Manual do usuário XEROX WORKCENTRE PRO 412

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

Se este documento coincide com o guia do usuário, o manual de instruções ou manual do usuário, conjunto de dispositivos ou esquemas que você está procurando, baixe-o agora. Lastmanuals fornece-lhe um acesso fácil e rápido ao manual do usuário XEROX WORKCENTRE PRO 412. Desejamos que este guia de usuário XEROX WORKCENTRE PRO 412 lhe seja útil.

Lastmanuals ajuda a baixar o guia de usuário XEROX WORKCENTRE PRO 412.


Mode d'emploi XEROX WORKCENTRE PRO 412
Download

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

   XEROX WORKCENTRE PRO 412 QUICK START GUIDE (341 ko)
   XEROX WORKCENTRE PRO 412 GUIA DE INICIAC?O RAPIDA (489 ko)
   XEROX WORKCENTRE PRO 412 GUIA DE INICAÇÃO RÁPIDA (488 ko)
   XEROX WORKCENTRE PRO 412 GUÍA DE INCIACIÓN RÁPIDA (522 ko)
   XEROX WORKCENTRE PRO 412 (2321 ko)
   XEROX WORKCENTRE PRO 412 ALOITUSOPAS (444 ko)
   XEROX WORKCENTRE PRO 412 QUICK START (341 ko)
   XEROX WORKCENTRE PRO 412 INFORMATION SHEET (372 ko)
   XEROX WORKCENTRE PRO 412 QUICK START GUIDE (341 ko)

Resumo do manual: guia do usuário XEROX WORKCENTRE PRO 412

Instruções detalhadas para o uso estão no Guia do Usuário.

