Dissertação
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Dissertação

on

  • 196 views

 

Statistics

Views

Total Views
196
Views on SlideShare
196
Embed Views
0

Actions

Likes
0
Downloads
1
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Dissertação Document Transcript

  • 1. L 5(6802 &RUUHQWHPHQWH H[LVWH XPD HQRUPH GLYHUVLGDGH GH SDWRORJLDV TXH DIHWDP RV HOHPHQWRV FRQVWUXWLYRV GRV HGLItFLRV H[LVWHQWHV 1HVWD GLVVHUWDomR SUHWHQGHVH LGHQWLILFDU DV SDWRORJLDV HP TXDWUR HGLItFLRV LPSODQWDGRV QD UHJLmR GH 9LVHX DQDOLVDU DV FDXVDV GD VXD PDQLIHVWDomR H SRVWHULRUPHQWH SURSRU VROXo}HV GH UHDELOLWDomR SDUD DV PHVPDV 6HOHFLRQDUDPVH GXDV GDV SDWRORJLDV UHODFLRQDGDV FRP D KXPLGDGH XPD YH] TXH VmR DV TXH PDLV DIHWDP DV FRQGLo}HV GH FRQIRUWR H HVWpWLFD GRV HGLItFLRV RQGH VH HQFRQWUDP H HODERURXVH XP SURMHWR GH UHDELOLWDomR GH PRGR D VHU SRVVtYHO H[HFXWDU RV WUDEDOKRV GH UHSDUDomR GDV PHVPDV &RP HVWD GLVVHUWDomR SUHWHQGHVH WDPEpP H[HPSOLILFDU D PHWRGRORJLD GH HODERUDomR GH XP SURMHWR GH UHDELOLWDomR GH SDWRORJLD KDELWDFLRQDO
  • 2. LL
  • 3. LLL $%675$&7 &XUUHQWO WKHUH LV D KXJH DPRXQW RI SDWKRORJLHV WKDW DUH DIIHFWLQJ WKH EXLOGLQJ EORFNV RI WKH H[LVWLQJ EXLOGLQJV 7KLV GLVVHUWDWLRQ DLPV WR LGHQWLI WKH SDWKRORJLHV H[LVWLQJ LQ IRXU EXLOGLQJV LQ WKH UHJLRQ RI 9LVHX DQDO]H WKH FDXVHV RI WKHLU PDQLIHVWDWLRQ DQG SURSRVH VROXWLRQV IRU UHKDELOLWDWLRQ :H VHOHFWHG WZR SDWKRORJLHV UHODWHG WR KXPLGLW VLQFH WKH DUH WKRVH WKDW PRVW DIIHFW WKH FRQGLWLRQV RI FRPIRUW DQG DHVWKHWLFV RI WKH EXLOGLQJV ZKHUH WKH DUH DQG D SURMHFW RI UHKDELOLWDWLRQ ZDV HODERUDWHG LQ RUGHU WR EH SRVVLEOH WR FDUU RXW WKH UHSDLU ZRUN RI WKH VDPH 7KLV GLVVHUWDWLRQ DOVR DLPV WR LOOXVWUDWH WKH PHWKRG IRU SUHSDULQJ D SURMHFW IRU UHKDELOLWDWLRQ RI KRXVLQJ SDWKRORJ
  • 4. LY
  • 5. Y 3$/$95$6 &+$9( FRQIRUWR KDELWDFLRQDO PDQLIHVWDomR GH SDWRORJLD UHDELOLWDomR HGLILFDo}HV GLDJQyVWLFR
  • 6. YL
  • 7. YLL .(< :25'6 FRPIRUW FRXVLQJ PDQLIHVWDWLRQ RI SDWKRORJ UHKDELOLWDWLRQ EXLOGLQJV GLDJQRVLV
  • 8. YLLL
  • 9. L[ $*5$'(&,0(1726 $SURYHLWR DJRUD SDUD DJUDGHFHU D WRGRV RV TXH FRQWULEXtUDP GLUHWD RX LQGLUHWDPHQWH SDUD D HODERUDomR GHVWH WUDEDOKR (P SULPHLUR OXJDU TXHUR DJUDGHFHU DR (QJHQKHLUR 0DQXHO 3LQWR PHX RULHQWDGRU SHOD GLVSRQLELOLGDGH QR DFRPSDQKDPHQWR GR PHX WUDEDOKR SHOR ULJRU H[LJLGR SHODV RULHQWDo}HV WUDQVPLWLGDV H DLQGD SHODV UHIHUrQFLDV ELEOLRJUiILFDV FRQFHGLGDV QR kPELWR GHVWD GLVVHUWDomR $RV SURSULHWiULRV GRV HGLItFLRV TXH YLVLWHL SHOD GLVSRQLELOLGDGH TXH GHPRQVWUDUDP DR SHUPLWLUHP R DFHVVR DRV VHXV LPyYHLV $ WRGRV RV UHSUHVHQWDQWHV GDV HPSUHVDV FRQWDFWDGDV SRU IDFXOWDUHP WRGDV DV LQIRUPDo}HV VROLFLWDGDV $RV PHXV FROHJDV H DPLJRV SHOD DMXGD $RV PHXV SDLV j PLQKD LUPm H FXQKDGR SRU WRGD D SDFLrQFLD H FRPSUHHQVmR GHPRQVWUDGDV QR GHFRUUHU GHVWH WUDEDOKR 8P DJUDGHFLPHQWR PXLWR HVSHFLDO j PLQKD QDPRUDGD 6DUD SHOD DMXGD LQFHQWLYR FDULQKR H JHQHURVLGDGH GHVGH R SULPHLUR GLD
  • 10. [
  • 11. [L Ë1',&( *(5$/ 5(6802 L $%675$&7 LLL 3$/$95$6 &+$9( Y .(< :25'6 YLL $*5$'(&,0(1726L[ Ë1',&( *(5$/ [L Ë1',&( '( ),*85$6 [Y Ë1',&( '( 48$'526[YLL $%5(9,$785$6 ( 6,*/$6[L[  ,QWURGXomR  &RQVLGHUDo}HV JHUDLV  -XVWLILFDomR H REMHWLYRV GD GLVVHUWDomR  2UJDQL]DomR GD GLVVHUWDomR  ,GHQWLILFDomR GRV HGLItFLRV  &RQVLGHUDo}HV JHUDLV  $SUHVHQWDomR GRV HGLItFLRV   +DELWDomR XQLIDPLOLDU 8
  • 12.   'HVFULomR JHUDO  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV  +DELWDomR XQLIDPLOLDU 8
  • 13.   'HVFULomR JHUDO  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV  +DELWDomR PXOWLIDPLOLDU 0
  • 14.   'HVFULomR JHUDO  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV  +DELWDomR PXOWLIDPLOLDU 0
  • 15.   'HVFULomR JHUDO  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV  &RQVLGHUDo}HV )LQDLV  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD  &RQVLGHUDo}HV JHUDLV  ,GHQWLILFDomR GD SDWRORJLD  +DELWDomR XQLIDPLOLDU 8
  • 16.   ([WHULRU  ,QWHULRU  0DSHDPHQWR GRV GDQRV 
  • 17. [LL  +DELWDomR XQLIDPLOLDU 8
  • 18.    ([WHULRU    ,QWHULRU    0DSHDPHQWR GRV GDQRV   +DELWDomR PXOWLIDPLOLDU 0
  • 19.    ([WHULRU    ,QWHULRU    0DSHDPHQWR GRV GDQRV   +DELWDomR PXOWLIDPLOLDU 0
  • 20.    ([WHULRU    ,QWHULRU    0DSHDPHQWR GRV GDQRV   $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR    &RQVLGHUDo}HV JHUDLV    +XPLGDGH DVFHQVLRQDO   &DXVDV SURYiYHLV   3RWHQFLDLV VROXo}HV GH UHDELOLWDomR   ,PSHGLU R DFHVVR GH iJXD jV SDUHGHV    ,PSHGLU D DVFHQVmR GH iJXD QDV SDUHGHV   5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV   2FXOWDomR GDV SDWRORJLDV    3DWRORJLD H DQiOLVH GDV YiULDV VROXo}HV D DGRWDU    $QiOLVH WpFQLFRHFRQyPLFD GDV VROXo}HV DGRWDGDV   +XPLGDGH GH SUHFLSLWDomR   &DXVDV SURYiYHLV   3RWHQFLDLV VROXo}HV GH UHDELOLWDomR   3DWRORJLD H DQiOLVH GDV YiULDV VROXo}HV D DGRWDU    $QiOLVH WpFQLFRHFRQyPLFD GDV VROXo}HV DGRWDGDV   6ROXo}HV D DGRWDU   3URMHWR GH 5HDELOLWDomR    ,QWURGXomR   +XPLGDGH DVFHQVLRQDO ± HGLItFLR 8   3HoDV HVFULWDV ± 0HPyULD 'HVFULWLYD H -XVWLILFDWLYD    &RQVLGHUDo}HV JHUDLV    'HVFULomR JHUDO GR PpWRGR    0DWHULDLV D DSOLFDU SDUD LPSHUPHDELOL]DomR
  • 21.    0HWRGRORJLD GH DSOLFDomR   3HoDV GHVHQKDGDV    +XPLGDGH GH SUHFLSLWDomR ± HGLItFLR 0    3HoDV HVFULWDV ± 0HPyULD 'HVFULWLYD H -XVWLILFDWLYD  
  • 22. [LLL  &RQVLGHUDo}HV JHUDLV  'HVFULomR JHUDO GR PpWRGR  0DWHULDLV D DSOLFDU  0HWRGRORJLD GH DSOLFDomR  3HoDV GHVHQKDGDV  (VWLPDWLYD GH TXDQWLGDGHV H FXVWRV  /LVWDJHP FURQROyJLFD GDV WDUHIDV  0HGLGDV SUHYHQWLYDV   1mR HVSHFLILFDo}HV  &RQFOXV}HV  &RQVLGHUDo}HV ILQDLV   &RQFOXV}HV JHUDLV  5()(5Ç1&,$6  $QH[R $ ± 6XJHVWmR GH SRUPHQRUHV $QH[R % ± )LFKDV GH LQVSHomR $QH[R & ± )LFKDV WpFQLFDV
  • 23. [LY
  • 24. [Y Ë1',&( '( ),*85$6 )LJXUD  /RFDOL]DomR GD FLGDGH H IUHJXHVLDV GDV KDELWDo}HV DQDOLVDGDV >@  )LJXUD  +DELWDomR 8  )LJXUD  5HYHVWLPHQWR H[WHULRU )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GD KDELWDomR 8 )LJXUD  +DELWDomR 8  )LJXUD  ÏUJmRV GH GUHQDJHP GDV iJXDV GD FDYH )LJXUD  $VSHWR JHUDO GR HGLItFLR 0
  • 25.  )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GR HGLItFLR 0  )LJXUD  $VSHWR GR HGLItFLR 0  )LJXUD  $OoDGRV GR HGLItFLR 0  )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GR HGLItFLR 0  )LJXUD  'HJUDGDomR ILVVXUDomR H DXVrQFLD GH FDSHDPHQWR GR UHYHVWLPHQWR MXQWR j EDVH )LJXUD  7HOKDV GHJUDGDGDV )LJXUD  $FXPXODomR GH VXMLGDGHV VREUH DV WHOKDV )LJXUD  +XPLGDGH DVFHQVLRQDO ± SDUHGH LQWHULRU SDWRORJLD FRP FHUFD GH    FP GH DOWXUD
  • 26.  )LJXUD  +XPLGDGH DVFHQVLRQDO ± SDUHGH H[WHULRU SDWRORJLD FRP  ±  FP GH DOWXUD
  • 27.  )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO  YLVWD JHUDO LQWHULRU )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO  YLVWD SRUPHQRUL]DGD LQWHULRU )LJXUD  ([WHULRU GRV YLWUDLV )LJXUD  3ODQWD GD FDYH ORFDOL]DomR GD SDWRORJLD
  • 28.  )LJXUD  3ODQWD GR UpVGRFKmR ORFDOL]DomR GD SDWRORJLD
  • 29.  )LJXUD  3ODQWD GR ž DQGDU ORFDOL]DomR GD SDWRORJLD
  • 30.  )LJXUD  )LVVXUDV HP SDUHGHV GH DOYHQDULD )LJXUD  )LVVXUD YHUWLFDO MXQWR DR FXQKDO  )LJXUD  /LJDomR EHWmR ± DOYHQDULD DUPDGXUD GH UHIRUoR
  • 31. >@  )LJXUD  0DQFKDV GH KXPLGDGH  )LJXUD  +XPLGDGH DVFHQVLRQDO  HPSRODPHQWR H GHVWDFDPHQWR GD WLQWD )LJXUD  3ODQWD GD &DYH ORFDOL]DomR GD SDWRORJLD
  • 32.  )LJXUD  3ODQWD GR 5pVGRFKmR ORFDOL]DomR GD SDWRORJLD
  • 33.  )LJXUD  3ODQWD GR ž $QGDU ORFDOL]DomR GD SDWRORJLD
  • 34.  )LJXUD  0DQFKDV H HIORUHVFrQFLDV QD IDFKDGD  )LJXUD  3RUPHQRU GDV MXQWDV HQWUH ODGULOKRV )LJXUD  +XPLGDGH DVFHQVLRQDO  HPSRODPHQWR H GHVWDFDPHQWR GD WLQWD )LJXUD  )LVVXUDomR GR UHYHVWLPHQWR  )LJXUD  3ODQWD GD FDYH ORFDOL]DomR GD SDWRORJLD
  • 35.  )LJXUD  3ODQWD GR ž DQGDU ORFDOL]DomR GD SDWRORJLD
  • 36. 
  • 37. [YL )LJXUD  0DQFKDV H GHVWDTXH GH WLQWD  )LJXUD  )LVVXUDomR H VXMLGDGH QRV FDQWRV GRV YmRV  )LJXUD  7RUoD VREUH YmRV HP SDUHGHV GH DOYHQDULD  )LJXUD  )LVVXUDomR QR WHWR GD IUDomR  )LJXUD  )LVVXUDomR GD WRUoD GH XPD SRUWD  )LJXUD  )LVVXUDV KRUL]RQWDLV HP SDUHGHV GH DOYHQDULD   )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO  )LJXUD  3ODQWD GD IUDomR 5 ORFDOL]DomR GD SDWRORJLD
  • 38.   )LJXUD  3ODQWD GR SLVR WLSR ORFDOL]DomR GD SDWRORJLD
  • 39.   )LJXUD  )RUPDV GH KXPLGLILFDomR GH SDUHGHV HP FRQWDFWR FRP R WHUUHQR   )LJXUD  (IHLWR GD LPSHUPHDELOL]DomR H GD ODUJXUD GD SDUHGH QD DOWXUD DWLQJLGD SHOD iJXD DGDSWDGR GH >@
  • 40.   )LJXUD  +XPLGDGH DVFHQVLRQDO HP SDUHGHV H[WHULRUHV H LQWHULRUHV  )LJXUD  5HVXPR GRV PpWRGRV GH UHDELOLWDomR GD SDWRORJLD KXPLGDGH DVFHQVLRQDO DGDSWDGR GH >@
  • 41.   )LJXUD  3RUPHQRU WLSR GDV SDUHGHV GR SLVR GD FDYH H UHVSHWLYDV FDUDFWHUtVWLFDV GH FRQWDFWR FRP R WHUUHQR   )LJXUD  (UURV FRQVWDQWHV QD H[HFXomR GH SDUHGHV GXSODV   )LJXUD  ,QIOXrQFLD GD SLQJDGHLUD H GR SHUILO QD SURMHomR GD iJXD DGDSWDGR GH >@
  • 42.   )LJXUD  *HRPHWULD DGHTXDGD GRV SHLWRULV   )LJXUD  3RUPHQRU WLSR GH XP SHLWRULO   )LJXUD  3RUPHQRU GH H[HFXomR H DVVHQWDPHQWR GR SHLWRULO PHWiOLFR FRUWH
  • 43.   )LJXUD  3RUPHQRU GH H[HFXomR H DVVHQWDPHQWR GR SHLWRULO PHWiOLFR DOoDGR
  • 44.   )LJXUD  (VTXHPD GD H[HFXomR GRV IXURV SDUD LQMHomR   )LJXUD  3ODQWD GD FDYH ± ,GHQWLILFDomR GD ]RQD D UHDELOLWDU   )LJXUD  3RUPHQRU ± (VTXHPD GD LQWHUYHQomR  )LJXUD  3ODQWD GR SLVR WLSR ± ,GHQWLILFDomR GD ]RQD D UHDELOLWDU   )LJXUD  3RUPHQRU ± (VTXHPD DSyV H[HFXomR GRV WUDEDOKRV 
  • 45. [YLL Ë1',&( '( 48$'526 4XDGUR  &DUDFWHUL]DomR GR SDUTXH KDELWDFLRQDO GH 9LVHX GDGRV UHIHUHQWHV D 
  • 46.  4XDGUR  $QiOLVH GRV YiULRV PpWRGRV GH UHDELOLWDomR GH SDUHGHV FRP KXPLGDGH DVFHQVLRQDO DGDSWDGR GH >@
  • 47.  4XDGUR  $QiOLVH GRV YiULRV WLSRV GH SURGXWRV TXtPLFRV LPSHUPHDELOL]DQWHV DGDSWDGR GH >@
  • 48.  4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV
  • 49.  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV
  • 50.  4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU DSOLFDomR GH UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV
  • 51.  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV
  • 52.  4XDGUR  'LPHQV}HV PtQLPDV GRV SHLWRULV DGDSWDGR GH >@
  • 53.  4XDGUR  $QiOLVH GRV YiULRV PpWRGRV GH UHDELOLWDomR GH SHLWRULV DGDSWDGR GH >@
  • 54.  4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU LPSHUPHDELOL]DomR GR SHLWRULO H SLQJDGHLUD
  • 55.  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD LPSHUPHDELOL]DQWH
  • 56.  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD SLQJDGHLUD PHWiOLFD
  • 57.  4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU SHLWRULO PHWiOLFR
  • 58.  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD IRUUDSHLWRULO PHWiOLFR
  • 59.  4XDGUR  (VWLPDWLYD GH TXDQWLGDGHV H FXVWRV 4XDGUR  /LVWDJHP FURQROyJLFD GDV WDUHIDV ± KXPLGDGH DVFHQVLRQDO 4XDGUR  /LVWDJHP FURQROyJLFD GDV WDUHIDV ± KXPLGDGH GH SUHFLSLWDomR
  • 60. [YLLL
  • 61. [L[ $%5(9,$785$6 ( 6,*/$6 8 +DELWDomR 8QLIDPLOLDU 0 +DELWDomR 0XOWLIDPLOLDU ;36 3ROLHVWLUHQR H[WUXGLGR (36 3ROLHVWLUHQR H[SDQGLGR
  • 62. [[
  • 63.   ,QWURGXomR  &RQVLGHUDo}HV JHUDLV e GLItFLO GHILQLU R FRQFHLWR GH ³(GLItFLR UHFHQWH´ QR HVWXGR GD SDWRORJLD GRV HGLItFLRV 1R HQWDQWR IRL HVWDEHOHFLGR XP WHPSR GH VHUYLoR GH  DQRV SDUD RV HGLItFLRV R TXH DWXDOPHQWH FRUUHVSRQGH VHQVLYHOPHQWH jV HGLILFDo}HV FRQVWUXtGDV D SDUWLU GR LQtFLR GD GpFDGD GH  >@ $OpP GR LQWHUYDOR GH WHPSR GH VHUYLoR R FRQFHLWR GH ³(GLItFLR UHFHQWH´ LQWHJUD WDPEpP XP SHUtRGR GH XPD GDGD FDUDFWHUtVWLFD FRQVWUXWLYD ,VWR p SDUD R LQWHUYDOR GH WHPSR GH VHUYLoR DWUiV UHIHULGR DVVLVWLXVH D XPD HVFDVVH] GH LQRYDomR GRV SURFHVVRV FRQVWUXWLYRV TXH EDVLFDPHQWH VH UHVXPHP HP VLVWHPDV HVWUXWXUDLV SRUWLFDGRV HP EHWmR DUPDGR FRPSOHPHQWDGRV FRP SDQRV GH DOYHQDULD VHP IXQo}HV HVWUXWXUDLV VHP TXH KRXYHVVH JUDQGH SUHRFXSDomR FRP R FRPSRUWDPHQWR WpUPLFR H DF~VWLFR GR HGLILFDGR >@ e QHVWH JUXSR GH ³(GLItFLRV UHFHQWHV´ VLWRV QD UHJLmR GH 9LVHX TXH VH LQWHJUD HVWH WUDEDOKR Mi TXH RV PHVPRV DSUHVHQWDP XP GHVHPSHQKR TXH GHL[D PXLWR D GHVHMDU DSUHVHQWDQGR FDUrQFLDV HP GLYHUVRV QtYHLV 9LVHX p XPD FLGDGH SRUWXJXHVD FDSLWDO GH GLVWULWR QD UHJLmR FHQWUR H QD VXEUHJLmR GH 'mR /DI}HV FRP FHUFD GH  NP GH iUHD >@ H RQGH UHVLGHP   KDELWDQWHV VHJXQGR GDGRV REWLGRV DWUDYpV GRV FHQVRV UHDOL]DGRV QR DQR GH 
  • 64.  $SUHVHQWD XPD JUDQGH YDULHGDGH GH WLSLILFDomR GH HGLItFLRV HPERUD VHMDP HP JUDQGH SDUWH GH SHTXHQD DOWXUD (P 3RUWXJDO XPD GDV SULQFLSDLV FDXVDV GD IDOWD GH TXDOLGDGH GD FRQVWUXomR p D LQH[LVWrQFLD GH XP VLVWHPD GH UHVSRQVDELOLGDGHV JDUDQWLDV H VHJXURV TXH UHVSRQVDELOL]H HIHWLYDPHQWH RV GLYHUVRV LQWHUYHQLHQWHV HQYROYLGRV QR SURFHVVR FRQVWUXWLYR SHORV HUURV GH FRQFHomR GH H[HFXomR RX GH PDX FRPSRUWDPHQWR GRV PDWHULDLV H FRPSRQHQWHV H TXH VLPXOWDQHDPHQWH JDUDQWD D LQGHPQL]DomR GH HYHQWXDLV GDQRV FDXVDGRV >@
  • 65.  ,QWURGXomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $WXDOPHQWH WRUQDVH QHFHVViULR UHDELOLWDU  UHSDUDU RV HUURV FRPHWLGRV QR SDVVDGR 4XDQGR XP HGLItFLR QmR DSUHVHQWD XP GHVHPSHQKR SUHYLVWR SDUD R TXDO IRL SURMHWDGR GXUDQWH D VXD XWLOL]DomR VXUJH D SDWRORJLD 1D HQJHQKDULD FLYLO WHPVH YLQGR D XWLOL]DU FDGD YH] PDLV R WHUPR ³SDWRORJLD´ SDUD HVWXGDU DV PDQLIHVWDo}HV RULJHQV PHFDQLVPRV GH RFRUUrQFLD GDV IDOKDV H GHIHLWRV TXH DOWHUDP R HTXLOtEULR SUpH[LVWHQWH RX LGHDOL]DGR QDV FRQVWUXo}HV >@ 3DUD GLPLQXLU D SRVVLELOLGDGH GH FRPHWHU HUURV p QHFHVViULR FRQKHFHU RV SUREOHPDV RX GHIHLWRV TXH XPD FRQVWUXomR SRGH DSUHVHQWDU SRWHQFLDLV SDWRORJLDV
  • 66.  DVVLP FRPR DV VXDV FDXVDV $OpP GD DYDOLDomR JOREDO H VLVWHPiWLFD GR HGLItFLR GHYH UHXQLUVH D LQIRUPDomR GLVSRQtYHO VREUH D LGDGH H D KLVWyULD GR HGLItFLR FRQVWUXomR RFXSDomR DOWHUDo}HV PDQXWHQomR UHSDUDo}HV WUDWDPHQWRV
  • 67. TXH DMXGDUi D HVFODUHFHU HYHQWXDLV LQFRHUrQFLDV H DOHUWDU SDUD SRVVtYHLV VLWXDo}HV WUDQVLWyULDV TXH SRVVDP WHU LQWURGX]LGR GDQRV GH TXDOTXHU WLSR QD HVWUXWXUD ± R TXH SRGH GHVLJQDUVH SRU JHVWmR GD PDQXWHQomR GR HGLItFLR >@ 2 SURFHVVR GH UHVROXomR GRV SUREOHPDV GD SDWRORJLD SDVVD UHVXPLGDPHQWH SHOD SHUFHomR GDV SDWRORJLDV UHFROKD GH LQIRUPDomR HODERUDomR GR GLDJQyVWLFR GDV FDXVDV H GHILQLomR GD RSHUDomR GH UHDELOLWDomR  -XVWLILFDomR H REMHWLYRV GD GLVVHUWDomR 1D DWLYLGDGH GD FRQVWUXomR WRUQDVH LPSUHVFLQGtYHO SUHYHQLU SDWRORJLDV TXH SRVVDP YLU D VXUJLU DR ORQJR GD YLGD ~WLO GDV REUDV 4XDQGR WDO QmR p IHLWR p HVVHQFLDO FRUULJLODV D WHPSR $VVLP SDUD VH REWHU D Pi[LPD HILFiFLD GH XPD RSHUDomR GH UHDELOLWDomR p QHFHVViULR DSyV D REVHUYDomR GD SDWRORJLD DQDOLViOD GH PRGR D SHUFHEHU R PDLV DSUR[LPDGDPHQWH SRVVtYHO D VXD RULJHP SDUD DVVLP VH SRGHU DWXDU HP FRQFRUGkQFLD FRP DV PHGLGDV GH FRUUHomR DGHTXDGDV $ UHDELOLWDomR p XP SURFHVVR H[WUHPDPHQWH YDVWR TXH DEUDQJH TXHVW}HV UHODFLRQDGDV FRP WRGRV RV HOHPHQWRV FRQVWLWXLQWHV GRV HGLItFLRV TXHU VHMDP HVWUXWXUDLV QmR HVWUXWXUDLV H DLQGD LQVWDODo}HV HRX HTXLSDPHQWRV $ UHDELOLWDomR H[LJH SRUWDQWR R FRQKHFLPHQWR GDV SDWRORJLDV PDLV FRUUHQWHV GRV HGLItFLRV H D GLYXOJDomR H VLVWHPDWL]DomR GDV PHVPDV R FRQKHFLPHQWR GH QRYRV PDWHULDLV H WHFQRORJLDV XWLOL]DGDV HP UHDELOLWDomR H R GHVHQYROYLPHQWR GH XPD PHWRGRORJLD QRV UHVSHWLYRV SURMHWRV GH UHDELOLWDomR >@ (PERUD KDMD XPD SUHRFXSDomR FUHVFHQWH FRP D TXDOLGDGH GD FRQVWUXomR QmR Vy SRU XPD TXHVWmR GH DSDUrQFLD PDV WDPEpP SDUD R PHOKRUDPHQWR GR FRQIRUWR GRV XWLOL]DGRUHV YHULILFDVH TXH RV HGLItFLRV FRQVWUXtGRV QRV ~OWLPRV DQRV QmR YmR GH HQFRQWUR jV H[SHWDWLYDV DPELFLRQDGDV e SRU LVVR LPSRUWDQWH WHU VHQVLELOLGDGH SDUD SHUFHEHU TXH D TXDOLGDGH H R FRQIRUWR GDV KDELWDo}HV HVWmR GLUHWDPHQWH UHODFLRQDGRV FRP XPD FRUUHWD DSOLFDomR GRV FRQKHFLPHQWRV SRU SDUWH GRV WpFQLFRV WDQWR QD IDVH GH SURMHWR FRPR QD IDVH GH H[HFXomR
  • 68.  D VXD ERD FRQFHomR H FRQVWUXomR DVVLP FRPR D XWLOL]DomR GH PDWHULDLV DSURSULDGRV H FHUWLILFDGRVKRPRORJDGRV VHPSUH TXH SRVVtYHO
  • 69. H GH PmRGHREUD TXDOLILFDGD
  • 70.  ,QWURGXomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ UHDOL]DomR GR GLDJQyVWLFR FRUUHWR GD SDWRORJLD p IXQGDPHQWDO SDUD XPD VROXomR HILFD] GH UHDELOLWDomR  2UJDQL]DomR GD GLVVHUWDomR (VWH FDStWXOR  FRQVWLWXL D LQWURGXomR GD GLVVHUWDomR H WHP LQtFLR FRP XPDV FRQVLGHUDo}HV JHUDLV QR kPELWR GR WHPD GD PHVPD SDUWLFXODUPHQWH QR TXH GL] UHVSHLWR j HYROXomR GD TXDOLGDGH GD FRQVWUXomR 1HVWH FDStWXOR VmR DLQGD DSUHVHQWDGRV RV REMHWLYRV GD GLVVHUWDomR D DLQGD D VXD PHWRGRORJLD H RUJDQL]DomR 2 FDStWXOR  FRQVLVWH QD LGHQWLILFDomR GRV HGLItFLRV DQDOLVDGRV QD GLVVHUWDomR QRPHDGDPHQWH D VXD ORFDOL]DomR FDUDFWHUL]DomR H UHFRQKHFLPHQWR GRV HOHPHQWRV FRQVWUXWLYRV TXH R LQWHJUDP 1R FDStWXOR  p DSUHVHQWDGR R OHYDQWDPHQWR GD SDWRORJLD HQFRQWUDGD HP FDGD HGLItFLR H D FDUDFWHUL]DomR GD PHVPD DVVLP FRPR GRV HOHPHQWRV FRQVWUXWLYRV DIHWDGRV 1R FDStWXOR  p H[SRVWR R GLDJQyVWLFR FRPSOHWR IHLWR j SDWRORJLD VHOHFLRQDGD FRP R REMHWLYR GH WHQWDU HQFRQWUDU DV VXDV FDXVDV $SyV HVWH HVWXGR DSUHVHQWDPVH DV SRWHQFLDLV VROXo}HV GH UHDELOLWDomR SDUD D SDWRORJLD 2 FDStWXOR  DSUHVHQWD D PHPyULD GHVFULWLYD H MXVWLILFDWLYD GR SURMHWR GH UHDELOLWDomR GDV SDWRORJLDV DQDOLVDGDV QR FDStWXOR SUHFHGHQWH RQGH HVWmR LGHQWLILFDGRV RV PDWHULDLV H PpWRGRV GH DSOLFDomR GRV PHVPRV DSUHVHQWDomR GD HVWLPDWLYD GH TXDQWLGDGHV H FXVWRV GD VROXomR H DLQGD R PDSD FURQROyJLFR GDV WDUHIDV D H[HFXWDU 2 FDStWXOR  LQWHJUD DV FRQFOXV}HV UHVXOWDQWHV GR GHVHQYROYLPHQWR GD GLVVHUWDomR
  • 71.  ,QWURGXomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 72.   ,GHQWLILFDomR GRV HGLItFLRV  &RQVLGHUDo}HV JHUDLV $ SUHVHQWH GLVVHUWDomR WUDGX] XP HVWXGR HIHWXDGR j SDWRORJLD HQFRQWUDGD HP TXDWUR HGLItFLRV LPSODQWDGRV QD UHJLmR GH 9LVHX GRLV GH FDGD WLSRORJLD XQLIDPLOLDU H PXOWLIDPLOLDU 3URFXURXVH ID]HU R OHYDQWDPHQWR GH SDWRORJLDV HP HGLItFLRV UHODWLYDPHQWH UHFHQWHV HP PpGLD FRP FHUFD GH  DQRV GH LGDGH FRP WLSRV GH FRQVWUXomR VHPHOKDQWHV jV DWXDLV GH PRGR D SRVVLELOLWDU D SHUFHomR GDV SDWRORJLDV PDLV FRPXQV H DVVLP FRQFOXLU VREUH DV FDXVDV TXH OHYDP DV PHVPDV D PDQLIHVWDUHPVH 3DUD XPD PHOKRU FRPSUHHQVmR GR SDUTXH KDELWDFLRQDO GD FLGDGH GH 9LVHX SURFHGHXVH j HODERUDomR GR 4XDGUR  TXH SUHWHQGH HYLGHQFLDU DOJXQV LQGLFDGRUHV FDUDFWHUtVWLFRV GDV FRQVWUXo}HV OLFHQFLDGDV 3DUD WDO UHFRUUHXVH D DOJXQV LQGLFDGRUHV REWLGRV DWUDYpV GH XP HVWXGR UHDOL]DGR HP  SHOR ,QVWLWXWR 1DFLRQDO GH (VWDWtVWLFD >@ 7RGRV RV YDORUHV DSUHVHQWDGRV VmR UHIHUHQWHV DRV SURFHVVRV H[HFXWDGRV QR DQR HP TXH R HVWXGR IRL UHDOL]DGR 7RGDV DV LQIRUPDo}HV REWLGDV SDUD FDGD HGLItFLR WLYHUDP SRU EDVH XPD DQiOLVH DRV UHVSHWLYRV SURMHWRV GH OLFHQFLDPHQWR TXDQGR DFHVVtYHLV
  • 73.  YLVXDOL]Do}HV LQVLWX H LQTXpULWRV DRV SURSULHWiULRV  KDELWDQWHV
  • 74.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  &DUDFWHUL]DomR GR SDUTXH KDELWDFLRQDO GH 9LVHX GDGRV UHIHUHQWHV D 
  • 75. ,1',&$'25(6 1ž (GLItFLRV FRQFOXtGRV  )RJRV FRQFOXtGRV HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  $ORMDPHQWRV IDPLOLDUHV H[LVWHQWHV  3LVRV SRU HGLItFLR OLFHQFLDGR HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  'LYLV}HV SRU IRJR OLFHQFLDGR HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  5HFRQVWUXo}HV OLFHQFLDGDV SRU  FRQVWUXo}HV QRYDV OLFHQFLDGDV  0RUDGLDV QRYDV FRQFOXtGDV SDUD KDELWDomR IDPLOLDU  (GLItFLRV GH DSDUWDPHQWRV OLFHQFLDGRV HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  ,1',&$'25(6 P 6XSHUItFLH KDELWiYHO GDV GLYLV}HV OLFHQFLDGDV HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  6XSHUItFLH KDELWiYHO PpGLD GDV GLYLV}HV OLFHQFLDGDV HP FRQVWUXo}HV QRYDV SDUD KDELWDomR IDPLOLDU  1D ILJXUD VHJXLQWH HVWi UHSUHVHQWDGD GH IRUPD HVTXHPiWLFD D ORFDOL]DomR GRV HGLItFLRV HP DQiOLVH QD FLGDGH GH 9LVHX 'XDV GDV KDELWDo}HV XQLIDPLOLDUHV H XPD PXOWLIDPLOLDU VLWXDPVH QD IUHJXHVLD GR &DPSR D RXWUD HVWi LPSODQWDGD QD IUHJXHVLD GH $EUDYHVHV DPEDV DV IUHJXHVLDV VLWXDPVH D QRUWH GD FLGDGH
  • 76. 
  • 77.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LJXUD  /RFDOL]DomR GD FLGDGH H IUHJXHVLDV GDV KDELWDo}HV  $SUHVHQWDomR GRV HGLItFLRV  +DELWDomR XQLIDPLOLDU 8
  • 78.  'HVFULomR JHUDO 2 HGLItFLR 8 WUDWDVH GH XPD KDELWDomR FRQVWUXtGD HP  VLWXDGD HP IUHJXHVLD GR &DPSR HP 9LVHX $SUHVHQWD XPD IRUPD DSUR[LPDGDPHQWH UH VHQGR R 5pVGR&KmR FRQVWLWXtGR SRU FR]LQKD VDOD GH MDQWDU VDOD GH HV TXDUWRV H GXDV LQVWDODo}HV VDQLWiULDV H R DQGDU GH VDQLWiULD $ FDYH VHUYH DSHQDV GH JDUD HGLItFLR QD ]RQD GR WHUUHQR TXH FRQILQD FRP R DU HQFRQWUDPVH SDVVHLRV TXH SHUPLWHP D H[LVWH WHUUHQR GH FXOWLYR $ iUHD GH LPSODQWDomR GR $SyV D VXD FRQVWUXomR R HGLItFLR DLQGD QmR IRL VXE PDQXWHQomR  UHDELOLWDomR $SUHVHQWDVH GH VHJXLGD XPD ILJXUD FRP D UHSUHVHQWDomR XQLIDPLOLDU 8  7RGDV DV LQIRUPDo}HV REWLGDV OLFHQFLDPHQWR TXDQGR DFHVVtYHLV
  • 79.  YLVXDOL]Do}HV ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /RFDOL]DomR GD FLGDGH H IUHJXHVLDV GDV KDELWDo}HV DQDOLVDGDV > $SUHVHQWDomR GRV HGLItFLRV QLIDPLOLDU 8
  • 80. 'HVFULomR JHUDO VH GH XPD KDELWDomR FRQVWUXtGD HP  VLWXDGD HP R &DPSR HP 9LVHX R[LPDGDPHQWH UHWDQJXODU FRQVWLWXtGD SRU GRLV SLVRV DFL FRQVWLWXtGR SRU FR]LQKD VDOD GH MDQWDU VDOD GH HV TXDUWRV H GXDV LQVWDODo}HV VDQLWiULDV H R DQGDU GHVWLQDGR D  TXDUWRV H XPD LQVWDODomR VDQLWiULD $ FDYH VHUYH DSHQDV GH JDUDJHP H DUUXPRV $SUHVHQWD WHUUD DMDUGLQDGD QD ]RQD GR WHUUHQR TXH FRQILQD FRP R DUUXDPHQWR S~EOLFR /DWHUDOPHQWH DR HGLItFLR VH SDVVHLRV TXH SHUPLWHP D SDVVDJHP SDUD D SDUWH SRVWHULRU GR ORWH H QDV WUDV H[LVWH WHUUHQR GH FXOWLYR $ iUHD GH LPSODQWDomR GR HGLItFLR p GH  P  $SyV D VXD FRQVWUXomR R HGLItFLR DLQGD QmR IRL VXEPHWLGR D TXDOTXHU LQWHUYHQomR GH H GH VHJXLGD XPD ILJXUD FRP D UHSUHVHQWDomR GR DOoDGR SULQFLSDO GD KDELWDomR 7RGDV DV LQIRUPDo}HV REWLGDV SDUD FDGD HGLItFLR WLYHUDP SRU EDVH XPD DQiOLVH DRV UHVSH OLFHQFLDPHQWR TXDQGR DFHVVtYHLV
  • 81.  YLVXDOL]Do}HV LQVLWX H LQTXpULWRV DRV SURSULHWiULRV  KDELWDQWHV BBBBBBBBBBBBBBBBBBBBBB   /RFDOL]DomR GD FLGDGH H IUHJXHVLDV GDV KDELWDo}HV DQDOLVDGDV >@ VH GH XPD KDELWDomR FRQVWUXtGD HP  VLWXDGD HP 0RXUH GH 0DGDOHQD WDQJXODU FRQVWLWXtGD SRU GRLV SLVRV DFLPD GR VROR FRQVWLWXtGR SRU FR]LQKD VDOD GH MDQWDU VDOD GH HVWDU HVFULWyULR GRLV LQDGR D  TXDUWRV H XPD LQVWDODomR JHP H DUUXPRV $SUHVHQWD WHUUD DMDUGLQDGD H DFHVVRV DR DWHUDOPHQWH DR HGLItFLR SDVVDJHP SDUD D SDUWH SRVWHULRU GR ORWH H QDV WUDVHLUDV  PHWLGR D TXDOTXHU LQWHUYHQomR GH GR DOoDGR SULQFLSDO GD KDELWDomR SRU EDVH XPD DQiOLVH DRV UHVSHWLYRV SURMHWRV GH H LQTXpULWRV DRV SURSULHWiULRV  KDELWDQWHV
  • 82.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $OoDGR SULQFLSDO 3ODQWD GR 5& )LJXUD  +DELWDomR 8  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR QmR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV GR WLSR PRQRPDVVD GH FRU EUDQFD FRP DFDEDPHQWR HP ³FDVFD GH FDUYDOKR´ )LJXUD 
  • 83.  )LJXUD  5HYHVWLPHQWR H[WHULRU ĺ $V IXQGDo}HV VmR HP EHWmR DUPDGR FRQVWLWXtGDV SRU VDSDWDV H YLJDV GH IXQGDomR 1mR p IHLWD QHQKXPD UHIHUrQFLD DFHUFD GD H[HFXomR GH XP FRUWH FDSLODU VRE DV IXQGDo}HV (VWH SRGHULD VHU FRQVHJXLGR DWUDYpV GD FRORFDomR GH XPD IROKD GH SROLHWLOHQR FRP HVSHVVXUD VXSHULRU D  PP VRE DV IXQGDo}HV GHYHQGR WHUVH HP DWHQomR D H[LJrQFLD GH (VFDOD DSUR[
  • 84.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  FRQWLQXLGDGH GR FRUWH FDSLODU RX HP DOWHUQDWLYD FRUWH FDSLODU ³WUDGLFLRQDO´
  • 85. DEUDQJHQGR SDYLPHQWR H SDUHGH YHU $QH[R $
  • 86.  ĺ 6REUH R SDYLPHQWR WpUUHR GD FDYH WDPEpP QmR p GDGD QHQKXPD LQIRUPDomR DFHUFD GD HYHQWXDO H[HFXomR GH XP FRUWH FDSLODU ĺ )RL H[HFXWDGR WDQWR QD SHULIHULD FRPR QR LQWHULRU GR SHUtPHWUR GD KDELWDomR VLVWHPD GH GUHQDJHP GDV iJXDV IUHiWLFDV FRP WXER HP 39& SHUIXUDGR FRP GLkPHWUR GH ‘ PP DVVHQWH D XPD SURIXQGLGDGH FRLQFLGHQWH FRP D GD IDFH VXSHULRU GDV VDSDWDV SURWHJLGR SRU XPD FDPDGD GUHQDQWH GH EULWD FRP  FP GH HVSHVVXUD HQYROYLGD HP JHRWr[WLO YHU SRQWR $ GR $QH[R $
  • 87.  $V iJXDV VmR HQFDPLQKDGDV SDUD XPD FDL[D GH YLVLWD FRPR VH DSUHVHQWD QD )LJXUD  H SRVWHULRUPHQWH FRQGX]LGDV SRU JUDYLGDGH SDUD D JXLD GR DUUXDPHQWR S~EOLFR XPD YH] TXH QR ORFDO QmR H[LVWH UHGH S~EOLFD GH GUHQDJHP GH iJXDV SOXYLDLV )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GD KDELWDomR 8 ĺ $V SDUHGHV GD FDYH TXH VH HQFRQWUDP HQWHUUDGDV HVWmR LPSHUPHDELOL]DGDV FRQIRUPH LQGLFDomR GR SURMHWR H WDPEpP GH DFRUGR FRP LQIRUPDo}HV WUDQVPLWLGDV SHOR SURSULHWiULR 6mR SDUHGHV HP EHWmR DUPDGR FRP  FP GH HVSHVVXUD TXH QD IDFH H[WHULRU HP FRQWDFWR FRP R WHUUHQR VXSRUWDGR
  • 88.  IRUDP LPSHUPHDELOL]DGDV DWUDYpV GH XP VLVWHPD FRQVWLWXtGR SRU GXDV PHPEUDQDV GH EHWXPHSROtPHUR )RL WDPEpP FRORFDGD XPD PHPEUDQD GUHQDQWH QD IDFH H[WHULRU GDV PHPEUDQDV FRQIRUPH ILJXUD GR SRQWR $ DSUHVHQWDGD QR $QH[R $ ĺ $V UHVWDQWHV SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP  FDL[DGHDU GH  FP  LVRODPHQWR WpUPLFR ;36
  • 89. GH  FP  SDQR LQWHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP e QRWyULD D IDOWD GH SRUPHQRUL]DomR HP SURMHWR UHODWLYDPHQWH j LQGLFDomR GD FRUUHWD H[HFXomR GHVWHV HOHPHQWRV $OpP GLVVR QmR VmR YLVtYHLV TXDLVTXHU WXERV GH GUHQDJHP GD FDL[DGHDU QD IDFH H[WHULRU GDV IDFKDGDV
  • 90.  'HYLGR D HVWHV IDFWRV SRGHUi FRQFOXLUVH TXH PXLWR GLILFLOPHQWH D SDUHGH 6HP HVFDOD
  • 91.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  GXSOD GD KDELWDomR WHQKD VLGR H[HFXWDGD GH PRGR D TXH SRVVD H[HUFHU D VXD IXQomR GH IRUPD HILFD] YHU SRUPHQRU LGHDO QR SRQWR $ GR $QH[R $
  • 92.  ĺ $ FRUUHWD H[HFXomR GDV DEHUWXUDV SDUD R H[WHULRU DVVXPH XP SDSHO PXLWR LPSRUWDQWH QR FRPSOHPHQWR GD HVWDQTXLGDGH H LVRODPHQWR GD HQYROYHQWH 1HVWD KDELWDomR RV YmRV HQYLGUDoDGRV VmR FRQVWLWXtGRV SRU SHLWRULV HP JUDQLWR D]XO WDO FRPR DV RPEUHLUDV H WRUoDV GRV PHVPRV
  • 93.  MDQHODV GH FRUUHU FRP FDL[LOKDULD HP DOXPtQLR ODFDGR YLGUR GXSOR LQFRORU  PP
  • 94. H D SURWHomR VRODU H[WHULRU p FRQVHJXLGD DWUDYpV GH HVWRUHV FRP ³UpJXDV SOiVWLFDV´ GH FRU YHUGH $V FDL[DV GH HVWRUH VmR HP EHWmR VHP TXDOTXHU WLSR GH LVRODPHQWR WpUPLFR QD VXD FRQVWLWXLomR 1mR H[LVWH QHQKXPD SRUPHQRUL]DomR VREUH R PRGR FRPR p IHLWD D OLJDomR GR LVRODQWH WpUPLFR DRV SHLWRULV H jV RPEUHLUDV &RQVWDWD VH SRU LVVR TXH D FRUUHomR GD SRQWH WpUPLFD QmR HVWDUi GH DFRUGR FRP R DWXDO 5HJXODPHQWR GDV &DUDFWHUtVWLFDV GH &RPSRUWDPHQWR 7pUPLFR GRV (GLItFLRV  5&&7( '/  GH  GH DEULO
  • 95. >@ QHVVD ]RQD GD HQYROYHQWH D REVHUYkQFLD GR UHJXODPHQWR HP YLJRU QD DOWXUD GD FRQVWUXomR ± '/  GH  GH IHYHUHLUR >@ ± VHUi UHDOL]DGD QR SRQWR 
  • 96.  ĺ 1mR H[LVWH WDPEpP TXDOTXHU LQGLFDomR QR SURMHWR TXH IDoD UHIHUrQFLD j FRUUHomR GDV SRQWHV WpUPLFDV MXQWR GRV SLODUHV YLJDV H DEHUWXUDV GH YmRV FRPR UHFRPHQGD R 5&&7( YHU SRQWR $ GR $QH[R $
  • 97.  2 LVRODPHQWR WpUPLFR GHYH VHU SURORQJDGR DWp j ODMH VXSHULRU QD IDFH ODWHUDO LQWHULRU GD YLJD VHQGR TXH QHVWH ORFDO D VXD HVSHVVXUD GHYHUi VHU QR PtQLPR DSUR[LPDGDPHQWH PHWDGH GD HVSHVVXUD XWLOL]DGD HP ]RQD FRUUHQWH XPD YH] TXH R UHJXODPHQWR SUHFRQL]D TXH R FRHILFLHQWH GH WUDQVPLVVmR WpUPLFD HP ]RQDV GH SRQWHV WpUPLFDV GHYH VHU PHQRU RX LJXDO DR GREUR GR VHX YDORU SDUD DV ]RQDV FRUUHQWHV ĺ 2V SHLWRULV VmR HP JUDQLWR D]XO FRPR Mi IRL UHIHULGR FRP  FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR H[WHULRU SDUD TXH D TXHGD GH iJXD QmR VH IDoD SHOR UHYHVWLPHQWR $ SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH  FP R TXH p IUDQFDPHQWH LQVXILFLHQWH SDUD JDUDQWLU XPD DGHTXDGD TXHGD GD iJXD $ SDUWH LQWHULRU GR SHLWRULO p GR PHVPR PDWHULDO QmR VH HYLWDQGR DVVLP SRQWHV WpUPLFDV QHVVD ]RQD $ IDFH VXSHULRU p SODQD GH UHIHULU TXH D LQFOLQDomR PtQLPD QDV UHFRPHQGDo}HV WpFQLFDV IUDQFHVDV p GH   GH PRGR D IDFLOLWDU R HVFRDPHQWR GD iJXD QD VXSHUItFLH HYLWDQGR DVVLP HYHQWXDLV LQILOWUDo}HV
  • 98.  $ LQVHUomR GRV SHLWRULV QDV RPEUHLUDV p GH  FP VHQGR TXH GHYHULD VHU GH SHOR PHQRV  FP GH DFRUGR FRP DV UHFRPHQGDo}HV WpFQLFDV IUDQFHVDV
  • 99.  VHP TXH KDMD UHPDWH FRP PiVWLTXH >@ 3DUD XPD PDLV IiFLO FRPSUHHQVmR GD H[HFXomR FRUUHWD GH XP SHLWRULO UHFRPHQGDVH YHU D ILJXUD DSUHVHQWDGD QR SRQWR $ GR $QH[R $ ĺ $ ODMH GH FREHUWXUD p LQFOLQDGD FRP ž GH SHQGHQWH LQFOLQDomR GHPDVLDGR EDL[D SDUD FREHUWXUDV HP WHOKD FHUkPLFD
  • 100.  DOLJHLUDGD FRP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV VREUH D TXDO IRL FRORFDGR R LVRODPHQWR WpUPLFR DWUDYpV GH SODFDV GH SROLHVWLUHQR H[WUXGLGR GH  FP (VWD VROXomR GH LVRODPHQWR QD FREHUWXUD QmR WHUi VLGR D RSomR PDLV FRUUHWD XPD YH] TXH VH WUDWD GH XPD FREHUWXUD VREUH GHVYmR QmR KDELWiYHO  (PERUD QD (1  WDPEpP FRQVWHP DOJXPDV UHFRPHQGDo}HV VREUH D FRQILJXUDomR GRV SHLWRULV DV UHFRPHQGDo}HV IUDQFHVDV '78 
  • 101. VmR PDLV FRPSOHWDV
  • 102.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  GHYHQGR R LVRODQWH WpUPLFR VHU FRORFDGR VREUH D ODMH GH HVWHLUD  ODMH GH SLVR GH VHSDUDomR HQWUH D KDELWDomR H R GHVYmR QmR KDELWiYHO YHU SRQWR $ GR $QH[R $
  • 103.  ĺ $ FREHUWXUD p UHYHVWLGD FRP WHOKD FHUkPLFD FRPR p YLVtYHO QD )LJXUD  e QRWyULD D DXVrQFLD GH TXDLVTXHU WHOKDV GH YHQWLODomR QD FREHUWXUD GD KDELWDomR R TXH GLILFXOWD D YHQWLODomR VRE R PDWHULDO FHUkPLFR SDUD D VHFDJHP GD iJXD GD FKXYD DEVRUYLGD SHODV WHOKDV ĺ $ GUHQDJHP GDV iJXDV SURYHQLHQWHV GD FREHUWXUD p IHLWD DWUDYpV GH FDOHLUDV H WXERV GH TXHGD HP DOXPtQLR GH FRU YHUGH RV TXDLV OLJDP j UHGH SUHGLDO GH GUHQDJHP GH iJXDV SOXYLDLV TXH DV FRQGX] DWp j JXLD GR DUUXDPHQWR S~EOLFR +DELWDomR XQLIDPLOLDU 8
  • 104.  'HVFULomR JHUDO $ KDELWDomR XQLIDPLOLDU Q~PHUR GRLV 8 WUDWDVH GH XPD KDELWDomR FRQVWUXtGD HP  VLWXDGD HP %DVVDU IUHJXHVLD GR &DPSR HP 9LVHX 2 HGLItFLR DSUHVHQWD XPD IRUPD DSUR[LPDGDPHQWH TXDGUDGD FRQVWLWXtGD SRU GRLV SLVRV DFLPD GR VROR VHQGR R 5pVGR&KmR FRQVWLWXtGR SRU FR]LQKD VDOD GH MDQWDU VDOD GH HVWDU XP TXDUWRV H GXDV LQVWDODo}HV VDQLWiULDV H R DQGDU GHVWLQDGR D  TXDUWRV H  LQVWDODo}HV VDQLWiULDV $ FDYH VHUYH DSHQDV GH JDUDJHP H DUUXPRV $SUHVHQWD WHUUD DMDUGLQDGD H DFHVVRV DR HGLItFLR QD ]RQD GR WHUUHQR TXH FRQILQD FRP R DUUXDPHQWR S~EOLFR /DWHUDOPHQWH DR HGLItFLR HQFRQWUDPVH SDVVHLRV H WHUUHQR DMDUGLQDGR TXH SHUPLWHP D SDVVDJHP SDUD D SDUWH SRVWHULRU GR ORWH H QDV WUDVHLUDV H[LVWH WHUUHQR WDPEpP DMDUGLQDGR $ iUHD GH LPSODQWDomR GR HGLItFLR p GH  P  $SyV D VXD FRQVWUXomR R HGLItFLR IRL VXEPHWLGR D XPD LQWHUYHQomR GH UHSDUDomR QD FREHUWXUD PDLV FRQFUHWDPHQWH QD VXEVWLWXLomR GDV WHODV HP EHWXPHSROtPHUR FRORFDGDV SDUD D LPSHUPHDELOL]DomR GRV ODUyV ³OLPDV PRUWDV´
  • 105.  SRU UXIRV PHWiOLFRV HP FKDSD ]LQFDGD GHYLGR DR DSDUHFLPHQWR GH KXPLGDGH HP YiULRV ORFDLV GD KDELWDomR VLWXDGRV VRE HVVHV SRQWRV $SUHVHQWDVH GH VHJXLGD XPD ILJXUD FRP D UHSUHVHQWDomR GR DOoDGR SULQFLSDO GD KDELWDomR XQLIDPLOLDU 8
  • 106.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $OoDGR SULQFLSDO 3ODQWD GR 5& )LJXUD  +DELWDomR 8  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV FRP DFDEDPHQWR HP DUHDGR GH FRU DPDUHOD ĺ $V IXQGDo}HV VmR HP EHWmR DUPDGR FRQVWLWXtGDV SRU VDSDWDV H YLJDV GH IXQGDomR 7DO FRPR QR HGLItFLR DQWHULRU QmR p IHLWD QHQKXPD UHIHUrQFLD DFHUFD GD H[HFXomR GH XP FRUWH FDSLODU VRE DV IXQGDo}HV RX QR SDYLPHQWR WpUUHR GD FDYH YHU SRQWR $ GR $QH[R $ VREUH SRUPHQRU GH H[HFXomR SDUD HVWH FDVR
  • 107.  ĺ (P SURMHWR QmR p IHLWD QHQKXPD UHIHUrQFLD j HYHQWXDO H[HFXomR GR VLVWHPD SDUD GUHQDJHP GDV iJXDV SOXYLDLV H GR VXEVROR HPERUD H[LVWD XP SRoR GH ERPEDJHP SDUD RQGH HVFRDP GRLV WXERV HP 39& SHUIXUDGR TXH VH MXOJDP SHUPLWLU D GUHQDJHP GDV iJXDV IUHiWLFDV 3DUD HVWH SRoR VmR HQFDPLQKDGDV DLQGD DV iJXDV GR FDQDOHWH H[LVWHQWH MXQWR j SRUWD GD JDUDJHP FRPR VH SRGH REVHUYDU QD ILJXUD VHJXLQWH
  • 108. H SDUD R TXDO VmR HQFDPLQKDGDV DV iJXDV SURYHQLHQWHV GD UDPSD GH DFHVVR j PHVPD 1R HQWDQWR H FRPR VH SRGH REVHUYDU QD PHVPD ILJXUD R GHVQtYHO HQWUH D JUHOKD H R SLVR LQWHULRU p LQH[LVWHQWH R TXH SRGHUi IDFLOLWDU D HQWUDGD GH iJXD SDUD R LQWHULRU GD KDELWDomR (VF
  • 109.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  ÏUJmRV GH GUHQDJHP GDV iJXDV GD FDYH ĺ 1DV SDUHGHV GD FDYH TXH VH HQFRQWUDP HQWHUUDGDV p YLVtYHO HP DOJXQV ORFDLV D H[LVWrQFLD GH XPD PHPEUDQD GUHQDQWH 1R HQWDQWR QmR VH FRQVHJXLX FRQFOXLU VREUH D HYHQWXDO FRORFDomR GH WHODV HP EHWXPHSROtPHUR 6mR FRQVWLWXtGDV SRU SDUHGHV HP EHWmR DUPDGR FRP  FP GH HVSHVVXUD ĺ $V SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP  FDL[DGHDU GH  FP  LVRODPHQWR WpUPLFR ;36
  • 110. GH  FP  SDQR LQWHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP 7DO FRPR UHIHULGR QR HGLItFLR 8 p LQH[LVWHQWH D SRUPHQRUL]DomR VREUH FRUUHWD H[HFXomR H GUHQDJHP GHVWHV HOHPHQWRV YHU SRUPHQRU FRUUHWR QR SRQWR $ GR $QH[R $
  • 111.  ĺ 2V YmRV HQYLGUDoDGRV VmR FRQVWLWXtGRV SRU SHLWRULV HP JUDQLWR D]XO WDO FRPR DV RPEUHLUDV H WRUoDV GRV PHVPRV $V MDQHODV VmR GH FRUUHU FRP FDL[LOKDULD HP DOXPtQLR ODFDGR GH FRU SUHWD YLGUR GXSOR LQFRORU  PP
  • 112.  H D SURWHomR VRODU H[WHULRU p REWLGD DWUDYpV GH SRUWDGDV WDPEpP HP DOXPtQLR GH FRU SUHWD FRP OkPLQDV RULHQWiYHLV 1mR H[LVWH QHQKXPD SRUPHQRUL]DomR VREUH R PRGR FRPR p IHLWD D OLJDomR GR LVRODQWH WpUPLFR DRV SHLWRULV H jV RPEUHLUDV DV REVHUYDo}HV VREUH D FRUUHomR GDV SRQWHV WpUPLFDV UHIHULGDV VREUH 8 VmR WDPEpP YiOLGDV QHVWH FDVR
  • 113.  ĺ 2V SHLWRULV HP JUDQLWR D]XO DSUHVHQWDP  FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR H[WHULRU SDUD WHQWDU HYLWDU D TXHGD GH iJXD SHOR UHYHVWLPHQWR $ SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH  FP R TXH p IUDQFDPHQWH LQVXILFLHQWH SDUD JDUDQWLU XPD DGHTXDGD TXHGD GD iJXD $ IDFH VXSHULRU p SODQD D LQVHUomR GRV SHLWRULV QDV RPEUHLUDV p GH  FP VHP TXH KDMD UHPDWH FRP PiVWLTXH YHU SRUPHQRU FRUUHWR GHVWHV HOHPHQWRV QR SRQWR $ HP $QH[R
  • 114.  ĺ $ ODMH GH HVWHLUD p WDPEpP DOLJHLUDGD HP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV VREUH D TXDO IRL FRORFDGR R LVRODPHQWR WpUPLFR HP SODFDV GH SROLHVWLUHQR H[WUXGLGR FRP  FP GH HVSHVVXUD 8PD YH] TXH VH WUDWD GH XP GHVYmR QmR ~WLO FRQFOXL VH TXH D ORFDOL]DomR GR LVRODQWH p D FRUUHWD 1mR H[LVWH QHQKXP SRUPHQRU TXH LOXVWUH R SURORQJDPHQWR GR LVRODQWH QDV SDUHGHV YHUWLFDLV H[LVWHQWHV QHVVH GHVYmR H[HFXomR TXH PLQLPL]D DV SRQWHV WpUPLFDV OLQHDUHV
  • 115.  ĺ $ GUHQDJHP GDV iJXDV SURYHQLHQWHV GD FREHUWXUD p IHLWD DWUDYpV GH FDOHLUDV H WXERV GH TXHGD HP DOXPtQLR GH FRU SUHWD 3RoR GH %RPEDJHP &DQDOHWH FRP JUHOKD PHWiOLFD
  • 116.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   +DELWDomR PXOWLIDPLOLDU 0
  • 117.  'HVFULomR JHUDO $ KDELWDomR PXOWLIDPLOLDU Q~PHUR XP 0 WUDWDVH GH XP HGLItFLR GH KDELWDomR FRQVWUXtGR HP  GHVLJQDGR SRU ORWH Qž  VLWXDGR HP $EUDYHVHV IUHJXHVLD GH $EUDYHVHV HP 9LVHX $ IUDomR GR ž 'WR IRL D ~QLFD IUDomR YLVLWDGD 2 HGLItFLR DSUHVHQWD XPD IRUPD DSUR[LPDGDPHQWH UHWDQJXODU FRQVWLWXtGR SRU TXDWUR SLVRV DFLPD GR VROR H XP DEDL[R GR VROR &RQWpP  IRJRV  GRV TXDLV VmR GH WLSRORJLD 7 H RV UHVWDQWHV GR WLSR 7 7RGRV RV IRJRV VmR FRQVWLWXtGRV SRU FR]LQKD VDOD GH MDQWDU H GH HVWDU TXDUWRV GHVSHQVD H LQVWDODo}HV VDQLWiULDV $ FDYH VHUYH GH JDUDJHP H DUUXPRV 2 DFHVVR DR HGLItFLR p IHLWR SHOR DOoDGR SULQFLSDO R TXDO HVWi DSUHVHQWDGR QD LPDJHP VHJXLQWH 3DUD DV JDUDJHQV R DFHVVR p IHLWR SHOD SDUWH SRVWHULRU GR HGLItFLR $ iUHD GH LPSODQWDomR GR HGLItFLR p GH DSUR[LPDGDPHQWH  P  $SyV D VXD FRQVWUXomR R HGLItFLR IRL VXEPHWLGR D XPD LQWHUYHQomR GH FRQVHUYDomR TXH FRQVLVWLX QD VXD SLQWXUD WRWDO H[WHULRU QR GHFRUUHU GR DQR GH  1D ILJXUD VHJXLQWH VmR UHSUHVHQWDGRV RV DOoDGRV SULQFLSDO H SRVWHULRU QD TXDO VH LGHQWLILFD DLQGD DWUDYpV GH UHWkQJXOR D IUDomR DQDOLVDGD QHVWD GLVVHUWDomR $OoDGR SULQFLSDO $OoDGR SRVWHULRU
  • 118.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3ODQWD GR SLVR WLSR /(*(1'$ ,GHQWLILFDomR GD IUDomR DQDOLVDGD )LJXUD  $VSHWR JHUDO GR HGLItFLR 0
  • 119.  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV ODMHV PDFLoDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV GR HGLItFLR ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV FRP DFDEDPHQWR HP DUHDGR GH FRU EHJH ĺ $V IXQGDo}HV VmR HP EHWmR DUPDGR FRQVWLWXtGDV SRU VDSDWDV H YLJDV GH IXQGDomR 2 SDYLPHQWR GD FDYH p WpUUHR 3DUD TXDOTXHU XP GHVWHV HOHPHQWRV QmR p IHLWD QHQKXPD UHIHUrQFLD DFHUFD GD H[HFXomR GH XP FRUWH FDSLODU FRQWtQXR VRE DV IXQGDo}HV YHU SRQWR $ HP $QH[R VREUH SRUPHQRU GH H[HFXomR SDUD HVWH FDVR
  • 120.  ĺ )RL H[HFXWDGR QR LQWHULRU GR SHUtPHWUR GR HGLItFLR XP VLVWHPD SDUD D GUHQDJHP GDV iJXDV SOXYLDLV H GR VXEVROR FRP WXER HP 39& SHUIXUDGR FRP GLkPHWUR GH ‘ PP DVVHQWH D XPD SURIXQGLGDGH FRLQFLGHQWH FRP D GD IDFH VXSHULRU GDV VDSDWDV SURWHJLGR SRU XPD FDPDGD GUHQDQWH GH EULWD FRP  FP GH HVSHVVXUD HQYROYLGD HP JHRWr[WLO YHU SRQWR $ HP $QH[R
  • 121.  $V iJXDV VmR HQFDPLQKDGDV SDUD D UHGH S~EOLFD GH GUHQDJHP GH iJXDV SOXYLDLV SRU JUDYLGDGH FRPR VH DSUHVHQWD HVTXHPDWLFDPHQWH QD ILJXUD VHJXLQWH (VF
  • 122.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GR HGLItFLR 0 ĺ $V SDUHGHV HQWHUUDGDV GD FDYH HP EHWmR DUPDGR FRP  FP GH HVSHVVXUD HVWmR LPSHUPHDELOL]DGDV FRQIRUPH LQGLFDomR GR SURMHWR SRU XP VLVWHPD FRQVWLWXtGR SRU PHPEUDQDV HP EHWXPHSROtPHUR 1mR H[LVWH LQIRUPDomR DFHUFD GD FRORFDomR GH XPD PHPEUDQD GUHQDQWH QD IDFH H[WHULRU GDV PHPEUDQDV GH DVIiOWLFDV YHU SRQWR $ HP $QH[R
  • 123.  ĺ $V SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP  FDL[DGHDU GH  FP  LVRODPHQWR WpUPLFR (36
  • 124. GH  FP  SDQR LQWHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP 1D ]RQD GD PDUTXLVH D SDUHGH p VLPSOHV FRQVWLWXtGD SRU WLMROR FHUkPLFR IXUDGR GH  FP 7DO FRPR QRV HGLItFLRV GHVFULWRV DQWHULRUPHQWH p QRWyULD D IDOWD GH SRUPHQRUL]DomR H D LQHILFLHQWH GUHQDJHP GHVWHV HOHPHQWRV YHU XP SRUPHQRU FRUUHWR QR SRQWR $ HP $QH[R
  • 125.  ĺ 5HODWLYDPHQWH DRV YmRV DV MDQHODV VmR GH FRUUHU FRP FDL[LOKDULD HP DOXPtQLR ODFDGR GH FRU EUDQFD H D SURWHomR VRODU H[WHULRU p REWLGD DWUDYpV GH HVWRUHV FRP ³UpJXDV SOiVWLFDV´ GH FRU EUDQFD ([FHWR QD FR]LQKD HP TXH p XWLOL]DGR YLGUR GXSOR LQFRORU  PP
  • 126.  QRV UHVWDQWHV FRPSDUWLPHQWRV IRL XVDGR YLGUR VLPSOHV LQFRORU  PP
  • 127.  $V FDL[DV GH HVWRUH VmR HP EHWmR VHP TXDOTXHU WLSR GH LVRODPHQWR WpUPLFR QD VXD FRQVWLWXLomR DV REVHUYDo}HV VREUH D FRUUHomR GDV SRQWHV WpUPLFDV UHIHULGDV QRV HGLItFLRV DQWHULRUHV VmR WDPEpP YiOLGDV QHVWH FDVR
  • 128.  ĺ 2V SHLWRULV VmR HP JUDQLWR D]XO FRP  FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR D SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH  FP DV UHFRPHQGDo}HV IUDQFHVDV LQGLFDP  FP SHOR TXH Mi p XPD VROXomR UD]RiYHO FRPSDUDQGR FRP RV HGLItFLRV DQWHULRUHV
  • 129.  D IDFH VXSHULRU QmR DSUHVHQWD TXDOTXHU LQFOLQDomR H D LQVHUomR GRV 6HP HVFDOD
  • 130.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  PHVPRV QDV RPEUHLUDV p GH  FP VHP TXH KDMD UHPDWH GDV MXQWDV FRP PiVWLTXH 3HOR LQWHULRU R SHLWRULO p GR PHVPR PDWHULDO QmR VH HYLWDQGR DVVLP SRQWHV WpUPLFDV QHVVD ]RQD QR SRQWR $ HP $QH[R HQFRQWUDVH XP SRUPHQRU FRP D H[HFXomR FRUUHWD GH XP SHLWRULO
  • 131.  ĺ $ ODMH GH HVWHLUD p WDPEpP DOLJHLUDGD HP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV 8PD YH] TXH VH WUDWD GH XP GHVYmR QmR ~WLO FRQFOXLVH TXH VREUH HVWD ODMH GHYHULD WHU VLGR FRORFDGR R LVRODPHQWR WpUPLFR PDV QmR H[LVWH QHQKXP SRUPHQRU RX LQIRUPDomR HP SURMHWR TXH IDoD UHIHUrQFLD D HVVD VLWXDomR ĺ $ FREHUWXUD p UHYHVWLGD FRP WHOKD FHUkPLFD H D VXD GUHQDJHP p IHLWD DWUDYpV GH FDOHLUDV HP DOXPtQLR GH FRU YHUGH H WXERV GH TXHGD HP 39& GH FRU EHJH RV TXDLV OLJDP j UHGH SUHGLDO GH GUHQDJHP GH iJXDV SOXYLDLV TXH DV FRQGX] DWp j UHGH S~EOLFD GH GUHQDJHP GH iJXDV SOXYLDLV +DELWDomR PXOWLIDPLOLDU 0
  • 132.  'HVFULomR JHUDO $ KDELWDomR PXOWLIDPLOLDU Q~PHUR GRLV 0 WUDWDVH GH XP HGLItFLR GH KDELWDomR FRQVWUXtGR HP  GHVLJQDGR SRU ORWH Qž  VLWR HP $EUDYHVHV IUHJXHVLD GH $EUDYHVHV HP 9LVHX $ IUDomR 5 QR ž DQGDU IRL D ~QLFD IUDomR YLVLWDGD 2 HGLItFLR DSUHVHQWD XPD IRUPD HP ³/´ FRQVWLWXtGR SRU TXDWUR SLVRV DFLPD GR VROR H XP DEDL[R GR VROR &RQWpP  IRJRV  GRV TXDLV VmR GH WLSRORJLD 7 H RV UHVWDQWHV GR WLSR 7 7RGRV RV IRJRV VmR FRQVWLWXtGRV SRU FR]LQKD VDOD GH MDQWDU H GH HVWDU TXDUWRV GHVSHQVD H LQVWDODo}HV VDQLWiULDV ([LVWH WDPEpP XP HVSDoR SDUD FRPpUFLR $ FDYH VHUYH GH JDUDJHP H DUUXPRV 2 DFHVVR DR HGLItFLR p IHLWR SHOR DOoDGR SULQFLSDO 3DUD DV JDUDJHQV R DFHVVR p IHLWR SHOD SDUWH SRVWHULRU GR HGLItFLR $ iUHD GH LPSODQWDomR GR HGLItFLR p GH DSUR[LPDGDPHQWH  P  $SyV D VXD FRQVWUXomR R HGLItFLR IRL VXEPHWLGR D XPD LQWHUYHQomR GH FRQVHUYDomR TXH FRQVLVWLX QD ODYDJHP GDV WHOKDV FHUkPLFDV QR GHFRUUHU GR DQR GH  1DV ILJXUDV VHJXLQWHV HVWmR UHSUHVHQWDGRV RV DOoDGRV SULQFLSDO SRVWHULRU H ODWHUDO HVTXHUGR GR HGLItFLR 0 QDV TXDLV VH LGHQWLILFD DLQGD DWUDYpV GH UHWkQJXOR D IUDomR DQDOLVDGD QHVWD GLVVHUWDomR
  • 133.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $OoDGR 3ULQFLSDO 3ODQWD GD IUDomR YLVLWDGD )LJXUD  $VSHWR GR HGLItFLR 0 $OoDGR SRVWHULRU $OoDGR ODWHUDO HVTXHUGR /(*(1'$ ,GHQWLILFDomR GD IUDomR DQDOLVDGD )LJXUD  $OoDGRV GR HGLItFLR 0  &DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV ODMHV PDFLoDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV GR HGLItFLR ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV FRP DFDEDPHQWR HP DUHDGR GH FRU EHJH ĺ $V IXQGDo}HV VmR HP EHWmR DUPDGR FRQVWLWXtGDV SRU VDSDWDV H YLJDV GH IXQGDomR VRE DV TXDLV IRL H[HFXWDGR XP FRUWH FDSLODU DWUDYpV GD FRORFDomR GH XPD IROKD GH SROLHWLOHQR YHU R SRQWR $ HP $QH[R
