Baixe o app para aproveitar ainda mais
Prévia do material em texto
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� � $8/$�����(VWUXWXUD�RUJDQL]DFLRQDO��� � �ï� ��� 3DODYUDV�LQLFLDLV�� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? ? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃?� ?� ��� (VWUXWXUD�2UJDQL]DFLRQDO� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堀 ?� ����� (OHPHQWRV�GD�HVWUXWXUD�RUJDQL]DFLRQDO� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堀 ?� ����� 7LSRV�GH�RUJDQRJUDPD�PDLV�FRPXQV� 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃? ? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堀 ? ����� (OHPHQWRV�GD�HVWUXWXUD�VHJXQGR�D�7HRULD�GD�&RQWLQJrQFLD� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃?� ? ?� ����� 7LSRV�GH�HVWUXWXUDV�RUJDQL]DFLRQDLV�PDLV�FRPXQV�� 堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃? 堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃?� ? ?� ����� (VWUXWXUD�[�TXHVW}HV�RUJDQL]DFLRQDLV�� 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃? ? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堀 ����� $V�&RQILJXUDo}HV�2UJDQL]DFLRQDLV�GH�0LQW]EHUJ� 堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堀 ����� $�RUJDQL]DomR�LQIRUPDO�� 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃? ? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃? ? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堀 ��� 4XHVW}HV�FRPHQWDGDV� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堀 ? ?� ��� /LVWD�GH�TXHVW}HV� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堀 ?� ��� *DEDULWR�� 堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堀 ��� %LEOLRJUDILD�3ULQFLSDO�� 堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃? 堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃堃堃堃? 堃? 堃堃? 堃堃堃堃? 堃堃堃堃堃? 堃堃堃堃? 堃堃堃堃?� ? ?� � � � � � � � � � � � � � � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� ��� (VWUXWXUD�2UJDQL]DFLRQDO� $� HVWUXWXUD� RUJDQL]DFLRQDO� �IRUPDO�� p� D� EDVH� GH� IXQFLRQDPHQWR� GD� RUJDQL]DomR�� VHQGR� HOD� TXH� GHILQH� FRPR� DV� WDUHIDV� HVWmR� IRUPDOPHQWH� GLVWULEXtGDV�DJUXSDGDV�H�RUJDQL]DGDV�� $SHVDU� GLVVR�� p� SUHFLVR� WHU� HP� PHQWH� DLQGD� D� H[LVWrQFLD� GH� RUJDQL]Do}HV� RX� JUXSRV� LQIRUPDLV�� TXH� QmR� VmR� HVWUXWXUDGRV� SHOD� SUySULD� RUJDQL]DomR��PDV�TXH�JHUDP�LPSDFWRV�VREUH�R�FRPSRUWDPHQWR�GR�JUXSR��� (VVHV�JUXSRV�LQIRUPDLV�VXUJHP�QDWXUDOPHQWH�SRU�PHLR�GH�UHODo}HV�GH� DILQLGDGH�H�DPL]DGH�HQWUH�RV�VHXV�PHPEURV��QmR�GHYHQGR�VHU� LJQRUDGRV�SHOD� HVWUXWXUD�IRUPDO�� 2V�FRQGLFLRQDQWHV�TXH�LQWHUIHUHP�QR�IXQFLRQDPHQWR�GD�HVWUXWXUD�VmR� RV�UHFXUVRV�KXPDQRV��SHVVRDV�H�JUXSRV���D�HVWUDWpJLD�H�REMHWLYRV��R�DPELHQWH� �FRPSHWLomR�� FOLHQWHV�� IRUQHFHGRUHV�� HWF���� H� D� WHFQRORJLD� H[LVWHQWH� SDUD� RV� SURFHVVRV�RUJDQL]DFLRQDLV�� 3DUD�PHOKRU� HVWUXWXUDU� R� DVVXQWR�GH� KRMH� HP�QRVVD�DXOD� �H�QD� VXD� FDEHoD���UHVROYL�GLYLGL�OR�GD�VHJXLQWH�PDQHLUD�DTXL�� x� (OHPHQWRV�GD�HVWUXWXUD�RUJDQL]DFLRQDO� x� 7LSRV�GH�HVWUXWXUD�RUJDQL]DFLRQDO� x� $V�&RQILJXUDo}HV�2UJDQL]DFLRQDLV�GH�0LQW]EHUJ� x� (VWUXWXUD�[�TXHVW}HV�RUJDQL]DFLRQDLV� 9DPRV�Oi�� � � � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� �����(OHPHQWRV�GD�HVWUXWXUD�RUJDQL]DFLRQDO� (P� XPD� GDV� SULQFLSDLV� YLV}HV� VREUH� HVVH� DVVXQWR�� D� HVWUXWXUD� RUJDQL]DFLRQDO�GHYH�VHU�SHQVDGD�HP�IXQomR�GD�HVWUDWpJLD�RUJDQL]DFLRQDO�H��QD� VXD�GHILQLomR��GHYHP�VH�WRPDU�HP�FRQVLGHUDomR�VHXV�VHLV�HOHPHQWRV�EiVLFRV�� ���$�HVSHFLDOL]DomR�GR�WUDEDOKR�� ���$�GHSDUWDPHQWDOL]DomR�� ���$�FDGHLD�GH�FRPDQGR�� ���$�DPSOLWXGH�GH�FRQWUROH�� ���$�FHQWUDOL]DomR�H�GHVFHQWUDOL]DomR�� ���$�IRUPDOL]DomR�� 9DPRV�HQWHQGHU�R�TXH�VLJQLILFD�FDGD�XP�GHOHV�� � $�HVSHFLDOL]DomR�GR�WUDEDOKR� $� HVSHFLDOL]DomR� GR� WUDEDOKR� VXUJH� QR� LQtFLR� GR� VpFXOR� ;;� FRP� D� UHYROXomR� LQGXVWULDO�� HP� RSRVLomR� D� XP� PRGHOR� GH� SURGXomR� DUWHVmR�� RQGH� FDGD�XP�GRV�WUDEDOKDGRUHV�FRQKHFLD�D�SURGXomR�GH�XP�SURGXWR�FRPR�XP�WRGR�� +RMH�HP�GLD��D�HVSHFLDOL]DomR�GR�WUDEDOKR��RX�GLYLVmR�GR�WUDEDOKR��VH� UHIHUH�DR�JUDX�HP�TXH�DV�WDUHIDV�GHQWUR�GH�XPD�RUJDQL]DomR�VmR�VXEGLYLGLGDV� HP� IXQo}HV� LVRODGDV�� 4XDQWR� PDLV� LVRODGDV� H� HVSHFtILFDV� IRUHP� DV� IXQo}HV� SRGH�VH�GL]HU�TXH�R�WUDEDOKR�p�PDLV�HVSHFLDOL]DGR��H�TXDQWR�PHQRV�LVRODGDV�H� HVSHFtILFDV�DV�IXQo}HV��PHQRV�R�WUDEDOKR�p�HVSHFLDOL]DGR�� $� HVVrQFLD� GD� HVSHFLDOL]DomR� p� SHJDU� XP� WUDEDOKR� FRPR� XP� WRGR� H� GLYLGL�OR� HP� YiULDV� SDUWHV� SDUD� TXH� FDGD� IXQFLRQiULR� H[HFXWH� DSHQDV� XPD� DWLYLGDGH�LVRODGD�HP�YH]�GH�D�DWLYLGDGH�LQWHLUD��e�R�SULQFtSLR�GD�VHJUHJDomR�GH� HVSHFLDOLGDGHV�SDUD�PHOKRUDU�D�HILFLrQFLD�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� 'HYH�VH�FRQVLGHUDU�TXH��GH�IRUPD�JHUDO��D�HVSHFLDOL]DomR�GR�WUDEDOKR� DXPHQWD�D�HILFLrQFLD�H�D�SURGXWLYLGDGH��HVWLPXODQGR�D�FULDomR�GH�PiTXLQDV�H� LQYHQo}HV�� � $SHVDU�GLVVR�� WHQKD�DWHQomR��6H�D�TXHVWmR�GD�SURYD�GLVVHU�TXH�HP� WRGRV� RV� FDVRV� TXDQWR� PDLRU� D� HVSHFLDOL]DomR� PDLRU� D� SURGXWLYLGDGH� HOD� HVWDUi�HUUDGD�� ,VVR�SRUTXH��D�SDUWLU�GH�FHUWR�SRQWR��D�HVSHFLDOL]DomR�SDVVD�D�JHUDU� ³GHVHFRQRPLDV�KXPDQDV´��SRLV�RV�IXQFLRQiULRV�SDVVDP�D�DFKDU�TXH�DV�WDUHIDV� TXH� H[HFXWDP� VmR� PXLWR� OLPLWDGDV�� WHGLRVDV�� FDQVDWLYDV�� HVWUHVVDQWHV�� HWF��� GLPLQXLQGR� VXD� SURGXWLYLGDGH� H� TXDOLGDGH�� DOpP� GH� DXPHQWDU� DV� FKDQFHV� GH� DEVHQWHtVPR�H�URWDWLYLGDGH�GR�SHVVRDO�QD�RUJDQL]DomR�� � 0RUDO� GD� KLVWyULD�� D� HVSHFLDOL]DomR� GR� WUDEDOKR� JHUD� JDQKRV� GH� SURGXWLYLGDGH� DWp� R�SRQWR� HP�TXH�R� WUDEDOKR� VH� WRUQD�HVSHFLDOL]DGR� GHPDLV�� TXDQGR�SDVVD�D�JHUDU�LQVDWLVIDomR�QRV�IXQFLRQiULRV��$VVLP��GHYH�VH�EXVFDU�XP� SRQWR�yWLPR�GH�HVSHFLDOL]DomR�GR�WUDEDOKR�QD�RUJDQL]DomR�� � $�GHSDUWDPHQWDOL]DomR� $QWHV� GH� IDODU� GH� GHSDUWDPHQWDOL]DomR� SURSULDPHQWH� GLWD�� p� SUHFLVR� TXH�HQWHQGDPRV�RV�SULQFLSDLV�WLSRV�GH�RUJDQL]DomR�FOiVVLFD��D�RUJDQL]DomR�HP� OLQKD��D�IXQFLRQDO��VWDII���H�D�OLQKD�VWDII�� $� RUJDQL]DomR� HP� OLQKD� FOiVVLFD� p� DTXHOD� QD� TXDO� XP� FKHIH� SRVVXL� DXWRULGDGH� VREUH� DV� SHVVRDV� QD� RUJDQL]DomR�� VHJXLQGR� XPD� SLUkPLGH� KLHUiUTXLFD�� &DGD� FKHIH� OLGD� FRP� DEVROXWDPHQWH� WRGRV� RV� SUREOHPDV� TXH� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� VXUJHP�QD�H[HFXomR�GH�WDUHIDV�SRU�VHXV�IXQFLRQiULRV��ID]HQGR�FRP�TXH�HOHV�VH� WRUQHP� JHQHUDOLVWDV�� 9RFr� YHUi� PXLWR� HVVH� WLSR� GH� HVWUXWXUD� HP� SHTXHQRV� QHJyFLRV��RQGH� XP� FKHIH� WHUPLQD� PDQGDQGR� HP� WXGR� TXH� VH� SDVVD� QD� RUJDQL]DomR��VHP�VHU�HVSHFLDOLVWD�HP�QDGD�� $�RUJDQL]DomR�IXQFLRQDO�FOiVVLFD�p�LGHDOL]DGD�FRP�EDVH�QR�SULQFtSLR�GH� DVVHVVRULD��VWDII���(VWH�SULQFtSLR�SURS}H�D�H[LVWrQFLD�GH�iUHDV�HVSHFLDOL]DGDV�QR� FRQKHFLPHQWR� HP� FDGD� IXQomR� DGPLQLVWUDWLYD�� 2V� FKHIHV� VHULDP� YHUGDGHLURV� HVSHFLDOLVWDV�� H� R� IXQFLRQiULR� WHULD� TXH� FRQVXOWDU� R� FKHIH� DSURSULDGR� SDUD� D� DWLYLGDGH� HVSHFtILFD� TXH� HVWLYHU� GHVHPSHQKDQGR� �� SURGXomR�� FRPSUDV�� TXDOLGDGH��HWF��1D�YLVmR�FOiVVLFD�GH�7D\ORU��LVVR�IDULD�FRP�TXH�FDGD�IXQFLRQiULR� WLYHVVH�YiULRV�FKHIHV�IXQFLRQDLV���Mi�TXH�QD�RUJDQL]DomR�IXQFLRQDO�D�VXSHUYLVmR� GRV� IXQFLRQiULRV�SDVVD�D�VHU�FRQVLGHUDGD�XP�HOHPHQWR� IXQFLRQDO��H�QmR�PDLV� OLQHDU�� &RPELQDQGR�VH�RV�GRLV�PRGHORV�p�FULDGR�XP�PDLV�LQWHUHVVDQWH��R�GD� RUJDQL]DomR�OLQKD�VWDII��$TXL��DSDUHFH�FRP�FODUH]D�D�QHFHVVLGDGH�GH�yUJmRV�GH� H[HFXomR�� FRP� DXWRULGDGH� OLQHDU�� H� RXWURV� yUJmRV� GH� DVVHVVRULD�� FRP� HVSHFLDOL]DomR�IXQFLRQDO��1DV�RUJDQL]Do}HV�FRQWHPSRUkQHDV��PHVPR�RV�yUJmRV� OLQHDUHV� SRGHP� VHU� HVSHFLDOL]DGRV� SRU� PHLR� GR� XVR� GH� XPD� GHSDUWDPHQWDOL]DomR�IXQFLRQDO�HVSHFLDOL]DGD��FRPR�YHUHPRV�PDLV�DGLDQWH�� ([LVWHP� RXWURV� PRGHORV� RUJDQL]DFLRQDLV�� PDV� SRU� UD]}HV� GLGiWLFDV� HVWXGDUHPRV�RV�PHVPRV�XP�SRXFR�PDLV�j�IUHQWH��(ODERUHL�XP�TXDGUR�UHVXPR� FRP� FDUDFWHUtVWLFDV�� YDQWDJHQV� H� GHVYDQWDJHQV� GHVVHV� WUrV� WLSRV� GH� RUJDQL]DomR��FRQIRUPH�DSUHVHQWDGR�SRU�&KLDYHQDWR��������� � � � � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� 'LIHUHQWHV� DXWRUHV� YHHP� HVWH� DVVXQWR� GH� GLIHUHQWHV� PDQHLUDV�� 3DUD� FRPSOHPHQWDU�D� UHODomR�TXH�DSUHVHQWHL�DFLPD�SDUD�YRFrV�� WURX[H�D�GHILQLomR� GDV�SULQFLSDLV�IRUPDV�HVWUXWXUDLV�GD�RUJDQL]DomR�VHJXQGR�'DIW��������DSXG�'D� 6LOYD� H� 3LQKHLUR�� ������� Mi� TXH� HVVDV� GHILQLo}HV� jV� YH]HV� VmR� REMHWR� GH� FRQFXUVR�H[DWDPHQWH�FRPR�HVWmR�D�VHJXLU�� x� )XQFLRQDO�� 3UySULD� SDUD� RUJDQL]Do}HV� TXH� DWXDP� HP� DPELHQWHV� VHJXURV�� VHP� QHFHVVLGDGH� GH� PXGDQoDV� WHFQROyJLFDV�� IDYRUHFHQGR� DVVLP� D� HVSHFLDOL]DomR� SURILVVLRQDO�� 6HXV� SRQWRV� IRUWHV� VmR� D� SRVVLELOLGDGH� GH� HFRQRPLD� GH� UHFXUVRV� KXPDQRV� QDV� XQLGDGHV� RUJDQL]DFLRQDLV� H� R� GHVHQYROYLPHQWR� GH� KDELOLGDGHV� HVSHFLDOL]DGDV��2V� SRQWRV� IUDFRV� VmR� D� UHVSRVWD� OHQWD� jV� PRGLILFDo}HV� DPELHQWDLV� H� XP� PHQRU� Q~PHUR� GH� LQRYDo}HV�� x� 'LYLVLRQDO�� $SOLFiYHO� D� HPSUHVDV� TXH� RSHUDP� HP� DPELHQWHV� PXWiYHLV� GH� PpGLD� D� DOWD� LQVWDELOLGDGH�� 6HX� SRQWR�IRUWH�p�D�DGDSWDomR�GDV�XQLGDGHV�D�GLIHUHQWHV�WLSRV� GH� SURGXWRV�� UHJL}HV� H� FOLHQWHV�� 2� SRQWR� IUDFR� p� D� GXSOLFDomR� GH� UHFXUVRV� KXPDQRV� H� PDWHULDLV� SHODV� GLYLV}HV��DXPHQWDQGR�RV�FXVWRV�GD�HPSUHVD�� x� +tEULGD��e�XWLOL]DGD�SRU�RUJDQL]Do}HV�GH�JUDQGH�SRUWH�TXH� SRVVXHP� WDQWR� XQLGDGHV� IXQFLRQDLV� TXDQWR� GLYLVLRQDLV�� 3RGH�RSHUDU�HP�DPELHQWHV�HVWiYHLV�RX�QmR��SRUpP�p�PDLV� XWLOL]DGD� HP� FRQWH[WRV� LQVWiYHLV� H� FRP� WHFQRORJLD� QmR� URWLQHLUD�� 6HX� SRQWR� IRUWH� p� SHUPLWLU� TXH� D� RUJDQL]DomR� REWHQKD�DGDSWDomR�H�FRRUGHQDomR�QDV�GLYLV}HV�GH�SURGXWR� H�HILFLrQFLD�QDV�XQLGDGHV�RUJDQL]DFLRQDLV��2�SRQWR�IUDFR�p� FRQGX]LU�D�FRQIOLWRV�HQWUH�GLYLV}HV�H�GHSDUWDPHQWRV�� x� 0DWULFLDO�� (PSUHJDGD� HP� FRQWH[WRV� EDVWDQWH� LQVWiYHLV�� RQGH� FDGD� GHPDQGD� UHFHELGD� GR� DPELHQWH� p� WUDWDGD� SRU� XP�SURFHVVR�PROGDGR�SDUD�HVVH�ILP��2V�SRQWRV�IRUWHV�VmR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ?� R� FRPSDUWLOKDPHQWR� IOH[tYHO� GH� UHFXUVRV� KXPDQRV� H� D� DGHTXDomR�SDUD�GHFLV}HV�FRPSOH[DV��2V�SRQWRV�IUDFRV�VmR� D� RFRUUrQFLD� GH� GXSOD� DXWRULGDGH�� R� TXH� SRGH� VHU� IUXVWUDQWH� H� FRQIXVR� SDUD� RV� SDUWLFLSDQWHV�� H� D� QHFHVVLGDGH� GH� RV� SDUWLFLSDQWHV� SRVVXtUHP� JUDQGH� KDELOLGDGH�H�WUHLQDPHQWR�SDUD�OLGDU�FRP�SHVVRDV�� x� 2ULHQWDGD� SDUD� SURFHVVRV�� 8WLOL]DGD� SDUD� HYROXLU� GH� XPD�IRUPDomR�IXQFLRQDO�SDUD�XPD�HVWUXWXUD�PDLV�IOH[tYHO�� FRRUGHQDGD�SRU�HTXLSHV��2V�SRQWRV� IRUWHV� VmR�D� UHGXomR� GR� LVRODPHQWR�HQWUH�RV�GHSDUWDPHQWRV�H�D�GLPLQXLomR�GR� WHPSR� GH� UHVSRVWD�� FRP�GHFLV}HV�PDLV� iJHLV��2V� SRQWRV� IUDFRV� VmR� D� GXSOD� VXERUGLQDomR� GDV� HTXLSHV� LQWHUIXQFLRQDLV�� JHUDQGR� FRQIOLWR� GH� OHDOGDGH�� H� D� GHVFHQWUDOL]DomR�QmR�SODQHMDGD�� � $OpP� GHVVDV�� GHVWDFR� DLQGD� D� H[LVWrQFLD� GRV� VHJXLQWHV� WLSRV� GH� HVWUXWXUD�RUJDQL]DFLRQDO�HP�JHUDO�� x� 2UJDQL]Do}HV� DGKRFUiWLFDV�� WUDWD�VH� GH� VROXo}HV� GH� HVWUXWXUD�DG�KRF��DTXL�H�DJRUD��SDUD�DGPLQLVWUDU�D�RUJDQL]DomR� QD� LQFHUWH]D� H� QR� FRQWH[WR� GH� PXGDQoDV�� UHDJLQGR� DR� DPELHQWH�� 6mR� HVWUXWXUDo}HV� WHPSRUiULDV�� IOH[tYHLV�� EDVHDGDV� HP�HTXLSHV�H�FRRSHUDomR�SDUD�UHDOL]DU�XPD�PLVVmR�SDVVDJHLUD�� VHQGR�WDPEpP�FKDPDGDV�GH�HVWUXWXUDV�FRQWLQJHQWHV�� x� (VWUXWXUD� HP� UHGH�� VmR� HVWUXWXUDV� IOH[tYHLV� GH� WUDEDOKR� LQWHUOLJDGR� GH� XQLGDGHV� RUJDQL]DFLRQDLV� H� HTXLSHV��+i� HOHYDGD� FRQHFWLYLGDGH� HQWUH� DV� SDUWHV�� TXH� GHVHQYROYHP� VXDV� IXQo}HV� FRP�DXWRQRPLD�H�GH�IRUPD�DXWRFRRUGHQDGD�� � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� 9HUHPRV� PDLV� GHWDOKHV� VREUH� HVVHV� H� RXWURV� PRGHORV� GH� HVWUXWXUD� RUJDQL]DFLRQDO� PDLV� j� IUHQWH�� e� SUHFLVR� VDEHU� GH� VXD� H[LVWrQFLD� SDUD� SRGHU� HQWHQGHU� D� GHSDUWDPHQWDOL]DomR�� PDV� p� SUHFLVR� HQWHQGHU� D� GHSDUWDPHQWDOL]DomR� SDUD� EHP� FRPSUHHQGHU� HVVDV� HVWUXWXUDV�� � 0DV� WHQKD� WUDQTXLOLGDGH�� D� FREUDQoD� HP� SURYDV� WUDWD� HVVDV� FRLVDV� �HVWUXWXUDV� H� GHSDUWDPHQWDOL]DomR��FRPR�VH�IRVVH�XPD�Vy�FRLVD�� � 7HQGR�HP�YLVWD�HVWHV�PRGHORV�RUJDQL]DFLRQDLV��p� LPSRUWDQWH� WHUPRV� HP�FRQWD�TXH�D�RUJDQL]DomR�FULD�GHSDUWDPHQWRV�iUHDV�SDUD�DJUXSDU�R�WUDEDOKR� HP�XQLGDGHV�RUJDQL]DFLRQDLV��PHOKRUDQGR�R� VHX� IXQFLRQDPHQWR� �� WUDWD�VH� GD� GHSDUWDPHQWDOL]DomR�� 'HVWH� PRGR�� R� SULQFtSLR� SRU� WUiV� GD� GHSDUWDPHQWDOL]DomR�p�R�GD�KRPRJHQHLGDGH��Mi�TXH�R�TXH�VH�EXVFD�p�DJUXSDU� R�WUDEDOKR�HP�XQLGDGHV�KRPRJrQHDV�� 'H� IRUPD� SDUHFLGD� FRP� DV� FRQILJXUDo}HV� RUJDQL]DFLRQDLV� FOiVVLFDV� TXH�DFDEDPRV�GH�HVWXGDU��HVVHV�GHSDUWDPHQWRV�SRGHP�HVWDU�HP�SRVLo}HV�GH� OLQKD� �yUJmRV� GH� H[HFXomR� ±� RQGH� D� WRPDGD� GH� GHFLVmR� p� PDLV� UiSLGD�� RX� SRVLomR� GH� VWDII� �yUJmRV� GH� DVVHVVRUDPHQWR� ±� TXH� QmR� WRPDP� GHFLV}HV�� DSHQDV�DFRQVHOKDP���2V�yUJmRV�GH�H[HFXomR�UHDOL]DP�VXDV�DWLYLGDGHV�GHQWUR� GH� VHX� SUySULR� HVFRSR� H� HVWUXWXUD�� HQTXDQWR� RV� yUJmRV� GH� DVVHVVRUDPHQWR� �VWDII�� VmR� HVSHFLDOLVWDV� HP� XPD� iUHD� H� DJHP� FRPR� YHUGDGHLURV� FRQVXOWRUHV� LQWHUQRV� SRU� WRGD� D� RUJDQL]DomR�� HVWDQGR� OLJDGRV� DRV� QtYHLV� GHFLVyULRV� FRPSHWHQWHV�� $V�RUJDQL]Do}HV�SRGHP�VH�HVWUXWXUDU�FRP�EDVH�QHVVHV�GRLV�WLSRV�GH� yUJmRV�� FRQVWLWXLQGR� D� RUJDQL]DomR� OLQKD�VWDII�� TXH� FRPELQD� D� HVSHFLDOL]DomR� FRP� D� FDSDFLGDGH� GH� GHFLVmR�� 3RU� RXWUR� ODGR�� QHVWH� WLSR� GH� HVWUXWXUD�� R� FRQKHFLPHQWR� QmR� p� WmR� HVSHFLDOL]DGR� TXDQWR� QD� HVWUXWXUD� HP� VWDII�� QHP� D� WRPDGD�GH�GHFLVmR�p�WmR�UiSLGD�TXDQWR�QD�HVWUXWXUD�HP�OLQKD�� � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� $WHQomR� DR� IDWR� GH� TXH� HVVH� JUiILFR� VH� FKDPD� RUJDQRJUDPD�� ¬V� YH]HV� DV�EDQFDV� WHQWDP�FRQIXQGLU� R� FDQGLGDWR� DR�PHQFLRQDU�R� IOX[RJUDPD�� TXH�p�XP�JUiILFR�WtSLFR�GD�H[LELomR�GR�IOX[R�GH�SURFHVVRV��H�QmR�GD�HVWUXWXUD� GH�XPD�RUJDQL]DomR��&XLGDGR�� 9HMDPRV� RV� SULQFLSDLV� WLSRV� GH� GHSDUWDPHQWDOL]DomR� H� FRPR� VmR� FREUDGRV�HP�SURYDV�� x� 'HSDUWDPHQWDOL]DomR� IXQFLRQDO�� RFRUUH� TXDQGR� DV� DWLYLGDGHV� VmR� RUJDQL]DGDV� GH� DFRUGR� FRP� DV� IXQo}HV� GHVHPSHQKDGDV�� FRPR� PDUNHWLQJ�� YHQGDV�� FRPSUDV�� HWF�� (P� GLIHUHQWHV� RUJDQL]Do}HV�HVVD�GHSDUWDPHQWDOL]DomR�SRGH�DVVXPLU�GLIHUHQWHV� FRQWRUQRV�� FRPR� GHSDUWDPHQWR� GH� SHVTXLVD�� FLUXUJLD�� WHUDSLD�� FRQWDELOLGDGH�� HWF�� �HP� XP� KRVSLWDO��� RX� GHSDUWDPHQWR� GH� WUHLQDPHQWR��ILVLRWHUDSLD��LPyYHLV��DWOHWDV��HWF���HP�XP�WLPH�GH� IXWHERO���6XD�SULQFLSDO�YDQWDJHP�p�D�HVSHFLDOL]DomR�GR�WUDEDOKR�� VHQGR� PDLV� SURStFLD� D� VHU� XWLOL]DGD� HP� DPELHQWHV� VHJXURV� H� VHP�PXGDQoDV��3RVVXL�FRPR�SULQFLSDO�GHVYDQWDJHP�D�WHQGrQFLD� GH�GHVFXPSULPHQWR�GH�SUD]RV�H�RUoDPHQWRV��SRLV�R�IRFR�HVWDUi� HP�FDGD�IXQomR��H�QmR�QD�RUJDQL]DomR�FRPR�XP�WRGR�� x� 'HSDUWDPHQWDOL]DomR� SRU� SURJUDPDV�� SURGXWRV� RX� VHUYLoRV�� p� TXDQGR�D�RUJDQL]DomR�VH�RUJDQL]D�LQWHUQDPHQWH�GH�DFRUGR�FRP� DTXLOR�TXH�HOD�IRUQHFH�SDUD�D�VRFLHGDGH��3RU�H[HPSOR��VHomR�GH� FDOoDV�� VHomR� GH� URXSDV� LQWLPDV�� VHomR� GH� FDPLVDV� �HP� XPD� ORMD�GH�GHSDUWDPHQWR��� x� 'HSDUWDPHQWDOL]DomR� JHRJUiILFD�� DFRQWHFH� TXDQGR� RV� GHSDUWDPHQWRV�GH�XPD�RUJDQL]DomR�VmR�RUJDQL]DGRV�HP�IXQomR� GH� FULWpULRV� JHRJUiILFRV� RX� WHUULWRULDLV�� 8P� H[HPSOR� VmR� DV� HPSUHVDV�TXH�VH� RUJDQL]DP�SRU� UHJL}HV��QRUWH�� VXO��QRUGHVWH�� FHQWUR�RHVWH�� VXGHVWH�� &DGD� XPD� GDV� ³UHJLRQDLV´� VmR� GHSDUWDPHQWRV�RUJDQL]DGRV�FRP�EDVH�JHRJUiILFD��(VVH�PRGHOR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� WHP� D� GHVYDQWDJHP� GH� DXPHQWDU� R� FXVWR� GD� RUJDQL]DomR� SRU� LQFRUUHU�HP�UHSHWLomR�GH�IXQo}HV�HP�FDGD�UHJLmR�� x� 'HSDUWDPHQWDOL]DomR� GLYLVLRQDO�� DFRQWHFH� TXDQGR� VH� GLYLGH� JUDQGHV�RUJDQL]Do}HV�HP�GLIHUHQWHV�GLYLV}HV�SDUD�FDGD�iUHD�GH� QHJyFLRV�HP�TXH�HOD�DWXD��GDQGR�D�FDGD�XPD�GHODV�DXWRQRPLD� SDUD� GHILQLomR� GH� VXDV� HVWUDWpJLDV�� $EDL[R� GH� FDGD� GLYLVmR� DV� IXQo}HV� DGPLQLVWUDWLYDV� VmR� UHSHWLGDV�� ID]HQGR� FRP� TXH� FDGD� GLYLVmR�SDUHoD�FRP�XPD�HPSUHVD�SRU�VL�Vy��7LSLFDPHQWH�IDOD�VH� HP� GLYLVmR� SRU� SURFHVVRV� H� SRU� SURGXWRV�� e� DSOLFiYHO� D� DPELHQWHV�PXWiYHLV�H�LQVWiYHLV��SRLV�ID]�FRP�TXH�FDGD�GLYLVmR� GD� RUJDQL]DomR� SDVVH� D� OLGDU� FRP� XPD� SDUWH� HVSHFtILFD� GR� DPELHQWH�H[WHUQR��7HP�D�GHVYDQWDJHP�GH�DXPHQWDU�R�FXVWR�GD� RUJDQL]DomR�SRU�LQFRUUHU�HP�UHSHWLomR�GH�IXQo}HV��� x� 'HSDUWDPHQWDOL]DomR� SRU� SURFHVVRV�� VmR� HVWUXWXUDV� PRGHUQDV� TXH� YrP� VHQGR� DGRWDGDV� SRU� RUJDQL]Do}HV� TXH� HQIRFDP� R� FOLHQWH� �LQWHUQR� H� H[WHUQR�� GH� FDGD� SURFHVVR� GH� WUDEDOKR�� LQWHUOLJDQGR�DV�YiULDV�SDUWHV�GD�RUJDQL]DomR�HP�SURFHVVRV�TXH� DJUHJDP� YDORU�� 3RGH�VH� GL]HU�� SRUWDQWR�� TXH� HODV� SRVVLELOLWDP� IOH[LELOLGDGH� GH� DWXDomR� FRP� EDVH� QDV� QHFHVVLGDGHV� GH� FDGD� FOLHQWH��R�SURFHVVR�VHJXH�IXQFLRQDQGR�SDUD�HQWUHJDU�YDORU�SDUD� R� FOLHQWH�� PHVPR� TXH� SUREOHPDV� DFRQWHoDP��� LQWHUQR� RX� H[WHUQR��PDV�TXH�HODV�VmR�EDVWDQWH�LQIOH[tYHLV��SRU�GHSHQGHUHP� GD� WHFQRORJLD� HPSUHJDGD� �RV� SURFHVVRV� QmR� SRGHP� VHU� PRGLILFDGRV�VHP�TXH�D� WHFQRORJLD� WDPEpP�WHQKD�TXH�PXGDU��� 6HL�TXH�HVVH�GHWDOKH�GD� IOH[LELOLGDGH�p� FRQWUDGLWyULR��PDV� LVVR� SRGH� VHU� FREUDGR� HP� SURYDV� GDV� GXDV� IRUPDV�� (VVH� WLSR� GH� GHSDUWDPHQWDOL]DomR� SRGH� VHU� XWLOL]DGR� WDQWR� SDUD� R� SURFHVVDPHQWR� GH� FOLHQWHV� TXDQWR� GH� SURGXWRV�� ([HPSORV� VmR� RV�EDQFRV�GH�LQYHVWLPHQWR��TXH�PXLWDV�YH]HV�VH�RUJDQL]DP�HP� SURFHVVRV� GH� IUHQWH� GH� QHJyFLR� H� SURFHVVRV� GH� VXSRUWH� GH� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� QHJyFLRV��2XWUR�ERP�H[HPSOR�VmR�DV�IiEULFDV��TXH�HVWDEHOHFHP� iUHDV�SDUD�JHUHQFLDU�RV�SURFHVVRV�GH�SURGXomR�� x� 'HSDUWDPHQWDOL]DomR� SRU� FOLHQWHV�� DOJXPDV� RUJDQL]Do}HV� XWLOL]DP� SDUD� VH� RUJDQL]DU� HP� IXQomR� GH� FOLHQWHV� ~QLFRV� �JHUDOPHQWH� PXLWR� UHOHYDQWHV�� RX� GH� FDWHJRULDV� GH� FOLHQWHV�� $OJXPDV� HPSUHVDV�� SRU� H[HPSOR�� VH� RUJDQL]DP� HP� GHSDUWDPHQWRV�GH�FOLHQWHV�GH�YDUHMR��DWDFDGR��JUDQGHV�FOLHQWHV�� HWF�� x� 