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GRFRPDQGRGHDYDQØRUHFXRQXQFDDOWHUDQGRR
UHJLPHGHURWDØÔRGRPRWRU

9HULILTXHVHRWUDYmRGHHPHUJrQFLDHVWiD
IXQFLRQDUSUHPLQGRRERWmR  FRPRFLOLQGURHP
DYDQoR/(172

 ,&&+)37SGI

2SHUDomR

%ORTXHLR3DUDJHPGHHPHUJrQFLD7UDYmRGH
HVWDFLRQDPHQWR9HULILFDU

2EORTXHLRDSDUDJHPGHHPHUJrQFLDHRWUDYmRGH
HVWDFLRQDPHQWRWrPGHVHUYHULILFDGRVGLDULDPHQWH
DQWHVGRIXQFLRQDPHQWR8PDYHULILFDomRGR
IXQFLRQDPHQWRGREORTXHLRHGDSDUDJHPGH
HPHUJrQFLDUHTXHUHPXPUHLQtFLR

$IXQomRGHEORTXHLRpYHULILFDGDSHORRSHUDGRUTXH
WHPGHVHOHYDQWDUGRDVVHQWRTXDQGRRFLOLQGURHVWiD
URGDUPXLWROHQWDPHQWHSDUDDIUHQWHWUiV 9HULILTXH
HPDPEDVDVGLUHFo}HV $JDUUHVHDRYRODQWHH
SUHSDUHVHSDUDXPDWUDYDJHPEUXVFD$FHQGHVHXP
DYLVRHDSyVVHJXQGRVRPRWRUpGHVOLJDGRHRV
WUDY}HVVmRDFWLYDGRV

9HULILTXHRIXQFLRQDPHQWRGDWUDYDJHPGHHPHUJrQFLD
SUHPLGRRERWmRGHSDUDJHPGHHPHUJrQFLDTXDQGRR
FLOLQGURDYDQoDUUHFXDUOHQWDPHQWH 9HULILTXHHP
DPEDVDVGLUHFo}HV $JDUUHVHDRYRODQWHH
SUHSDUHVHSDUDXPDWUDYDJHPEUXVFD2PRWRU
GHVOLJDVHHRVWUDY}HVVmRDFWLYDGRV

9HULILTXHRIXQFLRQDPHQWRGRWUDYmRGH
HVWDFLRQDPHQWRDFWLYDQGRRERWmRGRWUDYmRGH
HVWDFLRQDPHQWRTXDQGRRFLOLQGURDYDQoDUUHFXDU
PXLWROHQWDPHQWH 9HULILTXHHPDPEDVDVGLUHFo}HV 
$JDUUHVHDRYRODQWHHSUHSDUHVHSDUDXPDWUDYDJHP
EUXVFDTXDQGRRVWUDY}HVVmRDFWLYDGRV2PRWRUQmR
VHGHVOLJD

,&&+)37SGI 

2SHUDomR

'LUHFomRSLYRWDQWH $FHVVyULR
$PÒTXLQDWHPGHHVWDUQDSRVLØÔRGHIXQFLRQDPHQWR
SDUDDFWLYDUDGLUHFØÔRSLYRWDQWH8WLOL]HRVGRLV
ERWæHVIURQWDLV  QRFRPDQGRGHDYDQØRUHFXRSDUD
 RSHUDUDGLUHFØÔRSLYRWDQWH
3DUDYROWDUDFRORFDURURORWUDVHLURQDSRVLØÔRQHXWUD
DMXVWHRVERWæHV  DWÚTXHRYLVRU  LQGLTXHTXHD
PÒTXLQDDOLQKRXRVURORV
2VÞPERORSDUDRPRGRGHWUDEDOKRILFD
FRQVWDQWHPHQWHDFHVRQDSRVLØÔRQHXWUD URORV
)LJ&RPDQGRGHDYDQoRUHFXR DOLQKDGRV 
2IIVHWGDGLUHFomR
6HIRUDSUHVHQWDGDXPDLQGLFDØÔRGHDYDULDQRYLVRU
RXVHREHVRXURFRPHØDUDVRDUSDUHLPHGLDWDPHQWH
RFLOLQGURQXPORFDOVHJXURHGHVOLJXHRPRWRU'LHVHO
 /RFDOL]HHVROXFLRQHDFDXVDGDDYDULD FRQVXOWH
WDPEÚPRPDQXDOGHPDQXWHQØÔRRPDQXDOGH
UHVROXØÔRGHSUREOHPDVRXPDQXDOGRPRWRU 