  • 134.  ĺ 1R SDYLPHQWR WpUUHR GD FDYH IRL H[HFXWDGR R FRUWH FDSLODU HPERUD QmR VH WHQKD FRQFOXtGR VREUH D VXD FRQWLQXLGDGH
  • 135.  DWUDYpV GH XPD IROKD GH SROLHWLOHQR (VF
  • 136.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ĺ )RL H[HFXWDGR WDQWR QR H[WHULRU FRPR QR LQWHULRU GR SHUtPHWUR GR HGLItFLR XP VLVWHPD GH GUHQDJHP GDV iJXDV GR VXEVROR H SOXYLDLV FRP WXER HP 39& SHUIXUDGR FRP GLkPHWUR GH ‘ PP DVVHQWH D XPD SURIXQGLGDGH FRLQFLGHQWH FRP D GD IDFH VXSHULRU GDV VDSDWDV SURWHJLGR SRU XPD FDPDGD GUHQDQWH GH EULWD FRP  FP GH HVSHVVXUD HQYROYLGD HP JHRWr[WLO YHU SRQWR $ HP $QH[R
  • 137.  $V iJXDV VmR JXLDGDV SDUD XP SRoR GH ERPEDJHP DWUDYpV GR TXDO VH HOHYD D iJXD SDUD D FDL[D GH YLVLWD D XPD FRWD VXSHULRU H SRVWHULRUPHQWH HVWD p HQFDPLQKDGDV SDUD D UHGH S~EOLFD GH GUHQDJHP GH iJXDV SOXYLDLV FRPR VH DSUHVHQWD QD ILJXUD VHJXLQWH )LJXUD  (VTXHPD GR VLVWHPD GH GUHQDJHP GR HGLItFLR 0 ĺ $V SDUHGHV GD FDYH TXH VH HQFRQWUDP HQWHUUDGDV HVWmR LPSHUPHDELOL]DGDV FRQIRUPH LQGLFDomR GR SURMHWR 6mR SDUHGHV HP EHWmR DUPDGR FRP  FP GH HVSHVVXUD TXH QD IDFH H[WHULRU HP FRQWDFWR FRP R WHUUHQR VXSRUWDGR
  • 138. IRUDP LPSHUPHDELOL]DGDV DWUDYpV GH XP VLVWHPD FRQVWLWXtGR SRU PHPEUDQDV HP EHWXPHSROtPHUR ([LVWH WDPEpP LQIRUPDomR DFHUFD GD FRORFDomR GH XPD PHPEUDQD GUHQDQWH QD IDFH H[WHULRU GDV PHPEUDQDV EHWXPHSROtPHUR YHU R SRUPHQRU QR SRQWR $ HP $QH[R
  • 139.  ĺ $V SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP  FDL[DGHDU GH  FP  LVRODPHQWR WpUPLFR ;36
  • 140. GH FP  SDQR LQWHULRU HP WLMROR FHUkPLFR IXUDGR GH  FP DV REVHUYDo}HV VREUH D SRUPHQRUL]DomR H GUHQDJHP GHVWHV HOHPHQWRV UHIHULGDV QRV HGLItFLRV DQWHULRUHV VmR WDPEpP YiOLGDV QHVWH FDVR
  • 141.  3DUD PHOKRU FRPSUHHQVmR YHU R SRQWR $ HP $QH[R ĺ $V DEHUWXUDV GRV YmRV HQYLGUDoDGRV VmR FRQVWLWXtGRV SRU SHLWRULV HP JUDQLWR D]XO WDO FRPR DV RPEUHLUDV H WRUoDV GRV PHVPRV $V MDQHODV VmR GH FRUUHU FRP FDL[LOKDULD HP 6HP HVFDOD
  • 142.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  DOXPtQLR ODFDGR GH FRU EUDQFD YLGUR GXSOR LQFRORU  PP
  • 143. H D SURWHomR VRODU H[WHULRU p REWLGD DWUDYpV GH HVWRUHV FRP ³UpJXDV SOiVWLFDV´ GH FRU EUDQFD $V FDL[DV GH HVWRUH VmR HP EHWmR VHP TXDOTXHU WLSR GH LVRODPHQWR WpUPLFR QD VXD FRQVWLWXLomR 1mR H[LVWH QHQKXPD SRUPHQRUL]DomR VREUH R PRGR FRPR p IHLWD D OLJDomR GR LVRODQWH WpUPLFR DRV SHLWRULV H jV RPEUHLUDV DV REVHUYDo}HV VREUH D FRUUHomR GDV SRQWHV WpUPLFDV UHIHULGDV QRV HGLItFLRV DQWHULRUHV VmR WDPEpP YiOLGDV QHVWH FDVR
  • 144.  ĺ 2V SHLWRULV VmR HP JUDQLWR D]XO FRPR Mi IRL UHIHULGR FRP  FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR H[WHULRU $ SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH  FP R TXH p IUDQFDPHQWH LQVXILFLHQWH SDUD JDUDQWLU XPD DGHTXDGD TXHGD GD iJXD $ SDUWH LQWHULRU GR SHLWRULO p GR PHVPR PDWHULDO QmR VH HYLWDQGR DVVLP SRQWHV WpUPLFDV QHVVD ]RQD $ IDFH VXSHULRU p SODQD H FRQIRUPH Mi DQWHULRUPHQWH UHIHULGR QmR UHFRPHQGiYHO $ LQVHUomR GRV SHLWRULV QDV RPEUHLUDV p GH  FP WDO FRPR UHFRPHQGDGR QDV WpFQLFDV IUDQFHVDV
  • 145.  VHQGR TXH H[LVWH DLQGD XP UHPDWH FRP PiVWLTXH HQWUH R SHLWRULO H DV RPEUHLUDV 3DUD XPD PDLV IiFLO FRPSUHHQVmR GD H[HFXomR FRUUHWD GH XP SHLWRULO UHFRPHQGDVH YHU R SRQWR $ HP $QH[R ĺ $ ODMH GH HVWHLUD p WDPEpP DOLJHLUDGD HP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV 8PD YH] TXH VH WUDWD GH XP GHVYmR QmR ~WLO FRQFOXLVH TXH VREUH HVWD ODMH GHYHULD WHU VLGR FRORFDGR R LVRODPHQWR WpUPLFR PDV QmR H[LVWH QHQKXP SRUPHQRU RX LQIRUPDomR HP SURMHWR TXH IDoD UHIHUrQFLD D HVVH IDFWR ĺ $ ODMH GH FREHUWXUD p LQFOLQDGD FRP ž EDVWDQWH LQVXILFLHQWH SDUD FREHUWXUDV FRP WHOKD FHUkPLFD
  • 146.  DOLJHLUDGD FRP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV ĺ $ GUHQDJHP GDV iJXDV SURYHQLHQWHV GD FREHUWXUD p IHLWD DWUDYpV GH FDOHLUDV HP FKDSD GH ]LQFR GH FRU EUDQFD H WXERV GH TXHGD GR PHVPR PDWHULDO H FRU RV TXDLV OLJDP j UHGH SUHGLDO GH GUHQDJHP GH iJXDV SOXYLDLV TXH DV FRQGX] DWp j UHGH S~EOLFD GH GUHQDJHP GH iJXDV SOXYLDLV  &RQVLGHUDo}HV )LQDLV $WUDYpV GD LGHQWLILFDomR H FDUDFWHUL]DomR GRV YiULRV HGLItFLRV HP DQiOLVH IRL SRVVtYHO TXDOLILFDU RV YiULRV HOHPHQWRV FRQVWUXWLYRV TXH RV FRQVWLWXHP $VVLP FRQVWDWDVH TXH RV PpWRGRV FRQVWUXWLYRV XWLOL]DGRV IRUDP LGrQWLFRV ,VWR SRGHUVHi GHYHUVH QmR Vy j pSRFD GDV VXDV FRQVWUXo}HV H DR IDFWR GH VH VLWXDUHP WRGRV QD PHVPD UHJLmR PDV WDPEpP GHYLGR DRV PpWRGRV H SURFHVVRV GH FRQVWUXomR H[LVWHQWHV QD DOWXUD e FRQKHFLGR TXH DR ORQJR GR WHPSR WRGRV RV SURFHGLPHQWRV UHODWLYRV DR SURFHVVR GH FRQVWUXomR QRPHDGDPHQWH UHJXODPHQWRV PDWHULDLV H ©PRGR GH FRQVWUXLUª WrP VRIULGR XPD FRQVWDQWH HYROXomR 3RU HVWH PRWLYR DR VHUHP DQDOLVDGRV j OX] GRV DWXDLV UHJXODPHQWRV RV HGLItFLRV GHVFULWRV DWUiV DSUHVHQWDP DOJXQV GHVDMXVWDPHQWRV WHFQROyJLFRV e QRWyULR TXH DV SDWRORJLDV OHYDQWDGDV DWUDYpV GD DQiOLVH GRV HOHPHQWRV FRQVWUXWLYRV GRV TXDWUR HGLItFLRV VmR EDVWDQWH VHPHOKDQWHV
  • 147.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1XPD DQiOLVH PXLWR EUHYH SRGHUVHmR GHVWDFDU D IDOWD GH FXLGDGR QD H[HFXomR GR FRUWH FDSLODU DR QtYHO GR SDYLPHQWR WpUUHR H IXQGDo}HV H D LQH[LVWrQFLD GRV VLVWHPDV GH GUHQDJHP H GH LPSHUPHDELOL]DomR GDV SDUHGHV HQWHUUDGDV $ LQFRUUHWD H[HFXomR GDV SDUHGHV GXSODV WDPEpP p XPD FRQVWDQWH DVVLP FRPR D IDOWD GH SRUPHQRUL]DomR &RPR Mi IRL UHIHULGR QR SHUtRGR HP TXH RV HGLItFLRV IRUDP H[HFXWDGRV R 5&&7( DWXDO '/  GH  GH DEULO
  • 148. DLQGD QmR HVWDYD HP YLJRU SRU LVVR WRGDV DV IDOKDV UHODWLYDV D HVWD PDWpULD H TXH QHVWD DQiOLVH IRUDP LGHQWLILFDGDV 1R HQWDQWR QR PRPHQWR GD FRQVWUXomR GRV HGLItFLRV DQDOLVDGRV HVWDYD HP YLJRU R UHJXODPHQWR DQWHULRU '/  GH  GH IHYHUHLUR
  • 149.  R TXDO Mi LPSXQKD DOJXQV FXLGDGRV UHODWLYRV j FRUUHWD H[HFXomR GH HOHPHQWRV FRQVWUXWLYRV SDUD XP DGHTXDGR FRPSRUWDPHQWR WpUPLFR GDV KDELWDo}HV 1HVWH VHQWLGR H SDUD VH WHQWDU SHUFHEHU VH HVVH PHVPR UHJXODPHQWR IRL WLGR HP FRQWD SURFXUDUDPVH DQDOLVDU DV FRUUHo}HV WpUPLFDV GH YLJDV H SLODUHV $ FRUUHomR GH XPD SRQWH WpUPLFD HQJOREDYD QR 5&&7( GH  R UHIRUoR GR LVRODPHQWR WpUPLFR QD ]RQD PHQRV ³LVRODGD´ 3DUD WDO GHILQLUDPVH GRLV WLSRV GH FRUUHomR D FRUUHomR VLPSOHV H D FRUUHomR GXSOD $ SULPHLUD FRQVLVWLD QXPD UHVLVWrQFLD WpUPLFD DGLFLRQDO GH  P ž&: H D VHJXQGD QXPD UHVLVWrQFLD WpUPLFD DGLFLRQDO GH  P ž&: (VWDV UHVLVWrQFLDV DGLFLRQDLV SRGLDP VHU REWLGDV GH GLYHUVDV IRUPDV D SULPHLUD SRU H[HPSOR DWUDYpV GH XP UHYHVWLPHQWR GH PDWHULDO FHUkPLFR IXUDGR GH  D  PP GH HVSHVVXUD $ VHJXQGD SRGLD VHU FRQVHJXLGD SRU H[HPSOR DWUDYpV GD FRORFDomR GH WLMROR IXUDGR GH  FP 2XWUDV IRUPDV GH FRUUHomR VHULDP QRPHDGDPHQWH D FRORFDomR ORFDOL]DGD GH LVRODPHQWR WpUPLFR 1RV HGLItFLRV DQDOLVDGRV H DSyV REVHUYDomR GRV SURMHWRV H FRQYHUVD FRP DOJXQV SURSULHWiULRV FRQVWDWDVH JHQHULFDPHQWH TXH QmR H[LVWH QHQKXPD LQIRUPDomR VREUH R HYHQWXDO FXLGDGR QD H[HFXomR GD FRUUHomR WpUPLFD 1R HQWDQWR H VHJXQGR R UHODWR GH XP SURSULHWiULR TXH DFRPSDQKRX D FRQVWUXomR D IDFH H[WHULRU GD DOYHQDULD FRLQFLGH FRP D IDFH H[WHULRU GRV SLODUHV H YLJDV 1R LQWHULRU QD ]RQD GRV SLODUHV H YLJDV  FP GH HVSHVVXUD
  • 150.  IRL IHLWR XP FRUWH GH  FP DRV WLMRORV GH  FP QR VHQWLGR GH GLPLQXLU D HVSHVVXUD GHVWHV H GH PRGR D SHUPLWLU D SODQH]D GH WRGD D SDUHGH (VWH FRUWH QD HVSHVVXUD
  • 151. GR WLMROR GHPRQVWUD TXH D RIHUWD GR PHUFDGR HRX D LQpUFLD FRQVWUXWLYD QmR DFRPSDQKDUDP DV H[LJrQFLDV UHJXODPHQWDUHV WHQGR FRPR FRQVHTXrQFLD D H[HFXomR GH VROXo}HV SRXFR HILFD]HV QRPHDGDPHQWH QR TXH GL] UHVSHLWR j GXUDELOLGDGH OHYDQGR DR VXUJLPHQWR GH ILVVXUDo}HV QHVWDV ]RQDV (VWHV IDWRUHV OHYDP D FRQFOXLU TXH GLILFLOPHQWH H[LVWLUDP FXLGDGRV HILFD]HV QR WUDWDPHQWR GDV SRQWHV WpUPLFDV GH PRGR D SURSRUFLRQDU XP FRPSRUWDPHQWR WpUPLFR UD]RiYHO GDV KDELWDo}HV 2 SHLWRULO p RXWUR GRV HOHPHQWRV j TXDO QmR p GDGD D GHYLGD LPSRUWkQFLD Mi TXH QmR VH HQFRQWURX QHQKXP TXH HVWLYHVVH GH DFRUGR FRP DV UHFRPHQGDo}HV R TXH UHYHOD IDOWD GH FRQKHFLPHQWR WpFQLFR GRV LQWHUYHQLHQWHV 1R $QH[R $ SURFXURXVH SRUPHQRUL]DU DOJXQV GHVWHV SRQWRV SDUD PHOKRU FRPSUHHQVmR GH WXGR R TXH IRL UHODWDGR
  • 152.  ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 153.   /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD  &RQVLGHUDo}HV JHUDLV $ LGHQWLILFDomR GDV FDXVDV GD SDWRORJLD p R SDVVR HVVHQFLDO SDUD D FRUUHomR GD PHVPD e SULPRUGLDO FRUULJLU DV FDXVDV TXH RULJLQDP D SDWRORJLD SDUD TXH D PHVPD VH SRVVD VROXFLRQDU QD tQWHJUD $SDUHQWHPHQWH p IiFLO HVVD LGHQWLILFDomR 1R HQWDQWR SRGHUVHi FRPHWHU HUURV GHYLGR DR H[FHVVR GH IDFLOLWLVPR QHVVD DQiOLVH (VWD p XPD GDV FDXVDV TXH SRGHUmR RULJLQDU D UHSDWRORJLD UHSHWLomR GRV SUREOHPDV SDVVDGR DOJXP WHPSR DSyV DV LQWHUYHQo}HV
  • 154.  )RL FRP HVWH LQWXLWR TXH VH WHQWRX HIHWXDU R OHYDQWDPHQWR GD SDWRORJLD QRV HGLItFLRV HP DQiOLVH QHVWH WUDEDOKR QRPHDGDPHQWH DWUDYpV GD LQVSHomR DRV ORFDLV QR $QH[R % VmR DSUHVHQWDGDV DV ILFKDV GH LQVSHomR TXH IRUDP XVDGDV QR OHYDQWDPHQWR GRV HGLItFLRV
  • 155. H XPD FXLGDGD DQiOLVH GR RFRUULGR 3DUD LVWR IRL QHFHVViULR YHULILFDU DV VROXo}HV DGRWDGDV QR SURFHVVR GH FRQVWUXomR WDQWR HP IDVH SURMHWR FRPR QD H[HFXomR (VWD DQiOLVH IRL FRQVHJXLGD DWUDYpV GD REVHUYDomR GR SURMHWR GD DQiOLVH YLVXDO QR ORFDO H GH LQTXpULWRV UHDOL]DGRV DRV SURSULHWiULRV RX D HYHQWXDLV FRQKHFHGRUHV GD H[HFXomR GD FRQVWUXomR HP FDXVD 2XWUD GDV WDUHIDV HIHWXDGDV GXUDQWH D LQVSHomR IRL WDPEpP R OHYDQWDPHQWR IRWRJUiILFR SDUD PDLV IiFLO DQiOLVH QXPD IDVH SRVWHULRU &RQVWDWRXVH QR HQWDQWR XPD HOHYDGD GLILFXOGDGH QR DFHVVR DRV SURMHWRV TXHU GH DUTXLWHWXUD FRPR GDV UHVSHWLYDV HVSHFLDOLGDGHV R TXH WRUQRX GLItFLO D DQiOLVH GH DOJXPDV SDWRORJLDV LGHQWLILFDGDV 1mR IRL SRVVtYHO WDPEpP UHDOL]DU HQVDLRV 1R HQWDQWR WHQWRXVH REWHU R Pi[LPR GH LQIRUPDomR DFHUFD GDV VROXo}HV DGRWDGDV 1R OHYDQWDPHQWR IRUDP HODERUDGDV PHGLo}HV GH IRUPD D FRQFOXLU VREUH D FRPSRVLomR GH DOJXQV SRQWRV VLQJXODUHV GRV HGLItFLRV
  • 156.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   ,GHQWLILFDomR GD SDWRORJLD  +DELWDomR XQLIDPLOLDU 8
  • 157. )RL UHDOL]DGD XPD LQVSHomR DR HGLItFLR 8 QR GLD  GH IHYHUHLUR GH  2 DFHVVR IRL DXWRUL]DGR SHOD SHVVRD TXH KDELWD DWXDOPHQWH R HGLItFLR H TXH IRUQHFHX DOJXPD GD LQIRUPDomR VREUH D FRQVWUXomR GR VHX LPyYHO )RUQHFHX DLQGD RV GRFXPHQWRV UHIHUHQWHV DR SURMHWR QRPHDGDPHQWH R SURMHWR GH DUTXLWHWXUD 1R SRQWR % GR $QH[R % p DSUHVHQWDGD D ILFKD GH LQVSHomR GHVWH HGLItFLR TXH DMXGDUi D FRPSUHHQGHU DOJXPDV GDV FDUDFWHUtVWLFDV FRQVWUXWLYDV PDLV UHOHYDQWHV GR PHVPR  ([WHULRU 1R H[WHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV D
  • 158. (IORUHVFrQFLDV QR UHYHVWLPHQWR HP PRQRPDVVD 5HODWLYDPHQWH DR UHYHVWLPHQWR H[WHULRU REVHUYDUDPVH SRQWXDOPHQWH DOJXPDV HIORUHVFrQFLDV 2 IHQyPHQR FRQVLVWH QD PLJUDomR GH VDLV H[LVWHQWHV QRV PDWHULDLV GH FRQVWUXomR DSyV WHUHP VLGR GLVVROYLGRV SHOD iJXD DWp j VXSHUItFLH GR UHYHVWLPHQWR RQGH FULVWDOL]DP H ILFDP GHSRVLWDGRV >@ $ SDWRORJLD VXUJH QR UHYHVWLPHQWR GDV SDUHGHV H[WHULRUHV RULHQWDGDV HVVHQFLDOPHQWH SDUD HVWH HQWHUUDGDV DWp  P GH DOWXUD VHQGR TXH VH PDQLIHVWD DR QtYHO GR SDYLPHQWR H[WHULRU e YLVtYHO XP GHVFDVTXH VXSHUILFLDO GR UHYHVWLPHQWR GHVGH R VROR QtYHO H[WHULRU
  • 159. DWp XPD DOWXUD GH  D  FP H TXH VH HVWHQGH DR ORQJR GH JUDQGH SDUWH GR FRPSULPHQWR GD SDUHGH (VWD SDWRORJLD LQIOXHQFLD QHJDWLYDPHQWH R DVSHWR YLVXDO GR HGLItFLR 1R HQWDQWR FRPR HVWH WLSR GH UHYHVWLPHQWR WHP WDPEpP D IXQomR GH OLPLWDU D TXDQWLGDGH GH iJXD TXH DWLQJH R VXSRUWH D VXD GHJUDGDomR DR ORQJR GR WHPSR SRGHUi WDPEpP LQIOXHQFLDU D TXDOLGDGH GR UHYHVWLPHQWR DIHWDQGR GLUHWDPHQWH D VXD FDSDFLGDGH GH LPSHUPHDELOL]DomR E
  • 160. 'HJUDGDomR GR UHYHVWLPHQWR QD EDVH -XQWR DR UHPDWH LQIHULRU R UHYHVWLPHQWR HQFRQWUDVH ILVVXUDGR EDVWDQWH GHJUDGDGR H p QRWyULD WDPEpP D IDOWD GH FDSHDPHQWR QR UHPDWH GD WHOD FRP R UHERFR FRPR PRVWUD D )LJXUD  7UDWDVH GH XPD SDWRORJLD TXH VXUJH SRQWXDOPHQWH HP GLYHUVRV ORFDLV GDV SDUHGHV H[WHULRUHV QmR VH PDQLIHVWDQGR DSHQDV QXPD GDGD RULHQWDomR RX HOHPHQWR $ VXD H[WHQVmR p YDULDGD DVVXPLQGR YDORUHV HQWUH RV  FP H RV  P GH FRPSULPHQWR (VWD SDWRORJLD LQIOXHQFLD R DVSHWR YLVXDO GR HGLItFLR H D VXD HYROXomR DR ORQJR GR WHPSR SRGHUi WDPEpP LQIOXHQFLDU D TXDOLGDGH GR UHYHVWLPHQWR ID]HQGR FRP TXH HVWH SHUFD DV VXDV FDUDFWHUtVWLFDV SURSRUFLRQDQGR D GHVDJUHJDomR GD SDUHGH H SHUPLWLQGR DVVLP D SRVVLELOLGDGH GH RFRUUHUHP LQILOWUDo}HV GH iJXD
  • 161.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  'HJUDGDomR ILVVXUDomR H DXVrQFLD GH FDSHDPHQWR GR UHYHVWLPHQWR MXQWR j EDVH $ PDQLIHVWDomR GHVWD SDWRORJLD GHYHVH j Pi H[HFXomR GR UHPDWH GD EDVH GR UHYHVWLPHQWR TXH IRL H[HFXWDGR VREUH D WHOD GUHQDQWH XWLOL]DGD QD LPSHUPHDELOL]DomR GDV SDUHGHV HQWHUUDGDV &RPR D WHOD p EDVWDQWH GHIRUPiYHO TXDQGR VXMHLWD D HVIRUoRV TXH SURYRTXHP TXDOTXHU GHIRUPDomR IRPHQWD D ILVVXUDomR GR UHYHVWLPHQWR TXH p PDLV UtJLGR
  • 162.  RULJLQDQGR SRVWHULRUPHQWH D VXD GHVDJUHJDomR H VHSDUDomR GR VXSRUWH F
  • 163. 7HOKDV GHJUDGDGDV H VXMDV 'XUDQWH D LQVSHomR IRL SRVVtYHO R DFHVVR D SDUWH GD FREHUWXUD GR HGLItFLR )RL HQWmR FRQVWDWDGD D H[LVWrQFLD GH DOJXPDV WHOKDV ILVVXUDGDV H RXWUDV IUDWXUDGDV FRPR GHPRQVWUD D )LJXUD  7HOKD ILVVXUDGD 7HOKD IUDWXUDGD )LJXUD  7HOKDV GHJUDGDGDV 9HULILFRXVH WDPEpP TXH DOJXPDV WHOKDV DSUHVHQWDP VXMLGDGH HP ORFDLV SRQWXDLV FRP D DFXPXODomR GH PLFURUJDQLVPRV YHU )LJXUD 
  • 164. 
  • 165.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  8PD PDQXWHQomR UHJXODU VHULD R FRPSOHPHQWR LQGLVSHQViYHO SDUD R ERP IXQFLRQDPHQWR GH XPD FREHUWXUD HYLWDQGR D FRUUHomR WDUGLD GHVWHV SUREOHPDV e FHUWR TXH RV PDWHULDLV HQYHOKHFHP GHYLGR SULQFLSDOPHQWH jV VROLFLWDo}HV GH FDUiFWHU KLJURWpUPLFR D TXH HVWmR VXMHLWRV 1R HQWDQWR p WDPEpP SHUWLQHQWH UHODFLRQDU DV FDXVDV GHVWHV SUREOHPDV FRP D IDOWD GH YHQWLODomR VRE DV WHOKDV FHUkPLFDV (VWH p XP IDFWR j TXDO QmR p GDGD D LPSRUWkQFLD GHYLGD TXDQGR VH H[HFXWD XPD FREHUWXUD 1R LQYHUQR SHUPLWH D HOLPLQDomR GR YDSRU GH iJXD H IDFLOLWD R SURFHVVR GH VHFDJHP GD iJXD GD FKXYD DEVRUYLGD SHOR PDWHULDO FHUkPLFR R TXH p SDUWLFXODUPHQWH LPSRUWDQWH SDUD D UHVLVWrQFLD GD WHOKD D FLFORV GH JHORGHJHOR -i QR YHUmR PHOKRUD R FRPSRUWDPHQWR WpUPLFR GD FREHUWXUD SRLV SHUPLWH D FLUFXODomR GH DU GLPLQXLQGR DVVLP R DTXHFLPHQWR GRV FRPSDUWLPHQWRV LQIHULRUHV j FREHUWXUD $ YHQWLODomR GHYH VHU DVVHJXUDGD SRU XPD DOWXUD OLYUH PtQLPD GH  FP DV ULSDV GH DUJDPDVVD GHYHP WHU XPD LQWHUUXSomR SHULyGLFD SDUD IDFLOLWDU D SDVVDJHP GR DU LQWHUUXSo}HV GH  FP D FDGD  P GH FRPSULPHQWR
  • 166.  D FREHUWXUD GHYH VHU SURYLGD GH WHOKDV GH YHQWLODomR QXPD UHODomR PtQLPD GH  WHOKDV P  FRORFDGDV MXQWR DR EHLUDGR QD  RX  ILDGD
  • 167. SDUD SHUPLWLUHP D HQWUDGD GH DU H MXQWR j FXPHHLUD SHQ~OWLPD ILDGD
  • 168. SDUD SHUPLWLUHP D VDtGD GR DU >@  ,QWHULRU 1R LQWHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV G
  • 169. +XPLGDGH DVFHQVLRQDO (P DOJXPDV SDUHGHV WDQWR LQWHULRUHV FRPR H[WHULRUHV
  • 170. DR QtYHO GD FDYH p YLVtYHO QR LQWHULRU R GHVWDFDPHQWR H HPSRODPHQWR GD WLQWD GR UHYHVWLPHQWR 9HULILFDVH XPD JUDQGH TXDQWLGDGH GH FULSWRIORUHVFrQFLDV DSUR[LPDGDPHQWH DWp XPD GLVWkQFLD GH  D  FP GR SDYLPHQWR
  • 171.  FRQIRUPH PRVWUD D )LJXUD  H )LJXUD  (P FRQYHUVD FRP R SURSULHWiULR R PHVPR UHIHULX TXH R ORFDO RQGH HVWi LPSODQWDGR R HGLItFLR p XPD ]RQD FRP PXLWD KXPLGDGH QR VXEVROR UHIHUH TXH SRU HVVH PRWLYR p TXH IRUDP H[HFXWDGRV GUHQRV TXH HP SURMHWR QmR HVWDYDP SUHYLVWRV
  • 172.  3DVVDGRV UHODWLYDPHQWH GRLV DQRV DSyV D FRQVWUXomR FRPHoDUDP D VXUJLU RV SULPHLURV VLQDLV GH KXPLGDGH FRP R GHVWDTXH GD WLQWD GD SDUHGH QmR VHQGR GHWHWDGD QHQKXPD DOWHUDomR GDV PDQFKDV GH KXPLGDGH DR ORQJR GDV YiULDV HVWDo}HV GR DQR )LJXUD  $FXPXODomR GH VXMLGDGHV VREUH DV WHOKDV
  • 173.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (VWDV LQIRUPDo}HV OHYDP D FRQFOXLU TXH D iJXD WHP RULJHP QR QtYHO IUHiWLFR XPD YH] TXH RV VHXV HIHLWRV VH PDQWrP VHQVLYHOPHQWH FRQVWDQWHV DR ORQJR GR DQR e XPD SDWRORJLD TXH WDQWR VXUJH QDV SDUHGHV HQWHUUDGDV HQYROYHQWH H[WHULRU
  • 174.  FRPR QDV SDUHGHV LQWHULRUHV )LJXUD  +XPLGDGH DVFHQVLRQDO ± SDUHGH LQWHULRU SDWRORJLD FRP FHUFD GH    FP GH DOWXUD
  • 175. )LJXUD  +XPLGDGH DVFHQVLRQDO ± SDUHGH H[WHULRU SDWRORJLD FRP  ±  FP GH DOWXUD
  • 176. (VWD SDWRORJLD SRGHUi VXUJLU GHYLGR j Pi RX LQH[LVWHQWH QHVWH FDVR
  • 177. H[HFXomR GH XP FRUWH FDSLODU HQWUH R SDYLPHQWR WpUUHR H DV UHVSHWLYDV SDUHGHV FRQIRUPH IRL LQGLFDGR QR FDStWXOR  YHU SRQWR $ HP $QH[R
  • 178.  $ Pi DSOLFDomR GR VLVWHPD GH LPSHUPHDELOL]DomR GDV SDUHGHV HQWHUUDGDV SRGHUi WDPEpP MXVWLILFDU R DSDUHFLPHQWR GD SDWRORJLD PDV DSHQDV QDV SDUHGHV H[WHULRUHV H
  • 179. +XPLGDGH GH SUHFLSLWDomR 1D SDUHGH H[WHULRU RULHQWDGD D VXO MXQWR j HVFDGDULD TXH Gi DFHVVR DR DQGDU H[LVWHP WUrV YLWUDLV SDUD LOXPLQDomR QDWXUDO GDV HVFDGDV 6RE HVVHV YmRV H QR LQWHULRU GD KDELWDomR VmR EDVWDQWH HYLGHQWHV YHU )LJXUD  H )LJXUD 
  • 180. PDQFKDV GH KXPLGDGH QR HVWXTXH H DWp D GHWHULRUDomR GR PHVPR $ SDWRORJLD WHYH RULJHP  DQRV DSyV D FRQVWUXomR H D FDGD LQYHUQR TXH SDVVDYD D GHJUDGDomR DPSOLILFDYDVH UHODWRX R SURSULHWiULR
  • 181.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO  YLVWD JHUDO LQWHULRU )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO  YLVWD SRUPHQRUL]DGD LQWHULRU $SyV D REVHUYDomR GRV GDQRV SURYRFDGRV SHOD SDWRORJLD QR LQWHULRU GD KDELWDomR IRL FRQFHGLGR R DFHVVR j FREHUWXUD SDUD VH SURFHGHU j DQiOLVH WDPEpP SHOR H[WHULRU $ )LJXUD  WUDGX] R DVSHWR GRV YmRV HP TXHVWmR GR ODGR H[WHULRU
  • 182.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  ([WHULRU GRV YLWUDLV 1R GHFRUUHU GR DQR GH  R SUySULR SURSULHWiULR UHIHULX TXH FRORFRX R PiVWLTXH TXH p YLVtYHO QDV OLJDo}HV HQWUH R SHLWRULO H DV RPEUHLUDV H HQWUH R SHLWRULO H R FDL[LOKR H DOpP GLVVR FRP R DX[tOLR GH XPD UHEDUEDGRUD DEULX RV WUrV UDVJRV TXH VH REVHUYDP QD )LJXUD  $ SDUWLU GHVVD GDWD RV VLQDLV GH GHJUDGDomR WrP VLGR QXORV D GHWHULRUDomR GR UHYHVWLPHQWR LQWHULRU H RV VLQDLV GH KXPLGDGH QmR WrP HYROXtGR
  • 183.  PHVPR HP SHUtRGRV GH HOHYDGD SOXYLRVLGDGH R TXH OHYD R SURSULHWiULR D FUHU TXH UHDELOLWRX D SDWRORJLD FRP DV WDUHIDV TXH H[HFXWRX 'HYLGR jV FRQGLo}HV PHWHRUROyJLFDV H WDPEpP DR WHPSR SHUPLWLGR SDUD D H[HFXomR GHVWD GLVVHUWDomR QmR IRL SRVVtYHO FRQFOXLU SHOD HVWDJQDomR GD HYROXomR GD SDWRORJLD $SyV D DQiOLVH GH WRGRV RV IDWRUHV TXH SRGHULDP RULJLQDU HVWD SDWRORJLD FRQFOXLVH TXH D FDXVD PDLV SURYiYHO WHUi VLGR D IDOWD GH HVWDQTXLGDGH GRV UHPDWHV $ H[HFXomR GHILFLHQWH GR SHLWRULO FRPSRVWR SRU XPD SHoD ~QLFD TXH DWUDYHVVD D SDUHGH WRWDOPHQWH
  • 184. H R IDFWR GD VXD VXSHUItFLH VXSHULRU VHU SODQD WDPEpP SRGHUi WHU LQIOXHQFLDGR R DSDUHFLPHQWR GD SDWRORJLD GH XPD IRUPD PDLV DFHOHUDGD 2 SHLWRULO GHYHULD SRU LVVR VHU FRPSRVWR SRU GXDV SHoDV LQGHSHQGHQWHV HQWUH VL LQWHUFDODGDV FRP R LVRODPHQWR WpUPLFR FRPSODQDU FRP D FDL[LOKDULD GH DOXPtQLR
  • 185. H[LVWHQWH QR LQWHULRU GD SDUHGH GXSOD GH PRGR D LPSHGLU D SDVVDJHP GD iJXD TXDQGR HVWD HQWUD HP FRQWDFWR FRP D SHoD DVVHQWH QR ODGR H[WHULRU SDUD D SHoD DVVHQWH QR LQWHULRU H WDPEpP SDUD D DGHTXDGD FRUUHomR GD SRQWH WpUPLFD MXQWR GDV DEHUWXUDV I
  • 186. )LVVXUDV VRE SHLWRULV )RUDP YLVXDOL]DGDV ILVVXUDV KRUL]RQWDLV FHUFD GH  FP DEDL[R GH DOJXQV SHLWRULV $V ILVVXUDV SURORQJDPVH SRU WRGR R FRPSULPHQWR GR SHLWRULO DSUR[LPDGDPHQWH SDUDOHODV D HVWH H DSUHVHQWDP XPD ODUJXUD GH FHUFD  PP PHGLGD FRP R DX[tOLR GH XPD UpJXD (VWD SDWRORJLD SRGHUi WHU VXUJLGR GHYLGR j GHILFLHQWH H[HFXomR GD FDPDGD GH DVVHQWDPHQWR GR SHLWRULO 8PD YH] TXH DV ILVVXUDV VH ORFDOL]DP FHUFD GH  FP DEDL[R GR SHLWRULO FRQVWDWDVH 0iVWLTXH 5DVJRV H[HFXWDGRV HP 
  • 187.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  TXH QHVVD ]RQD Mi QmR SRGHULD VHU FRORFDGD PDLV XPD ILDGD FRPSOHWD GH WLMROR XPD YH] TXH D DOWXUD GHVWHV p GH FHUFD GH  FP 2 TXH SURYDYHOPHQWH VH H[HFXWRX IRL R SUHHQFKLPHQWR GHVGH D ~OWLPD ILDGD GH WLMROR DWp DR DVVHQWDPHQWR GR SHLWRULO FRP XPD FDPDGD GH DUJDPDVVD GH HOHYDGD DOWXUD H D WRGD D HVSHVVXUD GD SDUHGH VXUJLQGR DVVLP ILVVXUDV QD OLJDomR GD DOYHQDULD FRP D FDPDGD GH DUJDPDVVD GH DVVHQWDPHQWR 2 FRPSRUWDPHQWR GLIHUHQFLDO HQWUH D DUJDPDVVD H R WLMROR SRGHUi WDPEpP RULJLQDU HVWH WLSR GH SUREOHPDV VHQmR IRUHP SUHYHQLGRV DWUDYpV GR UHIRUoR GR UHYHVWLPHQWR FRP DUPDGXUD GH UHIRUoR 3DUD DOpP GD ILVVXUDomR HVWH PRGR GH H[HFXomR GD FDPDGD GH DVVHQWDPHQWR GRV SHLWRULV IDFLOLWD WDPEpP D SDVVDJHP GD iJXD GR H[WHULRU SDUD R LQWHULRU GD KDELWDomR XPD YH] TXH D FDPDGD DWUDYHVVD WRGD D ODUJXUD GD SDUHGH 6HQGR DVVLP DTXDQGR GD H[HFXomR GD DOYHQDULD HVWD GHYLD WHU VLGR SURORQJDGD R Pi[LPR SRVVtYHO DWp DR QtYHO GH DVVHQWDPHQWR GR SHLWRULO UHFRUUHQGR SRU H[HPSOR DR FRUWH GRV WLMRORV GD ~OWLPD ILDGD H QmR j H[HFXomR GH FDPDGDV GH DUJDPDVVD GH HOHYDGD HVSHVVXUD  0DSHDPHQWR GRV GDQRV 1HVWH SRQWR VHUmR LGHQWLILFDGDV QDV SODQWDV GR HGLItFLR DQDOLVDGR WRGDV DV SDWRORJLDV GHVFULWDV DQWHULRUPHQWH $V OHWUDV DSUHVHQWDGDV WrP FDUiFWHU PHUDPHQWH LQIRUPDWLYR GH IRUPD D LGHQWLILFDU D ORFDOL]DomR GDV SDWRORJLDV DSUHVHQWDGDV QRV SRQWRV DQWHULRUHV )LJXUD  3ODQWD GD FDYH ORFDOL]DomR GD SDWRORJLD
  • 188. G
  • 189. G
  • 190. D
  • 191. D
  • 192. 6HP HVFDOD
  • 193.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  3ODQWD GR UpVGRFKmR ORFDOL]DomR GD SDWRORJLD
  • 194. )LJXUD  3ODQWD GR ž DQGDU ORFDOL]DomR GD SDWRORJLD
  • 195. E
  • 196. I
  • 197. E
  • 198. F
  • 199. H
  • 200. I
  • 201. F
  • 202. F
  • 203. I
  • 204. 6HP HVFDOD
  • 205. 6HP HVFDOD
  • 206.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   +DELWDomR XQLIDPLOLDU 8
  • 207. )RL UHDOL]DGD XPD LQVSHomR DR HGLItFLR 8 QR GLD  GH IHYHUHLUR GH  2 DFHVVR IRL SHUPLWLGR SHOR SURSULHWiULR R TXDO IRUQHFHX DOJXPD GD LQIRUPDomR VREUH D FRQVWUXomR GR LPyYHO )RUQHFHX WDPEpP DOJXQV GRFXPHQWRV UHIHUHQWHV DR SURMHWR GH DUTXLWHWXUD 1R SRQWR % GR $QH[R % p DSUHVHQWDGD D ILFKD GH LQVSHomR GHVWH HGLItFLR TXH DMXGDUi D FRPSUHHQGHU DOJXPDV GDV FDUDFWHUtVWLFDV FRQVWUXWLYDV GR PHVPR  ([WHULRU 1R H[WHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV D
  • 208. )LVVXUDomR QDV SDUHGHV GH IDFKDGD HP DOYHQDULD ,GHQWLILFDUDPVH DOJXQV ORFDLV TXH DSUHVHQWDP ILVVXUDV DR ORQJR GDV SDUHGHV GH DOYHQDULD GD KDELWDomR YHU )LJXUD 
  • 209.  6XUJHP HP SRXFRV SRQWRV PDV VHPSUH MXQWR D DEHUWXUDV GH YmRV GH SRUWDV H MDQHODV VHQVLYHOPHQWH D XPD DOWXUD FRUUHVSRQGHQWH D PHWDGH GD DOWXUD GRV YmRV 1mR IRL SRVVtYHO REWHU LQIRUPDomR DFHUFD GR KLVWRULDO GHVWD SDWRORJLD $SHQDV VH VDEH TXH DV ILVVXUDV DWLQJHP WRGD D HVSHVVXUD GD SDUHGH ([WHULRU ,QWHULRU )LJXUD  )LVVXUDV HP SDUHGHV GH DOYHQDULD 2 DSDUHFLPHQWR GHVWDV ILVVXUDV HP SDUHGHV GH IDFKDGD HP DOYHQDULD FRP DEHUWXUDV SRGHUi HVWDU DVVRFLDGR j IDOWD GH WUDYDPHQWR HQWUH SDQRV
  • 210.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  E
  • 211. )LVVXUDomR YHUWLFDO MXQWR DRV FXQKDLV 'XUDQWH D LQVSHomR REVHUYDUDPVH WDPEpP GR ODGR H[WHULRU DOJXPDV ILVVXUDV MXQWR DRV FXQKDLV RULHQWDGRV D QRUWH H D VXO YHU )LJXUD 
  • 212.  8PD GDV FDXVDV SDUD TXH HVWH WLSR GH ILVVXUDV VXUMD p D H[SDQVmR LUUHYHUVtYHO H[SHULPHQWDGD SHOR WLMROR FHUkPLFR HP SDUHGHV GH DOYHQDULD VHP WUDYDPHQWR 1HVWH FDVR D SDUHGH HVWi GHYLGDPHQWH WUDYDGD DWUDYpV GD SUySULD HVWUXWXUD GR HGLItFLR SLODUHV
  • 213.  7HQGR HP FRQWD HVWH DVSHWR SRGHUi FRQFOXLUVH TXH D FDXVD PDLV SURYiYHO SDUD R DSDUHFLPHQWR GHVWD SDWRORJLD VHUi R FRPSRUWDPHQWR GLIHUHQFLDO HQWUH RV PDWHULDLV GLIHUHQWHV HVWUXWXUD EHWmR
  • 214. H DOYHQDULD 2XWUD SRVVLELOLGDGH SRGHUi HVWDU QD RULJHP GR GHILFLHQWH WUDWDPHQWR GDV SRQWHV WpUPLFDV SHOR H[WHULRU DTXDQGR GD VXD H[HFXomR 8PD IRUPD GH SUHYHQLU D PDQLIHVWDomR GHVWD SDWRORJLD VHULD D FRORFDomR GH XPD DUPDGXUD GH ILEUD GH YLGUR  FP
  • 215.  FRP WUDWDPHQWR DQWLDOFDOLQR QDV OLJDo}HV HQWUH PDWHULDLV GLIHUHQWHV FRP SURORQJDPHQWR GH FHUFD GH  FP DOpP GD OLQKD GH OLJDomR YHU )LJXUD 
  • 216.  )LJXUD  /LJDomR EHWmR ± DOYHQDULD DUPDGXUD GH UHIRUoR
  • 217. >@ )LJXUD  )LVVXUD YHUWLFDO MXQWR DR FXQKDO
  • 218.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  F
  • 219. 7HOKDV FHUkPLFDV FRP VXMLGDGH 'XUDQWH D LQVSHomR IRL FRQFHGLGR R DFHVVR D SDUWH GD FREHUWXUD GR HGLItFLR $t REVHUYDUDPVH PDLV SRUPHQRUL]DGDPHQWH DOJXQV SRUPHQRUHV GD FREHUWXUD &RQVWDWRXVH TXH DV WHOKDV DSUHVHQWDP DOJXPD VXMLGDGH SRQWXDO FRP D DFXPXODomR GH PXVJRV H RXWURV PLFURUJDQLVPRV (VWD SDWRORJLD IRL LGHQWLILFDGD H DQDOLVDGD SDUD R HGLItFLR DQWHULRU QR SRQWR F
  • 220. H DV FRQFOXV}HV WDPEpP VmR YiOLGDV SDUD HVWD KDELWDomR  ,QWHULRU 1R LQWHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV G
  • 221. 0DQFKDV GH KXPLGDGH VRE ODMH GH HVWHLUD 1XP GRV TXDUWRV GR DQGDU GR DQGDU GR HGLItFLR FRPHoDUDP D VXUJLU  DQRV DSyV D FRQVWUXomR GR HGLItFLR RV SULPHLURV VLQDLV GH KXPLGDGH QXP FDQWR MXQWR DR WHWR $SyV VHU DQDOLVDGD WRGD D FREHUWXUD FKHJRXVH j FRQFOXVmR TXH D RULJHP GHVVD KXPLGDGH HVWDYD QD GUHQDJHP GR ODUy ³OLPD PRUWD´
  • 222. VLWXDGD QD FREHUWXUD VREUH HVWH ORFDO (VVD GUHQDJHP HUD IHLWD DWUDYpV GH XP UXIR GH WHODV HP EHWXPHSROtPHUR TXH QmR HVWDYDP VXILFLHQWHPHQWH UHPDWDGDV VRE DV WHOKDV $V WHODV IRUDP HQWmR VXEVWLWXtGDV SRU XP UXIR HP FKDSD GH ]LQFR TXH HVWi UHFREHUWR SHODV WHOKDV FHUkPLFDV HP FHUFD GH  FP (VWHV SURFHGLPHQWRV GHVFULWRV SHOR SURSULHWiULR IRUDP H[HFXWDGRV DQWHV GD YLVLWD IHLWD SDUD D UHDOL]DomR GHVWD GLVVHUWDomR 1R HQWDQWR DLQGD VmR YLVtYHLV RV GDQRV UHVXOWDQWHV GD PDQLIHVWDomR GD SDWRORJLD QR LQWHULRU GD KDELWDomR FRPR PRVWUD D )LJXUD  )LJXUD  0DQFKDV GH KXPLGDGH H
  • 223. +XPLGDGH DVFHQVLRQDO (P DOJXPDV SDUHGHV GD FDYH p YLVtYHO QR LQWHULRU R GHVWDFDPHQWR H HPSRODPHQWR GD WLQWD GR UHYHVWLPHQWR 9HULILFDVH XPD JUDQGH TXDQWLGDGH GH FULSWRIORUHVFrQFLDV DSUR[LPDGDPHQWH DWp XPD GLVWkQFLD GH  D  FP GR SDYLPHQWR
  • 224.  FRQIRUPH PRVWUD D )LJXUD  2V VLQDLV GH KXPLGDGH FRPHoDUDP D VXUJLU  DQRV DSyV D FRQVWUXomR
  • 225.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RQFOXLVH TXH D iJXD WHP RULJHP QR QtYHO IUHiWLFR XPD YH] TXH RV VHXV HIHLWRV VH PDQWrP VHQVLYHOPHQWH FRQVWDQWHV DR ORQJR GR DQR e XPD SDWRORJLD TXH WDQWR VXUJH QDV SDUHGHV HQWHUUDGDV HQYROYHQWH H[WHULRU
  • 226.  FRPR QDV SDUHGHV LQWHULRUHV )LJXUD  +XPLGDGH DVFHQVLRQDO  HPSRODPHQWR H GHVWDFDPHQWR GD WLQWD (VWD SDWRORJLD SRGHUi VXUJLU GHYLGR j Pi RX LQH[LVWHQWH QHVWH FDVR
  • 227. H[HFXomR GH XP FRUUHWR FRUWH FDSLODU HQWUH R SDYLPHQWR WpUUHR H DV UHVSHWLYDV SDUHGHV FRQIRUPH VH LQGLFRX QR FDStWXOR  YHU R SRQWR $ HP $QH[R
  • 228.   0DSHDPHQWR GRV GDQRV 1HVWH SRQWR VHUmR LGHQWLILFDGDV QDV SODQWDV GR HGLItFLR DQDOLVDGR WRGDV DV SDWRORJLDV GHVFULWDV DQWHULRUPHQWH $V OHWUDV DSUHVHQWDGDV WrP FDUiFWHU PHUDPHQWH LQIRUPDWLYR GH IRUPD D LGHQWLILFDU D ORFDOL]DomR GDV SDWRORJLDV DSUHVHQWDGDV QRV SRQWRV DQWHULRUHV )LJXUD  3ODQWD GD &DYH ORFDOL]DomR GD SDWRORJLD
  • 229. H
  • 230. H
  • 231. H
  • 232. H
  • 233. 6HP HVFDOD
  • 234.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  3ODQWD GR 5pVGRFKmR ORFDOL]DomR GD SDWRORJLD
  • 235. )LJXUD  3ODQWD GR ž $QGDU ORFDOL]DomR GD SDWRORJLD
  • 236. E
  • 237. F
  • 238. D
  • 239. G
  • 240. ĐͿ E
  • 241. E
  • 242. D
  • 243. E
  • 244. 6HP HVFDOD
  • 245. 6HP HVFDOD
  • 246.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  +DELWDomR PXOWLIDPLOLDU 0
  • 247. )RL UHDOL]DGD XPD LQVSHomR DR HGLItFLR 0 QR GLD  GH IHYHUHLUR GH  7HYHVH DFHVVR j IUDomR GR ž 'WR FXMR SURSULHWiULR IRUQHFHX WDPEpP DOJXPD GD LQIRUPDomR VREUH R VHX LPyYHO 1mR IRL SRVVtYHO R DFHVVR D PDLV QHQKXP IRJR GR HGLItFLR QHP j FREHUWXUD GR PHVPR 1R SRQWR % GR $QH[R % p DSUHVHQWDGD D ILFKD GH LQVSHomR GHVWH HGLItFLR TXH DMXGDUi D FRPSUHHQGHU DV FDUDFWHUtVWLFDV FRQVWUXWLYDV GR PHVPR  ([WHULRU 1R H[WHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV D
  • 248. 0DQFKDV H HIORUHVFrQFLDV QD SDUHGH H[WHULRU $ ]RQD FHQWUDO GD IDFKDGD SULQFLSDO p UHYHVWLGD FRP ODGULOKRV FHUkPLFRV FRODGRV VREUH XP UHERFR j EDVH GH OLJDQWHV KLGUiXOLFRV $ IDFKDGD DIHWDGD SHOD SDWRORJLD HQFRQWUDVH RULHQWDGD D QRUWH H R SUREOHPD VXUJH HVVHQFLDOPHQWH QRV ž H ž DQGDUHV YHU )LJXUD 
  • 249.  (VWD SDWRORJLD LQIOXrQFLD QHJDWLYDPHQWH R DVSHWR YLVXDO GR HGLItFLR )LJXUD  0DQFKDV H HIORUHVFrQFLDV QD IDFKDGD $ PDQLIHVWDomR GD SDWRORJLD SRGHUi HVWDU UHODFLRQDGD FRP D LQILOWUDomR GD iJXD TXH DWLQJH D SDUHGH DWUDYpV GDV MXQWDV GH DVVHQWDPHQWR YHU )LJXUD 
  • 250. RX DWUDYpV GD MXQWD QR WRSR GD IDFKDGD GHYLGR DR GHILFLHQWH FDSHDPHQWR GDV SODWLEDQGDV
  • 251.  R TXH DIHWD RV PDWHULDLV ORFDOL]DGRV DWUiV GRV ODGULOKRV &RPR WRGRV RV PDWHULDLV VmR FRQVWLWXtGRV SRU VDLV VRO~YHLV HVWHV TXDQGR HP FRQWDFWR FRP D iJXD WHQGHP D VHU WUDQVSRUWDGRV SRU HOD DWp j VXSHUItFLH 4XDQGR D iJXD HYDSRUD RV VDLV FULVWDOL]DP RULJLQDQGR DV PDQFKDV YLVtYHLV QD IDFH GRV ODGULOKRV )LJXUD  3RUPHQRU GDV MXQWDV HQWUH ODGULOKRV
  • 252.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (VWH IHQyPHQR p LQIOXHQFLDGR SHOD TXDQWLGDGH GH iJXD TXH DWLQJH RV PDWHULDLV SHOD VXD SRURVLGDGH H SHOD HOHYDomR GD WHPSHUDWXUD 8PD IRUPD GH SUHYHQLU R DSDUHFLPHQWR GD SDWRORJLD REVHUYDGD VHULD D FRUUHWD H[HFXomR GDV MXQWDV H FDSHDPHQWR H FRPSOHPHQWDUPHQWH D LPSHUPHDELOL]DomR GR VXSRUWH SRU H[HPSOR FRP DUJDPDVVD j EDVH GH SROtPHURV GH PRGR D HYLWDU R FRQWDFWR GD iJXD FRP RV VDLV H[LVWHQWHV QDV DUJDPDVVDV j EDVH GH OLJDQWHV KLGUiXOLFRV E
  • 253. 0DQFKDV GH VXMLGDGH VRE SHLWRULV 2 UHYHVWLPHQWR GD IDFKDGD GR HGLItFLR DSUHVHQWD PDQFKDV GH VXMLGDGH VRE DOJXQV SHLWRULV H VROHLUDV GDV YDUDQGDV (VVDV PDQFKDV HVWmR DVVRFLDGDV D HVFRUUrQFLDV &RPR IRL UHIHULGR QR FDStWXOR DQWHULRU D FRQILJXUDomR GRV SHLWRULV DVVLP FRPR GDV SHGUDV GH VROHLUD GRV YmRV QmR HVWi GH DFRUGR FRP DV UHFRPHQGDo}HV 6H IRVVHP FXPSULGDV DV UHJUDV HYLGHQFLDGDV QR SRQWR $ HP $QH[R D PDQLIHVWDomR GHVWD SDWRORJLD SRGHULD VHU HYLWDGD SRLV R HVFRDPHQWR GD iJXD SHOD VXSHUItFLH GR UHYHVWLPHQWR VHULD HYLWDGR F
  • 254. )LVVXUDomR QD ]RQD GR EDODQoR 1DV FR]LQKDV R HGLItFLR IRL SURYLGR GH PDUTXLVHV TXH DSUHVHQWDP XP EDODQoR GH FHUFD  FP 6mR FRPSRVWDV SRU XPD SDUHGH GH DOYHQDULD FRP FHUFD GH  FP GH DOWXUD H R UHVWDQWH GD SDUHGH p FRQVWLWXtGR SRU XP YmR HQYLGUDoDGR 1DV SDUHGHV VLPSOHV GH DOYHQDULD HP WLMROR FHUkPLFR IXUDGR GH  FP IRUDP LGHQWLILFDGDV ILVVXUDV TXH DWUDYHVVDP WRGD D ODUJXUD GD SDUHGH $ FDXVD PDLV SURYiYHO SDUD D PDQLIHVWDomR GD SDWRORJLD REVHUYDGD VHUi D GHIRUPDomR H[FHVVLYD GD ODMH HP EDODQoR VREUH D TXDO DSRLD D SDUHGH GH DOYHQDULD 2V DWXDLV UHJXODPHQWRV GH PRGR D HYLWDU HVWH WLSR GH SUREOHPDV OLPLWDP D UHODomR HQWUH D IOHFKD Pi[LPD H R YmR OLYUH 1R HQWDQWR GH DFRUGR FRP HVWXGRV H[SHULPHQWDLV UHDOL]DGRV YHULILFDVH TXH PHVPR TXH DV ODMHV VHMDP FDOFXODGDV GH DFRUGR FRP D UHJXODPHQWDomR SRUWXJXHVD HP YLJRU GLILFLOPHQWH DSUHVHQWDP XPD ULJLGH] VXILFLHQWH SDUD TXH DV GHIRUPDo}HV D ORQJR SUD]R VHMDP VXILFLHQWHPHQWH SHTXHQDV SDUD HYLWDU D ILVVXUDomR GDV DOYHQDULDV >@ $ IRUPD PDLV HILFD] GH SUHYHQLU D SDWRORJLD VHUi SUHYHU XPD ULJLGH] VXSHULRU j UHJXODPHQWDU HP ODMHV PDFLoDVYLJDV R (& >@ LPS}H XPD GHIRUPDomR Pi[LPD GH /
  • 255.   ,QWHULRU 1R LQWHULRU GR HGLItFLR IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV G
  • 256. +XPLGDGH DVFHQVLRQDO (P DOJXPDV SDUHGHV GD FDYH p YLVtYHO SHOR LQWHULRU R GHVWDFDPHQWR H HPSRODPHQWR GD WLQWD GR UHYHVWLPHQWR 9HULILFDVH XPD JUDQGH TXDQWLGDGH GH FULSWRIORUHVFrQFLDV DSUR[LPDGDPHQWH DWp XPD GLVWkQFLD GH  D  FP GR SDYLPHQWR
  • 257.  FRQIRUPH PRVWUD D ILJXUD VHJXLQWH 2V VLQDLV GH KXPLGDGH FRPHoDUDP D VXUJLU FHUFD GH  DQRV DSyV D FRQVWUXomR &RQFOXLVH TXH D iJXD WHP RULJHP QR QtYHO IUHiWLFR XPD YH] TXH RV VHXV HIHLWRV VH PDQWrP VHQVLYHOPHQWH FRQVWDQWHV DR ORQJR GR DQR
  • 258.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  +XPLGDGH DVFHQVLRQDO  HPSRODPHQWR H GHVWDFDPHQWR GD WLQWD 8PD YH] TXH DV SDUHGHV H[WHULRUHV IRUDP GHYLGDPHQWH LPSHUPHDELOL]DGDV H IRL WDPEpP H[HFXWDGR R VLVWHPD GH GUHQDJHP GDV iJXDV IUHiWLFDV HVWD SDWRORJLD SRGHUi VXUJLU GHYLGR j Pi RX LQH[LVWHQWH QHVWH FDVR
  • 259. H[HFXomR GH XP FRUUHWR H FRQWtQXR FRUWH FDSLODU HQWUH R SDYLPHQWR WpUUHR H DV UHVSHWLYDV SDUHGHV FRQIRUPH VH LQGLFRX QR FDStWXOR  YHU SRQWR $ GR $QH[R $
  • 260.  H
  • 261. 5HYHVWLPHQWR GH SDUHGH ILVVXUDGR $V SDUHGHV LQWHULRUHV TXH GHOLPLWDP D FDL[D GH HVFDGDV QR DFHVVR j FDYH GR HGLItFLR DSUHVHQWDP XP DFDEDPHQWR HP UHYHVWLPHQWR GH OLJDQWH KLGUiXOLFR 2 UHYHVWLPHQWR FRQIRUPH PRVWUD D )LJXUD  DSUHVHQWDVH EDVWDQWH ILVVXUDGR $V ILVVXUDV IRUPDP XPD PDOKD LUUHJXODU WLSR ³SHOH GH FURFRGLOR´ LQVFULWD HP IRUPD DSUR[LPDGDPHQWH TXDGUDQJXODU FRP FHUFD GH  D  FP GH ODGR H FRP XPD ODUJXUD GH DSUR[LPDGDPHQWH  PP 1mR IRL GDGD LQIRUPDomR SUHFLVD DFHUFD GR KLVWRULDO GD SDWRORJLD 1R HQWDQWR XP GRV PRUDGRUHV TXDQGR TXHVWLRQDGR VREUH D PHVPD UHIHULX TXH DV ILVVXUDV VmR YLVtYHLV Ki EDVWDQWH WHPSR (VFDOD $SUR[LPDGD 
  • 262. )LJXUD  )LVVXUDomR GR UHYHVWLPHQWR
  • 263.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ FDXVD PDLV SUHSRQGHUDQWH SDUD D PDQLIHVWDomR GHVWDV ILVVXUDV VHUi D UHWUDomR VRIULGD SHOR UHYHVWLPHQWR (VWH p XP IHQyPHQR TXH SRGH RFRUUHU GHYLGR D GLYHUVRV IDWRUHV UHODFLRQDGRV FRP D DSOLFDomR H FDUDFWHUtVWLFDV GR UHYHVWLPHQWR $V FRQGLo}HV GR DPDVVDGR QRPHDGDPHQWH D GRVDJHP GH OLJDQWH TXH GHYH GLPLQXLU GR LQWHULRU SDUD R H[WHULRU
  • 264.  D HVSHVVXUD H[FHVVLYD GD FDPDGD GH UHYHVWLPHQWR DV FRQGLo}HV GR VXSRUWH GHYH VHU KXPLGLILFDGR
  • 265. H DV FRQGLo}HV FOLPiWLFDV GH DSOLFDomR SDUD D H[HFXomR GRV UHYHVWLPHQWRV GHYHUmR HYLWDUVH FRQGLo}HV H[WUHPDV PXLWR TXHQWHV RX PXLWR K~PLGDV
  • 266.  LQIOXHQFLDP GLUHWDPHQWH R ULVFR GH VXUJLU R IHQyPHQR GH UHWUDomR QDV DUJDPDVVDV >@ I
  • 267. 'HVFRODPHQWR SDUFLDO GR SDUTXHW 2V SDYLPHQWRV GH WRGRV RV TXDUWRV GD KDELWDomR VmR UHYHVWLGRV FRP SHoDV GH PDGHLUD SDUTXHW
  • 268. FRODGDV DR VXSRUWH (P GRLV GRV WUrV TXDUWRV H DSUR[LPDGDPHQWH QR FHQWUR GRV FRPSDUWLPHQWRV FRP XPD H[WHQVmR TXH YDULD HQWUH  H  P  R SDUTXHW DSUHVHQWDVH OHYDQWDGR H GHVFRODGR 2 SURSULHWiULR UHIHULX TXH TXDQGR DOJXpP SDVVD VREUH DTXHOHV ORFDLV R SDYLPHQWR SURYRFD XP UXtGR LQFRPRGDWLYR 5HODWRX WDPEpP TXH D PDQLIHVWDomR GD SDWRORJLD RFRUUHX ORJR DSyV D FRQVWUXomR H SRU LVVR FRQYRFRX R HPSUHLWHLUR SDUD UHSDUDU R SUREOHPD 1R HQWDQWR IRL VRPHQWH UHDOL]DGD XPD QRYD FRODJHP GDV SHoDV GH PDGHLUD H DSyV DOJXQV GLDV R SUREOHPD YROWRX D VXUJLU $R FRQWDFWDU GH QRYR R HPSUHLWHLUR HVWH WHQWRX DUUDVWDU R SUREOHPD DWp R SHUtRGR GH JDUDQWLD DFDEDU H D SDUWLU GDt HVWH ILFRX LQFRQWDFWiYHO 1R SURFHVVR GH DQiOLVH GD SDWRORJLD FRQFUHWDPHQWH QR VHQWLGR GH VH LGHQWLILFDU DV VXDV FDXVDV p QHFHVViULR GLVWLQJXLU VH R SUREOHPD GHULYD GR SUySULR SURFHVVR GH HQYHOKHFLPHQWR GD PDGHLUD FRPR PDWpULDSULPD
  • 269.  RX VH SRU RXWUR ODGR VmR DV FRQGLo}HV D TXH D PHVPD HVWi VXMHLWD R TXH SURYRFD D GHJUDGDomR GH GHWHUPLQDGDV FDUDFWHUtVWLFDV PHFkQLFDV $ SDWRORJLD SRGH HQWmR SURYLU GD DomR KXPDQD GH Do}HV GH FDUiFWHU QDWXUDO GD XWLOL]DomR LQDGHTXDGD RX GH Do}HV DFLGHQWDLV 1R HQWDQWR GHYH WHUVH HP FRQVLGHUDomR TXH R PDLRU LQLPLJR GRV UHYHVWLPHQWRV HP PDGHLUD p D iJXD HVWD SRGH WHU RULJHP HP LQILOWUDo}HV TXH RFRUUHP SHOD HQYROYHQWH GRV HGLItFLRV KXPLGDGH SURYHQLHQWH GR EHWmR RX DUJDPDVVD TXH FRQVWLWXHP R VXSRUWH RX DLQGD HP Do}HV DFLGHQWDLV FRPR URWXUDV GH FDQDOL]Do}HV RX H[FHVVR GH iJXD QD ODYDJHP >@ $ TXDOLGDGH GD PmRGHREUD QD DSOLFDomR GHVWH WLSR GH UHYHVWLPHQWR p IXQGDPHQWDO 1mR IRL SRVVtYHO REWHU LQIRUPDo}HV VREUH DV FRQGLo}HV GH DSOLFDomR GR UHYHVWLPHQWR HP FDXVD 1R HQWDQWR H[LVWHP DOJXQV FXLGDGRV TXH GHYHULDP WRPDUVH SDUD HYLWDU HVWH WLSR GH SDWRORJLD QRPHDGDPHQWH FRQWURODU D KXPLGDGH UHODWLYD GH PRGR D TXH DVVXPD YDORUHV LGrQWLFRV DRV FRUUHVSRQGHQWHV DR WHRU GH iJXD GH HTXLOtEULR GD PDGHLUD HTXLOtEULR KLJURVFySLFR
  • 270. DTXDQGR GD DSOLFDomR GR UHYHVWLPHQWR e WDPEpP LPSRUWDQWH TXH D PDGHLUD VHMD HQWUHJXH HP REUD DSyV D VHFDJHP GRV UHERFRV PDVVDPHV H SLQWXUDV H SRVWHULRUPHQWH DR WpUPLQR GR DVVHQWDPHQWR GRV SDYLPHQWRV FHUkPLFRV GRV FRPSDUWLPHQWRV FRQWtJXRV 2 HGLItFLR GHYH WDPEpP HVWDU FRPSOHWDPHQWH IHFKDGR FRP SRUWDV H MDQHODV GHYLGDPHQWH FRORFDGDV GH PRGR D HVWDELOL]DU DV FRQGLo}HV GH KXPLGDGH 1mR PHQRV LPSRUWDQWH p WDPEpP D SUHSDUDomR GR VXSRUWH 3RUWDQWR p HVVHQFLDO R FRQWUROR GD KXPLGDGH UHVLGXDO GR PDVVDPH
  • 271.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  VREUH R TXDO DVVHQWD R UHYHVWLPHQWR TXH TXDQGR p GH EDVH FLPHQWtFLD GHYHUi DSUHVHQWDU YDORUHV GH KXPLGDGH LQIHULRUHV D   1RUPDOPHQWH R WHPSR PtQLPR SDUD D FXUD GR PDVVDPH FLPHQWtFLR WUDGLFLRQDO p GH  D  GLDV SRU FHQWtPHWUR GH HVSHVVXUD QD HVWDomR TXHQWH >@ $ LQH[LVWrQFLD GH LQIRUPDo}HV DFHUFD GR FXPSULPHQWR RX QmR GRV FXLGDGRV UHIHULGRV QR SDUiJUDIR DQWHULRU LPSRVVLELOLWD TXDOTXHU FRQFOXVmR VREUH D FDXVD H[DWD GD SDWRORJLD 1R HQWDQWR H FRPR DV SHoDV GHVFRODGDV QmR DSUHVHQWDP YHVWtJLRV GH FROD SUHVD FRQFOXLVH TXH VH WUDWD GH XPD URWXUD DGHVLYD HQWUH D SHoD H D FROD 3RUWDQWR XPD FDXVD SRVVtYHO SDUD D RFRUUrQFLD GD SDWRORJLD WHUi VLGR R DVVHQWDPHQWR GDV SHoDV HP FRQGLo}HV DWPRVIpULFDV DGYHUVDV >@ 0XLWR SURYDYHOPHQWH D DSOLFDomR GR UHYHVWLPHQWR WHUi VLGR IHLWD QXPD pSRFD K~PLGD R TXH OHYD D FRQFOXLU TXH RV FXLGDGRV UHODWLYRV DR FRQWUROR GD KXPLGDGH UHODWLYD Mi DWUiV UHIHULGRV QmR IRUDP FXPSULGRV 3RGHUi HQWmR FRQFOXLUVH TXH D FDXVD PDLV SURYiYHO SDUD D PDQLIHVWDomR GD SDWRORJLD HP HVWXGR WHUi VLGR D SUHVHQoD GH KXPLGDGH DPELHQWH HP TXDQWLGDGHV HOHYDGDV  0DSHDPHQWR GRV GDQRV 1HVWH SRQWR VHUmR LGHQWLILFDGDV QDV SODQWDV GR HGLItFLR DQDOLVDGR WRGDV DV SDWRORJLDV GHVFULWDV DQWHULRUPHQWH $V OHWUDV DSUHVHQWDGDV WrP FDUiFWHU PHUDPHQWH LQIRUPDWLYR GH IRUPD D LGHQWLILFDU D ORFDOL]DomR GDV SDWRORJLDV DSUHVHQWDGDV QRV SRQWRV DQWHULRUHV )LJXUD  3ODQWD GD FDYH ORFDOL]DomR GD SDWRORJLD
  • 272. H
  • 273. H
  • 274. G
  • 275. G
  • 276. G
  • 277. 6HP HVFDOD
  • 278.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  3ODQWD GR ž DQGDU ORFDOL]DomR GD SDWRORJLD
  • 279.  +DELWDomR PXOWLIDPLOLDU 0
  • 280. )RL UHDOL]DGD XPD LQVSHomR DR HGLItFLR 0 QR GLD  GH IHYHUHLUR GH  2 DFHVVR j IUDomR 5 QR ž $QGDU IRL FRQFHGLGR SHOR SURSULHWiULR R TXDO IRUQHFHX DLQGD DOJXPD GD LQIRUPDomR VREUH R VHX LPyYHO )RUQHFHX WDPEpP DOJXQV GRFXPHQWRV UHIHUHQWHV DR SURMHWR GH DUTXLWHWXUD 1mR IRL SRVVtYHO R DFHVVR D PDLV QHQKXP IRJR GR HGLItFLR QHP j VXD FREHUWXUD 1R SRQWR % GR $QH[R % p DSUHVHQWDGD D ILFKD GH LQVSHomR GHVWH HGLItFLR TXH DMXGDUi D FRPSUHHQGHU DV FDUDFWHUtVWLFDV FRQVWUXWLYDV GR PHVPR  ([WHULRU 1R H[WHULRU IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV D
  • 281. 0DQFKDV H GHVWDTXH GH WLQWD HP YDUDQGDV 6mR EDVWDQWH YLVtYHLV RV VLQDLV GH KXPLGDGH QDOJXPDV YDUDQGDV GR HGLItFLR (VVHV HOHPHQWRV DSUHVHQWDP SDUD DOpP GH PDQFKDV GH HVFRUUrQFLDV GH iJXD GHVFDVTXH GH WLQWD VRE D ODMH YHU )LJXUD 
  • 282.  3DUD PHOKRU DQiOLVH GD SDWRORJLD WHQWRXVH SHUFHEHU D FRPSRVLomR GRV YiULRV HOHPHQWRV FRQVWUXWLYRV TXH FRQVWLWXHP DV YDUDQGDV &RQFOXLXVH HQWmR TXH VH WUDWD GH XPD ODMH PDFLoD VREUH D TXDO DVVHQWDP RV PXUHWHV HP WLMROR FHUkPLFR IXUDGR GH  FP GH HVSHVVXUD TXH DV D
  • 283. E
  • 284. F
  • 285. E
  • 286. I
  • 287. I
  • 288. 6HP HVFDOD
  • 289.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  GHOLPLWDP 2 SDYLPHQWR p UHYHVWLGR FRP ODGULOKRV FHUkPLFRV H DSUHVHQWD LQFOLQDomR VXILFLHQWH SDUD R RULItFLR GH GUHQDJHP GH iJXD )LJXUD  0DQFKDV H GHVWDTXH GH WLQWD 'H HQWUH DV FDXVDV SRVVtYHLV FRQFOXLVH TXH SDUD R FDVR SUHVHQWH DV PDLV SUHSRQGHUDQWHV VHUmR D GHILFLHQWH OLJDomR GRV PXUHWHV HP WLMROR j ODMH GDV YDUDQGDV H WDPEpP D DXVrQFLD GH XPD UHHQWUkQFLD HP WRGR R SHUtPHWUR H[WHULRU GD YDUDQGD SLQJDGHLUD
  • 290.  GH PRGR D LPSHGLU D PRYLPHQWDomR GD iJXD QD VXSHUItFLH GR UHYHVWLPHQWR VRE D ODMH 'HYLGR jV HVFRUUrQFLDV YLVtYHLV QD OLJDomR UHYHVWLPHQWRSDUHGH SRGHUi WDPEpP FRQFOXLUVH TXH D HVWDQTXLGDGH GHVVD OLJDomR QR LQWHULRU QmR VHUi SHUIHLWD $ HVWDQTXLGDGH GDV MXQWDV GRV ODGULOKRV FHUkPLFRV SRGH WDPEpP VHU GHILFLHQWH $ PHOKRU IRUPD GH SUHYHQLU R DSDUHFLPHQWR GDV PDQFKDV DFDVWDQKDGDV QD IDFH IURQWDO GRV PXUHWHV
  • 291. YLVtYHLV QD )LJXUD  p D H[HFXomR GRV PHVPRV HP EHWmR DUPDGR HYLWDQGRVH DVVLP OLJDo}HVMXQWDV HQWUH PDWHULDLV GLIHUHQWHV 4XDQGR WDO QmR IRU SRVVtYHO GHYHUi SUHYHUVH D H[HFXomR GR UHYHVWLPHQWR LQWHULRU GR PXUHWH FRP DUJDPDVVD FRP SROtPHURV LPSHUPHDELOL]DQWH
  • 292. GH PRGR D LPSHGLU D LQILOWUDomR GD iJXD DWUDYpV GD DUJDPDVVD H DTXDQGR GD DSOLFDomR GR UHYHVWLPHQWR GHYHUi WDPEpP VHU FRORFDGD XPD DUPDGXUD GH UHIRUoR QD OLJDomR ODMHDOYHQDULD GH IRUPD LGrQWLFD DR TXH IRL UHIHULGR DQWHULRUPHQWH YHU )LJXUD 
  • 293.  5HODWLYDPHQWH DR GHVFDVTXH GH WLQWD YLVtYHO VRE D ODMH GHYHULD WHUVH WLGR HP FRQWD QR PRPHQWR GD H[HFXomR GD REUD D UHDOL]DomR GH XPD UHHQWUkQFLD TXH SURYRFDVVH XPD GHVFRQWLQXLGDGH SDUD TXH D iJXD TXH VH PRYLPHQWD DR ORQJR GD VXSHUItFLH GR UHYHVWLPHQWR DR HQWUDU HP FRQWDFWR FRP D UHHQWUkQFLD IRVVH IRUoDGD D TXHEUDU R VHX PRYLPHQWR H D FDLU 'HVWH PRGR HYLWDVH TXH D iJXD DWLQMD R UHYHVWLPHQWR LQIHULRU GD ODMH SUHYHQLQGRVH DVVLP R GHVWDFDPHQWR GD WLQWD E
  • 294. 0DQFKDV GH VXMLGDGH MXQWR jV DEHUWXUDV GRV YmRV 6mR YLVtYHLV MXQWR jV DEHUWXUDV GRV YmRV WDQWR MXQWR j SDGLHLUD HP JUDQLWR FRPR VRE R SHLWRULO PDQFKDV GH VXMLGDGH YHU )LJXUD 
  • 295. 
