cap3

&DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD &$3Ë78/2 35,1&Ë3,26%È6,&26'(36,&520(75,$ 5REHUWR3UHFFL/RSHV -XDUH]GH6RXVDH6LOYD 5LFDUGR&DHWDQR5H]HQGH ,1752'8d2 2DUpFRQVWLWXtGRSRUXPDPLVWXUDGHJDVHV QLWURJrQLRR[LJrQLRGLy[LGR GH FDUERQR HWF YDSRU GH iJXD H XPD VpULH GH FRQWDPLQDQWHV FRPR SDUWtFXODV VyOLGDVHPVXVSHQVmRHRXWURVJDVHV 2DUVHFRH[LVWHTXDQGRGRDUQDWXUDOUHPRYHPVHWRGRRYDSRUGHiJXDH RVFRQWDPLQDQWHV$FRPSRVLomRGRDUVHFRpUHODWLYDPHQWHFRQVWDQWHDSHVDUGDV SHTXHQDVYDULDo}HVHPIXQomRGDORFDOL]DomRJHRJUiILFDHDOWLWXGH$FRPSRVLomR PpGLDSHUFHQWXDOpDSUHVHQWDGDQD7DEHOD 7DEHOD&RPSRVLomRDSUR[LPDGDGRDUVHFR &RPSRQHQWH )yUPXOD 1LWURJrQLR 2[LJrQLR $UJ{QLR 'Ly[LGRGHFDUERQR 2XWURV 1 2 $U &2 &RQWH~GR SRU YROXPH 2 FRQKHFLPHQWR GDVFRQGLo}HV GH XPLGDGH GR DU p GH JUDQGH LPSRUWkQFLD SDUD PXLWRV VHWRUHV GD DWLYLGDGH KXPDQD $ FRQVHUYDomR GH SURGXWRV FRPR IUXWDV OHJXPHV RYRV H RXWURV HP VLVWHPDV GH UHIULJHUDomR GHSHQGH HP JUDQGH SDUWH GH XPD PLVWXUD DSURSULDGD DU VHFRYDSRU GH iJXD $ VHFDJHP R DUPD]HQDPHQWR H R SURFHVVDPHQWR GH JUmRV VmR LJXDOPHQWH OLPLWDGRV SHODV FRQGLo}HVGRDUDWPRVIpULFR ¬VYH]HVRtQGLFHGHFRQIRUWRWpUPLFRGHXPDDWPRVIHUDGHSHQGHPDLVGD TXDQWLGDGH GH YDSRU G¶iJXD SUHVHQWH QR DU GR TXH GD WHPSHUDWXUD SURSULDPHQWH GLWD'HVVHPRGRXPDSDUHOKRGHFRQGLFLRQDPHQWRGRDUSURPRYHPDLRUFRQWUROH GD XPLGDGH H DSHQDV SHTXHQDV YDULDo}HV QR YDORU GD WHPSHUDWXUD GR DPELHQWH 3RUWXGRLVVR R HVWXGR GHWDOKDGR GD PLVWXUDGH DU VHFR 12&2 RXWURV H YDSRUGHiJXDSDVVRXDVHUXPDGLVFLSOLQDGHQRPLQDGDSVLFURPHWULDTXHHVWXGD DSDUWLUGDVGHWHUPLQDo}HVGHSDUkPHWURVHVSHFtILFRVDVSURSULHGDGHVGDPLVWXUD GHDUVHFRHYDSRUGHiJXDRXGRDU~PLGR 3DUWLFXODUPHQWH QRV HVWXGRV GDV HWDSDV GH SUpSURFHVVDPHQWR GH JUmRV D PLVWXUD DU VHFR H YDSRU GH iJXD p XP IDWRU UHVWULWLYR SDUD D H[HFXomR GDV RSHUDo}HVGHVHFDJHPDUPD]HQDPHQWRHDHUDomRFRPRVHUiYLVWRPDLVDGLDQWH$ 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD TXDQWLGDGH GH YDSRU GH iJXD SUHVHQWH QR DU DPELHQWH YDULD GH TXDVH ]HUR D DSUR[LPDGDPHQWHHPYROXPH 35235,('$'(6'2$5Ò0,'2 $VSURSULHGDGHVGRDU~PLGRHVWmRUHODFLRQDGDVjWHPSHUDWXUDTXDQWLGDGH GHYDSRUGHiJXDYROXPHRFXSDGRSHORDUHHQHUJLDQHOHFRQWLGD 3URSULHGDGHVUHODFLRQDGDVjWHPSHUDWXUD WHPSHUDWXUDGREXOERVHFR WHPSHUDWXUDGREXOERPROKDGRH WHPSHUDWXUDGRSRQWRGHRUYDOKR 3URSULHGDGHVUHODFLRQDGDVjXPLGDGH PDVVDGHYDSRUG iJXD SUHVVmRGHYDSRU UD]mRGHPLVWXUD XPLGDGHHVSHFtILFD XPLGDGHDEVROXWD XPLGDGHUHODWLYDH JUDXGHVDWXUDomR 3URSULHGDGHVUHODFLRQDGDVDRYROXPHRFXSDGRHj HQHUJLD YROXPHHVSHFtILFRH HQWDOSLD 7HPSHUDWXUDVGHEXOERVHFR W HGHEXOERPROKDGR WP $ WHPSHUDWXUD GR EXOER VHFR W GR DU p D WHPSHUDWXUD PHGLGD FRP XP WHUP{PHWURFRPXP&DVRRWHUPRWHPSHUDWXUDVHMDXVDGRVHPXPDHVSHFLILFDomR ROHLWRUGHYHHQWHQGrORFRPRVHQGRDWHPSHUDWXUDGHEXOERVHFR 2XWUD PHGLGD LPSRUWDQWH GH WHPSHUDWXUD TXDQGR VH IDOD GH VHFDJHP GH JUmRV p D WHPSHUDWXUD GH EXOER PROKDGR WP 3DUD REWrOD FREUHVH R EXOER GH XP WHUP{PHWUR FRPXP FXMDV FDUDFWHUtVWLFDV GHYHP VHU VHPHOKDQWHV jV GR WHUP{PHWUR GH EXOER VHFR FRP XP WHFLGR GH DOJRGmR HPEHELGR HP iJXD GHVWLODGD2EXOERPROKDGRGHYHVHUYHQWLODGRFRPRDUTXHVHTXHUFRQKHFHUD XPD YHORFLGDGH PtQLPD GH PV 8PD REVHUYDomR GHYH VHU IHLWD HP UHODomR