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6HJXHPVH DV SULQFLSDLV IXQo}HV GR JUXSR GH HPSUHJDGRV
e SRVVtYHO JHUDU YDORUHV SURSRVWRV SDUD D iUHD GH FiOFXOR GDV IROKDV GH

SDJDPHQWR RX SDUD D UHPXQHUDomR EDVH GH DFRUGR SRU H[HPSOR FRP R
JUXSR GH HPSUHJDGRV
2 JUXSR GH HPSUHJDGRV p XWLOL]DGR FRPR XP FULWpULR GH VHOHomR SDUD VLVWHPD
GH UHODWyULRV
2 JUXSR GH HPSUHJDGRV p XPD XQLGDGH GD YHULFDomR GH DXWRUL]DomR
+DELWXDOPHQWH YRFr SRGH XWLOL]DU R FDWiORJR SDGUmR SDUD GHQLU JUXSRV GH

HPSUHJDGRV &RQWXGR HOH WDPEpP SRGH VHU DPSOLDGR SDUD DWHQGHU jV QHFHVVLGDGHV
LQGLYLGXDLV GH FOLHQWHV
)LJXUD 6XEJUXSR GH H

PSUHJDGRV
2 VXEJUXSR GH HPSUHJDGRV p XPD GLYLVmR H[DWD GH JUXSRV GH HPSUHJDGRV GH

DFRUGR FRP DV SRVLo}HV GRV HPSUHJDGRV (PSUHJDGRV DVVDODULDGRV IXQFLRQiULRV
H HPSUHJDGRV QmR SHUWHQFHQWHV DR DFRUGR FROHWLYR VmR H[HPSORV GH VXEJUXSRV
GHQWUR GR JUXSR GH HPSUHJDGRV DWLYRV


7+5B
7RGDV DV FDUDFWHUtVWLFDV GH FRQWUROH GD HVWUXWXUD GH SHVVRDO VmR GHQLGDV QR QtYHO

GR VXEJUXSR GH HPSUHJDGRV $V FDUDFWHUtVWLFDV PDLV LPSRUWDQWHV VmR GHVFULWDV
D VHJXLU
2 DJUXSDPHQWR GH VXEJUXSRV GH HPSUHJDGRV SDUD D UHJUD GH FiOFXOR SDUD

SHVVRDO SHUPLWH D YRFr GHQLU GLIHUHQWHV SURFHGLPHQWRV GH FiOFXOR GD IROKD
GH SDJDPHQWR SDUD YiULRV VXEJUXSRV GH HPSUHJDGRV SRU H[HPSOR YRFr
SRGH LQGLFDU VH D UHPXQHUDomR GH XP HPSUHJDGR GHYH VHU FRQWDELOL]DGD
SRU KRUD RX SRU PrV
2 DJUXSDPHQWR GH VXEJUXSRV GH HPSUHJDGRV SDUD UXEULFDV VDODULDLV SULPiULDV
FRQWUROD D YDOLGDGH GDV UXEULFDV VDODULDLV QR QtYHO GH XP VXEJUXSR GH
HPSUHJDGRV HQTXDQWR R DJUXSDPHQWR SDUD HVWLSXODo}HV GH DFRUGRV FROHWLYRV
OLPLWD D YDOLGDGH GDV IDL[DV VDODULDLV D GHWHUPLQDGRV JUXSRV GH HPSUHJDGRV
$R HQWUDU GDGRV YRFr SRGH GHQLU YDORUHV SURSRVWRV XWLOL]DQGR R VXEJUXSR
GH HPSUHJDGRV SRU H[HPSOR SDUD D iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR
)LJXUD UHDV GH FiOFXOR GDV IROKDV GH SDJDPHQWR
$ iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR UHSUHVHQWD XPD XQLGDGH

RUJDQL]DFLRQDO XWLOL]DGD SDUD R SURFHVVDPHQWR GD IROKD GH SDJDPHQWR 7RGRV RV
HPSUHJDGRV FXMD IROKD GH SDJDPHQWR WHQKD VLGR SURFHVVDGD DR PHVPR WHPSR
H SDUD R PHVPR SHUtRGR VmR DWULEXtGRV j PHVPD iUHD GH FiOFXOR GDV IROKDV GH
SDJDPHQWR


7+5B
2 FiOFXOR GDV IROKDV GH SDJDPHQWR JHUDOPHQWH p H[HFXWDGR SDUD FDGD iUHD GH

SURFHVVDPHQWR GD IROKD GH SDJDPHQWR $ iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR
IRUQHFH GXDV LQIRUPDo}HV DR JHUDGRU GR SURFHVVDPHQWR GD IROKD GH SDJDPHQWR R
Q~PHUR GH HPSUHJDGRV D VHUHP FRQWDELOL]DGRV H DV GDWDV GR SHUtRGR SURFHVVDGR
QD IROKD GH SDJDPHQWR
2 Q~PHUR GH HPSUHJDGRV D VHUHP FRQWDELOL]DGRV p GHWHUPLQDGR XWLOL]DQGR R
LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO TXH DUTXLYD D iUHD GH FiOFXOR GDV
IROKDV GH SDJDPHQWR
'LFD 8P HPSUHJDGR VRPHQWH SRGH PRGLFDU iUHDV GH FiOFXOR GDV IROKDV
GH SDJDPHQWR QR QDO GH XP SHUtRGR 6H R VWDWXV GH XP HPSUHJDGR IRU
PRGLFDGR GH DVVDODULDGR SDUD IXQFLRQiULR QR PHLR GR PrV H D iUHD GH
FiOFXOR GDV IROKDV GH SDJDPHQWR IRU GLIHUHQWH SDUD HVVDV GXDV VLWXDo}HV
YRFr QmR GHYH HQWUDU D QRYD iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR DQWHV
GR LQtFLR GR SUy[LPR PrV
9RFr SRGH HQFRQWUDU PDLV LQIRUPDo}HV VREUH R FiOFXOR GD IROKD GH SDJDPHQWR QR
FDStWXOR VREUH DMXVWHV GH UHPXQHUDomR


7+5B
5HVXPR GD OLomR


7+5B
/LomR
1HVWD OLomR YRFr FD FRQKHFHQGR R SODQR RUJDQL]DFLRQDO
2EMHWLYRV GD OLomR
&HQiULR GH QHJyFLRV
3DUWH & $GPLQLVWUDomR RUJDQL]DFLRQDO
,QVHULU XQLGDGHV RUJDQL]DFLRQDLV H SRVLo}HV HP XPD HVWUXWXUD RUJDQL]DFLRQDO

H[LVWHQWH
)LJXUD 3ODQR RUJDQL]DFLRQDO
9RFr FULD VHX SODQR RUJDQL]DFLRQDO XWLOL]DQGR XQLGDGHV RUJDQL]DFLRQDLV H SRVLo}HV

8P SODQR RUJDQL]DFLRQDO p XP PRGHOR DEUDQJHQWH H GLQkPLFR GRV DPELHQWHV
HVWUXWXUDO H GH SHVVRDO GH VXD HPSUHVD TXH YRFr SRGH DQDOLVDU HP TXDOTXHU
PRPHQWR


7+5B
9RFr UHSUHVHQWD KLHUDUTXLDV HP VHX SODQR RUJDQL]DFLRQDO
$ HVWUXWXUD RUJDQL]DFLRQDO GH VXD HPSUHVD

$ HVWUXWXUD RUJDQL]DFLRQDO UHSUHVHQWD D KLHUDUTXLD H[LVWHQWH HQWUH
DV GLYHUVDV XQLGDGHV RUJDQL]DFLRQDLV HP VXD HPSUHVD 9RFr FULD D
HVWUXWXUD RUJDQL]DFLRQDO FULDQGR H DWXDOL]DQGR XQLGDGHV RUJDQL]DFLRQDLV H
UHODFLRQDQGRDV XPDV FRP DV RXWUDV
$V SRVLo}HV LQGLYLGXDLV H D KLHUDUTXLD GH SRVLo}HV FDGHLD GH FRPDQGR

8P SODQR RUJDQL]DFLRQDO PDSHLD D HVWUXWXUD GH OLQKDV HP VXD HPSUHVD 9RFr
FULD XP SODQR RUJDQL]DFLRQDO DWUDYpV GD FULDomR H DWXDOL]DomR GH SRVLo}HV H
UHODFLRQDQGRDV XPDV FRP DV RXWUDV
)LJXUD 7LSRV GH REMHWRV 8QLGDGHV RUJDQL]DFLRQDLV
$V XQLGDGHV RUJDQL]DFLRQDLV SRGHP VHU FODVVLFDGDV GH XP PRGR JHUDO SRU

H[HPSOR SRU IXQomR RX SRU UHJLmR RX HVSHFLFDPHQWH SRU H[HPSOR SRU JUXSR
GH SURMHWRV $ IRUPD GH FODVVLFDomR GDV XQLGDGHV RUJDQL]DFLRQDLV GHSHQGH
GD HPSUHVD HP TXHVWmR
9RFr SUHFLVD UHODFLRQDU DV XQLGDGHV RUJDQL]DFLRQDLV XPDV FRP DV RXWUDV HP XP
SODQR RUJDQL]DFLRQDO $V LQWHUUHODo}HV KLHUiUTXLFDV TXH H[LVWHP HQWUH DV XQLGDGHV
RUJDQL]DFLRQDLV UHSUHVHQWDP D HVWUXWXUD RUJDQL]DFLRQDO GH VXD HPSUHVD
$V XQLGDGHV RUJDQL]DFLRQDLV SRGHP VHU OLJDGDV D FHQWURV GH FXVWR GD
&RQWDELOLGDGH
([HPSOR


7+5B
2 H[HPSOR DFLPD PRVWUD D XQLGDGH RUJDQL]DFLRQDO 'LUHWRULD FRPR REMHWR VXSHULRU

VREUH GRLV REMHWRV VXERUGLQDGRV 5HFXUVRV KXPDQRV H )LQDQoDV
)LJXUD 7LSRV GH REMHWRV &DUJRV
&DGD FDUJR UHSUHVHQWD XPD FODVVLFDomR ~QLFD GH UHVSRQVDELOLGDGHV HP VXD

RUJDQL]DomR $R FULDU RV FDUJRV YRFr GHYH OHYDU HP FRQWD DV WDUHIDV H DV
QHFHVVLGDGHV HVSHFtFDV DVVRFLDGDV D FDGD XP GHOHV
2V FDUJRV VmR XWLOL]DGRV QRV VHJXLQWHV FRPSRQHQWHV GH DSOLFDomR
3ODQHMDPHQWR GD DORFDomR GH SHVVRDO

(YROXomR GH UHFXUVRV KXPDQRV
'LFD $V VXDV GHVFULo}HV GRV FDUJRV GHYHP VHU R PDLV JHUDLV SRVVtYHO H
WmR HVSHFtFDV TXDQWR IRU QHFHVViULR


7+5B
)LJXUD 7LSRV GH REMHWRV 3RVLo}HV
8PD YH] FULDGR XP FDUJR p QHFHVViULR LQGLFDU R Q~PHUR GH SRVLo}HV

FRUUHVSRQGHQWHV QHFHVViULDV QD RUJDQL]DomR
8PD SRVLomR KHUGD DV WDUHIDV GH XP FDUJR &RQWXGR YRFr WDPEpP SRGH GHQLU
WDUHIDV DGLFLRQDLV TXH VH UHIHUHP HVSHFLFDPHQWH D XP SRVLomR
$V SRVLo}HV SRGHP HVWDU SUHHQFKLGDV SDUFLDOPHQWH SUHHQFKLGDV RX YDJDV
([HPSOR
$V SRVLo}HV H QmR RV FDUJRV VmR RFXSDGDV SRU HPSUHJDGRV 8PD SRVLomR WDPEpP
SRGH VHU FRPSDUWLOKDGD SRU GLYHUVRV HPSUHJDGRV FDGD XP WUDEDOKDQGR PHQRV GR
TXH R SHUtRGR LQWHJUDO 3RU H[HPSOR GRLV HPSUHJDGRV SRGHP VHU WLWXODUHV GH
H GH XPD SRVLomR


7+5B
)LJXUD 7LSRV GH REMHWRV &HQWURV GH FXVWR
2V FHQWURV GH FXVWR VmR DWXDOL]DGRV QR &RQWUROOLQJ H SRGHP VHU OLJDGRV D XQLGDGHV

RUJDQL]DFLRQDLV RX D SRVLo}HV
$V DWULEXLo}HV D FHQWURV GH FXVWR VmR KHUGDGDV DR ORQJR GD HVWUXWXUD GD XQLGDGH
RUJDQL]DFLRQDO
)LJXUD 7LSRV GH REMHWRV 3HVVRDV


7+5B
3HVVRDV JHUDOPHQWH UHSUHVHQWDP HPSUHJDGRV HP VXD HPSUHVD $V SHVVRDV RFXSDP

SRVLo}HV QD HVWUXWXUD RUJDQL]DFLRQDO TXH p DGPLQLVWUDGD SHOD $GPLQLVWUDomR
RUJDQL]DFLRQDO
2V LQIRWLSRV SDUD DV SHVVRDV VmR DWXDOL]DGRV QD $GPLQLVWUDomR GH SHVVRDO H HVWmR
OLJDGRV D XP SODQR RUJDQL]DFLRQDO SRU PHLR GD UHVSHFWLYD DWULEXLomR GH SRVLomR
e SRVVtYHO GHULYDU RXWUDV SUHGHQLo}HV QD DWXDOL]DomR GH HPSUHJDGRV GD
$GPLQLVWUDomR GH SHVVRDO FRP EDVH QRV GDGRV GD $GPLQLVWUDomR RUJDQL]DFLRQDO
FRPR R LQIRWLSR *UXSR6XEJUXSR GH HPSUHJDGRV
)LJXUD 0HWRGRORJLD 'HVLJQ RULHQWDGR D REMHWRV
$ $GPLQLVWUDomR RUJDQL]DFLRQDO VH EDVHLD QR FRQFHLWR GH TXH WRGR HOHPHQWR GD

RUJDQL]DomR FRQVWLWXL XP REMHWR ~QLFR FRP DWULEXWRV LQGLYLGXDLV 9RFr FULD D
DWXDOL]D FDGD REMHWR LQGLYLGXDOPHQWH 9RFr FULD OLJDo}HV HQWUH RV GLYHUVRV REMHWRV
SDUD IRUPDU XPD HVWUXWXUD SDUD VHX SODQR RUJDQL]DFLRQDO ,VVR SURSRUFLRQD XPD
EDVH H[tYHO SDUD R SODQHMDPHQWR D SUHYLVmR H R VLVWHPD GH UHODWyULRV GH SHVVRDO


