Baixe o app para aproveitar ainda mais
Prévia do material em texto
dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� ��� 3DODYUDV�LQLFLDLV�� 2L�SHVVRDO�� &KHJDPRV��ILQDOPHQWH��D�QRVVD�DXOD�GR�FXUVR�GH�WpFQLFDV�GH�YHQGDV� SDUD�(VFULWXUiULR�GR�%DQFR�GR�%UDVLO�� (VWH�VHUi�R�PRPHQWR�GH�UHYLVDU�RV�SULQFLSDLV�DVVXQWRV�� 8P�DEUDoR��ERD�DXOD�H�VXFHVVR��� $EUDoR�� 3URI��&DUORV�;DYLHU� ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU� 3HULVFRSH��#3URI&DUORV;DYLHU� � � � � � � � � � � � � � � dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� ��� 6LPXODGR� ��� �,1e',7$� (0� 3529$6�� 7RGDV� DV� HPSUHVDV� SRVVXHP� DOJXP� WLSR� GH� RULHQWDomR� JHUDO� SDUD� R� PHUFDGR�� 1HVWH� VHQWLGR�� DVVLQDOH� D� DOWHUQDWLYD� TXH� DSRQWD� XPD� RULHQWDomR�FRUUHWD�� D��2ULHQWDomR�SDUD�D�SURGXomR��TXDQGR�R�IRFR�GD�RUJDQL]DomR�p� R� GHVHQYROYLPHQWR� GH� SURGXWRV� PDLV� LQWHUHVVDQWHV� SDUD� RV� FOLHQWHV�� E��2ULHQWDomR�SDUD�R�SURGXWR��TXDQGR�R�IRFR�GD�RUJDQL]DomR�p� SURGX]LU�GD�PHOKRU�IRUPD�H�DR�PHOKRU�FXVWR�� F��2ULHQWDomR�SDUD�R�PDUNHWLQJ�KROtVWLFR��TXDQGR�D�RUJDQL]DomR� GHVHQYROYH�� SURMHWD� H� LPSOHPHQWD� SURJUDPDV�� SURFHVVRV� H� DWLYLGDGHV� GH� PDUNHWLQJ� UHFRQKHFHQGR� D� DPSOLWXGH� H� DV� LQWHUGHSHQGrQFLD�GH�VHXV�HIHLWRV�� G��2ULHQWDomR� SDUD� R� PDUNHWLQJ�� TXDQGR� D� RUJDQL]DomR� EXVFD� DWHQGHU� QHFHVVLGDGHV�� GHVHMRV� H� LQWHUHVVHV�GRV� VHXV�S~EOLFRV� DOYR��FRQVLGHUDQGR�R�EHP�HVWDU�GR�FRQVXPLGRU�H�GD�VRFLHGDGH� FRPR�XP�WRGR�� H��2ULHQWDomR� SDUD�YHQGDV�� TXDQGR�R� IRFR� GDV�HPSUHVDV� HVWi� QD� FULDomR�� HQWUHJD� H� FRPXQLFDomR� GH� YDORU� SDUD� R� FOLHQWH� H� VHXV�PHUFDGRV�DOYR�� � ��� �,1e',7$� (0� 3529$6�� 2� FRPSRVWR� GH� PDUNHWLQJ� p� FRPSRVWR�SRU�GLYHUVRV�HOHPHQWRV��4XDQGR�R�JHUHQWH�GH� PDUNHWLQJ� GH� XP� EDQFR� WRPD� GHFLV}HV� VREUH� HVVHV� HOHPHQWRV� TXH� SRVVDP� VHU� LPSOHPHQWDGDV� QR� FXUWR� SUD]R��DV�PHVPDV�VHUmR�WLSLFDPHQWH�VREUH�� D��SURGXWR�H�SUHoR�� E��SURGXWR�H�SUDoD�� F��SUDoD�H�SUHoR�� G��SUHoR�H�SURPRomR�� H��SURGXWR�H�SURPRomR��� � ��� �,1e',7$� (0� 3529$6�� FRUUHODFLRQH� DV� YDULiYHLV� HVSHFtILFDV�GR�PDUNHWLQJ�PL[�DRV�VHXV�HOHPHQWRV�� $���4XDOLGDGH� %���3UD]R�GH�SDJDPHQWR� &���/RFDLV�GH�YHQGD� '���&REHUWXUD�GR�DWHQGLPHQWR� (���)RUoD�GH�YHQGDV� )���*DUDQWLDV� ,���3URGXWR� ,,���3UHoR� ,,,���3UDoD� ,9���3URPRomR� D��$���,9���%���,,���&���,,,���'���,,,���(���,9���)���,� E��$���,���%���,,���&���,,,���'���,,,���(���,9���)���,� F��$���,���%���,���&���,,,���'���,9���(���,,,���)���,9� G��$���,9���%���,���&���,,,���'���,9���(���,,,���)���,� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� H��$���,���%���,,���&���,,,���'���,,,���(���,,,���)���,� � ��� �,1e',7$� (0� 3529$6�� &RQVLGHUDQGR� D� KLHUDUTXLD� GRV� SURGXWRV�� SRGH�VH� GL]HU� TXH� XP� VHJXUR� GH� YLGD� DQXDO� UHQRYiYHO�GR�%DQFR�GR�%UDVLO�p�FRQVLGHUDGR�� D��XPD�IDPtOLD�GH�SURGXWR� E��XPD�FODVVH�GH�SURGXWR� F��XPD�OLQKD�GH�SURGXWR� G��XP�WLSR�GH�SURGXWR� H��XP�LWHP� � ��� �,1e',7$� (0�3529$6��8PD�HPSUHVD�EXVFD� HVWDEHOHFHU� HTXLYDOrQFLD� GH� VXD� PDUFD� FRP� RV� SRQWRV� GLIHUHQFLDLV� RIHUHFLGRV� SHORV� FRQFRUUHQWHV�� (VWD� HPSUHVD� HVWi� EXVFDQGR�HVWDEHOHFHU�XP��XPD��� D��SRQWR�GH�GLIHUHQoD� E��SRQWR�GH�SDULGDGH�GH�FDWHJRULD� F��SRQWR�GH�SDULGDGH�GH�FRQFRUUrQFLD� G��SRQWR�GH�SDULGDGH�JHQpULFR� H��YDQWDJHP�FRPSHWLWLYD� � ��� ��,1e',7$� (0� 3529$6�� 6REUH� R� HVWDEHOHFLPHQWR� GH� SUHoRV� SDUD� RV� SURGXWRV� H� VHUYLoRV� GH� XPD� HPSUHVD�� PDUTXH�D�DOWHUQDWLYD�LQFRUUHWD�� D��$SHVDU�GH�IL[DGRV�HP�GLIHUHQWHV�FRQGLo}HV��R�IRFR�GD�IL[DomR� GH�SUHoRV�p�VHPSUH�PDQWHU�D�VREUHYLYrQFLD�GD�HPSUHVD�� E�� 2V� OHLO}HV� VmR� XPD� ERD� IRUPD� GH� IL[DU� RV� SUHoRV� HP� GHWHUPLQDGDV� VLWXDo}HV�� SRGHQGR� VHU� DVFHQGHQWHV�� GHVFHQGHQWHV�RX�GH�SURSRVWDV�ODFUDGDV�� F��2�PpWRGR�GH�HVWDEHOHFLPHQWR�GH�SUHoRV�EDVHDGRV�QR�YDORU� SHUFHELGR�EXVFD�HVWDEHOHFHU�XP�SUHoR�OLJDGR�jV�SHUFHSo}HV�GH� YDORU�GR�FOLHQWH�VREUH�D�RIHUWD�� G�� 2� PDUNXS� p� XP� PpWRGR� TXH� HVWDEHOHFH� D� PDUJHP� EUXWD� SHUFHQWXDO�QD�YHQGD�GH�FDGD�SURGXWR�RX�VHUYLoR�� H��1D�IL[DomR�GH�SUHoRV�GH�XP�SURGXWR��XP�GRV�SDVVRV�D�VHUHP� VHJXLGRV�p�D�DQiOLVH�GRV�FXVWRV��SUHoRV�H�RIHUWDV�FRQFRUUHQWHV�� � ��� �,1e',7$�(0�3529$6��6REUH�D�SUDoD�GH�DWXDomR�GH�XPD� HPSUHVD��LGHQWLILTXH�D�DOWHUQDWLYD�FHUWD�� D��D�HVWUDWpJLD�SXVK�p�DGHTXDGD�TXDQGR�D�ILGHOLGDGH�j�PDUFD�p� HOHYDGD�� E�� D� HVWUDWpJLD� GH� DWUDomR� p� DGHTXDGD� TXDQGR� RV� FOLHQWHV� VROLFLWDP� RV� SURGXWRV� DRV� LQWHUPHGLiULRV�� TXH� RV� VROLFLWDP� j� RUJDQL]DomR�� F��D�HVWUDWpJLD�SXOO�p�DGHTXDGD�TXDQGR�R�JUDX�GH� ILGHOLGDGH�j� PDUFD�QD�FDWHJRULD�p�EDL[R�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� G��D�HVWUDWpJLD�GH�SUHVVLRQDU�p�DGHTXDGD�TXDQGR�D�HVFROKD�GD� PDUFD�p�IHLWD�DQWHV�GH�LU�j�ORMD�� H��D�HVWUDWpJLD�GH�DWUDLU�EXVFD�FULDU�HVWRTXHV�QRV�UHYHQGHGRUHV�� LQFHQWLYDQGR�RV�D�YHQGHU�R�Pi[LPR�SRVVtYHO�� � ��� �,1e',7$� (0� 3529$6�� $VVRFLH� FRUUHWDPHQWH� RV� HOHPHQWRV�GR�FRPSRVWR�SURPRFLRQDO�j�VXD�GHVFULomR�� ,���3URSDJDQGD� $� �� XWLOL]DomR� GH� FRUUHLR�� WHOHIRQH�� ID[�� H�PDLO� RX� LQWHUQHW� SDUD� VH� FRPXQLFDU� GLUHWDPHQWH� FRP� FOLHQWHV� HVSHFtILFRV�H�SRWHQFLDLV�RX�OKHV� VROLFLWDU�XPD�UHVSRVWD�GLUHWD� ,,���3URPRomR�GH�YHQGDV� %� �� TXDOTXHU� IRUPD� SDJD� GH� DSUHVHQWDomR� H� SURPRomR� QmR� SHVVRDLV�GH�LGHLDV��PHUFDGRULDV� RX� VHUYLoRV�SRU�XP�DQXQFLDQWH� LGHQWLILFDGR�� ,,,���0DUNHWLQJ�GLUHWR� &� �� XPD� YDULHGDGH� GH� SURJUDPDV� HODERUDGRV� SDUD� SURPRYHU� RX� SURWHJHU� D� LPDJHP�GH�XPD�HPSUHVD�RX�GH� VHXV�SURGXWRV�� ,9� �� 5HODo}HV� S~EOLFDV� H� DVVHVVRULD�GH�LPSUHQVD� '� �� XPD� YDULHGDGH� GH� LQFHQWLYRV� GH� FXUWR� SUD]R� SDUD� HVWLPXODU�D�H[SHULPHQWDomR�RX� D� FRPSUD� GH� XP� SURGXWR� RX� VHUYLoR�� � $��,,���$���,���%���,9���&���,,,���'�� %��,,,���$���,���%���,9���'���,,���&� &��,,,���$���,���%���,9���&���,,���'� '��,9���$���,,���%���,9���&���,,���'� (��,9���$���,,���%���,9���'���,,���&� � ��� �,1e',7$� (0� 