9RFrHVWiDTXL  3iJLQD,QLFLDO  5HYLVWD  5HYLVWDPELWR-XUtGLFR  $GPLQLVWUDWLYR

$GPLQLVWUDWLYR

3RGHUHVGD$GPLQLVWUDomRKLHUiUTXLFRGLVFLSOLQDUUHJXODPHQWDUHGHSROtFLD3RGHUGH
SROtFLDFRQFHLWR3ROtFLDMXGLFLiULDHSROtFLDDGPLQLVWUDWLYD
)UDQFLVFR0DIUD
6XPiULR,QWURGXomR3RGHUHVGD$GPLQLVWUDomR3RGHUKLHUiUTXLFR3RGHUGLVFLSOLQDU3RGHUUHJXODPHQWDU3RGHUGHSROtFLD&RQFHLWR3ROtFLDDGPLQLVWUDWLYD3ROtFLD
MXGLFLiULD&DUDFWHUtVWLFDV&RQFOXV}HV

,QWURGXomR3RGHUHVGD$GPLQLVWUDomR
2VSRGHUHVGHTXHGRWDGDD$GPLQLVWUDomR3~EOLFDVmRQHFHVViULRVHSURSRUFLRQDLVjVIXQo}HVjPHVPDGHWHUPLQDGRV(PRXWUDVSDODYUDVD$GPLQLVWUDomR3~EOLFDp
GRWDGDGHSRGHUHVTXHVHFRQVWLWXHPHPLQVWUXPHQWRVGHWUDEDOKR
2VSRGHUHVDGPLQLVWUDWLYRVVXUJHPFRPD$GPLQLVWUDomRHVHDSUHVHQWDPFRQIRUPHDVGHPDQGDVGRVVHUYLoRVS~EOLFRVRLQWHUHVVHS~EOLFRHRVILQVDRVTXDLVGHYHP
DWLQJLU6mRFODVVLILFDGRVHPSRGHUYLQFXODGRHSRGHUGLVFULFLRQiULRVHJXQGRDQHFHVVLGDGHGHSUiWLFDGHDWRVSRGHUKLHUiUTXLFRHSRGHUGLVFLSOLQDUGHDFRUGRFRPD
QHFHVVLGDGHGHVHRUJDQL]DUD$GPLQLVWUDomRRXDSOLFDUVDQo}HVDRVVHXVVHUYLGRUHVSRGHUUHJXODPHQWDUSDUDFULDUQRUPDVSDUDFHUWDVVLWXDo}HVHSRGHUGHSROtFLD
TXDQGRQHFHVViULRVHID]DFRQWHQomRGHGLUHLWRVLQGLYLGXDLVHPSUROGDFROHWLYLGDGH
3RGHUKLHUiUTXLFR
3RGHUKLHUiUTXLFRpRGHTXHGLVS}HR([HFXWLYRSDUDRUJDQL]DUHGLVWULEXLUDVIXQo}HVGHVHXVyUJmRVHVWDEHOHFHQGRDUHODomRGHVXERUGLQDomRHQWUHRVHUYLGRUHVGRVHX
TXDGURGHSHVVRDO
,QH[LVWHQWHQR-XGLFLiULRHQR/HJLVODWLYRDKLHUDUTXLDpSULYDWLYDGDIXQomRH[HFXWLYDVHQGRHOHPHQWRWtSLFRGDRUJDQL]DomRHRUGHQDomRGRVVHUYLoRVDGPLQLVWUDWLYRV
2SRGHUKLHUiUTXLFRWHPFRPRREMHWLYRRUGHQDUFRRUGHQDUFRQWURODUHFRUULJLUDVDWLYLGDGHVDGPLQLVWUDWLYDVQRkPELWRLQWHUQRGD$GPLQLVWUDomR3~EOLFD2UGHQDDV
DWLYLGDGHVGDDGPLQLVWUDomRDRUHSDUWLUHHVFDORQDUDVIXQo}HVHQWUHRVDJHQWHVGR3RGHUGHPRGRTXHFDGDTXDOH[HUoDHILFLHQWHPHQWHRVHXFDUJRFRRUGHQDQDEXVFD
