Manual do usuário KONICA MINOLTA DI3010

Lastmanuals oferece um serviço socialmente orientado de compartilhamento e pesquisa de manuais relacionados ao uso de hardwarfe e software: guias de usuário, manuais de proprietário, guias de início rápido, planilhas técnicas... NÃO SE ESQUEÇA: LEIA SEMPRE O GUIA DO USUÁRIO ANTES DE COMPRAR !!!

Se este documento coincide com o guia do usuário, o manual de instruções ou manual do usuário, conjunto de dispositivos ou esquemas que você está procurando, baixe-o agora. Lastmanuals fornece-lhe um acesso fácil e rápido ao manual do usuário KONICA MINOLTA DI3010. Desejamos que este guia de usuário KONICA MINOLTA DI3010 lhe seja útil.

Lastmanuals ajuda a baixar o guia de usuário KONICA MINOLTA DI3010.


Mode d'emploi KONICA MINOLTA DI3010
Download

Você também pode baixar os seguintes manuais relacionados com este produto:

   KONICA MINOLTA DI3010 (2278 ko)
   KONICA MINOLTA DI3010 annexe 5 (4524 ko)
   KONICA MINOLTA DI3010 annexe 4 (2036 ko)
   KONICA MINOLTA DI3010 annexe 3 (277 ko)
   KONICA MINOLTA DI3010 annexe 1 (4548 ko)
   KONICA MINOLTA DI3010 annexe 2 (268 ko)
   KONICA MINOLTA DI3010 PI3505E ADVANCED INFORMATION (3751 ko)
   KONICA MINOLTA DI3010 SU-3 IP SCANNER OPERATOR MANUAL (667 ko)
   KONICA MINOLTA DI3010 SU-3 NETWORK FAX OPERATOR MANUAL (3602 ko)
   KONICA MINOLTA DI3010 PI3505E OPERATOR MANUAL VERSION 2 (5178 ko)
   KONICA MINOLTA DI3010 PI3505E SCANNER MODE OPERATOR MANUAL (5226 ko)
   KONICA MINOLTA DI3010 SU-2/3 PAGESCOPE ADVANCED INFORMATION (2919 ko)
   KONICA MINOLTA DI3010 PI3505E PAGESCOPE LIGHT OPERATOR MANUAL VERSION 2 (3216 ko)
   KONICA MINOLTA DI3010 SU-2/3 PAGESCOPE LIGHT & SCANNER MODE OPERATOR MANUAL (1578 ko)
   KONICA MINOLTA DI3010 DI2510//DI3510 ADVANCED INFORMATION PHASE 1 & PHASE 2 (8401 ko)

Resumo do manual: guia do usuário KONICA MINOLTA DI3010

Instruções detalhadas para o uso estão no Guia do Usuário.