jV WHPSHUDWXUDV SVLFURPpWULFD H WHUPRGLQkPLFD GH EXOER PROKDGR D WHPSHUDWXUD SVLFURPpWULFD GH EXOER PROKDGR WP p D WHPSHUDWXUD GR DU LQGLFDGD SHOR WHUP{PHWUR GH EXOER PROKDGR FRPR GHVFULWR DQWHULRUPHQWH Mi D WHPSHUDWXUD WHUPRGLQkPLFD GH EXOER PROKDGR p DTXHOD GH HTXLOtEULR DOFDQoDGD TXDQGR R DU ~PLGRVRIUHXPSURFHVVRGHUHVIULDPHQWRDGLDEiWLFRGHYLGRjHYDSRUDomRGDiJXD QR DU DWp DWLQJLU D WHPSHUDWXUD GD iJXD PDQWHQGRVH D SUHVVmR FRQVWDQWH 1D SUiWLFDHVWDVWHPSHUDWXUDVVmRFRQVLGHUDGDVLJXDLV 2 FRQKHFLPHQWR GDV WHPSHUDWXUDV GH EXOER VHFR H GH EXOER PROKDGR H[SUHVVDV HP JUDXV &HOVLXV R& H GHWHUPLQDGDV SRU PHLR GH SVLFU{PHWURV SHUPLWHFRPRXVRGHWDEHODVDGHWHUPLQDomRUiSLGDGDXPLGDGHUHODWLYDGRDU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 7HPSHUDWXUDGRSRQWRGHRUYDOKR Wpo e D WHPSHUDWXUD HP TXH R DU ~PLGR VH WRUQD VDWXUDGR RX VHMDTXDQGR R YDSRUG iJXDFRPHoDDFRQGHQVDUVHSRUXPSURFHVVRGHUHVIULDPHQWRPDQWHQGR FRQVWDQWHVDSUHVVmRHD UD]mRGHPLVWXUD 3UHVVmRGHYDSRU Sv 2YDSRUG¶iJXDFRPRRV JDVHVFRPSRQHQWHVGD DWPRVIHUDH[HUFH SUHVVmR HPWRGDVDVGLUHo}HVSUHVVmRHVWDTXHGHSHQGHGDFRQFHQWUDomRGRYDSRU $ TXDQWLGDGH GH YDSRU TXH SRGH H[LVWLU HP GHWHUPLQDGD DWPRVIHUD p OLPLWDGDSDUDFDGDYDORUGHWHPSHUDWXUD7HPSHUDWXUDVPDLVHOHYDGDVSHUPLWHPD H[LVWrQFLD GH PDLRU TXDQWLGDGH GH YDSRU GR TXH HP XP DPELHQWH FRP WHPSHUDWXUDV PDLV EDL[DV 4XDQGR R DU FRQWpP R Pi[LPR GH YDSRU G¶iJXD SHUPLVVtYHOSDUDGHWHUPLQDGDWHPSHUDWXUDGL]VHTXHRDUVHHQFRQWUDVDWXUDGRHD SUHVVmR GH YDSRU QHVVD FLUFXQVWkQFLD p GLWD Pi[LPD RX GH VDWXUDomR VHQGR UHSUHVHQWDGDSRU SYV 6HDTXDQWLGDGHGHYDSRUQmRpVXILFLHQWHSDUDVDWXUDURDU VXDSUHVVmRpFKDPDGDGHSUHVVmRSDUFLDOGHYDSRUHpUHSUHVHQWDGDSRU SY 5D]mRGHPLVWXUD Z eGHILQLGDFRPRDUD]mRHQWUHDPDVVDGHYDSRUG iJXDHDPDVVDGHDUVHFR HPGDGRYROXPHGDPLVWXUDeH[SUHVVDHPNJGHYDSRUNJGHDUVHFR 8PLGDGHUHODWLYD 85 $XPLGDGHUHODWLYD 85 GRDUpD UD]mRHQWUHDSUHVVmRSDUFLDOGHYDSRU SY H[HUFLGDSHODVPROpFXODVGHiJXDSUHVHQWHVQRDUHD SUHVVmRGHVDWXUDomR SYV QD PHVPDWHPSHUDWXUDVHQGRQRUPDOPHQWHH[SUHVVDHPSRUFHQWDJHP HTXDomR 85 SYSYV HT 8PLGDGHDEVROXWD 8D eDUHODomRHQWUHDPDVVDGHYDSRUG iJXDHRYROXPHRFXSDGRSHORDU~PLGR 8PLGDGHHVSHFtILFD 8H eDUHODomRHQWUHDPDVVDGHYDSRUG iJXDHDPDVVDGRDU~PLGR *UDXGHVDWXUDomR e D UHODomR HQWUH D UD]mR GH PLVWXUD DWXDO H D UD]mR GH PLVWXUD GR DU HP FRQGLomRGHVDWXUDomRjPHVPDWHPSHUDWXUDHSUHVVmR 9ROXPHHVSHFtILFR YH eGHILQLGRFRPRRYROXPHSRUXQLGDGHGHPDVVDGHDUVHFRHH[SUHVVRHP P SRU NJ GH DU VHFR PNJ $ SRWrQFLD UHTXHULGD SHOR YHQWLODGRU HP XP VLVWHPDGHVHFDJHPpDIHWDGDSHORYROXPHHVSHFtILFRGRDU (QWDOSLD K $HQWDOSLD K GHXPDPLVWXUDDUVHFRYDSRUG¶iJXDpDHQHUJLDFRQWLGDQR DU ~PLGR SRU XQLGDGH GH PDVVD GH DU VHFR SDUD WHPSHUDWXUDV VXSHULRUHV D XPD 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD GHWHUPLQDGD WHPSHUDWXUD GH UHIHUrQFLD R& &RPR VRPHQWH D GLIHUHQoD GH HQWDOSLD UHSUHVHQWD LQWHUHVVH SUiWLFR HP SURFHVVDPHQWR GH SURGXWRV DJUtFRODV R YDORUHVFROKLGRSDUDD WHPSHUDWXUD GHUHIHUrQFLDWRUQDVH LUUHOHYDQWH $ HQWDOSLD TXH p H[SUHVVD HP NFDO RX N- SRU NJ GH DU VHFR p PXLWR LPSRUWDQWH SDUD R GLPHQVLRQDPHQWR GH DTXHFHGRUHV H VLVWHPD GH VHFDJHP H FRPSRVLomR GR FXVWR RSHUDFLRQDOGRVGLIHUHQWHVVLVWHPDV 0(',d2'$80,'$'('2$5 