7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

/(,$$7(17$0(17($6,16758d(6$%$,;2 2FDQGLGDWRUHFHEHXGRILVFDORVHJXLQWHPDWHULDOD HVWHFDGHUQRFRPRHQXQFLDGRGDVVHVVHQWDTXHVW}HVREMHWLYDVVHPUHSHWLomRRXIDOKDFRPDVHJXLQWHGLVWULEXLomR

/1*8$32578*8(6$ 5$&,2&1,2/*,&2 *(2*5$),$ &21+(&,0(1726(63(&),&26 &21+(&,0(1726*(5$,6 12d(6'(,1)2507,&$4XHVW}HV 3RQWRV 4XHVW}HV 3RQWRV 4XHVW}HV 3RQWRV 4XHVW}HV 3RQWRV 4XHVW}HV 3RQWRV 4XHVW}HV 3RQWRVD FDGD D FDGD D FDGD D FDGD D FDGD D FDGD7RWDOSRQWRV 7RWDOSRQWRV 7RWDOSRQWRV 7RWDOSRQWRV 7RWDOSRQWRV 7RWDOSRQWRV

7RWDOSRQWRVE &$5725(63267$GHVWLQDGRjVUHVSRVWDVGDVTXHVW}HVREMHWLYDVIRUPXODGDVQDSURYD

2FDQGLGDWRGHYHYHULILFDUVHHVWHPDWHULDOHVWiHPRUGHPHVHRVHXQRPHHQ~PHURGHLQVFULomRFRQIHUHPFRPRVTXHDSDUHFHPQR&$5725(63267$&DVRQmRHVWHMDRIDWRGHYHVHU,0(',$7$0(17(QRWLILFDGRDRILVFDO $SyVDFRQIHUrQFLDRFDQGLGDWRGHYHUiDVVLQDUQRHVSDoRSUySULRGR&$5725(63267$FRPFDQHWDHVIHURJUiILFDGHWLQWDSUHWDIDEULFDGDHPPDWHULDOWUDQVSDUHQWH 1R&$5725(63267$DPDUFDomRGDV OHWUDVFRUUHVSRQGHQWHVjV UHVSRVWDVFHUWDVGHYHVHU IHLWDFREULQGRD OHWUDHSUHHQFKHQGRWRGRRHVSDoRFRPSUHHQGLGRSHORVFtUFXORVFRPFDQHWDHVIHURJUiILFDGHWLQWDSUHWDIDEULFDGDHPPDWHULDOWUDQVSDUHQWHGHIRUPDFRQWtQXDHGHQVD$OHLWXUDyWLFDGR&$5725(63267$pVHQVtYHODPDUFDVHVFXUDVSRUWDQWRRVFDPSRVGHPDUFDomRGHYHPVHUSUHHQFKLGRVFRPSOHWDPHQWHVHPGHL[DUFODURV

([HPSOR 2FDQGLGDWRGHYHWHUPXLWRFXLGDGRFRPR&$5725(63267$SDUDQmRR'2%5$5$0$66$5RX0$1&+$52&$5725(63267$ 620(17(SRGHUiVHUVXEVWLWXtGRVHQRDWRGDHQWUHJDDRFDQGLGDWRMiHVWLYHUGDQLILFDGRHPVXDVPDUJHQVVXSHULRUHRXLQIHULRU'(/,0,7$'25'(5(&21+(&,0(1723$5$/(,785$7,&$ 3DUDFDGDXPDGDVTXHVW}HVREMHWLYDVVmRDSUHVHQWDGDVDOWHUQDWLYDVFODVVLILFDGDVFRPDVOHWUDV$%&'H(VyXPDUHVSRQGHDGHTXDGDPHQWHDRTXHVLWRSURSRVWR2FDQGLGDWRVyGHYHDVVLQDODU80$5(63267$DPDUFDomRHPPDLVGHXPDDOWHUQDWLYDDQXODDTXHVWmR0(60248(80$'$65(63267$6(67(-$&255(7$ $VTXHVW}HVREMHWLYDVVmRLGHQWLILFDGDVSHORQ~PHURTXHVHVLWXDDFLPDGHVHXHQXQFLDGR 6(5(/,0,1$'2GHVWH&RQFXUVR3~EOLFRRFDQGLGDWRTXHD VHXWLOL]DUGXUDQWHDUHDOL]DomRGDSURYDGHDSDUHOKRVVRQRURVIRQRJUiILFRVGHFRPXQLFDomRRXGHUHJLVWURHOHWU{QLFRVRXQmRWDLVFRPRDJHQGDVUHOyJLRVQmRDQDOyJLFRVQRWHERRNWUDQVPLVVRUGHGDGRVHPHQVDJHQVPiTXLQDIRWRJUiILFDWHOHIRQHVFHOXODUHVSDJHUVPLFURFRPSXWDGRUHVSRUWiWHLVHRXVLPLODUHVE VHDXVHQWDUGDVDODHPTXHVHUHDOL]DDSURYDOHYDQGRFRQVLJRR&$'(512'(48(67(6HRXR&$5725(63267$F VHUHFXVDUDHQWUHJDUR&$'(512'(48(67(6HRXR&$5725(63267$TXDQGRWHUPLQDURWHPSRHVWDEHOHFLGRG QmRDVVLQDUD/,67$'(35(6(1d$HRXR&$5725(63267$2EV2FDQGLGDWRVySRGHUiDXVHQWDUVHGRUHFLQWRGDSURYDDSyVXPDKRUDFRQWDGDDSDUWLUGRHIHWLYRLQtFLRGDPHVPD3RUPRWLYRVGHVHJXUDQoDRFDQGLGDWR1232'(5/(9$52&$'(512'(48(67(6DTXDOTXHUPRPHQWR 2FDQGLGDWRGHYHUHVHUYDURVWULQWDPLQXWRVILQDLVSDUDPDUFDUVHX&$5725(63267$2VUDVFXQKRVHDVPDUFDo}HVDVVLQDODGDVQR&$'(512'(48(67(6 126(52/(9$'26(0&217$ 2 FDQGLGDWR GHYH DR WHUPLQDU D SURYD HQWUHJDU DR ILVFDO R &$'(512'(48(67(6 H R&$5725(63267$H$66,1$5$/,67$'(35(6(1d$ 27(032',63219(/3$5$(67$3529$'(48(67(62%-(7,9$6e'(48$752+25$6LQFOXtGRRWHPSRSDUDDPDUFDomRGRVHX&$5725(63267$ $VTXHVW}HVHRVJDEDULWRVGD3URYD2EMHWLYDVHUmRGLYXOJDGRVQRSULPHLURGLD~WLODSyVVXDUHDOL]DomRQRHQGHUHoRHOHWU{QLFRGD)81'$d2&(65$15,2KWWSZZZFHVJUDQULRRUJEU $7(1d2 WUDQVFUHYD QRV HVSDoRV DSURSULDGRV GR VHX&$5725(63267$ R Q~PHUR GR JDEDULWR GH VXD SURYDREMHWLYDHFRPVXDFDOLJUDILDXVXDOFRQVLGHUDQGRDVOHWUDVPDL~VFXODVHPLQ~VFXODVDVHJXLQWHIUDVH

