)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
3HVTXLVDU

INCIO

TESTESDECARROS

0DLV9HQGLGRV

COMPARATIVOS

3UHoRVGHFDUURV

LANAMENTOS

MERCADO

7HVWHGH/RQJD'XUDomR

FACEBOOK

RSS

6HJUHGRVH)ODJUDV

QUEMSOMOS

POLTICADEPRIVACIDADE

&RQVXPR

1RYR9:*ROI76,)OH[VHUiPHOKRUTXHRVLPSRUWDGRV
FRQILDELOLGDGHSHUIRUPDQFHHFRQVXPR

9tGHRV

&DUURV(OpWULFRV

1RYR9:*ROI

+\XQGDL+%

1RYR9RONVZDJHQXS

1RYR&RUROOD

1RYR)RUG.D

9RONVZDJHQ)R[

)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV
&$7(*25,$6),$7),$7,'($$775$&7,9(,'($1292,'($
Curtir

65

7ZHHW

&20(175,26

,QVLUDVHXHPDLOHUHFHEDQRYLGDGHVSRVWV
HDUWLJRVGR&$5%/2*%5

$)LDW GR %UDVLODSUHVHQWRX D OLQKD  GD ,GHD FRP DSHUIHLoRDPHQWRV TXH EXVFDP PHOKRUDU D
UHODomRFXVWR[EHQHItFLR

$VVLQDU

CarBlogBRPortaldo...
31.532curtidas

&XUWLU3iJLQD

&RPSDUWLOKDU

Sejaoprimeirodeseusamigosacurtirisso.

CAR.BLOG.BR
Seguir

+1

+ 1.238

&$5526&/66,&26
&KHYUROHW&OiVVLFRV
&KHYUROHW2SDOD+LVWyULD
)LDW+LVWyULFRV
)RUG+LVWyULFRV
1R LQWHULRU GR ,GHD  WHPRV XP QRYR VLVWHPD GH iXGLR TXH DSUHVHQWDVH QD FRU SUHWD SDUD
$WWUDFWLYHH(VVHQFHH&LQ]DSDUDDYHUVmR$GYHQWXUH

9:*RO+LVWyULD
9:*ROI+LVWyULFRV
9RONVZDJHQ&OiVVLFRV

6(*8,'25(6

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
3DUWLFLSDUGHVWHVLWH
*RRJOH)ULHQG&RQQHFW

0HPEURV 0DLV

-ipXPPHPEUR")D]HUORJLQ

0$3$'26,7(
,QtFLR
3ROtWLFDGHFRPHQWiULRV
$QiOLVHGH8VDGRV
&RPSDUDWLYRV
/DQoDPHQWRV
0HUFDGR
$VVLQHQRVVR566
6LJDQRVQR7ZLWWHU
&RPXQLGDGHQR)DFHERRN
(VVH QRYR VLVWHPD GH VRP LQFOXL DV IXQo}HV /RFNHU H 0\ &DU H QR PHVPR HVSDoR LQFRUSRUD R

&DQDOQR<RXWXEH

ERWmRGHWUDYDPHQWRGDVSRUWDVORJRDEDL[RGDVVDtGDVGHDUFHQWUDLV

'LDJQyVWLFRGHYtUXV
3KHQRP9HtFXORV
3ROtWLFDGH3ULYDFLGDGH
4XHPVRPRV
)DOHFRQRVFR

&20(175,26
3UHoRGH0HUFHGHV"0HFRQVHJXHDtXP
0HUFHGHVNP(GXDUGR+HQULTXH
$QGUDGH&DPSRVGH$UDXMR
3UHJXLoDGHDSHUWDURGHGRHHVSHUDUR
YLGURGHVFH/LQFROQ5DIDHO$QW{QLRGH
)UHLWDV
3UHJXLoDGHDSHUWDURGHGRHHVSHUDUR
YLGURGHVFH/LQFROQ5DIDHO$QW{QLRGH
)UHLWDV
0DVWHPDoRGHDOWDUHVLVWrQFLDQD
FRQVWUXomRGRV/LQFROQ5DIDHO$QW{QLR
GH)UHLWDV
'HVFXOSDPDVSDUDPLPIDOWDGH
FRQILDELOLGDGHVHUL'DYL)HUQDQGHVGH
)UHLWDV