GHKDUPRQLDHQWUHWRGRVRVVHUYLoRVGRPHVPRyUJmRFRQWURODDRID]HUFXPSULUDVOHLVHDVRUGHQVHDFRPSDQKDURGHVHPSHQKRGHFDGDVHUYLGRUFRUULJHRVHUURV
DGPLQLVWUDWLYRVGRVVHXVLQIHULRUHVDOpPGHDJLUFRPRPHLRGHUHVSRQVDELOL]DomRGRVDJHQWHVDRLPSRUOKHVRGHYHUGHREHGLrQFLD
3HODKLHUDUTXLDpLPSRVWDDRVXEDOWHUQRDHVWULWDREHGLrQFLDGDVRUGHQVHLQVWUXo}HVOHJDLVVXSHULRUHVDOpPGHVHGHILQLUDUHVSRQVDELOLGDGHGHFDGDXP
'RSRGHUKLHUiUTXLFRVmRGHFRUUHQWHVFHUWDVIDFXOGDGHVLPSOtFLWDVDRVXSHULRUWDLVFRPRGDURUGHQVHILVFDOL]DURVHXFXPSULPHQWRGHOHJDUHDYRFDUDWULEXLo}HVHUHYHU
DWRVGRVLQIHULRUHV
4XDQGRDDXWRULGDGHVXSHULRUGiXPDRUGHPHODGHWHUPLQDGHPDQHLUDHVSHFtILFDRVDWRVDSUDWLFDURXDFRQGXWDDVHJXLUHPFDVRFRQFUHWR'DtpGHFRUUHQWHRGHYHU
GHREHGLrQFLD
-iDILVFDOL]DUpRSRGHUGHYLJLDUSHUPDQHQWHPHQWHRVDWRVSUDWLFDGRVSHORVVHXVVXERUGLQDGRV7DOVHGiFRPRLQWXLWRGHPDQWrORVGHDFRUGRFRPRVSDGU}HVOHJDLV
UHJXODPHQWDUHVLQVWLWXtGRVSDUDDDWLYLGDGHDGPLQLVWUDWLYD
'HOHJDUpFRQIHULUDRXWUHPGHOHJDo}HVRULJLQDOPHQWHFRPSHWHQWHVDRTXHGHOHJD1RQRVVRVLVWHPDQmRVHDGPLWHPGHOHJDo}HVHQWUHRVGLIHUHQWHVSRGHUHVQHPGH
DWRVGHQDWXUH]DSROtWLFD
$VGHOHJDo}HVGHYHPVHUIHLWDVQRVFDVRVHPTXHDVDWULEXLo}HVREMHWRGDVSULPHLUDVIRUHPJHQpULFDVHQmRIL[DGDVFRPRSULYDWLYDVGHFHUWRH[HFXWRU
$YRFDUpWUD]HUSDUDVLIXQo}HVRULJLQDOPHQWHDWULEXtGDVDXPVXERUGLQDGR1DGDLPSHGHTXHVHMDIHLWDHQWUHWDQWRGHYHVHUHYLWDGDSRULPSRUWDUGHVSUHVWtJLRDRVHX
LQIHULRU
5HYHURVDWRVGRVLQIHULRUHVKLHUiUTXLFRVpDSUHFLDUWDLVDWRVHPWRGRVRVVHXVDVSHFWRVSDUDPDQWrORVRXLQYDOLGiORV
0(,5(//(6GHVWDFDVXERUGLQDomRGHYLQFXODomRDGPLQLVWUDWLYD$VXERUGLQDomRpGHFRUUHQWHGRSRGHUKLHUiUTXLFRHDGPLWHWRGRVRVPHLRVGHFRQWUROHGRVXSHULRUVREUHR
LQIHULRU$YLQFXODomRpUHVXOWDQWHGRSRGHUGHVXSHUYLVmRPLQLVWHULDOVREUHDHQWLGDGHYLQFXODGDHpH[HUFLGDQRVOLPLWHVTXHDOHLHVWDEHOHFHVHPUHWLUDUDDXWRQRPLD
GRHQWHVXSHUYLVLRQDGR
3RGHUGLVFLSOLQDU