$7(1d2HVFUHYDVHXQRPHSRQGRXPDOHWUDHPFDGDTXDGUtFXODQRHVSDoRDEDL[RQmRDEUHYLHRSULPHLURHR~OWLPRQRPHV

(',7$/

1R

*DEDULWR7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,

$WHUUDWHPSDOPHLUDV

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

/1*8$32578*8(6$6ROQRYR6ROYHOKR

9RFrJRVWDULDGHVHYHUPDLVYHOKR"6HKRXYHVVHXPHVSHOKRPiJLFRFDSD]GHPRVWUDUVXDLPDJHPHPXPDGXDVRXPDLVGpFDGDVYRFrROKDULD",PDJLQRTXHDRSLQLmRVHULDGLYLGLGDXQVWDQWRVVLPRXWURVWDQWRVQmR$ILQDOYHURIXWXURWHULDUHSHUFXVVmR VREUH FRPR YLYHUtDPRV QR SUHVHQWH R TXHFULDULDXPDVpULHGHSDUDGR[RV6HQRIXWXURHXPHYLVVHJRUGRHUHVROYHVVHID]HUXPDGLHWD HPDJUHFHULD"6HHPDJUHFHVVHQmRHVWDULDPXGDQGRRIXWXUR"(VHUiTXH LVVRpSRVVtYHO"$ILQDORHVSHOKRPHPRVWURXJRUGR2XTXHPVDEHRIXWXURQmRVHMDXPDSHQDVPDVIHLWRGHP~OWLSODVRSo}HV'HL[DQGRHVVDVSUHRFXSDo}HVXP WDQWRKXPDQDVGHODGRRIDWRpTXHHPDVWURQRPLDDRPHQRVYHURIXWXURHRSDVVDGRpH[WUHPDPHQWH~WLO7DQWRDVVLPTXHXPWLPHLQWHUQDFLRQDOGHDVWU{QRPRVYHPEXVFDQGRHVWUHODVVHPHOKDQWHVDR6ROPDLVYHOKDVHPDLVQRYDVSDUDTXHSRVVDPRVDSUHQGHUVREUHDHYROXomRGDQRVVDHVWUHODPmH3DUDWDOpXVDGRXPJLJDQWHVFRWHOHVFySLR(PDUWLJRRJUXSRUHYHODGDGRVGHGXDVHVWUHODVJrPHDVGR6ROXPDEHPPDLVQRYDHRXWUDEHPPDLVYHOKD2XVHMDXPROKRQRQRVVRSDVVDGRHRXWURQRQRVVRIXWXURRXDRPHQRVQRIXWXURGR6RO$PDLVYHOKD WHPELOK}HVGHDQRVHpEHPPDLVYHOKDGRTXHR6ROTXHWHPELOK}HVGHDQRV1DUHJLmRPDLVSUy[LPDGHODSRGHPH[LVWLUSODQHWDVURFKRVRVFRPRD7HUUD$TXHVWmRGHPDLRU LPSRUWkQFLDSDUDRS~EOLFRpVHR6ROpXPDHVWUHODWtSLFDRXDWtSLFDeERPVDEHUSRLVVXDVREUHYLYrQFLDQD7HUUDGHSHQGHGR6ROHGDVXDHVWDELOLGDGH&DVRVHMDXPDHVWUHODQRUPDOGHQWUR GH VXD FODVVLILFDomR HVWUHODV DSDUHFHP HPFODVVHVGLIHUHQWHVGHSHQGHQGRGDVXDPDVVDWHPSHUDWXUDHWFR6ROFRQWLQXDUiDJHUDU OX]SRUPXLWRVELOK}HVGHDQRVHPWRUQRGRGREURGDVXDLGDGH&DVRQmR VHMDQRUPDO DV FRLVDVSRGHPFRPSOLFDU(VHFRPSOLFDUHPDYLGDQD7HUUDSRGHUiHVWDUHPDSXURVPDLVFHGRGRTXHJRVWDUtDPRV(VWXGDQGR HOHPHQWRV TXtPLFRV SUHVHQWHV QDVWUrVHVWUHODVRJUXSRPRVWURXTXHR6ROpXPDHVWUHODQRUPDO2XVHMDGDLPDJHPGR6ROLGRVRDSUHQGHPRVTXHRQRVVR6ROQmRIRJHjUHJUDRTXHSRVVLELOLWD TXH RXWURV FRPRHOH WHQKDPSODQHWDV FRPRD7HUUDHTXHPVDEHDEULJXHPWDPEpPIRUPDVGHYLGD*/(,6(50DUFHOR)ROKDGH6mR3DXORVHW$GDSWDGR

'HDFRUGRFRPRWH[WRRHVWXGRUHDOL]DGRSHORVDVWU{QRPRVWHPRREMHWLYRGH$GHVFREULUFRPRDXPHQWDURWHPSRGHYLGDGR6RO%DYDOLDUDLQIOXrQFLDGR6ROVREUHDYLGDGDVSHVVRDV&FRPSDUDURWHPSRGHYLGDGRKRPHPHRGDVHVWUHODV'LQYHVWLJDUDH[LVWrQFLDGHQRYRVSODQHWDVFRPRD7HUUD(FDOFXODUSRUTXDQWRWHPSRR6ROFRQWLQXDUiJHUDQGROX]2IUDJPHQWRGRWH[WRTXHMXVWLILFDDFRQFOXVmRGRVDVWU{QRPRVVREUHRWHPSRGHYLGDGRVROp$(P DUWLJR R JUXSR UHYHOD GDGRV GH GXDV HVWUHODVJrPHDV GR 6RO XPD EHPPDLV QRYD H RXWUD EHPPDLVYHOKD %2XVHMDXPROKRQRQRVVRSDVVDGRHRXWURQRQRVVRIXWXURRXDRPHQRVQRIXWXURGR6RO &$PDLVYHOKDWHPELOK}HVGHDQRVHpEHPPDLVYHOKD GR TXH R 6RO TXH WHP ELOK}HV GH DQRV '$TXHVWmRGHPDLRULPSRUWkQFLDSDUDRS~EOLFRpVHR6ROpXPDHVWUHODWtSLFDRXDWtSLFD (RTXHSRVVLELOLWDTXHRXWURVFRPRHOHWHQKDPSODQHWDVFRPRD7HUUDHTXHPVDEHDEULJXHPWDPEpPIRUPDVGHYLGD 1RGHVHQYROYLPHQWRGRWH[WRDH[SUHVVmR2XVHMD IRLXWLOL]DGDSDUDLQWURGX]LUDLGHLDGH$FDXVD%FRQGLomR&ILQDOLGDGH'UHLWHUDomR(FRQWUDGLomR2 WHUPR D TXH R HOHPHQWR GHVWDFDGR VH UHIHUH HVWiDGHTXDGDPHQWHH[SOLFLWDGRHQWUHFROFKHWHVHP$XPHVSHOKRPiJLFRFDSD]GHPRVWUDUVXD LPDJHP >HVSHOKR@%UHJLmRPDLVSUy[LPDGHOD >HVWUHODPDLVYHOKD@&VXDVREUHYLYrQFLDQD7HUUD >6RO@'HPWRUQRGRGREURGDVXDLGDGH >7HUUD@(SRVVLELOLWDTXHRXWURVFRPRHOH >SODQHWDV@1DVOLQKDVDGRWH[WRRVSDUrQWHVHVVmRXWLOL]DGRVSDUDLQWURGX]LUXPD$GHWDOKDPHQWRGRVWLSRVGHDVWURVFHOHVWHV%FRPHQWiULRGRDXWRUVREUHDLGDGHGDVHVWUHODV&FRUUHomRGHXPDLQIRUPDomRIRUQHFLGDQRWH[WR'H[SOLFDomRVREUHXPDSDODYUDXVDGDDQWHULRUPHQWH( LQVHUomRGHXPDRSLQLmRVREUHDSHVTXLVDUHODWDGD

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

3DUDGHVHQYROYHUKLSyWHVHVDUHVSHLWRGRIXWXURXWLOL]DVHPXLWDVYH]HVQRWH[WRDSDODYUDVH$LGHLDGHKLSyWHVHpLQWURGX]LGDSHODSDODYUDRXH[SUHVVmRGHVWDFDGDHP$$ILQDORHVSHOKRPHPRVWURXJRUGR %7DQWRDVVLPTXHXPWLPHLQWHUQDFLRQDOGHDVWU{QRPRV &3DUDWDOpXVDGRXPJLJDQWHVFRWHOHVFySLR 'QR QRVVR IXWXUR RX DRPHQRV QR IXWXUR GR 6RO (&DVRQmRVHMDQRUPDODVFRLVDVSRGHPFRPSOLFDU 2 JUXSR HP TXH DPEDV DV SDODYUDV FRQWrP R PHVPRSUHIL[RGHQHJDomRTXHRFRUUHHPDWtSLFD p$DOLHQDGRDWySLFR%DWLYLVWDDOHDWyULR&DJUDPDWLFDODFURPiWLFR'DJURWy[LFRDOLPHQWtFLR(DVVLPpWULFRDFDORUDGR1R WUHFKR $ILQDO YHU R IXWXUR WHULD UHSHUFXVVmR VREUHFRPRYLYHUtDPRVQRSUHVHQWHRTXHFULDULDXPDVpULHGHSDUDGR[RV DV SDODYUDV GHVWDFDGDV SRGHP VHUVXEVWLWXtGDVVHPSUHMXt]RGRVHQWLGRUHVSHFWLYDPHQWHSRU$FRQVHTXrQFLDFRQWUDGLo}HV%UHYHUEHUDomRUHVXOWDGRV&SUHIHUrQFLDFRPSOLFDo}HV'UHIOH[RVVREUHVVDOWRV(HIHLWRGLYHUJrQFLDV1RWUHFKR6HQRIXWXURHXPHYLVVHJRUGRHUHVROYHVVHID]HU XPDGLHWD HPDJUHFHULD" R WHPSRYHUEDOGHHPDJUHFHULD pGHWHUPLQDGRSHOD FRUUHODomRFRPDVIRUPDVYHUEDLVYLVVHHUHVROYHVVHSDUDH[SUHVVDUXPDKLSyWHVH'HDFRUGRFRPDQRUPDSDGUmRRXWUDPDQHLUDGHFRPELQDURVYHUERVSDUDH[SUHVVDUKLSyWHVHHVWiSUHVHQWHHP$6HHVWXGDVVHPWRGRVRVSODQHWDVGRVLVWHPDVRODURVDVWU{QRPRVGHVFREULUDPIDWRVLQWHUHVVDQWtVVLPRV%6HGHVWUXtUHPDFDPDGDGHR]{QLRDYLGDQD7HUUDILFDUi LUUHPHGLDYHOPHQWH FRPSURPHWLGD SDUD DVJHUDo}HVIXWXUDV&6H RV KRPHQV FRQVWUXtUHP QDYHV HVSDFLDLV PDLVUHVLVWHQWHV FKHJDULDP D RXWUDV JDOi[LDV PXLWRGLVWDQWHVGDQRVVD'6HDVSHVVRDVVHSUHRFXSDPFRPRIXWXURGRSODQHWDFHUWDPHQWHHYLWDULDPWDQWDSROXLomRQRVPDUHVULRVHFLGDGHV(6HQmRKRXYHVVHFRQVWUXo}HVLUUHJXODUHVQDVHQFRVWDV QmRPRUUHUmR WDQWDV SHVVRDV FRPR DFRQWHFHXUHFHQWHPHQWH