3529$6�� $� DQiOLVH� 6:27� p� XPD� LPSRUWDQWH� IHUUDPHQWD�HVWUDWpJLFD�SDUD�DV�RUJDQL]Do}HV� WRPDUHP�GHFLV}HV�VREUH�FRPR�OLGDU�FRP�D�FRQFRUUrQFLD�� $R� LGHQWLILFDU� TXH� D� FRQFRUUrQFLD� HP� XP� VHWRU� HVWi� VH� WRUQDQGR� PDLV� DFLUUDGD� D� FDGD� GLD� H� TXH� XPD� QRYD� OHJLVODomR� HVWi� SHUPLWLQGR� D� H[SORUDomR� GH� XP� QRYR� PHUFDGR�XP�JHUHQWH�WHUi�LGHQWLILFDGR��UHVSHFWLYDPHQWH�� D��XPD�IUDTXH]D�H�XPD�IRUoD�� E��XPD�DPHDoD�H�XPD�RSRUWXQLGDGH�� F��XPD�RSRUWXQLGDGH�H�XPD�IUDTXH]D�� G��XPD�DPHDoD�H�XPD�IRUoD�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� H��XPD�IUDTXH]D�H�XPD�RSRUWXQLGDGH�� � ���� �,1e',7$� (0� 3529$6�� &LQFR� VmR� DV� IRUoDV� FRPSHWLWLYDV� H[LVWHQWHV� HP� XP� PHUFDGR�� VHJXQGR� 0LFKDHO� 3RUWHU�� $SRQWH�� GHQWUH� DV� DOWHUQDWLYDV� DEDL[R�� TXDO�QmR�DSUHVHQWD�XPD�IRUoD�FRPSHWLWLYD�GH�3RUWHU�� D��3RGHU�GH�EDUJDQKD�GRV�IRUQHFHGRUHV� E��DPHDoD�GH�SURGXWRV�VXEVWLWXWRV� F��DPHDoD�GRV�FRQFRUUHQWHV� G��SRGHU�GH�EDUJDQKD�GRV�FOLHQWHV�� H��ULYDOLGDGH�HQWUH�RV�FRQFRUUHQWHV�DWXDLV�� � ���� �,1e',7$� (0� 3529$6�� 6REUH� PDUNHWLQJ� GH� UHODFLRQDPHQWR��p�SRVVtYHO�DILUPDU�TXH�� D�� 2� WHUPR� ³WURFD´� QmR� p� DSURSULDGR� TXDQGR� VH� IDOD� HP� PDUNHWLQJ�GH�UHODFLRQDPHQWR��E��(VWi�SURIXQGDPHQWH�DVVRFLDGR�DRV��3V�GR�0DUNHWLQJ�0L[�� F��2V�SURILVVLRQDLV�GD�iUHD�GH�PDUNHWLQJ�FHQWUDOL]DP�DLQGD�PDLV� VXDV�IXQo}HV�WtSLFDV�GR�TXH�QR�FRQWH[WR�WUDGLFLRQDO�� G�� �6H� UHIHUH�j� WRGDV�DV�DWLYLGDGHV�GH�PDUNHWLQJ�GLUHFLRQDGDV� DR� HVWDEHOHFLPHQWR�� GHVHQYROYLPHQWR� H�PDQXWHQomR� GH� WURFDV� UHODFLRQDLV�� H�� 2V� FOLHQWHV� SRGHP� LQFRUUHU� HP� JDQKRV� DGLFLRQDLV� SHOR� VHX� XVR��QmR�LQFRUUHQGR�HP�TXDOTXHU�FXVWR�� � ���� �,1e',7$� (0� 3529$6�� ,GHQWLILTXH� D� SRVLomR� GH� YHQGDV� PDLV� FULDWLYD� TXH� SRGH� VHU� DGRWDGD� SRU� XP� YHQGHGRU�GHQWUH�DV�RSo}HV�DEDL[R�� D��WRPDGRU�GH�SHGLGRV�� E��PLVVLRQiULR�� F��WpFQLFR�� G��JHUDGRU�GH�GHPDQGD�� H��YHQGHGRU�GH�VROXo}HV�� � ���� �,1e',7$� (0� 3529$6�� 2UGHQH� DV� HWDSDV� SDUD� D� UHDOL]DomR�GH�YHQGDV�� $���3Up�DERUGDJHP� %���6XSHUDomR�GH�REMHo}HV� &���3URVSHFomR�H�TXDOLILFDomR� '���$SUHVHQWDomR�H�GHPRQVWUDomR�� (���$FRPSDQKDPHQWR�H�PDQXWHQomR� )���)HFKDPHQWR�� D��$���&���'���(���%���)� E��&���$���'���%���)���(� F��$���&���'���%���)���(� G��&���$���'���(���%���)� H��&���$���'���%���(���)� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� � ���� �,1e',7$� (0� 3529$6�� 8P� LPSRUWDQWH� PRGHOR� SDUD� DQiOLVH� GD� FRQFRUUrQFLD� p� R� PRGHOR� GDV� FLQFR� IRUoDV� GH� 3RUWHU�� 3DUD� HOH�� H[LVWHP� FLQFR� IRUoDV� TXH� LQWHUDJHP� HQWUH� VL�� JHUDQGR� XPD� VLWXDomR� GH� FRQFRUUrQFLD� SDUD� D� HPSUHVD��1mR�VH�LQFOXL�HQWUH�HVVDV�FLQFR�IRUoDV�� D��D�DPHDoD�GH�QRYRV�HQWUDQWHV�� E��D�DPHDoD�GH�IRUQHFHGRUHV�FRQFRUUHQWHV�� F��D�DPHDoD�GH�SURGXWRV�VXEVWLWXWRV�� G��R�SRGHU�GH�QHJRFLDomR�GRV�FOLHQWHV�� H��D�ULYDOLGDGH�HQWUH�RV�FRQFRUUHQWHV�DWXDLV�� � ���� �,1e',7$�(0�3529$6��2�ROLJRSyOLR�p�XPD�VLWXDomR�GH� PHUFDGR�QD�TXDO�� D�� DSHQDV� XPD� HPSUHVD� IRUQHFH� GHWHUPLQDGRV� SURGXWRV� DR� PHUFDGR�� E��YiULDV�HPSUHVDV�IRUQHFHP�RV�PHVPRV�SURGXWRV�DR�PHUFDGR�� F�� SRXFDV� HPSUHVDV� IRUQHFHP� RV� PHVPRV� SURGXWRV� DR� PHUFDGR�� SRVVLELOLWDQGR� DUUDQMRV� GH� SUHoR� H� TXDQWLGDGH� SURGX]LGD�� G�� Ki� PXLWRV� FRQFRUUHQWHV� SDUD� XP� SURGXWR� H� DV� HPSUHVDV� EXVFDP�GLIHUHQFLi�ORV�SDUD�VHJPHQWRV�HVSHFtILFRV�� H�� QmR� Ki� GLIHUHQFLDomR� QR� SURGXWR�� SRU� LVVR� YiULRV� FRQFRUUHQWHV� GLVSXWDP� HVSDoR� QR� PHUFDGR�� R� TXH� WHUPLQD� QLYHODQGR�RV�SUHoRV�GH�DFRUGR�FRP�D�RIHUWD�H�GHPDQGD�� � ���� �,1e',7$� (0� 3529$6�� $V� HPSUHVDV� VHJXLGRUDV� GH� PHUFDGR�VmR�DTXHODV�TXH�QmR�FRQVHJXHP�VHU� OtGHUHV�RX� VHTXHU� DPHDoi�ODV�� 8PD� GH� VXDV� HVWUDWpJLDV� SULQFLSDLV� FRQVLVWH�HP� LPLWDU�DOJXPDV�FDUDFWHUtVWLFDV�SULQFLSDLV�GD� HPSUHVD�OtGHU��PRVWUDQGR�GLIHUHQFLDo}HV�H�PHOKRUDQGR�R� SDUD�DWHQGHU�DR�PHUFDGR��SRGHQGR�DLQGD�ID]HU�FRP�TXH�D� VHJXLGRUD�VHMD�GHVDILDQWH�IXWXUD�QR�PHUFDGR��7UDWD�VH�GD� HVWUDWpJLD�GH�� D��IDOVLILFDomR�� E��FORQDJHP�� F��LPLWDomR�� G��DGDSWDomR�� H��GLIHUHQFLDomR�� � ���� �,1e',7$� (0� 3529$6�� 2V� YHQGHGRUHV� GHVHPSHQKDP� GLIHUHQWHV�WDUHIDV��HQWUH�HODV�� D��SURVSHFomR�GH�FOLHQWHV��RV�YHQGHGRUHV�GHVFREUHP��FXOWLYDP� H�FRQVHJXHP�QRYRV�FOLHQWHV�SDUD�D�HPSUHVD�� E�� GHILQLomR� GH� DOYR�� RV� YHQGHGRUHV� FRQKHFHP� D� ³DUWH� GH� YHQGHU´�� TXH� FRQVLVWH� HP� DERUGDU�� DSUHVHQWDU�� DUJXPHQWDU� H� GDU�UHVSRVWDV�jV�REMHo}HV�GRV�FOLHQWHV�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� F�� VHUYLoR�� p� D� FRPXQLFDomR� KiELO� GR� YHQGHGRU� FRP� R� FOLHQWH� SDUD�LQIRUPDU�OKHV�VREUH�RV�SURGXWRV�H�VHUYLoRV�GD�HPSUHVD�� G��DORFDomR�GH�SURGXWRV��RV�YHQGHGRUHV�GHFLGHP�RQGH�GHYHP� DORFDU�RV�VHXV�HVIRUoRV�� H�� FROHWD�GH� LQIRUPDo}HV��RV� YHQGHGRUHV� FROHWDP� LQIRUPDo}HV� GD�HPSUHVD�SDUD�VDWLVID]HU�RV�FRQVXPLGRUHV�� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� ��� 4XHVW}HV�FRPHQWDGDV�� � ��� �,1e',7$� (0� 3529$6�� 7RGDV� DV� HPSUHVDV� SRVVXHP� DOJXP� WLSR� GH� RULHQWDomR� JHUDO� SDUD� R� PHUFDGR�� 1HVWH� VHQWLGR�� DVVLQDOH� D� DOWHUQDWLYD� TXH� DSRQWD� XPD� RULHQWDomR�FRUUHWD�� D��2ULHQWDomR�SDUD�D�SURGXomR��TXDQGR�R�IRFR�GD�RUJDQL]DomR�p� R� GHVHQYROYLPHQWR� GH� SURGXWRV� PDLV� LQWHUHVVDQWHV� SDUD� RV� FOLHQWHV�� E��2ULHQWDomR�SDUD�R�SURGXWR��TXDQGR�R�IRFR�GD�RUJDQL]DomR�p� SURGX]LU�GD�PHOKRU�IRUPD�H�DR�PHOKRU�FXVWR�� F��2ULHQWDomR�SDUD�R�PDUNHWLQJ�KROtVWLFR��TXDQGR�D�RUJDQL]DomR� GHVHQYROYH�� SURMHWD� H� LPSOHPHQWD� SURJUDPDV�� SURFHVVRV� H� DWLYLGDGHV� GH� PDUNHWLQJ� UHFRQKHFHQGR� D� DPSOLWXGH� H� DV� LQWHUGHSHQGrQFLD�GH�VHXV�HIHLWRV�� G��2ULHQWDomR� SDUD� R� PDUNHWLQJ�� TXDQGR� D� RUJDQL]DomR� EXVFD� DWHQGHU� QHFHVVLGDGHV�� GHVHMRV� H� LQWHUHVVHV�GRV� VHXV�S~EOLFRV� DOYR��FRQVLGHUDQGR�R�EHP�HVWDU�GR�FRQVXPLGRU�H�GD�VRFLHGDGH� FRPR�XP�WRGR�� H��2ULHQWDomR� SDUD�YHQGDV�� TXDQGR�R� IRFR� GDV�HPSUHVDV� HVWi� QD� FULDomR�� HQWUHJD� H� FRPXQLFDomR� GH� YDORU� SDUD� R� FOLHQWH� H� VHXV�PHUFDGRV�DOYR�� &RPHQWiULR�� 