  • 296.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RPR IRL UHIHULGR QR FDStWXOR DQWHULRU D FRQILJXUDomR GRV SHLWRULV QmR HVWi GH DFRUGR FRP DV UHFRPHQGDo}HV YHU SRQWR $ HP $QH[R SDUD REVHUYDU D FRUUHWD FRQILJXUDomR GH XP SHLWRULO
  • 297.  F
  • 298. )LVVXUDomR QRV FDQWRV GRV YmRV 1DOJXQV YmRV QRPHDGDPHQWH MXQWR DRV VHXV FDQWRV VmR YLVtYHLV ILVVXUDV TXH WDQWR VXUJHP QRV FDQWRV LQIHULRUHV FRPR QRV VXSHULRUHV )LJXUD 
  • 299.  (VWH WLSR GH SDWRORJLD PDQLIHVWDVH GHYLGR j DWXDomR H[FHVVLYD GH FDUJDV VREUH RV YmRV 1mR IRL SRVVtYHO DQDOLVDU R WLSR GH DSRLR GDV SDGLHLUDV QDV SDUHGHV 1R HQWDQWR FRQVLGHUDVH VHU D FDXVD PDLV SURYiYHO SDUD D DSDULomR GHVWDV ILVVXUDV 2 LQVXILFLHQWH DSRLR GD SDGLHLUD QDV SDUHGHV GH DOYHQDULD FRQWtJXDV DVVRFLDGR j DWXDomR GH FDUJDV VREUH R YmR IH] VXUJLU D SDWRORJLD 2 DSRLR GDV SDGLHLUDV QDV SDUHGHV GHYHULD HVWDU GH DFRUGR FRP D ILJXUD VHJXLQWH VHQGR TXH QHVWH FDVR D WRUoD HP EHWmR p VXEVWLWXtGD SHOD FDL[D GH HVWRUHV HP EHWmR ? )LJXUD  )LVVXUDomR H VXMLGDGH QRV FDQWRV GRV YmRV
  • 300.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  7RUoD VREUH YmRV HP SDUHGHV GH DOYHQDULD  ,QWHULRU 1R LQWHULRU GR HGLItFLR IRUDP LGHQWLILFDGRV RV SUREOHPDV D VHJXLU GHVFULWRV G
  • 301. )LVVXUDomR QD ODMH GR WHWR &RPR Mi IRL UHIHULGR DV ODMHV VmR DOLJHLUDGDV FRP DEREDGLOKDV FHUkPLFDV H YLJRWDV SUp HVIRUoDGDV 1XP GRV TXDUWRV GD IUDomR YLVLWDGD IRUDP LGHQWLILFDGDV ILVVXUDV FRP FHUFD GH  PP GH ODUJXUD H MXQWR D XP GRV FXQKDLV GD KDELWDomR $ )LJXUD  GHPRQVWUD D PDQLIHVWDomR GD SDWRORJLD -XQWR D HVWH ORFDO QmR VmR YLVtYHLV PDLV QHQKXQV VLQDLV GH ILVVXUDomR TXHU QRV UHVWDQWHV HOHPHQWRV HVWUXWXUDLV TXHU QDV SDUHGHV H[WHULRUHV )LJXUD  )LVVXUDomR QR WHWR GD IUDomR $ FDXVD FRP PDLV SUHSRQGHUkQFLD SDUD HVWD SDWRORJLD VHUi GH FDUiFWHU HVWUXWXUDO 3RGHUi HVWDU DVVRFLDGD j DWXDomR GH FDUJDV H[FHVVLYDV VREUH RV HOHPHQWRV HVWUXWXUDLV ODMH
  • 302.  RV TXDLV SRGHUmR QmR HVWDU GLPHQVLRQDGRV SDUD WDLV VROLFLWDo}HV 2XWUD FDXVD TXH SRGHUi HVWDU LQWHUOLJDGD p D LQH[LVWrQFLD GH DUPDGXUD GH GLVWULEXLomR H
  • 303. )LVVXUDomR VREUH YmRV $ ILVVXUDomR GD WRUoD GD SRUWD GD HQWUDGD QD IUDomR 5 p XP GRV H[HPSORV GD PDQLIHVWDomR GHVWD SDWRORJLD 7UDWDVH GH ILVVXUDV RFRUULGDV VREUH DV DEHUWXUDV TXH VXUJHP HP DOJXPDV SRUWDV H MDQHODV GR HGLItFLR
  • 304.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $V ILVVXUDV DSUHVHQWDP FHUFD GH  PP PHGLGDV FRP R DX[tOLR GH XPD UpJXD
  • 305. GH ODUJXUD H SURORQJDPVH DR ORQJR GH SUDWLFDPHQWH WRGD D ODUJXUD GRV YmRV )LJXUD  )LVVXUDomR GD WRUoD GH XPD SRUWD $ FDXVD FRP PDLV SUHSRQGHUkQFLD SDUD D PDQLIHVWDomR GD SDWRORJLD VHUi R FRPSRUWDPHQWR GLIHUHQFLDO HQWUH RV PDWHULDLV JUDQLWRUHYHVWLPHQWR I
  • 306. )LVVXUDomR QD OLJDomR YLJDDOYHQDULD 1DOJXQV SRQWRV GD KDELWDomR QRPHDGDPHQWH QD OLJDomR DOYHQDULDYLJD VmR REVHUYDGDV ILVVXUDV TXH VH SURORQJDP SRU WRGR R FRPSULPHQWR GD OLJDomR UHIHULGD $SyV DQiOLVH GH WRGDV DV FDXVDV TXH SRGHP HVWDU QD RULJHP GD SDWRORJLD LQFOXVLYH D GHIRUPDomR H[FHVVLYD DVVRFLDGD j YLJD SRGHUi FRQFOXLUVH TXH D FDXVD PDLV SURYiYHO SDUD R VHX DSDUHFLPHQWR VHUi R FRPSRUWDPHQWR GLIHUHQFLDO HQWUH RV PDWHULDLV EHWmR H DOYHQDULD YHU SRQWR  DOtQHD E
  • 307.  RQGH Mi VH UHIHULUDP DOJXPDV PHGLGDV PLQLPL]DGRUDV GHVWD SDWRORJLD
  • 308.  J
  • 309. )LVVXUDomR KRUL]RQWDO QDV SDUHGHV HP DOYHQDULD ,GHQWLILFDUDPVH DOJXQV ORFDLV TXH DSUHVHQWDP ILVVXUDV DR ORQJR GD SDUHGH GD KDELWDomR TXH FRQILQD FRP R FRUUHGRU FRPXP GR HGLItFLR YHU )LJXUD 
  • 310.  6XUJHP VRPHQWH HP DOJXQV SRQWRV MXQWR D DEHUWXUDV GH SRUWDV VHQVLYHOPHQWH D XPD DOWXUD FRUUHVSRQGHQWH D PHWDGH GD DOWXUD GRV YmRV 1mR IRL SRVVtYHO REWHU LQIRUPDomR DFHUFD GR KLVWRULDO GHVWD SDWRORJLD $SHQDV VH VDEH TXH DV ILVVXUDV DWLQJHP WRGD D HVSHVVXUD GD SDUHGH $ SDUHGH p VLPSOHV FRQVWLWXtGD SRU WLMROR FHUkPLFR IXUDGR GH  FP GHYLGDPHQWH UHERFDGD H HVWXFDGD GH DPERV RV ODGRV
  • 311.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  )LVVXUDV KRUL]RQWDLV HP SDUHGHV GH DOYHQDULD 2 DSDUHFLPHQWR GHVWDV ILVVXUDV HP SDUHGHV GH DOYHQDULD FRP DEHUWXUDV SRGHUi HVWDU DVVRFLDGR j IDOWD GH WUDYDPHQWR GRV SDQRV RX PHVPR GHYLGR DR EDWHU GD SRUWD K
  • 312. +XPLGDGH GH SUHFLSLWDomR 1D SDUHGH H[WHULRU RULHQWDGD D VXO DGMDFHQWH j HVFDGDULD GR HGLItFLR H[LVWHP YLWUDLV TXH SHUPLWHP D LOXPLQDomR QDWXUDO GDV HVFDGDV 6RE HVVHV YmRV H QR LQWHULRU GR LPyYHO VmR EDVWDQWH HYLGHQWHV YHU )LJXUD 
  • 313. PDQFKDV GH KXPLGDGH H DWp R GHVWDFDPHQWR H GHJUDGDomR GR UHYHVWLPHQWR $ SDWRORJLD WHYH RULJHP Ki FHUFD GH  DQRV DWUiV H D FDGD LQYHUQR TXH SDVVD D GHJUDGDomR DJUDYDVH &RPR D SDWRORJLD VXUJH QR SDWDPDU GDV HVFDGDV GH DFHVVR DRV YiULRV SLVRV QmR IRL SRVVtYHO REVHUYDU SRUPHQRUL]DGDPHQWH D FRQVWLWXLomR GRV YmRV SHOR ODGR H[WHULRU XPD YH] TXH RV PHVPRV VmR IL[RV 1R HQWDQWR REVHUYDQGR SHOR LQWHULRU DWUDYpV GR YLGUR
  • 314.  p YLVtYHO TXH D SHoD GH SHGUD TXH FRQVWLWXL R SHLWRULO DWUDYHVVD WRGD D ODUJXUD GD SDUHGH RX VHMD WUDWDVH GH XPD SHoD ~QLFD DFDEDQGR SRU QmR KDYHU TXDOTXHU GHVFRQWLQXLGDGH GR PDWHULDO HQWUH R H[WHULRU H R LQWHULRU
  • 315.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  0DQFKD GH KXPLGDGH MXQWR DR SHLWRULO $SyV D DQiOLVH GH WRGRV RV IDWRUHV TXH SRGHULDP RULJLQDU HVWD SDWRORJLD FRQFOXLVH TXH D FDXVD FRP PDLV SUHSRQGHUkQFLD VHUi D IDOWD GH HVWDQTXLGDGH GRV UHPDWHV FRQIRUPH WDPEpP IRL UHIHULGR QR SRQWR  DOtQHD H
  • 316.  $ GHILFLHQWH H[HFXomR GR SHLWRULO SRU H[HPSOR R IDFWR GD VXSHUItFLH VXSHULRU VHU SODQD
  • 317.  IDFLOLWD WDPEpP D SDVVDJHP GD iJXD DEVRUYLGD SHOR SHLWRULO GR H[WHULRU SDUD R LQWHULRU GR HGLItFLR DWUDYpV GRV SRURV GR SUySULR PDWHULDO  0DSHDPHQWR GRV GDQRV 1HVWH SRQWR VHUmR LGHQWLILFDGDV QDV SODQWDV GR HGLItFLR DQDOLVDGR WRGDV DV SDWRORJLDV GHVFULWDV DQWHULRUPHQWH $V OHWUDV DSUHVHQWDGDV WrP FDUiFWHU PHUDPHQWH LQIRUPDWLYR GH IRUPD D LGHQWLILFDU D ORFDOL]DomR GDV SDWRORJLDV DSUHVHQWDGDV QRV SRQWRV DQWHULRUHV )LJXUD  3ODQWD GD IUDomR 5 ORFDOL]DomR GD SDWRORJLD
  • 318. J
  • 319. H
  • 320. D
  • 321. I
  • 322. I
  • 323. G
  • 324. 6HP HVFDOD
  • 325.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  3ODQWD GR SLVR WLSR ORFDOL]DomR GD SDWRORJLD
  • 326. D
  • 327. E
  • 328.  F
  • 329. D
  • 330. E
  • 331. E
  • 332.  F
  • 333. F
  • 334. K
  • 335. 6HP HVFDOD
  • 336.  /HYDQWDPHQWR H FDUDFWHUL]DomR GD SDWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 337.   $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR  &RQVLGHUDo}HV JHUDLV $SyV D DQiOLVH IHLWD QR FDStWXOR DQWHULRU jV SDWRORJLDV HQFRQWUDGDV VHOHFLRQDUDPVH GXDV TXH VXUJHP FRP PDLRU IUHTXrQFLD DV TXDLV YmR VHU HVWXGDGDV PDLV DSURIXQGDGDPHQWH QR VHQWLGR GH VH SHUFHEHU R PDLV DSUR[LPDGDPHQWH SRVVtYHO DV VXDV FDXVDV IRUPDV GH PDQLIHVWDomR H SRWHQFLDLV VROXo}HV GH UHSDUDomR (VFROKHUDPVH DV TXH PDLV DIHWDP D TXDOLGDGH GRV HGLItFLRV H WDPEpP GRV XWLOL]DGRUHV DV TXH WrP RULJHP QD KXPLGDGH KXPLGDGH DVFHQVLRQDO LGHQWLILFDGD QR HGLItFLR 8 H KXPLGDGH GH SUHFLSLWDomR ORFDOL]DGD QR HGLItFLR 0  +XPLGDGH DVFHQVLRQDO 7UDWDVH GH XPD SDWRORJLD GH DSDUHFLPHQWR FRQVWDQWH HP TXDVH WRGRV RV HGLItFLRV DQDOLVDGRV FRPR Mi IRL UHIHULGR DQWHULRUPHQWH $ VXD PDQLIHVWDomR VXUJH DWUDYpV GD GHJUDGDomR GR UHYHVWLPHQWR GDV SDUHGHV TXH VH HQFRQWUDP GLUHWD RX LQGLUHWDPHQWH HP FRQWDFWR FRP R WHUUHQR  &DXVDV SURYiYHLV 1RV GRLV FDStWXORV DQWHULRUHV SURFXURXVH WHQWDU FRQFOXLU VREUH D FDXVD PDLV SURYiYHO SDUD R DSDUHFLPHQWR GHVWH WLSR GH SDWRORJLD
  • 338.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $V FRQGLo}HV GH LPSHUPHDELOL]DomR GDV SDUHGHV HQWHUUDGDV YDULDP GH HGLItFLR SDUD HGLItFLR 1R HQWDQWR HVWH p XP GRV IDWRUHV TXH SRGHUi DFHOHUDU D GHJUDGDomR GDV SDUHGHV GHYLGR j SUHVHQoD GH KXPLGDGH 1XPD EUHYH H[SOLFDomR GR IHQyPHQR D KXPLGDGH DVFHQVLRQDO FRQVLVWH QD VXELGD GH iJXD DR ORQJR GRV HOHPHQWRV FRQVWUXWLYRV SRU FDSLODULGDGH 3DUD TXH LVWR DFRQWHoD GHYHP UHXQLUVH DV VHJXLQWHV FRQGLo}HV >@ ĺ &RQWDFWR HQWUH DV SDUHGHV H D iJXD GR VROR ĺ (OHYDGD FDSLODULGDGH GRV PDWHULDLV GD SDUHGH ĺ ,QH[LVWHQWH RX PDX SRVLFLRQDPHQWR GH EDUUHLUDV GH HVWDQTXLGDGH ([LVWHP VLWXDo}HV IUHTXHQWHV HP TXH D iJXD GR VROR FRQWDFWD FRP DV SDUHGHV GDV TXDLV VH GHVWDFDP >@ ĺ )XQGDo}HV GDV SDUHGHV VLWXDGDV DEDL[R GR QtYHO IUHiWLFR YHU )LJXUD  D
  • 339.  ĺ )XQGDo}HV GDV SDUHGHV VLWXDGDV DFLPD GR QtYHO IUHiWLFR HP ]RQDV HP TXH R WHUUHQR WHP HOHYDGD FDSLODULGDGH SURYRFDQGR D DVFHQVmR GD iJXD H[LVWHQWH D XPD FRWD LQIHULRU YHU )LJXUD  E
  • 340.  ĺ 3DUHGHV LPSODQWDGDV HP WHUUHQRV SRXFR SHUPHiYHLV RX FRP SHQGHQWHV YLUDGDV SDUD DV SDUHGHV GDQGR RULJHP D TXH DV iJXDV GD FKXYD RX GH RXWUDV IRQWHV SRVVDP GHVOL]DU VREUH R WHUUHQR H HQWUDU HP FRQWDFWR FRP DTXHOHV HOHPHQWRV YHU )LJXUD F
  • 341.  D
  • 342. )XQGDo}HV DEDL[R GR QtYHO IUHiWLFR E
  • 343. )XQGDo}HV DFLPD GR QtYHO IUHiWLFR F
  • 344. 7HUUHQR FRP SHQGHQWH SDUD D SDUHGH )LJXUD  )RUPDV GH KXPLGLILFDomR GH SDUHGHV HP FRQWDFWR FRP R WHUUHQR
  • 345.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ DVFHQVmR GD iJXD DWUDYpV GRV HOHPHQWRV FRQVWUXWLYRV YDULD SURSRUFLRQDOPHQWH FRP R GLkPHWUR GRV SRURV GRV PDWHULDLV TXDQWR PHQRU R GLkPHWUR GRV SRURV PDLRU D DOWXUD DWLQJLGD SHOD iJXD
  • 346.  GD TXDQWLGDGH GH iJXD HP FRQWDFWR H GDV FRQGLo}HV GH HYDSRUDomR GD PHVPD $ pSRFD GH FRQVWUXomR H D RULHQWDomR GD SDUHGH WDPEpP WrP UHOHYkQFLD SDUHGHV D QRUWH VmR PDLV DIHWDGDV TXH DV SDUHGHV D VXO
  • 347. >@ (VWH IHQyPHQR RFRUUH JHUDOPHQWH HP SDUHGHV H[WHULRUHV LQWHULRUHV H SDYLPHQWRV GH SLVRV WpUUHRV RQGH DV FLUFXQVWkQFLDV GHVFULWDV VH YHULILFDP PDLV IUHTXHQWHPHQWH $ DVFHQVmR GD iJXD FRQWLQXD DWp TXH HVWD DWLQMD XP QtYHO SDUD R TXDO D HYDSRUDomR TXH VH YHULILFD FRPSHQVH D HQWUDGD GH iJXD SURYHQLHQWH GR VROR 3RU HVWD UD]mR WRUQDVH HYLGHQWH TXH D XWLOL]DomR GH UHYHVWLPHQWRV LPSHUPHiYHLV FRPR VROXomR SDUD HVWH WLSR GH SUREOHPD QmR p DSHQDV LQHILFLHQWH PDV WDPEpP SUHMXGLFLDO XPD YH] TXH LPSRVVLELOLWD D HYDSRUDomR (VWD GLPLQXLomR GH HYDSRUDomR WHUi FRPR FRQVHTXrQFLD D VXELGD GR QtYHO GD iJXD 2XWUR IDWRU LPSRUWDQWH p D HVSHVVXUD GDV SDUHGHV 4XDQWR PDLRU IRU D HVSHVVXUD PDLRU VHUi D DOWXUD DWLQJLGD SHOD KXPLGDGH XPD YH] TXH D HVSHVVXUD HVWi GLUHWDPHQWH UHODFLRQDGD FRP D IDFLOLGDGH FRP TXH D HYDSRUDomR SRGH RFRUUHU >@ )LJXUD  (IHLWR GD LPSHUPHDELOL]DomR H GD ODUJXUD GD SDUHGH QD DOWXUD DWLQJLGD SHOD iJXD DGDSWDGR GH >@
  • 348. 2V VDLV SUHVHQWHV QRV PDWHULDLV FRQVWLWXLQWHV GDV SDUHGHV VmR GLVVROYLGRV H WUDQVSRUWDGRV QD iJXD DVFHQVLRQDO H FULVWDOL]DPVH TXDQGR D iJXD HYDSRUD (VWH SURFHVVR DXPHQWD R QtYHO GH SUHHQFKLPHQWR GRV SRURV GD SDUHGH GLPLQXLQGR D VXD SHUPHDELOLGDGH DR YDSRU GD iJXD H FRQVHTXHQWHPHQWH GLPLQXLQGR D HYDSRUDomR GH iJXD QD SDUHGH DXPHQWDQGR R QtYHO GH KXPLGDGH $OpP GLVVR SRGH YHULILFDUVH R DSDUHFLPHQWR GH HIORUHVFrQFLDV H FULSWRIORUHVFrQFLDV QDV ]RQDV DIHWDGDV $ SUHVHQoD GHVWHV HOHYDGRV QtYHLV GH VDLV QDV SDUHGHV QRUPDOPHQWH QmR SURYRFD GDQRV GHVGH TXH D HYDSRUDomR GD iJXD QD SDUHGH DFRQWHoD GH IRUPD FRQWtQXD 4XDQGR D HYDSRUDomR p LQWHUPLWHQWH YHULILFDVH R GHVWDTXH GH PDWHULDLV FRPR FRQVHTXrQFLD GR UHSHWLGR DXPHQWR H UHGXomR GR YROXPH VRIULGR SHORV VDLV GXUDQWH D VXD FULVWDOL]DomR
  • 349.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (VWH WLSR GH GDQRV GHILQH WDPEpP R WLSR GH KXPLGDGH VXSHUILFLDO RX IUHiWLFD
  • 350. TXH DIHWD D SDUHGH 6H RV GDQRV VH YHULILFDUHP GHVGH R QtYHO GR VROR DWp XPD GHWHUPLQDGD DOWXUD HVWiVH SHUDQWH XPD VLWXDomR HP TXH GXUDQWH FHUWRV SHUtRGRV GH WHPSR R QtYHO GH iJXD QR VROR p TXDVH QXOR SHOR TXH D SULQFLSDO FDXVD p D KXPLGDGH VXSHUILFLDO 1HVWH FDVR DV SDWRORJLDV WrP JUDYLGDGH YDULiYHO FRQVRDQWH D pSRFD GR DQR &RPR VH SRGH YHULILFDU QD ILJXUD VHJXLQWH SDUD SDWRORJLDV RULJLQDGDV SHOD KXPLGDGH VXSHUILFLDO DV SDUHGHV H[WHULRUHV VmR DV PDLV DIHWDGDV XPD YH] TXH HVWmR PDLV SUy[LPDV GD IRQWH GH iJXD 6H SHOR FRQWUiULR RV GDQRV VH YHULILFDUHP VHQVLYHOPHQWH HVWDELOL]DGRV DR ORQJR GR DQR H D DOWXUD GDV PDQFKDV GH KXPLGDGH VHMDP VHPHOKDQWHV HP FDGD SDUHGH PDLRU QDV SDUHGHV LQWHULRUHV FRPSDUDWLYDPHQWH FRP DV H[WHULRUHV XPD YH] TXH QHVWDV ~OWLPDV DV FRQGLo}HV GH HYDSRUDomR VmR PDLV IDYRUiYHLV
  • 351.  FRQFOXLVH TXH D KXPLGDGH WHP XPD RULJHP GH FDUiFWHU IUHiWLFR >@ ÈJXDV IUHiWLFDV ÈJXDV VXSHUILFLDLV )LJXUD  +XPLGDGH DVFHQVLRQDO HP SDUHGHV H[WHULRUHV H LQWHULRUHV 7RGDV DV LQGLFDo}HV UHIHULGDV QHVWH SRQWR UHIHUHP D RULJHP H SURFHVVR GH PDQLIHVWDomR GD SDWRORJLD HP FDXVD 1R SRQWR VHJXLQWH VHUi GDGD DWHQomR DRV PpWRGRV H[LVWHQWHV H PDLV HILFD]HV TXH SHUPLWHP D UHDELOLWDomR GHVWH WLSR GH SDWRORJLD  3RWHQFLDLV VROXo}HV GH UHDELOLWDomR &RPR UHIHULGR SURFHGHUVHi QHVWH SRQWR j DQiOLVH GH DOJXQV GRV PpWRGRV TXH SHUPLWHP D UHDELOLWDomR GH SDUHGHV DIHWDGDV SHOD KXPLGDGH GR WHUUHQR WDLV FRPR DV TXH IRUDP LGHQWLILFDGDV QR FDStWXOR  1R GHFRUUHU GH XPD LQWHUYHQomR FRP YLVWD j UHDELOLWDomR GHVWH WLSR GH SDWRORJLD GHYHUVHmR FRQVLGHUDU RV VHJXLQWHV SRQWRV D WHU HP FRQVLGHUDomR >@ ĺ 'HWHUPLQDomR GDV FDXVDV H RULJHP GR SUREOHPD ĺ (OLPLQDomR GD IRQWH GH KXPLGDGH LGHQWLILFDGD QR SDVVR DQWHULRU ĺ ,QWHUFHomR GD iJXD ĺ &ULDomR GH XPD EDUUHLUD TXH LPSHoD D DVFHQVmR GD iJXD ĺ 'HVXPLGLILFDomR GD SDUHGH
  • 352.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ĺ (OLPLQDomR GDV LPSHUIHLo}HV FDXVDGDV SHOD SDWRORJLD ĺ 3URWHomR H SUHYHQomR e SRUWDQWR HVVHQFLDO TXH QRV WUDEDOKRV GH UHDELOLWDomR VH LGHQWLILTXHP QXPD SULPHLUD IDVH RV DJHQWHV GH GHJUDGDomR H WDPEpP VH DYDOLH D GHJUDGDomR RFRUULGD SDUD HQWmR VHU SRVVtYHO WRPDU DV DGHTXDGDV PHGLGDV FRUUHWLYDV 2 LGHDO VHUi HQWmR DGRWDU VROXo}HV TXH SURSRUFLRQHP UHVXOWDGRV VDWLVIDWyULRV D ORQJR SUD]R 1R HQWDQWR WRUQDVH GLItFLO D WRWDO UHVROXomR GRV SUREOHPDV H SRU YH]HV DV VROXo}HV TXH RIHUHFHP PHOKRUHV JDUDQWLDV VmR EDVWDQWH GLVSHQGLRVDV 'H XPD IRUPD JHUDO DV VROXo}HV FRUUHQWHPHQWH XWLOL]DGDV HP SUREOHPDV UHODFLRQDGRV FRP D KXPLGDGH GR WHUUHQR GLYLGHPVH HP TXDWUR JUXSRV >@ ĺ ,PSHGLU R DFHVVR GD iJXD jV SDUHGHV ĺ ,PSHGLU D DVFHQVmR GH iJXD QDV SDUHGHV ĺ 5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV ĺ 2FXOWDU DV SDWRORJLDV $ HVFROKD GD VROXomR D DGRWDU GHYH VHU IHLWD DSyV D HODERUDomR GR GLDJQyVWLFR FRUUHWR GD SDWRORJLD GH PRGR D SHUPLWLU GHWHUPLQDU GH IRUPD LQHTXtYRFD D SURYHQLrQFLD GD iJXD H[LVWHQWH iJXDV VXSHUILFLDLV RX IUHiWLFDV
  • 353.  XPD YH] TXH DOJXPDV GDV VROXo}HV VmR HVSHFtILFDV SDUD FDGD XP GHVVHV FDVRV >@ 'H VHJXLGD VmR DSUHVHQWDGDV GH IRUPD PDLV HVSHFtILFD DV VROXo}HV UHIHULGDV DQWHULRUPHQWH GH PRGR D FRQFOXLU VREUH D VROXomR DGHTXDGD H PDLV HILFD] SDUD R FDVR HP HVWXGR  ,PSHGLU R DFHVVR GH iJXD jV SDUHGHV ([LVWHP GLYHUVRV PpWRGRV TXH SHUPLWHP FRQWHU R DFHVVR GD iJXD jV SDUHGHV DIHWDGDV 1R HQWDQWR HVWH WLSR GH HVWUDWpJLD DSUHVHQWDVH EDVWDQWH FRQGLFLRQDGD DR WLSR GH VROR H DR HVSDoR H[LVWHQWH 5HVXPLGDPHQWH VmR RV VHJXLQWHV >@ ĺ 7UDWDPHQWR VXSHUILFLDO GR WHUUHQR FRQVLVWH HP WUDEDOKDU R WHUUHQR GH PRGR D HYLWDU TXH DV iJXDV HVFRHP SDUD DV SDUHGHV DWUDYpV GHOH ĺ 5HEDL[DPHQWR GR QtYHO IUHiWLFR FRQVLVWH HP FRORFDU R QtYHO IUHiWLFR DEDL[R GD ]RQD DIHWDGD DWUDYpV GD H[HFXomR GH SRoRV RX GUHQRV YHUWLFDLV 7UDWDVH GH XPD VROXomR TXH DOpP GH VHU EDVWDQWH GLVSHQGLRVD H GH GLItFLO H[HFXomR DSUHVHQWD GHVYDQWDJHQV QD PHGLGD HP TXH SRVVLELOLWD PDLV IDFLOPHQWH D RFRUUrQFLD GH DVVHQWDPHQWRV GLIHUHQFLDLV MXQWR GR HGLItFLR GHULYDGRV GRV SUySULRV IXURV ĺ 'UHQDJHP GR WHUUHQR FRQVLVWH HP UHFROKHU DV iJXDV VXSHUILFLDLV H FRQGX]LODV D XP VLVWHPD GH GUHQDJHP DSURSULDGR DWUDYpV GH XPD UHGH GH WXEDJHQV SRURVDV FRORFDGDV KRUL]RQWDOPHQWH ĺ ([HFXomR GH YDODV SHULIpULFDV FRQVLVWH HP H[HFXWDU QR H[WHULRU GDV SDUHGHV DIHWDGDV YDODV SHULIpULFDV (VWH p XP PpWRGR EDVWDQWH DSURSULDGR SDUD TXDQGR R DFHVVR jV SDUHGHV IRU ODWHUDO
  • 354.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   ,PSHGLU D DVFHQVmR GH iJXD QDV SDUHGHV ([LVWHP GLYHUVRV PpWRGRV TXH SHUPLWHP LPSHGLU R DFHVVR GD iJXD jV SDUHGHV DIHWDGDV 5HVXPLGDPHQWH VmR RV VHJXLQWHV >@ ĺ 5HGXomR GD VHFomR DEVRUYHQWH FRQVLVWH HP UHGX]LU D VHFomR DEVRUYHQWH VXEVWLWXLQGR SDUWH GR PDWHULDO GD SDUHGH SRU HVSDoRV YD]LRV IDFLOLWDQGR DVVLP D HYDSRUDomR GD iJXD DEVRUYLGD DWUDYpV GDV DEHUWXUDV FULDGDV e XPD WpFQLFD QmR PXLWR XWLOL]DGD GHYLGR jV HYHQWXDLV LQFRPSDWLELOLGDGHV HVWUXWXUDLV H WDPEpP SRU DIHWDU QHJDWLYDPHQWH D SUySULD DUTXLWHWXUD GRV HGLItFLRV ĺ ,QWURGXomR GH EDUUHLUDV HVWDQTXHV DWUDYpV GR FRUWH GD SDUHGH FRQVLVWH QD LQWHUUXSomR GD PLJUDomR GD iJXD DWUDYpV GR PDWHULDO FRQVWLWXLQWH GD SDUHGH DWUDYpV GH PDWHULDLV LPSHUPHiYHLV ([LVWHP TXDWUR WpFQLFDV GLVWLQWDV D
  • 355. VXEVWLWXLomR GRV HOHPHQWRV GH DOYHQDULD SRU PDWHULDLV LPSHUPHiYHLV E
  • 356. FRUWH FRP VHUUD PDQXDO RX PHFkQLFD GDV SDUHGHV SDUD DVVLP VH LQWURGX]LUHP RV PDWHULDLV LPSHUPHiYHLV F
  • 357. FRUWH SRU FDURWDJHQV VXFHVVLYDV H LQWURGXomR IRUoDGD GH PDWHULDLV PHWiOLFRV  HVWD VHULD XPD VROXomR SRVVtYHO H SUHVVXS}H D VXEVWLWXLomR GH SDUWH GDV SDUHGHV RULJLQDLV SRU PDWHULDO HVWDQTXH HP WRGD D HVSHVVXUD GD SDUHGH 1R HQWDQWR WRUQDVH XP PpWRGR SRXFR XVDGR GHYLGR j GLItFLO H[HFXomR H DR HOHYDGR WHPSR SDUD D UHDOL]DomR GRV WUDEDOKRV $OpP GLVWR SRGH FRPSURPHWHU D HVWDELOLGDGH GDV SDUHGHV H DWp GR SUySULR HGLItFLR FDVR DV PHVPDV DVVXPDP XPD IXQomR HVWUXWXUDO G
  • 358. LQWURGXomR IRUoDGD GH PDWHULDLV PHWiOLFRV ĺ ,QWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV SUHVVXS}H D H[HFXomR GH EDUUHLUDV TXtPLFDV FRQVHJXLGDV j FXVWD GD LQWURGXomR SRU GLIXVmR RX LQMHomR VRE SUHVVmR GH SURGXWRV WDSDSRURV RX KLGUyIXJRV
  • 359.  TXH LUmR FULDU XPD EDUUHLUD TXtPLFD HVWDQTXH H DVVLP LPSHGLU D SURJUHVVmR GD iJXD QD SDUHGH (VWD p XPD VROXomR EDVWDQWH XWLOL]DGD H TXH SHUPLWH UHVXOWDGRV EDVWDQWH DFHLWiYHLV  5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV ([LVWHP GLYHUVRV PpWRGRV TXH SHUPLWHP UHWLUDU D iJXD HP H[FHVVR GDV SDUHGHV DIHWDGDV >@ ĺ 6LVWHPDV HOHFWURRVPyWLFRV FRQVLVWH QD LQWURGXomR QD SDUHGH GH XPD VpULH GH VRQGDV FRQGXWRUDV OLJDGDV HQWUH VL TXH IXQFLRQDP FRPR kQRGR H HP FRQH[mR FRP XPD WRPDGD GH WHUUD TXH DWXD FRPR FiWRGR (VWH VLVWHPD FULD XP SRWHQFLDO HOpWULFR FRQWUiULR DR SRWHQFLDO FDSLODU SURYRFDQGR D LPRELOL]DomR RX PHVPR LQYHUVmR GD DVFHQVmR GD iJXD ([LVWHP GLYHUVRV WLSRV GH VLVWHPDV GH HOHFWURRVPRVH 1R HQWDQWR D HILFiFLD GHVWH PpWRGR GHL[D PXLWR D GHVHMDU ĺ 'UHQRV DWPRVIpULFRV  WXERV GH DUHMDPHQWR FRQVLVWH QD LQWURGXomR GH WXERV FRP R REMHWLYR GH YHQWLODU H FRUWDU R SRWHQFLDO FDSLODU (PERUD VHMD XP PpWRGR PXLWR HFRQyPLFR TXH SRGHULD VHU H[HFXWDGR HP TXDOTXHU GRV FDVRV HP HVWXGR p PXLWR SRXFR HILFLHQWH
  • 360.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   2FXOWDomR GDV SDWRORJLDV ([LVWHP GLYHUVRV PpWRGRV TXH SHUPLWHP RFXOWDU DV SDUHGHV DIHWDGDV FRPR VH DSUHVHQWD GH VHJXLGD >@ ĺ ([HFXomR GH XPD QRYD SDUHGH SHOR LQWHULRU FRQVLVWH QD H[HFXomR GH XP QRYR SDQR GH DOYHQDULD SHOR LQWHULRU DIDVWDGD GH  D  FP GD SDUHGH LQLFLDO VHP TXDOTXHU SRQWR GH FRQWDFWR GH PRGR D QmR VHU SHUPLWLGD D SDVVDJHP GH iJXD GD SDUHGH DIHWDGD SDUD D QRYD VHQGR TXH D VXD EDVH GHYH VHU LPSHUPHDELOL]DGD FRP DUJDPDVVD FRP SROtPHURV 2 HVSDoR GH DU GHYH VHU YHQWLODGR SDUD R H[WHULRU e XP PpWRGR TXH DSUHVHQWD XPD HILFiFLD UD]RiYHO PDV TXH SURYRFD XPD GLPLQXLomR GD iUHD ~WLO GRV FRPSDUWLPHQWRV ĺ $SOLFDomR GH UHYHVWLPHQWRV GH SDUHGH FRP FDUDFWHUtVWLFDV HVSHFLDLV FRQVLVWH QD DSOLFDomR GH UHYHVWLPHQWRV GH SDUHGH LPSHUPHiYHLV RX GH PDWHULDLV TXH HVWHMDP DVVRFLDGRV D RXWURV TXH JDUDQWDP HVWDQTXLGDGH H VLPXOWDQHDPHQWH SHUPLWDP TXH D SDUHGH ³UHVSLUH´ SHUPHiYHLV DR YDSRU GH iJXD
  • 361.  FRPR SRU H[HPSOR DUJDPDVVDV GH UHERFR DGLWLYDGDV 'H VHJXLGD p DSUHVHQWDGD XPD ILJXUD TXH SUHWHQGH HQTXDGUDU WRGRV RV PpWRGRV UHIHULGRV )LJXUD  5HVXPR GRV PpWRGRV GH UHDELOLWDomR GD SDWRORJLD KXPLGDGH DVFHQVLRQDO DGDSWDGR GH >@
  • 362. 3$72/2*,$ 'LDJQyVWLFR +80,'$'( $6&(16,21$/ )RUPDV GH 5HDELOLWDomR ,PSHGLU R DFHVVR GH iJXD jV SDUHGHV ,PSHGLU D DVFHQVmR GH iJXD QDV SDUHGHV 5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV 2FXOWDomR GDV SDWRORJLDV  7UDWDPHQWR VXSHUI GR WHUUHQR  5HEDL[DPHQWR GR QtYHO IUHiWLFR  'UHQDJHP GR WHUUHQR  ([HFXomR GH YDODV SHULIpULFDV  5HGXomR GD VHFomR DEVRUYHQWH  ,QWURGXomR GH EDUUHLUDV HVWDQTXHV  ,QWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV  6LVWHPDV HOHFWUR RVPyWLFRV  'UHQRV DWPRVIpULFRV  1RYD SDUHGH SHOR LQWHULRU  $SOLFDomR GH UHYHVWLPHQWRV GH SDUHGH HVSHFLDLV ([LVWH TXDQWLGDGH VLJQLILFDWLYD GH VDLV QD SDUHGH" 6LP 3URFHVVR GH GHVVDOLQL]DomR $SOLFDomR GH FRPSUHVVDV $SOLFDomR GH UHERFR VDFULILFLDO
  • 363.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  2 TXDGUR DSUHVHQWDGR GH VHJXLGD DSUHVHQWD XP UHVXPR VREUH DV SULQFLSDLV FDUDFWHUtVWLFDV H HILFLrQFLD GRV PpWRGRV GH UHDELOLWDomR H[SRVWRV 4XDGUR  $QiOLVH GRV YiULRV PpWRGRV GH UHDELOLWDomR GH SDUHGHV FRP KXPLGDGH DVFHQVLRQDO DGDSWDGR GH >@
  • 364. 2EMHWLYR 6ROXomR ÈJXDV (ILFiFLD 3ROLYDOrQFLD $VSHWR /LPLWDo}HV )UHiWLFDV 6XSHUILFLDLV ,PSHGLU R DFHVVR GH iJXD jV SDUHGHV 7UDWDPHQWR VXSHUILFLDO GR WHUUHQR   5HEDL[DPHQWR GR QtYHO IUHiWLFR   'UHQDJHP GR WHUUHQR   9DODV SHULIpULFDV   ,PSHGLU D DVFHQVmR GD iJXD QDV SDUHGHV 5HGXomR GD VHFomR DEVRUYHQWH   0D 0H 0H (VWUXWXUDLV H DUTXLWHWyQLFDV %DUUHLUDV HVWDQTXHV   % % 0H 9LEUDo}HV H LQVWDELOLGDGH $SOLFiYHO DSHQDV HP DOYHQDULDV UHVLVWHQWHV FRP MXQWDV UHJXODUHV ,QWURG GH SURGXWRV LPSHUPHDELOL]DQWHV   0% 0% % (VSHVVXUD HOHYDGD H KHWHURJHQHLGDGH GD SDUHGH 5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV (OHFWURRVPRVH   0H 0D % % ,QDGHTXDGR TXDQGR D UHVLVWrQFLD GR WHUUHQR p HOHYDGD 'UHQRV DWPRVIpULFRV   0D 0H 0H (VWpWLFDV 2FXOWDomR GDV SDWRORJLDV 1RYD SDUHGH SHOR LQWHULRU   % 0H % 'LPLQXLomR GDV iUHDV ~WHLV e QHFHVViULR YHQWLODU D FDL[DGHDU HQWUH DV GXDV SDUHGHV SDUD VH DOFDQoDUHP RV UHVXOWDGRV HVSHUDGRV 5HYHVWLPHQWRV HVSHFLDLV   0H 0H % $SDUHFLPHQWR GH HIORUHVFrQFLDV /HJHQGD   LQHILFLHQWH   HILFLrQFLD GXYLGRVD   HILFLrQFLD YDULiYHO   HILFLHQWH 0D  0i 0H  0pGLD %  %RD 0%  0XLWR %RD 5HVXOWDGR GD XWLOL]DomR GD VROXomR HP FDXVD HP GLIHUHQWHV PDWHULDLV H WLSRV GH SDUHGHV $VSHWR HVWpWLFR GDV DOYHQDULDV QD ]RQD WUDWDGD
  • 365.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   3DWRORJLD H DQiOLVH GDV YiULDV VROXo}HV D DGRWDU &RPR Mi PHQFLRQDGR D SDWRORJLD HP HVWXGR QHVWD VHFomR IRL LGHQWLILFDGD H FDUDFWHUL]DGD QD DOtQHD G
  • 366. GD VHFomR  UHIHUHQWH DR HGLItFLR 8 $SyV D DQiOLVH GD SDWRORJLD H UHVSHWLYDV IRUPDV GH DSDUHFLPHQWR WHQWRXVH SHUFHEHU R TXH QmR IRL H[HFXWDGR RX R TXH IRL H[HFXWDGR GH IRUPD LQFRUUHWD H TXH GHX RULJHP j PDQLIHVWDomR GD SDWRORJLD H VXDV FRQVHTXrQFLDV 2 SULPHLUR SDVVR QR SURFHVVR GH FRUUHomR GRV SUREOHPDV p SHUFHEHU H LGHQWLILFDU DV VXDV FDXVDV R PDLV DSUR[LPDGDPHQWH SRVVtYHO SDUD DVVLP VH SURFHGHU j DGRomR GR FRUUHWR PpWRGR GH UHDELOLWDomR $V FDUDFWHUtVWLFDV GDV SDUHGHV GR FRQWDFWR FRP R WHUUHQR FRQWtJXR H GR VLVWHPD GH GUHQDJHP GH iJXDV IUHiWLFDV IRUDP LGHQWLILFDGDV QR FDStWXOR  3DUD PHOKRU FRPSUHHQVmR DSUHVHQWDVH GH VHJXLGD XP SRUPHQRU FRUWH
  • 367. FXMR SULQFLSDO REMHWLYR p WUDGX]LU D HQYROYHQWH HP DQiOLVH H QR TXDO VH LGHQWLILFDP RV SRQWRV VLQJXODUHV TXH SHUPLWHP D RFRUUrQFLD GD SDWRORJLD 3DUHGH H[WHULRU HP EHWmR DUPDGR HQWHUUDGD DWp XP PHWUR GH DOWXUD 3DUHGH LQWHULRU HP WLMROR FHUkPLFR IXUDGR )LJXUD  3RUPHQRU WLSR GDV SDUHGHV GR SLVR GD FDYH H UHVSHWLYDV FDUDFWHUtVWLFDV GH FRQWDFWR FRP R WHUUHQR
  • 368.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /HJHQGD GD )LJXUD  
  • 369. 'UHQDJHP GDV iJXDV IUHiWLFDVVXSHUILFLDLV ĺ (VWD WpFQLFD IRL H[HFXWDGD QD SUHVHQWH KDELWDomR FRQIRUPH Mi IRL UHIHULGR QR FDStWXOR  ĺ $ UHGH GH GUHQDJHP p FRPSRVWD SRU WXEDJHP HP 39& SHUIXUDGR FRP  PP GH GLkPHWUR DVVHQWH QD IDFH VXSHULRU GDV VDSDWDV SURWHJLGDV SRU XPD FDPDGD GUHQDQWH GH EULWD FRP  FP GH HVSHVVXUD HQYROYLGD SRU XPD PDQWD JHRWr[WLO ĺ $ GUHQDJHP p IHLWD SDUD D UHGH SUHGLDO GH GUHQDJHP GH iJXDV SOXYLDLV FRQIRUPH HVTXHPD H[SRVWR QD )LJXUD  
  • 370. ,PSHUPHDELOL]DomR GDV SDUHGHV HQWHUUDGDV ĺ (VWD WpFQLFD IRL H[HFXWDGD QD SUHVHQWH KDELWDomR ĺ $ LPSHUPHDELOL]DomR IRL IHLWD DWUDYpV GH XP VLVWHPD FRQVWLWXtGR SRU GXDV PHPEUDQDV GH EHWXPHSROtPHUR H QD IDFH H[WHULRU IRL DLQGD FRORFDGD XPD PHPEUDQD SLWRQDGD GUHQDQWH 
  • 371. &RUWH FDSLODU ĺ (VWD WpFQLFD QmR IRL H[HFXWDGD 3RGHULD WHU VLGR FRQVHJXLGD DWUDYpV GD FRORFDomR GH SRU H[HPSOR XPD IROKD GH SROLHWLOHQR FRP HVSHVVXUD VXSHULRU D  PP 6REUH D IROKD GH SROLHWLOHQR GHYH VHU FRORFDGD XPD FDPDGD GH GHVVROLGDUL]DomR DWUDYpV GD FRORFDomR GH XP JHRWr[WLO 9HU SRUPHQRU QR SRQWR $ GR $QH[R $ 
  • 372. ([WHQVmR GDV WHODV DFLPD GR WHUUHQR ĺ (VWD WpFQLFD QmR IRL H[HFXWDGD 'HYHULD WHU VLGR SHUPLWLGD XPD H[WHQVmR GH SHOR PHQRV  FP DFLPD GR SDYLPHQWR H[WHULRU GDV WHODV TXH LPSHUPHDELOL]DP D SDUHGH HQWHUUDGD 7RUQDVH HQWmR QHFHVViULR DQDOLVDU DV HYHQWXDLV IDOKDV H UHVSHWLYDV FRQVHTXrQFLDV GRV SRQWRV LGHQWLILFDGRV QD ILJXUD DQWHULRU ĺ $ WXEDJHP GH GUHQDJHP GH iJXDV IUHiWLFDV WHP FRPR REMHWLYR HQFDPLQKDU DV iJXDV H[LVWHQWHV QR VXEVROR SDUD XPD UHGH GUHQDJHP DGHTXDGD SHUPLWLQGR DVVLP TXH R VROR QmR ILTXH VDWXUDGR H RV PDWHULDLV GH FRQVWUXomR FRQWtJXRV QmR ILTXHP WmR H[SRVWRV j KXPLGDGH H[LVWHQWH QR WHUUHQR ĺ $ LPSHUPHDELOL]DomR H[WHULRU GDV SDUHGHV HQWHUUDGDV LPSHGH TXH DV iJXDV H[LVWHQWHV QR VROR IUHiWLFDV RX VXSHUILFLDLV
  • 373. HQWUHP HP FRQWDFWR GLUHWR FRP D SDUHGH FRQWHQGR DVVLP HYHQWXDLV LQILOWUDo}HV ĺ $V iJXDV H[LVWHQWHV QR VROR H TXH QmR VmR GUHQDGDV DWLQJHP D EDVH GDV IXQGDo}HV H GRV SDYLPHQWRV WpUUHRV 6H VRE HVWHV HOHPHQWRV FRQVWUXWLYRV QmR IRU H[HFXWDGR XP DGHTXDGR FRUWH FDSLODU D iJXD DR DWLQJLU RV SRURV H[LVWHQWHV QRV PDWHULDLV GH FRQVWUXomR WHP WHQGrQFLD D VXELU SRU FDSLODULGDGH SURYRFDQGR R DSDUHFLPHQWR GH KXPLGDGH FULSWRIORUHVFrQFLDV H HIORUHVFrQFLDV QR LQWHULRU GRV HGLItFLRV 3RGHUi HQWmR FRQFOXLUVH TXH D GHJUDGDomR YLVXDOL]DGD QR UHYHVWLPHQWR GH DOJXPDV SDUHGHV FRQVWLWXLQWHV GR SLVR WpUUHR UHVXOWD GD SDVVDJHP GD iJXD SRU FDSLODULGDGH QRPHDGDPHQWH GHYLGR j IDOWD GH XP FRUWH FDSLODU VRE DV IXQGDo}HV H VRE R SLVR WpUUHR FRQIRUPH LQGLFDGR QD )LJXUD 
  • 374. 