7+5B
)LJXUD &DUDFWHUtVWLFDV GH REMHWR ,QIRWLSRV
2V REMHWRV FRQVLVWHP HP WUrV SDUWHV
$ SULPHLUD SDUWH LQIRWLSR 2EMHWR LQFOXL R Q~PHUR GH LGHQWLFDomR XP WH[WR

EUHYH H XP GHVFULWLYR H R SHUtRGR GH YDOLGDGH
$ VHJXQGD SDUWH LQIRWLSR /LJDo}HV FRQWpP DV OLJDomR}HV HQWUH HVWH H
RV RXWURV REMHWRV
$ WHUFHLUD SDUWH RXWURV LQIRWLSRV FRQWpP DV FDUDFWHUtVWLFDV GR REMHWR
7RGRV RV GDGRV GH XP REMHWR H[LVWrQFLD OLJDo}HV FDUDFWHUtVWLFDV DGLFLRQDLV VmR

FULDGRV FRPR LQIRWLSRV
9RFr SRGH GHQLU FDUDFWHUtVWLFDV SDUWLFXODUHV SDUD XP REMHWR HP FDGD LQIRWLSR
$OJXQV LQIRWLSRV SRGHP VHU DWXDOL]DGRV SDUD WRGRV RV WLSRV GH REMHWRV SRU
H[HPSOR RV LQIRWLSRV 2EMHWR H /LJDomR 2XWURV VRPHQWH VmR UHOHYDQWHV SDUD
GHWHUPLQDGRV WLSRV GH REMHWRV FRPR R LQIRWLSR 9DJDV TXH DSHQDV p UHOHYDQWH
SDUD SRVLo}HV
1HP WRGRV RV LQIRWLSRV VmR DEVROXWDPHQWH QHFHVViULRV &RQWXGR HOHV SRGHP
IRUQHFHU LQIRUPDo}HV LPSRUWDQWHV VREUH RV REMHWRV


7+5B
)LJXUD &DUDFWHUtVWLFDV DGLFLRQDLV GH REMHWRV
e SRVVtYHO FULDU FDUDFWHUtVWLFDV DGLFLRQDLV VRE D IRUPD GH OLJDo}HV FRP RXWURV

REMHWRV RX GDGRV DUTXLYDGRV HP RXWURV LQIRWLSRV H[FOXVLYRV GR REMHWR
)LJXUD 2UJDQL]DomR H HIHWLYR GH SHVVRDO 1DYHJDomR
1R ODGR HVTXHUGR GD WHOD HVWi R DGPLQLVWUDGRU GH REMHWRV TXH VH GLYLGH HP XPD

iUHD GH SHVTXLVD DFLPD H XPD iUHD GH VHOHomR HPEDL[R


7+5B
9RFr SRGH XWLOL]DU D iUHD GH SHVTXLVD SDUD ORFDOL]DU REMHWRV FRPR XQLGDGHV
RUJDQL]DFLRQDLV SHVVRDV FDUJRV SRVLo}HV H XVXiULRV 1D iUHD GH VHOHomR YRFr
SRGH XWLOL]DU RV UHVXOWDGRV GD SHVTXLVD SDUD VHOHFLRQDU XP REMHWR D VHU XWLOL]DGR
QDV iUHDV GH VtQWHVH HRX GHWDOKDGD
2 ODGR GLUHLWR GD WHOD RX HVWUXWXUD GH KLHUDUTXLD GLYLGHVH HP XPD iUHD GH VtQWHVH
H XPD iUHD GHWDOKDGD
1D iUHD GH VtQWHVH YRFr SRGH YLVXDOL]DU D KLHUDUTXLD GH XQLGDGHV RUJDQL]DFLRQDLV
RX D RFXSDomR GH SRVLo}HV GH XPD XQLGDGH RUJDQL]DFLRQDO
1D iUHD GHWDOKDGD YRFr SRGH DWXDOL]DU REMHWRV H UHVSHFWLYDV FDUDFWHUtVWLFDV
XWLOL]DQGR GLYHUVDV FKDV GH UHJLVWUR
)LJXUD 2UJDQL]DomR H HIHWLYR GH SHVVRDO
2V SODQRV RUJDQL]DFLRQDLV VmR GHQLGRV QD $GPLQLVWUDomR RUJDQL]DFLRQDO ,VWR

SRGH VHU IHLWR HP 2UJDQL]DomR H HIHWLYR GH SHVVRDO RX QR 0RGR HVSHFLDOLVWD
$V IXQo}HV HP 2UJDQL]DomR H HIHWLYR GH SHVVRDO SHUPLWHP TXH YRFr FULH XQLGDGHV
RUJDQL]DFLRQDLV SRVLo}HV FDUJRV H WDUHIDV GH PDQHLUD UiSLGD H IiFLO 9RFr DSHQDV
SUHFLVD LQGLFDU RV GHWDOKHV PDLV LPSRUWDQWHV GHVVHV REMHWRV $ 2UJDQL]DomR H
HIHWLYR GH SHVVRDO FULD DV OLJDo}HV DXWRPDWLFDPHQWH


7+5B
(P 2UJDQL]DomR H HIHWLYR GH SHVVRDO YRFr SRGH
$WXDOL]DU RV GDGRV EiVLFRV GH VHX SODQR RUJDQL]DFLRQDO

$WXDOL]DU D KLHUDUTXLD GH SRVLo}HV H[LVWHQWH HQWUH DV SRVLo}HV HP VHX SODQR
RUJDQL]DFLRQDO
$WXDOL]DU DWULEXLo}HV D FHQWURV GH FXVWR
$WXDOL]DU GHWHUPLQDGRV LQIRWLSRV
7RGRV RV REMHWRV TXH YRFr FULDU QD 2UJDQL]DomR H HIHWLYR GH SHVVRDO UHFHEHP

DXWRPDWLFDPHQWH VWDWXV $WLYR H XPD LGHQWLFDomR GR REMHWR
)LJXUD 'DWD H SHUtRGR GH SUHYLVmRGDWDV GH YDOLGDGH
$V GDWDV GH YDOLGDGH GHWHUPLQDP D H[LVWrQFLD GH XP REMHWR

9RFr SUHFLVD DWULEXLU XP SHUtRGR GH YDOLGDGH D WRGRV RV UHJLVWURV GH LQIRWLSR
FULDGRV 'HVVD IRUPD YRFr SRGH YHU WRGDV DV PRGLFDo}HV TXH RFRUUHP HP VXD
HPSUHVD 9RFr REWpP XPD YLVmR GLQkPLFD GH VXD HPSUHVD
$V GDWDV GH YDOLGDGH SRVVLELOLWDP DR XVXiULR DYDOLDU FHUWRV GDGRVFKDYH RX
SHUtRGRV GH WHPSR HVSHFtFRV GR SDVVDGR GR SUHVHQWH RX GR IXWXUR 2V GDGRV VmR
VHOHFLRQDGRV GH DFRUGR FRP R SHUtRGR GH WHPSR LQGLFDGR


7+5B
)LJXUD FRQHV LPSRUWDQWHV
([LVWHP GLYHUVRV VtPERORV SDUD REMHWRV H IXQo}HV VHOHFLRQDGRV QD LQWHUIDFH GH

XVXiULR GH 2UJDQL]DomR H HIHWLYR GH SHVVRDO
)LJXUD UHD GH SHVTXLVD
1D iUHD GH SHVTXLVD YRFr SRGH XWLOL]DU GLIHUHQWHV IHUUDPHQWDV GH SHVTXLVD SDUD

SURFXUDU REMHWRV QD $GPLQLVWUDomR RUJDQL]DFLRQDO
*UDYH VXDV YDULDQWHV GH SHVTXLVD FRPR )DYRULWRV


7+5B
)LJXUD )HUUDPHQWDV GH SHVTXLVD QD iUHD GH SHVTXLVD
3HVTXLVDU XWLOL]DQGR XP WHUPR GH SHVTXLVD YRFr SRGH HQWUDU R QRPH D DEUHYLDWXUD

RX R ,' GR REMHWR HP TXHVWmR 9RFr WDPEpP SRGH SURFXUDU REMHWRV DWULEXtGRV
GLUHWD RX LQGLUHWDPHQWH D RXWUR REMHWR SRU H[HPSOR WRGDV DV SRVLo}HV GD XQLGDGH
RUJDQL]DFLRQDO 'HSDUWDPHQWR +&0
7DPEpP HVWmR GLVSRQtYHLV DV VHJXLQWHV IHUUDPHQWDV GH SHVTXLVD

3HVTXLVD GH HVWUXWXUD
3HVTXLVDU XWLOL]DQGR XPD FRQVXOWD SHVTXLVD OLYUH

7+5B
)LJXUD UHD GH VHOHomR
8WLOL]H RV UHVXOWDGRV GH VXD SHVTXLVD SDUD DWXDOL]DU REMHWRV RX DWULEXtORV D RXWURV

REMHWRV XWLOL]DQGR D IXQomR GH DUUDVWDU H VROWDU
9RFr WDPEpP SRGH GHQLU TXH GHWDOKHV GHYHP HVWDU YLVtYHLV RX RFXOWRV
)LJXUD UHD GH VtQWHVH
([LED XQLGDGHV RUJDQL]DFLRQDLV QD UHVSHFWLYD HVWUXWXUD HP iUYRUH H FOLTXH GXDV

YH]HV QHODV SDUD WUD]rODV SDUD DWXDOL]DomR QD UHD GHWDOKDGD
&ULH QRYRV REMHWRV HP XPD HVWUXWXUD


7+5B
9LVXDOL]H FRPR OLVWD SDUD H[LELU D RFXSDomR GH SRVLo}HV HP XPD XQLGDGH

RUJDQL]DFLRQDO
9RFr WDPEpP SRGH GHQLU TXH GHWDOKHV GHYHP HVWDU YLVtYHLV RX RFXOWRV
$UUDVWH REMHWRV GD UHD GH VHOHomR SDUD DWULEXLU QRYDV SRVLo}HV SHVVRDV RX
XVXiULRV D XP SODQR GH RFXSDomR
)LJXUD UHD GHWDOKDGD
9iULRV DWULEXWRV OLJDo}HV H FDUDFWHUtVWLFDV GH REMHWRV VmR DJUXSDGRV HP FKDV GH

UHJLVWUR GLIHUHQWHV GD iUHD GHWDOKDGD 9RFr SRGH DWXDOL]iORV GLUHWDPHQWH RQGH
HOHV VH HQFRQWUDP RX XWLOL]DU D IXQomR GH DUUDVWDU H VROWDU SDUD DWXDOL]iORV IRUD
GD iUHD GH VHOHomR
9LVXDOL]H GHWDOKHV GH GDGRV GH P~OWLSORV SHUtRGRV GHQWUR GR SHUtRGR GH
SURFHVVDPHQWR
9RFr SRGH PRGLFDU RV GDGRV HQWUDGRV DWp R PRPHQWR HP TXH SUHVVLRQDU *UDYDU
RX DWp DWXDOL]DU RXWUR REMHWR


7+5B
)LJXUD $QXODU
2V tFRQHV HVWDUmR SUHVHQWHV VH D IXQFLRQDOLGDGH IRU SRVVtYHO

1mR VHUi SRVVtYHO DQXODU ORJR TXH RV GDGRV VHMDP HQYLDGRV SDUD R EDQFR GH GDGRV
5HVXPR &ULDomR GR SODQR RUJDQL]DFLRQDO
&ULDU XQLGDGH RUJDQL]DFLRQDO UDL]

&ULDU XQLGDGHV RUJDQL]DFLRQDLV VXERUGLQDGDV
&ULDU FDUJRV
&ULDU SRVLo}HV
$WULEXLU FHQWURV GH FXVWR
$WULEXLU SHVVRDV
$WXDOL]DU RXWUDV FDUDFWHUtVWLFDV GH REMHWRV
(VWDV VmR DV HWDSDV TXH YRFr GHYHUi UHDOL]DU SDUD FULDU VHX SODQR RUJDQL]DFLRQDO


7+5B
)LJXUD 6LVWHPD GH UHODWyULRV
2V SODQRV RUJDQL]DFLRQDLV H DV KLHUDUTXLDV GH SRVLo}HV UHSUHVHQWDP VRPHQWH

XPD SDUFHOD GD IXQFLRQDOLGDGH GH UHODWyULRV GLVSRQtYHO QD $GPLQLVWUDomR
RUJDQL]DFLRQDO
9RFr HQFRQWUDUi DV GLYHUVRV RSo}HV GH UHODWyULRV QR PHQX 6LVWHPD GH LQIRUPDomR
GD $GPLQLVWUDomR RUJDQL]DFLRQDO (VWH PHQX HVWi RUJDQL]DGR VHJXQGR RV
GLIHUHQWHV WLSRV GH REMHWRV 9RFr SRGH HQFRQWUDU R SODQR RUJDQL]DFLRQDO QR WLSR
GH REMHWR 8QLGDGH RUJDQL]DFLRQDO 9RFr SRGH DFHVVDU D KLHUDUTXLD GH SRVLo}HV D
SDUWLU GR WLSR GH REMHWR 3RVLomR $TXL YRFr WDPEpP HQFRQWUD SODQRV GH RFXSDomR
H D GHVFULomR GDV SRVLo}HV
1RWD
9RFr WDPEpP SRGH H[LELU UHODWyULRV QR *UiFR GH HVWUXWXUD *UiFR GH HVWUXWXUD
WDPEpP SHUPLWH D DWXDOL]DomR GH REMHWRV


7+5B
)LJXUD ,QWHJUDomR GH $GPLQLVWUDomR GH SHVVRDO H 3ODQHMDPHQWR GH

UHFXUVRV KXPDQRV
6H D $GPLQLVWUDomR GH SHVVRDO H D $GPLQLVWUDomR RUJDQL]DFLRQDO HVWLYHUHP

LQWHJUDGDV p SRVVtYHO HQWUDU D SRVLomR QR LQIRWLSR 0HGLGDV 3ULPHLUR p
QHFHVViULR DWXDOL]DU HVWH LQIRWLSR 9RFr QmR SRGH VREUHJUDYDU RV FDPSRV FDUJR
XQLGDGH RUJDQL]DFLRQDO RX FHQWUR GH FXVWR (OHV LQGLFDP DV UHODo}HV FRP D SRVLomR
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B

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7+5B
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7+5B

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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B

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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B

