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 32'(5(6'2(035(*$'25 
 '26',5(,726'$3(5621$/,'$'(

 &$5$&7(5Ë67,&$6(&/$66,),&$d235('20,1$17(6'26
',5(,726'$3(5621$/,'$'(
 '2',5(,72¬9,'$(¬',*1,'$'(129,9(5
 1$785(=$-85Ë',&$'26',5(,726'$3(5621$/,'$'(
 '235,1&Ë3,2'$',*1,'$'('$3(662$+80$1$12$0%,(17(
'275$%$/+2
 $66e',2025$/ $63(&726*(5$,6(&21&(,72

 &$5$&7(5,=$d2(63e&,(6(68-(,726'2$66e',2025$/ 
 /(*,6/$d2(675$1*(,5$ 
3RUWXJDO

,WiOLD

)UDQoD

,QJODWHUUD

1RUXHJD

$OHPDQKD
 
%pOJLFD

6XtoD

(VSDQKD

$XVWUiOLD
 
(VWDGRV8QLGRV

 +,3Ï7(6(6'(0$1,)(67$d2'2$66e',2025$/
 &216(4hÇ1&,$6'2$66e',2025$/3$5$275$%$/+$'25(
3$5$2(035(*$'2$66(',$17( 
 &216(4hÇ1&,$6'2$66e',2025$/3$5$(035(6$
 &203257$0(172648(12&$5$&7(5,=$0$66e',2025$/ 
 $/(*,6/$d2(2$66e',2025$/12%5$6,/ 
 $-85,6358'Ç1&,$(2$66e',2025$/12%5$6,/
 2'$12025$/

 1$785(=$-85Ë',&$'$,1'(1,=$d2325'$12025$/
 '$12025$/75$%$/+,67$$66e',2025$/ 
&$5$&7(5,=$d2(3529$'2'$12025$/75$%$/+,67$
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VLWXDo}HV WDQWR VRFLDLV TXDQWR VRFLRSVLFROyJLFDV UHYHODVH FRPR XPD UHDomR GR
RUJDQLVPR TXDQGR VXEPHWLGR j DomR GH XP DJHQWH HVWUHVVDQWH TXH SRGH WHU
RULJHP HP GLYHUVDV RUGHQV VHQGR R PDLV FRPXP R H[FHVVRGH WUDEDOKRH R VHX
H[HUFtFLRHPFRQGLo}HVLQDGHTXDGDV´
2HVWUHVVHJHUDGRSRUSUHVV}HVHH[FHVVRGHWUDEDOKRFLWDDDXWRUD
SRGH OHYDU D XP HVJRWDPHQWR FRPR D VtQGURPH GH %XUQ RXW RX DR
GHVHQYROYLPHQWRGHRXWUDVSDWRORJLDVPDVVRPHQWHVHFDUDFWHUL]DUiFRPRDVVpGLR
PRUDO FDVR VH GHVHQFDGHLH HP UD]mR GH XP SURFHVVR UHSHWLGR GH YLROrQFLD
SVLFROyJLFD
ERFRQIOLWR
0DULH)UDQFH+LULJR\HQDILUPDTXHRSVLFRWHUURUSRGHQDVFHUGHXPD
VLWXDomRRXGHXPDUHODomRFRQIOLWXRVDPDVTXDQGRVHLQVWDODQHJDRFRQIURQWR
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3$',/+$1RUPD6XHOL
'RPHLRDPELHQWHGRWUDEDOKRHTXLOLEUDGR
6mR3DXOR/7U(GPDLR
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+,5,*2<(1S
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IRJHRHPEDWHDEHUWRWRUQDVHLQYLVtYHODXPDREVHUYDomRLVRODGDSRLV³VHH[LVWH
DVVpGLRPRUDOpMXVWDPHQWHSRUTXHQHQKXPFRQIOLWRS{GHVHUHVWDEHOHFLGR´
$VVLPRFRQIOLWRQmRVHFRQIXQGHFRPRDVVpGLRPRUDOPDVSRGH
