Manual do usuário XEROX WORKCENTRE PRO 421DE

[. . . ] IDFH 2ULJLQDO (QFDGHUQDGR 'HVOLJDGR 'HVORFDU , PDJHP 'HVOLJDGR 3URQWR D FRSLDU À 8WLOL]H D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D VXD SUHIHUrQFLD SRU H[ >! [. . . ] ! 'HVFULomR 3URGX] FySLDV GH XPD IDFH D SDUWLU GH RULJLQDLV GH XPD IDFH 3URGX] FySLDV GH GXDV IDFHV D SDUWLU GH RULJLQDLV GH XPD IDFH 3URGX] FySLDV GH GXDV IDFHV D SDUWLU GH RULJLQDLV GH GXDV IDFHV 3URGX] FySLDV GH XPD IDFH D SDUWLU GH RULJLQDLV GH GXDV IDFHV ""% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 :RUN&HQWUH 3UR SRGH VHU OLJDGR j VXD HVWDomR GH WUDEDOKR XWLOL]DQGR D SRUWD SDUDOHOD QD HVWDomR GH WUDEDOKR RX DWUDYpV GD UHGH 6H R :RUN&HQWUH 3UR HVWLYHU OLJDGR RV WUDEDOKRV HOHFWUyQLFRV TXH UHTXHUHP LPSUHVVmR SRGHP VHU HQYLDGRV D SDUWLU GD VXD HVWDomR GH WUDEDOKR GLUHFWDPHQWH SDUD R HTXLSDPHQWR 2V GULYHUV GH LPSUHVVRUD &HQWUH:DUH SHUPLWHP D LPSUHVVmR D SDUWLU GH XPD HVWDomR GH WUDEDOKR SDUD XP :RUN&HQWUH 3UR QXPD UHGH 2V GULYHUV &HQWUH:DUH FRQWrP XPD YDULHGDGH GH RSo}HV GH IXQo}HV TXH OKH SHUPLWHP SHUVRQDOL]DU RV VHXV WUDEDOKRV GH LPSUHVVmR (VWH FDStWXOR IRUQHFH LQVWUXo}HV SDUD D LPSUHVVmR QR :RUN&HQWUH 3UR H XPD GHVFULomR JHUDO GDV RSo}HV H IXQo}HV GLVSRQtYHLV SDUD LPSUHVVmR 2 :RUN&HQWUH 3UR SHUPLWH SURGX]LU FySLDV VHP GDQLILFDU XP WUDEDOKR GH LPSUHVVmR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # , PSUHVVmR , PSUHVVmR 3URFHGLPHQWR GH , PSUHVVmR $FHVVR 5iSLGR À&ULH R GRFXPHQWR À6HOHFFLRQH >, PSULPLU@ H À(VFROKD DV IXQo}HV GR GULYHU À6HOHFFLRQH 2. GH LPSUHVVRUD QHFHVViULDV >3URSULHGDGHV@ $QWHV GH SRGHU XWLOL]DU D IXQomR GH LPSUHVVmR QR :RUN&HQWUH 3UR GHYH FRQILJXUDU H SURJUDPDU R HTXLSDPHQWR QD UHGH 'HSRLV GH R :RUN&HQWUH 3UR WHU VLGR FRQILJXUDGR H OLJDGR HP UHGH SRGHUi SURJUDPDU R VHX 3& RX HVWDomR GH WUDEDOKR SDUD LPSULPLU XWLOL]DQGR RV 'ULYHUV GH , PSUHVVRUD ;HUR[ &HQWUH:DUH SHUVRQDOL]DGRV TXH VmR IRUQHFLGRV FRP R HTXLSDPHQWR 127$ 6H TXLVHU FRQILJXUDU R VHX 3& RX HVWDomR GH WUDEDOKR SDUD LPSULPLU SDUD R :RUN&HQWUH 3UR RX WLYHU GLILFXOGDGHV FRP D LPSUHVVmR SHoD DVVLVWrQFLD DR VHX $GPLQLVWUDGRU GR 6LVWHPD &ULDU R 'RFXPHQWR 2V GRFXPHQWRV D LPSULPLU VmR FULDGRV QR VHX 3& RX HVWDomR GH WUDEDOKR XWLOL]DQGR XPD DSOLFDomR GH VRIWZDUH 3RU H[HPSOR R 0LFUR6RIW :RUG H 0LFUR6RIW 3RZHU3RLQW VmR DSOLFDo}HV GH FULDomR GH GRFXPHQWRV YDVWDPHQWH XWLOL]DGDV 127$ 6H RV VHXV UHTXLVLWRV GH LPSUHVVmR HQYROYHUHP D LPSUHVVmR GH WUDEDOKRV SDUWLFXODUPHQWH H[WHQVRV SRGHUi WHU TXH DGTXLULU SODFDV GH PHPyULD DGLFLRQDLV SDUD R VHX :RUN&HQWUH 3UR #! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 6HOHFFLRQH >, PSULPLU@ QR PHQX >)LFKHLUR@ GD VXD DSOLFDomR $SDUHFH D MDQHOD , PSULPLU GD DSOLFDomR À 6HOHFFLRQH R :RUN&HQWUH 3UR FRPR D VXD LPSUHVVRUD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #" , PSUHVVmR 6HOHFFLRQDU , PSUHVVmR 6HOHFFLRQDU DV )XQo}HV GR 'ULYHU GH , PSUHVVRUD À 6HOHFFLRQH >3URSULHGDGHV@ QD MDQHOD , PSULPLU GD DSOLFDomR 127$ (P DOJXPDV DSOLFDo}HV p SRVVtYHO DFHGHU jV IXQo}HV GR GULYHU GH LPSUHVVRUD DWUDYpV GH XPD RSomR GH FRQILJXUDomR À À $V IXQo}HV GR GULYHU GH LPSUHVVmR VmR DSUHVHQWDGDV QD MDQHOD 3URSULHGDGHV 6HOHFFLRQH DV IXQo}HV QHFHVViULDV SDUD R WUDEDOKR GH LPSUHVVmR XWLOL]DQGR DV RSo}HV VXVSHQVDV H DV FDL[DV GH YHULILFDomR IRUQHFLGDV HP FDGD SDVWD FRP VHSDUDGRUHV 68*(672 $ VHFomR TXH VH VHJXH IRUQHFH XPD GHVFULomR JHUDO GDV IXQo}HV GLVSRQtYHLV ## ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 'HSRLV GH WRGDV DV IXQo}HV QHFHVViULDV WHUHP VLGR SURJUDPDGDV VHOHFFLRQH >2. @ $ MDQHOD 3URSULHGDGHV IHFKDVH H DSDUHFH D MDQHOD , PSULPLU GD DSOLFDomR À 3DUD HQYLDU R WUDEDOKR SDUD LPSUHVVmR VHOHFFLRQH >2. @ QD MDQHOD , PSULPLU GD DSOLFDomR 3DUD VDLU GD RSomR , PSULPLU VHP HQYLDU R WUDEDOKR SDUD LPSUHVVmR VHOHFFLRQH >)HFKDU@ À 4XDQGR 2. p VHOHFFLRQDGR R WUDEDOKR p SURFHVVDGR p FULDGR XP ILFKHLUR GH LPSUHVVmR H HQYLDGR DWUDYpV GD UHGH SDUD R :RUN&HQWUH 3UR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #$ , PSUHVVmR , PSULPLU R 7UDEDOKR 5HFXSHUDU R 7UDEDOKR GH , PSUHVVmR 2 ILFKHLUR GH LPSUHVVmR p UHFHELGR SHOR :RUN&HQWUH 3UR SURFHVVDGR LQWHUSUHWDGR H GHSRLV LPSUHVVR 2 VHX WUDEDOKR GH LPSUHVVmR VHUi HQWUHJXH QD iUHD GH VDtGD VHOHFFLRQDGD QR GULYHU GH LPSUHVVRUD TXDQGR R WUDEDOKR IRL HQYLDGR 1D LPSUHVVRUD R /&' SRGH SRU YH]HV DSUHVHQWDU DV VHJXLQWHV PHQVDJHQV À 6H DSDUHFHU HVWD PHQVDJHP p QHFHVViULR DJXDUGDU TXH R WUDEDOKR DFDEH GH VHU SURFHVVDGR H LPSUHVVR DQWHV GH SRGHU XWLOL]DU QRYDPHQWH R :RUN&HQWUH 3UR 7UDEDOKR HP SURFHVVDPHQWR 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ )XQo}HV $GLFLRQDLV $XWR À 6H DSDUHFHU HVWD PHQVDJHP R VHX WUDEDOKR p JUDQGH GHPDLV SDUD VHU LPSUHVVR WRGR GH XPD YH] 2 WUDEDOKR VHUi GLYLGLGR HP VHFo}HV PDLV SHTXHQDV H LPSUHVVR XPD VHFomR GH FDGD YH] 7UDE H[FHGH PHPDJXDUGH 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ )XQo}HV $GLFLRQDLV $XWR 127$ 6H DSDUHFHU HVWD PHQVDJHP H WLYHU VHOHFFLRQDGR GRLV RX PDLV FRQMXQWRV DSHQDV VHUi LPSUHVVR XP FRQMXQWR 7HUi GH UHHQYLDU R WUDEDOKR SDUD REWHU RXWUR FRQMXQWR RX HIHFWXDU FySLDV #% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6H RFRUUHU XP SUREOHPD FRP R VHX WUDEDOKR GH LPSUHVVmR RX VH QHFHVVLWDU GH FDQFHODU R VHX WUDEDOKR GH LPSUHVVmR XWLOL]H RV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD DFHGLGRV DWUDYpV GD WHFOD (VWDGR GR (TXLSDPHQWR $FHGHU DRV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD 8WLOL]H DV LQVWUXo}HV IRUQHFLGDV DEDL[R SDUD DFHGHU DRV YDORUHV SRU GHIHLWR GD LPSUHVVmR À 3ULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ ORFDOL]DGD j GLUHLWD GR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR DSUHVHQWD DV RSo}HV GDV GHILQLo}HV À &HUWLILTXHVH TXH >9DORUHV SRU 'HIHLWR@ HVWi VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR LPSUHVVRUD@ H SULPD D WHFOD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR LPSUHVVRUD 9DORUHV SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #& , PSUHVVmR *HULU 7UDEDOKRV GH , PSUHVVmR &DQFHODU XP 7UDEDOKR GH , PSUHVVmR 6H R WUDEDOKR GH LPSUHVVmR IRL HQYLDGR FRP HUURV RX VH KRXYHU XP SUREOHPD FRP R WUDEDOKR XWLOL]H D RSomR SRU GHIHLWR GD LPSUHVVRUD &DQFHODU 7UDEDOKR SDUD FDQFHODU R WUDEDOKR 127$ 6y GHYHUi DSDJDU RV VHXV SUySULRV WUDEDOKRV GD )LOD GH , PSUHVVmR 6H KRXYHU XP SUREOHPD FRP R WUDEDOKR GH XP RXWUR XWLOL]DGRU FRQWDFWH R VHX $GPLQLVWUDGRU GR 6LVWHPD SDUD DVVLVWrQFLD À 6HOHFFLRQH >&DQFHODU WUDEDOKR@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD À 6HOHFFLRQH >6LP@ SDUD FDQFHODU R WUDEDOKR RX >1mR@ SDUD UHWHU R WUDEDOKR H SULPD D WHFOD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 6LP 1mR &DQFHODU WUDEDOKR" À #' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $ RSomR SRU GHIHLWR GD LPSUHVVRUD $OLPHQWDomR )RUoDGD p XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH XP WUDEDOKR TXH VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO TXDQGR p DFWLYDGD D RSomR 'HWHFWDU 3DSHO 'LIHUHQWH 6H R VHX WUDEDOKR GH LPSUHVVmR VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO XWLOL]H HVWDV LQVWUXo}HV SDUD R DSDJDU GR HTXLSDPHQWR À 6HOHFFLRQH >$OLPHQWDomR IRUoDGD@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD À 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #( , PSUHVVmR 3URJUDPDU D $OLPHQWDomR )RUoDGD )RUoDU XP $YDQoR GH 3iJLQD 6H IRU FDQFHODGR XP WUDEDOKR QR 3& SRGHUmR SHUPDQHFHU GDGRV QD PHPyULD GR :RUN&HQWUH 3UR TXH WHUmR GH VHU DSDJDGRV XWLOL]DQGR D RSomR SRU GHIHLWR GD LPSUHVVRUD $YDQoDU SiJLQD 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD IRUoDU D LPSUHVVmR GH GDGRV TXH DLQGD VH HQFRQWUDP QD PHPyULD GD LPSUHVVRUD TXDQGR p FDQFHODGR XP WUDEDOKR QR 3& À 6HOHFFLRQH >$YDQoDU SiJLQD@ H SULPD >$FHLWDU@ &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD 9DO GHIHLWR LPSUHVVRUD À À 6HOHFFLRQH >6LP@ SDUD IRUoDU R DYDQoR GH SiJLQD RX >1mR@ H SULPD D WHFOD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 6LP 1mR )RUoDU DYDQoR GH SiJLQD" # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6H R HTXLSDPHQWR HVWLYHU D LPSULPLU XP WUDEDOKR SRGHUi SURJUDPDU IXQo}HV SDUD XP WUDEDOKR GH FySLD TXH VH LQLFLDUi DXWRPDWLFDPHQWH TXDQGR WHUPLQDU R WUDEDOKR GH LPSUHVVmR À 3ULPD >, QWHUURPSHU 7UDEDOKR@ $FHQGHVH D OX] DR ODGR GR ERWmR , QWHUURPSHU 7UDEDOKR &RORTXH RV RULJLQDLV VREUH R YLGUR GH H[SRVLomR RX QR DOLPHQWDGRU GH RULJLQDLV 6HOHFFLRQH D TXDQWLGDGH H HVFROKD DV IXQo}HV GH SURJUDPDomR TXH SRGHUi QHFHVVLWDU GH HQWUH DV VHJXLQWHV &ODUR(VFXUR 5HGX]LU$PSOLDU $EDVWHFLPHQWR GH 3DSHO 7LSR GH 2ULJLQDO 'HVORF, PDJHP H $SDJDU 5HERUGR 3ULPD >, QLFLDU@ 2 HFUm 3URQWR D &RSLDU LQGLFDUi $UUDQTXH $XWR H DSUHVHQWDUi TXDLVTXHU IXQo}HV TXH WLYHU VHOHFFLRQDGR $VVLP TXH WHUPLQDU R WUDEDOKR GH LPSUHVVmR LQLFLDVH DXWRPDWLFDPHQWH R VHX WUDEDOKR GH FySLD À À $UUDQTXH $XWR 3DSHO 6DtGD À $XWR 6HSDUDGDV &( 5$ $XWR )XQo}HV $GLFLRQDLV À 4XDQGR WHUPLQDU R VHX WUDEDOKR GH FySLD SULPD QRYDPHQWH >, QWHUURPSHU 7UDEDOKR@ FRORFDU R HTXLSDPHQWR QR PRGR 3URQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # , PSUHVVmR 8WLOL]DU , QWHUURPSHU 7UDEDOKR )XQo}HV GR 'ULYHU GH , PSUHVVRUD ([LVWHP YiULRV GULYHUV GH LPSUHVVRUD GLVSRQtYHLV SDUD R :RUN&HQWUH 3UR $V IXQo}HV GLVSRQtYHLV GHSHQGHP GR GULYHU GH LPSUHVVRUD TXH p XWLOL]DGR $V VHJXLQWHV GHVFULo}HV GDV IXQo}HV FRQVWLWXHP XPD GHVFULomR JHUDO GDV IXQo}HV WtSLFDV IRUQHFLGDV SHORV GULYHUV GH LPSUHVVRUD GR :RUN&HQWUH 3UR 3DUD REWHU LQIRUPDo}HV VREUH XPD IXQomR HVSHFtILFD GR GULYHU GH LPSUHVVRUD FRQVXOWH D $MXGD RQOLQH GR VRIWZDUH GR GULYHU GH LPSUHVVRUD 2So}HV GH &RQWUROR $OJXPDV RSo}HV DSDUHFHP HP WRGRV RV HFUmV GH GULYHU GH LPSUHVVRUD 2. *XDUGD WRGDV DV QRYDV GHILQLo}HV H IHFKD R GULYHU RX D FDL[D GH GLiORJR (VWDV QRYDV GHILQLo}HV SHUPDQHFHP HP YLJRU D PHQRV TXH DV DOWHUH )HFKD D FDL[D GH GLiORJR H UHS}H WRGDV DV RSo}HV GRV VHSDUDGRUHV QRV YDORUHV TXH YLJRUDYDP DQWHV GH WHU DEHUWR D FDL[D GH GLiORJR 3HUGHPVH TXDLVTXHU DOWHUDo}HV TXH WHQKD IHLWR *XDUGD WRGDV DV DOWHUDo}HV TXH WLYHU IHLWR VHP IHFKDU R GULYHU 5HS}H R VHSDUDGRU DFWXDO H WRGDV DV UHVSHFWLYDV RSo}HV QRV YDORUHV SRU GHIHLWR GR VLVWHPD $ DFomR GHVWH ERWmR DSOLFDVH XQLFDPHQWH DR VHSDUDGRU DFWXDO 7RGRV RV RXWURV VHSDUDGRUHV SHUPDQHFHP LQDOWHUDGRV 5HS}H RV YDORUHV SRU GHIHLWR GR VLVWHPD QRV VHSDUDGRUHV 6DtGD GH 3DSHO /D\RXW H 2So}HV GH , PDJHP 2XWUDV IXQo}HV H VHSDUDGRUHV SRGHUmR QmR WHU RSo}HV SRU GHIHLWR HVSHFtILFDV H QmR VHUmR DIHFWDGRV SRU HVWH ERWmR 6HOHFFLRQH R ERWmR >$MXGD@ QD SDUWH LQIHULRU GLUHLWD GR HFUm GR GULYHU GH LPSUHVVRUD RX >)@ QR WHFODGR GR 3& SDUD REWHU LQIRUPDo}HV QR HFUm GR GULYHU GH LPSUHVVRUD TXH DSDUHFH &DQFHODU $SOLFDU 9DO SRU 'HIHLWR 7RGRV 9DO SRU 'HIHLWR $MXGD # ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6H FRORFDU R LQGLFDGRU GR UDWR VREUH XP FRQWUROR R 0LFURVRIW :LQGRZV PRVWUDUi XPD EUHYH 6XJHVWmR GH $MXGD VREUH HVVH FRQWUROR 6H VHOHFFLRQDU R ERWmR GLUHLWR GR UDWR VREUH XP FRQWUROR R VLVWHPD GH $MXGD IRUQHFHOKH LQIRUPDo}HV PDLV GHWDOKDGDV (P WRGRV RV HFUmV HQFRQWUDPVH GLVSRQtYHLV RV VHJXLQWHV ERW}HV ËQGLFH 9LVXDOL]D R ËQGLFH SULQFLSDO GR 6LVWHPD