Precedentes no Novo CPC_ É possível uma decisão correta_



3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

4XDUWDIHLUDGHMXOKRGH

3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

$OH[DQGUH0HOR)UDQFR%DKLD 'RXWRUSHOD8)0*H3URIHVVRUQD8)23

'LHUOH1XQHV 'RXWRUH3URIHVVRUGD8)0*

)OiYLR3HGURQ 'RXWRUSHOD8)0*H3URIHVVRUQR,%0(&H38&0* (PWHPSRVGHQRYR&yGLJRGH3URFHVVR&LYLOQHFHVVLWDPRVHQFRQWUDURHPEDVDPHQWRGHVXDV QRUPDVHPHVSHFLDOTXDQGRVHSUHWHQGHLQVWLWXLUXPPRGHORQRUPDWLYRFRQWUDIiWLFRFRUUHWLYRGRV DWXDLVHTXtYRFRV TXHOHYHDVpULRRGLUHLWRMXULVSUXGHQFLDOWDQWRQDIRUPDomRTXDQWRQDDSOLFDomR FRUUHWDGRVSUHFHGHQWHV $RVHSHUFHEHUTXHRDUWGR&3&HVWDEHOHFHTXHRVWULEXQDLVGHYHPXQLIRUPL]DUVXD MXULVSUXGrQFLDHPDQWrODHVWiYHOtQWHJUDHFRHUHQWHpFRORFDGRHPSDXWDRHQWHQGLPHQWRGRSDQR GHIXQGRGHVWDQRUPDHVSHFLDOPHQWHDRVHYLVOXPEUDUQRPHVPRDSUHVHQoDGRSHQVDPHQWR 'ZRUNLQLDQR9HULILFDUDVLQWHUOLJDo}HVHQWUHDQRUPDHRSHQVDPHQWRGDTXHOHDXWRUSRGHQRVGDU XPERPFDPLQKRVREUHFRPRFRPSUHHQGHURPLFURVVLVWHPDGHSUHFHGHQWHVSUHWHQGLGRSHORQRYR &3&HPRVWUDUVXDVSRWHQFLDOLGDGHVHULVFRVKDMDYLVWDFHUWDVSUiWLFDVHPDOHQWHQGLGRVTXHVH SHUFHEHSRUDTXLWDQWRVREUHRFLWDGRDXWRUTXDQWRWDPEpPVREUHRVLVWHPDGH³SUHFHGHQWHV´TXHMi H[LVWHSRUDTXL 2QRUWHDPHULFDQR5RQDOG'ZRUNLQ>@pUHFRQKHFLGDPHQWHXPGRVPDLVLPSRUWDQWHVHPDLVOLGRV DXWRUHVFRQWHPSRUkQHRVQRVFDPSRVGRFRQKHFLPHQWRMXUtGLFRSROtWLFRHILORVyILFR6XDSURGXomR pDEXQGDQWHFRQVLVWLQGRHPGLYHUVRVOLYURVDUWLJRVHQVDLRVSDOHVWUDVRULHQWDo}HVHWF>@ 6HXWUDoRIXQGDPHQWDOpDGHIHVDGDYLUWXGHGDLQWHJULGDGHXPLGHDOSDUDQRUWHDUDVSUiWLFDV MXUtGLFRSROtWLFDVGHXPDVRFLHGDGHSUHRFXSDGDFRPRFRPSURPLVVRHPGDUjVSUiWLFDVGR /HJLVODWLYRHGR-XGLFLiULRDPHOKRURULHQWDomRHOHLWXUDSRVVtYHLV >@7DPEpPVHWRUQRX FRQKHFLGRSHODVGXUDVFUtWLFDVjVWUDGLo}HVGR3RVLWLYLVPR-XUtGLFRHGR5HDOLVPR-XUtGLFR>@EHP FRPRSRUGHVHQYROYHUXPDWHRULDDFHUFDGRVSULQFtSLRVMXUtGLFRVHQWHQGLGRVFRPRHVSpFLHVGH QRUPDVMXUtGLFDV 'ZRUNLQREWHYHDWHQomRGDFRPXQLGDGHMXUtGLFDLQLFLDOPHQWHTXDQGRSXEOLFRXQDGpFDGDGH RVSULPHLURVWH[WRVDWDFDQGRR3RVLWLYLVPR-XUtGLFRSULQFLSDOPHQWHDOHLWXUDOHYDGDDFDERSHOR LQJOrV+/$+DUW>@$WHVHFHQWUDOGHIHQGLGDSRU'ZRUNLQQHVVHSRQWRpTXHR3RVLWLYLVPR KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