)DFXOGDGHGHSXQLULQWHUQDPHQWHDVLQIUDo}HVIXQFLRQDLVGRVVHUYLGRUHVRSRGHUGLVFLSOLQDUpH[HUFLGRQRkPELWRGRVyUJmRVHVHUYLoRVGD$GPLQLVWUDomReFRQVLGHUDGR
FRPRVXSUHPDFLDHVSHFLDOGR(VWDGR
&RUUHODWRFRPRSRGHUKLHUiUTXLFRRSRGHUGLVFLSOLQDUQmRVHFRQIXQGHFRPRPHVPR1RXVRGRSULPHLURD$GPLQLVWUDomR3~EOLFDGLVWULEXLHHVFDORQDDVVXDVIXQo}HV
H[HFXWLYDV-iQRXVRGRSRGHUGLVFLSOLQDUD$GPLQLVWUDomRVLPSOHVPHQWHFRQWURODRGHVHPSHQKRGHVVDVIXQo}HVHDFRQGXWDGHVHXVVHUYLGRUHVUHVSRQVDELOL]DQGRRV
SHODVIDOWDVSRUYHQWXUDFRPHWLGDV
0DUFHOR&$(7$12MiDGYHUWLD
RSRGHUGLVFLSOLQDUWHPVXDRULJHPHUD]mRGHVHUQRLQWHUHVVHHQDQHFHVVLGDGHGHDSHUIHLoRDPHQWRSURJUHVVLYRGRVHUYLoRS~EOLFR
2SRGHUGLVFLSOLQDUGD$GPLQLVWUDomRQmRGHYHVHUFRQIXQGLGRFRPRSRGHUSXQLWLYRGR(VWDGRUHDOL]DGRSRUPHLRGD-XVWLoD3HQDO2GLVFLSOLQDUpLQWHUQRj
$GPLQLVWUDomRHQTXDQWRTXHRSHQDOYLVDDSURWHJHURVYDORUHVHEHQVPDLVLPSRUWDQWHVGRJUXSRVRFLDOHPTXHVWmR
$SXQLomRGLVFLSOLQDUHDSHQDOWrPIXQGDPHQWRVGLYHUVRV$GLIHUHQoDpGHVXEVWkQFLDHQmRGHJUDX
3RGHUUHJXODPHQWDU
3RGHUUHJXODPHQWDUpRSRGHUGRV&KHIHVGH([HFXWLYRGHH[SOLFDUGHGHWDOKDUDOHLSDUDVXDFRUUHWDH[HFXomRRXGHH[SHGLUGHFUHWRVDXW{QRPRVVREUHPDWpULDGHVXD
FRPSHWrQFLDDLQGDQmRGLVFLSOLQDGDSRUOHLeXPSRGHULQHUHQWHHSULYDWLYRGR&KHIHGR([HFXWLYReHPUD]mRGLVWRLQGHOHJiYHODTXDOTXHUVXERUGLQDGR
2&KHIHGR([HFXWLYRUHJXODPHQWDSRUPHLRGHGHFUHWRV(OHQmRSRGHHQWUHWDQWRLQYDGLURVHVSDoRVGDOHL
0(,5(//(6FRQFHLWXDTXHUHJXODPHQWRpDWRDGPLQLVWUDWLYRJHUDOHQRUPDWLYRH[SHGLGRSULYDWLYDPHQWHSHOR&KHIHGR([HFXWLYRSRUPHLRGHGHFUHWRYLVDQGRDH[SOLFDU
PRGRHIRUPDGHH[HFXomRGDOHLUHJXODPHQWRGHH[HFXomRRXSURYHUVLWXDo}HVQmRGLVFLSOLQDGDVHPOHLUHJXODPHQWRDXW{QRPRRXLQGHSHQGHQWH
3RGHUGHSROtFLD&RQFHLWR
0(,5(//(6FRQFHLWXD3RGHUGHSROtFLDpDIDFXOGDGHGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDFRQGLFLRQDUHUHVWULQJLURXVRHJR]RGHEHQVDWLYLGDGHVHGLUHLWRV
LQGLYLGXDLVHPEHQHItFLRGDFROHWLYLGDGHRXGRSUySULR(VWDGR
