +LOJDUGHG3RUWR$OHJUH56$570(' S (1&,&/23(',$ WH[ &ODVVH',5(,72 %(572/',0iUFLD5RGULJXHV6326$72.DU\QD %DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH 0*)RUXPS %5$6,/&RQVWLWXLomR&RQVWLWXLomRGD 5HS~EOLFD)HGHUDWLYDGR%UDVLOGHGH2XWXEUR GHHG6mR3DXOR$WODVS &ROHomRGH0DQXDLVGH/HJLVODomR$WODV ',&,21$5,2 &ODVVH(&2120,$'20e67,&$ +(/(1(+HOHQ'LFLRQiULRGHWHUPRVGH JDVWURQRPLDIUDQFrVSRUWXJXrVUHLPSU6mR 3DXOR63%RFFDWRS WH[ $/0$1$48(*8,$ &ODVVH/,1*hË67,&$ )5$1&Ç6JXLDGHFRQYHUVDomRSDUDYLDJHQV6mR WH[ 3DXOR633XEOLIROKDS*XLDGH &RQYHUVDomRSDUDYLDJHQV WH[ WH[ %5$*+,52//,(ODLQH0DULD(WDO3VLFRORJLD JHUDO>HG@3HWUySROLV5-9R]HV>@ S '$9,'2))/LQGD/,QWURGXomRjSVLFRORJLD HG6mR3DXOR0DNURQS &ODVVH(&2120,$'20e67,&$ %28e9LQFHQW(QFLFORSpGLDGDJDVWURQRPLD IUDQFHVD5LRGH-DQHLUR5-(GLRXUR S WH[ WH[ WH[ WH[ ,+(5,1*5XGROI9RQ$OXWDSHORGLUHLWRHG WH[ 6mR3DXOR5HYLVWDGRV7ULEXQDLVS57 7H[WRV)XQGDPHQWDLV 0$1863HGUR3DXOR7HL[HLUD520$5&DUOD 7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU HPYLJRUHG6mR3DXOR$WODVS WH[ 0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[ )OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR 3DXOR63/LYUDULD6DUDLYDS 5(%28d$6*DEULHOD0DLD7UDPDVHQWUH VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV S WH[ &ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/ WH[ &217$'25&ODXGLR5REHUWR3URMHWRVVRFLDLV DYDOLDomRHSUiWLFDHGUHLPSU6mR3DXOR $WODVS /86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV FDPSRQHVDV0DFHLy$/8)$/S WH[ &ODVVH('8&$d2 %,77(1&2857&LUFH0DULD)HUQDQGHV(QVLQRGH WH[ KLVWyULDIXQGDPHQWRVHPpWRGRVHG6mR 3DXOR&RUWH]S &855Ë&8/2SRGHUHOXWDVHGXFDFLRQDLVFRPD SDODYUDRVVXEDOWHUQRV3RUWR$OHJUH$570(' S WH[ WH[ *$1',1'DQLOR$SUiWLFDGRSODQHMDPHQWR SDUWLFLSDWLYRQDHGXFDomRHHPRXWUDVLQVWLWXLo}HV JUXSRVHPRYLPHQWRVGRVFDPSRVFXOWXUDOVRFLDO SROtWLFRUHOLJLRVRHJRYHUQDPHQWDO3HWUySROLV5- 9R]HVS WH[ 3,0(17$6HOPD*DUULGR6DEHUHVSHGDJyJLFRVH DWLYLGDGHGRFHQWHHG6mR3DXOR&RUWH] S 5,%(,52)OiYLD'LDV-RJRVHPRGHODJHPQD HGXFDomRPDWHPiWLFD&XULWLED35,%3(; S WH[ 9$6&21&(//26&HOVRGRV6DQWRV &RRUGHQDomRGRWUDEDOKRSHGDJyJLFR GRSURMHWR SROtWLFRSHGDJyJLFRDRFRWLGLDQRGDVDODGHDXOD HG6mR3DXOR63/LEHUWDGS WH[ 9,//$6%2$6%HQLJQD0DULDGH)UHLWDV9LUDQGR DHVFRODGRDYHVVRSRUPHLRGDDYDOLDomRHG &DPSLQDV633DSLUXVS WH[ :$&+,/,6.,0DUFHOR'LGiWLFDHDYDOLDomR DOJXPDVSHUVSHFWLYDVGDHGXFDomRPDWHPiWLFD &XULWLED35,%3(;S WH[ &ODVVH(1*(1+$5,$$0%,(17$/ $66803d2/XL])HUQDQGR-RO\6LVWHPDGH JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62 HG&XULWLED35-XUXi S WH[ %$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR $OHJUH56%RRNPDQ[[ WH[ &81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR -RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S