2VSUHoRVGD,GHDVmRRVVHJXLQWHV

5(&20(1'$026

)LDW,GHD$WWUDFWLYH5
)LDW,GHD(VVHQFH95
)LDW,GHD(VVHQFH'XDORJLF95

%ORJGR)ODYLR*RPHV
6$8'26$0$/2&$
2&7(725$&,1*7($0
3ODFHV$ORQVR:RXOG5DWKHU%H

)LDW,GHD$GYHQWXUH95
)LDW,GHD$GYHQWXUH9'XDORJLF5

$XWRV6HJUHGRV
$RYRODQWH)LDW&DEULRVHPWHWRH
VHPYHUJRQKD

)LFKDV7pFQLFDV)LDW,GHD

7KHRSKLOXV&KLQ
.LD2SWLPD6:
,GHD$WWUDFWLYH ,GHD(VVHQFH

9(7RU4

,GHD(VVHQFH
,GHD$GYHQWXUH
,GHD$GYHQWXUH 9(7RU4
9(7RU4
9(7RU4
'XDORJLF
'XDORJLF

0RWRU

3RVLomR

7UDQVYHUVDO
GLDQWHLUR

7UDQVYHUVDO GLDQWHLUR

7UDQVYHUVDO GLDQWHLUR

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO

7UDQVYHUVDO GLDQWHLUR

7UDQVYHUVDO GLDQWHLUR

$XWR5($/,'$'(
2VGHWDOKHVGR&KHYUROHW7UDLOEOD]HU/7=

%ORJ&DUEXUDGR
+RQGDODQoDYHUVmRGHHQWUDGDGD1;5
%URV
5$&,21$872
+21'$),7(;/$9$/,$d2





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

1~PHUR GH

 HP OLQKD

 HP OLQKD

 HP OLQKD

 HP OLQKD

 HP OLQKD

 [  PP

 [  PP

 [  PP

 [  PP

 [  PP

 FP

 FP

 FP

 FP

 FP











3RWrQFLD

 FY   USP

 FY   USP

 FY   USP

 FY   USP

 FY   USP

Pi[LPD

JDVROLQD  FY 

JDVROLQD  FY 

JDVROLQD  FY 

JDVROLQD  FY 

JDVROLQD  FY 

$%17UHJLPH

 USP HWDQRO

 USP HWDQRO

 USP HWDQRO

 USP HWDQRO

 USP HWDQRO

FLOLQGURV
'LkPHWUR ;
&XUVR
&LOLQGUDGD
7RWDO
7D[D GH
FRPSUHVVmR

7RUTXH
Pi[LPR
$%17UHJLPH

 .JIP  

 .JIP  

 .JIP  

 .JIP  

 .JIP  

USP JDVROLQD 

USP JDVROLQD 

USP JDVROLQD 

USP JDVROLQD 

USP JDVROLQD 

.JIP   USP

.JIP   USP

.JIP   USP

.JIP   USP

.JIP   USP

HWDQRO

HWDQRO

HWDQRO

HWDQRO

HWDQRO

1~PHUR GH
YiOYXODV SRU

FLOLQGUR

8P QR FDEHoRWH

8P QR FDEHoRWH

8P QR FDEHoRWH

8P QR FDEHoRWH

8P QR FDEHoRWH

YiOYXODV

%RVFK HOHWU{QLFD

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

GLJLWDO LQFRUSRUDGD

HOHWU{QLFD GLJLWDO

HOHWU{QLFD GLJLWDO

HOHWU{QLFD GLJLWDO

HOHWU{QLFD GLJLWDO

DR VLVWHPD GH

LQFRUSRUDGD DR

LQFRUSRUDGD DR

LQFRUSRUDGD DR

LQFRUSRUDGD DR

LQMHomR

VLVWHPD GH LQMHomR

VLVWHPD GH LQMHomR

VLVWHPD GH LQMHomR

VLVWHPD GH LQMHomR

*DVROLQD(WDQRO

*DVROLQD(WDQRO

*DVROLQD(WDQRO

*DVROLQD(WDQRO

*DVROLQD(WDQRO

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

0DJQHWL 0DUHOOL

PXOWLSRQWR

PXOWLSRQWR

PXOWLSRQWR

PXOWLSRQWR

VHTXHQFLDO

VHTXHQFLDO

VHTXHQFLDO

VHTXHQFLDO

$OLPHQWDomR
&RPEXVWtYHO

,QMHomR

%RVFK PXOWLSRQWR

HOHWU{QLFD

VHTXHQFLDO

&DUURV,QIRFR
)XQFLRQDPHQWRHWLSRVGHFDL[DVGH
PDUFKDVSDUDVLVWHPDVGHWUDQVPLVVmR
DXWRPRWLYRV
+LJK6LGH
0RQRSRO\
,UPmRGR'pFLR
&RUFHO+DWFK
'LiULRGHERUGR9:029(83
0DLVGHNPO
%UXQR&DUURV
1292+21'$&,9,&1RYD
JHUDomRFKHJDDR%UDVLO(0%5(9(

&DUURVH6HJUHGRV
/HDVLQJIDYRUHFHFDUURVDXW{QRPRV

&DUURV5DURV%5
&DPSHRQDWR&DWDULQHQVHGH$UUDQFDGD
(WDSDSDUWH
0RWRU9tFLR&DUURV
3HXJHRWFKHJDHPMXQKRSDUD
HQIUHQWDUR(FR6SRUW
&RQKHoDR0XQGRGRV&DUURV
'LFDVSDUD&RPSUDU3HoDVH$FHVVyULRV
$XWRPRWLYRV3HOD,QWHUQHWVHP*DVWDU
0XLWR

$6681726(0$5&$6

&kPELR
1~PHUR GH

'H=HURD&HP
3RUTXHDOXJDUFDUURQD/RFDOL]DpTXDVH
VHPSUHXPSUREOHPD"

3KHQRP9HLFXORV
1RYR3DOLR:D\IRWRVGHWDOKHV

,JQLomR

7LSR

5HGDomRSDUDFRQFXUVR
2LPHGLDWLVPRGDWHFQRORJLDGHVTXDOLILFD
RMRUQDOLVPRGL]*D\7DOHVH

*DUDJHPGR%HOORWH
'HYROWDjVPRWRVFRPDPtWLFD%0:.
6HPHGLomRFRPHPRUDWLYD

(L[R GH
&RPDQGR GH

*XVFDU
&$552'2$12$872(63257(
-((35(1(*$'(

 j IUHQWH H XPD j

 j IUHQWH H XPD j

 j IUHQWH H XPD j

 j IUHQWH H XPD j

 j IUHQWH H XPD j

Up

Up

Up

Up

Up

PDUFKDV

$XGL
%0:
&KHYUROHW

     

     

     

     

     

5HODo}HV GH

     

     

     

     

      

WUDQVPLVVmR

     

     

     

     

     

