Baixe o app para aproveitar ainda mais
Prévia do material em texto
x 9RFr�UHFHEHX�VXD�IROKD�GH�UHVSRVWDV�H�HVWH�FDGHUQR�FRQWHQGR���� TXHVW}HV�REMHWLYDV� x &RQILUD�VHXV�GDGRV�LPSUHVVRV�QD�FDSD�GHVWH�FDGHUQR�H�QD�IROKD�GH�UHVSRVWDV� x 4XDQGR� IRU�SHUPLWLGR�DEULU�R�FDGHUQR��YHULILTXH�VH�HVWi�FRPSOHWR�RX�VH� DSUHVHQWD� LPSHUIHLo}HV��&DVR�KDMD�DOJXP� SUREOHPD��LQIRUPH�DR�ILVFDO�GD�VDOD� x /HLD�FXLGDGRVDPHQWH�WRGDV�DV�TXHVW}HV�H�HVFROKD�D�UHVSRVWD�TXH�YRFr�FRQVLGHUD�FRUUHWD� x 0DUTXH��QD� IROKD�GH� UHVSRVWDV��FRP�FDQHWD�GH� WLQWD�D]XO�RX�SUHWD��D� OHWUD�FRUUHVSRQGHQWH�j�DOWHUQDWLYD�TXH�YRFr� HVFROKHX� x $�GXUDomR�GD�SURYD�p�GH�� KRUDV��Mi�LQFOXtGR�R�WHPSR�SDUD�R�SUHHQFKLPHQWR�GD�IROKD�GH�UHVSRVWDV� x 6y�VHUi�SHUPLWLGD�D�VDtGD�GHILQLWLYD�GD�VDOD�H�GR�SUpGLR�DSyV�WUDQVFRUULGRV�� KRUDV H����PLQXWRV�GR�LQtFLR�GD�SURYD� x $R�VDLU��YRFr�HQWUHJDUi�DR�ILVFDO�D�IROKD�GH�UHVSRVWDV�H�HVWH�FDGHUQR��SRGHQGR�OHYDU�DSHQDV�R�UDVFXQKR�GH�JDEDULWR� ORFDOL]DGR�HP�VXD�FDUWHLUD��SDUD�IXWXUD�FRQIHUrQFLD� x $Wp�TXH�YRFr�VDLD�GR�SUpGLR��WRGDV�DV�SURLELo}HV�H�RULHQWDo}HV�FRQWLQXDP�YiOLGDV� 6LPXODGR����± $OYR�QR�7- &21+(&,0(1726�*(5$,6 /tQJXD�3RUWXJXHVD /HLD�R�WH[WR�SDUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV����D� ��� %ULJD�GH�FDVDO $QD�WHYH�XPD�GLVFXVVmR�FRP�R�PDULGR�H�VH�WUDQFRX�QR TXDUWR�� FKDWHDGtVVLPD�� (QFRVWRX�VH� QD� FDPD�� IHFKRX� RV ROKRV�H�FRPHoRX�D�UHVSLUDU�IXQGR�SDUD�VH�DFDOPDU��SRUTXH� R TXH� VHQWLD� QDTXHOD� KRUD�HUD� YRQWDGH� GH� DYDQoDU� QHOH�� 0DV�R FDQVDoR� IDORX�PDLV�DOWR� TXH�D� UDLYD��8P� WUDEDOKR� HVWUHVVDQWH� ILOKRV�GDQGR�SUHRFXSDo}HV��SDLV� LGRVRV�SDUD� FXLGDU��$�H[DXVWmR FREURX�VHX�SUHoR�H�$QD�DGRUPHFHX� 4XDQGR� DFRUGRX�� HOD� OHPEURX�VH� TXH� WLQKD� GLVFXWLGR� FRP R�PDULGR�� OHPEURX�VH�GD�UDLYD�TXH�VHQWLX�TXDQGR�VH� IHFKRX QR�TXDUWR��PDV����TXDO�HUD�PHVPR�R�PRWLYR�GD�EULJD"� $QD� IRL WRPDGD� SRU� XP�HVTXHFLPHQWR� WRWDO�� LUUHPHGLiYHO�� 3RU� QDGD GHVWH� PXQGR� FRQVHJXLD� VH� OHPEUDU�� 2� HVJRWDPHQWR TXH� YHP HQIUHQWDQGR� SDUHFH� WHU� FRPSURPHWLGR� SURIXQGDPHQWH� D� PHPyULD GHOD�� (OD� VH� HVTXHFH�GH� WXGR�H��QDTXHOH�PRPHQWR��R PRWLYR�GD�EULJD� KDYLD�VXPLGR�FRPSOHWDPHQWH�GH�VXD�FDEHoD� $QD�VDLX�GR�TXDUWR�GHYDJDU��IRL�DWp�D�FR]LQKD��SUHSDURX XP�FKi�H� YROWRX� SDUD�R� TXDUWR��'Dt� D� SRXFR��'RXJODV�� R� PDULGR� HQWURX��Mi�HUD�KRUD�GH�GRUPLU��H�SHUJXQWRX��³7i�PDLV� FDOPD"´� (OD� VDFXGLX� D� FDEHoD�� GL]HQGR�� ³9RFr� QmR� p� IiFLO���´�H YROWRX�D�OHU�XP�OLYUR�HP�VLOrQFLR�DWp�DGRUPHFHU��1D� PDQKm VHJXLQWH��FDGD�XP�VDLX�FRUUHQGR�SDUD�R�WUDEDOKR��j� QRLWH� HOHV VH� HQFRQWUDUDP� FRPR� VH� QD� YpVSHUD� QDGD� KRXYHVVH�DFRQWHFLGR H�DWp�KRMH�$QD�QmR�WHP�D�PHQRU�LGHLD� GR�TXH�D�IH]�EULJDU FRP�R�PDULGR� $�PDLRULD�GDV�EULJDV�GH�FDVDLV�p�SURYRFDGD�SRU�UD]}HV DEVROXWDPHQWH� WRODV�� ULVtYHLV�� PRWLYRV� TXH� PHUHFHP� VHU HVTXHFLGRV��6H�DV�SHVVRDV�IL]HVVHP�DV�FRQWDV�GH�TXDQWR WHPSR� Mi�SHUGHUDP�QHVVDV�GLVFXVV}HV�GHVQHFHVViULDV��R� UHVXOWDGR VHULD� DVVXVWDGRU�� e�PXLWR� GHVSHUGtFLR� GH� YLGD�� 6mR WDUGHV� MRJDGDV�SHOD� MDQHOD��ViEDGRV�TXH�QmR�YROWDP� PDLV� QRLWHV�TXH�SRGHULDP�VHU�GHGLFDGDV D�XP�ERP�ILOPH� PDQKmV GH�YHUmR�TXH�SRGHULDP�WHU�VH�GHVGREUDGR�HP�GLDV� GH� DEVROXWD OHYH]D�� HP� YH]� GH� SURGX]LU� DPDUJXUD�� UHVVHQWLPHQWR��PDX KXPRU�H�ID]HU�DV�SHVVRDV�FRQVXPLUHP� PDLV� XP� FRPSULPLGR SDUD� GRU� GH� FDEHoD� RX� GRU� GH� HVW{PDJR� �/HLOD�)HUUHLUD��9LYHU�QmR�GyL��6mR�3DXOR��*ORER��������$GDSWDGR� ����'H�DFRUGR�FRP�D�OHLWXUD�GR�WH[WR��p�FRUUHWR�DILUPDU�TXH $QD��DSyV�WHU�EULJDGR�FRP�R�PDULGR� �$��UHPRHX�SRU�PXLWRV�GLDV�D�UD]mR�SHOD�TXDO�EULJRX�FRP HOH� �%��UHQGHX�VH�DR�HVJRWDPHQWR�H�DFDERX�GRUPLQGR�SRU XP� WHPSR� �&��FRQYHUVRX�FRP�D�SUySULD�PmH�SDUD�GHVDEDIDU�H�RXYLU XP�FRQVHOKR� �'��VROLFLWRX�D�XP�GRV�ILOKRV�TXH�IRVVH�FRQYHUVDU�FRP�R SDL� �(��SHGLX�DR�PDULGR�TXH�OKH�SUHSDUDVVH�XP�FKi��SRLV QmR� FRQVHJXLD�GRUPLU� ����&RQIRUPH�D� OHLWXUD�GR��R�SDUiJUDIR�� p� FRUUHWR� DILUPDU� TXH 'RXJODV�WHYH��HP�UHODomR�j�PXOKHU��XPD�DWLWXGH �$��DJUHVVLYD� �%��RIHQVLYD� �&��SUHRFXSDQWH� �'��GHVUHVSHLWRVD� �(��WUDQTXLOD� ����$�OHLWXUD�GR�~OWLPR�SDUiJUDIR�SHUPLWH�DILUPDU�TXH �$��RV�SHUtRGRV�JDVWRV�HP�GLVFXVV}HV�VmR�LUUHOHYDQWHV� �%��DV�EULJDV�GH�FDVDO�FRVWXPDP�WHU�PRWLYRV�MXVWRV� �&��SHUGH�VH�XP�WHPSR�SUHFLRVR�GD�YLGD�FRP�GLVFXVV}HV LQ~WHLV� �'��ILFDU�FDVDGR�UHTXHU�DFHLWDomR�H�SDFLrQFLD�FRP�EULJDV FRQVWDQWHV� �(��R�PDX�KXPRU�p�R�PDLRU�UHVSRQViYHO�SHODV EULJDV�GH FDVDO� ����1R�WUHFKR�± $QD�IRL�WRPDGD�SRU�XP�HVTXHFLPHQWR�WRWDO� LUUHPHGLiYHO��± D�SDODYUD�GHVWDFDGD�SRGH�VHU�VXEVWLWXtGD� VHP�DOWHUDomR�GH�VHQWLGR��SRU �$��LQWHUHVVDQWH� �%��GHVFRQKHFLGR� �&��LUUHSDUiYHO� �'��IUHTXHQWH� �(��FRPSUHHQVtYHO� ���� $VVLQDOH� D� DOWHUQDWLYD� HP� TXH� D� SDODYUD� GHVWDFDGD� DWULEXL XPD�TXDOLGDGH�DR�YRFiEXOR�DQWHULRU� �$��8P�WUDEDOKR�HVWUHVVDQWH��ILOKRV�GDQGR SUHRFXSDo}HV��� �%������HOD�OHPEURX�VH�TXH�WLQKD�GLVFXWLGR�FRP�R�PDULGR��� �&��$QD�VDLX�GR�TXDUWR�GHYDJDU��IRL�DWp�D�FR]LQKD��� �'��e�PXLWR�GHVSHUGtFLR�GH�YLGD� �(��6mR�WDUGHV�MRJDGDV�SHOD�MDQHOD��� ����1D�IUDVH�± 2�HVJRWDPHQWR�TXH�YHP�HQIUHQWDQGR�SDUHFH WHU� FRPSURPHWLGR� SURIXQGDPHQWH� D� PHPyULD� GHOD�� ± D SDODYUD�GHVWDFDGD�WHP�VHQWLGR�FRQWUiULR�GH �$��JUDYHPHQWH� �%��UDSLGDPHQWH� �&��LPHGLDWDPHQWH� �'��VXSHUILFLDOPHQWH� �(��VHULDPHQWH� ����$�IRUPD�YHUEDO�GHVWDFDGD�HVWi�QR�WHPSR�SUHVHQWH�HP� �$��$QD�WHYH�XPD�GLVFXVVmR�FRP�R�PDULGR��� �%��(OD�VH�HVTXHFH�GH�WXGR��� �&��6H�DV�SHVVRDV�IL]HVVHP�DV�FRQWDV��� �'������TXDQWR�WHPSR�Mi�SHUGHUDP�QHVVDV�GLVFXVV}HV��� �(������R�UHVXOWDGR�VHULD�DVVXVWDGRU� ����1R� WUHFKR� � ���� IHFKRX�RV�ROKRV�H�FRPHoRX�D� UHVSLUDU� IXQGR SDUD�VH�DFDOPDU����± D�SDODYUD�GHVWDFDGD HVWDEHOHFH VHQWLGR�GH �$��DVVXQWR� �%��FDXVD� �&��OXJDU� �'��WHPSR� �(��ILQDOLGDGH� ����2�HPSUHJR�GD�YtUJXOD�DWHQGH�j�QRUPD�SDGUmR�GD�OtQJXD SRUWXJXHVD�HP� �$��$QD��DSyV�EULJDU�FRP�R�PDULGR��IRL�SDUD�R�TXDUWR� �%��2�H[FHVVR�GH�WUDEDOKR��JHUD�LUULWDomR��QDV�SHVVRDV� �&��1RV�PRPHQWRV��GH�PDLRU�HVWUHVVH��R PHOKRU��p�WHQWDU UHOD[DU� �'�� ,QIHOL]PHQWH� VmR� PXLWR� IUHTXHQWHV�� RV� FDVRV� GH� YLROrQFLD� GRPpVWLFD� �(��+i�FDVDLV��TXH�EXVFDP�DMXGD��GH�SVLFyORJRV�H�DPLJRV� ����$VVLQDOH�D�DOWHUQDWLYD�HP�TXH�R�XVR�GD�FUDVH�HVWi�GH DFRUGR�FRP�D�QRUPD�SDGUmR�GD�OtQJXD�SRUWXJXHVD� �$��$TXHOD�SVLFyORJD�HVWi�GLVSRVWD�j�DMXGDU�R�FDVDO� �%��2�ILOKR�WHOHIRQRX�j�HOD�RQWHP�SHOD�PDQKm� �&��2�PDULGR�UHIHULD�VH�j�HVSRVD�FRP�EDVWDQWH�UHVSHLWR� �'��(OH�FKHJRX�j�WHPSR�GH�DMXGDU�QR�EDQKR�GD�ILOKD� �(��0XLWRV�FDVDLV�FRVWXPDP�GLYLGLU�jV�WDUHIDV�GH�FDVD� /HLD�R�WH[WR�SDUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV����D� ��� &RPR�FRQWURODU�DV�EULJDV�GH�FDVDO" 7RGR� FDVDO� EULJD�� ¬V� YH]HV�� SRU� XPD� TXHVWmR� GH� PRPHQWR� XP� GRV� GRLV� HVWi� HVWUHVVDGR� H� DFDED� GHVFRQWDQGR� QR� SDUFHLUR� 2X� HQWmR�� RV� GRLV� HVWmR� QHUYRVRV� H� D� VLWXDomR� SLRUD DLQGD�PDLV��6y�TXH��TXDQGR�HVVDV�EULJDV�DFRQWHFHP� D�WRGR PRPHQWR�H�VmR�JUDYHV�D�SRQWR�GH�DWUDSDOKDU�D�YLGD GH� FDVDO� p� VLQDO� GH� TXH� DOJR� QmR� YDL� EHP� QR� UHODFLRQDPHQWR� ([LVWHP�YiULRV� WLSRV�GH�FDVDLV��$TXHOHV TXH�EULJDP�D FDGD�FLQFR�PLQXWRV��PDV�VmR�SHTXHQDV�GLVFXVV}HV�OHYHV�H WXGR� YROWD� DR� QRUPDO� UDSLGDPHQWH�� (� Ki� DTXHOHV� TXH�� TXDQGR EULJDP��p�SRU�DOJR�PDLV�VpULR��JHUDQGR�XPD�JUDQGH� EDWDOKD HQWUH�DUJXPHQWRV�H�SRQWRV�GH�YLVWD��2�TXH�QmR�p� VDXGiYHO SDUD�XP�UHODFLRQDPHQWR�p�TXDQGR�DV�EULJDV�VH� WRUQDP�PRPHQWRV GH�DJUHVVmR�H�[LQJDPHQWRV��TXDQGR�DV� RSLQL}HV�VH WRUQDP�XPD�FKXYD�GH�GHVDIRURV��,VVR�PRVWUD� TXH�R�UHVSHLWR H�D� WROHUkQFLD� Mi�QmR� ID]HP�PDLV�SDUWH�GR� UHODFLRQDPHQWR� %ULJDU� FRP� IUHTXrQFLD� WDPEpP� DFDED� JHUDQGR XP� GHVJDVWH QD� UHODomR�� -XVWDPHQWH� SRU� LVVR�� p� ERP� HYLWDU� HVVD� VLWXDomR VH� UHDOPHQWH�QmR� IRU� XP�PRWLYR� YiOLGR��(�� PHVPR�TXH VHMD��p�SUHFLVR�DSUHQGHU�D�WHU�XPD�GLVFXVVmR� UHVSHLWRVD�H TXH�UHQGD�ERQV�IUXWRV� �'LVSRQtYHO�HP��KWWS���ZZZ�SVLFRORJRVEHUULQL�FRP�EU� $FHVVR�HP��������������$GDSWDGR� ����'H�DFRUGR�FRP�R�WH[WR��p�FRUUHWR�DILUPDU�TXH �$�� UDURV� VmR� RV� FDVDLV� TXH� EULJDP� GLDULDPHQWH� H� VH UHFRQFLOLDP�ORJR� �%��R�HVWUHVVH�QmR�p�IDWRU�GHWHUPLQDQWH�SDUD�DV�EULJDV GH� FDVDO� �&�� Ki� FDVDLV� TXH� EULJDP� FRP� IUHTXrQFLD�� PDV� ORJR� VH HQWHQGHP� �'��PXLWRV� FDVDLV�� GHSRLV� GD� �� RX� �� EULJD�� UHVROYHP� VH VHSDUDU� �(�� DV� DJUHVV}HV� YHUEDLV� QmR� VmR� WmR�JUDYHV� TXDQWR� DV DJUHVV}HV�ItVLFDV� ����$�OHLWXUD�GR�~OWLPR�SDUiJUDIR�SHUPLWH�DILUPDU�TXH�EULJDV IUHTXHQWHV�HQWUH�XP�FDVDO �$��LQWHUIHUHP�EDVWDQWH�QD�HGXFDomR�GRV�ILOKRV� �%��SUHFLVDP�WHU�XPD�UD]mR�UHOHYDQWH�SDUD�DFRQWHFHUHP� �&��UHWUDWDP�R�TXDQWR�XP�FDVDO�WHP�LQWHUHVVH�XP�SHOR RXWUR� �'��GHPRQVWUDP�XP�GHVHTXLOtEULR�SVLFROyJLFR�LQFXUiYHO� �(�� GHVPRUDOL]DP� D� YLGD� SURILVVLRQDO� GH� KRPHQV� H� PXOKHUHV� ����$VVLQDOH�D�DOWHUQDWLYD�HP�TXH�Ki�SDODYUD�RX�H[SUHVVmR HPSUHJDGD�FRP�VHQWLGR�ILJXUDGR� �$������XP�GRV�GRLV�HVWi�HVWUHVVDGR��� �%��([LVWHP�YiULRV�WLSRV�GH�FDVDLV� �&�� (� Ki� DTXHOHV� TXH�� TXDQGR� EULJDP�� p� SRU� DOJR� PDLV VpULR��� �'������DV�RSLQL}HV�VH�WRUQDP�XPD�FKXYD�GH�GHVDIRURV� �(������HYLWDU�HVVD�VLWXDomR�VH�UHDOPHQWH�QmR�IRU�XP�PRWLYR YiOLGR� ����1R�WUHFKR�± ����p�ERP�HYLWDU�HVVD�VLWXDomR�VH�UHDOPHQWH QmR�IRU�XP�PRWLYR�YiOLGR��± D�SDODYUD�GHVWDFDGD�HVWDEHOHFH