'HSDUWDPHQWDOL]DomR�SRU� SURMHWR�� DOJXPDV�RUJDQL]Do}HV� FULDP� GHSDUWDPHQWRV� HP� IXQomR� GRV� SURMHWRV� TXH� HVWmR� VHQGR� GHVHQYROYLGRV�� 7UDWD�VH� GH� XPD� IRUPD� LQWHUHVVDQWH� GH� OLGDU� FRP� SUREOHPDV� FRPSOH[RV� DVVRFLDGRV� DR� GHVHQYROYLPHQWR� GH� SURMHWRV�� &DEH� OHPEUDU� TXH� RV� SURMHWRV� VmR� DWLYLGDGHV� WHPSRUiULDV� TXH� SURGX]HP� UHVXOWDGRV� H[FOXVLYRV�� 6H� D� EDQFD� UHODFLRQDU� HVVDV� FDUDFWHUtVWLFDV� QD� SURYD�� YRFr� VDEHUi� TXH� VH� WUDWD�GD�GHSDUWDPHQWDOL]DomR�SRU�SURMHWR�� x� 'HSDUWDPHQWDOL]DomR� PLVWD�� DFRQWHFH� TXDQGR� D� RUJDQL]DomR� XWLOL]D�PDLV�GH�XP�FULWpULR�SDUD�FRPSRU�GLIHUHQWHV�SDUWHV�GH�VXD� HVWUXWXUD��VHQGR�EDVWDQWH�FRPXP�� � 7HQKD� DWHQomR�� DV� RUJDQL]Do}HV� SRGHP� XWLOL]DU� YiULRV� WLSRV� GH� GHSDUWDPHQWDOL]DomR�DR�PHVPR�WHPSR��LQFOXVLYH�QR�PHVPR�QtYHO�KLHUiUTXLFR�� $� UHODomR� GH� WLSRV� GH� HVWUXWXUD� H� GH� GHSDUWDPHQWDOL]DomR� UH~QH� GLIHUHQWHV�YLV}HV�GH�GLIHUHQWHV�DXWRUHV�SDUD�IDFLOLWDU�VXD�YLGD�QR�FRQFXUVR��'H� TXDOTXHU�IRUPD��GDGR�R�QtYHO�GH�FREUDQoD��UHVROYL�ID]HU�XPD�OLVWD�GH�YDQWDJHQV� H� GHVYDQWDJHQV� GRV� SULQFLSDLV� WLSRV� GH� GHSDUWDPHQWDOL]DomR� FREUDGDV�� WHQGR� FRPR�EDVH�&KLDYHQDWR��������� � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� WHUULWyULRV�� )L[D�UHVSRQVDELOLGDGH� GR�GHVHPSHQKR�SRU� WHUULWyULR�� 2�GHVHQKR�GD� RUJDQL]DomR�QD�EDVH�GD� HVWUXWXUD�SRGH� DFRPSDQKDU�DV� YDULDo}HV�UHJLRQDLV�� UHFXUVRV�GLVWULEXtGRV�SRU� WHUULWyULRV�� $XPHQWD�R�SUREOHPD�GR� FRQWUROH�QR�QtYHO�PDLV�HOHYDGR� GD�RUJDQL]DomR�� 3RU�FOLHQWHV� )RFR�QR�FOLHQWH�� 'LYLVmR�H�DGHTXDomR�GR� WUDEDOKR�HP�IXQomR�GR� FOLHQWH�� 2�FOLHQWH�p�PDLV� LPSRUWDQWH�� &XOWXUD�GH�DWHQGLPHQWR� DR�FOLHQWH�� 2UJDQL]DomR�FRQKHFH� EHP�R�FOLHQWH�� e�R�WLSR�GH�RUJDQL]DomR� PDLV�H[WURYHUWLGD�� 'HPDLV�DWLYLGDGHV�GD�HPSUHVD� SRGHP�VH�WRUQDU�VHFXQGiULDV� H�DFHVVyULDV�HP�IDFH�GD� SUHRFXSDomR�FRP�R�FOLHQWH�� 2V�GHPDLV�REMHWLYRV�GD� RUJDQL]DomR�SRGHP�VHU� VDFULILFDGRV�HP�IXQomR�GD� VDWLVIDomR�GR�FOLHQWH�� 2�SURFHVVR�GHFLVyULR�GD� HPSUHVD�SDVVD�D�GHSHQGHU�GR� SUySULR�SURFHVVR�GHFLVyULR�GRV� FOLHQWHV�� 3HODV�UD]}HV�DQWHULRUHV�� FRVWXPD�VHU�XWLOL]DGD�DSHQDV� QR�QtYHO�RSHUDFLRQDO�GD� RUJDQL]DomR�� 3RU�SURFHVVR� e�SRVVtYHO�H[WUDLU� Pi[LPR�UHQGLPHQWR� GRV�HTXLSDPHQWRV�H�Gi� WHFQRORJLD�� $�WHFQRORJLD�VH�WRUQD� XP�SRQWR�IRFDO�SDUD�R� VXFHVVR�� ÈUHDV�VH�WRUQDP�PDLV� LQWHUOLJDGDV��FRP� SURFHVVRV�LQWHJUDGRV�H� FRP�IRFR�QRV�FOLHQWHV��� LQWHUQRV�H�H[WHUQRV�� 3HUPLWH�HFRQRPLDV�GH� HVFDOD�H�FXVWRV� RSHUDFLRQDLV�UHGX]LGRV�� $�PXGDQoD�WHFQROyJLFD�SRGH� OHYDU�D�HOHYDGRV�FXVWRV�GH� PXGDQoD�QRV�SURFHVVRV���R� TXH�SRGH�WRUQDU�D�DGDSWDomR� LPSRVVtYHO�� (P�DPELHQWHV�TXH�QHFHVVLWHP� GH�SURGXWRV�FRP�PXGDQoDV� IUHTXHQWHV�HVWH�WLSR�GH� GHSDUWDPHQWDOL]DomR�GHL[D�GH� VHU�LQGLFiYHO�� 3RU�SURMHWRV� (VIRUoRV�FRQYHUJHQWHV�� 5HFXUVRV�DORFDGRV� WHPSRUDULDPHQWH�� 3RVVLELOLGDGH�GH� GHVHQYROYLPHQWR�GH� SURGXWRV�H�VROXo}HV� FRPSOH[DV�� 2�IRFR�p�PXLWR�RSHUDFLRQDO�� $�WHPSRUDOLGDGH�GD�HVWUXWXUD� WDPEpP�JHUD�GHVYDQWDJHQV�� 2V�SDUWLFLSDQWHV�SRGHP�ILFDU� DQJXVWLDGRV�DR�ILQDO�GR� SURMHWR��SRU�QmR�VDEHU�VH� VHUmR�DORFDGRV�HP�XP�QRYR� SURMHWR�� &DGD�SURMHWR�XWLOL]D�UHFXUVRV�H�FRPSHWrQFLDV�HVSHFtILFDV�� PXLWDV�YH]HV�QmR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� $�&DGHLD�GH�&RPDQGR� $�FDGHLD�GH�FRPDQGR�p�XP�FRQFHLWR�TXH� Mi� IRL� WLGR�FRPR�R�DOLFHUFH� SDUD�D�HVWUXWXUDomR�GH�XPD�RUJDQL]DomR��e�HOD�TXH�LQGLFD�D�OLQKD�GH�DXWRULGDGH� TXH�YDL�GR�WRSR�GD�RUJDQL]DomR�DWp�D�VXD�EDVH��e�D�KLHUDUTXLD�GD�RUJDQL]DomR�� 'RLV� FRQFHLWRV� OLJDGRV� j� FDGHLD� GH� FRPDQGR� TXH� PHUHFHP� VHU� PHQFLRQDGRV�VmR�R�FRQFHLWR�GH�DXWRULGDGH�H�GH�XQLGDGH�GH�FRPDQGR�� $�DXWRULGDGH�VH� UHIHUH�DR�GLUHLWR� GH�R�GHWHQWRU�GH�XPD�SRVLomR�GDU� RUGHQV�H�GH�HVVDV�VHUHP�DWHQGLGDV�SHOR�IXQFLRQiULR�� $�XQLGDGH�GH�FRPDQGR��SULQFtSLR�GD�$GPLQLVWUDomR�&OiVVLFD�GH�)D\RO�� DILUPD� TXH� FDGD� SHVVRD� SRGH� WHU� DSHQDV� XP� FKHIH�� QmR� GHYHQGR� KDYHU� QHQKXP�FDVR�GH�GXSOD�VXERUGLQDomR��� $SHVDU�GD�XQLGDGH�GH�FRPDQGR�DLQGD�VHU�XP�FRQFHLWR�PXLWR�XWLOL]DGR� SDUD�D�HVWUXWXUDomR�GH�YiULDV�RUJDQL]Do}HV�� WHP�VH� WRUQDGR�FDGD�YH]�PHQRV� UHOHYDQWH��j�PHGLGD�TXH�VXUJHP�DV�HTXLSHV�DXWRJHUHQFLDGDV��DV�SRVVLELOLGDGHV� GH� FRPXQLFDomR� SRU� PHLR� GH� UHFXUVRV� GH� 7HFQRORJLD� GD� ,QIRUPDomR� �7,��� DV� RUJDQL]Do}HV� PDWULFLDLV� H� YLUWXDLV�� HQWUH� RXWUDV� IRUPDV� RUJDQL]DFLRQDLV� TXH� GLVFXWLUHPRV�PDLV�D�GLDQWH�QHVVD�DXOD�� &DEH�GHVWDFDU�QHVWH�SRQWR�D�H[LVWrQFLD�GH�WUrV�QtYHLV�GH�LQIOXrQFLD�QD� RUJDQL]DomR�DR�VH�HVWUXWXUDU�D�FDGHLD�GH�FRPDQGR��R�QtYHO�HVWUDWpJLFR��R�WiWLFR� H�R�RSHUDFLRQDO�� ���1tYHO� HVWUDWpJLFR�� p� R� QtYHO� PDLV� HOHYDGR� GD� KLHUDUTXLD� RUJDQL]DFLRQDO�� VHQGR� UHVSRQViYHO� SHOD� YLVmR� GD� RUJDQL]DomR� FRPR� XP� WRGR� �YLVmR� KROtVWLFD��� FRP� SURFHVVRV� LQWHJUDGRV� GH� IRUPD� VLVWrPLFD� SDUD� D� LQWHUDomR� FRP� R� DPELHQWH�� e� YROWDGR� SDUD� R� DWHQGLPHQWR� GRV� REMHWLYRV� GH� ORQJR� SUD]R� GD� RUJDQL]DomR�FRPR�XP�WRGR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ���1tYHO�WiWLFR��VmR�RV�QtYHLV�LQWHUPHGLiULRV�GD�RUJDQL]DomR��TXH� GHVPHPEUDP� D� YLVmR� HVWUDWpJLFD� GD� RUJDQL]DomR� HP� SODQRV� HVSHFtILFRV�SDUD� FDGD�iUHD�H�GHSDUWDPHQWR��2�TXH�VH�EXVFD�p� TXH�FDGD�VHWRU�FRQWULEXD�SDUD�D�RUJDQL]DomR�� ���1tYHO� RSHUDFLRQDO�� p� R� QtYHO� PDLV� EDL[R� GD� KLHUDUTXLD� RUJDQL]DFLRQDO��RQGH�DV�WDUHIDV�VmR�GHVHQYROYLGDV�QR�GLD�D�GLD�� ,QFOXL� RV� VXSHUYLVRUHV� GLUHWRV� H� RV� IXQFLRQiULRV� TXH� ID]HP� R� GLD�D�GLD� GD� RUJDQL]DomR� DFRQWHFHU�� 8WLOL]D�VH� GH� PpWRGRV� FODURV� SDUD� LPSOHPHQWDU� WXGR� DTXLOR� TXH� IRL� HVWDEHOHFLGR� QRV� QtYHLV�DFLPD�GH� IRUPD�PDLV�DEUDQJHQWH��%XVFD�FRQWULEXLU�SDUD� RV�UHVXOWDGRV�GR�VHWRU��H�GD�RUJDQL]DomR��FRPR�FRQVHTXrQFLD��� � $�DPSOLWXGH�GH�FRQWUROH� $� DPSOLWXGH� GH� FRQWUROH� GL]� UHVSHLWR� D� TXDQWRV� IXQFLRQiULRV� FDGD� JHVWRU� FRQVHJXH� GLULJLU� FRP� HILFLrQFLD� H� HILFiFLD� QD� RUJDQL]DomR�� $VVLP�� TXDQGR�GL]HPRV�TXH�XPD�RUJDQL]DomR� WHP�DPSOLWXGH�GH� FRQWUROH�GH����TXHU� GL]HU�TXH�FDGD�JHVWRU�SRVVXL���IXQFLRQiULRV�VRE�VXD�FRRUGHQDomR�GLUHWD�� $PSOLWXGHV�GH�FRQWUROH�SHTXHQDV�SRVVXHP�D�YDQWDJHP�GH�ID]HU�FRP� TXH� R� JHVWRU� SRVVD� DFRPSDQKDU� PDLV� GH� SHUWR� R� GLD�D�GLD� GRV� VHXV� IXQFLRQiULRV�� 3RU� RXWUR� ODGR�� XPD�HVWUXWXUD� FRP�EDL[D� DPSOLWXGH� GH� FRQWUROH� ID]� FRP� TXH� VXUMDP� YiULRV� QtYHLV� JHUHQFLDLV� SDUD� VHSDUDU� RV� RSHUiULRV� H� D� GLUHWRULD�JHUDO� GD� RUJDQL]DomR�� DXPHQWDQGR� RV� FXVWRV�� WRUQDQGR� D� FRPXQLFDomR�YHUWLFDO�PDLV�FRPSOLFDGD�H�SURPRYHQGR�XPD�VXSHUYLVmR�UtJLGD�H� GH�EDL[D�DXWRQRPLD�SDUD�RV�VXERUGLQDGRV�� $PSOLWXGHV� GH� FRQWUROH� PDLRUHV� HVWmR� PDLV� HP� VLQWRQLD� FRP� R� SHQVDPHQWR� DGPLQLVWUDWLYR� PRGHUQR�� SRLV� SURPRYHP� R� ³DFKDWDPHQWR´� GD� SLUkPLGH�RUJDQL]DFLRQDO�DWUDYpV�GD�UHGXomR�GH�VHXV�QtYHLV�KLHUiUTXLFRV��'HVVD� IRUPD�� D� FRPXQLFDomR� YHUWLFDO� IOXL� PHOKRU�� RV� FXVWRV� VmR� UHGX]LGRV�� RV� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� SURFHVVRV� GHFLVyULRV� SDVVDP� D� VHU� PDLV� iJHLV�� D� RUJDQL]DomR� VH� WRUQD� PDLV� IOH[tYHO��R�FOLHQWH�VH�DSUR[LPD�PDLV�GR�WRSR�GD�RUJDQL]DomR�H�RV� IXQFLRQiULRV� JDUDQWHP�PDLRU�DXWRQRPLD�GH�WUDEDOKR�� � $�GHVFHQWUDOL]DomR��GHVFRQFHQWUDomR�H�D�GHOHJDomR� $WHQomR� SHVVRDO�� 1mR� PLVWXUH� FRP� RV� FRQFHLWRV� GH� FHQWUDOL]DomR�GHVFHQWUDOL]DomR� H� FRQFHQWUDomR�GHVFRQFHQWUDomR� GD� GLVFLSOLQD� GH�GLUHLWR�DGPLQLVWUDWLYR��TXH�PXLWRV�Mi�HVWXGDUDP�� 1R�GLUHLWR�DGPLQLVWUDWLYR�EUDVLOHLUR��GHVFHQWUDOL]DomR�p�D�WUDQVIHUrQFLD� GR� H[HUFtFLR� GDV� DWLYLGDGHV� GH� XPD� SHVVRD� MXUtGLFD� FHQWUDO� GD� $GPLQLVWUDomR� 3~EOLFD�'LUHWD��R�JRYHUQR��SDUD�RXWUD�SHVVRD�MXUtGLFD�GD�$GPLQLVWUDomR�3~EOLFD� ,QGLUHWD�� $LQGD� QHVWD� SHUVSHFWLYD�� GHVFRQFHQWUDomR� GH� DWLYLGDGHV� VHULD� D� WUDQVIHUrQFLD� GH� UHVSRQVDELOLGDGHV�� GHQWUR� GD� SUySULD� $GPLQLVWUDomR� 3~EOLFD� 'LUHWD�� GR� FHQWUR� GH� SRGHU� SDUD� QtYHLV� PDLV� EDL[RV� SRU� PHLR� GR� XVR� GH� UHSDUWLo}HV� GR� yUJmR� S~EOLFR� TXH� DVVXPLULDP� UHVSRQVDELOLGDGHV� HVSHFtILFDV� H� WHULDP�PDLRU�SRGHU�GH�GHFLVmR�VREUH�DTXLOR�TXH�VmR�UHVSRQViYHLV�� 1R� HVWXGR� GH� DGPLQLVWUDomR� JHUDO�� SRU� RXWUR� ODGR�� p� FRPXP� IDODU�VH� HP� ³GHVFHQWUDOL]DomR´�� VHQGR� HOD� XP� ~QLFR� HOHPHQWR� HVWUXWXUDO� SDUD� FRORFDU� PDLV� UHVSRQVDELOLGDGH� SUy[LPD� j� EDVH� GD� SLUkPLGH�RUJDQL]DFLRQDO�H�PHQRV�SUy[LPD�GR�FHQWUR�GH�SRGHU��GHQWUR� GD�PHVPD�RUJDQL]DomR�� 1HVWH� VHQWLGR�� D� WHQGrQFLD� PRGHUQD� p� D� HVWUXWXUDomR� GDV� RUJDQL]Do}HV�GH�IRUPD�PDLV�GHVFHQWUDOL]DGD��GH�PRGR�TXH�RV�QtYHLV�LQIHULRUHV� GD� KLHUDUTXLD� SRVVDP� WRPDU� GHFLV}HV� VREUH� VHXV� WUDEDOKRV� H� URWLQDV�� R� TXH� JHUD�PDLRU�IOH[LELOLGDGH�H�DJLOLGDGH�RUJDQL]DFLRQDLV��DOpP�GH�SRVVLELOLWDU�PDLRU� DXWRQRPLD� SDUD� TXH� RV� QtYHLV� KLHUiUTXLFRV� LQIHULRUHV� SRVVDP� UHVROYHU� RV� SUREOHPDV�SHUWLQHQWHV�jV�VXDV�iUHDV�GH�DWXDomR�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� $� GHOHJDomR� GH� FRPSHWrQFLDV�� SRU� VXD� YH]�� FRQVLVWH� HP� WUDQVIHULU� FRPSHWrQFLD�SDUD�DOJXpP�KLHUDUTXLFDPHQWH�LQIHULRU��GH�PRGR�D�ID]HU�FRP�TXH� D�WRPDGD�GH�GHFLVmR�H�DV�Do}HV�SURSULDPHQWH�GLWDV�SRVVDP�VHU�HPSUHHQGLGDV� FRP�PDLRU�DJLOLGDGH�H�UDSLGH]�� +i�GLIHUHQoDV�HQWUH�GHVFHQWUDOL]DomR�H�GHOHJDomR��$�GHVFHQWUDOL]DomR� RFRUUH�DWUDYpV�GH�PXGDQoDV�HVWUXWXUDLV�QD�RUJDQL]DomR��HQTXDQWR�D�GHOHJDomR� p� XP� VLPSOHV� DWR� GH� XP� VXSHULRU� GH� GHOHJDU�� PHGLDQWH� GRFXPHQWR� IRUPDO� DSURSULDGR��TXDQGR�IRU�QHFHVViULR���D�FRPSHWrQFLD�SDUD�DOJR�� 