4XHVWmR�GH�QtYHO�LQWHUPHGLiULR�D�GLItFLO��9RFr�WHULD�TXH�VH�OHPEUDU�GR� VLJQLILFDGR� GH� FDGD� RULHQWDomR� SDUD� R� PHUFDGR� SDUD� SHUFHEHU� TXH� DSHQDV� D� OHWUD�&�HVWi�FRUUHWD��(QTXDQWR�LVVR�� $�OHWUD�$�GHWDOKD�D�RULHQWDomR�SDUD�R�SURGXWR�� $�OHWUD�%�GHWDOKD�D�RULHQWDomR�SDUD�D�SURGXomR�� $�OHWUD�'�GHWDOKD�D�RULHQWDomR�SDUD�R�PDUNHWLQJ�VRFLHWDO�� $�OHWUD�(�GHWDOKD�D�RULHQWDomR�SDUD�R�PDUNHWLQJ��� *$%$5,72��&�� � ��� �,1e',7$� (0� 3529$6�� 2� FRPSRVWR� GH� PDUNHWLQJ� p� FRPSRVWR�SRU�GLYHUVRV�HOHPHQWRV��4XDQGR�R�JHUHQWH�GH� PDUNHWLQJ� GH� XP� EDQFR� WRPD� GHFLV}HV� VREUH� HVVHV� HOHPHQWRV� TXH� SRVVDP� VHU� LPSOHPHQWDGDV� QR� FXUWR� SUD]R��DV�PHVPDV�VHUmR�WLSLFDPHQWH�VREUH�� D��SURGXWR�H�SUHoR�� E��SURGXWR�H�SUDoD�� F��SUDoD�H�SUHoR�� G��SUHoR�H�SURPRomR�� H��SURGXWR�H�SURPRomR��� &RPHQWiULR�� 4XHVWmR�GH�QtYHO�PDLV�GLItFLO��9RFr�SUHFLVDULD� OHPEUDU�TXH�DSHQDV�DV� GHFLV}HV� VREUH� SUHoR� H� SURPRomR� SRGHP� VHU� LPSOHPHQWDGDV� QR� FXUWR� SUD]R�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� 5HODo}HV�S~EOLFDV� 0DUNHWLQJ�'LUHWR� 3UDoD� &DQDLV� &REHUWXUD� 9DULHGDGHV� /RFDLV� (VWRTXH� 7UDQVSRUWH� � &RPR� VH� SRGH� YHULILFDU� QD� PHVPD�� D� UHVSRVWD� FRUUHWD� HVWi� QD� DOWHUQDWLYD�%�� *$%$5,72��%�� � ��� �,1e',7$� (0� 3529$6�� &RQVLGHUDQGR� D� KLHUDUTXLD� GRV� SURGXWRV�� SRGH�VH� GL]HU� TXH� XP� VHJXUR� GH� YLGD� DQXDO� UHQRYiYHO�GR�%DQFR�GR�%UDVLO�p�FRQVLGHUDGR�� D��XPD�IDPtOLD�GH�SURGXWR� E��XPD�FODVVH�GH�SURGXWR� F��XPD�OLQKD�GH�SURGXWR� G��XP�WLSR�GH�SURGXWR� H��XP�LWHP� &RPHQWiULR�� 3HVVRDO�� YHMD� FRPR� ³VHJXUR� GH� YLGD� DQXDO� UHQRYiYHO� GR� %DQFR� GR� %UDVLO´�p�VXSHU�HVSHFtILFR��QmR�p�SRVVtYHO�VHU�PDLV�HVSHFtILFR�GR�TXH�LVVR��HQWmR� WUDWD�VH�GH�XP�LWHP��SRUWDQWR�D�UHVSRVWD�HVWi�QD�DOWHUQDWLYD�(�� 3DUD� UHOHPEUDU� R� DVVXQWR�� PRVWUR� R� TXH� .RWOHU� ������� S������ GL]� VREUH�R�DVVXQWR�� ��� )DPtOLD� GH� QHFHVVLGDGH�� D� QHFHVVLGDGH� FHQWUDO� TXH� VXVWHQWD� D� H[LVWrQFLD� GH� XPD� IDPtOLD� GH� SURGXWRV�� ([HPSOR��VHJXUDQoD�� ��� )DPtOLD� GH� SURGXWRV�� WRGDV� DV� FODVVHV� GH� SURGXWRV� GHQWUR�GD� IDPtOLD�GH�SURGXWRV�TXH�SRGHP�VDWLVID]HU�XPD� QHFHVVLGDGH� FHQWUDO� FRP� UD]RiYHO� HILFiFLD�� ([HPSORV�� SRXSDQoD�H�UHQGD�� ��� &ODVVH� GH� SURGXWRV�� XP� JUXSR� GH� SURGXWRV� GHQWUR� GD� IDPtOLD� GH� SURGXWRV� TXH� WrP�� UHFRQKHFLGDPHQWH�� FHUWD� FRHUrQFLD�IXQFLRQDO��([HPSOR��LQVWUXPHQWRV�ILQDQFHLURV����� /LQKD� GH� SURGXWRV�� XP� JUXSR� GH� SURGXWRV� GHQWUR� GH� XPD� FODVVH� GH� SURGXWRV� TXH� HVWmR� LQWLPDPHQWH� UHODFLRQDGRV� SRUTXH� GHVHPSHQKDP� XPD� IXQomR� VLPLODU�� VmR� YHQGLGRV� SDUD� RV� PHVPRV� JUXSRV� GH� FOLHQWHV� H� FRPHUFLDOL]DGRV�SHORV�PHVPRV�FDQDLV��RX�TXH�VH� LQFOXHP� HP� GHWHUPLQDGDV� IDL[DV� GH� SUHoR�� ([HPSOR�� VHJXURV� GH� YLGD�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� 7LSR�GH�SURGXWR��XP�JUXSR�GH�LWHQV�GHQWUR�GH�XPD�OLQKD� GH� SURGXWRV� TXH� FRPSDUWLOKDP�XPD�GDV� GLYHUVDV� IRUPDV� SRVVtYHLV�GR�SURGXWR��([HPSOR��VHJXUR�GH�YLGD�DQXDO�� ��� ,WHP� �WDPEpP� FKDPDGR� GH� XQLGDGH� HVSHFtILFD� GR� HVWRTXH�RX�YDULDQWH�GH�SURGXWR���XPD�XQLGDGH�GLVWLQWD� GHQWUR� GH� XPD� PDUFD� RX� OLQKD� GH� SURGXWRV� TXH� VH� GLVWLQJXH� SHOR� WDPDQKR�� SUHoR�� DSDUrQFLD� RX� RXWUR� DWULEXWR�� ([HPSOR�� VHJXUR� GH� YLGD� DQXDO� UHQRYiYHO� GD� 3UXGHQWLDO�� *$%$5,72��(�� � ��� �,1e',7$� (0�3529$6��8PD�HPSUHVD�EXVFD� HVWDEHOHFHU� HTXLYDOrQFLD� GH� VXD� PDUFD� FRP� RV� SRQWRV� GLIHUHQFLDLV� RIHUHFLGRV� SHORV� FRQFRUUHQWHV�� (VWD� HPSUHVD� HVWi� EXVFDQGR�HVWDEHOHFHU�XP��XPD��� D��SRQWR�GH�GLIHUHQoD� E��SRQWR�GH�SDULGDGH�GH�FDWHJRULD� F��SRQWR�GH�SDULGDGH�GH�FRQFRUUrQFLD� G��SRQWR�GH�SDULGDGH�JHQpULFR� H��YDQWDJHP�FRPSHWLWLYD� &RPHQWiULR�� $V� EXVFDU� HVWDEHOHFHU� HTXLYDOrQFLD� FRP� R� TXH� RXWUDV� HPSUHVDV� GHPRQVWUDP�VHU�VHXV�GLIHUHQFLDLV��D�HPSUHVD�HVWi�EXVFDQGR�XPD�SDULGDGH��Vy� TXH� HVWD� EXVFD� HVWDEHOHFHU� FRQFRUUrQFLD� �� VHQGR� FKDPDGD� GH� SDULGDGH� GH� FRQFRUUrQFLD�� 5HYLVHP�R�DVVXQWR�� x� 3RQWRV� GH� GLIHUHQoD�� RV� FOLHQWHV� DVVRFLDP� HVWHV� SRQWRV� GLUHWDPHQWH� FRP� D� PDUFD� GR� SURGXWR� GD� HPSUHVD�� VHQGR� XP� GLIHUHQFLDO� HP� UHODomR� jV� RXWUDV� PDUFDV� FRQFRUUHQWHV� QR� PHUFDGR�� x� 3RQWRV�GH�SDULGDGH��VmR�DTXHOHV�TXH�RV�FOLHQWHV�DVVRFLDP�D� GLIHUHQWHV� PDUFDV� GH� XP� PHVPR� VHJPHQWR�� &DSDFHWHV� SDUD� PRWRFLFOLVWDV�� SRU� H[HPSOR�� GHYHP� VHU� VHJXURV�� $VVLP�� D� ³VHJXUDQoD´�p�XP�SRQWR�GH�SDULGDGH�SDUD�FDSDFHWHV��2V�SRQWRV� GH�SDULGDGH�SRGHP�VHU�� R� 3DULGDGH�GH�FDWHJRULD��VmR�SRQWRV� FRPSDUWLOKDGRV�SRU� PDUFDV� GH� XPD� FDWHJRULD� GH� SURGXWRV� FRPR� XP� WRGR�� VHQGR� DWULEXWRV� LQGLVSHQViYHLV� SDUD� TXH� GHWHUPLQDGRV� SURGXWRV� IDoDP� SDUWH� GH� XPD� FDWHJRULD�� $VVLP�� DV� VmR� FDUDFWHUtVWLFDV� JHQpULFDV� FRPSDUWLOKDGDV� SRU� PDUFDV� GH� SURGXWRV�FRQFRUUHQWHV�� R� 3DULGDGH� GH� FRQFRUUrQFLD�� VmR� RV� SRQWRV� QRV� TXDLV� DOJXPDV� PDUFDV� EXVFDP� D� HTXLYDOrQFLD� FRP� RXWUDV� PDUFDV� �� WUDQVIRUPDQGR� RV� SRQWRV� GH� GLIHUHQoD� GRV� FRQFRUUHQWHV�HP�SRQWRV�GH�SDULGDGH�GH�FRQFRUUrQFLD�� *$%$5,72��&�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� �,1e',7$� (0� 3529$6�� 6REUH� R� HVWDEHOHFLPHQWR� GH� SUHoRV� SDUD� RV� SURGXWRV� H� VHUYLoRV� GH� XPD� HPSUHVD�� PDUTXH�D�DOWHUQDWLYD�LQFRUUHWD�� D��$SHVDU�GH�IL[DGRV�HP�GLIHUHQWHV�FRQGLo}HV��R�IRFR�GD�IL[DomR� GH�SUHoRV�p�VHPSUH�PDQWHU�D�VREUHYLYrQFLD�GD�HPSUHVD�� E�� 