-XUtGLFRUHSUHVHQWDXPDOHLWXUDGR'LUHLWRLQFRPSDWtYHOFRPRVSUHVVXSRVWRVHDQVHLRVGHXPD VRFLHGDGHTXHVHTXHUGHPRFUiWLFD,VVRVHGHYHSULQFLSDOPHQWHSHORIDWRGHVHEDVHDUHPXPD GHIHVDUDGLFDOGDVHSDUDomRHQWUH'LUHLWRH0RUDOTXHID]FRPTXHR'LUHLWRVHMDUHGX]LGRDSHQDVD XPFRQMXQWRGHUHJUDVFULDGDVSRUXPDFRPXQLGDGHMXUtGLFDHPXPGHWHUPLQDGRPRPHQWRGD +LVWyULD$VVLPWRGRRSUREOHPDGHLQWHUSUHWDomRVHOLPLWDDXPDTXHVWmRIiWLFRKLVWyULFDVDEHUR TXHWDOFRPXQLGDGHSUHWHQGLDQRPRPHQWRGHGHILQLomRGDUHJUDSRVLWLYDGD>@3RUFRQVHTXrQFLD XPMXL]SRVLWLYLVWDWHPVHXWUDEDOKROLPLWDGRDLGHQWLILFDUQRVFDVRVDHOHVXEPHWLGRVSDUD MXOJDPHQWRDSDUWLUGHXPUDFLRFtQLRVLORJtVWLFRTXDLVDVUHJUDVVHDPROGDPDRVIDWRVGROLWtJLRH DSOLFDUWRPDQGRRVHQWLGRHVWDEHOHFLGRQRSDVVDGRWDLVUHJUDV $VIDOKDVQHVVDWHRULDFRPHoDPDDSDUHFHUTXDQGRHVVHPHVPRMXL]QmRpFDSD]GHHQFRQWUDU UHJUDVSUHYLDPHQWHHODERUDGDVSDUDDSOLFDomRHFRPLVVRVROXomRGRVFDVRVVXEMXGLFH7HPRV DTXLDGLVWLQomRGH+DUWHQWUHFDVRVIiFHLVHRVFDVRVGLItFHLV1R~OWLPRFDVRWHPRVDSUHVHQoDGH XPDODFXQDRXDQRPLD QR2UGHQDPHQWR-XUtGLFR(PWDOFHQiULRDVROXomRHQFRQWUDGDSHOR 3RVLWLYLVPR-XUtGLFRpXPDVyDXWRUL]DUDRPHVPRPDJLVWUDGRTXHSURPRYDXPMXOJDPHQWR GLVFULFLRQiULRRXVHMDRPHVPRHVWDUiDJRUDDXWRUL]DGRDXWLOL]DUVXDFRQVFLrQFLDHVHXVHQVRGH MXVWLoDSDUDGHFLGLUGHPRGRXQLODWHUDORFDVRFRQFUHWR>@&RPLVVRHVWDUVHiDGPLWLQGRDR PDJLVWUDGRFULDUGLUHLWRQRYRHDSOLFiORUHWURDWLYDPHQWHDRFDVRFRQFUHWRVXUSUHHQGHQGRDVSDUWHV GRSURFHVVR 'ZRUNLQHQWHQGHTXHWDOTXDGURSLQWDGRSHODWHRULDSRVLWLYLVWDpSREUHHQmRUHIOHWHDVFRUHVGR TXHXPDVRFLHGDGHGHPRFUiWLFDFKDPDGH'LUHLWR2XVHMDTXHpSRVVtYHOSHQVDUXPDRXWUDWHRULD MXUtGLFDPDLVDWUDHQWHSDUDRVLGHDLVGHGHPRFUDFLDGDVRFLHGDGH>@,PDJLQDHQWmRTXHDQRomR TXHSDUHFHWmRFODUDDRVSRVLWLYLVWDVGHTXHRPDJLVWUDGRWHPGLVFULFLRQDULHGDGHSDUDGHFLGLURV FDVRVGLItFHLVpXPDLQFRHUrQFLDTXDQGRFRQWUDSRVWDDRLGHDOGHPRFUiWLFR 3DUDFRPEDWHURTXDGURSRVLWLYLVWD'ZRUNLQSDUWHGHGRLVUDFLRFtQLRVSDUDOHORVPDVTXHVH FRPSOHPHQWDPDRILQDO   GHTXHQmRSRGHH[LVWLUWDOGLVFULFLRQDULHGDGHHSDUDID]HUWDODILUPDomRHOHQHFHVVDULDPHQWH GHYHUiDILUPDUTXHWRGRDTXHOHUHVSRQViYHOSRUXPDGHFLVmRMXUtGLFDVHMDROHJLVODGRUVHMDR PDJLVWUDGRVHMDXPDGPLQLVWUDGRUS~EOLFR GHYHVHFRPSURPHWHUPRUDOPHQWHSDUDFRPD VRFLHGDGHHPQmRSRXSDUHVIRUoRVSDUDEXVFDUDPHOKRUGHFLVmRSDUDDTXHODVLWXDomRLVVRVLJQLILFD DILUPDUTXHDRLQYpVGHKDYHUP~OWLSODVSRVVLELOLGDGHGHGHFLVmRDLQGDTXHHQWUHHODVKDMD UDFLRQDOLGDGHKiDSHQDV³XPD~QLFDGHFLVmRFRUUHWD´SDUDDTXHOHFDVRHPHVSHFLDO H  GHTXHDOpPGDVUHJUDVMXUtGLFDVR2UGHQDPHQWR-XUtGLFRGHYHDSUHVHQWDURXWUDVHVSpFLHVGH QRUPDVFDSD]HVGHLPSHGLUSRUFRPSOHWRDH[LVWrQFLDGHXPDODFXQDHDVVLPFRQVHJXLUGHILQLU QDTXHOHFDVRVXEMXGLFHDH[LVWrQFLDGHXPGLUHLWRSDUDDOJXPDGDVSDUWHVHQYROYLGDV 9DPRVSULPHLURHP 3DUDTXDOTXHUXPGHQyVSRGHSDUHFHUDEVXUGRQRYDPHQWHVRERSDQR GHIXQGRGHPRFUiWLFR DLGHLDGHTXHXPPDJLVWUDGRWHPWRWDOOLEHUGDGHSDUDGHFLGLUXPFDVR 'RLVDUJXPHQWRVVmROHYDQWDGRVSDUDQHJDUDSRVVLELOLGDGHGHGLVFULFLRQDULHGDGHGHGHFLV}HV MXGLFLDLVD RJRYHUQRpOLPLWDGRSHODUHVSRQVDELOLGDGHGHVHXVRFXSDQWHVTXHVmRHOHLWRVSHOD PDLRULDHE FULDQGRXPGLUHLWRQRYRRMXL]SXQHLQMXVWDPHQWHDSDUWHVXFXPEHQWHXPDYH]TXH RDSOLFDGHIRUPDUHWURDWLYD $ILUPDUHGHIHQGHUDGLVFULFLRQDULHGDGHHTXLYDOHULDHQWmRDFRQFRUGDUFRPDIUDVHGRV5HDOLVWDV -XUtGLFRVGHTXHRVMXt]HVGHFLGHPEDVHDGRVQDTXLORTXHFRPHUDPQRFDIpGDPDQKm>@0DV FRQWUDHODGLYHUVDVYHUV}HVGR3RVLWLYLVPR-XUtGLFRGHVHQYROYHUDPDWHVHGHTXHVHQGRRGLUHLWR SURGXWRGHKRPHQVHQmRXPDFLrQFLDH[DWD QmRVHULDSRVVtYHODILUPDUDH[LVWrQFLDGHXPD~QLFD UHVSRVWDFRUUHWDPDVDQWHVXPXQLYHUVRGHSRVVtYHLVGHFLV}HVUDFLRQDLV 2UDFLRFtQLRHD DUJXPHQWDomRMXUtGLFRVDSHQDVVHUYLULDPSDUDILOWUDUDVDEHUUDo}HVHODERUDQGRXPDPROGXUDGH GHFLV}HVMXUtGLFDVUDFLRQDLVSRUWDQWRSDUDHOHVOHJtWLPDV >@(TXDOTXHUFRLVDTXHHVWLYHVVH KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

