3ULQFLSDLV&RUUHQWHV0LJUDWyULDVSDUDR%UDVLO%UDVLO(VFROD

KWWSEUDVLOHVFRODXROFRPEUEUDVLOSULQFLSDLVFRUUHQWHVPLJUDWRULDVSDUDEUDVLOKWP

&203$57,/+( KWWSEUDVLOHVFRODE&857,'$6

38%/,&,'$'(

35,1&,3$,6&255(17(60,*5$75,$63$5$2%5$6,/

2%UDVLOUHFHEHXGLYHUVDVFRUUHQWHVPLJUDWyULDVGHGLVWLQWDVQDo}HVFRPGHVWDTXHSDUDDVLPLJUDo}HVGHSRUWXJXHVHVLWDOLDQRVHVSDQKyLVMDSRQHVHVDOHPmHVHHVODYRV

2%UDVLOUHFHEHXDSUR[LPDGDPHQWHVHLVPLOK}HVGH LPLJUDQWHV VH WRPDUPRV FRPR UHIHUrQFLD DFKHJDGD GRV SRUWXJXHVHV QR DQR GH 2Q~PHURSUHFLVRGHDIULFDQRVGHGLIHUHQWHVHWQLDVTXHIRUDPREULJDGRVDPLJUDUDRSDtVHPYLUWXGHGD HVFUDYLGmR p GHVFRQKHFLGR VHQGR HVWLPDGRHP DWp TXDWUR PLOK}HV GH LQGLYtGXRV$QDOLVDUHPRVHVVDVFRUUHQWHVPLJUDWyULDVSDUDR%UDVLO GH DFRUGR FRP DV GLYLV}HV UHJLRQDLV GR,%*(

5HJLmR 1RUWH 3UHGRPtQLR GH LPLJUDQWHVSRUWXJXHVHV 3RGHPRV GHVWDFDU QR LQtFLR GRVpFXOR;;DSUHVHQoDGHLPLJUDQWHVMDSRQHVHV

TXH LQLFLDUDP SODQWDo}HV GH FKi H MXWD DVVLP FRPR RV LPLJUDQWHV VtULROLEDQHVHV TXH FKHJDUDP jUHJLmRSDUDWUDEDOKDUQRFRPpUFLR

5HJLmR 1RUGHVWH 3UHGRPtQLR GH LPLJUDQWHV SRUWXJXHVHV H DIULFDQRV (P PRPHQWRV HVSRUiGLFRVLQYDV}HVKRODQGHVDV H IUDQFHVDV WDPEpPDFDEDUDPPXGDQGRRSDQRUDPDGDSRSXODomR ORFDO DLQGDTXHQmRWLYHUDPDPHVPDGLPHQVmRTXHDVFRORQL]Do}HVLWDOLDQDHDOHPmWLYHUDPHPRXWUDVUHJL}HV

5HJLmR&HQWUR2HVWH3UHGRPtQLRGHLPLJUDQWHVSRUWXJXHVHV

5HJLmR6XGHVWH3UHGRPtQLRGHLPLJUDQWHVSRUWXJXHVHVHDIULFDQRV1RVHVWDGRVGR5LRGH-DQHLURHGR (VStULWR 6DQWR WDPEpP DSDUHFHUDP RV LPLJUDQWHV VXtoRDOHPmHV TXH FKHJDUDP DR %UDVLO QDSULPHLUD PHWDGH GR VpFXOR ;,; QD SULPHLUD H[SHULrQFLD GR JRYHUQR EUDVLOHLUR SDUD DWUDomR GHLPLJUDQWHV

1RHVWDGRGH6mR3DXORDJUDQGH LPLJUDomR LWDOLDQD LQLFLDGDDSDUWLUGD VHJXQGDPHWDGHGRVpFXOR;,; PHUHFH GHVWDTXH &RP D WUDQVIRUPDomR GR WUDEDOKR HVFUDYR SDUD R WUDEDOKR DVVDODULDGR H D

*(2*5$),$'2%5$6,/

3ULQFLSDLV&RUUHQWHV0LJUDWyULDVSDUDR%UDVLO%UDVLO(VFROD

KWWSEUDVLOHVFRODXROFRPEUEUDVLOSULQFLSDLVFRUUHQWHVPLJUDWRULDVSDUDEUDVLOKWP

SUHVVmRFDSLWDOLVWDSDUDDIRUPDomRGHXPPHUFDGRFRQVXPLGRULQWHUQRRJRYHUQRGRHVWDGRRIHUHFHXLQFHQWLYRVSDUDDHQWUDGDGHLPLJUDQWHVLWDOLDQRV1HVVHSHUtRGRD,WiOLDDWUDYHVVDYDXPSURFHVVRGHUHRUJDQL]DomRSROtWLFDPDUFDGRSRUXPDJXHUUDTXHRSXQKDRQRUWHHRVXOGRSDtV$PDLRUSDUWHGRVLPLJUDQWHVLWDOLDQRVSLRQHLURVHUDSURYHQLHQWHGRVXOGD,WiOLDiUHDPHQRVGHVHQYROYLGDGRSDtVDWpRVGLDVDWXDLV

$ LPLJUDomR LWDOLDQD FRQWLQXRX DWp R SHUtRGR FRUUHVSRQGHQWH j *XHUUD 0XQGLDO TXDQGR DVLPLJUDo}HVIRUDPUHVWULWDVHPYLUWXGHGHR%UDVLODVVXPLUXPDSRVLomRJHRSROtWLFDGHJXHUUDDR(L[RTXHHUDFRQVWLWXtGRSRU$OHPDQKD,WiOLDH-DSmR