VHGHVHQYROYHUDSDUWLUGHOH
+ULJR\HQ
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WDPEpP UHFRQKHFH TXH R FRQIOLWR QmR VH UHYHOD
QHFHVVDULDPHQWHXPPDOHSRGHDWpRIHUHFHUVDXGiYHOFRQWULEXLomRFDVRSHUPLWD
DRLQGLYtGXRWUDQVIRUPDURVHXPHLRHUHQRYDURSUySULRWUDEDOKR6HJXQGRDDXWRUD
³RTXHFDUDFWHUL]DHQWmRXPFRQIOLWRpDµHVFDODVLPpWULFDRXVHMDXPDLJXDOGDGH
WHyULFD HQWUH RV SURWDJRQLVWDV $FHLWDQGR R FRQIOLWR UHFRQKHFHVH D H[LVWrQFLD GR
RXWURFRPRLQWHUORFXWRUHR SHUWHQFLPHQWRDXPPHVPRVLVWHPDGHUHIHUrQFLD´
(DDXWRUDFRQFOXL³QRFRQIOLWRVHIDODUHYHODVHRPRWLYRQmRH[LVWH
RQmRGLWRHVWDEHOHFHPVHRFKRTXHDRSRVLomRDUHVLVWrQFLD´
FWpFQLFDVGHJHVWmR
$IRUPDFRPRpDGPLQLVWUDGDDJHVWmRGHSHVVRDVQRDPELHQWHGH
WUDEDOKR GHSHQGH GR SHUILO GH FDGD VXSHULRU KLHUiUTXLFR VHQGR PDLV IUHTHQWH D
DSOLFDomRGHSUHVVmRSVLFROyJLFDDRVWUDEDOKDGRUHVSDUDDREWHQomRGHUHVXOWDGRV
ILQDQFHLURV VDWLVIDWyULRV SDUD D RUJDQL]DomR FRPR SRU H[HPSOR R DXPHQWR QDV
YHQGDV
+LULJR\HQ
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FRPHQWDTXH
$VSUHVV}HVH[DFHUEDGDVDVFREUDQoDVSRUUHVXOWDGRRFRQWUROHSRU
PHLR GH UHODWyULRV Q~PHURV UHXQL}HV DWp PHVPR LQVXOWRV
JHQHUDOL]DGRVDWXDPFRPRLQVWUXPHQWRVGHVVHLQVLQXDQWHHSHUYHUVR
SURFHVVRGHQRPLQDGRµJHVWmR SRU LQM~ULD¶ GHILQLGRDLQGD FRPRµWLSR
GH FRPSRUWDPHQWR GHVSyWLFR GH FHUWRV DGPLQLVWUDGRUHV
GHVSUHSDUDGRV TXH VXEPHWHP RV HPSUHJDGRV D XPD SUHVVmR
WHUUtYHORXRVWUDWDPFRPYLROrQFLDLQMXULDQGRRVHLQVXOWDQGRRVFRP
WRWDOIDOWDGHUHVSHLWR¶
GDJUHVV}HVLVRODGDV
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DVVpGLRPRUDODGRXWULQDHMXULVSUXGrQFLDVmRSDFtILFDVQHVVHVHQWLGR
3DUD +LULJR\HQ
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³QDV UHODo}HV KXPDQDV SHTXHQDV DJUHVV}HV
GHVGHTXHLVRODGDVQmRVHFDUDFWHUL]DPFRPRVLWXDomRGHDVVpGLRPRUDOPHVPR
TXHVHPDQLIHVWHPFRPR XPDIRUPD GHYLROrQFLDRTXH VLJQLILFDTXHUHSUHHQGHU
LQVXOWDU RX DJUHGLU YHUEDOPHQWH DOJXpP SRGH VHU IUXWR GH XPD UHDomR RX GH XP
LPSXOVR FRQILJXUDQGR QR Pi[LPR WDPEpP DTXL DXVrQFLD GH FLYLOLGDGH H GH
XUEDQLGDGH´
HDVVpGLRVH[XDO
2&yGLJR 3HQDO %UDVLOHLUR DWUDYpV GD/HL Q GH 
QR DUW$ WLSLILFRX FRPR FULPH R DVVpGLR VH[XDO SRU FKDQWDJHP DVVLP