[. . . ] Manual de Operação Di2510/Di3010/Di3510 www. minoltaeurope. com The essentials of imaging &RQWH~GR , QWURGXomR $ VDWLVIDomR GR FOLHQWH p R QRVVR REMHFWLYR ([SOLFDomR GDV FRQYHQo}HV GR PDQXDO 2 PDQXDO ± LPSUHVVR H GLJLWDO 0DQXDO YHUVmR LPSUHVVD 0DQXDO FRPSOHWR YHUVmR GLJLWDO HP &'5 ([SOLFDomR GH VtPERORV H FRQFHLWRV EiVLFRV $OLPHQWDomR GH SDSHO ³/DUJXUD´ H ³&RPSULPHQWR´ /RQJLWXGLQDO 7UDQVYHUVDO ³5HWUDWR´ H ³3DLVDJHP´ ËFRQHV GH DSUHVHQWDomR ËFRQHV GH FRORFDomR GR SDSHO (QHUJ\ 6WDU 2 TXH p XP SURGXWR (1(5*< 67$5" 0DUFDV FRPHUFLDLV H PDUFDV UHJLVWDGDV &RPSRQHQWHV H IXQo}HV 1RPHV GDV SHoDV H UHVSHFWLYDV IXQo}HV &RSLDGRUD 2So}HV , QIRUPDo}HV VREUH VHJXUDQoD 6tPERORV GH DYLVR H SUHFDXomR 6LJQLILFDGR GRV VtPERORV $9, 62 &8, '$'2 3UHFDXo}HV GH XWLOL]DomR URWLQHLUD , QVWUXo}HV SDUD R XWLOL]DGRU 0DUFD &( 'HFODUDomR GH FRQIRUPLGDGH 6HJXUDQoD ODVHU 5DGLDomR ODVHU LQWHUQD &'5+ 5HJXODWLRQ 3DUD XWLOL]DGRUHV QD (XURSD 3DUD XWLOL]DGRUHV QD 'LQDPDUFD 'L'L'L 3DUD XWLOL]DGRUHV QD )LQOkQGLD H QD 6XpFLD 3DUD XWLOL]DGRUHV QD 1RUXHJD (WLTXHWD GH VHJXUDQoD ODVHU /LEHUWDomR GH R]RQR 5XtGR DF~VWLFR 3UHFDXo}HV GH LQVWDODomR /RFDO GH LQVWDODomR )RQWH GH DOLPHQWDomR (VSDoR 3UHFDXo}HV GH IXQFLRQDPHQWR $PELHQWH GH WUDEDOKR 8WLOL]DomR DGHTXDGD 7UDQVSRUWDU D FRSLDGRUD &XLGDGRV FRP RV FRQVXPtYHLV $UPD]HQDPHQWR GH FySLDV 5HVWULo}HV OHJDLV j SURGXomR GH IRWRFySLDV &' )XQFLRQDOLGDGHV GLVSRQtYHLV $QWHV GH ID]HU FySLDV 1RPHV GDV SHoDV GR SDLQHO GH FRQWUROR H UHVSHFWLYDV IXQo}HV 9HULILFDU DV GHILQLo}HV &' 2SHUDo}HV GH DFHVVR GR XWLOL]DGRU &' $PSOLDU RV HFUmV GR SDLQHO WiFWLO &' /LJDU H GHVOLJDU D FRSLDGRUD /LJDU D FRSLDGRUD 4XDQGR D FRSLDGRUD HVWi OLJDGD 'HVOLJDU D FRSLDGRUD 4XDQGR D FRSLDGRUD HVWi GHVOLJDGD 5HSRVLomR DXWRPiWLFD GR SDLQHO 0RGR GH SRXSDQoD GH HQHUJLD 0RGR GH UHSRXVR $MXVWDU R kQJXOR GR SDLQHO GH FRQWUROR &' 7UDEDOKDU FRP R SDLQHO WiFWLO 'HVFULomR GR SDLQHO WiFWLO 3UHGHILQLo}HV 7UDEDOKDU FRP R SDLQHO WiFWLO 'HVFULomR GRV HFUmV (FUm /LVWD 7DUHIDV &' &KDPDU PHPyULD &' 'L'L'L 2SHUDo}HV GH FySLD EiVLFDV )D]HU FySLDV EiVLFDV 3DUDU D RSHUDomR GH FySLD 3DUD SDUDUUHLQLFLDUHOLPLQDU XPD WDUHID GH FySLD , QWHUURPSHU XPD WDUHID GH FySLD &' )D]HU FySLDV XWLOL]DQGR FRQWDV &' &' &' &' )XQo}HV DX[LOLDUHV 2SHUDo}HV HP PRGR 8WLOLWiULRV 2SHUDo}HV *HVWmR DGPLQLVWUDGRU 3DSHO GH FySLD (VSHFLILFDo}HV GR SDSHO 7LSRV GH SDSHO 'LPHQV}HV GR SDSHO &DSDFLGDGH GH SDSHO 3DSHO LQDGHTXDGR ÈUHD GH LPSUHVVmR $UPD]HQDPHQWR GH SDSHO 6HOHFomR DXWRPiWLFD GD RULJHP GR SDSHO &' &DUUHJDU SDSHO &DUUHJDU R SDSHO QD JDYHWD GH SDSHO &DUUHJDU SDSHO QR FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH &DUUHJDU SDSHO QR WDEXOHLUR PXOWLE\SDVV 3DUD FDUUHJDU SDSHO FRPXP 3DUD FDUUHJDU SRVWDLV &' 3DUD FDUUHJDU HQYHORSHV &' 3DUD FDUUHJDU WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU &' 3DUD FDUUHJDU IROKDV GH HWLTXHWDV &' 3DUD GHILQLU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR &' 3DUD JXDUGDU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR &' 3DUD VHOHFFLRQDU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR JXDUGDGR &' 6HOHFFLRQDU D GHILQLomR GR SDSHO &' 'L'L'L 'RFXPHQWRV RULJLQDLV $OLPHQWDomR GH GRFXPHQWRV 8WLOL]DU R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 7LSRV GH GRFXPHQWRV 'RFXPHQWRV GH IRUPDWRV XQLIRUPHV )XQomR ³'HWHFomR 0XOWL )PWR´ &' )RUPDWRV GH GRFXPHQWRV GH YiULDV ODUJXUDV &' 3UHFDXo}HV UHODWLYDV DRV GRFXPHQWRV $OLPHQWDomR GR GRFXPHQWR DWUDYpV GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV &DUUHJDU R GRFXPHQWR 3DUD FDUUHJDU XP GRFXPHQWR GH IRUPDWRV PLVWRV IXQomR ³'HWHFomR 0XOWL )PWR´ &' 3RVLFLRQDU GRFXPHQWRV QR YLGUR GH RULJLQDLV 3DUD SRVLFLRQDU IROKDV 3DUD SRVLFLRQDU GRFXPHQWRV WUDQVO~FLGRV RX WUDQVSDUHQWHV 3DUD SRVLFLRQDU OLYURV RX UHYLVWDV &DUUHJDU GRFXPHQWRV SDUD DSOLFDo}HV HVSHFtILFDV &' 'RFXPHQWRV GH JUDQGHV GLPHQV}HV &' (VSHFLILFDU GHILQLo}HV GH FySLD (VSHFLILFDU GHILQLo}HV GH DFDEDPHQWR 'HILQLo}HV GH DFDEDPHQWR GLVSRQtYHLV 1RWDV VREUH D XWLOL]DomR GDV GHILQLo}HV ³6HSDUDU´ H ³$JUXSDU´ 'HVORFDU VHSDUDomR 6HSDUDomR FUX]DGD 'HVORFDU DJUXSDPHQWR $JUXSDPHQWR FUX]DGR )D]HU FySLDV XWLOL]DQGR XPD GHILQLomR GH DJUDIDJHP 3DUD ID]HU FySLDV XWLOL]DQGR D GHILQLomR ³)XUDU´ 3DUD ID]HU FySLDV XWLOL]DQGR D GHILQLomR ³9LQFDU´ &' 1RWDV VREUH D SRVLomR GH DJUDIDJHP &' 1RWDV VREUH R Q~PHUR GH FRQMXQWRV DJUDIDGRV 1RWDV VREUH D SRVLomR GR )XUDU &' (VSHFLILFDU XPD GHILQLomR GH =RRP 3DUD VHOHFFLRQDU XPD GHILQLomR GH =RRP 3DUD LQWURGX]LU XPD WD[D GH ]RRP SHUVRQDOL]DGD &' 3DUD JXDUGDU WD[DV GH ]RRP SHUVRQDOL]DGDV H PtQLPDV &' 'L'L'L 3DUD FKDPDU XPD WD[D GH ]RRP SHUVRQDOL]DGD JXDUGDGD &' 3DUD HVSHFLILFDU SURSRUo}HV GH HVFDOD YHUWLFDO H KRUL]RQWDO GLIHUHQWHV GHILQLomR ³=RRP ;<´ &' 6HOHFFLRQDU GHILQLo}HV 2ULJ ! [. . . ] 8PD IDFH 'L'L'L $QWHV GH ID]HU FySLDV 7UDEDOKDU FRP R SDLQHO WiFWLO 3DUD DFWLYDU XPD IXQomR RX SDUD VHOHFFLRQDU XPD GHILQLomR WRTXH OLJHLUDPHQWH QD IXQomR RX GHILQLomR SUHWHQGLGD DSUHVHQWDGD QR SDLQHO WiFWLO &8, '$'2 7HQKD FXLGDGR SDUD QmR GDQLILFDU R SDLQHO WiFWLO § 1mR SUHVVLRQH QHP WRTXH FRP IRUoD QR SDLQHO WiFWLO H QmR XWLOL]H REMHFWRV GXURV RX SRQWLDJXGRV VREUH R PHVPR 6XJHVWmR 2 LGLRPD GDV DSUHVHQWDo}HV GR SDLQHO WiFWLO SRGH VHU DOWHUDGR XWLOL]DQGR D IXQomR ³, GLRPD VHOHFFLRQDGR´ QR HFUm (VFROKD XWLOL]DGRU e SRVVtYHO DOWHUDU DV SUHGHILQLo}HV XWLOL]DQGR DV YiULDV IXQo}HV QR HFUm (VFROKD XWLOL]DGRU 'L'L'L 'HVFULomR GRV HFUmV (FUm GHILQLo}HV $QWHV GH ID]HU FySLDV 6HSDUDGRUHV GH HFUm 9LVRU PHQVDJHP )XQo}HV H GHILQLo}HV GLVSRQtYHLV 'HILQLo}HV VHOHFFLRQDGDV 9LVRU GH PHQVDJHQV DGLFLRQDLV 3RV 1RPH GR LWHP 6HSDUDGRUHV GH HFUm 'HVFULomR &DGD HFUm FRQWpP IXQo}HV TXH p SRVVtYHO HVSHFLILFDU 7RTXH QXP VHSDUDGRU SDUD DSUHVHQWDU R HFUm FRUUHVSRQGHQWH 0RVWUD R HVWDGR DFWXDO GD FRSLDGRUD DV LQVWUXo}HV GH IXQFLRQDPHQWR DYLVRV H RXWURV GDGRV LQFOXLQGR R Q~PHUR GH FySLDV VHOHFFLRQDGR 6HOHFFLRQH XP HFUm SDUD YHU DV GLYHUVDV IXQo}HV TXH p SRVVtYHO HVSHFLILFDU 7RTXH QR ERWmR SDUD TXH GHWHUPLQDGD IXQomR DSUHVHQWH DV GHILQLo}HV FRUUHVSRQGHQWHV $V GHILQLo}HV DFWXDLV VmR DSUHVHQWDGDV FRP JUiILFRV 2 HVWDGR GD WDUHID p PRVWUDGR FRP JUiILFRV $ TXDQWLGDGH GH PHPyULD UHVWDQWH H RV DYLVRV JUiILFRV GH WRQHU YD]LR RX GH JDYHWD GH SDSHO YD]LD VmR DSUHVHQWDGRV DTXL 9LVRU PHQVDJHP )XQo}HV H GHILQLo}HV GLVSRQtYHLV 'HILQLo}HV VHOHFFLRQDGDV 9LVRU GH PHQVDJHQV DGLFLRQDLV 'L'L'L $QWHV GH ID]HU FySLDV (FUm /LVWD 7DUHIDV 2 HVWDGR GH IXQFLRQDPHQWR GD FRSLDGRUD H D RUGHP GH LPSUHVVmR GDV WDUHIDV HP ILOD GH HVSHUD SRGHP VHU YLVWRV D SDUWLU GHVWH HFUm 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 &KDPDU PHPyULD $SyV LPSUHVVmR GH XPD WDUHID GH FySLD D LPDJHP TXH DFDERX GH VHU FRSLDGD SRGH VHU LPSUHVVD QRYDPHQWH VHP QHFHVVLGDGH GH FDUUHJDU R GRFXPHQWR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L $QWHV GH ID]HU FySLDV 'L'L'L 2SHUDo}HV GH FySLD EiVLFDV 2SHUDo}HV GH FySLD EiVLFDV )D]HU FySLDV EiVLFDV 2 SURFHGLPHQWR SDUD ID]HU FySLDV EiVLFDV p GHVFULWR DEDL[R 3RVLFLRQH RV GRFXPHQWRV D FRSLDU 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ 'RFXPHQWRV RULJLQDLV´ 9HULILTXH VH R LQGLFDGRU GD WHFOD >&Ï3, $@ HVWi DFHVR D YHUGH H VH D FRSLDGRUD HVWi HP PRGR &ySLD 2 HFUm )XQo}HV %iVLFDV DSDUHFH QR SDLQHO WiFWLO (VSHFLILTXH DV GHILQLo}HV GH FySLD QHFHVViULDV H H H 3DUD PXGDU R IRUPDWR GH SDSHO JDYHWD GH SDSHO WRTXH HP >3$3(/@ 3DUD GHWDOKHV FRQVXOWH R ³6HOHFFLRQDU D GHILQLomR GR SDSHO´ QD SiJLQD 3DUD PXGDU D WD[D GH ]RRP WRTXH HP >=220@ 3DUD GHWDOKHV FRQVXOWH R ³(VSHFLILFDU XPD GHILQLomR GH =RRP´ QD SiJLQD 3DUD VHSDUDU DJUDIDU RX IXUDU FySLDV WRTXH HP >02'2 $&$%$0(172@ 3DUD GHWDOKHV FRQVXOWH R ³(VSHFLILFDU GHILQLo}HV GH DFDEDPHQWR´ QD SiJLQD 'L'L'L H 2SHUDo}HV GH FySLD EiVLFDV 3DUD FRSLDU XP OLYUR RX FRSLDU XWLOL]DQGR PHQRV SDSHO WRTXH HP >25, * !&Ï3, $@ 3DUD GHWDOKHV FRQVXOWH R ³6HOHFFLRQDU GHILQLo}HV 2ULJ !&ySLD´ QD SiJLQD 3DUD DOWHUDU D GHQVLGDGH GD FySLD WRTXH HP >)81d®(6 '(16, '$'(@ 3DUD GHWDOKHV FRQVXOWH R ³(VSHFLILFDU XPD GHQVLGDGH GH FySLD´ QD SiJLQD 3DUD DSDJDU XPD PDUJHP QD FySLD SDUD LQVHULU LQWHUFDODomR GXUDQWH D FySLD SDUD WUDQVSDUrQFLD RX SDUD HIHFWXDU TXDOTXHU RXWUD RSHUDomR HVSHFLDO WRTXH HP >$8;, /, $5(6@ 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ )XQo}HV DX[LOLDUHV´ H H 8WLOL]H R WHFODGR QXPpULFR SDUD LQWURGX]LU R Q~PHUR GH FySLDV SUHWHQGLGR H H H $ 'L SRGH LPSULPLU DWp FySLDV $ 'L RX D 'L SRGHP LPSULPLU DWp FySLDV 3DUD DOWHUDU D GHILQLomR SULPD D WHFOD >&@ DSDJDU H LQWURGX]D D GHILQLomR FRUUHFWD e SRVVtYHO HVSHFLILFDU XP OLPLWH GR Q~PHUR GH FySLDV D SDUWLU GR HFUm GH JHVWmR GR DGPLQLVWUDGRU QR PRGR GH XWLOLWiULRV 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ 2SHUDo}HV *HVWmR DGPLQLVWUDGRU´ 3ULPD D WHFOD >, 1, &, $5@ $V FySLDV VmR LPSUHVVDV 'L'L'L 2SHUDo}HV GH FySLD EiVLFDV 3DUDU D RSHUDomR GH FySLD 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R SDUD FDQFHODU XPD WDUHID GH FySLD 3DUD SDUDUUHLQLFLDUHOLPLQDU XPD WDUHID GH FySLD 3ULPD D WHFOD >3$5$5@ GXUDQWH D LPSUHVVmR $ RSHUDomR GH FySLD SiUD $SDUHFH D PHQVDJHP ³&LFOR GH FySLD WHPSRUDULDPHQWH LQWHUURPSLGR´ WHFOD >, 1, &, $5@ 3DUD FRQWLQXDU D FRSLDU SULPD D 2 SURFHVVR GH FySLD FRQWLQXD 3DUD HOLPLQDU D WDUHID GH FySLD LQWHUURPSLGD VHOHFFLRQH R ERWmR UHIHUHQWH j WDUHID TXH SUHWHQGH HOLPLQDU $ WDUHID p HOLPLQDGD 7RTXH HP >6$, 5@ 'L'L'L 2SHUDo}HV GH FySLD EiVLFDV , QWHUURPSHU XPD WDUHID GH FySLD $ WDUHID GH FySLD DFWXDO SRGH VHU LQWHUURPSLGD R TXH SHUPLWH FRSLDU RXWUR GRFXPHQWR (VWH SURFHGLPHQWR p ~WLO VH VH SUHWHQGH ID]HU XPD FySLD UiSLGD GH XP SHTXHQR GRFXPHQWR GXUDQWH XPD WDUHID GH LPSUHVVmR GHPRUDGD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 )D]HU FySLDV XWLOL]DQGR FRQWDV 2 Q~PHUR GH FySLDV SHUPLWLGR SDUD FDGD FRQWD UHJLVWDGD SRGH VHU OLPLWDGR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L )XQo}HV DX[LOLDUHV )XQo}HV DX[LOLDUHV (VWH FDStWXOR GHVFUHYH D RSHUDomR GH FySLD XWLOL]DQGR DV IXQo}HV DX[LOLDUHV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L )XQo}HV DX[LOLDUHV 'L'L'L 2SHUDo}HV HP PRGR 8WLOLWiULRV 2SHUDo}HV HP PRGR 8WLOLWiULRV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L 2SHUDo}HV HP PRGR 8WLOLWiULRV 'L'L'L 2SHUDo}HV *HVWmR DGPLQLVWUDGRU 2SHUDo}HV *HVWmR DGPLQLVWUDGRU 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L 2SHUDo}HV *HVWmR DGPLQLVWUDGRU 'L'L'L 3DSHO GH FySLD 3DSHO GH FySLD (VSHFLILFDo}HV GR SDSHO 8WLOL]H SDSHO TXH FRUUHVSRQGD jV