7+5B
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7+5B
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7DUHID
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7+5B
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7+5B
5HVXPR GD OLomR

GH HQWLGDGHV


7+5B
/LomR
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7+5B
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7+5B
)LJXUD (VWUXWXUD GH SHVVRDO 6XEJUXSR GH H

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7+5B
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7+5B
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2 DJUXSDPHQWR GH VXEJUXSRV GH HPSUHJDGRV SDUD FRQWLQJHQWHV GH
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7+5B
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7+5B
9RFr GHQH DTXL D UHODomR HQWUH HQWLGDGHV RUJDQL]DFLRQDLV

6XD iUHD GH UHFXUVRV KXPDQRV p DWULEXtGD D XPD HPSUHVD 4XDQGR YRFr

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7+5B

7+5B
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3DUD FRSLDU XP VXEJUXSR GH HPSUHJDGRV H YHULFDU DWULEXLo}HV GD HVWUXWXUD

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7DUHID
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4XH DJUXSDPHQWR GH SDtVHV SDUD +5 HVWi DWULEXtGR D HVWD HPSUHVD"


7+5B

3RU TXH PRWLYR RV DJUXSDPHQWRV GH SDtVHV VmR HVVHQFLDLV SDUD FRPSRQHQWHV

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7+5B
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7DUHID
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7+5B
7DUHID
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$ TXH HPSUHVD HVWi DWULEXtGD VXD QRYD iUHD GH UHFXUVRV KXPDQRV 3$" 3RU
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7+5B
7DUHID
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PRGHOR GH FySLD ; +RULVWDV WDPEpP WHP HVWH DJUXSDPHQWR (P RXWUD
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7+5B
5HVXPR GD OLomR



7+5B
5HVXPR GR FDStWXOR
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GH HQWLGDGHV



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7+5B

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7+5B
$V SDUWHV PDLV LPSRUWDQWHV GD HVWUXWXUD RUJDQL]DFLRQDO VmR DERUGDGDV QHVWD OLomR
$ HVWUXWXUD RUJDQL]DFLRQDO p GHVFULWD HP $GPLQLVWUDomR RUJDQL]DFLRQDO QD WHOD
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7+5B
3ODQR RUJDQL]DFLRQDO
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2 SODQR RUJDQL]DFLRQDO UHSUHVHQWD D HVWUXWXUD RUJDQL]DFLRQDO $V HPSUHVDV

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H JUXSRV GH WUDEDOKR LQGLYLGXDLV 2 VLVWHPD 6$3 XWLOL]D XQLGDGHV RUJDQL]DFLRQDLV
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3HVVRDV RX HPSUHJDGRV H[HFXWDP DWLYLGDGHV $V SHVVRDV VmR XPD SDUWH
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7+5B
3DUWHV GD $GPLQLVWUDomR RUJDQL]DFLRQDO
)LJXUD 8QLGDGHV RUJDQL]DFLRQDLV
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DVSHFWRV UHJLRQDLV RX GH IRUPD PDLV SUHFLVD GH DFRUGR FRP JUXSR GH SURMHWR
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7+5B
3RVLo}HV GHVFUHYHP iUHDV FRQFUHWDV GH XPD HPSUHVD TXH SUHFLVDP VHU

SUHHQFKLGDV FRP SHVVRDO GLVSRQtYHO FRPR XP *HUHQWH HXURSHX &DUJRV VmR
XPD FODVVLFDomR JHUDO GH WDUHIDV GHQWUR GH XPD HPSUHVD FRPR *HUHQWH 9RFr
SRGH GHQLU HVVHV FDUJRV PDLV GHWDOKDGDPHQWH DWULEXLQGR FDUDFWHUtVWLFDV 'HVVD
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H FDUDFWHUtVWLFDV VHPHOKDQWHV
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DXWRPDWLFDPHQWH DV WDUHIDV H FDUDFWHUtVWLFDV DWULEXtGDV DR FDUJR
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HPSUHJDGRV VHMDP LQFOXtGRV QD HVWUXWXUD RUJDQL]DFLRQDO 8WLOL]DQGR GDGRV
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GH SRVLo}HV GH VXD HPSUHVD
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GH DYDOLDomR GH XPD SRVLomR QR FDStWXOR (VWUXWXUD GH UXEULFDV VDODULDLV QD VHomR
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YDORU GH XPD SRVLomR
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GHYH VHU UHPXQHUDGR FRP R YDORU GHVVD SRVLomR PyGXOR $5%3/ 3DUD PDLV
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7+5B
(VWUXWXUD RUJDQL]DFLRQDO GH VXD HPSUHVD
)LJXUD (VWUXWXUD RUJDQL]DFLRQDO GH VXD HPSUHVD
2 JUiFR PRVWUD FRPR YRFr GHYH PDSHDU D HVWUXWXUD RUJDQL]DFLRQDO GH VXD

HPSUHVD QR VLVWHPD GD 6$3
9RFr GHQH RV GLIHUHQWHV GHSDUWDPHQWRV H VXEGLYLV}HV FRPR XQLGDGHV
RUJDQL]DFLRQDLV )UHTXHQWHPHQWH LVVR UHHWH D KLHUDUTXLD GH FHQWURV GH FXVWR
GH XPD HPSUHVD
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7+5B
2 JUiFR PRVWUD D HVWUXWXUD RUJDQL]DFLRQDO GH VXD HPSUHVD TXH YRFr SRGH XWLOL]DU
FRPR XP H[HPSOR VREUH FRPR UHSUHVHQWDU XPD HVWUXWXUD RUJDQL]DFLRQDO QR
VLVWHPD GD 6$3
2V HPSUHJDGRV RFXSDP DV SRVLo}HV LQGLYLGXDLV
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GH SHVVRDO
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SRGHUi LQVHULU XPD SRVLomR QR LQIRWLSR 0HGLGDV 'HVVD IRUPD R VLVWHPD
SURS}H RV YDORUHV DUTXLYDGRV QD $GPLQLVWUDomR RUJDQL]DFLRQDO SDUD JUXSR GH
HPSUHJDGRV VXEJUXSR GH HPSUHJDGRV iUHD GH UHFXUVRV KXPDQRV H VXEiUHD GH
UHFXUVRV KXPDQRV FRPR YDORUHV SURSRVWRV
2 VLVWHPD WDPEpP LQFOXL RV YDORUHV SDUD FDUJR XQLGDGH RUJDQL]DFLRQDO H FHQWUR
GH FXVWR PDV YRFr QmR SRGHUi VREUHJUDYDU HVVDV HQWUDGDV QR LQIRWLSR $WULEXLomR
RUJDQL]DFLRQDO DWULEXLomR [D


7+5B
7UDQVDomR 0RGLFDU RUJDQL]DomR H RFXSDomR
)LJXUD /D\RXW GD WHOD 0RGLFDU RUJDQL]DomR H RFXSDomR
)LJXUD $WXDOL]DomR GH XPD SRVLomR &ODVVLFDomR FRQWiELO


7+5B
9RFr SRGH FRQJXUDU RV VHJXLQWHV HOHPHQWRV XWLOL]DQGR D FKD GH UHJLVWUR

&ODVVLFDomR FRQWiELO
2 JUiFR PRVWUD FRPR R VLVWHPD DUTXLYD DV UHODo}HV HQWUH DV SRVLo}HV H D

HVWUXWXUD GR HPSUHHQGLPHQWR
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OLJXH RV FHQWURV GH FXVWR jV XQLGDGHV RUJDQL]DFLRQDLV UHOHYDQWHV 2V FHQWURV
GH FXVWR WDPEpP SRGHP VHU OLJDGRV D FDUJRV H D SRVLo}HV
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9RFr SRGH FRQJXUDU RV VHJXLQWHV HOHPHQWRV XWLOL]DQGR D FKD GH UHJLVWUR +RUiULR

GH WUDEDOKR

2 JUiFR PRVWUD FRPR R VLVWHPD DUTXLYD DV UHODo}HV HQWUH DV SRVLo}HV H D

HVWUXWXUD GH SHVVRDO

7+5B
&RQVHTXrQFLDV GD LQWHJUDomR
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6H YRFr LQWHJUDU $GPLQLVWUDomR GH SHVVRDO H $GPLQLVWUDomR RUJDQL]DFLRQDO

SRGHUi LQVHULU D SRVLomR QR LQIRWLSR 0HGLGDV DR H[HFXWDU XPD PHGLGD GH
FRQWUDWDomR &RP D HQWUDGD GD SRVLomR R VLVWHPD SURSDJD RV GDGRV DUTXLYDGRV
QD $GPLQLVWUDomR RUJDQL]DFLRQDO SDUD RV FDPSRV GR LQIRWLSR 0HGLGDV
FRPR VH Yr QR JUiFR
)LJXUD 9DORUHV GD $GPLQLVWUDomR RUJDQL]DFLRQDO


7+5B
2 VLVWHPD REWpP RV YDORUHV SURSRVWRV SDUD JUXSR H VXEJUXSR GH HPSUHJDGRV QRV

GDGRV DUTXLYDGRV QD SRVLomR GR LQIRWLSR *UXSR6XEJUXSR GH HPSUHJDGRV
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2 VLVWHPD REWpP RV YDORUHV SURSRVWRV SDUD D GLYLVmR iUHD GH UHFXUVRV KXPDQRV
H VXEiUHD GH UHFXUVRV KXPDQRV QRV GDGRV DUTXLYDGRV QD SRVLomR RX QD XQLGDGH
RUJDQL]DFLRQDO GR LQIRWLSR &DUDFWHUtVWLFDV GH FODVVLFDomR FRQWiELO TXH
YRFr SRGH DWXDOL]DU QD FKD GH UHJLVWUR &ODVVLFDomR FRQWiELO
6H RV FRPSRQHQWHV $GPLQLVWUDomR GH SHVVRDO H $GPLQLVWUDomR RUJDQL]DFLRQDO QmR
HVWLYHUHP LQWHJUDGRV YRFr SUHFLVDUi LQVHULORV PDQXDOPHQWH SDUD FHQWUR GH FXVWR
SRVLomR FDUJR H XQLGDGH RUJDQL]DFLRQDO QR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO
&RQWXGR VH D $GPLQLVWUDomR RUJDQL]DFLRQDO HVWLYHU LQWHJUDGD YRFr QmR SRGHUi
DWXDOL]DU HVVHV FDPSRV QR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO 2 VLVWHPD SUHHQFKH
HVVHV FDPSRV DXWRPDWLFDPHQWH FRP EDVH QD $GPLQLVWUDomR RUJDQL]DFLRQDO
$WLYDU D LQWHJUDomR
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2 VLVWHPD DUTXLYD D UHODomR HQWUH $GPLQLVWUDomR GH SHVVRDO H $GPLQLVWUDomR

RUJDQL]DFLRQDO QR &XVWRPL]LQJ $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR
RUJDQL]DFLRQDO ,QWHJUDomR ,QWHJUDomR FRP $GPLQLVWUDomR GH SHVVRDO
&RQJXUDU LQWHJUDomR FRP $GPLQLVWUDomR GH SHVVRDO &RQJXUDo}HV EiVLFDV
8WLOL]H R FRPXWDGRU 3/2*, 25*$ SDUD GHWHUPLQDU VH GHYH RFRUUHU LQWHJUDomR
FRP R LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO


7+5B
9RFr SRGH XWLOL]DU D FDUDFWHUtVWLFD 3/2*, HP FRQMXQWR FRP D DWULEXLomR

RUJDQL]DFLRQDO VXEJUXSR GH HPSUHJDGRV iUHD GH UHFXUVRV KXPDQRV HWF SDUD
LQGLFDU TXH JUXSRV GH HPSUHJDGRV SRGHP SDUWLFLSDU GD LQWHJUDomR ([LVWHP
YiULDV IRUPDV GH DWLYDU D LQWHJUDomR ,VVR GHSHQGH GR VLVWHPD TXH YRFr XWLOL]DU
HP VXD HPSUHVD

9RFr LPSOHPHQWRX D $GPLQLVWUDomR GH SHVVRDO H TXHU SHUVRQDOL]DU

QRYDPHQWH D $GPLQLVWUDomR RUJDQL]DFLRQDO 1HVVH FDVR R VLVWHPD FRQYHUWH
DV HQWUDGDV QDV WDEHODV GH $GPLQLVWUDomR GH SHVVRDO UHOHYDQWHV SDUD RV
REMHWRV GH SODQHMDPHQWR GH UHFXUVRV KXPDQRV
9RFr LPSOHPHQWRX D $GPLQLVWUDomR RUJDQL]DFLRQDO H TXHU SHUVRQDOL]DU
QRYDPHQWH D $GPLQLVWUDomR GH SHVVRDO 9RFr SRGH FRSLDU H WUDQVIHULU
DXWRPDWLFDPHQWH DV HQWUDGDV H[LVWHQWHV QR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO

9RFr TXHU LPSOHPHQWDU DPERV RV FRPSRQHQWHV GH QRYR 9RFr QmR SUHFLVD
LQVHULU PDQXDOPHQWH RV GDGRV QD $GPLQLVWUDomR GH SHVVRDO SRLV RV GDGRV
LQVHULGRV GXUDQWH D LQWHJUDomR DQWHULRU GRV VLVWHPDV VHUmR DWXDOL]DGRV QR
FRPSRQHQWH $GPLQLVWUDomR RUJDQL]DFLRQDO

