Baixe o app para aproveitar ainda mais
Prévia do material em texto
Aula 00 Administração Pública p/ TRE-PR (Analista Judiciário-Área Judiciária e Administrativa) C/ videoaulas Professor: Carlos Xavier 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� � $8/$�����)XQo}HV�GH�DGPLQLVWUDomR�� SODQHMDPHQWR��RUJDQL]DomR��GLUHomR�H�FRQWUROH�� &RQWUROH��&DUDFWHUtVWLFDV��7LSRV��YDQWDJHQV�H� GHVYDQWDJHQV��&RPXQLFDomR�� ^ƵŵĄƌŝŽ� ��� $SUHVHQWDomR�GR�FXUVR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ��� 3DODYUDV�,QLFLDLV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?� ��� 2�3URFHVVR�$GPLQLVWUDWLYR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?� ����� 3ODQHMDPHQWR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ����� 2UJDQL]DomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� ����� 'LUHomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� ����� &RQWUROH�H�DYDOLDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� ��� &RPXQLFDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ����� &RPXQLFDomR�RUJDQL]DFLRQDO�H�UHGHV�GH�FRPXQLFDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ��� 4XHVW}HV�FRPHQWDGDV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� ��� /LVWD�GH�4XHVW}HV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� ��� *DEDULWR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ��� %LEOLRJUDILD�3ULQFLSDO�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?� � � 2EVHUYDomR�LPSRUWDQWH��� (VWH�FXUVR�p�SURWHJLGR�SRU�GLUHLWRV�DXWRUDLV��FRS\ULJKW���QRV�WHUPRV�GD� /HL� ���������� TXH� DOWHUD�� DWXDOL]D� H� FRQVROLGD� D� OHJLVODomR� VREUH� GLUHLWRV�DXWRUDLV�H�Gi�RXWUDV�SURYLGrQFLDV�� *UXSRV�GH�UDWHLR�H�SLUDWDULD�VmR�FODQGHVWLQRV��YLRODP�D�OHL�H�SUHMXGLFDP� RV�SURIHVVRUHV�TXH�HODERUDP�RV�FXUVRV��9DORUL]H�R� WUDEDOKR�GH�QRVVD� HTXLSH�DGTXLULQGR�RV�FXUVRV�KRQHVWDPHQWH�DWUDYpV�GR� VLWH�(VWUDWpJLD� &RQFXUVRV�� � � � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� ��� $SUHVHQWDomR�GR�FXUVR� 2L�� 0HX� QRPH� p� &DUORV� ;DYLHU� H� VHUHL� VHX� SURIHVVRU� GH� DGPLQLVWUDomR�SDUD�R�FRQFXUVR�GR�75(�35�� 6RX� FRQFXUVDGR� GR� 6HQDGR� )HGHUDO� H� SRVVXR� JUDGXDomR�� SyV� JUDGXDomR�H�PHVWUDGR�HP�DGPLQLVWUDomR��0LQKD�UHODomR�FRP�RV�FRQFXUVRV� S~EOLFRV� Mi� WHP� DOJXQV� DQRV�O� KRMH� VRX� VHUYLGRU� FRQFXUVDGR� GR� 6HQDGR� )HGHUDO�� RFXSDQGR� R� FDUJR� GH� $QDOLVWD� /HJLVODWLYR� �� $GPLQLVWUDomR�� $QWHV�GLVVR��IXL�VHUYLGRU�HIHWLYR��FRQFXUVDGR��GD�FDUUHLUD�GH�3HVTXLVDGRU�GR� ,3($� �DSURYDGR�HP���� OXJDU���-i�SDVVHL�WDPEpP�HP�RXWURV�FRQFXUVRV�� WDLV� FRPR�� $GPLQLVWUDGRU�,QIUDHUR� ��� OXJDU��� 3URIHVVRU� GH� $GPLQLVWUDomR� GD� 8QLYHUVLGDGH� )HGHUDO� GH� 3HUQDPEXFR� ��� OXJDU��� 3URIHVVRU� GH� $GPLQLVWUDomR� GR� 6(1$,�')� ��� OXJDU�� H� $GPLQLVWUDGRU� &($6$�')� ����� ��� /XJDU����� 7HQKR� H[SHULrQFLD� GH� HQVLQR� WDQWR� HP� FXUVLQKRV�SUHSDUDWyULRV�TXDQWR�HP�FXUVRV�GH�JUDGXDomR�H�SyV�JUDGXDomR�QDV� GLYHUVDV�iUHDV�GD�$GPLQLVWUDomR��(P�RXWUDV�SDODYUDV��WHQKR�XPD�ERD�EDJDJHP� GH�FRQFXUVRV�SDUD�OKH�DMXGDU�FRP�VXD�SUHSDUDomR�� � $LQGD� WHP� G~YLGDV"� 1mR� FRQKHFH� R� SURIHVVRU� &DUORV� ;DYLHU"� 2XYLX� ERDWRV"�� %HP����3HUJXQWHL�DRV�PHXV�DOXQRV�R�TXH�HOHV�DFKDP�GH�PHXV�FXUVRV�� &RQILUD�DTXL�DV�UHVSRVWDV�� KWWSV���ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU�SRVWV����������� ������� � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� (VWRX� VHPSUH� WHQWDQGR� DSUHQGHU� PDLV� GH� DGPLQLVWUDomR� SDUD� FRQFXUVRV��R�TXH�Gi�XP�WUDEDOKR� LPHQVR�� Mi�TXH�D�PDWpULD�p�PXLWR�VXEMHWLYD� �VH�YRFr�Mi�HVWXGRX�HVVD�PDWpULD�FRP�IRFR�HP�FRQFXUVRV�DQWHULRUPHQWH�VDEHUi� R� TXH� HVWRX� IDODQGR������ $SUHQGHQGR� PDLV�� FRQVLJR� HYROXLU� FRP� DV� DXODV� H� DSUHVHQWDU�XP�FRQWH~GR�UHDOPHQWH�GLUHFLRQDGR�SDUD�DV�SURYDV��-XQWDQGR�PHX� HVIRUoR� DR� GH� YRFrV�� PHXV� DOXQRV�� WHQKR� YLVWR� PXLWRV� DOXQRV� REWHUHP� VXFHVVR�QDV�SURYDV�TXH�UHDOL]DP��R�TXH�PH�GHL[D�PXLWR�VDWLVIHLWR�� ,PDJLQD� PLQKD� IHOLFLGDGH� DR� UHFHEHU� XP� HPDLO� FRPR� HVVH�� GH� XP� DOXQR�TXH�SDVVRX�QXP�GRV�SULPHLURV�OXJDUHV�GH�XP�FRQFXUVR�VXSHU�FRQFRUULGR�� H� TXH� PH� DJUDGHFHX� QmR� Vy� SHOR� FRQWH~GR� GH� DGPLQLVWUDomR�� PDV� WDPEpP� SHODV�GLFDV�VREUH�ID]HU�XPD�ERD�GLVFXUVLYD�� �� 4XHUR�UHFHEHU�YiULRV�HPDLOV�FRPR�HVVH�GH�DSURYDGRV�QR�FRQFXUVR�GR� 75(�35���9RX�PH�HVIRUoDU�EDVWDQWH�SDUD�FRQVHJXLU�D�VXD�DSURYDomR��H�PLQKD� VDWLVIDomR�VHUi�HQRUPH�FRP�VHX�DJUDGHFLPHQWR���� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� $JRUD�TXH�PH�DSUHVHQWHL��IDOR�PDLV�VREUH�R�FXUVR���� $�EDQFD�GR�~OWLPR�FRQFXUVR�IRL�D�)&&��EDQFD�TXH�SRVVXL�WUDGLomR�HP� FRQFXUVRV�GH� WULEXQDLV��3RU�HVWD�UD]mR��XWLOL]DUHL�D�)&&�H�VXDV�WHQGrQFLDV� UHFHQWHV�GH�FRQWH~GR�FRPR�EDVH�SDUD�R�QRVVR�HVWXGR�� 8PD�G~YLGD� FRPXP�p� VREUH�D� IRUPD�GR�FXUVR��(VFODUHoR��GHVGH� Mi�� TXH�R� FXUVR� p� IHLWR� FRP�EDVH�HP�3')V� WRWDOPHQWH�DWXDOL]DGRV� FRP� WHRULDV�H� TXHVW}HV� )&&� FRPHQWDGDV� �FRPSOHPHQWDGDV� SRU� TXHVW}HV� GH� RXWUDV� EDQFDV�� TXDQGR�IRU�QHFHVViULR���DVVLP�FRPR�OLVWDV�GH�TXHVW}HV�SDUD�YRFr�SUDWLFDU��� $OpP�GLVVR��R�FXUVR�WUDUi�WDPEpP�YLGHRDXODV�H�iXGLRV�GRV�DVVXQWRV� FRP�IRFR�QD�UHOHYkQFLD�GH�DOJXQV�WHPDV�� $�PLQKD�UHFRPHQGDomR�GH�HVWXGRV�p�D�VHJXLQWH��XVH�RV�3')V�FRPR� EDVH�SDUD�R�VHX�HVWXGRV��(X�DFUHGLWR�ILUPHPHQWH�TXH�HVWH�p�R�PHOKRU�PHLR�GH� HVWXGRV� SDUD� DSURYDomR� HP� FRQFXUVRV� GH� DOWR� QtYHO�� p� SUHFLVR� VHQWDU� H� OHU� PXLWR��$OpP�GLVVR��XVH�DV�YLGHRDXODV�SDUD�UHYLVDU�RX�DYDQoDU�FRP�RV�DVVXQWRV� TXDQGR�HVWLYHU�FDQVDGR�D��GD�OHLWXUD��(�RV�iXGLRV�YRFr�JUDYD�H�OHYD�SDUD�RXYLU� QR�FDUUR�RX�QR�FHOXODU�TXDQGR�HVWLYHU�QR�WUDQVSRUWH�S~EOLFR����p�VHPSUH�WHPSR� GH�HVWXGDU�� �� $OJXQV�SRGHP�HVWDU�VH�SHUJXQWDQGR�VH�SRGHP�HVWXGDU�VRPHQWH�FRP� EDVH�QDV�YLGHRDXODV����FODUR�TXH�VLP��1mR�p�R�TXH�HX�DFKR�R�LGHDO��PDV�p�XPD� SRVVLELOLGDGH�TXH�PXLWRV�HVFROKHP��H�WDPEpP�FRQVHJXHP�VXFHVVR�FRP�HOD�� 6HJXLQGR�HP�IUHQWH����� e� LPSRUWDQWH� TXH� YRFrV� VDLEDP� TXH� HVVH� FXUVR� VHUYH� WDQWR� SDUD� TXHP� Mi� HVWXGRX� D� PDWpULD� DQWHV�� TXDQWR� SDUD� D� SHVVRD� TXH� HVWi� YHQGR� R� DVVXQWR�SHOD�SULPHLUD�YH]���2�FRQWH~GR�VHUi�DERUGDGR�GH�IRUPD�D�GDU�GHVWDTXH� SDUD�R�TXH�p�PDLV�LPSRUWDQWH�QD�WHRULD��VHPSUH�FRP�IRFR�QD�VXD�SURYD��4XHP� Mi�VDEH�R�DVVXQWR�UHYLVD�WXGR��H�TXHP�DLQGD�QmR�VDEH�YDL�DSUHQGHU�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� 3URSRQKR�R�VHJXLQWH�FURQRJUDPD�SDUD�QRVVDV�DXODV�� � � $8/$� &217(Ò'2� '$7$� $XOD���� )XQo}HV�GH�DGPLQLVWUDomR��SODQHMDPHQWR��RUJDQL]DomR��GLUHomR�H� FRQWUROH�� &RQWUROH�� &DUDFWHUtVWLFDV�� 7LSRV�� YDQWDJHQV� H� GHVYDQWDJHQV��&RPXQLFDomR�� ����������� $XOD���� 3ODQHMDPHQWR�HVWUDWpJLFR��SDUWH���� ����������� $XOD���� 0DWUL]�6:27��%6&��0RGHOR�3RUWHU�� ����������� $XOD���� 3URFHVVR�GHFLVyULR� ���������� $XOD���� (VWUXWXUD� RUJDQL]DFLRQDO�� 7LSRV� GH� GHSDUWDPHQWDOL]DomR�� FDUDFWHUtVWLFDV�� YDQWDJHQV� H� GHVYDQWDJHQV� GH� FDGD� WLSR�� 2UJDQL]DomR�LQIRUPDO��'HVFHQWUDOL]DomR�H�GHOHJDomR�� ���������� $XOD���� 9LVmR�JHUDO�VREUH�JHVWmR�GH�SHVVRDV��(TXLOtEULR�RUJDQL]DFLRQDO� ����������� $XOD���� &DSDFLWDomR�GH�SHVVRDV�� ����������� $XOD���� *HVWmR�GH�GHVHPSHQKR�� ����������� $XOD���� &XOWXUD�RUJDQL]DFLRQDO�� ����������� $XOD���� 0RWLYDomR� ����������� $XOD���� /LGHUDQoD� ����������� $XOD���� 6LVWHPD�GH�PHGLomR�GH�GHVHPSHQKR�RUJDQL]DFLRQDO�� ����������� $XOD���� *HVWmR�GH�SURMHWRV� ����������� $XOD���� *HVWmR�GH�SURFHVVRV� ����������� $XOD���� 3ULQFLSDLV� WHyULFRV� H� VXDV� FRQWULEXLo}HV� SDUD� D� JHVWmR� GD�TXDOLGDGH��)HUUDPHQWDV�GH�JHVWmR�GD�TXDOLGDGH� ����������� $XOD���� ��*HVWmR�GD�TXDOLGDGH�H�PRGHOR�GH�H[FHOrQFLD�JHUHQFLDO��0RGHOR�GD�IXQGDomR�QDFLRQDO�GD�TXDOLGDGH���0RGHOR�GH�JHVSXEOLFD�� ����������� � $OJXpP�SRGH�HVWDU�VH�SHUJXQWDQGR�� �� &DUORV�� HX� YRX� SUHFLVDU� FRPSUDU� DOJXPD� ELEOLRJUDILD� FRPSOHPHQWDU"�� ��5���QmR�SUHFLVD��1R�FXUVR�HX�YRX�DERUGDU��H[DWDPHQWH�R�TXH� YRFr� SUHFLVD� SDUD� D� SURYD�� VHP� ILFDU� �YLDMDQGR�� GHPDLV� QR� DVVXQWR�� 6DLED� DLQGD� TXH�� VH� IRVVH� FRPSUDU� WRGRV� RV� OLYURV� QHFHVViULRV� SDUD� HVWXGDU�SDUD�R�DVVXQWR�FREUDGR�QD�QRVVD�GLVFLSOLQD��H�FXMRV�DVVXQWRV� VHUmR� DERUGDGRV� HP� QRVVDV� DXODV��� YRFr� SURYDYHOPHQWH� JDVWDULD� DOJXQV� PLOKDUHV� GH� UHDLV� HP� OLYURV�� H� WHULD� TXH� HVWXGDU� XP� PDWHULDO� 08,72�0$,6�(;7(162�H�6(0�)2&2�3$5$�&21&85626���6H�YRFr�EXVFD� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� PD[LPL]DU�VHXV�HVIRUoRV��H�VHX�GLQKHLUR����R�FXUVR�YDOH�PXLWR�D�SHQD�� YLX�� (QWmR��HVWmR�SURQWRV�SDUD�LQLFLDUPRV�R�FRQWH~GR"� %RD�DXOD�� 3URI��&DUORV�;DYLHU� ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU� ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU� ,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� ��� 3DODYUDV�,QLFLDLV�� 2L��� +RMH� HVWXGDUHPRV� R� SURFHVVR� DGPLQLVWUDWLYR� H� VXDV� IXQo}HV�� $OpP� GLVVR�� HVWXGDUHPRV� D� FRPXQLFDomR� FRPR� SDUWH� GR� FRPSRUWDPHQWR� RUJDQL]DFLRQDO��WHPD�TXH�IRL�FREUDGR�QR�~OWLPR�FRQFXUVR�MXQWR�FRP�R�SURFHVVR� DGPLQLVWUDWLYR��VHQGR�FKDPDGR�GH��SURFHVVR�RUJDQL]DFLRQDO��� $R�ILQDO�GD�DXOD��FRPR�YRFrV�Mi�VDEHP��WURX[H�PXLWDV�TXHVW}HV�SDUD� YRFr�SUDWLFDU�� 4XDQGR�DFDEDU�D�DXOD��YHMD�R�RV�UHVXPRV�TXH�SUHSDUHL�� x� 3URFHVVR�DGPLQLVWUDWLYR�� KWWSV���ZZZ�\RXWXEH�FRP�ZDWFK"Y ,�,KJ��.