&LWURHQ

  5p  

  5p  

  5p  

  5p  

5p  

'RGJH

&KU\VOHU

)HUUDUL
5HODomR GH
WUDQVPLVVmR











'LDQWHLUD FRP MXQWDV

'LDQWHLUD FRP MXQWDV

'LDQWHLUD FRP MXQWDV

'LDQWHLUD FRP MXQWDV

'LDQWHLUD FRP MXQWDV

KRPRFLQpWLFDV

KRPRFLQpWLFDV

KRPRFLQpWLFDV

KRPRFLQpWLFDV

KRPRFLQpWLFDV

GR GLIHUHQFLDO

7UDomR

-$&
-HHS

FRP PROD D GLVFR H

FRPDQGR VHPL
KLGUiXOLFR

0RQRGLVFR D VHFR

0RQRGLVFR D VHFR

0RQRGLVFR D VHFR

0RQRGLVFR D VHFR

FRP PROD D GLVFR H

FRP PROD D GLVFR H

FRP PROD D GLVFR H

FRP PROD D GLVFR H

FRPDQGR KLGUiXOLFR

FRPDQGR KLGUiXOLFR

FRPDQGR KLGUiXOLFR

FRPDQGR KLGUiXOLFR

.LD
/DPERUJKLQL
/H[XV
/,IDQ
0DVHUDWL

6LVWHPDGH)UHLRV

'LDQWHLUR

+\XQGDL
-DJXDU

0RQRGLVFR D VHFR

6HUYLoR

)RUG
+RQGD

(PEUHDJHP

7LSR

)LDW

0D]GD
+LGUiXOLFR FRP

+LGUiXOLFR FRP

+LGUiXOLFR FRP

+LGUiXOLFR FRP

+LGUiXOLFR FRP

FRPDQGR D SHGDO

FRPDQGR D SHGDO

FRPDQGR D SHGDO

FRPDQGR D SHGDO H

FRPDQGR D SHGDO H

$%6 RSFLRQDO

$%6 RSFLRQDO

$%6 RSFLRQDO

$%6

$%6

$ GLVFR YHQWLODGR 

$ GLVFR YHQWLODGR 

$ GLVFR YHQWLODGR 

$ GLVFR YHQWLODGR 

$ GLVFR YHQWLODGR 

3RUVFKH

GH  PP FRP

GH  PP FRP

GH  PP FRP

GH  PP FRP

GH  PP FRP

5HQDXOW

SLQoD IOXWXDQWH

SLQoD IOXWXDQWH

SLQoD IOXWXDQWH

SLQoD IOXWXDQWH

SLQoD IOXWXDQWH

$ WDPERU  GH 

$ WDPERU  GH 

$ WDPERU  GH 

$ WDPERU  GH 

$ WDPERU  GH 

PP FRP VDSDWD

PP FRP VDSDWD

PP FRP VDSDWD

PP FRP VDSDWD

PP FRP VDSDWD

0LWVXELVKL
1LVVDQ
3HXJHRW

6X]XNL
7DWD

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO

7R\RWD
9RONVZDJHQ





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

7UDVHLUR

DXWRFHQWUDQWH H

DXWRFHQWUDQWH H

DXWRFHQWUDQWH H

DXWRFHQWUDQWH H

DXWRFHQWUDQWH H

UHJXODJHP

UHJXODJHP

UHJXODJHP

UHJXODJHP

UHJXODJHP

DXWRPiWLFD GH MRJR

DXWRPiWLFD GH MRJR

DXWRPiWLFD GH MRJR

DXWRPiWLFD GH MRJR

DXWRPiWLFD GH MRJR

9ROYR

$548,92'2%/2*
6XVSHQVmRGLDQWHLUD
0DF3KHUVRQ FRP

0DF3KHUVRQ FRP

0DF3KHUVRQ FRP

0DF3KHUVRQ FRP

0DF3KHUVRQ FRP

URGDV

URGDV

URGDV

URGDV

URGDV

LQGHSHQGHQWHV

LQGHSHQGHQWHV

LQGHSHQGHQWHV

LQGHSHQGHQWHV

LQGHSHQGHQWHV

EUDoRV RVFLODQWHV

EUDoRV RVFLODQWHV

EUDoRV RVFLODQWHV

EUDoRV RVFLODQWHV

EUDoRV RVFLODQWHV

LQIHULRUHV

LQIHULRUHV

LQIHULRUHV

LQIHULRUHV

LQIHULRUHV

WUDQVYHUVDLV H EDUUD

WUDQVYHUVDLV H EDUUD

WUDQVYHUVDLV H EDUUD

WUDQVYHUVDLV H EDUUD

WUDQVYHUVDLV H EDUUD

HVWDELOL]DGRUD

HVWDELOL]DGRUD

HVWDELOL]DGRUD

HVWDELOL]DGRUD

HVWDELOL]DGRUD

7LSR

$PRUWHFHGRUHV

(OHPHQWR
HOiVWLFR

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

&RP URGDV VHPL

&RP URGDV VHPL

&RP URGDV VHPL

&RP URGDV VHPL

&RP URGDV VHPL

LQGHSHQGHQWHV

LQGHSHQGHQWHV

LQGHSHQGHQWHV

WUDYHVVD GH WRUomR

WUDYHVVD GH WRUomR

WUDYHVVD GH WRUomR

GH VHomR DEHUWD

GH VHomR DEHUWD

GH VHomR DEHUWD

$UTXLYRGREORJ

6XVSHQVmRWUDVHLUD

7LSR

$PRUWHFHGRUHV

(OHPHQWR
HOiVWLFR

LQGHSHQGHQWHV

LQGHSHQGHQWHV

WUDYHVVD GH WRUomR

WUDYHVVD GH WRUomR

GH VHomR DEHUWD H

GH VHomR DEHUWD H

EDUUD HVWDELOL]DGRUD

EDUUD HVWDELOL]DGRUD

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

+LGUiXOLFRV

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

WHOHVFySLFRV GH

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

GXSOR HIHLWR

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

0ROD +HOLFRLGDO

'LUHomR
+LGUiXOLFD FRP

+LGUiXOLFD FRP

+LGUiXOLFD FRP

+LGUiXOLFD FRP

+LGUiXOLFD FRP

SLQKmR H FUHPDOKHLUD

SLQKmR H FUHPDOKHLUD

SLQKmR H FUHPDOKHLUD

SLQKmR H FUHPDOKHLUD

SLQKmR H FUHPDOKHLUD

 P

 P

 P

 P

 P

-;

-;

-;

-;

-;

 5

 5

 5

 5

 5

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 .J

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

 PP

%LWROD GLDQWHLUD

 PP

 PP

 PP

 PP

 PP

%LWROD WUDVHLUD

 PP

 PP

 PP

 PP

 PP

7LSR

'LkPHWUR
PtQLPR GH
FXUYD

5RGDV
$UR
3QHXV

3HVRGRYHtFXOR
(P RUGHP GH
PDUFKD 6WG
$
&DSDFLGDGH
GH FDUJD
&DUJD Pi[LPD
UHERFiYHO
VHP IUHLR

'LPHQV}HVH[WHUQDV
&RPSULPHQWR
GR YHtFXOR
/DUJXUD GR
YHtFXOR
$OWXUD GR
YHtFXOR YD]LR
'LVWkQFLD
HQWUHHL[RV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO




$OWXUD PtQLPD
GR VROR YD]LR

)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
 PP

 PP

 PP

 PP

 PP

 OLWURV  

 OLWURV  

 OLWURV  

 OLWURV  

 OLWURV  

9ROXPH GR

OLWURV FRP EDQFR

OLWURV FRP EDQFR

OLWURV FRP EDQFR

OLWURV FRP EDQFR

OLWURV FRP EDQFR

SRUWDPDODV

WRWDOPHQWH UHEDWLGR

WRWDOPHQWH UHEDWLGR

WRWDOPHQWH UHEDWLGR

WRWDOPHQWH UHEDWLGR

WRWDOPHQWH UHEDWLGR

H FDUJD DWp R WHWR

H FDUJD DWp R WHWR

H FDUJD DWp R WHWR

H FDUJD DWp R WHWR

H FDUJD DWp R WHWR

 OLWURV

 OLWURV

 OLWURV

 OLWURV

 OLWURV

9HORFLGDGH

 NPK JDVROLQD

 NPK JDVROLQD 

 NPK JDVROLQD 

 NPK JDVROLQD 

 NPK JDVROLQD 

Pi[LPD

  NPK HWDQRO

 NPK HWDQRO

 NPK HWDQRO

 NPK HWDQRO

 NPK HWDQRO

 V JDVROLQD 

 V JDVROLQD 

 V JDVROLQD 

 V JDVROLQD 

 V JDVROLQD 

 V HWDQRO

 V HWDQRO

 V HWDQRO

 V HWDQRO

 V HWDQRO

7DQTXH GH
FRPEXVWtYHO

'HVHPSHQKR

 D .PK

&RQVXPR1RUPD1%5
&LFOR HVWUDGD
&LFOR XUEDQR

&RQVXPR&RQIRUPH3%(9,10(752
&LFOR (VWUDGD
&LFOR8UEDQR

0DLVIRWRVGD,GHD

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV

$57,*265(/$&,21$'26

)LDWSURPRYH
PXGDQoDV
QD,GHDSDUD


)LDW,GHD
6SRUWLQJ
D
PLQLYDQ

)LDW,GHD

6SRUWLQJ
9HV

&XUWLU SHVVRDVFXUWLUDPLVVR6HMDR
SULPHLURHQWUHVHXVDPLJRV

1RYD)LDW
,GHD
$GYHQWXUH


1RYR)LDW
,GHD
(VVHQFH
9

7ZHHW

)LDWWDEHOD
GHSUHoRVGH
QRYHPEUR

&20(175,26
$Q{QLPR GHMXQKRGH
3RUTXHPHFKHUQRYHtFXORHSHUVLVWLUFRPHVVHLQWHULRU32%5((((((((((((((((((((
$FRUGD),$5
0HOKRUDHVVHLQWHULRU
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHGH]HPEURGH
VHPQRomR

