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35()(,785$'$&,'$'('(0$&(,Ï
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$1(;2,,

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*5832, *5832,, *5832,,, *5832,9 *58329


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$oRXJXHV $QLPDLV (TXLSDPHQWRVH


8VRVGR*5832 'HULYDGRVGH
$YtFRODV $UWLJRV SDUD PiTXLQDVSDUD ,,, SHWUyOHR
$QWLTXiULRV FDPSLQJHSLVFLQDV XVRVFRPHUFLDOH FRP iUHDVXSHULRU ([SORVLYRV
$OLPHQWRV 0DWHULDLV LQGXVWULDO j $UPDVH
FRQJHODGRV KLGUiXOLFRV *UDQMDVH HVWDEHOHFLGD PXQLo}HV
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HHOHWU{QLFRV 0DWHULDLV EiVLFRV &RPpUFLR HLQIODPiYHLV
$SDUHOKRVGHXVR GH DWDFDGLVWDH
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$TXiULRVHSHL[HV 0DGHLUDHVXFDWD 'HSyVLWRV
RUQDPHQWDLV 6XSHUPHUFDGR 0iTXLQDVH
$UPDULQKRV 9HtFXORV HTXLSDPHQWRV
$UWHVDQDWR DJUtFRODV
$UWLJRVGHERUUDFKD 0iTXLQDVH
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$UWLJRVGHFDPD FRPiUHDVXSHULRUj SDUDDFRQVWUXomR
PHVDHEDQKR HVWDEHOHFLGD FLYLO
$UWLJRVGHVSRUWLYRV
HUHFUHDWLYRV
$UWLJRVSDUDHVFUL 8VRVGR
WyULRV *5832,,
$UWLJRVIXQHUiULRV FRPiUHD
$UWLJRV GH VXSHULRUj
YHVWXiULR HVWDEHOHFLGD
$UWLJRV H SURGXWRV
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FLDV
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LQGHSHQGHQWH GD iUHD GH FRQVWUXomR 6XD ORFDOL]DomR GHYHUi DWHQGHU D WRGDV DV H[LJrQFLDV GHVWD
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6(59,d263Ò%/,&26

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

$JrQFLDVGH (PSUHVDV GH &RUSRGH 8VRVGR 3UHVtGLRVH


FRUUHLRHWHOpJUDIR iJXDHHVJRWR %RPEHLURV *5832,,, TXDUWpLV
3RVWRVSROLFLDLV (PSUHVDVGH FRPiUHD
3RVWRVWHOHI{QLFRV FRUUHLRH VXSHULRUj
5HSUHVHQWDo}HVGL WHOpJUDIR HVWDEHOHFLGD
SORPiWLFDV (PSUHVDVGH 8VRVGR*5832,,
5HSUHVHQWDo}HVGH HQHUJLDHOpWULFD FRPiUHDVXSHULRUj
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VXSHULRUj
HVWDEHOHFLGD

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iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR


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*5832, *5832,, *5832,,, *5832,9 *58329


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3RVWRVGHVD~GH ,QVWLWXWRVGH 3URQWRVRFRUURV 8VRVGR


S~ ILVLRWH +RVSLWDLV *5832,,,
EOLFD UDSLD 6HUYLoRV FRPiUHD
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*5832, *5832,, *5832,,, *5832,9 *58329


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$JrQFLDVGH &RQVXOWyULRV (VFULWyULRVFRP 8VRVGR


SXEOLFLGDGHH YHWHULQiULRV SiWLRVGH *5832,,,
SURSDJDQGD 6HUYLoRV PiTXLQDV FRPiUHD
&RQVXOWyULRV JUiILFRV YHtFXORVH VXSHULRUj
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&2/(7,92

*5832, *5832,, *5832,,, *5832,9 *58329


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&RPLWrVSROtWLFRV &RRSHUDWLYDV 8VRVGR 8VRVGR*5832


'LUHWyULRV 'LUHWyULRV *5832,, ,,,
SROtWLFRV HVWXGDQWLV FRPiUHD FRPiUHD
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EDLUURV 8VRVGR
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PRUDGRUHV FRPiUHD
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6(59,d26'(('8&$d­2

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

,QVWLWXWRVSDUD (VFRODV &DPSRV 8VRVGR


FHJRVHVXUGR VXSHULRUHV XQLYHUVLWiULRV *5832,,,
PXGRV LVRODGDV FRPiUHD
,QVWLWXWRVSDUD (VFRODV VXSHULRUj
SHVVRDVHVSHFLDLV PLOLWDUHV HVWDEHOHFLGD
-DUGLQVGH (VFRODVWpFQLFDV 8VRVGR
LQIkQFLDH *5832,,
PDWHUQDLV FRPiUHD
3UpHVFRODV 8VRVGR VXSHULRUj
(VFRODVGH *5832, HVWDEHOHFLGD
LGLRPDV FRPiUHD
(VFRODVSDUD VXSHULRUj
HQVLQR HVWDEHOHFLGD
IXQGDPHQWDO
(VFRODVSDUD
HQVLQRPpGLR
&XUVRVSUp
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6(59,d26