�6�� x� &RPXQLFDomR�� KWWSV���ZZZ�\RXWXEH�FRP�ZDWFK"Y �N/U/.H2)*4� $EUDoR�H�ERQV�HVWXGRV�� 3URI��&DUORV�;DYLHU� ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU� ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU� ,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU� � � $VVLQH�PLQKD�OLVWD�GH�PDWHULDO�E{QXV�� KWWS���HHSXUO�FRP�FD4H,Y� � � � � � � � � � � � � � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� ��� 2�3URFHVVR�$GPLQLVWUDWLYR�� $R�FRQMXQWR�GDV�IXQo}HV�DGPLQLVWUDWLYDV��FRQVLGHUDGDV�FRPR�XP�WRGR� LQWHJUDGR��Gi�VH�R�QRPH�GH�SURFHVVR�DGPLQLVWUDWLYR��(OH�VHUYH�GH�EDVH�SDUD� D�OLWHUDWXUD�QHRFOiVVLFD�GD�DGPLQLVWUDomR��TXH�EXVFD�H[SOLFDU�FRPR�DV�IXQo}HV� DGPLQLVWUDWLYDV�VmR�GHVHQYROYLGDV�SHODV�RUJDQL]Do}HV�� $V�IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR�VmR�� ���3ODQHMDPHQWR�� ���2UJDQL]DomR�� ���'LUHomR�� ���&RQWUROH�� (VVDV� TXDWUR� IXQo}HV� RUJDQL]DFLRQDLV� VmR� D� EDVH� GR� HVWXGR� GD� DGPLQLVWUDomR�SDUD�RV�QHRFOiVVLFRV��H�UHSUHVHQWDP�DV�IXQo}HV�GHVHPSHQKDGDV� SHORV�DGPLQLVWUDGRUHV�QDV�RUJDQL]Do}HV�� (ODV� IRUPDP� XP� FLFOR� FRQWtQXR� GH� DWLYLGDGHV� TXH� D� IXQomR� DGPLQLVWUDomR�GHVHQYROYH�QDV�RUJDQL]Do}HV��DWXDQGR�GD�VHJXLQWH�IRUPD�� � � � � � � &KLDYHQDWR� ������� FRQVLGHUD� DLQGD� TXH� HVVDV� TXDWUR� IXQo}HV� HVWmR� LQWHU�UHODFLRQDGDV��FRQVWLWXLQGR�DOJR�PDLRU�GR�TXH�R�FLFOR�DGPLQLVWUDWLYR��3DUD� �ŝƌĞĕĆŽ� KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ� WůĂŶĞũĂŵĞŶƚŽ� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?� HOH��WRGDV�DV�IXQo}HV�VH�UHODFLRQDP�XPD�FRP�DV�RXWUDV��(VWD�p�XPD�YLVmR�PDLV� SUiWLFD� GD� UHDOLGDGH� GDV�RUJDQL]Do}HV� ID]HQGR� FRP�TXH� SRVVDPRV�SHQVDU� GD� VHJXLQWH�IRUPD�TXDQWR�DR�UHODFLRQDPHQWR�GDV�IXQo}HV�DGPLQLVWUDWLYDV�HQWUH�VL�� � � � � � � ��0DV�R�TXH�VmR�FDGD�XPD�GHVVDV�IXQo}HV�RUJDQL]DFLRQDLV"� ��5���$V�TXDWUR�IXQo}HV�DGPLQLVWUDWLYDV�VmR�DV�VHJXLQWHV�� x� 3ODQHMDPHQWR�� p� D� IXQomR� DWUDYpV� GD� TXDO�DV� DWLYLGDGHV� D� VHUHP� UHDOL]DGDV� VmR� GHVHQKDGDV� H� RV� UHVXOWDGRV� D� VHUHP� REWLGRV�VmR�IL[DGRV�� x� 2UJDQL]DomR�� WUDWD�VH� GD� IXQomR� GH� HVWUXWXUDU� RV� UHFXUVRV� GLVSRQtYHLV� SDUD� TXH� WXGR� DTXLOR� TXH� IRL� SODQHMDGR� SRVVD� VHU� H[HFXWDGR�� x� 'LUHomR��p�D�IXQomR�GH�FRQGX]LU�D�H[HFXomR�GRV�WUDEDOKRV�TXH� IRUDP�SODQHMDGRV��SDUD�TXH�RV�REMHWLYRV�GD�RUJDQL]DomR�SRVVDP� VHU�DWLQJLGRV�� x� &RQWUROH�� WUDWD�VH� GD� IXQomR� DGPLQLVWUDWLYD� QD� TXDO� RV� UHVXOWDGRV�REWLGRV�SHOD�RUJDQL]DomR�GLUHomR�VmR�DQDOLVDGRV�HP� IXQomR�GDTXLOR�TXH�KDYLD�VLGR�SODQHMDGR�� �ŝƌĞĕĆŽ� KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ� WůĂŶĞũĂŵĞŶƚŽ� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� 9DPRV� HVWXGDU� FRP� XP� SRXFR� PDLV� GH� GHWDOKHV� VREUH� FDGD� XPD� GHVVDV�IXQo}HV�DGPLQLVWUDWLYDV�� � �����3ODQHMDPHQWR�� 3ODQHMDPHQWR� SRGH� VHU� GHILQLGR� FRPR� XP� SURFHVVR� GHVHQYROYLGR�SDUD�R�DOFDQFH�GH�XPD�VLWXDomR�IXWXUD�GHVHMDGD��GH�XP� PRGR�PDLV� HILFLHQWH�� HILFD]�H� HIHWLYR�� FRP�D�PHOKRU� FRQFHQWUDomR�GH� HVIRUoRV�H�UHFXUVRV�SHOD�HPSUHVD�RX�RUJDQL]DomR�� � 3RGHPRV� SHQVDU� R� SODQHMDPHQWR� FRPR� R� SURFHVVR� TXH� ID]� R� SODQR�SDUD�TXH�VH�SRVVD�VDLU�GD�VLWXDomR�DWXDO�SDUD�D�VLWXDomR�IXWXUD� GHVHMDGD�� � 'HVWH�PRGR��R�SODQHMDPHQWR�p�D�IXQomR�TXH�SHUPLWH�� x� ,QWHUIHULU� QR� SUySULR� IXWXUR�� GHWHUPLQDQGR� R� FDPLQKR� D� VHU� VHJXLGR�� x� 3UHYHU��DUWLFXODU�H�WRPDU�GHFLV}HV��DORFDU��RV�UHFXUVRV�D�VHUHP� XWLOL]DGRV�SDUD�DWLQJLU�RV�REMHWLYRV��H� x� 'HWHUPLQDU� D� PHOKRU� IRUPD� GH�� FRRUGHQDQGR� VXDV� IRUoDV� H� IUDTXH]DV�� HQIUHQWDU� DV� VLWXDo}HV� IXWXUDV� TXH� SRVVDP� VHU� SUHYLVWDV�� � 1HVWH� VHQWLGR�� SUHFLVDPRV� ID]HU� XP� HVIRUoR� SDUD� QmR� FRQIXQGLU� SODQHMDPHQWR�FRP�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� 3UHYLVmR��SRLV�HVWDV�VmR�R�UHVXOWDGR�GH�HVIRUoRV�SDUD�YHULILFDU� TXDLV�RV�HYHQWRV�TXH�SRGHUmR�RFRUUHU��FRP�EDVH�QR�UHJLVWUR�GH� XPD�VpULH�GH�SUREDELOLGDGHV��$QWLJDPHQWH�DFUHGLWDYD�VH�TXH�R� SODQHMDPHQWR� SRGHULD� VHU� XPD� VLPSOHV� SUHYLVmR�� PDV� R� IRFR� DWXDO�GR�SODQHMDPHQWR�HVWi�PXLWR�PDLV�QDV�SRWHQFLDOLGDGHV�TXH� D� RUJDQL]DomR� SRGH� GHVHQYROYHU� HP� UHODomR� DR� VHX� DPELHQWH�� GH�PRGR�D�WHU�VXFHVVR�� x� 3URMHomR��TXH�FRUUHVSRQGHP�j�VLWXDomR�HP�TXH�R�IXWXUR�WHQGH� D�VHU�LJXDO�DR�SDVVDGR�HP�VXD�HVWUXWXUD�EiVLFD�� x� 3UHGLomR�� p� D� VLWXDomR� IXWXUD� TXH� WHQGH� D� VHU� GLIHUHQWH� GR� SDVVDGR��PDV�VREUH�D�TXDO�QmR�VH�SRGH�H[HUFHU�FRQWUROH�DOJXP�� x� 5HVROXomR� GH� SUREOHPDV�� FRUUHVSRQGH� D� DVSHFWRV� LPHGLDWRV� TXH� SURFXUDP� WmR� VRPHQWH� D� FRUUHomR� GH� FHUWDV� GHVFRQWLQXLGDGHV� H� GHVDMXVWHV� HQWUH� D� HPSUHVD� H� DV� IRUoDV� H[WHUQDV�TXH�OKH�VHMDP�SRWHQFLDOPHQWH�UHOHYDQWHV�� x� 3ODQR�� p� R� GRFXPHQWR� IRUPDO� TXH� FRQVROLGD� DV� LQIRUPDo}HV� GHVHQYROYLGDV�GR�SURFHVVR�GH�SODQHMDPHQWR��VHQGR�R� OLPLWH�GD� IRUPDOL]DomR�GR�SODQHMDPHQWR��XPD�YLVmR�HVWiWLFD��XPD�GHFLVmR� VREUH� RV� FDPLQKRV� D� WRPDU� REVHUYDQGR�VH� D� UHODomR� FXVWRV�EHQHItFLRV�� � 2�SODQHMDPHQWR�SRVVXL�RV�VHJXLQWHV�SULQFtSLRV�JHUDLV�� D��3ULQFtSLR� GD� FRQWULEXLomR� DRV� REMHWLYRV�� R� SODQHMDPHQWR� GHYH� VHPSUH� YLVDU� DR� REMHWLYR� Pi[LPR� GD� RUJDQL]DomR�� KLHUDUTXL]DQGR� RV� REMHWLYRV� H� EXVFDQGR� FXPSUL�ORV� HP� VXD� WRWDOLGDGH�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� E��3ULQFtSLR�GD�SUHFHGrQFLD�GR�SODQHMDPHQWR��HOH�VHPSUH�YHP� DQWHV�GDV�RXWUDV�IXQo}HV�DGPLQLVWUDWLYDV�� F�� 3ULQFtSLR� GD� PDLRU� LQIOXrQFLD� �RX� SHQHWUDomR�� H� DEUDQJrQFLD��R�SODQHMDPHQWR�p�D�PDLV�DEUDQJHQWH�GDV�IXQo}HV� RUJDQL]DFLRQDLV�� H� SRU� LVVR� HOH� SRGH� SURYRFDU� XPD� VpULH� GH� PRGLILFDo}HV�QD�RUJDQL]DomR�� G��3ULQFtSLR�GDV�PDLRUHV�HILFLrQFLD��HILFiFLD�H�HIHWLYLGDGH��R� SODQHMDPHQWR� SURFXUD� PD[LPL]DU� RV� UHVXOWDGRV� H� PLQLPL]DU� DV� GLILFXOGDGHV�� RX� GHILFLrQFLDV�� 5HOHPEUDQGR�� HILFiFLD� VLJQLILFD� HQWUHJDU�RV�SURGXWRV�VHUYLoRV�SUHWHQGLGRV��HILFLrQFLD�p�D�UHODomR� HQWUH�RV�LQVXPRV�XWLOL]DGRV�H�RV�SURGXWRV�VHUYLoRV�SURGX]LGRV��H� HIHWLYLGDGH� UHSUHVHQWD� D� PHGLGD� QD� TXDO� D� RUJDQL]DomR� JHUD� YDORU� DJUHJDGR� H� LPSDFWRV� QD� VRFLHGDGH� SRU� PHLR� GH� VHXV� SURGXWRV�H�VHUYLoRV�� � 3DUD� $FNRII�� H[LVWHP� DLQGD� RV� SULQFtSLRV� HVSHFtILFRV� GR� SODQHMDPHQWR�� H��3ODQHMDPHQWR�SDUWLFLSDWLYR��R�VHX�SULQFLSDO�UHVXOWDGR�QmR�p�R� SODQR� ILQDO�� PDV� R� SURFHVVR� GHVHQYROYLGR� DWUDYpV� GD� SDUWLFLSDomR�GRV�HQYROYLGRV�� I�� 3ODQHMDPHQWR� FRRUGHQDGR�� WRGRV� RV� DVSHFWRV� HQYROYLGRV� QR� SODQHMDPHQWR�GHYHP�DWXDU�GH�PDQHLUD�LQWHUGHSHQGHQWH�� J��3ODQHMDPHQWR� LQWHJUDGR�� RV� SODQHMDPHQWRV� GRV� YiULRV� HVFDO}HV� GDV� RUJDQL]Do}HV� GHYHP� VHU� LQWHJUDGRV�� QRV� QtYHLV� HVWUDWpJLFR��WiWLFR�H�RSHUDFLRQDO�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� K��3ODQHMDPHQWR� SHUPDQHQWH�� FRPR� R� DPELHQWH� p� PXWiYHO�� p� QHFHVViULR�TXH�R�SODQHMDPHQWR�WDPEpP�VHMD�SHUPDQHQWHPHQWH� UHDOL]DGR�� � 3DUD�%HQRPH���������RV�SULQFtSLRV�GR�SODQHMDPHQWR�VHULDP�RXWURV�� L�� ,QHUrQFLD�� R� SODQHMDPHQWR� p� XPD� IXQomR� LQGLVSHQViYHO� j� RUJDQL]DomR��VHQGR�SDUWH�LQWHJUDQWH�GH�WRGRV�RV�VHWRUHV�GH�XPD� RUJDQL]DomR�� HVWHMDP� RX� QmR� OLJDGRV� j� iUHD� SULQFLSDO� GR� QHJyFLR�� M�� 8QLYHUVDOLGDGH��R�SODQHMDPHQWR�EXVFD�DQWHFLSDU�DV�YDULiYHLV�H� FRQVHTXrQFLDV� TXH� LQIOXHQFLDUmR� D� RUJDQL]DomR� VRE� WRGRV� RV� SRQWRV� GH� YLVWD� H� OHYDQGR� HP� FRQWD� GLIHUHQWHV� RSLQL}HV� SDUD� HYLWDU� XPD� YLVmR� XQLODWHUDO�� 6mR� DV� FRQVLGHUDo}HV� DFHUFD� GRV� FHQiULRV� H� VHXV� LPSUHYLVWRV�� TXH� GHYHP� VHU� DR� PHQRV� FDOFXODGRV�� N��8QLGDGH��DSHVDU�GH�WHU�P~OWLSODV�IDFHWDV��R�SODQHMDPHQWR�GHYH� VHU� LQWHJUDGR�HP�XP�FRQMXQWR�FRHUHQWH�FRP�EDVH�HP�FULWpULRV� TXH�FRQWHPSOHP�PDLV�GH�XPD�iUHD�DR�PHVPR�WHPSR�� O�� 