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VROGDJHQVRXIXURVQRDUFRRXFDELQD

1XQFDUHSDUDUXPDUFR5236RXXPDFDELQD
7rPTXHVHUVXEVWLWXtGRVSRUXPQRYRDUFRRX
FDELQD

0DQXVHDPHQWRGDEDWHULD

$RGHVPRQWDUDVEDWHULDVGHVOLJXHVHPSUH
SULPHLURRFDERQHJDWLYR

$RPRQWDUDVEDWHULDVOLJXHVHPSUHSULPHLURR
FDERSRVLWLYR

(OLPLQHDVEDWHULDVYHOKDVGHIRUPDQÔR
SUHMXGLFLDOSDUDRDPELHQWH$VEDWHULDV
FRQWÛPFKXPERWä[LFR

1ÔRXWLOL]HQXQFDFDUJDUÒSLGDSDUDFDUUHJDUD
EDWHULD,VVRSRGHULDUHGX]LUDYLGDëWLOGD
EDWHULD

,&&&37SGI 

,QVWUXo}HVHVSHFLDLV

/LJDomRGLUHFWD

1mROLJXHRFDERQHJDWLYRDRSyORQHJDWLYRQD
EDWHULDGHVFDUUHJDGD8PDIDtVFDSRGHULD
SURYRFDUDFRPEXVWmRGDPLVWXUDJDVRVDGH
R[LJpQLRHKLGURJpQLRIRUPDGDHPUHGRUGD
EDWHULD

9HULILTXHVHDEDWHULDXWLOL]DGDSDUDDOLJDomR
GLUHFWDSRVVXLDPHVPDWHQVmRGHTXHD
EDWHULDGHVFDUUHJDGD

 
'HVOLJXHDLJQLØÔRHWRGRRHTXLSDPHQWRDOLPHQWDGR
SRUFRUUHQWH'HVOLJXHRPRWRUGDPÒTXLQDTXHHVWLYHU
DIRUQHFHUDDOLPHQWDØÔRSDUDDOLJDØÔRGLUHFWD
(PSULPHLUROXJDUOLJXHRSäORSRVLWLYR  GDEDWHULD
DX[LOLDUDRSäORSRVLWLYRGDEDWHULDGHVFDUUHJDGD  
 (PVHJXLGDOLJXHRSäORQHJDWLYR  GDEDWHULD
DX[LOLDUDSRUH[HPSORXPSDUDIXVR  RXRROKDOGH
HOHYDØÔRQDPÒTXLQDFRPDEDWHULDGHVFDUUHJDGD
 3RQKDRPRWRUDWUDEDOKDUQDPÒTXLQDTXHLUÒ
IRUQHFHUDDOLPHQWDØÔR'HL[HRPRWRUWUDEDOKDU
GXUDQWHDOJXPWHPSR$JRUDWHQWHDRXWUDPÒTXLQD
'HVOLJXHRVFDERVSHODRUGHPLQYHUVD
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 ,&&&37SGI

,QVWUXo}HVHVSHFLDLV

,&&&37SGI 

(VSHFLILFDo}HV7pFQLFDV5XtGR9LEUDo}HV6LVWHPDHOpFWULFR

(VSHFLILFDo}HV7pFQLFDV
5XtGR9LEUDo}HV6LVWHPDHOpFWULFR

9LEUDo}HV/XJDUGRRSHUDGRU
,62

2VQtYHLVGHYLEUDomRVmRPHGLGRVHPFRQIRUPLGDGHFRPRFLFORRSHUDFLRQDOGHVFULWRQD
GLUHFWLYDHXURSHLD&(UHODWLYDDPiTXLQDVHTXLSDGDVSDUDRPHUFDGRHXURSHX
FRPDYLEUDomROLJDGDHPPDWHULDLVSROLPpULFRVVXDYHVHFRPRDVVHQWRGRRSHUDGRUQD
SRVLomRGHWUDQVSRUWH
$VYLEUDØæHVPHGLGDVQRFRUSRWRWDOVLWXDUDPVHDEDL[RGRYDORUGHDFØÔRGHPV£
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$VYLEUDØæHVPHGLGDVQDPÔREUDØRWDPEÚPVHVLWXDUDPDEDL[RGRYDORUGHDFØÔRGHPV£
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1tYHOVRQRUR

2QtYHOGHUXtGRpPHGLGRHPFRQIRUPLGDGHFRPRFLFORRSHUDFLRQDOGHVFULWRQD
GLUHFWLYDHXURSHLD&(UHODWLYDDPiTXLQDVHTXLSDGDVSDUDRPHUFDGR
HXURSHXFRPDYLEUDomROLJDGDHPPDWHULDLVSROLPpULFRVVXDYHVHFRPR
DVVHQWRGRRSHUDGRUQDSRVLomRGHWUDQVSRUWH

1ÞYHOGHSRWÛQFLDVRQRUDJDUDQWLGR/Z$  G% $

1ÞYHOGHSUHVVÔRDFëVWLFDQROXJDUGRRSHUDGRUFRQIRUPH  G% $
SODWDIRUPD /S$

 ,&&&37SGI

(VSHFLILFDo}HV7pFQLFDV5XtGR9LEUDo}HV6LVWHPDHOpFWULFR

,&&&37SGI 

(VSHFLILFDo}HV7pFQLFDV'LPHQV}HV

(VSHFLILFDo}HV7pFQLFDV'LPHQV}HV

'LPHQV}HVYLVWDODWHUDO

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 ,&&&37SGI

(VSHFLILFDo}HV7pFQLFDV'LPHQV}HV

'LPHQV}HVYLVWDGHFLPD

'LPHQVæHV PP SRO
%  
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5  
5  
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,&&&37SGI 