)LJXUD9LVRU

5HERUGDU $FHVVyULR
$PÒTXLQDWHPGHHVWDUDIXQFLRQDUSDUDDFWLYDUD
UHERUGHDGRUDFRPSDFWDGRUD

 4XDQGRDPÒTXLQDHVWÒQDSRVLØÔRGHWUDEDOKRHR
 LQWHUUXSWRU  ÚSUHPLGRQDVXDSDUWHLQIHULRUD
UHERUGHDGRUDFRPSDFWDGRUDGHVFHDWÚÑVXSHUIÞFLHGH
DVIDOWRSRUPHLRGHXPFLOLQGURKLGUÒXOLFR3DUDUHSRU
DIHUUDPHQWDQDSRVLØÔRRULJLQDOSULPDDSDUWH
VXSHULRUGRLQWHUUXSWRUSDUDOHYDQWDUD
UHERUGHDGRUDFRPSDFWDGRUD
$IHUUDPHQWDWDPEÚPSRGHVHUOHYDQWDGDVHD
)LJXUD&RPXWDGRU PÒTXLQDHVWLYHUQDSRVLØÔRGHWUDQVSRUWH
5HERUGHDGRUDFRPSDFWDGRUD
FLPDEDL[R 8PDYÒOYXODGHGHVFDUJDLPSHGHDVREUHFDUJDGR
3XOYHUL]DGRU VLVWHPDKLGUÒXOLFR
UHERUGHDGRUDFRPSDFWDGRUD
3DUDHYLWDUTXHRDVIDOWRVHSHJXHÑ
UHERUGHDGRUDFRPSDFWDGRUDRRSHUDGRUGHYHXVDUR
VLVWHPDGHSXOYHUL]DØÔRVHSDUDGR2VLVWHPDÚ
RSHUDGRSRUPHLRGHXPLQWHUUXSWRU  $ÒJXDÚ
DEDVWHFLGDQRUHVHUYDWäULRSULQFLSDOHÚDPHVPDTXH
VHXVDQRVLVWHPDGHSXOYHUL]DØÔRQRUPDO

 ,&&+)37SGI

2SHUDomR

2RSHUDGRUSRGHHVFROKHUHQWUHGXDVIHUUDPHQWDVD
UHERUGHDGRUDRXDFRPSDFWDGRUD1DILJXUDD
UHERUGHDGRUD  HVWÒPRQWDGDQDSRVLØÔRGH
WUDEDOKR$FRPSDFWDGRUD  SRGHIDFLOPHQWHWURFDU
GHOXJDUFRPDUHERUGHDGRUDVROWDQGRVHSDUDHVVH
ILPDXQLÔRDSDUDIXVDGD  