([SOLFDRDXWRUTXHSRGHUGHSROtFLDpRPHFDQLVPRGHIUHQDJHPGHTXHGLVS}HD$GPLQLVWUDomR3~EOLFDSDUDFRQWHURVDEXVRVGRGLUHLWRLQGLYLGXDO
-iHPUHODomRjSROtFLDVDQLWiULDQmRKiFRPRVHPHGLURVHXFDPSRGHDWXDomR
3RGHPRVIDODUDUHVSHLWRGDVVLWXDo}HVGHSHULJRSUHVHQWHRXIXWXURTXHOHVHPRXDPHDFHPOHVDUDVD~GHHDVHJXUDQoDGRVLQGLYtGXRVHGDFRPXQLGDGH$PSORpR
SRGHUGLVFULFLRQiULRGHFRUUHQWHHPYLUWXGHGDDPSOLWXGHSUySULDGREHPDVHUSURWHJLGRSHOR(VWDGR
',3,(752H[SOLFDTXHRSRGHUGHSROtFLDGR(VWDGRSRGHDJLUHPGXDViUHDVGHDWXDomRHVWDWDO6mRDViUHDVDGPLQLVWUDWLYDHMXGLFLiULD
3ROtFLDDGPLQLVWUDWLYD

$SROtFLDDGPLQLVWUDWLYDWHPXPFDUiWHUSUHYHQWLYR6HXREMHWLYRVHUiQmRSHUPLWLUDVDo}HVDQWLVRFLDLV(QWUHWDQWRDGLIHUHQoDQmRpDEVROXWD$SROtFLDDGPLQLVWUDWLYD
SURWHJHRVLQWHUHVVHVPDLRUHVGDVRFLHGDGHDRLPSHGLUSRUH[HPSORFRPSRUWDPHQWRVLQGLYLGXDLVTXHSRVVDPFDXVDUSUHMXt]RVPDLRUHVjFROHWLYLGDGH
',3,(752VHXWLOL]DGDVHJXLQWHRSLQLmRGHOYDUR/D]]DULQLSDUDGLVWLQJXLUDSROtFLDDGPLQLVWUDWLYDGDSROtFLDMXGLFLiULD
DOLQKDGHGLIHUHQFLDomRHVWiQDRFRUUrQFLDRXQmRGHLOtFLWRSHQDO&RPHIHLWRTXDQGRDWXDQDiUHDGRLOtFLWRSXUDPHQWHDGPLQLVWUDWLYRSUHYHQWLYDPHQWHRX
UHSUHVVLYDPHQWHDSROtFLDpDGPLQLVWUDWLYD4XDQGRRLOtFLWRSHQDOpSUDWLFDGRpDSROtFLDMXGLFLiULDTXHDJH
$SROtFLDDGPLQLVWUDWLYDpUHJLGDSHOR'LUHLWR$GPLQLVWUDWLYRDJLQGRVREUHEHQVGLUHLWRVRXDWLYLGDGHV
$SROtFLDDGPLQLVWUDWLYDpGLYLGLGDHQWUHGLIHUHQWHVyUJmRVGD$GPLQLVWUDomR3~EOLFD6mRLQFOXtGRVDTXLDSROtFLDPLOLWDUHRVYiULRVyUJmRVGHILVFDOL]DomRFRPRRVGDViUHDV
GDVD~GHHGXFDomRWUDEDOKRSUHYLGrQFLDHDVVLVWrQFLDVRFLDO
3ROtFLDMXGLFLiULD
$SROtFLDMXGLFLiULDpGHFDUiWHUUHSUHVVLYR6XDUD]mRGHVHUpDSXQLomRGRVLQIUDWRUHVGDOHLSHQDO
$SROtFLDMXGLFLiULDVHUHJHSHOR'LUHLWR3URFHVVXDO3HQDO(ODLQFLGHVREUHSHVVRDV
$SROtFLDMXGLFLiULDpH[HUFLGDSHODVFRUSRUDo}HVHVSHFLDOL]DGDVFKDPDGDVGHSROtFLDFLYLOHSROtFLDPLOLWDU
&DUDFWHUtVWLFDV