GH $MXGD 3URFXUDU 3HUPLWHOKH GLJLWDU XPD SDODYUD RX IUDVH TXH SUHWHQGH SURFXUDU $QWHULRU )iOR YROWDU DR HFUm DQWHULRU )LFKHLUR6DLU 2 LWHP 6DLU QR PHQX )LFKHLUR IHFKD D MDQHOD GH $MXGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # " , PSUHVVmR &RQILJXUDomR GD , PSUHVVRUD 2 GLiORJR &RQILJXUDomR GD , PSUHVVRUD SHUPLWHOKH DFWXDOL]DU R GULYHU GH LPSUHVVRUD SDUD IXQFLRQDU FRP RV RSFLRQDLV LQVWDODGRV QD VXD LPSUHVVRUD $SyV WHU LQVWDODGR XP GULYHU GH LPSUHVVRUD RSFLRQDO VHOHFFLRQH D FDL[D DGHTXDGD QD OLVWD GH 2So}HV , QVWDOiYHLV SDUD DFWXDOL]DU R GULYHU GD LPSUHVVRUD $ VHOHFomR GHVWDV RSo}HV DFWLYD YiULDV IXQo}HV H RSo}HV QRXWURV VHSDUDGRUHV GR GULYHU GD LPSUHVVRUD 2 JUiILFR GD LPSUHVVRUD H DV OLVWDV GR VHSDUDGRU 3DSHO6DtGD PXGDP SDUD PRVWUDU DV QRYDV RSo}HV $FHVVR 5iSLGR À&RQILJXUDomR GD , PSUHVVmR À2So}HV , QVWDOiYHLV À0HPyULD 0% 2So}HV , QVWDOiYHLV %DQGHMDV 2SFLRQDLV %DQGHMD %\SDVV 8PD EDQGHMD GH SDSHO DGLFLRQDO TXH SRGH VHU LQVWDODGD VRE D EDQGHMD SULQFLSDO 8PD XQLGDGH GH DOLPHQWDomR GH SDSHO TXH p XVDGD QRUPDOPHQWH SDUD WUDEDOKRV ~QLFRV RX RFDVLRQDLV TXH H[LJHP IRUPDWRV GH SDSHO QmR VWDQGDUG # # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà %DQGHMD GH 5HFHSomR 2IIVHW 8PD XQLGDGH TXH SRGH VHU DFUHVFHQWDGD j LPSUHVVRUD SDUD TXH FDGD WUDEDOKR VHMD OLJHLUDPHQWH GHVYLDGR GR DQWHULRU QD EDQGHMD GH UHFHSomR (VWD p GH VpULH FRP DV LPSUHVVRUDV GH OLJDomR j UHGH 8PD EDQGHMD RSFLRQDO TXH GLYLGH D EDQGHMD GH VDtGD HP GXDV VHFo}HV VXSHULRU H LQIHULRU 127$ 1mR p SRVVtYHO LQVWDODU DR PHVPR WHPSR D %DQGHMD GH 5HFHSomR 2IIVHW H D %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV 0HPyULD 0% 0HPyULD 6H WLYHU LQVWDODGD PHPyULD DGLFLRQDO QD LPSUHVVRUD LQGLTXH R WRWDO GH PHPyULD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # $ , PSUHVVmR 0yGXOR 'XSOH[ , PSUHVVmR )DFHV 8P GLVSRVLWLYR RSFLRQDO TXH OKH SHUPLWH LPSULPLU HP DPEDV DV IDFHV GR SDSHO 3DSHO6DtGD 3HUPLWHOKH VHOHFFLRQDU R IRUPDWR GR SDSHO D RULHQWDomR GR SDSHO D RULJHP GR SDSHO R WLSR GH VXSRUWH GH LPSUHVVmR H R Q~PHUR GH FySLDV SDUD R WUDEDOKR  $FHVVR 5iSLGR À3DSHO6DtGD À)XQomR 2IIVHW À&ySLDV À6HOHFFLRQDU 3DSHO À, PSUHVVmR )DFHV À6HSDUDomR À2ULHQWDomR GD , PDJHP À'HVWLQR GH 6DtGD )XQomR 2IIVHW 6HOHFFLRQH )XQomR 2IIVHW $FWLYDGD VH GHVHMDU TXH FDGD FRQMXQWR GH XP WUDEDOKR GH LPSUHVVmR FRP YiULDV FySLDV VHMD OLJHLUDPHQWH GHVYLDGR GR DQWHULRU QD %DQGHMD GH 5HFHSomR 2IIVHW $ DFWLYDomR GHVWD RSomR IDFLOLWD D VHSDUDomR H PDQXVHDPHQWR GH GRFXPHQWRV TXDQGR LPSULPH YiULDV FySLDV &ySLDV 8VH D FDL[D &ySLDV SDUD LQGLFDU TXDQWRV FRQMXQWRV GH GRFXPHQWRV SUHWHQGH LPSULPLU 127$ (VWH YDORU p LQGHSHQGHQWH GD VHOHFomR GH &ySLDV IHLWD QR PHQX GH LPSUHVVmR GD DSOLFDomR 1mR XWLOL]H VLPXOWDQHDPHQWH R YDORU GH &ySLDV GR GULYHU H R GD DSOLFDomR 2 LGHDO p IL[DU HP ³´ R Q~PHUR GH FySLDV GR GULYHU H QD DSOLFDomR LQGLFDU R Q~PHUR GH FySLDV TXH GHVHMD LPSULPLU # % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6HOHFFLRQDU 3DSHO SHUPLWHOKH HVSHFLILFDU R SDSHO TXH TXHU XVDU SDUD LPSULPLU R WUDEDOKR $V HVSHFLILFDo}HV GH SDSHO DSDUHFHP QD FDL[D UHVXPR GH SDSHO QR VHSDUDGRU 3DSHO 6DtGD 2 GLiORJR 6HOHFFLRQDU 3DSHO LQFOXL WUrV VHSDUDGRUHV &RUSR GR 'RFXPHQWR &DSD H 6HSDUDGRUHV $R VHOHFFLRQDU FDGD VHSDUDGRU SRGH GHILQLU R IRUPDWR GH SDSHO WLSR GH SDSHO H RULJHP GH SDSHO SDUD FDGD SDUWH GR GRFXPHQWR &RUSR GR 'RFXPHQWR 3HUPLWHOKH HVSHFLILFDU R IRUPDWR H RULJHP GR SDSHO SDUD WRGR R WUDEDOKR GH LPSUHVVmR )RUPDWR $ RSomR )RUPDWR SHUPLWHOKH GHILQLU R IRUPDWR GR SDSHO RX HQYHORSH TXH YDL XWLOL]DU QR VHX WUDEDOKR $ OLVWD GH )RUPDWR LQFOXL WRGRV RV IRUPDWRV GH SDSHO VXSRUWDGRV SHOD LPSUHVVRUD 2 IRUPDWR GH SDSHO SRU GHIHLWR p /HWWHU RX $ GHSHQGHQGR GR SDtV 127$ 2 VRIWZDUH GD VXD DSOLFDomR :LQGRZV SRGH VREUHSRU HVWH YDORU 9HULILTXH R IRUPDWR GH SDSHO TXH WHP VHOHFFLRQDGR QD DSOLFDomR 7LSR 7LSR SHUPLWHOKH VHOHFFLRQDU SDSHO SRU WLSR GH VXSRUWH H QmR SRU EDQGHMD GH SDSHO 'HYH XVDU SULPHLUR R 0HQX GD %DQGHMD QD FRQVROD GD LPSUHVVRUD SDUD SURJUDPDU R WLSR GH SDSHO SDUD FDGD EDQGHMD 'HSRLV QR GULYHU VHOHFFLRQH R WLSR GH SDSHO D VHU XVDGR QR WUDEDOKR GH LPSUHVVmR H D LPSUHVVRUD LUi XVDU DXWRPDWLFDPHQWH D EDQGHMD GH SDSHO FRUUHFWD %DQGHMD GH 3DSHO 6HOHFFLRQH D EDQGHMD GH SDSHO TXH WHQKD R WLSR GH SDSHO TXH GHVHMD XVDU QD FDSD GR GRFXPHQWR FRUSR GR GRFXPHQWR H VHSDUDGRUHV VH KRXYHU 1HP WRGDV DV EDQGHMDV GH SDSHO DFHLWDP WRGRV RV IRUPDWRV GH SDSHO $SHQDV DSDUHFHUmR DV EDQGHMDV TXH DFHLWDP R IRUPDWR GH SDSHO HVSHFLILFDGR $ RSomR SRU GHIHLWR p 6HOHFomR $XWR GH %DQGHMD 6H VHOHFFLRQDU XPD EDQGHMD GH SDSHO H GHSRLV VHOHFFLRQDU XP IRUPDWR GH SDSHO QmR VXSRUWDGR SRU HVVD EDQGHMD D RSomR YROWD DR YDORU SRU GHIHLWR ³6HOHFomR $XWR GH %DQGHMD´ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # & , PSUHVVmR 6HOHFFLRQDU 3DSHO 127$ 2V YDORUHV GD %DQGHMD GH 3DSHO VHOHFFLRQDGRV QD DSOLFDomR VREUHS}HPVH DRV VHOHFFLRQDGRV QR GULYHU GD LPSUHVVRUD &DSD 2 VHSDUDGRU &DSDV SHUPLWHOKH XVDU SDSHO GLIHUHQWH WDO FRPR SDSHO WLPEUDGR FRPR SULPHLUD IROKD GR WUDEDOKR GH LPSUHVVmR 3DUD DFWLYDU DV GHILQLo}HV GR WLSR GH VXSRUWH H EDQGHMD GH SDSHO VHOHFFLRQH &DSD 'LIHUHQWH 2V YDORUHV TXH HVSHFLILFDU DSDUHFHP QD &DL[D 5HVXPR GR 3DSHO QR GLiORJR 3DSHO6DtGD 2V YDORUHV TXH VHOHFFLRQD QHVWH VHSDUDGRU VREUHS}HPVH D TXDLVTXHU RXWURV UHODWLYRV D FDSD VHOHFFLRQDGRV QD DSOLFDomR 1mR SRGH DOWHUDU R )RUPDWR GH 3DSHO QHVWH VHSDUDGRU 3DUD R ID]HU VHOHFFLRQH R VHSDUDGRU &RUSR GR 'RFXPHQWR 127$ (VWD IXQomR QmR HVWi GLVSRQtYHO FRP LPSUHVVmR HP IDFHV 6HSDUDGRUHV 2V 6HSDUDGRUHV SHUPLWHPOKH FRORFDU XPD SiJLQD GH VHSDUDomR HQWUH FDGD SiJLQD LPSUHVVD GH XP GRFXPHQWR H DSyV D ~OWLPD SiJLQD , VWR p ~WLO TXDQGR LPSULPH LWHPV FRPR WUDQVSDUrQFLDV H GHVHMD FRORFDU XPD IROKD HP EUDQFR GH SDSHO FRPXP HQWUH FDGD WUDQVSDUrQFLD 3DUD XVDU VHSDUDGRUHV GHYH DFWLYDU VHSDUDomR H LPSUHVVmR QXPD Vy IDFH QR VHSDUDGRU 3DSHO6DtGD 3DUD DOWHUDU TXDOTXHU XP GHVWHV YDORUHV VHOHFFLRQH 8VDU 6HSDUDGRUHV $R ID]HU LVVR DFWLYD RV PHQXV 7LSR GH VXSRUWH H %DQGHMD GH 3DSHO 2V YDORUHV TXH HVSHFLILFDU DSDUHFHP QD &DL[D 5HVXPR GR 3DSHO QR GLiORJR 3DSHO6DtGD 127$ 2V YDORUHV GH 6HSDUDGRUHV QR GULYHU VREUHS}HPVH DR YDORU GD DSOLFDomR # ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 68*(672 6H D FRQILJXUDomR GR VHX HTXLSDPHQWR VXSRUWDU HVWD IXQomR WHUi GH VHOHFFLRQDU D RSomR GXSOH[ QR GLiORJR &RQILJXUDomR GD , PSUHVVRUD SDUD DFWLYDU D LPSUHVVmR IDFHV $ , PSUHVVmR HP )DFHV SHUPLWHOKH LPSULPLU HP DPEDV DV IDFHV GH XPD SiJLQD )DFH )DFHV 5RGDU SHOR /DGR 0HQRU )DFHV 5RGDU SHOR /DGR 0DLRU , PSUHVVmR QXPD Vy IDFH (VWH p R YDORU SRU GHIHLWR , PSUHVVmR HP GXDV IDFHV DOLQKDGD SHOR ODGR PHQRU GR SDSHO , PSUHVVmR HP GXDV IDFHV DOLQKDGD SHOR ODGR PDLRU GR SDSHO 6H WLYHU LQVWDODGR QD VXD LPSUHVVRUD KDUGZDUH SDUD GXSOH[ GHYH DFWLYDU D LPSUHVVmR GXSOH[ QR GULYHU VHOHFFLRQDQGR 'XSOH[ QR VHSDUDGRU &RQILJXUDomR GD , PSUHVVRUD 6y QHVVD DOWXUD SRGHUi VHOHFFLRQDU , PSUHVVmR HP )DFHV QR GLiORJR 3DSHO6DtGD 6HSDUDomR 2 FDPSR 6HSDUDomR SHUPLWHOKH HVSHFLILFDU VH RV GRFXPHQWRV FRP YiULDV SiJLQDV GHYHP VHU LPSUHVVRV VHSDUDGRV RX SRU VHSDUDU 3RU 6HSDUDU 6HSDUDGDV 'XDV RX PDLV FySLDV GH XP GRFXPHQWR VmR LPSUHVVDV HP FRQMXQWRV VHSDUDGRV GH FDGD SiJLQD 'XDV RX PDLV FySLDV GH XP GRFXPHQWR VmR LPSUHVVDV SHOD RUGHP VHTXHQFLDO GD SiJLQD H VDHP FRPR FRQMXQWRV VHSDUDGRV $ VDtGD VHSDUDGD SRGH YDULDU GH DFRUGR FRP D TXDQWLGDGH GH PHPyULD GD LPSUHVVRUD R HTXLSDPHQWR RSFLRQDO LQVWDODGR QD LPSUHVVRUD H D FRPSOH[LGDGH GRV WUDEDOKRV GH LPSUHVVmR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà # ( , PSUHVVmR , PSUHVVmR )DFHV 2 YDORU 6HSDUDU HP DOJXPDV DSOLFDo}HV SRGH HQWUDU HP FRQIOLWR FRP R YDORU 6HSDUDU QRV VHXV GULYHUV GH LPSUHVVRUD ;HUR[ 3DUD HYLWDU FRQIOLWRV $&7, 9( VHSDUDomR QR VHX GULYHU GH LPSUHVVRUD H '(6$&7, 9( QR GLiORJR GD DSOLFDomR 12 VHOHFFLRQH VHSDUDomR QD DSOLFDomR ( QR GULYHU GD LPSUHVVRUD 127$ 6H 6HSDUDU HVWLYHU VHOHFFLRQDGR QR GULYHU GH LPSUHVVRUD FHUWLILTXHVH TXH QmR HVWi VHOHFFLRQDGR QD MDQHOD GH LPSUHVVmR GD DSOLFDomR 2ULHQWDomR GD , PDJHP $ 2ULHQWDomR UHIHUHVH jV GLUHFo}HV UHODWLYDV GRV ODGRV PDLRU H PHQRU GR SDSHO $ VXD LPSUHVVRUD SRGH LPSULPLU FRP RULHQWDomR YHUWLFDO RX KRUL]RQWDO 2ULHQWDomR YHUWLFDO 2ULHQWDomR KRUL]RQWDO , PSULPH XPD LPDJHP PDLV DOWD GR TXH ODUJD , PSULPH XPD LPDJHP PDLV ODUJD GR TXH DOWD 'HVWLQR GH 6DtGD 6HOHFFLRQH R ORFDO GH VDtGD QD LPSUHVVRUD RQGH GHVHMD TXH VDLD R GRFXPHQWR LPSUHVVR $ FDL[D GD OLVWD PRVWUD WRGDV DV RSo}HV YiOLGDV SDUD D LPSUHVVRUD 3RGH ID]HU XPD VHOHFomR QD OLVWD RX VHOHFFLRQDQGR D LPSUHVVRUD 2V QRPHV GH TXDLVTXHU GLVSRVLWLYRV GH VDtGD LQVWDODGRV QD LPSUHVVRUD GHYHP VHU VHOHFFLRQDGRV QR VHSDUDGRU &RQILJXUDomR GD , PSUHVVRUD DQWHV GH DSDUHFHUHP QD OLVWD GH 'HVWLQR GH 6DtGD 127$ 1mR p SRVVtYHO LQVWDODU DR PHVPR WHPSR D %DQGHMD GH 5HFHSomR 2IIVHW H D %DQGHMD GH 6HSDUDomR GH 7UDEDOKRV #! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 GLiORJR 2So}HV GR 'RFXPHQWR SHUPLWHOKH LPSULPLU GRFXPHQWRV HP IRUPD GH ERRNOHW RX LPSULPLU LPDJHQV GH YiULDV SiJLQDV QXPD IDFH GD SiJLQD &DGD SiJLQD SRGH VHU LPSUHVVD FRP RX VHP PDUJHP QD SiJLQD (VFROKD HQWUH RV IRUPDWRV GH SiJLQD 1RUPDO H 9iULRV QXPD )ROKD $FHVVR 5iSLGR À/D\RXW À1RUPDO À9iULRV QXPD )ROKD 1RUPDO , PSULPH XPD SiJLQD QRUPDO 1RUPDO p R YDORU SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #! , PSUHVVmR /D\RXW 9iULRV QXPD )ROKD , PSULPH PDLV GR TXH XPD LPDJHP GH SiJLQD QXPD ~QLFD IROKD GH SDSHO , QGLTXH R Q~PHUR GHVHMDGR GH LPDJHQV GH SiJLQD SRU IDFH QD OLVWD 9iULRV QXPD )ROKD 9iULRV QXPD IROKD À À À À À À SiJLQD QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD SiJLQDV QXPD IROKD 'HVHQKDU &RQWRUQRV 'LUHLWD SDUD (VTXHUGD , PSULPH UHERUGRV SUHWRV j YROWD GH FDGD LPDJHP GD SiJLQD , PSULPH SiJLQDV GD GLUHLWD SDUD D HVTXHUGD #!