2JUXSRHPTXHDIRUPDomRGRSOXUDOGDVGXDVSDODYUDVHVWiGHDFRUGRFRPDQRUPDSDGUmRp$PDODFRVWXPDGRVSRQWDVGLUHLWD%DQWLKLJLrQLFRVDPRUHVSHUIHLWRV&QRWtFLDVERPEDSRUWDVEDJDJHP'iJXDVEHQWDEHPHGXFDGRV(SDODYUDVFKDYHYLFHVFDPSH}HV

5$&,2&1,2/*,&2&HUWRGLD-RmRDILUPRX

6HHXWLYHVVHLGRDREDQFRRQWHPHXQmRSUHFLVDULDLUDREDQFRDPDQKm1RGLDVHJXLQWHQmRWHQGRLGRDREDQFRDLQGD-RmRGLULDDOJRORJLFDPHQWHHTXLYDOHQWHDRTXHGLVVHUDQRGLDDQWHULRUVHWLYHVVHGLWR$&RPRQmRIXLDREDQFRKRMHIXLDREDQFRDQWHRQWHP%&RPRQmRIXLDREDQFRRQWHPLUHLDREDQFRKRMH&&RPRQmRIXLDREDQFRKRMHIXLDREDQFRRQWHP'&RPRSUHFLVRLUDREDQFRKRMHQmRIXLDREDQFRDQWHRQWHP(&RPRSUHFLVRLUDREDQFRKRMHHXIXLDREDQFRRQWHP6DEHVHTXH

6H-RmRDQGDGHQDYLRRXQmRDQGDGHWUHPHQWmR-RmRVHSHUGH6H-RmRDQGDGHWUHPHQWmR-RmRpSDXOLVWD6H-RmRQmRSRXSDHQWmR-RmRDQGDGHQDYLR

$VVLPVH-RmRQmRVHSHUGHHQWmR-RmR$pSDXOLVWDHSRXSD%pSDXOLVWDPDVQmRSRXSD&QmRpSDXOLVWDHQmRSRXSD'QmRpSDXOLVWDPDVSRXSD(RXQmRpSDXOLVWDRXQmRSRXSD&RQVLGHUHDDILUPDomRIHLWDVREUHRVHWRUGHXPDHPSUHVDQRTXDOKiIXQFLRQiULRVORWDGRV1R VHWRU GH XPD HPSUHVD Ki DOJXP IXQFLRQiULRFRPQRPtQLPRDQRVGHLGDGH

$ILPGHVHQHJDUORJLFDPHQWHHVVDDILUPDomRDUJXPHQWDVHTXH$QHQKXPIXQFLRQiULRGRVHWRUWHPDQRV%KiDSHQDVXPIXQFLRQiULRGRVHWRUFRPDQRV&WRGRVRVIXQFLRQiULRVGRVHWRUWrPQRPtQLPRDQRV'WRGRVRVIXQFLRQiULRVGRVHWRUWrPQRPi[LPRDQRV(WRGRVRVIXQFLRQiULRVGRVHWRUWrPQRPi[LPRDQRV

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

8PSURIHVVRUHVFROKHXWUrVDOXQRVGHVXDWXUPDSDUDID]HUHP VHPLQiULRV VREUH PHGLGDV GH WHQGrQFLD FHQWUDO-RmR&DUORVH0DULD$PpGLDDULWPpWLFDDPHGLDQDHDPRGD IRUDPDVPHGLGDVHVFROKLGDVSHORSURIHVVRUSDUDVHUHP RV WHPDV GRV VHPLQiULRV &DGD XP GRV DOXQRVDERUGRXDSHQDVXPDGDVWUrVPHGLGDVGHWHQGrQFLDFHQWUDOVHQGRTXHDRILQDOFDGDXPDGHODVIRLWHPDGHDOJXPVHPLQiULR6DEHVHTXH 6REUHDPHGLDQDIDORX-RmRRX0DULD 6REUHDPRGDIDORX0DULDRX&DUORV 6REUHDPpGLDDULWPpWLFDIDORX&DUORVRX0DULD 2X-RmRIDORXVREUHDPpGLDDULWPpWLFDRX&DUORVIDORXVREUHDPRGD$PpGLDDULWPpWLFDDPHGLDQDHDPRGDIRUDPUHVSHFWLYDPHQWHRVWHPDVGRVVHPLQiULRVGH$&DUORV-RmRH0DULD%&DUORV0DULDH-RmR&0DULD-RmRH&DUORV'0DULD&DUORVH-RmR(-RmR0DULDH&DUORV&RQVLGHUHYHUGDGHLUDVDVVHJXLQWHVSUHPLVVDV

7RGDVDVSHVVRDVTXHDQGDPGHWUHPPRUDPORQJHGRFHQWUR7RGDVDVSHVVRDVTXHDQGDPGHFDUURQmRDQGDPGH{QLEXV$OJXPDVSHVVRDVDQGDPGH{QLEXVHGHWUHP

3RUWDQWR$DOJXPDVSHVVRDVTXHPRUDPSUy[LPRGRFHQWURDQGDPGHFDUURRXGH{QLEXV%DOJXPDVSHVVRDVTXHPRUDPORQJHGRFHQWURQmRDQGDPGHFDUUR&WRGDVDVSHVVRDVTXHPRUDPSUy[LPRGRFHQWURDQGDPGHWUHP'DOJXPDVSHVVRDVTXHDQGDPGHFDUURPRUDPORQJHGRFHQWUR(WRGDVDVSHVVRDVTXHDQGDPGHFDUURPRUDPORQJHGRFHQWUR

2FDUSLQWHLUR-RVpWHYHGHGLYLGLUVHPVREUDVXPDSODFDUHWDQJXODU GHGLPHQV}HVGPSRU GPHPTXDGUDGRVGHODGRVH[SUHVVRVSRUXPQ~PHURLQWHLURGHGHFtPHWURVGHPRGRDREWHURPHQRUQ~PHURGHTXDGUDGRVSRVVtYHO'HSRLV GH YiULRV HQVDLRV HOH FRQVHJXLX UHVROYHU RSUREOHPDREWHQGRDSHQDVTXDGUDGRVFXMDVROXomRHVWiLQGLFDGDQD)LJXUDDEDL[RFRPDVPHGLGDVHPGHFtPHWURV

$JRUD-RVpWHPGHUHVROYHURPHVPRSUREOHPDSRUpPQRFDVRGRUHWkQJXORGHGLPHQV}HVGPSRUGP1HVVHFDVRRPHQRUQ~PHURGHTXDGUDGRVREWLGRVVHUi$% & ' ( 2DJHQWHVHFUHWRUHVROYHFULDUXPVLVWHPDGHFyGLJRVVHFUHWRV TXH FRQVLVWH HP ID]HU FDGD OHWUD GR DOIDEHWRFRUUHVSRQGHU D XP Q~PHUR H HP VHJXLGD WRPDU XPDSDODYUDRXXPDGLVSRVLomRTXDOTXHUGHOHWUDVWHQGRRXQmRVLJQLILFDGRHPXOWLSOLFDURVYDORUHVGHVXDV OHWUDVREWHQGRGHVVDIRUPDRFyGLJR2YDORUDWULEXtGRDXPDOHWUDVHUiVHPSUHRPHVPRRQGHTXHUTXHHODDSDUHoD$VVLPHOHHQFRQWURXRVFyGLJRVSDUDDVVHJXLQWHVSDODYUDV*(2*5$),$ H$*25$ 6DEHQGRVHTXHRQ~PHURTXHFRUUHVSRQGHjOHWUD)pRGREURGRQ~PHURDWULEXtGRjOHWUD%RFyGLJRGH,%*(p$ % & ' (

5$6&81

+2

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

7UrV KRPHQV$UL %HWR H &LUR H WUrVPXOKHUHV /DXUD0DUtOLDH3DWUtFLDIRUPDPWUrVFDVDLVPDULGRHPXOKHU'HQWUHDVPXOKHUHVKiXPDPpGLFDXPDSURIHVVRUDHXPDDGYRJDGD$PXOKHUGH$ULQmRVHFKDPD3DWUtFLDHQmRpSURIHVVRUD%HWRpFDVDGRFRPDDGYRJDGDH&LURpFDVDGRFRP/DXUD$VSURILVV}HVGH/DXUD0DUtOLDH3DWUtFLDVmR UHVSHFWLYDPHQWH$DGYRJDGDPpGLFDHSURIHVVRUD%DGYRJDGDSURIHVVRUDHPpGLFD&SURIHVVRUDPpGLFDHDGYRJDGD'SURIHVVRUDDGYRJDGDHPpGLFD(PpGLFDSURIHVVRUDHDGYRJDGD

