Skip to content
Nelum
Laws of Timor-Leste

Regulation No. 2/2016 regulating Marketing of Fuels, Biofuels and Lubricants

Made 2016-12-28 · Text as of 2026-10-01

Public law and official guidance, published as research. Not legal, tax or financial advice.

About this law

Original title
Regulamento n. 2/2016 - Regulação das Actividades de Comercialização de Combustíveis, Biocombustíveis e Lubrificantes.
Language
Portuguese
Kind
Regulation
Organisation
Association of Southeast Asian Nations (ASEAN)
Country
Timor-Leste
Subjects
Energy
Keywords
biofuel, authorization/permit, internal trade, international trade, legal proceedings/administrative proceedings
Categories
*, energy

Where to read it

    No source link is recorded for this law.

Text

The law's own text, section by section, as held. Each section has its own link.

  1. -RUQDOGD5HS~EOLFD r &RPDDSURYDomRGRSUHVHQWH5HJXODPHQWRD$130GLVS}H GRLQVWUXPHQWROHJDOQHFHVViULRSDUDDGPLQLVWUDUHJHULUGH IRUPD HILFLHQWH R UHJLVWR OLFHQFLDPHQWR RUJDQL]DomR H RSHUDomRGHLPSRUWDGRUHVH[SRUWDGRUHVHFRPHUFLDOL]DGRUHV QRYRV H H[LVWHQWHV GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV DVVHJXUDQGR GHVVD IRUPD XP QtYHO GH FXPSULPHQWRTXHDSRLHRGHVHQYROYLPHQWRGDV$WLYLGDGHVGH &RPHUFLDOL]DomR QR 6HWRU 'RZQVWUHDP QD 5HS~EOLFD 'HPRFUiWLFDGH7LPRU/HVWHGHIRUPDVHJXUDHHILFLHQWH $VVLPQRVWHUPRVGRGLVSRVWRQDDOtQHDF GRQžGRDUWLJR žHQDDOtQHDI GRQžGRDUWLJRžGR'HFUHWR/HLQž GHGHIHYHUHLURR&RQVHOKR'LUHWLYRGD$130DSURYD RVHJXLQWH5HJXODPHQWR &$3Ë78/2, ',6326,d®(6*(5$,6 $UWLJRž 'HILQLo}HV  $V H[SUHVV}HVRV WHUPRVH RVFRQFHLWRV HPSUHJXHVQR SUHVHQWH5HJXODPHQWRHGHILQLGRVQRDUWLJRžGR'HFUHWR /HLQžGHGHIHYHUHLURWrPRPHVPRVLJQLILFDGR TXHOKHVpDWULEXtGRQHVVHGLSORPD 3DUDHIHLWRVGRSUHVHQWH5HJXODPHQWR D ³$QR´VLJQLILFDXPDQRFLYLO E ³$XWRUL]DomRGH7UDQVDomR´VLJQLILFDXPDDXWRUL]DomR FRQFHGLGD SHOD $130 DR DEULJR GR DUWLJR ž QHFHVViULDSDUDXPD/LFHQFLDGDH[HUFHUFDGD7UDQVDomR HVSHFtILFDGH,PSRUWDomRRX([SRUWDomR F ³&HUWLILFDGR GH 4XDOLGDGH GR 3URGXWR´ VLJQLILFD R FHUWLILFDGR HPLWLGR SRU XPD HQWLGDGH DFUHGLWDGD RX DFHLWHSHOD$130SDUDDVVHJXUDURFXPSULPHQWRFRP DUHJXODPHQWDomRUHODWLYDD3DGU}HVH(VSHFLILFDo}HV GH 4XDOLGDGH GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV H GHWDOKDQGR DV HVSHFLILFDo}HV GRV &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVDVHUHP ,PSRUWDGRVSDUDRX([SRUWDGRVGH7LPRU/HVWH

  2. G ³'HFODUDomR GH /LYUH &LUFXODomR´ VLJQLILFD R GRFXPHQWRGHDFRUGRFRPRPRGHORLQFOXtGRQR$QH[R 9,DRSUHVHQWH5HJXODPHQWRHPLWLGRSRUXP,QVSHWRU GD$130QRVWHUPRVGRDUWLJRžFRQILUPDQGRTXH RV&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVTXH 5(*8/$0(1721žGHGH'H]HPEURGH HQWUDPQR7HUULWyULRGH7LPRU/HVWHFXPSUHPHHVWmR HPFRQIRUPLGDGHFRPWRGDVDVUHJUDVUHJXODPHQWRVH 62%5( HVSHFLILFDo}HV DSOLFiYHLV $7,9,'$'(6'(&20(5&,$/,=$d­2 H ³([SRUWDomR´ VLJQLILFD D DWLYLGDGH FRPHUFLDO GH WUDQVIHUrQFLDRXHQYLRGH&RPEXVWtYHLV%LRFRPEXVWt YHLVH/XEULILFDQWHVGR7HUULWyULRGH7LPRU/HVWHSDUD 2 SUHVHQWH5HJXODPHQWR WHPHP YLVWD DFRQFUHWL]DomR GDV XPSDtVHVWUDQJHLUR GLVSRVLo}HVJHUDLVGR'HFUHWR/HLQžGHGHIHYHUHLUR UHODWLYRDRH[HUFtFLRGDV$WLYLGDGHVGH'RZQVWUHDPHP7LPRU I ³([SRUWDGRU GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /HVWHHHVWDEHOHFHRVSULQFtSLRVHFRQGLo}HVDREVHUYDUSHODV /XEULILFDQWHV´VLJQLILFDXPDHQWLGDGHOLFHQFLDGDSDUD HQWLGDGHV TXH H[HUFHP $WLYLGDGHV GH 'RZQVWUHDP GH H[HUFHUDWLYLGDGHVGH([SRUWDomR &RPHUFLDOL]DomRFRQIRUPHGHILQLGDVQDDOtQHDJ GRDUWLJR ž GR'HFUHWR/HLQžGHGHIHYHUHLUR J ³,PSRUWDomR´VLJQLILFDDDWLYLGDGHFRPHUFLDOGHWUD]HU 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVSDUDR T ³7UDQVSRUWDGRUGH &RPEXVWtYHLV%LRFRPEXVWtYHLV H 7HUULWyULRGH7LPRU/HVWH /XEULILFDQWHV´VLJQLILFDXPDHQWLGDGHFRQWUDWDGDSDUD WUDQVSRUWDUFRPEXVWtYHLVTXHVHMDPSURSULHGDGHGHXP K ³,PSRUWDGRU GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H WHUFHLUR DWUDYpV GH XP 9HtFXOR GH 7UDQVSRUWH GH /XEULILFDQWHV´VLJQLILFDXPDHQWLGDGHOLFHQFLDGDSDUD &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV H[HUFHUDWLYLGDGHVGH,PSRUWDomR DSURSULDGR L ³,PSRUWDGRU RX ([SRUWDGRU GH &RPEXVWtYHLV U ³7ULPHVWUH´RX³7ULPHVWUDO´VLJQLILFDXPSHUtRGRGH %LRFRPEXVWtYHLVH/XEULILFDQWHV/LFHQFLDGR´VLJQLILFD WUrV PHVHVFRQVHFXWLYRVFRPLQtFLRQRSULPHLURGLD XPD HQWLGDGHOLFHQFLDGD SDUD H[HUFHU$WLYLGDGHV GH GHMDQHLURDEULOMXOKRRXRXWXEURGHFDGD$QRH &RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHVQRVWHUPRVGR'HFUHWR/HLQžGH V ³9HtFXORGH7UDQVSRUWHGH&RPEXVWtYHLV%LRFRPEXV GHIHYHUHLURHGRSUHVHQWH5HJXODPHQWR WtYHLVH/XEULILFDQWHV´VLJQLILFDXPYHtFXORURGRYLiULR PDUtWLPRDpUHRRXRXWURYHtFXORFLVWHUQDXWLOL]DGRSDUD M ³,QVSHWRU´ VLJQLILFD XP LQGLYtGXR QRPHDGR FRPR WUDQVSRUWDU &RPEXVWtYHLV %LRFRPEXVWtYHLV H LQVSHWRUSHOD$130SDUDGHVHPSHQKDUDWLYLGDGHVGH /XEULILFDQWHVGHXPSDtVHVWUDQJHLURSDUDR7HUULWyULR LQVSHomR DR DEULJR GR GLVSRVWR QR &DStWXOR 9 GR GH7LPRU/HVWHQRFDVRGHDWLYLGDGHVGH,PSRUWDomR 'HFUHWR/HL Qž  GH  GH IHYHUHLUR H GHPDLV RX GR 7HUULWyULR GH 7LPRU/HVWH SDUD XP SDtV UHJXODPHQWRVHQRUPDVDSOLFiYHLV HVWUDQJHLURQRFDVRGHDWLYLGDGHVGH([SRUWDomR

  3. N ³/XEULILFDQWH´ VLJQLILFD RV SURGXWRV D PDLRULD GRV $UWLJRž TXDLVGHULYDGRVGRSHWUyOHRXWLOL]DGRVHPPiTXLQDV 2EMHWR SDUDUHGX]LURDWULWRGDVSDUWHVHPPRYLPHQWR 2SUHVHQWH5HJXODPHQWRHVWDEHOHFHRVSULQFtSLRVUHJUDVHDV FRQGLo}HVDREVHUYDUQRUHJLVWRRUJDQL]DomRHH[HUFtFLRGH O ³0DQXVHDPHQWRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV /XEULILFDQWHV´ VLJQLILFD R 7UDQVSRUWH WUDVIHJD RX %LRFRPEXVWtYHLVH/XEULILFDQWHVQR7HUULWyULRGH7LPRU/HVWH $UPD]HQDPHQWRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHV $UWLJRž ÆPELWR P ³5HODWyULR$QXDOGH$WLYLGDGHVGH&RPHUFLDOL]DomRGH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV´ 2SUHVHQWH5HJXODPHQWRDSOLFDVHDWRGDVDVHQWLGDGHVTXH VLJQLILFD R 5HODWyULR VXEPHWLGR DQXDOPHQWH SHOD H[HUFHPRXSUHWHQGDPH[HUFHU$WLYLGDGHVGH&RPHUFLDOL]D /LFHQFLDGD GH DFRUGR FRP R PRGHOR LQFOXtGR QR omRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVQR IRUPXOiULR FRQVWDQWH GR $QH[R ,9 DR SUHVHQWH 7HUULWyULR GH 7LPRU/HVWH LQGHSHQGHQWHPHQWH GD VXD 5HJXODPHQWR H TXH LQFOXL LQIRUPDomR VREUH DV QDFLRQDOLGDGHHQDWXUH]D 7UDQVDo}HVHIHWXDGDVQR$QRDQWHULRUQRPHDGDPHQWH R YROXPH GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H 2SUHVHQWH5HJXODPHQWRQmRVHDSOLFDjV$WLYLGDGHVGH /XEULILFDQWHV TXH WHQKD VLGR LPSRUWDGR SDUD H &RPHUFLDOL]DomR GH 3HWUyOHR %UXWR H *iV 1DWXUDO SDUD H[SRUWDGRGH7LPRU/HVWHQR$QRFLYLODQWHULRUHTXH 3URFHVVDPHQWR RX WUDWDPHQWR DGLFLRQDO EHP FRPR jV pUHOHYDQWHGHVLJQDGDPHQWHSDUDDGHWHUPLQDomRILQDO PDWpULDVSULPDVSDUD%LRFRPEXVWtYHLVRXSDUDTXDOTXHU GRYDORUGDWD[DDQXDO RXWUD IRUPD DOWHUQDWLYD GH FRPEXVWtYHLV DV TXDLV VH HQFRQWUDPVXMHLWDVDUHJXODPHQWDomRHVSHFtILFD Q ³5HODWyULR7ULPHVWUDO´VLJQLILFDR5HODWyULRVXEPHWLGR WULPHVWUDOPHQWH SHOD /LFHQFLDGD GH DFRUGR FRP R &$3Ë78/2,, PRGHORLQFOXtGRQR$QH[R9DRSUHVHQWH5HJXODPHQWR 35,1&Ë3,26*(5$,63$5$25(*,672 TXHLQFOXLLQIRUPDomRVREUHDV7UDQVDo}HVHIHWXDGDV /,&(1&,$0(17225*$1,=$d­2(23(5$d­2'$6 QR7ULPHVWUHDQWHULRUQRPHDGDPHQWHTXDQWRDRYROXPH $7,9,'$'(6'(&20(5&,$/,=$d­2'( GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV &20%867Ë9(,6%,2&20%867Ë9(,6( LPSRUWDGRV SDUD H H[SRUWDGRV GH 7LPRU/HVWH QR /8%5,),&$17(6 7ULPHVWUHDQWHULRU HTXH VmRUHOHYDQWHV GHVLJQDGD PHQWHSDUDILQVHVWDWtVWLFRVHSDUDDFRUUHomRGRYROXPH 6(&d­2, GDV7UDQVDo}HVSDUDHIHLWRVGHGHWHUPLQDomRGDWD[D 5(*,672(/,&(1&,$0(172 $QXDO $UWLJRž R ³5HTXHUHQWH´ VLJQLILFD XPD SHVVRD VLQJXODU RX 5HJUDVJHUDLV FROHWLYD TXH DSUHVHQWD XP UHTXHULPHQWR IRUPDO RX VROLFLWD D HPLVVmR GH XPD /LFHQoD DXWRUL]DomR RX 7RGDVDVHQWLGDGHVTXHSUHWHQGDPH[HUFHU$WLYLGDGHVGH DSURYDomRMXQWRGD$130 &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVGHYHPUHJLVWDUVHMXQWRGD$130HREWHUD S ³7UDQVDomR´ VLJQLILFD D WURFD FRPHUFLDO GH /LFHQoDFRUUHVSRQGHQWH &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVHQWUH XPFRPSUDGRUHXPYHQGHGRU &DVRDVHQWLGDGHVMiUHJLVWDGDVHOLFHQFLDGDVSHOD$130 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD

  4. -RUQDOGD5HS~EOLFD r SDUD R H[HUFtFLR GH RXWUDV $WLYLGDGHV GH 'RZQVWUHDP R UHJLVWR H OLFHQFLDPHQWR DWUDYpV GD HPLVVmR GH XPD SUHWHQGDP H[HUFHU$WLYLGDGHV GH &RPHUFLDOL]DomR GH /LFHQoDGH$WLYLGDGHVGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV GHYHP %LRFRPEXVWtYHLVH/XEULILFDQWHV UHTXHUHU H REWHU XP UHJLVWR H /LFHQoD HVSHFtILFR H LQGHSHQGHQWHVDOYRVHDV$WLYLGDGHVGH&RPHUFLDOL]DomR $V/LFHQoDVHPLWLGDVSHOD$130QRVWHUPRVGRSUHVHQWH IRUHP FRQVLGHUDGDV PHUDPHQWH FRPSOHPHQWDUHV RX GH 5HJXODPHQWRGHYHPDSUHVHQWDURIRUPDWRHVWDEHOHFLGRQR VXSRUWHDRXWUD$WLYLGDGHGH'RZQVWUHDP DSOLFDQGRVH $QH[R,DR'HFUHWR/HLQžGHGHIHYHUHLURUHODWLYR QHVVHVFDVRVRDUWLJRžQžGR'HFUHWR/HLQž DR6HWRU'RZQVWUHDP GHGHIHYHUHLUR 6(&d­2,, $UWLJRž 25*$1,=$d­2(23(5$d®(6 5HTXHULPHQWR 2UHTXHULPHQWRGHUHJLVWRHOLFHQFLDPHQWRGHYHVHUHIHWXDGR $UWLJRž DWUDYpV GD VXEPLVVmR j $130 GH XP )RUPXOiULR GH 3ULQFtSLRV*HUDLV 5HTXHULPHQWRGH/LFHQoDGH$WLYLGDGHVGH'RZQVWUHDP GH DFRUGR FRP R PRGHOR LQFOXtGR QR $QH[R ,, DR   $V $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV 5HJXODPHQWRGD$130QžFRQIRUPHDOWHUDGRSHOR %LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHPVHUH[HUFLGDVHP 5HJXODPHQWRQžMXQWDPHQWHFRPDVXEPLVVmRj LQVWDODo}HVHLQIUDHVWUXWXUDVORFDOL]DGDVQR7HUULWyULRGH $130 GR PRGHOR LQFOXtGR QR $QH[R , DR SUHVHQWH 7LPRU/HVWH 5HJXODPHQWR25HTXHUHQWHGHYHLQGLFDUQRUHTXHULPHQWR GHVLJQDGDPHQWH D DWLYLGDGH HVSHFtILFD TXH SUHWHQGH 2VWUDEDOKDGRUHVDIHWRVjV$WLYLGDGHVGH&RPHUFLDOL]DomR H[HUFHU FRQIRUPH SUHYLVWR QR $QH[R , DR SUHVHQWH GH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHP 5HJXODPHQWR SRVVXLUXPFRQWUDWRGHWUDEDOKRFRPD/LFHQFLDGDQXPD GDV IRUPDV SUHYLVWDV SHOD OHJLVODomR GH 7LPRU/HVWH $OpPGHRXWUDVLQIRUPDo}HVHGRFXPHQWDomRLQGLFDGDVQR GHYHQGRRVWUDEDOKDGRUHVHVWUDQJHLURVSRVVXLULJXDOPHQWH )RUPXOiULRGH5HTXHULPHQWRGH/LFHQoDGH$WLYLGDGHVGH XPYLVWRGHWUDEDOKRRXDXWRUL]DomRGHUHVLGrQFLDYiOLGRV 'RZQVWUHDPR5HTXHUHQWHGHXPD/LFHQoDGH,PSRUWDomR RX([SRUWDomRGHYHREULJDWRULDPHQWHHQWUHJDUXP3ODQR $VHQWLGDGHVUHJLVWDGDVHOLFHQFLDGDVSDUDD&RPHUFLDOL]D $QXDOGH$WLYLGDGHVGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV omR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV %LRFRPEXVWtYHLVH/XEULILFDQWHVSDUDRSULPHLUR$QRGH GHYHPREULJDWRULDPHQWHSRVVXLURVUHFXUVRVQHFHVViULRV RSHUDo}HVHODERUDGRGHDFRUGRFRPQžGRDUWLJRžGR SDUDH[HUFHUDUHVSHWLYDDWLYLGDGHOLFHQFLDGDGHVLJQDGD SUHVHQWH5HJXODPHQWR PHQWHFDSDFLGDGHILQDQFHLUDWUDEDOKDGRUHVHTXLSDPHQWRV HVLVWHPDVQHFHVViULRV $RDQDOLVDUHRXUHYHUR5HTXHULPHQWRGH/LFHQoDD$130 SRGH H[LJLU TXH R 5HTXHUHQWH SUHVWH LQIRUPDomR HRX $UWLJRž GRFXPHQWDomRDGLFLRQDOQmRH[SUHVVDPHQWHSUHYLVWDQR 3ODQHDPHQWR $QH[R,DRSUHVHQWH5HJXODPHQWRHTXHVHMDFRQVLGHUDGD QHFHVViULDSDUDDYDOLDUFRQYHQLHQWHPHQWHRUHTXHULPHQWR -XQWDPHQWHFRPRUHTXHULPHQWRUHIHULGRQRDUWLJRžGR SUHVHQWH5HJXODPHQWR HVXEVHTXHQWHPHQWHDWp DRž $$130GHYHHPLWLUXPDGHFLVmRUHODWLYDDXPUHTXHULPHQWR GLD GH MDQHLUR GH FDGD $QR RV ,PSRUWDGRUHV RX QRSUD]RGH  QRYHQWD GLDVDFRQWDUGD GDWDHPTXH ([SRUWDGRUHV GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H UHFHED R ~OWLPR GRFXPHQWR RX LQIRUPDomR H[LJtYHLV /XEULILFDQWHV /LFHQFLDGRV GHYHP VXEPHWHU XP ³3ODQR LQIRUPDQGRR5HTXHUHQWHGDGHFLVmRSRUHVFULWREHPFRPR $QXDOGH$WLYLGDGHVGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV GRV SDVVRV SURFHGLPHQWRV H SHUtRGR SDUD D VXD %LRFRPEXVWtYHLV H /XEULILFDQWHV´ j $130 VHJXQGR R LPSOHPHQWDomR PRGHORLQFOXtGRQR$QH[R,,DRSUHVHQWH5HJXODPHQWR 2VUHTXHULPHQWRVQmRVmRFRQVLGHUDGRVVH   2 3ODQR $QXDO GH$WLYLGDGHV GH &RPHUFLDOL]DomR GH D )RU SUHYLVtYHO TXHD GDWD DJHQGDGD SDUDR LQtFLR DV &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHLQFOXLU RSHUDo}HVH[FHGD VHLV PHVHV QRPHDGDPHQWHXPFDPSRSDUDDGHVFULomRGDVDWLYLGDGHV TXH R 5HTXHUHQWH RX D /LFHQFLDGD SUHYHMDP H[HUFHU E 25HTXHUHQWHTXDOTXHUGRVPHPEURVGRVHXFRQVHOKR FRQVRDQWHRFDVRRUHTXLVLWRGHDSUHVHQWDomRGHXPSODQR GHDGPLQLVWUDomRRXIXQFLRQiULRVWHQKDPVLGRSXQLGRV GHQHJyFLRVDH[SOLFDomRGRVSURFHGLPHQWRVDREVHUYDUH SRUXPD,QIUDomR$GPLQLVWUDWLYDPXLWRJUDYHSUHYLVWD DGRFXPHQWDomRDLQFOXLUQRSODQR HP TXDOTXHU OHJLVODomR RX UHJXODPHQWDomR GH 'RZQVWUHDPGD5HS~EOLFD'HPRFUiWLFDGH7LPRU/HVWH $UWLJRž QRV FLQFR $QRVTXHDQWHFHGDPDDSUHVHQWDomRGR 5HTXHULPHQWRHDXWRUL]DomRSDUDWUDQVDomR UHTXHULPHQWR   3UHYLDPHQWH DR LQtFLR GR WUDQVSRUWH GH &RPEXVWtYHLV $UWLJRž %LRFRPEXVWtYHLVH/XEULILFDQWHVSDUDR7HUULWyULRGH7LPRU $SURYDomR /HVWH RX GR 7HUULWyULR GH 7LPRU/HVWH SDUD SDtVHV HVWUDQJHLURV RV ,PSRUWDGRUHV H ([SRUWDGRUHV GH &DVRRUHTXHULPHQWRVHMDDSURYDGRD$130GHYHFRQILUPDU &RPEXVWtYHLV/LFHQFLDGRVGHYHPVXEPHWHUj$130XP 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD

  5. -RUQDOGD5HS~EOLFD ³5HTXHULPHQWR SDUD $XWRUL]DomR GH 7UDQVDomR GH XPD $XWRUL]DomR GH 7UDQVDomR EHP FRPR GHPDLV &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H GRFXPHQWDomRUHODWLYDDRVSURFHGLPHQWRVHLQGLFDomRGR /XEULILFDQWHV´GHDFRUGRFRPRPRGHORLQFOXtGRQR$QH[R SHUtRGRSDUDDVXDLPSOHPHQWDomR ,,,DRSUHVHQWH5HJXODPHQWR &DVRD7UDQVDomRVHMDDSURYDGDD$130GHYHFDULPEDUH 2UHTXHULPHQWRGHYHLQFOXLUREULJDWRULDPHQWHDVHJXLQWH DVVLQDUR5HTXHULPHQWRSDUD$XWRUL]DomRGH7UDQVDomRGH GRFXPHQWDomRHLQIRUPDomR &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVQRUHVSHWLYRFDPSRGHDSURYDomRSDVVDQGR D 2 V WLSR V HTXDQWLGDGH V GH&RPEXVWtYHLV%LRFRP R UHIHULGR 5HTXHULPHQWR D VHU FRQVLGHUDGR FRPR XPD EXVWtYHLVH/XEULILFDQWHVHQYROYLGRVQD7UDQVDomR $XWRUL]DomRGH7UDQVDomR E $ RULJHP GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H &DVRD7UDQVDomRDXWRUL]DGDQmRVHMDFRQFOXtGDQRSUD]R /XEULILFDQWHVREMHWRGD7UDQVDomR GH VHVVHQWD GLDVDFRQWDUGDGDWDGDGHFLVmRGD$130 D $XWRUL]DomR GH 7UDQVDomR HPLWLGD QRV WHUPRV GRV F 'HFODUDomRGDHQWLGDGHYHQGHGRUDGRV&RPEXVWtYHLV Q~PHURV DQWHULRUHV GR SUHVHQWH DUWLJR ž FDGXFD %LRFRPEXVWtYHLVH/XEULILFDQWHVGLULJLGDDR,PSRUWDGRU DXWRPDWLFDPHQWHGHYHQGRQHVVHFDVRD/LFHQFLDGDLQLFLDU RX([SRUWDGRU/LFHQFLDGRFRQILUPDQGRDDTXLVLomR XP QRYR SURFHVVR GHDXWRUL]DomR DWUDYpV GD VXEPLVVmR G 2ORFDOGHDUPD]HQDPHQWRQDRULJHP GH XP QRYR IRUPXOiULR GRFXPHQWDomR H LQIRUPDomR DWXDOL]DGDV H 2ORFDOGRFDUUHJDPHQWRSDUDWUDQVSRUWH $UWLJRž I 2WUDQVSRUWDGRUGRV&RPEXVWtYHLV%LRFRPEXVWtYHLVH 'RFXPHQWRVGHVXSRUWH /XEULILFDQWHV H RV PHLRV GH WUDQVSRUWH LQFOXLQGR TXDOTXHUFHUWLILFDomRDSOLFiYHO 2V&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHPVHU VHPSUH DFRPSDQKDGRV GD $XWRUL]DomR GH 7UDQVDomR H GR J 2&HUWLILFDGRGH4XDOLGDGHGR3URGXWRSDUDD7UDQVDomR &HUWLILFDGRGH4XDOLGDGHGR3URGXWREHPFRPRGHTXDOTXHU GH,PSRUWDomRRX([SRUWDomRHPLWLGDSRUXPDHQWLGDGH RXWUD GRFXPHQWDomR H[LJLGD SHOD $130 QRV WHUPRV GRV DFUHGLWDGD RX DFHLWH SHOD$130 SDUD DVVHJXUDU R GHPDLV 5HJXODPHQWRV DSOLFiYHLV GHVLJQDGDPHQWH FySLD FXPSULPHQWR FRP D UHJXODPHQWDomR UHODWLYD DRV FHUWLILFDGDGD/LFHQoDGD$WLYLGDGHGH'RZQVWUHDPGRRSHUDGRU 3DGU}HVH(VSHFLILFDo}HVGH4XDOLGDGHGRV&RPEXV YiOLGD WtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHWDOKDQGRDV HVSHFLILFDo}HV GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H $UWLJRž /XEULILFDQWHVYHQGLGRV 9HULILFDomRGDFRPHUFLDOL]DomR K 6H DSOLFiYHO HP 7UDQVDo}HV GH ([SRUWDomR RV 2V&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHP H[SRUWDGRUHV OLFHQFLDGRV GHYHP VXEPHWHU j $130 VHULQVSHFLRQDGRVSHOR,QVSHWRUGD$130jVDtGDHHQWUDGD GRFXPHQWDomR DGHTXDGD TXH MXVWLILTXH RV PRWLYRV GR7HUULWyULRGH7LPRU/HVWHFRPRREMHWLYRGHH[DPLQDUD SHORVTXDLV RSURGXWR UHOHYDQWHQmR FXPSUHFRP RV TXDQWLGDGHHRVUHVSHWLYRVGRFXPHQWRV UHVSHWLYRV3DGU}HVH(VSHFLILFDo}HVGH4XDOLGDGHGRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV GH   2 ,QVSHWRU GD $130 SRGH DIL[DU XP VHOR FDULPER 7LPRU/HVWHQRPHDGDPHQWHDWUDYpVGDDSUHVHQWDomR DVVLQDWXUD RX RXWUR UHJLVWR HVFULWR QD GRFXPHQWDomR GH HOHPHQWRV GH SURYD VXILFLHQWHV GH TXH R SDtV GH DSUHVHQWDGDFHUWLILFDQGRTXHDLQVSHomRRFRUUHX GHVWLQR H[LJH SDGU}HV RX HVSHFLILFDo}HV GH SURGXWR GLIHUHQWHV 6HGHDFRUGRFRPDGRFXPHQWDomRDSUHVHQWDGDSHOR,PSRU WDGRURV&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV L $GDWDGHLQtFLRGRWUDQVSRUWH TXHHQWUDUDPQR7HUULWyULRGH7LPRU/HVWHFXPSULUHPH HVWLYHUHP HP FRQIRUPLGDGH FRP WRGDV DV UHJUDV M 2ORFDOGHHQWUDGDQRSDtVGHGHVWLQR UHJXODPHQWRV H HVSHFLILFDo}HV DSOLFiYHLV R ,QVSHWRU GD $130HPLWHXPD'HFODUDomRSDUD/LYUH&LUFXODomRGH N $HQWLGDGHjTXDORV&RPEXVWtYHLV%LRFRPEXVWtYHLVH DFRUGRFRPRPRGHORLQFOXtGRQR$QH[R9,DRSUHVHQWH /XEULILFDQWHVVHGHVWLQDP 5HJXODPHQWR&DVRSRVWHULRUPHQWHVHYHQKDDGHWHUPLQDU TXH RV  &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV O $VLQVWDODo}HVGH$UPD]HQDPHQWRRQGHRV&RPEXVW QmR FXPSUHP FRP WRGDV DV UHJUDV UHJXODPHQWRV H tYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV VmR HVSHFLILFDo}HV DSOLFiYHLV R ,PSRUWDGRU ILFD VXMHLWR D DUPD]HQDGRV TXDOTXHU VDQomR DGPLQLVWUDWLYD FULPLQDO RX GH RXWUD QDWXUH]D DSOLFiYHO SRU IRUoD GD SUHVWDomR GH IDOVDV P $FRQILUPDomRGHYHQGDHPLWLGDSHORLPSRUWDGRURX GHFODUDo}HV H GD LPSRUWDomR HP YLRODomR GDV OHLV H H[SRUWDGRUOLFHQFLDGR UHJXODPHQWRVDSOLFiYHLV

  6. $$130GHYHHPLWLUXPDGHFLVmRVREUHRUHTXHULPHQWRQR 6HXPD,QIUDomR$GPLQLVWUDWLYDIRUGHWHWDGDR,QVSHWRUGD SUD]RGH WUrV GLDV~WHLVDFRQWDUGDGDWDHPTXHUHFHED $130GHYHFDVRDSOLFiYHOLPSHGLUTXHRV&RPEXVWtYHLV R~OWLPRGRFXPHQWRH[LJtYHOHQWUHJDQGRDR5HTXHUHQWH %LRFRPEXVWtYHLVH/XEULILFDQWHVVDLDPGRRXHQWUHPQR 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD r 7HUULWyULRGH7LPRU/HVWHFRQVRDQWH RFDVR DWUDYpVGD &$3Ë78/2,,, DSUHHQVmRGRVPHVPRVVHODJHPGDVFLVWHUQDVHUHWHQGR 7$;$6(2%5,*$d®(6 WRGD D GRFXPHQWDomR GH VXSRUWH H GHPDLV GRFXPHQWRV TXHSRGHPVHUYLUFRPRHOHPHQWRVGHSURYDGD,QIUDomR $UWLJRž 7D[DV 1RVFDVRVUHIHULGRVQRQžR,QVSHWRUGD$130GHYH $DWULEXLomRGHXPD/LFHQoDSDUD$WLYLGDGHVGH&RPHUFLDOL LPHGLDWDPHQWH HODERUDU R UHVSHWLYR$XWR GH 1RWtFLD GD ]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV ,QIUDomRRX3DUWLFLSDomRGH,QIUDomRHHQYLDURPHVPRj HVWiVXMHLWDDRSDJDPHQWRGHWD[DV$QXDLV 'LYLVmR GH ,QVSHomR GD $130 UHVSRQViYHO SHOD LQYHVWLJDomR GH ,QIUDo}HV $GPLQLVWUDWLYDV QR VHWRU $VWD[DV$QXDLVVmRGHYLGDVFRPEDVHQDTXDQWLGDGHGH 'RZQVWUHDPSDUDGDULQtFLRDRUHVSHWLYRSURFHGLPHQWR2 &RPEXVWtYHLV %LRFRPEXVWtYHLVH /XEULILFDQWHV SUHYLVWD ,PSRUWDGRU RX ([SRUWDGRU GH &RPEXVWtYHLV QR 3ODQR $QXDO GH $WLYLGDGHV GH &RPHUFLDOL]DomR GH %LRFRPEXVWtYHLV H /XEULILFDQWHV /LFHQFLDGR GHYH VHU &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV VHPSUHQRWLILFDGRGHIRUPDSRUPHQRUL]DGDGDDSUHHQVmR GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV DR $WD[D$QXDOSDUDDVDWLYLGDGHVGH,PSRUWDomRH([SRUWDomR DEULJR GR Qž  FRQIRUPH GLVSRVWR QR &DStWXOR 9 GR pGH86'/ 'HFUHWR/HLQžGHGHIHYHUHLUR 6HDTXDQWLGDGHHIHWLYDGH&RPEXVWtYHLV%LRFRPEXVWtYHLV H /XEULILFDQWHV LPSRUWDGD RX H[SRUWDGD UHIOHWLGD QR $VUHJUDVFRQVWDQWHVGRSUHVHQWHDUWLJRQmRGLVSHQVDPRX 5HODWyULR$QXDO GH $WLYLGDGHV GH &RPHUFLDOL]DomR GH VXEVWLWXHPDREULJDomRGD/LFHQFLDGDGHFXPSULUFRPD &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV RX QR OHJLVODomRDGXDQHLUDILVFDOHGHPDLVUHJUDVTXHSRVVDP 5HODWyULR7ULPHVWUDOIRULQIHULRURXVXSHULRUjTXDQWLGDGH VHUDSOLFiYHLVjLPSRUWDomRRXH[SRUWDomRGH&RPEXVWtYHLV LQGLFDGDQR3ODQR$QXDOGH$WLYLGDGHVGH&RPHUFLDOL]DomR %LRFRPEXVWtYHLVH/XEULILFDQWHVSDUDR7HUULWyULRGH7LPRU GH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYH /HVWHRXSDUDIRUDGRPHVPR H[LVWLUXPPHFDQLVPRGHFRUUHomRTXHSHUPLWDFRQFLOLDUR SDJDPHQWR GD WD[D FRP D TXDQWLGDGH UHDO LPSRUWDGD H $UWLJRž H[SRUWDGDQDVHTXrQFLDGDDXGLWRULDDQXDORXWULPHVWUDOGD 0DQXVHDPHQWRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH $130 /XEULILFDQWHV $VWD[DVGHYHPVHUSDJDVSHOD/LFHQFLDGDDQWHVGDHPLVVmR 7RGRR0DQXVHDPHQWRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH RXUHQRYDomRGD/LFHQoD /XEULILFDQWHVSDUDHIHLWRVGH,PSRUWDomRRX([SRUWDomRTXH WHQKDOXJDUQR7HUULWyULRGH7LPRU/HVWHGHYHFXPSULUFRPR 2LQFXPSULPHQWRGDREULJDomRGHSDJDPHQWRGDVWD[DVWHP GLVSRVWRQR'HFUHWR/HLQžGHGHIHYHUHLURHFRPRV FRPRFRQVHTXrQFLDDUHFXVDGHHPLVVmRRXUHQRYDomRRX UHJXODPHQWRVFRPSOHPHQWDUHVGRVHWRU'RZQVWUHDP FDQFHODPHQWRGD/LFHQoDFRQIRUPHRFDVR