$VFDUDFWHUtVWLFDVGRSRGHUGHSROtFLDTXHFRVWXPDPVHUDSRQWDGDVVmRVHJXQGR0DULD6\OYLD=DQHOOD',3,(752DGLVFULFLRQDULHGDGHDDXWRH[HFXWRULHGDGHHD
FRHUFLELOLGDGH
$GLVFULFLRQDULHGDGHpXPDOLEHUGDGHH[LVWHQWHDRDGPLQLVWUDGRUSDUDDJLUTXDQGRDOHLGHL[DFHUWDPDUJHPGHOLEHUGDGHSDUDDHVFROKDGDRSRUWXQLGDGHRXGD
FRQYHQLrQFLDGHDJLURXFRPRGL]',3,(752RPRWLYRRXRREMHWRGRDWRDVHUUHDOL]DGR4XDQGRD$GPLQLVWUDomR3~EOLFDWLYHUTXHGHFLGLUTXDORPHOKRUPRPHQWRGH
DJLUTXDORPHLRGHDomRPDLVDGHTXDGRTXDODVDQomRFDEtYHOGLDQWHGDVSUHYLVWDVQDQRUPDOHJDO(PWDLVFLUFXQVWkQFLDVRSRGHUGHSROtFLDVHUiGLVFULFLRQiULR
3RGHVHGL]HUQRHQWDQWRTXHRSRGHUGHSROtFLDSRGHVHUGLVFULFLRQiULRRXYLQFXODGR
2XWUDFDUDFWHUtVWLFDpDDXWRH[HFXWRULHGDGH(ODpDSRVVLELOLGDGHGD$GPLQLVWUDomRXWLOL]DUVHXVSUySULRVPHLRVSDUDH[HFXWDUDVVXDVGHFLV}HVVHPSUHFLVDUUHFRUUHUDR
3RGHU-XGLFLiULR
&RPRRSLQD',3,(752
3HORDWULEXWRGDDXWRH[HFXWRULHGDGHD$GPLQLVWUDomRFRPSHOHPDWHULDOPHQWHRDGPLQLVWUDGRXVDQGRPHLRVGLUHWRVGHFRDomR3RUH[HPSORHODGLVVROYHXPDUHXQLmR
DSUHHQGHPHUFDGRULDVLQWHUGLWDXPDIiEULFD
)LQDOPHQWHRSRGHUGHSROtFLDWHPFRPRFDUDFWHUtVWLFDDFRHUFLELOLGDGHLQGLVVRFLDYHOPHQWHOLJDGDjDXWRH[HFXWRULHGDGH
/HPEUDDDXWRUD2DWRGHSROtFLDVypDXWRH[HFXWyULRSRUTXHGRWDGRGHIRUoDFRHUFLWLYD
&RQFOXV}HV
(PSULPHLUROXJDUSUHVVXS}HVHTXHWRGRVVmRLJXDLVSHUDQWHDOHL1R%UDVLOGHVGHUHDOPHQWHRVmR(QWUHWDQWRRSRYREUDVLOHLURFRQTXLVWRXRGLUHLWRGHYLYHU
XPDGHPRFUDFLDUHSXEOLFDQDRQGHRVHVIRUoRVGRJRYHUQRGHYHPVHGLULJLUDRDWHQGLPHQWRGREHPFRPXP,VWRSRUTXHRSRYRpRVREHUDQRQDVUHODo}HVVRFLDLVH
SROtWLFDVTXHVHVXFHGHPGHQWURGRQRVVRFRQMXQWRGHOHLVHPYLJRUGHOHLVTXHGHYHPVHUREVHUYDGDV
+iGHVHFRQVLGHUDUTXHRVSRGHUHVGDDGPLQLVWUDomRRVmRHPUD]mRPHVPRGDRUJDQL]DomRSROtWLFDHVRFLDOHVWDEHOHFLGDDSDUWLUGDQRVVD&RQVWLWXLomR2SRGHUGH
SROtFLDpDTXHODFDSDFLGDGHpDTXHOHSRGHUTXHR(VWDGRWHPGHGHOLPLWDUDXWLOL]DomRGDVOLEHUGDGHVLQGLYLGXDLVHPSUROGREHPFRPXP
