Manual do usuário XEROX WORKCENTRE PRO 416SI

[. . . ] IDFH 2ULJLQDO (QFDGHUQDGR 'HVOLJDGR 'HVORFDU , PDJHP 'HVOLJDGR 3URQWR D FRSLDU ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D VXD SUHIHUrQFLD SRU H[ >! [. . . ] p VHOHFFLRQDGR R WUDEDOKR p SURFHVVDGR p FULDGR XP ILFKHLUR GH LPSUHVVmR H HQYLDGR DWUDYpV GD UHGH SDUD R :RUN&HQWUH 3UR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #$ , PSUHVVmR , PSULPLU R 7UDEDOKR 5HFXSHUDU R 7UDEDOKR GH , PSUHVVmR 2 ILFKHLUR GH LPSUHVVmR p UHFHELGR SHOR :RUN&HQWUH 3UR SURFHVVDGR LQWHUSUHWDGR H GHSRLV LPSUHVVR 2 VHX WUDEDOKR GH LPSUHVVmR VHUi HQWUHJXH QD iUHD GH VDtGD VHOHFFLRQDGD QR GULYHU GH LPSUHVVRUD TXDQGR R WUDEDOKR IRL HQYLDGR 1D LPSUHVVRUD R /&' SRGH SRU YH]HV DSUHVHQWDU DV VHJXLQWHV PHQVDJHQV ½ 6H DSDUHFHU HVWD PHQVDJHP p QHFHVViULR DJXDUGDU TXH R WUDEDOKR DFDEH GH VHU SURFHVVDGR H LPSUHVVR DQWHV GH SRGHU XWLOL]DU QRYDPHQWH R :RUN&HQWUH 3UR 7UDEDOKR HP SURFHVVDPHQWR 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ )XQo}HV $GLFLRQDLV $XWR ½ 6H DSDUHFHU HVWD PHQVDJHP R VHX WUDEDOKR p JUDQGH GHPDLV SDUD VHU LPSUHVVR WRGR GH XPD YH] 2 WUDEDOKR VHUi GLYLGLGR HP VHFo}HV PDLV SHTXHQDV H LPSUHVVR XPD VHFomR GH FDGD YH] 7UDE H[FHGH PHPDJXDUGH 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ )XQo}HV $GLFLRQDLV $XWR 127$ 6H DSDUHFHU HVWD PHQVDJHP H WLYHU VHOHFFLRQDGR GRLV RX PDLV FRQMXQWRV DSHQDV VHUi LPSUHVVR XP FRQMXQWR 7HUi GH UHHQYLDU R WUDEDOKR SDUD REWHU RXWUR FRQMXQWR RX HIHFWXDU FySLDV #% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H RFRUUHU XP SUREOHPD FRP R VHX WUDEDOKR GH LPSUHVVmR RX VH QHFHVVLWDU GH FDQFHODU R VHX WUDEDOKR GH LPSUHVVmR XWLOL]H RV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD DFHGLGRV DWUDYpV GD WHFOD (VWDGR GR (TXLSDPHQWR $FHGHU DRV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD 8WLOL]H DV LQVWUXo}HV IRUQHFLGDV DEDL[R SDUD DFHGHU DRV YDORUHV SRU GHIHLWR GD LPSUHVVmR ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ ORFDOL]DGD j GLUHLWD GR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR DSUHVHQWD DV RSo}HV GDV GHILQLo}HV ½ &HUWLILTXHVH TXH >9DORUHV SRU 'HIHLWR@ HVWi VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR LPSUHVVRUD@ H SULPD D WHFOD >$FHLWDU@ 127$ (P DOJXPDV FRQILJXUDo}HV RV 9DO GHIHLWR LPSUHVVRUD HQFRQWUDPVH QD SRVLomR 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DO GHIHLWR LPSUHVVRUD 9DO GHIHLWR GR HPDLO 9DO GHIHLWR UHODWyULRV 6HUYLoR UHPRWR 9DORUHV SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #& , PSUHVVmR *HULU 7UDEDOKRV GH , PSUHVVmR &DQFHODU XP 7UDEDOKR GH , PSUHVVmR 6H R WUDEDOKR GH LPSUHVVmR IRL HQYLDGR FRP HUURV RX VH KRXYHU XP SUREOHPD FRP R WUDEDOKR XWLOL]H D RSomR SRU GHIHLWR GD LPSUHVVRUD &DQFHODU 7UDEDOKR SDUD FDQFHODU R WUDEDOKR 127$ 6y GHYHUi DSDJDU RV VHXV SUySULRV WUDEDOKRV GD )LOD GH , PSUHVVmR 6H KRXYHU XP SUREOHPD FRP R WUDEDOKR GH XP RXWUR XWLOL]DGRU FRQWDFWH R VHX $GPLQLVWUDGRU GR 6LVWHPD SDUD DVVLVWrQFLD ½ 6HOHFFLRQH >&DQFHODU WUDEDOKR@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD ½ 6HOHFFLRQH >6LP@ SDUD FDQFHODU R WUDEDOKR RX >1mR@ SDUD UHWHU R WUDEDOKR H SULPD D WHFOD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 6LP 1mR &DQFHODU WUDEDOKR" ½ #' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ RSomR SRU GHIHLWR GD LPSUHVVRUD $OLPHQWDomR )RUoDGD p XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH XP WUDEDOKR TXH VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO TXDQGR p DFWLYDGD D RSomR 'HWHFWDU 3DSHO 'LIHUHQWH 6H R VHX WUDEDOKR GH LPSUHVVmR VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO XWLOL]H HVWDV LQVWUXo}HV SDUD R DSDJDU GR HTXLSDPHQWR ½ 6HOHFFLRQH >$OLPHQWDomR IRUoDGD@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD ½ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #( , PSUHVVmR 3URJUDPDU D $OLPHQWDomR )RUoDGD )RUoDU XP $YDQoR GH 3iJLQD 6H IRU FDQFHODGR XP WUDEDOKR QR 3& SRGHUmR SHUPDQHFHU GDGRV QD PHPyULD GR :RUN&HQWUH 3UR TXH WHUmR GH VHU DSDJDGRV XWLOL]DQGR D RSomR SRU GHIHLWR GD LPSUHVVRUD $YDQoDU SiJLQD 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD IRUoDU D LPSUHVVmR GH GDGRV TXH DLQGD VH HQFRQWUDP QD PHPyULD GD LPSUHVVRUD TXDQGR p FDQFHODGR XP WUDEDOKR QR 3& ½ 6HOHFFLRQH >$YDQoDU SiJLQD@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD ½ ½ 6HOHFFLRQH >6LP@ SDUD IRUoDU R DYDQoR GH SiJLQD RX >1mR@ H SULPD D WHFOD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 6LP 1mR )RUoDU DYDQoR GH SiJLQD" # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H R HTXLSDPHQWR HVWLYHU D LPSULPLU XP WUDEDOKR SRGHUi SURJUDPDU IXQo}HV SDUD XP WUDEDOKR GH FySLD TXH VH LQLFLDUi DXWRPDWLFDPHQWH TXDQGR WHUPLQDU R WUDEDOKR GH LPSUHVVmR ½ 3ULPD >, QWHUURPSHU 7UDEDOKR@ $FHQGHVH D OX] DR ODGR GR ERWmR , QWHUURPSHU 7UDEDOKR &RORTXH RV RULJLQDLV VREUH R YLGUR GH H[SRVLomR RX QR DOLPHQWDGRU GH RULJLQDLV 6HOHFFLRQH D TXDQWLGDGH H HVFROKD DV IXQo}HV GH SURJUDPDomR TXH SRGHUi QHFHVVLWDU GH HQWUH DV VHJXLQWHV &ODUR(VFXUR 5HGX]LU$PSOLDU $EDVWHFLPHQWR GH 3DSHO 7LSR GH 2ULJLQDO 'HVORF, PDJHP H $SDJDU 5HERUGR 3ULPD >, QLFLDU@ 2 HFUm 3URQWR D &RSLDU LQGLFDUi $UUDQTXH $XWR H DSUHVHQWDUi TXDLVTXHU IXQo}HV TXH WLYHU VHOHFFLRQDGR $VVLP TXH WHUPLQDU R WUDEDOKR GH LPSUHVVmR LQLFLDVH DXWRPDWLFDPHQWH R VHX WUDEDOKR GH FySLD ½ ½ $UUDQTXH $XWR 3DSHO 6DtGD ½ $XWR 6HSDUDGDV &( 5$ $XWR )XQo}HV $GLFLRQDLV ½ 4XDQGR WHUPLQDU R VHX WUDEDOKR GH FySLD SULPD QRYDPHQWH >, QWHUURPSHU 7UDEDOKR@ FRORFDU R HTXLSDPHQWR QR PRGR 3URQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà # , PSUHVVmR 8WLOL]DU , QWHUURPSHU 7UDEDOKR )XQo}HV GR 'ULYHU GH , PSUHVVRUD ([LVWHP YiULRV GULYHUV GH LPSUHVVRUD GLVSRQtYHLV SDUD R :RUN&HQWUH 3UR $V IXQo}HV GLVSRQtYHLV GHSHQGHP GR GULYHU GH LPSUHVVRUD TXH p XWLOL]DGR $V VHJXLQWHV GHVFULo}HV GDV IXQo}HV FRQVWLWXHP XPD GHVFULomR JHUDO GDV IXQo}HV WtSLFDV IRUQHFLGDV SHORV GULYHUV GH LPSUHVVRUD GR :RUN&HQWUH 3UR 3DUD REWHU LQIRUPDo}HV VREUH XPD IXQomR HVSHFtILFD GR GULYHU GH LPSUHVVRUD FRQVXOWH D $MXGD RQOLQH GR VRIWZDUH GR GULYHU GH LPSUHVVRUD 2So}HV GH &RQWUROR $OJXPDV RSo}HV DSDUHFHP HP WRGRV RV HFUmV GH GULYHU GH LPSUHVVRUD 2. *XDUGD WRGDV DV QRYDV GHILQLo}HV H IHFKD R GULYHU RX D FDL[D GH GLiORJR (VWDV QRYDV GHILQLo}HV SHUPDQHFHP HP YLJRU D PHQRV TXH DV DOWHUH )HFKD D FDL[D GH GLiORJR H UHS}H WRGDV DV RSo}HV GRV VHSDUDGRUHV QRV YDORUHV TXH YLJRUDYDP DQWHV GH WHU DEHUWR D FDL[D GH GLiORJR 3HUGHPVH TXDLVTXHU DOWHUDo}HV TXH WHQKD IHLWR *XDUGD WRGDV DV DOWHUDo}HV TXH WLYHU IHLWR VHP IHFKDU R GULYHU 5HS}H R VHSDUDGRU DFWXDO H WRGDV DV UHVSHFWLYDV RSo}HV QRV YDORUHV SRU GHIHLWR GR VLVWHPD $ DFomR GHVWH ERWmR DSOLFDVH XQLFDPHQWH DR VHSDUDGRU DFWXDO 7RGRV RV RXWURV VHSDUDGRUHV SHUPDQHFHP LQDOWHUDGRV 5HS}H RV YDORUHV SRU GHIHLWR GR VLVWHPD QRV VHSDUDGRUHV 6DtGD GH 3DSHO /D\RXW H 2So}HV GH , PDJHP 2XWUDV IXQo}HV H VHSDUDGRUHV SRGHUmR QmR WHU RSo}HV SRU GHIHLWR HVSHFtILFDV H QmR VHUmR DIHFWDGRV SRU HVWH ERWmR 6HOHFFLRQH R ERWmR >$MXGD@ QD SDUWH LQIHULRU GLUHLWD GR HFUm GR GULYHU GH LPSUHVVRUD RX >)@ QR WHFODGR GR 3& SDUD REWHU LQIRUPDo}HV QR HFUm GR GULYHU GH LPSUHVVRUD TXH DSDUHFH &DQFHODU $SOLFDU 9DO SRU 'HIHLWR 7RGRV 9DO SRU 'HIHLWR $MXGD # ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H FRORFDU R LQGLFDGRU GR UDWR VREUH XP FRQWUROR R 0LFURVRIW :LQGRZV PRVWUDUi XPD EUHYH 6XJHVWmR GH $MXGD VREUH HVVH FRQWUROR 6H VHOHFFLRQDU R ERWmR GLUHLWR GR UDWR VREUH XP FRQWUROR R VLVWHPD GH $MXGD IRUQHFHOKH LQIRUPDo}HV PDLV GHWDOKDGDV (P WRGRV RV HFUmV HQFRQWUDPVH GLVSRQtYHLV RV VHJXLQWHV ERW}HV ËQGLFH 9LVXDOL]D R ËQGLFH SULQFLSDO GR 6LVWHPD GH $MXGD 3URFXUDU 3HUPLWHOKH GLJLWDU XPD SDODYUD RX IUDVH TXH SUHWHQGH SURFXUDU $QWHULRU )iOR YROWDU DR HFUm DQWHULRU )LFKHLUR6DLU 2 LWHP 6DLU QR PHQX )LFKHLUR IHFKD D MDQHOD GH $MXGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà # " , PSUHVVmR &RQILJXUDomR GD , PSUHVVRUD 2 GLiORJR &RQILJXUDomR GD , PSUHVVRUD SHUPLWHOKH DFWXDOL]DU R GULYHU GH LPSUHVVRUD SDUD IXQFLRQDU FRP RV RSFLRQDLV LQVWDODGRV QD VXD LPSUHVVRUD $SyV WHU LQVWDODGR XP GULYHU GH LPSUHVVRUD RSFLRQDO VHOHFFLRQH D FDL[D DGHTXDGD QD OLVWD GH 2So}HV , QVWDOiYHLV SDUD DFWXDOL]DU R GULYHU GD LPSUHVVRUD $ VHOHFomR GHVWDV RSo}HV DFWLYD YiULDV IXQo}HV H RSo}HV QRXWURV VHSDUDGRUHV GR GULYHU GD LPSUHVVRUD 2 JUiILFR GD LPSUHVVRUD H DV OLVWDV GR VHSDUDGRU 3DSHO6DtGD PXGDP SDUD PRVWUDU DV QRYDV RSo}HV $FHVVR 5iSLGR ½&RQILJXUDomR GD , PSUHVVmR ½2So}HV , QVWDOiYHLV ½0HPyULD 0% 2So}HV , QVWDOiYHLV %DQGHMDV 2SFLRQDLV H %DQGHMD %\SDVV 8P FRQMXQWR GH EDQGHMDV GH SDSHO DGLFLRQDLV TXH SRGHP VHU LQVWDODGDV VRE D EDQGHMD SULQFLSDO 8PD XQLGDGH GH DOLPHQWDomR GH SDSHO TXH p XVDGD QRUPDOPHQWH SDUD WUDEDOKRV ~QLFRV RX RFDVLRQDLV TXH H[LJHP IRUPDWRV GH SDSHO QmR VWDQGDUG # # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà %DQGHMD GH 5HFHSomR 2IIVHW 8PD XQLGDGH TXH SRGH VHU DFUHVFHQWDGD j LPSUHVVRUD SDUD TXH FDGD WUDEDOKR VHMD OLJHLUDPHQWH GHVYLDGR GR DQWHULRU QD EDQGHMD GH UHFHSomR 8PD EDQGHMD RSFLRQDO TXH GLYLGH D EDQGHMD GH VDtGD HP GXDV VHFo}HV VXSHULRU H LQIHULRU 127$ 1mR p SRVVtYHO LQVWDODU DR PHVPR WHPSR D %DQGHMD GH 5HFHSomR 2IIVHW H D %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV 0HPyULD 0% 0HPyULD 6H WLYHU LQVWDODGD PHPyULD DGLFLRQDO QD LPSUHVVRUD LQGLTXH R WRWDO GH PHPyULD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà # $ , PSUHVVmR 0yGXOR 'XSOH[ , PSUHVVmR )DFHV 8P GLVSRVLWLYR RSFLRQDO TXH OKH SHUPLWH LPSULPLU HP DPEDV DV IDFHV GR SDSHO 3DSHO6DtGD 3HUPLWHOKH VHOHFFLRQDU R IRUPDWR GR SDSHO D RULHQWDomR GR SDSHO D RULJHP GR SDSHO R WLSR GH VXSRUWH GH LPSUHVVmR H R Q~PHUR GH FySLDV SDUD R WUDEDOKR  $FHVVR 5iSLGR ½3DSHO6DtGD ½)XQomR 2IIVHW ½&ySLDV ½6HOHFFLRQDU 3DSHO ½, PSUHVVmR )DFHV ½6HSDUDomR ½2ULHQWDomR GD , PDJHP ½'HVWLQR GH 6DtGD )XQomR 2IIVHW 6HOHFFLRQH )XQomR 2IIVHW $FWLYDGD VH GHVHMDU TXH FDGD FRQMXQWR GH XP WUDEDOKR GH LPSUHVVmR FRP YiULDV FySLDV VHMD OLJHLUDPHQWH GHVYLDGR GR DQWHULRU QD %DQGHMD GH 5HFHSomR 2IIVHW $R DFWLYDU HVWD RSomR IDFLOLWD D VHSDUDomR H UHFXSHUDomR GRV GRFXPHQWRV TXDQGR LPSULPH YiULDV FySLDV $ IXQomR RIIVHW DSHQDV SRGH VHU XVDGD VH WLYHU LQVWDODGD D %DQGHMD GH 5HFHSomR 2IIVHW H D RSomR HVWLYHU VHOHFFLRQDGD QR VHSDUDGRU &RQILJXUDomR GD , PSUHVVRUD &ySLDV 8VH D FDL[D &ySLDV SDUD LQGLFDU TXDQWRV FRQMXQWRV GH GRFXPHQWRV SUHWHQGH LPSULPLU # % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 127$ (VWH YDORU p LQGHSHQGHQWH GD VHOHFomR GH &ySLDV IHLWD QR PHQX GH LPSUHVVmR GD DSOLFDomR 1mR XWLOL]H VLPXOWDQHDPHQWH R YDORU GH &ySLDV GR GULYHU H R GD DSOLFDomR 2 LGHDO p IL[DU HP ³´ R Q~PHUR GH FySLDV GR GULYHU H QD DSOLFDomR LQGLFDU R Q~PHUR GH FySLDV TXH GHVHMD LPSULPLU 6HOHFFLRQDU 3DSHO 6HOHFFLRQDU 3DSHO SHUPLWHOKH HVSHFLILFDU R SDSHO TXH TXHU XVDU SDUD LPSULPLU R WUDEDOKR $V HVSHFLILFDo}HV GH SDSHO DSDUHFHP QD FDL[D UHVXPR GH SDSHO QR VHSDUDGRU 3DSHO 6DtGD 2 GLiORJR 6HOHFFLRQDU 3DSHO LQFOXL WUrV VHSDUDGRUHV &RUSR GR 'RFXPHQWR &DSD H 6HSDUDGRUHV $R VHOHFFLRQDU FDGD VHSDUDGRU SRGH GHILQLU R IRUPDWR GH SDSHO WLSR GH SDSHO H RULJHP GH SDSHO SDUD FDGD SDUWH GR GRFXPHQWR &RUSR GR 'RFXPHQWR 3HUPLWHOKH HVSHFLILFDU R IRUPDWR H RULJHP GR SDSHO SDUD WRGR R WUDEDOKR GH LPSUHVVmR )RUPDWR $ RSomR )RUPDWR SHUPLWHOKH GHILQLU R IRUPDWR GR SDSHO RX HQYHORSH TXH YDL XWLOL]DU QR VHX WUDEDOKR $ OLVWD GH )RUPDWR LQFOXL WRGRV RV IRUPDWRV GH SDSHO VXSRUWDGRV SHOD LPSUHVVRUD 2 IRUPDWR GH SDSHO SRU GHIHLWR p /HWWHU RX $ GHSHQGHQGR GR SDtV 127$ 2 VRIWZDUH GD VXD DSOLFDomR :LQGRZV SRGH VREUHSRU HVWH YDORU 9HULILTXH R IRUPDWR GH SDSHO TXH WHP VHOHFFLRQDGR QD DSOLFDomR 7LSR 7LSR SHUPLWHOKH VHOHFFLRQDU SDSHO SRU WLSR GH VXSRUWH H QmR SRU EDQGHMD GH SDSHO 'HYH XVDU SULPHLUR R 0HQX GD %DQGHMD QD FRQVROD GD LPSUHVVRUD SDUD SURJUDPDU R WLSR GH SDSHO SDUD FDGD EDQGHMD 'HSRLV QR GULYHU VHOHFFLRQH R WLSR GH SDSHO D VHU XVDGR QR WUDEDOKR GH LPSUHVVmR H D LPSUHVVRUD LUi XVDU DXWRPDWLFDPHQWH D EDQGHMD GH SDSHO FRUUHFWD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà # & , PSUHVVmR %DQGHMD GH 3DSHO 6HOHFFLRQH D EDQGHMD GH SDSHO TXH WHQKD R WLSR GH SDSHO TXH GHVHMD XVDU QD FDSD GR GRFXPHQWR FRUSR GR GRFXPHQWR H VHSDUDGRUHV VH KRXYHU 1HP WRGDV DV EDQGHMDV GH SDSHO DFHLWDP WRGRV RV IRUPDWRV GH SDSHO $SHQDV DSDUHFHUmR DV EDQGHMDV TXH DFHLWDP R IRUPDWR GH SDSHO HVSHFLILFDGR $ RSomR SRU GHIHLWR p 6HOHFomR $XWR GH %DQGHMD 6H VHOHFFLRQDU XPD EDQGHMD GH SDSHO H GHSRLV VHOHFFLRQDU XP IRUPDWR GH SDSHO QmR VXSRUWDGR SRU HVVD EDQGHMD D RSomR YROWD DR YDORU SRU GHIHLWR ³6HOHFomR $XWR GH %DQGHMD´ 127$ 2V YDORUHV GD %DQGHMD GH 3DSHO VHOHFFLRQDGRV QD DSOLFDomR VREUHS}HPVH DRV VHOHFFLRQDGRV QR GULYHU GD LPSUHVVRUD &DSD 2 VHSDUDGRU &DSDV SHUPLWHOKH XVDU SDSHO GLIHUHQWH WDO FRPR SDSHO WLPEUDGR FRPR SULPHLUD IROKD GR WUDEDOKR GH LPSUHVVmR 3DUD DFWLYDU DV GHILQLo}HV GR WLSR GH VXSRUWH H EDQGHMD GH SDSHO VHOHFFLRQH &DSD 'LIHUHQWH 2V YDORUHV TXH HVSHFLILFDU DSDUHFHP QD &DL[D 5HVXPR GR 3DSHO QR GLiORJR 3DSHO6DtGD 2V YDORUHV TXH VHOHFFLRQD QHVWH VHSDUDGRU VREUHS}HPVH D TXDLVTXHU RXWURV UHODWLYRV D FDSD VHOHFFLRQDGRV QD DSOLFDomR 1mR SRGH DOWHUDU R )RUPDWR GH 3DSHO QHVWH VHSDUDGRU 3DUD R ID]HU VHOHFFLRQH R VHSDUDGRU &RUSR GR 'RFXPHQWR 127$ (VWD IXQomR QmR HVWi GLVSRQtYHO FRP LPSUHVVmR HP IDFHV 6HSDUDGRUHV 2V 6HSDUDGRUHV SHUPLWHPOKH FRORFDU XPD SiJLQD GH VHSDUDomR HQWUH FDGD SiJLQD LPSUHVVD GH XP GRFXPHQWR H DSyV D ~OWLPD SiJLQD , VWR p ~WLO TXDQGR LPSULPH LWHPV FRPR WUDQVSDUrQFLDV H GHVHMD FRORFDU XPD IROKD HP EUDQFR GH SDSHO FRPXP HQWUH FDGD WUDQVSDUrQFLD 3DUD XVDU VHSDUDGRUHV GHYH DFWLYDU VHSDUDomR H LPSUHVVmR QXPD Vy IDFH QR VHSDUDGRU 3DSHO6DtGD 3DUD DOWHUDU TXDOTXHU XP GHVWHV YDORUHV VHOHFFLRQH 8VDU 6HSDUDGRUHV $R ID]HU LVVR DFWLYD RV PHQXV 7LSR GH VXSRUWH H %DQGHMD GH 3DSHO 2V YDORUHV TXH HVSHFLILFDU DSDUHFHP QD &DL[D 5HVXPR GR 3DSHO QR GLiORJR 3DSHO6DtGD 127$ 2V YDORUHV GH 6HSDUDGRUHV QR GULYHU VREUHS}HPVH DR YDORU GD DSOLFDomR # ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 68*(672 6H D FRQILJXUDomR GR VHX HTXLSDPHQWR VXSRUWDU HVWD IXQomR WHUi GH VHOHFFLRQDU D RSomR GXSOH[ QR GLiORJR &RQILJXUDomR GD , PSUHVVRUD SDUD DFWLYDU D LPSUHVVmR IDFHV $ , PSUHVVmR HP )DFHV SHUPLWHOKH LPSULPLU HP DPEDV DV IDFHV GH XPD SiJLQD )DFH )DFHV 5RGDU SHOR /DGR 0HQRU )DFHV 5RGDU SHOR /DGR 0DLRU , PSUHVVmR QXPD Vy IDFH (VWH p R YDORU SRU GHIHLWR , PSUHVVmR HP GXDV IDFHV DOLQKDGD SHOR ODGR PHQRU GR SDSHO , PSUHVVmR HP GXDV IDFHV DOLQKDGD SHOR ODGR PDLRU GR SDSHO 6H WLYHU LQVWDODGR QD VXD LPSUHVVRUD KDUGZDUH SDUD GXSOH[ GHYH DFWLYDU D LPSUHVVmR GXSOH[ QR GULYHU VHOHFFLRQDQGR 'XSOH[ QR VHSDUDGRU &RQILJXUDomR GD , PSUHVVRUD 6y QHVVD DOWXUD SRGHUi VHOHFFLRQDU , PSUHVVmR HP )DFHV QR GLiORJR 3DSHO6DtGD 6HSDUDomR 2 FDPSR 6HSDUDomR SHUPLWHOKH HVSHFLILFDU VH RV GRFXPHQWRV FRP YiULDV SiJLQDV GHYHP VHU LPSUHVVRV VHSDUDGRV RX SRU VHSDUDU 3RU 6HSDUDU 6HSDUDGDV 'XDV RX PDLV FySLDV GH XP GRFXPHQWR VmR LPSUHVVDV HP FRQMXQWRV VHSDUDGRV GH FDGD SiJLQD 'XDV RX PDLV FySLDV GH XP GRFXPHQWR VmR LPSUHVVDV SHOD RUGHP VHTXHQFLDO GD SiJLQD H VDHP FRPR FRQMXQWRV VHSDUDGRV $ VDtGD VHSDUDGD SRGH YDULDU GH DFRUGR FRP D TXDQWLGDGH GH PHPyULD GD LPSUHVVRUD R HTXLSDPHQWR RSFLRQDO LQVWDODGR QD LPSUHVVRUD H D FRPSOH[LGDGH GRV WUDEDOKRV GH LPSUHVVmR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà # ( , PSUHVVmR , PSUHVVmR )DFHV 2 YDORU 6HSDUDU HP DOJXPDV DSOLFDo}HV SRGH HQWUDU HP FRQIOLWR FRP R YDORU 6HSDUDU QRV VHXV GULYHUV GH LPSUHVVRUD ;HUR[ 3DUD HYLWDU FRQIOLWRV $&7, 9( VHSDUDomR QR VHX GULYHU GH LPSUHVVRUD H '(6$&7, 9( QR GLiORJR GD DSOLFDomR 12 VHOHFFLRQH VHSDUDomR QD DSOLFDomR ( QR GULYHU GD LPSUHVVRUD 127$ 6H 6HSDUDU HVWLYHU VHOHFFLRQDGR QR GULYHU GH LPSUHVVRUD FHUWLILTXHVH TXH QmR HVWi VHOHFFLRQDGR QD MDQHOD GH LPSUHVVmR GD DSOLFDomR 2ULHQWDomR GD , PDJHP $ 2ULHQWDomR UHIHUHVH jV GLUHFo}HV UHODWLYDV GRV ODGRV PDLRU H PHQRU GR SDSHO $ VXD LPSUHVVRUD SRGH LPSULPLU FRP RULHQWDomR YHUWLFDO RX KRUL]RQWDO 2ULHQWDomR YHUWLFDO 2ULHQWDomR KRUL]RQWDO , PSULPH XPD LPDJHP PDLV DOWD GR TXH ODUJD , PSULPH XPD LPDJHP PDLV ODUJD GR TXH DOWD 'HVWLQR GH 6DtGD 6HOHFFLRQH R ORFDO GH VDtGD QD LPSUHVVRUD RQGH GHVHMD TXH VDLD R GRFXPHQWR LPSUHVVR $ FDL[D GD OLVWD PRVWUD WRGDV DV RSo}HV YiOLGDV SDUD D LPSUHVVRUD 3RGH ID]HU XPD VHOHFomR QD OLVWD RX VHOHFFLRQDQGR D LPSUHVVRUD 2V QRPHV GH TXDLVTXHU GLVSRVLWLYRV GH VDtGD LQVWDODGRV QD LPSUHVVRUD GHYHP VHU VHOHFFLRQDGRV QR VHSDUDGRU &RQILJXUDomR GD , PSUHVVRUD DQWHV GH DSDUHFHUHP QD OLVWD GH 'HVWLQR GH 6DtGD 127$ 1mR p SRVVtYHO LQVWDODU DR PHVPR WHPSR D %DQGHMD GH 5HFHSomR 2IIVHW H D %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV #! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 GLiORJR 2So}HV GR 'RFXPHQWR SHUPLWHOKH LPSULPLU GRFXPHQWRV HP IRUPD GH ERRNOHW RX LPSULPLU LPDJHQV GH YiULDV SiJLQDV QXPD IDFH GD SiJLQD &DGD SiJLQD SRGH VHU LPSUHVVD FRP RX VHP PDUJHP QD SiJLQD (VFROKD HQWUH RV IRUPDWRV GH SiJLQD 1RUPDO H 9iULRV QXPD )ROKD $FHVVR 5iSLGR ½/D\RXW ½1RUPDO ½9iULRV QXPD )ROKD 1RUPDO , PSULPH XPD SiJLQD QRUPDO 1RUPDO p R YDORU SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #! , PSUHVVmR /D\RXW 9iULRV QXPD )ROKD , PSULPH PDLV GR TXH XPD LPDJHP GH SiJLQD QXPD ~QLFD IROKD GH SDSHO , QGLTXH R Q~PHUR GHVHMDGR GH LPDJHQV GH SiJLQD SRU IDFH QD OLVWD 9iULRV QXPD )ROKD 9iULRV QXPD IROKD ½ ½ ½ ½ ½ ½ SiJLQD QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD 'HVHQKDU &RQWRUQRV 'LUHLWD SDUD (VTXHUGD , PSULPH UHERUGRV SUHWRV j YROWD GH FDGD LPDJHP GD SiJLQD , PSULPH SiJLQDV GD GLUHLWD SDUD D HVTXHUGD #!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 GLiORJR 2So}HV GH , PDJHP SHUPLWHOKH GHILQLU GLIHUHQWHV FDUDFWHUtVWLFDV YLVXDLV H JUiILFDV SDUD R VHX WUDEDOKR GH LPSUHVVmR 7DPEpP OKH SHUPLWH HVFROKHU VH GHVHMD ID]HU GRZQORDG GD VXD DSOLFDomR SDUD D LPSUHVVRUD FRPR IRQWHV 7UXH7\SH RX ELWPDS RX VH D LPSULPH FRPR JUiILFRV H IRQWHV GR GLVSRVLWLYR $FHVVR 5iSLGR ½2So}HV GH , PDJHP ½(VFDOD GH &LQ]HQWRV ½)RQWHV 7UXHW\SH ½*UiILFRV ½5HVROXomR ½4XDOLGDGH GH , PSUHVVmR (VFDOD GH &LQ]HQWRV , PDJHQV )RWRJUiILFDV (VFROKD HVWD RSomR SDUD LPDJHQV TXH SUHWHQGH TXH WHQKDP XP DVSHFWR VXDYH UHDOLVWD H IRWRJUiILFR $ RSomR , PDJHQV )RWRJUiILFDV SHUPLWH XP FRQWUDVWH VXDYH HQWUH DV YiULDV WRQDOLGDGHV GH FLQ]HQWR (VWD RSomR WDPEpP IXQFLRQD EHP FRP LPDJHQV FULDGDV RULJLQDOPHQWH D FRUHV $V DOWHUDo}HV IHLWDV LUmR VHU UHIOHFWLGDV QR GHVHQKR TXH UHSUHVHQWD XP ROKR , PDJHQV 'LJLWDOL]DGDV $ RSomR LPDJHQV GLJLWDOL]DGDV p DMXVWDGD HVSHFLDOPHQWH GH PRGR D SURSRUFLRQDU XPD TXDOLGDGH H FODUH]D H[FHSFLRQDLV jV LPDJHQV LPSUHVVDV RULJLQDOPHQWH GLJLWDOL]DGDV QXP VFDQQHU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #!" , PSUHVVmR 2So}HV GH , PDJHP 'HVHQKRV GH /LQKDV (VFROKD HVWD RSomR SDUD LPDJHQV JUiILFDV FRP OLQKDV H GHWDOKHV ILQRV WDO FRPR GHVHQKRV GH OLQKDV (VWD RSomR SURSRUFLRQD OLQKDV VyOLGDV H FRQWUDVWHV QtWLGRV HQWUH DV iUHDV VRPEUHDGDV (VWD RSomR SHUPLWH LPSULPLU WRGR R WH[WR FRORULGR D SUHWR HP YH] GH FLQ]HQWR , PSULPLU 7H[WR &RORULGR D 3UHWR )RQWHV 7UXH7\SH (VWDV VHOHFo}HV SHUPLWHPOKH HVFROKHU VH GHVHMD HQYLDU IRQWHV SDUD D LPSUHVVRUD FRPR IRQWHV 7UXH7\SH RX %LWPDS RX XWLOL]DU DV IRQWHV UHVLGHQWHV QD LPSUHVVRUD 'RZQORDG FRPR 7UXH7\SH 8VH HVWD RSomR VH WLYHU XP SHTXHQR Q~PHUR GH IRQWHV 7UXH7\SH QD VXD SiJLQD H SUHWHQGHU RSWLPL]DU D SHUIRUPDQFH GH LPSUHVVmR GR WH[WR (VWD RSomR HQYLD FDGD FDUiFWHU 7UXH7\SH SDUD D LPSUHVVRUD FRPR XP ELWPDS LQGLYLGXDO 8VH HVWD RSomR VH WLYHU XP JUDQGH Q~PHUR GH IRQWHV 7UXH7\SH QXPD SiJLQD LPSUHVVD (VWD RSomR SHUPLWHOKH LPSULPLU LPDJHQV JUiILFDV VREUH WH[WR 7UXH7\SH &RPR R WH[WR 7UXH7\SH p VHPSUH HQYLDGR SDUD D LPSUHVVRUD HP ~OWLPR OXJDU HOH DSDUHFH QRUPDOPHQWH QR WRSR GRV JUiILFRV $R VHOHFFLRQDU HVWD RSomR HQYLD DV VXDV LPDJHQV 7UXH7\SH SDUD D LPSUHVVRUD FRPR JUiILFRV 127$ (VWD RSomR HVWi DSHQDV GLVSRQtYHO TXDQGR VHOHFFLRQD 5DVWHU FRPR PRGR JUiILFR 8VDU IRQWHV 7UXH7\SH GD LPSUHVVRUD 6HOHFFLRQH HVWD RSomR SDUD XVDU DV IRQWHV 7UXH7\SH UHVLGHQWHV QD LPSUHVVRUD 6H QmR SUHWHQGHU XVDU DV IRQWHV UHVLGHQWHV QD LPSUHVVRUD QmR PDUTXH D FDL[D GH PRGR TXH WRGDV DV IRQWHV GHVHMDGDV VHUmR HQYLDGDV SDUD D LPSUHVVRUD FRP FDGD WUDEDOKR GH LPSUHVVmR 'RZQORDG FRPR %LWPDS , PSULPLU FRPR JUiILFR #!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà (VWD VHOHFomR HVSHFLILFD R PRGR FRPR RV JUiILFRV VmR HQYLDGRV SDUD D LPSUHVVRUD $V RSo}HV GLVSRQtYHLV VmR 9HFWRU (VWD RSomR SHUPLWHOKH HQYLDU JUiILFRV SDUD D LPSUHVVRUD FRPR XPD PLVWXUD GH LPDJHQV YHFWRU H UDVWHU 2V JUiILFRV YHFWRU VmR QRUPDOPHQWH LPSUHVVRV PDLV UDSLGDPHQWH TXH RV JUiILFRV UDVWHUL]DGRV 2V JUiILFRV GH YHFWRU VmR FRPSRVWRV SRU IRUPDV GLVWLQWDV OLQKDV FtUFXORV HOLSVHV H FDL[DV TXH SRGHP VHU HVFDODGRV H HGLWDGRV LQGHSHQGHQWHPHQWH 2V JUiILFRV YHFWRU QmR ILFDP GLVWRUFLGRV TXDQGR VmR UHGLPHQVLRQDGRV 5DVWHU (VWD RSomR HQYLD JUiILFRV SDUD D LPSUHVVRUD FRPR LPDJHQV ELWPDS 2V ELWPDSV VmR LPSUHVVRV QRUPDOPHQWH PDLV OHQWDPHQWH TXH DV LPDJHQV YHFWRU H ILFDP GLVWRUFLGRV TXDQGR UHGLPHQVLRQDGRV 5HVROXomR $ UHVROXomR DIHFWD D TXDQWLGDGH GH GHWDOKH UHSURGX]LGD HP LPDJHQV JUiILFDV $ UHVROXomR GRV JUiILFRV p PHGLGD HP SRQWRV SRU SROHJDGD GSL 'HVWH PRGR XP YDORU GH GSL SURGX] LPDJHQV XVDQGR SRQWRV SL[HOV SRU FDGD SROHJDGD GD LPDJHP $ TXDOLGDGH GH LPDJHP GRV GRFXPHQWRV LPSUHVVRV DXPHQWD QRUPDOPHQWH FRP XPD UHVROXomRGSL PDLV HOHYDGD H YDORUHV GH ELWV SRU SL[HO PDV LVWR UHVXOWD PXLWDV YH]HV QXPD YHORFLGDGH GH LPSUHVVmR PDLV UHGX]LGD H XP PDLRU FRQVXPR GH WRQHU GSL $V LPDJHQV VHUmR LPSUHVVDV XWLOL]DQGR [ SRQWRV SRU SROHJDGD GSL 8VH HVWD RSomR VH D TXDOLGDGH IRU PDLV LPSRUWDQWH TXH D YHORFLGDGH $V LPDJHQV VHUmR LPSUHVVDV XWLOL]DQGR [ SRQWRV SRU SROHJDGD GSL 8VH HVWD RSomR SDUD WUDEDOKRV FRPSRVWRV DSHQDV SRU WH[WR RX SDUD VLWXDo}HV HP TXH D YHORFLGDGH p PDLV LPSRUWDQWH GR TXH D TXDOLGDGH GSL BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #!$ , PSUHVVmR *UiILFRV 4XDOLGDGH GH , PSUHVVmR 3RXSDU 7RQHU $&7, 9( 3RXSDU 7RQHU SDUD UHGX]LU D TXDQWLGDGH GH WRQHU XVDGR SDUD LPSULPLU XP GRFXPHQWR $ TXDOLGDGH GH LPSUHVVmR p LQIHULRU PDV D YHORFLGDGH GH LPSUHVVmR SRGH PHOKRUDU (VWD RSomR p UHFRPHQGDGD SDUD YHULILFDU R FRQWH~GR GH XP GRFXPHQWR H R VHX OD\RXW $&7, 9( 6XDYL]DU SDUD VXDYL]DU R DVSHFWR GRV UHERUGRV LUUHJXODUHV GDV LPDJHQV QXP WUDEDOKR GH LPSUHVVmR 6XDYL]DU #!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ RSomR 2YHUOD\ SHUPLWHOKH FULDU FDUUHJDU RX DSDJDU RYHUOD\V GH SiJLQD VLPSOHV QD VXD LPSUHVVRUD 8P 2YHUOD\ GH 3iJLQD p XP JUXSR GH FRPDQGRV 3&/ FULDGRV SHOR XWLOL]DGRU HRX GDGRV TXH IRUDP HQYLDGRV H JUDYDGRV QD LPSUHVVRUD 2V RYHUOD\V GH SiJLQD SRGHP VHU XVDGRV UHSHWLGDPHQWH SDUD LPSULPLU SDUWHV GH GRFXPHQWRV XVDGRV IUHTXHQWHPHQWH 3RGH SRU H[HPSOR FULDU FDUWDV WLPEUDGDV GD FRPSDQKLD FRPR RYHUOD\V GH SiJLQD H JUDYiODV QD LPSUHVVRUD 6HPSUH TXH p LPSUHVVD XPD FDUWD SRGH VHU HQYLDGR SDUD D LPSUHVVRUD R RYHUOD\ GD SiJLQD H R WLPEUH VHUi LPSUHVVR HP FDGD SiJLQD $FHVVR 5iSLGR ½2YHUOD\V ½2YHUOD\V ½(VWDGR GR 2YHUOD\ ½(VWDGR GH &ULDomR GR 2YHUOD\ 6HOHFFLRQDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #!& , PSUHVVmR 2YHUOD\V 2YHUOD\V &DUUHJDU 2YHUOD\ &DUUHJDU 2YHUOD\ SHUPLWHOKH XVDU XP ILFKHLUR H[WHUQR 293 FRPR RYHUOD\ 4XDQGR VHOHFFLRQD D WHFOD &DUUHJDU 2YHUOD\ DSDUHFH XP GLiORJR $EULU 3URFXUH R ILFKHLUR TXH GHVHMD FDUUHJDU H XVHR FRPR XP RYHUOD\ 2 ILFKHLUR GHYH WHU XP IRUPDWR TXH SRVVD VHU LPSUHVVR $QWHV GH SRGHU XVDU XP ILFKHLUR H[WHUQR FRPR RYHUOD\ GHYHUi IRUPDWiOR FRPR RYHUOD\ 2V RYHUOD\V GHYHP VHU FULDGRV GHQWUR GD DSOLFDomR WDO FRPR 0LFURVRIW :RUG 3DUD FULDU XP RYHUOD\ GH SiJLQD $EUD R ILFKHLUR TXH FRQWpP R VHX ORJR RX LPDJHP TXH SUHWHQGH XVDU FRPR RYHUOD\ H VHOHFFLRQH , PSULPLU $EUD R GLiORJR 3URSULHGDGHV3URJUDPDU GR GULYHU GH LPSUHVVmR H VHOHFFLRQH R VHSDUDGRU 2YHUOD\V 6HOHFFLRQH &ULDU 2YHUOD\ SDUD DEULU R GLiORJR &ULDU 2YHUOD\ GH 3iJLQD 'LJLWH XP QRPH FRP R Pi[LPR GH RLWR FDUDFWHUHV QD FDL[D 1RPH GH )LFKHLUR 6HOHFFLRQH R SHUFXUVR QD FDL[D GLUHFWyULR H VHOHFFLRQH 2. 6HOHFFLRQH 6LP SDUD FULDU R RYHUOD\ GD SiJLQD , PSULPD R ILFKHLUR TXH SUHWHQGH XVDU FRPR RYHUOD\ 2 ILFKHLUR QmR VHUi LPSUHVVR QD UHDOLGDGH VHUi JUDYDGR FRPR ILFKHLUR RYHUOD\ 293 QR GLUHFWyULR SRU GHIHLWR GH RYHUOD\V QR VHX FRPSXWDGRU 6HOHFFLRQH 6LP SDUD FRQILUPDU TXH SUHWHQGH FULDU XP RYHUOD\ 2 ILFKHLUR DSDUHFH QD OLVWD GH 2YHUOD\V GD SUy[LPD YH] TXH VHOHFFLRQDU R VHSDUDGRU 2YHUOD\V &ULDU 2YHUOD\ $SDJDU 2YHUOD\ (VWD RSomR SHUPLWHOKH DSDJDU RYHUOD\V 6H R RYHUOD\ HVWLYHU UHVLGHQWH QXPD LPSUHVVRUD VHUi UHWLUDGR GD LPSUHVVRUD PDV QmR GR VHX GLVFR UtJLGR ORFDO 6H R RYHUOD\ DSHQDV HVWLYHU UHVLGHQWH QR VHX GLVFR UtJLGR pOKH SHGLGR TXH DSDJXH R ILFKHLUR GR GLVFR $SyV WHU DSDJDGR XP RYHUOD\ GR GLVFR UtJLGR DSHQDV R SRGH UHSRU FULDQGR XP QRYR RYHUOD\ #!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 'RZQORDG $JRUD 'RZQORDG $JRUD SHUPLWHOKH ID]HU R GRZQORDG SHUPDQHQWH GH RYHUOD\V SDUD D LPSUHVVRUD 8VDU RYHUOD\V UHVLGHQWHV QD LPSUHVVRUD SRGH PHOKRUDU D SHUIRUPDQFH GD LPSUHVVmR 3DUD HQYLDU XP RYHUOD\ SDUD D LPSUHVVRUD $EUD XP GRFXPHQWR H VHOHFFLRQH D RSomR , PSULPLU $EUD DV 3URSULHGDGHV GR GULYHU GD LPSUHVVRUD H VHOHFFLRQH R VHSDUDGRU 2YHUOD\V $ SDUWLU GD OLVWD GH RYHUOD\V VHOHFFLRQH R RYHUOD\ TXH SUHWHQGH HQYLDU 6HOHFFLRQH D WHFOD 'RZQORDG $JRUD H VHOHFFLRQH R GHVWLQR 6HOHFFLRQH D WHFOD 2. 8PD FDL[D GH HVWDGR FRQILUPD TXH R RYHUOD\ IRL HQYLDGR '~YLGD VREUH 2YHUOD\ GH 3iJLQD $R VHOHFFLRQDU HVWD RSomR pOKH SHGLGR SDUD FRQILUPDU TXH GHVHMD ID]HU R GRZQORDG GH XPD SiJLQD VHPSUH TXH p HQYLDGR XP RYHUOD\ SDUD D LPSUHVVRUD 6H D RSomR QmR HVWLYHU VHOHFFLRQDGD R ILFKHLUR GH RYHUOD\ GD SiJLQD VHOHFFLRQDGD VHUi VHPSUH HQYLDGR SDUD D LPSUHVVRUD 127$ (VWD RSomR QmR VHUi DFWLYDGD VH VHOHFFLRQDU 6HP 2YHUOD\ RX VH R RYHUOD\ VHOHFFLRQDGR IRL HQYLDGR SHUPDQHQWHPHQWH SDUD D LPSUHVVRUD (VWDGR GR 2YHUOD\ 6HOHFFLRQDGR (VWD FDL[D IRUQHFH LQIRUPDomR VREUH R HVWDGR GR RYHUOD\ VHOHFFLRQDGR (VWDGR GD &ULDomR GR 2YHUOD\ (VWD FDL[D IRUQHFH LQIRUPDomR VREUH R HVWDGR GXUDQWH R SURFHVVR GH FULDomR GR RYHUOD\ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #!( , PSUHVVmR $SDJDU 7XGR (VFROKHU HVWD RSomR SHUPLWHOKH DSDJDU WRGRV RV RYHUOD\V GH TXDOTXHU RX WRGRV RV GHVWLQRV )RQWHV 2 GLiORJR )RQWHV SHUPLWHOKH DGLFLRQDU UHPRYHU RX DOWHUDU DV IRQWHV LQVWDODGDV QD LPSUHVVRUD $FHVVR 5iSLGR ½)RQWHV ½)RQWHV , QVWDODGDV ½$GLFLRQDU )RQWHV ½&RSLDU )RQWHV SDUD ½, PSULPLU /LVWD GH ½(VWDGR )RQWHV XPD 1RYD 3RUWD )RQWHV , QVWDODGDV )RQWHV 'LVSRQtYHLV 0RYHU &RSLDU (VWD FDL[D PRVWUD DV IRQWHV 3&/ & DFWXDOPHQWH GLVSRQtYHLV QR FRPSXWDGRU 0RYHU SHUPLWHOKH PRYHU DV IRQWHV VHOHFFLRQDGDV SDUD D SRUWD GD LPSUHVVRUD &RSLDU SHUPLWHOKH FRSLDU XPD RX PDLV IRQWHV GD /LVWD GH )RQWHV 'LVSRQtYHLV SDUD D /LVWD GH )RQWHV , QVWDODGDV RX YLFH YHUVD $ WHFOD FRSLDU ILFD DFWLYD TXDQGR VHOHFFLRQD XPD RX PDLV IRQWHV GD OLVWD $SDJDU SHUPLWHOKH UHPRYHU GD LPSUHVVRUD DV IRQWHV TXH Mi QmR XWLOL]D $SDJDU #" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H DGTXLULU XPD IRQWH HP GLVFR TXH WHQKD R PHVPR QRPH GH XPD IRQWH TXH Mi HVWHMD D XVDU GHYH DOWHUDU R QRPH GD IRQWH XVDQGR R )RQW , QVWDOOHU 1mR SRGH DOWHUDU R QRPH GH XPD IRQWH UHVLGHQWH QD LPSUHVVRUD 3HUPDQHQWHV 3HUPDQHQWHV SHUPLWHOKH JUDYDU IRQWHV QR GLVFR UtJLGR GD LPSUHVVRUD $V IRQWHV ILFDUmR UHWLGDV QD LPSUHVVRUD DWp TXH DV DSDJXH 6HOHFFLRQH 7HPSRUiULDV VH GHVHMDU JUDYDU IRQWHV QD PHPyULD 5$0 GD LPSUHVVRUD 6H HVFROKHU HVWD RSomR DV IRQWHV VmR HOLPLQDGDV TXDQGR D LPSUHVVRUD IRU UHLQLFLDGD 7HPSRUiULDV $GLFLRQDU )RQWHV $GLFLRQDU )RQWHV SHUPLWHOKH VHOHFFLRQDU H FDUUHJDU QD VXD LPSUHVVRUD WLSRV HVFDOiYHLV IRQWHV RX ILFKHLURV GH VXSRUWH GH IRQWH $ WHFOD ID] DEULU XP GLiORJR RQGH GHYH HVSHFLILFDU R GULYHSHUFXUVR RQGH HVWmR RV ILFKHLURV TXH SUHWHQGH FDUUHJDU &RSLDU )RQWHV SDUD XPD 1RYD 3RUWD 6H HVWLYHU D XVDU PDLV GR TXH XPD LPSUHVVRUD RX VH DOWHUDU D SRUWD RQGH HVWi OLJDGD D LPSUHVVRUD VHOHFFLRQH HVWD WHFOD SDUD PRYHU RX FRSLDU DV VXDV IRQWHV LQVWDODGDV SDUD D RXWUD LPSUHVVRUD RX SRUWD GD LPSUHVVRUD 6HUi YLVXDOL]DGD XPD OLVWD GDV SRUWDV GLVSRQtYHLV , PSULPLU /LVWD GH )RQWHV 6HOHFFLRQH , PSULPLU /LVWD GH )RQWHV SDUD LPSULPLU XPD IROKD GH UHVXPR GH IRQWHV (VWDGR $ FDL[D HVWDGR PRVWUD XP H[HPSOR GD IRQWH VHOHFFLRQDGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #" , PSUHVVmR (GLWDU (GLWDU SHUPLWHOKH DOWHUDU RV QRPHV GDV IRQWHV QR GLVFR H RV VHXV DWULEXWRV 0DUFDV GH ÈJXD $ RSomR 0DUFD GH ÈJXD LPSULPH WH[WR HP IXQGR RX SULPHLUR SODQR GH XP GRFXPHQWR &RP R GULYHU Mi YrP DOJXPDV PDUFDV GH iJXD SUpGHILQLGDV 3RGH DOWHUDU DV Mi H[LVWHQWHV RX DGLFLRQDU QRYDV j OLVWD 3DUD LPSULPLU XP GRFXPHQWR FRP XPD PDUFD GH iJXD GHYH VHOHFFLRQDU SULPHLUR D PDUFD GH iJXD GD OLVWD 7RGRV RV GRFXPHQWRV VHJXLQWHV VHUmR LPSUHVVRV FRP D PHVPD PDUFD GH iJXD DWp VHOHFFLRQDU 1HQKXPD QD OLVWD $FHVVR 5iSLGR ½0DUFDV GH ÈJXD ½0DUFD GH ÈJXD ½&RQWH~GR ½ÆQJXOR ½3RVLomR GR FHQWUR 0DUFD GH ÈJXD $GLFLRQDU 'LJLWH R WH[WR GD PDUFD GH iJXD SUHWHQGLGR QD FDL[D 7H[WR H VHOHFFLRQH $GLFLRQDU SDUD FULDU XPD QRYD PDUFD GH iJXD 6H IRU FULDU GH XPD Vy YH] YiULDV PDUFDV GH iJXD GHYHUi HGLWDU R WH[WR GD PDUFD GH iJXD DQWHV GH VHOHFFLRQDU $GLFLRQDU FDVR FRQWUiULR VHUi DFUHVFHQWDGD XPD PDUFD GH iJXD GXSOLFDGD j OLVWD GH PDUFDV GH iJXD $FWXDOL]DU 6HOHFFLRQH $FWXDOL]DU SDUD DOWHUDU XPD PDUFD GH iJXD H[LVWHQWH #"! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $SHQDV QD 3ULPHLUD 3iJLQD $SHQDV QD 3ULPHLUD 3iJLQD LPSULPH XPD PDUFD GH iJXD DSHQDV QD SULPHLUD SiJLQD GH XP GRFXPHQWR 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD 7H[WR 7UDQVSDUHQWH 7H[WR 7UDQVSDUHQWH SHUPLWH TXH R GRFXPHQWR VHMD YLVWR DWUDYpV GD PDUFD GH iJXD 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD $SHQDV FRPR &RQWRUQR 6HOHFFLRQH HVWD RSomR SDUD LPSULPLU RV FDUDFWHUHV GD PDUFD GH iJXD FRPR FRQWRUQRV RFRV $SHQDV VHUi LPSUHVVR R OLPLWH RX FRQWRUQR GRV FDUDFWHUHV GR WH[WR PDUFD GH iJXD 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD &RQWH~GR 7H[WR 'LJLWH DV SDODYUDV TXH GHVHMD XVDU FRPR PDUFD GH iJXD QD FDL[D GH WH[WR 2 WH[WR DSDUHFH QD MDQHOD GH SUpYLVXDOL]DomR 8VH DV RSo}HV )RQWHV &RU H ÆQJXOR SDUD DOWHUDU D PDUFD GH iJXD 6H IRU FULDU GH XPD Vy YH] YiULDV PDUFDV GH iJXD GHYHUi HGLWDU R WH[WR GD PDUFD GH iJXD DQWHV GH VHOHFFLRQDU $GLFLRQDU FDVR FRQWUiULR VHUi DFUHVFHQWDGD XPD PDUFD GH iJXD GXSOLFDGD j OLVWD GH PDUFDV GH iJXD )RQWHV (VFDOD GH &LQ]HQWRV 6HOHFFLRQH )RQWHV SDUD DOWHUDU D IRQWH WDPDQKR H HVWLOR GR WH[WR GD PDUFD GH iJXD $SDUHFH R GLiORJR (VFROKHU )RQWH $ (VFDOD GH &LQ]HQWRV LPSULPH DV FRUHV GD PDUFD GH iJXD D SUHWR EUDQFR RX WRQV GH FLQ]HQWR 8VH D EDUUD GH GHVORFDomR SDUD DOWHUDU R DVSHFWR GR WH[WR HP HVFDOD GH FLQ]HQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #"" , PSUHVVmR $SDJDU (VWD RSomR SHUPLWHOKH UHPRYHU XPD PDUFD GH iJXD VHOHFFLRQDGD GD OLVWD GH PDUFDV GH iJXD VHOHFFLRQDGDV 6HOHFFLRQH D PDUFD GH iJXD GD OLVWD VHOHFFLRQH $SDJDU H GHSRLV 2. SDUD FRQILUPDU TXH SUHWHQGH DSDJDU HVWD PDUFD GH iJXD ÆQJXOR 8VH D EDUUD GH GHVORFDomR GH ÆQJXOR SDUD URGDU R WH[WR GD PDUFD GH iJXD QD SiJLQD QXP LQWHUYDOR HQWUH JUDXV H JUDXV 3RVLomR GR FHQWUR 3RVLomR GR FHQWUR 8VH DV EDUUDV GH GHVORFDomR YHUWLFDO H KRUL]RQWDO SDUD DOWHUDU D SRVLomR FHQWUDO GD PDUFD GH iJXD QD SiJLQD 3RGH HVFROKHU PHGLGDV HP SROHJDGDV RX PLOtPHWURV PP 6HOHFFLRQH &HQWUDU SDUD UHSRU D SRVLomR QR FHQWUR GR SDSHO &HQWUDU $FHUFD )RUQHFH LQIRUPDo}HV VREUH D YHUVmR GR GULYHU GR FRS\ULJKW R ORJRWLSR GR SURGXWR H R ORJRWLSR GR IRUQHFHGRU GR GULYHU #"# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR ½3ULPD >(VWDGR GR (TXLSDPHQWR@ ½6HOHFFLRQH >9DORUHV SRU GHIHLWR@ H SULPD >$FHLWDU@ ½6HOHFFLRQH >9DO GHIHLWR LPSUHVVRUD@ H SULPD >$FHLWDU@ ½6HOHFFLRQH D RSomR SUHWHQGLGD H SHUVRQDOL]HD GH DFRUGR FRP RV VHXV UHTXLVLWRV 'XUDQWH R IDEULFR VmR SURJUDPDGDV QR HTXLSDPHQWR FHUWDV FRQILJXUDo}HV SDUD DV RSo}HV H IXQo}HV GR :RUN&HQWUH 3UR 'HSRLV GH LQVWDODGR R HTXLSDPHQWR R (VWDGR GR (TXLSDPHQWR SRGH VHU XWLOL]DGR SDUD DOWHUDU HVWDV FRQILJXUDo}HV GH DFRUGR FRP RV VHXV UHTXLVLWRV LQGLYLGXDLV 6HJXLQGR DV LQVWUXo}HV DEDL[R H D WDEHOD GRV YDORUHV SRU GHIHLWR GD LPSUHVVRUD DSUHVHQWDGD QDV SiJLQDV TXH VH VHJXHP SHUVRQDOL]H RV YDORUHV SRU GHIHLWR GD LPSUHVVRUD GH DFRUGR FRP DV VXDV QHFHVVLGDGHV GH LPSUHVVmR ½ 3DUD DFHGHU DR PHQX 9DO GHIHLWR LPSUHVVRUD HQTXDQWR QR HFUm 3URQWR D FRSLDU SULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ j GLUHLWD GR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR DSUHVHQWD DV RSo}HV GDV GHILQLo}HV ½ &HUWLILTXHVH TXH >9DORUHV SRU 'HIHLWR@ HVWi VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR LPSUHVVRUD@ H SULPD D WHFOD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DO GHIHLWR LPSUHVVRUD 9DO GHIHLWR GR HPDLO 9DO GHIHLWR UHODWyULRV 6HUYLoR UHPRWR 9DORUHV SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #"$ , PSUHVVmR $OWHUDU RV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD ½ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D RSomR SUHWHQGLGD H SULPD >$FHLWDU@ 8WLOL]H D WDEHOD GRV YDORUHV SRU GHIHLWR GD LPSUHVVRUD DEDL[R SDUD LGHQWLILFDU DV FRQILJXUDo}HV GLVSRQtYHLV VHOHFFLRQH D FRQILJXUDomR SUHWHQGLGD H SULPD >$FHLWDU@ $ RSomR VHOHFFLRQDGD WRUQDU VHi D RSomR SRU GHIHLWR &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD , PSUHVVmR GH WHVWH 'HWHFWDU SDSHO GLIHUHQWH 5HSRU YDORUHV GH RULJHP 9DO GHIHLWR LPSUHVVRUD ½ $VVLP TXH WHUPLQDU GH SHUVRQDOL]DU DV FRQILJXUDo}HV SULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DO GHIHLWR LPSUHVVRUD 9DO GHIHLWR GR HPDLO 9DO GHIHLWR UHODWyULRV 6HUYLoR UHPRWR 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD $ WDEHOD TXH VH VHJXH DSUHVHQWD FDGD RSomR GH YDORU SRU GHIHLWR GD LPSUHVVRUD DV FRQILJXUDo}HV GLVSRQtYHLV SDUD FDGD RSomR H XPD GHVFULomR GH FDGD FRQILJXUDomR 9DORUHV SRU GHIHLWR 2SomR SRU GHIHLWR GD LPSUHVVRUD &DQFHODU WUDEDOKR &RQILJXUDo}HV 6LP 1mR 'HVFULomR (VWD IXQomR SRGH VHU XWLOL]DGD SDUD FDQFHODU TXDOTXHU WUDEDOKR GH LPSUHVVmR UHWLGR QD ILOD GH LPSUHVVmR #"% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR SRU GHIHLWR GD LPSUHVVRUD $OLPHQWDomR IRUoDGD &RQILJXUDo}HV 'HVFULomR $OLPHQWDomR IRUoDGD p XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH XP WUDEDOKR TXH VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO TXDQGR p DFWLYDGD D RSomR 'HWHFWDU 3DSHO 'LIHUHQWH $YDQoDU SiJLQD 6LP 1mR (VWD IXQomR SRGH VHU XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH GDGRV DLQGD UHWLGRV QD PHPyULD GD LPSUHVVRUD TXDQGR p FDQFHODGR XP WUDEDOKR QR 3& RX HVWDomR GH WUDEDOKR 8WLOL]DGD SHOR $GPLQLVWUDGRU GR 6LVWHPD SDUD LGHQWLILFDU R HVWDGR GR HTXLSDPHQWR (VWD RSomR SURGX] XPD SiJLQD GH WHVWH TXH SRGH VHU XWLOL]DGD SDUD GHPRQVWUDU D FDSDFLGDGH GH LPSUHVVmR $ LPSUHVVRUD HVWi HTXLSDGD FRP IRQWHV 3&/ LQWHUQDV 8VH HVWD IXQomR SDUD YHU H[HPSORV H XPD OLVWD GDV IRQWHV 3&/ UHVLGHQWHV $ LPSUHVVRUD HVWi HTXLSDGD FRP IRQWHV 3RVWVFULSW LQWHUQDV 8VH HVWD IXQomR SDUD YHU H[HPSORV H XPD OLVWD GDV IRQWHV 3RVWVFULSW UHVLGHQWHV e LPSUHVVD XPD OLVWD GH WRGRV RV HUURV GH LPSUHVVmR TXH R HTXLSDPHQWR UHJLVWRX 8WLOL]DGD SHOR $GPLQLVWUDGRU GR 6LVWHPD SDUD LGHQWLILFDU R HVWDGR GR 1, & 1HWZRUN , QWHUIDFH &DUG , PSUHVVmR GH WHVWH , PSUHVVmR GH HVWDGR 3iJLQD GH 'HPRQVWUDomR , PSULPLU IRQWHV 3&/ , PSULPLU IRQWHV 36 /LVWD UHJLVWR HYHQWRV , PSULPLU HVWDGR 1, & BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà #"& , PSUHVVmR 2SomR SRU GHIHLWR GD LPSUHVVRUD 'HWHFWDU SDSHO GLIHUHQWH &RQILJXUDo}HV 'HVOLJDU /LJDU 'HVFULomR 8WLOL]H HVWD IXQomR SDUD GHWHFWDU DXWRPDWLFDPHQWH R IRUPDWR GR SDSHO SDUD R WUDEDOKR GH LPSUHVVmR H HVFROKHU D EDQGHMD GH SDSHO DGHTXDGD 6H D GHWHFomR GH IRUPDWR GR SDSHO HVWLYHU /LJDGD H D VHOHFomR DXWRPiWLFD GH EDQGHMD HVWLYHU 'HVOLJ R WUDEDOKR GH LPSUHVVmR p VXVSHQVR VH R IRUPDWR GH SDSHO FRORFDGR QD EDQGHMD VHOHFFLRQDGD SRU XP XWLOL]DGRU IRU GLIHUHQWH GR SHGLGR SDUD R WUDEDOKR GH LPSUHVVmR (VWD IXQomR UHS}H TXDLVTXHU FRQILJXUDo}HV GH LPSUHVVRUD QRV YDORUHV SRU GHIHLWR RULJLQDLV 5HSRU YDORUHV GH RULJHP #"' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà )D[ (VWH FDStWXOR FRQWpP LQIRUPDomR VREUH D IXQomR GH )D[ H DV RSo}HV GLVSRQtYHLV )RUQHFH LQVWUXo}HV SDVVR D SDVVR VREUH FRPR HQYLDU H UHFHEHU ID[HV XWLOL]DQGR WRGDV DV FDUDFWHUtVWLFDV H IXQo}HV GLVSRQtYHLV 4XDQGR OKH p HQWUHJXH R HTXLSDPHQWR WUD] DV GHILQLo}HV SRU GHIHLWR SDUD ID[ GHILQLGDV QD IiEULFD TXH SRGHP VHU DOWHUDGDV SHOR FOLHQWH (VWH FDStWXOR WDPEpP IRUQHFH LQIRUPDomR VREUH FRPR DOWHUDU DV GHILQLo}HV SRU GHIHLWR SDUD ID[ )XQo}HV 6WDQGDUG 5HVROXomR 6WDQGDUG )LQH 6XSHUILQH $XWRPiWLFR 0DQXDO )RWR 7H[WR)RWR 7H[WR &ODUR(VFXUR 7LSR GH RULJLQDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ )D[ 3URFHGLPHQWR GH HQYLR GH XP )D[ $FHVVR 5iSLGR ½&RORTXH RV 2ULJLQDLV ½(VFROKD DV IXQo}HV GH )D[ ½'LJLWH R Q~PHUR GH WHOHIRQH ½3ULPD >, QLFLDU@ GR ID[ GHVHMDGDV $QWHV GH HQYLDU XP ID[ LGHQWLILTXH R TXH YDL HQYLDU R Q~PHUR GR ID[ H TXDLVTXHU UHTXLVLWRV GH SURJUDPDomR HVSHFLDLV 8VH RV SDVVRV VHJXLQWHV SDUD HQYLDU XP ID[ 127$ 3ULPD GXDV YH]HV >&$@ SDUD DSDJDU RX FDQFHODU WRGDV DV VHOHFo}HV GH SURJUDPDomR DQWHULRUHV DQWHV GH FRPHoDU &RORFDU RV 2ULJLQDLV 7HP j VXD HVFROKD YiULRV SRQWRV GH DOLPHQWDomR GRV RULJLQDLV 6mR HOHV 8P DOLPHQWDGRU DXWRPiWLFR GH RULJLQDLV $') H XP DOLPHQWDGRU DXWRPiWLFR GXSOH[ '$') SDUD RULJLQDLV P~OWLSORV GH XPD Vy IDFH 8P YLGUR GH H[SRVLomR SDUD RULJLQDLV VLPSOHV RX HQFDGHUQDGRV $OLPHQWDGRU $XWRPiWLFR GH 2ULJLQDLV $') H $OLPHQWDGRU $XWRPiWLFR ' XSOH[ '$') e SRVVtYHO GLJLWDOL]DU DWp RULJLQDLV GH XPD YH] XWLOL]DQGR R DOLPHQWDGRU GH RULJLQDLV &HUWLILTXHVH TXH RV RULJLQDLV WrP WRGRV R PHVPR IRUPDWR HVWmR HP ERDV FRQGLo}HV H IRUDPOKH UHWLUDGRV WRGRV RV DJUDIHV H FOLSV 2V RULJLQDLV GHYHP VHU GH JP H $ SDUD DOLPHQWDU SHOR ODGR PDLRU RX $ D $ SDUD DOLPHQWDU SHOR ODGR PHQRU 3RGH GLJLWDOL]DU DWp PP GH ODUJXUD $! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà *XLDV GH SDSHO ½ ½ 6H QHFHVViULR DMXVWH DV JXLDV GH SDSHO DR IRUPDWR GHVHMDGR &RORTXH RV RULJLQDLV GLUHLWRV QR DOLPHQWDGRU YROWDGRV SDUD FLPD $ SULPHLUD SiJLQD GHYH ILFDU QR WRSR GD SLOKD FRP RV FDEHoDOKRV SDUD D SDUWH GH WUiV RX SDUD R ODGR HVTXHUGR GD PiTXLQD ½ $OLQKH D SLOKD FRP DV PDUJHQV HVTXHUGD H WUDVHLUD GD EDQGHMD GR DOLPHQWDGRU H DMXVWH DV JXLDV GH IRUPD D TXH HODV ILTXHP DSHQDV D WRFDU QDV PDUJHQV GLDQWHLUD H WUDVHLUD GRV RULJLQDLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $" )D[ ½ 7LUH WRGRV RV DJUDIHV H FOLSV DQWHV GH FRORFDU RV RULJLQDLV QR DOLPHQWDGRU 9LGUR GH H[SRVLomR 2 YLGUR GH H[SRVLomR GHYH VHU XVDGR SDUD RULJLQDLV VLPSOHV 2V RULJLQDLV GHYHP VHU GH JPÃH GH XP IRUPDWR Pi[LPR GH $ 3RGH GLJLWDOL]DU DWp PP GH ODUJXUD 4XDQGR R RULJLQDO p FRORFDGR QR YLGUR GH H[SRVLomR p QHFHVViULR LQGLFDU R IRUPDWR GR RULJLQDO 3DUD D YHUVmR HXURSHLD $ 9HUWLFDO $5 +RUL]RQWDO $5 +RUL]RQWDO $5 +RUL]RQWDO /HWWHU 9HUWLFDO ´ [ ´ /HWWHU +RUL]RQWDO ´ [ ´5 $ 9HUWLFDO 3DUD D $PpULFD GR 1RUWH /HWWHU ´ [ ´ /HWWHU ´ [ ´5 /HJDO ´ [ ´5 /HGJHU ´ [ ´5 6WDWHPHQW ´ [ ´5 &RPSXWDGRU ´ [ ´ $5 +RUL]RQWDO (YLWH RV VHJXLQWHV WLSRV GH RULJLQDLV TXH SRGHUmR SURYRFDU HQFUDYDPHQWR )ROKDV UDVJDGDV DPDUURWDGDV FRP FXUYDWXUD RX GREUDGDV )ROKDV FRP RULItFLRV SHUIXUDGRV 7UDQVSDUrQFLDV )ROKDV FRP QRWDV DSHQVDV )ROKDV FRP UHYHVWLPHQWR RX EULOKDQWHV )ROKDV GH TXtPLFR RX FRP TXtPLFR QR YHUVR $# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ /HYDQWH R DOLPHQWDGRU RX D WDPSD GR YLGUR GH H[SRVLomR VH HOD HVWLYHU PRQWDGD ½ &RORTXH R RULJLQDO QR YLGUR FRP D IDFH LPSUHVVD SDUD EDL[R $OLQKHR FRP D VHWD GH UHJLVWR TXH VH HQFRQWUD QR FDQWR VXSHULRU HVTXHUGR %DL[H R DOLPHQWDGRU RX D WDPSD GR YLGUR 4XDQGR DFDEDU GH HQYLDU R ID[ FHUWLILTXHVH TXH D WDPSD GR YLGUR GH H[SRVLomR ILFD EHP IHFKDGD ½ 127$ 3DUD LQVWUXo}HV VREUH FRPR GLJLWDOL]DU RULJLQDLV P~OWLSORV XWLOL]DQGR R YLGUR GH H[SRVLomR YHMD ³&ULDU XP 7UDEDOKR GH )D[´ QD SiJLQD &DQWR GH UHJLVWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$ )D[ 3UHPLU D 7HFOD GH )XQo}HV ½ ½ 3ULPD >)XQo}HV@ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 68*(672 3UHPLQGR GXDV YH]HV D WHFOD >)D[)D[ , QWHUQHW@ VHOHFFLRQDUi D IXQomR GH )D[ , QWHUQHW 7HFOD )D[)D[ , QWHUQHW 7HFOD GH )XQo}HV ½ &HUWLILTXHVH TXH p YLVXDOL]DGR R HFUm ³'LJLWH Q GH ID[´ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ $% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ([LVWHP WUrV IXQo}HV VWDQGDUG GLVSRQtYHLV $V WHFODV HQFRQWUDPVH j HVTXHUGD GR HFUm /&' &RP D PDLRU SDUWH GDV IXQo}HV VWDQGDUG TXDQGR VH SULPHP DV WHFODV R HFUm /&' YLVXDOL]D DV RSo}HV DSOLFiYHLV D FDGD IXQomR 8VDQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 2 HFUm LQLFLDO GH )D[ YLVXDOL]D D QRYD VHOHFomR &RP D IXQomR GH 7LSR GH 2ULJLQDO DV RSo}HV GLVSRQtYHLV VmR YLVXDOL]DGDV QR 3DLQHO GH &RQWUROR FRP XP /(' LOXPLQDGR D LGHQWLILFDU D RSomR TXH HVWi VHOHFFLRQDGD 127$ 6y HVWDUmR GLVSRQtYHLV DV IXQo}HV UHOHYDQWHV SDUD D FRQILJXUDomR GR HTXLSDPHQWR $V IXQo}HV QmR GLVSRQtYHLV QR PHQX DSDUHFHP DFLQ]HQWDGDV 3DUD XPD H[SOLFDomR PDLV GHWDOKDGD GDV IXQo}HV VWDQGDUG GLVSRQtYHLV QR HFUm /&' FRQVXOWH DV SiJLQDV VHJXLQWHV 5HVROXomR ± SiJLQD &ODUR(VFXUR ± SiJLQD 7LSR GH RULJLQDO ± SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $& )D[ 6HOHFFLRQDU DV )XQo}HV GH )D[ 'LJLWDU R Q~PHUR GH ID[ 'LJLWH R Q GH ID[ GD PiTXLQD UHPRWD XWLOL]DQGR R 7HFODGR 1XPpULFR ½ 8VH R WHFODGR QXPpULFR SDUD GLJLWDU R Q~PHUR GH WHOHIRQH GD PiTXLQD GH ID[ UHPRWD 6H PDUFD QRUPDOPHQWH XP FDUiFWHU DQWHV GR Q~PHUR GH WHOHIRQH SRU H[HPSOR SDUD DFHGHU D XPD OLQKD H[WHUQD VHUi QHFHVViULR LQVHULU XPD SDXVD D VHJXLU D HVWH FDUiFWHU ½ 8WLOL]H D WHFOD >5HPDUFDU 3DXVD@ QR SDLQHO GH FRQWUROR SDUD LQVHULU XPD SDXVD VH QHFHVViULD 3DUD DSDJDU XPD LQVHUomR LQFRUUHFWD XVH D WHFOD GH GHVORFDomR SDUD GHVWDFDU R GtJLWR H SULPD >$SDJDU@ ½ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR ( ([LVWHP YiULRV PpWRGRV SDUD GLJLWDU R Q~PHUR GR ID[ UHPRWR LQFOXLQGR IXQo}HV FRPR D 0DUFDomR 5iSLGD H D 0DUFDomR GH 8P 7RTXH 68*(672 3DUD LQIRUPDomR VREUH WRGRV RV PpWRGRV GH PDUFDomR GLVSRQtYHLV FRQVXOWH D VHFomR ³0pWRGRV GH 0DUFDomR´ QD SiJLQD 3DUD LQIRUPDomR VREUH FRPR SURJUDPDU Q~PHURV SDUD 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH FRQVXOWH R ³&DStWXOR ± /LVWD 7HOHIyQLFD´ $' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3ULPD >, QLFLDU@ 7HFOD , QLFLDU ½ 6H IRL DFWLYDGD D GHILQLomR SRU GHIHLWR GR &yGLJR GH &RQWD VHUOKHi SHGLGR TXH GLJLWH XP &yGLJR GH &RQWD SDUD R WUDEDOKR GH ID[ 8WLOL]H R WHFODGR QXPpULFR SDUD GLJLWDU R FyGLJR QHFHVViULR 3ULPD >$FHLWDU@ &DGD GRFXPHQWR p GLJLWDOL]DGR XPD ~QLFD YH] 'LJLWH XP FyGLJR GH FRQWD &yGLJR GH FRQWD ½ ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $( )D[ 3UHPLU , QLFLDU 'HSHQGHQGR GDV GHILQLo}HV SRU GHIHLWR H GR PpWRGR GH PDUFDomR XVDGR D PiTXLQD XVD R (QYLR GH 0HPyULD RX R (QYLR 'LUHFWR SDUD HQYLDU R WUDEDOKR ½ 4XDQGR p XVDGR R (QYLR GH 0HPyULD D PiTXLQD DWULEXL XP Q~PHUR GH WUDEDOKR H GLJLWDOL]D R GRFXPHQWR SDUD D PHPyULD $ PiTXLQD PDUFD GHSRLV R Q~PHUR FRQILUPD D OLJDomR H HQYLD R ID[ 1~PHUR GR WUDEDOKR 'LJLWDOL]DU SiJ 0HPyULD GLVSRQtYHO $ OHU SDUD PHPyULD ½ 4XDQGR p XVDGR R (QYLR 'LUHFWR D PiTXLQD DWULEXL XP Q~PHUR GH WUDEDOKR PDUFD R Q~PHUR H GLJLWDOL]D DV SiJLQDV j PHGLGD TXH HODV YmR VHQGR WUDQVPLWLGDV 6H KRXYHU XP SUREOHPD GH UHFXUVRV RX XP FRQIOLWR GH SURJUDPDomR TXH LPSHoD TXH R WUDEDOKR VHMD FRQFOXtGR VHUi YLVXDOL]DGD XPD PHQVDJHP 6LJD DV LQGLFDo}HV GHVVD PHQVDJHP SDUD UHVROYHU R SUREOHPD 1~PHUR GR WUDEDOKR 0DUFDomR ½ 4XDQGR WHUPLQDU UHWLUH RV RULJLQDLV GLJLWDOL]DGRV GH EDL[R GR DOLPHQWDGRU RX GR YLGUR GH H[SRVLomR $ ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 7RGRV RV GRFXPHQWRV VmR WUDQVPLWLGRV FRPR WUDEDOKRV GH (QYLR GH 0HPyULD D QmR VHU TXH XWLOL]H R PRGR GH WUDQVPLVVmR GH (QYLR 'LUHFWR 6H QmR KRXYHU RXWURV WUDEDOKRV SHQGHQWHV D PiTXLQD LQLFLDUi D PDUFDomR $VVLP TXH VHMD HVWDEHOHFLGD D OLJDomR D WUDQVPLVVmR VHUi LQLFLDGD $ PiTXLQD SRGH VHU SURJUDPDGD SDUD ID]HU DWp UHPDUFDo}HV FDVR VHMD GHWHFWDGR XP VLQDO GH RFXSDGR 127$ $ IXQomR GH 5HPDUFDomR SRGHUi QmR HVWDU GLVSRQtYHO HP WRGRV RV PHUFDGRV 6H HVWLYHU D XVDU R PRGR GH WUDQVPLVVmR SRU (QYLR 'LUHFWR D PiTXLQD WUDQVPLWLUi R GRFXPHQWR VHP JUDYDU DV LPDJHQV QXP ILFKHLUR GH PHPyULD 6H D FKDPDGD QmR IRU FRPSOHWDGD FRP r[LWR D PiTXLQD QmR YROWDUi D WUDQVPLWLU R GRFXPHQWR 6H VH YHULILFDU XP HUUR GH FRPXQLFDomR GXUDQWH D WUDQVPLVVmR H R GRFXPHQWR HVWLYHU JUDYDGR QD PHPyULD D PiTXLQD ID] R UHHQYLR FRPHoDQGR SHOD SULPHLUD SiJLQD TXH QmR IRL WUDQVPLWLGD FRP r[LWR 4XDQGR D WUDQVPLVVmR p FRPSOHWDGD FRP r[LWR D PiTXLQD GHVOLJDVH H YROWD DR 0RGR GH (VSHUD 6H HVWLYHU DFWLYDGD D IXQomR GH 5HODWyULR GH &RQILUPDomR VHUi DXWRPDWLFDPHQWH LPSUHVVR XP UHODWyULR QR ILP GH FDGD WUDQVPLVVmR 5HPDUFDomR $XWRPiWLFD 4XDQGR D OLQKD GR Q~PHUR TXH HVWi D FKDPDU HVWi RFXSDGD D PiTXLQD YROWD DXWRPDWLFDPHQWH D PDUFDU R Q~PHUR GH DFRUGR FRP R LQWHUYDOR GH UHPDUFDomR VHOHFFLRQDGR 6H D OLJDomR QmR IRU HVWDEHOHFLGD DR ILP GR Q~PHUR GH UHPDUFDo}HV SURJUDPDGR D PiTXLQD HQWUD QXP PRGR GH (UUR GH 7UDQVPLVVmR H VHUi QHFHVViULR UHSHWLU R SURFHGLPHQWR GH WUDQVPLVVmR 6H D IXQomR GH 5HHQYLDU )D[ *UDYDGR HVWLYHU DFWLYDGD RV GRFXPHQWRV VHUmR UHWLGRV QD PHPyULD H SRGHUmR VHU UHHQYLDGRV 68*(672 3DUD LQVWUXo}HV VREUH FRPR SURJUDPDU DV RSo}HV GH 5HPDUFDomR H 5HHQYLDU )D[ *UDYDGR FRQVXOWH ³$OWHUDU RV 9DORUHV SRU 'HIHLWR GR )D[´ QD SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ )D[ *HVWmR GRV 7UDEDOKRV GH )D[ 5HPDUFDomR 0DQXDO (VWD IXQomR GH UHPDUFDomR SHUPLWHOKH WUDQVPLWLU R GRFXPHQWR SDUD XP GRV ~OWLPRV FLQFR Q~PHURV PDUFDGRV SHOR RSHUDGRU XWLOL]DQGR D PiTXLQD ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD >0DUFDomR PDQXDO@ RX VH HVWLYHU OLJDGR XP WHOHIRQH OHYDQWH R DXVFXOWDGRU 3ULPD D WHFOD >5HPDUFDomR 3DXVD@ 7HFOD 5HPDUFDomR3DXVD 7HFOD GH 0DUFDomR 0DQXDO ½ ½ ½ 8WLOL]DQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH R Q~PHUR TXH GHVHMD YROWDU D PDUFDU 4XDQGR DSDUHFHU R Q~PHUR GHVHMDGR SULPD >, QLFLDU@ $ PiTXLQD PDUFD R Q~PHUR 6H D OLJDomR IRU FRQILUPDGD R GRFXPHQWR VHUi HQYLDGR 6H D OLQKD FRQWLQXDU RFXSDGD R WUDEDOKR SHUPDQHFHUi QD OLVWD GH WUDEDOKRV SHQGHQWHV ½ &RQVXPtYHLV ;HUR[ 5HPDUFDomR $ ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ¬ PHGLGD TXH D PiTXLQD GLJLWDOL]D RV RULJLQDLV SDUD D PHPyULD D 0HPyULD /LYUH GLVSRQtYHO p UHGX]LGD ¬ PHGLGD TXH RV GRFXPHQWRV JUDYDGRV QD PHPyULD YmR VHQGR WUDQVPLWLGRV D 0HPyULD /LYUH p UHFXSHUDGD 2 Q~PHUR GH SiJLQDV TXH SRGHP VHU JUDYDGDV QD PHPyULD GHSHQGH GD FDSDFLGDGH GR 0yGXOR GH 0HPyULD 1~PHURV GH 7UDEDOKR 6mR DWULEXtGRV Q~PHURV GH WUDEDOKR jV FRPXQLFDo}HV TXH IRUDP GLJLWDOL]DGDV SDUD D PHPyULD e XWLOL]DGR R 1~PHUR GR 7UDEDOKR SDUD LGHQWLILFDU D FRPXQLFDomR VH KRXYHU QHFHVVLGDGH GH FDQFHODU XPD WUDQVPLVVmR SHQGHQWH 1~PHUR GR WUDEDOKR 'LJLWDOL]DU SiJ 0HPyULD GLVSRQtYHO $ OHU SDUD PHPyULD &DQFHODU XP 7UDEDOKR GH )D[ 7HFOD 6WRS 8WLOL]H HVWH SURFHGLPHQWR DSHQDV VH R GRFXPHQWR HVWLYHU D VHU WUDQVPLWLGR QR PRGR GH (QYLR 'LUHFWR 6H R WUDEDOKR GH (QYLR 'LUHFWR HVWLYHU QR 0RGR GH 5HPDUFDomR VHUi XP WUDEDOKR SHQGHQWH 68*(672 &RQVXOWH ³7HFOD GH (VWDGR GR 7UDEDOKR´ SDUD LQIRUPDomR VREUH FRPR FDQFHODU XP WUDEDOKR SHQGHQWH $ WHFOD 6WRS p XVDGD SDUD HMHFWDU XP RULJLQDO GR VFDQQHU GXUDQWH D GLJLWDOL]DomR H SDUD FDQFHODU WUDEDOKRV GH (QYLR 'LUHFWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ " )D[ 0HPyULD 7HFOD GH (VWDGR GR 7UDEDOKR 2V WUDEDOKRV SDUD HQYLRSHQGHQWHV SRGHP VHU PRQLWRUL]DGRV QR HFUm H FDQFHODGRV VH QHFHVViULR 4XDQGR VH SULPH D WHFOD GH (VWDGR GR 7UDEDOKR VmR YLVXDOL]DGRV RV WUDEDOKRV DFWXDOPHQWH HP VSRRO ½ ½ 3ULPD D WHFOD >(VWDGR GR 7UDEDOKR@ 6HOHFFLRQH R WUDEDOKR D VHU PRQLWRUL]DGR RX DSDJDGR XWLOL]DQGR DV WHFODV GH GHVORFDomR ;HUR[ $SDJDU $ HQYLDU 3HQGHQWH 3HQGHQWH 34 'HWDOKHV ½ 3DUD YHU RV SRUPHQRUHV GR WUDEDOKR VHOHFFLRQH >'HWDOKHV@ XWLOL]DQGR D WHFOD GH GHVORFDomR ½ ½ 6mR YLVXDOL]DGRV RV GHWDOKHV GR 7UDE 1 WUDEDOKR $SDJDU 3DUD UHWHU R WUDEDOKR VHOHFFLRQH >&RQWLQXDU@ 3DUD DSDJDU R WUDEDOKR VHOHFFLRQH >$SDJDU@ XWLOL]DQGR D WHFOD GH GHVORFDomR e YLVXDOL]DGR R HFUm GH FRQILUPDomR $ HQYLDU SDUD $EU DP &RQWLQXDU 34 $SDJDU HVWH WUDEDOKR" 6LP 1mR ½ 3ULPD >$FHLWDU@ SDUD DSDJDU R WUDEDOKR e YLVXDOL]DGD D PHQVDJHP ³7UDEDOKR FDQFHODGR´ 3DVVDGRV DOJXQV VHJXQGRV D PiTXLQD YROWD DR HFUm LQLFLDO GH (VWDGR GR (FUm 7UDEDOKR FDQFHODGR $ # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]H HVWD IXQomR SDUD FULDU XP WUDEDOKR FRP RULJLQDLV P~OWLSORV TXH QHFHVVLWHP GH VHU GLJLWDOL]DGRV XVDQGR R YLGUR GH H[SRVLomR RX SDUD WUDEDOKRV FRP RULJLQDLV TXH UHTXHLUDP XPD SURJUDPDomR GLIHUHQWH SDUD FDGD SiJLQD 3RU H[HPSOR VH XP FRQMXQWR GH RULJLQDLV p FRQVWLWXtGR SRU DOJXPDV SiJLQDV FRP WH[WR RXWUDV FRP IRWRJUDILDV H DOJXPDV RXWUDV GH XP GRFXPHQWR HQFDGHUQDGR SRGHUi VHOHFFLRQDU GHILQLo}HV DSURSULDGDV D VHUHP DSOLFDGDV D SiJLQDV LQGLYLGXDLV RX D VHFo}HV GH XP WUDEDOKR FRPSOHWR ½ ½ 3URJUDPH R WUDEDOKR H FRORTXH R SULPHLUR RULJLQDO QR YLGUR GH H[SRVLomR 3ULPD >, QLFLDU@ , 03257$17((P PiTXLQDV FRQILJXUDGDV FRP YLGUR GH H[SRVLomR XP WUDEDOKR SRGH FRQVLVWLU QXP Pi[LPR GH FLQFR SiJLQDV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU R IRUPDWR GR RULJLQDO H SULPD >, QLFLDU@ $ $ $ 6HOHFFLRQH R IRUPDWR GR RULJLQDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ $ )D[ &ULDU XP 7UDEDOKR ½ ½ 4XDQGR R SULPHLUR RULJLQDO DFDEDU GH VHU GLJLWDOL]DGR UHWLUHR GR YLGUR 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >$OWHUDU GHILQLo}HV DFWXDLV@ VH QHFHVViULR H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D GHILQLomR TXH GHVHMD DOWHUDU H SULPD >$FHLWDU@ 6HOHFFLRQH DV DOWHUDo}HV GHVHMDGDV H SULPD >$FHLWDU@ 2 HFUm >&RQILJXUDomR@ YROWD D VHU YLVXDOL]DGR 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&RQFOXtGR@ H SULPD >$FHLWDU@ 'LJLWDO SUy[LPR RULJLQDO $OWHUDU GHILQLo}HV DFWXDLV &RQFOXtGR &ULDU WUDEDOKR GH ID[ ½ ½ ½ &RQFOXtGR 5HVROXomR 6WDQGDUG &ODUR(VFXUR $XWRPiWLFR )RUPDWR GR 2ULJLQDO $ &RQILJXUDomR ½ &RORTXH R RULJLQDO VHJXLQWH QR YLGUR GH H[SRVLomR VHOHFFLRQH >'LJLWDOL]DU SUy[ RULJLQDO@ H SULPD >$FHLWDU@ 5HSLWD RV SDVVRV DFLPD SDUD FDGD RULJLQDO ½ 'LJLWDO SUy[LPR RULJLQDO $OWHUDU GHILQLo}HV DFWXDLV &RQFOXtGR &ULDU WUDEDOKR GH ID[ ½ 'HSRLV GH GLJLWDOL]DGR R ~OWLPR RULJLQDO XVH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&RQFOXtGR@ H SULPD >$FHLWDU@ $ PiTXLQD WUDQVPLWLUi R ID[ 'LJLWDO SUy[LPR RULJLQDO $OWHUDU GHILQLo}HV DFWXDLV &RQFOXtGR &ULDU WUDEDOKR GH ID[ $ % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 7HP j VXD GLVSRVLomR GLYHUVRV PpWRGRV GH PDUFDomR GR ID[ QR :RUN&HQWUH 3UR 0DUFDomR QR 7HFODGR $ PDUFDomR QR WHFODGR SHUPLWHOKH PDUFDU R Q~PHUR GH GHVWLQR XVDQGR R WHFODGR QXPpULFR ½ ½ ½ 8VH R WHFODGR QXPpULFR SDUD GLJLWDU R Q~PHUR GH WHOHIRQH GD PiTXLQD GH ID[ UHPRWD 8WLOL]H >5HPDUFDU3DXVD@ QR SDLQHO GH FRQWUROR SDUD LQVHULU XPD SDXVD 3DUD DSDJDU XPD LQVHUomR LQFRUUHFWD XVH D WHFOD GH GHVORFDomR SDUD GHVWDFDU R GtJLWR H SULPD >$SDJDU@ 8WLOL]DomR GD /LVWD 7HOHIyQLFD 2V Q~PHURV GH ID[ UHPRWRV H RV HQGHUHoRV GH (PDLO SRGHP VHU JUDYDGRV QD /LVWD 7HOHIyQLFD HOHFWUyQLFD H DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD HRX D WHFODV GH 8P 7RTXH 2V Q~PHURV H HQGHUHoRV VmR XVDGRV SDUD 0DUFDomR $OIDEpWLFD 0DUFDomR 5iSLGD 0DUFDomR GH 8P 7RTXH 0DUFDomR HP &DGHLD 0DUFDomR GH *UXSR H 2SHUDo}HV GH 3ROOLQJ 8PD YH] SUpGHILQLGDV HVWDV IXQo}HV SHUPLWHPOKH HQYLDU GRFXPHQWRV RX ID]HU XPD FKDPDGD SDUD Q~PHURV IUHTXHQWHPHQWH XVDGRV SUHVVLRQDQGR DSHQDV DOJXPDV WHFODV 2 &DStWXOR ± /LVWD 7HOHIyQLFD ± IRUQHFH LQIRUPDomR VREUH D OLVWD WHOHIyQLFD H LQVWUXo}HV SDUD SURJUDPDU H XVDU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH H Q~PHURV GH *UXSRV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ & )D[ 0pWRGRV GH 0DUFDomR 0DUFDomR 0DQXDO 0DUFDomR FRP R DXVFXOWDGRU QR GHVFDQVR H OHYDQWDGR 3DUD LQLFLDU D PDUFDomR FRP R DXVFXOWDGRU QR GHVFDQVR SULPD D WHFOD GH 0DUFDomR 0DQXDO PDUTXH R Q~PHUR H DJXDUGH R VLQDO GH ID[ 3ULPD GHSRLV D WHFOD , QLFLDU SDUD LQLFLDU D WUDQVPLVVmR 6H WHP XP WHOHIRQH OLJDGR j PiTXLQD SRGH LQLFLDU D PDUFDomR FRP R DXVFXOWDGRU OHYDQWDGR /HYDQWH R DXVFXOWDGRU PDUTXH R Q~PHUR H DJXDUGH R VLQDO GR ID[ 3ULPD GHSRLV D WHFOD , QLFLDU SDUD LQLFLDU D WUDQVPLVVmR 3RGH H[HFXWDU WRGRV RV PpWRGRV GH PDUFDomR QHVWH PRGR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD >0DUFDomR PDQXDO@ RX VH HVWLYHU OLJDGR XP WHOHIRQH OHYDQWH R DXVFXOWDGRU ½ 7HFOD 5HPDUFDomR3DXVD 7HFOD GH 0DUFDomR ½ ½ 'LJLWH R Q~PHUR GH WHOHIRQH GR ID[ H SULPD >, QLFLDU@ 6H QHFHVViULR LQWURGX]D XPD SDXVD XWLOL]DQGR D WHFOD >3DXVD@ RX GLJLWH XP &yGLJR SDUD &REUDQoD XWLOL]DQGR D WHFOD >&yGLJR SDUD &REUDQoD@ 6HOHFFLRQH D GHILQLomR GH &RPXQLFDomR >(QYLDU@ RX >5HFHEHU@ H SULPD >$FHLWDU@ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR 0DUTXH R Q~PHUR GR ID[ ½ (QYLDU 5HFHEHU 'HILQLomR GH FRPXQLFDomR $ ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ PiTXLQD PDUFD R Q~PHUR H HVWDEHOHFH D OLJDomR FRP D PiTXLQD UHPRWD 7UDE 1 $ FRPXQLFDU ½ 4XDQGR RXYLU RV VLQDLV GH ID[ SULPD D WHFOD >$FHLWDU@ RX >, QLFLDU@ ½ 6H HVWi D XVDU D PDUFDomR FRP R DXVFXOWDGRU QR GHVFDQVR H WHP XP DXVFXOWDGRU GLVSRQtYHO VH R RSHUDGRU UHPRWR UHVSRQGHU SRGH IDODU 4XDQGR DFDEDU GH IDODU SRGH HQYLDU XP GRFXPHQWR SHGLQGR XP VLQDO GH ID[ H SUHPLQGR D WHFOD >, QLFLDU@ 9ROWH D FRORFDU R DXVFXOWDGRU QR GHVFDQVR $ PiTXLQD HQYLD R ID[ H YROWD DR PRGR 3URQWR ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ ( )D[ 5HFHEHU XP )D[ 2 PRGR GH DWHQGLPHQWR SRU GHIHLWR p R GH DWHQGLPHQWR $XWRPiWLFR 4XDQGR D PiTXLQD UHPRWD WHOHIRQD SDUD HQYLDU XP GRFXPHQWR R :RUN&HQWUH 3UR UHFHEH H LPSULPH DXWRPDWLFDPHQWH R GRFXPHQWR 7HP j VXD GLVSRVLomR GLYHUVDV IXQo}HV SDUD SHUVRQDOL]DU D RSHUDomR GH UHFHSomR GH GRFXPHQWRV 3RGH HVSHFLILFDU XP PRGR GH UHGXomR SDUD TXDQGR VmR UHFHELGRV GRFXPHQWRV GH IRUPDWR PDLRU D VHSDUDomR GRV GRFXPHQWRV UHFHELGRV RX D UHFHSomR HP PHPyULD (VWmR GLVSRQtYHLV RV VHJXLQWHV PRGRV H RSo}HV GH UHFHSomR 0RGR GH 5HFHSomR 5HFHSomR $XWRPiWLFD 'HVFULomR 8WLOL]H HVWH PRGR VH D PiTXLQD HVWi OLJDGD D XPD OLQKD WHOHIyQLFD GHGLFDGD SDUD XWLOL]DomR H[FOXVLYD SRU IDFVLPLOH 6HTXrQFLD GH 2SHUDomR $R UHFHEHU XPD FKDPDGD D PiTXLQD DWHQGH H UHFHEH DXWRPDWLFDPHQWH XP GRFXPHQWR 2 PRGR GH DWHQGLPHQWR SRU GHIHLWR p R GH $WHQGLPHQWR $XWRPiWLFR 8WLOL]H R PRGR GH $WHQGLPHQWR $XWRPiWLFR VH WHP XPD OLQKD WHOHIyQLFD GHGLFDGD 5HFHSomR 0DQXDO 8WLOL]H HVWH PRGR VH D PiTXLQD HVWi OLJDGD D XPD OLQKD WHOHIyQLFD TXH p XVDGD VREUHWXGR SDUD FRPXQLFDomR GH YR] $R UHFHEHU XPD FKDPDGD OHYDQWH R DXVFXOWDGRU SDUD IDODU DQWHV GH LQLFLDU TXDOTXHU FRPXQLFDomR SRU ID[ 3RGH UHFHEHU R ID[ SUHPLQGR D WHFOD >, QLFLDU@ 8WLOL]H R PRGR GH $WHQGLPHQWR 0DQXDO VH WHP XPD ~QLFD OLQKD SDUD FRPXQLFDo}HV GH YR] H GH ID[ $! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 0RGR GH 5HFHSomR 5HFHEHU HP 0HPyULD 'HVFULomR 2SomR VHOHFFLRQiYHO SHOR XWLOL]DGRU 8VH HVWD RSomR TXDQGR D PiTXLQD HVWi VHP SDSHO VH KRXYH XP HQFUDYDPHQWR GH SDSHO RX GXUDQWH XPD RSHUDomR GH FySLD 6HTXrQFLD GH 2SHUDomR 4XDQGR D IXQomR HVWi DFWLYDGD D PiTXLQD UHFHEH DXWRPDWLFDPHQWH RV GRFXPHQWRV HP PHPyULD FDVR D LPSUHVVRUD QmR HVWHMD GLVSRQtYHO 6H D IXQomR HVWLYHU GHVDFWLYDGD D PiTXLQD QmR DWHQGHUi D FKDPDGD 8PD RSHUDomR GH UHFHSomR HP PHPyULD WHP OXJDU VH D EDQGHMD GH SDSHO HVWLYHU YD]LD RX VH R SDSHO WLYHU HQFUDYDGR $ PiTXLQD LPSULPH DXWRPDWLFDPHQWH TXDQGR R SUREOHPD p FRUULJLGR 6H D PHPyULD VH HVJRWDU GXUDQWH D UHFHSomR GH XP GRFXPHQWR D PiTXLQD WHUPLQDUi D RSHUDomR PDV JXDUGDUi DV SiJLQDV TXH UHFHEHX FRP r[LWR 5HFHSomR 6HJXUD 2SomR VHOHFFLRQiYHO SHOR $ IXQomR 5HFHSomR 6HJXUD SHUPLWHOKH XWLOL]DGRU 8WLOL]H HVWD RSomR GHILQLU KRUDV HVSHFtILFDV HP TXH RV SDUD 5HFHSo}HV 6HJXUDV GRFXPHQWRV SRGHP VHU UHFHELGRV HP PHPyULD 7RGRV RV GRFXPHQWRV VmR UHFHELGRV HP PHPyULD GXUDQWH R SHUtRGR HVSHFLILFDGR 2 XWLOL]DGRU SRGH LPSULPLU RV GRFXPHQWRV UHFHELGRV GLJLWDQGR R &yGLJR GH 6HJXUDQoD ([LVWHP GRLV PRGRV GH 5HFHSomR 6HJXUD $XWRPiWLFR H 0DQXDO 8WLOL]H R PRGR $XWRPiWLFR SDUD SURJUDPDU SHUtRGRV UHJXODUHV SDUD UHFHEHU GDGRV VHJXURV H XWLOL]H R PRGR PDQXDO SDUD SURJUDPDU XPD UHFHSomR VHJXUD D TXDOTXHU KRUD GR GLD 5HFHSomR 5HGX]LGD 2 )D[ GHFLGH VH GHYHUi UHGX]LU RX GLYLGLU GRFXPHQWRV ORQJRV (VWD IXQomR SHUPLWH UHGX]LU D LPDJHP UHFHELGD 4XDQGR HVWD IXQomR p GHILQLGD FRPR /LJDGD H D PiTXLQD WHP SDSHO GH FySLD GH IRUPDWR GHILQLGR D PiTXLQD UHGX] RV GRFXPHQWRV GH IRUPDWR PDLRU SDUD RV HQTXDGUDU QR SDSHO 6H D IXQomR HVWLYHU 'HVOLJDGD XP GRFXPHQWR GH IRUPDWR PDLRU VHUi LPSUHVVR HP SiJLQDV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $! )D[ 0RGR GH 5HFHSomR (OLPLQDU ([WUD 'HVFULomR 4XDQGR DFWLYDGD HVWD IXQomR HOLPLQD DWp PP GD SDUWH LQIHULRU GH XP GRFXPHQWR ORQJR 6HTXrQFLD GH 2SHUDomR 4XDQGR D IXQomR (OLPLQDU ([WUD VH HQFRQWUD DFWLYDGD TXDOTXHU SDUWH GR GRFXPHQWR DWp PP TXH H[FHGD D iUHD GH LPSUHVVmR VHUi HOLPLQDGD 6H D SDUWH H[FHGHQWH IRU VXSHULRU D PP R GRFXPHQWR VHUi LPSUHVVR HP SiJLQDV 1DOJXQV FDVRV SRGHUmR SHUGHUVH RV GDGRV TXH VH HQFRQWUDYDP QD SDUWH LQIHULRU GR GRFXPHQWR 68*(672 &RQVXOWH D VHFomR ³$OWHUDU RV 9DORUHV SRU 'HIHLWR GR )D[´ QD SiJLQD SDUD LQVWUXo}HV VREUH FRPR SHUVRQDOL]DU DV GHILQLo}HV GD UHFHSomR GH IRUPD D DGDSWiODV DRV VHXV UHTXLVLWRV LQGLYLGXDLV $!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $V IXQo}HV VWDQGDUG GR ID[ VmR VHOHFFLRQDGDV XWLOL]DQGR DV 7HFODV VLWXDGDV QR SDLQHO GH FRQWUROR j HVTXHUGD GR /&' 127$ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GD PiTXLQD 5HVROXomR $FHVVR 5iSLGR ½5HVROXomR ½6WDQGDUG ½)LQH ½6XSHUILQH ½ ½ ½ ½ &RORTXH RV RULJLQDLV 3ULPD D WHFOD >5HVROXomR@ 6HOHFFLRQH D RSomR GH UHVROXomR GHVHMDGD SDUD R WUDEDOKR 'LJLWH R Q~PHUR GR ID[ H SULPD >, QLFLDU@ $ WHFOD GH 5HVROXomR VHOHFFLRQD D UHVROXomR GD GLJLWDOL]DomR SDUD D WUDQVPLVVmR GR IDFVLPLOH $ UHVROXomR GD GLJLWDOL]DomR SRGH VHU SURJUDPDGD SDUD XPD GDV WUrV GHILQLo}HV FRP EDVH QR WLSR GH LPDJHP TXH HVWi D GLJLWDOL]DU 5HVROXomR 'LJLWH R Q~PHUR GH ID[ Pi[ 6WDQGDUG )LQH 6XSHUILQH 2So}HV GH UHVROXomR 6WDQGDUG 5HFRPHQGDGD SDUD GRFXPHQWRV GH WH[WR 5HTXHU PHQRV WHPSR GH FRPXQLFDomR PDV QmR SURGX] D PHOKRU TXDOLGDGH GH LPDJHP SDUD JUiILFRV H IRWRV 5HFRPHQGDGD SDUD LPDJHQV GH OLQKDV RX WH[WR PLXGLQKR 3URGX] XPD LPDJHP FRP XPD UHVROXomR HQWUH VXSHUILQH H VWDQGDUG 5HFRPHQGDGD SDUD IRWRV H PHLRVWRQV RX LPDJHQV FRP WRQV GH FLQ]HQWR 5HTXHU PDLV WHPSR GH FRPXQLFDomR PDV SURGX] D PHOKRU TXDOLGDGH GH LPDJHP )LQH 6XSHUILQH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $!" )D[ )XQo}HV 6WDQGDUG GR )D[ &ODUR(VFXUR $FHVVR 5iSLGR ½&ODUR(VFXUR ½$XWRPiWLFR ½0DQXDO 8VH HVWD IXQomR SDUD VHOHFFLRQDU R FRQWUDVWH GR GRFXPHQWR TXH HVWi D VHU GLJLWDOL]DGR SDUD WUDQVPLVVmR ½ ½ ½ ½ &RORTXH RV RULJLQDLV 3ULPD D WHFOD >&ODUR(VFXUR@ 6HOHFFLRQH D RSomR GH &ODUR (VFXUR GHVHMDGD SDUD R WUDEDOKR 'LJLWH R Q~PHUR GR ID[ H SULPD >, QLFLDU@ &ODUR (VFXUR 'LJLWH R Q~PHUR GH ID[ Pi[ $XWRPiWLFR 0DQXDO 2So}HV GH &ODUR(VFXUR $XWRPiWLFR 0DQXDO 3HUPLWH R DMXVWH DXWRPiWLFR GR FRQWUDVWH GD GLJLWDOL]DomR 3HUPLWH R DMXVWH PDQXDO GR FRQWUDVWH SDUD GLJLWDOL]DomR 3RGHP VHU GHILQLGRV QtYHLV GH FODUR H HVFXUR SULPD ><@ RX >>@ SDUD DOWHUDU HVWHV QtYHLV $!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR ½7LSR GH 2ULJLQDO ½7H[WR ½7H[WR)RWR ½)RWR 8VH HVWD IXQomR SDUD LGHQWLILFDU R WLSR GR GRFXPHQWR TXH HVWi D VHU GLJLWDOL]DGR SDUD WUDQVPLVVmR ½ ½ &RORTXH RV RULJLQDLV 3ULPD D WHFOD >7LSR GH 2ULJLQDO@ DWp VHU LOXPLQDGD D VHOHFomR DSURSULDGD SDUD RV RULJLQDLV 'LJLWH R Q~PHUR GR ID[ H SULPD >, QLFLDU@ ½ 7HFOD 7LSR GH 2ULJLQDO 2So}HV GH 7LSR GH 2ULJLQDO 7H[WR 8WLOL]H HVWD GHILQLomR SDUD WH[WR LPDJHQV GH OLQKDV H GRFXPHQWRV FRP JUDQGHV iUHDV VyOLGDV 3URGX] LPDJHQV GH WH[WR PDV SRGHUi UHGX]LU D TXDOLGDGH GH LPDJHQV FRP PHLRV WRQV RX IRWRJUDILDV 'HWHFWD D LPDJHP H VHOHFFLRQD DXWRPDWLFDPHQWH D PHOKRU RSomR GH WH[WR RX IRWR 8WLOL]H HVWD GHILQLomR SDUD XPD FRPELQDomR GH WH[WR H IRWRV RX WH[WR H JUiILFRV 8WLOL]H HVWD GHILQLomR SDUD IRWRJUDILDV H LPDJHQV TXH WHQKDP XP WRP FRQWtQXR (OD SRGHUi QR HQWDQWR UHGX]LU D QLWLGH] GR WH[WR 7H[WR)RWR )RWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $!$ )D[ 7LSR GH 2ULJLQDO 7HFODV GH $FHVVR 'LUHFWR $V 7HFODV GH )XQomR GH $FHVVR 'LUHFWR HVWmR VLWXDGDV j HVTXHUGD GR 3DLQHO GH &RQWUROR QR SDLQHO 3DUD DFHGHU DRV SDLQpLV OHYDQWH D UHVSHFWLYD WDPSD 7DPSD GRV 3DLQpLV 7HFODV GH $FHVVR 'LUHFWR 3DLQHO $V 7HFODV GH $FHVVR 'LUHFWR Vy SRGHP VHU XVDGDV TXDQGR DV IXQo}HV GH )D[ )D[ GH , QWHUQHW RX 'LJLWDOL]DU SDUD (PDLO HVWmR VHOHFFLRQDGDV (ODV VmR XVDGDV SDUD SURJUDPDU DXWRPDWLFDPHQWH DOJXPDV GDV IXQo}HV PDLV IUHTXHQWHPHQWH XWLOL]DGDV 127$ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GD PiTXLQD $OJXPDV GDV IXQo}HV WrP RSo}HV DGLFLRQDLV TXH VmR SURJUDPDGDV XWLOL]DQGR R /&' 7HFODV GH $FHVVR 'LUHFWR $!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 5HODWyULR GH $FWLYLGDGH FRQWpP RV GHWDOKHV GDV FRPXQLFDo}HV GH HQYLR H UHFHSomR H SRGH VHU SURJUDPDGR SDUD LPSULPLU DXWRPDWLFDPHQWH GH FDGD YH] TXH WHQKD OXJDU XPD FRPXQLFDomR RX DR ILP GH FDGD FRPXQLFDo}HV 3DUD LPSULPLU PDQXDOPHQWH XP 5HODWyULR GH $FWLYLGDGH SULPD D WHFOD $FWLYLGDGH ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >$FWLYLGDGH@ QR SDLQHO 6HOHFFLRQH D RSomR GH 5HODWyULR GH $FWLYLGDGH GHVHMDGD H SULPD >$FHLWDU@ ½ 1~PHUR GH LPSUHVVmR SiJLQD SiJLQDV SiJLQDV 2So}HV GR 5HODWyULR GH $FWLYLGDGH 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH XPD SiJLQD TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH GXDV SiJLQDV TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH WUrV SiJLQDV TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $!& )D[ 5HODWyULR GH $FWLYLGDGH 5HODWyULR GH /LVWD 7HOHIyQLFD e SRVVtYHO LPSULPLU UHODWyULRV LQGLYLGXDLV GH /LVWD 7HOHIyQLFD DOIDEHWLFDPHQWH RX SHODV IXQo}HV GH 0DUFDomR 5iSLGD 8P 7RTXH RX GH *UXSR 7DPEpP SRGHP VHU LPSUHVVDV /LVWDV 7HOHIyQLFDV GH 0DUFDomR 5iSLGD GH 8P 7RTXH H GH *UXSR QXPD ~QLFD RSHUDomR VHOHFFLRQDQGR 7RGRV RV 5HODWyULRV 7RGRV RV 5HODWyULRV 3DUD LPSULPLU RV 5HODWyULRV GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD GH 8P 7RTXH H GH *UXSR WRGRV MXQWRV ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO ½ 6HOHFFLRQH >7RGRV RV UHODWyULRV@ H SULPD >$FHLWDU@ 2V 5HODWyULRV GH /LVWD 7HOHIyQLFD VmR LPSUHVVRV H D PiTXLQD UHJUHVVD DR PRGR 3URQWR 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 7RGRV RV UHODWyULRV 5HODWyULR GH OLVWD WHOHIyQLFD $!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 5HODWyULR GH /LVWD 7HOHIyQLFD SRU RUGHP $OIDEpWLFD LPSULPH XPD OLVWD GH WRGRV RV QRPHV GH (VWDomR 5HPRWD DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD 7HFODV GH 8P 7RTXH H *UXSRV SRU RUGHP DOIDEpWLFD 1R 5HODWyULR SRU 1RPH p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 'HVFULomR 1RPH /RFDO 1~PHUR GH )D[ (QGHUHoR GH (PDLO 1RPHV DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV 1~PHURV GH 0DUFDomR 5iSLGD 7HFODV GH 8P 7RTXH RX *UXSRV 1~PHURV GH ID[ DWULEXtGRV D Q~PHURV GH PDUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 3:' LQGLFD XP WLSR GH VXEHQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >3RU 1RPH@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H D PiTXLQD UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $!( )D[ 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD LPSULPH XPD OLVWD GH WRGRV RV Q~PHURV GH PDUFDomR GH (VWDo}HV 5HPRWDV DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 'HVFULomR 1 05 1RPH 1~PHUR GH )D[ (QGHUHoR GH (PDLO 1~PHUR GH 0DUFDomR 5iSLGD , ' GR 5HPRWR 1~PHURV GH ID[ DWULEXtGRV D Q~PHURV GH PDUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 3:' LQGLFD XP WLSR GH VXEHQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO +RUD GR , QtFLR 5HWDUGDGR 3DUD WHOHIRQH H (PDLO (VWDGR GH /LJDGR'HVOLJDGR GD PRQLWRUL]DomR GD OLQKD (P EUDQFR LQGLFD R HVWDGR GH 'HVOLJDGR /LPLWH GD YHORFLGDGH GH FRPXQLFDomR [  (P EUDQFR LQGLFD VHP OLPLWH (VWDGR /LJDGR'HVOLJDGR GR UHODWyULR GH FRQILUPDomR 3DUD WHOHIRQH H (PDLO 5HVROXomR H 6tPEROR GH 6XSRUWH GH &RPSUHVVmR GHILQLGRV QR HQGHUHoR GH (PDLO 5HVROXomR [ [ [ [ [ 6tPEROR GH 6XSRUWH GH &RPSUHVVmR 0+ 05 00 005 -% -%, * +RUD 021 %36 5HODWyULR 0RGR GH FRUUHLR $" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO ½ 6HOHFFLRQH >0DUFDo}HV UiSLGDV@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H D PiTXLQD UHJUHVVD DR PRGR 3URQWR 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH LPSULPH XPD OLVWD GH WRGRV RV Q~PHURV GH PDUFDomR GH (VWDo}HV 5HPRWDV DWULEXtGRV D 7HFODV GH 8P 7RTXH 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1 7 1RPH2SHUDomR 05 1~PHUR GH )D[ H (PDLO 'HVFULomR 1~PHUR GD WHFOD GH 8P 7RTXH 2 QRPH GR UHPRWR R QRPH GH 0DUFDomR 5iSLGD RX GR *UXSR DWULEXtGR D XPD 7HFOD GH 8P 7RTXH 1~PHUR GH 0DUFDomR 5iSLGD *UXSR RX Q~PHUR GH )D[ DWULEXtGR D XPD WHFOD GH 8P 7RTXH ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 RX 3:' LQGLFD XP WLSR GH VXE HQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $" )D[ 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD , WHP +RUD 021 %36 5HODWyULR 'HVFULomR +RUD GR , QtFLR 5HWDUGDGR 3DUD WHOHIRQH H (PDLO (VWDGR GH /LJDGR'HVOLJDGR GD PRQLWRUL]DomR GD OLQKD (P EUDQFR LQGLFD R HVWDGR GH 'HVOLJDGR /LPLWH GD YHORFLGDGH GH FRPXQLFDomR [  (P EUDQFR LQGLFD VHP OLPLWH (VWDGR /LJDGR'HVOLJDGR GR UHODWyULR GH FRQILUPDomR 3DUD WHOHIRQH H (PDLO 5HVROXomR H 6tPEROR GH 6XSRUWH GH &RPSUHVVmR GHILQLGRV QR HQGHUHoR GH (PDLO 5HVROXomR [ [ [ [ [ 6tPEROR GH 6XSRUWH GH &RPSUHVVmR 0+ 05 00 005 -% -%, * 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 0RGR GH FRUUHLR ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >7HFODV GH XP WRTXH@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 7RGRV RV UHODWyULRV 5HODWyULR GH OLVWD WHOHIyQLFD $"! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV LPSULPH XPD OLVWD GH WRGDV DV WHFODV GH 8P 7RTXH RX Q~PHURV GH 0DUFDomR 5iSLGD UHJLVWDGRV FRPR Q~PHURV GH *UXSRV 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR JUXSR 1RPH 1~PHUR GR JUXSR 1RPH GR JUXSR 'HVFULomR 1~PHUR GH 8P 7RTXH 1~PHURV GH 8P 7RTXH RX GH 0DUFDomR 5iSLGD 0DUFDomR 5iSLGD DWULEXtGRV DR JUXSR 7 7HFODV GH 8P 7RTXH 05 1~PHURV GH 0DUFDomR 5iSLGD 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >*UXSRV@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $"" )D[ 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV 5HODWyULR GH &RQILUPDomR 3RGH VHU SURJUDPDGD D LPSUHVVmR DXWRPiWLFD GH XP 5HODWyULR GH &RQILUPDomR QR ILP GH FDGD WUDQVPLVVmR RX DSHQDV TXDQGR VH YHULILTXH XP HUUR 3DUD SHGLU XP UHODWyULR GH FRQILUPDomR SDUD XP WUDEDOKR LQGLYLGXDO XWLOL]H D WHFOD GH DFHVVR GLUHFWR &RQILUPDU ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >&RQILUPDU@ QR SDLQHO ½ ½ ½ 6HOHFFLRQH D RSomR GH 5HODWyULR GH &RQILUPDomR GHVHMDGD H SULPD >$FHLWDU@ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ H SULPD >, QLFLDU@ VH QHFHVViULR 6HPSUH $SHQDV HUURV 'HVOLJDGR 5HODWyULR GH FRQILUPDomR 2So}HV GR 5HODWyULR GH &RQILUPDomR 6HPSUH $SHQDV HUURV 'HVOLJDGR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSyV D WUDQVPLVVmR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSHQDV TXDQGR VH YHULILTXH XP HUUR GXUDQWH D WUDQVPLVVmR 2 UHODWyULR GH FRQILUPDomR QmR p LPSUHVVR $"# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà &RP HVWD RSomR SRGH PXGDU WHPSRUDULDPHQWH GD PDUFDomR SRU LPSXOVRV SDUD D PDUFDomR SRU WRQV '70) $ WHFOD GH DFHVVR GLUHFWR 0DUFDomR SRU 7RQV SRGH VHU SUHPLGD QR PRPHQWR DSURSULDGR TXDQGR HVWi D GLJLWDU R Q~PHUR GR ID[ UHPRWR ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH PDQXDOPHQWH R Q~PHUR GR ID[ UHPRWR 3ULPD D WHFOD GH DFHVVR GLUHFWR >0DUFDomR SRU 7RQV@ QR SDLQHO TXDQGR SUHFLVDU TXH D PiTXLQD SDVVH SDUD D PDUFDomR SRU WRQV 2 FDUiFWHU ³7´ LQGLFD D SDVVDJHP SDUD D PDUFDomR SRU WRQV $ PiTXLQD SDVVDUi SDUD D PDUFDomR SRU WRQV QR PRPHQWR DSURSULDGR TXDQGR HVWLYHU D PDUFDU R Q~PHUR GR ID[ UHPRWR ½ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR ( ½ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR ( 7 ½ 3ULPD >, QLFLDU@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $"$ )D[ 0DUFDomR SRU 7RQV &yGLJR SDUD &REUDQoD $ WHFOD GH IXQomR GH &yGLJR SDUD &REUDQoD p XVDGD SDUD LQVHULU XP FyGLJR SDUD FREUDQoD QXP Q~PHUR GH ID[ 2V FyGLJRV SDUD FREUDQoD SRGHP VHU GLJLWDGRV PDQXDOPHQWH GXUDQWH D PDUFDomR QR 7HFODGR RX JUDYDGRV QDV WHFODV GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH SDUD PDUFDU Q~PHURV TXH UHTXHLUDP VHPSUH HVWD IXQomR 68*(672 &RQVXOWH R &DStWXOR ± /LVWD 7HOHIyQLFD SDUD LQVWUXo}HV VREUH FRPR JUDYDU R FyGLJR SDUD FREUDQoD FRP RV Q~PHURV GH 0DUFDomR 5iSLGD RX DV WHFODV GH 8P 7RTXH ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH PDQXDOPHQWH R Q~PHUR GR ID[ UHPRWR ½ $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR ( ½ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&yGLJR SDUD &REUDQoD@ QR SDLQHO $ PiTXLQD FRORFD XP FDUiFWHU ³´ QR Q~PHUR GH WHOHIRQH D LQGLFDU TXH VH VHJXH XP &yGLJR SDUD &REUDQoD ½ 'LJLWH R &yGLJR SDUD &REUDQoD 2 &yGLJR SDUD &REUDQoD p LQVHULGR H RFXOWDGR FRP D YLVXDOL]DomR GH VtPERORV ³ ´ HP OXJDU GR FyGLJR $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR ( ½ 3ULPD >, QLFLDU@ $"% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ 0DUFDomR HP &DGHLD SHUPLWHOKH PDUFDU Q~PHURV TXH SRVVDP SUHFLVDU GH VHU FRPSRVWRV D SDUWLU GH WHFODV GH 8P 7RTXH Q~PHURV GH 0DUFDomR 5iSLGD H XWLOL]DomR GR 7HFODGR 3RU H[HPSOR VH HQYLD ID[HV SDUD XPD PHVPD HPSUHVD PDV PXLWRV GHSDUWDPHQWRV GLIHUHQWHV SRGH JUDYDU R Q~PHUR GD HPSUHVD QXP Q~PHUR GH 0DUFDomR 5iSLGD H DV H[WHQV}HV GRV GHSDUWDPHQWRV LQGLYLGXDLV QRXWURV ORFDLV 3RGH FRPELQDU FRQMXQWRV GH Q~PHURV 0DUFDomR 5iSLGD 0DUFDomR GH 8P 7RTXH 0DUFDomR $OIDEpWLFD H 0DUFDomR QR 7HFODGR H SDXVDV SUHPLQGR SULPHLUR D WHFOD GH 0DUFDomR HP &DGHLD ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >0DUFDomR HP &DGHLD@ QR SDLQHO ½ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R SULPHLUR Q~PHUR 6H GLJLWDU R Q~PHUR XWLOL]DQGR XPD WHFOD GH 8P 7RTXH QmR SULPD >$FHLWDU@ 6H GLJLWDU R Q~PHUR XWLOL]DQGR D 0DUFDomR QR 7HFODGR WHP GH SUHPLU >$FHLWDU@ 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH ( 0DUFDomR HP FDGHLD 0DUFDomR HP FDGHLD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $"& )D[ 0DUFDomR HP &DGHLD ½ &RQWLQXH D GLJLWDU RV Q~PHURV DWp WHU GLJLWDGR WRGRV RV Q~PHURV 127$ 3ULPD D WHFOD >5HPDUFDU3DXVD@ SDUD LQVHULU XPD SDXVD HQWUH RV Q~PHURV 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 0DUFDomR HP FDGHLD ½ 4XDQGR WLYHU GLJLWDGR WRGRV RV Q~PHURV SULPD >, QLFLDU@ $ PiTXLQD PDUFD R Q~PHUR FRQILUPD D OLJDomR H HQYLD R GRFXPHQWR 127$ 2 Q~PHUR Pi[LPR GH GtJLWRV QXPD 0DUFDomR HP &DGHLD p LQFOXLQGR DV SDXVDV $"' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ WUDQVPLVVmR GH XP GRFXPHQWR D XPD KRUD SURJUDPDGD p FKDPDGD XP (QYLR 3URJUDPDGR 3RGH SURJUDPDU R LQtFLR GH XP WUDEDOKR FRP XP PrV GH DQWHFHGrQFLD (VWD IXQomR SHUPLWH SRXSDU FXVWRV SURJUDPDQGR R HQYLR GH WUDEDOKRV GXUDQWH SHUtRGRV HP TXH RV SUHoRV GDV FKDPDGDV VmR PDLV EDL[RV ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >(QYLR 3URJUDPDGR@ QR SDLQHO ½ ½ 8WLOL]H R 7HFODGR 1XPpULFR H DV WHFODV GH GHVORFDomR SDUD GLJLWDU D KRUD H D GDWD HP TXH GHVHMD TXH R WUDEDOKR VHMD LQLFLDGR H SULPD >$FHLWDU@ +RUD (QYLR SURJUDPDGR ++ 00 SP '' 34 127$ 6H R IRUPDWR GH KRUDV HVWLYHU VHOHFFLRQDGR XWLOL]H D WHFOD >@ RX >!@ SDUD VHOHFFLRQDU DP RX SP BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $"( )D[ (QYLR 3URJUDPDGR 34 127$ 6H IRU GLJLWDGR XP Q~PHUR PDLV DOWR TXH SDUD R PrV R WUDEDOKR VHUi LQLFLDGR QR SULPHLUR GLD GR PrV VHJXLQWH ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ H VH QHFHVViULR SULPD >, QLFLDU@ 2 WUDEDOKR VHUi JXDUGDGR QD PHPyULD H WUDQVPLWLGR j KRUD LQGLFDGD $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ 2So}HV GR (QYLR 3URJUDPDGR +RUD $FHGD j RSomR ++ SDUD GLJLWDU D KRUD H j RSomR 00 SDUD GLJLWDU RV PLQXWRV D TXH GHVHMD TXH R WUDEDOKR VHMD LQLFLDGR 8WLOL]H D RSomR '' SDUD GLJLWDU R GLD GR PrV FRUUHQWH HP TXH GHVHMD TXH R WUDEDOKR VHMD HQYLDGR $# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ PiTXLQD SRGH HQYLDU XP GRFXPHQWR SDUD GLYHUVRV Q~PHURV GH ID[ TXH GLJLWH PDQXDOPHQWH 1mR p QHFHVViULR SURJUDPDU RV Q~PHURV FRPR XP JUXSR SDUD HVWH SURFHGLPHQWR 'LJLWH RV Q~PHURV GH ID[ XWLOL]DQGR R 7HFODGR 1XPpULFR WHFODV GH 8P 7RTXH RX Q~PHURV GH 0DUFDomR 5iSLGD ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >*UXSR 0DQXDO@ QR SDLQHO ½ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R SULPHLUR Q~PHUR 6H GLJLWDU R Q~PHUR XWLOL]DQGR XPD WHFOD GH 8P 7RTXH QmR SULPD >$FHLWDU@ 6H GLJLWDU R Q~PHUR XWLOL]DQGR D 0DUFDomR QR 7HFODGR WHP GH SUHPLU >$FHLWDU@ *UXSR PDQXDO 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH *UXSR PDQXDO ( BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $# )D[ *UXSR 0DQXDO ½ ½ 3DUD GLJLWDU R Q~PHUR VHJXLQWH VHOHFFLRQH >3Uy[LPR GHVWLQR@ H SULPD >$FHLWDU@ &RQWLQXH D GLJLWDU RV Q~PHURV DWp WHU GLJLWDGR WRGRV RV GHVWLQRV 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO ½ 3DUD UHYHU D OLVWD GRV Q~PHURV GLJLWDGRV VHOHFFLRQH >5HYHU OLVWD@ H SULPD >$FHLWDU@ e YLVXDOL]DGD XPD OLVWD GRV Q~PHURV GLJLWDGRV 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO ½ 6H SUHFLVDU GH FRUULJLU XP Q~PHUR GH WHOHIRQH VHOHFFLRQH R GHVWLQR QD OLVWD XWLOL]DQGR DV WHFODV GH GHVORFDomR H VHOHFFLRQH >0RGLILFDU@ ;HUR[ $SDJDU 34 0RGLILFDU ½ 8WLOL]DQGR DV WHFODV GH GHVORFDomR SRVLFLRQH R FXUVRU VREUH R SULPHLUR GtJLWR H GLJLWH R Q~PHUR GH WHOHIRQH FRUUHFWR 3ULPD >$FHLWDU@ *UXSR PDQXDO ( ½ $#! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3DUD DSDJDU XP GHVWLQR GD OLVWD VHOHFFLRQH R GHVWLQR XWLOL]DQGR DV WHFODV GH GHVORFDomR H VHOHFFLRQH >$SDJDU@ $ HQWUDGD p DSDJDGD 3ULPD >6DLU@ SDUD YROWDU DR HFUm DQWHULRU ;HUR[ $SDJDU 34 0RGLILFDU ½ ½ 4XDQGR WLYHU GLJLWDGR WRGRV RV Q~PHURV VHOHFFLRQH >&RQFOXtGR@ H SULPD >, QLFLDU@ $ PiTXLQD PDUFD WRGRV RV Q~PHURV GR JUXSR H HQYLD R GRFXPHQWR 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $#" )D[ (QYLR 'LUHFWR 4XDQGR D PHPyULD GLVSRQtYHO SDVVD D HP FRQVHTXrQFLD GH PXLWDV UHVHUYDV GH WUDEDOKRV p SRVVtYHO H[HFXWDU PDQXDOPHQWH XP (QYLR 'LUHFWR PHVPR TXH R PRGR GH WUDQVPLVVmR SRU GHIHLWR HVWHMD GHILQLGR FRPR ³(QYLR GH 0HPyULD´ ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >(QYLR 'LUHFWR@ QR SDLQHO ½ ½ ½ 6HOHFFLRQH D RSomR GH (QYLR 'LUHFWR GHVHMDGD H SULPD >$FHLWDU@ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ H SULPD >, QLFLDU@ VH QHFHVViULR 6LP 1mR (QYLR GLUHFWR 2So}HV GH (QYLR 'LUHFWR 6LP 1mR 6HOHFFLRQH 6LP SDUD XVDU R PRGR GH HQYLR 'LUHFWR 6HOHFFLRQH 1mR SDUD YROWDU DR HFUm DQWHULRU VHP VHOHFFLRQDU R HQYLR 'LUHFWR 127$ 6H R (QYLR 'LUHFWR HVWLYHU DFWLYDGR R RULJLQDO SHUPDQHFHUi QR 9LGUR GH ([SRVLomR RX QR $OLPHQWDGRU GH 2ULJLQDLV $') RX '$') DWp R GRFXPHQWR VHU WUDQVPLWLGR $## ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]H HVWH SURFHGLPHQWR SDUD HQYLDU LPHGLDWDPHQWH XP GRFXPHQWR PHVPR TXDQGR H[LVWDP RXWURV WUDEDOKRV UHVHUYDGRV HP PHPyULD 127$ 6y SRGH KDYHU XPD WUDQVPLVVmR 5HVHUYDGD FRP 3ULRULGDGH ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >3ULRULGDGH@ QR SDLQHO ½ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ H SULPD >, QLFLDU@ VH QHFHVViULR 2 GRFXPHQWR p WUDQVPLWLGR GH LPHGLDWR RX ORJR DSyV D RSHUDomR HP FXUVR )D[ SULRULWiULR 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $#$ )D[ 3ULRULGDGH 5HHQYLDU 4XDQGR D IXQomR 5HHQYLDU )D[ *UDYDGR VH HQFRQWUD DFWLYDGD TXDOTXHU GRFXPHQWR TXH H[FHGD R Q~PHUR GH UHPDUFDo}HV SHUPLWLGDV QmR p DSDJDGR PDV p JXDUGDGR QD PHPyULD SRU XP SHUtRGR GH WHPSR HVSHFLILFDGR 8WLOL]H HVWH SURFHGLPHQWR SDUD UHHQYLDU XP ID[ TXH HVWHMD JUDYDGR SDUD UHHQYLR 6H R Q~PHUR GH ID[ TXH PDUFRX QmR HVWi FRUUHFWR SRGH DOWHUDU R Q~PHUR DQWHV GH UHHQYLDU R GRFXPHQWR 'H FDGD YH] TXH HVWH SURFHGLPHQWR p H[HFXWDGR R FRQWDGRU GH UHPDUFDo}HV p UHLQLFLDOL]DGR ½ ½ ½ &HUWLILTXHVH TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >5HHQYLDU@ QR SDLQHO $#% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]H DV WHFODV GH GHVORFDomR SDUD VHOHFFLRQDU R WUDEDOKR JUDYDGR SDUD UHHQYLR 6HOHFFLRQH >'HWDOKHV@ XWLOL]DQGR D WHFOD GH GHVORFDomR SDUD YHU RV SRUPHQRUHV GR WUDEDOKR 6H R Q~PHUR GH PDUFDomR GR WUDEDOKR RULJLQDO IRL GLJLWDGR XWLOL]DQGR R WHFODGR SRGH SUHPLU >$FHLWDU@ SDUD DOWHUDU R Q~PHUR VH QHFHVViULR 3DUD LQLFLDU R UHHQYLR SULPD >, QLFLDU@ $SDJDU ½ 34 'HWDOKHV ½ $ HQYLDU SDUD $EU DP 7UDE 1 ½ $ HQYLDU 7UDE 1 BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $#& )D[ ½ &DL[D GH &RUUHLR $ WHFOD GH IXQomR &DL[D GH &RUUHLR SHUPLWH FRPXQLFDo}HV DWUDYpV GH FDL[D GH FRUUHLR FRP TXDOTXHU PiTXLQD UHPRWD FRPSDWtYHO XWLOL]DQGR DV QRUPDV , 787 $ , 787 p XPD RUJDQL]DomR LQWHUQDFLRQDO GH QRUPDOL]DomR SDUD D LQG~VWULD GH IDFVLPLOH $ XWLOL]DomR GD IXQomR GH &DL[D GH &RUUHLR , 787 UHTXHU TXH RV Q~PHURV GDV FDL[DV GH FRUUHLR VHMDP SURJUDPDGRV QD HVWDomR GH FDL[D GH FRUUHLR DQWHV GH VHU JUDYDGR XP GRFXPHQWR QHVVD HVWDomR 2V Q~PHURV GH FDL[D GH FRUUHLR , 787 SHUPLWHP TXH R HTXLSDPHQWR UHPRWR FRPXQLTXH FRP R :RUN&HQWUH 3UR 7HP GH GDU DR XWLOL]DGRU UHPRWR R VHX VXEHQGHUHoR Q~PHUR GD FDL[D GH FRUUHLR H SDVVZRUG VH QHFHVViULD 1R :RUN&HQWUH 3UR SRGH VHU IHLWD D WUDQVPLVVmR H R SROOLQJ GH GRFXPHQWRV QRUPDLV H VHJXURV SDUD DV FDL[DV GH FRUUHLR , 787 2V UHTXLVLWRV GH SDVVZRUG VmR RV PHVPRV GD XWLOL]DomR GH FDL[DV GH FRUUHLR , 787 2V GRFXPHQWRV SRGHP VHU JUDYDGRV HP FDL[DV GH FRUUHLR QD PiTXLQD ORFDO RX HP PiTXLQDV UHPRWDV SDUD VHUHP UHFXSHUDGRV SRU RXWURV &RQVRDQWH R WLSR GH FDL[D GH FRUUHLR TXH HVFROKD SRGHUi FRQWURODU R Q~PHUR GH YH]HV TXH VHUi SRVVtYHO ID]HU R SROOLQJ GH XP GRFXPHQWR H TXHP SRGHUi ID]HU HVVH SROOLQJ ([LVWHP RV VHJXLQWHV WLSRV GH FDL[DV GH FRUUHLR &DL[D &RQILGHQFLDO 'HSRLV GH IHLWR R SROOLQJ RX D LPSUHVVmR GH XP GRFXPHQWR GD FDL[D HVVH GRFXPHQWR p DSDJDGR 6H XP GRFXPHQWR IRU JUDYDGR FRP R PHVPR Q~PHUR GH FDL[D RQGH XP RXWUR GRFXPHQWR Mi VH HQFRQWUD R QRYR GRFXPHQWR p DGLFLRQDGR DR PDLV DQWLJR VHP SHUGD GH GDGRV GR GRFXPHQWR JUDYDGR DQWHULRUPHQWH 3RGH VHU LQVHULGD XPD SDVVZRUG SDUD WUDQVPLVV}HV VHJXUDV e QHFHVViULD XPD SDVVZRUG SDUD RSHUDo}HV GH SROOLQJ VHJXUR ORFDLV H UHPRWDV 4XDQGR p IHLWR R SROOLQJ RX D LPSUHVVmR GH XP GRFXPHQWR GH XPD FDL[D GH %ROHWLP , QIRUPDWLYR HVVH GRFXPHQWR QmR p DSDJDGR 6H IRU JUDYDGR RXWUR GRFXPHQWR FRP R PHVPR Q~PHUR GH FDL[D RQGH XP RXWUR GRFXPHQWR Mi VH HQFRQWUD R QRYR GRFXPHQWR VXEVWLWXL R DQWHULRU 3RGH VHU LQVHULGD XPD SDVVZRUG SDUD RSHUDo}HV GH SROOLQJ VHJXUR e QHFHVViULD XPD SDVVZRUG SDUD WUDQVPLVV}HV H UHFHSo}HV VHJXUDV ORFDLV H UHPRWDV &DL[D GH %ROHWLP , QIRUPDWLYR $#' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 127$ 3DUD LQVWUXo}HV VREUH FRPR SURJUDPDU XPD FDL[D GH FRUUHLR 5HOD\ SDUD WUDQVPLVV}HV , 787 SRU UHOD\ FRQVXOWH D VHFomR ³&RPXQLFDo}HV SRU 5HOD\ , 787´ QD SiJLQD &ULDU XPD &DL[D GH &RUUHLR /RFDO 4XDQGR WLYHU SUpGHILQLGR RV Q~PHURV GDV FDL[DV GH FRUUHLR , 787 QD VXD SUySULD PiTXLQD SRGHUi JUDYDU GRFXPHQWRV QHVVDV FDL[DV SDUD TXH RXWURV RV UHFXSHUHP 2 Q~PHUR GH XWLOL]DGRUHV FRP DFHVVR DRV GRFXPHQWRV H D VHJXUDQoD QHFHVViULD GHSHQGHP GR WLSR GH FDL[D HP TXH JUDYH R GRFXPHQWR H GD SURJUDPDomR GH VHJXUDQoD GHVVD PHVPD FDL[D 3DUD SRGHU JUDYDU GRFXPHQWRV p QHFHVViULR TXH R Q~PHUR GD FDL[D GH FRUUHLR WHQKD VLGR SURJUDPDGR QD HVWDomR GH FDL[D GH FRUUHLR ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ ½ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR &DL[D GH &RUUHLR ½ 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ &RQFOXtGR 3URJUDPDU F[ FRUUHLR $SDJDU F[ FRUUHLR 3URJUDPDU F[ FRUUHLR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $#( )D[ ½ 6HOHFFLRQH R WLSR GH &DL[D GH &RUUHLR TXH GHVHMD FULDU 3DUD FULDU XPD &DL[D GH &RUUHLR &RQILGHQFLDO VHOHFFLRQH >&RQILGHQFLDO@ 3DUD FULDU XPD &DL[D GH &RUUHLR GH %ROHWLP , QIRUPDWLYR VHOHFFLRQH >%ROHWLP , QIRUPDWLYR@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR ½ 3ULPD >$FHLWDU@ 127$ 3DUD LQVWUXo}HV VREUH FRPR SURJUDPDU XPD FDL[D GH FRUUHLR SDUD WUDQVPLVV}HV , 787 SRU UHOD\ FRQVXOWH D VHFomR ³&RPXQLFDo}HV SRU 5HOD\ , 787´ QD SiJLQD ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH XP Q~PHUR GH FDL[D GH FRUUHLR H SULPD >$FHLWDU@ 'LJLWH QRYR Q F[ FRUU 1 &DL[D &RUUHLR Pi[ 3URJ &[ &RUUHLR &RQILGHQFLDO 127$ e QHFHVViULD XPD SDVVZRUG SDUD WUDQVPLWLU RX UHFHEHU SDUD XPD &DL[D GH &RUUHLR GH %ROHWLP , QIRUPDWLYR RX SDUD ID]HU R SROOLQJ GH XPD &DL[D GH &RUUHLR &RQILGHQFLDO ½ 3DUD DWULEXLU XPD SDVVZRUG VHOHFFLRQH >6LP@ H XVH R 7HFODGR 1XPpULFR SDUD GLJLWDU D SDVVZRUG TXH GHVHMD DWULEXLU D HVWD FDL[D 6H QmR GHVHMD DWULEXLU XPD SDVVZRUG VHOHFFLRQH >1mR@ 3ULPD >$FHLWDU@ 9ROWD D VHU YLVXDOL]DGR R HFUm GH SURJUDPDomR GD FDL[D GH FRUUHLR 3RGH FULDU PDLV FDL[DV GH FRUUHLR RX VDLU GD SURJUDPDomR GD &DL[D GH &RUUHLR VHOHFFLRQDQGR >&RQFOXtGR@ ½ ½ 3URJUDPDU SDVVZRUG 6LP 1mR 3DVVZRUG Pi[ 3URJ &[ &RUUHLR &RQILGHQFLDO 3URJ &[ &RUUHLR &RQILGHQFLDO $$ ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO ½ 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR &DL[D GH &RUUHLR ½ 6HOHFFLRQH >$SDJDU F[ FRUUHLR@ H SULPD >$FHLWDU@ &RQFOXtGR 3URJUDPDU F[ FRUUHLR $SDJDU F[ FRUUHLR 3URJUDPDU F[ FRUUHLR ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D TXH GHVHMD DSDJDU H SULPD >$FHLWDU@ 6H QHFHVViULR GLJLWH D SDVVZRUG GD FDL[D GH FRUUHLR 1 &DL[D &RUUHLR Pi[ $SDJDU F[ FRUUHLR Q ½ 3DVVZRUG Pi[ $SDJDU F[ FRUUHLR Q BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$ )D[ $SDJDU XPD &DL[D GH &RUUHLR /RFDO $ FDL[D GH FRUUHLR p DSDJDGD H YROWD D VHU YLVXDOL]DGR R HFUm GH SURJUDPDomR GH FDL[D GH FRUUHLR $SDJDU F[ FRUUHLR Q &DL[D GH FRUUHLR DSDJDGD *UDYDU XP GRFXPHQWR QXPD &DL[D GH &RUUHLR /RFDO ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO ½ ½ ½ 6HOHFFLRQH R WLSR GH FDL[D GH FRUUHLR HP TXH GHVHMD JUDYDU R GRFXPHQWR 3DUD R JUDYDU QXPD FDL[D GH FRUUHLR &RQILGHQFLDO VHOHFFLRQH >&RQILGHQFLDO@ 3DUD R JUDYDU QXPD FDL[D GH FRUUHLR GH %ROHWLP , QIRUPDWLYR VHOHFFLRQH >%ROHWLP , QIRUPDWLYR@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR ½ 3ULPD >$FHLWDU@ $$! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3DUD JUDYDU R GRFXPHQWR VHOHFFLRQH >*UDYDU S F[ FRUUHLR@ , PSULPLU F[ FRUU (QYLDU S F[ FRUU 3ROO GH F[ FRUUHLR *UDYDU S F[ FRUUHLR $SDJDU FRQWH~GR &RQILGHQFLDO ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR TXH GHVHMD XWLOL]DU H SULPD >$FHLWDU@ 'LJLWH XPD SDVVZRUG VH QHFHVViULR H SULPD >$FHLWDU@ 1 &DL[D &RUUHLR Pi[ *UDYDU &RQILGHQFLDO ½ 127$ 6H VHOHFFLRQRX %ROHWLP , QIRUPDWLYR H GLJLWRX XPD SDVVZRUG DR FULDU D FDL[D GH FRUUHLR WHP GH GLJLWDU D PHVPD SDVVZRUG SDUD JUDYDU R GRFXPHQWR 2 GRFXPHQWR p JUDYDGR QD FDL[D GH FRUUHLR TXH VHOHFFLRQRX 1~PHUR GR WUDEDOKR 'LJLWDOL]DU SiJ 0HPyULD GLVSRQtYHO $ OHU SDUD PHPyULD 68*(672 3DUD LPSULPLU XPD OLVWD GH WRGRV RV GRFXPHQWRV TXH VH HQFRQWUDP QDV FDL[DV GH FRUUHLR XWLOL]H D )XQomR $GLFLRQDO ³, PSULPLU UHODWyULR´ &RQVXOWH D SiJLQD SDUD LQVWUXo}HV 68*(672 2 :RUN&HQWUH 3UR SRGH VHU SURJUDPDGR SDUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR VHPSUH TXH XP GRFXPHQWR p JUDYDGR QXPD GDV VXDV FDL[DV GH FRUUHLR , 787 TXHU SRU XP XWLOL]DGRU UHPRWR TXHU ORFDOPHQWH &RQVXOWH ³3URJUDPDomR GH 5HODWyULRV´ QD SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$" )D[ , PSULPLU XP 'RFXPHQWR *UDYDGR QXPD &DL[D GH &RUUHLR /RFDO 3UHFLVD GH VDEHU TXDO p R WLSR H R Q~PHUR GD FDL[D GH FRUUHLR HP TXH R GRFXPHQWR IRL JUDYDGR 6H R GRFXPHQWR IRL JUDYDGR QXPD &DL[D GH &RUUHLR &RQILGHQFLDO FRP XPD SDVVZRUG SUHFLVDUi WDPEpP VDEHU TXDO p D SDVVZRUG ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO ½ 6HOHFFLRQH R WLSR GH FDL[D GH FRUUHLR D SDUWLU GD TXDO GHVHMD LPSULPLU R GRFXPHQWR 6HOHFFLRQH >&RQILGHQFLDO@ SDUD DFHGHU D XPD FDL[D GH FRUUHLR FRQILGHQFLDO 6HOHFFLRQH >%ROHWLP , QIRUPDWLYR@ SDUD DFHGHU D XPD FDL[D GH FRUUHLR GH EROHWLP LQIRUPDWLYR &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR ½ ½ 3ULPD >$FHLWDU@ 3DUD LPSULPLU R GRFXPHQWR VHOHFFLRQH >, PSULPLU F[ FRUU@ , PSULPLU F[ FRUU (QYLDU S F[ FRUU 3ROO GH F[ FRUUHLR &RQILGHQFLDO $$# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR TXH GHVHMD XWLOL]DU H SULPD >$FHLWDU@ 6H QHFHVViULR GLJLWH D SDVVZRUG H SULPD >$FHLWDU@ 1 &DL[D &RUUHLR Pi[ , PSULPLU &RQILGHQFLDO ½ 3DVVZRUG Pi[ , PSULPLU &RQILGHQFLDO 127$ 6H VHOHFFLRQRX FDL[D GH FRUUHLR &RQILGHQFLDO H GLJLWRX XPD SDVVZRUG DR FULDU D FDL[D GH FRUUHLR WHP GH GLJLWDU D PHVPD SDVVZRUG SDUD LPSULPLU R GRFXPHQWR 2 :RUN&HQWUH 3UR LPSULPH R GRFXPHQWR GD FDL[D GH FRUUHLR TXH VHOHFFLRQRX H YROWD DR PRGR 3URQWR $ LPSULPLU 5HVROXomR 6WDQGDUG )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ &( $XWRPiWLFR 68*(672 3DUD LPSULPLU XPD OLVWD GH WRGRV RV GRFXPHQWRV TXH VH HQFRQWUDP QDV FDL[DV GH FRUUHLR XWLOL]H D )XQomR $GLFLRQDO ³, PSULPLU UHODWyULR´ &RQVXOWH D SiJLQD SDUD LQVWUXo}HV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$$ )D[ $SDJDU XP 'RFXPHQWR *UDYDGR QXPD &DL[D GH &RUUHLR /RFDO 3DUD DSDJDU GRFXPHQWRV JUDYDGRV HP FDL[DV GH FRUUHLR , 78 7 GR VHX HTXLSDPHQWR SUHFLVD GH VDEHU TXDO R WLSR H R Q~PHUR GD FDL[D GH FRUUHLR EHP FRPR D SDVVZRUG VH QHFHVViULD ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO 6HOHFFLRQH R WLSR GH FDL[D GH FRUUHLR GH RQGH GHVHMD DSDJDU GRFXPHQWRV 6HOHFFLRQH >&RQILGHQFLDO@ SDUD DSDJDU XP GRFXPHQWR GH XPD FDL[D GH FRUUHLR FRQILGHQFLDO 6HOHFFLRQH >%ROHWLP , QIRUPDWLYR@ SDUD DSDJDU XP GRFXPHQWR GH XPD FDL[D GH FRUUHLR GH EROHWLP LQIRUPDWLYR ½ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR ½ 3ULPD >$FHLWDU@ ½ 3DUD DSDJDU XP GRFXPHQWR GH XPD FDL[D GH FRUUHLR VHOHFFLRQH >$SDJDU FRQWH~GR@ , PSULPLU F[ FRUU (QYLDU S F[ FRUU 3ROO GH F[ FRUUHLR *UDYDU S F[ FRUUHLR $SDJDU FRQWH~GR &RQILGHQFLDO $$% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR H SULPD >$FHLWDU@ 1 &DL[D &RUUHLR Pi[ $SDJDU &RQILGHQF ½ 6H GLJLWRX XPD SDVVZRUG DR FULDU HVWD FDL[D GH FRUUHLR GLJLWH HVVD SDVVZRUG H SULPD >$FHLWDU@ 2 GRFXPHQWR JUDYDGR QD FDL[D GH FRUUHLR p DSDJDGR 3DVVZRUG Pi[ $SDJDU &RQILGHQF (QYLDU SDUD XPD &DL[D GH &RUUHLR 5HPRWD $ IXQomR (QYLDU SDUD &DL[D GH &RUUHLR SHUPLWHOKH HQYLDU XP GRFXPHQWR SDUD XPD &DL[D GH &RUUHLR , 787 VLWXDGD QXP HTXLSDPHQWR UHPRWR 3RGH WUDQVPLWLU XP GRFXPHQWR SDUD XPD FDL[D GH FRUUHLR FRQILGHQFLDO RX SDUD XPD FDL[D GH FRUUHLR GH EROHWLP LQIRUPDWLYR 3UHFLVD VDEHU TXDO R WLSR H R Q~PHUR GD FDL[D GH FRUUHLR EHP FRPR TXDO D SDVVZRUG VH QHFHVViULD 127$ 3DUD WUDQVPLVV}HV SDUD %ROHWLP , QIRUPDWLYR R HTXLSDPHQWR UHPRWR WHP GH HVWDU SURJUDPDGR FRP XPD SDVVZRUG ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$& )D[ ½ 6HOHFFLRQH R WLSR GH FDL[D GH FRUUHLR SDUD RQGH GHVHMD ID]HU R HQYLR 3DUD HQYLDU SDUD XPD FDL[D GH FRUUHLR &RQILGHQFLDO VHOHFFLRQH >&RQILGHQFLDO@ 3DUD HQYLDU SDUD XPD FDL[D GH FRUUHLR GH %ROHWLP , QIRUPDWLYR VHOHFFLRQH >%ROHWLP , QIRUPDWLYR@ ½ ½ 3ULPD >$FHLWDU@ 3DUD HQYLDU R GRFXPHQWR SDUD XPD FDL[D GH FRUUHLR UHPRWD VHOHFFLRQH >(QYLDU S F[ FRUU@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR , PSULPLU F[ FRUU (QYLDU S F[ FRUU 3ROO GH F[ FRUUHLR &RQILGHQFLDO ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR SDUD RQGH GHVHMD HQYLDU H SULPD >$FHLWDU@ 6H VHOHFFLRQRX %ROHWLP , QIRUPDWLYR GLJLWH D SDVVZRUG SUpGHILQLGD QD FDL[D GH FRUUHLR GH %ROHWLP , QIRUPDWLYR GR HTXLSDPHQWR UHPRWR H SULPD >$FHLWDU@ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ GD HVWDomR GH FDL[D GH FRUUHLR UHPRWD H SULPD >$FHLWDU@ VH QHFHVViULR 2 GRFXPHQWR p HQYLDGR SDUD R HTXLSDPHQWR UHPRWR H JUDYDGR QR WLSR GH FDL[D TXH VHOHFFLRQRX 1 &DL[D &RUUHLR Pi[ (QYLDU &RQILGHQFLDO ½ ½ 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH (QYLDU &RQILGHQFLDO $$' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 3DUD UHFXSHUDU GRFXPHQWRV JUDYDGRV QXPD FDL[D GH FRUUHLR , 787 GH XP HTXLSDPHQWR UHPRWR SUHFLVD GH VDEHU TXDO R WLSR GH FDL[D HP TXH R GRFXPHQWR VH HQFRQWUD JUDYDGR R Q~PHUR GD FDL[D H VH QHFHVViULD D UHVSHFWLYD SDVVZRUG 127$ 4XDQGR IL]HU R SROOLQJ GH XPD FDL[D GH FRUUHLR &RQILGHQFLDO UHPRWD REWHQKD GR XWLOL]DGRU UHPRWR R Q~PHUR GD FDL[D , 787 H D UHVSHFWLYD SDVVZRUG ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ QR SDLQHO ½ 6HOHFFLRQH R WLSR GH FDL[D GH FRUUHLR GH TXH GHVHMD ID]HU R SROOLQJ 3DUD ID]HU R SROOLQJ GH XPD FDL[D GH FRUUHLR &RQILGHQFLDO VHOHFFLRQH >&RQILGHQFLDO@ 3DUD ID]HU R SROOLQJ GH XPD FDL[D GH FRUUHLR GH %ROHWLP , QIRUPDWLYR VHOHFFLRQH >%ROHWLP , QIRUPDWLYR@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR ½ 3ULPD >$FHLWDU@ ½ 3DUD ID]HU R 3ROOLQJ GR GRFXPHQWR GH XPD FDL[D GH FRUUHLR UHPRWD VHOHFFLRQH >3ROO GH F[ FRUUHLR@ , PSULPLU F[ FRUU (QYLDU S F[ FRUU 3ROO GH F[ FRUUHLR &RQILGHQFLDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $$( )D[ )D]HU R 3ROOLQJ GH XPD &DL[D GH &RUUHLR 5HPRWD ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR UHPRWD GH TXH GHVHMD ID]HU R SROOLQJ H SULPD >$FHLWDU@ 1 &DL[D &RUUHLR Pi[ 3ROO &RQILGHQFLDO ½ 6H QHFHVViULR GLJLWH D SDVVZRUG GD FDL[D GH FRUUHLR UHPRWD GH TXH GHVHMD ID]HU R SROOLQJ H SULPD >$FHLWDU@ 3DVVZRUG Pi[ 3ROO &RQILGHQFLDO ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ GD HVWDomR GH FDL[D GH FRUUHLR UHPRWD GH TXH GHVHMD ID]HU R SROOLQJ H SULPD >$FHLWDU@ VH QHFHVViULR e IHLWR R SROOLQJ GR HTXLSDPHQWR UHPRWR H R GRFXPHQWR p UHFXSHUDGR GD FDL[D GH FRUUHLR HVSHFLILFDGD 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 3ROO &RQILGHQFLDO $% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ IXQomR GH &DSD FRORFD XPD FDSD RX IROKD GH URVWR QR FLPR GR GRFXPHQWR TXH HVWi D VHU WUDQVPLWLGR $ FDSD SRGH LQFOXLU XPD LPDJHP H[FOXVLYD FRPR VHMD R ORJyWLSR GD HPSUHVD EHP FRPR D , ' GD VXD HVWDomR D , ' GD HVWDomR GHVWLQDWiULD H D FRQWDJHP GH SiJLQDV $ XWLOL]DomR GD IXQomR GH &DSD HYLWD D URWLQD GH HQYLDU PDQXDOPHQWH XPD FDSD GH FDGD YH] TXH HQYLD XP GRFXPHQWR 127$ 3DUD XVDU D RSomR GH FDSD p QHFHVViULR DFWLYDU SULPHLUR D IXQomR GH FDSD H FULDU XPD FDSD XWLOL]DQGR RV YDORUHV SRU GHIHLWR &RQVXOWH ³$OWHUDU RV 9DORUHV SRU 'HIHLWR GR )D[´ QD SiJLQD 'HSRLV GH DFWLYDU D IXQomR GH &DSD H FULDU XPD LPDJHP GH &DSD VH GHVHMDGD H[HFXWH RV VHJXLQWHV SDVVRV TXDQGR HQYLDU XP GRFXPHQWR ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DSD@ QR SDLQHO ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $% )D[ &DSD ½ ½ 6HOHFFLRQH D RSomR GH &DSD GHVHMDGD 6H >(QYLDU@ HVWLYHU VHOHFFLRQDGD XWLOL]H R 7HFODGR QR SDLQHO SDUD GLJLWDU R QRPH GR GHVWLQDWiULR H XP QRPH GH UHPHWHQWH H SULPD GHSRLV >$FHLWDU@ 2 GRFXPHQWR p WUDQVPLWLGR FRP FDSD 6H >, PSULPLU@ HVWLYHU VHOHFFLRQDGD D &DSD VHUi LPSUHVVD (QYLDU , PSULPLU &DSD ½ 2So}HV GH &DSD (QYLDU 8WLOL]H HVWD RSomR SDUD LQFOXLU XPD FDSD DR HQYLDU RV GRFXPHQWRV 'LJLWH RV GHWDOKHV GRV GHVWLQDWiULRV GR ID[ VH QHFHVViULR 8WLOL]H HVWD RSomR SDUD LPSULPLU XPD FDSD , PSULPLU 0DSD GH 0HQXV 2 0DSD GH 0HQXV p XPD OLVWD GH WRGDV DV IXQo}HV H GHILQLo}HV GR HTXLSDPHQWR QXP IRUPDWR GH UHODWyULR ½ ½ 3ULPD D WHFOD >)D[)D[ , QWHUQHW@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >0DSD GH 0HQXV@ QR SDLQHO 2 0DSD GH 0HQXV p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR $ LPSULPLU 5HVROXomR 6WDQGDUG )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ &( $XWRPiWLFR $%! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR $V )XQo}HV $GLFLRQDLV FRQWrP IXQo}HV DSURSULDGDV SDUD RV WUDEDOKRV GH ID[ PDLV DYDQoDGRV 8WLOL]H DV LQVWUXo}HV VHJXLQWHV SDUD DFHGHU D )XQo}HV $GLFLRQDLV H SURJUDPDU HVVDV IXQo}HV 127$ 4XDQGR GHWHUPLQDGDV IXQo}HV VH HQFRQWUDP VHOHFFLRQDGDV RXWUDV IXQo}HV SRGHUmR GHL[DU GH HVWDU GLVSRQtYHLV VHQGR HQWmR YLVXDOL]DGDV HVEDWLGDV RX ³DFLQ]HQWDGDV´ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GR HTXLSDPHQWR SHOR TXH D QXPHUDomR GDV IXQo}HV SRGHUi VHU GLIHUHQWH ½6HOHFFLRQH >)XQo}HV $GLFLRQDLV@ ½6HOHFFLRQH D IXQomR GHVHMDGD H SULPD >$FHLWDU@ ½6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ ½ 3DUD YHU R PHQX GH )XQo}HV $GLFLRQDLV GH )D[ VHOHFFLRQH >)D[)D[ GH , QWHUQHW@ H SULPD D WHFOD GH GHVORFDomR 2 PHQX GH )XQo}HV $GLFLRQDLV YLVXDOL]D FDGD IXQomR FRP D GHILQLomR DFWXDO FRUUHVSRQGHQWH $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ ½ 3DUD SURJUDPDU XPD IXQomR XWLOL]H DV WHFODV GH GHVORFDomR SDUD VHOHFFLRQDU D IXQomR GHVHMDGD H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D VXD SUHIHUrQFLD SRU H[ >/LJDGR@ 3ULPD >$FHLWDU@ SDUD JUDYDU D VHOHFomR H YROWDU DR HFUm DQWHULRU 'HVOLJDGR /LJDGR 2XYLU VLQDO PDUFDomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $%" )D[ )XQo}HV $GLFLRQDLV 2So}HV GH (QYLR ([LVWHP FLQFR RSo}HV GH HQYLR GLVSRQtYHLV (QYLR 6HJXUR &RUULJLU HUURV (&0 6XEHQGHUHoR (QYLDU DSyV GLJLWDOL]DU 2ULJLQDO ORQJR (QYLR 6HJXUR $ IXQomR (QYLR 6HJXUR LPSHGH TXH D PiTXLQD HQYLH SDUD XP Q~PHUR LQFRUUHFWDPHQWH PDUFDGR 4XDQGR HVWD IXQomR HVWi DFWLYDGD R Q~PHUR PDUFDGR p FRPSDUDGR FRP R Q~PHUR GH WHOHIRQH GH LGHQWLILFDomR GD PiTXLQD UHPRWD $ WUDQVPLVVmR Vy p SRVVtYHO TXDQGR RV Q~PHURV FRQGL]HP 127$ (VWD IXQomR p XVDGD SDUD XPD RSHUDomR 3DUD SURJUDPDU D IXQomR GH HQYLR VHJXUR HP WRGDV DV WUDQVPLVV}HV IXWXUDV FRQVXOWH ³$OWHUDU RV YDORUHV SRU 'HIHLWR GR )D[´ QD SiJLQD ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >(QYLR VHJXUR@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR GHVOLJDGR &RUULJLU HUURV(&0 OLJDGR 6XEHQGHUHoR GHVOLJDGR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR ½ $%# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR (QYLR VHJXUR 2So}HV GH (QYLR 6HJXUR 'HVOLJDGR /LJDGR $ IXQomR QmR HVWi GLVSRQtYHO 8WLOL]H HVWD RSomR SDUD DFWLYDU R (QYLR 6HJXUR &RUULJLU (UURV (&0 (VWD IXQomR SHUPLWHOKH DFWLYDU RX GHVDFWLYDU R PRGR (&0 SDUD XPD ~QLFD WUDQVPLVVmR LQGHSHQGHQWHPHQWH GR YDORU SRU GHIHLWR GR 0RGR GH &RUUHFomR GH (UURV 8PD YH] FRQFOXtGD HVVD WUDQVPLVVmR YROWD D YLJRUDU R YDORU SRU GHIHLWR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&RUULJLU HUURV(&0@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR &RUULJLU HUURV(&0 6XEHQGHUHoR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $%$ )D[ ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR &RUULJLU HUURV (&0 2So}HV GH &RUULJLU (UURV (&0 'HVOLJDGR /LJDGR 8WLOL]H HVWD RSomR SDUD GHVOLJDU R 0RGR GH &RUUHFomR GH (UURV 8WLOL]H HVWD RSomR SDUD HQYLDU R GRFXPHQWR XWLOL]DQGR R 0RGR GH &RUUHFomR GH (UURV 6XEHQGHUHoR $ IXQomR 6XEHQGHUHoR p XVDGD SDUD HQYLDU XP GRFXPHQWR SDUD XPD PiTXLQD GH ID[ UHPRWD FRPSDWtYHO H SHGLU D HVVD PiTXLQD TXH UHHQFDPLQKH R GRFXPHQWR SDUD R GHVWLQR ILQDO LQGLFDGR QR VXEHQGHUHoR QRUPDOPHQWH GHQWUR GH XPD 5HGH /RFDO /$1 e XP PpWRGR DOWHUQDWLYR j XWLOL]DomR GH FDL[DV GH FRUUHLR UHPRWDV FDVR QmR VDLED VH H[LVWH XPD FDL[D GH FRUUHLR FRQILGHQFLDO RX GH EROHWLP LQIRUPDWLYR QXPD PiTXLQD :RUN&HQWUH 3UR UHPRWD 7DPEpP SRGH VHU XVDGR SDUD ID]HU R SROOLQJ GH XP GRFXPHQWR JUDYDGR QXP VXEHQGHUHoR UHPRWR (VWD IXQomR XWLOL]D R SURWRFROR , 787 H R VXEHQGHUHoR SDUD HVWDEHOHFHU R SHGLGR GH HQFDPLQKDPHQWR H Vy IXQFLRQD FRP PiTXLQDV FRPSDWtYHLV FRP , 787 2V VXEHQGHUHoRV 68% 6(3 H 3:' WrP D GHILQLomR VHJXLQWH 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 7UDQVPLWLU XP GRFXPHQWR SDUD XP VXEHQGHUHoR UHPRWR )D]HU R SROOLQJ GH XP GRFXPHQWR JUDYDGR QXP VXEHQGHUHoR UHPRWR $GLFLRQDU XPD SDVVZRUG D 68% RX 6(3 SDUD FRPXQLFDo}HV VHJXUDV 127$ 2 VXEHQGHUHoR SRGH WHU DWp GtJLWRV $%% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 3DUD FRPXQLFDU FRP XP ID[ UHPRWR FRPSDWtYHO FRP , 787 QHFHVVLWD GH REWHU R VXEHQGHUHoR H D SDVVZRUG VH QHFHVViULD GR XWLOL]DGRU UHPRWR H LQFOXLU D LQIRUPDomR QHVWH SURFHGLPHQWR 2 :RUN&HQWUH 3UR XWLOL]D R Q~PHUR GD FDL[D GH FRUUHLR , 787 FRPR VXEHQGHUHoR 3DUD FRPXQLFDU FRP XP :RUN&HQWUH 3UR WHP GH GDU R VHX VXEHQGHUHoR H SDVVZRUG VH QHFHVViULD DR XWLOL]DGRU UHPRWR SDUD TXH HVWH SRVVD DFHGHU j VXD FDL[D GH FRUUHLR 1R :RUN&HQWUH 3UR SRGH VHU IHLWD D WUDQVPLVVmR H R SROOLQJ GH GRFXPHQWRV QRUPDLV H VHJXURV SDUD DV FDL[DV GH FRUUHLR , 787 2V UHTXLVLWRV GH SDVVZRUG VmR RV PHVPRV GD XWLOL]DomR GH FDL[DV GH FRUUHLR , 787 68*(672 $ WHFOD GH DFHVVR GLUHFWR &DL[D GH &RUUHLR p XVDGD SDUD FRPXQLFDU FRP FDL[DV GH FRUUHLR , 787 UHPRWDV &RQVXOWH D SiJLQD SDUD LQVWUXo}HV e SRVVtYHO JUDYDU XP VXEHQGHUHoR FRP Q~PHURV GH 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH SDUD XWLOL]DGRUHV UHPRWRV TXH QHFHVVLWHP VHPSUH GH XP VXEHQGHUHoR 68*(672 &RQVXOWH R &DStWXOR ± /LVWD 7HOHIyQLFD SDUD LQIRUPDomR VREUH FRPR JUDYDU VXEHQGHUHoRV FRP Q~PHURV GH 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH 6H JUDYDU RV VXE HQGHUHoRV QD SURJUDPDomR GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH TXDQGR PDUFDU XWLOL]DQGR HVWH SURFHGLPHQWR VHUi XVDGR R VXEHQGHUHoR JUDYDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $%& )D[ 7UDQVPLWLU XP 'RFXPHQWR SDUD XP 6XEHQGHUHoR , 787 8WLOL]H R SURFHGLPHQWR VHJXLQWH SDUD WUDQVPLWLU XP GRFXPHQWR SDUD XP VXEHQGHUHoR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >6XE HQGHUHoR@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR GHVOLJDGR &RUULJLU HUURV(&0 OLJDGR 6XEHQGHUHoR GHVOLJDGR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR ½ ½ 3DUD FRPXQLFDU FRP XP :RUN&HQWUH 3UR UHPRWR REWHQKD H GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR , 787 6HOHFFLRQH >6XEHQGHUHoR 68%@ H SULPD >$FHLWDU@ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR $%' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 8WLOL]H R 7HFODGR 1XPpULFR SDUD GLJLWDU R VXEHQGHUHoR UHPRWR H SULPD >$FHLWDU@ 68% Pi[ 6XEHQGHUHoR ½ 3DUD GLJLWDU XPD SDVVZRUG VHOHFFLRQH >3DVVZRUG 3:'@ H SULPD >$FHLWDU@ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR ½ 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH D SDVVZRUG UHTXHULGD SHOR HTXLSDPHQWR UHPRWR H SULPD >$FHLWDU@ 3DUD VDLU VHOHFFLRQH >&RQFOXtGR@ 3:' Pi[ 6XEHQGHUHoR ½ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $%( )D[ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH WHOHIRQH UHPRWR H SULPD >$FHLWDU@ H >, QLFLDU@ VH QHFHVViULR 2 GRFXPHQWR p HQYLDGR SDUD D PiTXLQD GH ID[ UHPRWD H UHHQFDPLQKDGR SDUD R VXE HQGHUHoR LQGLFDGR $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ 127$ 3DUD WUDQVPLWLU SDUD XPD &DL[D GH &RUUHLR GH %ROHWLP , QIRUPDWLYR , 787 GH XP :RUN&HQWUH 3UR p QHFHVViULR TXH DV PiTXLQDV UHPRWD H ORFDO WHQKDP DV PHVPDV SDVVZRUGV 127$ 2 VXEHQGHUHoR GLJLWDGR QHVWH SURFHGLPHQWR VXEVWLWXL XP VXEHQGHUHoR SURJUDPDGR QXP Q~PHUR GH 0DUFDomR 5iSLGD RX QXPD WHFOD GH 8P 7RTXH )D]HU R 3ROOLQJ GH XP 'RFXPHQWR XWLOL]DQGR XP 6XE HQGHUHoR 3DUD FRPXQLFDU FRP XP :RUN&HQWUH 3UR UHPRWR REWHQKD H GLJLWH R Q~PHUR GD FDL[D GH FRUUHLR , 787 3DUD ID]HU R SROOLQJ GH XPD &DL[D GH &RUUHLR &RQILGHQFLDO , 787 GH XP :RUN&HQWUH 3UR p QHFHVViULR TXH DV PiTXLQDV UHPRWD H ORFDO WHQKDP D PHVPD SDVVZRUG ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >6XE HQGHUHoR@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR GHVOLJDGR &RUULJLU HUURV(&0 OLJDGR 6XEHQGHUHoR GHVOLJDGR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR ½ $& ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH >3ROOLQJ VHOHFWLYR 6(3@ H SULPD >$FHLWDU@ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR ½ 8WLOL]H R 7HFODGR 1XPpULFR SDUD GLJLWDU R VXEHQGHUHoR UHPRWR H SULPD >$FHLWDU@ 6(3 Pi[ 6XEHQGHUHoR ½ 3DUD GLJLWDU XPD SDVVZRUG VHOHFFLRQH >3DVVZRUG 3:'@ H SULPD >$FHLWDU@ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR ½ 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH D SDVVZRUG UHTXHULGD SHOR HTXLSDPHQWR UHPRWR H SULPD >$FHLWDU@ 3DUD VDLU VHOHFFLRQH >&RQFOXtGR@ 3:' Pi[ 6XEHQGHUHoR ½ &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' 6XEHQGHUHoR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $& )D[ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH WHOHIRQH UHPRWR H SULPD >$FHLWDU@ H >, QLFLDU@ VH QHFHVViULR 2 SROOLQJ GR HTXLSDPHQWR UHPRWR VHUi IHLWR H R GRFXPHQWR VHUi UHFXSHUDGR $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ Pi[ 127$ 2 VXEHQGHUHoR GLJLWDGR QHVWH SURFHGLPHQWR VXEVWLWXL XP VXEHQGHUHoR SURJUDPDGR QXP Q~PHUR GH 0DUFDomR 5iSLGD RX QXPD WHFOD GH 8P 7RTXH (QYLDU DSyV 'LJLWDOL]DU 4XDQGR R 9DORU SRU 'HIHLWR GR 0RGR (QYLDU DSyV 'LJLWDOL]DU p GHILQLGR FRPR ³'(6/, *$'2´ HVWD IXQomR SHUPLWH XVDU R PRGR (QYLDU DSyV 'LJLWDOL]DU SDUD XPD ~QLFD WUDQVPLVVmR 8PD YH] FRQFOXtGD HVVD WUDQVPLVVmR R YDORU SRU GHIHLWR p UHSRVWR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >(QYLDU DSyV GLJLWDOL]DU@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR GHVOLJDGR &RUULJLU HUURV(&0 OLJDGR 6XEHQGHUHoR GHVOLJDGR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR ½ $&! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR (QYLDU DSyV GLJLWDOL]DU 2So}HV GH (QYLDU $SyV 'LJLWDOL]DU 'HVOLJDGR /LJDGR $ IXQomR QmR HVWi GLVSRQtYHO 8WLOL]H HVWD RSomR SDUD DFWLYDU D IXQomR (QYLDU DSyV 'LJLWDOL]DU 6HOHFFLRQH D RSomR GH 0HPyULD &KHLD GHVHMDGD $SDJDU SiJV GLJLWDOL]DGDV ± VHOHFFLRQH HVWD RSomR SDUD DSDJDU DV SiJLQDV GLJLWDOL]DGDV FDVR D PHPyULD VH HVJRWH (QYLDU SiJV GLJLWDOL]DGDV ± VHOHFFLRQH HVWD RSomR SDUD HQYLDU DV SiJLQDV GLJLWDOL]DGDV FDVR D PHPyULD VH HVJRWH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $&" )D[ 2ULJLQDO /RQJR 4XDQGR HVWD IXQomR VH HQFRQWUD OLJDGD p SRVVtYHO WUDQVPLWLU XP RULJLQDO ORQJR FRP XP FRPSULPHQWR Pi[LPR GH PHWUR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2So}HV GH HQYLR@ H SULPD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2ULJLQDO ORQJR@ H SULPD >$FHLWDU@ ½ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD (QYLR VHJXUR GHVOLJDGR &RUULJLU HUURV(&0 OLJDGR 6XEHQGHUHoR GHVOLJDGR (QYLDU DSyV GLJLWDOL]DUGHVOLJDGR 2ULJLQDO ORQJR GHVOLJDGR ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2ULJLQDO ORQJR 2So}HV GH 2ULJLQDO /RQJR 'HVOLJDGR /LJDGR $ IXQomR QmR HVWi GLVSRQtYHO 8WLOL]H HVWD RSomR SDUD SHUPLWLU D WUDQVPLVVmR GH XP RULJLQDO ORQJR 127$ $ WUDQVPLVVmR GH XP RULJLQDO ORQJR p IHLWD DSHQDV DWp DR FRPSULPHQWR GH FP QDV VHJXLQWHV FRQGLo}HV $ IXQomR HVWi OLJDGD H p IHLWD XPD WHQWDWLYD GH WUDQVPLVVmR GLUHFWD GR RULJLQDO ORQJR TXH WHP D ODUJXUD $ SDUD D PiTXLQD GH IDFVLPLOH GHVWLQDWiULD TXH WHP D FDSDFLGDGH GH UHFHEHU GRFXPHQWRV FRP D ODUJXUD $ 6H IRU IHLWD XPD WHQWDWLYD GH WUDQVPLWLU XP RULJLQDO ORQJR $&# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà TXH WHQKD XP FRPSULPHQWR VXSHULRU D PHWUR KDYHUi XPD LQGLFDomR GH HQFUDYDPHQWR GR SDSHO 4XDQGR D GHILQLomR GH 2ULJLQDO /RQJR VH HQFRQWUD DFWLYDGD D WUDQVPLVVmR QR PRGR 6XSHUILQH p GHVDFWLYDGD 1HVWH FDVR D WUDQVPLVVmR p VHPSUH IHLWD QR PRGR )LQH PHVPR TXH 6XSHUILQH VH HQFRQWUH VHOHFFLRQDGR 2XYLU 6LQDO GH 0DUFDomR $FWLYH HVWD IXQomR SDUD RXYLU R VLQDO GR ID[ GXUDQWH DV RSHUDo}HV GH HQYLR H SROOLQJ GH XP WUDEDOKR LQGLYLGXDO 68*(672 3DUD DFWLYDU HVWD IXQomR SDUD WRGDV DV RSHUDo}HV GH HQYLR UHFHSomR H SROOLQJ FRQVXOWH R &DStWXOR ± 3UHGHILQLo}HV H 3URJUDPDomR GR (TXLSDPHQWR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >2XYLU VLQDO PDUFDomR@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2XYLU VLQDO PDUFDomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $&$ )D[ 2So}HV GH 2XYLU 6LQDO GH 0DUFDomR 'HVOLJDGR /LJDGR $ IXQomR QmR HVWi GLVSRQtYHO 6HOHFFLRQH HVWD RSomR SDUD RXYLU R VLQDO GH PDUFDomR GXUDQWH XPD RSHUDomR GH HQYLR RX SROOLQJ 1~PHUR GH 3iJLQDV (VWD IXQomR SHUPLWHOKH GHILQLU R Q~PHUR WRWDO GH SiJLQDV GR WUDEDOKR DFWXDO QXP WUDEDOKR GH (QYLR 'LUHFWR 1mR QHFHVVLWD VHOHFFLRQDU HVWD IXQomR SDUD (QYLR GH 0HPyULD YLVWR TXH D PiTXLQD DGLFLRQD DXWRPDWLFDPHQWH R Q~PHUR GH LPDJHQV GLJLWDOL]DGDV 6H IRU GLJLWDGR XP Q~PHUR GH SiJLQDV LQFRUUHFWR D PiTXLQD QRWLILFDUi R XWLOL]DGRU TXH D FRQWDJHP GH SiJLQDV p GLIHUHQWH 2 Q~PHUR GH SiJLQDV p LPSUHVVR QR FDEHoDOKR SHOD PiTXLQD GHVWLQDWiULD 127$ &HUWLILTXHVH TXH D RULHQWDomR GRV RULJLQDLV p D PHVPD GR SDSHO FRORFDGR QD EDQGHMD ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >1~PHUR GH SiJLQDV@ H SULPD >$FHLWDU@ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR WRWDO GH SiJLQDV GR WUDEDOKR H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD 3iJLQDV  ½ 1~PHUR GH SiJLQDV $&% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ IXQomR 5HFHSomR 6HJXUD SHUPLWHOKH GHILQLU KRUDV HVSHFtILFDV HP TXH RV GRFXPHQWRV SRGHP VHU UHFHELGRV HP PHPyULD (VWD IXQomR p ~WLO TXDQGR VmR HVSHUDGRV GRFXPHQWRV SULYDGRV 7RGRV RV GRFXPHQWRV VmR UHFHELGRV HP PHPyULD GXUDQWH R SHUtRGR HVSHFLILFDGR 2 XWLOL]DGRU SRGH GHSRLV LPSULPLU RV GRFXPHQWRV UHFHELGRV GLJLWDQGR R &yGLJR GH 6HJXUDQoD GH GtJLWRV 8PD YH] DFWLYDGR R PRGR GH 5HFHSomR 6HJXUD SRGHUi XWLOL]DU HVWH PRGR HP TXDOTXHU DOWXUD DWp PHVPR IRUD GR SHUtRGR GH WHPSR HVSHFLILFDGR QR YDORU SRU GHIHLWR 68*(672 3DUD LQVWUXo}HV VREUH FRPR DFWLYDU D RSomR GH 5HFHSomR 6HJXUD $XWRPiWLFD FRQVXOWH ³$OWHUDU RV 9DORUHV SRU 'HIHLWR GR )D[´ QD SiJLQD ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >5HFHSomR 6HJXUD@ H SULPD >$FHLWDU@ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , QLFLDU 3DUDU ½ 5HFHSomR VHJXUD 2So}HV GH 5HFHSomR 6HJXUD , QLFLDU 3DUDU 8WLOL]H HVWD RSomR SDUD LQLFLDU PDQXDOPHQWH XP SHUtRGR GH 5HFHSomR 6HJXUD 8WLOL]H HVWD RSomR SDUD GLJLWDU R &yGLJR GH 6HJXUDQoD GH GtJLWRV GH 5HFHSomR 6HJXUD D ILP GH WHUPLQDU R PRGR GH 5HFHSomR 6HJXUD SDUD R SHUtRGR GH WHPSR DFWXDOPHQWH GHVLJQDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $&& )D[ 5HFHSomR 6HJXUD 0DQXDO , PSULPLU 5HODWyULR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR TXH OLVWH WRGRV RV WUDEDOKRV SHQGHQWHV RX SDUD LPSULPLU XP UHODWyULR GH FDL[D GH FRUUHLR ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >, PSULPLU UHODWyULR@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV , PSULPLU UHODWyULR ½ 6HOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 7UDEDOKRV SHQGHQWHV &DL[D GH &RUUHLR 2So}HV GH , PSULPLU 5HODWyULR 7UDEDOKRV SHQGHQWHV 8WLOL]H HVWD RSomR SDUD LPSULPLU XPD OLVWD GH WRGRV RV WUDEDOKRV TXH VH HQFRQWUDP QD PiTXLQD D DJXDUGDU WUDQVPLVVmR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR GH FDL[D GH FRUUHLR &DL[D GH &RUUHLR $&' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ IXQomR GH 3ROOLQJ SHUPLWHOKH UHWLUDU GRFXPHQWRV GH XP HTXLSDPHQWR UHPRWR 3ROO SURJUDPDU XP GRFXPHQWR SDUD VHU UHWLUDGR SRU XP HTXLSDPHQWR UHPRWR 'LJLWDOL]DU SDUD SROO UHWLUDU GRFXPHQWRV GH YiULRV HTXLSDPHQWRV UHPRWRV QXPD PHVPD RSHUDomR 3ROO GH JUXSR HQYLDU XP GRFXPHQWR SDUD XP HTXLSDPHQWR UHPRWR H UHWLUDU GHSRLV RXWUR GRFXPHQWR GD PiTXLQD (QYLDU H SROO H UHWLUDU GRFXPHQWRV GH HTXLSDPHQWRV UHPRWRV D LQWHUYDORV UHJXODUHV 3ROO FRQWtQXR $ IXQomR 3ROOLQJ SHUPLWHOKH UHFXSHUDU XP GRFXPHQWR GH XP HTXLSDPHQWR UHPRWR TXDQGR ID] XPD FKDPDGD SDUD HVVH HTXLSDPHQWR 7DPEpP SRGH WUDQVPLWLU XP GRFXPHQWR SDUD XP HTXLSDPHQWR UHPRWR TXDQGR HVVH HTXLSDPHQWR UHPRWR ID] XPD FKDPDGD SDUD R VHX HTXLSDPHQWR 3ROO 8WLOL]H HVWH SURFHGLPHQWR SDUD UHWLUDU XP GRFXPHQWR GH XP HTXLSDPHQWR UHPRWR 6H R RSHUDGRU UHPRWR JUDYRX R GRFXPHQWR FRP XP FyGLJR GH VHJXUDQoD WHUi GH GLJLWDU HVVH PHVPR FyGLJR SDUD UHWLUDU R GRFXPHQWR ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV 3ROOLQJ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROO@ H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $&( )D[ 3ROOLQJ ½ 6H IRU QHFHVViULR XP FyGLJR GH VHJXUDQoD VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ $GLFLRQDU FyGLJR VHJXUDQoD" 6LP 1mR 'LJLWH FyG VHJXUDQoD 3ROO ½ ½ 'LJLWH R FyGLJR GH VHJXUDQoD REWLGR GR RSHUDGRU UHPRWR H SULPD >$FHLWDU@ 6H QmR IRU QHFHVViULR TXDOTXHU FyGLJR GH VHJXUDQoD SULPD >1mR@ H GHSRLV >$FHLWDU@ 3ROO ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ GD PiTXLQD UHPRWD H SULPD >$FHLWDU@ H >, QLFLDU@ VH QHFHVViULR $ PiTXLQD PDUFD R Q~PHUR H UHFXSHUD R GRFXPHQWR GD PiTXLQD UHPRWD 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 3ROO 3ROO GH *UXSR 8WLOL]H HVWH SURFHGLPHQWR SDUD UHWLUDU GRFXPHQWRV GH YiULRV HTXLSDPHQWRV UHPRWRV FRP XPD ~QLFD RSHUDomR XVDQGR D WHFOD GH *UXSR 0DQXDO RX XP 1~PHUR GH *UXSR SUpGHILQLGR e SRVVtYHO SUpGHILQLU XP Pi[LPR GH JUXSRV SDUD XWLOL]DomR FRP 5HFHSo}HV GH 3ROOLQJ 0~OWLSOR 68*(672 2 3ROOLQJ GH *UXSR SRGH VHU LQLFLDGR TXDQGR H[LVWH XP 1~PHUR GH *UXSR SURJUDPDGR TXH FRQWpP DV ORFDOL]Do}HV SDUD R 3ROOLQJ GH *UXSR &RQVXOWH R FDStWXOR ± /LVWD 7HOHIyQLFD SDUD LQVWUXo}HV VREUH FRPR SURJUDPDU 1~PHURV GH *UXSR $' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV 3ROOLQJ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROO@ H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO ½ 6H IRU QHFHVViULR XP FyGLJR GH VHJXUDQoD VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ $GLFLRQDU FyGLJR VHJXUDQoD" 6LP 1mR 'LJLWH FyG VHJXUDQoD 3ROO ½ ½ 'LJLWH R FyGLJR GH VHJXUDQoD REWLGR GR RSHUDGRU UHPRWR H SULPD >$FHLWDU@ 6H QmR IRU QHFHVViULR TXDOTXHU FyGLJR GH VHJXUDQoD SULPD >1mR@ H GHSRLV >$FHLWDU@ 3ROO 127$ e QHFHVViULR TXH WRGDV DV PiTXLQDV XWLOL]HP R PHVPR FyGLJR GH VHJXUDQoD SDUD R SROO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $' )D[ ½ 6H RV Q~PHURV GR *UXSR GH TXH GHVHMD ID]HU R SROOLQJ IRUDP SURJUDPDGRV FRPR XP *UXSR QD OLVWD WHOHIyQLFD SULPD /LVWD 7HOHIyQLFD VHOHFFLRQH >*UXSR@ H GLJLWH R Q~PHUR GR JUXSR 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 3ROO ½ 6H R *UXSR QmR IRL SUp SURJUDPDGR SULPD D WHFOD GH DFHVVR GLUHFWR >*UXSR 0DQXDO@ 7HFODV GH $FHVVR 'LUHFWR ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R SULPHLUR Q~PHUR 6H GLJLWDU R Q~PHUR XWLOL]DQGR XPD WHFOD GH 8P 7RTXH QmR SULPD >$FHLWDU@ 6H GLJLWDU R Q~PHUR XWLOL]DQGR D 0DUFDomR QR 7HFODGR WHP GH SUHPLU >$FHLWDU@ *UXSR PDQXDO 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH $'! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 3DUD GLJLWDU R Q~PHUR VHJXLQWH VHOHFFLRQH >3Uy[LPR GHVWLQR@ H SULPD >$FHLWDU@ &RQWLQXH D GLJLWDU RV Q~PHURV DWp WHU GLJLWDGR WRGRV RV GHVWLQRV GR 3ROO GH *UXSR 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR 0DQXDO ½ 6HOHFFLRQH >&RQFOXtGR@ H SULPD >, QLFLDU@ $ PiTXLQD PDUFD FDGD XP GRV Q~PHURV SRU VXD YH] SDUD UHFXSHUDU RV GRFXPHQWRV j HVSHUD GH VHUHP UHWLUDGRV 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO 'LJLWDOL]DU SDUD 3ROO (VWD IXQomR JUDYD GRFXPHQWRV HP FDL[DV GH SROOLQJ QR VHX HTXLSDPHQWR SDUD VHUHP UHFXSHUDGRV SRU RXWURV ([LVWHP RV VHJXLQWHV WLSRV GH FDL[DV GH 3ROOLQJ &DL[D GH 3ROO ÒQLFR 2V GRFXPHQWRV JUDYDGRV HP FDL[DV GH SROO ~QLFR VmR DSDJDGRV TXDQGR UHWLUDGRV GD FDL[D $R JUDYDU XP GRFXPHQWR SDUD SROO SRGH GHVLJQDU DV VHJXLQWHV RSo}HV GH VHJXUDQoD TXH VHUmR H[LJLGDV DR HTXLSDPHQWR TXH IL]HU R SROOLQJ TXDQGR HOH YLHU UHFXSHUDU RV GRFXPHQWRV 8P FyGLJR GH VHJXUDQoD GH GtJLWRV GH D 2 Q~PHUR GH ID[ GD PiTXLQD UHPRWD 2 Q~PHUR GH ID[ GD PiTXLQD UHPRWD H XP FyGLJR GH VHJXUDQoD GH GtJLWRV 6y SRGH KDYHU XPD WUDQVPLVVmR UHVHUYDGD QXPD FDL[D GH SROO ~QLFR TXH QmR WHQKD RSo}HV GH VHJXUDQoD DWULEXtGDV 6H KRXYHU XP GRFXPHQWR JUDYDGR QXPD FDL[D GH 3ROO ÒQLFR VHP VHJXUDQoD QmR VHUi SRVVtYHO JUDYDU XP GRFXPHQWR QXPD FDL[D 0XOWLSROO FRQVXOWH ³)D]HU R 3ROOLQJ GH XP 'RFXPHQWR 5HPRWR´ QHVWD 6HFomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $'" )D[ &DL[D 0XOWLSROO 2V GRFXPHQWRV JUDYDGRV QXPD FDL[D PXOWLSROO VmR UHWLGRV HP PHPyULD LQGHSHQGHQWHPHQWH GR Q~PHUR GH YH]HV TXH VHMDP UHWLUDGRV SRU SROO 1mR Ki RSo}HV GH VHJXUDQoD GLVSRQtYHLV SDUD FDL[DV PXOWLSROO 6y SRGH KDYHU XPD WUDQVPLVVmR UHVHUYDGD SDUD XPD FDL[D PXOWLSROO HP TXDOTXHU PRPHQWR GDGR e SRVVtYHO JUDYDU XP GRFXPHQWR QXPD FDL[D GH 3ROO ÒQLFR FRP VHJXUDQoD H WDPEpP QXPD FDL[D 0XOWLSROO *UDYDU XP 'RFXPHQWR (VWD IXQomR JUDYD XP GRFXPHQWR QXPD FDL[D GH 3ROO ÒQLFR RX QXPD FDL[D 0XOWLSROO H SUHSDUD R HTXLSDPHQWR SDUD XPD FKDPDGD GH SROO IHLWD SRU XP HTXLSDPHQWR UHPRWR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >'LJLWDOL]DU S SROO@ H SULPD >$FHLWDU@ 6HOHFFLRQH R WLSR GH FDL[D GHVHMDGD H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO 3ROOLQJ ½ &DL[D GH 3ROO ÒQLFR &DL[D 0XOWLSROO 'LJLWDOL]DU S SROO $'# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ ½ ½ 6H VHOHFFLRQDU >&DL[D SROO ~QLFR@ VHOHFFLRQH D RSomR GH VHJXUDQoD GHVHMDGD 3DUD VHOHFFLRQDU QHQKXPD VHJXUDQoD SULPD >&RQFOXtGR@ 3DUD GLJLWDU XP FyGLJR GH VHJXUDQoD SULPD >6HJXUDQoD@ H GHSRLV >$FHLWDU@ 'LJLWH XP FyGLJR GH VHJXUDQoD GH GtJLWRV XWLOL]DQGR R WHFODGR QXPpULFR H SULPD >$FHLWDU@ &RQFOXtGR 6HJXUDQoD 1 GH ID[ VHJXUR &DL[D GH 3ROO ÒQLFR GHVOLJDGD GHVOLJDGR &yGLJR GH VHJXUDQoD &DL[D GH 3ROO ÒQLFR 68*(672 2 XWLOL]DGRU UHPRWR SUHFLVDUi GH GLJLWDU HVWH FyGLJR GH VHJXUDQoD SDUD UHWLUDU GRFXPHQWRV GR VHX HTXLSDPHQWR 127$ 6H VHOHFFLRQDU D FDL[D 0XOWLSROO QmR VHUi QHFHVViULD TXDOTXHU VHJXUDQoD ½ 3DUD GLJLWDU R Q~PHUR GH ID[ GD PiTXLQD UHPRWD SDUD PDLV VHJXUDQoD VHOHFFLRQH >1 GH ID[ VHJXUR@ H SULPD >$FHLWDU@ 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH R Q~PHUR GH ID[ GtJLWRV QR Pi[LPR H SULPD >$FHLWDU@ ½ &RQFOXtGR 6HJXUDQoD 1 GH ID[ VHJXUR &DL[D GH 3ROO ÒQLFR GHVOLJDGD GHVOLJDGR 1 GH ID[ VHJXUR Pi[ &DL[D GH 3ROO ÒQLFR 127$ 4XDQGR R GRFXPHQWR IRU UHWLUDGR SHOR HTXLSDPHQWR UHPRWR R Q~PHUR GH ID[ VHUi FRPSDUDGR FRP R Q~PHUR TXH LQVHULX DTXL 6H RV Q~PHURV IRUHP LJXDLV D RSHUDomR GH SROOLQJ VHUi SHUPLWLGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $'$ )D[ ½ ½ 6HOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ 6HOHFFLRQH >, QLFLDU@ SDUD GLJLWDOL]DU R GRFXPHQWR SDUD SROO 2 GRFXPHQWR p GLJLWDOL]DGR SDUD D PHPyULD H ILFD D DJXDUGDU R SROOLQJ &RQFOXtGR 6HJXUDQoD 1 GH ID[ VHJXUR &DL[D GH 3ROO ÒQLFR GHVOLJDGD GHVOLJDGR 127$ 6H Mi KRXYHU XP GRFXPHQWR UHVHUYDGR QXPD FDL[D GH 3ROO ÒQLFR H IRUHP VHOHFFLRQDGDV DV PHVPDV RSo}HV GH VHJXUDQoD H RV PHVPRV Q~PHURV RX VH Mi KRXYHU XP GRFXPHQWR UHVHUYDGR QXPD FDL[D 0XOWLSROO VHUOKHi SHGLGR TXH HVFROKD DSDJiOR UHWrOR RX DGLFLRQDUOKH R QRYR GRFXPHQWR 3DUD 6XEVWLWXLU RX $GLFLRQDU XP 'RFXPHQWR *UDYDGR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV $'% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >'LJLWDOL]DU S SROO@ H SULPD >$FHLWDU@ 6HOHFFLRQH R WLSR GH FDL[D GHVHMDGD H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO 3ROOLQJ ½ &DL[D GH 3ROO ÒQLFR &DL[D 0XOWLSROO 'LJLWDOL]DU S SROO ½ 6H VHOHFFLRQDU >&DL[D SROO ~QLFR@ GLJLWH RV PHVPRV GHWDOKHV GH VHJXUDQoD XVDGRV DQWHULRUPHQWH 6H VHOHFFLRQDU >&DL[D PXOWL SROO@ QmR VHUi QHFHVViULD TXDOTXHU VHJXUDQoD 3ULPD >$FHLWDU@ ½ ½ ½ &RQFOXtGR 6HJXUDQoD 1 GH ID[ VHJXUR &DL[D GH 3ROO ÒQLFR GHVOLJDGD GHVOLJDGR 6HOHFFLRQH D RSomR GH DOWHUDomR GHVHMDGD 3DUD DSDJDU H VXEVWLWXLU R GRFXPHQWR JUDYDGR VHOHFFLRQH >$SDJDU@ H SULPD >$FHLWDU@ 2 GRFXPHQWR p GLJLWDOL]DGR 3DUD DGLFLRQDU HVWH GRFXPHQWR DR GRFXPHQWR JUDYDGR VHOHFFLRQH >$GLFLRQDU@ H SULPD >$FHLWDU@ 2 GRFXPHQWR p GLJLWDOL]DGR H pOKH DWULEXtGR XP Q~PHUR GH WUDEDOKR $SDJDU $GLFLRQDU 5HWHU $SDJDU $GLFLRQDU 5HWHU &DL[D GH 3ROO ÒQLFR &DL[D GH 3ROO ÒQLFR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $'& )D[ 3DUD UHWHU R GRFXPHQWR Mi JUDYDGR VHOHFFLRQH >5HWHU@ SULPD >$FHLWDU@ H GHSRLV >)XQo}HV@ 2 HTXLSDPHQWR YROWD DR PRGR 3URQWR $SDJDU $GLFLRQDU 5HWHU &DL[D GH 3ROO ÒQLFR (QYLDU H 3ROO (VWD IXQomR H[HFXWD GXDV RSHUDo}HV HQYLR H SROO QXPD ~QLFD RSHUDomR 6H D PiTXLQD UHPRWD WLYHU XP GRFXPHQWR SURJUDPDGR SDUD SROO R GRFXPHQWR GH SROOLQJ VHUi UHFHELGR DSyV R VHX GRFXPHQWR WHU VLGR HQYLDGR QR GHFXUVR GD PHVPD FKDPDGD HVWH p XP SURFHGLPHQWR GH XWLOL]DomR ~QLFD ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ ½ ½ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >(QYLDU H SROO@ H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO 3ROOLQJ $'' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H IRU QHFHVViULR XP FyGLJR GH VHJXUDQoD VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ $GLFLRQDU FyGLJR VHJXUDQoD" 6LP 1mR &yGLJR GH VHJXUDQoD (QYLDU H SROO ½ ½ 'LJLWH R FyGLJR GH VHJXUDQoD REWLGR GR RSHUDGRU UHPRWR H SULPD >$FHLWDU@ 6H QmR IRU QHFHVViULR TXDOTXHU FyGLJR GH VHJXUDQoD SULPD >1mR@ H GHSRLV >$FHLWDU@ (QYLDU H SROO ½ ½ 6HOHFFLRQH TXDLVTXHU RSo}HV GH ID[ DGLFLRQDLV GHVHMDGDV SDUD R WUDEDOKR 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ H VH QHFHVViULR SULPD >$FHLWDU@ H GHSRLV >, QLFLDU@ 2 GRFXPHQWR p HQYLDGR H R RXWUR GRFXPHQWR SURJUDPDGR SDUD SROO QR HTXLSDPHQWR UHPRWR p UHFHELGR 2 HTXLSDPHQWR YROWD HQWmR DR PRGR 3URQWR $EU DP 0 5HVROXomR 6WDQGDUG &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH R Q~PHUR GH ID[ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $'( )D[ 3ROO &RQWtQXR 8WLOL]H HVWH SURFHGLPHQWR SDUD ID]HU R SROOLQJ GD PHVPD PiTXLQD RX GH XP JUXSR GH PiTXLQDV IUHTXHQWHPHQWH 3RGH SURJUDPDU R VHX HTXLSDPHQWR SDUD H[HFXWDU DXWRPDWLFDPHQWH HVWD WDUHID D LQWHUYDORV UHJXODUHV 4XDQGR D IXQomR GH 3ROO &RQWtQXR VH HQFRQWUD DFWLYDGD R VHX HTXLSDPHQWR ID] R SROOLQJ H UHFHEH GRFXPHQWRV GDV PiTXLQDV LQGLFDGDV DR PHVPR WHPSR HP FDGD XP GRV GLDV VHOHFFLRQDGRV 6y SRGH KDYHU XPD RSHUDomR GH 3ROO &RQWtQXR UHVHUYDGD HP FDGD PRPHQWR GDGR ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROO FRQWtQXR@ H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO 3ROO FRQWtQXR 3ROOLQJ $( ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3DUD VHOHFFLRQDU D GDWD H D KRUD GH LQtFLR GD RSHUDomR GH SROO FRQWtQXR VHOHFFLRQH >, QLFLDU@ H SULPD >$FHLWDU@ $SDJDU DFWXDLV GHILQLo}HV 'LJLWH Q ID[ , QtFLR 6HJ DP )LP 6H[ SP 'XUDomR +RUDV , QWHUYDOR PLQ 6HJXUDQoD GHVOLJDGD 3ROO FRQWtQXR ½ 8WLOL]DQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH R GLD GD VHPDQD H D KRUD GH LQtFLR GR SROOLQJ 3ULPD >$FHLWDU@ 'DWD H +RUD GH , QtFLR 3ROO FRQWtQXR 6HJ DP ½ ½ 3DUD SURJUDPDU D 'DWD GH )LP VHOHFFLRQH >)LP@ H SULPD >$FHLWDU@ 6HOHFFLRQH D 'DWD GH )LP XWLOL]DQGR DV WHFODV GH GHVORFDomR H SULPD >$FHLWDU@ 'DWD GH ILP 3ROO FRQWtQXR 3 4 6H[ ½ 'LJLWH D GXUDomR GR SROO FRQWtQXR H D PiTXLQD FDOFXODUi DXWRPDWLFDPHQWH D KRUD GH ILP 6HOHFFLRQH >'XUDomR@ H SULPD >$FHLWDU@ 6HOHFFLRQH D GXUDomR XWLOL]DQGR DV WHFODV GH GHVORFDomR H SULPD >$FHLWDU@ 'XUDomR 3ROO FRQWtQXR 3 4 ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $( )D[ 3 4 3 4 ½ 8VH D RSomR GH , QWHUYDOR SDUD GHILQLU R SHUtRGR HQWUH DV FKDPDGDV GH SROOLQJ 6HOHFFLRQH >, QWHUYDOR@ H SULPD >$FHLWDU@ 6HOHFFLRQH R SHUtRGR GH LQWHUYDOR GHVHMDGR XVDQGR DV WHFODV GH GHVORFDomR (VWH SHUtRGR SRGH VHU GHILQLGR HQWUH H PLQXWRV HP LQFUHPHQWRV GH PLQXWRV 3ULPD >$FHLWDU@ 6H D PiTXLQD UHPRWD GH TXH HVWi D VHU IHLWR R SROOLQJ H[LJH XP FyGLJR GH VHJXUDQoD XWLOL]H D RSomR 6HJXUDQoD 6HOHFFLRQH >6HJXUDQoD@ H SULPD >$FHLWDU@ 'LJLWH R &yGLJR GH 6HJXUDQoD GH GtJLWRV XWLOL]DQGR R WHFODGR QXPpULFR H SULPD >$FHLWDU@ ½ , QWHUYDOR HQWUH FKDPDGDV 3ROO FRQWtQXR PLQ PLQ 3 4 ½ ½ 'LJLWH FyG VHJXUDQoD 3ROO FRQWtQXR ½ 127$ 6H HVWi D VHU XVDGR XP FyGLJR GH VHJXUDQoD WRGDV DV PiTXLQDV TXH HVWi D VHU IHLWR R SROOLQJ WrP GH HVWDU SURJUDPDGDV FRP R PHVPR FyGLJR ½ 3DUD GLJLWDU RV Q~PHURV GH ID[ GDV PiTXLQDV GH TXH HVWi D VHU IHLWR R SROOLQJ VHOHFFLRQH >'LJLWH Q ID[@ H SULPD >$FHLWDU@ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH RV Q~PHURV GH ID[ GDV PiTXLQDV UHPRWDV H SULPD >$FHLWDU@ VH QHFHVViULR 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 3ROO &RQILGHQFLDO ½ $(! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 6HOHFFLRQH >$GLFLRQH Q~PHUR VHJXLQWH@ SDUD DGLFLRQDU RXWUR Q~PHUR GH ID[ 4XDQGR WLYHU DFDEDGR GH GLJLWDU WRGRV RV Q~PHURV GH ID[ VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ 2 3ROO &RQWtQXR VHUi LQLFLDGR TXDQGR R UHOyJLR GR HTXLSDPHQWR DWLQJLU D KRUD GH LQtFLR $GLFLRQH Q~PHUR VHJXLQWH &RQFOXtGR 3ROO FRQWtQXR ½ $SDJDU 7UDEDOKRV GH 3ROO &RQWtQXR 3DUD PRGLILFDU D RSHUDomR GH SROO FRQWtQXR SUHFLVD GH DSDJDU H YROWDU D GLJLWDU D LQIRUPDomR ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROOLQJ@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3ROO FRQWtQXR@ H SULPD >$FHLWDU@ 3ROO 'LJLWDOL]DU S SROO (QYLDU H SROO 3ROO FRQWtQXR 3ROOLQJ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $(" )D[ ½ 3DUD DSDJDU DV GHILQLo}HV GH SROO FRQWtQXR GLJLWDGDV VHOHFFLRQH >$SDJDU DFWXDLV GHILQLo}HV@ H SULPD >$FHLWDU@ 6HOHFFLRQH >6LP@ SDUD DSDJDU DV GHILQLo}HV H SULPD >$FHLWDU@ 3DUD UHWHU DV GHILQLo}HV GH SROO FRQWtQXR VHOHFFLRQH >1mR@ H SULPD >$FHLWDU@ $SDJDU DFWXDLV GHILQLo}HV 'LJLWH Q ID[ , QtFLR 6HJ DP 3ROO FRQWtQXR ½ ½ $SDJDU DFWXDLV GHILQLo}HV" 6LP 1mR 3ROO FRQWtQXR 0DSD GH 0HQXV 2 0DSD GH 0HQXV p XPD OLVWD LPSUHVVD GH WRGDV DV IXQo}HV GR HTXLSDPHQWR QXP IRUPDWR GH UHODWyULR ½ ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >)XQo}HV $GLFLRQDLV@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >0DSD GH PHQXV@ H SULPD >$FHLWDU@ 2So}HV GH HQYLR 2XYLU VLQDO PDUFDomR 1~PHUR GH SiJLQDV 5HFHSomR VHJXUD , PSULPLU UHODWyULR 3ROOLQJ 0DSD GH PHQXV 0DSD GH PHQXV , PSUHVVmR DFHLWH 2 PDSD GH PHQXV p LPSUHVVR $(# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ &RPXQLFDomR SRU 5HOD\ SHUPLWHOKH HQYLDU GRFXPHQWRV GD VXD PiTXLQD GH ID[ D HVWDomR LQLFLDO SDUD XPD PiTXLQD GH ID[ D HVWDomR UHOD\ TXH SRU VXD YH] RV HQYLD SDUD RXWUDV PiTXLQDV GH ID[ DV HVWDo}HV ILQDLV 6H WHP YiULDV HVWDo}HV ILQDLV QXPD iUHD UHJLRQDO RX HP PDLV GR TXH XPD iUHD SRGH SRXSDU WHPSR H GHVSHVDV WHOHIyQLFDV HVWDEHOHFHQGR XP VLVWHPD GH UHOD\ 2ULJHP (VWDomR GH 5HWUDQVPLVVmR &DL[D GH &RUUHLR 5HOD\ $ &DL[D GH &RUUHLR 5HOD\ p SURJUDPDGD XWLOL]DQGR RV Q~PHURV GDV HVWDo}HV ILQDLV SURJUDPDGRV HP Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV (VWDo}HV )LQDLV DWp HVWDo}HVJUXSRV (VWDomR )LQDO (VWDomR )LQDO (VWDomR , QLFLDO $ &DL[D GH &RUUHLR GH (QYLR SRU 5HOD\ p XVDGD SDUD H[HFXWDU XPD &RPXQLFDomR SRU 5HOD\ (VWD VHFomR GHVFUHYH R SURFHGLPHQWR QHFHVViULR SDUD TXH D VXD PiTXLQD SRVVD VHU XVDGD FRPR (VWDomR , QLFLDO RX (VWDomR GH 5HWUDQVPLVVmR 5HOD\ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $($ )D[ &RPXQLFDo}HV SRU 5HOD\ , 787 (QYLDU XPD &RPXQLFDomR SRU 5HOD\ (VWDomR , QLFLDO 3DUD SRGHU HQYLDU XPD &RPXQLFDomR SRU 5HOD\ XWLOL]DQGR R VHX :RUN&HQWUH 3UR p QHFHVViULR TXH D PiTXLQD UHPRWD TXH YDL VHU XVDGD FRPR (VWDomR GH 5HWUDQVPLVVmR WHQKD VLGR SURJUDPDGD $ HVWDomR GH UHWUDQVPLVVmR WHP GH SURJUDPDU RV Q~PHURV GH ID[ GDV HVWDo}HV ILQDLV HP Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR $ HVWDomR GH UHWUDQVPLVVmR WHP GH IRUQHFHU DV SDVVZRUGV QHFHVViULDV j (VWDomR , QLFLDO ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ ½ ½ 6HOHFFLRQH >5HOD\@ H SULPD >$FHLWDU@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ &DL[D GH &RUUHLR ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH XP Q~PHUR GH FDL[D GH FRUUHLR UHOD\ H SULPD >$FHLWDU@ 1 &DL[D &RUUHLR Pi[ (QYLDU 5HOD\ $(% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 127$ e QHFHVViULD XPD SDVVZRUG SDUD UHFHEHU QXPD &DL[D 5HOD\ ½ 6H IRU QHFHVViULD XPD SDVVZRUG VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ 3URJUDPDU SDVVZRUG 6LP 1mR 3DVVZRUG Pi[ (QYLDU 5HOD\ ½ ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH D SDVVZRUG H SULPD >$FHLWDU@ 6H QmR IRU QHFHVViULD TXDOTXHU SDVVZRUG VHOHFFLRQH >1mR@ H SULPD >$FHLWDU@ (QYLDU 5HOD\ ½ 8WLOL]DQGR XP GRV PpWRGRV GH PDUFDomR GLJLWH R Q~PHUR GH ID[ GD PiTXLQD UHPRWD TXH YDL VHU XVDGD FRPR (VWDomR GH 5HWUDQVPLVVmR 3ULPD >$FHLWDU@ H >, QLFLDU@ VH QHFHVViULR 2 GRFXPHQWR p HQYLDGR SDUD D (VWDomR GH 5HWUDQVPLVVmR $ (VWDomR GH 5HWUDQVPLVVmR UHWUDQVPLWH GHSRLV R GRFXPHQWR SDUD DV (VWDo}HV )LQDLV HVSHFLILFDGDV 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH (QYLDU 5HOD\ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $(& )D[ 3URJUDPDU XPD (VWDomR GH 5HWUDQVPLVVmR 3DUD SURJUDPDU R :RUN&HQWUH 3UR FRPR (VWDomR GH 5HWUDQVPLVVmR p QHFHVViULR SURJUDPDU RV Q~PHURV GH ID[ GDV HVWDo}HV ILQDLV HP Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX QXP Q~PHUR GH *UXSR 127$ 3DUD LQVWUXo}HV VREUH FRPR SURJUDPDU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR FRQVXOWH R &DStWXOR ± /LVWD 7HOHIyQLFD QD SiJLQD 8PD YH] SURJUDPDGRV RV Q~PHURV GH ID[ p FULDGD XPD &DL[D GH &RUUHLR 5HOD\ 2V Q~PHURV GDV HVWDo}HV ILQDLV JUDYDGRV FRPR Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR VmR LQVHULGRV QD SURJUDPDomR GD &DL[D GH &RUUHLR 5HOD\ 3RGH GHVLJQDU DWp &DL[DV GH &RUUHLR 5HOD\ &DGD FDL[D UHOD\ SRGH FRQWHU DWp (VWDo}HV )LQDLV TXH VmR SUp GHILQLGDV HP Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR ½ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ $(' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR &DL[D GH &RUUHLR ½ 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ &RQFOXtGR 3URJUDPDU F[ FRUUHLR $SDJDU F[ FRUUHLR 3URJUDPDU F[ FRUUHLR ½ 6HOHFFLRQH >5HOD\@ FRPR R WLSR GD &DL[D GH &RUUHLR TXH GHVHMD FULDU &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH XP Q~PHUR GH FDL[D GH FRUUHLR H SULPD >$FHLWDU@ 'LJLWH QRYR Q F[ FRUU 1 &DL[D &RUUHLR Pi[ 3URJUDP &[ FRUUHLR 5HOD\ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $(( )D[ ½ ½ ½ ½ 3DUD DWULEXLU XPD SDVVZRUG VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ 8WLOL]H R 7HFODGR 1XPpULFR SDUD GLJLWDU D SDVVZRUG TXH GHVHMD DWULEXLU D HVWD FDL[D 6H QmR GHVHMD DWULEXLU XPD SDVVZRUG VHOHFFLRQH >1mR@ 3ULPD >$FHLWDU@ 3URJUDPDU SDVVZRUG 6LP 1mR 3DVVZRUG Pi[ 3URJUDP &[ FRUUHLR 5HOD\ 3URJUDP &[ FRUUHLR 5HOD\ 2V Q~PHURV GH ID[ GDV HVWDo}HV ILQDLV SRGHP VHU GLJLWDGRV XWLOL]DQGR D WHFOD 0DUFDomR /LVWD 7HOHIyQLFD RX DV WHFODV GH 8P 7RTXH 3ULPD D WHFOD /LVWD 7HOHIyQLFD RX 7RTXH 1 GH 5HOD\ )LQDO ½ 3DUD XVDU D OLVWD WHOHIyQLFD SULPD D WHFOD >0DUFDomR /LVWD 7HOHIyQLFD@ VHOHFFLRQH D 0DUFDomR 5iSLGD D 0DUFDomR $OIDEpWLFD RX D 0DUFDomR GH *UXSR H SULPD >$FHLWDU@ 'LJLWH R Q~PHUR RX R QRPH GHVHMDGR H SULPD >$FHLWDU@ 0DUFDomR UiSLGD 0DUFDomR DOIDEpWLFD 0DUFDomR GH JUXSR 0DUFDomR UiSLGD  /LVWD 7HOHIyQLFD ½ 1 GH 5HOD\ )LQDO ½ 3DUD XWLOL]DU DV WHFODV GH 8P 7RTXH SULPD D WHFOD GH 8P 7RTXH GHVHMDGD 7HFOD GH XP WRTXH ;HUR[ 1 GH 5HOD\ )LQDO $ ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3DUD GLJLWDU RXWUR Q~PHUR GH ID[ GH HVWDomR ILQDO VHOHFFLRQH >$GLFLRQH Q~PHUR VHJXLQWH@ H SULPD >$FHLWDU@ &RQWLQXH D GLJLWDU RV Q~PHURV GDV HVWDo}HV ILQDLV DWp WHU GLJLWDGR WRGRV RV Q~PHURV ½ $GLFLRQH Q~PHUR VHJXLQWH &RQFOXtGR 1 GH 5HOD\ )LQDO ½ 4XDQGR WLYHU GLJLWDGR WRGRV RV Q~PHURV GDV HVWDo}HV ILQDLV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ $GLFLRQH Q~PHUR VHJXLQWH &RQFOXtGR 1 GH 5HOD\ )LQDO ½ 3DUD HQYLDU XP UHODWyULR GH WUDQVPLVVmR SDUD XPD HVWDomR ILQDO GLJLWH R Q~PHUR GH ID[ XWLOL]DQGR XP GRV PpWRGRV GH PDUFDomR H SULPD >$FHLWDU@ VH QHFHVViULR 'LJLWH Q GH ID[ RX SULPD /LVWD 7HOHIyQLFD RX WHFOD WRTXH 5HODWyULR GH 7UDQVPLVVmR 5HOD\ ½ e YLVXDOL]DGR R HFUm GH SURJUDPDomR GH FDL[D GH FRUUHLR 6HOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ 3DUD SHUPLWLU TXH XPD PiTXLQD UHPRWD XWLOL]H D VXD PiTXLQD FRPR (VWDomR GH 5HWUDQVPLVVmR Gr R Q~PHUR H D SDVVZRUG GD FDL[D GH FRUUHLR VH QHFHVViULD DR XWLOL]DGRU UHPRWR &RQFOXtGR 3URJUDPDU F[ FRUUHLR $SDJDU F[ FRUUHLR 3URJUDPDU F[ FRUUHLR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ )D[ $SDJDU XPD &DL[D 5HOD\ ½ 3ULPD D WHFOD GH DFHVVR GLUHFWR >&DL[D GH &RUUHLR@ ½ 6HOHFFLRQH >3URJUDPDU &[ FRUUHLR@ H SULPD >$FHLWDU@ &RQILGHQFLDO %ROHWLP LQIRUPDWLYR 5HOD\ 3URJUDPDU F[ FRUUHLR &DL[D GH &RUUHLR ½ 6HOHFFLRQH >$SDJDU F[ FRUUHLR@ H SULPD >$FHLWDU@ &RQFOXtGR 3URJUDPDU F[ FRUUHLR $SDJDU F[ FRUUHLR 3URJUDPDU F[ FRUUHLR ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GD FDL[D TXH GHVHMD DSDJDU H SULPD >$FHLWDU@ 6H QHFHVViULR GLJLWH D SDVVZRUG GD FDL[D GH FRUUHLR 1 &DL[D &RUUHLR Pi[ $SDJDU F[ FRUUHLR Q ½ 3DVVZRUG Pi[ $SDJDU F[ FRUUHLR Q $ FDL[D GH FRUUHLR p DSDJDGD H YROWD D VHU YLVXDOL]DGR R HFUm GH SURJUDPDomR GH FDL[D GH FRUUHLR $SDJDU F[ FRUUHLR Q &DL[D GH FRUUHLR DSDJDGD $ ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR ½3ULPD >(VWDGR GR (TXLSDPHQWR@ ½6HOHFFLRQH >9DORUHV SRU GHIHLWR@ H SULPD >$FHLWDU@ ½6HOHFFLRQH >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ ½6HOHFFLRQH R YDORU GHVHMDGR H SHUVRQDOL]HR GH DFRUGR FRP RV VHXV UHTXLVLWRV 'XUDQWH R IDEULFR VmR SURJUDPDGRV QR HTXLSDPHQWR GHWHUPLQDGRV YDORUHV SDUD DV FDUDFWHUtVWLFDV H IXQo}HV GR :RUN&HQWUH 3UR 'HSRLV GH LQVWDODGD D PiTXLQD SRGH VHU XVDGR R (VWDGR GR (TXLSDPHQWR SDUD DOWHUDU HVWHV YDORUHV GH DFRUGR FRP RV UHTXLVLWRV LQGLYLGXDLV 8WLOL]DQGR DV LQVWUXo}HV VHJXLQWHV H D WDEHOD GH YDORUHV DSUHVHQWDGD QDV SiJLQDV TXH VH VHJXHP SHUVRQDOL]H RV YDORUHV SRU GHIHLWR GR )D[ GH DFRUGR FRP RV VHXV SUySULRV UHTXLVLWRV 127$ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GR HTXLSDPHQWR 3RU LVVR RV Q~PHURV GDV IXQo}HV YLVXDOL]DGRV SRGHUmR VHU GLIHUHQWHV ½ 3DUD DFHGHU DR PHQX GH YDORUHV SRU GHIHLWR GR )D[ QR PRGR 3URQWR SULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ " )D[ $OWHUDU RV 9DORUHV SRU 'HIHLWR GR )D[ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D RSomR GHVHMDGD H SULPD >$FHLWDU@ 8WLOL]H D WDEHOD GH 9DORUHV SRU 'HIHLWR GR )D[ D VHJXLU SDUD LGHQWLILFDU DV GHILQLo}HV GLVSRQtYHLV VHOHFFLRQH D GHILQLomR GHVHMDGD H SULPD >$FHLWDU@ $ GHILQLomR VHOHFFLRQDGD SDVVDUi D VHU R YDORU SRU GHIHLWR ½ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ ½ 4XDQGR WHUPLQDU D SHUVRQDOL]DomR GDV GHILQLo}HV SULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 9DORUHV SRU 'HIHLWR GR )D[ $ WDEHOD VHJXLQWH DSUHVHQWD XPD OLVWD GH FDGD XPD GDV RSo}HV GRV YDORUHV SRU GHIHLWR GR )D[ DV GHILQLo}HV GLVSRQtYHLV SDUD FDGD RSomR H XPD GHVFULomR GH FDGD XPD GDV GHILQLo}HV 127$ 2V YDORUHV SRU GHIHLWR SURJUDPDGRV QD IiEULFD DSDUHFHP HP UHDOFH $ # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR GH 9DO 'HIHLWR GR )D[ 'HILQLo}HV 'HVFULomR 3RGHP VHU DWULEXtGRV Q~PHURV GH WHOHIRQH H HQGHUHoRV GH (PDLO UHPRWRV D Q~PHURV GH 0DUFDomR 5iSLGD HRX D WHFODV GH 8P 7RTXH XWLOL]DQGR D /LVWD 7HOHIyQLFD 2V Q~PHURV H HQGHUHoRV VmR XVDGRV SDUD 0DUFDomR $OIDEpWLFD 0DUFDomR 5iSLGD 0DUFDomR GH 8P 7RTXH 0DUFDomR HP &DGHLD 0DUFDomR GH *UXSR H 2SHUDo}HV GH 3ROOLQJ 68*(672 &RQVXOWH R &DStWXOR ± /LVWD 7HOHIyQLFD SDUD LQVWUXo}HV VREUH FRPR SURJUDPDU H XVDU D OLVWD WHOHIyQLFD 3URJUDPDU OLVWD WHOHIyQLFD 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 0RQLWRU GH OLQKD 'HVOLJDGR 6HPSUH $FWLYH HVWD IXQomR SDUD RXYLU R VLQDO GR ID[ GXUDQWH DV RSHUDo}HV GH HQYLR H SROOLQJ , QWHUYDOR GH UHFHSomR , QWHUYDOR GH UHFHSomR 3URJUDPH R LQWHUYDOR GH UHFHSomR HQWUH H PLQXWRV XVDQGR DV WHFODV GH GHVORFDomR 'HVOLJDGR /LJDGR 2 0RGR GH &RUUHFomR GH (UURV (&0 p XP VLVWHPD GH FRUUHFomR GH HUURV UHFRQKHFLGR LQWHUQDFLRQDOPHQWH 3HU PLWH FRPXQLFDo}HV FRP LPDJHQV QtWL GDV Mi TXH UHHQYLD DXWRPDWLFDPHQWH TXDOTXHU SDUWH GR GRFXPHQWR DIHFWD GD SRU UXtGR QD OLQKD RX GLVWRUomR 3DUD HIHFWXDU FRPXQLFDo}HV (&0 p QHFHVViULR TXH R UHPHWHQWH H R GHVWLQDWiULR SRVVXDP DPERV D IXQomR (&0 127$ (VWD IXQomR QmR p DFHVVtYHO VH R GRFXPHQWR HVWLYHU JUDYDGR QD PHPyULD &RUULJLU HUURV (&0 BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ $ )D[ 2SomR GH 9DO 'HIHLWR GR )D[ 5HVROXomR 'HILQLo}HV 6WDQGDUG 'HVFULomR 5HFRPHQGDGD SDUD GRFXPHQWRV GH WH[WR 5HTXHU PHQRV WHPSR GH FRPXQLFDomR PDV QmR SURGX] D PHOKRU TXDOLGDGH GH LPDJHP SDUD JUiILFRV H IRWRV 'HSRLV GH VHOHFFLRQDU >$FHLWDU@ SURJUDPH R YDORU SRU GHIHLWR GHVHMDGR SDUD &ODUR(VFXUR )LQH 5HFRPHQGDGD SDUD LPDJHQV GH OLQKDV RX WH[WR PLXGLQKR 3URGX] XPD LPDJHP FRP XPD UHVROXomR HQWUH VXSHUILQH H VWDQGDUG 'HSRLV GH VHOHFFLRQDU >$FHLWDU@ SURJUDPH R YDORU SRU GHIHLWR GHVHMDGR SDUD &ODUR(VFXUR 6XSHUILQH 5HFRPHQGDGD SDUD IRWRV H PHLRV WRQV RX LPDJHQV FRP WRQV GH FLQ]HQWR 5HTXHU PDLV WHPSR GH FRPXQLFDomR PDV SURGX] D PHOKRU TXDOLGDGH GH LPDJHP 'HSRLV GH VHOHFFLRQDU >$FHLWDU@ SURJUDPH R YDORU SRU GHIHLWR GHVHMDGR SDUD &ODUR(VFXUR &ODUR(VFXUR $XWRPiWLFR DFHVVR YLD 5HVROXomR 0DQXDO 3HUPLWH R DMXVWH DXWRPiWLFR GD TXDOLGDGH GD LPDJHP SURGX]LGD 3HUPLWHOKH VHOHFFLRQDU PDQXDOPHQWH R QtYHO GH FRQWUDVWH GD LPDJHP $ % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR GH 9DO 'HIHLWR GR )D[ 0RGR GH PDUFDomR 'HILQLo}HV 7RQH 3XOVH 'HVFULomR $ VXD PiTXLQD WHP GH VHU SURJUDPDGD SDUD R PRGR GH PDUFDomR FRPSDWtYHO FRP RV UHTXLVLWRV GD OLQKD TXH HVWHMD D XVDU 2V 0RGRV GH 0DUFDomR VXSRUWDGRV VmR WRQH PDUFDomR SRU WRQV H SXOVH PDUFDomR SRU LPSXOVRV $ PDUFDomR SRU LPSXOVRV p jV YH]HV FKDPDGD PDUFDomR GLVFDGD 6H D VXD PiTXLQD HVWi OLJDGD D XP VLVWHPD GH 3%; SRGHUi SUHFLVDU GH PDUFDU XP Q~PHUR SDUD DFHGHU j OLQKD WHOHIyQLFD GR H[WHULRU 4XDQGR XP GRFXPHQWR p UHVHUYDGR HP PHPyULD H XP Q~PHUR GH WUDEDOKR p DWULEXtGR D PiTXLQD WHQWD DXWRPDWLFDPHQWH HQYLDU R GRFXPHQWR GH DFRUGR FRP D SURJUDPDomR GH UHPDUFDo}HV 3RGH GHILQLU R SHUtRGR GH WHPSR TXH GHYHUi GHFRUUHU HQWUH DV UHPDUFDo}HV 2 LQWHUYDOR HQWUH UHPDUFDo}HV SRGH LU GH D PLQXWRV H p SURJUDPDGR XVDQGR DV WHFODV GH GHVORFDomR 127$ 6H D IXQomR 5HHQYLDU )D[ *UDYDGR HVWLYHU DFWLYDGD H D PiTXLQD H[FHGHU R Q~PHUR GH UHPDUFDo}HV R GRFXPHQWR VHUi UHWLGR QD PHPyULD 5HPDUFDo}HV , QWHUYDOR 1 GH UHPDUFDo}HV (VWD RSomR p XVDGD SDUD SURJUDPDU R Q~PHUR GH YH]HV TXH D PiTXLQD YROWD D PDUFDU XP Q~PHUR 3URJUDPH R Q~PHUR GH UHPDUFDo}HV HQWUH H XVDQGR DV WHFODV GH GHVORFDomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ & )D[ 2SomR GH 9DO 'HIHLWR GR )D[ 0RGR GH DWHQGLPHQWR 'HILQLo}HV $WHQGLPHQWR DXWRPiWLFR 'HVFULomR 4XDQGR R PRGR GH DWHQGLPHQWR HVWi SURJUDPDGR SDUD $WHQGLPHQWR $XWRPiWLFR D PiTXLQD DWHQGH H UHFHEH DXWRPDWLFDPHQWH FKDPDGDV GH ID[ 8WLOL]H R PRGR GH $WHQGLPHQWR $XWRPiWLFR VH WHP XPD OLQKD WHOHIyQLFD GHGLFDGD 6HOHFFLRQH R Q~PHUR GH YH]HV TXH R WHOHIRQH GHYHUi WRFDU DQWHV GH D PiTXLQD DWHQGHU HQWUH H XVDQGR DV WHFODV GH GHVORFDomR 8WLOL]H R PRGR GH $WHQGLPHQWR 0DQXDO VH WHP XPD ~QLFD OLQKD SDUD FRPXQLFDo}HV GH YR] H GH ID[ 2 PRGR GH $WHQGLPHQWR 0DQXDO SHUPLWHOKH DWHQGHU PDQXDOPHQWH DV FKDPDGDV 6H D FKDPDGD IRU XP ID[ SRGHUi UHFHErOR SUHPLQGR D WHFOD >, QLFLDU@ &RP HVWD RSomR D PiTXLQD GLJLWDOL]D SULPHLUR R GRFXPHQWR SDUD D PHPyULD PDUFD GHSRLV R Q~PHUR H HQYLD R ID[ 2 PRGR (QYLR GH 0HPyULD SHUPLWH UHVHUYDU DWp WUDEDOKRV H HQYLiORV j PHGLGD TXH D OLQKD YDL HVWDQGR GLVSRQtYHO 4XDOTXHU RSHUDomR LQLFLDGD XWLOL]DQGR XP GRV VHJXLQWHV PpWRGRV GH PDUFDomR 8P 7RTXH 0DUFDomR 5iSLGD 0DUFDomR $OIDEpWLFD RX 0DUFDomR QR 7HFODGR p DXWRPDWLFDPHQWH H[HFXWDGD FRPR XPD WUDQVPLVVmR GH (QYLR GH 0HPyULD 'HILQD R PRGR (QYLR GH 0HPyULD FRPR >'HVOLJDGR@ SDUD DFWLYDU R PRGR GH WUDQVPLVVmR (QYLR 'LUHFWR $WHQGLPHQWR PDQXDO (QYLR GH PHPyULD 'HVOLJDGR /LJDGR $ ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR GH 9DO 'HIHLWR GR )D[ (QYLR VHJXUR 'HILQLo}HV 'HVOLJDGR /LJDGR 'HVFULomR 4XDQGR R 0RGR (QYLR 6HJXUR VH HQFRQWUD DFWLYDGR WRGDV DV WUDQVPLVV}HV VmR VHJXUDV $ PiTXLQD FRPSDUD R Q~PHUR PDUFDGR FRP R Q~PHUR GH WHOHIRQH GH LGHQWLILFDomR GD PiTXLQD UHPRWD H VH RV Q~PHURV FRUUHVSRQGHUHP R GRFXPHQWR p HQYLDGR &DSD 'HVOLJDGR $ IXQomR GH &DSD FRORFD XPD FDSD RX IROKD GH URVWR QR FLPR GR /LJDGR GRFXPHQWR TXH HVWi D VHU /LJ LPDJHP GD FDSD WUDQVPLWLGR 3DUD DGLFLRQDU XPD LPDJHP j FDSD VHOHFFLRQH D RSomR >/LJ LPDJHP GD FDSD@ H TXDQGR VROLFLWDGR GLJLWDOL]H D LPDJHP SDUD D PHPyULD GD PiTXLQD $ DPSOLWXGH GH GLJLWDOL]DomR p GH PP $ LPDJHP TXH ILTXH SDUD DOpP GHVWH OLPLWH VHUi HOLPLQDGD (VWD IXQomR JUDYD XPD LPDJHP 6H R SURFHGLPHQWR IRU UHSHWLGR SDUD JUDYDU RXWUD LPDJHP D PiTXLQD SHUJXQWDOKH VH GHVHMD $SDJDU RX 5HWHU 8PD YH] DFWLYDGD D FDSD p VHOHFFLRQDGD XWLOL]DQGR D WHFOD GH DFHVVR GLUHFWR &DSD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ ( )D[ 2SomR GH 9DO 'HIHLWR GR )D[ 5HHQYLDU ID[ JUDYDGR 'HILQLo}HV 'HVOLJDGR /LJDGR 'HVFULomR 4XDQGR D IXQomR 5HHQYLDU )D[ *UDYDGR VH HQFRQWUD DFWLYDGD TXDOTXHU GRFXPHQWR TXH H[FHGD R Q~PHUR GH UHPDUFDo}HV SURJUDPDGDV QmR p DSDJDGR PDV p JXDUGDGR QD PHPyULD SRU XP SHUtRGR GH WHPSR HVSHFLILFDGR 'LJLWH R SHUtRGR GH WHPSR SHOR TXDO R ID[ GHYHUi VHU UHWLGR HQWUH H KRUDV XVDQGR DV WHFODV GH GHVORFDomR 68*(672 4XDQGR D IXQomR 5HHQYLDU )D[ *UDYDGR VH HQFRQWUD DFWLYDGD R WHPSR GH UHWHQomR p UHJLVWDGR QR 5HODWyULR GH 7UDEDOKRV 3HQGHQWHV &DEHoDOKR GH HQYLR 'HVOLJDGR 'HQWUR 4XDQGR DFWLYDGR D LQIRUPDomR GH &DEHoDOKR GH (QYLR p LPSUHVVD QR WRSR GH FDGD XPD GDV SiJLQDV HQYLDGDV $ 'DWD D +RUD GH , QtFLR D , GHQWLILFDomR GD (VWDomR 7UDQVPLVVRUD GHSDUWDPHQWR QRPH RX Q~PHUR GH WHOHIRQH R 1~PHUR GH 6pULH GD 7UDQVPLVVmR R 1~PHUR GD 3iJLQD1~PHUR 7RWDO GH 3iJLQDV H R 1~PHUR GH 5HFHSomR VmR LPSUHVVRV HP FDGD XPD GDV SiJLQDV $ ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR GH 9DO 'HIHLWR GR )D[ (QYLDU DSyV GLJLWDOL]DU 'HILQLo}HV 0DUFDU DR GLJLWDOL]DU 0DUFDU DSyV GLJLWDOL]DU 'HVFULomR 2 0RGR (QYLDU DSyV 'LJLWDOL]DU SURJUDPD D PiTXLQD SDUD GLJLWDOL]DU RV RULJLQDLV SDUD D PHPyULD H WUDQVPLWLORV GHSRLV GD PHPyULD $ PiTXLQD SRGH PDUFDU R Q~PHUR GH ID[ UHPRWR GXUDQWH RX DSyV D GLJLWDOL]DomR 6H D PHPyULD VH HVJRWDU QR GHFRUUHU GD GLJLWDOL]DomR XWLOL]H R HFUm ³4XDQGR 0HPyULD &KHLD´ SDUD GHILQLU VH D PiTXLQD GHYHUi HQYLDU LPHGLDWDPHQWH R ID[ RX DSDJDU DV SiJLQDV GLJLWDOL]DGDV $ IXQomR &yGLJR GH &RQWD SHUPLWH OKH GLJLWDU XP FyGLJR GH FRQWD TXDQGR WUDQVPLWH GRFXPHQWRV SDUD XP HTXLSDPHQWR UHPRWR 2 FyGLJR GH FRQWD p LPSUHVVR MXQWDPHQWH FRP D LQIRUPDomR GH WUDQVPLVVmR QR 5HODWyULR GH $FWLYLGDGH SHUPLWLQGR DVVLP YHULILFDU DV RSHUDo}HV SDUD HVVD PiTXLQD UHPRWD 8WLOL]H HVWD IXQomR SDUD LPSULPLU XPD SiJLQD VHSDUDGRUD HQWUH FDGD XP GRV ID[HV UHFHELGRV &yGLJR GH FRQWD 'HVOLJDGR /LJDGR 3iJLQD VHSDUDGRUD 'HVOLJDGR /LJDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ )D[ 2SomR GH 9DO 'HIHLWR GR )D[ 5HFHSomR VHJXUD 'HILQLo}HV 'HVFULomR &yGLJR GH 6HJXUDQoD $ IXQomR 5HFHSomR 6HJXUD SHUPLWH OKH GHILQLU KRUDV HVSHFtILFDV HP TXH /LJDU'HVOLJDU RV GRFXPHQWRV SRGHP VHU UHFHELGRV 6HJXUDQoD HP PHPyULD 2V XWLOL]DGRUHV SRGHP LPSULPLU RV GRFXPHQWRV UHFHELGRV GLJLWDQGR R &yGLJR GH 6HJXUDQoD 6H p D SULPHLUD YH] TXH HVWi D XVDU HVWD RSomR GLJLWH XP FyGLJR GH VHJXUDQoD GH GtJLWRV DR DFWLYDU D RSomR 7RPH QRWD GR FyGLJR H JXDUGHR HP ORFDO VHJXUR 3DUD DFWLYDU R 0RGR GH 5HFHSomR 6HJXUD $XWRPiWLFD GLJLWH XP FyGLJR GH VHJXUDQoD GH GtJLWRV H LQGLTXH R GLD H R SHUtRGR GH WHPSR SDUD D UHFHSomR GH GRFXPHQWRV HP PHPyULD 3DUD UHFHEHU VHPSUH RV GRFXPHQWRV HP PHPyULD QRV GLDV LQGLFDGRV XWLOL]H D GHILQLomR 7RGR R 'LD $ ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2SomR GH 9DO 'HIHLWR GR )D[ 5HFHEHU HP PHPyULD 'HILQLo}HV 'HVOLJDGR /LJDGR 'HVFULomR 4XDQGR D IXQomR HVWi DFWLYDGD D PiTXLQD UHFHEH DXWRPDWLFDPHQWH RV GRFXPHQWRV HP PHPyULD FDVR D LPSUHVVRUD QmR HVWHMD GLVSRQtYHO 6H HVWD IXQomR HVWLYHU GHVDFWLYDGD D PiTXLQD QmR DWHQGHUi D FKDPDGD VH D LPSUHVVRUD QmR HVWLYHU GLVSRQtYHO 8PD RSHUDomR GH UHFHSomR HP PHPyULD WHP OXJDU VH D EDQGHMD GH SDSHO HVWLYHU YD]LD RX VH R SDSHO WLYHU HQFUDYDGR $ PiTXLQD LPSULPH DXWRPDWLFDPHQWH R ID[ TXDQGR R SUREOHPD p FRUULJLGR 127$ 6H D PHPyULD VH HVJRWDU GXUDQWH D UHFHSomR GH XP GRFXPHQWR D PiTXLQD WHUPLQDUi D RSHUDomR PDV JXDUGDUi DV SiJLQDV TXH UHFHEHX FRP r[LWR 5HFHSomR UHGX]LGD 'HVOLJDGR /LJDGR (VWD IXQomR SHUPLWH UHGX]LU D LPDJHP UHFHELGD 4XDQGR HVWD IXQomR p GHILQLGD FRPR /LJDGD H D PiTXLQD WHP SDSHO GH FySLD GH IRUPDWR GHILQLGR D PiTXLQD UHGX] RV GRFXPHQWRV GH IRUPDWR PDLRU SDUD RV HQTXDGUDU QR SDSHO 6H D IXQomR HVWLYHU 'HVOLJDGD XP GRFXPHQWR GH IRUPDWR PDLRU VHUi LPSUHVVR HP GXDV SiJLQDV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ " )D[ 2SomR GH 9DO 'HIHLWR GR )D[ (OLPLQDU H[WUD 'HILQLo}HV 'HVOLJDGR /LJDGR 'HVFULomR 4XDQGR HVWD IXQomR VH HQFRQWUD DFWLYDGD TXDOTXHU SDUWH GR GRFXPHQWR DWp PP TXH H[FHGD D iUHD GH LPSUHVVmR VHUi HOLPLQDGD 6H D SDUWH H[FHGHQWH IRU VXSHULRU D PP R GRFXPHQWR VHUi LPSUHVVR HP GXDV SiJLQDV 1DOJXQV FDVRV SRGHUmR SHUGHUVH RV GDGRV TXH VH HQFRQWUDYDP QD SDUWH LQIHULRU GR GRFXPHQWR 5HFXVDU FRUUHLR LQGHVHMDGR 'HVOLJDGR /LJDGR (VWD IXQomR LPSHGH TXH D PiTXLQD UHFHED GRFXPHQWRV GH UHPHWHQWHV GHVFRQKHFLGRV 6mR DSHQDV UHFHELGRV GRFXPHQWRV HQYLDGRV SRU UHPHWHQWHV FXMRV Q~PHURV GH WHOHIRQH VH HQFRQWUHP SURJUDPDGRV QD OLVWD WHOHIyQLFD GD PiTXLQD 127$ 5HFXVDU &RUUHLR , QGHVHMDGR DIHFWD DSHQDV DV FKDPDGDV UHFHELGDV QR 0RGR GH 5HFHSomR $XWRPiWLFD &DEHoDOKR GH UHFHSomR 'HVOLJDGR /LJDGR 4XDQGR HVWD RSomR p XWLOL]DGD p LPSUHVVR XP FDEHoDOKR GH UHFHSomR HP FDGD XPD GDV SiJLQDV UHFHELGDV 6mR LPSUHVVRV D 0HQVDJHP GH &DEHoDOKR ³5(&(%, '2´ D 'DWD D +RUD GH , QtFLR D , GHQWLILFDomR GD (VWDomR 7UDQVPLVVRUD 1~PHUR GH WHOHIRQH RX 1RPH GD HVWDomR D , GHQWLILFDomR GD (VWDomR 'HVWLQDWiULD 1~PHUR GH WHOHIRQH RX 1RPH GD HVWDomR H R 1~PHUR GD 3iJLQD Pi[LPR GH GtJLWRV $ # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 7HP j VXD GLVSRVLomR GLYHUVRV 5HODWyULRV H /LVWDV SDUD R DMXGDU D FRQILUPDU H PRQLWRUL]DU D DFWLYLGDGH GR ID[ e SRVVtYHO SURJUDPDU RV UHODWyULRV GH IRUPD D TXH HVWHV LQFOXDP LQIRUPDomR HVSHFtILFD RX VHMDP LPSUHVVRV DXWRPDWLFDPHQWH ([LVWHP RV VHJXLQWHV UHODWyULRV GR ID[ 5HODWyULR GH $FWLYLGDGH 2 5HODWyULR GH $FWLYLGDGH FRQWpP RV GHWDOKHV GDV FRPXQLFDo}HV GH HQYLR H UHFHSomR 8WLOL]DQGR R SURFHGLPHQWR GH 3URJUDPDomR GR 5HODWyULR GH $FWLYLGDGH SRGH GHWHUPLQDU TXDLV RV UHODWyULRV TXH VHUmR LPSUHVVRV DXWRPDWLFDPHQWH H HP TXH FRQGLo}HV 1R 5HODWyULR GH $FWLYLGDGH p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1 7UDEDOKR 'XUDomR SiJV 3DUD 'HVFULomR 1~PHUR GH FDGD FRPXQLFDomR 1~PHUR GH ILFKHLUR GH WRGDV DV FRPXQLFDo}HV 'XUDomR GD FRPXQLFDomR HP PLQXWRV H VHJXQGRV 1~PHUR GH SiJLQDV HQYLDGDV RX UHFHELGDV Pi[  1RPH RX Q~PHUR GH IDFVLPLOH UHPRWR p DGLFLRQDGD XPD PDUFD TXDQGR p XVDGR R Q~PHUR DOWHUQDWLYR SDUD R HQYLR 1~PHUR GR GHSDUWDPHQWR GLJLWDGR SDUD HVVH WUDEDOKR 1~PHUR GD FRQWD 0RGR GH FRPXQLFDomR (; 0RGR ([FOXVLYR GH &RQWUROR GH (UURV * 0RGR * (& 0RGR * GH &RQWUROR GH (UURV 0/ (PDLO 'DWD+RUD 'DWD H KRUD D TXH D FRPXQLFDomR WHYH LQtFLR 'HSW Q &RQWD 0RGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ $ )D[ 5HODWyULRV GR )D[ ÃPÃ8yqvtÃpÃvhyvhqÃÃ"ÃqttvÃjÃqvrvhÃqÃtiyÃqrÃHq &Ï', *2 ([HPSOR * 9hqÃ8qvsvphq * HHS 'ÃtrvÃÃ"'$yvuh ##Ãi 9hqÃqrÃ9rvqhqrÃqhÃGvuh Wry vqhqrÃqrÃUhvm &yGL 9HORFLGDGH GH JR 7UDQVPLVVmR ESV ESV ESV ESV ESV ESV 9 &yGL JR 'HQVLGDGH GDV /LQKDV St[HLVPP [ OLQKDVPP St[HLVPP [ OLQKDVPP St[HLVPP [ OLQKDVPP ² St[HLVPP [ OLQKDV PP &yGLJ &RGLILFDo R mR 0+ 05 005 -%, * , WHP &yGLJR 'HVFULomR 3 3ROOLQJ 5 5HOD\ % &DL[D GH &RUUHLR %6 &DL[D GH &RUUHLR , 787 5HVXOWDGR GD FRPXQLFDomR H FyGLJRV GH HUUR 2. ± %HP VXFHGLGD 1* )DOKDGD &yGLJR GH HUUR GH GtJLWRV 68*(672 &RQVXOWH DV OLVWDV GH FyGLJRV GH HUUR QR &DStWXOR (VWDGR $ % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 5HODWyULR GH &RQILUPDomR 2V 5HODWyULRV GH &RQILUPDomR SRGHP VHU DXWRPDWLFDPHQWH LPSUHVVRV SHOR :RUN&HQWUH 3UR QR ILP GH FDGD WUDQVPLVVmR RX DSHQDV QR ILP GH WUDQVPLVV}HV HP TXH WHQKD RFRUULGR XP HUUR 8WLOL]DQGR R SURFHGLPHQWR GH SURJUDPDomR SRGH VHOHFFLRQDU R WLSR GH WUDQVPLVV}HV TXH LPSULPHP DXWRPDWLFDPHQWH XP 5HODWyULR GH &RQILUPDomR H HP TXH FRQGLo}HV p R UHODWyULR LPSUHVVR 2 5HODWyULR GH &RQILUPDomR FRQWpP RV PHVPRV HOHPHQWRV GR 5HODWyULR GH $FWLYLGDGH 5HODWyULR GH &RQILUPDomR ± (QYLR GH 0HPyULD 1R 5HODWyULR GH &RQILUPDomR GH (QYLR GH 0HPyULD p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD 3DUD 1~PHUR GH SiJLQDV +RUD , QtFLR +RUD )LP 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH 1RPH RX Q~PHUR GH IDFVLPLOH GD PiTXLQD UHPRWD 1~PHUR GH SiJLQDV GD HQWUDGD GH PHPyULD +RUD D TXH D WUDQVPLVVmR WHYH LQtFLR +RUD D TXH D WUDQVPLVVmR WHUPLQRX D KRUD D TXH XPD WUDQVPLVVmR GH 5HHQYLDU )D[ *UDYDGR IRL GHVLJQDGD H QmR WUDQVPLWLGD 1~PHUR GH SiJLQDV WUDQVPLWLGDV QRUPDOPHQWH ³2. ´ RX ³1*´ 1~PHUR GR WUDEDOKR H HVWDGR ILQDO GD FRPXQLFDomR 3iJV HQYLDGDV (VWDGR 1~PHUR GR 7UDEDOKR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ & )D[ 5HODWyULRV GH )D[3ROO5HWUDQVPLVVmR 5HODWyULR GH (QYLR SRU *UXSR 1R 5HODWyULR GH (QYLR SRU *UXSR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD 3iJV GR GRFXPHQWR +RUD , QtFLR +RUD )LP 5HHQYLDU DWp 1V EHP VXFHGLGRV 1V PDO VXFHGLGRV 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH 1~PHUR GH SiJLQDV GD HQWUDGD GH PHPyULD +RUD D TXH D WUDQVPLVVmR WHYH LQtFLR +RUD D TXH D WUDQVPLVVmR WHUPLQRX D KRUD D TXH XPD WUDQVPLVVmR GH 5HHQYLDU )D[ *UDYDGR IRL GHVLJQDGD H QmR WUDQVPLWLGD /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD RX GH *UXSR SDUD TXH D WUDQVPLVVmR IRL HQYLDGD /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD RX GH *UXSR HP TXH RFRUUHX XP HUUR 3iJV (QYLDGDV ± 2 Q~PHUR GH SiJLQDV WUDQVPLWLGDV QRUPDOPHQWH $ ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 1R 5HODWyULR GH &RQILUPDomR GH 3ROO GH *UXSR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD +RUD , QtFLR +RUD )LP 1V EHP VXFHGLGRV 1V PDO VXFHGLGRV 1mR 'LVSRQtYHO 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH +RUD D TXH D WUDQVPLVVmR WHYH LQtFLR +RUD D TXH D WUDQVPLVVmR WHUPLQRX /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH SDUD TXH D WUDQVPLVVmR IRL HQYLDGD /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH HP TXH RFRUUHX XP HUUR $ IXQomR GH 3ROOLQJ QmR HVWi GLVSRQtYHO SDUD FRPXQLFDo}HV GH (PDLO 4XDQGR R HQGHUHoR GH (PDLO p LQFOXtGR QXP JUXSR p LPSUHVVR R HQGHUHoR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ ( )D[ 5HODWyULR GH 3ROO GH *UXSR 5HODWyULR GH 2ULJHP GH 5HWUDQVPLVVmR 1R 5HODWyULR GH &RQILUPDomR GH 2ULJHP GH 5HWUDQVPLVVmR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD 3DUD &DL[D 5HOD\ 1~PHUR GH SiJLQDV +RUD , QtFLR +RUD )LP 3iJV HQYLDGDV (VWDGR 1~PHUR GR WUDEDOKR 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH 1RPH RX Q~PHUR GH IDFVLPLOH WUDQVPLWLGR 1~PHUR GD FDL[D UHOD\ 1~PHUR GH SiJLQDV WUDQVPLWLGDV +RUD D TXH D WUDQVPLVVmR WHYH LQtFLR +RUD D TXH D WUDQVPLVVmR WHUPLQRX 1~PHUR GH SiJLQDV WUDQVPLWLGDV QRUPDOPHQWH DQWHV GH RFRUUHU R HUUR ³2. ´ RX ³1*´ 1~PHUR GR WUDEDOKR H HVWDGR ILQDO GD FRPXQLFDomR , PDJHP ² $ LPDJHP GD SULPHLUD SiJLQD p UHGX]LGD QD LPSUHVVmR $ ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 1R 5HODWyULR GH &RQILUPDomR GH (VWDomR GH 5HWUDQVPLVVmR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD 1~PHUR GH SiJLQDV 'H +RUD , QtFLR +RUD )LP &DL[D UHOD\ 1V EHP VXFHGLGRV 1V PDO VXFHGLGRV 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH 1~PHUR GH SiJLQDV GR GRFXPHQWR 1RPH RX Q~PHUR GH WHOHIRQH GD HVWDomR GH RULJHP +RUD D TXH D WUDQVPLVVmR IRL LQLFLDGD SDUD R 7HUPLQDO )LQDO +RUD D TXH D WUDQVPLVVmR WHUPLQRX 1~PHUR GD FDL[D UHOD\ SDUD D UHWUDQVPLVVmR /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD GH 8P 7RTXH RX GH *UXSR SDUD TXH D WUDQVPLVVmR IRL HQYLDGD /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD RX GH *UXSR HP TXH RFRUUHX XP HUUR 3iJV ² (QYLDGDV 2 Q~PHUR GH SiJLQDV HQYLDGDV QRUPDOPHQWH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ ! )D[ 5HODWyULR GH (VWDomR GH 5HWUDQVPLVVmR 5HODWyULR GH 'HVWLQR GH 5HWUDQVPLVVmR 1R 5HODWyULR GH &RQILUPDomR GH 'HVWLQR GH 5HWUDQVPLVVmR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 'DWD 1~PHUR GH SiJLQDV 'H +RUD , QtFLR +RUD )LP 1V EHP VXFHGLGRV 1V PDO VXFHGLGRV 'HVFULomR 1~PHUR GH WUDEDOKR GD WUDQVPLVVmR 'DWD H KRUD D TXH R WUDEDOKR IRL DFHLWH 1~PHUR GH SiJLQDV GD HQWUDGD GH PHPyULD 1RPH RX Q~PHUR GH WHOHIRQH GD HVWDomR GH RULJHP +RUD D TXH D WUDQVPLVVmR WHYH LQtFLR +RUD D TXH D WUDQVPLVVmR WHUPLQRX /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD GH 8P 7RTXH RX GH *UXSR SDUD TXH D WUDQVPLVVmR IRL HQYLDGD /LVWD GH Q~PHURV GH 0DUFDomR 5iSLGD GH 8P 7RTXH RX GH *UXSR HP TXH RFRUUHX XP HUUR 3iJV (QYLDGDV ± 2 Q~PHUR GH SiJLQDV HQYLDGDV $ !! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 HTXLSDPHQWR SRGH LPSULPLU DXWRPDWLFDPHQWH 5HODWyULRV GH 5HFHSomR VHPSUH TXH p UHFHELGR XP GRFXPHQWR QD (VWDomR GH 5HWUDQVPLVVmR RX QXPD &DL[D GH &RUUHLR 1RV 5HODWyULRV GH 5HFHSomR p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR WUDEDOKR 1 &[ &RUUHLR 7LSR GH &[ FRUUHLR 1~PHUR GH SiJLQDV 'H 'HVFULomR 1~PHUR GR WUDEDOKR 1~PHUR GD FDL[D GH FRUUHLR 7LSR GH &DL[D GH &RUUHLR FDL[D &RQILGHQFLDO %ROHWLP , QIRUPDWLYR 1~PHUR GH SiJLQDV GR GRFXPHQWR LQVHULGDV (VWDomR DWUDYpV GD TXDO R GRFXPHQWR GH FRUUHLR IRL UHFHELGR 5HODWyULR /RFDO SDUD &DL[D GH &RUUHLR e LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR TXDQGR D PiTXLQD UHFHEHJUDYD XP GRFXPHQWR QXPD &DL[D GH &RUUHLR ORFDO 5HODWyULR 5HPRWR SDUD &DL[D GH &RUUHLR e LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR TXDQGR D PiTXLQD UHFHEHJUDYD XP GRFXPHQWR QXPD &DL[D GH &RUUHLR SHUWHQFHQWH D XP HTXLSDPHQWR UHPRWR 5HODWyULR GH (VWDomR GH 5HWUDQVPLVVmR $ VHJXLU D XPD 5HFHSomR GH (VWDomR GH 5HWUDQVPLVVmR p LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ !" )D[ 5HODWyULRV GH 5HFHSomR $OWHUDU RV 9DORUHV SRU 'HIHLWR GRV 5HODWyULRV 8WLOL]H DV LQVWUXo}HV VHJXLQWHV H D WDEHOD GH 'HILQLo}HV GH 5HODWyULRV IRUQHFLGD SDUD SHUVRQDOL]DU RV YDORUHV SRU GHIHLWR GRV 5HODWyULRV GH DFRUGR FRP RV VHXV UHTXLVLWRV LQGLYLGXDLV ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR UHODWyULRV@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DO GHIHLWR LPSUHVVRUD 9DO GHIHLWR GR HPDLO 9DO GHIHLWR UHODWyULRV 5HODWyULR DFWLYLGDGH )D[3ROO5HWUDQVPLVVmR 5HODWyULRV GH UHFHSomR 9DORUHV SRU GHIHLWR ½ ([LVWHP WUrV FDWHJRULDV GH UHODWyULRV 6HOHFFLRQH D FDWHJRULD GHVHMDGD H SURJUDPH RV YDORUHV GR UHODWyULR GH DFRUGR FRP RV VHXV UHTXLVLWRV LQGLYLGXDLV 9DO GHIHLWR UHODWyULRV $ !# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ([LVWHP WUrV FDWHJRULDV GH 9DORUHV SRU 'HIHLWR GRV 5HODWyULRV 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D RSomR GHVHMDGD H SULPD >$FHLWDU@ 8WLOL]H D WDEHOD GH 9DORUHV SRU 'HIHLWR GR )D[ D VHJXLU SDUD LGHQWLILFDU DV GHILQLo}HV GLVSRQtYHLV VHOHFFLRQH D GHILQLomR GHVHMDGD H SULPD >$FHLWDU@ $ GHILQLomR VHOHFFLRQDGD SDVVDUi D VHU R YDORU SRU GHIHLWR 5HODWyULR DFWLYLGDGH )D[3ROO5HWUDQVPLVVmR 5HODWyULRV GH UHFHSomR 9DO GHIHLWR UHODWyULRV ½ ½ 4XDQGR WHUPLQDU D SHUVRQDOL]DomR GDV GHILQLo}HV SULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ !$ )D[ 9DORUHV SRU 'HIHLWR GRV 5HODWyULRV $ WDEHOD VHJXLQWH DSUHVHQWD XPD OLVWD GH FDGD XPD GDV RSo}HV GRV YDORUHV SRU GHIHLWR GRV 5HODWyULRV DV GHILQLo}HV GLVSRQtYHLV SDUD FDGD RSomR H XPD GHVFULomR GH FDGD XPD GDV GHILQLo}HV 9DORUHV SRU 'HIHLWR GR )D[ 5HODWyULR GH DFWLYLGDGH 2So}HV 'HILQLU IRUPDWR UHODWyULR 'HVFULomR 4XDQGR VHOHFFLRQD >'HILQLU IRUPDWR UHODWyULR@ SRGH HVFROKHU D DFWLYLGDGH TXH VHUi LPSUHVVD QR UHODWyULR GH DFWLYLGDGH TXDQGR D WHFOD >$FWLYLGDGH@ p SUHPLGD $V RSo}HV VmR >(QYLDGR H 5HFHELGR@ >(QYLDGR@ RX >5HFHELGR@ 4XDQGR VHOHFFLRQD >, PSUHVVmR DXWR@ D PiTXLQD LPSULPH DXWRPDWLFDPHQWH XP 5HODWyULR GH $FWLYLGDGH GH WRGDV DV FRPXQLFDo}HV GH WUDQVPLVVmR H UHFHSomR DR ILP GH FRPXQLFDo}HV , PSULPH RV UHVXOWDGRV GH XPD WUDQVPLVVmR GH (QYLR 'LUHFWR , PSUHVVmR DXWR )D[3ROO5HWUDQVPLVVmR 5HODWyULR GH &RQILUPDomR ½ ½ ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XP (QYLR 'LUHFWR VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ $ !% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 9DORUHV SRU 'HIHLWR GR )D[ 2So}HV (QYLR PHPyULD FRQI 'HVFULomR , PSULPH RV UHVXOWDGRV GH 7UDQVPLVV}HV GH (QYLR GH 0HPyULD ½ ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XP (QYLR GH 0HPyULD VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 4XDQGR VHOHFFLRQD >6HPSUH@ RX >$SHQDV HUURV@ SRGH XVDU D RSomR >0RVWUDU LPDJHP ID[@ SDUD LPSULPLU D SULPHLUD SiJLQD GR ID[ QR UHODWyULR ½ 5HODWyULR HQYLR SRU JUXSR 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ , PSULPH RV UHVXOWDGRV GDV 7UDQVPLVV}HV SRU *UXSRV ½ ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XP (QYLR SRU *UXSR VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 4XDQGR VHOHFFLRQD >6HPSUH@ RX >$SHQDV HUURV@ SRGH XVDU D RSomR >0RVWUDU LPDJHP ID[@ SDUD LPSULPLU D SULPHLUD SiJLQD GR ID[ QR UHODWyULR ½ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ !& )D[ 9DORUHV SRU 'HIHLWR GR )D[ 2So}HV 5HODWyULR 3ROO JUXSR 'HVFULomR , PSULPH RV UHVXOWDGRV GDV 7UDQVPLVV}HV GH 3ROOLQJ GH *UXSRV ½ ½ ½ 2ULJHP GH UHWUDQVPLVVmR 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XP 3ROOLQJ GH *UXSR VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ , PSULPH RV UHVXOWDGRV GH 7UDQVPLVV}HV SRU 5HOD\ LQLFLDGDV SHOD (VWDomR GH 2ULJHP ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XPD 7UDQVPLVVmR SRU 5HOD\ LQLFLDGD SHOD (VWDomR GH 2ULJHP VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 4XDQGR VHOHFFLRQD >6HPSUH@ RX >$SHQDV HUURV@ SRGH XVDU D RSomR >0RVWUDU LPDJHP ID[@ SDUD LPSULPLU D SULPHLUD SiJLQD GR ID[ QR UHODWyULR ½ ½ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ $ !' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 9DORUHV SRU 'HIHLWR GR )D[ 2So}HV (VWDomR GH UHWUDQVPLVVmR 'HVFULomR , PSULPH RV UHVXOWDGRV GH 7UDQVPLVV}HV SRU 5HOD\ LQLFLDGDV SHOD (VWDomR GH 5HWUDQVPLVVmR RX 5HOD\ ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR DSyV XPD 7UDQVPLVVmR SRU 5HOD\ LQLFLDGD SHOD (VWDomR GH 5HWUDQVPLVVmR VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 4XDQGR VHOHFFLRQD >6HPSUH@ RX >$SHQDV HUURV@ SRGH XVDU D RSomR >0RVWUDU LPDJHP ID[@ SDUD LPSULPLU D SULPHLUD SiJLQD GR ID[ QR UHODWyULR ½ ½ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ 'HVWLQR UHWUDQVPLVVmR , PSULPH RV UHVXOWDGRV GD (VWDomR GH 'HVWLQR GD 5HWUDQVPLVVmR HQYLDGRV SHOD (VWDomR GH 5HWUDQVPLVVmR SDUD D (VWDomR GH 2ULJHP H LPSUHVVRV SHOD (VWDomR GH 2ULJHP ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR GH 'HVWLQR GH 5HWUDQVPLVVmR VHOHFFLRQH >6HPSUH@ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP UHODWyULR TXDQGR VH YHULILTXH XP HUUR VHOHFFLRQH >$SHQDV HUURV@ 4XDQGR VHOHFFLRQD >6HPSUH@ RX >$SHQDV HUURV@ SRGH XVDU D RSomR >0RVWUDU LPDJHP ID[@ SDUD LPSULPLU D SULPHLUD SiJLQD GR ID[ QR UHODWyULR ½ ½ 3DUD GHVDFWLYDU D IXQomR GH UHODWyULR VHOHFFLRQH >'HVOLJDGR@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà $ !( )D[ 9DORUHV SRU 'HIHLWR GR )D[ 5HODWyULRV GH UHFHSomR 2So}HV /RFDO S F[ FRUUHLR 'HVFULomR e LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR TXDQGR D PiTXLQD UHFHEHJUDYD XP GRFXPHQWR QXPD &DL[D GH &RUUHLR ORFDO ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP 5HODWyULR GH 5HFHSomR /RFDO SDUD &DL[D GH &RUUHLR VHOHFFLRQH >/LJDGR@ RX SDUD GHVDFWLYDU D RSomR VHOHFFLRQH >'HVOLJDGR@ 5HPRWR S F[ FRUUHLR e LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR TXDQGR D PiTXLQD UHFHEHJUDYD XP GRFXPHQWR QXPD &DL[D GH &RUUHLR SHUWHQFHQWH D XPD PiTXLQD UHPRWD ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP 5HODWyULR GH 5HFHSomR 5HPRWD SDUD &DL[D GH &RUUHLR VHOHFFLRQH >/LJDGR@ RX SDUD GHVDFWLYDU D RSomR VHOHFFLRQH >'HVOLJDGR@ (VWDomR GH UHWUDQVPLVVmR $ VHJXLU D XPD 5HFHSomR GH (VWDomR GH 5HWUDQVPLVVmR p LPSUHVVD DXWRPDWLFDPHQWH XPD OLVWD GH UHFHSomR ½ 3DUD LPSULPLU DXWRPDWLFDPHQWH XP 5HODWyULR GH 5HFHSomR GH (VWDomR GH 5HWUDQVPLVVmR VHOHFFLRQH >/LJDGR@ RX SDUD GHVDFWLYDU D RSomR VHOHFFLRQH >'HVOLJDGR@ $ " ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà (VWH FDStWXOR FRQWpP LQIRUPDomR VREUH D IXQomR )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO H VREUH DV RSo}HV GLVSRQtYHLV 'i LQVWUXo}HV SDVVR D SDVVR VREUH FRPR HQYLDU H UHFHEHU (PDLOV XWLOL]DQGR R )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO )XQo}HV 6WDQGDUG 5HVROXomR 9DORU SRU GHIHLWR 3HUVRQDOL]DGD $XWRPiWLFR 0DQXDO )RWR 7H[WR)RWR 7H[WR &ODUR(VFXUR 7LSR GH RULJLQDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 'HVFULomR *HUDO $V IXQo}HV )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO SHUPLWHP OKH HQYLDU RX UHFHEHU GRFXPHQWRV H FRUUHLR HOHFWUyQLFR DWUDYpV GD , QWHUQHW HP YH] GD OLQKD WHOHIyQLFD GD UHGH S~EOLFD 8WLOL]DQGR HVWDV IXQo}HV SRGH (QYLDU RX UHFHEHU GRFXPHQWRV HP OLJDomR FRP RXWUDV PiTXLQDV :RUN&HQWUH 3UR TXH WHQKDP DV FDSDFLGDGHV GH )D[ GD , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO DWUDYpV GD , QWHUQHW (QYLDU GRFXPHQWRV SDUD HQGHUHoRV GH (PDLO 5HFHEHU H LPSULPLU PHQVDJHQV GH (PDLO GH 3&V H HVWDo}HV GH WUDEDOKR (QYLDU GRFXPHQWRV SDUD PiTXLQDV GH ID[ * DWUDYpV GD , QWHUQHW H RXWUR :RUN&HQWUH 3UR 127$ $V SRVVLELOLGDGHV YDULDP FRQVRDQWH R WLSR GR 6HUYLGRU GH &RUUHLR D 5HFHEHU GR VHUYLGRU 323 RX GR VHUYLGRU 6073 3DUD XVDU DV IXQo}HV )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO p QHFHVViULR TXH R $GPLQLVWUDGRU GR 6LVWHPD WHQKD SURJUDPDGR D LQIRUPDomR GH FRQWD GH (PDLO H RV YDORUHV SRU GHIHLWR GR (PDLO %! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR ½&RORTXH RV 2ULJLQDLV ½(VFROKD DV IXQo}HV ½'LJLWH R HQGHUHoR GH (PDLO ½3ULPD >, QLFLDU@ GHVHMDGDV $QWHV GH HQYLDU XP ID[ GH , QWHUQHW RX GH GLJLWDOL]DU SDUD HPDLO LGHQWLILTXH R TXH GHYHUi VHU HQYLDGR R HQGHUHoR GH (PDLO H TXDLVTXHU UHTXLVLWRV HVSHFLDLV GH SURJUDPDomR 8VH RV SDVVRV VHJXLQWHV SDUD HQYLDU XP HPDLO 127$ 3ULPD GXDV YH]HV >&$@ SDUD DSDJDU RX FDQFHODU WRGDV DV VHOHFo}HV GH SURJUDPDomR DQWHULRUHV DQWHV GH FRPHoDU &RORTXH RV 2ULJLQDLV 7HP j VXD HVFROKD YiULRV SRQWRV GH DOLPHQWDomR GRV RULJLQDLV 6mR HOHV 8P DOLPHQWDGRU DXWRPiWLFR GH RULJLQDLV $') H XP DOLPHQWDGRU DXWRPiWLFR GXSOH[ '$') SDUD RULJLQDLV P~OWLSORV GH XPD Vy IDFH 8P YLGUR GH H[SRVLomR SDUD RULJLQDLV VLPSOHV RX HQFDGHUQDGRV $OLPHQWDGRU $XWRPiWLFR GH 2ULJLQDLV $') H $OLPHQWDGRU $XWRPiWLFR 'XSOH[ '$') e SRVVtYHO GLJLWDOL]DU DWp RULJLQDLV GH XPD YH] XWLOL]DQGR R DOLPHQWDGRU GH RULJLQDLV &HUWLILTXHVH TXH RV RULJLQDLV WrP WRGRV R PHVPR IRUPDWR HVWmR HP ERDV FRQGLo}HV H IRUDPOKH UHWLUDGRV WRGRV RV DJUDIHV H FOLSV 2V RULJLQDLV GHYHP VHU GH JP H $ SDUD DOLPHQWDU SHOR ODGR PDLRU RX $ D $ SDUD DOLPHQWDU SHOR ODGR PHQRU 3RGH GLJLWDOL]DU DWp PP GH ODUJXUD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %" )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 3URFHGLPHQWR GH )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO ½ ½ ½ 7LUH WRGRV RV DJUDIHV H FOLSV DQWHV GH FRORFDU RV RULJLQDLV QR DOLPHQWDGRU 6H QHFHVViULR DMXVWH DV JXLDV GH SDSHO DR IRUPDWR GHVHMDGR &RORTXH RV RULJLQDLV GLUHLWRV QR DOLPHQWDGRU YROWDGRV SDUD FLPD $ SULPHLUD SiJLQD GHYH ILFDU QR WRSR GD SLOKD FRP RV FDEHoDOKRV SDUD D SDUWH GH WUiV RX SDUD R ODGR HVTXHUGR GD PiTXLQD *XLDV GH SDSHO ½ $OLQKH D SLOKD FRP DV PDUJHQV HVTXHUGD H WUDVHLUD GD EDQGHMD GR DOLPHQWDGRU H DMXVWH DV JXLDV GH IRUPD D TXH HODV ILTXHP DSHQDV D WRFDU QDV PDUJHQV GLDQWHLUD H WUDVHLUD GRV RULJLQDLV %# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 YLGUR GH H[SRVLomR GHYH VHU XVDGR SDUD RULJLQDLV VLPSOHV 2V RULJLQDLV GHYHP VHU GH JPÃH GH XP IRUPDWR Pi[LPR GH $ $ DPSOLWXGH GH GLJLWDOL]DomR p GH PP 4XDQGR R RULJLQDO p FRORFDGR QR YLGUR GH H[SRVLomR p QHFHVViULR LQGLFDU R IRUPDWR GR RULJLQDO 3DUD D YHUVmR HXURSHLD $ 9HUWLFDO $5 +RUL]RQWDO $5 +RUL]RQWDO $5 +RUL]RQWDO /HWWHU 9HUWLFDO ´ [ ´ /HWWHU +RUL]RQWDO ´ [ ´5 $ 9HUWLFDO 3DUD D $PpULFD GR 1RUWH /HWWHU ´ [ ´ /HWWHU ´ [ ´5 /HJDO ´ [ ´5 /HGJHU ´ [ ´5 6WDWHPHQW ´ [ ´5 &RPSXWDGRU ´ [ ´ $5 +RUL]RQWDO (YLWH RV VHJXLQWHV WLSRV GH RULJLQDLV TXH SRGHUmR SURYRFDU HQFUDYDPHQWR )ROKDV UDVJDGDV DPDUURWDGDV FRP FXUYDWXUD RX GREUDGDV )ROKDV FRP RULItFLRV SHUIXUDGRV 7UDQVSDUrQFLDV )ROKDV FRP QRWDV DSHQVDV )ROKDV FRP UHYHVWLPHQWR RX EULOKDQWHV )ROKDV GH TXtPLFR RX FRP TXtPLFR QR YHUVR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %$ )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 9LGUR GH H[SRVLomR ½ /HYDQWH R DOLPHQWDGRU RX D WDPSD GR YLGUR GH H[SRVLomR VH HOD HVWLYHU PRQWDGD ½ &RORTXH R RULJLQDO QR YLGUR FRP D IDFH LPSUHVVD SDUD EDL[R $OLQKHR FRP D VHWD GH UHJLVWR TXH VH HQFRQWUD QR FDQWR WUDVHLUR GR ODGR HVTXHUGR %DL[H R DOLPHQWDGRU RX D WDPSD GR YLGUR 4XDQGR DFDEDU GH HQYLDU R ID[ GH , QWHUQHW FHUWLILTXHVH TXHD WDPSD GR YLGUR GH H[SRVLomR ILFD EHP IHFKDGD &DQWR GH UHJLVWR ½ 127$ 3DUD LQVWUXo}HV VREUH FRPR GLJLWDOL]DU RULJLQDLV P~OWLSORV XWLOL]DQGR R YLGUR GH H[SRVLomR YHMD ³&ULDU XP 7UDEDOKR´ QD SiJLQD %% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 3ULPD >)XQo}HV@ 3ULPD GXDV YH]HV D WHFOD >)D[)D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 7HFOD )D[)D[ GH , QWHUQHW 7HFOD GH )XQo}HV 7HFOD 'LJLWDOL]DU SDUD (PDLO ½ &HUWLILTXHVH TXH R HFUm ³'LJLWH HQGHUHoR HPDLO´ VH HQFRQWUD YLVXDOL]DGR $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %& )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 3ULPD D WHFOD GH )XQo}HV 6HOHFFLRQH DV )XQo}HV ([LVWHP WUrV IXQo}HV VWDQGDUG GLVSRQtYHLV $V WHFODV HQFRQWUDPVH j HVTXHUGD GR HFUm /&' &RP D PDLRU SDUWH GDV IXQo}HV VWDQGDUG TXDQGR VH SULPHP DV WHFODV R HFUm /&' YLVXDOL]D DV RSo}HV DSOLFiYHLV D FDGD IXQomR 8VDQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH D RSomR GHVHMDGD H SULPD >$FHLWDU@ 2 HFUm LQLFLDO YLVXDOL]D D QRYD VHOHFomR &RP D IXQomR GH 7LSR GH 2ULJLQDO DV RSo}HV GLVSRQtYHLV VmR YLVXDOL]DGDV QR 3DLQHO GH &RQWUROR FRP XP /(' LOXPLQDGR D LGHQWLILFDU D RSomR TXH HVWi VHOHFFLRQDGD 127$ 6y HVWDUmR GLVSRQtYHLV DV IXQo}HV UHOHYDQWHV SDUD D FRQILJXUDomR GD PiTXLQD $V IXQo}HV QmR GLVSRQtYHLV QR PHQX DSDUHFHP DFLQ]HQWDGDV 3DUD XPD H[SOLFDomR PDLV GHWDOKDGD GDV IXQo}HV VWDQGDUG GLVSRQtYHLV QR HFUm /&' FRQVXOWH DV SiJLQDV VHJXLQWHV 5HVROXomR ± SiJLQD &ODUR(VFXUR ± SiJLQD 7LSR GH RULJLQDO ± SiJLQD %' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà (VWD IXQomR SHUPLWHOKH GLJLWDU R HQGHUHoR GH HPDLO GH GHVWLQR XWLOL]DQGR R 7HFODGR VLWXDGR QR 3DLQHO  H R 7HFODGR 1XPpULFR ½ 8VH R 7HFODGR VLWXDGR QR SDLQHO H R 7HFODGR 1XPpULFR SDUD GLJLWDU R HQGHUHoR GH HPDLO GR GHVWLQDWiULR 7HFODGR ± 3DLQHO $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR MRMR#[HUR[FRP 3RGH HVFROKHU HQWUH YiULRV PpWRGRV SDUD GLJLWDU RV HQGHUHoRV GH HPDLO LQFOXLQGR Q~PHURV GH 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH 68*(672 3DUD LQIRUPDomR VREUH FRPR SURJUDPDU Q~PHURV SDUD 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH FRQVXOWH R ³&DStWXOR ± /LVWD 7HOHIyQLFD´ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %( )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 'LJLWH R (QGHUHoR GH (PDLO 3ULPD , QLFLDU ½ ½ 3ULPD >, QLFLDU@ &DGD RULJLQDO p GLJLWDOL]DGR XPD ~QLFD YH] 7HFOD , QLFLDU ½ 6H HVWi D XVDU R YLGUR GH H[SRVLomR VHOHFFLRQH R IRUPDWR GR RULJLQDO H SULPD >$FHLWDU@ RX >, QLFLDU@ $ PiTXLQD GLJLWDOL]D RV RULJLQDLV H HQYLD R HPDLO 6HOHFFLRQH R IRUPDWR GR RULJLQDO $ $ $ % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8VH HVWD IXQomR SDUD FULDU XP WUDEDOKR TXH WHQKD RULJLQDLV P~OWLSORV TXH SUHFLVHP GH VHU GLJLWDOL]DGRV XVDQGR R YLGUR GH H[SRVLomR ½ ½ 3URJUDPH R WUDEDOKR H FRORTXH R SULPHLUR RULJLQDO QR YLGUR GH H[SRVLomR 3ULPD >, QLFLDU@ , 03257$17((P PiTXLQDV FRQILJXUDGDV FRP YLGUR GH H[SRVLomR XP WUDEDOKR SRGH FRQVLVWLU QXP Pi[LPR GH FLQFR SiJLQDV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU R IRUPDWR GR RULJLQDO H SULPD >, QLFLDU@ $ $ $ 6HOHFFLRQH R IRUPDWR GR RULJLQDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO &ULDU XP 7UDEDOKR ½ ½ 4XDQGR R SULPHLUR RULJLQDO DFDEDU GH VHU GLJLWDOL]DGR UHWLUHR GR YLGUR 3DUD GLJLWDOL]DU R RULJLQDO VHJXLQWH FRORTXHR QR YLGUR GH H[SRVLomR VHOHFFLRQH >6LP@ H SULPD >$FHLWDU@ 5HSLWD RV SDVVRV DFLPD SDUD FDGD RULJLQDO 6LP 1mR 'LJLWDOL]H R SUy[LPR RULJLQDO ½ ½ 'HSRLV GH GLJLWDOL]DGR R ~OWLPR RULJLQDO XVH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >1mR@ H SULPD >$FHLWDU@ $ PiTXLQD HQYLD R (PDLO 6LP 1mR 'LJLWDOL]H R SUy[LPR RULJLQDO % ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 :RUN&HQWUH 3UR SRGH UHFHEHU HPDLOV DXWRPDWLFDPHQWH RX PDQXDOPHQWH ([LVWHP RV VHJXLQWHV PRGRV GH UHFHSomR 0RGR GH 5HFHSomR 5HFHSomR $XWRPiWLFD 'HVFULomR $ PiTXLQD HVWDEHOHFH OLJDomR FRP R VHUYLGRU GH (PDLO D LQWHUYDORV UHJXODUHV SDUD YHU VH FKHJDUDP DOJXPDV PHQVDJHQV GH (PDLO 6H FKHJRX XP (PDLO D PiTXLQD UHFHEHR H LPSULPHR DXWRPDWLFDPHQWH 5HFHSomR 0DQXDO 3RGH DFHGHU PDQXDOPHQWH DR VHUYLGRU GH ( PDLO SDUD YHU VH FKHJDUDP DOJXPDV PHQVDJHQV GH (PDLO 6H FKHJRX XP (PDLO D PiTXLQD UHFHEHR H LPSULPHR 5HFHSomR $XWRPiWLFD 3DUD UHFHEHU DXWRPDWLFDPHQWH HPDLOV GR VHUYLGRU GH (PDLO SURJUDPH R LQWHUYDOR GH DFHVVR DR 323 RX VHMD R ³, QWHUYDOR 323´ 127$ $V LQVWUXo}HV SDUD D SURJUDPDomR GR ³, QWHUYDOR GH $FHVVR DR 323´ VmR IRUQHFLGDV QR JXLD GR $GPLQLVWUDGRU GR 6LVWHPD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % " )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 5HFHEHU XP (PDLO 5HFHSomR 0DQXDO 3DUD YHULILFDU PDQXDOPHQWH VH IRL UHFHELGR DOJXP HPDLO ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[)D[ GH , QWHUQHW@ 6HOHFFLRQH >)XQo}HV $GLFLRQDLV@ XVDQGR D WHFOD GH GHVORFDomR 6HOHFFLRQH >9HU HPDLO@ H SULPD >$FHLWDU@ $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ ½ 9HU HPDLO 0DSD GH PHQXV 6H R VHUYLGRU UHFHEHX DOJXP HPDLO D PiTXLQD UHFHEHR H LPSULPHR % # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $V IXQo}HV VWDQGDUG GR ID[ GH , QWHUQHW VmR VHOHFFLRQDGDV XWLOL]DQGR DV 7HFODV VLWXDGDV QR SDLQHO GH FRQWUROR j HVTXHUGD GR /&' 127$ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GD PiTXLQD SHOR TXH D QXPHUDomR GDV IXQo}HV SRGHUi VHU GLIHUHQWH 5HVROXomR $FHVVR 5iSLGR ½5HVROXomR ½9DORU SRU GHIHLWR ½3HUVRQDOL]DGD 8VH D WHFOD 5HVROXomR SDUD HVSHFLILFDU D 5HVROXomR D &RPSUHVVmR H R )RUPDWR GR 3DSHO GR GHVWLQDWiULR UHPRWR GR (PDLO ½ 3ULPD D WHFOD >5HVROXomR@ $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % $ )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO )XQo}HV 6WDQGDUG GR )D[ H (PDLO GH , QWHUQHW $ UHVROXomR SRU GHIHLWR p GH [ SRQWRV SRU SROHJDGD GSL SDUD )D[ GH , QWHUQHW H [ GSL SDUD 'LJLWDOL]DU SDUD (PDLO 9DO GHIHLWR [  3HUVRQDOL]DGD 5HVROXomR ½ 6H VDEH TXDO p D UHVROXomR GD PiTXLQD GHVWLQDWiULD VHOHFFLRQH D RSomR >3HUVRQDOL]DGD@ SDUD DOWHUDU D GHILQLomR H SULPD >$FHLWDU@ 6H VDEH TXDO p D 5HVROXomR GR 'HVWLQDWiULR VHOHFFLRQH >6LP@ FDVR FRQWUiULR VHOHFFLRQH >1mR@ H SULPD >$FHLWDU@ ½ 6LP 1mR 6DEH TXDO p D UHVROXomR GR 'HVWLQDWiULR" ½ 6HOHFFLRQH D 5HVROXomR GD PiTXLQD 'HVWLQDWiULD H SULPD >$FHLWDU@ [ [ [ [ 6HOHF 5HVROXomR 'HVWLQDWiULR ½ 6H VDEH TXDO p D &RPSUHVVmR GR 'HVWLQDWiULR VHOHFFLRQH >6LP@ FDVR FRQWUiULR VHOHFFLRQH >1mR@ H SULPD >$FHLWDU@ 6HOHFFLRQH D RSomR GH &RPSUHVVmR GR 'HVWLQDWiULR DSURSULDGD H SULPD >$FHLWDU@ 6LP 1mR 6DEH TXDO p D FRPSUHVVmR GR 'HVWLQDWiULR" ½ 0+ 05 005 -%, * 6HOHF FRPSUHVVmR 'HVWLQDWiULR % % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H VDEH TXDO p R )RUPDWR GR 3DSHO GR 'HVWLQDWiULR VHOHFFLRQH >6LP@ FDVR FRQWUiULR VHOHFFLRQH >1mR@ H SULPD >$FHLWDU@ 6HOHFFLRQH D RSomR GH )RUPDWR GR 3DSHO DSURSULDGD H SULPD >$FHLWDU@ 6LP 1mR 6DEH TXDO p R IRUPDWR GH SDSHO GR 'HVWLQDWiULR" ½ $ % $ [ [ 6HOHF )RUPDWR 3DSHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % & )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO &ODUR(VFXUR $FHVVR 5iSLGR ½&ODUR(VFXUR ½$XWRPiWLFR ½0DQXDO 8WLOL]H HVWD IXQomR SDUD VHOHFFLRQDU R FRQWUDVWH GD LPDJHP GR RULJLQDO D VHU GLJLWDOL]DGR ½ ½ 3ULPD D WHFOD >&ODUR(VFXUR@ 8VDQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH D RSomR GH &ODUR(VFXUR GHVHMDGD SDUD R WUDEDOKR &ODUR (VFXUR 'LJLWH HQGHU HPDLO Pi[ $XWRPiWLFR 0DQXDO 2So}HV GH &ODUR(VFXUR $XWRPiWLFR 0DQXDO 3HUPLWH R DMXVWH DXWRPiWLFR GR FRQWUDVWH GD GLJLWDOL]DomR 3HUPLWH R DMXVWH PDQXDO GR FRQWUDVWH SDUD GLJLWDOL]DomR 3RGHP VHU GHILQLGRV QtYHLV GH FODUR H HVFXUR SULPD ><@ RX >>@ SDUD DOWHUDU HVWHV QtYHLV % ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $FHVVR 5iSLGR ½7LSR GH 2ULJLQDO ½7H[WR ½7H[WR)RWR ½)RWR 8VH HVWD IXQomR SDUD LGHQWLILFDU R WLSR GR GRFXPHQWR TXH HVWi D VHU GLJLWDOL]DGR ½ 3ULPD D WHFOD >7LSR GH 2ULJLQDO@ DWp VHU LOXPLQDGD D VHOHFomR DSURSULDGD SDUD RV RULJLQDLV 7HFOD 7LSR GH 2ULJLQDO 2So}HV GH 7LSR GH 2ULJLQDO 7H[WR 8WLOL]H HVWD GHILQLomR SDUD WH[WR LPDJHQV GH OLQKDV H RULJLQDLV FRP JUDQGHV iUHDV VyOLGDV 3URGX] LPDJHQV GH WH[WR PDV SRGHUi UHGX]LU D TXDOLGDGH GH LPDJHQV FRP PHLRVWRQV RX IRWRJUDILDV 'HWHFWD D LPDJHP H VHOHFFLRQD DXWRPDWLFDPHQWH D PHOKRU RSomR GH WH[WR RX IRWR 8WLOL]H HVWD GHILQLomR SDUD XPD FRPELQDomR GH WH[WR H IRWRV RX WH[WR H JUiILFRV 8WLOL]H HVWD GHILQLomR SDUD IRWRJUDILDV H LPDJHQV TXH WHQKDP XP WRP FRQWtQXR (OD SRGHUi QR HQWDQWR UHGX]LU D QLWLGH] GR WH[WR 7H[WR)RWR )RWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà % ( )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 7LSR GH 2ULJLQDO 7HFODV GH $FHVVR 'LUHFWR $V 7HFODV GH )XQomR GH $FHVVR 'LUHFWR HVWmR VLWXDGDV j HVTXHUGD GR 3DLQHO GH &RQWUROR QR SDLQHO 3DUD DFHGHU DRV SDLQpLV OHYDQWH D UHVSHFWLYD WDPSD 7DPSD GRV 3DLQpLV 7HFODV GH $FHVVR 'LUHFWR 3DLQHO $V 7HFODV GH $FHVVR 'LUHFWR Vy SRGHP VHU XVDGDV TXDQGR DV IXQo}HV GH )D[)D[ GH , QWHUQHW RX 'LJLWDOL]DU SDUD (PDLO HVWmR VHOHFFLRQDGDV (VWDV WHFODV VmR XVDGDV SDUD SURJUDPDU DOJXPDV GDV IXQo}HV GH )D[ )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO PDLV IUHTXHQWHPHQWH XWLOL]DGDV 127$ $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GD PiTXLQD SHOR TXH D QXPHUDomR GDV IXQo}HV SRGHUi VHU GLIHUHQWH %! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 7HFODV GH $FHVVR 'LUHFWR 127$ 6H XPD IXQomR QmR HVWLYHU GLVSRQtYHO SDUD )D[ GH , QWHUQHW RX SDUD 'LJLWDOL]DU SDUD (PDLO RXYLUi XP ³ELS´ TXDQGR D RSomR IRU SUHPLGD $V SiJLQDV VHJXLQWHV DSUHVHQWDP XPD H[SOLFDomR GDV IXQo}HV GLVSRQtYHLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %! )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO $OJXPDV GDV IXQo}HV WrP RSo}HV DGLFLRQDLV TXH VmR SURJUDPDGDV XWLOL]DQGR R /&' 5HODWyULR GH $FWLYLGDGH 2 5HODWyULR GH $FWLYLGDGH FRQWpP RV GHWDOKHV GDV FRPXQLFDo}HV GH HQYLR H UHFHSomR H SRGH VHU SURJUDPDGR SDUD LPSULPLU DXWRPDWLFDPHQWH GH FDGD YH] TXH WHQKD OXJDU XPD FRPXQLFDomR RX DR ILP GH FDGD FRPXQLFDo}HV 3DUD LPSULPLU PDQXDOPHQWH XP 5HODWyULR GH $FWLYLGDGH ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >$FWLYLGDGH@ QR SDLQHO 6HOHFFLRQH D RSomR GH 5HODWyULR GH $FWLYLGDGH GHVHMDGD H SULPD >$FHLWDU@ ½ 1~PHUR GH LPSUHVVmR SiJLQD SiJLQDV SiJLQDV 2So}HV GR 5HODWyULR GH $FWLYLGDGH 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH XPD SiJLQD TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH GXDV SiJLQDV TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D 6HOHFFLRQH HVWD RSomR SDUD REWHU XP UHODWyULR GH WUrV SiJLQDV TXH PRVWUH DV FRPXQLFDo}HV GH HQYLR H UHFHSomR QXPHUDGDV GH D %!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà e SRVVtYHO LPSULPLU UHODWyULRV LQGLYLGXDLV GH /LVWD 7HOHIyQLFD DOIDEHWLFDPHQWH RX SHODV IXQo}HV GH 0DUFDomR 5iSLGD 8P 7RTXH RX GH *UXSR 7DPEpP SRGHP VHU LPSUHVVDV /LVWDV 7HOHIyQLFDV GH 0DUFDomR 5iSLGD GH 8P 7RTXH H GH *UXSR QXPD ~QLFD RSHUDomR VHOHFFLRQDQGR 7RGRV RV 5HODWyULRV 7RGRV RV 5HODWyULRV 3DUD LPSULPLU WRGRV RV 5HODWyULRV GH /LVWD 7HOHIyQLFD 3RU 1RPH GH 0DUFDomR 5iSLGD GH 8P 7RTXH H GH *UXSR ½ 3ULPD GXDV YH]HV D WHFOD >)D[)D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >7RGRV RV UHODWyULRV@ H SULPD >$FHLWDU@ 2V 5HODWyULRV GH /LVWD 7HOHIyQLFD VmR LPSUHVVRV H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 7RGRV RV UHODWyULRV 5HODWyULR GH OLVWD WHOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %!" )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 5HODWyULR GH /LVWD 7HOHIyQLFD 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH 2 5HODWyULR GH /LVWD 7HOHIyQLFD SRU RUGHP $OIDEpWLFD LPSULPH XPD OLVWD GH WRGRV RV QRPHV GH (VWDomR 5HPRWD DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD 7HFODV GH 8P 7RTXH H *UXSRV SRU RUGHP DOIDEpWLFD 1R 5HODWyULR SRU 1RPH p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 'HVFULomR 1RPH /RFDO 1~PHUR GH )D[ (QGHUHoR GH (PDLO 1RPHV DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV 1~PHURV GH 0DUFDomR 5iSLGD 7HFODV GH 8P 7RTXH RX *UXSRV 1~PHURV GH ID[ DWULEXtGRV D Q~PHURV GH PDUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 3:' LQGLFD XP WLSR GH VXEHQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >3RU 1RPH@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD %!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD LPSULPH XPD OLVWD GH WRGRV RV Q~PHURV GH ID[ RX HQGHUHoRV GH HPDLO GH (VWDo}HV 5HPRWDV DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 'HVFULomR 1 05 1RPH 1~PHUR GH )D[ (QGHUHoR GH (PDLO 1~PHUR GH 0DUFDomR 5iSLGD , ' GR 5HPRWR 1~PHURV GH ID[ DWULEXtGRV D Q~PHURV GH PDUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX *UXSRV ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 3:' LQGLFD XP WLSR GH VXEHQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO +RUD GR , QtFLR 5HWDUGDGR 3DUD WHOHIRQH H (PDLO (VWDGR GH /LJDGR'HVOLJDGR GD PRQLWRUL]DomR GD OLQKD (P EUDQFR LQGLFD R HVWDGR GH 'HVOLJDGR /LPLWH GD YHORFLGDGH GH FRPXQLFDomR [  (P EUDQFR LQGLFD VHP OLPLWH (VWDGR /LJDGR'HVOLJDGR GR UHODWyULR GH FRQILUPDomR 3DUD WHOHIRQH H (PDLO 5HVROXomR H 6tPEROR GH 6XSRUWH GH &RPSUHVVmR GHILQLGRV QR HQGHUHoR GH (PDLO 5HVROXomR [ [ [ [ [ 6tPEROR GH 6XSRUWH GH &RPSUHVVmR 0+ 05 00 005 -% -%, * +RUD 021 %36 5HODWyULR 0RGR GH FRUUHLR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %!$ )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO ½ 6HOHFFLRQH >0DUFDo}HV UiSLGDV@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH LPSULPH XPD OLVWD GH WRGRV RV Q~PHURV GH ID[ RX HQGHUHoRV GH HPDLO GH (VWDo}HV 5HPRWDV DWULEXtGRV D 7HFODV GH 8P 7RTXH 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1 7 1RPH2SHUDomR 05 1~PHUR GH )D[ H (PDLO 'HVFULomR 1~PHUR GD WHFOD GH 8P 7RTXH 2 QRPH GR UHPRWR R QRPH GH 0DUFDomR 5iSLGD RX GR *UXSR DWULEXtGR D XPD 7HFOD GH 8P 7RTXH 1~PHUR GH 0DUFDomR 5iSLGD *UXSR RX Q~PHUR GH )D[ DWULEXtGR D XPD WHFOD GH 8P 7RTXH ³x´ LQGLFD XP Q~PHUR DOWHUQDWLYR 68% 6(3 RX 3:' LQGLFD XP WLSR GH VXE HQGHUHoR 6H GLJLWDGR R HQGHUHoR GH (PDLO UHJLVWDGR p WDPEpP LPSUHVVR ³´ LQGLFD XP HQGHUHoR GH (PDLO %!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà , WHP +RUD 021 %36 5HODWyULR 'HVFULomR +RUD GR , QtFLR 5HWDUGDGR 3DUD WHOHIRQH H (PDLO (VWDGR GH /LJDGR'HVOLJDGR GD PRQLWRUL]DomR GD OLQKD (P EUDQFR LQGLFD R HVWDGR GH 'HVOLJDGR /LPLWH GD YHORFLGDGH GH FRPXQLFDomR [  (P EUDQFR LQGLFD VHP OLPLWH (VWDGR /LJDGR'HVOLJDGR GR UHODWyULR GH FRQILUPDomR 3DUD WHOHIRQH H (PDLO 5HVROXomR H 6tPEROR GH 6XSRUWH GH &RPSUHVVmR GHILQLGRV QR HQGHUHoR GH (PDLO 5HVROXomR [ [ [ [ [ 6tPEROR GH 6XSRUWH GH &RPSUHVVmR 0+ 05 00 005 -% -%, * 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 0RGR GH FRUUHLR ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >7HFODV GH XP WRTXH@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 7RGRV RV UHODWyULRV 5HODWyULR GH OLVWD WHOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %!& )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV 2 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV LPSULPH XPD OLVWD GH WRGDV DV WHFODV GH 8P 7RTXH RX Q~PHURV GH 0DUFDomR 5iSLGD UHJLVWDGRV FRPR Q~PHURV GH *UXSRV 1R 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV p LPSUHVVD D VHJXLQWH LQIRUPDomR , WHP 1~PHUR GR JUXSR 1RPH 1~PHUR GR JUXSR 1RPH GR JUXSR 'HVFULomR 1~PHUR GH 8P 7RTXH 1~PHURV GH 8P 7RTXH RX GH 0DUFDomR 5iSLGD 0DUFDomR 5iSLGD DWULEXtGRV DR JUXSR 7 7HFODV GH 8P 7RTXH 05 1~PHURV GH 0DUFDomR 5iSLGD 3DUD LPSULPLU R 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ 3ULPD D WHFOD GH DFHVVR GLUHFWR >/LVWD 7HOHIyQLFD@ QR SDLQHO 6HOHFFLRQH >*UXSRV@ H SULPD >$FHLWDU@ 2 5HODWyULR GH /LVWD 7HOHIyQLFD p LPSUHVVR H R HTXLSDPHQWR UHJUHVVD DR PRGR 3URQWR ½ 3RU QRPH 0DUFDo}HV UiSLGDV *UXSRV 5HODWyULR GH OLVWD WHOHIyQLFD %!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 3RGH VHU SURJUDPDGD D LPSUHVVmR DXWRPiWLFD GH XP 5HODWyULR GH &RQILUPDomR QR ILP GH FDGD WUDQVPLVVmR RX DSHQDV TXDQGR VH YHULILTXH XP HUUR 3DUD SHGLU XP UHODWyULR GH FRQILUPDomR SDUD XP WUDEDOKR LQGLYLGXDO XWLOL]H D WHFOD GH DFHVVR GLUHFWR &RQILUPDU ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >&RQILUPDU@ QR SDLQHO ½ ½ ½ 6HOHFFLRQH D RSomR GH 5HODWyULR GH &RQILUPDomR GHVHMDGD H SULPD >$FHLWDU@ 'LJLWH R HQGHUHoR GH (PDLO H SULPD >, QLFLDU@ VH QHFHVViULR 6HPSUH $SHQDV HUURV 'HVOLJDGR 5HODWyULR GH FRQILUPDomR 2So}HV GR 5HODWyULR GH &RQILUPDomR 6HPSUH $SHQDV HUURV 'HVOLJDGR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSyV D WUDQVPLVVmR 8WLOL]H HVWD RSomR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSHQDV TXDQGR VH YHULILTXH XP HUUR GXUDQWH D WUDQVPLVVmR $ IXQomR QmR HVWi GLVSRQtYHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %!( )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 5HODWyULR GH &RQILUPDomR *UXSR 0DQXDO $ PiTXLQD SRGH HQYLDU XP GRFXPHQWR SDUD P~OWLSORV HQGHUHoRV GH (PDLO TXH GLJLWH PDQXDOPHQWH 1mR p QHFHVViULR SURJUDPDU RV HQGHUHoRV FRPR XP JUXSR SDUD HVWH SURFHGLPHQWR 'LJLWH RV HQGHUHoRV XVDQGR R 7HFODGR VLWXDGR QR 3DLQHO  H R 7HFODGR 1XPpULFR WHFODV GH 8P 7RTXH RX Q~PHURV GH 0DUFDomR 5iSLGD ½ ½ 3ULPD GXDV YH]HV D WHFOD >)D[ )D[ GH , QWHUQHW@ RX SULPD D WHFOD >'LJLWDOL]DU SDUD (PDLO@ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD GH DFHVVR GLUHFWR >*UXSR 0DQXDO@ QR SDLQHO ½ ½ 'LJLWH R SULPHLUR HQGHUHoR GH (PDLO XVDQGR R 7HFODGR GR SDLQHO D WHFOD 0DUFDomR /LVWD 7HOHIyQLFD RX XPD WHFOD GH 8P 7RTXH 6H GLJLWDU R HQGHUHoR XWLOL]DQGR XPD WHFOD GH 8P 7RTXH QmR SULPD >$FHLWDU@ 6H GLJLWDU R HQGHUHoR XVDQGR R 7HFODGR GR SDLQHO RX R 7HFODGR 1XPpULFR WHP GH SUHPLU >$FHLWDU@ *UXSR PDQXDO 'LJLWH HQGHUHoR HPDLO RX SULPD /LVWD 7HOHIyQLFD RX WHFOD XP WRTXH %" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3DUD GLJLWDU R HQGHUHoR VHJXLQWH VHOHFFLRQH >3Uy[LPR GHVWLQR@ H SULPD >$FHLWDU@ &RQWLQXH D GLJLWDU RV HQGHUHoRV DWp WHU GLJLWDGR WRGRV RV GHVWLQRV ½ 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO ½ 4XDQGR WLYHU GLJLWDGR WRGRV RV HQGHUHoRV VHOHFFLRQH >&RQFOXtGR@ H SULPD >, QLFLDU@ 3Uy[LPR GHVWLQR 5HYHU OLVWD &RQFOXtGR *UXSR PDQXDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %" )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO )XQo}HV $GLFLRQDLV $FHVVR 5iSLGR ½6HOHFFLRQH >)XQo}HV ½6HOHFFLRQH D IXQomR H SULPD >$FHLWDU@ $GLFLRQDLV@ GHVHMDGD H SULPD >$FHLWDU@ 8WLOL]H DV LQVWUXo}HV VHJXLQWHV SDUD DFHGHU D )XQo}HV $GLFLRQDLV H SURJUDPDU HVVDV IXQo}HV 127$ 4XDQGR GHWHUPLQDGDV IXQo}HV VH HQFRQWUDP VHOHFFLRQDGDV RXWUDV IXQo}HV SRGHUmR GHL[DU GH HVWDU GLVSRQtYHLV VHQGR HQWmR YLVXDOL]DGDV HVEDWLGDV RX ³DFLQ]HQWDGDV´ $V )XQo}HV $GLFLRQDLV QmR HVWmR GLVSRQtYHLV SDUD D IXQomR 'LJLWDOL]DU SDUD (PDLO $OJXPDV RSo}HV QmR HVWmR GLVSRQtYHLV HP WRGRV RV 0HUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GD PiTXLQD SHOR TXH D QXPHUDomR GDV IXQo}HV SRGHUi VHU GLIHUHQWH ½6HOHFFLRQH D RSomR GHVHMDGD ½ 3DUD YHU R PHQX GH )XQo}HV $GLFLRQDLV VHOHFFLRQH GXDV YH]HV >)D[)D[ GH , QWHUQHW@ H SULPD D WHFOD GH GHVORFDomR 2 PHQX GH )XQo}HV $GLFLRQDLV YLVXDOL]D FDGD IXQomR FRP D GHILQLomR DFWXDO FRUUHVSRQGHQWH $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ ½ 3DUD SURJUDPDU XPD IXQomR XWLOL]H DV WHFODV GH GHVORFDomR SDUD VHOHFFLRQDU D IXQomR GHVHMDGD H SULPD >$FHLWDU@ 9HU HPDLO 0DSD GH PHQXV %"! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà (VWD RSomR p XVDGD SDUD YHULILFDU PDQXDOPHQWH VH R VHUYLGRU GH (PDLO UHFHEHX DOJXPDV PHQVDJHQV ½ 6HOHFFLRQH >)XQo}HV $GLFLRQDLV@ XVDQGR D WHFOD GH GHVORFDomR $EU DP 0 5HVROXomR [ &( $XWRPiWLFR )XQo}HV DGLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ ½ 6HOHFFLRQH >9HU HPDLO@ H SULPD >$FHLWDU@ 9HU HPDLO 0DSD GH PHQXV 6H R VHUYLGRU UHFHEHX DOJXP HPDLO D PiTXLQD UHFHEHR H LPSULPHR , PSULPLU XP 0DSD GH 0HQXV 2 0DSD GH 0HQXV p XPD OLVWD GH WRGDV DV IXQo}HV GD PiTXLQD QXP IRUPDWR GH UHODWyULR ½ 6HOHFFLRQH >)XQo}HV $GLFLRQDLV@ XVDQGR D WHFOD GH GHVORFDomR $EU DP 0 5HVROXomR GSL &( $XWRPiWLFR )XQo}HV $GLFLRQDLV 'LJLWH HQGHU HPDLO Pi[ ½ 6HOHFFLRQH >0DSD GH 0HQXV@ H SULPD >$FHLWDU@ 2 PDSD GH PHQXV p LPSUHVVR 9HU HPDLO 0DSD GH PHQXV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà %"" )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO 9HULILFDU (PDLO %"# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 3RGHP VHU DWULEXtGRV Q~PHURV GH WHOHIRQH H HQGHUHoRV GH HPDLO UHPRWRV D Q~PHURV GH 0DUFDomR 5iSLGD HRX D WHFODV GH 8P 7RTXH XWLOL]DQGR D /LVWD 7HOHIyQLFD (VWH FDStWXOR IRUQHFH LQIRUPDomR VREUH FRPR SODQHDU SURJUDPDU H XVDU D /LVWD 7HOHIyQLFD SDUD DV IXQo}HV GH )D[ )D[ GH , QWHUQHW H 'LJLWDOL]DU SDUD (PDLO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & /LVWD 7HOHIyQLFD /LVWD 7HOHIyQLFD 3URJUDPDomR GD /LVWD 7HOHIyQLFD 3RGHP VHU DWULEXtGRV Q~PHURV GH ID[ H HQGHUHoRV GH HPDLO UHPRWRV D Q~PHURV GH 0DUFDomR 5iSLGD HRX D WHFODV GH 8P 7RTXH XWLOL]DQGR D /LVWD 7HOHIyQLFD 2V Q~PHURV H HQGHUHoRV VmR XVDGRV SDUD 0DUFDomR $OIDEpWLFD 0DUFDomR 5iSLGD 0DUFDomR GH 8P 7RTXH 0DUFDomR HP &DGHLD 0DUFDomR GH *UXSR H 2SHUDo}HV GH 3ROOLQJ 8PD YH] SUpGHILQLGDV HVWDV IXQo}HV SHUPLWHPOKH HQYLDU GRFXPHQWRV RX ID]HU XPD FKDPDGD SDUD Q~PHURV IUHTXHQWHPHQWH XVDGRV SUHVVLRQDQGR DSHQDV DOJXPDV WHFODV 3DUD SURJUDPDU XP *UXSR p QHFHVViULR DWULEXLU SULPHLUR FDGD PHPEUR GR JUXSR D XP Q~PHUR GH 0DUFDomR 5iSLGD RX D XPD WHFOD GH 8P 7RTXH 3ODQHDU D /LVWD 7HOHIyQLFD $R SURJUDPDU XP Q~PHUR GH ID[ UHPRWR RX XP HQGHUHoR GH H PDLO QXP Q~PHUR GH 0DUFDomR 5iSLGD RX QXPD WHFOD GH 8P 7RTXH SRGH LQFOXLU PXLWDV RSo}HV GH ID[ SDUD XVDU GXUDQWH D FRPXQLFDomR 8WLOL]H D OLVWD VHJXLQWH FRPR DX[LOLDU DR SODQHDU D /LVWD 7HOHIyQLFD 'HFLGD TXDLV RV Q~PHURV GH ID[ H HQGHUHoRV TXH GHVHMD DWULEXLU D FDGD WHFOD GH 8P 7RTXH WHP j VXD GLVSRVLomR XP Pi[LPR GH WHFODV RX Q~PHUR GH 0DUFDomR 5iSLGD GLVS}H GH XP Pi[LPR GH Q~PHURV 'HWHUPLQH VH p QHFHVViULD DOJXPD SDXVD QR Q~PHUR GH ID[ 6H D PiTXLQD HVWi OLJDGD D XP VLVWHPD GH 3%; SRGHUi SUHFLVDU GH LQVHULU XPD SDXVD SDUD TXH R VLVWHPD SRVVD ID]HU D OLJDomR j OLQKD WHOHIyQLFD GR H[WHULRU 3DUD GLJLWDU XPD SDXVD GH VHJXQGRV XVH D WHFOD >3DXVD@ 3RGH LQVHULU P~OWLSODV SDXVDV GH VHJXQGRV 'HFLGD VH TXHU JUDYDU XP &yGLJR SDUD &REUDQoD 3DUD GLJLWDU H RFXOWDU XP FyGLJR SDUD FREUDQoD SULPD D WHFOD >&yGLJR SDUD &REUDQoD@ GHSRLV GH GLJLWDU R Q~PHUR GH ID[ &! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 68*(672 &RQVXOWH D SiJLQD SDUD XPD OLVWD GDV RSo}HV GR )D[ H D SiJLQD SDUD XPD OLVWD GDV RSo}HV GH (PDLO GLVSRQtYHLV 'HSRLV GH SURJUDPDU D OLVWD WHOHIyQLFD LPSULPD RV 5HODWyULRV GD /LVWD 7HOHIyQLFD SDUD YHULILFDU VH RV Q~PHURV H HQGHUHoRV HVWmR FRUUHFWRV H ILFDU FRP XP UHJLVWR GDV HQWUDGDV LQVHULGDV 8WLOL]H D WHFOD >/LVWD 7HOHIyQLFD@ SDUD DFHGHU DRV UHODWyULRV GHVHMDGRV H ID]HU D LPSUHVVmR 7RPH QRWD GRV QRPHV DVVRFLDGRV FRP DV WHFODV GH 8P 7RTXH QD UHVSHFWLYD HWLTXHWD 3URJUDPDomR GH 1~PHURV GH 0DUFDomR 5iSLGD 3RGHP VHU DWULEXtGRV DWp Q~PHURV GH ID[ RX HQGHUHoRV GH (PDLO DRV Q~PHURV GH 0DUFDomR 5iSLGD D 3RGH VHU JUDYDGR XP Q~PHUR GH ID[ DOWHUQDWLYR FRP R Q~PHUR GH PDUFDomR UiSLGD 6H R Q~PHUR PDUFDGR HVWLYHU RFXSDGR VHUi PDUFDGR R Q~PHUR DOWHUQDWLYR GHSRLV GH IHLWDV DV WHQWDWLYDV GH UHPDUFDomR 127$ $ IXQomR GH PDUFDomR GR Q~PHUR DOWHUQDWLYR QmR p H[HFXWDGD HP WUDQVPLVV}HV SRU 5HOD\ UHFHSo}HV GH 3ROOLQJ RX HP WUDQVPLVV}HV GH FDL[D GR FRUUHLR 'HSRLV GH DWULEXLU XP Q~PHUR GH 0DUFDomR 5iSLGD H VHOHFFLRQDU RSo}HV SDUD HVVH Q~PHUR SRGH OLJDU R Q~PHUR GH 0DUFDomR 5iSLGD D XPD WHFOD GH 8P 7RTXH SDUD XPD SURJUDPDomR PDLV UiSLGD 6H OLJDU R Q~PHUR GH 0DUFDomR 5iSLGD D XPD WHFOD GH 8P 7RTXH SRGHUi XVDU DPERV RV PpWRGRV SDUD HQYLDU R ID[ RX R FRUUHLR HOHFWUyQLFR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &" /LVWD 7HOHIyQLFD 'HFLGD TXDLV DV RSo}HV GR )D[ H DV RSo}HV GR (PDLO TXH GHVHMD JUDYDU FRP D WHFOD GH 8P 7RTXH RX R Q~PHUR GH 0DUFDomR 5iSLGD 3DUD DWULEXLU 1~PHURV GH 0DUFDomR 5iSLGD ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3URJUDPDU OLVWD WHOHIyQLFD@ H SULPD >$FHLWDU@ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >0DUFDo}HV UiSLGDV@ H SULPD >$FHLWDU@ 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 3URJUDPDU OLVWD WHOHIyQLFD 'LJLWH R 1~PHUR GH 0DUFDomR 5iSLGD ½ 'LJLWH R Q~PHUR GH 0DUFDomR 5iSLGD GHVHMDGR D  H SULPD >$FHLWDU@ , QGLTXH Q PDUF UiSLGD  0DUFDomR UiSLGD &# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH >1RPH@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 1~PHUR GH ID[ 1~PHUR GH ID[ DOWHUQDWLYR 2So}HV GH ID[ (QGHUHoR GH (PDLO 2So}HV GH HPDLO 0DUFDomR UiSLGD ½ 8VDQGR R WHFODGR GR SDLQHO GLJLWH R QRPH TXH GHVHMD DWULEXLU D HVWH Q~PHUR GH 0DUFDomR 5iSLGD Pi[LPR FDUDFWHUHV 3ULPD >$FHLWDU@ ½ 'LJLWH QRPH Pi[ 0DUFDomR UiSLGD , QGLTXH R 1~PHUR GH )D[ ½ 6H YDL XVDU HVWD 0DUFDomR 5iSLGD SDUD HQYLDU ID[HV VHOHFFLRQH >1~PHUR GH ID[@ H SULPD >$FHLWDU@ 8VDQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GH ID[ TXH GHVHMD DWULEXLU DR Q~PHUR GH 0DUFDomR 5iSLGD Pi[LPR GtJLWRV 3ULPD >$FHLWDU@ 'LJLWH Q GH ID[ Pi[ 0DUFDomR UiSLGD ½ ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &$ /LVWD 7HOHIyQLFD 'LJLWH R 1RPH GH 0DUFDomR 5iSLGD 68*(672 3RGH LQVHULU XPD SDXVD RX XP FyGLJR SDUD FREUDQoD WDQWR QR Q~PHUR SULPiULR FRPR QRV Q~PHURV DOWHUQDWLYRV 3DUD LQVHULU XPD SDXVD SULPD D WHFOD >3DXVD@ 3DUD GLJLWDU XP FyGLJR SDUD FREUDQoD SULPD D WHFOD >&yGLJR SDUD &REUDQoD@ GHSRLV GH GLJLWDU R Q~PHUR , QGLTXH R 1~PHUR GH )D[ $OWHUQDWLYR ½ ½ 6HOHFFLRQH >1~PHUR GH ID[ DOWHUQDWLYR@ H SULPD >$FHLWDU@ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR DOWHUQDWLYR H SULPD >$FHLWDU@ , QGLTXH Q ID[ DOWHUQDWLYR 0DUFDomR UiSLGD 6HOHFFLRQH DV 2So}HV GH )D[ SDUD D 0DUFDomR 5iSLGD ½ ½ 6HOHFFLRQH >2So}HV GH ID[@ H SULPD >$FHLWDU@ 6HOHFFLRQH >/LJDGR@ SDUD DFWLYDU DV RSo}HV GH )D[ VH GHVHMDGDV H SULPD >$FHLWDU@ e YLVXDOL]DGR R PHQX GH RSo}HV GH ID[ &RQVXOWH D WDEHOD GH RSo}HV GH )D[ QD SiJLQD H SURJUDPH DV RSo}HV GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD 'HVOLJDGR /LJDGR 2So}HV GH ID[ ½ 4XDQGR DFDEDU GH SURJUDPDU DV RSo}HV GHVHMDGDV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ &RQFOXtGR (QYLR SURJUDPDGR 5HODWyULR GH FRQILUPDomR 2XYLU VLQDO GH PDUFDomR 9HORFLGDGH GR ID[ 6XEHQGHUHoR 2So}HV GH ID[ ½ 6H QmR GHVHMD RSo}HV GH )D[ VHOHFFLRQH >'HVOLJDGR@ H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2So}HV GH ID[ &% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H YDL XVDU HVWD 0DUFDomR 5iSLGD SDUD HQYLDU (PDLOV VHOHFFLRQH >(QGHUHoR GH ( PDLO@ H SULPD >$FHLWDU@ 'LJLWH R HQGHUHoR GH (PDLO TXH GHVHMD DWULEXLU DR Q~PHUR GH 0DUFDomR 5iSLGD Pi[LPR FDUDFWHUHV XVDQGR R WHFODGR GR SDLQHO RX D WHFOD 0DUFDomR /LVWD 7HOHIyQLFD 3ULPD >$FHLWDU@ ½ ½ 'LJLWH HQGHUHoR HPDLO RX 3ULPD WHFOD /LVWD 7HOHIyQLFD 0DUFDomR UiSLGD 6HOHFFLRQH DV 2So}HV GH (PDLO SDUD D 0DUFDomR 5iSLGD ½ ½ 6HOHFFLRQH >2So}HV GH H PDLO@ H SULPD >$FHLWDU@ 6HOHFFLRQH >/LJDGR@ SDUD DFWLYDU DV RSo}HV GH (PDLO VH GHVHMDGDV H SULPD >$FHLWDU@ e YLVXDOL]DGR R PHQX GH RSo}HV GH (PDLO &RQVXOWH D WDEHOD GH RSo}HV GH (PDLO QD SiJLQD H SURJUDPH DV RSo}HV GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD 'HVOLJDGR /LJDGR 2So}HV GH HPDLO &RQFOXtGR 5HODWyULR GH FRQILUPDomR &DSDFLGDGH GR 'HVWLQDWiULR 2So}HV GH HPDLO ½ 4XDQGR DFDEDU GH SURJUDPDU DV RSo}HV GHVHMDGDV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà && /LVWD 7HOHIyQLFD 'LJLWH R (QGHUHoR GH (PDLO ½ 6H QmR GHVHMD RSo}HV GH ( PDLO VHOHFFLRQH >'HVOLJDGR@ H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2So}HV GH HPDLO ½ 4XDQGR DFDEDU GH SURJUDPDU R Q~PHUR GH 0DUFDomR 5iSLGD VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 1~PHUR GH ID[ 1~PHUR GH ID[ DOWHUQDWLYR 2So}HV GH ID[ (QGHUHoR GH (PDLO 2So}HV GH HPDLO 0DUFDomR UiSLGD ½ 3DUD OLJDU HVWH Q~PHUR GH 0DUFDomR 5iSLGD D XPD WHFOD GH 8P 7RTXH SULPD D WHFOD GH 8P 7RTXH GHVHMDGD 3DUD VDLU VHP ID]HU D OLJDomR D XPD WHFOD GH 8P 7RTXH SULPD >$FHLWDU@ 6HOHF WHFOD XP WRTXH RX SULPD $&(, 7$5 VH WHUPLQRX 0DUFDomR UiSLGD ½ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR HFUm 3URQWR &' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà +i WHFODV GH 8P 7RTXH TXH SRGHP VHU SURJUDPDGDV FRP XP ~QLFR GHVWLQR GH ID[ RX GH (PDLO XP Q~PHUR GH 0DUFDomR 5iSLGD RX XP Q~PHUR GH *UXSR 3RGH VHU JUDYDGR XP Q~PHUR GH ID[ DOWHUQDWLYR FRP D WHFOD GH 8P 7RTXH 6H R Q~PHUR PDUFDGR HVWLYHU RFXSDGR VHUi PDUFDGR R Q~PHUR DOWHUQDWLYR GHSRLV GH IHLWDV DV WHQWDWLYDV GH UHPDUFDomR 127$ $ IXQomR GH PDUFDomR GR Q~PHUR DOWHUQDWLYR QmR p H[HFXWDGD HP FRPXQLFDo}HV SRU 5HOD\ GH 3ROOLQJ RX GH &DL[D GR &RUUHLR 3DUD DWULEXLU 7HFODV GH 8P 7RTXH ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3URJUDPDU OLVWD WHOHIyQLFD@ H SULPD >$FHLWDU@ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &( /LVWD 7HOHIyQLFD 3URJUDPDomR GH 7HFODV GH 8P 7RTXH ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >7HFODV WRTXH@ H SULPD >$FHLWDU@ 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 3URJUDPDU OLVWD WHOHIyQLFD 6HOHFFLRQH D 7HFOD GH 8P 7RTXH ½ 3ULPD D WHFOD GH 8P 7RTXH GHVHMDGD D  7HFOD 8P WRTXH 3ULPD D WHFOD 8P 7RTXH 'LJLWH R 1RPH GH 8P 7RTXH ½ 6HOHFFLRQH >1RPH@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 1~PHUR GH ID[ 1~PHUR GH ID[ DOWHUQDWLYR 2So}HV GH ID[ (QGHUHoR GH (PDLO 2So}HV GH HPDLO 7HFOD 8P 7RTXH ½ 8VDQGR R WHFODGR GR SDLQHO GLJLWH R QRPH TXH GHVHMD DWULEXLU D HVWD WHFOD GH 8P 7RTXH Pi[LPR FDUDFWHUHV 3ULPD >$FHLWDU@ ½ 'LJLWH QRPH Pi[ 7HFOD XP WRTXH & ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H YDL XVDU HVWD WHFOD GH 8P 7RTXH SDUD HQYLDU ID[HV VHOHFFLRQH >1~PHUR GH ID[@ H SULPD >$FHLWDU@ 8VDQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GH ID[ TXH GHVHMD DWULEXLU j WHFOD GH 8P 7RTXH Pi[LPR GtJLWRV 3ULPD >$FHLWDU@ 'LJLWH Q GH ID[ Pi[ 7HFOD XP WRTXH ½ ½ 68*(672 3RGH LQVHULU XPD SDXVD RX XP FyGLJR SDUD FREUDQoD WDQWR QR Q~PHUR GH ID[ SULPiULR FRPR QRV Q~PHURV DOWHUQDWLYRV 3DUD LQVHULU XPD SDXVD SULPD D WHFOD >3DXVD@ 3DUD GLJLWDU XP FyGLJR SDUD FREUDQoD SULPD D WHFOD >&yGLJR SDUD &REUDQoD@ GHSRLV GH GLJLWDU R Q~PHUR GH ID[ , QGLTXH R 1~PHUR GH )D[ $OWHUQDWLYR ½ ½ 6HOHFFLRQH >1~PHUR GH ID[ DOWHUQDWLYR@ H SULPD >$FHLWDU@ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR DOWHUQDWLYR H SULPD >$FHLWDU@ , QGLTXH Q ID[ DOWHUQDWLYR 7HFOD XP WRTXH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & /LVWD 7HOHIyQLFD , QGLTXH R 1~PHUR GH )D[ 6HOHFFLRQH DV 2So}HV GH )D[ SDUD 8P 7RTXH ½ ½ 6HOHFFLRQH >2So}HV GH ID[@ H SULPD >$FHLWDU@ 6HOHFFLRQH >/LJDGR@ SDUD DFWLYDU DV RSo}HV GH )D[ VH GHVHMDGDV H SULPD >$FHLWDU@ e YLVXDOL]DGR R PHQX GH RSo}HV GH ID[ &RQVXOWH D WDEHOD GH RSo}HV GH )D[ QD SiJLQD H SURJUDPH DV RSo}HV GHVHMDGDV SDUD R Q~PHUR GH 8P 7RTXH 'HVOLJDGR /LJDGR 2So}HV GH ID[ ½ 4XDQGR DFDEDU GH SURJUDPDU DV RSo}HV GHVHMDGDV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ &RQFOXtGR (QYLR SURJUDPDGR 5HODWyULR GH FRQILUPDomR 2XYLU VLQDO GH PDUFDomR 9HORFLGDGH GR ID[ 6XEHQGHUHoR 2So}HV GH ID[ ½ 6H QmR GHVHMD RSo}HV GH )D[ VHOHFFLRQH >'HVOLJDGR@ H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2So}HV GH ID[ & ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H YDL XVDU HVWD WHFOD GH 8P 7RTXH SDUD HQYLDU (PDLOV VHOHFFLRQH >(QGHUHoR GH ( PDLO@ H SULPD >$FHLWDU@ 'LJLWH R HQGHUHoR GH (PDLO TXH GHVHMD DWULEXLU j WHFOD GH 8P 7RTXH Pi[LPR FDUDFWHUHV XVDQGR R WHFODGR GR SDLQHO RX D WHFOD 0DUFDomR /LVWD 7HOHIyQLFD 3ULPD >$FHLWDU@ ½ ½ 'LJLWH HQGHUHoR HPDLO RX 3ULPD WHFOD /LVWD 7HOHIyQLFD 7HFOD XP WRTXH 6HOHFFLRQH DV 2So}HV GH (PDLO SDUD 8P 7RTXH ½ ½ 6HOHFFLRQH >2So}HV GH H PDLO@ H SULPD >$FHLWDU@ 6HOHFFLRQH >/LJDGR@ SDUD DFWLYDU DV RSo}HV GH (PDLO VH GHVHMDGDV H SULPD >$FHLWDU@ e YLVXDOL]DGR R PHQX GH RSo}HV GH (PDLO &RQVXOWH D WDEHOD GH RSo}HV GH (PDLO QD SiJLQD H SURJUDPH DV RSo}HV GHVHMDGDV SDUD D WHFOD GH 8P 7RTXH 'HVOLJDGR /LJDGR 2So}HV GH HPDLO &RQFOXtGR 5HODWyULR GH FRQILUPDomR &DSDFLGDGH GR 'HVWLQDWiULR 2So}HV GH HPDLO ½ 4XDQGR DFDEDU GH SURJUDPDU DV RSo}HV GHVHMDGDV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & " /LVWD 7HOHIyQLFD 'LJLWH R (QGHUHoR GH (PDLO ½ 6H QmR GHVHMD RSo}HV GH ( PDLO VHOHFFLRQH >'HVOLJDGR@ H SULPD >$FHLWDU@ 'HVOLJDGR /LJDGR 2So}HV GH HPDLO ½ 4XDQGR DFDEDU GH SURJUDPDU D WHFOD GH 8P 7RTXH VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 1~PHUR GH ID[ 1~PHUR GH ID[ DOWHUQDWLYR 2So}HV GH ID[ (QGHUHoR GH (PDLO 2So}HV GH HPDLO 7HFOD XP WRTXH ½ 3DUD OLJDU HVWD WHFOD GH 8P 7RTXH D XP Q~PHUR GH 0DUFDomR 5iSLGD GLJLWH R Q~PHUR GH 0DUFDomR 5iSLGD GHVHMDGR H SULPD >$FHLWDU@ 3DUD VDLU VHP ID]HU D OLJDomR D XP Q~PHUR GH 0DUFDomR 5iSLGD SULPD >$FHLWDU@ 'LJLWH Q PDUF UiSLGD RX SULPD $&(, 7$5 VH WHUPLQRX 7HFOD XP WRTXH ½ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR HFUm 3URQWR & # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]H HVWH SURFHGLPHQWR SDUD DOWHUDU RX DSDJDU XP Q~PHUR GH 0DUFDomR 5iSLGD RX XPD WHFOD GH 8P 7RTXH DQWHULRUPHQWH DWULEXtGRV 4XDQGR VHOHFFLRQDU R Q~PHUR RX D WHFOD TXH GHVHMD DOWHUDU RX DSDJDU VHUi YLVXDOL]DGD D PHQVDJHP ³-i DWULEXtGR´ ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3URJUDPDU OLVWD WHOHIyQLFD@ H SULPD >$FHLWDU@ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & $ /LVWD 7HOHIyQLFD 0RGLILFDU RX $SDJDU D 3URJUDPDomR GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >0DUFDo}HV UiSLGDV@ RX >7HFODV WRTXH@ H SULPD >$FHLWDU@ 'LJLWH R Q~PHUR GH 0DUFDomR 5iSLGD RX SULPD D WHFOD GH 8P 7RTXH TXH GHVHMD PRGLILFDU RX DSDJDU 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 3URJUDPDU OLVWD WHOHIyQLFD ½ ½ 3DUD DSDJDU R Q~PHUR GH 0DUFDomR 5iSLGD RX D WHFOD GH 8P 7RTXH VHOHFFLRQH >$SDJDU@ H SULPD >$FHLWDU@ 3DUD PRGLILFDU D LQIRUPDomR VHOHFFLRQH >0RGLILFDU@ H SULPD >$FHLWDU@ 8WLOL]DQGR D LQIRUPDomR GD VHFomR DQWHULRU PRGLILTXH DV RSo}HV FRQIRUPH QHFHVViULR ½ $SDJDU 0RGLILFDU 5HWHU 0DUFDomR UiSLGD ½ 3DUD UHWHU D LQIRUPDomR GR Q~PHUR GH 0DUFDomR 5iSLGD RX GD WHFOD GH 8P 7RTXH VHOHFFLRQH >5HWHU@ H SULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 127$ $R PRGLILFDU XP Q~PHUR GH 0DUFDomR 5iSLGD RX XPD WHFOD GH 8P 7RTXH TXH WHQKD XPD OLJDomR QmR QHFHVVLWD GH YROWDU D LQVWDODU D OLJDomR 6H R IL]HU D PiTXLQD SHGHOKH TXH DSDJXH PRGLILTXH RX UHWHQKD D SURJUDPDomR RULJLQDO ½ & % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]DQGR D WDEHOD VHJXLQWH LGHQWLILTXH DV 2So}HV GH )D[ GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD RX SDUD D WHFOD GH 8P 7RTXH H VHOHFFLRQH DV GHILQLo}HV DSURSULDGDV XWLOL]DQGR R PHQX GH 2So}HV GH )D[ 2SomR GH )D[ &RQFOXtGR 6LP 1mR 2So}HV 'HVFULomR 4XDQGR WLYHU VHOHFFLRQDGR WRGDV DV GHILQLo}HV GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD RX SDUD D WHFOD GH 8P 7RTXH VHOHFFLRQH &RQFOXtGR SDUD JUDYDU D SURJUDPDomR H YROWDU DR HFUm DQWHULRU 8VH R (QYLR 3URJUDPDGR SDUD LQGLFDU XPD KRUD HVSHFtILFD SDUD R HQYLR GR ID[ 'LJLWH D KRUD D TXH GHVHMD LQLFLDU R WUDEDOKR QR IRUPDWR GH KRUDV 3DUD R IRUPDWR GH KRUDV VHOHFFLRQH DPSP 6HOHFFLRQH /LJDGR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSyV XPD WUDQVPLVVmR TXH XWLOL]H R Q~PHUR GH 0DUFDomR 5iSLGD RX D WHFOD GH 8P 7RTXH 6HOHFFLRQH /LJDGR SDUD RXYLU R VLQDO GH PDUFDomR GXUDQWH XPD WUDQVPLVVmR TXH XWLOL]H R Q~PHUR GH 0DUFDomR 5iSLGD RX D WHFOD GH 8P 7RTXH (QYLR 3URJUDPDGR +RUD 5HODWyULR GH &RQILUPDomR 'HVOLJDGR /LJDGR 2XYLU 6LQDO GH 0DUFDomR 'HVOLJDGR /LJDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & & /LVWD 7HOHIyQLFD 2So}HV GH )D[ 2SomR GH )D[ 9HORFLGDGH GR ID[ 2So}HV 0DLV UiSLGR SRVVtYHO 'HVFULomR 6HOHFFLRQH HVWD RSomR SDUD HQYLDU R ID[ XWLOL]DQGR D YHORFLGDGH PDLV UiSLGD TXH HVWHMD GLVSRQtYHO (VWD RSomR HQYLD R ID[ D ELWV SRU VHJXQGR (VWD RSomR HQYLD R ID[ D ELWV SRU VHJXQGR 8WLOL]H HVWD RSomR SDUD HQYLDU R ID[ j YHORFLGDGH PDLV OHQWD GH ELWV SRU VHJXQGR (VWD RSomR p UHFRPHQGDGD SDUD Q~PHURV TXH WHQKDP UHJXODUPHQWH HUURV GH WUDQVPLVVmR GHYLGRV j Pi TXDOLGDGH GD OLQKD 8WLOL]H &RQFOXtGR SDUD FRQILUPDU DV VHOHFo}HV GH 6XEHQGHUHoR GLJLWDGDV H YROWDU DR HFUm DQWHULRU 7DPEpP SRGH VHU XVDGR SDUD VDOWDU D IXQomR GH 6XEHQGHUHoR FDVR QmR VHMD QHFHVViULD 8WLOL]H HVWD RSomR SDUD HQYLDU XP GRFXPHQWR SDUD XP VXEHQGHUHoR 4XDQGR VROLFLWDGR GLJLWH R VXE HQGHUHoR QXPpULFR UHPRWR Pi[LPR FDUDFWHUHV QXPpULFRV 8WLOL]H HVWD RSomR SDUD ID]HU R SROOLQJ GH XP GRFXPHQWR GH XP VXEHQGHUHoR 4XDQGR VROLFLWDGR GLJLWH R VXEHQGHUHoR QXPpULFR UHPRWR Pi[LPR FDUDFWHUHV QXPpULFRV 8WLOL]H HVWD RSomR SDUD DGLFLRQDU XPD SDVVZRUG DR VXEHQGHUHoR 4XDQGR VROLFLWDGR GLJLWH D SDVVZRUG QXPpULFD Pi[LPR FDUDFWHUHV QXPpULFRV ESV ESV ESV 6XEHQGHUHoR &RQFOXtGR 6XEHQGHUHoR 68% 3ROOLQJ 6HOHFWLYR 6(3 3DVVZRUG 3:' & ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 8WLOL]DQGR D WDEHOD VHJXLQWH LGHQWLILTXH DV 2So}HV GH (PDLO GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD RX SDUD D WHFOD GH 8P 7RTXH H VHOHFFLRQH DV GHILQLo}HV DSURSULDGDV XWLOL]DQGR R PHQX GH 2So}HV GH (PDLO 2SomR GH (PDLO &RQFOXtGR 6LP 1mR 2So}HV 'HVFULomR 4XDQGR WLYHU VHOHFFLRQDGR WRGDV DV GHILQLo}HV GHVHMDGDV SDUD R Q~PHUR GH 0DUFDomR 5iSLGD RX SDUD D WHFOD GH 8P 7RTXH VHOHFFLRQH &RQFOXtGR SDUD JUDYDU D SURJUDPDomR H YROWDU DR HFUm DQWHULRU 6HOHFFLRQH /LJDGR SDUD LPSULPLU XP UHODWyULR GH FRQILUPDomR DSyV HQYLDU XP (PDLO XWLOL]DQGR R Q~PHUR GH 0DUFDomR 5iSLGD RX D WHFOD GH 8P 7RTXH , QGLTXH D UHVROXomR GHVHMDGD SDUD R GHVWLQDWiULR GR (PDLO $V RSo}HV VmR [ [ [ H [ SRQWRV SRU SROHJDGD , QGLTXH D FRPSUHVVmR GHVHMDGD SDUD R GHVWLQDWiULR GR (PDLO $V RSo}HV VmR 0+ 05 005 H -%, * , QGLTXH R IRUPDWR GH SDSHO GHVHMDGR SDUD R GHVWLQDWiULR 5HODWyULR GH &RQILUPDomR 'HVOLJDGR /LJDGR &DSDFLGDGH GR 'HVWLQDWiULR 5HVROXomR &RPSUHVVmR )RUPDWR GR SDSHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà & ( /LVWD 7HOHIyQLFD 2So}HV GH (PDLO 3URJUDPDomR GH 1~PHURV GH *UXSR 6H HQYLD IUHTXHQWHPHQWH ID[HV RX HPDLOV SDUD R PHVPR JUXSR GH GHVWLQDWiULRV SRGH DWULEXLU RV UHVSHFWLYRV Q~PHURV GH ID[ RX HQGHUHoRV GH HPDLO D XP *UXSR 6y SRGHP VHU DWULEXtGDV D XP *UXSR HQWUDGDV GH 0DUFDomR 5iSLGD RX GH 8P 7RTXH 2V Q~PHURV GH JUXSR SUpGHILQLGRV WDPEpP SRGHP VHU XVDGRV SDUD SROOLQJ e ERD LGHLD FULDU D OLVWD GH QRPHV H Q~PHURV RX HQGHUHoRV GHVHMDGRV SDUD R *UXSR DQWHV GH FRPHoDU D SURJUDPDU D PiTXLQD $ WDEHOD VHJXLQWH DSUHVHQWD D LQIRUPDomR TXH OKH VHUi SHGLGD FRP FRPHQWiULRV UHODWLYRV D FDGD XP GRV FDPSRV &DPSRV 1~PHUR GR *UXSR 1RPH GR *UXSR 'HVLJQDomR GH 1~PHURV GH 7HOHIRQH (QGHUHoRV GH (PDLO &RPHQWiULRV 4XDLVTXHU Q~PHURV HQWUH H Pi[LPR JUXSRV 0i[LPR GH FDUDFWHUHV SRU FDGD JUXSR 'HVLJQH Q~PHURV GH ID[ H HQGHUHoRV GH (PDLO GH HQWUH RV DWULEXtGRV D Q~PHURV GH 0DUFDomR 5iSLGD RX D WHFODV GH 8P 7RTXH 3RGHP VHU LQFOXtGRV QXP JUXSR XP Pi[LPR GH Q~PHURV GH ID[ RX HQGHUHoRV GH (PDLO GH 0DUFDomR 5iSLGD H GH 8P 7RTXH &DGD JUXSR SRGH VHU DWULEXtGR D XPD WHFOD GH 8P 7RTXH $WULEXLomR D 7HFODV GH 8P 7RTXH &! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $QWHV GH SURJUDPDU XP *UXSR FHUWLILTXHVH TXH WRGRV RV PHPEURV GR JUXSR Mi VH HQFRQWUDP SURJUDPDGRV FRPR Q~PHURV GH 0DUFDomR 5iSLGD RX WHFODV GH 8P 7RTXH 127$ $V LQVWUXo}HV SDUD D SURJUDPDomR GH Q~PHURV GH 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH FRPHoDP QD SiJLQD ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3URJUDPDU OLVWD WHOHIyQLFD@ H SULPD >$FHLWDU@ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >*UXSRV@ H SULPD >$FHLWDU@ 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 3URJUDPDU OLVWD WHOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &! /LVWD 7HOHIyQLFD 3DUD 3UpGHILQLU 1~PHURV QXP *UXSR ½ ½ ½ 6H YDL XVDU R *UXSR SDUD HQYLDU )D[HV VHOHFFLRQH >3URJUDPDU Q~PHUR GH ID[@ 6H YDL XVDU R *UXSR SDUD HQYLDU (PDLOV VHOHFFLRQH >3URJUDPDU HQGHUHoR HPDLO@ 3ULPD >$FHLWDU@ 3URJUDPDU Q~PHUR GH ID[ 3URJUDPDU HQGHUHoR HPDLO *UXSR ½ 'LJLWH R Q~PHUR GH *UXSR GHVHMDGR D  H SULPD >$FHLWDU@ 'LJLWH Q JUXSR  *UXSR ½ 6HOHFFLRQH >1RPH@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 'HVWLQRV *UXSR ½ 8VDQGR R WHFODGR GR SDLQHO GLJLWH R QRPH TXH GHVHMD DWULEXLU D HVWH Q~PHUR GH *UXSR Pi[LPR FDUDFWHUHV 3ULPD >$FHLWDU@ ½ 'LJLWH QRPH Pi[ *UXSR &!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 6HOHFFLRQH >'HVWLQRV@ H SULPD >$FHLWDU@ 3ULPD D WHFOD GH 8P 7RTXH SDUD LQVHULU R Q~PHUR GH 0DUFDomR 5iSLGD TXH GHVHMD LQFOXLU QR JUXSR H SULPD >$FHLWDU@ 6HOHFFLRQH XPD PDUFDomR UiSLGD RX WHFOD XP WRTXH *UXSR ½ 6HOHFFLRQH >$GLFLRQH Q~PHUR VHJXLQWH@ H SULPD >$FHLWDU@ SDUD DGLFLRQDU R Q~PHUR VHJXLQWH DR JUXSR &RQWLQXH D DGLFLRQDU Q~PHURV GH 0DUFDomR 5iSLGD H WHFODV GH 8P 7RTXH DWp WHU FRPSOHWDGR WRGDV DV HQWUDGDV 4XDQGR WLYHU FRPSOHWDGR WRGDV DV HQWUDGDV VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ ½ $GLFLRQH Q~PHUR VHJXLQWH 5HYHU OLVWD &RQFOXtGR *UXSR ½ $GLFLRQH Q~PHUR VHJXLQWH 5HYHU OLVWD &RQFOXtGR *UXSR ½ 4XDQGR DFDEDU GH SURJUDPDU R Q~PHUR GH *UXSR VHOHFFLRQH >&RQFOXtGR@ H SULPD >$FHLWDU@ &RQFOXtGR 1RPH 'HVWLQRV *UXSR 68*(672 $V WUDQVPLVV}HV GH *UXSR VmR PDLV IiFHLV VH R BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &!" /LVWD 7HOHIyQLFD JUXSR HVWLYHU OLJDGR D XPD 7HFOD GH 8P 7RTXH ½ 3DUD DWULEXLU HVWH *UXSR D XPD WHFOD GH 8P 7RTXH SULPD D WHFOD GH 8P 7RTXH GHVHMDGD 9ROWD D VHU YLVXDOL]DGR R HFUm LQLFLDO GH SURJUDPDomR GH *UXSRV 3DUD VDLU VHP ID]HU D DWULEXLomR D XPD WHFOD GH 8P 7RTXH SULPD >$FHLWDU@ 6HOHF WHFOD XP WRTXH RX SULPD $&(, 7$5 VH WHUPLQRX *UXSR ½ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 0RGLILFDU RX $SDJDU XP 1~PHUR GH *UXSR 127$ 4XDQGR GLJLWDU R Q~PHUR GH JUXSR TXH GHVHMD DOWHUDU RX DSDJDU VHUi YLVXDOL]DGD D PHQVDJHP ³-i DWULEXtGR´ ½ 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ VLWXDGD j GLUHLWD GR /&' 2 PHQX GH (VWDGR GR (TXLSDPHQWR YLVXDOL]D DV RSo}HV GD SURJUDPDomR ½ &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR &!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR GR ID[@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >3URJUDPDU OLVWD WHOHIyQLFD@ H SULPD >$FHLWDU@ 3URJUDPDU OLVWD WHOHIyQLFD 0RQLWRU GH OLQKD , QWHUYDOR GH UHFHSomR 9DO GHIHLWR GR ID[ ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >*UXSRV@ H SULPD >$FHLWDU@ 0DUFDo}HV UiSLGDV *UXSRV 7HFODV GH XP WRTXH 3URJUDPDU OLVWD WHOHIyQLFD ½ 6HOHFFLRQH R WLSR GH *UXSR D PRGLILFDU RX DSDJDU VHOHFFLRQH >3URJUDPDU Q~PHUR GH ID[@ RX >3URJUDPDU HQGHUHoR HPDLO@ 3ULPD >$FHLWDU@ 3URJUDPDU Q~PHUR GH ID[ 3URJUDPDU HQGHUHoR HPDLO *UXSR ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &!$ /LVWD 7HOHIyQLFD 3DUD $SDJDU XP *UXSR ½ 'LJLWH R Q~PHUR GR *UXSR D  H SULPD >$FHLWDU@ 'LJLWH Q JUXSR  *UXSR ½ 6HOHFFLRQH >$SDJDU@ H SULPD >$FHLWDU@ 2 Q~PHUR GH *UXSR p DSDJDGR $SDJDU 0RGLILFDU GHVWLQRV 5HWHU *UXSR 0RGLILFDU XP *UXSR ½ 6HOHFFLRQH >0RGLILFDU GHVWLQRV@ H SULPD >$FHLWDU@ $SDJDU 0RGLILFDU GHVWLQRV 5HWHU $SDJDU 'HSDUWDPHQWR GH 9HQGDV ;HUR[ (XURSH &RQVXPtYHLV ;HUR[ *UXSR ½ ½ 8VDQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH R GHVWLQR D VHU PRGLILFDGR 8VH D WHFOD GH GHVORFDomR GD GLUHLWD SDUD VHOHFFLRQDU >0RGLILFDU@ RX D WHFOD GH GHVORFDomR GD HVTXHUGD SDUD VHOHFFLRQDU >$SDJDU@ 34 0RGLILFDU ½ ½ 4XDQGR WHUPLQDU DV PRGLILFDo}HV VHOHFFLRQH D WHFOD >6DLU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR HFUm 3URQWR &!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ¬ PHGLGD TXH YDL DWULEXLQGR Q~PHURV GH WHOHIRQH jV WHFODV GH 8P 7RTXH XWLOL]H XP OiSLV SDUD HVFUHYHU R QRPH GR ORFDO QD (WLTXHWD GH 8P 7RTXH 7HFODV GH 8P 7RTXH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &!& /LVWD 7HOHIyQLFD 3UHHQFKLPHQWR GD (WLTXHWD GH 8P 7RTXH 8WLOL]DomR GD /LVWD 7HOHIyQLFD 3RGHP VHU XVDGRV GLYHUVRV PpWRGRV SDUD DFHGHU j LQIRUPDomR JUDYDGD QD OLVWD WHOHIyQLFD 0DUFDomR 5iSLGD 0DUFDomR DOIDEpWLFD 0DUFDomR GH *UXSR 0DUFDomR GH 8P 7RTXH 0DUFDomR 5iSLGD 'HSRLV GH DWULEXLU XP Q~PHUR GH ID[ RX XP HQGHUHoR GH HPDLO FRPR Q~PHUR GH 0DUFDomR 5iSLGD SRGH GLJLWDU R GHVWLQR XVDQGR R Q~PHUR GH 0DUFDomR 5iSLGD D  68*(672 &RQVXOWH ³3URJUDPDomR GD /LVWD 7HOHIyQLFD´ QD SiJLQD SDUD DWULEXLU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR 8WLOL]DomR GD 0DUFDomR 5iSLGD ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >0DUFDomR /LVWD 7HOHIyQLFD@ ½ 7HFOD 0DUFDomR /LVWD 7HOHIyQLFD &!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6HOHFFLRQH >0DUFDomR UiSLGD@ H SULPD >$FHLWDU@ 0DUFDomR UiSLGD 0DUFDomR DOIDEpWLFD 0DUFDomR GH JUXSR 0DUFDomR UiSLGD  /LVWD 7HOHIyQLFD ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GH PDUFDomR 5iSLGD GHVHMDGR H SULPD >, QLFLDU@ 0DUFDomR UiSLGD 0DUFDomR $OIDEpWLFD $ PDUFDomR $OIDEpWLFD p XVDGD SDUD PDUFDU SURFXUDQGR R SULPHLUR FDUiFWHU GR QRPH QDV /LVWDV 7HOHIyQLFDV GH 0DUFDomR 5iSLGD 8P 7RTXH H GH *UXSRV 68*(672 &RQVXOWH ³3URJUDPDomR GD /LVWD 7HOHIyQLFD´ QD SiJLQD SDUD DWULEXLU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR 8WLOL]DomR GD 0DUFDomR $OIDEpWLFD ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >0DUFDomR /LVWD 7HOHIyQLFD@ ½ 7HFOD 0DUFDomR /LVWD 7HOHIyQLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &!( /LVWD 7HOHIyQLFD ½ 6HOHFFLRQH >0DUFDomR DOIDEpWLFD@ H SULPD >$FHLWDU@ 0DUFDomR UiSLGD 0DUFDomR DOIDEpWLFD 0DUFDomR GH JUXSR /LVWD 7HOHIyQLFD ½ 'LJLWH D SULPHLUD OHWUD RX OHWUDV D SURFXUDU XWLOL]DQGR R WHFODGR GR SDLQHO H SULPD >$FHLWDU@ 3RGHP VHU GLJLWDGRV DWp FDUDFWHUHV 3URFXUDU QRPH Pi[ 0DUFDomR DOIDEpWLFD ½ $ SURFXUD p FRQFOXtGD HP SRXFRV VHJXQGRV 8VDQGR DV WHFODV GH GHVORFDomR VHOHFFLRQH D HQWUDGD GHVHMDGD H SULPD >, QLFLDU@ 9HQGDV 'HSDUWDPHQWR GH 9HQGDV &RQVXPtYHLV 0DUFDomR DOIDEpWLFD &" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H WLYHU XP Q~PHUR GH *UXSR SRGH GLJLWDU R *UXSR XVDQGR R UHVSHFWLYR Q~PHUR D  68*(672 &RQVXOWH ³3URJUDPDomR GD /LVWD 7HOHIyQLFD´ QD SiJLQD SDUD DWULEXLU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR 8WLOL]DomR GD 0DUFDomR GH *UXSR ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >0DUFDomR /LVWD 7HOHIyQLFD@ ½ 7HFOD 0DUFDomR /LVWD 7HOHIyQLFD ½ 6HOHFFLRQH >0DUFDomR GH JUXSR@ H SULPD >$FHLWDU@ 0DUFDomR UiSLGD 0DUFDomR DOIDEpWLFD 0DUFDomR GH JUXSR 0DUFDomR GH JUXSR  /LVWD 7HOHIyQLFD ½ 8WLOL]DQGR R 7HFODGR 1XPpULFR GLJLWH R Q~PHUR GR *UXSR GHVHMDGR H SULPD >, QLFLDU@ 0DUFDomR GH JUXSR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà &" /LVWD 7HOHIyQLFD 0DUFDomR GH *UXSR 0DUFDomR GH 8P 7RTXH 6H SURJUDPRX XP Q~PHUR GH ID[ RX XP HQGHUHoR GH HPDLO QXPD WHFOD GH 8P 7RTXH SRGH XVDU R Q~PHUR RX R HQGHUHoR SUHPLQGR D WHFOD GH 8P 7RTXH FRUUHVSRQGHQWH 68*(672 &RQVXOWH ³3URJUDPDomR GD /LVWD 7HOHIyQLFD´ QD SiJLQD SDUD DWULEXLU Q~PHURV GH 0DUFDomR 5iSLGD WHFODV GH 8P 7RTXH RX Q~PHURV GH *UXSR 8WLOL]DomR GD 0DUFDomR GH 8P 7RTXH ½ &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV QD PiTXLQD H TXH DV FDUDFWHUtVWLFDV GR WUDEDOKR IRUDP SURJUDPDGDV 3ULPD D WHFOD >8P 7RTXH@ GHVHMDGD ½ 7HFODV GH 8P 7RTXH 7HFOD GH XP WRTXH ;HUR[ (XURSH 0DUFDomR 7RTXH &"! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà +DYHUi DOWXUDV HP TXH R HTXLSDPHQWR SUHFLVDUi VHU VXEPHWLGR D WDUHIDV GH PDQXWHQomR (VWH FDStWXOR IRUQHFH LQVWUXo}HV SDVVR D SDVVR SDUD D PDQXWHQomR GR HTXLSDPHQWR H VXEVWLWXLomR GH FRQVXPtYHLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' 0DQXWHQomR GR 3URGXWR 0DQXWHQomR GR 3URGXWR /LPSH]D /LPSDU R :RUN&HQWUH 3UR 8PD PDQXWHQomR DGHTXDGD p LPSRUWDQWH SDUD R ERP IXQFLRQDPHQWR GH TXDOTXHU HTXLSDPHQWR &8, '$'2$R OLPSDU R :RUN&HQWUH 3UR QmR XVH VROYHQWHV RUJkQLFRV TXtPLFRV IRUWHV QHP SURGXWRV GH OLPSH]D HP VSUD\ 1mR GHUUDPH OtTXLGRV GLUHFWDPHQWH VREUH TXDOTXHU iUHD GR HTXLSDPHQWR (YLWH XVDU FRQVXPtYHLV TXH QmR HVWHMDP HVSHFLILFDPHQWH LQGLFDGRV QHVWH JXLD FRPR DSURYDGRV SRLV SRGHUmR FDXVDU PDX GHVHPSHQKR H VLWXDo}HV SHULJRVDV 8VH FRQVXPtYHLV H SURGXWRV GH OLPSH]D DSHQDV FRQIRUPH p GHVFULWR QHVWH JXLD 0DQWHQKD WRGRV RV SURGXWRV GH OLPSH]D IRUD GR DOFDQFH GDV FULDQoDV $9, 62 1mR UHWLUH WDPSDV RX UHVJXDUGRV TXH HVWHMDP SUHVRV FRP SDUDIXVRV 1mR SRGHUi HIHFWXDU PDQXWHQomR RX DVVLVWrQFLD QDV iUHDV SRU GHWUiV GHVVDV WDPSDV H UHVJXDUGRV 1mR WHQWH HIHFWXDU TXDOTXHU WDUHID GH PDQXWHQomR TXH QmR HVWHMD HVSHFLILFDPHQWH GHVFULWD QD GRFXPHQWDomR IRUQHFLGD FRP R :RUN&HQWUH 3UR Ã'! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 3DUD DVVHJXUDU VHPSUH XPD ySWLPD TXDOLGDGH GH LPDJHP OLPSH PHQVDOPHQWH RX FRP PDLRU IUHTXrQFLD FDVR QHFHVViULR R YLGUR GH H[SRVLomR H R YLGUR GH WUDQVSRUWH D YHORFLGDGH FRQVWDQWH (VWD OLPSH]D DMXGD D HYLWDU WUDEDOKRV FRP ULVFRV PDQFKDV H RXWUDV PDUFDV TXH SDVVDP GR YLGUR TXDQGR RV RULJLQDLV VmR GLJLWDOL]DGRV ½ 3DUD OLPSDU DV iUHDV FRP YLGUR XVH XP SDQR TXH QmR ODUJXH SrORV OLJHLUDPHQWH KXPHGHFLGR FRP iJXD RX R ;HUR[ /HQV DQG 0LUURU &OHDQHU SURGXWR HVSHFtILFR SDUD OLPSH]D GH OHQWHV H HVSHOKRV 3DLQHO GH &RQWUROR 7HFODGR /&' $ OLPSH]D UHJXODU PDQWpP R 3DLQHO GH &RQWUROR R 7HFODGR H R /&' LVHQWRV GH SRHLUD H VXMLGDGH 3DUD UHWLUDU GHGDGDV H PDUFDV OLPSH R SDLQHO GH FRQWUROR R WHFODGR H R /&' FRP XP SDQR PDFLR TXH QmR ODUJXH SrORV OLJHLUDPHQWH KXPHGHFLGR FRP iJXD $OLPHQWDGRU GH 2ULJLQDLV H %DQGHMD GH 6DtGD 8VH XP SDQR KXPHGHFLGR FRP iJXD SDUD OLPSDU R $OLPHQWDGRU GH 2ULJLQDLV D %DQGHMD GH 6DtGD DV %DQGHMDV GH 3DSHO H DV iUHDV H[WHUQDV GR :RUN&HQWUH 3UR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'" 0DQXWHQomR GR 3URGXWR 9LGUR GH ([SRVLomR H R 9LGUR GH 7UDQVSRUWH D 9HORFLGDGH &RQVWDQWH &97 )LR &RURWURQ GH 7UDQVIHUrQFLD 6H REWLYHU UHVXOWDGRV GH IUDFD TXDOLGDGH FRP XPD LPSUHVVmR LUUHJXODU LQGLVWLQWD GHJUDGDGD RX OLQKDV EUDQFDV QD GLUHFomR GD DOLPHQWDomR GR SDSHO OLPSH R )LR &RURWURQ GH 7UDQVIHUrQFLD TXH SRGHUi HVWDU VXMR &RQVXOWH DV LQVWUXo}HV GH OLPSH]D QRV SDVVRV D VHJXLU DSUHVHQWDGRV ½ $EUD D 8QLGDGH 'XSOH[ $XWRPiWLFD FDVR LQVWDODGD ½ $EUD D WDPSD ODWHUDO Ã'# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 5HWLUH R LQVWUXPHQWR GH OLPSH]D GR UHVSHFWLYR HVSDoR GH DUPD]HQDPHQWR QR HTXLSDPHQWR ½ 2 , QVWUXPHQWR GH /LPSH]D GR )LR &RURWURQ GH 7UDQVIHUrQFLD SRVVXL GRLV UHVVDOWRV 5HVVDOWRV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'$ 0DQXWHQomR GR 3URGXWR ½ $R SRVLFLRQDU R LQVWUXPHQWR GH OLPSH]D VREUH R )LR &RURWURQ GH 7UDQVIHUrQFLD FHUWLILTXHVH TXH RV GRLV UHVVDOWRV ILFDP GH FRVWDV SDUD R HTXLSDPHQWR Ã'% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ &HUWLILTXHVH TXH R JXPH QD SDUWH GH WUiV GR LQVWUXPHQWR GH OLPSH]D ILFD DSRLDGR QR LQYyOXFUR GR )LR &RURWURQ GH 7UDQVIHUrQFLD 9HULILTXH VH DPERV RV UHVVDOWRV ILFDP SRVLFLRQDGRV VRE D SURWHFomR SOiVWLFD 6HJXUH R LQVWUXPHQWR GH OLPSH]D QD SRVLomR YHUWLFDO H IDoDR GHVOL]DU DR ORQJR GR )LR &RURWURQ GH 7UDQVIHUrQFLD GD HVTXHUGD SDUD D GLUHLWD 6H R LQVWUXPHQWR HVWLYHU EHP FRORFDGR GHVOL]DUi IDFLOPHQWH VHP TXDOTXHU UHVLVWrQFLD (VWH SURFHGLPHQWR UHWLUDUi TXDOTXHU SRHLUD RX VXMLGDGH 3URWHFomR SOiVWLFD ½ , QYyOXFUR GR )LR &RURWURQ GH 7UDQVIHUrQFLD ½ ½ ½ )HFKH D WDPSD ODWHUDO $EUD D 8QLGDGH 'XSOH[ $XWRPiWLFD FDVR LQVWDODGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'& 0DQXWHQomR GR 3URGXWR (QFRPHQGDU &RQVXPtYHLV 2 &DUWXFKR GH 7RQHU R 7DPERU H R &DUWXFKR GH $JUDIHV HQFRQWUDPVH GLVSRQtYHLV FRPR XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH $V UHIHUrQFLDV GDV XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH VmR LQGLFDGDV DEDL[R 8QLGDGH VXEVWLWXtYHO SHOR FOLHQWH 5HIHUrQFLD (XURSD &DUWXFKR GH WRQHU 7DPERU &DUWXFKR GH DJUDIHV 5 5 5 (8$ H &DQDGi 5 5 5 3DUD HQFRPHQGDU FRQVXPtYHLV FRQWDFWH R VHX UHSUHVHQWDQWH ;HUR[ ORFDO LQGLFDQGR R QRPH GD VXD HPSUHVD D UHIHUrQFLD GR SURGXWR H R UHVSHFWLYR Q~PHUR GH VpULH 8VH R HVSDoR DEDL[R SDUD UHJLVWDU R Q~PHUR GH WHOHIRQH 1~PHUR GH WHOHIRQH SDUD HQFRPHQGD GH FRQVXPtYHLV 1 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ã'' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6XEVWLWXLU R &DUWXFKR GH 7RQHU 2 &DUWXFKR GH 7RQHU p XPD XQLGDGH VXEVWLWXtYHO SHOR FOLHQWH (VWD XQLGDGH LQFOXL R WRQHU SDUD R :RUN&HQWUH 3UR $SyV FHUFD GH FySLDV R HTXLSDPHQWR PRVWUDUi XPD PHQVDJHP FRP D LQGLFDomR TXH p QHFHVViULR VXEVWLWXLU R WRQHU 4XDQGR DSDUHFHU HVWD PHQVDJHP LQVWDOH XP QRYR FDUWXFKR GH WRQHU $9, 62 4XDQGR HQFRPHQGDU XP QRYR &DUWXFKR GH 7RQHU FHUWLILTXHVH TXH HQFRPHQGD R FDUWXFKR FRUUHFWR SDUD R :RUN&HQWUH 3UR 3DUD VXD FRQYHQLrQFLD D UHIHUrQFLD GR SURGXWR p LQGLFDGD QD FDL[D GR FDUWXFKR &8, '$'2 1mR DJLWH R FDUWXFKR YD]LR QHP R DSUR[LPH GH VL 3RGHUmR SRU DFLGHQWH FDLU UHVtGXRV GH WRQHU 1mR GHYH DJLWDU R &DUWXFKR GH 7RQHU YD]LR H YROWDU D FRORFiOR QR HTXLSDPHQWR SDUD VHU QRYDPHQWH XVDGR ½ $EUD D WDPSD IURQWDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'( 0DQXWHQomR GR 3URGXWR 8QLGDGHV 6XEVWLWXtYHLV SHOR &OLHQWH ½ /HYDQWH D OLQJXHWD SDUD GHVHQJDWDU H VROWDU R &DUWXFKR GH 7RQHU ½ 6HJXUDQGR QR FDUWXFKR WDO FRPR LOXVWUDGR IDoDR GHVOL]DU SDUD IRUD GR HTXLSDPHQWR 2 &DUWXFKR GH 7RQHU XVDGR GHYH VHU UHFLFODGR 6LJD DV LQVWUXo}HV IRUQHFLGDV QR IROKHWR GH GHYROXomR GR FDUWXFKR IRUQHFLGR FRP R QRYR &DUWXFKR GH 7RQHU ½ Ã' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 5HWLUH R QRYR &DUWXFKR GH 7RQHU GD FDL[D H GD UHVSHFWLYD HPEDODJHP $JLWHR FRP IRUoD QD KRUL]RQWDO ½ 3X[H D SDWLOKD SDUD UHWLUDU D ILWD VHODQWH GR FDUWXFKR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' 0DQXWHQomR GR 3URGXWR ½ , QVWDOH R 1RYR &DUWXFKR GH 7RQHU QR HTXLSDPHQWR GH PRGR D TXH HQFDL[H FRP XP HVWDOLGR ½ 'HSRLV GH LQVWDODU R &DUWXFKR GH 7RQHU SX[H D $ODYDQFD GH /LPSH]D GR )LR GR &DUUHJDGRU SDUD IRUD GR 7DPERU DWp SDUDU H GHSRLV YROWH D LQVHULOD 5HSLWD HVWH SURFHGLPHQWR YiULDV YH]HV (VWH SURFHVVR OLPSD R ILR GR FDUUHJDGRU ½ )HFKH D WDPSD IURQWDO Ã' ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 7DPERU SUHFLVD VHU VXEVWLWXtGR TXDQGR VXUJH XP DYLVR UHODWLYR j YLGD ~WLO GR WDPERU DSyV FHUFD GH FySLDV 2 NLW FRQWpP XP QRYR 7DPERU H XP QRYR )LOWUR GH 2]RQR &8, '$'2 1mR H[SRQKD R WDPERU YHUGH D OX] GXUDQWH XP ORQJR SHUtRGR GH WHPSR 1XQFD H[SRQKD R WDPERU j OX] GLUHFWD GR VRO QHP WRTXH QD VXD VXSHUItFLH 3RGHUmR RFRUUHU GDQRV RX IUDFD TXDOLGDGH GH LPDJHP 127$ 6H R :RUN&HQWUH 3UR QmR LQFOXLU D 8QLGDGH 'XSOH[ $XWRPiWLFD LJQRUH R SULPHLUR SDVVR ½ 3DUD DEULU D 8QLGDGH 'XSOH[ $XWRPiWLFD VROWH D DODYDQFD ORFDOL]DGD QD SDUWH GLDQWHLUD GD 8QLGDGH 'XSOH[ $XWRPiWLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' " 0DQXWHQomR GR 3URGXWR 6XEVWLWXLU R 7DPERU ½ 3X[H D SHJD SDUD DEULU D WDPSD ODWHUDO ½ 5HWLUH R &DUWXFKR GH 7RQHU XWLOL]DQGR DV LQVWUXo}HV IRUQHFLGDV HP 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU QD SiJLQD Ã' # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà &8, '$'28WLOL]H VHPSUH DV SHJDV FRORULGDV SDUD VHJXUDU R 7DPERU 1mR WRTXH QD iUHD YHUGH GR WDPERU 1mR GHL[H R 7DPERU IRUD GR HTXLSDPHQWR GXUDQWH XP ORQJR SHUtRGR GH WHPSR ½ ½ /HYDQWH D SHJD FRORULGD H OHQWDPHQWH SX[H R 7DPERU SDUD IRUD GR HTXLSDPHQWR ¬ PHGLGD TXH IRU UHWLUDQGR R 7DPERU VXVWHQKDR VHJXUDQGR D SHJD FRORULGD TXH VH HQFRQWUD QD SDUWH VXSHULRU GD XQLGDGH 2 7DPERU XVDGR GHYH VHU UHFLFODGR 6LJD DV LQVWUXo}HV IRUQHFLGDV QR IROKHWR GH GHYROXomR IRUQHFLGR FRP R QRYR 7DPERU ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' $ 0DQXWHQomR GR 3URGXWR ½ 5HWLUH R QRYR 7DPERU GD FDL[D 7UDVHLUD )UHQWH 'LUHLWD 7UDVHLUD (VTXHUGD )UHQWH Ã' % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ 5HWLUH D HPEDODJHP GH SURWHFomR GR 7DPERU WDO FRPR LOXVWUDGR D VHJXLU 5HWLUH R FDUWmR GR ODGR GLUHLWR GR 7DPERU ½ 5HWLUH R FDUWmR GR ODGR HVTXHUGR GR 7DPERU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' & 0DQXWHQomR GR 3URGXWR ½ 5HWLUH GRLV ERFDGRV GH ILWD ILWD ILWD ½ 3X[H DV SDWLOKDV QXPHUDGDV SDUD UHPRYHU PDLV PDWHULDO GH SURWHFomR Ã' ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 3X[H D SDWLOKD SDUD GHVGREUDU R SDSHO GH SURWHFomR SX[H ½ 5HWLUH FRPSOHWDPHQWH WRGR R SDSHO H ILWD DVVRFLDGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã' ( 0DQXWHQomR GR 3URGXWR ½ 6HJXUH R 7DPERU SHOD SHJD H LQFOLQHR 5HWLUH D WLUD SOiVWLFD DR ORQJR GD SDUWH LQIHULRU ½ 3X[H D SDWLOKD TXH IDOWD QR ODGR HVTXHUGR GR 7DPERU SDUD UHPRYHU R ~OWLPR SHGDoR GH PDWHULDO GH SURWHFomR HVTXHUGD Ã'! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ )DoD GHVOL]DU R QRYR 7DPERU SDUD GHQWUR GR HTXLSDPHQWR DWp TXH HQJDWH QD GHYLGD SRVLomR ½ 9ROWH D LQVWDODU R &DUWXFKR GH 7RQHU VHJXLQGR DV LQVWUXo}HV IRUQHFLGDV HP 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU QD SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'! 0DQXWHQomR GR 3URGXWR ½ 'HSRLV GH WHU YROWDGR D LQVWDODU R &DUWXFKR GH 7RQHU SX[H D $ODYDQFD GH /LPSH]D GR )LR GR &DUUHJDGRU SDUD IRUD GR 7DPERU DWp TXH SDUH H GHSRLV YROWH D LQVHULOD 5HSLWD HVWH SURFHGLPHQWR YiULDV YH]HV (VWH SURFHVVR OLPSD R ILR GR FDUUHJDGRU )HFKH WRGDV DV WDPSDV H SRUWDV ½ 6XEVWLWXLU R )LOWUR GH 2]RQR 2 )LOWUR GH 2]RQR DEVRUYH R R]RQR HPLWLGR SHOR HTXLSDPHQWR (VWi ORFDOL]DGR QXPD UDQKXUD QR PHLR GD EDQGHMD GH VDtGD FHQWUDO 3DUD VXEVWLWXLU R ILOWUR UHWLUH R UHFHSWiFXOR GR )LOWUR GH 2]RQR GR HTXLSDPHQWR ½ ½ ½ ½ 5HWLUH R ILOWUR XVDGR Mi H[LVWHQWH GR UHVSHFWLYR UHFHSWiFXOR 'HLWH IRUD R ILOWUR XVDGR 'HVHPEUXOKH R QRYR ILOWUR H LQVLUDR QR UHFHSWiFXOR GR )LOWUR GH 2]RQR 9ROWH D LQVWDODU R UHFHSWiFXOR GR ILOWUR GH R]RQR QR HTXLSDPHQWR Ã'!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 2 $JUDIDGRU GH &RQYHQLrQFLD YHP GH RULJHP FRP R :RUN&HQWUH 3UR 6L 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD VXEVWLWXLU R FDUWXFKR GH DJUDIHV ½ $EUD D WDPSD VXSHULRU GR PyGXOR GR DJUDIDGRU GH FRQYHQLrQFLD ½ 6HJXLQGR DV HWLTXHWDV FRP LQVWUXo}HV SDUD D VXEVWLWXLomR ORFDOL]DGDV QD SDUWH LQIHULRU GD WDPSD VXSHULRU VHJXUH R &DUWXFKR GH $JUDIHV SHORV ODGRV H UHWLUHR GR PyGXOR GR DJUDIDGRU 'HLWH IRUD R FDUWXFKR JDVWR 'HVHPEUXOKH R QRYR FDUWXFKR 6HJXUDQGR QR &DUWXFKR GH $JUDIHV SHORV ODGRV HPSXUUHR QD GLUHFomR GR PyGXOR GR DJUDIDGRU )HFKH D WDPSD VXSHULRU GR PyGXOR GR DJUDIDGRU GH FRQYHQLrQFLD 127$ $JUDIH DOJXPDV IROKDV GH SDSHO SDUD YHULILFDU R IXQFLRQDPHQWR GR $JUDIDGRU 3RGHUmR VHU QHFHVViULDV YiULDV WHQWDWLYDV DWp RV DJUDIHV HVWDUHP QD SRVLomR FRUUHFWD SDUD D DJUDIDJHP ½ ½ ½ ½ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'!" 0DQXWHQomR GR 3URGXWR 6XEVWLWXLU R &DUWXFKR GH $JUDIHV &RORFDU 3DSHO &RORFDU 3DSHO QDV %DQGHMDV 3RGHP VHU LQVWDODGDV DWp WUrV EDQGHMDV GH SDSHO QR :RUN&HQWUH 3UR 2V SDVVRV TXH VH VHJXHP PRVWUDP FRPR FRORFDU SDSHO QDV EDQGHMDV 'HYHUi LQGLFDU R IRUPDWR GH SDSHO SDUD FDGD EDQGHMD QR PHQX (VWDGR GR (TXLSDPHQWR QR 3DLQHO GH &RQWUROR 68*(672 $QWHV GH FRORFDU SDSHO QDV EDQGHMDV GH SDSHO DUHMH DV PDUJHQV SDUD VHSDUDU IROKDV GH SDSHO TXH SRVVDP HVWDU FRODGDV H UHGX]LU D SRVVLELOLGDGH GH HQFUDYDPHQWRV 68*(672 3DUD HYLWDU TXH R SDSHO HQFUDYH RX VHMD PDO LQVHULGR QmR FRORTXH SDSHO QRYR VREUH R SDSHO TXH DLQGD SRVVD H[LVWLU QD EDQGHMD 5HWLUH R SDSHO H[LVWHQWH FRORTXHR SRU FLPD GR SDSHO QRYR H FRORTXH WXGR QD EDQGHMD ½ 3X[H D EDQGHMD GH SDSHO SDUD IRUD QD VXD GLUHFomR Ã'!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 6H FRORFDU SDSHO GR PHVPR IRUPDWR QD EDQGHMD IDoDR GH PRGR D TXH ILTXH HQFRVWDGR DR ODGR GLUHLWR GD EDQGHMD )HFKH D EDQGHMD 3RGH DJRUD UHWRPDU R VHX WUDEDOKR ½ 127$ 6H TXLVHU FRORFDU SDSHO GH IRUPDWR GLIHUHQWH RX DOWHUDU D RULHQWDomR GR SDSHO FRQWLQXH FRP R SDVVR VHJXLQWH ½ 6H TXLVHU FRORFDU SDSHO GH IRUPDWR GLIHUHQWH RX DOWHUDU D RULHQWDomR WHUi GH DMXVWDU D SRVLomR GDV JXLDV GR SDSHO H LQGLFDU R QRYR IRUPDWR H RULHQWDomR QR PHQX $EDVWHFLPHQWR GH 3DSHO HP (VWDGR GR (TXLSDPHQWR /DGR 0DLRU 3ULPHLUR /DGR 0HQRU 3ULPHLUR 127$ 3RGH FRORFDU SDSHO $ [ SROHJDGDV SDUD VHU DOLPHQWDGR SHOR ODGR PDLRU RX ODGR PHQRU 2 SDSHO $ [ SROHJDGDV Vy SRGH VHU DOLPHQWDGR SHOR ODGR PDLRU $V WUrV EDQGHMDV GH SDSHO DFHLWDP WRGRV RV IRUPDWRV GH SDSHO QRUPDLV GHVGH $ [ SROHJDGDV D $ [ SROHJDGDV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'!$ 0DQXWHQomR GR 3URGXWR 3DUD DMXVWDU DV JXLDV GLDQWHLUD H SRVWHULRU ½ /RFDOL]H D DODYDQFD LQGLFDGD FRPR QD IRWRJUDILD QD SDUWH SRVWHULRU HVTXHUGD GD EDQGHMD &DUUHJXH QD DODYDQFD GHVYLDQGRD SDUD D GLUHLWD SDUD GHVEORTXHDU DV JXLDV 3DUD GHVEORTXHDU D JXLD GLDQWHLUD FDUUHJXH QD SDUWLOKD LQGLFDGD FRPR QD IRWRJUDILD H IDoD GHVOL]DU DV JXLDV GLDQWHLUD H SRVWHULRU SDUD DV VXDV QRYDV SRVLo}HV ½ 3DUD DMXVWDU D *XLD (VTXHUGD ½ &RPSULPD DV SDUWHV LQIHULRUHV GD JXLD H UHWLUHD GD SRVLomR HP TXH VH HQFRQWUD , QVLUD D JXLD QD VXD QRYD SRVLomR *XLD (VTXHUGD Ã'!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ &DUUHJXH QD DODYDQFD QD SDUWH GH WUiV GD EDQGHMD GHVYLDQGRD SDUD D HVTXHUGD SDUD IL[DU DV JXLDV GLDQWHLUD H SRVWHULRU QD GHYLGD SRVLomR )HFKH D EDQGHMD GH SDSHO ½ ½ (VWDGR GR (TXLSDPHQWR 1R SDLQHO GH FRQWUROR SULPD D WHFOD (VWDGR GR (TXLSDPHQWR 3UHVWH DWHQomR j ORFDOL]DomR GDV RXWUDV WHFODV DSUHVHQWDGDV QHVWH GLDJUDPD XPD YH] TXH DV LUi XWLOL]DU SRVWHULRUPHQWH 4XDWUR VHWDV GLUHFFLRQDLV 6DLU $FHLWDU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'!& 0DQXWHQomR GR 3URGXWR ½ &RORTXH R SDSHO QD EDQGHMD H FHUWLILTXHVH TXH DV JXLDV VH HQFRQWUDP FRUUHFWDPHQWH SRVLFLRQDGDV SDUD R IRUPDWR GR SDSHO H TXH HVWmR GHYLGDPHQWH EORTXHDGDV ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DORUHV SRU 'HIHLWR@ H SULPD D WHFOD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR HTXLSDPHQWR@ H SULPD D WHFOD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR GR ID[ 9DORUHV SRU GHIHLWR ½ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >%DQGHMDV GH SDSHO@ H SULPD D WHFOD >$FHLWDU@ %DQGHMDV GH SDSHO (FUm LQLFLDO 7HPSRUL]DGRUHV 9DO GHIHLWR HTXLSDPHQWR ½ 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU D EDQGHMD TXH DOWHURX H GHSRLV SULPD D WHFOD >$FHLWDU@ %DQG %DQG %DQG %\SDVV %DQGHMDV GH SDSHO ½ 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU R IRUPDWR H D RULHQWDomR GR SDSHO TXH FRORFRX QD EDQGHMD H GHSRLV SULPD D WHFOD >$FHLWDU@ $ $ $ 6HOHFFLRQH IRUPDWR SDSHO Ã'!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 7HFOD )XQo}HV ½ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR $ EDQGHMD HQFRQWUDVH DJRUD GHYLGDPHQWH FRQILJXUDGD H SURQWD D VHU XWLOL]DGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã'!( 0DQXWHQomR GR 3URGXWR &RORFDU 3DSHO QD %DQGHMD %\SDVV $ %DQGHMD %\SDVV SRGH VHU XVDGD SDUD YiULRV VXSRUWHV GH LPSUHVVmR GLIHUHQWHV (QFRQWUDVH GR ODGR GLUHLWR GR HTXLSDPHQWR 3DUD DOWHUDU R IRUPDWR GR SDSHO SDUD D %DQGHMD %\SDVV GHYH VHOHFFLRQiOR QR 3DLQHO GH &RQWUROR ½ ½ &RORTXH R VXSRUWH GH LPSUHVVmR QD %DQGHMD %\SDVV )DoD GHVOL]DU D JXLD GH PRGR D TXH ILTXH DSHQDV D WRFDU QD H[WUHPLGDGH GD SLOKD 127$ &HUWLILTXHVH TXH D OLQKD GH HQFKLPHQWR Pi[LPR QmR p H[FHGLGD 127$ $ %DQGHMD %\SDVV HVWHQGHVH SDUD DFRQGLFLRQDU RULJLQDLV DOLPHQWDGRV SHOR ODGR PHQRU SULPHLUR RX IRUPDWRV GH SDSHO PDLRUHV Ã'" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà (VWH FDStWXOR IRUQHFH LQIRUPDo}HV SDUD D UHVROXomR GH SUREOHPDV TXH SRGHP RFRUUHU FRP R :RUN&HQWUH 3UR 6mR DLQGD LQFOXtGRV TXDGURV QRV TXDLV VmR DSUHVHQWDGDV DV 0HQVDJHQV H RV &yGLJRV GH (UUR SUREOHPDV H VROXo}HV SRVVtYHLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã( 5HVROXomR GH 3UREOHPDV %iVLFRV 5HVROXomR GH 3UREOHPDV %iVLFRV 'HVHQFUDYDU ([LVWHP WUrV WLSRV GH HQFUDYDPHQWR (QFUDYDPHQWR QR $OLPHQWDGRU GH 2ULJLQDLV $')'$') (QFUDYDPHQWR QR SHUFXUVR GR SDSHO (QFUDYDPHQWR QR $JUDIDGRU GH &RQYHQLrQFLD 6H RFRUUHU XP HQFUDYDPHQWR GXUDQWH R IXQFLRQDPHQWR GR HTXLSDPHQWR FRQVXOWH DV PHQVDJHQV TXH DSDUHFHP QR /&' , 03257$17(6LJD RV SURFHGLPHQWRV SDVVR D SDVVR DSUHVHQWDGRV QR YLVRU GH PHQVDJHQV SDUD HOLPLQDU D IDOKD 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ Ã(! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà $ LPDJHP D VHJXLU DSUHVHQWDGD LOXVWUD RQGH VH VLWXDP DV ]RQDV GH DFHVVR TXH SHUPLWHP HOLPLQDU R HQFUDYDPHQWR QR HTXLSDPHQWR 7DPSD GH $FHVVR DR (QFUDYDPHQWR $'+'$'+ 7DPSD , QIHULRU GR '$'+ 6RE R '$'+ 7DPSD VXSHULRU GR $JUDIDGRU GH &RQYHQLrQFLD 7DPSD GR /DGR 'LUHLWR DWUiV GR PyGXOR 'XSOH[ 0yGXOR 'XSOH[ 7DPSDV GR /DGR 'LUHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã(" 5HVROXomR GH 3UREOHPDV %iVLFRV =RQDV GH $FHVVR ([HPSOR GH (QFUDYDPHQWR GH 3DSHO 9HMD D VHJXLU H[HPSORV GH PHQVDJHQV XVXDLV GH GHVHQFUDYDPHQWR ½ ½ $EUD D WDPSD ODWHUDO GLUHLWD 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ 5HWLUH TXDOTXHU SDSHO YLVtYHO QHVWD ]RQD 'HVHQFUDYH SDSHO $EUD WDPSD ODWHUDO ½ 'HVHQFUDYH SDSHO 5HWLUH R SDSHO HQFUDYDGR %RWmR YHUGH ½ 5RGH R ERWmR YHUGH QD VXD GLUHFomR H UHWLUH HYHQWXDO SDSHO HQFUDYDGR j PHGLGD TXH IRU DSDUHFHQGR HQWUH RV URORV 5HWLUH R SDSHO Ã(# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ 5HWLUH TXDOTXHU SDSHO TXH WHQKD HQFUDYDGR GHQWUR GR PyGXOR GH VDtGD ½ 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ )HFKH D WDPSD GH VDtGD H D WDPSD GR ODGR GLUHLWR ½ 'HVHQFUDYH SDSHO )HFKH WDPSD ODWHUDO 127$ $V LQVWUXo}HV DSUHVHQWDGDV QR YLVRU SRGHP YDULDU GH DFRUGR FRP DV RSo}HV LQVWDODGDV (YLWDU (QFUDYDPHQWRV GH 3DSHO 2V HQFUDYDPHQWRV GH SDSHO RFRUUHP SRU GLYHUVDV UD]}HV 6LJD DV UHFRPHQGDo}HV D VHJXLU DSUHVHQWDGDV SDUD UHGX]LU D SRVVLELOLGDGH GH RFRUUrQFLD GH HQFUDYDPHQWRV 8WLOL]H DSHQDV SDSHO UHFRPHQGDGR &RQVXOWH R $QH[R % (VSHFLILFDo}HV $FRQGLFLRQH R SDSHO QXP ORFDO VHFR H DIDVWDGR GH H[WUHPRV GH WHPSHUDWXUD 3URWHMD R SDSHO QmR XWLOL]DGR DFRQGLFLRQDQGRR QR UHVSHFWLYR LQYyOXFUR H QXPD VXSHUItFLH SODQD DWp R YROWDU D XWLOL]DU 2 SDSHO GHYH VHU FRUUHFWDPHQWH FRORFDGR QD EDQGHMD TXH WLYHU VHOHFFLRQDGR SDUD R WUDEDOKR $ RULHQWDomR GR SDSHO QD EDQGHMD GHYH FRUUHVSRQGHU j RULHQWDomR GRV RULJLQDLV 9HULILTXH D OLQKD GH OLPLWH GH HQFKLPHQWR QD EDQGHMD SDUD VH FHUWLILFDU TXH D EDQGHMD QmR HVWi VREUHFDUUHJDGD 1mR XWLOL]H SDSHO TXH HVWHMD UDVJDGR YLQFDGR RX GREUDGR &HUWLILTXHVH TXH R IRUPDWR GR SDSHO IRL FRUUHFWDPHQWH VHOHFFLRQDGR SDUD D EDQGHMD XWLOL]DGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã($ 5HVROXomR GH 3UREOHPDV %iVLFRV ½ $EUD D WDPSD GH VDtGD GD IRUPD DTXL LOXVWUDGD ([HPSOR GH (QFUDYDPHQWR QR $OLPHQWDGRU GH 2ULJLQDLV $')'$') 5HWLUH RULJLQHQFUDY (PSXUUH ERWmR S DFHGHU D HQFUDYDP 5HWLUH RULJLQHQFUDY $EUD WDPSD DFHVVR DR HQFUDYDPHQWR 5HWLUH RULJLQHQFUDY $EUD JXLD VXSHULRU 5HWLUH RULJLQHQFUDY 5RGH ERWmR YHUGH 5HWLUH RULJLQHQFUDY 5HWLUH R RULJLQDO PDO DOLPHQWDGR Ã(% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà ½ ½ $EUD D WDPSD VXSHULRU GR PyGXOR GR DJUDIDGRU GH FRQYHQLrQFLD 6LJD DV LQVWUXo}HV GH GHVHQFUDYDPHQWR DSUHVHQWDGDV QDV HWLTXHWDV FRORFDGDV QD SDUWH LQIHULRU GD WDPSD VXSHULRU ½ $SyV D UHPRomR GR SDSHO HQFUDYDGR R HTXLSDPHQWR LUi DTXHFHU (P DTXHFLPHQWR 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ $XWR )XQo}HV $GLFLRQDLV ½ ½ 3DUD FRQFOXLU DV SiJLQDV UHVWDQWHV SULPD >, QLFLDU@ 3DUD FDQFHODU R WUDEDOKR SULPD >$SDJDU@ 3ULPD , QLFLDU SFRQWLQXDU 3DSHO 6DtGD $XWR 6HSDUDGDV )XQo}HV $GLFLRQDLV $XWR &( 5$ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã(& 5HVROXomR GH 3UREOHPDV %iVLFRV ([HPSOR GH (QFUDYDPHQWR QR $JUDIDGRU GH &RQYHQLrQFLD 3HGLU $VVLVWrQFLD 6H R SUREOHPD FRQWLQXDU FRQWDFWH R ;HUR[ :HOFRPH &HQWUH RX R VHX UHSUHVHQWDQWH ORFDO 6HUi QHFHVViULR R Q~PHUR GH VpULH GR HTXLSDPHQWR H HYHQWXDLV FyGLJRV GH HUUR 3DUD REWHU LQIRUPDo}HV VREUH FRPR ORFDOL]DU R Q~PHUR GH VpULH FRQVXOWH ³$VVLVWrQFLD DR &OLHQWH´ QD SiJLQD 9LVXDOL]DU &yGLJRV GH (UUR 3ULPD DV WHFODV >6WRS@ H HP VLPXOWkQHR SDUD YLVXDOL]DU R &yGLJR GH (UUR 2 &yGLJR GH (UUR LQGLFD D ORFDOL]DomR GD IDOKD ± FRQVXOWH D SiJLQD QHVWD VHFomR 1~PHUR GH 7HOHIRQH SDUD $SRLR DR &OLHQWH 2 Q~PHUR GH WHOHIRQH GR ;HUR[ :HOFRPH &HQWUH RX GR VHX UHSUHVHQWDQWH ORFDO p IRUQHFLGR DTXDQGR GD LQVWDODomR GR HTXLSDPHQWR 3DUD VXD FRQYHQLrQFLD H IXWXUD UHIHUrQFLD UHJLVWHR QR HVSDoR DEDL[R 1~PHUR GH 7HOHIRQH GR :HOFRPH &HQWUH RX GR 5HSUHVHQWDQWH /RFDO 1 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ;HUR[ 86 :HOFRPH &HQWHU ;HUR[ &DQDGD :HOFRPH &HQWHU ;(52;  Ã(' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 6H VXUJLU XPD VLWXDomR DQRUPDO QR HTXLSDPHQWR RX FDVR VHMD UHDOL]DGD XPD RSHUDomR LQFRUUHFWD p HPLWLGR XP VLQDO GH DODUPH GXUDQWH DOJXQV VHJXQGRV H p DSUHVHQWDGD XPD PHQVDJHP QD TXDO p LQGLFDGD D QDWXUH]D GR HUUR 6H LVWR DFRQWHFHU VLJD D DFomR FRUUHFWLYD DSUHVHQWDGD QR TXDGUR D VHJXLU 2 SUREOHPD SRGH VHU PDLV DSURIXQGDGDPHQWH LGHQWLILFDGR DWUDYpV GD FRQVXOWD GRV FyGLJRV GH HUUR 3DUD FRQVXOWDU RV FyGLJRV GH HUUR TXDQGR p LGHQWLILFDGR XP SUREOHPD QR HTXLSDPHQWR SULPD DV WHFODV >6WRS@ H 0HQVDJHQV GH (UUR 0HQVDJHP GH (UUR $YLVR YLGD ~WLO WDPERU 6XEVWLWXD 7DPERU 9HULILTXH 7DPERU 3RXFR WRQHU 6HP 7RQHU 6XEVWLWXD 7RQHU %DQGHMD VXSHULRU GR VHSDUDGRU GH WUDEDOKRV FKHLD 'HVFULomR H $FomR &RUUHFWLYD 2 WRWDO GH LPSUHVV}HV DWLQJLX SiJLQDV (QFRPHQGH XP QRYR WDPERU 2 7DPERU DWLQJLX R ILP GD VXD YLGD ~WLO 6XEVWLWXD R 7DPERU &RQVXOWH 6XEVWLWXLU 7DPERU 2 7DPERU QmR HVWi GHYLGDPHQWH LQVWDODGR 9ROWH D LQVWDODU R 7DPERU 2 VHQVRU GR WRQHU GHWHFWRX D H[LVWrQFLD GH SRXFR WRQHU (QFRPHQGH XP QRYR FDUWXFKR GH WRQHU 2 VHQVRU GR WRQHU GHWHFWRX R ILP GR WRQHU 6XEVWLWXD R FDUWXFKR GH WRQHU &RQVXOWH 6XEVWLWXLU &DUWXFKR GH 7RQHU 2 FDUWXFKR GH WRQHU QmR HVWi GHYLGDPHQWH LQVWDODGR 9ROWH D LQVWDODU R FDUWXFKR GH WRQHU 5HWLUH R SDSHO GD EDQGHMD VXSHULRU GR VHSDUDGRU GH WUDEDOKRV %DQGHMD LQIHULRU GR VHSDUDGRU GH 5HWLUH R SDSHO GD EDQGHMD LQIHULRU GR VHSDUDGRU GH WUDEDOKRV FKHLD WUDEDOKRV $GLFLRQH 3DSHO QD %DQGHMD $GLFLRQH 3DSHO QD %DQGHMD $GLFLRQH 3DSHO QD %DQGHMD &RORTXH SDSHO QD %DQGHMD &RORTXH SDSHO QD %DQGHMD &RORTXH SDSHO QD %DQGHMD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %Ãà Ã(( 5HVROXomR GH 3UREOHPDV %iVLFRV 0HQVDJHQV H &yGLJRV GH (UUR 0HQVDJHP GH (UUR %DQGHMD QmR SUHSDUDGD %DQGHMD QmR SUHSDUDGD %DQGHMD QmR SUHSDUDGD (UUR GH 0HPyULD 'HVFULomR H $FomR &RUUHFWLYD (PSXUUH D %DQGHMD SDUD GHQWUR GR HTXLSDPHQWR (PSXUUH D %DQGHMD SDUD GHQWUR GR HTXLSDPHQWR (PSXUUH D %DQGHMD SDUD GHQWUR GR HTXLSDPHQWR 2V Q~PHURV SDUD PDUFDomR DXWRPiWLFD H DV GHILQLo}HV LQLFLDLV SHUGHUDPVH GHYLGR D XPD IDOKD GH HQHUJLD GH ORQJD GXUDomR ILP GD EDWHULD HWF 3ULPD >$SDJDU@ SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 6H HVWD 0HQVDJHP GH (UUR IRU UHSHWLGDPHQWH DSUHVHQWDGD VLJQLILFD TXH D SURJUDPDomR GR HTXLSDPHQWR IRL GDQLILFDGD 2 HTXLSDPHQWR WHUi GH VHU UHLQLFLDOL]DGR SRU XP WpFQLFR FRP IRUPDomR HVSHFtILFD 3HoD DVVLVWrQFLD )RL UHDOL]DGD XPD WUDQVPLVVmR GLUHFWD SDUD XP ID[ UHPRWR TXH HVWDYD RFXSDGR 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 9ROWH D WHQWDU D WUDQVPLVVmR 2FRUUHX XP HUUR GH FRPXQLFDomR GXUDQWH D WUDQVPLVVmR 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 9ROWH D WHQWDU D WUDQVPLVVmR (UUR GH FRPXQLFDomR UHVXOWDQWH GH XPD LQFRPSDWLELOLGDGH QR FyGLJR GH VHJXUDQoD GXUDQWH XPD WUDQVPLVVmR GD &$, ;$ '( &255(, 2 (UUR GH FRPXQLFDomR UHVXOWDQWH GH XP FRQIOLWR FRP XP Q~PHUR GH WHOHIRQH GXUDQWH XPD WUDQVPLVVmR GH VHJXUDQoD 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH &RQILUPH R FyGLJR GH VHJXUDQoD RX R Q~PHUR GH WHOHIRQH H YROWH D WHQWDU D WUDQVPLVVmR 2V GDGRV GD LPDJHP UHFHELGD RX RV WUDEDOKRV UHVHUYDGRV IRUDP DSDJDGRV GHYLGR D XPD IDOKD GH HQHUJLD GH ORQJD GXUDomR 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 9HULILTXH D /, 67$ '( )$/+$ '( &255(17( TXH IRL LPSUHVVD FRP LQIRUPDo}HV VREUH TXDOTXHU FRPXQLFDomR SHUGLGD 2FXSDGR ± QmR DWHQGH (UUR FRP 7HQWH QRYR )XQomR QmR GLVSRQtYHO )DOKD GH FRUUHQWH Ã( ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ# %Ãà 0HQVDJHP GH (UUR 0HPyULD FKHLD 'HVFULomR H $FomR &RUUHFWLYD $ PHPyULD ILFRX FKHLD GXUDQWH D LQWURGXomR GH GDGRV GH XPD WUDQVPLVVmR RX UHFHSomR 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 0HPyULD FKHLD GXUDQWH D WUDQVPLVVmR! [. . . ] 7RGRV 9DO SRU 'HIHLWR 9DORUHV SRU GHIHLWR 2So}HV GH (PDLO GD /LVWD 7HOHIyQLFD &RQFOXtGR 5HODWyULR GH &RQILUPDomR 2So}HV GH (PDLO SDUD D 0DUFDomR 5iSLGD &RQFOXtGR 5HODWyULR GH &RQILUPDomR 2So}HV GH (QYLR &RUULJLU (UURV (&0 (QYLDU $SyV 'LJLWDOL]DU (QYLR 6HJXUR 2ULJLQDO /RQJR 6XEHQGHUHoR 2So}HV GH )D[ GD /LVWD 7HOHIyQLFD &RQFOXtGR (QYLR 3URJUDPDGR 2XYLU 6LQDO GH 0DUFDomR 5HODWyULR GH &RQILUPDomR 6XEHQGHUHoR 9HORFLGDGH GR )D[ 2So}HV GH )D[ SDUD D 0DUFDomR 5iSLGD &RQFOXtGR (QYLR 3URJUDPDGR 2XYLU 6LQDO GH 0DUFDomR 5HODWyULR GH &RQILUPDomR 6XEHQGHUHoR 9HORFLGDGH GR )D[ 2So}HV GH , PDJHP GULYHU GH LPSUHVVRUD 2So}HV , QVWDOiYHLV GULYHU GH LPSUHVVRUD 2ULHQWDomR GD LPDJHP GULYHU GH LPSUHVVRUD 2 2ULHQWDomR FRQYHQo}HV 2ULJLQDO (QFDGHUQDGR 'HVOLJDGR /LJ $PEDV DV 3iJLQDV /LJ $SDJDU /RPEDGD 2ULJLQDO /RQJR 2XYLU 6LQDO GH 0DUFDomR 2YHUOD\V GULYHU GH LPSUHVVRUD 3iJLQD GH 'HPRQVWUDomR LPSULPLU 3iJLQD 6HSDUDGRUD 9DORU SRU GHIHLWR SDLQpLV GH DEULU 3DLQHO GH &RQWUROR 3DSHO6DtGD GULYHU GH LPSUHVVRUD 3DVVZRUG 5HPRWD 3HGLGR GH DVVLVWrQFLD /RFDOL]DomR GR Q~PHUR GH VpULH 3HGLU $VVLVWrQFLD (QFUDYDPHQWRV GH 3DSHO 3ODQHDU D /LVWD 7HOHIyQLFD 3ROO 3ROO &RQWtQXR 3ROO GH *UXSR 3ROOLQJ $SDJDU 7UDEDOKRV GH 3ROO &RQWtQXR &DL[D GH 3ROO ÒQLFR &DL[D 0XOWLSROO 'LJLWDOL]DGR SDUD 3ROO (QYLDU H 3ROO 3 ËqvprÃSrvvvvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à )D]HU R 3ROOLQJ GH XP 'RFXPHQWR XWLOL]DQGR XP 6XEHQGHUHoR *UDYDU XP 'RFXPHQWR SDUD 3ROO 3ROO 3ROO &RQWtQXR 3ROO GH *UXSR 6XEVWLWXLU RX $GLFLRQDU XP 'RFXPHQWR *UDYDGR 3RXSDQoD GH HQHUJLD 3RXSDQoD GH (QHUJLD 0RGR GH LQDFWLYLGDGH 4XDOLGDGH GH , PSUHVVmR GULYHU GH LPSUHVVRUD 5 4XDQWLGDGH 5HFHEHU HP 0HPyULD 9DORU SRU GHIHLWR 5HFHEHU XP (PDLO SHOR )D[ GH , QWHUQHW 5HFHSomR $XWRPiWLFD 3URFHGLPHQWR 5HFHSomR 0DQXDO 3URFHGLPHQWR 5HFHSomR 5HGX]LGD 9DORU SRU GHIHLWR 5HFHSomR 6HJXUD 9DORU SRU GHIHLWR 5HFHSomR 6HJXUD 0DQXDO 5HFXSHUDU R 7UDEDOKR GH , PSUHVVmR 5HFXVDU &RUUHLR , QGHVHMDGR 9DORU SRU GHIHLWR 5HGH 5HGX]LU$PSOLDU $XWR )L[D , PDJHP &RPSOHWD 9DULiYHO 9DORU SRU GHIHLWR 5HHQYLDU 9DORU SRU GHIHLWR 5HIHUrQFLD 5iSLGD GH )XQo}HV 5HIHUrQFLDV &RQVXPtYHLV 5HJXODGRU GR &RQWUDVWH 5HODWyULR GD (QFRPHQGD GH &RQVXPtYHLV 3UpGHILQLomR GH 1~PHURV QXP *UXSR 3UHHQFKLPHQWR GD (WLTXHWD GH 8P 7RTXH 3UHPLU , QLFLDU 3UHPLU D 7HFOD GH )XQo}HV 3UHPLU , QLFLDU 3ULPD , QLFLDU 3ULPD D WHFOD GH )XQo}HV 3UREOHPDV GH 7UDQVPLVVmR 3UREOHPDV QD 4XDOLGDGH GH , PDJHP , PSUHVV}HV LUUHJXODUHV LQGLVWLQWDV RX GH JUDGDGDV 3UREOHPDV QD 5HFHSomR 3UREOHPDV QR )D[ &yGLJRV GH (UUR , PSUHVVRV QRV 5HODWyULRV 5HFHSomR 7UDQVPLVVmR 3URFHGLPHQWR GH &ySLD 3URFHGLPHQWR GH 'LJLWDOL]DU SDUD (PDLO 3URFHGLPHQWR GH HQYLR GH XP )D[ 3URFHGLPHQWR GH , PSUHVVmR 3URFHGLPHQWR GR )D[ GH , QWHUQHW 3URJUDPDomR GD /LVWD 7HOHIyQLFD 3URJUDPDomR GH 1~PHURV GH *UXSR 3URJUDPDomR GH 1~PHURV GH 0DUFDomR 5iSLGD 3URJUDPDomR GH 7HFODV GH 8P 7RTXH 3URJUDPDU /LVWD 7HOHIyQLFD 9DORU SRU GHIHLWR 3URJUDPDU XPD (VWDomR GH 5HWUDQVPLVVmR 3:' 5HODWyULR GH $FWLYLGDGH 9DORU SRU GHIHLWR 5HODWyULR GH &RQILJXUDomR 5HODWyULR GH &RQILUPDomR $SHQDV HUURV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à ËqvprÃSrvvv ËQGLFH 5HPLVVLYR 4 'HVOLJDGR 6HPSUH 9DORU SRU GHIHLWR 5HODWyULR GH &RQILUPDomR ± (QYLR GH 0HPyULD , PSULPLU 5HODWyULR , PSULPLU 5HODWyULRV 5HODWyULR GD (QFRPHQGD GH &RQVXPtYHLV 5HODWyULR GH $FWLYLGDGH 5HODWyULR GH &DL[D GH &RUUHLR 5HODWyULR GH &RQILJXUDomR 5HODWyULR GH &RQILUPDomR 5HODWyULR GH &RQILUPDomR ± (QYLR GH 0HPyULD 5HODWyULR GH 'HVWLQR GH 5HWUDQVPLVVmR 5HODWyULR GH (QYLR SRU *UXSR 5HODWyULR GH (VWDomR GH 5HWUDQVPLVVmR 5HODWyULR GH /LVWD 7HOHIyQLFD 5HODWyULR GH 2ULJHP GH 5HWUDQVPLVVmR 5HODWyULR GH 3ROO GH *UXSR 5HODWyULR GH 7UDEDOKRV 3HQGHQWHV 5HODWyULR GR &yGLJR GH 'HSDUWDPHQWR 5HODWyULR /RFDO SDUD &DL[D GH &RUUHLR 5HODWyULR 5HPRWR SDUD &DL[D GH &RUUHLR 5HODWyULRV GH &RQILUPDomR 5HODWyULRV GH )D[3ROO5HWUDQVPLVVmR 5HODWyULRV GH 5HFHSomR 5HODWyULRV GR )D[ 5HODWyULRV GH )D[3ROO5HWUDQVPLVVmR 5HODWyULRV GH ID[SROOUHWUDQVPLVVmR 9DORU SRU GHIHLWR 5HODWyULRV GH 5HFHSomR 9DORU SRU GHIHLWR 5HODWyULRV GR )D[ 5HPDUFDomR $XWRPiWLFD 5HPDUFDomR 0DQXDO GRV ÒOWLPRV 1~PHURV 9DORU SRU GHIHLWR 5HODWyULR GH 'HVWLQR GH 5HWUDQVPLVVmR 9DORU SRU GHIHLWR 5HODWyULR GH (QYLR SRU *UXSR 9DORU SRU GHIHLWR 5HODWyULR GH (VWDomR GH 5HWUDQVPLVVmR 9DORU SRU GHIHLWR 5HODWyULR GH /LVWD 7HOHIyQLFD 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH 7RGRV RV 5HODWyULRV 5HODWyULR GH /LVWD 7HOHIyQLFD GH *UXSRV 5HODWyULR GH /LVWD 7HOHIyQLFD GH 0DUFDomR 5iSLGD 5HODWyULR GH /LVWD 7HOHIyQLFD GH 8P 7RTXH 5HODWyULR GH /LVWD 7HOHIyQLFD SRU 1RPH 5HODWyULR GH 2ULJHP GH 5HWUDQVPLVVmR 9DORU SRU GHIHLWR 5HODWyULR GH 3ROO GH *UXSR 9DORU SRU GHIHLWR 5HODWyULR GR &yGLJR GH 'HSDUWDPHQWR 5HODWyULR /RFDO SDUD &DL[D GH &RUUHLR 9DORU SRU GHIHLWR 5HODWyULR 5HPRWR SDUD &DL[D GH &RUUHLR 9DORU SRU GHIHLWR 5HODWyULRV &yGLJRV GH (UUR , PSUHVVRV QRV 5HODWyULRV 5HPDUFDo}HV 9DORU SRU GHIHLWR 5HTXLVLWRV GH (VSDoR % ËqvprÃSrvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à 5HVROXomR )LQH 6WDQGDUG 6XSHUILQH 9DORU SRU GHIHLWR 5HVROXomR GH 3UREOHPDV %iVLFRV 0HQVDJHQV H &yGLJRV GH (UUR 3UREOHPDV QD 4XDOLGDGH GH , PDJHP 3UREOHPDV QR )D[ 5HVROXomR GULYHU GH LPSUHVVRUD 5HVXOWDGR GR WHVWH GH LPSUHVVmR UHVXOWDGRV GH IUDFD TXDOLGDGH 5HYLV}HV GR (TXLSDPHQWR 6 6DtGD 3RU VHSDUDU 3RU VHSDUDURIIVHW 6HSDUDGDV 6HSDUDGDVRIIVHW 9DORU SRU GHIHLWR 6HJXUDQoD /DVHU $ 6HOHFFLRQDU DV )XQo}HV GH &ySLD 6HOHFFLRQDU DV )XQo}HV GH 'LJLWDOL]DU SDUD (PDLO 6HOHFFLRQDU DV )XQo}HV GH )D[ 6HOHFFLRQDU DV )XQo}HV GR 'ULYHU GH , PSUHVVRUD 6HOHFFLRQDU DV )XQo}HV GR )D[ GH LQWHUQHW 6HOHFFLRQDU , PSUHVVmR 6HOHFFLRQDU 3DSHO &DSD GULYHU GH LPSUHVVRUD &RUSR GR GRFXPHQWR GULYHU GH LPSUHVVRUD 6HSDUDGRUHV GULYHU GH LPSUHVVRUD 6HOHFFLRQDU 3DSHO GULYHU GH LPSUHVVRUD 6(3 6HSDUDomR GULYHU GH LPSUHVVRUD 6HSDUDGRU $FHUFD GULYHU GH LPSUHVVRUD 6HUYLoR 5HPRWR $FHVVR 5HPRWR (QFRPHQGDU &RQVXPtYHLV 3DVVZRUG 5HPRWD 6HUYLoR 5HPRWR DOWHUDU YDORUHV SRU GHIHLWR 6ORWV GH 0HPyULD 68% 6XEHQGHUHoR )D]HU R 3ROOLQJ GH XP 'RFXPHQWR XWLOL]DQGR XP 6XEHQGHUHoR 3:' 6(3 68% 7UDQVPLWLU XP 'RFXPHQWR SDUD XP 6XEHQGHUHoR , 787 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU 6XEVWLWXLU R &DUWXFKR GH $JUDHV 6XEVWLWXLU R )LOWUR GH 2]RQR 6XEVWLWXLU R 7DPERU 6XJHVW}HV FRQYHQo}HV 7DPERU 7HFOD $FHLWDU 7HFOD $SDJDU 7HFOD &ySLD 7HFOD GH (VWDGR GR 7UDEDOKR &DQFHODU WUDEDOKRV GH ID[ 0RQLWRUL]DomR GRV WUDEDOKRV GH ID[ 7HFOD GH LQWHUUXSomR 7HFOD 'LJLWDOL]DU SDUD (PDLO 7HFOD (VWDGR GR (TXLSDPHQWR 7HFOD (VWDGR GR 7UDEDOKR 7HFOD )D[)D[ GH , QWHUQHW 7HFOD )XQo}HV 7HFOD , QLFLDU 3UHPLU , QLFLDU 3ULPD , QLFLDU 7HFOD , QVHULU 7HFOD , QWHUURPSHU 7UDEDOKR 8WLOL]DU , QWHUURPSHU 7UDEDOKR 7HFOD , QWHUUXSomR GR 7UDEDOKR 8WLOL]DU D , QWHUUXSomR GR 7UDEDOKR 7HFOD 0DUFDomR /LVWD 7HOHIyQLFD 7HFOD 0DUFDomR 0DQXDO 7HFOD 3RXSDQoD GH (QHUJLD 7HFOD 5HPDUFDo}HV3DXVD 7HFOD 5HVROXomR 7HFOD 6DLU 7 BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à ËqvprÃSrvvv ËQGLFH 5HPLVVLYR 7HFOD 6WRS &DQFHODU XP WUDEDOKR GH ID[ 7HFOD 8P 7RTXH 0DUFDomR GH 8P 7RTXH 0RGLILFDU RX $SDJDU D 3URJUDPDomR 3UHHQFKLPHQWR GD (WLTXHWD GH 8P 7RTXH 7HFODGR 7HFODV GH $FHVVR 'LUHFWR &DL[D GH &RUUHLR &DSD &yGLJR SDUD &REUDQoD (QYLR 'LUHFWR (QYLR 3URJUDPDGR *UXSR 0DQXDO 0DSD GH 0HQXV 0DUFDomR HP &DGHLD 0DUFDomR SRU 7RQV 3ULRULGDGH 5HHQYLDU 5HODWyULR GH $FWLYLGDGH 5HODWyULR GH &RQILUPDomR 5HODWyULR GH /LVWD 7HOHIyQLFD 7HFODV GH IXQomR 7HFODV GH IXQomR GH DFHVVR GLUHFWR 7HFODV GH 6HWDV 7HFODV GH 8P 7RTXH 3URJUDPDU 7HFODV GH XP WRTXH 7HFODV 1XPpULFDV 7HPSR GH $TXHFLPHQWR % 7HPSRUL]DGRUHV 0RGR GH HVSHUD 0RGR GH LQDFWLYLGDGH 7HPSR /LPLWH 7HVWH $XWRPiWLFR 7HVWH , QGLYLGXDO 7H[WR HP LWiOLFR FRQYHQo}HV 7H[WR HQWUH SDUrQWHVLV UHFWRV FRQYHQo}HV 7LSR GH 2ULJLQDO &ySLD )D[ )RWR 7H[WR 7H[WR)RWR 9DORU SRU GHIHLWR 7LSR GH 3DSHO 'HVOLJDGR *UDPDJHP (OHYDGD 7UDQVSDUrQFLDV 7RGRV RV 5HODWyULRV GH /LVWD 7HOHIyQLFD 7RWDO GH , PSUHVV}HV 7UDEDOKR *UDYDGR 3DUD *UDYDU XP 7UDEDOKR 3DUD 5HFXSHUDU XP 7UDEDOKR *UDYDGR 8 8QLGDGH 'XSOH[ $XWRPiWLFD $'8 8QLGDGHV 6XEVWLWXtYHLV SHOR &OLHQWH &DUWXFKR GH $JUDIHV &DUWXFKR GH 7RQHU )LOWUR GH 2]RQR 7DPERU 8WLOL]DomR GD /LVWD 7HOHIyQLFD 8WLOL]DU D , QWHUUXSomR GR 7UDEDOKR 8WLOL]DU , QWHUURPSHU 7UDEDOKR 9DO GHIHLWR HTXLSDPHQWR %DQGHMDV GH SDSHO &yGLJRV GH 'HSDUWDPHQWR (FUm LQLFLDO 7HFOD , QWHUUXSomR 7HPSRUL]DGRUHV 9ROXPH GR $OWLIDODQWH 9DORU SRU GHIHLWR GH %DQGHMDV GH 3DSHO 9DORU SRU GHIHLWR GH (FUm LQLFLDO 9DORU SRU GHIHLWR GH 0RGR GH (VSHUD 9DORU SRU GHIHLWR GH 0RGR GH LQDFWLYLGDGH 9DORU SRU GHIHLWR GH 7HFOD , QWHUUXSomR 9DORU SRU GHIHLWR GH 7HPSR /LPLWH 9DORU SRU GHIHLWR GH 7HPSRUL]DGRUHV 9DORU SRU 'HIHLWR GH 9RO $OWLIDODQWH 9DORUHV SRU 'HIHLWR &ySLD )D[ 9 ËqvprÃSrvvvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à 9DORUHV SRU GHIHLWR $ LPSULPLU &RQILJXUDomR LQLFLDO (TXLSDPHQWR , PSULPLU 5HODWyULRV 6HUYLoR 5HPRWR 9DORUHV SRU 'HIHLWR GD &ySLD )DFHV &RSLDGDV 6DtGD 9DORUHV SRU GHIHLWR GD FySLD $OWHUDU RV 9DORUHV SRU 'HIHLWR &ODUR(VFXUR 5HGX]LU$PSOLDU 7LSR GH 2ULJLQDO 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD $OLPHQWDomR IRUoDGD $OWHUDU RV 9DORUHV SRU 'HIHLWR $YDQoDU SiJLQD 9DORUHV SRU 'HIHLWR GH &RQILJXUDomR , QLFLDO $VVLVWrQFLD DR &OLHQWH , ' GD PiTXLQD , GLRPD /RFDOL]DomR 1~PHUR GH 6pULH GR (TXLSDPHQWR 5HGH 9DORUHV SRU GHIHLWR GH &RQILJXUDomR , QLFLDO 'DWD H +RUD 9DORUHV SRU 'HIHLWR GH 5HODWyULRV $OWHUDU RV 9DORUHV SRU 'HIHLWR 9DORUHV SRU 'HIHLWR GR (TXLSDPHQWR 9DORUHV SRU 'HIHLWR GR (TXLSDPHQWR $OWHUDU , QWHUYDOR GH UHFHSomR 0RGR GH DWHQGLPHQWR 0RGR GH PDUFDomR 0RQLWRU GH OLQKD 3iJLQD VHSDUDGRUD 3URJUDPDU OLVWD WHOHIyQLFD 5HFHEHU HP PHPyULD 5HFHSomR UHGX]LGD 5HFHSomR VHJXUD 5HFXVDU FRUUHLR LQGHVHMDGR 5HHQYLDU ID[ JUDYDGR 5HPDUFDo}HV 5HVROXomR 9DORUHV SRU 'HIHLWR GRV 5HODWyULRV (QYLR PHPyULD FRQI 5HODWyULR GH $FWLYLGDGH 5HODWyULR GH &RQILUPDomR 5HODWyULR GH 'HVWLQR GH 5HWUDQVPLVVmR 5HODWyULR GH (QYLR SRU *UXSR 5HODWyULR GH (VWDomR GH 5HWUDQVPLVVmR 5HODWyULR GH 2ULJHP GH 5HWUDQVPLVVmR 5HODWyULR GH 3ROO GH *UXSR 5HODWyULR /RFDO SDUD &DL[D GH &RUUHLR 5HODWyULR 5HPRWR SDUD &DL[D GH &RUUHLR 5HODWyULRV GH ID[SROOUHWUDQVPLVVmR 5HODWyULRV GH 5HFHSomR 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 9DORUHV SRU GHIHLWR GHVFULomR JHUDO 9iULRV QXPD IROKD GULYHU GH LPSUHVVRUD 9HORFLGDGH GR FRSLDGRU % 9LGUR GH ([SRVLomR 9LGUR GH H[SRVLomR -RJRV VHSDUDGRV 9LGUR GH 7UDQVSRUWH GH 9HORFLGDGH &RQVWDQWH 9DORUHV SRU 'HIHLWR GR )D[ $OWHUDU RV 9DORUHV SRU 'HIHLWR &DEHoDOKR GH HQYLR &DEHoDOKR GH UHFHSomR &DSD &yGLJR GH FRQWD &RUULJLU HUURV (&0 (OLPLQDU H[WUD (QYLDU DSyV GLJLWDOL]DU (QYLR GH PHPyULD (QYLR VHJXUR YLVRU GH PHQVDJHQV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à ËqvprÃSrvvvvv ËQGLFH 5HPLVVLYR : :RUN&HQWUH 3UR RSo}HV :RUN&HQWUH 3UR '& RSo}HV :RUN&HQWUH 3UR 3L RSo}HV :RUN&HQWUH 3UR 6L RSo}HV =RQDV GH $FHVVR = ËqvprÃSrvvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ# %à [. . . ]