'HVWH� PRGR�� D� GHVFHQWUDOL]DomR� SRVVXL� FDUiWHU� SHUPDQHQWH� H� p� LPSHVVRDO��HQTXDQWR�D�GHOHJDomR�SRVVXL�FDUiWHU�WUDQVLWyULR�H�p��QD�PDLRULD�GDV� YH]HV��SHVVRDO�H�QRPLQDO�D�DOJXpP�� 'HYR�OHPEUDU�DLQGD�TXH�D�FRPSHWrQFLD�SRGH�VHU�GHOHJDGD��PDV�D� UHVSRQVDELOLGDGH� QmR� �Ki� DOJXP� JUDX� GH� GLYHUJrQFLD� WHyULFD� VREUH� LVVR�� KDYHQGR� TXHP� DILUPH� TXH� D� GHOHJDomR� p�� SRU� QDWXUH]D�� R� ³FRQILDU� D� UHVSRQVDELOLGDGH�H�DXWRULGDGH�D�DOJXpP´�±�/DFRPEH��������S��������$R�PHQRV� SDUD�SDUWH�GD�GRXWULQD��QD�GHOHJDomR�GH�FRPSHWrQFLDV��TXHP�GHOHJD�FRQWLQXD� UHVSRQViYHO� SHOD� WDUHID� TXH� IRL� UHSDVVDGD� SDUD� R� VXERUGLQDGR�� UHSDVVDQGR� D� DXWRULGDGH��PDV� QmR� D� UHVSRQVDELOLGDGH�� (QTXDQWR� LVVR�� QD� GHVFHQWUDOL]DomR�� WDQWR� D� FRPSHWrQFLD� TXDQWR� D� UHVSRQVDELOLGDGH� VmR� HQWUHJXHV� D� XPD� SDUWH� HVSHFtILFD�GD�RUJDQL]DomR�SRU�PHLR�GD�SUySULD�HVWUXWXUD�RUJDQL]DFLRQDO��VHQGR� FODUDPHQWH�SHUFHSWtYHO� QRV� RUJDQRJUDPDV�� IXQFLRQRJUDPDV�� UHJLPHQWRV� LQWHUQRV��HWF�� 'HVFRQFHQWUDomR��SRU�VXD�YH]��p�D�³VHSDUDomR�ItVLFD�GDV�DWLYLGDGHV� HP�GLYHUVDV�LQVWDODo}HV�UHODWLYDPHQWH�GLVWDQWHV´��/$&20%(��������S�������� 3RU� ILP�� GHYR� GHVWDFDU� TXH� YRFr� QmR� GHYH� ILFDU� FRP� G~YLGDV� VH� D� EDQFD� IDODU�HP�GHOHJDomR�FRPR� LQVWUXPHQWR�GD�GHVFHQWUDOL]DomR��SRLV�DOJXQV� DXWRUHV�SHUFHEHP�RV�FRQFHLWRV�XQLGRV�GHVVD�IRUPD��H�QmR�GLIHUHQWHV�HQWUH�VL�� FRPR�YLPRV�DFLPD��� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� $R�FRQWUiULR��HVVH�PRGHOR�GH�RUJDQRJUDPD�DSUHVHQWD�D�RUJDQL]DomR� GR� FHQWUR�SDUD� DV� H[WUHPLGDGHV�� FRPR� IRUPD�GH�DWHQXDU� D� YLVmR� KLHUiUTXLFD� FOiVVLFD� GD� RUJDQL]DomR�� *HUDOPHQWH� p� PDLV� XWLOL]DGR� HP� RUJDQL]Do}HV� PRGHUQDV��GH�WHFQRORJLD�H�GR�WHUFHLUR�VHWRU�� 8P� ERP� H[HPSOR� SUiWLFR� p� R� GR� %DQFR� &HQWUDO� GR� %UDVLO�� 9DPRV� REVHUYi�OR�� � � 1RWH� TXH� D� SUHVLGrQFLD� GD� LQVWLWXLomR� HVWi� QR� FHQWUR�� HQTXDQWR� RV� yUJmRV�VXERUGLQDGRV�HVWmR�PDLV�QD�SHULIHULD�GR�JUiILFR��1HVWH�FDVR��RQGH�Ki� OLQKDV�VHWDV� LQGLFDQGR� D� VXERUGLQDomR� UDGLDO�� WDPEpP� SRGH� VHU� FKDPDGR� GH� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� RUJDQRJUDPD�VRODU��1RWH�TXH�R�UDLR�GHILQH�XP�JUXSR�GH�yUJmRV�SDUWLFLSDQWHV� GD�GLUHWRULD� FROHJLDGD� �VHP�VXERUGLQDomR�HQWUH� VL��� H�RV�RXWURV�yUJmRV�HVWmR� HP�RXWUR�UDLR�� 2XWUD� LPSRUWDQWH� IRUPD� GH� UHSUHVHQWDomR� UDGLDO� HVWi� UHSUHVHQWDGD� DEDL[R�� � )RQWH��,(6(6�,)7�6&�0DJLVWpULR���*HVWmR������ (VWH�IRL�XP�H[HPSOR�GH�RUJDQRJUDPD�FREUDGR�HP�SURYD��1RWH�TXH�RV� UDLRV� QmR� GHPRQVWUDP� FODUDPHQWH� XPD� UHODomR� GH� VXERUGLQDomR� HQWUH� RV� yUJmRV�GR� FHQWUR� SDUD� D�SHULIHULD�� e�XPD� IRUPD�GH�GHVWDFDU� �YLVXDOPHQWH�� D� LPSRUWkQFLD�GR�WUDEDOKR�HP�HTXLSH�� � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� �����(OHPHQWRV� GD� HVWUXWXUD� VHJXQGR� D� 7HRULD� GD� &RQWLQJrQFLD� 6HJXQGR� D� 7HRULD� GD� &RQWLQJrQFLD�� WRGDV� DV� RUJDQL]Do}HV� SRVVXHP� GLIHUHQFLDomR�H�LQWHJUDomR�LQWHUQDV�� D�� $� GLIHUHQFLDomR� UHSUHVHQWD� DV� GLYLV}HV� LQWHUQDV� GD� RUJDQL]DomR�� DWUDYpV� GD� HVSHFLDOL]DomR� GH� IXQo}HV� H� WDUHIDV� HP� FDUJRV�� iUHDV� H� GHSDUWDPHQWRV� HVSHFtILFRV�� 7LSLFDPHQWH�� DV� SDUWHV� GD� RUJDQL]DomR� UHVSRQGHUmR� DSHQDV�jV�SDUWHV�GR�DPELHQWH�TXH�VmR� LPSRUWDQWHV�SDUD� VXDV�WDUHIDV�� E��$� LQWHJUDomR�� SRU� VXD� YH]�� p� R� SURFHVVR� RSRVWR� j� GLIHUHQFLDomR��FRQVLVWLQGR�HP�GHPDQGDV�GR�DPELHQWH�TXH� XQHP� DV� YiULDV� SDUWHV� HVSHFLDOL]DGDV� GD� RUJDQL]DomR�� PHGLDQWH�D�FRRUGHQDomR�GH�HVIRUoRV��� &RP� LVWR� HP� PHQWH�� D� RUJDQL]DomR� SUHFLVD� TXH� RV� GHSDUWDPHQWRV� HVWHMDP�GLIHUHQFLDGRV�SDUD�IXQFLRQDUHP�EHP�QDV�VXDV�iUHDV�GH�DWXDomR��PDV� TXH�HVWHMDP�LQWHJUDGRV�SDUD�DWHQGHU�jV�GHPDQGDV�GR�PHUFDGR�FRPR�XP�WRGR�� $� RUJDQL]DomR� GH� VXFHVVR� FRQVHJXH� FRRUGHQDU� GLIHUHQFLDomR� H� LQWHJUDomR� GH� DFRUGR� FRP�D�QHFHVVLGDGH� GR�DPELHQWH�� H�QmR�GH�DFRUGR� FRP�VHXV� SUySULRV� GHVHMRV�� � �����7LSRV�GH�HVWUXWXUDV�RUJDQL]DFLRQDLV�PDLV�FRPXQV�� -i� HVWXGDPRV� DOJXQV� PRGHORV� RUJDQL]DFLRQDLV� H� FULWpULRV� GH� GHSDUWDPHQWDOL]DomR�� $SyV� DTXHOH� HVWXGR� LQLFLDO�� TXHUR� UHIRUoDU� VXD� DSUHQGL]DJHP�GRV�VHJXLQWHV�PRGHORV�JHUDLV�GH�HVWUXWXUDomR�GDV�RUJDQL]Do}HV�� x� (VWUXWXUD�VLPSOHV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� x� %XURFUDFLD�� x� (VWUXWXUD�PDWULFLDO�� x� 2UJDQL]DomR�VHP�IURQWHLUDV�� x� 2UJDQL]Do}HV�YLUWXDLV�� x� 2UJDQL]DomR�HQ[XWD��GRZQVL]LQJ��� x� 0RGHOR�PHFDQLFLVWD�� x� 0RGHOR�RUJkQLFR�� x� 2UJDQL]DomR�KRORJUiILFD�� 9DPRV�HVWXGi�ORV�XP�D�XP�� � (VWUXWXUD�VLPSOHV� 7UDWD�VH�GH�XPD�HVWUXWXUD�FRPXP�QRV�SHTXHQRV�QHJyFLRV��SRVVXLQGR� EDL[R�JUDX�GH�GHSDUWDPHQWDOL]DomR��JUDQGH�DPSOLWXGH�GH�FRQWUROH��DXWRULGDGH� FHQWUDOL]DGD�H�SRXFD�IRUPDOL]DomR�� 2V� SULQFLSDLV� SRQWRV� IRUWHV� GHVVH� WLSR� GH� HVWUXWXUD� VmR� D� VXD� VLPSOLFLGDGH�� DJLOLGDGH�� IOH[LELOLGDGH�� PDQXWHQomR� EDUDWD� H� FODUH]D� GDV� UHVSRQVDELOLGDGHV�� (VVH� WLSR� GH� HVWUXWXUD� VH� WRUQD� LQDGHTXDGR� j� PHGLGD� TXH� D� RUJDQL]DomR�FUHVFH��GDGD�D�QHFHVVLGDGH�GH�PDLRU�GHVFHQWUDOL]DomR�� � %XURFUDFLD� $�EXURFUDFLD�p�FDOFDGD�QD�SDGURQL]DomR�GH�QRUPDV�H�SURFHGLPHQWRV� SDUD� R� IXQFLRQiULR�� VH� FDUDFWHUL]DQGR� SRU� WDUHIDV� RSHUDFLRQDLV� URWLQHLUDV�� JUDQGH� HVSHFLDOL]DomR�� DOWD� IRUPDOL]DomR� GH� UHJUDV� H� UHJXODPHQWRV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� GHSDUWDPHQWDOL]DomR� IXQFLRQDO�� FHQWUDOL]DomR� GH� DXWRULGDGH�� EDL[D� DPSOLWXGH� GH�FRQWUROH��H�SURFHVVR�GHFLVyULR�TXH�DFRPSDQKD�D�FDGHLD�GH�FRPDQGR�� $V� DWLYLGDGHV� SDGURQL]DGDV� SRU� PHLR� GD� EXURFUDFLD� SRGHP� VHU� UHDOL]DGDV�GH�PDQHLUD�HILFLHQWH��GHVGH�TXH�QmR�VXUMDP�DVSHFWRV� LPSUHYLVWRV�� SRLV�HVWHV�IDULDP�R�SURFHVVR�³WUDYDU´�DWp�D�UHVROXomR�GR�SUREOHPD�SHORV�QtYHLV� KLHUiUTXLFRV�PDLV�HOHYDGRV�� $� EXURFUDFLD�� HQWUHWDQWR�� SRGH� JHUDU� GLYHUVDV� GLVIXQo}HV�� TXH� VmR� FRPSRUWDPHQWRV�LQHVSHUDGRV�GD�RUJDQL]DomR�H�VHXV�PHPEURV�� ��� $� LQWHUQDOL]DomR� GDV� UHJUDV� H� DSHJR� DRV� UHJXODPHQWRV�� DV� UHJUDV� H� UHJXODPHQWRV�� SRU� VHUHP� WmR� LPSRUWDQWHV�� GHL[DP� GH� VHU� PHLRV� H� SDVVDP� D� VHU� R� SUySULR� REMHWLYR� GD� RUJDQL]DomR�� ��� ([FHVVR� GH� IRUPDOLVPR� H� GH� SDSHOyULR�� $� QHFHVVLGDGH� GH� GRFXPHQWDU�WXGR��LQFOXVLYH�WRGDV�DV�QRUPDV��SURFHGLPHQWRV�� HWF���ID]�FRP�TXH�KDMD�H[FHVVR�GH�IRUPDOLVPR�H�GH�SDSHOyULR� DFXPXODGR�SHOD�RUJDQL]DomR�� ��� 5HVLVWrQFLD� jV� PXGDQoDV�� &RPR� WXGR� QD� EXURFUDFLD� p� SDGURQL]DGR�� R� IXQFLRQiULR� VH� DFRVWXPD� DRV� SDGU}HV� SUp� HVWDEHOHFLGRV� H� ILFD� PDLV� GLItFLO� LPSOHPHQWDU� PXGDQoDV� QD� RUJDQL]DomR�� TXDQGR� LVWR� VH� ID]� QHFHVViULR�� $V� SHVVRDV� WHQGHP� D� UHVLVWLU� jV� PXGDQoDV� H� FODVVLILFi�ODV� FRPR� GHVQHFHVViULDV�� ���'HVSHUVRQDOL]DomR� GRV� UHODFLRQDPHQWRV�� &RPR� D� EXURFUDFLD� p� LPSHVVRDO� QR� WUDWDPHQWR� GR� UHODFLRQDPHQWR� HQWUH� RV� IXQFLRQiULRV�� TXH� VmR� WUDWDGRV� FRPR� LJXDLV� H� HP� IXQomR� GH� VHXV� FDUJRV� QD� RUJDQL]DomR�� R� UHODFLRQDPHQWR� HQWUH� DV� SHVVRDV� SDVVD� D� VHJXLU� WDPEpP� HVWH� ULWR�� GH� PRGR� TXH� DV� SHVVRDV�SDVVDP�D�QmR�FRQKHFHU�RV�FROHJDV�SHOR�QRPH��PDV� VLP� SHOR� FDUJR�� Q~PHUR� GH� PDWUtFXOD�� HWF��� FKHJDQGR� DR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� SRQWR� GH� QmR� EXVFDUHP�TXDOTXHU� DSUR[LPDomR� SHVVRDO� FRP� RV�FROHJDV�GH�WUDEDOKR�� ��� &DWHJRUL]DomR�FRPR�EDVH�GR�SURFHVVR�GHFLVyULR��$V�GHFLV}HV� VmR� FDWHJRUL]DGDV� SDUD� VHUHP� GHILQLGDV� FRP� EDVH� HP� GHWHUPLQDGR� QtYHO� KLHUiUTXLFR� RX� FRP� EDVH� HP� UHJXODPHQWRV��GHL[DQGR�SRXFR�HVSDoR�SDUD�TXH�DV�GHFLV}HV� VHMDP�WRPDGDV�SRU�TXHP�PDLV�HQWHQGH�GR�DVVXQWR�RX�FRP� EDVH� HP� SURFHVVRV� GHFLVyULRV� PDLV� FULDWLYRV� HP� EXVFD� GH� XPD�VROXomR�UHDO�SDUD�R�SUREOHPD����� 