3DUDPHGLUDXPLGDGHUHODWLYDGRDUVmRXVDGRVLQVWUXPHQWRVGHQRPLQDGRV KLJU{PHWURV2VPDLVFRPXQVVmR D +LJU{PHWURVGH FRQGHQVDomR EDVHLDPVH QD GHWHUPLQDomR GR SRQWR GHRUYDOKR E +LJU{PHWURV GH DEVRUomR XVDGRV HP ODERUDWyULR 1HVVHV HTXLSDPHQWRV D GHWHUPLQDomR p IHLWD SDVVDQGRVH DWUDYpV GH XPD VXEVWkQFLD KLJURVFySLFD XP YROXPH FRQKHFLGR GR DU FXMDV SURSULHGDGHVVHGHVHMDGHWHUPLQDU2 UHVXOWDGRp REWLGR SHOD YDULDomR GRSHVRGHYLGRjXPLGDGHDEVRUYLGD F +LJU{PHWURV HOpWULFRV EDVHLDPVH QD YDULDomR GD UHVLVWrQFLD HOpWULFD GH XP ILQR ILOPH GH XP FRQGXWRU HOHWUROtWLFR FRQWHQGR XP VDO KLJURVFySLFRHPIXQomRGDXPLGDGH G +LJU{PHWUR yWLFR SRU PHLR GD LQWHQVLGDGH GH OX] UHIOHWLGD PHGH D HVSHVVXUDGHXPILOPHKLJURVFySLFRDTXDOYDULDFRPDXPLGDGH H +LJU{PHWURVGHGLIXVmRFRQVWDPGHXPDFkPDUDIHFKDGDWHQGRXPD SODFD SRURVD QXPD GDV SDUHGHV 2 DU QR LQWHULRU GD FkPDUD p FRQWLQXDPHQWH VXEPHWLGR j DomR GH XP DJHQWH GHVVHFDGRU RX XPHGHFHGRU$GLIXVmRGRDUDWUDYpVGDSODFDSRURVDSURGX]PXGDQoD QD SUHVVmR LQWHUQD GD FkPDUD TXH p PHGLGD SRU XP PDQ{PHWUR 1R SRQWRGHHTXLOtEULRRYDORUGDPXGDQoDGHSUHVVmRGHSHQGHGDSUHVVmR GHYDSRUGRDUH[WHULRUHGDWHPSHUDWXUDGDFkPDUD I 3VLFU{PHWURV FRQVWDP GH GRLV WHUP{PHWURV VHPHOKDQWHV XP GRV TXDLVWHPREXOERUHFREHUWRSRUWHFLGRGHDOJRGmRXPHGHFLGRHPiJXD GHVWLODGD )LJXUD $ HYDSRUDomR GD iJXD VREUH R EXOER XPHGHFLGR FDXVD DEDL[DPHQWR QD WHPSHUDWXUD GHVWH H p GHSHQGHQWH GR HVWDGR KLJURPpWULFRGRDU2WHUP{PHWURGHEXOERVHFRLQGLFD DWHPSHUDWXUD GR DU $ GLIHUHQoD GH WHPSHUDWXUD HQWUH RV GRLV WHUP{PHWURV Gi LQGLFDomR GD XPLGDGH EHP FRPR GH RXWUDV SURSULHGDGHV GR DU EDVWDQGR XWLOL]DU RV GDGRV REWLGRV SDUD GDU HQWUDGDV HP WDEHODV JUiILFRVRXIyUPXODV2VSVLFU{PHWURVSRGHPVHUGHYHQWLODomRQDWXUDO SVLFU{PHWURV FRPXQV RX GH YHQWLODomR IRUoDGD 2 PDLV FRPXP p R SVLFU{PHWURJLUDWyULR J +LJU{PHWURVGHILRGHFDEHORRFDEHORKXPDQROLYUHGHJRUGXUDVWHP DSURSULHGDGHGHDXPHQWDUHPFRPSULPHQWRDRDEVRUYHUXPLGDGHHGH GLPLQXLU HP FRPSULPHQWR TXDQGR D SHUGH (VVD YDULDomR p FRQYHQLHQWHPHQWH DPSOLDGD H WUDQVPLWLGD D XP SRQWHLUR VREUH XP PRVWUDGRU TXH LQGLFDUi GLUHWDPHQWH D XPLGDGH UHODWLYD GR DU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 7URFDQGRVHRSRQWHLURSRUXPDSHQDFRQWHQGRUHVHUYDWyULRGHWLQWDH R PRVWUDGRU SRU XP FLOLQGUR URWDWLYR PRYLGR SRU XP PHFDQLVPR GH UHORMRDULDWHPVHRKLJU{PHWURUHJLVWUDGRURXKLJUyJUDIR )LJXUD±3VLFU{PHWURVGHSDUHGHHJLUDWyULR 80,'$'(5(/$7,9$ 8PKLJU{PHWURGHILRGHFDEHORRXXPKLJUyJUDIRIRUQHFHPGLUHWDPHQWHD OHLWXUDGDXPLGDGHUHODWLYDGRDU,VWRQmRDFRQWHFHTXDQGRVHXVDXPSVLFU{PHWUR RX XP KLJU{PHWUR GH FRQGHQVDomR SRLV QHVVH FDVR D XPLGDGH UHODWLYD Vy VHUi FRQKHFLGD DSyV RSHUDo}HV XVDQGR HVVHV GDGRV HP IyUPXODV WDEHODV RX JUiILFRV SVLFURPpWULFRV 'HWHUPLQDomRDQDOtWLFD &RQKHFHQGRVHDWHPSHUDWXUDGRSRQWRGHRUYDOKRHDWHPSHUDWXUDGRDUD XPLGDGHUHODWLYDSRGHVHUGHWHUPLQDGDSHODHTXDomR HPTXH 85 H[S^> 7 7SR @`HT 85 XPLGDGHUHODWLYDGRDUGHFLPDO 7 WHPSHUDWXUDGRDU.H 7SR WHPSHUDWXUDGRSRQWRGHRUYDOKR. 