$RILQDOGRVpFXOR;,;DLPLJUDomRGHHVSDQKyLVWDPEpPIRLGHWHUPLQDQWHSDUD6mR3DXOR$SyVRGHFOtQLRGDLPLJUDomRLWDOLDQDQRLQtFLRGRVpFXOR;;ERDSDUWHGDPmRGHREUDHVSDQKRODGLULJLXVHSDUDDVID]HQGDVGHFDIp

2XWUDFRUUHQWHPLJUDWyULDUHOHYDQWHSDUDDFRQVWLWXLomRGDSRSXODomRGH6mR3DXORIRLDGHMDSRQHVHVTXHFKHJDUDPDRHVWDGRSRUYROWDGHHPIXQomRGDSROtWLFDPLJUDWyULDLPSRVWDSHOD(UD0HLMLQR-DSmRTXHLQFHQWLYDYDDVPLJUDo}HVHPYLUWXGHGDJUDQGHFRQFHQWUDomRSRSXODFLRQDOGRSDtVHDHVFDVVH]GHWHUUDVDJUtFRODV$ViUHDVTXHUHFHEHUDPHVVHVLPLJUDQWHVIRUDPR9DOHGR5LEHLUDDRVXOGH 6mR 3DXOR H DOJXPDV FLGDGHV GR RHVWH SDXOLVWD 6XDV DWLYLGDGHV HFRQ{PLFDV HUDP GH FXQKRDJUtFRODSULQFLSDOPHQWHDVSURGXo}HVGHFKiHDUUR]3HORPHVPRPRWLYRJHRSROtWLFRDHQWUDGDGHMDSRQHVHVIRLOLPLWDGDGXUDQWHRSHUtRGRFRUUHVSRQGHQWHj*XHUUD0XQGLDO

$LQGDGHVWDFDPVHRVLPLJUDQWHViUDEHVTXHVHLQVWDODUDPSULQFLSDOPHQWHQDFLGDGHGH6mR3DXORHLQLFLDUDPDWLYLGDGHVYROWDGDVDRFRPpUFLRHVHUYLoRV$RORQJRGRVpFXOR;;SULQFLSDOPHQWHDSDUWLUGDVGpFDGDVGHHRXWURVSRYRV FRPHoDUDPDPLJUDUSDUDR HVWDGRGH6mR3DXOR FRPRFRUHDQRV FKLQHVHV H EROLYLDQRV TXH DLQGD QmR DOFDQoDUDP R PHVPR SDWDPDU TXH DV FRUUHQWHVDQWHULRUHV 1RV ~OWLPRV DQRV RFRUUHX D FKHJDGD GH LPLJUDQWHV GR FRQWLQHQWH DIULFDQR FRPRQLJHULDQRVHDQJRODQRVDVVLPFRPRKDLWLDQRV

5HJLmR6XO(PUD]mRGHPRWLYRVHVWUDWpJLFRVUHODFLRQDGRVjRFXSDomRGHIURQWHLUDVSHODSUHVHQoDGHDJULFXOWXUDIDPLOLDUSUDWLFDGDHPSHTXHQDVSURSULHGDGHVKRXYHRSUHGRPtQLRGHFRUUHQWHVHXURSHLDVGLYHUVDVSRGHQGRVHUPDLVEHPFRPSUHHQGLGDVGHDFRUGRFRPRHVWDGR

3DUDQi 1D SRUomR QRURHVWH SUHVHQoD GH MDSRQHVHV 1R UHVWDQWH GR HVWDGR SUHVHQoD GH LWDOLDQRVDOHPmHVHHVODYRVXFUDQLDQRVSRORQHVHVUXVVRVSULQFLSDOPHQWHQDUHJLmRGH&XULWLED

6DQWD&DWDULQD RFRUUHX IRUWH LPLJUDomRGH DOHPmHV TXH VHGHGLFDUDPSULQFLSDOPHQWH D DWLYLGDGHVDJUtFRODVFRPGHVWDTXHSDUDFLGDGHVFRPR-RLQYLOOH%OXPHQDX%UXVTXHH,WDMDtHSDUDRVLPLJUDQWHVLWDOLDQRVTXHWDPEpPVHGHGLFDUDPDDWLYLGDGHVDJUtFRODVFRPGHVWDTXHSDUDDVFLGDGHVGH&ULFL~PDH8UXVVDQJD

5LR*UDQGHGR6XO SUHGRPtQLRGH LPLJUDQWHVDOHPmHVFRPRQDVDWXDLVFLGDGHVGH6mR/HRSROGR6DQWD 0DULD H 1RYR +DPEXUJR H SULQFLSDOPHQWH LWDOLDQRV FRPR QDV DWXDLV FLGDGHV GH &D[LDV

3ULQFLSDLV&RUUHQWHV0LJUDWyULDVSDUDR%UDVLO%UDVLO(VFROD

KWWSEUDVLOHVFRODXROFRPEUEUDVLOSULQFLSDLVFRUUHQWHVPLJUDWRULDVSDUDEUDVLOKWP

*DULEDOGL H %HQWR *RQoDOYHV 2V LPLJUDQWHV GHGLFDUDPVH j DJULFXOWXUD H SRVWHULRUPHQWH jVDWLYLGDGHVLQGXVWULDLV

-~OLR&pVDU/i]DURGD6LOYD&RODERUDGRU%UDVLO(VFROD*UDGXDGRHP*HRJUDILDSHOD8QLYHUVLGDGH(VWDGXDO3DXOLVWD81(630HVWUHHP*HRJUDILD+XPDQDSHOD8QLYHUVLGDGH(VWDGXDO3DXOLVWD81(63