GHQWURGHWDOPROGXUDVHULDOHJtWLPDDLQGDTXHQmRUHSUHVHQWDVVHRPHOKRUHVIRUoRSDUDVROXFLRQDU QRUPDWLYDPHQWHRFDVR7DOUDFLRFtQLROHJLWLPDULDRTXDGURDWXDOGHMXOJDPHQWRSHORV7ULEXQDLV EUDVLOHLURVTXHFULDXPDSOXUDOLGDGHGHHQWHQGLPHQWRVVREVLWXDo}HVDEVROXWDPHQWHLGrQWLFDVSHOD DQiOLVHSDUFLDOGHDUJXPHQWRVVHPVHUHVSHLWDURGHYHUGHFRQVLGHUDomR RXPHVPRSHODHVFROKD DOHDWyULDGRHQWHQGLPHQWRTXHFRQILUPDDSUpFRPSUHHQVmRGRGHFLVRUFRQILUPDWLRQELDV VHPVH OHYDUDVpULRRGHEDWHSURFHVVXDO 'ZRUNLQHQWHQGHFRPRVLPSOHVPHQWHSREUHHVVHUDFLRFtQLR(PRSRVLomRDGYRJDDLGHLDGHTXH QLQJXpP±SRQGRVHQDFRQGLomRGHGHVWLQDWiULRGDGHFLVmR±DFHLWDULDFRPRUD]RiYHODDILUPDomR GHTXHVHXFDVRIRLWUDWDGRSHOR-XGLFLiULRFRPRDSHQDVPDLVXPHTXHPHVPRDTXHODQmRVHQGR XPDGHFLVmRIUXWRGRUDFLRFtQLRPDLVHODERUDGRHFRPSURPHWLGRGRPDJLVWUDGRVHWUDWDULDGHXPD GHFLVmRSRVVtYHO>@2XTXHRUHVXOWDGRGRSURFHVVRpIUXWRGHXPDORWHULDDOHDWyULDGHPRGRTXH RFDVRSRGHULDUHFHEHUXPDGHFLVmRFRPSOHWDPHQWHGLIHUHQWHVHWLYHVVHVLGRMXOJDGRSRURXWUR PDJLVWUDGR7RGDVXDWHRULDGDLQWHJULGDGHWHQWDUiHQIUHQWDUHVVHVGHVDILRVFRPRXPDGHFLVmR SRGHVHUFRUUHWDDRQmRWUDWDUXPFDVRFRPR³PDLVXPGHXPDVpULH´DRPHVPRWHPSRHPTXHD GHFLVmRSRVVDVHMXVWLILFDULQWHUQDHH[WHUQDPHQWHDRSURFHVVRFRPRD~QLFDFRUUHWDSDUDUHVROYHU DTXHOHFDVRVHQGRWDPEpPFRQIRUPHRHGLItFLRMXUtGLFR $YLUWXGHGDLQWHJULGDGHDILUPDTXHWRGRVQyVWHPRVXPGLUHLWRTXHDSUHVHQWDXPDGDV VXEGLYLV}HVGDTXLORTXHRMXULVWDQRUWHDPHULFDQRGHVLJQDSRU'LJQLGDGH+XPDQD>@ GHVHUPRV WUDWDGRVFRPLJXDOUHVSHLWRHFRQVLGHUDomR'HVVHPRGRUHSHUFXWLULDXPGHYHUGHR-XGLFLiULR OHYDURFDVRjVpULRHWUDWiORFRPFXLGDGR 3DUDVHID]HUPDLVFODUR'ZRUNLQXVDXPDILJXUDGHOLQJXDJHPXP³MXL]LPDJLQiULR´HQmRXP PpWRGRGHGHFLVmR SDUDH[HPSOLILFDUDSRVWXUDTXHXPDVRFLHGDGHGHPRFUiWLFDHVSHUDGRV PDJLVWUDGRV>@(OHEDWL]DHVVDPHWiIRUDGHMXL]+pUFXOHVGHPRGRTXHHOHpFDSD]GHXVDUVXD VDEHGRULDHSDFLrQFLDSDUDEXVFDUDUHVSRVWDFRUUHWDSDUDVXDVVHQWHQoDV6HXPDJLVWUDGRHQWmR WHUiTXHDRGHFLGLUOHYDUHPFRQWDWRGRVRVDUJXPHQWRVWUD]LGRVSHODVSDUWHVQRSURFHVVREHP FRPRWXGRDTXLORTXHIRLFRQVWUXtGRGRSRQWRGHYLVWDSUREDWyULRIiWLFR0DVLVVRQmREDVWD +pUFXOHVLUiWDPEpPSURFXUDUUHFRQVWUXLUDKLVWyULDLQVWLWXFLRQDOSDUDYHULILFDUFRPRRVRXWURV MXt]HVGHFLGLUDPQRSDVVDGRFDVRVVHPHOKDQWHVDPSOLDQGRRGLiORJRSURFHVVXDOSDUDMXVWLILFDUHP VXDGHFLVmRHVVDKLVWyULD +pUFXOHVLQVWLWXFLRQDOL]DXPSUHVVXSRVWRLQWHUSUHWDWLYRFRQWUDIiWLFRTXHSRGHVHUHYLGHQFLDGR PHGLDQWHDQHFHVVLGDGHGHXPSURFHVVRGHPRFUiWLFRHFRPSDUWLFLSDWLYRGHIRUPDomRGHFLVyULD DPSODPHQWHHPEDVDGRSHORFRQWUDGLWyULRHIXQGDPHQWDomRGLQkPLFRVFRQWUDULDPHQWHDXP VXSRVWRGHLVRODPHQWRGHFLVyULRHGLUHWDPHQWHOLJDGRDRTXHR1RYR&3&HVWDEHOHFHQRVDUWVRD H>@ 0DVGLIHUHQWHGRVMXt]HVSRVLWLYLVWDV+pUFXOHVQmRHVWiSUHVRQRSDVVDGRHQmRpREULJDGRDVHJXLU DVGHFLV}HVVHYHULILFDUTXHKiHUURVHPDOJXPDVGHODVFRQWXGRHOHVHVHQWHREULJDGRPRUDOPHQWH DVHJXLURVSUHFHGHQWHVTXHVHPRVWUDUHPFRHUHQWHV±GHIRUPDTXHPHVPRKDYHQGRSUHFHGHQWHV LVVRQmRWRUQDRMXL]XPPHURUHSOLFDGRUGRVPHVPRVFRPRVHDRWUDWDUPRVGHSUHFHGHQWHV HVWLYpVVHPRVVREXPDQRYD³HVFRODGDH[HJHVH´>@(VVHVSUHFHGHQWHVVLQDOL]DPDH[LVWrQFLDGH XPDKLVWyULDHPPRYLPHQWRXPDKLVWyULDGRSUySULRGLUHLWRTXHVHHVWiVHQGRGLVFXWLGRQRFDVR TXH+pUFXOHVGHYHGHFLGLU(VVDREULJDomRKHUPHQrXWLFDID]FRPTXHRPDJLVWUDGRGH'ZRUNLQVH FRORTXHFRPRXPPHPEURGHXPHPSUHHQGLPHQWRFROHWLYRXPDKLVWyULDDKLVWyULDGDTXHOH GLUHLWRHPHVSHFLDO TXHHVWiVHQGRFRQWDGDHFRQVWUXtGDDYiULDVPmRV±SRULVVRRXVRGHRXWUD PHWiIRUDDGR³URPDQFHHPFDGHLD´>@$UHVSRQVDELOLGDGHGH+pUFXOHVSRUWDQWRROHYDDOHUHD OHYDUHPFRQWDWXGRDTXLORTXHIRLHVFULWRHGHFLGLGRDFHUFDGRGLUHLWRHQYROYLGR $SDUWLUGLVVR+pUFXOHVIDUiVXDSDUWH±RXVHMDHOHVHUiUHVSRQViYHOSRUDGLFLRQDUXPQRYR FDStWXORGHVHQYROYHQGRDGLVFXVVmRVHPLJQRUiODRXVHPUHLQYHQWiOD3DUDWDQWRGHYHVHEDVHDU QDLGHLDGHTXHVXDGHFLVmRMXUtGLFDHPRUDOPHQWH GHYHFRQVLGHUDUTXHWRGDVDVSHVVRDVGD VRFLHGDGHWrPRVPHVPRVGLUHLWRVHOLEHUGDGHVVHPSULYLOpJLRVHSULQFLSDOPHQWHVHP KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