4XDQGRVHXVDXPSVLFU{PHWURDGHWHUPLQDomRGDXPLGDGH UHODWLYDSRGH VHUIHLWDSHODHTXDomR 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 85 SYSYV 6HQGR HPTXH SY SYVP >$3 WWP @ HT HT SY SUHVVmRGHYDSRUG iJXDQRDUPP+J SYVP SUHVVmRPi[LPDGHYDSRUjWHPSHUDWXUDGHEXOERPROKDGR PP+J $ FRQVWDQWHSVLFURPpWULFD[ R& 3 SUHVVmRDWPRVIpULFDORFDOPP+J W WHPSHUDWXUDGRDUR&H WP WHPSHUDWXUDGHEXOERPROKDGRR& $V FRQVWDQWHV SVLFURPpWULFDV DGRWDGDV VmR [ R& SDUD R SVLFU{PHWUR FRP YHQWLODomR DVSLUDGR H [ R& SDUD R SVLFU{PHWUR VHP PRYLPHQWDomRGHDU $SUHVVmRGHYDSRUVDWXUDGRQRDUjWHPSHUDWXUDGHEXOERVHFR SYV SRGH VHUGHWHUPLQDGDSHODHTXDomR HPTXH S YV [ W W HT SYV SUHVVmRGHYDSRUVDWXUDGRPEDUH W WHPSHUDWXUDGRDUq& 2EVPP+J PEDU $SUHVVmRPi[LPDGRYDSRUjWHPSHUDWXUDGHEXOERPROKDGR SYVP SRGH VHUH[SUHVVDSHODHTXDomR HPTXH S YVP [ W P W P HT SYVP SUHVVmRPi[LPDGRYDSRUPEDUH WP WHPSHUDWXUDGREXOERPROKDGRq& ([HPSOR $V OHLWXUDV GH WHPSHUDWXUD GH EXOER VHFR H GH EXOER PROKDGR GDGDV SRU XPSVLFU{PHWURGHDVSLUDomRIRUDPUHVSHFWLYDPHQWHGHq&Hq&'HWHUPLQH DXPLGDGHUHODWLYDGRDUXWLOL]DQGRDHTXDomR 6ROXomR 'HWHUPLQDomR GD SUHVVmR GH YDSRU VDWXUDGR j WHPSHUDWXUD GH EXOER PROKDGR HTXDomR S YVP [ [ PEDURXPP+J 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 'HWHUPLQDomRGDSUHVVmRGHYDSRUG¶iJXDQRDU HTXDomR SY >[ @ SY PP+J 'HWHUPLQDomR GD SUHVVmR GH YDSRU VDWXUDGR j WHPSHUDWXUD GH EXOER VHFR HTXDomR S YV [ [ PEDURXPP+J 3RUWDQWRDXPLGDGHUHODWLYDGRDUVHUi HTXDomR 85 7$%(/$6(*5È),&2636,&520e75,&26 $OpP GDV HTXDo}HV SVLFURPpWULFDV HVSHFtILFDV H GRV SURJUDPDV FRPSXWDFLRQDLVTXHLQFOXHPHVVDVHTXDo}HVSDUDRFiOFXORGDVSURSULHGDGHVGRDU DVWDEHODVHRVJUiILFRVSVLFURPpWULFRVIRUDPFULDGRVSDUDIDFLOLWDUDGHWHUPLQDomR GDV SURSULHGDGHV GR DU 0HVPR FRP D GLVSRQLELOLGDGH GH FRPSXWDGRUHV RV JUiILFRV H DV WDEHODV VmR EDVWDQWH XWLOL]DGRV SULQFLSDOPHQWH TXDQGR VH QHFHVVLWD GHGHWHUPLQDo}HVUiSLGDVHPORFDLVRQGHRFRPSXWDGRUQmRHVWiGLVSRQtYHO $7DEHODpXVDGDQDGHWHUPLQDomRDSUR[LPDGDGDXPLGDGHUHODWLYDGRDUH DSUHVHQWDHQWUDGDGXSOD1HODHQFRQWUDPVHDWHPSHUDWXUDGHEXOERPROKDGR WP QD SULPHLUD FROXQDH D GHSUHVVmR SVLFURPpWULFD GLIHUHQoD HQWUH DV WHPSHUDWXUDV GRWHUP{PHWURGHEXOERVHFRHWHUP{PHWURGHEXOERPROKDGR WWP QDSULPHLUD OLQKD2VGLYHUVRVYDORUHVGDXPLGDGHUHODWLYDFRQVWLWXHPRFRUSRGDWDEHOD 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 7DEHOD9DORUHVGHXPLGDGHUHODWLYDSDUDYDORUHVFRQKHFLGRVGHWHWP 7HPS WP & '(35(66236,&520e75,&$ 77P 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD ([HPSORGHDSOLFDomRGD7DEHOD 'HWHUPLQDUDXPLGDGHUHODWLYDGRDUVDEHQGRVHTXHXPSVLFU{PHWURLQGLFD W R&HWP R& 3URFXUDVHRYDORUGH R&QDFROXQDFRUUHVSRQGHQWHDRWHUP{PHWURGH EXOER PROKDGR WP H GDt VHJXHVH KRUL]RQWDOPHQWH DWp D FROXQD FXMD GHSUHVVmR SVLFURPpWULFD WWP VHMDLJXDODR&LVWRp R&R& 4XDQGRRVYDORUHVGHWH WWP QmRHVWmRH[SUHVVRV QD WDEHOD p SUHFLVR ID]HU XPD LQWHUSRODomR D TXDOSRGH VHU IHLWD LQGLVWLQWDPHQWH QDV FROXQDV RX QDV OLQKDV 6RPHQWH DSyV FRQKHFHU RV YDORUHV LQWHUPHGLiULRV GDV FROXQDV RX GDV OLQKDVpSRVVtYHOFDOFXODUDXPLGDGHUHODWLYD )D]HQGRDLQWHUSRODomRQDVFROXQDVWHPVHFROXQD WWP R&SDUDWP R &RYDORUGH85 HSDUDWP R&RYDORUGH85 $VVLPSDUD XPDYDULDomRGH R& R& R& D85YDULDHP 7DEHOD 3DUD XPD YDULDomR GH R& R& R& D 85 YDL YDULDU HP 'HVVH PRGR SRGHVH GL]HU TXH QD FROXQD W WP & SDUD WP R& FRUUHVSRQGHUiXPD85 7DEHOD &ROXQD WWP R&SDUDWP R&RYDORUGH85 HSDUDWP R&RYDORUGH85 2EVHUYDVHDTXLWDPEpPTXHSDUDXPDYDULDomRGH &D85YDULRXHPHFRQVHTHQWHPHQWHSDUDDYDULDomRGH R& R & R& D85YDULDUiHP2YDORUGD85SDUDWP R&H WWP R &VHUiGH 7DEHOD 3DUD FRQKHFHU D 85 QDV FRQGLo}HV SURSRVWDV EDVWD LQWHUSRODU RV YDORUHV HQFRQWUDGRVQDOLQKDFRUUHVSRQGHQWHDWP R&3DUD WWP R&RYDORU GH85 HSDUD WWP R&RYDORUGD85pGH$VVLPSDUD XPDYDULDomRGH R&HP WWP R& R& D85YDULRXHP3DUD XPDYDULDomRGH R&HP WWP R& R& D85YDULDUiHP $VVLPQDVFRQGLo}HVSURSRVWDVD85pFRPRPRVWUDD7DEHOD 7DEHOD ± 'HWHUPLQDomR GD XPLGDGH UHODWLYD HP IXQomR GD WHPSHUDWXUD GH EXOERPROKDGRHGDGHSUHVVmRSVLFURPpWULFD WP q& WWP q& *UiILFRSVLFURPpWULFR $QWHV GH DERUGDU R XVR GR JUiILFR SVLFURPpWULFR p QHFHVViULR FRPSUHHQGHUFRPRHOHpFRQVWLWXtGR $ )LJXUD PRVWUD XP JUiILFR SVLFURPpWULFR j SUHVVmR FRQVWDQWH GH PP GH +J PEDU TXH SRGHUi VHU XVDGR HP RXWUDV FRQGLo}HV GHVGH TXH VHMDPIHLWDVDVGHYLGDVFRUUHo}HV2HL[RGDVDEFLVVDVH[SUHVVDDVWHPSHUDWXUDVGR WHUP{PHWURGHEXOERVHFRHPR& 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 'RODGRGLUHLWRGDILJXUDFRUUHVSRQGHQGRDRHL[RGDVRUGHQDGDVHQFRQWUD VHDUD]mRGHPLVWXUDH[SUHVVDHPJUDPDVGHYDSRUG iJXDSRUTXLORJUDPDGHDU VHFR H GR ODGR HVTXHUGR HQFRQWUDVH D SUHVVmR GH YDSRU HP PLOLEDUHV H PP GH PHUF~ULR +J $VOLQKDVFXUYDVHQWUHRVWUrVSDUkPHWURVGHVFULWRVFRUUHVSRQGHPjVOLQKDV GH XPLGDGH UHODWLYD $ PDLV H[WUHPD p D OLQKD 85 RX OLQKD GR YDSRU VDWXUDQWHRXGHVDWXUDomRVREUHDTXDOVHOrHPDVWHPSHUDWXUDVGRWHUP{PHWURGH EXOERPROKDGRHGRSRQWRGHRUYDOKR$FLPDGDFXUYD85 HQFRQWUDPVH VHJPHQWRVGHUHWDVRQGHVHOrDHQWDOSLDRXVHMDDTXDQWLGDGHGHFDORUHQYROYLGD QDVPXGDQoDVGHHVWDGR$HQWDOSLDHVWiH[SUHVVDHPNFDONJGHDUVHFR &RPHoDQGR D OHLWXUD SHOR HL[R GDV WHPSHUDWXUDV GH EXOER VHFR WEV HQFRQWUDPVH LQFOLQDGDVSDUD D HVTXHUGD HP DSUR[LPDGDPHQWH R DV OLQKDV GH YROXPH HVSHFtILFR GR DU VHFR TXH LQGLFDP R Q~PHUR GH PHWURV F~ELFRV GH DU QHFHVViULRSRUTXLORJUDPDGHDUVHFR 8VRGRJUiILFR &RQKHFHQGRDWHPSHUDWXUD GRSRQWRGHRUYDOKRHDWHPSHUDWXUD GH EXOER VHFR RX WHPSHUDWXUD GR DU SDUD REWHU D XPLGDGH UHODWLYD WUDoDVH D SDUWLU GR SRQWRGHRUYDOKROLGRVREUHDOLQKDGHXPLGDGHUHODWLYDLJXDODDSDUDOHODj OLQKDGDVWHPSHUDWXUDVGHEXOERVHFR$VHJXLUOHYDQWDVHXPDSHUSHQGLFXODUDR HL[R GDV WHPSHUDWXUDV GH EXOER VHFR D TXDOFRUUHVSRQGH j WHPSHUDWXUD GR DU 2 FUX]DPHQWR GDV OLQKDV WUDoDGDV GHWHUPLQD QR JUiILFR XP SRQWR GHQRPLQDGR ³SRQWRGHHVWDGR´DSDUWLUGRTXDOSRGHPVHFRQKHFHUDVRXWUDVSURSULHGDGHVGR DU D 8PLGDGH UHODWLYD FRPR DV OLQKDV FXUYDV LQGLFDP D 85 EDVWD REVHUYDU TXDO OLQKD FRLQFLGH FRP R SRQWR GH HVWDGR &DVR QmR KDMD FRLQFLGrQFLDID]VHDLQWHUSRODomRYLVXDO E 5D]mRGHPLVWXUDDSDUWLUGRSRQWRGHHVWDGRWUDoDVHSDUDDGLUHLWD XPDSDUDOHODDRHL[RGDVWHPSHUDWXUDVGRWHUP{PHWURGHEXOERVHFRH OrVHQD HVFDODRQ~PHURGH JUDPDVGH YDSRU G iJXDSRU TXLORJUDPD GHDUVHFR F 3UHVVmRGHYDSRUDSDUWLUGRSRQWRGHHVWDGRWUDoDVHSDUDDHVTXHUGD DWp jV HVFDODV GH SUHVVmR GH YDSRU XPD SDUDOHOD DR HL[R GDV WHPSHUDWXUDV GR WHUP{PHWUR GH EXOER VHFR ID]HQGR D OHLWXUD HP PLOLEDUHVRXPLOtPHWURVGHPHUF~ULR G (QWDOSLD D SDUWLU GR SRQWR GH HVWDGR WUDoDVH XPD OLQKD SDUDOHOD jV OLQKDV TXH SDUWHP GD HVFDOD GD HQWDOSLD RQGH VH Or R Q~PHUR GH TXLORFDORULDVSRUTXLORJUDPDGHDUVHFR H 9ROXPHHVSHFtILFRGRDUVHFRRSRQWRGHHVWDGRGHWHUPLQDRYDORUGR YROXPHHVSHFtILFRGR DU VHFR 4XDQGR HOH QmR FRLQFLGH FRP XPD GDV OLQKDV WUDoDGDV QR JUiILFR p IHLWD XPD LQWHUSRODomR YLVXDO GHWHUPLQDQGRRQ~PHURGHPHWURVF~ELFRVGHDUSRUTXLORJUDPDGHDU VHFR $V)LJXUDVHLOXVWUDPFRPRXPH[HPSORFRPRpSRVVtYHOGHWHUPLQDURV GLIHUHQWHVYDORUHVGDVSURSULHGDGHVSVLFURPpWULFDVGRDU~PLGRFRQKHFHQGRVHRV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD YDORUHVGHGXDVRXWUDVSURSULHGDGHVQmRDOLQKDGDV ([HPSOR GHWHUPLQH DV SURSULHGDGHV WHUPRGLQkPLFDV GR DU ~PLGR WHPSHUDWXUDGHEXOERVHFRW R&HD WHPSHUDWXUDGHEXOERPROKDGRWP R & FRPRLQGLFDGRQD)LJXUD 6ROXomRSDUDGHWHUPLQDURSRQWRGHHVWDGROHYDQWDVHDSHUSHQGLFXODUDR HL[R GDV WHPSHUDWXUDV GH EXOER VHFR D SDUWLU GR YDORU GD WHPSHUDWXUD GR DU $ VHJXLU SDUWLQGR GD WHPSHUDWXUD WP REWLGD QD FXUYD GH VDWXUDomR WUDoDVH D SDUDOHODjVOLQKDVGHHQWDOSLD2FUX]DPHQWRGDVGXDVOLQKDVGHWHUPLQDRSRQWRGH HVWDGR2VGHPDLVSDUkPHWURVVmRHQFRQWUDGRVFRPRGHVFULWRDQWHULRUPHQWH XPLGDGHUHODWLYD YROXPHHVSHFtILFR PNJGHDUVHFR UD]mRGHPLVWXUD JUDPDVGHYDSRUNJGHDUVHFR SUHVVmRGHYDSRU PEDUH HQWDOSLD NFDONJGHDUVHFR 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±*UiILFRSVLFURPpWULFR 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±'HWHUPLQDomRGRSRQWRGHHVWDGRDSDUWLUGHWHWP 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±'HWHUPLQDomRGDVSURSULHGDGHVGRDUDSDUWLUGRSRQWRGHHVWDGR 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD &RQKHFHQGRVHRSRQWRGHRUYDOKRSR HDWHPSHUDWXUDGRDUW SDUDREWHUDXPLGDGH UHODWLYDWUDoDVHDSDUWLUGRSRQWRGHRUYDOKRDUOLGRVREUHDOLQKDGHVDWXUDomRRX GHXPLGDGHUHODWLYDXPDSDUDOHODjOLQKDGDVWHPSHUDWXUDVGHEXOERVHFRRX DEFLVVD$VHJXLUOHYDQWDVHXPDSHUSHQGLFXODUDRHL[RGDVWHPSHUDWXUDVGHEXOER VHFR D TXDO GHYH FRUUHVSRQGHU j WHPSHUDWXUD GR DU W 2 FUX]DPHQWR GDV OLQKDV WUDoDGDVGHWHUPLQDQRJUiILFRRSRQWRGHHVWDGR3DSDUWLUGRTXDOGHWHUPLQDPVH DVRXWUDVSURSULHGDGHVGHPRGRVHPHOKDQWHDRGD)LJXUD ([HPSOR TXH FDUDFWHUtVWLFDV DSUHVHQWDP XPD PDVVD GH DU FXMD WHPSHUDWXUD GH EXOER VHFR p R& H D WHPSHUDWXUD GR SRQWR GH RUYDOKR SR R &" 6ROXomR 3HOD )LJXUD H SHOR SURFHGLPHQWR VHPHOKDQWH DR GD )LJXUD VHUmR GHWHUPLQDGDVDVVHJXLQWHVSURSULHGDGHVGRDU XPLGDGHUHODWLYD YROXPHHVSHFtILFR PNJGHDUVHFR UD]mRGHPLVWXUD JUDPDVGHYDSRUNJGHDUVHFR SUHVVmRGHYDSRU PEDURXPP+J HQWDOSLD NFDONJGHDUVHFRH WHPSHUDWXUDGHEXOERPROKDGR R& 2 SRQWR GH HVWDGR SRGH VHU GHWHUPLQDGR SRU PHLR GH GRLV SDUkPHWURV TXDLVTXHUGHVGHTXHQmRVHMDPLQWHUGHSHQGHQWHV 23(5$d®(648(02',),&$02$5 &RPR GLWR DQWHULRUPHQWH QRV GLYHUVRV UDPRV GDV iUHDV GH SUp SURFHVVDPHQWR WUDQVIRUPDomR H FRQVHUYDomR GH DOLPHQWRV D XWLOL]DomR GR DU QD VXDIRUPDQDWXUDORXPRGLILFDGDpEDVWDQWHFRPXP3RUH[HPSORQDRSHUDomRGH VHFDJHPGHYHVHPXLWDVYH]HVDTXHFHURDUSDUDTXHHOHWHQKDRVHXSRWHQFLDOGH DEVRUomR GH iJXD DXPHQWDGR SDUD DFHOHUDU R SURFHVVR 1D FRQVHUYDomR GH SHUHFtYHLV VmR XWLOL]DGDV FkPDUDV HVSHFLDLV FRP UHFLUFXODomR GR DU D EDL[DV WHPSHUDWXUDV IULJRFRQVHUYDomR SDUD TXH R SURGXWR SRVVD VHU WUDQVSRUWDGR H DGTXLULU PDLRU YLGDGHSUDWHOHLUD GXUDQWH D FRPHUFLDOL]DomR VHP VH GHWHULRUDU (P RXWUDV RSHUDo}HV GHYHVH FRP IUHTrQFLD PRGLILFDU RXWUDV SURSULHGDGHV FRPRDTXDQWLGDGHGHYDSRUGHiJXD 2 SURFHVVR GH VHFDJHP GH JUmRV HP FDPDGD SURIXQGD SRGH VHU UHSUHVHQWDGR HP XP JUiILFR SVLFURPpWULFR FRPR PRVWUDGR QD )LJXUD $VVLP TXHRDUPRYHDWUDYpVGRDTXHFHGRU SRQWRGHHVWDGRSDUDRSRQWRGHHVWDGR VXD WHPSHUDWXUD H VXD HQWDOSLD DXPHQWDP H DR DWUDYHVVDU D FDPDGD GH JUmRV SRQWR GH HVWDGR SDUD R SRQWR GH HVWDGR D XPLGDGH UHODWLYD H D UD]mR GH PLVWXUD DXPHQWDP D WHPSHUDWXUD GH EXOER VHFR GLPLQXL H D HQWDOSLD SHUPDQHFH FRQVWDQWH 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD 'HWHUPLQDomR GR SRQWR GH HVWDGR D SDUWLU GD WHPSHUDWXUD GR SRQWRGHRUYDOKR WSR HGDWHPSHUDWXUDGRDU W 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD ± 0RGLILFDomR GR DU GXUDQWH R SURFHVVR GH VHFDJHP HP FDPDGD SURIXQGD 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD $TXHFLPHQWRHUHVIULDPHQWRGRDU $R IRUQHFHU FDORU ³VHFR´ DR DU D WHPSHUDWXUD GHVWH DXPHQWD HQTXDQWR D UD]mR GH PLVWXUD SHUPDQHFH FRQVWDQWH SRUTXH QmR Ki DXPHQWR QHP UHGXomR QD TXDQWLGDGH GH YDSRU SUHVHQWH $TXHFLGR R DU R SRQWR GH HVWDGR PRYHVH KRUL]RQWDOPHQWHSDUDDGLUHLWDFRQIRUPH)LJXUDRQGHRDUFRP85 HW R& IRL DTXHFLGR SDUD W R& 2 SRQWR GH HVWDGR GHVORFRXVH KRUL]RQWDOPHQWH SDUD D GLUHLWD H D XPLGDGH UHODWLYD FDLX SDUD $ HQWDOSLD YDULRXGHSDUDNFDOSRUTXLORGHDUVHFR,VWRVLJQLILFDTXHIRUDPQHFHVViULDV NFDOSDUDHOHYDUD WHPSHUDWXUD GR DU GH SDUD R& SRU TXLORJUDPD GH DU VHFR 1R UHVIULDPHQWR R SRQWR GH HVWDGR PRYHVH KRUL]RQWDOPHQWH SDUD D HVTXHUGD4XDQGRD FXUYDGHVDWXUDomR 85 p DWLQJLGDWHPVHRSRQWR GHRUYDOKR&RQWLQXDQGRRUHVIULDPHQWRRSRQWRGHHVWDGRPRYHVHVREUHDOLQKD GHVDWXUDomRLQGLFDQGRTXHRYDSRUG iJXDHVWiFRQGHQVDQGR $ )LJXUD PRVWUD R UHVIULDPHQWR SDUD R& GH XPD PDVVD GH DU TXH LQLFLDOPHQWH DSUHVHQWDYD R& H 85 2 SRQWR GH HVWDGR GHVORFDVH KRUL]RQWDOPHQWHSDUDDHVTXHUGDDWpDWLQJLU85 RQGHRSRQWRGHRUYDOKRp R&$SDUWLUGHVVHSRQWRGHVORFDVHVREUHDFXUYDGHVDWXUDomRDWpDWLQJLU R& PDQWHQGR D 85 ,VWR VLJQLILFD D FRQGHQVDomR GH GRLV JUDPDV GH YDSRU G iJXD SRU TXLORJUDPD GH DU VHFR FRUUHVSRQGHQGR D XPD PXGDQoD QD UD]mR GH PLVWXUDGHSDUDJUDPDVSRUTXLORJUDPDGHDUVHFR $ HQWDOSLD YDULRX GH SDUD NFDO SRU TXLORJUDPD GH DU VHFR $ GLIHUHQoDHQWUHHVVHVYDORUHVLQGLFDDQHFHVVLGDGHGHNFDOGHUHIULJHUDomRSRU TXLORJUDPDGHDUVHFRSDUDTXHHVWHSDVVHGHW R&SDUDW R& 6HFDJHPHXPHGHFLPHQWR $DGLomRRXUHWLUDGDGHXPLGDGHGRDUVHPDGLFLRQDURXUHWLUDUFDORUOHYD RSRQWRGHHVWDGRDVHGHVORFDUVREUHXPDOLQKDGHHQWDOSLDFRQVWDQWH1RFDVRGH DGLomR GH XPLGDGH R SRQWR GH HVWDGR GHVORFDVH SDUD FLPD H SDUD HVTXHUGD H PHGLDQWHDUHWLUDGDGHXPLGDGHHVWHSRQWRGHVORFDVHSDUDEDL[RHSDUDDGLUHLWD $)LJXUDPRVWUDTXHHPFRQGLo}HVLQLFLDLVGHR& HUD]mRGHPLVWXUDGH JUDPDVGHYDSRUSRUTXLORJUDPDGHDUVHFR SRQWR RDUSHUGHUiJUDPDVGH YDSRU G iJXD SRU TXLORJUDPD GH DU VHFR TXDQGR R SRQWR GH HVWDGR VH GHVORFDU VREUHDOLQKDGHXPDPHVPDHQWDOSLDDWpDWLQJLUDWHPSHUDWXUDGH R& SRQWR 1RYDPHQWH SDUWLQGRVH GDV FRQGLo}HV LQLFLDLV SRQWR TXDQGR VH DFUHVFHQWDP JUDPDV GH YDSRU G iJXD SRU TXLORJUDPD GH DU VHFR R SRQWR GH HVWDGRGHVORFDVHSDUDRSRQWRjWHPSHUDWXUD GH R&1RWDVHTXH D HQWDOSLD SHUPDQHFHFRQVWDQWHDNFDOSRUTXLORJUDPDGHDUVHFR 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±'HVORFDPHQWRGRSRQWRGHHVWDGRGHYLGRDRDTXHFLPHQWRGD PDVVDGHDU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±'HVORFDPHQWRGRSRQWRGHHVWDGRGHYLGRDRUHVIULDPHQWRGD PDVVDGHDU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD )LJXUD±2SHUDomRGHVHFDJHPHXPHGHFLPHQWRGDPDVVDGHDU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD 0LVWXUDGHGRLVIOX[RVGHDU (PJUDQGHQ~PHURGHVHFDGRUHVDJUtFRODVVmRPLVWXUDGDVGXDVPDVVDVGH DUFRPGLIHUHQWHVIOX[RVHSURSULHGDGHVWHUPRGLQkPLFDV )LJXUD $VFRQGLo}HV ILQDLV GD PLVWXUD UHVXOWDQWH SRGHP VHU GHWHUPLQDGDV SRU PHLR GH JUiILFRV SVLFURPpWULFRV &RQVLGHUDQGRGRLVIOX[RVGHPDVVD P H P WHPSHUDWXUDVW HWUD]}HV GH PLVWXUDV Z Z H HQWDOSLDV K H K D PLVWXUD ILQDO WHUi IOX[R GH PDVVD P WHPSHUDWXUD W UD]mR GH PLVWXUD Z H HQWDOSLD K 2V EDODQoRV GH HQHUJLD H GH PDVVDSDUDHVVHSURFHVVRVmR P P P Z P Z P K P K 6XEVWLWXLQGR P WHPVH P P Z H P K P K K P K K P Z Z P Z Z 3RUWDQWR P P K K K K Z Z Z Z $FRQGLomRILQDOGDPLVWXUDGRVGRLVIOX[RVpHQFRQWUDGDQDOLQKDTXHOLJD RVSRQWRV KZ H KZ QRJUiILFRSVLFURPpWULFR2SRQWR KZ SRGHVHU HQFRQWUDGR DOJHEULFDPHQWH RX DSOLFDQGRVH D SURSULHGDGH GRV WULkQJXORV VHPHOKDQWHVGLUHWDPHQWHQRJUiILFRSVLFURPpWULFR )LJXUD±0LVWXUDGHGXDVPDVVDVGHDU 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD ([HPSOR (P XP VHFDGRU GH IOX[R FRQFRUUHQWH PPLQXWR GH DU FRP WHPSHUDWXUDGHEXOERVHFRGHq&HWHPSHUDWXUDGHEXOERPROKDGRGHq& DU SURYHQLHQWH GD VHomR GH UHVIULDPHQWR VmR PLVWXUDGRV QD HQWUDGD GH XPD IRUQDOKD FRP R DU DPELHQWH DU FXMD YD]mR p GH PPLQXWR FRP WHPSHUDWXUD GH EXOER VHFR GH q& H XPLGDGH UHODWLYD GH 'HWHUPLQH D WHPSHUDWXUDGHEXOERVHFRHGHEXOERPROKDGRGRDUUHVXOWDQWHGDPLVWXUD DU TXHDIRUQDOKDGHYHUiDTXHFHU 6ROXomR $ SDUWLU GRV SRQWRV GH HVWDGRV GDGRV SHODV FRQGLo}HV GR DU H GR DU WHPVH 9ROXPH~PLGRGRDU Y PNJGHDUVHFR 5D]mRGHPLVWXUDGRDU Z JGHYDSRUNJGHDUVHFR (QWDOSLDGRDU K NFDONJGHDUVHFR 9ROXPH~PLGRGRDU Y PNJGHDUVHFR 5D]mRGHPLVWXUDGRDU Z JGHYDSRUNJGHDUVHFR (QWDOSLDGRDU K NFDONJGHDUVHFR 'HWHUPLQDomRGDYD]mRPiVVLFD P H P 4 Y P P P PLQ P NJ 4 Y NJGHDUVHFRPLQXWR P PLQ P NJ NJGHDUVHFRPLQXWR 6XEVWLWXLQGRRVYDORUHVGH P P K HKZ HZ QDVH[SUHVV}HV P P K K K K H P P Z Z Z Z WHPVHRSRQWRGHHVWDGRUHVXOWDQWHGDPLVWXUDGRDUHGRDUFDUDFWHUL]DGR SRU K NFDONJGHDUVHFRH Z JGHYDSRUNJGHDUVHFR $SDUWLUGRSRQWRGHHVWDGRSRGHPVHGHWHUPLQDUWRGDVDVSURSULHGDGHV GDPLVWXUDVHQGRDWHPSHUDWXUDGREXOERVHFRGHq&HDGREXOERPROKDGRGH q& $V WUDQVIRUPDo}HVHIHWXDGDV VHUmR FRQVLGHUDGDVPDLV GHWDOKDGDPHQWH HP HVWXGRVVREUHDVHFDJHPHDUPD]HQDJHPGRVGLYHUVRVSURGXWRVDJUtFRODV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV &DStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD /,7(5$785$&2168/7$'$ %522.(5'%%$..(5$5.(0$): +$//&:'U\LQJ DQG VWRUDJH RI JUDLQV DQG RLOVHHGV 1HZ <RUN $Q $9, %RRN S 3(5(,5$ -$0 48(,52= '0 3VLFURPHWULD 9LoRVD &(175(,1$5S 38==, ' $EDVWHFLPHQWR H DUPD]HQDJHP GH JUmRV &DPSLQDV ,QVWLWXWR&DPSLQHLURGH(QVLQR$JUtFRODS 6,/9$-65(=(1'(5&+LJURPHWULD ,13UpSURFHVVDPHQWRGH SURGXWRVDJUtFRODV-XL]GH)RUD,QVWLWXWR0DULDS 9,$1(//25 /$/9(6$ 5 0HWHRURORJLD EiVLFDHDSOLFDo}HV 9LoRVD8)9S =2/1,(5 6 3VLFURPHWULD , 9LoRVD (QJHQKDULD QD $JULFXOWXUD 6pULH&DGHUQR'LGiWLFR1RS 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

cap3

Products

Support

cap3

Add this document to collection(s)

Add this document to saved

Suggest us how to improve StudyLib