VHQWLGR�GH �$��FRQGLomR� �%��ILQDOLGDGH� �&��FDXVD� �'��FRPSDUDomR� �(��WHPSR� ����$�FRQFRUGkQFLD�HQWUH�DV�SDODYUDV�HVWi�GH�DFRUGR�FRP�D QRUPD�SDGUmR�GD�OtQJXD�SRUWXJXHVD�HP� �$�� 6mR� PXLWRV� RV� FDVDLV� TXH� QmR� FRQVHJXH� YLYHU� HP KDUPRQLD� �%�� 'HVHTXLOLEUDGR� GHVVD�PDQHLUD�� RV� FDVDLV� WHQGH� D� VH VHSDUDU� �&��([LVWH�FDVDLV�TXH� ILFD�PXLWR� WHPSR�DR�FHOXODU��H� LVVR SUHMXGLFD�DV�UHODo}HV� �'��2V�UHODFLRQDPHQWRV�WDPEpP�DGRHFH�H�p�SUHFLVR EXVFDU� DMXGD�QHVVD�KRUD� �(��$�HVSRVD�VHTXHU�GLVVH�REULJDGD�DR�PDULGR�TXDQGR HOH� D�OHYRX�DR�WUDEDOKR� ����1R�WUHFKR�± ����RV�GRLV�HVWmR�QHUYRVRV�H�D�VLWXDomR�SLRUD DLQGD�PDLV��± D�SDODYUD�GHVWDFDGD�HVWDEHOHFH�VHQWLGR�GH �$��PRGR� �%��LQWHQVLGDGH� �&��DILUPDomR� �'��OXJDU� �(��G~YLGD� /HLD�D�WLULQKD�SDUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV���� H���� �0DXULFLR�GH�6RXVD��2V�6RXVD��8PD�IDPtOLD�GR�EDUXOKR� 3RUWR�$OHJUH��/ 30������� ����&RQIRUPH�D�OHLWXUD�GR��R�TXDGULQKR��SRGH�VH�DILUPDU�TXH R�KRPHP �$��QmR�OHYD�D�VpULR�D�DWLWXGH�GD�PXOKHU� �%��LQFHQWLYD�D�PXOKHU�D�VH�MRJDU� �&��ILFD�LQGLIHUHQWH�DR�YHU�D�PXOKHU�DPDUUDGD�D�XPD SHGUD� �'��EULQFD�FRP�D�PXOKHU��GXYLGDQGR�GDV�LQWHQo}HV�GHOD� �(��GHVHMD�HYLWDU�TXH�D�PXOKHU�VH�DWLUH� ����$�REVHUYDomR�GR�~OWLPR�TXDGULQKR�SHUPLWH�DILUPDU�TXH �$��D�PXOKHU�DFUHGLWRX�TXH�R�KRPHP�IRVVH�VH�FRUULJLU� �%��D�PXOKHU�MXURX�DR�KRPHP�TXH�QmR�LULD�VH�PDWDU� �&��R�FDVDO�FKHJRX�D�XP�DFRUGR�GH�SD]� �'��D�PXOKHU�QmR�SHUGRRX�GH�IDWR�R�PDULGR� �(��R�KRPHP�VDEH�TXH�D�PXOKHU�R�DPD�PXLWR� ���� $VVLQDOH� D� DOWHUQDWLYD� HP� TXH� D� FRORFDomR� GRV� SURQRPHV REHGHFH�j�QRUPD�SDGUmR�GD�OtQJXD�SRUWXJXHVD� �$��$�HVSRVD�GHOH�QXQFD�VH�SUHRFXSD�FRP�R�TXH�R�PDULGR VHQWH� �%��$SHVDU�GD�GLVFXVVmR�GH�RQWHP��ORJR�HQWHQGHUDP�VH H� ILFDUDP�EHP� �&��(PERUD�SHUGRDVVH�OKH��HOH� ILFRX�PDJRDGR�SRU�YiULRV GLDV� �'�� -DPDLV� GHYH�VH� EULJDU� FRP� IUHTXrQFLD�� SRUTXH� LVVR GHVJDVWD�DV�UHODo}HV� �(��1RV�DYLVDUDP�TXH�R�FDVDO�FKHJDULD�FRP�PHLD�KRUD GH� DWUDVR� ����&RQVLGHUDQGR�D�QRUPD�SDGUmR�GD� OtQJXD�SRUWXJXHVD�� DVVLQDOH D� DOWHUQDWLYD� TXH� SUHHQFKH�� FRUUHWD� H� UHVSHFWLYDPHQWH� DV�ODFXQDV�GR�WH[WR�D�VHJXLU� e� PXLWR� UXLP� TXDQGR� RV� FDVDLV� ILFDP� KDELWXDGRV BBBBBBBBBBBB EULJDV�� e� LPSRUWDQWH� TXH� DV� SHVVRDV BBBBBBBBBBBBFRQVFLHQWL]HPBBBBBBBBBBBBBBBB�p�SUHFLVR� YLYHU HP�KDUPRQLD� �$��SDUD�DV�����RV�����D�TXH �%��QDV�����OKHV�����GH�TXH �&��GDV�����RV�����HP�TXH �'��FRP�DV�����RV�����GH�TXH �(��SHODV�����OKHV�����D�TXH /HLD�R�WH[WR�SDUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV����D� ��� &ULVH�HP�SRWHQFLDO $V�FRQVHTXrQFLDV�HFRQ{PLFDV�GR�DWDTXH�DPHULFDQR�DR ,Um� VmR� DR� PHQRV� SRU� RUD� PXLWR� OLPLWDGDV�� FRP� HIHLWRV� PRGHVWRV VREUH� RV� PHUFDGRV� ILQDQFHLURV� H� GH� SHWUyOHR�� 1mR�Ki�QHP VLQDO�GH�SkQLFR��2�IXWXUR�GHVWD�FULVH��SRUpP��p� XPD� LQFyJQLWD� HP�SDUWLFXODU�SDUD�RV�DQDOLVWDV�H�SROtWLFRV� RFLGHQWDLV� (VSHFLDOLVWDV�QD�SROtWLFD�H[WHUQD�DPHULFDQD�H�JRYHUQRV DOLDGRV�GL]HP�QmR�FRPSUHHQGHU�R�SODQR�GH�'RQDOG�7UXPS� VH�p�TXH�H[LVWH�DOJXP��7DPSRXFR�Ki�FODUH]D�VREUH�TXDQGR� H FRPR�R�JRYHUQR�LUDQLDQR�UHDJLUi�DR�DVVDVVLQDWR�GH�VHX� OtGHU PLOLWDU�H�ILJXUD�SROtWLFD�SRSXODU� 'HFHUWR� KDYHUi� GHVGREUDPHQWRV�� (P� ������ 7UXPS� DEDQGRQRX R�DFRUGR�QXFOHDU�GR� ,Um��'HVGH�HQWmR��KRXYH� HVFDODGD GRV�FRQWUD�DWDTXHV�DVVLPpWULFRV�LUDQLDQRV��,VWR�p�� DWRV GH�WHUURU��VXVSHLWD�GH�DXWRULD�RX�PDQGR�GH�DWDTXHV�D� QDYLRV QR�*ROIR�3pUVLFR�H�FRQWUD�LQVWDODo}HV�SHWUROtIHUDV�QD� $UiELD 6DXGLWD H� LQWHQVLILFDomR� GR� DSRLR� D� PLOtFLDV� QR� ,UDTXH��QD 6tULD H�QR�/tEDQR� $� HVFDODGD� GR� FRQIOLWR� WHULD� FRQVHTXrQFLDV� yEYLDV� H IXQHVWDV� $�DOWD�GR�SUHoR�GR�EDUULO�GH�SHWUyOHR��GD�FDVD�GRV 86�� ��� SDUD� DOJR� SHUWR� GH� 86�� ����� WHULD� HIHLWRV� FRQWUDFLRQLVWDV QD� HFRQRPLD�PXQGLDO� H� SRGHULD� SURYRFDU� DFLGHQWHV� QR VLVWHPD� EDQFiULR��8P� WULPHVWUH� GH� SHWUyOHR� FDUR�H�GH�DSHUWR QDV�FRQGLo}HV� ILQDQFHLUDV�EDVWDULD�SDUD� QRYD�GHJUDGDomR�GR ULWPR�GD�HFRQRPLD�GR�SODQHWD�LQWHLUR� 'HSRLV�GH�DYDULDU�R�FUHVFLPHQWR�PXQGLDO�HP������FRP VHX� FRQIOLWR� HFRQ{PLFR�WHFQROyJLFR� FRP� D� &KLQD�� 7UXPS� ODQoD QRYDV�VRPEUDV�VREUH�D�HFRQRPLD�PXQGLDO� �(GLWRULDO��)ROKD�GH�6�3DXOR��������������$GDSWDGR� ����2�HGLWRULDO�GHL[D�HYLGHQWH�TXH�D�FULVH�HQWUH�,Um�H�(VWDGRV 8QLGRV �$��WHQGH�D�SHUGHU�IRUoDV�PXLWR�HP�EUHYH��FRQVLGHUDQGR�VH TXH�R�JRYHUQR�LUDQLDQR�QmR�VDEH�DR�FHUWR�FRPR UHDJLU�DR DVVDVVLQDWR�GH�VHX�OtGHU�PLOLWDU� �%�� HVWi� HQYROWD� HP� LQFHUWH]DV�� PDV� R� VHX� DFLUUDPHQWR FHUWDPHQWH� WUDULD� LPSOLFDo}HV� QHJDWLYDV� SDUD� R� VLVWHPD EDQFiULR�H�D�DOWD�QR�SUHoR�GR�EDUULO�GR�SHWUyOHR� �&�� SDVVD� D� JDQKDU� IRUoD�� Mi� TXH� Do}HV� DPHULFDQDV SUHFHGHQWHV� FRPR�R�DEDQGRQR�GR�DFRUGR�QXFOHDU�GR ,Um�� WURX[HUDP�SUHMXt]RV�DR�VLVWHPD�EDQFiULR�JOREDO� �'�� SRGH� DOLPHQWDU� D� HVFDODGD� GRV� FRQWUD�DWDTXHV DVVLPpWULFRV LUDQLDQRV�� VHP� TXH� LVVR� LPSOLTXH�� QHFHVVDULDPHQWH� SUHMXt]RV� ILQDQFHLURV� RX� DXPHQWR� GR� SHWUyOHR� �(�� JHUD� G~YLGDV� QR� FHQiULR� LQWHUQDFLRQDO�� LQGR� QD� FRQWUDPmR GD� TXHGD� GDV� WHQV}HV� EpOLFDV� HQWUH� HVVHV SDtVHV� H� WDPEpP� QD� GLPLQXLomR� GRV� DWRV� GH� WHUURULVPR JOREDO� ����1DV� SDVVDJHQV� ³���� FRP� HIHLWRV�PRGHVWRV� VREUH� RV PHUFDGRV ILQDQFHLURV� H� GH� SHWUyOHR�´� ��R�SDUiJUDIR�� H� ³$� HVFDODGD GR� FRQIOLWR� WHULD� FRQVHTXrQFLDV� yEYLDV� H IXQHVWDV�´ ��R�SDUiJUDIR���RV�WHUPRV�GHVWDFDGRV�VLJQLILFDP�� FRUUHWD H�UHVSHFWLYDPHQWH� �$��LOLPLWDGRV��SUHMXGLFLDLV� �%��PRGHUDGRV��GHVDVWURVDV� �&��UHFDWDGRV��LQFDOFXOiYHLV� �'��SDUFRV��IDYRUiYHLV� �(��DEXQGDQWHV��QHIDVWDV� ����0DQWHQGR�VH�R�VHQWLGR�RULJLQDO�H�HP�FRQIRUPLGDGH�FRP D�QRUPD�SDGUmR�GH�FRQFRUGkQFLD��SRQWXDomR�H�HPSUHJR GH� FRQMXQomR�� R� WUHFKR� GR� �R� SDUiJUDIR� ³'HFHUWR� KDYHUi GHVGREUDPHQWRV�� (P� ������ 7UXPS� DEDQGRQRX� R� DFRUGR QXFOHDU�GR� ,Um��'HVGH�HQWmR��KRXYH�HVFDODGD�GRV�FRQWUD� DWDTXHV� DVVLPpWULFRV� LUDQLDQRV�´� HVWi� DGHTXDGDPHQWH UHHVFULWR�HP� �$�� &HUWDPHQWH� YLUmR� GHVGREUDPHQWRV�� SRLV�� HP� ����� 7UXPS�DEDQGRQRX�R�DFRUGR�QXFOHDU�GR� ,Um��'HVGH HQWmR�� DXPHQWDUDP�RV�FRQWUD�DWDTXHV�DVVLPpWULFRV LUDQLDQRV� �%��3RVVLYHOPHQWH�RFRUUHUi�GHVGREUDPHQWRV��PDV�7UXPS� HP�������DEDQGRQRX�R�DFRUGR�QXFOHDU�GR�,Um��'HVGH HQWmR�� WHYH�RV�FRQWUD�DWDTXHV�DVVLPpWULFRV�LUDQLDQRV� �&��5HDOPHQWH� DFRQWHFHUmR� GHVGREUDPHQWRV�� SRUTXH HP� ������7UXPS�DEDQGRQRX�R� DFRUGR�QXFOHDU� GR� ,Um� 'HVGH� HQWmR�� GHUDP�VH� LQtFLR� DRV� FRQWUD�DWDTXHV DVVLPpWULFRV LUDQLDQRV� �'��7DOYH]�WHQKD�GHVGREUDPHQWRV��j�PHGLGD�TXH��HP ������ 7UXPS�DEDQGRQRX�R�DFRUGR�QXFOHDU�GR� ,Um� 'HVGH�HQWmR� LQWHQVLILFRX�VH�RV�FRQWUD�DWDTXHV DVVLPpWULFRV LUDQLDQRV� �(��(IHWLYDPHQWH�VH�YHUi�GHVGREUDPHQWRV��XPD�YH] TXH�� HP�������7UXPS�DEDQGRQRX�R�DFRUGR�QXFOHDU GR�,Um��'HVGH� HQWmR��VREUHYHLR�RV�FRQWUD�DWDTXHV DVVLPpWULFRV LUDQLDQRV� ���� ,GHQWLILFD�VH� H[SUHVVmR� GHVWDFDGD� HPSUHJDGD� HP� VHQWLGR ILJXUDGR�QR�WUHFKR� �$��$V�FRQVHTXrQFLDV�HFRQ{PLFDV�GR�DWDTXH�DPHULFDQR DR�,Um�VmR�DR�PHQRV�SRU�RUD�PXLWR� OLPLWDGDV� FRP�HIHLWRV PRGHVWRV�VREUH�RV�PHUFDGRV�ILQDQFHLURV H�GH�SHWUyOHR� �%��(VSHFLDOLVWDV�QD�SROtWLFD�H[WHUQD�DPHULFDQD�H�JRYHUQRV DOLDGRV�GL]HP�QmR�FRPSUHHQGHU�R�SODQR�GH 'RQDOG 7UXPS�� VH�p�TXH�H[LVWH�DOJXP� �&��,VWR�p��DWRV�GH�WHUURU��VXVSHLWD�GH�DXWRULD�RX�PDQGR GH� DWDTXHV� D� QDYLRV� QR� *ROIR� 3pUVLFR� H� FRQWUD�LQVWDODo}HV SHWUROtIHUDV�QD�$UiELD�6DXGLWD« �'�� 8P� WULPHVWUH� GH� SHWUyOHR� FDUR� H� GH� DSHUWR� QDV FRQGLo}HV ILQDQFHLUDV�EDVWDULD�SDUD�QRYD�GHJUDGDomR�GR ULWPR�GD�HFRQRPLD�GR�SODQHWD�LQWHLUR� �(��'HSRLV�GH�DYDULDU�R�FUHVFLPHQWR�PXQGLDO�HP����� FRP� VHX� FRQIOLWR� HFRQ{PLFR�WHFQROyJLFR� FRP� D &KLQD�� 7UXPS� ODQoD�QRYDV�VRPEUDV�VREUH�D�HFRQRPLD PXQGLDO� &21+(&,0(1726�(0�',5(,72 'LUHLWR�3HQDO ����'H�DFRUGR�FRP�R &yGLJR�3HQDO�EUDVLOHLUR��HP�UHODomR� DR�FULPH�GH�IDOVLGDGH�LGHROyJLFD��GLVS}H� �$�� $WHVWDU� RX� FHUWLILFDU� IDOVDPHQWH�� HP� UD]mR� GH� IXQomR� S~EOLFD�� IDWR�RX�FLUFXQVWkQFLD�TXH�KDELOLWH�DOJXpP�D�REWHU� FDUJR� S~EOLFR�� LVHQomR� GH� {QXV� RX� GH� VHUYLoR� GH� FDUiWHU� S~EOLFR��RX�TXDOTXHU�RXWUD�YDQWDJHP� �%��)DOVLILFDU��QR�WRGR�RX�HP�SDUWH��GRFXPHQWR�S~EOLFR��RX� DOWHUDU�GRFXPHQWR�S~EOLFR�YHUGDGHLUR� �&��)DOVLILFDU��QR�WRGR�RX�HP�SDUWH��DWHVWDGR�RX�FHUWLGmR��RX� DOWHUDU�R�WHRU�GH�FHUWLGmR�RX�GH�DWHVWDGR�YHUGDGHLUR��SDUD� SURYD�GH�IDWR�RX�FLUFXQVWkQFLD�TXH�KDELOLWH�DOJXpP�D�REWHU� FDUJR� S~EOLFR�� LVHQomR� GH� {QXV� RX� GH� VHUYLoR� GH� FDUiWHU� S~EOLFR��RX�TXDOTXHU�RXWUD�YDQWDJHP� �'��5HFRQKHFHU��FRPR�YHUGDGHLUD��QR�H[HUFtFLR�GH�IXQomR� S~EOLFD��ILUPD�RX�OHWUD�TXH�R�QmR�VHMD� �(��2PLWLU��HP GRFXPHQWR�S~EOLFR�RX�SDUWLFXODU��GHFODUDomR� TXH� GHOH� GHYLD� FRQVWDU�� RX� QHOH� LQVHULU� RX� ID]HU� LQVHULU� GHFODUDomR�IDOVD�RX�GLYHUVD�GD�TXH�GHYLD�VHU�HVFULWD��FRP�R� ILP� GH� SUHMXGLFDU� GLUHLWR�� FULDU� REULJDomR� RX� DOWHUDU� D� YHUGDGH�VREUH�IDWR�MXULGLFDPHQWH�UHOHYDQWH�� ��� $� UHVSHLWR� GRV� FULPHV� SUHYLVWRV� QR� &yGLJR� 3HQDO� DVVLQDOH�D�DOWHUQDWLYD�FRUUHWD� �$��2�FULPH�GH�IDOVLILFDomR�GH�SDSpLV�S~EOLFRV�p�SUySULR�GH� IXQFLRQiULR�S~EOLFR� �%��2� FULPH� GH� IDOVR� UHFRQKHFLPHQWR� GH� ILUPD� RX� OHWUD� p� SUySULR�GH�IXQFLRQiULR�S~EOLFR� �&�� 