  • 375.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  'HQWUR GRV PpWRGRV GH UHDELOLWDomR LGHQWLILFDGRV DQWHULRUPHQWH H DSyV DQiOLVH FRPSDUDWLYD HQWUH RV PHVPRV 4XDGUR 
  • 376.  SURFXURXVH XPD VROXomR TXH SHUPLWLVVH D FRUUHomR GR SUREOHPD GH IRUPD HILFD] )RUDP HQWmR SRQGHUDGDV YiULDV KLSyWHVHV VHQGR TXH VH SXVHUDP GH SDUWH DV VROXo}HV TXH WrP FRPR REMHWLYR UHVWULQJLU R DFHVVR GH iJXD jV SDUHGHV XPD YH] TXH VmR EDVWDQWH WUDEDOKRVDV H SUHMXGLFDULDP RV DFHVVRV ODWHUDLV GR HGLItFLR $OpP GLVWR R HVSDoR WDPEpP p OLPLWDGR 5HWLUDU D iJXD HP H[FHVVR GDV SDUHGHV WDPEpP QmR SRVVLELOLWD XPD VROXomR YLiYHO SRU QHQKXP GRV PpWRGRV UHYHODU JUDQGH HILFiFLD QR WUDWDPHQWR GR SUREOHPD 'HVWH PRGR SURFHGHXVH j DGRomR GH XP PpWRGR TXH LPSHoD D DVFHQVmR GH iJXD QDV SDUHGHV (PERUD D LQWURGXomR GH EDUUHLUDV HVWDQTXHV IRVVH XP PpWRGR LQWHUHVVDQWH SDUD R SUREOHPD DWXDO R PHVPR QmR p YLiYHO SRU VH WUDWDU GH XPD SDUHGH HP EHWmR DUPDGR H SRU LVVR UHVLVWHQWH SRGHQGRVH S{U HP ULVFR D HVWDELOLGDGH GD KDELWDomR )RUD GH TXHVWmR HVWi D H[HFXomR GH XP QRYR SDQR GH SDUHGH SHOR LQWHULRU RFXOWDomR GD SDWRORJLD
  • 377.  XPD YH] TXH R SURSULHWiULR QmR TXHU YHU UHGX]LGD D iUHD GR FRPSDUWLPHQWR 2SWRXVH HQWmR SHOD H[HFXomR GH XPD EDUUHLUD TXtPLFD DWUDYpV GH SURGXWRV LPSHUPHDELOL]DQWHV LQMHWDGRV VREUH SUHVVmR QD SDUHGH XPD YH] TXH HVWD WpFQLFD p EDVWDQWH PDLV HILFD] FRPSDUDWLYDPHQWH FRP D WpFQLFD GH GLIXVmR XPD YH] TXH SHUPLWH XPD PHOKRU LQWURGXomR H GLVWULEXLomR GR SURGXWR
  • 378. RX SHOD H[HFXomR GH XP QRYR UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV GH PRGR D RFXOWDU D SDWRORJLD $ DGRomR GHVWHV PpWRGRV WHYH FRPR IXQGDPHQWDomR SULQFLSDO D HILFiFLD GRV PHVPRV H D WHQWDWLYD GH GLPLQXLomR DR Pi[LPR GRV WUDEDOKRV D VHUHP UHDOL]DGRV H UHVSHWLYRV FXVWRV e LPSRUWDQWH GHL[DU FODUR TXH H[LVWHP YiULRV WLSRV GH SURGXWRV TXtPLFRV LPSHUPHDELOL]DQWHV TXH IRUPDUmR D EDUUHLUD j DVFHQVmR GH iJXD 3RU LVVR DSUHVHQWDVH QR TXDGUR VHJXLQWH D UHODomR HQWUH RV YiULRV SURGXWRV R WLSR GH DWXDomR H D WpFQLFD GH DSOLFDomR 4XDGUR  $QiOLVH GRV YiULRV WLSRV GH SURGXWRV TXtPLFRV LPSHUPHDELOL]DQWHV DGDSWDGR GH >@
  • 379. 352'8726 7,32 '( $78$d­2 7e&1,&$ '( $3/,&$d­2 +LGUyIXJR 7DSDSRURV ,QMHomR 'LIXVmR 6LOLFDWRV DOFDOLQRV [ [ [ )OXRVLOLFDWRV [ [ [ 6LOLFRQDWRV [ [ [ 6LOR[DQRV [ [ 6LOLFRQHV SROtPHURV [ [ $FULODPLGDV [ [ 2UJDQRPHWiOLFRV [ [ (Sy[LGDV HRX SROLXUHWDQRV [ [ (PXOVmR EHWXPLQRVD [ [
  • 380.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   $QiOLVH WpFQLFRHFRQyPLFD GDV VROXo}HV DGRWDGDV 2 REMHWLYR SULQFLSDO GHVWH SRQWR p DQDOLVDU DOJXQV GRV SURGXWRV H[LVWHQWHV QR PHUFDGR H FRPSDUDU RV FXVWRV GRV PHVPRV SDUD VH FRQFOXLU VREUH D VROXomR H SURGXWRV D DGRWDU H DVVLP H[HFXWDU R SURMHWR GH UHDELOLWDomR FRP RV SURGXWRV PDLV YDQWDMRVRV 'H XPD IRUPD UHVXPLGD WDPEpP YmR VHU LQGLFDGDV DV WDUHIDV D VHUHP H[HFXWDGDV SDUD D UHDOL]DomR GRV WUDEDOKRV LGHQWLILFDGRV DWUiV  %DUUHLUD TXtPLFD ± LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV 3DUD VH SRGHU UHDOL]DU HVWH WUDEDOKR IRUDP FRQVXOWDGDV YiULDV HPSUHVDV GR PHUFDGR DV TXDLV IRUQHFHUDP LQIRUPDomR DFHUFD GRV UHVSHWLYRV SURGXWRV H DLQGD H[SOLFDUDP VXFLQWDPHQWH R VHX PRGR GH DSOLFDomR QR VHQWLGR GH DQDOLVDU DV VROXo}HV H WDPEpP DV FRQGLo}HV GH RUoDPHQWR 1HVWH SRQWR QmR HVWmR LQFOXtGDV DV WDUHIDV UHODWLYDV j PmRGHREUD XPD YH] TXH JUDQGH SDUWH GDV HPSUHVDV FRQWDFWDGDV DSHQDV FRPHUFLDOL]DP RV SURGXWRV QmR RV DSOLFDQGR GLUHWDPHQWH $OpP GLVWR HVVH FXVWR VHUi LGrQWLFR SDUD TXDOTXHU PDUFD $V WDUHIDV UHFRPHQGDGDV SDUD D UHDELOLWDomR GD SDWRORJLD HVWmR GHVFULWDV QR TXDGUR VHJXLQWH 4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV
  • 381. ,WHP 7DUHID  3UHSDUDomR GR VXSRUWH  5HPRomR GD SLQWXUD H[LVWHQWH HRX DUJDPDVVD GH UHERFR DWp XPD DOWXUD GH  FP DFLPD GD PDUFD GD KXPLGDGH  /LPSH]D GDV SDUWHV VROWDV HRX GHJUDGDGDV UHVXOWDQWHV GD WDUHID DQWHULRU  3UHSDUDomR GRV IXURV  ([HFXomR GH IXURV HP OLQKD GHYLGDPHQWH HVSDoDGRV H FRP SURIXQGLGDGH DGHTXDGD FRQIRUPH ILFKD WpFQLFD GH FDGD PDUFD
  • 382.  $SOLFDomR GH SURGXWR LPSHUPHDELOL]DQWH  )RUQHFLPHQWR H DSOLFDomRLQMHomR GR SURGXWR LPSHUPHDELOL]DQWH  6HODJHP GRV IXURV  )RUQHFLPHQWR H DSOLFDomR GH DUJDPDVVD HVWDQTXH SDUD VHODJHP GRV IXURV  5HYHVWLPHQWR ILQDO  )RUQHFLPHQWR H DSOLFDomR GH DUJDPDVVD GH PRGR D FRQIHULU R DFDEDPHQWR ILQDO GD SDUHGH LQFOXLQGR D UHVSHWLYD SLQWXUD LGrQWLFD j H[LVWHQWH  /LPSH]D  /LPSH]D H WUDWDPHQWR GRV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR 127$ $V FDUDFWHUtVWLFDV GRV PDWHULDLV H DV FRQGLo}HV GH DSOLFDomR VHUmR DV HVSHFtILFDV GR SURGXWRPDUFD VHOHFLRQDGR
  • 383.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1R 4XDGUR  DSUHVHQWDVH D DQiOLVH WpFQLFRHFRQyPLFD HIHWXDGD D DOJXPDV GDV PDUFDV GH UHIHUrQFLD SDUD D UHDELOLWDomR HP FDXVD 4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV
  • 384. 0DUFD  (PSUHVD 5HI 3URGXWR )LQDOLGDGH &XVWR )LFKD 7pFQLFD %,8 &DSLODVLO 3URGXWR j EDVH GH VLOR[DQRV YHU 4XDGUR 
  • 385. TXH LUi IRUPDU D EDUUHLUD TXtPLFD j DVFHQVmR GD iJXD QDV SDUHGHV DSyV LQMHWDGR QDV PHVPDV  ¼  P GH VHFomR KRUL]RQWDO 3RQWR & GR $QH[R & /DWH[ HPXOVmR H )LEULO ) $GLWLYRV SDUD PHOKRUDU D DGHUrQFLD GD DUJDPDVVD D UHVLVWrQFLD j WUDomR D VDLV H iFLGRV H R PLFURUHIRUoR GD PHVPD  ¼  P .267(5 &ULVLQ  3URGXWR TXH LUi IRUPDU D EDUUHLUD TXtPLFD j DVFHQVmR GD iJXD QDV SDUHGHV DSyV LQMHWDGR VRE SUHVVmR QDV PHVPDV  ¼  P GH VHFomR KRUL]RQWDO 3RQWR & GR $QH[R & 3ROVLO 7*  6HODJHP GRV IXURV H SULPiULR SDUD R UHERFR GH UHVWDXUR  ¼  P5HVWRUDWLRQ 3ODVWHU  :KLWH H 5HVWRUDWLRQ 3ODVWHU &RDW 5HYHVWLPHQWR ILQDO 723(&$ 6LOLWRS 3URGXWR j EDVH GH VLOR[DQRV YHU 4XDGUR 
  • 386. TXH LUi IRUPDU D EDUUHLUD TXtPLFD j DVFHQVmR GD iJXD QDV SDUHGHV  ¼  P GH VHFomR KRUL]RQWDO 3RQWR & GR $QH[R & 7RSHFD 6DQH 5HYHVWLPHQWR ILQDO  ¼  P '5,=252 0D[FOHDU ,QMHFWLRQ 5HVLQD OtTXLGD j EDVH GH VLOR[DQRV YHU 4XDGUR 
  • 387.  TXH DR GLOXLUVH HP iJXD DWLYDVH IRUPDQGR XPD PLFURHPXOVmR UHSHOHQWH j iJXD  ¼  P GH VHFomR KRUL]RQWDO 3RQWR & GR $QH[R & 0D[JURXW ,QMHFWLRQ $UJDPDVVD PRQRFRPSRQHQWH j EDVH GH FLPHQWR H SURGXWRV PLQHUDLV ILQRV FRP JUDQGH IOXLGH] 6HUYH GH UHYHVWLPHQWR ILQDO  ¼  P 127$ $RV SUHoRV DSUHVHQWDGRV DFUHVFH D WD[D GH ,9$ OHJDO HP YLJRU
  • 388.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   2FXOWDomR GD SDWRORJLD ± UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV &RQVXOWDUDPVH YiULDV HPSUHVDV GR PHUFDGR QR VHQWLGR GH DQDOLVDU DV VROXo}HV H WDPEpP DV FRQGLo}HV GH RUoDPHQWR 1HVWH SRQWR QmR HVWmR PDLV XPD YH] LQFOXtGDV DV WDUHIDV UHODWLYDV j PmRGHREUD $V WDUHIDV UHFRPHQGDGDV SDUD D UHVROXomR GD SDWRORJLD HVWmR DSUHVHQWDGDV QR TXDGUR VHJXLQWH 4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU DSOLFDomR GH UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV
  • 389. ,WHP 7DUHID  3UHSDUDomR GR VXSRUWH  5HPRomR GD SLQWXUD H[LVWHQWH HRX DUJDPDVVD GH UHERFR DWp XPD DOWXUD GH  FP DFLPD GD PDUFD GD KXPLGDGH  /LPSH]D GDV SDUWHV VROWDV HRX GHJUDGDGDV UHVXOWDQWHV GD WDUHID DQWHULRU  /LPSH]D GRV VDLV H[LVWHQWHV j VXSHUItFLH  )RUQHFLPHQWR H ODYDJHP GR VXSRUWH FRP XPD VROXomR GH iJXD FRP iFLGR PXULiWLFR  $SOLFDomR GR UHYHVWLPHQWR  )RUQHFLPHQWR H DSOLFDomR GR UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV FRQIRUPH LQGLFDo}HV GHVFULWDV QD ILFKD WpFQLFD GHYHQGR JDUDQWLUVH QR PtQLPR XPD HVSHVVXUD ILQDO GH  FP  3LQWXUD ILQDO  3LQWXUD SHUPHiYHO DR YDSRU GH FRU LJXDO j SLQWXUD H[LVWHQWH  /LPSH]D  /LPSH]D H WUDWDPHQWR GRV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR 1R 4XDGUR  DSUHVHQWDVH D DQiOLVH WpFQLFRHFRQyPLFD HIHWXDGD D DOJXPDV GDV PDUFDV GH UHIHUrQFLD SDUD D UHDELOLWDomR HP FDXVD 4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV
  • 390. 0DUFD  (PSUHVD 5HI 3URGXWR )LQDOLGDGH &XVWR )LFKD 7pFQLFD :(%(5 :HEHU GU VDQH 3URGXWR j EDVH GH OLJDQWHV KLGUiXOLFRV 5HYHVWLPHQWR GH VDQHDPHQWR TXH FRQVWLWXL XP UHERFR SDUD R WUDWDPHQWR GH SDUHGHV FRP SUREOHPDV GH KXPLGDGH SRU DVFHQVmR FDSLODU  ¼  P  FP GH HVSHVVXUD
  • 391. 3RQWR & GR $QH[R &
  • 392.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  FRQWLQXDomR
  • 393. 723(&$ 7RSHFD 6DQH 3URGXWR j EDVH GH OLJDQWHV KLGUiXOLFRV 5HYHVWLPHQWR GH VDQHDPHQWR SDUD D UHQRYDomR GH VXSHUItFLHV FRQWDPLQDGDV FRP VDLV  ¼  P  FP GH HVSHVVXUD
  • 394. 3RQWR & GR $QH[R & 6,.$ 6LND7RS VHDO  $UJDPDVVD LPSHUPHDELOL]DQWH EL FRPSRQHQWH j EDVH GH PLVWXUD GH FLPHQWRV 5HYHVWLPHQWR GH VDQHDPHQWR FRP FDUDFWHUtVWLFDV GH LPSHUPHDELOL]DomR  ¼  P  FP GH HVSHVVXUD
  • 395. 3RQWR & GR $QH[R & 127$ $RV SUHoRV DSUHVHQWDGRV DFUHVFH D WD[D GH ,9$ OHJDO HP YLJRU  +XPLGDGH GH SUHFLSLWDomR (VWH WLSR GH SDWRORJLD VXUJH HP DOJXQV GRV HGLItFLRV DQDOLVDGRV QRPHDGDPHQWH QR 0 0DQLIHVWDVH DWUDYpV GRV VLQDLV GH KXPLGDGH H GD GHJUDGDomR GR UHYHVWLPHQWR LQWHULRU GD SDUHGH H[WHULRU YHU )LJXUD 
  • 396.  1HVWH FDVR DIHWD R UHYHVWLPHQWR VRE RV YmRV GH MDQHOD H D FDXVD Mi IRL SUHYLDPHQWH LGHQWLILFDGD QR FDStWXOR DQWHULRU  &DXVDV SURYiYHLV &RPR UHIHULGR QRV FDStWXORV DQWHULRUHV SURFXURXVH WHQWDU FRQFOXLU VREUH D FDXVD PDLV SURYiYHO SDUD R DSDUHFLPHQWR GD SDWRORJLD 'HYLGR j ORFDOL]DomR HP TXH VXUJH VRE YmR GD MDQHOD
  • 397. H jV FDUDFWHUtVWLFDV GRV PDWHULDLV HQYROYHQWHV FRQFOXLVH TXH D FDXVD FRP PDLRU SUHSRQGHUkQFLD SDUD D PDQLIHVWDomR GD SDWRORJLD p D IDOWD GH HVWDQTXLGDGH GRV UHPDWHV e GH UHIHULU D LPSRVVLELOLGDGH GH VH H[HFXWDUHP LQVSHo}HV DR ORFDO GD SDWRORJLD GHYLGR QmR Vy j DXVrQFLD GH DXWRUL]DomR SDUD WDO PDV WDPEpP j IDOWD GH FRQGLo}HV GH DFHVVR DR ORFDO SHOR ODGR H[WHULRU 1R HQWDQWR RXWURV IDWRUHV SRGHUmR LQIOXHQFLDU R GHVHQYROYLPHQWR H JUDYLGDGH GD SDWRORJLD QRPHDGDPHQWH D JHRPHWULD GR SHLWRULO H DV FRQGLo}HV GH H[HFXomR GD SDUHGH GD HQYROYHQWH H[WHULRU QD TXDO VH VLWXD R YmR PDLV HVSHFLILFDPHQWH QR TXH GL] UHVSHLWR DR LVRODPHQWRLPSHUPHDELOL]DomR GD PHVPD j FDL[DGHDU H UHVSHWLYD GUHQDJHP H j TXDOLGDGH GR UHYHVWLPHQWR H[WHULRU
  • 398.  0XLWR UHVXPLGDPHQWH D KXPLGDGH GH SUHFLSLWDomR UHVXOWD GD iJXD GD FKXYD TXH DVVRFLDGD j YHORFLGDGH GR YHQWR DWLQJH DV SDUHGHV GRV HGLItFLRV FRP XPD WUDMHWyULD QmR YHUWLFDO R TXH H[S}H DV PHVPDV D FRQGLo}HV GH KXPLGDGH HOHYDGDV $ RULHQWDomR GDV SDUHGHV LQIOXHQFLD WDPEpP R JUDX GH H[LJrQFLD GH FRQFHomR GDV PHVPD XPD SDUHGH YLUDGD D SRHQWH HVWi EDVWDQWH PDLV VXMHLWD j LQFLGrQFLD GDV iJXDV GD FKXYD
  • 399.  1RUPDOPHQWH TXDQGR VXUJH HVWH WLSR GH SDWRORJLD R WHRU HP iJXD GDV SDUHGHV p GHFUHVFHQWH GR H[WHULRU SDUD R LQWHULRU >@
  • 400.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6mR SRUWDQWR YiULRV RV IDWRUHV TXH SRGHUmR LQIOXHQFLDU D RFRUUrQFLD GHVWH WLSR GH SDWRORJLD $V SDUHGHV GD HQYROYHQWH H[WHULRU GHYHP DVVHJXUDU D HVWDQTXLGDGH j iJXD H SRU LVVR LPSHGLU TXH D KXPLGDGH DWLQMD RV SDUDPHQWRV LQWHULRUHV e FRP HVWH LQWXLWR TXH GHYH VHU H[HFXWDGD XPD FDL[DGHDU QDV SDUHGHV GXSODV 1R HQWDQWR HVWH WLSR GH SDUHGH VH QmR IRU EHP FRQFHELGD SRGHUi SHUPLWLU R DSDUHFLPHQWR GH KXPLGDGH QR LQWHULRU GDV KDELWDo}HV *HUDOPHQWH RV SUREOHPDV DVVRFLDGRV D HVWH WLSR GH SDUHGHV GHYHPVH jV VHJXLQWHV VLWXDo}HV >@ ĺ &DL[DGHDU WRWDO RX SDUFLDOPHQWH REVWUXtGD ĺ ,QFOLQDomR LQFRUUHWD GRV HVWULERV GH OLJDomR HQWUH R SDUDPHQWR H[WHULRU H LQWHULRU ĺ &DOHLUD H RULItFLRV GH GUHQDJHP GD FDL[DGHDU REVWUXtGRV PDO H[HFXWDGRV RX LQH[LVWHQWHV 'H VHJXLGD p DSUHVHQWDGD XPD ILJXUD TXH SUHWHQGH GHPRQVWUDU RV SRQWRV DWUiV GHVFULWRV D TXDO WUDGX] DV FDXVDV GH DOJXPDV GDV SDWRORJLDV GHYLGDV j KXPLGDGH GH SUHFLSLWDomR 8P SRUPHQRU LGrQWLFR FRP DV FRUUHWDV FRQGLo}HV GH GUHQDJHP GD PHVPD HVWi DSUHVHQWDGR QR SRQWR $ HP $QH[R )LJXUD  (UURV FRQVWDQWHV QD H[HFXomR GH SDUHGHV GXSODV e GH VDOLHQWDU TXH HP 3RUWXJDO QmR H[LVWHP UHJUDV FODUDV H SUHFLVDV DFHUFD GRV SHLWRULV QRPHDGDPHQWH D VXD JHRPHWULD H RV PDWHULDLV D XWLOL]DU $ PDLRU IDFLOLGDGH H HFRQRPLD GH SURGXomR GH SHLWRULV GH JHRPHWULD HOHPHQWDU WHP FRQGX]LGR j XWLOL]DomR GH SHoDV LQDGHTXDGDV (VWH IDFWR DVVRFLDGR SRU YH]HV j PmRGHREUD QmR TXDOLILFDGD FRQGX] D VLWXDo}HV SDWROyJLFDV LQILOWUDo}HV H GHWHULRUDomR GR UHYHVWLPHQWR GDV SDUHGHV FRQWtJXDV
  • 401. >@ 2V SHLWRULV ID]HP SDUWH LQWHJUDQWH GD HQYROYHQWH YHUWLFDO H[WHULRU GRV HGLItFLRV H SRU LVVR DSUHVHQWDP H[LJrQFLDV IXQFLRQDLV VHPHOKDQWHV jV GH TXDOTXHU SDUHGH WDLV FRPR D HVWDQTXLGDGH j iJXD LQFLGHQWH R FRQIRUWR YLVXDO TXH LQFOXL D KRPRJHQHLGDGH GH HQRGRDPHQWR SHOD SRHLUD H D KRPRJHQHLGDGH GH FRU H EULOKR >@ $ SHQHWUDomR GD iJXD GD FKXYD DWUDYpV GDV SDUHGHV GHSHQGH GD RFRUUrQFLD VLPXOWkQHD GRV VHJXLQWHV IDWRUHV >@ ĺ 3UHVHQoD GH iJXD QD VXSHUItFLH GDV SDUHGHV
  • 402.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ĺ $EHUWXUDV QDV SDUHGHV TXH SHUPLWDP D SHQHWUDomR HYHQWXDO GH iJXD ĺ )RUoDV GH HQFDPLQKDPHQWR GD iJXD SDUD HVVHV ORFDLV 'HSHQGHQGR GD FDSDFLGDGH GH DEVRUomR GRV PDWHULDLV H GD JHRPHWULD GRV HOHPHQWRV TXH FRQVWLWXHP DV HQYROYHQWHV GRV HGLItFLRV KDYHUi VHPSUH iJXD HP PDLRU RX PHQRU TXDQWLGDGH TXH HVFRUUH SHOD VXSHUItFLH GDV SDUHGHV 6H HVVD iJXD QmR IRU OLPSD RFRUUHUmR DOWHUDo}HV YLVXDLV VLJQLILFDWLYDV QRPHDGDPHQWH QR TXH GL] UHVSHLWR j FRU GDV SDUHGHV FRLQFLGHQWH FRP RV ORFDLV SRU RQGH D iJXD HVFRUUH e SRUWDQWR IiFLO GH FRQFOXLU TXH p WDPEpP LPSRUWDQWH SUHYHQLU D PDQLIHVWDomR GHVVD PXGDQoD GH FRORUDomR GRV UHYHVWLPHQWRV R TXH SRGH VHU FRQVHJXLGR VH IRUHP HYLWDGRV FDPLQKRV SUHIHUHQFLDLV SDUD D HVFRUUrQFLD GD iJXD >@ e QHVWH VHQWLGR TXH VH WRUQD LPSRUWDQWH R HVWXGR SRUPHQRUL]DGR GD JHRPHWULD H FRPSRVLomR GRV SHLWRULV XPD YH] TXH HVWDV FDUDFWHUtVWLFDV SRGHP SURSRUFLRQDU HYHQWXDLV LQILOWUDo}HV RX FDPLQKRV SUHIHUHQFLDLV SDUD D HVFRUUrQFLD GD iJXD GD FKXYD R TXH LPSHGH TXH DV SDUHGHV RQGH HVWmR LQWHJUDGRV VDWLVIDoDP DOJXPDV GDV H[LJrQFLDV IXQFLRQDLV Mi DWUiV DSUHVHQWDGDV 2 GHVHPSHQKR GRV SHLWRULV p HQWmR FRQGLFLRQDGR SHOR PDWHULDO GH TXH VmR IHLWRV SHOD VXD JHRPHWULD H SHOR VHX PRGR GH H[HFXomR 3RU HVWH PRWLYR SRGH VHU HQFRQWUDGD QDV FRQVWUXo}HV H[LVWHQWHV XPD GLYHUVLGDGH GH WLSRV GLIHUHQWHV GH SHLWRULV &RPR Mi UHIHULGR D SUHVHQoD GH IRUoDV GH HQFDPLQKDPHQWR GDV iJXDV SDUD DV DEHUWXUDV H[LVWHQWHV SRGHP SURYRFDU SRU VL Vy LQILOWUDo}HV 1R HQWDQWR DVVRFLDGDV D HVVDV IRUoDV SRGHP UHVXOWDU SUHVV}HV FDSLODUHV (VWDV SRU VL Vy VmR VXILFLHQWHV SDUD WUDQVSRUWDU D KXPLGDGH SDUD R LQWHULRU GRV SHLWRULV VH HVWHV WLYHUHP SRURV GH GLPHQVmR HQWUH RV  PP H RV  PP >@ (VWH IDFWR OHYD D FRQFOXLU TXH H[LVWH XPD HQRUPH QHFHVVLGDGH GH WHU FDXWHOD DTXDQGR GD HVFROKD GRV PDWHULDLV SDUD H[HFXomR GHVVHV HOHPHQWRV HYLWDQGRVH VHPSUH TXH SRVVtYHO D XWLOL]DomR GH PDWHULDLV PXLWR SRURVRV 7RGDV DV VXSHUItFLHV KRUL]RQWDLV RX FRP SHTXHQD LQFOLQDomR FRPR p R FDVR GRV SHLWRULV
  • 403.  WrP WHQGrQFLD SDUD DFXPXODU OL[R H SRHLUDV GXUDQWH DV HVWDo}HV TXHQWHV H VHFDV 4XDQGR FKRYH D iJXD DUUDVWD FRQVLJR HVVDV SDUWtFXODV H DR HVFRUUHU GLUHWDPHQWH SHODV SDUHGHV GHSRVLWDDV QD VXSHUItFLH GR UHYHVWLPHQWR RULJLQDQGR DV PDQFKDV H GHVFRORUDo}HV Mi UHIHULGDV DQWHULRUPHQWH 2 IDWRU TXH LQIOXHQFLD D FRUUHWD GUHQDJHP GDV VXSHUItFLHV KRUL]RQWDLV p D VXD JHRPHWULD e SRUWDQWR HVVHQFLDO SUHYHU SHLWRULV FRP D JHRPHWULD DGHTXDGD GH PRGR D HYLWDU D HVFRUUrQFLD GD iJXD SHOD VXSHUItFLH GR UHYHVWLPHQWR 3DUD WDO p QHFHVViULR TXH RV PHVPRV DSUHVHQWHP IRUPDV VHPHOKDQWHV jV UHSUHVHQWDGDV QR SRQWR $ HP $QH[R 1D ILJXUD VHJXLQWH SUHWHQGHVH GHPRQVWUDU D LPSRUWkQFLD GH DOJXQV SRQWRV VLQJXODUHV GRV SHLWRULV SDUD TXH D GUHQDJHP GDV iJXDV LQFLGHQWHV VHMD IHLWD GD IRUPD FRUUHWD HYLWDQGRVH DVVLP SDWRORJLDV EDVWDQWHV FRPXQV
  • 404.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  D
  • 405. 3HLWRULO VHP SLQJDGHLUD E
  • 406. 3HLWRULO FRP SLQJDGHLUD F
  • 407. (VTXLQD VXSHULRU FRP HVTXLQD YLYD )LJXUD  ,QIOXrQFLD GD SLQJDGHLUD H GR SHUILO QD SURMHomR GD iJXD DGDSWDGR GH >@
  • 408. e YLVtYHO QD )LJXUD  XP SHLWRULO VHP SLQJDGHLUD RQGH VH YHULILFD D HVFRUUrQFLD GH SDUWH GD iJXD DR ORQJR GR LQWUDGRUVR GR SHLWRULO H D HVFRUUHU DR ORQJR GD VXSHUItFLH GD SDUHGH (VWH IDFWR SRGHUi RULJLQDU RV VHJXLQWHV SUREOHPDV >@ ĺ (YHQWXDO SHQHWUDomR GD iJXD DR ORQJR GD DUHVWD LQIHULRU GH OLJDomR GR SHLWRULO j SDUHGH
  • 409.  ĺ *RWHMDPHQWR DR ORQJR GR LQWUDGRUVR GR SHLWRULO ĺ 'HSyVLWR GH VXMLGDGH DR ORQJR GD VXSHUItFLH GD SDUHGH GHYLGR j HVFRUUrQFLD GD iJXD (VWHV HIHLWRV VmR UHGX]LGRV VH IRU LQWURGX]LGD XPD SLQJDGHLUD QD IDFH LQIHULRU GR SHLWRULO YHU )LJXUD  E
  • 410.  XPD YH] TXH p SRVVtYHO DVVLP R HVFRDPHQWR GD iJXD HP FRQMXQWR HYLWDQGR GH FHUWD IRUPD D SRVVLELOLGDGH GH HVFRUUHU SHOD VXSHUItFLH GD SDUHGH 1R HQWDQWR HVWH IDWRU GHSHQGH WDPEpP GD IRUPD VXSHULRU GR SHLWRULO 3RU LVVR p LPSRUWDQWH TXH R PHVPR DSUHVHQWH XPD HVTXLQD YLYD FRPR VH REVHUYD QD )LJXUD  F
  • 411.  GH PRGR D LQFUHPHQWDU XPD GLYLVmR GR IOX[R GH iJXD >@ e DLQGD LPSRUWDQWH UHIHULU D LPSRUWkQFLD GDV DEDV ODWHUDLV QRV SHLWRULV SDUD GHVWH PRGR VHU HYLWDGR R HVFRDPHQWR GD iJXD SHORV VHXV WRSRV HQWUDQGR DVVLP WDPEpP HP FRQWDFWR GLUHWR FRP D SDUHGH (P DOWHUQDWLYD SRGHUmR VHU H[HFXWDGDV LQVHUo}HV GRV SHLWRULV FRP FHUFD GH  FP QDV RPEUHLUDV HRX UDVJRV ODWHUDLV GH FRQGXomR GH iJXD WDPEpP MXQWR jV RPEUHLUDV 1HVWH PHVPR SRQWR VLQJXODU p LPSRUWDQWH TXH D MXQWD SHLWRULODOYHQDULD VHMD UHPDWDGD FRP PiVWLTXH YHU )LJXUD 
  • 412. >@ 2V SHLWRULV GHYHP WDPEpP DSUHVHQWDU XP SHUILO VXSHULRU LQFOLQDGR SDUD R H[WHULRU 'H DFRUGR FRP >@ HVWmR GHILQLGRV YDORUHV SDGUmR SDUD HVVD LQFOLQDomR
  • 413.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )LJXUD  *HRPHWULD DGHTXDGD GRV SHLWRULV 2 TXDGUR VHJXLQWH UHODFLRQD D JHRPHWULD FRP D LQFOLQDomR GD IDFH VXSHULRU GR SHLWRULO 9HULILFDVH TXH HP JHUDO VH UHFRPHQGDP LQFOLQDo}HV GH   R TXH p UDUR HQFRQWUDU HP 3RUWXJDO 4XDGUR  'LPHQV}HV PtQLPDV GRV SHLWRULV DGDSWDGR GH >@
  • 414. $32,2 / PP
  • 415. K PP
  • 416. WJ Į 3Up IDEULFDGR H FRORFDGR QR ORFDO DQWHV GD FRORFDomR GD FDL[LOKDULD      'HYLGR j IDOWD GH FXLGDGR QD H[HFXomR GRV SHLWRULV UHJLVWDPVH GH IRUPD UHJXODU SDWRORJLDV UHODFLRQDGDV FRP LQILOWUDo}HV QRV SRQWRV UHIHULGRV DQWHULRUPHQWH OLJDomR SHLWRULORPEUHLUD H OLJDomR SHLWRULOSDUDSHLWR
  • 417.  $V SDWRORJLDV UHODFLRQDGDV FRP HVFRUUrQFLDV H VXMLGDGH FRPR Mi UHIHULGR VmR WDPEpP XPD FRQVWDQWH QDV HGLILFDo}HV H[LVWHQWHV (VWDV SDWRORJLDV HVWmR GLUHWDPHQWH UHODFLRQDGDV QD PDLRU SDUWH GRV FDVRV FRP D HVFROKD LQFRUUHWD GH SHLWRULV GH SHGUD FRP SHUILO LQDGHTXDGR HVSHVVXUD UHGX]LGD SURMHomR UHGX]LGD H SLQJDGHLUD FRP GLPHQV}HV GHVDMXVWDGDV
  • 418. >@  3RWHQFLDLV VROXo}HV GH UHDELOLWDomR &RPR UHIHULGR SURFHGHUVHi QHVWH SRQWR j DQiOLVH GH DOJXQV PpWRGRV TXH SHUPLWHP D UHDELOLWDomR RX FRUUHomR GRV SHLWRULV FRP FDUDFWHUtVWLFDV GHVDMXVWDGDV H TXH OHYDP j PDQLIHVWDomR GH SDWRORJLDV FRPR DV LGHQWLILFDGDV QR FDStWXOR  GHVWD GLVVHUWDomR (P 3RUWXJDO DV WpFQLFDV PDLV XWLOL]DGDV SDUD D UHDELOLWDomR GR GHVHPSHQKR GRV SHLWRULV GH PRGR D HYLWDU HYHQWXDLV LQILOWUDo}HV DWUDYpV GRV PHVPRV VmR DV DSUHVHQWDGDV GH VHJXLGD >@ ĺ 6XEVWLWXLomR GR SHLWRULO H[LVWHQWH SRU RXWUR HTXLYDOHQWH FRP SHUILO H PDWHULDO PDLV DGHTXDGRV WHQGR HP FRQWD DV FDUDFWHUtVWLFDV TXH SURYRFDUDP R PDX GHVHPSHQKR GR SHLWRULO LQLFLDO • FP 0iVWLTXH
  • 419.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ĺ 3LQWXUD LPSHUPHDELOL]DQWH GR SHLWRULO HRX FRORFDomR GH PiVWLTXH QDV ]RQDV GH OLJDomR HQWUH HOHPHQWRV GLIHUHQWHV QRPHDGDPHQWH RPEUHLUDV VROHLUDV H FDL[LOKDULDV ĺ /HYDQWDPHQWR GR SHLWRULO H[LVWHQWH H UHFRORFDomR FRP LQFOLQDomR DGHTXDGD ĺ &RORFDomR GH SLQJDGHLUD PHWiOLFD SURMHWDQWH VRE D IDFH LQIHULRU GR SHLWRULO H[LVWHQWH ĺ &RORFDomR GH XPD IRUUD LQWHJUDO PHWiOLFD VXSHULRU SHLWRULO PHWiOLFR VREUH R H[LVWHQWH
  • 420.  FRP SLQJDGHLUD H LQFOLQDomR DGHTXDGD 'H VHJXLGD DSUHVHQWDVH XPD DQiOLVH FRPSDUDWLYD HQWUH RV GLYHUVRV PpWRGRV GH UHDELOLWDomRFRUUHomR GH SHLWRULV H[LVWHQWHV 4XDGUR  $QiOLVH GRV YiULRV PpWRGRV GH UHDELOLWDomR GH SHLWRULV DGDSWDGR GH >@
  • 421. 6ROXomR 3DWRORJLD (ILFiFLD 3ROLYDOrQFLD $VSHWR /LPLWDo}HV ,QILOWUDo}HV 0DQFKDV 6XEVWLWXLomR GR SHLWRULO H[LVWHQWH SRU RXWUR HTXLYDOHQWH   0% 0H 0% ([HFXomR GLItFLO H PRURVD 1HFHVVLGDGH GH UHWLUDU D FDL[LOKDULD 9mR DEHUWR GXUDQWH D UHSDUDomR 3LQWXUD LPSHUPHDELOL]DQWH GR SHLWRULO H UHIHFKDPHQWR GH MXQWDV HQWUH HOHPHQWRV GLIHUHQWHV FRP PiVWLTXH   0% % 0% $SHQDV LPSHUPHDELOL]D QmR SURSRUFLRQDQGR R PHOKRUDPHQWR GR HVFRDPHQWR GD iJXD /HYDQWDPHQWR H UHFRORFDomR GR SHLWRULO H[LVWHQWH FRP LQFOLQDomR FRUUHWD   0H 0H % ([HFXomR GLItFLO H PRURVD 1HFHVVLGDGH GH UHWLUDU D FDL[LOKDULD 9mR DEHUWR GXUDQWH D UHSDUDomR &RORFDomR GH SLQJDGHLUD PHWiOLFD QD IDFH LQIHULRU GR SHLWRULO H[LVWHQWH   0H 0H 0D 6y p SRVVtYHO VHU H[HFXWDGR VH DV FDUDFWHUtVWLFDV GR SHLWRULO DVVLP R SHUPLWLUHP ,QHVWpWLFR &RORFDomR GH SHLWRULO PHWiOLFR VREUH R H[LVWHQWH   0% % 0D 1HFHVVLGDGH GH UHWLUDU D FDL[LOKDULD 9mR DEHUWR GXUDQWH D UHSDUDomR ,QHVWpWLFR /HJHQGD   LQHILFLHQWH   HILFLrQFLD GXYLGRVD   HILFLrQFLD YDULiYHO   HILFLHQWH 0D  0i 0H  0pGLD %  %RD 0%  0XLWR %RD 5HVXOWDGR GD XWLOL]DomR GD VROXomR HP FDXVD HP GLIHUHQWHV PDWHULDLV H WLSRV GH SHLWRULV $VSHWR HVWpWLFR GRV SHLWRULV QD ]RQD WUDWDGD
  • 422.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  e LPSRUWDQWH UHIHULU TXH D FRUUHomR RX VXEVWLWXLomR GRV SHLWRULV HQYROYHP WDUHIDV FRPSOH[DV H PRURVDV XPD YH] TXH QD PDLRULD GRV FDVRV HQYROYH DOWHUDo}HV QDV FDL[LOKDULDV H RXWURV HOHPHQWRV FRQWtJXRV  3DWRORJLD H DQiOLVH GDV YiULDV VROXo}HV D DGRWDU &RPR Mi PHQFLRQDGR D SDWRORJLD HP HVWXGR QHVWH SRQWR IRL LGHQWLILFDGD H FDUDFWHUL]DGD QD DOtQHD K
  • 423.  UHIHUHQWH DR HGLItFLR 0 $SyV D DQiOLVH IHLWD VREUH D SDWRORJLD H UHVSHWLYDV IRUPDV GH DSDUHFLPHQWR WHQWRXVH SHUFHEHU R TXH IXQFLRQD PDO QR SHLWRULO GD MDQHOD SDUD D PDQLIHVWDomR GDV LQILOWUDo}HV H VXDV FRQVHTXrQFLDV DV TXDLV VmR YLVtYHLV QD )LJXUD  e SRUWDQWR FUXFLDO SHUFHEHU H LGHQWLILFDU R PDLV SRVVtYHO DV FDXVDV SDUD DVVLP VH SURFHGHU DR FRUUHWR PpWRGR GH UHDELOLWDomR $V FDUDFWHUtVWLFDV GR SHLWRULO GDV SDUHGHV FRQWtJXDV H GD FDL[LOKDULD IRUDP LGHQWLILFDGDV QR FDStWXOR  1R HQWDQWR DSUHVHQWDVH GH VHJXLGD XP SRUPHQRU FRUWH TXH DWUDYHVVD D SDUHGH MXQWR DR YmR
  • 424.  FXMR SULQFLSDO REMHWLYR p WUDGX]LU D HQYROYHQWH HP DQiOLVH H QR TXDO VH LGHQWLILFDP RV SRQWRV VLQJXODUHV TXH SHUPLWHP D RFRUUrQFLD GD SDWRORJLD &RUWH 9LVWD IURQWDO H[WHULRU
  • 425. )LJXUD  3RUPHQRU WLSR GH XP SHLWRULO /HJHQGD GD )LJXUD  
  • 426. )DFH LQIHULRU FRP JHRPHWULD LQDGHTXDGD ĺ  FP GH VDOLrQFLD UHODWLYDPHQWH j IDFH H[WHULRU GR UHYHVWLPHQWR D VDOLrQFLD PtQLPD UHFRPHQGDGD p GH  FP
  • 427.  ĺ 3LQJDGHLUD FRP GLPHQV}HV LQVXILFLHQWHV D ODUJXUD PtQLPD p GH  FP
  • 428. H ORFDOL]DGD D  FP GD VXSHUItFLH GR UHYHVWLPHQWR R TXH p XPD GLVWkQFLD EDVWDQWH UHGX]LGD R
  • 429.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  PtQLPR UHFRPHQGDGR p GH  FP
  • 430.  
  • 431. )DFH VXSHULRU VHP LQFOLQDomR ĺ $ IDFH VXSHULRU GR SHLWRULO p SODQD D LQFOLQDomR PtQLPD UHFRPHQGDGD p 
  • 432.  
  • 433. 6HODJHP QD OLJDomR SHLWRULOFDL[LOKDULD ĺ 2 YmR DSUHVHQWD PiVWLTXH QHVWH SRQWR R TXH SHUPLWH D VXD VHODJHP 
  • 434. 3HLWRULO FRPSRVWR SRU XPD Vy SHoD GH JUDQLWR ĺ 2 SHLWRULO GHYHULD VHU FRPSRVWR SRU GXDV SHoDV GLVWLQWDV H QmR SRU XPD SHoD FRQWtQXD GHVGH R H[WHULRU DWp DR LQWHULRU GR HGLItFLR 
  • 435. $UJDPDVVD GH DVVHQWDPHQWR ĺ 1mR IRL FHGLGD TXDOTXHU LQIRUPDomR VREUH R WLSR GH DUJDPDVVD XWLOL]DGD GDt VHU LPSRVVtYHO FRQFOXLU VREUH DV FDUDFWHUtVWLFDV GH LPSHUPHDELOL]DomR GD PHVPD 
  • 436. 6HODJHP QD OLJDomR SHLWRULORPEUHLUDV ĺ 2 YmR DSUHVHQWD PiVWLTXH QHVWH SRQWR R TXH SHUPLWH D VXD VHODJHP 
  • 437. 5DVJRV ODWHUDLV ĺ 2 SHLWRULO DSUHVHQWD HVWH SRUPHQRU TXH LPSHGH D HVFRUUrQFLD GD iJXD SHOD SDUWH ODWHUDO 
  • 438. ,QVHUomR GR SHLWRULO QD RPEUHLUD ĺ 2V SHLWRULV GR HGLItFLR HVWmR GH DFRUGR FRP HVWH UHTXLVLWR LQVHUomR PtQLPD GH  FP
  • 439.  7RUQDVH HQWmR QHFHVViULR DQDOLVDU DV HYHQWXDLV IDOKDV QRV SRQWRV LGHQWLILFDGRV QD ILJXUD DQWHULRU ĺ $V GLPHQV}HV PtQLPDV UHIHULGDV QD DOtQHD 
  • 440.  WrP FRPR SULQFLSDO REMHWLYR LPSHGLU R HVFRDPHQWR GD iJXD DWUDYpV GD SDUHGH 8PD YH] TXH DV GLPHQV}HV H[LVWHQWHV VmR LQVXILFLHQWHV SDUD R SHUPLWLU D iJXD GD FKXYD WHUi HQWmR DFHVVR j SDUHGH ,VWR IDFLOLWD R DFHVVR GD iJXD DWp DR LQWHULRU GR HGLItFLR SRGHQGR SHUPLWLU D PDQLIHVWDomR GH LQILOWUDo}HV $ DOtQHD 
  • 441. HVWi UHODFLRQDGD FRP D SRVVLELOLGDGH GH LQILOWUDo}HV XPD YH] TXH VHQGR R SHLWRULO DVVHQWH VREUH XPD DUJDPDVVD QRUPDO QmR LPSHUPHDELOL]DGD
  • 442.  TXDQGR D iJXD DWLQJH D IDFH LQIHULRU GR SHLWRULO HQFRQWUD XP PHLR IDFLOLWDGR GH DFHVVR DR LQWHULRU GR HGLItFLR ĺ $ IDOWD GH LQFOLQDomR GLILFXOWD R HVFRDPHQWR GD iJXD TXH DWLQJH D VXSHUItFLH GR SHLWRULO (PERUD R JUDQLWR QmR VHMD XP PDWHULDO PXLWR SRURVR H[LVWHP VHPSUH SRQWRV SHORV TXDLV D iJXD SRGH VHU FRQGX]LGD SRU FDSLODULGDGH DR ORQJR GR PDWHULDO DWLQJLQGR DVVLP R LQWHULRU GR HGLItFLR DV HYHQWXDLV ILVVXUDV WDPEpP SRGHP IDFLOLWDU D FDSLODULGDGH
  • 443.  $ LQFOLQDomR LQVXILFLHQWH SHUPLWLUi DVVLP TXH R IHQyPHQR SRVVD RFRUUHU FRP PDLRU JUDYLGDGH XPD YH] TXH iJXD SHUPDQHFH PDLV WHPSR HP FRQWDFWR FRP R PDWHULDO $ DOtQHD 
  • 444. WDPEpP HVWi UHODFLRQDGD FRP HVWH SRQWR XPD YH] TXH VHQGR R SHLWRULO FRQWtQXR IDFLOLWD R DFHVVR GD iJXD WUDQVSRUWDGD SRU FDSLODULGDGH DR LQWHULRU GR HGLItFLR ĺ $ VHODJHP FRP PiVWLTXH HQWUH SHLWRULOFDL[LOKDULD H SHLWRULORPEUHLUDV WHP FRPR SULQFLSDO REMHWLYR HYLWDU D LQILOWUDomR GD iJXD DWUDYpV GDV MXQWDV HQWUH PDWHULDLV GLIHUHQWHV
  • 445.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3RGHUi HQWmR FRQFOXLUVH TXH DV LQILOWUDo}HV YLVXDOL]DGDV UHVXOWDP GD SDVVDJHP GD iJXD DWUDYpV GR SHLWRULO QRPHDGDPHQWH GHYLGR j IDOWD GH LQFOLQDomR GR PHVPR H WDPEpP GD JHRPHWULD LQFRUUHWD GD SLQJDGHLUD GH UDVJR LQIHULRU 'HQWUR GRV PpWRGRV GH UHDELOLWDomR LGHQWLILFDGRV DQWHULRUPHQWH H DSyV DQiOLVH FRPSDUDWLYD HQWUH RV PHVPRV 4XDGUR 
  • 446.  SURFXURXVH XPD VROXomR TXH SHUPLWLVVH D FRUUHomR GR SUREOHPD GH IRUPD HILFD] 3DUD LVVR WLYHUDPVH HP FRQWD RV VHJXLQWHV PpWRGRV ĺ 3LQWXUD LPSHUPHDELOL]DQWH GR SHLWRULO H UHIHFKDPHQWR GH MXQWDV HQWUH HOHPHQWRV GLIHUHQWHV FRP PiVWLTXH H FRORFDomR GH SLQJDGHLUD PHWiOLFD SURMHWDQWH VRE D IDFH LQIHULRU GR SHLWRULO H[LVWHQWH ĺ &RORFDomR GH XPD IRUUD LQWHJUDO PHWiOLFD VXSHULRU SHLWRULO PHWiOLFR VREUH R H[LVWHQWH
  • 447.  FRP SLQJDGHLUD H LQFOLQDomR DGHTXDGD $ DGRomR GHVWHV PpWRGRV WHYH FRPR SULQFLSDO IXQGDPHQWDomR D HILFiFLD GRV PHVPRV H D WHQWDWLYD GH GLPLQXLomR DR Pi[LPR GRV WUDEDOKRV D VHUHP UHDOL]DGRV XPD YH] TXH RV UHVWDQWHV PpWRGRV DSUHVHQWDP PDLV OLPLWDo}HV H VmR EDVWDQWH PDLV WUDEDOKRVRV  $QiOLVH WpFQLFRHFRQyPLFD GDV VROXo}HV DGRWDGDV 2 REMHWLYR SULQFLSDO GHVWH SRQWR p DQDOLVDU DOJXQV GRV SURGXWRV H[LVWHQWHV QR PHUFDGR H FRPSDUDU RV FXVWRV H TXDOLGDGH GRV PHVPRV SDUD VH FRQFOXLU VREUH D VROXomR H SURGXWRV D DGRWDU H DVVLP H[HFXWDU R SURMHWR GH UHDELOLWDomR FRP RV SURGXWRV PDLV YDQWDMRVRV 6HUmR WDPEpP LQGLFDGDV GH XPD IRUPD UHVXPLGD DV WDUHIDV D VHUHP H[HFXWDGDV SDUD D UHDOL]DomR GRV WUDEDOKRV LGHQWLILFDGRV DWUiV  ,PSHUPHDELOL]DomR GR SHLWRULO 3DUD VH SRGHU UHDOL]DU HVWH WUDEDOKR IRUDP FRQVXOWDGDV YiULDV HPSUHVDV GR PHUFDGR DV TXDLV IRUQHFHUDP LQIRUPDomR DFHUFD GRV PHVPRV H DLQGD H[SOLFDUDP VXFLQWDPHQWH R VHX PRGR GH DSOLFDomR QR VHQWLGR GH DQDOLVDU DV VROXo}HV H WDPEpP DV FRQGLo}HV GH RUoDPHQWR 1HVWH SRQWR QmR HVWmR LQFOXtGRV RV FXVWRV UHODWLYRV j PmRGHREUD j H[FHomR GD SLQJDGHLUD PHWiOLFD
  • 448.  XPD YH] TXH JUDQGH SDUWH GDV HPSUHVDV FRQWDFWDGDV DSHQDV FRPHUFLDOL]D RV SURGXWRV QmR RV DSOLFDQGR GLUHWDPHQWH $OpP GLVVR HVVH FXVWR VHUi LGrQWLFR SDUD TXDOTXHU XPD GDV PDUFDV 2 REMHWLYR SULQFLSDO p DQDOLVDU H FRPSDUDU RV FXVWRV LQHUHQWHV jV YiULDV VROXo}HV WHQGR HP YLVWD D TXDOLGDGH GRV SURGXWRV $V WDUHIDV D H[HFXWDU SDUD D UHVROXomR GR SUREOHPD HVWmR DSUHVHQWDGDV QR TXDGUR VHJXLQWH
  • 449.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU LPSHUPHDELOL]DomR GR SHLWRULO H SLQJDGHLUD
  • 450. ,WHP 7DUHID  3UHSDUDomR GRV IXURV SDUD IL[DomR GD SLQJDGHLUD PHWiOLFD  $EHUWXUD GH TXDWUR IXURV DR ORQJR GH WRGR R FRPSULPHQWR GR SHLWRULO QD SDUHGH VRE R SHLWRULO GH PRGR D SHUPLWLU SRVWHULRUPHQWH D IL[DomR GD SLQJDGHLUD PHWiOLFD  3UHSDUDomR GR VXSRUWH SDUD UHFHEHU LPSUHJQDomR UHSHOHQWH GH iJXD  /LPSH]D GD VXSHUItFLH LQFOXLQGR H[WUDomR GR PiVWLTXH H[LVWHQWH QD OLJDomR GR SHLWRULO FRP RV RXWURV HOHPHQWRV H JDUDQWLU TXH HVWD HVWi VHFD  ³,VRODPHQWR´ FRP PDWHULDO DGHTXDGR GDV VXSHUItFLHV TXH QmR UHFHEHP WUDWDPHQWR FDL[LOKDULD YLGURV iUHDV SLQWDGDV HWF
  • 451.  $SOLFDomR GH SURGXWR  )RUQHFLPHQWR H LPSUHJQDomR GR SURGXWR UHSHOHQWH GH iJXD HP SHOR PHQRV GXDV FDPDGDV VREUH D VXSHUItFLH H[WHULRU GR SHLWRULO LQFOXLQGR IXURV H[HFXWDGRV QD WDUHID DQWHULRU FRQIRUPH LQGLFDo}HV GHVFULWDV QD ILFKD WpFQLFD  3LQJDGHLUD PHWiOLFD  )RUQHFLPHQWR H DSOLFDomR GH SLQJDGHLUD PHWiOLFD GH FRU LJXDO j GD FDL[LOKDULD H[LVWHQWH FRP GLPHQV}HV H FDUDFWHUtVWLFDV D GHILQLU QR SURMHWR GH UHDELOLWDomR LQFOXLQGR VHODJHP FRP PiVWLTXH QD LQWHUIDFH HQWUH HVWD H D VXSHUItFLH IURQWDO GR SHLWRULO  6HODJHP  6HODJHP FRP PiVWLTXH FRP FRU EUDQFD GH WRGDV DV MXQWDV HQWUH R SHLWRULO H HOHPHQWRV FRQWtJXRV FDL[LOKDULD H RPEUHLUDV
  • 452.  5HSDUDomR GRV GDQRV FDXVDGRV QR LQWHULRU  5HPRomR DWp DR VXSRUWH GR UHYHVWLPHQWR GH SDUHGH LQWHULRU QXPD H[WHQVmR DGHTXDGD  ([HFXomR H DSOLFDomR GR UHYHVWLPHQWR GH SDUHGH LQWHULRU LGrQWLFR DR UHYHVWLPHQWR FRQWtJXR H[LVWHQWH LQFOXLQGR DFDEDPHQWR H SLQWXUD ILQDO  /LPSH]D  /LPSH]D H WUDWDPHQWR GRV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR 1R 4XDGUR  DSUHVHQWDVH D DQiOLVH WpFQLFRHFRQyPLFD HIHWXDGD D DOJXPDV GDV PDUFDV GH UHIHUrQFLD TXH FRPHUFLDOL]DP SURGXWRV SDUD D UHDELOLWDomR HP FDXVD
  • 453.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD LPSHUPHDELOL]DQWH
  • 454. 0DUFD  (PSUHVD 5HI 3URGXWR )LQDOLGDGH &XVWR )LFKD 7pFQLFD 6,.$ 6LNDJDUG ±  6 3URGXWR LPSHUPHDELOL]DQWH UHSHOHQWH j iJXD j EDVH GH VLOR[DQRV 5HGX] D DEVRUomR GH iJXD SRU SDUWH GRV PDWHULDLV  ¼  P 3RQWR & GR $QH[R & %,8 $JXDVLO  3URGXWR LPSHUPHDELOL]DQWH j EDVH GH VLOR[DQRV TXH SHUPLWH D KLGURIXJDomR LQFRORU GH PDWHULDLV SRURVRV PLQHUDLV SRU LPSUHJQDomR  ¼  P 3RQWR & GR $QH[R & 58%621  +(1.(/ ,QYLVtYHO ,1  3URGXWR LPSHUPHDELOL]DQWH LQYLVtYHO j EDVH GH UHVLQDV VLOR[kQLFDV &RQVHUYD R DVSHWR QDWXUDO GRV PDWHULDLV  ¼  P 3RQWR & GR $QH[R & 6,.$ 6LNDVLO  03 0iVWLTXH GH VLOLFRQH GH FXUD QHXWUD  ¼  SHLWRULO 3RQWR & GR $QH[R & %267,. 6LOLFRQH  0iVWLTXH GH VLOLFRQH GH FXUD QHXWUD  ¼  SHLWRULO 3RQWR & GR $QH[R & 127$ $RV SUHoRV DSUHVHQWDGRV DFUHVFH D WD[D GH ,9$ OHJDO HP YLJRU 5HODWLYDPHQWH j SLQJDGHLUD PHWiOLFD D VROXomR SDVVD SHOD DSOLFDomR GH XP SHUILO HP 8 FRP GLPHQV}HV [[ FP H FRP  PP GH HVSHVVXUD $ FRU GHYHUi VHU LJXDO j GD FDL[LOKDULD H[LVWHQWH QR YmR 3DUD R VHX IRUQHFLPHQWR FRQWDFWDUDPVH DV HPSUHVDV LGHQWLILFDGDV QR TXDGUR VHJXLQWH RV SRUPHQRUHV TXH VHUYLUDP GH EDVH j RUoDPHQWDomR HQFRQWUDPVH DSUHVHQWDGRV QR SRQWR  )LJXUD 
  • 455.   &RPSDUDWLYDPHQWH FRP PiVWLTXHV GH SROLXUHWDQR VmR PDLV UHVLVWHQWHV D DOWDV WHPSHUDWXUDV jV TXDLV YmR HVWDU VXMHLWRV GHYLGR j VXD H[SRVLomR (PERUD VHMDP PHQRV UHVLVWHQWHV D HVIRUoRV PHFkQLFRV HVWH QmR p XP IDWRU FUXFLDO QHVWH FDVR Mi TXH QmR YmR HVWDU VXMHLWRV D HVWH WLSR GH HVIRUoRV
  • 456.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD SLQJDGHLUD PHWiOLFD
  • 457. 0DUFD  (PSUHVD 5HI 3URGXWR &XVWR &4)' 3RUWR
  • 458.  SHUILV HP DOXPtQLR DQRGL]DGR GH  P GH FRPSULPHQWR FDGD [[ FP H FRP  PP GH HVSHVVXUD
  • 459.  ¼ $OIHUPDU 9LVHX
  • 460.  SHUILV HP DOXPtQLR DQRGL]DGR GH  P GH FRPSULPHQWR FDGD [[ FP H FRP  PP GH HVSHVVXUD
  • 461.  ¼ 127$ 7UDWDPVH GH  YmRV GH MDQHODV FRP FHUFD GH  P GH ODUJXUD FDGD GDt D TXDQWLGDGH GH SHUILV XP SDUD FDGD MDQHOD
  • 462.  1RV SUHoRV DSUHVHQWDGRV HVWi LQFOXtGR D DSOLFDomR QD FLGDGH GH 9LVHX H DRV TXDLV DFUHVFH D WD[D GH ,9$ OHJDO HP YLJRU  )RUUD  3HLWRULO PHWiOLFR 3DUD VH SRGHU UHDOL]DU HVWH WUDEDOKR IRUDP FRQVXOWDGDV DOJXPDV HPSUHVDV GR PHUFDGR DV TXDLV IRUQHFHUDP LQIRUPDomR DFHUFD GRV PHVPRV H DLQGD H[SOLFDUDP VXFLQWDPHQWH R VHX PRGR GH DSOLFDomR QR VHQWLGR GH DQDOLVDU DV VROXo}HV H WDPEpP DV FRQGLo}HV GH RUoDPHQWR 1HVWH SRQWR QmR HVWmR LQFOXtGDV RV FXVWRV UHODWLYRV j PmRGHREUD SDUD DSOLFDomR GR SHLWRULO PHWiOLFR $V WDUHIDV D H[HFXWDU SDUD D UHVROXomR GR SUREOHPD HVWmR DSUHVHQWDGDV QR TXDGUR VHJXLQWH 4XDGUR  5HVXPR GRV WUDEDOKRV D UHDOL]DU SHLWRULO PHWiOLFR
  • 463. ,WHP 7DUHID  3UHSDUDomR GR YmR SDUD IL[DomR GR SHUILO PHWiOLFR  $EHUWXUD GH IXURV QD SDUWH LQIHULRU GD FDL[LOKDULD WiEXD GH SHLWR
  • 464. SDUD SRVWHULRU IL[DomR GR SHUILO PHWiOLFR  /LPSH]D GRV UHVtGXRV H SHLWRULO H[LVWHQWH  3HUILO PHWiOLFR  )RUQHFLPHQWR H DSOLFDomR GR SHUILO PHWiOLFR GH FRU LJXDO j GD FDL[LOKDULD H[LVWHQWH VREUH R SHLWRULO H[LVWHQWH FRP DV FDUDFWHUtVWLFDV DSUHVHQWDGDV QD )LJXUD  LQFOXLQGR D VXD IL[DomR j FDL[LOKDULD H[LVWHQWH  6HODJHP  6HODJHP FRP PiVWLTXH FRP FRU EUDQFD GH WRGDV DV MXQWDV HQWUH R SHUILO PHWiOLFR H RV UHVWDQWHV HOHPHQWRV  5HSDUDomR GRV GDQRV FDXVDGRV QR LQWHULRU  5HPRomR GR UHYHVWLPHQWR GH SDUHGH LQWHULRU QXPD H[WHQVmR DGHTXDGD DWp DR VXSRUWH
  • 465.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  FRQWLQXDomR
  • 466.  ([HFXomR H DSOLFDomR GR UHYHVWLPHQWR GH SDUHGH LQWHULRU LGrQWLFR DR UHYHVWLPHQWR FRQWtJXR H[LVWHQWH LQFOXLQGR DFDEDPHQWR H SLQWXUD ILQDO  /LPSH]D  /LPSH]D H WUDWDPHQWR GRV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR 1DV ILJXUDV VHJXLQWHV DSUHVHQWDPVH SRUPHQRUHV GD LQWHUYHQomR 'HYHUmR VHU H[HFXWDGRV IXURV SRVWHULRUHV QD JRWHLUD PHWiOLFD SDUD VHU SHUPLWLGD DOJXPD GUHQDJHP GH HYHQWXDLV iJXDV TXH SRVVDP DOFDQoDU D SDUWH LQIHULRU GR QRYR SHLWRULO QRPHDGDPHQWH iJXD TXH DWLQMD RV SHUILV KRUL]RQWDLV LQIHULRUHV GD MDQHOD YHU 3 GD )LJXUD 
  • 467.  127$ 2V SDUDIXVRV GHYHUmR WHU  PP H  PP GH GLkPHWUR UHVSHWLYDPHQWH HP 3 H 3 )LJXUD  3RUPHQRU GH H[HFXomR H DVVHQWDPHQWR GR SHLWRULO PHWiOLFR FRUWH
  • 468. 3HTXHQR IXUR ORFDOL]DGR QD IDFH LQWHULRU SDUD SHUPLWLU D GUHQDJHP GD ]RQD VRE D IRUUD PHWiOLFD GHYHUmR VHU H[HFXWDGRV SHOR PHQRV  IXURV DIDVWDGRV LJXDOPHQWH HQWUH VL DR ORQJR GH WRGR R FRPSULPHQWR GR SHLWRULO
  • 469.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  127$ 'H UHIHULU TXH RV SDUDIXVRV HP 3 GHYHUmR WHU  PP GH GLkPHWUR )LJXUD  3RUPHQRU GH H[HFXomR H DVVHQWDPHQWR GR SHLWRULO PHWiOLFR DOoDGR
  • 470. 1R TXDGUR VHJXLQWH DSUHVHQWDVH D DQiOLVH WpFQLFRHFRQyPLFD HIHWXDGD D DOJXPDV HPSUHVDV GH UHIHUrQFLD TXH FRPHUFLDOL]DP SURGXWRV SDUD D UHDELOLWDomR HP FDXVD 4XDGUR  $QiOLVH WpFQLFRHFRQyPLFD IRUUDSHLWRULO PHWiOLFR
  • 471. 0DUFD  (PSUHVD 5HI 3URGXWR &XVWR $OIHUPDU 9LVHX
  • 472.  SHUILV HP DOXPtQLR DQRGL]DGR GH  P GH FRPSULPHQWR FDGD FRP JHRPHWULD DGHTXDGD H  PP GH HVSHVVXUD  ¼ $QLFRORU $YHLUR
  • 473.  SHUILV HP DOXPtQLR DQRGL]DGR GH  P GH FRPSULPHQWR FDGD FRP JHRPHWULD DGHTXDGD H  PP GH HVSHVVXUD  ¼ 127$ 7UDWDPVH GH  YmRV GH MDQHODV FRP FHUFD GH  P GH FRPSULPHQWR FDGD GDt D TXDQWLGDGH GH SHUILV XP SDUD FDGD MDQHOD
  • 474. $RV SUHoRV DSUHVHQWDGRV DFUHVFH D WD[D GH ,9$ OHJDO HP YLJRU $RV SUHoRV DSUHVHQWDGRV GHYHP VHU DFUHVFHQWDGRV RV FXVWRV UHODWLYRV j DSOLFDomR GRV SHUILV LQFOXLQGR R IRUQHFLPHQWR H DSOLFDomR GH PiVWLTXH SDUD VHODJHP GDV MXQWDV H[LVWHQWHV 2 PiVWLTXH SDUD VHODJHP GHYHUi HVWDU GH DFRUGR FRP DV FDUDFWHUtVWLFDV DSUHVHQWDGDV QR SRQWR DQWHULRU H FXMDV ILFKDV WpFQLFDV HVWmR DSUHVHQWDGDV QRV SRQWRV & H & GR $QH[R &
  • 475.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   6ROXo}HV D DGRWDU $SyV D DQiOLVH DSUHVHQWDGD QRV SRQWRV DQWHULRUHV QRV TXDLV VH LGHQWLILFDUDP YiULRV PpWRGRV H SURGXWRV SDUD UHVROXomR GDV SDWRORJLDV YDLVH DJRUD SURFHGHU j HVFROKD GDV VROXo}HV PDLV YDQWDMRVDV WHQGR HP FRQWD D TXDOLGDGH TXH DSUHVHQWDP H R UHVSHWLYR FXVWR e FHUWR TXH QHP VHPSUH D VROXomR PDLV HFRQyPLFD p D PDLV HILFD] SRU LVVR SURFXURXVH XP HTXLOtEULR HQWUH D VROXomR H R FXVWR ĺ 3DUD D UHSDUDomR GD KXPLGDGH DVFHQVLRQDO DSUHVHQWDGD DQWHULRUPHQWH FRQFOXLVH TXH D LQWURGXomR GH XPD EDUUHLUD TXtPLFD QD EDVH GDV SDUHGHV DWUDYpV GH SURGXWRV LPSHUPHDELOL]DQWHV VHUi VHP G~YLGD XPD VROXomR HILFD] YHU 4XDGUR 
  • 476.  XPD YH] TXH OLPLWD R DFHVVR GD iJXD jV SDUHGHV 'RV YiULRV SURGXWRV LGHQWLILFDGRV SDUD D UHSDUDomR GD SDWRORJLD RSWRXVH SHOD HVFROKD GRV FRPHUFLDOL]DGRV SHOD PDUFD %,8 ,QWHUQDFLRQDO $ VHOHomR IRL IHLWD WHQGR SRU EDVH QmR Vy R FXVWR LQHUHQWH DR SURGXWRV QHFHVViULRV PDV WDPEpP D TXDOLGDGH GRV SURGXWRV FRPSURYDGD SHOD DQiOLVH GH UHIHUrQFLDV QR VLWH GD HPSUHVD GH DOJXPDV REUDV UHIHULGDV SHOR FRPHUFLDO FRQWDFWDGR UHDELOLWDo}HV FRP R PHVPR WLSR GH SDWRORJLD
  • 477. H WDPEpP SHOD JDUDQWLD TXH D HPSUHVD DVVXPH QHVWH WLSR GH VROXomR  DQRV
  • 478.  (VWH WLSR GH VROXomR DSUHVHQWD DV YDQWDJHQV GH KLGURIXJDomR GXUDQWH PDLV GH WULQWD DQRV PHOKRUDPHQWR GR FRQIRUWR LQWHULRU HYLWD DV HIORUHVFrQFLDV H LPSHGH D IRUPDomR GH PXVJRV H RXWURV DJHQWHV ELROyJLFRV FRQIRUPH GHVFULWR GR RUoDPHQWR DSUHVHQWDGR SHOD HPSUHVD
  • 479.  e FHUWR TXH SDUD D VROXomR SURSRVWD GH H[HFXomR GH XP UHYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV RV SUD]RV GH H[HFXomR VHULDP EDVWDQWH PDLV FXUWRV 1R HQWDQWR D TXDOLGDGH H GXUDELOLGDGH GD VROXomR VHULDP OLPLWDGDV ĺ 3DUD D SDWRORJLD LGHQWLILFDGD QR SRQWR  RSWRXVH SHOD VROXomR TXH HQJORED D LPSHUPHDELOL]DomR GR SHLWRULO FRP SURGXWRV GD PDUFD 6,.$ GHYLGR QmR Vy j TXDOLGDGH GR SURGXWR PDV WDPEpP j GXUDELOLGDGH TXH D HPSUHVD JDUDQWH UHODWLYDPHQWH j LPSHUPHDELOL]DomR
  • 480.  (VWH WLSR GH VROXomR SDUD D SDWRORJLD D WUDWDU DSUHVHQWD DV YDQWDJHQV GH VHU UHSHOHQWH GH iJXD UHGX]LU D DEVRUomR GH iJXD PHOKRUDPHQWR GR FRQIRUWR LQWHULRU HYLWD DV HIORUHVFrQFLDV H QmR DOWHUD R DVSHWR GD VXSHUItFLH GR PDWHULDO RQGH p DSOLFDGR FRQIRUPH ILFKD WpFQLFD GR SURGXWR
  • 481.  $ VROXomR p FRPSOHPHQWDGD FRP D FRORFDomR GH XPD SLQJDGHLUD PHWiOLFD VRE R SHLWRULO H[HFXWDGD SHOD HPSUHVD $OIHUPDU XPD YH] TXH HVWD DSUHVHQWRX D VROXomR PDLV HFRQyPLFD
  • 482.  $SyV D DQiOLVH GDV UHVWDQWHV VROXo}HV FRQVWDWRXVH TXH HVWH VHULD XP PpWRGR HILFD] SDUD R SUREOHPD HP FDXVD HYLWDQGR D FRORFDomR GH SHLWRULV PHWiOLFRV TXH WRUQDP R DVSHWR JHUDO GR HGLItFLR PDLV LQHVWpWLFR H TXH OHYDULD FRPR FRQVHTXrQFLD D WUDEDOKRV PDLV FRPSOH[RV H PRURVRV H j HYHQWXDO DGDSWDomR GD FDL[LOKDULD H[LVWHQWH ĺ 8PD YH] TXH WRGRV RV SURGXWRV LQGLFDGRV DQWHULRUPHQWH DSUHVHQWDP FDUDFWHUtVWLFDV VHPHOKDQWHV HQWUH DV YiULDV HPSUHVDV FRQWDFWDGDV WHQWRXVH RSWDU SHOD HVFROKD GRV PDWHULDLV PDLV HFRQyPLFRV WHQGR WDPEpP HP FRQWD D HILFiFLD GRV PHVPRV QDV
  • 483.  $QiOLVH GHWDOKDGD GDV FDXVDV GDV SDWRORJLDV VHOHFLRQDGDV H VHOHomR GDV UHVSHWLYDV WpFQLFDV GH UHDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  VROXo}HV SURSRVWDV $OpP GLVVR SURFXURXVH D HVFROKD GH PDWHULDLV TXH DSUHVHQWHP FHUWLILFDomR H VHMDP GHYLGDPHQWH KRPRORJDGRV 6HUmR HQWmR HVWDV DV GXDV VROXo}HV XWLOL]DGDV SDUD D UHDELOLWDomR GDV SDWRORJLDV HP HVWXGR H VREUH DV TXDLV YDL VHU H[HFXWDGR GH VHJXLGD R SURMHWR GH UHDELOLWDomR SDUD D GHILQLomR GDV FRUUHo}HV D HIHWXDU HP REUD
  • 484.   3URMHWR GH 5HDELOLWDomR  ,QWURGXomR 5HODWLYDPHQWH jV SDWRORJLDV GHYLGDPHQWH LGHQWLILFDGDV H DQDOLVDGDV QRV SRQWRV DQWHULRUHV GD SUHVHQWH GLVVHUWDomR LUi SURFHGHUVH GH VHJXLGD j GHVFULomR H SRUPHQRUL]DomR GRV WUDEDOKRV D H[HFXWDU SDUD DV UHVSHWLYDV UHDELOLWDo}HV e GH UHIHULU TXH HPERUD VH WUDWHP GH SUREOHPDV H[LVWHQWHV HP HGLItFLRV GLVWLQWRV VHUi DSHQDV DSUHVHQWDGR XP SURMHWR 1R HQWDQWR HVWH IDUi D GHYLGD GLVWLQomR HQWUH DV GXDV SDWRORJLDV $ SUHVHQWH PHPyULD UHIHUHVH HQWmR DR 3URMHWR GH 5HSDUDomR5HDELOLWDomR GR HGLItFLR GH KDELWDomR XQLIDPLOLDU 8
  • 485. ORFDOL]DGR QD IUHJXHVLD GR &DPSR FRQFHOKR GH 9LVHX H GR HGLItFLR PXOWLIDPLOLDU 0
  • 486. ORFDOL]DGR QD IUHJXHVLD GH $EUDYHVHV FRQFHOKR GH 9LVHX FXMDV SDWRORJLDV VmR D GHJUDGDomR GR UHYHVWLPHQWR GDV SDUHGHV GR SLVR WpUUHR GHYLGR j SUHVHQoD GH KXPLGDGH UHVXOWDQWH GD DVFHQVmR FDSLODU H j SUHVHQoD GH KXPLGDGH GHYLGD D LQILOWUDo}HV MXQWR GH DOJXQV YmRV GH MDQHODV UHVSHWLYDPHQWH  +XPLGDGH DVFHQVLRQDO ± HGLItFLR 8  3HoDV HVFULWDV ± 0HPyULD 'HVFULWLYD H -XVWLILFDWLYD  &RQVLGHUDo}HV JHUDLV 6HUi H[HFXWDGD D UHSDUDomR GDV SDUHGHV GR DOoDGR ODWHUDO GLUHLWR H SDUWH GR DOoDGR SRVWHULRU DVVLP FRPR DV SDUHGHV LQWHULRUHV TXH VH HQFRQWUDP DIHWDGDV WDO FRPR GHILQLGR QDV SHoDV GHVHQKDGDV YHU )LJXUD 
  • 487. 