2V� OHLO}HV� VmR� XPD� ERD� IRUPD� GH� IL[DU� RV� SUHoRV� HP� GHWHUPLQDGDV� VLWXDo}HV�� SRGHQGR� VHU� DVFHQGHQWHV�� GHVFHQGHQWHV�RX�GH�SURSRVWDV�ODFUDGDV�� F��2�PpWRGR�GH�HVWDEHOHFLPHQWR�GH�SUHoRV�EDVHDGRV�QR�YDORU� SHUFHELGR�EXVFD�HVWDEHOHFHU�XP�SUHoR�OLJDGR�jV�SHUFHSo}HV�GH� YDORU�GR�FOLHQWH�VREUH�D�RIHUWD�� G�� 2� PDUNXS� p� XP� PpWRGR� TXH� HVWDEHOHFH� D� PDUJHP� EUXWD� SHUFHQWXDO�QD�YHQGD�GH�FDGD�SURGXWR�RX�VHUYLoR�� H��1D�IL[DomR�GH�SUHoRV�GH�XP�SURGXWR��XP�GRV�SDVVRV�D�VHUHP� VHJXLGRV�p�D�DQiOLVH�GRV�FXVWRV��SUHoRV�H�RIHUWDV�FRQFRUUHQWHV�� &RPHQWiULR�� 4XHVWmR�HVSHFLDO�SDUD�TXH�YRFrV�SRVVDP�UHYLVDU�D�IL[DomR�GH�SUHoRV�� 1HVWH� FDVR�� REVHUYH� TXH� D� TXHVWmR� EXVFD� TXH� YRFr� LGHQWLILTXH� D� DOWHUQDWLYD� HUUDGD�� $VVLP�� D� ~QLFD� UHVSRVWD� LQFRUUHWD� SRGH� VHU� YHULILFDGD� QD� DOWHUQDWLYD�$��XPD�YH]�TXH�H[LVWHP�GLIHUHQWHV�REMHWLYRV���RX�IRFRV���QD�IL[DomR� GH�SUHoRV�TXH�YmR�DOpP�GD�VREUHYLYrQFLD�GD�RUJDQL]DomR�� &RP�G~YLGDV"�5HYLVH�RV�VHLV�SDVVRV�SDUD�IL[DomR�GH�SUHoRV�� ��� 3ULPHLUR�SDVVR��VHOHomR�GR�REMHWLYR�GD�GHWHUPLQDomR�GR� SUHoR��'LIHUHQWHV�REMHWLYRV�SRGHP�HVWDU� VHQGR�EXVFDGRV�SHOD� RUJDQL]DomR� QD� IL[DomR� GRV� VHXV� SUHoRV�� 2V� FLQFR� REMHWLYRV� SULQFLSDLV�GHQWUH�RV�TXDLV�D�RUJDQL]DomR�GHYHUi�RSWDU�SHOR�VHX� VmR�� D�� 6REUHYLYrQFLD�� DFRQWHFH� TXDQGR� D� HPSUHVD� HVWi� EXVFDQGR�VREUHYLYHU�HP�XP�PHUFDGR�PXLWR�FRPSHWLWLYR�� FRP�JUDQGH�FDSDFLGDGH��HWF�� E��0D[LPL]DomR� GR� OXFUR� DWXDO�� D� LGHLD�� QHVWH� FDVR�� p� ROKDU�SDUD�R�FXUWR�SUD]R��DXPHQWDQGR�R�IOX[R�GH�FDL[D�H�D� OXFUDWLYLGDGH�LPHGLDWD�� F�� 0D[LPL]DomR� GD� SDUWLFLSDomR� QR� PHUFDGR�� D� LGHLD� DTXL� p� SUDWLFDU� SUHoRV� TXH� DXPHQWHP� D� SDUWLFLSDomR� QR� PHUFDGR�� LQGHSHQGHQWHPHQWH� GR� QtYHO� GH� OXFUDWLYLGDGH� LPHGLDWD�TXH�HOHV�JHUHP�� G��'HVQDWDPHQWR�GR�PHUFDGR��RX�GHVQDWDomR���WUDWD�VH� GD� IL[DomR� GH� SUHoRV� HOHYDGRV� TXH� YmR� PD[LPL]DQGR� R� UHWRUQR�HP�FDGD�FDPDGD�GR�PHUFDGR��&RP�R� WHPSR��RV� SUHoRV�YmR�FDLQGR�H�D�HPSUHVD�YDL�FRQVHJXLQGR�TXH�FDGD� FRQVXPLGRU� SDJXH� R� YDORU� PDLV� HOHYDGR� TXH� HVWDYD� GLVSRVWR�D�SDJDU�� H�� /LGHUDQoD�QD�TXDOLGDGH�GR�SURGXWR�� R� IRFR�DTXL�HVWi� HP� IL[DU� XP� SUHoR� TXH� GHPRQVWUH� D� TXDOLGDGH� OtGHU� GR� SURGXWR�VHUYLoR�QR�PHUFDGR�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� I�� 2XWURV� REMHWLYRV�� $SHVDU� GH� KDYHU� HVVD� OLVWD� GH� REMHWLYRV� SDGURQL]DGRV�� QDGD� LPSHGH� TXH� D� RUJDQL]DomR� HVWDEHOHoD� SUHoRV� FRP� EDVH� HP� RXWURV� REMHWLYRV� TXH� VHMDP�GR�LQWHUHVVH�GD�PHVPD�� ��� 6HJXQGR�SDVVR��GHWHUPLQDomR�GD�GHPDQGD��&DGD�QtYHO�GH� SUHoRV� OHYDUi� D� XPD� GHPDQGD� GLVWLQWD�� e� LPSRUWDQWH� TXH� D� RUJDQL]DomR�VDLED�TXH�H[LVWHP�FRQVXPLGRUHV�VHQVtYHLV�D�SUHoR�� RX� VHMD�� TXH� FRPSUDP� PDLV� VH� R� SUHoR� IRU� PDLV� EDUDWR�� HQTXDQWR� RXWURV� VmR� PHQRV� VHQVtYHLV�� VH� SUHRFXSDQGR� SRXFR� FRP� R� QtYHO� GH� SUHoRV�� 8P� SURGXWR� H[FOXVLYR�� SRU� H[HPSOR�� SRGHUi�VXVWHQWDU�XP�QtYHO�GH�SUHoR�HOHYDGR�H�PDQWHU�XP�ERP� QtYHO� GH� YHQGDV� TXH� JHUHP� HOHYDGD� OXFUDWLYLGDGH�� SRLV� VHXV� FRQVXPLGRUHV�VmR�SRXFRV�VHQVtYHLV�DR�SUHoR�H�DLQGD�DVVRFLDP� SUHoRV�HOHYDGRV�j�TXDOLGDGH��e�SUHFLVR�HQWmR�TXH�D�RUJDQL]DomR� HVWLPH�D�HODVWLFLGDGH�SUHoR�GD�GHPDQGD��R�TXDQWR�D�GHPDQGD� LUi�UHDJLU�jV�YDULDo}HV�GH�SUHoR��H�HVWLPDU�FXUYDV�GH�GHPDQGD� SDUD�FDGD�QtYHO�GH�SUHoR�� ��� 7HUFHLUR�SDVVR��HVWLPDU�RV�FXVWRV��&RP�EDVH�QRV�QtYHLV�GH� GHPDQGD� H� SUHoR� LGHQWLILFDGRV� D� RUJDQL]DomR� VDEH� R� WHWR� GH� SUHoRV�TXH�SRGHUi�SUDWLFDU��$�SDUWLU�GLVVR��HOD�GHYH�HVWLPDU�RV� VHXV�FXVWRV�GH�SURGXomR�H�RSHUDomR��IL[RV�H�YDULiYHLV��SDUD�TXH� SRVVD�VDEHU�R�QtYHO�PtQLPR�GH�SUHoRV�TXH�OHYDUi�DR�VHX�SRQWR� GH�HTXLOtEULR��� ���4XDUWR� SDVVR�� DQiOLVH� GRV� FXVWRV�� SUHoRV� H� RIHUWDV� FRQFRUUHQWHV�� &RPR� D� RUJDQL]DomR� SRGH� RSHUDU� HP� XP� PHUFDGR� FKHLR� GH� FRQFRUUHQWHV�� HOD� GHYH� DQDOLVDU� DV� RIHUWDV� GLVSRQtYHLV� QR� PHUFDGR�� VHXV� FXVWRV� HVWLPDGRV� H� SUHoRV� SUDWLFDGRV�SDUD�TXH�SRVVD�SHQVDU�HP�XP�QtYHO�GH�SUHoRV�TXH� SRVVLELOLWH� R� DWLQJLPHQWR� GH� VHXV� REMHWLYRV� HVWUDWpJLFRV� GH� PDUNHWLQJ�� ���4XLQWR� SDVVR�� VHOHomR� GH� XP� PpWRGR� GH� GHWHUPLQDomR� GRV� SUHoRV�� 'LIHUHQWHV� PpWRGRV� SRGHP� VHU� XWLOL]DGRV� SDUD� D� IL[DomR�GRV�SUHoRV��YDPRV�HQWHQGHU�D�HVVrQFLD�GH�FDGD�XP�� D��0DUNXS�� WUDWD�VH�GH� XP�PpWRGR�TXH� SDUWH�GR� FXVWR� GH� XP�SURGXWR�H�HVWDEHOHFH�XPD�PDUJHP�GH�FRQWULEXLomR�GH� FDGD� SURGXWR�� ,PDJLQH� XP� FRPHUFLDQWH� TXH� VDEH� TXH� XPD� URXSD� FXVWD� 5������� SDUD� HOH� H�HVWDEHOHFH� XP� PDUNXS�GH�����VREUH�DV�YHQGDV��2�YDORU�GD�YHQGD�GHYH� VHU� GH� 5�������� SRLV� ���� GR� YDORU� GD� YHQGD� VHUi� GH� PDUJHP� EUXWD� �5�������� H� R� UHVWR� VHUi� GH� FXVWR� �5���������WRWDOL]DQGR�5�������� E��5HWRUQR�DOYR�� QHVWH� FDVR�� p� GHILQLGR� R� SUHoR� TXH� VH� DFUHGLWD�TXH�OHYDUi�D�XP�GHWHUPLQDGR�QtYHO�GH�YHQGDV�H�� SRU� LVVR�� D�XP�GHWHUPLQDGR� UHWRUQR�� TXH�p� R� DOYR� D� VHU� DOFDQoDGR�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� F�� 3UHoR� GH� YDORU� SHUFHELGR�� p� R� SUHoR� TXH� OHYD� HP� FRQVLGHUDomR�R�YDORU�SHUFHELGR�SHOR�FOLHQWH�QD�RIHUWD��6H� R�FOLHQWH�SHUFHEH�PDLV�YDORU��p�SRVVtYHO�FREUDU�PDLV�� G�� 3UHoRV�EDVHDGRV� QR�YDORU�� 1mR� FRQIXQGLU� FRP�R� LWHP� DFLPD� �GR� YDORU� SHUFHELGR��� 1R� FDVR� DWXDO� D� H[SUHVVmR� HVWi� DVVRFLDGD� DR� EDL[R� FXVWR�� 7UDWD�VH�� QHVWH� FDVR�� GH� SURGXWRV� QRV� TXDLV� D� RUJDQL]DomR� GHVHMD� HQWUHJDU� XP� ERP�YDORU�SHOR�GLQKHLUR��RX�VHMD��SURGXWRV�FRP�TXDOLGDGH� ERD�H�SUHoR�EDL[R�� H�� 3UHoRV�GH�PHUFDGR��WUDWD�VH�GD�IL[DomR�GH�SUHoRV�FRP� EDVH� HP� UHIHUHQFLDLV� GH� PHUFDGR� SUDWLFDGRV� SHORV� FRQFRUUHQWHV�� I�� 