Baixe o app para aproveitar ainda mais
Prévia do material em texto
Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� H[HPSOR�� D� H[FODPDomR� ³%RP� GLD�´� QmR� SRGH� VHU� FODVVLILFDGD� FRPR� YHUGDGHLUD� RX� IDOVD�� 2� PHVPR� RFRUUH� FRP� DV� IUDVHV� ³4XDO� R� VHX� QRPH"´� RX� ³9i� GRUPLU´�� TXH� WDPEpP� QmR� WrP� XP� YDORU� OyJLFR� �9� RX� )��� � (P� UHVXPR�� 12� 62� SURSRVLo}HV� OyJLFDV�� ��)UDVHV�LQWHUURJDWLYDV��([���³4XDO�R�VHX�QRPH"´� � ��)UDVHV�H[FODPDWLYDV��([���³4XH�EHOR�GLD�´� � ��)UDVHV�LPSHUDWLYDV��([���³9i�FRPSUDU�SmR�´� � ��)UDVHV�VHP�YHUER��SRLV�VHTXHU�VmR�RUDo}HV���([���³2�PHOKRU�MRJDGRU�GH�IXWHERO�´�� � �� )UDVHV� FRP� LGHLDV� SDUDGR[DLV�� ([��� ³(VWD� IUDVH� p� XPD� PHQWLUD´�� 9HMD� TXH�� VH� YRFr�DVVXPLU�TXH�HVWD� IUDVH�p�9(5'$'(,5$��HQWmR�HOD�p�PHVPR�XPD�0(17,5$� �RX�VHMD��DVVXPLPRV�TXH�HOD�HUD�9�H�GHVFREULPRV�TXH�HOD�p�)���(�VH�DVVXPLUPRV� TXH� HOD� p� )$/6$�� HQWmR� HOD� HVWi� IDODQGR� D� 9(5'$'(� DR� DILUPDU� VHU� PHQWLURVD� �DVVXPLPRV�TXH�HOD�p�)�H�GHVFREULPRV�TXH�p�9���3RU�WHUHP�LGHLDV�FRQWUDGLWyULDV�HP� VL�PHVPDV��HVVDV�IUDVHV�QmR�SRGHP�VHU�FODVVLILFDGDV�FRPR�9�RX�)��� � �� )UDVHV� FRP� YDULiYHLV�� ([��� ³;� p� PDLRU� TXH� �´�� 9HMD� TXH� HVWD� IUDVH� WHP� XPD� YDULiYHO�³;´��TXH�GHSHQGHQGR�GR�VHX�YDORU�SRGH�WRUQDU�D�IUDVH�9�RX�)��&KDPDPRV� LVVR� GH�6HQWHQoD�$EHUWD��1mR�SRGHPRV�FODVVLILFDU�D� IUDVH�FRPR� 9�RX�)��VRPHQWH� SRGHUHPRV�ID]HU�LVWR�DSyV�VDEHU�R�YDORU�GD�YDULiYHO��(VWH�p�PDLV�XP�FDVR�TXH�12� p� SURSRVLomR�� $7(1d2�� YHUHPRV� PDLV� DGLDQWH� XP� FDVR� GH� IUDVH� &20� YDULiYHO� PDV� TXH�� DLQGD� DVVLP�� p� SURSRVLomR�� ,VWR� RFRUUH� TXDQGR� D� SUHVHQoD� GD� YDULiYHO� 12�QRV�LPSHGH�GH�FODVVLILFDU�D�IUDVH�FRPR�9�RX�)��� � � e�LPSRUWDQWH�WDPEpP�FRQKHFHU�DOJXQV�SULQFtSLRV�UHODWLYRV�jV�SURSRVLo}HV��2� SULQFtSLR� GD� QmR�FRQWUDGLomR� GL]� TXH� XPD� SURSRVLomR� QmR� SRGH� VHU�� DR� PHVPR� WHPSR��9HUGDGHLUD�H�)DOVD��2X�XPD�FRLVD�RX�RXWUD��-i�R�SULQFtSLR�GD�H[FOXVmR�GR� WHUFHLUR� WHUPR�GL]�TXH�QmR�Ki�XP�PHLR�WHUPR�HQWUH�9HUGDGHLUR�RX�)DOVR��3RUWDQWR�� VH�WHPRV�XPD�SURSRVLomR�S��H[HPSOR��³��PDLV���QmR�p�LJXDO�D��´���VDEHPRV�TXH�� �� VH� HVVD� IUDVH� p� YHUGDGHLUD�� HQWmR� HOD� QmR� SRGH� VHU� IDOVD�� H� YLFH�YHUVD� �QmR� FRQWUDGLomR���H� ��QmR�p�SRVVtYHO�TXH�HVVD�IUDVH�VHMD�³PHLR�YHUGDGHLUD´�RX�³PHLR�IDOVD´��HOD�GHYH�VHU� VRPHQWH�9HUGDGHLUD�RX�VRPHQWH�)DOVD��H[FOXVmR�GR�WHUFHLUR�WHUPR��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� � 8PD� REVHUYDomR� LPSRUWDQWH�� QmR� VH� SUHRFXSH� WDQWR� FRP� R� FRQWH~GR� GD� SURSRVLomR��4XHP�QRV�GLUi�VH�D�SURSRVLomR�p�YHUGDGHLUD�RX�IDOVD�p�R�HQXQFLDGR�GR� H[HUFtFLR��$R�UHVROYHU�H[HUFtFLRV�YRFr�YHUi�TXH��D�SULQFtSLR��FRQVLGHUDPRV�WRGDV�DV� SURSRVLo}HV� IRUQHFLGDV� FRPR� VHQGR� YHUGDGHLUDV�� D� PHQRV� TXH� R� H[HUFtFLR� GLJD� R� FRQWUiULR��6H�XP�H[HUFtFLR�GLVVHU�TXH�D�SURSRVLomR�³������ ��´�p�9HUGDGHLUD��YRFr� GHYH�DFHLWDU�LVVR��DLQGD�TXH�VDLED�TXH�R�FRQWH~GR�GHOD�QmR�p�UHDOPHQWH�FRUUHWR��,VWR� SRUTXH�HVWDPRV�WUDEDOKDQGR�FRP�/yJLFD�IRUPDO�� 9HMDPRV�GXDV�SURSRVLo}HV�H[HPSOLILFDWLYDV�� S��&KRYH�DPDQKm�� T��(X�YRX�j�HVFROD�� � 1RWH�TXH��GH�IDWR��S�H�T�VmR�GXDV�SURSRVLo}HV��SRLV�FDGD�XPD�GHODV�SRGH�VHU� 9HUGDGHLUD�RX�)DOVD��� � 'XDV� RX� PDLV� SURSRVLo}HV� SRGHP� VHU� FRPELQDGDV�� FULDQGR� SURSRVLo}HV� FRPSRVWDV�� XWLOL]DQGR� SDUD� LVVR� RV� RSHUDGRUHV� OyJLFRV�� 9DPRV� FRQKHFr�ORV� HVWXGDQGR� DV� SULQFLSDLV� IRUPDV� GH� SURSRVLo}HV� FRPSRVWDV�� 3DUD� LVVR�� XVDUHPRV� FRPR�H[HPSOR�DV�GXDV�SURSRVLo}HV�TXH� Mi� YLPRV�DFLPD��9HMDPRV�FRPR�SRGHPRV� FRPELQi�ODV�� �� D�� &RQMXQomR� �³H´��� WUDWD�VH� GH� XPD� FRPELQDomR� GH� SURSRVLo}HV� XVDQGR� R� RSHUDGRU�OyJLFR�³H´��RX�VHMD��GR�WLSR�³S�H�T´��3RU�H[HPSOR��³&KRYH�DPDQKm�H�HX� YRX�j�HVFROD´��8WLOL]DPRV�R�VtPEROR�A�SDUD�UHSUHVHQWDU�HVWH�RSHUDGRU��2X�VHMD�� DR�LQYpV�GH�HVFUHYHU�³S�H�T´��SRGHPRV�HVFUHYHU�³ S T ´�� 9HMD�TXH��DR�GL]HU�TXH�³&KRYH�DPDQKm�H�HX�YRX�j�HVFROD´��HVWRX�DILUPDQGR�TXH� DV� GXDV� FRLVDV� DFRQWHFHP� �FKRYHU� H� LU� j� HVFROD��� (P� RXWUDV� SDODYUDV�� HVWD� SURSRVLomR�FRPSRVWD�Vy�SRGH�VHU�9HUGDGHLUD�VH�DV�GXDV�SURSRVLo}HV�VLPSOHV�TXH� D�FRPS}HP�IRUHP�YHUGDGHLUDV��LVWR�p��DFRQWHFHUHP��6H�FKRYHU�H��PHVPR�DVVLP��HX� QmR�IRU�j�HVFROD��VLJQLILFD�TXH�D�FRQMXQomR�DFLPD�p�)DOVD��'D�PHVPD�IRUPD��VH�QmR� FKRYHU�H�PHVPR�DVVLP�HX�IRU�j�HVFROD��D�H[SUHVVmR�DFLPD�WDPEpP�p�)DOVD��� 3RUWDQWR�� SDUD� DQDOLVDU� VH� D� SURSRVLomR� FRPSRVWD� p� 9HUGDGHLUD� RX� )DOVD�� GHYHPRV� ROKDU� FDGD� XPD� GDV� SURSRVLo}HV� TXH� D� FRPS}HP�� -i� YLPRV� TXH� VH� S� DFRQWHFH� �S� p� 9HUGDGHLUD�� H� T� DFRQWHFH� �T� p� 9HUGDGHLUD��� D� H[SUHVVmR� S� H� T� p� 9HUGDGHLUD��(VWD�p�D�SULPHLUD�OLQKD�GD�WDEHOD�DEDL[R��-i�VH�S�DFRQWHFH��9���LVWR�p��VH� FKRYH�� H� T� QmR� DFRQWHFH� �)��� RX� VHMD�� HX� QmR� YRX� j� HVFROD�� D� H[SUHVVmR� LQWHLUD� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� WRUQD�VH� IDOVD�� ,VWR� WDPEpP�RFRUUH�VH�S�QmR�DFRQWHFH��)��H�T�DFRQWHFH��9���(VWDV� VmR� DV� GXDV� OLQKDV� VHJXLQWHV� GD� WDEHOD� DEDL[R�� )LQDOPHQWH�� VH� QHP� S� QHP� T� DFRQWHFHP��DPEDV�VmR�)DOVDV���D�H[SUHVVmR� LQWHLUD� WDPEpP�VHUi� IDOVD��9HMD�HVWD� WDEHOD�� 9DORU�OyJLFR�GH�S� �³&KRYH�DPDQKm´�� 9DORU�OyJLFR�GH�T� �³(X�YRX�j�HVFROD´�� 9DORU�OyJLFR�GH�S�H�T� � S T �� 9� 9� 9� 9� )� )� )� 9� )� )� )� )� � $�WDEHOD�DFLPD�p�FKDPDGD�GH�WDEHOD�YHUGDGH�GD�SURSRVLomR�FRPELQDGD�³S�H�T´�� 1HVWD� WDEHOD� SRGHPRV� YLVXDOL]DU� TXH� D� ~QLFD� IRUPD� GH� WRUQDU� D� SURSRVLomR� YHUGDGHLUD�RFRUUH�TXDQGR�WDQWR�S�TXDQWR�T�VmR�YHUGDGHLUDV��(�TXH��SDUD�GHVPHQWL� OD� �WRUQDU� WRGD� D� SURSRVLomR� IDOVD��� EDVWD� SURYDU� TXH� SHOR� PHQRV� XPD� GDV� SURSRVLo}HV�TXH�D�FRPS}HP�p�IDOVD�� 9HMD�HVVD�TXHVWmR�� � ���&(63(�±�,166�±�������$�VHQWHQoD��%UXQD��DFHVVH�D� LQWHUQHW�H�YHULILTXH�D�GDWD� GH�DSRVHQWDGRULD�GR�6U��&DUORV���p�XPD�SURSRVLomR�FRPSRVWD�TXH�SRGH�VHU�HVFULWD� QD�IRUPD�SAT�� 5(62/8d2�� 1RWH�TXH�WHPRV�YHUERV�QR�LPSHUDWLYR���DFHVVH����YHULILTXH����(VWDPRV�GLDQWH� GH� XPD� RUGHP�� TXH� 12� p� XPD� SURSRVLomR��6H� QmR� WHPRV� XPD� SURSRVLomR�� QmR� SRGHPRV�UHSUHVHQWDU�QD�IRUPD�GH�XPD�FRQMXQomR�SAT�� $� EDQFD� WHQWRX� ID]HU� YRFr� DFUHGLWDU� TXH� HVWDYD� PHVPR� GLDQWH� GH� XPD� FRQMXQomR�� SRLV� WHPRV� XP� ³H´� QD� IUDVH� GHVWH� LWHP�� 0DV� ILTXH� DWHQWR� SDUD� DV� VLWXDo}HV�TXH�12�VmR�SURSRVLo}HV��FRPR�YLPRV�DQWHULRUPHQWH�� 5HVSRVWD��(� � � E�� 'LVMXQomR��³RX´���HVWD�p�XPD�FRPELQDomR�XVDQGR�R�RSHUDGRU�³RX´��LVWR�p��³S�RX� T´��WDPEpP�SRGHPRV�HVFUHYHU� S T ���([���³&KRYH�DPDQKm�RX�HX�YRX�j�HVFROD´�� �����������9HMD� TXH�� DR� GL]HU� HVWD� IUDVH�� HVWRX� DILUPDQGR� TXH� SHOR� PHQRV� XPD� GDV� FRLVDV� YDL� DFRQWHFHU�� FKRYHU� DPDQKm� RX� HX� LU� j� HVFROD�� 6H� XPD� GHODV� RFRUUHU�� Mi� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� )� 9� 9� )� )� )� � 0DUTXHL� HP� YHUPHOKR� D� ~QLFD� PXGDQoD� TXH� WHPRV� HP� UHODomR� DR� FDVR� DQWHULRU�� G�� &RQGLFLRQDO� �LPSOLFDomR��� XPD� FRQGLFLRQDO� p� XPD� FRPELQDomR� GR� WLSR� ³VH� S�� HQWmR�T´��VLPEROL]DGD�SRU� S To ���8VDQGR�R�QRVVR�H[HPSOR��SRGHPRV�PRQWDU�D� SURSRVLomR�FRPSRVWD�³6H�FKRYH�DPDQKm��HX�YRX�j�HVFROD´�� (VWD�p�D�SURSRVLomR�FRPSRVWD�PDLV�FRPXP�HP�SURYDV�GH�FRQFXUVR��&KDPDPRV� HVWH� FDVR� GH� &RQGLFLRQDO� SRUTXH� WHPRV� XPD� FRQGLomR� �³VH� FKRYH� DPDQKm´��TXH�� FDVR�YHQKD�D�RFRUUHU��ID]�FRP�TXH�DXWRPDWLFDPHQWH�D�VXD�FRQVHTXrQFLD��³HX�YRX�j� HVFROD´�� WHQKD� TXH� DFRQWHFHU�� ,VWR� p�� VH� S� IRU� 9HUGDGHLUD�� LVWR� REULJD� T� D� VHU� WDPEpP�9HUGDGHLUD���6H�D�FRQGLomR�S��³VH�FKRYH�DPDQKm´��QmR�RFRUUH��p�)DOVD���T�SRGH�RFRUUHU��9�� RX�QmR��)���H�DLQGD�DVVLP�D�IUDVH�p�9HUGDGHLUD��3RUpP�VH�D�FRQGLomR�RFRUUH��S�p�9�� H�R�UHVXOWDGR�QmR�RFRUUH��T�p�)���HVWDPRV�GLDQWH�GH�XPD�SURSRVLomR�FRPSRVWD�TXH� p�)DOVD�FRPR�XP�WRGR��7XGR�R�TXH�GLVVHPRV�DFLPD�OHYD�D�HVWD�WDEHOD�� 9DORU�OyJLFR�GH�S� �³&KRYH�DPDQKm´�� 9DORU�OyJLFR�GH�T� �³(X�YRX�j�HVFROD´�� 9DORU�OyJLFR�GH�6H�S�� HQWmR�T�� S To �� 9� 9� 9� 9� )� )� )� 9� 9� )� )� 9� �� H�� %LFRQGLFLRQDO� �³VH�H�VRPHQWH�VH´���XPD�ELFRQGLFLRQDO�p�XPD�FRPELQDomR�GR� WLSR�³S�VH�H�VRPHQWH�VH�T´��VLPEROL]DGD�SRU� S Tl ���([���³&KRYH�DPDQKm�VH�H� VRPHQWH�VH�HX�YRX�j�HVFROD´��� � 4XDQGR�DOJXpP�QRV�GL]�D�IUDVH�DFLPD��HOD�TXHU�GL]HU�TXH��QHFHVVDULDPHQWH�� DV� GXDV� FRLVDV� DFRQWHFHP� � MXQWDV� �RX� HQWmR� QHQKXPD� GHODV� DFRQWHFH��� $VVLP�� VDEHQGR� TXH� DPDQKm� FKRYH�� Mi� VDEHPRV� TXH� D� SHVVRD� YDL� j� HVFROD�� 'D� PHVPD� IRUPD�� VDEHQGR�TXH�D�SHVVRD� IRL� j�HVFROD�� HQWmR�VDEHPRV�TXH�FKRYHX��3RU�RXWUR� ODGR��VDEHQGR�TXH�QmR�FKRYHX��VDEHPRV�DXWRPDWLFDPHQWH�TXH�D�SHVVRD�QmR�IRL�j� HVFROD��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� S� �DSRVHQWDGR���GH�PRGR�TXH�aS� �QmR�DSRVHQWDGR�� T� �QmR�IDOWHL� � � 5HSDUH� TXH� UHSUHVHQWHL� ³QmR� IDOWHL´� XWLOL]DQGR� D� OHWUD� T�� PHVPR� WHQGR� XP� ³QmR´��1mR�Ki�SUREOHPD�QHQKXP�HP�ID]HU�LVWR��RN"�%DVWD�YRFr�PDQWHU�D�FRHUrQFLD� DR�ORQJR�GR�UHVWDQWH�GD�UHVROXomR��� � � 8VDQGR�DV�SURSRVLo}HV�VLPSOHV�TXH�GHILQLPRV��WHPRV�� �DSRVHQWDGR�A�QmR�IDOWHL��Æ�QmR�DSRVHQWDGR� ������������������������������������������S����������A�������T��������Æ����������aS� � � 3RUWDQWR��D�SURSRVLomR�GR�HQXQFLDGR�SRGH�PHVPR�VHU�UHSUHVHQWDGD�QD�IRUPD� �SAT��Æ�aS��,WHP�&(572�� 5HVSRVWD��&� � ,03257$17(��6DLED�TXH�³H´��³RX´��³RX������RX���´��³VH�����HQWmR���´��³VH�H�VRPHQWH�VH´� VmR� DV� IRUPDV� EiVLFDV� GRV� FRQHFWLYRV� FRQMXQomR�� GLVMXQomR�� GLVMXQomR� H[FOXVLYD�� FRQGLFLRQDO� H� ELFRQGLFLRQDO�� (QWUHWDQWR�� YiULDV� TXHVW}HV� H[SORUDP� IRUPDV� ³DOWHUQDWLYDV´�GH�VH�H[SUHVVDU�FDGD�XPD�GHVVDV�SURSRVLo}HV�FRPSRVWDV��$R� ORQJR� GDV�TXHVW}HV�TXH�UHVROYHUPRV�QHVVD�H�QD�SUy[LPD�DXOD��YRFr�DSUHQGHUi�D�OLGDU�FRP� HVWDV�DOWHUQDWLYDV��9HMD�RV�FDVRV�TXH�FRQVLGHUR�PDLV�LPSRUWDQWHV�� � ��&RQHFWLYR�³PDV´�FRP�LGpLD�GH�FRQMXQomR��³H´���([���&KRYH��PDV�YRX�j�HVFROD�� 2EVHUYH�TXH�TXHP�GL]�HVWD� IUDVH�HVWi�DILUPDQGR�TXH�GXDV�FRLVDV�DFRQWHFHP���� � FKRYH��H��� �YRX�j�HVFROD��1R�HVWXGR�GD�OyJLFD��LVWR�p�R�PHVPR�TXH�GL]HU�³&KRYH�H� YRX�j�HVFROD´��3RUWDQWR��R�³PDV´�HVWi�VHQGR�XVDGR�SDUD�IRUPDU�XPD�FRQMXQomR�� � �� &RQGLFLRQDO� XWLOL]DQGR� ³4XDQGR���´�� ³7RGD� YH]� TXH���´�� ³6HPSUH� TXH���´�� ³ORJR´��³SRLV´��³GHVGH�TXH´����([HPSORV���� ��4XDQGR�FKRYH��YRX�j�HVFROD�� ���7RGD�YH]�TXH�FKRYH�YRX�j�HVFROD�� ���6HPSUH�TXH�FKRYH�YRX�j�HVFROD�� ���&KRYHX��ORJR�IXL�j�HVFROD�� ���)XL�j�HVFROD��SRLV�FKRYHX�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ?�� ���,UHL�j�HVFROD�GHVGH�TXH�FKRYD�� � � 9HMD�TXH�HP�WRGRV�RV�FDVRV�DFLPD�QyV� WHPRV�XPD�FRQGLomR��³FKRYH´��TXH�� FDVR�RFRUUD�� OHYD�D�XPD�FRQVHTXrQFLD�REULJDWyULD��³YRX�j�HVFROD´���3RUWDQWR��HVWDV� VmR� IRUPDV� DOWHUQDWLYDV� DR� FOiVVLFR� ³VH� ����� HQWmR� ���´� GD� FRQGLFLRQDO�� (VVHV� ³GLVIDUFHV´�GD�SURSRVLomR�FRQGLFLRQDO�FRVWXPDP�VHU�PXLWR�FREUDGRV�HP�SURYD�� � ��8VR�GR�³���RX�����PDV�QmR�DPERV´�FRP�LGpLD�GH�GLVMXQomR�H[FOXVLYD��([���³-RJR� EROD� RX� FRUUR�� PDV� QmR� DPERV´�� 5HSDUH� TXH� D� SULPHLUD� SDUWH� GHVVD� IUDVH� p� XPD� GLVMXQomR�FRPXP��LQFOXVLYD���PDV�D�H[SUHVVmR�³PDV�QmR�DPERV´�H[FOXL�R�FDVR�RQGH� ³MRJR� EROD´� p� 9� H� ³FRUUR´� WDPEpP� p� 9�� ,VWR� p�� SDVVDPRV� D� WHU� XPD� GLVMXQomR� H[FOXVLYD�� $OJXQV� DXWRUHV� HQWHQGHP� TXH� Vy� WHPRV� GLVMXQomR� H[FOXVLYD� VH� D� H[SUHVVmR� ³PDV� QmR� DPERV´� HVWLYHU� SUHVHQWH� �DLQGD� TXH� WHQKDPRV� ³RX����� RX� ���´��� PDV� LVVR� QmR� SRGH� VHU� FRQVLGHUDGR� XPD� YHUGDGH� DEVROXWD�� 7UDEDOKDUHPRV� HVVH� SUREOHPD�DR�ORQJR�GDV�TXHVW}HV�� � ��� 8VR�GR�³DVVLP� FRPR´�FRP� D� LGHLD� GH� ELFRQGLFLRQDO�� ([��� ³*RVWR� GH�VRUYHWH� DVVLP�FRPR�JRVWR�GH�IXWHERO´��1HVWD�IUDVH�D�LGHLD�SDVVDGD�p�GH�TXH�D�SULPHLUD�FRLVD� �JRVWDU� GH� VRUYHWH�� p� WmR� YHUGDGHLUD� RX� WmR� IDOVD� TXDQWR� D� VHJXQGD� �JRVWDU� GH� IXWHERO��� RX� VHMD�� TXH� DPEDV� DV� FRLVDV� WHP� R� PHVPR� YDORU� OyJLFR�� 7UDWD�VH� GD� ELFRQGLFLRQDO�³JRVWR�GH�VRUYHWH�VH�H�VRPHQWH�VH�JRVWR�GH�IXWHERO´��� � � 6REUH�R�TXH�DFDEDPRV�GH�YHU��YHMD�HVWD�TXHVWmR�� � ���&(63(� ±� ,166� ±� ������ &RP� UHODomR� D� OyJLFD� SURSRVLFLRQDO�� MXOJXH� RV� LWHQV� VXEVHTXHQWHV�� �� �� 1D� OyJLFD� SURSRVLFLRQDO�� D� RUDomR� ³$QW{QLR� IXPD� ��� FLJDUURV� SRU� GLD�� ORJR� D� SUREDELOLGDGH�GH�HOH�VRIUHU�XP�LQIDUWR�p�WUrV�YH]HV�PDLRU�TXH�D�GH�3HGUR��TXH�p�QmR� IXPDQWH´�UHSUHVHQWD�XPD�SURSRVLomR�FRPSRVWD�� 5(62/8d2�� 2�³ORJR´�QRV�Gi�LGHLD�GH�TXH�D� LQIRUPDomR�TXH�R�SUHFHGH��$QW{QLR�IXPDU���� FLJDUURV�SRU�GLD��p�XPD�&21',d2��FXMR�FXPSULPHQWR�OHYD�REULJDWRULDPHQWH�D�XP� 5(68/7$'2� �D� SUREDELOLGDGH� GH� LQIDUWR� DXPHQWD��� (VWDPRV� GLDQWH� GH� XPD� SURSRVLomR�FRQGLFLRQDO��TXH�SRGH�VHU�HVTXHPDWL]DGD�FRPR�SÆT��RQGH�� S� �$QW{QLR�IXPD����FLJDUURV�SRU�GLD� T� �$�SUREDELOLGDGH�GH�$QW{QLR�VRIUHU�XP�LQIDUWR�p�WUrV�YH]HV�PDLRU�TXH�D�GH�3HGUR� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �,WHP�&(572�� 5HVSRVWD��&� ����1HJDomR�GH�SURSRVLo}HV�VLPSOHV� � 5HSUHVHQWDPRV�D�QHJDomR�GH�XPD�SURSRVLomR�VLPSOHV�³S´�SHOR�VtPEROR�³aS´� �OHLD�QmR�S��7DPEpP�SRGHPRV�XVDU�D�QRWDomR� S ��TXH�p�PHQRV�XVXDO��6DEHPRV� TXH� R� YDORU� OyJLFR� GH� ³S´� H� ³aS´� VmR� RSRVWRV�� LVWR� p�� VH� S� p� XPD� SURSRVLomR� YHUGDGHLUD��aS�VHUi�IDOVD��H�YLFH�YHUVD�� � 4XDQGR� WHPRV� XPD�SURSRVLomR�VLPSOHV� �SRU�H[��� ³&KRYH� DJRUD´�� ³7RGRV� RV� QRUGHVWLQRV� VmR� IRUWHV´�� ³$OJXP� EUDVLOHLUR� p� PLQHLUR´��� SRGHPRV� QHJDU� HVVD� SURSRVLomR�VLPSOHVPHQWH�LQVHULQGR�³1mR�p�YHUGDGH�TXH���´�HP�VHX�LQtFLR��9HMD�� ��1mR�p�YHUGDGH�TXH�FKRYH�DJRUD� ��1mR�p�YHUGDGH�TXH�WRGRV�RV�QRUGHVWLQRV�VmR�IRUWHV� ��1mR�p�YHUGDGH�TXH�DOJXP�EUDVLOHLUR�p�PLQHLUR� � (QWUHWDQWR�� QD� PDLRULD� GRV� H[HUFtFLRV� VHUmR� VROLFLWDGDV� RXWUDV� IRUPDV� GH� QHJDU�XPD�SURSRVLomR��3DUD�GHVFREULU�D�QHJDomR��EDVWD�YRFr�VH�SHUJXQWDU��R�TXH�e� 2�0Ë1,02�TXH�HX�SUHFLVDULD�ID]HU�SDUD�SURYDU�TXH�HVVD� IUDVH�p�PHQWLUD"�6H�YRFr� IRU�FDSD]�GH�GHVPHQWL�OR��YRFr�VHUi�FDSD]�GH�QHJi�OR��� � 6H� -RmR� QRV� GLVVH� TXH� ³&KRYH� DJRUD´�� EDVWDULD� FRQILUPDU� TXH� QmR� HVWi� FKRYHQGR� DJRUD� SDUD� GHVPHQWL�OR�� 3RUWDQWR�� D� QHJDomR� VHULD� VLPSOHVPHQWH� ³1mR� FKRYH�DJRUD´�� � (QWUHWDQWR�� FDVR� -RmR� QRV� GLJD� TXH� ³7RGRV� RV� QRUGHVWLQRV� VmR� IRUWHV´�� EDVWDULD� HQFRQWUDUPRV� XP� ~QLFR� QRUGHVWLQR� TXH� QmR� IRVVH� IRUWH� SDUD� GHVPHQWL�OR�� 3RUWDQWR��D�QHJDomR�GHVWD�DILUPDomR�SRGH�VHU��HQWUH�RXWUDV�SRVVLELOLGDGHV�� ��³3HOR�PHQRV�XP�QRUGHVWLQR�QmR�p�IRUWH´� ��³$OJXP�QRUGHVWLQR�QmR�p�IRUWH´� ��³([LVWH�QRUGHVWLQR�TXH�QmR�p�IRUWH´� � -i�VH�-RmR�QRV�GLVVHVVH�TXH�³$OJXP�QRUGHVWLQR�p�IRUWH´��EDVWD�TXH�XP�~QLFR� QRUGHVWLQR�VHMD�UHDOPHQWH�IRUWH�SDUD�TXH�D�IUDVH�GHOH�VHMD�YHUGDGHLUD��3RUWDQWR��DTXL� p� PDLV� GLItFLO� GHVPHQWL�OR�� SRLV� SUHFLVDUtDPRV� DQDOLVDU� WRGRV� RV� QRUGHVWLQRV� H� PRVWUDU� TXH� QHQKXP� GHOHV� p� IRUWH�� $VVLP�� D� QHJDomR� VHULD�� HQWUH� RXWUDV� SRVVLELOLGDGHV�� ��³1HQKXP�QRUGHVWLQR�p�IRUWH´� ��³1mR�H[LVWH�QRUGHVWLQR�IRUWH´� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ³3HOR�PHQRV�XPD�DJrQFLD�GR�%%�QmR�WHP�GpILFLW�GH�IXQFLRQiULRV´��� 8PD�RXWUD�IRUPD�GH�GL]HU�HVWD�PHVPD�IUDVH�VHULD�� ³$OJXPD�DJrQFLD�GR�%%�QmR�WHP�GpILFLW�GH�IXQFLRQiULRV´�� � 3RUWDQWR�� HVVD� IRL� D� IUDVH� TXH� R� MRUQDO� SUHFLVRX� XVDU� SDUD� D� UHWUDWDomR� �QHJDomR��GD�DQWHULRU�� 5HVSRVWD��&� � ����1HJDomR�GH�SURSRVLo}HV�FRPSRVWDV� � 4XDQGR� WHPRV� DOJXPD� GDV� SURSRVLo}HV� FRPSRVWDV� �FRQMXQomR�� GLVMXQomR�� GLVMXQomR�H[FOXVLYD��FRQGLFLRQDO�RX�ELFRQGLFLRQDO���SRGHPRV�XWLOL]DU�R�PHVPR�WUXTXH� SDUD�REWHU�D�VXD�QHJDomR��EXVFDU�XPD�IRUPD�GH�GHVPHQWLU�TXHP�HVWLYHVVH�IDODQGR� DTXHOD�IUDVH��9HMDPRV�DOJXQV�H[HPSORV�� � D�� &RQMXQomR�� ³&KRYH� KRMH� H� YRX� j� SUDLD´�� 6H� -RmR� QRV� GL]� HVVD� IUDVH�� HOH� HVWi� DILUPDQGR� TXH� DV� GXDV� FRLVDV� GHYHP� RFRUUHU� �VH� WLYHU� G~YLGD�� UHWRUQH� j� WDEHOD� YHUGDGH� GD� FRQMXQomR��� ,VWR� p�� SDUD� GHVPHQWL�OR�� EDVWDULD� SURYDU� TXH� SHOR� PHQRV� XPD�GHODV�QmR�RFRUUH�� ,VWR�p��D�SULPHLUD�FRLVD�QmR�RFRUUH�RX�D�VHJXQGD�FRLVD�QmR� RFRUUH� �RX� PHVPR� DV� GXDV� QmR� RFRUUHP��� 9HMD� TXH� SDUD� LVVR� SRGHPRV� XVDU� XPD� GLVMXQomR�� QHJDQGR� DV� GXDV� SURSRVLo}HV� VLPSOHV� FRPR� DSUHQGHPRV� QR� LWHP� DQWHULRU�� ³1mR�FKRYH� KRMH� RX�QmR�YRX�j�SUDLD´�� 'D� PHVPD� IRUPD�� VH�-RmR� WLYHVVH� GLWR�³7RGR�QRUGHVWLQR�p� IRUWH�H�QHQKXP�JDWR�p�SUHWR´��SRGHUtDPRV�QHJDU�XWLOL]DQGR� XPD� GLVMXQomR�� QHJDQGR� DV� GXDV� SURSRVLo}HV� VLPSOHV�� ³$OJXP� QRUGHVWLQR� QmR� p� IRUWH�RX�DOJXP�JDWR�p�SUHWR´�� � E�� 'LVMXQomR�� ³&KRYH� KRMH� RX� YRX� j� SUDLD´�� (VVD� DILUPDomR� p� YHUGDGHLUD� VH� SHOR� PHQRV�XPD�GDV�SURSRVLo}HV�VLPSOHV�IRU�YHUGDGHLUD���3RUWDQWR��SDUD�GHVPHQWLU�TXHP� D� GLVVH�� SUHFLVDPRV� SURYDU� TXH� DV� GXDV� FRLVDV� QmR� DFRQWHFHP�� LVWR� p�� DV� GXDV� SURSRVLo}HV�VmR�IDOVDV��$VVLP��D�QHJDomR�VHULD�XPD�FRQMXQomR��³1mR�FKRYH�KRMH�H� QmR�YRX�j�SUDLD´��-i�D�QHJDomR�GH�³7RGR�QRUGHVWLQR�p�IRUWH�RX�QHQKXP�JDWR�p�SUHWR´� VHULD�³$OJXP�QRUGHVWLQR�QmR�p�IRUWH�H�DOJXP�JDWR�p�SUHWR´�� � F�� 'LVMXQomR� H[FOXVLYD�� ³2X� FKRYH� KRMH� RX� YRX� j� SUDLD´�� � 5HFRUUHQGR� j� WDEHOD� YHUGDGH�� YRFr� YHUi� TXH� D� GLVMXQomR� H[FOXVLYD� Vy� p� YHUGDGHLUD� VH� XPD�� H� DSHQDV� XPD� GDV� SURSRVLo}HV� p� YHUGDGHLUD�� VHQGR� D� RXWUD� IDOVD�� $VVLP�� VH� PRVWUiVVHPRV� TXH�DPEDV�VmR�YHUGDGHLUDV��RX�TXH�DPEDV�VmR� IDOVDV��HVWDUtDPRV�GHVPHQWLQGR�R� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � &RPHFH�D�H[HUFLWDU�D�QHJDomR�GH�SURSRVLo}HV�FRPSRVWDV�D�SDUWLU�GD�TXHVWmR� DEDL[R�� � ���&(63(�±�75(�07�±�������$�QHJDomR�GD�SURSRVLomR��³6H�R�Q~PHUR�LQWHLUR�P�!��� p�SULPR��HQWmR�R�Q~PHUR�P�p�tPSDU´�SRGH�VHU�H[SUHVVD�FRUUHWDPHQWH�SRU� $�³6H�R�Q~PHUR�P�QmR�p�tPSDU��HQWmR�R�Q~PHUR�LQWHLUR�P�!���QmR�p�SULPR´�� %�³6H�R�Q~PHUR�LQWHLUR�P�!���QmR�p�SULPR��HQWmR�R�Q~PHUR�P�p�tPSDU´�� &�³2�Q~PHUR�LQWHLUR�P�!���p�SULPR�H�R�Q~PHUR�P�QmR�p�tPSDU´�� '�³2�Q~PHUR�LQWHLUR�P�!���p�QmR�SULPR�H�R�Q~PHUR�P�p�tPSDU´�� (�³6H�R�Q~PHUR�LQWHLUR�P�!���QmR�p�SULPR��HQWmR�R�Q~PHUR�P�QmR�p�tPSDU´�� 5(62/8d2�� � 7HPRV�QR�HQXQFLDGR�D�FRQGLFLRQDO�SÆT��RQGH�� S� �R�Q~PHUR�LQWHLUR�P�!���p�SULPR� T� �R�Q~PHUR�P�p�tPSDU� � � $�VXD�QHJDomR�p�GDGD�SRU�³S�H�aT´��RQGH�� aT� �R�Q~PHUR�P�QmR�p�tPSDU� � � (VFUHYHQGR�³S�H�aT´��� ³2�Q~PHUR�LQWHLUR�P!