  7. $UWLJRž (PFDVRGHUHQRYDomRH[WHPSRUkQHDGHXPD/LFHQoDGH 5HODWyULRV$QXDLVH7ULPHVWUDLV &RPHUFLDOL]DomRDVWD[DVVmRDXPHQWDGDVHP $WpDRžGLDGHMDQHLURGHFDGD$QRRV,PSRUWDGRUHVH $WUDQVPLVVmRRXDOWHUDomRGD/LFHQoDGH&RPHUFLDOL]DomR ([SRUWDGRUHV GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H HVWiVXMHLWDDRSDJDPHQWRGHXPDWD[DFRUUHVSRQGHQWHD /XEULILFDQWHV/LFHQFLDGRVGHYHPVXEPHWHUj$130XP GDWD[D 5HODWyULR$QXDOVREUHDV$WLYLGDGHVGH&RPHUFLDOL]DomR $UWLJRž GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV 2EULJDo}HVGDV/LFHQFLDGDV FRQWHQGRWRGDDLQIRUPDomRUHOHYDQWHVREUHDV7UDQVDo}HV UHDOL]DGDVQR$QRDQWHULRU 6HPSUHMXt]RGHRXWUDVREULJDo}HVHUHTXLVLWRVSUHYLVWRVQR SUHVHQWH 5HJXODPHQWR QR 'HFUHWR/HLQž  GH  GH 25HODWyULR$QXDOVREUH$WLYLGDGHVGH&RPHUFLDOL]DomRGH IHYHUHLUR H GHPDLV UHJUDV H UHJXODPHQWRV DSOLFiYHLV DR &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHVHU GHVHPSHQKR GDV VXDV DWLYLGDGHV DV /LFHQFLDGDV GHYHP VXEPHWLGRj$130GHDFRUGRFRPRPRGHORLQFOXtGRQR FRQIRUPHDSOLFiYHO $QH[R,9TXHFRQWpPDH[SOLFDomRGRVSURFHGLPHQWRVD REVHUYDUHGDLQIRUPDomRDLQFOXLU D   0DQWHU D $130 LQIRUPDGD GR HVWDGR GDV DWLYLGDGHV SURJUDPDGDV H GH TXDLVTXHU DOWHUDo}HV DRV UHVSHWLYRV  $Wp DR ž GLD GR SULPHLUR PrV GH FDGD7ULPHVWUH RV SUD]RVHGHWDOKHV ,PSRUWDGRUHV H ([SRUWDGRUHV GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV /LFHQFLDGRV GHYHP E &RQWUDWDUVHUYLoRVGHWUDQVSRUWHTXHFXPSUDPFRPWRGDV VXEPHWHUj$130XP5HODWyULR7ULPHVWUDOFRQWHQGRWRGD DVUHJUDVHSDGU}HVQDFLRQDLVHLQWHUQDFLRQDLVGHVLJQDGD DLQIRUPDomRUHOHYDQWHVREUHDV7UDQVDo}HVUHDOL]DGDVQR PHQWHQRTXHUHVSHLWDjVHJXUDQoDGHSHVVRDVHDPELHQWH 7ULPHVWUHDQWHULRU F &XPSULUFRPWRGDVDVOHLVHUHJXODPHQWRVHPYLJRUQD 25HODWyULR7ULPHVWUDOGHYHVHUVXEPHWLGRj$130GH 5HS~EOLFD'HPRFUiWLFDGH7LPRU/HVWHGHVLJQDGDPHQWHHP DFRUGRFRPRPRGHORLQFOXtGRQR$QH[R9TXHFRQWpPD PDWpULDDPELHQWDO3DGU}HVH(VSHFLILFDo}HVGH4XDOLGDGH H[SOLFDomRGRVSURFHGLPHQWRVDREVHUYDUHDLQIRUPDomRD GRV&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVILVFDO LQFOXLU DGXDQHLUDHVHJXUDQoD 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD G   3DJDU DV WD[DV GHWHUPLQDGDV SHOD$130 DR DEULJR GR $UWLJRž SUHVHQWH5HJXODPHQWR ,QVSHomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVHOXEULILFDQWHV SDUDH[SRUWDomR H $VVHJXUDUTXHHPSUHJDPQDVVXDVRSHUDo}HVSHVVRDOFRP D H[SHULrQFLD QHFHVViULD SDUD UHDOL]DU $WLYLGDGHV GH 2V &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV TXH VH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H GHVWLQHPDYHQGDSDUDXPSDtVHVWUDQJHLURGHYHPVHUVXMHLWRV /XEULILFDQWHV DXPDLQVSHomRSUpYLDSDUDFRQILUPDURWLSRGH&RPEXVWtYHO %LRFRPEXVWtYHOH/XEULILFDQWHHUHVSHWLYDVHVSHFLILFDo}HVTXH &$3Ë78/2,9 GHYHPVHUFHUWLILFDGRVDWUDYpVGHXPFHUWLILFDGRRXGHFODUDomR ,163(d­2 HPLWLGDSHOD$130 $UWLJRž &$3Ë78/29 5HJUDV*HUDLV ,1)5$d®(6 $V/LFHQFLDGDVTXHUHDOL]HP$WLYLGDGHVGH&RPHUFLDOL]DomR $UWLJRž GH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHP &ODVVLILFDomRGDV,QIUDo}HV FRRSHUDUSOHQDPHQWHFRPRV,QVSHWRUHVGD$130RXFRP TXDOTXHUHQWLGDGHDFUHGLWDGDSHOD$130TXHSDUWLFLSHHP   $V ,QIUDo}HV DR GLVSRVWR QR SUHVHQWH 5HJXODPHQWR TXDOTXHULQVSHomRGHVLJQDGDPHQWHUHVSRQGHQGRDWRGDV FODVVLILFDPVH HP PXLWR JUDYHV JUDYHV H OHYHV H VmR DVTXHVW}HVFRORFDGDVHVXEPHWHQGRHRXHQWUHJDQGRWRGD SXQtYHLVQRVWHUPRVGRDUWLJRžGR'HFUHWR/HLQž DGRFXPHQWDomRHUHODWyULRVVROLFLWDGRV GHGHIHYHUHLUR

  8. $V/LFHQFLDGDVGHYHPPDQWHUUHJLVWRVQRVVHXVHVFULWyULRV &RQVWLWXL,QIUDomROHYHSXQtYHOFRPXPDVDQomRSHFXQLiULD QRSDtVGHWRGDDGRFXPHQWDomRUHOHYDQWHGHVLJQDGDPHQWH GHDGyODUHVGRV(VWDGRV8QLGRVGD$PpULFD DV $XWRUL]Do}HV GH 7UDQVDomR RV &HUWLILFDGRV GH RXGHDGyODUHVGRV(VWDGRV8QLGRVGD$PpULFD 4XDOLGDGH GRV 3URGXWRV 5HODWyULRV 7ULPHVWUDLV H UHVSHWLYDPHQWHFRQVRDQWHVHMDDSOLFDGDDSHVVRDVLQJXODU 5HODWyULRV$QXDLVVREUH$WLYLGDGHVGH&RPHUFLDOL]DomRGH RXFROHWLYDRVVHJXLQWHVDWRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV VXEPHWLGRV j $130 H TXDOTXHU LQIRUPDomR DGLFLRQDO D (PSUHJR GH WUDEDOKDGRUHV DIHWRV D $WLYLGDGHV GH UHIHULGDQRDUWLJRž &RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHVVHPH[LVWrQFLDGHFRQWUDWRGHWUDEDOKR 7RGRVRVUHJLVWRVGHYHPVHUPDQWLGRVQXPDGDVOtQJXDV DGHTXDGRQXPDGDVIRUPDVSUHYLVWDVQDOHJLVODomRGH RILFLDLVGH7LPRU/HVWHHRXQXPDGDVOtQJXDVGHWUDEDOKR 7LPRU/HVWH VDOYRRV5HODWyULRV7ULPHVWUDLVHRV5HODWyULRV$QXDLVGDV $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV E (PSUHJR GH WUDEDOKDGRUHV HVWUDQJHLURV DIHWRV D %LRFRPEXVWtYHLVH/XEULILFDQWHVTXHGHYHPVHUVHPSUH $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV SUHSDUDGRVQDOtQJXDRILFLDOXWLOL]DGDQRPRGHORLQFOXtGR %LRFRPEXVWtYHLVH/XEULILFDQWHVTXHQmRSRVVXDPR QRV$QH[RV,9H9DRSUHVHQWH5HJXODPHQWRUHVSHWLYD UHVSHWLYRYLVWRGHWUDEDOKRRXDXWRUL]DomRGHUHVLGrQFLD PHQWH YiOLGRV 2VGRFXPHQWRVGHYHPVHUGLVSRQLELOL]DGRVj'LYLVmRGH F 9LRODomRGDVREULJDo}HVGRV&RPEXVWtYHLV%LRFRP ,QVSHomRGD$130PHGLDQWHVROLFLWDomRGHVWD EXVWtYHLVH/XEULILFDQWHVVHUHPDFRPSDQKDGRVGHXPD $XWRUL]DomR GH 7UDQVDomR H GH XP &HUWLILFDGR GH $UWLJRž 4XDOLGDGH GH 3URGXWRV EHP FRPR TXDOTXHU RXWUD ,QVSHomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV GRFXPHQWDomRH[LJLGDSHOD$130GHVLJQDGDPHQWH LPSRUWDGRV FySLD FHUWLILFDGD GD /LFHQoD GH $WLYLGDGH GH 'RZQVWUHDPYiOLGDGRRSHUDGRUH 7RGRVRV&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV G 9LRODomRGDREULJDomRGRRSHUDGRUPDQWHUUHJLVWRVQR DGTXLULGRVIRUDGR7HUULWyULRGH7LPRU/HVWHHLPSRUWDGRV VHXHVFULWyULRQRSDtVHQXPDGDVOtQJXDVRILFLDLVRXGH SDUDRSDtVVySRGHPVHUYHQGLGRVDRS~EOLFRRXXWLOL]DGRV WUDEDOKR GH 7LPRU/HVWH GH WRGD D GRFXPHQWDomR DSyVDYHULILFDomRGHXPDLQVSHomRSUpYLDTXHFRQILUPHR UHOHYDQWHLQFOXLQGRGHVLJQDGDPHQWH$XWRUL]Do}HVGH WLSRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVH &RPHUFLDOL]DomR&HUWLILFDGRGH4XDOLGDGHGH3URGXWRV TXHDVUHVSHWLYDVHVSHFLILFDo}HVFXPSUHPFRPRGLVSRVWR 5HODWyULRV7ULPHVWUDLV5HODWyULRV$QXDLVGH$WLYLGDGHV QR 5HJXODPHQWR VREUH 3DGU}HV H (VSHFLILFDo}HV GH GH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLV 4XDOLGDGHV GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H H/XEULILFDQWHVH3ODQRV$QXDLVGH$WLYLGDGHVGH&RPHU /XEULILFDQWHV FLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULIL FDQWHV DSUHVHQWDGRV j$130 EHP FRPR TXDOTXHU $LQVSHomRUHIHULGDQRQžGHYHRFRUUHUORJRTXHSRVVtYHO LQIRUPDomRDGLFLRQDOPHQFLRQDGDQRDUWLJRž DSyVDHQWUDGDGRSURGXWRQR7HUULWyULRGH7LPRU/HVWH TXDQGRRPHVPRVHHQFRQWUHQDVFLVWHUQDVGR9HtFXORGH &RQVWLWXL,QIUDomRJUDYHSXQtYHOFRPVDQomRSHFXQLiULDGH 7UDQVSRUWHGR&RPEXVWtYHOLQLFLDOHHPTXDOTXHUFDVR DGyODUHVGRV(VWDGRV8QLGRVGD$PpULFDRX DQWHVGHTXDOTXHURSHUDomRGHWUDVIHJDRXWUDQVIHUrQFLD GHDGyODUHVGRV(VWDGRV8QLGRVGD$PpULFD SDUD RXWURV PHLRV GH WUDQVSRUWH RX SDUD LQVWDODo}HV GH UHVSHWLYDPHQWHFRQVRDQWHVHMDDSOLFDGDDSHVVRDVLQJXODU $UPD]HQDPHQWR RXFROHWLYDRVVHJXLQWHVDWRV 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD

  9. -RUQDOGD5HS~EOLFD r D 2 LQFXPSULPHQWR GD REULJDomR GH VXEPHWHU I 9HQGDDRS~EOLFRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH DWHPSDGDPHQWHj$130R3ODQR$QXDOGH$WLYLGDGHV /XEULILFDQWHVDGTXLULGRVIRUDGR7HUULWyULRGH7LPRU GH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLV /HVWHHLPSRUWDGRVSDUDRSDtVVHPDUHDOL]DomRGHXPD H/XEULILFDQWHVGHDFRUGRFRPRPRGHORLQFOXtGRQR LQVSHomRSUpYLDTXHFRQILUPHRWLSRGH&RPEXVWtYHO $QH[R,, %LRFRPEXVWtYHO H /XEULILFDQWH H TXH DV UHVSHWLYDV HVSHFLILFDo}HV FXPSUHP FRP R 5HJXODPHQWR GH E 2 LQFXPSULPHQWR GD REULJDomR GH VXEPHWHU 3DGU}HV H (VSHFLILFDo}HV GH 4XDOLGDGHV GRV DWHPSDGDPHQWH j $130 R 5HODWyULR $QXDO RX R &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVH 5HODWyULR7ULPHVWUDOGDV$WLYLGDGHVGH&RPHUFLDOL]DomR GH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGH J 9HQGDHP7LPRU/HVWHGH&RPEXVWtYHLV%LRFRPEXVWt DFRUGR FRP R PRGHOR LQFOXtGR QRV$QH[RV ,9 H 9 YHLVH/XEULILFDQWHVGHVWLQDGRVDVHUHPH[SRUWDGRVH UHVSHWLYDPHQWH TXHQmRFXPSUDPFRPRV3DGU}HVH(VSHFLILFDo}HVGH 4XDOLGDGH GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H F ([SRUWDomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVDSOLFiYHLV /XEULILFDQWHVSDUDSDtVHVHVWUDQJHLURVVHPREVHUYkQFLD GDLQVSHomRGD$130FRQIRUPHUHIHULGRQRDUWLJRž 2LQIUDWRUTXHSUDWLTXHXPD,QIUDomRQRVWHUPRVGRSUHVHQWH 5HJXODPHQWRSRGHDLQGDVHUVXMHLWRDVDQo}HVDFHVVyULDV G $HQWUDGDRXVDtGDGH&RPEXVWtYHLV%LRFRPEXVWtYHLV FRQIRUPH SUHYLVWR QR 'HFUHWR/HL Qž  GH  GH H /XEULILFDQWHV GH 7LPRU/HVWH VHP D DGHTXDGD IHYHUHLUR YHULILFDomR GHDFRUGR FRPR DUWLJR žGR SUHVHQWH 5HJXODPHQWR &$3,78/29, ',6326,d®(6),1$,6 H 9LRODomR GRV DUWLJRV ž ž RX ž GR SUHVHQWH 5HJXODPHQWRH $UWLJRž ,PSRUWDGRUHVH([SRUWDGRUHVGH&RPEXVWtYHLV I ,QFXPSULPHQWRGHTXDLVTXHURXWUDVQRUPDVWpFQLFDV %LRFRPEXVWtYHLVH/XEULILFDQWHV([LVWHQWHV RX GH RXWUD QDWXUH]D SUHYLVWDV QR SUHVHQWH 5HJXOD PHQWR TXH QmR VHMDP FODVVLILFDGDV FRPR ,QIUDo}HV $VHQWLGDGHVTXHSUHVHQWHPHQWHH[HUoDP$WLYLGDGHVGH OHYHVRXPXLWRJUDYHV &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVGLVS}HPGH QRYHQWD GLDVDFRQWDUGD   &RQVWLWXL ,QIUDomR PXLWR JUDYH SXQtYHO FRP VDQomR SXEOLFDomR GR SUHVHQWH 5HJXODPHQWR SDUD DSUHVHQWDU j SHFXQLiULDGHDGyODUHVGRV(VWDGRV8QLGRV $130 XP 5HTXHULPHQWR GH /LFHQoD GH$WLYLGDGHV GH GD$PpULFDRXGHDGyODUHVGRV(VWDGRV 'RZQVWUHDPHGHPDLVGRFXPHQWDomRH[LJLGDQRVWHUPRV 8QLGRV GD $PpULFD UHVSHWLYDPHQWH FRQVRDQWH VHMD GRDUWLJRžGRSUHVHQWH5HJXODPHQWR DSOLFDGDDSHVVRDVLQJXODURXFROHWLYDRVVHJXLQWHVDWRV $VHQWLGDGHVTXHjGDWDGDHQWUDGDHPYLJRUGRSUHVHQWH D 5HDOL]DomR GH $WLYLGDGHV GH &RPHUFLDOL]DomR GH 5HJXODPHQWRH[HUoDP$WLYLGDGHVGH&RPHUFLDOL]DomRGH &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVVHPR &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGLVS}HGH QHFHVViULRUHJLVWRHOLFHQFLDPHQWRMXQWRGD$130GH XPSHUtRGRGH FHQWRHRLWHQWD GLDVSDUDFRQIRUPDUDV DFRUGRFRPRVDUWLJRVžHžRXGHSRLVGHFDGXFDUR VXDVDWLYLGDGHVFRPDVUHJUDVHUHTXLVLWRVHVWDEHOHFLGRV SUD]RSUHYLVWRQRQžGRDUWLJRžSDUDRSHUDGRUHV QRSUHVHQWH5HJXODPHQWR H[LVWHQWHV $UWLJRž E 5HDOL]DomR GH $WLYLGDGHV GH &RPHUFLDOL]DomR GH 5HYRJDomR &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV HP YLRODomRGRVWHUPRVHFRQGLo}HVSUHYLVWRVQDUHVSHWLYD 6mR UHYRJDGDV WRGDV DV GLVSRVLo}HV H GLSORPDV DQWHULRUHV /LFHQoD TXHFRQWUDULHPRGLVSRVWRQRSUHVHQWH5HJXODPHQWR

  10. F 7UDQVSRUWH GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H $UWLJRž /XEULILFDQWHVSDUDR7HUULWyULRGH7LPRU/HVWHRXSDtVHV (QWUDGDHPYLJRU HVWUDQJHLURVVHPREVHUYkQFLDGDREULJDomRGHVXEPHWHU 2SUHVHQWH5HJXODPHQWRHQWUDHPYLJRUQRGLDVHJXLQWHjVXD SUHYLDPHQWH j $130 XP 5HTXHULPHQWR SDUD SXEOLFDomRHP-RUQDOGD5HS~EOLFD $XWRUL]DomR GH 7UDQVDomR GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV GH DFRUGRFRPRPRGHORLQFOXtGRQR$QH[R,,, $SURYDGRSHOR&RQVHOKR'LUHWLYRGD$130HPGH2XWXEUR GH G ,PSRUWDomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVSDUD7LPRU/HVWHVHPR&HUWLILFDGRGH 0HPEURV 4XDOLGDGHGH3URGXWRHPLWLGRSRUHQWLGDGHFRPSHWHQWH H ,PSRUWDomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H  *XDOGLQRGR&DUPRGD6LOYD±3UHVLGHQWH«««« /XEULILFDQWHVSDUD7LPRU/HVWHTXHQmRFXPSUDPDV  -RVH0DQXHO*RQoDOYHV±0HPEUR«««««««« HVSHFLILFDo}HVSUHYLVWDVQR5HJXODPHQWRGH3DGU}HV H (VSHFLILFDo}HV GH 4XDOLGDGHV GRV &RPEXVWtYHLV  -RUJH0DUWLQV±0HPEUR«««««««««« %LRFRPEXVWtYHLVH/XEULILFDQWHVVHPREWHUSUHYLDPHQWH  9HUDZDWL&RUWH5HDOGH2OLYHLUD±0HPEUR««« XPDDXWRUL]DomRGD$130SDUDRHIHLWRQRVWHUPRVGR PHVPR5HJXODPHQWR  1HOVRQGH-HVXV±0HPEUR««««««««««««« 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;2, ,1)250$d­2$',&,21$/('2&80(1726$$35(6(17$5&202 5(48(5,0(172'(5(*,672(/,&(1&,$0(172'($7,9,'$'(6'( &20(5&,$/,=$d­2'(&20%867Ë9(,6%,2&20%867Ë9(,6( /8%5,),&$17(6     ,'(17,),&$d­2'25(48(5(17( 1RPHRX)LUPDGD6RFLHGDGH 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 'RFXPHQWRGH,GHQWLILFDomR1ž 1žGH,GHQWLILFDomR)LVFDO 7,1  1žGD&HUWLGmRGHUHJLVWR &DSLWDO6RFLDO 1žGD/LFHQoDGH$WLYLGDGH 5HSUHVHQWDQWH (QGHUHoR 6XFR 0XQLFtSLR 3RVWR$GPLQLVWUDWLYR $OGHLD 7HOHIRQH )D[ (PDLO  7,32'(5(48(5,0(172 3DUDXVRH[FOXVLYRGD$130 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGD 2 5HTXHUHQWH Mi VH HQFRQWUD  UHJLVWDGRHOLFHQFLDGRMXQWRGD F$WLYLGDGHVGH,PSRUWDomR $130 SDUD R H[HUFtFLR GH F6LPF1mR  RXWUDV $WLYLGDGHV GH   'RZQVWUHDP" &DVR VH WUDWH GH XPD F$WLYLGDGHVGH([SRUWDomR HQWLGDGH TXH H[HUoD  SUHVHQWHPHQWH $WLYLGDGHV GH  &RPHUFLDOL]DomR R F6LPF1mR UHTXHUHQWH VXEPHWHX HVWH 5HTXHULPHQWRGHQWURGRSUD]R  F1RYD/LFHQoDF5HQRYDomR GH  GLDV HVWDEHOHFLGR QR DUWLJR ž Qž  GR SUHVHQWH 5HJXODPHQWR"