'HWHUPLQDomR�GH�SUHoRV�SRU� OHLOmR�� p� D� SRVVLELOLGDGH� GH� D� RUJDQL]DomR� FRQVHJXLU� ID]HU� FRP� TXH� RV� FOLHQWHV� GHWHUPLQHP� R� SUHoR� GH� FRPSUD� �RX� GH� YHQGD�� VH� IRU� R� FDVR�� FRP�EDVH�QD� UHDOL]DomR�GH� OHLO}HV��TXH�SRGHP�VHU� DVFHQGHQWHV� �RV� FRPSUDGRUHV� ID]HP�SURSRVWDV� FDGD�YH]� PDLRUHV�SRU�XP�SURGXWR�GH�XP�YHQGHGRU���GHVFHQGHQWHV� �R� OHLORHLUR� YDL� EDL[DQGR� RV� SUHoRV� DWp� TXH� DOJXpP� FRPSUH�RX�RV�YHQGHGRUHV�EDL[DP�R�SUHoR�SDUD�FRPSHWLU� SRU� XP� FRPSUDGRU��� RX� GH� SURSRVWDV� ODFUDGDV� �DV� SURSRVWDV� VmR� HQWUHJXHV� IHFKDGDV� H� DQDOLVDGDV� VHP� SRVVLELOLGDGH�GH�UHEDWH�SHORV�FRQFRUUHQWHV��� ���6H[WR� SDVVR�� VHOHomR� GR� SUHoR� ILQDO�� &RP� EDVH� QRV� LQGLFDWLYRV� GDGRV� SHORV� PpWRGRV� Mi� HVWXGDGRV� D� RUJDQL]DomR� GHYH�OHYDU�HP�FRQWD�RXWURV�DVSHFWRV�GR�PL[�GH�PDUNHWLQJ�H�VXD� SUySULD� HVWUDWpJLD� PHUFDGROyJLFD� SDUD� IL[DU� R� SUHoR� ILQDO� TXH� GHYHUi�SUDWLFDU�SDUD�XP�SURGXWR�� *$%$5,72��$�� � ��� �,1e',7$�(0�3529$6��6REUH�D�SUDoD�GH�DWXDomR�GH�XPD� HPSUHVD��LGHQWLILTXH�D�DOWHUQDWLYD�FHUWD�� D��D�HVWUDWpJLD�SXVK�p�DGHTXDGD�TXDQGR�D�ILGHOLGDGH�j�PDUFD�p� HOHYDGD�� E�� D� HVWUDWpJLD� GH� DWUDomR� p� DGHTXDGD� TXDQGR� RV� FOLHQWHV� VROLFLWDP� RV� SURGXWRV� DRV� LQWHUPHGLiULRV�� TXH� RV� VROLFLWDP� j� RUJDQL]DomR�� F��D�HVWUDWpJLD�SXOO�p�DGHTXDGD�TXDQGR�R�JUDX�GH� ILGHOLGDGH�j� PDUFD�QD�FDWHJRULD�p�EDL[R�� G��D�HVWUDWpJLD�GH�SUHVVLRQDU�p�DGHTXDGD�TXDQGR�D�HVFROKD�GD� PDUFD�p�IHLWD�DQWHV�GH�LU�j�ORMD�� H��D�HVWUDWpJLD�GH�DWUDLU�EXVFD�FULDU�HVWRTXHV�QRV�UHYHQGHGRUHV�� LQFHQWLYDQGR�RV�D�YHQGHU�R�Pi[LPR�SRVVtYHO�� &RPHQWiULR�� 4XHVWmR�GLItFLO�SDUD�YRFr�UHYLVDU�� 1D�YHUGDGH��H[LVWHP�GXDV�HVWUDWpJLDV�EiVLFDV�TXDQWR�j�SUDoD�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� x� 3XVK��RX�HPSXUUDU�SUHVVLRQDU���TXDQGR�Ki�EDL[D�ILGHOLGDGH� j�PDUFD�H�D�HPSUHVD�HPSXUUD�SURGXWRV�SDUD�RV�LQWHUPHGLiULRV�� EXVFDQGR�HVWLPXODU�D�FRPSUD�SRU�LPSXOVR�� x� 3XOO� �RX� DWUDLU��� TXDQGR� Ki� JUDQGH� HQYROYLPHQWR� FRP� D� FDWHJRULD� GH� SURGXWRV� H� ILGHOLGDGH� j� PDUFD�� DVVLP� D� HPSUHVD� EXVFD�FRQYHQFHU�R�FOLHQWH�j�SURFXUDU�RV�UHYHQGHGRUHV��TXH�LUmR� VROLFLWDU�RV�SURGXWRV�j�HPSUHVD�� &RP� EDVH� QHVWD� EUHYH� UHYLVmR� p� SRVVtYHO� YHULILFDU� TXH� D� ~QLFD� DOWHUQDWLYD�FRUUHWD�p�D�OHWUD�%�� *$%$5,72��%�� � ��� �,1e',7$� (0� 3529$6�� $VVRFLH� FRUUHWDPHQWH� RV� HOHPHQWRV�GR�FRPSRVWR�SURPRFLRQDO�j�VXD�GHVFULomR�� ,���3URSDJDQGD� $� �� XWLOL]DomR� GH� FRUUHLR�� WHOHIRQH�� ID[�� H�PDLO� RX� LQWHUQHW� SDUD� VH� FRPXQLFDU� GLUHWDPHQWH� FRP� FOLHQWHV� HVSHFtILFRV�H�SRWHQFLDLV�RX�OKHV� VROLFLWDU�XPD�UHVSRVWD�GLUHWD� ,,���3URPRomR�GH�YHQGDV� %� �� TXDOTXHU� IRUPD� SDJD� GH� DSUHVHQWDomR� H� SURPRomR� QmR� SHVVRDLV�GH�LGHLDV��PHUFDGRULDV� RX� VHUYLoRV�SRU�XP�DQXQFLDQWH� LGHQWLILFDGR�� ,,,���0DUNHWLQJ�GLUHWR� &� �� XPD� YDULHGDGH� GH� SURJUDPDV� HODERUDGRV� SDUD� SURPRYHU� RX� SURWHJHU� D� LPDJHP�GH�XPD�HPSUHVD�RX�GH� VHXV�SURGXWRV�� ,9� �� 5HODo}HV� S~EOLFDV� H� DVVHVVRULD�GH�LPSUHQVD� '� �� XPD� YDULHGDGH� GH� LQFHQWLYRV� GH� FXUWR� SUD]R� SDUD� HVWLPXODU�D�H[SHULPHQWDomR�RX� D� FRPSUD� GH� XP� SURGXWR� RX� VHUYLoR�� � $��,,���$���,���%���,9���&���,,,���'�� %��,,,���$���,���%���,9���'���,,���&� &��,,,���$���,���%���,9���&���,,���'� '��,9���$���,,���%���,9���&���,,���'� (��,9���$���,,���%���,9���'���,,���&� &RPHQWiULR�� %RD� TXHVWmR� SDUD� XPD� UHYLVmR� FRPSOHWD� VREUH� RV� FRPSRQHQWHV� GR� 0DUNHWLQJ�0L[�� 9DPRV�UHOHPEUi�ORV��FRQIRUPH�DSUHVHQWDGR�SRU�.RWOHU��������S������� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� 3URSDJDQGD�� TXDOTXHU� IRUPD� SDJD� GH� DSUHVHQWDomR� H� SURPRomR�QmR�SHVVRDLV�GH�LGHLDV��PHUFDGRULDV�RX�VHUYLoRV� SRU�XP�DQXQFLDQWH�LGHQWLILFDGR�� ��� 3URPRomR� GH� YHQGDV�� XPD� YDULHGDGH� GH� LQFHQWLYRV� GH� FXUWR�SUD]R�SDUD�HVWLPXODU�D�H[SHULPHQWDomR�RX�D�FRPSUD� GH�XP�SURGXWR�RX�VHUYLoR�� ��� (YHQWRV� H� H[SHULrQFLDV�� DWLYLGDGHV� H� SURJUDPDV� SDWURFLQDGRV� SHOD� HPSUHVD� H� SURMHWDGRV� SDUD� FULDU� LQWHUDo}HV� UHODFLRQDGDV� j� PDUFD�� GLDULDPHQWH� RX� HP� RFDVL}HV�HVSHFLDLV�� ���5HODo}HV� S~EOLFDV� H� DVVHVVRULD� GH� LPSUHQVD�� XPD� YDULHGDGH� GH� SURJUDPDV� HODERUDGRV� SDUD� SURPRYHU� RX� SURWHJHU�D�LPDJHP�GH�XPD�HPSUHVD�RX�GH�VHXV�SURGXWRV�� ���0DUNHWLQJ�GLUHWR��XWLOL]DomR�GH�FRUUHLR��WHOHIRQH��ID[��H� PDLO� RX� LQWHUQHW� SDUD� VH� FRPXQLFDU� GLUHWDPHQWH� FRP� FOLHQWHV� HVSHFtILFRV� H� SRWHQFLDLV� RX� OKHV� VROLFLWDU� XPD� UHVSRVWD�GLUHWD�� ���9HQGDV� SHVVRDLV�� LQWHUDomR� SHVVRDO� �FDUD� D� FDUD�� FRP� XP� RX� PDLV� FRPSUDGRUHV� SRWHQFLDLV� FRP� YLVWDV� D� DSUHVHQWDU�SURGXWRV�RX�VHUYLoRV��UHVSRQGHU�D�SHUJXQWDV�H� WLUDU�SHGLGRV�� $VVLP��D�UHVSRVWD�FRUUHWD�p�D�OHWUD�&�� )LTXHP�DWHQWRV�j�HVWDV�GHILQLo}HV��SRLV�HODV�WrP�JUDQGHV�FKDQFHV�GH� VHUHP�FREUDGDV�QD�VXD�SURYD�� *$%$5,72��&�� � ��� �,1e',7$� (0� 3529$6�� $� DQiOLVH� 6:27� p� XPD� LPSRUWDQWH� IHUUDPHQWD�HVWUDWpJLFD�SDUD�DV�RUJDQL]Do}HV� WRPDUHP�GHFLV}HV�VREUH�FRPR�OLGDU�FRP�D�FRQFRUUrQFLD�� $R� LGHQWLILFDU� TXH� D� FRQFRUUrQFLD� HP� XP� VHWRU� HVWi� VH� WRUQDQGR� PDLV� DFLUUDGD� D� FDGD� GLD� H� TXH� XPD� QRYD� OHJLVODomR� HVWi� SHUPLWLQGR� D� H[SORUDomR� GH� XP� QRYR� PHUFDGR�XP�JHUHQWH�WHUi�LGHQWLILFDGR��UHVSHFWLYDPHQWH�� D��XPD�IUDTXH]D�H�XPD�IRUoD�� E��XPD�DPHDoD�H�XPD�RSRUWXQLGDGH�� F��XPD�RSRUWXQLGDGH�H�XPD�IUDTXH]D�� G��XPD�DPHDoD�H�XPD�IRUoD�� H��XPD�IUDTXH]D�H�XPD�RSRUWXQLGDGH�� &RPHQWiULR�� $� PDWUL]� 6:27� p� FRPSRVWD� SRU� HOHPHQWRV� LQWHUQRV� �IRUoDV� H� IUDTXH]DV�� H� HOHPHQWRV� H[WHUQRV� �RSRUWXQLGDGHV� H� DPHDoDV��� )RUoDV� H� RSRUWXQLGDGHV� SRVVXHP� SRWHQFLDO� SRVLWLYR� SDUD� D� RUJDQL]DomR�� HQTXDQWR� IUDTXH]DV�H�DPHDoDV�SRVVXHP�SRWHQFLDO�QHJDWLYR�� $VVLP��DR�YHULILFDU�TXH�D�FRQFRUUrQFLD�HVWi�PDLV�DFLUUDGD�WrP�VH�XPD� DPHDoD��$�SRVVLELOLGDGH�GH�H[SORUDomR�GH�XP�QRYR�PHUFDGR��SRU�RXWUR�ODGR��p� XPD�RSRUWXQLGDGH�� *$%$5,72��%�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� � ���� �,1e',7$� (0� 