WH[ -211$(573KLOLSSH&XUUtFXORHFRPSHWrQFLDV WH[ 3RUWR$OHJUH56$570('S 0,//(5-5*7\OHU&LrQFLDDPELHQWDO6mR 3DXOR&HQJDJH/HDUQLQJFS WH[ WH[ 7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG UHLPSU6mR3DXOR$WODVS WH[ *$1',1'DQLOR&58=&DUORV+HQULTXH&DUULOKR 3ODQHMDPHQWRQDVDODGHDXOD3HWUySROLV5- 9R]HVFS ./(,15HMDQH5DPRV+$77*(0RUJDQD 'RPrQLFD2UJDQL]DGRUD,QFOXVmRHVFRODU LPSOLFDo}HVSDUDRFXUUtFXOR6mR3DXOR63 3DXOLQDVS WH[ WH[ /,%Æ1(2-RVp&DUORV2/,9(,5$-RVp)HUUHLUD GH726&+,0LU]D6HDEUD(GXFDomRHVFRODU SROtWLFDVHVWUXWXUDHRUJDQL]DomRHG6mR3DXOR &RUWH]S 0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$ HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD &DPSLQDV63$XWRUHV$VVRFLDGRVS &ROHomR0HPyULDGD(GXFDomR WH[ 3$/0$),/+2-RmR&DUGRVR3ROtWLFD HGXFDFLRQDOEUDVLOHLUDHGXFDomREUDVLOHLUDQXPD GpFDGDGHLQFHUWH]DDYDQoRVH UHWURFHVVRV6mR3DXOR&WHS WH[ &ODVVH)Ë6,&$ $/21620DUFHOR)tVLFDXPFXUVRXQLYHUVLWiULR PHFkQLFDHGUHYUHLPSU6mR3DXOR( %OFKHUY WH[ +$//,'$<'DYLG:$/.(5-HDUO5(61,&. 5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG 5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV FY WH[ 6(5:$<5D\PRQG$-(:(77-U-RKQ: 3ULQFtSLRVGHItVLFDYROPHFkQLFDFOiVVLFD 6mR3DXOR7+20621Y WH[ 75(),/-DPHV+$=(15REHUW0)tVLFDYLYD XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR /LYURV7pFQLFRVH&LHQWtILFRVFY WH[ WH[ <281*+XJK')5(('0$15RJHU$ 6($56)UDQFLV:HVWRQ=(0$16.<0DUN :DOGR6HDUVH=HPDQVN\ItVLFD,PHFkQLFD HGUHLPSU6mR3DXOR3HDUVRQ$GGLVRQ:HVOH\ Y &ODVVH&,(1&,$6%,2/Ï*,&$6(0*(5$/ WH[ $%%$6$EXO./,&+70$1$QGUHZ+ 3,//$,6KLY,PXQRORJLDFHOXODUHPROHFXODU HGWLUDJHP5LRGH-DQHLUR(OVHYLHUF S $/%(576%UXFH(WDO%LRORJLDPROHFXODUGD FpOXODHGUHLPSU3RUWR$OHJUH56$UWHV 0pGLFDVS WH[ $/%(576%UXFH(WDO)XQGDPHQWRVGD ELRORJLDFHOXODUHG3RUWR$OHJUH$570(' S WH[ %(5*-HUHP\07<02&=.2-RKQ/ 675<(5/XEHUW%LRTXtPLFDHG5LRGH -DQHLUR*XDQDEDUD.RRJDQFS WH[ &$03%(//0DU\.%LRTXtPLFDYROXPH %LRORJLDPROHFXODU6mR3DXOR&HQJDJH/HDUQLQJ Y WH[ &$03%(//0DU\.%LRTXtPLFDYROXPH %LRTXtPLFDPDWDEyOLFD6mR3DXOR&HQJDJH /HDUQLQJY WH[ &$03%(//0DU\.)$55(//6KDZQ2 %LRTXtPLFDYROXPH%LRTXtPLFDEiVLFD6mR 3DXOR&HQJDJH/HDUQLQJY WH[ &$59$/+2+HUQDQGHV)$FpOXODHG %DUXHUL630DQROHS WH[ &223(5*HRIIUH\0$FpOXODXPDDERUGDJHP PROHFXODUHG3RUWR$OHJUH$570(' S WH[ '85È1-RVp(QULTXH5RGDV%LRItVLFDFRQFHLWRV HDSOLFDo}HVHG6mR3DXOR3HDUVRQ3UHQWLFH +DOOS WH[ )257(:LOPD&DUYDOKR1HYHV,PXQRORJLDGR EiVLFRDRDSOLFDGRHG3RUWR$OHJUH56 $570('S WH[ *$5&,$(GXDUGR$&%LRItVLFDUHLPS6mR 3DXOR6DUYLHUS WH[ +(1(,1(,EUDKLP)HOLSSH%LRItVLFDEiVLFD HG6mR3DXOR$WKHQHXS%LEOLRWHFD %LRPpGLFD WH[ /(9,1621:DUUHQ0LFURELRORJLDPpGLFDH LPXQRORJLDHG3RUWR$OHJUH56$570(' S WH[ 0$',*$10LFKDHO70$57,1.2-RQK0 3$5.