2� FULPH� GH� SHWUHFKRV� GH� IDOVLILFDomR� p� SUySULR� GH� IXQFLRQiULR�S~EOLFR� �'��2�FULPH�GH�FHUWLGmR�RX�DWHVWDGR�LGHRORJLFDPHQWH�IDOVR� SRGH�VHU�H[HFXWDGR�SRU�TXDOTXHU�SHVVRD� �(��2�FULPH�GH�IDOVLILFDomR�GH�GRFXPHQWR�S~EOLFR�p�SUySULR� GH�IXQFLRQiULR�S~EOLFR� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� VREUH� RV� FULPHV� SUDWLFDGRV�SRU� IXQFLRQiULR�S~EOLFR�FRQWUD�D�DGPLQLVWUDomR� HP�JHUDO� �$�� 1R� FULPH� GH� SHFXODWR� VH� D� UHSDUDomR� GR� GDQR� VH� SUHFHGH�j�VHQWHQoD�LUUHFRUUtYHO��H[WLQJXH�D�SXQLELOLGDGH��VH� OKH�p�SRVWHULRU��UHGX]�GH�PHWDGH�D�SHQD�LPSRVWD� �%��&RQILJXUD�R�FULPH�GH�H[FHVVR�GH�H[DomR�H[LJLU��SDUD�VL� RX�SDUD�RXWUHP��GLUHWD�RX�LQGLUHWDPHQWH��DLQGD�TXH�IRUD�GD� IXQomR� RX� DQWHV� GH� DVVXPL�OD�� PDV� HP� UD]mR� GHOD�� YDQWDJHP�LQGHYLGD� �&��1mR�Ki�PRGDOLGDGH�FXOSRVD� �'��&RQILJXUD�R�FULPH�GH�FRQFXVVmR�H[LJLU��SDUD�VL�RX�SDUD� RXWUHP��GLUHWD�RX�LQGLUHWDPHQWH��DLQGD�TXH�IRUD�GD�IXQomR� RX� DQWHV� GH� DVVXPL�OD�� PDV� HP� UD]mR� GHOD�� YDQWDJHP� GHYLGD� �(�� &RQILJXUD� R� FULPH� GH� FRUUXSomR� SDVVLYD�� VROLFLWDU� RX� UHFHEHU��SDUD�VL�RX�SDUD�RXWUHP��GLUHWD�RX� LQGLUHWDPHQWH�� DLQGD�TXH�IRUD�GD�IXQomR�RX�DQWHV�GH�DVVXPL�OD��PDV�HP� UD]mR�GHOD��YDQWDJHP�LQGHYLGD��RX�DFHLWDU�SURPHVVD�GH�WDO� YDQWDJHP� ��� $� UHVSHLWR� GRV� FULPHV� SUDWLFDGRV� SRU� IXQFLRQiULRV� S~EOLFRV�FRQWUD�D�DGPLQLVWUDomR�S~EOLFD��p�FRUUHWR�DILUPDU� TXH� �$�� 0DUWD�� IXQFLRQiULD� S~EOLFD�� DR� LQVHULU� RX� IDFLOLWDU�� D� LQVHUomR�GH�GDGRV�IDOVRV��DOWHUDU�RX�H[FOXLU�LQGHYLGDPHQWH� GDGRV�FRUUHWRV�QRV�VLVWHPDV�LQIRUPDWL]DGRV�RX�EDQFRV�GH� GDGRV� GD� $GPLQLVWUDomR� 3~EOLFD� FRP� R� ILP� GH� REWHU� YDQWDJHP�LQGHYLGD�SDUD�VL�RX�SDUD�RXWUHP�RX�SDUD�FDXVDU� GDQR��HP�WHVH��FRPHWH�R�FULPH�GH�PRGLILFDomR�RX�DOWHUDomR� QmR�DXWRUL]DGD�GH�VLVWHPD�GH�LQIRUPDo}HV�� �%��0DUFRV��QmR�VHQGR�IXQFLRQiULR�S~EOLFR��DR�H[LJLU�WULEXWR� RX�FRQWULEXLomR�VRFLDO�TXH�VDEH�RX�GHYHULD�VDEHU�LQGHYLGR�� RX��TXDQGR�GHYLGR��HPSUHJD�QD�FREUDQoD�PHLR�YH[DWyULR� RX� JUDYRVR�� TXH� D� OHL� QmR� DXWRUL]D�� HP� WHVH�� FRPHQWH� R� FULPH�GH�H[FHVVR�GH�H[DomR� �&��)UDQFLVFR��IXQFLRQiULR�S~EOLFR��DR�GHL[DU�GH�SUDWLFDU�RX� UHWDUGDU� DWR� GH� RItFLR�� FRP� LQIUDomR� GH� GHYHU� IXQFLRQDO�� FHGHQGR�D�SHGLGR�RX�LQIOXrQFLD�GH�RXWUHP��HP�WHVH��FRPHWH� R�FULPH�GH�FRUUXSomR�DWLYD� �'��7kQLD��IXQFLRQiULD�S~EOLFD��ILFD�VDEHQGR�GH�LQIUDomR�TXH� VHX�VXERUGLQDGR�FRPHWHX�QR�H[HUFtFLR�GH�FDUJR�H�SRU�SHQD�� VHQGR�D�PHVPD�FRPSHWHQWH�SDUD�UHVSRQVDELOL]i�OR��GHL[D� GH� ID]r�OR�� (P� WHVH�� 7kQLD� FRPHWH� R� FULPH� GH� FRQGHVFHQGrQFLD�FULPLQRVD�� �(�� &RQILJXUD� R� FULPH� GH� DGYRFDFLD� DGPLQLVWUDWLYD� SDWURFLQDU��DSHQDV�GLUHWDPHQWH�� LQWHUHVVH�SULYDGR�SHUDQWH� D� DGPLQLVWUDomR� S~EOLFD�� YDOHQGR�VH� GD� TXDOLGDGH� GH� IXQFLRQiULR� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�GH�DFRUGR�FRP�R�&yGLJR� 3HQDO�EUDVLOHLUR� �$��2�FULPH�GH�FRUUXSomR�DWLYD�DSHQDV�VH�FRQFUHWL]D�VH�R� IXQFLRQiULR�DFHLWDU�D�YDQWDJHP�LQGHYLGD� �%�� &RQILJXUD� R� FULPH� GH� WUiILFR� GH� LQIOXrQFLD�� VROLFLWDU�� H[LJLU��FREUDU�RX�REWHU��SDUD�VL�RX�SDUD�RXWUHP��YDQWDJHP� RX� SURPHVVD� GH� YDQWDJHP�� D� SUHWH[WR� GH� LQIOXLU� HP� DWR� SUDWLFDGR�SRU�IXQFLRQiULR�S~EOLFR�QR�H[HUFtFLR�GD�IXQomR� �&��1R� FULPH� GH� GHVREHGLrQFLD�� HP� WHVH�� R� SDUWLFXODU� VH� RS}H� DR� FXPSULPHQWR� GH� RUGHP� OHJDO� GR� IXQFLRQiULR� S~EOLFR�� VHPSUH� FRP� HPSUHJR� GH� YLROrQFLD� RX� JUDYH� DPHDoD� �'��'H�DFRUGR�FRP�R�&yGLJR�3HQDO�EUDVLOHLUR��QD�SUiWLFD�GR� FULPH� GH� UHVLVWrQFLD�� R� SDUWLFXODU� DSHQDV� DIHWD� FRP� YLROrQFLD� RX� DPHDoD� R� IXQFLRQiULR� FRPSHWHQWH� TXH� HVWi� H[HFXWDQGR�R�DWR��PDV�D�DPHDoD�RX�YLROrQFLD�QXQFD�DIHWD� TXHP�HVWi�R�DX[LOLDQGR�QR�PRPHQWR� �(��3DUD�FRQILJXUDU�R�FULPH�GH�UHVLVWrQFLD�GH�DFRUGR�FRP�R� &yGLJR�3HQDO�EUDVLOHLUR�EDVWD�DSHQDV�R�SDUWLFXODU�VH�RSRU�D� H[HFXomR� GR� DWR� OHJDO�� QmR� VHQGR� QHFHVViULR� HPSUHJDU� YLROrQFLD�RX�DPHDoD� ��� /HLD� DV� DILUPDo}HV� VREUH� R� FULPH� GH� GHQXQFLDomR� FDOXQLRVD� ,�± &RQILJXUD�R�FULPH�GH�GHQXQFLDomR�FDOXQLRVD�GDU�FDXVD� j�LQVWDXUDomR�GH�LQYHVWLJDomR�SROLFLDO��GH�SURFHVVR�MXGLFLDO�� LQVWDXUDomR�GH� LQYHVWLJDomR�DGPLQLVWUDWLYD�� LQTXpULWR� FLYLO�� VDOYR�DomR�GH�LPSURELGDGH�DGPLQLVWUDWLYD��FRQWUD�DOJXpP�� LPSXWDQGR�OKH�FULPH GH�TXH�R�VDEH�LQRFHQWH�� ,,� $� SHQD� p� GLPLQXtGD� GH�PHWDGH�� VH� D� LPSXWDomR� p� GH� SUiWLFD�GH�FRQWUDYHQomR� ,,,� $� SHQD� p� DXPHQWDGD� GH� VH[WD� SDUWH�� VH� R� DJHQWH� VH� VHUYH�DSHQDV�GH�DQRQLPDWR� (VWi�FRUUHWR�DSHQDV�R�FRQWLGR�HP� �$��,,�H�,,,� �%��,�H�,,,� �&��,,,� �'��,,� �(��,�H�,,� 'LUHLWR�3URFHVVXDO�3HQDO ��� 'H�DFRUGR�FRP�R�&yGLJR�GH�3URFHVVR�3HQDO��R MXL]�GDU� VH�i�SRU�VXVSHLWR��H��VH�QmR�R� IL]HU��SRGHUi�VHU� UHFXVDGR� SRU�TXDOTXHU�GDV�SDUWHV�� �$�� VH� IRU� DPLJR� tQWLPR� RX� LQLPLJR� GRV� DGYRJDGRV� GDV� SDUWHV� �%��VH�HOH��VHX�F{QMXJH��RX�SDUHQWH��FRQVDQJXtQHR��RX�DILP�� DWp� R� VHJXQGR� JUDX�� LQFOXVLYH�� VXVWHQWDU� GHPDQGD� RX� UHVSRQGHU� D� SURFHVVR� TXH� WHQKD� GH� VHU� MXOJDGR� SRU� TXDOTXHU�GDV�SDUWHV� �&��VH�WLYHU�DFRQVHOKDGR�TXDOTXHU�GDV�SDUWHV� �'��HOH�SUySULR�RX�VHX�F{QMXJH�RX�SDUHQWH��FRQVDQJXtQHR� RX� DILP� HP� OLQKD� UHWD� RX� FRODWHUDO� DWp� R� WHUFHLUR� JUDX�� LQFOXVLYH��IRU�SDUWH�RX�GLUHWDPHQWH�LQWHUHVVDGR�QR�IHLWR� �(�� WLYHU� IXQFLRQDGR� FRPR� MXL]� GH� RXWUD� LQVWkQFLD�� SURQXQFLDQGR�VH��GH�IDWR�RX�GH�GLUHLWR��VREUH�D�TXHVWmR� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD�� FRQIRUPH� GLVS}H� R� &yGLJR�GH�3URFHVVR�3HQDO�� �$��2�DFXVDGR��TXH�QmR�IRU�SREUH��VHUi�REULJDGR�D�SDJDU�RV� KRQRUiULRV�GR�GHIHQVRU�GDWLYR��DUELWUDGRV�SHOR�MXL]� �%��2�GHIHQVRU�QmR�SRGHUi�DEDQGRQDU�R�SURFHVVR�VHQmR� SRU�PRWLYR�LPSHULRVR��FRPXQLFDGR�SUHYLDPHQWH�R�MXL]��VRE� SHQD�GH�PXOWD��FRP�SUHMXt]R�GDV�GHPDLV�VDQo}HV�FDEtYHLV� �&��(P�WRGRV�RV�FDVRV�RV�DGYRJDGRV�H�VROLFLWDGRUHV�VHUmR� REULJDGRV��VRE�SHQD�GH�PXOWD��D�SUHVWDU�VHX�SDWURFtQLR�DRV� DFXVDGRV��TXDQGR�QRPHDGRV�SHOR�-XL]��VHP�UHVVDOYDV� �'��(P�QHQKXPD�KLSyWHVH�D�DXGLrQFLD�SRGHUi�VHU�DGLDGD� �(��(P�DOJXQV�FDVRV�SRGHUmR�IXQFLRQDU�FRPR�GHIHQVRUHV� RV�SDUHQWHV�GR�MXL]� ��� &RP� UHODomR� j� FLWDomR� GR� DFXVDGR�� DVVLQDOH� D� DOWHUQDWLYD�FRUUHWD�� �$��2�GLD�GHVLJQDGR�SDUD� IXQFLRQiULR�S~EOLFR�FRPSDUHFHU� HP�MXt]R��FRPR�DFXVDGR��VHUi�QRWLILFDGR�DVVLP�D�HOH��H�FDVR� QHFHVViULR�DR�FKHIH�GH�VXD�UHSDUWLomR� �%��2�SURFHVVR�WHUi�FRPSOHWDGD�D�VXD�IRUPDomR�TXDQGR�IRU� GHVLJQDGR�R�DGYRJDGR�SDUD�R�DFXVDGR��&��&RPSOHWDGD�D�FLWDomR�FRP�KRUD�FHUWD��VH�R�DFXVDGR�QmR� FRPSDUHFHU��VHU�OKH�i�QRPHDGR�GHIHQVRU�GDWLYR� �'��9HULILFDQGR�TXH�R�UpX�VH�RFXOWD�SDUD�QmR�VHU�FLWDGR��R� RILFLDO� GH� MXVWLoD� FHUWLILFDUi� D� RFRUUrQFLD� H� SURFHGHUi� j� FLWDomR�SRU�HGLWDO� �(��$V�FLWDo}HV�TXH�KRXYHUHP�GH�VHU� IHLWDV�HP� OHJDo}HV� HVWUDQJHLUDV�VHUmR�HIHWXDGDV�PHGLDQWH�FDUWD�SUHFDWyULD� ��� &RQIRUPH�R�&yGLJR�GH�3URFHVVR�3HQDO��D�UHVSHLWR�GR SURFHVVR�FRPXP��DVVLQDOH�D�DOWHUQDWLYD�FRUUHWD� �$�� 1RV� SURFHGLPHQWRV� RUGLQiULR� H� VXPiULR�� RIHUHFLGD� D� GHQ~QFLD�RX�TXHL[D��R�MXL]��VH�QmR�D�UHMHLWDU�OLPLQDUPHQWH�� UHFHEr�OD�i� H� RUGHQDUi� D� LQWLPDomR� GR� DFXVDGR� SDUD� UHVSRQGHU�j�DFXVDomR� SRU�HVFULWR��QR�SUD]R�GH�GH]�GLDV� �%��1R�FDVR�GH�FLWDomR�SRU�PDQGDGR��R�SUD]R�SDUD�D�GHIHVD� FRPHoDUi� D� IOXLU� D� SDUWLU� GR� FRPSDUHFLPHQWR� SHVVRDO� GR� DFXVDGR�RX�GR�GHIHQVRU�FRQVWLWXtGR� �&��5HFHELGD�D�GHQ~QFLD�RX�TXHL[D��R�MXL]�GHVLJQDUi�GLD�H� KRUD�SDUD�D�DXGLrQFLD��RUGHQDQGR�D�LQWLPDomR�GR�DFXVDGR�� GH� VHX� GHIHQVRU�� GR� 0LQLVWpULR� 3~EOLFR� H� VHPSUH� GR� TXHUHODQWH�H�GR�DVVLVWHQWH��� �'��1D� UHVSRVWD�� R� DFXVDGR�SRGHUi�DUJXLU� SUHOLPLQDUHV�H� DOHJDU� WXGR� R� TXH� LQWHUHVVH� j� VXD� GHIHVD�� RIHUHFHU� GRFXPHQWRV� H� MXVWLILFDo}HV�� HVSHFLILFDU� DV� SURYDV� SUHWHQGLGDV� H� DUURODU� WHVWHPXQKDV�� TXDOLILFDQGR�DV� H� UHTXHUHQGR�VXD�LQWLPDomR��TXDQGR�QHFHVViULR� �(��1mR� DSUHVHQWDGD� D� UHVSRVWD� QR� SUD]R� OHJDO�� RX� VH� R� DFXVDGR�� FLWDGR�� QmR� FRQVWLWXLU� GHIHQVRU�� R� MXL]� QRPHDUi� GHIHQVRU�SDUD�RIHUHFr�OD��FRQFHGHQGR�OKH�YLVWD�GRV�DXWRV� SRU�TXLQ]H�GLDV��� ��� &RP�UHODomR�DR�SURFHGLPHQWR�UHODWLYR�DRV�SURFHVVRV GH�FRPSHWrQFLD�GR�WULEXQDO�GR�M~UL��DVVLQDOH�D�DOWHUQDWLYD FRUUHWD� �$�� 2� MXL]�� IXQGDPHQWDGDPHQWH�� DEVROYHUi� GHVGH� ORJR� R� DFXVDGR�TXDQGR�GHPRQVWUDGD�FDXVD�GH�LVHQomR�GH�SHQD� RX�GH�H[FOXVmR�GR�FULPH��LVWR�QmR�VH�DSOLFD�DRV�FDVRV�GH� LQLPSXWDELOLGDGH��VHP�UHVVDOYDV� �%��2�MXL]�SRGHUi�GDU�DR�IDWR�GHILQLomR�MXUtGLFD�GLYHUVD�GD� FRQVWDQWH�GD�DFXVDomR��HPERUD�R�DFXVDGR�ILTXH�VXMHLWR�D� SHQD�PDLV�JUDYH� �&�� &RQWUD� D� VHQWHQoD� GH� SURQ~QFLD� RX� GH� DEVROYLomR� VXPiULD�FDEHUi�DSHODomR� �'�� 6H� KRXYHU� LQGtFLRV� GH� DXWRULD� RX� GH� SDUWLFLSDomR� GH� RXWUDV� SHVVRDV� QmR� LQFOXtGDV� QD� DFXVDomR�� R� MXL]�� DR� SURQXQFLDU� RX� LPSURQXQFLDU� R� DFXVDGR�� GHWHUPLQDUi� R� UHWRUQR�GRV�DXWRV�DR�0LQLVWpULR�3~EOLFR��SRU����GLDV� �(��(P�QHQKXPD�KLSyWHVH�RV�DXWRV�GR�SURFHVVR�SRGHUmR� VHU�UHPHWLGRV�D�RXWUR�MXL]�� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD�� FRQIRUPH� GLVS}H� R� &yGLJR�GH�3URFHVVR�3HQDO� �$��$SHQDV�R�7ULEXQDO�SRGHUi�UHTXHUHU�R�GHVDIRUDPHQWR�GR� MXOJDPHQWR�SDUD�RXWUD�FRPDUFD�GD�PHVPD�UHJLmR� �%��(P�QHQKXPD�KLSyWHVH�R�MXOJDPHQWR�SHOR�M~UL�SRGHUi�VHU� VXVSHQVR� �&�� 