$ULRYDOGR HVFROKHX XPQ~PHUR QDWXUDO GH DOJDULVPRVH UHWLURX GHOH XP GH VHXV DOJDULVPRV REWHQGR DVVLPXPQ~PHURGHDOJDULVPRVSRUH[HPSORVHRQ~PHURHVFROKLGRpHRDOJDULVPRUHWLUDGRpRHQWmRRQ~PHURREWLGRp$VRPDGRQ~PHURLQLFLDOGHDOJDULVPRVHVFROKLGRSRU$ULRYDOGRFRPRGHDOJDULVPRVREWLGRUHWLUDQGRVHXPGRVDOJDULVPRVGRQ~PHURHVFROKLGRp2DOJDULVPRUHWLUDGRGRQ~PHURLQLFLDOGHDOJDULVPRVIRLRDOJDULVPRGDV$GH]HQDVGHPLOKDUHV%XQLGDGHVGHPLOKDUHV&FHQWHQDV'GH]HQDV(XQLGDGHV5HQDWRYDLSUHHQFKHUFDGDTXDGUDGRGDILODDEDL[RFRPXPQ~PHURGHIRUPDTXHDVRPDGHTXDLVTXHUWUrVQ~PHURVFRQVHFXWLYRVQDILODYL]LQKRVVHPSUHVHMD

2Q~PHURTXH5HQDWRWHUiGHFRORFDUQROXJDUGH1p$ % & '(

5$6&81

+2

5$6&81

+2

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

*(2*5$),$1RHVSDoRDpUHREUDVLOHLURXPDDHURQDYHVHGHVORFDHPOLQKDUHWDGH3DOPDVQR7RFDQWLQVSDUD%UDVtOLDQR'LVWULWR)HGHUDO'HDFRUGRFRPRVSRQWRVFDUGHDLVHVVDDHURQDYHGHVFUHYHXPDWUDMHWyULDQRVHQWLGR$VXOQRUWH% OHVWHRHVWH&QRUWHVXO'QRUGHVWHVXGRHVWH(VXGRHVWHQRUGHVWH2WHUULWyULREUDVLOHLURpDWUDYHVVDGRSRUGRLVSDUDOHORVGHUHIHUrQFLDR(TXDGRUQDODWLWXGHGHRHRWUySLFRGH&DSULFyUQLRQDODWLWXGHGHR62WUySLFRGH&DSULFyUQLRDWUDYHVVDDOJXQV(VWDGRVEUDVLOHLURV8PGHVVHV(VWDGRVp$6mR3DXOR%5LRGH-DQHLUR&5LR*UDQGHGR6XO'(VStULWR6DQWR(0LQDV*HUDLV1XPPDSDGHHVFDODFDUWRJUiILFDDGLVWkQFLDHPOLQKDUHWDHQWUHGXDVFLGDGHVpGHFP1RWHUUHQRDGLVWkQFLDHQWUHHVVDVFLGDGHVPHGLGDHPTXLO{PHWURVpGH$%&'((PMDQHLURGHRJRYHUQRGR(VWDGRGH6mR3DXORVDQFLRQRXSURMHWRTXHIHFKDHPSUHVDVTXHVXEPHWHPWUDEDOKDGRUHVDFRQGLo}HVDQiORJDVjHVFUDYLGmR(VVDPHGLGDGRJRYHUQRFDVVDD LQVFULomRQRFDGDVWURGR,&06GRVHVWDEHOHFLPHQWRVFRPHUFLDLVHQYROYLGRVQDSUiWLFDGHVVHFULPHVHMDGLUHWDPHQWHVHMDQRSURFHVVRGHSURGXomRRXDLQGDFRPRQRVFDVRVGH WHUFHLUL]DomRLOHJDO$OpPGLVVRRVDXWXDGRVILFDUmRLPSHGLGRVSRUGH]DQRVGHH[HUFHURPHVPRUDPRGHDWLYLGDGHHFRQ{PLFD%21'8., $ &RPEDWH DR WUDEDOKR HVFUDYR &RQKHFLPHQWR3UiWLFR*HRJUDDQ6mR3DXOR(%5S$GDSWDGR1RFRQWH[WRPHQFLRQDGRRUDPRGHDWLYLGDGHHFRQ{PLFDFRPDPDLRURFRUUrQFLDGHWUDEDOKRGHJUDGDQWHDQiORJRjHVFUDYLGmRpR$QDYDO%Wr[WLO&DHURQiXWLFR'IDUPDFrXWLFR(DXWRPRELOtVWLFR

%5$6,/9$5,$d25(/$7,9$'$3238/$d25(6,'(17(585$/

0$57,1(//,00DSDVGDJHRJUDDHFDUWRJUDDWHPiWLFD6mR3DXOR&RQWH[WRS1RPDSDDFLPDYHULILFDVHTXHDYDULDomRUHODWLYDPDLVHOHYDGDUHSUHVHQWDQGRDFUpVFLPRGHSRSXODomRUHVLGHQWHUXUDORFRUUHQRVHJXLQWH(VWDGR$3DUi%&HDUi&5RUDLPD'3HUQDPEXFR(6DQWD&DWDULQD1R%UDVLORFRUUHXPWLSRFOLPiWLFRFRPDVSHFWRVEHPGHILQLGRVPpGLDVHOHYDGDVGHWHPSHUDWXUDGHDR&HSHTXHQDDPSOLWXGHWpUPLFDDQXDOHPWRUQRGHR&1HVVH WLSRGHFOLPDDVFKXYDVVmRDEXQGDQWHVHEHPGLVWULEXtGDVDR ORQJRGRDQR IDYRUHFLGDVGLUHWDPHQWHSHODFRQYHUJrQFLDGRVYHQWRVDOtVLRVHSHODGLQkPLFDGHXPDPDVVDGHDUFRQWLQHQWDO2VDVSHFWRVDFLPDPHQFLRQDGRVFDUDFWHUL]DPRWLSRFOLPiWLFR$HTXDWRULDO%VXEWURSLFDO&VHPLiULGR'WURSLFDOGHDOWLWXGH(WURSLFDOFRPGXDVHVWDo}HV

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

$HFRQRPLDEUDVLOHLUDFUHVFHXFRP IRUoDQRVHJXQGRWULPHVWUH&RPDDMXGDGDVDIUDUHFRUGHDDJURSHFXiULDIRLXPGRVSULQFLSDLVGHVWDTXHVGR3,%FRPDVRMDjIUHQWHGHVVHGHVHPSHQKR$SUHYLVmRGR,%*(pGHDXPHQWRGHQDTXDQWLGDGHSURGX]LGDHPSDUDXPFUHVFLPHQWRGHGDiUHDSODQWDGD6RPHQWHGHVRMDIRUDPH[SRUWDGDVELOK}HVGHWRQHODGDVQRLQtFLRGRDQR$VRMDVR]LQKDUHVSRQGHXSRUGDVH[SRUWDo}HVWRWDLV$/0(,'$&&$51(,52/H9,(,5$63,%VXUSUHHQGHHFUHVFH2*ORERDJRS$GDSWDGR

1DIURQWHLUDDJUtFRODEUDVLOHLUDRGHVHPSHQKRGHVVDSURGXomRSDUDDH[SRUWDomRHVWiPDLVFRQVROLGDGRQDDJULFXOWXUDPRGHUQL]DGDGDUHJLmR$6XO%1RUWH&6XGHVWH'1RUGHVWH(&HQWUR2HVWH(PR,%*(DSUHVHQWRXQR$WODV*HRJUiILFR(VFRODU XPD FODVVLILFDomR SDUD KLHUDUTXL]DU DV FLGDGHV EUDVLOHLUDVHPSUHJDQGRDVFDWHJRULDVGHPHWUySROHJOREDOPHWUySROHQDFLRQDOPHWUySROHUHJLRQDOHFHQWURUHJLRQDO'HDFRUGRFRPHVVDFODVVLILFDomRVmRH[HPSORVGHPHWUySROHUHJLRQDOHFHQWURUHJLRQDOUHVSHFWLYDPHQWHDVVHJXLQWHVFLGDGHV$%HOpPH/RQGULQD%6mR3DXORH&XULWLED&6mR3DXORH6DOYDGRU'5LRGH-DQHLURH%HOpP(5LRGH-DQHLURH9LWyULD1D IRUPDomR WHUULWRULDOEUDVLOHLUDDDWXDomRGRVEDQGHLUDQWHVIRLUHVSRQViYHOSHORFRPEDWHDRVtQGLRVFRQVLGHUDGRV DJUHVVRUHV RX RSRVLWRUHV j FRQTXLVWD GR LQWHULRUH WDPEpP SHOD FDSWXUD GH QHJURV IXJLGRV GDV JUDQGHVSODQWDo}HVHSHODGHVWUXLomRGHTXLORPERV(VVDHVWUDWpJLDFRORQL]DGRUDFRUUHVSRQGHXDXPDYHUGDGHLUDDomRH[WHUPLQDGRUDGRVLQGtJHQDVQRQRUGHVWHGR3DtVVRERFRPDQGRGHYiULRVEDQGHLUDQWHVSDXOLVWDVVREUHWXGRQRVpFXOR;9,,$HVWUDWpJLDFRORQL]DGRUDDFLPDPHQFLRQDGDGHQRPLQDVH$XUEDQLVPRUXUDO%PLVV}HVMHVXtWLFDV&GHVHQYROYLPHQWLVPR'VHUWDQLVPRGHFRQWUDWR(3ODQR1DFLRQDOGH'HVHQYROYLPHQWR