(5-DFN0LFURELRORJLDGH%URFNHG 6mR3DXOR3UHQWLFH+DOOS WH[ 027$,YDQ%LHULPXQRORJLDEiVLFDHDSOLFDGD WH[ HG 5LRGH-DQHLUR*XDQDEDUD.RRJDQF S 6,/9$&DUORV+HQULTXH3HVV{DGH0HQH]HVH(WDO WH[ %DFWHULRORJLDHPLFRORJLDSDUDRODERUDWyULR FOtQLFR5LRGH-DQHLUR5-5HYLQWHUS 75$%8/6,/XL]5DFKLG0LFURELRORJLDHG 6mR3DXOR$WKHQHXS6pULH %LRPpGLFD7H[WRSDUDD8QLYHUVLGDGH &ODVVH&,Ç1&,$60e',&$6 $1*(5$0,&$0219DOGHPDU$XJXVWR 2UJDQL]DGRU3VLFRVVRPiWLFDHDSVLFRORJLDGD GRUHGUHYHDPSO6mR3DXOR&HQJDJH /HDUQLQJS &ODVVH$1$720,$ 'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR $PpULFR$QDWRPLDKXPDQDVLVWrPLFDH VHJPHQWDUHG6mR3DXOR$WKHQHXS %LEOLRWHFD%LRPpGLFD 0225(.HLWK/(PEULRORJLDEiVLFDHG WLUDJHP5LRGH-DQHLUR(OVHYLHUFS WH[ WH[ WH[ WH[ 1(77(5)UDQN+$WODVGDDQDWRPLDKXPDQD WH[ HG5LRGH-DQHLUR5-(OVHYLHUFS 62%277$-RKDQQHV$WODVGHDQDWRPLDKXPDQD WH[ FDEHoDSHVFRoRHH[WUHPLGDGHVXSHULRUHG5LR GH-DQHLUR*XDQDEDUD.RRJDQY 62%277$-RKDQQHV$WODVGHDQDWRPLDKXPDQD WH[ WURQFRYtVFHUDVHH[WUHPLGDGHLQIHULRUHGUHY HDWXDO5LRGH-DQHLUR*XDQDEDUD.RRJDQY 63(1&($OH[DQGHU3$QDWRPLDKXPDQDEiVLFD WH[ HG 6mR3DXOR0DQROHS :+($7(5KLVWRORJLDIXQFLRQDOWH[WRHDWODVHP FRUHVHG5LRGH-DQHLUR5-(OVHYLHUF S &ODVVH),6,2/2*,$+80$1$ +$//-RQK(7UDWDGRGHILVLRORJLDPpGLFD HG5LRGH-DQHLUR(OVHYLHU[[LS WH[ WH[ 6,1*,*OHQDQ)LVLRORJLDGLQkPLFDWH[WREiVLFR SDUDRVFXUVRVGHFLrQFLDVELROyJLFDVHG6mR 3DXOR$WKHQHXFS WH[ &ODVVH&/Ë1,&$0e',&$3$72/2*,$ WH[ .,(56=(1%$80$EUDKDP/+LVWRORJLDH ELRORJLDFHOXODUXPDLQWURGXomRjSDWRORJLD HGWLUDJHP5LRGH-DQHLUR(OVHYLHUS &ODVVH(1)(50$*(0 &8,'$5GHLGRVRVQRFRQWH[WRGDIDPtOLDTXHVW}HV SVLFROyJLFDVHVRFLDLV6mR3DXOR$OtQHD S WH[ 2*8,6627DND6&+0,'70DULD-RVp2 H[HUFtFLRGDHQIHUPDJHPXPDDERUGDJHP pWLFROHJDOHGDWXDOHDPSO5LRGH-DQHLUR5- *XDQDEDUD.RRJDQS WH[ 2*8,6627DND7UDMHWyULDKLVWyULFDHOHJDOGD HQIHUPDJHPHGUHYDPSO%DUXHUL63 0DQROHS WH[ WH[ 6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[ RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV ULVFRVDPELHQWDLVHG6mR3DXOR/75 S &ODVVH('8&$d2)Ë6,&$((63257(6 ',021-81,257KHRGRUH$QDWRPLDGRFRUSR HPPRYLPHQWRRVVRVP~VFXORVHDUWLFXODo}HV HG%DUXHUL630DQROHS &ODVVH/,1*hË67,&$ $5$*21e6/XLV3$/(1&,$5DPyQ *UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD (VSDQKD60S )$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\ SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ UHVSXHVWDVHG6mR3DXOR630RGHUQD S WH[ 48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD &UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS WH[ &ODVVH*(2*5$),$ WH[ 6$17265RVHDQH0DULD5XGQLFNGRV628=$ 6DQGUD0DUD/RSHVGH2HQVLQRGHJHRJUDILDH VXDVOLQJXDJHQV&XULWLED35,%3(; S&ROHomR0HWRGRORJLDGR(QVLQRGH+LVWyULDH *HRJUDILDY /,952621252 &ODVVH25*$1,=$d2($'0,1,675$d2'( (035(6$6,1'Ò675,$6(&20e5&,2 