(VSHFLILFDo}HV7pFQLFDV3HVRHFDSDFLGDGHV

(VSHFLILFDo}HV7pFQLFDV3HVRH
FDSDFLGDGHV

3HVR
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5HVHUYDWäULRGDÒJXD  OLWURV  TWV
0RWRU'LHVHO  OLWURV  TWV
5ROR  OLWURV  TWV

 ,&&&37SGI

(VSHFLILFDo}HV7pFQLFDV3HVRHFDSDFLGDGHV

,&&&37SGI 

(VSHFLILFDo}HV7pFQLFDV&DSDFLGDGHGHWUDEDOKR

(VSHFLILFDo}HV7pFQLFDV&DSDFLGDGH
GHWUDEDOKR

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WHäULFD

 ,&&&37SGI

(VSHFLILFDo}HV7pFQLFDV&DSDFLGDGHGHWUDEDOKR

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(VSHFLILFDo}HV7pFQLFDV*HUDO

(VSHFLILFDo}HV7pFQLFDV*HUDO

0RWRU
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(VSHFLILFDo}HV7pFQLFDV*HUDO

%LQiULRGHDSHUWR
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0    
0    
0    
0    
0    
0    
0    
0    
0    
0    

,&&&37SGI 

(VSHFLILFDo}HV7pFQLFDV*HUDO

%LQiULRGHDSHUWR
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0      
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0    
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 ,&&&37SGI

(VSHFLILFDo}HV7pFQLFDV*HUDO

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6LVWHPDGHYLEUDØÔR 
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,&&&37SGI 

&KDSDGDPiTXLQD,GHQWLILFDomR

&KDSDGDPiTXLQD,GHQWLILFDomR

1~PHURGHLGHQWLILFDomRGRSURGXWRQR
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0HQFLRQHR3,1 Q~PHURGHVpULH GDPDTXLQD


TXDQGRHQFRPHQGDUSHoDV

 ,&&&37SGI

&KDSDGDPiTXLQD,GHQWLILFDomR

3ODFDVGRPRWRU
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PRWRU


)LJ0RWRU
3ODFDGHWLSR

,&&&37SGI 

'HVFULomRGDPiTXLQD$XWRFRODQWHV

'HVFULomRGDPiTXLQD$XWRFRODQWHV

/RFDOL]DomRDXWRFRODQWHV

      

     

   

      
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 ,&&&37SGI

'HVFULomRGDPiTXLQD$XWRFRODQWHV

$XWRFRODQWHVGHVHJXUDQoD
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SHØDLQGLFDGRHPFDGDDXWRFRODQWH

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$YLVR/LEHUWDomRGRVWUDY}HV
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DQWHVGHXWLOL]DUDPiTXLQD

,&&&37SGI 

'HVFULomRGDPiTXLQD$XWRFRODQWHV


$YLVR)HFKR
'XUDQWHHOHYDomRDDUWLFXODomRFHQWUDOWHPTXH
HVWDUEORTXHDGD
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$XWRFRODQWHVGHLQIRUPDomR

1tYHOGHSRWrQFLDVRQRUD *DVyOHR 3RQWRGHHOHYDomR

/HWUHLURGHHOHYDomR &RPSDUWLPHQWRGRVPDQXDLV ,QWHUUXSWRUSULQFLSDO

ÏOHRKLGUiXOLFR ÏOHRELRKLGUiXOLFR 3RQWRGHIL[DomR

ÏOHRELRKLGUiXOLFR3$12/,1

 ,&&&37SGI

'HVFULomRGDPiTXLQD$XWRFRODQWHV

,&&&37SGI 

'HVFULomRGDPiTXLQD,QVWUXPHQWRV&RPDQGRV

'HVFULomRGDPiTXLQD
,QVWUXPHQWRV&RPDQGRV

/RFDOL]Do}HV,QVWUXPHQWRVHFRPDQGRV
     

 

 





 

 










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 ,QWHUUXSWRUGDLJQLØÔR  /X]HVGHDGYHUWÛQFLD
 3XOYHUL]DGRU0DQXDO$XWRPÒWLFR  3LVFDV
 %RWÔRGHDUUDQTXH  0DQXDLVGHVHJXUDQØDHLQVWUXØæHV
 9LEUDØÔR0DQXDO$XWRPÒWLFD  &DL[DVGHIXVÞYHLV
 7UDYÔRGHUHVHUYDHVWDFLRQDPHQWR  &RPDQGRGDURWDØÔRGRPRWRU
 &REHUWXUDGRVLQVWUXPHQWRV  9LEUDØÔR/LJDU'HVOLJDU
 /ÓPSDGDGHDYLVRFDUJD  &RPDQGRGHDYDQØRUHFXR
 /ÓPSDGDGHDYLVRGRVWUDYæHV  ,QGLFDGRUGHQÞYHOGHFRPEXVWÞYHO
 /ÓPSDGDGHDYLVRSUHVVÔRGRäOHRWHPSGRPRWRU  ,QWHUUXSWRUGRDVVHQWR
 /X]HVGHWUDEDOKR
 /X]GHDGYHUWÛQFLDURWDWLYD  $FHVVäULR
 /X]HVGHHVWUDGD