7+5B
([HUFtFLR (VWUXWXUD RUJDQL]DFLRQDO

'HQLU XPD UHODomR HQWUH XPD SRVLomR H D HPSUHVD H HVWUXWXUD GH SHVVRDO
&HQiULR GH QHJyFLRV
-i IRL FULDGD XPD HVWUXWXUD RUJDQL]DFLRQDO FRP YiULDV SRVLo}HV GH RSHUiULRV QD
SURGXomR $JRUD YRFr SUHFLVD FULDU D UHODomR HQWUH XPD SRVLomR H VHXV QRYRV
HOHPHQWRV GD HVWUXWXUD ,VVR JDUDQWH TXH RV QRYRV HPSUHJDGRV TXH YRFr FRQWUDWDU
SDUD HVWD SRVLomR VHUmR DXWRPDWLFDPHQWH LQFOXtGRV QD HVWUXWXUD RUJDQL]DFLRQDO
GH VXD HPSUHVD 9RFr FRQFOXLUi R SURFHVVR GH FRQWUDWDomR GHVWHV HPSUHJDGRV
HP FDStWXORV IXWXURV
7DUHID
(P $GPLQLVWUDomR RUJDQL]DFLRQDO FKDPH 2UJDQL]DomR H RFXSDomR QR PRGR
GH DOWHUDomR H SHVTXLVD GD XQLGDGH RUJDQL]DFLRQDO &$%% 2UJ 8QLWV 7UDLQLQJ
*URXS 1D iUHD 7UHLQDPHQWR LQWHUQDFLRQDO YRFr HQFRQWUDUi D XQLGDGH
RUJDQL]DFLRQDO 3URGXomR (OD FRQWpP D XQLGDGH RUJDQL]DFLRQDO 3URGXomR FHQWUDO
TXH SRU VXD YH] FRQWpP DV SRVLo}HV GH 2SHUiULR QD SURGXomR
6HOHFLRQH D SRVLomR SDUD R Q~PHUR GH VHX JUXSR FRP FOLTXH GXSOR H SURFHVVH RV
GHWDOKHV GH VXD SRVLomR &HUWLTXHVH GH TXH D GDWD GH LQtFLR HP 'DWD H SHUtRGR
GH SUHYLVmR HVWHMD GHQLGD SDUD R GHVWH PrV 9RFr WDPEpP GHYH XWLOL]DU HVWD
GDWD FRPR GDWD GH FRQWUDWDomR SDUD R VHJXQGR HPSUHJDGR TXH FRQWUDWDU

3URFHVVH D FKD GH UHJLVWUR &ODVVLFDomR FRQWiELO SDUD DWULEXLU VXD SRVLomR

GH RSHUiULR QD SURGXomR 2SHUiULR QD SURGXomR j HPSUHVD &$%% j iUHD
GH UHFXUVRV KXPDQRV 3$ H D VXD VXEiUHD GH UHFXUVRV KXPDQRV 3URGXomR
'HL[H RV FDPSRV UHVWDQWHV HP EUDQFR

3URFHVVH D FKD GH UHJLVWUR +RUiULR GH WUDEDOKR SDUD DWULEXLU VXDV

SRVLo}HV GH RSHUiULRV QD SURGXomR 2SHUiULR QD SURGXomR DR JUXSR GH
HPSUHJDGRV $WLYRV H D VHX QRYR VXEJUXSR GH HPSUHJDGRV
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DUTXLYDU R GLD GH SDJDPHQWR SRU H[HPSOR
2 H[HPSOR GR JUiFR PRVWUD FRPR YRFr SRGH JHUDU SHUtRGRV SURFHVVDGRV QD IROKD
GH SDJDPHQWR SDUD XP PRGLFDGRU GH SHUtRGR PHQVDO $TXL D GDWD GH LQtFLR H D
GDWD QDO GH XP SHUtRGR FRLQFLGHP FRP D GDWD GH LQtFLR H D GDWD QDO GH XP PrV
GR FDOHQGiULR 9RFr XWLOL]D HVWDV FRQJXUDo}HV SDUD JHUDU SHUtRGRV SURFHVVDGRV QD
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$WHQomR $ WHOD GH HQWUDGD GR UHODWyULR PXGD GLQDPLFDPHQWH GH DFRUGR
FRP R DJUXSDPHQWR GH SDtVHV


7+5B
)LJXUD *HUDomR GH SHUtRGRV SURFHVVDGRV QD IROKD GH SDJDPHQWR
5HJUD GR GLD GH SDJDPHQWR1~PHUR GH GLDV (VWDV FDPSRV GHWHUPLQDP FRPR

VH FDOFXOD R GLD GH SDJDPHQWR GR SHUtRGR 6mR SRVVtYHLV RV VHJXLQWHV YDORUHV SDUD
D UHJUD GR GLD GH SDJDPHQWR

2 Q~PHUR GH GLDV p VRPDGR j GDWD GH LQtFLR GR SHUtRGR SDUD FDOFXODU R GLD GH

SDJDPHQWR
2 Q~PHUR GH GLDV p GHGX]LGR GD GDWD QDO GR SHUtRGR
2 Q~PHUR GH GLDV p VRPDGR j GDWD QDO GR SHUtRGR
9iOLGR DSHQDV SDUD SHUtRGRV PHQVDLV SURFHVVDGRV QD IROKD GH SDJDPHQWR 2
Q~PHUR GH GLDV p XWLOL]DGR FRPR GDWD H[DWD
'HWHUPLQDU Q~PHUR GR SHUtRGR 1HVWH FDPSR YRFr GHQH D GDWD GR SHUtRGR

SURFHVVDGR QD IROKD GH SDJDPHQWR TXH R VLVWHPD XWLOL]DUi SDUD GHWHUPLQDU R
Q~PHUR GR SHUtRGR 2 VLVWHPD XWLOL]D R Q~PHUR GR SHUtRGR QR UHJLVWUR GH FRQWUROH
GD IROKD GH SDJDPHQWR SDUD SURMHWDU FRQWLQXDPHQWH RV SHUtRGRV SURFHVVDGRV QD
IROKD GH SDJDPHQWR GH XP DQR $R FRQWDU RV Q~PHURV GRV SHUtRGRV R VLVWHPD
FRPHoD QRYDPHQWH GR QR LQtFLR GH FDGD DQR VFDO
1R H[HPSOR GR JUiFR YRFr SDJD DR HPSUHJDGR SHOD VHPDQD GH WUDEDOKR DQWHULRU
WRGD IHLUD GDWD GH LQtFLR MXOKR SHUtRGR 'RPLQJR 6iEDGR 2 PRWLYR
GLVVR p TXH D WHUFHLUD UHJUD GR GLD GH SDJDPHQWR HVWLSXOD TXH R Q~PHUR GH GLDV
p VRPDGR j GDWD QDO GR SHUtRGR


7+5B
*HUDomR GH FDOHQGiULR SDUD DFXPXODo}HV
)LJXUD *HUDomR GH FDOHQGiULR SDUD DFXPXODo}HV
$OJXQV SDtVHV QHFHVVLWDP GR FDOHQGiULR SDUD QV GH UHODWyULR

3RUWDQWR QR FiOFXOR GDV IROKDV GH SDJDPHQWR DOJXPDV UXEULFDV VDODULDLV VmR
DFXPXODGDV DR ORQJR GH YiULRV SHUtRGRV SDUD VH REWHUHP SRU H[HPSOR WRWDLV
PHQVDLV WULPHVWUDLV RX DQXDLV 'XUDQWH D JHUDomR GR FDOHQGiULR FDGD SHUtRGR
SURFHVVDGR QD IROKD GH SDJDPHQWR p DWULEXtGR D XP WULPHVWUH VHPHVWUH RX DQR
9RFr GHYH JHUDU R FDOHQGiULR SDUD FDGD FRPELQDomR GH SDUkPHWUR GH SHUtRGRV H
PRGLFDGRU GH GDWD DWULEXtGD HP XP QtYHO LQIHULRU D XPD iUHD GH FiOFXOR GDV
IROKDV GH SDJDPHQWR
9RFr JHUD DQWHFLSDGDPHQWH HVVH FDOHQGiULR GH DFXPXODomR SDUD YiULRV DQRV
XWLOL]DQGR XP UHODWyULR GR &XVWRPL]LQJ


7+5B
&KDYH GH RUJDQL]DomR
)LJXUD &KDYHV GH RUJDQL]DomR SDUD YHULFDo}HV DGLFLRQDLV GH

DXWRUL]DomR
9RFr SRGH XWLOL]DU D FKDYH RUJDQL]DFLRQDO SDUD DPSOLDU DV YHULFDo}HV GH

DXWRUL]DomR HP FRQMXQWR FRP R REMHWR GH DXWRUL]DomR GH GDGRV PHVWUH GH +&0
FRQVXOWH HVWH FXUVR +5 $XWRUL]Do}HV HP +&0
$ FKDYH GD RUJDQL]DomR p XP FDPSR GH FDUDFWHUHV GR LQIRWLSR $WULEXLomR
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SRGH FRQJXUiOD XWLOL]DQGR XP FRQWUROH HVSHFtFR H WDEHODV GH UHJUDV 1mR
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1R ,0* VHOHFLRQH $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR GH SHVVRDO
'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO &RQJXUDU FKDYH
RUJDQL]DFLRQDO



7+5B

7+5B
([HUFtFLR UHD GH FiOFXOR GDV IROKDV

GH SDJDPHQWR H FKDYH GH RUJDQL]DomR
&ULDU iUHDV GH FiOFXOR GDV IROKDV GH SDJDPHQWR H H[LELU XP UHJLVWUR GH

FRQWUROH GD IROKD GH SDJDPHQWR
&HQiULR GH QHJyFLRV
&RPR VXD HPSUHVD WHP GLYHUVDV GDWDV GH FiOFXOR GDV IROKDV GH SDJDPHQWR YRFr
GHYH FULDU XP iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR $OpP GLVVR YRFr TXHU
GHVFREULU R VWDWXV GH XP UHJLVWUR GH FRQWUROH GD IROKD GH SDJDPHQWR
7DUHID
5HVROYD RV VHJXLQWHV H[HUFtFLRV

&ULH XPD iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR SDUD XPD IROKD GH
SDJDPHQWR PHQVDO SURGXWLYD FRP D FKDYH 2 QRPH GHYH FRQWHU R Q~PHUR
GH VHX JUXSR

([LEH R UHJLVWUR GH FRQWUROH GD IROKD GH SDJDPHQWR R SDUD D iUHD GH FiOFXOR

GDV IROKDV GH SDJDPHQWR
4XDO p R SHUtRGR DWXDO GHVWD iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDO p R SHUtRGR GH FiOFXOR UHWURDWLYR SRVVtYHO PDLV DQWLJR GH DFRUGR FRP R
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4XH FDPLQKR ,0* YRFr VHOHFLRQD SDUD GHQLU XPD FKDYH GH RUJDQL]DomR"

7+5B
6ROXomR UHD GH FiOFXOR GDV IROKDV GH

SDJDPHQWR H FKDYH GH RUJDQL]DomR
7DUHID

&ULH XPD iUHD GH FiOFXOR GDV IROKDV GH SDJDPHQWR SDUD XPD IROKD GH
SDJDPHQWR PHQVDO SURGXWLYD FRP D FKDYH 2 QRPH GHYH FRQWHU R Q~PHUR
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D
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UHD GH SURFHVVDPHQWR
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7H[WR GD iUHD GH
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GH SDJDPHQWR
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3DUkPHWURV GH SHUtRGRV

([HFXWDU FiOFXOR GDV

IROKDV GH SDJDPHQWR
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GDV IROKDV GH SDJDPHQWR
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4XDO p R SHUtRGR GH FiOFXOR UHWURDWLYR SRVVtYHO PDLV DQWLJR GH DFRUGR FRP R
UHJLVWUR GH FRQWUROH GD IROKD GH SDJDPHQWR"


7+5B


'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO &ULDU
UHJLVWUR GH FRQWUROH GD IROKD GH SDJDPHQWR
6HOHFLRQH 0RGLFDU RX ([LELU
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DWp GH]HPEUR
4XH FDPLQKR ,0* YRFr VHOHFLRQD SDUD GHQLU XPD FKDYH GH RUJDQL]DomR"
D


'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO &RQJXUDU
FKDYH GH RUJDQL]DomR

7+5B
5HVXPR GD OLomR


SDJDPHQWR


7+5B
/LomR
(QFDUUHJDGR UHVSRQViYHO H DWULEXWRV GH

HPSUHJDGR
2V HQFDUUHJDGRV UHVSRQViYHLV VmR DWULEXtGRV D GHWHUPLQDGR JUXSRV GH
HQFDUUHJDGRV QR &XVWRPL]LQJ DSyV R TXH VmR DUTXLYDGRV QR LQIRWLSR $WULEXLomR
RUJDQL]DFLRQDO GR HPSUHJDGR
3RU PRWLYRV HVWDWtVWLFRV VmR UHJLVWUDGRV GDGRV DGLFLRQDLV SDUD R HPSUHJDGR
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&HQiULR GH QHJyFLRV
'HYHP VHU FULDGRV QRYRV JUXSRV GH HQFDUUHJDGRV FRP QRYRV HQFDUUHJDGRV HP
VXD HPSUHVD
9RFr GHYH VH IDPLOLDUL]DU FRP DV RSo}HV GH JUDYDomR GH LQIRUPDo}HV HVWDWtVWLFDV
SDUD VHXV HPSUHJDGRV


7+5B
(QFDUUHJDGR UHVSRQViYHO HP $GPLQLVWUDomR GH

SHVVRDO
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GLIHUHQWHV GH HQFDUUHJDGRV HQFDUUHJDGR GH SHVVRDO HQFDUUHJDGR GH WHPSRV H
HQFDUUHJDGR &iOFXOR GDV IROKDV GH SDJDPHQWR ([HPSORV GH XWLOL]DomR
2 HQFDUUHJDGR QHVWH FDVR R HQFDUUHJDGR GH WHPSRV SRGH XWLOL]DU

UHODWyULRV VWDQGDUG GD 6$3 FRPR FULWpULRV GH VHOHomR ,VVR JDUDQWH TXH R
HQFDUUHJDGR GH WHPSRV FULH DSHQDV XPD OLVWD GH VHXV HPSUHJDGRV
9RFr SRGH LPSULPLU R HQFDUUHJDGR QR FRPSURYDQWH GH UHPXQHUDomR SDUD TXH
RV HPSUHJDGRV VDLEDP D TXHP UHFRUUHU HP FDVR GH G~YLGDV
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HQFDUUHJDGRV H HQFDUUHJDGRV HP $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR
GH SHVVRDO 'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO
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FKDPD D FDUDFWHUtVWLFD 3,1&+ TXH GHWHUPLQD R JUXSR GH HQFDUUHJDGRV QR
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&DUDFWHUtVWLFDV


7+5B
)LJXUD $WULEXLomR GH HQFDUUHJDGR
'XUDQWH R &XVWRPL]LQJ HQWUH R HQFDUUHJDGR SDUD FDGD JUXSR GH HQFDUUHJDGRV

(VWHV VmR RV HQFDUUHJDGRV TXH YRFr TXHU HQWUDU QR LQIRWLSR $WULEXLomR
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$ WDEHOD GH HQFDUUHJDGRV DUTXLYD GH IRUPD FHQWUDOL]DGD R QRPH D IRUPD GH
WUDWDPHQWR H R Q~PHUR GH WHOHIRQH GR HQFDUUHJDGR $OpP GLVVR YRFr SRGH HQWUDU
RV QRPHV 6$3 RX VHMD R XVXiULR 6$3 GR HQFDUUHJDGR 9RFr SRGH XWLOL]DU HVVH
QRPH SDUD DWLYDU XPD PHQVDJHP DXWRPiWLFD FRUUHLR HOHWU{QLFR TXH p HQYLDGD
SDUD R HQFDUUHJDGR UHVSRQViYHO TXDQGR RV HPSUHJDGRV PRGLFDP RV UHJLVWURV GH
LQIRWLSR