  
)LJ0XGDQoDGHIHUUDPHQWD
&RPSDFWDGRUD
5HERUGHDGRUD
8QLmRDSDUDIXVDGD
6XSRUWHSDUDURGDGH
UHERUGHDGRUDFRPSDFWDGRUD

9LEUDomR

9LEUDomR0DQXDO$XWRPiWLFD
&RPRERWÔR  VHOHFFLRQDVHD
DFWLYDØÔRGHVDFWLYDØÔRGDYLEUDØÔRDXWRPÒWLFDRX
 PDQXDO

1DSRVLØÔRPDQXDORRSHUDGRUWHPTXHDFWLYDUD
YLEUDØÔRDWUDYÚVGRLQWHUUXSWRU  QRFRPDQGRGH
DYDQØRUHFXR
 1DSRVLØÔRDXWRPÒWLFD &$9 DYLEUDØÔRÚDFWLYDGD
TXDQGRDYHORFLGDGHSUHGHILQLGDÚDWLQJLGD$
YLEUDØÔRÚDXWRPDWLFDPHQWHGHVDFWLYDGDTXDQGRD
)LJXUD3DLQHOGHFRPDQGRV YHORFLGDGHPÞQLPDSUHGHILQLGDÚDWLQJLGD
&RQWURORDXWRPiWLFRGDYLEUDomR
&$9 $DFWLYDØÔRGDYLEUDØÔRSHODSULPHLUDYH]EHPFRPR
,QWHUUXSWRUYLEUDomROLJDUGHVOLJDU DGHVDFWLYDØÔRGDYLEUDØÔRDXWRPÒWLFDVÔR
6HOHFWRUGHYHORFLGDGH UHDOL]DGDVFRPRLQWHUUXSWRU  QRFRPDQGRGH
DYDQØRUHFXR
/HPEUHVHTXHDYLEUDomRVySRGHVHUDFWLYDGD
TXDQGRDSRVLomRGHWUDEDOKRHVWiDFWLYDGDH
TXDQGRRVHOHFWRUGHYHORFLGDGH  SDUDRPRWRU
HVWiQDSRVLomRDOWD +, 

,&&+)37SGI 

2SHUDomR

9LEUDomRPDQXDO/LJDomR
1XQFDDFWLYHDYLEUDØÔRFRPDPÒTXLQDSDUDGD
(VWDDFØÔRSRGHUÒGDQLILFDUWDQWRDVXSHUIÞFLH
FRPRDPÒTXLQD


2DFRSODUHGHVDFRSODUGDYLEUDØÔRÚIHLWRFRPR
LQWHUUXSWRU  QDSDUWHGDIUHQWHGRFRPDQGRGH
DYDQØRUHFXR
'HVOLJXHVHPSUHDYLEUDØÔRDQWHVGRFLOLQGURSDUDU
FRPSOHWDPHQWH
)LJ&RPDQGRGHDYDQoRUHFXR
9LEUDomR/LJDU'HVOLJDU $EDL[DDPSOLWXGHDOWDIUHTXÛQFLDREWÚPVHRV
PHOKRUHVUHVXOWDGRVQDFRPSUHVVÔRGHFDPDGDVILQDV
GHDVIDOWRDWÚDSUR[LPDGDPHQWHPP SROHJDGDV
GHHVSHVVXUD

$PSOLWXGHIUHTXrQFLD&RPXWDomR
$FRPXWDØÔRGHDPSOLWXGHQÔRSRGHVHU
HIHFWXDGDFRPDYLEUDØÔRDIXQFLRQDU
 'HVOLJXHDYLEUDØÔRHDJXDUGHDWÚHVWDWHU
FHVVDGRFRPSOHWDPHQWHDQWHVGHHIHFWXDUD
FRPXWDØÔRGHDPSOLWXGH

$RSUHPLURERWÔR  REWÚPVHDDPSOLWXGHHOHYDGD

2VERWæHV  H  VÔRXWLOL]DGRVSDUDDFWLYDUDV
YLEUDØæHVQRURORGLDQWHLURRXQRWUDVHLURRXHP
DPERV
)LJ3DLQHOGHFRPDQGRV   YLEUDØÔRQRURORGLDQWHLUR
$PSOLWXGHDOWD
9LEUDomRQRURORGLDQWHLUR   YLEUDØÔRQRURORWUDVHLUR
9LEUDomRQRURORWUDVHLUR

7UDYDJHP3DUDJHP

7UDYDJHPQRUPDO
3ULPDRLQWHUUXSWRU  SDUDGHVOLJDUDYLEUDØÔR

3DUHRFLOLQGURSRQGRRFRPDQGRGHDYDQØRUHFXR 
HPSRQWRPRUWR

3ULPDVHPSUHRERWÔRGRWUDYÔRGHHVWDFLRQDPHQWR
 DQWHVGHVDLUGDSODWDIRUPDGRRSHUDGRU
 $RDUUDQFDUHFRQGX]LUFRPDPiTXLQDHPIULRR
TXHLPSOLFDyOHRKLGUiXOLFRIULRDVGLVWkQFLDVGH
WUDYDJHPVmRPDLVORQJDVGRTXHTXDQGRRyOHR
WLYHUDWLQJLGRDWHPSHUDWXUDQRUPDOGHWUDEDOKR
)LJ3DLQHOGHFRPDQGRV
,QWHUUXSWRUYLEUDomROLJDUGHVOLJDU
&RPDQGRGHDYDQoRUHFXR
%RWmRGRWUDYmRGH
HVWDFLRQDPHQWR