1D� SHQGrQFLD� GH� UHFXUVR� FRQWUD� D� GHFLVmR� GH� LPSURQ~QFLD� RX� TXDQGR� HIHWLYDGR� R� MXOJDPHQWR�� QmR� VH� DGPLWLUi� R� SHGLGR� GH� GHVDIRUDPHQWR�� VDOYR�� QHVWD� ~OWLPD� KLSyWHVH�� TXDQWR� D� IDWR� RFRUULGR� GXUDQWH� RX� DSyV� D� UHDOL]DomR�GH�MXOJDPHQWR�DQXODGR� �'��2�SHGLGR�GH�GHVDIRUDPHQWR�VHUi�GLVWULEXtGR�HP�DWp���� GLDV�H�WHUi�SUHIHUrQFLD�GH�MXOJDPHQWR�QD�&kPDUD�RX�7XUPD� FRPSHWHQWH��� �(�� 1mR� KDYHQGR� H[FHVVR� GH� VHUYLoR� RX� H[LVWrQFLD� GH� SURFHVVRV� DJXDUGDQGR� MXOJDPHQWR� HP� TXDQWLGDGH� TXH� XOWUDSDVVH�D�SRVVLELOLGDGH�GH�DSUHFLDomR�SHOR�7ULEXQDO�GR� -~UL��QDV�UHXQL}HV�SHULyGLFDV�SUHYLVWDV�SDUD�R�H[HUFtFLR��R� DFXVDGR� SRGHUi� UHTXHUHU� DR� 7ULEXQDO� TXH� GHWHUPLQH� D� LPHGLDWD�UHDOL]DomR�GR�MXOJDPHQWR��� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�GH�DFRUGR�FRP�D�/HL�GRV� -XL]DGRV�(VSHFLDLV�&ULPLQDLV �/HL�Q� ���������� �$��1D�DXGLrQFLD�SUHOLPLQDU��SUHVHQWH�R� UHSUHVHQWDQWH�GR� 0LQLVWpULR� 3~EOLFR�� R� DXWRU� GR� IDWR� H� D� YtWLPD� H�� REULJDWRULDPHQWH�� R� UHVSRQViYHO� FLYLO�� DFRPSDQKDGRV� SRU� VHXV�DGYRJDGRV��R�-XL]�HVFODUHFHUi�VREUH�D�SRVVLELOLGDGH� GD�FRPSRVLomR�GRV�GDQRV�H�GD�DFHLWDomR�GD�SURSRVWD�GH� DSOLFDomR�LPHGLDWD�GH�SHQD�QmR�SULYDWLYD�GH�OLEHUGDGH� �%��2V�FRQFLOLDGRUHV�VmR�DX[LOLDUHV�GD�-XVWLoD��UHFUXWDGRV�� QD�IRUPD�GD�OHL�ORFDO��SUHIHUHQWHPHQWH�HQWUH�EDFKDUpLV�HP� 'LUHLWR��LQFOXLQGR�RV�TXH�H[HUoDP�IXQo}HV�QD�DGPLQLVWUDomR� GD�-XVWLoD�&ULPLQDO� �&��0HVPR�TXH�QmR�REWLGD�D�FRPSRVLomR�GRV�GDQRV�FLYLV�� R�RIHQGLGR�QmR�SRGHUi�H[HUFHU�UHSUHVHQWDomR�YHUEDO� �'��&RPSDUHFHQGR�R�DXWRU�GR�IDWR�H�D�YtWLPD��H�QmR�VHQGR� SRVVtYHO�D�UHDOL]DomR�LPHGLDWD�GD�DXGLrQFLD�SUHOLPLQDU��VHUi� GHVLJQDGD�GDWD�SUy[LPD��GD�TXDO�DPERV�VDLUmR�FLHQWHV� �(��$�FRPSRVLomR�GRV�GDQRV�FLYLV�VHUi�UHGX]LGD�D�HVFULWR� H��KRPRORJDGD�SHOR�-XL]�PHGLDQWH�VHQWHQoD�UHFRUUtYHO��WHUi� HILFiFLD�GH�WtWXOR�D�VHU�H[HFXWDGR�QR�MXt]R�FLYLO�FRPSHWHQWH� 'LUHLWR�3URFHVVXDO�&LYLO ��� $�UHVSHLWR�GR�LPSHGLPHQWR H VXVSHLomR�GR�MXL]��DVVLQDOH� D�DOWHUQDWLYD�FRUUHWD�j�OX]�GR�&yGLJR�GH�3URFHVVR�&LYLO� �$�� 6H� UHFRQKHFHU� R� LPSHGLPHQWR� RX� D� VXVSHLomR� DR� UHFHEHU� D� SHWLomR�� R� MXL]� RUGHQDUi� LPHGLDWDPHQWH� D� UHPHVVD�GRV�DXWRV�D�VHX�VXEVWLWXWR� OHJDO��FDVR�FRQWUiULR�� GHWHUPLQDUi�D�DXWXDomR�HP�DSDUWDGR�GD�SHWLomR�H��QR�SUD]R� GH�FLQFR�GLDV��DSUHVHQWDUi�VXDV�UD]}HV��DFRPSDQKDGDV�GH� GRFXPHQWRV� H� GH� URO� GH� WHVWHPXQKDV�� VH� KRXYHU�� RUGHQDQGR�D�UHPHVVD�GR�LQFLGHQWH�DR�WULEXQDO� �%��6HUi�LOHJtWLPD�D�DOHJDomR�GH�VXVSHLomR�TXDQGR�D�SDUWH� TXH�D�DOHJD�KRXYHU�SUDWLFDGR�DWR�TXH�VLJQLILTXH�PDQLIHVWD� DFHLWDomR�GR�DUJXLGR� �&��(QTXDQWR�QmR�IRU�GHFODUDGR�R�HIHLWR�HP�TXH�p�UHFHELGR� R� LQFLGHQWH� RX� TXDQGR� HVWH� IRU� UHFHELGR� VHP� HIHLWR� VXVSHQVLYR�� D� WXWHOD� GH� XUJrQFLD� VHUi� UHTXHULGD� DR� VXEVWLWXWR�OHJDO� �'��$FROKLGD�D�DOHJDomR��WUDWDQGR�VH�GH�LPSHGLPHQWR�RX�GH� PDQLIHVWD�VXVSHLomR��R�WULEXQDO�FRQGHQDUi�R�MXL]�QDV�FXVWDV� H�UHPHWHUi�RV�DXWRV�DR�VHX�VXEVWLWXWR�OHJDO��QmR�SRGHQGR�R� MXL]�UHFRUUHU�GD�GHFLVmR� �(�� 4XDQGR� WUrV� RX� PDLV� MXt]HV� IRUHP� SDUHQWHV�� FRQVDQJXtQHRV�RX�DILQV��HP� OLQKD� UHWD�RX�FRODWHUDO��DWp�R� WHUFHLUR� JUDX�� LQFOXVLYH�� R� SULPHLUR� TXH� FRQKHFHU� GR� SURFHVVR� LPSHGH� TXH� R� RXWUR� QHOH� DWXH�� FDVR� HP� TXH� R� VHJXQGR� VH� HVFXVDUi�� UHPHWHQGR� RV� DXWRV� DR� VHX� VXEVWLWXWR�OHJDO� ��� $VVLQDOH�D�DOWHUQDWLYD�LQFRUUHWD��,QFXPEH�DR�HVFULYmR�RX� DR� FKHIH� GH VHFUHWDULD� PDQWHU� VRE� VXD� JXDUGD� H� UHVSRQVDELOLGDGH� RV� DXWRV�� QmR� SHUPLWLQGR� TXH� VDLDP�GR� FDUWyULR��H[FHWR� �$��TXDQGR�GHYDP�VHU�UHPHWLGRV�DSHQDV�DR�SDUWLGRU� �%�� TXDQGR� IRUHP� UHPHWLGRV� D� RXWUR� MXt]R� HP� UD]mR� GD� PRGLILFDomR�GD�FRPSHWrQFLD� �&��TXDQGR�WHQKDP�GH�VHJXLU�j�FRQFOXVmR�GR�MXL]� �'�� FRP� YLVWD� D� SURFXUDGRU�� DR� 0LQLVWpULR� 3~EOLFR� RX� j� )D]HQGD�3~EOLFD� �(��FRP�YLVWD�j�'HIHQVRULD�3~EOLFD� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� j� OX]� GR� &yGLJR� GH� 3URFHVVR�&LYLO� QR�TXH�GL]�UHVSHLWR�DRV�DWRV�SURFHVVXDLV� �$��2�GLUHLWR�GH�FRQVXOWDU�RV�DXWRV�GH�SURFHVVR�TXH�WUDPLWH� HP�VHJUHGR�GH�MXVWLoD�H�GH�SHGLU�FHUWLG}HV�GH�VHXV�DWRV�p� UHVWULWR�DSHQDV�jV�SDUWHV� �%��2V�DWRV�H�WHUPRV�GR�SURFHVVR��SUHIHUHQFLDOPHQWH��VHUmR� IHLWRV�FRP�R�XVR�GD�OtQJXD�SRUWXJXHVD� �&�� 'H� FRPXP� DFRUGR�� R� MXL]� H� DV� SDUWHV� SRGHP� IL[DU� FDOHQGiULR�SDUD�D�SUiWLFD�GRV�DWRV�SURFHVVXDLV��TXDQGR�IRU� R�FDVR��2�FDOHQGiULR�YLQFXOD�DV�SDUWHV�H�R�MXL]��H�RV�SUD]RV QHOH� SUHYLVWRV� VRPHQWH� VHUmR� PRGLILFDGRV� HP� FDVRV� H[FHSFLRQDLV��GHYLGDPHQWH�MXVWLILFDGRV� �'�� 2� WHUFHLUR� TXH� GHPRQVWUDU� LQWHUHVVH� MXUtGLFR� SRGH� UHTXHUHU�DR� MXL]�FHUWLGmR�GR�GLVSRVLWLYR�GD�VHQWHQoD��EHP� FRPR� GH� LQYHQWiULR�� H[FHWR� GH� SDUWLOKD� UHVXOWDQWHV� GH� GLYyUFLR�RX�VHSDUDomR� �(��2V�DWRV�SURFHVVXDLV�GHYHUmR�VHU�WRWDOPHQWH�GLJLWDLV� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�HP�UHODomR�DRV�SUD]RV� �$�� 1D� FRPDUFD�� VHomR� RX� VXEVHomR� MXGLFLiULD� RQGH� IRU� GLItFLO�R�WUDQVSRUWH��R�MXL]�SRGHUi�SURUURJDU�RV�SUD]RV�SRU�DWp� ���PHVHV��+DYHQGR�FDODPLGDGH�S~EOLFD��R� OLPLWH�SUHYLVWR� SDUD� SURUURJDomR� GH� SUD]RV� SRGHUi� VHU� H[FHGLGR� QR� Pi[LPR�HP����GLDV� �%��,QFXPELUi�DR�VHUYHQWXiULR�UHPHWHU�RV�DXWRV�FRQFOXVRV� QR� SUD]R� GH� ��� GLDV� H� H[HFXWDU� RV� DWRV� SURFHVVXDLV� QR� SUD]R�GH����GLD� �&��&RQVLGHUD�VH�MXVWD�FDXVD�R�HYHQWR�DOKHLR�j�YRQWDGH�GD� SDUWH�H�TXH�D�LPSHGLX�GH�SUDWLFDU�R�DWR�DSHQDV�SRU�VL� �'�� 1RV� SURFHVVRV� HP� DXWRV� HOHWU{QLFRV�� D�MXQWDGD� GH� SHWLo}HV�RX�GH�PDQLIHVWDo}HV�HP�JHUDO�RFRUUHUi�GH�IRUPD� DXWRPiWLFD��PHGLDQWH�DWR�GH�VHUYHQWXiULR�GD�MXVWLoD� �(��2V�GLDV�GR� FRPHoR�H� GR� YHQFLPHQWR� GR�SUD]R�VHUmR� SURWUDtGRV�SDUD�R�SULPHLUR�GLD�~WLO�VHJXLQWH��VH�FRLQFLGLUHP� FRP�GLD�HP�TXH�R�H[SHGLHQWH�IRUHQVH�IRU�HQFHUUDGR�DQWHV� RX� LQLFLDGR� GHSRLV� GD� KRUD� QRUPDO� RX� KRXYHU� LQGLVSRQLELOLGDGH�GD�FRPXQLFDomR�HOHWU{QLFD� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� HP� UHODomR� j� WXWHOD� SURYLVyULD� �$�� $� WXWHOD� SURYLVyULD� SRGH� IXQGDPHQWDU�VH� DSHQDV� HP� XUJrQFLD� �%��$�WXWHOD�SURYLVyULD�FRQVHUYD�VXD�HILFiFLD�QD�SHQGrQFLD� GR�SURFHVVR��PDV�SRGH��HP�DWp����GLDV��VHU�UHYRJDGD�RX� PRGLILFDGD� �&��2� MXL]� SRGHUi�GHWHUPLQDU� DV�PHGLGDV�TXH� FRQVLGHUDU� DGHTXDGDV�SDUD�HIHWLYDomR�GD�WXWHOD�SURYLVyULD� �'�� $� WXWHOD� SURYLVyULD� UHTXHULGD� HP� FDUiWHU� LQFLGHQWDO� GHSHQGH�GR�SDJDPHQWR�GH�FXVWDV� �(��$�WXWHOD�SURYLVyULD�GH�XUJrQFLD��FDXWHODU�RX�DQWHFLSDGD�� SRGH�VHU�FRQFHGLGD�DSHQDV�HP�FDUiWHU�DQWHFHGHQWH� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�D�UHVSHLWR�GRV�UHFXUVRV�j� OX]�GR�&yGLJR�GH�3URFHVVR�&LYLO� �$��2�UHFXUVR�SRGH�VHU�LQWHUSRVWR�SHOD�SDUWH�YHQFLGD�H�SHOR� 0LQLVWpULR� 3~EOLFR�� FRPR� SDUWH� RX� FRPR� ILVFDO� GD� RUGHP� MXUtGLFD��VDOYR�SHOR�WHUFHLUR�SUHMXGLFDGR� �%��$�HILFiFLD�GD�GHFLVmR�UHFRUULGD�SRGHUi�VHU�VXVSHQVD�SRU� GHFLVmR�GR�UHODWRU��VH�GD�LPHGLDWD�SURGXomR�GH�VHXV�HIHLWRV� KRXYHU� ULVFR� GH� GDQR� JUDYH�� GH� GLItFLO� RX� LPSRVVtYHO� UHSDUDomR�� H� ILFDU� GHPRQVWUDGD� D� SUREDELOLGDGH� GH� SURYLPHQWR�GR�UHFXUVR� �&��2V�UHFXUVRV�LPSHGHP�D�HILFiFLD�GD�GHFLVmR� �'��2�UHFRUUHQWH�SRGHUi��HP�DWp����GLDV��VHP�D�DQXrQFLD� GR�UHFRUULGR�RX�GRV�OLWLVFRQVRUWHV��GHVLVWLU�GR�UHFXUVR� �(��$�SDUWH�TXH�DFHLWDU�DSHQDV�WDFLWDPHQWH�D�GHFLVmR�QmR� SRGHUi�UHFRUUHU� ��� 6RPHQWH� VHUmR� DGPLWLGDV� D� SURSRU DomR� SHUDQWH� R� -XL]DGR�(VSHFLDO &tYHO�UHJLGR�SHOD�/HL�Q������������H[FHWR������ �$��$V�VRFLHGDGHV�GH�FUpGLWR�DR�PLFURHPSUHHQGHGRU� �%��$V�SHVVRDV�MXUtGLFDV�TXDOLILFDGDV�FRPR�2UJDQL]DomR�GD� 6RFLHGDGH�&LYLO�GH�,QWHUHVVH�3ULYDGR� �&��$V�PLFURHPSUHVDV� �'��$V�SHVVRDV�ItVLFDV�FDSD]HV� �(��$V�SHVVRDV�HQTXDGUDGDV�FRPR�PLFURHPSUHHQGHGRUHV� LQGLYLGXDLV� 'LUHLWR�&RQVWLWXFLRQDO ��� &RP� EDVH� QR� $UW�� ���� GD� &RQVWLWXLomR� GD� 5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO� �&5)%������ DVVLQDOH� D� DOWHUQDWLYD� FRUUHWD� �$��QmR�VHUi�FRQFHGLGD�H[WUDGLomR�GH�HVWUDQJHLUR�SRU�FULPH� GH�RSLQLmR��PDV�VLP�SRU�FULPH�SROtWLFR� �%��VHUi�DGPLWLGD�DomR�SULYDGD�QRV�FULPHV�GH�DomR�S~EOLFD�� VH�HVWD�QmR�IRU�LQWHQWDGD�QR�SUD]R�OHJDO� �&��R�FLYLOPHQWH�LGHQWLILFDGR�VHUi�VXEPHWLGR�D�LGHQWLILFDomR� FULPLQDO��HP�TXDOTXHU�VLWXDomR� �'�� D� OHL� QmR� SRGHUi� UHVWULQJLU� D� SXEOLFLGDGH� GRV� DWRV� SURFHVVXDLV�� PHVPR� TXH� D� GHIHVD� GD� LQWLPLGDGH� RX� R� LQWHUHVVH�VRFLDO�R�H[LJLUHP� �(�� DRV� OLWLJDQWHV�� HP� SURFHVVR� MXGLFLDO� DSHQDV�� H� DRV� DFXVDGRV HP� JHUDO� VmR� DVVHJXUDGRV� R� FRQWUDGLWyULR� H� DPSOD�GHIHVD��FRP�RV�PHLRV�H�UHFXUVRV�D�HOD�LQHUHQWHV� ��� 1RV�WHUPRV�GD�&RQVWLWXLomR�GD�5HS~EOLFD�)HGHUDWLYD�GR� %UDVLO��&5)%������p�FRUUHWR�DILUPDU�TXH� �$��R�PDQGDGR�GH�VHJXUDQoD�FROHWLYR�SRGHUi�VHU�LPSHWUDGR SRU�TXDOTXHU�SDUWLGR�SROtWLFR� �%��D�WRGRV��DSHQDV�QR�kPELWR�MXGLFLDO��VmR�DVVHJXUDGRV�D� UD]RiYHO�GXUDomR�GR�SURFHVVR�H�RV�PHLRV�TXH�JDUDQWDP�D� FHOHULGDGH�GH�VXD�WUDPLWDomR� �&��QmR�KDYHUi�SHQDV�GH�PRUWH�HP�QHQKXPD�KLSyWHVH� �'��TXDOTXHU�FLGDGmR�p�SDUWH�OHJtWLPD�SDUD�SURSRU�DomR�FLYLO� TXH� YLVH� D� DQXODU� DWR� OHVLYR�DR�SDWULP{QLR� S~EOLFR� RX�GH� HQWLGDGH� GH� TXH� R� (VWDGR� SDUWLFLSH�� j� PRUDOLGDGH� DGPLQLVWUDWLYD��DR�PHLR�DPELHQWH�H�DR�SDWULP{QLR�KLVWyULFR� H�FXOWXUDO��ILFDQGR�R�DXWRU��VDOYR