WH[ 2/,9(,5$'MDOPDGH3LQKR5HERXoDVGH $GPLQLVWUDomRGHSURFHVVRVFRQFHLWRV PHWRGRORJLDSUiWLFDVHG6mR3DXOR63$WODV S 260XPDYLVmRFRQWHPSRUkQHDRUJDQL]DomR VLVWHPDVHPpWRGRV6mR3DXOR633HDUVRQ 3UHQWLFH+DOOS 0(/21((QULTXH0(1Ï1/RUHQD7LHPSR HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63 $WXDOS WH[ WH[ WH[ &ODVVH',5(,72 %25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ &$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[ 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH &20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR 3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('26LPRQH'LRJR&6È5HQDWR 0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 0$&('2-81,250DUFR$QWRQLR6LOYDGH &2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR LQWHUQDFLRQDO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ 2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO SHQDO6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 628=$/XL]$QWRQLRGH.h03(/9LWRU )UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ %LEOLRWHFD,WDEDLDQD&DPSXV,WDEDLDQD /,9526 &ODVVH',5(,72 %(572/',0iUFLD5RGULJXHV6326$72.DU\QD %DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH 0*)RUXPS WH[ 0$1863HGUR3DXOR7HL[HLUD520$5&DUOD 7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU HPYLJRUHG6mR3DXOR$WODVS WH[ 0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR )OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR 3DXOR63/LYUDULD6DUDLYDS WH[ 5(%28d$6*DEULHOD0DLD7UDPDVHQWUH VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV S WH[ &ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/ WH[ /86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV FDPSRQHVDV0DFHLy$/8)$/S &ODVVH('8&$d2 $&5,$1d$GHDDQRVHDHGXFDomRLQIDQWLOXP WH[ UHWUDWRPXOWLIDFHWDGR&DQRDV568/%5$ S 3$529LWRU+HQULTXH$GPLQLVWUDomRHVFRODU LQWURGXomRFUtWLFDHG6mR3DXOR&RUWH] S &ODVVH(1*(1+$5,$$0%,(17$/ WH[ $66803d2/XL])HUQDQGR-RO\6LVWHPDGH JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62 HG&XULWLED35-XUXi S WH[ &81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR -RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S WH[ 7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG UHLPSU6mR3DXOR$WODVS WH[ &ODVVH25*$1,=$d2($'0,1,675$d2'( (035(6$6,1'Ò675,$6(&20e5&,2 6$/,%$7XIIL0HVVLDV0DQXDOSUiWLFRGHKLJLHQH WH[ RFXSDFLRQDOH335$DYDOLDomRHFRQWUROHGRV ULVFRVDPELHQWDLVHG6mR3DXOR/75 S &ODVVH/,1*hË67,&$ $5$*21e6/XLV3$/(1&,$5DPyQ *UDPiWLFDGHXVRGHOHVSDxROWHRUtD\SUiWLFD (VSDQKD60S WH[ )$1-8/$GULiQ2UJDQL]DomR*UDPiWLFD\ SUiFWLFDGHHVSDxROSDUDEUDVLOHxRVFRQ UHVSXHVWDVHG6mR3DXOR630RGHUQD S WH[ 