 ,&&+)37SGI

2SHUDomR

7UDYDJHPGHHPHUJrQFLD
$WUDYDJHPÚQRUPDOPHQWHHIHFWXDGDFRPRFRPDQGR
GHDYDQØRUHFXR4XDQGRHVWHFRPDQGRÚOHYDGR
 SDUDDSRVLØÔRGHSRQWRPRUWRDWUDQVPLVVÔR
KLGURVWÒWLFDUHWDUGDHDEUDQGDRFLOLQGUR
 2WUDYÔRPXOWLGLVFRH[LVWHQWHQDWUDQVPLVVÔRGHFDGD
URORIXQFLRQDFRPRXPWUDYÔRDRHVWDFLRQDU$FWLYDGR
FRPRFRPDQGRGRWUDYÔRGHHVWDFLRQDPHQWR  QD
SRVLØÔRGRODGRGLUHLWR
3DUDSURFHGHUDXPDWUDYDJHPGHHPHUJrQFLD
)LJ3DLQHOGHFRPDQGRV SULPDRERWmRGHSDUDJHPGHHPHUJrQFLD  
7UDYDJHPGHHPHUJrQFLD DJDUUHVHDRYRODQWHHSUHSDUHVHSDUDXPD
7UDYmRGHHVWDFLRQDPHQWR
WUDYDJHPEUXVFD2PRWRUSiUD

2PRWRU'LHVHOLUÒSDUDUHWHUÒTXHVHUQRYDPHQWH
SRVWRDWUDEDOKDU
$SäVXPDWUDYDJHPGHHPHUJÛQFLDRFRPDQGRGH
DYDQØRUHFXRWHPTXHVHUFRORFDGRHPSRQWRPRUWR

6HDDODYDQFDGHFRPDQGRIRUGHVORFDGDUDSLGDPHQWH
SDUDDIUHQWHSDUDWUÒV QDGLUHFØÔRSDUDDOÚPGD
SRVLØÔRGHSRQWRPRUWRRVLVWHPDPXGDSDUDRPRGR
GHUDPSDGHHPHUJÛQFLDSRUH[HPSORHPFDVRGH
SÓQLFRSDUDHQFXUWDUDGLVWÓQFLDGHWUDYDJHP2
PRGRGHUDPSDGHHPHUJÛQFLDÚPXLWRPDLV
UHSHQWLQRTXHDLQFOLQDØÔRQDSRVLØÔRGHWUDQVSRUWH
$FWLYHQRYDPHQWHRPRGRGHWUDEDOKRGHVORFDQGRD
DODYDQFDGHFRPDQGRSDUDDSRVLØÔRGHSRQWRPRUWR

'HVOLJDURPRWRU
&RORTXHRFRPDQGRGDURWDØÔRGRPRWRUQDSRVLØÔR
 GHUDOHQWLHGHL[HRPRWRUDIXQFLRQDUGXUDQWHDOJXQV
PLQXWRVQRUDOHQWLSDUDDUUHIHFHU
9HULILTXHRYLVRUSDUDYHUVHKÒDOJXPDLQGLFDØÔRGH
DYDULD'HVOLJXHWRGDVDVOX]HVHRXWUDVIXQØæHV
HOÚFWULFDV

 5RGHRLQWHUUXSWRUGHDUUDQTXH  SDUDDHVTXHUGD
SDUDDSRVLØÔRGHGHVOLJDGR
(QFDL[HHSUHQGDDFREHUWXUDGRSDLQHOGH
LQVWUXPHQWRVVREUHRYLVRUHDSDUWHVXSHULRUGDFDL[D
)LJ3DLQHOGHFRPDQGRV GHFRPDQGRV QRVFLOLQGURVVHPFDELQD 
9LVRU
&KDYHGHLJQLomR

,&&+)37SGI 

2SHUDomR

(VWDFLRQDPHQWR

%ORTXHLRGRVURORV
1mRDEDQGRQHQXQFDDPiTXLQDFRPRPRWRU
'LHVHOHPIXQFLRQDPHQWRVHPSULPHLURWHU
DFWLYDGRRWUDYmRGHHVWDFLRQDPHQWR

$VVHJXUHVHGHTXHRFLOLQGURHVWiHVWDFLRQDGR
FRPVHJXUDQoDHTXHQmRFRQVWLWXLSHULJRRXWUDV
SHVVRDVTXHSDVVHPQRORFDO&DOFHRVURORV
TXDQGRHVWDFLRQDUHPGHFOLYH
 