7+5B
$WULEXWRV GR HPSUHJDGR
)LJXUD $WULEXWRV GR HPSUHJDGR
9RFr GHQLX VHXV JUXSRV H VXEJUXSRV GH HPSUHJDGRV HP VXD HVWUXWXUD GH SHVVRDO

$JRUD YRFr GHYH DWULEXLU XP YDORU GH VWDWXV GD DWLYLGDGH VWDWXV GR HPSUHJDGR H
VWDWXV GR WUHLQDPHQWR SDUD RV VXEJUXSRV GH HPSUHJDGRV (P YiULRV SDtVHV HVWD
LQIRUPDomR p HQYLDGD SHOR LQVWLWXWR QDFLRQDO GH HVWDWtVWLFD 9RFr DUTXLYD HVWD
LQIRUPDomR QD HWDSD GH &XVWRPL]LQJ $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR
GH SHVVRDO 'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO 'HQLU
DWULEXWRV GH HPSUHJDGR
$V HQWUDGDV SRVVtYHLV SDUD VWDWXV GH DWLYLGDGH VmR
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3HVVRD FRP DSRVHQWDGRULD DQWHFLSDGD
2XWUR
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2XWUR
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$SUHQGL]
7UHLQDGR
2XWUR

7+5B
2V YDORUHV H[LVWHQWHV VmR WUDQVIHULGRV GR PRGHOR GH FySLD TXDQGR YRFr FRSLD R

VXEJUXSR GH HPSUHJDGRV XWLOL]DQGR R SURJUDPD GH FySLD GH HQWLGDGHV
&DVR VHMD QHFHVViULR YRFr SRGH LQGLFDU XPD GLIHUHQFLDomR DGLFLRQDO QRV VWDWXV
GH VHXV HPSUHJDGRV SDUD TXH HOHV QmR TXHP GHSHQGHQWHV GDV DWULEXLo}HV GR
VXEJUXSR GH HPSUHJDGRV PDV VHMDP FULDGRV QR FDPSR &RQGLo}HV GH FRQWUDWR
GR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO 3DUD WDO VHOHFLRQH R VHJXLQWH FDPLQKR
GR ,0* $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR GH SHVVRDO 'DGRV
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$V DQiOLVHV QDFLRQDLV H LQWHUQDFLRQDLV XWLOL]DP HVVHV VWDWXV SDUD VHOHFLRQDUHP H
UHVXPLUHP GDGRV SHVVRDLV RX SDUD UHSUHVHQWDUHP FDUDFWHUtVWLFDV QDFLRQDLV



7+5B

7+5B
([HUFtFLR (QFDUUHJDGR UHVSRQViYHO H

&ULDU HQFDUUHJDGRV SDUD DWULEXLU D VHXV HPSUHJDGRV
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2 HQFDUUHJDGR UHOHYDQWH GHYH VHU LQIRUPDGR VREUH PRGLFDo}HV GH HPSUHJDGRV
HP VXD HPSUHVD 9RFr p XP HQFDUUHJDGR H GHYH VHU LQIRUPDGR VREUH PRGLFDo}HV
HIHWXDGDV HP GDGRV GH HPSUHJDGR
7DUHID

'HQD XP HQFDUUHJDGR SDUD VHX JUXSR GH HQFDUUHJDGRV 3$ 8WLOL]H D

HWDSD FRUUHWD GR ,0* HP $WULEXLomR RUJDQL]DFLRQDO
8WLOL]H D DEUHYLDWXUD GH VXD iUHD GH UHFXUVRV KXPDQRV 3$ FRPR QRPH
SDUD VHX JUXSR GH HQFDUUHJDGRV H XWLOL]H $ FRPR ,' GH HQFDUUHJDGR FRP
WUrV FDUDFWHUHV 1R FDPSR 1RPH 6$3 HQWUH VHX ,' GH ORJRQ ,VVR JDUDQWH
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HQFDUUHJDGR

$WXDOL]H RV UHJLVWURV PHVWUH GR HPSUHJDGR FXMD FRQWUDWDomR YRFr Mi LQLFLRX

Q SHVVRDO
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(P VXD FDL[D GH HQWUDGD OHLD R HPDLO LQIRUPDQGR YRFr VREUH XPD

PRGLFDomR (VVD PHQVDJHP GH HPDLO IRL HQYLDGD SDUD YRFr SRLV YRFr
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7DUHID
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6WDWXV GH DWLYLGDGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
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7+5B
6WDWXV GH IRUPDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3RU TXH PRWLYR Mi H[LVWHP HQWUDGDV DTXL"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


7+5B
6ROXomR (QFDUUHJDGR UHVSRQViYHO H

7DUHID

'HQD XP HQFDUUHJDGR SDUD VHX JUXSR GH HQFDUUHJDGRV 3$ 8WLOL]H D

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SDUD VHX JUXSR GH HQFDUUHJDGRV H XWLOL]H $ FRPR ,' GH HQFDUUHJDGR FRP
WUrV FDUDFWHUHV 1R FDPSR 1RPH 6$3 HQWUH VHX ,' GH ORJRQ ,VVR JDUDQWH
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HQFDUUHJDGR


'DGRV RUJDQL]DFLRQDLV $WULEXLomR GD RUJDQL]DomR 'HQLU
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*UXSR GH HQFDUUHJDGRV XPD IRUPD GH WUDWDPHQWR H XP Q~PHUR GH
WHOHIRQH GH VXD HVFROKD EHP FRPR VHX QRPH 6$3 +5
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Q SHVVRDO


7+5B
(QWUH R HQFDUUHJDGR GH SHVVRDO $ QR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO

*UDYH RV GDGRV QHVWH LQIRWLSR H FRQFOXD D PHGLGD GH FRQWUDWDomR RV RXWURV
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5HFXUVRV KXPDQRV $GPLQLVWUDomR GH SHVVRDO $GPLQLVWUDomR

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D SDUWLU GH ''00$$$$ $QWHULRUPHQWH HOH HUD
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6WDWXV GH DWLYLGDGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6WDWXV GH RFXSDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


7+5B
6WDWXV GH IRUPDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



'DGRV RUJDQL]DFLRQDLV $WULEXLomR RUJDQL]DFLRQDO 'HQLU
6WDWXV GH DWLYLGDGH
6WDWXV GH RFXSDomR 2SHUiULR
6WDWXV GH IRUPDomR
RV YDORUHV WDPEpP VmR WUDQVIHULGRV TXDQGR R SURJUDPD GH FySLD GH

HQWLGDGHV FRSLD R VXEJUXSR GH HPSUHJDGRV
$WLYR
7UHLQDGR

7+5B
5HVXPR GD OLomR


7+5B
5HVXPR GR FDStWXOR
5HVXPR GR FDStWXOR


SDJDPHQWR


5HVXPR GR FDStWXOR

7+5B

&DStWXOR
'HQLomR GH YDORUHV S
URSRVWRV
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1R LQtFLR DERUGDPRV R VLJQLFDGR H DV IXQo}HV GDV FDUDFWHUtVWLFDV 6HJXHPVH
H[HUFtFLRV QRV TXDLV p QHFHVViULR PRGLFDU DV FDUDFWHUtVWLFDV $%.56 3,1&+ H
180.5
&RQWURODU RV YDORUHV SURSRVWRV XWLOL]DQGR FDUDFWHUtVWLFDV QR VLVWHPD
/LomR 'HQLomR GH YDORUHV SURSRVWRV &DUDFWHUtVWLFDV
([HUFtFLR 'HQLomR GH YDORUHV SURSRVWRV &DUDFWHUtVWLFDV



URSRVWRV &DUDFWHUtVWLFDV
/LomR
7+5B
'HQLomR GH YDORUHV SURSRVWRV &DUDFWHUtVWLFDV

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7+5B
2 VLVWHPD XWLOL]D IUHTHQWHPHQWH FDUDFWHUtVWLFDV SDUD GHWHUPLQDU YDORUHV SURSRVWRV

2 VLVWHPD VXJHUH HVVHV YDORUHV TXDQGR YRFr DWXDOL]D LQIRWLSRV TXH DIHWDP RV
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7+5B
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H[LELOLGDGH GR VLVWHPD


7+5B
9RFr SRGH XWLOL]DU FDUDFWHUtVWLFDV SDUD GLIHUHQWHV QDOLGDGHV $V DSOLFDo}HV PDLV

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7+5B
&DUDFWHUtVWLFD $%.56
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7+5B
$ DWULEXLomR GH YDORU QD YLVmR GH WDEHOD DSDUHFH FRPR &DUDFWHUtVWLFD &yGLJR GH

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7+5B
&DUDFWHUtVWLFD 180.5
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2V PDWFKFRGHV SRGHP XWLOL]DU TXDOTXHU FULWpULR SDUD SHVTXLVDU UHJLVWURV PHVWUH
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7+5B
([HUFtFLR 'HQLomR GH YDORUHV

5HGX]LU HQWUDGD GH GDGRV HP GDGRV PHVWUH XWLOL]DQGR FDUDFWHUtVWLFDV SDUD

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KXPDQRV LQGLYLGXDLV



7+5B
7DUHID

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7DUHID
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7+5B
7DUHID
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7+5B
6ROXomR 'HQLomR GH YDORUHV

7DUHID

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7+5B

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7+5B
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7+5B
5HVXPR GD OLomR


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7+5B
5HVXPR GR FDStWXOR


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7+5B
'DGRV SHVVRDLV
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7+5B
1R SULPHLUR JUXSR GH GDGRV LQVLUD WRGRV RV GDGRV UHIHUHQWHV DR QRPH GR

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OKRV R HVWDGR FLYLO GR HPSUHJDGR H HP DOJXQV SDtVHV VXD UHOLJLmR
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SHVVRDLV p LJXDO DR Q~PHUR LQVHULGR QR LQIRWLSR )DPtOLD
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SDUD R LQIRWLSR (QGHUHoRV 4XDQGR YRFr FULD HQGHUHoR R VLVWHPD VHOHFLRQD
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TXDO R HPSUHJDGR HVWi DWULEXtGR QR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO
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D IXQomR (QGHUHoR HVWUDQJHLUR SDUD VHOHFLRQDU XPD WHOD GLVWLQWD 9RFr SRGH
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7+5B
'DGRV EDQFiULRV
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7+5B
([HUFtFLR 'DGRV SHVVRDLV

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5HWRUQH j PHGLGD &RQWUDWDomR +5 H SUHHQFKD RV LQIRWLSRV 'DGRV

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7+5B
7DUHID
2 H[HUFtFLR VHJXLQWH p RSFLRQDO

6HX HPSUHJDGR FRP R Q SHVVRDO PRGLFDUi VXD UHVLGrQFLD

SHUPDQHQWH D SDUWLU GR GLD GR SUy[LPR PrV
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9RFr FRPHWHX XP HUUR GH GLJLWDomR QR FDPSR 5XD SDUD VHX HPSUHJDGR FRP
R Q SHVVRDO H TXHU FRUULJLOR

7+5B
6ROXomR 'DGRV SHVVRDLV

7DUHID

5HWRUQH j PHGLGD &RQWUDWDomR +5 H SUHHQFKD RV LQIRWLSRV 'DGRV

SHVVRDLV (QGHUHoRV H 'DGRV EDQFiULRV SDUD R
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GDGRV
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EDQFiULRV LQIRWLSR

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7+5B
7DUHID

8WLOL]H R SURMHWR GR ,0* SDUD UHVSRQGHU j VHJXLQWH SHUJXQWD

4XDO p R FDPLQKR GR ,0* SDUD PRGLFDU R HVWDGR FLYLO"
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7DUHID

6HX HPSUHJDGR FRP R Q SHVVRDO PRGLFDUi VXD UHVLGrQFLD

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e FULDGR XP KLVWyULFR
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9RFr FRPHWHX XP HUUR GH GLJLWDomR QR FDPSR 5XD SDUD VHX HPSUHJDGR FRP
R Q SHVVRDO H TXHU FRUULJLOR
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7+5B
5HVXPR GD OLomR


5HVXPR GR FDStWXOR
7+5B
5HVXPR GR FDStWXOR


&DStWXOR
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EDVH EHP FRPR D IRUPD SHOD TXDO HVWmR OLJDGRV $ KHUDQoD GH GDGRV p DERUGDGD
QR FRQWH[WR GD PHGLGD GH FRQWUDWDomR
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WUDEDOKR WHyULFR HVWi UHODFLRQDGR DRV GDGRV UHOHYDQWHV SDUD IROKD GH
SDJDPHQWR DUTXLYDGRV QR LQIRWLSR 5HPXQHUDomR EDVH
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EDVH


&DStWXOR /LJDo}HV HQWUH WHPSR GH WUDEDOKR WHyULFR H UHPXQHUDomR EDVH
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7+5B
/LJDo}HV HQWUH WHPSR GH WUDEDOKR WHyULFR H

UHPXQHUDomR EDVH
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SUHVHQoDV SRGHP VHU FDOFXODGDV FRP EDVH QHVVHV KRUiULRV
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UHPXQHUDomR GH XP HPSUHJDGR $TXL QyV ID]HPRV GLVWLQomR HQWUH HQWUH
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PrV


7+5B
+RUiULR GH WUDEDOKR GR HPSUHJDGR
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9RFr DWULEXL FDGD HPSUHJDGR D XP SODQR GH KRUiULR GH WUDEDOKR 2 KRUiULR GH

WUDEDOKR DUTXLYDGR SDUD HVVH SODQR GH KRUiULR GH WUDEDOKR p LPSRUWDQWH SDUD R
SDJDPHQWR GR HPSUHJDGR EHP FRPR SDUD D FRQWDJHP GH SUHVHQoDV H DXVrQFLDV
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1D VHJXQGD HWDSD R FiOFXOR GH DXVrQFLDVSUHVHQoDV H D IROKD GH SDJDPHQWR
DFHVVDP HVVDV LQIRUPDo}HV


7+5B
7HPSR GH WUDEDOKR WHyULFR
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2 VLVWHPD DUTXLYD R KRUiULR GH WUDEDOKR GH XP HPSUHJDGR FRPR XPD UHJUD GR