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 GLiORJR 2So}HV GH , PDJHP SHUPLWHOKH GHILQLU GLIHUHQWHV FDUDFWHUtVWLFDV YLVXDLV H JUiILFDV SDUD R VHX WUDEDOKR GH LPSUHVVmR 7DPEpP OKH SHUPLWH HVFROKHU VH GHVHMD ID]HU GRZQORDG GD VXD DSOLFDomR SDUD D LPSUHVVRUD FRPR IRQWHV 7UXH7\SH RX ELWPDS RX VH D LPSULPH FRPR JUiILFRV H IRQWHV GR GLVSRVLWLYR $FHVVR 5iSLGR À2So}HV GH , PDJHP À(VFDOD GH &LQ]HQWRV À)RQWHV 7UXHW\SH À*UiILFRV À5HVROXomR À4XDOLGDGH GH , PSUHVVmR (VFDOD GH &LQ]HQWRV , PDJHQV )RWRJUiILFDV (VFROKD HVWD RSomR SDUD LPDJHQV TXH SUHWHQGH TXH WHQKDP XP DVSHFWR VXDYH UHDOLVWD H IRWRJUiILFR $ RSomR , PDJHQV )RWRJUiILFDV SHUPLWH XP FRQWUDVWH VXDYH HQWUH DV YiULDV WRQDOLGDGHV GH FLQ]HQWR (VWD RSomR WDPEpP IXQFLRQD EHP FRP LPDJHQV FULDGDV RULJLQDOPHQWH D FRUHV $V DOWHUDo}HV IHLWDV LUmR VHU UHIOHFWLGDV QR GHVHQKR TXH UHSUHVHQWD XP ROKR , PDJHQV 'LJLWDOL]DGDV $ RSomR LPDJHQV GLJLWDOL]DGDV p DMXVWDGD HVSHFLDOPHQWH GH PRGR D SURSRUFLRQDU XPD TXDOLGDGH H FODUH]D H[FHSFLRQDLV jV LPDJHQV LPSUHVVDV RULJLQDOPHQWH GLJLWDOL]DGDV QXP VFDQQHU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #!" , PSUHVVmR 2So}HV GH , PDJHP 'HVHQKRV GH /LQKDV (VFROKD HVWD RSomR SDUD LPDJHQV JUiILFDV FRP OLQKDV H GHWDOKHV ILQRV WDO FRPR GHVHQKRV GH OLQKDV (VWD RSomR SURSRUFLRQD OLQKDV VyOLGDV H FRQWUDVWHV QtWLGRV HQWUH DV iUHDV VRPEUHDGDV (VWD RSomR SHUPLWH LPSULPLU WRGR R WH[WR FRORULGR D SUHWR HP YH] GH FLQ]HQWR , PSULPLU 7H[WR &RORULGR D 3UHWR )RQWHV 7UXH7\SH (VWDV VHOHFo}HV SHUPLWHPOKH HVFROKHU VH GHVHMD HQYLDU IRQWHV SDUD D LPSUHVVRUD FRPR IRQWHV 7UXH7\SH RX %LWPDS RX XWLOL]DU DV IRQWHV UHVLGHQWHV QD LPSUHVVRUD 'RZQORDG FRPR 7UXH7\SH 8VH HVWD RSomR VH WLYHU XP SHTXHQR Q~PHUR GH IRQWHV 7UXH7\SH QD VXD SiJLQD H SUHWHQGHU RSWLPL]DU D SHUIRUPDQFH GH LPSUHVVmR GR WH[WR (VWD RSomR HQYLD FDGD FDUiFWHU 7UXH7\SH SDUD D LPSUHVVRUD FRPR XP ELWPDS LQGLYLGXDO 8VH HVWD RSomR VH WLYHU XP JUDQGH Q~PHUR GH IRQWHV 7UXH7\SH QXPD SiJLQD LPSUHVVD (VWD RSomR SHUPLWHOKH LPSULPLU LPDJHQV JUiILFDV VREUH WH[WR 7UXH7\SH &RPR R WH[WR 7UXH7\SH p VHPSUH HQYLDGR SDUD D LPSUHVVRUD HP ~OWLPR OXJDU HOH DSDUHFH QRUPDOPHQWH QR WRSR GRV JUiILFRV $R VHOHFFLRQDU HVWD RSomR HQYLD DV VXDV LPDJHQV 7UXH7\SH SDUD D LPSUHVVRUD FRPR JUiILFRV 127$ (VWD RSomR HVWi DSHQDV GLVSRQtYHO TXDQGR VHOHFFLRQD 5DVWHU FRPR PRGR JUiILFR 8VDU IRQWHV 7UXH7\SH GD LPSUHVVRUD 6HOHFFLRQH HVWD RSomR SDUD XVDU DV IRQWHV 7UXH7\SH UHVLGHQWHV QD LPSUHVVRUD 6H QmR SUHWHQGHU XVDU DV IRQWHV UHVLGHQWHV QD LPSUHVVRUD QmR PDUTXH D FDL[D GH PRGR TXH WRGDV DV IRQWHV GHVHMDGDV VHUmR HQYLDGDV SDUD D LPSUHVVRUD FRP FDGD WUDEDOKR GH LPSUHVVmR 'RZQORDG FRPR %LWPDS , PSULPLU FRPR JUiILFR #!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà (VWD VHOHFomR HVSHFLILFD R PRGR FRPR RV JUiILFRV VmR HQYLDGRV SDUD D LPSUHVVRUD $V RSo}HV GLVSRQtYHLV VmR 9HFWRU (VWD RSomR SHUPLWHOKH HQYLDU JUiILFRV SDUD D LPSUHVVRUD FRPR XPD PLVWXUD GH LPDJHQV YHFWRU H UDVWHU 2V JUiILFRV YHFWRU VmR QRUPDOPHQWH LPSUHVVRV PDLV UDSLGDPHQWH TXH RV JUiILFRV UDVWHUL]DGRV 2V JUiILFRV GH YHFWRU VmR FRPSRVWRV SRU IRUPDV GLVWLQWDV OLQKDV FtUFXORV HOLSVHV H FDL[DV TXH SRGHP VHU HVFDODGRV H HGLWDGRV LQGHSHQGHQWHPHQWH 2V JUiILFRV YHFWRU QmR ILFDP GLVWRUFLGRV TXDQGR VmR UHGLPHQVLRQDGRV 5DVWHU (VWD RSomR HQYLD JUiILFRV SDUD D LPSUHVVRUD FRPR LPDJHQV ELWPDS 2V ELWPDSV VmR LPSUHVVRV QRUPDOPHQWH PDLV OHQWDPHQWH TXH DV LPDJHQV YHFWRU H ILFDP GLVWRUFLGRV TXDQGR UHGLPHQVLRQDGRV 5HVROXomR $ UHVROXomR DIHFWD D TXDQWLGDGH GH GHWDOKH UHSURGX]LGD HP LPDJHQV JUiILFDV $ UHVROXomR GRV JUiILFRV p PHGLGD HP SRQWRV SRU SROHJDGD GSL 'HVWH PRGR XP YDORU GH GSL SURGX] LPDJHQV XVDQGR SRQWRV SL[HOV SRU FDGD SROHJDGD GD LPDJHP $ TXDOLGDGH GH LPDJHP GRV GRFXPHQWRV LPSUHVVRV DXPHQWD QRUPDOPHQWH FRP XPD UHVROXomRGSL PDLV HOHYDGD H YDORUHV GH ELWV SRU SL[HO PDV LVWR UHVXOWD PXLWDV YH]HV QXPD YHORFLGDGH GH LPSUHVVmR PDLV UHGX]LGD H XP PDLRU FRQVXPR GH WRQHU GSL $V LPDJHQV VHUmR LPSUHVVDV XWLOL]DQGR [ SRQWRV SRU SROHJDGD GSL 8VH HVWD RSomR VH D TXDOLGDGH IRU PDLV LPSRUWDQWH TXH D YHORFLGDGH $V LPDJHQV VHUmR LPSUHVVDV XWLOL]DQGR [ SRQWRV SRU SROHJDGD GSL 8VH HVWD RSomR SDUD WUDEDOKRV FRPSRVWRV DSHQDV SRU WH[WR RX SDUD VLWXDo}HV HP TXH D YHORFLGDGH p PDLV LPSRUWDQWH GR TXH D TXDOLGDGH GSL BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #!$ , PSUHVVmR *UiILFRV 4XDOLGDGH GH , PSUHVVmR 3RXSDU 7RQHU $&7, 9( 3RXSDU 7RQHU SDUD UHGX]LU D TXDQWLGDGH GH WRQHU XVDGR SDUD LPSULPLU XP GRFXPHQWR $ TXDOLGDGH GH LPSUHVVmR p LQIHULRU PDV D YHORFLGDGH GH LPSUHVVmR SRGH PHOKRUDU (VWD RSomR p UHFRPHQGDGD SDUD YHULILFDU R FRQWH~GR GH XP GRFXPHQWR H R VHX OD\RXW $&7, 9( 6XDYL]DU SDUD VXDYL]DU R DVSHFWR GRV UHERUGRV LUUHJXODUHV GDV LPDJHQV QXP WUDEDOKR GH LPSUHVVmR 6XDYL]DU #!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $ RSomR 2YHUOD\ SHUPLWHOKH FULDU FDUUHJDU RX DSDJDU RYHUOD\V GH SiJLQD VLPSOHV QD VXD LPSUHVVRUD 8P 2YHUOD\ GH 3iJLQD p XP JUXSR GH FRPDQGRV 3&/ FULDGRV SHOR XWLOL]DGRU HRX GDGRV TXH IRUDP HQYLDGRV H JUDYDGRV QD LPSUHVVRUD 2V RYHUOD\V GH SiJLQD SRGHP VHU XVDGRV UHSHWLGDPHQWH SDUD LPSULPLU SDUWHV GH GRFXPHQWRV XVDGRV IUHTXHQWHPHQWH 3RGH SRU H[HPSOR FULDU FDUWDV WLPEUDGDV GD FRPSDQKLD FRPR RYHUOD\V GH SiJLQD H JUDYiODV QD LPSUHVVRUD 6HPSUH TXH p LPSUHVVD XPD FDUWD SRGH VHU HQYLDGR SDUD D LPSUHVVRUD R RYHUOD\ GD SiJLQD H R WLPEUH VHUi LPSUHVVR HP FDGD SiJLQD $FHVVR 5iSLGR À2YHUOD\V À2YHUOD\V À(VWDGR GR 2YHUOD\ À(VWDGR GH &ULDomR GR 2YHUOD\ 6HOHFFLRQDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #!& , PSUHVVmR 2YHUOD\V 2YHUOD\V &DUUHJDU 2YHUOD\ &DUUHJDU 2YHUOD\ SHUPLWHOKH XVDU XP ILFKHLUR H[WHUQR 293 FRPR RYHUOD\ 4XDQGR VHOHFFLRQD D WHFOD &DUUHJDU 2YHUOD\ DSDUHFH XP GLiORJR $EULU 3URFXUH R ILFKHLUR TXH GHVHMD FDUUHJDU H XVHR FRPR XP RYHUOD\ 2 ILFKHLUR GHYH WHU XP IRUPDWR TXH SRVVD VHU LPSUHVVR $QWHV GH SRGHU XVDU XP ILFKHLUR H[WHUQR FRPR RYHUOD\ GHYHUi IRUPDWiOR FRPR RYHUOD\ 2V RYHUOD\V GHYHP VHU FULDGRV GHQWUR GD DSOLFDomR WDO FRPR 0LFURVRIW :RUG 3DUD FULDU XP RYHUOD\ GH SiJLQD $EUD R ILFKHLUR TXH FRQWpP R VHX ORJR RX LPDJHP TXH SUHWHQGH XVDU FRPR RYHUOD\ H VHOHFFLRQH , PSULPLU $EUD R GLiORJR 3URSULHGDGHV3URJUDPDU GR GULYHU GH LPSUHVVmR H VHOHFFLRQH R VHSDUDGRU 2YHUOD\V 6HOHFFLRQH &ULDU 2YHUOD\ SDUD DEULU R GLiORJR &ULDU 2YHUOD\ GH 3iJLQD 'LJLWH XP QRPH FRP R Pi[LPR GH RLWR FDUDFWHUHV QD FDL[D 1RPH GH )LFKHLUR 6HOHFFLRQH R SHUFXUVR QD FDL[D GLUHFWyULR H VHOHFFLRQH 2. 6HOHFFLRQH 6LP SDUD FULDU R RYHUOD\ GD SiJLQD , PSULPD R ILFKHLUR TXH SUHWHQGH XVDU FRPR RYHUOD\ 2 ILFKHLUR QmR VHUi LPSUHVVR QD UHDOLGDGH VHUi JUDYDGR FRPR ILFKHLUR RYHUOD\ 293 QR GLUHFWyULR SRU GHIHLWR GH RYHUOD\V QR VHX FRPSXWDGRU 6HOHFFLRQH 6LP SDUD FRQILUPDU TXH SUHWHQGH FULDU XP RYHUOD\ 2 ILFKHLUR DSDUHFH QD OLVWD GH 2YHUOD\V GD SUy[LPD YH] TXH VHOHFFLRQDU R VHSDUDGRU 2YHUOD\V &ULDU 2YHUOD\ $SDJDU 2YHUOD\ (VWD RSomR SHUPLWHOKH DSDJDU RYHUOD\V 6H R RYHUOD\ HVWLYHU UHVLGHQWH QXPD LPSUHVVRUD VHUi UHWLUDGR GD LPSUHVVRUD PDV QmR GR VHX GLVFR UtJLGR ORFDO 6H R RYHUOD\ DSHQDV HVWLYHU UHVLGHQWH QR VHX GLVFR UtJLGR pOKH SHGLGR TXH DSDJXH R ILFKHLUR GR GLVFR $SyV WHU DSDJDGR XP RYHUOD\ GR GLVFR UtJLGR DSHQDV R SRGH UHSRU FULDQGR XP QRYR RYHUOD\ #!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 'RZQORDG $JRUD 'RZQORDG $JRUD SHUPLWHOKH ID]HU R GRZQORDG SHUPDQHQWH GH RYHUOD\V SDUD D LPSUHVVRUD 8VDU RYHUOD\V UHVLGHQWHV QD LPSUHVVRUD SRGH PHOKRUDU D SHUIRUPDQFH GD LPSUHVVmR 3DUD HQYLDU XP RYHUOD\ SDUD D LPSUHVVRUD $EUD XP GRFXPHQWR H VHOHFFLRQH D RSomR , PSULPLU $EUD DV 3URSULHGDGHV GR GULYHU GD LPSUHVVRUD H VHOHFFLRQH R VHSDUDGRU 2YHUOD\V $ SDUWLU GD OLVWD GH RYHUOD\V VHOHFFLRQH R RYHUOD\ TXH SUHWHQGH HQYLDU 6HOHFFLRQH D WHFOD 'RZQORDG $JRUD H VHOHFFLRQH R GHVWLQR 6HOHFFLRQH D WHFOD 2. 8PD FDL[D GH HVWDGR FRQILUPD TXH R RYHUOD\ IRL HQYLDGR '~YLGD VREUH 2YHUOD\ GH 3iJLQD $R VHOHFFLRQDU HVWD RSomR pOKH SHGLGR SDUD FRQILUPDU TXH GHVHMD ID]HU R GRZQORDG GH XPD SiJLQD VHPSUH TXH p HQYLDGR XP RYHUOD\ SDUD D LPSUHVVRUD 6H D RSomR QmR HVWLYHU VHOHFFLRQDGD R ILFKHLUR GH RYHUOD\ GD SiJLQD VHOHFFLRQDGD VHUi VHPSUH HQYLDGR SDUD D LPSUHVVRUD 127$ (VWD RSomR QmR VHUi DFWLYDGD VH VHOHFFLRQDU 6HP 2YHUOD\ RX VH R RYHUOD\ VHOHFFLRQDGR IRL HQYLDGR SHUPDQHQWHPHQWH SDUD D LPSUHVVRUD (VWDGR GR 2YHUOD\ 6HOHFFLRQDGR (VWD FDL[D IRUQHFH LQIRUPDomR VREUH R HVWDGR GR RYHUOD\ VHOHFFLRQDGR (VWDGR GD &ULDomR GR 2YHUOD\ (VWD FDL[D IRUQHFH LQIRUPDomR VREUH R HVWDGR GXUDQWH R SURFHVVR GH FULDomR GR RYHUOD\ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #!( , PSUHVVmR $SDJDU 7XGR (VFROKHU HVWD RSomR SHUPLWHOKH DSDJDU WRGRV RV RYHUOD\V GH TXDOTXHU RX WRGRV RV GHVWLQRV )RQWHV 2 GLiORJR )RQWHV SHUPLWHOKH DGLFLRQDU UHPRYHU RX DOWHUDU DV IRQWHV LQVWDODGDV QD LPSUHVVRUD $FHVVR 5iSLGR À)RQWHV À)RQWHV , QVWDODGDV À$GLFLRQDU )RQWHV À&RSLDU )RQWHV SDUD À, PSULPLU /LVWD GH À(VWDGR )RQWHV XPD 1RYD 3RUWD )RQWHV , QVWDODGDV )RQWHV 'LVSRQtYHLV 0RYHU &RSLDU (VWD FDL[D PRVWUD DV IRQWHV 3&/ ( DFWXDOPHQWH GLVSRQtYHLV QR FRPSXWDGRU 0RYHU SHUPLWHOKH PRYHU DV IRQWHV VHOHFFLRQDGDV SDUD D SRUWD GD LPSUHVVRUD &RSLDU SHUPLWHOKH FRSLDU XPD RX PDLV IRQWHV GD /LVWD GH )RQWHV 'LVSRQtYHLV SDUD D /LVWD GH )RQWHV , QVWDODGDV RX YLFH YHUVD $ WHFOD FRSLDU ILFD DFWLYD TXDQGR VHOHFFLRQD XPD RX PDLV IRQWHV GD OLVWD $SDJDU SHUPLWHOKH UHPRYHU GD LPSUHVVRUD DV IRQWHV TXH Mi QmR XWLOL]D $SDJDU #" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6H DGTXLULU XPD IRQWH HP GLVFR TXH WHQKD R PHVPR QRPH GH XPD IRQWH TXH Mi HVWHMD D XVDU GHYH DOWHUDU R QRPH GD IRQWH XVDQGR R )RQW , QVWDOOHU 1mR SRGH DOWHUDU R QRPH GH XPD IRQWH UHVLGHQWH QD LPSUHVVRUD 3HUPDQHQWHV 3HUPDQHQWHV SHUPLWHOKH JUDYDU IRQWHV QR GLVFR UtJLGR GD LPSUHVVRUD $V IRQWHV ILFDUmR UHWLGDV QD LPSUHVVRUD DWp TXH DV DSDJXH 6HOHFFLRQH 7HPSRUiULDV VH GHVHMDU JUDYDU IRQWHV QD PHPyULD 5$0 GD LPSUHVVRUD 6H HVFROKHU HVWD RSomR DV IRQWHV VmR HOLPLQDGDV TXDQGR D LPSUHVVRUD IRU UHLQLFLDGD 7HPSRUiULDV $GLFLRQDU )RQWHV $GLFLRQDU )RQWHV SHUPLWHOKH VHOHFFLRQDU H FDUUHJDU QD VXD LPSUHVVRUD WLSRV HVFDOiYHLV IRQWHV RX ILFKHLURV GH VXSRUWH GH IRQWH $ WHFOD ID] DEULU XP GLiORJR RQGH GHYH HVSHFLILFDU R GULYHSHUFXUVR RQGH HVWmR RV ILFKHLURV TXH SUHWHQGH FDUUHJDU &RSLDU )RQWHV SDUD XPD 1RYD 3RUWD 6H HVWLYHU D XVDU PDLV GR TXH XPD LPSUHVVRUD RX VH DOWHUDU D SRUWD RQGH HVWi OLJDGD D LPSUHVVRUD VHOHFFLRQH HVWD WHFOD SDUD PRYHU RX FRSLDU DV VXDV IRQWHV LQVWDODGDV SDUD D RXWUD LPSUHVVRUD RX SRUWD GD LPSUHVVRUD 6HUi YLVXDOL]DGD XPD OLVWD GDV SRUWDV GLVSRQtYHLV , PSULPLU /LVWD GH )RQWHV 6HOHFFLRQH , PSULPLU /LVWD GH )RQWHV SDUD LPSULPLU XPD IROKD GH UHVXPR GH IRQWHV (VWDGR $ FDL[D HVWDGR PRVWUD XP H[HPSOR GD IRQWH VHOHFFLRQDGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #" , PSUHVVmR (GLWDU (GLWDU SHUPLWHOKH DOWHUDU RV QRPHV GDV IRQWHV QR GLVFR H RV VHXV DWULEXWRV 0DUFDV GH ÈJXD $ RSomR 0DUFD GH ÈJXD LPSULPH WH[WR HP IXQGR RX SULPHLUR SODQR GH XP GRFXPHQWR &RP R GULYHU Mi YrP DOJXPDV PDUFDV GH iJXD SUpGHILQLGDV 3RGH DOWHUDU DV Mi H[LVWHQWHV RX DGLFLRQDU QRYDV j OLVWD 3DUD LPSULPLU XP GRFXPHQWR FRP XPD PDUFD GH iJXD GHYH VHOHFFLRQDU SULPHLUR D PDUFD GH iJXD GD OLVWD 7RGRV RV GRFXPHQWRV VHJXLQWHV VHUmR LPSUHVVRV FRP D PHVPD PDUFD GH iJXD DWp VHOHFFLRQDU 1HQKXPD QD OLVWD $FHVVR 5iSLGR À0DUFDV GH ÈJXD À0DUFD GH ÈJXD À&RQWH~GR ÀÆQJXOR À3RVLomR GR FHQWUR 0DUFD GH ÈJXD $GLFLRQDU 'LJLWH R WH[WR GD PDUFD GH iJXD SUHWHQGLGR QD FDL[D 7H[WR H VHOHFFLRQH $GLFLRQDU SDUD FULDU XPD QRYD PDUFD GH iJXD 6H IRU FULDU GH XPD Vy YH] YiULDV PDUFDV GH iJXD GHYHUi HGLWDU R WH[WR GD PDUFD GH iJXD DQWHV GH VHOHFFLRQDU $GLFLRQDU FDVR FRQWUiULR VHUi DFUHVFHQWDGD XPD PDUFD GH iJXD GXSOLFDGD j OLVWD GH PDUFDV GH iJXD $FWXDOL]DU 6HOHFFLRQH $FWXDOL]DU SDUD DOWHUDU XPD PDUFD GH iJXD H[LVWHQWH #"! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $SHQDV QD 3ULPHLUD 3iJLQD $SHQDV QD 3ULPHLUD 3iJLQD LPSULPH XPD PDUFD GH iJXD DSHQDV QD SULPHLUD SiJLQD GH XP GRFXPHQWR 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD 7H[WR 7UDQVSDUHQWH 7H[WR 7UDQVSDUHQWH SHUPLWH TXH R GRFXPHQWR VHMD YLVWR DWUDYpV GD PDUFD GH iJXD 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD $SHQDV FRPR &RQWRUQR 6HOHFFLRQH HVWD RSomR SDUD LPSULPLU RV FDUDFWHUHV GD PDUFD GH iJXD FRPR FRQWRUQRV RFRV $SHQDV VHUi LPSUHVVR R OLPLWH RX FRQWRUQR GRV FDUDFWHUHV GR WH[WR PDUFD GH iJXD 4XDQGR HVWD RSomR p VHOHFFLRQDGD DIHFWD WRGDV DV PDUFDV GH iJXD GD OLVWD &RQWH~GR 7H[WR 'LJLWH DV SDODYUDV TXH GHVHMD XVDU FRPR PDUFD GH iJXD QD FDL[D GH WH[WR 2 WH[WR DSDUHFH QD MDQHOD GH SUpYLVXDOL]DomR 8VH DV RSo}HV )RQWHV &RU H ÆQJXOR SDUD DOWHUDU D PDUFD GH iJXD 6H IRU FULDU GH XPD Vy YH] YiULDV PDUFDV GH iJXD GHYHUi HGLWDU R WH[WR GD PDUFD GH iJXD DQWHV GH VHOHFFLRQDU $GLFLRQDU FDVR FRQWUiULR VHUi DFUHVFHQWDGD XPD PDUFD GH iJXD GXSOLFDGD j OLVWD GH PDUFDV GH iJXD )RQWHV (VFDOD GH &LQ]HQWRV 6HOHFFLRQH )RQWHV SDUD DOWHUDU D IRQWH WDPDQKR H HVWLOR GR WH[WR GD PDUFD GH iJXD $SDUHFH R GLiORJR (VFROKHU )RQWH $ (VFDOD GH &LQ]HQWRV LPSULPH DV FRUHV GD PDUFD GH iJXD D SUHWR EUDQFR RX WRQV GH FLQ]HQWR 8VH D EDUUD GH GHVORFDomR SDUD DOWHUDU R DVSHFWR GR WH[WR HP HVFDOD GH FLQ]HQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #"" , PSUHVVmR $SDJDU (VWD RSomR SHUPLWHOKH UHPRYHU XPD PDUFD GH iJXD VHOHFFLRQDGD GD OLVWD GH PDUFDV GH iJXD VHOHFFLRQDGDV 6HOHFFLRQH D PDUFD GH iJXD GD OLVWD VHOHFFLRQH $SDJDU H GHSRLV 2. SDUD FRQILUPDU TXH SUHWHQGH DSDJDU HVWD PDUFD GH iJXD ÆQJXOR 8VH D EDUUD GH GHVORFDomR GH ÆQJXOR SDUD URGDU R WH[WR GD PDUFD GH iJXD QD SiJLQD QXP LQWHUYDOR HQWUH JUDXV H JUDXV 3RVLomR GR FHQWUR 3RVLomR GR FHQWUR 8VH DV EDUUDV GH GHVORFDomR YHUWLFDO H KRUL]RQWDO SDUD DOWHUDU D SRVLomR FHQWUDO GD PDUFD GH iJXD QD SiJLQD 3RGH HVFROKHU PHGLGDV HP SROHJDGDV RX PLOtPHWURV PP 6HOHFFLRQH &HQWUDU SDUD UHSRU D SRVLomR QR FHQWUR GR SDSHO &HQWUDU $FHUFD )RUQHFH LQIRUPDo}HV VREUH D YHUVmR GR GULYHU GR FRS\ULJKW R ORJRWLSR GR SURGXWR H R ORJRWLSR GR IRUQHFHGRU GR GULYHU #"# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $FHVVR 5iSLGR À3ULPD >(VWDGR GR (TXLSDPHQWR@ À6HOHFFLRQH >9DORUHV SRU GHIHLWR@ H SULPD >$FHLWDU@ À6HOHFFLRQH >9DO GHIHLWR LPSUHVVRUD@ H SULPD >$FHLWDU@ À6HOHFFLRQH D RSomR SUHWHQGLGD H SHUVRQDOL]HD GH DFRUGR FRP RV VHXV UHTXLVLWRV 'XUDQWH R IDEULFR VmR SURJUDPDGDV QR HTXLSDPHQWR FHUWDV FRQILJXUDo}HV SDUD DV RSo}HV H IXQo}HV GR :RUN&HQWUH 3UR 'HSRLV GH LQVWDODGR R HTXLSDPHQWR R (VWDGR GR (TXLSDPHQWR SRGH VHU XWLOL]DGR SDUD DOWHUDU HVWDV FRQILJXUDo}HV GH DFRUGR FRP RV VHXV UHTXLVLWRV LQGLYLGXDLV 6HJXLQGR DV LQVWUXo}HV DEDL[R H D WDEHOD GRV YDORUHV SRU GHIHLWR GD LPSUHVVRUD DSUHVHQWDGD QDV SiJLQDV TXH VH VHJXHP SHUVRQDOL]H RV YDORUHV SRU GHIHLWR GD LPSUHVVRUD GH DFRUGR FRP DV VXDV QHFHVVLGDGHV GH LPSUHVVmR À 3DUD DFHGHU DR PHQX 9DO GHIHLWR LPSUHVVRUD HQTXDQWR QR HFUm 3URQWR D FRSLDU SULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ j GLUHLWD GR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR DSUHVHQWD DV RSo}HV GDV GHILQLo}HV À &HUWLILTXHVH TXH >9DORUHV SRU 'HIHLWR@ HVWi VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR LPSUHVVRUD@ H SULPD D WHFOD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR LPSUHVVRUD 9DORUHV SRU GHIHLWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #"$ , PSUHVVmR $OWHUDU RV 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD À À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU D RSomR SUHWHQGLGD H SULPD >$FHLWDU@ 8WLOL]H D WDEHOD GRV YDORUHV SRU GHIHLWR GD LPSUHVVRUD DEDL[R SDUD LGHQWLILFDU DV FRQILJXUDo}HV GLVSRQtYHLV VHOHFFLRQH D FRQILJXUDomR SUHWHQGLGD H SULPD >$FHLWDU@ $ RSomR VHOHFFLRQDGD WRUQDU VHi D RSomR SRU GHIHLWR &DQFHODU WUDEDOKR $OLPHQWDomR IRUoDGD $YDQoDU SiJLQD , PSUHVVmR GH WHVWH 'HWHFWDU SDSHO GLIHUHQWH 5HSRU YDORUHV GH RULJHP 9DO GHIHLWR LPSUHVVRUD À $VVLP TXH WHUPLQDU GH SHUVRQDOL]DU DV FRQILJXUDo}HV SULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR LPSUHVVRUD 9DORUHV SRU GHIHLWR 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD $ WDEHOD TXH VH VHJXH DSUHVHQWD FDGD RSomR GH YDORU SRU GHIHLWR GD LPSUHVVRUD DV FRQILJXUDo}HV GLVSRQtYHLV SDUD FDGD RSomR H XPD GHVFULomR GH FDGD FRQILJXUDomR 2SomR SRU GHIHLWR GD LPSUHVVRUD &DQFHODU WUDEDOKR &RQILJXUDo}HV 6LP 1mR 'HVFULomR (VWD IXQomR SRGH VHU XWLOL]DGD SDUD FDQFHODU TXDOTXHU WUDEDOKR GH LPSUHVVmR UHWLGR QD ILOD GH LPSUHVVmR #"% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2SomR SRU GHIHLWR GD LPSUHVVRUD $OLPHQWDomR IRUoDGD &RQILJXUDo}HV 'HVFULomR $OLPHQWDomR IRUoDGD p XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH XP WUDEDOKR TXH VH HQFRQWUD VXVSHQVR GHYLGR D LQFRPSDWLELOLGDGH QR IRUPDWR GR SDSHO TXDQGR p DFWLYDGD D RSomR 'HWHFWDU 3DSHO 'LIHUHQWH $YDQoDU SiJLQD 6LP 1mR (VWD IXQomR SRGH VHU XWLOL]DGD SDUD IRUoDU D LPSUHVVmR GH GDGRV DLQGD UHWLGRV QD PHPyULD GD LPSUHVVRUD TXDQGR p FDQFHODGR XP WUDEDOKR QR 3& RX HVWDomR GH WUDEDOKR 8WLOL]DGD SHOR $GPLQLVWUDGRU GR 6LVWHPD SDUD LGHQWLILFDU R HVWDGR GR HTXLSDPHQWR (VWD RSomR SURGX] XPD SiJLQD GH WHVWH TXH SRGH VHU XWLOL]DGD SDUD GHPRQVWUDU D FDSDFLGDGH GH LPSUHVVmR $ LPSUHVVRUD HVWi HTXLSDGD FRP IRQWHV 3&/ LQWHUQDV 8VH HVWD IXQomR SDUD YHU H[HPSORV H XPD OLVWD GDV IRQWHV 3&/ UHVLGHQWHV $ LPSUHVVRUD HVWi HTXLSDGD FRP IRQWHV 3RVWVFULSW LQWHUQDV 8VH HVWD IXQomR SDUD YHU H[HPSORV H XPD OLVWD GDV IRQWHV 3RVWVFULSW UHVLGHQWHV e LPSUHVVD XPD OLVWD GH WRGRV RV HUURV GH LPSUHVVmR TXH R HTXLSDPHQWR UHJLVWRX 8WLOL]DGD SHOR $GPLQLVWUDGRU GR 6LVWHPD SDUD LGHQWLILFDU R HVWDGR GR 1, & 1HWZRUN , QWHUIDFH &DUG , PSUHVVmR GH WHVWH , PSUHVVmR GH HVWDGR 3iJLQD GH 'HPRQVWUDomR , PSULPLU IRQWHV 3&/ , PSULPLU IRQWHV 36 /LVWD UHJLVWR HYHQWRV , PSULPLU HVWDGR 1, & BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà #"& , PSUHVVmR 2SomR SRU GHIHLWR GD LPSUHVVRUD 'HWHFWDU SDSHO GLIHUHQWH &RQILJXUDo}HV 'HVOLJDU /LJDU 'HVFULomR 8WLOL]H HVWD IXQomR SDUD GHWHFWDU DXWRPDWLFDPHQWH R IRUPDWR GR SDSHO SDUD R WUDEDOKR GH LPSUHVVmR H HVFROKHU D EDQGHMD GH SDSHO DGHTXDGD 6H D GHWHFomR GH IRUPDWR GR SDSHO HVWLYHU /LJDGD H D VHOHFomR DXWRPiWLFD GH EDQGHMD HVWLYHU 'HVOLJ R WUDEDOKR GH LPSUHVVmR p VXVSHQVR VH R IRUPDWR GH SDSHO FRORFDGR QD EDQGHMD VHOHFFLRQDGD SRU XP XWLOL]DGRU IRU GLIHUHQWH GR SHGLGR SDUD R WUDEDOKR GH LPSUHVVmR (VWD IXQomR UHS}H TXDLVTXHU FRQILJXUDo}HV GH LPSUHVVRUD QRV YDORUHV SRU GHIHLWR RULJLQDLV 5HSRU YDORUHV GH RULJHP #"' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà +DYHUi DOWXUDV HP TXH R HTXLSDPHQWR SUHFLVDUi VHU VXEPHWLGR D WDUHIDV GH PDQXWHQomR (VWH FDStWXOR IRUQHFH LQVWUXo}HV SDVVR D SDVVR SDUD D PDQXWHQomR GR HTXLSDPHQWR H VXEVWLWXLomR GH FRQVXPtYHLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ 0DQXWHQomR GR 3URGXWR 0DQXWHQomR GR 3URGXWR /LPSH]D /LPSDU R :RUN&HQWUH 3UR 8PD PDQXWHQomR DGHTXDGD p LPSRUWDQWH SDUD R ERP IXQFLRQDPHQWR GH TXDOTXHU HTXLSDPHQWR &8, '$'2 $R OLPSDU R :RUN&HQWUH 3UR QmR XVH VROYHQWHV RUJkQLFRV TXtPLFRV IRUWHV QHP SURGXWRV GH OLPSH]D HP VSUD\ 1mR GHUUDPH OtTXLGRV GLUHFWDPHQWH VREUH TXDOTXHU iUHD GR HTXLSDPHQWR (YLWH XVDU FRQVXPtYHLV TXH QmR HVWHMDP HVSHFLILFDPHQWH LQGLFDGRV QHVWH JXLD FRPR DSURYDGRV SRLV SRGHUmR FDXVDU PDX GHVHPSHQKR H VLWXDo}HV SHULJRVDV 8VH FRQVXPtYHLV H SURGXWRV GH OLPSH]D DSHQDV FRQIRUPH p GHVFULWR QHVWH JXLD 0DQWHQKD WRGRV RV SURGXWRV GH OLPSH]D IRUD GR DOFDQFH GDV FULDQoDV $9, 62 1mR UHWLUH WDPSDV RX UHVJXDUGRV TXH HVWHMDP SUHVRV FRP SDUDIXVRV 1mR SRGHUi HIHFWXDU PDQXWHQomR RX DVVLVWrQFLD QDV iUHDV SRU GHWUiV GHVVDV WDPSDV H UHVJXDUGRV 1mR WHQWH HIHFWXDU TXDOTXHU WDUHID GH PDQXWHQomR TXH QmR HVWHMD HVSHFLILFDPHQWH GHVFULWD QD GRFXPHQWDomR IRUQHFLGD FRP R :RUN&HQWUH 3UR Ã$! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 3DUD DVVHJXUDU VHPSUH XPD ySWLPD TXDOLGDGH GH LPDJHP OLPSH PHQVDOPHQWH RX FRP PDLRU IUHTXrQFLD FDVR QHFHVViULR R YLGUR GH H[SRVLomR H R YLGUR GH WUDQVSRUWH D YHORFLGDGH FRQVWDQWH (VWD OLPSH]D DMXGD D HYLWDU WUDEDOKRV FRP ULVFRV PDQFKDV H RXWUDV PDUFDV TXH SDVVDP GR YLGUR TXDQGR RV RULJLQDLV VmR GLJLWDOL]DGRV À 3DUD OLPSDU DV iUHDV FRP YLGUR XVH XP SDQR TXH QmR ODUJXH SrORV OLJHLUDPHQWH KXPHGHFLGR FRP iJXD RX R ;HUR[ /HQV DQG 0LUURU &OHDQHU SURGXWR HVSHFtILFR SDUD OLPSH]D GH OHQWHV H HVSHOKRV 3DLQHO GH &RQWUROR 7HFODGR /&' $ OLPSH]D UHJXODU PDQWpP R 3DLQHO GH &RQWUROR R 7HFODGR H R /&' LVHQWRV GH SRHLUD H VXMLGDGH 3DUD UHWLUDU GHGDGDV H PDUFDV OLPSH R SDLQHO GH FRQWUROR R WHFODGR H R /&' FRP XP SDQR PDFLR TXH QmR ODUJXH SrORV OLJHLUDPHQWH KXPHGHFLGR FRP iJXD $OLPHQWDGRU GH 2ULJLQDLV H %DQGHMD GH 6DtGD 8VH XP SDQR KXPHGHFLGR FRP iJXD SDUD OLPSDU R $OLPHQWDGRU GH 2ULJLQDLV D %DQGHMD GH 6DtGD DV %DQGHMDV GH 3DSHO H DV iUHDV H[WHUQDV GR :RUN&HQWUH 3UR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$" 0DQXWHQomR GR 3URGXWR 9LGUR GH ([SRVLomR H R 9LGUR GH 7UDQVSRUWH D 9HORFLGDGH &RQVWDQWH &97 )LR &RURWURQ GH 7UDQVIHUrQFLD 6H REWLYHU UHVXOWDGRV GH IUDFD TXDOLGDGH FRP XPD LPSUHVVmR LUUHJXODU LQGLVWLQWD GHJUDGDGD RX OLQKDV EUDQFDV QD GLUHFomR GD DOLPHQWDomR GR SDSHO OLPSH R )LR &RURWURQ GH 7UDQVIHUrQFLD TXH SRGHUi HVWDU VXMR &RQVXOWH DV LQVWUXo}HV GH OLPSH]D QRV SDVVRV D VHJXLU DSUHVHQWDGRV À $EUD D 8QLGDGH 'XSOH[ $XWRPiWLFD FDVR LQVWDODGD À $EUD D WDPSD ODWHUDO Ã$# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 5HWLUH R LQVWUXPHQWR GH OLPSH]D GR UHVSHFWLYR HVSDoR GH DUPD]HQDPHQWR QR HTXLSDPHQWR À 2 , QVWUXPHQWR GH /LPSH]D GR )LR &RURWURQ GH 7UDQVIHUrQFLD SRVVXL GRLV UHVVDOWRV 5HVVDOWRV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$$ 0DQXWHQomR GR 3URGXWR À $R SRVLFLRQDU R LQVWUXPHQWR GH OLPSH]D VREUH R )LR &RURWURQ GH 7UDQVIHUrQFLD FHUWLILTXHVH TXH RV GRLV UHVVDOWRV ILFDP GH FRVWDV SDUD R HTXLSDPHQWR Ã$% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À &HUWLILTXHVH TXH R JXPH QD SDUWH GH WUiV GR LQVWUXPHQWR GH OLPSH]D ILFD DSRLDGR QR LQYyOXFUR GR )LR &RURWURQ GH 7UDQVIHUrQFLD 9HULILTXH VH DPERV RV UHVVDOWRV ILFDP SRVLFLRQDGRV VRE D SURWHFomR SOiVWLFD 6HJXUH R LQVWUXPHQWR GH OLPSH]D QD SRVLomR YHUWLFDO H IDoDR GHVOL]DU DR ORQJR GR )LR &RURWURQ GH 7UDQVIHUrQFLD GD HVTXHUGD SDUD D GLUHLWD 6H R LQVWUXPHQWR HVWLYHU EHP FRORFDGR GHVOL]DUi IDFLOPHQWH VHP TXDOTXHU UHVLVWrQFLD (VWH SURFHGLPHQWR UHWLUDUi TXDOTXHU SRHLUD RX VXMLGDGH 3URWHFomR SOiVWLFD À , QYyOXFUR GR )LR &RURWURQ GH 7UDQVIHUrQFLD À À À )HFKH D WDPSD ODWHUDO $EUD D 8QLGDGH 'XSOH[ $XWRPiWLFD FDVR LQVWDODGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$& 0DQXWHQomR GR 3URGXWR (QFRPHQGDU &RQVXPtYHLV 2 &DUWXFKR GH 7RQHU R 7DPERU H R &DUWXFKR GH $JUDIHV HQFRQWUDPVH GLVSRQtYHLV FRPR XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH $V UHIHUrQFLDV GDV XQLGDGHV VXEVWLWXtYHLV SHOR FOLHQWH VmR LQGLFDGDV DEDL[R 8QLGDGH VXEVWLWXtYHO SHOR FOLHQWH 5HIHUrQFLD &DUWXFKR GH WRQHU 7DPERU 5 5 3DUD HQFRPHQGDU FRQVXPtYHLV FRQWDFWH R VHX UHSUHVHQWDQWH ;HUR[ ORFDO LQGLFDQGR R QRPH GD VXD HPSUHVD D UHIHUrQFLD GR SURGXWR H R UHVSHFWLYR Q~PHUR GH VpULH 8VH R HVSDoR DEDL[R SDUD UHJLVWDU R Q~PHUR GH WHOHIRQH 1~PHUR GH WHOHIRQH SDUD HQFRPHQGD GH FRQVXPtYHLV 1 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ã$' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6XEVWLWXLU R &DUWXFKR GH 7RQHU 2 &DUWXFKR GH 7RQHU p XPD XQLGDGH VXEVWLWXtYHO SHOR FOLHQWH (VWD XQLGDGH LQFOXL R WRQHU SDUD R :RUN&HQWUH 3UR $SyV FHUFD GH FySLDV R HTXLSDPHQWR PRVWUDUi XPD PHQVDJHP FRP D LQGLFDomR TXH p QHFHVViULR VXEVWLWXLU R WRQHU 4XDQGR DSDUHFHU HVWD PHQVDJHP LQVWDOH XP QRYR FDUWXFKR GH WRQHU $9, 62 4XDQGR HQFRPHQGDU XP QRYR &DUWXFKR GH 7RQHU FHUWLILTXHVH TXH HQFRPHQGD R FDUWXFKR FRUUHFWR SDUD