'HQWURGRFRQWH[WRDWXDOGHTXHYLYHPRVGHQWURGHXP(VWDGRGH'LUHLWRKiGHKDYHUXPYHUGDGHLURUHVSHLWRjVOHLVSHOR3RGHU3~EOLFRSDUDTXHSUHYDOHoDPDVUDt]HV
RVSUySULRVSHQVDPHQWRVVREUHRVTXDLVIRLHODERUDGRRPRGHORGH(VWDGRDGRWDGRHPQRVVD&RQVWLWXLomR
6mRQRWyULRVRVH[HPSORVGHGHVUHVSHLWRjOHLSRUSDUWHGHyUJmRVHDJHQWHVS~EOLFRVHPSUHMXt]RQmRVyDRVLQGLYtGXRVTXHID]HPSDUWHGDVUHODo}HVRQGHRSRGHUp
YHUGDGHLUDPHQWHGHVYLDGRPDVWDPEpPDWRGDDQDomREUDVLOHLUD
7RGRVRVQRVVRVHVIRUoRVGHYHPVHUHIHWLYDGRVQRVHQWLGRGHTXHWDLVGHVYLRVVHMDPGHWHFWDGRVHTXHVHSXQDPRVUHVSRQViYHLV

%LEOLRJUDILD&$(7$120DUFHOR'R3RGHU'LVFLSOLQDU/LVERD',3,(7520DULD6\OYLD=DQHOOD'LUHLWR$GPLQLVWUDWLYR6mR3DXOR$WODV0(,5(//(6+HO\/RSHV
'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR6mR3DXOR0DOKHLURV

1RWDV
0(,5(//(6+HO\/RSHV'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR6mR3DXOR0DOKHLURV
0(,5(//(6+HO\/RSHV'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR6mR3DXOR0DOKHLURV
'R3RGHU'LVFLSOLQDU/LVERDS
0(,5(//(6+HO\/RSHV'LUHLWR$GPLQLVWUDWLYR%UDVLOHLUR6mR3DXOR0DOKHLURVS
0(,5(//(6









)UDQFLVFR0DIUD
'RXWRUHPGLUHLWRDGPLQLVWUDWLYRSHOD8)0*DGYRJDGRFRQVXOWRUMXUtGLFRSDOHVWUDQWHHSURIHVVRUXQLYHUVLWiULR$XWRUGHFHQWHQDVGHSXEOLFDo}HVMXUtGLFDVQD,QWHUQHWH
GROLYUR26HUYLGRU3~EOLFRHD5HIRUPD$GPLQLVWUDWLYD5LRGH-DQHLUR)RUHQVHQRSUHOR

,QIRUPDo}HV%LEOLRJUiILFDV

0$)5$)UDQFLVFR3RGHUHVGD$GPLQLVWUDomRKLHUiUTXLFRGLVFLSOLQDUUHJXODPHQWDUHGHSROtFLD3RGHUGHSROtFLDFRQFHLWR3ROtFLDMXGLFLiULDHSROtFLDDGPLQLVWUDWLYD,Q
PELWR-XUtGLFR5LR*UDQGH9,,,QIHY'LVSRQtYHOHP
KWWSZZZDPELWRMXULGLFRFRPEUVLWHLQGH[SKS"QBOLQN UHYLVWDBDUWLJRVBOHLWXUD DUWLJRBLG 
!$FHVVRHPDJR
2PELWR-XUtGLFRQmRVHUHVSRQVDELOL]DQHPGHIRUPDLQGLYLGXDOQHPGHIRUPDVROLGiULDSHODVRSLQL}HVLGpLDVHFRQFHLWRVHPLWLGRVQRVWH[WRVSRUVHUHPGHLQWHLUDUHVSRQVDELOLGDGHGHVHXVDXWRUHV