��p�SULPR�(�R�Q~PHUR�P�QmR�p�tPSDU´� � � 1RWH�TXH�DTXL�WHPRV�XPD�IUDVH�FRP�XPD�YDULiYHO��P��PDV�TXH��DLQGD�DVVLP�� SRGH� VHU� &/$66,),&$'$� FRPR� 9(5'$'(,5$�� ,VWR� SRUTXH��GH� IDWR�� WRGR� Q~PHUR� SULPR� PDLRU� TXH� �� p� tPSDU� �EDVWD� OHPEUDU� GD� PDWHPiWLFD� EiVLFD��� 7HPRV� XPD� YDULiYHO� QR� WH[WR� PDV� DLQGD� DVVLP� HVWD� IUDVH� p� XPD� SURSRVLomR�� SRLV� SRGH� VHU� FODVVLILFDGD�FRPR�9�LQGHSHQGHQWHPHQWH�GR�YDORU�GD�YDULiYHO��� 5HVSRVWD��&� � ����&RQVWUXomR�GD�WDEHOD�YHUGDGH�GH�SURSRVLo}HV�FRPSRVWDV� � $OJXQV�H[HUFtFLRV�SRGHP�H[LJLU�TXH�YRFr�VDLED�FRQVWUXLU�D�WDEHOD�YHUGDGH�GH� SURSRVLo}HV� FRPSRVWDV�� 3DUD� H[HPSOLILFDU�� YHMD� D� SURSRVLomR� >�a � @$ % & �� $� SULPHLUD�FRLVD�TXH�YRFr�SUHFLVD�VDEHU�p�TXH�D�WDEHOD�YHUGDGH�GHVWD�SURSRVLomR�WHUi� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ���&(63(� ±� 7&(�51� ±� ������ (P� FDPSDQKD� GH� LQFHQWLYR� j� UHJXODUL]DomR� GD� GRFXPHQWDomR� GH� LPyYHLV�� XP� FDUWyULR� HVWDPSRX� XP� FDUWD]� FRP� RV� VHJXLQWHV� GL]HUHV��³2�FRPSUDGRU�TXH�QmR�HVFULWXUD�H�QmR�UHJLVWUD�R�LPyYHO�QmR�VH�WRUQD�GRQR� GHVVH�LPyYHO´�� $� SDUWLU� GHVVD� VLWXDomR� KLSRWpWLFD� H� FRQVLGHUDQGR� TXH� D� SURSRVLomR� 3�� ³6H� R� FRPSUDGRU�QmR�HVFULWXUD�R�LPyYHO��HQWmR�HOH�QmR�R�UHJLVWUD´�VHMD�YHUGDGHLUD�� MXOJXH� RV�LWHQV�VHJXLQWHV�� ����$�SURSRVLomR�3�p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³2�FRPSUDGRU�HVFULWXUD�R� LPyYHO��RX�QmR�R�UHJLVWUD´�� 5(62/8d2�� � 9HPRV� TXH� 3� p� ³QmR� HVFULWXUD�Æ� QmR� UHJLVWUD´�� 3RGHPRV� HVTXHPDWL]i�OD� FRPR�aTÆaS��RQGH�� aT� �QmR�HVFULWXUD� aS� �QmR�UHJLVWUD� � � 6DEHPRV� TXH� LVWR� p� HTXLYDOHQWH� D� SÆT�� RQGH� S� VHULD� ³UHJLVWUD´� H� T� VHULD� ³HVFULWXUD´��GH�PRGR�TXH�SÆT�VHULD�� UHJLVWUDÆHVFULWXUD� � � (VWD�SURSRVLomR�aTÆaS�WDPEpP�p�HTXLYDOHQWH�D�aSYT��TXH�VHULD�� QmR�UHJLVWUD�RX�HVFULWXUD� � 3RUWDQWR�p�FRUUHWR�GL]HU�TXH��� ³2�FRPSUDGRU�QmR�UHJLVWUD�R�LPyYHO�RX�R�HVFULWXUD´� � � &RPR�D�RUGHP�GDV�SURSRVLo}HV�QmR�DOWHUD�D�GLVMXQomR��SRGHPRV�GL]HU�TXH�� ³2�FRPSUDGRU�HVFULWXUD�R�LPyYHO�RX�QmR�R�UHJLVWUD´� � � � ,WHP�&(572��1RWH�TXH��SDUD�UHVROYHU�HVWD�TXHVWmR��EDVWRX�OHPEUDU�TXH�SÆT�� aTÆaS�H�aSYT�VmR�SURSRVLo}HV�HTXLYDOHQWHV��� 5HVSRVWD��&� � ����&RQGLomR�QHFHVViULD�H�FRQGLomR�VXILFLHQWH�������������������������������������������������������������������������������� � 4XDQGR� WHPRV� XPD� FRQGLFLRQDO� SÆT�� VDEHPRV� TXH� VH� D� FRQGLomR� S� DFRQWHFHU�� FRP� FHUWH]D� R� UHVXOWDGR� T� GHYH� DFRQWHFHU� �SDUD� TXH� SÆT� VHMD� XPD� SURSRVLomR�YHUGDGHLUD���3RUWDQWR��SRGHPRV�GL]HU�TXH�S�DFRQWHFHU�p�VXILFLHQWH�SDUD� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� DILUPDUPRV�TXH�T�DFRQWHFH��(P�RXWUDV�SDODYUDV��S�p�XPD�FRQGLomR�VXILFLHQWH�SDUD� T��� � 3RU� H[HPSOR�� VH� GLVVHUPRV� ³6H� FKRYH�� HQWmR� R� FKmR� ILFD� PROKDGR´�� p� VXILFLHQWH�VDEHU�TXH�FKRYH�SDUD�DILUPDUPRV�TXH�R�FKmR�ILFD�PROKDGR��&KRYHU�p�XPD� FRQGLomR�VXILFLHQWH�SDUD�TXH�R�FKmR�ILTXH�PROKDGR��3RU�RXWUR� ODGR��SRGHPRV�GL]HU� TXH� VHPSUH� TXH� FKRYH�� R� FKmR� ILFD� PROKDGR�� e� QHFHVViULR� TXH� R� FKmR� ILTXH� PROKDGR� SDUD� SRGHUPRV� DILUPDU� FKRYH�� 3RUWDQWR�� ³R� FKmR� ILFD� PROKDGR´� p� XPD� FRQGLomR� QHFHVViULD� SDUD� SRGHUPRV� GL]HU� TXH� FKRYH� �VH� R� FKmR� HVWLYHVVH� VHFR�� WHUtDPRV�FHUWH]D�GH�TXH�QmR�FKRYH���2X�VHMD��T�p�XPD�FRQGLomR�QHFHVViULD�SDUD�S�� � 5HVXPLGDPHQWH��TXDQGR�WHPRV�XPD�FRQGLFLRQDO�SÆT��SRGHPRV�DILUPDU�TXH� S�p�VXILFLHQWH�SDUD�T��H��SRU�RXWUR�ODGR��T�p�QHFHVViULD�SDUD�S�� � 3RU�RXWUR�ODGR��TXDQGR�WHPRV�XPD�ELFRQGLFLRQDO� S Tl ��SRGHPRV�GL]HU�TXH� S� p� QHFHVViULD� H� VXILFLHQWH� SDUD� T�� H� YLFH�YHUVD�� 3DUD� D� SURSRVLomR� ³&KRYH� VH� H� VRPHQWH� VH� R� FKmR� ILFD� PROKDGR´� VHU� YHUGDGHLUD�� SRGHPRV� GL]HU� TXH� p� SUHFLVR� �QHFHVViULR�� TXH� FKRYD� SDUD� TXH� R� FKmR� ILTXH� PROKDGR�� 1mR� p� GDGD� RXWUD� SRVVLELOLGDGH�� (� p� VXILFLHQWH� VDEHU� TXH� FKRYH� SDUD� SRGHU� DILUPDU� TXH� R� FKmR� ILFD� PROKDGR�� 'D� PHVPD� IRUPD�� p� VXILFLHQWH� VDEHU� TXH� R� FKmR� ILFRX� PROKDGR� SDUD� DILUPDU�TXH�FKRYHX��H�D�~QLFD�SRVVLELOLGDGH�GH�WHU�FKRYLGR�p�VH�R�FKmR�WLYHU�ILFDGR� PROKDGR��LVWR�p��R�FKmR�WHU�ILFDGR�PROKDGR�p�QHFHVViULR�SDUD�TXH�WHQKD�FKRYLGR�� � 9HMD�HVWD�TXHVWmR�� � ���&(63(� ±� 7&(�51� ±� ������ (P� FDPSDQKD� GH� LQFHQWLYR� j� UHJXODUL]DomR� GD� GRFXPHQWDomR� GH� LPyYHLV�� XP� FDUWyULR� HVWDPSRX� XP� FDUWD]� FRP� RV� VHJXLQWHV� GL]HUHV��³2�FRPSUDGRU�TXH�QmR�HVFULWXUD�H�QmR�UHJLVWUD�R�LPyYHO�QmR�VH�WRUQD�GRQR�GHVVH�LPyYHO´�� $� SDUWLU� GHVVD� VLWXDomR� KLSRWpWLFD� H� FRQVLGHUDQGR� TXH� D� SURSRVLomR� 3�� ³6H� R� FRPSUDGRU�QmR�HVFULWXUD�R�LPyYHO��HQWmR�HOH�QmR�R�UHJLVWUD´�VHMD�YHUGDGHLUD�� MXOJXH� RV�LWHQV�VHJXLQWHV�� ����8P�FRPSUDGRU�TXH�WLYHU�UHJLVWUDGR�R�LPyYHO��QHFHVVDULDPHQWH��R�HVFULWXURX�� 5(62/8d2�� � 6DEHPRV�TXH�D�SURSRVLomR�3�SRGH�VHU�HVTXHPDWL]DGD�SRU�� QmR�HVFULWXUD�Æ�QmR�UHJLVWUD� � -i�YLPRV�TXH�aTÆaS�p�HTXLYDOHQWH�D�SÆT��TXH�QHVWH�FDVR�VHULD�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� UHJLVWUD�Æ�HVFULWXUD� � /HPEUDQGR� TXH� HP� XPD� FRQGLFLRQDO� SÆT� SRGHPRV� DILUPDU� TXH� T� p� QHFHVViULR�SDUD�S��HQWmR�QHVWH�FDVR�SRGHPRV�GL]HU�TXH�HVFULWXUDU�p�QHFHVViULR�SDUD� WHU�UHJLVWUDGR��2X�PHOKRU�� TXHP�UHJLVWURX�QHFHVVDULDPHQWH�HVFULWXURX� � ,WHP�&(572��� 5HVSRVWD��&� ����6HQWHQoDV�DEHUWDV� � 6HQWHQoDV�DEHUWDV�VmR�DTXHODV�TXH�SRVVXHP�XPD�RX�PDLV�YDULiYHLV��FRPR�R� H[HPSOR�DEDL[R��GR�WLSR�SÆT��� ³6H��;�p�GLYLVtYHO�SRU����HQWmR�;�p�GLYLVtYHO�SRU��´� � � 7HPRV�D�YDULiYHO�;�QHVVD�IUDVH��TXH�SRGH�DVVXPLU�GLIHUHQWHV�YDORUHV��6H�;� IRU�LJXDO�D�����WHUHPRV��� ³6H����p�GLYLVtYHO�SRU����HQWmR����p�GLYLVtYHO�SRU��´� � � (VWD�IUDVH�p�YHUGDGHLUD��SRLV�S�p�9�H�T�p�9��6H�;� �����WHUHPRV�� ³6H����p�GLYLVtYHO�SRU����HQWmR����p�GLYLVtYHO�SRU��´� � � (VWD�IUDVH�p�YHUGDGHLUD��SRLV�S�p�)�H�T�WDPEpP�p�)��-i�VH�;� �������WHUHPRV�� ³6H����p�GLYLVtYHO�SRU����HQWmR������p�GLYLVtYHO�SRU��´� � � $JRUD�D�IUDVH�p�IDOVD��SRLV�S�p�9�H�T�p�)�� � 3RUWDQWR�� TXDQGR� WHPRV� XPD� VHQWHQoD� DEHUWD�� QmR� SRGHPRV� DILUPDU� GH� DQWHPmR� TXH� HOD� p� YHUGDGHLUD� RX� IDOVD�� SRLV� LVVR� GHSHQGHUi� GR� YDORU� TXH� DV� YDULiYHLV�DVVXPLUHP��$VVLP��XPD�VHQWHQoD�DEHUWD�QmR�p�XPD�SURSRVLomR� �Vy�VHUi� XPD�SURSRVLomR�DSyV�GHILQLUPRV�R�YDORU�GD�YDULiYHO���� � 7UDEDOKH�R�FRQFHLWR�GH�VHQWHQoDV�DEHUWDV�QD�TXHVWmR�D�VHJXLU�� � ����)&&�±�,&06�63�±�������&RQVLGHUH�DV�VHJXLQWHV�IUDVHV�� ,��(OH�IRL�R�PHOKRU�MRJDGRU�GR�PXQGR�HP������� ,,���[�\����p�XP�Q~PHUR�LQWHLUR�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ,,,��-RmR�GD�6LOYD�IRL�R�6HFUHWiULR�GD�)D]HQGD�GR�(VWDGR�GH�6mR�3DXOR�HP������� e�YHUGDGH�TXH�$3(1$6�� D��,�p�XPD�VHQWHQoD�DEHUWD� E��,,�p�XPD�VHQWHQoD�DEHUWD� F��,�H�,,�VmR�VHQWHQoDV�DEHUWDV� G��,�H�,,,�VmR�VHQWHQoDV�DEHUWDV� H��,,�H�,,,�VmR�VHQWHQoDV�DEHUWDV� 5(62/8d2�� � 8PD� VHQWHQoD� DEHUWD� p� DTXHOD� TXH� SRVVXL� XPD� YDULiYHO� FXMR� YDORU� SRGH� WRUQDU� D� SURSRVLomR� 9� RX� )�� 2� FDVR� FOiVVLFR� p� DTXHOH� SUHVHQWH� QD� DOWHUQDWLYD� ,,�� 'HSHQGHQGR�GRV�YDORUHV�DWULEXtGRV�jV�YDULiYHLV�[�H�\��D�SURSRVLomR�SRGH�VHU�9�RX� )�� (QWUHWDQWR�� D� DOWHUQDWLYD� ,� WDPEpP� p� XPD� VHQWHQoD� DEHUWD�� ,VWR� SRUTXH�� GHSHQGHQGR� GH� TXHP� IRU� ³(OH´�� D� SURSRVLomR�SRGH� VHU� 9� RX� )�� 3UHFLVDPRV� VDEHU� TXHP�p�D�SHVVRD�UHIHULGD�SHOR�DXWRU�GD�IUDVH�SDUD�DWULEXLU�XP�YDORU�OyJLFR�� 5HVSRVWD��&� � � � � $JRUD�p�KRUD�GH�SUDWLFDU�WXGR�R�TXH�YLPRV�DWp�DTXL��UHVROYHQGR�XPD�EDWHULD� GH�TXHVW}HV�� � � � � � � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ���5(62/8d2�'(�48(67®(6� � ����&(63(�±�75(�%$�±�������$�QHJDomR�GD�SURSRVLomR�³2�SUHVLGHQWH�p�R�PHPEUR� PDLV� DQWLJR� GR� WULEXQDO� H� R� FRUUHJHGRU� p� R� YLFH�SUHVLGHQWH´� p� ³2� SUHVLGHQWH� p� R� PHPEUR�PDLV�QRYR�GR�WULEXQDO�H�R�FRUUHJHGRU�QmR�p�R�YLFH�SUHVLGHQWH´�� 5(62/8d2�� � 3DUD� GHVPHQWLU� R� DXWRU� GD� SULPHLUD� IUDVH� �TXH� p� XPD� FRQMXQomR��� SUHFLVDUtDPRV�SURYDU�TXH�SHOR�PHQRV�XPD�GDV�VXDV�DILUPDo}HV�QmR�p�YHUGDGHLUD�� $VVLP��D�QHJDomR�VHULD�VLPSOHVPHQWH��2�SUHVLGHQWH�QmR�p�R�PHPEUR�PDLV�DQWLJR�GR� WULEXQDO�28�R�FRUUHJHGRU�QmR�p�R�YLFH�SUHVLGHQWH��,WHP�(55$'2�� 5HVSRVWD��(� � ����&(63(�±�67)�±�������� )LOKR�PHX��RXYH�PLQKDV�SDODYUDV�H�DWHQWD�SDUD�PHX�FRQVHOKR�� $�UHVSRVWD�EUDQGD�DFDOPD�R�FRUDomR�LUDGR�� 2�RUJXOKR�H�D�YDLGDGH�VmR�DV�SRUWDV�GH�HQWUDGD�GD�UXtQD�GR�KRPHP�� 6H�R�ILOKR�p�KRQHVWR�HQWmR�R�SDL�p�H[HPSOR�GH�LQWHJULGDGH�� 7HQGR�FRPR�UHIHUrQFLD�DV�TXDWUR�IUDVHV�DFLPD��MXOJXH�RV�LWHQV�VHJXLQWHV�� �� ���$�SULPHLUD�IUDVH�p�FRPSRVWD�SRU�GXDV�SURSRVLo}HV�OyJLFDV�VLPSOHV�XQLGDV�SHOR� FRQHFWLYR�GH�FRQMXQomR�� �����$�VHJXQGD�IUDVH�p�XPD�SURSRVLomR�OyJLFD�VLPSOHV�� �����$�WHUFHLUD�IUDVH�p�XPD�SURSRVLomR�OyJLFD�FRPSRVWD�� �� � �� $� TXDUWD� IUDVH� p� XPD� SURSRVLomR� OyJLFD� HP� TXH� DSDUHFHP� GRLV� FRQHFWLYRV� OyJLFRV�� 5(62/8d2�� �� ���$�SULPHLUD�IUDVH�p�FRPSRVWD�SRU�GXDV�SURSRVLo}HV�OyJLFDV�VLPSOHV�XQLGDV�SHOR� FRQHFWLYR�GH�FRQMXQomR�� � (55$'2�� 7UDWD�VH� GH� XP� ³SHGLGR´� GR� SDL�� 1mR� p� SRVVtYHO� DWULEXLU� YDORUHV� OyJLFRV��9�RX�)���SRUWDQWR�QmR�WHPRV�SURSRVLo}HV�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� $�������� ���RX�������!��� � 1HVVD� GLVMXQomR�� VDEHPRV� TXH� �� �� �� p� PDLRU� TXH� ��� $VVLP�� D� SURSRVLomR� LQWHLUD�p�9�� � %��������!���H������� ��� � $TXL� � YHPRV� TXH� �� ±� �� QmR� p� LJXDO� D� ��� ,VVR� WRUQD� D� VHJXQGD� SURSRVLomR� VLPSOHV�)DOVD��&RPR�WHPRV�XPD�FRQMXQomR��³H´���RQGH�XPD�SURSRVLomR�p�)��HQWmR�D� IUDVH�LQWHLUD�p�)�� � &����î���!����RX���î�������� � 9HMD� TXH� �� [� �� p� PDLRU� TXH� ���� R� TXH� p� VXILFLHQWH� SDUD� DILUPDU� TXH� D� GLVMXQomR�p�9�� � '��������p�XP�Q~PHUR�SULPR�H�WRGR�Q~PHUR�SULPR�p�tPSDU�� � $TXL� WHPRV� XPD� FRQMXQomR�� RQGH� D� SULPHLUD� SDUWH� p� 9� ��� �� �� � ��� TXH� p� SULPR��� SRUpP�D� VHJXQGD� SDUWH� p� )� �R� Q~PHUR� �� p� SULPR�� SRUpP� p� SDU��� $VVLP�� D� FRQMXQomR�p�)�� � 3RUWDQWR��DSHQDV���SURSRVLo}HV�VmR�)��%�H�'���,WHP�&(572�� 5HVSRVWD��&� � ����&(63(�±�3ROtFLD�0LOLWDU�$&�±��������&RQVLGHUH�DV�VHJXLQWHV�SURSRVLo}HV�� $�������� ���RX������� ��� %�������� ���RX�������!