'LVSRQtYHOHPYLYDWHUUDRUJEU!$FHVVRHPDJR1DLPDJHPDFLPDHVWiUHJLVWUDGDXPDYHJHWDomRWtSLFDGRDPELHQWHQDWXUDOGHQRPLQDGR$FDDWLQJD%PDQJXH]DO&FDPSROLPSR'FDPSRUXSHVWUH(PDWDGHFRFDLV

&21+(&,0(1726(63(&),&265HWUDWDU R %UDVLO FRP LQIRUPDo}HV QHFHVViULDV DRFRQKHFLPHQWR GD VXD UHDOLGDGH H DR H[HUFtFLR GDFLGDGDQLDDWUDYpVGDVHVWDWtVWLFDVRILFLDLVHGDVEDVHVGHGDGRVJHRFLHQWtILFRV$IUDVHDFLPDH[SUHVVDDPLVVmRGR,%*($UHVSHLWRGDVLQIRUPDo}HVSURGX]LGDVSHOR,%*(WHPVHTXH$HVVDV HVWDWtVWLFDV VmR GLWDV RILFLDLV SRUTXH VmRSURGX]LGDVSRUXPyUJmRGH(VWDGRRTXHFRORFDHPULVFRVXDFUHGLELOLGDGHGDGRR LQWHUHVVHGRJRYHUQRHPVHXVUHVXOWDGRV%QmRH[LVWHFLGDGDQLDHPXPSDtVTXHQmRFRQWDFRPLQIRUPDo}HV HVWDWtVWLFDV H JHRFLHQWtILFDV GH ERDTXDOLGDGH&HVVDVLQIRUPDo}HVHVWDWtVWLFDVHJHRFLHQWtILFDVFRQVWLWXHPDPHOKRUIRUPDGHUHWUDWDUR%UDVLO'FRQKHFLPHQWRV H LQWHUSUHWDo}HV VREUH D UHDOLGDGHEUDVLOHLUDQmRSRGHPVHUYHUGDGHLURVRXSHUWLQHQWHVVHQmRIRUHPEDVHDGRVQHVVDVLQIRUPDo}HVHVWDWtVWLFDVHJHRFLHQWtILFDV(HVVDV LQIRUPDo}HVGHYHPRULHQWDUVHSHODVQHFHVVLGDGHVGRSODQHMDPHQWRQDFLRQDOHSHODSUHRFXSDomRVRFLDOFRPRIRUWDOHFLPHQWRGDFLGDGDQLD

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

&ULDGDHPHDEROLGDHPFRQVHTXrQFLDGDUHYROXomRGHD'LUHWRULD*HUDOGH(VWDWtVWLFD'*(pFRQVLGHUDGDDSUHFXUVRUDGR,%*(GRSRQWRGHYLVWDGDSURGXomRGHHVWDWtVWLFDVHPQtYHOQDFLRQDO'HQWUHDVUHDOL]Do}HVSULQFLSDLVGD'*(HQFRQWUDVHD$FRRUGHQDomRGRVLVWHPDHVWDWtVWLFRQDFLRQDO% LQDXJXUDomRGDUHJXODULGDGHFHQVLWiULDQR%UDVLOTXHVHULDFRQWLQXDGDSHOR,%*(FRPRLQGLFDPDUHDOL]DomRGHUHFHQVHDPHQWRVHPH&LPSODQWDomR GR UHJLVWUR FLYLO GH QDVFLPHQWRV FDVDPHQWRVHyELWRV'RUJDQL]DomRGRVLVWHPDGHFRQWDVQDFLRQDLV(GHWHUPLQDomR GDV FKDPDGDV PDFURUUHJL}HV KRPRJrQHDVGR%UDVLODVVLPFRPRDVFRQKHFHPRVKRMHQRUWHQRUGHVWHFHQWURRHVWHVXOHVXGHVWH2,%*(pXPyUJmRIHGHUDOUHVSRQViYHOSHODSURGXomRGHLQIRUPDo}HVHVWDWtVWLFDVHJHRFLHQWtILFDVHFXMDHVWUXWXUD$pYLQFXODGDGLUHWDPHQWHj3UHVLGrQFLDGD5HS~EOLFD% LQWHJUD D 6HFUHWDULD GH $VVXQWRV (VWUDWpJLFRV GD3UHVLGrQFLDGD5HS~EOLFD&LQWHJUD R 0LQLVWpULR GR 3ODQHMDPHQWR 2UoDPHQWR H*HVWmR'WHPFRPRSULQFLSDODWULEXLomRRIHUHFHUVXSRUWHWpFQLFRjVDo}HVGRJRYHUQRSDUDD IRUPXODomRGHSROtWLFDVS~EOLFDVHSURJUDPDVGHGHVHQYROYLPHQWR(SURGX]HVWDWtVWLFDVHHVWXGRVVREUHDHGXFDomREUDVLOHLUDDMXGDQGRDLPSOHPHQWDUSROtWLFDVS~EOLFDVSDUDHVWHVHWRU3DUDFROKHULQIRUPDo}HVTXHDX[LOLHPQDGHFLVmRGHDEULUXPDPLFURHPSUHVDHFDOFXODUPHOKRURVULVFRVHQYROYLGRVQD HVFROKD GH VXD ORFDOL]DomR H UDPR GH DWLYLGDGH pDFRQVHOKiYHOTXHRLQYHVWLGRUUHFRUUDDTXHPRGDOLGDGHVGHSHVTXLVDSURGX]LGDSHOR,%*("$3HVTXLVD ,QGXVWULDO 0HQVDO GH (PSUHJR H 6DOiULR3HVTXLVDGH,QRYDomR7HFQROyJLFD%(VWDWtVWLFDV GR &DGDVWUR &HQWUDO GH (PSUHVDV3HVTXLVD $QXDO GR &RPpUFLR 3HVTXLVD $QXDO GH6HUYLoRV&3HVTXLVD 0HQVDO GH (PSUHJRV 3HVTXLVD GH 2UoDPHQWRV)DPLOLDUHV'/HYDQWDPHQWR 6LVWHPiWLFR GD 3URGXomR $JUtFROD&HQVR$JURSHFXiULR(QGLFH 1DFLRQDO GH 3UHoRV DR &RQVXPLGRU &HQVR'HPRJUiILFR

$RHPSRVVDURHQWmRPLQLVWURGDVUHODo}HVH[WHULRUHV-RVp &DUORV GH 0DFHGR 6RDUHV QD SUHVLGrQFLD GR,QVWLWXWR 1DFLRQDO GH (VWDWtVWLFD HP GH PDLR GHHID]HUGR3DOiFLRGR&DWHWHVXDVHGHSURYLVyULDH[FODPRX *HW~OLR 9DUJDV 7HQKR WDO LQWHUHVVH SHOR,QVWLWXWR 1DFLRQDO GH (VWDWtVWLFD TXH OKHV GHL DPLQKD FDVD H R PHX PLQLVWUR 6LPEROLFDPHQWH HVWDIDOD LQVWDODYD R ,1( IXWXUR ,%*( QD DQWHVVDOD GRSRGHU HQTXDQWR PDWHULDOL]DYD R SHQVDPHQWR GH VHXLGHDOL]DGRU H SULPHLUR VHFUHWiULRJHUDO 0DULR$XJXVWR7HL[HLUDGH)UHLWDV)DoDR%UDVLODHVWDWtVWLFDTXHGHYHWHUHDHVWDWtVWLFDIDUiR%UDVLOFRPRGHYHVHU1RVDQRVVHJXLQWHVVXUJLULDDH[SUHVVLYDUHSUHVHQWDomRGR,%*(FRPRD FDVDGR%UDVLODFDVDHPTXHRSDtVVHULDRQWHPHKRMHUHYHODGRHPVXDVGLPHQV}HVHVWDWtVWLFDHJHRJUiILFDHPFUHVFHQWHTXDOLGDGH6(15$18PDEUHYHKLVWyULDGDVHVWDWtVWLFDVEUDVLOHLUDV5LRGH-DQHLUR,%*(S