  • 488.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  (VWH SURMHWR HQJORED D UHSDUDomR GD SDUHGH H[WHULRU HP EHWmR DUPDGR FRP  FP GH HVSHVVXUD HQWHUUDGD SDUFLDOPHQWH SHOR ODGR H[WHULRU H GD SDUHGH LQWHULRU HP WLMROR FHUkPLFR IXUDGR FRP  FP GH HVSHVVXUD $V UHIHULGDV SDUHGHV DSUHVHQWDP GHVWDTXH GD WLQWD H GR SUySULR UHYHVWLPHQWR WUDGLFLRQDO FRP DUJDPDVVD KLGUiXOLFD
  • 489.  GHYLGR j DVFHQVmR FDSLODU GH iJXD SURYHQLHQWH GR WHUUHQR $ UHDELOLWDomR VHUi H[HFXWDGD SHOD WpFQLFD GH LQWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV GH PRGR D FULDU XPD EDUUHLUD TXtPLFD j DVFHQVmR GD iJXD SHORV SRURV GDV SDUHGHV  'HVFULomR JHUDO GR PpWRGR $ SDWRORJLD VHUi UHSDUDGD DWUDYpV GD H[HFXomR GH XPD EDUUHLUD TXtPLFD H[HFXWDGD D SDUWLU GH PDWHULDLV VLQWpWLFRV GH PRGR D LPSHGLU TXH D PHVPD YROWH D VXUJLU ,VVR VHUi FRQVHJXLGR DWUDYpV GD LQWURGXomR GH SURGXWRV TXH LUmR FULDU XPD EDUUHLUD HVWDQTXH H TXH LPSHGLUmR D SURJUHVVmR GD iJXD (VVD EDUUHLUD GHYH ORFDOL]DUVH R PDLV SUy[LPR SRVVtYHO GR SDYLPHQWR VHQGR TXH QDV SDUHGHV LQWHULRUHV GHYHUi SURFHGHUVH j UHPRomR GR URGDSp (VWDV UHJUDV GHYHP VHU VHJXLGDV GH IRUPD D REWHUVH XPD ERD GLVWULEXLomR GR SURGXWR GH WUDWDPHQWR SRU WRGD D HVSHVVXUD GD SDUHGH IDWRU IXQGDPHQWDO SDUD R VXFHVVR GD UHSDUDomR 3DUD D SDUHGH H[WHULRU RSWRXVH SHOD H[HFXomR GH IXURV DSHQDV SHOR LQWHULRU GHYLGR DR IDFWR GH D SDUHGH VH HQFRQWUDU SDUFLDOPHQWH HQWHUUDGD $SyV D H[HFXomR GRV IXURV SURFHGHVH j LQWURGXomR GR SURGXWR LPSHUPHDELOL]DQWH H[LVWLQGR GRLV PpWRGRV GLVWLQWRV SDUD D H[HFXomR GD WDUHID GLIXVmR RX LQMHomR e LPSRUWDQWH VDOLHQWDU TXH D WpFQLFD GH DSOLFDomR D DGRWDU GHSHQGH GR SURGXWR XWLOL]DGR 1R FDVR XPD YH] TXH R SURGXWR VHOHFLRQDGR p j EDVH GH VLOR[DQRV p UHFRPHQGiYHO TXH HVWH VHMD DSOLFDGR DWUDYpV GH LQMHomR 3RVWHULRUPHQWH GHYHUi VHU H[HFXWDGR R UHYHVWLPHQWR GD SDUHGH LGrQWLFR DR H[LVWHQWH  0DWHULDLV D DSOLFDU SDUD LPSHUPHDELOL]DomR
  • 490. )RL SUHYLVWD D XWLOL]DomR GH XPD VROXomR FRP VROYHQWH j EDVH GH VLOR[DQRV DOWDPHQWH HILFD] D IRUPDU XPD EDUUHLUD SURWHWRUD IDFH j KXPLGDGH SRU DVFHQVmR FDSLODU GR WLSR &$3,/$6,/ FXMD ILFKD WpFQLFD p DSUHVHQWDGD QR SRQWR & GR $QH[R & 2 SURGXWR SRVVXL XPD H[FHOHQWH FDSDFLGDGH GH GLIXVmR H SRU LVVR JDUDQWH XPD ERD SHQHWUDomR QR PDWHULDO GDV SDUHGHV $OpP GR SURGXWR KLGUyIXJR VHUmR XWLOL]DGRV RV PDWHULDLV H SURGXWRV QHFHVViULRV SDUD R FRUUHWR SURFHVVR GH UHDELOLWDomR GD SDWRORJLD (VWHV HVWmR GHVFULWRV QDV SHoDV GHVHQKDGDV H PHGLo}HV
  • 491.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   0HWRGRORJLD GH DSOLFDomR  3UHSDUDomR GR VXSRUWH e QHFHVViULD D UHPRomR GR UHYHVWLPHQWR GHJUDGDGR GDV SDUHGHV D WUDWDU DWp XPD DOWXUD GH  FP DFLPD GD PDUFD GH KXPLGDGH DWUDYpV GH SLFDJHP $ H[WHQVmR GH SDUHGH D WUDWDU HVWi GHILQLGD QDV SHoDV GHVHQKDGDV YHU )LJXUD 
  • 492.   3UHSDUDomR GRV IXURV 2V IXURV GHYHP ORFDOL]DUVH FHUFD GH  FP DFLPD GR SDYLPHQWR UHFRPHQGDomR FRPHUFLDO GD HPSUHVD %,8 ,QWHUQDFLRQDO
  • 493.  VHQGR TXH QDV SDUHGHV LQWHULRUHV GHYHUi SURFHGHUVH j UHPRomR GR URGDSp H[LVWHQWH SDUD TXH D LQWURGXomR GR SURGXWR LPSHUPHDELOL]DQWH VH IDoD MXQWR DR SDYLPHQWR GH PRGR D HYLWDU DR Pi[LPR R FRQWDFWR GD KXPLGDGH FRP D SDUHGH 2V IXURV GHYHP VHU DIDVWDGRV HQWUH VL FHUFD GH  FP QR VHQWLGR ORQJLWXGLQDO GD SDUHGH H H[HFXWDGRV FRP XPD EURFD GH  PP GH GLkPHWUR DWp XPD SURIXQGLGDGH ODUJXUD GD SDUHGH
  • 494. GH DSUR[LPDGDPHQWH GH  FP SDUD D SDUHGH H[WHULRU 1R FDVR GD SDUHGH LQWHULRU RV IXURV GHYHUmR VHU H[HFXWDGRV GH DPERV RV ODGRV FRP FHUFD GH  FP GH SURIXQGLGDGH H DIDVWDGRV HQWUH VL FHUFD GH  FP WDO FRPR PRVWUD D )LJXUD  2V IXURV GHYHUmR WHU XPD LQFOLQDomR GHVFHQGHQWH HQWUH  D ž 3DUD GHILQLU D VXD ORFDOL]DomR SURS}HVH UHFRUUHU D XP QtYHO H D XPD UpJXD GH PRGR D PDUFDU XPD OLQKD FRQWtQXD j DOWXUD LQGLFDGD UHODWLYDPHQWH DR SDYLPHQWR 6REUH HVVD OLQKD GHYHP PDUFDUVH RV IXURV DIDVWDGRV HQWUH VL FRQIRUPH GLVWkQFLDV UHIHULGDV $SyV D DEHUWXUD GRV IXURV GHYHUmR VHU OLPSRV RV UHVWRV VROWRV H Sy UHVXOWDQWHV GD VXD H[HFXomR QR VHX LQWHULRU FRP XPD ODQoD GH DU FRPSULPLGR 3DUHGH H[WHULRU 3DUHGH LQWHULRU )LJXUD  (VTXHPD GD H[HFXomR GRV IXURV SDUD LQMHomR  ,QMHomR GR SURGXWR LPSHUPHDELOL]DQWH &RPR Mi UHIHULGR D LQMHomR p R PpWRGR PDLV DGHTXDGR SDUD R SURGXWR VHOHFLRQDGR j EDVH GH VLOR[DQRV 3RVWHULRUPHQWH j FRORFDomR GDV ERFDV GH LQMHomR QRV IXURV R SURGXWR GHYHUi VHU LQMHWDGR FRP XPD SUHVVmR FRPSUHHQGLGD HQWUH  D  NJFP  DWUDYpV GH LQMHWRUHV FRORFDGRV QD HQWUDGD GRV
  • 495.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  IXURV TXH DWXDP GXUDQWH  D  PLQXWRV $ SUHVVmR H R WHPSR GH LQMHomR YDULDUmR FRQVRDQWH D UHVLVWrQFLD GR VXSRUWH JUDX GH VDWXUDomR SRURVLGDGH H GR WHRU GH KXPLGDGH H[LVWHQWH 1R HQWDQWR p UHFRPHQGiYHO XWLOL]DU XPD PHQRU SUHVVmR QR LQMHWRU H SHUPLWLU TXH R PHVPR DWXH QXP LQWHUYDOR GH WHPSR PDLRU 1DV SDUHGHV LQWHULRUHV XPD YH] TXH VmR FRQVWLWXtGDV SRU WLMROR IXUDGR D LQMHomR GHYHUi WHU XPD SUHVVmR GH  NJFP H GHYHUi GXUDU  PLQXWRV FRQIRUPH ILFKD WpFQLFD DSUHVHQWDGD HP $QH[R
  • 496.  (VWD WDUHID HQJORED D LQMHomR GR SURGXWR &$3,/$6,/ QXPD GRVDJHP GH DSUR[LPDGDPHQWH  OLWURVPHWUR OLQHDU FP GH HVSHVVXUD GD SDUHGH  TXDQWLGDGH PpGLD SDUD DSOLFDomR HP SDUHGHV H[WHULRUHV H LQWHULRUHV  UHFRPHQGDomR FRPHUFLDO GD HPSUHVD %,8 ,QWHUQDFLRQDO WRGD D WHFQRORJLD GH DSOLFDomR p WDPEpP IRUQHFLGD SHOD PHVPD HPSUHVD TXH GLVSRQLELOL]D R SURGXWR GH LQMHomR FXMR SUHoR HQJORED WRGRV HVWHV HTXLSDPHQWRV
  • 497.   6HODJHP GH IXURV H UHYHVWLPHQWR $SyV  D  GLDV GD LQMHomR RV IXURV GHYHP VHU VHODGRV FRP DUJDPDVVD HVWDQTXH 2 UHERFR ILQDO VHUi H[HFXWDGR R PDLV WDUGH SRVVtYHO DSyV R WUDWDPHQWR QR PtQLPR DSyV  VHPDQDV
  • 498.  GH PRGR D SHUPLWLU XP LQWHUYDOR GH WHPSR VXILFLHQWH SDUD TXH D SDUHGH SRVVD VHFDU H VH QHFHVViULR ODYDU D SDUHGH FRP iFLGR PXULiWLFR SDUD OLPSH]D GH TXDLVTXHU YHVWtJLRV GH KXPLGDGH 'HFRUULGDV  VHPDQDV QR PtQLPR DSyV D LQMHomR GHYHUi VHU UHYHVWLGD WRGD D VXSHUItFLH GD SDUHGH FRP XPD DUJDPDVVD WUDGLFLRQDO H[HFXWDGD FRP DUHLD VHP VDOLWUH H DGLWLYDGD FRP /$7(; (08/6­2 DGHUHQWH  KLGUyIXJR
  • 499. H ),%5,/ ) ILEUDV GH 33 GH  PP
  • 500.  $V ILFKDV WpFQLFDV GHVWHV SURGXWRV HVWmR DSUHVHQWDGDV QR SRQWR & GR $QH[R & 7RGDV DV FDUDFWHUtVWLFDV H PRGR GH H[HFXomR GR UHYHVWLPHQWR HVWmR GHVFULWDV QDV UHVSHWLYDV ILFKDV WpFQLFDV 1R HQWDQWR D HVSHVVXUD GHVWH UHYHVWLPHQWR GHYHUi FRLQFLGLU FRP D GR UHYHVWLPHQWR H[LVWHQWH XPD YH] TXH R DFDEDPHQWR WDPEpP GHYHUi VHU LGrQWLFR DR H[LVWHQWH 1HVWH WUDEDOKR HVWi WDPEpP LQFOXtGD D SLQWXUD JOREDO GDV SDUHGHV WUDWDGDV FRP WLQWD SHUPHiYHO DR YDSRU  3HoDV GHVHQKDGDV $SUHVHQWDVH QD )LJXUD  WRGD D H[WHQVmR GH SDUHGH D UHDELOLWDU 'HYHUmR WHUVH HP FRQWD WRGRV RV WUDEDOKRV GHVFULWRV QD PHPyULD GHVFULWLYD $ DOWXUD Pi[LPD TXH D KXPLGDGH DWLQJH p GH  FP UHODWLYDPHQWH DR SDYLPHQWR LQWHULRU 3RU LVVR D UHPRomR GR UHYHVWLPHQWR H[LVWHQWH H D VXD SRVWHULRU FRORFDomR GHYHUi HVWHQGHUVH QXPD DOWXUD PtQLPD GH  P DFLPD GR SDYLPHQWR 1D ]RQD GDV HVFDGDV H XPD YH] TXH RV GHJUDXV HP PDGHLUD DSRLDP QXP SHUILO PHWiOLFR FRP FHUFD GH  FP TXH VH HQFRQWUD HQFRVWDGR j SDUHGH p SRVVtYHO MXQWR DR SDYLPHQWR D LQWURGXomR GR SURGXWR LPSHUPHDELOL]DQWH GH IRUPD FRQWtQXD DR ORQJR GH WRGD D H[WHQVmR GD SDUHGH 2V WUDEDOKRV GH SLQWXUD HQJOREDP WRGD D H[WHQVmR GH SDUHGH RQGH VH HQFRQWUD D ]RQD DIHWDGD 1D )LJXUD  DSUHVHQWDVH XP HVTXHPD GD LQWHUYHQomR ORFDOL]DQGR RV IXURV H DV iUHDV GH UHYHVWLPHQWR D LQWHUYLU
  • 501.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  /(*(1'$ 3DUHGHV D UHDELOLWDU )LJXUD  3ODQWD GD FDYH ± ,GHQWLILFDomR GD ]RQD D UHDELOLWDU 3DUHGH ([WHULRU 3DUHGH ,QWHULRU /(*(1'$ )LJXUD  3RUPHQRU ± (VTXHPD GD LQWHUYHQomR )XURV =RQD VHP VLQDLV GH KXPLGDGH SDUD UHPRYHU UHYHVWLPHQWR =RQD DIHWDGD SHOD KXPLGDGH 6HP (VFDOD
  • 502.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   +XPLGDGH GH SUHFLSLWDomR ± HGLItFLR 0  3HoDV HVFULWDV ± 0HPyULD 'HVFULWLYD H -XVWLILFDWLYD  &RQVLGHUDo}HV JHUDLV 6HUi H[HFXWDGD D UHSDUDomR GDV SDUHGHV FRQWtJXDV DR YmR DVVLQDODGR QD SODQWD GR SLVR WLSR FRQIRUPH SHoDV GHVHQKDGDV H DR QtYHO GH WRGRV RV SLVRV QXP WRWDO GH TXDWUR
  • 503.  $V UHIHULGDV SDUHGHV DSUHVHQWDP GHVWDTXH GD WLQWD H GR SUySULR UHYHVWLPHQWR WUDGLFLRQDO FRP DUJDPDVVD KLGUiXOLFD
  • 504.  GHYLGR jV LQILOWUDo}HV GH iJXD SURYHQLHQWH GR H[WHULRU 6LPXOWDQHDPHQWH HQJOREDPVH RV WUDEDOKRV GH UHSDUDomR GRV SHLWRULV H[LVWHQWHV DWUDYpV GD VXD LPSHUPHDELOL]DomR H WDPEpP GD FRORFDomR GH XPD SLQJDGHLUD PHWiOLFD VRE RV PHVPRV QR VHQWLGR GH LPSHGLU TXH R HVFRDPHQWR GH iJXD VH IDoD SHOD VXSHUItFLH GR UHYHVWLPHQWR GD SDUHGH  'HVFULomR JHUDO GR PpWRGR $ SDWRORJLD VHUi UHSDUDGD DWUDYpV GD LPSHUPHDELOL]DomR GRV SHLWRULV H[HFXWDGD D SDUWLU GH XPD LPSUHJQDomR UHSHOHQWH GH iJXD j EDVH GH VLOR[DQRV XPD YH] TXH p XP SURGXWR TXH SHQHWUD IDFLOPHQWH QRV SRURV DEHUWRV GD VXSHUItFLH SURSRUFLRQDQGR XPD UHSHOrQFLD GH iJXD GXUDGRXUD VHP DOWHUDU D FDSDFLGDGH GH GLIXVmR GH YDSRU GD VXSHUItFLH WDO FRPR UHIHULGR QD ILFKD WpFQLFD GR SURGXWR
  • 505.  GH PRGR D LPSHGLU D LQILOWUDomR GH iJXD SHORV SRURV GR PDWHULDO TXH FRQVWLWXL RV SHLWRULV 2 SURGXWR GHYH VHU DSOLFDGR QR VXSRUWH FRPSOHWDPHQWH OLPSR LQFOXLQGR UHPRomR GRV PiVWLTXHV H[LVWHQWHV 6HUi DLQGD QHFHVViULR H[HFXWDU j SULRUL  IXURV YHUWLFDLV FRP GLkPHWUR GH  PP QD IDFH LQIHULRU GR SHLWRULO FRQIRUPH UHSUHVHQWDGR QDV SHoDV GHVHQKDGDV
  • 506.  LJXDOPHQWH DIDVWDGRV HQWUH VL SDUD SRVWHULRU IL[DomR GD SLQJDGHLUD PHWiOLFD $ LPSHUPHDELOL]DomR GHYHUi DEUDQJHU WRGD D VXSHUItFLH GHVVHV IXURV H D VXSHUItFLH H[WHULRU GRV SHLWRULV IDWRU IXQGDPHQWDO SDUD R VXFHVVR GD UHSDUDomR $SyV D H[HFXomR GD LPSHUPHDELOL]DomR VHUi DSOLFDGD D SLQJDGHLUD PHWiOLFD QD IDFH LQIHULRU GR SHLWRULO H MXQWR GD VXD H[WUHPLGDGH YHU SHoDV GHVHQKDGDV
  • 507.  )RL DLQGD SUHYLVWR D VHODJHP FRP PiVWLTXH GD MXQWD HQWUH R SHLWRULO H D SLQJDGHLUD PHWiOLFD (VWi SUHYLVWD D RSHUDomR GH UHPRomR GR UHYHVWLPHQWR LQWHULRU GHJUDGDGR H D UHVSHWLYD VXEVWLWXLomR SRU XP QRYR HP DUJDPDVVD WUDGLFLRQDO j EDVH GH OLJDQWHV KLGUiXOLFRV FRP DFDEDPHQWR LGrQWLFR DR H[LVWHQWH $ H[WHQVmR GH UHYHVWLPHQWR D VXEVWLWXLU GHYHUi LQFOXLU D iUHD GHJUDGDGD H  FP FRQWtJXRV D HVVH SHUtPHWUR
  • 508.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   0DWHULDLV D DSOLFDU )RL SUHYLVWD D XWLOL]DomR GH XPD LPSUHJQDomR UHSHOHQWH GH iJXD j EDVH GH VLOR[DQRV PRQRFRPSRQHQWH SDUD VXSHUItFLHV DEVRUYHQWHV DOWDPHQWH HILFD] SDUD SURWHJHU VXSHUItFLHV GH PDWHULDLV DEVRUYHQWHV H[SRVWRV j KXPLGDGH GR WLSR 6LNDJDUG ± 6 FXMD ILFKD WpFQLFD p DSUHVHQWDGD QR SRQWR & GR $QH[R & 2 SURGXWR SHQHWUD IDFLOPHQWH QRV SRURV GD VXSHUItFLH GR PDWHULDO SURSRUFLRQDQGR XPD UHSHOrQFLD GH iJXD GXUDGRXUD VHP DOWHUDU D FDSDFLGDGH GH GLIXVmR DR YDSRU GD VXSHUItFLH 6HUi WDPEpP DSOLFDGD XPD SLQJDGHLUD HP DOXPtQLR DQRGL]DGR FRP GLPHQV}HV GHVFULWDV QDV SHoDV GHVHQKDGDV H PHGLo}HV IL[D QD IDFH LQIHULRU GR SHLWRULO GH FRU LJXDO j GD FDL[LOKDULD H[LVWHQWH QRV YmRV $OpP GR SURGXWR KLGUyIXJR H GD SLQJDGHLUD VHUmR XWLOL]DGRV RV PDWHULDLV H SURGXWRV QHFHVViULRV SDUD R FRUUHWR SURFHVVR GH UHDELOLWDomR GD SDWRORJLD RV TXDLV HVWmR GHVFULWRV QDV SHoDV GHVHQKDGDV H PHGLo}HV  0HWRGRORJLD GH DSOLFDomR  3UHSDUDomR GR SHLWRULO SDUD IL[DomR GD SLQJDGHLUD e QHFHVViULD D DEHUWXUD GH TXDWUR IXURV DR ORQJR GH WRGR R FRPSULPHQWR GRV SHLWRULV FRP XPD EURFD GH  PP LJXDOPHQWH DIDVWDGRV HQWUH VL 2V IXURV ILFDUmR ORFDOL]DGRV QD SDUHGH VRE R SHLWRULO GH PRGR D SHUPLWLU D IL[DomR GD SLQJDGHLUD PHWiOLFD $ ORFDOL]DomR GRV SHLWRULV D WUDWDU H RV UHVWDQWHV SRUPHQRUHV UHODWLYRV D HVWH SRQWR HVWmR GHILQLGRV QDV SHoDV GHVHQKDGDV  5HPRomR GR UHYHVWLPHQWR LQWHULRU GHJUDGDGR 'HYHUi SURFHGHUVH j UHPRomR GR UHYHVWLPHQWR LQWHULRU DWp VH DWLQJLU R VXSRUWH VmR $ iUHD D WUDWDU GHYHUi GHILQLUVH WHQGR HP FRQWD D UHPRomR GD SDUWH GHJUDGDGD DFUHVFHQWDGD GH  FP GR UHYHVWLPHQWR FRQWtJXR $SyV D UHPRomR R VXSRUWH HVWH GHYH VHU OLPSR GH HYHQWXDLV UHVWRV VROWRV H Sy UHVXOWDQWH GD H[HFXomR GRV WUDEDOKRV  3UHSDUDomR SDUD UHFHEHU LPSUHJQDomR UHSHOHQWH GH iJXD 'HYHUi UHPRYHUVH WRGR R PiVWLTXH H[LVWHQWH HP FRQWDFWR FRP RV SHLWRULV QRPHDGDPHQWH QDV OLJDo}HV GRV PHVPRV FRP D FDL[LOKDULD RPEUHLUDV H SDUHGH 3RVWHULRUPHQWH GHYH SURFHGHUVH j OLPSH]D GD VXSHUItFLH GRV SHLWRULV GH PRGR D TXH ILTXHP FRPSOHWDPHQWH OLYUHV GH SRHLUDV RX RXWURV HOHPHQWRV $ OLPSH]D SRGH VHU IHLWD DWUDYpV GH HVFRYDJHP H ODYDJHP FRP GHWHUJHQWH QHXWUR RX HP DOWHUQDWLYD FRP MDWR GH iJXD RX GH YDSRU
  • 509.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  e LPSRUWDQWH WDPEpP R ³LVRODPHQWR´ FRP ILWD DGHTXDGD GH WRGRV RV HOHPHQWRV FRQWtJXRV DRV SHLWRULV TXH QmR UHFHEHUmR WUDWDPHQWR QRPHDGDPHQWH FDL[LOKDULD YLGUR iUHDV SLQWDGDV HWF
  • 510.  DQWHV GD DSOLFDomR GR SURGXWR LPSHUPHDELOL]DQWH  )RUQHFLPHQWR H DSOLFDomR GR SURGXWR LPSHUPHDELOL]DQWH (VWD WDUHID HQJORED D DSOLFDomR GR SURGXWR LPSHUPHDELOL]DQWH 6LNDJDUG ± 6 FRP XP SXOYHUL]DGRU GH EDL[D SUHVVmR SLQFHO RX UROR 'HYHUi WHUVH R FXLGDGR GH QmR GHL[DU R SURGXWR HVFRUUHU $ DSOLFDomR GR SURGXWR GHYH VHU IHLWD HP WRGD D VXSHUItFLH H[WHULRU GR SHLWRULO LQFOXLQGR RV IXURV H[HFXWDGRV DQWHULRUPHQWH SDUD D IL[DomR GD SLQJDGHLUD $ LPSHUPHDELOL]DomR GHYH VHU IHLWD FRP DSOLFDomR GR SURGXWR HP SHOR PHQRV GXDV FDPDGDV VHQGR TXH D VHJXQGD FDPDGD GHYH VHU DSOLFDGD HQTXDQWR D SULPHLUD DLQGD VH HQFRQWUD IUHVFD PpWRGR ³IUHVFR VREUH IUHVFR´
  • 511.  'HYHUi DSOLFDUVH XPD UD]mR GH  NJP GHPmR GH SURGXWR  $SOLFDomR GD SLQJDGHLUD PHWiOLFD $SyV  GLDV GD DSOLFDomR GR SURGXWR LPSHUPHDELOL]DQWH SRGHUi VHU DSOLFDGD D SLQJDGHLUD PHWiOLFD $ SLQJDGHLUD VHUi FRQVWLWXtGD SRU XPD FDQWRQHLUD HP DOXPtQLR DQRGL]DGR FRP GLPHQV}HV GH [[ PP FRP FRPSULPHQWR FRLQFLGHQWH FRP R GR SHLWRULO H GH FRU LJXDO j GD FDL[LOKDULD H[LVWHQWH QRV YmRV 3DUD PHOKRU SHUFHomR GD FRORFDomR GHVWHV HOHPHQWRV UHFRPHQGDVH FRQVXOWDU DV SHoDV GHVHQKDGDV 2 SHUILO PHWiOLFR GHYH VHU IL[R GH IRUPD DGHTXDGD DR SHLWRULO H[LVWHQWH DWUDYpV GRV IXURV H[HFXWDGRV H GH HOHPHQWRV GH IL[DomR DSURSULDGRV $ IDFH GD FDQWRQHLUD GHYHUi ILFDU FRPSODQDU FRP D IDFH IURQWDO GR SHLWRULO FRQIRUPH SHoDV GHVHQKDGDV  6HODJHP GH MXQWDV 3RVWHULRUPHQWH j DSOLFDomR H UHVSHWLYD IL[DomR GDV SHoDV PHWiOLFDV GHYH HIHWXDUVH D VHODJHP WRWDO GH WRGDV DV MXQWDV HQWUH RV YiULRV HOHPHQWRV FRQVWUXWLYRV QRPHDGDPHQWH QDV OLJDo}HV GRV SHLWRULV j FDL[LOKDULD jV RPEUHLUDV DR SHUILO PHWiOLFR H j SDUHGH $ VHODJHP GHYH VHU HIHWXDGD FRP PiVWLTXH GH VLOLFRQH GH FRU LJXDO j GD FDL[LOKDULD H[LVWHQWH QRV YmRV GR WLSR 6LNDVLO ± 03 FXMD ILFKD WpFQLFD p DSUHVHQWDGD QR SRQWR & GR $QH[R &  5HYHVWLPHQWR ILQDO SHOR LQWHULRU 'HYHUi VHU UHYHVWLGD WRGD D VXSHUItFLH GD SDUHGH LQWHULRU TXH VH HQFRQWUD GHJUDGDGD LQFOXLQGR D iUHD DGMDFHQWH FRP XPD DUJDPDVVD WUDGLFLRQDO FRP DFDEDPHQWR LGrQWLFR DR H[LVWHQWH LQFOXLQGR D SLQWXUD JOREDO GH WRGR R SDQR LQWHULRU FRP FRU LJXDO j H[LVWHQWH
  • 512.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   3HoDV GHVHQKDGDV $SUHVHQWDVH QD )LJXUD  WRGD D H[WHQVmR GH SDUHGH D UHDELOLWDU 'HYHUmR WHUVH HP FRQWD RV WUDEDOKRV GHVFULWRV QD PHPyULD GHVFULWLYD $ H[WHQVmR GH UHYHVWLPHQWR D VXEVWLWXLU GHYHUi LQFOXLU D iUHD GHJUDGDGD H  FP FRQWtJXRV D HVVH SHUtPHWUR 1D )LJXUD  DSUHVHQWDVH XP SRUPHQRU GH H[HFXomR GRV WUDEDOKRV /(*(1'$ /RFDOL]DomR GR SHLWRULO QR SLVR WLSR  P GH FRPSULPHQWR
  • 513. 127$ 2V UHVWDQWHV SHLWRULV DSUHVHQWDP XPD ORFDOL]DomR HP SODQWD LGrQWLFD PDV HP SLVRV GLVWLQWRV )LJXUD  3ODQWD GR SLVR WLSR ± ,GHQWLILFDomR GD ]RQD D UHDELOLWDU 6HP (VFDOD
  • 514.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3DUHGH ([WHULRU 3RUPHQRU /(*(1'$ 127$ 2V SDUDIXVRV GH IL[DomR GHYHUmR VHU HP LQR[ FRP  PP GH GLkPHWUR H DV EXFKDV GHYHUmR VHU HP QORQ GR WLSR 5DQLH([SDQVLYDV >@ )LJXUD  3RUPHQRU ± (VTXHPD DSyV H[HFXomR GRV WUDEDOKRV 6XSHUItFLH D LPSHUPHDELOL]DU 0iVWLTXH &DQWRQHLUD PHWiOLFD =RQD VHP VLQDLV GH KXPLGDGH UHYHVWLPHQWR D UHPRYHU 5HYHVWLPHQWR GHJUDGDGR SHOD KXPLGDGH
  • 515.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   (VWLPDWLYD GH TXDQWLGDGHV H FXVWRV $SUHVHQWDVH GH VHJXLGD DV TXDQWLGDGHV H HVWLPDWLYDV GH FXVWRV GRV GRLV WUDEDOKRV GH UHDELOLWDomR 7RGRV RV SUHoRV DSUHVHQWDGRV IRUDP LQGLFDGRV SHODV HPSUHVDV FRQWDFWDGDV 4XDGUR  (VWLPDWLYD GH TXDQWLGDGHV H FXVWRV 2EUD 0RUDGD 'DWD ,WHP 'HVLJQDomR 8Q 4XDQW 3UHoR XQLWiULR 9DORU &DS 5HSDUDomR GDV SDUHGHV FRP  FP GH HVSHVVXUD GR DOoDGR ODWHUDO GLUHLWR H SRVWHULRU GD JDUDJHP H FRP  FP GH HVSHVVXUD GD SDUHGH GLYLVyULD FRP KXPLGDGH DVFHQGHQWH DWUDYpV GH VLVWHPD GH LQMHomR GH XPD EDUUHLUD LPSHUPHDELOL]DQWH VRESUHVVmR DSyV D UHDOL]DomR GH IXURV D FDGD  FP  ([WUDomR GD SLQWXUD H[LVWHQWH H DUJDPDVVD GH UHYHVWLPHQWR DWp XPD DOWXUD GH  FPDFLPD GD PDUFD GD KXPLGDGH H DR ORQJR GH WRGR R FRPSULPHQWR GD SDUHGH YHU SHoDV GHVHQKDGDV
  • 516.  DWp VH HQFRQWUDU R VXSRUWH VmR GH DFRUGR FRPR SURFHGLPHQWR GHVFULWR QD PHPyULD GHVFULWLYD P    ¼  ¼  5HPRomR GR URGDSp H[LVWHQWH DR ORQJR GH WRGD D H[WHQVmR GD SDUHGH GLYLVyULD D UHDELOLWDU YHU SHoDV GHVHQKDGDV
  • 517.  LQFOXLQGR DUJDPDVVD GH FRODJHP H[LVWHQWH DWp VH HQFRQWUDU R VXSRUWH VmR PO   ¼  ¼  /LPSH]D GDV SDUWHV VROWDV HRX GHJUDGDGDV GR VXSRUWH UHVXOWDQWHV GRV LWHQV DQWHULRUHV P    ¼  ¼  ([HFXomR GH IXURV HPOLQKD DR ORQJR GH WRGD D H[WHQVmR GH SDUHGH GHILQLGD FRPDV FDUDFWHUtVWLFDV DSUHVHQWDGDV QD PHPyULD GHVFULWLYD H SRVWHULRUPHQWH D VXD OLPSH]D LQWHULRU DWUDYpV GH DU FRPSULPLGR LQFOXLQGR WRGRV RV DFHVVyULRV QHFHVViULRV SDUD D VXD FRUUHWD H[HFXomR PO   ¼  ¼  )RUQHFLPHQWR H LQMHomR j SUHVVmR GR SURGXWR LPSHUPHDELOL]DQWH &$3,/$6,/ DSyV D FRORFDomR GDV ERFDV GH LQMHomR QRV IXURV $ SUHVVmR GH LQMHomR GHYHUi HVWDU GH DFRUGR FRPR GHILQLGR QD PHPyULD GHVFULWLYD FRQVRDQWH DV FDUDFWHUtVWLFDV GR VXSRUWH LQFOXLQGR WRGRV RV DFHVVyULRV QHFHVViULRV 127$ 2 FRQVXPR IRL REWLGR DWUDYpV GD LQMHomR PpGLD GH  OLWURV  PHWUR OLQHDU   FPGH HVSHVVXUD GD SDUHGH O   ¼  ¼ (GLItFLR 8 &DPSR  9LVHX PDL
  • 518.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  FRQWLQXDomR
  • 519.  )RUQHFLPHQWR H DSOLFDomR GH DUJDPDVVD HVWDQTXH SDUD VHODJHPGRV IXURV FRQIRUPH GHVFULWR QD PHPyULD GHVFULWLYD DSyV D ODYDJHPGD SDUHGH FRP iFLGR PXULiWLFR QR FDVR GH H[LVWLUHPHYHQWXDLV VLQDLV GH HIORUHVFrQFLDV PO   ¼  ¼  )RUQHFLPHQWR H DVVHQWDPHQWR GH URGDSp LGrQWLFR DR H[LVWHQWH GH LJXDO WH[WXUD H PDWHULDO LQFOXLQGR WRGRV RV PDWHULDLV SDUD D FRUUHWD H[HFXomR GRV WUDEDOKRV PO   ¼  ¼  )RUQHFLPHQWR H H[HFXomR GH UHYHVWLPHQWR GD SDUHGH FRPDUJDPDVVD GR DFDEDPHQWR ILQDO FRQIRUPH PHPyULD GHVFULWLYD LQFOXLQGR SURGXWRV SDUD DGLWLYDU D DUJDPDVVD /$7(; (08/6­2 ( ),%5,/ )
  • 520. H WRGRV RV DFHVVyULRV QHFHVViULRV j VXD FRUUHWD H[HFXomR P    ¼  ¼  )RUQHFLPHQWR H H[HFXomR GH SLQWXUD ILQDO FRPWLQWD SHUPHiYHO DR YDSRU GH iJXD H WRGRV RV DFHVVyULRV QHFHVViULRV j VXD FRUUHWD H[HFXomR P    ¼  ¼  /LPSH]D H WULDJHPGH WRGRV RV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR HPORFDO SUySULR SDUD R HIHLWR LQFOXLQGR FDUUHJDPHQWR H WUDQVSRUWH P    ¼  ¼  ¼ 2EUD 0RUDGD 'DWD ,WHP 'HVLJQDomR 8Q 4XDQW 3UHoR XQLWiULR 9DORU &DS 5HSDUDomR GR UHYHVWLPHQWR LQWHULRU MXQWR DR YmR DSyV LPSHUPHDELOL]DomR GR SHLWRULO FRP SURGXWR UHSHOHQWH GH iJXD H DSOLFDomR GH XPD SLQJDGHLUD PHWiOLFD QD IDFH LQIHULRU GR PHVPR  3UHSDUDomR GR SHLWRULO SDUD DSOLFDomR SRVWHULRU GD SLQJDGHLUD PHWiOLFD HQJOREDQGR D H[HFXomR GH TXDWUR IXURV HPOLQKD FRQIRUPH UHSUHVHQWDGR QDV SHoDV GHVHQKDGDV LJXDOPHQWH DIDVWDGRV HQWUH VL FRPGLkPHWUR GH  PP PO   ¼  ¼  5HPRomR GD SLQWXUD H[LVWHQWH QR LQWHULRU H DUJDPDVVD GH UHYHVWLPHQWR DWp XPD H[WHQVmR GH  FPSDUD DOpPGR OLPLWH GD GHJUDGDomR VRE R SHLWRULO YHU SHoDV GHVHQKDGDV
  • 521.  DWp VH HQFRQWUDU R VXSRUWH VmR GH DFRUGR FRPR SURFHGLPHQWR GHVFULWR QD PHPyULD GHVFULWLYD P    ¼  ¼ 7RWDO GD SURSRVWD (GLItFLR 0 $EUDYHVHV  9LVHX PDL
  • 522.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDGUR  FRQWLQXDomR
  • 523.  7UDWDPHQWR GR SHLWRULO SDUD UHFHEHU D LPSUHJQDomR UHSHOHQWH GH iJXD R TXH LQFOXL  5HPRomR GH WRGR R PiVWLTXH H[LVWHQWH MXQWD GD VXSHUItFLH D WUDWDU QRPHDGDPHQWH QDV OLJDo}HV GR SHLWRULO FRP D FDL[LOKDULD FRP DV RPEUHLUDV H FRPD SDUHGH XQ   ¼  ¼  /LPSH]D GD VXSHUItFLH WRWDO H[WHULRU GRV SHLWRULV GH PRGR D ILFDUHP FRPSOHWDPHQWH LVHQWRV GH SRHLUDV HRX RXWURV TXDLVTXHU HOHPHQWRV LQFOXLQGR RV PDWHULDLV QHFHVViULRV SDUD D FRUUHWD H[HFXomR GD WDUHID WDLV FRPR HVFRYDV GHWHUJHQWHV HWF XQ   ¼  ¼  ,VRODPHQWR GH WRGRV RV HOHPHQWRV FRQWtJXRV DRV SHLWRULV H TXH QmR YmR VRIUHU WUDWDPHQWR LPSHUPHDELOL]DQWH XQ   ¼  ¼  )RUQHFLPHQWR H DSOLFDomR GR SURGXWR LPSHUPHDELOL]DQWH 6LNDJDUG  6  'HYHUi VHU DSOLFDGR DWUDYpV GH XPSXOYHUL]DGRU DGHTXDGR H VHJXLU DV UHFRPHQGDo}HV GHILQLGDV QD ILFKD WpFQLFD $ LPSHUPHDELOL]DomR GHYH VHU FRQVHJXLGD DWUDYpV GD DSOLFDomR GH SHOR PHQRV  GHPmRV GH SURGXWR PpWRGR IUHVFR VREUH IUHVFR
  • 524.  $ FRQFHQWUDomR GH SURGXWR LPSHUPHDELOL]DQWH GHYHUi VHU GH  OP  GHPmR P    ¼  ¼  )RUQHFLPHQWR DSOLFDomR H IL[DomR GD FDQWRQHLUD PHWiOLFD FRP DV GLPHQV}HV GHILQLGDV QD PHPyULD GHVFULWLYD H FRQIRUPH SHoDV GHVHQKDGDV TXH VHUYLUi GH SLQJDGHLUD LQFOXLQGR WRGRV RV DFHVVyULRV QHFHVViULRV j FRUUHWD H[HFXomR GR WUDEDOKR XQ   ¼  ¼  )RUQHFLPHQWR H DSOLFDomR GH PiVWLTXH SDUD VHODJHP GDV MXQWDV HQWUH R SHLWRULO H RV UHVWDQWHV HOHPHQWRV QRPHDGDPHQWH FDL[LOKDULD RPEUHLUDV SDUHGH H SHUILO PHWiOLFR FRQIRUPH UHSUHVHQWDGR QDV SHoDV GHVHQKDGDV
  • 525.  PO   ¼  ¼  )RUQHFLPHQWR H H[HFXomR GH UHYHVWLPHQWR GD SDUHGH FRPDUJDPDVVD GR DFDEDPHQWR ILQDO FRQIRUPH PHPyULD GHVFULWLYD LQFOXLQGR WRGRV RV DFHVVyULRV QHFHVViULRV j VXD FRUUHWD H[HFXomR P    ¼  ¼  )RUQHFLPHQWR H H[HFXomR GH SLQWXUD ILQDO FRPWLQWD SHUPHiYHO DR YDSRU GH iJXD H WRGRV RV DFHVVyULRV QHFHVViULRV j VXD FRUUHWD H[HFXomR P    ¼  ¼  /LPSH]D H WULDJHP GH WRGRV RV UHVtGXRV UHVXOWDQWHV GD RSHUDomR GH UHDELOLWDomR HP ORFDO SUySULR SDUD R HIHLWR LQFOXLQGR FDUUHJDPHQWR H WUDQVSRUWH P    ¼  ¼  ¼7RWDO GD SURSRVWD
  • 526.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   /LVWDJHP FURQROyJLFD GDV WDUHIDV 4XDGUR  /LVWDJHP FURQROyJLFD GDV WDUHIDV ± KXPLGDGH DVFHQVLRQDO 4XDGUR  /LVWDJHP FURQROyJLFD GDV WDUHIDV ± KXPLGDGH GH SUHFLSLWDomR                              &DS           ,WHP /LVWDJHP &URQROyJLFD 'LDV
  • 527. 5HSDUDomR GDV SDUHGHV DIHWDGDV SRU KXPLGDGH DVFHQVLRQDO QR HGLItFLR 8                          &DS             5HSDUDomR GD SDWRORJLD GHULYDGD GH KXPLGDGH GH SUHFLSLWDomR QR HGLItFLR 0 ,WHP /LVWDJHP &URQROyJLFD 'LDV
  • 528.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   0HGLGDV SUHYHQWLYDV $SyV D LQWHUYHQomR GHYHUi JDUDQWLUVH TXH D FXUD GD DUJDPDVVD GR UHYHVWLPHQWR p IHLWD FRP WHPSHUDWXUDV FRUUHWDV $ pSRFD GR DQR UHFRPHQGDGD SDUD D H[HFXomR GRV WUDEDOKRV VHUi HQWUH PDUoR H PDLR 'XUDQWH R SHUtRGR GH YLGD ~WLO GR HGLItFLR GHYH HYLWDUVH D GHJUDGDomR GR UHYHVWLPHQWR GD SDUHGH  1mR HVSHFLILFDo}HV (P WXGR HP TXH R SURMHWR QmR WHQKD VLGR VXILFLHQWHPHQWH HVSHFLILFR HRX FODUR DFDWDUVHi D UHJXODPHQWDomR HP YLJRU H R HVSLULWR GH SURMHWR 7RGDV DV HVFROKDV H DOWHUDo}HV GHYHP VHU FRPXQLFDGDV DR DXWRU GR SURMHWR SDUD VXD DSURYDomR 6HPSUH TXH VXUMDP G~YLGDV UHODWLYDV DR SURMHWR HVWDV GHYHP VHU DSUHVHQWDGDV DR SURMHWLVWD HP WHPSR RSRUWXQR 4XDQGR DV G~YLGDV RX LQWHUSUHWDomR GR SURMHWR UHVXOWHP HP HUURV GH H[HFXomR VHP SUpYLD FRQVXOWD DR SURMHWLVWD H FDVR KDMD QHFHVVLGDGH GH GHPROLU H UHID]HU R HPSUHLWHLUR ILFD REULJDGR D ID]rOR VHP WHU GLUHLWR D TXDOTXHU WLSR GH UHPXQHUDomR RX SDJDPHQWR
  • 529.  3URMHWR GH 5HDELOLWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 530.   &RQFOXV}HV  &RQVLGHUDo}HV ILQDLV &RP D UHDOL]DomR GHVWD GLVVHUWDomR REVHUYRXVH TXH JHQHUDOL]DGDPHQWH D IDOWD GH SRUPHQRUL]DomR HP IDVH SURMHWR DVVLP FRPR D LGHDOL]DomR LQFRUUHWD GH VROXo}HV FRQVWUXWLYDV OHYDP DR DSDUHFLPHQWR GH SUREOHPDV SDWRORJLD
  • 531.  'H DFRUGR FRP R TXH IRL YLVtYHO DR ORQJR GDV YLVLWDV DRV HGLItFLRV SRGH FRQVWDWDUVH TXH DV SDWRORJLDV LQWHUYrP H PXLWR QR GHVFRQIRUWR KDELWDFLRQDO QR LQWHULRU GRV HGLItFLRV (VWH SDUD DOpP GH LQFRQYHQLHQWHV YLVXDLV LQVHJXUDQoD H RXWURV VHUi R IDWRU PDLV LPSRUWDQWH D SUHYHQLU SHORV LQWHUYHQLHQWHV QR SURFHVVR FRQVWUXWLYR TXHU HP IDVH GH SURMHWR TXHU HP IDVH GH H[HFXomR $ TXDOLGDGH GD PmRGHREUD LQFOXLQGR RV WpFQLFRV
  • 532. p WDPEpP LPSRUWDQWH QR VHQWLGR GH HYLWDU PXLWRV GRV SUREOHPDV TXH VXUJHP QDV DWXDLV FRQVWUXo}HV 3DUD LVVR GHYHUi FRQWULEXLU R VHQWLGR GH UHVSRQVDELOLGDGH SRU SDUWH GH TXHP H[HFXWD DV WDUHIDV DFUHVFLGR GH XPD FRQVWDQWH IRUPDomR $ YDULiYHO PmRGHREUD VHUi HQWmR EDVWDQWH LPSRUWDQWH SDUD D TXDOLGDGH GDV FRQVWUXo}HV QRYDV RX UHDELOLWDo}HV $R ORQJR GD UHDOL]DomR GD SUHVHQWH GLVVHUWDomR XPD GDV PDLRUHV GLILFXOGDGHV HQFRQWUDGDV IRL R DFHVVR j LQIRUPDomR UHODWLYD DRV HGLItFLRV j H[FHomR GD LQIRUPDomR UHIHUHQWH D DOJXQV SRUPHQRUHV FRQVWUXWLYRV TXH IRL IDFLOLWDGD SRU DOJXQV GRV SURSULHWiULRV FRP TXH VH WHYH FRQWDWR RV TXDLV IRUDP DFRPSDQKDQGR D FRQVWUXomR GDV KDELWDo}HV 2 FRQWDFWR FRP SURMHWLVWDV H HPSUHLWHLURV IRL LUUHDOL]iYHO TXHU GHYLGR j PXGDQoD GH FRQWDFWR TXHU GHYLGR DRV SURFHVVRV GH LQVROYrQFLD D TXH DOJXPDV GDV HPSUHVDV IRUDP VXMHLWDV ,PSRUWDQWH VDOLHQWDU TXH HVWH WHPD VHUi XP GRV PDLV DWXDLV QD FRQMXQWXUD TXH D FRQVWUXomR DWUDYHVVD SRU LVVR VHUi HVVHQFLDO R GHVHQYROYLPHQWR GH HVWXGRV QHVWD iUHD GD UHDELOLWDomR
  • 533.  &RQFOXV}HV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   &RQFOXV}HV JHUDLV )RL XPD FRQVWDQWH DR ORQJR GD UHDOL]DomR GHVWH WUDEDOKR WHQWDU HVFODUHFHU RV SURFHVVRV HQYROYLGRV QD FRQVWUXomR GH HGLItFLRV e FHUWR TXH YiULDV GLILFXOGDGHV IRUDP VXUJLQGR WDLV FRPR D LQH[LVWrQFLD GH LQIRUPDo}HV ILGHGLJQDV SDUD D FDUDFWHUL]DomR GH HOHPHQWRV FRQVWUXWLYRV DFHVVR DRV HGLItFLRV HQWUH RXWUDV 7RGRV HVWHV IDWRUHV VmR FUXFLDLV SDUD D FRUUHWD SHUFHomR GR IXQFLRQDPHQWR GDV VROXo}HV H[LVWHQWHV 3DUD R SURFHVVR GH UHDELOLWDomR FRQVWDWRXVH TXH YiULRV IDWRUHV SRGHUmR RULJLQDU D PDQLIHVWDomR GH SDWRORJLDV 1R HQWDQWR D PDLRU SDUWH GRV SUREOHPDV HQFRQWUDGRV WrP RULJHP QD IDOWD GH FRQVFLrQFLD GDV SHVVRDV LQWHUYHQLHQWHV H GHVFRQKHFLPHQWR WpFQLFR $R ORQJR GD GLVVHUWDomR IRL IHLWD XPD DQiOLVH FUtWLFD DRV SURMHWRV H VROXo}HV FRQVWUXWLYDV DGRWDGDV QDV FRQVWUXo}HV DQDOLVDGDV $OJXPDV GDV IDOKDV SRGHULDP WHU VLGR HYLWDGDV GH IRUPDV PXLWR VLPSOHV FRPR SRU H[HPSOR DWUDYpV GH XPD PHOKRU DQiOLVH GR FRPSRUWDPHQWR GRV HOHPHQWRV FRQVWUXWLYRV LQWHUYHQLHQWHV H DWUDYpV GH SRUPHQRUL]DomR DGHTXDGD e SRU LVVR LPSRUWDQWH QD IDVH SURMHWR UHDOL]DU XP H[DXVWLYR HVWXGR VREUH DV VROXo}HV D DGRWDU H D UHVSHWLYD H[HFXomR GH SRUPHQRUHV FRUUHWRV H SHUFHWtYHLV SDUD TXHP H[HFXWD 1D IDVH GH H[HFXomR R IDWRU PmRGHREUD VHUi R PDLV LPSRUWDQWH SDUD VH HYLWDUHP HUURV TXH SRGHP WUDGX]LU SUREOHPDV QD YLGD ~WLO GRV HGLItFLRV 'HSDURXVH WDPEpP FRP GLILFXOGDGHV DR QtYHO GD DQiOLVH GDV SDWRORJLDV H[LVWHQWHV (VWH p WDOYH] R SDVVR SULQFLSDO QR SURFHVVR GH UHDELOLWDomR 6y DSyV D SHUFHomR GD FDXVD FRUUHWD RX FRP PDLV SUHSRQGHUkQFLD
  • 534. TXH OHYRX j RFRUUrQFLD GR SUREOHPD p TXH VH SRGH HVWXGDU D VROXomR GH UHDELOLWDomR PDLV DGHTXDGD 3DUD TXH D TXDOLGDGH GRV HGLItFLRV VHMD D HVSHUDGD VHUi HQWmR QHFHVViULD XPD FRQWtQXD IRUPDomR GRV WpFQLFRV HQYROYLGRV XPD FRQVWDQWH HYROXomR GRV PpWRGRV H PDWHULDLV GH FRQVWUXomR VHP HVTXHFHU D PHOKRULD H SHUVSLFiFLD QR HVWXGR H QD H[HFXomR GD FRUUHWD SRUPHQRUL]DomR GDV VROXo}HV FRQVWUXWLYDV $ 5HDELOLWDomR p XPD iUHD EDVWDQWH LQWHUHVVDQWH PDV WDPEpP PXLWR FRPSOH[D (P IDFH GR HOHYDGR Q~PHUR GH KDELWDo}HV FRQVWUXtGDV QRV ~OWLPRV DQRV VHUi PXLWR SURYiYHO DVVLVWLUVH D XP FUHVFLPHQWR GRV WUDEDOKRV QHVWD iUHD 1R HQWDQWR GHYHUi LQYHVWLUVH QD IRUPDomR GHQWUR GD iUHD SRLV HVVH p XP IDWRU IXQGDPHQWDO 2 PHUFDGR GD iUHD GD UHDELOLWDomR RIHUHFH XPD YDVWD JDPD GH SURGXWRV H VROXo}HV SDUD DV GLYHUVDV SDWRORJLDV TXH YmR VXUJLQGR QRV HGLItFLRV 1XP SURFHVVR GH UHDELOLWDomR QRPHDGDPHQWH HP IDVH GH SURMHWR p FUXFLDO D H[HFXomR GH XPD SHVTXLVD GH LQIRUPDomR GH SURGXWRV H GH SUHoRV UHODWLYRV jV GLYHUVDV VROXo}HV SRVVtYHLV SDUD D UHSDUDomR 1R HQWDQWR p QHFHVViULR WHU VHPSUH SUHVHQWH D FRPSDWLELOLGDGH HQWUH PDWHULDLV QRYRV H RV H[LVWHQWHV HP REUD e SRUWDQWR LPSRUWDQWH UHIHULU TXH D TXDOLGDGH GRV SURMHWRV GH UHDELOLWDomR p R SULPHLUR SDVVR SDUD R VXFHVVR GH WRGR R SURFHVVR GH UHDELOLWDomR 3DUD LVVR p QHFHVViULR LGHQWLILFDU EHP DV FDXVDV GH PDQLIHVWDomR GDV SDWRORJLDV SDUD HQWmR VH SURFHGHU j DGRomR GD VROXomR PDLV DGHTXDGD H HILFD] GH PRGR D HYLWDU R DSDUHFLPHQWR HYHQWXDO GH UHSDWRORJLDV
  • 535.  5()(5Ç1&,$6 >@ 52'5,*8(6 5 6,/9$ ) 
  • 536. ± $QiOLVH (VWDWtVWLFD GD 3DWRORJLD HP (GLItFLRV 5HFHQWHV &RQJUHVVR &RQVWUXomR &RLPEUD 8QLYHUVLGDGH GH &RLPEUD >@ 3257$/ &,'$'( '( 9,6(8 9LVHX >&RQVXOW  RXW @ 'LVSRQtYHO HP ::: KWWSZZZFLGDGHGHYLVHXFRP! >@ 6286$ 0 
  • 537. ± 3DWRORJLD GD &RQVWUXomR ± (ODERUDomR GH XP &DWiORJR 3RUWR )DFXOGDGH GH (QJHQKDULD GD 8QLYHUVLGDGH GR 3RUWR 'LVVHUWDomR GH 0HVWUDGR >@ 6,/9$ 9 
  • 538. ± *XLD 3UiWLFR SDUD D &RQVHUYDomR GH ,PyYHLV /LVERD 'RP 4XL[RWH >@ 6(0,1È5,2 62%5( 3$5('(6 '( $/9(1$5,$  3DWRORJLDV QmR (VWUXWXUDLV H (VWUDWpJLDV GH 5HDELOLWDomR ± >&RQVXOW  RXW @ 'LVSRQtYHO HP ::: KWWSZZZFLYLOXPLQKRSW >@ ,167,7872 1$&,21$/ '( (67$7Ë67,&$ >&RQVXOW  IHY @ 'LVSRQtYHO HP ::: KWWSZZZLQHSW >@ ',675,726 '( 32578*$/ >&RQVXOW  IHY @ 'LVSRQtYHO HP ::: KWWSZZZVLWHVJRRJOHFRPVLWHGLVWULWRVDE >@ 5HJXODPHQWR GDV &DUDFWHUtVWLFDV GH &RPSRUWDPHQWR 7pUPLFR GRV (GLItFLRV  5&&7( 
  • 539.  '/  GH  GH DEULO >@ 5HJXODPHQWR GDV &DUDFWHUtVWLFDV GH &RPSRUWDPHQWR 7pUPLFR GRV (GLItFLRV  5&&7( 
  • 540.  '/  GH  GH IHYHUHLUR >@ 48,17(/$ 0 
  • 541. ± 'XUDELOLGDGH GH 5HYHVWLPHQWRV ([WHULRUHV GH 3DUHGH HP 5HERFR 0RQRFDPDGD 3RUWR )DFXOGDGH GH (QJHQKDULD GD 8QLYHUVLGDGH GR 3RUWR 'LVVHUWDomR GH 0HVWUDGR >@ 0(675$'2 (0 (1*(1+$5,$ '$ &216758d­2 ( 5($%,/,7$d­2 '$ (67*9 
  • 542.  $SRQWDPHQWRV GDV 'LVFLSOLQDV GH (GLILFDo}HV H 3DWRORJLD H 5HDELOLWDomR GH (GLItFLRV 9LVHX >@ *5832 '( (678'26 '$ 3$72/2*,$ '$ &216758d­2 )LFKD 1ž  ± )LVVXUDomR GD )DFKDGD GH XP (GLItFLR GH +DELWDomR $SRLDGD QXPD /DMH HP &RQVROD
  • 543. 5()(5Ç1&,$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  >@ (XURFyGLJR  3URMHWR GH (VWUXWXUDV GH %HWmR ± (& 
  • 544. ± (1  >@ *$63$5 3 HW DO 
  • 545. ± 7pFQLFDV GH 'LDJQyVWLFR H &ODVVLILFDomR GH )LVVXUDomR HP )DFKDGDV 5HERFDGDV ± &RQJUHVVR 3$7255(% >@ '(/*$'2 $ %5,72 - 
  • 546. ± &ODVVLILFDomR GDV 3DWRORJLDV PDLV &RPXQV $SUHVHQWDGDV SRU 5HYHVWLPHQWRV GH 3LVR /HQKRVRV ± &RQJUHVVR 3$7255(% >@ &DGHUQR 7pFQLFR ± 0$3(, $SOLFDomR GR 3DUTXHW >@ +(15,48( ) 
  • 547. ± +XPLGDGH HP 3DUHGHV /LVERD /1(& >@ )5(,7$6 9 7255(6 0 *8,0$5­(6 $ 
  • 548. ± +XPLGDGH $VFHQVLRQDO 3RUWR )(83HGLo}HV >@ 6,/9$ - 7255(6 0 
  • 549. ± &RQVWUXomR 0DJD]LQH 1ž  ± 'HVHPSHQKR GRV 3HLWRULV QD 3URWHFomR GDV )DFKDGDV 3RUWR 3XEOLQGXVWULD S  >@ 6,/9$ - 7255(6 0 
  • 550. ± 'HILFLrQFLDV GR 'HVHPSHQKR GRV 3HLWRULV QD 3URWHFomR GDV )DFKDGDV &RQWUD D $FomR GD ÈJXD ž (QFRQWUR 1DFLRQDO VREUH 3DWRORJLD H 5HDELOLWDomR GH (GLItFLRV 3RUWR )(83 >@ %6, %6 
  • 551. ± &RGH RI 3UDFWLFH IRU 'HVLJQ RI 1RQ/RDGEHDULQJ ([WHUQDO 9HUWLFDO (QFORVXUHV RI %XLOGLQJV /RQGUHV >@ &67% '78  
  • 552. ± 2XYUDJHV HQ 0DoRQQHULH GH 3HWLWV eOpPHQWV3DURLV HW 0XUV &67% (GLWLRQ 1) 3  >@ 5($%,/,7$d­2 ( 0$187(1d­2 '( (',)Ë&,26 >&RQVXOW  PDU @ 'LVSRQtYHO HP ::: KWWSUHDELOLWDFDRGHHGLILFLRVGDVKRIHUSW ! >@ 6,.$ 3RUWXJDO )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZVLNDFRP! >@ 7HFRIL[ %XFKDV H 6LVWHPDV GH $QFRUDJHP >&RQVXOW  PDL @ 'LVSRQtYHO HP ::: KWWSZZZWHFRIL[SW! >@ $662&,$d­2 32578*8(6$ '26 ,1'8675,$,6 '( &(5Æ0,&$ '$ &216758d­2 
  • 553.  ± 0DQXDO GH $SOLFDomR GH 7HOKDV &HUkPLFDV
  • 554. 5()(5Ç1&,$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  >@ *5832 '( (678'26 '$ 3$72/2*,$ '$ &216758d­2 )LFKD 1ž  ± 0DQFKDV GH +XPLGDGH H 'HJUDGDomR GR 5HYHVWLPHQWR GDV 3DUHGHV 6RE RV 9mRV GH XP (GLItFLR GH +DELWDomR >@ *5832 '( (678'26 '$ 3$72/2*,$ '$ &216758d­2 )LFKD 1ž  ± 3DUHGH (QWHUUDGD ± +XPLGDGH $VFHQVLRQDO >@ %,8 ,QWHUQDFLRQDO )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZELXSW! >@ .267(5 3RUWXJDO )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZNRVWHUSW! >@ 723(&$ )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZWRSHFDSW! >@ :(%(5 )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZZHEHUFRPSW! >@ +(1.(/ )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZKHQNHOSW! >@ %267,. 3RUWXJDO )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZERVWLNSW! >@ (FRILUPD )LFKDV 7pFQLFDV >&RQVXOW  DEU @ 'LVSRQtYHO HP ::: KWWSZZZHFRILUPDSW!