6XSHUFRQIRUPLGDGH� jV� URWLQDV� H� SURFHGLPHQWRV�� &RPR� D� EXURFUDFLD� VH� EDVHLD� QD� REULJDomR� GH� VHJXLU� URWLQDV� H� SURFHGLPHQWRV�� DV� SHVVRDV� SRGHP� ILFDU� SURIXQGDPHQWH� OLPLWDGDV� QR� VHX� SRGHU� GH� DJLU� OLYUHPHQWH� SDUD� D� EXVFD� GH� PHOKRUHV�FDPLQKRV�SDUD�D�RUJDQL]DomR�� ��� ([LELomR�GH�VLQDLV�GH�DXWRULGDGH��FRPR�D�EXURFUDFLD�HQIDWL]D� D�KLHUDUTXLD�GH�DXWRULGDGH�� WRUQD�VH�QHFHVViULR�XP�VLVWHPD� TXH� GHL[H� FODUR� R� SRGHU� GH� GHWHUPLQDGRV� FDUJRV� VREUH� RXWURV�� (VWHV� VLQDLV� YrP� SRU� PHLR� GH� XQLIRUPHV�� VDODV�� PHVDV��WtWXOR�GRV�FDUJRV��HWF��� ���'LILFXOGDGH� QR� DWHQGLPHQWR� D� FOLHQWHV� H� FRQIOLWRV� FRP� R� S~EOLFR��XPD�YH]�TXH�D�EXURFUDFLD�p�FHQWUDGD�QDV�QRUPDV�H� SURFHGLPHQWRV��SDVVD�D�KDYHU�XPD�GLILFXOGDGH�GH�WUDWDPHQWR� FRP� R� S~EOLFR� H[WHUQR�� TXH� VH� LPSRUWD�PXLWR� PDLV� FRP� RV� UHVXOWDGRV� REWLGRV� GR� TXH� FRP� DV� QRUPDV� TXH� GHYHP� VHU� VHJXLGDV�� � (VWUXWXUD�PDWULFLDO� e� XP� PRGHOR� RUJDQL]DFLRQDO� EDVWDQWH� FREUDGR� HP� FRQFXUVRV�� $� HVWUXWXUD�PDWULFLDO��WDPEpP�FKDPDGD�GH�RUJDQL]DomR�HP�JUDGH��FRPELQD�GRLV� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� WLSRV� GH� GHSDUWDPHQWDOL]DomR�� VHQGR� QRUPDOPHQWH� D� IXQFLRQDO� FRP� SURMHWR�� SURFHVVRV� RX� SURGXWRV�� � $OpP� GHVVDV� SRVVLELOLGDGHV�� WRGD� HVWUXWXUD� TXH� FRPELQDU�GRLV�WLSRV�GH�GHSDUWDPHQWDOL]DomR�HP�XP�Vy�SRGHUi�VHU�FKDPDGD�GH� PDWULFLDO�� e� XPD� H[FHOHQWH� DOWHUQDWLYD� GH� HVWUXWXUDomR� SDUD� DV� RUJDQL]Do}HV� TXH� GHVHQYROYHP� SURMHWRV�� SRLV� DV� HTXLSHV� SDVVDP� D� VH� FRPSRU� SRU� HVSHFLDOLVWDV�GH�FDGD�IXQomR�HP�FDGD�XP�GRV�SURMHWRV�� $VVLP��p�XPD�HVWUXWXUD�TXH�SHUPLWH�XPD�PHOKRU�FRHVmR�GR�JUXSR�GH� WUDEDOKR��SHUPLWLQGR�TXH�KDMD�XPD�ERD�FRPXQLFDomR�GD�FRPXQLFDomR�GR�OtGHU� GR� SURMHWR�SURGXWR� FRP� VXD� HTXLSH�� XPD� YH]� TXH� D� HTXLSH� HVWi� WDPEpP� HVWUXWXUDGD�SRU�SURMHWR�SURGXWR�� $V� SULQFLSDLV� GHVYDQWDJHQV� GHVVH� WLSR� GH� HVWUXWXUD� LQFOXHP� D� GLILFXOGDGH�TXH�VXUJH�GHYLGR�j�GXSOD�VXERUGLQDomR�GRV�PHPEURV�GD�HTXLSH�GH� WUDEDOKR�H�GR�EDL[R�QtYHO�GH�DXWRULGDGH�VHQWLGR�SHOR�OtGHU�GR�SURMHWR�SURGXWR�� 9HMDP� XPD� GDV� SRVVtYHLV� UHSUHVHQWDo}HV� GHVVD� PDWUL]� QR� RUJDQRJUDPD�D�VHJXLU�� � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� 7UDWD�VH�GH�XP�PRGHOR�TXH�QmR�IRL�DWLQJLGR�QHP�SHOD�SUySULD�*(��TXH� Mi�IH]�DOJXQV�SURJUHVVRV�QHVVH�VHQWLGR�� � 2UJDQL]Do}HV�YLUWXDLV���HP�UHGH� $� RUJDQL]DomR� YLUWXDO�� WDPEpP� FKDPDGD� GH� RUJDQL]DomR� HP� UHGH�� RUJDQL]DomR� PRGXODU�� RX� FHOXODU�� WrP� IRFR� HP� VHX� QHJyFLR� SULQFLSDO� �FRUH� EXVLQHVV��H�WHUFHLUL]D�D�PDLRU�SDUWH�GH�VXDV�DWLYLGDGHV�QmR�HVVHQFLDLV���2�TXH� VH�EXVFD�p�D�IOH[LELOLGDGH�Pi[LPD�GD�HVWUXWXUD�RUJDQL]DFLRQDO��TXH�SDVVD�D�VH� FRQFHQWUDU�QDTXLOR�TXH�VDEH�ID]HU�PHOKRU��� &RPR� DV� RUJDQL]Do}HV� HVWUXWXUDGDV� VRE� HVWH� PRGHOR� VmR� PDLV� KRUL]RQWDOL]DGDV�� IOH[tYHLV� H� FHQWUDGDV� HP� VXDV� DWLYLGDGHV� SULQFLSDLV�� HODV� VH� DGDSWDP� EHP� jV� FRQWLQJHQFLDV� DPELHQWDLV� H� VmR� PDLV� SHUPHiYHLV� j� FRPXQLFDomR�H�j�UHFHSomR�GH�IHHGEDFN�GR�TXH�ERD�SDUWH�GRV�RXWURV�PRGHORV� RUJDQL]DFLRQDLV�� (ODV�IXQFLRQDP�FRP�EDVH�HP�HTXLSHV�TXH�DWXDP�FRPXQLFDQGR�VH�GH� IRUPD�LQWHQVLYD�� $� SULQFLSDO� YDQWDJHP� GHVVH� WLSR� GH� HVWUXWXUD� p� VXD� IOH[LELOLGDGH�� HQTXDQWR� VXD� SULQFLSDO� GHVYDQWDJHP� p� TXH�� GHYLGR� DR� HVWDGR� IOXLGR� H� GH� UHRUJDQL]DomR� SHUPDQHQWH� GH� VXDV� HVWUXWXUDV�� RV� SDSHLV�� REMHWLYRV� H� UHVSRQVDELOLGDGHV� QmR� VmR� FODURV�� R� TXH� IDYRUHFH� R� VXUJLPHQWR� GR� FRPSRUWDPHQWR�SROtWLFR�� � 2UJDQL]DomR�HQ[XWD� $�RUJDQL]DomR�PDLV�HQ[XWD�p�XPD�PHWD�GRV�SURFHVVRV�GH�GRZQVL]LQJ�� TXH�VH�EDVHLDP�HP�SUiWLFDV�GH�YHQGD�GH�XQLGDGHV�GH�QHJyFLRV��IHFKDPHQWR�GH� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ILOLDLV�H�UHGXomR�GR�Q~PHUR�GH�IXQFLRQiULRV��2�JUDQGH�REMHWLYR�DTXL�p�UHGX]LU�D� HVWUXWXUD� RUJDQL]DFLRQDO� SDUD� VH� EHQHILFLDU� GH� DXPHQWR� GD� DJLOLGDGH� H� IOH[LELOLGDGH��UHGXomR�GRV�FXVWRV�H�PHOKRULD�GR�IRFR�RUJDQL]DFLRQDO�� � 2UJDQL]DomR�+RORJUiILFD� 7UDWD�VH�GH�XP�PRGHOR�XWLOL]DGR� QD� YLVmR�GD�RUJDQL]DomR� FRPR�XP� FpUHEUR�� $�RUJDQL]DomR�YLVWD�FRPR�XP�FpUHEUR��XPD�GDV�YLV}HV�GH�0RUJDQ��VH� HVWUXWXUD�FRP�EDVH�HP�GXDV�LGHLDV�FHQWUDLV��� x� 2�FpUHEUR�p�XP�VLVWHPD�GH�SURFHVVDPHQWR�GH�LQIRUPDo}HV�TXH� SRGH�DSUHQGHU�D�DSUHQGHU��H� x� 2� FpUHEUR� VHULD� XP� VLVWHPD� KRORJUiILFR�� RQGH� DV� FDSDFLGDGHV� QHFHVViULDV� SDUD� R� IXQFLRQDPHQWR� GR� WRGR� VH� HQFRQWUDP� UHSUHVHQWDGDV�QDV�SDUWHV�� $�RUJDQL]DomR�VHULD��GHVWH�PRGR��VLPLODU�DR�FpUHEUR��1R�TXH�WDQJH�j� VXD� HVWUXWXUDomR�� SDUD� JDUDQWLU� XPD� RUJDQL]DomR� GR� WLSR� KRORJUiILFR� p� LPSRUWDQWH�TXH�VH�FRQVLJD�R�VHJXLQWH�� x� *DUDQWLU�D�SUHVHQoD�GR�WRGR�HP�FDGD�SDUWH�� x� &ULDU�FRQH[}HV�H�UHGXQGkQFLDV�� x� 'HVHQYROYHU�HVSHFLDOL]DomR�H�JHQHUDOL]DomR�DR�PHVPR�WHPSR�� x� 3RVVXLU�FDSDFLGDGH�GH�DXWR�RUJDQL]DomR�� � &RQVLGHUDQGR� HVVDV� QHFHVVLGDGHV�� H[LVWHP� �� SULQFtSLRV� EiVLFRV� TXH� SUHFLVDP� VHU� WRPDGRV� HP� FRQWD� SDUD� D� LPSOHPHQWDomR� GD� FRQFHSomR� KRORJUiILFD�QDV�RUJDQL]Do}HV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� 3ULQFtSLR� GDV� IXQo}HV� UHGXQGDQWHV�� &DGD� SDUWH� SRVVXL� IXQo}HV� UHGXQGDQWHV� HQWUH� VL�� GH� PRGR� D� VH� HQJDMDU� HP� XP� FRQMXQWR�GH�IXQo}HV�HP�YH]�GH�GHVHPSHQKDU�DSHQDV�DWLYLGDGHV� UHODWLYDV� D� XPD� IXQomR�� (P� RXWUDV� SDODYUDV�� FDGD� SDUWH� GD� RUJDQL]DomR� H[HUFHULD� IXQo}HV� GH� WRGD� D� RUJDQL]DomR� FRPR� ILQDQoDV��FRPSUDV��PDUNHWLQJ��UHFXUVRV�KXPDQRV��HWF�� ��� 3ULQFtSLR� GD� YDULHGDGH� GH� UHTXLVLWRV�� VHJXQGR� HVVH� SULQFtSLR�� WRGRV�RV�HOHPHQWRV�GH�XPD�RUJDQL]DomR� FRQVLGHUDGD� FRPR� VLVWHPD� DXWRUUHJXODGRU� GHYHP� LQFOXLU� GLPHQV}HV� FUtWLFDV� GR� DPELHQWH� FRP� R� TXDO� WHP� TXH� OLGDU�� SDUD� TXH� SRVVDP� VH� DXWR�RUJDQL]DU�GH�PRGR�D�DWHQGHU�D�YDULHGDGH�H�FRPSOH[LGDGH� GR� VHX� DPELHQWH�� � 2V� PHFDQLVPRV� LQWHUQRV� GH� XP� VLVWHPD� GHYHP�HVWDU�GH�DFRUGR�FRP�R�DPELHQWH�FRP�R�TXDO�R�VLVWHPD� LQWHUDJH�� ��� 3ULQFtSLR� GD� PtQLPD� HVSHFLDOL]DomR� FULDWLYD�� SDUD� HVVH� SULQFtSLR�� D� RUJDQL]DomR� GHYHUi� HVSHFLILFDU� DSHQDV� R� TXH� IRU� DEVROXWDPHQWH� QHFHVViULR� SDUD� TXH� D� DWLYLGDGH� HP� DQiOLVH� RFRUUD��H�QDGD�PDLV��&RP�LVVR��p�SRVVtYHO�FULDU�XPD�VLWXDomR�HP� TXH� D� LQYHVWLJDomR� H� D� FULDWLYLGDGH� WRPHP� R� OXJDU� GR� SODQHMDPHQWR�EXURFUiWLFR��GDQGR�HVSDoR�SDUD�TXH�D�RUJDQL]DomR� HQFRQWUH�VXD�SUySULD�IRUPD�GH�VH�RUJDQL]DU�� ��� 3ULQFtSLR� GH� DSUHQGHU� D� DSUHQGHU�� D� RUJDQL]DomR� GHYH� GHVHQYROYHU� VXD� FDSDFLGDGH� GH� DSUHQGL]DJHP�� DSUHQGHQGR� D� DSUHQGHU�FRLVDV�QRYDV��HVWDQGR�DEHUWD�jV�PXGDQoDV�DPELHQWDLV� H� j� SRVVLELOLGDGH� GH� GHVDILDU� VHXV� SUySULRV� SUHVVXSRVWRV� RSHUDFLRQDLV�� ([LVWHP� TXDWUR� GLUHWUL]HV� EiVLFDV� SDUD� LVVR�� D�� HQFRUDMDU�H�YDORUL]DU�D�IOH[LELOLGDGH�H�DEHUWXUD�FRP�DFHLWDomR�GH� HUURV� H� LQFHUWH]DV�� E�� HQFRUDMDU� XP� HQIRTXH� QD� DQiOLVH� H� VROXomR� GH� SUREOHPDV� FRPSOH[RV�� F�� HYLWDU� D� LPSRVLomR� GH� HVWUXWXUDV�� G�� ID]HU� LQWHUYHQo}HV� SDUD� FULDU� HVWUXWXUDV� H� SURFHVVRV�TXH�DMXGHP�D�LPSOHPHQWDU�RXWURV�SURFHVVRV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� � 2UJDQL]DomR�$WRPL]DGD� *HUDOPHQWH�PHQFLRQDGD�HP�FRQMXQWR�FRP�D�RUJDQL]DomR�KRORJUiILFD�� 1D�YHUGDGH��p�PDLV�XPD�FDUDFWHUtVWLFD�GR�TXH�XPD�HVWUXWXUD�SRU�VL�Vy�� $� DWRPL]DomR� LPSOLFD� QD� FULDomR� GH� HTXLSHV� GHVFHQWUDOL]DGDV� TXH� SRVVXHP�REMHWLYRV�GLIHUHQWHV�HQWUH�VL��H�TXH�SRVVXHP�SRGHU�SDUD� WRPDGD�GH� GHFLVmR� UHODWLYD� DRV� PHLRV� SDUD� DWLQJLU� RV� REMHWLYRV�� R� TXH� DXPHQWD� D� IOH[LELOLGDGH�GD�RUJDQL]DomR��� $SHVDU�GLVVR��D�DWRPL]DomR�ID]�FRP�TXH�H[LVWDP�YiULRV�³iWRPRV´�SHOD� RUJDQL]DomR��SRU�LVVR�p�QHFHVViULR�TXH�D�RUJDQL]DomR�DWRPL]DGD�VHMD�LQWHQVLYD� HP�FRPXQLFDomR�HQWUH�DV�YiULDV�HTXLSHV�SDUD�TXH�RV�REMHWLYRV�GD�RUJDQL]DomR� VHMDP�DOFDQoDGRV�� � 0RGHOR�0HFDQLFLVWD� 7UDWD�VH� GH� XP� PRGHOR� H[WUHPR�� OLJDGR� D� SURFHVVRV� GH� WUDEDOKR� DOWDPHQWH� SDGURQL]DGRV� HP� XPD� HVWUXWXUD� GHILQLWLYD�� JUDQGH� IRUPDOL]DomR�� KLHUDUTXL]DomR� JHUHQFLDO�� FRPXQLFDo}HV� YHUWLFDLV�� DXWRULGDGH� EDVHDGD� QR� FDUJR�� GLUHLWRV� H� REULJDo}HV� EHP� GHILQLGRV� H� IXQo}HV� EHP� GHOLQHDGDV�� e� XP� PRGHOR�DVVRFLDGR�j�EXURFUDFLD��TXH�Mi�YLPRV�DTXL���VHQGR�PDLV�DSURSULDGR�jV� RUJDQL]Do}HV�HP�DPELHQWHV�HVWiYHLV�� 0RGHOR�2UJkQLFR� 7UDWD�VH�GH�XP�PRGHOR�H[WUHPR�RSRVWR�DR�PHFDQLFLVWD��(VWH�PRGHOR� HVWi� PDLV� SUy[LPR� j� RUJDQL]DomR� VHP� IURQWHLUDV�� VHQGR� PDLV� DFKDWDGR� HP� WHUPRV� GH� QtYHLV� KLHUiUTXLFRV� �VXD� HVWUXWXUD� p� KRUL]RQWDO��� KDYHQGR� DLQGD� PHQRU�SDGURQL]DomR�H�IRUPDOL]DomR�GRV�SURFHGLPHQWRV��$OpP�GLVVR��IDOD�VH�HP� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� OLGHUDQoD�H�QmR�HP�DXWRULGDGH�IRUPDO��DV�FRPXQLFDo}HV�VmR�PDLV�KRUL]RQWDLV�H� D�HVWUXWXUD�RUJDQL]DFLRQDO�p�IOH[tYHO�� � �����(VWUXWXUD�[�TXHVW}HV�RUJDQL]DFLRQDLV�� 7RPDQGR�VH�FRPR�EDVH�RV�GRLV�H[WUHPRV�GH�HVWUXWXUD�RUJDQL]DFLRQDO�� R�0RGHOR�2UJkQLFR�H�R�0HFDQLFLVWD��SRGHPRV�ID]HU�XPD�EUHYH�GLVFXVVmR�VREUH� HP�TXH�VLWXDo}HV�HOHV�VH�WRUQDP�PDLV�RX�PHQRV�DGHTXDGRV�� 1R�TXH�GL]�UHVSHLWR�j�HVWUDWpJLD��DV�RUJDQL]Do}HV�RUJkQLFDV�VmR�PDLV� DGHTXDGDV�SDUD�D�EXVFD�GD�LQRYDomR��TXH�p�LQFHQWLYDGD�SRU�VXD�HVWUXWXUD�VROWD� H�IOH[tYHO��4XDQGR�EXVFDP�D�UHGXomR�GH�FXVWRV��R�PRGHOR�PHFDQLFLVWD�p�PDLV� DSURSULDGR��SRLV�VXD�SUHYLVLELOLGDGH�OHYD�j�UHGXomR�GH�FXVWRV�GRV�SURFHVVRV�H� DWp� PHVPR� GH� SHVVRDO�� TXH� QmR� SUHFLVD� VHU� DOWDPHQWH� HVSHFLDOL]DGR�� Mi� TXH� WRGRV� RV� SURFHGLPHQWRV� HVWmR� SUHGHWHUPLQDGRV�� 2UJDQL]Do}HV� TXH� DGRWDP� XPD� HVWUDWpJLD� GH� LPLWDomR�� SRU� VXD� YH]�� SUHFLVDP� DGRWDU� HVWUXWXUDV� TXH� PLVWXUHP� FDUDFWHUtVWLFDV� GR�0RGHOR�2UJkQLFR� H� GR�0HFDQLFLVWD�� SDUD� SHUPLWLU� FXVWRV�EDL[RV�H�FDSDFLGDGH�LQRYDWLYD�DR�PHVPR�WHPSR�� 