FRQVLGHUDGRRFRPSRUWDPHQWRTXHYLVD³FRQVWUDQJHUDOJXpPFRPRLQWXLWRGHREWHU
YDQWDJHPRXIDYRUHFLPHQWRVH[XDOSUHYDOHFHQGRVHRDJHQWHGD VXD FRQGLomRGH
VXSHULRU KLHUiUTXLFR RX DVFHQGrQFLD LQHUHQWHV DR H[HUFtFLR GH HPSUHJR FDUJR RX
IXQomR´
5RGROIR3DPSROKD)LOKR
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DUHVSHLWRGRWHPDVHPDQLIHVWD
8PGRVWHPDVODERUDLVPDLVIDVFLQDQWHVGDDWXDOLGDGHpDTXHVWmR
GR DVVpGLR VH[XDO TXH HVWi LQWLPDPHQWH OLJDGR FRPD UHODomR GH
HPSUHJR &DVRHVVDFLUFXQVWkQFLDVHGrHQWUHWUDEDOKDGRUHVGHQtYHO
KLHUiUTXLFR GLIHUHQWH HRX HQWUH HPSUHJDGRU H HPSUHJDGR HP TXH
XPD GDV SHVVRDV WHP R SRGHU GH GHFLGLU VREUH D SHUPDQrQFLD RX
QmRGDRXWUDQRHPSUHJRRXGHLQIOXLUQDVSURPRo}HVRXQDFDUUHLUD
GDPHVPDFDUDFWHUL]DGRHVWDUiR DVVpGLRVH[XDOVHD FRQGXWDGR
DVVHGLDQWH VH WUDGX]LU HP SUHVV}HV RX DPHDoDV ± H[SOtFLWDV RX
LPSOtFLWDV FRP R REMHWLYR HYLGHQWH GH REWHU RV IDYRUHV VH[XDLV GR
DVVHGLDGR
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3$03/21$),/+25RGROIR
2GDQRPRUDOQDUHODomRGHHPSUHJR
6mR3DXOR/WUS
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6HJXQGR$OLFH0RQWHLURGH%DUURV
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H[LVWHPGRLVWLSRV GHDVVpGLR
VH[XDO
DSRULQWLPLGDomRFDUDFWHUL]DGRµSRULQFLWDo}HVVH[XDLVLQRSRUWXQDV
GH XPD VROLFLWDomR VH[XDO RX GH RXWUDV PDQLIHVWDo}HV GD PHVPD
tQGROH YHUEDLV RX ItVLFDV FRP R HIHLWR GH SUHMXGLFDU D DWXDomR
ODERUDOGHXPDSHVVRDRXGHFULDUXPDVLWXDomRRIHQVLYDKRVWLOGH
LQWLPLGDomR RX DEXVR QR WUDEDOKR¶ H ESRU FKDQWDJHP TXH µWUDGX]
H[LJrQFLDIRUPXODGDSRUVXSHULRUKLHUiUTXLFRDXPVXERUGLQDGRSDUD
TXHVHSUHVWHjDWLYLGDGHVH[XDOVRESHQDGHSHUGHURHPSUHJRRX
RVEHQHItFLRVDGYLQGRGDVUHODo}HVGHHPSUHJR¶
2 DVVpGLR VH[XDO JHUDOPHQWH p SUDWLFDGR SRU XPD SHVVRD HP
SRVLomR KLHUiUTXLFD VXSHULRU SRGH VHU SUDWLFDGR SRU KRPHQV RX PXOKHUHV
KRPRVVH[XDLV RX QmR HP UHODomR D XP VXERUGLQDGR QRUPDOPHQWH HP ORFDO GH
WUDEDOKRHVHVHFDUDFWHUL]DSRUDOJXPDDPHDoDFRQWUDRVXERUGLQDGR
5HVVDOWDVH WDPEpP TXH R DVVpGLR VH[XDO SRGH VH GDU GR
HPSUHJDGR HP UHODomR DR HPSUHJDGRU TXH SRGHUi JHUDU GLVSHQVDGR DVVHGLDQWH
SRUMXVWDFDXVDSHODSUiWLFDGHLQFRQWLQrQFLDGHFRQGXWDRXPDXSURFHGLPHQWRQRV