VHJXLQWHV HVSHFLILFDo}HV 7LSRV GH SDSHO 6XSRUWHV HVSHFLDLV D JP 2 ² ² ² ² ² ² 7UDQV SDUrQFLDV SDUD UHWUR SURMHFWRU 2 ² ² ² ² ² ² 3DSHO UHFLFODGR D JP 2 2 2 2 2 2 2 3DSHO FRPXP 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO &ySLDV GH GXDV IDFHV D JP 2 2 2 2 2 2 2 3RVWDLV 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO &ySLDV GH GXDV IDFHV 2 ² ² ² ² ² ² )ROKDV GH HWLTXHWDV 2 ² ² ² ² ² ² (QYHORSHV 2 ² ² ² ² ² ² /&& &RPSDUWLPHQWR GH JUDQGH FDSDFLGDGH 2 'LVSRQtYHO ² 1mR GLVSRQtYHO 'L'L'L 'LPHQV}HV GR SDSHO 3DSHO GH IRUPDWR QmRSDGUmR 3DSHO GH FySLD 2ULJHP GR SDSHO 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO /DUJXUD GR SDSHO D PP ² ² ² ² ² &RPSULPHQWR GR SDSHO PP D PP ² ² ² ² ² /&& &RPSDUWLPHQWR GH JUDQGH FDSDFLGDGH ² 1mR GLVSRQtYHO 3DSHO GH IRUPDWR SDGUmR 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO $ / 2 2 2 ² 2 2 % / 2 2 2 ² 2 2 2 $ / 2 2 2 ² 2 2 2 % / 2 ² ² ² ² ² 2 $ & % / 2 2 2 2 2 2 2 2 2 2 ² 2 2 2 % & $ / 2 2 2 ² 2 2 2 2 2 2 ² 2 2 2 $ & 2 ² ² ² ² ² ² &ySLDV GH GXDV IDFHV 2 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO &ySLDV GH GXDV IDFHV (QYHORSHV 2 ² ² ² ² ² ² /&& &RPSDUWLPHQWR GH JUDQGH FDSDFLGDGH 2 'LVSRQtYHO ² 1mR GLVSRQtYHO 'L'L'L 3DSHO GH FySLD &DSDFLGDGH GH SDSHO 7LSR GH SDSHO 3DSHO FRPXP D JP IROKDV IROKDV IROKDV IROKDV IROKDV IROKDV 6XSRUWHV HVSHFLDLV 6XSRUWHV HVSHFLDLV IROKDV ² ² ² ² ² 3RVWDLV IROKDV ² ² ² ² ² )ROKDV GH HWLTXHWDV IROKDV ² ² ² ² ² (QYH ORSHV 6XSRUWHV HVSHFLDLV D JP IROKDV ² ² ² ² ² 3DSHO UHFLFODGR 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO 7LSR GH SDSHO 2ULJHP GR SDSHO HWF 7DEXOHLUR E\SDVV PDQXDO JDYHWD GH SDSHO JDYHWD GH SDSHO JDYHWD GH SDSHO /&& JDYHWD GH SDSHO JDYHWD GH SDSHO D JP IROKDV IROKDV IROKDV IROKDV IROKDV IROKDV IROKDV ² ² ² ² ² /&& &RPSDUWLPHQWR GH JUDQGH FDSDFLGDGH ² 1mR GLVSRQtYHO 1RWD $ JDYHWD GH SDSHO FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH D JDYHWD GH SDSHO H D JDYHWD GH SDSHO VmR RSFLRQDLV 6H D XQLGDGH GXSOH[ IRU XWLOL]DGD SDUD ID]HU FySLDV HP GXDV IDFHVSRGH VHU XWLOL]DGR SDSHO FRPXP H SDSHO UHFLFODGR 6y p SRVVtYHO XWLOL]DU R ILQ]DOL]DGRU RSFLRQDO SDUD VHSDUDUDJUXSDU IXUDU H DJUDIDU FRP SDSHO FRPXP e SRVVtYHO DOWHUDU D GHILQLomR GH IRUPDWR GH SDSHO GD JDYHWD GH SDSHO FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH SDUD FDUUHJDU SDSHO GH IRUPDWR /HWWHU &RQWDFWH D DVVLVWrQFLD WpFQLFD SDUD DOWHUDU D GHILQLomR GH IRUPDWR GH SDSHO 'L'L'L 3DSHO LQDGHTXDGR 3DSHO GH FySLD 1mR GHYHP VHU XWLOL]DGRV RV WLSRV GH SDSHO VHJXLQWHV TXH SRGHP GLPLQXLU D TXDOLGDGH GD LPSUHVVmR RX FDXVDU HQFUDYDPHQWRV G 7UDQVSDUrQFLDV SDUD UHWURSURMHFWRU TXH Mi IRUDP DOLPHQWDGDV DWUDYpV GD FRSLDGRUD 0HVPR TXH D WUDQVSDUrQFLD DLQGD HVWHMD HP EUDQFR QmR GHYH YROWDU D VHU XWLOL]DGD 3DSHO TXH Mi WHQKD VLGR LPSUHVVR SRU XPD LPSUHVVRUD GH WUDQVIHUrQFLD WpUPLFD RX XPD LPSUHVVRUD D MDFWR GH WLQWD 3DSHO H[WUHPDPHQWH HVSHVVR RX H[WUHPDPHQWH ILQR 'RFXPHQWRV GREUDGRV HQURODGRV HQUXJDGRV RX UDVJDGRV 3DSHO GHL[DGR IRUD GD HPEDODJHP GXUDQWH XP ORQJR SHUtRGR 3DSHO K~PLGR 3DSHO SHUIXUDGR RX SDSHO FRP IXURV 3DSHO H[WUHPDPHQWH PDFLR RX H[WUHPDPHQWH iVSHUR RX SDSHO FRP XPD VXSHUItFLH LUUHJXODU 3DSHO TXH WHQKD VLGR WUDWDGR FRPR SRU H[HPSOR SDSHO TXtPLFR RX SDSHO VHQVtYHO DR FDORU RX j SUHVVmR 3DSHO TXH WHQKD VLGR GHFRUDGR FRP SDSHO GH SUDWD RX UHOHYR 3DSHO GH YiULRV IRUPDWRV 3DSHO GH IRUPD QmR VWDQGDUG VHP VHU UHFWDQJXODU 3DSHO HQFDGHUQDGR FRP FROD DJUDIRV RX FOLSV 3DSHO FRP HWLTXHWDV 3DSHO FRP ILWDV JDQFKRV ERW}HV HWF 3DSHO HQURODGR RX HQUXJDGR 3DSHO FRXFKp SDSHO UHYHVWLGR RX SDSHO SDUD LPSUHVVRUD D MDFWR GH WLQWD G G G G G G G G G G G G G G G G 'L'L'L 3DSHO GH FySLD ÈUHD GH LPSUHVVmR $ SDUWH GD LPDJHP GHQWUR GD iUHD LQGLFDGD DEDL[R QmR p FRSLDGD G G G 8PD PDUJHP GH PP HP IRUPDWR LQWHJUDO D SDUWLU GD PDUJHP DQWHULRU GR SDSHO 8PD PDUJHP GH PP HP IRUPDWR LQWHJUDO D SDUWLU GD PDUJHP SRVWHULRU GR SDSHO % 8PD PDUJHP GH PP HP IRUPDWR LQWHJUDO GH DPERV RV ODGRV GR SDSHO & 3DUD REWHU SRUPHQRUHV VREUH FRPR XWLOL]DU D FRSLDGRUD SDUD LPSULPLU D SDUWLU GH XP FRPSXWDGRU TXDQGR R FRQWURODGRU GH LPSUHVVRUD HVWi LQVWDODGR FRQVXOWH R PDQXDO GR FRQWURODGRU GH LPSUHVVRUD 'LUHFomR GH VDtGD GH SDSHO $ PP HP IRUPDWR LQWHJUDO % PP HP IRUPDWR LQWHJUDO & PP HP IRUPDWR LQWHJUDO $UPD]HQDPHQWR GH SDSHO 2EVHUYH DV VHJXLQWHV SUHFDXo}HV DR DUPD]HQDU R SDSHO G H H H H G G *XDUGH R SDSHO QXP ORFDO TXH VDWLVIDoD RV VHJXLQWHV UHTXLVLWRV 1mR ILTXH H[SRVWR j OX] VRODU GLUHFWD 1mR ILTXH H[SRVWR D XPD FKDPD 1mR ILTXH H[SRVWR D XP JUDX GH KXPLGDGH HOHYDGR 1mR ILTXH H[SRVWR DR Sy 2 SDSHO GHVHPSDFRWDGR GHYH VHU DUPD]HQDGR QXP VDFR SOiVWLFR HP ORFDO IUHVFR H HVFXUR 0DQWHQKD R SDSHO IRUD GR DOFDQFH GDV FULDQoDV 6HOHFomR DXWRPiWLFD GD RULJHP GR SDSHO 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L &DUUHJDU SDSHO 3DSHO GH FySLD $R FDUUHJDU SDSHO FHUWLILTXHVH GH TXH REVHUYD DV SUHFDXo}HV TXH VH VHJXHP G 6H R SDSHO HVWLYHU HQURODGR DOLVHR DQWHV GH R FDUUHJDU G $ TXDQWLGDGH GH SDSHO FDUUHJDGR QmR GHYH XOWUDSDVVDU D PDUFD Ä QHP H[FHGHU R Q~PHUR GH IROKDV HVSHFLILFDGR G &HUWLILTXHVH GH TXH DV JXLDV VmR DMXVWDGDV jV PDUJHQV GR SDSHO G $R FRORFDU SDSHO DGLFLRQDO UHWLUH WRGR R SDSHO GD JDYHWD FRORTXHR HP FLPD GR SDSHO QRYR H HP VHJXLGD DOLQKH EHP R SDSHO QD SLOKD DQWHV GH R FRORFDU QD JDYHWD 6XJHVWmR e DFRQVHOKiYHO UHDEDVWHFHU GH SDSHO DSHQDV DSyV XWLOL]DomR GH WRGR R SDSHO GD JDYHWD 'L'L'L 3DSHO GH FySLD &DUUHJDU R SDSHO QD JDYHWD GH SDSHO &RORTXH R SDSHO QD RX JDYHWD GH SDSHO QD XQLGDGH GH DOLPHQWDomR GH SDSHO RSFLRQDO RX QR FRPSDUWLPHQWR GH DOLPHQWDomR GH SDSHO WDO FRPR GHVFULWR DEDL[R 3X[H D JDYHWD SDUD FDUUHJDU R SDSHO )DoD GHVOL]DU DV JXLDV ODWHUDLV SDUD VH DMXVWDUHP DR IRUPDWR GH SDSHO D VHU FDUUHJDGR &HUWLILTXHVH GH TXH DV JXLDV GR SDSHO HQFDL[DP ILUPHPHQWH QDV UHVSHFWLYDV UDQKXUDV &RORTXH R SDSHO QD JDYHWD GH PRGR D TXH R ODGR GH FLPD R ODGR TXH ILFD YROWDGR SDUD FLPD TXDQGR R SDFRWH p DEHUWR VH PDQWHQKD YROWDGR SDUD FLPD 7HQKD FXLGDGR SDUD QmR WRFDU QR P\ODU 0\ODU SHOtFXOD GH SROLpVWHU 9ROWH D DMXVWDU DV JXLDV DR IRUPDWR GR SDSHO )HFKH D JDYHWD GH SDSHO 'L'L'L 3DSHO GH FySLD &DUUHJDU SDSHO QR FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH &RORTXH R SDSHO QR FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH WDO FRPR GHVFULWR DEDL[R 3ULPD R ERWmR GH OLEHUWDomR GD JDYHWD &RPHFH SRU FDUUHJDU R SDSHO QR ODGR GLUHLWR GD JDYHWD &RORTXH R SDSHO QR ODGR GLUHLWR GD JDYHWD GH PRGR D TXH ODGR GH FLPD R ODGR TXH ILFD YROWDGR SDUD FLPD TXDQGR R SDFRWH p DEHUWR VH PDQWHQKD YROWDGR SDUD FLPD 7HQKD FXLGDGR SDUD QmR WRFDU QR P\ODU 0\ODU &RORTXH SDSHO QR ODGR HVTXHUGR GD JDYHWD SDUD TXH R ODGR GH FLPD R ODGR YROWDGR SDUD FLPD TXDQGR R SDFRWH p DEHUWR VH PDQWHQKD YROWDGR SDUD FLPD 0\ODU 'L'L'L 3DSHO GH FySLD &DUUHJDU SDSHO QR WDEXOHLUR PXOWLE\SDVV 8WLOL]H R WDEXOHLUR PXOWLE\SDVV GXUDQWH D LPSUHVVmR HP SDSHO FRPXP SRVWDLV HQYHORSHV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU RX IROKDV GH HWLTXHWDV $ FySLD VHUi IHLWD QR ODGR YROWDGR SDUD EDL[R 3DUD FDUUHJDU SDSHO FRPXP $EUD R WDEXOHLUR PXOWLE\SDVV $EUD D H[WHQVmR GR WDEXOHLUR DR FDUUHJDU SDSHO GH JUDQGH IRUPDWR ([WHQVmR GR WDEXOHLUR $MXVWH DV JXLDV DR IRUPDWR GR SDSHO H LQVLUDR WDQWR TXDQWR SRVVtYHO QD UDQKXUD GH DOLPHQWDomR *XLDV GR SDSHO 1RWD 1mR FRORTXH XPD TXDQWLGDGH GH SDSHO TXH XOWUDSDVVH D PDUFD Ä &HUWLILTXHVH GH TXH DV JXLDV HVWmR DMXVWDGDV jV PDUJHQV GR SDSHO 'L'L'L 3DUD FDUUHJDU SRVWDLV 3DSHO GH FySLD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD FDUUHJDU HQYHORSHV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD FDUUHJDU WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD FDUUHJDU IROKDV GH HWLTXHWDV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD GHILQLU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD JXDUGDU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD VHOHFFLRQDU XP IRUPDWR GH SDSHO QmR VWDQGDUG SHUVRQDOL]DGR JXDUGDGR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 6HOHFFLRQDU D GHILQLomR GR SDSHO 2 SDSHO FDUUHJDGR QXPD JDYHWD RX QR WDEXOHLUR PXOWLE\SDVV SRGH VHU VHOHFFLRQDGR SDUD FySLD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L 'RFXPHQWRV RULJLQDLV 'RFXPHQWRV RULJLQDLV $OLPHQWDomR GH GRFXPHQWRV 8WLOL]DU R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 2 DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV UHFHEH Or H HMHFWD DXWRPDWLFDPHQWH WRGDV DV SiJLQDV GH XP GRFXPHQWR GH YiULDV SiJLQDV XPD SiJLQD GH FDGD YH] e QHFHVViULR FDUUHJDU RV WLSRV GH GRFXPHQWRV FRUUHFWRV SDUD TXH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV IXQFLRQH FRUUHFWDPHQWH 6H QmR IRU FDUUHJDGR R WLSR GH SDSHO FRUUHFWR R GRFXPHQWR SRGH ILFDU GDQLILFDGR RX RFRUUHU XP HQFUDYDPHQWR GH SDSHO 7LSRV GH GRFXPHQWRV 'RFXPHQWRV GH XPD IDFH 'RFXPHQWRV GH GXDV IDFHV 'RFXPHQWRV PXOWL IRUPDWR 'RFXPHQWRV GH IRUPDWRV XQLIRUPHV 'RFXPHQWRV GH XPD IDFH 7LSR GH SDSHO )RUPDWR GR GRFXPHQWR 3DSHO FRPXP D JP 'RFXPHQWRV GH GXDV IDFHV 3DSHO FRPXP D JP $ / % / $ /& % /& $ /& % / )XQomR ³'HWHFomR 0XOWL )PWR´ 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 )RUPDWRV GH GRFXPHQWRV GH YiULDV ODUJXUDV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L 3UHFDXo}HV UHODWLYDV DRV GRFXPHQWRV 'RFXPHQWRV RULJLQDLV 2V WLSRV GH GRFXPHQWRV TXH VH VHJXHP QmR GHYHP VHU FDUUHJDGRV QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 6H LVVR DFRQWHFHU R GRFXPHQWR SRGH ILFDU GDQLILFDGR RX RFRUUHU XP HQFUDYDPHQWR GH SDSHO (VWHV WLSRV GH GRFXPHQWRV GHYHP VHU FRORFDGRV VREUH R YLGUR GH RULJLQDLV 'RFXPHQWRV HP SDSHO HVSHFLDO G G G G G G G 'RFXPHQWRV GREUDGRV DR PHLR RX HP OHTXH 'RFXPHQWRV DOWDPHQWH WUDQVO~FLGRV RX WUDQVSDUHQWHV WDLV FRPR R SDSHO IRWRVVHQVtYHO GLD]R 'RFXPHQWRV FRP IXURV SDUD FRORFDomR HP SDVWDV 'RFXPHQWRV FRP PXLWRV IXURV WDLV FRPR IROKDV VROWDV GH XP FDGHUQR 'RFXPHQWRV UHYHVWLGRV WDLV FRPR SDSHO VHQVtYHO DR FDORU RX SDSHO TXtPLFR 3DSHO SDUD LPSUHVVRUD D MDFWR GH WLQWD 'RFXPHQWRV TXH DFDEDUDP GH VHU FRSLDGRV QHVWD FRSLDGRUD 'RFXPHQWRV HQURODGRV 'RFXPHQWRV HQUXJDGRV RX UDVJDGRV 7UDQVSDUrQFLDV SDUD UHWURSURMHFWRU 'RFXPHQWRV HP SDSHO TXH QmR SRGH VHU XWLOL]DGR G G G 6H R SDSHO GH IRUPDWR QmRSDGUmR IRU VHPHOKDQWH D XP IRUPDWR SDGUmR p SRVVtYHO FRSLDU FRP DV GHILQLo}HV ³3DSHO$XWR´ RX ³)PWR $XWR´ 'L'L'L 'RFXPHQWRV RULJLQDLV $OLPHQWDomR GR GRFXPHQWR DWUDYpV GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV &DUUHJDU R GRFXPHQWR )DoD GHVOL]DU DV JXLDV DMXVWDQGRDV DR IRUPDWR GR GRFXPHQWR &RORTXH DV SiJLQDV GR GRFXPHQWR YROWDGDV SDUD FLPD QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV e SRVVtYHO FDUUHJDU GRFXPHQWRV FRP SiJLQDV 1mR FDUUHJXH XPD TXDQWLGDGH GH SiJLQDV TXH XOWUDSDVVH D PDUFD Ä $MXVWH DV JXLDV DR IRUPDWR GR GRFXPHQWR &HUWLILTXHVH GH TXH R GRFXPHQWR p FRORFDGR FRUUHFWDPHQWH &DVR FRQWUiULR DV SiJLQDV SRGHP QmR ILFDU GLUHLWDV 'L'L'L 7RTXH HP >', 5(&d2 25, *, 1$/@ 6H D RULHQWDomR GR GRFXPHQWR QmR FRUUHVSRQGHU j GHILQLomR GD GLUHFomR RULJLQDO VHOHFFLRQDGD QmR VHUi SRVVtYHO LPSULPLU FRUUHFWDPHQWH FHUWDV RSHUDo}HV GH FySLD WDLV FRPR HP RX HP H HP VHJXLGD VHOHFFLRQH D GHILQLomR DGHTXDGD DR GRFXPHQWR 'RFXPHQWRV RULJLQDLV 3ULPD D WHFOD >, 1, &, $5@ $V SiJLQDV GR GRFXPHQWR VmR LQWURGX]LGDV D FRPHoDU SHOD SiJLQD GH FLPD 3DUD FDUUHJDU XP GRFXPHQWR GH IRUPDWRV PLVWRV IXQomR ³'HWHFomR 0XOWL )PWR´ &RP D GHWHFomR GH GRFXPHQWRV GH ODUJXUD PLVWD p SRVVtYHO OHU H FRSLDU GRFXPHQWRV FRP SiJLQDV GH YiULRV IRUPDWRV FRPR XP FRQMXQWR XWLOL]DQGR R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L 'RFXPHQWRV RULJLQDLV 3RVLFLRQDU GRFXPHQWRV QR YLGUR GH RULJLQDLV 2 SURFHGLPHQWR SDUD SRVLFLRQDU GRFXPHQWRV GLIHUH GHSHQGHQGR GR WLSR GH GRFXPHQWR D VHU FRSLDGR $VVLP FHUWLILTXHVH GH TXH R GRFXPHQWR HVWi FRUUHFWDPHQWH SRVLFLRQDGR 3DUD LQIRUPDo}HV VREUH D XWLOL]DomR GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV FRQVXOWH R ³$OLPHQWDomR GR GRFXPHQWR DWUDYpV GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV´ SiJLQD $R FRORFDU R GRFXPHQWR GLUHFWDPHQWH QR YLGUR GH RULJLQDLV SRVLFLRQHR FRP D RULHQWDomR DSUHVHQWDGD DEDL[R /HYDQWH D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV VH LQVWDODGR RX PDLV 4XDQGR FRORFDGR KRUL]RQWDOPHQWH 4XDQGR FRORFDGR YHUWLFDOPHQWH 15 15 'L'L'L 3DUD SRVLFLRQDU IROKDV 'RFXPHQWRV RULJLQDLV 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R DR FRSLDU SDSHO FRPXP RX GRFXPHQWRV TXH QmR SRGHP VHU DOLPHQWDGRV DWUDYpV GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV /HYDQWH D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV VH LQVWDODGR H SRVLFLRQH R GRFXPHQWR YROWDGR SDUD EDL[R VREUH R YLGUR GH RULJLQDLV 3RVLFLRQH R GRFXPHQWR DOLQKDQGR R SHOD VHWD QR FDQWR VXSHULRU HVTXHUGR GDV HVFDODV GR GRFXPHQWR )HFKH FXLGDGRVDPHQWH D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV VH LQVWDODGR 3DUD SRVLFLRQDU GRFXPHQWRV WUDQVO~FLGRV RX WUDQVSDUHQWHV 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R DR FRSLDU GRFXPHQWRV WDLV FRPR WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU SDSHO GH HQJHQKHLUR RX SDSHO IRWRVVHQVt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iV GD FRSLDGRUD H R FHQWUR DOLQKDGR FRP D PDUFD GH OLYUR QD HVFDOD GR GRFXPHQWR GH GRFXPHQWRV VH LQVWDODGR 3RVLFLRQH R OLYUR YROWDGR SDUD EDL[R )HFKH FXLGDGRVDPHQWH D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ 1RWD 1R FDVR GH GRFXPHQWRV HVSHVVRV FRSLH VHP IHFKDU D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 6H R GRFXPHQWR HVWLYHU D VHU OLGR FRP D WDPSD GH RULJLQDLV DEHUWD QmR ROKH GLUHFWDPHQWH SDUD D OX] TXH EULOKD DWUDYpV GR YLGUR GH RULJLQDLV 6H R GRFXPHQWR QmR HVWLYHU SRVLFLRQDGR FRUUHFWDPHQWH DV FySLDV QmR VHUmR LPSUHVVDV QD VHTXrQFLD FRUUHFWD /HYDQWH D WDPSD GH RULJLQDLV RX GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV VH LQVWDODGR RX PDLV &DVR FRQWUiULR R IRUPDWR GR GRFXPHQWR QmR VHUi GHWHFWDGR QmR VHQGR VHOHFFLRQDGRV R IRUPDWR H D WD[D GH ]RRP FRUUHFWRV 1mR FRORTXH REMHFWRV FRP PDLV GH NJ QR YLGUR GH RULJLQDLV 6H FRORFDU XP OLYUR QR YLGUR GH RULJLQDLV QmR R SUHVVLRQH FRP GHPDVLDGD IRUoD SRUTXH SRGH GDQLILFDU R YLGUR GH RULJLQDLV 'L'L'L 'RFXPHQWRV RULJLQDLV &DUUHJDU GRFXPHQWRV SDUD DSOLFDo}HV HVSHFtILFDV 6HJXHVH XPD GHVFULomR GR PpWRGR GH DOLPHQWDomR GH GRFXPHQWRV H GHILQLo}HV GH FySLD PDLV DSUHFLDGRV SDUD DSOLFDo}HV HVSHFtILFDV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'RFXPHQWRV GH JUDQGHV GLPHQV}HV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD (VSHFLILFDU GHILQLo}HV GH FySLD (VSHFLILFDU GHILQLo}HV GH DFDEDPHQWR (VWmR GLVSRQtYHLV YiULDV GHILQLo}HV SDUD VHSDUDU RX DJUXSDU DJUDIDU RX IXUDU DV FySLDV 1R SDLQHO WiFWLO WRTXH HP >)81d®(6 %È6, &$6@ H HP VHJXLGD HP >02'2 $&$%$0(172@ $SDUHFH XP HFUm TXH PRVWUD DV GHILQLo}HV GH DFDEDPHQWR GLVSRQtYHLV 'HILQLo}HV GH DFDEDPHQWR GLVSRQtYHLV 'HILQLo}HV GH DFDEDPHQWR G 1mRVHSDUDU $V FySLDV VmR HMHFWDGDV H HPSLOKDGDV XPDV VREUH DV RXWUDV j PHGLGD TXH VmR LPSUHVVDV G 6HSDUDU $V FySLDV VmR DXWRPDWLFDPHQWH GLYLGLGDV QR Q~PHUR GH FRQMXQWRV HVSHFLILFDGR FDGD FRQMXQWR FRQWHQGR XPD FySLD GH FDGD SiJLQD 'L'L'L G (VSHFLILFDU GHILQLo}HV GH FySLD $JUXSDU $V FySLDV VmR DXWRPDWLFDPHQWH GLYLGLGDV HP SLOKDV TXH FRQWrP FySLDV GD PHVPD SiJLQD $SHQDV TXDQGR R ILQ]DOL]DGRU HVWi LQVWDODGR G $JUDIDU FDQWR $V FySLDV LPSUHVVDV FRP D GHILQLomR ³6HSDUDU´ RX ³$JUXSDU´ VmR DXWRPDWLFDPHQWH DJUDIDGDV QR FDQWR VXSHULRU HVTXHUGR 1RWD 2 SDSHO HVSHVVR RV HQYHORSHV H DV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU QmR SRGHP VHU DJUDIDGRV $SHQDV TXDQGR R ILQ]DOL]DGRU HVWi LQVWDODGR G $JUDIDU SRQWRV $V FySLDV LPSUHVVDV FRP D GHILQLomR ³6HSDUDU´ RX ³$JUXSDU´ VmR DXWRPDWLFDPHQWH DJUDIDGDV HP GRLV SRQWRV QD PDUJHP HVTXHUGD 1RWD 2 SDSHO HVSHVVR RV HQYHORSHV H DV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU QmR SRGHP VHU DJUDIDGRV 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD $SHQDV TXDQGR R ILQ]DOL]DGRU H R NLW GH IXUDomR HVWmR LQVWDODGRV G )XUDU $V FySLDV VmR IXUDGDV SDUD SRGHUHP VHU DUTXLYDGDV (VWD GHILQLomR SRGH VHU FRPELQDGD FRP DV GHILQLo}HV ³1mRVHSDUD´ ³6HSDUDU´ ³$JUXSDU´ RX ³$JUDIDU´ 1RWD 2V HQYHORSHV D DV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU QmR SRGHP VHU IXUDGRV 6XJHVWmR 3RU SUHGHILQLomR VmR DXWRPDWLFDPHQWH VHOHFFLRQDGDV DV GHILQLo}HV ³1mRVHSDUD´ RX ³6HSDUDU´ GHSHQGHQGR GR Q~PHUR GH SiJLQDV QR GRFXPHQWR $ SUHGHILQLomR p ³1mRVHSDUD´ e SRVVtYHO DOWHUDU DV SUHGHILQLo}HV XWLOL]DQGR DV YiULDV IXQo}HV QR HFUm (VFROKD XWLOL]DGRU $SHQDV TXDQGR R ILQ]DOL]DGRU H R NLW GH DFDEDPHQWR HVWmR LQVWDODGRV G 9LQFDU $JUDIDU SRQWRV $V FySLDV LPSUHVVDV QR PRGR &ULDomR )ROKHWR SRGHP VHU GREUDGDV H DJUDIDGDV DXWRPDWLFDPHQWH HP GRLV SRQWRV 1RWD $ IXQomR GH YLQFDU DJUDIDU SRQWRV QmR SRGH VHU XWLOL]DGD SDUD SDSHO HVSHVVR HQYHORSHV H WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU 'L'L'L 5HSDUH QRV SRQWRV TXH VH VHJXHP G (VSHFLILFDU GHILQLo}HV GH FySLD 1RWDV VREUH D XWLOL]DomR GDV GHILQLo}HV ³6HSDUDU´ H ³$JUXSDU´ 6H XP GRFXPHQWR FRORFDGR QR YLGUR GH RULJLQDLV IRU FRSLDGR XWLOL]DQGR D GHILQLomR ³6HSDUDU´ D RSHUDomR GH FySLD XWLOL]D DXWRPDWLFDPHQWH D IXQomR ³/HLWXUD VHSDUDGD´ 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ )XQo}HV DX[LOLDUHV´ 6H R ILQ]DOL]DGRU RX R ILQ]DOL]DGRU GH SUDWHOHLUDV HQGHUHoiYHLV HVWLYHU LQVWDODGR FDGD FRQMXQWR GH FySLDV HMHFWDGR p GHVORFDGR DOWHUQDGDPHQWH SDUD R ODGR HVTXHUGR H SDUD R ODGR GLUHLWR 6H HP YH] GR ILQ]DOL]DGRU HVWLYHU LQVWDODGR R WDEXOHLUR GH WDUHIDV FDGD FRQMXQWR GH FySLDV HMHFWDGR p GHVORFDGR DOWHUQDGDPHQWH QR VHQWLGR YHUWLFDO H KRUL]RQWDO QXP SDGUmR FUX]DGR 2V IRUPDWRV GH SDSHO $ RX % WrP GH VHU FDUUHJDGRV KRUL]RQWDOPHQWH QXPD JDYHWD GH SDSHO H YHUWLFDOPHQWH QRXWUD JDYHWD 'HYH VHU FRORFDGR SDSHO GR PHVPR WLSR KRUL]RQWDOPHQWH QXPD JDYHWD H YHUWLFDOPHQWH QRXWUD $ IXQomR ³'HWHFomR 0XOWL )PWR´ QmR GHYH HVWDU VHOHFFLRQDGD 1mR p SRVVtYHO VHOHFFLRQDU QHQKXPD GDV VHJXLQWHV IXQo}HV , QVHULU 3iJLQD H &DSD 1mR SRGH HVWDU VHOHFFLRQDGD QHQKXPD JDYHWD GH SDSHO G G &RQGLo}HV QHFHVViULDV SDUD D VHSDUDomR FUX]DGD G G G G G 'HVORFDU VHSDUDomR &DGD FRQMXQWR GH FySLDV HMHFWDGR p GHVORFDGR SDUD ODGRV DOWHUQDGRV 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 6HSDUDomR FUX]DGD &DGD FRQMXQWR GH FySLDV p HMHFWDGR QXP SDGUmR FUX]DGR DOWHUQDGR 'HVORFDU DJUXSDPHQWR &DGD FRQMXQWR GH SiJLQDV HMHFWDGR p GHVORFDGR SDUD ODGRV DOWHUQDGRV $JUXSDPHQWR FUX]DGR &DGD FRQMXQWR GH SiJLQDV p HMHFWDGR QXP SDGUmR FUX]DGR DOWHUQDGR 'L'L'L 3RVLFLRQH RV GRFXPHQWRV D FRSLDU (VSHFLILFDU GHILQLo}HV GH FySLD )D]HU FySLDV XWLOL]DQGR XPD GHILQLomR GH DJUDIDJHP 6HOHFFLRQH ³1mRVHSDUD´ ³6HSDUDU´ RX ³$JUXSDU´ H HP VHJXLGD VHOHFFLRQH XPD GHILQLomR GH DJUDIDJHP H H 6H D GHILQLomR ³$JUDIDU FDQWR´ HVWLYHU VHOHFFLRQDGD VLJD SDUD R SDVVR 6H D GHILQLomR ³$JUDIDU SRQWRV´ HVWLYHU VHOHFFLRQDGD VLJD SDUD R SDVVR 7RTXH HP >6(/(& 326, d2@ 7RTXH QR ERWmR DWp REWHU D SRVLomR GH DJUDIDJHP SUHWHQGLGD 7RTXH HP >, 1752'@ 3ULPD D WHFOD >, 1, &, $5@ $V FySLDV VmR LPSUHVVDV 1RWD 1mR p SRVVtYHO VHOHFFLRQDU XPD GHILQLomR GH DJUDIDJHP VH WLYHU VLGR LQWHUURPSLGD RXWUD WDUHID 4XDQGR HIHFWXDU FySLDV XWLOL]DQGR XPD GHILQLomR GH DJUDIDJHP WHQKD FXLGDGR DR VHOHFFLRQDU D SRVLomR GRV DJUDIRV 3DUD GHWDOKHV FRQVXOWH D SiJLQD 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 6H D RSomR ³$JUDIDU FDQWR´ HVWLYHU VHOHFFLRQDGD QmR p SRVVtYHO HVSHFLILFDU D SRVLomR GH DJUDIDJHP 1R HQWDQWR VH IRUHP VLPXOWDQHDPHQWH XWLOL]DGDV DV GHILQLo}HV ³$JUDIDU FDQWR´ H ³)XUDU´ p SRVVtYHO HVSHFLILFDU D SRVLomR GH DJUDIDJHP 6H XP GRFXPHQWR FRORFDGR QR YLGUR GH RULJLQDLV IRU FRSLDGR XWLOL]DQGR XPD GHILQLomR GH DJUDIDJHP D FySLD XWLOL]D DXWRPDWLFDPHQWH D IXQomR ³/HLWXUD VHSDUDGD´ 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ )XQo}HV DX[LOLDUHV´ $R FRSLDU XWLOL]DQGR D GHILQLomR GH DJUDIDJHP FHUWLILTXHVH GH TXH QmR p H[FHGLGR R Q~PHUR Pi[LPR GH SiJLQDV TXH SRGHP VHU DJUDIDGDV 'L'L'L 3RVLFLRQH RV GRFXPHQWRV D FRSLDU (VSHFLILFDU GHILQLo}HV GH FySLD 3DUD ID]HU FySLDV XWLOL]DQGR D GHILQLomR ³)XUDU´ 6HOHFFLRQH ³1mRVHSDUD´ ³6HSDUDU´ RX ³$JUXSDU´ H HP VHJXLGD WRTXH HP >)85$5@ 7RTXH HP >6(/(& 326, d2@ 7RTXH QR ERWmR DWp REWHU DV SRVLo}HV GH IXUDomR SUHWHQGLGDV 3DUD SHUPLWLU D HVSHFLILFDomR DXWRPiWLFD GD SRVLomR GH IXUDomR WRTXH HP >12@ 7RTXH HP >, 1752'@ 3ULPD D WHFOD >, 1, &, $5@ $V FySLDV VmR LPSUHVVDV 6XJHVWmR 6H R SURFHVVR GH FySLD IRU LQLFLDGR VHP D SRVLomR GH IXUDomR HVSHFLILFDGD RX VH D GHILQLomR 12 HVWLYHU VHOHFFLRQDGD D SRVLomR GH IXUDomR p DXWRPDWLFDPHQWH HVSHFLILFDGD GH DFRUGR FRP D RULHQWDomR GR GRFXPHQWR FRPR PRVWUDGR DEDL[R 3DUD DMXVWDU D SRVLomR GRV IXURV FRQWDFWH R UHSUHVHQWDQWH GH YHQGDV 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 3DUD ID]HU FySLDV XWLOL]DQGR D GHILQLomR ³9LQFDU´ 6H R ILQ]DOL]DGRU RSFLRQDO RX R ILQ]DOL]DGRU GH DFDEDPHQWR HVWLYHU LQVWDODGR DV FySLDV SRGHP VHU GREUDGDV