 ,&&&37SGI

'HVFULomRGDPiTXLQD,QVWUXPHQWRV&RPDQGRV

'HVFULomRGDVIXQo}HV

1ž 'HVLJQDomR 6tPEROR )XQomR


 %X]LQDLQWHUUXSWRU 3ULPDSDUDID]HUVRDUDEX]LQD

 ,QWHUUXSWRUSULQFLSDO 2FLUFXLWRHOÚFWULFRHVWÒLQWHUURPSLGR

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 6LVWHPDGHSXOYHUL]DØÔR 5HJXODRIOX[RGHÒJXDSDUDRUROR
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 ,QWHUUXSWRUGHDUUDQTXH 3ULPDSDUDOLJDURDUUDQTXH

 ,QWHUUXSWRUGHYLEUDØÔR $FHVVäULR 3RVLØÔRFHQWUDO 9LEUDØÔRGHVOLJDGD


3RVLØÔRGDHVTXHUGD 9LEUDØÔRHPDPERVRVURORV
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 7UDYÔRGHUHVHUYD(VWDFLRQDPHQWR 3ULPDSDUDDFWLYDURWUDYÔRGHUHVHUYD4XDQGRD
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 &REHUWXUDGRVLQVWUXPHQWRV 'REUDGDVREUHDSODFDGHLQVWUXPHQWRVSDUDRIHUHFHU
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 /X]GHDYLVRFDUJDGDEDWHULD 6HDOÓPSDGDDFHQGHUFRPRPRWRU'LHVHODIXQFLRQDU
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 /X]GHDYLVRGRVWUDYæHV $OÓPSDGDDFHQGHTXDQGRRFRPDQGRGRWUDYÔRGH
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 /ÓPSDGDGHDYLVRSUHVVÔRGR $OÓPSDGDDFHQGHVHDSUHVVÔRGHäOHRGRPRWRUIRU
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äOHRGRPRWRU 3DUHLPHGLDWDPHQWHRPRWRUHORFDOL]HDDYDULD

 /X]HVGHWUDEDOKRGXUDQWHRUHFXR 5RGHSDUDDGLUHLWDSDUDDFHQGHUDVOX]HVGHWUDEDOKR
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 /X]GHDGYHUWÛQFLDURWDWLYD $RURGDUSDUDDGLUHLWDDFHQGHVHDOX]GHDGYHUWÛQFLD
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 /X]HVGHWUDEDOKRGXUDQWHR /X]HVDSDJDGDV
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/X]HVGHWUDEDOKRGLDQWHLUDVDFHVDV

 6LVWHPDGHSXOYHUL]DØÔRSQHXV 5HJXODRIOX[RGHÒJXDSDUDRVSQHXV
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5RGDUSDUDDGLUHLWD IXQFLRQDPHQWRLQWHUPLWHQWH
 /X]HVGHDGYHUWÛQFLDFRPXWDGRU $RURGDUSDUDDGLUHLWDDFHQGHPVHDVOX]HVGH
DGYHUWÛQFLD

,&&&37SGI 

'HVFULomRGDPiTXLQD,QVWUXPHQWRV&RPDQGRV

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 ,QGLFDGRUGHSLVFDVFRPXWDGRU $RURGDUSDUDDHVTXHUGDSLVFDRLQGLFDGRUGHGLUHFØÔR
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 &RPSDUWLPHQWRGRVPDQXDLV 3X[HHDEUDDSDUWHVXSHULRUSDUDDFHGHUDRVPDQXDLV

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 &RPDQGRDVURWDØæHVPRWRU 1DSRVLØÔRGDGLUHLWDREWÚPVHRUDOHQWLGRPRWRU
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 9LEUDØÔR/LJDU'HVOLJDULQWHUUXSWRU 4XDQGRVHDSHUWDHVROWDRLQWHUUXSWRUDYLEUDØÔRÚ
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 /ÓPSDGDGHDYLVREDL[RQÞYHOGH 4XDQGRDOÓPSDGDDFHQGHVLJQLILFDTXHH[LVWHDSHQDV
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 ,&&&37SGI

'HVFULomRGDPiTXLQD,QVWUXPHQWRV&RPDQGRV

,&&&37SGI 

'HVFULomRGDPiTXLQD6LVWHPDHOpFWULFR

'HVFULomRGDPiTXLQD6LVWHPD
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OXEULILFDQWHV

)LJ5HVHUYDWyULRGHyOHRKLGUiXOLFR
9LVRUGHQtYHO

$EUDDWDPSDHGHVDSHUWHDWDPSDGRERFDOGH
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)LJ&RPSDUWLPHQWRGRPRWRU
5HHQFKLPHQWRGRyOHRKLGUiXOLFR

 ,&&&37SGI

0DQXWHQomRK

&LUFXODomRGHDU9HULILFDomR

9HULILTXHVHRPRWRUWHPFLUFXODØÔROLYUHGHDUIUHVFR
DWUDYÚVGDJUHOKD  QRFRPSDUWLPHQWRGRPRWRU

)LJ/DGRGLUHLWRGRUROR
*UHOKDGRDUGHUHIULJHUDomR

'HSyVLWRGHFRPEXVWtYHO(QFKLPHQWR

 $WHVWHRGHSäVLWRGHFRPEXVWÞYHOGLDULDPHQWHDQWHV
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GHSäVLWR  HDWHVWHFRPFRPEXVWÞYHOGLHVHODWÚÑ
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3DUHRPRWRU'LHVHO)DoDFXUWRFLUFXLWR SULPD D
SLVWRODGHHQFKLPHQWRFRQWUDXPDSDUWHQmR
LVRODGDGRFLOLQGURDQWHVGHHQFKHUHFRQWUDR
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)LJ'HSyVLWRGRFRPEXVWtYHO
7DPSmRGRGHSyVLWR
1XQFDDEDVWHFHUFRPEXVWtYHOFRPRPRWRUD
WUDEDOKDU1mRIXPDUHHYLWDUGHUUDPDUFRPEXVWtYHO