3529$6�� &LQFR� VmR� DV� IRUoDV� FRPSHWLWLYDV� H[LVWHQWHV� HP� XP� PHUFDGR�� VHJXQGR� 0LFKDHO� 3RUWHU�� $SRQWH�� GHQWUH� DV� DOWHUQDWLYDV� DEDL[R�� TXDO�QmR�DSUHVHQWD�XPD�IRUoD�FRPSHWLWLYD�GH�3RUWHU��D��3RGHU�GH�EDUJDQKD�GRV�IRUQHFHGRUHV� E��DPHDoD�GH�SURGXWRV�VXEVWLWXWRV� F��DPHDoD�GRV�FRQFRUUHQWHV� G��SRGHU�GH�EDUJDQKD�GRV�FOLHQWHV�� H��ULYDOLGDGH�HQWUH�RV�FRQFRUUHQWHV�DWXDLV�� &RPHQWiULR�� $V� FLQFR� IRUoDV� FRPSHWLWLYDV� GR� 0RGHOR� 3RUWHU� VmR�� SRGHU� GH� EDUJDQKD�GRV� IRUQHFHGRUHV��SRGHU�GH�EDUJDQKD�GRV�FOLHQWHV��ULYDOLGDGH�HQWUH� RV� FRQFRUUHQWHV� DWXDLV�� DPHDoD� GH� SURGXWRV� VXEVWLWXWRV�� DPHDoD� GH� QRYRV� HQWUDQWHV�� $VVLP��GHQWUH�DV�RSo}HV�DSUHVHQWDGDV�SHOD�TXHVWmR��D�~QLFD�TXH�QmR� HVWi�QR�PRGHOR�p�D�OHWUD�&�� *$%$5,72��&�� � ���� �,1e',7$� (0� 3529$6�� 6REUH� PDUNHWLQJ� GH� UHODFLRQDPHQWR��p�SRVVtYHO�DILUPDU�TXH�� D�� 2� WHUPR� ³WURFD´� QmR� p� DSURSULDGR� TXDQGR� VH� IDOD� HP� PDUNHWLQJ�GH�UHODFLRQDPHQWR�� E��(VWi�SURIXQGDPHQWH�DVVRFLDGR�DRV��3V�GR�0DUNHWLQJ�0L[�� F��2V�SURILVVLRQDLV�GD�iUHD�GH�PDUNHWLQJ�FHQWUDOL]DP�DLQGD�PDLV� VXDV�IXQo}HV�WtSLFDV�GR�TXH�QR�FRQWH[WR�WUDGLFLRQDO�� G�� �6H� UHIHUH�j� WRGDV�DV�DWLYLGDGHV�GH�PDUNHWLQJ�GLUHFLRQDGDV� DR� HVWDEHOHFLPHQWR�� GHVHQYROYLPHQWR� H�PDQXWHQomR� GH� WURFDV� UHODFLRQDLV�� H�� 2V� FOLHQWHV� SRGHP� LQFRUUHU� HP� JDQKRV� DGLFLRQDLV� SHOR� VHX� XVR��QmR�LQFRUUHQGR�HP�TXDOTXHU�FXVWR�� &RPHQWiULR�� 9DPRV�DQDOLVDU�FDGD�XPD�GDV�DOWHUQDWLYDV�� $�� (UUDGD�� 2� WHUPR� ³WURFD´� SRGH� VHU� XWLOL]DGR� QR� PDUNHWLQJ� GH� UHODFLRQDPHQWR�RQGH�VH�IDOD�HP�³WURFDV�UHODFLRQDLV´�� %��(UUDGD��2�PDUNHWLQJ�GH�UHODFLRQDPHQWR�HVWi�PXLWR�PDLV�DVVRFLDGR� DR� FRQWH[WR� GRV� VHUYLoRV� H� GR� VHX� 62$5�� QmR� HVWDQGR� SURIXQGDPHQWH� UHODFLRQDGRV�FRP�RV��3V�� &��(UUDGD��1R�FRQWH[WR�GR�PDUNHWLQJ�GH�UHODFLRQDPHQWR��D�DWLYLGDGH� GH� PDUNHWLQJ� SDVVD� D� VHU� PDLV� ³GHVFHQWUDOL]DGD´� XPD� YH]� TXH� YiULRV� SURILVVLRQDLV� SHOD� RUJDQL]DomR� SDVVDP� D� VHU� FRQVLGHUDGRV� YHUGDGHLURV� SURILVVLRQDLV�GH�PDUNHWLQJ�HP�WHPSR�SDUFLDO�� '�� &HUWD�� e� D� GHILQLomR� GH� PDUNHWLQJ� GH� UHODFLRQDPHQWR� VHJXQGR� 0RUJDQ�H�+XQW��������� (�� (UUDGD�� 2� PDUNHWLQJ� GH� UHODFLRQDPHQWR� SRGH� ID]HU� R� FOLHQWH� LQFRUUHU� WDQWR� HP�JDQKRV� FRPR� HP� FXVWRV� OLJDGRV� DR� UHODFLRQDPHQWR� FRP� D� HPSUHVD�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� *$%$5,72��'�� � ���� �,1e',7$� (0� 3529$6�� ,GHQWLILTXH� D� SRVLomR� GH� YHQGDV� PDLV� FULDWLYD� TXH� SRGH� VHU� DGRWDGD� SRU� XP� YHQGHGRU�GHQWUH�DV�RSo}HV�DEDL[R�� D��WRPDGRU�GH�SHGLGRV�� E��PLVVLRQiULR�� F��WpFQLFR�� G��JHUDGRU�GH�GHPDQGD�� H��YHQGHGRU�GH�VROXo}HV�� &RPHQWiULR�� 7UDWD�VH�GD�FODVVLILFDomR�GH�SRVLomR�GH�YHQGDV�DSUHVHQWDGD�SRU�.RWOHU� �������� 6REUH� HVWH� DVVXQWR�� HOH� DSUHVHQWD� DV� SRVLo}HV� GH� YHQGD� TXH� SRVHP� VHU� DGRWDGDV�� GDV� PHQRV� FULDWLYDV� SDUD� DV� PDLV� FULDWLYDV� �.27/(5�� ������ S������� ��� (QWUHJDGRU��YHQGHGRU�FXMD�SULQFLSDO�WDUHID�p�HQWUHJDU�XP� SURGXWR��iJXD��FRPEXVWtYHO��yOHR��� ��� 7RPDGRU� GH� SHGLGRV�� YHQGHGRU� TXH� DWXD� SUHGRPLQDQWHPHQWH�FRPR�XP�WRPDGRU�GH�SHGLGRV�LQWHUQR� �R� DWHQGHQWH� TXH� ILFD� DWUiV� GR� EDOFmR�� RX� H[WHUQR� �R� YHQGHGRU� GH� VDEmR� TXH� QHJRFLD� FRP� R� JHUHQWH� GR� VXSHUPHUFDGR��� ���0LVVLRQiULR�� YHQGHGRU� GR� TXDO� QmR� VH� HVSHUD� RX� QHP� PHVPR�VH�SHUPLWH�D�WRPDGD�GH�SHGLGRV�H�TXH�WHP�FRPR� SULQFLSDO� WDUHID� FRQVWUXLU� XPD� ERD� LPDJHP� RX� LQVWUXLU� R� XVXiULR� DWXDO� RX� SRWHQFLDO� �R� UHSUHVHQWDQWH� GH� XP� ODERUDWyULR�IDUPDFrXWLFR��� ��� 7pFQLFR�� YHQGHGRU� FRP� DOWR� QtYHO� GH� FRQKHFLPHQWR� WpFQLFR��R�HQJHQKHLUR�GH�YHQGDV��TXH�p�DQWHV�GH�WXGR�XP� FRQVXOWRU�SDUD�DV�HPSUHVDV�FOLHQWHV��� ���*HUDGRU� GH� GHPDQGD�� YHQGHGRU� TXH� VH� EDVHLD� HP� PpWRGRV� FULDWLYRV� SDUD� YHQGHU� SURGXWRV� WDQJtYHLV� �DVSLUDGRU� GH� Sy�� SURGXWRV� GH� OLPSH]D�� XWHQVtOLRV� GRPpVWLFRV�� RX� LQWDQJtYHLV� �VHJXURV�� VHUYLoRV� GH� SURSDJDQGD�RX�GH�HGXFDomR��� ���9HQGHGRU� GH� VROXo}HV�� YHQGHGRU� FXMD� HVSHFLDOLGDGH� p� UHVROYHU� XP� SUREOHPD� GRV� FOLHQWHV�� PXLWDV� YH]HV� UHODFLRQDGR� D� XP� VLVWHPD� GH� SURGXWRV� RX� VHUYLoRV� GD� HPSUHVD� �SRU� H[HPSOR�� VLVWHPDV� GH� FRPSXWDGRU� RX� GH� FRPXQLFDomR��� $VVLP��D�UHVSRVWD�FRUUHWD�HVWi�QD�DOWHUQDWLYD�(�� *$%$5,72��(�� � ���� �,1e',7$� (0� 3529$6�� 2UGHQH� DV� HWDSDV� SDUD� D� UHDOL]DomR�GH�YHQGDV�� $���3Up�DERUGDJHP� %���6XSHUDomR�GH�REMHo}HV� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� &���3URVSHFomR�H�TXDOLILFDomR� '���$SUHVHQWDomR�H�GHPRQVWUDomR�� (���$FRPSDQKDPHQWR�H�PDQXWHQomR� )���)HFKDPHQWR�� D��$���&���'���(���%���)� E��&���$���'���%���)���(� F��$���&���'���%���)���(� G��&���$���'���(���%���)� H��&���$���'���%���(���)� &RPHQWiULR�� 7UDWD�VH�DTXL�TXH�GH�FRQKHFHU�DV�VHLV�HWDSDV�H�VDEHU�D�RUGHP�� 1D� YHUGDGH�� DVVLP� FRPR� YiULDV� TXHVW}HV� VREUH� R� DVVXQWR�� VH� YRYr� VRXEHVVH�D�SULPHLUD�H�D�~OWLPD�HWDSD�Mi�FRQVHJXLULD�DFHUWDU�D�TXHVWmR�� 3DUD� PHOKRUDU� VXD� UHYLVmR�� PRVWUR�OKHV� TXDLV� VmR� DV� VHLV� HWDSDV� H� H[SOLFR�� ��� 3URVSHFomR�H�TXDOLILFDomR��p�D�SULPHLUD�HWDSD�SDUD�D�YHQGD�� &RQVLVWH�QD�EXVFD�H�LGHQWLILFDomR�GH�FOLHQWHV�QR�PHUFDGR��(VVHV� FOLHQWHV�GHYHP�VHU�TXDOLILFDGRV�GH�IRUPD�D�GHL[DU�FODUR�TXDLV�RV� TXH�SRVVXHP�DOWR� SRWHQFLDO� SDUD� FRQFUHWL]DomR� GH� YHQGDV�GRV� SURGXWRV�GD�HPSUHVD��(VVD�FODVVLILFDomR�SRGH�VH�GDU�SRU�PHLR� GH�FRQWDWRV�UHDOL]DGRV�FRP�RV�FOLHQWHV��DQiOLVHV��HWF��&RP�EDVH� QD� FODVVLILFDomR� XWLOL]DGD� �TXH� SRGH� VHU� IHLWD� SHOD� SUySULD� HPSUHVD���HOD�GHYHUi�GLUHFLRQDU�RV�FOLHQWHV�HP�SRWHQFLDO�SDUD�D� IRUoD�GH�YHQGD�DSURSULDGD��2V�FOLHQWHV�FRP�DOWR�SRWHQFLDO��SRU� H[HPSOR��SRGHP�VHU�GLUHFLRQDGRV�SDUD�TXH�D�HTXLSH�GH�YHQGDV� IDoD�YLVLWDV�SHVVRDLV��HQTXDQWR�RV�FOLHQWHV�FRP�PpGLR�SRWHQFLDO� SRGHP�VHU�DERUGDGRV�SRU�HTXLSHV�GH� WHOHPDUNHWLQJ��H�FOLHQWHV� GH� EDL[R� SRWHQFLDO� QHP� VHTXHU� VHUHP� FRQVLGHUDGRV� SHOD� RUJDQL]DomR�� ��� 