  11. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD  '2&80(1726 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUTXHR5HTXHUHQWHHQWUHJRXRVGRFXPHQWRVH[LJLGRV  8VRGR5HTXHUHQWH8VRGR)XQFLRQiULR     $QH[R ,, GHVWH 5HJXODPHQWR GHYLGDPHQWH SUHHQFKLGR 3ODQR $QXDO GH F6LPF1mR F6LPF1mR $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H   /XEULILFDQWHV   'RFXPHQWRV$GLFLRQDLV 3RUIDYRUHVSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F6LPF1mR F6LPF1mR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   '(&/$5$d­2'25(48(5(17( 127$2SUHVHQWHIRUPXOiULRHTXDOTXHULQIRUPDomRDGLFLRQDOpGHUHJLVWRS~EOLFRHSHUPDQHFHUiDUTXLYDGR&RPDVXEPLVVmRGR SUHVHQWHIRUPXOiULRR5HTXHUHQWHGHFODUDTXHQmRXWLOL]DUiDJRUDRXSRVWHULRUPHQWHDLQIRUPDomRUHFHELGDSDUDQHQKXPILPLOHJ DORX LOtFLWR  $SUHHQFKHUSHOD$130 &HUWLILFR TXH WRGD D LQIRUPDomR FRQVWDQWH GR SUHVHQWH IRUPXOiULRpFRPSOHWDHFRUUHWD(VWRXFLHQWHTXHDLQIRUPDomR SUHVWDGDj$130HVWiVXMHLWDDDQiOLVHHDXGLWRULD2VUHJLVWRV GHWDOKDGRV TXH FRQVXEVWDQFLDP D LQIRUPDomR FRQVWDQWH GR  SUHVHQWHIRUPXOiULRHVWmRGLVSRQtYHLVPHGLDQWHUHTXHULPHQWR   $VVLQDWXUDGRIXQFLRQiULRUHVSRQViYHO   $VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /RFDOBBBBBBBBBBBBBBBBBBBBBBBBB'DWDBBBBBBBBBBB   1RWDV  L 2UHTXHULPHQWRGHUHJLVWRHOLFHQFLDPHQWRGHYHVHUHIHWXDGRDWUDYpVGDVXEPLVVmRGHXP5HTXHULPHQWRGH /LFHQoDGH$WLYLGDGHVGH'RZQVWUHDPj$130GHDFRUGRFRPRPRGHORLQFOXtGRQR$QH[R,,DR5HJXODPHQWR GD$130QžFRPSOHPHQWDGDFRPDVXEPLVVmRGRSUHVHQWHIRUPXOiULRj$130  LL  25HTXHUHQWHGHYHLQGLFDUQRUHTXHULPHQWRGHVLJQDGDPHQWHDDWLYLGDGHHVSHFtILFDTXHGHVHMDH[HUFHU  LLL  $VHQWLGDGHVTXHMiH[HUFHP$WLYLGDGHVGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV GLVS}HPGH GLDVDSyVDSXEOLFDomRGRSUHVHQWH5HJXODPHQWRSDUDVXEPHWHU j$130XP)RUPXOiULRGH 5HTXHULPHQWRGH/LFHQFLDPHQWRGH$WLYLGDGHVGH'RZQVWUHDP  LY  2V 5HTXHUHQWHV GHYHP LQFOXLU LJXDOPHQWH D LQIRUPDomR H GRFXPHQWDomR LQGLFDGD QR )RUPXOiULR GH 5HTXHULPHQWRGH/LFHQFLDPHQWRGH$WLYLGDGHVGH'RZQVWUHDP  Y $ $130 SRGH H[LJLU TXH R 5HTXHUHQWH SUHVWH LQIRUPDomR DGLFLRQDO HRX D GRFXPHQWDomR FRQVLGHUDGD QHFHVViULDSDUDDYDOLDUFRQYHQLHQWHPHQWHRUHTXHULPHQWR  YL  2V 5HTXHULPHQWRV QmR VmR FRQVLGHUDGRV VH D  )RU SUHYLVtYHO TXH D GDWD GH LQtFLR DJHQGDGD SDUD DV RSHUDo}HVH[FHGDPHVHV E 25HTXHUHQWHTXDOTXHUGRVPHPEURVGRVHXFRQVHOKRGHDGPLQLVWUDomRRX IXQFLRQiULRVWHQKDPVLGRSXQLGRVFRPXPD,QIUDomR$GPLQLVWUDWLYDPXLWRJUDYHSUHYLVWDHPTXDOTXHUOHJLVODomR RX UHJXODPHQWR GH 'RZQVWUHDP GD 5HS~EOLFD 'HPRFUiWLFD GH 7LPRU/HVWH QRV  $QRV TXH DQWHFHGHP R UHTXHULPHQWR  YLL  $V HQWLGDGHV TXH UHTXHUHP R UHJLVWR H OLFHQFLDPHQWR SDUD $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV GHYHP REULJDWRULDPHQWH SRVVXLU RV UHFXUVRV DSURSULDGRV SDUD H[HUFHU D UHVSHWLYD DWLYLGDGH OLFHQFLDGD GHVLJQDGDPHQWH FDSDFLGDGH ILQDQFHLUD WUDEDOKDGRUHV HTXLSDPHQWRV H VLVWHPDVQHFHVViULRV  YLLL  $V$WLYLGDGHVGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVGHYHPVHUH[HUFLGDVHP LQVWDODo}HVHLQIUDHVWUXWXUDVORFDOL]DGDVQR7HUULWyULRGH7LPRU/HVWH  L[  $LQVWDODomR HRSHUDomR GHLQIUDHVWUXWXUDVGHDUPD]HQDPHQWRGH &RPEXVWtYHLV QR7HUULWyULRGH 7LPRU/HVWH HVWmRVXMHLWDVD5HJXODPHQWRVHVSHFtILFRV

  12. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;2,, 3/$12$18$/'($7,9,'$'(6'(&20(5&,$/,=$d­2'(&20%867Ë9(,6 %,2&20%867Ë9(,6(/8%5,),&$17(6   ,'(17,),&$d­2'25(48(5(17( 1RPHRX)LUPDGD6RFLHGDGH 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 'RFXPHQWRGH,GHQWLILFDomR1ž 1žGH,GHQWLILFDomR)LVFDO 7,1  1žGD&HUWLGmRGH5HJLVWR &DSLWDO6RFLDO 1žGD/LFHQoDGH$WLYLGDGH 5HSUHVHQWDQWH (QGHUHoR 6XFR 0XQLFtSLR 3RVWR$GPLQLVWUDWLYR $OGHLD 7HOHIRQH )D[1ž (PDLO  7,32'(5(48(5,0(172 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGD  3ULPHLUR SODQR $QXDO D VHU VXEPHWLGR FRP R UHTXHULPHQWR GH UHJLVWR H OLFHQFLDPHQWR GDV $WLYLGDGHV GH &RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVUHIHUHQWHDR  $QRBBBBBBBB    $WLYLGDGHUHJLVWDGDSHOR5HTXHUHQWH 3ODQR DQXDO VXEPHWLGR DSyV D HPLVVmR GD /LFHQoD  UHOHYDQWHUHIHUHQWHDR F,PSRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH  /XEULILFDQWHV $QRBBBBBBBB F([SRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH  /XEULILFDQWHV   6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD 3/$12'($7,9,'$'(648(6(35(9Ç(;(5&(5 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUTXDLVDVDWLYLGDGHVTXHR5HTXHUHQWHSUHYrH[HUFHUHSUHHQFKDD LQIRUPDomRQHFHVViULDDEDL[R   9HQGHGRU HP &RPSUDGRU HP ,PSRUWDomR FDVRGH FDVRGH 4XDQWLGDGH &RPEXVWtYHO ([SRUWDomR ,PSRUWDomRRX ([SRUWDomRRX  &RPpUFLR &RPHUFLDOL]DomR &RPHUFLDOL]DomR     3URSDQR'RPpVWLFR F,PSRUWDomR    RX,QGXVWULDO   F([SRUWDomR 

  13. F,PSRUWDomR %XWDQR'RPpVWLFR    RX,QGXVWULDO F([SRUWDomR F,PSRUWDomR $XWR*iV    F([SRUWDomR F,PSRUWDomR    *DVROLQD  F([SRUWDomR    F,PSRUWDomR     F([SRUWDomR  4XHURVHQH    F,PSRUWDomR    *DVyOHR$XWRPyYHO  F([SRUWDomR    F,PSRUWDomR *DVyOHR0DUtWLPR    F([SRUWDomR F,PSRUWDomR    )XHOyOHR F([SRUWDomR      F,PSRUWDomR    *DVyOHRGH F([SRUWDomR    $TXHFLPHQWR  F,PSRUWDomR  $YJDV     F([SRUWDomR    F,PSRUWDomR -HW$    F([SRUWDomR

  14.  F,PSRUWDomR &RPEXVWtYHO    F([SRUWDomR 0DUtWLPRGH%DQFDV F,PSRUWDomR &RPEXVWtYHOSDUD    7XUER*HUDGRU F([SRUWDomR F,PSRUWDomR $VIDOWR&XWEDFN    0& F([SRUWDomR F,PSRUWDomR $VIDOWR&XWEDFN5&     F([SRUWDomR F,PSRUWDomR $VIDOWR    F([SRUWDomR F,PSRUWDomR $VIDOWR    F([SRUWDomR  6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD  3/$126('2&80(1726 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUTXHR5HTXHUHQWHHQWUHJRXRVGRFXPHQWRVH[LJLGRV  8VRGR5HTXHUHQWH8VRGR)XQFLRQiULR     3ODQRGHQHJyFLRV F6LPF1mR F6LPF1mR   'RFXPHQWDomRDVHULQFOXtGDQRSODQRGHQHJyFLRV F6LPF1mR F6LPF1mR  'RFXPHQWRV$GLFLRQDLV 3RUIDYRUHVSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F6LPF1mR F6LPF1mR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   '(&/$5$d­2'25(48(5(17( 127$2SUHVHQWHIRUPXOiULRHTXDOTXHULQIRUPDomRDGLFLRQDOpGHUHJLVWRS~EOLFRHSHUPDQHFHUiDUTXLYDGR&RPDVXEPLVVmRGR SUHVHQWHIRUPXOiULRR5HTXHUHQWHGHFODUDTXHQmRXWLOL]DUiDJRUDRXSRVWHULRUPHQWHDLQIRUPDomRUHFHELGDSDUDQHQKXPILPLOHJDORX LOtFLWR  $SUHHQFKHUSHOD$130 &HUWLILFR TXH WRGD D LQIRUPDomR FRQVWDQWH GR SUHVHQWH IRUPXOiULRpFRPSOHWDHFRUUHWD(VWRXFLHQWHTXHDLQIRUPDomR SUHVWDGDj$130HVWiVXMHLWDDDQiOLVHHDXGLWRULD2VUHJLVWRV 6HORGD$130 GHWDOKDGRV TXH FRQVXEVWDQFLDP D LQIRUPDomR FRQVWDQWH GR  SUHVHQWHIRUPXOiULRHVWmRGLVSRQtYHLVPHGLDQWHUHTXHULPHQWR     $VVLQDWXUDGRIXQFLRQiULRUHVSRQViYHO $VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB    /RFDOBBBBBBBBBBBBBBBBBBBBBBBBB'DWDBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1RWD L $Wp DR ž GLD GH MDQHLUR GH FDGD $QR RV ,PSRUWDGRUHV ([SRUWDGRUHV H &RPHUFLDQWHV GH &RPEXVWtYHLV /LFHQFLDGRVGHYHP VXEPHWHURSUHVHQWH³3ODQR $QXDOGH$WLYLGDGHV GH&RPHUFLDOL]DomRGH &RPEXVWtYHLV´ j $130  LL  $QWHV GR LQtFLR GR WUDQVSRUWH GH FRPEXVWtYHLV SDUD R 7HUULWyULR GH 7LPRU/HVWH RX SDtVHV HVWUDQJHLURV RV ,PSRUWDGRUHV([SRUWDGRUHVH&RPHUFLDQWHVGH&RPEXVWtYHLV/LFHQFLDGRVGHYHPVXEPHWHUXP³5HTXHULPHQWR SDUD $XWRUL]DomR GH 7UDQVDomR GH &RPHUFLDOL]DomR GH &RPEXVWtYHO´ GH DFRUGR FRP R PRGHOR LQFOXtGR QR $QH[R,,,DR5HJXODPHQWRGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV  LLL  7RGRVRVSURGXWRVLPSRUWDGRVSDUD7LPRU/HVWHRXH[SRUWDGRVSDUDSDtVHVHVWUDQJHLURV QDPHGLGDHPTXH QmRVHMDPGLVSHQVDGRVQRVWHUPRVGR5HJXODPHQWR GH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHV GHYHPREULJDWRULDPHQWHVHUDFRPSDQKDGRVGHXP&HUWLILFDGRGH4XDOLGDGHGH3URGXWRHPLWLGR SRU XPD HQWLGDGH DFUHGLWDGD RX DFHLWH SHOD $130 SDUD HVVH HIHLWR HP FDVR GH H[SRUWDomR RX SRU XPD HQWLGDGHQRSDtVGHRULJHPUHFRQKHFLGDSHOD$130SDUDHVVHHIHLWRHPFDVRGHLPSRUWDomR  LY  1RV WHUPRV GR $UWLJR ž Qž  GR 5HJXODPHQWR VREUH 3DGU}HV H (VSHFLILFDo}HV GH 4XDOLGDGH GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV RV 5HTXHUHQWHV GHYHP DSUHVHQWDU SURYDV GR IRUQHFHGRU RX SURGXWRUGRVSURGXWRVDWHVWDQGRDVUHVSHWLYDVHVSHFLILFDo}HVGHRULJHP  Y 6DOYR GLVSRVLomR H[SUHVVD HP FRQWUiULR QR 5HJXODPHQWR GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV DV H[SUHVV}HV WHUPRV H FRQFHLWRV XWLOL]DGRV QHVWH IRUPXOiULR WrP R VLJQLILFDGR DWULEXtGR SHOR 5HJXODPHQWR VREUH 3DGU}HV H (VSHFLILFDo}HV GH 4XDOLGDGH GRV &RPEXVWtYHLV %LRFRPEXVWtYHLVH/XEULILFDQWHV