)LJ3RVLFLRQDPHQWR
&DOoRVGHWUDYDJHP 1R,QYHUQRQÔRVHHVTXHØDGRULVFRGH
FRQJHODØÔR(VYD]LHRVGHSäVLWRVGHÒJXD
ERPEDVHWXEDJHQV

,QWHUUXSWRUSULQFLSDO
1RILQDOGRWXUQRGHWUDEDOKRGHVOLJXHRLQWHUUXSWRU
SULQFLSDOGDEDWHULD  HUHWLUHDFKDYH

 ,VVRLPSHGLUÒTXHDEDWHULDVHGHVFDUUHJXHH
GLILFXOWDUÒRRDUUDQTXHHFRQGXØÔRGDPÒTXLQDD
SHVVRDVQÔRDXWRUL]DGDV)HFKHDVSRUWDVWDPSDVGH
VHUYLØRÑFKDYH
)LJXUD3RUWDGRPRWRUHVTXHUGD
,QWHUUXSWRUGDEDWHULD

 ,&&+)37SGI

2SHUDomR

,&&+)37SGI 

(VWDFLRQDPHQWRGHORQJDGXUDomR

(VWDFLRQDPHQWRGHORQJDGXUDomR

3DUDXPSHUÞRGRGHHVWDFLRQDPHQWRGHORQJD
GXUDØÔR VXSHULRUDXPPÛV GHYHUÔRVHU
VHJXLGDVDVVHJXLQWHVLQVWUXØæHV

)LJ3URWHFØÔRGRFLOLQGURFRQWUDDVLQWHPSÚULHV
$QWHVGHSåUDPÒTXLQDQRYDPHQWHDWUDEDOKDURV
SRQWRVPDUFDGRVFRPXPDVWHULVFR GHYHUÔRVHUVHU
QRYDPHQWHFRORFDGRVQRHVWDGRDQWHVGR
HVWDFLRQDPHQWR

/DYHDPÒTXLQDHUHWRTXHRDFDEDPHQWRGDSLQWXUD
)LJ3URWHFomRGRFLOLQGURFRQWUDDV SDUDHYLWDUDIHUUXJHP
LQWHPSpULHV
7UDWHDVSHØDVH[SRVWDVFRPDJHQWHDQWLIHUUXJHP
OXEULILTXHEHPDPÒTXLQDHDSOLTXHPDVVDOXEULILFDQWH
QDVVXSHUIÞFLHVQÔRSLQWDGDV

0RWRU
&RQVXOWHDVLQVWUXØæHVGRIDEULFDQWHQRPDQXDOGR
PRWRUTXHDFRPSDQKDRFLOLQGUR

%DWHULD
'HVPRQWHDEDWHULDRXEDWHULDVGRFLOLQGUROLPSHD
SDUWHH[WHULRUHGÛOKHFDUJDGHFRQVHUYDØÔRXPDYH]
SRUPÛV

)LOWURGRDUWXERGHHVFDSH
&XEUDRILOWURGRDU FRQVXOWH&DGDKRUDVGH
RSHUDØÔRH&DGDKRUDVGHRSHUDØÔR RXD
UHVSHFWLYDDEHUWXUDGHDGPLVVÔRFRPSOÒVWLFRRXILWD
JRPDGD9HGHWDPEÚPDDEHUWXUDGRWXERGHHVFDSH
,VWRGHYHVHUIHLWRSDUDLPSHGLUDHQWUDGDGH
KXPLGDGHQRPRWRU

6LVWHPDGHiJXD
(VYD]LHWRGDDÒJXDGRGHSäVLWRHGHWRGDVDV
PDQJXHLUDV(VYD]LHDFDL[DGRILOWURHDERPEDGH
ÒJXD5HWLUHWRGRVRVERFDLVSXOYHUL]DGRUHV
&RQVXOWHDVVHFØæHVGHPDQXWHQØÔRSDUD6LVWHPD
GHÒJXDGUHQDJHP