3Up�DERUGDJHP�� QHVWD� HWDSD� R� SURILVVLRQDO� GH� YHQGDV� EXVFD� HQWHQGHU� R� FOLHQWH� SRWHQFLDO� H� VXDV� QHFHVVLGDGHV�� DOpP� GRV� FULWpULRV� TXH� R� OHYDP� D� GHFLGLU� SHOD� FRPSUD�� HQWUH� RXWURV� IDWRUHV�� 2� PRPHQWR� p� GH� FRPSUHHQGHU� PHOKRU� R� FOLHQWH�FRPSUDGRU�H�GHFLGLU�VREUH�FRPR�VHUi�IHLWD�D�DERUGDJHP� SDUD�TXH�VHMD�SRVVtYHO�XPD�DSUR[LPDomR�HQWUH�D�HPSUHVD�H�R� FOLHQWH�� ���$SUHVHQWDomR�H�GHPRQVWUDomR��HVWD�p�D�WHUFHLUD�HWDSD�SDUD� XPD�YHQGD�EHP�IHLWD��1HVWH�PRPHQWR��R�YHQGHGRU�DSUHVHQWD�R� SURGXWR�VHUYLoR�DR�FRPSUDGRU�RX�ID]�XPD�GHPRQVWUDomR�GH�VHX� XVR��6HJXQGR�.RWOHU��������S�������D�IyUPXOD�EiVLFD�SDUD�XPD� DSUHVHQWDomR�EHP�IHLWD�SRGH�VHU�UHVXPLGD�HP�$,'$��$WHQomR� �DR� FOLHQWH��� ,QWHUHVVH� �GR� FOLHQWH� �� TXH� GHYH� VHU� PDQWLGR��� 'HVHMR� �EXVFDU� FULi�OR� QR� FOLHQWH�� H� $omR� �TXH� p� R� LQFHQWLYR� SDUD�TXH�R�FOLHQWH�WRPH�D�DomR�GH�IHFKDU�XPD�FRPSUD��� ��� 6XSHUDomR�GH�REMHo}HV��TXDQGR�RV�YHQGHGRUHV�SHGHP�TXH�R� FOLHQWH�VH�GHFLGD�SDUD�IHFKDU�D�YHQGD��PXLWDV�YH]HV�RV�FOLHQWHV� ID]HP� REMHo}HV� j� WRPDGD� GH� XPD� GHFLVmR� LPHGLDWD�� .RWOHU� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� �������S������GHVWDFD�D�H[LVWrQFLD�GH�GRLV�WLSRV�GH�UHVLVWrQFLD�� D�SVLFROyJLFD�H�D�OyJLFD��3DUD�HOH�D�UHVLVWrQFLD�SVLFROyJLFD�LQFOXL� UHVLVWrQFLD� j� LQWHUIHUrQFLD�� SUHIHUrQFLD� SHORV� IRUQHFHGRUHV� RX� PDUFDV�DXDtV��DSDWLD��UHOXWkQFLD�HP�DEULU�PmR�GH�DOJXPD�FRLVD�� DVVRFLDo}HV� GHVDJUDGiYHLV� FULDGDV� SHOR� YHQGHGRU�� LGHLDV� SUHFRQFHELGDV�� DYHUVmR� D� WRPDU� GHFLV}HV� H� DWLWXGH� QHXUyWLFD� HP� UHODomR�D�GLQKHLUR��$� UHVLVWrQFLD� OyJLFD��SRU� VXD�YH]��SRGH� FRQVLVWLU�HP�REMHo}HV�DR�SUHoR��DR�SODQR�GH�HQWUHJD�RX�D�FHUWDV� FDUDFWHUtVWLFDV� GR� SURGXWR� RX� HPSUHVD�� 3HUFHED� TXH��GH� TXDOTXHU� PRGR�� R� YHQGHGRU� GHYH� EXVFDU� VXSHUDU� HVWDV� REMHo}HV�� SHGLQGR� HVFODUHFLPHQWRV�� EXVFDQGR� D� UHVSRVWD� QR� SUySULR� FRPSUDGRU�� QHJDQGR� D� H[LVWrQFLD� GH� UD]}HV� SDUD� REMHomR� RX� WUDQVIRUPDQGR�D� HP� XPD� UD]mR� SDUD� FRPSUD�� 2� IRFR�DTXL�GHYH�VHU�VHPSUH�VXSHUDU�HVVDV�REMHo}HV�SDUD�TXH�R� FOLHQWH�GHFLGD�SHOD�FRPSUD�� ��� )HFKDPHQWR�� p� R� PRPHQWR� HP� TXH� D� YHQGD� p� IHFKDGD�� e� SUHFLVR� HVWDU� DWHQGR� SDUD� SHUFHEHU� TXDQGR� R� FRPSUDGRU� HVWi� TXDVH� GHFLGLGR� HP� IHFKDU� D� FRPSUD�� SRLV� QHVWH� PRPHQWR� R� YHQGHGRU�SRGH�VH�XWLOL]DU�GH�DUWLItFLRV�SDUD�FRQVHJXLU�LQFHQWLYi� OR�D�FRQFUHWL]DU�D�WUDQVDomR��(VVHV�DUWLItFLRV�LQFOXHP�LQFHQWLYRV� HVSHFLDLV� SDUD� FRPSUDV� IHFKDGDV� QDTXHOH� PRPHQWR� �SUHoR�SUD]R� GH� SDJDPHQWR��� LQLFLR� GR� SUHHQFKLPHQWR� GRV� GDGRV� GR� SHGLGR�� TXHVWLRQDPHQWRV� DR� FOLHQWH� SDUD� TXH� HOH� VH� HQYROYD�FRP�R�SHGLGR��HVFROKHQGR�GHWDOKHV��FRUHV�H�WDPDQKRV�� HWF�� ���$FRPSDQKDPHQWR�H�PDQXWHQomR��HVWD�p�D�~QLFD�HWDSD�TXH� DFRQWHFH� GHSRLV� GR� IHFKDPHQWR� GD� YHQGD� SURSULDPHQWH� GLWD�� PDV� p� LPSRUWDQWH� SDUD� TXH� R� FOLHQWH� SRVVD� VHU� PDQWLGR� SHOD� RUJDQL]DomR� H� SDUD� TXH� HOH� SURSRUFLRQH� HOHYDGR� JUDX� GH� UHQWDELOLGDGH��1HVWH�PRPHQWR��VmR�DFRPSDQKDGRV�RV�GHWDOKHV� VREUH�VH�D�HQWUHJD�HVWi�VHQGR�IHLWD�QR�ORFDO�H�SUD]R�FHUWR��VH�R� SHGLGR� IRL� IDWXUDGR� FRUUHWDPHQWH�� HWF�� 1R� FDVR� GH� SURGXWRV� H� VHUYLoRV�TXH�UHTXHUHP�WUHLQDPHQWR�GR�FOLHQWH�RX�LQVWDODomR�GRV� SURGXWRV��RX�RXWURV�UHTXLVLWRV�HVSHFtILFRV���p�LPSRUWDQWH�TXH�R� YHQGHGRU� DFRPSDQKH� D� HQWUHJD� GD� VROXomR� FRPSOHWD� SDUD� R� FOLHQWH�H�DFLRQH�RV�PHFDQLVPRV�GHQWUR�GD�HPSUHVD�SDUD�TXH�R� VHUYLoR� VHMD� HQWUHJXH� GH� PDQHLUD� LJXDO� RX� VXSHULRU� jV� H[SHFWDWLYDV� TXH� IRUDP� DFRUGDGDV� HQWUH� DV� SDUWHV� TXDQGR� GR� IHFKDPHQWR�GD�YHQGD�� *$%$5,72��%�� � ���� �,1e',7$� (0� 3529$6�� 8P� LPSRUWDQWH� PRGHOR� SDUD� DQiOLVH� GD� FRQFRUUrQFLD� p� R� PRGHOR� GDV� FLQFR� IRUoDV� GH� 3RUWHU�� 3DUD� HOH�� H[LVWHP� FLQFR� IRUoDV� TXH� LQWHUDJHP� HQWUH� VL�� JHUDQGR� XPD� VLWXDomR� GH� FRQFRUUrQFLD� SDUD� D� HPSUHVD��1mR�VH�LQFOXL�HQWUH�HVVDV�FLQFR�IRUoDV�� D��D�DPHDoD�GH�QRYRV�HQWUDQWHV�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� E��D�DPHDoD�GH�IRUQHFHGRUHV�FRQFRUUHQWHV�� F��D�DPHDoD�GH�SURGXWRV�VXEVWLWXWRV�� G��R�SRGHU�GH�QHJRFLDomR�GRV�FOLHQWHV�� H��D�ULYDOLGDGH�HQWUH�RV�FRQFRUUHQWHV�DWXDLV�� &RPHQWiULR�� 7UDWD�VH�DSHQDV�GH�OHPEUDU�TXDLV�VmR�DV�FLQFR�IRUoDV�GH�3RUWHU�SDUD� LGHQWLILFDU�D�DOWHUQDWLYD�TXH�QmR�FRQWpP�XPD�GHODV��$V�FLQFR�IRUoDV�GH�3RUWHU� VmR�� x� $PHDoD�GH�QRYRV�HQWUDQWHV� x� $PHDoD�GH�SURGXWRV�VXEVWLWXWRV� x� 3RGHU�GH�QHJRFLDomR�GRV�FOLHQWHV� x� 3RGHU�GH�QHJRFLDomR�GRV�IRUQHFHGRUHV� x� 5LYDOLGDGH�HQWUH�RV�FRQFRUUHQWHV�DWXDLV� $VVLP�� D� ~QLFD� DOWHUQDWLYD� TXH� QmR� VH� LQFOXL� QHVWH� PRGHOR� p� D� DOWHUQDWLYD�%�� *$%$5,72��%�� � ���� �,1e',7$�(0�3529$6��2�ROLJRSyOLR�p�XPD�VLWXDomR�GH� PHUFDGR�QD�TXDO�� D�� DSHQDV� XPD� HPSUHVD� IRUQHFH� GHWHUPLQDGRV� SURGXWRV� DR� PHUFDGR�� E��YiULDV�HPSUHVDV�IRUQHFHP�RV�PHVPRV�SURGXWRV�DR�PHUFDGR�� F�� SRXFDV� HPSUHVDV� IRUQHFHP� RV� PHVPRV� SURGXWRV� DR� PHUFDGR�� SRVVLELOLWDQGR� DUUDQMRV� GH� SUHoR� H� TXDQWLGDGH� SURGX]LGD�� G�� Ki� PXLWRV� FRQFRUUHQWHV� SDUD� XP� SURGXWR� H� DV� HPSUHVDV� EXVFDP�GLIHUHQFLi�ORV�SDUD�VHJPHQWRV�HVSHFtILFRV�� H�� QmR� Ki� GLIHUHQFLDomR� QR� SURGXWR�� SRU� LVVR� YiULRV� FRQFRUUHQWHV� GLVSXWDP� HVSDoR� QR� PHUFDGR�� R� TXH� WHUPLQD� QLYHODQGR�RV�SUHoRV�GH�DFRUGR�FRP�D�RIHUWD�H�GHPDQGD�� &RPHQWiULR�� 