6(59,d26'(',9(56­2(&2081,&$d­2

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

/RFDomRGH &LQHPDVWHDWURV $XWRSLVWDVSDUD 8VRVGR


ILOPHVHGLVFRV HDXGLWyULRV GLYHUVmR *5832,,,
/RFDomRGHILWDV %RLWHV 'DQFHWHULDV FRPiUHD
GHYtGHRJDPH %ROLFKHV &DVDVGHVKRZ VXSHULRUj
&DVDVORWpULFDV 3LVWDVGH &LUFRV HVWDEHOHFLGD
(PLVVRUDVGH SDWLQDomR 3DUTXHVGH
UiGLRGLIXVmR (PLVVRUDVGH GLYHUV}HV
(PLVVRUDVGH WHOHYLVmR
YtGHR
FRPXQLFDomR
%ULQTXHGRV 8VRVGR
HOHWU{QLFRV 8VRVGR *5832,,
*5832, FRPiUHD
FRPiUHD VXSHULRUj
VXSHULRUj HVWDEHOHFLGD
HVWDEHOHFLGD


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6(59,d26$8;,/,$5(6'$$*5,&8/785$

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

$VVLVWrQFLD 8VRVGR /RFDomRGH 8VRVGR


WpFQLFRUXUDO *5832, PiTXLQDVH *5832,,,
FRPiUHD HTXLSDPHQWRV FRPiUHD
VXSHULRUj DJUtFRODV VXSHULRUj
HVWDEHOHFLGD HVWDEHOHFLGD

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD


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6(59,d26$8;,/,$5(6'(75$163257(

*5832, *5832,, *5832,,, *5832,9 *58329


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/RFDomRH %RUUDFKDULDV *DUDJHQVGH 8VRVGR $HURSRUWRV
DUUHQGDPHQWRGH &DSRWDULDV HPSUHVDVGH *5832,,, (VWDo}HVIHUURYL
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(VFULWyULRVGH HVSHFLDOL]DGDVD SDVVDJHLURVRXGH VXSHULRUj (VWDo}HVURGRYL
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SiWLRGHYHtFXORV (GLItFLRV VHUYLoRVGH SRUWXiULRV
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DEDVWHFLPHQWRH *XDUGDPyYHLV
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FXORV
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FRPiUHD
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FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR


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*5832, *5832,, *5832,,, *5832,9 *58329


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$VVRFLDo}HV 7HPSORV 8VRVGR 8VRVGR


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,
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QtYHOEDL[RGH GHDOWRULVFRH
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DVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR


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6(59,d26

6(59,d263(662$,6

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

%DUEHLURV $FDGHPLDVGHJL 8VRVGR 8VRVGR


&HQWURVGH QiVWLFDH *5832,, *5832,,,
HVWpWLFD HVSRUWLYDV FRPiUHD FRPiUHD
$WHOLHUGH (VFRODVGH VXSHULRUj VXSHULRUj
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(VW~GLRV IXQHUiULRV
IRWRJUiILFRV
/RFDomRGH
DUWLJRVGH
YHVWXiULR 8VRVGR
0DVVDJHQV *5832,
VDXQDVGXFKDVH FRPiUHD
EDQKRV VXSHULRUj
6DO}HVGHEHOH]D HVWDEHOHFLGD
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6(59,d26

6(59,d26'20,&,/,$5(6

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

$GPLQLVWUDomR %XIIHWV 8VRVGR 8VRVGR


GHFRQGRPtQLRV &DVDVGH *5832,, *5832,,,
&KDYHLURV UHFHSomRH FRPiUHD FRPiUHD
'HGHWL]DomR VDO}HVGHIHVWD VXSHULRUj VXSHULRUj
(VFULWyULRVGH HVWDEHOHFLGD HVWDEHOHFLGD
OLPSH]DH
FRQVHUYDomRGH
HGLILFDo}HV 8VRVGR
-DUGLQDJHPH *5832,
SDLVDJLVPR FRPiUHD
/RFDomRGH VXSHULRUj
DUWLJRVSDUD HVWDEHOHFLGD
IHVWDV
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WLQWXUDULDV


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6(&5(7$5,$081,&,3$/'(&21752/(85%$12

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7$%(/$'(&/$66,),&$d­2'268626