FRPSURYDGD�Pi�Ip��LVHQWR� GH�FXVWDV�MXGLFLDLV�H�GR�{QXV�GD�VXFXPErQFLD� �(��FRQFHGHU�VH�i�KDEHDV�GDWD�SDUD�D�UHWLILFDomR�GH�GDGRV�� TXDQGR�QmR�VH�SUHILUD�ID]r�OR�SRU�SURFHVVR�VLJLORVR��MXGLFLDO� RX�DGPLQLVWUDWLYR�� ��� ¬� OX]� GD� &5)%����� VmR� GLUHLWRV� GRV� WUDEDOKDGRUHV� XUEDQRV�H�UXUDLV��DOpP�GH�RXWURV�TXH�YLVHP�j�PHOKRULD�GH� VXD�FRQGLomR�VRFLDO� �$��VDOiULR�IDPtOLD�SDJR�HP�UD]mR�GR�ILOKR�GH�DWp�FLQFR�DQRV� GR�WUDEDOKDGRU�QRV�WHUPRV�GD�OHL� �%��UHGXomR�GRV�ULVFRV�LQHUHQWHV�DR�WUDEDOKR��SRU�PHLR�GH� QRUPDV�GH�VD~GH��KLJLHQH�H�VHJXUDQoD� �&�� UHSRXVR� VHPDQDO� UHPXQHUDGR�� REULJDWRULDPHQWH� DRV� GRPLQJRV� �'��JR]R�GH� IpULDV�DQXDLV� UHPXQHUDGDV�FRP��QR�Pi[LPR�� XP�VH[WR�D�PDLV�GR�TXH�R�VDOiULR�QRUPDO� �(�� MRUQDGD� GH� VHLV� KRUDV� SDUD� R� WUDEDOKR� UHDOL]DGR� HP� WXUQRV� LQWHUUXSWRV� GH� UHYH]DPHQWR�� VDOYR� QHJRFLDomR� FROHWLYD� ��� 'H�DFRUGR�FRP�R�$UW������GD�&RQVWLWXLomR�GD�5HS~EOLFD� )HGHUDWLYD�GR�%UDVLO��&5)%������p�FRUUHWR�DILUPDU�TXH� �$��6mR�EUDVLOHLURV�QDWRV�RV�QDVFLGRV�QR�HVWUDQJHLUR�GH�SDL� EUDVLOHLUR� RX� GH� PmH� EUDVLOHLUD�� GHVGH� TXH� VHMDP� UHJLVWUDGRV�HP�UHSDUWLomR�EUDVLOHLUD�FRPSHWHQWH�RX�YHQKDP� D� UHVLGLU� QD�5HS~EOLFD� )HGHUDWLYD� GR� %UDVLO� H� RSWHP�� HP� TXDOTXHU� WHPSR�� GHSRLV� GH� DWLQJLGD� D� PDLRULGDGH�� SHOD� QDFLRQDOLGDGH�EUDVLOHLUD� �%�� 6mR� EUDVLOHLURV� QDWRV� RV� QDVFLGRV� QD� 5HS~EOLFD� )HGHUDWLYD�GR�%UDVLO��DLQGD�TXH�GH�SDLV�HVWUDQJHLURV��GHVGH� TXH�HVWHV�HVWHMDP�D�VHUYLoR�GH�VHX�SDtV� �&��6mR�EUDVLOHLURV�QDWRV�RV�QDVFLGRV�QR�HVWUDQJHLUR��GH�SDL� EUDVLOHLUR�RX�PmH�EUDVLOHLUD��GHVGH�TXH�TXDOTXHU�GHOHV�QmR� HVWHMDP�D�VHUYLoR�GD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO �'��6mR�EUDVLOHLURV�QDWXUDOL]DGRV�RV�TXH��QD� IRUPD�GD� OHL�� DGTXLUDP� D� QDFLRQDOLGDGH� EUDVLOHLUD�� H[LJLGDV� DRV� RULJLQiULRV� GH� SDtVHV� GH� OtQJXD� SRUWXJXHVD� DSHQDV� UHVLGrQFLD�SRU�GRLV�DQRV�LQLQWHUUXSWRV�H�LGRQHLGDGH�PRUDO� �(��6mR�EUDVLOHLURV�QDWXUDOL]DGRV�RV�HVWUDQJHLURV�HXURSHXV�� UHVLGHQWHV�QD�5HS~EOLFD�)HGHUDWLYD�GR�%UDVLO� Ki�PDLV�GH� TXLQ]H�DQRV�LQLQWHUUXSWRV�H�VHP�FRQGHQDomR�SHQDO��GHVGH� TXH�UHTXHLUDP�D�QDFLRQDOLGDGH�EUDVLOHLUD� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� HP� UHODomR� j� DGPLQLVWUDomR�S~EOLFD�GLUHWD�H�LQGLUHWD� �$�� GHSHQGH� GH� DXWRUL]DomR� OHJLVODWLYD�� HP� FDGD� FDVR�� D� FULDomR� GH� VXEVLGLiULDV�� WRGDYLD� HODV� SRGHUmR� WHU� SDUWLFLSDomR�HP�HPSUHVD�SULYDGD�FDVR�TXHLUDP� �%��$�SXEOLFLGDGH�GRV�DWRV��SURJUDPDV��REUDV�� VHUYLoRV�H� FDPSDQKDV� GRV� yUJmRV� S~EOLFRV� GHYHUi� WHU� FDUiWHU� HGXFDWLYR�� LQIRUPDWLYR� RX� GH� RULHQWDomR� VRFLDO�� GHOD� QmR� SRGHQGR� FRQVWDU� QRPHV�� VtPERORV� RX� LPDJHQV� TXH� FDUDFWHUL]HP�SURPRomR�SHVVRDO�GH�DXWRULGDGHV��DSHQDV� �&��DV�DGPLQLVWUDo}HV�WULEXWiULDV�GD�8QLmR��GRV�(VWDGRV��GR� 'LVWULWR�)HGHUDO�H�GRV�0XQLFtSLRV��DWLYLGDGHV�HVVHQFLDLV�DR� IXQFLRQDPHQWR� GR� (VWDGR�� H[HUFLGDV� SRU� VHUYLGRUHV� GH� FDUUHLUDV� HVSHFtILFDV�� WHUmR� UHFXUVRV� SULRULWiULRV� SDUD� D� UHDOL]DomR�GH�VXDV�DWLYLGDGHV�H�DWXDUmR�GH�IRUPD�LQWHJUDGD�� LQFOXVLYH� FRP� R� FRPSDUWLOKDPHQWR� GH� FDGDVWURV� H� GH� LQIRUPDo}HV�ILVFDLV��QD�IRUPD�GD�OHL�RX�FRQYrQLR��� �'�� VRPHQWH� SRU� OHL� FRPSOHPHQWDU� SRGHUi� VHU� FULDGD� DXWDUTXLD�H�DXWRUL]DGD�D�LQVWLWXLomR�GH�HPSUHVD�S~EOLFD��GH� VRFLHGDGH�GH�HFRQRPLD�PLVWD�H�GH�IXQGDomR��FDEHQGR�j�OHL HVSHFtILFD�� QR� SULPHLUR� FDVR�� GHILQLU� DV� iUHDV� GH� VXD� DWXDomR� �(�� D� DGPLQLVWUDomR� ID]HQGiULD� H� VHXV� VHUYLGRUHV� ILVFDLV� WHUmR� SUHFHGrQFLD� VREUH� WRGRV� RV� GHPDLV� VHWRUHV� DGPLQLVWUDWLYRV��QD�IRUPD�GD�OHL� ��� 'H� DFRUGR� FRP� D� &5)%���� DVVLQDOH� D� DOWHUQDWLYD� FRUUHWD� �$��6mR�HVWiYHLV�DSyV�WUrV�DQRV�GH�H[HUFtFLR��FRQWDGRV�GD� SRVVH� QR� FDUJR� S~EOLFR�� RV� VHUYLGRUHV� QRPHDGRV� HP� YLUWXGH�GH�FRQFXUVR�S~EOLFR� �%��2�VHUYLGRU�S~EOLFR�HVWiYHO�SHUGHUi�R�FDUJR�HP�YLUWXGH� GH�VHQWHQoD�MXGLFLDO�WUDQVLWDGD�HP�MXOJDGR� �&��,QYDOLGDGD�SRU�VHQWHQoD�MXGLFLDO�D�GHPLVVmR�GR�VHUYLGRU� HVWiYHO�� VHUi� HOH� UHLQWHJUDGR�� H� R� HYHQWXDO� RFXSDQWH� GD� YDJD�� VH� HVWiYHO�� UHFRQGX]LGR� DR� FDUJR� GH� RULJHP�� FRP� GLUHLWR�D�LQGHQL]DomR��DSURYHLWDGR�HP�RXWUR�FDUJR�RX�SRVWR� HP� GLVSRQLELOLGDGH� FRP� UHPXQHUDomR� SURSRUFLRQDO� DR� WHPSR�GH�VHUYLoR� �'�� &RPR� FRQGLomR� SDUD� D� DTXLVLomR� GD� HVWDELOLGDGH�� p� REULJDWyULD� D� DYDOLDomR� SHULyGLFD� GH� GHVHPSHQKR� SRU� FRPLVVmR�LQVWLWXtGD�SDUD�HVVD�ILQDOLGDGH�� �(��([WLQWR�R�FDUJR�RX�GHFODUDGD�D�VXD�GHVQHFHVVLGDGH��R� VHUYLGRU� HVWiYHO� ILFDUi� HP� GLVSRQLELOLGDGH�� FRP� UHPXQHUDomR� SURSRUFLRQDO�DR� WHPSR� GH� FRQWULEXLomR�� DWp� VHX�DGHTXDGR�DSURYHLWDPHQWR�HP�RXWUR�FDUJR��� ��� $VVLQDOH� D� DOWHUQDWLYD� TXH� SRVVXL� DSHQDV� yUJmRV� GR� 3RGHU�-XGLFLiULR� �$��7ULEXQDLV�(OHLWRUDLV�H�$GYRFDFLD�*HUDO�GD�8QLmR� �%��7ULEXQDO�6XSHULRU�GR�7UDEDOKR�H�-Xt]HV�)HGHUDLV� �&�� 'HIHQVRULD� 3~EOLFD� GD� 8QLmR� H� 6XSHULRU� 7ULEXQDO� GH� -XVWLoD� �'��0LQLVWpULR�3~EOLFR�GD�8QLmR�H�-Xt]HV�(OHLWRUDLV� �(��&RQVHOKR�1DFLRQDO�GH�-XVWLoD H�7ULEXQDLV�GH�&RQWDV�GD� 8QLmR� 'LUHLWR�$GPLQLVWUDWLYR ��� 1RV�WHUPRV�GR�(VWDWXWR�GRV�)XQFLRQiULRV�3~EOLFRV�&LYLV� GR�(VWDGR�GH�6mR�3DXOR��VREUH�DV�UHVSRQVDELOLGDGHV�GRV� IXQFLRQiULRV�S~EOLFRV�DVVLQDOH�D�DOWHUQDWLYD�FRUUHWD� �$��)RUD�GRV�FDVRV�GH�LQGHQL]DomR�j�)D]HQGD�(VWDGXDO�QRV� WHUPRV�GHVWD�OHL��D�LPSRUWkQFLD�GD�LQGHQL]DomR�SRGHUi�VHU� GHVFRQWDGD� GR� YHQFLPHQWR� RX� UHPXQHUDomR� QmR� H[FHGHQGR�R�GHVFRQWR�j�YLJpVLPD�SDUWH�GR�YDORU�GHVWHV� �%�� 6HUi� UHLQWHJUDGR� DR� VHUYLoR� S~EOLFR�� QR� FDUJR� TXH� RFXSDYD�H�FRP� WRGRV�RV�GLUHLWRV� H� YDQWDJHQV�GHYLGDV��R� VHUYLGRU� DEVROYLGR� SHOD� -XVWLoD�� PHGLDQWH� VLPSOHV� FRPSURYDomR�GH�VHQWHQoD�UHFRUUtYHO�GH�GHFLVmR�TXH�QHJXH� D�H[LVWrQFLD�GH�VXD�DXWRULD�RX�GR�IDWR�TXH�GHX�RULJHP�j�VXD� GHPLVVmR� �&�� $� UHVSRQVDELOLGDGH� DGPLQLVWUDWLYD� p� GHSHQGHQWH� GD� FULPLQDO� �'�� 2� SURFHVVR� DGPLQLVWUDWLYR� Vy� SRGHUi� VHU� VREUHVWDGR� SDUD�DJXDUGDU�GHFLVmR� MXGLFLDO�SRU�GHVSDFKR�PRWLYDGR�GD� DXWRULGDGH�FRPSHWHQWH�SDUD�DSOLFDU�D�SHQD� �(��1R�FDVR�GH�HUUR�GH�FiOFXOR�D�)D]HQGD�(VWDGXDO��QmR� WHQGR�KDYLGR�Pi�Ip��VHUi�DSOLFDGD�D�SHQD�GH�UHSUHHQVmR�H�� QD�UHLQFLGrQFLD��D�GH�GHPLVVmR� ��� $VVLQDOH�D�~QLFD�DOWHUQDWLYD�TXH�FRQWpP�XP�FDVR�HP� TXH�VHUi�DSOLFDGD�D�SHQD�GH�GHPLVVmR�D�EHP�GR�VHUYLoR� S~EOLFR GH�DFRUGR�FRP�D�/HL Q� ������� �$��LQHILFLrQFLD�QR�VHUYLoR� �%��SHGLU��SRU�HPSUpVWLPR��GLQKHLUR�RX�TXDLVTXHU�YDORUHV�D� SHVVRDV� TXH� WUDWHP� GH� LQWHUHVVHV� RX� R� WHQKDP� QD� UHSDUWLomR��RX�HVWHMDP�VXMHLWRV�j�VXD�ILVFDOL]DomR� �&��SURFHGLPHQWR�LUUHJXODU��GH�QDWXUH]D�JUDYH� �'��UHYHODU�VHJUHGRV�GH�TXH�WHQKD�FRQKHFLPHQWR�HP�UD]mR� GR�FDUJR��GHVGH�TXH�R�IDoD�FXOSRVDPHQWH�H�FRP�SUHMXt]R� SDUD�R�(VWDGR�RX�SDUWLFXODUHV� �(��DXVrQFLD�DR�VHUYLoR��VHP�FDXVD�MXVWLILFiYHO��SRU�PDLV�GH� TXDUHQWD�H�FLQFR�GLDV��LQWHUSRODGDPHQWH��GXUDQWH�XP�DQR� ��� *DEULHO�� IXQFLRQiULR�S~EOLFR��FRPHWHX�XPD� IDOWD�JUDYH� HYLGHQWH�GXUDQWH�R�VHX�KRUiULR�GH�H[SHGLHQWH�QR�FDUWyULR� HP�TXH�WUDEDOKD��3DUD�DSOLFDomR�GD�SHQDOLGDGH�TXH�*DEULHO� FRPHWHX�GH�DFRUGR�FRP�R�TXH�HVWi�SUHYLVWR�QD�/HL��������� TXHP�p�FRPSHWHQWH�SDUD�DSOLFDU�WDO�SHQD"�4XDO�VHUi�D�SHQD� SHOD� TXDO� *DEULHO� UHVSRQGHUi� H� TXDO� SURFHGLPHQWR� VHUi� DSOLFDGR�GH�DFRUGR�FRP�D�IDOWD�GLVFLSOLQDU�TXH�HOH�FRPHWHX" �$��2�*RYHUQDGRU�� UHSUHHQVmR�± VLQGLFkQFLD� �%�� 2V� &KHIHV� GH� *DELQHWH� � GHPLVVmR� ± DSXUDomR� SUHOLPLQDU� �&��2�3URFXUDGRU�*HUDO�GR�(VWDGR�± GHPLVVmR�D�EHP�GR� VHUYLoR�S~EOLFR�± SURFHVVR�DGPLQLVWUDWLYR� �'��2V�&KHIHV�GH�*DELQHWH�� VXVSHQVmR�± VLQGLFkQFLD� �(�� 2V� &KHIHV� GH� *DELQHWH� ± VXVSHQVmR� ± SURFHVVR� DGPLQLVWUDWLYR� ��� 6REUH�RV�UHFXUVRV�QD�/HL��������DVVLQDOH�D�DOWHUQDWLYD� FRUUHWD� �$��2�SUD]R�SDUD�UHFRUUHU�p�GH�YLQWH�GLDV��FRQWDGRV�DVVLP� VRPHQWH�SDUD�D�LQWLPDomR�SHVVRDO�GR�VHUYLGRU� �%��2�UHFXUVR�GHYHUi�FRQVWDU��DOpP�GR�QRPH�H�TXDOLILFDomR� GR�UHFRUUHQWH��D�H[SRVLomR�GDV�UD]}HV�GH�LQFRQIRUPLVPR� �&��2�UHFXUVR�VHUi�DSUHVHQWDGR�D�TXDOTXHU�DXWRULGDGH��TXH� WHUi�R�SUD]R�GH�GH]�GLDV�SDUD��PRWLYDGDPHQWH��PDQWHU�VXD� GHFLVmR�RX�UHIRUPi�OD� �'�� &DEHUi� UHFXUVR�� D� TXDOTXHU� WHPSR�� GD� GHFLVmR� TXH� DSOLFDU�SHQDOLGDGH� �(�� 0DQWLGD� D� GHFLVmR�� RX� UHIRUPDGD� WRWDOPHQWH�� VHUi� LPHGLDWDPHQWH� HQFDPLQKDGD� D� UHH[DPH� SHOR� VXSHULRU� KLHUiUTXLFR� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�GH�DFRUGR�FRP D�/HL�GH� ,PSURELGDGH�$GPLQLVWUDWLYD� �$�� 1R� FDVR� GH� OHVmR� DR� SDWULP{QLR� S~EOLFR�� SHUGHUi� R� DJHQWH�S~EOLFR�RX�WHUFHLUR�EHQHILFLiULR�RV�EHQV�RX�YDORUHV� DFUHVFLGRV�DR�VHX�SDWULP{QLR� �%��2V�DJHQWHV�S~EOLFRV�GH�TXDOTXHU�QtYHO�RX�KLHUDUTXLD�VmR� REULJDGRV�D�YHODU�SHOD�HVWULWD�REVHUYkQFLD�GRV�SULQFtSLRV�GH� OHJDOLGDGH�� LPSDUFLDOLGDGH�� PRUDOLGDGH� H� SXEOLFLGDGH� QR� WUDWR�GRV�DVVXQWRV�TXH�OKH�VmR�DIHWRV� �&�� 2� VXFHVVRU� GDTXHOH� TXH� FDXVDU� OHVmR� DR� SDWULP{QLR� S~EOLFR� RX� VH� HQULTXHFHU� LOLFLWDPHQWH� HVWi� VXMHLWR� jV� FRPLQDo}HV�GHVWD�OHL�DWp�R�OLPLWH�GR�YDORU�GD�KHUDQoD� �'��$�LQGLVSRQLELOLGDGH�UHFDLUi�VREUH�EHQV�TXH�DVVHJXUHP� R� LQWHJUDO� UHVVDUFLPHQWR� GR� GDQR�� RX� VREUH� R� DFUpVFLPR� SDWULPRQLDO�UHVXOWDQWH�GR�SUHMXt]R�DR�HUiULR� �(�� 4XDQGR� R� DWR� GH� LPSURELGDGH� FDXVDU� OHVmR� DR� SDWULP{QLR�S~EOLFR�RX�HQVHMDU�HQULTXHFLPHQWR�LOtFLWR��FDEHUi D� DXWRULGDGH� DGPLQLVWUDWLYD� UHVSRQViYHO� SHOR� LQTXpULWR� UHSUHVHQWDU�DR�0LQLVWpULR�3~EOLFR��SDUD�D�SHUGD�GRV�EHQV�GR� LQGLFLDGR� ��� 