$ SDVVDJHP DFLPD DVVLQDOD D LPSRUWkQFLD TXH R ,%*(DVVXPLXQDFRQVWUXomRGR(VWDGREUDVLOHLURSDUDRTXHIRL IXQGDPHQWDO D LQWHJUDomR HQWUH D HVWDWtVWLFD H DVJHRFLrQFLDVQRVGLIHUHQWHVPRPHQWRVGHVXDWUDMHWyULD1RTXHGL] UHVSHLWRDRVQRVVRVGLDV DV UHODo}HVHQWUHHVVHVGRLVJUDQGHVUDPRVGDLQVWLWXLomRFRQVLVWHPHP$HODERUDU D SULPHLUD FDUWD GR %UDVLO DR PLOLRQpVLPRTXHWRUQDUiSRVVtYHODUHYLVmRGRWUDoDGRGRVOLPLWHVLQWHUQDFLRQDLVLQWHUHVWDGXDLVHOLWRUkQHRVGR%UDVLO%FRODERUDUFRPDVIRUoDVDUPDGDVQDGHILQLomRGDJHRSROtWLFDQDFLRQDOQRTXHGL]UHVSHLWRDRPDSHDPHQWRGHUHFXUVRVQDWXUDLVKtGULFRVHPLQHUDLVHjSURWHomRGDViUHDVGHIURQWHLUDFRPRILPGHJDUDQWLUDVREHUDQLDQDFLRQDO&SURGX]LUQRYRVFRQKHFLPHQWRVTXHSHUPLWDPDSULPRUDUHDWXDOL]DURFXUUtFXORGRVFXUVRVGHHVWDWtVWLFDHJHRJUDILDQRHQVLQREiVLFRHQRQtYHOVXSHULRU'HVWDEHOHFHURVVHWRUHVFHQVLWiULRVDSDUWLUGRVPDSDVHODERUDGRVSHODVJHRFLrQFLDVTXHDRGHWHUPLQDUHPFRPH[DWLGmRRV OLPLWHVHVWDGXDLVPXQLFLSDLVHGLVWULWDLVSHUPLWHPHYLWDUSUREOHPDVGHVXEFRQWDJHPHGXSODFRQWDJHPGDSRSXODomR(DWHQGHUjFRQYHQomRLQWHUQDFLRQDOTXHUHFRPHQGDDFRQYHQLrQFLDGHVHDFXPXODU HPXPPHVPRyUJmRGDDGPLQLVWUDomRDFRRUGHQDomRGRVLVWHPDHVWDWtVWLFR QDFLRQDO H GR VLVWHPD FDUWRJUiILFR QDFLRQDO GHPRGRDHYLWDUFRQIOLWRGHFRPSHWrQFLDVLQVWLWXFLRQDLV

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

'HVGH VXD RULJHP QD $QWLJXLGDGH R FHQVR IRL XPLQVWUXPHQWRGRSRGHUHVWDWDO2WHUPRFHQVRYHPGRODWLPHHP5RPDVHUHIHULDDRUHJLVWURGRVFLGDGmRVDGXOWRVKRPHQV H GH VXDV SURSULHGDGHV SDUD SURSyVLWR GHWULEXWDomRUHFUXWDPHQWRPLOLWDUHGHWHUPLQDomRGHVWDWXVSROtWLFR 2 &HQVRU 5RPDQR HUD WDPEpP HQFDUUHJDGRSHOR FRQWUROH GR FRPSRUWDPHQWR GDt D DVVRFLDomRHWLPROyJLFDGRFHQVRU FRPDFRQGLomRGHFHQVXUD IDWRTXH HVWHYH QD RULJHP GDV UHVLVWrQFLDV GD SRSXODomRHPSUHVWDU LQIRUPDo}HV(VWHTXDGURPXGDULDGXUDQWHRVpFXOR;,;TXDQGRRFHQVRVHWRUQDRPHLRIXQGDPHQWDOGHFRQKHFLPHQWRGDVFDUDFWHUtVWLFDVHGRPRYLPHQWRGDSRSXODomRXPDYH]TXHRV(VWDGRVDVVXPHPDSURPRomRGDSURVSHULGDGHVRFLDOFRPRILQDOLGDGHGRJRYHUQR-iRVpFXOR ;; YHUi QDVFHU DV SHVTXLVDV SRU DPRVWUDJHPDVVLP FKDPDGDV SRU ODQoDUHP PmR GDV WpFQLFDV GDSUREDELOLGDGHTXHSHUPLWHPDREWHQomRGHLQIRUPDo}HVPDLVHVSHFLDOL]DGDVHPPHQRVWHPSRHDPHQRUFXVWR

$/2162:67$5537KHSROLWLFVRIQXPEHUV1HZ

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

&21+(&,0(1726*(5$,6)DODUGDYLGDSULYDGDGDVSHVVRDVDWUDLS~EOLFR&RPRMRUQDOLVWD GH ORQJD GDWD /DXUHQWLQR *RPHV FRQKHFLDEHPHVVHIDWRPDVQmRSRGHULDFDOFXODUDRQGHLVVRROHYDULD(PQDVYpVSHUDVGHVXDDSRVHQWDGRULDDR ODQoDU RSULPHLUR YROXPHGDVpULHTXH IHFKDDJRUDFRP~OWLPDHPHOKRUQDUUDWLYDGDWULORJLDTXHSHUFRUUHRSHUtRGRGDFKHJDGDGD&RUWHSRUWXJXHVDDWpRJRYHUQR&DPSRV6DOOHV*RPHVDOFDQoRXRIHLWRLQpGLWRPDQWHUSRUGRLVDQRVFRQVHFXWLYRVXPOLYURVREUHD+LVWyULDGR%UDVLOQRWRSRGRVPDLVYHQGLGRVGR3DtV

5HYLVWD ,VWR e 6mR 3DXOR $EULO DJR QS$GDSWDGR(VVH ~OWLPR OLYUR GD WULORJLD WUD] D VLQRSVH QR VXEWtWXOR&RPR XP LPSHUDGRU FDQVDGR XP PDUHFKDO YDLGRVRH XP SURIHVVRU LQMXVWLoDGR FRQWULEXtUDP SDUD R ILP GD0RQDUTXLDHD3URFODPDomRGD5HS~EOLFD1mRUHVWDQGRG~YLGDVGHTXHRLPSHUDGRUFDQVDGRp'3HGUR,,HTXHRPDUHFKDOYDLGRVRTXHSURFODPRXD5HS~EOLFDp'HRGRURGD )RQVHFD UHVWD LGHQWLILFDU R SURIHVVRU TXH WDPEpPHUDPLOLWDUFRQVLGHUDGRLQMXVWLoDGRSRUWHUVLGRVHJXQGRHVWXGLRVRVRFpUHEURHRLGHDOL]DGRUGHPDLRUH[SUHVVmRGD3URFODPDomR(VVHSURIHVVRULQMXVWLoDGRp$%HQMDPLP&RQVWDQW%)ORULDQR3HL[RWR&/DXUR6RGUp'4XLQWLQR%RFDLXYD(5XL%DUERVD1R%UDVLORH[HPSORGR6LVWHPD1DFLRQDOGH3UHYHQomRH&RPEDWHj7RUWXUDpHPEOHPiWLFR2REMHWLYRp LPSHGLUWRUWXUDVPDXVWUDWRVHWUDWDPHQWRVGHJUDGDQWHVDLQGLYtGXRVSULYDGRVGHOLEHUGDGHHPGHOHJDFLDVSUHVtGLRVKRVSLWDLVDVLORVFHQWURVGHWUDWDPHQWRSVLTXLiWULFRHGHUHDELOLWDomRGHGURJDVHQWUHRXWURVORFDLV(PXPSDVVDGRQHPWmRGLVWDQWHPDUFDGRSRUUHJLPHVDXWRULWiULRVHYLRODo}HVGHOLEHUGDGHVFULPHVGHVVHWLSRGHL[DUDPSURIXQGDV VHTXHODV TXH DLQGD WHQWDPRV UHPHGLDU e MXVWDPHQWHSDUDHYLWDURUHWRUQRGHYLRODo}HVVHPHOKDQWHVTXHR6LVWHPD1DFLRQDOGH3UHYHQomRGH&RPEDWHj7RUWXUDIRLLQVWLWXtGR

6277,/,5RJpULR8PVLVWHPDFRQWUDDWRUWXUD5HYLVWD&DUWD&DSLWDO6mR3DXOR&RQDQoD/WGDQRVHWS$GDSWDGR$SDUWLUGRH[HPSORPHQFLRQDGRQRWH[WRFRQFOXLVHTXHR%UDVLODYDQoDFRPSURSRVWDVSDUDD$ OLEHUGDGHGRVPHLRVGHFRPXQLFDomR%JDUDQWLDGRVGLUHLWRVKXPDQRVIXQGDPHQWDLV&UXSWXUDFRPDGLVFULPLQDomRpWQLFRFXOWXUDO'HVWUXWXUDomRGHXPDGHPRFUDFLDSDUWLFLSDWLYD(SHUVSHFWLYDGH UHGXomRGDVGHVLJXDOGDGHVHFRQ{PLFDV