WHUPRV GR DUW³E´GD&/7 TXHGLVS}H ³$UW&RQVWLWXHPMXVWDFDXVDSDUD
UHVFLVmRGR FRQWUDWRGH WUDEDOKRSHORHPSUHJDGRUE LQFRQWLQrQFLDGHFRQGXWDRX
PDXSURFHGLPHQWR´
0DUFRV 9LQLFLXV /REUHJDW
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UHODFLRQD RV SURFHGLPHQWRV
FDUDFWHUL]DGRUHVGRDVVpGLRVH[XDOYHMDVH
D DEXVR YHUEDO RX FRPHQWiULRV GH FRQRWDomR VH[XDO VREUH D
DSDUrQFLDGRHPSUHJDGREIUDVHVRIHQVLYDVRXGHGXSORVHQWLGRH
DOXV}HV JURVVHLUDV KXPLOKDQWHV RX HPEDUDoRVDV F SHUJXQWDV
LQGLVFUHWDV VREUH D YLGD SULYDGD GR HPSUHJDGR G DIDVWDU R
HPSUHJDGRGHVHXORFDOGHWUDEDOKRDILPGHTXHRDVVHGLDQWHSRVVD
FRPHOHFRQYHUVDUHPORFDOSULYDGRHGHIRUPDtQWLPDHLQVLQXDo}HV
VH[XDLVLQFRQYHQLHQWHVHRIHQVLYDVIVROLFLWDomRGHUHODFLRQDPHQWR
tQWLPRDLQGDTXHQmRLPSOLTXHFRQMXQomRFDUQDORXGHRXWURWLSRGH
FRQGXWDGHQDWXUH]DVH[XDOPHGLDQWHDSURPHVVDGHEHQHItFLRVRX
GH UHFRPSHQVDV J H[LJrQFLD GH IDYRUHV VH[XDLV VRE DPHDoDV
H[SOtFLWDV RX LPSOtFLWDV FRQFHUQHQWHV DR HPSUHJR K H[LELomR GH
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'DQRPRUDOQDVUHODo}HVLQGLYLGXDLVGRWUDEDOKR
6mR3DXOR/WU
S
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PDWHULDO SRUQRJUiILFR FRPR UHYLVWDV IRWRJUDILDV RX TXDOTXHU RXWUR
REMHWRDVVLPFRPRDIL[DUQDVSDUHGHVGRORFDOGHWUDEDOKRLPDJHQV
GH WDO QDWXUH]D L WRTXHV FDUtFLDV RX EHOLVF}HV GHOLEHUDGRV H
RIHQVLYRV H M SUiWLFD GH TXDOTXHU H[HUFtFLR GH YLROrQFLD ItVLFD RX
YHUEDO
6{QLD 0DVFDUR GR 1DVFLPHQWR
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GLIHUHQFLD DVVpGLR PRUDO GH
DVVpGLRVH[XDOFRPHQWDQGR
2 DVVpGLR PRUDO GLVWLQJXHVH FRPR FRQGXWD TXH SUHVVXS}H D
UHSHWLomR GH DWRV DWHQWDWyULRV FRQWUD D LQWHJULGDGH SVLFROyJLFD GR
LQGLYtGXR DVVLP FRPR FRQWUD D VXD SHUVRQDOLGDGH H GLJQLGDGH
VHPSUH REMHWLYDQGR D VXD H[FOXVmR GR PXQGR GR WUDEDOKR HRX D
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FXOSDLQHOLJHQGR QHJOLJrQFLDQDHVFROKDRXHOHLomRGRVXERUGLQDGR
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GRVVXERUGLQDGRV
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HVWDEHOHFHPDLGpLDGHUHVSRQVDELOLGDGHFLYLOREMHWLYDSRUIDWRGHRXWUHPQRFDVRD