3ULVFLOD�� VHUYLGRUD� S~EOLFD�� SHUFHEHX� YDQWDJHP� HFRQ{PLFD�LQGLUHWD�SDUD�IDFLOLWDU�D�ORFDomR�GH�EHP�S~EOLFR�� 1RV�WHUPRV�GD�/HL Q���������3ULVFLOD� �$��&RPHWHX�DWR�GH�LPSURELGDGH�GHFRUUHQWH�GH�FRQFHVVmR� RX�DSOLFDomR�LQGHYLGD�GH�EHQHItFLR�ILQDQFHLUR�RX�WULEXWiULR� �%��1mR�FRPHWHX�QHQKXP�DWR�GH�LPSURELGDGH� �&�� &RPHWHX� DWR� GH� LPSURELGDGH� TXH� LPSRUWD� HQULTXHFLPHQWR�LOtFLWR� �'�� &RPHWHX� DWR� GH� LPSURELGDGH� TXH� FDXVD� SUHMXt]R� DR� HUiULR� �(�� &RPHWHX� DWR� GH� LPSURELGDGH� TXH� DWHQWD� FRQWUD� RV� SULQFtSLRV�GD�DGPLQLVWUDomR�S~EOLFD� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD� FRQIRUPH�GLVS}H�D�/HL�Q�� ������ VREUH�DV�SHQDV�H�D�GHFODUDomR�GH�EHQV� �$�� ,QGHSHQGHQWHPHQWH� GDV� VDQo}HV� SHQDLV�� FLYLV� H� DGPLQLVWUDWLYDV� SUHYLVWDV� QD� OHJLVODomR� HVSHFtILFD�� HVWi� R� UHVSRQViYHO�SHOR�DWR�GH�LPSURELGDGH�VXMHLWR�jV�VHJXLQWHV� FRPLQDo}HV�� TXH� VHUmR� DSOLFDGDV� VRPHQWH� FXPXODWLYDPHQWH��GH�DFRUGR�FRP D�JUDYLGDGH�GR�IDWR� �%�� $� QRPHDomR� H� R� H[HUFtFLR� GH� DJHQWH� S~EOLFR� ILFDP� FRQGLFLRQDGRV�j�DSUHVHQWDomR�GH�GHFODUDomR�GRV�EHQV�H� YDORUHV�TXH�FRPS}HP�R�VHX�SDWULP{QLR�SULYDGR��D� ILP�GH� VHU�DUTXLYDGD�QR�VHUYLoR�GH�SHVVRDO�FRPSHWHQWH� �&��1D�IL[DomR�GDV�SHQDV SUHYLVWDV�QHVWD� OHL�R� MXL]� OHYDUi� HP� FRQWD� D� H[WHQVmR� GR� GDQR� FDXVDGR�� DVVLP� FRPR� R� SURYHLWR�SDWULPRQLDO�REWLGR�SHOR�DJHQWH� �'��$�GHFODUDomR�GH�EHQV�VHUi�VHPHVWUDOPHQWH�DWXDOL]DGD� H�QD�GDWD�HP�TXH�R�DJHQWH�S~EOLFR�GHL[DU�R�H[HUFtFLR�GR� PDQGDWR��FDUJR��HPSUHJR�RX�IXQomR� �(��6HUi�SXQLGR�FRP�D�SHQD�GH�GHPLVVmR�VHP�SUHMXt]R�GH� RXWUDV�VDQo}HV�FDEtYHLV��R�DJHQWH�S~EOLFR�TXH�VH�UHFXVDU�D� SUHVWDU�GHFODUDomR�GRV�EHQV��GHQWUR�GR�SUD]R�GHWHUPLQDGR�� RX�TXH�D�SUHVWDU�IDOVD� ��� $VVLQDOH�D�DOWHUQDWLYD�FRUUHWD�GH�DFRUGR�FRP D�/HL�GH� ,PSURELGDGH�$GPLQLVWUDWLYD� �$��$�SHUGD�GD� IXQomR�S~EOLFD�H�D�FDVVDomR�GRV�GLUHLWRV� SROtWLFRV� Vy� VH� HIHWLYDP� FRP� R� WUkQVLWR� HP� MXOJDGR� GD� VHQWHQoD�FRQGHQDWyULD� �%�� $OpP� GD� VDQomR� SHQDO�� R� GHQXQFLDQWH� HVWi� VXMHLWR� D� LQGHQL]DU�R�GHQXQFLDGR�SHORV�GDQRV�PDWHULDLV��PRUDLV�RX�j� LPDJHP�TXH�KRXYHU�SURYRFDGR� �&��&RQVWLWXL�FULPH�D�UHSUHVHQWDomR�SRU�DWR�GH�LPSURELGDGH� FRQWUD�DJHQWH�S~EOLFR��VDOYR�WHUFHLUR�EHQHILFLiULR��TXDQGR�R� DXWRU�GD�GHQ~QFLD�R�VDEH�LQRFHQWH� �'�� $� DXWRULGDGH� MXGLFLDO� RX� DGPLQLVWUDWLYD� FRPSHWHQWH� SRGHUi� GHWHUPLQDU� R� DIDVWDPHQWR� GR� DJHQWH� S~EOLFR� GR� H[HUFtFLR� GR�FDUJR�� HPSUHJR�RX� IXQomR�� FRP�SUHMXt]R�GD� UHPXQHUDomR�� TXDQGR� D� PHGLGD� VH� IL]HU� QHFHVViULD� j� LQVWUXomR�SURFHVVXDO� �(��$�DSOLFDomR�GDV�VDQo}HV�SUHYLVWDV�QHVWD�OHL�GHSHQGH�GD� DSURYDomR�RX� UHMHLomR�GDV�FRQWDV�SHOR�yUJmR�GH�FRQWUROH� LQWHUQR�RX�SHOR�7ULEXQDO�RX�&RQVHOKR�GH�&RQWDV� 1RUPDV�GD�&RUUHJHGRULD�*HUDO�GD�-XVWLoD ��� 6REUH�DV�DWULEXLo}HV�GR�-XL]�&RUUHJHGRU�3HUPDQHQWH� DVVLQDOH�D�DOWHUQDWLYD�FRUUHWD��FRQIRUPH�GLVS}H�DV�1RUPDV� GD�&RUUHJHGRULD� �$��$�YLVLWD�FRUUHFLRQDO�GHSHQGH�GH�HGLWDO�H�GHOD�VH�ODQoDUi� VXFLQWR� WHUPR� QR� OLYUR� GH� YLVLWDV� H� FRUUHLo}HV�� QR� TXDO� WDPEpP� FRQVWDUmR� DV� GHWHUPLQDo}HV� TXH� R� -XL]� &RUUHJHGRU�3HUPDQHQWH�HYHQWXDOPHQWH�IL]HU�QR�PRPHQWR� �%�� $� YLVLWD� FRUUHFLRQDO� LQGHSHQGH� GH� HGLWDO� RX� TXDOTXHU� RXWUD�SURYLGrQFLD�H�GHOD�VH�ODQoDUi�VXFLQWR�WHUPR�QR�OLYUR� GH� UHJLVWUR� GH� IHLWRV� DGPLQLVWUDWLYRV�� QR� TXDO� WDPEpP FRQVWDUmR� DV� GHWHUPLQDo}HV� TXH� R� -XL]� &RUUHJHGRU� 3HUPDQHQWH�HYHQWXDOPHQWH�IL]HU�QR�PRPHQWR��&��6H�R�MXL]�DVVXPLU�D�FRUUHJHGRULD�SHUPDQHQWH�HP�FDUiWHU� GHILQLWLYR�D�SDUWLU�GR�PrV�GH�GH]HPEUR��D�FRUUHLomR�JHUDO� RUGLQiULD�SUHVFLQGLUi�GD�YLVLWD�FRUUHFLRQDO� '��2�HVFULYmR�DX[LOLDUi�R�-XL]�&RUUHJHGRU�3HUPDQHQWH�QDV� GLOLJrQFLDV�FRUUHFLRQDLV��IDFXOWDGD�D�QRPHDomR�GH�HVFULYmR� µDG�KRF¶�HQWUH�RV�GHPDLV�VHUYLGRUHV�GD�XQLGDGH� �(��GD�XQLGDGH�SHUPDQHFHUmR�j�GLVSRVLomR�GR�&RUUHJHGRU� *HUDO�GD�-XVWLoD��GRV�-Xt]HV�$VVHVVRUHV�GD�&RUUHJHGRULD� *HUDO� RX� GR� -XL]� &RUUHJHGRU� 3HUPDQHQWH�� VHP� QHFHVVLGDGH� GH� UHTXLVLomR� GH� DX[tOLR� H[WHUQR� RX� GH� UHTXLVLomR�GH�IRUoD�SROLFLDO� ��� 'R�6LVWHPD�,QIRUPDWL]DGR�2ILFLDO��PDUTXH�D�FRUUHWD� �$�� 2V� QtYHLV� GH� DFHVVR� jV� LQIRUPDo}HV� H� R� UHVSHFWLYR� FUHGHQFLDPHQWR� �VHQKD�� GRV� IXQFLRQiULRV�� SDUD� RSHUDomR� GR� 6$-�3*�� VHUmR� HVWDEHOHFLGRV� HP� H[SHGLHQWH� LQWHUQR� SHOR�-XL]�&RUUHJHGRU�3HUPDQHQWH��FRP�D�SDUWLFLSDomR�GD� 6HFUHWDULD�GH�7HFQRORJLD�GD�,QIRUPDomR�� 67,� �%��$V�DOWHUDo}HV��H[FOXV}HV�H�UHWLILFDo}HV�IHLWDV�GH�PRGR� JHUDO�QRV�GDGRV� UHJLVWUDGRV�SHOR�VLVWHPD�VHUmR�GHILQLGDV� SRU�QtYHLV�GH�FULWLFLGDGH��FXMR�DFHVVR�D�&RUUHJHGRULD�*HUDO� GD�-XVWLoD�HVWDEHOHFHUi� �&�� 2V� GDGRV� UHWLILFDGRV�� DOWHUDGRV� RX� H[FOXtGRV� VHUmR� DSDJDGRV�GHILQLWLYDPHQWH�GR�6LVWHPD�,QIRUPDWL]DGR�2ILFLDO� �'��2V�HVFULYmHV�MXGLFLDLV�GR�VHUYLoR�GH�GLVWULEXLomR�H�GRV� RItFLRV�GH�MXVWLoD�UHDOL]DUmR�DXGLWRULD�PHQVDO�QR�VLVWHPD��GH� DFRUGR�FRP�RV�QtYHLV�GH�FULWLFLGDGH�GHILQLGRV��FRPXQLFDQGR� j�&RUUHJHGRULD�*HUDO�GD�-XVWLoD�TXDOTXHU�LUUHJXODULGDGH� �(��1mR�VHUi�DGPLWLGD�H[FOXVmR�GH�SDUWH�QR�SURFHVVR�HP� VHJUHGR� GH� MXVWLoD�� SURFHGHQGR�VH� j� VXD� EDL[D�� TXDQGR� QHFHVViULR� ��� 6REUH� R� &DGDVWUDPHQWR�� 0RYLPHQWDomR� H� &RQWUROH� (OHWU{QLFR�GH�3URFHVVRV��LQGLTXH�D�DOWHUQDWLYD�LQFRUUHWD� �$��$�H[WLQomR�GR�SURFHVVR�VHUi�FDGDVWUDGD�DSHQDV�TXDQGR� HQFHUUDGR�GHILQLWLYDPHQWH�R�SURFHVVR��QDGD�UHVWDQGR�D�VHU� GHOLEHUDGR�RX�FXPSULGR�SHOR�RItFLR�GH�MXVWLoD��VHQWHQoD�RX� DFRUGR���FRQVLGHUDQGR�VH�LVRODGDPHQWH��SDUD�WDQWR��D�DomR� SULQFLSDO�� D� UHFRQYHQomR�� R� SHGLGR� FRQWUDSRVWR�� D� DomR� GHFODUDWyULD� LQFLGHQWDO�� D� RSRVLomR�� RV� HPEDUJRV� GH� GHYHGRU��j�H[HFXomR��j�H[HFXomR�ILVFDO��j�DGMXGLFDomR��j� DOLHQDomR�RX�j�DUUHPDWDomR��H�RV�HPEDUJRV�GH�WHUFHLUR� �%�� $� HQWUHJD� GHILQLWLYD� GRV� DXWRV� GH� QRWLILFDomR�� LQWHUSHODomR��SURWHVWR�RX�SURGXomR�DQWHFLSDGD�GH�SURYDV�� TXDQGR�RV�SURFHVVRV�DLQGD�WUDPLWDUHP�VRE�D�IRUPD�ItVLFD�� VHUi� FDGDVWUDGD� SHOR� RItFLR� GH� MXVWLoD�� QR� VLVWHPD� LQIRUPDWL]DGR�� HP� FDPSRV� GLVWLQWRV�� REVHUYDGD� D� SHUPDQrQFLD�HP�FDUWyULR�GXUDQWH����GLDV�SDUD�H[WUDomR�GH� FySLDV�H�FHUWLG}HV�SHORV�LQWHUHVVDGRV�QR�FDVR�GH�SURGXomR� DQWHFLSDGD�GH�SURYD� �&�� 2� VHJUHGR� GH� MXVWLoD� SRGHUi� VHU� JHUDGR� DXWRPDWLFDPHQWH�SHOR�VLVWHPD� LQIRUPDWL]DGR��D�GHSHQGHU� GD�QDWXUH]D�GD�DomR� �'��4XDQGR�D�PHVPD�SDUWH�HVWLYHU�YLQFXODGD�D�SURFHVVRV� TXH� WUDPLWDP� HP� RXWURV� RItFLRV� GH� MXVWLoD�� DV� HYHQWXDLV� UHWLILFDo}HV�GH�VHXV�GDGRV�QmR�VHUmR�DSOLFDGDV�DRV�IHLWRV� GH�RXWUR�MXt]R� �'�� &RPSHWH� DRV� RItFLRV� GH� MXVWLoD� FDGDVWUDU� QR� VLVWHPD� LQIRUPDWL]DGR�RILFLDO��D�GHFUHWDomR�GR�VHJUHGR�GH�MXVWLoD��D� FRQFHVVmR�GD�MXVWLoD�JUDWXLWD��R�GHIHULPHQWR�GD�WUDPLWDomR� SULRULWiULD� GR� SURFHVVR� RX� R� UHFRQKHFLPHQWR� GH� TXDOTXHU� EHQHItFLR�SURFHVVXDO�D�DOJXPD�GDV�SDUWHV� ��� 1D�HVFULWXUDomR�VHUmR�HYLWDGDV�DV�VHJXLQWHV�SUiWLFDV� �$�� DQRWDo}HV� D� OiSLV� QRV� OLYURV� H� DXWRV� GH� SURFHVVR�� PHVPR�TXH�D�WtWXOR�SURYLVyULR� �%�� D� DVVLQDWXUD� GH� DWRV� RX� WHUPRV� HP� EUDQFR�� WRWDO� RX� SDUFLDOPHQWH� �&��D�XWLOL]DomR�GH�FKDQFHOD��RX�GH�TXDOTXHU� UHFXUVR�TXH� SURSLFLH�D�UHSURGXomR�PHFkQLFD�GD�DVVLQDWXUD�GR�MXL]� �'�� D� XWLOL]DomR� GH� DEUHYLDWXUDV�� DEUHYLDo}HV�� DFU{QLPRV�� VLJODV�RX�VtPERORV��H[FHWXDQGR�VH�DV�IRUPDV�FRQVDJUDGDV� SHOR� 9RFDEXOiULR� 2UWRJUiILFR� GD� /tQJXD� 3RUWXJXHVD� GD� $FDGHPLD� %UDVLOHLUD� GH� /HWUDV�� DV� DGRWDGDV� SRU� yUJmRV� RILFLDLV� H� DV� FRQYHQFLRQDGDV� SRU� GHWHUPLQDGD� iUHD� GR� FRQKHFLPHQWR�KXPDQR� �(��D�XWLOL]DomR�GH�ERUUDFKD�RX� UDVSDJHP�SRU�RXWUR�PHLR� PHFkQLFR�� EHP� FRPR� D� XVR� GH� FRUUHWLYR�� GHWHUJHQWH� RX� RXWUR�PHLR�TXtPLFR�GH�FRUUHomR� ��� 6REUH� D� &RQVXOWD� H� GD� &DUJD� GRV� $XWRV DVVLQDOH� D� DOWHUQDWLYD�FRUUHWD� �$��1D�IOXrQFLD�GH�SUD]R��RV�DXWRV�QmR�VDLUmR�GR�RItFLR�GH� MXVWLoD��HP�QHQKXPD�KLSyWHVH� �%��1D�IOXrQFLD�GH�SUD]R�FRPXP��RV�DXWRV�VRPHQWH�VHUmR� UHWLUDGRV�HP�FDUJD�PHGLDQWH�UHTXHULPHQWR� �&��$�FDUJD�UiSLGD�GRV�DXWRV�VHUi�FRQFHGLGD�SHOR�HVFULYmR� RX� R� HVFUHYHQWH� UHVSRQViYHO� SHOR� DWHQGLPHQWR�� SHOR� SHUtRGR�GH����KRUDV��PHGLDQWH�FRQWUROH�GH�PRYLPHQWDomR� ItVLFD� GRV�DXWRV�� FRQIRUPH� IRUPXOiULR� D� VHU� SUHHQFKLGR�H� DVVLQDGR� SRU� DGYRJDGR� RX� HVWDJLiULR� GH� 'LUHLWR� LQGHSHQGHQWH�GH�HVWDU�FRQVWLWXtGR�QR�SURFHVVR��RX�DLQGD� SRU� SHVVRD� FUHGHQFLDGD�SHOR� DGYRJDGR�RX� VRFLHGDGH�GH� DGYRJDGRV� �'��$�FDUJD�UiSLGD�GRV�DXWRV�VHUi�FRQFHGLGD�SHOR�HVFULYmR� RX� R� HVFUHYHQWH� UHVSRQViYHO� SHOR� DWHQGLPHQWR�� SHOR SHUtRGR�GH����KRUDV��PHGLDQWH�FRQWUROH�GH�PRYLPHQWDomR� ItVLFD� GRV�DXWRV�� FRQIRUPH� IRUPXOiULR� D� VHU� SUHHQFKLGR�H� DVVLQDGR� SRU� DGYRJDGR� RX� HVWDJLiULR� GH� 'LUHLWR� GHYLGDPHQWH�FRQVWLWXtGR�QR�SURFHVVR��RX�DLQGD�SRU�SHVVRD� FUHGHQFLDGD�SHOR�DGYRJDGR�RX�VRFLHGDGH�GH�DGYRJDGRV� �(��2�IRUPXOiULR�GH�FRQWUROH�GH�PRYLPHQWDomR� ItVLFD�VHUi� MXQWDGR�DRV�DXWRV�QR�H[DWR�PRPHQWR�GH�VXD�GHYROXomR�DR� RItFLR� GH� MXVWLoD�� FHUWLILFDQGR�VH� R� UHVSHFWLYR� SHUtRGR� GH� YLVWD� &21+(&,0(1726�*(5$,6 1Ro}HV�VREUH�'LUHLWRV GDV�3HVVRDV�FRP�'HILFLrQFLD ��� 1RV�WHUPRV�GD�/HL�)HGHUDO�Q���������VREUH�R�'LUHLWR�j� YLGD��LQGLTXH D�DOWHUQDWLYD�FRUUHWD� �$�� 