0(/21((QULTXH0(1Ï1/RUHQD7LHPSR HVSDxROOHQJXD\FXOWXUDHG6mR3DXOR63 $WXDOS WH[ 48(6$'$0$5&26HEDVWLiQ3,&Ï0LOD &UHVSR(VSDQDPDQXDOGHFLYLOL]DFLyQHVSDxRO OHQJXDH[WUDQMHUD(VSDQKD(GHOVDS WH[ &ODVVH/,7(5$785$ 1(58'$3DEOR$QWRORJtDJHQHUDO(VSDQKD $OIDJXDUDS &ODVVH+,67Ï5,$ $5,Ê63KLOLSSH+LVWyULDVRFLDOGDFULDQoDHGD IDPtOLDHG5LRGH-DQHLUR5-/LYURV7pFQLFRV H&LHQWtILFRVS WH[ WH[ /,952621252 &ODVVH',5(,72 %25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ &$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[ 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH 628=$)UDQFLVFRGDV&KDJDVGH(VFUHYHQGRH QRUPDOL]DQGRWUDEDOKRVDFDGrPLFRVXPJXLD PHWRGROyJLFR)ORULDQySROLV6&8)6& S6pULH'LGiWLFD WH[ &20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR 3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('26LPRQH'LRJR&6È5HQDWR 0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 0$&('2-81,250DUFR$QWRQLR6LOYDGH &2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR LQWHUQDFLRQDO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ 2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO SHQDO6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ %5$6,/&RQVWLWXLomR&RQVWLWXLomRGD 5HS~EOLFD)HGHUDWLYDGR%UDVLOGHGH2XWXEUR GHHG6mR3DXOR$WODVS &ROHomRGH0DQXDLVGH/HJLVODomR$WODV 3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ %5$6,/9DGHPHFXPHGDWXDOHDPSO6mR WH[ 3DXOR6DUDLYD6LFLOLDQR6$S 58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ WH[ (3,3+$1,2(PLOLR%LFDOKR9,/(/$-RVp 5LFDUGRGH3DXOD;DYLHU&RRUG3HUtFLDVPpGLFDV WHRULDHSUiWLFD5LRGH-DQHLUR5-*XDQDEDUD .RRJDQFS 628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ )28&$8/70LFKHO9LJLDUHSXQLUQDVFLPHQWR GDSULVmR>HG@3HWUySROLV5-9R]HV S 628=$/XL]$QWRQLRGH.h03(/9LWRU )UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ ,+(5,1*5XGROI9RQ$OXWDSHORGLUHLWRHG WH[ 6mR3DXOR5HYLVWDGRV7ULEXQDLVS57 7H[WRV)XQGDPHQWDLV 9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ %LEOLRWHFD3URSULi&DPSXV3URSULi /,9526 &ODVVH0(72'2/2*,$ &ODVVH36,&2/2*,$ *$/92,]DEHO+HQUL:DOORQXPDFRQFHSomR GLDOpWLFDGRGHVHQYROYLPHQWRLQIDQWLOHG 3HWUySROLV5-9R]HVS&ROHomR (GXFDomRH&RQKHFLPHQWR &ODVVH(67$7Ë67,&$ )216(&$-DLUR6LPRQGD0$57,16*LOEHUWRGH $QGUDGH&XUVRGHHVWDWtVWLFDHGUHLPSU 6mR3DXOR$WODVS &ODVVH',5(,72 %(572/',0iUFLD5RGULJXHV6326$72.DU\QD %DWLVWD&RRUGHQDomR'LUHLWRVKXPDQRVHQWUHD XWRSLDHDFRQWHPSRUDQHLGDGH%HOR+RUL]RQWH 0*)RUXPS 0$1863HGUR3DXOR7HL[HLUD520$5&DUOD 7HUHVD0DUWLQV&/7HOHJLVODomRFRPSOHPHQWDU HPYLJRUHG6mR3DXOR$WODVS WH[ WH[ WH[ WH[ WH[ WH[ 0217(,52$QWRQLR/RSHV%(57$*1,5REHUWR WH[ )OHXU\GH6RX]D$FLGHQWHVGRWUDEDOKRHGRHQoDV RFXSDFLRQDLVFRQFHLWRSURFHVVRVGHFRQKHFLPHQWR