5HVSRQGHU

$Q{QLPR GHMXQKRGH
&RQFRUGR
7HQKRXP,'($*RVWDULDGHWURFiORHP
0DVFRPHVVHLQWHULRUGHVDQLPRWRWDO
6yROKDURLQWHULRUGR&3,&$662TXHpGHSUHoRFRPSDWtYHOFRP,'($GiGyGD),$7
)D]HUXPDPXGDQoDQR6207HQKDSLHGDGH
3HQVHPHPUHIRUPXODUORJRHVVHLQWHULRUVHSRVVtYHOWURFDUROXJDUGRVRPSHODVVDtGDVGRDUH
GDUXPDPHOKRUDGDERXDFDVRFRQWUiULRVHUiRILPGR,'($
%RUD),$7R,'($pXPFDUURTXHPHUHFHXPDDWHQomRHVSHFLDO
5HVSRQGHU
5HVSRVWDV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
$Q{QLPR GHGH]HPEURGH
RXWURVHPQRomRFRPSDUDUDFDEDPHQWRGHFLWURHPFRPRGDILDWVHPQRomR

5HVSRQGHU

$Q{QLPR GHMXQKRGH
7EPWHPRVXP,GHDHSUHWHQGHPRVWURFDURDFHQGHGRUGHFLJDUURWHPTXHVHUQDIUHQWHH
PDLVDOJXPDVFRLVLQKDVFRQFRUGRWEPFRPR$Q{QLPRGHGHMXQKRGHERUDILDW
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHGH]HPEURGH
RXWUR VHP QRomR DFHQGHGRU GH FLJDUUR SXWV SDUH GH IXPDU HVWDUi ID]HQGR FRLVD
PHOKRUDFKDTXHPXGDUVDLGDGHDUSXWVVHPQRomR

5HVSRQGHU

&HFHO GHMXOKRGH
(P -XQKR GH  VROLFLWHL D FRQFHVVLRQiULD )LDW SDUD PRQWDJHP GR PRGHOR ,GHD DQR 
PRGHOR  SRXFRV GLDV GHSRLV R YHQGHGRU PH LQIRUPRX TXH KDYLD WLGR PXGDQoD R PRGHOR Mi
VDLULDFRPQRYDYHUVmR%RPJRVWHLGRQRYRUiGLRSRUpPQmRVHLVHYLUiDVVLPSRLVPHX
FDUUR Vy GHYH IDWXUDU HP EUHYH SUD VHPDQD TXH YHP -i R EDQFR DQWLJR QD PLQKD RSLQLmR R
HVWRIDPHQWR HVWDYD ERP H JRVWDULD GH YHU HVVH QRYRV HVWDPSDGRV SHVVRDOPHQWH DFKHL PXLWR
LQIHULRU6HUiTXHSRVVRWURFDU"VHFDVRQmRJRVWDU"
5HVSRQGHU
$Q{QLPR GHMXOKRGH
%HP QD YHUGDGH QXQFD IXL Im GR ,'($ PHX SDL WHYH   H  6HPSUH DFKHL VHX LQWHULRU
HVSDoRVRHGLULELOLGDGHERDPDVQXQFDSHQVHLHPWHUXP$WpLUDILDWQD7LMXFDHWURFDUPHXILDW
 VSRUW DXW HP RXWUR ILDWFKHJDQGR SURFXUDPRV FXVWREHQLILFLR H SRU PHX HVSDQWR R ,'($
$'9(1785(  HVWDYD QR UDQFLQJ  OXJDU $LQGD QDR UHFHEL PDV HVSHUR T PXGH PLQKD
FRQFHSomR TXDQWR DR FDUUR ,'($ $'9(1785('HSRLV GH DOJXQV PHVHV SRVWDUHL DOJR0H
GHVHMHPERDVRUWHUVUUVVUV
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHPDUoRGH
2L$QRQLPRFRPSDUWLOKDVXDVLPSUHVV}HVFRPRLGHDDGYHQWXUHDt(VWRXFRPSUDQGR
XPDJRUDHTXHULDVDEHUDRSLQLmRGHTXHPWHP
DEUDoRV

-XOLR6DOOHV GHPDUoRGH
(VWHFRPHQWiULRIRLUHPRYLGRSHORDXWRU

5HVSRQGHU

PDUFRDQWRQLRWRQLJDPDUHLV GHMXOKRGH
1D YHUGDGH YRFH IH] XPD ERD HVFROKD 7LYH XP DGYHQWXUH  H XP KRMH WHQKR XP
IUHHPRQW SRU QHFHVVLGDGH GH PDLV HVSDoR DJXDUGR DQVLRVDPHQWH SDUD DGTXLULU PDLV XP
DGYHQWXUH  GXDORJLF SOXV R GXDORJF DQWHULRU QDR GDSDUD PLQKD HVSRVD $ PLQKD FULWLFD D
HVWHFDUURHRDFDEDPHQWRSREUHRUHVWDQWHHRWLPR$)LDWGHYHULDROKDUFRPXPSRXFRPDLVGH
FXLGDGR SDUD HVWD IDWLD GH FRQVXPLGRUHVSRLV QDR H XP FDUUR EDUDWR H VH WHPRV FRQGLoRHV GH
FRPSUDOR WHPRV FRQGLoRHV GH FRPSUDU RXWURV FRP PHOKRU DFDEDPHQWR 4XDQGR R FRQVXPLGRU
EUDVLOHLURDSUHQGHUTXHRSURGXWRPDLVYDOLRVRHPXPDQHJRFLDoDRQDRHRFDUURPDVVLPRVHX
GLQKHLURHVVDPRQWDGRUDVYDRSDVVDUDSHUWR$FRUGDSRYREUDVLOHLUR
5HVSRQGHU
$Q{QLPR GHMXOKRGH
DFDEHL GH YROWDU GH IpULDV H DOXJXHL XP ILDW LGHLD DWWUDFWLYH  SDUD SDVVHDU FRP D IDPLOLD
$QGDPRVPDLVGHNPHPXPDVHPDQD$VPLQKDVLPSUHVV}HVVmRDVVHJXLQWHV
3RVLWLYDVXPFDUURGHPHQRVGHFYHDQGDEHPHPTXDOTXHUWHUUHQRERDSRVLomRGHGLULJLU

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
VXSHUHFRQ{PLFRHVSDoRVRSDUDDIDPLOLD
1HJDWLYDV5XLGRLQWHUQR
6DOGRUHFRPHQGRPXLWR
5HVSRQGHU
$Q{QLPR GHDJRVWRGH
3UHWHQGR DGTXLULU XP ),$7 HP EUHYH H PLQKD SUHIHUrQFLD DSyV SHVTXLVDV WHP VLGR R ,GHD
$GYHQWXUH SHORV DWULEXWRV TXHP WHP $JXDUGHL SHOR PRGHOR  HVSHUDQGR SRU HYROXo}HV QR
LQWHULRUHSHORFDPELRGXDORJLF3OXVTXHFRPRWRGRVVDEHPRVpXPFDUURTXHPHUHFHXPLQWHULRU
PDLVUHTXLQWDGR0HGHFHSFLRQHLTXDQGRD),$7WURFRXDSHQDVRUDGLRFRUHVGDVOX]HVGRSDLQHO
H WDSHoDULD GRV EDQFRV LQIRUPD SDUD R PRGHOR  /DQoRX R 3DOLR $GYHQWXUH  FRP PDLRU
UHTXLQWHLQWHUQRRYRODQWHILFRXOLQGRHDLQGDFRPFRPDQGRVGRUDGLRHDVERUEROHWDVSWURFDVGH
PDUFKDVSDUDRPRGHORGXDORJLFVRIDOWRXR'XDORJLF3OXV0DVDLQGDSUHILURD,GHD$G~YLGDp
DJXDUGRPDLVRXFRPSURHVWHPHVPR""2TXHDFKDP"
5HVSRQGHU
5HVSRVWDV
)iELR/0