��� &����� ����RX���� ���� '����� ����RX���� ��� 1HVVH�FDVR��HQWUH�HVVDV���SURSRVLo}HV��DSHQDV�GXDV�VmR�9�� 5(62/8d2�� � 9DPRV�DQDOLVDU�FDGD�SURSRVLomR�� $�������� ���RX������� ��� 9HMD�TXH�������p�UHDOPHQWH�LJXDO�D����3DUD�XPD�GLVMXQomR��³RX´��VHU�9��EDVWD� TXH�SHOR�PHQRV�XPD�GDV�SURSRVLo}HV�VLPSOHV�VHMD�9��1HP�SUHFLVDUtDPRV�DQDOLVDU� VH���±���p�UHDOPHQWH�LJXDO�D����� � %�������� ���RX�������!��� � $VVLP� FRPR� YLPRV� DFLPD�� ���� p� UHDOPHQWH� LJXDO� D� ��� R� TXH� Mi� WRUQD� D� GLVMXQomR�9�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� � �� 6H� $� IRU� XP� FRQMXQWR� QmR� YD]LR� H� VH� R� Q~PHUR� GH� HOHPHQWRV� GR� FRQMXQWR� $ % IRU�LJXDO�DR�Q~PHUR�GH�HOHPHQWRV�GR�FRQMXQWR $ % ��HQWmR�R�FRQMXQWR�%�WHUi� SHOR�PHQRV�XP�HOHPHQWR�� � 6H�R�Q~PHUR�GH�HOHPHQWRV�FRPXQV�DRV���FRQMXQWRV��LQWHUVHFomR��p�LJXDO�DR� WRWDO�GH�HOHPHQWRV�GRV���FRQMXQWRV��XQLmR���SRGHPRV�DILUPDU�TXH�RV�FRQMXQWRV�$�H�%� VmR�LJXDLV��&RPR�$�QmR�p�YD]LR��HOH�WHP�SHOR�PHQRV�XP�HOHPHQWR��2�PHVPR�RFRUUH� FRP�%��,WHP�&(572�� � � � �����$�QHJDomR�GD�SURSRVLomR�³3HGUR�QmR�VRIUHX�DFLGHQWH�GH�WUDEDOKR�RX�3HGUR�HVWi� DSRVHQWDGR´�p�³3HGUR�VRIUHX�DFLGHQWH�GH�WUDEDOKR�RX�3HGUR�QmR�HVWi�DSRVHQWDGR´�� � 3DUD� GHVPHQWLU� R� DXWRU� GD� SULPHLUD� SURSRVLomR�� SUHFLVDUtDPRV� SURYDU� TXH� QHQKXPD� GDV�DILUPDo}HV� p� YHUGDGHLUD� �SRLV� VH� WUDWD� GH� XPD� GLVMXQomR���$VVLP�� D� QHJDomR�p� IHLWD�FRP�D�FRQMXQomR��3HGUR�VRIUHX�DFLGHQWH�GH� WUDEDOKR�(�3HGUR�QmR� HVWi�DSRVHQWDGR��,WHP�(55$'2�� 5HVSRVWD��&�&�(� � ����&(63(� ±� 35(9,&� ±� ������ 8P� DUJXPHQWR� p� XPD�VHTXrQFLD� ILQLWD� GH� SURSRVLo}HV��TXH�VmR�VHQWHQoDV�TXH�SRGHP�VHU� MXOJDGDV�FRPR�YHUGDGHLUDV��9��RX� IDOVDV� �)��� 8P� DUJXPHQWR� p� YiOLGR� TXDQGR� FRQWpP� SURSRVLo}HV� DVVXPLGDV� FRPR� YHUGDGHLUDV� ²� QHVVH� FDVR�� GHQRPLQDGDV� SUHPLVVDV� ²� H� DV� GHPDLV� SURSRVLo}HV� VmR� LQVHULGDV� QD� VHTXrQFLD� TXH� FRQVWLWXL� HVVH�DUJXPHQWR� SRUTXH� VmR� YHUGDGHLUDV� HP� FRQVHTXrQFLD� GD� YHUDFLGDGH� GDV� SUHPLVVDV� H� GH� SURSRVLo}HV� DQWHULRUHV�� $� ~OWLPD�SURSRVLomR�GH�XP�DUJXPHQWR�p�FKDPDGD�FRQFOXVmR��3HUFHEHU�D�IRUPD�GH�XP� DUJXPHQWR� p� R�DVSHFWR�SULPRUGLDO� SDUD� VH� GHFLGLU� VXD� YDOLGDGH��'XDV� SURSRVLo}HV� VmR� ORJLFDPHQWH�HTXLYDOHQWHV�TXDQGR�WrP�DV�PHVPDV�YDORUDo}HV�9�RX�)��6H�XPD� SURSRVLomR�IRU�YHUGDGHLUD��HQWmR�D�VXD�QHJDomR�VHUi�IDOVD��H�YLFH�YHUVD��&RP�EDVH� QHVVDV�LQIRUPDo}HV��MXOJXH�R�LWHP�D�VHJXLU�� �� � ��$�QHJDomR�GD�SURSRVLomR� ³6H�XP� WUDEDOKDGRU� WLQKD�TXDOLGDGH�GH�VHJXUDGR�GD� SUHYLGrQFLD� VRFLDO� DR� IDOHFHU�� HQWmR� VHXV� GHSHQGHQWHV� WrP� GLUHLWR� D� SHQVmR´� p� ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³8P�WUDEDOKDGRU�WLQKD�TXDOLGDGH�GH�VHJXUDGR� GD�SUHYLGrQFLD�VRFLDO�DR�IDOHFHU��PDV�VHXV�GHSHQGHQWHV�QmR�WrP�GLUHLWR�D�SHQVmR´�� 5(62/8d2�� � $�SULPHLUD�SURSRVLomR�p�S�Æ�T��RQGH�S� �R�WUDEDOKDGRU�HUD�VHJXUDGR�H�T� �RV� GHSHQGHQWHV�WHP�GLUHLWR�D�SHQVmR��UHVXPLGDPHQWH��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � -i�D�VHJXQGD�SURSRVLomR�p�S�H�aT��7HPRV��GH�IDWR��D�QHJDomR�GH�SÆT��SRLV�D� FRQGLomR� �S�� IRL� FXPSULGD� H�� PHVPR� DVVLP�� R� UHVXOWDGR� �T�� QmR� RFRUUHX�� ,WHP� &(572�� 5HVSRVWD��&� � ����&(63(�±�75(�(6�±�������(QWHQGH�VH�SRU�SURSRVLomR�WRGR�FRQMXQWR�GH�SDODYUDV� RX� VtPERORV� TXH� H[SULPHP� XP� SHQVDPHQWR� GH� VHQWLGR� FRPSOHWR�� LVWR� p�� TXH� DILUPDP� IDWRV� RX� H[SULPDP� MXt]RV� D� UHVSHLWR� GH� GHWHUPLQDGRV� HQWHV�� 1D� OyJLFD� ELYDOHQWH�� HVVH� MXt]R�� TXH� p� FRQKHFLGR� FRPR� YDORU� OyJLFR�GD� SURSRVLomR��SRGH� VHU� YHUGDGHLUR��9��RX�IDOVR��)���VHQGR�REMHWR�GH�HVWXGR�GHVVH�UDPR�GD�OyJLFD�DSHQDV�DV� SURSRVLo}HV�TXH�DWHQGDP�DR�SULQFtSLR�GD�QmR�FRQWUDGLomR��HP�TXH�XPD�SURSRVLomR� QmR� SRGH� VHU� VLPXOWDQHDPHQWH� YHUGDGHLUD� H� IDOVD�� H� DR� SULQFtSLR� GR� WHUFHLUR� H[FOXtGR�� HP� TXH� RV� ~QLFRV� YDORUHV� OyJLFRV� SRVVtYHLV� SDUD� XPD� SURSRVLomR� VmR� YHUGDGHLUR�H�IDOVR��&RP�EDVH�QHVVDV�LQIRUPDo}HV��MXOJXH�RV�LWHQV�D�VHJXLU�� �� �� 6HJXQGR� RV� SULQFtSLRV� GD� QmR� FRQWUDGLomR� H� GR� WHUFHLUR� H[FOXtGR�� D� XPD� SURSRVLomR�SRGH�VHU�DWULEXtGR�XP�H�VRPHQWH�XP�YDORU�OyJLFR�� ������$�IUDVH�³4XH�GLD�PDUDYLOKRVR�´�FRQVLVWH�HP�XPD�SURSRVLomR�REMHWR�GH�HVWXGR�GD� OyJLFD�ELYDOHQWH�� 5(62/8d2�� 9DPRV�DQDOLVDU�DV�SURSRVLo}HV�GDGDV�� �� �� 6HJXQGR� RV� SULQFtSLRV� GD� QmR� FRQWUDGLomR� H� GR� WHUFHLUR� H[FOXtGR�� D� XPD� SURSRVLomR�SRGH�VHU�DWULEXtGR�XP�H�VRPHQWH�XP�YDORU�OyJLFR�� � &(572��&RPR�XPD�SURSRVLomR�QmR�SRGH�VHU�9�H�)�DR�PHVPR� WHPSR��QmR� FRQWUDGLomR��� H� GHYH� REULJDWRULDPHQWH� WHU� XP� GHVVHV� �� YDORUHV� OyJLFRV�� SRGHPRV� FRQFOXLU�TXH�XPD�SURSRVLomR�VHPSUH�WHUi�XP��H�DSHQDV�XP�YDORU�OyJLFR��RX�9��RX�)��� � ������$�IUDVH�³4XH�GLD�PDUDYLOKRVR�´�FRQVLVWH�HP�XPD�SURSRVLomR�REMHWR�GH�HVWXGR�GD� OyJLFD�ELYDOHQWH�� � (55$'2��8PD�IUDVH�FRPR�HVVD�QmR�SRGH�VHU�FODVVLILFDGD�HP�9HUGDGHLUD�RX� )DOVD��SRUWDQWR�QmR�p�XPD�SURSRVLomR��9HMD�TXH��DLQGD�TXH�YRFr�GLVFRUGH�GR�DXWRU� GD�IUDVH��RX�VHMD��YRFr�QmR�FRQVLGHUH�R�GLD�PDUDYLOKRVR���YRFr�QmR�SRGH�GL]HU�TXH�D� RSLQLmR�GR�DXWRU�p�)DOVD�� 5HVSRVWD��&�(� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(�±�3ROtFLD�)HGHUDO�±�������6H�$�IRU�D�SURSRVLomR�³7RGRV�RV�SROLFLDLV�VmR� KRQHVWRV´�� HQWmR� D� SURSRVLomR� ¤$� HVWDUi� HQXQFLDGD� FRUUHWDPHQWH� SRU� ³1HQKXP� SROLFLDO�p�KRQHVWR´�� 5(62/8d2�� � 6H�-RmR�QRV�GL]�TXH�³WRGRV�RV�SROLFLDLV�VmR�KRQHVWRV´��EDVWD�HQFRQWUDUPRV��� SROLFLDO� GHVRQHVWR� H� Mi� WHUHPRV� DUJXPHQWR� VXILFLHQWH� SDUD� GHVPHQWLU� -RmR�� LVWR� p�� QHJDU�D�VXD�DILUPDomR��3RUWDQWR��EDVWD�GL]HU�DOJXPD�GDV�IUDVHV�DEDL[R�� ��³3HOR�PHQRV�XP�SROLFLDO�QmR�p�KRQHVWR´��RX� ��³$OJXP�SROLFLDO�QmR�p�KRQHVWR´��RX� ��³([LVWH�SROLFLDO�TXH�QmR�p�KRQHVWR´��RX� ��³1mR�p�YHUGDGH�TXH�WRGRV�RV�SROLFLDLV�VmR�KRQHVWRV´�� � -i�³1HQKXP�SROLFLDO�p�KRQHVWR´�VHULD�D�QHJDomR�GH�SURSRVLo}HV�FRPR�³3HOR� PHQRV�XP�SROLFLDO�p�KRQHVWR´��RX�³([LVWH�DOJXP�SROLFLDO�KRQHVWR´�� 5HVSRVWD��(��HUUDGR��� � ����&(63(�±�$%,1�±�������-XOJXH�RV�LWHQV�D�VHJXLU�� �� � �� $� QHJDomR� GD� SURSRVLomR� ³HVWHV� SDSpLV� VmR� UDVFXQKRV� RX� QmR� WrP� PDLV� VHUYHQWLD�SDUD�R�GHVHQYROYLPHQWR�GRV�WUDEDOKRV´�p�HTXLYDOHQWH�D�³HVWHV�SDSpLV�QmR� VmR�UDVFXQKRV�H�WrP�VHUYHQWLD�SDUD�R�GHVHQYROYLPHQWR�GRV�WUDEDOKRV´�� �� � �� $� SURSRVLomR� ³XP� SDSHO� p� UDVFXQKR� RX� QmR� WHP� PDLV� VHUYHQWLD� SDUD� R� GHVHQYROYLPHQWR�GRV�WUDEDOKRV´�p�HTXLYDOHQWH�D�³VH�XP�SDSHO�WHP�VHUYHQWLD�SDUD�R� GHVHQYROYLPHQWR�GRV�WUDEDOKRV��HQWmR�p�XP�UDVFXQKR´�� 5(62/8d2�� ��SULPHLUR�LWHP�� � $�QHJDomR�GH�³S�RX�T´�p�GDGD�SRU�³QmR�S�H�QmR�T´��LVWR�p��SUHFLVDPRV�QHJDU� RV� GRLV� ODGRV� H� FULDU� XPD� FRQMXQomR�� ³(VWHV� SDSpLV� QmR� VmR� UDVFXQKRV� H� WrP� VHUYHQWLD����´���,WHP�&(572�� ��VHJXQGR�LWHP�� � ³8P�SDSHO�p�UDVFXQKR�RX�QmR�WHP�PDLV�VHUYHQWLD���´�p�XPD�SURSRVLomR�GR�WLSR� ³S�RX�T´��RQGH�S� �XP�SDSHO�p�UDVFXQKR��H�T� �XP�SDSHO�QmR�WHP�PDLV�VHUYHQWLD�� �-i�D�SURSRVLomR� ³VH� XP�SDSHO� WHP�VHUYHQWLD�����HQWmR�p�XP� UDVFXQKR´�VHULD� ³aT�Æ�S´��9HMDPRV�D�WDEHOD�YHUGDGH�GHVVDV�GXDV�SURSRVLo}HV�� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(� ±� 3ROtFLD� &LYLO�(6� ±� ������ 3DUD� GHVFREULU� TXDO� GRV� DVVDOWDQWHV� ²� *DYLmR� RX� )DOFmR� ²� ILFRX� FRP� R� GLQKHLUR� URXEDGR� GH� XPD� DJrQFLD� EDQFiULD�� R� GHOHJDGR�FRQVWDWRX�RV�VHJXLQWHV�IDWRV�� )��±�VH�*DYLmR�H�)DOFmR�VDtUDP�GD�FLGDGH��HQWmR�R�GLQKHLUR�QmR�ILFRX�FRP�*DYLmR�� )��±�VH�KDYLD�XP�FDL[D�HOHWU{QLFR�HP� IUHQWH�DR�EDQFR��HQWmR�R�GLQKHLUR� ILFRX�FRP� *DYLmR�� )��±�*DYLmR�H�)DOFmR�VDtUDP�GD�FLGDGH�� )�� ±� KDYLD� XP� FDL[D� HOHWU{QLFR� HP� IUHQWH� DR� EDQFR� RX� R� GLQKHLUR� IRL� HQWUHJXH� j� PXOKHU�GH�*DYLmR�� &RQVLGHUDQGR� TXH� DV� SURSRVLo}HV� )��� )��� )�� H� )�� VHMDP� YHUGDGHLUDV�� MXOJXH� RV� LWHQV�VXEVHTXHQWHV��FRP�EDVH�QDV�UHJUDV�GH�GHGXomR�� �����$�QHJDomR�GD�SURSRVLomR�)��p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³1mR�KDYLD� XP�FDL[D�HOHWU{QLFR�HP�IUHQWH�DR�EDQFR�RX�R�GLQKHLUR�QmR�IRL�HQWUHJXH�j�PXOKHU�GH� *DYLmR´�� �����$�SURSRVLomR�³2�GLQKHLUR�IRL�HQWUHJXH�j�PXOKHU�GH�*DYLmR´�p�YHUGDGHLUD�� �����$�SURSRVLomR�)��p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³6H�R�GLQKHLUR�QmR�ILFRX� FRP�*DYLmR��HQWmR�QmR�KDYLD�XP�FDL[D�HOHWU{QLFR�HP�IUHQWH�DR�EDQFR´�� 5(62/8d2�� �����$�QHJDomR�GD�SURSRVLomR�)��p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³1mR�KDYLD� XP�FDL[D�HOHWU{QLFR�HP�IUHQWH�DR�EDQFR�RX�R�GLQKHLUR�QmR�IRL�HQWUHJXH�j�PXOKHU�GH� *DYLmR´�� � )��p�XPD�GLVMXQomR��S�RX�T���RQGH�S� �KDYLD�XP�FDL[D�HOHWU{QLFR�HP�IUHQWH�DR� EDQFR�� H� T� � R� GLQKHLUR� IRL� HQWUHJXH� j� PXOKHU� GH� *DYLmR�� $� VXD� QHJDomR� p� XPD� FRQMXQomR��aS�H�aT���1mR�KDYLD�XP�FDL[D�HOHWU{QLFR�HP�IUHQWH�DR�EDQFR�(�R�GLQKHLUR� QmR�IRL�HQWUHJXH�j�PXOKHU�GH�*DYLmR�� � -i�D�SURSRVLomR�GDGD�QHVVH�LWHP�p�aS�RX�aT��TXH�QmR�p�HTXLYDOHQWH�D�aS�H� aT��,WHP�(55$'2�� � �����$�SURSRVLomR�³2�GLQKHLUR�IRL�HQWUHJXH�j�PXOKHU�GH�*DYLmR´�p�YHUGDGHLUD�� � 3DUD� GHVFREULU� VH� HVVD� SURSRVLomR� p� YHUGDGHLUD�� SUHFLVDPRV� DQDOLVDU� DV� �� GDGDV� SHOR� HQXQFLDGR�� &RP� D� LQIRUPDomR� GD� SURSRVLomR� VLPSOHV� �)��� HP� PmRV�� YDPRV�DQDOLVDU�D�)��� )��±�VH�*DYLmR�H�)DOFmR�VDtUDP�GD�FLGDGH��HQWmR�R�GLQKHLUR�QmR�ILFRX�FRP�*DYLmR�� Z��/K�1E/K�>M'/�K�W?