SODQR GH KRUiULR GH WUDEDOKR QR LQIRWLSR 7HPSR GH WUDEDOKR WHyULFR 2
VLVWHPD WDPEpP DUTXLYD DTXL D PpGLD GH KRUDV GH WUDEDOKR 2 FDPSR +RUDV GH
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7+5B
/LJDo}HV HQWUH WHPSR GH WUDEDOKR WHyULFR H

UHPXQHUDomR EDVH
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PpGLD GH KRUDV GH WUDEDOKR QR LQIRWLSR H VXJHUHDV FRPR YDORUHV SURSRVWRV
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QR LQIRWLSR


7+5B
$JUXSDPHQWR GH VXEJUXSRV GH HPSUHJDGRV SDUD

UHJUD GH FiOFXOR SDUD SHVVRDO
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FiOFXOR SDUD SHVVRDO
$ GLVWLQomR p IHLWD HQWUH RV HPSUHJDGRV SDJRV SRU KRUD H DTXHOHV FXMD UHPXQHUDomR
VH EDVHLD QR Q~PHUR GH KRUDV WUDEDOKDGDV SRU SHUtRGR SRU H[HPSOR PHQVDO
3DUD SHUFHEHU HVVD GLIHUHQoD QR VLVWHPD YRFr SRGH FRQJXUDU DJUXSDPHQWRV GH
VXEJUXSRV GH HPSUHJDGRV SDUD UHJUDV GH FiOFXOR SDUD SHVVRDO H FRPR UHVXOWDGR
R VLVWHPD WUDWDUi RV HPSUHJDGRV GH IRUPD GLVWLQWD QR &iOFXOR GDV IROKDV GH
SDJDPHQWR 2 VLJQLFDGR GRV DJUXSDPHQWRV p [R H QmR SRGH VHU HOLPLQDGR SRU
H[HPSOR KRULVWDV IXQFLRQiULRV


7+5B
)LJXUD ([HPSOR GH FiOFXOR &iOFXOR GH WD[D GH KRUDV H[WUDV SDUD

XP IXQFLRQiULR
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IXQFLRQiULR
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KRULVWD


7+5B
2 VLVWHPD XWLOL]D D PHVPD UHJUD GH FiOFXOR SDUD SHVVRDO SDUD GHWHUPLQDU XPD WD[D
GH KRUDV H[WUDV SDUD XP KRULVWD &RQWXGR FRPR UHVXOWDGR GR DJUXSDPHQWR GH
VXEJUXSRV GH HPSUHJDGRV SDUD D UHJUD GH FiOFXOR SDUD SHVVRDO SDUD XP KRULVWD
D UHJUD GH FiOFXOR SDUD SHVVRDO VDEH TXH DV KRUDV GH WUDEDOKR SRGHP QmR HVWDU
GLYLGLGDV SRU SHUtRGR


7+5B
([HUFtFLR /LJDo}HV HQWUH WHPSR GH

WUDEDOKR WHyULFR H UHPXQHUDomR EDVH
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FiOFXOR SDUD SHVVRDO 9RFr WDPEpP REWHUi XPD VtQWHVH GDV OLJDo}HV HQWUH WHPSR GH
7DUHID

1R ,0* HP 5HPXQHUDomR EDVH FRQUD VH IRL DWULEXtGR R DJUXSDPHQWR

FRUUHWR SDUD UHJUDV GH FiOFXOR SDUD SHVVRDO D VHX VXEJUXSR GH HPSUHJDGRV

8VH D DMXGD ) SDUD FRQVXOWDU DV SRVVtYHLV HQWUDGDV GR DJUXSDPHQWR SDUD D

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GH HPSUHJDGRV"

9RFr GHYH PRGLFDU R VLJQLFDGR GRV DJUXSDPHQWRV GH PRGR TXH VHMD

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5HWRUQH j PHGLGD &RQWUDWDomR +5 H FULH R LQIRWLSR 7HPSR GH WUDEDOKR

WHyULFR 6HOHFLRQH D UHJUD GR SODQR GH KRUiULR GH WUDEDOKR 1250
$QWHV GH JUDYDU VXDV HQWUDGDV VHOHFLRQH (QWHU 2EVHUYH R TXH DFRQWHFH
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7+5B
'HSRLV GH JUDYDU VXDV HQWUDGDV R VLVWHPD H[LEH D WHOD &ULDU UHPXQHUDomR

EDVH LQIRWLSR ,VVR ID] SDUWH GD PHGLGD GH FRQWUDWDomR $QRWH RV
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7+5B
6ROXomR /LJDo}HV HQWUH WHPSR GH

7DUHID

1R ,0* HP 5HPXQHUDomR EDVH FRQUD VH IRL DWULEXtGR R DJUXSDPHQWR

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UHOHYDQWHV SDUD IROKD GH SDJDPHQWR 5HPXQHUDomR EDVH 'HQLU
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SDJRV FRP EDVH QD PpGLD GR WHPSR WUDEDOKR SRU SHUtRGR $V HQWUDGDV
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6XEJUXSR GH HPSUHJDGRV H DJUXSDPHQWR GH UHJUDV GH FiOFXOR SDUD
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7+5B
D

1mR 2 VLJQLFDGR GDV UHJUDV GH FiOFXOR SDUD SHVVRDO LQGLFDGDV DFLPD p

[R QR VLVWHPD H 12 GHYH VHU PRGLFDGR $ ~QLFD PRGLFDomR TXH
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FiOFXOR SDUD SHVVRDO D FDGD VXEJUXSR GH HPSUHJDGRV
5HWRUQH j PHGLGD &RQWUDWDomR +5 H FULH R LQIRWLSR 7HPSR GH WUDEDOKR

WHyULFR 6HOHFLRQH D UHJUD GR SODQR GH KRUiULR GH WUDEDOKR 1250
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WUDEDOKR WHyULFR LQIRWLSR
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SODQR GH KRUiULR GH WUDEDOKR
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GH WUDEDOKRSHUtRGR"


7+5B
6DLD GR LQIRWLSR VHP JUDYDU VXDV HQWUDGDV VHOHFLRQH (QFHUUDU
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1tYHO GH XWLOL]DomR GD
FDSDFLGDGH


2V YDORUHV GR QtYHO GH XWLOL]DomR GD FDSDFLGDGH H GR WHPSR GH WUDEDOKR

SRU SHUtRGR WrP RULJHP QRV YDORUHV GH SRUFHQWDJHP GH KRUDV D
WUDEDOKDU H KRUDV GH WUDEDOKR PHQVDLV GR LQIRWLSR 7HPSR GH WUDEDOKR
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7+5B
5HVXPR GD OLomR


SDJDPHQWR


7+5B
5HVXPR GR FDStWXOR
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7+5B

&DStWXOR
1R LQtFLR VmR H[DPLQDGDV SDUWHV GD HVWUXWXUD GH UHPXQHUDomR $V RSo}HV SDUD
D GHQLomR DXWRPiWLFD GR WLSR GH DFRUGR FROHWLYR SDGUmR H GD iUHD GR DFRUGR
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H GD VXEiUHD GH UHFXUVRV KXPDQRV
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7+5B
3DUWHV GD HVWUXWXUD GH UHPXQHUDomR

2So}HV SDUD GHQLomR GH YDORUHV SURSRVWRV
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&HQiULR GH QHJyFLRV
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(VWDV UHJXODPHQWDo}HV GR DFRUGR FROHWLYR VmR EDVHDGDV HP ORFDO UHJL}HV GR
DFRUGR FROHWLYR
7LSRV GH UHPXQHUDo}HV
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7+5B
1R LQIRWLSR 5HPXQHUDomR EDVH YRFr SRGH GHQLU R WLSR GH UHPXQHUDomR SDUD

VDOiULR QRUPDWLYR RX VDOiULR XWLOL]DQGR D RSomR 0RGLFDU WLSR GH UHPXQHUDomR QR
PHQX 3URFHVVDU
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QHFHVViULDV SDUD TXH R VLVWHPD SURSRQKD UXEULFDV VDODULDLV DXWRPDWLFDPHQWH
([SOLFDU R VLJQLFDGR GDV UXEULFDV VDODULDLV QD 6$3

&RSLDU UXEULFDV VDODULDLV H VDEHU DR TXH p QHFHVViULR SUHVWDU DWHQomR TXDQGR
VH FRSLDP UXEULFDV VDODULDLV
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H FRP TXH IUHTrQFLD D UXEULFD VDODULDO SRGH VHU DWULEXtGD
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6DEHU FRPR DV UXEULFDV VDODULDLV SRGHP VHU LQGLUHWDPHQWH DYDOLDGDV SHOR
VLVWHPD
'HQLU UXEULFDV VDODULDLV FRPR VWDQGDUGV SDUD XP HPSUHJDGR FRP R DX[tOLR
GD FDUDFWHUtVWLFD /*067 H XP PRGHOR GH UXEULFD VDODULDO GHSHQGHQGR GD
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/LomR &RQJXUDomR GH UXEULFDV VDODULDLV
([HUFtFLR &RQJXUDomR GH UXEULFDV VDODULDLV
/LomR &DUDFWHUtVWLFDV GH UXEULFDV VDODULDLV
([HUFtFLR &DUDFWHUtVWLFDV GH UXEULFDV VDODULDLV
/LomR 5XEULFDV VDODULDLV SURSRVWDV
([HUFtFLR 5XEULFDV VDODULDLV SURSRVWDV


/LomR
7+5B
&RQJXUDomR GH UXEULFDV VDODULDLV

&RSLDU UXEULFDV VDODULDLV $GPLVVLELOLGDGH GH UXEULFDV VDODULDLV SDUD
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'HWHUPLQDGRV VXEJUXSRV GH HPSUHJDGRV HRX VXEiUHDV GH UHFXUVRV KXPDQRV
2EMHWLYRV GD OLomR

&HQiULR GH QHJyFLRV
e QHFHVViULR FULDU QRYDV UXEULFDV VDODULDLV HP VXD HPSUHVD
9RFr GHYH VH IDPLOLDUL]DU FRP UXEULFDV VDODULDLV H SHUVRQDOL]DU DV UXEULFDV VDODULDLV
FRSLDGDV GH PRGR TXH VRPHQWH VHMDP SHUPLWLGDV QR LQIRWLSR 5HPXQHUDomR EDVH
GH GHWHUPLQDGRV VXEJUXSRV GH HPSUHJDGRV


7+5B
,QIRUPDo}HV JHUDLV VREUH UXEULFDV VDODULDLV
)LJXUD 3DJDPHQWRV H GHGXo}HV GRV HPSUHJDGRV
$V UXEULFD VDODULDLV VmR RV HOHPHQWRVFKDYH QD HVWUXWXUD GH UXEULFDV VDODULDLV

5XEULFD VDODULDO p R FRQFHLWR PDLV LPSRUWDQWH HP UHFXUVRV KXPDQRV 9RFr XWLOL]D
UXEULFDV VDODULDLV SDUD DWULEXLU SDJDPHQWRV H GHGXo}HV EHP FRPR SDUD FRQWURODU R
SURJUDPD GD IROKD GH SDJDPHQWR 8WLOL]H DV FDUDFWHUtVWLFDV GDV UXEULFDV VDODULDLV
SDUD GLIHUHQFLDU UXEULFDV VDODULDLV LQGLYLGXDLV


7+5B
)LJXUD &RQJXUDomR GH UXEULFDV VDODULDLV
1R VLVWHPD 6$3 (53 YRFr SUHFLVD WHU UXEULFDV VDODULDLV SDUD SDJDU DRV
HPSUHJDGRV
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5XEULFDV VDODULDLV SULPiULDV RX GH GLiORJR

5XEULFDV VDODULDLV VHFXQGiULDV RX WpFQLFDV
&DGD HPSUHVD GHQH DV UXEULFDV VDODULDLV SULPiULDV RX GH GLiORJR GH PRGR TXH

HODV UHSUHVHQWHP DV QHFHVVLGDGHV HVSHFtFDV GH IROKD GH SDJDPHQWR GD GD HPSUHVD
2 VLVWHPD GD 6$3 FRQWpP H[HPSORV GH UXEULFDV VDODULDLV SULPiULDVGH

GLiORJR HP XP FDWiORJR GH H[HPSORV GH UXEULFDV VDODULDLV 3RU H[HPSOR
0$ VDOiULR QRUPDWLYR
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2 VLVWHPD VWDQGDUG WDPEpP FRQWpP UXEULFDV VDODULDLV VHFXQGiULDV RX WpFQLFDV

9RFr SRGH UHFRQKHFrODV SRUTXH HODV WrP XPD EDUUD FRPR SULPHLUR FDUDFWHUH

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VDODULDLV WpFQLFDV SRLV R VLVWHPD GHQH R YDORU GHVVDV UXEULFDV VDODULDLV
GXUDQWH R SURFHVVDPHQWR GR FiOFXOR GDV IROKDV GH SDJDPHQWR
$V UXEULFDV VDODULDLV WpFQLFDV QmR ID]HP SDUWH GRV GDGRV PHVWUH GR
HPSUHJDGR

7+5B
)LJXUD 8WLOL]DomR GH JUXSRV GH UXEULFDV VDODULDLV H[HPSOR
$ 6$3 XWLOL]D R FRQFHLWR GH JUXSR GH UXEULFDV VDODULDLV SDUD DJUXSDU UXEULFDV

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SDJDPHQWR
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5HPXQHUDomR EDVH

3DJDPHQWRV FRPSOHPHQWDUHV
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9RFr GHYH DWULEXLU WRGDV DV UXEULFDV VDODULDLV D XP JUXSR GH UXEULFDV VDODULDLV

,VVR WDPEpP VH DSOLFD D UXEULFDV VDODULDLV GHQLGDV SHOR XVXiULR 9RFr SUHFLVD
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R *XLD GH LPSOHPHQWDomR ,0* 1R *XLD GH LPSOHPHQWDomR D DWXDOL]DomR GH
UXEULFDV VDODULDLV Vy p H[HFXWDGD SDUD DV UXEULFDV VDODULDLV QHFHVViULDV SDUD D VHomR
HVSHFtFD GR ,0* 9RFr GHYH VHOHFLRQDU DV UXEULFDV VDODULDLV GH DFRUGR FRP R
JUXSR GH UXEULFDV VDODULDLV ,VVR VLJQLFD TXH YRFr DSHQDV SRGH XWLOL]DU R ,0*
SDUD DWXDOL]DU DV UXEULFDV VDODULDLV DWULEXtGDV D JUXSRV GH UXEULFDV VDODULDLV
6H DV UXEULFDV VDODULDLV QmR WLYHUHP VLGR DWULEXtGDV D XP JUXSR GH UXEULFDV
VDODULDLV HODV QmR DSDUHFHUmR QD DWXDOL]DomR GH UXEULFDV VDODULDLV GR ,0*