2GHSyVLWRGHFRPEXVWtYHOWHPFDSDFLGDGHSDUD
OLWURV

,&&&37SGI 

0DQXWHQomRK

'HSyVLWRGHiJXD(QFKLPHQWR

 'HVDSHUWHHUHPRYDDWDPSDGRGHSäVLWR  H
HQFKDFRPÒJXDOLPSD1ÔRUHWLUHRFRDGRU
&RQVXOWHDVHVSHFLILFDØæHVWÚFQLFDVUHIHUHQWHV
DRYROXPHGRGHSäVLWR

ËQLFRDGLWLYR8PSRXFRGHOÞTXLGR
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)LJ'HSyVLWRGHiJXD
7DPSDGRGHSyVLWR

6LVWHPDSXOYHUL]DGRU5ROR
9HULILFDU/LPSDU

3RQKDRVLVWHPDSXOYHUL]DGRUDIXQFLRQDUHYHULILTXH
VHKÒERFDLVHQWXSLGRV  6HQHFHVVÒULROLPSHRV
ERFDLVHQWXSLGRVEHPFRPRRSUÚILOWURMXQWRÑERPED
 GDÒJXD  &RQVXOWHDVILJXUDVHPEDL[R

2VLVWHPDGHSXOYHUL]DomR
GHYHVHUGUHQDGRVH
KRXYHUULVFRGH
FRQJHODomR

)LJ5ROR
%RFDO

 ,&&&37SGI

0DQXWHQomRK

6LVWHPDGHSXOYHUL]DomR5RGDV
9HULILFDU/LPSDU

(QFKDRUHVHUYDWäULRWUDVHLURFRPOÞTXLGRGHHPXOVÔR
SRUH[HPSORÒJXDPLVWXUDGDFRPGHOÞTXLGRGH
 FRUWH9HULILTXHVHRVERFDLVSXOYHUL]DGRUHV  QÔR
HVWÔRHQWXSLGRV6HQHFHVVÒULROLPSHRVEHPFRPR
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6LVWHPDGHSXOYHUL]DØÔR5ROR9HULILFDU/LPSDU


9HULILTXHRFDVLRQDOPHQWHDVSLVWDVGHGHVJDVWH
GRVSQHXVSDUDYHUVHKÒDGHUÛQFLDGHDVIDOWR
,VWRSRGHDFRQWHFHUDQWHVGHRVSQHXVWHUHP
DTXHFLGR

)LJ$UPDomRGDURGD
7DPSmRGHHQFKLPHQWR
%RFDO XPSDUDFDGDSQHX 1mRDGLFLRQHOtTXLGRVLQIODPiYHLVRXSHULJRVRV
SDUDRPHLRDPELHQWHQRWDQTXHGHHPXOVmR

 'HVPRQWHPDQXDOPHQWHRERFDOHQWXSLGR6RSUDUR
ERFDO  HRILOWURILQR  FRPDUFRPSULPLGRRX
 RSFLRQDOPHQWHPRQWDUSHØDVGHUHSRVLØÔRHOLPSDU
PDLVWDUGHDVHQWXSLGDV

 8VHyFXORVGHSURWHFomRDRWUDEDOKDUFRPDU
FRPSULPLGR

)LJ%RFDO
&DVTXLOKR
%RFDO
-XQWDGHYHGDomR
&RDGRU

,&&&37SGI 

0DQXWHQomRK

3DUDOLPSDURSUÚILOWUR  DEUDDWRUQHLUD  HVROWHD


 FDL[DGRILOWUR  

 /LPSHRILOWURHDFDL[DGRILOWUR9HULILTXHVHDMXQWDGH
ERUUDFKDGDFDL[DGRILOWURHVWÒLQWDFWD
$SäVDYHULILFDØÔRHHYHQWXDOOLPSH]DSRQKDR
 VLVWHPDDWUDEDOKDUHYHULILTXHRIXQFLRQDPHQWR
+ÒXPDWRUQHLUDGHGUHQDJHPFRORFDGDQRODGR
)LJ6LVWHPDGDERPED HVTXHUGRGRFRPSDUWLPHQWRGRVLVWHPDGH
)LOWURGHiJXD ERPEDJHP2GHSäVLWRHRVLVWHPDGHERPEDJHP
7RUQHLUDGHIHFKDPHQWR SRGHPVHUGUHQDGRVDWUDYÚVGHVWDWRUQHLUD
%RPEDGHiJXD

5DVSDGHLUDVIL[DV
9HULILFDU±5HJXODU

9HULILTXHVHDVUDVSDGHLUDVHVWÔRLQWDFWDV$MXVWHDV
 UDVSDGHLUDVGHIRUPDDILFDUHPDPPGRUROR
3DUDFHUWRVWLSRVHVSHFLDLVGHDVIDOWRSRGHVHU
SUHIHUÞYHOXPOLJHLURFRQWDFWRGDVOÓPLQDVGDV
UDVSDGHLUDV  FRQWUDRUROR