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �����6H�D�SURSRVLomR�$ %�Æ�&�p�YHUGDGHLUD��HQWmR�&�p�QHFHVVDULDPHQWH�YHUGDGHLUD�� � (55$'2��(VVD�FRQGLFLRQDO�SRGH�VHU�YHUGDGHLUD��SRU�H[HPSOR��VH�D�SULPHLUD� SDUWH�IRU�IDOVD��$ %��H�D�VHJXQGD�SDUWH�IRU�IDOVD��LVWR�p��&�IRU�)DOVD��� � �� �� 6H� D� SURSRVLomR� $ %Æ&� p� YHUGDGHLUD�� HQWmR� D� SURSRVLomR� � �& $ % o � p� WDPEpP�YHUGDGHLUD�� � &(572�� 9HMD� TXH�� VH� YRFr� FRQVLGHUDU� S� � $ %�� � H� T� � &�� D� HVWUXWXUD� GR� HQXQFLDGR�p�MXVWDPHQWH�� ³6H�SÆT�p�YHUGDGHLUD��HQWmR�aTÆaS�p�WDPEpP�YHUGDGHLUD´�� � 6DEHPRV�TXH�D�FRQGLFLRQDO�SÆT�p�HTXLYDOHQWH�j�FRQGLFLRQDO�aT�Æ�aS��� ����$�SURSRVLomR� @� � >� � � �$ % $ % �p�VHPSUH�IDOVD��� � &(572�� 9HMD� TXH� WHPRV� XPD� FRQMXQomR� HQWUH� DV� SURSRVLo}HV� � �$ % H� @>� � � �$ % �� 3DUD� TXH� HVVD� FRQMXQomR� VHMD� YHUGDGHLUD�� DPERV� RV� VHXV� ODGRV� SUHFLVDP�VHU�YHUGDGHLURV��9DPRV�DQDOLVDU�FDGD�XP�GRV�ODGRV�� � 1RWH�TXH� @>� � � �$ % �p�RXWUD�FRQMXQomR��QHVWH�FDVR�HQWUH� $�H�%��3DUD� HOD� VHU� YHUGDGHLUD�� WDQWR� $� TXDQWR� %� SUHFLVDP� VHU� YHUGDGHLURV�� 3RUWDQWR�� RV� VHXV�RSRVWRV�VHUmR�IDOVRV��$�p�IDOVR�H�%�p�IDOVR�� � 3RUpP� VH� $� H� %� VmR� IDOVRV�� HQWmR� D� GLVMXQomR� � �$ % � p� IDOVD�� 9HMD� TXH� PHVPR�TXDQGR�WHQWDPRV�WRUQDU�D�SURSRVLomR�GR�HQXQFLDGR�YHUGDGHLUD��FKHJDPRV�D� XP�YDORU�IDOVR��3RUWDQWR��D�FRQMXQomR� @� � >� � � �$ % $ % �p�VHPSUH�IDOVD�� � 9RFr� WDPEpP� SRGHULD� UHVROYHU� SUHSDUDQGR� D� WDEHOD�YHUGDGH� GH� @� � >� � � �$ % $ % ��TXH�WHULD���OLQKDV��9RFr�YHULD�TXH�HVWD�SURSRVLomR�DSUHVHQWD� DSHQDV�YDORUHV�)��SDUD�WRGRV�RV�YDORUHV�OyJLFRV�GH�$�H�%�� 5HVSRVWD��(�&�&� � ����&(63(� ±� 3ROtFLD� 0LOLWDU�&(� ±� ����� $GDSWDGD�� 1D� FRPXQLFDomR�� R� HOHPHQWR� IXQGDPHQWDO� p� D� VHQWHQoD�� RX� SURSRVLomR� VLPSOHV�� FRQVWLWXtGD� HVTXHPDWLFDPHQWH� SRU�XP�VXMHLWR�H�XP�SUHGLFDGR��DTXL�VHPSUH�QD� IRUPD�DILUPDWLYD��7RGD�SURSRVLomR� SRGH� VHU� MXOJDGD� FRPR� IDOVD� �)��� RX� YHUGDGHLUD� �9��� H[FOXLQGR�VH� TXDOTXHU� RXWUD� IRUPD��1RYDV�SURSRVLo}HV�VmR�IRUPDGDV�D�SDUWLU�GH�SURSRVLo}HV�VLPSOHV��XWLOL]DQGR� VH�FRQHFWLYRV��&RQVLGHUH�D�VHJXLQWH�FRUUHVSRQGrQFLD�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � 8VD�VH� WDPEpP� R� PRGLILFDGRU� QmR�� VLPEROL]DGR� SRU� ¤�� $V� SURSRVLo}HV� VmR� UHSUHVHQWDGDV� SRU� OHWUDV� GR� DOIDEHWR�� $�� %�� &� HWF�� $� VHJXLU�� VmR� DSUHVHQWDGDV� DV� YDORUDo}HV� SDUD� DOJXPDV� SURSRVLo}HV� FRPSRVWDV�� 2V� HVSDoRV� QmR�SUHHQFKLGRV� SRGHP� VHUYLU� GH� UDVFXQKR� SDUD� DX[LOLDU� RV� UDFLRFtQLRV� OyJLFRV� QHFHVViULRV� DR� MXOJDPHQWR�GRV�LWHQV�� � &RP�EDVH�QHVVDV�LQIRUPDo}HV��MXOJXH�RV�LWHQV�TXH�VH�VHJXHP��D�UHVSHLWR�GH�OyJLFD� VHQWHQFLDO�� �����6H�$�p�D�SURSRVLomR�³2�VROGDGR�9tWRU�IDUi�D�URQGD�QRWXUQD�H�R�VROGDGR�9LFHQWH� YHULILFDUi� RV� FDGHDGRV� GDV� FHODV´�� HQWmR� D� SURSRVLomR� ¤$� HVWDUi� FRUUHWDPHQWH� HVFULWD� FRPR�� ³2� VROGDGR� 9tWRU� QmR� IDUi� D� URQGD� QRWXUQD� QHP� R� VROGDGR� 9LFHQWH� YHULILFDUi�RV�FDGHDGRV�GDV�FHODV´�� �����1D�WDEHOD�LQFOXtGD�QR�WH[WR�DFLPD��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX�)� GDV�SURSRVLo}HV�$�H�%��D�FROXQD�¤�$Y%��HVWDUi�FRUUHWDPHQWH�SUHHQFKLGD�GD�VHJXLQWH� IRUPD�� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �����1D�WDEHOD�LQFOXtGD�QR�UHIHULGR�WH[WR��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX� )� GDV� SURSRVLo}HV� $� H� %�� D� FROXQD� ¤$Y¤%� HVWDUi� FRUUHWDPHQWH� SUHHQFKLGD� GD� VHJXLQWH�IRUPD�� � �� � ��1D� WDEHOD� LQFOXtGD�QR� WH[WR��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX�)�GDV� SURSRVLo}HV�$� H� %�� D� FROXQD� $�l � %�HVWDUi� FRUUHWDPHQWH� SUHHQFKLGD� GD� VHJXLQWH� IRUPD�� � 5(62/8d2�� �����6H�$�p�D�SURSRVLomR�³2�VROGDGR�9tWRU�IDUi�D�URQGD�QRWXUQD�H�R�VROGDGR�9LFHQWH� YHULILFDUi� RV� FDGHDGRV� GDV� FHODV´�� HQWmR� D� SURSRVLomR� ¤$� HVWDUi� FRUUHWDPHQWH� HVFULWD� FRPR�� ³2� VROGDGR� 9tWRU� QmR� IDUi� D� URQGD� QRWXUQD� QHP� R� VROGDGR� 9LFHQWH� YHULILFDUi�RV�FDGHDGRV�GDV�FHODV´�� � 6HQGR� S� � 2� VROGDGR� 9tWRU� IDUi� D� URQGD� QRWXUQD�� H� T� � 2� VROGDGR� 9LFHQWH� YHULILFDUi�RV�FDGHDGRV�GDV�FHODV��SRGHPRV�GL]HU�TXH�D�SURSRVLomR�$�p��³S�H�T´�� � $�QHJDomR�GH�³S�H�T´�p�³aS�RX�aT´��2X�VHMD��³2�VROGDGR�9tWRU�QmR�IDUi�D�URQGD� QRWXUQD� 28� R� VROGDGR� 9LFHQWH� QmR� YHULILFDUi� RV� FDGHDGRV� GDV� FHODV´�� ,WHP� (55$'2�� � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �����1D�WDEHOD�LQFOXtGD�QR�WH[WR�DFLPD��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX�)� GDV�SURSRVLo}HV�$�H�%��D�FROXQD�¤�$Y%��HVWDUi�FRUUHWDPHQWH�SUHHQFKLGD�GD�VHJXLQWH� IRUPD�� � � � 2� H[HUFtFLR� Mi� QRV� HQWUHJRX� SUHHQFKLGD� D� FROXQD� $Y%�� $� FROXQD� ¤�$Y%���TXH�p�D�QHJDomR�GH�$Y%��GHYH�WHU��RV�YDORUHV�OyJLFRV�RSRVWRV��1RWH�TXH�p� MXVWDPHQWH�LVVR�TXH�DFRQWHFH��SRUWDQWR�R�LWHP�HVWi�&(572�� � �����1D�WDEHOD�LQFOXtGD�QR�UHIHULGR�WH[WR��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX� )� GDV� SURSRVLo}HV� $� H� %�� D� FROXQD� ¤$Y¤%� HVWDUi� FRUUHWDPHQWH� SUHHQFKLGD� GD� VHJXLQWH�IRUPD�� � � 8PD�IRUPD�UiSLGD�GH�UHVROYHU�p�OHPEUDU�TXH�¤$Y¤%�p�MXVWDPHQWH�D�QHJDomR� GH� $A%�� 3RUWDQWR�� HVVD� FROXQD� GHYH� WHU� RV� YDORUHV� OyJLFRV� RSRVWRV� DR� GD� FROXQD� $A%�� TXH� Mi� IRL� HQWUHJXH� SUHHQFKLGD� SHOR� HQXQFLDGR�� 1RWH� TXH� QmR� p� LVVR� TXH� DFRQWHFH��3RUWDQWR��R�LWHP�HVWi�(55$'2�� � � � � � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� � ��1D� WDEHOD� LQFOXtGD�QR� WH[WR��FRQVLGHUDQGR�DV�SRVVtYHLV�YDORUDo}HV�9�RX�)�GDV� SURSRVLo}HV�$� H� %�� D� FROXQD� $�l � %�HVWDUi� FRUUHWDPHQWH� SUHHQFKLGD� GD� VHJXLQWH� IRUPD�� � � $�ELFRQGLFLRQDO�$�l �%�p�9�TXDQGR�DPERV�$�H�%�VmR�9��RX�DPERV�VmR�)��e� MXVWDPHQWH�SRU�LVVR�TXH�DV�GXDV�SULPHLUDV�OLQKDV�GHVWD�WDEHOD�YHUGDGH�DFLPD�VmR�9�� 3DUD�RV�GHPDLV�FDVRV��D�ELFRQGLFLRQDO�p�)��3RUWDQWR��R�LWHP�HVWi�&(572�� 5HVSRVWD��(�&�(�&�� � ����&(63(�±�6(5352�±������� ²�0iULR��YRFr�QmR�YDL�WLUDU�IpULDV�HVWH�DQR�GH�QRYR"�9RFr�WUDEDOKD�GHPDLV�� ²�$K��-RmR��DTXHOH�TXH�WUDEDOKD�FRP�R�TXH�JRVWD�HVWi�VHPSUH�GH�IpULDV�� &RQVLGHUDQGR�R�GLiORJR�DFLPD�� MXOJXH�RV� LWHQV�VHJXLQWHV�� WHQGR�FRPR�UHIHUrQFLD�D� GHFODUDomR�GH�0iULR�� �� �� $� QHJDomR� GD� GHFODUDomR� GH� 0iULR� SRGH� VHU� FRUUHWDPHQWH� H[SUHVVD� SHOD� VHJXLQWH� SURSRVLomR�� ³$TXHOH� TXH� QmR� WUDEDOKD� FRP� R� TXH� QmR� JRVWD� QmR� HVWi� VHPSUH�GH�IpULDV´�� ����$�GHFODUDomR�GH�0iULR�p�HTXLYDOHQWH�D�³6H�R�LQGLYtGXR�WUDEDOKDU�FRP�R�TXH�JRVWD�� HQWmR�HOH�HVWDUi�VHPSUH�GH�IpULDV´�� ����$�SURSRVLomR�³(QTXDQWR�WUDEDOKDU�FRP�R�TXH�JRVWD��R�LQGLYtGXR�HVWDUi�GH�IpULDV´�p� XPD�IRUPD�HTXLYDOHQWH�j�GHFODUDomR�GH�0iULR�� ����³6H�R� LQGLYtGXR�HVWLYHU�VHPSUH�GH� IpULDV��HQWmR�HOH�WUDEDOKD�FRP�R�TXH�JRVWD´�p� XPD�SURSRVLomR�HTXLYDOHQWH�j�GHFODUDomR�GH�0iULR�� ����6H�DV�SURSRVLo}HV�³-RmR�WUDEDOKD�FRP�R�TXH�JRVWD´�H�³-RmR�QmR�HVWi�VHPSUH�GH� IpULDV´� IRUHP� YHUGDGHLUDV�� HQWmR� D� GHFODUDomR� GH� 0iULR�� TXDQGR� DSOLFDGD� D� -RmR�� VHUi�IDOVD�� 5(62/8d2��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� �� $� QHJDomR� GD� GHFODUDomR� GH� 0iULR� SRGH� VHU� FRUUHWDPHQWH� H[SUHVVD� SHOD� VHJXLQWH� SURSRVLomR�� ³$TXHOH� TXH� QmR� WUDEDOKD�FRP� R� TXH� QmR� JRVWD� QmR� HVWi� VHPSUH�GH�IpULDV´�� � $� IUDVH�GH�0iULR� SRGH�VHU� UHHVFULWD� FRPR�VHQGR�D�FRQGLFLRQDO� ³6H� WUDEDOKD� FRP� R� TXH� JRVWD�� HQWmR� HVWi� VHPSUH� GH� IpULDV´�� $� VXD� QHJDomR� p� DOJR� FRPR� ³7UDEDOKD�FRP�R�TXH�JRVWD�(�12�HVWi�VHPSUH�GH�IpULDV´��,WHP�(55$'2�� � ����$�GHFODUDomR�GH�0iULR�p�HTXLYDOHQWH�D�³6H�R�LQGLYtGXR�WUDEDOKDU�FRP�R�TXH�JRVWD�� HQWmR�HOH�HVWDUi�VHPSUH�GH�IpULDV´�� � &255(72��FRPR�IRL�GLWR�QD�UHVROXomR�GR�LWHP�DQWHULRU��� � ����$�SURSRVLomR�³(QTXDQWR�WUDEDOKDU�FRP�R�TXH�JRVWD��R�LQGLYtGXR�HVWDUi�GH�IpULDV´�p� XPD�IRUPD�HTXLYDOHQWH�j�GHFODUDomR�GH�0iULR�� � &255(72�� 7UDWD�VH� GH� XPD� IRUPD� DOWHUQDWLYD� GH� DSUHVHQWDU� D� FRQGLFLRQDO� ³6H�WUDEDOKDU�FRP�R�TXH�JRVWD��HQWmR�HVWDUi�VHPSUH�GH�IpULDV´��$ILQDO��TXHP�DILUPD� D�IUDVH�GHVWH�LWHP�HVWi�GL]HQGR�TXH�HQTXDQWR�SHUGXUDU�XPD�GHWHUPLQDGD�FRQGLomR� �WUDEDOKDU� FRP� R� TXH� JRVWD��� VHUi� REVHUYDGR� XP� GHWHUPLQDGR� UHVXOWDGR� �HVWDU� GH� IpULDV��� � ����³6H�R� LQGLYtGXR�HVWLYHU�VHPSUH�GH� IpULDV��HQWmR�HOH� WUDEDOKD�FRP�R�TXH�JRVWD´�p� XPD�SURSRVLomR�HTXLYDOHQWH�j�GHFODUDomR�GH�0iULR�� � $�FRQGLFLRQDO�SÆT�GLWD�SRU�0iULR�p�WDO�TXH�S� �³7UDEDOKDU�FRP�R�TXH�JRVWD´��H� T� � ³HVWDU� VHPSUH� GH� IpULDV´�� -i� D� IUDVH� GHVWH� LWHP� p� TÆS�� -i� YLPRV� TXH� HVWDV� FRQGLFLRQDLV�QmR�VmR�HTXLYDOHQWHV��%DVWD� LPDJLQDU�TXH�S�p�9�H�T�p�)��1HVWH�FDVR�� SÆT� VHUi� )DOVD�� PDV� TÆS� VHUi� 9HUGDGHLUD�� R� TXH� GHPRQVWUD� D� QmR�HTXLYDOrQFLD� GHVVDV�GXDV�H[SUHVV}HV��,WHP�(55$'2�� � ����6H�DV�SURSRVLo}HV�³-RmR�WUDEDOKD�FRP�R�TXH�JRVWD´�H�³-RmR�QmR�HVWi�VHPSUH�GH� IpULDV´� IRUHP� YHUGDGHLUDV�� HQWmR� D� GHFODUDomR� GH� 0iULR�� TXDQGR� DSOLFDGD� D� -RmR�� VHUi�IDOVD�� � 1D�FRQGLFLRQDO�SÆT�GLWD�SRU�0iULR��WHUHPRV�S�9HUGDGHLUD��SRLV�-RmR�WUDEDOKD� FRP�R�TXH�JRVWD��H�T�)DOVD��SRLV�HOH�QmR�HVWi�VHPSUH�GH�IpULDV���8PD�FRQGLFLRQDO� 9Æ)�WHP�YDORU�OyJLFR�)DOVR��,WHP�&255(72�� 5HVSRVWD��(�&�&�(�&� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(�±�00(�±�������$�SURSRVLomR�³$V�IRQWHV�GH�HQHUJLD�IyVVHLV�HVWmR��SRXFR� D�SRXFR��VHQGR�VXEVWLWXtGDV�SRU�IRQWHV�GH�HQHUJLD�PHQRV�SROXHQWHV��FRPR�D�HQHUJLD� HOpWULFD�� D� HyOLFD� H� D� VRODU� ²� DV� IRQWHV� GH� HQHUJLD� OLPSD´� SRGH� VHU� UHSUHVHQWDGD� VLPEROLFDPHQWH�SRU� $��394�� %���394��Æ�5�� &���3A4��Æ�5�� '��3�� (��3A4�� 5(62/8d2��� � 