6(59,d26

6(59,d26'(5(3$5$d­2(&216(59$d­2

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPD GHPð

0RQWDJHPGH 5HSDUDomRGH 5HFRQGLFLRQD 8VRVGR


PROGXUDVH YHtFXORV PHQWRGH *5832,,,
4XDGURV H[FOXLQGR PRWRUHVHERP FRPiUHD
6HUYLoRVGH ODQWHUQDJHPH EDVLQMHWRUDV VXSHULRUj
YLGUDoDULD SLQWXUD 5HSDUDomRGH HVWDEHOHFLGD
5HSDUDomRGH 0RQWDJHP DHURQDYHV
DUWLJRVGHFRXURH LQGXVWULDO 5HSDUDomRGH
VLPLODUHV 5HSDUDomRGH HPEDUFDo}HV
5HSDUDomRGH PRWRFLFOHWDV 5HSDUDomRGH
ELFLFOHWDV PiTXLQDVH
5HSDUDomRGH HTXLSDPHQWRVGH
LQVWDODo}HVGH XVRFRPHUFLDO
JiVHOpWULFDVH 8VRVGR LQGXVWULDOH
KLGUiXOLFDV *5832, DJUtFROD
5HSDUDomRGH FRPiUHD 5HSDUDomRGH
LQVWDODomRGH VXSHULRUj PiTXLQDVGD
DQWHQDV HVWDEHOHFLGD FRQVWUXomRFLYLO
5HSDUDomRH 5HSDUDomRGH
FRQVHUYDomRGH YHtFXORV
PiTXLQDV LQFOXLQGRODQ
DSDUHOKRVH WHUQDJHPH
DUWLJRVGHXVR SLQWXUD
GRPpVWLFRRX
SHVVRDO
6HUYLoRVGH 8VRVGR
PRQWDJHPGH *5832,,
GLYLVyULDV FRPiUHD
VXSHULRUj
HVWDEHOHFLGD


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35()(,785$'$&,'$'('(0$&(,Ï
6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d­2'268626

6(59,d26

6(59,d26'($/2-$0(172($/,0(17$d­2

*5832, *5832,, *5832,,, *5832,9 *58329


$WpPð $WpPð $WpPð $FLPDGHPð

&DVDVGHFKi %DUHVH $SDUWKRWpLV 8VRVGR


&DVDVGHGRFH UHVWDXUDQWHV +RWpLV *5832,,,
&DIHWHULDV $OEHUJXHV 0RWpLV FRPiUHD
6RUYHWHULDV 3HQV}HV VXSHULRUj
/DQFKRQHWHV HVWDEHOHFLGD
8VRVGR
8VRVGR *5832,,
*5832, FRPiUHD
FRPiUHD VXSHULRUj
VXSHULRUj HVWDEHOHFLGD
HVWDEHOHFLGD


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6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d­2'268626

6(59,d26

(17,'$'(6'(63257,9$6(5(&5($7,9$6

*5832, *5832,, *5832,,, *5832,9 *58329


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/LJDVGHVSRUWLYDV &RQIHGHUDo}HVH 8VRVGR &DPSLQJV $XWyGURPRV


HUHFUHDWLYDV IHGHUDo}HV *5832,, +LSyGURPRV
$VVRFLDo}HV &OXEHV FRPiUHD
GHVSRUWLYDVH 4XDGUDVGH VXSHULRUj 8VRVGR
UHFUHDWLYDV HVSRUWH HVWDEHOHFLGD *5832,,,
FRPiUHD
VXSHULRUj
8VRVGR HVWDEHOHFLGD
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

2%6 2V 6(59,d26 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV LQGHSHQGHQWH GD
iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR


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$1(;2,,

7$%(/$'(&/$66,),&$d­2'268626

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$'0,1,675$d­2'(9$/25(6,02%,/,È5,26(,0Ï9(,6

*5832, *5832,, *5832,,, *5832,9 *58329


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&DVDVORWpULFDV (VWDEHOHFLPHQWRV 8VRVGR 8VRVGR


6HJXUDGRUDV EDQFiULRV *5832,, *5832,,,
$GPLQLVWUDGRUDV FRPiUHD FRPiUHD
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*5832, *5832,, *5832,,, *5832,9 *58329


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$VVRFLDo}HV )HGHUDo}HV 8VRVGR 8VRVGR


&RQVHOKRV &RQIHGHUDo}HV *5832,, *5832,,,
6LQGLFDWRV ÏUJmRVGH FRPiUHD FRPiUHD
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8VRVGH
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6(59,d26

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*5832, *5832,, *5832,,, *5832,9 *58329


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$VLORV 8VRVGH 8VRVGR 8VRVGR


$VVRFLDomR *5832, *5832,, *5832,,,
EHQHILFHQWH FRPiUHD FRPiUHD FRPiUHD
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*5832, *5832,, *5832,,, *5832,9 *58329


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*5832, *5832,, *5832,,, *5832,9 *58329
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