3UHYLVmR�� GHYH�VH� HVWDEHOHFHU� SUD]RV� H� FURQRJUDPDV� FODURV� SDUD� D� H[HFXomR� GDV� WDUHIDV�� LQFOXVLYH� FRQVLGHUDQGR� FRUUHo}HV� GH�UXPR�� P�� )OH[LELOLGDGH�� R� SODQHMDPHQWR� GHYH� VHU� DGDSWiYHO� jV� GLIHUHQWHV�VLWXDo}HV��SRLV�DVVLP�ILFD�PDLV� IiFLO� ID]HU�RV�DMXVWHV� GH�WUDMHWyULD�QHFHVViULRV�SDUD�R�VXFHVVR�� � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� 2�TXH�HX�GLJR�VREUH� WXGR� LVVR"�7HP�TXH� WHU� WRGRV�HP�PHQWH��$OpP� GLVVR�� VDLED� TXH� DVSHFWRV� PDLV� JHUDLV� FRPR� D� IOH[LELOLGDGH�� WtSLFD� GR� SODQHMDPHQWR��WDPEpP�SRGHP�VHU�FRQVLGHUDGDV�FRPR�SULQFtSLRV���� � 6mR� TXDWUR� DV� GLPHQV}HV� QHFHVViULDV� j� UHDOL]DomR� GR� SODQHMDPHQWR� �%DSWLVWD��������DSXG�7HL[HLUD��6RX]D��������� x� 5DFLRQDO�� WUDWD�VH� GD� UDFLRQDOLGDGH�� FULDWLYLGDGH� H� UHIOH[mR� QHFHVViULDV�SDUD�VXD�UHDOL]DomR�� x� 3ROtWLFD�� WUDWD�VH� GR� SRGHU� GH� GHFLVmR� HQYROYLGR� HP� XP� SODQHMDPHQWR�� x� 7pFQLFR�DGPLQLVWUDWLYD�� WUDWD�VH� GR� VLVWHPD� GH� WUDEDOKR� HVWUXWXUDGR�DWUDYpV�GR�SODQHMDPHQWR��UHVSRQGHQGR�D�SHUJXQWDV� FRPR�R�TXr"�TXDQWR"�TXHP"�TXDQGR"�x� 9DORUDWLYD��WUDWD�VH�GD�DYDOLDomR�GH�YDORU�VREUH�RV�EHQHItFLRV�H� SUHMXt]RV�TXH�DTXLOR�TXH�HVWi�VHQGR�SODQHMDGR�SRGH�WUD]HU�� � 6HL�TXH�R�DVVXQWR�SDUHFH�VROWR��PDV�DV�UHIHUrQFLDV�D�VHUHP�HVWXGDGDV� GL]HP�DV�FRLVDV�PDLV�GLYHUVDV��H�YRFr�WHP�TXH�FRQKHFHU�WRGRV�HVVHV�SRQWRV�� $FNRII� DSRQWD� TXH� VmR� WUrV� RV� WLSRV� GH� ILORVRILD� TXH� SRGHP� JXLDU� R� SODQHMDPHQWR�� ��� 3ODQHMDPHQWR�FRQVHUYDGRU��p�YROWDGR�SDUD�D�HVWDELOLGDGH�H� PDQXWHQomR�GD�VLWXDomR�DWXDO��$V�GHFLV}HV�EXVFDP�UHVXOWDGRV� SRVLWLYRV� FRP� D� FRUUHomR� GH� SUREOHPDV� H[LVWHQWHV�� PDV� QmR� WHP� IRFR� HP� FRQVHJXLU� XPD� VLWXDomR� yWLPD� TXH� DSURYHLWH� RSRUWXQLGDGHV���3RVVXL�EDVH�HVVHQFLDOPHQWH�UHWURVSHFWLYD�SDUD� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� DSURYHLWDU�DV�H[SHULrQFLDV�GD�RUJDQL]DomR�H�SURMHWi�ODV�SDUD�R� IXWXUR��VHUYLQGR�SDUD�FRQWLQXLGDGH�GR�FRPSRUWDPHQWR�DWXDO�HP� XP�DPELHQWH�SUHYLVtYHO�H�HVWiYHO�� ��� 3ODQHMDPHQWR� RWLPL]DQWH�� YROWDGR� SDUD� D� DGDSWDELOLGDGH� H� LQRYDomR�� 2� TXH� VH� EXVFD� p� D� REWHQomR� GH� UHVXOWDGRV� yWLPRV� �RV� PHOKRUHV� SRVVtYHLV��� DXPHQWDQGR� RV� UHVXOWDGRV� RX� GLPLQXLQGR�RV�UHFXUVRV�XWLOL]DGRV��RX�DV�GXDV�FRLVDV�DR�PHVPR� WHPSR��� e� EDVHDGR� QD� WHQWDWLYD� GH� PHOKRUDU� D� UHDOLGDGH� GD� RUJDQL]DomR�� VHQGR� VREUHWXGR� LQFUHPHQWDO� �EDVHDGR� HP� PHOKRULDV�FRQWtQXDV�H�SRQWXDLV�DR�ORQJR�GR�WHPSR��� ��� 3ODQHMDPHQWR� DGDSWDWLYR�� YROWDGR� SDUD� DV� QHFHVVLGDGHV� GH� DGDSWDomR� GD� RUJDQL]DomR� DR� ORQJR� GR� WHPSR�� FRP� EDVH� QDV� FRQWLQJHQFLDV�HQIUHQWDGDV��2�TXH�VH�EXVFD�p�FRPSDWLELOL]DU�RV� LQWHUHVVHV� HQYROYLGRV� FRP� RV� DFRQWHFLPHQWRV� SDUD� TXH� D� RUJDQL]DomR�VH�GHVHQYROYD�QDWXUDOPHQWH��(OH�EXVFD�GLPLQXLU�R� SODQHMDPHQWR� UHWURVSHFWLYR� YROWDGR� SDUD� DFDEDU� FRP�HUURV� GR� SDVVDGR��H�SDVVD�D�VH�FRQFHQWUDU�QD�DGHUrQFLD�jV�QHFHVVLGDGHV� GR�DPELHQWH�DWXDO�H�IXWXUR�� � 7HQGR� WXGR� LVVR� HP� PHQWH�� p� SRVVtYHO� FRPHoDUPRV� D� GHVGREUDU� R� SODQHMDPHQWR�HP�WUrV�WLSRV�FRPXPHQWH�FREUDGRV�HP�FRQFXUVRV��HVWUDWpJLFR�� WiWLFR�H�RSHUDFLRQDO��$WHQomR��R�HVWUDWpJLFR�VH�GHVGREUD�HP�WiWLFR�H�HVWH�VH� GHVGREUD�QR�RSHUDFLRQDO�� 'H�IRUPD�JHUDO��p�SRVVtYHO�DILUPDU�TXH�� ���3ODQHMDPHQWR�HVWUDWpJLFR��p�HODERUDGR�SHOR�QtYHO�LQVWLWXFLRQDO� GD� RUJDQL]DomR� �SUHVLGrQFLD�GLUHWRUHV��� HQJOREDQGR� D� RUJDQL]DomR� FRPR� XP� WRGR� H� VXD� LQWHUDomR� FRP� R� DPELHQWH�� $TXL� Ki� XPD� SUHRFXSDomR� FRP� RV� REMHWLYRV� GH� ORQJR� SUD]R� H� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� FRP�DV�HVWUDWpJLDV�H�Do}HV�TXH�VHUmR�QHFHVViULDV�SDUD�DOFDQoi� ORV�� (OH� SURSRUFLRQD� VXVWHQWDomR� PHUFDGROyJLFD� SDUD� TXH� D� PHOKRU� GLUHomR� D� VHU� VHJXLGD� VHMD� GHFLGLGD�� LQWHJUDQGR� RV� IDWRUHV� H[WHUQRV� ±� QmR� FRQWUROiYHLV� ±� FRP� RV� LQWHUQRV� ±� FRQWUROiYHLV�� e� UHDOL]DGR� GH� FLPD� SDUD� EDL[R� QD� HVWUXWXUD� RUJDQL]DFLRQDO�� 3DUD� DFRPSDQKDU� VHX� IXQFLRQDPHQWR� H[LVWH� R� FRQWUROH� HVWUDWpJLFR�� TXH� VH� UHODFLRQD� D� HOHPHQWRV� GD� RUJDQL]DomR� FRPR�XP� WRGR�� QR� ORQJR� SUD]R�� H� FRQVLGHUDQGR� R� DPELHQWH� H[WHUQR�� (P� UHVXPR�� HOH� p� SURMHWDGR� SDUD� R� ORQJR� SUD]R�� HQYROYH� D� RUJDQL]DomR� FRPR� XP� WRGR�� p� GHILQLGR� SHOD� F~SXOD�RUJDQL]DFLRQDO��p�YROWDGR�SDUD�D�HILFiFLD�H�HIHWLYLGDGH��p� YROWDGR�SDUD�DV�UHODo}HV�FRP�RV�FOLHQWHV�� ���3ODQHMDPHQWR�WiWLFR��p�UHDOL]DGR�SHOD�JHUrQFLD�LQWHUPHGLiULD�H� FRQVLVWH� HP� XP� GHVGREUDPHQWR� GR� SODQHMDPHQWR� HVWUDWpJLFR� DSOLFDGR�D�FDGD�GHSDUWDPHQWR�HVSHFtILFR�GD�RUJDQL]DomR��VHQGR� FRQGX]LGR� SHOD� JHUrQFLD� LQWHUPHGLiULD�� &RQVLVWH� QD� UHVSRVWD� j� SHUJXQWD�� TXDLV� DV� Do}HV� TXH� R� GHSDUWDPHQWR�iUHD� GHYH� WHU� SDUD�FRQWULEXLU��QR�VHX�kPELWR��j�FRQFUHWL]DomR�GDTXLOR�TXH�IRL� SUHYLVWR� QR� SODQHMDPHQWR� HVWUDWpJLFR"� 3DUD� DFRPSDQKDU� VHX� IXQFLRQDPHQWR� H[LVWH� R� FRQWUROH� WiWLFR�� TXH� VH� UHODFLRQD� D� HOHPHQWRV�GH�FDGD�GHSDUWDPHQWR��(P�UHVXPR��p�YROWDGR�SDUD�R� PpGLR� SUD]R�� HQYROYH� FDGD� GHSDUWDPHQWR� GH� PDQHLUD� HVSHFtILFD��p�FRQGX]LGR�SHOR�QtYHO�LQWHUPHGLiULR��p�YROWDGR�SDUD� D�LQWHJUDomR�GH�DWLYLGDGHV�GH�FDGD�iUHD�� ���3ODQHMDPHQWR� RSHUDFLRQDO�� p� FRQGX]LGR� SHORV� QtYHLV� PDLV� EDL[RV�GD�JHUrQFLD�VXSHUYLVmR�RSHUDFLRQDO��EXVFDQGR�IRUPDOL]DU� DV�PHWRGRORJLDV�D�VHUHP�DSOLFDGDV�QR�GLD�D�GLD�GRV�IXQFLRQiULRV� H� FRPR� VHUi� D� RSHUDFLRQDOL]DomR� GRV� WUDEDOKRV� FRUULTXHLURV�� &RP� LVVR�� FRQWULEXL� SDUD� R� VXFHVVR� GR� SODQHMDPHQWR� WiWLFR� H�� FRPR�FRQVHTXrQFLD��SDUD�R�GR�SODQHMDPHQWR�HVWUDWpJLFR��1HVWH� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� QtYHO� H[LVWH� R� FRQWUROH� RSHUDFLRQDO�� TXH� YHULILFD� VH� RV� SURFHGLPHQWRV� SUHYLVWRV� IRUDP� LPSOHPHQWDGRV� FRUUHWDPHQWH�� (P�UHVXPR��p�YROWDGR�SDUD�R�FXUWR�SUD]R��HQYROYH�FDGD�WDUHID� RX�DWLYLGDGH�LVRODGDPHQWH��p�YROWDGR�SDUD�D�HILFLrQFLD�� � 3HUFHED�TXH�RV� WUrV�QtYHLV�GH�SODQHMDPHQWR� HVWmR� LQWHJUDGRV� HQWUH� VL�� VHQGR� FDGD� XP� DSURSULDGR� D� XP� QtYHO� GH� GHFLVmR� GD� RUJDQL]DomR�� 3DUD� TXH� QmR� UHVWH� G~YLGDV� QD� KRUD� GD� SURYD�� YDPRV� YHU� PDLV� GHWDOKHV�VREUH�FDGD�XP�GRV�QtYHLV�GR�SODQHMDPHQWR�� 3DUD�&KLDYHQDWR���������R�SODQHMDPHQWR�HVWUDWpJLFR�LQWHUDJH�FRP� WUrV�SDUkPHWURV��D�YLVmR�GH� IXWXUR��R�DPELHQWH�H[WHUQR�H�RV� IDWRUHV� LQWHUQRV� GD�RUJDQL]DomR��$OpP�GLVVR�� HOH� DSUHVHQWD� FLQFR� FDUDFWHUtVWLFDV� IXQGDPHQWDLV� GR�SODQHMDPHQWR�HVWUDWpJLFR�� ��� (OH� HVWi� UHODFLRQDGR� FRP� D� DGDSWDomR� GD� RUJDQL]DomR� D� XP� DPELHQWH�PXWiYHO�� ��� e�RULHQWDGR�SDUD�R�IXWXUR��HP�XP�KRUL]RQWH�GH�ORQJR�SUD]R�� ��� (OH� p� FRPSUHHQVLYR�� RX� VHMD�� DERUGD� D� RUJDQL]DomR� FRPR� XP� WRGR��GH�IRUPD�JOREDO�H�VLVWrPLFD�� ���2� SODQHMDPHQWR� HVWUDWpJLFR� p� XP� SURFHVVR� GH� FRQVWUXomR� GH� FRQVHQVR�� GDGD� D� GLYHUVLGDGH� GRV� LQWHUHVVHV� GH� WRGRV� RV� HQYROYLGRV�� ��� (OH�p�XPD�IRUPD�GH�DSUHQGL]DJHP�RUJDQL]DFLRQDO��TXH�DSUHQGH� DWUDYpV� GD� DGDSWDomR� DR� FRQWH[WR� DPELHQWDO� FRPSOH[R�� FRPSHWLWLYR�H�PXWiYHO�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� � 6REUH� R� SODQHMDPHQWR� WiWLFR�� &KLDYHQDWR� ������� GHVWDFD� TXH� DV� SROtWLFDV��LQYHVWLPHQWRV��REWHQomR�GH�UHFXUVRV��HWF���HVWmR�UHODFLRQDGRV�FRP�RV� SODQRV�WiWLFRV��$OpP�GLVVR��R�DXWRU�DILUPD�TXH�RV�SODQRV�WiWLFRV�JHUDOPHQWH� HQYROYHP�� ��� 3ODQRV� GH� SURGXomR�� (QYROYHQGR� PpWRGRV� H� WHFQRORJLDV� QHFHVViULDV�SDUD�DV�SHVVRDV�HP�VHX�WUDEDOKR��DUUDQMR�ItVLFR�GR� WUDEDOKR� H� HTXLSDPHQWRV� FRPR� VXSRUWHV� SDUD� DV� DWLYLGDGHV� H� WDUHIDV�� ��� 3ODQRV� ILQDQFHLURV�� (QYROYHQGR� FDSWDomR� H� DSOLFDomR� GR� GLQKHLUR� QHFHVViULR� SDUD� VXSRUWDU� DV� YiULDV� RSHUDo}HV� GD� RUJDQL]DomR�� ��� 3ODQRV� GH� PDUNHWLQJ�� (QYROYHQGR� RV� UHTXLVLWRV� GH� YHQGHU� H� GLVWULEXLU�EHQV�H�VHUYLoRV�QR�PHUFDGR�H�DWHQGHU�DR�FOLHQWH�� ��� 3ODQRV� GH� UHFXUVRV� KXPDQRV�� (QYROYHQGR� UHFUXWDPHQWR�� VHOHomR�H�WUHLQDPHQWR�GDV�SHVVRDV�QDV�YiULDV�DWLYLGDGHV�GHQWUR� GD�RUJDQL]DomR��5HFHQWHPHQWH��DV�RUJDQL]Do}HV�HVWmR� WDPEpP� VH� SUHRFXSDQGR� FRP� D� DTXLVLomR� GH� FRPSHWrQFLDV� HVVHQFLDLV� SDUD�R�QHJyFLR�DWUDYpV�GD�JHVWmR�GR�FRQKHFLPHQWR�FRUSRUDWLYR�� � -i� VREUH� R� SODQHMDPHQWR� RSHUDFLRQDO��&KLDYHQDWR�������� DILUPD� TXH�� DSHVDU� GRV� SODQRV� RSHUDFLRQDLV� VHUHP�PXLWR� GLYHUVLILFDGRV�� HOHV� SRGHP� VHU�FODVVLILFDGRV�HP�� ��� 