'LVSRQtYHOHPKWWSREVHUYDUWH]LSQHW!$FHVVRHPVHW2FDUWD]DSUHVHQWDGRDQXQFLDXPGRVPDLV LPSRUWDQWHVDFRQWHFLPHQWRVGDVDUWHVQR%UDVLOQRVpFXOR;;8PGRVVHXVPpULWRVIRLDSUHVHQWDUXPDJHUDomRGHDUWLVWDVFXMDVREUDVHVWDYDPVLQWRQL]DGDVFRPDVYDQJXDUGDVDUWtVWLFDVHXURSHLDVHDRPHVPRWHPSRLGHQWLILFDGDVFRPDUHDOLGDGHFXOWXUDOEUDVLOHLUD$ SULPHLUD IDVH GR 0RYLPHQWR 0RGHUQLVWD QR %UDVLOTXH VH HVWHQGH GH D WHP D SURSRVWD GHPDUFDUSRVLomRGH IRUPDDEXVFDUHVSHFLDOPHQWHQD/LWHUDWXUDDR$ LQVSLUDomRQDVLQWD[HFOiVVLFD% LQWURGXomRGHXPYRFDEXOiULRYDJR&LQFHQWLYRjSHVTXLVDIRUPDOGHOLQJXDJHP'FDUiWHUGHFRQVROLGDomRGRVYDORUHVGRUHJLRQDOLVPR(URPSLPHQWR UDGLFDO FRP DV HVWUXWXUDV HVWpWLFDV GRSDVVDGR

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

0XLWRV HVWXGLRVRV H SROtWLFRV HVWXGDP DOWHUQDWLYDV SDUDPXGDU R VLVWHPD GH ILQDQFLDPHQWR GDV FDPSDQKDVHOHLWRUDLV2WUHFKRDVHJXLUUHYHODDVSHFWRVGHVVHWHPD3UREOHPD 2SRGHUHFRQ{PLFRpGHFLVLYRHPQRVVRVLVWHPD HOHLWRUDO TXH SHUPLWH JUDQGHV GRDo}HV GHSHVVRDVItVLFDVHMXUtGLFDVHFRORFDQRVVRVSROtWLFRVDVHUYLoRGHDOJXQVSRXFRVLQWHUHVVHV$TXLDVHPSUHVDVVXVWHQWDPDPDLRUSDUWHGRSURFHVVRHOHLWRUDO(PHODV IRUDP UHVSRQViYHLV SRU GR YDORU JDVWR SRUFDQGLGDWRV3DUDSLRUDUDOHJLVODomREUDVLOHLUDSHUPLWHTXHHODVSDVVHPUHFXUVRVDQRQLPDPHQWHYLDSDUWLGRV6ROXomR5HGX]LUGRDo}HVHJDVWRVGHFDPSDQKD5HYLVWD6XSHU,QWHUHVVDQWH6mR3DXOR$EULOQDJRS

8PDGDVSURSRVWDVSHQVDGDVpDGHILQDQFLDPHQWRH[FOXVLYDPHQWHS~EOLFR2VFUtWLFRVGHVVDSURSRVWDDOHJDPTXHHVVDRSomRREULJDULDRVFRQWULEXLQWHVGHIRUPDLQGLUHWDDEDQFDUDFDPSDQKDGHFDQGLGDWRVTXHQmRDSRLDP-iRVGHIHQVRUHVGHVVDSURSRVWDFRQVLGHUDPTXHDOpPGHUHGXomRQRVFXVWRVGHFDPSDQKDHVVDDOWHUQDWLYD$LPSXOVLRQDULD D OLEHUGDGH GH H[SUHVVmR SROtWLFD GRVFLGDGmRV%DFDEDULD FRP D LQIOXrQFLD GDV HPSUHVDV VREUH DVHOHLo}HV&HVWLPXODULDDFRPSHWLWLYLGDGHHQWUHSDUWLGRV'SURPRYHULD YDQWDJHP GH FDQGLGDWRV FRP PHOKRUIRUPDomRLQWHOHFWXDO(GDULDPXLWRPDLVSRGHUjVFDPDGDVVRFLDLVGHPpGLDHDOWDUHQGDV$SUHRFXSDomRGDVRFLHGDGHPRGHUQDHPEXVFDURGHVHQYROYLPHQWRVXVWHQWiYHOOHYDjQHFHVVLGDGHGHVHHVWDEHOHFHUHPPHGLGDVGHVWLQDGDVDRFRQWUROHGDGHJUDGDomRDPELHQWDOHGDSROXLomR(VVDVPHGLGDVVmRFODVVLILFDGDVHPHVWUXWXUDLVHQmRHVWUXWXUDLV8PH[HPSORGHPHGLGDHVWUXWXUDOHXPGHPHGLGDQmRHVWUXWXUDOVmRUHVSHFWLYDPHQWH$FRQVWUXomRGHSDYLPHQWRVSHUPHiYHLVHSODQHMDPHQWRGRXVRGRVROR%H[LJrQFLDGHHVWXGRGH LPSDFWRDPELHQWDO H ]RQHDPHQWRVXUEDQRHUXUDO&QHFHVVLGDGHGHUHFHLWDDJURQ{PLFDSDUDDTXLVLomRGHDJURWy[LFRVHFRQVWUXomRGHHVWDomRGHWUDWDPHQWRGHHVJRWR'HVWDELOL]DomRGHYRoRURFDVHLQVWDODomRGHILOWURVSDUDUHGXomRGHHPLVV}HV(FULDomRGHiUHDVGHSURWHomRGHPDQDQFLDLVHFRQVWUXomRGHEDUUDJHPGHUHJXODUL]DomRGHYD]}HV

$ SURIHVVRUD &DWKHULQH +H\PDQV GD 8QLYHUVLGDGHGH (GLPEXUJR H[SOLFD $V WHRULDV GD PDWpULD HVFXUDLQGLFDYDPTXHHODIRUPDULDXPDLQWULQFDGDHJLJDQWHVFDUHGHFyVPLFD>@$PDWpULDHVFXUDQmRHPLWHQHQKXPWLSR GH UDGLDomR HOHWURPDJQpWLFD H SRU LVVR QmR SRGHVHU REVHUYDGD VR]LQKD SRU WHOHVFySLRV(OD SRGH QRHQWDQWRVHUGHWHFWDGDSRUPHLRGHXPHVWXGRGHFRPRDOX]pUHIOHWLGDSRUHOHPHQWRVTXHILFDPjVXDYROWD>@(VVDVGHVFREHUWDVFRQVWLWXHPXPJUDQGHVDOWRDGLDQWHQRHQWHQGLPHQWRGDPDWpULDHVFXUDHGDIRUPDFRPRHODDIHWDR MHLWRTXHYHPRVDPDWpULDQRUPDOQDVGLVWLQWDVJDOi[LDVSHODQRLWH >@$SURIHVVRUD+H\PDQVH[SOLFDTXHDOX]GHXPDJDOi[LDGLVWDQWHTXHFKHJDDWpQyVpFXUYDSRUFDXVDGDJUDYLGDGHGDPDVVDGDPDWpULDTXHVHHQFRQWUDQRPHLRGRFDPLQKR([SOLFDWDPEpPTXHD7HRULDGD5HODWLYLGDGHQRVGL]TXHDPDVVDDOWHUDRHVSDoRHRWHPSRHQWmRTXDQGRD OX]FKHJDDWpQyVYLQGDGR8QLYHUVR FDVRFUX]HDPDWpULDHVFXUDHVVDOX]WRUQDVHFXUYDHDLPDJHPTXHYHPRVpGLVWRUFLGD'LVSRQtYHO HP KWWSZZZIROKDXROFRPEUEEFFLHQWLVWDVOLVWDPTXDWURGHVFREHUWDVUHFHQWHVVREUHRXQLYHUVRVKWPO!$FHVVRHPVHW$GDSWDGR

$RFLWDUD7HRULDGD5HODWLYLGDGHDSURIHVVRUD+H\PDQVGHPRQVWUD D LPSRUWkQFLD SDUD DV GHVFREHUWDV H LQRYDo}HVFLHQWtILFDVGDDWXDOLGDGHGRVHVWXGRVUHDOL]DGRVSRU$0D[3ODQFN%,VDDF1HZWRQ&$OEHUW(LQVWHLQ'6LJPXQG)UHXG(.DUO0DU[$V JUDQGHV FLGDGHV GR PXQGR FRQYLYHP KRMH FRP GLYHUVRVSUREOHPDVGHSROXLomRGRDUTXHVmRPRWLYRGHSUHRFXSDomRSDUDDVRFLHGDGHPRGHUQD+iXPWLSRGHSROXLomRTXHDSUHVHQWDHQWUHRXWUDVDVVHJXLQWHVFDUDFWHUtVWLFDVpXPDPLVWXUDGHR]{QLRHFRPSRQHQWHVRUJkQLFRV WHPRULJHPQDV IRUPDo}HVHQWUHKLGURFDUERQHWRVYROiWHLV y[LGRV GH QLWURJrQLR H R]{QLR H VHX SULQFLSDODJHQWHSROXLGRUVmRRVYHtFXORVDXWRPRWRUHV2WLSRGHSROXLomRGHVFULWRDFLPDUHIHUHVHjDR$FKXYDiFLGD% LQYHUVmRWpUPLFD&GLIXVmRWpUPLFD'VPRJLQGXVWULDO(VPRJIRWRTXtPLFR