  15. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;2,,, 5(48(5,0(1723$5$$8725,=$d­2'(75$16$d­2'(&20%867Ë9(,6 %,2&20%867Ë9(,6(/8%5,),&$17(6  ,'(17,),&$d­2'25(48(5(17( 1RPHRX)LUPDGD6RFLHGDGH 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 'RFXPHQWRGH,GHQWLILFDomR1ž 1 1žGH,GHQWLILFDomR)LVFDO 7,1  1žGD&HUWLGmRGH5HJLVWR &DSLWDO6RFLDO 1 1žGD/LFHQoDGH$WLYLGDGH 5HSUHVHQWDQWH (QGHUHoR 6XFR 0XQLFtSLR 3RVWR$GPLQLVWUDWLYR $OGHLD 7HOHIRQH )D[ (PDLO 7,32'(5(48(5,0(172 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGD $WLYLGDGHUHJLVWDGDSHOR5HTXHUHQWH  F,PSRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV  F([SRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV   &20%867Ë9(,6$,03257$528(;3257$5 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUDVDWLYLGDGHVTXHR5HTXHUHQWHGHVHMDH[HUFHUHSUHVWDUDLQIRUPDomR H[LJLGDDEDL[R   ,PSRUWDomR ,QIRUPDomRVREUHR ([SRUWDomR 'DWDGHLQtFLR 4XDQWLGDGH &RPEXVWtYHO ORFDOGHHQWUDGDQR &RPHUFLDOL]D GRWUDQVSRUWH  SDtVGHGHVWLQR omR  F,PSRUWDomR 3URSDQR  F([SRUWDomR   'RPpVWLFRRX    ,QGXVWULDO    %XWDQR F,PSRUWDomR    'RPpVWLFRRX 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD F,PSRUWDomR %XWDQR 'RPpVWLFRRX F([SRUWDomR    ,QGXVWULDO  F,PSRUWDomR

  16. $XWR*iV F([SRUWDomR     F,PSRUWDomR  F([SRUWDomR   *DVROLQD      F,PSRUWDomR   F([SRUWDomR    4XHURVHQH     F,PSRUWDomR  *DVyOHR F([SRUWDomR    $XWRPyYHO     F,PSRUWDomR *DVyOHR F([SRUWDomR    0DUtWLPR  F,PSRUWDomR  F([SRUWDomR   )XHOyOHR      F,PSRUWDomR   F([SRUWDomR   *DVyOHRGH    $TXHFLPHQWR   F,PSRUWDomR  $YJDV F([SRUWDomR         F,PSRUWDomR -HW$ F([SRUWDomR      F,PSRUWDomR &RPEXVWtYHO F([SRUWDomR    0DUtWLPRGH %DQFDV  F,PSRUWDomR &RPEXVWtYHO F([SRUWDomR SDUD7XUER    *HUDGRU   F,PSRUWDomR $VIDOWR&XWEDFN F([SRUWDomR    0&  F,PSRUWDomR $VIDOWR&XWEDFN F([SRUWDomR    5&  F,PSRUWDomR $VIDOWR F([SRUWDomR     F,PSRUWDomR $VIDOWR F([SRUWDomR     

  17. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD   '2&80(1726 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUTXHR5HTXHUHQWHHQWUHJRXRVGRFXPHQWRVH[LJLGRV   8VRGR5HTXHUHQWH8VRGR)XQFLRQiULR   'RFXPHQWDomR DFHUWLILFDU D RULJHP GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H   /XEULILFDQWHV F6LPF1mR F6LPF1mR   'RFXPHQWDomR HPLWLGD SHOD HQWLGDGH YHQGHGRUD GRV &RPEXVWtYHLV   %LRFRPEXVWtYHLV H /XEULILFDQWHV SDUD R ,PSRUWDGRU RX ([SRUWDGRU F6LPF1mR F6LPF1mR /LFHQFLDGRFRQILUPDQGRDDTXLVLomR  'RFXPHQWDomR HPLWLGD SHOD HQWLGDGH YHQGHGRUD GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV SDUD R ,PSRUWDGRU RX ([SRUWDGRU F6LPF1mR F6LPF1mR /LFHQFLDGRFRQILUPDQGRROXJDUGHDUPD]HQDPHQWRQDRULJHP    'RFXPHQWDomRDFHUWLILFDURORFDOGRFDUUHJDPHQWRSDUDRWUDQVSRUWH F6LPF1mR F6LPF1mR   'RFXPHQWDomRVREUHRWUDQVSRUWDGRUGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH   /XEULILFDQWHV H VREUH RV PHLRV GH WUDQVSRUWH LQFOXLQGR TXDOTXHU F6LPF1mR F6LPF1mR FHUWLILFDomRDSOLFiYHO  'RFXPHQWDomR HPLWLGD SHOD HQWLGDGH YHQGHGRUD GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV DR ,PSRUWDGRU /LFHQFLDGR FRQILUPDQGR TXH R WLSR GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV H DV UHVSHWLYDV HVSHFLILFDo}HV HVWmR GH DFRUGR FRP D OHJLVODomR H F6LPF1mR F6LPF1mR UHJXODPHQWRV GH 7LPRU/HVWH VREUH 3DGU}HV H (VSHFLILFDo}HV GH 4XDOLGDGH GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV H GHWDOKDQGR DV HVSHFLILFDo}HV GRV &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHVYHQGLGRV   'RFXPHQWDomR VREUH D HQWLGDGH j V  TXDO TXDLV  VH GHVWLQD P  RV   &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV F6LPF1mR F6LPF1mR  'RFXPHQWDomRDFRQILUPDUDV,QIUDHVWUXWXUDVGH$UPD]HQDPHQWRRQGHRV   &RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVVmRDUPD]HQDGRV F6LPF1mR F6LPF1mR

  18. 'RFXPHQWDomR HPLWLGD SHOR ,PSRUWDGRU ([SRUWDGRU RX &RPHUFLDQWH   /LFHQFLDGRDFRQILUPDUDYHQGD F6LPF1mR F6LPF1mR   'RFXPHQWRV$GLFLRQDLV 3RUIDYRUHVSHFLILTXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F6LPF1mR F6LPF1mR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   '(&/$5$d­2'25(48(5(17( 127$2SUHVHQWHIRUPXOiULRHTXDOTXHULQIRUPDomRDGLFLRQDOpGHUHJLVWRS~EOLFRHSHUPDQHFHUiDUTXLYDGR&RPDVXEPLVVmRGR SUHVHQWHIRUPXOiULRR5HTXHUHQWHGHFODUDTXHQmRXWLOL]DUiDJRUDRXSRVWHULRUPHQWHDLQIRUPDomRUHFHELGDSDUDQHQKXPILPLOHJDORX LOtFLWR  $SUHHQFKHUSHOD$130 &HUWLILFR TXH WRGD D LQIRUPDomR FRQVWDQWH GR SUHVHQWH IRUPXOiULRpFRPSOHWDHFRUUHWD(VWRXFLHQWHTXHDLQIRUPDomR SUHVWDGDj$130HVWiVXMHLWDDDQiOLVHHDXGLWRULD2VUHJLVWRV GHWDOKDGRV TXH FRQVXEVWDQFLDP D LQIRUPDomR FRQVWDQWH GR  SUHVHQWHIRUPXOiULRHVWmRGLVSRQtYHLVPHGLDQWHUHTXHULPHQWR   $VVLQDWXUDGRIXQFLRQiULRUHVSRQViYHO   $VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /RFDOBBBBBBBBBBBBBBBBBBBBBBBBB'DWDBBBBBBBBBBB   6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD   '(&,6­2'$$130 3DUDXVRRILFLDODSHQDV  $SURYDomRGD7UDQVDomR F$SURYDGD F1mR$SURYDGD F'LIHULGD'HYROYLGD VROLFLWDGRVHOHPHQWRVDGLFLRQDLV    2EVHUYDo}HV5HTXLVLWRV3URFHGLPHQWRVHUHVSHWLYRVSUD]RV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   1~PHURGH$XWRUL]DomRGH7UDQVDomRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB    )XQFLRQiULRUHVSRQViYHOSHODDSURYDomR 6HORGD$130   1RPH    &DUJR    $VVLQDWXUD   'DWDBBBBBBBBBBBBBBBBBBB   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 9iOLGRDWpBBBBBBBBBBBBBB   1RWD L  $QWHVGRLQtFLRGRWUDQVSRUWHGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHVSDUDR7HUULWyULRGH7LPRU/HVWH RX SDtVHV HVWUDQJHLURV RV ,PSRUWDGRUHV ([SRUWDGRUHV H &RPHUFLDQWHV GH &RPEXVWtYHLV %LRFRPEXVWtYHLV H /XEULILFDQWHV/LFHQFLDGRVGHYHPVXEPHWHUXPIRUPXOiULRGH³5HTXHULPHQWRSDUD$XWRUL]DomRGH7UDQVDomRGH &RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV´SDUDDSURYDomRGD$130   LL  $$130GHYHWRPDUXPDGHFLVmRUHODWLYDPHQWHDRUHTXHULPHQWRQRSUD]RGHGLDVDFRQWDUGDGDWDHPTXH UHFHEHURV~OWLPRVGRFXPHQWRVH[LJLGRVHQWUHJDQGRXPD$XWRUL]DomRGH7UDQVDomRDRUHTXHUHQWHEHPFRPR RXWUDGRFXPHQWDomRUHODWLYDDRVSURFHGLPHQWRVHDRSHUtRGRSDUDDVXDLPSOHPHQWDomR  LLL  (PFDVRGHDSURYDomRGD7UDQVDomRD$130GHYHFDULPEDUHDVVLQDUR³5HTXHULPHQWRSDUD$XWRUL]DomRGH 7UDQVDomRGH&RPHUFLDOL]DomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH/XEULILFDQWHV´QRUHVSHWLYRFDPSRVHQGRR UHIHULGR5HTXHULPHQWRFRQVLGHUDGRSRVWHULRUPHQWHXPD$XWRUL]DomRGH7UDQVDomR  LY  &DVRD7UDQVDomRDXWRUL]DGDQmRVHMDFRQFOXtGDQRSUD]RGH VHVVHQWD GLDVDFRQWDUGDGDWDGDGHFLVmR GD$130D$XWRUL]DomRGH7UDQVDomRFDGXFDDXWRPDWLFDPHQWHGHYHQGRQHVVHFDVRD/LFHQFLDGDLQLFLDUXP QRYR SURFHVVR GH DXWRUL]DomR DWUDYpV GD VXEPLVVmR GH XP QRYR IRUPXOiULR GRFXPHQWDomR H LQIRUPDomR DWXDOL]DGDV