GHDJRVWRGH

23DOLR:HHNHQGQmRWHUiXPDYHUVmRLQWHUQDPHQWHQRYDFRPRR3DOLRRX6LHQD(OD
VHUi VXEVWLWXtGD SRU XP FURVVRYHU PDV LVVR YDL GHPRUDU DOJXQV DQRV 0DV PHVPR
DVVLP R IDWR p TXH D 3DOLR :HHNHQG Mi p XP FDUUR FRP SURMHWR GH PDLV GH  DQRV
(XSDUWLFXODUPHQWHQmRFRPSUDULDHVVHFDUUR2,GHDSRUVHUGHOHGHULYDGRWDPEpP
MipPXLWRYHOKR(DLQGDWHPRDJUDYDQWHGHQmRFRQWDUFRPRFkPELR'XDO/RJLFSOXV
1DERDSHORSUHoRGD$GYHQWXUHHXMXQWDULDXPSRXFRPDLVGHGLQKHLURHSHJDYDXP
FDUURDWXDOL]DGRPHVPRFRPRR1RYR(FR63RUW
KWWSZZZFDUEORJEUVHDUFKODEHO(FR6SRUW

$Q{QLPR GHRXWXEURGH
1RVLWHGDILDWRLGHDMiHVWiFRPRGXDORJLFSOXV

5HVSRQGHU

$Q{QLPR GHDJRVWRGH
WRQDPRUDQGRRLGHDDGYHQWXUHKiRXDQRVJRVWRPXLWRGRHVSDoRDLQGDWRPHHQFDQWDQGR
HOHLRVHPSUHRSLQL}HVGRVFROHJDVTXHMiRSRVVXHPYRXFRQWLQXDUOHQGRVHXVFRPHQWiULRV
5HVSRQGHU
$Q{QLPR GHDJRVWRGH
$GRURR,GHDWHQKRXPHVyWURFDUHLSRUXP$GYHQWXUHTXHHVWRXQDPRUDQGRID]WHPSR6yWHQKR
XPDFUtWLFDDVVDtGDVGHDUVmRLQVXILFLHQWHVSDUDRWDPDQKRGRFDUUR1RPDLV$PR
5HVSRQGHU
1DWDQ2UDFLF GHDJRVWRGH
$ EDVH GR ,GHD p GR 3XQWR QD UHDOLGDGH 'R 3DOLR HOH WHP DOJXQV SRXFRV HOHPHQWRV Vy D
VXVSHQVmR WUDVHLUD SRU H[HPSOR IRL KHUGDGD GR 6WLOR $JRUD R LQWHULRU p SUDWLFDPHQWH WRGR GR
3DOLRVLPHSUDPLPpLVVRTXHHVWUDJDRFDUUR(VVDVVDtGDVGHDUPHVPRWrPXPDUGHDQRV
WRWDO2IRUWHGHVVH,GHDpRPRWRU(WRU4HRYLVXDOPDVRSUHoRQXQFDIRLGRVPHOKRUHV2
LQWHULRU GR 3DOLR DQWHULRU PXLWR UXLP LVVR QXP SURGXWR DFLPD GH  PLO UHDLV GDYD SDUD WHU
PXGDGRDRPHQRVSDUDXPOD\RXWSUy[LPRGRQRYR3DOLRRX6LHQD;*
5HVSRQGHU
0DXUR GHVHWHPEURGH
7DtXPFDUULQKRTXHHXJRVWHLWLYHXP(/;.0URGHLNPFRPHOHVHPWHU
GRU GH FDEHoD  FODUR ID]HQGR PDQXWHQomR SUHYHQWLYD  PDV URGHL HP SHUFXUVR PLVWR
HVWUDGDFLGDGHVHPGyHUDWRGDKRUDQD'XWUDHUDIUDTXLQKRWLQKDTXHHPEDODUHOHSUDDQGDU
EHPHVWH)DFH/LIWOKHFDLXPXLWREHPFRPHVWDVODQWHUQDVWUDVHLUDVFRPOHGVXP6KRZ
5HVSRQGHU
$Q{QLPR GHVHWHPEURGH
27,02&$552
5HVSRQGHU

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
$Q{QLPR GHQRYHPEURGH
ERPFDUURUHFRPHQGR
5HVSRQGHU
/HG9HQWXUH GHQRYHPEURGH
(XWHQKRXP,GHD$GYHQWXUHHWURTXHLGHFDUUR1mRWLYHG~YLGDFRPSUHLXP,GHD$GYHQWXUH
 *RVWHL GR FDUUR JRVWHL GR HVSDoR &RQFRUGR TXH R LQWHULRU p XP SRXFR VLPSOHV R VRP
SUHIHULDGRPRGHORDQWHULRU0DVQRJHUDOpXPyWLPRFDUURHVSHURTXHRFRQVXPRPHOKRUHSRLV
DR PHX YHU p R FDOFDQKDU GH $TXLOHV GR ,GHD 5HFHER R ,GHD VHPDQD TXH YHP H Dt VHUi Vy
DOHJULD
5HVSRQGHU
$Q{QLPR GHGH]HPEURGH
2SDLQHODVVLPFRPRWRGRLQWHULRUpPXLWRREVROHWR$WpRYRODQWHQDWHPRSomRGHFRPDQGRVGR
VRPHWHOHIRQH1DRGDGHHQWHQGHU
5HVSRQGHU
$Q{QLPR GHGH]HPEURGH
TXHUR FRPSUD XP LGHLD PDLV Wi GLILFLO DV SHVVRDV GH EHP WHP GLILFXOGDGH GH
ILQDQFLDU
5HVSRQGHU
$Q{QLPR GHGH]HPEURGH
(VWRX PXLWR VDWLVIHLWD FRP R PHX ,GHD  7HP XP H[FHOHQWH DFDEDPHQWR p FRPSOHWR H p
OLQGR)DOWDD)LDWID]HUPDLVSURSDJDQGDGHVWHYHtFXOR
5HVSRQGHU
$Q{QLPR GHGH]HPEURGH
ILDWLGHDRXPHDMXGHPTXHURFRPSUDUPHXSULPHLURFDUUR
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHQRYHPEURGH
VySUDFLGDGHSRXFDVYLDJHQVGHOLFDGR
SUD
YLDJHQVFLGDGHSRUWD
PDODVFKHLRPDLV
SRWHQFLDQRPRWRU