HGHH[HFXomRHVXDVTXHVW}HVSROrPLFDVHG6mR 3DXOR63/LYUDULD6DUDLYDS 5(%28d$6*DEULHOD0DLD7UDPDVHQWUH VXEMHWLYLGDGHVHGLUHLWRDFRQVWLWXLomRGRVXMHLWR HP0LFKHO)RXFDXOWHRVVLVWHPDVGHUHVROXomRGH FRQIOLWRV5LRGH-DQHLUR5-/XPHQ-XULV S WH[ &ODVVH6(59,d262&,$/$66,67Ç1&,$62&,$/ WH[ &217$'25&ODXGLR5REHUWR3URMHWRVVRFLDLV DYDOLDomRHSUiWLFDHGUHLPSU6mR3DXOR $WODVS /86$0DLOL]*DULERWWL/XWDVVRFLDLVQRFDPSRH SROtWLFDVS~EOLFDVGRFRWLGLDQRDFRQVWUXomRGH LGHQWLGDGHVHDFRQTXLVWDGHGLUHLWRVSHODVPXOKHUHV FDPSRQHVDV0DFHLy$/8)$/S WH[ &ODVVH('8&$d2 $&5,$1d$GHDDQRVHDHGXFDomRLQIDQWLOXP WH[ UHWUDWRPXOWLIDFHWDGR&DQRDV568/%5$ S $1781(6&HOVR-RJRVSDUDDHVWLPXODomRGDV P~OWLSODVLQWHOLJrQFLDVHG3HWUySROLV5- 9R]HVS WH[ %,77(1&2857&LUFH0DULD)HUQDQGHV(QVLQRGH WH[ KLVWyULDIXQGDPHQWRVHPpWRGRVHG6mR 3DXOR&RUWH]S &85<&DUORV5REHUWR-DPLO%(,6,(*(/&HOVRGH 5XL2/,9(,5$'DOLOD$QGUDGH*HVWmR GHPRFUiWLFDGDHGXFDomRGHVDILRV FRQWHPSRUkQHRVHG3HWUySROLV5-9R]HV S WH[ ('8&$d2LQIDQWLOPXLWRVROKDUHVHG6mR 3DXOR&RUWH]S WH[ )(55(,5$1DXUD6\ULD&DUDSHWR$*8,$5 0iUFLD$QJHODGD62UJ*HVWmRGDHGXFDomR LPSDVVHVSHUVSHFWLYDVHFRPSURPLVVRVHG6mR 3DXOR&RUWH]S WH[ ./(,15HMDQH5DPRV+$77*(0RUJDQD 'RPrQLFD2UJDQL]DGRUD,QFOXVmRHVFRODU LPSOLFDo}HVSDUDRFXUUtFXOR6mR3DXOR63 3DXOLQDVS WH[ WH[ /,%Æ1(2-RVp&DUORV2/,9(,5$-RVp)HUUHLUD GH726&+,0LU]D6HDEUD(GXFDomRHVFRODU SROtWLFDVHVWUXWXUDHRUJDQL]DomRHG6mR3DXOR &RUWH]S 0,*8(/0DULD(OLVDEHWK%ODQFN2UJ$ HGXFDomRHVFRODUHPSHUVSHFWLYDKLVWyULFD &DPSLQDV63$XWRUHV$VVRFLDGRVS &ROHomR0HPyULDGD(GXFDomR WH[ WH[ 0217(,52$QD0DULD*$63$5(//2$UOHWWH 0HGHLURV0$*$/+(60DUFHORGH6RX]D 2UJDQL]DGRU(QVLQRGHKLVWyULDVXMHLWRVVDEHUHV HSUiWLFDVHG5LRGH-DQHLUR5-0DXDG; S 025(,5$$QWRQLR)ODYLR%DUERVD&XUUtFXORVH SURJUDPDVQR%UDVLOHG6mR3DXOR3DSLUXV S&ROHomR0DJLVWpULR)RUPDomRH 7UDEDOKR3HGDJyJLFR WH[ 3$/0$),/+2-RmR&DUGRVR3ROtWLFD HGXFDFLRQDOEUDVLOHLUDHGXFDomREUDVLOHLUDQXPD GpFDGDGHLQFHUWH]DDYDQoRVH UHWURFHVVRV6mR3DXOR&WHS WH[ 3$529LWRU+HQULTXH$GPLQLVWUDomRHVFRODU LQWURGXomRFUtWLFDHG6mR3DXOR&RUWH] S WH[ WH[ 3,0(17$6HOPD*DUULGR6DEHUHVSHGDJyJLFRVH DWLYLGDGHGRFHQWHHG6mR3DXOR&RUWH] S WH[ *$1',1'DQLOR$SUiWLFDGRSODQHMDPHQWR SDUWLFLSDWLYRQDHGXFDomRHHPRXWUDVLQVWLWXLo}HV JUXSRVHPRYLPHQWRVGRVFDPSRVFXOWXUDOVRFLDO SROtWLFRUHOLJLRVRHJRYHUQDPHQWDO3HWUySROLV5- 9R]HVS *$1',1'DQLOR&58=&DUORV+HQULTXH&DUULOKR 3ODQHMDPHQWRQDVDODGHDXOD3HWUySROLV5- 9R]HVFS WH[ *22'621,YRU)&XUUtFXORWHRULDHKLVWyULD >HG@3HWUySROLV5-9R]HV>@S &ROHomR&LrQFLDV6RFLDLVGD(GXFDomR WH[ +2))0$11-XVVDUD0DULD/HUFK$YDOLDomR PHGLDGRUDXPDSUiWLFDHPFRQVWUXomRGD SUpHVFRODjXQLYHUVLGDGHHG3RUWR$OHJUH56 0HGLDomRS WH[ -211$(573KLOLSSH&XUUtFXORHFRPSHWrQFLDV WH[ 3RUWR$OHJUH56$570('S 5,%(,52)OiYLD'LDV-RJRVHPRGHODJHPQD HGXFDomRPDWHPiWLFD&XULWLED35,%3(; S