  • 555. 5()(5Ç1&,$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 556.  $QH[R $ ± 6XJHVWmR GH SRUPHQRUHV $ &RUWH FDSLODU $ /LJDomR SDYLPHQWR WpUUHRSDUHGH H[WHULRU HQWHUUDGD 2SomR D
  • 557. 2SomR E
  • 558. 1RWD  HP DOWHUQDWLYD DR SROLHWLOHQR SRGH XVDUVH XPD PHPEUDQD EHWXPHSROtPHUR 1RWD  QD RSomR E
  • 559. R FRUWH FDSLODU QD ]RQD GD DOYHQDULD p UHFRPHQGiYHO TXH VHMD UHDOL]DGR FRP DUJDPDVVDV VLQWpWLFDV ± DUJDPDVVD GH SROtPHURV GH EDVH FLPHQWtFLD DUPDGD FRP ILEUD GH YLGUR 1RWD  QmR HVWi UHSUHVHQWDGR R VLVWHPD GH GUHQDJHP
  • 560. $QH[R $ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ /LJDomR SDYLPHQWR WpUUHRIDFKDGD 2SomR D
  • 561. 2SomR E
  • 562. 1RWD  HP DOWHUQDWLYD DR SROLHWLOHQR SRGH XVDUVH XPD PHPEUDQD EHWXPHSROtPHUR 1RWD  QD RSomR E
  • 563. R FRUWH FDSLODU QD ]RQD GD DOYHQDULD p UHFRPHQGiYHO TXH VHMD UHDOL]DGR FRP DUJDPDVVDV VLQWpWLFDV ± DUJDPDVVD GH SROtPHURV GH EDVH FLPHQWtFLD DUPDGD FRP ILEUD GH YLGUR 1RWD  SDUD VH HYLWDU YiULDV GHVFRQWLQXLGDGHV QD RSomR E
  • 564. IH]VH FRLQFLGLU D OLJDomR EHWmR DOYHQDULD FRP R FRUWH FDSLODU 1RWD  QmR HVWi UHSUHVHQWDGR R VLVWHPD GH GUHQDJHP
  • 565. $QH[R $ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ /LJDomR SDYLPHQWR WpUUHRSDUHGH LQWHULRU 1RWD  HP DOWHUQDWLYD DR SROLHWLOHQR SRGH XVDUVH XPD PHPEUDQD EHWXPHSROtPHUR 1RWD  QmR HVWi UHSUHVHQWDGR R VLVWHPD GH GUHQDJHP $ /LJDomR GD IDFKDGDSDYLPHQWR WpUUHR FRP GUHQDJHP H[WHULRU SHULIpULFD
  • 566. $QH[R $ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  127$ 2 WXER JHRGUHQR GHYH VHU DSOLFDGR FRP XPD LQFOLQDomR FRPSUHHQGLGD HQWUH  D   DVVHQWH VREUH FDOHLUD GH EHWmR GH OLPSH]D H SURWHJLGR SRU XPD FDPDGD GUHQDQWH HP EULWD FRP JUDQXORPHWULD FRPSUHHQGLGD HQWUH  D  FP HQYROYLGD SRU JHRWr[WLO GR WLSR ³QmR WHFLGR´ FRP XPD PDVVD VXSHULRU D  JP /(*(1'$ $ 'UHQDJHP GD FDL[DGHDU H FRUUHomR GD SRQWH WpUPLFD QD ]RQD GR WDOmR GD YLJD 3 ± ([HPSOR GH FRUUHomR GD SRQWH WpUPLFD MXQWR DR WDOmR GD YLJD 8SRQWHV WpUPLFDV”[8FRUUHQWH
  • 567. $QH[R $ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ ,VRODPHQWR WpUPLFR HP FREHUWXUDV FRP ODMH GH HVWHLUD H GHVYmR QmR ~WLO 'HILFLHQWH FRORFDomR GR LVRODQWH WpUPLFR VREUH XP GHVYmR QmR ~WLO H[HFXomR HQFRQWUDGD QDV KDELWDo}HV DQDOLVDGDV
  • 568. &RUUHWD FRORFDomR GR LVRODQWH WpUPLFR VRE XP GHVYmR QmR ~WLO
  • 569. $QH[R $ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $ ([HFXomR GH XP SHLWRULO FRUWH
  • 570. 1D ILJXUD GH FLPD p YLVtYHO XP SHLWRULO H[LVWHQWH QXP GRV HGLItFLRV DQDOLVDGRV FXMDV PHGLGDV PtQLPDV H[LJLGDV QmR VmR FXPSULGDV GH DFRUGR FRP D ILJXUD DSUHVHQWDGD j GLUHLWD e QRWyULD D IDOWD GH LQFOLQDomR GD VXSHUItFLH VXSHULRU H DV GLPHQV}HV LQVXILFLHQWHV GD SLQJDGHLUD • FP 0iVWLTXH
  • 571.  $QH[R % ± )LFKDV GH LQVSHomR % (GLItFLR 8 % ,GHQWLILFDomR GR HGLItFLR  *(1(5$/,'$'(6 &yGLJR GR (GLItFLR hϭ 'DWD GH ,QVSHFomR 'LVWULWR $QR GH &RQVWUXomR &RQFHOKR )UHJXHVLD (QGHUHoR 8WLOL]DGRU &RQWDFWR  &/$66,),&$d­2 '2 (',)Ë&,2  7,32 '( 87,/,=$d­2  ,17(5(66( $548,7(&7Ï1,&2  7,32/2*,$ (6758785$/  (/(9$'25  1ž '( )$&+$'$6 &20 9­26  ĞƐĐƌŝĕĆŽ͗  ,03/$17$d­2 ( )81'$d®(6  (;,67Ç1&,$ '( )81'$d®(6 ĞƐĐƌŝĕĆŽ͗  ',)(5(1d$ '( &27$ (175( (/(0(1726 '$ )81'$d­2  ,1&/,1$d­2 '2 7(55(12 й ȴ, с ŵ  7,32 '( 62/2 '( )81'$d­2  35(6(1d$ '( ,038/626 '( 7(55$ ĞƐĐƌŝĕĆŽ͗  87,/,=$d­2 '2 (',)Ë&,2
  • 572.  ŶĚĂƌ WĠ ĚŝƌĞŝƚŽ ŽŵĠƌĐŝŽ ,ĂďŝƚĂĕĆŽ ĞǀŽůƵƚŽ dŽƚĂů ;йͿ ĂǀĞ Ϯ͕ϰ ŵ 'ĂƌĂŐĞŵ ͬ ƌƌƵŵŽƐ ϭ ϭ Zͬ Ϯ͕ϲ ŵ ϭ ϭ ϭǑ Ϯ͕ϲ ŵ ϭ ϭ ϮǑ ŵ ϯǑ ŵ ϰǑ ŵ ϱǑ ŵ KƵƚƌŽ ŵ  È5($ '26 &203$57,0(1726 +$%,7$d­2
  • 573.   $&(66,%,/,'$'(6 ŽŵƉĂƌƚŝŵĞŶƚŽƐ ƉƌŝŶĐŝƉĂŝƐ ;ƋƵĂƌƚŽƐ Ğ ƐĂůĂͿ͗ >ĂƌŐƵƌĂ ĚĂ ǀŝĂ͗ ϴ ;ŵͿ ;Ğŵ ĨƌĞŶƚĞ ĂŽ ĞĚŝĨşĐŝŽͿ ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž ŽŵƉĂƌƚŝŵĞŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ ;ĐŽnjŝŶŚĂ Ğ /͘^͘Ϳ͗  (63$d26 &20816 ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž >ŽŐƌĂĚŽƵƌŽ͗  +,67Ï5,&2 '( $/7(5$d®(6  +,67Ï5,&2 '( ,17(59(1d®(6  2%6(59$d®(6 ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ ŶŽ ;ĂƉƌŽdž͘Ϳ͗ Ě͗ &DPSR WĄƚŝŽ͗ ^ĞƌǀŝĕŽƐ KƵƚƌŽ &KdK )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR /Ͳ/Ed/&/  K K /&1/K sŝƐĞƵ ϮϬϬϭ hϭ ϬϯͲ&Ğǀ͘ͲϮϬϭϮ sŝƐĞƵ DŽƵƌĞ ĚĞ DĂĚĂůĞŶĂ Ͳ ĂŵƉŽ Ͳ sŝƐĞƵ ĞƚĆŽ ĂƌŵĂĚŽ ;ƐĂƉĂƚĂƐ Ğ ǀŝŐĂƐ ĚĞ ĨƵŶĚĂĕĆŽͿ ϳ WƌŝǀĂĚŽ WƷďůŝĐŽ ,ĂďŝƚĂĕĆŽ ƵŶŝĨĂŵŝůŝĂƌ ,ĂďŝƚĂĕĆŽ ŵƵůƚŝĨĂŵŝůŝĂƌ ŽŵĞƌĐŝĂů ZĞůŝŐŝŽƐĂ KƵƚƌĂ YƵĂů͍ ^ŝŵ EĆŽ ůǀĞŶĂƌŝĂ ĐŽŵ ƉĂǀŝŵĞŶƚŽƐ Ğŵ ŵĂĚĞŝƌĂ ĞƚĆŽ ƌŵĂĚŽ KƵƚƌĂ YƵĂů͍ /ƐŽůĂĚŽ 'ĂǀĞƚŽ ĂŶĚĂ ŵĞŝŽ ^ŝŵ EĆŽ ĂŶĚĂ ĞdžƚƌĞŵŽ /ŶƚĞƌŝŽƌ džƚĞƌŝŽƌ EĆŽ ĞdžŝƐƚĞŵ KĐƵƉĂĚŽ >ŝǀƌĞ ŽďĞƌƚŽ hƐŽͬ&ƵŶĕĆŽ ŽŵƉĂƌƚŝŵĞŶƚĂĕĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽ ŵƉůŝĂĕĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ĞƐŶşǀĞŝƐ ĚŽƐ ƉĂǀŝŵĞŶƚŽƐ
  • 574. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DUHGHV GH IDFKDGD 25,(17$d­2 E͕ ^͕  Ğ K >ĂƌŐƵƌĂ ĚĂ ĨĂĐŚĂĚĂ ;ŵͿ͗ ϱϮ KďƐĞƌǀĂĕƁĞƐ͗ dŽĚĂƐ ĂƐ ĨĂĐŚĂĚĂƐ ĐŽŵ ĂďĞƌƚƵƌĂƐ  &21),*85$d­2 '$6 $%(5785$6  5(*8/$5,'$'(  $/,1+$0(172  È5($ '$6 $%(5785$6  3(,725,6 Ɛŝŵ ŶĆŽ DĂƚĞƌŝĂů͗ *UDQLWR $]XO Ğ ĂĐŽƌĚŽ ĐŽŵ ƌĞĐŽŵĞŶĚĂĕƁĞƐ͗ dž  &2167,78,d­2 '2 683257(  7,32 EƷŵĞƌŽ ĚĞ ƉĂŶŽƐ͗  >sE Z/  WZ ͗ KhdZK^͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ Đŵ ĞƐƉ͗ ϯϬ Đŵ ĞƐƉ͗ Đŵ >sE Z/  d/:K>K͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ ĞƐƉ͗ Đŵ  )81d­2  (67$'2 '( &216(59$d­2 */2%$/ 
  • 575.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  5(9(67,0(172  7,32  (67$'2 '( &216(59$d­2 */2%$/ 
  • 576.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 &$86$6 3529È9(,6
  • 577.   ),6685$d­2  +80,'$'(  287526  (92/8d­2 '$6 3$72/2*,$6  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗  (/(0(1726 /,*$'26 ¬ )$&+$'$ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR //ͲW Z^  & ,  hϭ ƵŵĞŶƚŽ ŐƌĂĚƵĂů ĚĂ ĄƌĞĂ ĚĞƚĞƌŝŽƌĂĚĂ ƉĂŶŽ Ğdžƚ͗͘ͺϭϱͺĐŵнĐdž͘ĚĞ Ăƌ͗ͺͺϮͺĐŵнŝƐŽůĂŶƚĞ͗ ϯͺĐŵнƉĂŶƉ ŝŶƚ͗͘ͺϭϭͺĐŵ ůǀ͘ ĂƌŐĂŵĂƐƐĂĚĂ ;ĐĂůнĂƌĞŝĂͿ ĐͬĨƌĂŐŵĞŶƚŽƐ ĚĞ ƉĞĚƌĂ ůǀ͘ ƉĞĚƌĂ ĐŽŵ ĨĂĐĞ ĂƉĂƌĞůŚĂĚĂ ;ƉĞĚƌĂ ĐĂůĐĄƌŝĂͿ ůǀ͘ ƉĞĚƌĂ ĂƉĂƌĞůŚĂĚĂ ^ŝŵƉůĞƐ ƵƉůĂ sĂnjĂĚŽ DĂĐŝĕŽ ĞƚĆŽ ĂƌŵĂĚŽĞƚĆŽ ĂƌŵĂĚŽ ůǀĞŶĂƌŝĂ ĚĞ ĂĚŽďĞ ůǀĞŶĂƌŝĂ ĚĞ ƚĂŝƉĂ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ ;ŵĞƐƚƌĂͿ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƉƐĞƵĚŽͲƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ƐĞŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ĐŽŵ ĚŝŵŝŶƵŝĕĆŽ ĚĞ ĞƐƉĞƐƐƵƌĂ Ğŵ ĂůƚƵƌĂ ƌŐĂŵĂƐƐĂ ĚĞ ĐĂů WŝŶƚƵƌĂ ĐŽŵ ƚŝŶƚĂ ƉůĄƐƚŝĐĂ WŝŶƚƵƌĂ ĚĞ ĐĂů ;ĐĂŝĂĚĂͿ DŽŶŽŵĂƐƐĂ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ǀŝĚƌĂĚŽ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ŶĆŽ ǀŝĚƌĂĚŽ ZĞďŽĐŽ ĚĞ ĐŝŵĞŶƚŽ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ĐŽůĂĚĂ WŝŶƚƵƌĂ ƚĞdžƚƵƌĂĚĂ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ŐƌĂŵƉĞĂĚĂ ůĞŵĞŶƚŽƐ ĚĞĐŽƌĂƚŝǀŽƐ ĞƐƉĞĐŝĂŝƐ ;ĨŝŶŐŝĚŽƐ ĚĞ ƉĞĚƌĂ͕ ŽƌŶĂŵĞŶƚŽƐͿ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ĐƌŝǀĂĚĂ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ŶĆŽ ĐƌŝǀĂĚĂ ƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ĨƵŶĚĂĕƁĞƐ ĞĨŽƌŵĂĕĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ >ŽĐĂůŝnjĂĚĂ ĐͬƐŝŶĂŝƐ ĚĞ ĞƐŵĂŐĂŵĞŶƚŽ ŽŶĐĞŶƚƌĂĕĆŽ ĚĞ ƚĞŶƐƁĞƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ /ŶĂĚĂƉƚŝďŝůŝĚĂĚĞ Ğ ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ ƉĂƌĞĚĞͲƌĞǀĞƐƚŝŵĞŶƚŽ ŽƌƌŽƐĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ŵĞƚĄůŝĐŽƐ ZĞĂĐĕĆŽ Ă ƐĂŝƐ ĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƐƵƉŽƌƚĞ ƐĐĞŶƐŝŽŶĂů ŽŶĚĞŶƐĂĕƁĞƐ ƐƵƉĞƌĨşĐŝĂŝƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŶĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂ ƉůĂƚŝďĂŶĚĂ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ĐĂŝdžŝůŚĂƌŝĂƐͬƉĞŝƚŽƌŝƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ ĞƐƚĂĐĂŵĞŶƚŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ džƉĂŶƐĆŽ ĚĂƐ ĂůǀĞŶĂƌŝĂƐ ƉŽƌ ĂĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ĞͬŽƵ ŚŝŐƌŽƐĐſƉŝĐĂƐ dŝŶƚĂ ĚĞƐĐĂƐĐĂĚĂͬĞŵƉŽůĂĚĂ YƵĞĚĂ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ WŽůƵŝĕĆŽ͕ ŐƌĂĨŝƚƚŝƐ͕ ŵƵƐŐŽƐ͕ ďŽůŽƌĞƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ŽŶƐŽůŝĚĂĕĆŽ ZĞĨŽƌĕŽ ƐşƐŵŝĐŽ džŝƐƚġŶĐŝĂ ĚĞ ĂďĞƌƚƵƌĂƐ ĚĞ ŐƌĂŶĚĞ ǀĆŽ ŶĂ ĨĂĐŚĂĚĂ ZĞŐƵůĂƌĞƐ /ƌƌĞŐƵůĂƌĞƐ ůŝŶŚĂĚĂƐ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ǀĞƌƚŝĐĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnj͘ Ğ ǀĞƌƚŝĐ͘ ƋƵŝƉĂŵĞŶƚŽƐ ŵĞĐąŶŝĐŽƐ WůĂƚŝďĂŶĚĂƐsĂƌĂŶĚĂƐ KƵƚƌŽƐ ĞůĞŵĞŶƚŽƐ ŵĂŝƐ ůĞǀĞƐ ;ĐĂŶĚĞĞŝƌŽƐ͕ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ͕ ƌĞĐůĂŵŽƐ͕ ĞƚĐ͘Ϳ ф ϮϬй х ϲϬй ф ϯϱй ф ϲϬй
  • 578. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DYLPHQWRV  &$5$&7(5,=$d­2 '2 683257( EƷŵĞƌŽ ĚĞ ƉĂǀŝŵĞŶƚŽƐ ;ĞdžĐůƵŝŶĚŽ ƉĂǀŝŵĞŶƚŽ ƚĠƌƌĞŽͿ͗  sĆŽ ŵĄdžŝŵŽ͗ ϲ ŵ sĆŽ ŵşŶŝŵŽ͗ ŵ  7,32 D /Z ͗ Zͬ ϭǑ ϮǑ ϰǑ ϭǑ ϮǑ ϯǑ ϰǑ ƉĂƌĞůŚĂĚĂ >ĂũĞ ĂůŝŐĞŝƌĂĚĂ EĆŽ ĂƉĂƌĞůŚĂĚĂ >ĂũĞ ŵĂĐŝĕĂ WZ&/^ Dd >/K^͗ KƵƚƌŽƐ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 579.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  6,1*8/$5,'$'(6  3,62 7e55(2 &20 &$,;$ '( $5 >ĂũĞƐ ĐͬĚĞƐŶşǀĞů ;ůŽĐĂůŝnjĂĕĆŽͿ͗  5(9(67,0(1726  7,32 >ŽĐĂůŝnjĂĕĆŽ͗ >ŽĐĂůŝnjĂĕĆŽ͗ Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ϰǑ WƌĞŐĂĚŽ DŽƐĂŝĐŽ ŚŝĚƌĄƵůŝĐŽ ŽůĂĚŽ >ĂĚƌŝůŚŽ ĐĞƌąŵŝĐŽ &ůƵƚƵĂŶƚĞ sŝŶşůŝĐŽ dĂĐŽ ĐŽůĂĚŽ ůĐĂƚŝĨĂ WĂƌƋƵĞƚ ĐŽůĂĚŽ ĞƚŽŶŝůŚĂ DĂŶƚĂ ƉůĄƐƚŝĐĂ KƵƚƌŽ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 580.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 ϰ͘Ϯ s/E1>/K^ͬ > d/& ^ͬZ D/K^͗  0$'(,5$6 Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ZĂƐŐŽƐ ,ƵŵŝĚĂĚĞƐ ĞƐĐŽůĂŵĞŶƚŽƐ &ŝƐƐƵƌĂƐ ĞƐŐĂƐƚĞ ĞĨŽƌŵĂĕƁĞƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ KƵƚƌĂƐ͗ KƵƚƌĂƐ͗  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ 2%6(59$d®(6 Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR ///ͲW s/DEdK^ hϭ ZͬϯǑ ϯǑ ϯǑ ϯǑ ϯǑ ϰǑ ^ŝŵ EĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ
  • 581. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % &REHUWXUD  *(20(75,$ '$ &2%(5785$  7,32 EƷŵĞƌŽ ĚĞ ĄŐƵĂƐ͗ Ϯ  &2167,78,d­2 '$ &2%(5785$  =21$ &255(17( 7,32 5(9(67,0(172  ,1&/,1$d­2 '$ &2%(5785$ й  ž  6,1*8/$5,'$'(6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 582.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  (6758785$ '( 683257(  7,32  (6758785$ &20 $61$ ^Ğ Ɛŝŵ͕ ĚĞ ƋƵĞ ƚŝƉŽ͗  287526 (/(0(1726  1$785(=$ ,038/6,9$  3$72/2*,$6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 583.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗  2%6(59$d®(6 KƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ ĞŶĐŽŶƚƌĂŵͲƐĞ ĨƌĂĐƚƵƌĂĚŽƐ͕ Ğ ĂƉƌĞƐĞŶƚĂŵ ƐƵũŝĚĂĚĞ ŶŽŵĞĂĚĂŵĞŶƚĞ ƉƌĞƐĞŶĕĂ ĚĞ ŵŝĐƌŽƌŐĂŶŝƐŵŽƐ͘ Ě͗ hϭ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR /sͲKZdhZ ^ ĂůĞŝƌĂ ŝŶƚĞƌŝŽƌ WůĂŶĂ ůƉĞŶĚƌĞ ZĞĚŽŶĚĂ YƵĂĚƌĂĚĂ WĂǀŝůŚĆŽ dĞƌƌĂĕŽͬƉůĂŶĂ /ŶĐůŝŶĂĚĂ /ŶǀĞƌƚŝĚĂ dƌĂĚŝĐŝŽŶĂů &ŝďƌŽĐŝŵĞŶƚŽ ŚĂƉĂ ŵĞƚĄůŝĐĂͬnjŝŶĐĂĚĂ dĞůŚĂ ĐĞƌąŵŝĐĂ ^ƵĨŝĐŝĞŶƚĞ /ŶƐƵĨŝĐŝĞŶƚĞ >ĂŶƚĞƌŶŝŵ 'ƵĂƌĚĂͲƉſ ĞŝƌĂů ůĂƌĂďſŝĂ DĂŶƐĂƌĚĂƐĂůĞŝƌĂ ĞdžƚĞƌŝŽƌ ĞƐǀĆŽ Ʒƚŝů ƵƐŽ͗ >ĂũĞ ĚĞ ĞƐƚĞŝƌĂ ĞƚĆŽ ĂƌŵĂĚŽ DĂĚĞŝƌĂ ƐƚƌƵƚƵƌĂ ŵĞƚĄůŝĐĂ DƵƌĞƚĞƐ ĚĞ ĂůǀĞŶĂƌŝĂ KƵƚƌŽ͗ ^ŝŵ EĆŽ &ƌĞĐŚĂŝƐ ŝŶƚĂƐ ƉĞƌŝŵĞƚƌĂŝƐ dŝƌĂŶƚĞƐ ŽŶƚƌĂͲĨƌĞĐŚĂŝƐ KƵƚƌŽƐ͗ dƌĂŶƐĨĞƌġŶĐŝĂ ŝŶĚĞǀŝĚĂ ĚĞ ĐĂƌŐĂ ĚĂ ĐŽďĞƌƚƵƌĂ ƉĂƌĂ ĂƐ ƉĂƌĞĚĞƐ /ŵƉƵůƐŽƐ ŚŽƌŝnjŽŶƚĂŝƐ ƉĞůĂ ĐŽďĞƌƚƵƌĂ Ğŵ ƉĂƌĞĚĞƐ &ƌĂĐƚƵƌĂƐ ĞĨŽƌŵĂĕĆŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ ĞŐƌĂĚĂĕĆŽͬĞŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ &ƌĂŐŝůŝnjĂĕĆŽ ĚĂƐ ůŝŐĂĕƁĞƐ ă ƉĂƌĞĚĞ /ŶĨŝůƚƌĂĕƁĞƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŝŽƌĞƐ ;ŵĂŶĐŚĂƐͿ WŽŶƚŽƐ ƐŝŶŐƵůĂƌĞƐ ŵĂů ĐŽŶĐĞďŝĚŽƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ƐŶĂ ƐŝŵƉůĞƐ ƐŶĂ ƚĞƐŽƵƌĂ ƐŶĂ ĚĞ ŵĂŶƐĂƌĚĂ ƐŶĂ ĚĞ ĂůƉĞŶĚƌĞ ƐŶĂ ĚĞ ůĂŶƚĞƌŶŝŵ ƐŶĂ ĐŽŵƉŽƐƚĂ ƐŶĂ ĚĞ ŶşǀĞů DĞŝĂͲĂƐŶĂ KƵƚƌŽ ƚŝƉŽ ĚĞ ĂƐŶĂ͗
  • 584. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % (GLItFLR 8 % ,GHQWLILFDomR GR HGLItFLR  *(1(5$/,'$'(6 &yGLJR GR (GLItFLR hϮ 'DWD GH ,QVSHFomR 'LVWULWR $QR GH &RQVWUXomR &RQFHOKR )UHJXHVLD (QGHUHoR 8WLOL]DGRU &RQWDFWR  &/$66,),&$d­2 '2 (',)Ë&,2  7,32 '( 87,/,=$d­2  ,17(5(66( $548,7(&7Ï1,&2  7,32/2*,$ (6758785$/  (/(9$'25  1ž '( )$&+$'$6 &20 9­26  ĞƐĐƌŝĕĆŽ͗  ,03/$17$d­2 ( )81'$d®(6  (;,67Ç1&,$ '( )81'$d®(6 ĞƐĐƌŝĕĆŽ͗  ',)(5(1d$ '( &27$ (175( (/(0(1726 '$ )81'$d­2  ,1&/,1$d­2 '2 7(55(12 й ȴ, с ŵ  7,32 '( 62/2 '( )81'$d­2  35(6(1d$ '( ,038/626 '( 7(55$ ĞƐĐƌŝĕĆŽ͗  87,/,=$d­2 '2 (',)Ë&,2
  • 585.  ŶĚĂƌ WĠ ĚŝƌĞŝƚŽ ŽŵĠƌĐŝŽ ,ĂďŝƚĂĕĆŽ ĞǀŽůƵƚŽ dŽƚĂů ;йͿ ĂǀĞ Ϯ͕ϳ ŵ 'ĂƌĂŐĞŵ ͬ ƌƌƵŵŽƐ ϭ ϭ Zͬ Ϯ͕ϴ ŵ ϭ ϭ ϭǑ Ϯ͕ϴ ŵ ϭ ϭ ϮǑ ŵ ϯǑ ŵ ϰǑ ŵ ϱǑ ŵ KƵƚƌŽ ŵ  È5($ '26 &203$57,0(1726 +$%,7$d­2
  • 586.   $&(66,%,/,'$'(6 ŽŵƉĂƌƚŝŵĞŶƚŽƐ ƉƌŝŶĐŝƉĂŝƐ ;ƋƵĂƌƚŽƐ Ğ ƐĂůĂͿ͗ >ĂƌŐƵƌĂ ĚĂ ǀŝĂ͗ ϭϭ ;ŵͿ ;Ğŵ ĨƌĞŶƚĞ ĂŽ ĞĚŝĨşĐŝŽͿ ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž ŽŵƉĂƌƚŝŵĞŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ ;ĐŽnjŝŶŚĂ Ğ /͘^͘Ϳ͗  (63$d26 &20816 ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž >ŽŐƌĂĚŽƵƌŽ͗  +,67Ï5,&2 '( $/7(5$d®(6  +,67Ï5,&2 '( ,17(59(1d®(6  2%6(59$d®(6 ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ ŶŽ ;ĂƉƌŽdž͘Ϳ͗ Ě͗ hϮ ϬϰͲ&Ğǀ͘ͲϮϬϭϮ sŝƐĞƵ DŽƵƌĞ ĚĞ DĂĚĂůĞŶĂ Ͳ ĂŵƉŽ Ͳ sŝƐĞƵ ĞƚĆŽ ĂƌŵĂĚŽ ;ƐĂƉĂƚĂƐ Ğ ǀŝŐĂƐ ĚĞ ĨƵŶĚĂĕĆŽͿ ϳ &DPSR WĄƚŝŽ͗ ^ĞƌǀŝĕŽƐ KƵƚƌŽ &KdK )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR /Ͳ/Ed/&/  K K /&1/K sŝƐĞƵ ϮϬϬϰ WƌŝǀĂĚŽ WƷďůŝĐŽ ,ĂďŝƚĂĕĆŽ ƵŶŝĨĂŵŝůŝĂƌ ,ĂďŝƚĂĕĆŽ ŵƵůƚŝĨĂŵŝůŝĂƌ ŽŵĞƌĐŝĂů ZĞůŝŐŝŽƐĂ KƵƚƌĂ YƵĂů͍ ^ŝŵ EĆŽ ůǀĞŶĂƌŝĂ ĐŽŵ ƉĂǀŝŵĞŶƚŽƐ Ğŵ ŵĂĚĞŝƌĂ ĞƚĆŽ ƌŵĂĚŽ KƵƚƌĂ YƵĂů͍ /ƐŽůĂĚŽ 'ĂǀĞƚŽ ĂŶĚĂ ŵĞŝŽ ^ŝŵ EĆŽ ĂŶĚĂ ĞdžƚƌĞŵŽ /ŶƚĞƌŝŽƌ džƚĞƌŝŽƌ EĆŽ ĞdžŝƐƚĞŵ KĐƵƉĂĚŽ >ŝǀƌĞ ŽďĞƌƚŽ hƐŽͬ&ƵŶĕĆŽ ŽŵƉĂƌƚŝŵĞŶƚĂĕĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽ ŵƉůŝĂĕĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ĞƐŶşǀĞŝƐ ĚŽƐ ƉĂǀŝŵĞŶƚŽƐ
  • 587. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DUHGHV GH IDFKDGD 25,(17$d­2 E͕ ^͕  Ğ K >ĂƌŐƵƌĂ ĚĂ ĨĂĐŚĂĚĂ ;ŵͿ͗ ϱϬ KďƐĞƌǀĂĕƁĞƐ͗ dŽĚĂƐ ĂƐ ĨĂĐŚĂĚĂƐ ĐŽŵ ĂďĞƌƚƵƌĂƐ  &21),*85$d­2 '$6 $%(5785$6  5(*8/$5,'$'(  $/,1+$0(172  È5($ '$6 $%(5785$6  3(,725,6 Ɛŝŵ ŶĆŽ DĂƚĞƌŝĂů͗ *UDQLWR $]XO Ğ ĂĐŽƌĚŽ ĐŽŵ ƌĞĐŽŵĞŶĚĂĕƁĞƐ͗ dž  &2167,78,d­2 '2 683257(  7,32 EƷŵĞƌŽ ĚĞ ƉĂŶŽƐ͗  >sE Z/  WZ ͗ KhdZK^͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ Đŵ ĞƐƉ͗ Ϯϱ Đŵ ĞƐƉ͗ Đŵ >sE Z/  d/:K>K͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ ĞƐƉ͗ Đŵ  )81d­2  (67$'2 '( &216(59$d­2 */2%$/ 
  • 588.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  5(9(67,0(172  7,32  (67$'2 '( &216(59$d­2 */2%$/ 
  • 589.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 &$86$6 3529È9(,6
  • 590.   ),6685$d­2  +80,'$'(  287526  (92/8d­2 '$6 3$72/2*,$6  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗  (/(0(1726 /,*$'26 ¬ )$&+$'$ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR //ͲW Z^  & ,  hϮ ƉĂŶŽ Ğdžƚ͗͘ͺϭϱͺĐŵнĐdž͘ĚĞ Ăƌ͗ͺͺϮͺĐŵнŝƐŽůĂŶƚĞ͗ ϯͺĐŵнƉĂŶƉ ŝŶƚ͗͘ͺϭϭͺĐŵ ůǀ͘ ĂƌŐĂŵĂƐƐĂĚĂ ;ĐĂůнĂƌĞŝĂͿ ĐͬĨƌĂŐŵĞŶƚŽƐ ĚĞ ƉĞĚƌĂ ůǀ͘ ƉĞĚƌĂ ĐŽŵ ĨĂĐĞ ĂƉĂƌĞůŚĂĚĂ ;ƉĞĚƌĂ ĐĂůĐĄƌŝĂͿ ůǀ͘ ƉĞĚƌĂ ĂƉĂƌĞůŚĂĚĂ ^ŝŵƉůĞƐ ƵƉůĂ sĂnjĂĚŽ DĂĐŝĕŽ ĞƚĆŽ ĂƌŵĂĚŽĞƚĆŽ ĂƌŵĂĚŽ ůǀĞŶĂƌŝĂ ĚĞ ĂĚŽďĞ ůǀĞŶĂƌŝĂ ĚĞ ƚĂŝƉĂ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ ;ŵĞƐƚƌĂͿ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƉƐĞƵĚŽͲƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ƐĞŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ĐŽŵ ĚŝŵŝŶƵŝĕĆŽ ĚĞ ĞƐƉĞƐƐƵƌĂ Ğŵ ĂůƚƵƌĂ ƌŐĂŵĂƐƐĂ ĚĞ ĐĂů WŝŶƚƵƌĂ ĐŽŵ ƚŝŶƚĂ ƉůĄƐƚŝĐĂ WŝŶƚƵƌĂ ĚĞ ĐĂů ;ĐĂŝĂĚĂͿ DŽŶŽŵĂƐƐĂ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ǀŝĚƌĂĚŽ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ŶĆŽ ǀŝĚƌĂĚŽ ZĞďŽĐŽ ĚĞ ĐŝŵĞŶƚŽ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ĐŽůĂĚĂ WŝŶƚƵƌĂ ƚĞdžƚƵƌĂĚĂ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ŐƌĂŵƉĞĂĚĂ ůĞŵĞŶƚŽƐ ĚĞĐŽƌĂƚŝǀŽƐ ĞƐƉĞĐŝĂŝƐ ;ĨŝŶŐŝĚŽƐ ĚĞ ƉĞĚƌĂ͕ ŽƌŶĂŵĞŶƚŽƐͿ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ĐƌŝǀĂĚĂ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ŶĆŽ ĐƌŝǀĂĚĂ ƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ĨƵŶĚĂĕƁĞƐ ĞĨŽƌŵĂĕĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ >ŽĐĂůŝnjĂĚĂ ĐͬƐŝŶĂŝƐ ĚĞ ĞƐŵĂŐĂŵĞŶƚŽ ŽŶĐĞŶƚƌĂĕĆŽ ĚĞ ƚĞŶƐƁĞƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ /ŶĂĚĂƉƚŝďŝůŝĚĂĚĞ Ğ ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ ƉĂƌĞĚĞͲƌĞǀĞƐƚŝŵĞŶƚŽ ŽƌƌŽƐĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ŵĞƚĄůŝĐŽƐ ZĞĂĐĕĆŽ Ă ƐĂŝƐ ĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƐƵƉŽƌƚĞ ƐĐĞŶƐŝŽŶĂů ŽŶĚĞŶƐĂĕƁĞƐ ƐƵƉĞƌĨşĐŝĂŝƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŶĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂ ƉůĂƚŝďĂŶĚĂ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ĐĂŝdžŝůŚĂƌŝĂƐͬƉĞŝƚŽƌŝƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ ĞƐƚĂĐĂŵĞŶƚŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ džƉĂŶƐĆŽ ĚĂƐ ĂůǀĞŶĂƌŝĂƐ ƉŽƌ ĂĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ĞͬŽƵ ŚŝŐƌŽƐĐſƉŝĐĂƐ dŝŶƚĂ ĚĞƐĐĂƐĐĂĚĂͬĞŵƉŽůĂĚĂ YƵĞĚĂ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ WŽůƵŝĕĆŽ͕ ŐƌĂĨŝƚƚŝƐ͕ ŵƵƐŐŽƐ͕ ďŽůŽƌĞƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ŽŶƐŽůŝĚĂĕĆŽ ZĞĨŽƌĕŽ ƐşƐŵŝĐŽ džŝƐƚġŶĐŝĂ ĚĞ ĂďĞƌƚƵƌĂƐ ĚĞ ŐƌĂŶĚĞ ǀĆŽ ŶĂ ĨĂĐŚĂĚĂ ZĞŐƵůĂƌĞƐ /ƌƌĞŐƵůĂƌĞƐ ůŝŶŚĂĚĂƐ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ǀĞƌƚŝĐĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnj͘ Ğ ǀĞƌƚŝĐ͘ ƋƵŝƉĂŵĞŶƚŽƐ ŵĞĐąŶŝĐŽƐ WůĂƚŝďĂŶĚĂƐsĂƌĂŶĚĂƐ KƵƚƌŽƐ ĞůĞŵĞŶƚŽƐ ŵĂŝƐ ůĞǀĞƐ ;ĐĂŶĚĞĞŝƌŽƐ͕ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ͕ ƌĞĐůĂŵŽƐ͕ ĞƚĐ͘Ϳ ф ϮϬй х ϲϬй ф ϯϱй ф ϲϬй
  • 591. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DYLPHQWRV  &$5$&7(5,=$d­2 '2 683257( EƷŵĞƌŽ ĚĞ ƉĂǀŝŵĞŶƚŽƐ ;ĞdžĐůƵŝŶĚŽ ƉĂǀŝŵĞŶƚŽ ƚĠƌƌĞŽͿ͗  sĆŽ ŵĄdžŝŵŽ͗ ϱ͕ϱ ŵ sĆŽ ŵşŶŝŵŽ͗ ŵ  7,32 D /Z ͗ Zͬ ϭǑ ϮǑ ϰǑ ϭǑ ϮǑ ϯǑ ϰǑ ƉĂƌĞůŚĂĚĂ >ĂũĞ ĂůŝŐĞŝƌĂĚĂ EĆŽ ĂƉĂƌĞůŚĂĚĂ >ĂũĞ ŵĂĐŝĕĂ WZ&/^ Dd >/K^͗ KƵƚƌŽƐ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 592.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  6,1*8/$5,'$'(6  3,62 7e55(2 &20 &$,;$ '( $5 >ĂũĞƐ ĐͬĚĞƐŶşǀĞů ;ůŽĐĂůŝnjĂĕĆŽͿ͗  5(9(67,0(1726  7,32 >ŽĐĂůŝnjĂĕĆŽ͗ >ŽĐĂůŝnjĂĕĆŽ͗ Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ϰǑ WƌĞŐĂĚŽ DŽƐĂŝĐŽ ŚŝĚƌĄƵůŝĐŽ ŽůĂĚŽ >ĂĚƌŝůŚŽ ĐĞƌąŵŝĐŽ &ůƵƚƵĂŶƚĞ sŝŶşůŝĐŽ dĂĐŽ ĐŽůĂĚŽ ůĐĂƚŝĨĂ WĂƌƋƵĞƚ ĐŽůĂĚŽ ĞƚŽŶŝůŚĂ DĂŶƚĂ ƉůĄƐƚŝĐĂ KƵƚƌŽ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 593.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 ϰ͘Ϯ s/E1>/K^ͬ > d/& ^ͬZ D/K^͗  0$'(,5$6 Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ZĂƐŐŽƐ ,ƵŵŝĚĂĚĞƐ ĞƐĐŽůĂŵĞŶƚŽƐ &ŝƐƐƵƌĂƐ ĞƐŐĂƐƚĞ ĞĨŽƌŵĂĕƁĞƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ KƵƚƌĂƐ͗ KƵƚƌĂƐ͗  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ 2%6(59$d®(6 Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR ///ͲW s/DEdK^ hϮ ZͬϯǑ ϯǑ ϯǑ ϯǑ ϯǑ ϰǑ ^ŝŵ EĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ
  • 594. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % &REHUWXUD  *(20(75,$ '$ &2%(5785$  7,32 EƷŵĞƌŽ ĚĞ ĄŐƵĂƐ͗ ϰ  &2167,78,d­2 '$ &2%(5785$  =21$ &255(17( 7,32 5(9(67,0(172  ,1&/,1$d­2 '$ &2%(5785$ й  ž  6,1*8/$5,'$'(6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 595.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  (6758785$ '( 683257(  7,32  (6758785$ &20 $61$ ^Ğ Ɛŝŵ͕ ĚĞ ƋƵĞ ƚŝƉŽ͗  287526 (/(0(1726  1$785(=$ ,038/6,9$  3$72/2*,$6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 596.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ϮϬϭϬ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ ^ƵďƐƚŝƚƵŝĕĆŽ ĚĞ ƚĞůĂƐ ĂƐĨĄůƚŝĐĂƐ ĐŽůŽĐĂĚĂƐ ĂƋƵĂŶĚŽ Ă ĐŽŶƐƚƌƵĕĆŽ ƉĂƌĂ Ă ŝŵƉĞƌŵĞĂďŝůŝnjĂĕĆŽ ĚŽ ůĂƌſ ;ůŝŶŚĂƐ ŵŽƌƚĂƐͿ͕ ƉŽƌ ƌƵĨŽƐ ŵĞƚĄůŝĐŽƐ Ğŵ ĐŚĂƉĂ njŝŶĐĂĚĂ͘  2%6(59$d®(6 KƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ ĂƉƌĞƐĞŶƚĂŵ ƐƵũŝĚĂĚĞ ŶŽŵĞĂĚĂŵĞŶƚĞ ƉƌĞƐĞŶĕĂ ĚĞ ŵŝĐƌŽƌŐĂŶŝƐŵŽƐ͘ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR /sͲKZdhZ ^ hϮ ĂůĞŝƌĂ ŝŶƚĞƌŝŽƌ WůĂŶĂ ůƉĞŶĚƌĞ ZĞĚŽŶĚĂ YƵĂĚƌĂĚĂ WĂǀŝůŚĆŽ dĞƌƌĂĕŽͬƉůĂŶĂ /ŶĐůŝŶĂĚĂ /ŶǀĞƌƚŝĚĂ dƌĂĚŝĐŝŽŶĂů &ŝďƌŽĐŝŵĞŶƚŽ ŚĂƉĂ ŵĞƚĄůŝĐĂͬnjŝŶĐĂĚĂ dĞůŚĂ ĐĞƌąŵŝĐĂ ^ƵĨŝĐŝĞŶƚĞ /ŶƐƵĨŝĐŝĞŶƚĞ >ĂŶƚĞƌŶŝŵ 'ƵĂƌĚĂͲƉſ ĞŝƌĂů ůĂƌĂďſŝĂ DĂŶƐĂƌĚĂƐĂůĞŝƌĂ ĞdžƚĞƌŝŽƌ ĞƐǀĆŽ Ʒƚŝů ƵƐŽ͗ >ĂũĞ ĚĞ ĞƐƚĞŝƌĂ ĞƚĆŽ ĂƌŵĂĚŽ DĂĚĞŝƌĂ ƐƚƌƵƚƵƌĂ ŵĞƚĄůŝĐĂ DƵƌĞƚĞƐ ĚĞ ĂůǀĞŶĂƌŝĂ KƵƚƌŽ͗ ^ŝŵ EĆŽ &ƌĞĐŚĂŝƐ ŝŶƚĂƐ ƉĞƌŝŵĞƚƌĂŝƐ dŝƌĂŶƚĞƐ ŽŶƚƌĂͲĨƌĞĐŚĂŝƐ KƵƚƌŽƐ͗ dƌĂŶƐĨĞƌġŶĐŝĂ ŝŶĚĞǀŝĚĂ ĚĞ ĐĂƌŐĂ ĚĂ ĐŽďĞƌƚƵƌĂ ƉĂƌĂ ĂƐ ƉĂƌĞĚĞƐ /ŵƉƵůƐŽƐ ŚŽƌŝnjŽŶƚĂŝƐ ƉĞůĂ ĐŽďĞƌƚƵƌĂ Ğŵ ƉĂƌĞĚĞƐ &ƌĂĐƚƵƌĂƐ ĞĨŽƌŵĂĕĆŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ ĞŐƌĂĚĂĕĆŽͬĞŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ &ƌĂŐŝůŝnjĂĕĆŽ ĚĂƐ ůŝŐĂĕƁĞƐ ă ƉĂƌĞĚĞ /ŶĨŝůƚƌĂĕƁĞƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŝŽƌĞƐ ;ŵĂŶĐŚĂƐͿ WŽŶƚŽƐ ƐŝŶŐƵůĂƌĞƐ ŵĂů ĐŽŶĐĞďŝĚŽƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ƐŶĂ ƐŝŵƉůĞƐ ƐŶĂ ƚĞƐŽƵƌĂ ƐŶĂ ĚĞ ŵĂŶƐĂƌĚĂ ƐŶĂ ĚĞ ĂůƉĞŶĚƌĞ ƐŶĂ ĚĞ ůĂŶƚĞƌŶŝŵ ƐŶĂ ĐŽŵƉŽƐƚĂ ƐŶĂ ĚĞ ŶşǀĞů DĞŝĂͲĂƐŶĂ KƵƚƌŽ ƚŝƉŽ ĚĞ ĂƐŶĂ͗
  • 597. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % (GLItFLR 0 % ,GHQWLILFDomR GR HGLItFLR  *(1(5$/,'$'(6 &yGLJR GR (GLItFLR Dϭ 'DWD GH ,QVSHFomR 'LVWULWR $QR GH &RQVWUXomR &RQFHOKR )UHJXHVLD (QGHUHoR 8WLOL]DGRU &RQWDFWR  &/$66,),&$d­2 '2 (',)Ë&,2  7,32 '( 87,/,=$d­2  ,17(5(66( $548,7(&7Ï1,&2  7,32/2*,$ (6758785$/  (/(9$'25  1ž '( )$&+$'$6 &20 9­26  ĞƐĐƌŝĕĆŽ͗  ,03/$17$d­2 ( )81'$d®(6  (;,67Ç1&,$ '( )81'$d®(6 ĞƐĐƌŝĕĆŽ͗  ',)(5(1d$ '( &27$ (175( (/(0(1726 '$ )81'$d­2  ,1&/,1$d­2 '2 7(55(12 й ȴ, с ŵ  7,32 '( 62/2 '( )81'$d­2  35(6(1d$ '( ,038/626 '( 7(55$ ĞƐĐƌŝĕĆŽ͗  87,/,=$d­2 '2 (',)Ë&,2
  • 598.  ŶĚĂƌ WĠ ĚŝƌĞŝƚŽ ŽŵĠƌĐŝŽ ,ĂďŝƚĂĕĆŽ ĞǀŽůƵƚŽ dŽƚĂů ;йͿ ĂǀĞ Ϯ͕ϰ ŵ 'ĂƌĂŐĞŵ ͬ ƌƌƵŵŽƐ ϳ ϳ Zͬ Ϯ͕ϴ ŵ Ϯ Ϯ ϭǑ Ϯ͕ϴ ŵ Ϯ Ϯ ϮǑ Ϯ͕ϴ ŵ Ϯ Ϯ ϯǑ Ϯ͕ϴ ŵ ϭ ϭ ϰǑ ŵ ϱǑ ŵ KƵƚƌŽ ŵ  È5($ '26 &203$57,0(1726 +$%,7$d­2
  • 599.   $&(66,%,/,'$'(6 ŽŵƉĂƌƚŝŵĞŶƚŽƐ ƉƌŝŶĐŝƉĂŝƐ ;ƋƵĂƌƚŽƐ Ğ ƐĂůĂͿ͗ >ĂƌŐƵƌĂ ĚĂ ǀŝĂ͗ ϭϭ ;ŵͿ ;Ğŵ ĨƌĞŶƚĞ ĂŽ ĞĚŝĨşĐŝŽͿ ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž ŽŵƉĂƌƚŝŵĞŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ ;ĐŽnjŝŶŚĂ Ğ /͘^͘Ϳ͗  (63$d26 &20816 ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž >ŽŐƌĂĚŽƵƌŽ͗  +,67Ï5,&2 '( $/7(5$d®(6  +,67Ï5,&2 '( ,17(59(1d®(6  2%6(59$d®(6 ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ ŶŽ ;ĂƉƌŽdž͘Ϳ͗ Ě͗ Dϭ ϬϱͲ&Ğǀ͘ͲϮϬϭϮ sŝƐĞƵ >ŽƚĞ EǑϴ Ͳ ďƌĂǀĞƐĞƐ Ͳ sŝƐĞƵ ĞƚĆŽ ĂƌŵĂĚŽ ;ƐĂƉĂƚĂƐ Ğ ǀŝŐĂƐ ĚĞ ĨƵŶĚĂĕĆŽͿ ϳ WŝŶƚƵƌĂ ĞdžƚĞƌŝŽƌ ŐůŽďĂů ĚŽ ĞĚŝĨşĐŝŽ ϮϬϬϱ $EUDYHVHV WĄƚŝŽ͗ ^ĞƌǀŝĕŽƐ KƵƚƌŽ &KdK )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR /Ͳ/Ed/&/  K K /&1/K sŝƐĞƵ ϮϬϬϰ WƌŝǀĂĚŽ WƷďůŝĐŽ ,ĂďŝƚĂĕĆŽ ƵŶŝĨĂŵŝůŝĂƌ ,ĂďŝƚĂĕĆŽ ŵƵůƚŝĨĂŵŝůŝĂƌ ŽŵĞƌĐŝĂů ZĞůŝŐŝŽƐĂ KƵƚƌĂ YƵĂů͍ ^ŝŵ EĆŽ ůǀĞŶĂƌŝĂ ĐŽŵ ƉĂǀŝŵĞŶƚŽƐ Ğŵ ŵĂĚĞŝƌĂ ĞƚĆŽ ƌŵĂĚŽ KƵƚƌĂ YƵĂů͍ /ƐŽůĂĚŽ 'ĂǀĞƚŽ ĂŶĚĂ ŵĞŝŽ ^ŝŵ EĆŽ ĂŶĚĂ ĞdžƚƌĞŵŽ /ŶƚĞƌŝŽƌ džƚĞƌŝŽƌ EĆŽ ĞdžŝƐƚĞŵ KĐƵƉĂĚŽ >ŝǀƌĞ ŽďĞƌƚŽ hƐŽͬ&ƵŶĕĆŽ ŽŵƉĂƌƚŝŵĞŶƚĂĕĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽ ŵƉůŝĂĕĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ĞƐŶşǀĞŝƐ ĚŽƐ ƉĂǀŝŵĞŶƚŽƐ
  • 600. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DUHGHV GH IDFKDGD 25,(17$d­2  Ğ ^ >ĂƌŐƵƌĂ ĚĂ ĨĂĐŚĂĚĂ ;ŵͿ͗ ϯϲ KďƐĞƌǀĂĕƁĞƐ͗ dŽĚĂƐ ĂƐ ĨĂĐŚĂĚĂƐ ĐŽŵ ĂďĞƌƚƵƌĂƐ  &21),*85$d­2 '$6 $%(5785$6  5(*8/$5,'$'(  $/,1+$0(172  È5($ '$6 $%(5785$6  3(,725,6 Ɛŝŵ ŶĆŽ DĂƚĞƌŝĂů͗ *UDQLWR $]XO Ğ ĂĐŽƌĚŽ ĐŽŵ ƌĞĐŽŵĞŶĚĂĕƁĞƐ͗ dž  &2167,78,d­2 '2 683257(  7,32 EƷŵĞƌŽ ĚĞ ƉĂŶŽƐ͗  >sE Z/  WZ ͗ KhdZK^͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ Đŵ ĞƐƉ͗ ϯϬ Đŵ ĞƐƉ͗ Đŵ >sE Z/  d/:K>K͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ ĞƐƉ͗ Đŵ  )81d­2  (67$'2 '( &216(59$d­2 */2%$/ 
  • 601.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  5(9(67,0(172  7,32  (67$'2 '( &216(59$d­2 */2%$/ 
  • 602.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 &$86$6 3529È9(,6
  • 603.   ),6685$d­2  +80,'$'(  287526  (92/8d­2 '$6 3$72/2*,$6  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ϮϬϬϱ  (/(0(1726 /,*$'26 ¬ )$&+$'$ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR //ͲW Z^  & ,  Dϭ ƉſƐ ŽƐ Ϯ ƉƌŝŵĞŝƌŽƐ ĂŶŽƐ Ğŵ ƐĞƌǀŝĕŽ͕ ĐŽŵĞĕĂƌĂŵ Ă ƐƵƌŐŝƌ ĂƐ ƉƌŝŵĞŝƌĂƐ ƉĂƚŽůŽŐŝĂƐ͕ ƋƵĞ ƚġŵ ǀŝŶĚŽ Ă ĞǀŽůƵŝƌ ĂƚĠ Ă ĂĐƚƵĂůŝĚĂĚĞ ƉĂŶŽ Ğdžƚ͗͘ͺϭϱͺĐŵнĐdž͘ĚĞ Ăƌ͗ͺͺϮͺĐŵнŝƐŽůĂŶƚĞ͗ ϯͺĐŵнƉĂŶƉ ŝŶƚ͗͘ͺϭϭͺĐŵ ůǀ͘ ĂƌŐĂŵĂƐƐĂĚĂ ;ĐĂůнĂƌĞŝĂͿ ĐͬĨƌĂŐŵĞŶƚŽƐ ĚĞ ƉĞĚƌĂ ůǀ͘ ƉĞĚƌĂ ĐŽŵ ĨĂĐĞ ĂƉĂƌĞůŚĂĚĂ ;ƉĞĚƌĂ ĐĂůĐĄƌŝĂͿ ůǀ͘ ƉĞĚƌĂ ĂƉĂƌĞůŚĂĚĂ ^ŝŵƉůĞƐ ƵƉůĂ sĂnjĂĚŽ DĂĐŝĕŽ ĞƚĆŽ ĂƌŵĂĚŽĞƚĆŽ ĂƌŵĂĚŽ ůǀĞŶĂƌŝĂ ĚĞ ĂĚŽďĞ ůǀĞŶĂƌŝĂ ĚĞ ƚĂŝƉĂ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ ;ŵĞƐƚƌĂͿ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƉƐĞƵĚŽͲƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ƐĞŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ĐŽŵ ĚŝŵŝŶƵŝĕĆŽ ĚĞ ĞƐƉĞƐƐƵƌĂ Ğŵ ĂůƚƵƌĂ ƌŐĂŵĂƐƐĂ ĚĞ ĐĂů WŝŶƚƵƌĂ ĐŽŵ ƚŝŶƚĂ ƉůĄƐƚŝĐĂ WŝŶƚƵƌĂ ĚĞ ĐĂů ;ĐĂŝĂĚĂͿ DŽŶŽŵĂƐƐĂ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ǀŝĚƌĂĚŽ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ŶĆŽ ǀŝĚƌĂĚŽ ZĞďŽĐŽ ĚĞ ĐŝŵĞŶƚŽ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ĐŽůĂĚĂ WŝŶƚƵƌĂ ƚĞdžƚƵƌĂĚĂ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ŐƌĂŵƉĞĂĚĂ ůĞŵĞŶƚŽƐ ĚĞĐŽƌĂƚŝǀŽƐ ĞƐƉĞĐŝĂŝƐ ;ĨŝŶŐŝĚŽƐ ĚĞ ƉĞĚƌĂ͕ ŽƌŶĂŵĞŶƚŽƐͿ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ĐƌŝǀĂĚĂ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ŶĆŽ ĐƌŝǀĂĚĂ ƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ĨƵŶĚĂĕƁĞƐ ĞĨŽƌŵĂĕĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ >ŽĐĂůŝnjĂĚĂ ĐͬƐŝŶĂŝƐ ĚĞ ĞƐŵĂŐĂŵĞŶƚŽ ŽŶĐĞŶƚƌĂĕĆŽ ĚĞ ƚĞŶƐƁĞƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ /ŶĂĚĂƉƚŝďŝůŝĚĂĚĞ Ğ ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ ƉĂƌĞĚĞͲƌĞǀĞƐƚŝŵĞŶƚŽ ŽƌƌŽƐĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ŵĞƚĄůŝĐŽƐ ZĞĂĐĕĆŽ Ă ƐĂŝƐ ĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƐƵƉŽƌƚĞ ƐĐĞŶƐŝŽŶĂů ŽŶĚĞŶƐĂĕƁĞƐ ƐƵƉĞƌĨşĐŝĂŝƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŶĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂ ƉůĂƚŝďĂŶĚĂ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ĐĂŝdžŝůŚĂƌŝĂƐͬƉĞŝƚŽƌŝƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ ĞƐƚĂĐĂŵĞŶƚŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ džƉĂŶƐĆŽ ĚĂƐ ĂůǀĞŶĂƌŝĂƐ ƉŽƌ ĂĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ĞͬŽƵ ŚŝŐƌŽƐĐſƉŝĐĂƐ dŝŶƚĂ ĚĞƐĐĂƐĐĂĚĂͬĞŵƉŽůĂĚĂ YƵĞĚĂ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ WŽůƵŝĕĆŽ͕ ŐƌĂĨŝƚƚŝƐ͕ ŵƵƐŐŽƐ͕ ďŽůŽƌĞƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ŽŶƐŽůŝĚĂĕĆŽ ZĞĨŽƌĕŽ ƐşƐŵŝĐŽ džŝƐƚġŶĐŝĂ ĚĞ ĂďĞƌƚƵƌĂƐ ĚĞ ŐƌĂŶĚĞ ǀĆŽ ŶĂ ĨĂĐŚĂĚĂ ZĞŐƵůĂƌĞƐ /ƌƌĞŐƵůĂƌĞƐ ůŝŶŚĂĚĂƐ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ǀĞƌƚŝĐĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnj͘ Ğ ǀĞƌƚŝĐ͘ ƋƵŝƉĂŵĞŶƚŽƐ ŵĞĐąŶŝĐŽƐ WůĂƚŝďĂŶĚĂƐsĂƌĂŶĚĂƐ KƵƚƌŽƐ ĞůĞŵĞŶƚŽƐ ŵĂŝƐ ůĞǀĞƐ ;ĐĂŶĚĞĞŝƌŽƐ͕ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ͕ ƌĞĐůĂŵŽƐ͕ ĞƚĐ͘Ϳ ф ϮϬй х ϲϬй ф ϯϱй ф ϲϬй
  • 604. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DYLPHQWRV  &$5$&7(5,=$d­2 '2 683257( EƷŵĞƌŽ ĚĞ ƉĂǀŝŵĞŶƚŽƐ ;ĞdžĐůƵŝŶĚŽ ƉĂǀŝŵĞŶƚŽ ƚĠƌƌĞŽͿ͗  sĆŽ ŵĄdžŝŵŽ͗ ϲ͕Ϯ ŵ sĆŽ ŵşŶŝŵŽ͗ ŵ  7,32 D /Z ͗ Zͬ ϭǑ ϮǑ ϰǑ ϭǑ ϮǑ ϯǑ ϰǑ ƉĂƌĞůŚĂĚĂ >ĂũĞ ĂůŝŐĞŝƌĂĚĂ EĆŽ ĂƉĂƌĞůŚĂĚĂ >ĂũĞ ŵĂĐŝĕĂ WZ&/^ Dd >/K^͗ KƵƚƌŽƐ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 605.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  6,1*8/$5,'$'(6  3,62 7e55(2 &20 &$,;$ '( $5 >ĂũĞƐ ĐͬĚĞƐŶşǀĞů ;ůŽĐĂůŝnjĂĕĆŽͿ͗  5(9(67,0(1726  7,32 >ŽĐĂůŝnjĂĕĆŽ͗ >ŽĐĂůŝnjĂĕĆŽ͗ Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ϰǑ WƌĞŐĂĚŽ DŽƐĂŝĐŽ ŚŝĚƌĄƵůŝĐŽ ŽůĂĚŽ >ĂĚƌŝůŚŽ ĐĞƌąŵŝĐŽ &ůƵƚƵĂŶƚĞ sŝŶşůŝĐŽ dĂĐŽ ĐŽůĂĚŽ ůĐĂƚŝĨĂ WĂƌƋƵĞƚ ĐŽůĂĚŽ ĞƚŽŶŝůŚĂ DĂŶƚĂ ƉůĄƐƚŝĐĂ KƵƚƌŽ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 606.  ϯ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 ϰ͘Ϯ s/E1>/K^ͬ > d/& ^ͬZ D/K^͗  0$'(,5$6 Zͬ ϭǑ ϮǑ ϰǑ Zͬ ϭǑ ϮǑ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ZĂƐŐŽƐ ,ƵŵŝĚĂĚĞƐ ĞƐĐŽůĂŵĞŶƚŽƐ &ŝƐƐƵƌĂƐ ĞƐŐĂƐƚĞ ĞĨŽƌŵĂĕƁĞƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ KƵƚƌĂƐ͗ KƵƚƌĂƐ͗  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ 2%6(59$d®(6 ^ſ ƐĞ ƚĞǀĞ ĂĐĞƐƐŽ ă ĨƌĂĐĕĆŽ ĚŽ ϭǑ ƚŽ͕͘ ĚĂş ƐĞƌĞŵ ĂƉƌĞƐĞŶƚĂĚĂƐ ĂƐ ƉĂƚŽůŽŐŝĂƐ Ɛſ ƉĂƌĂ ĞƐƐĂ ĨƌĂĐĕĆŽ͘ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR ///ͲW s/DEdK^ Dϭ ZͬϯǑ ϯǑ ϯǑ ϯǑ ϯǑ ϰǑ ^ŝŵ EĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ
  • 607. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % &REHUWXUD  *(20(75,$ '$ &2%(5785$  7,32 EƷŵĞƌŽ ĚĞ ĄŐƵĂƐ͗ Ϯ  &2167,78,d­2 '$ &2%(5785$  =21$ &255(17( 7,32 5(9(67,0(172  ,1&/,1$d­2 '$ &2%(5785$ й  ž  6,1*8/$5,'$'(6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 608.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  (6758785$ '( 683257(  7,32  (6758785$ &20 $61$ ^Ğ Ɛŝŵ͕ ĚĞ ƋƵĞ ƚŝƉŽ͗  287526 (/(0(1726  1$785(=$ ,038/6,9$  3$72/2*,$6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 609.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗  2%6(59$d®(6 EĆŽ ƐĞ ƚĞǀĞ ĂĐĞƐƐŽ ă ĐŽďĞƌƚƵƌĂ͕ ĂƐ ƉĂƚŽůŽŐŝĂƐ ŝĚĞŶƚŝĨŝĐĂĚĂƐ ƚŝǀĞƌĂŵ ƉŽƌ ďĂƐĞ Ă ĂŶĄůŝƐĞ ǀŝƐƵĂů͕ ĞůĂďŽƌĂĚĂ ŝŶͲƐŝƚƵ͘ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR /sͲKZdhZ ^ Dϭ ĂůĞŝƌĂ ŝŶƚĞƌŝŽƌ WůĂŶĂ ůƉĞŶĚƌĞ ZĞĚŽŶĚĂ YƵĂĚƌĂĚĂ WĂǀŝůŚĆŽ dĞƌƌĂĕŽͬƉůĂŶĂ /ŶĐůŝŶĂĚĂ /ŶǀĞƌƚŝĚĂ dƌĂĚŝĐŝŽŶĂů &ŝďƌŽĐŝŵĞŶƚŽ ŚĂƉĂ ŵĞƚĄůŝĐĂͬnjŝŶĐĂĚĂ dĞůŚĂ ĐĞƌąŵŝĐĂ ^ƵĨŝĐŝĞŶƚĞ /ŶƐƵĨŝĐŝĞŶƚĞ >ĂŶƚĞƌŶŝŵ 'ƵĂƌĚĂͲƉſ ĞŝƌĂů ůĂƌĂďſŝĂ DĂŶƐĂƌĚĂƐĂůĞŝƌĂ ĞdžƚĞƌŝŽƌ ĞƐǀĆŽ Ʒƚŝů ƵƐŽ͗ >ĂũĞ ĚĞ ĞƐƚĞŝƌĂ ĞƚĆŽ ĂƌŵĂĚŽ DĂĚĞŝƌĂ ƐƚƌƵƚƵƌĂ ŵĞƚĄůŝĐĂ DƵƌĞƚĞƐ ĚĞ ĂůǀĞŶĂƌŝĂ KƵƚƌŽ͗ ^ŝŵ EĆŽ &ƌĞĐŚĂŝƐ ŝŶƚĂƐ ƉĞƌŝŵĞƚƌĂŝƐ dŝƌĂŶƚĞƐ ŽŶƚƌĂͲĨƌĞĐŚĂŝƐ KƵƚƌŽƐ͗ dƌĂŶƐĨĞƌġŶĐŝĂ ŝŶĚĞǀŝĚĂ ĚĞ ĐĂƌŐĂ ĚĂ ĐŽďĞƌƚƵƌĂ ƉĂƌĂ ĂƐ ƉĂƌĞĚĞƐ /ŵƉƵůƐŽƐ ŚŽƌŝnjŽŶƚĂŝƐ ƉĞůĂ ĐŽďĞƌƚƵƌĂ Ğŵ ƉĂƌĞĚĞƐ &ƌĂĐƚƵƌĂƐ ĞĨŽƌŵĂĕĆŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ ĞŐƌĂĚĂĕĆŽͬĞŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ &ƌĂŐŝůŝnjĂĕĆŽ ĚĂƐ ůŝŐĂĕƁĞƐ ă ƉĂƌĞĚĞ /ŶĨŝůƚƌĂĕƁĞƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŝŽƌĞƐ ;ŵĂŶĐŚĂƐͿ WŽŶƚŽƐ ƐŝŶŐƵůĂƌĞƐ ŵĂů ĐŽŶĐĞďŝĚŽƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ƐŶĂ ƐŝŵƉůĞƐ ƐŶĂ ƚĞƐŽƵƌĂ ƐŶĂ ĚĞ ŵĂŶƐĂƌĚĂ ƐŶĂ ĚĞ ĂůƉĞŶĚƌĞ ƐŶĂ ĚĞ ůĂŶƚĞƌŶŝŵ ƐŶĂ ĐŽŵƉŽƐƚĂ ƐŶĂ ĚĞ ŶşǀĞů DĞŝĂͲĂƐŶĂ KƵƚƌŽ ƚŝƉŽ ĚĞ ĂƐŶĂ͗
  • 610. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % (GLItFLR 0 % ,GHQWLILFDomR GR HGLItFLR  *(1(5$/,'$'(6 &yGLJR GR (GLItFLR DϮ 'DWD GH ,QVSHFomR 'LVWULWR $QR GH &RQVWUXomR &RQFHOKR )UHJXHVLD (QGHUHoR 8WLOL]DGRU &RQWDFWR  &/$66,),&$d­2 '2 (',)Ë&,2  7,32 '( 87,/,=$d­2  ,17(5(66( $548,7(&7Ï1,&2  7,32/2*,$ (6758785$/  (/(9$'25  1ž '( )$&+$'$6 &20 9­26  ĞƐĐƌŝĕĆŽ͗  ,03/$17$d­2 ( )81'$d®(6  (;,67Ç1&,$ '( )81'$d®(6 ĞƐĐƌŝĕĆŽ͗  ',)(5(1d$ '( &27$ (175( (/(0(1726 '$ )81'$d­2  ,1&/,1$d­2 '2 7(55(12 й ȴ, с ŵ  7,32 '( 62/2 '( )81'$d­2  35(6(1d$ '( ,038/626 '( 7(55$ ĞƐĐƌŝĕĆŽ͗  87,/,=$d­2 '2 (',)Ë&,2
  • 611.  ŶĚĂƌ WĠ ĚŝƌĞŝƚŽ ŽŵĠƌĐŝŽ ,ĂďŝƚĂĕĆŽ ĞǀŽůƵƚŽ dŽƚĂů ;йͿ ĂǀĞ Ϯ͕ϲ ŵ 'ĂƌĂŐĞŵ ϭϱ ϭϱ Ͳϭ Ϯ͕ϴ ŵ ϭ Ϯ ϯ Z Ϯ͕ϴ ŵ ϱ ϱ ϭ Ϯ͕ϴ ŵ ϱ ϱ Ϯ Ϯ͕ϴ ŵ ϯ ϯ ϯ ŵ ϰ ŵ KƵƚƌŽ ŵ  È5($ '26 &203$57,0(1726 +$%,7$d­2
  • 612.   $&(66,%,/,'$'(6 ŽŵƉĂƌƚŝŵĞŶƚŽƐ ƉƌŝŶĐŝƉĂŝƐ ;ƋƵĂƌƚŽƐ Ğ ƐĂůĂͿ͗ >ĂƌŐƵƌĂ ĚĂ ǀŝĂ͗ ϭϬ ;ŵͿ ;Ğŵ ĨƌĞŶƚĞ ĂŽ ĞĚŝĨşĐŝŽͿ ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž ŽŵƉĂƌƚŝŵĞŶƚŽƐ ĚĞ ƐĞƌǀŝĕŽ ;ĐŽnjŝŶŚĂ Ğ /͘^͘Ϳ͗  (63$d26 &20816 ZĞĚƵnjŝĚĂ ^ƵĨŝĐŝĞŶƚĞ dž >ŽŐƌĂĚŽƵƌŽ͗  +,67Ï5,&2 '( $/7(5$d®(6  +,67Ï5,&2 '( ,17(59(1d®(6  2%6(59$d®(6 ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ ŶŽ ;ĂƉƌŽdž͘Ϳ͗ Ě͗ DϮ ϭϱͲ&Ğǀ͘ͲϮϬϭϮ sŝƐĞƵ >ŽƚĞ EǑϭϯϴ Ͳ ďƌĂǀĞƐĞƐ Ͳ sŝƐĞƵ ĞƚĆŽ ĂƌŵĂĚŽ ;ƐĂƉĂƚĂƐ Ğ ǀŝŐĂƐ ĚĞ ĨƵŶĚĂĕĆŽͿ ϴ >ĂǀĂŐĞŵ ĚĂƐ ƚĞůŚĂƐ ϮϬϭϭ $EUDYHVHV WĄƚŝŽ͗ ^ĞƌǀŝĕŽƐ KƵƚƌŽ &KdK )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR /Ͳ/Ed/&/  K K /&1/K sŝƐĞƵ ϮϬϬϬ WƌŝǀĂĚŽ WƷďůŝĐŽ ,ĂďŝƚĂĕĆŽ ƵŶŝĨĂŵŝůŝĂƌ ,ĂďŝƚĂĕĆŽ ŵƵůƚŝĨĂŵŝůŝĂƌ ŽŵĞƌĐŝĂů ZĞůŝŐŝŽƐĂ KƵƚƌĂ YƵĂů͍ ^ŝŵ EĆŽ ůǀĞŶĂƌŝĂ ĐŽŵ ƉĂǀŝŵĞŶƚŽƐ Ğŵ ŵĂĚĞŝƌĂ ĞƚĆŽ ƌŵĂĚŽ KƵƚƌĂ YƵĂů͍ /ƐŽůĂĚŽ 'ĂǀĞƚŽ ĂŶĚĂ ŵĞŝŽ ^ŝŵ EĆŽ ĂŶĚĂ ĞdžƚƌĞŵŽ /ŶƚĞƌŝŽƌ džƚĞƌŝŽƌ EĆŽ ĞdžŝƐƚĞŵ KĐƵƉĂĚŽ >ŝǀƌĞ ŽďĞƌƚŽ hƐŽͬ&ƵŶĕĆŽ ŽŵƉĂƌƚŝŵĞŶƚĂĕĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽ ŵƉůŝĂĕĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ^ŝŵ EĆŽ ĞƐŶşǀĞŝƐ ĚŽƐ ƉĂǀŝŵĞŶƚŽƐ
  • 613. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DUHGHV GH IDFKDGD 25,(17$d­2 E͕ ^͕  Ğ K >ĂƌŐƵƌĂ ĚĂ ĨĂĐŚĂĚĂ ;ŵͿ͗ ϭϴϬ KďƐĞƌǀĂĕƁĞƐ͗ dŽĚĂƐ ĂƐ ĨĂĐŚĂĚĂƐ ĐŽŵ ĂďĞƌƚƵƌĂƐ  &21),*85$d­2 '$6 $%(5785$6  5(*8/$5,'$'(  $/,1+$0(172  È5($ '$6 $%(5785$6  3(,725,6 Ɛŝŵ ŶĆŽ DĂƚĞƌŝĂů͗ *UDQLWR $]XO Ğ ĂĐŽƌĚŽ ĐŽŵ ƌĞĐŽŵĞŶĚĂĕƁĞƐ͗ dž  &2167,78,d­2 '2 683257(  7,32 EƷŵĞƌŽ ĚĞ ƉĂŶŽƐ͗  >sE Z/  WZ ͗ KhdZK^͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ Đŵ ĞƐƉ͗ ϰϬ Đŵ ĞƐƉ͗ Đŵ >sE Z/  d/:K>K͗ ĞƐƉ͗ Đŵ ĞƐƉ͗ ĞƐƉ͗ Đŵ  )81d­2  (67$'2 '( &216(59$d­2 */2%$/ 
  • 614.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  5(9(67,0(172  7,32  (67$'2 '( &216(59$d­2 */2%$/ 
  • 615.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 &$86$6 3529È9(,6
  • 616.   ),6685$d­2  +80,'$'(  287526  (92/8d­2 '$6 3$72/2*,$6  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗  (/(0(1726 /,*$'26 ¬ )$&+$'$ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR  LQVSHFomR //ͲW Z^  & ,  DϮ ƉĂŶŽ Ğdžƚ͗͘ͺϭϱͺĐŵнĐdž͘ĚĞ Ăƌ͗ͺͺϯͺĐŵнŝƐŽůĂŶƚĞ͗ ϲͺĐŵнƉĂŶƉ ŝŶƚ͗͘ͺϭϱͺĐŵ ůǀ͘ ĂƌŐĂŵĂƐƐĂĚĂ ;ĐĂůнĂƌĞŝĂͿ ĐͬĨƌĂŐŵĞŶƚŽƐ ĚĞ ƉĞĚƌĂ ůǀ͘ ƉĞĚƌĂ ĐŽŵ ĨĂĐĞ ĂƉĂƌĞůŚĂĚĂ ;ƉĞĚƌĂ ĐĂůĐĄƌŝĂͿ ůǀ͘ ƉĞĚƌĂ ĂƉĂƌĞůŚĂĚĂ ^ŝŵƉůĞƐ ƵƉůĂ sĂnjĂĚŽ DĂĐŝĕŽ ĞƚĆŽ ĂƌŵĂĚŽĞƚĆŽ ĂƌŵĂĚŽ ůǀĞŶĂƌŝĂ ĚĞ ĂĚŽďĞ ůǀĞŶĂƌŝĂ ĚĞ ƚĂŝƉĂ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ ;ŵĞƐƚƌĂͿ WĂƌĞĚĞ ĐŽŵ ĨƵŶĕĆŽ ƉƐĞƵĚŽͲƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ƐĞŵ ĨƵŶĕĆŽ ƌĞƐŝƐƚĞŶƚĞ WĂƌĞĚĞ ĐŽŵ ĚŝŵŝŶƵŝĕĆŽ ĚĞ ĞƐƉĞƐƐƵƌĂ Ğŵ ĂůƚƵƌĂ ƌŐĂŵĂƐƐĂ ĚĞ ĐĂů WŝŶƚƵƌĂ ĐŽŵ ƚŝŶƚĂ ƉůĄƐƚŝĐĂ WŝŶƚƵƌĂ ĚĞ ĐĂů ;ĐĂŝĂĚĂͿ DŽŶŽŵĂƐƐĂ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ǀŝĚƌĂĚŽ ZĞǀĞƐƚŝŵĞŶƚŽ ĐĞƌąŵŝĐŽ ŶĆŽ ǀŝĚƌĂĚŽ ZĞďŽĐŽ ĚĞ ĐŝŵĞŶƚŽ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ĐŽůĂĚĂ WŝŶƚƵƌĂ ƚĞdžƚƵƌĂĚĂ WůĂĐĂŐĞŵ ĚĞ ƉĞĚƌĂ ŐƌĂŵƉĞĂĚĂ ůĞŵĞŶƚŽƐ ĚĞĐŽƌĂƚŝǀŽƐ ĞƐƉĞĐŝĂŝƐ ;ĨŝŶŐŝĚŽƐ ĚĞ ƉĞĚƌĂ͕ ŽƌŶĂŵĞŶƚŽƐͿ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ĐƌŝǀĂĚĂ ZĞďŽĐŽ ĐͬĂƌĞŝĂ ĚĞ ƌŝŽ ŶĆŽ ĐƌŝǀĂĚĂ ƐƐĞŶƚĂŵĞŶƚŽ ĚĞ ĨƵŶĚĂĕƁĞƐ ĞĨŽƌŵĂĕĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ >ŽĐĂůŝnjĂĚĂ ĐͬƐŝŶĂŝƐ ĚĞ ĞƐŵĂŐĂŵĞŶƚŽ ŽŶĐĞŶƚƌĂĕĆŽ ĚĞ ƚĞŶƐƁĞƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ /ŶĂĚĂƉƚŝďŝůŝĚĂĚĞ Ğ ŝŶĐŽŵƉĂƚŝďŝůŝĚĂĚĞ ĞŶƚƌĞ ƉĂƌĞĚĞͲƌĞǀĞƐƚŝŵĞŶƚŽ ŽƌƌŽƐĆŽ ĚĞ ĞůĞŵĞŶƚŽƐ ŵĞƚĄůŝĐŽƐ ZĞĂĐĕĆŽ Ă ƐĂŝƐ ĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ZĞƚƌĂĐĕĆŽ ĚŽ ƐƵƉŽƌƚĞ ƐĐĞŶƐŝŽŶĂů ŽŶĚĞŶƐĂĕƁĞƐ ƐƵƉĞƌĨşĐŝĂŝƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŶĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂ ƉůĂƚŝďĂŶĚĂ /ŶĨŝůƚƌĂĕƁĞƐ ƉĞůĂƐ /ŶĨŝůƚƌĂĕƁĞƐ ĐĂŝdžŝůŚĂƌŝĂƐͬƉĞŝƚŽƌŝƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ ĞƐƚĂĐĂŵĞŶƚŽ ĚŽ ƌĞǀĞƐƚŝŵĞŶƚŽ džƉĂŶƐĆŽ ĚĂƐ ĂůǀĞŶĂƌŝĂƐ ƉŽƌ ĂĐĕƁĞƐ ƚĠƌŵŝĐĂƐ ĞͬŽƵ ŚŝŐƌŽƐĐſƉŝĐĂƐ dŝŶƚĂ ĚĞƐĐĂƐĐĂĚĂͬĞŵƉŽůĂĚĂ YƵĞĚĂ ĚĞ ƌĞǀĞƐƚŝŵĞŶƚŽ WŽůƵŝĕĆŽ͕ ŐƌĂĨŝƚƚŝƐ͕ ŵƵƐŐŽƐ͕ ďŽůŽƌĞƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ŽŶƐŽůŝĚĂĕĆŽ ZĞĨŽƌĕŽ ƐşƐŵŝĐŽ džŝƐƚġŶĐŝĂ ĚĞ ĂďĞƌƚƵƌĂƐ ĚĞ ŐƌĂŶĚĞ ǀĆŽ ŶĂ ĨĂĐŚĂĚĂ ZĞŐƵůĂƌĞƐ /ƌƌĞŐƵůĂƌĞƐ ůŝŶŚĂĚĂƐ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnjŽŶƚĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ǀĞƌƚŝĐĂůŵĞŶƚĞ ĞƐĂůŝŶŚĂĚĂƐ ŚŽƌŝnj͘ Ğ ǀĞƌƚŝĐ͘ ƋƵŝƉĂŵĞŶƚŽƐ ŵĞĐąŶŝĐŽƐ WůĂƚŝďĂŶĚĂƐsĂƌĂŶĚĂƐ KƵƚƌŽƐ ĞůĞŵĞŶƚŽƐ ŵĂŝƐ ůĞǀĞƐ ;ĐĂŶĚĞĞŝƌŽƐ͕ ƐŝŶĂŝƐ ůƵŵŝŶŽƐŽƐ͕ ƌĞĐůĂŵŽƐ͕ ĞƚĐ͘Ϳ ф ϮϬй х ϲϬй ф ϯϱй ф ϲϬй
  • 617. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % 3DYLPHQWRV  &$5$&7(5,=$d­2 '2 683257( EƷŵĞƌŽ ĚĞ ƉĂǀŝŵĞŶƚŽƐ ;ĞdžĐůƵŝŶĚŽ ƉĂǀŝŵĞŶƚŽ ƚĠƌƌĞŽͿ͗  sĆŽ ŵĄdžŝŵŽ͗ ϲ͕ϱ ŵ sĆŽ ŵşŶŝŵŽ͗ ŵ  7,32 D /Z ͗ Ͳϭ Zͬ ϭǑ ϯǑ Zͬ ϭǑ ϮǑ ϯǑ ƉĂƌĞůŚĂĚĂ >ĂũĞ ĂůŝŐĞŝƌĂĚĂ EĆŽ ĂƉĂƌĞůŚĂĚĂ >ĂũĞ ŵĂĐŝĕĂ WZ&/^ Dd >/K^͗ KƵƚƌŽƐ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 618.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  6,1*8/$5,'$'(6  3,62 7e55(2 &20 &$,;$ '( $5 >ĂũĞƐ ĐͬĚĞƐŶşǀĞů ;ůŽĐĂůŝnjĂĕĆŽͿ͗  5(9(67,0(1726  7,32 >ŽĐĂůŝnjĂĕĆŽ͗ >ŽĐĂůŝnjĂĕĆŽ͗ Ͳϭ Zͬ ϭǑ ϯǑ Ͳϭ Zͬ ϭǑ ϯǑ WƌĞŐĂĚŽ DŽƐĂŝĐŽ ŚŝĚƌĄƵůŝĐŽ ŽůĂĚŽ >ĂĚƌŝůŚŽ ĐĞƌąŵŝĐŽ &ůƵƚƵĂŶƚĞ sŝŶşůŝĐŽ dĂĐŽ ĐŽůĂĚŽ ůĐĂƚŝĨĂ WĂƌƋƵĞƚ ĐŽůĂĚŽ ĞƚŽŶŝůŚĂ DĂŶƚĂ ƉůĄƐƚŝĐĂ KƵƚƌŽ͗  (67$'2 '( &216(59$d­2 */2%$/ 
  • 619.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  3$72/2*,$6 ϰ͘Ϯ s/E1>/K^ͬ > d/& ^ͬZ D/K^͗  0$'(,5$6 Ͳϭ Zͬ ϭǑ ϯǑ Ͳϭ Zͬ ϭǑ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ZĂƐŐŽƐ ,ƵŵŝĚĂĚĞƐ ĞƐĐŽůĂŵĞŶƚŽƐ &ŝƐƐƵƌĂƐ ĞƐŐĂƐƚĞ ĞĨŽƌŵĂĕƁĞƐ ŶǀĞůŚĞĐŝŵĞŶƚŽ KƵƚƌĂƐ͗ KƵƚƌĂƐ͗  Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ 2%6(59$d®(6 ^ſ ƐĞ ƚĞǀĞ ĂĐĞƐƐŽ ă ĨƌĂĐĕĆŽ Z͕ ĚĂş ƐĞƌĞŵ ĂƉƌĞƐĞŶƚĂĚĂƐ ĂƐ ƉĂƚŽůŽŐŝĂƐ Ɛſ ƉĂƌĂ ĞƐƐĂ ĨƌĂĐĕĆŽ͘ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR ///ͲW s/DEdK^ DϮ ͲϭϮǑ ϮǑ ϮǑ ϮǑ ϮǑ ϯǑ ^ŝŵ EĆŽ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ
  • 620. $QH[R % BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  % &REHUWXUD  *(20(75,$ '$ &2%(5785$  7,32 EƷŵĞƌŽ ĚĞ ĄŐƵĂƐ͗ ϰ  &2167,78,d­2 '$ &2%(5785$  =21$ &255(17( 7,32 5(9(67,0(172  ,1&/,1$d­2 '$ &2%(5785$ й  ž  6,1*8/$5,'$'(6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 621.  ϱ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ  (6758785$ '( 683257(  7,32  (6758785$ &20 $61$ ^Ğ Ɛŝŵ͕ ĚĞ ƋƵĞ ƚŝƉŽ͗  287526 (/(0(1726  1$785(=$ ,038/6,9$  3$72/2*,$6  (67$'2 '( &216(59$d­2 */2%$/ 
  • 622.  ϰ ;ϭͲŵĂƵ͖ ϯͲƌĂnjŽĄǀĞů͖ ϱͲďŽŵͿ Ò/7,0$6 ,17(59(1d®(6 '( %(1(),&,$d­2 ŶŽ ;ĂƉƌŽdž͘Ϳ͗ ĞƐĐƌŝĕĆŽ ĚĂ ŝŶƚĞƌǀĞŶĕĆŽ͗ >ĂǀĂŐĞŵ ĚĂƐ ƚĞůŚĂƐ  2%6(59$d®(6 EĆŽ ƐĞ ƚĞǀĞ ĂĐĞƐƐŽ ă ĐŽďĞƌƚƵƌĂ͕ ĂƐ ƉĂƚŽůŽŐŝĂƐ ŝĚĞŶƚŝĨŝĐĂĚĂƐ ƚŝǀĞƌĂŵ ƉŽƌ ďĂƐĞ Ă ĂŶĄůŝƐĞ ǀŝƐƵĂů͕ ĞůĂďŽƌĂĚĂ ŝŶͲƐŝƚƵ͘ Ě͗ )LFKD SDUD DFo}HV GH OHYDQWDPHQWR /sͲKZdhZ ^ DϮ ĂůĞŝƌĂ ŝŶƚĞƌŝŽƌ WůĂŶĂ ůƉĞŶĚƌĞ ZĞĚŽŶĚĂ YƵĂĚƌĂĚĂ WĂǀŝůŚĆŽ dĞƌƌĂĕŽͬƉůĂŶĂ /ŶĐůŝŶĂĚĂ /ŶǀĞƌƚŝĚĂ dƌĂĚŝĐŝŽŶĂů &ŝďƌŽĐŝŵĞŶƚŽ ŚĂƉĂ ŵĞƚĄůŝĐĂͬnjŝŶĐĂĚĂ dĞůŚĂ ĐĞƌąŵŝĐĂ ^ƵĨŝĐŝĞŶƚĞ /ŶƐƵĨŝĐŝĞŶƚĞ >ĂŶƚĞƌŶŝŵ 'ƵĂƌĚĂͲƉſ ĞŝƌĂů ůĂƌĂďſŝĂ DĂŶƐĂƌĚĂƐĂůĞŝƌĂ ĞdžƚĞƌŝŽƌ ĞƐǀĆŽ Ʒƚŝů ƵƐŽ͗ >ĂũĞ ĚĞ ĞƐƚĞŝƌĂ ĞƚĆŽ ĂƌŵĂĚŽ DĂĚĞŝƌĂ ƐƚƌƵƚƵƌĂ ŵĞƚĄůŝĐĂ DƵƌĞƚĞƐ ĚĞ ĂůǀĞŶĂƌŝĂ KƵƚƌŽ͗ ^ŝŵ EĆŽ &ƌĞĐŚĂŝƐ ŝŶƚĂƐ ƉĞƌŝŵĞƚƌĂŝƐ dŝƌĂŶƚĞƐ ŽŶƚƌĂͲĨƌĞĐŚĂŝƐ KƵƚƌŽƐ͗ dƌĂŶƐĨĞƌġŶĐŝĂ ŝŶĚĞǀŝĚĂ ĚĞ ĐĂƌŐĂ ĚĂ ĐŽďĞƌƚƵƌĂ ƉĂƌĂ ĂƐ ƉĂƌĞĚĞƐ /ŵƉƵůƐŽƐ ŚŽƌŝnjŽŶƚĂŝƐ ƉĞůĂ ĐŽďĞƌƚƵƌĂ Ğŵ ƉĂƌĞĚĞƐ &ƌĂĐƚƵƌĂƐ ĞĨŽƌŵĂĕĆŽ ĚŽƐ ĞůĞŵĞŶƚŽƐ ĚĞ ƐƵƉŽƌƚĞ ĞŐƌĂĚĂĕĆŽͬĞŶǀĞůŚĞĐŝŵĞŶƚŽ ĚŽƐ ŵĂƚĞƌŝĂŝƐ &ƌĂŐŝůŝnjĂĕĆŽ ĚĂƐ ůŝŐĂĕƁĞƐ ă ƉĂƌĞĚĞ /ŶĨŝůƚƌĂĕƁĞƐ ŽŶĚĞŶƐĂĕƁĞƐ ŝŶƚĞƌŝŽƌĞƐ ;ŵĂŶĐŚĂƐͿ WŽŶƚŽƐ ƐŝŶŐƵůĂƌĞƐ ŵĂů ĐŽŶĐĞďŝĚŽƐ ŽŶƐĞƌǀĂĕĆŽ ZĞŵŽĚĞůĂĕĆŽŵƉůŝĂĕĆŽ ƚĂƋƵĞ ďŝŽůſŐŝĐŽ ƐŶĂ ƐŝŵƉůĞƐ ƐŶĂ ƚĞƐŽƵƌĂ ƐŶĂ ĚĞ ŵĂŶƐĂƌĚĂ ƐŶĂ ĚĞ ĂůƉĞŶĚƌĞ ƐŶĂ ĚĞ ůĂŶƚĞƌŶŝŵ ƐŶĂ ĐŽŵƉŽƐƚĂ ƐŶĂ ĚĞ ŶşǀĞů DĞŝĂͲĂƐŶĂ KƵƚƌŽ ƚŝƉŽ ĚĞ ĂƐŶĂ͗
  • 623.  $QH[R & ± )LFKDV WpFQLFDV & +XPLGDGH DVFHQVLRQDO ± ,QWURGXomR GH SURGXWRV LPSHUPHDELOL]DQWHV & %,8 %,8 ,QWHUQDFLRQDO /GD 7HO       )D[     KWWSZZZELXSW  (PDLO ELX#PDLOWHOHSDFSW &$3,/$6,/Š 6HFDJHP GDV SDUHGHV FRP KXPLGDGH DVFHQVLRQDO SRU LQMHFomR 6ROXomR DQWLVDOLWUH FRP JDUDQWLD +80,'$'( $6&(16,21$/ 2V PDWHULDLV PLQHUDLV WDLV FRPR R EHWmR RV WLMRORV RV UHYHVWLPHQWRV j EDVH GH FLPHQWR RX GH FDO R JUpV D SHGUD QDWXUDO RX DUWLILFL DO R ILEURFLPHQWR H RV UHYHVWLPHQWRV j EDVH GH VLOLFDWRV H FLPHQWR HWF DSUHVHQWDP XPD DFomR FDSLODU 4XDQWR PDLRU IRU R Q~PHUR GH FDSLODUHV ILQRV PDLRU VHUi D KXPLGDGH DV FHQVLRQDO 2 JUDX GH KXPLGDGH GHSHQGH WDPEpP GD SRVVLELOLGDGH GH HYDSRUDomR H GD HVSHVVXUD GDV SDUHGHV e VREUHWXGR QRV FDQWRV TXH VH YHULILFD D PDLRU LQFLGrQFLD GD KXPLGDGH DVFHQVLRQDO ()(,726 '$ +80,'$'( 1$6 3$5('(6  2 DSRGUHFLPHQWR JHUDO GDV SDUHGHV 'HV WUXLomR GH HVWXTXHV UHYHVWLPHQWRV DOFDWL IDV SDSpLV GH SDUHGH HWF
  • 624.  SLQWXUDV SDLQpLV GH PDGHLUD FRQGXWDV HOpFWULFDV HWF  2V VDLV GLVVROYLGRV QD iJXD FDSLODU RX FRQ WLGRV QRV WLMRORV SHGUDV RX DUJDPDVVDV VmR OHYDGRV j VXSHUItFLH GHYLGR D XP JUD GLHQWH QDWXUDO GH VHFDJHP $ iJXD HYDSR UDVH RV VDLV FULVWDOL]DPVH H[HUFHQGR IRUoDV HOHYDGDV GHVWUXLQGR WRGR WLSR GH UHYHVWLPHQWR
  • 625. H IRUPDPVH HIORUHVFrQFLDV VDOLWUH
  • 626.  2V VDLV VmR DOWDPHQWH KLJURVFy SLRV H FRQIHUHP XPD PDLRU FDSDFLGDGH GH DEVRUomR GH iJXD 3HUGD GH FDORU 2V PDWHULDLV VHFRV WrP PHOKRUHV SURSULHGDGHV GH LVRODPHQWR WpU PLFR TXH RV PDWHULDLV K~PLGRV $ HYDSRUDomR GD KXPLGDGH SURYRFD XP DUUHIHFLPHQWR GRV PDWHULDLV H XP GHVFRQ IRUWR JHUDO GR ORFDO 8P WHRU GH KXPLGDGH GHPDVLDGR HOHYDGR QR LQWHULRU GD FDVD p SUHMXGLFLDO SDUD D VD~GH &202 6(&$5 $6 3$5('(6 $V SDUHGHV VmR VHFDV H SURWHJLGDV FRQWUD D KXPLGDGH DVFHQVLRQDO SHOD IRUPDomR GH XPD EDUUHLUD FRQWtQXD KLGUyIRED QD EDVH GDV SDUHGHV (VWD EDUUHLUD p IRUPDGD SHOD LQMHFomR GR SURGXWR &$3,/$6,/ Š  XPD VR OXomR FRP VROYHQWH VROYHQWH QmR SRODU  KLGURFDUERQHWR FRP WHRU HP DURPiWLFRV LQ IHULRU D 
  • 627. FRQWHQGR VLOR[DQRV ROLJ{PH URV FRP XPD FRQFHQWUDomR GH PDWpULD DFWL YD GH   2 SURGXWR SRVVXL XPD H[FHOHQ WH FDSDFLGDGH GH GLIXVmR H SRU FRQVHJXLQ WH JDUDQWH XPD ERD SHQHWUDomR QR PDWHULDO 2 SURGXWR &$3,/$6,/ Š KLGUyOLVD QXP SROLVLOR[DQR QmR DGHUHQWH 127$ HP FDVR GH SUHVHQoD GH QLWUDWRV XUpLDV
  • 628.  FRQYpP HIHFWXDU DQiOLVHV SDUD GH WHUPLQDU D VXD FRQFHQWUDomR (VWHV QLWUDWRV VH HQFRQWUDP SULQFLSDOPHQWH HP DQWLJRV HVWiEXORV H HGLItFLRV j EHLUD PDU 1R FDVR GH YHULILFDU WHRUHV HOHYDGRV VHUi QHFHVVi ULR DXPHQWDU D FRQFHQWUDomR GR SURGXWR &$5$&7(5Ë67,&$6 7e&1,&$6  KLGURIXJD GXUDQWH PDLV GR TXH  DQRV JDUDQWLD GDGD SRU DSOLFDGRU UHFRQKHFLGR
  • 629. 