VHOHFFLRQDQGR D GHILQLomR ³&ULDomR )ROKHWR´ VHOHFFLRQDGD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 1RWDV VREUH D SRVLomR GH DJUDIDJHP $ ]RQD TXH SRGH VHU DJUDIDGD GHSHQGH GR IRUPDWR H RULHQWDomR GR SDSHO 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 1RWDV VREUH R Q~PHUR GH FRQMXQWRV DJUDIDGRV $R FRSLDU FRP XPD GHILQLomR GH DJUDIDJHP DV SiJLQDV SRGHP FDLU RX QmR ILFDU DOLQKDGDV $FRQVHOKDPRV D QmR DJUDIDU PDLV GR TXH D TXDQWLGDGH GH FRQMXQWRV OLVWDGD DEDL[R )LQ]DOL]DGRU $ / D % & 1~PHUR GH SiJLQDV HQFDGHUQDGDV IROKDV D IROKDV D IROKDV D IROKDV D IROKDV D IROKDV D IROKDV 1~PHUR Pi[LPR GH FRQMXQWRV FRQMXQWRV FRQMXQWRV FRQMXQWRV FRQMXQWRV FRQMXQWRV FRQMXQWRV FRQMXQWRV 1RWDV VREUH D SRVLomR GR )XUDU $R FRSLDU FRP D GHILQLomR )XUDU VHOHFFLRQDGD WHQKD FXLGDGR DR VHOHFFLRQDU D RULHQWDomR GR GRFXPHQWR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD (VSHFLILFDU XPD GHILQLomR GH =RRP $V FySLDV GRV GRFXPHQWRV SRGHP VHU DPSOLDGDV H UHGX]LGDV 1R SDLQHO WiFWLO WRTXH HP >)81d®(6 %È6, &$6@ H HP VHJXLGD WRTXH HP >=220@ $SDUHFH XP HFUm TXH PRVWUD DV GHILQLo}HV GH =RRP GLVSRQtYHLV ([LVWHP VHWH PDQHLUDV GH PXGDU D WD[D GH ]RRP G )PWR $XWR )RUPDWR DXWR e DXWRPDWLFDPHQWH VHOHFFLRQDGD D WD[D GH ]RRP PDLV DGHTXDGD EDVHDGD QR IRUPDWR GR GRFXPHQWR H QR IRUPDWR GH SDSHO HVSHFLILFDGR )RUPDWR LQWHJUDO e VHOHFFLRQDGD XPD FySLD GH GLPHQV}HV LJXDLV jV GR GRFXPHQWR $PSOLDU (VWmR GLVSRQtYHLV GHILQLo}HV GH ]RRP SDUD ID]HU FySLDV DPSOLDGDV D SDUWLU GH IRUPDWRV GH GRFXPHQWRV VWDQGDUG H IRUPDWRV GH SDSHO VWDQGDUG 3RU H[HPSOR 8P GRFXPHQWR GH IRUPDWR $ SRGH VHU FRSLDGR H DPSOLDGR SDUD SDSHO GH IRUPDWR $ 8P GRFXPHQWR GH IRUPDWR % SRGH VHU FRSLDGR H DPSOLDGR SDUD SDSHO GH IRUPDWR $ 5HGX]LU (VWmR GLVSRQtYHLV GHILQLo}HV GH ]RRP SDUD ID]HU FySLDV UHGX]LGDV D SDUWLU GH IRUPDWRV GH GRFXPHQWRV VWDQGDUG H IRUPDWRV GH SDSHO VWDQGDUG 3RU H[HPSOR 8P GRFXPHQWR GH IRUPDWR $ SRGH VHU FRSLDGR H UHGX]LGR SDUD SDSHO GH IRUPDWR $ 8P GRFXPHQWR GH IRUPDWR % SRGH VHU FRSLDGR H UHGX]LGR SDUD SDSHO GH IRUPDWR $ 'L'L'L G G H H G H H (VSHFLILFDU GHILQLo}HV GH FySLD G H H G H 0tQLPR $ FySLD p OLJHLUDPHQWH UHGX]LGD $R VHOHFFLRQDU D GHILQLomR ³0tQLPR´ SRGH DVVHJXUDU TXH TXDOTXHU SDUWH GR RULJLQDO QD PDUJHP GD SiJLQD QmR ILFDUi GH IRUD GD FySLD $ WD[D GH ]RRP GD GHILQLomR ³0tQLPR´ SRGH VHU DOWHUDGD SDUD TXDOTXHU WD[D HQWUH H 8WLOL]DU R ]RRP e SRVVtYHO HVSHFLILFDU TXDOTXHU WD[D GH ]RRP HQWUH H 7RTXH QDV WHFODV GH VHWD SDUD VHOHFFLRQDU D WD[D GH ]RRP SUHWHQGLGD 'H FDGD YH] TXH WRFD QXPD WHFOD GH VHWD D WD[D GH ]RRP DXPHQWD RX GLPLQXL HP LQFUHPHQWRV GH =RRP 3HUVVRDO e SRVVtYHO HVSHFLILFDU TXDOTXHU WD[D GH ]RRP HQWUH H 8WLOL]H R WHFODGR QXPpULFR SDUD LQWURGX]LU D WD[D GH ]RRP SUHWHQGLGD 3RGHP VHU JXDUGDGDV GXDV WD[DV GH ]RRP LQWURGX]LGDV DWUDYpV GR WHFODGR QXPpULFR =RRP ;< 2 IRUPDWR GD FySLD SRGH VHU DOWHUDGR HVSHFLILFDQGR SURSRUo}HV GH HVFDOD GLIHUHQWHV HQWUH H SDUD DV GLPHQV}HV YHUWLFDO H KRUL]RQWDO G H H G 3DUD VHOHFFLRQDU XPD GHILQLomR GH =RRP 7RTXH HP >=220@ $SDUHFH XP HFUm TXH PRVWUD DV GHILQLo}HV GH =RRP GLVSRQtYHLV 6HOHFFLRQH D GHILQLomR GH =RRP SUHWHQGLGD 3DUD LQWURGX]LU XPD WD[D GH ]RRP SHUVRQDOL]DGD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD JXDUGDU WD[DV GH ]RRP SHUVRQDOL]DGDV H PtQLPDV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 3DUD FKDPDU XPD WD[D GH ]RRP SHUVRQDOL]DGD JXDUGDGD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 3DUD HVSHFLILFDU SURSRUo}HV GH HVFDOD YHUWLFDO H KRUL]RQWDO GLIHUHQWHV GHILQLomR ³=RRP ;<´ 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 6HOHFFLRQDU GHILQLo}HV 2ULJ !&ySLD 1R SDLQHO WiFWLO WRTXH HP >25, * !&Ï3, $@ $SDUHFH XP HFUm TXH PRVWUD R GRFXPHQWR GLVSRQtYHO H DV GHILQLo}HV GH FySLD 'HILQLo}HV 2ULJ !&ySLD 'HILQLo}HV G IDFH Ö IDFH 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH XPD IDFH G IDFH Ö IDFHV 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRLV GRFXPHQWRV GH XPD IDFH G IDFH Ö HP 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH GRLV GRFXPHQWRV GH XPD IDFH G IDFH Ö HP 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH XPD IDFH G IDFHV Ö IDFH $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 'XDV FySLDV GH XPD IDFH VmR SURGX]LGDV D SDUWLU GH XP GRFXPHQWR GH GXDV IDFHV IDFHV Ö IDFHV $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH XP GRFXPHQWR GH GXDV IDFHV G 'L'L'L G (VSHFLILFDU GHILQLo}HV GH FySLD IDFHV Ö HP $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH XP GRFXPHQWR GH GXDV IDFHV IDFHV Ö HP $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH GXDV IDFHV IDFH Ö HP 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH XPD IDFH G G G IDFH Ö HP 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH XPD IDFH G IDFH Ö &ULDomR )ROKHWR 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH XPD IDFH G IDFHV Ö HP $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH GXDV IDFHV 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD G IDFHV Ö HP $SHQDV VH R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH GRFXPHQWRV GH GXDV IDFHV G /LYUR 6HSDUDomR Ö IDFH 'XDV FySLDV GH XPD IDFH VmR SURGX]LGDV D SDUWLU GH XP GRFXPHQWR HQFDGHUQDGR G /LYUR )ROKD GH FiOFXOR Ö IDFH 8PD FySLD GH XPD IDFH p SURGX]LGD D SDUWLU GH XP GRFXPHQWR HQFDGHUQDGR G /LYUR 6HSDUDomR Ö IDFHV 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH XP GRFXPHQWR HQFDGHUQDGR G /LYUR )ROKD GH FiOFXOR Ö IDFHV 8PD FySLD GH GXDV IDFHV p SURGX]LGD D SDUWLU GH XP GRFXPHQWR HQFDGHUQDGR 'L'L'L 3RVLFLRQH RV GRFXPHQWRV D FRSLDU (VSHFLILFDU GHILQLo}HV GH FySLD 3DUD HVSHFLILFDU GHILQLo}HV 2ULJ !&ySLD 3DUD GHWDOKHV FRQVXOWH R FDStWXOR ³ 'RFXPHQWRV RULJLQDLV´ 7RTXH HP >25, * !&Ï3, $@ 6HOHFFLRQH D GHILQLomR SDUD R WLSR GH GRFXPHQWR D VHU FRSLDGR 3DUD R H[HPSOR j GLUHLWD WRTXH HP >)$&(@ 6HOHFFLRQH D GHILQLomR SDUD R WLSR GH FySLD SUHWHQGLGR 3DUD R H[HPSOR j GLUHLWD WRTXH HP >)$&(6@ 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 3DUD VHOHFFLRQDU DV GHILQLo}HV ³HP´ ³&ULDomR )ROKHWR´ ³HP´ RX ³HP´ WRTXH HP >(0)2/+(72@ 7RTXH HP >', 5(&d2 25, *, 1$/@ 6HOHFFLRQH XPD GHILQLomR GH 'LUHFomR RULJLQDO VH R GRFXPHQWR QmR IRU FRORFDGR QD RULHQWDomR SDGUmR 6HOHFFLRQH D GHILQLomR DGHTXDGD GH RULHQWDomR GR GRFXPHQWR 7RTXH HP >, 1752'@ 3ULPD D WHFOD >, 1, &, $5@ $V FySLDV VmR LPSUHVVDV &RSLDU XP GRFXPHQWR HQFDGHUQDGR $ SRVLomR GH OHLWXUD GH GRFXPHQWRV HQFDGHUQDGRV SRGH VHU DMXVWDGD 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 &RSLDU XP OLYUR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 &RSLDU SiJLQDV GH OLYUR SDUD SiJLQDV GH GXDV IDFHV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 6HOHFFLRQDU SUHGHILQLo}HV UDSLGDPHQWH 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD (VSHFLILFDU XPD GHQVLGDGH GH FySLD 6HOHFFLRQDU XPD GHQVLGDGH GH FySLD 1R SDLQHO WiFWLO WRTXH HP >'(16, '$'(@ $SDUHFH XP HFUm TXH PRVWUD DV GHILQLo}HV GH GHQVLGDGH GLVSRQtYHLV 6HOHFFLRQH D GHILQLomR DGHTXDGD DR GRFXPHQWR D FRSLDU ³7H[WR´ ³)RWR´ RX ³7H[WR)RWR´ (P VHJXLGD DMXVWH D GHQVLGDGH 6XJHVWmR $ GHILQLomR GH GHQVLGDGH ³$XWR´ p D SUHGHILQLomR $ SUHGHILQLomR GH GHQVLGDGH SRGH VHU DOWHUDGD XWLOL]DQGR XPD IXQomR QR HFUm (VFROKD XWLOL]DGRU 6HOHFFLRQDU D GHILQLomR ³7H[WR´ 6HOHFFLRQH D GHILQLomR ³7H[WR´ SDUD UHDOoDU FRQWRUQRV H UHSURGX]LU GRFXPHQWRV GH WH[WR FRP QLWLGH] 'HQVLGDGH ³$XWR´ D GHQVLGDGH p DXWRPDWLFDPHQWH DMXVWDGD DR GRFXPHQWR 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 6HOHFFLRQDU D GHILQLomR ³)RWR´ 6HOHFLRQH D GHQVLGDGH ³)RWR´ DR FRSLDU GRFXPHQWRV FRP PHLRVWRQV WDLV FRPR IRWRJUDILDV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 6HOHFFLRQDU D GHILQLomR ³7H[WR)RWR´ 6HOHFFLRQH D GHILQLomR ³7H[WR)RWR´ DR FRSLDU GRFXPHQWRV FRQWHQGR WH[WR H IRWRV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 'L'L'L (VSHFLILFDU GHILQLo}HV GH FySLD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 0HQVDJHQV GR SDLQHO WiFWLO 4XDQGR DSDUHFHU D PHQVDJHP ³3RU IDYRU DGLFLRQH WRQHU´ $ PHQVDJHP ³3RU IDYRU DGLFLRQH WRQHU´ DSDUHFH TXDQGR R QtYHO GH WRQHU HVWLYHU EDL[R 'HSRLV GHVWD PHQVDJHP DSDUHFHU DLQGD p SRVVtYHO ID]HU FHUFD GH FySLDV $ 1R HQWDQWR p DFRQVHOKiYHO VXEVWLWXLU R IUDVFR GH WRQHU ORJR TXH SRVVtYHO $ PHQVDJHP ³3RU IDYRU DGLFLRQH WRQHU´ DSDUHFH TXDQGR Mi QmR KRXYHU WRQHU H QmR IRU SRVVtYHO LQLFLDU XP QRYR FLFOR GH FySLD 6XEVWLWXD R IUDVFR GH WRQHU SRU XP IUDVFR QRYR VHJXLQGR R SURFHGLPHQWR TXH VH LQGLFD DEDL[R 3DUD VXEVWLWXLU R IUDVFR GH WRQHU $EUD D SRUWD GD IUHQWH 3X[H R IXQLO GH WRQHU WDQWR TXDQWR SRVVtYHO 'L'L'L 5RGH R VXSRUWH GR IUDVFR GH WRQHU SDUD FLPD 0HQVDJHQV GR SDLQHO WiFWLO 3X[H R IUDVFR GH WRQHU FXLGDGRVDPHQWH SDUD IRUD 1mR GHLWH IRUD R IUDVFR GH WRQHU YD]LR *XDUGHR H HQWUHJXHR DR UHSUHVHQWDQWH GRV VHUYLoRV WpFQLFRV %DWD FRP XPD GDV H[WUHPLGDGHV GR IUDVFR GH WRQHU QRYR QXPD VXSHUItFLH GXUD WDO FRPR XPD VHFUHWiULD RX PHVD TXDWUR RX FLQFR YH]HV H HP VHJXLGD UHSLWD R SURFHGLPHQWR SDUD D RXWUD H[WUHPLGDGH 'DGR TXH R WRQHU GHQWUR GR IUDVFR SRGH WHUVH WRUQDGR FRPSDFWR FHUWLILTXHVH GH TXH R VROWD HIHFWXDQGR HVWD RSHUDomR $JLWH R IUDVFR GH WRQHU QRYR FHUFD GH FLQFR YH]HV 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO , QVLUD R IUDVFR GH WRQHU FRP R VHOR YROWDGR SDUD FLPD 5RGH R VXSRUWH GR IUDVFR GH WRQHU SDUD EDL[R DWp R IL[DU QD SRVLomR DGHTXDGD $JDUUH R VHOR GR IUDVFR GH WRQHU H SX[HR OHQWDPHQWH QD VXD GLUHFomR 'REUH R VXSRUWH GR IUDVFR GH WRQHU SDUD EDL[R H HPSXUUH SDUD GHQWUR R IXQLO GH WRQHU )HFKH D SRUWD IURQWDO H H $R IHFKDU D SRUWD p DXWRPDWLFDPHQWH LQLFLDGR R SURFHVVR GH UHDEDVWHFLPHQWR 'XUDQWH R UHDEDVWHFLPHQWR GH WRQHU QmR GHVOLJXH D FRSLDGRUD QHP DEUD DV SRUWDV 6XJHVWmR 6H D LPSUHVVmR QmR IRU QtWLGD LPHGLDWDPHQWH DSyV VXEVWLWXLomR GR IUDVFR GH WRQHU UHDEDVWHoD GH WRQHU &RQVXOWH D SiJLQD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 4XDQGR DSDUHFHU D PHQVDJHP ³$JUDIDGRU YD]LR´ 4XDQGR R FDUWXFKR GH DJUDIRV HVWLYHU YD]LR DSDUHFH D PHQVDJHP DEDL[R H GHL[D GH VHU SRVVtYHO DJUDIDU GRFXPHQWRV 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R SDUD VXEVWLWXLU R FDUWXFKR GH DJUDIRV 1RWD &HUWLILTXHVH GH TXH R FDUWXFKR GH DJUDIRV Vy p VXEVWLWXtGR GHSRLV GD PHQVDJHP DSDUHFHU $ PiTXLQD SRGH ILFDU GDQLILFDGD VH R FDUWXFKR GH DJUDIRV IRU UHPRYLGR DQWHV GD PHQVDJHP DSDUHFHU 3DUD VXEVWLWXLU R FDUWXFKR GH DJUDIRV GR ILQ]DOL]DGRU )1 $EUD D SRUWD GD IUHQWH 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3X[H