 3RGHPDFXPXODUVHUHVWRVGHDVIDOWRQDUDVSDGHLUD
DIHFWDQGRDSUHVVÔRGHFRQWDFWR/LPSHFRQIRUPH
QHFHVVÒULR
)LJ5ROR 'HVDSHUWDQGRRVSDUDIXVRV  SRGHVHDMXVWDUD
/kPLQDGHUDVSDGHLUD SUHVVÔRGHFRQWDFWRGDOÓPLQDGDUDVSDGHLUDFRQWUDR
3DUDIXVRVGHDMXVWH UROR
$SäVWHUPLQDGRRDMXVWHQÔRVHHVTXHØDGHUHDSHUWDU
WRGRVRVSDUDIXVRV

 ,&&&37SGI

0DQXWHQomRK

6LVWHPDGHERPEDJHP3QHX
9HULILFDU/LPSDU

3DUDOLPSDUIHFKHDWRUQHLUD  HGHVDSHUWHDFDL[D
 GRILOWUR  /LPSHRILOWURHDUHVSHFWLYDFDL[D(VFXWH

RXFRORTXHDPÔRQDERPEDGDÒJXDSDUDYHULILFDUVH
HVWÒDIXQFLRQDU

)LJ'HJUDXHVTXHUGR
&DL[DGRILOWUR
7RUQHLUD

5DVSDGHLUDVHOiVWLFDV $FHVVyULR
9HULILFDU$MXVWH

4XDQGRHPWUDQVSRUWHDVUDVSDGHLUDVGHYHUÔR
 VHUOHYDQWDGDVGRVURORV




)LJ5DVSDGHLUDVHOiVWLFDV
/kPLQDGDUDVSDGHLUD
3DUDIXVRVGHDMXVWH

,&&&37SGI 

0DQXWHQomRK

5DVSDGRUHV
9HULILFDU$MXVWDU
 

&HUWLILTXHVHTXHRUDVSDGRU  ÚODYDGRFRPRSQHX
DRFRPSULPLUDVIDOWR
2VUDVSDGRUHVGHYHPHVWDUSHQGXUDGRVHDIDVWDGRV
GRVSQHXVGXUDQWHRWUDQVSRUWH/HYDQWHDEDUUDGH
UDVSDGRU  PRYHQGRDFDYLOKDGHVHJXUDQØD  SDUD
RRULIÞFLRVXSHULRU
ºSRVVÞYHODMXVWDURÓQJXORGRUDVSDGRUUHODWLYDPHQWH
  DRSQHXVROWDQGRRVSDUDIXVRV  DSHUWDQGRRV
)LJ5DVSDGRUHVGHURGDV
GHSRLVGRDMXVWH
5DVSDGRU
/kPLQDGRUDVSDGRU
&DYLOKDGHVHJXUDQoD
3DUDIXVRGHDMXVWH

)XQFLRQDPHQWRGRVWUDY}HV9HULILFDU

  9HULILTXHRIXQFLRQDPHQWRGRVWUDY}HVGD
VHJXLQWHPDQHLUD

$YDQFHDPÒTXLQDOHQWDPHQWH
3ULPDRERWÔRGRWUDYÔRGH
HPHUJÛQFLDHVWDFLRQDPHQWR  $OÓPSDGDGHDYLVR
GRVWUDYæHV  GHYHUÒDFHQGHUVHQRSDLQHOGH
)LJ3DLQHOGHLQVWUXPHQWRV LQVWUXPHQWRVHRFLOLQGURGHYHUÒSDUDU
%RWmRGRWUDYmRGH
HPHUJrQFLDHVWDFLRQDPHQWR $SäVDYHULILFDØÔRGRVWUDYæHVFRORTXHRFRPDQGR
/kPSDGDGHDYLVRGRVWUDY}HV GHDYDQØRUHFXR  HPSRQWRPRUWR
3X[HRERWÔRGRWUDYÔRGH
HPHUJÛQFLDHVWDFLRQDPHQWRSDUDFLPD
2FLOLQGURHVWÒDJRUDSURQWRDIXQFLRQDU

 ,&&&37SGI

0DQXWHQomRK

,&&&37SGI 

0DQXWHQomRK

0DQXWHQomRK

(VWDFLRQHDPiTXLQDQXPDVXSHUItFLHSODQD
6DOYRLQGLFDomRHPFRQWUiULRRPRWRUGHYHUi
HVWDUGHVOLJDGRHRWUDYmRGH
HPHUJrQFLDHVWDFLRQDPHQWRDSOLFDGRGXUDQWH
WRGRVRVWUDEDOKRVGHYHULILFDomRHDMXVWHQD
PiTXLQD

)LOWURGHDU
9HULILFDU6XEVWLWXLomRGRILOWURSULQFLSDO

0XGDURILOWURSULQFLSDOGRILOWURGHDUTXDQGRR
LQGLFDGRUDSDUHFHDYHUPHOKR2LQGLFDGRUHVWÒ
PRQWDGRQRWXERGHOLJDØÔRGRILOWURGHDU

 
6ROWHRVFOLSV  UHWLUHHPVHJXLGDDWDPSD  H
H[WUDLDRILOWURSULQFLSDO  
1ÔRUHWLUHRILOWURGHVHJXUDQØD  
6HIRUQHFHVVÒULROLPSHRILOWURGHDUFRQVXOWHD
VHFØÔR)LOWURGHDU/LPSH]D