GLVFULPLQDo}HVEDVHDGDVHPSUHFRQFHLWRGHTXDOTXHUHVSpFLHUHOLJLRVRVILORVyILFRVHFRQ{PLFRV SROtWLFRVHWF (VVD~OWLPDH[LJrQFLDID]FRPTXHDYLUWXGHGDLQWHJULGDGHVHMDYLVWDGHPRGR GLIHUHQWHGDPHUDFRHUrQFLDPHUDUHSHWLomRGRSDVVDGR  2GHVDILRSRVWRSDUD+pUFXOHVHSDUDRSURFHVVRGHFLVyULRSHUPHDGRSRUWRGRVRVVXMHLWRV SURFHVVXDLV pUHFRQKHFHURGLUHLWRFRPRDOJRFULDGRSRUPHLRGHOHLVPDVLJXDOPHQWHVHJXLUDV GHFLV}HVTXHRSUySULR-XGLFLiULRWRPRXQRSDVVDGR,VVRROHYDUiDFRQVWUXLUXPVLVWHPDEDVHDGR HPSULQFtSLRVMXUtGLFRVFDSD]HVGHIRUQHFHUDPHOKRUMXVWLILFDWLYDSDUDRVSUHFHGHQWHVMXGLFLDLVH WDPEpPSDUDDVOHLVHSDUDD&RQVWLWXLomR $GHFLVmRTXHDRILQDO+pUFXOHVFKHJDUiQmRpGHOHH[FOXVLYDPHQWH$DEHUWXUDKHUPHQrXWLFD H[LJLXXPGLiORJRHQWUHWRGRVRVSDUWLFLSDQWHVGRSURFHVVRHFRPD+LVWyULDGDTXHODVRFLHGDGH DOpPGHSUHVHUYDUFRQGLo}HVSDUDTXHRVSUy[LPRVGHFLVRUHVQRVSUy[LPRVFDVRVFRQWLQXHPR HPSHQKRGHPHOKRUDUDGHFLVmR±HGHVVDIRUPDDRVHFRORFDUSHUDQWHRDXGLWyULRGRVTXHWRPDUmR DTXLORTXHIRLGHFLGLGRQRSDVVDGRVXDVHQWHQoDWDPEpPpXPDDEHUWXUDSDUDRIXWXURXPFDStWXOR DPDLVQDFRQVWUXomRGR'LUHLWRHSRULVVRVXDFRUUHomRVHUiREMHWRGHDQiOLVHSDUDFRQILUPDomR RXUHIXWDomRHPQRYRVFDVRVQRIXWXUR>@ eLVVRTXH'ZRUNLQTXHUGL]HUTXDQGRIDODHP~QLFDUHVSRVWDFRUUHWDRXQDPHOKRUGHFLVmR MXGLFLDO3HUFHEHVHDTXLTXHRHVSDoRGHGLVFULFLRQDULHGDGHpHOLPLQDGRSDUDGDUOXJDUDXP HVSDoRKHUPHQrXWLFRHDUJXPHQWDWLYR+pUFXOHVGHYHWHQWDUFRQYHQFHUDVRFLHGDGHTXHFRQILRX DTXHOHFDVRDRVHXMXOJDPHQWRTXHIH]RPHOKRUTXHSRGLD±VXDGHFLVmRWHPDSUHWHQVmR FRQWUDIiWLFDGHVHUD~QLFDUHVSRVWDDGHTXDGDDRFDVRQmRDSHQDVSHORHVIRUoRKHUPHQrXWLFR PHQFLRQDGRPDVWDPEpPSRUTXHRMXL]GHYHUiWRPDURFDVRGHQWURGDVSDUWLFXODULGDGHVGRPHVPR HQmRFRPRXP³VWDQGDUG´XPWHPD,VVRQmRWHPFRPRVHUIHLWRVHPTXHHVWHMDPRVGLVSRVWRVD IXQGDPHQWDUDGHTXDGDPHQWHDGHFLVmR>@ $IDVWDVHHQWmRDLGHLDGHGLVFULFLRQDULHGDGH2MXL]QmRHVWiDXWRUL]DGRDMXOJDUOLYUHPHQWHVHMD HPFDVRV³IiFHLV´RX³GLItFHLV´±VHpTXHKiFDVRVIiFHLVXPDYH]TXHDSHQDVSRUTXHKiXPD SUHYLVmROHJDOVXPXODURXGHSUHFHGHQWHOHYDQWDGDHGLVFXWLGDQRSURFHVVRHVWDGHYHUiVHUWRPDGD DSHQDVFRPRSUHPLVVD³SULPDIDFLH´DSOLFiYHODRFDVRSRLVTXHDSHQDVRGHEDWHHPFRQWUDGLWyULR QRSURFHVVRSRGHUiPRVWUDUHQWUHDVYiULDVSUHWHQV}HVHPWHVHDSOLFiYHLVTXDODTXHODTXHVHUiD DGHTXDGDDRFDVR>@1mRKiHVSDoRSDUDGLVFULFLRQDULHGDGHTXDQGRRPDJLVWUDGR³OHYDDVpULR´R FRPSURPLVVRFRPRGLUHLWRHFRPRFDVRHPXPHHPRXWURFDVRUHFRQVWUXtGRVHGLVFXWLGRVSHODV SDUWHV2'LUHLWRVHMDPUHJUDVSULQFtSLRVV~PXODVRXSUHFHGHQWHVQmRpWRPDGRFRPRXPGDGR PDVFRPRXPSRQWRGHSDUWLGDVREUHRTXDORPDJLVWUDGRQmRSRGH³IXJLU´PDVTXHDRPHVPR WHPSRWHPFODURTXHQmRKiVHQWLGRVGDGRVSUHYLDPHQWHHVLPTXHRVHQWLGRpUH FRQVWUXtGR TXDQGRGDDSOLFDomRGDTXHOHVDRFDVR>@$LQWHUSUHWDomRGR'LUHLWRQmRVHGiFRPRXPFDVR LVRODGRPDVFRPRXPDFRQVWUXomRTXHYHPDQWHVGDTXHOHFDVRHTXHFRQWLQXDUiDSyVRPHVPR 3RULVVRTXHDVSDUWLFXODULGDGHVGRFDVRGHYHPJXLDUDUH WRPDGDGR'LUHLWRDRPHVPRWHPSRHP TXHHVWHDRVHUVROXFLRQDGRVHUYLUiGHQRUWHSDUDRXWURVTXHYLUmR $JRUDSRGHPRVDYDQoDUSDUD 3DUDFRQWUDSRUDWHVHGDUHGXomRGRGLUHLWRDXPVLVWHPDGH UHJUDVEHPFRPRDDILUPDomRGHTXHH[LVWHPODFXQDVGRVLVWHPDMXUtGLFR'ZRUNLQ>@DILUPDUi TXHSDUDDOpPGDVUHJUDV>@GRLVRXWURVSDGU}HVGHQRUPDVH[LVWHPRVSULQFtSLRVHDVGLUHWUL]HV SROtWLFDV  (VVDVHSDUDomRHPWUrVHVSpFLHVGHQRUPDVQmRVHDSRLDHPXPDGLVWLQomRHVWUXWXUDORX PRUIROyJLFDRXVHMDpXPDTXHVWmROyJLFRDUJXPHQWDWLYDSRLVQRGHEDWHpTXHSRGHPRVHQWHQGHU VHRTXHVHHVWiVHQGRLQYRFDGRUHSUHVHQWDXPDUHJUDXPSULQFtSLRRXXPDGLUHWUL]SROtWLFD/RJR QmRpSRVVtYHO³DSULRUL´ID]HUVHXPDWDEHODFRPRFRQMXQWRGHQRUPDVSDUDVHGL]HURTXHpXPD RXRXWUDFRLVD $VVLPDQDOLVDQGRDUHODomRHQWUHSULQFtSLRVHGLUHWUL]HVSROtWLFDVSRGHVHDILUPDUTXHXP SULQFtSLRSUHVFUHYHXPGLUHLWRHSRULVVRFRQWpPXPDH[LJrQFLDGHMXVWLoDHTXDQLPLGDGHGHYLGR KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