  19. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;2,9 5(/$7Ï5,2$18$/62%5($7,9,'$'(6'(&20(5&,$/,=$d­2'( &20%867Ë9(,6%,2&20%867Ë9(,6(/8%5,),&$17(6    ,'(17,),&$d­2'25(48(5(17( 1RPHRX)LUPDGD6RFLHGDGH 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 'RFXPHQWRGH,GHQWLILFDomR1ž 1žGH,GHQWLILFDomR)LVFDO 7,1  1žGD&HUWLGmRGH5HJLVWR &DSLWDO6RFLDO 1žGD/LFHQoDGH$WLYLGDGH 5HSUHVHQWDQWH (QGHUHoR 6XFR 0XQLFtSLR 3RVWR$GPLQLVWUDWLYR $OGHLD 7HOHIRQH )D[ (PDLO  7,32'(5(48(5,0(172 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGD  $WLYLGDGHUHJLVWDGDSHOR5HTXHUHQWH   5HODWyULR$QXDOUHIHUHQWHDR F,PSRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH  /XEULILFDQWHV $QRBBBBBBBBBBB F([SRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHV    5(/$7Ï5,2'($7,9,'$'(6(;(5&,'$6 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUDVDWLYLGDGHVTXHR5HTXHUHQWHWHPH[HUFLGRHSUHVWDUDLQIRUPDomR H[LJLGDDEDL[R    6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD ,PSRUWDomR ,QIRUPDomRVREUHR 'DWDGHLQtFLRGR 4XDQWLGDGH &RPEXVWtYHO ([SRUWDomR ORFDOGHHQWUDGDQR WUDQVSRUWH  &RPpUFLR SDtVGHGHVWLQR   3URSDQR'RPpVWLFR F,PSRUWDomR    RX,QGXVWULDO   F([SRUWDomR 

  20. F,PSRUWDomR %XWDQR'RPpVWLFR F([SRUWDomR    RX,QGXVWULDO  F,PSRUWDomR $XWR*iV F([SRUWDomR     F,PSRUWDomR  F([SRUWDomR   *DVROLQD      F,PSRUWDomR   F([SRUWDomR    4XHURVHQH     F,PSRUWDomR  F([SRUWDomR   *DVyOHR$XWRPyYHO      F,PSRUWDomR *DVyOHR0DUtWLPR F([SRUWDomR     F,PSRUWDomR  F([SRUWDomR   )XHOyOHR      F,PSRUWDomR   F([SRUWDomR   *DVyOHRGH    $TXHFLPHQWR   F,PSRUWDomR  $YJDV F([SRUWDomR         F,PSRUWDomR -HW$ F([SRUWDomR     F,PSRUWDomR  &RPEXVWtYHO F([SRUWDomR    0DUtWLPRGH%DQFDV  F,PSRUWDomR

  21. &RPEXVWtYHOSDUD F([SRUWDomR    7XUER*HUDGRU   F,PSRUWDomR $VIDOWR&XWEDFN F([SRUWDomR    0&  F,PSRUWDomR $VIDOWR&XWEDFN F([SRUWDomR    5&  F,PSRUWDomR $VIDOWR F([SRUWDomR      6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD F,PSRUWDomR $VIDOWR F([SRUWDomR      '(&/$5$d­2'25(48(5(17( 127$2SUHVHQWHIRUPXOiULRHTXDOTXHULQIRUPDomRDGLFLRQDOpGHUHJLVWRS~EOLFRHSHUPDQHFHUiDUTXLYDGR&RPDVXEPLVVmRGR SUHVHQWHIRUPXOiULRR5HTXHUHQWHGHFODUDTXHQmRXWLOL]DUiDJRUDRXSRVWHULRUPHQWHDLQIRUPDomRUHFHELGDSDUDQHQKXPILPLOHJ DORX LOtFLWR  $SUHHQFKHUSHOD$130 &HUWLILFR TXH WRGD D LQIRUPDomR FRQVWDQWH GR SUHVHQWH  IRUPXOiULRpFRPSOHWDHFRUUHWD(VWRXFLHQWHTXHDLQIRUPDomR 6HORGD$130 SUHVWDGDj$130HVWiVXMHLWDDDQiOLVHHDXGLWRULD2VUHJLVWRV  GHWDOKDGRV TXH FRQVXEVWDQFLDP D LQIRUPDomR FRQVWDQWH GR  SUHVHQWHIRUPXOiULRHVWmRGLVSRQtYHLVPHGLDQWHUHTXHULPHQWR     $VVLQDWXUDGRIXQFLRQiULRUHVSRQViYHO $VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /RFDOBBBBBBBBBBBBBBBBBBBBBBBBB'DWDBBBBBBBBBBB   1RWD  $WpDRžGLD GHMDQHLURGHFDGD$QRRV,PSRUWDGRUHV([SRUWDGRUHVH&RPHUFLDQWHVGH&RPEXVWtYHLV/LFHQFLDGRV GHYHP VXEPHWHURSUHVHQWH³5HODWyULR $QXDOGH $WLYLGDGHVGH &RPHUFLDOL]DomRGH &RPEXVWtYHLV%LRFRPEXVWtYHLV H /XEULILFDQWHV´j$130TXHLQFOXLWRGDDLQIRUPDomRUHOHYDQWHUHODWLYDjV7UDQVDo}HVHIHWXDGDVQR$QRDQWHULRU            

  22. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;29 5(/$7Ï5,275,0(675$/62%5($7,9,'$'(6'(&20(5&,$/,=$d­2'( &20%867Ë9(,6%,2&20%867Ë9(,6(/8%5,),&$17(6    l 1 ,'(17,),&$d­2'25(48(5(17( - 1RPHRX)LUPDGD6RFLHGDGH - 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 'RFXPHQWRGH,GHQWLILFDomR1ž 1 ' - 1žGH,GHQWLILFDomR)LVFDO 7,1  ~ - 1žGD&HUWLGmRGH5HJLVWR &DSLWDO6RFLDO 1 ' - 1žGD/LFHQoDGH$WLYLGDGH ' 5HSUHVHQWDQWH ~ (QGHUHoR ~ 6XFR 0XQLFtSLR 1 3RVWR$GPLQLVWUDWLYR - $OGHLD 7HOHIRQH )D[ ' (PDLO 1  7,32'(5(48(5,0(172 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGD  $WLYLGDGHUHJLVWDGDSHOR5HTXHUHQWH 5HODWyULR7ULPHVWUDOUHODWLYRDR    Fž7ULPHVWUHGR$QR F,PSRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH Fž7ULPHVWUHGR$QR /XEULILFDQWHV Fž7ULPHVWUHGR$QR F([SRUWDomRGH&RPEXVWtYHLV%LRFRPEXVWtYHLVH /XEULILFDQWHV Fž7ULPHVWUHGR$QR 

  23.   5(/$7Ï5,2'($7,9,'$'(6(;(5&,'$6 3RUIDYRUDVVLQDOHFRP³¥´QDFDL[DDSURSULDGDSDUDFRQILUPDUDVDWLYLGDGHVTXHR5HTXHUHQWHWHPH[HUFLGRHSUHVWDUDLQIRUPDomR H[LJLGDDEDL[R    6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD ,PSRUWDomR ,QIRUPDomRVREUHR 'DWDGHLQtFLRGR 4XDQWLGDGH &RPEXVWtYHO ([SRUWDomR ORFDOGHHQWUDGDQR WUDQVSRUWH  &RPpUFLR SDtVGHGHVWLQR   3URSDQR'RPpVWLFR F,PSRUWDomR    RX,QGXVWULDO   F([SRUWDomR  F,PSRUWDomR %XWDQR'RPpVWLFR F([SRUWDomR    RX,QGXVWULDO  F,PSRUWDomR $XWR*iV F([SRUWDomR     F,PSRUWDomR  F([SRUWDomR   *DVROLQD      F,PSRUWDomR   F([SRUWDomR    4XHURVHQH     F,PSRUWDomR  F([SRUWDomR   *DVyOHR$XWRPyYHO      F,PSRUWDomR *DVyOHR0DUtWLPR F([SRUWDomR     F,PSRUWDomR  F([SRUWDomR   )XHOyOHR     

  24. F,PSRUWDomR   F([SRUWDomR   *DVyOHRGH    $TXHFLPHQWR   F,PSRUWDomR  $YJDV F([SRUWDomR         F,PSRUWDomR -HW$ F([SRUWDomR     F,PSRUWDomR  &RPEXVWtYHO F([SRUWDomR    0DUtWLPRGH%DQFDV  F,PSRUWDomR &RPEXVWtYHOSDUD F([SRUWDomR    7XUER*HUDGRU   F,PSRUWDomR $VIDOWR&XWEDFN F([SRUWDomR    0&  F,PSRUWDomR $VIDOWR&XWEDFN5& F([SRUWDomR      F,PSRUWDomR $VIDOWR F([SRUWDomR      6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD F,PSRUWDomR $VIDOWR F([SRUWDomR      '(&/$5$d­2'25(48(5(17( 127$2SUHVHQWHIRUPXOiULRHTXDOTXHULQIRUPDomRDGLFLRQDOpGHUHJLVWRS~EOLFRHSHUPDQHFHUiDUTXLYDGR&RPDVXEPLVVmRGR SUHVHQWHIRUPXOiULRR5HTXHUHQWHGHFODUDTXHQmRXWLOL]DUiDJRUDRXSRVWHULRUPHQWHDLQIRUPDomRUHFHELGDSDUDQHQKXPILPLOHJDORX LOtFLWR  $SUHHQFKHUSHOD$130 &HUWLILFR TXH WRGD D LQIRUPDomR FRQVWDQWH GR SUHVHQWH IRUPXOiULRpFRPSOHWDHFRUUHWD(VWRXFLHQWHTXHDLQIRUPDomR SUHVWDGDj$130HVWiVXMHLWDDDQiOLVHHDXGLWRULD2VUHJLVWRV 6HORGD$130 GHWDOKDGRV TXH FRQVXEVWDQFLDP D LQIRUPDomR FRQVWDQWH GR  SUHVHQWHIRUPXOiULRHVWmRGLVSRQtYHLVPHGLDQWHUHTXHULPHQWR      $VVLQDWXUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $VVLQDWXUDGRIXQFLRQiULRUHVSRQViYHO   /RFDOBBBBBBBBBBBBBBBBBBBBBBBBB'DWDBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   1RWD  $WpDR ž GLDGR SULPHLURPrVGH FDGD 7ULPHVWUHRV,PSRUWDGRUHV([SRUWDGRUHV H &RPHUFLDQWHV GH&RPEXVWtYHLV /LFHQFLDGRV GHYHP VXEPHWHU R SUHVHQWH ³5HODWyULR 7ULPHVWUDO GH $WLYLGDGHV GH &RPHUFLDOL]DomR GH &RPEXVWtYHLV %LRFRPEXVWtYHLVH/XEULILFDQWHV´j$130TXHLQFOXLWRGDDLQIRUPDomRUHOHYDQWHUHODWLYDjV7UDQVDo}HVHIHWXDGDVQR 7ULPHVWUHDQWHULRU    

  25. 6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD -RUQDOGD5HS~EOLFD $1(;29, '(&/$5$d­23$5$/,95(&,5&8/$d­2       '(&/$5$d­23$5$/,95(&,5&8/$d­2  $ $130 1$ 68$ 48$/,'$'('((17,'$'(5(*8/$'25$ '26(725 '2 '2:1675($0 (07,025/(67((12(;(5&Ë&,2'266(8632'(5(6'(/,&(1&,$0(172$2$%5,*2 '2$57,*2ž1ž'25(*8/$0(1721ž'(«3(/$35(6(17(&21&('( $ /,95(&,5&8/$d­23$5$2 $ BBBBBBBBB,1&/8Ë'2 $ 1$$8725,=$d­2'(75$16$d­2 1Ò0(52««««««««««««««««««««   1RPHRX)LUPDGD6RFLHGDGH 7LSRGH'RFXPHQWRGH,GHQWLILFDomR 1žGH'RFXPHQWRGH,GHQWLILFDomR 1žGH,GHQWLILFDomR)LVFDO 7,1  1žGH&HUWLGmRGH5HJLVWR &DSLWDO6RFLDO 1žGH/LFHQoDGH$WLYLGDGH (QGHUHoR 0XQLFtSLR 3RVWR$GPLQLVWUDWLYR 6XFR 7HOHIRQH (PDLO     )XQFLRQiULR5HVSRQViYHOSHOD$SURYDomR 6HORGD$130   1RPH    &DUJR    $VVLQDWXUDGR5HVSRQViYHO      BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DWDBBBBBBBBBBBBBBBBBBB   6pULH,1ƒ 4XDUWD)HLUDGH'H]HPEURGH 3iJLQD

Regulation No. 2/2016 regulating Marketing of Fuels, Biofuels and Lubricants · Nelum