'HSyVLWRGHFRPEXVWtYHO
(QFKDWRWDOPHQWHRGHSäVLWRGHFRPEXVWÞYHOGH
PDQHLUDDLPSHGLUTXHVHIRUPHFRQGHQVDØÔR

 ,&&+)37SGI

(VWDFLRQDPHQWRGHORQJDGXUDomR

5HVHUYDWyULRKLGUiXOLFR
(QFKDRUHVHUYDWäULRKLGUÒXOLFRDWÚÑPDUFDGHQÞYHO
VXSHULRU FRQVXOWH&DGDKRUDVGHRSHUDØÔR 

&REHUWXUDVORQDROHDGD
&RORTXHDFREHUWXUDGRVLQVWUXPHQWRVVREUHRSDLQHO
GHLQVWUXPHQWRV
&XEUDRFLOLQGURLQWHLURFRPXPDORQDSURWHFWRUD$
ORQDGHYHVHUPDQWLGDXPSRXFRDFLPDGRVROR
$UPD]HQHVHSRVVÞYHODPÒTXLQDHPHVSDØRLQWHULRU
HGHSUHIHUÛQFLDQXPORFDOFRPWHPSHUDWXUD
FRQVWDQWH

&LOLQGURGDGLUHFomRGREUDGLoDVHWF
/XEULILTXHDKDVWHGRÛPERORGRFLOLQGURGDGLUHFØÔR
FRPPDVVDOXEULILFDQWHSDUDFRQVHUYDØÔR
/XEULILTXHWDPEÚPDVGREUDGLØDVGDVSRUWDVGR
FRPSDUWLPHQWRGRPRWRUHGDFDELQD

,&&+)37SGI 

'LYHUVRV

'LYHUVRV

(OHYDomR

7UDQFDUDDUWLFXODomRGDGLUHFomR
$QWHVGHHOHYDUDPiTXLQDWUDQTXHDDUWLFXODomR
GDGLUHFomRSDUDLPSHGLUTXHHVWDVHWRUoD
UHSHQWLQDPHQWH

5RGHRYRODQWHGHIRUPDDTXHDRFLOLQGURILTXHD
GLUHLWRSDUDDIUHQWH
3ULPDRERWÔRGRWUDYÔRGHHVWDFLRQDPHQWRHGHVOLJXH
DPÒTXLQD
&RORTXHRVEORTXHLRVQDVELHODVGRFLOLQGURJXLDH
 EORTXHLH

)LJXUD$UWLFXODomRQDSRVLomR
EORTXHDGD
&DYLOKDGHVHJXUDQoD
%ORTXHLR

3HVRYHUOHWUHLURGH
HOHYDØÔRQRFLOLQGUR
(OHYDomRGRFLOLQGUR
2SHVRPi[LPRGDPiTXLQDSRGHVHUOLGRQR
OHWUHLURGHHOHYDomR  &RQVXOWHWDPEpPDV
(VSHFLILFDo}HVWpFQLFDV

2HTXLSDPHQWRGHHOHYDØÔRWDLVFRPRFRUUHQWHV
FDERVGHDØROLQJDVHJDQFKRVGHHOHYDØÔR
GHYHPHVWDUGLPHQVLRQDGRVGHIRUPDDFXPSULU
FRPRVUHJXODPHQWRVGHVHJXUDQØDUHOHYDQWHV
SDUDDHOHYDØÔRGRHTXLSDPHQWR
1mRSHUPDQHoDVREDPiTXLQDQHPSUy[LPRGD
PHVPDHVWDQGRHVWDLoDGD$VVHJXUHVHGHTXHRV
JDQFKRVGHHOHYDomRHVWmRILUPHVQDVVXDV
 SRVLo}HV
)LJ&LOLQGURSUHSDUDGRSDUDVHU
HOHYDGR
/HWUHLURGHHOHYDomR

 ,&&+)37SGI

'LYHUVRV

3HVRYHUOHWUHLURGHHOHYDØÔRQRFLOLQGUR
(OHYDURFLOLQGURFRPRPDFDFR
 2SHVRPi[LPRGDPiTXLQDSRGHVHUOLGRQR
OHWUHLURGHHOHYDomR  &RQVXOWHWDPEpPDV
(VSHFLILFDo}HVWpFQLFDV