3URFHGLPHQWRV��6mR�RV�SODQRV�RSHUDFLRQDLV� UHODFLRQDGRV� FRP� PpWRGRV��FRPR�RV�IOX[RJUDPDV�H�OLVWDV�GH�YHULILFDomR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ���2UoDPHQWRV�� 6mR� RV� SODQRV� RSHUDFLRQDLV� UHODFLRQDGRV� FRP� GLQKHLUR�� ��� 3URJUDPDV� �RX� SURJUDPDo}HV��� 6mR� RV� SODQRV� RSHUDFLRQDLV� UHODFLRQDGRV� FRP� WHPSR�� ,QFOXL� R� FURQRJUDPD�� R� JUiILFR� GH� *DQWW��R�3(57��HQWUH�RXWURV�� ���5HJXODPHQWRV�� 6mR� RV� SODQRV� RSHUDFLRQDLV� UHODFLRQDGRV� FRP� FRPSRUWDPHQWRV�GDV�SHVVRDV�� � �����2UJDQL]DomR�� $� IXQomR� ³RUJDQL]DomR´� p� DTXHOD� TXH� EXVFD� RUJDQL]DU�� HVWUXWXUDU� H� LQWHJUDU�RV�UHFXUVRV�GLVSRQtYHLV�SDUD�TXH�DV�Do}HV�D�VHUHP�UHDOL]DGDV�SRVVDP� DWLQJLU�R�VXFHVVR�� 9RFr� GHYH� WHU� DWHQomR� SDUD� QmR� FRQIXQGLU� HVVD� IXQomR� DGPLQLVWUDWLYD� FRP� D� SDODYUD� TXH� UHSUHVHQWD� R� FHQWUR� GH� HVWXGRV� GD� DGPLQLVWUDomR�� DV� RUJDQL]Do}HV��(VWDV�~OWLPDV� VmR� R� UHVXOWDGR�GD�DUWLFXODomR� GH�JUXSRV�GH�SHVVRDV�TXH�LQWHUDJHP�HQWUH�VL�SDUD�JHUDU�REMHWLYRV�HVSHFtILFRV�� 1HVWH� VHQWLGR�� R� yUJmR� S~EOLFR� RQGH� YRFr� YDL� WUDEDOKDU� p� XP� H[HPSOR� GH� RUJDQL]DomR�� $�IXQomR�³RUJDQL]DomR´��SRU�VXD�YH]��HVWi�UHODFLRQDGD�DR�GHVHQKR�GD� HVWUXWXUD�RUJDQL]DFLRQDO��HVWUDWpJLFD���GD�HVWUXWXUD�GH�yUJmRV��FDUJRV��URWLQDV� H� SURFHGLPHQWRV� GH� FDGD� GHSDUWDPHQWR� �WiWLFD��� H� GHILQLomR� GH� PpWRGRV� H� SURFHVVRV�GH�WUDEDOKR�H�GH�RSHUDomR��RSHUDFLRQDO���7UDWD��HVSHFLILFDPHQWH��GD� REWHQomR�H�DSOLFDomR�GRV�PHLRV�SDUD�TXH�VH�SRVVD�SRU�HP�SUiWLFD�DV�RXWUDV� IXQo}HV�DGPLQLVWUDWLYDV��R�SODQHMDPHQWR��D�GLUHomR�H�R�FRQWUROH�� &KLDYHQDWR� ������� FKDPD� D� DWHQomR� SDUD� R� IDWR� GH� TXH� D� IXQomR� RUJDQL]DU�DEUDQJH�QHFHVVDULDPHQWH�TXDWUR�FRPSRQHQWHV�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ��� 7DUHIDV�� R� WUDEDOKR� UHDOL]DGR� HP� XPD� HPSUHVD� QRUPDOPHQWH�IUDJPHQWDGR�SRU�XP�SURFHVVR�GH�GLYLVmR� GH�WUDEDOKR�TXH�SURYRFD�D�HVSHFLDOL]DomR�GH�DWLYLGDGHV� H� GH� IXQo}HV�� $V� IXQo}HV� RUJDQL]DFLRQDLV� VmR� VXEGLYLGLGDV�HP�WDUHIDV�� ��� 3HVVRDV�� FDGD� SHVVRD� p� GHVLJQDGD� SDUD� RFXSDU� XP� FDUJR�� TXH�p� XPD�SDUWH� HVSHFtILFD� GR� WUDEDOKR� JOREDO�� (VVD�GHVLJQDomR�GHYH�FRQVLGHUDU�KDELOLGDGHV��DSWLG}HV�� LQWHUHVVHV�� H[SHULrQFLD� H� FRPSRUWDPHQWR� GH� FDGD� SHVVRD�� &DGD� SHVVRD� p� RFXSDQWH� GH� XP� FDUJR� QD� RUJDQL]DomR�IRUPDO�� ���ÏUJmRV�� DV� WDUHIDV� H� DV� SHVVRDV� VmR� DJUXSDGDV� HP� yUJmRV��FRPR�GLYLV}HV��GHSDUWDPHQWRV�RX�XQLGDGHV�GD� RUJDQL]DomR��¬�PHGLGD�TXH�HQYROYDP�FDUDFWHUtVWLFDV�RX� REMHWLYRV� VLPLODUHV�� RV� yUJmRV�SDVVDP�D� VHU� GLVSRVWRV� HP� QtYHLV� KLHUiUTXLFRV� H� HP� iUHDV� GH� DWLYLGDGHV�� (P� IXQomR� GD� OLJDomR� GLUHWD� RX� LQGLUHWD� FRP� RV� REMHWLYRV� GD�HPSUHVD��SDVVDP�D�H[LVWLU�RV�yUJmRV�GH� OLQKD�H�GH� VWDII�� ���5HODo}HV�� RV� UHODFLRQDPHQWRV� FRQVWLWXHP� R� FRQFHLWR� WDOYH]�PDLV�LPSRUWDQWH�GD�RUJDQL]DomR��$�SUHRFXSDomR� LQLFLDO� IRFDOL]RX� DV� UHODo}HV� HQWUH� RV� yUJmRV� FRPSRQHQWHV� GD� RUJDQL]DomR� H� HQWUH� DV� SHVVRDV� FRP� UHODomR� DR� VHX� WUDEDOKR�� 3RVWHULRUPHQWH�� HVVD� SUHRFXSDomR� HVWHQGHX�VH� D� RXWURV� DVSHFWRV� IRUD� GD� RUJDQL]DomR�� FRPR� UHODFLRQDPHQWRV� FRP� FOLHQWHV� �D� SDUWLU�GH�VLVWHPDV�GH�JHVWmR� FRPR�R�&50���&XVWRPHU� 5HODWLRQVKLS�0DQDJHPHQW���FRP�IRUQHFHGRUHV��D�SDUWLU� GH� VLVWHPDV� GH� JHVWmR� FRPR� R� 6&0� �� 6XSSO\� &KDLQ� 0DQDJHPHQW��� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� � 4XHP�HVWXGD�D� IXQomR�RUJDQL]DFLRQDO� GHYH� HVWDU� DWHQWR� WDPEpP�DR� IDWR�GH�TXH�HVWD�IXQomR�WDPEpP�VH�GHVGREUD�QRV�WUrV�QtYHLV�RUJDQL]DFLRQDLV�� x� 2UJDQL]DomR� QR� QtYHO� JOREDO�� WUDWD�VH� GD� RUJDQL]DomR� TXH� HQYROYH� D� HPSUHVD� FRPR� XP� WRGR�� WUDWDQGR� GH� UHDOL]DU� R� GHVHQKR�RUJDQL]DFLRQDO��(VWD�RUJDQL]DomR�p�WUDWDGD�SHOD�F~SXOD� RUJDQL]DFLRQDO�QR�QtYHO�LQVWLWXFLRQDO�� x� 2UJDQL]DomR�QR�QtYHO�GHSDUWDPHQWDO��p�TXDQGR�HVWD�IXQomR� RUJDQL]DFLRQDO� p� WUDWDGD� SHOD� JHUrQFLD� LQWHUPHGLiULD�� DEUDQJHQGR�FDGD�GHSDUWDPHQWR�RX�XQLGDGH�GD�HPSUHVD��7UDWD� VH�GR�GHVHQKR�GHSDUWDPHQWDO�RX�GHSDUWDPHQWDOL]DomR�� x� 2UJDQL]DomR�QR�QtYHO�GDV�WDUHIDV�H�RSHUDo}HV��p�R�FDVR�GD� RUJDQL]DomR� TXH� IRFDOL]D� DV� WDUHIDV� GR� HPSUHHQGLPHQWR�� VXDV� DWLYLGDGHV� H� RSHUDo}HV�� e� DTXL� TXH� VH� LQVHUH� R� GHVHQKR� GH� FDUJRV�RX�WDUHIDV��WUDWDGR�QR�QtYHO�PDLV�EDL[R�GD�RUJDQL]DomR��R� RSHUDFLRQDO�� � �����'LUHomR�� $� IXQomR� GH� GLULJLU� HVWi� UHODFLRQDGD� FRP� D� FRQGXomR� GRV� WUDEDOKRV� H[HFXWDGRV��SDUD�TXH�RV�REMHWLYRV�GD�RUJDQL]DomR�SRVVDP�VHU�DWLQJLGRV��(VWD� IXQomR�p� UHVSRQViYHO�SRU� DFLRQDU�H� GLQDPL]DU�D�HPSUHVD�SDUD�TXH�HOD�SRVVD� IXQFLRQDU�DGHTXDGDPHQWH�� $� GLUHomR� VH� UHODFLRQD� FRP� DV� SHVVRDV� GD� HPSUHVD�� (OD� p� D� IXQomR� DGPLQLVWUDWLYD�TXH�WUDWD�GR�UHODFLRQDPHQWR�HQWUH�RV�DGPLQLVWUDGRUHV�H�RV�VHXV� VXERUGLQDGRV�� SRU� LVVR�� p� SRVVtYHO� GL]HU� TXH� HOD� HVWi� FHQWUDGD� QDV� UHODo}HV� KXPDQDV��$VVLP��HQTXDQWR�DV�RXWUDV� IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR� VmR� LPSHVVRDLV��D�GLUHomR�p�HPLQHQWHPHQWH�LQWHUSHVVRDO��HQWUH�SHVVRDV��� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� 1R�QtYHO�HVWUDWpJLFR�D�IXQomR�GLUHomR� HVWDEHOHFH� SROtWLFDV� H� GLUHWUL]HV� GH� GLUHomR� H� FRQGXomR�GR�SHVVRDO��1R�QtYHO�WiWLFR�UHDOL]D�D� JHUrQFLD� H� DSOLFDomR� �DORFDomR�� GH� UHFXUVRV� FRP�YLVWDV�j�DomR�HPSUHVDULDO�H�OLGHUDQoD��1R� QtYHO� RSHUDFLRQDO� p� RQGH� HVWi� D� FKHILD�� VXSHUYLVmR� H� PRWLYDomR� GR� SHVVRDO� �&+,$9(1$72��������� 'HYH�VH� SHUFHEHU� TXH� DV� SHVVRDV� VmR� R� SULQFLSDO� UHFXUVR� GD� RUJDQL]DomR�� GHYHQGR� VHU� GLULJLGDV� QR� H[HUFtFLR� GH� VXDV� IXQo}HV� SDUD� D� FRQVHFXomR�GRV�REMHWLYRV� RUJDQL]DFLRQDLV��1HVWH� VHQWLGR�� DV� SHVVRDV�XWLOL]DP� RV�GHPDLV�UHFXUVRV�GLVSRQtYHLV��ILQDQFHLURV��PDWHULDLV��WHFQROyJLFRV��HWF���SDUD� FRQFUHWL]DUHP�VXDV�Do}HV�� 1D� IXQomR� GH� GLUHomR�� VmR� WUrV� DV� SULQFLSDLV� DWLYLGDGHV� GHVHPSHQKDGDV�SHOR�DGPLQLVWUDGRU�� ��� &RPXQLFDomR��RV�DGPLQLVWUDGRUHV�SUHFLVDP�VH�FRPXQLFDU�FRP� RV� VHXV� VXERUGLQDGRV� SDUD� LQGLFDU�OKHV� RV� FDPLQKRV� D� VHUHP� VHJXLGRV�H�UHFHEHUHP�IHHGEDFN�� ���0RWLYDomR�� QR� H[HUFtFLR� GD� IXQomR� GH� GLUHomR�� RV� DGPLQLVWUDGRUHV� EXVFDP� XWLOL]DU�VH� GD� FRPXQLFDomR� SDUD� HVWLPXODU�D�PRWLYDomR�GRV�VXERUGLQDGRV�� ��� /LGHUDQoD�� R� H[HUFtFLR� GD� OLGHUDQoD� WDPEpP� XWLOL]D� GD� FRPXQLFDomR� SDUD� LQIOXHQFLDU� R� FRPSRUWDPHQWR� GRV� VXERUGLQDGRV� SDUD� TXH� HOHV� GHVHMHP� UHDOL]DU� DV� DWLYLGDGHV� UHOHYDQWHV�SDUD�D�RUJDQL]DomR�� � 2� FRQFHLWR� GH� GLUHomR� p� DSOLFiYHO� D� WRGDV� DV� SHVVRDV� TXH� DWXDP� GHQWUR�GRV�OLPLWHV�RUJDQL]DFLRQDLV��HP�TXDOTXHU�XP�GH�VHXV�WUrV�QtYHLV�� �ƚĞŶĕĆŽ P� ?ĂůŽĐĂĕĆŽ�ĚĞ�ƌĞĐƵƌƐŽƐ ?�Ġ�ƵŵĂ� ĞdžƉƌĞƐƐĆŽ� ƋƵĞ� ŐĞƌĂ� ŵƵŝƚĂ� ĐŽŶĨƵƐĆŽ ?� /ƐƐŽ�ĂĐŽŶƚĞĐĞ�ƉĞůĂ�ŶĂƚƵƌĞnjĂ�ĚĂ�ƉĂůĂǀƌĂ� Ğ� ƉĞůŽ� ƐĞƵ� ƵƐŽ� ŝŶĚŝƐĐƌŝŵŝŶĂĚŽ ?� ũƵŶƚŽ� ĐŽŵ� ƐŝŶƀŶŝŵŽƐ ?� ƉĞůĂ� ůŝƚĞƌĂƚƵƌĂ� ĞƐƉĞĐŝĂůŝnjĂĚĂ ?� �ƐƐŝŵ ?� ĂůŽĐĂĕĆŽ� ĚĞ� ƌĞĐƵƌƐŽƐ� ŽƌĂ� ĂƉĂƌĞĐĞ� ĐŽŵŽ� ĨƵŶĕĆŽ� ?ĚĞĐŝƐſƌŝĂ ?�ĚŽ�ƉůĂŶĞũĂŵĞŶƚŽ ?�ŽƌĂ�ĐŽŵŽ� ĨƵŶĕĆŽ� ?ĞƐƚƌƵƚƵƌĂů?�ĚĞ�ŽƌŐĂŶŝnjĂĕĆŽ ?�ŽƌĂ� ĐŽŵŽ�ĨƵŶĕĆŽ� ?ĚĞ�ĚŝĂ�Ă�ĚŝĂ ?�ĚĂ�ĚŝƌĞĕĆŽ ?� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� 3UHVLGHQWH��'LUHWRUHV��DOWRV�H[HFXWLYRV��VmR�DV�SRVLo}HV�GH� GLUHomR�RFXSDGD�SRU�SHVVRDV�QR�QtYHO�LQVWLWXFLRQDO��TXH�DEUDQJH� D�RUJDQL]DomR�FRPR�XP�WRGR�RX�JUDQGHV�iUHDV�GD�PHVPD�� x� *HUHQWHV�H�SHVVRDO�LQWHUPHGLiULR��WUDWD�VH�GDV�SRVLo}HV�TXH� H[HUFHP� D� GLUHomR� QR� QtYHO� LQWHUPHGLiULR� GD� RUJDQL]DomR�� DERUGDQGR�FDGD�GHSDUWDPHQWR�RX�XQLGDGH�� x� 6XSHUYLVRUHV� H� HQFDUUHJDGRV�� VmR� DV� SRVLo}HV� GH� GLUHomR� TXH�DEUDQJHP�JUXSRV�GH�SHVVRDV�H�WDUHIDV�QR�QtYHO�RSHUDFLRQDO� GD�RUJDQL]DomR�� � �����&RQWUROH�H�DYDOLDomR�� 2�WHUPR�³FRQWUROH´�SRVVXL�GLIHUHQWHV�VLJQLILFDGRV��9HMDPRV�DOJXPDV�� x� &RQWUROH� FRPR� DXWRPDomR�� PDQWHP� R� IXQFLRQDPHQWR� GR� VLVWHPD�� YHULILFDQGR� QmR� FRQIRUPLGDGHV� GH� XP� SURFHVVR� SDUD� TXH�YROWH�j�QRUPDOLGDGH�GH�PDQHLUD�DXWRPiWLFD�� x� &RQWUROH�FRPR�UHVWULomR�H�FRHUomR��EXVFD�UHVWULQJLU�RX�FRLELU� GHVYLRV�� VHQGR�DWULEXtGR�XP�YDORU� VRFLDO� QHJDWLYR� DRV�GHVYLRV�� TXH�SDVVDP�D�VHU�FRQVLGHUDGRV�HUURV�� x� &RQWUROH� FRPR� IXQomR� DGPLQLVWUDWLYD�� p� D� IXQomR� GR� SURFHVVR� DGPLQLVWUDWLYR� TXH� YHULILFD� R� TXH� IRL� SODQHMDGR�� DSRQWDQGR�SDUD�PHLRV�GH�FRUUHomR�GH�UXPRV�� � � � � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� � � � � � � � � (P�HVVrQFLD��R�FRQWUROH�EXVFD�YHULILFDU�FRPR�DV�DWLYLGDGHV�UHDOL]DGDV� QD�RUJDQL]DomR�HVWmR� VH� FRPSRUWDQGR�HP� UHODomR�DR� TXH� HVWDYD�SUHYLVWR�QR� SODQHMDPHQWR�� 