4XDQWR� DR� WDPDQKR� GDV� RUJDQL]Do}HV�� j� PHGLGD� TXH� HOH� FUHVFH� R� 0RGHOR� 0HFDQLFLVWD� VH� WRUQD� PDLV� DGHTXDGR�� SRLV� DV� RUJDQL]Do}HV� WHQGHP� D� SUHFLVDU� GH� PDLV� QtYHLV� KLHUiUTXLFRV�� UHJUDV� H� UHJXODPHQWRV�� 'HYR� GHVWDFDU�� HQWUHWDQWR��TXH�R�LPSDFWR�GR�FUHVFLPHQWR�YDL�GLPLQXLQGR�FRP�R�WDPDQKR��XPD� YH]� TXH� RUJDQL]Do}HV� GH� PLOKDUHV� GH� HPSUHJDGRV� TXH� FRQWUDWDP� PDLV� ���� SHVVRDV� QmR� QHFHVVLWDP� GH� JUDQGHV� PXGDQoDV� HVWUXWXUDLV�� DR� FRQWUiULR� GH� XPD� SHTXHQD� RUJDQL]DomR� GH� ��� IXQFLRQiULRV� TXH�� GH� XPD� Vy� YH]�� SUHFLVD� FRQWUDWDU�PDLV�����GHOHV�� 1R� TXH� GL]� UHVSHLWR� j� WHFQRORJLD� XWLOL]DGD� SHOD� RUJDQL]DomR�� R� PDLV� LPSRUWDQWH� p� TXH� VXD� HVWUXWXUD� HVWHMD� DGHTXDGD� jV� WHFQRORJLDV� XWLOL]DGDV�� 4XDQWR� PDLV� URWLQHLUDV�� DXWRPDWL]DGDV� H� SDGURQL]DGDV� IRUHP� DV� WHFQRORJLDV� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� XWLOL]DGDV�� PDLV� DGHTXDGR� VHUi� R� PRGHOR� PHFDQLFLVWD�� 4XDQWR� PHQRV� URWLQHLUDV�� PDLV� SHUVRQDOL]DGDV� H� LQRYDWLYDV� IRUHP�� PDLV� R� PRGHOR� RUJkQLFR� VHUi�DSURSULDGR�� 2� DPELHQWH� p� RXWUD� TXHVWmR� TXH� DIHWD� D� HVWUXWXUD�� 4XDQWR� PDLV� FRPSOH[R�� GLQkPLFR� H� HVFDVVR� R� DPELHQWH�� PDLV� RUJkQLFD� GHYHUi� VHU� D� HVWUXWXUD�� 3RU� RXWUR� ODGR�� TXDQWR� PDLV� VLPSOHV�� HVWiYHO� H� DEXQGDQWH� IRU� R� DPELHQWH��PDLV�R�PRGHOR�PHFDQLFLVWD�VHUi�DSURSULDGR�� 3DUD� ILQDOL]DU� D� GLVFXVVmR� VREUH� HVWUXWXUD� RUJDQL]DFLRQDO�� p� LPSRUWDQWH�TXH�YRFr�WHQKD�HP�PHQWH�TXH�QmR�Ki�XP�PRGHOR�yWLPR�QR�TXH�GL]� UHVSHLWR� j� PRWLYDomR� GRV� IXQFLRQiULRV�� 0DLRU� RX� PHQRU� IOH[LELOLGDGH�� DXWRQRPLD�� IRUPDOL]DomR�� HWF��� GHYHP� VHU� SHQVDGRV� HP� IXQomR� GDV� QHFHVVLGDGHV� RUJDQL]DFLRQDLV�� SDUD� TXH� VH� SRVVD� LQFHQWLYDU� D� PRWLYDomR� GRV� IXQFLRQiULRV�H�D�EXVFD�GRV�REMHWLYRV�HVWUDWpJLFRV�GD�RUJDQL]DomR�� � �����$V�&RQILJXUDo}HV�2UJDQL]DFLRQDLV�GH�0LQW]EHUJ� $OpP�GH�FRQVLGHUDU�DV�SHUVSHFWLYDV�TXH�Mi�YLPRV��GHYHPRV�WDPEpP� WHU�HP�PHQWH�DV�FRQILJXUDo}HV�RUJDQL]DFLRQDLV�GH�0LQW]EHUJ�� 3DUD� 0LQW]EHUJ�� WRGDV� DV� RUJDQL]Do}HV� SRVVXtDP� DV� PHVPDV� SDUWHV� EiVLFDV�TXH�VHUYLULDP�FRPR�EDVH�SDUD�D�HVWUXWXUDomR�GH� WRGD�D�RUJDQL]DomR�� (VVDV�SDUWHV�VmR�� ���&~SXOD�HVWUDWpJLFD��p�DTXL�TXH�VH�HQFRQWUDP�DV�SHVVRDV�FRP� D� UHVSRQVDELOLGDGH� JHUDO� SHOD� RUJDQL]DomR�� FRPR� R� SUHVLGHQWH� GD� HPSUHVD�� GLUHWRUHV� GH� QtYHO� PDLV� HOHYDGR� H� FRQVHOKRV� HVWUDWpJLFRV�� 6mR� DV� SHVVRDV� GD� F~SXOD� TXH� VmR� UHVSRQViYHLV� SRU� ID]HU�FRP�TXH�D�RUJDQL]DomR�FXPSUD�VXD�PLVVmR�GH�PRGR� HILFD]�H�DWHQGD�jV�QHFHVVLGDGHV�GRV�TXH�GHWrP�R�SRGHU�VREUH�D� PHVPD��FRPR�RV�DFLRQLVWDV�H�R�JRYHUQR�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ���/LQKD� LQWHUPHGLiULD�� p� R� HOR� HQWUH� D� F~SXOD� HVWUDWpJLFD� H� R� Q~FOHR�RSHUDFLRQDO�� FRRUGHQDQGR�R� IOX[R�GH� LQIRUPDo}HV�HQWUH� HVVHV�GRLV�QtYHLV�H�LQWHUYLQGR�QR�IOX[R�GH�GHFLV}HV�� ���1~FOHR�RSHUDFLRQDO��p�DTXL�TXH�DV�RSHUDo}HV�DFRQWHFHP��(OH� DVVHJXUD� RV� LQVXPRV� SDUD� D� SURGXomR�� WUDQVIRUPDQGR�RV� HP� SURGXWRV�H�UHDOL]DQGR�D�VXD�GLVWULEXLomR�� ��� 7HFQRHVWUXWXUD�� p�FRPSRVWD�SHORV�SURILVVLRQDLV�TXH�H[HUFHP� IXQo}HV� WpFQLFDV�� VHQGR� UHVSRQViYHLV� SHOD� IRUPDWDomR� GR� WUDEDOKR�GD�RUJDQL]DomR�� ���$VVHVVRULD� GH� DSRLR� �RX� HTXLSH� GH� DSRLR��� p� D� iUHD� TXH� WHP� D� IXQomR� GH� GDU� R� VXSRUWH� jV� DWLYLGDGHV� GD� HPSUHVD�� DWXDQGR�HP�DWLYLGDGHV�GH�DSRLR�IRUD�GR�IOX[R�SURGXWLYR�� ���,GHRORJLD�� p� XPD� SDUWH� YLYD� GD� RUJDQL]DomR�� VHQGR� UHSUHVHQWDGD� FRPR� R� VLVWHPD� GH� FUHQoDV� H� WUDGLo}HV� GD� RUJDQL]DomR�DWXDQWH�VREUH�WRGD�HOD�� � 0LQW]EHUJ� GHILQH� DLQGD� D� H[LVWrQFLD� GH� GLIHUHQWHV� PHFDQLVPRV� GH� FRRUGHQDomR� GRV� WUDEDOKRV� RUJDQL]DFLRQDLV� TXH� WDPEpP� VmR� ~WHLV� SDUD� GHILQLomR�GDV�FRQILJXUDo}HV�RUJDQL]DFLRQDLV��6mR�HOHV�� ���$MXVWDPHQWR� P~WXR�� R� WUDEDOKR� ILFD� VRE� FRQWUROH� GRV� WUDEDOKDGRUHV�� TXH� DMXVWDP� DV� DWLYLGDGHV� SRU� PHLR� GH� XP� SURFHVVR�GH�FRPXQLFDomR�LQIRUPDO�� ��� 6XSHUYLVmR�GLUHWD��DTXL�R�SDSHO�GH�XP�GHWHUPLQDGR�LQGLYtGXR� SDVVD� D� LQFOXLU� D� UHVSRQVDELOLGDGH� SHOD� RULHQWDomR�� DFRPSDQKDPHQWR� H� PRQLWRUDPHQWR� GR� WUDEDOKR� GH� RXWUDV�� VHQGR�R�VHX�VXSHUYLVRU�GLUHWR�� ��� 3DGURQL]DomR� GRV� SURFHVVRV�� RV� SURFHVVRV�� TXDQGR� SDGURQL]DGRV�� SRVVLELOLWDP� PHOKRUHV� FRQGLo}HV� SDUD� FRQWUROH� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� GRV� WUDEDOKRV� SHOD� VXSHUYLVmR�GLUHWD�� SHUPLWLQGR� LQFOXVLYH� TXH� HVWD�SRVVD�WHU�XPD�PDLRU�DPSOLWXGH�GH�FRQWUROH�� ��� �3DGURQL]DomR� GH� RXWSXWV� �VDtGDV��� D� SDGURQL]DomR� GDV� VDtGDV� GRV� SURFHVVRV�� FRPR� D� SDGURQL]DomR� GH� SURGXWRV� HP� XPD�OLQKD�GH�SURGXomR��SRU�H[HPSOR��SRVVLELOLWD�R�FRQWUROH�GRV� UHVXOWDGRV�HVSHUDGRV�SHOD�RUJDQL]DomR��2�IRFR�DTXL�GHL[D�GH�VHU� HP� FRPR� DV� FRLVDV� DFRQWHFH� SDUD� VH� YROWDU� SDUD� TXDLV� RV� UHVXOWDGRV�REWLGRV�� ���3DGURQL]DomR� GH� KDELOLGDGHV�� D� SDGURQL]DomR� RFRUUH� QDV� KDELOLGDGHV� GDV� SHVVRDV� TXH� VmR� QHFHVViULDV� SDUD� D� H[HFXomR� GR� WUDEDOKR�� 3DUWH� GHVVD� SDGURQL]DomR� Mi� YHP� GH� IRUD� GD� RUJDQL]DomR� �FRPR� GH� XQLYHUVLGDGHV�� SRU� H[HPSOR��� PDV� HOD� SRGH� VH� SUHRFXSDU� HP� WUHLQDU� RV� IXQFLRQiULRV� QDV� KDELOLGDGHV� SDGUmR�TXH�GHYHP�VHU�GHVHQYROYLGDV�� ���1RUPDV��UHJUDV�H�GRXWULQDomR��D�FRRUGHQDomR�GH�DWLYLGDGHV� SRGH�RFRUUHU�SRU�PHLR�GDV�QRUPDV�H�UHJUDV�LQWHUQDOL]DGDV�H�GH� SURFHVVRV�GH�GRXWULQDomR�SDUD�FRRUGHQDU�DV�DWLYLGDGHV�� � &RPR�FRQVHTXrQFLD�GH� WRGDV�HVVDV�SHUFHSo}HV�p�SRVVtYHO� LGHQWLILFDU� DV�VHJXLQWHV�HVWUXWXUDV�RUJDQL]DFLRQDLV�SULQFLSDLV�� x� (VWUXWXUD�VLPSOHV��p�PDLV�DSURSULDGD�jV�HPSUHVDV�SHTXHQDV� H� MRYHQV�� VHQGR� SRXFR� HODERUDGD� WHFQLFDPHQWH� H� FRP� JUDQGH� DPSOLWXGH� GH� FRQWUROH� QD� F~SXOD� HVWUDWpJLFD� H� QHQKXPD� QDV� XQLGDGHV�GH�DVVHVVRULD��$�OLQKD�LQWHUPHGLiULD�SRVVXL�DPSOLWXGH� GH�FRQWUROH�LQVLJQLILFDQWH��e�XPD�HVWUXWXUD�EDVWDQWH�³DFKDWDGD´�� 2�SULQFLSDO�PHFDQLVPR�GH�FRRUGHQDomR�p�D�VXSHUYLVmR�GLUHWD�H� D�SDUWH�FKDYH�GD�RUJDQL]DomR�p�D�F~SXOD�HVWUDWpJLFD�� x� %XURFUDFLD�PHFDQL]DGD��p�XPD�HVWUXWXUD�QD�TXDO�DV�IXQo}HV� VmR� SDGURQL]DGDV�� Ki� FHQWUDOL]DomR� YHUWLFDO� H� GHVFHQWUDOL]DomR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� KRUL]RQWDO�� H� DV� Do}HV� VmR� SODQHMDGDV�� 7HQGH� D� H[LVWLU� HP� RUJDQL]Do}HV�PDLV�DQWLJDV�H�HP�DPELHQWHV�VLPSOHV�H�HVWiYHLV�� 2� SULQFLSDO� PHFDQLVPR� GH� FRRUGHQDomR� p� D� SDGURQL]DomR� GRV� SURFHVVRV�H�D�SDUWH�FKDYH�GD�RUJDQL]DomR�p�D�WHFQRHVWUXWXUD�� x� %XURFUDFLD�SURILVVLRQDO��WUDWD�VH�GH�XPD�HVWUXWXUD�DFKDWDGD� FRP�OLQKD�LQWHUPHGLiULD�HVWUHLWD�H�XPD�DVVHVVRULD�GH�DSRLR�EHP� GHVHQYROYLGD�� $TXL� DV� KDELOLGDGHV� VmR� SDGURQL]DGDV�� VHQGR� PXLWR� FRPXP� R� HVWDEHOHFLPHQWR� GH� WUHLQDPHQWR�� D� HVSHFLDOL]DomR� GH� WDUHIDV� H� D� GHVFHQWUDOL]DomR� YHUWLFDO� H� KRUL]RQWDO�� &RQWLQXD� XPD� HVWUXWXUD� EXURFUiWLFD�� PDV� Mi� PXLWR� GHVFHQWUDOL]DGD�H�PDLV�IOH[tYHO��VHQGR�DGHTXDGD�D�XP�DPELHQWH� HVWiYHO�� SRUpP� FRPSOH[R�� 2� SULQFLSDO� PHFDQLVPR� GH� FRRUGHQDomR�p� D�SDGURQL]DomR�GH�KDELOLGDGHV� H� D� SDUWH� FKDYH� GD�RUJDQL]DomR�p�R�Q~FOHR�RSHUDFLRQDO�� x� (VWUXWXUD�GLYLVLRQDOL]DGD��p�XPD�HVWUXWXUD�UHSUHVHQWDGD�SRU� XPD� SHTXHQD� F~SXOD� HVWUDWpJLFD� j� TXDO� HVWmR� OLJDGDV� XPD� SHTXHQD� WHFQRHVWUXWXUD� GH� GHVLJQ� H� XPD� HVWUXWXUD� PDLRU� GH� DVVHVVRULD� GH� DSRLR�� $EDL[R� GHVVD� HVWUXWXUD� HQFRQWUDP�VH� DV� GLYLV}HV� GD� RUJDQL]DomR�� TXH� VmR�� FDGD� XPD� GHODV�� UHSUHVHQWDGDV�FRPR�EXURFUDFLDV�PHFDQL]DGDV��7UDWD�VH�GH�XPD� HVWUXWXUD� DGHTXDGD� D� RUJDQL]Do}HV� JUDQGHV� H� DWXDQWHV� HP� PHUFDGRV� GLYHUVLILFDGRV�� 2V� JHUHQWHV� LQWHUPHGLiULRV� SUHFLVDP� WHU�PDLV�SRGHU�SDUD�JHUHQFLDU�RV�VHXV�QHJyFLRV��$�HVWUXWXUD�p� DJUXSDGD� GH� DFRUGR� FRP� RV� PHUFDGRV� HP� TXH� DWXD� H� Ki� XP� VLVWHPD� GH� FRQWUROH� GH� GHVHPSHQKR� GDV� GLYLV}HV� H� DOJXPD� GHVFHQWUDOL]DomR� YHUWLFDO�� 2� SULQFLSDO� PHFDQLVPR� GH� FRRUGHQDomR�p� D�SDGURQL]DomR�GRV� UHVXOWDGRV� H� D�SDUWH�FKDYH� GD�RUJDQL]DomR�p�D�OLQKD�LQWHUPHGLiULD�� x� $GKRFUDFLD�� YLVmR� HVWUXWXUDO� FULDGD� SRU� $OYLQ� 7RIIOHU� H� SRSXODUL]DGD�SRU�5REHUW�:DWHUPDQ��D�$GKRFUDFLD��RX�HVWUXWXUD� DGKRFUiWLFD��p�XPD�HVWUXWXUD�WHPSRUiULD�YROWDGD�SDUD�SURMHWRV� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� H�VLWXDo}HV�HVSHFtILFDV��VHQGR�XP�FRQFHLWR� OLJDGR�DR�GH� IRUoD� WDUHID��(OD�EXVFD�DSURYHLWDU�DV�RSRUWXQLGDGHV�TXH�H[LVWHP�QDV� RUJDQL]Do}HV�DWUDYpV�GR�LQFHQWLYR�j�UHQRYDomR�±�TXH�DFRQWHFH� SRU� FRQWD� GD� FULDWLYLGDGH� GRV� LQGLYtGXRV�� 7UDWD�VH� GH� XPD� HVWUXWXUD� FDSD]� GH� JHUDU� LQRYDo}HV� VRILVWLFDGDV�� XPD� YH]� TXH� PLVWXUD�SHULWRV�GH�GLIHUHQWHV�HVSHFLDOLGDGHV�HP�HTXLSHV�DG�KRF�� e� XPD� HVWUXWXUD� FRP� EDL[D� IRUPDOL]DomR� GR� FRPSRUWDPHQWR�� WHQGHQWH� j� RUJDQLFLGDGH� H� SRVVXL� JUDQGH� HVSHFLDOL]DomR� KRUL]RQWDO� EDVHDGD� QR� WUHLQDPHQWR� IRUPDO�� 