2� ROLJRSyOLR� p� D� VLWXDomR� GH� XP� PHUFDGR� QR� TXDO� XPD� SHTXHQD� TXDQWLGDGH�GH�RUJDQL]Do}HV�SURYr�RV�SURGXWRV��SRVVLELOLWDQGR�TXH�VHMDP�IHLWRV� DFRUGRV�TXDQWR�DR�SUHoR�H�TXDQWLGDGH�IRUQHFLGD�SRU�FDGD�FRQFRUUHQWH�GH�PRGR� D�PD[LPL]DU�R�OXFUR��'H�IRUPD�JHUDO��VmR�DV�JUDQGHV�RUJDQL]Do}HV�TXH�ID]HP� HVVH� WLSR� GH� DFRUGR�� FULDQGR� ROLJRSyOLRV� SXURV� �EDVHDGRV� HP� SURGXWRV� VHP� GLIHUHQFLDomR�HQWUH�VL��RX�ROLJRSyOLRV�GLIHUHQFLDGRV��EDVHDGRV�HP�SURGXWRV�TXH� VH� GLIHUHQFLDP� HP� DVSHFWRV� GLVWLQWRV� SDUD� FDGD� XP� GRPLQDU� XP� ³VXE� PHUFDGR´���,VWR�HVWi�GH�DFRUGR�FRP�D�DOWHUQDWLYD�&�� $�DOWHUQDWLYD�$�UHIHUH�VH�DR�PRQRSyOLR�� $�DOWHUQDWLYD�%�H�D�DOWHUQDWLYD�(�UHIHUHP�VH�j�FRQFRUUrQFLD�SHUIHLWD�� $�DOWHUQDWLYD�'�UHIHUH�VH�j�FRQFRUUrQFLD�PRQRSROLVWD�� *$%$5,72��&�� � ���� �,1e',7$� (0� 3529$6�� $V� HPSUHVDV� VHJXLGRUDV� GH� PHUFDGR�VmR�DTXHODV�TXH�QmR�FRQVHJXHP�VHU� OtGHUHV�RX� VHTXHU� DPHDoi�ODV�� 8PD� GH� VXDV� HVWUDWpJLDV� SULQFLSDLV� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� FRQVLVWH�HP� LPLWDU�DOJXPDV�FDUDFWHUtVWLFDV�SULQFLSDLV�GD� HPSUHVD�OtGHU��PRVWUDQGR�GLIHUHQFLDo}HV�H�PHOKRUDQGR�R� SDUD�DWHQGHU�DR�PHUFDGR��SRGHQGR�DLQGD�ID]HU�FRP�TXH�D� VHJXLGRUD�VHMD�GHVDILDQWH�IXWXUD�QR�PHUFDGR��7UDWD�VH�GD� HVWUDWpJLD�GH�� D��IDOVLILFDomR�� E��FORQDJHP�� F��LPLWDomR�� G��DGDSWDomR�� H��GLIHUHQFLDomR�� &RPHQWiULR�� 9DPRV� UHOHPEUDU� R� TXH� VmR� DV� HPSUHVDV� VHJXLGRUDV� H� TXDLV� VXDV� HVWUDWpJLDV�GH�PDUNHWLQJ�WtSLFDV�� x� 6HJXLGRUDV�GH�PHUFDGR��VmR�DV�HPSUHVDV�SHTXHQDV�TXH�QmR� FRQVHJXHP�VHU�DV�HPSUHVDV� OtGHUHV�GR�PHUFDGR�RX�GHVDILDU�D� SRVLomR�GD�HPSUHVD�OtGHU��6XDV�HVWUDWpJLDV�SULQFLSDLV�VmR�� R� )DOVLILFDomR��DV�HPSUHVDV�SRGHP�RSWDU�SRU� IDOVLILFDU�RV� SURGXWRV�GDV�HPSUHVDV�OtGHUHV�FRPR�IRUPD�GH�VH�PDQWHU� QR� PHUFDGR�� Mi� TXH� QmR� FRQVHJXHP� LQYHVWLU� HP� SXEOLFLGDGH�H�GHVDILDU�D�SRVLomR�GH�OLGHUDQoD�� R� &ORQDJHP�� p�SDUHFLGR� FRP�D� IDOVLILFDomR��1HVWH� FDVR��D� HPSUHVD� VHJXLGRUD� VLPSOHVPHQWH� FULD� XP� SURGXWR� ³SDUHFLGR´� FRP� R� SURGXWR� GD� PDUFD� OtGHU� H� EXVFD� HQFRQWUDU� PHUFDGR� GHVWD� IRUPD�� $OJXpP� Mi� YLX� DOJXP� FHOXODU��=RQ\��SRU�Dt"�(X�Mi�YL��7UDWD�VH�GH�XPD�FORQDJHP� FOiVVLFD�� R� ,PLWDomR�� QHVWH� FDVR� DOJXPDV� FDUDFWHUtVWLFDV� JHUDLV� GR� SURGXWR� GD� HPSUHVD� OtGHU� VmR� LPLWDGDV�� PDV� D� HPSUHVD� EXVFD�GLIHUHQFLDU�VH�HP�DOJXQV�DVSHFWRV�HP�YH]�GH�WHQWDU� ID]HU� XPD� IDOVLILFDomR� RX� FORQDJHP�� $TXL�� D� HPSUHVD� FRQVHJXH� ³VXUIDU´� QDV� YDQWDJHQV� GR� SURGXWR� OtGHU� SRU� DSUHVHQWDU� DOJR� VLPLODU�� PDV� Mi� WHQWD� PRVWUDU� GLIHUHQFLDo}HV� FRPR� QD� HPEDODJHP�� FDUDFWHUtVWLFDV� GR� SURGXWR��HWF�� R� $GDSWDomR�� QHVWH� FDVR�� R� SURGXWR� GD� HPSUHVD� OtGHU� p� LPLWDGR� H� PHOKRUDGR�� DGDSWDQGR�VH� PHOKRU� D� XP� GHWHUPLQDGR�PHUFDGR��(VVD�HVWUDWpJLD�SRGH�JHUDU�IXWXURV� GHVDILDQWHV�GH�PHUFDGR�� $VVLP�� SHUFHEHPRV� TXH� D� DGDSWDomR� HVWi� UHODFLRQDGD� DSHQDV� QD� DOWHUQDWLYD�'�� *$%$5,72��'�� � ���� �,1e',7$� (0� 3529$6�� 2V� YHQGHGRUHV� GHVHPSHQKDP� GLIHUHQWHV�WDUHIDV��HQWUH�HODV�� D��SURVSHFomR�GH�FOLHQWHV��RV�YHQGHGRUHV�GHVFREUHP��FXOWLYDP� H�FRQVHJXHP�QRYRV�FOLHQWHV�SDUD�D�HPSUHVD�� dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� E�� GHILQLomR� GH� DOYR�� RV� YHQGHGRUHV� FRQKHFHP� D� ³DUWH� GH� YHQGHU´�� TXH� FRQVLVWH� HP� DERUGDU�� DSUHVHQWDU�� DUJXPHQWDU� H� GDU�UHVSRVWDV�jV�REMHo}HV�GRV�FOLHQWHV�� F�� VHUYLoR�� p� D� FRPXQLFDomR� KiELO� GR� YHQGHGRU� FRP� R� FOLHQWH� SDUD�LQIRUPDU�OKHV�VREUH�RV�SURGXWRV�H�VHUYLoRV�GD�HPSUHVD�� G��DORFDomR�GH�SURGXWRV��RV�YHQGHGRUHV�GHFLGHP�RQGH�GHYHP� DORFDU�RV�VHXV�HVIRUoRV�� H�� FROHWD�GH� LQIRUPDo}HV��RV� YHQGHGRUHV� FROHWDP� LQIRUPDo}HV� GD�HPSUHVD�SDUD�VDWLVID]HU�RV�FRQVXPLGRUHV�� &RPHQWiULR�� 9DPRV� UHOHPEUDU� TXDLV� VmR� DV� WDUHIDV� GHVHPSHQKDGDV� SHORV� YHQGHGRUHV��SDUD�TXH�SRVVDPRV�DFHUWDU�HVWD�TXHVWmR�� x� 3URVSHFomR�GH�FOLHQWHV��RV�YHQGHGRUHV�GHVFREUHP��FXOWLYDP�H�FRQVHJXHP�QRYRV�FOLHQWHV�SDUD�D�HPSUHVD�� x� 'HILQLomR� GH� DOYR�� RV� YHQGHGRUHV� GHFLGHP� FRPR� DORFDU� VHX� WHPSR�HQWUH�RV�FOLHQWHV�DWXDLV�H�RV�QRYRV�FOLHQWHV�HP�SRWHQFLDO� SDUD�D�RUJDQL]DomR�� x� &RPXQLFDomR�� RV� YHQGHGRUHV� VH� FRPXQLFDP� GH� IRUPD� KiELO� FRP� VHXV� FOLHQWHV� QR� VHQWLGR� GH� LQIRUPDU�OKHV� VREUH� RV� SURGXWRV�H�VHUYLoRV�TXH�D�HPSUHVD�GLVS}H�SDUD�VDWLVID]HU�VXDV� QHFHVVLGDGHV�� x� 9HQGD�� RV� YHQGHGRUHV� FRQKHFHP� D� ³DUWH� GH� YHQGHU´� TXH� FRQVLVWH�HP�DERUGDU��DSUHVHQWDU��DUJXPHQWDU�H�GDU�UHVSRVWD�jV� REMHo}HV�TXH�RV�FOLHQWHV�SRVVDP�ID]HU��WXGR�LVVR�QR�VHQWLGR�GH� FRQFUHWL]DU�XPD�YHQGD�SDUD�D�HPSUHVD�� x� 6HUYLoR�� RV� YHQGHGRUHV� SUHVWDP� VHUYLoRV� GLYHUVRV� SDUD� RV� FOLHQWHV� GD� HPSUHVD� WDLV� FRPR� UHVSRVWD� jV� FRQVXOWDV�� DVVLVWrQFLD� WpFQLFD�� RULHQWDomR� VREUH� ILQDQFLDPHQWRV�� FXVWRV�� HQWUHJDV��HWF�� x� &ROHWD�GH�LQIRUPDo}HV��RV�YHQGHGRUHV�UHDOL]DP�SHVTXLVDV�GH� PHUFDGR� H� UH~QHP� GLYHUVDV� LQIRUPDo}HV� VREUH� R� DPELHQWH� H[WHUQR� GD� RUJDQL]DomR� HP� VHXV� UHODWyULRV� GH� YLVLWDomR� GH� FOLHQWHV�� x� $ORFDomR� GH� SURGXWRV�� RV� YHQGHGRUHV� GHFLGHP� VREUH� RV� FOLHQWHV�TXH�GHYHP�UHFHEHU�SURGXWRV�HVFDVVRV�GXUDQWH�SHUtRGRV� HP� TXH� D� SURGXomR� GD� RUJDQL]DomR� HVWHMD� HP� EDL[D� RX� VHXV� HVWRTXHV�SDUD�YHQGDV�HVWHMDP�UHGX]LGRV�� $VVLP�� D� ~QLFD� DOWHUQDWLYD� TXH� HVWi� GH� DFRUGR� FRP� D� WHRULD� p� D� DOWHUQDWLYD�$�� *$%$5,72��$�� � � � � � dĠĐŶŝĐĂƐ�ĚĞ�sĞŶĚĂƐ�ƉĂƌĂ��ƐĐƌŝƚƵƌĄƌŝŽ�ĚŽ��ĂŶĐŽ�ĚŽ��ƌĂƐŝů� dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 琀 �ƵůĂ� ?� � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� *DEDULWR�� � ��� &� ���'� ��� %� ��� (� ��� &� ��� $� ��� %� ��� &� ��� %� ���� &� ���� '� ���� (� ���� %� ���� %� ���� &� ���� '� ���� $� � �
Compartilhar