'HVWH� PRGR�� HOH� SUHVVXS}H� D� H[LVWrQFLD� GH� XP� SODQR� D� VHU� VHJXLGR�H�GH�DWLYLGDGHV�H�UHVXOWDGRV�D�VHUHP�FRQWURODGRV��(P�RXWUDV�SDODYUDV�� p�SRVVtYHO�GL]HU�TXH�R�FRQWUROH�p�D�DWLYLGDGH�TXH�UHDOL]D�D�FRUUHomR�GH�UXPRV� FRP�EDVH�QR�SODQHMDPHQWR��RUJDQL]DomR�H�GLUHomR�GR�SURFHVVR�DGPLQLVWUDWLYR�� 1R� QtYHO� HVWUDWpJLFR� VmR� UHDOL]DGRV� FRQWUROHV� JOREDLV� H� DYDOLDomR� GR� GHVHPSHQKR� GD� HPSUHVD� FRPR� XP� WRGR�� 1R� QtYHO� WiWLFR� RV� FRQWUROHV� H� DYDOLDomR�VmR� IHLWRV�VREUH�R�GHSDUWDPHQWR�H�QR�QtYHO�RSHUDFLRQDO�HOHV�VH�GmR� VREUH�RV�LQGLYtGXRV��&+,$9(1$72��������� +RMH�HP�GLD��R�SDSHO�GR�FRQWUROH�QD�DGPLQLVWUDomR�p�GLIHUHQWH�GR�TXH� VH�WLQKD�Ki�DOJXPDV�GpFDGDV��1R�SDVVDGR��R�IRFR�GD�DGPLQLVWUDomR�FRPR�XP� WRGR�HVWDYD�VREUH�R�FRQWUROH��(UD�QHFHVViULR�UHDOL]DU�R�FRQWUROH�GD�SURGXomR��R� FRQWUROH� GRV� IXQFLRQiULRV�� HWF�� ±� R� TXH� ID]LD� FRP� TXH� DV� RXWUDV� IXQo}HV� RUJDQL]DFLRQDLV� IRVVHP� WLGDV� FRPR� PHQRV� LPSRUWDQWHV�� &RP� R� DXPHQWR� GD� YHORFLGDGH� GDV� PXGDQoDV� ±� FDUDFWHUtVWLFR� GD� HUD� GD� LQIRUPDomR� �� R� FRQWUROH� �ŝƌĞĕĆŽ� KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ� WůĂŶĞũĂŵĞŶƚŽ� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� SDVVRX�D�GDU�PDLV�HVSDoR�jV�RXWUDV� IXQo}HV�RUJDQL]DFLRQDLV��SDVVDQGR�D� VHU� YLVWR�QmR�FRPR�D�DWLYLGDGH�ILP�GD�DGPLQLVWUDomR��PDV�FRPR�XP�PHLR�SDUD�TXH� RV�UHVXOWDGRV�RUJDQL]DFLRQDLV�SRVVDP�VHU�DWLQJLGRV��$VVLP��R�FRQWUROH�SDVVRX�D� VHU� FRQVLGHUDGR�FRPR�XPD�HWDSD� WmR� LPSRUWDQWH�TXDQWR� DV�RXWUDV�HWDSDV�GR� SURFHVVR�DGPLQLVWUDWLYR�� &RP�LVWR�HP�PHQWH��GHYHPRV�VDEHU�TXH�WRGR�PHFDQLVPR�GH�FRQWUROH� GHYH� LQFOXLU� DOJXQV� DVSHFWRV� HVVHQFLDLV�� 3DUD� +D\QHV� H� 0DVVLH� ������� DSXG� &KLDYHQDWR���������GHYH�VH�GHVWDFDU���QR�FRQWUROH���D�H[LVWrQFLD�GH�� ���2EMHWLYR�� R� FRQWUROH� UHTXHU� XP� REMHWLYR�� XP� ILP� SUHGHWHUPLQDGR��XP�SODQR��XPD� OLQKD�GH�DWXDomR��XP� SDGUmR�� XPD� QRUPD�� XPD� UHJUD� GHFLVyULD�� XP� FULWpULR� RX�XPD�XQLGDGH�GH�PHGLGD�� ���0HGLomR�� R� FRQWUROH� UHTXHU� XP� PHLR� GH� PHGLU� D� DWLYLGDGH�GHVHQYROYLGD��2�TXH�QmR�VH�SRGH�PHGLU�QmR� VH�SRGH�DGPLQLVWUDU�� ��� &RPSDUDomR�� XP� SURFHGLPHQWR� SDUD� FRPSDUDU� WDO� DWLYLGDGH�FRP�R�FULWpULR�GHILQLGR�� ��� &RUUHomR�� DOJXP� PHFDQLVPR� TXH� FRUULMD� D� DWLYLGDGH� HP� FXUVR� SDUD� SHUPLWLU�OKH� DOFDQoDU� RV� UHVXOWDGRV� GHVHMDGRV�� e�LPSRUWDQWH�TXH�VH�VDLED�TXH�R�FRQWUROH�QRUPDOPHQWH�p�H[HUFLGR�HP� UHODomR� DV� DWLYLGDGHV� LQWHUQDV� �UHFXUVRV� KXPDQRV�� HVWRTXH�� SURGXomR�� HWF���� PDV�R�DFRPSDQKDPHQWR�REMHWR�GD�IXQomR�GH�FRQWUROH�WDPEpP�SRGH�VH�GDU�HP� UHODomR� DRV� IDWRUHV� H[WHUQRV�� DSHVDU� GHOHV� QmR� VHUHP� JHUHQFLiYHLV� SHOD� RUJDQL]DomR�� $OpP� GLVVR�� GLIHUHQWHV� IDWRUHV� SRGHP� LQIOXHQFLDU� D� PDQHLUD� DWUDYpV�GD�TXDO�D�RUJDQL]DomR�HVWUXWXUD�RV�VHXV�PHFDQLVPRV�GH�FRQWUROH��WDLV� FRPR��R�VHX�WDPDQKR��D�FHQWUDOL]DomR�GHVFHQWUDOL]DomR�GH�VXDV�DWLYLGDGHV��R� JUDX� GH� GHILQLomR�� GRFXPHQWDomR� H� FRPXQLFDomR� GDV� SROtWLFDV� H� SURFHGLPHQWRV��D�WHUFHLUL]DomR�H�RXWVRXUFLQJ�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ��(�SDUD�TXH�VHUYH�R�FRQWUROH"� 2V� FRQWUROHV� SRGHP� VHUYLU� SDUD� GLIHUHQWHV� TXHVW}HV� RUJDQL]DFLRQDLV�� SRGHQGR�VHU�XWLOL]DGRV�SDUD��+HOOULHJHO�H�6ORFXP�-U��DSXG�&KLDYHQDWR��������� ��� 3DGURQL]DU� R� GHVHPSHQKR�� SRU� PHLR� GH� LQVSHo}HV�� VXSHUYLVmR�� SURFHGLPHQWRV� HVFULWRV� RX� SURJUDPDV�GH�SURGXomR�� ��� 3URWHJHU� RV� EHQV� RUJDQL]DFLRQDLV�� GH� GHVSHUGtFLRV�� URXERV� H� DEXVRV�� SRU� PHLR� GH� H[LJrQFLD� GH� UHJLVWURV� HVFULWRV�� SURFHGLPHQWRV� GH� DXGLWRULD�H�GLYLVmR�GH�UHVSRQVDELOLGDGHV�� ��� 3DGURQL]DU�D�TXDOLGDGH�GH�SURGXWRV�H�VHUYLoRV�� RIHUHFLGRV� SHOD� HPSUHVD�� SRU� PHLR� GH� WUHLQDPHQWR� GH� SHVVRDO�� LQVSHo}HV�� FRQWUROH� HVWDWtVWLFR� GH� TXDOLGDGH�H�VLVWHPDV�GH�LQFHQWLYR�� ��� /LPLWDU� D� TXDQWLGDGH� GH� DXWRULGDGH�� TXH� HVWi� VHQGR�H[HUFLGD�SHODV�YiULDV�SRVLo}HV�RX�SHORV�QtYHLV� RUJDQL]DFLRQDLV�� SRU� PHLR� GH� GHVFULo}HV� GH� FDUJRV�� GLUHWUL]HV� H� SROtWLFDV�� UHJUDV� H� UHJXODPHQWRV� H� VLVWHPDV�GH�FRQWUROH�� ���0HGLU�H�GLULJLU�R�GHVHPSHQKR�GDV�SHVVRDV��SRU� PHLR� GH� VLVWHPDV� GH� DYDOLDomR� GR� GHVHPSHQKR� GR� SHVVRDO�� VXSHUYLVmR� GLUHWD�� YLJLOkQFLD� H� UHJLVWURV�� LQFOXLQGR� LQIRUPDo}HV� VREUH� SURGXomR� SRU� HPSUHJDGR�RX�SHUGDV�SRU�UHIXJRV�SRU�HPSUHJDGRV�� HWF�� ��� &RPR� PHLRV� SUHYHQWLYRV� SDUD� R� DOFDQFH� GRV� REMHWLYRV� RUJDQL]DFLRQDLV�� SHOD� DUWLFXODomR� GH� REMHWLYRV� HP� XP� SODQHMDPHQWR�� SRLV� RV� REMHWLYRV� DMXGDP�D�GHILQLU�R�HVFRSR�DSURSULDGR�H�D�GLUHomR�GR� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� FRPSRUWDPHQWR� GDV� SHVVRDV� SDUD� R� DOFDQFH� GRV� UHVXOWDGRV�GHVHMDGRV�� 'H�IRUPD�PDLV�DPSOD��&KLDYHQDWR��������DILUPD�TXH�R�FRQWUROH�EXVFD� DWHQGHU�GXDV�ILQDOLGDGHV�SULQFLSDLV�� ��� &RUUHomR� GH� IDOKDV� RX� HUURV� H[LVWHQWHV�� R� FRQWUROH� VHUYH� SDUD� GHWHFWDU� IDOKDV� RX� HUURV� �� VHMD� QR�SODQHMDPHQWR�RX�QD�H[HFXomR���SDUD�DSRQWDU�DV� PHGLGDV�FRUUHWLYDV�DGHTXDGDV�SDUD�VDQi�ORV�� ��� 3UHYHQomR�GH�QRYDV�IDOKDV�H�HUURV��DR�FRUULJLU�DV� IDOKDV� RX� HUURV� H[LVWHQWHV�� R� FRQWUROH� DSRQWD� RV� PHLRV� QHFHVViULRV� SDUD� HYLWi�ORV� QR� IXWXUR�� e� XPD� ILQDOLGDGH� SHGDJyJLFD� QR� VHQWLGR� GH� DSUHQGL]DJHP� FRQWtQXD�� � %XVFDQGR�DWLQJLU�WDLV�ILQDOLGDGHV�H�REMHWLYRV��GLYHUVRV�PHFDQLVPRV�GH�FRQWUROH� SRGHP� VHU� HVWUXWXUDGRV� SHOR� VLVWHPD� GH� FRQWUROH� RUJDQL]DFLRQDO�� $� PDLRU� SDUWH� GRV� PpWRGRV� GH� FRQWUROH� SRGH� VHU� DJUXSDGD� HP� TXDWUR� WLSRV� GLIHUHQWHV�� x� &RQWUROHV� SUp�DomR�� JDUDQWHP� TXH� RV� LQVXPRV� HVWHMDP� GLVSRQtYHLV� DQWHV� GDV� Do}HV� VHUHP� H[HFXWDGDV�� $OJXQV� H[HPSORV�GHVWH�WLSR�GH�FRQWUROH�VmR�RV�RUoDPHQWRV�ILQDQFHLURV� H� RV� FURQRJUDPDV�� XPD� YH]� TXH� H[LJHP� R� LQYHVWLPHQWR� GH� WHPSR�H�WUDEDOKR�SDUD�VHUHP�HVWDEHOHFLGRV��3RVVXL�D�YDQWDJHP� GH�IDFLOLWDU�R�FRQWUROH�GHVGH�R� LQLFLR�GDV�WDUHIDV��PDV�SRVVXL�D� GHVYDQWDJHP�GH�QmR�SURSRU� VROXo}HV�UHDLV�SDUD�RV�SUREOHPDV� HQIUHQWDGRV�� x� &RQWUROHV� GH� GLUHomR� �RX� FRQWUROH� FRQFRUUHQWH��� VmR� DTXHOHV� TXH� EXVFDP� GHWHFWDU� RV� GHVYLRV� GXUDQWH� D� H[HFXomR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� GH�PRGR�TXH�HYHQWXDLV� FRUUHo}HV�SRVVDP�VHU� IHLWDV� D� WHPSR�� 3RVVXHP� D� YDQWDJHP� SULQFLSDO� GH� SRVVLELOLWDU� D� FRUUHomR� GH� UXPRV��PDV�LVVR�Vy�SRGHUi�VHU�FRQFUHWL]DGR�VH�DV�LQIRUPDo}HV� QHFHVViULDV� SXGHUHP� VHU� FROHWDGDV� GH� PDQHLUD� SUHFLVD� H� HP� WHPSR�RSRUWXQR�� R� &RQWUROHV� GH� VLP�QmR� �RX� GH� WULDJHP��� VmR� DTXHOHV� TXH� SURSRUFLRQDP� XP� PRPHQWR� SDUD� YHULILFDU� D� DSURYDomR� GH� GHWHUPLQDGR� SURFHGLPHQWR� RX� GR� DWHQGLPHQWR� GH� FRQGLo}HV� HVSHFtILFDV�� DQWHV� TXH� D� H[HFXomR� SRVVD� FRQWLQXDU�� *DUDQWHP� D� H[LVWrQFLD� GH� FKHFNSRLQWV� SDUD� TXH� DV� DWLYLGDGHV� VHMDP� FRQWURODGDV�� $SHVDU�GLVVR��QmR�SRVVLELOLWDP�XP�FRQWUROH� FRQVWDQWH�GH� GLUHomR�� x� &RQWUROH�SyV�DomR��RX�FRQWUROH�GH�IHHGEDFN���p�DTXHOH�TXH� PHGH� R� UHVXOWDGR� GD� DomR� TXH� Mi� IRL� H[HFXWDGD� ±� p� XP� IHHGEDFN��1mR�Ki�PDLV� WHPSR�KiELO�SDUD�D�FRUUHomR�GH� UXPRV� GD�DWLYLGDGH��R�TXH�FRQVWLWXL�XPD�JUDQGH�GHVYDQWDJHP��$SHVDU� GLVVR�� DSUHVHQWDP� D� YDQWDJHP� GH� SRVVLELOLWDU� TXH� DV� QRYDV� Do}HV�D�VHUHP�UHDOL]DGDV�QR� IXWXUR� OHYHP�HP�FRQVLGHUDomR�RV� HUURV� DQWHULRUHV� SDUD� TXH� QmR� VH� LQFRUUDP� HP� SUREOHPDV� LGrQWLFRV�DRV�Mi�YHULILFDGRV�QR�SDVVDGR�� 1RWH� TXH� RV� WLSRV� GH� FRQWUROH� DFLPD� SRGHP� VHU� DJUXSDGRV� VLPSOHVPHQWH� HP� WUrV� WLSRV�� DQWHV� GDV� RSHUDo}HV�� GXUDQWH� DV� RSHUDo}HV� H� DSyV�DV�RSHUDo}HV�� � $OpP�GLVVR��DVVLP�FRPR�DV�RXWUDV�IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR�� R� FRQWUROH� WDPEpP� SRGH� VHU� GHVGREUDGR� GH� DFRUGR� FRP� RV� WUrV� QtYHLV� RUJDQL]DFLRQDLV��KDYHQGR�RV�VHJXLQWHV�WLSRV�GH�FRQWUROH�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� &RQWUROH� HVWUDWpJLFR�� p� R� FRQWUROH� TXH� DFRQWHFH� QR� QtYHO� LQVWLWXFLRQDO�� VHQGR� JHQpULFR� H� VLQWpWLFR�� GLUHFLRQDGR� SDUD� R� ORQJR� SUD]R� H� RULHQWDGR� SDUD� R� WRGR� RUJDQL]DFLRQDO�� (VWi� UHODFLRQDGR�FRP�R�SODQHMDPHQWR�HVWUDWpJLFR�� x� &RQWUROH� WiWLFR�� DFRQWHFH� QR� QtYHO� LQWHUPHGLiULR� GD� RUJDQL]DomR��VHQGR�XP�SRXFR�PHQRV�JHQpULFR�H�PDLV�GHWDOKDGR� GR� TXH� R� HVWUDWpJLFR�� (OH� p� GLUHFLRQDGR� SDUD� R� PpGLR� SUD]R� H� DERUGD� D� XQLGDGH� GD� HPSUHVD� RX� FDGD� FRQMXQWR� GH� UHFXUVRV�� (VWi�UHODFLRQDGR�FRP�R�SODQHMDPHQWR�WiWLFR�� x� &RQWUROH�RSHUDFLRQDO��p�PDLV�GHWDOKDGR�H�DQDOtWLFR��DQDOLVDQGR� FDGD�WDUHID�RX�RSHUDomR�LVRODGDPHQWH��FRP�IRFR�QR�FXUVR�SUD]R� H� VHQGR� FRQGX]LGR� QR� QtYHO� RSHUDFLRQDO� GD� RUJDQL]DomR�� (VWi� UHODFLRQDGR�DR�SODQHMDPHQWR�RSHUDFLRQDO�� � 2XWUD� LPSRUWDQWH� WLSRORJLD� VREUH� QtYHLV� GH� FRQWUROH� p� D� GH� 3HUURZ� �������DSXG�&XQKD�HW�DO����������TXH�DILUPD�H[LVWLUHP�FRQWUROHV�GH�SULPHLUD�� VHJXQGD�H�WHUFHLUD�RUGHP��FRQIRUPH�D�VHJXLU�� ��� &RQWUROH�GH�SULPHLUD�RUGHP��VXSHUYLVmR�GLUHWD��7UDWD�VH�GH� XPD� IRUPD� GH� FRQWUROH� PDLV� VLPSOHV�� QD� TXDO� D� VXSHUYLVmR� GLUHWD��FKHIHV��GRQRV��JHUHQWHV��HWF���FRQWUROD�DV�DWLYLGDGHV�GRV� WUDEDOKDGRUHV�� e� PDLV� FRPXP� HP� RUJDQL]Do}HV� SHTXHQDV� H� HPSUHVDV� IDPLOLDUHV�� SRLV� TXDQGR� D� RUJDQL]DomR� FUHVFH� HP� WDPDQKR�H�FRPSOH[LGDGH�HVWH�VH�WRUQD�LQYLiYHO�� ��� &RQWUROH�GH�VHJXQGD�RUGHP��SDGURQL]DomR�GH�SURFHVVRV�� &RP� R� FUHVFLPHQWR� GD� RUJDQL]DomR�� p� IXQGDPHQWDO� TXH� VHXV� SURFHVVRV�VHMDP�SDGURQL]DGRV�SDUD�TXH�KDMD�FRQWUROH�VREUH�VXD� H[HFXomR�� (VWH� QtYHO� GH� FRQWUROH� EDVHLD�VH� HP� GRLV� SLODUHV�� WHFQRORJLD� H� EXURFUDFLD�� 1R� TXH� GL]� UHVSHLWR� j� WHFQRORJLD�� D� FRRUGHQDomR�GH�DWLYLGDGHV�p�IHLWD�SHOD�RUJDQL]DomR�GR�WUDEDOKR� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� H� WHFQRORJLD� HPSUHJDGD�� TXH� SRGHP� SHUPLWLU�� SRU� H[HPSOR�� DXWRPDomR� GR� SURFHVVR�� 1R� TXH� GL]� UHVSHLWR� j� EXURFUDFLD�� R� FRQWUROH�HVWi� OLJDGR�DR� FRQMXQWR�GH� UHJUDV� UDFLRQDLV�TXH�HVWmR� QD� EDVH� GDV� UHODo}HV� VRFLDLV� GD� RUJDQL]DomR�� 1HVWH� VHQWLGR�� D� EXURFUDFLD� SRGH� DJLU� GH� IRUPD� FRHUFLWLYD� RX� FDSDFLWDGRUD�� QR� FRQWUROH�RUJDQL]DFLRQDO�� ��� &RQWUROH� GH� WHUFHLUD� RUGHP�� FRQWUROH� SRU� SUHPLVVDV� H� FXOWXUD�� 1HVWH� FDVR�� D� FRRUGHQDomR� GRV� WUDEDOKRV� p� REWLGD� DWUDYpV�GH�XP�VLVWHPD�GH�SDUWLOKD�GH�SUHVVXSRVWRV�� FUHQoDV� H� YDORUHV�TXH�RULHQWDP�R�FRPSRUWDPHQWR�GRV�LQGLYtGXRV�HP�QtYHO� PDLV� SURIXQGR�� 7UDWD�VH� GH� XP� PHFDQLVPR� GH� FRQWUROH� PDLV� LPSOtFLWR�GR�TXH�RV�GHPDLV�� � $OpP�GRV�WLSRV�GH�FRQWUROH�TXH�VHUYHP�SDUD�FRQWURODU�R�GHVHPSHQKR� RUJDQL]DFLRQDO�� YRFr� GHYH� VDEHU� WDPEpP� TXH� GHVGH� TXH� VH� FRPHoRX� D� FRQVLGHUDU�D�QHFHVVLGDGH�GR�FRQWUROH�QD�RUJDQL]DomR��HVWH�WHP�VLGR�RULHQWDGR�j� H[FHomR��FRQIRUPH�VH� YHULILFD�QRV�HVWXGRV�GH�7D\ORU�� 3DUD�HOH��DV� WDUHIDV�GD� RUJDQL]DomR� GHYHULDP� VHU� SDGURQL]DGDV� �XPD� HVSpFLH� GH� SODQHMDPHQWR�� H� H[HFXWDGDV�FRQIRUPH�R�SODQHMDGR��2�FRQWUROH�FRQVLVWLULD�HP�EXVFDU�D�H[FHomR�j� UHJUD�� RX� VHMD�� HQFRQWUDU� RV� FDVRV� QRV� TXDLV� DV� WDUHIDV� HVWLYHVVHP� VHQGR� UHDOL]DGDV�GH�PDQHLUD�GLIHUHQWH�GR�SUHYLVWR�LQLFLDOPHQWH�� $VVLP�� QRV� GLIHUHQWHV� QtYHLV� GH� FRQWUROH� SHUFHEH�VH� D� H[LVWrQFLD� GH� XPD� VHTXrQFLD� GH� DWLYLGDGHV� SDUD� D� UHDOL]DomR� GR� FRQWUROH�� (VVD� VHTXrQFLD� EXVFD� DVVHJXUDU� TXH� R� FRQWUROH� SRVVD� H[HUFHU� VXD� WDUHID� FHQWUDO� GH�� HQFRQWUDQGR�D� H[FHomR�j� UHJUD�� DJLU� FRUUHWLYDPHQWH��6mR� TXDWUR� DV� IDVHV�GR� FRQWUROH�QDV�RUJDQL]Do}HV�� ��� (VWDEHOHFLPHQWR� GH� SDGU}HV� GH� GHVHPSHQKR� H� FULWpULRV� SDUD� FRPSDUDomR�IXWXUD�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ��� $YDOLDomR� GRV� UHVXOWDGRV� H� GHVHPSHQKRV� DOFDQoDGRV� SHOD� RUJDQL]DomR�� ��� &RPSDUDomR� HQWUH� R� GHVHPSHQKR�UHVXOWDGR� DOFDQoDGR� H� R� GHVHPSHQKR�UHVXOWDGR�IL[DGR�LQLFLDOPHQWH�� ��� (VWDEHOHFLPHQWR�GH�Do}HV�FRUUHWLYDV�SDUD�FRUULJLU�RV�UXPRV�� 'LVFXWLQGR� VREUH� R� TXH� GHYH� VHU� DYDOLDGR�� PHGLGR� H� FRQWURODGR� QDV� RUJDQL]Do}HV��&KLDYHQDWR� �������DSXG� &KLDYHQDWR��������DILUPD�TXH�HODV� VH� SUHRFXSDP�FRP�RV�UHVXOWDGRV��FRP�R�GHVHPSHQKR�H�FRP�RV�IDWRUHV�FUtWLFRV�GH� VXFHVVR�� 1R� TXH� GL]� UHVSHLWR� j� PHGLomR� GR� GHVHPSHQKR�� R� UHIHULGR� DXWRU� DILUPD� TXH� RV� DVSHFWRV� PDLV� IRFDOL]DGRV� VmR� �WUDQVFUHYR� DTXL� FRQIRUPH� GLWR� SHOR�DXWRU��SDUD�TXH�YRFr�YHMD�H[DWDPHQWH�FRPR�D�EDQFD�SRGH�FREUDU��� ��� /XFUDWLYLGDGH�� HVWi� UHODFLRQDGD� DR� YROXPH� GH� GLQKHLUR� JHUDGR� DSyV� GHGX]LGDV� DV� GHVSHVDV�� e� D� PHGLGD� HP�TXH�DV� UHFHLWDV� XOWUDSDVVDP�RV� FXVWRV�� $V� PHGLGDV� GH� OXFUDWLYLGDGH� PDLV� XVDGDV�� YHQGDV� OLTXLGDV��WRWDO�GH�YHQGDV�HP�UHDLV�PHQRV�FXVWRV�GH� SURGXomR� GRV� EHQV�VHUYLoRV��� JDQKRV� SRU� IDWLD� GH� HVWRTXH��UHWRUQR�GR�LQYHVWLPHQWR��H�RXWUDV�� ��� &RPSHWLWLYLGDGH�� GL]� UHVSHLWR� DR� VXFHVVR� GH� XPD� HPSUHVD� HP� UHODomR� DRV� VHXV� FRQFRUUHQWHV�� $V� PHGLGDV� GH� FRPSHWLWLYLGDGH� PDLV� XVDGDV� VmR�� SHUFHQWDJHP�GD�IDWLD�GH�PHUFDGR�H�YROXPH�WRWDO�GH� YHQGDV� SDUD� XP�FHUWR� SURGXWR�� FRPR� SHUFHQWDJHP� GR�YROXPH�WRWDO�GH�YHQGDV�GH�WRGRV�RV�SURGXWRUHV�� ��� (ILFLrQFLD�� VLJQLILFD�R�DOFDQFH�GH�UHVXOWDGRV�FRP�R� PtQLPR� XVR� GH� UHFXUVRV�� e� D� SRUFHQWDJHP� GRV� UHFXUVRV�UHDOPHQWH�XWLOL]DGRV�VREUH�RV�UHFXUVRV�TXH� IRUDP�SODQHMDGRV�SDUD�VHUHP�XWLOL]DGRV�� ������ 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� $�HILFLrQFLD�DQDOLVD�R� ODGR�GD�HQWUDGD�GR�VLVWHPD�H� PHGH�R�GHVHPSHQKR�GR�JHUHQFLDPHQWR�GR�VLVWHPD�� 7RGDV� DV� HQWUDGDV� GR� VLVWHPD� SRGHP� VHU� VXEPHWLGDV�j�DYDOLDomR�GH�HILFLrQFLD��PmR�GH�REUD�� SHVVRDO�DGPLQLVWUDWLYR��HTXLSDPHQWR��RX�XWLOL]DomR��� PDWHULDO��LQIRUPDo}HV�HWF�� $V�PHGLGDV�GH�HILFLrQFLD�PDLV�XVDGDV�VmR��UHFXUVRV� DSOLFDGRV� SRU� XQLGDGH� GH� VDtGD�� WHPSR� GH� SURFHVVDPHQWR� SRU� XQLGDGH� SURGX]LGDV�� Q~PHUR� PpGLR� GH� FOLHQWHV� VHUYLGRV� RX� XQLGDGHV� SURGX]LGDV� SRU� HPSUHJDGR�� WHPSR� PpGLR� GH� PDQXWHQomR� GDV� PiTXLQDV�H�HTXLSDPHQWRV�� ��� (ILFiFLD�� p� D� SRUFHQWDJHP� GD� VDtGD� UHDO� VREUH� D� VDtGD�HVSHUDGD��e�UHODWLYD�DRV�PHLRV�H�FRLVDV�FHUWDV� SDUD�DWHQGHU�jV�QHFHVVLGDGHV�GR�FOLHQWH� ������ $�HILFiFLD�DQDOLVD�R�ODGR�GD�VDtGD�GR�VLVWHPD�H�WUDWD� GD� LPSOHPHQWDomR� GRV� REMHWLYRV�� ID]HU� R� TXH� VH� SODQHMRX�� $V� PHGLGDV� GH� HILFiFLD� GHYHP� UHIOHWLU� VH� RV�UHVXOWDGRV�GHVHMDGRV�HVWmR�VHQGR�DWLQJLGRV�� $V�PHGLGDV�GH�HILFiFLD�PDLV�XVDGDV�VmR��Q~PHUR�GH� FOLHQWHV� TXH� UHWRUQDP�� VDWLVIDomR� GR� FOLHQWH�� DWHQGLPHQWR�jV�QHFHVVLGDGHV�GD�VRFLHGDGH�� ���4XDOLGDGH�� UHIHUH�VH� j� DGHTXDomR� HP� UHODomR� jV� HVSHFLILFDo}HV� RX� UHTXLVLWRV� RX� VXSHUDomR� GRV� PHVPRV�� $V� PHGLGDV� PDLV� XVDGDV� VmR�� SHUFHQWDJHP�GH�SURGXWRV�TXH�DWHQGHP�DRV�FULWpULRV� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� GH� TXDOLGDGH�� Q~PHUR� GH� UHFODPDo}HV� GH� FOLHQWHV�� Q~PHUR� GH� SURGXWRV� UHMHLWDGRV�� VDWLVIDomR� GR� FOLHQWH�� ��� ,QRYDomR��p�R�JUDX�HP�TXH�VH�SURGX]�QRYDV�LGHLDV� RX� VH� DGDSWDP� YHOKDV� LGHLDV� SDUD� FULDU� UHVXOWDGRV� OXFUDWLYRV��$V�PHGLGDV��Q~PHUR�GH�SDWHQWHV�REWLGDV� SDUD� RV� QRYRV� SURGXWRV�� Q~PHUR� GH� QRYRV� SURGXWRV�VHUYLoRV� GHVHQYROYLGRV�� Q~PHUR� GH� VXJHVW}HV� GH� HPSUHJDGRV� LPSOHPHQWDGDV�� YROXPH� GH� GLQKHLUR� HFRQRPL]DGR� SRU� PHOKRULDV� FRQWLQXDU� QRV�SURFHVVRV�GH�WUDEDOKR�� ��� 3URGXWLYLGDGH�� p� D� UHODomR� HQWUH� DV� VD~GDV� H� DV� HQWUDGDV�GR�VLVWHPD�� ������ $V� PHGLGDV� GH� SURGXWLYLGDGH� SRGHP� VHU� DSOLFDGDV� SDUD� FDGD� HQWUDGD� RX� FRPELQDomR� GH� HQWUDGDV�� YHQGDV�� FXVWRV� HWF�� 8WLOL]DP� UD]}HV� VLPSOHV�� FRPR� WRQHODGDV� SRU� KRPHP�KRUD� �HVSHUDGDV� H� UHDLV��� SURGXomR�SRU�RSHUiULR�GLD�� ���4XDOLGDGH�GH�YLGD�QR�WUDEDOKR��WHP�UHODomR�FRP� RV� DVSHFWRV� GR� DPELHQWH� ItVLFR� H� SVLFROyJLFR� GR� WUDEDOKR� TXH� VmR� LPSRUWDQWHV�SDUD�RV� IXQFLRQiULRV�� $V� PHGLGDV� PDLV� XVDGDV� VmR�� VDWLVIDomR� GRV� HPSUHJDGRV�� tQGLFH� GH� URWDWLYLGDGH� H� GH� DEVHQWHtVPR� GRV� IXQFLRQiULRV�� tQGLFH� GH� DFLGHQWHV� QR�WUDEDOKR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� $SUHVHQWR�DLQGD�R� FRQFHLWR�GH�HIHWLYLGDGH��TXH�p�R�JUDX�GR� LPSDFWR� JHUDGR�SHORV�SURGXWRV�H�VHUYLoRV�GD�RUJDQL]DomR�VREUH�R�VHX�DPELHQWH��VHQGR� PDLV�OLJDGR�j�0LVVmR�GD�RUJDQL]DomR�H�GH�PDLV�GLItFLO�PHQVXUDomR�� 7RGRV�HVVHV�IDWRUHV�VmR�LPSRUWDQWHV�SDUD�TXH�D�RUJDQL]DomR�HVWUXWXUH� R�VHX�VLVWHPD�GH�PHGLomR�GH�GHVHPSHQKR��PDV�YRFr�QmR�GHYH�DSHQDV�GHFRUi� ORV��9DOH�D�SHQD�HQWHQGr�ORV�GH�YHUGDGH��SRLV�D�VXD�EDQFD�SRGH�FREUDU�GH�XPD� IRUPD� GLIHUHQWH���� 2� REMHWLYR� p� TXH� YRFr� VDLED� UHVROYHU� D� TXHVWmR� DWp� VH� D� EDQFD�SHGLU�R�DVVXQWR�FRQIRUPH�PHQFLRQDGR�SRU�XP�DXWRU�PXLWR�HVSHFtILFR�� $VVLP�� EXVTXH� HQWHQGHU� R� DVVXQWR� TXH� DFDEDPRV� GH� HVWXGDU�� SDUD� TXH�SRVVD�DSOLFDU�R�FRQKHFLPHQWR�QD�TXHVWmR�GH�SURYD�� � � 9DPRV�DR�SUy[LPR�WHPD�GD�DXOD�GH�KRMH�� � � � � � � � � � 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ��� &RPXQLFDomR�� 