2� SULQFLSDO� PHFDQLVPR�GH�FRRUGHQDomR�p�R�DMXVWDPHQWR�P~WXR�H�D�SDUWH� FKDYH�GD�RUJDQL]DomR�p�D�DVVHVVRULD�GH�DSRLR�� x� 0LVVLRQiULD�� e�D� ³VH[WD� FRQILJXUDomR´�� e� LPSRUWDQWH�GHVWDFDU� TXH�0LQW]EHUJ�IDOD�H[SUHVVDPHQWH�HP���FRQILJXUDo}HV�EiVLFDV�� FULDQGR� XPD� VLWXDomR� FRPSOLFDGD� SDUD� D� RUJDQL]DomR� PLVVLRQiULD�� DR� PHVPR� WHPSR� HP� TXH� HOH� GL]� KDYHU� �� FRQILJXUDo}HV�� QR� ILQDO� GH� VHX� OLYUR�� HOH� GL]� TXH� Ki� XPD� WHQGrQFLD� HP� VH� UHFRQKHFHU� D� PLVVLRQiULD� FRPR� XPD� VH[WD� FRQILJXUDomR�� RQGH� D� R� PHFDQLVPR� GH� FRRUGHQDomR� SULQFLSDO� VHULDP�DV�QRUPDV��UHJUDV�H�GRXWULQDomR�H�D�SDUWH�SULQFLSDO�VHULD� D� LGHRORJLD��'HYR�GHVWDFDU�DLQGD�TXH�HVVD�SDUWH�H�PHFDQLVPR� GH�FRRUGHQDomR�WDPEpP�VHULDP�DOJR�D�VHU�UHFRQKHFLGR����(QWmR� DFHLWH� VH� VXD� EDQFD� IDODU� HP� �� RX� �� SDUWHV�� PHFDQLVPRV� GH� FRRUGHQDomR�H�FRQILJXUDo}HV�EiVLFDV��� 5HVROYL� ID]HU� XP� TXDGUR� SDUD� IDFLOLWDU� D� YLGD� GH� YRFrV� TXDQWR� DRV� WLSRV�GH�HVWUXWXUD�RUJDQL]DFLRQDO��VHX�SULQFLSDO�PHFDQLVPR�GH�FRRUGHQDomR�H�D� SDUWH�FKDYH�GD�RUJDQL]DomR�� � � �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� H�j�SUySULD�HVWUXWXUD�IRUPDO��(P�VLVWHPDV�VXSHU�UtJLGRV�VXD�H[LVWrQFLD�FKHJD�D� VHMD�D�VHU�DWp�PHVPR�UHSULPLGD�� &RQIRUPH�D�RUJDQL]DomR�VH�WRUQD�PDLV�DEHUWD�DR�DPELHQWH��jV�QRYDV� LGHLDV� H� j� LQRYDomR�� HOD� SDVVD� D� FRQVLGHUDU� D� RUJDQL]DomR� LQIRUPDO� PDLV� LPSRUWDQWH�� FKHJDQGR� DWp� D� FRQVLGHUi�OD� YLWDO� QRV� FDVRV� GH� RUJDQL]Do}HV� LQRYDGRUDV�H�TXH�SUHFLVDP�GD�SDUWLFLSDomR�PDLV�DWLYD�GRV�LQGLYtGXRV�� 1HVWH�FRQWH[WR��D�FRPXQLFDomR�IOXL�FRP�PDLRU�UDSLGH]�H�DJLOLGDGH��DV� GHFLV}HV�VmR� WRPDGDV� UDSLGDPHQWH�H�D�SDUWLFLSDomR�GDV�SHVVRDV�QR�SURFHVVR� GHFLVyULR� WHQGH� D� GDU� PDLRU� OHJLWLPLGDGH� jV� GHFLV}HV�� ID]HQGR� FRP� TXH� R� FRPSURPLVVR�GRV�IXQFLRQiULRV�FRP�D�RUJDQL]DomR�DXPHQWH�� 9DORUL]DU� D� RUJDQL]DomR� LQIRUPDO�� GHVWH� PRGR�� JHUD� XP� SURFHVVR� PRWLYDFLRQDO� PDLV� UHOHYDQWH� QRV� IXQFLRQiULRV�� ID]HQGR� FRP� TXH� VHX� GHVHPSHQKR�WHQGD�D�VXELU���� �� 0DV� &DUORV�� VH� R� FRQFXUVR� IDODU� DOJR� JHQpULFR� GR� WLSR� ³QR� PXQGR� FRQWHPSRUkQHR�� D� RUJDQL]DomR� LQIRUPDO� GHYH� VHU� UHFRQKHFLGD� H� HVWLPXODGD� SHOD�HPSUHVD�FRPR�PHFDQLVPR�GH�PHOKRULD�GH�VXD�GLQDPLFLGDGH´��HVWDUi�FHUWR� RX�HUUDGR"� �� 3HVVRDO�� HX� QmR� JRVWR� GHVVH� WLSR� GH� IUDVH�� PDV� VH� D� EDQFD� IDODU�� YRFr� GHYH� FRQVLGHUDU� FHUWR�� e� TXH� RV� SURFHVVRV� SDUWLFLSDWLYRV� VmR� FDGD� YH]� PDLV� WLGRV� FRPR� DOJR� LPSRUWDQWH� SDUD� R� IXQFLRQDPHQWR� GDV� RUJDQL]Do}HV� H� SDUD�R�PDLRU�FRPSURPLVVR�GR�IXQFLRQiULR�� %HP��ILFDPRV�SRU�DTXL�GH�WHRULD�QD�DXOD�GH�KRMH�� 8P�IRUWH�DEUDoR�H�DWp�D�SUy[LPD�DXOD�� 3URI��&DUORV�;DYLHU� ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU� ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU� ,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ��� 4XHVW}HV�FRPHQWDGDV� � 48(67®(6�62%5(�(6758785$�25*$1,=$&,21$/� � ? ?� �&(63(�7&(�6&�$XGLWRU� )LVFDO� GH� &RQWUROH� ([WHUQR� ±� $GPLQLVWUDomR�������&DVR�GHFLGD�GHSDUWDPHQWDOL]DU�VXD� RUJDQL]DomR� SDUD� DXPHQWDU� D� FRRSHUDomR� LQWHUGHSDUWDPHQWDO�H�GLPLQXLU�RV�QtYHLV�GH�HVSHFLILFLGDGH� GR�WUDEDOKR��R�JHVWRU�GHYHUi�DGRWDU��SULPRUGLDOPHQWH��D� GHSDUWDPHQWDOL]DomR� IXQFLRQDO�� QD� TXDO� FDGD� GHSDUWDPHQWR�FRUUHVSRQGH�D�XPD�IXQomR�SULQFLSDO�� &RPHQWiULR�� 3DUD�UHVROYHU�FRUUHWDPHQWH�D�TXHVWmR�YRFr�GHYHULD�VH�SHUJXQWDU�VH�D� GHSDUWDPHQWDOL]DomR� IXQFLRQDO� IDFLOLWD� RX� QmR� D� FRRSHUDomR� GHQWUR� GD� RUJDQL]DomR�� 1D�YHUGDGH��D�GHSDUWDPHQWDOL]DomR�IXQFLRQDO�DXPHQWD�R�LVRODPHQWR�H� D� FRPSHWLomR�HQWUH� DV�iUHDV��SRU� LVVR�QmR�GHYH� VHU�XWLOL]DGD� VH�R�REMHWLYR�p� DXPHQWDU�D�FRRSHUDomR�HQWUH�GHSDUWDPHQWRV�� *$%$5,72��(UUDGR�� � ����&(63(�'38�$JHQWH� $GPLQLVWUDWLYR������� 1R� RUJDQRJUDPD� GDV� HQWLGDGHV� S~EOLFDV� RX� SULYDGDV�� HVWmR� SUHVHQWHV� WDQWR� D� HVWUXWXUD� RUJDQL]DFLRQDO� GHQRPLQDGD� IRUPDO�TXDQWR�D�HVWUXWXUD�FDUDFWHUL]DGD�FRPR�LQIRUPDO�� &RPHQWiULR�� 2�RUJDQRJUDPD�DSUHVHQWD�D�HVWUXWXUD�)250$/�GD�RUJDQL]DomR�� *$%$5,72��(UUDGR�� � ����&(63(�'38�7pFQLFR� HP� $VVXQWRV� (GXFDFLRQDLV������� $� GHSDUWDPHQWDOL]DomR� SRU� SURJUDPD� p� R� WLSR� GH� HVWUXWXUD� PDLV� LQGLFDGR� SDUD� XPD� RUJDQL]DomR� S~EOLFD�� YLVWR� TXH� HVVD� HVWUXWXUD� Gi� GHVWDTXH� D� SURJUDPDV� H� VHUYLoRV�PDLV�LPSRUWDQWHV�SDUD�D�DGPLQLVWUDomR�� &RPHQWiULR�� $�GHSDUWDPHQWDOL]DomR�SRU�SURJUDPD�SURGXWR�VHUYLoR�p�DSHQDV�XPD� GDV�SRVVLELOLGDGHV��QmR�VHQGR�QHFHVVDULDPHQWH�LQGLFDGR�SDUD�XPD�RUJDQL]DomR� S~EOLFD�� e�SUHFLVR�OHPEUDU�TXH�YiULRV�IDWRUHV�GHYHP�VHU�OHYDGRV�HP�FRQWD�QD� KRUD� GH� HVFROKHU� R� PRGHOR� GH� GHSDUWDPHQWDOL]DomR� D� VHU� HPSUHJDGR�� QXQFD� H[LVWLQGR�XP�~QLFR�PRGHOR�PDLV�UHFRPHQGDGR�GR�TXH�RV�RXWURV�� *$%$5,72��(UUDGR�� � ����&(63(�'38�7pFQLFR� HP� $VVXQWRV� (GXFDFLRQDLV������� 3DGURQL]DomR�GRV�WUDEDOKRV��FULDomR�GH�URWLQD�QDV�WDUHIDV� H� SUROLIHUDomR� GH� QRUPDV� H� UHJXODPHQWRV� VmR� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� FDUDFWHUtVWLFDV� GH� XPD� RUJDQL]DomR� FRQILJXUDGD� FRQIRUPH�D�HVWUXWXUD�VLPSOHV�� &RPHQWiULR�� $� HVWUXWXUD� VLPSOHV� p� MXVWDPHQWH� R� RSRVWR�� SRVVXL� SRXFDV� UHJUDV� H� QRUPDV�� SRXFD� IRUPDOL]DomR�� JUDQGH� DPSOLWXGH� GH� FRQWUROH� D� DLQGD� D� DXWRULGDGH�FHQWUDOL]DGD�� *$%$5,72��(UUDGR�� � ����&(63(�'38�7pFQLFR� HP� $VVXQWRV� (GXFDFLRQDLV������� 1D� RUJDQL]DomR� IXQFLRQDO�� D� DXWRULGDGH� FHQWUDOL]D� DV� GHFLV}HV�DRV�SRVWRV�PDLV�DOWRV�GD�KLHUDUTXLD�� &RPHQWiULR�� $R� FRQWUiULR�� D� HVWUXWXUD� IXQFLRQDO� p� FDUDFWHUL]DGD� SHOD� GHVFHQWUDOL]DomR�GDV�GHFLV}HV��DR�FRQWUiULR�GD�HVWUXWXUD�OLQHDU�� *$%$5,72��(UUDGR�� � ����&(63(�)8135(63�(;(�$QDOLVWD� �� ÈUHD� $GPLQLVWUDWLYD������� %DL[RV� FXVWRV� DGPLQLVWUDWLYRV�� HVSHFLDOLGDGH� WpFQLFD� H� H[FHOrQFLD� QD� FRRUGHQDomR� LQWUDGHSDUWDPHQWDO� VmR� YDQWDJHQV� SURSRUFLRQDGDV� SHOD� VLPSOLFLGDGH�GH�XPD�HVWUXWXUD�IXQFLRQDO�� &RPHQWiULR�� 7RGDV� DV� FDUDFWHUtVWLFDV� DSRQWDGDV� VmR� EDVH� GD� HVWUXWXUD� IXQFLRQDO�� &XLGDGR� SDUD� QmR� FRQIXQGLU� FRP� DV� FDUDFWHUtVWLFDV� GD� GHSDUWDPHQWDOL]DomR� IXQFLRQDO��Mi�TXH�HVWD�~OWLPD�SRVVXL�FXVWRV�HOHYDGRV�� *$%$5,72��&HUWR�� � ����&(63(�032*�$GPLQLVWUDGRU� �� &DUJR� �������� 3RU� VHUHP� FULDGDV� H� HVWUXWXUDGDV� PHGLDQWH� OHLV� H� GHFUHWRV�� HVWUXWXUDV� RUJDQL]DFLRQDLV� S~EOLFDV� VmR� LPXQHV� j� IRUPDomR�GH�RUJDQL]Do}HV�LQIRUPDLV�� &RPHQWiULR�� $SHVDU� GR� IRUPDOLVPR� QD� FULDomR� GDV� HVWUXWXUDV� GR� VHWRU� S~EOLFR� �DVVXQWR� GR� GLUHLWR� DGPLQLVWUDWLYR��� DV� RUJDQL]Do}HV� LQIRUPDLV� WDPEpP� LUmR� VXUJLU�QR�VHWRU�S~EOLFR��FRPR�QR�FDVR�GR�FRQMXQWR�GH�DPLJRV�TXH�VH�HQFRQWUDP� QR�ILQDO�GH�VHPDQD�SDUD�EDWHU�SDSR�� *$%$5,72��(UUDGR�� � ����&(63(�032*�$GPLQLVWUDGRU� �� &DUJR� �������� &RQVLGHUDQGR�VH�TXH�R�GHVHQYROYLPHQWR�GH�H[SHFWDWLYDV� HVWiYHLV� SRU� SDUWH� GRV� VHUYLGRUHV� VHMD� YLVWR� FRPR� XP� HOHPHQWR� IXQGDPHQWDO� DR� ERP� GHVHPSHQKR� GH� RUJDQL]Do}HV� S~EOLFDV�� ILFD� HYLGHQWH� TXH� D� GLYLVmR� RUJDQL]DFLRQDO�GH�yUJmRV�S~EOLFRV�GHYH�VHU�GHVHQYROYLGD� SRU�PHLR�GD�HVWUXWXUD�PDWULFLDO�� &RPHQWiULR�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� 4XHVWmR�LQWHUHVVDQWH��3DUD�UHVSRQGr�OD�YRFr�SUHFLVDULD�OHPEUDU�TXH�D� HVWDELOLGDGH� QmR� p� XPD� FDUDFWHUtVWLFD� GDV� RUJDQL]Do}HV�PDWULFLDLV�� SRU� LVVR� D� TXHVWmR�HVWi�HUUDGD�� *$%$5,72��(UUDGR�� � ����&(63(�'(3(1�$JHQWH�3HQLWHQFLiULR�������1D�HYROXomR� GDV� HVWUXWXUDV� RUJDQL]DFLRQDLV�� HVSHUD�VH� TXH� HVVDV� HVWUXWXUDV� WRUQHP�VH� JUDGDWLYDPHQWH� PDLV� VLPSOHV� H� IOH[tYHLV�� GH� PRGR� D� WHUHP�� FRPR� FRQVHTXrQFLD�� QtYHLV� PDLV� HOHYDGRV� GH� PRWLYDomR�� FRPSURPHWLPHQWR�� SURGXWLYLGDGH�H�TXDOLGDGH�� &RPHQWiULR�� 4XHVWmR�TXH�PXLWRV�GHYHULDP�WHU�GHL[DGR�HP�EUDQFR��,VVR�SRUTXH�D� EDQFD� WUDWD� GR� TXH� �HVSHUD�VH�� TXH� DFRQWHoD� FRP� DV� HVWUXWXUDV� RUJDQL]DFLRQDLV�DR�ORQJR�GR�WHPSR��e�D�YLVmR�GH�DOJXP�DXWRU�PXLWR�HVSHFtILFR�� LPSRVVtYHO�GH�SUHYHU�� $LQGD� DVVLP�� R� VHJXLQWH� UDFLRFtQLR� SRGHULD� WHU� OKH� DMXGDGR�� DV� SULPHLUDV�HVWUXWXUDV�HUDP�UtJLGDV�H�EDVHDGDV�QD�KLHUDUTXLD��+RMH�HP�GLD�VmR� FULDGDV� HVWUXWXUDV� FDGD� YH]� PDLV� IOH[tYHLV�� $VVLP�� p� SRVVtYHO� LQIHULU� TXH� D� HYROXomR�YDL�QHVVH�VHQWLGR��SRVVLELOLWDQGR�PDLRU�SDUWLFLSDomR�GRV�IXQFLRQiULRV� H�PDLRU�HIHWLYLGDGH�RUJDQL]DFLRQDO��R�TXH�JHUD�PRWLYDomR��FRPSURPHWLPHQWR�� SURGXWLYLGDGH�H�TXDOLGDGH�� *$%$5,72��&HUWR�� � ���� �&(63(�'(3(1�$JHQWH� 3HQLWHQFLiULR������� $� GHSDUWDPHQWDOL]DomR��TXH�SRGH�VHU�FRQVLGHUDGD�SDUWH�GD� HVWUXWXUD� RUJDQL]DFLRQDO�� p� R� DJUXSDPHQWR�� FRQIRUPH� FULWpULR� HVSHFtILFR� GH� KRPRJHQHLGDGH�� GDV� DWLYLGDGHV� H� GRV� UHFXUVRV� ²� KXPDQRV�� ILQDQFHLURV�� PDWHULDLV� H� HTXLSDPHQWRV�²�HP�XQLGDGHV�RUJDQL]DFLRQDLV�� &RPHQWiULR�� $� GHSDUWDPHQWDOL]DomR� p� H[DWDPHQWH� HVVH� DJUXSDPHQWR� OyJLFR� GH� DWLYLGDGHV� H� UHFXUVRV� HP� XQLGDGHV� RUJDQL]DFLRQDLV� FKDPDGDV� GH� GHSDUWDPHQWRV�iUHDV�GLUHWRULDV�HWF�� *$%$5,72��&HUWR�� � ���� �&(63(�'(3(1�$JHQWH� 