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$, *$%$5,72

12d(6'(,1)2507,&$2VVRIWZDUHVXVDGRVSDUDHQYLRGHHPDLOVGLVSRQLELOL]DPXPFDPSRLQWLWXODGR&FRTXHSRGHVHUSUHHQFKLGRSHORXVXiULRGXUDQWHDFULDomRGHXPDPHQVDJHP(VVHFDPSRpXVDGRSDUD$ LQIRUPDUDORFDOL]DomRGHXPDUTXLYRFXMRFRQWH~GRVHUiDQH[DGRDRFRUSRGDPHQVDJHPTXHVHUiHQYLDGD% LQIRUPDUTXHRHQGHUHoRGHHPDLOGRUHPHWHQWHQmRGHYHVHUH[LELGRSDUDRVGHVWLQDWiULRVGDPHQVDJHP&LQIRUPDUDFDL[DGHFRUUHLRQDTXDODPHQVDJHPGHYHUiVHUDUPD]HQDGDDSyVVHUHQYLDGD'LQVHULUXPFRQYLWHDRVGHVWLQDWiULRVGDPHQVDJHP(HQYLDU XPD PHQVDJHP SDUD GLYHUVRV GHVWLQDWiULRVVHPTXHHOHVWRPHPFRQKHFLPHQWRGRVHQGHUHoRVGHHPDLOGRVRXWURVGHVWLQDWiULRVLQFOXtGRVQRFDPSR

4XDO VLVWHPD GH DUTXLYRV GLVSRQtYHO QR:LQGRZV IRLFRQFHELGRSDUDVHUHPSUHJDGRHPGLVFRVyWLFRV"$)$7%)$7&+3)6'17)6(8')8PXVXiULRGR:LQGRZVGHVHMDPXGDUDUHVROXomRGRVHXPRQLWRUGHYtGHR3DUD WDOHOHDFLRQRXR3DLQHOGH&RQWUROH TXH IRL FRQILJXUDGR SDUD H[LELU DV RSo}HV GHFRQILJXUDomRDWUDYpVGHtFRQHVJUDQGHV(PXPDLQVWDODomRSDGUmRGR:LQGRZVTXDOtFRQHGR3DLQHOGH&RQWUROHGHYHVHUDFLRQDGRSDUDTXHDPXGDQoDGD UHVROXomRVHMD IHLWDQRPHQRUQ~PHURGHSDVVRVSRVVtYHO"$'LVSRVLWLYRVH,PSUHVVRUDV%)HUUDPHQWDV$GPLQLVWUDWLYDV&3HUVRQDOL]DomR'3URJUDPDVH5HFXUVRV(6LVWHPD(PTXDOSDVWDGHXPDLQVWDODomRSDGUmRGR:LQGRZVVHUmRDUPD]HQDGRVRVDUTXLYRVHRVDWDOKRVSUHVHQWHVQDiUHDGHWUDEDOKRGHXPXVXiULRFXMRORJLQpXUV"$&?UHDGH7UDEDOKR?XUV%&?8VXiULRV?XUV?UHDGH7UDEDOKR&&?:LQGRZV?V\VWHP?'HVNWRS?XUV'&?$UTXLYRVGH3URJUDPD?XUV(&?:LQGRZV?5HJLVWUDWLRQ?'HVNWRS?XUV(P XPD LQVWDODomR SDGUmR GR ,QWHUQHW ([SORUHU R TXHGHYH VHU GLJLWDGRQDEDUUDGHHQGHUHoRVSDUDTXH VHMDDEHUWDDSyVDWHFOD(17(5VHUSUHVVLRQDGDDSDVWDTXHFRQWpPWRGRVRVFRRNLHVDUPD]HQDGRV"$VKHOOFRRNLHV%KWWSORFDOKRVWFRRNLHV&FGRFXPHQWRV,(FRRNLHV'KWWSORFDOKRVWFRRNLHV(FRRNLHV4XDOVRIWZDUHDQWLVS\ZDUHDFRPSDQKDDVYHUV}HV+RPH3UHPLXP3URILVVLRQDOH8OWLPDWHGR:LQGRZV"$)LUHZDOOGR:LQGRZV%$YDVW&$9*':LQGRZV'HIHQGHU(*HUHQFLDGRUGH7DUHIDV

23URWRFRORGH4XLRWRUHVXOWDGRGD&RQYHQomR4XDGURGDV1Do}HV8QLGDVVREUH0XGDQoDGR&OLPDHVWDEHOHFHX WUrVPHFDQLVPRVDGLFLRQDLVGH LPSOHPHQWDomRTXHFRPSOHPHQWDPDVPHGLGDVGHUHGXomRGDHPLVVmRHUHPRomRGRVJDVHVGHHIHLWRHVWXID(QWUHHVVHVPHFDQLVPRVHQFRQWUDVHR$5HODWyULRGH$YDOLDomR$PELHQWDO%(VWXGRGH9LDELOLGDGH$PELHQWDO&0HFDQLVPRGH'HVHQYROYLPHQWR/LPSR'&RQFHLWRGH'HVHQYROYLPHQWR6XVWHQWiYHO(6LVWHPDGH8QLGDGHVGH&RQVHUYDomRGD1DWXUH]D$WXDOPHQWH DV H[SRUWDo}HV EUDVLOHLUDV VmR EDVWDQWHGLYHUVLILFDGDV WDQWR HP WHUPRV GH SURGXWRV FRPR GHSDtVHV GH GHVWLQR GDV PHUFDGRULDV +i SURGXWRV HGHVWLQRVSRUpPTXHVmRRVPDLVLPSRUWDQWHVHPWHUPRVGHYDORU&RQVLGHUDQGRVH R FULWpULR GH YDORU R SULQFLSDO SDtV GHGHVWLQRGDVH[SRUWDo}HVEUDVLOHLUDVHPIRL$-DSmR%$OHPDQKD&(VWDGRV8QLGRVGD$PpULFD'&KLQD($UJHQWLQD$ WD[D GH LQIODomR QR %UDVLO QRV SULPHLURV DQRV GRVpFXOR;;, WHP VLGRPXLWRPHQRU GR TXH QRV DQRV GRVpFXORSDVVDGRTXDQGRXOWUDSDVVRXDRPrVHPYiULDVRFDVL}HV$ WD[D GH LQIODomR EUDVLOHLUD HP HP DR DQRPHGLGD SHOR ,3&$ QGLFH GH 3UHoRV DR &RQVXPLGRU$PSOR,%*(ILFRXVLWXDGDDSUR[LPDGDPHQWHHP$ % & ' (

7e&1,&2(0,1)250$d(6*(2*5),&$6((67$767,&$6$,*$%$5,72

2:LQGRZVSRVVXLYiULRVHVTXHPDVGHVHJXUDQoDTXHSRGHPVHPXVDGRVSDUDFULSWRJUDIDUR WUiIHJRGHUHGHVVHP ILR8PGHOHVpFRQVLGHUDGRREVROHWRSRLVFRQWpPDOJXPDVIDOKDVGHVHJXUDQoDTXHRWRUQDPPXLWRYXOQHUiYHODDWDTXHV4XHHVTXHPDGHVHJXUDQoDpHVVH"$:(3%:3$(QWHUSULVH&:3$3HUVRQDO':3$(QWHUSULVH(:3$3HUVRQDO2,QWHUQHW([SORUHUSHUPLWHTXHVHXVXVXiULRVHVFROKDPYiULDVRSo}HVGH,QWHUQHWDSDUWLUGRGLiORJRDEDL[R

(PTXDODEDHVWiORFDOL]DGDDRSomRSDUDH[FOXLUDXWRPDWLFDPHQWHDUTXLYRVWHPSRUiULRVKLVWyULFRGHQDYHJDomRFRRNLHVHVHQKDVVDOYDVGHSRLVTXHR ,QWHUQHW([SORUHUIRUIHFKDGR"$$YDQoDGDV%&RQWH~GR&*HUDO'3ULYDFLGDGH(6HJXUDQoD$FDGDYH]TXHXPQRYRXVXiULRpFULDGRR:LQGRZVFULDDXWRPDWLFDPHQWH YiULDV VXESDVWDV GHVWLQDGDV DPDQWHUFDWHJRULDV GLIHUHQWHV GH LQIRUPDomR $OJXPDV GHVVDVSDVWDVVmRYLVtYHLVHQTXDQWRRXWUDVQmRRVmR8PD SDVWD SHUWHQFHQWH DR SHUILO GH XP XVXiULR TXH p,19,69(/HPXPDLQVWDODomRSDGUmRGR:LQGRZVpD$UHDGH7UDEDOKR%&RQILJXUDo}HVORFDLV&'RZQORDGV')DYRULWRV(/LQNV8PDH[WHQVmRGHDUTXLYRDVVRFLDGDDXPWLSRGHDUTXLYRTXH12SRGHVHUUHSURGX]LGRSHOR:LQGRZV0HGLD3OD\HUpD$ MSJ%PSHJ&ZDY'KWP(DYL

5$6&81

+2