1HQKXPD�RUJDQL]DomR��S~EOLFD�RX�SULYDGD��H[LVWH�VHP�D�FRPXQLFDomR�� e�DWUDYpV�GHOD�TXH�RV�PHPEURV�GD�RUJDQL]DomR�VH�FRPXQLFDP�HQWUH�VL�H�FRP�D� VRFLHGDGH�� $� FRPXQLFDomR� RUJDQL]DFLRQDO� SRGH� VHU� LQWHUQD� RX� H[WHUQD�� ,QWHUQDPHQWH�� HOD� EXVFD� FRPXQLFDU� DRV� IXQFLRQiULRV� LQIRUPDo}HV� VREUH� D� SUySULD�RUJDQL]DomR��PD[LPL]DQGR�D� LQWHJUDomR�FRP�RV� IXQFLRQiULRV�H�GHVWHV� FRP�D�RUJDQL]DomR��([WHUQDPHQWH��HOD�EXVFD�FRQVROLGDU�H�DPSOLDU�VXD�LPDJHP� SHUDQWH�RV�VHXV�S~EOLFRV�GH�LQWHUHVVH�� 8P�SULPHLUR�SHQVDPHQWR�SRGH�DVVRFLDU�D�FRPXQLFDomR�D�XP�VLPSOHV� IHQ{PHQR�GH� WUDQVPLVVmR�GH� LQIRUPDo}HV��6H�DOJXpP� IDOD�DOJXPD�FRLVD�SDUD� RXWUHP��Ki�R�IHQ{PHQR�GD�FRPXQLFDomR��1D�YHUGDGH��D�FRPXQLFDomR�YDL�DOpP�� SRLV�HOD�HQJORED�R�FRQFHLWR�GH�VLJQLILFDGR��e�SUHFLVR�TXH�DTXLOR�TXH�HVWi�VHQGR� WUDQVPLWLGR� SRVVXD� VLJQLILFDGR��0DLV� GR� TXH� LVVR�� p� SUHFLVR� TXH� R� VLJQLILFDGR� TXH�R�HPLVVRU�EXVFD�WUDQVPLWLU�VHMD�R�VLJQLILFDGR�FRPSUHHQGLGR�SHOR�UHFHSWRU� SDUD�TXH�D�FRPXQLFDomR�VHMD�HILFD]�� 1DV� RUJDQL]Do}HV�� D� FRPXQLFDomR� SRGH� VHU� IRUPDO� RX� LQIRUPDO�� $� FRPXQLFDomR� IRUPDO� p� DTXHOD� TXH� VH� Gi� SRU� FDQDLV� RILFLDLV� GH� FRPXQLFDomR�� FRQIRUPH� GHILQLGR� QD� HVWUXWXUD� RUJDQL]DFLRQDO�� 7DLV� FDQDLV� VmR� HVWDEHOHFLGRV� SHOD�RUJDQL]DomR��VHUYLQGR�SDUD�WUDQVPLWLU�PHQVDJHQV�TXH�VH�UHODFLRQHP�FRP� HOD�RX�FRP�VHXV�PHPEURV��2V�FDQDLV� IRUPDLV� LQFOXHP�D�FRPXQLFDomR�YHUWLFDO� DVFHQGHQWH��GHVFHQGHQWH��H�D�FRPXQLFDomR�ODWHUDO��RX�KRUL]RQWDO��� $� FRPXQLFDomR� LQIRUPDO��SRU� VXD�YH]��p� DTXHOD�TXH�VH�Gi�SRU�PHLR� GRV�JUXSRV� LQIRUPDLV�GHQWUR�GD�RUJDQL]DomR��(OHV� VmR�HVSRQWkQHRV�H�R� FDQDO� XWLOL]DGR� p� HVFROKLGR� SHOR� SUySULR� HPLVVRU�� GHQWUR� GDV� SRVVLELOLGDGHV� GLVSRQtYHLV�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� 7DQWR� QDV� RUJDQL]Do}HV� TXDQWR� QRV� JUXSRV�� D� FRPXQLFDomR� H[HUFH� GLIHUHQWHV� IXQo}HV�� 'H� IRUPD� JHUDO�� FRQVLGHUD�VH� TXH� HOD� SRGH� VHUYLU� SDUD� FRQWURODU��PRWLYDU�� JHUDU�H[SUHVVmR�HPRFLRQDO� H�SDUD� WUDQVPLWLU� LQIRUPDo}HV�� 9DPRV�YHU�PHOKRU�FDGD�XPD�GHVVDV�TXDWUR�IXQo}HV�� ��� &RQWUROH�� TXDQGR� RV� IXQFLRQiULRV� VmR� LQIRUPDGRV� TXH� GHYHP� FRPXQLFDU�DOJXPD�VLWXDomR±�FRPR�XPD�UHFODPDomR�UHFHELGD�±� DR�VHX�VXSHULRU�LPHGLDWR��FDGD�YH]�TXH�HVWH�WLSR�GH�LQIRUPDomR� IRU�HQYLDGD��SRU�PHLR�GRV�FDQDLV�IRUPDLV��D�RUJDQL]DomR�HVWDUi� H[HUFHQGR� R� FRQWUROH� VREUH� HVWH� IXQFLRQiULR�� 4XDQGR� R� IXQFLRQiULR�UHFHEH� RUGHQV� H[SUHVVDV� VREUH� R� TXH� ID]HU�� HVWmR� VHQGR� ³FRQWURODGRV´�� $OpP� GLVVR�� GR� SRQWR� GH� YLVWD� GD� FRPXQLFDomR�QRV�JUXSRV�LQIRUPDLV��HOD�SRVVLELOLWD�DR�LQGLYtGXR�R� FRQKHFLPHQWR� VREUH� RV� SDGU}HV� GH� FRPSRUWDPHQWRV� DFHLWRV� SHOR�JUXSR��R�TXH�JHUD�R�FRQWUROH�VRFLDO�GR�FRPSRUWDPHQWR�� ���0RWLYDomR�� D� FRPXQLFDomR� SHUPLWH� TXH� D� RUJDQL]DomR� GHL[H� FODUR�SDUD�R� IXQFLRQiULR��RX�DWp�HVWDEHOHoD� MXQWR�FRP�HVWH��DV� PHWDV� D� VHUHP� DWLQJLGDV�� 2� IXQFLRQiULR� SRGH� HQWmR� EXVFDU� R� DWLQJLPHQWR� GRV� REMHWLYRV� FRPELQDGRV� H� PHQVXUDU� VHX� DWLQJLPHQWR� FRP� EDVH� QR� IHHGEDFN� UHFHELGR�� R� TXH� UHIRUoD� D� PRWLYDomR�� $OpP� GLVVR�� R� IHHGEDFN� REWLGR� SRU� PHLR� FRPXQLFDomR�VREUH�R�SUySULR�GHVHPSHQKR�SRGH�ID]HU�FRP�TXH� R� IXQFLRQiULR� WUDEDOKH� GH� IRUPD� PRWLYDGD� H� DMXVWDGD� jV� GHPDQGDV�GH�GHVHPSHQKR�GD�RUJDQL]DomR�� ��� ([SUHVVmR� HPRFLRQDO�� D� FRPXQLFDomR� p� D� IRUPD� DWUDYpV� GD� TXDO� DV� SHVVRDV� QRV� JUXSRV� H� RUJDQL]Do}HV� WUDQVPLWHP� VHXV� VHQWLPHQWRV� SDUD� R� JUXSR�� FRPR� DQJ~VWLDV�� IUXVWUDo}HV�� VDWLVIDo}HV��IHOLFLGDGH��HWF�� ��� ,QIRUPDomR�� D� PDLV� yEYLD� IXQomR� GD� FRPXQLFDomR� p� D� WUDQVPLVVmR� �H� FRPSUHHQVmR�� GH� LQIRUPDo}HV� ~WHLV� SDUD� D� RUJDQL]DomR�� 7DLV� LQIRUPDo}HV� SRGHP� DSRLDU� R� SURFHVVR� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� GHFLVyULR�� R� PRQLWRUDPHQWR� H� FRQWUROH� GH� Do}HV�� R� SODQHMDPHQWR�GD�RUJDQL]DomR��HWF�� 1XPD�YLVmR�PDLV�HVSHFtILFD��YROWDGD�SDUD�D�PRWLYDomR�LQGLYLGXDO�SDUD� R�WUDEDOKR��&KLDYHQDWR��������S�����������DILUPD�TXH�D�FRPXQLFDomR�WHP�GRLV� SURSyVLWRV�SULQFLSDLV�� ��� 3URSRUFLRQDU� LQIRUPDomR� H� FRPSUHHQVmR� QHFHVViULDV� SDUD� TXH� DV�SHVVRDV�SRVVDP�FRQGX]LU�VH�QDV�VXDV�WDUHIDV�� ��� 3URSRUFLRQDU� DV� DWLWXGHV� QHFHVViULDV� TXH� SURPRYDP� D� PRWLYDomR��FRRSHUDomR�H�VDWLVIDomR�QRV�FDUJRV�� 3DUD� TXH� SRVVD� H[HUFHU� VXDV� IXQo}HV�� DWUDYpV� GD� WUDQVPLVVmR� GH� VLJQLILFDGRV�� D� FRPXQLFDomR� p� XP�SURFHVVR� TXH� RFRUUH� GD� VHJXLQWH� IRUPD�� R� HPLVVRU� FRQYHUWH� R� VLJQLILFDGR� TXH� GHVHMD� WUDQVPLWLU� HP� GHWHUPLQDGD� OLQJXDJHP� FRGLILFDGD� �D� OtQJXD� SRUWXJXHVD�� SRU� H[HPSOR��� WUDQVPLWH� HVWH� VLJQLILFDGR�SRU�XP�FDQDO�DWp�R�UHFHSWRU��TXH�GHFRGLILFD�D�PHQVDJHP�SDUD�TXH� SRVVD� FRPSUHHQGHU� R� VLJQLILFDGR�� 'XUDQWH� HVWH� SURFHVVR�� DOJXQV� IDWRUHV� LQIOXHQFLDP�JHUDQGR�GLILFXOGDGHV�QD�WUDQVPLVVmR�GR�VLJQLILFDGR��$OpP�GLVVR��R� UHFHSWRU� HQYLD� XPD� FRQILUPDomR� GD� FRPSUHHQVmR� GD� PHQVDJHP� SDUD� TXH� R� HPLVVRU�WHQKD�FHUWH]D�GR�VXFHVVR�GD�FRPXQLFDomR�±�WUDWD�VH�GR�IHHGEDFN�� 2�PRGHOR�GH�FRPXQLFDomR�GHVFULWR�QR�SDUiJUDIR�DQWHULRU�GHL[D�FODUD�D� H[LVWrQFLD�GH�GLIHUHQWHV�HOHPHQWRV�GR�SURFHVVR�GH�FRPXQLFDomR�� ��� )RQWH�� p� UHVSRQViYHO� SRU� LQLFLDU� D� PHQVDJHP�� DWUDYpV� GD� FRPXQLFDomR�� ���2�WUDQVPLVVRU��p�R�PHLR�TXH�FRGLILFD�D�PHQVDJHP��FRPR�XP� DSDUHOKR�GH�HPLVVmR�GH�UiGLR���1D�FRPXQLFDomR�GLUHWD��IRQWH�H� HPLVVRU� FRVWXPDP� VHU� D�PHVPD� FRLVD�� Mi� TXH�D� FRGLILFDomR� p� IHLWD�SRU�PHLR�GD� OLQJXDJHP�SHOD� IRQWH��(P�XPD�FRPXQLFDomR� PHGLDGD� �SRU� WHOHIRQH�� SRU� H[HPSOR��� D� IRQWH� p� D� SHVVRD� H� R� WUDQVPLVVRU�p�R�WHOHIRQH�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� ���2�FDQDO��p�R�PHLR�XWLOL]DGR�SDUD�WUDQVPLWLU�D�PHQVDJHP��(OH�p� HVFROKLGR� SHOD� IRQWH� HPLVVRUD� GD� PHQVDJHP�� SRGHQGR� WHU� QDWXUH]D� IRUPDO� �UHODFLRQDGR� FRP� D� HVWUXWXUD� IRUPDO�� RX� LQIRUPDO�� ���2�UHFHSWRU��p�R�LQVWUXPHQWR�GH�GHFRGLILFDomR�GD�PHQVDJHP�� ���2�GHVWLQR��p�TXHP�HVWi�UHFHEHQGR�R�FRQWH~GR�GD�PHQVDJHP� WUDQVPLWLGD�� 1D� FRPXQLFDomR� GLUHWD�� UHFHSWRU� H� GHVWLQR� VmR� D� PHVPD�FRLVD��Mi�TXH�p�D�SHVVRD�TXH�GHFRGLILFD�D�OLQJXDJHP�� ���2� UXtGR�� VmR� DV� LQWHUIHUrQFLDV� TXH� RFRUUHP� QR� VLJQLILFDGR� GD� PHQVDJHP�� VHQGR� PXLWDV� YH]HV� GHFRUUrQFLDV� GDV� EDUUHLUDV� j� FRPXQLFDomR��3RGH�VH�FRQVLGHUDU�TXH�R�UXtGR�QmR�HVWi�QHP�QR� HPLVVRU� QHP� QR� UHFHSWRU�� PDV� SRGH� VHU� FULDGR� FRPR� FRQVHTXrQFLD�GH�VXDV�DWLWXGHV�� � 2XWURV�HOHPHQWRV�TXH�WDPEpP�SRGHP�ID]HU�SDUWH�GR�PRGHOR�VmR��� ���$�FRGLILFDomR��p� R� SURFHVVR� GH� WUDQVIRUPDU� R� VLJQLILFDGR� HP� XPD�PHQVDJHP�D�VHU�WUDQVPLWLGD��IHLWD�SHOR�WUDQVPLVVRU�� ���$�PHQVDJHP��p�R�VLJQLILFDGR�FRGLILFDGR�SDUD�VHU�WUDQVPLWLGR�� ���$� GHFRGLILFDomR�� p� D� WUDGXomR� GD� PHQVDJHP�� SHOR� UHFHSWRU�� HP�XP�VLJQLILFDGR�FRPSUHHQVtYHO�SHOR�GHVWLQR�� ���� 2�IHHGEDFN�UHWURDomR��p�D�LQIRUPDomR�TXH�UHWRUQD�SDUD�R� HPLVVRU�SDUD�TXH�HOH�SRVVD�YHULILFDU�R�VXFHVVR�QD�WUDQVPLVVmR� GD�PHQVDJHP�FRQIRUPH�HUD�SUHWHQGLGR�� � 6HMD� IOH[tYHO��SRLV� VXD�SURYD�SRGH� FREUDU� SHTXHQDV�YDULDo}HV�GHVVH� PRGHOR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� $SHQDV� SDUD� IL[DU�� LPDJLQH� TXH� XPD� SHVVRD� UHVROYH� WUDQVPLWLU� XP� GHWHUPLQDGR�FRQWH~GR�SDUD�D�SRSXODomR�YLD�VLQDO�GH�WHOHYLVmR��,PDJLQH�DLQGD� TXH� R� HPLVVRU� p� XPD� SHVVRD� �H� QmR� D� FDEHoD�FpUHEUR��� TXH� FRGLILFD� D� PHQVDJHP�HP�PHLR� DXGLRYLVXDO�SDUD� WUDQVPLVVmR�HP�XP�GHWHUPLQDGR� FDQDO� �IDL[D� GH� IUHTXrQFLD� GH� UiGLR��� $� GHFRGLILFDomR� DFRQWHFH� QD� WHOHYLVmR� TXH� UHFHEH� R� VLQDO�� 2� UXtGR� SRGH� FDXVDU� GLVWRUo}HV� QD� LPDJHP�� QR� VRP�� RX� QD� FRPSUHHQVmR�GR�UHFHSWRU��SHVVRD���SRLV�SRGH�KDYHU�GHVDWHQomR��PXLWR�EDUXOKR� QR�DPELHQWH��HWF��2�IHHGEDFN��SRU�VXD�YH]��VHULD�GDGR�SRU�PHLR�GR�FRQWUROH�GH� DXGLrQFLD�TXH�RV�FDQDLV�GH�WHOHYLVmR�UHFHEHP�GR�,%23(�� � e�SRVVtYHO�FRQVLGHUDU�TXH��SRU�FRQWD�GR�IHHGEDFN��WDQWR�R�HPLVVRU�TXDQWR�R� UHFHSWRU�SRGHP�VHU�IRQWHV�GD�FRPXQLFDomR��TXH�IOXL�HP�PmR�GXSOD�� � 