$VGLPHQVæHVGRGLVSRVLWLYRGHHOHYDØÔRFRPR
RPDFDFR  RXHTXLYDOHQWHGHYHPHVWDUHP
FRQIRUPLGDGHFRPDVLQGLFDGDVQRV
UHJXODPHQWRVGHVHJXUDQØDUHIHUHQWHVDRV
  GLVSRVLWLYRVGHHOHYDØÔR
1mRVHSRQKDSRUEDL[RGHXPDFDUJDHOHYDGD
&HUWLILTXHVHGHTXHRGLVSRVLWLYRGHHOHYDomRHVWi
EHPSUHVRQROXJDUHQXPDVXSHUItFLHQLYHODGDH
 HVWiYHO
)LJXUD&LOLQGURHOHYDGRFRPRPDFDFR
/HWUHLURGHHOHYDomR
0DFDFR $PÒTXLQDVySRGHVHUHOHYDGDFRPXPPDFDFRRX
0DUFD DOJRVHPHOKDQWHFRORFDGRGHDFRUGRFRPDVPDUFDV
 $HVWUXWXUDÚUHIRUØDGDQHVWHVORFDLVGHIRUPDD
VXSRUWDUDWHQVÔR6HOHYDQWDUHPTXDOTXHURXWUR
SRQWRSRGHUHVXOWDUHPGDQRVQDPÒTXLQDRXHP
IHULPHQWRVSHVVRDLV

'HVWUDQFDUDDUWLFXODomR
1ÔRVHHVTXHØDGHGHVWUDQFDUDDUWLFXODØÔRGD
GLUHFØÔRDQWHVGHFRPHØDUDRSHUDØÔR

'HVSURWHMDHUHWLUHRVGLVSRVLWLYRVGHEORTXHLRH
FRORTXHRVQRORFDOGHDUPD]HQDPHQWR

)LJXUD$UWLFXODomRQDSRVLomRDEHUWD
%ORTXHLR

5HERTXH6DOYDPHQWR
2FLOLQGURSRGHVHUGHVORFDGRDWÚPHWURVGH
DFRUGRFRPDVLQVWUXØæHVVHJXLQWHV

,&&+)37SGI 

'LYHUVRV

5HERFDUSRUGLVWkQFLDVFXUWDVFRPRPRWRUD
WUDEDOKDU
$FWLYHRFRPDQGRGRWUDYmRGHHVWDFLRQDPHQWRH
SDUHWHPSRUDULDPHQWHRPRWRU'LHVHO&RPR
PHGLGDGHVHJXUDQoDSDUDTXHRFLOLQGURQmRUROH
FDOFHRVURORV

$EUDDSRUWDHVTXHUGDGRFRPSDUWLPHQWRGRPRWRUGH
IRUPDDWHUDFHVVRÑERPEDGHSURSXOVÔR
'HVDSHUWHDPEDVDVYÒOYXODVGHUHERTXH   SRUFDV
$KH[DJRQDLVGRPHLR WUÛVYROWDVSDUDDHVTXHUGD
 HQTXDQWRVXVWÚPDYÒOYXODPXOWLIXQØÔR   SRUFDV
  KH[DJRQDLVLQIHULRUHV $VYÒOYXODVHQFRQWUDPVHQR
 IXQGRGDERPEDGHSURSXOVÔR
)LJ%RPEDGHSURSXOVmR
9iOYXODGHUHERTXH
9iOYXODGHPXOWLIXQomR 'HSRLVGHOLEHUWDUDSRUFDKH[DJRQDO $ DSHUWHR
SDUDIXVRGHDMXVWH % DWÚWRFDUQRSLQR & HURGH
PDLV®YROWD$YÒOYXODHVWÒDJRUDDEHUWD
3DUDVDLUGDSRVLØÔRGHGHULYDØÔRGHVDSHUWHR
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 ,&&+)37SGI

0DQXWHQomRK

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,&&+)37SGI 

0DQXWHQomRK

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 ,&&+)37SGI

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,&&+)37SGI 

0DQXWHQomRK

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 ,&&+)37SGI

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,&&+)37SGI 

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 ,&&+)37SGI

0DQXWHQomRK

,&&+)37SGI 

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 ,&&+)37SGI

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 ,&&+)37SGI

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,&&+)37SGI 

0DQXWHQomRK

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 ,&&+)37SGI

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0DQXWHQomRK

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