R VXSRUWH GR FDUWXFKR GH DJUDIRV QD VXD GLUHFomR 3ULPD D iUHD LGHQWLILFDGD SRU ³386+´ SDUD GHVEORTXHDU R VXSRUWH GR FDUWXFKR GH DJUDIRV 5HWLUH R FDUWXFKR GH DJUDIRV YD]LR GR UHVSHFWLYR VXSRUWH , QVLUD R FDUWXFKR GH DJUDIRV QRYR QR UHVSHFWLYR VXSRUWH H UHWLUH FXLGDGRVDPHQWH R WUDYDGRU 'L'L'L )L[H R FDUWXFKR GH DJUDIRV FKHLR QD SRVLomR FRUUHFWD 0HQVDJHQV GR SDLQHO WiFWLO )HFKH D SRUWD IURQWDO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD VXEVWLWXLU R FDUWXFKR GH DJUDIRV GR ILQ]DOL]DGRU GH DFDEDPHQWR &8, '$'2 7HQKD FXLGDGR DR LQVWDODU R VXSRUWH GR FDUWXFKR GH DJUDIRV § &HUWLILTXHVH GH TXH R VXSRUWH GR FDUWXFKR GH DJUDIRV p LQVHULGR QD GLUHFomR FRUUHFWD (QTXDQWR VHJXUD R WDEXOHLUR GH VDtGD GH SDSHO UHPRYD R FDUWXFKR GH DJUDIRV 3ULPD D iUHD LGHQWLILFDGD SRU ³386+´ SDUD GHVEORTXHDU R VXSRUWH GR FDUWXFKR GH DJUDIRV 5HWLUH R FDUWXFKR GH DJUDIRV YD]LR GR UHVSHFWLYR VXSRUWH 'L'L'L , QVLUD R FDUWXFKR GH DJUDIRV QRYR QR UHVSHFWLYR VXSRUWH 0HQVDJHQV GR SDLQHO WiFWLO 5HWLUH FXLGDGRVDPHQWH R WUDYDGRU )L[H R FDUWXFKR GH DJUDIRV FKHLR QD SRVLomR FRUUHFWD %DL[H R WDEXOHLUR GH VDtGD GH SDSHO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 6H RFRUUHU XP HQFUDYDPHQWR GH SDSHO /RFDOL]DomR GRV HQFUDYDPHQWRV GH SDSHO 0HQVDJHP 'HVFULomR 8P HQFUDYDPHQWR GH SDSHO QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV SiJLQD 8P HQFUDYDPHQWR GH SDSHO QD VHFomR GH IXVmR SiJLQD 8P HQFUDYDPHQWR GH SDSHO QD XQLGDGH GXSOH[ SiJLQD 0HQVDJHP 'HVFULomR 8P HQFUDYDPHQWR GH SDSHO QD RX JDYHWD GH SDSHO SiJLQD 8P HQFUDYDPHQWR GH SDSHO QR FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH SiJLQD 8P HQFUDYDPHQWR GH SDSHO QR ILQ]DOL]DGRU SiJLQD 'L'L'L 0HQVDJHP 'HVFULomR 8P HQFUDYDPHQWR GH SDSHO QR WDEXOHLUR PXOWL E\SDVV SiJLQD 8P HQFUDYDPHQWR GH SDSHO QD RX JDYHWD GH SDSHO SiJLQD 0HQVDJHQV GR SDLQHO WiFWLO 0HQVDJHP 'HVFULomR 8P HQFUDYDPHQWR GH SDSHO QD SUDWHOHLUD HQGHUHoiYHO SiJLQD 8P HQFUDYDPHQWR GH SDSHO QR NLW GH DFDEDPHQWR SiJLQD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 6LJD DV LQVWUXo}HV TXH DSDUHFHP QR SDLQHO WiFWLO SDUD DEULU D JXLD GR GRFXPHQWR H UHPRYHU R SDSHO HQFUDYDGR /HYDQWH D DODYDQFD GD WDPSD GH OLPSH]D GH HQFUDYDPHQWRV GH SDSHO H DEUDD 3X[H FXLGDGRVDPHQWH RV GRFXPHQWRV HQFUDYDGRV /HYDQWH D DODYDQFD GD JXLD GR GRFXPHQWR 5RGH R GLVFR SDUD ID]HU VDLU RV GRFXPHQWRV HQFUDYDGRV 'L'L'L (QTXDQWR DPSDUD R WDEXOHLUR GH DOLPHQWDomR GH GRFXPHQWRV FRP D PmR GLUHLWD SX[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR SRVLomR RULJLQDO H IHFKH D WDPSD GH OLPSH]D GH HQFUDYDPHQWRV GH SDSHO 0HQVDJHQV GR SDLQHO WiFWLO &RORTXH D JXLD GR GRFXPHQWR QD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD GHVHQFUDYDU SDSHO QD VHFomR GH IXVmR &8, '$'2 $ iUHD HP WRUQR GD XQLGDGH GH IXVmR HVWi PXLWR TXHQWH § 7RFDU QDV SHoDV TXH QmR HVWmR LQGLFDGDV SRGH UHVXOWDU HP TXHLPDGXUDV 6H VH TXHLPDU SDVVH LPHGLDWDPHQWH D SHOH SRU iJXD IULD H HP VHJXLGD FRQVXOWH XP SURILVVLRQDO GH VD~GH &8, '$'2 6H D VXSHUItFLH GR UROR GH WUDQVIHUrQFLD GH LPDJHQV IRU WRFDGD D TXDOLGDGH GD FySLD SRGH VHU DIHFWDGD § 7HQKD FXLGDGR SDUD QmR WRFDU QD VXSHUItFLH GR UROR GH WUDQVIHUrQFLD GH LPDJHQV 5ROR GH WUDQVIHUrQFLD GH LPDJHP 'L'L'L /HYDQWH D DODYDQFD GH OLEHUWDomR GD SRUWD GR ODGR GLUHLWR H DEUD D SRUWD 0HQVDJHQV GR SDLQHO WiFWLO 3X[H FXLGDGRVDPHQWH RV GRFXPHQWRV HQFUDYDGRV $EUD R JXLD GD XQLGDGH GH IXVmR 3X[H FXLGDGRVDPHQWH RV GRFXPHQWRV HQFUDYDGRV 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO $EUD R JXLD GH FRPXWDomR H SX[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR QD XQLGDGH GH FRPXWDomR 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR QD VHFomR GH IXVmR 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR j YROWD GR UROR GH WUDQVIHUrQFLD GH LPDJHQV 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR )HFKH D SRUWD GLUHLWD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 1RWD 6H R SDSHO HVWLYHU HQFUDYDGR WDO FRPR GHVFULWR DEDL[R FRQWDFWH R UHSUHVHQWDQWH GRV VHUYLoRV WpFQLFRV 2 SDSHO HVWi HQFUDYDGR j YROWD GR UROR GH WUDQVIHUrQFLD GH LPDJHQV 2 SDSHO HVWi GREUDGR RX UDVJDGR SHOR UROR GH WUDQVIHUrQFLD GH LPDJHQV 2 SDSHO UDVJRXVH DR VHU UHPRYLGR H SHUPDQHFH SDUFLDOPHQWH QD XQLGDGH GH IXVmR 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 'HVHQFUDYDU SDSHO QD XQLGDGH GXSOH[ $EUD D SRUWD GD XQLGDGH GXSOH[ 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR )HFKH D SRUWD GD XQLGDGH GXSOH[ 3DUD GHVHQFUDYDU SDSHO QR WDEXOHLUR PXOWLE\SDVV 3X[H R SDSHO HQFUDYDGR QR WDEXOHLUR PXOWLE\SDVV 6H QmR IRU SRVVtYHO SX[DU R SDSHO HQFUDYDGR SX[H D DODYDQFD GD FKDSD GHVOL]DQWH GR WDEXOHLUR PXOWL E\SDVV H HP VHJXLGD SX[H D SODFD GHVOL]DQWH QD VXD GLUHFomR 3ULPD D FKDSD GHVOL]DQWH FRP D PmR HVTXHUGD H SX[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR SRVLomR RULJLQDO 9ROWH D FRORFDU R WDEXOHLUR QD 'L'L'L $EUD R WDEXOHLUR PXOWLE\SDVV 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QD RX JDYHWD GH SDSHO /HYDQWH D DODYDQFD GH OLEHUWDomR GD SRUWD LQIHULRU GR ODGR GLUHLWR SDUD DEULU D SRUWD LQIHULRU GR ODGR GLUHLWR GD XQLGDGH GH DOLPHQWDomR GH SDSHO LQGLFDGD QD PHQVDJHP GR SDLQHO WiFWLO 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR GLUHLWR )HFKH D SRUWD LQIHULRU GR ODGR )HFKH R WDEXOHLUR PXOWLE\SDVV 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QD RX JDYHWD GH SDSHO /HYDQWH D DODYDQFD GH OLEHUWDomR GD SRUWD LQIHULRU GR ODGR GLUHLWR SDUD DEULU D SRUWD LQIHULRU GR ODGR GLUHLWR GD XQLGDGH GH DOLPHQWDomR GH SDSHO LQGLFDGD QD PHQVDJHP GR SDLQHO WiFWLO 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR )HFKH D SRUWD LQIHULRU GLUHLWD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QR FRPSDUWLPHQWR GH JUDQGH FDSDFLGDGH /HYDQWH D DODYDQFD GH OLEHUWDomR GD SRUWD LQIHULRU GR ODGR GLUHLWR SDUD DEULU D SRUWD LQIHULRU GLUHLWD GD XQLGDGH GH DOLPHQWDomR GH SDSHO LQGLFDGD QD PHQVDJHP GR SDLQHO WiFWLO 3X[H FXLGDGRVDPHQWH R SDSHO HQFUDYDGR )HFKH D SRUWD LQIHULRU GLUHLWD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QR ILQ]DOL]DGRU )1 $EUD D SRUWD GD IUHQWH %DL[H D DODYDQFD )1 H SX[H R SDSHO HQFUDYDGR 5RGH R ERWmR )1 'L'L'L 6H R NLW GH IXUDomR HVWLYHU LQVWDODGR SX[H D FDL[D GH UHFROKD 0HQVDJHQV GR SDLQHO WiFWLO %DL[H D DODYDQFD )1 H SX[H R SDSHO HQFUDYDGR 9ROWH D FRORFDU D DODYDQFD )1 H D DODYDQFD )1 QDV UHVSHFWLYDV SRVLo}HV RULJLQDLV LQVLUD D FDL[D GH UHFROKD QD UHVSHFWLYD SRVLomR RULJLQDO 6H R NLW GH IXUDomR HVWLYHU LQVWDODGR %DL[H D DODYDQFD )1 5RGH R GLVFR )1 RX R GLVFR )1 H SX[H R SDSHO HQFUDYDGR 9ROWH D FRORFDU D DODYDQFD )1 QD UHVSHFWLYD SRVLomR RULJLQDO )HFKH D SRUWD IURQWDO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QD SUDWHOHLUD HQGHUHoiYHO 0. $EUD D SRUWD GD IUHQWH 5RGH R GLVFR )1 RX R GLVFR )1 H SX[H R SDSHO HQFUDYDGR (QTXDQWR SULPH D DODYDQFD )1 SX[H R SDSHO HQFUDYDGR 'L'L'L 3X[H R SX[DGRU )1 SDUD DEULU D SRUWD GH OLPSH]D GH HQFUDYDPHQWRV GH SDSHO 0HQVDJHQV GR SDLQHO WiFWLO 3X[H R SDSHO HQFUDYDGR QD SUDWHOHLUD HQGHUHoiYHO )HFKH D SRUWD GH OLPSH]D GH HQFUDYDPHQWRV GH SDSHO )HFKH D SRUWD IURQWDO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3DUD OLPSDU XP HQFUDYDPHQWR GH SDSHO QR NLW GH DFDEDPHQWR $EUD D SRUWD GD IUHQWH 5RGH R GLVFR )1 RX R GLVFR )1 H SX[H R SDSHO HQFUDYDGR 5HWLUH WRGR R SDSHO GR WDEXOHLUR GH VDtGD GH SDSHO $EUD D SRUWD GH OLPSH]D GH HQFUDYDPHQWRV H SX[H R SDSHO HQFUDYDGR HQFUDYDPHQWRV GH SDSHO )HFKH D SRUWD GH OLPSH]D GH )HFKH D SRUWD IURQWDO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 4XDQGR DSDUHFHU D PHQVDJHP ³, PSRVVtYHO DJUDIDU´ 3DUD OLPSDU DJUDIRV HQFUDYDGRV 4XDQGR HVWLYHU LQVWDODGR XP ILQ]DOL]DGRU H RV DJUDIRV HVWLYHUHP HQFUDYDGRV DSDUHFH D PHQVDJHP DEDL[R 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R SDUD GHVHQFUDYDU RV DJUDIRV 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R SDUD UHPRYHU R SDSHO H RV DJUDIRV &8, '$'2 , PSRVVtYHO DJUDIDU § 4XDQGR DSDUHFHU D PHQVDJHP ³, PSRVVtYHO DJUDIDU´ GHVHQFUDYH RV DJUDIRV WDO FRPR GHVFULWR DEDL[R § 6H QmR IRUHP HIHFWXDGRV RV SDVVRV GHVFULWRV QR SURFHGLPHQWR TXH VH VHJXH H R SDSHO IRU SX[DGR FRP GHPDVLDGD IRUoD D XQLGDGH GR DJUDIDGRU SRGH ILFDU GDQLILFDGD 5HWLUH WRGR R SDSHO GR ILQ]DOL]DGRU 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO $EUD D SRUWD GD IUHQWH %DL[H D DODYDQFD )1 H SX[H R SDSHO HQFUDYDGR 5RGH R GLVFR )1 6H R NLW GH IXUDomR HVWLYHU LQVWDODGR SX[H D FDL[D GH UHFROKD 'L'L'L %DL[H D DODYDQFD )1 H SX[H R SDSHO HQFUDYDGR 0HQVDJHQV GR SDLQHO WiFWLO 9ROWH D FRORFDU D DODYDQFD )1 H D DODYDQFD )1 QDV UHVSHFWLYDV SRVLo}HV RULJLQDLV LQVLUD D FDL[D GH UHFROKD QD UHVSHFWLYD SRVLomR RULJLQDO 6H R NLW GH IXUDomR HVWLYHU LQVWDODGR %DL[H D DODYDQFD )1 5RGH R GLVFR )1 RX R GLVFR )1 H SX[H R SDSHO HQFUDYDGR 9ROWH D FRORFDU D DODYDQFD )1 QD UHVSHFWLYD SRVLomR RULJLQDO 5RGH R GLVFR SDUD D HVTXHUGD SDUD PRYHU R DJUDIDGRU SDUD D IUHQWH 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 3X[H R VXSRUWH GR FDUWXFKR GH DJUDIRV QD VXD GLUHFomR /HYDQWH R JXLD GR VXSRUWH GH DJUDIRV H HP VHJXLGD SX[H XPD IROKD GH DJUDIRV RULJLQDO 9ROWH D FRORFDU R JXLD QD SRVLomR )L[H R VXSRUWH GR FDUWXFKR GH DJUDIRV QD SRVLomR FRUUHFWD )HFKH D SRUWD IURQWDO 1RWD 6H FRQWLQXDU D QmR VHU SRVVtYHO DJUDIDU PHVPR GHSRLV GH WHU H[HFXWDGR R SURFHGLPHQWR DQWHULRU FRQWDFWH R UHSUHVHQWDQWH GRV VHUYLoRV WpFQLFRV 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 4XDQGR DSDUHFHU D PHQVDJHP ³$ F[ GH UHFROKD GR IXUDGRU HVWi FKHLD´ 6H R NLW GH IXUDomR HVWLYHU OLJDGR DR ILQ]DOL]DGRU DSDUHFH D PHQVDJHP TXH VH VHJXH TXDQGR D FDL[D GH UHFROKD HVWLYHU FKHLD 6LJD R SURFHGLPHQWR GHVFULWR DEDL[R SDUD HVYD]LDU D FDL[D GH UHFROKD 3DUD HVYD]LDU D FDL[D GH UHFROKD (VYD]LH H YROWH D LQVWDODU D FDL[D GH UHFROKD WDO FRPR GHVFULWR DEDL[R $EUD D SRUWD GD IUHQWH 3X[H D FDL[D GH UHFROKD 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO (VYD]LH D FDL[D GH UHFROKD , QVLUD D FDL[D GH UHFROKD QD UHVSHFWLYD SRVLomR RULJLQDO )HFKH D SRUWD IURQWDO 'L'L'L 0HQVDJHQV GR SDLQHO WiFWLO 'L'L'L 5HVROXomR GH SUREOHPDV 5HVROXomR GH SUREOHPDV 0HQVDJHQV SULQFLSDLV H UHVSHFWLYDV VROXo}HV 0HQVDJHP )RL GHWHFWDGD XPD DQRPDOLD &RQWDFWH RV VHUYLoRV WpFQLFRV H LQGLTXH R FyGLJR DEDL[R 3RU IDYRU DGLFLRQH WRQHU &DXVD $ FRSLDGRUD WHP XPD DYDULD H QmR LPSULPH 6ROXomR &RPXQLFDU R FyGLJR DSUHVHQWDGR QR SDLQHO WiFWLO DRV VHUYLoRV WpFQLFRV 6XEVWLWXLU R IUDVFR GH WRQHU ³4XDQGR DSDUHFHU D PHQVDJHP ³3RU IDYRU DGLFLRQH WRQHU´´ QD SiJLQD &RQWDFWDU RV VHUYLoRV WpFQLFRV 'DGR TXH R WRQHU VH HVJRWRX D FRSLDGRUD QmR FRQVHJXH ID]HU FySLDV 2 WDPERU QHFHVVLWD VHU VXEVWLWXLGR &RQWDFWH RV VHUYLoRV WpFQLFRV $ XQLGDGH GH LPDJHP GHYH VHU VXEVWLWXLGD &RQWDFWH RV 6HUYLoRV 7pFQLFRV 'DGR TXH D XQLGDGH GH WDPERU DWLQJLX R ILP GD VXD YLGD ~WLO D FRSLDGRUD QmR FRQVHJXH ID]HU FySLDV 'DGR TXH D XQLGDGH GH SURFHVVDPHQWR GH LPDJHQV DWLQJLX R ILP GD VXD YLGD ~WLO D FRSLDGRUD QmR FRQVHJXH ID]HU FySLDV 2V DJUDIRV DFDEDUDP &RQWDFWDU RV VHUYLoRV WpFQLFRV $JUDIDGRU YD]LR 6XEVWLWXD &DUWXFKR GH $JUDIHV 6XEVWLWXLU R FDUWXFKR GH DJUDIRV ³4XDQGR DSDUHFHU D PHQVDJHP ³$JUDIDGRU YD]LR´´ QD SiJLQD &RQWDFWDU RV VHUYLoRV WpFQLFRV 7RFDU HP SDUD YHU DSDUHFHU R FyGLJR $R FRQWDFWDU RV VHUYLoRV WpFQLFRV GHYH FRPXQLFDU R FyGLJR (VWi QD DOWXUD GH SURFHGHU j LQVSHFomR SHULyGLFD GD FRSLDGRUD 'L'L'L 0HQVDJHP 9ROWH D FRORFDU R VHJXLQWH Q~PHUR GH SiJLQDV GR GRFXPHQWR 22 &DXVD 5HVROXomR GH SUREOHPDV 6ROXomR &DUUHJDU DV SiJLQDV GR GRFXPHQWR LQGLFDGDV QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 'HSRLV GH OLPSDU XP HQFUDYDPHQWR GH SDSHO p QHFHVViULR YROWDU D FDUUHJDU GHWHUPLQDGDV SiJLQDV GR GRFXPHQWR TXH Mi WLQKDP VLGR DOLPHQWDGDV DWUDYpV GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 'DGR TXH D PHPyULD HVWi FKHLD QmR p SRVVtYHO OHU PDLV SiJLQDV $V IXQo}HV TXH QmR SRGHP VHU XWLOL]DGDV DR PHVPR WHPSR HVWmR VHOHFFLRQDGDV $R ID]HU FySLDV HP QmR IRL SRVVtYHO OHU D VHJXQGD SiJLQD GR GRFXPHQWR GXUDQWH D OHLWXUD PDQXDO $ SRUWD RX D WDPSD LQGLFDGD SHOD VHWD HVWi DEHUWD 1mR p SRVVtYHO ;;;;;;;; 3RXFD PHPyULD GLVSRQLYHO 3UHVVLRQH WHFOD , QLFLDU SDUD UHVXPLU (VWH PRGR QmR SRGH VHU VHOHFFLRQDGR FRP ;;;;;; , QWHUUXSomR , PSULPLU SiJLQDV RX HOLPLQDU WDUHIDV HP ILOD GH HVSHUD SDUD OLEHUWDU PHPyULD )D]HU FySLDV XWLOL]DQGR DSHQDV XPD GDV IXQo}HV 3RVLFLRQDU D VHJXQGD SiJLQD GR GRFXPHQWR RX SUHPLU >&21&/8, 5@ )HFKH FRUUHFWDPHQWH VHFomR}HV LQGLFDGD SHODV VHWDV &HUWLILFDUVH GH TXH WRGDV DV SRUWDV H WDPSDV HVWmR IHFKDGDV GH PRGR FRUUHFWR 'L'L'L 5HVROXomR GH SUREOHPDV , PSUHVVmR GH FySLDV LQFRUUHFWDV 6LQWRPD $ LPSUHVVmR HVWi GHPDVLDGR FODUD &DXVD SRVVtYHO $ GHILQLomR GH GHQVLGDGH DXWRPiWLFD ³$XWR´ HVWi PXLWR FODUD 6ROXomR $MXVWDU D IXQomR ³1LYHO GHIHLWR FRSLD ´ QR HFUm (VFROKD XWLOL]DGRU 2X FDQFHODU D GHILQLomR GH GHQVLGDGH DXWRPiWLFD ³$XWR´ H VHOHFFLRQDU D GHILQLomR SUHWHQGLGD 7RFDU HP >'HQVLGDGH@ H VHOHFFLRQDU XPD GHILQLomR GH GHQVLGDGH PDLV HVFXUD $ GHQVLGDGH GH LPSUHVVmR HVWDYD GHILQLGD SDUD HVFXUD H UHGX]LX R IRUQHFLPHQWR GH WRQHU 8WLOL]DU D IXQomR ³$EDVWHFHU 7RQHU´ QR PRGR 8WLOLWiULRV SDUD UHDEDVWHFHU GH WRQHU 2 IRUQHFLPHQWR GH WRQHU IRL UHGX]LGR 8WLOL]DU D IXQomR ³$EDVWHFHU 7RQHU´ QR PRGR 8WLOLWiULRV SDUD UHDEDVWHFHU GH WRQHU DWp REWHU XPD GHQVLGDGH GH FySLD PDLV HVFXUD 6XEVWLWXLU R IUDVFR GH WRQHU SRU XP IUDVFR QRYR 6XEVWLWXLU R SDSHO (VWi VHOHFFLRQDGD XPD GHILQLomR GH GHQVLGDGH GHPDVLDGR FODUD )RUDP LPSUHVVRV PXLWRV GRFXPHQWRV FRQWHQGR IRWRV RX JUDQGHV iUHDV 2 IUDVFR GH WRQHU DFDERX GH VHU VXEVWLWXtGR 2 WRQHU HVWi YD]LR H DSDUHFH D PHQVDJHP ³$GLFLRQH WRQHU´ QR SDLQHO WiFWLO 2 SDSHO HVWi K~PLGR 'L'L'L 6LQWRPD $ LPSUHVVmR HVWi GHPDVLDGR HVFXUD &DXVD SRVVtYHO $ GHQVLGDGH DXWRPiWLFD ³$XWR´ HVWi GHILQLGD SDUD GHPDVLDGR HVFXUD 5HVROXomR GH SUREOHPDV 6ROXomR $MXVWDU D IXQomR ³1LYHO GHIHLWR FRSLD ´ QR HFUm (VFROKD XWLOL]DGRU 2X FDQFHODU D GHILQLomR GH GHQVLGDGH DXWRPiWLFD ³$XWR´ H VHOHFFLRQDU D GHILQLomR SUHWHQGLGD 7RFDU HP >'HQVLGDGH@ H VHOHFFLRQDU XPD GHILQLomR GH GHQVLGDGH PDLV FODUD 2 RULJLQDO QmR VH HQFRQWUD FRUUHFWDPHQWH FRORFDGR QR YLGUR GH RULJLQDLV 3RVLFLRQDU R GRFXPHQWR GH PRGR D PDQWrOR EHP SUHVVLRQDGR FRQWUD R YLGUR GH RULJLQDLV 6XEVWLWXLU R SDSHO 3RVLFLRQDU R GRFXPHQWR GH PRGR D PDQWrOR EHP SUHVVLRQDGR FRQWUD R YLGUR GH RULJLQDLV (VWi VHOHFFLRQDGD XPD GHILQLomR GH GHQVLGDGH GHPDVLDGR HVFXUD 2 YLGUR GH RULJLQDLV HVWi VXMR 2 GRFXPHQWR QmR HVWi VXILFLHQWHPHQWH SUHVVLRQDGR FRQWUD R YLGUR GH RULJLQDLV $ LPSUHVVmR HVWi HVEDWLGD 2 SDSHO HVWi K~PLGR 2 GRFXPHQWR QmR HVWi VXILFLHQWHPHQWH SUHVVLRQDGR FRQWUD R YLGUR GH RULJLQDLV 'L'L'L 5HVROXomR GH SUREOHPDV 6LQWRPD 2 GRFXPHQWR LPSUHVVR FRQWpP PDQFKDV RX SRQWRV HVFXURV &DXVD SRVVtYHO 2 YLGUR GH RULJLQDLV HVWi VXMR $ DOPRIDGD GH GRFXPHQWRV HVWi VXMD 6ROXomR /LPSDU R YLGUR FRP XP SDQR VHFR H PDFLR /LPSDU D DOPRIDGD GH GRFXPHQWRV FRP XP SDQR PDFLR KXPHGHFLGR QXP GHWHUJHQWH VXDYH &RORFDU XPD IROKD GH SDSHO HP EUDQFR VREUH R GRFXPHQWR 2 GRFXPHQWR LPSUHVVR FRQWpP OLVWDV 2 GRFXPHQWR RULJLQDO p LPSUHVVR HP PDWHULDO DOWDPHQWH WUDQVO~FLGR WDO FRPR SDSHO IRWRVVHQVtYHO GLD]R RX WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU (VWi D VHU FRSLDGR XP GRFXPHQWR GH GXDV IDFHV 6H HVWLYHU D VHU FRSLDGR XP GRFXPHQWR GH GXDV IDFHV ILQR DV LQIRUPDo}HV QR YHUVR GD IROKD SRGHP VHU UHSURGX]LGDV QD FySLD 7RFDU HP >'HQVLGDGH@ H VHOHFFLRQDU XPD GHQVLGDGH PDLV FODUD SDUD R IXQGR 'L'L'L 6LQWRPD $ LPDJHP QmR HVWi FRUUHFWDPHQWH DOLQKDGD QR SDSHO &DXVD SRVVtYHO 5HVROXomR GH SUREOHPDV 6ROXomR 3RVLFLRQDU R GRFXPHQWR FRUUHFWDPHQWH FRQWUD DV HVFDODV GR GRFXPHQWR 6H R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV HVWLYHU LQVWDODGR DMXVWDU FRUUHFWDPHQWH DV JXLDV DR IRUPDWR GR GRFXPHQWR $EULU R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV H SRVLFLRQDU R GRFXPHQWR FRUUHFWDPHQWH FRQWUD DV HVFDODV 2 RULJLQDO QmR VH HQFRQWUD FRUUHFWDPHQWH FRORFDGR QR YLGUR GH RULJLQDLV )D]HU GHVOL]DU DV JXLDV FRQWUD DV PDUJHQV GR GRFXPHQWR $OLVDU R SDSHO DQWHV GH R FDUUHJDU 5HPRYHU R SDSHO GD JDYHWD YROWiOR DR FRQWUiULR H FDUUHJiOR QRYDPHQWH 6XEVWLWXLU R SDSHO SRU SDSHO TXH QmR HVWHMD K~PLGR 2 GRFXPHQWR QmR HVWi FRUUHFWDPHQWH FRORFDGR 2 GRFXPHQWR QmR HVWi FRUUHFWDPHQWH FRORFDGR QR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV 2 YLGUR GH RULJLQDLV HVWi VXMR TXDQGR XWLOL]D R DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV $V JXLDV GR GRFXPHQWR QmR HVWmR DOLQKDGDV FRQWUD DV PDUJHQV GR GRFXPHQWR )RL FRORFDGR SDSHO GREUDGR QD JDYHWD GH SDSHO $ SiJLQD LPSUHVVD HVWi HQURODGD 2 SDSHO XWLOL]DGR WDO FRPR DFRQWHFH FRP R SDSHO UHFLFODGR HQUROD VH IDFLOPHQWH 'L'L'L 5HVROXomR GH SUREOHPDV 6LQWRPD $ PDUJHP GD LPSUHVVmR HVWi VXMD &DXVD SRVVtYHO $ DOPRIDGD GH GRFXPHQWRV HVWi VXMD 6ROXomR /LPSDU D DOPRIDGD GH GRFXPHQWRV FRP XP SDQR PDFLR KXPHGHFLGR QXP GHWHUJHQWH VXDYH 6HOHFFLRQDU XP IRUPDWR GH SDSHO LJXDO DR IRUPDWR GR GRFXPHQWR 2X GHILQLU R =RRP SDUD ³)PWR $XWR´ SDUD DPSOLDU D FySLD SDUD R IRUPDWR GH SDSHO VHOHFFLRQDGR 6HOHFFLRQDU XP IRUPDWR GH SDSHO LJXDO DR IRUPDWR GR GRFXPHQWR 2X VHOHFFLRQDU XPD RULHQWDomR GH SDSHO LJXDO j GR GRFXPHQWR 6HOHFFLRQDU XPD WD[D GH ]RRP TXH DMXVWH R IRUPDWR GR GRFXPHQWR DR IRUPDWR GH SDSHO VHOHFFLRQDGR 2X GHILQLU R =RRP SDUD ³)PWR $XWR´ SDUD UHGX]LU D FySLD SDUD R IRUPDWR GH SDSHO VHOHFFLRQDGR 2 IRUPDWR GH SDSHO VHOHFFLRQDGR p PDLRU TXH R GRFXPHQWR FRP R ]RRP GHILQLGR SDUD ³×´ $ RULHQWDomR GR GRFXPHQWR p GLIHUHQWH GD RULHQWDomR GD FySLD FRP R ]RRP GHILQLGR SDUD ³×´ $ FySLD IRL UHGX]LGD D XP IRUPDWR PDLV SHTXHQR TXH R GR SDSHO IRL VHOHFFLRQDGD XPD GHILQLomR GH =RRP SHUVRQDOL]DGD 6H QmR WLYHU FRQVHJXLGR UHVROYHU R SUREOHPD PHVPR GHSRLV GH HIHFWXDU DV RSHUDo}HV GHVFULWDV DFLPD FRQWDFWH RV VHUYLoRV WpFQLFRV 'L'L'L 5HVROXomR GH SUREOHPDV 4XDQGR D FRSLDGRUD QmR IXQFLRQD FRUUHFWDPHQWH 6LQWRPD 1mR DSDUHFH QDGD QR SDLQHO WiFWLO &DXVD SRVVtYHO 6H DSHQDV R LQGLFDGRU GD WHFOD >, QLFLDU@ HVWLYHU LOXPLQDGR D FRSLDGRUD HQFRQWUDVH HP PRGR GH SRXSDQoD GH HQHUJLD RX HP PRGR 5HSRXVR $ FRSLDGRUD QmR HVWi OLJDGD 6ROXomR 3UHPLU TXDOTXHU WHFOD GR SDLQHO GH RSHUDo}HV SDUD FDQFHODU R PRGR GH SRXSDQoD GH HQHUJLD 9HULILTXH VH R LQWHUUXSWRU GH FRUUHQWH GD FRSLDGRUD HVWi GHILQLGR SDUD ³, ´ H VH R VXELQWHUUXSWRU GH FRUUHQWH IRL SUHPLGR (QTXDQWR REVHUYD R SDLQHO WiFWLO DMXVWH R ERWmR GH FRQWUROR GR FRQWUDVWH 'HILQLU R LQWHUUXSWRU GH FRUUHQWH GD FRSLDGRUD SDUD ³2´ H YROWDU D OLJDU R FDER GH DOLPHQWDomR GR VFDQQHU H R FDER GH LQWHUIDFH , QWURGX]LU R FyGLJR GH DFHVVR GH DFRUGR FRP R SURFHGLPHQWR GHVFULWR HP ³)D]HU FySLDV XWLOL]DQGR FRQWDV´ 7RFDU HP >/LVWD 7DUHIDV@ SDUD YHULILFDU DV WDUHIDV HP ILOD GH HVSHUD $JXDUGDU DWp TXH D LPSUHVVmR VHMD LQLFLDGD $ FRSLDGRUD OHYD FHUFD GH VHJXQGRV D DTXHFHU GHSRLV GH VHU OLJDGD $JXDUGH DWp TXH D FRSLDGRUD DTXHoD 6LJD DV PHQVDJHQV TXH DSDUHFHP QR SDLQHO WiFWLO 2 ERWmR GH FRQWUROR GR FRQWUDVWH SDUD R SDLQHO WiFWLO IRL GHILQLGR SDUD GHPDVLDGR FODUR RX GHPDVLDGR HVFXUR 2 FDER GH DOLPHQWDomR GR VFDQQHU RX R FDER GH LQWHUIDFH HVWmR GHVOLJDGRV 2 LQGLFDGRU GD WHFOD >, QLFLDU@ QmR DFHQGH D YHUGH 1mR IRL LQWURGX]LGR XP FyGLJR GH DFHVVR $SHVDU GH D WHFOD >, QLFLDU@ WHU VLGR SUHPLGD QmR VmR IHLWDV FySLDV $ WDUHID GH FRSLDU LPSULPLU HVWi HP ILOD GH HVSHUD SDUD VHU LPSULPLGD $ FRSLDGRUD DLQGD HVWi D DTXHFHU DSyV WHU VLGR OLJDGD $ FRSLDGRUD WHP XPD DQRPDOLD 'L'L'L 5HVROXomR GH SUREOHPDV 6LQWRPD $ PiTXLQD QmR SRGH VHU GHILQLGD SDUD R PRGR GH FySLD &DXVD SRVVtYHO $ PiTXLQD HVWi HP PRGR GH LQWHUUXSomR R LQGLFDGRU ³, QWHUURPSHU´ HVWi LOXPLQDGR 6ROXomR 3UHPLU D WHFOD >, QWHUURPSHU@ SDUD FDQFHODU R PRGR GH LQWHUUXSomR 1mR p SRVVtYHO OLJDU D PiTXLQD 2 FDER GD IRQWH GH DOLPHQWDomR SRGH WHU VLGR GHVOLJDGR GD WRPDGD HOpFWULFD 2 GLVMXQWRU GR FLUFXLWR HOpFWULFR GLVSDURX /LJDU R FDER GD IRQWH GH DOLPHQWDomR D XPD WRPDGD HOpFWULFD )HFKDU R GLVMXQWRU SDUD R FLUFXLWR HOpFWULFR 6H QmR WLYHU FRQVHJXLGR UHVROYHU R SUREOHPD PHVPR GHSRLV GH HIHFWXDU DV RSHUDo}HV GHVFULWDV DFLPD GHVOLJXH D FRSLDGRUD GHVOLJXH R FDER GH DOLPHQWDomR H FRQWDFWH RV VHUYLoRV WpFQLFRV 'L'L'L 5HVROXomR GH SUREOHPDV 'L'L'L $QH[R $QH[R (VSHFLILFDo}HV &RSLDGRUD 'L'L'L (VSHFLILFDomR 7LSR &DUUR ySWLFR )RWR FRQGXWRU 6LVWHPD GH FySLD 6LVWHPD GH UHYHODomR 6LVWHPD GH IXVmR 5HVROXomR 'RFXPHQWR 7LSRV GH SDSHO $PELHQWH GH WUDEDOKR &DUUR ySWLFR IL[R OHLWXUD PLUURU 23& &ySLD D ODVHU GLJLWDO 0pWRGR GH UHYHODomR 07+* 6LVWHPD GH IL[DomR SRU UROR GH FDORU SSS 7LSRV IROKDV OLYURV )RUPDWR Pi[LPR $ / 3HVR NJ 3DSHO FRPXP JPa JP 3DSHO UHFLFODGR JPa JP 3DSpLV HVSHFLDLV SDSHO HVSHVVR JPa JP WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU SRVWDLV HQYHORSHV IROKDV GH HWLTXHWDV 6y SRGHP VHU DOLPHQWDGRV DWUDYpV GR WDEXOHLUR E\SDVV PDQXDO 8QLGDGH GH DOLPHQWDomR GH SDSHO (P PpWULFR $ / % / $ /& $ / /DUJXUD PPa PP &RPSULPHQWR PPa PP (P SROHJDGDV /HGJHU / × / /HJDO / × / /HWWHU /& × /& /DUJXUD D SRO &RPSULPHQWR D SRO 