   4XDQGRVXEVWLWXLURILOWURSULQFLSDO  LQVLUDXPQRYR
 ILOWURHYROWHDLQVWDODURILOWURGHDUSHODRUGHPLQYHUVD
)LJ)LOWURGRDU 9HULILTXHRHVWDGRGDYÒOYXODGHSRHLUD  VXEVWLWXD
&OLSV
7DPSD VHQHFHVVÒULR
)LOWURSULQFLSDO
)LOWURGHVHJXUDQoD 4XDQGRUHLQVWDODUDWDPSDFHUWLILTXHVHGHTXHD
&DL[DGRILOWUR YÒOYXODGHSRHLUDHVWÒYLUDGDSDUDEDL[R
9iOYXODGHSRHLUD

,QGLFDGRUGRILOWURGHDU5HLQLFLDU
2LQGLFDGRUGRILOWURGHDUHVWÒORFDOL]DRGQRILOWURRX
QDVSUR[LPLGDGHV
2LQGLFDGRUGRILOWURGHDUWHPGHVHUUHLQLFLDGRGHSRLV
 GHVHVXEVWLWXLURILOWURGHDU
)LJ,QGLFDGRU 3ULPDRERWÔR  QRWRSRGRLQGLFDGRUSDUDUHLQLFLDU
%RWmR

 ,&&&37SGI

0DQXWHQomRK

)LOWURGHVHJXUDQoD0XGDU

 6XEVWLWXDRILOWURGHVHJXUDQØDSRUXPQRYRDFDGD
WHUFHLUDVXEVWLWXLØÔRGRILOWURSULQFLSDO
2ILOWURGHVHJXUDQØDQÔRSRGHVHUOLPSR
3DUDVXEVWLWXLURILOWURGHVHJXUDQØD  SX[HRILOWUR
YHOKRSDUDIRUDGRVXSRUWHFRORTXHXPILOWURQRYRH
PRQWHGHQRYRRFRQMXQWRSRURUGHPLQYHUVD
6HIRUQHFHVVÒULROLPSHRILOWURGHDUFRQVXOWHD
VHFØÔR)LOWURGHDU/LPSH]D
)LJ)LOWURGRDU
)LOWURGHVHJXUDQoD

)LOWURGHDU
±/LPSDU
/LPSHRLQWHULRUGDWDPSD  HGDFDL[DGRILOWUR  
&RQVXOWHDLOXVWUDØÔRDQWHULRU

/LPSHDPERVRVODGRVGRWXERGHVDÞGD
/LPSHWDPEÚPDPEDVDVVXSHUIÞFLHVGRWXERGH
VDÞGD&RQVXOWHDILJXUDDGMDFHQWH
9HULILTXHVHDVEUDØDGHLUDVGRVWXERVHQWUHD
FDL[DGRILOWURHRWXERGHDGPLVVÔRHVWÔR
DSHUWDGDVHVHRVWXERVHVWÔRLQWDFWRV9HULILTXH
DWXEDJHPWRGDDWÚDRPRWRU

([WUHPLGDGH ([WUHPLGDGHH[WHUQD
LQWHUQDGRWXERGH GRWXERGHVDÞGD
VDÞGD

,&&&37SGI 

0DQXWHQomRK

$UWLFXODomRHFLOLQGURGDGLUHFomR
/XEULILFDomR

1mRpSHUPLWLGDDSUHVHQoDGHSHVVRDVSUy[LPR
GDDUWLFXODomRGDGLUHFomRTXDQGRRPRWRUHVWiD
WUDEDOKDU3HULJRGHHVPDJDPHQWRDRPDQREUDUD
GLUHFomR
$QWHVGHOXEULILFDUDSOLTXHRERWmRGRWUDYmRGH
HPHUJrQFLDHVWDFLRQDPHQWR

5RGHRYRODQWHGDGLUHFØÔRWRGRSDUDDHVTXHUGD2V
TXDWURFRSRVGHOXEULILFDØÔR  HVWDUÔRHQWÔR
 DFHVVÞYHLVSHORODGRGLUHLWRGDPÒTXLQD
)LJ)LOWURSULQFLSDO /LPSHRVFRSRVGHOXEULILFDØÔR  &RPDERPEDGH
%LFRVGHOXEULILFDomR OXEULILFDØÔRDSOLTXHFLQFRERPEDGDVGHPDVVDHP
FDGDFRSRGHOXEULILFDØÔR9HULILTXHVHDPDVVD
SHQHWUDDWUDYÚVGRVURODPHQWRV6HDPDVVDQÔR
SHQHWUDUDWUDYÚVGRVURODPHQWRVSRGHUÒVHU
QHFHVVÒULRDOLYLDUDDUWLFXODØÔRFHQWUDOFRPXP
PDFDFRHVLPXOWDQHDPHQWHUHSHWLUDRSHUDØÔR

3QHXV3UHVVmRGHSQHXV

9HULILTXHDSUHVVÔRGRVSQHXVFRPXPPDQäPHWUR
9HULILTXHVHWRGRVRVSQHXVWÛPDPHVPDSUHVVÔR
3UHVVÔRUHFRPHQGDGD9HU(VSHFLILFDØæHV7ÚFQLFDV