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SUHSRVWRV QR H[HUFtFLR GR WUDEDOKR TXH OKHV FRPSHWLU RX SRU RFDVLmR GHOH
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UHVSRQGHUi LQGLUHWDPHQWH SRU SUHMXt]R UHVXOWDQWH GD SUiWLFD GH XP DWR LOtFLWR SRU
RXWUDSHVVRDHPUD]mRGHVHHQFRQWUDUOLJDGRDHODSRUGLVSRVLomROHJDO+iGRLV
DJHQWHVSRUWDQWRRFDXVDGRUGRGDQRHRUHVSRQViYHOSHODLQGHQL]DomR´
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UHVSRQViYHOVHDKRXYHUXPSUHMXt]RFDXVDGRDWHUFHLURSRUIDWRGR
SUHSRVWR 3 H[ R FRQGRPtQLR VHUi UHVSRQViYHO SHORV GDQRV
FDXVDGRVDRV FDUURVSRUSUHSRVWRVTXHHVWLYHUHPHQFDUUHJDGRVGH
JXDUGiORV QD JDUDJHPGR HGLItFLR 5HYLVWD GRV 7ULEXQDLV 
E R SUHSRVWR FRPHWHX R IDWR OHVLYR QR H[HUFtFLR GH VXDV IXQo}HV
57   RX GDV DWLYLGDGHV TXH OKHLQFXEHP LVVR p
GXUDQWH R WUDEDOKR RX HP UD]mR GHOH 3 H[ IXUWR GH REMHWRV GR
FOLHQWH FRPHWLGR SHOR HPSUHJDGR HQTXDQWR DWHQGLD D YtWLPD
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HPSUHJDGR HQFDUUHJDGR GH OHYDU PHQLQD DR FROpJLR FRQWUDEDQGR
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SUHSRVWR RXGRHPSUHJDGR6H RHYHQWROHVLYRQmR VHGHXSRUDWR
FXOSRVRGRHPSUHJDGRPDVHPUD]mRGHIRUoDPDLRUFDVRIRUWXLWR
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GHOD SURYDQGR TXH QmR VH KRXYH FRP FXOSD SHOD HVFROKD GR
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HPIXQFLRQDPHQWRXPDTXDOTXHUDWLYLGDGHUHSRQGHSHORVHYHQWRVGDQRVRVTXHHVWD
DWLYLGDGH JHUD SDUD RV LQGLYtGXRV LQGHSHQGHQWHPHQWH GH GHWHUPLQDU VH HP FDGD
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IDVKLSyWHVHVGRV(QXQFLDGRVQVHGR767JDHPSUHVD
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RFRUUrQFLDGHGRORGRHPSUHJDGR
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PHUFDGRULDVDRVHPSUHJDGRVRXVHUYLoRVGHVWLQDGRVDSURSRUFLRQDU
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VHUYLoRV
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DUPD]pQV RX VHUYLoRV QmR PDQWLGRV SHOD HPSUHVD p OtFLWR j
DXWRULGDGHFRPSHWHQWHGHWHUPLQDUDDGRomRGHPHGLGDVDGHTXDGDV
YLVDQGRTXHDVPHUFDGRULDVVHMDPYHQGLGDVHRVVHUYLoRVSUHVWDGRV