R :RUN&HQWUH 3UR 3DUD VXD FRQYHQLrQFLD D UHIHUrQFLD GR SURGXWR p LQGLFDGD QD FDL[D GR FDUWXFKR &8, '$'2 1mR DJLWH R FDUWXFKR YD]LR QHP R DSUR[LPH GH VL 3RGHUmR SRU DFLGHQWH FDLU UHVtGXRV GH WRQHU 1mR GHYH DJLWDU R &DUWXFKR GH 7RQHU YD]LR H YROWDU D FRORFiOR QR HTXLSDPHQWR SDUD VHU QRYDPHQWH XVDGR À $EUD D WDPSD IURQWDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$( 0DQXWHQomR GR 3URGXWR 8QLGDGHV 6XEVWLWXtYHLV SHOR &OLHQWH À /HYDQWH D OLQJXHWD SDUD GHVHQJDWDU H VROWDU R &DUWXFKR GH 7RQHU À 6HJXUDQGR QR FDUWXFKR WDO FRPR LOXVWUDGR IDoDR GHVOL]DU SDUD IRUD GR HTXLSDPHQWR 2 &DUWXFKR GH 7RQHU XVDGR GHYH VHU UHFLFODGR 6LJD DV LQVWUXo}HV IRUQHFLGDV QR IROKHWR GH GHYROXomR GR FDUWXFKR IRUQHFLGR FRP R QRYR &DUWXFKR GH 7RQHU À Ã$ ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 5HWLUH R QRYR &DUWXFKR GH 7RQHU GD FDL[D H GD UHVSHFWLYD HPEDODJHP $JLWHR FRP IRUoD QD KRUL]RQWDO À 3X[H D SDWLOKD SDUD UHWLUDU D ILWD VHODQWH GR FDUWXFKR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ 0DQXWHQomR GR 3URGXWR À , QVWDOH R 1RYR &DUWXFKR GH 7RQHU QR HTXLSDPHQWR GH PRGR D TXH HQFDL[H FRP XP HVWDOLGR À 'HSRLV GH LQVWDODU R &DUWXFKR GH 7RQHU SX[H D $ODYDQFD GH /LPSH]D GR )LR GR &DUUHJDGRU SDUD IRUD GR 7DPERU DWp SDUDU H GHSRLV YROWH D LQVHULOD 5HSLWD HVWH SURFHGLPHQWR YiULDV YH]HV (VWH SURFHVVR OLPSD R ILR GR FDUUHJDGRU À )HFKH D WDPSD IURQWDO Ã$ ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 7DPERU SUHFLVD VHU VXEVWLWXtGR TXDQGR VXUJH XP DYLVR UHODWLYR j YLGD ~WLO GR WDPERU DSyV FHUFD GH FySLDV 2 NLW FRQWpP XP QRYR 7DPERU H XP QRYR )LOWUR GH 2]RQR &8, '$'2 1mR H[SRQKD R WDPERU YHUGH D OX] GXUDQWH XP ORQJR SHUtRGR GH WHPSR 1XQFD H[SRQKD R WDPERU j OX] GLUHFWD GR VRO QHP WRTXH QD VXD VXSHUItFLH 3RGHUmR RFRUUHU GDQRV RX IUDFD TXDOLGDGH GH LPDJHP 127$ 6H R :RUN&HQWUH 3UR QmR LQFOXLU D 8QLGDGH 'XSOH[ $XWRPiWLFD LJQRUH R SULPHLUR SDVVR À 3DUD DEULU D 8QLGDGH 'XSOH[ $XWRPiWLFD VROWH D DODYDQFD ORFDOL]DGD QD SDUWH GLDQWHLUD GD 8QLGDGH 'XSOH[ $XWRPiWLFD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ " 0DQXWHQomR GR 3URGXWR 6XEVWLWXLU R 7DPERU À 3X[H D SHJD SDUD DEULU D WDPSD ODWHUDO À 5HWLUH R &DUWXFKR GH 7RQHU XWLOL]DQGR DV LQVWUXo}HV IRUQHFLGDV HP 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU QD SiJLQD Ã$ # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà &8, '$'2 8WLOL]H VHPSUH DV SHJDV FRORULGDV SDUD VHJXUDU R 7DPERU 1mR WRTXH QD iUHD YHUGH GR WDPERU 1mR GHL[H R 7DPERU IRUD GR HTXLSDPHQWR GXUDQWH XP ORQJR SHUtRGR GH WHPSR À À /HYDQWH D SHJD FRORULGD H OHQWDPHQWH SX[H R 7DPERU SDUD IRUD GR HTXLSDPHQWR ¬ PHGLGD TXH IRU UHWLUDQGR R 7DPERU VXVWHQKDR VHJXUDQGR D SHJD FRORULGD TXH VH HQFRQWUD QD SDUWH VXSHULRU GD XQLGDGH 2 7DPERU XVDGR GHYH VHU UHFLFODGR 6LJD DV LQVWUXo}HV IRUQHFLGDV QR IROKHWR GH GHYROXomR IRUQHFLGR FRP R QRYR 7DPERU À BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ $ 0DQXWHQomR GR 3URGXWR À 5HWLUH R QRYR 7DPERU GD FDL[D 7UDVHLUD )UHQWH 'LUHLWD 7UDVHLUD (VTXHUGD )UHQWH Ã$ % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À À 5HWLUH D HPEDODJHP GH SURWHFomR GR 7DPERU WDO FRPR LOXVWUDGR D VHJXLU 5HWLUH R FDUWmR GR ODGR GLUHLWR GR 7DPERU À 5HWLUH R FDUWmR GR ODGR HVTXHUGR GR 7DPERU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ & 0DQXWHQomR GR 3URGXWR À 5HWLUH GRLV ERFDGRV GH ILWD ILWD ILWD À 3X[H DV SDWLOKDV QXPHUDGDV SDUD UHPRYHU PDLV PDWHULDO GH SURWHFomR Ã$ ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 3X[H D SDWLOKD SDUD GHVGREUDU R SDSHO GH SURWHFomR SX[H À 5HWLUH FRPSOHWDPHQWH WRGR R SDSHO H ILWD DVVRFLDGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$ ( 0DQXWHQomR GR 3URGXWR À 6HJXUH R 7DPERU SHOD SHJD H LQFOLQHR 5HWLUH D WLUD SOiVWLFD DR ORQJR GD SDUWH LQIHULRU À 3X[H D SDWLOKD TXH IDOWD QR ODGR HVTXHUGR GR 7DPERU SDUD UHPRYHU R ~OWLPR SHGDoR GH PDWHULDO GH SURWHFomR HVTXHUGD Ã$! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À )DoD GHVOL]DU R QRYR 7DPERU SDUD GHQWUR GR HTXLSDPHQWR DWp TXH HQJDWH QD GHYLGD SRVLomR À 9ROWH D LQVWDODU R &DUWXFKR GH 7RQHU VHJXLQGR DV LQVWUXo}HV IRUQHFLGDV HP 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU QD SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$! 0DQXWHQomR GR 3URGXWR À 'HSRLV GH WHU YROWDGR D LQVWDODU R &DUWXFKR GH 7RQHU SX[H D $ODYDQFD GH /LPSH]D GR )LR GR &DUUHJDGRU SDUD IRUD GR 7DPERU DWp TXH SDUH H GHSRLV YROWH D LQVHULOD 5HSLWD HVWH SURFHGLPHQWR YiULDV YH]HV (VWH SURFHVVR OLPSD R ILR GR FDUUHJDGRU )HFKH WRGDV DV WDPSDV H SRUWDV À 6XEVWLWXLU R )LOWUR GH 2]RQR 2 )LOWUR GH 2]RQR DEVRUYH R R]RQR HPLWLGR SHOR HTXLSDPHQWR (VWi ORFDOL]DGR QXPD UDQKXUD QR PHLR GD EDQGHMD GH VDtGD FHQWUDO 3DUD VXEVWLWXLU R ILOWUR UHWLUH R UHFHSWiFXOR GR )LOWUR GH 2]RQR GR HTXLSDPHQWR À À À À 5HWLUH R ILOWUR XVDGR Mi H[LVWHQWH GR UHVSHFWLYR UHFHSWiFXOR 'HLWH IRUD R ILOWUR XVDGR 'HVHPEUXOKH R QRYR ILOWUR H LQVLUDR QR UHFHSWiFXOR GR )LOWUR GH 2]RQR 9ROWH D LQVWDODU R UHFHSWiFXOR GR ILOWUR GH R]RQR QR HTXLSDPHQWR Ã$!! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà &RORFDU 3DSHO QDV %DQGHMDV 3RGHP VHU LQVWDODGDV DWp GXDV EDQGHMDV GH SDSHO QR :RUN&HQWUH 3UR 2V SDVVRV TXH VH VHJXHP PRVWUDP FRPR FRORFDU SDSHO QDV EDQGHMDV 'HYHUi LQGLFDU R IRUPDWR GH SDSHO SDUD FDGD EDQGHMD QR PHQX (VWDGR GR (TXLSDPHQWR QR 3DLQHO GH &RQWUROR 68*(672 $QWHV GH FRORFDU SDSHO QDV EDQGHMDV GH SDSHO DUHMH DV PDUJHQV SDUD VHSDUDU IROKDV GH SDSHO TXH SRVVDP HVWDU FRODGDV H UHGX]LU D SRVVLELOLGDGH GH HQFUDYDPHQWRV 68*(672 3DUD HYLWDU TXH R SDSHO HQFUDYH RX VHMD PDO LQVHULGR QmR FRORTXH SDSHO QRYR VREUH R SDSHO TXH DLQGD SRVVD H[LVWLU QD EDQGHMD 5HWLUH R SDSHO H[LVWHQWH FRORTXHR SRU FLPD GR SDSHO QRYR H FRORTXH WXGR QD EDQGHMD À 3X[H D EDQGHMD GH SDSHO SDUD IRUD QD VXD GLUHFomR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$!" 0DQXWHQomR GR 3URGXWR &RORFDU 3DSHO À 6H FRORFDU SDSHO GR PHVPR IRUPDWR QD EDQGHMD IDoDR GH PRGR D TXH ILTXH HQFRVWDGR DR ODGR GLUHLWR GD EDQGHMD )HFKH D EDQGHMD 3RGH DJRUD UHWRPDU R VHX WUDEDOKR À 127$ 6H TXLVHU FRORFDU SDSHO GH IRUPDWR GLIHUHQWH RX DOWHUDU D RULHQWDomR GR SDSHO FRQWLQXH FRP R SDVVR VHJXLQWH À 6H TXLVHU FRORFDU SDSHO GH IRUPDWR GLIHUHQWH RX DOWHUDU D RULHQWDomR WHUi GH DMXVWDU D SRVLomR GDV JXLDV GR SDSHO H LQGLFDU R QRYR IRUPDWR H RULHQWDomR QR PHQX $EDVWHFLPHQWR GH 3DSHO HP (VWDGR GR (TXLSDPHQWR /DGR 0DLRU 3ULPHLUR /DGR 0HQRU 3ULPHLUR 127$ 3RGH FRORFDU SDSHO $ [ SROHJDGDV SDUD VHU DOLPHQWDGR SHOR ODGR PDLRU RX ODGR PHQRU 2 SDSHO $ [ SROHJDGDV Vy SRGH VHU DOLPHQWDGR SHOR ODGR PDLRU $V WUrV EDQGHMDV GH SDSHO DFHLWDP WRGRV RV IRUPDWRV GH SDSHO QRUPDLV GHVGH $ [ SROHJDGDV D $ [ SROHJDGDV Ã$!# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À /RFDOL]H D DODYDQFD LQGLFDGD FRPR QD IRWRJUDILD QD SDUWH SRVWHULRU HVTXHUGD GD EDQGHMD &DUUHJXH QD DODYDQFD GHVYLDQGRD SDUD D GLUHLWD SDUD GHVEORTXHDU DV JXLDV 3DUD GHVEORTXHDU D JXLD GLDQWHLUD FDUUHJXH QD SDUWLOKD LQGLFDGD FRPR QD IRWRJUDILD H IDoD GHVOL]DU DV JXLDV GLDQWHLUD H SRVWHULRU SDUD DV VXDV QRYDV SRVLo}HV À 3DUD DMXVWDU D *XLD (VTXHUGD À &RPSULPD DV SDUWHV LQIHULRUHV GD JXLD H UHWLUHD GD SRVLomR HP TXH VH HQFRQWUD , QVLUD D JXLD QD VXD QRYD SRVLomR *XLD (VTXHUGD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$!$ 0DQXWHQomR GR 3URGXWR 3DUD DMXVWDU DV JXLDV GLDQWHLUD H SRVWHULRU À &RORTXH R SDSHO QD EDQGHMD H FHUWLILTXHVH TXH DV JXLDV VH HQFRQWUDP FRUUHFWDPHQWH SRVLFLRQDGDV SDUD R IRUPDWR GR SDSHO H TXH HVWmR GHYLGDPHQWH EORTXHDGDV &DUUHJXH QD DODYDQFD QD SDUWH GH WUiV GD EDQGHMD GHVYLDQGRD SDUD D HVTXHUGD SDUD IL[DU DV JXLDV GLDQWHLUD H SRVWHULRU QD GHYLGD SRVLomR )HFKH D EDQGHMD GH SDSHO À À À (VWDGR GR (TXLSDPHQWR 1R SDLQHO GH FRQWUROR SULPD D WHFOD (VWDGR GR (TXLSDPHQWR 3UHVWH DWHQomR j ORFDOL]DomR GDV RXWUDV WHFODV DSUHVHQWDGDV QHVWH GLDJUDPD XPD YH] TXH DV LUi XWLOL]DU SRVWHULRUPHQWH 4XDWUR VHWDV GLUHFFLRQDLV 6DLU $FHLWDU Ã$!% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DORUHV SRU 'HIHLWR@ H SULPD D WHFOD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR HTXLSDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >9DO GHIHLWR HTXLSDPHQWR@ H SULPD D WHFOD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR LPSUHVVRUD 9DORUHV SRU GHIHLWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >%DQGHMDV GH SDSHO@ H SULPD D WHFOD >$FHLWDU@ 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >7DPDQKR EDQGHMD GH SDSHO@ H SULPD D WHFOD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9DO GHIHLWR HTXLSDPHQWR À 7DPDQKR EDQGHMD GH SDSHO %DQGHMD SDSHO SRU GHIHLWR %DQGHMDV GH 3DSHO À 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU D EDQGHMD TXH DOWHURX H GHSRLV SULPD D WHFOD >$FHLWDU@ %DQG %DQG %\SDVV 7DPDQKR EDQGHMD GH SDSHO À 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU R IRUPDWR H D RULHQWDomR GR SDSHO TXH FRORFRX QD EDQGHMD H GHSRLV SULPD D WHFOD >$FHLWDU@ $ $ $ 6HOHFFLRQH IRUPDWR SDSHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$!& 0DQXWHQomR GR 3URGXWR 7HFOD )XQo}HV À 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR $ EDQGHMD HQFRQWUDVH DJRUD GHYLGDPHQWH FRQILJXUDGD H SURQWD D VHU XWLOL]DGD Ã$!' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $ %DQGHMD %\SDVV SRGH VHU XVDGD SDUD YiULRV VXSRUWHV GH LPSUHVVmR GLIHUHQWHV (QFRQWUDVH GR ODGR GLUHLWR GR HTXLSDPHQWR 3DUD DOWHUDU R IRUPDWR GR SDSHO SDUD D %DQGHMD %\SDVV GHYH VHOHFFLRQiOR QR 3DLQHO GH &RQWUROR À À &RORTXH R VXSRUWH GH LPSUHVVmR QD %DQGHMD %\SDVV )DoD GHVOL]DU D JXLD GH PRGR D TXH ILTXH DSHQDV D WRFDU QD H[WUHPLGDGH GD SLOKD 127$ &HUWLILTXHVH TXH D OLQKD GH HQFKLPHQWR Pi[LPR QmR p H[FHGLGD 127$ $ %DQGHMD %\SDVV HVWHQGHVH SDUD DFRQGLFLRQDU IROKDV DOLPHQWDGRV SHOR ODGR PHQRU SULPHLUR RX IRUPDWRV GH SDSHO PDLRUHV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã$!( 0DQXWHQomR GR 3URGXWR &RORFDU 3DSHO QD %DQGHMD %\SDVV Ã$" ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà (VWH FDStWXOR IRUQHFH LQIRUPDo}HV SDUD D UHVROXomR GH SUREOHPDV TXH SRGHP RFRUUHU FRP R :RUN&HQWUH 3UR 6mR DLQGD LQFOXtGRV TXDGURV QRV TXDLV VmR DSUHVHQWDGDV DV 0HQVDJHQV H RV &yGLJRV GH (UUR SUREOHPDV H VROXo}HV SRVVtYHLV BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã% 5HVROXomR GH 3UREOHPDV %iVLFRV 5HVROXomR GH 3UREOHPDV %iVLFRV 'HVHQFUDYDU ([LVWHP GRLV WLSRV GH HQFUDYDPHQWR (QFUDYDPHQWR QR $OLPHQWDGRU GH 2ULJLQDLV $')'$') (QFUDYDPHQWR QR SHUFXUVR GR SDSHO 6H RFRUUHU XP HQFUDYDPHQWR GXUDQWH R IXQFLRQDPHQWR GR HTXLSDPHQWR FRQVXOWH DV PHQVDJHQV TXH DSDUHFHP QR /&' , 03257$17(6LJD RV SURFHGLPHQWRV SDVVR D SDVVR DSUHVHQWDGRV QR YLVRU GH PHQVDJHQV SDUD HOLPLQDU D IDOKD 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ =RQDV GH $FHVVR $ LPDJHP D VHJXLU DSUHVHQWDGD LOXVWUD RQGH VH VLWXDP DV ]RQDV GH DFHVVR TXH SHUPLWHP HOLPLQDU R HQFUDYDPHQWR QR HTXLSDPHQWR 7DPSD GH $FHVVR DR (QFUDYDPHQWR $'+'$'+ 7DPSD , QIHULRU GR '$'+ 6RE R '$'+ 7DPSD GR /DGR 'LUHLWR DWUiV GR PyGXOR 'XSOH[ 0yGXOR 'XSOH[ 7DPSDV GR /DGR 'LUHLWR Ã%! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 9HMD D VHJXLU H[HPSORV GH PHQVDJHQV XVXDLV GH GHVHQFUDYDPHQWR À À $EUD D WDPSD ODWHUDO GLUHLWD 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ 5HWLUH TXDOTXHU SDSHO YLVtYHO QHVWD ]RQD 'HVHQFUDYH SDSHO $EUD WDPSD ODWHUDO À 'HVHQFUDYH SDSHO 5HWLUH R SDSHO HQFUDYDGR %RWmR YHUGH À 5RGH R ERWmR YHUGH QD VXD GLUHFomR H UHWLUH HYHQWXDO SDSHO HQFUDYDGR j PHGLGD TXH IRU DSDUHFHQGR HQWUH RV URORV 5HWLUH R SDSHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã%" 5HVROXomR GH 3UREOHPDV %iVLFRV ([HPSOR GH (QFUDYDPHQWR GH 3DSHO À À $EUD D WDPSD GH VDtGD GD IRUPD DTXL LOXVWUDGD 5HWLUH TXDOTXHU SDSHO TXH WHQKD HQFUDYDGR GHQWUR GR PyGXOR GH VDtGD À 8WLOL]H D WHFOD GH GHVORFDomR SDUD DYDQoDU SDUD R SDVVR VHJXLQWH H SULPD >$FHLWDU@ )HFKH D WDPSD GH VDtGD H D WDPSD GR ODGR GLUHLWR À 'HVHQFUDYH SDSHO )HFKH WDPSD ODWHUDO 127$ $V LQVWUXo}HV DSUHVHQWDGDV QR YLVRU SRGHP YDULDU GH DFRUGR FRP DV RSo}HV LQVWDODGDV (YLWDU (QFUDYDPHQWRV GH 3DSHO 2V HQFUDYDPHQWRV GH SDSHO RFRUUHP SRU GLYHUVDV UD]}HV 6LJD DV UHFRPHQGDo}HV D VHJXLU DSUHVHQWDGDV SDUD UHGX]LU D SRVVLELOLGDGH GH RFRUUrQFLD GH HQFUDYDPHQWRV 8WLOL]H DSHQDV SDSHO UHFRPHQGDGR &RQVXOWH R $QH[R % (VSHFLILFDo}HV $FRQGLFLRQH R SDSHO QXP ORFDO VHFR H DIDVWDGR GH H[WUHPRV GH WHPSHUDWXUD 3URWHMD R SDSHO QmR XWLOL]DGR DFRQGLFLRQDQGRR QR UHVSHFWLYR LQYyOXFUR H QXPD VXSHUItFLH SODQD DWp R YROWDU D XWLOL]DU 2 SDSHO GHYH VHU FRUUHFWDPHQWH FRORFDGR QD EDQGHMD TXH WLYHU VHOHFFLRQDGR SDUD R WUDEDOKR $ RULHQWDomR GR SDSHO QD EDQGHMD GHYH FRUUHVSRQGHU j RULHQWDomR GRV RULJLQDLV 9HULILTXH D OLQKD GH OLPLWH GH HQFKLPHQWR QD EDQGHMD SDUD VH FHUWLILFDU TXH D EDQGHMD QmR HVWi VREUHFDUUHJDGD 1mR XWLOL]H SDSHO TXH HVWHMD UDVJDGR YLQFDGR RX GREUDGR &HUWLILTXHVH TXH R IRUPDWR GR SDSHO IRL FRUUHFWDPHQWH VHOHFFLRQDGR SDUD D EDQGHMD XWLOL]DGD Ã%# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 5HWLUH RULJLQHQFUDY (PSXUUH ERWmR S DFHGHU D HQFUDYDP 5HWLUH RULJLQHQFUDY $EUD WDPSD DFHVVR DR HQFUDYDPHQWR 5HWLUH RULJLQHQFUDY $EUD JXLD VXSHULRU 5HWLUH RULJLQHQFUDY 5RGH ERWmR YHUGH 5HWLUH RULJLQHQFUDY 5HWLUH R RULJLQDO PDO DOLPHQWDGR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã%$ 5HVROXomR GH 3UREOHPDV %iVLFRV ([HPSOR GH (QFUDYDPHQWR QR $OLPHQWDGRU GH 2ULJLQDLV $')'$') 3HGLU $VVLVWrQFLD 6H R SUREOHPD FRQWLQXDU FRQWDFWH R ;HUR[ :HOFRPH &HQWUH RX R VHX UHSUHVHQWDQWH ORFDO 6HUi QHFHVViULR R Q~PHUR GH VpULH GR HTXLSDPHQWR H HYHQWXDLV FyGLJRV GH HUUR 3DUD REWHU LQIRUPDo}HV VREUH FRPR ORFDOL]DU R Q~PHUR GH VpULH FRQVXOWH ³$VVLVWrQFLD DR &OLHQWH´ QD SiJLQD 9LVXDOL]DU &yGLJRV GH (UUR 3ULPD DV WHFODV >6WRS@ H HP VLPXOWkQHR SDUD YLVXDOL]DU R &yGLJR GH (UUR 2 &yGLJR GH (UUR LQGLFD D ORFDOL]DomR GD IDOKD ± FRQVXOWH D SiJLQD QHVWD VHFomR 1~PHUR GH 7HOHIRQH SDUD $SRLR DR &OLHQWH 2 Q~PHUR GH WHOHIRQH GR ;HUR[ :HOFRPH &HQWUH RX GR VHX UHSUHVHQWDQWH ORFDO p IRUQHFLGR DTXDQGR GD LQVWDODomR GR HTXLSDPHQWR 3DUD VXD FRQYHQLrQFLD H IXWXUD UHIHUrQFLD UHJLVWHR QR HVSDoR DEDL[R 1~PHUR GH 7HOHIRQH GR :HOFRPH &HQWUH RX GR 5HSUHVHQWDQWH /RFDO 1 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ã%% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 6H VXUJLU XPD VLWXDomR DQRUPDO QR HTXLSDPHQWR RX FDVR VHMD UHDOL]DGD XPD RSHUDomR LQFRUUHFWD p HPLWLGR XP VLQDO GH DODUPH GXUDQWH DOJXQV VHJXQGRV H p DSUHVHQWDGD XPD PHQVDJHP QD TXDO p LQGLFDGD D QDWXUH]D GR HUUR 6H LVWR DFRQWHFHU VLJD D DFomR FRUUHFWLYD DSUHVHQWDGD QR TXDGUR D VHJXLU 2 SUREOHPD SRGH VHU PDLV DSURIXQGDGDPHQWH LGHQWLILFDGR DWUDYpV GD FRQVXOWD GRV FyGLJRV GH HUUR 3DUD FRQVXOWDU RV FyGLJRV GH HUUR TXDQGR p LGHQWLILFDGR XP SUREOHPD QR HTXLSDPHQWR SULPD DV WHFODV >6WRS@ H 0HQVDJHQV GH (UUR 0HQVDJHP GH (UUR $YLVR YLGD ~WLO WDPERU 6XEVWLWXD 7DPERU 9HULILTXH 7DPERU 3RXFR WRQHU 6HP 7RQHU 6XEVWLWXD 7RQHU 'HVFULomR H $FomR &RUUHFWLYD 2 WRWDO GH LPSUHVV}HV DWLQJLX SiJLQDV (QFRPHQGH XP QRYR WDPERU 2 7DPERU DWLQJLX R ILP GD VXD YLGD ~WLO 6XEVWLWXD R 7DPERU &RQVXOWH 6XEVWLWXLU 7DPERU 2 7DPERU QmR HVWi GHYLGDPHQWH LQVWDODGR 9ROWH D LQVWDODU R 7DPERU 2 VHQVRU GR WRQHU GHWHFWRX D H[LVWrQFLD GH SRXFR WRQHU (QFRPHQGH XP QRYR FDUWXFKR GH WRQHU 2 VHQVRU GR WRQHU GHWHFWRX R ILP GR WRQHU 6XEVWLWXD R FDUWXFKR GH WRQHU &RQVXOWH 6XEVWLWXLU &DUWXFKR GH 7RQHU 2 FDUWXFKR GH WRQHU QmR HVWi GHYLGDPHQWH LQVWDODGR 9ROWH D LQVWDODU R FDUWXFKR GH WRQHU %DQGHMD VXSHULRU GR VHSDUDGRU GH 5HWLUH R SDSHO GD EDQGHMD VXSHULRU GR VHSDUDGRU GH WUDEDOKRV FKHLD WUDEDOKRV %DQGHMD LQIHULRU GR VHSDUDGRU GH 5HWLUH R SDSHO GD EDQGHMD LQIHULRU GR VHSDUDGRU GH WUDEDOKRV WUDEDOKRV FKHLD $GLFLRQH 3DSHO QD %DQGHMD $GLFLRQH 3DSHO QD %DQGHMD %DQGHMD QmR SUHSDUDGD &RORTXH SDSHO QD %DQGHMD &RORTXH SDSHO QD %DQGHMD (PSXUUH D %DQGHMD SDUD GHQWUR GR HTXLSDPHQWR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã%& 5HVROXomR GH 3UREOHPDV %iVLFRV 0HQVDJHQV H &yGLJRV GH (UUR 0HQVDJHP GH (UUR %DQGHMD QmR SUHSDUDGD (UUR GH 0HPyULD 'HVFULomR H $FomR &RUUHFWLYD (PSXUUH D %DQGHMD SDUD GHQWUR GR HTXLSDPHQWR $V GHILQLo}HV LQLFLDLV SHUGHUDPVH GHYLGR D XPD IDOKD GH HQHUJLD GH ORQJD GXUDomR ILP GD EDWHULD HWF 3ULPD >$SDJDU@ SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 6H HVWD 0HQVDJHP GH (UUR IRU UHSHWLGDPHQWH DSUHVHQWDGD VLJQLILFD TXH D SURJUDPDomR GR HTXLSDPHQWR IRL GDQLILFDGD 2 HTXLSDPHQWR WHUi GH VHU UHLQLFLDOL]DGR SRU XP WpFQLFR FRP IRUPDomR HVSHFtILFD 3HoD DVVLVWrQFLD 2V WUDEDOKRV UHVHUYDGRV IRUDP DSDJDGRV GHYLGR D XPD IDOKD GH HQHUJLD GH ORQJD GXUDomR 3ULPD >$SDJDU@ GXDV YH]HV SDUD UHSRU R HVWDGR GH LQDFWLYLGDGH 9HULILTXH D /, 67$ '( )$/+$ '( &255(17( TXH IRL LPSUHVVD FRP LQIRUPDo}HV VREUH TXDOTXHU FRPXQLFDomR SHUGLGD $FDERX R SDSHO HP WRGDV DV EDQGHMDV RX IRUDP UHPRYLGDV WRGDV DV EDQGHMDV &RORTXH SDSHO RX HQFDL[H ILUPHPHQWH D EDQGHMD $FDERX R SDSHO QD EDQGHMD HVSHFLILFDGD RX D EDQGHMD IRL UHPRYLGD &RORTXH SDSHO RX HQFDL[H ILUPHPHQWH D EDQGHMD $ PHPyULD HQFKHXVH GXUDQWH D LQWURGXomR GH GDGRV QD PHPyULD QR GHFRUUHU GH XP SURFHVVR GH FySLD )DOKD GH FRUUHQWH $GLFLRQH SDSHO %DQGHMD YD]LD %DQGHMD YD]LD 0HPyULD FKHLD Ã%' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 7LSR &yGLJR GH (UUR &DXVD 3URYiYHO $FomR &RUUHFWLYD &+$0( & $66, 67Ç1&, $ & (UUR GR PHFDQLVPR GH DEDVWHFLPHQWR GH SDSHO WHPSRUiULR & (UUR GD EDQGHMD &RQWDFWH R WpFQLFR ORFDO 3X[H D EDQGHMD SDUD IRUD H YROWH D LQWURGX]LOD 6H R SUREOHPD FRQWLQXDU FRQWDFWH D DVVLVWrQFLD WpFQLFD (UUR GD EDQGHMD 3X[H D EDQGHMD SDUD IRUD H YROWH D LQWURGX]LOD 6H R SUREOHPD FRQWLQXDU FRQWDFWH D DVVLVWrQFLD WpFQLFD &RQWDFWH R WpFQLFR ORFDO &RQWDFWH R WpFQLFR ORFDO &+$0( & $66, 67Ç1&, $ & &+$0( &$ $66, 67Ç1&, $ &$ (QFUDYDPHQWR ( GXUDQWH R WUDQVSRUWH QR FRUSR SULQFLSDO (QFUDYDPHQWR GH SDSHO QR LQWHULRU GR HTXLSDPHQWR $EUD D WDPSD ODWHUDO H D WDPSD GH VDtGD H UHWLUH R SDSHO HQFUDYDGR $OpP GLVVR VH SRVVXLU XP VHSDUDGRU GH WUDEDOKRV RX XPD EDQGHMD GH UHFHSomR RIIVHW DEUD D WDPSD H UHWLUH R SDSHO HQFUDYDGR )HFKH WRGDV DV WDPSDV $EUD D WDPSD ODWHUDO GR FRSLDGRU H UHWLUH R SDSHO HQFUDYDGR $OpP GLVVR VH SRVVXLU XP VHSDUDGRU GH WUDEDOKRV RX XPD EDQGHMD GH UHFHSomR RIIVHW DEUD D WDPSD H UHWLUH R SDSHO HQFUDYDGR )HFKH WRGDV DV WDPSDV ( (QFUDYDPHQWR GH SDSHO SUy[LPR GR 0yGXOR GR )XVRU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã%( 5HVROXomR GH 3UREOHPDV %iVLFRV &yGLJRV GH (UUR 7LSR &yGLJR GH (UUR &DXVD 3URYiYHO $FomR &RUUHFWLYD ( 3DSHO QR LQWHULRU GR HTXLSDPHQWR DR VHU OLJDGR H[FHSWR SDUD $') $EUD D WDPSD ODWHUDO H D WDPSD GH VDtGD H UHWLUH R SDSHO HQFUDYDGR $OpP GLVVR VH SRVVXLU XP $'8 $XWR 'XSOH[ 8QLW RX VHMD XP PyGXOR GXSOH[ DXWRPiWLFR XP VHSDUDGRU GH WUDEDOKRV RX XPD EDQGHMD GH UHFHSomR RIIVHW DEUD D WDPSD H UHWLUH R SDSHO HQFUDYDGR $EUD D WDPSD ODWHUDO GR 3URFHVVDGRU GH $OLPHQWDomR GH 3DSHO EDQGHMD  H UHWLUH R SDSHO HQFUDYDGR )HFKH WRGDV DV WDPSDV $EUD D WDPSD ODWHUDO H D WDPSD GH VDtGD GR FRSLDGRU H UHWLUH R SDSHO HQFUDYDGR $EUD D WDPSD GR $'8 $XWR 'XSOH[ 8QLW H UHWLUH R SDSHO HQFUDYDGR 'H VHJXLGD IHFKH DV WDPSDV (QFUDYDPHQWR ( GXUDQWH R WUDQVSRUWH QR FRUSR SULQFLSDO (QFUDYDPHQWR GH WUDQVSRUWH GHQWUR GR $'8 ( (UUR GH WHPSR OLPLWH QR VHQVRU $EUD D WDPSD ODWHUDO GR FRSLDGRU H GH DOLPHQWDomR GH SDSHO UHWLUH R SDSHO HQFUDYDGR 'H VHJXLGD IHFKH D WDPSD (QFUDYDPHQWR GH DOLPHQWDomR $EUD D WDPSD ODWHUDO GR FRSLDGRU H D GH SDSHO QR $'8 WDPSD GR $'8 $XWR 'XSOH[ 8QLW H UHWLUH R SDSHO HQFUDYDGR 'H VHJXLGD IHFKH DV WDPSDV (QFUDYDPHQWR GH DOLPHQWDomR 5HWLUH D SLOKD GH SDSHO GD EDQGHMD GH SDSHO QD %DQGHMD %\SDVV E\SDVV DUHMH DV PDUJHQV H YROWH D FRORFiOD (QFUDYDPHQWR GH DOLPHQWDomR $EUD D WDPSD ODWHUDO GR FRSLDGRU H UHWLUH GD EDQGHMD R SDSHO HQFUDYDGR )HFKH D WDPSD (QFUDYDPHQWR GH DOLPHQWDomR $EUD D WDPSD ODWHUDO GD %DQGHMD H GD EDQGHMD UHWLUH R SDSHO HQFUDYDGR )HFKH D WDPSD (QFUDYDPHQWR ( GH DOLPHQWDomR GH SDSHO ( ( ( Ã% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 7LSR &yGLJR GH (UUR &DXVD 3URYiYHO $FomR &RUUHFWLYD (QFUDYDPHQWR ( GXUDQWH R WUDQVSRUWH QDV %DQGHMDV 2SFLRQDLV (QFUDYDPHQWR ( GH SDSHO GHYLGR D XPD WDPSD DEHUWD (QFUDYDPHQWR GH SDSHO GHQWUR GR PyGXOR 3ULQFLSDO GXUDQWH D DOLPHQWDomR D SDUWLU GD %DQGHMD R SDSHO QmR DWLQJH R VHQVRU )'6 $ WDPSD IURQWDO RX ODWHUDO GR FRSLDGRU IRL DEHUWD GXUDQWH R SURFHVVR GH FySLD $EUD D WDPSD ODWHUDO GR FRSLDGRU H UHWLUH R SDSHO HQFUDYDGR $EUD D WDPSD ODWHUDO GD %DQGHMD H UHWLUH R SDSHO HQFUDYDGR )HFKH DV WDPSDV $EUD D WDPSD ODWHUDO H D WDPSD GH VDtGD H UHWLUH R SDSHO HQFUDYDGR $OpP GLVVR VH SRVVXLU XP $'8 $XWR 'XSOH[ 8QLW RX VHMD XP PyGXOR GXSOH[ DXWRPiWLFR XP VHSDUDGRU GH WUDEDOKRV RX XPD EDQGHMD GH UHFHSomR RIIVHW DEUD D WDPSD H UHWLUH R SDSHO HQFUDYDGR $EUD D WDPSD ODWHUDO GR 3URFHVVDGRU GH $OLPHQWDomR GH 3DSHO EDQGHMD  H UHWLUH R SDSHO HQFUDYDGR )HFKH WRGDV DV WDPSDV $EUD DV WDPSDV ODWHUDLV GD %DQGHMD H UHWLUH R SDSHO HQFUDYDGR )HFKH DV WDPSDV $EUD D WDPSD ODWHUDO H D WDPSD GH VDtGD H UHWLUH R SDSHO HQFUDYDGR $OpP GLVVR VH SRVVXLU XP $'8 $XWR 'XSOH[ 8QLW RX VHMD XP PyGXOR GXSOH[ DXWRPiWLFR XP VHSDUDGRU GH WUDEDOKRV RX XPD EDQGHMD GH UHFHSomR RIIVHW DEUD D WDPSD H UHWLUH R SDSHO HQFUDYDGR $EUD D WDPSD ODWHUDO GR 3URFHVVDGRU GH $OLPHQWDomR GH 3DSHO EDQGHMD  H UHWLUH R SDSHO HQFUDYDGR )HFKH WRGDV DV WDPSDV $EUD D WDPSD GR $') H UHWLUH R SDSHO HQFUDYDGR )HFKH D WDPSD (QFUDYDPHQWR ( GH SDSHO GHYLGR D XPD WDPSD DEHUWD ( $ WDPSD ODWHUDO GD %DQGHMD RX GD %DQGHMD IRL DEHUWD GXUDQWH R SURFHVVR GH FySLD 2 $'8 $XWR 'XSOH[ 8QLW IRL DEHUWR GXUDQWH R SURFHVVR GH FySLD (QFUDYDPHQWR GXUDQWH R WUDQVSRUWH GH SDSHO QR $') ( ( ( ( (QFUDYDPHQWR GH RULJLQDLV QR $') BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã% 5HVROXomR GH 3UREOHPDV %iVLFRV 7LSR &yGLJR GH (UUR &DXVD 3URYiYHO $FomR &RUUHFWLYD )LP GD YLGD ~WLO 'LYHUVRV 7DPERU SHUWR GR ILP GD YLGD ~WLO 6XEVWLWXD R 7DPERU 2 7RQHU HVWi TXDVH QR ILP $XVrQFLD GH WDPERU %DQGHMD GH UHFHSomR RIIVHW FKHLD 6XEVWLWXD R FDUWXFKR GH WRQHU , QVWDOH R WDPERU 5HWLUH R SDSHO GD EDQGHMD $XVrQFLD GH FDUWXFKR GH WRQHU , QVWDOH R FDUWXFKR GH WRQHU Ã% ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà ([LVWHP GLYHUVDV VLWXDo}HV TXH SRGHP DIHFWDU D TXDOLGDGH GD LPSUHVVmR 9HULILTXH DV VLWXDo}HV TXH VH VHJXHP SDUD JDUDQWLU XP ySWLPR GHVHPSHQKR DR QtYHO GRV SURFHVVRV GH FySLD H LPSUHVVmR 6H PHVPR