WH[ 6$/9$'25&pVDU&ROO$SUHQGL]DJHPHVFRODUH FRQVWUXomRGRFRQKHFLPHQWRUHLPSU3RUWR $OHJUH56$570('S WH[ WH[ 6,/9$7RPD]7DGHXGD'RFXPHQWRVGH LGHQWLGDGHXPDLQWURGXomRjVWHRULDVGRFXUUtFXOR HGUHLPSU %HOR+RUL]RQWH0*$XWrQWLFD S WH[ 602/(.iWLD6WRFFR',1,=0DULD,JQH] &Æ1','23DWUtFLD%ULQFDGHLUDVLQIDQWLVQDV DXODVGHPDWHPiWLFD3RUWR$OHJUH56 $570('S&ROHomR0DWHPiWLFDGHD 9$6&21&(//26&HOVRGRV6DQWRV &RRUGHQDomRGRWUDEDOKRSHGDJyJLFR GRSURMHWR SROtWLFRSHGDJyJLFRDRFRWLGLDQRGDVDODGHDXOD HG6mR3DXOR63/LEHUWDGS WH[ 9,//$6%2$6%HQLJQD0DULDGH)UHLWDV9LUDQGR DHVFRODGRDYHVVRSRUPHLRGDDYDOLDomRHG &DPSLQDV633DSLUXVS WH[ :$&+,/,6.,0DUFHOR'LGiWLFDHDYDOLDomR DOJXPDVSHUVSHFWLYDVGDHGXFDomRPDWHPiWLFD &XULWLED35,%3(;S WH[ &ODVVH(1*(1+$5,$$0%,(17$/ $66803d2/XL])HUQDQGR-RO\6LVWHPDGH JHVWmRDPELHQWDOPDQXDOSUiWLFRSDUD LPSOHPHQWDomRGH6*$HFHUWLILFDomR,62 HG&XULWLED35-XUXi S WH[ %$,5'&ROLQ4XtPLFDDPELHQWDOHG3RUWR $OHJUH56%RRNPDQ[[ WH[ &81+$6DQGUD%DSWLVWDGD*8(55$$QWRQLR -RVp7HL[HLUD$YDOLDomRHSHUtFLDDPELHQWDO HG5LRGH-DQHLUR5-%HUWUDQG%UDVLO S WH[ 0,//(5-5*7\OHU&LrQFLDDPELHQWDO6mR 3DXOR&HQJDJH/HDUQLQJFS WH[ 7$&+,=$:$7DNHVK\*HVWmRDPELHQWDOH UHVSRQVDELOLGDGHVRFLDOFRUSRUDWLYDHVWUDWpJLDV GHQHJyFLRVIRFDGDVQDUHDOLGDGHEUDVLOHLUDHG UHLPSU6mR3DXOR$WODVS WH[ &ODVVH0$7(0È7,&$ &267$1(723HGUR/XL]GH2OLYHLUD &<0%$/,67$0HOYLQ3UREDELOLGDGHVUHVXPRV WHyULFRVH[HUFtFLRVUHVROYLGRVH[HUFtFLRV SURSRVWRVHG6mR3DXOR(%OFKHU S WH[ 025(77,13HGUR$OEHUWR%866$%:LOWRQGH2 WH[ (VWDWtVWLFDEiVLFDHG6mR3DXOR/LYUDULD 6DUDLYDS &ODVVH)Ë6,&$ +$//,'$<'DYLG:$/.(5-HDUO5(61,&. 5REHUW)XQGDPHQWRVGHItVLFDPHFkQLFDHG 5LRGH-DQHLUR5-/LYURV7pFQLFRVH&LHQWtILFRV FY 75(),/-DPHV+$=(15REHUW0)tVLFDYLYD XPDLQWURGXomRjItVLFDFRQFHLWXDO5LRGH-DQHLUR /LYURV7pFQLFRVH&LHQWtILFRVFY &ODVVH$175232/2*,$ +$//6WXDUW$LGHQWLGDGHFXOWXUDOQD SyVPRGHUQLGDGHHG5LRGH-DQHLUR'3$ S WH[ WH[ WH[ &ODVVH$1$720,$ WH[ 'Æ1*(/2-RVp*HUDOGR)$77,1,&DUOR $PpULFR$QDWRPLDEiVLFDGRVVLVWHPDVRUJkQLFRV FRPDGHVFULomRGRVRVVRVMXQWXUDVP~VFXORVYDVRV HQHUYRVHG6mR3DXOR$WKHQHXS %LEOLRWHFD%LRPpGLFD &ODVVH25*$1,=$d2($'0,1,675$d2'( (035(6$6,1'Ò675,$6(&20e5&,2 WH[ ),25(//,-RVp2VPLU0$/+$'$6-81,25 0DUFRV-XOLR2OLYp3VLFRORJLDQDVUHODo}HVGH WUDEDOKRXPDQRYDYLVmRSDUDDGYRJDGRVMXL]HV GRWUDEDOKRDGPLQLVWUDGRUHVHSVLFyORJRV6mR 3DXOR/7US )5$1d$$QD&ULVWLQD/LPRQJL&RPSRUWDPHQWR RUJDQL]DFLRQDOFRQFHLWRVHSUiWLFDV6mR3DXOR 6DUDLYD6LFLOLDQR6$S WH[ /LPRQJL)UDQoD$QD&ULVWLQD4XDOLGDGHGHYLGDQR WH[ WUDEDOKR497FRQFHLWRVHSUiWLFDVQDVHPSUHVDV GDVRFLHGDGHSyVLQGXVWULDOHG6mR3DXOR $WODVS 2/,9(,5$'MDOPDGH3LQKR5HERXoDVGH $GPLQLVWUDomRGHSURFHVVRVFRQFHLWRV PHWRGRORJLDSUiWLFDVHG6mR3DXOR63$WODV S WH[ =$1(//,-RVp&DUORV%25*(6$1'5$'( -D\UR(GXDUGR%$6726$QWRQLR9LUJtOLR %LWWHQFRXUW2UJ3VLFRORJLDRUJDQL]Do}HVH WUDEDOKRQR%UDVLOUHLPSU3RUWR$OHJUH 56$UWPHG[S%LEOLRWHFD$UWPHG 3VLFRORJLD2UJDQL]DFLRQDOH,QVWLWXFLRQDO WH[ &ODVVH'(6,*1'(6(1+2,1'8675,$/ 9,//$6%2$6$QGUp,GHQWLGDGHHFXOWXUD HGUHYDPSO7HUHVySROLV5-$%S 6pULH'HVLJQ &ODVVH('8&$d2)Ë6,&$((63257(6 6$1726&tFHUR5RGULJXHVGRV%ULQFDQGRFRP VXFDWDV5LRGH-DQHLUR6SULQWS WH[ WH[ &ODVVH(63257(6$48È7,&26($e5(26 WH[ *20(6:DJQHU'RPLQJRV)-RJRVH EULQFDGHLUDVDTXiWLFDVFRPPDWHULDO QmRFRQYHQFLRQDOHG5LRGH-DQHLUR6SULQW S &ODVVH/,7(5$785$ 1(58'$3DEOR$QWRORJtDJHQHUDO(VSDQKD $OIDJXDUDS WH[ &ODVVH*(2*5$),$ WH[ 6$17265RVHDQH0DULD5XGQLFNGRV628=$ 6DQGUD0DUD/RSHVGH2HQVLQRGHJHRJUDILDH VXDVOLQJXDJHQV&XULWLED35,%3(; S&ROHomR0HWRGRORJLDGR(QVLQRGH+LVWyULDH *HRJUDILDY &ODVVH+,67Ï5,$ 7(1Ï5,2'RXJODV$SUDWWR'$17$6&DUPHQ /~FLD5LR6mR)UDQFLVFRXPQLQKRGHFXOWXUDV 0DFHLy$/('8)$/S WH[ 628=$/XL]$QWRQLRGH.h03(/9LWRU )UHGHULFR'LUHLWRVGLIXVRVHFROHWLYRV6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 9(1(=,$12$QGUp+RUWD0RUHQR'LUHLWRH SURFHVVRGRWUDEDOKR6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ /,952621252 &ODVVH',5(,72 %25'$/25RGULJR'LUHLWRDGPLQLVWUDWLYR 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ &$67(//$1,)HUQDQGR)'LUHLWRWULEXWiULR WH[ 6mR3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH &20(77,0DUFHOR7DGHX'LUHLWRFRPHUFLDO GLUHLWRGHHPSUHVD6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('2)iELR9LHLUD*,$1&2/,%UXQQR 3DQGRUL'LUHLWRFLYLO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ ),*8(,5('26LPRQH'LRJR&6È5HQDWR 0RQWDQVGH'LUHLWRSURFHVVXDOFLYLO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 0$&('2-81,250DUFR$QWRQLR6LOYDGH &2&&$52&HOVReWLFDSURILVVLRQDOHHVWDWXWRGD DGYRFDFLD6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 1(9(6/XtV*XVWDYR%UHJDOGD'LUHLWR LQWHUQDFLRQDO6mR3DXOR63/LYUDULD 6DUDLYDY&ROHomR2$%1DFLRQDOIDVH WH[ 2/,9(,5$)OiYLR&DUGRVRGH'LUHLWRSURFHVVXDO SHQDO6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 3(17($'2),/+21HVWRU6DPSDLR'LUHLWRV KXPDQRV6mR3DXOR63/LYUDULD6DUDLYD Y&ROHomR2$%1DFLRQDOIDVH WH[ 58662/XFLDQD'LUHLWRFRQVWLWXFLRQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ 628=$/XL]$QWRQLRGH'LUHLWRSHQDO6mR 3DXOR63/LYUDULD6DUDLYDY&ROHomR 2$%1DFLRQDOIDVH WH[ &RQVXOWHDVQRYDVDTXLVLo}HVGRVHXFXUVR
Documentos relacionados
Minicurso 5: Ferramentas para Busca de Informações sobre
UHODFLRQDGDV j VD~GH SDUD GHVHQYROYLPHQWR H DSOLFDomR GH SUHYHQomR H FRQWUROH GH GRHQoDV VD~GH DPELHQWDO SURPRomR GD VD~GH H GHOLQHDPHQWR GH DWLYLGDGHV HGXFDFLRQDLV 7DPEpP...
Leia maisPage 1 of 4 SICT 2011 - Relatório Científico 30-05
> ' 1' 7 B / ' ' 8 ' I 8 7- *- '7 ''' : 8 ' #*B* ...
Leia mais