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SHUYHUVD (QTXDQWR R DEXVR GH SRGHU SRGH VHU IDFLOPHQWH GHVPDVFDUDGR D
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LPSHUFHSWtYHO$SULQFtSLRDSUySULDYtWLPDHQFDUDRIDWRFRPRVLPSOHVEULQFDGHLUD
DWp TXH D UHSHWLomR GRV YH[DPHV H GDV KXPLOKDo}HV JDQKD FRQWRUQRV GH XPD
HVSpFLH GH YLROrQFLD VLOHQFLRVD SRUpP GHPROLGRUD H TXH HYROXL QXPD HVFDODGD
GHVWUXWLYDTXHVySRGHVHUGHWLGDSHODLQWHUIHUrQFLDGHDJHQWHH[WHUQRDRDPELHQWH
GHWUDEDOKR6HDYtWLPDUHDJHHWHQWDOLEHUWDUVHDVKRVWLOLGDGHVWUDQVIRUPDPVHHP
YLROrQFLD GHFODUDGD H GmR LQtFLR j IDVH GH DQLTXLODPHQWR PRUDO GHQRPLQDGD GH
SVLFRWHUURU $WLWXGHV YHODGDVFRPR D GH PDQWHU UHFLQWRFRQKHFLGR FRPR µVHQ]DOD¶
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SUHVXPLGD QHP UHFRQKHFLGD FRP EDVH HP PHUDV DOHJDo}HV 2 GDQR PRUDO VH
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SUDWLFDPHQWHGHVSLUVHQDSUHVHQoDGHRXWUDVSHVVRDVPRUPHQWHVHXVFROHJDVGH
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SUHVFULFLRQDO SUHYLVWR SDUD DV GHPDQGDV WUDEDOKLVWDV VRE R DUJXPHQWR GH TXH VH
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SULYDFLGDGH RXj GLJQLGDGH0HVPRTXHKDMDFHUWRGHVFRQIRUWRDRHVWDUVXEPHWLGRD
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SDWULPRQLDOVRIULGRQDYLGDSURILVVLRQDOGRUHFODPDQWHHSHORDEDORGHVXDLPDJHP
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GHTXH RREUHLURWHQKDVLGRKXPLOKDGR HRIHQGLGRSHUDQWH RVFROHJDVGH WUDEDOKR
SHORVVHJXUDQoDVGDHPSUHVDQmRVHKiFRPRPDQWHUDFRQGHQDomRGDUHFODPDGD
QR SDJDPHQWR GH LQGHQL]DomR SRU GDQR PRUDO 7RGDYLD p GH VH PDQWHU D
FRQGHQDomRQRTXHWDQJH j REULJDomRGHGDU DPSOD GLYXOJDomRGHQWUR GR SDUTXH
LQGXVWULDOGDLQRFrQFLDGRHPSUHJDGRVREUHRTXDOSDLURXDVXVSHLWDGHIXUWR757
5± 52± 7± 5HO-XL]$QW{QLR&DUORV$UHDO± '25-
'$12025$/± 5(9,67$'((035(*$'26± $UHYLVWDSHVVRDOGRWUDEDOKDGRU
TXDQGRIHLWDFRPSUiWLFDVDEXVLYDVjVXDLQWLPLGDGHRXGLJQLGDGHFDUDFWHUL]DGDQR
PRUDOQDPHGLGDHPTXHRGLUHLWRGRHPSUHJDGRUGHSUHVHUYDUVHXSDWULP{QLRSRU
FHUWRHVEDUUDQRGLUHLWRSHVVRDOLQGLVSRQtYHOGHVHXVHPSUHJDGRVGHPDQWHUHPVXD