7+5B
&DUDFWHUtVWLFDV GH GLiORJR
)LJXUD &DUDFWHUtVWLFDV GH GLiORJR GR SODQR GH SDJDPHQWRV QR VLVWHPD

GD 6$3
3DUD JDUDQWLU TXH RV HPSUHJDGRV GH VXD HPSUHVD UHFHEHP R SDJDPHQWR FRUUHWR

YRFr SUHFLVD GHQLU YiULDV UXEULFDV VDODULDLV
$V HWDSDV GR ,0* TXH SUHFLVDP VHU H[HFXWDGDV SDUD GHQLU DV UXEULFDV VDODULDLV
GH GLiORJR VmR H[LELGDV j GLUHLWD XWLOL]DQGR FRPR H[HPSOR DV HWDSDV QHFHVViULDV
SDUD D UHPXQHUDomR EDVH
)LJXUD 6tQWHVH ([HPSORV GH FDUDFWHUtVWLFDV GH GLDORJR
9RFr GHYH FULDU UXEULFDV VDODULDLV SDUD TXH VHMD SRVVtYHO FDOFXODU R SDJDPHQWR
GH XP HPSUHJDGR


7+5B
$V UXEULFDV VDODULDLV WrP DV VHJXLQWHV IXQo}HV
9HULFDomR GH DGPLVVLELOLGDGH GH WLSRV GH VDOiULR H UXEULFDV VDODULDLV
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3DUD FDGD JUXSR GH HPSUHJDGRV H VXEJUXSR GH HPSUHJDGRV
3DUD FDGD LQIRWLSR VH XP LQIRWLSR SRVVXLU XP VXELQIRWLSR TXH VHMD XPD
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GLVSRQLELOLGDGH GH XPD UXEULFD VDODULDO HP GHWHUPLQDGR PRPHQWR
2 FyGLJR GH RSHUDomR FRQWUROD VH XPD UXEULFD VDODULDO p XP SDJDPHQWR RX XPD

GHGXomR
$ FRPELQDomR GH HQWUDGDV FRQWUROD RV FDPSRV TXH GHYHP VHU SUHHQFKLGRV
TXDQGR YRFr HQWUD XPD UXEULFD VDODULDO PRQWDQWH Q~PHUR XQLGDGH GH
WHPSRPHGLGD
8PD UXEULFD VDODULDO SRGH VHU DYDOLDGD LQGLUHWDPHQWH VH YRFr HQWUDU R QRPH
GH XP PyGXOR XPD YDULDQWH GH PyGXOR H XP FyGLJR GH DUUHGRQGDPHQWR (P
VHJXLGD R VLVWHPD Or R PRQWDQWH DXWRPDWLFDPHQWH QDV WDEHODV FRUUHVSRQGHQWHV H
YRFr QmR SUHFLVD HQWUiOR H DUTXLYiOR QR LQIRWLSR 5HPXQHUDomR EDVH
&ySLD GH UXEULFDV VDODULDLV
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7+5B
2 VLVWHPD GD 6$3 FRQWpP H[HPSORV GH UXEULFDV VDODULDLV (VVHV H[HPSORV GH

UXEULFDV VDODULDLV DWHQGHUmR D DOJXPDV GDV QHFHVVLGDGHV GH VXD HPSUHVD 9RFr
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7RGDV DV UXEULFDV VDODULDLV PRGHOR WrP XPD OHWUD QR LQtFLR GR QRPH 6XDV SUySULDV
UXEULFDV VDODULDLV RX VHMD DV FySLDV GDV UXEULFDV VDODULDLV PRGHOR GHYHP WHU XP
Q~PHUR QR LQtFLR GR QRPH
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GDV UXEULFDV VDODULDLV PRGHOR TXH GHWHUPLQDP D IRUPD FRPR DV UXEULFDV VDODULDLV
VH FRPSRUWDP QR GLiORJR EHP FRPR DV FDUDFWHUtVWLFDV TXH GHWHUPLQDP FRPR HODV
VH FRPSRUWDP QR FiOFXOR GDV IROKDV GH SDJDPHQWR
9RFr SRGH YHULFDU H PRGLFDU DV FDUDFWHUtVWLFDV UHOHYDQWHV SDUD R FiOFXOR GDV
IROKDV GH SDJDPHQWR DR H[HFXWDU DV DWLYLGDGHV GR &XVWRPL]LQJ SDUD IROKD GH
SDJDPHQWR
$V UXEULFDV VDODULDLV TXH YRFr FULDU SRU PHLR GH FySLD VHUmR LQFOXtGDV HP WRGRV RV
JUXSRV H WDEHODV GH UXEULFDV VDODULDLV D TXH SHUWHQFH D UXEULFD VDODULDO D SDUWLU GD
TXDO YRFr HIHWXRX D FySLD 9RFr SRGH XWLOL]DU R ORJ SDUD YHULFDU R TXH IRL FRSLDGR


7+5B
)LJXUD 9HULFDomR GDV HWDSDV LQGLYLGXDLV GR SURFHGLPHQWR GH FySLD
9RFr FRSLRX DV UXEULFDV VDODULDLV $JRUD YRFr SUHFLVD YHULFDU DV WDEHODV

LQGLYLGXDLV SDUD DV TXDLV DV UXEULFDV VDODULDLV GR FOLHQWH IRUDP FRSLDGDV
9RFr SRGH YHULFDU H PRGLFDU DV FDUDFWHUtVWLFDV GH GLiORJR QDV HWDSDV
VXEVHTXHQWHV
$GPLVVLELOLGDGH GH UXEULFDV VDODULDLV HP LQIRWLSRV
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1R ,0* YRFr SRGH GHWHUPLQDU TXH UXEULFDV VDODULDLV SRGHP VHU HQWUDGDV QRV
YiULRV LQIRWLSRV 9RFr SRGH HIHWXDU FRQJXUDo}HV QR &XVWRPL]LQJ GH PRGR TXH
DSHQDV DOJXPDV UXEULFDV VDODULDLV VHMDP DGPLWLGDV SDUD LQIRWLSRV &DVR YRFr


7+5B
SXGHVVH VHOHFLRQDU WRGDV DV UXEULFDV VDODULDLV HP WRGRV RV LQIRWLSRV VHULDP

JHUDGRV GDGRV GH HQWUDGD LQFRUUHWRV H YRFr HVWDULD FRQVWDQWHPHQWH SURFXUDQGR D
UXEULFD VDODULDO FRUUHWD
6H YRFr FRSLDU XPD UXEULFD VDODULDO SDUD XP LQIRWLSR XWLOL]DQGR &ULDU FDWiORJR GH
UXEULFDV VDODULDLV R VLVWHPD FRSLDUi WRGDV DV FDUDFWHUtVWLFDV SHUWHQFHQWHV j UXEULFD
VDODULDO TXH YRFr HVWLYHU FRSLDQGR (VVD UHJUD WDPEpP VH DSOLFD j DGPLVVLELOLGDGH
GH UXEULFDV VDODULDLV SDUD XP LQIRWLSR
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6H YRFr TXLVHU XWLOL]DU XPD UXEULFD VDODULDO HP YiULRV LQIRWLSRV SUHFLVDUi LQVHULU
XPD FKDYH SDUD QDV WDEHODV GH DGPLVVLELOLGDGH GRV UHVSHFWLYRV LQIRWLSRV
)LJXUD )UHTrQFLD GH HQWUDGD GDV UXEULFDV VDODULDLV HP LQIRWLSRV


7+5B
4XDQGR YRFr VLPSOHVPHQWH FRQJXUD XPD UXEULFD VDODULDO SRGH GHWHUPLQDU VH

HOD SRGH VHU HQWUDGD XPD YH] RX PDLV GH XPD YH] SRU SHUtRGR SURFHVVDGR QD
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LQIRWLSR 5HPXQHUDomR EDVH
$GPLVVLELOLGDGH GH UXEULFD VDODULDO SDUD GHWHUPLQDGRV

VXEJUXSRV GH HPSUHJDGRVVXEiUHDV GH UHFXUVRV
KXPDQRV
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VDODULDO SULPiULD
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UXEULFDV VDODULDLV SULPiULDV SDUD GHQLU D DGPLVVLELOLGDGH GH UXEULFDV VDODULDLV SDUD
XPD HVWUXWXUD GR HPSUHHQGLPHQWR HVSHFtFD RX DJUXSDPHQWRV GH VXEJUXSRV GH
HPSUHJDGRV SDUD UXEULFDV VDODULDLV SULPiULDV SDUD GHQLU D DGPLVVLELOLGDGH GH
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$ GHQLomR GH VXEJUXSRV GH HPSUHJDGRV SDUD UXEULFDV VDODULDLV SULPiULDV

LPSOLFD DJUXSDU VHXV VXEJUXSRV GH HPSUHJDGRV
9RFr SRGH XWLOL]DU HVVHV JUXSRV SDUD GHWHUPLQDU TXH UXEULFDV VDODULDLV SRGHP
VHU HQWUDGDV SDUD TXDLV HPSUHJDGRV

7+5B
)LJXUD $JUXSDPHQWRV GH VXEiUHDV GH UHFXUVRV KXPDQRV SDUD UXEULFDV

VDODULDLV SULPiULDV
$JRUD YRFr WDPEpP SRGH DJUXSDU VXDV VXEiUHDV GH UHFXUVRV KXPDQRV ,VVR
SHUPLWH D YRFr FRQWURODU D DGPLVVLELOLGDGH GH UXEULFDV VDODULDLV SDUD FDGD VXEiUHD
GH UHFXUVRV KXPDQRV
4XDQGR YRFr DJUXSD VXDV VXEiUHDV GH UHFXUVRV KXPDQRV SRGH XWLOL]DU VXEJUXSRV
GH HPSUHJDGRV H VXEiUHDV GH UHFXUVRV KXPDQRV FRPR EDVH GR DJUXSDPHQWR RX
SRGH VH OLPLWDU D XPD GDV RSo}HV


7+5B
)LJXUD $GPLVVLELOLGDGH GH UXEULFD VDODULDO SDUD FDGD VXEiUHD GH

UHFXUVRV KXPDQRV H VXEJUXSR GH HPSUHJDGRV
1D ~OWLPD HWDSD YRFr LQGLFD VH XPD UXEULFD VDODULDO p DGPLWLGD SDUD VHX
DJUXSDPHQWR GH VXEiUHDV GH UHFXUVRV KXPDQRV H VHX DJUXSDPHQWR GH VXEJUXSRV
GH HPSUHJDGRV 9RFr SRGH XWLOL]DU RV FULWpULRV (VWUXWXUD GH SHVVRDO HRX (VWUXWXUD
GR HPSUHHQGLPHQWR



7+5B

7+5B
([HUFtFLR &RQJXUDomR GH UXEULFDV

VDODULDLV
&RQJXUDU UXEULFDV VDODULDLV GR FOLHQWH
&HQiULR GH QHJyFLRV
2 VLVWHPD GD 6$3 FRQWpP YiULDV UXEULFDV VDODULDLV PRGHOR 9RFr GHYH FRSLDU HVVDV
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VDODULDLV HVSHFtFDV GR FOLHQWH 1RV H[HUFtFLRV TXH VH VHJXHP YRFr YDL FRQJXUDU
WUrV UXEULFDV VDODULDLV TXH VHUmR XWLOL]DGDV SDUD VHXV HPSUHJDGRV QR LQIRWLSR
5HPXQHUDomR EDVH
7DUHID

3URFHVVH R FDWiORJR GH UXEULFDV VDODULDLV QR ,0* &RSLH R 6DOiULR QRUPDWLYR

SRU KRUD 00 R 6XSOHPHQWR FRQIRUPH DFRUGR FROHWLYR 00 H R
6XSOHPHQWR GH UHQGLPHQWR 00 SDUD FULDU UXEULFDV VDODULDLV GR
FOLHQWH TXH FRPHoDP FRP VHX Q~PHUR GH JUXSR H (QWUH
XP WH[WR SDUD DV QRYDV UXEULFDV VDODULDLV TXH LQFOXHP VHX Q~PHUR GH JUXSR
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5HJLVWUH
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3URFXUH 5HPXQHUDomR EDVH QR JUXSR GH UXEULFDV VDODULDLV SDUD JDUDQWLU TXH

HOH FRQWpP VXDV QRYDV UXEULFDV VDODULDLV &RQUD WDPEpP R WH[WR GD UXEULFD
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9HULTXH D DGPLVVLELOLGDGH GH HQWUDGD GH VXDV UXEULFDV VDODULDLV SDUD R

LQIRWLSR 5HPXQHUDomR EDVH 3RU TXH PRWLYR VXDV UXEULFDV VDODULDLV Mi VmR
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7+5B

&RQUD TXH DJUXSDPHQWR GH VXEJUXSRV GH HPSUHJDGRV SDUD UXEULFDV VDODULDLV

SULPiULDV HVWi DWULEXtGR D VHX VXEJUXSR GH HPSUHJDGRV 5HJLVWUH HVWD
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VXEiUHD GH UHFXUVRV KXPDQRV QD iUHD GH UHFXUVRV KXPDQRV 3$

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SHUPLWLGDV SDUD R HPSUHJDGR DWULEXtGR j VXEiUHD GH UHFXUVRV KXPDQRV
QD iUHD GH UHFXUVRV KXPDQRV 3$ H DR VXEJUXSR GH HPSUHJDGRV
7DUHID

&ULH FySLDV GD UXEULFD VDODULDO 00 3DUD LVVR XWLOL]H D RSomR GH FySLD
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H 6HOHFLRQH XP QRPH GH VXD HVFROKD TXH FRQWHQKD R Q~PHUR GH
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0DLV WDUGH YRFr SHUFHEH TXH H[LVWH XP HUUR GH GLJLWDomR QR QRPH GD UXEULFD
VDODULDO 9RFr SUHFLVD FRUULJLU HVVH HUUR

7+5B
6ROXomR &RQJXUDomR GH UXEULFDV

VDODULDLV
7DUHID

3URFHVVH R FDWiORJR GH UXEULFDV VDODULDLV QR ,0* &RSLH R 6DOiULR QRUPDWLYR

SRU KRUD 00 R 6XSOHPHQWR FRQIRUPH DFRUGR FROHWLYR 00 H R
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FOLHQWH TXH FRPHoDP FRP VHX Q~PHUR GH JUXSR H (QWUH
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5HJLVWUH
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GHSRLV GH LQVHULU FDGD WLSR GH HPSUpVWLPR R WH[WR VHUi FRSLDGR
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6XSOHPHQWR
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6XSOHPHQWR GH
UHQGLPHQWR
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PHQWR
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B
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7+5B