SURFHVVRFRQVWLWXFLRQDORXDTXDOTXHURXWUDGLPHQVmRGHPRUDOLGDGH>@DRSDVVRTXHXPD GLUHWUL]SROtWLFDHVWDEHOHFHXPREMHWLYRRXXPDPHWDDVHUHPDOFDQoDGRVTXHJHUDOPHQWH FRQVLVWHPQDPHOKRULDGHDOJXPDVSHFWRHFRQ{PLFRSROtWLFRRXVRFLDOGDFRPXQLGDGHEXVFDQGR SURPRYHURXDVVHJXUDUXPDVLWXDomRHFRQ{PLFDSROtWLFDRXVRFLDOFRQVLGHUDGDGHVHMiYHO'ZRUNLQ DWULEXLRVWDWXVGHWUXQIRVDRVSULQFtSLRVTXHHPXPDGLVFXVVmRGHYHPVREUHSRUVHDDUJXPHQWRV SDXWDGRVHPGLUHWUL]HVSROtWLFDVH[FOXLQGRDSRVVLELOLGDGHGHRVMXt]HVWRPDUHPGHFLV}HV HPEDVDGDVHPGLUHWUL]HVSROtWLFDV(VVHUDFLRFtQLRPDUFDDSRVLomRDQWLXWLOLWDULVWDDVVXPLGDSRU 'ZRUNLQGHPRGRDUHMHLWDUTXDOTXHUIRUPDGHPDOHVIHLWRVDRVLQGLYtGXRVHPIDYRUGHXPD PHOKRULDSDUDREHPHVWDUJHUDORXXPDOHLWXUDGHGLUHLWRDSDUWLUGDyWLFDGRFXVWREHQHItFLR>@ (VVDDWLYLGDGHMXULVGLFLRQDOHQWmRWHPTXHDEUDoDUDDILUPDomRGHTXHpSRVVtYHOXPDUHVSRVWD FRUUHWDSDUDRMXOJDPHQWRGHXPGDGRFDVRSDUWLFXODURTXHVLJQLILFDDSOLFDURSULQFtSLRDGHTXDGR DRFDVRFRQFUHWR±DVVLPFRQHFWDPRV FRP HPQRVVRUDFLRFtQLR 2UDXPDYH]TXH'ZRUNLQUHFRQKHFHDH[LVWrQFLDGHSULQFtSLRVTXHSRGHPSURYHUVROXo}HVSDUD RVOLWtJLRVHOHQHJDXPDGDVWHVHVEiVLFDVGRSRVLWLYLVPRMXUtGLFRTXHpFRPRGLVVHPRVD H[LVWrQFLDGHODFXQDVQRUPDWLYDVTXHDXWRUL]DPRPDJLVWUDGRDDJLUGLVFULFLRQDULDPHQWHDRFULDU XPDQRUPDHDSOLFiODUHWURDWLYDPHQWH /RJRD³IXQomRFULDWLYD´GRMXGLFLiULRSDUDRVFDVRVGLItFHLVGHIHQGLGDSRU+DUWpUHFKDoDGDSRU 'ZRUNLQTXHFRPSUHHQGHTXHDSHQDVROHJLVODGRUpDXWRUL]DGRDFULDUGLUHLWR 2GHEDWHVREUHDIL[DomRGHXPDGLUHWUL]SROtWLFDWHPTXHVHUH[HUFLGRGHIRUPDPDLVDEUDQJHQWH SDUDLQFOXLUXPQ~PHURPDLRUGHSDUWLFLSDQWHVOHYDQGRHPFRQWDRVGLIHUHQWHVLQWHUHVVHV DQWDJ{QLFRVHSRULVVRVRPHQWHSRGHVHUWRPDGDQRLQWHULRUGHXPSURFHVVROHJLVODWLYR -iDGHFLVmREDVHDGDSRUSULQFtSLRVID]XVRGDKLVWyULDLQVWLWXFLRQDOGDTXHODFRPXQLGDGHHFRORFD DRPHVPRWHPSROLPLWHHFRQGLomRGHSRVVLELOLGDGHGHFRQVWUXomRGHXPDGHFLVmRGHPRFUiWLFD >@ (VWHDUJXPHQWRGDQHFHVVLGDGHGHUHVSHLWRGDKLVWyULDLQVWLWXFLRQDOVHWRUQDUiXPDJUDQGHSUHPLVVD GR1RYR&3&TXDQWRDRWUDWRGRGLUHLWRMXULVSUXGHQFLDOGRVSUHFHGHQWHV GHPRGRDPRGLILFDUR DWXDOFRQWH[WRGHDQDUTXLDHLQVWDELOLGDGHLQWHUSUHWDWLYDWtSLFRGHXPPRGHORGHDSOLFDomRQRTXDO RV WULEXQDOLV GHVSUH]DPVHXVMXOJDGRVHSHUPLWHPYROXQWDULVPRVDRJRVWRGRDSOLFDGRU 6HJXLQGRHVWHSUHVVXSRVWRGZRUNLQLDQRRDUWGR1&3&LPS}HRUHVSHLWRGDFDGHLDGHFLVyULD GHVGHDSULPHLUDDQiOLVHOHDGLQJFDVH HHPHVSHFLDOFRPUHVSHLWRGRVIXQGDPHQWRV GHWHUPLQDQWHVUDWLRGHFLGHQGL TXHQRUWHDUDPDDSOLFDomR>@ (VWDVSUHPLVVDVVHVRPDUmRDRXWUDVGHtQGROHGRJPiWLFD>@QR1RYR&3&PDVQLVWR UHWRUQDUHPRVHPRXWUDRSRUWXQLGDGHV &RPSUHHQGHUTXHRPLFURVVLVWHPDGHSUHFHGHQWHVQR1RYR&3&±DUWHVHJXLQWHV±FRORFDD QHFHVVLGDGHGRV7ULEXQDLVQmRDSHQDVXQLIRUPL]DUHPMXULVSUXGrQFLDPDVTXHHVWDVHMDPDQWLGD ³HVWiYHOtQWHJUDHFRHUHQWH´pPRVWUDUTXHDQRYDOHLSUHRFXSDVHTXHDDSOLFDomRGR'LUHLWRVHGr GHIRUPDDVHJHUDUSUHYLVLELOLGDGHQRVMXOJDPHQWRVHDRPHVPRWHPSRTXHRXVRGHMXOJDGRV DQWHULRUHVVHGrGHPDQHLUDDSUREOHPDWL]DURXVRGRVPHVPRVIDFHRFDVRTXHVHWHPDMXOJDU6H GHXPODGRRV7ULEXQDLVGHYHPXQLIRUPL]DUHQWHQGLPHQWRVTXDQGRUHDOPHQWHKRXYHUWDO XQLIRUPLGDGHHQmRDSHQDVSDUDVHSUHYHQLUQRYRVSURFHVVRV±MXULVSUXGrQFLDGHIHQVLYD GHRXWUR ODGRHVVHWUDEDOKRQmRDFDEDFRPDIRUPXODomRGHV~PXODVRXGHSUHFHGHQWHVGHTXDOTXHUHVSpFLH 8PFDVRRXYiULRVFDVRVUHXQLGRVHPXPDV~PXOD QmRGHYHULDVHUYLVWRFRPRSUHFHGHQWHSRUTXH DVVLPDOHLRXR7ULEXQDORGL]HVLPSRUVHLQVHULUQXPDFDGHLDDUJXPHQWDWLYDTXHFRQVWUyLR 'LUHLWRHHVSHFLILFDPHQWHSRUTXHSRVVXLIXQGDPHQWRVUHOHYDQWHVTXHWUD]HPHPVXD³UDWLR GHFLGHQGL´DH[SOLFLWDomRGHSULQFtSLRVTXHUHSUHVHQWDPD³OHLWXUDVREDPHOKRUOX]´GRGLUHLWR $LQGDHVWDPRVDSUHQGHQGRDOLGDUFRPRVSUHFHGHQWHVHUHVWDPXLWRDUHIOHWLUHHYROXLU KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