LQWLPLGDGHLQYLRODGDGLUHLWRHVWHHVWDEHOHFLGRQRDUWLQFLVR,,,H;GD&RQVWLWXLomR
)HGHUDO7575± 52± 7± 5HO-Xt]D'RULV/XLVHGH&DVWUR1HYHV
± -XOJ± '25-
'$12 025$/ ± ',63(16$ '2 (035(*$'2 325 -867$ &$86$ ± (P
SULQFtSLRQmRKiQHFHVVDULDPHQWHGDQRPRUDOQRIDWRGRHPSUHJDGRUGLVSHQVDUR
HPSUHJDGRVRE RIXQGDPHQWRGHMXVWD FDXVDGHQWUR GDV KLSyWHVHV GR DUW GD
&/72MXL]GHYHYHULILFDUDJUDYLGDGHGDRIHQVDRkPELWRHPTXHHODVHGHXHDV
FRQVHTrQFLDVGDDFXVDomRQDYLGDGRWUDEDOKDGRURTXHFRQVWLWXLPDWpULDVXMHLWDj
SURYD2GDQR PRUDOQmRDFHLWDSUHVXQomRGHVRIULPHQWRRXGHGRULQVXSRUWiYHOSDUD
MXVWLILFDULQGHQL]DomRPi[LPDeSUHFLVRTXHKDMDHYLGrQFLDSURYDUHDOGRGDQRj
PRUDOGRWUDEDOKDGRU,QGHSHQGHQWHPHQWHGDH[LVWrQFLDRXQmRGHMXVWDFDXVDRMXL]
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SRGHUiTXDOLILFDUD RIHQVDFRPRGDQRPRUDOHPJUDXPi[LPRPpGLRRXPtQLPRGH
DFRUGRFRPRLOtFLWR7575± ± 52± $F7± 5HO
/8,=('*$5)(55$='(2/,9(,5$± '2(
'$12 025$/± 35(67Ë*,2'2,167,7872± 2 GDQRPRUDO pLQVWLWXWR GHPmR
GXSODH WDQWR SRGHUi VHU DSOLFDGR DR HPSUHJDGRU TXDQWR DR HPSUHJDGR6LPSOHV
DOHJDo}HVGHGHIHVDRXDILUPDo}HVLQLFLDLVQmRSURYDGDVQmRFRQGX]HPDR³LWHU´GR
GDQRPRUDO2GRORRXDFXOSDJUDYHSRGHUmRHPFHUWRVFDVRVGDUHQVHMRDRGDQR
PDWHULDOH DR GDQRPRUDO 2 DoRGDPHQWR p PDX FRQVHOKHLURTXDQGR VH SUHWHQGH
TXH VLPSOHV DOHJDo}HV QmR SURYDGDVGHViJHPHPLQGHQL]DomR3URFHVVR QmR p
OXJDU SDUD VH OHYDU YDQWDJHP PDV SDUD EXVFDU R TXH p GHYLGR 757 5±
52± $F± 7± 5HO-XL])UDQFLVFR$QWRQLRGH
2OLYHLUD± '2(63
'$12025$/± 48$17,),&$d2± $TXDQWLILFDomRSRUGDQRPRUDOHVWiDWUHODGD
DYiULDV FRQVLGHUDo}HV$ VLWXDomRRFRUULGDHDV SHVVRDV HQYROYLGDVVmRGLVWLQWDV
DFDUUHWDQGRFRQVHTrQFLDVGLIHUHQWHV&DEHDRMXL]VRSHVDUDVFLUFXQVWkQFLDVTXH
FHUFDPRGDQRPRUDODWULEXLQGRDVVLPXP³TXDQWXP´FRQGL]HQWHFRPDUHSDUDomR
757 5 ±  52 ±  7 ± 5HO -XL] 3DXOR 5REHUWR GH
&DVWUR ± '-0*  3 5HO -Xt]D $OLFH 0RQWHLUR GH %DUURV± '-0*
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75735 &203(7Ç1&,$ '$ -867,d$ '2 75$%$/+2 ± '$12
025$/'(&255(17('$5(/$d2'( 75$%$/+2± 'HYHVHU UHFRQKHFLGDD
FRPSHWrQFLD GD -XVWLoD GR 7UDEDOKR SDUD DSUHFLDU H MXOJDU SOHLWR UHODWLYR DR
SDJDPHQWR GHLQGHQL]DomRSRU GDQRPRUDOGHFRUUHQWHGDUHODomR GHWUDEDOKRSRU