1RWH�TXH�QmR�WHPRV�1(1+80�FRQHFWLYR�OyJLFR��1D�YHUGDGH�HVWDPRV�GLDQWH� GH�XPD�SURSRVLomR�VLPSOHV��³3´���HPERUD�D�IUDVH�VHMD�ORQJD��$OWHUQDWLYD�'�� 5HVSRVWD��'� � ����&(63(� ±� 00(� ±� ������ $� UHSUHVHQWDomR� VLPEyOLFD� FRUUHWD� GD� SURSRVLomR� ³2� KRPHP�p�VHPHOKDQWH�j�PXOKHU�DVVLP�FRPR�R�UDWR�p�VHPHOKDQWH�DR�HOHIDQWH´�p� $��3� �4�� %��3�� &��3A4�� '��394�� (��3�Æ�4�� 5(62/8d2��� � 3UHVWH� DWHQomR� QR� VLJQLILFDGR� GHVWD� IUDVH�� (OD� QRV� GL]� TXH� D� VHPHOKDQoD� KRPHP�PXOKHU� RFRUUH� VLPXOWDQHDPHQWH� FRP� D� VHPHOKDQoD� UDWR�HOHIDQWH�� RX� QHQKXPD�GDV�GXDV�RFRUUH��,VWR�p��WHPRV�XPD�%,&21',&,21$/��TXH�p�DSUHVHQWDGD� QD�DOWHUQDWLYD�$�� 5HVSRVWD��$� � � � � � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(� ±� 6(*(5�(6� ±� ������ 2� Q~PHUR� GH� OLQKDV� GD� WDEHOD� YHUGDGH� FRUUHVSRQGHQWH�j�SURSRVLomR�3��GR�WH[WR�DSUHVHQWDGR�p�LJXDO�D� $����� %����� &������ '������ (������ 5(62/8d2��� � 3��SRGH�VHU�HVTXHPDWL]DGD�DVVLP��� �7HP�VROXomR�Æ�QmR�SUHRFXSDU��Æ�ORJR�VH�UHVROYHUi� � � 5HSDUH� TXH� R� ³SRLV´� H[HUFH� IXQomR� GH� FRQGLFLRQDO�� 1RWH� TXH� WHPRV� �� SURSRVLo}HV�VLPSOHV��GH�PRGR�TXH�R�Q~PHUR�GH�OLQKDV�GD�WDEHOD�YHUGDGH�p���� ���� 5HVSRVWD��%� � ����&(63(� ±� 6(*(5�(6� ±� ������ ,QGLFDGDV� SRU� 3�� 4� H� 5�� UHVSHFWLYDPHQWH�� DV� SURSRVLo}HV� ³6HX� SUREOHPD� WHP� VROXomR´�� ³1DGD� TXH� YRFr� IL]HU� UHVROYHUi� VHX� SUREOHPD´�H�³1mR�p�SUHFLVR�VH�SUHRFXSDU�FRP�VHX�SUREOHPD´��H�LQGLFDGRV�SRU�³a´�H� ³Æ´�� UHVSHFWLYDPHQWH�� RV� FRQHFWLYRV� ³QmR´� H� ³VH� ����� HQWmR´�� D�SURSRVLomR�3�� SRGH� VHU�FRUUHWDPHQWH�UHSUHVHQWDGD��QD�OLQJXDJHP�OyJLFR�VLPEyOLFD��SRU� $���a3��Æ��5�Æ�4��� %����4�Æ��a3���Æ�5�� &����a3��Æ4��Æ�5�� '���a3��Æ��4�Æ�5��� (����a3��Æ5��Æ�4�� 5(62/8d2��� � ,QWURGX]LQGR�RV�VtPERORV�IRUQHFLGRV�QR�HQXQFLDGR�HP�3��WHPRV�� 3���6H�R�VHX�SUREOHPD�QmR�WHP�VROXomR��a3���HQWmR�QmR�p�SUHFLVR�VH�SUHRFXSDU� FRP�HOH��5���SRLV�QDGD�TXH�YRFr�IL]HU�R�UHVROYHUi��4��� 'HVWH�PRGR��3��p����a3�Æ�5��Æ�4��� 5HVSRVWD��&� � � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(�±�6(*(5�(6�±�������$VVLQDOH�D�RSomR�TXH�DSUHVHQWD�XPD�WDXWRORJLD�� $���3�Æ�5��Y��4�Æ�5�� %��3�Æ�4� �3�Aa4� &��3�Æ�4� �a3�9�4� '���3�Æ�4��A��a3�Æ�4�� (���3�Æ�5��A��4�Æ�5�� 5(62/8d2��� � 3RGHPRV� PRQWDU� D� WDEHOD�YHUGDGH� GH� FDGD� SURSRVLomR� SDUD� YHULILFDU� VH� WHPRV�XPD�WDXWRORJLD��$OJXPDV�WDEHODV�WHUmR���OLQKDV��RXWUDV�WHUmR����SRLV�SRVVXHP� �� SURSRVLo}HV� VLPSOHV��� (QWUHWDQWR�� p� PDLV� UiSLGR� WHQWDU� HOLPLQDU� DOJXPDV� DOWHUQDWLYDV� WHQWDQGR� ³IRUoDU´� R� YDORU� OyJLFR� )DOVR�� D� SDUWLU� GH� ³FKXWHV´� GH� YDORUHV� OyJLFRV�SDUD�DV�SURSRVLo}HV�VLPSOHV��9HMDPRV�� � $���3�Æ�5��Y��4�Æ�5���QmR�p�WDXWRORJLD��6H�3�H�4�IRUHP�9�H�5�IRU�)��HVWD�SURSRVLomR� VHUi�IDOVD�� � %��3�Æ�4� �3�Aa4��QmR�p�WDXWRORJLD��6H�3�H�4�IRUHP�9��WHUHPRV�9� )��R�TXH�p� IDOVR�� � &�� 3�Æ� 4� � a3� 9� 4�� REVHUYH� TXH� 3Æ4� p� HTXLYDOHQWH� D� ³a3� Y� 4´�� $VVLP�� FHUWDPHQWH�HVVDV�GXDV�SURSRVLo}HV�WHUmR�VHPSUH�R�PHVPR�YDORU�OyJLFR�H��SRU�LVVR�� D�ELFRQGLFLRQDO� �VHUi�VHPSUH�DWHQGLGD��(VWD�p�XPD�WDXWRORJLD�� � '���3�Æ�4��A��a3�Æ�4���QmR�p�WDXWRORJLD��%DVWD�WHVWDU�3�H�4�IDOVDV�� � (�� �3�Æ� 5�� A� �4�Æ� 5��� QmR� p� WDXWRORJLD�� %DVWD� WHVWDU� 3� YHUGDGHLUD� H� 5� IDOVD�� LQGHSHQGHQWH�GR�YDORU�OyJLFR�GH�4�� 5HVSRVWD��&� � ����&(63(�±�75(�06�±�������&RQVLGHUH�D�VHJXLQWH�VHQWHQoD��2�YLQKR�p�SURGX]LGR� SHOR� SLVDU� GDV� XYDV� H� R� D]HLWH� p� REWLGR� SHOR� SUHQVDU� GDV� D]HLWRQDV�� GD� PHVPD� IRUPD��R�FDUiWHU�GR�KRPHP�p�IRUMDGR�SHODV�GLILFXOGDGHV�TXH�HOH�SDVVD��6H�3��4�H�5� VmR� SURSRVLo}HV�VLPSOHV�H� FRQYHQLHQWHPHQWH�HVFROKLGDV��HVVD�VHQWHQoD� SRGH� VHU� UHSUHVHQWDGD��VLPEROLFDPHQWH��SRU� $���3�A�5�� �4�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� %��3�A�5�� &��3�Æ�5�� '���3�Y�4��A�5�� (���3�Æ�5��Y�4�� 5(62/8d2��� $�³HVFROKD�FRQYHQLHQWH´�GH�3��4�H�5�SRGH�VHU�� 3� �2�YLQKR�p�SURGX]LGR�SHOR�SLVDU�GDV�XYDV� 5� �R�D]HLWH�p�REWLGR�SHOR�SUHQVDU�GDV�D]HLWRQDV� 4� �R�FDUiWHU�GR�KRPHP�p�IRUMDGR�SHODV�GLILFXOGDGHV�TXH�HOH�SDVVD� � $�H[SUHVVmR� ³GD�PHVPD� IRUPD´�QRV�Gi� LGHLD�GH�VLPXOWDQHLGDGH��TXH� WHPRV� HP�XPD�ELFRQGLFLRQDO� ��$VVLP��SRGHPRV�HVFUHYHU��3A5��4�� 5HVSRVWD��$� � ����&(63(�±�75(�06�±�������&RQVLGHUH�D�VHJXLQWH�VHQWHQoD��$�EHOH]D�H�R�YLJRU� VmR�FRPSDQKHLUDV�GD�PRFLGDGH��H�D�QREUH]D�H�D�VDEHGRULD�VmR�LUPmV�GRV�GLDV�GH� PDWXULGDGH��6H�3��4�H�5�VmR�SURSRVLo}HV�VLPSOHV�H�FRQYHQLHQWHPHQWH�HVFROKLGDV�� HVVD�VHQWHQoD�SRGH�VHU�UHSUHVHQWDGD��VLPEROLFDPHQWH��SRU� $���3�Y�4��Æ�5�� %��3�Æ��5�Y�4��� &��3�Y�4�� '��3�A�5�� (��3�Æ�5�� 5(62/8d2��� � $TXL�SRGHPRV�HVFROKHU�� 3� �$�EHOH]D�H�R�YLJRU�VmR�FRPSDQKHLUDV�GD�PRFLGDGH� 5� �D�QREUH]D�H�D�VDEHGRULD�VmR�LUPmV�GRV�GLDV�GH�PDWXULGDGH�� � � � $VVLP��WHPRV�D�FRQMXQomR�3A5��1RWH�TXH�p�SUHFLVR�VDEHU�GLIHUHQFLDU�TXDQGR� R�³H´�H[HUFH�DSHQDV�R�SDSHO�GH�HQXPHUDomR��H[��D�EHOH]D�H�R�YLJRU��GH�TXDQGR�R�³H´� H[HUFH�R�SDSHO�GH�FRQMXQomR��XQLQGR�GXDV�LGHLDV�GLVWLQWDV�� 5HVSRVWD��'� � � �Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � 7HPRV� HVWD� WDEHOD� UHSURGX]LGD� QD� DOWHUQDWLYD� &�� 'H� IDWR� D� FRQGLFLRQDO� 5Æ�493�� Vy� SRGH� VHU� IDOVD� TXDQGR� 5� IRU� 9� H� �493�� IRU� IDOVD�� R� TXH� Vy� RFRUUH� TXDQGR� WDQWR� 4� TXDQWR� 3� VmR� IDOVDV�� (VWD� p� D� ~QLFD� OLQKD� RQGH� D� WDEHOD�YHUGDGH� VHULD�IDOVD��VHQGR�YHUGDGHLUD�HP�WRGDV�DV�GHPDLV��� 5HVSRVWD��&� � ����&(63(� ±� 038� ±� ������ 1RV� WHUPRV� GD� /HL� Q�� ������������ ³e� GLVSHQViYHO� D� UHDOL]DomR� GH� QRYD� OLFLWDomR� TXDQGR� QmR� DSDUHFHUHP� LQWHUHVVDGRV� HP� OLFLWDomR� DQWHULRU� H� HVWD� QmR� SXGHU� VHU� UHSHWLGD� VHP� SUHMXt]R� SDUD� D� DGPLQLVWUDomR´�� &RQVLGHUDQGR�DSHQDV�RV�DVSHFWRV�GHVVH�PDQGDPHQWR�DWLQHQWHV�j�OyJLFD�H�TXH�HOH� VHMD�FXPSULGR�VH��H�VRPHQWH�VH��D�SURSRVLomR�QHOH�FRQWLGD��²�SURSRVLomR�3�²�IRU� YHUGDGHLUD��MXOJXH�RV�LWHQV�VHJXLQWHV�� ����2�JHVWRU�TXH�GLVSHQVDU�D�UHDOL]DomR�GH�QRYD�OLFLWDomR�SHOR�VLPSOHV�IDWR�GH�QmR�WHU� DSDUHFLGR�LQWHUHVVDGR�HP�OLFLWDomR�DQWHULRU�GHVFXPSULUi�D�UHIHULGD�OHL�� ����$�QHJDomR�GD�SURSRVLomR�³$�OLFLWDomR�DQWHULRU�QmR�SRGH�VHU�UHSHWLGD�VHP�SUHMXt]R� SDUD�D�DGPLQLVWUDomR´�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³$�OLFLWDomR�DQWHULRU�VRPHQWH� SRGHUi�VHU�UHSHWLGD�FRP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR´�� �� ��$�QHJDomR�GD�SURSRVLomR� ³1mR�DSDUHFHUDP� LQWHUHVVDGRV�QD� OLFLWDomR�DQWHULRU�H� HOD� QmR� SRGH� VHU� UHSHWLGD� VHP� SUHMXt]R� SDUD� D� DGPLQLVWUDomR´� HVWi� FRUUHWDPHQWH� H[SUHVVD� SRU� ³$SDUHFHUDP� LQWHUHVVDGRV� QD� OLFLWDomR� DQWHULRU� RX� HOD� SRGH� VHU� UHSHWLGD�VHP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR´�� �� ��$�SURSRVLomR� 3� p�HTXLYDOHQWH�D� ³6H�QmR�DSDUHFHUDP� LQWHUHVVDGRV� HP� OLFLWDomR� DQWHULRU�H�HVWD�QmR�SXGHU�VHU� UHSHWLGD�VHP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR��HQWmR�p� GLVSHQViYHO�D�UHDOL]DomR�GH�QRYD�OLFLWDomR´�� ����6XSRQGR�VH�TXH�D�SURSRVLomR�3�H�DV�SURSRVLo}HV�³$�OLFLWDomR�DQWHULRU�QmR�SRGH� VHU� UHSHWLGD� VHP� SUHMXt]R� SDUD� D�DGPLQLVWUDomR´�H� ³e� GLVSHQViYHO� D� UHDOL]DomR� GH� QRYD�OLFLWDomR´�VHMDP�YHUGDGHLUDV��p�FRUUHWR�FRQFOXLU�TXH�WDPEpP�VHUi�YHUGDGHLUD�D� SURSRVLomR�³1mR�DSDUHFHUDP�LQWHUHVVDGRV�HP�OLFLWDomR�DQWHULRU´�� 5(62/8d2��� � $�IUDVH�GR�HQXQFLDGR�SRGH�VHU�UHHVFULWD�DVVLP�� ³6H� QmR� DSDUHFHUHP� LQWHUHVVDGRV� HP� OLFLWDomR� DQWHULRU� (� HVWD� QmR� SXGHU� VHU� UHSHWLGD�VHP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR��(172�p�GLVSHQViYHO�D�UHDOL]DomR�GH� QRYD�OLFLWDomR´��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � 5HSDUH� TXH� HVWD� IUDVH� DSUHVHQWD� XP� FDVR� RQGH� D� OLFLWDomR� p� GLVSHQViYHO�� PDV�HOD�12�,03('(�TXH�D�OLFLWDomR�VHMD�GLVSHQViYHO�HP�RXWURV�FDVRV�7$0%e0��� � 5HVXPLQGR��WHPRV�� 3���QmR�DSDUHFHUHP�LQWHUHVVDGRV�(�QmR�SXGHU�UHSHWLU��Æ�GLVSHQViYHO� � &RP�LVVR�HP�PmRV��YDPRV�DQDOLVDU�DV�DOWHUQDWLYDV�� ����2�JHVWRU�TXH�GLVSHQVDU�D�UHDOL]DomR�GH�QRYD�OLFLWDomR�SHOR�VLPSOHV�IDWR�GH�QmR�WHU� DSDUHFLGR�LQWHUHVVDGR�HP�OLFLWDomR�DQWHULRU�GHVFXPSULUi�D�UHIHULGD�OHL�� � &RPR� YLPRV�� D� IUDVH� GR� HQXQFLDGR� DSUHVHQWD� XP� FDVR� RQGH� D� OLFLWDomR� p� GLVSHQViYHO� �TXDQGR� RFRUUHUHP� GXDV� FRQGLo}HV�� QmR� DSDUHFHU� LQWHUHVVDGR� H� QmR� SXGHU� VHU� UHSHWLGR��� PDV� QmR� LPSHGH� TXH� D� OLFLWDomR� WDPEpP� VHMD� GLVSHQViYHO� TXDQGR�RFRUUHU�DSHQDV�XPD�GHVVDV�FRQGLo}HV�� ,WHP�(55$'2��SRLV�QmR�SRGHPRV� DILUPDU�TXH�D�OHL�IRL�GHVFXPSULGD�� � (P�RXWUDV�SDODYUDV��D�OHL�p�GHVFXPSULGD�DSHQDV�TXDQGR�3�IRU�IDOVD��3DUD�LVVR� RFRUUHU��SUHFLVDPRV�WHU�9Æ)��RX�VHMD��� ³QmR�DSDUHFHP�LQWHUHVVDGRV´�p�9�� ³QmR�SXGHU�UHSHWLU´�p�9�� ³GLVSHQViYHO´�p�)��RX�VHMD��D�OLFLWDomR�p�LQGLVSHQViYHO��� � &RPR� QmR� IRL� GLWR�TXH� D� OLFLWDomR� HUD� LQGLVSHQViYHO�� QDGD� SRGHPRV� DILUPDU� VREUH�R�JHVWRU��� ����$�QHJDomR�GD�SURSRVLomR�³$�OLFLWDomR�DQWHULRU�QmR�SRGH�VHU�UHSHWLGD�VHP�SUHMXt]R� SDUD�D�DGPLQLVWUDomR´�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³$�OLFLWDomR�DQWHULRU�VRPHQWH� SRGHUi�VHU�UHSHWLGD�FRP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR´�� � (55$'2�� � $TXL� D� QHJDomR� p� ³$� OLFLWDomR� DQWHULRU� 32'(� VHU� UHSHWLGD� VHP� SUHMXt]R�SDUD�D�DGPLQLVWUDomR´�� � �� ��$�QHJDomR�GD�SURSRVLomR� ³1mR�DSDUHFHUDP�LQWHUHVVDGRV�QD�OLFLWDomR�DQWHULRU�H� HOD� QmR� SRGH� VHU� UHSHWLGD� VHP� SUHMXt]R� SDUD� D� DGPLQLVWUDomR´� HVWi� FRUUHWDPHQWH� H[SUHVVD� SRU� ³$SDUHFHUDP� LQWHUHVVDGRV� QD� OLFLWDomR� DQWHULRU� RX� HOD� SRGH� VHU� UHSHWLGD�VHP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR´�� � &255(72��$�QHJDomR�GD�FRQMXQomR�³S�H�T´�p�D�GLVMXQomR�³QmR�S�28�QmR�T´��� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� ��$�SURSRVLomR� 