  • 630. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   PHOKRUDPHQWR GR FRQIRUWR LQWHULRU PH QRV K~PLGR
  • 631. H HFRQRPLD GH DTXHFLPHQ WR 2V PDWHULDLV VHFRV WrP PHOKRU FD SDFLGDGH GH LVRODPHQWR WpUPLFR GR TXH RV PDWHULDLV K~PLGRV $ HYDSRUDomR GD iJXD LQILOWUDGD QDV SDUHGHV SURYRFD XP DUUHIHFLPHQWR GRV PDWHULDLV  HYLWD DV HIORUHVFrQFLDV GH VDLV VDOLWUH
  • 632.  LPSHGH D IRUPDomR GH PXVJR H IXQJL 02'2 '( $3/,&$d­2 $ XPD DOWXUD DSUR[LPDGD GH  FP DFLPD GR FKmR SDYLPHQWR
  • 633. LQWHULRU ID]HU IXURV FRP  PP GH GLkPHWUR HVSDoDGRV GH  D  FP QR VHQWLGR ORQJLWXGLQDO (VWHV IXURV VHUmR OLJHLUDPHQWH LQFOLQDGRV QR VHQWLGR GHVFHQGHQWH H WHUmR VHPSUH D SURIXQGLGDGH LJXDO j HVSHVVXUD GD SDUH GH PHQRV  FP $ GHSHQGHU GD SRURVLGD GH GRV PDWHULDLV RV IXURV VHUmR DEHUWRV QDV MXQWDV RX QRV WLMRORV $ GLVWkQFLD HQ WUH RV IXURV GHSHQGHUi LJXDOPHQWH GD SR URVLGDGH GR VXSRUWH H WDPEpP GR WLSR GH PDWHULDO GH TXH D SDUHGH D WUDWDU p FRQVWL WXtGD 2 SURGXWR VHUi LQWURGX]LGR QRV IXURV VRE SUHVVmR DSUR[  D  NJFPð
  • 634.  $ SUHVVmR H R WHPSR GH LQMHFomR GHSHQGHUmR GD SRURVLGDGH HVSHVVXUD H WHRU GH KXPLGD GH GD SDUHGH H[LVWHQWH 2V IXURV VHUmR WDSDGRV SRVWHULRUPHQWH FRP DUJDPDVVD HVWDQTXH 2 UHERFR ILQDO GHYHUi VHU IHLWR R PDLV WDUGH SRVVtYHO DSyV R WUDWDPHQWR GH PRGR D SHUPLWLU XP LQWHUYDOR GH WHPSR VXILFLHQWH SDUD TXH D SDUHGH SRVVD VHFDU H TXH DV HIORUHVFrQFLDV SRVVDP VHU UH PRYLGDV $V SDUHGHV WUDWDGDV QmR GHYHP VHU IRU UDGDV RX DFDEDGDV HVWXTXHV SLQWXUDV HWF
  • 635. DQWHV GD SROLPHUL]DomR WRWDO GR SUR GXWR GH  D  VHPDQDV
  • 636. H D VHFDJHP GDV SDUHGHV  D  PHVHV FRQIRUPH D FRPSRVLomR GD PHVPD H DV FRQGLo}HV FOLPDWROyJLFDV
  • 637.  35(&$8d®(6 2 SURGXWR &$3,/$6,/ Š p OLJHLUDPHQWH LQIODPiYHO 'HYH VHU JXDUGDGR DR DEULJR GH TXDOTXHU IRQWH GH FDORU 'XUDQWH D H[HFXomR p SUHFLVR JDUDQWLU XPD YHQWLOD omR VXILFLHQWH H UHVSLUDU R PHQRV SRVVt YHO DV HPDQDo}HV 3URWHJHU RV ROKRV FRP yFXORV H WUDEDOKDU FRP OXYDV 3DVVDU DEXQGDQWHPHQWH iJXD QRV VDOSLFRV HYHQWXDLV 3RGHVH OLPSDU DQWHV GD SROLPHUL]DomR GR SURGXWR DV PDQFKDV HYHQWXDLV FRP :KLWH 6SLULW GLOXHQWH
  • 638.  &216802 $ DEVRUomR GHSHQGH GD SRURVLGDGH GR VXSRUWH (P JHUDO  D  OLWURV SRU PHWUR OLQHDU H SRU  FP GH HVSHVVXUD p VXILFL HQWH SDUD JDUDQWLU R WUDWDPHQWR /,67$ '( 5()(5Ç1&,$6  3DOiFLR 1DFLRQDO GH 4XHOX]   
  • 639.  ,33$5  0XVHX 1DFLRQDO GRV &RFKHV  %HOpP 
  • 640.  ,33$5  0XVHX GR 7HDWUR  /XPLDU 
  • 641.  ,33$5  3DUHGHV 5RPDQDV QD 5XD GH %XUJRV  eYR UD 
  • 642.  ,33$5  ,QVWLWXWR GR (PSUHJR H )RUPDomR 3URILVVLR QDO  ;DEUHJDV 
  • 643.  ,()3  4WD GDV +RUWrQVLDV  3DoR GR /XPLDU  
  • 644.  SDUWLFXODU  4WD 1 6HQKRUD GD &RQFHLomR  6mR 3HGUR GH 6LQWUD 
  • 645.  SDUWLFXODU  4XLQWD GD )RQWH  3RUWR 6DOYR 
  • 646.  $UDQDV  &DVD SDUWLFXODU  6mR 3HGUR GH 6LQWUD 
  • 647.  &DVD SDUWLFXODU  (VWUDGD %HQILFD 
  • 648.  &DVD SDUWLFXODU  0DOYHLUD GD 6HUUD 
  • 649. /LVWD GH UHIHUrQFLDV QR HVWUDQJHLUR VRE SHGLGR $OHPDQKD ÈXVWULD %pOJLFD 'L QDPDUFD )UDQoD ,QJODWHUUD ,UODQGD GR 1RUWH ,UODQGD ,WiOLD /X[HPEXUJR 3DtVHV %DL[RV
  • 650. $V QRVVDV UHFRPHQGDo}HV H HVSHFLILFDo}HV VmR IRUQHFLGDV FR QILDQGR HP SHVTXLVDVFLHQWtILFDV 1mR QRV UHVSRQVDELOL]DPRV SRU GDQRV FDXVDGRV SRU XPD XWLOL]DomR LQFRUUHFWD GR SURGXWR *DUDQWLPR VXPD TXDOLGDGH FRQVWDQWH QD HQWUHJD GR VQRVVRV SURGXWR V (P FDVR GH G~YLGD p IDYRU FR QVXOWDU QRVVR VHUYLoR WpFQLFR &$3,/$6, (8
  • 651. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  %,8 ,QWHUQDFLRQDO /GD 7HO      )D[     KWWSZZZELXSW  (PDLO ELX#PDLOWHOHSDFSW /$7(; (08/6­2 (08/6­2 $&5Ë/,&$ 3$5$ $'(5Ç1&,$ '( 5(%2&26 $5*$0$66$6 '( 5(*8/$5,=$d­2 ( %(7®(6 '(6&5,d­2 /$7(; (08/6­2 p XPD GLVSHUVmR DTXRVD GH SROtPHURV DFUtOLFRV TXH VH PLVWXUD FRP D iJXD GH DPDVVDGXUD GD DUJDPDVVD GH FLPHQWR RX GR EHWmR D ILP GH PHOKRUDU DV VXDV FDUDFWHUtVWLFDV QRPHDGDPHQWH D DGHUrQFLD H D UHVLVWrQFLD j WUDFomR OLPLWDQGR D ILVVXUDomR /$7(; (08/6­2 SRGH VHU XWLOL]DGR FRP WRGRV RV WLSRV GH OLJDQWHV KLGUiXOLFRV 35235,('$'(6 /$7(; (08/6­2 FRQIHUH jV DUJDPDVVDV H EHW}HV )RUWH DGHUrQFLD VREUH WRGRV RV VXSRUWHV PHVPR RV OLVRV 0HOKRU SODVWLFLGDGH H WUDEDOKDELOLGDGH 0DLRU UHVLVWrQFLD j WUDFomR j FRPSUHVVmR H DR GHVJDVWH $XPHQWR GD UHVLVWrQFLD DRV VDLV H DRV iFLGRV %RD UHVLVWrQFLD j iJXD 0HQRU WHQGrQFLD j ILVVXUDomR H j IRUPDomR GH SRHLUD &$0326 '( $3/,&$d­2 $ XWLOL]DomR GR /$7(; (08/6­2 p DFRQVHOKDGD SDUD  5HWRPD GH EHWRQDJHP DGHUrQFLD GR EHWmR QRYR DR EHWmR YHOKR  $UJDPDVVDV GH UHJXODUL]DomR H UHSDUDomR TXH SRGHP VHU HIHFWXDGDV HP FDPDGDV PXLWR ILQDV  5HSDUDo}HV GH EHWmR GHWHULRUDGR PHVPR FRP DUPDGXUDV j YLVWD  2EWHQomR GH XPD ERD DGHUrQFLD GRV UHERFRV DR EHWmR OLVR H VREUH WRGDV DV DOYHQDULDV  -XQWDV LPSHUPHiYHLV HQWUH SHGUD WLMROHLUD EORFRV  $UJDPDVVD GH FRODJHP SDUD DVVHQWDPHQWR GH D]XOHMRV SDVWLOKDV PRVDLFRV SHGUDV QDWXUDLV FHUkPLFD (;(&8d­2 ( &216802 2 VXSRUWH GHYH HVWDU HP ERP HVWDGR OLPSR H LVHQWR GH SRHLUD GHYH HVWDU VDWXUDGR FRP iJXD $ DPDVVDGXUD VHUi IHLWD j PmR RX FRP EHWRQHLUD FRPR TXDOTXHU DUJDPDVVD  3ULPiULR $SOLFDU j WULQFKD QXPD GLOXLomR EHP PLVWXUDGD GH  SDUD  GH iJXD OLPSD FRP /$7(; (08/6­2 VHP GHL[DU VHFDU  6DOSLFR PLVWXUDU QXPD SURSRUomR GH  SDUD  FRP R FLPHQWR HP SHVR DFUHVFHQWDQGROKH DUHLD FRQIRUPH R WUDoR SUHWHQGLGR H H[HFXWDU R VDOSLFR VREUH R SULPiULR HQTXDQWR HVWH HVWi IUHVFR 0LVWXUDU EHP D PDVVD  $UJDPDVVD )D]HU D PDVVD FRP DSOLFDomR GH  GR SHVR GH FLPHQWR GH /$7(; (08/6­2 H UHERFDU VREUH R VDOSLFR &$5$&7(5Ë67,&$6  1mR Wy[LFR QmR LQIODPiYHO  1mR FRUURVLYR QmR VDSRQLILFiYHO )250$ ( $&21',&,21$0(172 /tTXLGR EUDQFR OHLWRVR IRUQHFLGR HP ELG}HV GH    RX  O $V QRVVDV UHFRPHQGDo}HV H HVSHFLILFDo}HV VmR IRUQHFLGDV EDVHDGDV HP SHVTXLVDV FLHQWtILFDV 1mR UHVSRQVDELOL]DPRQRV SRU GDQRV FDXVDGRV SRU XPD XWLOL]DomR LQFRUUHFWD GR SURGXWR *DUDQWLPRV XPD TXDOLGDGH FRQVWDQWH QD HQWUHJDGRV QRVVRV SURGXWRV (P FDVR GH G~YLGD p IDYRU FRQVXOWDU QRVVR VHUYLoR WpFQLFR /$7(;P 325
  • 652. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  %,8 ,QWHUQDFLRQDO /GD 7HO      )D[      KWWSZZZELXSW  (PDLO ELX#PDLOWHOHSDFSW ),%5,/Š ) ),%5,/ Š p R QRPH GH XPD PDUFD UHJLVWDGD SDUD XP JUXSR GH ILEUDV GH SROLSURSLOHQR UHVLVWHQWHV DRV DO FDOLV H GHVWLQDGRV DR PLFURUHIRUoR GR EHWmR H GDV DUJDPDVVDV j EDVH GH FLPHQWR $V ILEUDV ),%5,/ Š UHFHEHP XP WUDWDPHQWR HVSHFLDO KLGUyILOR D ILP GH UHDOL]DU XPD GLVSHUVmR LGHDO QR EHWmR (VWD GLVSHUVmR RULJLQD QD PDWUL] GR EHWmR XPD DUPDGXUD WULGLPHQVLRQDO FRQVWLWXtGD SRU LQ~PHUDV ILEUDV FRP D HVSHVVXUD GH XP FDEHOR &$5$&7(5Ë67,&$6  )LEUDV VROWDV  PRQRILODPHQWRV  3URSRUomR RSWLPDO HQWUH UHVLVWrQFLD PHFkQLFD  VXSHUItFLH LQWUtQVHFD  &RQIHUH XPD ERD GLVWULEXLomR QD PDWUL] GR EHWmR SUHVHUYDQGR XPD ERD WUDEDOKDELOLGDGH  $SUHVWHQWD XPD ERD UHVLVWrQFLD DRV iFLGRV H EDVHV $3/,&$d­2  ),%5,/ Š ) 5HGX] D IRUPDomR GH ILVVXUDV GH UHWUDFomR H GH DVVHQWDPHQWRV QD IDVH SOiVWLFD  ),%5,/ Š ) ),%5,/ Š GLPLQXL D SRURVLGDGH H D SHUPHDELOLGDGH GR EHWmR  $ XWLOL]DomR GH ),%5,/ Š ) DXPHQWD D UHVLVWrQFLD j DEUDVmR H D GXUDELOLGDGH GR EHWmR  $ DGLomR GDV ILEUDV ),%5,/ Š ) FRQIHUH XPD PDLRU FRHVmR DR EHWmR IUHVFR $XPHQWD D GXFWLOLGDGH GR EHWmR HP SDUWLFXODU D UHVLVWrQFLD DR LPSDFWR GLQkPLFR '$'26 7e&1,&26 0DWpULD SULPD 3ROLSURSLOHQR &+ 'HQVLGDGH NJP ñ
  • 653.  &RPSULPHQWR GD ILEUD PP
  • 654.  )
  • 655.   )
  • 656. 'LkPHWUR GD ILEUD vP
  • 657.  &RU WUDQVSDUHQWH 6XSHUItFLH LQWUtQVHFD PðNJ
  • 658.  $EVRUomR GH KXPLGDGH  7HPSHUDWXUD GH XWLOL]DomR Pi[  ž& '26$*(0 ),%5,/ Š ) SRGH VHU DGLFLRQDGR D VHFR RX DSyV D DGLomR GD iJXD GH DPDVVDGXUD 1R FDVR GH VHU DGLFL RQDGR SRVWHULRUPHQWH j DPDVVDGXUD p SUHFLVR PLVWXUDU PDLV  PLQXWRV $ GRVDJHP YDULD GH  JU D  NJ GH ILEUDV SRU Pñ 1R FDVR GH DSOLFDo}HV HVSHFtILFDV TXDQGR VH SUHWHQGH PHOKRUDU D UHVLVWrQFLD j IOH[mR H DRV FKRTXHV SRGHUVHi DGLFLRQDU  D  NJ GH ILEUDV SRU P ñ  1R FDVR GD DGLomR GH  JU SRU P  QmR VH DOWHUD D FRPSRVLomR GR EHWmR 1R FDVR GH GRVDJHQV PDLV HOHYDGDV GH ILEUDV GHYHVH DXPHQWDU D UD]mR GH $& D ILP GH PDQWHU D PHVPD WUDEDOKDELOLGDGH 6(*85$1d$ 1mR H[LVWH QHQKXP ULVFR GH VHJXUDQoD HFROyJLFR RX Wy[LFR )ROKHWH LQIRUPDWLYR GH VHJXUDQoD (* (0%$/$*(16  VDFRV GH  JUDPDV HP VDFRV SOiVWLFRV LQGLYLGXDLV 3DUD FHQWUDLV GH EHWmR H IiEULFDV GH SUpIDEULFDomR SRGHPRV IRUQHFHU HP HPEDODJHQV PDLRUHV SRU H[ VDFRV LQGLYLGXDLV GH  JU
  • 659. 7,326 '( ),%5$6 7,32 &20 35,0(172 4XDQWLGDGH GH ILEUDVNJ $3/,&$d­2 ),%5,/ Š )  PP   DUJDPDVVDV VHP UHWUDFomR ),%5,/ Š )  PP   SDYLPHQWRV LQGXVWULDLV EHWmR DUTXLWHFWyQLFR SUHIDEULFDGRV
  • 660. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & .267(5 3RUWXJDO .g67(5  Š &ULVLQ  )LFKD 7pFQLFD 1~PHUR GR DUWLJR  &ODVVLILFDomR LQGXVWULDO &5,6,1 UHJLVWDGD QR UHJLVWR GH SDWHQWHV DOHPmR .    5HODWyULR GH DQiOLVH RILFLDO 2VWIULHVODQG )DFKKRFKVFKXOH >(VFROD 7pFQLFD@ 5HVLVWrQFLD FRQWUD EDFWpULDV H PtOGLR  5HODWyULR GH FHUWLILFDomR RILFLDO 0)3$ >0DWHULDO 'HYHORSPHQW DQG 7HVWLQJ ,QVWLWXWH ± ,QVWLWXWR GH (QVDLRV H 'HVHQYROYLPHQWR GH 0DWHULDO@ /HLS]LJ $OHPDQKD ± GH DFRUGR FRP DV QRUPDV :7$  VLVWHPD GH kQJXOR GH VXFomR &ULVLQ GD .g67(5
  • 661. 5HVLQD VLQWpWLFD FRQWUD KXPLGDGH DVFHQGHQWH SHQHWUDomR SURIXQGD GH KXPLGDGH H FRQWDPLQDomR GH VDLV &RQWH~GR .g67(5 &ULVLQ Š  p XPD UHVLQD VLQWpWLFD OtTXLGD PXLWR ILQD 3HQHWUD SURIXQGDPHQWH DWp PHVPR QRV FDSLODUHV H SRURV PDLV SHTXHQRV HP PDWHULDLV GH FRQVWUXomR 'HYLGR j VXD EDL[D GHQVLGDGH H j VXD WHQVmR GH VXSHUItFLH TXH p LQIHULRU j GD iJXD .g67(5 &ULVLQ Š  UHWLUD D iTXD GRV FDSLODUHV 2V FDSLODUHV WUDWDGRV GHVWD IRUPD ILFDP UHYHVWLGRV H UHSHOHQWHV j iJXD $ FXUD GR SURGXWR LQMHFWDGR p LQGHSHQGHQWH GD VHFDJHP GD DOYHQDULD $SyV D VXD FXUD FRPSOHWD .g67(5 &ULVLQ Š  SHUPDQHFH IOH[tYHO QmR VH GHWHULRUD QHP DSRGUHFH DFWXD GH IRUPD QHXWUD QmR HIORUHVFH H QmR DIHFWD D DUPDomR GH DoR .g67(5 &ULVLQ Š  p UHVLVWHQWH D WRGRV RV KDELWXDLV FRUURVLYRV DJUHVVLYRV j DOYHQDULD WDLV FRPR iFLGRV DOFDOLQDV H VDLV WDQWR GXUDQWH D DSOLFDomR FRPR DSyV D FXUD FRPSOHWD 'DGRV 7pFQLFRV 'HQVLGDGH  J  FPñ 7LSR GH HIHLWR UHGXomR GH SRURVKLGURIREL]DomR GH SDUHGHV SRURVDV 9LVFRVLGDGH  P3DV FRPSDUDGR FRP iJXD  P3DV
  • 662. 7HQVmR GH VXSHUItFLH DSUR[  P1  P FRPSDUDGR FRP iJXD  P1  P
  • 663. &DPSR GH DSOLFDomR ,QMHFomR SRU IXUR GH VRQGDJHP SDUD FULDU LPSHUPHDELOL]DomR KRUL]RQWDO VXEVHTXHQWH FRQWUD KXPLGDGH DVFHQGHQWH HP WRGRV RV PDWHULDLV PLQHUDLV GH FRQVWUXomR 3RGH VHU DSOLFDGD D SDUWLU GR LQWHULRU HRX H[WHULRU 3RGH VHU DSOLFDGR HP FDVRV GH HOHYDGRV JUDXV GH SHQHWUDomR GH KXPLGDGH H FRP WRGRV RV JUDXV GH FRQWDPLQDomR GH VDLV 7DPEpP SRGH VHU DSOLFDGD XVDQGR R VLVWHPD GH LQMHFomR D EDL[D SUHVVmR 3RU IDYRU FRQVXOWH DV UHVSHFWLYDV GHVFULo}HV GH VLVWHPD SDUD PDLV LQIRUPDo}HV &RQVXPR $SUR[  O  P SRU FP GH HVSHVVXUD GH SDUHGH (PEDODJHP %DUULO GH  O HPEDODJHP SOiVWLFD GH  O H  O &DUWXFKR GH  PO  XQLGDGHV  FDL[D $UPD]HQDPHQWR 3RGH VHU DUPD]HQDGR GXUDQWH  PHVHV HP UHFLSLHQWHV HVWDQTXHV VHODGRV 3RU IDYRU VLJD DV LQVWUXo}HV SDUD R DUPD]HQDPHQWR GH OtTXLGRV LQIODPiYHLV 6HJXUDQoD 8VH OXYDV GH SURWHFomR UHVLVWHQWHV D VROYHQWHV H yFXORV GH SURWHFomR $WHQomR SRU IDYRU $SyV D DSOLFDomR GH .g67(5 &ULVLQ Š  RV VDLV TXH Mi HVWLYHUHP SUHVHQWHV QR VXEVWUDWR SRGHP FDXVDU HIORUHVFrQFLD GXUDQWH R SURFHVVR GH VHFDJHP H WHU HIHLWRV QHIDVWRV 5HFRPHQGDPRV D DSOLFDomR GH .g67(5 3ROVLO Š 7*  H D DSOLFDomR GH XPD FDPDGD IUHVFD GH XP 6LVWHPD GH $UJDPDVVD GH 5HVWDXUR .g67(5 6H WLYHUHP TXH VH DSOLFDU VLVWHPDV EDVHDGRV HP FLPHQWR WDLV FRPR OHLWDQoDV RX DUJDPDVVDV GH VHODJHP DSyV D DSOLFDomR GH .g67(5 &ULVLQ Š  LVWR GHYHUi VHU IHLWR QR PtQLPR GXDV VHPDQDV DSyV D DSOLFDomR GD EDUUHLUD KRUL]RQWDO 6H IRUHP DSOLFDGRV PDLV FHGR SRGHUi SURYRFDU GHVFRORUDo}HV GHYLGR j PLJUDomR GD UHVLQD .g67(5 &ULVLQ Š  $SOLFDomR .g67(5 &ULVLQ Š  p DSOLFDGD XVDQGR RV VHJXLQWHV VLVWHPDV  .g67(5 &ULVLQŠ  VLVWHPD HP FDUWXFKR SDUD VHODJHP GH VHFomR WUDQVYHUVDO GLDJRQDO  .g67(5 &ULVLQŠ  VLVWHPD GH kQJXOR GH VXFomR SDUD VHODJHP GH VHFomR WUDQVYHUVDO KRUL]RQWDO )LFKDV WpFQLFDV FLWDGDV .g67(5 3ROVLO 7*  $UW1ž  .g67(5 5HVWRUDWLRQ 3ODVWHU 6VWHPV $UW1ž  'HVFULo}HV GH VLVWHPD FLWDGDV 6LVWHPD GH FDUWXFKR FRP .g67(5 &ULVLQ Š  6LVWHPD GH kQJXOR GH VXFomR FRP .g67(5 &ULVLQ Š 
  • 664. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  .g67(5 3ROVLOoooo 7*  )LFKD 7pFQLFD 1~PHUR GR DUWLJR  3ULPiULR GH HOHYDGD FDSDFLGDGH GH SHQHWUDomR SDUD VXEVWUDWRV FRQWDPLQDGRV FRP VDOLWUH H KXPLGDGH (QGXUHFHGRU SDUD VHODJHP &RQWH~GR )OXtGR OLTXLGR EDVHDGR QXPD FRPELQDomR GH SROtPHURV H VLOLFDWRV (P VXEVWUDWRV FRQWDPLQDGRV FRP VDOLWUH H KXPLGDGH FRQGX] ¬ UHGXomR GR YROXPH H TXDQWLGDGH GH SRURV GLPLQXLQGR R SHULJR GH QRYR GHVHQYROYLPHQWR GH VDLV H HIORUHVFrQFLDV 7DPEpP DXPHQWD D UHVLVWrQFLD TXtPLFD H PHFkQLFD GRV PDWHULDLV PLQHUDLV 'HSHQGHQGR GR VXEVWUDWR R SURGXWR SHQHWUD DWp  FP QR LQWHULRU GD VXSHUItFLH 2 3ROVLO 7*  FRQWpP DLQGD SURSULHGDGHV KLGURIyELFDV H GH HQGXUHFLPHQWR (VWH PDWHULDO p FRPSDWtYHO FRP FLPHQWURV H DUJDPDVVDV JHVVRV SDVWDV FLPHQWtFLDV H EHWmR 'DGRV 7pFQLFRV 7HPSHUDWXUD GH DSOLFDomR PLQ  ƒ& $ORQJDPHQWR HP UXSWXUD DSUR[  6XSHUItFLH DFDEDPHQWR WUDQVSDUHQWH  OLJHLUDPHQWH SHJDMRVR *UDYLGDGH HVSHFtILFD  JFP $SOLFDomR GH QRYD FDPDGD  GHSRLV GH  PLQXWRV  PDWHULDLV FLPHQWtFLRV  GHSRLV GH  KRUDV  SLQWXUDV DFUtOLFDV H VLOLFDWRV &DPSR GH DSOLFDomR 8WLOL]DGR SDUD HQGXUHFLPHQWR H SURWHFomR GH VXEVWUDWRV PLQHUDLV H SDUD UHGXomR GD VXD DEVRUYrQFLD PHVPR HP VXEVWUDWRV GLItFHLV FRPR SHGUD DUHDGD 2 3ROVLO 7*  UHGX] D SUREDELOLGDGH GH DSDUHFLPHQWR GH VDLV H HIORUHVFrQFLDV H DXPHQWD FRQVLGHUDYHOPHQWH D UHVLVWrQFLD GH VXEVWUDWRV PLQHUDLV WRUQDQGR RV FRHVRV H UHVLVWHQWHV 1mR FDXVD GHVHQYROYLPHQWR GH FDVFD 7RGRV RV VXEVWUDWRV PLQHUDLV VmR DGHTXDGRV SDUD D DSOLFDomR H[FHSWXDQGR JHVVR
  • 665.  2 3ROVLO 7*  SRGH VHU XWLOL]DGR FRPR SULPiULR SDUD RV VHODQWHV EHWXPLQRVRV GH SROtPHURV PRGLILFDGRV 'HX[DQŠ & ([WUDWLJKW %LNXWKDQŠ & 6XSHUWLJKW H RXWURV 3UHSDUDomR GR VXEVWUDWR 2 3ROVLO 7*  SRGH VHU DSOLFDGR HP VXEVWUDWRV GH HOHYDGD RX UHGX]LGD DEVRUYrQFLD TXHU HVWHMDP VHFRV RX K~PLGRV 2 VXEVWUDWR GHYHUi HVWDU LVHQWR GH yOHR H SDUWtFXODV VROWDV $V HIORUHVFrQFLDV GHYHUmR VHU UHPRYLGDV DQWHV GD DSOLFDomR GR 3ROVLO 7*  DWUDYpV GH DFomR PHFkQLFD FRP HVFRYD $SOLFDomR 3ULPiULR GH HOHYDGD SHQHWUDomR 2 3ROVLO 7*  SRGH VHU DSOLFDGR D HVFRYD RX D VSUD 'XUDQWH R SHUtRGR GH FXUD D WHPSHUDWXUD DPELHQWH H GR VXEVWUDWR QmR GHYHUi EDL[DU GRV ž& 2V VDLV TXH YLHUHP j VXSHUItFLH GXUDQWH R SURFHVVR GH FXUD GHYHUmR VHU UHPRYLGRV FRP HVFRYD 'HSRLV GD FXUD FRPSOHWD QmR KDYHUi PDLV DSDUHFLPHQWR GH VDLV ,PSHUPHDELOL]DomR SHOR LQWHULRU XWLOL]DQGR DUJDPDVVDV UtJLGDV GH VHODJHP 3DUD FRQVWUXLU UHYHVWLPHQWRV GH H[WUHPD UHVLVWrQFLD XWLOL]DQGR 1% *UH SULPHLUR GHYHUi XWLOL]DU FRPR SULPiULR R 3ROVLO 7*  H GHSRLV GH  PLQXWRV FREULOR FRP 1% *UH VHP DGLFLRQDU 6%%RQGLQJ (PXOVLRQ ³&RQFHQWUDWH´
  • 666.  ,PHGLDWDPHQWH GHSRLV GH DSOLFDU D DUJDPDVVD GHYH VHU FREHUWR FRP FDPDGD GH 3ROVLO 7*  SDUD GHSRLV GH XP FXUWR SHUtRGR GH WHPSR DSOLFDU XPD QRYD FDPDGD GH DUJDPDVVD TXH GHYH VHU LPHGLDWDPHQWH HQGXUHFLGD FRP 3ROVLO 7*  3URWHFomR GH VXSHUItFLH 3DUD R HQGXUHFLPHQWR H DXPHQWR GD UHVLVWrQFLD TXtPLFD H PHFkQLFD GH VXEVWUDWRV PLQHUDLV R 3ROVLO 7*  GHYH VHU DSOLFDGR D UROR HVFRYD RX VSUD GLUHFWDPHQWH QR VXEVWUDWR FRQVXPR DSUR[ GH  D  JP
  • 667.  $ FDPDGD SURWHFWRUD HVWi WRWDOPHQWH GHVHQYROYLGD DR ILP GH DSUR[  KRUDV &RQVXPR &RPR SULPiULR GH HOHYDGD SHQHWUDomR DSUR[  D  JP 'XSOLFDU HVWD TXDQWLGDGH QR FDVR GH VXEVWUDWR PXLWR DEVRUYHQWH
  • 668. &RPR HQGXUHFHGRU GH DUJDPDVVDV DSUR[  D  JP &RPR SULPiULR GH EHWXPLQRVRV DSUR[  JP 'XSOLFDU HVWD TXDQWLGDGH QR FDVR GH VXEVWUDWR PXLWR DEVRUYHQWH
  • 669. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH )LFKD 7pFQLFD 1~PHUR GR DUWLJR   $UJDPDVVD EUDQFD GH UHVWDXUR UHVLVWHQWH D VDLV H KXPLGDGH SDUD XVR LQWHULRU H H[WHULRU &RQWH~GR .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH p XPD DUJDPDVVD EUDQFD GH UHVWDXUR UHVLVWHQWH D VDLV FRP XPD HOHYDGD UHVLVWrQFLD j FRPSUHVVmR SDUD UHVWDXUR VLPSOHV GH VXEVWUDWRV IRUWHPHQWH FRQWDPLQDGRV SRU KXPLGDGH H VDLV 'HYLGR D HVWD HOHYDGD SRURVLGDGH H j VXD KLGURIRELFLGDGH .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH SHUPLWH XPD VHFDJHP OLYUH GH GDQRV H XPD GHVVDOLQL]DomR GD DOYHQDULD DWp PHVPR HP FDVRV GH XPD HOHYDGD SUHVHQoD GH VDLV 3UHYLQH D IRUPDomR GH iJXD GH FRQGHQVDomR H PHOKRUD R LVRODPHQWR GH FDORU $ DUJDPDVVD GH UHVWDXUR HVWi OLYUH GH HQFKLPHQWRV OHYHV H SRU LVVR QmR UHTXHU TXDOTXHU WUDWDPHQWR GH VXSHUItFLH DGLFLRQDO SUpYLR j DSOLFDomR GH WLQWDV RX SDSpLV GH SDUHGH 'DGRV 7pFQLFRV 'HQVLGDGH GH DUJDPDVVD IUHVFD  NJ  GPñ 7HRU GH DU DUJDPDVVD IUHVFD
  • 670.  YRO 5HVLVWrQFLD j FRPSUHVVmR !  1  PPð 5HVLVWrQFLD j WUDFomR SRU IOH[mR DSUR[  1  PPð 3RURVLGDGH DSUR[  YRO &RPHoD D ILFDU IL[D SDVVDGDV DSUR[  KRUDV &DPSR GH DSOLFDomR .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH IRL FRQFHELGD SDUD D UHSDUDomR GH DOYHQDULD GDQLILFDGD SRU KXPLGDGH H VDLV HVSHFLDOPHQWH DSyV D LQVWDODomR GH XPD EDUUHLUD KRUL]RQWDO H J FRP .g67(5 &ULVLQ Š  RX .g67(5 0DXWURO Š  .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH p DSOLFDGD SULQFLSDOPHQWH HP FDVRV HP TXH D DUJDPDVVD QmR HVWi FREHUWD SRU WLQWD RX SDSHO GH SDUHGH 7DPEpP SRGHUi VHU XVDGD SDUD UHGX]LU D IRUPDomR GH iJXD GH FRQGHQVDomR DSyV D LPSHUPHDELOL]DomR GH GLYLV}HV FRP HOHYDGD KXPLGDGH XVDQGR XP VLVWHPD GH LPSHUPHDELOL]DomR PLQHUDO H J 6LVWHPD .' .g67(5 OHLWDQoDV GH VHODJHP 1% .g67(5
  • 671.  .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH WDPEpP SRGHUi VHU XVDGD FRPR DUJDPDVVD H[WHULRU KLGUyIXJD GHFRUDWLYD 1HVWH FDVR UHFRPHQGDVH D DSOLFDomR SULPHLUR GH XPD DUJDPDVVD IHLWD GH $UJDPDVVD GH 5HVWDXUR .g67(5 QD iUHD GH EDVH DWp  FP DFLPD GR QtYHO GR VROR 3UHSDUDomR GR VXEVWUDWR .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH SRGH VHU DSOLFDGD D DOYHQDULD IHLWD GH WLMRORV SHGUD QDWXUDO EORFRV OLVRV DOYHQDULD PLVWXUDGD HWF OHLWDQoDV GH VHODJHP H J .g67(5 1%  *UH RU 1%  :KLWH 6LVWHPD .' .g67(5
  • 672.  $QWHV GD UHQRYDomR GHYHUmR VHU UHPRYLGDV PHFDQLFDPHQWH WRGDV DV SDUWtFXODV VROWDV H HIORUHVFrQFLD GH VDLV 7DPEpP DQWHV GD FRORFDomR GH DUJDPDVVD FRP .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH DSOLFDVH XP SULPiULR DR VXEVWUDWR FRP .g67(5 3ROVLO Š 7*  FRQVXPR PtQ  JPð QR FDVR GH VXEVWUDWRV H[WUHPDPHQWH DEVRUYHQWHV DWp  JPð
  • 673.  0LVWXUD 8P VDFR GH  NJ p PLVWXUDGR FRP DSUR[  O GH iJXD SRWiYHO OLPSD 'HLWDU  O GH iJXD QXP UHFLSLHQWH GH PLVWXUD OLPSR H DFUHVFHQWDU R Sy HP SRUo}HV HQTXDQWR VH PLVWXUDU FRQWLQXDPHQWH FRP D DMXGD GH XPD PLVWXUDGRUD PHFkQLFD GH YHORFLGDGH OHQWD $FUHVFHQWDU HP SRUo}HV D TXDQWLGDGH QHFHVViULD GH iJXD UHVWDQWH DWp REWHU D FRQVLVWrQFLD GHVHMDGD H PLVWXUDU DWp TXH D DUJDPDVVD WHQKD XPD WH[WXUD KRPRJpQHD 2 WHPSR GH PLVWXUD PtQLPR p GH  PLQXWRV GHSRLV GH WHU DGLFLRQDGR R Sy WRGR DR OtTXLGR $SOLFDomR 'LUHFWDPHQWH GHSRLV GH DSOLFDU R SULPiULR QR VXEVWUDWR FRP .g67(5 3ROVLO Š 7*  DSOLFDVH D .g67(5 5HVWRUDWLRQ 3ODVWHU .H FRQVXPR DSUR[  NJPð
  • 674.  3DVVDGDV  KRUDV GH WHPSR GH HVSHUD SRGH DSOLFDUVH .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH $ DUJDPDVVD p JHUDOPHQWH DSOLFDGD HP GXDV FDPDGDV FRP XPD HVSHVVXUD GH FDPDGD WRWDO GH DSUR[  FP D HVSHVVXUD GHYHUi VHU SHOR PHQRV GH  FP 'HSRLV GH DSOLFDU D DUJDPDVVD QD SDUHGH p QLYHODGD FRP XP IOXWXDGRU RX XPD UpJXD GH HVWLPDGRU $SyV XPD DSOLFDomR VXILFLHQWH D DUJDPDVVD p DOLVDGD 6H IRUHP DSOLFDGDV YiULDV FDPDGDV DV VXSHUItFLHV GDV FDPDGDV PDLV EDL[DV GHYHUmR WRUQDUVH FRPSOHWDPHQWH UXJRVDV SRXFR GHSRLV GH WHUHP FRPHoDGR D VHU DSOLFDGDV 5HQRYDomR FRQWUD D KXPLGDGH DVFHQGHQWH $QWHV GR UHVWDXUR GH iUHDV XVDQGR R 6LVWHPD GH $UJDPDVVD GH 5HVWDXUR .g67(5 GHYHUi HIHFWXDUVH D LPSHUPHDELOL]DomR FRQWUD D KXPLGDGH DVFHQGHQWH FRQVXOWDU DV VHJXLQWHV ILFKDV WpFQLFDV .g67(5 0DXWURO Š RX .g67(5 &ULVLQ Š 
  • 675.  ,PHGLDWDPHQWH DSyV R IHFKR GRV IXURV FRP .g67(5 .%)L[  UHDOL]DVH R WUDWDPHQWR FRQWUD RV VDLV H R IRUWDOHFLPHQWR GR VXEVWUDWR FRP D DMXGD GH .g67(5 3ROVLO Š 7*  FRQVXPR PtQ  JPð QR FDVR GH VXEVWUDWRV H[WUHPDPHQWH DEVRUYHQWHV DWp  JPð
  • 676.  'LUHFWDPHQWH DSyV LVWR DSOLFDVH D .g67(5 5HVWRUDWLRQ 3ODVWHU .H &RQVXPR DSUR[  NJPð
  • 677. SRU FLPD GD TXDO ± SDVVDGDV PDLV  KRUDV GH WHPSR GH HVSHUD ± DSOLFDVH .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH QXPD RX GXDV FDPDGDV FRP XPD HVSHVVXUD WRWDO GH  FP
  • 678. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  5HGXomR GD IRUPDomR GH iJXD GH FRQGHQVDomR RV VHJXLQWHV SDVVRV GH WUDEDOKR DSyV D DSOLFDomR GR 6LVWHPD .' .g67(5 .' H GHSRLV GD DSOLFDomR GH .g67(5 1%  *UH
  • 679. $ LPSHUPHDELOL]DomR FRQWUD iJXD FRUUHQWH SUHVVXUL]DGD p UHDOL]DGD FRP R 6LVWHPD .' .g67(5 $SUR[  KRUDV DSyV R ILQDO GD LPSHUPHDELOL]DomR DSOLFDVH .g67(5 5HVWRUDWLRQ 3ODVWHU .H 3DVVDGDV PDLV  KRUDV .g67(5 5HVWRUDWLRQ 3ODVWHU .H SRGH VHU UHYHVWLGD FRP .g67(5 5HVWRUDWLRQ 3ODVWHU  :KLWH $ VXSHUItFLH GD DUJDPDVVD GH UHVWDXUR SRGH ± DSyV R DOLVDPHQWR H D FXUD GD DUJDPDVVD ± VHU UHYHVWLGD VHP TXDOTXHU SUHSDUDomR DGLFLRQDO FRP WLQWDV RX SDSpLV GH SDUHGH TXH VHMDP SHUPHiYHLV DR YDSRU GH iJXD $TXDQGR GD LPSHUPHDELOL]DomR FRQWUD iJXD SUHVVXUL]DGD H QmRSUHVVXUL]DGD VHP IXJDV DFWLYDV XVDQGR .g67(5 1%  *UH H .g67(5 3ROVLO Š 7*  D DUJDPDVVD GH UHVWDXUR p DSOLFDGD SRU FLPD GD ~OWLPD FDPDGD GH OHLWDQoD GH VHODJHP TXH DLQGD QmR HVWLYHU VHFD VHP D DSOLFDomR SUpYLD GH XPD DUJDPDVVD GH EDVH &RQVXPR $SUR[  NJPð SRU FP GH HVSHVVXUD GH FDPDGD /LPSH]D GDV IHUUDPHQWDV /LPSDU FRP iJXD LPHGLDWDPHQWH DSyV XWLOL]DomR (PEDODJHP 6DFR GH  NJ $UPD]HQDPHQWR 6H IRU DUPD]HQDGR QXP ORFDO VHFR HP HPEDODJHQV YHGDGDV GH RULJHP R PDWHULDO SRGH VHU DUPD]HQDGR GXUDQWH FHUFD GH  PHVHV 6HJXUDQoD 8VH OXYDV H yFXORV GH SURWHFomR GXUDQWH R SURFHVVDPHQWR GR PDWHULDO
  • 680. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  .g67(5 )LFKD 7pFQLFD 1~PHUR GR DUWLJR (GLomR  GH -DQHLUR   5HVWRUDWLRQ 3ODVWHU &RDW 5HERFR HVSHFLDO GH UHYHVWLPHQWR ILQR SDUD DUJDPDVVDV GH UHSDUDomR &RQWH~GR 2 .267(5 5HVWRUDWLRQ 3ODVWHU &RDW p XPD DUJDPDVVD GH UHERFR SDUD QLYHODPHQWR GH JUDQROXPHWULD PXLWR ILQD GH EDVH GH FLPHQWR SDUD UHYHVWLPHQWR GDV DUJDPDVVDV GH UHVWDXUR .267(5 5HVWRUDWLRQ 3ODVWHU 3HUPHiYHO DR YDSRU GH i JXD H KLGURIyELFR FULD XPD VXSHUItFLH PXLWR OLVD 'DGRV 7pFQLFRV *UDQROXPHWULD 0D[  PP 9DORU 8 DSUR[  &RU EUDQFR &DPSRV GH DSOLFDomR 2 .267(5 5HVWRUDWLRQ 3ODVWHU &RDW p DGHTXDGR SDUD XWLOL]DomR HP LQWHULRUHV SRU FLPD GH DUJDPDVVDV GH UHVWDXUR .267(5 TXDQGR VH SUHWHQGH XPD VXSHUItFLH GH DFDEDPHQWR PXLWR OLVD 3UHSDUDomR GR VXEVWUDWR 2 VXEVWUDWR RQGH DSOLFDU VmR WRGDV DV DUJDPDVVDV GH UHVWDXUR .267(5 5HVWRUDWLRQ 3ODVWHU $V VXSHUItFLHV GHYHP HVWDU OLPSDV VHP SLQWXUDV RX SDSHO GH SDUHGH H RXWURV FRQWDPLQDQWHV TXH SRVVDP DIHFWDU D FDSDFLGDGH GH DGHUrQFLD DR VXSRUWH $SOLFDomR 2 .267(5 5HVWRUDWLRQ 3ODVWHU &RDW p PLVWXUDGR FRP i JXD OLPSD FRP XP FRQVXPR GH DSUR[LPDGDPHQWH  / GH iJ XD SDUD  NJ GH SURGXWR  VDFR
  • 681.  (YLWDU D IRUPDomR GH JUXPRV $ HVSHVVXUD GD FDPDGD GHYHUi VHU GH  D  PP &RQVXPR  NJP SRU PP GH FDPDGD GH HVSHVVXUD /LPSH]D GDV IHUUDPHQWDV &RP iJXD LPHGLDWDPHQWH GHSRLV GH XWLOL]DU (PEDODJHP 6DFR GH  NJ $UPD]HQDPHQWR $UPD]HQH R PDWHULDO QXP ORFDO VHFR H IUHVFR HP HPEDODJHQV YHGDGDV GH RULJHP SRGH VHU DUPD]HQDGR GXUDQWH  PHVHV 3UHFDXo}HV GH VHJXUDQoD 8VDU OXYDV H yFXORV GH SURWHFomR GXUDQWH R SURFHVVDPHQWR GR PDWHULDO 3URGXWRV FLWDGRV .267(5 5HVWRUDWLRQ 3ODVWHUV $UW 1R  ± 
  • 682. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & 723(&$ VLOLWRS EDUUHLUD WUDWDPHQWRV GH KXPLGDGH EDUUHLUD j KXPLGDGH SRU DVFHQVmR FDSLODU XWLOL]DomR VXSRUWH 6LOLWRS %DUUHLUD p XP SURGXWR SDUD LQMHFWDU HP SDUHGHV FRP SUREOHPDV GH KXPLGDGH ‡ ¬ EDVH GH FLPHQWR SRU DVFHQVmR FDSLODU SHGUD H DOYHQDULD 6LOLWRS %DUUHLUD SRGH VHU DSOLFDGR VREUH TXDOTXHU WLSR GH PDWHULDO GH FRQVWUXomR SH[ DOYHQDULD GH WLMROR WLMRORV PDFLoRV SHGUD H PDWHULDLV j EDVH GH FLPHQWR HWF 2 6LOLWRS %DUUHLUD IRUPD XPD EDUUHLUD TXtPLFD TXH LUi FRQWURODU GHWHU D SDVVDJHP YHUWLFDO GH KXPLGDGH SURYHQLHQWH GR VROR (VWD EDUUHLUD TXtPLFD LUi HYLWDU R DSDUHFLPHQWR GH HIORUHVFrQFLDV VDLV KLJURVFySLRV QD VXSHUItFLH GDV SDUHGHV H HYLWDU GDQRV QRV SURGXWRV GH DFDEDPHQWR 6LOLWRS %DUUHLUD SHQHWUD QRV VXSRUWHV PHVPR QDTXHOHV TXH DSUHVHQWDP QtYHLV GH KXPLGDGH HOHYDGRV ! 