'LHUOH1XQHVpDGYRJDGRGRXWRUHP'LUHLWR3URFHVVXDOSURIHVVRUDGMXQWRQD38&0LQDVHQD 8)0*HVyFLRGRHVFULWyULR&DPDUD5RGULJXHV2OLYHLUD 1XQHV$GYRFDFLD&521 $GYRFDFLD 0HPEURGD&RPLVVmRGH-XULVWDVTXHDVVHVVRURXQDHODERUDomRGR1RYR&yGLJRGH 3URFHVVR&LYLOQD&kPDUDGRV'HSXWDGRV )OiYLR3HGURQpDGYRJDGR'RXWRUH0HVWUHHP'LUHLWRSHOD8)0*3URIHVVRU$GMXQWRGR&XUVR GH'LUHLWRGR,%0(&3URIHVVRU$GMXQWRGD38&0*$GYRJDGR $OH[DQGUH%DKLDpDGYRJDGR'RXWRUH0HVWUHHP'LUHLWRSHOD8)0*3URIHVVRU$GMXQWRQD 8)23H,%0(&%+0HPEURGR,%'3HGD$%'3&$GYRJDGR  >@3DUDPDLVGHWDOKHVYHU3('521)OiYLR$SURSRVWDGH5RQDOG'ZRUNLQSDUDXPDLQWHUSUHWDomRFRQVWUXWLYDGRGLUHLWR5HYLVWD &(-YQRXWGH]'LVSRQtYHOHP$FHVVRHPMDQ6$17263e5(=0DULD/RXUGHV8QDILORVRILDSDUDHUL]RV XQDDSUR[LPDFLyQDOSHQVDPHQWRGH5RQDOG'ZRUNLQ'R[D±&XDGHUQRVGH)LORVRILDGHO'HUHFKRQS*8(676WHSKHQ 5RQDOG'ZRUNLQ7UDGXomRGH/XtV&DUORV%RUJHV5LRGH-DQHLUR(OVHYLHU>7HRULDH)LORVRILDGR'LUHLWR@ >@&RQFRUGDVHFRP0H\HU0(3URIHVVRU*LOPDU0HQGHVQ@S TXDQGRDILUPDTXHRIDWRGH'ZRUNLQVHUPXLWROLGRQmRVLJQLILFDTXHpEHPFRPSUHHQGLGR 2OLYHLUD2/,9(,5$5DIDHO7RPD]'HFLVmR-XGLFLDOHR&RQFHLWRGH3ULQFtSLRDKHUPHQrXWLFDHDLQ GHWHUPLQDomRGR'LUHLWR3RUWR DOHJUH/LYUDULDGR$GYRJDGR WDPEpPDOHUWDTXHYiULDVVmRDVOHLWXUDVTXHSDUHFHPFRQIXQGLUDVFRQFOXV}HVDTXHRQRUWH DPHULFDQRFKHJDSULQFLSDOPHQWHSRUFRPSDUiORHTXLYRFDGDPHQWHjOLQKDGHSHQVDPHQWRTXHpDVVXPLGDSRU5REHUW$OH[\HVXDWpFQLFD GHSRQGHUDomRGHSULQFtSLRV±HTXLSDUDGRVDYDORUHV,JXDOPHQWHSUREOHPiWLFRpRYRWRGR0LQ&DUORV$LUHVGH%ULWWRQD67$QR TXDOFRQIXQGHJURVVHLUDPHQWHRVSRVLFLRQDPHQWRVGH$OH[\HGH'ZRUNLQHFRPROHPEUD6WUHFN675(&./HQLR/XL]2TXHpLVWR± GHFLGRFRQIRUPHPLQKDFRQVFLrQFLD"3RUWR$OHJUH/LYUDULDGR$GYRJDGR>&ROHomR2TXHp,VWR"±Y,@S RMXOJDPHQWRSHOR 7-0*GD$SHODomRQ7RUQRXVHSUDWLFDPHQWHOXJDUFRPXPFRPSDUDUDVLGHLDVGH'ZRUNLQVREUHUHJUDVH SULQFtSLRVFRPRPpWRGRGDVRSHVDJHPGHSULQFtSLRVYDORUHVGH$OH[\DGHVSHLWRGHTXHWDOFRQIXVmRDSHQDVVHGiSRUTXHVHWRPDD OHLWXUDTXHRVHJXQGRID]GRSULPHLURGHIRUPDDFUtWLFD >@³7HPRVGRLVSULQFtSLRVGHLQWHJULGDGHSROtWLFDXPSULQFtSLROHJLVODWLYRTXHSHGHDRVOHJLVODGRUHVTXHWHQWHPWRUQDURFRQMXQWRGHOHLV PRUDOPHQWHFRHUHQWHHXPSULQFtSLRMXULVGLFLRQDOTXHGHPDQGDTXHDOHLWDQWRTXDQWRSRVVtYHOVHMDYLVWDFRPRFRHUHQWHQHVVHVHQWLGR´ ':25.,15RQDOG2,PSpULRGR'LUHLWR7UDGXomRGH-HIIHUVRQ/XL]&DPDUJR6mR3DXOR0DUWLQV)RQWHV>'LUHLWRH-XVWLoD@ S  >@+iMXULVWDVTXHGLVFRUGHPGDXWLOL]DomRGH'ZRUNLQFRPRPDUFRWHyULFRSDUDSHVTXLVDVQDFLRQDLV$UJXPHQWDPTXHDGLIHUHQoDGH WUDGLomRTXHVHHVWDEHOHFHHQWUHRVSDtVHVGR&RPPRQ/DZGHRULJHPDQJORVD[m HRVSDtVHVGRHL[R5RPDQR*HUPkQLFRFRPRRFDVRGD )UDQoD$OHPDQKD3RUWXJDO(VSDQKDDOpPGHRXWURVLQFOXLQGRR%UDVLO pDELVVDO7RGDYLDIDWRpTXHRVWUDoRVIXQGDPHQWDLVHQWUH DPEDVDVWUDGLo}HVFRPRGHVWDFD5DPLUHV5$0,5(60DXUtFLR&UtWLFDj$SOLFDomRGH3UHFHGHQWHVQR'LUHLWR%UDVLOHLUR3RUWR $OHJUH/LYUDULDGR$GYRJDGRS SDUHFHPOLQKDVFDGDYH]PDLVWrQXHV(P³HFOHWLVPR´SDUHFHPLVWXUDUDVFDUDFWHUtVWLFDV SULQFLSDLVHREVFXUHFHUGLVWLQo}HV$OLDGRDLVVRGHYHVHOHPEUDUTXH'ZRUNLQQmRHODERUDHPVXDVREUDVXPDWHRULDH[FOXVLYDPHQWH YROWDGDSDUDR&RPPRQ/DZPDVDQWHVXPDWHRULDJHUDOGRGLUHLWRDSOLFiYHODTXDOTXHUSHUVSHFWLYDRFLGHQWDO(OHVHSUHRFXSDHP DSUHVHQWDUXPDSURSRVWDUHFRQVWUXWLYDGDSUiWLFDMXUtGLFDDQFRUDGDQDVFRQTXLVWDVGDKHUPHQrXWLFDILORVyILFDGHXPODGRHQD SUHRFXSDomRFRPDOHJLWLPLGDGHGDVGHFLV}HVMXUtGLFDVGHRXWUR7DOWHPDpXQLYHUVDOORJRID]FRPTXHVXDVLGHLDVJDQKHPHVSDoRGH UHIOH[mRHDSOLFDomRSDUDRVMXULVWDVEUDVLOHLURVHQmRDSHQDVQRUWHDPHULFDQRV >@+/$+DUWpDXWRUGDREUD2&RQFHLWRGH'LUHLWR7UDGXomRGH$5LEHLUR0DQGHV/LVERD)XQGDomR&DORXVWH*XOEHQNLDQ QDTXDOH[S}HXPDGDVPDLVEHPHVWUXWXUDGDVHVRILVWLFDGDVYHUV}HVGHVVDWUDGLomR >@$GHILQLomRGHFRPRWDLVUHJUDVVmRFULDGDVQmRVHSUHQGHH[FOXVLYDPHQWHDRPRGHORGHXPDDWLYLGDGHOHJLVODWLYDUHFRQKHFHQGR+DUW TXHRMXGLFLiULRSULQFLSDOPHQWHTXDQGRGHILQHXPSUHFHGHQWH WDPEpPWHPXPSDSHOSROtWLFRFRPRyUJmRFULDGRURXGHVFREULGRU GH UHJUDVMXUtGLFDVVHQGRLJXDOPHQWHUHVSRQViYHOSRUWDOSRVLWLYDomR >@,JXDOFUtWLFDDWDOGLVFULFLRQDULHGDGHMXGLFLDOSRGHVHUHQFRQWUDGDHP675(&./HQLR/XL]2TXHpLVWR±GHFLGRFRQIRUPHPLQKD FRQVFLrQFLD"3RUWR$OHJUH/LYUDULDGR$GYRJDGR>&ROHomR2TXHp,VWR"±Y,@*DUFtD)LJXHURDFULWLFDHVSHFLILFDPHQWHDWHVHGD GLVFULFLRQDULHGDGHGH+DUWSRLVHVWD³H[SUHVDODFRQYHQLHQFLDGHTXHH[LVWDGLVFUHFLyQMXGLFLDO>H@IRUPXODXQMXLFLRSRVLWLYRDFHUFDGH ODQHFHVLGDGGHFLHUWDGLVFUHFLyQSRUSDUWHGHORVRSHUDGRUHVMXUtGLFRV (QVXPDODGLVFUHFLyQH[LVWHHVEXHQRTXHH[LVWD\SRGHPRV\ GHEHPRVIRUPXODUORVPHMRUHVFULWHULRVSRVLEOHVSDUDHMHUFHUOD´*$5&Ë$),*8(52$$OIRQVR/D7HVLVGHO&DVR(VSHFLDO\HO 3RVLWLYLVPR-XUtGLFR'R[D$OLFDQWHQS 9HUWDPEpP+$%(50$6-UJHQ)DFWLFLGDG\9DOLGH]VREUHHOGHUHFKR\HO HVWDGRGHPRFUiWLFRGHGHUHFKRHQWpUPLQRVGHWHRUtDGHOGLVFXUVR0DGULG7URWWDSH628=$1(72&OiXGLR3HUHLUDGH -XULVGLomR&RQVWLWXFLRQDO'HPRFUDFLDH5DFLRQDOLGDGH3UiWLFD5LRGH-DQHLUR5HQRYDUSHWVHT >@3HUFHEDPDrQIDVHTXH'ZRUNLQHVWiGDQGRSDUDDLGHLDGHTXHQRVVDVRFLHGDGHpGHPRFUiWLFDRXTXHUVHUDVVLPFKDPDGD HHVWi GLVSRVWDDDVVXPLUWDOYLUWXGHGHEUDoRVDEHUWRV(VVDFRQFOXVmRpLPSRUWDQWHDTXHOHTXHOHYDQWDREMHo}HVjSURSRVWDHODERUDGDSRU 'ZRUNLQFRUUHVpULRULVFRGHDVVXPLUVHRXFRPRXPSRVLWLYLVWDMXUtGLFRRXSLRUFRPRXPMXULVWDQmRFRPSURPHWLGRFRPDEXVFDSHOD FRQVWUXomRGHXPDVRFLHGDGHGHPRFUiWLFDRTXHHVWiQRSUySULRWH[WRHQDEDVHLGHROyJLFDGD&RQVWLWXLomRGHDUWžFDSXW >@(QGRVVDPHVVDOHLWXUD+ROPHV2OLYHU:HQGHOO7KH&RPPRQ/DZ%RVWRQ/LWWOH %URZQ)UDQN-HURPH/DZDQGWKH 0RGHUQ0LQG1HZ@1HVVHVHQWLGRVHFRPSRUDVLGHLDVGH'ZRUNLQFRPRXWURDXWRUFHQWUDOSDUDFRPSUHHQGHUPRVWDOSRQWR*h17+(5.ODXV7HRULD GDDUJXPHQWDomRQRGLUHLWRHQDPRUDOMXVWLILFDomRHDSOLFDomR6mR3DXOR/DQG\9HUWDPEpP3('521)OiYLR4XLQDXG$ GLVWLQomRHQWUHOHJLVODomRHMXULVGLomRQRSHQVDPHQWRGH.ODXV*QWKHU5HYLVWDGD&(-DQR;,,QDEUMXQ >@*DGDPHUHQWHQGHTXHXPDQRUPDVyIDUiVHQWLGRIUHQWHDRFDVRRQGHDPHVPDVHUiDSOLFDGD*$'$0(5+DQV*HRUJ9HUGDGHH 0pWRGRFLWSHWVHT XPDYH]TXHVHJXQGRRPHVPRDXWRU³>F@RPSUHHQGHUXPWH[WRVLJQLILFDVHPSUHDSOLFiORDQyVSUySULRVH