5HVSRQGHU

$Q{QLPR GHMDQHLURGH
6HPSUH DFKHL R LGHD DGYHQWXUH XP FDUUR ERQLWR IL] WHVWH GULYH H TXDQGR IXL FRQWHPSODGR QR
FRQVyUFLRDWpSHQVHLHPFRPSUDUXPDWpRGLDHPTXHIL]XPWHVWGULYHQR+RQGD)LWHGHVFREUL
TXH WLUDQGR R 7R\RWD (WLRV QmR WHP FDUUR PHOKRU TXH RV PRGHORV MDSRQHVHV HOHV SRVVXHP
FRQIRUWR EDL[R FRQVXPR H PDQXWHQomR EDL[D 8P FRQVHOKR GHYHPRV SDUDU GH FRPSUDU HVVDV
FDUURoDVGH),$7H9RONVHFRPSDUDXPFDUURMDSRQHVRXFRUHDQR
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHMXQKRGH
2 )LW p ERP VLP PDV FXVWD PDLV FDUR H R PRGHOR PDLV EDUDWR QmR WHP $%6 +RMH
FRPSUDUXPFDUURVHP$%6pPLFR

5HVSRQGHU

$Q{QLPR GHMDQHLURGH
- (6728 12 48$572 ,'($ $'9(1785( 62 2',(, 2 '( &$0%,2 6(0, $8720$7,&2
+255,9(/8/75$3$66$568%,5/$'(,5$6,1*5,'(6&20(/(72&2080
 325(0 1272 48( 2 0$7(5,$/ 3/$67,&2 $ &$'$ $12 ( 0$,6 )5$&2
$&+2 4(8 2 ,17(5,25 35(&,6$ '( 80$ 08'$1d$ 5$',&$/ 28 08'$5(, '( 0$5&$
(0%5(9(
5HVSRQGHU

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
5HVSRQGHU
$Q{QLPR GHMDQHLURGH
/XL] &RVWD QRVVD R FDUUR p OLQGR SDUWH H[WHUQD GHL[D TXDOTXHU XP DSDL[RQDGR PDV R LQWHULRU p
SRXFR GLIHUHQWH GDV YHUV}HV DQWLJDV  D FRPR SRGHP UHSHWLU RX PRGLILFDU TXDVH QDGD
QHVVHSDLQHOHLQWHULRU
$)LDWWHPLQRYDGRFRPRVFDUURVFDGDXPPDLVERQLWRTXHRRXWURPDVSUHFLVDGDUXSJUDGHQR
LQWHULRU
5HVSRQGHU
&KHIHP&DVD GHMDQHLURGH
$FKRR,'($$GYHQWXUHXPFDUUROLQGRPDVRPDWHULDOXVDGRHPVHXLQWHULRUpLQFRPSDWtYHOFRP
RQtYHOHFRPRSUHoRGRFDUUR$FKRTXHYRXGHVLVWLU
5HVSRQGHU
$Q{QLPR GHMDQHLURGH
7(1+2 80 ,'($ $GYHQWXUH  (;&(/(17( &$552 &21)257$9(/ 7,02 (63$d2
325e%(%(08,72$/&22/(*$62/,1$
5HVSRQGHU
5HVSRVWDV
MRVXHVDQWDQDEUDXOLR6DQWDQD GHMXQKRGH
4XHURFRPSUDUXPLGHDHOHEHErPXLH

5HVSRQGHU

5RGULJR GHIHYHUHLURGH
7HQKRXP,GHDHDFKRH[FHOHQWHFDUURFRQIRUWiYHOHSDUDRPHXXVRWDQDPHGLGDFHUWD
$EUDoR
5HVSRQGHU
*LOEHUWR*UHJR GHIHYHUHLURGH
KWWSZZZ\RXWXEHFRPZDWFK"Y 39((OVP,
DGRUHLDLGHLDGRYLGHRVRXEHUDPXWLOL]DURYLUDOGRKDUOHPVKDNHFRPRILDWLGHDPXLWRERPP
YDOHDSHQDDVVLVWLU
DEUD[
5HVSRQGHU
$Q{QLPR GHPDUoRGH
$FDEHL GH FRPSUDU XP H HVWRX PXLWR IHOL] D )LDW UHDOPHQWH SHFD QRV DFDEDPHQWRV
SULQFLSDOPHQWH QR LQWHULRU GR FDUUR PDV SUD R TXH VH SURS}H TXH p VHU XP FDUUR UREXVWR H
UHVLVWHQWHpRPHOKRUGDFDWHJRULDVHPG~YLGDVFDUURLPSRUWDGRpOLQGRPDVpIHLWRSUDURGDUQDV
HVWUDGDVHFOLPD(XURSHXVH-DSRQHVHVVHPFRQWDUTXHRYDORUGHUHYHQGDGRVLPSRUWDGRVVmR
EDL[RV p XP FDUUR TXH SUHFLVD GH PDQXWHQomR H UHDOPHQWH p FDUR (QILP VDL GH XP 3HXJHRW
SHJXHLXP,GHD$GYHQWXUHHTXHURDSURYHLWDUPXLWRHVVDFRQTXLVWD$EVV
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHPDUoRGH
HVWRX SHJDQGR R PHX DGYHQWXUH ORFNHU QD SUy[LPD VH[WD GLD  6HL TXH YF HVWi Ki
SRXFR WHPSR FRP R VHX PDV TXHULD VDEHU VH YRFr SRGHULD FRPSDUWLOKDU XP SRXFR
PDLV GH VXD SHUFHSomR FRP VHX FDUUR QRYR &RPR DQGD R FRQVXPR R UHGLPHQWR QD
FLGDGHHHWF"(VWDFXUWLQGRRFDUUR""
$EUDomR

3DSDLB)UHG GHPDUoRGH
3HJR PHX $GYHQWXUH DPDQKD DOJXHP SRGH PH LQIRUPDU VREUH R FRQVXPR GHVVH
FDUUR"