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7+5B
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7+5B
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7+5B

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7+5B
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7+5B
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GDGRV H SRGH VHU LGHQWLFDGD SRU XPD FKDYH GH TXDWUR GtJLWRV 2V LQIRWLSRV
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7+5B
9LVmR GH WHOD 2V XVXiULRV YrHP RV LQIRWLSRV FRPR PRGHORV GH HQWUDGD FRP

RV TXDLV SRGHP DWXDOL]DU RV UHJLVWURV GRV LQIRWLSRV 8PD WHOD RX '<1DPLF
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GH WHPSRV H GDGRV GRV FDQGLGDWRV VmR DJUXSDGRV SDUD D FULDomR GH LQIRWLSRV
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GDGRV GH FDQGLGDWRV
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7+5B
&RQWUROH GH LQIRWLSR
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7+5B
&DPSRV UHOHYDQWHV SDUD R FiOFXOR UHWURDWLYR
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9RFr SRGH GHQLU D UHOHYkQFLD SDUD FiOFXOR UHWURDWLYR GRV LQIRWLSRV SDUD R &iOFXOR
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FiOFXOR UHWURDWLYR GHSHQGHQWH GH FDPSR e SRVVtYHO GHQLU XP LQIRWLSR
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7+5B
)LJXUD ,QIRWLSR GH FiOFXOR UHWURDWLYR H DFLRQDGRUHV GH FDPSR
9RFr SRGH LQGLFDU LQIRWLSRV RX FDPSRV GH LQIRWLSR FRPR UHOHYDQWHV SDUD R FiOFXOR
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GH FDPSR YRFr SUHFLVD OLVWDU RV FDPSRV TXH DFLRQDP R FiOFXOR UHWURDWLYR GRV
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GH IROKDV GH SDJDPHQWR SDUD GHWHUPLQDGRV FDPSRV (VVD RSomR SRGHULD SRU
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WDLV GDGRV QmR IDULD VHQWLGR


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7+5B
,QIRWLSRV HVSHFtFRV GH SDtV
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9RFr SRGH LQGLFDU D DGPLVVLELOLGDGH GRV LQIRWLSRV SDUD SDtVHV 6H R FyGLJR GRV
VXELQIRWLSRV GHSHQGHQWHV GH SDtV IRU GHQLGR SDUD R LQIRWLSR YRFr WDPEpP SRGHUi
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7+5B
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7+5B

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7+5B
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7+5B
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%
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7
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7+5B
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2 FiOFXOR UHWURDWLYR GH WHPSRV p ODQoDGR SHODV PRGLFDo}HV QHVWH LQIRWLSR"

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7+5B
5HVXPR GD OLomR

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&DStWXOR ,QIRWLSRV
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7+5B
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&HQiULR GH QHJyFLRV
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7+5B
2 FDEHoDOKR GD WHOD p FRPSRVWR SHODV WUrV SULPHLUDV OLQKDV H[LELGDV QDV WHODV
LQGLYLGXDLV H H[LELomR HP OLVWD
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GDWD GR VLVWHPD RX D GDWD GH LQtFLR GR LQIRWLSR $WULEXLomR RUJDQL]DFLRQDO $ FDGD
FDEHoDOKR GH WHOD p DWULEXtGR XP PRGLFDGRU TXH GHSHQGH GD FODVVH GH WUDQVDomR
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9RFr SRGH PRGLFDU R FDEHoDOKR GD WHOD LVWR p SRGH SHUVRQDOL]DU DV WUrV SULPHLUDV
OLQKDV $Wp R 5HOHDVH YRFr SRGH H[LELU GDGRV GRV VHJXLQWHV LQIRWLSRV
$WULEXLomR RUJDQL]DFLRQDO 'DGRV SHVVRDLV 7HPSR WHyULFR GH
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H FDEHoDOKR
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GR FDEHoDOKR GR LQIRWLSR 6H YRFr GHQLU R FyGLJR 6HOHFLRQDU GDGRV RV GDGRV
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6HOHFLRQDU GDGRV RV GDGRV YiOLGR SDUD D GDWD GR VLVWHPD VHUmR XWLOL]DGRV SDUD D
FULDomR GH FDEHoDOKRV GH LQIRWLSR


&DStWXOR ,QIRWLSRV
7+5B
'HSHQGHQGR GD FODVVH GH WUDQVDomR $ $GPLQLVWUDomR GH SHVVRDO %

5HFUXWDPHQWR H GR DJUXSDPHQWR GH SDtVHV SDUD +5 H[LVWLUi XP PRGLFDGRU
GH FDEHoDOKR DWULEXtGR D HVWH FDEHoDOKR GH LQIRWLSR QD YLVmR 0RGLFDomR GH
FDEHoDOKR9B7,
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FRQWH~GR GRV FDPSRV D VHUHP H[LELGRV QR FDEHoDOKR 2 WLSR GH FDPSR FRQWUROD D
IRUPD SHOD TXDO RV FDPSRV VmR IRUPDWDGRV TXDQGR VmR XWLOL]DGRV QRV FDEHoDOKRV
GH LQIRWLSR
*UDYH DV HQWUDGDV HP WDEHOD 2V UHODWyULR 3$3$;;+'5BPPPQQF VmR JHUDGRV
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GH WUDQVDomR
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6mR IRUQHFLGDV GLIHUHQWHV WHODV GH HQWUDGD SDUD DOJXQV LQIRWLSRV (VVDV WHODV
DOWHUQDWLYDV Mi VmR SUHGHQLGDV SHOR VLVWHPD 6$3 GH DFRUGR FRP D FODVVH GH
WUDQVDomR H OLVWD GH SDtVHV e SRVVtYHO XWLOL]DU XPD WHOD GLIHUHQWH SDUD FODVVHV GH
WUDQVDomR GLVWLQWDV $ SDUD HPSUHJDGR % SDUD FDQGLGDWR RX DJUXSDPHQWRV GH
SDtVHV GLVWLQWRV 9RFr WDPEpP SRGH PRGLFDU RV DWULEXWRV GRV FDPSRV LQGLYLGXDLV
HP XPD WHOD 9RFr SRGH SRU H[HPSOR GHQLU FDPSRV FRPR REULJDWyULRV RX
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FDPSR GH DFRUGR FRP FHUWRV GDGRV GH FRQWUROH GR HPSUHJDGR
2 SURFHGLPHQWR GH PRGLFDomR GH WHOD p R PHVPR SDUD HPSUHJDGRV H SDUD
FDQGLGDWRV


7+5B
9RFr GHYH VDEHU R QRPH GR FRQMXQWR GR PyGXOR GR LQIRWLSR H R Q~PHUR GD WHOD

SDUD GHQLU D YLVmR GD WHOD 3DUD H[LELU HVVD LQIRUPDomR FKDPH D WUDQVDomR GH
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GR HPSUHJDGR $ PRGLFDomR p GHWHUPLQDGD SHOD FDUDFWHUtVWLFD 3QQQQ
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&DStWXOR ,QIRWLSRV

7+5B

7+5B
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&XVWRPL]LQJ &DEHoDOKRV GH WHOD
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GHYH FRQWHU DV VHJXLQWHV LQIRUPDo}HV 1 SHVVRDO 1RPH GR HPSUHJDGR UHD GH
UHFXUVRV KXPDQRV *UXSR GH HPSUHJDGRV H 6XEJUXSR GH HPSUHJDGRV
7DUHID
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R ERWmR &ULDU 'HSHQGHQGR GR LQIRWLSR TXH YRFr HVWLYHU SURFHVVDQGR
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$WULEXD XP QRYR FDEHoDOKR GH WHOD D VHX LQIRWLSR $WULEXD XP QXPHUR

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HVWH PRGLFDGRU GH FDEHoDOKR VRPHQWH VH GHYH DSOLFDU D HPSUHJDGRV
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&DStWXOR ,QIRWLSRV
7+5B
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Q~PHUR GH WHOD GH VHX LQIRWLSR
(P VHJXLGD YRFr SUHFLVD HIHWXDU DV PRGLFDo}HV QR &XVWRPL]LQJ
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7+5B
6ROXomR ,QWHUIDFH GH XVXiULRV GR

&XVWRPL]LQJ &DEHoDOKRV GH WHOD
7DUHID
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R ERWmR &ULDU 'HSHQGHQGR GR LQIRWLSR TXH YRFr HVWLYHU SURFHVVDQGR
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$WULEXD XP QRYR FDEHoDOKR GH WHOD D VHX LQIRWLSR $WULEXD XP QXPHUR

DR FDEHoDOKR GH WHOD GH IRUPD TXH R JUXSR FRUUHVSRQGD D H R
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D

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WHOD &RQUD VH R FyGLJR 6HOHFLRQDU GDGRV HVWi GHQLGR ,VVR JDUDQWH
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&DStWXOR ,QIRWLSRV

7+5B
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/LomR 0HGLGDV
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7+5B
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7+5B
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IROKDV GH SDJDPHQWR
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7+5B
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7+5B
/LomR 0HGLGDV
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LQIRJUXSRV SURFHVVDGRV TXDQGR VH H[HFXWDP PHGLGDV ,VVR p XPD SUHSDUDomR SDUD
D DWLYLGDGH VHJXLQWH 9RFr SUHFLVD GHWHUPLQDU D OLVWD GH WUDEDOKR SDUD FDGD PHGLGD
D VHU FRPSOHWDGD QRPHDGDPHQWH R LQIRJUXSR 2V LQIRJUXSRV SRGHP VHU GHQLGRV
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KXPDQRV D VXEiUHD GH UHFXUVRV KXPDQRV R JUXSR GH HPSUHJDGRV H R VXEJUXSR
GH HPSUHJDGRV DWXDOL]DQGR D FDUDFWHUtVWLFD ,*02' DWLYLGDGH 0RGLFDGRU
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7+5B
3DUD FULDU XPD DomR
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7+5B
/LomR 0HGLGDV
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&DStWXOR 0HGLGDV
7+5B
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2 PRWLYR GD DomR LQGLFD SRU TXH HOD IRL DFLRQDGD

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HQWUDGD VHMD DSHQDV XP HVSDoR HP EUDQFR


7+5B
/LomR 0HGLGDV
)LJXUD 0RGLFDomR GR PHQX 0HGLGDV
9RFr SUHFLVD LQFOXLU D PHGLGD TXH DFDERX GH GHQLU QR PHQX 0HGLGDV 9RFr
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6H QmR KRXYHU HQWUDGDV QD WDEHOD SDUD R JUXSR GH XVXiULRV GR VHX XVXiULR RX
VH HVVH JUXSR QmR WLYHU VLGR DWXDOL]DGR R VLVWHPD H[LELUi R PHQX GR JUXSR GH
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SDUD DV PHGLGDV GHYH VHU GHSHQGHQWH GR JUXSR GH XVXiULRV ,QGLTXH FRPR R
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LQGLTXH XP JUXSR GH XVXiULRV GH UHIHUrQFLD SDUD TXH VHMD SRVVtYHO FULDU R PHQX
0HGLGDV QR PHQX 0HGLGDV (QWUH D QRYD PHGLGD SDUD R JUXSR GH XVXiULRV H
GHQD VH D PHGLGD DSDUHFHUi QR PHQX Q GH FDPSR


&DStWXOR 0HGLGDV
7+5B
,QIRWLSR 0HGLGDV DGLFLRQDLV
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2 LQIRWLSR 0HGLGDV DGLFLRQDLV SHUPLWH D YRFr UHJLVWUDU HP ORJ WRGDV DV

PHGLGDV H[HFXWDGDV SDUD XP HPSUHJDGR QR PHVPR GLD 2 ORJ UHJLVWUD WRGRV RV
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VLJQLFD TXH VRPHQWH XP UHJLVWUR YiOLGR GR LQIRWLSR 0HGLGDV SRGH H[LVWLU QR
VLVWHPD HP XP GDGR PRPHQWR SDUD D DWLYLGDGH GR HPSUHJDGR QD HPSUHVD


7+5B
/LomR 0HGLGDV
)LJXUD ([LELomR GH PHGLGDV DGLFLRQDLV QR LQIRWLSR 0HGLGDV
*DUDQWD TXH VRPHQWH XPD PHGLGD VHMD JUDYDGD QR LQIRWLSR 0HGLGDV D FDGD
GLD 1R &XVWRPL]LQJ YRFr SRGH LQGLFDU TXH WLSR GH PHGLGD GHYH VHU DUTXLYDGR
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H[HFXWDGD PDLV GH XPD PHGLGD SDUD R HPSUHJDGR QR PHVPR GLD +DELWXDOPHQWH
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7+5B
([HPSORV GH PHGLGDV
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4XDQGR XP HPSUHJDGR VDL GD HPSUHVD YRFr GHL[D GH SRGHU PRGLFDU

GHWHUPLQDGRV LQIRWLSRV SRUTXH R VLVWHPD SUHFLVD GHOHV SDUD FULDU XP KLVWyULFR
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7+5B
/LomR 0HGLGDV
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HVWH LQIRWLSR R VLVWHPD QmR SRGHUi H[HFXWDU FRUUHWDPHQWH R FiOFXOR UHWURDWLYR
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VDLX GD HPSUHVD H TXH PDLV WDUGH UHJUHVVD j PHVPD HPSUHVD 2 VLVWHPD XWLOL]D R
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LQIRWLSRV TXH IRUDP GHOLPLWDGRV TXDQGR R HPSUHJDGR VDLX GD HPSUHVD 1RV QRYRV
UHJLVWURV R VLVWHPD XWLOL]D D GDWD GH UHHQWUDGD FRPR GDWD GH LQtFLR


&DStWXOR 0HGLGDV
7+5B
)LJXUD $SRVHQWDGR FRP SHQVmR GD HPSUHVD
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VHJXLGD GH XPD PHGLGD GH DSRVHQWDGRULD


7+5B
/LomR 0HGLGDV
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SRU H[HPSOR FRPR VHJXUDQoD QR WXUQR GD QRLWH HP VXD HPSUHVD YRFr SUHFLVDUi
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HPSUHJDGRV 6HJXUDQoD QR WXUQR GD QRLWH
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7+5B

7+5B
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7+5B
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