6H R FRPSULPHQWR IRU GHILQLGR HQWUH PP H PP GHILQD XPD ODUJXUD LQIHULRU D PP 6H D ODUJXUD IRU GHILQLGD HQWUH PP H PP GHILQD XP FRPSULPHQWR LQIHULRU D PP 7DEXOHLUR E\SDVV PDQXDO /DUJXUD PPa PP &RPSULPHQWR PPa PP 'LPHQV}HV GR SDSHO 'L'L'L (VSHFLILFDomR &DSDFLGDGH GH SDSHO $QH[R 8QLGDGH GH DOLPHQWDomR GH SDSHO 3DSHO FRPXP SDSHO UHFLFODGR IROKDV JP 7DEXOHLUR GH DOLPHQWDomR PDQXDO 3DSHO FRPXP SDSHO UHFLFODGR IROKDV 3DSpLV HVSHFLDLV IROKDV (QYHORSHV IROKDV 0HQRV GH VHJXQGRV j WHPSHUDWXUD DPELHQWH & 'L 0HQRV GH VHJXQGRV SDUD SDSHO $ & FRORFDGR QD JDYHWD 'L'L 0HQRV GH VHJXQGRV SDUD SDSHO $ & FRORFDGR QD JDYHWD 'L 3DUD SDSHO $ & QD JDYHWD IROKDVPLQ 'L 3DUD SDSHO $ & QD JDYHWD IROKDVPLQ 'L 3DUD SDSHO $ & QD JDYHWD IROKDVPLQ )RUPDWR LQWHJUDO î 7D[DV GH DPSOLDomR î î î H î 7D[DV GH UHGXomR î î î î 7D[DV GH ]RRP î D î HP LQFUHPHQWRV GH î D IROKDV 'L D IROKDV 'L 'L $XWRPiWLFR PDQXDO H IRWR PDQXDO 0DUJHP DQWHULRU PP 0DUJHP SRVWHULRU PP 0DUJHP WUDVHLUD PP 0DUJHP IURQWDO PP 9 $ +] , QIHULRU D : 'L ZKK 'L ZKK 'L ZKK PP O î PP I î PP D 0% NJ 2KPV FRP XP WHUPLQDO GH GDGRV LQVWDODGR $TXHFLPHQWR 3ULPHLUD FySLD 9HORFLGDGH GH FySLD 7D[D GH ]RRP 0XOWLFySLD &RQWUROR GH GHQVLGDGH 3HUGD GH LPDJHP $OLPHQWDomR &RQVXPR (ILFLrQFLD GH FRQVXPR HQHUJpWLFR 'LPHQV}HV 0HPyULD 3HVR 5HVLVWrQFLD '& (ILFLrQFLD HQHUJpWLFD TXDQGR DPERV RV PRGRV 3RXSDQoD GH HQHUJLD H 5HSRXVR HVWLYHUHP GHILQLGRV SDUD PLQXWR 'L'L'L $QH[R $OLPHQWDGRU GXSOH[ GH GRFXPHQWRV $)5 (VSHFLILFDomR 0pWRGR GH DOLPHQWDomR GH GRFXPHQWRV 7LSR GH SDSHO GRV GRFXPHQWRV )RUPDWR GRV GRFXPHQWRV 3DSHO FRPXP GRFXPHQWRV GH XPD H GXDV IDFHV )XQomR ³'HWHFomR 0XOWL )PWR´ YiULRV IRUPDWRV GH GRFXPHQWRV GH XPD IDFH H GH GXDV IDFHV 3DSHO FRPXP JPa JP )XQomR ³'HWHFomR 0XOWL )PWR´ JPa JP 3DSHO FRPXP $ / % / $ /& % /& $ & )RUPDWRV PLVWRV GH GRFXPHQWRV IXQomR ³'HWHFomR 0XOWL )PWR´ 0i[LPR IROKDV JP &DSDFLGDGH GR DOLPHQWDGRU GXSOH[ GH GRFXPHQWRV $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ 8QLGDGH GXSOH[ $' (VSHFLILFDomR 7LSR GH SDSHO )RUPDWR GR SDSHO $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR 3DSHO FRPXP JPa JP $ / % / $ /& $ / )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ 'L'L'L 8QLGDGH GH FRPXWDomR 6% (VSHFLILFDomR 7LSR GH SDSHO )RUPDWR GR SDSHO $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR 3DSHO FRPXP JPa JP $ / % / $ /& $ / )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ $QH[R 8QLGDGH GH DOLPHQWDomR GH SDSHO 3) (VSHFLILFDomR 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR 3DSHO FRPXP SDSHO UHFLFODGR JPa JP $ / % / $ /& % /& IROKDV JP )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ &RPSDUWLPHQWR GH DOLPHQWDomR GH SDSHO GH YLDV 3) (VSHFLILFDomR 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR 3DSHO FRPXP SDSHO UHFLFODGR JPa JP $ / % / $ /& % /& IROKDV JP î JDYHWDV )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ 'L'L'L $QH[R &RPSDUWLPHQWR GH JUDQGH FDSDFLGDGH 3) (VSHFLILFDomR 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR 3DSHO FRPXP JPa JP $ & IROKDV JP )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D &HUFD GH NJ 'L'L'L )LQ]DOL]DGRU LQFRUSRUDGR )1 (VSHFLILFDomR 7DEXOHLURV GH VDtGD 'HILQLo}HV JDYHWD JDYHWD $QH[R )XQo}HV QRUPDLV GHILQLo}HV ³1mRVHSDUD´ ³6HSDUDU´ ³6HSDUDU´³$JUDIDU´ ³$JUXSDU´ H ³$JUDIDJHP HVSHFLDO´ )XQo}HV GH IXUDomR GHILQLo}HV ³1mRVHSDUD´ ³)XUDU´ ³6HSDUDU´³)XUDU´ H ³6HSDUDU´³$JUDIDU´ ³)XUDU´ 3DSHO FRPXP JPa JP 3RVWDO JP (QYHORSHV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU IROKDV GH HWLTXHWDV $ / % / $ /& % /& $ /& % / $ / JDYHWD 3DSHO FRPXP $ / RX PDLV SHTXHQR Pi[LPR IROKDV 3RVWDLV HQYHORSHV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU H IROKDV GH HWLTXHWDV Pi[LPR GH IROKDV JDYHWD 3DSHO FRPXP $ / RX PDLV SHTXHQR Pi[LPR IROKDV % / Pi[LPR IROKDV 3RVWDLV HQYHORSHV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU H IROKDV GH HWLTXHWDV Pi[LPR IROKDV 3DSHO FRP LPSUHVVmR GHQVD D IROKDV 1~PHUR GH IXURV )RUQHFLGD SHOD FRSLDGRUD , QIHULRU D : PP O î PP I î PP D 2V YDORUHV HQWUH SDUrQWHVHV UHIHUHPVH jV PHGLGDV FRP XP WDEXOHLUR GH VXSRUWHV LQVWDODGR &HUFD GH NJ LQFOXLQGR D XQLGDGH GH WUDQVSRUWH KRUL]RQWDO FDUWXFKR GH DJUDIRV 06' DJUDIRV 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO 'HILQLomR ³$JUDIDU´ 'HILQLomR ³)XUDU´ RSomR $OLPHQWDomR &RQVXPR 'LPHQV}HV 3HVR $FHVVyULRV 'L'L'L $QH[R . LW GH SUDWHOHLUDV DGLFLRQDO $. (VSHFLILFDomR 1~PHUR GH SUDWHOHLUDV &DSDFLGDGH GH SDSHO SUDWHOHLUD 3DSHO FRPXP JPa JP Pi[LPR IROKDV SRVWDLV HQYHORSHV WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU IROKDV GH HWLTXHWDV Pi[LPR IROKDV PP O î PP I î PP D &HUFD GH NJ 'LPHQV}HV 3HVR . LW GH SUDWHOHLUDV HQGHUHoiYHLV 0. (VSHFLILFDomR 1~PHUR GH SUDWHOHLUDV 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO 'LPHQV}HV 3HVR $OLPHQWDomR SUDWHOHLUDV 3DSHO FRPXP SDSHO UHFLFODGR JPa JP $ & % & $ / 0i[LPR IROKDV JP î PP O î PP I î PP D &HUD GH NJ SHVR GD XQLGDGH LQIHULRU D NJ SHVR EUXWR )RUQHFLGD SHOR . LW GH IXUDomR 3. (VSHFLILFDomR 1~PHUR GH IXURV )RUPDWR GR SDSHO 7LSR GH SDSHO $OLPHQWDomR 'LPHQV}HV 3HVR IXURV $ / $ & % / 3DSHO FRPXP SDSHO UHFLFODGR JPa JP )RUQHFLGD SHOR PP O î PP I î PP I &HUFD GH NJ 'L'L'L . LW GH DFDEDPHQWR 6. (VSHFLILFDomR 1~PHUR GH SUDWHOHLUDV 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO 'LPHQV}HV SUDWHOHLUD $QH[R 3DSHO FRPXP SDSHO UHFLFODGR JPa JP $ / % / $ / % / 3DSHO FRPXP JPa JP IROKDV PP O î PP I î PP D 2V YDORUHV HQWUH SDUrQWHVHV UHIHUHPVH jV PHGLGDV FRP XP WDEXOHLUR GH VXSRUWHV LQVWDODGR NJ FDUWXFKR GH DJUDIRV 0$; 1 DJUDIRV )RUQHFLGD SHOR 3HVR $FHVVyULRV $OLPHQWDomR 6HSDUDGRU GH WDUHIDV -6 (VSHFLILFDomR 1~PHUR GH SUDWHOHLUDV 7LSR GH SDSHO )RUPDWR GR SDSHO &DSDFLGDGH GH SDSHO 'LPHQV}HV 3HVR SUDWHOHLUD FRQVLGHUDQGR FRPR SUDWHOHLUDV RV WDEXOHLURV GD FRSLDGRUD 3DSHO FRPXP SDSHO UHFLFODGR JPa JP $ / % / $ /& % /& $ /& -6 IROKDV 7DEXOHLUR GH VDtGD GH FySLDV IROKDV PP O î PP I î PP D &HUFD GH NJ 'L'L'L $QH[R &XLGDGRV D WHU FRP D FRSLDGRUD /LPSH]D &RORTXH R LQWHUUXSWRU GH FRUUHQWH GD FRSLDGRUD QD SRVLomR ³2´ DQWHV GH SURFHGH j OLPSH]D 7DPSD GD FDL[D § /LPSH D VXSHUItFLH GD WDPSD FRP XP SDQR PDFLR KXPHGHFLGR QXP GHWHUJHQWH GRPpVWLFR VXDYH 9LGUR GH RULJLQDLV § /LPSH R YLGUR GH RULJLQDLV FRP XP SDQR PDFLR H VHFR 3DLQHO GH RSHUDo}HV § /LPSH R SDLQHO GH RSHUDo}HV FRP XP SDQR PDFLR H VHFR 1RWD ([HUFHU GHPDVLDGD SUHVVmR VREUH R SDLQHO GH RSHUDo}HV RX R YLGUR GH RULJLQDLV SRGH GDQLILFiORV $OpP GLVVR QmR XWLOL]H GHWHUJHQWHV GRPpVWLFRV VXDYHV QHP OLPSDYLGURV SDUD OLPSDU R SDLQHO GH RSHUDo}HV H R SDLQHO WiFWLO 'L'L'L 9LGUR GH RULJLQDLV $QH[R /LPSH R YLGUR GH RULJLQDLV FRP XP SDQR PDFLR H VHFR 7DEHOD GH FRPELQDomR GH IXQo}HV 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 7DEHODV GH IRUPDWR GH SDSHO H WD[D GH ]RRP 3DUD PDLV LQIRUPDo}HV FRQVXOWH R FDStWXOR GR PDQXDO FRPSOHWR QR &'5 &RQVXPtYHLV 3DUD PDQWHU R HTXLSDPHQWR HP ERDV FRQGLo}HV VmR QHFHVViULRV RV VHJXLQWHV FRQVXPtYHLV 3DUD PHOKRU TXDOLGDGH GH FySLD UHFRPHQGDPRV TXH VHMDP XWLOL]DGRV RV FRQVXPtYHLV HVSHFLILFDGRV 3DUD REWHU LQIRUPDo}HV RX SDUD DGTXLULU FRQVXPtYHLV FRQWDFWH RV VHUYLoRV WpFQLFRV PDLV SUy[LPRV GH VL 3DSHO 3DUD DOpP GR SDSHO FRPXP WDPEpP HVWmR GLVSRQtYHLV SDSpLV HVSHVVRV H WUDQVSDUrQFLDV SDUD UHWURSURMHFWRU 1RWD 3DUD SURWHJHU R SDSHO GHVHPSDFRWDGR GD KXPLGDGH PDQWHQKDR QXP VDFR GH SOiVWLFR H JXDUGDGR QXP ORFDO HVFXUR H IUHVFR 'L'L'L $QH[R )UDVFR GH WRQHU 2 WRQHU p R Sy SUHWR XWLOL]DGR SDUD FULDU WH[WR H OLQKDV 1RWD 8WLOL]H DSHQDV WRQHU HVSHFLILFDPHQWH IDEULFDGR SDUD HVWD FRSLDGRUD 1mR GHLWH IRUD RV IUDVFRV GH WRQHU XVDGRV (P YH] GLVVR JXDUGHRV QDV UHVSHFWLYDV FDL[DV SDUD VHUHP UHFROKLGRV SHOD DVVLVWrQFLD DR FOLHQWH &DUWXFKRV GH DJUDIRV 06' SDUD R ILQ]DOL]DGRU $JUDIRV SDUD HQFDGHUQDomR &DGD FDUWXFKR FRQWpP DJUDIRV 6. [. . . ] . LW GH WDPSD GH RULJLQDLV . LW GH XQLGDGH GH GLVFR UtJLGR / /LJDU H GHVOLJDU D FRSLDGRUD /LPSDU DJUDIRV HQFUDYDGRV /LYUR /RFDO GH LQVWDODomR 0 0HPyULD 0HQVDJHQV 0HVD GH FySLD 0RGR GH SRXSDQoD GH HQHUJLD 0RGR GH UHSRXVR 1 1mRVHSDUDU 'L'L'L 2 $QH[R 2SHUDo}HV GH FySLD EiVLFDV 2ULHQWDomR GR SDSHO 3 3DLQHO GH FRQWUROR 'LVFR &RQWUDVWH 3DLQHO WiFWLO 6XELQWHUUXSWRU GH FRUUHQWH 7HFOD $FHVVR 7HFOD $PSOLDU (FUm 7HFOD & DSDJDU 7HFOD &ySLD 7HFOD , QLFLDU 7HFOD , QWHUURPSHU 7HFOD /HLWXUD 7HFOD /HLWXUD H[WUD 7HFOD 5HSRU SDLQHO 7HFOD 6WRS 7HFOD 8WLOLWiULRV 7HFOD 9HULILFDU 0RGR 7HFODGR QXPpULFR 3DLQHO WiFWLO 3DLVDJHP 3DSHO 3DUDU D RSHUDomR GH FySLD 3RUWD GD XQLGDGH 3RUWD GH OLPSH]D GH HQFUDYDPHQWRV 3RUWD GR ODGR GLUHLWR 3RUWD IURQWDO 3RUWD LQIHULRU GR ODGR GLUHLWR 3RVLFLRQDU GRFXPHQWRV 9LGUR GH RULJLQDLV 3UDWHOHLUD HQGHUHoiYHO 3UHFDXo}HV GH IXQFLRQDPHQWR 3UHGHILQLo}HV 5 5HSRVLomR DXWRPiWLFD GR SDLQHO 5HVWULo}HV OHJDLV j SURGXomR GH IRWRFySLDV 'L'L'L $QH[R 6 6HOHFomR DXWRPiWLFD GD RULJHP GR SDSHO 6HSDUDGRU GH WDUHIDV 6HSDUDGRU GH WDUHIDV -6 6HSDUDGRUHV GH HFUm 6HSDUDU 6XEVWLWXLU R FDUWXFKR GH DJUDIRV )LQ]DOL]DGRU )LQ]DOL]DGRU GH DFDEDPHQWR 6XEVWLWXLU R IUDVFR GH WRQHU 7 7DEHOD GH FRPELQDomR GH IXQo}HV 7DEXOHLUR GH DOLPHQWDomR GH GRFXPHQWRV 7DEXOHLUR GH VDtGD GH GRFXPHQWRV 7DEXOHLUR GH VDtGD GH SDSHO 7DEXOHLUR PXOWLE\SDVV 7DPSD GR WDEXOHLUR GH VDtGD 7RPDGD GR FDER GH DOLPHQWDomR 7UDQVSDUrQFLDV SDUD UHWURSURMHFWRU 7UDYDGRU GH SDSHO 8 8QLGDGH GH DOLPHQWDomR GH SDSHO 8QLGDGH GH FRPXWDomR 8QLGDGH GXSOH[ 8QLGDGH GXSOH[ $' 9 9HULILFDU DV GHILQLo}HV 9LGUR GH RULJLQDLV 9LVRU GH PHQVDJHQV 9LVRU GH PHQVDJHQV DGLFLRQDO 'L'L'L $QH[R 'L'L'L [. . . ]

AVISO LEGAL PARA BAIXAR O GUIA DE USUÁRIO KONICA MINOLTA DI3010

Lastmanuals oferece um serviço socialmente orientado de compartilhamento e pesquisa de manuais relacionados ao uso de hardwarfe e software: guias de usuário, manuais de proprietário, guias de início rápido, planilhas técnicas...
De modo algum a Lastmanuals pode ser resposabilizada se o documento que você estiver procurando estiver indisponível, incompleto, num idioma diferente do seu ou se o modelo ou língua não coincidem com a descrição. Lastmanuals, por exemplo, não oferece um serviço de tradução.

Clique em "Baixar o manual do usuário" no final deste Contrato; se você aceitar estes termos, a descarga do manual KONICA MINOLTA DI3010 começará.

Procure um manual de usuário

 

Copyright © 2015 - LastManuals - Todos os direitos reservados.
As marcas e denominações designados são propriedade dos seus respectivos proprietários.

flag