[. . . ] [. . . ] 3URSULHGDGHV RX VHOHFFLRQH R tFRQH GH LPSUHVVRUD QD SDVWD , PSUHVVRUDV H SULPD D WHFOD GLUHLWD GR UDWR ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QhtrÃ#" , PSUHVVmR 'HILQLo}HV GD LPSUHVVRUD :LQGRZV 17 ½ 6HOHFFLRQH R FRPDQGR )LOH !3DJH 6HWXS D SDUWLU GH TXDOTXHU DSOLFDomR :LQGRZV 2X 6HOHFFLRQH D LPSUHVVRUD ;HUR[ :RUN&HQWUH QD SDVWD 3ULQWHUV SULPD D WHFOD GLUHLWD GR UDWR H GHSRLV VHOHFFLRQH 'RFXPHQW 'HIDXOWV QD OLVWD VXVSHQVD ½ :LQGRZV ½ 6HOHFFLRQH R FRPDQGR )LOH !3DJH 6HWXS D SDUWLU GH TXDOTXHU DSOLFDomR :LQGRZV 2X 6HOHFFLRQH D LPSUHVVRUD ;HUR[ :RUN&HQWUH QD SDVWD 3ULQWHUV SULPD D WHFOD GLUHLWD GR UDWR H GHSRLV VHOHFFLRQH 3ULQWLQJ 3UHIHUHQFHV QD OLVWD VXVSHQVD ½ QitvhÃ## ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 4XDQGR DSDUHFHUHP DV 3URSULHGDGHV GD LPSUHVVRUD SRGH DQDOLVDU H DOWHUDU DV GHILQLo}HV SDUD R WUDEDOKR GH LPSUHVVmR $ MDQHOD 3URSULHGDGHV GD LPSUHVVRUD p FRPSRVWD SRU VHSDUDGRUHV UHODWLYRV D SDSHO TXDOLGDGH GH LPDJHP GLVSRVLomR GH SiJLQD PDUFD GH iJXD DFHUFD GH 6H DFHGHU jV 3URSULHGDGHV GD LPSUHVVRUD DWUDYpV GD SDVWD , PSUHVVRUDV SRGHUi YLVXDOL]DU PDLV VHSDUDGRUHV GH EDVH :LQGRZV DVVLP FRPR HVWHV VHSDUDGRUHV 3DUD LQIRUPDo}HV VREUH RV VHSDUDGRUHV GH EDVH :LQGRZV FRQVXOWH R JXLD GR XWLOL]DGRU GR :LQGRZV 3DUD PDLV LQIRUPDo}HV VREUH DV GHILQLo}HV GD LPSUHVVRUD GLVSRQtYHLV HP FDGD VHSDUDGRU FRQVXOWH D DMXGD RQOLQH GR GULYHU GD LPSUHVVRUD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QhtrÃ#$ , PSUHVVmR 6HSDUDGRUHV GDV SURSULHGDGHV GD LPSUHVVRUD 127$ 6H DFHGHU jV 3URSULHGDGHV GD LPSUHVVRUD DWUDYpV GD SDVWD , PSUHVVRUDV DV GHILQLo}HV VHOHFFLRQDGDV WRUQDUVHmR QDV GHILQLo}HV SRU GHIHLWR GD LPSUHVVRUD $V RSo}HV GHILQLGDV DFHGHQGR jV SURSULHGDGHV GD LPSUHVVRUD DWUDYpV GR PHQX )LFKHLUR H , PSULPLU RX &RQILJXUDU 3iJLQD GH XPD DSOLFDomR SHUPDQHFHUmR DFWLYDV DWp TXH D DSOLFDomR D SDUWLU GD TXDO HVWi D LPSULPLU VHMD IHFKDGD %RW}HV H tFRQHV GDV SURSULHGDGHV GD LPSUHVVRUD ½ ½ ½ ½ ½ 3ULPD >2. @ TXDQGR WHUPLQDU GH DQDOLVDU RX HIHFWXDU DOWHUDo}HV 3ULPD >&DQFHODU@ VH TXLVHU VDLU GRV PHQXV GRV VHSDUDGRUHV VHP DSOLFDU TXDLVTXHU DOWHUDo}HV 3ULPD >$MXGD@ SDUD YLVXDOL]DU D IXQomR $MXGD RQOLQH H SRUPHQRUHV GRV PHQXV GRV VHSDUDGRUHV 3ULPD R tFRQH >"@ QD EDUUD GH WtWXOR 3RVLFLRQH R LQGLFDGRU " VREUH R SDUkPHWUR HP TXHVWmR H SULPD SDUD YLVXDOL]DU XPD MDQHOD FRP D H[SOLFDomR GHVVH SDUkPHWUR 3ULPD R ERWmR >3UpGHILQLo}HV@ SDUD UHSRU RV YDORUHV GRV SDUkPHWURV GR DFWXDO VHSDUDGRU QDV UHVSHFWLYDV GHILQLo}HV SRU GHIHLWR RX VHMD DQWHV GH WHU IHLWR TXDLVTXHU DOWHUDo}HV QitvhÃ#% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã )D[ (VWH FDStWXOR FRQWpP LQIRUPDo}HV DFHUFD GD IXQomR )D[ H GDV IXQo}HV GLVSRQtYHLV )RUQHFH LQVWUXo}HV SDVVRDSDVVR VREUH FRPR HQYLDU H UHFHEHU ID[HV XWLOL]DQGR WRGDV DV IXQo}HV H RSo}HV GLVSRQtYHLV (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH 3URFHGLPHQWR SDUD HQYLDU XP ID[ 0pWRGRV GH PDUFDomR 5HFHEHU XP ID[ )XQo}HV GH ID[ VWDQGDUG )XQo}HV DYDQoDGDV GH ID[ 5HODWyULRV GH ID[ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ )D[ 3URFHGLPHQWR SDUD HQYLDU XP ID[ $FHVVR 5iSLGR ½&RORTXH RV RULJLQDLV ½3ULPD D WHFOD &ySLD)D[ ½6HOHFFLRQH DV IXQo}HV GH ½'LJLWH R Q~PHUR GH ID[ ½3ULPD >, QLFLDU@ )D[ QHFHVViULDV 'LJLWDOL]DomR $QWHV GH HQYLDU XP ID[ LGHQWLILTXH R TXH p SDUD HQYLDU R Q~PHUR GH ID[ H TXDLVTXHU UHTXLVLWRV GH SURJUDPDomR HVSHFLDLV 8WLOL]H RV VHJXLQWHV SDVVRV SDUD HQYLDU XP ID[ &RORFDU RV RULJLQDLV ([LVWHP GXDV iUHDV GH HQWUDGD GH RULJLQDLV (VWDV VmR $OLPHQWDGRU DXWRPiWLFR $') SDUD YiULRV RULJLQDLV VLPSOHV 9LGUR GH H[SRVLomR SDUD RULJLQDLV VLPSOHV RX RULJLQDLV HQFDGHUQDGRV $OLPHQWDGRU $XWRPiWLFR $') 8VDQGR R $OLPHQWDGRU $XWRPiWLFR $') SRGHP VHU GLJLWDOL]DGRV DWp RULJLQDLV GH XP WUDEDOKR &HUWLILTXHVH TXH RV RULJLQDLV HVWmR HP ERDV FRQGLo}HV H TXH IRUDP UHPRYLGRV WRGRV RV DJUDIHV H FOLSV $VVHJXUHVH TXH FROD WLQWD RX FRUUHFWRU VHFDUDP FRPSOHWDPHQWH DQWHV GH FRORFDU RV RULJLQDLV 2V RULJLQDLV GHYHP WHU HQWUH XPD JUDPDJHP HQWUH JP H JP H IRUPDWR HQWUH % [ PP [ SRO H /HJDO [ PP [ SRO QitvhÃ$! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 1mR WHQWH FRORFDU RV VHJXLQWHV WLSRV GH GRFXPHQWRV QR $OLPHQWDGRU $XWRPiWLFR SDSHO TXtPLFR RX FRP TXtPLFR QR YHUVR SDSHO UHYHVWLGR SDSHOFDVFDGHFHEROD RX SDSHO ILQR SDSHO FRP YLQFRV RX HQUXJDGR SDSHO HQURODGR RX FRP FXUYDWXUDV SDSHO UDVJDGR 1mR FRORTXH RULJLQDLV FRP GLIHUHQWHV IRUPDWRV RX JUDPDJHQV 127$ 6H R RULJLQDO VH LQFOXLU QXPD GHVWDV FDWHJRULDV XWLOL]H DSHQDV R YLGUR GH H[SRVLomR ½ ½ ½ 5HWLUH WRGRV RV DJUDIHV H FOLSV DQWHV GH FRORFDU RV RULJLQDLV QR DOLPHQWDGRU 6H QHFHVViULR DMXVWH DV JXLDV DR IRUPDWR GR SDSHO SUHWHQGLGR , QVLUD RV RULJLQDLV GHYLGDPHQWH QR DOLPHQWDGRU FRP D IDFH SDUD FLPD $ SULPHLUD SiJLQD GHYH ILFDU QR WRSR FRP RV FDEHoDOKRV YLUDGRV SDUD D SDUWH GH WUiV RX HVTXHUGD GR HTXLSDPHQWR *XLDV GR RULJLQDO ½ $OLQKH D SLOKD QRV ODGRV GLUHLWR H HVTXHUGR GD EDQGHMD GR DOLPHQWDGRU H DMXVWH DV JXLDV HQFRVWDQGRDV jV PDUJHQV GLDQWHLUD H SRVWHULRU GRV RULJLQDLV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$" )D[ 9LGUR GH ([SRVLomR 2 YLGUR GH H[SRVLomR GHYH VHU XVDGR SDUD FRSLDU SiJLQDV VLPSOHV RX RULJLQDLV HQFDGHUQDGRV DWp DR IRUPDWR Pi[LPR GH SDSHO /HJDO [ PP [ SRO ½ /HYDQWH D WDPSD GR YLGUR GH H[SRVLomR ½ &RORTXH R RULJLQDO FRP D IDFH SDUD EDL[R QR YLGUR GH H[SRVLomR $OLQKHR FRP D VHWD GH UHJLVWR QR FDQWR SRVWHULRU HVTXHUGR 127$ &HUWLILTXHVH TXH QmR H[LVWHP RULJLQDLV QR $') 6H IRU GHWHFWDGR XP RULJLQDO QR $') HVWH WHUi SULRULGDGH VREUH R RULJLQDO FRORFDGR QR YLGUR GH H[SRVLomR ½ %DL[H D WDPSD GR YLGUR GH H[SRVLomR 127$ 4XDQGR WHUPLQDU XP WUDEDOKR GH FySLD DVVHJXUHVH TXH D WDPSD GR YLGUR GH H[SRVLomR ILFD EHP IHFKDGD QitvhÃ$# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ ½ &HUWLILTXHVH TXH DSDUHFH D GDWD H D KRUD PRGR )$; QR YLVRU &DVR FRQWUiULR SULPD D WHFOD >&ySLD)D['LJLWDOL]DomR@ UHSHWLGDPHQWH QR SDLQHO GH FRQWUROR DWp DSDUHFHU ³)$;´ QD OLQKD LQIHULRU GR YLVRU H GHSRLV SULPD >6HOHFFLRQDU@ 7HFOD &ySLD)D['LJLWDOL]DomR 7HFOD 6HOHFFLRQDU BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$$ )D[ 3UHPLU D WHFOD &ySLD)D['LJLWDOL]DomR 6HOHFFLRQDU DV IXQo}HV GH ID[ ([LVWHP TXDWUR IXQo}HV VWDQGDUG GLVSRQtYHLV $V WHFODV HQFRQWUDPVH QR 3DLQHO GH &RQWUROR 3DUD XPD H[SOLFDomR PDLV GHWDOKDGD GDV IXQo}HV GH )D[ VWDQGDUG FRQVXOWH DV SiJLQDV VHJXLQWHV 5HVROXomR SiJLQD 2So}HV GH GLJLWDOL]DomR SiJLQD 7LSR GH 2ULJLQDO SiJLQD &ODUR(VFXUR SiJLQD 'LJLWDU R Q~PHUR GH ID[ 'LJLWH R Q~PHUR GH ID[ GR HTXLSDPHQWR UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR ½ 8WLOL]H R WHFODGR QXPpULFR SDUD GLJLWDU R Q~PHUR GH WHOHIRQH GR HTXLSDPHQWR GH ID[ UHPRWR 6H GLJLWDU XP Q~PHUR LQFRUUHFWR XWLOL]H DV WHFODV GH QDYHJDomR SDUD VHOHFFLRQDU R Q~PHUR LQFRUUHFWR H SULPD R Q~PHUR FRUUHFWR 3UHPLU D WHFOD >/LPSDU/LPSDU 7XGR@ DSDJDUi R Q~PHUR GH ID[ TXH WLYHU GLJLWDGR ([LVWHP YiULRV PpWRGRV GLVSRQtYHLV SDUD GLJLWDU R Q~PHUR GR ID[ UHPRWR LQFOXLQGR IXQo}HV WDLV FRPR D 0DUFDomR 5iSLGD H D 0DUFDomR *UXSR 68*(672 3DUD LQIRUPDo}HV VREUH WRGRV RV PpWRGRV GH PDUFDomR GLVSRQtYHLV FRQVXOWH ³0pWRGRV GH PDUFDomR´ QD SiJLQD ½ 7HFODGR 1XPpULFR 7HFOD /LPSDU /LPSDU 7XGR QitvhÃ$% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ ½ 3ULPD >, QLFLDU@ SDUD FRPHoDU D GLJLWDOL]DU H D HQYLDU ID[HV 6H HVWLYHU D GLJLWDOL]DU RULJLQDLV XVDQGR R YLGUR GH H[SRVLomR pOKH SHUJXQWDGR VH SUHWHQGH HQYLDU XPD RXWUD SiJLQD 8VDQGR DV WHFODV GH QDYHJDomR VHOHFFLRQH >6, 0@ RX >12@ H SULPD >6HOHFFLRQDU@ 6H VHOHFFLRQDU >6, 0@ UHSLWD R SURFHGLPHQWR DWp WRGRV RV RULJLQDLV WHUHP VLGR GLJLWDOL]DGRV H GHSRLV >12@ H SULPD >6HOHFFLRQDU@ SDUD HQYLDU R WUDEDOKR 7HFOD , QLFLDU ½ *HVWmR GR WUDEDOKR GH ID[ &DQFHODU XP ID[ 3DUD FDQFHODU XP ID[ SULPD 3DUDU HP TXDOTXHU DOWXUD GXUDQWH D WUDQVPLVVmR &RQILUPDU D WUDQVPLVVmR $VVLP TXH D ~OWLPD SiJLQD GR GRFXPHQWR WLYHU VLGR HQYLDGD GH IRUPD EHP VXFHGLGD R HTXLSDPHQWR HPLWH XP ³ELS´ H UHJUHVVD DR PRGR GH HVSHUD 6H DOJXPD FRLVD FRUUHX PDO GXUDQWH D VXD WUDQVPLVVmR GR ID[ DSDUHFH XPD PHQVDJHP GH HUUR QR YLVRU 68*(672 &RQVXOWH XPD OLVWDJHP GDV PHQVDJHQV GH HUUR H UHVSHFWLYRV VLJQLILFDGRV QR &DStWXOR ³'HWHFomR H UHVROXomR GH SUREOHPDV EDVLFRV´ QD SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$& )D[ 3ULPD , QLFLDU 6H UHFHEHU XPD PHQVDJHP GH HUUR SULPD >3DUDU@ SDUD TXH GHVDSDUHoD H WHQWH HQYLDU QRYDPHQWH R GRFXPHQWR 3RGHUi FRQILJXUDU R VHX HTXLSDPHQWR SDUD LPSULPLU DXWRPDWLFDPHQWH XP 5HODWyULR GH &RQILUPDomR &RQILUPDU 0HQVDJHP DSyV FDGD HQYLR 3DUD LQVWUXo}HV FRQVXOWH R &DStWXOR ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD &RQWURODU R HVWDGR GH GRLV WUDEDOKRV 2 HTXLSDPHQWR SRGH UHDOL]DU PDLV GH XPD GH PXLWDV WDUHIDV VLPXOWDQHDPHQWH 3RU H[HPSOR SRGHUi 5HFHEHU XP ID[ QD PHPyULD HQTXDQWR SURGX] XPD FySLD *XDUGDU XP GRFXPHQWR GH ID[ SDUD SRVWHULRU WUDQVPLVVmR HQTXDQWR LPSULPH XP ID[ UHFHELGR 4XDQGR R HTXLSDPHQWR HVWLYHU D UHDOL]DU GXDV WDUHIDV SULPD >(VWDGR GR 7UDEDOKR@ SDUD YLVXDOL]DU R HVWDGR DFWXDO GD RXWUD RSHUDomR QR YLVRU 6HPSUH TXH SUHPLU >(VWDGR GR 7UDEDOKR@ R DFWXDO HVWDGR GDV GXDV RSHUDo}HV p DSUHVHQWDGR DOWHUQDGDPHQWH QitvhÃ$' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ([LVWHP YiULRV PpWRGRV GH PDUFDomR GH ID[ GLVSRQtYHLV QR :RUN&HQWUH 3UR 0DUFDomR QR WHFODGR QXPpULFR 8WLOL]H DV VHJXLQWHV LQVWUXo}HV SDUD HQYLDU R ID[ XWLOL]DQGR D PDUFDomR QR WHFODGR QXPpULFR ½ ½ ½ ½ $OLPHQWH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H KRUD PRGR )$; FDVR FRQWUiULR SULPD D WHFOD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; GHSRLV SULPD >6HOHFFLRQDU@ 8WLOL]H R WHFODGR QXPpULFR SDUD GLJLWDU R Q~PHUR GH WHOHIRQH GR HTXLSDPHQWR GH ID[ UHPRWR 3ULPD >, QLFLDU@ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$( )D[ 0pWRGRV GH PDUFDomR 0DUFDomR 5iSLGD 3RGH PHPRUL]DU DWp Q~PHURV HP ORFDLV GH 0DUFDomR 5iSLGD GH XP RX GtJLWRV 0HPRUL]DU XP Q~PHUR SDUD PDUFDomR UiSLGD ½ ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ )L[H GXUDQWH VHJXQGRV D WHFOD >0DUFDomR 5iSLGD@ QR SDLQHO GH FRQWUROR 'LJLWH XP Q~PHUR GH PDUFDomR UiSLGD XWLOL]DQGR R WHFODGR QXPpULFR H GHSRLV SULPD >6HOHFFLRQDU@ 6H Mi H[LVWLU XP Q~PHUR JXDUGDGR QR ORFDO TXH VHOHFFLRQDU R YLVRU PRVWUDR ½ ½ 'LJLWH R Q~PHUR GH ID[ TXH SUHWHQGH JXDUGDU H GHSRLV SULPD >6HOHFFLRQDU@ 3DUD DWULEXLU XP QRPH DR Q~PHUR GLJLWH R QRPH SUHWHQGLGR 3DUD LQIRUPDo}HV VREUH FRPR GLJLWDU QRPHV FRQVXOWH R &DStWXOR ³'HVFULomR JHUDO GR HTXLSDPHQWR´ QD SiJLQD 6H QmR TXLVHU DWULEXLU XP QRPH DYDQFH HVWH SDVVR ½ ½ ½ 3ULPD >6HOHFFLRQDU@ TXDQGR R QRPH DSDUHFHU FRUUHFWDPHQWH RX VLPSOHVPHQWH VHP GLJLWDU XP QRPH 3DUD PHPRUL]DU PDLV Q~PHURV GH WHOHIRQH UHSLWD R SURFHGLPHQWR 3DUD UHJUHVVDU DR PRGR GH HVSHUD SULPD >0HQX6DtGD@ RX >3DUDU@ QitvhÃ$ ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H KRUD PRGR )$; FDVR FRQWUiULR SULPD D WHFOD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0DUFDomR 5iSLGD@ QR SDLQHO GH FRQWUROR 'LJLWH R Q~PHUR GH PDUFDomR UiSLGD 3ULPD >, QLFLDU@ 2 Q~PHUR GH ID[ PHPRUL]DGR QR ORFDO GH PDUFDomR UiSLGD VHUi DXWRPDWLFDPHQWH PDUFDGR GHSRLV R GRFXPHQWR VHUi HQYLDGR DVVLP TXH R HTXLSDPHQWR GH ID[ UHPRWR UHVSRQGHU BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ )D[ 8WLOL]DU 0DUFDomR 5iSLGD 0DUFDomR *UXSR SDUD HQYLDU SDUD P~OWLSORV HQGHUHoRV 3RGHUmR VHU DWULEXtGRV YiULRV Q~PHURV GH PDUFDomR UiSLGD FRPR XP JUXSR $R XWLOL]DU R Q~PHUR GH JUXSR SRGHUi HQYLDU XP GRFXPHQWR SDUD YiULDV SHVVRDV QXPD ~QLFD RSHUDomR 2 HTXLSDPHQWR PDUFDUi RV Q~PHURV UHPRWRV SHOD RUGHP HP TXH IRUDP PHPRUL]DGRV 6H R Q~PHUR HVWLYHU RFXSDGR R HTXLSDPHQWR PDUFDUi R Q~PHUR PHPRUL]DGR VHJXLQWH H GHSRLV GH PDUFDU WRGRV RV Q~PHURV PHPRUL]DGRV UHPDUFDUi DXWRPDWLFDPHQWH TXDOTXHU Q~PHUR TXH DQWHULRUPHQWH VH HQFRQWUDYD RFXSDGR $QWHV GH SRGHU XWLOL]DU HVWD IXQomR GHYHUi FRRUGHQDU H PHPRUL]DU RV Q~PHURV GH JUXSR SUHWHQGLGRV $WULEXLU Q~PHURV GH PDUFDomR UiSLGD D XP JUXSR ½ ½ ½ ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX '$'26 '2 6, 67(0$ 3ULPD RX DWp HQFRQWUDU ³0$5&$d2 *5832´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >6HOHFFLRQDU@ SDUD DFHGHU D ³1292´ 6HOHFFLRQH R Q~PHUR GH JUXSR SUHWHQGLGR HQWUH RV Q~PHURV GH 0DUFDomR 5iSLGD H H GHSRLV SULPD >6HOHFFLRQDU@ 127$ 6H R Q~PHUR GH JUXSR Mi HVWLYHU D VHU XWLOL]DGR DSDUHFH ³1 (67È 5(*, 67$'2´ QR YLVRU eOKH VROLFLWDGR XP Q~PHUR GH PDUFDomR UiSLGD GH GtJLWRV ½ 'LJLWH R Q~PHUR GH PDUFDomR UiSLGD TXH SUHWHQGH LQFOXLU QR JUXSR H SULPD >6HOHFFLRQDU@ $SDUHFHP R Q~PHUR GH PDUFDomR UiSLGD R Q~PHUR GH ID[ H QRPH ½ 3ULPD >6HOHFFLRQDU@ QitvhÃ$ ! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ 3ULPD >0HQX6DLU@ TXDQGR WLYHU GLJLWDGR WRGRV RV Q~PHURV GH PDUFDomR UiSLGD SUHWHQGLGRV eOKH SHGLGR TXH GLJLWH XPD , ' QRPH 3DUD DWULEXLU XP QRPH DR JUXSR GLJLWH R QRPH SUHWHQGLGR 6H QmR TXLVHU DWULEXLU XP QRPH DYDQFH HVWH SDVVR $VVLP TXH WHUPLQDU SULPD >6HOHFFLRQDU@ 6H TXLVHU DWULEXLU XP RXWUR JUXSR UHSLWD WRGR R SURFHGLPHQWR 3DUD VDLU H YROWDU DR QtYHO GH PHQX DQWHULRU SULPD >0HQX 6DLU@ 3DUD UHJUHVVDU DR PRGR GH HVSHUD SULPD >3DUDU@ ½ ½ ½ ½ 127$ 1mR SRGH LQFOXLU XP Q~PHUR GH PDUFDomR GH JUXSR QXP RXWUR Q~PHUR GH PDUFDomR GH JUXSR (GLWDU Q~PHURV GH PDUFDomR GH JUXSR 3RGH DSDJDU XP Q~PHUR GH PDUFDomR UiSLGD HVSHFtILFR D SDUWLU GH XP JUXSR VHOHFFLRQDGR RX DFUHVFHQWDU XP QRYR Q~PHUR GH PDUFDomR UiSLGD DR JUXSR VHOHFFLRQDGR ½ ½ ½ ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR e DSUHVHQWDGR R SULPHLUR PHQX '$'26 '2 6, 67(0$ 3ULPD RX DWp HQFRQWUDU ³0$5&$d2 *5832´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD RX SDUD VHOHFFLRQDU ³(', 7$5´ H GHSRLV SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GH JUXSR TXH SUHWHQGH HGLWDU H GHSRLV SULPD >6HOHFFLRQDU@ eOKH VROLFLWDGR TXH GLJLWH XP Q~PHUR GH PDUFDomR UiSLGD 6H TXLVHU DSDJDU XP Q~PHUR GH PDUFDomR UiSLGD HVSHFtILFR GH XP JUXSR GLJLWH R Q~PHUR GH PDUFDomR UiSLGD H SULPD >6HOHFFLRQDU@ ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ " )D[ ½ 5HSLWD R SURFHGLPHQWR SDUD LQFOXLU RXWURV Q~PHURV GH PDUFDomR UiSLGD QR JUXSR VHOHFFLRQDGR 1R YLVRU DSDUHFH ³$3$*$5"´ ½ 6H TXLVHU DFUHVFHQWDU XP QRYR Q~PHUR GH PDUFDomR UiSLGD GLJLWHR H SULPD >6HOHFFLRQDU@ 1R YLVRU DSDUHFH ³$', &, 21$5"´ 3ULPD >6HOHFFLRQDU@ SDUD VHOHFFLRQDU D RSomR QHFHVViULD 5HSLWD RV SDVVRV SDUD DFUHVFHQWDU RX UHPRYHU RXWURV Q~PHURV GH PDUFDomR UiSLGD 3ULPD >6HOHFFLRQDU@ TXDQGR WHUPLQDU GH HGLWDU R *UXSR 6H WLYHU VLGR DWULEXtGR XP QRPH DR JUXSR R PHVPR DSDUHFH $OWHUH R QRPH VH QHFHVViULR H SULPD >6HOHFFLRQDU@ 3RGHUi FRQWLQXDU D HGLWDU RXWURV JUXSRV UHSHWLQGR WRGR R SURFHGLPHQWR 3DUD VDLU H UHJUHVVDU DR QtYHO GH PHQX DQWHULRU SULPD >0HQX6DLU@ 3DUD UHJUHVVDU DR PRGR GH HVSHUD SULPD >3DUDU@ ½ ½ ½ ½ 8WLOL]DU 0DUFDomR *UXSR HQYLDU SDUD P~OWLSORV HQGHUHoRV 3RGHUi XWLOL]DU D 0DUFDomR *UXSR SDUD R HQYLR *UXSR 0DQXDO RX (QYLR 5HWDUGDGR 6LJD R SURFHGLPHQWR GD RSHUDomR QHFHVViULD 3DUD R HQYLR *UXSR 0DQXDO FRQVXOWH DV LQVWUXo}HV DEDL[R 3DUD R (QYLR 5HWDUGDGR FRQVXOWH ³(QYLR 5HWDUGDGR´ QD SiJLQD $VVLP TXH FKHJDU D XP SDVVR HP TXH R YLVRU OKH SHGH SDUD GLJLWDU R Q~PHUR GH ID[ UHPRWR SULPD 0DUFDomR 5iSLGD H GLJLWH R Q~PHUR GH PDUFDomR GH JUXSR 6y SRGHUi XWLOL]DU XP Q~PHUR GH JUXSR SDUD XPD RSHUDomR 'HSRLV FRQWLQXH FRP R SURFHGLPHQWR SDUD FRPSOHWDU D RSHUDomR SUHWHQGLGD 2 HTXLSDPHQWR GLJLWDOL]D DXWRPDWLFDPHQWH R GRFXPHQWR SDUD D PHPyULD H PDUFD FDGD XP GRV Q~PHURV LQFOXtGRV QR *UXSR 8WLOL]H HVWD IXQomR SDUD HQYLDU GRFXPHQWRV SDUD YiULRV ORFDLV 'HSRLV GH HQYLDGRV RV GRFXPHQWRV VmR DXWRPDWLFDPHQWH DSDJDGRV GD PHPyULD 0DUFDomR *UXSR 0DQXDO ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R QitvhÃ$ # ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ ½ ½ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >*UXSR 0DQXDO@ QR SDLQHO GH FRQWUROR 'LJLWH R Q~PHUR GH WHOHIRQH GR ID[ UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR 3DUD GLJLWDU R Q~PHUR SRGHUi WDPEpP SUHPLU >0DUFDomR 5iSLGD@ GLJLWDU XP Q~PHUR GH PDUFDomR UiSLGD H SUHPLU >6HOHFFLRQDU@ ½ 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 2 YLVRU SHGHOKH SDUD GLJLWDU R Q~PHUR GH ID[ VHJXLQWH SDUD RQGH HQYLDU R GRFXPHQWR 127$ 6H WLYHU XPD RSHUDomR JXDUGDGD QD PHPyULD TXH UHTXHLUD TXH R HTXLSDPHQWR HQYLH SDUD RX UHFHED GH PDLV GR TXH XP ORFDO R HTXLSDPHQWR QmR SHUPLWLUi TXH VHMDP LQFOXtGRV DTXL PDLV Q~PHURV GH ID[ ½ 3ULPD >6HOHFFLRQDU@ H GLJLWH XP RXWUR Q~PHUR GH ID[ XWLOL]DQGR R WHFODGR QXPpULFR 3RGHUi WDPEpP SUHPLU >0DUFDomR 5iSLGD@ GLJLWDU XP Q~PHUR GH PDUFDomR UiSLGD H SUHPLU >6HOHFFLRQDU@ 1RWH TXH QmR SRGH XWLOL]DU Q~PHURV GH PDUFDomR GH JUXSR SDUD RXWUR Q~PHUR GH ID[ 2 Q~PHUR DSDUHFH QR /&' ½ ½ 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 3DUD HQYLDU SDUD XP ORFDO RX DVVLP TXH WHUPLQDU GH GLJLWDU R ~OWLPR Q~PHUR GH ID[ SULPD >0HQX6DLU@ 2 GRFXPHQWR VHUi GLJLWDOL]DGR SDUD D PHPyULD DQWHV GD WUDQVPLVVmR 2 YLVRU PRVWUD D FDSDFLGDGH GD PHPyULD H R Q~PHUR GH SiJLQDV D JXDUGDU QD PHPyULD GHSRLV R HTXLSDPHQWR FRPHoD D HQYLDU R GRFXPHQWR SHOD RUGHP GRV Q~PHURV LQGLFDGRV 127$ 3DUD XP RULJLQDO DOLPHQWDGR D SDUWLU GR YLGUR GH H[SRVLomR R YLVRU SHUJXQWDOKH VH SUHWHQGH DOLPHQWDU XPD RXWUD SiJLQD 8WLOL]DQGR DV WHFODV GH QDYHJDomR VHOHFFLRQH >6, 0@ RX >12@ H SULPD >6HOHFFLRQDU@ $VVLP TXH WHUPLQDU GH GLJLWDOL]DU WRGRV RV RULJLQDLV VHOHFFLRQH >12@ H SULPD >6HOHFFLRQDU@ SDUD HQYLDU R ID[ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ $ )D[ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 0DUFDomR 0DQXDO ½ ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0DUFDomR 0DQXDO@ QR SDLQHO GH FRQWUROR 2 VLQDO GH PDUFDomR VHUi DXGtYHO 'LJLWH R Q~PHUR GH WHOHIRQH GH ID[ UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR $VVLP TXH RXYLU R VLQDO GH ID[ GR HTXLSDPHQWR UHPRWR SULPD >, QLFLDU@ SDUD FRPHoDU D HQYLDU 5HPDUFDU 3DUD UHPDUFDU R ~OWLPR Q~PHUR ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >3DXVD5HPDUFDomR@ 6H WLYHU VLGR FRORFDGR XP RULJLQDO QR $') RX QR YLGUR GH H[SRVLomR R HTXLSDPHQWR LQLFLD DXWRPDWLFDPHQWH D WUDQVPLVVmR 3DUD SHVTXLVDU D PHPyULD GH UHPDUFDomR ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ )L[H GXUDQWH VHJXQGRV D WHFOD >3DXVD5HPDUFDomR@ $ PHPyULD GH UHPDUFDomR GR HTXLSDPHQWR UHWpP RV ~OWLPRV Q~PHURV PDUFDGRV 6H WLYHU PDUFDGR R PHVPR Q~PHUR YiULDV YH]HV R HTXLSDPHQWR QmR FRQWD RV GXSOLFDGRV ½ ½ 3ULPD RX SDUD SHVTXLVDU D PHPyULD DWp HQFRQWUDU R Q~PHUR TXH SUHWHQGH $VVLP TXH R Q~PHUR TXH SUHWHQGH DSDUHFHU QR YLVRU SULPD >, QLFLDU@ SDUD PDUFDU QitvhÃ$ % ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H WLYHU XP WHOHIRQH OLJDGR j WRPDGD (;7 SRGH HQYLDU XP ID[ GHSRLV GH IDODU FRP XPD SHVVRD QR ORFDO UHPRWR ½ $VVLP TXH WHUPLQDU GH IDODU SHoD j SHVVRD GR ORFDO UHPRWR TXH OLJXH R HTXLSDPHQWR GH ID[ H SRXVH R DXVFXOWDGRU 2 HTXLSDPHQWR GH ID[ UHPRWR HQYLDUi RV SULPHLURV VLQDLV GH ID[ $JXDUGH DWp RXYLU R VLQDO GH ID[ GR HTXLSDPHQWR GH ID[ UHPRWR &RORTXH RV RULJLQDLV QR $OLPHQWDGRU $XWRPiWLFR 3ULPD >, QLFLDU@ H SRXVH R DXVFXOWDGRU ½ ½ ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ & )D[ (QYLDU XP ID[ DSyV XPD FRQYHUVD 5HFHEHU XP ID[ 2 :RUN&HQWUH 3UR SRGH UHVSRQGHU UHFHEHU H LPSULPLU DXWRPDWLFDPHQWH WRGRV RV ID[HV UHFHELGRV 5HFHEH ID[HV GXUDQWH D LPSUHVVmR GH ILFKHLURV GR 3& H JXDUGDGRRV QD PHPyULD 3RGHUi DOWHUDU R PRGR GH UHFHSomR 0RGRV GH 5HFHSomR 3RGH FRQILJXUDU R VHX HTXLSDPHQWR SDUD RV PRGRV 7(/ )$; 7(/)$; RX 5(6)$; ½ ½ ½ ½ ½ ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX DWp DSDUHFHU ³352*5$0 6, 67(0$´ QR YLVRU H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD RX SUHWHQGLGR SDUD VHOHFFLRQDU R PRGR GH UHFHSomR 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D GHILQLomR 3ULPD >0HQX6DLU@ SDUD VDLU H YROWDU DR QtYHO GH PHQX DQWHULRU 3DUD UHJUHVVDU DR PRGR GH HVSHUD SULPD >3DUDU@ 2So}HV GRV PRGRV GH UHFHSomR 7(/ 1R PRGR 7(/ R DWHQGLPHQWR H UHFHSomR DXWRPiWLFRV GH ID[ HQFRQWUDPVH GHVDFWLYDGRV 3DUD UHFHEHU PDQXDOPHQWH XP ID[ OHYDQWH R DXVFXOWDGRU H[WHUQR RX SULPD 0DUFDomR 0DQXDO SDUD DFHLWDU D FKDPDGD 3RGHUi RXYLU XPD YR] RX R VLQDO GH ID[ GR HTXLSDPHQWR UHPRWR 3ULPD >, QLFLDU@ H SRXVH R DXVFXOWDGRU 127$ 6H R HTXLSDPHQWR HVWLYHU QR PRGR 'LJLWDOL]DomR RX &ySLD R ERWmR 0DUFDomR 0DQXDO QmR VHUi DFWLYDGR &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; )$; 2 HTXLSDPHQWR DWHQGH XPD FKDPDGD H HQWUD LPHGLDWDPHQWH HP PRGR GH UHFHSomR GH ID[ QitvhÃ$ ' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 5(6)$; 8WLOL]H VH IRU OLJDU XP DWHQGHGRU DR ;HUR[ :RUN&HQWUH 3UR 6H R HTXLSDPHQWR GHWHFWDU XP VLQDO GH ID[ DOWHUQD DXWRPDWLFDPHQWH SDUD R PRGR )$; 5HFHEHU PDQXDOPHQWH HP PRGR 7(/ 6H WLYHU XP WHOHIRQH H[WHUQR OLJDGR j WRPDGD (;7 SRGHUi DWHQGHU FKDPDGDV WHOHIyQLFDV GH YR] H UHFHEHU ID[HV PDQXDOPHQWH ½ ½ $WHQGD XPD FKDPDGD OHYDQWDQGR R DXVFXOWDGRU GR WHOHIRQH H[WHUQR 6H RXYLU XP VLQDO GH ID[ RX VH D SHVVRD TXH OLJD OKH SHGLU SDUD UHFHEHU XP ID[ SULPD >, QLFLDU@ 3RGHUi WDPEpP SUHPLU RV FDUDFWHUHV QR WHOHIRQH SDUD LQLFLDU D UHFHSomR ½ 3RXVH R DXVFXOWDGRU GR WHOHIRQH H[WHUQR 2 HTXLSDPHQWR FRPHoD D UHFHEHU H UHJUHVVD DR PRGR GH HVSHUD DVVLP TXH D WHUPLQDU D UHFHSomR 127$ 2V FDUDFWHUHV DVWHULVFRQRYHDVWHULVFR VmR SUp GHILQLGRV GH IiEULFD FRPR R FyGLJR GH LQtFLR GD UHFHSomR UHPRWD SRU GHIHLWR &RG 5HFHSomR SDUD HTXLSDPHQWRV FRP WHOHIRQH OLJDGR j WRPDGD (;7 2V DVWHULVFRV GR FyGLJR VmR FDUDFWHUHV IL[RV PDV R Q~PHUR SRGH VHU DOWHUDGR 3DUD LQVWUXo}HV FRQVXOWH R &DStWXOR ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$ ( )D[ 7(/)$; 2 HTXLSDPHQWR DWHQGH XPD FKDPDGD 6H QmR IRU GHWHFWDGR R VLQDO GH ID[ R HTXLSDPHQWR HPLWH XP WRTXH SDUD LQGLFDU XPD FKDPDGD WHOHIyQLFD GH YR] 3DUD DWHQGHU D FKDPDGD SULPD >, QLFLDU@ QR SDLQHO GH FRQWUROR H OHYDQWH R DXVFXOWDGRU 6H R DXVFXOWDGRU GR WHOHIRQH H[WHUQR QmR IRU OHYDQWDGR HQTXDQWR p HPLWLGR R WRTXH R HTXLSDPHQWR DOWHUQDUi SDUD R PRGR DXWRPiWLFR GH UHFHSomR GH ID[ )XQo}HV GH ID[ VWDQGDUG 3RGHUi GHILQLU DV VHJXLQWHV IXQo}HV VWDQGDUG SDUD )D[ 8WLOL]H RV ERW}HV GH IXQo}HV GR SDLQHO GH FRQWUROR SDUD DOWHUDU DV GHILQLo}HV GDV IXQo}HV DQWHV GH SUHPLU R ERWmR , QLFLDU SDUD FRPHoDU D GLJLWDOL]DU 5HVROXomR 8WLOL]H D RSomR 5HVROXomR SDUD DXPHQWDU D QLWLGH] H D FODULGDGH 6H SUHPLU >5HVROXomR@ UHSHWLGDPHQWH GHSRLV GH FRORFDU XP RULJLQDO SRGHUi HVFROKHU HQWUH ), 1( 683(5 ), 1( H 67$1'$5' ½ ½ ½ 3ULPD >5HVROXomR@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >5HVROXomR@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV RSo}HV 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR SUHWHQGLGD 2So}HV GH 5HVROXomR 6WDQGDUG )LQH 8WLOL]H SDUD GRFXPHQWRV FRP FDUDFWHUHV GH WDPDQKR QRUPDO 8WLOL]H SDUD GRFXPHQWRV FRQWHQGR SHTXHQRV FDUDFWHUHV RX OLQKDV ILQDV RX SDUD HQYLDU GRFXPHQWRV LPSUHVVRV XWLOL]DQGR XPD LPSUHVVRUD SRU SRQWRV 8WLOL]H SDUD GRFXPHQWRV FRQWHQGR SRUPHQRUHV H[WUHPDPHQWH SUHFLVRV 2 PRGR 6XSHU )LQH Vy p DFWLYDGR VH R HTXLSDPHQWR UHPRWR WDPEpP VXSRUWDU D UHVROXomR 6XSHU )LQH 127$ $ UHVROXomR 6XSHU )LQH QmR HVWDUi GLVSRQtYHO VH D IXQomR (QYLR GH 0HPyULD HVWLYHU DFWLYDGD 1HVWH FDVR WRGRV RV GRFXPHQWRV VHUmR JXDUGDGRV QD PHPyULD HP PRGR 6WDQGDUG 6H R HTXLSDPHQWR IRU GHILQLGR SDUD D UHVROXomR 6XSHU )LQH H R HTXLSDPHQWR GH ID[ UHPRWR QmR VXSRUWDU D UHVROXomR 6XSHU )LQH R HTXLSDPHQWR WUDQVPLWLUi XWLOL]DQGR R PRGR GD PDLV DOWD UHVROXomR VXSRUWDGR SHOR HTXLSDPHQWR GH ID[ UHPRWR 6XSHU )LQH QitvhÃ$! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H R HTXLSDPHQWR GH ID[ UHPRWR SRVVXLU D FDSDFLGDGH GH UHFHSomR D FRUHV SRGHUi HQYLDU GRFXPHQWRV D FRUHV 6HOHFFLRQH 3% SDUD GRFXPHQWRV PRQRFURPiWLFRV H &25 SDUD GRFXPHQWRV SROLFURPiWLFRV ½ ½ ½ 3ULPD >2So}HV 'LJLWDO@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >2So}HV 'LJLWDO@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV RSo}HV 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 7LSR GH 2ULJLQDO 6H HQYLDU GLIHUHQWHV WLSRV GH GRFXPHQWRV XWLOL]H HVWD RSomR SDUD DOWHUDU R WLSR GH RULJLQDO GH IRUPD D DVVHJXUDU XPD DOWD TXDOLGDGH ½ ½ ½ 3ULPD >7LSR GH 2ULJLQDO@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >7LSR GH 2ULJLQDO@ UHSHWLGDPHQWH SDUD DOWHUDU D GHILQLomR 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 2So}HV GH 7LSR GH 2ULJLQDO 7H[WR 0LVWR )RWR 8WLOL]H SDUD GLJLWDOL]DU GRFXPHQWRV FRQWHQGR HVVHQFLDOPHQWH WH[WR 8WLOL]H SDUD GLJLWDOL]DU GRFXPHQWRV FRP WH[WR H JUiILFRV PLVWXUDGRV 8WLOL]H TXDQGR RV RULJLQDLV VmR IRWRJUDILDV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$! )D[ 2So}HV GH GLJLWDOL]DomR &ODUR(VFXUR 8WLOL]H &ODUR(VFXUR SDUD FRPSHQVDU R EULOKR RX HVFXULGmR GR GRFXPHQWR HQYLDGR SRU ID[ 'HILQD SDUD R PRGR PDLV HVFXUR TXDQGR R GRFXPHQWR FRQWpP PDUFDo}HV GH OiSLV LQGLVWLQWDV RX XPD LPSUHVVmR FODUD 'HILQD SDUD R PRGR PDLV FODUR SDUD XPD LPSUHVVmR HVFXUD ½ ½ 3ULPD >&ODUR(VFXUR@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >&ODUR(VFXUR@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV HVFROKDV 3RGHUi HVFROKHU HQWUH GHILQLo}HV GH FRQWUDVWH 6HPSUH TXH SUHPLU D WHFOD R EORFR GH VHOHFomR GR /&' GHVORFDVH SDUD D HVTXHUGD RX SDUD D GLUHLWD ¬ PHGLGD TXH R EORFR VH GHVORFD SDUD D GLUHLWD R FRQWUDVWH HVFXUHFH ½ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 5HLQLFLDU IXQo}HV GH ID[ 3RGHUi UHSRU WRGDV DV VHOHFo}HV GD IXQomR GH )D[ TXH WLYHU IHLWR QR YDORU SRU GHIHLWR GHILQLGR QD IiEULFD ½ 3ULPD >/LPSDU/LPSDU 7XGR@ GXDV YH]HV QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD D GDWD H D KRUD 7HFOD /LPSDU /LPSDU 7XGR QitvhÃ$!! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ([LVWH XP Q~PHUR GH IXQo}HV GH ID[ TXH SRGH VHU XWLOL]DGR SDUD WUDEDOKRV GH ID[ PDLV DYDQoDGRV (QYLDU XP ID[ D FRUHV 8WLOL]H R SURFHGLPHQWR TXH VH VHJXH SDUD HQYLDU XP ID[ D FRUHV VH R RULJLQDO WLYHU FRUHV ½ ½ ½ ½ ½ ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >5HVROXomR@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >5HVROXomR@ UHSHWLGDPHQWH DWp DSDUHFHU ³), 1(´ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D GHILQLomR 3ULPD >2So}HV 'LJLWDOL]@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >2So}HV 'LJLWDOL]@ UHSHWLGDPHQWH DWp DSDUHFHU ³&25´ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D GHILQLomR 3ULPD >0DUFDomR 0DQXDO@ QR SDLQHO GH FRQWUROR H GLJLWH R Q~PHUR GR HTXLSDPHQWR UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR 3ULPD >, QLFLDU@ SDUD LQLFLDU D GLJLWDOL]DomR H GHSRLV HQYLDU 127$ 6H R HTXLSDPHQWR UHPRWR QmR SRVVXLU FDSDFLGDGH GH LPSUHVVmR D FRUHV R ID[ UHFHELGR VHUi LPSUHVVR D SUHWR H EUDQFR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$!" )D[ )XQo}HV DYDQoDGDV GH ID[ (QYLR 5HWDUGDGR 3RGHUi FRQILJXUDU R HTXLSDPHQWR SDUD HQYLDU XP ID[ D XPD KRUD HP TXH QmR HVWDUi SUHVHQWH ½ ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX DWp DSDUHFHU ³(19, 2 5(7$5'$'2´ H GHSRLV SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GH WHOHIRQH GH ID[ UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR 3DUD GLJLWDU R Q~PHUR SRGHUi WDPEpP SUHPLU 0DUFDomR 5iSLGD GLJLWDU R Q~PHUR GH PDUFDomR UiSLGD H SUHPLU >6HOHFFLRQDU@ ½ 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 2 YLVRU SHGHOKH SDUD GLJLWDU R Q~PHUR GH ID[ VHJXLQWH SDUD RQGH HQYLDU R GRFXPHQWR 127$ 6H WLYHU XPD RSHUDomR JXDUGDGD QD PHPyULD TXH UHTXHLUD TXH R HTXLSDPHQWR HQYLH SDUD RX UHFHED GH PDLV GR TXH XP ORFDO R HTXLSDPHQWR QmR SHUPLWLUi TXH VHMDP LQFOXtGRV DTXL PDLV Q~PHURV GH ID[ ½ 6H TXLVHU HQYLDU SDUD PDLV GR TXH XP ORFDO SULPD >6HOHFFLRQDU@ H GLJLWH XP RXWUR Q~PHUR GH ID[ XWLOL]DQGR R WHFODGR QXPpULFR 3RGHUi WDPEpP SUHPLU 0DUFDomR 5iSLGD H GLJLWDU XP Q~PHUR GH PDUFDomR UiSLGD H GHSRLV SUHPLU >6HOHFFLRQDU@ ½ ½ 2 Q~PHUR DSDUHFH QR YLVRU' 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 3DUD HQYLDU SDUD XP ORFDO RX DVVLP TXH WHUPLQDU GH GLJLWDU R ~OWLPR Q~PHUR GH ID[ SULPD >0HQX6DLU@ QitvhÃ$!# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3DUD LQIRUPDo}HV VREUH FRPR GLJLWDU R QRPH XWLOL]DQGR R WHFODGR QXPpULFR FRQVXOWH R &DStWXOR ³'HVFULomR JHUDO GR HTXLSDPHQWR´ QD SiJLQD ½ 3ULPD >6HOHFFLRQDU@ 2 YLVRU PRVWUD D KRUD DFWXDO H SHGHOKH TXH LQGLTXH D KRUD D TXH SUHWHQGH HQYLDU R ID[ ½ 'LJLWH D KRUD XWLOL]DQGR R WHFODGR QXPpULFR 3DUD VHOHFFLRQDU $0 RX 30 SDUD R IRUPDWR GH KRUDV SULPD RX 6H GHILQLU XPD KRUD DQWHULRU j KRUD DFWXDO R GRFXPHQWR VHUi HQYLDGR D HVVD KRUD QR GLD VHJXLQWH ½ 3ULPD >6HOHFFLRQDU@ DVVLP TXH D KRUD GH HQYLR IRU FRUUHFWDPHQWH DSUHVHQWDGD 2 GRFXPHQWR VHUi GLJLWDOL]DGR SDUD D PHPyULD DQWHV GD WUDQVPLVVmR 2 YLVRU PRVWUD D FDSDFLGDGH GD PHPyULD H R Q~PHUR GH SiJLQDV D JXDUGDU QD PHPyULD 127$ 3DUD XP RULJLQDO DOLPHQWDGR D SDUWLU GR YLGUR GH H[SRVLomR R YLVRU SHUJXQWDOKH VH SUHWHQGH DOLPHQWDU XPD RXWUD SiJLQD 8WLOL]DQGR DV WHFODV GH QDYHJDomR VHOHFFLRQH >6, 0@ RX >12@ H SULPD >6HOHFFLRQDU@ $VVLP TXH WHUPLQDU GH GLJLWDOL]DU WRGRV RV RULJLQDLV VHOHFFLRQH >12@ H SULPD >6HOHFFLRQDU@ ½ 2 HTXLSDPHQWR UHJUHVVD DR PRGR GH HVSHUD H R YLVRU OHPEUDR TXH HVWi HP PRGR GH HVSHUD H TXH R (QYLR 5HWDUGDGR VH HQFRQWUD GHILQLGR 127$ 3DUD LQVWUXo}HV VREUH R FDQFHODPHQWR GH XP HQYLR UHWDUGDGR FRQVXOWH ³&DQFHODU XPD RSHUDomR DJHQGHGD´ QD SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$!$ )D[ ½ 2 YLVRU SHGHOKH TXH GLJLWH XPD , ' 6H TXLVHU DWULEXLU XP QRPH j WUDQVPLVVmR GLJLWH R QRPH FDVR FRQWUiULR LJQRUH HVWH SDVVR $FUHVFHQWDU GRFXPHQWRV D XP HQYLR UHWDUGDGR 3RGHUi DFUHVFHQWDU GRFXPHQWRV j WUDQVPLVVmR UHWDUGDGD DQWHULRUPHQWH UHVHUYDGD QD PHPyULD GR HTXLSDPHQWR ½ ½ ½ ½ ½ ½ ½ $OLPHQWH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX DWp DSDUHFHU ³$', &&$1&(/$5´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >6HOHFFLRQDU@ SDUD DFHGHU D ³$', &, 21$5´ 2 YLVRU PRVWUD DV LQIRUPDo}HV GR ~OWLPR WUDEDOKR UHVHUYDGR QD PHPyULD 3ULPD RX UHSHWLGDPHQWH DWp HQFRQWUDU D RSHUDomR j TXDO SUHWHQGH DFUHVFHQWDU GRFXPHQWRV H SULPD >6HOHFFLRQDU@ 2 HTXLSDPHQWR JXDUGD DXWRPDWLFDPHQWH RV GRFXPHQWRV QD PHPyULD H R YLVRU PRVWUD D FDSDFLGDGH GD PHPyULD H R Q~PHUR GH SiJLQDV 'HSRLV GH JXDUGDU R HTXLSDPHQWR PRVWUD R Q~PHUR WRWDO GH SiJLQDV H UHJUHVVD DR PRGR GH HVSHUD QitvhÃ$!% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H D RSomR (QYLR 3ULRULWDU HVWLYHU DFWLYDGD SRGHUi VHU WUDQVPLWLGR XP GRFXPHQWR GH DOWD SULRULGDGH j IUHQWH GH RSHUDo}HV UHVHUYDGDV 2 GRFXPHQWR p GLJLWDOL]DGR SDUD PHPyULD H GHSRLV WUDQVPLWLGR TXDQGR D RSHUDomR HP FXUVR WHUPLQDU $OpP GLVVR D RSomR (QYLR 3ULRULWDU LQWHUURPSHUi XPD RSHUDomR GH GLIXVmR HQWUH HVWDo}HV RX VHMD DVVLP TXH D WUDQVPLVVmR SDUD D HVWDomR $ WHUPLQDU H DQWHV GH VH LQLFLDU D WUDQVPLVVmR SDUD D HVWDomR % RX HQWUH WHQWDWLYDV GH UHPDUFDomR ½ ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX DWp DSDUHFHU ³(19, 2 35, 25, 7$5´ H GHSRLV SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GR ID[ UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR 3DUD GLJLWDU R Q~PHUR SRGHUi WDPEpP SUHPLU >0DUFDomR 5iSLGD@ GLJLWDU R Q~PHUR GH PDUFDomR UiSLGD H SUHPLU >6HOHFFLRQDU@ ½ ½ 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 2 YLVRU SHGHOKH TXH GLJLWH XPD , ' 6H TXLVHU DWULEXLU XP QRPH j WUDQVPLVVmR GLJLWH R QRPH FDVR FRQWUiULR DYDQFH HVWH SDVVR 3DUD LQIRUPDo}HV VREUH FRPR GLJLWDU R QRPH XWLOL]DQGR R WHFODGR QXPpULFR FRQVXOWH R &DStWXOR ³'HVFULomR JHUDO GR HTXLSDPHQWR´ QD SiJLQD ½ 3ULPD >6HOHFFLRQDU@ 2 GRFXPHQWR VHUi GLJLWDOL]DGR SDUD PHPyULD DQWHV GD WUDQVPLVVmR 2 YLVRU PRVWUD D FDSDFLGDGH GD PHPyULD H R Q~PHUR GH SiJLQDV D JXDUGDU QD PHPyULD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$!& )D[ (QYLR 3ULRULWiULR 127$ 3DUD XP RULJLQDO DOLPHQWDGR D SDUWLU GR YLGUR GH H[SRVLomR R YLVRU SHUJXQWDOKH VH SUHWHQGH DOLPHQWDU XPD RXWUD SiJLQD 8WLOL]DQGR DV WHFODV GH QDYHJDomR VHOHFFLRQH >6, 0@ RX >12@ H SULPD >6HOHFFLRQDU@ $VVLP TXH WHUPLQDU GH GLJLWDOL]DU WRGRV RV RULJLQDLV VHOHFFLRQH >12@ H SULPD >6HOHFFLRQDU@ SDUD HQYLDU R WUDEDOKR 2 HTXLSDPHQWR PRVWUD R Q~PHUR PDUFDGR H FRPHoD D HQYLDU R GRFXPHQWR 3ROOLQJ 2 TXH p 3ROOLQJ" 2 3ROOLQJ p XWLOL]DGR TXDQGR XP HTXLSDPHQWR GH ID[ SHGH D RXWUR SDUD HQYLDU XP GRFXPHQWR , VWR p ~WLO TXDQGR D SHVVRD TXH GHWpP R RULJLQDO QmR VH HQFRQWUD QR HVFULWyULR $ SHVVRD TXH SUHWHQGH UHFHEHU R GRFXPHQWR OLJD SDUD R HTXLSDPHQWR TXH WHP R RULJLQDO H VROLFLWD TXH R GRFXPHQWR VHMD HQYLDGR 3RU RXWUDV SDODYUDV ³VRQGD´ R HTXLSDPHQWR TXH GHWHP R RULJLQDO (QYLR 3ROO 3RGHUi SURJUDPDU R HTXLSDPHQWR GH ID[ SDUD HQYLDU GRFXPHQWRV QD VXD DXVrQFLD TXDQGR XP HTXLSDPHQWR GH ID[ UHPRWR DVVLP R SHGLU e SRVVtYHO XWLOL]DUVH XP FyGLJR SROO SDUD HYLWDU R SROOLQJ QmR DXWRUL]DGR GR VHX HTXLSDPHQWR GH ID[ $R SURWHJHU R HTXLSDPHQWR GHVWD IRUPD DSHQDV RV LQGLYtGXRV TXH VRXEHUHP R FyGLJR SROO SRGHP ID]HU R SROOLQJ GR VHX HTXLSDPHQWR ½ ½ ½ ½ ½ &RORTXH RV RULJLQDLV FRP D IDFH SDUD FLPD QR $') RX FRORTXH XP RULJLQDO VLPSOHV VREUH R YLGUR GH H[SRVLomR FRP D IDFH SDUD EDL[R &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3URJUDPH TXDLVTXHU IXQo}HV QHFHVViULDV SDUD R WUDEDOKR 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX >6HOHFFLRQDU@ DWp DSDUHFHU ³32//, 1*´ H GHSRLV SULPD QitvhÃ$!' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 YLVRU SHGHOKH TXH GLJLWH XP FyGLJR SROO GH GtJLWRV 2 FyGLJR SROO p SUpGHILQLGR QD IiEULFD HP R TXH UHSUHVHQWD D LQH[LVWrQFLD GH TXDOTXHU FyGLJR ½ ½ ½ 6H TXLVHU XWLOL]DU XP FyGLJR SROO GLJLWH XP FyGLJR GH GtJLWRV H[FHSWR H SULPD >6HOHFFLRQDU@ 6H QmR TXLVHU SURWHJHU D WUDQVPLVVmR FRP XP FyGLJR SROO SULPD >6HOHFFLRQDU@ TXDQGR IRU PRVWUDGR SDUD R FyGLJR SROO RX GLJLWH 2 YLVRU SHGHOKH SDUD JXDUGDU R GRFXPHQWR QD PHPyULD GH EROHWLQV GR HTXLSDPHQWR 6H JXDUGDU R GRFXPHQWR QD PHPyULD GH EROHWLQV PDLV GR TXH XPD HVWDomR UHPRWD SRGH UHFXSHUDU HVVH GRFXPHQWR GR HTXLSDPHQWR &DVR FRQWUiULR R GRFXPHQWR VHUi DXWRPDWLFDPHQWH DSDJDGR GHSRLV GH WHU VLGR UHFXSHUDGR SRU XP HTXLSDPHQWR UHPRWR ½ 8WLOL]DQGR DV WHFODV RX VHOHFFLRQH ³6, 0´ SDUD JXDUGDU HP EROHWLQV RX ³12´ SDUD QmR JXDUGDU 'HSRLV SULPD >6HOHFFLRQDU@ 2 HTXLSDPHQWR JXDUGD R GRFXPHQWR QD PHPyULD 2 YLVRU FRQWD R Q~PHUR GH SiJLQDV D JXDUGDU QD PHPyULD H D FDSDFLGDGH GH PHPyULD OLYUH 68*(672 3RGHUi VHU LPSUHVVR XP UHODWyULR , QIRUPDomR $JHQGD SDUD FRQILUPDU TXH IRL GHILQLGD XPD RSHUDomR (QYLR 3ROO &RQVXOWH ³5HODWyULRV GH ID[´ QD SiJLQD SDUD PDLV LQIRUPDo}HV 2 HTXLSDPHQWR UHJUHVVD DR PRGR GH HVSHUD 127$ 3DUD XP RULJLQDO DOLPHQWDGR D SDUWLU GR YLGUR GH H[SRVLomR R YLVRU SHUJXQWDOKH VH SUHWHQGH DOLPHQWDU XPD RXWUD SiJLQD 8WLOL]DQGR DV WHFODV GH QDYHJDomR VHOHFFLRQH >6, 0@ RX >12@ H SULPD >6HOHFFLRQDU@ $VVLP TXH WHUPLQDU GH GLJLWDOL]DU WRGRV RV RULJLQDLV VHOHFFLRQH >12@ H SULPD >6HOHFFLRQDU@ 127$ 6H WLYHU DQWHULRUPHQWH FRQILJXUDGR R PRGR GH UHFHSomR SDUD RXWUR PRGR TXH QmR )$; R HTXLSDPHQWR DOWHUQD DXWRPDWLFDPHQWH SDUD R PRGR )$; UHFHSomR DXWRPiWLFD VH R SROOLQJ WLYHU VLGR GHILQLGR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$!( )D[ ½ 3ULPD >6HOHFFLRQDU@ SDUD DFHGHU D ³(19, 2 32//´ 5HFHSomR 3ROO H 5HFHSomR 5HWDUGDGD 3ROO 3RGHUi FRQILJXUDU R HTXLSDPHQWR SDUD UHFHEHU DXWRPDWLFDPHQWH GRFXPHQWRV D SDUWLU GH XP RX PDLV HTXLSDPHQWRV GH ID[ UHPRWRV VHP YLJLOkQFLD DJRUD RX SRVWHULRUPHQWH (VWD IXQomR SHUPLWH R SROOLQJ VHP YLJLOkQFLD GXUDQWH D QRLWH DOWXUD HP TXH DV FKDPDGDV WHOHIyQLFDV VmR PDLV EDUDWDV 127$ 2 HTXLSDPHQWR UHPRWR GHYH HVWDU SUHSDUDGR SDUD R SROOLQJ ½ ½ ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX >6HOHFFLRQDU@ DWp DSDUHFHU ³32//, 1*´ H GHSRLV SULPD 3ULPD RX SDUD VHOHFFLRQDU ³5(&5(7$5'32//´ H GHSRLV SULPD >6HOHFFLRQDU@ 2 YLVRU SHGHOKH TXH GLJLWH R Q~PHUR GR HTXLSDPHQWR GH ID[ UHPRWR ½ 'LJLWH R Q~PHUR GR HTXLSDPHQWR GH ID[ UHPRWR XWLOL]DQGR R WHFODGR QXPpULFR 3RGHUi SUHPLU >0DUFDomR 5iSLGD@ GLJLWDU R Q~PHUR GH PDUFDomR UiSLGD H SUHPLU >6HOHFFLRQDU@ ½ 3ULPD >6HOHFFLRQDU@ SDUD FRQILUPDU R Q~PHUR 2 YLVRU SHGHOKH TXH GLJLWH RXWUR Q~PHUR GH ID[ SDUD UHFHEHU GRFXPHQWRV SURYHQLHQWHV GH XP RXWUR ORFDO 127$ 6H WLYHU XPD RSHUDomR JXDUGDGD QD PHPyULD TXH UHTXHLUD TXH R HTXLSDPHQWR HQYLH SDUD RX UHFHED GH PDLV GR TXH XP ORFDO R HTXLSDPHQWR QmR SHUPLWLUi TXH VHMDP LQFOXtGRV DTXL PDLV Q~PHURV GH ID[ ½ ½ 3DUD ID]HU R SROOLQJ GH PDLV GR TXH XP ORFDO SULPD >6HOHFFLRQDU@ H UHSLWD R SURFHGLPHQWR 3DUD ID]HU R SROOLQJ GH XP ORFDO RX DVVLP TXH WLYHU LQGLFDGR WRGRV RV ORFDLV SULPD >0HQX6DLU@ QitvhÃ$" ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 YLVRU SHGHOKH TXH LQGLTXH D KRUD D TXH SUHWHQGH TXH R HTXLSDPHQWR OLJXH DR HTXLSDPHQWR UHPRWR ½ , QGLTXH D KRUD XWLOL]DQGR R WHFODGR QXPpULFR 8WLOL]H RX SDUD VHOHFFLRQDU $0 RX 30 6H GHILQLU XPD KRUD DQWHULRU j KRUD DFWXDO R HTXLSDPHQWR OLJDUi SDUD HVVH Q~PHUR D HVVD KRUD QR GLD VHJXLQWH 3DUD OLJDU LPHGLDWDPHQWH DR HTXLSDPHQWR UHPRWR DYDQFH HVWH SDVVR ½ 3ULPD >6HOHFFLRQDU@ TXDQGR D KRUD DSDUHFHU FRUUHFWDPHQWH RX VHP LQGLFDU D KRUD 2 YLVRU SHGHOKH TXH GLJLWH XP FyGLJR GH GtJLWRV 2 FyGLJR SROO ³´ UHSUHVHQWD D LQH[LVWrQFLD GH TXDOTXHU FyGLJR ½ 6H R HTXLSDPHQWR UHPRWR HVWLYHU SURWHJLGR FRP XP FyGLJR SROO GHYHUi GLJLWDUR FyGLJR FRUUHFWR H SUHPLU >6HOHFFLRQDU@ 6H R HTXLSDPHQWR UHPRWR QmR HVWLYHU SURWHJLGR FRP XP FyGLJR SROO SULPD >6HOHFFLRQDU@ SDUD DFHLWDU >@ TXH UHSUHVHQWD D LQH[LVWrQFLD GH TXDOTXHU FyGLJR RX GLJLWH 6H WLYHU LQGLFDGR XPD KRUD GH LQtFLR HVSHFtILFD R HTXLSDPHQWR PDUFDUi H UHFHEHUi R GRFXPHQWR GR HTXLSDPHQWR UHPRWR j KRUD HVSHFLILFDGD &DVR FRQWUiULR R HTXLSDPHQWR OLJD GH LPHGLDWR DR HTXLSDPHQWR UHPRWR SDUD UHFXSHUDU R GRFXPHQWR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$" )D[ &DQFHODU XPD RSHUDomR DJHQGDGD 2V HQYLRV UHWDUGDGRV HQYLRV SULRULWiULRV HQYLRV GH JUXSR H HQYLR SROO VmR RSHUDo}HV SURJUDPDGDV 3DUD FDQFHODU XPD RSHUDomR DJHQGDGD XWLOL]H DV LQVWUXo}HV TXH VH VHJXHP ½ ½ ½ ½ ½ ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR )$; FDVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX '$'26 '2 6, 67(0$ 3ULPD RX DWp DSDUHFHU ³$', &&$1&(/$5´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD RX SDUD VHOHFFLRQDU ³&$1&(/$5´ H GHSRLV SULPD >6HOHFFLRQDU@ 2 YLVRU PRVWUD DV LQIRUPDo}HV GR ~OWLPR WUDEDOKR UHVHUYDGR QD PHPyULD 3ULPD RX UHSHWLGDPHQWH DWp HQFRQWUDU D RSHUDomR TXH SUHWHQGH FDQFHODU H SULPD >6HOHFFLRQDU@ $SDUHFH XPD PHQVDJHP GH FRQILUPDomR SULPD >6HOHFFLRQDU@ SDUD LQLFLDU R FDQFHODPHQWR GR WUDEDOKR 2 WUDEDOKR VHOHFFLRQDGR p FDQFHODGR QitvhÃ$"! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã (QFRQWUD YiULRV UHODWyULRV H OLVWDV GLVSRQtYHLV QR HTXLSDPHQWR 2V UHODWyULRV GH ID[ DMXGDPQR D FRQILUPDU H FRQWURODU D DFWLYLGDGH GH ID[ 3RGHUmR VHU FRQILJXUDGRV UHODWyULRV SDUD LQFOXLU LQIRUPDo}HV HVSHFtILFDV RX SDUD LPSULPLU DXWRPDWLFDPHQWH 2 HTXLSDPHQWR SRGH LPSULPLU UHODWyULRV FRQWHQGR LQIRUPDo}HV ~WHLV ± 7UDEDOKR $JHQGDGR /LVWD 7HOHIyQLFD HWF 127$ 3DUD PDLV LQIRUPDo}HV VREUH 5HODWyULRV FRQVXOWH R &' FRP D 'RFXPHQWDomR GR &OLHQWH (QFRQWUDPVH GLVSRQtYHLV RV VHJXLQWHV UHODWyULRV GH ID[ &RQILUPDomR GH 0HQVDJHP (VWH UHODWyULR LQGLFD R Q~PHUR GH ID[ R Q~PHUR GH SiJLQDV R WHPSR GD RSHUDomR GHFRUULGR R PRGR GH FRPXQLFDomR H RV UHVXOWDGRV GD FRPXQLFDomR 3RGHUi FRQILJXUDU R HTXLSDPHQWR SDUD LPSULPLU R UHODWyULR GH FRQILUPDomR GD PHQVDJHP GH XPD GDV VHJXLQWHV IRUPDV $XWRPDWLFDPHQWH DSyV FDGD WUDQVPLVVmR 6 $XWRPDWLFDPHQWH DSHQDV VH RFRUUHU XP HUUR GXUDQWH D WUDQVPLVVmR (55 1HQKXP UHODWyULR LPSUHVVR 1 3RGHUi LPSULPLU HVWH UHODWyULR PDQXDOPHQWH VHPSUH TXH GHVHMDU , QIRUPDomR $JHQGD (VWD OLVWD PRVWUD R GRFXPHQWR DFWXDOPHQWH JXDUGDGR SDUD R HQYLR UHWDUGDGR HQYLR SULRULWiULR HQYLR GH JUXSR H HQYLR SROOLQJ $ OLVWD PRVWUD D KRUD GH LQtFLR WLSR GH RSHUDomR HWF (VWD OLVWD PRVWUD WRGRV RV Q~PHURV DFWXDOPHQWH JXDUGDGRV QD PHPyULD GR HTXLSDPHQWR WDO FRPR RV Q~PHURV GH 0DUFDomR 5iSLGD H 0DUFDomR *UXSR (VWH UHODWyULR DSUHVHQWD LQIRUPDo}HV UHODWLYDV jV DFWLYLGDGHV GH WUDQVPLVVmR UHFHQWHPHQWH UHDOL]DGDV (VWH UHODWyULR DSUHVHQWD LQIRUPDo}HV UHODWLYDV jV DFWLYLGDGHV GH UHFHSomR UHFHQWHPHQWH UHDOL]DGDV /LVWD 7HOHIyQLFD 5HJLVWR GH (QYLR 5HJLVWR GH 5HFHSomR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ$"" )D[ 5HODWyULRV GH ID[ 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV (VWH UHODWyULR p DXWRPDWLFDPHQWH LPSUHVVR GHSRLV GH HQYLDU GRFXPHQWRV RX UHFHEHU GRFXPHQWRV GH PDLV GH XP ORFDO 127$ $ OLVWD TXH GHILQLX SDUD VHU LPSUHVVD DXWRPDWLFDPHQWH QmR VHUi LPSUHVVD VH QmR KRXYHU SDSHO FRORFDGR RX R SDSHO WLYHU HQFUDYDGR 68*(672 3DUD REWHU XPD OLVWD FRPSOHWD GRV UHODWyULRV GLVSRQtYHLV FRQVXOWH R &DStWXOR ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD , PSULPLU UHODWyULRV ½ ½ 3ULPD >5HODWyULRV@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX &21) 0(16$*(0 3ULPD >5HODWyULRV@ UHSHWLGDPHQWH DWp HQFRQWUDU D OLVWD TXH SUHWHQGH LPSULPLU H GHSRLV SULPD >6HOHFFLRQDU@ 6HUi LPSUHVVD D OLVWD VHOHFFLRQDGD QitvhÃ$"# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 :RUN&HQWUH 3UR HVWi HTXLSDGR FRP XP VFDQQHU GH TXDOLGDGH 7UXH &RORU FDSD] GH UHSURGX]LU WDEHODV IRWRJUDILDV JUiILFRV RX WH[WR LPSUHVVR D FRUHV (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH 2 SURJUDPD GH VFDQQHU 7:$, 1 GR :RUN&HQWUH 3UR 3URFHGLPHQWR GH GLJLWDOL]DomR &RQILJXUDU D DSOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR )XQo}HV GH GLJLWDOL]DomR VWDQGDUG 'LJLWDOL]DomR DYDQoDGD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ% 'LJLWDOL]DomR 'LJLWDOL]DomR 2 SURJUDPD GH VFDQQHU 7:$, 1 GR :RUN&HQWUH 3UR 2 SURJUDPD GH VFDQQHU 7:$, 1 GR :RUN&HQWUH 3UR p XWLOL]DGR SDUD GLJLWDOL]DU GRFXPHQWRV H IRWRJUDILDV 3RGHUi GHFLGLU TXDO D SDUWH GR GRFXPHQWR TXH SUHWHQGH GLJLWDOL]DU UHJXODU D OXPLQRVLGDGH H R FRQWUDVWH R HTXLOtEULR GDV FRUHV D UHVROXomR H PXLWDV RXWUDV GHILQLo}HV GR VFDQQHU (VWDV GHILQLo}HV VmR WRWDOPHQWH GHVFULWDV QD $MXGD GR SURJUDPD GR VFDQQHU QitvhÃ%! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã $FHVVR 5iSLGR ½&RORTXH RV RULJLQDLV ½([HFXWH R SURJUDPD ½3ULPD D WHFOD &ySLD)D[ ½6HOHFFLRQH DV IXQo}HV GH ½3ULPD >, QLFLDU@ 'LJLWDOL]DomR 'LJLWDOL]DomR QHFHVViULDV 'LJLWDOL]DU SDUD 3& $QWHV GH XWLOL]DU D IXQomR 'LJLWDOL]DomR LGHQWLILTXH R TXH SUHWHQGH GLJLWDOL]DU H HYHQWXDLV UHTXLVLWRV HVSHFLDLV GH SURJUDPDomR 8WLOL]H RV SDVVRV TXH VH VHJXHP SDUD GLJLWDOL]DU XP GRFXPHQWR &RORFDU RV RULJLQDLV 3RGHUi DOLPHQWDU RV RULJLQDLV SHODV VHJXLQWHV iUHDV $OLPHQWDGRU DXWRPiWLFR $') SDUD YiULRV RULJLQDLV VLPSOHV 9LGUR GH H[SRVLomR SDUD RULJLQDLV VLPSOHV RX RULJLQDLV HQFDGHUQDGRV $OLPHQWDGRU $XWRPiWLFR $') 8VDQGR R $OLPHQWDGRU $XWRPiWLFR $') SRGHP VHU GLJLWDOL]DGRV DWp RULJLQDLV GH XP WUDEDOKR &HUWLILTXHVH TXH RV RULJLQDLV HVWmR HP ERDV FRQGLo}HV H TXH IRUDP UHPRYLGRV WRGRV RV DJUDIHV H FOLSV $VVHJXUHVH TXH FROD WLQWD RX FRUUHFWRU VHFDUDP FRPSOHWDPHQWH DQWHV GH FRORFDU RV RULJLQDLV 2V RULJLQDLV GHYHP WHU XPD JUDPDJHP HQWUH JP H JP H IRUPDWR HQWUH % [ PP [ SRO H /HJDO [ PP [ SRO BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ%" 'LJLWDOL]DomR 3URFHGLPHQWR GH GLJLWDOL]DomR 1mR WHQWH FRORFDU RV VHJXLQWHV WLSRV GH GRFXPHQWRV QR $OLPHQWDGRU $XWRPiWLFR SDSHO TXtPLFR RX FRP TXtPLFR QR YHUVR SDSHO UHYHVWLGR SDSHOFDVFDGHFHEROD RX SDSHO ILQR SDSHO FRP YLQFRV RX HQUXJDGR SDSHO HQURODGR RX FRP FXUYDWXUDV SDSHO UDVJDGR 1mR FRORTXH RULJLQDLV FRP GLIHUHQWHV IRUPDWRV RX JUDPDJHQV 127$ 6H R RULJLQDO VH LQFOXLU QXPD GHVWDV FDWHJRULDV XWLOL]H DSHQDV R YLGUR GH H[SRVLomR ½ ½ ½ 5HWLUH WRGRV RV DJUDIHV H FOLSV DQWHV GH FRORFDU RV RULJLQDLV QR DOLPHQWDGRU 6H QHFHVViULR DMXVWH DV JXLDV DR IRUPDWR GR SDSHO SUHWHQGLGR , QVLUD RV RULJLQDLV GHYLGDPHQWH QR DOLPHQWDGRU FRP D IDFH SDUD FLPD $ SULPHLUD SiJLQD GHYH ILFDU QR WRSR FRP RV FDEHoDOKRV YLUDGRV SDUD D SDUWH GH WUiV RX HVTXHUGD GR HTXLSDPHQWR *XLDV GR RULJLQDO ½ $OLQKH D SLOKD QRV ODGRV GLUHLWR H HVTXHUGR GD EDQGHMD GR DOLPHQWDGRU H DMXVWH DV JXLDV HQFRVWDQGRDV jV PDUJHQV GLDQWHLUD H SRVWHULRU GRV RULJLQDLV QitvhÃ%# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 YLGUR GH H[SRVLomR GHYH VHU XVDGR SDUD FRSLDU SiJLQDV VLPSOHV RX RULJLQDLV HQFDGHUQDGRV DWp DR IRUPDWR Pi[LPR GH SDSHO /HJDO [ PP [ SRO ½ /HYDQWH D WDPSD GR YLGUR GH H[SRVLomR ½ &RORTXH R RULJLQDO FRP D IDFH SDUD EDL[R QR YLGUR GH H[SRVLomR $OLQKHR FRP D VHWD GH UHJLVWR QR FDQWR SRVWHULRU HVTXHUGR 127$ &HUWLILTXHVH TXH QmR H[LVWHP RULJLQDLV QR $') 6H IRU GHWHFWDGR XP RULJLQDO QR $') HVWH WHUi SULRULGDGH VREUH R RULJLQDO FRORFDGR QR YLGUR GH H[SRVLomR ½ %DL[H D WDPSD GR YLGUR GH H[SRVLomR 127$ 4XDQGR WHUPLQDU XP WUDEDOKR GH FySLD DVVHJXUHVH TXH D WDPSD GR YLGUR GH H[SRVLomR ILFD EHP IHFKDGD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ%$ 'LJLWDOL]DomR 9LGUR GH ([SRVLomR ([HFXWDU R SURJUDPD 'LJLWDOL]DU SDUD 3& &HUWLILTXHVH TXH R SURJUDPD 'LJLWDOL]DU SDUD 3& HVWi D IXQFLRQDU ½ 3ULPD R ERWmR >, QLFLDU@ GR :LQGRZV H GHSRLV VHOHFFLRQH 3URJUDPDV !'LJLWDOL]DU SDUD 3& 3UHPLU D WHFOD &ySLD)D['LJLWDOL]DomR ½ ½ &HUWLILTXHVH TXH DSDUHFH ³352172 ', *, 7$/´ QR YLVRU &DVR FRQWUiULR SULPD D WHFOD >&ySLD)D['LJLWDOL]DomR@ UHSHWLGDPHQWH QR SDLQHO GH FRQWUROR DWp DSDUHFHU ³02'2 ', *, 7$/´ QD OLQKD LQIHULRU GR YLVRU H GHSRLV SULPD >6HOHFFLRQDU@ 7HFOD &ySLD)D['LJLWDOL]DomR 7HFOD 6HOHFFLRQDU QitvhÃ%% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ([LVWHP FLQFR IXQo}HV VWDQGDUG GLVSRQtYHLV $V WHFODV HQFRQWUDPVH QR 3DLQHO GH &RQWUROR 3DUD XPD H[SOLFDomR PDLV GHWDOKDGD GDV IXQo}HV GH 'LJLWDOL]DomR VWDQGDUG GLVSRQtYHLV FRQVXOWH DV VHJXLQWHV SiJLQDV 5HVROXomR SiJLQD 2So}HV GH 'LJLWDOL]DomR SiJLQD 7LSR GH 2ULJLQDO SiJLQD &ODUR(VFXUR SiJLQD 5HGX]LU$PSOLDU SiJLQD 3UHPLU , QLFLDU ½ 3ULPD >, QLFLDU@ SDUD FRPHoDU D GLJLWDOL]DU 2 HTXLSDPHQWR GLJLWDOL]D R RULJLQDO $SDUHFH ³', *, 7$/3&´ QR YLVRU H D LPDJHP GLJLWDOL]DGD DSDUHFH QR 0LFURVRIW 3DLQW 7HFOD , QLFLDU BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ%& 'LJLWDOL]DomR 6HOHFFLRQDU DV IXQo}HV GH GLJLWDOL]DomR &RQILJXUDU D DSOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR 8WLOL]H HVWDV LQVWUXo}HV VH TXLVHU FRQILJXUDU R 3DSHU3RUW RX RXWUR SURJUDPD FRPR DSOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR ½ ½ ½ )DoD XP GXSOR FOLTXH QR tFRQH >'LJLWDOL]DU SDUD 3&@ QD EDUUD GH WDUHIDV GR :LQGRZV QRUPDOPHQWH QR FDQWR LQIHULRU GLUHLWR GR HFUm 3ULPD D RSomR >$GLFLRQDU $SOLFDomR@ H HVSHFLILTXH D DSOLFDomR QHFHVViULD 3ULPD >2. @ TXDQGR WHUPLQDU 3DUD RXWUDV RSo}HV 'LJLWDOL]DU SDUD 3& SULPD R VHSDUDGRU 3UHIHUrQFLD GH 'LJLWDOL]DU SDUD 3& 3DUD PDLV LQIRUPDo}HV VREUH D GLJLWDOL]DomR FRQVXOWH D LQIRUPDomR GH DSRLR D 3DSHU3RUW H D $MXGD GR SURJUDPD GH 6FDQQHU 7:$, 1 GR ;HUR[ :RUN&HQWUH QitvhÃ%' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3RGHUi GHILQLU DV IXQo}HV VWDQGDUG TXH VH VHJXHP SDUD D 'LJLWDOL]DomR 8WLOL]H RV ERW}HV GH IXQomR GR SDLQHO GH FRQWUROR SDUD DOWHUDU DV GHILQLo}HV GDV IXQo}HV DQWHV GH SUHPLU R ERWmR , QLFLDU SDUD FRPHoDU D GLJLWDOL]DU 5HVROXomR $ WHFOD 5HVROXomR SHUPLWH DMXVWDU D UHVROXomR GD GLJLWDOL]DomR GH GSL SDUD GSL SDUD D GLJLWDOL]DomR D SUHWR H EUDQFR 2 OLPLWH GLVSRQtYHO SDUD D GLJLWDOL]DomR D FLQ]HQWR RX FRU p GH GSL D GSL ½ ½ ½ 3ULPD >5HVROXomR@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >5HVROXomR@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV HVFROKDV 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 2So}HV GH GLJLWDOL]DomR 8WLOL]H D WHFOD 2So}HV 'LJLWDO SDUD VHOHFFLRQDU D GLJLWDOL]DomR 3% &LQ]HQWR RX &RU ½ ½ ½ 3ULPD >2So}HV 'LJLWDO@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >2So}HV 'LJLWDO@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV HVFROKDV 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ%( 'LJLWDOL]DomR )XQo}HV GH GLJLWDOL]DomR VWDQGDUG 7LSR GH 2ULJLQDO 8WLOL]H HVWD RSomR SDUD HVFROKHU D GHILQLomR GR WLSR GH RULJLQDO TXH SUHWHQGH GLJLWDOL]DU ½ ½ ½ 3ULPD >7LSR GH 2ULJLQDO@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >7LSR GH 2ULJLQDO@ UHSHWLGDPHQWH SDUD DOWHUDU D GHILQLomR 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 2So}HV GH WLSR GH RULJLQDO 7H[WR 0LVWR )RWR 8VH SDUD FRSLDU RULJLQDLV FRQWHQGR HVVHQFLDOPHQWH WH[WR 8VH SDUD FRSLDU RULJLQDLV FRP WH[WR H JUiILFRV PLVWXUDGRV 8VH TXDQGR RV RULJLQDLV VmR IRWRJUDILDV QitvhÃ% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 8WLOL]H HVWD RSomR SDUD UHJXODU R FRQWUDVWH GD LPDJHP GLJLWDOL]DGD ½ ½ 3ULPD >&ODUR(VFXUR@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU D DFWXDO GHILQLomR 3ULPD >&ODUR(VFXUR@ UHSHWLGDPHQWH SDUD VH GHVORFDU DWUDYpV GDV HVFROKDV 3RGHUi HVFROKHU HQWUH GHILQLo}HV GH FRQWUDVWH 6HPSUH TXH SUHPLU D WHFOD R EORFR GH VHOHFomR GR YLVRU GHVORFDVH SDUD D HVTXHUGD RX SDUD D GLUHLWD ¬ PHGLGD TXH R EORFR GH VHOHFomR VH GHVORFD SDUD D GLUHLWD R FRQWUDVWH HVFXUHFH ½ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ% 'LJLWDOL]DomR &ODUR(VFXUR 5HGX]LU$PSOLDU 8WLOL]H HVWH ERWmR SDUD DPSOLDU RX UHGX]LU D LPDJHP GLJLWDOL]DGD GHQWUR GH XP OLPLWH GH D XWLOL]DQGR R YLGUR GH H[SRVLomR H GH D XWLOL]DQGR R DOLPHQWDGRU ½ ½ 3ULPD >5HGX]LU$PSOLDU@ UHSHWLGDPHQWH QR SDLQHO GH FRQWUROR DWp DSDUHFHU ³5('8=, 5$03/, $5´ QR /&' 'LJLWH D SHUFHQWDJHP SUHWHQGLGD XWLOL]DQGR R WHFODGR QXPpULFR 6H SUHPLU >/LPSDU/LPSDU 7XGR@ D SHUFHQWDJHP VHOHFFLRQDGD p UHSRVWD HP ½ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR 5HLQLFLDU IXQo}HV GH GLJLWDOL]DomR 3RGHUi UHSRU WRGDV DV VHOHFo}HV GD IXQomR GH 'LJLWDOL]DomR QR YDORU SRU GHIHLWR GHILQLGR QD IiEULFD ½ 3ULPD >/LPSDU/LPSDU 7XGR@ GXDV YH]HV QR SDLQHO GH FRQWUROR $SDUHFH ³352172 ', *, 7$/´ QR YLVRU 7HFOD /LPSDU /LPSDU 7XGR QitvhÃ% ! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã (VWD VHFomR H[SOLFD D GLJLWDOL]DomR DYDQoDGD FRP R 3DSHU3RUW 127$ 6H HVWLYHU D XWLOL]DU RXWUD DSOLFDomR GH GLJLWDOL]DomR FRQVXOWH D GRFXPHQWDomR IRUQHFLGD SHOR IDEULFDQWH ½ &RORTXH XP RULJLQDO VLPSOHV RX IRWRJUDILD FRP D IDFH SDUD EDL[R VREUH R YLGUR GH H[SRVLomR FRP DV PDUJHQV DOLQKDGDV FRP DV JXLDV YHUGHV GR YLGUR GH H[SRVLomR 127$ 3RGHUi WDPEpP FRORFDU XP RULJLQDO QR $OLPHQWDGRU $XWRPiWLFR ½ , QLFLH D RSomR GH GLJLWDOL]DomR GLUHFWD SDUD 3& 3ULPD R ERWmR , QLFLDU GR :LQGRZV H GHSRLV 3URJUDPDV!3DSHU3RUW!D RSomR GH GLJLWDOL]DomR GLUHFWD 68*(672 3RGHUi WDPEpP ID]HU XP GXSOR FOLTXH VREUH R tFRQH GD RSomR GH GLJLWDOL]DomR GLUHFWD ORFDOL]DGR QR DPELHQWH GH WUDEDOKR FDVR HVWHMD GLVSRQtYHO ½ 1D FDL[D GH HQWUDGD GR 3DSHU3RUW SULPD R ERWmR SDUD GLJLWDOL]DU R tFRQH UHIHUHQWH D GLJLWDOL]DU XP GRFXPHQWR QD SDUWH VXSHULRU GR HFUm GD FDL[D GH HQWUDGD $SDUHFH R VFDQQHU GR 3DSHU3RUW 6FDQ 7RRO 2 3DSHU3RUW 6FDQ 7RRO DEUHVH FRP R VHSDUDGRU GR VFDQQHU &DVR DSDUHoD R DVVLVWHQWH GH LQVWDODomR GR VFDQQHU VLJD DV LQVWUXo}HV GR HFUm SDUD VHOHFFLRQDU ;HUR[ :RUN&HQWUH 3UR FRPR IRQWH GH GLJLWDOL]DomR 6HOHFFLRQH WHUPLQDU SDUD YROWDU D YLVXDOL]DU R 3DSHU3RUW 6FDQ 7RRO 3ULPD D RSomR GH SUpYLVXDOL]DomRe UHDOL]DGD XPD GLJLWDOL]DomR SUpYLD H DSDUHFH R SURJUDPD GH VFDQQHU 7:$, 1 GR :RUN&HQWUH 3DUD LQVWUXo}HV DGLFLRQDLV FRQVXOWH D LQIRUPDomR GH DSRLR DR 3DSHU3RUW ½ ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ% " 'LJLWDOL]DomR 'LJLWDOL]DomR DYDQoDGD QitvhÃ% # ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã +DYHUi DOWXUDV HP TXH R HTXLSDPHQWR SUHFLVDUi GH VHU VXEPHWLGR D WDUHIDV GH PDQXWHQomR (VWH FDStWXOR IRUQHFH LQVWUXo}HV SDVVRDSDVVR SDUD D PDQXWHQomR GR HTXLSDPHQWR H VXEVWLWXLomR GH FRQVXPtYHLV (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH /LPSH]D (QFRPHQGDU FRQVXPtYHLV 8QLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH &RORFDU VXSRUWHV GH LPSUHVVmR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& 0DQXWHQomR GR HTXLSDPHQWR 0DQXWHQomR GR HTXLSDPHQWR /LPSH]D /LPSDU R :RUN&HQWUH 3UR 8PD PDQXWHQomR DGHTXDGD p LPSRUWDQWH SDUD R ERP IXQFLRQDPHQWR GH TXDOTXHU HTXLSDPHQWR &8, '$'2 4XDQGR OLPSDU R :RUN&HQWUH 3UR QmR XWLOL]H VROYHQWHV RUJkQLFRV TXtPLFRV IRUWHV QHP OtTXLGRV GH OLPSH]D HP VSUD\ 1mR GHUUDPH OtTXLGRV GLUHFWDPHQWH VREUH TXDOTXHU iUHD GR HTXLSDPHQWR (YLWH XVDU FRQVXPtYHLV TXH QmR HVWHMDP HVSHFLILFDPHQWH LQGLFDGRV FRPR DSURYDGRV QHVWD GRFXPHQWDomR SRLV SRGHUmR FDXVDU XP PDX GHVHPSHQKR H VLWXDo}HV SHULJRVDV 8WLOL]H RV FRQVXPtYHLV H SURGXWRV GH OLPSH]D DSHQDV FRQIRUPH LQGLFDGR QHVWD GRFXPHQWDomR 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 RX UHVJXDUGRV 1mR WHQWH HIHFWXDU TXDOTXHU WDUHID GH PDQXWHQomR TXH QmR HVWHMD HVSHFLILFDPHQWH GHVFULWD QD GRFXPHQWDomR IRUQHFLGD FRP R :RUN&HQWUH 3UR QitvhÃ&! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 0DQWHU R YLGUR GH H[SRVLomR OLPSR FRQWULEXL SDUD DVVHJXUDU DV PHOKRUHV FySLDV SRVVtYHLV 5HFRPHQGDVH TXH OLPSH R YLGUR GH H[SRVLomR QR FRPHoR GH FDGD GLD H GXUDQWH R GLD FRQIRUPH QHFHVViULR 2 9LGUR GH 7UDQVSRUWH D 9HORFLGDGH &RQVWDQWH p D IDL[D GH YLGUR ORFDOL]DGD j HVTXHUGD GR YLGUR GH H[SRVLomR H p XWLOL]DGD SDUD GLJLWDOL]DU RV RULJLQDLV SURYHQLHQWHV GR DOLPHQWDGRU (VWH YLGUR WDPEpP UHTXHU OLPSH]D +XPHGHoD OLJHLUDPHQWH FRP iJXD XP SDQR VXDYH TXH QmR ODUJXH SrORV $EUD D WDPSD GR YLGUR GH H[SRVLomR /LPSH D VXSHUItFLH GR YLGUR GH H[SRVLomR H R YLGUR GH WUDQVSRUWH D YHORFLGDGH FRQVWDQWH DWp ILFDU OLPSD H VHFD /LPSH D SDUWH LQIHULRU GD WDPSD EUDQFD GR YLGUR GH H[SRVLomR DWp ILFDU OLPSD H VHFD )HFKH D WDPSD 9LGUR GH 7UDQVSRUWH D 9HORFLGDGH &RQVWDQWH ½ ½ ½ 7DPSD GR 9LGUR GH ([SRVLomR 9LGUR GH ([SRVLomR ½ ½ 3DLQHO GH FRQWUROR H 9LVRU 8PD OLPSH]D UHJXODU PDQWpP R SDLQHO GH FRQWUROR H YLVRU LVHQWRV GH SRHLUDV H VXMLGDGH 3DUD UHWLUDU GHGDGDV H PDUFDV OLPSH R SDLQHO GH FRQWUROR H R YLVRU FRP XP SDQR PDFLR TXH QmR ODUJXH SrORV OLJHLUDPHQWH KXPHGHFLGR FRP iJXD $OLPHQWDGRU H EDQGHMD GH VDtGD 8VH XP SDQR KXPHGHFLGR FRP iJXD SDUD OLPSDU R DOLPHQWDGRU D EDQGHMD GH VDtGD D EDQGHMD GH SDSHO H DV iUHDV H[WHULRUHV GR :RUN&HQWUH 3UR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&" 0DQXWHQomR GR HTXLSDPHQWR /LPSDU R YLGUR GH H[SRVLomR H WDPSD (QFRPHQGDU FRQVXPtYHLV 2 FDUWXFKR GH WRQHU H R WDPERU HQFRQWUDPVH GLVSRQtYHLV FRPR XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH $V UHIHUrQFLDV GDV XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH VmR LQGLFDGDV DEDL[R 8QLGDGH VXEVWLWXtYHO SHOR FOLHQWH 5HIHUrQFLD (XURSD &DUWXFKR GH 7RQHU 7DPERU 5 5 (8$ H &DQDGi 5 5 3DUD HQFRPHQGDU FRQVXPtYHLV FRQWDFWH R UHSUHVHQWDQWH ;HUR[ ORFDO LQGLFDQGR R QRPH GD VXD HPSUHVD R PRGHOR GR HTXLSDPHQWR H R UHVSHFWLYR Q~PHUR GH VpULH 8VH R HVSDoR DEDL[R SDUD DQRWDU R Q~PHUR GH WHOHIRQH 1~PHUR GH 7HOHIRQH GRV &RQVXPtYHLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB QitvhÃ&# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã &DUWXFKR GH WRQHU 9LGD ~WLO SUHYLVWD GR FDUWXFKR $ YLGD ~WLO GR FDUWXFKR GH WRQHU GHSHQGH GD TXDQWLGDGH GH WRQHU XWLOL]DGD HP FDGD WUDEDOKR LPSUHVVR 3RU H[HPSOR TXDQGR LPSULPH XPD FDUWD FRPHUFLDO QRUPDO FRP FHUFD GH GH iUHD FREHUWD GH SiJLQD SRGHUi HVSHUDU TXH R FDUWXFKR LPSULPD FHUFD GH SiJLQDV SiJLQDV DSHQDV SDUD R FDUWXFKR GH WRQHU LQLFLDO IRUQHFLGR FRP R HTXLSDPHQWR 2 Q~PHUR UHDO SRGHUi YDULDU FRQVRDQWH D GHQVLGDGH GH LPSUHVVmR GD SiJLQD TXH LPSULPLU 6H LPSULPLU PXLWRV JUiILFRV SRGHUi SUHFLVDU GH VXEVWLWXLU R FDUWXFKR PDLV IUHTXHQWHPHQWH 0RGR GH SRXSDQoD GH WRQHU 3RGHUi SURORQJDU D YLGD ~WLO GR FDUWXFKR GH WRQHU XWLOL]DQGR R PRGR GH SRXSDQoD GH WRQHU R TXDO XWLOL]D PHQRV WRQHU GR TXH D LPSUHVVmR QRUPDO $ LPDJHP LPSUHVVD p PXLWR PDLV FODUD H p DGHTXDGR SDUD D LPSUHVVmR GH UDVFXQKRV RX SURYDV 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD DFWLYDU R PRGR GH SRXSDQoD GH WRQHU ½ ½ ½ ½ ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR SDUD YLVXDOL]DU ³'$'26 '2 6, 67(0$´ 3ULPD RX DWp DSDUHFHU ³352*5$0 6, 67(0$´ QR YLVRU H GHSRLV SULPD >6HOHFFLRQDU@ 8WLOL]DQGR 8WLOL]H RX RX VHOHFFLRQH ³3283$5 721(5´ SDUD VHOHFFLRQDU ³6, 0´ 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D GHILQLomR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&$ 0DQXWHQomR GR HTXLSDPHQWR 8QLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH 6XEVWLWXLU R FDUWXFKR GH WRQHU 3RGHUmR DSDUHFHU ULVFDV EUDQFDV RX DOWHUDUVH D WRQDOLGDGH TXDQGR R FDUWXFKR GH WRQHU HVWLYHU TXDVH D DFDEDU 2 YLVRU PRVWUD XPD PHQVDJHP FRP D LQGLFDomR ³328&2 721(5´ 4XDQGR DSDUHFHU HVWD PHQVDJHP UHWLUH R FDUWXFKR GH WRQHU H DJLWHR OHYHPHQWH SDUD UHVWDEHOHFHU WHPSRUDULDPHQWH D TXDOLGDGH GH LPSUHVVmR $JLWDU R FDUWXFKR UHGLVWULEXL R UHVWDQWH WRQHU QR FDUWXFKR (VWH SURFHGLPHQWR Vy SRGH VHU UHDOL]DGR XPD YH] DQWHV GH VXEVWLWXLU R FDUWXFKR GH WRQHU &8, '$'2 $R HQFRPHQGDU XP QRYR FDUWXFKR GH WRQHU FHUWLILTXHVH TXH HQFRPHQGD R FDUWXFKR FHUWR SDUD R :RUN&HQWUH 3UR 3DUD VXD FRQYHQLrQFLD R Q~PHUR GR SURGXWR p LQGLFDGR QD FDL[D &8, '$'2 1mR DJLWH XP FDUWXFKR YD]LR QHP R DSUR[LPH GH VL 3RGHUi GHUUDPDU DFLGHQWDOPHQWH DOJXP WRQHU 1mR DJLWH R FDUWXFKR GH WRQHU YD]LR QHP R WRUQH D FRORFDU QR HTXLSDPHQWR SDUD VHU QRYDPHQWH XVDGR ½ 3X[H D SDWLOKD GH GHVHQJDWH SDUD DEULU D WDPSD ODWHUDO QitvhÃ&% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ $EUD D WDPSD IURQWDO ½ ½ 5RGH D DODYDQFD GH EORTXHLR SDUD FLPD SDUD VROWDU R FDUWXFKR GH WRQHU 5HWLUH R FDUWXFKR GH WRQHU GR HTXLSDPHQWR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&& 0DQXWHQomR GR HTXLSDPHQWR 3DUD UHGLVWULEXLU R WRQHU ½ $JLWH OHYHPHQWH R FDUWXFKR SDUD GLVWULEXLU R WRQHU XQLIRUPHPHQWH QR LQWHULRU GR FDUWXFKR 5HLQVWDOH R FDUWXFKR GH WRQHU H GHSRLV EORTXHLH D DODYDQFD )HFKH D WDPSD IURQWDO H GHSRLV D WDPSD ODWHUDO 2 HTXLSDPHQWR UHJUHVVD DR PRGR GH HVSHUD ½ ½ 127$ 6H FDLU WRQHU QD VXD URXSD OLPSHD FRP XP SDQR VHFR H ODYHD HP iJXD IULD $ iJXD TXHQWH ID] FRP TXH R WRQHU VH LQILOWUH QR WHFLGR 6XEVWLWXLU R FDUWXFKR GH WRQHU 4XDQGR HYHQWXDOPHQWH R WRQHU DFDEDU Vy VHUmR LPSUHVVDV SiJLQDV HP EUDQFR TXDQGR PDQGDU LPSULPLU XP WUDEDOKR 1HVWD DOWXUD R FDUWXFKR GH WRQHU SUHFLVD VHU VXEVWLWXtGR $SDUHFH D PHQVDJHP GH DYLVR ³6(0 721(5´ $EUD D WDPSD ODWHUDO H GHSRLV D WDPSD IURQWDO $ WDPSD ODWHUDO GHYH HVWDU DEHUWD SDUD DEULU D WDPSD IURQWDO 5RGH D DODYDQFD GH EORTXHLR SDUD FLPD SDUD VROWDU R FDUWXFKR GH WRQHU ½ ½ QitvhÃ&' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ 5HWLUH R FDUWXFKR XVDGR ½ $JLWH R QRYR FDUWXFKR GH WRQHU KRUL]RQWDOPHQWH TXDWUR D FLQFR YH]HV *XDUGH D FDL[D H D WDPSD SDUD H[SHGLomR 'HVOL]H R QRYR FDUWXFKR GH WRQHU DWp HQFDL[DU HP SRVLomR 5RGH D DODYDQFD GH EORTXHLR GR WRQHU SDUD EDL[R DWp HQJDWDU HP SRVLomR )HFKH D WDPSD IURQWDO H GHSRLV D WDPSD ODWHUDO 2 HTXLSDPHQWR UHJUHVVD DR PRGR GH HVSHUD ½ ½ ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&( 0DQXWHQomR GR HTXLSDPHQWR &RQILJXUDU R HTXLSDPHQWR SDUD HQYLDU LQIRUPDo}HV GH SRXFR WRQHU 6H DFWLYDU D RSomR GH PHQX $YLVR GH 7RQHU VHPSH TXH IRU QHFHVViULR VXEVWLWXLU R FDUWXFKR GH WRQHU R HTXLSDPHQWR HQYLD DXWRPDWLFDPHQWH XP ID[ SDUD D HPSUHVD GH DVVLVWrQFLD RX UHSUHVHQWDQWH SDUD QRWLILFiORV TXH R VHX HTXLSDPHQWR SUHFLVD GH XP QRYR FDUWXFKR GH WRQHU (VWD IXQomR Vy VHUi DFWLYDGD VH R Q~PHUR GH WHOHIRQH GD HPSUHVD GH DVVLVWrQFLD RX GR UHSUHVHQWDQWH WLYHU VLGR JXDUGDGR QD PHPyULD GR HTXLSDPHQWR 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD DFWLYDU HVWH SURFHVVR ½ ½ ½ ½ ½ ½ ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR H GHSRLV SULPD RX DWp DSDUHFHU ³0$187(1d2´ H >6HOHFFLRQDU@ 3ULPD RX >6HOHFFLRQDU@ DWp DSDUHFHU ³$9, 62 '( 721(5´ H SULPD 3ULPD RX SDUD DFWLYDU ³6, 0´ RX GHVDFWLYDU ³1$2´ HVWD RSomR H GHSRLV SULPD >6HOHFFLRQDU@ 'LJLWH D , ' RX R QRPH GR FOLHQWH DWp GtJLWRV H SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GH ID[ GR FOLHQWH H SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GH ID[ GD DVVLVWrQFLD SDUD R TXDO R HTXLSDPHQWR HQYLDUi D PHQVDJHP GH ID[ GH QRWLILFDomR H SULPD >6HOHFFLRQDU@ 'LJLWH R Q~PHUR GH VpULH GR HTXLSDPHQWR H SULPD >6HOHFFLRQDU@ 127$ 2 Q~PHUR GH VpULH GR HTXLSDPHQWR HQFRQWUDVH SRU WUiV GD SRUWD IURQWDO &RQVXOWH R &DStWXOR ³$FHUFD GHVWH JXLD´ QD SiJLQD SDUD PDLV LQIRUPDo}HV QitvhÃ& ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 WDPERU SUHFLVD VHU VXEVWLWXtGR TXDQGR DSyV FHUFD GH FySLDV DSDUHFHU XP DYLVR GH ILP GH YLGD GR WDPERU &DVR FRPHFHP D DSDUHFHU ULVFDV RX PDQFKDV QDV LPSUHVV}HV SRGHUi OLPSDU R WDPERU &8, '$'2 1mR H[SRQKD R WDPERU YHUGH D OX] GXUDQWH ORQJRV SHUtRGRV GH WHPSR 1XQFD H[SRQKD R WDPERU D OX] VRODU GLUHFWD QHP WRTXH QD VXD VXSHUItFLH 3RGHUmR RFRUUHU GDQRV RX IUDFD TXDOLGDGH GH LPSUHVVmR /LPSDU R WDPERU 23& ELRGHJUDGiYHO &DVR FRPHFHP D DSDUHFHU ULVFDV RX PDQFKDV QDV LPSUHVV}HV SRGHUi FRQILJXUDU R HTXLSDPHQWR SDUD OLPSDU R WDPERU ½ ½ ½ ½ &HUWLILTXHVHTXH IRL FRORFDGR SDSHO 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR SDUD HQWUDU QR PRGR GH PHQX 3ULPD RX DWp DSDUHFHU ³0$187(1d2´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD >6HOHFFLRQDU@ SDUD DFHGHU D ³/, 03$5 7$0%25´ $SDUHFH QR YLVRU D LQGLFDomR ³$ /, 03$5 7$0%25 $*8$5'(´ 2 HTXLSDPHQWR SX[D DXWRPDWLFDPHQWH XPD IROKD GH SDSHO H LPSULPHD $V SDUWtFXODV GH WRQHU H[LVWHQWHV QD VXSHUItFLH GR WDPERU 23& ELRGHJUDGiYHO IL[DPVH DR SDSHO BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& 0DQXWHQomR GR HTXLSDPHQWR 7DPERU 6XEVWLWXLU R WDPERU 2 WDPERU SHUPLWH LPSULPLU FHUFD GH FySLDV $SDUHFH QR YLVRU D PHQVDJHP ³$9, 62 '2 7$0%25´ TXDQGR R WDPERU HVWi D FKHJDU DR ILP GD UHVSHFWLYD YLGD ~WLO 3RGHUmR DLQGD VHU SURGX]LGDV PDLV FySLDV PDV GHYHUi WHU XP FDUWXFKR GH VXEVWLWXLomR HP VWRFN 4XDQGR DSDUHFHU D PHQVDJHP ³68%67, 78$ 7$0%25´ R HTXLSDPHQWR GHL[DUi GH IXQFLRQDU DWp R WDPERU VHU VXEVWLWXtGR ½ $EUD D WDPSD ODWHUDO H GHSRLV D WDPSD IURQWDO $ WDPSD ODWHUDO GHYH HVWDU DEHUWD SDUD DEULU D WDPSD IURQWDO ½ 5RGH D DODYDQFD GH EORTXHLR GR WRQHU SDUD FLPD SDUD VROWDU R FDUWXFKR GH WRQHU H GHSRLV UHWLUHR QitvhÃ& ! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 127$ 3UHFLVD UHWLUDU R FDUWXFKR GH WRQHU SDUD VXEVWLWXLU R WDPERU ½ 5HWLUH R WDPERU XVDGR ½ 5HWLUH R QRYR WDPERU GD HPEDODJHP H LQVWDOHR FHUWLILFDQGRVH TXH QmR WRFD QD VXSHUItFLH GR WDPERU ½ ½ 5HLQVWDOH R FDUWXFKR GH WRQHU H GHSRLV EORTXHLH D DODYDQFD )HFKH D WDPSD IURQWDO H D WDPSD ODWHUDO 2 HTXLSDPHQWR UHJUHVVD DR PRGR GH HVSHUD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& " 0DQXWHQomR GR HTXLSDPHQWR &RORFDU VXSRUWHV GH LPSUHVVmR 8WLOL]H VHPSUH VXSRUWHV GH LPSUHVVmR TXH HVWHMDP HP FRQIRUPLGDGH FRP DV GLUHFWUL]HV SDUD HVWH HTXLSDPHQWR $ XWLOL]DomR GH VXSRUWHV QmR UHFRPHQGDGRV SRGHUi UHVXOWDU HP HQFUDYDPHQWRV RX SUREOHPDV DR QtYHO GD TXDOLGDGH GH LPSUHVVmR 3RGHUi FRORFDU VXSRUWHV QD EDQGHMD GH SDSHO RX QD EDQGHMD E\SDVV $ WDEHOD DEDL[R LGHQWLILFD RV IRUPDWRV GH VXSRUWHV GH LPSUHVVmR TXH SRGHP VHU XWLOL]DGRV QD EDQGHMD GH SDSHO H EDQGHMD E\SDVV H DV TXDQWLGDGHV TXH FDGD XPD DFHLWD )RUPDWR GR VXSRUWH GH LPSUHVVmR 3DSHO FRPXP /HWWHU [ SRO /HJDO [ SRO ([HFXWLYH [ SRO $ [ PP % [ PP $ [ PP (QYHORSHV 1 [ SRO 1 [ SRO & [ SRO '/ [ PP (WLTXHWDVE /HWWHU [ SRO $ [ PP 7UDQVSDUrQFLDVE /HWWHU [ SRO $ [ PP &DUWROLQDE $ [ 3RVWDO [ SRO +DJDNL [ SRO &DSDFLGDGH GD IRQWH GH HQWUDGDD %DQGHMD GH SDSHO 6, 0 6, 0 12 6, 0 12 12 12 12 12 12 12 12 12 12 12 12 12 %DQGHMD E\SDVV 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 6, 0 QitvhÃ& # ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã E 6H RFRUUHUHP HQFUDYDPHQWRV H[FHVVLYRV DOLPHQWH XPD IROKD GH FDGD YH] DWUDYpV GD %DQGHMD %\SDVV 8WLOL]DU D EDQGHMD GH SDSHO $ EDQGHMD GH SDSHO DFHLWD XP Pi[LPR GH IROKDV GH SDSHO FRPXP GH JP 2V VXSRUWHV GH LPSUHVVmR DFHLWiYHLV YDULDP HQWUH SDSHO FRPXP FRP IRUPDWR GHVGH $ RX [ SRO D /HJDO [ PP [ SRO H JUDPDJHP HQWUH JP H JP 127$ 6H IRU XWLOL]DU D EDQGHMD GH SDSHO D RSomR GH IRUPDWR GH SDSHO QDV GHILQLo}HV GRV 'DGRV GR 6LVWHPD GHYH HVWDU FRUUHFWDPHQWH GHILQLGD &RQVXOWH DV LQVWUXo}HV QR &DStWXOR ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD $EDVWHFHU D EDQGHMD GH SDSHO ½ $EUD D EDQGHMD GH SDSHO BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& $ 0DQXWHQomR GR HTXLSDPHQWR D 'HSHQGHQGR GD HVSHVVXUD GR SDSHO p SRVVtYHO UHGX]LU VH D FDSDFLGDGH Pi[LPD ½ 3ULPD D SODFD GH SUHVVmR DWp TXH IL[H HP SRVLomR ½ $MXVWH D JXLD GH SDSHO SRVWHULRU DR FRPSULPHQWR GH SDSHO SUHWHQGLGR (VWDUi SUpGHILQLGR SDUD $ LG L RX [ SRO GHSHQGHQGR *XLD SRVWHULRU GR SDtV FO LIO A4 LT R ½ 3DUD FRORFDU RXWUR IRUPDWR OHYDQWH H LQVLUD D JXLD SRVWHULRU QD SRVLomR FRUUHVSRQGHQWH QitvhÃ& % ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ $UHMD R SDSHO H LQVLUDR QD JDYHWD ½ $R FRORFDU SDSHO WLPEUDGR FRORTXHR FRP D SDUWH GH GHVHQKR YROWDGD SDUD FLPD 2 UHERUGR VXSHULRU GD IROKD FRP R ORJRWLSR GHYH VHU HQFRVWDGD DR ODGR GLUHLWR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& & 0DQXWHQomR GR HTXLSDPHQWR ½ &HUWLILTXHVH TXH FRORFD R SDSHO VRE RV FDQWRV PHWiOLFRV &DQWR 1mR XOWUDSDVVH D OLQKD GH HQFKLPHQWR Pi[LPR /LQKD GH HQFKLPHQWR Pi[ QitvhÃ& ' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ (QTXDQWR FRPSULPH D JXLD ODWHUDO WDO FRPR LOXVWUDGR GHVORTXHD QD GLUHFomR GD SLOKD GH SDSHO DWp HQFRVWDU j SDUWH ODWHUDO GD SLOKD $ JXLD QmR GHYH ILFDU SUHVVLRQDGD FRQWUD R UHERUGR GR SDSHO SRLV SRGH GREUiOR ½ )HFKH D EDQGHMD GH SDSHO 127$ 4XDQGR LPSULPH XP ILFKHLUR D SDUWLU GR VHX 3& XWLOL]DQGR D EDQGHMD GH SDSHO FHUWLILTXHVH TXH VHOHFFLRQD D IRQWH H R IRUPDWR GH SDSHO FRUUHFWRV QD DSOLFDomR GR VRIWZDUH DQWHV GH LQLFLDU R WUDEDOKR GH LPSUHVVmR 68*(672 6H WLYHU SUREOHPDV FRP D DOLPHQWDomR GR SDSHO FRORTXH SDSHO QD EDQGHMD %\SDVV 8WLOL]DU D EDQGHMD E\SDVV $ EDQGHMD %\SDVV HQFRQWUDVH GR ODGR GLUHLWR GR HTXLSDPHQWR 3RGHUi IHFKiOD VHPSUH TXH QmR D HVWLYHU D XWLOL]DU WRUQDQGR R HTXLSDPHQWR PDLV FRPSDFWR 8WLOL]H D EDQGHMD E\SDVV SDUD LPSULPLU WUDQVSDUrQFLDV HWLTXHWDV HQYHORSHV RX SRVWDLV H SDUD SHTXHQDV WLUDJHQV GH WLSRV RX IRUPDWRV GH SDSHO TXH QmR VH HQFRQWUDP FRORFDGRV QD EDQGHMD GH SDSHO 2V VXSRUWHV GH LPSUHVVmR DFHLWiYHLV YDULDP HQWUH SDSHO FRPXP FRP IRUPDWRV GHVGH [ PP [ SRO D /HJDO [ PP [ SRO H JUDPDJHP HQWUH JP H JP BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ& ( 0DQXWHQomR GR HTXLSDPHQWR 127$ 3DUD DOLPHQWDU VXSRUWHV GH LPSUHVVmR DWUDYpV GD %DQGHMD %\SDVV p QHFHVViULR TXH D RSomR GH IRUPDWR GH SDSHO QDV GHILQLo}HV GRV 'DGRV GR 6LVWHPD HVWHMD FRUUHFWDPHQWH GHILQLGD 6H IRU DOLPHQWDU VXSRUWHV GH LPSUHVVmR FRP IRUPDWR LQIHULRU D $/HWWHU SRGHUi GHILQLU R IRUPDWR SDUD $ /HWWHU RX /HJDO &RQVXOWH DV LQVWUXo}HV QR &DStWXOR ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD $ WDEHOD TXH VH VHJXH UHVXPH RV VXSRUWHV GH LPSUHVVmR SHUPLWLGRV DVVLP FRPR R UHVSHFWLYR OLPLWH GH DOWXUD GH HPSLOKDPHQWR 7LSR GH VXSRUWH GH LPSUHVVmR 3DSHO FRPXP (QYHORSH 7UDQVSDUrQFLD (WLTXHWD &DUWROLQD D /LPLWH GH DOWXUD GH HPSLOKDPHQWR IROKDV RX Pi[LPR GH PP SRO D HQYHORSHV RX Pi[LPR GH PP SRO D IROKDV RX Pi[LPR GH PP SRO D IROKDV RX Pi[LPR GH PP SRO D IROKDV RX Pi[LPR GH PP SRO D $ DOWXUD p PHGLGD FRP D SLOKD GH IROKDV FRORFDGD VHP WRFDU QHOD VREUH XPD VXSHUItFLH SODQD 127$ &RORTXH VHPSUH DSHQDV RV VXSRUWHV GH LPSUHVVmR HVSHFLILFDGRV QR $QH[R % (VSHFLILFDo}HV SDUD HYLWDU HQFUDYDPHQWRV GH SDSHO H SUREOHPDV DR QtYHO GD TXDOLGDGH GH LPSUHVVmR 127$ 1mR IDoD SUHVVmR VREUH D EDQGHMD E\SDVV SRLV SRGHUi GDQLILFiOD RX ID]rOD VROWDUVH GR HTXLSDPHQWR 127$ (OLPLQH TXDLVTXHU FXUYDWXUDV HP SRVWDLV HQYHORSHV H HWLTXHWDV DQWHV GH RV FRORFDU QD EDQGHMD E\SDVV QitvhÃ&! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ ½ %DL[H D EDQGHMD %\SDVV ORFDOL]DGD QR ODGR GLUHLWR GR HTXLSDPHQWR $EUD D H[WHQVmR GH VXSRUWH GH SDSHO WDO FRPR LOXVWUDGR 6XSRUWH GH SDSHO %DQGHMD %\SDVV ½ 3UHSDUH XPD SLOKD GH SDSHO RX HQYHORSHV SDUD FRORFDU DUHMDQGRRV SUHYLDPHQWH (QGLUHLWH RV UHERUGRV VREUH XPD VXSHUItFLH SODQD 68*(672 $R FRORFDU WUDQVSDUrQFLDV VHJXUHDV SHODV PDUJHQV H HYLWH WRFDU QR ODGR GD LPSUHVVmR $ ROHRVLGDGH GRV GHGRV GHSRVLWDGD QD WUDQVSDUrQFLD SRGH RULJLQDU SUREOHPDV QD TXDOLGDGH GH LPSUHVVmR ½ &RORTXH R PDWHULDO GH LPSUHVVmR FRP R ODGR GH LPSUHVVmR YROWDGR SDUD EDL[R H HQFRVWDGR DR ODGR GLUHLWR GD EDQGHMD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&! 0DQXWHQomR GR HTXLSDPHQWR $EDVWHFHU D EDQGHMD E\SDVV ½ $MXVWH D JXLD GH SDSHO j ODUJXUD GD SLOKD GR PDWHULDO GH LPSHVVmR ½ &HUWLILTXHVH TXH QmR FRORFRX GHPDVLDGR VXSRUWH GH LPSUHVVmR $ SLOKD GHYH HVWDU DEDL[R GD PDUFD GH OLPLWH GH DOWXUD 2V VXSRUWHV GH LPSUHVVmR ILFDUmR GHIRUPDGRV VH FRORFDU XPD SLOKD GHPDVLDGR DOWD RX VH D HPSXUUDU GHPDVLDGR SDUD GHQWUR 6H IRU FRSLDU SULPD >$EDVWHFLP 3DSHO@ QR SDLQHO GH FRQWUROR SDUD VHOHFFLRQDU ³%<3$66´ 6H IRU LPSULPLU GHYH VHOHFFLRQDU D RULJHP GH SDSHO FRUUHFWD QD DSOLFDomR GR VRIWZDUH ½ QitvhÃ&!! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã $R VHOHFFLRQDU RX FRORFDU SDSHO HQYHORSHV RX RXWURV VXSRUWHV GH LPSUHVVmR HVSHFLDLV FRQVLGHUH HVWDV GLUHFWUL]HV 7HQWDU LPSULPLU HP SDSHO K~PLGR HQUXJDGR FRP YLQFRV RX UDVJDGRV SRGH SURYRFDU HQFUDYDPHQWRV H XPD IUDFD TXDOLGDGH GH LPSUHVVmR 8WLOL]H DSHQDV SDSHO GH FySLD GH DOWD TXDOLGDGH (YLWH SDSHO FRP LQVFULo}HV HP UHOHYR SHUIXUDo}HV RX WH[WXUD GHPDVLDGR VXDYH RX iVSHUD *XDUGH R SDSHO QD UHVSHFWLYD HPEDODJHP RULJLQDO DWp VHU SUHFLVR &RORTXH DV FDL[DV HP SDOHWHV RX SUDWHOHLUDV QmR QR FKmR 1mR FRORTXH REMHFWRV SHVDGRV VREUH R SDSHO TXHU HVWHMD HPEDODGR RX QmR 0DQWHQKDR DIDVWDGR GH KXPLGDGH RX RXWUDV FRQGLo}HV TXH SRVVDP FDXVDU HQUXJDPHQWR RX YLQFRV 'XUDQWH R DUPD]HQDPHQWR GHYHUi XWLOL]DU XP HPEUXOKR UHVLVWHQWH j KXPLGDGH TXDOTXHU UHFLSLHQWH RX VDFR SOiVWLFR SDUD HYLWDU TXH R SDSHO ILTXH FRQWDPLQDGR FRP SRHLUD H KXPLGDGH 8WLOL]H VHPSUH SDSHO H RXWURV VXSRUWHV HP FRQIRUPLGDGH FRP DV HVSHFLILFDo}HV &RQVXOWH R $QH[R % (VSHFLILFDo}HV 8WLOL]H DSHQDV HQYHORSHV FRUUHFWDPHQWH FRQFHELGRV FRP GREUDV EHP YLQFDGDV 12 XWLOL]H HQYHORSHV FRP JDQFKRV H VLVWHPDV GH IHFKR SRU HQFDL[H 12 XWLOL]H HQYHORSHV FRP MDQHODV UHYHVWLGRV DXWRFRODQWHV RX RXWURV PDWHULDLV VLQWpWLFRV 12 XWLOL]H HQYHORSHV GDQLILFDGRV RX PDO IDEULFDGRV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&!" 0DQXWHQomR GR HTXLSDPHQWR 'LUHFWUL]HV UHODWLYDV DRV VXSRUWHV GH LPSUHVVmR 'LUHFWUL]HV SDUD VXSRUWHV GH LPSUHVVmR HVSHFLDLV &HUWLILTXHVH TXH Or TXDLVTXHU LQVWUXo}HV IRUQHFLGDV FRP R SDSHO HVSHFLDO (VWDV LQVWUXo}HV IRUQHFHP LQIRUPDo}HV LPSRUWDQWHV VREUH FRPR REWHU D PDLV DOWD TXDOLGDGH GH LPSUHVVmR FRP HVWHV WLSRV GH SDSHO 5HFRPHQGDVH TXH DOLPHQWH RV WLSRV GH SDSHO HVSHFLDLV XP GH FDGD YH] 8WLOL]H DSHQDV VXSRUWHV GH LPSUHVVmR HVSHFLDLV UHFRPHQGDGRV XWLOL]DU HP LPSUHVVRUDV D ODVHU 3DUD HYLWDU TXH VXSRUWHV GH LPSUHVVmR HVSHFLDLV WDLV FRPR WUDQVSDUrQFLDV H IROKDV GH HWLTXHWDV DJDUUHP XPDV jV RXWUDV UHWLUHDV GD EDQGHMD GH VDtGD j PHGLGD TXH IRUHP VHQGR LPSUHVVDV &RORTXH DV WUDQVSDUrQFLDV VREUH XPD VXSHUItFLH SODQD GHSRLV GH DV UHPRYHU GR HTXLSDPHQWR 1mR GHL[H WUDQVSDUrQFLDV QD EDQGHMD GH SDSHO SRU ORQJRV SHUtRGRV GH WHPSR 3RGHUi DFXPXODUVH Sy H VXMLGDGH QDV PHVPDV UHVXOWDQGR HP LPSUHVV}HV FRP PDQFKDV 3DUD HYLWDU PDQFKDV FDXVDGDV SRU GHGDGDV PDQXVHLH DV WUDQVSDUrQFLDV H SDSHO UHYHVWLGR FRP FXLGDGR 3DUD HYLWDU R HVEDWLPHQWR GD LPDJHP QmR H[SRQKD D WUDQVSDUrFLD LPSUHVVD PXLWR WHPSR j OX] GR VRO *XDUGH RV VXSRUWHV GH LPSUHVVmR QmR XWLOL]DGRV VREUH XPD VXSHUItFLH SODQD 1mR UHWLUH R SDSHO GD UHVSHFWLYD HPEDODJHP DWp SUHFLVDU *XDUGH RV VXSRUWHV GH LPSUHVVmR QmR XWLOL]DGRV D WHPSHUDWXUDV HQWUH H JUDXV FHQWtJUDGRV $ KXPLGDGH UHODWLYD GHYH VLWXDUVH HQWUH H 1mR FRORTXH GH XPD Vy YH] PDLV GH IROKDV GH VXSRUWHV GH LPSUHVVmR HVSHFLDLV QD %DQGHMD %\SDVV &HUWLILTXHVH TXH R PDWHULDO DGHUHQWH GDV HWLTXHWDV VXSRUWD XPD WHPSHUDWXUD GH IXVmR GH & GXUDQWH VHJXQGRV QitvhÃ&!# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 1mR DOLPHQWH XPD IROKD GH HWLTXHWDV DWUDYpV GR HTXLSDPHQWR PDLV GR TXH XPD YH] 2 UHYHVWLPHQWR DGHUHQWH p FRQFHELGR SDUD XPD SDVVDJHP DWUDYpV GR HTXLSDPHQWR 1mR XWLOL]H HWLTXHWDV TXH HVWHMDP D VHSDUDUVH GD IROKD GH SURWHFomR RX TXH HVWHMDP FRP YLQFRV EROKDV RX GH RXWUR PRGR GDQLILFDGDV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ&!$ 0DQXWHQomR GR HTXLSDPHQWR &HUWLILTXHVH TXH QmR H[LVWH PDWHULDO DGHUHQWH H[SRVWR HQWUH DV HWLTXHWDV $V iUHDV H[SRVWDV SRGHP OHYDU D TXH DV HWLTXHWDV VH GHVWDTXHP GXUDQWH D LPSUHVVmR R TXH SRGH FDXVDU HQFUDYDPHQWRV 2 PDWHULDO DGHUHQWH H[SRVWR SRGH WDPEpP FDXVDU GDQRV QRV FRPSRQHQWHV GR HTXLSDPHQWR QitvhÃ&!% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã (VWH FDStWXOR IRUQHFH LQIRUPDo}HV SDUD D UHVROXomR GH SUREOHPDV TXH SRGHP RFRUUHU FRP R :RUN&HQWUH 3UR , QFOXL TXDGURV QRV TXDLV VmR DSUHVHQWDGDV DV PHQVDJHQV RV FyGLJRV GH HUUR RV SUREOHPDV H DV VROXo}HV SRVVtYHLV (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH (QFUDYDPHQWRV GH RULJLQDLV (QFUDYDPHQWRV GH SDSHO &KDPDU DVVLVWrQFLD WpFQLFD 0HQVDJHQV GH HUUR GR YLVRU 5HVROYHU SUREOHPDV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV (QFUDYDPHQWRV GH RULJLQDLV 6H XP RULJLQDO HQFUDYDU GXUDQWH D DOLPHQWDomR DWUDYpV GR DOLPHQWDGRU $') DSDUHFH QR YLVRU ³'2&80 (1&5$9´ $ VHJXLU VmR IRUQHFLGRV GHWDOKHV SDUD HOLPLQDU RV WUrV WLSRV GH HQFUDYDPHQWRV GH RULJLQDLV (QFUDYDPHQWR QD HQWUDGD ½ $EUD D WDPSD VXSHULRU GR DOLPHQWDGRU ½ ½ ½ 3X[H FXLGDGRVDPHQWH R RULJLQDO SDUD D GLUHLWD H SDUD IRUD GR $') )HFKH D WDPSD VXSHULRU GR $') &RORTXH QRYDPHQWH RV RULJLQDLV QR $') QitvhÃ'! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ $EUD D WDPSD GR DOLPHQWDGRU H URGH R ERWmR GR UROR SDUD UHWLUDU RV RULJLQDLV HQFUDYDGRV GD iUHD GH VDtGD 6H IRU GLItFLO UHWLUDU XP RULJLQDO HQFUDYDGR DYDQFH SDUD ³(QFUDYDPHQWR QR UROR´ ½ ½ )HFKH D WDPSD GR DOLPHQWDGRU &RORTXH QRYDPHQWH RV RULJLQDLV QR $') (QFUDYDPHQWR QR UROR ½ $EUD D WDPSD GR DOLPHQWDGRU H URGH R ERWmR GR UROR SDUD UHPRYHU R RULJLQDO HQFUDYDGR GR $') RX GD iUHD GH VDtGD 6H IRU GLItFLO UHPRYHU R RULJLQDO UHWLUHR FXLGDGRVDPHQWH VRE R UROR GH DOLPHQWDomR ½ ½ )HFKH D WDPSD GR DOLPHQWDGRU &RORTXH QRYDPHQWH RV RULJLQDLV QR $') BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'" 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV (QFUDYDPHQWR QD VDtGD (QFUDYDPHQWRV GH SDSHO 6H R SDSHO HQFUDYDU DSDUHFH QR YLVRU ³(1&5$9$0(172´ 6LJD RV SDVVRV DEDL[R SDUD HOLPLQDU R HQFUDYDPHQWR 3DUD HYLWDU UDVJDU R SDSHO UHWLUH FXLGDGRVD H OHQWDPHQWH R SDSHO HQFUDYDGR (QFUDYDPHQWR QD iUHD GH DOLPHQWDomR 6H R SDSHO HQFUDYRX QD iUHD GH DOLPHQWDomR DSDUHFH ³(1&5$9$0(172 ´ QR YLVRU ½ ½ 5HWLUH D EDQGHMD GH SDSHO 'HSRLV GH D UHWLUDU FRPSOHWDPHQWH OHYDQWH OLJHLUDPHQWH D SDUWH GD IUHQWH GD PHVPD SDUD D UHWLUDU GR HTXLSDPHQWR ½ 5HWLUH R SDSHO HQFUDYDGR SX[DQGRR FXLGDGRVDPHQWH SDUD IRUD D GLUHLWR 6H VHQWLU TXDOTXHU UHVLVWrQFLD H R SDSHO QmR VH PH[HU LPHGLDWDPHQWH TXDQGR R SX[D SDUH GH SX[DU H DYDQFH SDUD R SDVVR VHJXLQWH QitvhÃ'# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 127$ 6H UHPRYHU SDSHO HQFUDYDGR DTXL DEUD D WDPSD ODWHUDO H WRUQH D IHFKiOD SDUD HOLPLQDU D PHQVDJHP ³(1&5$9$0(172´ QR YLVRU ½ 6H R SDSHO QmR VH PH[HU LPHGLDWDPHQWH TXDQGR R SX[D SX[H D SDWLOKD GH GHVHQJDWH SDUD DEULU D WDPSD ODWHUDO &8, '$'2 1mR WRTXH QD VXSHUItFLH EULOKDQWH GR WDPERU 5LVFRV RX PDQFKDV UHVXOWDUmR QXPD IUDFD TXDOLGDGH GH FySLD ½ 5HWLUH FXLGDGRVDPHQWH R SDSHO HQFUDYDGR QD GLUHFomR LOXVWUDGD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'$ 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV ½ , QVLUD D EDQGHMD GH SDSHO %DL[H D SDUWH SRVWHULRU GD EDQGHMD SDUD DOLQKDU D H[WUHPLGDGH SRVWHULRU FRP D UDQKXUD FRUUHVSRQGHQWH QR HTXLSDPHQWR H GHSRLV LQVLUDD FRPSOHWDPHQWH ÈUHD GR IXVRU 6H R SDSHO HQFUDYRX QD iUHD GR IXVRU DSDUHFH ³3$3(/ (1&5$9$'2 ´ QR YLVRU $9, 62 $ iUHD GR IXVRU HVWi TXHQWH 7HQKD FXLGDGR DR UHPRYHU R SDSHO GR HTXLSDPHQWR ½ ½ 3ULPD D SDWLOKD GH GHVHQJDWH SDUD DEULU D WDPSD ODWHUDO 3ULPD D DODYDQFD GR IXVRU WDO FRPR LOXVWUDGR DEDL[R SDUD OLEHUWDU D SUHVVmR VREUH R SDSHO 6H R SDSHO QmR IRU GHWHFWDGR QHVWD iUHD DYDQFH SDUD D iUHD GH VDtGD ½ &8, '$'2 1mR SX[H R SDSHO SDUD FLPD DWUDYpV GR PyGXOR GR IXVRU 2 WRQHU QmR IXQGLGR SRGH DGHULU QD iUHD UHVXOWDQGR HP FySLDV HVERUUDWDGDV QitvhÃ'% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ 5HWLUH R SDSHO HQFUDYDGR QD GLUHFomR LOXVWUDGD ½ 3X[H D DODYDQFD GR IXVRU SDUD FLPD H GHSRLV IHFKH D WDPSD ODWHUDO BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'& 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV ÈUHD GH VDtGD GR SDSHO ½ ½ 6H R SDSHO HQFUDYRX QD iUHD GH VDtGD GR SDSHO DSDUHFH ³(1&5$9$0(172 ´ QR YLVRU 3ULPD D SDWLOKD GH GHVHQJDWH SDUD DEULU D WDPSD ODWHUDO $EUD D WDPSD IURQWDO ½ 3ULPD D DODYDQFD GR IXVRU SDUD OLEHUWDU D SUHVVmR VREUH R SDSHO QitvhÃ'' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ½ 5RGH D DODYDQFD GH UHPRomR GH SDSHO HQFUDYDGR QD GLUHFomR GD VHWD SDUD GHVORFDU R SDSHO SDUD D iUHD GH VDtGD GHSRLV SX[H FXLGDGRVDPHQWH R SDSHO DWUDYpV GD iUHD GH VDtGD ½ 3X[H D DODYDQFD GR IXVRU SDUD FLPD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'( 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV ½ 5HSRQKD D DODYDQFD GH UHPRomR GH SDSHO HQFUDYDGR QD SRVLomR RULJLQDO ½ )HFKH D WDPSD IURQWDO WDPSD ODWHUDO HD 2 1 QitvhÃ' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H R SDSHO HQFUDYDU QR PyGXOR GXSOH[ DSDUHFH ³(1&5$9 '83/(;´ QR YLVRU ½ ½ ½ 3ULPD D SDWLOKD GH GHVHQJDWH SDUD DEULU D WDPSD ODWHUDO 5HWLUH R SDSHO HQFUDYDGR )HFKH D WDPSD ODWHUDO (QFUDYDPHQWR QD EDQGHMD E\SDVV $SDUHFH ³(1&5$912 %<3$66´ QR YLVRU TXDQGR R HTXLSDPHQWR QmR GHWHFWD SDSHO QD EDQGHMD E\SDVV GHYLGR j LQH[LVWrQFLD GH SDSHO RX SRUTXH R SDSHO FRORFDGR QmR p DGHTXDGR TXDQGR WHQWD LPSULPLU XWLOL]DQGR D EDQGHMD E\SDVV 3RGHUi WDPEpP DSDUHFHU ³(1&5$912 %<3$66´ TXDQGR R SDSHO QmR p GHYLGDPHQWH DOLPHQWDGR DWUDYpV GD EDQGHMD E\SDVV 6H DSDUHFHU ³(1&5$912 %<3$66´ H WLYHU VLGR FRORFDGR SDSHO QD EDQGHMD E\SDVV UHWLUH R SDSHO GR HTXLSDPHQWR H YROWH D FRORFiOR ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV (QFUDYDPHQWR QR PyGXOR GXSOH[ &KDPDU DVVLVWrQFLD WpFQLFD 6H R SUREOHPD SHUVLVWLU FRQWDFWH R ;HUR[ :HOFRPH &HQWUH RX R VHX UHSUHVHQWDQWH ORFDO 6HUi QHFHVViULR R Q~PHUR GH VpULH GR HTXLSDPHQWR H HYHQWXDLV FyGLJRV GH HUUR UHOHYDQWHV 3DUD REWHU LQIRUPDo}HV VREUH FRPR ORFDOL]DU R Q~PHUR GH VpULH FRQVXOWH ³$VVLVWrQFLD DR FOLHQWH´ QD SiJLQD 1~PHUR GH WHOHIRQH GH DSRLR DR FOLHQWH 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 DQRWHR QR HVSDoR IRUQHFLGR DEDL[R 1~PHUR GH WHOHIRQH GR :HOFRPH &HQWUH RX GR 5HSUHVHQWDQWH /RFDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ;HUR[ 86 :HOFRPH &HQWHU ;HUR[ &DQDGD :HOFRPH &HQWHU ;(52; QitvhÃ' ! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H VXUJLU XPD VLWXDomR DQRUPDO QR HTXLSDPHQWR RX FDVR VHMD UHDOL]DGD XPD RSHUDomR LQFRUUHFWD p DSUHVHQWDGD XPD PHQVDJHP LQGLFDQGR D QDWXUH]D GR HUUR 6H LVWR DFRQWHFHU VLJD D DFomR FRUUHFWLYD DSUHVHQWDGD QR TXDGUR D VHJXLU 0HQVDJHP (QFUDYQR %\SDVV 6LJQLILFDGR 6ROXomR 2 HTXLSDPHQWR GHWHFWD XPD IROKD &RORTXH SDSHO QD EDQGHMD E\SDVV QmR DOLPHQWDGD DWUDYpV GD EDQGHMD E\SDVV 2 RULJLQDO FRORFDGR HQFUDYRX QR $') $ WDPSD ODWHUDO QmR HVWi GHYLGDPHQWH IHFKDGD 5HWLUH R RULJLQDO HQFUDYDGR &RQVXOWH D SiJLQD )HFKH D WDPSD ODWHUDO DWp HQJDWDU HP SRVLomR 'RFXP (QFUDY 3RUWD $EHUWD $YLVR GR 7DPERU (QFUDY 'XSOH[ (UUR QR )XVRU 2 WDPERU HVWi D FKHJDU DR ILP GD 'HYHUi WHU XP WDPERU GH YLGD ~WLO VXEVWLWXLomR HP VWRFN 2 SDSHO HQFUDYRX D PHLR GH XPD LPSUHVVmR IUHQWH H YHUVR (OLPLQH R HQFUDYDPHQWR &RQVXOWH D SiJLQD ([LVWH XP SUREOHPD QR PyGXOR GR 'HVOLJXH H YROWH D OLJDU R FDER GH IXVRU DOLPHQWDomR 6H R SUREOHPD SHUVLVWLU FKDPH D DVVLVWrQFLD WpFQLFD 2FRUUHX XP SUREOHPD QR /68 'HVOLJXH H YROWH D OLJDU R FDER GH XQLGDGH GH GLJLWDOL]DomR D ODVHU DOLPHQWDomR 6H R SUREOHPD SHUVLVWLU FKDPH D DVVLVWrQFLD WpFQLFD 2 FDUWXFKR GH WRQHU QmR VH HQFRQWUD LQVWDODGR , QVWDOH R FDUWXFKR GH WRQHU &RQVXOWH D SiJLQD (UUR /68 6HP &DUWXFKR 5HYHODGRU 6HP 3DSHO (QFUDYDPHQWR $FDERX R SDSHO TXH VH HQFRQWUDYD &RORTXH SDSHO QD EDQGHMD QD EDQGHMD (QFUDYRX SDSHO QD iUHD GH DOLPHQWDomR (OLPLQH R HQFUDYDPHQWR &RQVXOWH D SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' " 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 0HQVDJHQV GH HUUR GR YLVRU 0HQVDJHP (QFUDYDPHQWR (QFUDYDPHQWR 6XEVWLWXD 7DPERU 6HP 7RQHU 3RXFR 7RQHU 6LJQLILFDGR (QFUDYRX SDSHO QD iUHD GR IXVRU 6ROXomR (OLPLQH R HQFUDYDPHQWR &RQVXOWH D SiJLQD (QFUDYRX SDSHO QD iUHD GH VDtGD (OLPLQH R HQFUDYDPHQWR &RQVXOWH D SiJLQD 2 WDPERU FKHJRX DR ILP GD YLGD ~WLO 2 FDUWXFKR GH WRQHU FKHJRX DR ILP 2 HTXLSDPHQWR SiUD 2 WRQHU HVWi TXDVH D DFDEDU 6XEVWLWXD R WDPERU &RQVXOWH D SiJLQD 6XEVWLWXD SRU XP QRYR FDUWXFKR GH WRQHU &RQVXOWH D SiJLQD 5HWLUH FXLGDGRVDPHQWH R FDUWXFKR GH WRQHU H DJLWHR , VWR SHUPLWH UHVWDEHOHFHU WHPSRUDULDPHQWH DV RSHUDo}HV GH LPSUHVVmR 3RGHUi SUHPLU >, QLFLDU@ SDUD UHPDUFDU LPHGLDWDPHQWH RX >3DUDU@ SDUD FDQFHODU D RSHUDomR GH UHPDUFDomR 7HQWH UHHQYLDU R ID[ 5HPDUFDU" 2 HTXLSDPHQWR HVWi j HVSHUD GR LQWHUYDOR SURJUDPDGR SDUD UHPDUFDU DXWRPDWLFDPHQWH 2FRUUHX XP SUREOHPD FRP DV FRPXQLFDo}HV GH ID[ (UUR &RP *UXSR 1mR 'LVSRQtYHO 7HQWH QRYDPHQWH SURFXUH R ORFDO 7HQWRX VHOHFFLRQDU XP ORFDO GH GH JUXSR JUXSR RQGH DSHQDV SRGH VHU XWLOL]DGR R Q~PHUR GH XP ~QLFR ORFDO WDO FRPR TXDQGR DFUHVFHQWD ORFDLV SDUD XPD RSHUDomR GH PDUFDo}HV P~OWLSODV $ XQLGDGH QmR FRQVHJXH OLJDU DR HTXLSDPHQWR UHPRWR RX SHUGHX R FRQWDFWR GHYLGR D XP SUREOHPD QD OLQKD WHOHIyQLFD 7HQWH UHHQYLDU R ID[ 6H D IDOKD SHUVLVWLU DJXDUGH XPD KRUD RX PDLV SDUD D OLQKD ILFDU OLYUH H WHQWH QRYDPHQWH (UUR /LQKD QitvhÃ' # ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 0HQVDJHP (VJRWDGR 6LJQLILFDGR 1mR H[LVWH PDLV HVSDoR QD PHPyULD 6ROXomR $SDJXH GRFXPHQWRV GHVQHFHVViULRV RX UHWUDQVPLWD DVVLP TXH KRXYHU PDLV PHPyULD GLVSRQtYHO 3RGHUi WDPEpP GLYLGLU D WUDQVPLVVmR HP PDLV GH XPD RSHUDomR FDVR VH WUDWH XP WUDEDOKR JUDQGH 7HQWH UHHQYLDU R ID[ &HUWLILTXHVH TXH R HTXLSDPHQWR UHPRWR HVWi D IXQFLRQDU GHYLGDPHQWH 1mR 5HVSRQGH 2 HTXLSDPHQWR UHPRWR QmR UHVSRQGHX PHVPR GHSRLV GH WRGDV DV WHQWDWLYDV GH UHPDUFDomR 1mR $WULEXtGR 2 ORFDO GH PDUFDomR UiSLGD TXH 0DUTXH PDQXDOPHQWH R Q~PHUR WHQWRX XWLOL]DU QmR SRVVXL TXDOTXHU FRP R WHFODGR QXPpULFR RX DWULEXD Q~PHUR DWULEXtGR R Q~PHUR D XP ORFDO GH PDUFDomR UiSLGD 8WLOL]RX XP FyGLJR SROO LQFRUUHFWR DR SURJUDPDU ID]HU R SROOLQJ D RXWUR HTXLSDPHQWR 2 HTXLSDPHQWR GH ID[ UHPRWR DR TXDO SUHWHQGH ID]HU R SROOLQJ QmR HVWi SURQWR SDUD UHVSRQGHU DR VHX SHGLGR GH SROOLQJ 'LJLWH R FyGLJR SROO FRUUHFWR (UUR 3ROOLQJ 2 RSHUDGRU UHPRWR GHYH VDEHU DQWHFLSDGDPHQWH TXH HVWi D ID]HU R SROOLQJ FRORFDQGR R RULJLQDO QD UHVSHFWLYD XQLGDGH GH ID[ 7HQWH UHHQYLDU R ID[ /LQKD 2FXSDGD 2 ID[ UHPRWR QmR UHVSRQGHX BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' $ 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 5HVROYHU SUREOHPDV 2 TXDGUR TXH VH VHJXH HQXPHUD DOJXPDV FRQGLo}HV TXH SRGHP RFRUUHU H DV VROXo}HV UHFRPHQGDGDV 6LJD DV VROXo}HV VXJHULGDV DWp R SUREOHPD VHU FRUULJLGR 6H R SUREOHPD SHUVLVWLU FKDPH D DVVLVWrQFLD WpFQLFD 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH FySLD &RQGLomR 2 /&' QmR DFHQGH 6ROXomR VXJHULGD 9HULILTXH VH R HTXLSDPHQWR HVWi OLJDGR D XPD WRPDGD HOpFWULFD H VH D PHVPD HVWi D UHFHEHU FRUUHQWH $V FySLDV HVWmR PXLWR FODUDV 6H R RULJLQDO IRU FODUR XWLOL]H R ERWmR &ODUR RX PXLWR HVFXUDV (VFXUR SDUD HVFXUHFHU R IXQGR GDV FySLDV 6H R RULJLQDO IRU HVFXUR XWLOL]H R ERWmR &ODUR (VFXUR SDUD FODUHDU R IXQGR GDV FySLDV 0DQFKDV OLQKDV PDUFDV RX SRQWRV QDV FySLDV 6H RV GHIHLWRV H[LVWLUHP QR RULJLQDO SULPD R ERWmR &ODUR(VFXUR SDUD FODUHDU R IXQGR GDV FySLDV 6H QmR H[LVWLUHP QR RULJLQDO OLPSH R YLGUR GH H[SRVLomR H D SDUWH LQIHULRU GD WDPSD GR YLGUR GH H[SRVLomR &HUWLILTXHVH TXH R RULJLQDO HVWi FRUUHFWDPHQWH SRVLFLRQDGR VREUH R YLGUR GH H[SRVLomR 9HULILTXH VH R SDSHO GH FySLD VH HQFRQWUD FRUUHFWDPHQWH FRORFDGR &HUWLILTXHVH TXH R RULJLQDO HVWi FRORFDGR FRP D IDFH SDUD EDL[R VREUH R YLGUR GH H[SRVLomR RX FRP D IDFH SDUD FLPD QR $') $ LPDJHP GD FySLD HVWi GLVWRUFLGD &ySLDV HP EUDQFR $ LPDJHP GD FySLD DSDJDVH 6XEVWLWXD R SDSHO GD JDYHWD SRU SDSHO GH XPD IDFLOPHQWH QRYD HPEDODJHP (P iUHDV GH HOHYDGD KXPLGDGH QmR GHL[H SDSHO QR HTXLSDPHQWR SRU ORQJRV SHUtRGRV GH WHPSR QitvhÃ' % ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã &RQGLomR (QFUDYDPHQWRV IUHTXHQWHV GR SDSHO GH FySLD 6ROXomR VXJHULGD $UHMH D SLOKD GH SDSHO H GHSRLV FRORTXHD DR FRQWUiULR QD EDQGHMD 6XEVWLWXD R SDSHO GD EDQGHMD SRU XP QRYR IRUQHFLPHQWR 9HUILTXH DGMXVWH DV JXLDV GH SDSHO &HUWLILTXHVH TXH R SDSHO SRVVXL D JUDPDJHP DGHTXDGD JP 5HFRPHQGDVH SDSHO ERQG 9HULILTXH VH ILFRX SDSHO GH FySLD RX SHGDoRV GH SDSHO GH FySLD QR HTXLSDPHQWR GHSRLV GH HOLPLQDGR XP HQFUDYDPHQWR GH SDSHO 2 WRQHU SRGH HVWDU FRQFHQWUDGR QR FDUWXFKR 5HWLUH R FDUWXFKR $JLWHR H EDWD OHYHPHQWH DR ORQJR GD SDUWH VXSHULRU GR FDUWFXKR GH WRQHU VREUH XP UHFLSLHQWH GH UHVtGXRV 7RPH FXLGDGR SDUD QmR WRFDU QR WRQHU H[SRVWR QR ODGR HVTXHUGR GR FDUWXFKR $ TXDQWLGDGH GH WRQHU p LQIHULRU j SUHYLVWD H DSDUHFH QR YLVRU D PHQVDJHP 328&2 721(5 0HQRV FySLDV GR &DUWXFKR 2V RULJLQDLV FRQWrP LPDJHQV SDUWHV GHQVDV RX GH 7RQHU GR TXH DV SUHYLVWDV OLQKDV DFHQWXDGDV 2V RULJLQDLV VmR IRUPXOiULRV FLUFXODUHV OLYURV HWF 2 HTXLSDPHQWR p IUHTXHQWHPHQWH OLJDGR H GHVOLJDGR $ WDPSD GR YLGUR GH H[SRVLomR p PDQWLGD DEHUWD GXUDQWH D SURGXomR GH FySLDV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' & 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH LPSUHVVmR 3UREOHPD 2 HTXLSDPHQWR QmR LPSULPH 3RVVtYHO FDXVD 6ROXomR VXJHULGD 9HULILTXH D OLJDomR GR FDER 2 FDER 86% RX GH OLJDomR HP SDUDOHOR FRQIRUPH D , ((( QmR HVWi GHYLGDPHQWH OLJDGR 2 FDER 86% RX GH OLJDomR HP SDUDOHOR FRQIRUPH D , ((( SRVVXL GHIHLWRV $ FRQILJXUDomR GD SRUWD p LQFRUUHFWD 7HQWH OLJDU R FDER FRP XP FRPSXWDGRU H XPD LPSUHVVRUD TXH IXQFLRQHP 6H DLQGD DVVLP D LPSUHVVmR QmR IRU SRVVtYHO VXEVWLWXD R FDER 9HULILTXH DV GHILQLo}HV GD LPSUHVVRUD QR SDLQHO GH FRQWUROR GR :LQGRZV SDUD VH FHUWLILFDU TXH R WUDEDOKR GH LPSUHVVmR p HQYLDGR SDUD D SRUWD FRUUHFWD 3RU H[HPSOR /37 &HUWLILTXHVH TXH R FDUWXFKR GH WRQHU H R WDPERU HVWmR GHYLGDPHQWH LQVWDODGRV 2 FDUWXFKR GH WRQHU H WDPERU QmR IRUDP FRUUHFWDPHQWH LQVWDODGRV 2 GULYHU GH LPSUHVVRUD 5HLQVWDOH R VRIWZDUH SRGHUi HVWDU LQFRUUHFWDPHQWH LQVWDODGR $V HVSHFLILFDo}HV GR FDER GD SRUWD SDUDOHOD SRGHUmR HVWDU LQFRUUHFWDV 0HWDGD GD SiJLQD HVWi HP EUDQFR 8WLOL]H R FDER GH SRUWD SDUDOHOD FRQIRUPH D , ((( IRUQHFLGR FRP R HTXLSDPHQWR RX VXEVWLWXDR SRU XP FDER HP FRQIRUPLGDGH FRP D , ((( $ GLVSRVLomR GD SiJLQD 5HGX]D D GHILQLomR GD UHVROXomR GH p GHPDVLDGR GSL SDUD GSL , QVWDOH PDLV 5$0 FRPSOH[D QR FRPSXWDGRU $ RULHQWDomR GD SiJLQD $OWHUH D RULHQWDomR GD SiJLQD QD FDL[D SRGH HVWDU LQFRUUHFWD GH GLiORJR GH FRQILJXUDomR GD LPSUHVVRUD QitvhÃ' ' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3UREOHPD 3RVVtYHO FDXVD 6ROXomR VXJHULGD 6H R FRPSXWDGRU HVWLYHU HTXLSDGR FRP XPD SRUWD SDUDOHOD (&3 DFWLYH HVWH PRGR GH IXQFLRQDPHQWR &RQVXOWH D VHFomR UHODWLYD j DFWLYDomR GH FRPXQLFDo}HV D DOWD YHORFLGDGH GD LPSUHVVRUD QR JXLD GR XWLOL]DGRU GR VHX 3& 1R PHQX , QLFLDU GD EDUUD GH WDUHIDV VHOHFFLRQH 'HILQLo}HV H GHSRLV , PSUHVVRUDV 3ULPD R tFRQH GR VHX HTXLSDPHQWR FRP D WHFOD GLUHLWD GR UDWR 3ULPD 3URSULHGDGHV H GHSRLV GHILQLo}HV GR VSRRO QR VHSDUDGRU 'HWDOKHV 6HOHFFLRQH D GHILQLomR SUHWHQGLGD QDV RSo}HV GLVSRQtYHLV $ LPSUHVVmR p PXLWR $ SRUWD SDUDOHOD GR OHQWD FRPSXWDGRU SRGH QmR HVWDU FRQILJXUDGD SDUD FRPXQLFDo}HV D DOWD YHORFLGDGH 6H HVWLYHU D XWLOL]DU R :LQGRZV D GHILQLomR GR VSRRO SRGH HVWDU LQFRUUHFWD , QVWDOH PDLV 5$0 QR FRPSXWDGRU 2 FRPSXWDGRU SRGH QmR WHU PHPyULD 5$0 VXILFLHQWH 2 WUDEDOKR GH LPSUHVVmR p GHPDVLDGR JUDQGH ÈUHDV LUUHJXODUHV H GHVERWDGDV GH LPSUHVVmR 5HGX]D D UHVROXomR GH GSL SDUD GSL ([LVWH XP SUREOHPD GH 8WLOL]H DSHQDV SDSHO HP FRQIRUPLGDGH TXDOLGDGH GH SDSHO FRP DV HVSHFLILFDo}HV SDUD R HTXLSDPHQWR 2 WRQHU SRGH HVWDU D VHU GLVWULEXtGR GH IRUPD LUUHJXODU 5HWLUH R FDUWXFKR GH WRQHU H DJLWHR OLJHLUDPHQWH SDUD GLVWULEXLU R WRQHU XQLIRUPHPHQWH 'HSRLV UHLQVWDOH R FDUWXFKR GH WRQHU 0DQFKDV SUHWDV ([LVWH XP SUREOHPD GH 8WLOL]H DSHQDV SDSHO HP FRQIRUPLGDGH TXDOLGDGH GH SDSHO FRP DV HVSHFLILFDo}HV SDUD R HTXLSDPHQWR 2 SDSHO SRGH HVWDU GHPDVLDGR VHFR 7HQWH LPSULPLU FRP XP ORWH GH SDSHO GLIHUHQWH (VSDoRV HQWUH FDUDFWHUHV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ' ( 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 3UREOHPD 'LVSHUVmR GH IXQGR 3RVVtYHO FDXVD 2 SDSHO SRGH HVWDU GHPDVLDGR K~PLGR 6ROXomR VXJHULGD 7HQWH LPSULPLU FRP XP ORWH GH SDSHO GLIHUHQWH 1mR DEUD DV HPEDODJHQV GH SDSHO DWp VHU QHFHVViULR GH IRUPD D HYLWDU TXH R SDSHO DEVRUYD GHPDVLDGD KXPLGDGH GR DU , PSUHVVmR VREUH 6H IRU LPSULPLU HP HQYHORSHV DOWHUH D VXSHUItFLHV LUUHJXODUHV GLVSRVLomR GD LPSUHVVmR SDUD HYLWDU LPSULPLU VREUH iUHDV TXH WHQKDP SDUWHV TXH VH VREUHSRQKDP QR UHYHUVR )DOWDP FDUDFWHUHV 2 SDSHO SRGH HVWDU GHPDVLDGR K~PLGR 7HQWH LPSULPLU FRP XP ORWH GH SDSHO GLIHUHQWH 1mR DEUD DV HPEDODJHQV GH SDSHO DWp VHU QHFHVViULR GH IRUPD D HYLWDU TXH R SDSHO DEVRUYD GHPDVLDGD KXPLGDGH GR DU 9HUVR GD LPSUHVVmR VXMR )RQWHV LQFRUUHFWDV 2 UROR GH WUDQVIHUrQFLD , PSULPD DOJXPDV SiJLQDV HP EUDQFR SRGH HVWDU VXMR SDUD OLPSDU R UROR GH WUDQVIHUrQFLD $V IRQWHV 7UXH7\SH SRGHP HVWDU GHVDFWLYDGDV 2 WRQHU SRGH HVWDU D DFDEDU 8WLOL]H D FDL[D GH GLiORJR GDV IRQWHV GR SDLQHO GH FRQWUROR SDUD DFWLYDU DV IRQWHV 7UXH7\SH 5HWLUH R FDUWXFKR GH WRQHU H DJLWHR OHYHPHQWH SDUD GLVWULEXLU XQLIRUPHPHQWH R WRQHU 'HSRLV UHLQVWDOH R FDUWXFKR GH WRQHU &HUWLILTXHVH TXH SRVVXL XP FDUWXFKR GH WRQHU GH VXEVWLWXLomR *UiILFRV HVEDWLGRV QitvhÃ'! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3UREOHPD 6ROXomR VXJHULGD 2V RULJLQDLV VmR DOLPHQWDGRV &HUWLILTXHVH TXH DV JXLDV GR RULJLQDO HVWmR DMXVWDGDV j QD GLDJRQDO LQFOLQDGRV ODUJXUD GR RULJLQDO TXH HVWi D HQYLDU &HUWLILTXHVH TXH R RULJLQDO FXPSUH RV UHTXLVLWRV HVWDEHOHFLGRV SDUD D XWLOL]DomR FRP HVWH GLVSRVLWLYR 2 RULJLQDO QmR p LPSUHVVR QR &HUWLILTXHVH TXH RV RULJLQDLV IRUDP FRORFDGRV FRP D SDSHO GR )$; UHPRWR HPERUD IDFH SDUD FLPD QR DOLPHQWDGRU RX FRP D IDFH SDUD EDL[R HVWHMD D VHU HQYLDGR QR YLGUR GH H[SRVLomR 2V RULJLQDLV QmR VmR HQYLDGRV HPERUD DV RSHUDo}HV HVWHMDP D VHU UHDOL]DGDV QRUPDOPHQWH 1mR p SRVVtYHO UHFHEHU RV RULJLQDLV PHVPR SUHPLQGR >, QLFLDU@ &HUWLILTXHVH TXH R )$; UHPRWR p FRPSDWtYHO FRP R HTXLSDPHQWR (VWH HTXLSDPHQWR DFHLWD FRPXQLFDo}HV * PDV QmR FRPXQLFDo}HV * &HUWLILTXHVH RXYH R WRTXH DQWHV GH OHYDQWDU R DXVFXOWDGRU &HUWLILTXHVH TXH QmR SRXVD R DXVFXOWDGRU DQWHV GH SUHPLU >, QLFLDU@ 4XDQGR DWHQGH XPD FKDPDGD XWLOL]DQGR R DXVFXOWDGRU SDUD UHFHEHU XP )$; QmR SRXVH R DXVFXOWDGRU DWp SUHPLU >, QLFLDU@ H RXYLU D OLQKD WHOHIyQLFD D DOWHUQDU SDUD R HTXLSDPHQWR 9HULILTXH VH R ILR WHOHIyQLFR QmR IRL GHVOLJDGR &HUWLILTXHVH TXH R FDER GH DOLPHQWDomR QmR IRL GHVOLJDGR QD WRPDGD 9HULILTXH FRP D SHVVRD TXH HVWi D HQYLDU R RULJLQDO GH TXH QmR H[LVWHP SUREOHPDV FRP R ID[ UHPRWR &HUWLILTXHVH TXH IRL FRORFDGR SDSHO QR HTXLSDPHQWR 9HULILTXH VH R SDSHO HQFUDYRX 9HULILTXH FRP D SHVVRD TXH HQYLRX R RULJLQDO VH R PHVPR QmR SRVVXL GHIHLWRV 9HULILTXH FRP D SHVVRD TXH HQYLRX R RULJLQDO VH R SUREOHPD QmR UHVXOWD GH XPD IDOKD RX GH XP HUUR GH RSHUDGRU QR )$; UHPRWR 3RU H[HPSOR OkPSDGD RX YLGUR GH GLJLWDOL]DomR VXMR 6H R PHVPR SUREOHPD RFRUUHU TXDQGR SURGX] XPD FySLD QR VHX HTXLSDPHQWR OLPSH R WDPERU XVDQGR DV LQVWUXo}HV IRUQHFLGDV QD SiJLQD 1mR VDL SDSHO 2 RULJLQDO UHFHELGR p LPSUHVVR SUHWR H p LOHJtYHO RX VmR LPSUHVVDV IDL[DV SUHWDV VREUH R RULJLQDO BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'! 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH ID[ 3UREOHPD 2 SDSHO VDL PDV QmR p LPSUHVVR 6ROXomR VXJHULGD &HUWLILTXHVH TXH H[LVWH WRQHU VXILFLHQWH 9HULILTXH FRP D SHVVRD TXH HQYLRX R ID[ VH R RULJLQDO IRL FRUUHFWDPHQWH FRORFDGR SDUD D GLJLWDOL]DomR QR )$; UHPRWR QitvhÃ'!! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6H HVWLYHU D WHU SUREOHPDV RX VH R HTXLSDPHQWR EORTXHDU WHUi TXH R UHLQLFLDU 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD UHVWDXUDU H UHLQLFLDU R HTXLSDPHQWR 127$ (VWD VHTXrQFLD GH SURJUDPDomR GHYH VHU UHDOL]DGD HP VHJXQGRV ½ ½ ½ ½ 3ULPD D WHFOD >/LPSDU/LPSDU 7XGR@ 3ULPD D WHFOD GH QDYHJDomR 3ULPD D WHFOD GH QDYHJDomR 3ULPD QRYDPHQWH D WHFOD >/LPSDU/LPSDU 7XGR@ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ'!" 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 5HLQLFLDU R HTXLSDPHQWR QitvhÃ'!# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ([LVWHP YiULDV GHILQLo}HV GR VLVWHPD TXH UHTXHUHP SURJUDPDomR DQWHV GH SRGHU XWLOL]DU R :RUN&HQWUH 3UR (QFRQWUD GLVSRQtYHO R &RQWURO&HQWUH SDUD SURJUDPDU R HTXLSDPHQWR UHPRWR QR 3& RX QD HVWDomR GH WUDEDOKR (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH 3URJUDPDU R VLVWHPD 5HJXODU R YROXPH GR DOWLIDODQWH 'HILQLo}HV GRV GDGRV GR VLVWHPD 5HODWyULRV /LPSDU D PHPyULD &RQWURO&HQWUH BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ( 3URJUDPDomR GR VLVWHPD 3URJUDPDomR GR VLVWHPD 3URJUDPDU R VLVWHPD $WUDYpV GR PHQX 3URJUDP 6LVWHPD SRGH DOWHUDU YiULDV GHILQLo}HV QR HTXLSDPHQWR 2So}HV GH SURJUDPDomR GR VLVWHPD 2SomR 0RGR 5HFHSomR 'HVFULomR 2 HTXLSDPHQWR p FRQILJXUDGR SDUD UHFHEHU DXWRPDWLFDPHQWH XP ID[ ([LVWHP RXWURV PRGRV GH UHFHSomR GLVSRQtYHLV 7(/ 1R PRGR 7(/ R DWHQGLPHQWR H D UHFHSomR DXWRPiWLFRV GH ID[ HQFRQWUDPVH GHVDFWLYDGRV 3DUD UHFHEHU PDQXDOPHQWH XP ID[ OHYDQWH R DXVFXOWDGRU GR WHOHIRQH H[WHUQR RX SULPD 0DUFDomR 0DQXDO SDUD DFHLWDU D FKDPDGD 3RGH RXYLU YR] RX R VLQDO GH ID[ GR HTXLSDPHQWR UHPRWR 'HSRLV SULPD >, QLFLDU@ H SRXVH R DXVFXOWDGRU )$; 2 HTXLSDPHQWR DWHQGH XPD FKDPDGD H HQWUD LPHGLDWDPHQWH HP PRGR GH UHFHSomR GH ID[ 7(/)$; 2 HTXLSDPHQWR DWHQGH XPD FKDPDGD 6H R VLQDO GH ID[ QmR IRU GHWHFWDGR R HTXLSDPHQWR HPLWH XP WRTXH SDUD LQGLFDU XPD FKDPDGD GH YR] 3DUD DWHQGHU D FKDPDGD SULPD >, QLFLDU@ QR SDLQHO GH FRQWUROR H OHYDQWH R DXVFXOWDGRU 6H R DXVFXOWDGRU GR WHOHIRQH H[WHUQR QmR IRU OHYDQWDGR HQTXDQWR VRD R WRTXH R HTXLSDPHQWR SDVVD SDUD R PRGR GH UHFHSomR DXWRPiWLFD GH ID[ 5(')$; 8VH VH IRU OLJDU XP DWHQGHGRU DR ;HUR[ :RUN&HQWUH 3UR 6H R HTXLSDPHQWR GHWHFWDU XP VLQDO GH ID[ PXGD DXWRPDWLFDPHQWH SDUD R PRGR )$; 3RGHUi GHILQLU R SUHIL[R GH PDUFDomR DWp GtJLWRV (VWH Q~PHUR VHUi PDUFDGR SULPHLUR DQWHV GH LQLFLDU TXDOTXHU Q~PHUR GH PDUFDomR DXWRPiWLFD e ~WLO SDUD DFHGHU j PXGDQoD 3$%; 3RGHUi GHILQLU R YROXPH GR WRTXH SUHWHQGLGR (QFRQWUD GLVSRQtYHLV QtYHLV 2XYLUi R YROXPH VHOHFFLRQDGR H R YLVRU PRVWUDUi R QtYHO 'HILQLU SDUD R ODGR HVTXHUGR GHVDFWLYDUi R WRTXH 2 HTXLSDPHQWR IXQFLRQD QRUPDOPHQWH PHVPR FRP R WRTXH GHVDFWLYDGR 3UHIL[R 0DUFDomR 9ROXPH GR 7RTXH QitvhÃ(! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2SomR 6RP GH $YLVR 6RP GH 7HFODV &RQWU $OWLIDO 'HVFULomR &RP HVWD RSomR DFWLYDGD R VLQDO GH DODUPH VRD TXDQGR RFRUUH XP HUUR RX D FRPXQLFDomR GH ID[ WHUPLQD &RP HVWD RSomR DFWLYDGD p HPLWLGR XP VRP VHPSUH TXH p SUHPLGD XPD WHFOD 3RGHUi GHILQLU R DOWLIDODQWH SDUD 6, 0 1$2 RX &20 &RP HVWD RSomR GHILQLGD HP &20 R DOWLIDODQWH ILFD DFWLYDGR DWp R HTXLSDPHQWR UHPRWR UHVSRQGHU 3RGHUi VHOHFFLRQDU D OtQJXD GDV PHQVDJHQV GR YLVRU $V RSo}HV GLVSRQtYHLV VmR , QJOrV )UDQFrV (VSDQKRO 3RUWXJXrV $OHPmR , WDOLDQR 1HHUODQGrV 'LQDPDUTXrV 6XHFR )LQODQGrV H 1RUXHJXrV (VWD RSomR FRQILJXUD DV GHILQLo}HV GH FRPXQLFDomR GH ID[ FRUUHFWDV SDUD R VLVWHPD 3671 UHGH WHOHIyQLFD S~EOLFD UHODWLYDV D FDGD SDtV $V RSo}HV GLVSRQtYHLV VmR ÈXVWULD 'LQDPDUFD )LQOkQGLD $OHPDQKD *UpFLD 6XtoD , WiOLD +RODQGD 1RUXHJD 6XpFLD %pOJLFD 3RUWXJDO (VSDQKD 5HLQR 8QLGR )UDQoD H , VOkQGLD &RP HVWD RSomR DFWLYDGD SRGHUi SRXSDU R IRUQHFLPHQWR GH WRQHU $V VHOHFo}HV GR PRGR 86% VmR 5È3, '2 H /(172 5È3, '2 p R PRGR SRU GHIHLWR $OJXQV XWLOL]DGRUHV GH 3& SRGHUmR YHULILFDU XPD IUDFD LPSOHPHQWDomR GR 86% QR PRGR SRU GHIHLWR 6H LVWR RFRUUHU VHOHFFLRQH R PRGR /(172 SDUD REWHU UHVXOWDGRV EHP VXFHGLGRV &RP HVWD RSomR DFWLYDGD SRGH LPSULPLU SiJLQDV GH ID[ IUHQWH H YHUVR 3RGH VHOHFFLRQDU /$'2 0$, 25 RX /$'2 0(125 FRQVRDQWH D RULHQWDomR GH HQFDGHUQDomR SUHWHQGLGD 'HILQLU SDUD 1$2 GHVDFWLYD D RSomR 8WLOL]H HVWD RSomR SDUD GHILQLU D TXDOLGDGH GH LPDJHP SRU GHIHLWR JHUDO SDUD R HTXLSDPHQWR FRP EDVH QR WLSR GH RULJLQDLV D FRSLDU 8WLOL]H 1250$/ VH IRU XWLOL]DU R HTXLSDPHQWR SDUD WRGRV RV WLSRV GH RULJLQDLV VHOHFFLRQH 7(;72 VH IRU FRSLDU HVVHQFLDOPHQWH RULJLQDLV FRQWHQGR OLQKDV ILQDV H WH[WR RX VHOHFFLRQH , 0$*(0 VH IRU XWLOL]DU R HTXLSDPHQWR SDUD FRSLDU RULJLQDLV FRQWHQGR WRQDOLGDGHV RX FRUHV 6HOHF /LQJXD 6HOHFFLRQDU 3DtV 3RXSDU 7RQHU 0RGR 86% )D[ 'XSOH[ 4XDOLGDGH , PDJHP BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ(" 3URJUDPDomR GR VLVWHPD $OWHUDU DV RSo}HV GH SURJUDPDomR GR VLVWHPD 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD YLVXDOL]DU RX DOWHUDU DV RSo}HV GH SURJUDPDomR GR VLVWHPD SRU GHIHLWR ½ ½ ½ ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 3ULPD RX DWp DSDUHFHU ³352*5$0 6, 67(0$´ H GHSRLV SULPD >6HOHFFLRQDU@ 3ULPD RX SDUD VH GHVORFDU DWUDYpV GDV RSo}HV 3DUD YLVXDOL]DU RX DOWHUDU TXDOTXHU GHILQLomR DFWXDO SDUD TXDOTXHU XPD GDV RSo}HV GH SURJUDPDomR GR VLVWHPD HVFROKD XPD RSomR H SULPD >6HOHFFLRQDU@ $ GHILQLomR SRU GHIHLWR SDUD D VXD VHOHFomR DSDUHFHUi QD OLQKD LQIHULRU GR YLVRU ½ ½ ½ ½ 3ULPD RX SDUD YLVXDOL]DU DV RSo}HV GH GHILQLomR SDUD D IXQomR TXH VHOHFFLRQRX 3ULPD >6HOHFFLRQDU@ SDUD JUDYDU D VHOHFomR $SDUHFH D RSomR GH SURJUDPDomR GR VLVWHPD VHJXLQWH 5HSLWD R SURFHGLPHQWR SDUD FRQWLQXDU D DOWHUDU DV GHILQLo}HV 3ULPD >0HQX6DLU@ SDUD VDLU H YROWDU DR QtYHO GH PHQX DQWHULRU 3DUD YROWDU DR PRGR GH HVSHUD SULPD >3DUDU@ QitvhÃ(# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD UHJXODU R YROXPH GR DOWLIDODQWH ½ &HUWLILTXHVH TXH R YLVRU PRVWUD D GDWD H D KRUD PRGR GH HVSHUD GR ID[ &DVR FRQWUiULR SULPD >&ySLD)D['LJLWDOL]DomR@ DWp DSDUHFHU )$; H GHSRLV SULPD >6HOHFFLRQDU@ ½ ½ ½ 3ULPD >0DUFDomR 0DQXDO@ 2XYLUi R VLQDO GH PDUFDomR 3ULPD RX UHSHWLGDPHQWH DWp REWHU R YROXPH SUHWHQGLGR 2 YLVRU PRVWUD R DFWXDO QtYHO GH YROXPH 3ULPD >3DUDU@ SDUD JUDYDU D GHILQLomR H YROWDU DR PRGR GH HVSHUD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ($ 3URJUDPDomR GR VLVWHPD 5HJXODU R YROXPH GR DOWLIDODQWH 'HILQLo}HV GRV GDGRV GR VLVWHPD 2 HTXLSDPHQWR SRVVXL YiULDV RSo}HV GH GDGRV GR VLVWHPD VHOHFFLRQiYHLV SHOR XWLOL]DGRU (VWDV RSo}HV VmR SUpGHILQLGDV QD IiEULFD PDV SRGH DOWHUiODV 3DUD VDEHU FRPR VH HQFRQWUDP DFWXDOPHQWH GHILQLGDV LPSULPD D /LVWD GH 'DGRV GR 6LVWHPD 127$ 3RGHUi KDYHU UHVWULo}HV SDUD DOJXPDV GDV GHILQLo}HV GRV 'DGRV GR 6LVWHPD GHYLGR D UHJXODPHQWRV YLJHQWHV QR SDtV 68*(672 3DUD PDLV LQIRUPDo}HV VREUH D /LVWD GH 'DGRV GR 6LVWHPD FRQVXOWH ³, PSULPLU UHODWyULRV´ QD SiJLQD 2So}HV GRV GDGRV GR VLVWHPD 2SomR )RUPDWR 3DSHO 'HVFULomR 8VH SDUD GHILQLU R IRUPDWR GH SDSHO SRU GHIHLWR SDUD D EDQGHMD H EDQGHMD E\SDVV ± /HWWHU $ RX /HJDO [ PP [ SRO 127$ 3DUD DOLPHQWDU VXSRUWHV GH LPSUHVVmR GH IRUPDWR LQIHULRU D $ /HWWHU DWUDYpV GD EDQGHMD E\SDVV SRGHUi GHILQLU R IRUPDWR SDUD $ /HWWHU RX /HJDO &RQI 0HQVDJHP 8WLOL]H SDUD DFWLYDU XP UHODWyULR LQGLFDQGR VH D WUDQVPLVVmR IRL EHP VXFHGLGD TXDQWDV SiJLQDV IRUDP HQYLDGDV H LQIRUPDo}HV DGLFLRQDLV $V RSo}HV VmR 6, 0 1$2 RX (55 (55 LPSULPH DSHQDV TXDQGR D WUDQVPLVVmR QmR p EHP VXFHGLGD 8WLOL]H SDUD DFWLYDU XP UHODWyULR FRP LQIRUPDo}HV GHWDOKDGDV VREUH DV RSHUDo}HV GH FRPXQLFDomR DQWHULRUHV LQFOXLQGR D GDWD H D KRUD $V GHILQLo}HV RSFLRQDLV VmR 6, 0 RX 1$2 2 &RG 5HFHSomR SHUPLWHOKH LQLFLDU XPD UHFHSomR GH ID[ D SDUWLU GH XP WHOHIRQH GH H[WHQVmR OLJDGR j WRPDGD (;7 GR :RUN&HQWUH 3UR 6H OHYDQWDU R DXVFXOWDGRU GR WHOHIRQH GH H[WHQVmR H RXYLU VLQDO GH ID[ GLJLWH R FyGLJR GH UHFHSomR H SULPD , QLFLDU 2 &RG 5HFHSomR YHP GH RULJHP SUpGHILQLGR HP 2V YDORUHV YDULDP HQWUH H 5HJLVWR $XWR &RG 5HFHSomR QitvhÃ(% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2SomR 3RXSDU (QHUJLD 'HVFULomR 2 LWHP GH PHQX GH SRXSDQoD GH HQHUJLD SHUPLWHOKH UHGX]LU D XWLOL]DomR GH HQHUJLD TXDQGR R HTXLSDPHQWR HVWi LQDFWLYR 6HOHFFLRQH 6, 0 SDUD DFWLYDU HVWD IXQomR 2 YLVRU SHGHOKH SDUD HVFROKHU R OLPLWH GH WHPSR TXH R HTXLSDPHQWR HVSHUD GHSRLV GH LPSULPLU XP WUDEDOKR DQWHV GH PXGDU SDUD XP HVWDGR GH SRWrQFLD UHGX]LGD 6HOHFFLRQH 1$2 SDUD GHVDFWLYDU HVWD IXQomR 0DQWpP R HTXLSDPHQWR SURQWR