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DEG{PHQFXOWLYDFDEHORVORQJRVHQDWXUDLVDRVTXDLVGHGLFDPXLWRVFXLGDGRVWHP
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WUDYHVWLSHQVDTXHpFDUQDYDOHVDLIDQWDVLDGRGHPXOKHU DSXG/RSHV +pOLR6LOYDHPVXDHWQRJUDILD
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$57,*26

12&2532



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PDTXLDUVHGHIRUPDDHVFRQGHUDPDUFDGDEDUEDUHVVDOWDUDVPDomVGRURVWRHYLGHQFLDUFtOLRVHSiOSHEUDVDOpP
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$57,*26

7RGD4XHEUDGDQD3OiVWLFD&RUSRUDOLGDGHHFRQVWUXomRGHJrQHURHQWUHWUDYHVWLVSDXOLVWDV



/DULVVD3HO~FLR

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LQVXFHVVRRXDRXOWUDSDVVDGR9DORUL]DVHDWXDOPHQWHRHVWLORPHQLQLQKDLVWRpPDLVQDWXUDOFXUYDVPDLVHQ[XWDV
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DVPDLVYHOKDVWUDYHF}HVRXQmRFRQVLGHUDPQDVDEXVDGDVTXHUGL]HUTXHVmRGHVUHVSHLWRVDVHDUURJDQWHV
2TXHDERUUHFHDVPDLVYHOKDVpTXHDVMRYHQVQmRDGPLWHPVXDLQH[SHULrQFLDHHVQREDPDTXHODVTXHDEULUDP
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1mRVHLPDVHXYRXILFDUGLIHUHQWHFORVHLUDQmRVHL'LIHUHQWHGHFRPRHXVRXDJRUD

$57,*26

1261(5926



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ItVLFRPRUDOHVSHFtILFDTXHDVDVVRFLDDHOHPHQWRVVRFLDOPHQWHVDQFLRQDGRVFRPRIHPLQLQRVeSRUPHLRGDLQJHVWmR
VLVWHPiWLFDGHUHPpGLRVFRQWUDFHSWLYRVRXSDUDUHSRVLomRKRUPRQDOGHPXOKHUHVQDPHQRSDXVDTXHDVWUDYHVWLV
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7RGD4XHEUDGDQD3OiVWLFD&RUSRUDOLGDGHHFRQVWUXomRGHJrQHURHQWUHWUDYHVWLVSDXOLVWDV

2KRUP{QLRpFRPRRDOLPHQWRGRFRUSRH[SOLFDPH-XOLDQDWUDYHVWLGHHSRXFRVDQRVMiEDVWDQWH
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WDPEpP)LFDPXLWRH[LJHQWHFRPDRUJDQL]DomRGRPpVWLFDQmRVXSRUWDYHUQDGDIRUDGROXJDU3HJDJRVWRSRU
ODYDUORXoDVHURXSDVGHWDOIRUPDTXHVXDVURXSDVEUDQFDVILFDPQXPDDOYXUDVHPLJXDO$GRUDSDVVDUWDPEpP
IXQomRQDTXDOVHHVPHUDSRLVQmRVXSRUWDTXDQGRHVWiVREHIHLWRGHVVHKRUP{QLRQHQKXPDPDUURWDGLQKRWDQWR
TXHGHGLFDORQJRVPLQXWRVQDDUUXPDomRGDFDPDSRLVSUHFLVDYHURVOHQoyLVEHPHVWLFDGRVDWpTXHQHQKXPD
GREULQKDDSDUHoD(VVDREVHVVmRDGHL[DQHUYRVDDYDOLDHOD2GHVLQWHUHVVHSRUVH[RDOHYDDQmRWHURUJDVPR
HSRUWDQWRHMDFXODomRRTXHDJUDYDRHVWDGRGHQHUYRV
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FDEHoDGHPXOKHURTXHVLJQLILFDQmRTXHUHUVDEHUGHFRLVDVPDVFXOLQDVFRPRFRPSHWLWLYLGDGHDJUHVVLYLGDGH
HSURPLVFXLGDGHHDOHYDDSURFXUDUPHQRVVH[RID]HQGRVyRTXHDVXDSURILVVmRH[LJH
0XLWDVWUDYHVWLVMiPHUHODWDUDPDUHODomRHQWUHWHUXPSrQLVHDQHFHVVLGDGHGHHMDFXODUFRPIUHTrQFLD
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QRFRUSRQmRVHULDQDWXUDO3RUpPVHJR]DPPXLWRGHL[DPRKRUP{QLRIHPLQLQRVDLUeRTXHPHGL]6DVKD
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$57,*26

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DH[SUHVVmRGRROKDUGHTXHPWRPRXKRUP{QLRpGLIHUHQWH  $JHQWHILFDPDLVIHPLQLQDSUiIDODUSUiVHQWDU
HWXGRLVVRpHIHLWRGRKRUP{QLRQRWHXRUJDQLVPR %HQHGHWWL 



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$57,*26

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$57,*26

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$57,*26

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$57,*26

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$57,*26

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