)LJ3QHX
9iOYXODGRDU

 ,&&&37SGI

0DQXWHQomRK

,&&&37SGI 

0DQXWHQomRK

0DQXWHQomRK

(VWDFLRQHDPiTXLQDQXPDVXSHUItFLHSODQD
6DOYRLQGLFDomRHPFRQWUiULRRPRWRUGHYHUi
HVWDUGHVOLJDGRHRWUDYmRGH
HPHUJrQFLDHVWDFLRQDPHQWRDSOLFDGRGXUDQWH
WRGRVRVWUDEDOKRVGHYHULILFDomRHDMXVWHQD
PiTXLQD

5DGLDGRUGRyOHRKLGUiXOLFR
9HULILFDU±/LPSDU

9HULILTXHVHRDUSDVVDVHPLPSHGLPHQWRDWUDYÚVGR
UDGLDGRU8PUDGLDGRUVXMRSRGHVHUOLPSRFRPDU
 FRPSULPLGRRXODYDGRFRPMDFWRGHÒJXDDDOWD
SUHVVÔR
6RSUHFRPDUFRPSULPLGRRXODYHRUDGLDGRUQD
GLUHFØÔRFRQWUÒULDÑGRDUUHIULJHUDQWH

7RPHHVSHFLDODWHQØÔRDRXWLOL]DUMDFWRGHDOWD
SUHVVÔR1ÔRPDQWHQKDRERFDOGRMDFWRGHÒJXD
GHPDVLDGRSUä[LPRGRUDGLDGRU

)LJ&RPSDUWLPHQWRGRPRWRU
5DGLDGRUGRyOHRKLGUiXOLFR 8VHyFXORVSURWHFWRUHVDRWUDEDOKDUFRPDU
FRPSULPLGRRXODYDJHPjSUHVVmR

 ,&&&37SGI

0DQXWHQomRK

%DWHULD9HULILFDomRGRQtYHOGHHOHFWUyOLWR

$EUDDWDPSDGRPRWRU
/LPSHDSDUWHVXSHULRUGDEDWHULD
8VHyFXORVGHSURWHFomR$EDWHULDFRQWpPiFLGR
FRUURVLYR(PFDVRGHFRQWDFWRFRPRiFLGR
HQ[DJ~HFRPPXLWDiJXD

&HUWLILTXHVHGHTXHQmRKiFKDPDYLYDQDV
SUR[LPLGDGHVTXDQGRYHULILFDURQtYHOGH
HOHFWUyOLWR4XDQGRRDOWHUQDGRUFDUUHJDIRUPDVH
 JiVH[SORVLYRQDEDWHULD

)LJ&RPSDUWLPHQWRGDEDWHULD $RGHVPRQWDUDEDWHULDGHVOLJXHVHPSUH
%DWHULD SULPHLURRFDERQHJDWLYR$RPRQWDUDEDWHULD
OLJXHVHPSUHSULPHLURRFDERSRVLWLYR

2VWHUPLQDLVGRVFDERVWÛPTXHHVWDUFRUUHFWDPHQWH
DSHUWDGRVHOLPSRV2VWHUPLQDLVGHFDERVFRUURÞGRV
GHYHUÔRVHUOLPSRVHEHVXQWDGRVFRPYDVHOLQD
DOFDOLQD

,&&&37SGI 

0DQXWHQomRK

(OHPHQWRGHEDWHULD
1tYHOGHHOHFWUyOLWR

5HPRYDDVWDPSDVGRVHOHPHQWRVHYHULILTXHVHR
 QÞYHOGHHOHFWUäOLWRVHHQFRQWUDFHUFDGHPPDFLPD
GDVSODFDV9HULILTXHRQÞYHOHPWRGRVRVHOHPHQWRV
6HRQÞYHOHVWLYHUPDLVEDL[RHQFKDFRPÒJXD
PP
GHVWLODGDDWÚDRQÞYHOFRUUHFWR

LQ
1RFDVRGDWHPSHUDWXUDDPELHQWHVHHQFRQWUDUDEDL[R
GRSRQWRGHFRQJHODØÔRGHYHVHGHL[DURPRWRU
IXQFLRQDUGXUDQWHDOJXPWHPSRDSäVVHWHUDGLFLRQDGR
 DÒJXDGHVWLODGD&DVRFRQWUÒULRKÒRSHULJRGR
HOHFWUäOLWRFRQJHODU
)LJ1tYHOGHHOHFWUyOLWRQDEDWHULD 9HULILTXHVHRVRULIÞFLRVGHYHQWLODØÔRGDVWDPSDVGRV
7DPSDGHHOHPHQWR HOHPHQWRVQÔRHVWÔRHQWXSLGRVHYROWHDFRORFDUDV
1tYHOGHHOHFWUyOLWR WDPSDV
3ODFD
(OLPLQHDVEDWHULDVYHOKDVGHIRUPDDGHTXDGD
$EDWHULDFRQWÚPFKXPERSUHMXGLFLDODRPHLR
DPELHQWH

$RH[HFXWDUWUDEDOKRVGHVROGDJHPQDPiTXLQD
GHVOLJXHRFDERGHPDVVDGDEDWHULDHHPVHJXLGD
WRGDVDVOLJDo}HVTXHSDVVDPQRDOWHUQDGRU

 ,&&&37SGI

0DQXWHQomRK

%DWHULD QmRQHFHVVLWDGHPDQXWHQomR

$EDWHULDHVWÒVHODGDHQÔRQHFHVVLWDGHTXDOTXHUWLSR
GHSURFHGLPHQWRGHPDQXWHQØÔR

1XQFDXVHFKDPDDEHUWDDRYHULILFDURQtYHOGH
HOHFWUyOLWR4XDQGRRDOWHUQDGRUHVWiDFDUUHJDU
IRUPDVHJiVH[SORVLYRQDEDWHULD
)LJ%DWHULD

$RGHVPRQWDUDEDWHULDGHVOLJXHVHPSUH
SULPHLURRFDERQHJDWLYR$RPRQWDUDEDWHULD
OLJXHVHPSUHSULPHLURRFDERSRVLWLYR

2VWHUPLQDLVGRVFDERVWÛPTXHHVWDUFRUUHFWDPHQWH
DSHUWDGRVHOLPSRV2VWHUPLQDLVGHFDERVFRUURÞGRV
GHYHUÔRVHUOLPSRVHEHVXQWDGRVFRPYDVHOLQD
DOFDOLQD
/LPSHDSDUWHVXSHULRUGDEDWHULD

,&&&37SGI 

0DQXWHQomRK

0DQXWHQomRK

(VWDFLRQHDPiTXLQDQXPDVXSHUItFLHSODQD
6DOYRLQGLFDomRHPFRQWUiULRRPRWRUGHYHUi
HVWDUGHVOLJDGRHRWUDYmRGH
HPHUJrQFLDHVWDFLRQDPHQWRDSOLFDGRGXUDQWH
WRGRVRVWUDEDOKRVGHYHULILFDomRHDMXVWHQD
PiTXLQD

5ROR±QtYHOGRyOHR
9HULILFDU±HQFKLPHQWR

5ROHRFLOLQGUROHQWDPHQWHDWÚREXMÔRGRäOHR 
HVWDUDOLQKDGRFRPRHQWDOKHVHPLFLUFXODUQD
VXVSHQVÔRGRUROR
'HVDSHUWHREXMÔRHYHULILTXHVHRQÞYHOGRäOHRDWLQJH
DH[WUHPLGDGHLQIHULRUGDDEHUWXUD$WHVWHFRPäOHR
QRYRVHQHFHVVÒULR8VHRäOHRLQGLFDGRQDV
HVSHFLILFDØæHVGHOXEULILFDQWHV
/LPSHTXDLVTXHUSDUWÞFXODVPHWÒOLFDVTXHSRVVDP
 H[LVWLUQREXMÔRPDJQÚWLFR  HDSHUWHQRYDPHQWHR
EXMÔR

)LJ/DGRSURSXOVRUGRUROR
%XMmRGRyOHR

(OHPHQWRVGHERUUDFKDHSDUDIXVRVGHIL[DomR
9HULILFDU
 9HULILTXHWRGRVRVHOHPHQWRVGHERUUDFKD  
6XEVWLWXDWRGRVRVHOHPHQWRVVHPDLVGRTXHGD
TXDQWLGDGHGHXPGRVODGRVGRURORWLYHUJUHWDVFRP
PDLVGHPPGHSURIXQGLGDGH
 8VHDOÓPLQDGXPDIDFDRXRXWURREMHFWRDILDGRSDUD
DX[LOLDUDYHULILFDØÔR
)LJ5RORODGRGDYLEUDomR 9HULILTXHWDPEÚPVHRVSDUDIXVRVGHIL[DØÔR  HVWÔR
(OHPHQWRGHERUUDFKD DSHUWDGRV
3DUDIXVRVGHIL[DomR

 ,&&&37SGI

0DQXWHQomRK

7DPSDGRUHVHUYDWyULRKLGUiXOLFR9HULILFDU

'HVDSHUWHHUHPRYDDWDPSDGRGHSäVLWRHYHULILTXH
VHHVWÒREVWUXÞGD2DUWHPTXHSRGHUSDVVDU
OLYUHPHQWHDWUDYÚVGDWDPSDHPDPERVRVVHQWLGRV
6HHVWLYHUWDSDGDQXPGRVVHQWLGRVODYHFRPXP
SRXFRGHJDVäOHRRXVRSUHFRPDUFRPSULPLGRDWÚVH
REWHUSDVVDJHPOLYUHRXVXEVWLWXDDWDPSDSRUXPD
 QRYD

8VHyFXORVGHSURWHFomRDRWUDEDOKDUFRPDU
FRPSULPLGR
)LJ&RPSDUWLPHQWRGRPRWRU
7DPSmRGHHQFKLPHQWR

&RQWURORV/XEULILFDomR

/XEULILTXHRFRPDQGRGHDYDQØRUHFXSQR
FRPSDUWLPHQWRGRPRWRUFRPDOJXPDVJRWDVGHäOHR
6HDDODYDQFDILFDUXPSRXFRUÞJLGDDSäXPSHUÞRGR
GHXWLOL]DØÔRSURORQJDGRUHPRYDDWDPSDHD
DODYDQFDHOXEULILTXH


)LJ&RPSDUWLPHQWRGRPRWRU
&RPDQGRGHDYDQoRUHFXR

,&&&37SGI 

0DQXWHQomRK

&RQWURORV/XEULILFDomR

/XEULILTXHRPHFDQLVPRGRFRPDQGRGHDYDQØRUHFXR
5HPRYDDWDPSD  VROWDQGRRVSDUDIXVRV  QD
SDUWHVXSHULRUHOXEULILTXHRPHFDQLVPRSRUEDL[RGD
 WDPSDFRPäOHR


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