D LPSULPLU FRP R PtQLPR GH WHPSR GH DTXHFLPHQWR 2 PRGR GH FRUUHFomR GH HUURV FRPSHQVD D IUDFD TXDOLGDGH GDV OLQKDV $V RSo}HV VmR 6, 0 RX 1$2 6H D TXDOLGDGH GD OLQKD IRU IUDFD R WHPSR GH WUDQVPLVVmR SRGHUi DXPHQWDU VH R (&0 HVWLYHU DFWLYDGR $R UHFHEHU XP GRFXPHQWR FRP R PHVPR FRPSULPHQWR RX FRPSULPHQWR PDLRU GR TXH R SDSHO FRORFDGR QR HTXLSDPHQWR HVWH SRGHUi UHGX]LU R IRUPDWR SDUD TXH FDLED QR IRUPDWR GH SDSHO FRORFDGR QR :RUN&HQWUH 3UR 8WLOL]H HVWD IXQomR VH TXLVHU UHGX]LU DXWRPDWLFDPHQWH XPD SiJLQD UHFHELGD 6H R :RUN&HQWUH 3UR QmR SRGHU UHGX]LU R GRFXPHQWR GH IRUPD D FDEHU QXPD SiJLQD R PHVPR p GLYLGLGR H LPSUHVVR HP WDPDQKR UHDO HP GXDV RX PDLV SiJLQDV &RP D 5HGXomR +RUL]RQWDO DFWLYDGD R HTXLSDPHQWR UHGX] XP GRFXPHQWR UHFHELGR DSHQDV DR ORQJR GR HL[R YHUWLFDO $R UHFHEHU XP GRFXPHQWR FRP R PHVPR FRPSULPHQWR RX FRPSULPHQWR PDLRU GR TXH R GR SDSHO FRORFDGR QR HTXLSDPHQWR SRGH FRQILJXUDU R ID[ SDUD LJQRUDU TXDOTXHU H[FHVVR QD SDUWH LQIHULRU GD SiJLQD 6H D SiJLQD UHFHELGD HVWLYHU IRUD GD PDUJHP GHILQLGD LPSULPLUi HP GXDV IROKDV GH SDSHO HP WDPDQKR UHDO 6H R GRFXPHQWR HVWLYHU GHQWUR GD PDUJHP H D IXQomR GH UHGXomR DXWRPiWLFD HVWLYHU DFWLYDGD R GRFXPHQWR VHUi UHGX]LGR SDUD FDEHU QR GHYLGR IRUPDWR GH SDSHO QmR p LJQRUDGR 6H D IXQomR GH UHGXomR DXWRPiWLFD HVWLYHU GHVDFWLYDGD RX IDOKDU RV GDGRV GD PDUJHP VHUmR LJQRUDGRV $V GHILQLo}HV YDULDP HQWUH H PP 2 :RUN&HQWUH 3UR SRGH UHPDUFDU DXWRPDWLFDPHQWH R Q~PHUR GH XP ID[ UHPRWR VH HVWH HVWDYD RFXSDGR e SRVVtYHO VHOHFFLRQDU LQWHUYDORV GH D PLQXWRV (VSHFLILFD R Q~PHUR GH WHQWDWLYDV GH UHPDUFDomR GH D GR :RUN&HQWUH 3UR (VSHFLILFD R Q~PHUR GH YH]HV TXH R :RUN&HQWUH 3UR WRFD ± DQWHV GH DWHQGHU XPD FKDPDGD UHFHELGD 0RGR (&0 5HGXomR 5HFHS , JQRUDU )RUPDWR , QWHUY 5HPDUF 5HPDUFDo}HV 5HVS DR 7RTXH BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ(& 3URJUDPDomR GR VLVWHPD 2SomR (QYLR GH 0HPyULD 'HVFULomR 4XDQGR DFWLYDGR WRGRV RV GRFXPHQWRV GH WUDQVPLVVmR GH ID[ VmR DXWRPDWLFDPHQWH GLJLWDOL]DGRV SDUD D PHPyULD 1mR VHUi QHFHVViULR DJXDUGDU DWp TXH RV GRFXPHQWRV TXH VH HQFRQWUDP QR $OLPHQWDGRU $XWRPiWLFR VHMDP HQYLDGRV DQWHV GH SRGHU HQYLDU RX JXDUGDU RXWURV WUDEDOKRV GH ID[ 4XDQGR DFWLYDGR R :RUN&HQWUH 3UR LPSULPH DXWRPDWLFDPHQWH R Q~PHUR GH SiJLQDV H D GDWD H KRUD GD UHFHSomR QD SDUWH LQIHULRU GH FDGD SiJLQD GH XP GRFXPHQWR UHFHELGR 3RGHUi FRQILJXUDU R VHX HTXLSDPHQWR SDUD DSUHVHQWDU DV KRUDV XWLOL]DQGR XP IRUPDWR GH RX KRUDV , ' /RFDO 0RGR 5HOyJLR 'HILQLU DV RSo}HV GRV GDGRV GR VLVWHPD 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD FRORFDU DV RSo}HV GRV 'DGRV GR 6LVWHPD QDV GHILQLo}HV SRU GHIHLWR ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX '$'26 '2 6, 67(0$ 2 YLVRU PRVWUD R SULPHLUR PHQX ³)250$72 3$3(/´ GD RSomR GRV GDGRV GR VLVWHPD QD OLQKD LQIHULRU ½ ½ ½ ½ ½ 'HVORTXHVH DWUDYpV GDV RSo}HV SUHPLQGR UHSHWLGDPHQWH RX $VVLP TXH D RSomR TXH SUHWHQGH DSDUHFHU QR YLVRU SULPD >6HOHFFLRQDU@ (VFROKD R HVWDGR SUHWHQGLGR SUHPLQGR UHSHWLGDPHQWH RX $VVLP TXH R HVWDGR SUHWHQGLGR DSDUHFHU SULPD >6HOHFFLRQDU@ 3RGHUi VDLU GR PRGR GH SURJUDPDomR HP TXDOTXHU DOWXUD SUHPLQGR >0HQX6DLU@ RX >3DUDU@ 0HQX6DLU UHJUHVVD DR QtYHO GH PHQX DQWHULRU 3DUDU UHJUHVVD DR PRGR GH HVSHUD QitvhÃ(' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã (QFRQWUD YiULRV UHODWyULRV H OLVWDV GLVSRQtYHLV QR HTXLSDPHQWR 2V UHODWyULRV DMXGDPQR D FRQWURODU R HTXLSDPHQWR H D DFWLYLGDGH GH ID[ 3RGHUmR VHU FRQILJXUDGRV UHODWyULRV SDUD LQFOXLU LQIRUPDo}HV HVSHFtILFDV RX SDUD LPSULPLU DXWRPDWLFDPHQWH 2 HTXLSDPHQWR SRGH LPSULPLU UHODWyULRV FRQWHQGR LQIRUPDo}HV ~WHLV ± 7UDEDOKR $JHQGDGR 'DGRV GR 6LVWHPD HWF 127$ 3DUD PDLV LQIRUPDo}HV VREUH 5HODWyULRV FRQVXOWH R &' FRP D 'RFXPHQWDomR GR &OLHQWH (QFRQWUDPVH GLVSRQtYHLV RV VHJXLQWHV UHODWyULRV &RQILUPDomR GH 0HQVDJHP (VWH UHODWyULR LQGLFD R Q~PHUR GH ID[ R Q~PHUR GH SiJLQDV R WHPSR GD RSHUDomR GHFRUULGR R PRGR GH FRPXQLFDomR H RV UHVXOWDGRV GD FRPXQLFDomR 3RGHUi FRQILJXUDU R HTXLSDPHQWR SDUD LPSULPLU R UHODWyULR GH FRQILUPDomR GD PHQVDJHP GH XPD GDV VHJXLQWHV IRUPDV $XWRPDWLFDPHQWH DSyV FDGD WUDQVPLVVmR 6, 0 $XWRPDWLFDPHQWH DSHQDV VH RFRUUHU XP HUUR GXUDQWH D WUDQVPLVVmR (55 1HQKXP UHODWyULR LPSUHVVR 1$2 3RGHUi LPSULPLU HVWH UHODWyULR PDQXDOPHQWH VHPSUH TXH GHVHMDU , QIRUPDomR $JHQGD (VWD OLVWD PRVWUD R GRFXPHQWR DFWXDOPHQWH JXDUGDGR SDUD R HQYLR UHWDUGDGR HQYLR SULRULWiULR HQYLR GH JUXSR H HQYLR SROOLQJ $ OLVWD PRVWUD D KRUD GH LQtFLR R WLSR GH RSHUDomR HWF (VWD OLVWD PRVWUD WRGRV RV Q~PHURV DFWXDOPHQWH JXDUGDGRV QD PHPyULD GR HTXLSDPHQWR WDO FRPR RV Q~PHURV GH 0DUFDomR 5iSLGD H 0DUFDomR *UXSR (VWD OLVWD DSUHVHQWD R HVWDGR GDV RSo}HV VHOHFFLRQiYHLV SHOR XWLOL]DGRU 'HSRLV GH DOWHUDU TXDOTXHU GHILQLomR SULPD HVWD OLVWD SDUD FRQILUPDU DV DOWHUDo}HV (VWH UHODWyULR DSUHVHQWD LQIRUPDo}HV UHODWLYDV jV DFWLYLGDGHV GH WUDQVPLVVmR UHFHQWHPHQWH UHDOL]DGDV /LVWD 7HOHIyQLFD /LVWD GH 'DGRV GR 6LVWHPD 5HJLVWR GH (QYLR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ(( 3URJUDPDomR GR VLVWHPD 5HODWyULRV 5HJLVWR GH 5HFHSomR /LVWD GH , QIRUPDomR 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV 5HODWyULR GH )DOWD GH (QHUJLD (VWH UHODWyULR DSUHVHQWD LQIRUPDo}HV UHODWLYDV jV DFWLYLGDGHV GH UHFHSomR UHFHQWHPHQWH UHDOL]DGDV (VWD OLVWD PRVWUD DV IXQo}HV H FRPDQGRV EiVLFRV D XWLOL]DU FRPR XP JXLD GH UHIHUrQFLD UiSLGD (VWH UHODWyULR p DXWRPDWLFDPHQWH LPSUHVVR GHSRLV GH HQYLDU GRFXPHQWRV RX UHFHEHU GRFXPHQWRV GH PDLV GH XP ORFDO (VWH UHODWyULR p DXWRPDWLFDPHQWH LPSUHVVR TXDQGR D HQHUJLD p UHVWDXUDGD DSyV XPD IDOKD GH HQHUJLD WHQGR FRQVHTXHQWHPHQWH RFRUULGR SHUGD GH GDGRV 127$ 2V UHODWyULRV TXH GHILQLX SDUD VHUHP LPSUHVVRV DXWRPDWLFDPHQWH QmR VHUmR LPSUHVVRV VH QmR KRXYHU SDSHO FRORFDGR RX R SDSHO WLYHU HQFUDYDGR , PSULPLU UHODWyULRV ½ ½ 3ULPD >5HODWyULRV@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX &21) 0(16$*(0 3ULPD >5HODWyULRV@ UHSHWLGDPHQWH DWp HQFRQWUDU UHODWyULR TXH SUHWHQGH LPSULPLU H GHSRLV SULPD >6HOHFFLRQDU@ 6HUi LPSUHVVR R UHODWyULR VHOHFFLRQDGR QitvhÃ( ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3RGHUi VHOHFWLYDPHQWH DSDJDU DV VHJXLQWHV LQIRUPDo}HV DUPD]HQDGDV QD PHPyULD GR HTXLSDPHQWR , ' '2 6, 67(0$ '$'26 6, 67(0$ /67 7(/0(0 2 Q~PHUR H R QRPH GH ID[ VmR DSDJDGRV GD PHPyULD GR HTXLSDPHQWR 5HS}H WRGDV DV RSo}HV VHOHFFLRQiYHLV SHOR XWLOL]DGRU QRV YDORUHV SRU GHIHLWR $SDJD RV Q~PHURV GH PDUFDomR UiSLGD RX PDUFDomR GH JUXSR DUPD]HQDGRV QD PHPyULD $OpP GLVVR WRGDV DV RSHUDo}HV $JHQGDU 7UDE TXH WLYHU UHVHUYDGR VmR WDPEpP FDQFHODGDV $SDJD WRGRV RV UHJLVWRV GH WUDQVPLVV}HV H UHFHSo}HV 8WLOL]H DV VHJXLQWHV LQVWUXo}HV SDUD DSDJDU DV LQIRUPDo}HV SUHWHQGLGDV GD PHPyULD GR HTXLSDPHQWR 5(*, 672 (195; ½ ½ 3ULPD >0HQX6DLU@ QR SDLQHO GH FRQWUROR 2 YLVRU PRVWUD R SULPHLUR PHQX '$'26 '2 6, 67(0$ 3ULPD RX DWp DSDUHFHU ³$3$*$5 0(0Ï5, $´ H GHSRLV SULPD >6HOHFFLRQDU@ 2 YLVRU PRVWUD RV LWHQV TXH SRGH HVFROKHU DSDJDU 3ULPD RX DWp HQFRQWUDU R LWHP TXH SUHWHQGH DSDJDU H SULPD >6HOHFFLRQDU@ SDUD DSDJDU R LWHP 3DUD VDLU VHP DSDJDU R LWHP SULPD D WHFOD >0HQX6DLU@ 5HSLWD R SURFHGLPHQWR SDUD DSDJDU RXWUR LWHP RX SULPD >0HQX6DLU@ RX >3DUDU@ SDUD VDLU H UHJUHVVDU DR PRGR GH HVSHUD ½ ½ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ( 3URJUDPDomR GR VLVWHPD /LPSDU D PHPyULD &RQWURO&HQWUH 8WLOL]DQGR R &RQWURO&HQWUH GR ;HUR[ :RUN&HQWUH 3UR SRGHUi FRQILJXUDU RSo}HV GH GDGRV GR VLVWHPD GH ID[ FULDU H HGLWDU HQWUDGDV GD OLVWD WHOHIyQLFD RX FRQVXOWDU LQIRUPDo}HV GR HTXLSDPHQWR :RUN&HQWUH 3UR QR VHX FRPSXWDGRU SHVVRDO 'HSRLV GH FRQILJXUDU RSo}HV GH GDGRV GH ID[ RX FULDU OLVWDV WHOHIyQLFDV EDVWD SUHPLU >$SOLFDU@ QR HFUm GR &RQWURO&HQWUH SDUD GHVFDUUHJDU DV QRYDV GHILQLo}HV SDUD R HTXLSDPHQWR :RUN&HQWUH 3UR , QVWDODU R &RQWURO&HQWUH $R LQVWDODU R VRIWZDUH GR ;HUR[ :RUN&HQWUH 3UR LQVWDOD DXWRPDWLFDPHQWH R XWLOLWiULR &RQWURO&HQWUH GR ;HUR[ :RUN&HQWUH 3UR 68*(672 3DUD LQIRUPDo}HV VREUH D LQVWDODomR GR VRIWZDUH GR :RUN&HQWUH 3UR FRQVXOWH R &DStWXOR ³'HVFULomR JHUDO GR HTXLSDPHQWR´ ([HFXWDU R &RQWURO&HQWUH 8WLOL]H DV VHJXLQWHV LQVWUXo}HV SDUD H[HFXWDU R &RQWURO&HQWUH ½ ½ ½ , QLFLH R VRIWZDUH GR :LQGRZV 3ULPD R ERWmR >, QLFLDU@ QR DPELHQWH GH WUDEDOKR GR FRPSXWDGRU (P 3URJUDPDV VHOHFFLRQH >;HUR[ :RUN&HQWUH 3UR @ H GHSRLV >&RQWURO&HQWUH @ $SDUHFH R HFUm &RQWURO&HQWUH GR ;HUR[ :RUN&HQWUH 3UR QitvhÃ( ! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 &RQWURO&HQWUH FRORFD j GLVSRVLomR FLQFR VHSDUDGRUHV 'HILQLo}HV $YDQoDGDV /LVWD GH 7HOHIRQHV , QIRUPDomR $FWXDOL]DomR GR )LUPZDUH 3DUD VDLU GR &RQWURO&HQWUH SULPD R ERWmR >6DLU@ QD SDUWH LQIHULRU GR HFUm GH FDGD VHSDUDGRU 3DUD PDLV LQIRUPDo}HV SULPD R ERWmR >$MXGD@ QD SDUWH LQIHULRU GR HFUm GH FDGD VHSDUDGRU 127$ 6HPSUH TXH DOWHUDU DV GHILQLo}HV QR &RQWURO&HQWUH RX H[HFXWDU R &RQWURO&HQWUH D SURJUDPDomR GR HTXLSDPHQWR H GR &RQWURO&HQWUH VHUi DXWRPDWLFDPHQWH DFWXDOL]DGD SDUD RV YDORUHV PDLV UHFHQWHV TXH WLYHU VHOHFFLRQDGR QR HTXLSDPHQWR RX QR &RQWURO&HQWUH BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ( " 3URJUDPDomR GR VLVWHPD 8WLOL]DU R &RQWURO&HQWUH 6HSDUDGRU 'HILQLo}HV 6HOHFFLRQH R VHSDUDGRU >'HILQLo}HV@ SDUD FRQILJXUDU DV GHILQLo}HV GRV 'DGRV GR 6LVWHPD )D[ /r DV DFWXDLV GHILQLo}HV QR HTXLSDPHQWR :RUN&HQWUH 3UR GHSRLV DFWXDOL]D R &RQWURO&HQWUH FRP DV DFWXDLV GHILQLo}HV GR HTXLSDPHQWR 7UDQVIHUH DV GHILQLo}HV IHLWDV QR &RQWURO&HQWUH SDUD R HTXLSDPHQWR :RUN&HQWUH 3UR 68*(672 3DUD LQIRUPDo}HV VREUH DV RSo}HV GDV GHILQLo}HV GRV 'DGRV GR 6LVWHPD FRQVXOWH ³'HILQLo}HV GRV GDGRV GR VLVWHPD´ QD SiJLQD QitvhÃ( # ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 6HOHFFLRQH R VHSDUDGRU >$YDQoDGDV@ SDUD DOWHUDU DV RSo}HV 3URJUDP 6LVWHPD )D[ SRU GHIHLWR 68*(672 3DUD LQIRUPDo}HV VREUH DV RSo}HV 3URJUDP 6LVWHPD FRQVXOWH ³3URJUDPDomR GR VLVWHPD´ QD SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ( $ 3URJUDPDomR GR VLVWHPD 6HSDUDGRU $YDQoDGDV 6HSDUDGRU /LVWD GH 7HOHIRQHV 3ULPD R VHSDUDGRU >/LVWD GH 7HOHIRQHV@ SDUD FULDU H HGLWDU HQWUDGDV GD OLVWD WHOHIyQLFD /r DV HQWUDGDV GD OLVWD WHOHIyQLFD GR HTXLSDPHQWR :RUN&HQWUH 3UR SDUD R &RQWURO&HQWUH 3HUPLWHOKH WUDQVIHULU DV HQWUDGDV GD OLVWD WHOHIyQLFD GR &RQWURO&HQWUH SDUD R HTXLSDPHQWR :RUN&HQWUH 3UR 3HUPLWHOKH HGLWDU XPD HQWUDGD GH OLVWD WHOHIyQLFD VHOHFFLRQDGD QXPD FDL[D GH GLiORJR (GLWDU VHSDUDGD $SDJD XPD HQWUDGD VHOHFFLRQDGD GH OLVWD WHOHIyQLFD (QWUDGDV GD OLVWD WHOHIyQLFD $SDJD WRGDV DV HQWUDGDV GD OLVWD WHOHIyQLFD QitvhÃ( % ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3ULPD R VHSDUDGRU >, QIRUPDomR@ SDUD FRQVXOWDU LQIRUPDo}HV UHODWLYDV j YHUVmR GR VRIWZDUH H GLYHUVRV FRQWDGRUHV 2V FRQWDGRUHV SHUPLWHPOKH YHULILFDU TXDQWDV GLJLWDOL]Do}HV H LPSUHVV}HV IRUDP IHLWDV H TXDQWRV HQFUDYDPHQWRV DFRQWHFHUDP QR HTXLSDPHQWR 1~PHUR GH GLJLWDOL]Do}HV XWLOL]DQGR R YLGUR GH H[SRVLomR 1~PHUR GH LPSUHVV}HV UHDOL]DGR SHOR HTXLSDPHQWR 1~PHUR GH HQFUDYDPHQWRV QR $') 1~PHUR GH GLJLWDOL]Do}HV XWLOL]DQGR R $') 1~PHUR GH LPSUHVV}HV XWLOL]DQGR R WDPERU 1~PHUR GH HQFUDYDPHQWRV GXUDQWH D LPSUHVVmR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ( & 3URJUDPDomR GR VLVWHPD 6HSDUDGRU , QIRUPDomR 6HSDUDGRU $FWXDOL]DU )LUPZDUH 3ULPD R VHSDUDGRU >$FWXDOL]DU )LUPZDUH@ SDUD DFWXDOL]DU R ILUPZDUH GR HTXLSDPHQWR 127$ (VWD IXQomR GHYH VHU XWLOL]DGD SRU XP UHSUHVHQWDQWH GD ;HUR[ &RQWDFWH R UHSUHVHQWDWH ;HUR[ ORFDO RX UHSUHVHQWDQWH DXWRUL]DGR SDUD PDLV LQIRUPDo}HV QitvhÃ( ' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2V HTXLSDPHQWRV H FRQVXPtYHLV ;HUR[ IRUDP FRQFHELGRV H WHVWDGRV GH PRGR D UHVSHLWDU ULJRURVRV UHTXLVLWRV GH VHJXUDQoD (QWUH HVWHV UHTXLVLWRV LQFOXHPVH D KRPRORJDomR SRU SDUWH GH HQWLGDGHV TXH UHJXODP D VHJXUDQoD H D FRQIRUPLGDGH FRP QRUPDV DPELHQWDLV HVWDEHOHFLGDV /HLD DV VHJXLQWHV LQVWUXo}HV FRP DWHQomR DQWHV GH XVDU R HTXLSDPHQWR H FRQVXOWHDV VHPSUH TXH IRU QHFHVViULR SDUD JDUDQWLU XPD XWLOL]DomR VHJXUD GR HTXLSDPHQWR 2V WHVWHV GH VHJXUDQoD H R GHVHPSHQKR GHVWH HTXLSDPHQWR IRUDP YHULILFDGRV XVDQGR DSHQDV PDWHULDLV GD ;(52; 6LJD WRGRV RV DYLVRV H LQVWUXo}HV DVVLQDODGRV QR HTXLSDPHQWR RX IRUQHFLGRV FRP R PHVPR (VWH VtPEROR GH $9, 62 DOHUWD RV XWLOL]DGRUHV SDUD D SRVVLELOLGDGH GH IHULPHQWRV SHVVRDLV (VWH VtPEROR GH $9, 62 DOHUWD RV XWLOL]DGRUHV UHODWLYDPHQWH D VXSHUItFLHV DTXHFLGDV $9, 62 (VWH HTXLSDPHQWR GHYH VHU OLJDGR D XPD WRPDGD FRP OLJDomR D WHUUD (VWH HTXLSDPHQWR HVWi HTXLSDGR FRP XPD ILFKD HOpFWULFD GH WUrV FRQGXWRUHV H R UHVSHFWLYR SyOR GH WHUUD (VWD ILFKD HQWUDUi DSHQDV QXPD WRPDGD FRP OLJDomR D WHUUD 7UDWDVH GH XPD PHGLGD GH VHJXUDQoD 3DUD HYLWDU R ULVFR GH FKRTXH HOpFWULFR FRQWDFWH R VHX HOHFWULFLVWD SDUD VXEVWLWXLU D WRPDGD HOpFWULFD FDVR QmR FRQVLJD OLJDU D ILFKD QDV WRPDGDV GLVSRQtYHLV 1XQFD XVH XPD ILFKD DGDSWDGRUD FRP OLJDomR WHUUD SDUD OLJDU R HTXLSDPHQWR D XPD WRPDGD VHP OLJDomR WHUUD (VWH HTXLSDPHQWR GHYH VHU XVDGR FRP R WLSR GH FRUUHQWH HOpFWULFD LQGLFDGR QD HWLTXHWD GH PDUFDomR 6H QmR WLYHU D FHUWH]D TXDQWR DR WLSR GH FRUUHQWH HOpFWULFD GLVSRQtYHO FRQVXOWH D HPSUHVD TXH OKH IRUQHFH D HOHFWULFLGDGH 1mR FRORTXH QDGD HP FLPD GR FDER GH DOLPHQWDomR 1mR FRORTXH R HTXLSDPHQWR HP ORFDLV RQGH DV SHVVRDV SRVVDP SLVDU R FDER GH DOLPHQWDomR RX WURSHoDU QHOH BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ6 $QH[R $ 1RWDV UHODWLYDV D VHJXUDQoD $QH[R $ 1RWDV UHODWLYDV D VHJXUDQoD 1mR VH UHFRPHQGD QHP p DXWRUL]DGD D XWLOL]DomR GH XPD H[WHQVmR HOpFWULFD FRP HVWH HTXLSDPHQWR 6H WLYHU TXH VHU XWLOL]DGD XPD H[WHQVmR FRP D GHYLGD OLJDomR WHUUD RV XWLOL]DGRUHV GHYHP YHULILFDU RV FyGLJRV GH FRQVWUXomR H RV UHTXLVLWRV GH VHJXUDQoD 'HYH VHU DYHULJXDGR VH D DPSHUDJHP GR SURGXWR OLJDGR D XPD H[WHQVmR HOpFWULFD QmR H[FHGH D DPSHUDJHP HVWDEHOHFLGD SDUD HVVD H[WHQVmR 3DUD DOpP GLVVR GHYH VHU YHULILFDGR VH D DPSHUDJHP WRWDO GRV HTXLSDPHQWRV OLJDGRV jV WRPDGDV HOpFWULFDV QmR H[FHGH D DPSHUDJHP HVWDEHOHFLGD SDUD HVVDV WRPDGDV 2 GLVSRVLWLYR TXH FRUWD D FRUUHQWH GHVWH SURGXWR p R FDER GH DOLPHQWDomR 3DUD FRUWDU WRGD D FRUUHQWH HOpFWULFD GR HTXLSDPHQWR GHVOLJXH R FDER GH DOLPHQWDomR GD WRPDGD 2 VHX HTXLSDPHQWR GLVS}H GH XP GLVSRVLWLYR GH SRXSDQoD GH HQHUJLD TXH HQWUD HP DFomR TXDQGR R HTXLSDPHQWR QmR HVWi D VHU XWLOL]DGR SHOR TXH SRGH ILFDU VHPSUH OLJDGR 'HVOLJXH R FDER GH DOLPHQWDomR GD WRPDGD DQWHV GH OLPSDU R HTXLSDPHQWR 8VH VHPSUH RV SURGXWRV LQGLFDGRV SDUD HVWH HTXLSDPHQWR $ XWLOL]DomR GH RXWURV SURGXWRV SRGHUi UHVXOWDU QXP GHVHPSHQKR LQIHULRU H HP VLWXDo}HV SRWHQFLDOPHQWH SHULJRVDV 1mR XVH SURGXWRV GH OLPSH]D HP VSUD\ 6LJD DV LQVWUXo}HV IRUQHFLGDV QHVWH *XLD GR 8WLOL]DGRU VREUH RV PpWRGRV GH OLPSH]D DGHTXDGRV 1XQFD XVH FRQVXPtYHLV QHP SURGXWRV GH OLPSH]D SDUD ILQV GLIHUHQWHV GDTXHOHV D TXH VH GHVWLQDP 0DQWHQKD WRGRV RV FRQVXPtYHLV H SURGXWRV GH OLPSH]D IRUD GR DOFDQFH GDV FULDQoDV 1mR XVH HVWH HTXLSDPHQWR SHUWR GH iJXD HP ORFDLV K~PLGRV QHP DR DU OLYUH 1mR FRORTXH HVWH HTXLSDPHQWR QXP VXSRUWH FDUUR RX PHVD LQVWiYHLV SRLV SRGH FDLU H FDXVDU IHULPHQWRV SHVVRDLV RX GDQRV PDWHULDLV JUDYHV 2V HVSDoRV H DEHUWXUDV QR HTXLSDPHQWR QRV ODGRV H QD SDUWH GH WUiV GR HTXLSDPHQWR GHVWLQDPVH D YHQWLODomR 3DUD JDUDQWLU XP IXQFLRQDPHQWR ILiYHO GR HTXLSDPHQWR H SDUD HYLWDU TXH DTXHoD H[FHVVLYDPHQWH HVWDV DEHUWXUDV QmR GHYHP VHU WDSDGDV QHP EORTXHDGDV 2 HTXLSDPHQWR QXQFD GHYH VHU FRORFDGR SHUWR GH DTXHFHGRUHV RX IRQWHV GH FDORU 1mR GHYH WDPEpP VHU HQFDVWUDGR H[FHSWR VH IRU JDUDQWLGD D YHQWLODomR QHFHVViULD QitvhÃ6! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 1XQFD LQWURGX]D REMHFWRV GH TXDOTXHU HVSpFLH QRV HVSDoRV DEHUWRV GR HTXLSDPHQWR SRLV SRGHP WRFDU HP SRQWRV GH DOWD WHQVmR HOpFWULFD RX SURYRFDU XP FXUWRFLUFXLWR SRGHQGR FDXVDU FKRTXH HOpFWULFR RX LQFrQGLR 1mR GHUUDPH OtTXLGRV VREUH R HTXLSDPHQWR 1XQFD UHWLUH WDPSDV QHP SURWHFo}HV FXMD UHPRomR H[LMD D XWLOL]DomR GH IHUUDPHQWDV H[FHSWR VH WDO OKH IRU LQGLFDGR QXP NLW GH PDQXWHQomR DSURYDGR SHOD ;HUR[ 1XQFD GHVDFWLYH LQWHUUXSWRUHV TXH LPSHGHP R IXQFLRQDPHQWR GR HTXLSDPHQWR FRP GHWHUPLQDGDV SRUWDV DEHUWDV 2V HTXLSDPHQWRV IRUDP FRQFHELGRV GH IRUPD D QmR SHUPLWLU R DFHVVR GR RSHUDGRU D ]RQDV SHULJRVDV $V WDPSDV DV SURWHFo}HV H RV LQWHUUXSWRUHV GH EORTXHLR GHVWLQDPVH D JDUDQWLU TXH R HTXLSDPHQWR QmR IXQFLRQH FRP DV WDPSDV DEHUWDV 1mR WRTXH QD iUHD GR IXVRU GR HTXLSDPHQWR ORFDOL]DGD ORJR SRU GHWUiV GD ]RQD GD EDQGHMD GH VDtGD SRLV SRGH TXHLPDU VH 1RUPDV GH 4XDOLGDGH 2 HTXLSDPHQWR p IDEULFDGR GH DFRUGR FRP R 6LVWHPD GH 4XDOLGDGH , 62 UHJLVWDGR 6H SUHFLVDU GH LQIRUPDo}HV GH VHJXUDQoD DGLFLRQDLV VREUH HVWH HTXLSDPHQWR RX RXWURV PDWHULDLV IRUQHFLGRV SHOD ;(52; SRGHUi FRQWDFWDUQRV DWUDYpV GRV VHJXLQWHV Q~PHURV (8523$ (8$&$1$'È 1RUPDV GH VHJXUDQoD (8523$ (VWH HTXLSDPHQWR ;(52; HQFRQWUDVH KRPRORJDGR SHOD HQWLGDGH D VHJXLU LQGLFDGD XVDQGR DV 1RUPDV GH 6HJXUDQoD FRQVWDQWHV GD OLVWD (QWLGDGH 789 5KHLQODQG 1RUPD , (& (GLomR $OWHUDo}HV $ $ $ $ H $ (8$&$1$'È (VWH HTXLSDPHQWR ;(52; HQFRQWUDVH KRPRORJDGR SHOD HQWLGDGH D VHJXLU LQGLFDGD XVDQGR DV 1RUPDV GH 6HJXUDQoD FRQVWDQWHV GD OLVWD (QWLGDGH 81'(5:5, 7(56 /$%25$725, (6 1RUPD 8/ (GLomR $ KRPRORJDomR EDVHLDVH HP DFRUGRV GH UHFLSURFLGDGH TXH LQFOXHP UHTXLVLWRV SDUD R &DQDGi BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ6" $QH[R $ 1RWDV UHODWLYDV D VHJXUDQoD QitvhÃ6# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã $ PDUFD &( DSOLFDGD D HVWH SURGXWR VLPEROL]D D GHFODUDomR GH FRQIRUPLGDGH GD ;HUR[ (XURSH FRP DV VHJXLQWHV GLUHFWLYDV GD 8QLmR (XURSHLD D SDUWLU GDV GDWDV LQGLFDGDV GH -DQHLUR GH 'LUHFWLYD GR &RQVHOKR &(( DOWHUDGD SHOD 'LUHFWLYD GR &RQVHOKR &(( KDUPRQL]DomR OHJLVODWLYD GRV (VWDGRV 0HPEURV UHODWLYD D HTXLSDPHQWRV GH EDL[D WHQVmR 'LUHFWLYD GR &RQVHOKR &(( KDUPRQL]DomR OHJLVODWLYD GRV (VWDGRV0HPEURV UHODWLYD j FRPSDWLELOLGDGH HOHFWURPDJQpWLFD 'LUHFWLYD GR &RQVHOKR &( VREUH HTXLSDPHQWR GH UiGLR H HTXLSDPHQWR WHUPLQDO GH WHOHFRPXQLFDo}HV H UHFRQKHFLPHQWR P~WXR GD VXD FRQIRUPLGDGH 3RGHUi REWHU XPD GHFODUDomR FRPSOHWD GHILQLQGR DV GLUHFWLYDV UHOHYDQWHV H DV QRUPDV UHIHULGDV DWUDYpV GR UHSUHVHQWDQWH GD ;HUR[ ORFDO RX FRQWDFWDQGR (QYLURQPHQW +HDOWK DQG 6DIHW\ ;HUR[ /LPLWHG 32 %R[ %HVVHPHU 5RDG :HOZ\Q *DUGHQ &LW\ +HUWV $/ +( , QJODWHUUD 7HO $9, 62 (VWH p XP SURGXWR &ODVVH $ 1XP DPELHQWH GRPpVWLFR SRGH FDXVDU LQWHUIHUrQFLD HP IUHTXrQFLDV GH UiGLR HP FXMR FDVR R XWLOL]DGRU WHUi TXH WRPDU DV PHGLGDV DGHTXDGDV $9, 62 (VWH SURGXWR HVWi FHUWLILFDGR FRPR WHQGR VLGR IDEULFDGR H WHVWDGR GH DFRUGR FRP DV PDLV ULJRUDVDV QRUPDV GH VHJXUDQoD H GH LQWHUIHUrQFLD GH IUHTXrQFLDV GH UiGLR 4XDOTXHU DOWHUDomR QmR DXWRUL]DGD LQFOXLQGR R DFUpVFLPR GH QRYDV IXQo}HV RX D OLJDomR D GLVSRVLWLYRV H[WHUQRV SRGH FRQWUDULDU HVWD FHUWLILFDomR &RQWDFWH R UHSUHVHQWDQWH ORFDO GD ;(52; SDUD REWHU D OLVWD GRV DFHVVyULRV DSURYDGRV GH -DQHLUR GH GH 0DUoR GH BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ6$ $QH[R $ 1RWDV UHODWLYDV D VHJXUDQoD &RQIRUPLGDGH UHJXODPHQWDU $9, 62 3DUD SHUPLWLU TXH HVWH HTXLSDPHQWR IXQFLRQH SUy[LPR GH HTXLSDPHQWRV , QGXVWULDLV &LHQWuILFRV H 0pGLFRV , 60 D UDGLDomR H[WHUQD GRV HTXLSDPHQWRV , 60 SRGH WHU GH VHU OLPLWDGD RX WRPDGDV PHGLGDV QR VHQWLGR GD VXD GLPLQXLomR $9, 62 &RP HVWH HTXLSDPHQWR GHYHP VHU XVDGRV FDERV EOLQGDGRV SDUD TXH VHMD PDQWLGD D FRQIRUPLGDGH FRP D 'LUHFWLYD GR &RQVHOKR &(( 6HJXUDQoD ODVHU $9, 62 $ UHDOL]DomR GH FRQWURORV DILQDo}HV RX SURFHGLPHQWRV GLIHUHQWHV GRV DTXL HVSHFLILFDGRV SRGH UHVXOWDU QD H[SRVLomR D UDGLDo}HV SHULJRVDV 1R TXH GL] UHVSHLWR DR ODVHU R HTXLSDPHQWR HQFRQWUDVH HP FRQIRUPLGDGH FRP DV QRUPDV GH XWLOL]DomR GH SURGXWRV D ODVHU GHILQLGDV SRU HQWLGDGHV JRYHUQDPHQWDLV QDFLRQDLV H LQWHUQDFLRQDLV FRPR VHQGR XP 3URGXWR /DVHU GH &ODVVH 1mR HPLWH UDGLDo}HV SRWHQFLDOPHQWH SHULJRVDV YLVWR R IHL[H HVWDU WRWDOPHQWH LVRODGR GXUDQWH WRGDV DV IDVHV GH XWLOL]DomR H PDQXWHQomR HIHFWXDGDV SHOR XWLOL]DGRU QitvhÃ6% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 'LUHFWLYD VREUH HTXLSDPHQWR GH UiGLR H HTXLSDPHQWR WHUPLQDO GH WHOHFRPXQLFDo}HV (VWH SURGXWR ;HUR[ IRL DXWRFHUWLILFDGR SHOD ;HUR[ UHODWLYDPHQWH j OLJDomR GH WHUPLQDLV LQGLYLGXDLV SDQHXURSHLD j UHGH WHOHIyQLFD S~EOLFD DQDOyJLFD 3671 GH DFRUGR FRP D 'LUHFWLYD (& 2 SURGXWR IRL FRQFHGLGR GH PRGR D IXQFLRQDU FRP DV UHGHV WHOHIyQLFDV S~EOLFDV DQDOyJLFDV H 3%;V FRPSDWtYHLV GRV VHJXLQWHV SDtVHV ÈXVWULD %pOJLFD )UDQoD $OHPDQKD *UpFLD , UODQGD /X[HPEXUJR +RODQGD 1RUXHJD 3RUWXJDO (VSDQKD 6XpFLD 6XtoD 5HLQR 8QLGR 'LQDPDUFD , VOkQGLD )LQOkQGLD , WiOLD 1D HYHQWXDOLGDGH GH SUREOHPDV GHYHUi SULPHLUDPHQWH FRQWDFWDU R UHSUHVHQWDQWH ORFDO GD ;HUR[ (VWH SURGXWR IRL WHVWDGR H HQFRQWUDVH HP FRQIRUPLGDGH FRP D 7%5 XPD HVSHFLILFDomR WpFQLFD UHODWLYD D HTXLSDPHQWR WHUPLQDO SDUD XVR HP UHGHV WHOHIyQLFDV DQDOyJLFDV QD =RQD (FRQyPLFD (XURSHLD 2 SURGXWR SRGH VHU FRQILJXUDGR GH PRGR D WRUQDUVH FRPSDWtYHO FRP UHGHV GH RXWURV SDtVHV &RQWDFWH R UHSUHVHQWDQWH ORFDO GD ;HUR[ FDVR VHMD QHFHVViULR OLJDU R HTXLSDPHQWR D XPD UHGH GH RXWUR SDtV 1mR Ki GHILQLo}HV DMXVWiYHLV SHOR XWLOL]DGRU QHVWH HTXLSDPHQWR 127$ (PERUD HVWH HTXLSDPHQWR SRVVD XWLOL]DU VLQDOL]DomR GH FLUFXLWR GHVOLJDGR LPSXOVRV RX '70) WRQV UHFRPHQGD VH TXH VHMD FRQILJXUDGR SDUD XWLOL]DU D VLQDOL]DomR '70) $ VLQDOL]DomR GR WLSR '70) SHUPLWH R HVWDEHOHFLPHQWR GH FRPXQLFDo}HV PDLV ILiYHLV H PDLV UiSLGDV $ PRGLILFDomR HRX OLJDomR D VRIWZDUH H[WHUQR GH FRQWUROR RX GLVSRVLWLYRV H[WHUQRV GH FRQWUROR QmR DXWRUL]DGDV SHOD ;HUR[ LQYDOLGDP D FHUWLILFDomR GR SURGXWR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ6& $QH[R $ 1RWDV UHODWLYDV D VHJXUDQoD &HUWLILFDomR &( &RQIRUPLGDGH DPELHQWDO (QHUJ\ 6WDU $ ;(52; &RUSRUDWLRQ FRQFHEHX HVWH SURGXWR GH IRUPD D UHVSHLWDU DV GLUHFWUL]HV GR SURJUDPD (1(5*< 67$5 GD (3$ (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ 1D TXDOLGDGH GH 3DUFHLUD GD (1(5*< 67$5 D ;(52; GHWHUPLQRX TXH HVWH SURGXWR FXPSUH DV GLUHFWUL]HV GD (1(5*< 67$5 QR TXH GL] UHVSHLWR j XWLOL]DomR HILFD] GD HQHUJLD QitvhÃ6' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 2 :RUN&HQWUH 3UR HVWi HP FRQIRUPLGDGH FRP DV PDLV ULJRURVDV HVSHFLILFDo}HV DSURYDo}HV H FHUWLILFDo}HV (VWDV GHVWLQDPVH D IRUQHFHU VHJXUDQoD DRV XWLOL]DGRUHV H D JDUDQWLU R GHYLGR IXQFLRQDPHQWR GR HTXLSDPHQWR 8WLOL]H DV HVSHFLILFDo}HV DSUHVHQWDGDV QHVWH FDStWXOR SDUD LGHQWLILFDU UDSLGDPHQWH DV FDSDFLGDGHV GR HTXLSDPHQWR (VWH FDStWXOR LQFOXL LQIRUPDo}HV VREUH (VSHFLILFDomR GD LPSUHVVRUD (VSHFLILFDomR GR ID[ (VSHFLILFDomR GR VFDQQHU H FRSLDGRU (VSHFLILFDomR JHUDO (VSHFLILFDomR GR SDSHO 6H IRUHP QHFHVViULDV PDLV LQIRUPDo}HV VREUH HVSHFLILFDo}HV FRQVXOWH R VHX UHSUHVHQWDQWH ;HUR[ ORFDO RX UHSUHVHQWDQWH ;HUR[ DXWRUL]DGR BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ7 $QH[R % (VSHFLILFDo}HV $QH[R % (VSHFLILFDo}HV (VSHFLILFDomR GD LPSUHVVRUD , WHP (PXODomR 5HVROXomR 9HORFLGDGH GH LPSUHVVmR /DUJXUD GH LPSUHVVmR HIHFWLYD 7HPSR GH VDtGD GD SULPHLUD LPSUHVVmR 3&/ 9HUGDGHLURV [ GSL FODVVH GSL SSP SDUD IRUPDWR $OHWWHU PP SROHJDGDV SDUD OHWWHUOHJDO [ PP [ SROHJDGDV PP SROHJDGDV SDUD $ VHJXQGRV DTXHFLPHQWR 'HVFULomR QitvhÃ7! ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã , WHP /LQKD DSOLFiYHO &RPSDWLELOLGDGH 5HVROXomR 'HVFULomR * 3671 UHGH WHOHIyQLFD S~EOLFD , 78 *UXSR 6WDQGDUG )LQH 6XSHU )LQH [ GSL [ GSL [ GSL &RGLILFDomR GH GDGRV 9HORFLGDGH Pi[LPD GR PRGHP 9HORFLGDGH GH HQYLR 0HPyULD 9HORFLGDGH GH LPSUHVVmR /DUJXUD GH GLJLWDOL]DomR HIHFWLYD /DUJXUD GH LPSUHVVmR HIHFWLYD /DUJXUD H JUDPDJHP GR RULJLQDO 0+05005-3(* NESV VHJXQGRV UHVROXomR VWDQGDUG 005 NESV 0E\WHV SSP SDUD IRUPDWR $OHWWHU PP SROHJDGDV PP SROHJDGDV SDUD OHWWHUOHJDO [ PP [ PP SROHJDGDV SDUD $ $') a PP a SROHJDGDV a JP 9LGUR GH ([SRVLomR/HJDO 0i[LPR [ PP [ SROHJDGDV %DQGHMD IROKDV GH JP &DSDFLGDGH GD EDQGHMD GH GH HQWUDGD GH SDSHO $OLPHQWDGRU $') $Wp SiJLQDV JP 9LGUR GH ([SRVLomR SiJLQD BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ7" $QH[R % (VSHFLILFDo}HV (VSHFLILFDomR GR ID[ (VSHFLILFDomR GR VFDQQHU H FRSLDGRU , WHP 0pWRGR GH GLJLWDOL]DomR 9HORFLGDGH GH GLJLWDOL]DomR &&' EDVH SODQD 9LGUR GH ([SRVLomR 6'03D FSP $') 6'03 FSP $') 0'63 FSP FRP 7H[WR0LVWR FSP FRP )RWR [ GSL FODVVH GSL 7UXH &RORU FLQ]HQWRV 3UHWR H EUDQFR 3UHWR H EUDQFR PP SROHJDGDV PP SROHJDGDV a a H[SRVLomR a HP LQFUHPHQWRV GH HP LQFUHPHQWRV GH D SDUWLU GR YLGUR GH D SDUWLU GR $') 'HVFULomR 5HVROXomR GD GLJLWDOL]DomR 0RGR GH GLJLWDOL]DomR 0RGR GH FySLD /DUJXUD GH GLJLWDOL]DomR HIHFWLYD /DUJXUD Pi[LPD GR RULJLQDO /LPLWH SDUD YiULDV FySLDV 5HGXomR H DPSOLDomR 0DUJHP GH LPSUHVVmR Pi[LPD 6XSHULRU , QIHULRU FDGD ODGR PP SROHJDGDV D 9iULDV LPSUHVV}HV GH XP RULJLQDO QitvhÃ7# ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã , WHP &DSDFLGDGH GD EDQGHMD GH HQWUDGD GH SDSHO &DSDFLGDGH GD EDQGHMD GH VDtGD 'HVFULomR %DQGHMD IROKDV GH JP %DQGHMD E\SDVV IROKDV GH JP IROKDV GH JP GH 9LGD ~WLO GR FDUWXFKR GH WRQHU SiJLQDV SDUD R FDUWXFKR LQLFLDO SiJLQDV FREHUWXUD 9LGD ~WLO GR WDPERU SiJLQDV GH FREHUWXUD +5 $PELHQWH GH IXQFLRQDPHQWR 7HPSHUDWXUD & a )RUPDWR H JUDPDJHP GR SDSHO %DQGHMD %\SDVV 'XSOH[ $ /HWWHU )ROLR /HJDO [ PP [ SROHJDGDV a JP $ a /HJDO [ PP [ PP a JP $ /HWWHU )ROLR /HJDO [ PP [ SROHJDGDV a JP /DUJXUD H JUDPDJHP GR RULJLQDO $') a PP a SROHJDGDV a JP 9LGUR GH ([SRVLomR/HJDO 0i[LPR [ PP [ SROHJDGDV &DSDFLGDGH GR $') 3RWrQFLD QRPLQDO &RQVXPR GH HQHUJLD IROKDV GH JP &$ a 9 (XURSD +] &$ a 9 (8$ &DQDGi +] : HP PRGR GH SRXSDQoD GH HQHUJLD : HP PRGR GH HVSHUD : GXUDQWH R IXQFLRQDPHQWR NJ 7DPERU H FDUWXFKR GH WRQHU LQFOXtGRV [ [ PP 3HVR 'LPHQV}HV /[3[$ BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ7$ $QH[R % (VSHFLILFDo}HV (VSHFLILFDomR JHUDO (VSHFLILFDomR GR SDSHO , WHP 'HVFULomR 7LSRV GH SDSHO 3DSHO FRPXP WUDQVSDUrQFLD HWLTXHWD HQYHORSH FDUWROLQD SRVWDO GLVSRQtYHLV 7LSR GH SDSHO /HWWHU /HJDO -, 6 % $ ([HFXWLYH )RUPDWRV GR SDSHO $ FDUW}HV $ 3RVWDO [ +DJD. L (QYHORSH (QYHORSH &20 (QYHORSH '/ (QYHORSH & 3HUVRQDOL]DGR / [ & PP [ [ [ [ [ [ [ [ [ [ [ [ [ [ a [ /[& SROHJDGDV [ ; [ [ [ [ [ [ [ [ [ [ [ [ a [ QitvhÃ7% ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã , WHP )RQWH %DQGHMD GH 3DSHO %DQGHMD %\SDVV )RQWH GH HQWUDGD 'XSOH[ 7LSRV GH VXSRUWHV 'HVFULomR )RUPDWRV (VSHVVXUD a JP 3DSHO &RPXP $ /HWWHU /HJDO )ROLR 3DSHO &RPXP (QYHORSH 7UDQVSDUrQFLD (WLTXHWD &DUWROLQD $ /HWWHU /HJDO a JP )ROLR ([HFXWLYH $ % $ 0RQDUFK &20 Q & '/ 3HUVRQDOL]DGR a JP 3DSHO &RPXP $ /HWWHU )ROLR /HJDO % VLJQLILFD -, 6 H , 62 (VSHVVXUD GD WUDQVSDUrQFLD P FRQVXOWDU D OLVWD GRV SULQFLSDLV VXSRUWHV (VSHVVXUD GDV HWLTXHWDV GH SDSHO P FRQVXOWDU D OLVWD GRV SULQFLSDLV VXSRUWHV BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã QitvhÃ7& $QH[R % (VSHFLILFDo}HV QitvhÃ7' ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã $ $EDVWHFHU D EDQGHMD E\SDVV $EDVWHFHU D EDQGHMD GH SDSHO $EDVWHFLPHQWR GH 3DSHO 6HOHFFLRQDU $FHGHU jV GHILQLo}HV GD LPSUHVVRUD $FHVVR UiSLGR FRQYHQo}HV $FUHVFHQWDU GRFXPHQWRV D XP HQYLR UHWDUGDGR $GLFLRQDU SDSHO $GLFLRQDU XPD SDXVD $MXVWH $XWR $OLPHQWDGRU $XWRPiWLFR $') $OWHUDU D SURJUDPDomR GR VLVWHPD $OWHUDU DV RSo}HV GH SURJUDPDomR GR VLVWHPD $QH[R $ 1RWDV UHODWLYDV j VHJXUDQoD $ $QH[R % (VSHFLILFDo}HV % $SOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR &RQILJXUDU $SOLFDomR GH GLJLWDOL]DomR &RQILJXUDomR SRU 'HIHLWR $SOLFDomR LPSULPLU D SDUWLU $VVLVWrQFLD WpFQLFD &KDPDU DVVLVWrQFLD WpFQLFD $WULEXLU FDUDFWHUHV $WULEXLU FDUDFWHUHV GR WHFODGR $WULEXLU Q~PHURV GH PDUFDomR UiSLGD D XP JUXSR $YLVRV FRQYHQo}HV %DQGHMD E\SDVV &DUWXFKR GH 7RQHU 0RGR GH SRXSDQoD GH WRQHU &DUWXFKR GH WRQHU &RQILJXUDU R HTXLSDPHQWR SDUD HQYLDU LQIRUPDo}HV GH SRXFR WRQHU 5HGLVWULEXLU R WRQHU 6XEVWLWXLU R FDUWXFKR GH WRQHU 9LGD ~WLO SUHYLVWD GR FDUWXFKR &DUWXFKR GH WRQHU LQVWDODU &ODUR(VFXUR 5HSHWLU , PDJHP &RORFDU RV RULJLQDLV $OLPHQWDGRU $XWRPiWLFR $') 9LGUR GH ([SRVLomR &RORFDU 3DSHO 'LUHFWUL]HV UHODWLYDV DRV VXSRUWHV GH LPSUHVVmR &RORFDU SDSHO $EDVWHFHU D EDQGHMD E\SDVV $EDVWHFHU D EDQGHMD GH SDSHO 'LUHFWUL]HV SDUD VXSRUWHV HVSHFLDLV 8WLOL]DU D EDQGHMD E\SDVV 8WLOL]DU D EDQGHMD GH SDSHO &RORFDU VXSRUWHV GH LPSUHVVmR $EDVWHFHU D EDQGHMD E\SDVV $EDVWHFHU D EDQGHMD GH SDSHO 'LUHFWUL]HV SDUD VXSRUWHV HVSHFLDLV 'LUHFWUL]HV UHODWLYDV DRV VXSRUWHV GH LPSUHVVmR 8WLOL]DU D EDQGHMD E\SDVV 8WLOL]DU D EDQGHMD GH SDSHO &RPSRQHQWHV GR HTXLSDPHQWR &RPSRQHQWHV HTXLSDPHQWR &RQILJXUDU D DSOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR &RQILJXUDU R HTXLSDPHQWR SDUD HQYLDU LQIRUPDo}HV GH SRXFR WRQHU % & &DQFHODU XP ID[ &DQFHODU XPD RSHUDomR DJHQGDGD &DUDFWHUHV LQWURGX]LU BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ËqvprÃrvvv ËQGLFH 5HPLVVLYR ËQGLFH 5HPLVVLYR ' &RQILUPDomR GH 0HQVDJHP &RQILUPDU D WUDQVPLVVmR &RQIRUPLGDGH UHJXODPHQWDU $ &RQWDJHP GH , PSUHVV}HV &RQWURODU R HVWDGR GH GRLV WUDEDOKRV &RQWURO&HQWUH ([HFXWDU R &RQWURO&HQWUH , QVWDODU 6HSDUDGRU $FWXDOL]DomR GR )LUPZDUH 6HSDUDGRU $YDQoDGDV 6HSDUDGRU 'HILQLo}HV 6HSDUDGRU , QIRUPDomR 6HSDUDGRU /LVWD GH 7HOHIRQHV 8WLOL]DU R &RQWURO&HQWUH &RQYHQo}HV DFHVVR UiSLGR DYLVRV FXLGDGRV QRWDV RULHQWDomR VXJHVW}HV WH[WR HP LWiOLFR WH[WR HQWUH SDUrQWHVLV UHFWRV &ySLD &RORFDU RV RULJLQDLV 3URFHGLPHQWR GH FySLD &ySLD )DFHV /DGR 0DLRU /DGR 0HQRU &XLGDGRV FRQYHQo}HV '$'26 6, 67(0$ 'DWD H KRUD GHILQLU 'HILQLo}HV GD LPSUHVVRUD $FHGHU $FHGHU D SDUWLU GR :LQGRZV $FHGHU D SDUWLU GR :LQGRZV 0H $FHGHU D SDUWLU GR :LQGRZV 17 'HILQLo}HV GRV GDGRV GR VLVWHPD 'HILQLo}HV SRU GHIHLWR GR VLVWHPD 'HILQLU D GDWD H KRUD 'HILQLU D , ' ORFDO H QRPH 'HILQLU DV RSo}HV GRV GDGRV GR VLVWHPD 'HILQLU R LGLRPD 'HVFULomR JHUDO GR HTXLSDPHQWR 'HVFULomR JHUDO GR SDLQHO GH FRQWUROR 'HVHPSDFRWDU R HTXLSDPHQWR 'HWHFomR H UHVROXomR GH SUREOHPDV 0HQVDJHQV GH HUUR GR YLVRU 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH FySLD 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH ID[ 4XDGUR GH VROXo}HV SDUD SUREOHPDV GH LPSUHVVmR 5HVROXomR GH SUREOHPDV 5HLQLFLDU R HTXLSDPHQWR 'HWHFomR H UHVROXomR GH SUREOHPDV EiVLFRV 0HQVDJHQV GH HUUR GR YLVRU 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH FySLD 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH ID[ 4XDGUR GH VROXo}HV SDUD SUREOHPDV GH LPSUHVVmR 5HVROXomR GH SUREOHPDV 5HVWDXUDU R HTXLSDPHQWR 'LJLWDOL]DomR DYDQoDGD 'LJLWDOL]DU &RORFDU RV RULJLQDLV &RQILJXUDU D DSOLFDomR GH GLJLWDOL]DomR SRU GHIHLWR )XQo}HV VWDQGDUG 3URFHGLPHQWR GH 'LJLWDOL]DomR 3URJUDPD GH 6FDQQHU 7:$, 1 'LUHFWUL]HV SDUD VXSRUWHV HVSHFLDLV 'LUHFWUL]HV UHODWLYDV DRV VXSRUWHV GH LPSUHVVmR (GLWDU Q~PHURV GH PDUFDomR GH JUXSR (GLWDU Q~PHURV RX QRPHV (QFRPHQGDU FRQVXPtYHLV (QHUJ\ 6WDU $ (QYLDU XP ID[ D FRUHV (QYLDU XP ID[ DSyV XPD FRQYHUVD ( ËqvprÃrvvvv ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã (QYLR 3ROO (QYLR 3ULRULWiULR (QYLR 5HWDUGDGR $FUHVFHQWDU GRFXPHQWRV D XP HQYLR UHWDUGDGR (VSHFLILFDomR GD LPSUHVVRUD % (VSHFLILFDomR GR ID[ % (VSHFLILFDomR GR SDSHO % (VSHFLILFDomR GR VFDQQHU H FRSLDGRU % (VSHFLILFDomR JHUDO % (VSHFLILFDo}HV $QH[R % % )D[ % *HUDO % , PSUHVVRUD % 3DSHO % 6FDQQHU H FRSLDGRU % :RUN&HQWUH 3UR % (VSHFLILFDo}HV GR HTXLSDPHQWR % ([HFXWDU R &RQWURO&HQWUH ([HFXWDU R SURJUDPD 'LJLWDOL]DU SDUD 3& )$; )D[ &DQFHODU XP ID[ &DQFHODU XPD RSHUDomR DJHQGDGD &RORFDU RV RULJLQDLV &RQILUPDU D WUDQVPLVVmR 'LJLWDU R Q~PHUR GH ID[ 0pWRGRV GH PDUFDomR 3URFHGLPHQWR GH HQYLR GH ID[ 5HFHEHU XP ID[ 5HODWyULRV )D[ )XQo}HV &ODUR(VFXUR )D[HV D FRUHV )RQWHV GH LQIRUPDomR )XQo}HV )XQo}HV GH &ySLD )XQo}HV GH ID[ 6HOHFFLRQDU DV IXQo}HV GH GLJLWDOL]DomR 6HOHFFLRQDU DV IXQo}HV GH ID[ ) )XQo}HV DYDQoDGDV GH ID[ &DQFHODU XPD RSHUDomR DJHQGDGD (QYLDU XP ID[ D FRUHV (QYLR 3ULRULWiULR (QYLR 5HWDUGDGR 3ROOLQJ )XQo}HV GH &ySLD $MXVWH $XWR &ODUR(VFXUR 5HSHWLU , PDJHP &ySLD )DFHV 5HGX]LU$PSOLDU 5HVWDXUDU IXQo}HV GH FySLD 6DtGD 6HOHFFLRQDU DV IXQo}HV GH FySLD 6WDQGDUG 7LSR GH 2ULJLQDO )XQo}HV GH FySLD (VSHFLDO )XQo}HV GH FySLD HVSHFLDLV $MXVWH $XWR 5HSHWLU , PDJHP )XQo}HV GH FySLD VWDQGDUG )XQo}HV GH 'LJLWDOL]DomR &ODUR(VFXUR 'LJLWDOL]DomR DYDQoDGD 2So}HV GH 'LJLWDOL]DomR 5HGX]LU$PSOLDU 5HLQLFLDU IXQo}HV GH GLJLWDOL]DomR 7LSR GH 2ULJLQDO )XQo}HV GH GLJLWDOL]DomR 5HVROXomR )XQo}HV GH GLJLWDOL]DomR VWDQGDUG )XQo}HV GH ID[ $YDQoDGDV (QYLDU XP ID[ D FRUHV (QYLR 3ULRULWiULR (QYLR 5HWDUGDGR 2So}HV GH GLJLWDOL]DomR 3ROOLQJ 5HVROXomR 5HLQLFLDU IXQo}HV GH ID[ 6WDQGDUG BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ËqvprÃrvvvvv ËQGLFH 5HPLVVLYR 7LSR GH 2ULJLQDO )XQo}HV GH ID[ VWDQGDUG )XQo}HV &ySLD $MXVWH $XWR &ODUR(VFXUR &ORQH &ySLD )DFHV (VSHFLDO 5HGX]LU$PSOLDU 6DtGD 7LSR GH 2ULJLQDO )XQo}HV &RSLDU 5HLQLFLDU IXQo}HV GH FySLD )XQo}HV 'LJLWDOL]DomR &ODUR(VFXUR 'LJLWDOL]DomR DYDQoDGD 2So}HV GH 'LJLWDOL]DomR 5HGX]LU$PSOLDU 5HLQLFLDU IXQo}HV GH GLJLWDOL]DomR 7LSR GH 2ULJLQDO )XQo}HV 'LJLWDOL]DU 5HVROXomR )XQo}HV )D[ $YDQoDGDV &ODUR(VFXUR (QYLDU XP ID[ D FRUHV (QYLR 3ULRULWiULR (QYLR 5HWDUGDGR 3ROOLQJ 5HVROXomR 5HVWDXUDU IXQo}HV GH ID[ 7LSR GH 2ULJLQDO )XQo}HV ID[ 2So}HV GH GLJLWDOL]DomR , ' '2 6, 67(0$ , ' ORFDO GHILQLU , GHQWLILFDU RV FRPSRQHQWHV GR HTXLSDPHQWR , GLRPD GHILQLU , PSUHVVmR $FHGHU jV GHILQLo}HV GD LPSUHVVRUD %RW}HV H tFRQHV GDV SURSULHGDGHV GD LPSUHVVRUD 'HILQLo}HV GD LPSUHVVRUD , PSULPLU XP GRFXPHQWR D SDUWLU GH XPD DSOLFDomR 6HSDUDGRUHV GDV SURSULHGDGHV GD LPSUHVVRUD , PSULPLU 5HODWyULRV , PSULPLU UHODWyULRV , PSULPLU XP GRFXPHQWR D SDUWLU GH XPD DSOLFDomR , QGLFDU D TXDQWLGDGH , QIRUPDomR $JHQGD , QIRUPDomR VREUH FRQWDGRUHV , QIRUPDo}HV GH SRXFR WRQHU , QVWDODU R &RQWURO&HQWUH , QVWDODU R VRIWZDUH , QVWDODU R WDPERU H R FDUWXFKR GH WRQHU , QWHUUXSWRU GH GHVEORTXHLR GR VFDQQHU 'LJLWDU FDUDFWHUHV QR WHFODGR QXPpULFR 'LJLWDU R Q~PHUR GH ID[ , QFOXLU XPD SDXVD /HLWXUDV GH FRQWDJHP /LJDomR GR HTXLSDPHQWR /LJDo}HV /LPSDU D PHPyULD '$'26 6, 67(0$ , ' '2 6, 67(0$ /67 7(/0(0 5(*, 672 (195; /LPSDU R WDPERU 23& ELRGHJUDGiYHO /LPSH]D $OLPHQWDGRU H EDQGHMD GH VDtGD 3DLQHO GH FRQWUROR H YLVRU , / * %DQGHMD GH SDSHO *HVWmR GR WUDEDOKR GH ID[ &DQFHODU XP ID[ &RQILUPDU XPD WUDQVPLVVmR &RQWURODU GXSOR HVWDGR GH WUDEDOKR *HVWmR GR WUDEDOKR ID[ + +RUD H GDWD GHILQLU ËqvprÃrvvv ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 9LGUR GH H[SRVLomR H WDPSD :RUN&HQWUH 3UR /LVWD GH 'DGRV GR 6LVWHPD /LVWD GH , QIRUPDomR /LVWD 7HOHIyQLFD /RFDOL]DomR GH LQIRUPDo}HV /RFDOL]DomR GR Q~PHUR GH VpULH /67 7(/0(0 0 0DQXWHQomR GR HTXLSDPHQWR 0DUFDomR *UXSR $WULEXLU Q~PHURV GH PDUFDomR UiSLGD D XP JUXSR (GLWDU Q~PHURV GH PDUFDomR GH JUXSR 8WLOL]DU 0DUFDomR *UXSR 0DUFDomR *UXSR 0DQXDO 0DUFDomR 0DQXDO 0DUFDomR QR WHFODGR QXPpULFR 0DUFDomR 5iSLGD $WULEXLU Q~PHURV GH PDUFDomR UiSLGD D XP JUXSR 0HPRUL]DU XP Q~PHUR 8WLOL]DU 0DUFDomR 5iSLGD 0HPyULD OLPSDU 0HPRUL]DU XP Q~PHUR SDUD PDUFDomR UiSLGD 0HQVDJHQV GH HUUR 0HQVDJHQV GH HUUR GR YLVRU 0pWRGRV GH PDUFDomR (QYLDU XP ID[ DSyV XPD FRQYHUVD 0DUFDomR *UXSR 0DUFDomR *UXSR 0DQXDO 0DUFDomR 0DQXDO 0DUFDomR QR WHFODGR QXPpULFR 0DUFDomR 5iSLGD WUDQVPLVVmR SDUD P~OWLSORV HQGHUHoRV 0RGR GH SRXSDQoD GH WRQHU 0RGRV GH 5HFHSomR 5HFHEHU PDQXDOPHQWH HP PRGR 7(/ 5(6)$; 1RPH GHILQLU 1RUPDV GH VHJXUDQoD $ 1RWDV UHODWLYDV j VHJXUDQoD $QH[R $ $ 1RWDV FRQYHQo}HV 1~PHUR GH ID[ 1~PHUR GH WHOHIRQH GH DSRLR DR FOLHQWH 1~PHUR 7RWDO GH , PSUHVV}HV 2 TXH p 3ROOLQJ" 2So}HV GH 'LJLWDOL]DomR 2So}HV GH GLJLWDOL]DomR 2So}HV GH SURJUDPDomR GR VLVWHPD $OWHUDU DV RSo}HV GH SURJUDPDomR GR VLVWHPD 2So}HV GRV GDGRV GR VLVWHPD 2So}HV GRV PRGRV GH UHFHSomR 2ULHQWDomR FRQYHQo}HV 3DLQHO GH FRQWUROR ERW}HV WHFODV 3DSHO &RORFDU 3DSHO FRORFDU 3DSHO 'LUHFWUL]HV SDUD VXSRUWHV HVSHFLDLV 3DSHO 'LUHFWUL]HV UHODWLYDV DRV VXSRUWHV GH LPSUHVVmR 3DXVD DGLFLRQDU 3HGLGR GH DVVLVWrQFLD /RFDOL]DomR GR Q~PHUR GH VpULH 3ROOLQJ (QYLR 3ROO 2 TXH p 3ROOLQJ" 5HFHSomR 3ROO 5HFHSomR 5HWDUGDGD 3ROO 3UHPLU D WHFOD &ySLD)D['LJLWDOL]DomR 1 2 3 BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ËqvprÃrvv ËQGLFH 5HPLVVLYR 0RGRV GH UHFHSomR )$; 7(/ 7(/)$; 3UHPLU , QLFLDU 3ULPD , QLFLDU 3URFHGLPHQWR GH FySLD 3URFHGLPHQWR GH GLJLWDOL]DomR 3URFHGLPHQWR GH HQYLR GH ID[ 3URJUDPD GH 6FDQQHU 7:$, 1 3URJUDPD GH VFDQQHU 7:$, 1 GR :RUN&HQWUH 3UR 3URJUDPDomR GR VLVWHPD &RQWURO&HQWUH , QVWDODU R &RQWURO&HQWUH /LPSDU D PHPyULD 5HJXODU R YROXPH GR DOWLIDODQWH 3URJUDPDU R HTXLSDPHQWR $OWHUDU DV RSo}HV GH SURJUDPDomR GR VLVWHPD $OWHUDU DV RSo}HV GRV GDGRV GR VLVWHPD &RQWURO&HQWUH 'HILQLo}HV GRV GDGRV GR VLVWHPD , QVWDODU R &RQWURO&HQWUH 2So}HV GH SURJUDPDomR GR VLVWHPD 2So}HV GRV GDGRV GR VLVWHPD 3URJUDPDomR GR VLVWHPD 5HJXODU R YROXPH GR DOWLIDODQWH 5HJLVWR GH (QYLR 5HJLVWR GH 5HFHSomR 5(*, 672 (195; 5HJXODU R YROXPH GR DOWLIDODQWH 5HLQLFLDU R HTXLSDPHQWR 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV 5HODWyULR GH (QYLR &RQILUPDomR GH 0HQVDJHP 5HODWyULR GH )DOWD GH (QHUJLD 5HODWyULR GH 7UDQVPLVVmR &RQILUPDomR GH 0HQVDJHP 5HODWyULRV &RQILUPDomR GH 0HQVDJHP , PSULPLU 5HODWyULRV , PSULPLU UHODWyULRV , QIRUPDomR $JHQGD /LVWD GH 'DGRV GR 6LVWHPD /LVWD GH , QIRUPDomR /LVWD 7HOHIyQLFD 5HJLVWR GH (QYLR 5HJLVWR GH 5HFHSomR 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV 5HODWyULR GH )DOWD GH (QHUJLD 5HODWyULRV GH ID[ 7RGRV RV UHODWyULRV 5HODWyULRV GH )D[ &RQILUPDomR GH 0HQVDJHP , PSULPLU 5HODWyULRV , QIRUPDomR $JHQGD /LVWD 7HOHIyQLFD 5HJLVWR GH (QYLR 5HJLVWR GH 5HFHSomRO 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV 5HODWyULRV GH ID[ &RQILUPDomR GH 0HQVDJHP , PSULPLU UHODWyULRV , QIRUPDomR $JHQGD /LVWD 7HOHIyQLFD 5HJLVWR GH 5HFHSomR 5HODWyULR GH &RPXQLFDo}HV 0~OWLSODV 4 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH FySLD 4XDGUR GH VROXo}HV SDUD RV SUREOHPDV GH ID[ 4XDGUR GH VROXo}HV SDUD SUREOHPDV GH LP SUHVVmR 4XDQWLGDGH 5HFHEHU PDQXDOPHQWH HP PRGR 7(/ 5HFHEHU XP ID[ 0RGRV GH 5HFHSomR 2So}HV GRV PRGRV GH UHFHSomR 5HFHSomR 3ROO 5HFHSomR 5HWDUGDGD 3ROO 5HGLVWULEXLU R WRQHU 5HGX]LU$PSOLDU 5 ËqvprÃrvvv ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã 3DUD UHPDUFDU R ~OWLPR Q~PHUR 5(6)$; 5HVROXomR )LQH 6WDQGDUG 6XSHU )LQH 5HVROXomR GH SUREOHPDV 5HLQLFLDU IXQo}HV GH FySLD 5HLQLFLDU IXQo}HV GH GLJLWDOL]DomR 5HLQLFLDU IXQo}HV GH ID[ 5HLQLFLDU R HTXLSDPHQWR 7DPERU /LPSDU R WDPERU 23& ELRGHJUDGiYHO 6XEVWLWXLU R WDPERU 7DPERU LQVWDODU 7HFOD &ySLD)D['LJLWDOL]DomR WHFOD &ySLD)D['LJLWDOL]DomR 7HFOD , QLFLDU 3UHPLU , QLFLDU 3ULPD , QLFLDU 7HFODGR QXPpULFR 7HFODV 7(/ 7(/)$; 7H[WR HP LWiOLFR FRQYHQo}HV 7H[WR HQWUH SDUrQWHVLV UHFWRV FRQYHQo}HV 7LSR GH 2ULJLQDO )RWR 0LVWR 7H[WR WUDQVPLVVmR SDUD P~OWLSORV HQGHUHoRV WUDQVPLVVmR SDUD P~OWLSORV HQGHUHoRV XWLOL]DU 0DUFDomR *UXSR 6 6DtGD 6HJXUDQoD ODVHU $ 6HOHFFLRQDU DV IXQo}HV GH FySLD 6HOHFFLRQDU DV IXQo}HV GH GLJLWDOL]DomR 6HOHFFLRQDU DV IXQo}HV GH ID[ 6HOHFFLRQDU R $EDVWHFLPHQWR GH 3DSHO 6HSDUDGRU $FWXDOL]DomR GR )LUPZDUH 6HSDUDGRU $YDQoDGDV 6HSDUDGRU 'HILQLo}HV 6HSDUDGRU , QIRUPDomR 6HSDUDGRU /LVWD GH 7HOHIRQHV 6HSDUDGRUHV GDV SURSULHGDGHV %RW}HV H tFRQHV 6HSDUDGRUHV GDV SURSULHGDGHV GD LPSUHVVRUD %RW}HV H tFRQHV &KDPDU DVVLVWrQFLD WpFQLFD 6ROXo}HV 3UREOHPDV GH FySLD 6ROXo}HV 3UREOHPDV GH ID[ 6ROXo}HV 3UREOHPDV GH LPSUHVVmR 6XEVWLWXLU R FDUWXFKR GH WRQHU 6XEVWLWXLU R WDPERU 6XJHVW}HV FRQYHQo}HV 6XSRUWHV GH LPSUHVVmR &RORFDU 8 8QLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH &DUWXFKR GH WRQHU 7DPERU 8WLOL]DU D EDQGHMD E\SDVV 8WLOL]DU D EDQGHMD GH SDSHO 8WLOL]DU 0DUFDomR *UXSR 8WLOL]DU 0DUFDomR 5iSLGD 8WLOL]DU R &RQWURO&HQWUH 9LGD ~WLO SUHYLVWD GR FDUWXFKR GR WRQHU 9LGUR GH ([SRVLomR 9 : :LQGRZV :LQGRZV 0H :LQGRZV 17 BvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã ËqvprÃrvvvv ËQGLFH 5HPLVVLYR 5HPDUFDU 3DUD SHVTXLVDU D PHPyULD GH UHPDUFDomR 7 ËqvprÃrvvvvv ÃBvhÃqÃVvyvhqÃqÃYrÃXx8rrÃQÃ# !Ã [. . . ] [. . . ]

AVISO LEGAL PARA BAIXAR O GUIA DE USUÁRIO XEROX WORKCENTRE PRO 412

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

Clique em "Baixar o manual do usuário" no final deste Contrato; se você aceitar estes termos, a descarga do manual XEROX WORKCENTRE PRO 412 começará.

Procure um manual de usuário

 

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

flag