3HQLWHQFLiULR������� $� DPSOLWXGH� GH� FRQWUROH� GL]� UHVSHLWR� DR� Q~PHUR� GH� VXERUGLQDGRV� TXH� XP� FKHIH� SRGH� VXSHUYLVLRQDU� SHVVRDOPHQWH� H� WRUQD�VH� PDLRU� j� PHGLGD� TXH� XP� IXQFLRQiULR�DVFHQGH�HP�XPD�HVWUXWXUD�RUJDQL]DFLRQDO�� &RPHQWiULR�� $�DPSOLWXGH�GH�FRQWUROH�GL]�UHVSHLWR�DR�Q~PHUR�GH�VXERUGLQDGRV�SRU� FKHIH� HP� XPD� RUJDQL]DomR�� PDV� HOD� QmR� YDULD�� QHFHVVDULDPHQWH�� TXDQGR� VH� PXGD�GH�QtYHO�KLHUiUTXLFR�QD�RUJDQL]DomR��� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� (P�RXWUDV�SDODYUDV�� VXELU� QD�KLHUDUTXLD� RUJDQL]DFLRQDO�QmR� VLJQLILFD� TXH�R�Q~PHUR�GH� IXQFLRQiULRV�FRQWURODGRV�GLUHWDPHQWH�VHUi�PDLRU�RX�PHQRU�� SRGH�VHU�LJXDO��PDLRU�RX�PHQRU��GHSHQGHQGR�GR�FDVR�� *$%$5,72��(UUDGR�� � ���� �&(63(�)8%�$GPLQLVWUDGRU�������&RQVLGHUH�TXH�XPD� RUJDQL]DomR� WHQKD� GHILQLGR� D� VHJXLQWH� HVWUXWXUD� RUJDQL]DFLRQDO�� GLUHWRULD� GH� SHVVRDO�� GLUHWRULD� GH� DGPLQLVWUDomR� H� ILQDQoDV�� GLUHWRULD� GH� PDUNHWLQJ� H� GLUHWRULD� GH� YHQGDV�� 1HVVH� FDVR�� D� UHIHULGD� RUJDQL]DomR� GHILQLX� VXD� HVWUXWXUD� FRP� EDVH� QD� GHSDUWDPHQWDOL]DomR� IXQFLRQDO�� &RPHQWiULR�� $� GHSDUWDPHQWDOL]DomR� XWLOL]DGD� QD� TXHVWmR� HQIDWL]D� DV� iUHDV� GH� HVSHFLDOL]DomR�IXQFLRQDO�GD�DGPLQLVWUDomR��SHVVRDO��ILQDQoDV��PDUNHWLQJ��HWF����7UDWD�VH��SRUWDQWR��GD�GHSDUWDPHQWDOL]DomR�IXQFLRQDO�� *$%$5,72��&HUWR�� � ���� �&(63(�)8%�$GPLQLVWUDGRU������� $V� YDQWDJHQV� GH� XPD�RUJDQL]DomR�GR� WLSR�PDWULFLDO� LQFOXHP� IOH[LELOLGDGH�� DGDSWDELOLGDGH�H�SULQFtSLR�GD�XQLGDGH�GH�FRPDQGR�� &RPHQWiULR�� $�RUJDQL]DomR�PDWULFLDO�QmR�DSUHVHQWD�FRPR�FDUDFWHUtVWLFD�R�UHVSHLWR� DR�SULQFtSLR�GD�XQLGDGH�GH�FRPDQGR��$R�FRQWUiULR��HOD�SHUPLWH�TXH�XP�PHVPR� IXQFLRQiULR�WHQKD�PDLV�GH�XP�FKHIH�VLPXOWDQHDPHQWH�� *$%$5,72��(UUDGR�� � ���� �&(63(�)8%�$GPLQLVWUDGRU������� $omR� GH� GHOHJDomR� FRUUHVSRQGH� DR� DWR� DGPLQLVWUDWLYR� TXH� SURPRYH� D� WUDQVIHUrQFLD� GH� DWULEXLo}HV� GH� XPD� XQLGDGH� RUJDQL]DFLRQDO� SDUD� XPD� XQLGDGH� VXERUGLQDGD�� FRP� FRQVHTXHQWH� DOWHUDomR� GRV� UHJLPHQWRV� LQWHUQRV� GD� RUJDQL]DomR�� 1HVVH� FDVR�� D� XQLGDGH� VXERUGLQDGD� ILFD� UHVSRQViYHO�� SHUDQWH� D� RUJDQL]DomR�� SHODV� QRYDV� DWULEXLo}HV�� &RPHQWiULR�� 'HOHJDomR�p�D�WUDQVIHUrQFLD�GH�DXWRULGDGH�SDUD�UHDOL]DomR�GDV�WDUHIDV� GH�XP�FKHIH�SDUD�VHXV�VXERUGLQDGRV��QmR�WHQGR�QDGD�D�YHU�FRP�R�EOi�EOi�EOi� HODERUDGR�SHOR�H[DPLQDGRU�QHVVD�TXHVWmR�� *$%$5,72��(UUDGR�� � ���� �&(63(�)8%�$VVLVWHQWH� HP� $GPLQLVWUDomR������� (P� XPD� RUJDQL]DomR� FRP� HVWUXWXUD� PDWULFLDO�� XP� HPSUHJDGR�� QD� UHDOL]DomR� GH� VXDV� DWULEXLo}HV� GH� DWHQGLPHQWR�� UHVSRQGH� KLHUDUTXLFDPHQWH� DRV� VHXV� VXSHULRUHV� GH� XQLGDGHV� GLVWLQWDV�� GH� PRGR� VLPXOWkQHR�� SDUD�TXH�DV�GHPDQGDV�GH�DWHQGLPHQWR�VHMDP�FXPSULGDV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� &RPHQWiULR�� $�HVWUXWXUD�PDWULFLDO�SHUPLWH�TXH�R�IXQFLRQiULR�WHQKD�GRLV�FKHIHV�DR� PHVPR�WHPSR��SRU� LVVR�R� IXQFLRQiULR�GHYH� UHVSRQGHU�DRV�VHXV�VXSHULRUHV�GH� XQLGDGHV�GLVWLQWDV�DR�PHVPR�WHPSR�� *$%$5,72��&HUWR�� � ���� �&(63(�)8%�$VVLVWHQWH� HP� $GPLQLVWUDomR������� 'LYLGLU�D�FDUJD�WRWDO�GH�WUDEDOKR�HP�WDUHIDV�TXH�SRVVDP� VHU� UHDOL]DGDV�GH� PRGR� OyJLFR�� HQFDGHDGR� H� FRQIRUWiYHO� SRU� SDUWH� GDV� SHVVRDV� p� H[HPSOR� GH� GHSDUWDPHQWDOL]DomR�� TXH� p� XP� HOHPHQWR� GD� HVWUXWXUD� RUJDQL]DFLRQDO�� &RPHQWiULR�� $� GLYLVmR� GR� WUDEDOKR� p� SDUWH� GD� HVSHFLDOL]DomR� GR� WUDEDOKR�� $� GHSDUWDPHQWDOL]DomR��SRU�VXD�YH]��p�R�DJUXSDPHQWR�GR�WUDEDOKR�HP�XQLGDGHV� RUJDQL]DFLRQDLV� SDUD� TXH� R� PHVPR� SRVVD� VHU� UHDOL]DGR� GH� PDQHLUD� OyJLFD� H� HVWUXWXUDGD�� *$%$5,72��(UUDGR�� � ���� �&(63(�7HOHEUiV�$QDOLVWD� 6XSHULRU� �� $GPLQLVWUDWLYR�������$V�RUJDQL]Do}HV�VmR�IRUPDGDV�SRU� JUXSRV� GH� SHVVRDV� TXH� EXVFDP�� GHOLEHUDGDPHQWH�� UHDOL]DU� XP� RX� PDLV� REMHWLYRV� HP� FRPXP�� D� SDUWLU� GD� FRH[LVWrQFLD� GH� GXDV� IRUPDV� GH� HVWUXWXUD�� D� IRUPDO� H� D� LQIRUPDO�� &RPHQWiULR�� (VVD� TXHVWmR� PLVWXUD� XPD� YLVmR� EiVLFD� GD� DGPLQLVWUDomR� FRP� D� FRPSUHHQVmR�VREUH�RV�WLSRV�GH�HVWUXWXUD��IRUPDO�H�LQIRUPDO�� 'H�IDWR��D�RUJDQL]DomR�p�GHILQLGD�FRPR�XP�FRQMXQWR�GH�SHVVRDV�TXH� EXVFD� D� UHDOL]DomR� GH� REMHWLYRV� HP� FRPXP�� H� LVVR� DFRQWHFH� GH� IRUPD� GHOLEHUDGD��H�QmR� �SRU� VRUWH���$OpP�GLVVR�� WDQWR�D�HVWUXWXUD� IRUPDO�TXDQWR� D� LQIRUPDO� FRH[LVWHP� GHQWUR� GHVVH� JUXSR� GH� SHVVRDV�� SRU� LVVR� D� TXHVWmR� HVWi� FRUUHWD�� *$%$5,72��&HUWR�� � ���� �)&&�757���$QDOLVWD� -XGLFLiULR� �� 2GRQWRORJLD������� 6REUH�DV�HVWUXWXUDV�RUJDQL]DFLRQDLV��FRQVLGHUH��� ,��2�JUXSDPHQWR�GDV�DWLYLGDGHV�GH�XPD�HQWLGDGH�HP�yUJmRV�p� HIHWXDGR� GH� DFRUGR� FRP� FULWpULRV� GH� GHSDUWDPHQWDOL]DomR� TXH�� HQWUH�RXWURV��SRGHP�VHU��SRU�SURGXWRV��SRU�FOLHQWHV�RX�SRU�iUHD� JHRJUiILFD�� ,,�� 'HQWUH� DV� UHODo}HV� IRUPDLV� YHULILFDGDV� QD� HVWUXWXUD� RUJDQL]DFLRQDO�GH�XPD�LQVWLWXLomR��SRGH�VH�FLWDU�D�DXWRULGDGH�GH� OLQKD�� RX� VHMD�� DTXHOD� H[HUFLGD� SHOR� FKHIH� GH� XP� yUJmR� GLUHWDPHQWH�VREUH�VHXV�VXERUGLQDGRV�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� ,,,�� $� GHQRPLQDGD� HVWUXWXUD� PDWULFLDO�� GHVFULWD� SRU� )D\RO�� SUHVVXS}H�� QR� SULPHLUR� QtYHO� GH� GHSDUWDPHQWDOL]DomR�� DV� IXQo}HV�GH�SURGXomR��FRPHUFLDOL]DomR��ILQDQoDV�H�DGPLQLVWUDomR�� (VWi�FRUUHWR�R�TXH�FRQVWD�$3(1$6�HP�� D��,,�H�,,,��� E��,�H�,,,��� F��,�H�,,��� G��,,,��� H��,�� &RPHQWiULR�� 9DPRV�YHU�FDGD�XP�GRV�LWHQV�� ,�� &HUWR�� ([LVWHP� GLIHUHQWHV� FULWpULRV� GH� GHSDUWDPHQWDOL]DomR�� H� RV� FULWpULRV�PHQFLRQDGRV�VmR�WRGRV�FRUUHWRV�� ,,��&HUWR��8P�GRV�SRQWRV�LPSRUWDQWHV�QD�HVWUXWXUD�p�D�DXWRULGDGH�HP� OLQKD��FRUUHWDPHQWH�GHVFULWD�SHOD�TXHVWmR�� ,,,�� (UUDGR�� (VVD� DOWHUQDWLYD� H[LJH� TXH� YRFr� FRQKHFHVVH� WDPEpP� R� SULQFtSLR� GD� DXWRULGDGH� ~QLFD� GH� )D\RO� �XQLGDGH� GH� FRPDQGR��� TXH� HVWi� UHODFLRQDGR�FRP�D�7HRULD�&OiVVLFD�GD�$GPLQLVWUDomR��DVVXQWR�GH�7HRULD�*HUDO� GD�$GPLQLVWUDomR���3DUD�HVWH�SULQFtSLR�QmR�p�SRVVtYHO�KDYHU�GXSOD�VXERUGLQDomR� �FRPR�DFRQWHFH�QD�HVWUXWXUD�PDWULFLDO���(VVH�p�XP�LWHP�VHP�Sp�QHP�FDEHoD�� *$%$5,72��&�� � ���� �)&&�&103�7pFQLFR� GR� &103������� 6REUH� HVWUXWXUD� RUJDQL]DFLRQDO��p�FRUUHWR�DILUPDU�� D�� 2� JUDX� GH� GHVFHQWUDOL]DomR� p� RXWUD� GHFLVmR� LPSRUWDQWH� QR� GHOLQHDPHQWR� GD� HVWUXWXUD�� TXDQWR� PDLV� FHQWUDOL]DomR� PDLRU� VHUi�D�IDOWD�GH�FRRUGHQDomR�H�FRQWUROH�� E��$� IRUPDOL]DomR��H[SOLFLWDGD�HP�PDQXDLV�GH�RUJDQL]DomR�TXH� GHVFUHYHP�QtYHLV�GH�DXWRULGDGHV�H�UHVSRQVDELOLGDGHV�GRV�YiULRV� GHSDUWDPHQWRV�� DVVHJXUD� TXH�� QD� RSHUDomR�� QmR� H[LVWD� D� HVWUXWXUD�LQIRUPDO�� F��$�XQLGDGH�GH�FRPDQGR��SULQFtSLR�GD�DGPLQLVWUDomR�FOiVVLFD��p� DSOLFDGD�HP� WRGRV�RV� WLSRV�GH�HVWUXWXUD�TXDQGR� IHLWR�SURFHVVR� GH�GHSDUWDPHQWDOL]DomR�� G��$�GHILQLomR�SUHFLVD�GH�GLUHLWRV�H�REULJDo}HV�GRV�PHPEURV�GD� RUJDQL]DomR� WUDGX]LGDV� HP� IXQo}HV� EHP� GHOLQHDGDV� p� XPD� FDUDFWHUtVWLFD�GH�RUJDQL]Do}HV�PHFDQLFLVWDV�� H�� 8P� GRV� SRQWRV� D� REVHUYDU� QD� HVWUXWXUD� p� D� DPSOLWXGH� GH� FRQWUROH�� 4XDQWR� PHQRU� D� DPSOLWXGH� GH� FRQWUROH�� PHQRU� R� Q~PHUR�GH�QtYHLV�KLHUiUTXLFRV�� &RPHQWiULR�� 4XHVWmR�EHP�IRUPXODGD��9DPRV�YHU�FDGD�XPD�GDV�DOWHUQDWLYDV�� $�� (UUDGD�� 'H� IDWR�� GHVFHQWUDOL]DomR� H� FHQWUDOL]DomR� VmR� HOHPHQWRV� LPSRUWDQWHV� D� VHUHP� GHFLGLGRV�� $SHVDU� GLVVR�� TXDQWR� PDLRU� D� FHQWUDOL]DomR� PDLRU� VHUi� D� SRVVLELOLGDGH� GH� FRQWUROH� SHORV� QtYHLV� PDLV� HOHYDGRV� GD� RUJDQL]DomR�� �ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� Ă� 缀 Ɖ 氀 DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� 縁ခ紁甀 ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� 爀 �ƵůĂ� ? ?� � � � � � WƌŽĨ 堀 �ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ 堁ḁ送?ƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ 堁ခ紁甃?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ?� %�� (UUDGD�� 1mR� WHP� VHQWLGR� DILUPDU� TXH� D� IRUPDOL]DomR� DVVHJXUD� D� LQH[LVWrQFLD�GH�XPD�RUJDQL]DomR� LQIRUPDO��SRLV�HOD�VHPSUH�H[LVWLUi�HP�DOJXP� JUDX�� &�� (UUDGD�� 8P� H[HPSOR� RQGH� R� SULQFtSLR� QmR� p� DSOLFiYHO� p� D� GHSDUWDPHQWDOL]DomR�PDWULFLDO�� '��&HUWD��(VWi�FRUUHWtVVLPD��p�LVVR�PHVPR�� (��(UUDGD��1D�YHUGDGH��TXDQWR�PHQRU�D�DPSOLWXGH�GH�FRQWUROH��PDLRU� VHUi�D�FDGHLD�GH�FRPDQGR��SDUD�XP�PHVPR�Q~PHUR�GH�IXQFLRQiULRV�� *$%$5,72��'�� � ���� �)&&�7pFQLFR� GR� &103� �� $GPLQLVWUDomR������� $� HVWUXWXUD� RUJDQL]DFLRQDO� SRU� 3URMHWRV� DSUHVHQWD� FRPR� YDQWDJHP�� D��SRVVLELOLWD�HFRQRPLD�SHOR�XVR�UDFLRQDO�GRV�HTXLSDPHQWRV�� E��SUHGLVS}H�WRGRV�RV�SDUWLFLSDQWHV�GD�RUJDQL]DomR�SDUD�D�WDUHID� GH�VDWLVID]HU�RV�FOLHQWHV�� F�� IRUPD� HIHWLYD� SDUD� FRQVHJXLU� UHVXOWDGRV� HP� SUREOHPDV� FRPSOH[RV�� G�� HFRQRPLDV� GH� HVFDOD� SHOR� XVR� LQWHJUDGR� GH� SHVVRDV�� PiTXLQDV�H�SURGXomR�HP�PDVVD�� H�� SHUPLWH� IL[DU� D� UHVSRQVDELOLGDGH� SHOR� GHVHPSHQKR� QR� FRPSRUWDPHQWR�UHJLRQDO�RX�ORFDO�� &RPHQWiULR�� $� GHSDUWDPHQWDOL]DomR� SRU� SURMHWRV� DSUHVHQWD� FRPR� SULQFLSDLV� YDQWDJHQV�� HVIRUoRV� FRQYHUJHQWHV�� UHFXUVRV� DORFDGRV� WHPSRUDULDPHQWH�� SRVVLELOLGDGH� GH� GHVHQYROYLPHQWR�
Compartilhar