2� FRQVHQWLPHQWR� GD� SHVVRD� FRP� GHILFLrQFLD� HP� VLWXDomR�GH�FXUDWHOD�QmR�SRGHUi�VHU�VXSULGR� �%�� (P� VLWXDo}HV� DSHQDV� GH� HPHUJrQFLD� RX� HVWDGR� GH� FDODPLGDGH� S~EOLFD�� D� SHVVRD� FRP� GHILFLrQFLD� VHUi� FRQVLGHUDGD� YXOQHUiYHO�� GHYHQGR� R� SRGHU� S~EOLFR� DGRWDU� PHGLGDV�SDUD�VXD�SURWHomR�H�VHJXUDQoD� �&��$�SHVVRD�FRP�GHILFLrQFLD�QmR�SRGHUi�VHU�REULJDGD�D�VH� VXEPHWHU� D� LQWHUYHQomR� FOtQLFD� RX� FLU~UJLFD�� RX� D� LQVWLWXFLRQDOL]DomR�IRUoDGD��FRP�H[FHomR�GH�WUDWDPHQWR� �'��&RPSHWH�j�IDPtOLD�JDUDQWLU�D�GLJQLGDGH�GD�SHVVRD�FRP� GHILFLrQFLD�DR�ORQJR�GH�WRGD�D�YLGD��� �(��2�FRQVHQWLPHQWR�SUpYLR��OLYUH�H�HVFODUHFLGR�GD�SHVVRD� FRP� GHILFLrQFLD� p� LQGLVSHQViYHO� SDUD� D� UHDOL]DomR� GH WUDWDPHQWR�� SURFHGLPHQWR�� KRVSLWDOL]DomR� H� SHVTXLVD� FLHQWtILFD� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� j� OX]� GR� (VWDWXWR� GD� 3HVVRD�FRP�'HILFLrQFLD VREUH�R�'LUHLWR�DR�WUDEDOKR� �$�� $� KDELOLWDomR� SURILVVLRQDO� FRUUHVSRQGH� DR� SURFHVVR� GHVWLQDGR�D�SURSLFLDU�j�SHVVRD�FRP�GHILFLrQFLD�DTXLVLomR� GH�FRQKHFLPHQWRV��KDELOLGDGHV�H�DSWLG}HV�SDUD�H[HUFtFLR�GH� SURILVVmR� RX� GH� RFXSDomR�� SHUPLWLQGR� QtYHO� VXILFLHQWH� GH� GHVHQYROYLPHQWR� SURILVVLRQDO� SDUD� LQJUHVVR� QR� FDPSR� GH� WUDEDOKR� �%��(TXLSH�LQWHUGLVFLSOLQDU�LQGLFDUi�SURJUDPD�GH�KDELOLWDomR� RX�GH�UHDELOLWDomR�TXH�SRVVLELOLWH�j�SHVVRD�FRP�GHILFLrQFLD� UHVWDXUDU� VXD� FDSDFLGDGH� H� KDELOLGDGH� SURILVVLRQDO� RX� DGTXLULU�QRYDV�FDSDFLGDGHV�H�KDELOLGDGHV�GH�WUDEDOKR� �&��$SHQDV�RV�VHUYLoRV�GH�KDELOLWDomR�SURILVVLRQDO�GHYHUmR� VHU�RIHUHFLGRV�HP�DPELHQWHV�DFHVVtYHLV�H�LQFOXVLYRV� �'�� $� KDELOLWDomR� SURILVVLRQDO� H� D� HGXFDomR� SURILVVLRQDO� DWHQGHUmR�j�SHVVRD�FRP�GHILFLrQFLD� �(��2V�VHUYLoRV�GH�KDELOLWDomR�SURILVVLRQDO��GH�UHDELOLWDomR� SURILVVLRQDO�H�GH�HGXFDomR�SURILVVLRQDO�GHYHP VHU�GRWDGRV� GH�UHFXUVRV�QHFHVViULRV�SDUD�DWHQGHU�D�WRGD�SHVVRD�FRP� GHILFLrQFLD��GHSHQGHQGR�GH�VXD�FDUDFWHUtVWLFD�HVSHFtILFD�D� ILP�GH�TXH�HOD�SRVVD�VHU�FDSDFLWDGD�SDUD�WUDEDOKR�TXH�OKH� VHMD�DGHTXDGR�H�WHU�SHUVSHFWLYDV�GH�REWr�OR��GH�FRQVHUYi� OR�H�GH�QHOH�SURJUHGLU�������� ��� $VVLQDOH�D�DOWHUQDWLYD�LQFRUUHWD�HP�UHODomR�DR�TXH�QmR� DIHWD�D�SOHQD�FDSDFLGDGH�FLYLO�GD�SHVVRD�FRP�GHILFLrQFLD� �$�� H[HUFHU� R� GLUHLWR� j� JXDUGD�� j� WXWHOD�� j� FXUDWHOD� H� j� DGRomR�� DSHQDV� FRPR� DGRWDQWH�� HP� LJXDOGDGH� GH� RSRUWXQLGDGHV�FRP DV�GHPDLV�SHVVRDV� �%��H[HUFHU�GLUHLWRV�VH[XDLV�H�UHSURGXWLYRV� �&��H[HUFHU�R�GLUHLWR�GH�GHFLGLU�VREUH�R�Q~PHUR�GH�ILOKRV� �'��FRQVHUYDU�VXD�IHUWLOLGDGH��VHQGR�YHGDGD�D�HVWHULOL]DomR�FRPSXOVyULD� �(��FDVDU�VH�H�FRQVWLWXLU�XQLmR�HVWiYHO����������� ��� $VVLQDOH� D� DOWHUQDWLYD� FRUUHWD� GH� DFRUGR� FRP� D� 5HVROXomR�Q������ �$�� $SHQDV� DV� HGLILFDo}HV� S~EOLFDV� D� VHUHP� FRQVWUXtGDV� GHYHP�JDUDQWLU�DFHVVLELOLGDGH�j�SHVVRD�FRP�GHILFLrQFLD�HP� WRGDV� DV� VXDV� GHSHQGrQFLDV H� VHUYLoRV�� WHQGR� FRPR� UHIHUrQFLD�DV�QRUPDV�GH�DFHVVLELOLGDGH�YLJHQWHV� �%��e�GHIHVR�DR�3RGHU�-XGLFLiULR�H�VHXV�VHUYLoRV�DX[LOLDUHV� LPSRU�DR�XVXiULR�FRP�GHILFLrQFLD�FXVWR�DQRUPDO��GLUHWR�RX� LQGLUHWR��SDUD�R�DPSOR�DFHVVR�D�VHUYLoR�S~EOLFR�RIHUHFLGR� �&�� 3DUD� DWHQGHU� DRV� XVXiULRV� H[WHUQRV� TXH� WHQKDP� GHILFLrQFLD�� GHYHU�VH�i� UHVHUYDU�� QDV� iUHDV� GH� HVWDFLRQDPHQWR� DEHUWDV� DR� S~EOLFR�� YDJDV� SUy[LPDV� DRV� DFHVVRV� GH� FLUFXODomR� GH� SHGHVWUHV�� GHYLGDPHQWH� VLQDOL]DGDV�� SDUD� YHtFXORV� TXH� WUDQVSRUWHP� SHVVRDV� FRP� GHILFLrQFLD�H�FRP�FRPSURPHWLPHQWR�GH�PRELOLGDGH��GHVGH� TXH�GHYLGDPHQWH�LGHQWLILFDGRV��HP�SHUFHQWXDO�HTXLYDOHQWH� D����GR�WRWDO��JDUDQWLGD��QR�PtQLPR��XPD�YDJD� �'�� 0HVPR� VH� WRGDV� DV� YDJDV� GLVSRQtYHLV� HVWLYHUHP� RFXSDGDV�� D� DXWRULGDGH� FRPSHWHQWH� GHYHUi� DJLU� FRP� R� Pi[LPR�GH�HPSHQKR�SDUD��QD�PHGLGD�GR�SRVVtYHO��IDFLOLWDU� R�DFHVVR�GR�XVXiULR�FRP�GHILFLrQFLD�jV�VXDV�GHSHQGrQFLDV�� DLQGD�TXH��SDUD�WDQWR��VHMD�QHFHVViULR�GDU�DFHVVR�D�YDJD� GHVWLQDGD�DR�S~EOLFR�LQWHUQR�GR�yUJmR� �(��7RGRV�RV�SURFHGLPHQWRV�OLFLWDWyULRV�GR�3RGHU -XGLFLiULR� GHYHUmR�VH�DWHU�SDUD�SURGXWRV�DFHVVtYHLV�jV�SHVVRDV�FRP� GHILFLrQFLD��DSHQDV�DRV�VHUYLGRUHV� ��� $QDOLVH� DV� DILUPDo}HV� DEDL[R GH� DFRUGR� FRP� D� 5HVROXomR�Q������ , � 7RGD�SHVVRD� FRP�GHILFLrQFLD� WHP�R�GLUHLWR� D� TXH� VXD� LQWHJULGDGH� ItVLFD�H�PHQWDO�VHMD� UHVSHLWDGD��HP� LJXDOGDGH� GH�FRQGLo}HV�FRP�DOJXPDV�SHVVRDV� ,, � e�SURLELGD�TXDOTXHU�IRUPD�GH�GLVFULPLQDomR�SRU�PRWLYR� GH� GHILFLrQFLD�� GHYHQGR�VH� JDUDQWLU� DV� SHVVRDV� FRP� GHILFLrQFLD�± VHUYLGRUHV��VHUYHQWXiULRV�H[WUDMXGLFLDLV��VDOYR� DRV�WHUFHLUL]DGRV�± LJXDO�H�HIHWLYD�SURWHomR�OHJDO�FRQWUD�D� GLVFULPLQDomR�SRU�TXDOTXHU�PRWLYR� ,,, � $SOLFDP�VH� DRV� VHUYLGRUHV�� DRV� VHUYHQWXiULRV� H[WUDMXGLFLDLV�H�DRV� WHUFHLUL]DGRV�FRP�GHILFLrQFLD��QR�TXH� FRXEHU��WRGDV�DV�GLVSRVLo}HV�SUHYLVWDV�DQWHULRUPHQWH�QHVWD� 5HVROXomR� (VWi�FRUUHWR�DSHQDV�R�TXH�VH�DILUPD�HP� �$��,,,� �%��,�H�,,,� �&��,�H�,,� �'��7RGDV�HVWmR�FRUUHWDV� �(��1HQKXPD�HVWi�FRUUHWD� ��� &DGD�yUJmR�GR�3RGHU�-XGLFLiULR�GHYHUi�GLVSRU�GH��SHOR� PHQRV�� BBBBBB GH� VHUYLGRUHV�� BBBBBBBBBBBBBBBBB� FDSDFLWDGRV�SDUD�R�XVR�H�LQWHUSUHWDomR�GD�/LEUDV� &RPSOHWH�DV� ODFXQDV�GR������GR�$UW�����GD�5HVROXomR�Q�� ���� �$������ DSHQDV�IXQFLRQiULRV�� �%������ IXQFLRQiULRV�H�WHUFHLUL]DGRV� �&������ IXQFLRQiULRV�H�WHUFHLUL]DGRV� �'������ DSHQDV�IXQFLRQiULRV� �(������ IXQFLRQiULRV�H�WHUFHLUL]DGRV� 0DWHPiWLFD ���� (P� XP� ORWH� GH� ���� SHoDV�� ���� HVWmR� SHUIHLWDV� $OJXPDV SHoDV� FRP� GHIHLWRV� PDLV� JUDYHV� IRUDP GHVFDUWDGDV�H UHWLUDGDV GR�ORWH��H��GHVVH�PRGR��DV�SHoDV� SHUIHLWDV�SDVVDUDP D�UHSUHVHQWDU�����GDV�SHoDV�UHVWDQWHV� QR�ORWH� 2�Q~PHUR�GH�SHoDV�UHWLUDGDV�GR�ORWH�IRL �$����� �%����� �&����� �'����� �(����� ����-DUEDV�YHULILFRX�R�Q~PHUR�GH�TXHVW}HV�GH�XPD�SURYD H R�WHPSR�WRWDO�HVWLSXODGR�SDUD�D�VXD�UHDOL]DomR�H FRQFOXLX� TXH��VH�JDVWDU���PLQXWRV�H����VHJXQGRV�SDUD UHVROYHU FDGD� TXHVWmR�� WHUPLQDUi�D� UHVROXomR�GH� WRGDV DV�TXHVW}HV���� PLQXWRV�DQWHV�GR�KRUiULR�OLPLWH��3DUD TXH�SXGHVVH�JDVWDU��� PLQXWRV�SDUD� UHVROYHU�FDGD�TXHVWmR� R�KRUiULR� OLPLWH� WHULD TXH� VHU� DXPHQWDGR� HP�PDLV ��� PLQXWRV�� 2� WHPSR� WRWDO HVWLSXODGR�SDUD�D�UHDOL]DomR GHVVD�SURYD�HUD�GH �$����KRUDV�H����PLQXWRV� �%����KRUDV�H����PLQXWRV� �&����KRUDV�H����PLQXWRV� �'����KRUDV�H����PLQXWRV� �(����KRUDV�H����PLQXWRV� ��� 1D� ILJXUD�� FRP�GLPHQV}HV� LQGLFDGDV�HP�FHQWtPHWURV� $%&'�p�XPD�SODFD�PHWiOLFD�UHWDQJXODU��QD�TXDO�VH�GHVWDFD XPD�UHJLmR�UHWDQJXODU�5� 6H�R�SHUtPHWUR�GD�SODFD�UHWDQJXODU�$%&'�p����FP��HQWmR D� PHGLGD�GD�GLDJRQDO�GD�UHJLmR�UHWDQJXODU�5�� LQGLFDGD SHOD� OLQKD�SRQWLOKDGD�QD�ILJXUD��p�LJXDO�D �$����FP� �%����FP� �&����FP� �'�����FP� �(�����FP� 5�$�6�&�8�1�+�2 ����&HUWR�FRQFXUVR�S~EOLFR�WHYH�XP�WRWDO�GH�Q�FDQGLGDWRV LQVFULWRV��6DEH�VH�TXH�Ki����PXOKHUHV� �0��D�PDLV�TXH R Q~PHUR�GH�KRPHQV��+���H�TXH�Q�FRUUHVSRQGH�D�����+� 'HVVH�PRGR��R�YDORU�GH�Q�p �$������ �%������ �&������ �'������ �(������ ����8PD� SHVVRD� HVWDYD�� LQLFLDOPHQWH�� ORFDOL]DGD� HP� XP SRQWR�$��(OD�FDPLQKRX����PHWURV�HP� OLQKD� UHWD�H�SDURX� GHWHUPLQDQGR XP�SRQWR�%��1R�SRQWR�%��HOD�JLURX���� SDUD�D GLUHLWD��FDPLQKRX�PDLV����PHWURV��HP�OLQKD�UHWD� H�SDURX� GHWHUPLQDQGR�XP�SRQWR�&��1R�SRQWR�&��HVVD SHVVRD�JLURX SDUD�D�GLUHLWD��R�VXILFLHQWH��H�FDPLQKRX��HP OLQKD�UHWD��DWp� UHWRUQDU�DR�SRQWR�$��GH�RULJHP��$R�WRGR� QHVVH�WUDMHWR��HVVD� SHVVRD�FDPLQKRX �$�����PHWURV� �%�����PHWURV� �&�����PHWURV� �'�����PHWURV� �(�����PHWURV� ����2�WRWDO�GH�5������������VHUi�GLYLGLGR�HQWUH�$QD��5DXO�H ,YR��5DXO�UHFHEHUi�5���������D�PDLV�TXH�D�TXDUWD�SDUWH GR YDORU�TXH�$QD�UHFHEHUi��H�,YR�UHFHEHUi�5���������D PHQRV TXH�R�WULSOR�GR�YDORU�TXH�5DXO�UHFHEHUi��1HVVD GLYLVmR��R� YDORU�TXH�$QD�UHFHEHUi�p �$��5����������� �%��5����������� �&��5����������� �'��5����������� �(��5����������� 5�$�6�&�8�1�+�2 5DFLRFtQLR�/yJLFR ����'R� SRQWR� GH� YLVWD� OyJLFR�� GL]HU� ³6H� HX� WUDEDOKR� FRP HPSHQKR� HQWmR�RV�UHVXOWDGRV�VHUmR�PHOKRUHV�´�p�R�PHVPR� TXH GL]HU� �$��³(X�QmR�WUDEDOKR�FRP�HPSHQKR�RX�RV�UHVXOWDGRV VHUmR� PHOKRUHV�´ �%��³2V�UHVXOWDGRV�QmR�VHUmR�PHOKRUHV��H�HX�QmR�WUDEDOKR FRP�HPSHQKR�´ �&�� ³(X� WUDEDOKR� FRP� HPSHQKR�� H� RV� UHVXOWDGRV� VHUmR PHOKRUHV�´ �'�� ³6H�RV� UHVXOWDGRV� VHUmR�PHOKRUHV�� HQWmR�HX� WUDEDOKR FRP�HPSHQKR�´ �(��³6H�HX�QmR�WUDEDOKR�FRP�HPSHQKR��HQWmR�RV�UHVXOWDGRV QmR�VHUmR�PHOKRUHV�´ ����1D�VHTXrQFLD����������������������������������������� �����������������D�GLIHUHQoD�HQWUH�R���R�WHUPR�H�R���R�WHUPR�p� VXSHUDGD�SHOD�GLIHUHQoD�HQWUH�R���R�WHUPR�H�R��R�WHUPR�HP �$����XQLGDGHV� �%�����XQLGDGHV� �&�����XQLGDGHV� �'����XQLGDGHV� �(����XQLGDGHV� ����8PD�DILUPDomR�TXH�FRUUHVSRQGD�j�QHJDomR�OyJLFD�GH� ³6H R�FRPEXVWtYHO�DFDEDU��HQWmR�R�YHtFXOR�QmR�FRQVHJXH� VXELU D�ODGHLUD�´�p� �$��³2�YHtFXOR�FRQVHJXH�VXELU�D� ODGHLUD�RX�R�FRPEXVWtYHO DFDED�´ �%�� ³6H� R� YHtFXOR� FRQVHJXH� VXELU� D� ODGHLUD�� HQWmR� R FRPEXVWtYHO QmR�DFDED�´ �&��³6H�R�FRPEXVWtYHO�QmR�DFDED��HQWmR�R�YHtFXOR�FRQVHJXH VXELU�D�ODGHLUD�´ �'��³2�FRPEXVWtYHO�QmR�DFDED��H�R�YHtFXOR�FRQVHJXH�VXELU D�ODGHLUD�´ �(�� ³2� FRPEXVWtYHO� DFDED�� H� R� YHtFXOR� FRQVHJXH� VXELU� D ODGHLUD�´ 5�$�6�&�8�1�+�2 ����+XJR�� -RVp� H� /XL]� VmR� WULJrPHRV� H�� TXDQGR� RV� WUrV VDHP MXQWRV��REHGHFHP�DV�VHJXLQWHV�UHJUDV� ��2X�-RVp�RX�/XL]�GHYH�XVDU�FDPLVD�DPDUHOD��PDV�QXQFD