3� p�HTXLYDOHQWH�D� ³6H�QmR�DSDUHFHUDP� LQWHUHVVDGRV�HP� OLFLWDomR� DQWHULRU�H�HVWD�QmR�SXGHU�VHU� UHSHWLGD�VHP�SUHMXt]R�SDUD�D�DGPLQLVWUDomR��HQWmR�p� GLVSHQViYHO�D�UHDOL]DomR�GH�QRYD�OLFLWDomR´�� � &255(72��)RL�MXVWDPHQWH�GHVWD�IRUPD�TXH�UHHVFUHYHPRV�3�QR�LQtFLR�GHVWD� UHVROXomR��� � ����6XSRQGR�VH�TXH�D�SURSRVLomR�3�H�DV�SURSRVLo}HV�³$�OLFLWDomR�DQWHULRU�QmR�SRGH� VHU� UHSHWLGD� VHP� SUHMXt]R�SDUD� D�DGPLQLVWUDomR´�H� ³e� GLVSHQViYHO� D� UHDOL]DomR� GH� QRYD�OLFLWDomR´�VHMDP�YHUGDGHLUDV��p�FRUUHWR�FRQFOXLU�TXH�WDPEpP�VHUi�YHUGDGHLUD�D� SURSRVLomR�³1mR�DSDUHFHUDP�LQWHUHVVDGRV�HP�OLFLWDomR�DQWHULRU´�� � 5HSHWLQGR�D�HVTXHPDWL]DomR�GH�3�� 3���QmR�DSDUHFHUHP�LQWHUHVVDGRV�(�QmR�SXGHU�UHSHWLU��Æ�GLVSHQViYHO� � � 6HQGR� R� UHVXOWDGR� GHVWD� FRQGLFLRQDO� �³GLVSHQViYHO´�� 9�� D� FRQGLFLRQDO� p� 9� LQGHSHQGHQWHPHQWH� GR� YDORU� OyJLFR� GD� FRQGLomR� ³QmR� DSDUHFHUHP� LQWHUHVVDGRV� (� QmR�SXGHU�UHSHWLU´��$VVLP��³QmR�DSDUHFHUHP�LQWHUHVVDGRV´�SRGH�VHU�9�RX�)��GH�PRGR� TXH�QmR�SRGHPRV�DILUPDU�TXH�HVWD�IUDVH�p�YHUGDGHLUD��,WHP�(55$'2�� 5HVSRVWD��(�(�&�&�(� � ����&(63(�±�$)7�±�������� �$� WDEHOD� DFLPD� FRUUHVSRQGH� DR� LQtFLR� GD� FRQVWUXomR� GD� WDEHOD�YHUGDGH� GD� SURSRVLomR� 6�� FRPSRVWD� GDV� SURSRVLo}HV� VLPSOHV� 3�� 4� H� 5�� -XOJXH� RV� LWHQV� VHJXLQWHV�D�UHVSHLWR�GD�WDEHOD�YHUGDGH�GH�6�� �� ��6H�6� � �3Æ4�A5��HQWmR��QD�~OWLPD�FROXQD�GD� WDEHOD�YHUGDGH�GH�6��DSDUHFHUmR�� GH�FLPD�SDUD�EDL[R�H�QD�RUGHP�HP�TXH�DSDUHFHP��RV�VHJXLQWHV�HOHPHQWRV��9��)��9�� 9��)��9��)�H�9�� �� ��6H�6� � �3A4�Y�3A5���HQWmR�D�~OWLPD�FROXQD�GD�WDEHOD�YHUGDGH�GH�6�FRQWHUi��GH� FLPD�SDUD�EDL[R�H�QD�RUGHP�HP�TXH�DSDUHFHP��RV�VHJXLQWHV�HOHPHQWRV��9��)��9��9�� )��9��)�H�)�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(� ±� $)7� ±� ������ -XOJXH� RV� LWHQV� VXEVHTXHQWHV�� UHODFLRQDGRV� D� OyJLFD� SURSRVLFLRQDO��� �� ��$�VHQWHQoD� ³$�SUHVHQoD�GH�XP�yUJmR�PHGLDGRU�H� UHJXODGRU�GDV� UHODo}HV�HQWUH� HPSUHJDGRV�H�SDWU}HV�p�QHFHVViULD�HP�XPD�VRFLHGDGH�TXH�EXVFD�D�MXVWLoD�VRFLDO´�p� XPD�SURSRVLomR�VLPSOHV�� ����$�VHQWHQoD�³2�FUHVFLPHQWR�GR�PHUFDGR�LQIRUPDO��FRP�HPSUHJDGRV�VHP�FDUWHLUD� DVVLQDGD��p�XPD�FRQVHTXrQFLD�GR�Q~PHUR�H[FHVVLYR�GH�LPSRVWRV�LQFLGHQWHV�VREUH�D� IROKD�GH�SDJDPHQWRV´�SRGH�VHU�FRUUHWDPHQWH� UHSUHVHQWDGD�� FRPR�XPD�SURSRVLomR� FRPSRVWD�� QD� IRUPD� 3Æ4�� HP� TXH� 3� H� 4� VHMDP� SURSRVLo}HV� VLPSOHV� FRQYHQLHQWHPHQWH�HVFROKLGDV�� �� ��$�VHQWHQoD�³4XHP�p�R�PDLRU�GHIHQVRU�GH�XP�(VWDGR�QmR� LQWHUYHQFLRQLVWD��TXH� SHUPLWH�TXH�DV� OHLV�GH�PHUFDGR�VHMDP�DV�~QLFDV� OHLV� UHJXODGRUDV�GD�HFRQRPLD�QD� VRFLHGDGH�� R� SUHVLGHQWH� GR� %DQFR� &HQWUDO� RX� R� PLQLVWUR� GD� )D]HQGD"´� p� XPD� SURSRVLomR�FRPSRVWD�TXH�SRGH�VHU�FRUUHWDPHQWH� UHSUHVHQWDGD�QD� IRUPD� �3Y4�A5�� HP�TXH�3��4�H�5�VmR�SURSRVLo}HV�VLPSOHV�FRQYHQLHQWHPHQWH�HVFROKLGDV�� 5(62/8d2��� �� ��$�VHQWHQoD� ³$�SUHVHQoD�GH�XP�yUJmR�PHGLDGRU�H� UHJXODGRU�GDV� UHODo}HV�HQWUH� HPSUHJDGRV�H�SDWU}HV�p�QHFHVViULD�HP�XPD�VRFLHGDGH�TXH�EXVFD�D�MXVWLoD�VRFLDO´�p�XPD�SURSRVLomR�VLPSOHV�� � &255(72��9HMD�TXH�HVWD�VHQWHQoD�SRVVXL�GXDV�YH]HV�R�³H´��SRUpP�HOH�QmR� DSUHVHQWD�D�IXQomR�GR�FRQHFWLYR� OyJLFR�³FRQMXQomR´��/HPEUH�VH�TXH�HVWH�FRQHFWLYR� GHYH� OLJDU� GXDV� SURSRVLo}HV� VLPSOHV� �RUDo}HV� TXH� SRGHP� VHU� MXOJDGDV� FRPR� 9HUGDGHLUDV�RX�)DOVDV��� � ����$�VHQWHQoD�³2�FUHVFLPHQWR�GR�PHUFDGR�LQIRUPDO��FRP�HPSUHJDGRV�VHP�FDUWHLUD� DVVLQDGD��p�XPD�FRQVHTXrQFLD�GR�Q~PHUR�H[FHVVLYR�GH�LPSRVWRV�LQFLGHQWHV�VREUH�D� IROKD�GH�SDJDPHQWRV´�SRGH�VHU�FRUUHWDPHQWH� UHSUHVHQWDGD�� FRPR�XPD�SURSRVLomR� FRPSRVWD�� QD� IRUPD� 3Æ4�� HP� TXH� 3� H� 4� VHMDP� SURSRVLo}HV� VLPSOHV� FRQYHQLHQWHPHQWH�HVFROKLGDV�� � (55$'2��(VWD�VHQWHQoD�p�XPD�SURSRVLomR�VLPSOHV��H�QmR�XPD�SURSRVLomR� FRPSRVWD�� (P� VtQWHVH�� R� DXWRU� DILUPD�� ³2� FUHVFLPHQWR� GR� PHUFDGR� LQIRUPDO� p� FRQVHTXrQFLD� GRV� LPSRVWRV� H[FHVVLYRV´�� 1mR� VH� WUDWD� GH� XPD� FRQGLFLRQDO�� RQGH� WHUtDPRV� GXDV� SURSRVLo}HV� VLPSOHV� OLJDGDV� SRU� XP� FRQHFWLYR� TXH� HVWDEHOHFHVVH� XPD�UHODomR�GH�FRQGLomR�H�UHVXOWDGR�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� ��$�VHQWHQoD�³4XHP�p�R�PDLRU�GHIHQVRU�GH�XP�(VWDGR�QmR� LQWHUYHQFLRQLVWD��TXH� SHUPLWH�TXH�DV� OHLV�GH�PHUFDGR�VHMDP�DV�~QLFDV� OHLV� UHJXODGRUDV�GD�HFRQRPLD�QD� VRFLHGDGH�� R� SUHVLGHQWH� GR� %DQFR� &HQWUDO� RX� R� PLQLVWUR� GD� )D]HQGD"´� p� XPD� SURSRVLomR�FRPSRVWD� TXH�SRGH�VHU�FRUUHWDPHQWH� UHSUHVHQWDGD�QD� IRUPD� �3Y4�A5�� HP�TXH�3��4�H�5�VmR�SURSRVLo}HV�VLPSOHV�FRQYHQLHQWHPHQWH�HVFROKLGDV�� � (VWD� VHQWHQoD� p� XPD� SHUJXQWD�� 8PD� SHUJXQWD� QmR� SRGH� VHU� FODVVLILFDGD� FRPR� 9HUGDGHLUD� RX� )DOVD�� $VVLP�� QmR� WHPRV� DTXL� QHP� PHVPR� XPD� SURSRVLomR� VLPSOHV��9DOH�OHPEUDU�TXH�XPD�SURSRVLomR�VLPSOHV�p�XPD�RUDomR�GHFODUDWLYD��TXH�p� SDVVtYHO�GH�FODVVLILFDomR�FRPR�9HUGDGHLUD�RX�)DOVD��,WHP�(55$'2�� 5HVSRVWD��&�(�(� � ����&(63(�±�68)5$0$�±�������&RQVLGHUDQGR�TXH�3�VHMD�D�SURSRVLomR� ³2�DWXDO� GLULJHQWH�GD�HPSUHVD�;�QmR�DSHQDV�QmR�IRL�FDSD]�GH�UHVROYHU�RV�DQWLJRV�SUREOHPDV� GD�HPSUHVD�FRPR�WDPEpP�QmR�FRQVHJXLX�VHU�LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV� SUREOHPDV´��MXOJXH�RV�LWHQV�D�VHJXLU�D�UHVSHLWR�GH�OyJLFD�VHQWHQFLDO�� ����$�QHJDomR�GD�SURSRVLomR�3�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³2�DWXDO�GLULJHQWH�GD� HPSUHVD�;�IRL�FDSD]�GH�UHVROYHU�RV�DQWLJRV�SUREOHPDV�GD�HPSUHVD�RX�FRQVHJXLX�VHU� LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV´�� �� �� $� SURSRVLomR� 3� p� ORJLFDPHQWH� HTXLYDOHQWH� j� SURSRVLomR� ³2� DWXDO� GLULJHQWH� GD� HPSUHVD� ;� QmR� IRL� FDSD]� GH� UHVROYHU� RV� DQWLJRV� SUREOHPDV� GD� HPSUHVD� RX� QmR� FRQVHJXLX�VHU�LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV´�� �� ��6H�D�SURSRVLomR� ³2�DWXDO� GLULJHQWH�GD�HPSUHVD�;�QmR� IRL� FDSD]�GH� UHVROYHU� RV� DQWLJRV�SUREOHPDV�GD�HPSUHVD´�IRU�YHUGDGHLUD�H�VH�D�SURSRVLomR�³2�DWXDO�GLULJHQWH� GD�HPSUHVD�;�QmR�FRQVHJXLX�VHU�LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV� GD�HPSUHVD´�IRU�IDOVD��HQWmR�D�SURSRVLomR�3�VHUi�IDOVD�� 5(62/8d2��� ����$�QHJDomR�GD�SURSRVLomR�3�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³2�DWXDO�GLULJHQWH�GD� HPSUHVD�;�IRL�FDSD]�GH�UHVROYHU�RV�DQWLJRV�SUREOHPDV�GD�HPSUHVD�RX�FRQVHJXLX�VHU� LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV´�� � $�SURSRVLomR�3�SRGH�VHU�VLQWHWL]DGD�DVVLP�� ³2�GLULJHQWH�QmR�IRL�FDSD]�GH�UHVROYHU�RV�SUREOHPDV�H�QmR�FRQVHJXLX�VHU�LQRYDGRU´� � 7UDWD�VH�GH�XPD�FRQMXQomR�³S�H�T´��FXMD�QHJDomR�p�³aS�RX�aT´�� ³2�GLULJHQWH�)2,�FDSD]�GH�UHVROYHU�RV�SUREOHPDV�28�&216(*8,8�VHU�LQRYDGRU´� � ,WHP�&255(72�� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� �� �� $� SURSRVLomR� 3� p� ORJLFDPHQWH� HTXLYDOHQWH� j� SURSRVLomR� ³2� DWXDO� GLULJHQWH� GD� HPSUHVD� ;� QmR� IRL� FDSD]� GH� UHVROYHU� RV� DQWLJRV� SUREOHPDV� GD� HPSUHVD� RX� QmR� FRQVHJXLX�VHU�LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV´�� � (55$'2��8PD�FRQMXQomR� ³S�H�T´�QmR�p�HTXLYDOHQWH�D�XPD�GLVMXQomR� ³S�RX� T´��� � �� ��6H�D�SURSRVLomR� ³2�DWXDO� GLULJHQWH�GD�HPSUHVD�;�QmR� IRL� FDSD]�GH� UHVROYHU�RV� DQWLJRV�SUREOHPDV�GD�HPSUHVD´�IRU�YHUGDGHLUD�H�VH�D�SURSRVLomR�³2�DWXDO�GLULJHQWH� GD�HPSUHVD�;�QmR�FRQVHJXLX�VHU�LQRYDGRU�QDV�VROXo}HV�SDUD�RV�QRYRV�SUREOHPDV� GD�HPSUHVD´�IRU�IDOVD��HQWmR�D�SURSRVLomR�3�VHUi�IDOVD�� � &255(72�� SRLV� ILFDPRV� FRP� XPD� FRQMXQomR� ³S� H� T´� RQGH� S� p� 9� H� T� p� )�� WRUQDQGR�D�)DOVD�� 5HVSRVWD��&�(�&� � ����&(63(�±�0',&�±�������&RQVLGHUDQGR�TXH�3�VHMD�D�SURSRVLomR�³$�%UDVLO�&HQWUDO� p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV�GR�FHQWUR�GD�FLGDGH�H�Oi�R�SUHoR�GRV�DOXJXpLV�p� DOWR��PDV�VH�R�LQWHUHVVDGR�GHU�WUrV�SDVVRV��DOXJDUi�D�SRXFD�GLVWkQFLD�XPD�ORMD�SRU� XP�YDORU�EDL[R´��MXOJXH�RV�LWHQV�VXEVHFXWLYRV��D�UHVSHLWR�GH�OyJLFD�VHQWHQFLDO�� ����$�SURSRVLomR�³6H�R�LQWHUHVVDGR�GHU�WUrV�SDVVRV��DOXJDUi�D�SRXFD�GLVWkQFLD�XPD� ORMD�SRU�XP�YDORU�EDL[R´�p�HTXLYDOHQWH�j�SURSRVLomR�³6H�R� LQWHUHVVDGR�QmR�GHU�WUrV� SDVVRV��QmR�DOXJDUi�D�SRXFD�GLVWkQFLD�XPD�ORMD�SRU�XP�YDORU�EDL[R´�� ����$�SURSRVLomR�3�SRGH�VHU�H[SUHVVD�FRUUHWDPHQWH�QD� IRUPD�4A5A�6Æ7���HP�TXH� 4��5��6�H�7�UHSUHVHQWHP�SURSRVLo}HV�FRQYHQLHQWHPHQWH�HVFROKLGDV�� ����$�QHJDomR�GD�SURSRVLomR�³$�%UDVLO�&HQWUDO�p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV� GR�FHQWUR� GD�FLGDGH� H� Oi�R�SUHoR� GRV�DOXJXpLV�p�DOWR´�HVWi�FRUUHWDPHQWH�H[SUHVVD� SRU�³$�%UDVLO�&HQWUDO�QmR�p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV�GR�FHQWUR�GD�FLGDGH� RX�Oi�R�SUHoR�GRV�DOXJXpLV�QmR�p�DOWR´� 5(62/8d2��� ����$�SURSRVLomR�³6H�R�LQWHUHVVDGR�GHU�WUrV�SDVVRV��DOXJDUi�D�SRXFD�GLVWkQFLD�XPD� ORMD�SRU�XP�YDORU�EDL[R´�p�HTXLYDOHQWH�j�SURSRVLomR�³6H�R� LQWHUHVVDGR�QmR�GHU�WUrV� SDVVRV��QmR�DOXJDUi�D�SRXFD�GLVWkQFLD�XPD�ORMD�SRU�XP�YDORU�EDL[R´�� � (55$'2��SRLV�SÆT�QmR�p�HTXLYDOHQWH�D�aSÆaT��� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����$�SURSRVLomR�3�SRGH�VHU�H[SUHVVD�FRUUHWDPHQWH�QD�IRUPD�4A5A�6Æ7���HP�TXH� 4��5��6�H�7�UHSUHVHQWHP�SURSRVLo}HV�FRQYHQLHQWHPHQWH�HVFROKLGDV�� � 6HMDP�� 4� �$�%UDVLO�&HQWUDO�p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV�GR�FHQWUR�GD�FLGDGH� 