$Q{QLPR GHVHWHPEURGH

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
&20$/&22/(&20*$62/,1$

5HVSRQGHU

0DULR-63HUHLUD GHPDUoRGH
6HUiTXHR,GHDDGYHQWXUHSRGHYLUHTXLSDGRFRPFDPELRDXWRPiWLFR"
5HVSRQGHU
PDUFRDQWRQLRWRQLJDPDUHLV GHPDUoRGH
PHSDUHFHTXHMDHVWDVHQGRRIHUHFLGRFRPGXDORJLFSOXVTXHpH[FHOHQWHXPDEUDoR
5HVSRQGHU
PDUFRDQWRQLRWRQLJDPDUHLV GHPDUoRGH
PHSDUHFHTXHMDHVWDVHQGRRIHUHFLGRFRPGXDORJLFSOXVTXHpH[FHOHQWHXPDEUDoR
5HVSRQGHU
$Q{QLPR GHPDUoRGH
7HQKRXP,GHDGHVGHHDWpDJRUDVyWURTXHLyOHRSQHXVHPDQGHLWURFDUSDVWLOKDVGHIUHLR
(QILPR,GHDpXPFDUURH[FHOHQWHHQmRPHGiGRUGHFDEHoDVHLUHLFRPSUDUXPDGYHQWXUH
VHPPHGRSRLVRFDUURpPXLWRERPSRLVWHQKRXPDPDLVGHDQRVHQXQFDPHGHL[RXQDPmR
(X UHFRPHQGR DSHVDU GH FRQFRUGDU TXH D )LDW QmR PHOKRURX R SDLQHO TXH SRGHULD WHU XP NLW
PXOWLPtGLD
5HVSRQGHU
$Q{QLPR GHDEULOGH
PHX VRQKR H FRPSUDU XP LGHD DGYHQWXUH DFKR OLQGR GH SUHIHUHQFLD YHUPHOKR PDV H XP SRXFR
FDUR
5HVSRQGHU
$Q{QLPR GHDEULOGH
7HQKR XP ,GHD DGYHQWXUH  Ki YiULRV DQRV e XP yWLPR FDUUR WHP XP H[FHOHQWH
GHVHPSHQKRIDoRPDQXWHQomRSHULyGLFDHQXQFDPHGHL[RXQDPmR
&RPUHODomRDRLQWHULRUWHPXPH[FHOHQWHHVSDoRLQWHUQRHXPGHVLJQTXHQmRILFDDGHYHUQDGD
DRVRXWURVYHtFXORVGRSRUWH
(QWmRQmRGiSDUDPXGDURTXHMiHVWiSHUIHLWR
5HVSRQGHU
5HVSRVWDV
%ROVDGH0XOKHU GHQRYHPEURGH
7DPEpPWHQKRRDGYVyTXHPSRGHIDODUpTXHPWHPXP3DUDPLPpSHUIHLWR
3UHWHQGRWURFDUSHORHPEUHYH

5HVSRQGHU

$Q{QLPR GHPDLRGH
7HQKR R PHVPR VRQKR DQRV GH FRPSUDU XP ,'(,$ $'9(1785( SHQD TH UHDOPHQWH R
ILQDQFLDPQHWRSDUDSHVVRDVGHEHPpFDGDYH]PDLVGLILFLO
5HVSRQGHU
$Q{QLPR GHMXQKRGH
0LQKDSUHIHUHQFLDpSHORMiTXHIDoRDSHQDVXPDRXGXDVQRPi[LPRWUrVYLDJHQVSRUDQR
RUHVWRpXVRXUEDQRPHVPR(SHORVYiULRVUHODWRVGHFRQILDELOLGDGHHGXUDELOLGDGH$OpPGHVHU
RPDLVHFRQ{PLFR
1mRUHFRPHQGRGXDORJLF8PDDPLJRWHYHXPD$GYHQWXUH'XDORJLFHJRVWRXPXLWRGR,GHDPDV
QmRJRVWRXGRFkPELRHWURFRXRFDUURSRUFDXVDGLVVR3DUHFHTXHD)LDWHVWiFRPXPDVHJXQGD
YHUVmRGR'XDORJLFTXHWDOYH]MiHVWHMDHTXLSDQHRD,GHD
5HVSRQGHU
$Q{QLPR GHMXQKRGH

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
2 TXH PH FKDPD D DWHQomR QR  p WDPEpP D DOWXUD PtQLPD GR VROR LQWHUPHGLDULD HQWUH RV
PPGRHRVPPGD$GYHQWXUH$OpPGHVHUPHFkQLFDMiPXLWRFRQKHFLGDSRUTXDOTXHU
RILFLQDeXPFDUULQKRSRUUHWD
5HVSRQGHU
&LGLQKD GHDJRVWRGH
0HX,GHD$WWUDFWLYHFRPSOHWRFKHJRXRQWHPMiSHJXHLDHVWUDGDFRPHOHHDUHVSRVWDIRL
ERD QD VXELGD SRLV PHX 6LHQD VHPSUH UHFODPDYD QXP GHWHUPLQDGR WUHFKR H FRP R ,GHD IRL
GLIHUHQWHqHVSDoRVRRDUFRQGLFLRQDGRPXLWRERPRSDLQHOGHL[RXDGHVHMDUPDVOHpOLQGRDOWR
R EDQFR GR PRWRULVWD VREH EHP PDLV GR TXH R GR 6LHQD $ ~QLFD FRLVD TXH QmR JRVWHL p TXH
FDGHLULQKD GR PHX ILOKR QmR LQFOLQD QR ,GHD SRLV R HQFRVWR GH FDEHoD VREH EHP PHQRV TXH GR
6LHQD2QRYDIUHQWHILFRXPXLWRERQLWDDGRUHLHUHFRPHQGR
5HVSRQGHU
$UHLDV GHVHWHPEURGH
,GHDHVWiQDIDPtOLDDDQRVDRWRGRIRUDPHY1HQKXPGHX
GHIHLWR )L] YLDJHP FRP WRGRV HOHV H R TXH PDLV HPSROJD p R $GYHQWXUH FRP PRWRU HWRUT 
Y 2 PRWRU  p HFRQ{PLFR H yWLPR SUD FLGDGH PDV SDUD YLDJHQV IDOWD WRUTXH SDUD DV
XOWUDSDVVDJHQVHpQHFHVViULRUHGX]LUSDUDXOWUDSDVVDUFRPVHJXUDQoDMiRPRGHOR$GYHQWXUHID]
PpGLDGHNPODTXLHP%UDVtOLDFLGDGHSODQDHSHJDQGRSRXFDUHWHQomRQRWUkQVLWRQDHVWUDGD
YDLGHSHQGHUGRSpGHFDGDXPDQGDQGRDNPKQD)HUQmR'LDVSLVWDSODQDHVHPUHWHQo}HV
IH]  NPO 'XDV FRLVDV PH LQFRPRGDP QR FDUUR EDUXOKR LQWHUQR H FRQVROH TXH DWUDSDOKD XP
SRXFR D SHUQD VH R PRWRULVWD IRU DOWR H GHL[DU R EDQFR WRWDOPHQWH HOHYDGR 2 FkPELR GXDORJLF
TXH YL PXLWRV GL]HQGR VHU XPD JDPELDUUD VH PRVWUD HILFLHQWH PDV UHTXHU DOJXQV FXLGDGRV SRU
H[HPSOR HX VHPSUH LQLFLR XPD VXELGD PXLWR tQJUHPH VDtGD GH JDUDJHQV VXEWHUUkQHDVHP 
PDUFKD SRLV VH HQWUDU QD UDPSD HP VHJXQGD HOH LUi WURFDU QD PHWDGH GD VXELGD H WH GDUi XP
VXVWR-iOLFRPHQWiULRVTXHRQRYRFkPELRGXDORJLFSOXVHVWiPHOKRUHTXDOL]DGRSDUDDVWURFDV
QmR GDQGR RV IDPRVRV WUDQFRV (X UHFRPHQGR R FDUUR 2 FDUUR p FRQIRUWiYHO PXLWR VHJXUR QDV
FXUYDVIUHLRVDEVFRQILiYHLVQmRWHVWHLRDLUEDJQHPTXHURyWLPDYLVLELOLGDGHGDSLVWDSRUWHU
VXD SRVLomR GH GLULJLU HOHYDGD H SRU VHU DXWRPiWLFD PLQKD HVSRVD FRQVHJXH IDODU DR WHOHIRQH H
PDTXLDUVHDRPHVPRWHPSR
5HVSRQGHU
5HVSRVWDV
$Q{QLPR GHVHWHPEURGH
&2035(,80
7,026&20(175,26'(*5$1'(9$/,$