VDEHUTXHHPERUDVHWHQKDGHFRPSUHHQGrORHPFDGDFDVRGHXPDPDQHLUDGLIHUHQWHFRQWLQXDVHQGRRPHVPRWH[WRTXHDFDGDYH]VH QRVDSUHVHQWDGHPRGRGLIHUHQWH´LGHPS  >@':25.,15RQDOG/HYDQGRRV'LUHLWRVD6pULR7UDGXomRGH1HOVRQ%RHLUD6mR3DXOR0DUWLQV)RQWHV>'LUHLWRH-XVWLoD@ >@'HYHVHDOHUWDUSDUDRIDWRGHTXHDVWUDGXo}HVSDUDDOtQJXDHVSDQKRODXWLOL]DPRWHUPRQRUPDVFRPRVLQ{QLPRGHUHJUDVMXUtGLFDV FRPRID]&DOVDPLJOLD&$/6$0,*/,$$OEHUW(O&RQFHSWRGH,QWHJULGDGHQ'ZRUNLQ'R[DQDS RTXHDFDEDSRU LQGX]LUjLGHLDHUU{QHDGHTXHSULQFtSLRVQmRVmRQRUPDVMXUtGLFDVPDVVLPOLJDGRVDRFKDPDGR'LUHLWR1DWXUDO >@0RUDOLGDGHDTXLVLJQLILFDDILUPDURGHYHUGRGLUHLWRHPJDUDQWLUDGLJQLGDGHKXPDQDHRUHVSHLWRDRVPHVPRVGLUHLWRVHOLEHUGDGHV VXEMHWLYDV±RTXHpLPSRUWDQWHGHVHUGHVWDFDGRSDUDTXHQmRKDMDFRQIXV}HVTXHSRVVDPOHYDUDFUHUTXH'ZRUNLQFRORFDULDRGLVFXUVR GR'LUHLWRFRPRXPFDVRHVSHFLDOGRGLVFXUVRSUiWLFRPRUDOFRPRID]$OH[\ >@7+(2'252-5+XPEHUWR181(6'LHUOH%$+,$$OH[DQGUH3('521)OiYLR1RYR&3&)XQGDPHQWRVH6LVWHPDWL]DomR HG5LRGH-DQHLUR)RUHQVH(VVDpXPDTXHVWmRFRPHVSHFLDOLPSRUWkQFLDHPXPDpSRFDQDTXDOHPQRPHGDFHOHULGDGH SURFHVVXDOHYLVDQGRFRPEDWHUVHDPRURVLGDGHGDMXVWLoDVREUHFDUUHJDGDFRPPLOKDUHVGHFDXVDV³LGrQWLFDV´RTXHWHPRVFKDPDGRGH SURFHVVRVVHULDLV FILGHP DXWRUL]DVHRMXOJDPHQWRGHFDVRVHPEORFRHRXDPHUDUHSHWLomRGHHQWHQGLPHQWRVMXULVSUXGHQFLDLVVHP FRQVLGHUDomRDRVFDVRVTXHHVWmRVHQGRMXOJDGRV >@³8PDUJXPHQWRGHSULQFtSLRSRGHRIHUHFHUXPDMXVWLILFDomRSDUDXPDGHFLVmRSDUWLFXODUVHJXQGRDGRXWULQDGDUHVSRQVDELOLGDGH VRPHQWHVHIRUSRVVtYHOPRVWUDUTXHRSULQFtSLRFLWDGRpFRPSDWtYHOFRPGHFLV}HVDQWHULRUHVTXHQmRIRUDPUHIHLWDVHFRPGHFLV}HVTXHD LQVWLWXLomRHVWiSUHSDUDGDSDUDWRPDUHPFLUFXQVWkQFLDVKLSRWpWLFDV´':25.,15RQDOG/HYDQGRRV'LUHLWRVD6pULR7UDGXomRGH 1HOVRQ%RHLUD6mR3DXOR0DUWLQV)RQWHV>'LUHLWRH-XVWLoD@S  >@7+(2'252-5+XPEHUWR181(6'LHUOH%$+,$$OH[DQGUH3('521)OiYLR1RYR&3&)XQGDPHQWRVH6LVWHPDWL]DomR HG5LRGH-DQHLUR)RUHQVH >@3RUH[HPSORQRFDPSRGHIRUPDomRGHSUHFHGHQWHVHQDDGRomRGHXPDFRJQLomRTXDOLILFDGDDVHUEXVFDGDD FRPREULJDWyULD HVFROKDGHUHFXUVRVH[WUDRUGLQiULRVUHSUHVHQWDWLYRVFRPDEUDQJHQWHDUJXPHQWDomRHGLVFXVVmRDUW†ž E FRPUHVSHLWRSOHQRGH XPDUHJUDGDFRQJUXrQFLDHQmRVXUSUHVD TXHLPS}HDLGHQWLILFDomRSUHFLVDGDTXHVWmRDVHUVXEPHWLGDDMXOJDPHQWRHYHGDomRDRyUJmR FROHJLDGRGHFLGLUTXHVWmRQmRGHOLPLWDGDQDGHFLVmRDUW,H†ž F FRPUHDOL]DomRGHDXGLrQFLDVS~EOLFDVDUWV†žH,, HG PDQLIHVWDomRGRVDPLFLFXULDHDUWVFDSXWH, 

KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD





3UHFHGHQWHVQR1RYR&3&eSRVVtYHOXPDGHFLVmRFRUUHWD"

&RPPHQWV

6RUWE\ 7RS

$GGDFRPPHQW

$OH[DQGUH5RFKDā$GYRJDGRDW3HVVRDH&R]]L$GYRFDFLD(PSUHVDULDO ([FHOHQWHWH[WR3DUDEpQVDRVDXWRUHV /LNHā5HSO\ā-XOSP

$]HYHGR ;DYLHU$GYRJDGRV$VVRFLDGRV ÏWLPDOHLWXUD'ZRUNLDQDGR1RYR&3&FRQWULEXLQGRQRIRUWDOHFLPHQWRVGDQRVVDV LQVWLWXLo}HVMXUtGLFDV 8QOLNHā5HSO\ā

ā-XOSP

)DFHERRN&RPPHQWV3OXJLQ

$32,27$5'(//,=$1$5'2/(21($'92*$'26-867,),&$1'2&20E\ 6DOXW

KWWSMXVWLILFDQGRFRPSUHFHGHQWHVQRQRYRFSFHSRVVLYHOXPDGHFLVDRFRUUHWD