5� �Oi�R�SUHoR�GRV�DOXJXpLV�p�DOWR� 6� �R�LQWHUHVVDGR�GHU�WUrV�SDVVRV� 7� �DOXJDUi�D�SRXFD�GLVWkQFLD�XPD�ORMD�SRU�XP�YDORU�EDL[R´� � &RP�HVVDV�SURSRVLo}HV��GH� IDWR�D�SURSRVLomR�3�SRGH�VHU� UHSUHVHQWDGD�SRU� 4A5A�6Æ7���,WHP�&255(72�� � ����$�QHJDomR�GD�SURSRVLomR�³$�%UDVLO�&HQWUDO�p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV� GR�FHQWUR� GD�FLGDGH� H� Oi�R�SUHoR� GRV�DOXJXpLV�p�DOWR´�HVWi�FRUUHWDPHQWH�H[SUHVVD� SRU�³$�%UDVLO�&HQWUDO�QmR�p�XPD�GDV�UXDV�PDLV�PRYLPHQWDGDV�GR�FHQWUR�GD�FLGDGH� RX�Oi�R�SUHoR�GRV�DOXJXpLV�QmR�p�DOWR´� � &255(72��SRLV�D�QHJDomR�GH�³S�H�T´�p�GDGD�SHOD�GLVMXQomR�³aS�RX�aT´�� 5HVSRVWD��(�&�&� � ����&(63(�±�7&')�±�������&RQVLGHUH�D�SURSRVLomR�3�D�VHJXLU��� 3�� 6H� QmR� FRQGHQDUPRV� D� FRUUXSomR� SRU� VHU� LPRUDO� RX� QmR� D� FRQGHQDUPRV� SRU� FRUURHU�D�OHJLWLPLGDGH�GD�GHPRFUDFLD��D�FRQGHQDUHPRV�SRU�PRWLYRV�HFRQ{PLFRV�� 7HQGR�FRPR�UHIHUrQFLD�D�SURSRVLomR�DSUHVHQWDGD��MXOJXH�RV�LWHQV�VHJXLQWHV�� ����$�QHJDomR�GD�SURSRVLomR� ³1mR�FRQGHQDPRV�D�FRUUXSomR�SRU�VHU� LPRUDO�RX�QmR� FRQGHQDPRV�D�FRUUXSomR�SRU�FRUURHU�D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�HVWi�H[SUHVVD� FRUUHWDPHQWH� SRU� ³&RQGHQDPRV� D� FRUUXSomR� SRU� VHU� LPRUDO� H� SRU� FRUURHU� D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�� ����$�SURSRVLomR�3�p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³6H�QmR�FRQGHQDUPRV�D� FRUUXSomR�SRU�PRWLYRV�HFRQ{PLFRV��D�FRQGHQDUHPRV�SRU�VHU�LPRUDO�H�SRU�FRUURHU�D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�� �� �� $� SURSRVLomR� 3� p� ORJLFDPHQWH� HTXLYDOHQWH� j� SURSRVLomR� ³&RQGHQDUHPRV� D� FRUUXSomR�SRU�VHU�LPRUDO�RX�SRU�FRUURHU�D�OHJLWLPLGDGH�GD�GHPRFUDFLD�RX�SRU�PRWLYRV� HFRQ{PLFRV´�� �� �� 6H� D� SURSRVLomR� 3� IRU� YHUGDGHLUD�� HQWmR� VHUi� YHUGDGHLUD� D� SURSRVLomR�³&RQGHQDUHPRV�D�FRUUXSomR�SRU�PRWLYRV�HFRQ{PLFRV´�� 5(62/8d2��� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����$�QHJDomR�GD�SURSRVLomR� ³1mR�FRQGHQDPRV�D�FRUUXSomR�SRU�VHU� LPRUDO�RX�QmR� FRQGHQDPRV�D�FRUUXSomR�SRU�FRUURHU�D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�HVWi�H[SUHVVD� FRUUHWDPHQWH� SRU� ³&RQGHQDPRV� D� FRUUXSomR� SRU� VHU� LPRUDO� H� SRU� FRUURHU� D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�� � &255(72�� SRLV� VDEHPRV� TXH� ³aS� RX� aT´� H� ³S� H� T´� VmR� QHJDomR� XPD� GD� RXWUD��� � ����$�SURSRVLomR�3�p�ORJLFDPHQWH�HTXLYDOHQWH�j�SURSRVLomR�³6H�QmR�FRQGHQDUPRV�D� FRUUXSomR�SRU�PRWLYRV�HFRQ{PLFRV��D�FRQGHQDUHPRV�SRU�VHU�LPRUDO�H�SRU�FRUURHU�D� OHJLWLPLGDGH�GD�GHPRFUDFLD´�� � 3�p�XPD�SURSRVLomR�GR�WLSR��S�RX�T��Æ�U��RQGH�� S� �QmR�FRQGHQDUPRV�D�FRUUXSomR�SRU�VHU�LPRUDO� T� �QmR�D�FRQGHQDUPRV�SRU�FRUURHU�D�OHJLWLPLGDGH�GD�GHPRFUDFLD� U� D�FRQGHQDUHPRV�SRU�PRWLYRV�HFRQ{PLFRV� � � (OD�p�HTXLYDOHQWH�D�� aU�Æ�a�S�RX�T�� � 4XH��SRU�VXD�YH]��p�HTXLYDOHQWH�D�� aU�Æ�aS�H�aT� � 1RWH�TXH�D�IUDVH�GHVWH�LWHP�FRUUHVSRQGH�D�HVWD�~OWLPD�HVWUXWXUD��&255(72�� � �� �� $� SURSRVLomR� 3� p� ORJLFDPHQWH� HTXLYDOHQWH� j� SURSRVLomR� ³&RQGHQDUHPRV� D� FRUUXSomR�SRU�VHU�LPRUDO�RX�SRU�FRUURHU�D�OHJLWLPLGDGH�GD�GHPRFUDFLD�RX�SRU�PRWLYRV� HFRQ{PLFRV´�� � &RPR�YLPRV�QR�LWHP�DQWHULRU��3�WHP�D�HVWUXWXUD��S�RX�T��Æ�U��-i�D�IUDVH�GHVWH� LWHP�p��aS�RX�aT��RX�U��TXH�QmR�p�HTXLYDOHQWH��,WHP�(55$'2��$SURYHLWDQGR��OHPEUH� VH�TXH�VmR�HTXLYDOHQWHV�HQWUH�VL�DV�FRQGLFLRQDLV�� SÆT� aTÆaS� aS�RX�T� � � $PSOLDQGR�HVWH�FRQFHLWR�SDUD�D�SURSRVLomR�GR�HQXQFLDGR��WHPRV�� �S�RX�T��Æ�U� aU�Æ�a�S�RX�T�� a�S�RX�T��RX�U� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� � 3RGHPRV�VXEVWLWXLU�a�S�RX�T��SRU��aS�H�aT��QDV�IUDVHV�DFLPD��ILFDQGR�FRP�DV� HTXLYDOrQFLDV�� �S�RX�T��Æ�U� aU�Æ��aS�H�aT�� �aS�H�aT��RX�U� � �� �� 6H� D� SURSRVLomR� 3� IRU� YHUGDGHLUD�� HQWmR� VHUi� YHUGDGHLUD� D� SURSRVLomR� ³&RQGHQDUHPRV�D�FRUUXSomR�SRU�PRWLYRV�HFRQ{PLFRV´�� � (55$'2��3RGH�VHU�TXH�D�FRQGLomR� ³6H�QmR�FRQGHQDUPRV�D�FRUUXSomR� SRU� VHU� LPRUDO� RX� QmR� D� FRQGHQDUPRV� SRU� FRUURHU� D� OHJLWLPLGDGH� GD� GHPRFUDFLD´� VHMD� IDOVD�� &RP� LVVR�� 3� ILFD� YHUGDGHLUD�� PDV� QmR� p� SUHFLVR� TXH� ³FRQGHQDUHPRV� SRU� PRWLYRV�HFRQ{PLFRV´�VHMD�9��� 5HVSRVWD��&�&�(�(� � ����&(63(� ±� 7&')� ±� ������ -XOJXH� RV� LWHQV� TXH� VH� VHJXHP�� FRQVLGHUDQGR� D� SURSRVLomR�3�D�VHJXLU��6H�R�WULEXQDO�HQWHQGH�TXH�R�UpX�WHP�FXOSD��HQWmR�R�UpX�WHP� FXOSD�� ����6H�D�SURSRVLomR�³2�WULEXQDO�HQWHQGH�TXH�R�UpX�WHP�FXOSD´�IRU�YHUGDGHLUD��HQWmR�D� SURSRVLomR� 3� WDPEpP� VHUi� YHUGDGHLUD�� LQGHSHQGHQWHPHQWH� GR� YDORU� OyJLFR� GD� SURSRVLomR�³R�UpX�WHP�FXOSD´�� �� �� $� QHJDomR� GD� SURSRVLomR� ³2� WULEXQDO� HQWHQGH� TXH� R� UpX� WHP� FXOSD´� SRGH� VHU� H[SUHVVD�SRU�³2�WULEXQDO�HQWHQGH�TXH�R�UpX�QmR�WHP�FXOSD´�� 5(62/8d2��� ����6H�D�SURSRVLomR�³2�WULEXQDO�HQWHQGH�TXH�R�UpX�WHP�FXOSD´�IRU�YHUGDGHLUD��HQWmR�D� SURSRVLomR� 3� WDPEpP� VHUi� YHUGDGHLUD�� LQGHSHQGHQWHPHQWH� GR� YDORU� OyJLFR� GD� SURSRVLomR�³R�UpX�WHP�FXOSD´�� � (55$'2��6H� ³R� UpX� WHP�FXOSD´� IRU�)�� ILFDUHPRV� FRP� 9Æ)��H�D� SURSRVLomR� VHUi�)$/6$�� � �� �� $� QHJDomR� GD� SURSRVLomR� ³2� WULEXQDO� HQWHQGH� TXH� R� UpX� WHP� FXOSD´� SRGH� VHU� H[SUHVVD�SRU�³2�WULEXQDO�HQWHQGH�TXH�R�UpX�QmR�WHP�FXOSD´�� � 2�IDWR�GH�VHU�IDOVR�TXH�³R�WULEXQDO�HQWHQGH�TXH�R�UpX�WHP�FXOSD´�QmR�LPSOLFD� QR�IDWR�GH�TXH�R�UHX�12�WHP�FXOSD��3RGH�VHU��SRU�H[HPSOR��TXH�R�WULEXQDO�HQWHQGD� Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� TXH�DV�LQIRUPDo}HV�VmR�LQFRQFOXVLYDV��GH�PRGR�TXH�QmR�Gi�SDUD�DILUPDU�TXH�R�UpX� WHP�FXOSD�RX�TXH�HOH�QmR�WHP�FXOSD��� � 3RUWDQWR��D� QHJDomR�FRUUHWD� GH� ³R� WULEXQDO�HQWHQGH� TXH�R� UpX� WHP�FXOSD´�p�� VLPSOHVPHQWH�� ³R� WULEXQDO� 12� HQWHQGH� TXH� R� UpX� WHP� FXOSD´� �TXH� p� GLIHUHQWH� GH� GL]HU�TXH�R�UpX�p�LQRFHQWH���QmR�WHP�FXOSD��� � ,WHP�(55$'2�� 5HVSRVWD��(�(� � ����&(63(� ±� 7&')� ±� ������ -RVp�� /XtV� H� 0iULR� VmR� IXQFLRQiULRV� S~EOLFRV� QDV� IXQo}HV�GH�DXGLWRU��DQDOLVWD�H�WpFQLFR��QmR�QHFHVVDULDPHQWH�QHVVD�RUGHP��6DEH�VH� TXH�-RVp�QmR�p�DQDOLVWD��TXH�R�WpFQLFR�VHUi�R�SULPHLUR�GRV�WUrV�D�VH�DSRVHQWDU�H�TXH� R�DQDOLVWD�VH�DSRVHQWDUi�DQWHV�GH�0iULR��7RGR�DQR�RV�WUrV�WLUDP�XP�PrV�GH�IpULDV�H�� QR�DQR�SDVVDGR��QR�PHVPR�PrV�TXH�-RVp�VDLX�GH�IpULDV��RX�/XtV�RX�0iULR�WDPEpP� VDLX��&RP�EDVH�QHVVDV�LQIRUPDo}HV��MXOJXH�RV�LWHQV�TXH�VH�VHJXHP�� �� �� &RQVLGHUDQGR�VH� DV� SURSRVLo}HV� ³$�� -RVp� WLURX� IpULDV� HP� MDQHLUR� GH� ����´�� ³%�� /XtV�WLURX�IpULDV�HP�MDQHLUR�GH�����´��H�³&��0iULR�WLURX�IpULDV�HP�MDQHLUR�GH�����´��p� FRUUHWR� DILUPDU� TXH� D� SURSRVLomR� �$Aa&�Æ%� QmR� p� XPD� WDXWRORJLD�� LVWR� p�� GHSHQGHQGR�GH�$��%�RX�&�VHUHP�YHUGDGHLUDV�RX�IDOVDV��HOD�SRGH�VHU�YHUGDGHLUD�RX� IDOVD�� 5(62/8d2��� � 6DEHPRV� TXH� ³QR� PHVPR� PrV� TXH� -RVp� VDLX� GH� IpULDV�� RX� /XtV� RX� 0iULR� WDPEpP� VDLX´�� $VVLP�� VH� -RVp� VDLX� GH� IpULDV� HP� MDQHLUR� �$�� H� 0iULR� QmR� �a&��� SUHFLVDPRV�TXH�/XtV�WHQKD�VDtGR�GH�IpULDV�HP�MDQHLUR�WDPEpP��%���SRLV�RX�/XtV�RX� 0iULR�GHYHP�WLUDU�IpULDV�QR�PHVPR�PrV�TXH�-RVp��$VVLP��� � �$Aa&�Æ%�p�YHUGDGHLUD� � � 1RWH�TXH�HVWH�p�R�~QLFR�FDVR�TXH�SUHFLVDPRV�DQDOLVDU� �TXDQGR�$Aa&�p�9��� SRLV�QRV�GHPDLV�FDVRV��TXDQGR�$Aa&�p�)��D�FRQGLFLRQDO�FHUWDPHQWH�VHUi�9��$VVLP�� WHPRV�XPD�WDXWRORJLD��,WHP�(55$'2�� 5HVSRVWD��(� � � � � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� ����&(63(� ±� &Æ0$5$� '26� '(387$'26� ±� ������ &RQVLGHUDQGR� TXH� 3� VHMD� D� SURSRVLomR� ³6H� R� EHP� p� S~EOLFR�� HQWmR� QmR� p� GH� QLQJXpP´�� MXOJXH� RV� LWHQV� VXEVHTXHQWHV�� ����$�SURSRVLomR�3�p�HTXLYDOHQWH�j�SURSRVLomR�³6H�R�EHP�p�GH�DOJXpP��HQWmR�QmR�p� S~EOLFR´��� �� �� $� SURSRVLomR� 3� p� HTXLYDOHQWH� j� SURSRVLomR� ³6H� R� EHP� p� GH� WRGRV�� HQWmR� p� S~EOLFR´�� ����$�QHJDomR�GD�SURSRVLomR�3�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³2�EHP�p�S~EOLFR�H�p� GH�WRGRV´�� 5(62/8d2��� ����$�SURSRVLomR�3�p�HTXLYDOHQWH�j�SURSRVLomR�³6H�R�EHP�p�GH�DOJXpP��HQWmR�QmR�p� S~EOLFR´��� � 3�p�D�SURSRVLomR�SÆT�RQGH�� S� �R�EHP�p�S~EOLFR� T� �R�EHP�QmR�p�GH�QLQJXpP� � � � (OD�p�HTXLYDOHQWH�D�aTÆaS��RQGH�� aS� �R�EHP�12�p�S~EOLFR� aT� �R�EHP�e�GH�DOJXpP� � 3RGHPRV�HVFUHYHU�aTÆaS�DVVLP��³6H�R�EHP�p�GH�DOJXpP��HQWmR�HOH�QmR�p� S~EOLFR´��,WHP�&255(72�� � �� �� $� SURSRVLomR� 3� p� HTXLYDOHQWH� j� SURSRVLomR� ³6H� R� EHP� p� GH� WRGRV�� HQWmR� p� S~EOLFR´�� � (55$'2��SRLV�³R�EHP�p�GH�WRGRV´�QmR�p�LJXDO�D�aT��TXH��FRPR�YLPRV�QR�LWHP� DQWHULRU��SRGH�VHU�HVFULWD�FRPR�³R�EHP�p�GH�DOJXpP´����� � ����$�QHJDomR�GD�SURSRVLomR�3�HVWi�FRUUHWDPHQWH�H[SUHVVD�SRU�³2�EHP�p�S~EOLFR�H�p� GH�WRGRV´�� � (55$'2��SRLV�D�QHJDomR�VHULD�S�H�aT��TXH�SRGH�VHU�HVFULWD�FRPR�� 2�EHP�p�S~EOLFR�(�p�GH�DOJXpP� 5HVSRVWD��&�(�(� � Z��/K�1E/K�>M'/�K�W ?�DWh� d�KZ/�����y�Z�1�/K^��KD�Ed��K^� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ� ?��ƵůĂ� ? ?��� WƌŽĨ 堀 �ƌƚŚƵƌ�>ŝŵĂ���������������������ǁǁǁ 堁ḁ?ƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� ? ?�� 5(62/8d2��� � 1mR� WHPRV� XPD� SURSRVLomR� FRPSRVWD� QHVWH� LWHP�� PDV� DSHQDV� XPD� SURSRVLomR�VLPSOHV�FRP�R�YHUER� SUHFLVDU��2V� ³H´�SUHVHQWHV�QHVWD� IUDVH�QmR�VmR�R� FRQHFWLYR�GH�FRQMXQomR��PDV�VLPSOHVPHQWH� WHP�IXQomR�GH�HQXPHUDomR��� OLVWDJHP�� ,WHP�(55$'2�� 5HVSRVWD��(� � ����&(63(� ±� 75(�*2� ±� ������ &RQVLGHUH� DV� SURSRVLo}HV� 3� H� 4� DSUHVHQWDGDV� D� VHJXLU��� 3��6H�+�IRU�XP�WULkQJXOR�UHWkQJXOR�HP�TXH�D�PHGLGD�GD�KLSRWHQXVD�VHMD�LJXDO�D�F�H�
Compartilhar