DPERV� ��+XJR�XVD�FDPLVD�DPDUHOD�VH�H�VRPHQWH�VH�-RVp�XVD� ��6H�/XL]�XVDU�FDPLVD�DPDUHOD��HQWmR�+XJR�WDPEpP�XVD� 'H�DFRUGR�FRP�HVVDV�UHJUDV��TXDQGR�RV�WUrV�LUPmRV VDHP� MXQWRV� �$��-RVp�QXQFD�XVD�FDPLVD�DPDUHOD��+XJR�H�/XL]�VHPSUH XVDP� �%��+XJR�VHPSUH�XVD�FDPLVD�DPDUHOD��-RVp�H�/XL]�QXQFD XVDP� �&��/XL]�VHPSUH�XVD�FDPLVD�DPDUHOD��+XJR�H�-RVp�QXQFD XVDP� �'��-RVp�VHPSUH�XVD�FDPLVD�DPDUHOD��+XJR�H�/XL]�QXQFD XVDP� �(��/XL]�QXQFD�XVD�FDPLVD�DPDUHOD��+XJR�H�-RVp�VHPSUH XVDP� ����&RQVLGHUH�D�VHTXrQFLD��������������������������������� ��� ������«��HP�TXH����p�R�SULPHLUR�WHUPR�����R�VHJXQGR WHUPR� H� DVVLP� SRU� GLDQWH�� GH� DFRUGR� FRP� R� SDGUmR�� 2 Q~PHUR� GH� WHUPRV� GHVVD� VHTXrQFLD� TXH� SRVVXHP H[DWDPHQWH ��DOJDULVPRV�p �$������ �%������ �&������ �'������ �(������ ����&RQVLGHUH�D�VHJXLQWH�DILUPDomR� 2�WpFQLFR�HP�DQiOLVHV�FOtQLFDV�UHDOL]D�WHVWHV�ODERUDWRULDLV�H� ID]�DQiOLVHV�PLFURVFySLFDV� 8PD� QHJDomR� OyJLFD� SDUD� D� DILUPDomR� DSUHVHQWDGD� HVWi� FRQWLGD�QD�DOWHUQDWLYD� �$�� 2� WpFQLFR� HP� DQiOLVHV� FOtQLFDV� QmR� UHDOL]D� WHVWHV ODERUDWRULDLV H�QmR�ID]�DQiOLVHV�PLFURVFySLFDV� �%�� 2� WpFQLFR� HP� DQiOLVHV� FOtQLFDV� QmR� UHDOL]D� WHVWHV ODERUDWRULDLV RX�QmR�ID]�DQiOLVHV�PLFURVFySLFDV� �&�� 2� WpFQLFR� HP� DQiOLVHV� FOtQLFDV� QmR� UHDOL]D� WHVWHV ODERUDWRULDLV� PDV�ID]�DQiOLVHV�PLFURVFySLFDV� �'�� 4XHP� UHDOL]D� WHVWHV� ODERUDWRULDLV� H� ID]� DQiOLVHV� PLFURVFySLFDVQmR�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV� �(��4XHP�QmR�UHDOL]D�WHVWHV�ODERUDWRULDLV�H�QmR�ID]�DQiOLVHV PLFURVFySLFDV�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV� 5�$�6�&�8�1�+�2 ����&RQVLGHUH�YHUGDGHLUD�D�DILUPDomR�,�H�IDOVD�D�DILUPDomR ,,� ,��&DUORV�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV� ,,��$QD�p�WpFQLFD�HP�DQiOLVHV�FOtQLFDV� &RP� EDVH� QDV� LQIRUPDo}HV� DSUHVHQWDGDV�� DVVLQDOH� D DOWHUQDWLYD TXH�FRQWpP�XPD�DILUPDomR�YHUGDGHLUD� �$��6H�&DUORV�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV��HQWmR�$QD p� WpFQLFD�HP�DQiOLVHV�FOtQLFDV� �%��&DUORV�QmR�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV�H�$QD�QmR p WpFQLFD�HP�DQiOLVHV�FOtQLFDV� �&��6H�$QD�QmR�p�WpFQLFD�HP�DQiOLVHV�FOtQLFDV��HQWmR &DUORV� QmR�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV� �'��&DUORV�H�$QD�VmR�WpFQLFRV�HP�DQiOLVHV�FOtQLFDV� �(��6H�$QD�p�WpFQLFD�HP�DQiOLVHV�FOtQLFDV��HQWmR�&DUORV p� WpFQLFR�HP�DQiOLVHV�FOtQLFDV� ����6DEH�VH�TXH� WRGRV�RV� LUPmRV�GH�0iUFLD�VmR� WpFQLFRV HP DQiOLVHV�FOtQLFDV��/RJR��p�FRUUHWR�DILUPDU�TXH �$��6H�$UPDQGR�QmR�p� LUPmR�GH�0iUFLD��HQWmR�HOH�QmR�p WpFQLFR�HP�DQiOLVHV�FOtQLFDV� �%��0iUFLD�H�VHXV�LUPmRV�VmR�WpFQLFRV�HP�DQiOLVHV�FOtQLFDV� �&��6H�-RVXp�QmR�p�WpFQLFR�HP�DQiOLVHV�FOtQLFDV��HQWmR HOH� QmR�p�LUPmR�GH�0iUFLD� �'��0iUFLD�QmR�p�WpFQLFD�HP�DQiOLVHV�FOtQLFDV� �(�� 6H� &DLR� p� WpFQLFR� HP� DQiOLVHV� FOtQLFDV�� HQWmR� HOH� p LUPmR�GH�0iUFLD� ���� (P� FHUWR� JUXSR� FRP� ��� SURILVVLRQDLV� IRUPDGRV� QDV� iUHDV $�� %� RX� &�� �� SHVVRDV� WrP� IRUPDomR� QHVVDV� WUrV� iUHDV� (P� VH� WUDWDQGR� GH� IRUPDomR� HP� DSHQDV� GXDV� GHVVDV iUHDV�� �� SHVVRDV� VmR� IRUPDGDV� HP� $� H� %�� �� SHVVRDV� HP�%�H�&��H���SHVVRDV�VmR�IRUPDGDV�QDV�iUHDV�$� H�&� 6DEHQGR�VH�TXH����SHVVRDV�VmR�IRUPDGDV�QD�iUHD�$�� p FRUUHWR�DILUPDU�TXH�VmR�IRUPDGRV�VRPHQWH�QD�iUHD�%�RX VRPHQWH�QD�iUHD�& �$����SHVVRDV� �%����SHVVRDV� �&����SHVVRDV� �'�����SHVVRDV� �(�����SHVVRDV� ���� $QW{QLR &DUORV� HODERURX� XPD� VHQKD� FRQWHQGR� �� HOHPHQWRV DOIDQXPpULFRV�� LQWHUFDODGRV�� 3DUD� WDQWR�� HOH� XWLOL]RX XP�SDGUmR��HP�TXH����GRV����HOHPHQWRV�GD�VHQKD VmR�DSUHVHQWDGRV�D�VHJXLU� D�]�E�"�F�[� 2�HOHPHQWR�GHVFRQKHFLGR�GHVVD�VHQKD��LQGLFDGR�SRU�"� p�D�OHWUD �$��W� �%��X� �&��Y� �'��Z� �(��\� 5�$�6�&�8�1�+�2 1Ro}HV�GH�,QIRUPiWLFD ����8P�XVXiULR�GR�06�:LQGRZV��� FRP�06�2IILFH������� HP VXDV� FRQILJXUDo}HV�RULJLQDLV�� DFHVVRX�XPD�SDVWD� HP� VHX FRPSXWDGRU�H�YLX�D�OLVWD�GH�DUTXLYRV�H[LELGD�D�VHJXLU� $� TXDQWLGDGH� GH� DUTXLYRV� QD� LPDJHP� FXMD� H[WHQVmR� FRUUHVSRQGH�D�HGLWRUHV�GH�WH[WR�p �$���� �%���� �&���� �'���� �(���� ���� 3DUD� FRSLDU� DUTXLYRV� QR� 06�:LQGRZV� ���� HP� VXD FRQILJXUDomR RULJLQDO��GH�XPD�SDVWD� ORFDO�SDUD�XPD�RXWUD� SDVWD� ORFDO LQLFLDOPHQWH� YD]LD�� DSyV� VHOHFLRQDU� R� DUTXLYR� GHVHMDGR SRU PHLR�GR�:LQGRZV�([SORUHU��XP�XVXiULR�GHYH XVDU�R�VHJXLQWH DWDOKR SRU�WHFODGR� �$��&WUO���9 �%��&WUO���; �&��&WUO���= �'��&WUO���& �(��&WUO���< 3DUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV��� H�����FRQVLGHUH D� LPDJHP�D�VHJXLU��GH�XP�GRFXPHQWR�VHQGR�HGLWDGR�SRU PHLR GR�06�:RUG�������HP�VXD�FRQILJXUDomR�SDGUmR��2 WDPDQKR H�R� WLSR�GH�)RQWH� VmR�RV�PHVPRV�HP� WRGDV�DV� SDODYUDV� GR GRFXPHQWR�� $V� PDUFDV� GH� SDUiJUDIR� HVWmR� DWLYDGDV� ����$VVLQDOH�D�DOWHUQDWLYD�TXH�DSUHVHQWD�FRUUHWDPHQWH�XPD SDODYUD� GR� GRFXPHQWR� FRP� D� IRUPDWDomR� GH� )RQWH� QHOD DSOLFDGD� �$��6HUYLGRUHV�± VREUHVFULWR� �%��3UHYLGrQFLD�± LWiOLFR� �&��3~EOLFRV�± QHJULWR� �'��$YDUp�± WD[DGR� �(��,QVWLWXWR�± VXEVFULWR� ����2�DOLQKDPHQWR�GR�SDUiJUDIR�GR�GRFXPHQWR�p �$��&HQWUDOL]DGR� �%��-XVWLILFDGR� �&��1RUPDO� �'��$OLQKDGR�j�HVTXHUGD� �(��$OLQKDGR�j�GLUHLWD� ����2EVHUYH�D�SODQLOKD�D�VHJXLU��SUHSDUDGD�SRU�PHLR�GR 06� ([FHO�������HP�VXD�FRQILJXUDomR�SDGUmR� 2�YDORU�TXH�VHUi�DSUHVHQWDGR�QD�FpOXOD�$��DSyV�HVWD�VHU SUHHQFKLGD�FRP�D�IyUPXOD� 0e',$�$��%���p� �$��� �%��� �&��� �'��� �(��� 3DUD�UHVSRQGHU�jV�TXHVW}HV�GH�Q~PHURV��� H�����FRQVLGHUH D�SODQLOKD�H[LELGD�D�VHJXLU��HODERUDGD�SRU�PHLR�GR�06�([FHO ������HP�VXD�FRQILJXUDomR�SDGUmR� ���� 2� XVXiULR� VHOHFLRQRX� RV� GDGRV� FRQIRUPH� YLVWR� QD� SODQLOKD H��HP�VHJXLGD��FOLFRX�HP � 2�YDORU�H[LELGR�QD�FpOXOD�&��DSyV�DV�Do}HV�GHVFULWDV�QR HQXQFLDGR�VHUi� �$��� �%��� �&��� �'��� �(��� ����3DUD�TXH�R� WH[WR� ³)OX[R�GH�'RFXPHQWRV´��GLJLWDGR�QD� FpOXOD� $��� WHQKD� ILFDGR� FRQIRUPH� H[LELGR� QD� LPDJHP�� R� XVXiULR�VHOHFLRQRX�R�LQWHUYDOR�$��&��H�XWLOL]RX�R�VHJXLQWH� tFRQH� �$� �%�� �&�� �'�� �(�� ����1R� *RRJOH� &KURPH�� HP� VXD� FRQILJXUDomR� SDGUmR�� R DWDOKR� SRU� WHFODGR� XVDGR� SDUD� VHOHFLRQDU� R� HQGHUHoR� GD EDUUD�GH�HQGHUHoRV�p� �$��)� �%��)� �&��)� �'��)� �(��)� ���� 8P� XVXiULR� HQYLRX� XP� FRUUHLR� HOHWU{QLFR�� HP� VXD� FRQILJXUDomR� SDGUmR�� FXMRV� FDPSRV� HVWDYDP� FRPR� PRVWUDGRV�D�VHJXLU� 'H��XVXDULR#DYDUH�JRY�EU 3DUD��VXSHULRU#DYDUH�JRY�EU &F��QRYR#DYDUH�JRY�EU &FR��SURWRFROR#DYDUH�JRY�EU $VVXQWR��FDGDVWUDU�HVWDJLDULR#DYDUH�JRY�EU &RQVLGHUDQGR�TXH�D�PHQVDJHP�IRL�HQYLDGD�H�UHFHELGD�FRP� VXFHVVR�� GH� DFRUGR� FRP� RV� FDPSRV� PRVWUDGRV�� D� TXDQWLGDGH� GH� FRQWDV� GH� H�PDLO� TXH� UHFHEHUDP� D� PHQVDJHP�IRL� �$��� �%��� �&��� �'��� �(��� ���� 3DUD� FULDU� XPD� QRYD� SDVWD� SRU� PHLR� GR� :LQGRZV ([SORUHU�GR�06�:LQGRZV�����HP�VXD�FRQILJXUDomR�SDGUmR� GH�PRGR�D�RUJDQL]DU�RV�DUTXLYRV�UHFHELGRV�FRPR�DQH[RV YLD� H�PDLO�� XP� XVXiULR� SRGH� GDU� XP� FOLTXH� FRP� R� ERWmR BBBBBBBBBBBBBBB�GR�PRXVH�GHQWUR�GD�SDVWD�RQGH GHVHMDU FULDU�D�QRYD�SDVWD�H� BBBBBBBBBBBBBBB ��HVFROKHU D�RSomR� 1RYD��VHJXLGD�GD�RSomR�3DVWD� $VVLQDOH� D� DOWHUQDWLYD� TXH� SUHHQFKH�� FRUUHWD� H UHVSHFWLYDPHQWH� DV�ODFXQDV�GR�HQXQFLDGR� �$��SULQFLSDO�«�QR�0HQX�GH�&RQWH[WR �%��SULQFLSDO�«�QD�MDQHOD�DEHUWD �&��SULQFLSDO�«�QD�iUHD�GH�WUDEDOKR �'��VHFXQGiULR�«�QD�MDQHOD�DEHUWD �(��VHFXQGiULR�«�QR�0HQX�GH�&RQWH[WR ����2EVHUYH�R�tFRQH�H[LELGR�D�VHJXLU��UHWLUDGR�GR�06�:RUG ������HP�VXD�FRQILJXUDomR�SDGUmR� 2�UHFXUVR�DVVRFLDGR�DR�tFRQH�DSUHVHQWDGR�VHUYH�SDUD �$�� EORTXHDU� FRP� VHQKD� DSHQDV� DV� DOWHUDo}HV� GR GRFXPHQWR� �%�� EORTXHDU� FRP� VHQKD� DV� DOWHUDo}HV� H� D� OHLWXUD� GR GRFXPHQWR� �&��FRQWURODU�RV�XVXiULRV�TXH�SRGHP�DOWHUDU�R�GRFXPHQWR� �'�� LGHQWLILFDU� DOWHUDo}HV� UHIHUHQWHV� j� HGLomR�� FRPR LQVHUo}HV� UHPRo}HV�H�IRUPDWDo}HV� �(�� LGHQWLILFDU� SHUPLVV}HV� GH� DOWHUDomR� SRU� DVVLQDWXUD GLJLWDO� ����2EVHUYH�R�SDUiJUDIR�D�VHJXLU��HGLWDGR�SRU�PHLR�GR 06� :RUG�������HP�VXD�FRQILJXUDomR�SDGUmR� $VVLQDOH�D�DOWHUQDWLYD�TXH�FRUUHODFLRQD�FRUUHWDPHQWH�FDGD SDODYUD�FRP�VXD�UHVSHFWLYD�IRUPDWDomR�GH�IRQWH�DSOLFDGD� �$��3UHIHLWXUD�± WDFKDGR��GH�± VREUHVFULWR� �%��0RQWH�± VXEOLQKDGR��$OWR�± LWiOLFR� �&��0XQLFLSDO�± QHJULWR��0RQWH�± WDFKDGR� �'��3UHIHLWXUD�± VXEOLQKDGR��$OWR�± LWiOLFR� �(��GH�± VXEVFULWR��0RQWH�± WDFKDGR� ����8P� XVXiULR� SUHSDUD� XPD� OLVWDJHP� WHOHI{QLFD� VLPSOHV� XWLOL]DQGR�R�06�([FHO�������HP�VXD�FRQILJXUDomR�SDGUmR�� QD� IRUPD�H[LELGD�D�VHJXLU��QD�TXDO�D�FROXQD�$�FRQWpP�RV� QRPHV�GRV�FRQWDWRV��D�FROXQD�%�FRQWpP�R�WLSR�GH�WHOHIRQH�� H� D� FROXQD� &� FRQWpP� R� Q~PHUR� GH� WHOHIRQH� GR� FRQWDWR�� &RQVLGHUH� TXH� HVVH� IRUPDWR� VH� UHSHWH� SRU� GH]HQDV� GH� OLQKDV� &DVR�R�XVXiULR�GHVHMH�VDEHU�TXDQWRV�GRV�FRQWDWRV�XVDP� WHOHIRQH� GR� WLSR� &HOXODU�� HOH� SRGH� XWLOL]DU�� SDUD� LVVR�� D� IXQomR� �$�� &217�6(�%��%����&HOXODU�� �%�� &217�6(�% ��&HOXODU�� �&�� &217�6(�%�%��&HOXODU�� �'�� &217�6(�%���&HOXODU�� �(�� &217�6(�%��% ��&HOXODU�� �����$�SODQLOKD�D�VHJXLU�IRL�HODERUDGD�SRU�PHLR�GR�06�([FHO� ������HP�VXD�FRQILJXUDomR�SDGUmR� $VVLQDOH� D� DOWHUQDWLYD� TXH� DSUHVHQWD� R� YDORU� TXH� VHUi� H[LELGR� QD� FpOXOD� &��� DSyV� HVWD� VHU� SUHHQFKLGD� FRP� D� IyUPXOD� 0$,25�$��&���� �$��� �%��� �&��� �'��� �(���
Compartilhar