IRUoD GR DUWLJR  9, GD &) (VWH HQWHQGLPHQWR HVWi VHGLPHQWDGR QD 6~PXOD
Q GR 767 FRP UHGDomR GDGD SHOD 5HVROXomR Q 2V DXWRV GHYHP
UHWRUQDUjRULJHPSDUDDSUHFLDomRGDPDWpULDSDUDHYLWDUDVXSUHVVmRGHLQVWkQFLD
75735$&2± 5HO6HUJLR0XULOR5RGULJXHV
/(0263XEOLFDGRQR'-35± 
75735&2/(725'(/,;2± 3(','2'('$12025$/(05$=2
'$ 720$'$ '( 5()(,d®(6 ³1$ 58$´± $86Ç1&,$ '( ,/,&,78'(,1'(9,'$
5(3$5$d2 025$/ ± ,QVXEVLVWHQWH R SHGLGR GH GDQR PRUDO WHQGR SRU
IXQGDPHQWR D WRPDGD GH UHIHLo}HV ³QD UXD´ $ SDU GH QmR WHU UHVWDGR
VXILFLHQWHPHQWHGHPRQVWUDGDDREULJDWRULHGDGHGHTXHRDXWRUVHDOLPHQWDVVH³QD
UXD´WHVH GD GHIHVD p TXH WLQKD DPSOD OLEHUGDGH SDUD ID]rOR HP ODQFKRQHWHV
SRVWRVGHJDVROLQDpLQFRQWURYHUVRRIRUQHFLPHQWRGHWtTXHWHDOLPHQWDomRSHODUpR
TXH SRU VL Vy Mi YHP HP IDYRU GD SDUWH UHTXHULGD ( DLQGD TXH SURYDGR VH
FRQVLGHUH RIDWR QmRVH UHYHVWHGHLOLFLWXGH &ROHWRU GH OL[RR DXWRU DIXQomRHUD
H[WHUQD H LWLQHUDQWH SRU QDWXUH]D GDt GHFRUUHQGR SULPHLUR D LQH[LJLELOLGDGH GR
UHWRUQRGLiULRDRUHIHLWyULRGDHPSUHVDWUDMHWRWRPDULDWRGRRXERDSDUWHGRWHPSR
LQWHUYDODU 6HJXQGR ID]HU UHIHLo}HV GHEDL[R GH iUYRUH QmR p IDWRU GH DIURQWD j
GLJQLGDGH eFRQGLomR TXHUHTXHU KXPLOGDGHSRU SDUWHGRHPSUHJDGR PDV QmR D
KXPLOGDGH YH[DWyULD PDV DTXHOD SUySULD GH TXHP H[HUFH IXQomR WmR GLJQLILFDQWH
TXDQWRHVVHQFLDO'HVFRQIRUWiYHOVDFULILFDQWHpYHUGDGHPDVQmRLOtFLWDSRUTXDQWR
QmR IHUH QHQKXP GLVSRVLWLYR GH OHL LQH[LVWLQGR GR PHVPR PRGR QRUPD
FRQYHQFLRQDO GLVSRQGR VREUH REULJDWRULHGDGH GD Up SURSLFLDU FRQGLo}HV GLYHUVDV
SDUD WRPDGD GDV UHIHLo}HV75735$&2 ±
5HO6XHOL*LO(O5DILKL± 3XEOLFDGRQR'-35± 
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75735± '$12025$/± ,1'(1,=$d2± $LQGHQL]DomRSRUGDQR
PRUDO p FDUDFWHUL]DGD SRU HOHPHQWRV REMHWLYRV H QmR SRU PHUD FRQVLGHUDomR
VXEMHWLYD GD SDUWH TXH VH GHFODUD DWLQJLGD ,Q FDVX QmR KRXYH FRPSURYDomR GH
GHVUHVSHLWR j LQWLPLGDGH RX j YLGD SULYDGD GD DXWRUD RX DLQGD DEDOR TXH
GHQHJULVVHDVXDLPDJHPGHIRUPDTXHFXOPLQDVVHHPJUDYHGDQRDRVHXFRQFHLWR
VRFLDO ,QGHYLGD TXDOTXHU LQGHQL]DomR 75735$&2
 ± 5HO 6HUJLR 0XULOR 5RGULJXHV /HPRV ± 3XEOLFDGR QR '-35 ±
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