9DPRV�SHQVDU�DJRUD�QDV�EDUUHLUDV�j�FRPXQLFDomR��-i�VDEHPRV� TXH� HODV� FRQVWLWXHP� R� UXtGR� GD� FRPXQLFDomR� H� TXH� WHQGHP� D� GLVWRUFHU� R� FRQWH~GR�GR�TXH�HVWi�VHQGR�SDVVDGR��PDV�GHYHPRV�VDEHU�DLQGD�TXDLV�VmR�DV� SULQFLSDLV�EDUUHLUDV�H�VHXV�VLJQLILFDGRV��SDUD�TXH�R�VHX�FRQFXUVR�QmR�OKH�SHJXH� GH� VXUSUHVD��9HMDPRV�TXDLV�DV�SULQFLSDLV�EDUUHLUDV�DSUHVHQWDGDV�SRU�5REELQV� �������� FRP� LQFOXV}HV� H� DGDSWDo}HV� PLQKDV� SDUD� TXH� R� WH[WR� ILTXH� PDLV� DSURSULDGR�DR�TXH�p�FREUDGR�HP�SURYDV�GH�FRQFXUVR�� x� )LOWUDJHP�� WUDWD�VH� GD� PDQLSXODomR� GD� LQIRUPDomR� SHOR� HPLVVRU�SDUD�TXH�R�UHFHSWRU�D�YHMD�GH�IRUPD�IDYRUiYHO��7UDWD� VH�GH�XPD�IRUPD�GH�HYLWDU�FRQIOLWRV��$WHQomR��D�ILOWUDJHP�HVWi� QR� HPLVVRU�� TXH� ILOWUD� SUHYLDPHQWH� DV� LQIRUPDo}HV� TXH� VHUmR� SDVVDGDV� SHOD� FRPXQLFDomR�� R� TXH� JHUD� XPD� GLVWRUomR� GD� LQIRUPDomR�UHDO�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� 3HUFHSomR� VHOHWLYD�� DFRQWHFH� TXDQGR� R� UHFHSWRU� GDV� LQIRUPDo}HV� Yr� H� HVFXWD� VHOHWLYDPHQWH�� WHQGR� UHODomR� FRP�DV� FUHQoDV��YDORUHV�H�RXWUDV�FDUDFWHUtVWLFDV�SHVVRDLV�VXDV�� x� 6REUHFDUJD� GH� LQIRUPDomR�� D� FDSDFLGDGH� KXPDQD� GH� SURFHVVDPHQWR� GH� LQIRUPDo}HV� p� OLPLWDGD�� GDt� R� IDWR� GH� TXH� XPD�TXDQWLGDGH�PXLWR�HOHYDGD�GH�LQIRUPDo}HV�SRGH�JHUDU�XPD� VREUHFDUJD� QD� SHUFHSomR� GR� UHFHSWRU�� TXH� SDVVD� D� WHU� GLILFXOGDGH�HP�FRPSUHHQGHU�WXGR�R�TXH�IRL�GLWR�� x� $VSHFWRV� HPRFLRQDLV�� DV� HPRo}HV� WDPEpP� LQIOXHQFLDP� D� SHUFHSomR�GH�XP�LQGLYtGXR�TXDQWR�jV�LQIRUPDo}HV�SDVVDGDV�QR�SURFHVVR�GH�FRPXQLFDomR��6H�HOH�HVWLYHU�WULVWH��SRGHUi�SHUFHEHU� D�PHVPD�LQIRUPDomR�GH�XPD�PDQHLUD�GLIHUHQWH�GDTXHOD�TXH�R� IDULD�VH�HVWLYHVVH�IHOL]�� x� ,GLRPD�VHPkQWLFD�Pi� FRGLILFDomR� H� GHFRGLILFDomR�� R� LGLRPD� H� D� OLQJXDJHP� JHUDP� GLILFXOGDGHV� QD� WUDQVPLVVmR� GD� PHQVDJHP�� 0HVPR� TXH� VH� IDOH� D� PHVPD� OtQJXD�� DV� SDODYUDV� SRGHP� SRVVXLU� VLJQLILFDGRV� XP� SRXFR� �RX� PXLWR��� GLIHUHQWHV� SDUD� FDGD� SHVVRD�� R� TXH� JHUD� FRQVHTXrQFLDV� GH� GLVWRUomR� QD� FRPXQLFDomR��$OpP�GLVVR��p�SUHFLVR�WRPDU�FXLGDGR�QRV�DVSHFWRV� QmR� YHUEDLV� GD� PHQVDJHP�� TXH� WDPEpP� SRGHP� SDVVDU� VLJQLILFDGR�� 8PD� UHFODPDomR� GH� Sp� SDUD� SHVVRDV� VHQWDGDV� LPSOLFD�XPD�SRVLomR�GH�VXSHULRULGDGH�GHVQHFHVViULD�HP�DOJXQV� FDVRV��SRU�H[HPSOR�� x� 6LOrQFLR��R�VLOrQFLR�VREUH�DVVXQWRV�LPSRUWDQWHV���PXLWR�FRPXP� SDUD� VH� HYLWDU� FRQIOLWRV�� HVWUHVVH�� HWF�� ±� FRQVWLWXL� XPD� LPSRUWDQWH� EDUUHLUD� j� FRPXQLFDomR�� SRLV� ID]� FRP� TXH� PHQVDJHQV� TXH� GHYHULDP� VHU� WUDQVPLWLGDV� QmR� R� VHMDP�� $WHQomR��DV�SHVVRDV�GHYHP�SUHVWDU�DWHQomR�DRV�VLOrQFLRV��SRLV� DV� YH]HV� HOHV� SRVVXHP�DOJXP� VLJQLILFDGR�� 3RU� LVVR�� DV� EDQFDV� SRGHP�FREUDU�R�VLOrQFLR�WDQWR�FRPR�EDUUHLUD��FRPR�TXDQWR�XPD� FRPXQLFDomR�SRU�VL�Vy�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� 0HGR� GD� FRPXQLFDomR�� WUDWD�VH� GR� PHGR� TXH� DOJXPDV� SHVVRDV� H[SHULPHQWDP� FRPR� FRQVHTXrQFLD� GH� XPD� DQVLHGDGH� UHODFLRQDGD�j�LQWHUDomR�VRFLDO�� x� 'LIHUHQoDV� GH� JrQHUR�� RV� GLIHUHQWHV� JrQHURV� VH� XWLOL]DP� GD� FRPXQLFDomR�GH�IRUPD�H�SRU�UD]}HV�GLIHUHQWHV��DVVLP��R�TXH�p� GLWR� SRU� XP� SRGH� QmR� VHU� SHUIHLWDPHQWH� FRPSUHHQGLGR� SHOR� RXWUR�� 9DPRV� YHU� R� TXH� GL]� 5REELQV� ������� VREUH� LVVR�� ³SHVTXLVDV�PRVWUDP�TXH�RV�KRPHQV�WHQGHP�D�XVDU�R�GLVFXUVR� SDUD�UHDILUPDU�VHX�VWDWXV��DR�SDVVR�TXH�DV�PXOKHUHV�R�XWLOL]DP� SDUD� FULDU� FRQH[}HV��(VVDV� FRQFOXV}HV��HYLGHQWHPHQWH��QmR� VH� DSOLFDP�D�WRGRV�RV�KRPHQV�QHP�D�WRGDV�DV�PXOKHUHV´�� x� &RPXQLFDomR� ³SROLWLFDPHQWH� FRUUHWD´�� WUDWD�VH� GD� SUHRFXSDomR�H[FHVVLYD�HP�QmR�VHU�RIHQVLYR��R�TXH�WHUPLQD�SRU� FULDU�XP�JUDYH�HQWUDYH�j�FRPXQLFDomR��$V�SHVVRDV�QmR�GL]HP� H[DWDPHQWH� R� TXH� TXHUHP� IDODU� H� D� PHQVDJHP� WUDQVPLWLGD� SRGH�QmR�FRQVHJXLU�FXPSULU�VXD�IXQomR�� x� 6LVWHPD�FRJQLWLYR��p�R�VLVWHPD�GH�SHUFHSo}HV�TXH�WHPRV�SDUD� DGTXLULU� FRQKHFLPHQWRV�� 4XDQGR� H[LVWH� XPD� GLVVRQkQFLD� FRJQLWLYD�DV� LQIRUPDo}HV�TXH� UHFHEHPRV�QmR�SRVVXHP�VHQWLGR� HP�UHODomR�jV�RXWUDV�TXH�Mi�SRVVXtPRV��SRU�LVVR�Ki�GLILFXOGDGH� GH� FRPSUHHQVmR�� $� FRQVRQkQFLD� FRJQLWLYD� DFRQWHFH� TXDQGR� D� SHUFHSomR�GDTXLOR�TXH�VH�REWpP�HP�WHUPRV�GH�LQIRUPDomR�HVWi� GH�DFRUGR�FRP�R�TXH�Mi�H[LVWLD��DTXL�QmR�KDYHULD�EDUUHLUD������ � (VVDV� VmR� DSHQDV� DV� SULQFLSDLV� EDUUHLUDV� j� FRPXQLFDomR�� 2� VHX� FRQFXUVR�SRGH�IDODU�HP�DOJXPD�RXWUD��PDQWHQKD�D�PHQWH�DEHUWD�� $JRUD� TXH� Mi� HQWHQGHPRV� R� PRGHOR�� DV� IXQo}HV� H� DV� EDUUHLUDV� j� FRPXQLFDomR�� GHYHPRV� WHU� HP� PHQWH� TXH� HVWH� SURFHVVR� SRGH� HQYROYHU� WUrV� WLSRV�GH�FRPXQLFDomR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� x� &RPXQLFDomR� RUDO�� p� D� FRPXQLFDomR� WUDQVPLWLGD� RUDOPHQWH�� 3RVVXL�D�YDQWDJHP�GH�VHU� UiSLGD�H� iJLO�� SRGHQGR�VHU�XWLOL]DGD� VHP� GHPRUD�� $� SULQFLSDO� GHVYDQWDJHP� p� TXH� HOD� p� PDLV� VXVFHWtYHO�jV�GLVWRUo}HV�TXH�SRGHP�VHU�FULDGDV�GXUDQWH�D�IDOD�� HVSHFLDOPHQWH� TXDQGR� D� PHQVDJHP� p� GLUHFLRQDGD� D� PXLWDV� SHVVRDV� DR� PHVPR� WHPSR�� ,VVR� SRUTXH� DV� GLIHUHQoDV� QD� FRPSUHHQVmR� GR� VLJQLILFDGR� SRGHP� JHUDU� R� IDPRVR� HIHLWR� ³WHOHIRQH�VHP�ILR´�� x� &RPXQLFDomR� HVFULWD�� FRPR� R� SUySULR� QRPH� GL]�� p� D� FRPXQLFDomR� TXH� p� IHLWD� SRU� PHLR� HVFULWR� HP� FDUWDV�� PHPRUDQGRV��UHODWyULRV��ID[HV��HWF��e�XP�PHLR�GH�FRPXQLFDomR� PDLV� FRQILiYHO� H� TXH� SRVVXL� D� YDQWDJHP� GH� VHU� YHULILFiYHO�� $VVLP�� p� SRVVtYHO� XPD� FKHFDJHP� SRVWHULRU� GR� TXH� IRL� HIHWLYDPHQWH�GLWR��2XWUD�YDQWDJHP�p�TXH�HOD�p�PDLV�FRQILiYHO� GR� TXH� D� RUDO�� ,VVR� DFRQWHFH� SRUTXH� D� FRPXQLFDomR� HVFULWD� p� SHQVDGD��UHSHQVDGD�H�UHYLVDGD�DQWHV�GH�VHU�HQYLDGD��HQTXDQWR� D�FRPXQLFDomR�RUDO�p�SURGX]LGD�ORJR�DSyV�R�SHQVDPHQWR��R�TXH� D� WRUQD� PHQRV� HODERUDGD� GR� TXH� D� HVFULWD�� $SHVDU� GLVVR�� D� FRPXQLFDomR� HVFULWD� WRPD� XP� WHPSR� DGLFLRQDO� SDUD� VHU� SUHSDUDGD��TXDQGR�FRPSDUDGD�j�RUDO�� 3HUFHED�TXH��QD�YHUGDGH��D�YDQWDJHP�GD�FRPXQLFDomR�RUDO�p�D� GHVYDQWDJHP� GD� HVFULWD� �WHPSR� GH� SURGXomR��� HQTXDQWR� D� YDQWDJHP� GD� FRPXQLFDomR� HVFULWD� p� D� GHVYDQWDJHP� GD� RUDO� �FRQILDELOLGDGH�H�YHULILFDELOLGDGH�GR�FRQWH~GR�FRPXQLFDGR��� x� &RPXQLFDomR�QmR�YHUEDO��HVWD�FRPXQLFDomR�QHP�p�RUDO�QHP� HVFULWD�� 1D� YHUGDGH�� HOD� QmR� VH� XWLOL]D� GH� XPD� OLQJXDJHP� FRGLILFDGD� �YHUEDO�� SDUD� H[SUHVVmR�� e� D� OLQJXDJHP� GR� SUySULR� FRUSR�� VHQGR� GHVHQYROYLGD� GH� IRUPD� QDWXUDO� SHODV� SHVVRDV�� e� DWUDYpV�GD� FRPXQLFDomR�QmR�YHUEDO�TXH�SHUFHEHPRV�TXH�XPD� SHVVRD�QmR�HVWi�LQWHUHVVDGD�QR�TXH�GL]HPRV��TXH�HOD�VH�FRORFD� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� GH� XPD� IRUPD� VXSHULRU�� HWF�� 1HVWH� VHQWLGR�� 5REELQV� �������� FLWDQGR� RXWUR� DXWRU�� DILUPD� TXH� ³DV� GXDV� PHQVDJHQV� PDLV� LPSRUWDQWHV�HQYLDGDV�SHOD�OLQJXDJHP�FRUSRUDO�VmR�����R�TXDQWR� XPD� SHVVRD� JRVWD� GD� RXWUD� H� DWp� TXH� SRQWR� HVWi� LQWHUHVVDGD� HP�VHXV�SRQWRV�GH�YLVWD�H�����R�VWDWXV�SHUFHELGR�HQWUH�HPLVVRU� H�UHFHSWRU´�� � 1DV�RUJDQL]Do}HV�� XP�JUDQGH�PL[� GH� FRPXQLFDomR�p� XWLOL]DGR�SHODV� SHVVRDV��HQYROYHQGR�WRGRV�RV�PHLRV�UHODFLRQDGRV�DFLPD��FRQIRUPH�R�FDVR�� 1R� TXH� GL]� UHVSHLWR� j� HVFROKD� GR� FDQDO� GH� FRPXQLFDomR�� WHQKD� HP� PHQWH� TXH� D� RUJDQL]DomR� SRGH� VH� XWLOL]DU� GH� YiULRV�� FRPR� R� HPDLO�� PHPRUDQGRV��UHXQL}HV�YLUWXDLV��UHXQL}HV�SUHVHQFLDLV��HWF�� $�GLIHUHQoD�HQWUH�HOHV�p�TXH�XQV�VmR�PDLV� ULFRV�HP� LQIRUPDo}HV�GR� TXH�RXWURV��SRLV�SRGHP�VH�XWLOL]DU�QmR�Vy�GD�FRPXQLFDomR�YHUEDO��PDV�WDPEpP� GH�GLYHUVRV�HOHPHQWRV�GH�FRPXQLFDomR�QmR�YHUEDO��� &DGD�FDVR�H[LJH�XP�WLSR�GH�FDQDO��R� TXH�YRFr�DFKD�GH�XP�JHUHQWH� TXH�GHPLWH�XP�IXQFLRQiULR�SRU�606�RX�H�PDLO"�(VWD�VHULD�XPD�IRUPD�FRUUHWD� GH�SDVVDU�HVWH�WLSR�GH�FRPXQLFDomR"�4XDO�VHULD�R�WLSR�GH�FDQDO�LGHDO�SDUD�FDGD� FDVR"� $�UHVSRVWD�p�D�VHJXLQWH��RV�FDQDLV�PDLV�ULFRV�HP�LQIRUPDo}HV��FRPR� XPD� UHXQLmR� SHVVRDO��� TXH� SRVVLELOLWDP� XPD� FRPSUHHQVmR�� GLVFXVVmR� H� SHUFHSomR� GH� LQIRUPDo}HV� YHUEDLV� H� QmR� YHUEDLV�� GHYHP� VHU� XWLOL]DGRV� H� SUHIHULGRV�SDUD�D�WUDQVPLVVmR�GH�LQIRUPDo}HV�FRP�PDLRU�QtYHO�GH�DPELJXLGDGH� H� PHQRV� URWLQHLUDV�� (OHV� VHUmR� PDLV� HILFLHQWHV� HP� ID]r�OR�� -i� DV� PHQVDJHQV� PDLV�URWLQHLUDV�H�PHQRV�DPEtJXDV�SRGHP�VHU�WUDQVPLWLGDV�HILFLHQWHPHQWH�SRU� FDQDLV�PDLV�SREUHV�H�iJHLV��FRPR�XPD�PHQVDJHP�GH�H�PDLO��SRU�H[HPSOR�� 00000000000 00000000000 - DEMO �ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?� �dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?� WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?� � � � � WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?� $OpP�GH�HQWHQGHU�RV�HOHPHQWRV�H�R�SURFHVVR�GD�FRPXQLFDomR��YRFr� GHYH�WHU�HP�PHQWH�DLQGD�TXH�HOD�SRGH�IOXLU�HP�GLIHUHQWHV�VHQWLGRV�� x� &RPXQLFDomR�KRUL]RQWDO�ODWHUDO��p�D�FRPXQLFDomR�TXH�VH�Gi� HQWUH� PHPEURV� GH� XP� PHVPR� JUXSR�� GH� JUXSRV� GR� PHVPR� QtYHO�� GH� JHVWRUHV� GR�
Compartilhar