5HVSRQGHU

$Q{QLPR GHRXWXEURGH
PLQKDPDHWHPXPDHODDGRUDPDLVPHXSDLIRLFRPSUDUGHDQLYHUVDULRSUDHODXPDDGYHQWXUH
SUDTXHVHHODQHPID]DYHQWXUDNNNNNEULQFDGHLUDPDLVpXPDFDUURERQLWRHERPGHGLULJLUR
XQLFRSRQWRQHJDWLYRTHXYLIRLRLQWHULRUTQmRPXGRXQDGDPDLVPHXSDLWURFRWRGRVRVEDQFRV
HFRORFRXQVGHFRXURSUHWRPXLWRGDRUDWLUDQGRLVVRRFDUURYDOHDSHQD
5HVSRQGHU
$Q{QLPR GHQRYHPEURGH
HVSDoR LQWHUQR H[FHOHQWHSRUWD PDODV PHGLR FXLGDGR FRP D YLVLELOLGDGHQDV
ODWHUDLVFDPELR
PDFLRQRYR
VRPRSFLRQDLVYRX
FRPSUDU
(VVHQFHH
GHL[DU
R
DPHL
R
,GHDFDUUR
SUD
IDPLOLDHVSDoRVRDJUDGDYHO
5HVSRQGHU
$Q{QLPR GHMDQHLURGH
0LQKDHVSRVDDFDERXGHDGTXLULUXP,GHLD$GYHQWXUH'XDORJLF6HUiTXHHVWHFkPELR
Mi p D YHUVmR 3OXV" $FKR TXH QmR YRX PH DFRVWXPDU PXLWR EHP FRP HVWH FkPELR SRLV R PHX
&976HQWUDpTXDVHSHUIHLWR
5HVSRQGHU
$Q{QLPR GHMDQHLURGH
7HQKRXPLGHLDHVWHFDUURpHFHOHQWHSDUDTXHPPRUDQDURoDSRLVSDUDHVWUDGDGHFKDRH
HFHOHQWHPDLV YDL XP DOHUWD SDUD HVWUDGD HP DVIDOWRHVWDELOLGDGH =======HURSURYRFD XPD
LQFHJXUDQoDTXDQGRSDVVDGRVNOSRUKRUDUHIHUHQWHRDFDEDPHQWRSUHILURGRIXVFDDQWLJRQDR
WURFRSRUQDRWHUFRQGLomRDOHPGRDOWRFRQVXPRGHFODUDomRGHXPLQVDWLVIHLWR
5HVSRQGHU

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO





)LDW,GHDIRWRVSUHoRHHVSHFLILFDo}HVWpFQLFDV_&$5%/2*%5&DUURV
$Q{QLPR GHMDQHLURGH
7HQKRXPHHVWRXWURFDQGRSRUXP$PRRLGHDeyWLPR6RXDSDL[RQDGD
5HVSRQGHU
8QNQRZQ GHPDLRGH
7HQKR XP ,'($  Y (VVHQFH 6LQFHUDPHQWH R FDUUR p PXLWR ERP PRWRU SRWHQWH GHL[D
PXLWR  SUD WUiV R FRQIRUWR QRVVD VXSHUD PXLWDV RXWUDV PDUFDV LQFOXVLYH .,$ 3HXJHRW
&DUURTXHQmRWHPSUREOHPDVGHPDQXWHQomRpFODURTXHDOJXQVVXUJHPGHIHLWRVGHIDEULFDPDV
XPD UDULGDGH H TXDO PDUFD TXH QmR WHP HVVH SUREOHPD ( ROKD TXH Mi WLYH XP FLWURHQ F
SLFDVVRHPHGHXXPDGRUGHFDEHoDGXVLQIHUQRPSRULVVRWURTXHL
5HVSRQGHU
/XL]9DQ]DQ GHMXOKRGH
$GRUR PHX )LDW ,GHD $GYHQWXUH  PDV D XOWLPD YLDJHP TXH IL] PH GHX PHGR H UHSHQVHL VH
TXHUR FRQWLQXDU FRP HVVH FDUUR $EDL[HL RV EDQFRV WUDVHLURV H FRORTXHL PLQKDV EDJDJHQV QHOH
HUD PXLWD EDJDJHP PDV QmR FKHJRX D FREULU R YLGUR WUDVHLUR 1D YLDJHP HQWUH 5LR H 6mR 3DXOR
IRL WXGR EHP PDV GH 6mR 3DXOR SDUD &XULWLED SDVVHL SHUUHQJXH 2 FDUUR D XP FHUWR SRQWR QmR
REHGHFLD FXUYDV SDUD D GLUHLWD H TXHULD LU UHWR )D]LD XP HVIRUoR WUHPHQGR FRP R YRODQWH H HOH
QmR TXHULD REHGHFHU H TXDVH EDWL SRU GXDV YH]HV HQWmR SDUHL HP XP PHFDQLFR TXH PH GLVVH
HVWDUWXGREHPSRUHPFRPRSHVRHRYHQWRHOHQmRHVWDULDUHVSRQGHQGREHPDFRPDQGRVGHLU
SDUDGLUHLWDHHVTXHUGDHPXPDXOWUDSDVVDJHPSRUH[HPSOR(QWmRWLYHTXHID]HUWRGDDYLDJHP
QD SLVWD GD GLUHLWD VHP XOWUDSDVVDU QLQJXHP 5HVXOWDGR GHPRURX  KRUDV XPD YLDJHP TXH VHULD
GH  QR PD[LPR 2XWUR HVSDQWR IRL VXELU XPD ODGHLUD HP )ORULSD H R FDUUR QmR DJXHQWRX TXDVH
YROWRXSUDWUDVHILFRXGHUUDSDQGR4XHURWURFDUHVVHFDUURXUJHQWHSRUTXHDFKRTXHHOHpPXLWR
SHVDGRHQmRDJXHQWDFHUWDVIRUoDo}HV
5HVSRQGHU
*DO&D[LWR GHDJRVWRGH
(VWRXDSURFXUDGHXPFDUUR,GHD$GYHQWXULHFDPELRDXWRPDWLFRQDFRUSUDWD
5HVSRQGHU

'LJLWHVHXFRPHQWiULR

&RPHQWDUFRPR

3XEOLFDU

3HGUR$UFH*RRJOH

6DLU

 9LVXDOL]DU

3iJLQD$QWHULRU

 1RWLILTXHPH

3iJLQDLQLFLDO

3Uy[LPD3iJLQD!



&RS\ULJKW&DU%ORJ%57RGRVRVGLUHLWRVUHVHUYDGRV

KWWSZZZFDUEORJEUILDWLGHDIRWRVSUHFRHKWPO