DVVLP QmR FRQVHJXLU UHVROYHU R SUREOHPD FRQWDFWH R 2SHUDGRU $XWRUL]DGR RX XP WpFQLFR ORFDO 1mR FRORTXH R :RUN&HQWUH 3UR VRE D OX] GLUHFWD GR VRO RX SUy[LPR GH DTXHFHGRUHV (YLWH PXGDQoDV V~ELWDV GH WHPSHUDWXUD H KXPLGDGH QR DPELHQWH GR :RUN&HQWUH 3UR 6HPSUH TXH RFRUUHU XPD DOWHUDomR FRQFHGD SHOR PHQRV GXDV KRUDV DR :RUN&HQWUH 3UR SDUD TXH HVWH DMXVWH DV UHVSHFWLYDV GHILQLo}HV DR QRYR DPELHQWH GHSHQGHQGR GR JUDX GH DOWHUDomR 6LJD SURJUDPDV GH PDQXWHQomR UHJXODUHV SDUD D OLPSH]D GH iUHDV WDLV FRPR R 9LGUR GH ([SRVLomR R &97 H DV EDQGHMDV GH VDtGD &RQVXOWH D VHFomR ³/LPSDU R :RUN&HQWUH 3UR ´ QD SiJLQD 6H D FySLD IRU GH Pi TXDOLGDGH FRP XPD LPSUHVVmR LUUHJXODU LQGLVWLQWD GHJUDGDGD RX XPD OLQKD EUDQFD YLVtYHO QD GLUHFomR GD DOLPHQWDomR GR SDSHO OLPSH R )LR &RURWURQ GH 7UDQVIHUrQFLD &RQVXOWH D VHFomR ³)LR &RURWURQ GH 7UDQVIHUrQFLD´ QD SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã% " 5HVROXomR GH 3UREOHPDV %iVLFRV 3UREOHPDV QD 4XDOLGDGH GH , PDJHP Ã% # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 HTXLSDPHQWR p IRUQHFLGR FRP RV YDORUHV SRU GHIHLWR RULJLQDLV (VWH FDStWXOR HQXPHUD DV GHILQLo}HV TXH SRGHP VHU DOWHUDGDV SHOR FOLHQWH H LQVWUXo}HV SDVVR D SDVVR VREUH FRPR DV DOWHUDU BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR $OWHUDU RV 9DORUHV SRU 'HIHLWR GR (TXLSDPHQWR $FHVVR 5iSLGR À(VWDGR GR (TXLSDPHQWR À9DORUHV SRU GHIHLWR À9DO GHIHLWR HTXLSDPHQWR 8WLOL]H DV LQVWUXo}HV TXH VH VHJXHP SDUD DFHGHU jV RSo}HV GRV YDORUHV SRU GHIHLWR GR HTXLSDPHQWR 1HVVD DOWXUD VHUmR IRUQHFLGDV LQVWUXo}HV SDUD D SHUVRQDOL]DomR GH FDGD YDORU SRU GHIHLWR GR HTXLSDPHQWR 127$ $OJXPDV RSo}HV QmR VH HQFRQWUDP GLVSRQtYHLV HP WRGRV RV PHUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GH HTXLSDPHQWR 3RU FRQVHTXrQFLD D QXPHUDomR GD IXQomR SRGHUi YDULDU À 3DUD DFHGHU DR PHQX 9DO 'HIHLWR (TXLSDPHQWR HQTXDQWR QR PRGR 3URQWR SULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ ORFDOL]DGD j GLUHLWD QR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR PRVWUD DV RSo}HV GDV GHILQLo}HV À &HUWLILTXHVH TXH >9DORUHV SRU GHIHLWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR (TXLSDPHQWR À 6HOHFFLRQH >9DO GHIHLWR HTXLSDPHQWR@ H SULPD >$FHLWDU@ 9DO GHIHLWR HTXLSDPHQWR 9DO GHIHLWR FySLD 9DO GHIHLWR LPSUHVVRUD 9DORUHV SRU GHIHLWR 6mR DSUHVHQWDGDV DV RSo}HV GRV YDORUHV SRU GHIHLWR GR HTXLSDPHQWR %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9DO GHIHLWR HTXLSDPHQWR Ã&! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 8WLOL]H D RSomR %DQGHMDV GH SDSHO SDUD VHOHFFLRQDU R IRUPDWR H D RULHQWDomR GR SDSHO SDUD FDGD EDQGHMD 3RGHUi WDPEpP GHWHUPLQDU R WDEXOHLUR GH SDSHO TXH VHUi XWLOL]DGR FRPR WDEXOHLUR SRU GHIHLWR (VWD VHUi XPD VHOHFomR DXWRPiWLFD RX WDEXOHLUR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >%DQGHMDV GH SDSHO@ H SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9DO GHIHLWR HTXLSDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >%DQGHMD SDSHO SRU GHIHLWR@ H SULPD >$FHLWDU@ 7DPDQKR EDQGHMD GH SDSHO %DQGHMD SDSHO SRU GHIHLWR %DQGHMDV GH SDSHO À 8VH DV WHFODV GH GHVORFDomR RX SDUD VHOHFFLRQDU D EDQGHMD GH SDSHO SRU GHIHLWR TXH GHVHMD GHILQLU GHSRLV SULPD >$FHLWDU@ 3DSHO $XWR %DQG %DQGHMD SDSHO SRU GHIHLWR 127$ 6H 5HGXomR$PSOLDomR $XWRPiWLFD HVWLYHU VHOHFFLRQDGD H HVFROKHU 3DSHO $XWR FRPR D VHOHFomR GH EDQGHMD SRU GHIHLWR D 5HGXomR$PSOLDomR VHUi GHILQLGD SDUD À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >7DPDQKR EDQGHMD GH SDSHO@ H SULPD >$FHLWDU@ 7DPDQKR EDQGHMD GH SDSHO %DQGHMD SDSHO SRU GHIHLWR %DQGHMDV GH SDSHO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã&" 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR %DQGHMDV GH SDSHO À 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU D EDQGHMD TXH DOWHURX H GHSRLV SULPD D WHFOD >$FHLWDU@ 7DPDQKR EDQGHMD GH SDSHO %DQG %DQG %\SDVV À 8VH DV WHFODV GH GHVORFDomR H SDUD VHOHFFLRQDU R IRUPDWR H D RULHQWDomR GR SDSHO TXH FRORFRX QD EDQGHMD H GHSRLV SULPD D WHFOD >$FHLWDU@ $ $ $ 6HOHFFLRQH IRUPDWR SDSHO Ã&# ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 8WLOL]H D RSomR 7HPSRUL]DGRUHV SDUD SUpGHILQLU R 7HPSR /LPLWH 0RGR GH HVSHUD H 0RGR GH LQDFWLYLGDGH À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >7HPSRUL]DGRUHV@ H SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9DO GHIHLWR HTXLSDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >7HPSR /LPLWH@ H GHSRLV SULPD >$FHLWDU@ 7HPSR /LPLWH 0RGR GH HVSHUD 0RGR GH LQDFWLYLGDGH 7HPSR /LPLWH $ RSomR 7HPSR /LPLWH DSDJD TXDLVTXHU IXQo}HV TXH SRVVDP WHU VLGR VHOHFFLRQDGDV H ID] UHJUHVVDU DR 0RGR GH HVSHUD 7HPSRUL]DGRUHV 2 /&' LQGLFD R DFWXDO YDORU GH WHPSR OLPLWH GR WHPSRUL]DGRU 7HPSRUL]DGRUHV 7HPSR OLPLWH VHJ VHJ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã&$ 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 7HPSRUL]DGRUHV À 8VH DV WHFODV GH GHVORFDomR RX SDUD VHOHFFLRQDU R YDORU SUHWHQGLGR HQWUH VHJXQGRV 3RGH VHOHFFLRQDU RV VHJXLQWHV YDORUHV H VHJXQGRV 7HPSRUL]DGRUHV 7HPSR OLPLWH VHJ VHJ À À 3ULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 0RGR GH HVSHUD 2 YDORU SRU GHIHLWR ID] FRP TXH R HTXLSDPHQWR SDVVH DXWRPDWLFDPHQWH SDUD R 0RGR GH HVSHUD GHSRLV GH SHUPDQHFHU LQDFWLYR GXUDQWH PLQXWRV 2 /&' HQFRQWUDVH YLVtYHO H p PRVWUDGD XPD PHQVDJHP TXH LQGLFD TXH R HTXLSDPHQWR VH HQFRQWUD QR PRGR GH HVSHUD 3DUD DFWLYDU R HTXLSDPHQWR SULPD TXDOTXHU WHFOD GR SDLQHO GH FRQWUROR RX DEUD D WDPSD GR YLGUR GH H[SRVLomR RX R DOLPHQWDGRU GH RULJLQDLV À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >0RGR GH HVSHUD@ H SULPD >$FHLWDU@ 7HPSR /LPLWH 0RGR GH HVSHUD 0RGR GH LQDFWLYLGDGH 7HPSRUL]DGRUHV 2 /&' LQGLFD R DFWXDO YDORU GR WHPSRUL]DGRU SDUD TXH R HTXLSDPHQWR HQWUH HP 0RGR GH HVSHUD 7HPSRUL]DGRUHV 0RGR GH HVSHUD PLQ PLQ Ã&% ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 8VH DV WHFODV GH GHVORFDomR RX SDUD VHOHFFLRQDU R YDORU SUHWHQGLGR HQWUH H PLQXWRV 3RGH VHOHFFLRQDU RV VHJXLQWHV YDORUHV H PLQXWRV 7HPSRUL]DGRUHV 0RGR GH HVSHUD PLQ PLQ À À 3ULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 0RGR GH LQDFWLYLGDGH 2 YDORU SRU GHIHLWR ID] FRP TXH R HTXLSDPHQWR VH GHVOLJXH DXWRPDWLFDPHQWH SDVVDGRV PLQXWRV GHSRLV GH WHU HQWUDGR HP 0RGR GH HVSHUD 3DUD DFWLYDU R HTXLSDPHQWR SULPD TXDOTXHU WHFOD GR SDLQHO GH FRQWUROR RX DEUD D WDPSD GR YLGUR GH H[SRVLomR RX R DOLPHQWDGRU GH RULJLQDLV À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >0RGR GH LQDFWLYLGDGH@ H SULPD >$FHLWDU@ 7HPSR /LPLWH 0RGR GH HVSHUD 0RGR GH LQDFWLYLGDGH 7HPSRUL]DGRUHV 2 /&' LQGLFD R DFWXDO YDORU GR WHPSRUL]DGRU SDUD TXH R HTXLSDPHQWR HQWUH HP 0RGR GH LQDFWLYLGDGH 7HPSRUL]DGRUHV 0RGR LQDFWLYLG PLQ PLQ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã&& 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR À 8VH DV WHFODV GH GHVORFDomR RX SDUD VHOHFFLRQDU R YDORU SUHWHQGLGR HQWUH H PLQXWRV 3RGH VHOHFFLRQDU RV VHJXLQWHV YDORUHV H PLQXWRV 7HPSRUL]DGRUHV 0RGR LQDFWLYLG PLQ PLQ À À 3ULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR 7HFOD , QWHUUXSomR 8VH D RSomR 7HFOD , QWHUUXSomR SDUD DFWLYDU RX GHVDFWLYDU D IXQomR , QWHUURPSHU À 6HOHFFLRQH >7HFOD , QWHUUXSomR@ XWLOL]DQGR D WHFOD GH GHVORFDomR H SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9DO GHIHLWR HTXLSDPHQWR 9RO $OWLIDODQWH &yG 'HSDUWDPHQWR À À 6HOHFFLRQH >$FWLYDU@ RX >'HVDFWLYDU@ H SULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR $FWLYDU 'HVDFWLYDU 7HFOD , QWHUUXSomR Ã&' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà ([LVWHP GXDV VHOHFo}HV GH 9RO $OWLIDODQWH GLVSRQtYHLV 9ROXPH GR DODUPH TXDQGR VXUJH XPD FRQGLomR GH HUUR QR HTXLSDPHQWR VRD XP DODUPH SDUD QRWLILFDU R XWLOL]DGRU 9ROXPH GH WHFODGR TXDQGR ID] TXDOTXHU VHOHFomR RX SULPH TXDOTXHU WHFOD QR SDLQHO GH FRQWUROR R HTXLSDPHQWR HPLWH XP ELS À 6HOHFFLRQH >9RO $OWLIDODQWH@ XWLOL]DQGR D WHFOD GH GHVORFDomR H SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9RO $OWLIDODQWH &yG 'HSDUWDPHQWR 9DO GHIHLWR HTXLSDPHQWR À 6HOHFFLRQH D RSomR GH YROXPH SUHWHQGLGD XWLOL]DQGR D WHFOD GH GHVORFDomR H SULPD >$FHLWDU@ 9ROXPH GR DODUPH 9ROXPH GH WHFODGR 9RO $OWLIDODQWH BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã&( 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 9ROXPH GR $OWLIDODQWH À 8VH DV WHFODV GH GHVORFDomR RX SDUD VHOHFFLRQDU R YDORU SUHWHQGLGR HQWUH H $R VHOHFFLRQDU p GHVOLJDGR R DODUPH H p D GHILQLomR PDLV DOWD 9ROXPH GR DODUPH YROXPH À À 3ULPD >$FHLWDU@ 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR Ã& ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $ XWLOL]DomR GR HTXLSDPHQWR SRGH VHU OLPLWDGD D SHVVRDO DXWRUL]DGR QXP GHWHUPLQDGR GHSDUWDPHQWR EDVWDQGR SDUD WDO SURJUDPDU &yGLJRV GH 'HSDUWDPHQWR $ IXQomR &yGLJR GH 'HSDUWDPHQWR SHUPLWHOKH DWULEXLU XP &yGLJR SULQFLSDO DR DGPLQLVWUDGRU H DWp Q~PHURV H FyGLJRV GH GHSDUWDPHQWRV SDUD D XWLOL]DomR SRU GHSDUWDPHQWRV LQGLYLGXDLV 2 HTXLSDPHQWR SRGHUi GHSRLV FRQWURODU D XWLOL]DomR SRU GHSDUWDPHQWR 4XDQGR D IXQomR p XWLOL]DGD SHOD SULPHLUD YH] p VROLFLWDGR DR DGPLQLVWUDGRU TXH 'LJLWH QRPH FyG SULQ H XP &yGLJR SULQFLSDO GH GtJLWRV (VWH QRPH H FyGLJR VmR GHSRLV XWLOL]DGRV SDUD DFHGHU j IXQomR SDUD SURJUDPDU FyGLJRV GH GHSDUWDPHQWRV LQGLYLGXDLV &DGD &yG 'HSDUWDPHQWR SRVVXL WDPEpP XP 1 GH 'HSDUWDPHQWR GH GtJLWRV H XP QRPH GH GHSDUWDPHQWR 2 1 GH 'HSDUWDPHQWR DWULEXtGR DR &yGLJR SULQFLSDO p SUpGHILQLGR FRPR 'XUDQWH R SURFHGLPHQWR GH SURJUDPDomR pOKH VROLFLWDGR TXH GLJLWH XP 1 GH 'HSDUWDPHQWR GH GtJLWRV XP QRPH GH GHSDUWDPHQWR H XP &yG 'HSDUWDPHQWR GH GtJLWRV SDUD FDGD GHSDUWDPHQWR 5HFRPHQGDVH TXH SODQHLH TXDLV RV Q~PHURV QRPHV H FyGLJRV TXH GHYHP VHU DWULEXtGRV D FDGD GHSDUWDPHQWR DQWHV GH SURJUDPDU R &yGLJR GH 'HSDUWDPHQWR 2V FyGLJRV GH GHSDUWDPHQWRV LQGLYLGXDLV VmR XWLOL]DGRV SDUD DFHGHU H XWLOL]DU R HTXLSDPHQWR ¬ PHGLGD TXH FDGD GHSDUWDPHQWR GLJLWD R VHX &yG 'HSDUWDPHQWR DWULEXtGR SDUD DFHGHU H XWLOL]DU R HTXLSDPHQWR D XWLOL]DomR p UHJLVWDGD QR UHODWyULR GR FyGLJR GH GHSDUWDPHQWR 68*(672 3DUD REWHU LQVWUXo}HV VREUH D LPSUHVVmR GR UHODWyULR GR FyGLJR GH GHSDUWDPHQWR FRQVXOWH D SiJLQD BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR &yGLJRV GH 'HSDUWDPHQWR 3URJUDPDomR GR &yGLJR 3ULQFLSDO GH 'HSDUWDPHQWR À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&yG 'HSDUWDPHQWR@ H GHSRLV SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomS 9RO $OWLIDODQWH &yG 'HSDUWDPHQWR 9DO GHIHLWR HTXLSDPHQWR À 3DUD DFWLYDU D IXQomR &yG 'HSDUWDPHQWR VHOHFFLRQH >/LJDGR@ H SULPD >$FHLWDU@ /LJDGR 'HVOLJ &yGLJR GH 'HSDUWDPHQWR À 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH XP FyGLJR SULQFLSDO GH GtJLWRV H SULPD >$FHLWDU@ &yGLJR SULQFLSDO 1 &yGLJR 3ULQFLSDO 'LJLWH FyG SULQFLSDO 2 &yGLJR SULQFLSDO IRL SURJUDPDGR H DJRUD p SRVVtYHO SURJUDPDU FyGLJRV GH GHSDUWDPHQWRV LQGLYLGXDLV &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  Ã& ! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&yG 'HSDUWDPHQWR@ H GHSRLV SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9RO $OWLIDODQWH &yG 'HSDUWDPHQWR 9DO GHIHLWR HTXLSDPHQWR À 6HOHFFLRQH >/LJDGR@ H SULPD >$FHLWDU@ SDUD DFHGHU DRV HFUmV GH SURJUDPDomR /LJDGR 'HVOLJ &yGLJR GH 'HSDUWDPHQWR À 6HOHFFLRQH >0RGLILFDU FyGLJRV DFWXDLV@ SDUD SURJUDPDU QRYRV FyGLJRV GH GHSDUWDPHQWRV RX PRGLILFDU FyGLJRV H[LVWHQWHV 3ULPD >$FHLWDU@ 0RGLILFDU FyGLJRV DFWXDLV $SDJDU WRGRV RV FyGLJRV , PSULPLU WRGRV RV FyGLJRV &yGLJR GH 'HSDUWDPHQWR À 127$ 6H WLYHU GLJLWDGR R &yGLJR SULQFLSDO SDUD DFHGHU DR HTXLSDPHQWR QmR WHUi GH R GLJLWDU QRYDPHQWH QHVWH SRQWR À 'LJLWH R &yGLJR SULQFLSDO GH GtJLWRV XVDQGR R WHFODGR QXPpULFR H SULPD >$FHLWDU@ 6H R FyGLJR HVWLYHU FRUUHFWR p IRUQHFLGR R DFHVVR DRV HFUmV GH SURJUDPDomR &yG 'HSDUWDPHQWR &yGLJR SULQFLSDO 'LJLWH FyG SULQFLSDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& " 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 3URJUDPDomR GH &yGLJRV GH 'HSDUWDPHQWR , QGLYLGXDLV À 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH R SULPHLUR 1 GH 'HSDUWDPHQWR GH GtJLWRV TXH GHVHMD SURJUDPDU HQWUH H 3ULPD >$FHLWDU@ &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  À À 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH XP &yG 'HSDUWDPHQWR GH GtJLWRV H SULPD >$FHLWDU@ &yGLJR GH 'HSDUWDPHQWR 1 GH 'HSDUWDPHQWR 'LJLWH FyG SULQFLSDO À 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH R SULPHLUR 1 GH 'HSDUWDPHQWR GH GtJLWRV TXH GHVHMD SURJUDPDU HQWUH H 3ULPD >$FHLWDU@ &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  À 2 SULPHLUR &yG 'HSDUWDPHQWR Mi HVWi SURJUDPDGR 6LJD R SURFHGLPHQWR SDUD SURJUDPDU WRGRV RV FyGLJRV GH GHSDUWDPHQWRV SUHWHQGLGRV &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  À $VVLP TXH WRGRV RV FyGLJRV GH GHSDUWDPHQWRV WLYHUHP VLGR SURJUDPDGRV SULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR Ã& # ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À 8VH D WHFOD GH GHVORFDomR SDUD VHOHFFLRQDU >&yG 'HSDUWDPHQWR@ H GHSRLV SULPD >$FHLWDU@ %DQGHMDV GH SDSHO 7HPSRUL]DGRUHV 7HFOD , QWHUUXSomR 9RO $OWLIDODQWH &yG 'HSDUWDPHQWR 9DO GHIHLWR HTXLSDPHQWR À 6HOHFFLRQH >/LJDGR@ H SULPD >$FHLWDU@ SDUD DFHGHU DRV HFUmV GH SURJUDPDomR /LJDGR 'HVOLJ &yGLJR GH 'HSDUWDPHQWR À À 6HOHFFLRQH >0RGLILFDU FyGLJRV DFWXDLV@ SDUD PRGLILFDU FyGLJRV H[LVWHQWHV 3ULPD >$FHLWDU@ 0RGLILFDU FyGLJRV DFWXDLV $SDJDU WRGRV RV FyGLJRV , PSULPLU WRGRV RV FyGLJRV &yGLJR GH 'HSDUWDPHQWR 127$ 6H WLYHU GLJLWDGR R &yGLJR SULQFLSDO SDUD DFHGHU DR HTXLSDPHQWR QmR WHUi TXH R GLJLWDU QRYDPHQWH QHVWH SRQWR À 'LJLWH R &yGLJR SULQFLSDO GH GtJLWRV XVDQGR R WHFODGR QXPpULFR H SULPD >$FHLWDU@ 6H R FyGLJR HVWLYHU FRUUHFWR p IRUQHFLGR R DFHVVR DRV HFUmV GH SURJUDPDomR &yG 'HSDUWDPHQWR &yGLJR SULQFLSDO 'LJLWH FyG SULQFLSDO BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& $ 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 0RGLILFDU H (OLPLQDU &yGLJRV GH 'HSDUWDPHQWR À 8WLOL]DQGR R WHFODGR QXPpULFRGLJLWH R 1 GH 'HSDUWDPHQWR GH GtJLWRV TXH GHVHMD PRGLILFDU RX DSDJDU 'LJLWH >@ SDUD PRGLILFDU R &yGLJR SULQFLSDO RX XP Q~PHUR HQWUH >@ H >@ SDUD PRGLILFDU RV FyGLJRV GH GHSDUWDPHQWRV LQGLYLGXDLV 3ULPD >$FHLWDU@ &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  À À $SDUHFH D PHQVDJHP 1mR GLVSRQtYHO Mi DWULEXtGR $SDUHFHP GHSRLV DV RSo}HV GH PRGLILFDomR &yGLJR GH 'HSDUWDPHQWR 1 GH 'HSDUWDPHQWR 1mR GLVSRQtYHO Mi DWULEXtGR À 3DUD DSDJDU R &yG 'HSDUWDPHQWR VHOHFFLRQH >$SDJDU@ H SULPD >$FHLWDU@ 127$ 2 FyGLJR SULQFLSDO QmR SRGH VHU DSDJDGR DSHQDV PRGLILFDGR 2 FyGLJR p DSDJDGR $SDJDU 0RGLILFDU 5HWHU &yGLJR GH 'HSDUWDPHQWR &yGLJR GH 'HSDUWDPHQWR 1 GH 'HSDUWDPHQWR (OLPLQDGR Ã& % ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà À À 3DUD DOWHUDU RV GHWDOKHV GR FyGLJR VHOHFFLRQH >0RGLILFDU@ H SULPD >$FHLWDU@ )DoD DV DOWHUDo}HV QHFHVViULDV H SULPD >$FHLWDU@ $SDJDU 0RGLILFDU 5HWHU &yGLJR GH 'HSDUWDPHQWR &yGLJR GH 'HSDUWDPHQWR 1 GH 'HSDUWDPHQWR 'LJLWH QRPH GHSDUW À 3DUD VDLU VHP ID]HU DOWHUDo}HV VHOHFFLRQH >5HWHU@ H SULPD >$FHLWDU@ $SDJDU 0RGLILFDU 5HWHU &yGLJR GH 'HSDUWDPHQWR À 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR &yGLJR GH 'HSDUWDPHQWR 'LJLWH FyGLJR SULQFLSDO  RX 'LJLWH FyG 'HSDUWDPHQWR  BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& & 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR 8WLOL]DU &yGLJRV GH 'HSDUWDPHQWR 'HSRLV GH RV FyGLJRV GH GHSDUWDPHQWR WHUHP VLGR SURJUDPDGRV RV HFUmV GR PRGR 3URQWR VROLFLWDP DRV XWLOL]DGRUHV D LQWURGXomR GH XP &yG 'HSDUWDPHQWR DQWHV GH VHU SHUPLWLGR R DFHVVR j IXQomR GH &ySLD À À 3ULPD D WHFOD >)XQo}HV@ 8WLOL]DQGR R WHFODGR QXPpULFR GLJLWH R VHX &yG 'HSDUWDPHQWR 'LJLWH FyG 'HSDUWDPHQWR 3DSHO 6DtGD $XWR 6HSDUDGDV )XQo}HV $GLFLRQDLV $XWR &( 5$ &DGD GLJLWDGR DSDUHFH HP IRUPD GH DVWHULVFR QR HFUm À 3ULPD >$FHLWDU@ 6H R FyGLJR HVWLYHU FRUUHFWR p SHUPLWLGR R DFHVVR j IXQomR 6H R FyGLJR HVWLYHU LQFRUUHFWR DSDUHFH QRYDPHQWH D PHQVDJHP 'LJLWH FyG 'HSDUWDPHQWR 3DSHO 6DtGD $XWR 6HSDUDGDV &( 5$ $XWR )XQo}HV $GLFLRQDLV 68*(672 2 UHODWyULR GR FyGLJR GH GHSDUWDPHQWR SRGH VHU LPSUHVVR SDUD FRQVXOWDU D XWLOL]DomR GR HTXLSDPHQWR SDUD FDGD &yG 'HSDUWDPHQWR 3DUD REWHU LQVWUXo}HV VREUH D LPSUHVVmR GR UHODWyULR GR FyGLJR GH GHSDUWDPHQWR FRQVXOWH D SiJLQD Ã& ' ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà $FHVVR 5iSLGR 2 HTXLSDPHQWR SHUPLWH LPSULPLU GRLV UHODWyULRV &yG 'HSDUWDPHQWR 5HODWyULR FRQILJXUDomR À(VWDGR GR (TXLSDPHQWR À9DORUHV SRU GHIHLWR À, PSULPLU UHODWyULR 127$ $OJXPDV RSo}HV QmR VH HQFRQWUDP GLVSRQtYHLV HP WRGRV RV PHUFDGRV QHP HP WRGDV DV FRQILJXUDo}HV GH HTXLSDPHQWR 3RU FRQVHTXrQFLD D QXPHUDomR GD IXQomR SRGHUi YDULDU À 3DUD DFHGHU DR PHQX , PSULPLU 5HODWyULR HQTXDQWR QR PRGR 3URQWR SULPD D WHFOD >(VWDGR GR (TXLSDPHQWR@ ORFDOL]DGD j GLUHLWD QR /&' 2 PHQX (VWDGR GR (TXLSDPHQWR PRVWUD DV RSo}HV GDV GHILQLo}HV 9DORUHV SRU GHIHLWR , PSULPLU UHODWyULR &RQILJXUDomR LQLFLDO (VWDGR GR (TXLSDPHQWR À &HUWLILTXHVH TXH >, PSULPLU UHODWyULR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! Ãà Ã& ( 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSDPHQWR , PSULPLU 5HODWyULRV 5HODWyULR GR &yGLJR GH 'HSDUWDPHQWR 2 UHODWyULR &yG 'HSDUWPHQWR HQXPHUD RV QRPHV H FyGLJRV GH GHSDUWDPHQWR $ XWLOL]DomR SDUD FDGD GHSDUWDPHQWR p LQGLFDGD DWUDYpV GR Q~PHUR GH SiJLQDV HQYLDGDV UHFHELGDV H FRSLDGDV 6H GLJLWDU R FyGLJR SULQFLSDO R UHODWyULR PRVWUD R FyGLJR SULQLFLSDO GH GHSDUWDPHQWR H WRGRV RV GHSDUWDPHQWRV 6H GLJLWDU XP FyGLJR GH GHSDUWDPHQWR R UHODWyULR LPSULPH LQIRUPDo}HV DSHQDV SDUD R GHSDUWDPHQWR GHVVH XWLOL]DGRU $V LQIRUPDo}HV TXH VH VHJXHP VmR LPSUHVVDV QR UHODWyULR GR FyGLJR GH GHSDUWDPHQWR , WHP 1R 'HSW &yG GHSDUW 3JV FRSLDG 'HVFULomR 1 GH 'HSDUWDPHQWR &yG 'HSDUWDPHQWR SDUD XWLOL]DomR GR GHSDUWDPHQWR 1~PHUR GH SiJLQDV FRSLDGDV SHOR GHSDUWDPHQWR 3DUD , PSULPLU R 5HODWyULR GR &yGLJR GH 'HSDUWDPHQWR À &HUWLILTXHVH TXH >&yG 'HSDUWDPHQWR@ VH HQFRQWUD VHOHFFLRQDGR H SULPD >$FHLWDU@ &yG 'HSDUWDPHQWR 5HODWyULR FRQILJXUDomR , PSULPLU UHODWyULR $SDUHFH D PHQVDJHP , PSUHVVmR DFHLWH H R VHX UHODWyULR p LPSUHVVR &yG 'HSDUWDPHQWR , PSUHVVmR DFHLWH À 3ULPD D WHFOD >)XQo}HV@ SDUD YROWDU DR PRGR 3URQWR Ã&! ÃBvhÃqÃVvyv hqÃqÃXx8rrÃQÃ#! Ãà 2 5HODWyULR GH FRQILJXUDomR LPSULPH XPD OLVWD GH FDGD IXQomR GR HTXLSDPHQWR H GDV DFWXDLV RSo}HV UhyÃqrÃit 9vrmÃqhÃryvh 9vtvhyvhqh Drh WhyÃqrsrvÃrvhr 7hqrwhÃqrÃhry 7hqà 7hqÃ! [. . . ] 7RGRV 9DO SRU 'HIHLWR 9DORUHV SRU GHIHLWR 2So}HV GH , PDJHP GULYHU GH LPSUHVVRUD 2So}HV , QVWDOiYHLV GULYHU GH LPSUHVVRUD 2ULHQWDomR GD LPDJHP GULYHU GH LPSUHVVRUD 2ULHQWDomR FRQYHQo}HV 2ULJLQDO (QFDGHUQDGR 'HVOLJDGR /LJ $PEDV DV 3iJLQDV /LJ $SDJDU /RPEDGD 2YHUOD\V GULYHU GH LPSUHVVRUD 3iJLQD GH 'HPRQVWUDomR LPSULPLU 3DLQHO GH &RQWUROR 3DSHO6DtGD GULYHU GH LPSUHVVRUD 3HGLGR GH DVVLVWrQFLD /RFDOL]DomR GR Q~PHUR GH VpULH 3HGLU $VVLVWrQFLD (QFUDYDPHQWRV GH 3DSHO 3RXSDQoD GH HQHUJLD 3RXSDQoD GH (QHUJLD 0RGR GH LQDFWLYLGDGH 3UHPLU D 7HFOD GH )XQo}HV 3 6 6DtGD 3RU VHSDUDU 3RU VHSDUDURIIVHW 6HSDUDGDV 6HSDUDGDVRIIVHW BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! à ËqvprÃSrvv ËQGLFH 5HPLVVLYR 0RGR 3URQWR 0RGRV GH SRXSDQoD GH HQHUJLD 3UHPLU , QLFLDU 3UREOHPDV QD 4XDOLGDGH GH , PDJHP , PSUHVV}HV LUUHJXODUHV LQGLVWLQWDV RX GHJUDGDGDV 3URFHGLPHQWR GH &ySLD 3URFHGLPHQWR GH , PSUHVVmR 6HJXUDQoD /DVHU $ 6HOHFFLRQDU DV )XQo}HV GH &ySLD 6HOHFFLRQDU DV )XQo}HV GR 'ULYHU GH , PSUHVVRUD 6HOHFFLRQDU , PSUHVVmR 6HOHFFLRQDU 3DSHO &DSD GULYHU GH LPSUHVVRUD &RUSR GR GRFXPHQWR GULYHU GH LPSUHVVRUD 6HSDUDGRUHV GULYHU GH LPSUHVVRUD 6HOHFFLRQDU 3DSHO GULYHU GH LPSUHVVRUD 6HSDUDomR GULYHU GH LPSUHVVRUD 6HSDUDGRU $FHUFD GULYHU GH LPSUHVVRUD 6ORWV GH 0HPyULD 6XEVWLWXLomR GR &DUWXFKR GH 7RQHU 6XEVWLWXLU R )LOWUR GH 2]RQR 6XEVWLWXLU R 7DPERU 6XJHVW}HV FRQYHQo}HV 7DPERU 7HFOD $FHLWDU 7HFOD $SDJDU 7HFOD GH LQWHUUXSomR 7HFOD (VWDGR GR (TXLSDPHQWR 7HFOD )XQo}HV 7HFOD , QLFLDU 3UHPLU , QLFLDU 7HFOD , QWHUURPSHU 7UDEDOKR 8WLOL]DU , QWHUURPSHU 7UDEDOKR 7HFOD , QWHUUXSomR GR 7UDEDOKR 8WLOL]DU D , QWHUUXSomR GR 7UDEDOKR 7HFOD 3RXSDQoD GH (QHUJLD 7HFOD 6DLU 7HFOD 6WRS 7HFODV GH IXQomR 7HFODV GH 6HWDV 7HFODV 1XPpULFDV 7HPSR GH $TXHFLPHQWR % 7HPSRUL]DGRUHV 0RGR GH HVSHUD 0RGR GH LQDFWLYLGDGH 7HPSR /LPLWH 7HVWH $XWRPiWLFR 7 8QLGDGH 'XSOH[ $XWRPiWLFD $'8 8QLGDGHV 6XEVWLWXtYHLV SHOR &OLHQWH &DUWXFKR GH 7RQHU )LOWUR GH 2]RQR 7DPERU 8WLOL]DU D , QWHUUXSomR GR 7UDEDOKR 8WLOL]DU , QWHUURPSHU 7UDEDOKR 9DO GHIHLWR HTXLSDPHQWR %DQGHMDV GH SDSHO &yGLJRV GH 'HSDUWDPHQWR 7HFOD , QWHUUXSomR 7HPSRUL]DGRUHV 9ROXPH GR $OWLIDODQWH 9DORU SRU GHIHLWR GH %DQGHMDV GH 3DSHO 9DORU SRU GHIHLWR GH 0RGR GH (VSHUD 9DORU SRU GHIHLWR GH 0RGR GH LQDFWLYLGDGH 9DORU SRU GHIHLWR GH 7HFOD , QWHUUXSomR 9DORU SRU GHIHLWR GH 7HPSR /LPLWH 9DORU SRU GHIHLWR GH 7HPSRUL]DGRUHV 9DORU SRU 'HIHLWR GH 9RO $OWLIDODQWH 9DORUHV SRU 'HIHLWR &ySLD 9DORUHV SRU GHIHLWR $ LPSULPLU 8 7HVWH , QGLYLGXDO 7H[WR HP LWiOLFR FRQYHQo}HV 7H[WR HQWUH SDUrQWHVLV UHFWRV FRQYHQo}HV 7LSR GH 2ULJLQDO &ySLD )RWR 7H[WR 7H[WR)RWR 7LSR GH 3DSHO 'HVOLJDGR *UDPDJHP (OHYDGD 7UDQVSDUrQFLDV 7RWDO GH , PSUHVV}HV 7UDEDOKR *UDYDGR 3DUD *UDYDU XP 7UDEDOKR 3DUD 5HFXSHUDU XP 7UDEDOKR *UDYDGR 9 ËqvprÃSrvvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! à &RQILJXUDomR LQLFLDO (TXLSDPHQWR 9DORUHV SRU 'HIHLWR GD &ySLD )DFHV &RSLDGDV 9DORUHV SRU GHIHLWR GD FySLD $OWHUDU RV 9DORUHV SRU 'HIHLWR 5HGX]LU$PSOLDU 9DORUHV SRU 'HIHLWR GD , PSUHVVRUD $OLPHQWDomR IRUoDGD $OWHUDU RV 9DORUHV SRU 'HIHLWR $YDQoDU SiJLQD 9DORUHV SRU 'HIHLWR GH &RQILJXUDomR , QLFLDO $VVLVWrQFLD DR &OLHQWH , GLRPD /RFDOL]DomR 1~PHUR GH 6pULH GR (TXLSDPHQWR 5HGH 9DORUHV SRU GHIHLWR GH &RQILJXUDomR , QLFLDO 'DWD H +RUD 9DORUHV SRU 'HIHLWR GR (TXLSDPHQWR 9DORUHV SRU 'HIHLWR GR (TXLSDPHQWR $OWHUDU 9DORUHV SRU 'HIHLWR H 3URJUDPDomR GR (TXLSD PHQWR 9DORUHV SRU GHIHLWR GHVFULomR JHUDO 9iULRV QXPD IROKD GULYHU GH LPSUHVVRUD 9HORFLGDGH GR FRSLDGRU % 9LGUR GH ([SRVLomR 9LGUR GH H[SRVLomR -RJRV VHSDUDGRV 9LGUR GH 7UDQVSRUWH GH 9HORFLGDGH &RQVWDQWH YLVRU GH PHQVDJHQV : :RUN&HQWUH 3UR RSo}HV :RUN&HQWUH 3UR '( RSo}HV :RUN&HQWUH 3UR '(L RSo}HV :RUN&HQWUH 3UR ( :RUN&HQWUH 3UR 3L RSo}HV = =RQDV GH $FHVVR BvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! à ËqvprÃSrvvvv ËQGLFH 5HPLVVLYR ËqvprÃSrvvvvv ÃBvhÃqÃVvyvhqÃqÃXx8rrÃQÃ#! à [. . . ]