  • 683.  2 KLGURIXJDQWH HQWUD QRV FDSLODUHV PDLV ILQRV SHQHWUDQGR LQGHSHQGHQWHPHQWH GD HVSHVVXUD GD SDUHGH 6LOLWRS %DUUHLUD UHVLVWH DRV UDLRV 89 H j IRUPDomR GH VDLV WDLV FRPR QLWUDWRV VXOIDWRV H FORUHWRV $SOLFDomR IiFLO H VHP QHFHVVLGDGH GH PmRGHREUD HVSHFLDOL]DGD 1mR QHFHVVLWD GH DSOLFDomR FRP HTXLSDPHQWRV GH SUHVVmR $SOLFDGR VLPSOHVPHQWH SRU JUDYLGDGH 723(&$ /GD  5XD GR 0RVTXHLUR   &HUFDO ± 2XUpP  32578*$/ 4 7HO   ±     )D[   ±     ZZZWRSHFDSW  JHUDO#WRSHFDSW
  • 684. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  VLOLWRS EDUUHLUD EDUUHLUD j KXPLGDGH SRU DVFHQVmR FDSLODU UHFRPHQGDo}HV 1mR XWLOL]DU FRPR MXQWD KHUPpWLFD j iJXD GH SUHVVmR 9HQWLODU R ORFDO GXUDQWH DOJXQV GLDV $ EDUUHLUD TXtPLFD GHYH VHU H[HFXWDGD VHPSUH HP DOYHQDULDV IRUD GD WHUUD (P DOYHQDULDV SDUFLDOPHQWH HQWHUUDGDV D LQWHUYHQomR GH VDQHDPHQWR WHUi TXH VHU VHPSUH H[HFXWDGD DFLPD GR QtYHO GR WHUUHQR FHUFD GH  FP $ LQWHUYHQomR GH VDQHDPHQWR SRGHUi VHU UHDOL]DGD WDQWR GR ODGR LQWHULRU FRPR H[WHULRU (P SDUHGHV GH HOHYDGD HVSHVVXUD p DFRQVHOKiYHO D H[HFXomR GH IXURV HP DPERV RV ODGRV $V SHUIXUDo}HV GHYHP VHU HIHFWXDGDV QDV MXQWDV XPD YH] TXH D GLVSHUVmR GR 6LOLWRS %DUUHLUD p PDLV HIHFWLYD SRU HVWDV WHUHP PDLRU DFWLYLGDGH FDSLODU 3DUD SHUIXUDo}HV SURIXQGDV !FP
  • 685. DFRQVHOKDVH FRPHoDU FRP XPD EURFD GH FRPSULPHQWR FXUWR H VXEVWLWXtOD VXFHVVLYDPHQWH SRU EURFDV LQWHUPpGLDV DWp REWHU R FRPSULPHQWR ILQDO GHVHMDGR (P VXSRUWHV SLQWDGRV GHYH UHPRYHU WRGD D SLQWXUD QmR DGHUHQWH $QWHV GH ID]HU D SHUIXUDomR GHYHUi FHUWLILFDUVH GD SDVVDJHP GH WXEDJHQV WUDWDPHQWRV GH KXPLGDGH FRPSRVLomR H FDUDFWHUtVWLFDV &RPSRVLomR 0DWHULDLV GH LPSUHJQDomR UHVLQDV VLQWpWLFDV &DUDFWHUtVWLFDV /LYUH GH VXEVWkQFLDV Wy[LFDV 0DVVD YRO~PLFD  NJ  P  9LVFRVLGDGH PP  V S+  3RQWR GH ,QIODPDomR  ž& FRU $PDUHOR FRQVXPR  / 6LOLWRS %DUUHLUDPOLQHDU QmR GLOXtGR
  • 686.  FRQVLGHUDQGR XPD SDUHGH FRP FP GH HVSHVVXUD 'HSHQGHQGR GD HVSHVVXUD GD SDUHGH H GR WLSR GH PDWHULDO TXH D FRQVWLWXL DSUHVHQWDomR %LGRQ /  / FRQVHUYDomR  PHVHV HP HPEDODJHP IHFKDGD H DR DEULJR GD KXPLGDGH H GR VRO 723(&$ /GD  5XD GR 0RVTXHLUR   &HUFDO ± 2XUpP  32578*$/ 4 7HO   ±     )D[   ±     ZZZWRSHFDSW  JHUDO#WRSHFDSW
  • 687. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & '5,=252
  • 688. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 689. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 690. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & +XPLGDGH DVFHQVLRQDO ± 5HYHVWLPHQWR FRP FDUDFWHUtVWLFDV HVSHFLDLV & :(%(5 ZHEHUGU VDQH± 3iJ  ZHEHUGU VDQH 87,/,=$d®(6 5HERFR SDUD R WUDWDPHQWR GH SDUHGHV FRP SUREOHPDV GH KXPLGDGH SRU DVFHQVmR FDSLODU H VDOLWUH /,0,7(6 '( 87,/,=$d­2 1mR DSOLFDU VREUH $OYHQDULDV LPHUVDV $OYHQDULDV GH EORFRV GH EHWmR FHOXODU $OYHQDULDV ILVVXUDGDV VHP WUDWDPHQWR 1mR DSOLFDU HP ORFDLV VHP YHQWLODomR SDUD HYLWDU FRQGHQVDo}HV 1mR UHYHVWLU FRP PDWHULDLV SRXFR SHUPHiYHLV DR YDSRU GH iJXD SLQWXUDV SOiVWLFDV HVPDOWHV «
  • 691. 1mR DSOLFDU HP VXSHUItFLHV KRUL]RQWDLV RX LQFOLQDGDV &20326,d­2 /LJDQWHV KLGUiXOLFRV DUHLDV VLOLFLRVDV FDUJDV FDOFiULDV H OLJHLUDV DGMXYDQWHV HVSHFtILFRV H SLJPHQWRV PLQHUDLV &$5$&7(5Ë67,&$6 '( 87,/,=$d­2 ,QWHUYDOR GH WHPSR HQWUH R FKDSLVFR H  FDPDGD  D  GLDV QR Pi[LPR ,QWHUYDOR GH WHPSR DQWHV GH UHYHVWLU  GLDV QR PtQLPR (VSHVVXUDV GH DSOLFDomR QDV MXQWDV GH DOYHQDULD  D  PP HP ]RQDV ORFDOL]DGDV
  • 692.  (VSHVVXUDV GH DSOLFDomR D SDUWLU GR QX GH DOYHQDULD PP QR PtQLPR H  PP QR Pi[LPR HP ]RQDV FRUUHQWHV 02')7  
  • 693. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  ZHEHUGU VDQH± 3iJ  35(67$d®(6 'HQVLGDGH GR SURGXWR DPDVVDGR  DSUR[ 5HWUDFomR  PPP $GHUrQFLD!  03D NJFP 
  • 694. &DSLODULGDGH JGP  PLQ ò 0yGXOR GH HODVWLFLGDGH    03D 5HVLVWrQFLD j WUDFomRIOH[mR DSUR[LPDGDPHQWH 03D 2V UHVXOWDGRV IRUDP REWLGRV HP HQVDLRV GH ODERUDWyULR H SRGHP YDULDU HP IXQomR GDV FRQGLo}HV GH DSOLFDomR 35(3$5$d­2 '2 683257( (OLPLQDU WRWDOPHQWH RV UHERFRV H SLQWXUDV H[LVWHQWHV DWp FHUFD GH FP DFLPD GR H[WUHPR VXSHULRU GD PDQFKD SURGX]LGD SHOD KXPLGDGH DVFHQGHQWH H RV VDLV 3DUD HOLPLQDU RV PLFURUJDQLVPRV XWLOL]DU XPD VROXomR GH iJXD FRP iFLGR PXUHiWLFR 
  • 695.  3DUD HOLPLQDU UHVtGXRV GH PLFURRUJDQLVPRV FRPR PXVJRV RX OtTXHQHV XVDU NOLQRU DQWLPRXVVH 3UHHQFKHU RV EXUDFRV QD DOYHQDULD FRP DUJDPDVVD ZHEHUGU VDQH EHP FRPR DV MXQWDV GHIHLWXRVDV $3/,&$d­2 $SOLFDU XP FKDSLVFR GH DGHUrQFLD FRP ZHEHUGU VDQH HQULTXHFLGR FRP LERIRQ  GH iJXD  LERIRQ
  • 696. H GHL[DU VHFDU  KRUDV $PDVVDU ZHEHUGU VDQH FRP  D  OLWURV GH iJXD SRU VDFR DWp FRQVHJXLU XPD PLVWXUD KRPRJpQHD $SOLFDU FRP FROKHU VREUH R VXSRUWH K~PLGR QmR HPSDSDGR
  • 697.  $ HVSHVVXUD GHYH VHU GH FP QR PtQLPR HP WRGRV RV SRQWRV 5HDOL]DU R DFDEDPHQWR FRP WDORFKD ORJR TXH ZHEHUGU VDQH WHQKD DGTXLULGR D FRQVLVWrQFLD QHFHVViULD  D  KRUDV DSyV GD DSOLFDomR ZHEHUGU VDQH SRGH ILFDU Q~ RX VHU UHYHVWLGR FRP PDWHULDLV WUDQVSLUiYHLV DSyV SHOR PHQRV  GLDV GHSRLV GD DSOLFDomR 5(&20(1'$d®(6 3DUD REWHU XP PHOKRU UHVXOWDGR WUDWDU RV GRLV ODGRV GD SDUHGH DIHFWDGD 4XDQWR PDLRU IRU D HVSHVVXUD GH ZHEHUGU VDQH PDLV GXUiYHO VHUi D VXD IXQomR GH VDQHDPHQWR DQWLVDOLWUH 5(&20(1'$d®(6 '( 6(*85$1d$ 1$ 87,/,=$d­2 3HOD SUHVHQoD GH FLPHQWR H FDO KLGUDWDGD QD FRPSRVLomR R SURGXWR p FRQVLGHUDGR LUULWDQWH SDUD RV ROKRV YLDV UHVSLUDWyULDV H PXFRVDV &RPR PHGLGD GH SURWHFomR LQGLYLGXDO GHYHP XVDUVH OXYDV QmR DEVRUYHQWHV H YHVWXiULR GH WUDEDOKR TXH HYLWH R FRQWDFWR GR SURGXWR FRP R XWLOL]DGRU 2 XVR GH PiVFDUD GH SURWHFomR GH SRHLUDV VHUi QHFHVViULR FDVR VH IRUPHP QXYHQV GH SRHLUD VLJQLILFDWLYDV 3DUD PDLV LQIRUPDomR FRQVXOWDU ILFKD GH GDGRV GH VHJXUDQoD $V LQGLFDo}HV GH XWLOL]DomR H GDGRV WpFQLFRV VREUH R SURGXWR VmR DSUHVHQWDGRV GH ERD Ip H EDVHLDPVH QD H[SHULrQFLD H FRQKHFLPHQWR DFXPXODGRV HP VLWXDo}HV GH XWLOL]DomR WLSLILFDGDV $V FRQGLo}HV GH DSOLFDomR H XWLOL]DomR SRGHUmR LQIOXHQFLDU R FRPSRUWDPHQWR GR SURGXWR SHOR TXH VHUi DFRQVHOKiYHO UHDOL]DU YHULILFDo}HV H WHVWHV HP FDGD VLWXDomR HVSHFtILFD 02')7 
  • 698. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & 723(&$ 3iJ  WRSHFD VDQH WUDWDPHQWRV GH KXPLGDGH DUJDPDVVD GH VDQHDPHQWR GH DOYHQDULD DQWLJD K~PLGD H FRP VDOLWUH XWLOL]DomR 5HERFR XWLOL]DGR SDUD R WUDWDPHQWR GH SDUHGHV FRP SUREOHPDV GH KXPLGDGH SRU DVFHQVmR FDSLODU H VDOLWUH ,QGLFDGR SDUD D UHQRYDomR GH VXSHUItFLHV FRQWDPLQDGDV FRP VDLV HVWUXWXUDV GH SHGUD RX HP DOYHQDULD FRP HIORUHVFrQFLDV VDOLQDV VXSRUWHV IUiJHLV FRQVWLWXtGRV SRU GLIHUHQWHV PDWHULDLV SHGUD H WLMROR
  • 699.  HQFKLPHQWR GH MXQWDV HQWUH SHGUDV WLMRORV GH DOYHQDULD WLMRORV IDFH j YLVWD 8WLOL]DGR HP UHFXSHUDomR GH HGLItFLRV GHYLGR j VXD FRPSDWLELOLGDGH ItVLFR  PHFkQLFD FRP DV SDUHGHV H[LVWHQWHV ,QWHULRU H H[WHULRU (OHYDGD UHVLVWrQFLD DRV VDLV VRO~YHLV LQFOXLQGR RV VXOIDWRV ÏSWLPD FDSDFLGDGH HP IDYRUHFHU D YHOR] HYDSRUDomR GH iJXD DVFHQGHQWH GDV SDUHGHV JUDoDV j HOHYDGD SRURVLGDGH &RQVXPRV UHGX]LGRV GHYLGR DR VHX EDL[R SHVR WUDGX]LQGRVH QXP PHOKRU FRQIRUWR WpUPLFR $SOLFDGR FRPR UHERFR WUDGLFLRQDO 3RGH ILFDU D Q~ VHP UHYHVWLPHQWR
  • 700.  (OHYDGD GXUDELOLGDGH UHVLVWH DR VDOLWUH VXSRUWH ‡ $OYHQDULD GH WLMROR ‡ 3HGUD ‡ %ORFRV GH %HWmR PDUFDomR &( 5 ± &6,, (XURSHDQ VWDQGDUGV (1 í 723(&$ /GD  5XD GR 0RVTXHLUR   &HUFDO ± 2XUpP  32578*$/ 4 7HO   ±     )D[   ±     ZZZWRSHFDSW  JHUDO#WRSHFDSW
  • 701. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  WRSHFD VDQH DUJDPDVVD GH VDQHDPHQWR GH DOYHQDULD DQWLJD K~PLGD H FRP VDOLWUH UHFRPHQGDo}HV 1mR DSOLFDU VREUH DOYHQDULD VDWXUDGD GH iJXD DOYHQDULDV LPHUVDV DOYHQDULD ILVVXUDGD VHP WUDWDPHQWR DOYHQDULD GH SHGUD FRP MXQWDV PXLWR HVWUHLWDV EHWmR FHOXODU VXSHUItFLHV KRUL]RQWDLV SDYLPHQWRV H HP ORFDLV VHP YHQWLODomR SDUD HYLWDU FRQGHQVDo}HV 4XDQWR PDLRU D LPSRUWkQFLD GR VDQHDPHQWR PDLRU GHYHUi VHU D HVSHVVXUD GH 7RSHFD 6DQH 6HPSUH TXH SRVVtYHO WUDWDU DV GXDV IDFHV GH XPD SDUHGH K~PLGD H FRP VDOLWUH SDUD REWHU PHOKRUHV UHVXOWDGRV 1mR UHYHVWLU 7RSHFD 6DQH FRP UHYHVWLPHQWRV SRXFR SHUPHiYHLV DR YDSRU FRPR SRU H[HPSOR HVPDOWHV 7UDWDU FRP 7RSHFD 6DQH (P PRUDGLDV WRGR R SDLQHO (P SUpGLRV GH  RX PDLV DQGDUHV DWp DR ž QtYHO LQFOXVLYH
  • 702.  4XDQGR XWLOL]DU 7RSQHW QD OLPSH]D GRV VXSRUWHV GHYHUi JDUDQWLU D VXD WRWDO QHXWUDOL]DomR XWLOL]DQGR SDUD HVVH HIHLWR iJXD HP DEXQGkQFLD 1mR DGLFLRQDU QHQKXP WLSR GH SURGXWRV 7RSHFD 6DQH QRPHDGDPHQWH FLPHQWR JHVVR RX FDO 1mR DSHUWDU GHPDVLDGR D VXSHUItFLH FRP 7RSHFD 6DQH HP IUHVFR D TXDQGR GR DFDEDPHQWR SDUD HYLWDU R EORTXHLR GRV SRURV 1mR UHYHVWLU R 7RSHFD 6DQH FRP UHYHVWLPHQWRV TXH EORTXHLHP DV WURFDV JDVRVDV 3iJ  WUDWDPHQWRV GH KXPLGDGH FRPSRVLomR H FDUDFWHUtVWLFDV &RPSRVLomR /LJDQWHV KLGUiXOLFRV FRPSRVWRV GH VtOLFD FDUJDV DOLJHLUDGDV H DGMXYDQWHV HVSHFtILFRV &DUDFWHUtVWLFDV 7HPSR GH HVSHUD SDUD UHYHVWLU  GLDV LQWHUYDOR GH WHPSR SDUD SLQWXUD
  • 703.  7HPSR HQWUH VDOSLFR H D FDPDGD GH 7RSHFD 6DQH  GLD (VSHVVXUD GH DSOLFDomR  FP 7HPSHUDWXUD GH $SOLFDomR HQWUH ž H ž & 0DVVD YRO~PLFD GD 3DVWD   NJP  0DVVD YRO~PLFD GR 3URGXWR (QGXUHFLGR  NJP  5HVLVWrQFLD j )OH[mR !  1PP  5HVLVWrQFLD j &RPSUHVVmR !  1PP  $EVRUomR GH iJXD SRU FDSLODULGDGH • NJP  DSyV  KRUDV
  • 704. &RHI SHUPHDELOLGDGH DR YDSRU GH iJXD ”— &RQGXWLYLGDGH WpUPLFD Ȝ  :P. 1RWD (VWHV UHVXOWDGRV IRUDP REWLGRV HP ODERUDWyULR VHJXQGR DV HVSHFLILFDo}HV GD QRUPD (1  HP FRQGLo}HV QRUPDOL]DGDV SRGHQGR YDULDU FRP D GLPLQXLomR RX DXPHQWR GD WHPSHUDWXUD H FRP R WLSR GH VXSRUWH FRU (VYHUGHDGR FRQVXPR  .JP  SRU FP GH HVSHVVXUD DSUHVHQWDomR 6DFR GH  .J 3DOHWH FRP  VDFRV FRQVHUYDomR  DQR HP HPEDODJHP IHFKDGD H DR DEULJR GD KXPLGDGH 723(&$ /GD  5XD GR 0RVTXHLUR   &HUFDO ± 2XUpP  32578*$/ 4 7HO   ±     )D[   ±     ZZZWRSHFDSW  JHUDO#WRSHFDSW
  • 705. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3iJ  WRSHFD VDQH WUDWDPHQWRV GH KXPLGDGH DUJDPDVVD GH VDQHDPHQWR GH DOYHQDULD DQWLJD K~PLGD H FRP VDOLWUH SUHSDUDomR GH VXSRUWH 2V VXSRUWHV SRGHP HVWDU K~PLGRV QmR HQFKDUFDGRV
  • 706.  ILUPHV H OLPSRV (OLPLQDU D WRWDOLGDGH GRV UHERFRV H[LVWHQWHV H QmR DGHUHQWHV SLQWXUDV H KLGUyIXJR (OLPLQDU RV PLFURUJDQLVPRV IXQJRV H ERORUHV
  • 707. FRP 7RSQHW 5HWLUDUHOLPLQDU RV VDLV GH VDOLWUH H DV SDUWHV QmR DGHUHQWHV DWp HQFRQWUDU VXSRUWH ILUPH 6REUH SHGUDV SRXFR UHVLVWHQWHV RX DOYHQDULD GH YiULRV PDWHULDLV FRORFDU XPD UHGH JDOYDQL]DGD RX LQFRUSRUDU UHGH GH ILEUD GH YLGUR PDOKD [PP
  • 708. IL[DQGRD VROLGDPHQWH FRP SUHJRV WUDWDGRV FRQWUD D FRUURVmR 6REUH VXSRUWHV VHFRV H PXLWR DEVRUYHQWHV KXPHGHFHU SUHYLDPHQWH H DSOLFDU XP VDOSLFR )D]HU XP VDOSLFR FRP 7RSHFD 6DQH HQULTXHFLGR FRP /DWH[ 7RSHFD  iJXD  /DWH[ 7RSHFD
  • 709.  5HJXODUL]DU SUHYLDPHQWH RV EXUDFRV H[LVWHQWHV QD DOYHQDULD EHP FRPR DV MXQWDV GHIHLWXRVDV (P VXSRUWHV FRP IRUWH SUHVHQoD GH VDLV SURFHGHU j UHPRomR GR UHYHVWLPHQWR H[LVWHQWH DWp SHOR PHQRV  FP DFLPD GD ]RQD FRP SUREOHPDV GH KXPLGDGH $SyV UHPRomR GR UHYHVWLPHQWR QmR DGHUHQWH SURFHGHU j ODYDJHP GD VXSHUItFLH DSOLFDomR $PDVVDU 7RSHFD 6DQH FRP FHUFD GH  OLWURV GH iJXD SRU VDFR DWp FRQVHJXLU XPD PDVVD GH FRQVLVWrQFLD SOiVWLFD $ DSOLFDomR SRGH VHU PDQXDO RX j PiTXLQD $ HVSHVVXUD GHYH VHU GH FP QR PtQLPR HP WRGRV RV SRQWRV 5HJXODUL]DU FRP UpJXD 2 7RSHFD 6DQH SRGH ILFDU D Q~ 1HVWH FDVR SURFHGHU DR DFDEDPHQWR GR 7RSHFD 6DQH FRP WDORFKD ORJR TXH HVWH WHQKD DGTXLULGR D FRQVLVWrQFLD QHFHVViULD HQWUH  D  KRUDV GHSRLV GH DSOLFDGR $ HVSHVVXUD GHYH VHU GH PP &DVR SUHWHQGD UHYHVWLU FRP SLQWXUD GHYH ID]rOR TXDQGR R 7RSHFD 6DQH HVWLYHU FRPSOHWDPHQWH VHFR 8WLOL]DU SDUD HVVH ILP XPD WLQWD j EDVH GH VLOLFDWRV 723(&$ /GD  5XD GR 0RVTXHLUR   &HUFDO ± 2XUpP  32578*$/ 4 7HO   ±     )D[   ±     ZZZWRSHFDSW  JHUDO#WRSHFDSW
  • 710. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & 6,.$ &RQVWUXFWLRQ )LFKD GH 3URGXWR (GLomR GH $EULO GH  1ž GH LGHQWLILFDomR  9HUVmR Qž  6LND7RSŠ 6HDO 6LND7RSŠ 6HDO $UJDPDVVD GH LPSHUPHDELOL]DomR j EDVH GH FLPHQWR 'HVFULomR GR 6LND7RS Š 6HDO p XPD DUJDPDVVD LPSHUPHDELOL]DQWH ELFRPSRQHQWH j EDVH GH XPD PLVWXUD GH FLPHQWRV TXH LQFRUSRUD SROtPHURV PRGLILFDGRV H DGLWLYRV HVSHFLDLVSURGXWR DSURYDGR SDUD FRQWDFWR FRP iJXD SRWiYHO 8WLOL]Do}HV 6LND7RS Š 6HDO  SRGH XWLOL]DUVH HP ,PSHUPHDELOL]DomR QR H[WHULRU H LQWHULRU GH HVWUXWXUDV GH EHWmR DUJDPDVVDV GH FLPHQWR DOYHQDULD GH WLMROR H EORFRV GH EHWmR 3URWHFomR GH HVWUXWXUDV GH EHWmR FRQWUD RV HIHLWRV GRV VDLV GH GHJHOR H RV FLFORV GH JHOR H GHJHOR ,PSHUPHDELOL]DomR UtJLGD GH FDYHV RX SDUHGHV HQWHUUDGDV HP FRQWUXomR QRYD RX UHDELOLWDomR 6HODJHP GH SRURV H FDYLGDGHV 5HSDUDomR GH SHTXHQDV ILVVXUDV HP HVWUXWXUDV GH EHWmR QmR VXMHLWDV D PRYLPHQWRV 5HJXODUL]DomR GH EHWmR HP WUDEDOKRV GH UHSDUDomR ,PSHUPHDELOL]DomR GH GHSyVLWRV GH iJXD SRWiYHO &DUDFWHUtVWLFDV 9DQWDJHQV )iFLO GH PLVWXUDU H DSOLFDU FRP EURFKD RX FRP HVSiWXOD ILQD 1mR UHTXHU DGLomR GH iJXD &RPSRQHQWHV SUpGRVHDGRV $SOLFDomR PDQXDO RX SRU SURMHFomR PHFkQLFD 0LVWXUD IiFLO H UiSLGD 7UDYD D SURJUHVVmR GD FDUERQDWDomR ([FHOHQWH DGHUrQFLD VREUH EDVHV VmV ,PSHUPHiYHO j iJXD SHUPHiYHO DR YDSRU GH iJXD 1mR p FRUURVLYR QHP LQIODPiYHO QHP Wy[LFR 5HSLQWiYHO $SWR SDUD FRQWDFWR FRP DJXD SRWiYHO &HUWLILFDGRV 2 SURGXWR FXPSUH FRP RV FULWpULRV GR 'HF /HL Qž  H D QRUPD %6  %ROHWLQV GH (QVDLR ³0DWHULDLV HP FRQWDFWR FRP iJXD GHVWLQDGD D FRQVXPR KXPDQR´ GH DFRUGR FRP R %ROHWLP GH (QVDLR Qž /$% GD (3$/  (PSUHVD 3RUWXJXHVD GDV ÈJXDV /LYUHV 6$ 2 SURGXWR FXPSUH DV H[LJrQFLDV GH PLJUDo}HV HVSHFtILFDV GHQWUR GRV OLPLWHV LQGLFDGRV QD OHL HVSDQKROD 5HDO 'HFUHWR   %2( GH  GH -DQHLUR  VHJXQGR HQVDLR UHDOL]DGR QR ODERUDWyULR FHUWLILFDGR ³2ILFLQD 7pFQLFD GH (VWXGRV H &RQWUROHV -RDTXtQ 5LHUD 7XHEROV 6$´
  • 711.  2 SURGXWR p IDEULFDGR FRP PDWpULDVSULPDV LQFOXtGDV QDV OLVWDV GH VXEVWkQFLDV SHUPLWLGDV SDUD R IDEULFR GH PDWHULDLV H REMHFWRV SOiVWLFRV GHVWLQDGRV D HQWUDU HP FRQWDFWR FRP iJXD SRWiYHO VHJXQGR R 5HDO 'HFUHWR   %2( GH  )HYHUHLUR GH  &HUWLILFDGR GD ³%ULWLVK %RDUG RI $JUHHPHQW´ Qž  'DGRV GR SURGXWR $VSHFWR  &RU &RPSRQHQWH $ /tTXLGR EUDQFR &RPSRQHQWH % 3y FLQ]HQWR $UJDPDVVD IUHVFD &LQ]HQWR FODUR
  • 712. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )RUQHFLPHQWR (P ORWHV SUpGRVHDGRV GH  NJ $%
  • 713.  $UPD]HQDJHP H 2 SURGXWR FRQVHUYDVH GXUDQWH  PHVHV D SDUWLU GD GDWD GH IDEULFR QD HPEDODJHP FRQVHUYDomR RULJLQDO QmR HQFHWDGD $UPD]HQDU HP ORFDO VHFR H DR DEULJR GD OX] VRODU GLUHFWD 'DGRV WpFQLFRV %DVH TXtPLFD &RPSRQHQWH $ $GLWLYRV H SROtPHURV OtTXLGRV &RPSRQHQWH % &LPHQWR SRUWODQG FRP DJUHJDGRV VHOHFFLRQDGRV H DGLWLYRV 0DVVD YRO~PLFD $SUR[  NJGP  DUJDPDVVD IUHVFD
  • 714.  (VSHVVXUD GD FDPDGD 0tQLPR  PP  0i[LPR  PP &RHILFLHQWH GH GLODWDomR  [   ž& WpUPLFD &RHILFLHQWH GH GLIXVmR —&2  DSUR[  DR GLy[LGR GH FDUERQR &RHILFLHQWH GH GLIXVmR —+2  DSUR[  DR YDSRU GH iJXD 3URSULHGDGHV ItVLFDV  0HFkQLFDV 5HVLVWrQFLD j (1 
  • 715. FRPSUHVVmR  GLDV $SUR[  1PP   GLDV $SUR[  1PP  5HVLVWrQFLD j IOH[RWUDFomR (1 
  • 716.  GLDV $SUR[  1PP   GLDV $SUR[  1PP  5HVLVWrQFLD j WUDFomR ',1 
  • 717. &XUD HP iJXD DRV  GLDV
  • 718. $SUR[  1PP  &XUD DU DU DRV  GLDV
  • 719. $SUR[  1PP  7HQVmR GH DGHUrQFLD $SUR[  D  1PP  UXSWXUD SHOR EHWmR
  • 720.  (1 
  • 721. 0yGXOR GH HODVWLFLGDGH ( $SUR[  1PP  HVWiWLFR
  • 722.  ,QIRUPDomR VREUH R VLVWHPD 3RUPHQRUHV GH DSOLFDomR &RQVXPR 'RVDJHP 2 FRQVXPR GHSHQGH GD UXJRVLGDGH GD EDVH GD VXD SODQLPHWULD H GD HVSHVVXUD GH FDPDGD DSOLFDGD &RQVXPR RULHQWDWLYR p DSUR[  NJP  PP H[FOXtQGR SHUGDV H VREUHFRQVXPRV GHYLGRV j SRURVLGDGH GD EDVH
  • 723.   FRQMXQWR GH  NJ Gi DSUR[LPDGDPHQWH  OLWURV GH DUJDPDVVD 6LND7RSŠ 6HDO 
  • 724. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  4XDOLGDGH GD EDVH $ EDVH GHYH HVWDU OLPSD Vm LVHQWD GH SDUWtFXODV HP GHVDJUHJDomR OHLWDQoDV VXSHUILFLDLV LVHQWD GH JRUGXUDV yOHRV H SLQWXUDV $ UHVLVWrQFLD j WUDFomR GR EHWmR ³SXOO RII´
  • 725. GHYH VHU !  1PP   3UHSDUDomR GD EDVH *HUDO $ EDVH GHYH VHU SUHSDUDGD FRP UHFXUVR D PHLRV PHFkQLFRV MDFWR GH iJXD GH DOWD SUHVVmR MDFWR GH DUHLD HWF
  • 726.  H GHYLGDPHQWH SUpKXPHGHFLGD FRP XP DVSHFWR ³VDWXUDGR VHFR´ 3DUD QLYHODPHQWR DOLVDPHQWR GH SRURV /LPSH]D D MDFWR DEUDVLYR GH PRGR D UHPRYHU WRGRV RV FRQWDPLQDQWHV LQFOXLQGR QR LQWHULRU GH SRURV H YD]LRV
  • 727.  $UJDPDVVD GH QLYHODPHQWR 'HYHP HVWDU OLPSR H DSUHVHQWDU DOJXPD UXJRVLGDGH XVDQGR SDUD R HIHLWR SUHIHUHQFLDOPHQWH PHLRV PHFkQLFRV MDFWR GH iJXD GH DOWD SUHVVmR MDFWR GH DUHLD HWF
  • 728.  GH IRUPD D IDYRUHFHU D DGHUrQFLD GR SURGXWR DR VXEVWUDWR H D HOLPLQDU RV FRQWDPLQDQWHV TXH H[LVWDP j VXSHUItFLH OHLWDGDV UHYHVWLPHQWRV HWF
  • 729.  &RQGLo}HV GH DSOLFDomR /LPLWDo}HV 7HPSHUDWXUD GD EDVH 0tQLPD  ž&  0i[LPD  ž& 7HPSHUDWXUD DPELHQWH 0tQLPD  ž&  0i[LPD  ž& ,QVWUXo}HV GH DSOLFDomR 5HODomR GH PLVWXUD  SDUWHV HP SHVR &RPS $  %
  • 730. $SOLFDomR D SLQFHO RX PHFDQLFDPHQWH  SDUWHV HP SHVR &RPS $  %
  • 731. $SOLFDomR j HVSiWXOD 0LVWXUD $JLWDU SUHYLDPHQWH R FRPSRQHQWH $ OtTXLGR
  • 732.  9D]DU DSUR[LPDGDPHQWH PHWDGH GR FRPSRQHQWH $ SDUD XP UHFLSLHQWH GH ERFD ODUJD H XWLOL]DQGR GH SUHIHUrQFLD XP PLVWXUDGRU HOpFWULFR GH EDL[D YHORFLGDGH Pi[  USP
  • 733.  DGLFLRQDU DRV SRXFRV R FRPSRQHQWH % Sy
  • 734.  DWp REWHU XPD PDVVD KRPRJpQHD H DVSHFWR XQLIRUPH $SOLFDomR $UJDPDVVD IOXtGD $SOLFDU D PLVWXUD GH 6LND7RS Š 6HDO  SRU SURMHFomR PHFkQLFD RX PDQXDOPHQWH FRP EURFKD $SOLFDU QD PHVPD GLUHFomR $SOLFDU D VHJXQGD FDPDGD QD GLUHFomR SHUSHQGLFXODU j SULPHLUD DVVLP TXH HVWD VH HQFRQWUH HQGXUHFLGD $UJDPDVVD 4XDQGR 6LND7RS Š 6HDO  p DSOLFDGR j FROKHU H[ SDUD DOLVDPHQWR GH VXSHUItFLH
  • 735.  GHYH VHU IHLWD XPD UHGXomR GH  QD GRVDJHP GR FRPSRQHQWH $ a$%
  • 736.  $SOLFDU D VHJXQGD FDPDGD DVVLP TXH D SULPHLUD FDPDGD VH HQFRQWUH HQGXUHFLGD 3DUD VHODJHP GH SRURV DOLVDPHQWR SDVVDU FRP WDORFKD UtJLGD PHWDO
  • 737. SDUD VHODJHP GRV SRURV i VXSHUItFLH /LPSH]D GH IHUUDPHQWDV /LPSDU WRGDV DV IHUUDPHQWDV H HTXLSDPHQWR FRP iJXD LPHGLDWDPHQWH DSyV D XWLOL]DomR 0DWHULDO FXUDGRHQGXUHFLGR Vy SRGH VHU UHPRYLGR PHFDQLFDPHQWH 7HPSR GH YLGD ~WLO GD PLVWXUD SRWOLIH
  • 738. $SUR[  PLQXWRV D  ž& 1mR SUHSDUDU TXDQWLGDGHV PDLRUHV TXH DV TXH p SRVVtYHO DSOLFDU GHQWUR GHVWH SHUtRGR 6LND7RSŠ 6 HDO 
  • 739. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RQVWUXFWLRQ ,QWHUYDOR HQWUH FDPDGDV  ž& $SUR[  KRUDV  ž& $SUR[  KRUDV  ž& $SUR[  KRUDV 6H R WHPSR GH HVSHUD HQWUH FDPDGDV IRU VXSHULRU D  KRUDV HQWmR GHYH ID]HUVH XPD OLJHLUD OLPSH]D GD VXSHUItFLH SRU DEUDVmR DQWHV GH SURVVHJXLU 6LND7RS Š 6HDO  SRGH VHU UHSLQWDGR FRP SURGXWRV EDVH VROYHQWH 6LND7RS Š 6HDO  GHYH HQGXUHFHU SHOR PHQRV  GLDV DQWHV GD UHSLQWXUD ,PSRUWDQWH 2 6LND7RS Š 6HDO  QmR p XP UHYHVWLPHQWR GHFRUDWLYR (P WHPSR FRP KXPLGDGH UHODWLYD DOWD RX TXDQGR FKRYH SRGHP DSDUHFHU OLJHLUDV PDQFKDV PDQFKDV HVVDV TXH QmR DIHFWDP D TXDOLGDGH GR SURGXWR (YLWDU DSOLFDU R SURGXWR VRE DFomR GLUHFWD GD OX] VRODU  YHQWR IRUWH 1mR DGLFLRQDU iJXD DOpP GD GRVDJHP QHFHVViULD HP FDVR DOJXP $SOLFDU VREUH D EDVH Vm SUHYLDPHQWH SUHSDUDGD QmR H[FHGHQGR D HVSHVVXUD Pi[LPD SRU FDPDGD UHFRPHQGDGD (P WUDEDOKRV GH LPSHUPHDELOL]DomR DSOLFDU VHPSUH GXDV FDPDGDV FRP XPD HVSHVVXUD PpGLD GH  D  PP (P ]RQDV GH IRUWHV LQILOWUDo}HV DSOLFDU  FDPDGDV GR SURGXWR 3URWHJHU D DUJDPDVVD IUHVFD GD FKXYD VDOSLFRV H JHDGD 6LND7RS Š 6HDO  QmR p XP UHYHVWLPHQWR WUDQVLWiYHO SDUD HVVH HIHLWR GHYH XVDU VH DUJDPDVVD DGLWLYDGDV FRP 6LNDODWH[ 3DUD IL[Do}HV RX DQFRUDJHQV WHU FXLGDGR FRP D IUDJLOL]DomR GR UHYHVWLPHQWR XVDQGR SDUD LVWR SRU H[ R 6LNDGXU Š  &) RX R 6LNDIOH[ Š )& 2V FHUWLILFDGRV GR SURGXWR SDUD FRQWDFWR FRP iJXD SRWiYHO REWHYHVH FRP XPD UHODomR GH &RPSRQHQWH $&RPSRQHQWH %  ORJR QmR VH DSOLFDP TXDQGR VH YDULD D UHODomR GRV FRPSRQHQWHV &XUD e HVVHQFLDO SURWHJHU 6LND7RS Š 6HDO  LPHGLDWDPHQWH DSyV DSOLFDomR GXUDQWH XP SHUtRGR GH  D  GLDV GH PRGR D DVVHJXUDU D FRPSOHWD KLGUDWDomR GR FLPHQWR H DVVLP PLQRUDU D ILVVXUDomR 8VDU ILOPH GH SROLHWLOHQR RX PpWRGRV VHPHOKDQWHV FRPSURYDGRV 1RWD 7RGRV RV GDGRV WpFQLFRV UHIHULGRV QHVWD )LFKD GH 3URGXWR VmR EDVHDGRV HP HQVDLRV ODERUDWRULDLV 5HVXOWDGRV REWLGRV QRXWUDV FRQGLo}HV SRGHP GLYHUJLU GRV DSUHVHQWDGRV GHYLGR D FLUFXQVWkQFLDV TXH QmR SRGHPRV FRQWURODU 5LVFR H VHJXUDQoD 0HGLGDV GH VHJXUDQoD 3DUD LQIRUPDo}HV FRPSOHPHQWDUHV VREUH R PDQXVHDPHQWR DUPD]HQDJHP H HOLPLQDomR GH UHVtGXRV GR SURGXWR FRQVXOWDU D UHVSHFWLYD )LFKD GH 'DGRV GH 6HJXUDQoD H R UyWXOR GD HPEDODJHP 2 SURGXWR HVWi VHJXUR QD & 6HJXURV ;/ ,QVXUDQFH 6ZLW]HUODQG $SyOLFH Qž&+/,$
  • 740.  D WtWXOR GH UHVSRQVDELOLGDGH FLYLO GR IDEULFDQWH  $ LQIRUPDomR H HP SDUWLFXODU DV UHFRPHQGDo}HV UHODFLRQDGDV FRP DSOLFDomR H XWLOL]DomR ILQDO GRV SURGXWRV 6LND VmR IRUQHFLGDV HP ERD Ip H EDVHDGDV QR FRQKHFLPHQWR H H[SHULrQFLD GRV SURGXWRV VHPSUH TXH GHYLGDPHQWH DUPD]HQDGRV PDQXVHDGRV H DSOLFDGRV HP FRQGLo}HV QRUPDLV GH DFRUGR FRP DV UHFRPHQGDo}HV GD 6LND 1D SUiWLFD DV GLIHUHQoDV QR HVWDGR GRV PDWHULDLV GDV VXSHUItFLHV H GDV FRQGLo}HV GH DSOLFDomR HP REUD VmR GH WDO IRUPD LPSUHYLVtYHLV TXH QHQKXPD JDUDQWLD D UHVSHLWR GD FRPHUFLDOL]DomR RX DSWLGmR SDUD XP ILP HP SDUWLFXODU QHP TXDOTXHU UHVSRQVDELOLGDGH GHFRUUHQWH GH TXDOTXHU UHODFLRQDPHQWR OHJDO SRGHUmR VHU LQIHULGDV GHVWD LQIRUPDomR RX GH TXDOTXHU UHFRPHQGDomR SRU HVFULWR RX GH TXDOTXHU RXWUD UHFRPHQGDomR GDGD 2 SURGXWR GHYH VHU HQVDLDGR SDUD DIHULU D DGHTXDELOLGDGH GR PHVPR j DSOLFDomR H ILQV SUHWHQGLGRV 2V GLUHLWRV GH SURSULHGDGH GH WHUFHLURV GHYHUmR VHU REVHUYDGRV 7RGDV DV HQFRPHQGDV DFHLWHV HVWmR VXMHLWDV jV QRVVDV FRQGLo}HV GH YHQGD H GH HQWUHJD YLJHQWHV 2V XWLOL]DGRUHV GHYHUmR VHPSUH FRQVXOWDU D YHUVmR PDLV UHFHQWH GD QRVVD )LFKD GH 3URGXWR HVSHFtILFD GR SURGXWR D TXH GL] UHVSHLWR TXH VHUi HQWUHJXH VHPSUH TXH VROLFLWDGD 6LND 3RUWXJDO 6$ 5 GH 6DQWDUpP  7HO       9 1 *DLD )D[      3RUWXJDO ZZZVLNDSW 6LND7RSŠ 6HDO 
  • 741. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & +XPLGDGH GH SUHFLSLWDomR ± ,PSHUPHDELOL]DomR GR SHLWRULO & 6,.$ 3RUWXJDO LPSHUPHDELOL]DQWH
  • 742. &RQVWUXFWLRQ )LFKD GH 3URGXWR (GLomR GH $EULO GH  1ž GH LGHQWLILFDomR  9HUVmR Qž  6LNDJDUGŠ  6 6LNDJDUGŠ  6 ,PSUHJQDomR UHSHOHQWH GH iJXD j EDVH GH VLOR[DQRV 'HVFULomR GR 6LNDJDUG Š  6 p XPD LPSUHJQDomR UHSHOHQWH GH iJXD PRQRFRPSRQHQWH SDUD VXSHUItFLHV DEVRUYHQWHV 3HQHWUD IDFLOPHQWH QRV SRURV DEHUWRV GD VXSHUItFLH SURGXWR SURSRUFLRQDQGR XPD UHSHOrQFLD GH iJXD GXUDGRXUD VHP DOWHUDU D FDSDFLGDGH GH GLIXVmR GH YDSRU GD VXSHUItFLH 6LNDJDUG Š  6 HVWi HP FRQIRUPLGDGH FRP RV UHTXLVLWRV GD QRUPD 13 (1  SDUD LPSUHJQDo}HV KLGURIyELFDV SURIXQGLGDGH GH SHQHWUDomR &ODVVH ,
  • 743.  8WLOL]Do}HV 6LNDJDUG Š  6 p XVDGR FRPR UHSHOHQWH GH iJXD H WUDWDPHQWR LQFRORU SURWHFWRU GH VXSHUItFLH HP PDWHULDLV DEVRUYHQWHV H[SRVWRV FRPR EHWmR DUJDPDVVDV FLPHQWtFLDV EORFRV GH EHWmR ILEURFLPHQWR UHYHVWLPHQWRV FHUkPLFRV QmR YLGUDGRV
  • 744.  SHGUD QDWXUDO WHOKDV FHUkPLFDV QmR YLGUDGDV HWF 6LNDJDUG Š  6 SRGH DLQGD VHU XWLOL]DGR FRPR SULPiULR KLGURIyELFR VRE UHYHVWLPHQWRV GH SURWHFomR GH EDVH VROYHQWH S H[ 6LNDJDUG Š  6
  • 745.  6LNDJDUG Š  6 p XWLOL]DGR FRPR LPSUHJQDomR UHSHOHQWH GH iJXD WUDWDPHQWR KLGURIyELFR
  • 746. SDUD VXSHUItFLHV DEVRUYHQWHV FRPR EHWmR HP REUDV GH DUWH RX HVWUXWXUDV GH EHWmR HP HGLItFLRV 3URWHFomR FRQWUD R LQJUHVVR SULQFtSLR  PpWRGR  GD 13 (1 
  • 747.  &RQWUROR GH KXPLGDGH SULQFtSLR  PpWRGR  GD 13 (1 
  • 748.  $XPHQWR GD UHVLVWLYLGDGH SULQFtSLR  PpWRGR  GD 13 (1 
  • 749.  &DUDFWHUtVWLFDV 5HGX] D DEVRUomR GH iJXD SRU FDSLODULGDGH 9DQWDJHQV 5HGX] R DSDUHFLPHQWR GH HIORUHVFrQFLDV 'LPLQXL D SHQHWUDomR GH SRHLUDV H LPSXUH]DV QRV SRURV VXSHUILFLDLV 0HOKRUD R LVRODPHQWR WpUPLFR 3RGH VHU UHFREHUWR FRP UHYHVWLPHQWRV GH EDVH VROYHQWH S H[ 6LNDJDUG Š 
  • 750.  0DLRU GXUDELOLGDGH H UHVLVWrQFLD TXH RV WUDWDPHQWRV FRQYHQFLRQDLV GH EDVH VLOLFRQH *HUDOPHQWH QmR DOWHUD R DVSHFWR GD VXSHUItFLH RQGH p DSOLFDGR 5HGX] D SHUPHDELOLGDGH DRV L}HV FORUHWR 1mR IRUPD EDUUHLUD GH YDSRU &HUWLILFDGRV &XPSUH FRP RV UHTXLVLWRV GD 13 (1  FODVVH ,
  • 751.  %ROHWLQV GH (QVDLR (QVDLDGR SHOR /30 ± HQVDLR GH TXDOLILFDomR VHJXQGR 6,$  UHODWyULR $ GH $EULO  ± $EVRUomR GH iJXD SURIXQGLGDGH GH SHQHWUDomR UHVLVWrQFLD DRV iOFDOLV GLIXVmR GH YDSRU GH iJXD 'DGRV GR SURGXWR $VSHFWR  &RU /tTXLGR LQFRORU )RUQHFLPHQWR (PEDODJHQV GH  H  OLWURV $UPD]HQDJHP H 2 SURGXWR FRQVHUYDVH GXUDQWH  PHVHV D SDUWLU GD GDWD GH IDEULFR QD HPEDODJHP FRQVHUYDomR RULJLQDO QmR HQFHWDGD D WHPSHUDWXUD Pi[LPD GH  ž& HP ORFDO VHFR H DR DEULJR GD OX] VRODU GLUHFWD 'DGRV WpFQLFRV 6LNDJDUGŠ6 
  • 752. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  %DVH TXtPLFD 0LVWXUD GH VLODQRV H VLOR[DQRV HP VROYHQWH RUJkQLFR 0DVVD YRO~PLFD $SUR[  NJGP  D  ž&
  • 753.  3RQWR GH LQIODPDomR $SUR[  ±  ž& 3URSULHGDGHV ItVLFDV  0HFkQLFDV ,QIRUPDomR VREUH R VLVWHPD (VWUXWXUD GR VLVWHPD  ±  [ 6LNDJDUG Š  6 3RUPHQRUHV GH DSOLFDomR &RQVXPR  'RVDJHP %DVHV GH DEVRUomR QRUPDO $SUR[  ±  NJP  GHPmR  ±  OP  GHPmR
  • 754.  'H IRUPD D DVVHJXUDU XPD PDLRU GXUDELOLGDGH UHFRPHQGDPRV D DSOLFDomR GH SHOR PHQRV  GHPmRV GH 6LNDJDUG Š  6 4XDOLGDGH GD EDVH $ EDVH GHYH DSUHVHQWDUVH LVHQWD GH SRHLUDV yOHR HIORUHVFrQFLDV H TXDOTXHU UHYHVWLPHQWR RX SLQWXUD )LVVXUDV QR EHWmR FRP PDLV GH  *P GHYHP VHU UHSDUDGDV DQWHV GD DSOLFDomR GH 6LNDJDUG Š  6 3UHSDUDomR GD EDVH $ OLPSH]D GD VXSHUItFLH GHYHUi VHU HIHFWXDGD DWUDYpV GH HVFRYDJHP H ODYDJHP FRP GHWHUJHQWH QHXWUR (P DOWHUQDWLYD SRGHUi HIHFWXDUVH XPD ODYDJHP FRP MDFWR GH iJXD RX GH YDSRU 2V PHOKRUHV UHVXOWDGRV REWrPVH TXDQGR D DSOLFDomR p HIHFWXDGD VREUH VXSHUItFLHV VHFDV H EHP DEVRUYHQWHV 1R HQWDQWR 6LNDJDUG Š  6 SRGH VHU DSOLFDGR HP ]RQDV FRP KXPLGDGH UHVLGXDO GHVGH TXH VH DSUHVHQWHP VHFDV VXSHUILFLDOPHQWH H VHP PDQFKDV GH KXPLGDGH &RQGLo}HV GH DSOLFDomR /LPLWDo}HV 7HPSHUDWXUD GD EDVH 0tQLPD  ž&  0i[LPD  ž& 7HPSHUDWXUD DPELHQWH 0tQLPD  ž&  0i[LPD  ž& +XPLGDGH GD EDVH  GH KXPLGDGH UHVLGXDO 0pWRGR GH HQVDLR HTXLSDPHQWR 6LND Š 7UDPH[ RX DQiORJR ,VHQWR GH KXPLGDGH DVFHQGHQWH VHJXQGR $670 IROKD SROLHWLOHQR
  • 755.  ,QVWUXo}HV GH DSOLFDomR 0LVWXUD 6LNDJDUG Š  6 p IRUQHFLGR SURQWR D DSOLFDU H QmR GHYH VHU GLOXtGR $SOLFDomR 6LNDJDUG Š  6 p DSOLFDGR FRP XP SXOYHUL]DGRU GH EDL[D SUHVVmR SLQFHO RX UROR $ DSOLFDomR p HIHFWXDGD GH FLPD SDUD EDL[R WHQGR R FXLGDGR GH QmR GHL[DU R SURGXWR HVFRUUHU &DPDGDV VXFHVVLYDV GHYHP VHU DSOLFDGDV ³IUHVFR VREUH IUHVFR´ 6LNDJDUGŠ 6 
  • 756. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RQVWUXFWLRQ /LPSH]D GH IHUUDPHQWDV /LPSDU WRGDV DV IHUUDPHQWDV H HTXLSDPHQWR FRP 'LOXHQWH % LPHGLDWDPHQWH DSyV D XWLOL]DomR 0DWHULDO FXUDGRHQGXUHFLGR Vy SRGH VHU UHPRYLGR PHFDQLFDPHQWH ,QWHUYDOR HQWUH FDPDGDV (QWUH FDPDGDV 5HYHVWLPHQWR $SOLFDU D VHJXQGD FDPDGD HQTXDQWR D SULPHLUD DLQGD VH HQFRQWUD IUHVFD PpWRGR ³IUHVFR VREUH IUHVFR´
  • 757.  3DUD UHYHVWLPHQWR SRU SLQWXUD $QWHV GR UHYHVWLPHQWR FRP 6LNDJDUG Š  6 GHYH UHVSHLWDUVH XP WHPSR GH VHFDJHP GH SHOR PHQRV  KRUDV ,PSRUWDQWH ,GDGH PtQLPD GR EHWmR RX DUJDPDVVD GH FLPHQWR  GLDV 1mR SRGH VHU UHYHVWLGR FRP EDUUDPHQWRV FLPHQWtFLRV RX FRP WUDWDPHQWRV DQWL IXQJRV 6H KRXYHU UHTXLVLWRV HVWpWLFRV HOHYDGRV R TXH DFRQWHFH JHUDOPHQWH TXDQGR XWLOL]DGR VREUH SHGUD QDWXUDO
  • 758. p UHFRPHQGDGD D H[HFXomR GH HQVDLRV SUpYLRV 6REUH GHWHUPLQDGR WLSR GH SHGUDV SRGH YHULILFDUVH R DSDUHFLPHQWR GH PDQFKDV RX OLJHLUR HVFXUHFLPHQWR GD VXSHUItFLH 6LNDJDUG Š  6 QmR p DGHTXDGR SDUD LPSHUPHDELOL]DomR VRE SUHVVmR KLGURVWiWLFD HP FRQWDFWR SHUPDQHQWH FRP iJXD RX SDUD XWLOL]Do}HV DEDL[R GR QtYHO IUHiWLFR 6LNDJDUG Š  6 QmR p DGHTXDGR SDUD D VHODJHP GH ILVVXUDV 7RGRV RV HOHPHQWRV FRQVWUXWLYRV TXH QmR UHFHEHUmR LPSUHJQDomR S H[ FDL[LOKRV MDQHODV iUHDV SLQWDGDV
  • 759. GHYHP VHU LVRODGRV DQWHV GD DSOLFDomR GH 6LNDJDUG Š  6 (P FDVR GH VDOSLFRV DFLGHQWDLV VREUH HVWDV VXSHUItFLHV OLPSDU GH LPHGLDWR FRP 'LOXHQWH % 1RWD 7RGRV RV GDGRV WpFQLFRV UHIHULGRV QHVWD )LFKD GH 3URGXWR VmR EDVHDGRV HP HQVDLRV ODERUDWRULDLV 5HVXOWDGRV REWLGRV QRXWUDV FRQGLo}HV SRGHP GLYHUJLU GRV DSUHVHQWDGRV GHYLGR D FLUFXQVWkQFLDV TXH QmR SRGHPRV FRQWURODU 5LVFR H VHJXUDQoD 0HGLGDV GH VHJXUDQoD 3DUD LQIRUPDo}HV FRPSOHPHQWDUHV VREUH R PDQXVHDPHQWR DUPD]HQDJHP H HOLPLQDomR GH UHVtGXRV GR SURGXWR FRQVXOWDU D UHVSHFWLYD )LFKD GH 'DGRV GH 6HJXUDQoD H R UyWXOR GD HPEDODJHP 2 SURGXWR HVWi VHJXUR QD & 6HJXURV ;/ ,QVXUDQFH 6 ZLW]HUODQG $SyOLFH Qž&+/,$
  • 760.  D WtWXOR GH UHVSRQVDELOLGDGH FL YLO GR IDEULFDQWH  $ LQIRUPDomR H HP SDUWLFXODU DV UHFRPHQGDo}HV UHODFLRQDGDV FRP DSOLFDomR H XWLOL]DomR ILQDO GRV SURGXWRV 6LND VmR IRUQHFLGDV HP ERD Ip H EDVHDGDV QR FRQKHFLPHQWR H H[SHULrQFLD GRV SURGXWRV VHPSUH TXH GHYLGDPHQWH DUPD]HQDGRV PDQXVHDGRV H DSOLFDGRV HP FRQGLo}HV QRUPDLV GH DFRUGR FRP DV UHFRPHQGDo}HV GD 6LND 1D SUiWLFD DV GLIHUHQoDV QR HVWDGR GRV PDWHULDLV GDV VXSHUItFLHV H GDV FRQGLo}HV GH DSOLFDomR HP REUD VmR GH WDO IRUPD LPSUHYLVtYHLV TXH QHQKXPD JDUDQWLD D UHVSHLWR GD FRPHUFLDOL]DomR RX DSWLGmR SDUD XP ILP HP SDUWLFXODU QHP TXDOTXHU UHVSRQVDELOLGDGH GHFRUUHQWH GH TXDOTXHU UHODFLRQDPHQWR OHJDO SRGHUmR VHU LQIHULGDV GHVWD LQIRUPDomR RX GH TXDOTXHU UHFRPHQGDomR SRU HVFULWR RX GH TXDOTXHU RXWUD UHFRPHQGDomR GDGD 2 SURGXWR GHYH VHU HQVDLDGR SDUD DIHULU D DGHTXDELOLGDGH GR PHVPR j DSOLFDomR H ILQV SUHWHQGLGRV 2V GLUHLWRV GH SURSULHGDGH GH WHUFHLURV GHYHUmR VHU REVHUYDGRV 7RGDV DV HQFRPHQGDV DFHLWHV HVWmR VXMHLWDV jV QRVVDV FRQGLo}HV GH YHQGD H GH HQWUHJD YLJHQWHV 2V XWLOL]DGRUHV GHYHUmR VHPSUH FRQVXOWDU D YHUVmR PDLV UHFHQWH GD QRVVD )LFKD GH 3URGXWR HVSHFtILFD GR SURGXWR D TXH GL] UHVSHLWR TXH VHUi HQWUHJXH VHPSUH TXH VROLFLWDGD 0DUFDomR &( $ 1RUPD (XURSHLD 13 (1  ³3URGXWRV H VLVWHPDV SDUD D SURWHFomR H UHSDUDomR GH HVWUXWXUDV HP EHWmR ± 'HILQLo}HV UHTXLVLWRV FRQWUROR GH TXDOLGDGH H DYDOLDomR GH FRQIRUPLGDGH ± 3DUWH  VLVWHPDV GH SURWHFomR VXSHUILFLDO SDUD EHWmR´ HVSHFLILFD RV UHTXLVLWRV GRV UHYHVWLPHQWRV D XWLOL]DU SDUD D SURWHFomR GH HVWUXWXUDV GH EHWmR QD FRQVWUXomR HP JHUDO RX HP REUDV GH DUWH
  • 761.  2V SURGXWRV TXH VH HQFRQWUDP DEUDQJLGRV SRU HVWD HVSHFLILFDomR QHFHVVLWDP GH WHU PDUFDomR &( GH DFRUGR FRP R $QH[R =$ 7DEHOD =$D D =$J GH DFRUGR FRP R kPELWR H FOiXVXODV UHOHYDQWHV Dt LQGLFDGDV H FXPSULU RV UHTXLVLWRV GR PDQGDWR GD 'LUHFWLYD GH 3URGXWRV GD &RQVWUXomR &((
  • 762.  6LND 3RUWXJDO 6$ 5 GH 6DQWDUpP  7HO       9 1 *DLD )D[      3RUWXJDO ZZZVLNDSW 6LNDJDUGŠ 6 
  • 763. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & %,8 LPSHUPHDELOL]DQWH
  • 764. %,8 ,QWHUQDFLRQDO /GD 7HO       )D[     KWWSZZZELXSW  (PDLO ELX#PDLOWHOHSDFSW $*8$6,/Š  +LGURIXJDomR LQFRORU GH PDWHULDLV SRURVRV PLQHUDLV SRU LPSUHJQDomR FRP VLOR[DQRV È5($ '( $3/,&$d­2 2V PDWHULDLV PLQHUDLV WDLV FRPR R EHWmR RV WLMRORV DV WHOKDV RV UHYHVWLPHQWRV j EDVH GH FLPHQWR RX GH FDO R JUpV D SHGUD QDWXUDO RX DUWLILFLDO R ILEURFLPHQWR H RV UH YHVWLPHQWRV j EDVH GH VLOLFDWRV H FLPHQWR HWF SRGHP VHU WUDWDGRV FRP $*8$6,/ Š  '(6&5,d­2 $*8$6,/ Š  p XPD VROXomR FRP VRO YHQWH VROYHQWH QmR SRODU  KLGURFDUERQHWR FRP WHRU HP DURPiWLFRV LQIHULRU D 
  • 765. FRQWHQGR VLOR[DQRV ROLJ{PHURV FRP XPD FRQFHQWUDomR GH PDWpULD DFWLYD GH   2 SURGXWR SRVVXL XPD H[FHOHQWH FDSDFLGDGH GH GLIXVmR H SRU FRQVHJXLQWH JDUDQWH XPD ERD SHQHWUDomR QR PDWHULDO 2 SURGXWR $*8$6,/ Š  KLGUROLVD QXP SROLVLOR[DQR QmR DGHUHQWH 3HUWHQFHQWH DR JUXSR GRV ROLJ{PHURV DV VXDV PROpFXODV IDFLOPHQWH SROLPHULVDGDV H SHUPLWHP GHVWD PDQHLUD D UHVSLUDomR GDV SDUHGHV RX VHMD D VXD SHUPHDELOLGDGH DR YDSRU GH iJXD &$5$&7(5Ë67,&$6 7e&1,&$6  DOWD UHVLVWrQFLD DRV DOFDOLV  H[FHOHQWH SRGHU GH SHQHWUDomR SHVR PROHFXODU GH   
  • 766.  SRGH VHU DSOLFDGR QXP VXSRUWH OLJHLUD PHQWH K~PLGR  VHFD VHP FRODU  RV PDWHULDLV FRQWLQXDP D UHVSLUDU RV SR URV VmR IHFKDGRV j UD]mR GH   R TXH UHSUHVHQWD XP YDORU GHVSUH]iYHO
  • 767.  UHVLVWH DRV UDLRV 89  QmR DOWHUH D FRU GR VXSRUWH  SRGH VHPSUH VHU UHDSOLFDGR 9$17$*(16  SURWHJH DV SDUHGHV H[WHULRUHV GD FKXYD IRUWH  RV PDWHULDLV FRQWLQXDP D UHVSLUDU H SRU LVVR HYLWDVH SUREOHPDV GH KXPLGDGH QR LQWHULRU FRQGHQVDomR
  • 768.  PHOKRUDPHQWR GR FRQIRUWR LQWHULRU PH QRV K~PLGR
  • 769. H HFRQRPLD GH DTXHFLPHQ WR 2V PDWHULDLV VHFRV WrP PHOKRU FDSD FLGDGH GH LVRODPHQWR WpUPLFR GR TXH RV PDWHULDLV K~PLGRV $ HYDSRUDomR GD iJXD LQILOWUDGD QDV SDUHGHV SURYRFD XP DUUHIHFLPHQWR GRV PDWHULDLV  HYLWD DV HIORUHVFrQFLDV GH VDLV VDOLWUH
  • 770.  LPSHGH D IRUPDomR GH PXVJR H IXQJL  DV IDFKDGDV PDQWrPVH OLPSDV D SRHLUD H DV VXMLGDGHV QmR SRGHP PDLV SHQHWUDU H VHUmR HOLPLQDGDV SHOD FKXYD 75$7$0(172  $V VXSHUItFLHV D WUDWDU GHYHP HVWDU OLP SDV  $V ILVVXUDV ODUJDV H RV EXUDFRV GHYHP VHU UHSDUDGRV  $V VXSHUItFLHV DGMDFHQWHV DV MDQHODV H RV FDL[LOKRV GHYHP VHU SURWHJLGRV  KLGURIXJD GXUDQWH PDLV GR TXH  DQRV $V QRVVDV UHFRPHQGDo}HV H HVSHFLILFDo}HV VmR IRUQHFLGDV FRQILDQGR HP SHVTXLVDV FLHQWtILFDV 1mR QRV UHVSRQVDELOL]DPRV SRU GDQRV FDXVDGRV SRU XPD XWLOL]DomR LQFRUUHFWD GR SURGXWR *DUDQWLPRV XPD TXDOLGDGH FRQVWDQWH QD HQWUHJD GRV QRVVRV SURGXWRV (P FDVR GH G~YLGD p IDYRU FRQVXOWDU QRVVR VHUYLoR WpFQLFR $*8$6,/P
  • 771. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   QR FDVR GH UHMXQWDPHQWR GXPD IDFKDGD p DFRQVHOKiYHO HVSHUDU QR PtQLPR  GLDV SRU FDXVD GD DOFDOLQLGDGH PXLWR HOHYDGD  QR FDVR GH SUHVHQoD GH FDO QD FRPSRVL omR GD DUJDPDVVD p DFRQVHOKiYHO HVSH UDU  GLDV DQWHV GD DSOLFDomR GR $*8$6,/ Š   (VWHV SHUtRGRV GH HVSHUD VmR LJXDOPHQWH YiOLGRV SDUD EHW}HV IUHVFRV  2V VXSRUWHV SRHLUHQWRV GHYHP VHU HQGX UHFLGRV SULPHLUDPHQWH SRU XP WUDWDPHQ WR FRP 7(*29$.21 Š 9  HQGXUHFHGRU GH SHGUD  D ILP GH UHFRQVWLWXLU R OLJDQWH H D HVWUXWXUD PLQHUDO RULJLQDO  2V VXSRUWHV WUDWDGRV FRP $*8$6,/ Š  SRGHUmR VHU SLQWDGRV FRP XPD WLQWD GD PHVPD EDVH TXtPLFD DOYHQDULDV EH W}HV UHERFRV
  • 772.  $3/,&$d­2 $*8$6,/ Š p DSOLFDGR DEXQGDQWHPHQWH D SLVWROD VHP SXOYHUL]DU
  • 773. RX FRP UROR DWp j VDWXUDomR GR VXSRUWH GHL[DQGR HVFRUUHU R OtTXLGR DR ORQJR GD IDFKDGD $SOLFDU GH EDL[R SDUD FLPD $ DSOLFDomR ID] VH HP JHUDO HP  FDPD GDV µIUHVFR HP IUHVFR¶ SRUpP HP FHUWRV FDVRV XPD Vy LPSUHJQDomR p VXILFLHQWH $V PDQFKDV HYHQWXDLV H RV VDOSLFRV WLUDP VH SRU PHLR GXPD SDVWD FRQVWLWXtGD GH VDERQHWH H GH WROXRO RX :KLWH 6SLULW DQWHV GD SROLPHUL]DomR GR SURGXWR 9$5,$17( $17,0$1&+$6 $ ILP GH HYLWDU D DSDULomR GH PDQFKDV GD DUJDPDVVD GH DVVHQWDPHQWR GH SHGUDV QDWXUDLV p DFRQVHOKiYHO SURFHGHU D XPD LPSUHJQDomR SUpYLD QR PtQLPR  GLDV DQ WHV
  • 774. QDV FRVWDV GD SHGUD FRP R SURGXWR $*8$6,/ Š 6 WHRU HP VLOR[DQRV GH 
  • 775.  'HVWD IRUPD FRQYHUWH D DFomR FDSLODU QXPD GHSUHVVmR FDSLODU HYLWDQGR DVVLP DV PDQFKDV QD VXSHUItFLH GD SHGUD &216802 $ DEVRUomR GHSHQGH GD SRURVLGDGH GR VXSRUWH (P JHUDO  OLWUR p VXILFLHQWH SDUD R WUDWDPHQWR GH  D  Pð GH DOYHQDULD RX  D  Pð GH EHWmR /,67$ '( 5()(5Ç1&,$6  IDFKDGDV 6DQWXiULR 1DFLRQDO GR &ULVWR 5HL  $OPDGD 
  • 776.  IDFKDGD 0RVWHLUR GH $OFREDoD 
  • 777.  KLGURIXJDomR GH WHOKDGRV  $OJDUYH 
  • 778.  KLGURIXJDomR GH IDFKDGDV YLYHQGDG &DVFDLV 
  • 779.  IDFKDGDV FRP WLMROR j YLVWD  YLYHQGDV &D[LDV 
  • 780.  3DOiFLR 1DFLRQDO GH 4XHOX]  WUDWDPHQWR GH SHGUD 
  • 781.  GH]HQDV GH HGLItFLRV FRP SURWHFomR GD SHGUD DQWHV GR DVVHQWDPHQWR 
  • 782.  (GLItFLR /LEHUVLO  $YHQ /LEHUGDGH /LVERD 
  • 783.  7RUUH GH %HOpP 
  • 784. 'HVGH  QmR p PDLV SRVVtYHO PDQWHU DFWXDOL]DGR D OLVWD GH UHIHUrQFLDV XPD YH] TXH D XWLOL]DomR GR SURGXWR $JXDVLO VH WRU QRX PXLWR FRPXP H GLYXOJDGD $FWXDOPHQ WH HVWLPDPRV H[LVWLU XPD DSOLFDomR DQXDO GH DSUR[  P  35(&$8d®(6 2 SURGXWR $*8$6,/ Š  p OLJHLUDPHQWH LQIODPiYHO 'HYH VHU JXDUGDGR DR DEULJR GH TXDOTXHU IRQWH GH FDORU 'XUDQWH D H[H FXomR p SUHFLVR JDUDQWLU XPD YHQWLODomR VXILFLHQWH H UHVSLUDU R PHQRV SRVVtYHO DV HPDQDo}HV 3URWHJHU RV ROKRV FRP yFXORV H WUDEDOKDU FRP OXYDV 3DVVDU DEXQGDQWH PHQWH iJXD QRV VDOSLFRV HYHQWXDLV ([LVWH R SURGXWR $*8$6,/ Š  FRP FD UDFWHUtVWLFDV GH KLGURIXJDomR LGrQWLFDV PDV HP EDVH GH XPD PDWpULD SULPD HVSH FLDOPHQWH FRQFHELGD SDUD DSOLFDomR QXP DPELHQWH PXLWR DOFDOLQR EHWmR IUHVFR HWF
  • 785. 7(*26,9,1 Š +/ (
  • 786. HWKR[ IXQFWLRQDO VROYHQW IUHH ROLJRPHULF VLOR[DQH ZLWK  WULHWKR[RFWOVLODQH
  • 787. ([LVWH R SURGXWR $*8$6,/ Š  VHQGR XPD HPXOVmR DTXRVD GH SROLPHWLOVLOR[DQRV PRGLILFDGRV HOLPLQDQGR DV GHVYDQWDJHQV GRV VROYHQWHV 7(*26,9,1 Š +( (
  • 788. (PXOVLRQ RI DONODONR[ VLODQHVLOR[DQHV ZLWK  WULHWKR[RFWOVLODQH
  • 789. $V QRVVDV UHFRPHQGDo}HV H HVSHFLILFDo}HV VmR IRUQHFLGDV FRQILDQGR HP SHVTXLVDV FLHQWtILFDV 1mR QRV UHVSRQVDELOL]DPRV SRU GDQRV FDXVDGRV SRU XPD XWLOL]DomRLQFRUUHFWD GR SURGXWR *DUDQWLPRV XPD TXDOLGDGH FRQVWDQWH QD HQWUHJD GRV QRVVRV SURGXWRV (P FDVR GH G~YLGD p IDYRU FRQVXOWDU QRVVRVHUYLoR WpFQLFR $*8$6,/P
  • 790. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & 58%621 ± +(1.(/ ,PSHUPHDELOL]DQWH
  • 791. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  • 792. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & 6,.$ 3RUWXJDO PiVWLTXH
  • 793. )LFKD GH 3URGXWR (GLomR GH $JRVWR GH  1ž GH LGHQWLILFDomR  9HUVmR Qž  6LNDVLOŠ03 6LNDVLOŠ 03 0DVWLTXH GH VLOLFRQH GH FXUD QHXWUD 'HVFULomR GR 6LNDVLO Š 03 p XP PDVWLTXH GH VLOLFRQH PRQRFRPSRQHQWH GH FXUD QHXWUD SDUD XWLOL]Do}HV P~OWLSODV QR H[WHULRU H LQWHULRUSURGXWR &RQVWUXFWLRQ 8WLOL]Do}HV 6LNDVLO Š 03 SHUPLWH D VHODJHP LPSHUPHiYHO GH MXQWDV HQWUH YiULRV WLSRV GH PDWHULDLV WDLV FRPR YLGUR PHWDLV VXSHUItFLHV SLQWDGDV PDGHLUD HOHPHQWRV FHUkPLFRV DUJDPDVVDV FLPHQWRVDV H EHWmR &DUDFWHUtVWLFDV  %DL[R RGRU 9DQWDJHQV $GHUH VHP SULPiULR D XPD JUDQGH YDULHGDGH GH PDWHULDLV 1mR p FRUURVLYR 0XLWR ERD UHVLVWrQFLD DRV 89 H j H[SRVLomR DPELHQWDO 'DGRV GR SURGXWR $VSHFWR  &RU 7UDQVSDUHQWH )RUQHFLPHQWR &DUWXFKRV GH  PO HP FDL[DV GH  $UPD]HQDJHP H 2 SURGXWR FRQVHUYDVH GXUDQWH  DQR D SDUWLU GD GDWD GH IDEULFR QD HPEDODJHP FRQVHUYDomR RULJLQDO QmR HQFHWDGD D WHPSHUDWXUDV HQWUH  ž& H  ž& &RQVHUYDU HP ORFDO VHFR H DR DEULJR GD OX] VRODU GLUHFWD 'DGRV WpFQLFRV %DVH TXtPLFD 6LOLFRQH 0DVVD YRO~PLFD $SUR[  NJGP   ',1 
  • 794. )RUPDomR GH SHOH $SUR[  PLQXWRV  ž&  KU
  • 795.  9HORFLGDGH GH $SUR[  PP KRUDV  ž&  KU
  • 796.  SROLPHUL]DomR 0RYLPHQWR GD MXQWD &DSDFLGDGH GH DFRPRGDU XP PRYLPHQWR GH MXQWD DWp  GD VXD ODUJXUD 'LPHQV}HV GD MXQWD /DUJXUD GD MXQWD 0tQLPD  PP  0i[LPD  PP (VFRUULPHQWR   PP ',1 (1 
  • 797. 7HPSHUDWXUD GH VHUYLoR 0tQLPD  ž&  0i[LPD  ž&
  • 798. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3URSULHGDGHV ItVLFDV 0HFkQLFDV 5HVLVWrQFLD j WUDFomR $SUR[  1PP   ž&  KU
  • 799.  ,62 
  • 800. 5HVLVWrQFLD DR UDVJmR $SUR[  1PP  ž&  KU
  • 801.  ',1  PpWRGR &
  • 802. 'XUH]D 6KRUH $ $SUR[  DRV  GLDV  ž&  KU
  • 803.  ,62 
  • 804. 0yGXOR GH HODVWLFLGDGH ( $SUR[  1PP  D  GH DORQJDPHQWR  ž&  KU
  • 805.  ,62 
  • 806. 5HFXSHUDomR HOiVWLFD !   ž&  KU
  • 807.  ',1 (1 ,62  %
  • 808. ,QIRUPDomR VREUH R VLVWHPD 3RUPHQRUHV GH DSOLFDomR &RQVXPR  $ ODUJXUD GD MXQWD GHYH VHU GLPHQVLRQDGD HP IXQomR GD FDSDFLGDGH GH PRYLPHQWR 'LPHQVLRQDPHQWR GDV GR PDVWLTXH MXQWDV *HUDOPHQWH D ODUJXUD GD MXQWD GHYHUi VHU !  PP H   PP 'HYH VHU PDQWLGD XPD UHODomR ODUJXUD SURIXQGLGDGH GH DSUR[  7RGDV DV MXQWDV GHYHP VHU FRUUHFWDPHQWH FDOFXODGDV H GLPHQVLRQDGDV SHOR SURMHFWLVWD H SHOR HPSUHLWHLUR GH DFRUGR FRP DV QRUPDV DSOLFiYHLV $ EDVH GH FiOFXOR GD ODUJXUD QHFHVViULD SDUD DV MXQWDV GHYH WHU HP FRQVLGHUDomR RV VHJXLQWHV DVSHFWRV &DUDFWHUtVWLFDV WpFQLFDV GR PDVWLTXH GH VHODJHP 7LSR GH PDWHULDLV FRQVWUXWLYRV ([SRVLomR DPELHQWDO GD HVWUXWXUD 0pWRGR FRQVWUXWLYR 'LPHQV}HV GD HVWUXWXUD &RQVXPR RULHQWDWLYR FRQVLGHUDQGR Mi DV SHUGDV /DUJXUD  PP  PP  PP -XQW D 3URIXQGLGDGH  PP  PP  PP 5HQGLPHQWR &DUWXFKR GH  PO $SUR[ $SUR[ $SUR[  P  P  P )XQGR GH MXQWD 8WLOL]DU DSHQDV FRPR IXQGR GH MXQWD FRUG}HV HP HVSXPD GH SROLHWLOHQR GH FpOXOD IHFKDGD ± FRQVXOWDU D )LFKD GH 3URGXWR GH &RUGmR 6LND Š  3UHSDUDomR GD EDVH /LPSD H VHFD KRPRJpQHD VHP JRUGXUD SRHLUDV H SDUWtFXODV VROWDV /HLWDQoD GH FLPHQWR WLQWD PDO DGHUHQWH H RXWUDV SDUWtFXODV IULiYHLV GHYHP VHU UHPRYLGDV 6LNDVLO Š 03 WHP JHUDOPHQWH HOHYDGD DGHUrQFLD j PDLRU SDUWH GDV EDVHV OLPSDV H VmV (P VLWXDo}HV HP TXH p H[LJLGD XPD DGHUrQFLD H[WUDRUGLQiULD RX SDUD VLWXDo}HV FUtWLFDV GH VHODJHQV GH HOHYDGR GHVHPSHQKR SDUD FDVRV GH MXQWDV VXMHLWDV D WHQV}HV HOHYDGDV RX HP EDVHV H[SRVWDV D DPELHQWHV TXLPLFDPHQWH DJUHVVLYRV GHYHP XWLOL]DUVH RV SULPiULRV H RV SURGXWRV GH OLPSH]D DGHTXDGRV (P FDVR GH G~YLGD HQVDLDU SUHYLDPHQWH RV SURGXWRV HP SHTXHQDV iUHDV &RQGLo}HV GH DSOLFDomR  /LPLWDo}HV 7HPSHUDWXUD GD EDVH 0tQLPD  ž&  0i[LPD  ž& H DPELHQWH +XPLGDGH GD EDVH $ EDVH GHYH DSUHVHQWDUVH VHFD 6LNDVLOŠ03 
  • 809. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &RQVWUXFWLRQ ,QVWUXo}HV GH DSOLFDomR $SOLFDomR 6LNDVLO Š 03 p IRUQHFLGR SURQWR D DSOLFDU $SyV FRUUHFWD SUHSDUDomR GD MXQWD H GD EDVH GH DSOLFDomR LQVHULU R IXQGR GH MXQWD &RUGmR 6LND Š DWp j SURIXQGLGDGH QHFHVViULD YHU UHVSHFWLYD )LFKD GH 3URGXWR
  • 810. H VH QHFHVViULR DSOLFDU R SULPiULR DGHTXDGR ,QVHULU D HPEDODJHP QD SLVWROD GH DSOLFDomR H H[WUXGLU 6LNDVLO Š 03 SDUD D MXQWD DVVHJXUDQGRVH TXH R PDVWLTXH ILFD FRPSOHWDPHQWH HP FRQWDFWR FRP RV ODGRV GD MXQWD (IHFWXDU R HQFKLPHQWR GD MXQWD HYLWDQGR D RFOXVmR GH EROKDV GH DU 8WLOL]DU ILWD DGHVLYD GH DPERV RV ODGRV GD MXQWD SDUD XP DFDEDPHQWR LPSHFiYHO 5HPRYHU D ILWD HQTXDQWR R PDVWLTXH DLQGD VH HQFRQWUD IUHVFR 3DUD FRQIHULU XP DFDEDPHQWR VXSHUILFLDO OLVR GR PDVWLTXH SDVVDU R GHGR RX XP SLQFHO FRP iJXD H VDEmR VREUH 6LNDVLO Š 03 ORJR DSyV DSOLFDomR /LPSH]D GH IHUUDPHQWDV /LPSDU FRP 6ROXWR GH /LPSH]D &ROPD RX 6LND Š 7RS&OHDQ7 LPHGLDWDPHQWH DSyV XWLOL]DomR 0DWHULDO HQGXUHFLGRFXUDGR Vy SRGHUi VHU UHPRYLGR DWUDYpV GH PpWRGRV PHFkQLFRV ,PSRUWDQWH 1mR XWLOL]DU 6LNDVLO Š 03 VREUH EHWXPLQRVR ERUUDFKD QDWXUDO ERUUDFKD (3'0 RX VREUH PDWHULDLV TXH SRVVDP VHJUHJDU yOHR SODVWLILFDQWHV RX VROYHQWHV 1mR XWLOL]DU HP HVSDoRV FRPSOHWDPHQWH FRQILQDGRV SRLV R PDVWLTXH QHFHVVLWD GH KXPLGDGH SDUD FXUDU 3RGH RFRUUHU PLJUDomR HP VXEVWUDWRV SRURVRV FRPR EHWmR PiUPRUH JUDQLWR H RXWUDV SHGUDV QDWXUDLV (P PDWHULDLV VHQVtYHLV GHYH HIHFWXDUVH XP HQVDLR SUpYLR GH FRPSDWLELOLGDGH 1mR p UHFRPHQGDGR SDUD MXQWDV SHUPDQHQWHPHQWH LPHUVDV RX H[SRVWDV D DEUDVmR RX GHJUDGDomR PHFkQLFD 1mR p UHFRPHQGDGR SDUD VHODJHQV HP YLGUR HVWUXWXUDO RX YLGUR GXSOR 1mR p DGHTXDGR SDUD FRQWDFWR FRP DOLPHQWRV 1mR IRL HQVDLDGR QHP FRQFHELGR SDUD XVR PpGLFR RX IDUPDFrXWLFR 1RWD 7RGRV RV GDGRV WpFQLFRV UHIHULGRV QHVWD )LFKD GH 3URGXWR VmR EDVHDGRV HP HQVDLRV ODERUDWRULDLV (QVDLRV UHDOL]DGRV QRXWUDV FRQGLo}HV SDUD GHWHUPLQDomR GDV PHVPDV FDUDFWHUtVWLFDV SRGHP GDU UHVXOWDGRV GLIHUHQWHV GHYLGR D FLUFXQVWkQFLDV TXH HVWmR IRUD GR QRVVR FRQWUROR 5LVFR H VHJXUDQoD 0HGLGDV GH VHJXUDQoD 8WLOL]DU DSHQDV HP ORFDLV EHP YHQWLODGRV 1R FDVR GH FRQWDFWR DFLGHQWDO FRP RV ROKRV RX PHPEUDQDV PXFRVDV ODYDU LPHGLDWDPHQWH FRP PXLWD iJXD 3DUD PDLV LQIRUPDo}HV FRQVXOWDU D )LFKD GH 'DGRV GH 6HJXUDQoD GR SURGXWR H UHVSHFWLYR UyWXOR 2 SURGXWR HVWi VHJXUR QD & 6HJXURV ;/ ,QVXUDQFH 6ZLW]HUODQG $SyOLFH Qž&+/,$
  • 811.  D WtWXOR GH UHVSRQVDELOLGDGH FLYLO GR IDEULFDQWH  $ LQIRUPDomR H HP SDUWLFXODU DV UHFRPHQGDo}HV UHODFLRQDGDV FRP DSOLFDomR H XWLOL]DomR ILQDO GRV SURGXWRV 6LND VmR IRUQHFLGDV HP ERD Ip H EDVHDGDV QR FRQKHFLPHQWR H H[SHULrQFLD GRV SURGXWRV VHPSUH TXH GHYLGDPHQWH DUPD]HQDGRV PDQXVHDGRV H DSOLFDGRV HP FRQGLo}HV QRUPDLV GH DFRUGR FRP DV UHFRPHQGDo}HV GD 6LND 1D SUiWLFD DV GLIHUHQoDV QR HVWDGR GRV PDWHULDLV GDV VXSHUItFLHV H GDV FRQGLo}HV GH DSOLFDomR HP REUD VmR GH WDO IRUPD LPSUHYLVtYHLV TXH QHQKXPD JDUDQWLD D UHVSHLWR GD FRPHUFLDOL]DomR RX DSWLGmR SDUD XP ILP HP SDUWLFXODU QHP TXDOTXHU UHVSRQVDELOLGDGH GHFRUUHQWH GH TXDOTXHU UHODFLRQDPHQWR OHJDO SRGHUmR VHU LQIHULGDV GHVWD LQIRUPDomR RX GH TXDOTXHU UHFRPHQGDomR SRU HVFULWR RX GH TXDOTXHU RXWUD UHFRPHQGDomR GDGD 2 SURGXWR GHYH VHU HQVDLDGR SDUD DIHULU D DGHTXDELOLGDGH GR PHVPR j DSOLFDomR H ILQV SUHWHQGLGRV 2V GLUHLWRV GH SURSULHGDGH GH WHUFHLURV GHYHUmR VHU REVHUYDGRV 7RGDV DV HQFRPHQGDV DFHLWHV HVWmR VXMHLWDV jV QRVVDV FRQGLo}HV GH YHQGD H GH HQWUHJD YLJHQWHV 2V XWLOL]DGRUHV GHYHUmR VHPSUH FRQVXOWDU D YHUVmR PDLV UHFHQWH GD QRVVD )LFKD GH 3URGXWR HVSHFtILFD GR SURGXWR D TXH GL] UHVSHLWR TXH VHUi HQWUHJXH VHPSUH TXH SHGLGD 6LND 3RUWXJDO 6$ 5 GH 6DQWDUpP  7HO       9 1 *DLD )D[      3RUWXJDO ZZZVLNDSW 6LNDVLOŠ03 
  • 812. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  & %267,.  32578*$/ PiVWLTXH
  • 813. $QH[R & BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB