Você está na página 1de 70

GUIA DE CURSOS | MONDOGRÁFICO PHOTOSHOP

Você tem que encontrar o que você gosta. E isso é verdade tanto para o seu trabalho

quanto para seus companheiros. Seu trabalho vai ocupar uma grande parte da sua vida, e

a única maneira de estar verdadeiramente satisfeito é fazendo aquilo que você acredita ser

um ótimo trabalho. E a única maneira de fazer um ótimo trabalho é fazendo o que você

ama fazer. Se você ainda não encontrou, continue procurando. Não se contente. Assim

como com as coisas do coração, você saberá quando encontrar. E, como qualquer ótimo

relacionamento, fica melhor e melhor com o passar dos anos. Então continue procurando e

você vai encontrar. Não se contente.

(Steve Jobs)

ʹͲǦʹͲ‡•‹‰ͳͲ

 ,1,&,$1'22'(6,*1

3DUD LQLFLDU R SURJUDPD YRFr GHYH FOLFDU QR ËFRQH GH
LQLFLDOL]DomRGHVLJQRXLQLFLDUSURJUDPDV HFOLTXH QR
tFRQH 






 &21+(&(1'268$È5($'(75$%$/+2





 
%DUUDVGH)HUUDPHQWD

&DL[DGH,QIRUPDomR

&DL[DGH(GLomR

/LVWD$UUDVWDUH6ROWDU

ÈUHDGH7UDEDOKR

$WULEXWRV/LWH



ʹͲǦʹͲ‡•‹‰ͳͲ




 ,16(5,1'2$7$/+261$È5($'(75$%$/+2

&OLTXH FRP R GLUHLWR GR PRXVH QD %DUUD GH
)HUUDPHQWDV 6HOHFLRQH D RSomR 3HUVRQDOL]DU %DUUD GH
$FHVVR5iSLGRHRUJDQL]HDVHPYROWDGHVXDiUHDGHWUDEDOKR
FRPRQDILJXUDDQWHULRU
 




&21),*85$1'268$È5($'(75$%$/+2

3DUD DGHTXDU VXD iUHD GH WUDEDOKRDR VHX JRVWR H D VXD
QHFHVVLGDGH YRFr GHYH DOWHUDU VXDV FRQILJXUDo}HV GH FRUHV
H[LELomRGHFRWDVHGHLWHQV(QWmRFOLTXHFRPRERWmRGLUHLWR
GRPRXVHQDiUHDGHWUDEDOKRH´FRQILJXUDomRGHH[LELomR´










ʹͲǦʹͲ‡•‹‰ͳͲ


$SDUHFHUiDVHJXLQWHMDQHOD





(VWD MDQHOD p GLYLGLGD HP  VHLV JUXSRV GHWDUHIDV 6mR
HOHV LWHQV FRWDV iUHD GH WUDEDOKR DYLVRV LWHQV RFXOWRV H
OHJHQGD


x,WHQVVHUYHSDUDFRQWURODURTXHVHUiH[LELGRQDiUHDGH
WUDEDOKRWURFDUDFRUGRVLWHQVLQVHULGRVHH[LELomRGHQRWDV


 










ʹͲǦʹͲ‡•‹‰ͳͲ



x&RWDV VHUYH SDUD FRQWURODU R TXH VHUi FRWDGR QR
SURMHWR 7DPEpP VHUYH SDUD PXGDU D IRQWH H FRU GD IRQWH 
WDPDQKRHFRUGDFRWD






xÈUHD GH WUDEDOKR VHUYH SDUD FRQWURODU DV FRUHV
H[LELomRHWDPDQKRGHJUDGHViUHDGHXQLmRHHVWLORPpWULFRD
XWLOL]DU












ʹͲǦʹͲ‡•‹‰ͳͲ


x$YLVRV VHUYH SDUD H[LELU RX QmR DYLVRV GH FROLVmR GH
LWHQV VHo}HV LQYiOLGDV H LWHQV LQYiOLGRV 7DPEpP VHUYH SDUD
GDUFRUHVjVOLQKDVGHDYLVR







x,WHQVRFXOWRVVHUYHSDUDH[LELULWHQVTXHIRUDPRFXOWRV
GXUDQWHRSURMHWR3DUDH[LELUFOLTXHQRLWHPHQRERWmRH[LELU













ʹͲǦʹͲ‡•‹‰ͳͲ




3DUD RFXOWDU LWHQV GXUDQWH R SURMHWR FOLTXH FRP R ERWmR
GLUHLWR GR PRXVH QR REMHWR H ³FRQILJXUDomR GH H[LELomR´
'HVPDUTXHRPDUFDGRUHPH[LELUHFOLTXHHP2.






x/HJHQGDVHUYHSDUDFRQWURODUDH[LELomRGHOHJHQGDVH
GHVFULo}HVGHUyWXORQDiUHDGHWUDEDOKR9RFr SRGHGHILQLUR
TXHLUiDSDUHFHUQDOHJHQGDQDMDQHODEUDQFDVLQDOL]DGDDEDL[R







ʹͲǦʹͲ‡•‹‰ͳͲ

(P (648(0$ QD SDUWH LQIHULRU GD FRQILJXUDomR GH


H[LELomRYRFrSRGHHVFROKHUFRQILJXUDo}HVMiSURQWDVRXVDOYDV
SRUYRFr /RJR DR ODGRQR tFRQH VDOYDU YRFr SRGH VDOYDUDV
FRQILJXUDo}HV TXH YRFr IH] SDUD XWLOL]iOD HP XP IXWXUR
SURMHWR








$YLVRWRGDVDVPHGLGDVGRGHVLJQVmRSDGURQL]DGDV
HP0,/Ë0(7526DTXLQR%UDVLO

35()(5Ç1&,$6

6HUYH SDUD FRQILJXUDU FRPR GHYH LQLFLDU R  9RFr GHYH
FOLFDU HP $UTXLYR 3UHIHUrQFLDV (VFROKD FRPR GHYH
FRPHoDUDOWXUDVHHVSHVVXUDVGHSDUHGHDOLQKDPHQWRVXSHULRU
GHPyYHLVFRQILJXUDo}HVGHH[LELomRPRHGDVSDUDRUoDPHQWR
FDPLQKRV SDUD VDOYDU HVWLOR  GH FRWD WH[WXUDV GR DPELHQWH
PHGLGDVHWF



ʹͲǦʹͲ‡•‹‰ͳͲ

&RQILJXUDo}HV
1RYRVUHFXUVRVHPSUHIHUrQFLDV
&DWiORJRVDJRUDpSRVVtYHORUJDQL]DURVFDWiORJRVGHXPDIRUPDSUiWLFD
VHOHFLRQDQGRDRSomR ([LELUSRUIDEULFDQWH RVFDWiORJRVILFDPRUJDQL]DGRVHP
SDVWDWDLVFRPR&R]LQKDV'HFRUDomRHQWUHRXWURV7HFKQRORJLHV


ʹͲǦʹͲ‡•‹‰ͳͲ

$SDUrQFLDGD$SOLFDomR(VFROKDD&RUGROD\RXW,QLFLDO

&RQILJXUDo}HV*OREDLV1DYHUVmRpSRVVtYHODEULUSURMHWRVGHVHQYROYLGRVQD
YHUVmRVHPDQHFHVVLGDGHGHWURFDULWHQVSHOR0HQX(GLWDU!7URFDULWHQV
7HFKQRORJLHV




ʹͲǦʹͲ‡•‹‰ͳͲ

9DORUHVGDSLQJDGHLUD3HUPLWHDOWHUDUPHGLGDVGDVODWHUDLVHSDUWHIURQWDOGRWDPSR

5HQGHUL]DomR±3HUIRUPDQFH1HVWDRSomRRXVXiULRSRGHUiVHOHFLRQDUWLSRVGH
YLVXDOL]DomRQD FDL[DGHLQIRUPDomR WHODGHDWULEXWRV $OpPGHSRVVXLUQRYRV
SDGU}HVSDUD5HQGHUL]DomR $XWR,OXPLQDomR/X]GH7HWR0RGRH,OXPLQDomR
*OREDO 


ʹͲǦʹͲ‡•‹‰ͳͲ

7H[WXUDVGRDPELHQWHXVXiULRSRGHUiGHILQLUFRPRSDGUmRWH[WXUDVGHSDUHGHWHWRH
SLVR

3DUHGHVOLQKDVGHFRQVWUXomR3HUPLWHDDOWHUDomRGHSDGU}HVGH HVSHVVXUDDOWXUDH
DOLQKDPHQWRGHSDUHGHVHLWHQVVXSHULRUHVDOpPGHDGLFLRQDUXPWLSRGHMDQHODHSRUWD
SDUDIDFLOLWDUQDLQVHUomRGRVLWHQVQRSURMHWR 
2%6ÈUHDGHLQVHUomR±SURIXQGLGDGHQHVWDiUHDVROLFLWDPRVTXHRVXVXiULRV
DGLFLRQHPDPHGLGDGHPP



ʹͲǦʹͲ‡•‹‰ͳͲ

ÈUHDGHWUDEDOKRQHVWDRSomRLUHPRVHGLWDUIRUPDVGHH[LELomRGRVLWHQVQROD\RXW
GRSURJUDPDGHVLJQ





3DUHGHV/LQKDVGHFRQVWUXomR$JRUDpSRVVtYHOSDGURQL]DUSRUWDHMDQHOD

ÈUHDGHWUDEDOKRFRPDRSomR ([LELUFRQILUPDomRSDUDH[FOXVmRGHLWHQV
FRQHFWDGRV PDUFDGDTXDQGRDOJXPLWHPIRUH[FOXtGRLUiDDSDUHFHURDOHUWDDEDL[R
HVVDPHQVDJHPVRPHQWHYDLVXUJLUTXDQGRHVWLYHUXWLOL]DQGRDQRYDWHFQRORJLDGR
FDWiORJR)/(;7HFKQRORJLHV

&RQILJXUDomRGH([LELomR 3ODQWDVH(OHYDo}HV 

'HILQLGDDVDOWHUDo}HVERWmRVDOYDU!GHILQDRQRPHGRHVTXHPDSDUDDUPD]HQDUR
VHXSDGUmRGHWUDEDOKRHYLVXDOL]DomR

2PHVPRSURFHGLPHQWRDSOLFDVHjiUHDGHHOHYDomRFRPFRQILJXUDo}HV
LQGHSHQGHQWHV3DUDDFHVVDUDVFRQILJXUDo}HVGHH[LELomRGDHOHYDomRERWmRGLUHLWRQD
iUHDGHWUDEDOKRGDHOHYDomR!FRQILJXUDUH[LELomR

/D\HUV FDPDGDV 

'HILQDGLYHUVRVSDGU}HVGHYLVXDOL]DomRFULDQGRGLIHUHQWHVHVTXHPDVHPFDGDOD\HU
FDPDGD DEDL[R

3DUDUHQRPHDUD/D\HUGXSORFOLTXH!GLJLWHQRYRQRPH!2N




ʹͲǦʹͲ‡•‹‰ͳͲ



)$=(1'280$3/$17$%$,;$

3DUDID]HUXPDSODQWDEDL[DFOLTXHQRtFRQHGHSDUHGHORFDOL]DGRQDEDUUD
GHIHUUDPHQWDVGRVHXGHVLJQ






3DUHGH/XWLOL]DGDSDUDDPELHQWHVFODURVSRUSRVVXLUXPkQJXORGHHDSHQDVXP
SRQWRGHIXJD

3DUHGH8XWLOL]DGDJHUDOPHQWHSDUDSURMHWRGHDPELHQWHVHVFXURVRXVXiULRLUi
ORFDOL]DUGRLVkQJXORVGHHWUrVSRQWRVGHIXJDSDUDJHUDUDVSHUVSHFWLYDV

3DUHGH2XWLOL]DVHSDUDWRGRHTXDOTXHUWLSRGHDPELHQWHHVFXURFODURRX
LQWHUPHGLiULR

&OLTXHQRtFRQHLQVHULUXPDSDUHGHHORJRHPVHJXLGDFOLTXH QDiUHDGH
WUDEDOKR XPD YH]2SURJUDPDSHGLUiRFRPSULPHQWRGDSDUHGHQDFDL[D
GHHGLomR'LJLWHRFRPSULPHQWRHFRQILUPHFRP(QWHU








ʹͲǦʹͲ‡•‹‰ͳͲ




3DUD ID]HU D SDUHGH HP kQJXOR p Vy ID]HU RV SURFHGLPHQWRV DQWHULRUHV H
DQWHVGHFRQILUPDUFRPHQWHUFOLTXHHP 7DE HGLJLWHRkQJXORGDSDUHGH
'HSRLVpVyFRQILUPDUFRPHQWHU




$WHQomRDVSDUHGHVYmRDSDUHFHQGRHPVHQWLGRKRUiULRQXPkQJXORGH
ƒ(QWmRVLJDDE~VVRODDEDL[RSDUDIDFLOLWDUDFRPSUHHQVmR




 ƒ
 ƒ ƒ



 ƒ ƒ



 ƒ 
 ƒ







3DUHGHVFXUYDVVmRLQVHULGDVPDQXDOPHQWHDWUDYpVGRFDWiORJR5220B%5
RXIHLWDFRPVKDSH









ʹͲǦʹͲ‡•‹‰ͳͲ






(;(5&Ë&,26)DoDHVWiSODQWDEDL[DHPVHXFRPSXWDGRU































3pGLUHLWR
3DUHGHHVSHVVXUD






ʹͲǦʹͲ‡•‹‰ͳͲ


87,/,=$1'2$635235,('$'(6'$3$5('(

&OLTXHYH]HVHPFLPDGHTXDOTXHUXPDGDVSDUHGHVHDWHOD
GH3URSULHGDGHVDEULUiDXWRPDWLFDPHQWH








3ULPHLUDPHQWH YRFr GHYH VHOHFLRQDU TXDO SDUHGH VHUi DOWHUDGD QD FDL[D
EUDQFD RXSDUD DOWHUDU WRGDV DV SDUHGHV FOLTXH HP JUXSR GH SDUHGHV (P
PHGLGDV YRFr SRGHUi DOWHUDU FRPSULPHQWR DOWXUD H HVSHVVXUD GD SDUHGH
(P WLSR YRFr SRGHUi VHOHFLRQDUR WLSR GH SDUHGH YLVtYHO RX QmR  H RQGH
WHUiiUHDLQVHUomR(PPDWHULDOYRFrSRGHUiHVFROKHUDVFRUHVGDVSDUHGHV
DWUDYpVGRVDWULEXWRV










ʹͲǦʹͲ‡•‹‰ͳͲ




È5($'(,16(5d­2

e R ORFDORQGHVHUmR LQVHULGRV PyYHLV MDQHODV HWF(OD
VHHQFRQWUDQRUPDOPHQWHQDSDUWHLQWHUQDGDVSDUHGHVPDVVH
YRFr GHVHMDU HOD SRGH VHU FRQILJXUDGD SDUD DSDUHFHU QR ODGR
H[WHUQRDWUDYpVGDVSURSULHGDGHVGDSDUHGH DEDWLSR 















,16(5,1'2$%(5785$6

3DUDLQVHULUSRUWDVMDQHODVRXTXDLVTXHUWLSRVGHDEHUWXUD
FOLTXH QR tFRQH GH ³DEHUWXUDV H REVWiFXORV´ QD EDUUD GH
IHUUDPHQWDV














ʹͲǦʹͲ‡•‹‰ͳͲ


$SDUHFHUi XPD MDQHOD GRFDWiORJR5RRPBEU &OLTXHQD DEHUWXUDGHVHMDGD
MDQHODSRUWDHWF 






VHOHFLRQH R WLSR GH DEHUWXUD JHQpULFD RX RXWUDV  HVFROKD D DEHUWXUD
GHVHMDGDHFOLTXHHPLQVHULU1DiUHDGHWUDEDOKRFOLTXH XPD YH]GHQWUR
GD LQVHUomR GD SDUHGH RQGH VHUi LQVHULGD D DEHUWXUD H GLJLWH D ODUJXUD GD
DEHUWXUDQDFDL[DGHHGLomR9RFrWDPEpPSRGHLQVHULODGLUHWRGRFDWiORJR
5RRPBEU


3DUD FRORFiOD QR ORFDO FRUUHWR FOLTXH FRP R ERWmR GLUHLWR GR PRXVH HP
FLPDGDDEHUWXUDHGrRFRPDQGRDUUDVWDU
'LJLWHDGLVWkQFLDTXHYRFrTXHUTXHDDEHUWXUDILTXHGDSDUHGHQDFDL[DGH
HGLomRHFRQILUPHFRPHQWHU
3DUD DOWHUDU PHGLGDV FRUHV HWF YRFr GHYH XWLOL]DU RV DWULEXWRV TXH VHUi
YLVWRQRSUy[LPRLWHP










ʹͲǦʹͲ‡•‹‰ͳͲ

$75,%8726

&OLTXHGXDVYH]HVHPFLPDGRLWHPDVHUPRGLILFDGR,Ui
DSDUHFHUXPDMDQHODLJXDOjLOXVWUDomRDEDL[R




1HVVH FRPDQGR YRFr SRGH DOWHUDU DV GLPHQV}HV HVWLORV LQVHULU
FRPSOHPHQWRVFRUHVHWF
(PJHUDOYRFrSRGHUiDOWHUDUPHGLGDVFRPRDOWXUDODUJXUDHSURIXQGLGDGH
HOHYDomRDIDVWDPHQWRHODGRGHDEHUWXUDHDFDEDPHQWRVHIRURFDVR

(P FRPSOHPHQWRVYRFr SRGHUi LQVHULU FRPSOHPHQWRV FRUUHVSRQGHQWHV DR
LWHP

(P FRUHV YRFr GHYH VHOHFLRQDU D FRU GHVHMDGD FOLFDQGR HP FLPD GD FRU
GHVHMDGDFRPRPRVWUDDLOXVWUDomRDVHJXLU

(PHVWLORYRFrSRGHUiVHOHFLRQDURHVWLORGDVSRUWDVSX[DGRUHVHWF









ʹͲǦʹͲ‡•‹‰ͳͲ


$75,%8726*/2%$,6

6HUYH SDUD ID]HU DOWHUDo}HV GH DWULEXWRV HP XP FDWiORJR
LQWHLUR6HYRFrTXHUTXHWRGRVRVDUPiULRVWHQKDPFRUHHVWLORV
LJXDLVYRFrGHYHDOWHUDUHPDWULEXWRVJOREDLV




3DUDXWLOL]DUHVVHFRPDQGRYRFrGHYHFOLFDUFRPRERWmR
GLUHLWR GR PRXVH  QD iUHD GH WUDEDOKR H ³DWULEXWRV JOREDLV´
6HOHFLRQHRFDWiORJR DVHUDOWHUDGRHIDoDDVDOWHUDo}HVFRPR
IRLIHLWRHPDWULEXWRV)HLWDVDVDOWHUDo}HVFOLTXHHPRN

 ,16(5,1'2 XPD 9,67$ )5217$/ H /$7(5$/
(648(5'$

(VVHFRPDQGRSHUPLWHTXHYRFrWUDEDOKHHPYLVWDIURQWDO
3DUD LQVHULU HVVD YLVWD FOLTXH QD iUHD GH LQVHUomR GD SDUHGH
RQGH GHVHMD WHU D YLVWD H FOLTXH QR tFRQH ³LQVHULU iUHD GH
HOHYDomR´LQGLFDGRDEDL[R





ʹͲǦʹͲ‡•‹‰ͳͲ


6HTXLVHUWUDEDOKDUFRPPDLVGHXPDYLVWDIURQWDODRPHVPRWHPSRFOLTXH
HP GXDV RX PDLV iUHDV GH LQVHUomR VHJXUDQGR ³FWUO´ H FOLTXH QR tFRQH
³LQVHULUiUHDGHHOHYDomR´



5(1'(5,=$d­2


6HUYHSDUDYLVXDOL]DURSURMHWRHPXPDYLVmRHPGFRPRVH
IRVVH XPD IRWR GR DPELHQWH SURMHWDGR 3DUD XWLOL]DU HVVH
UHFXUVRYRFrGHYHVHJXLURVSDVVRVDVHJXLU



&OLTXHQRtFRQHGHUHQGHUL]DomRTXHYRFrGHVHMD






3DUDHIHWXDUDUHQGHUL]DomRYRFrGHYHVHJXLURVSURFHGLPHQWRV
H[SOLFDGRVQDLOXVWUDomRGDSiJLQDVHJXLQWH
















ʹͲǦʹͲ‡•‹‰ͳͲ


7H[WXUD&RQILJXUDU H[LELomR QHVVH FRPDQGR
DWULEXtPRVFRUHVSDUDRSLVRHRWHWR


 

([LELUYRFrSRGHHVFROKHURVLWHQVTXHYRFrTXHUTXH
DSDUHoDHPVXDUHQGHUL]DomR


 

 5HFRUWH 5HFRUWD SDUWHV GR UHQGHU RX GH XP REMHWR H
DOWHUDRkQJXORGDFkPHUD


 





ʹͲǦʹͲ‡•‹‰ͳͲ



 0RGR H[LELomR4XDOLGDGH $SOLFD DR PRGR GH
YLVXDOL]DomRWLSRVGHLPDJHQVHTXDOLGDGHGHLOXPLQDomR


 



$JRUD p Vy FOLFDU FRP R ERWmR HVTXHUGR GR PRXVH TXH
VHUiUHDOL]DGDDUHQGHUL]DomR

3DUDUHQGHUL]DomRGHYLVWDIURQWDODSyVFOLFDUHPH[LELU
EDVWD FOLFDU GHQWUR GD LQVHUomR GD YLVWD IURQWDO D VHU
UHQGHUL]DGD


3DUD UHQGHUL]DomR GH YLVWD VXSHULRU DSyV FOLFDU HP
H[LELUEDVWDHQTXDGUDUDSODQWDEDL[DQRTXDGURGHVHOHomRGH


UHQGHUL]DomRTXHDSDUHFHTXDQGRFOLFDPRVFRPRERWmRGLUHLWR
GRPRXVHFRPRLQGLFDGRSHODVHWDQDLOXVWUDomRDEDL[R

  









ʹͲǦʹͲ‡•‹‰ͳͲ



3DUDYLUWXDOVKRZURRPVHJXHDPHVPDFRQILJXUDomRGD
SHUVSHFWLYDPDVQDKRUDGHFOLFDURSRQWRGHYLVmRFOLTXHQR
FHQWURGRORFDORQGHGHVHMDYLVXDOL]DUHPG


/X]1DWXUDO


$OX]QDWXUDOpXPUHFXUVRGHUHQGHUL]DomRGHDOWDTXDOLGDGHTXHSRGHOHYDUXPWHPSR
JUDQGHSDUDJHUDUDLPDJHPSRUpPHVWHUHFXUVRGDUiDYRFrXPDLQFUtYHOUHQGHUL]DomR
IRWRUHDOtVWLFD9RFrSRGHXWLOL]DUHVWHUHFXUVRDQWHVGHJHUDUDUHQGHUL]DomR
VHOHFLRQDQGRDRSomRFRUUHVSRQGHQWHQDWHODGHFRQILJXUDomRGDUHQGHUL]DomR
25HFXUVRGHOX]DPELHQWHTXHYLQKDQDVYHUV}HVDQWHULRUHVGR'HVLJQpXPD
DOWHUQDWLYD SDUD UHQGHUL]Do}HV FRP PHQRU TXDOLGDGH FRPELQDGD FRP RXWURV HIHLWRV
HQWUHWDQWRpXPUHFXUVRTXHSHUPLWHDJHUDomRGHUHQGHUL]Do}HVGHIRUPDPDLVUiSLGD

$OX]QDWXUDOpXPDWHFQRORJLDTXHID]WRGDVDVIRQWHVGHOX]HVLQGLUHWDVQRDPELHQWH
SDUWLFLSDUHPQDLPDJHPILQDOJHUDGD3DUDUHVXOWDGRVPHOKRUHVHVWHLQFUtYHOUHFXUVR
GHYHVHUXWLOL]DGRDSHQDVHPDPELHQWHVWRWDOPHQWHIHFKDGRV LPDJHPDEDL[R 








ʹͲǦʹͲ‡•‹‰ͳͲ


7H[WXUDV5HDOtVWLFDV

$V WH[WXUDV UHDOtVWLFDV FRPELQDGDV FRP RXWUDV RSo}HV GH UHQGHUL]DomR H
LOXPLQDomR UHGX]LUi D UHIOH[mR IRUD GH FRQWUROH GH DOJXQV PDWHULDLV TXH
SRVVXHP RV HIHLWRV GH EULOKR RX VHPLEULOKR 2 FDWiORJR JHQpULFR GH
WH[WXUDVSRVVXLFHQWHQDVGHWH[WXUDVRQGHRHIHLWRGHODVSRGHVHUDOWHUDGR
9HMDD,PDJHPDEDL[R 






/X]GR6RO




9RFrSRGHUiYHURUHFXUVRGHSRVLFLRQDPHQWRGRVRODSDUWHLQIHULRUGDWHOD






ʹͲǦʹͲ‡•‹‰ͳͲ



&OLTXHHVHJXUHRPRXVHHPFLPDGRSRQWRGHOX]SDUDPRYHUDRUHGRUGRDPELHQWH
PDLVHVSHFLILFDPHQWHSDUDIRUDGRDPELHQWHDWUDYpVGHSRUWDVHMDQHODVSDUDRHIHLWRGH
OX]VRODUHQWUDQGRQRDPELHQWH$SyVFKHJDUDSRVLomRGRVROGHVHMDGDVROWHRPRXVHH
DWXDOL]HDUHQGHUL]DomR

2XWUDVHVSHFLILFDo}HV

0HOKRUDUTXDOLGDGHGHH[LELomRGRVVKDSHV$WUDYpVGR0HQX$UTXLYR!3UHIHUrQFLDV
!5HQGHUL]DomR±3HUIRUPDQFHDOWHUHDTXDOLGDGHGHH[LELomRSDUD0HOKRU
*DUDQWDTXHRVHXGULYHUGHLPSUHVVRUDVHMDDWXDORVRIWZDUHID]DFKHFDJHPHQWUHD
WHODHDLPSUHVVRUDSDUDVHUFDSD]GHLPSULPLUDLPDJHPQDPHVPDTXDOLGDGHHPTXH
YRFrYrDLPDJHPHPVXDWHODRXVHMDGHSHQGHQGRGDLGDGHGDLPSUHVVRUDSRGHVHU
TXHYRFrWHQKDSHUGDGHTXDOLGDGHQDJHUDomRGDLPDJHP
9HULILTXHVHWRGRVRVUHTXLVLWRVGRVLVWHPDIRUDPDWHQGLGRVSDUDPHOKRUGHVHPSHQKR
HPVHXFRPSXWDGRU



87,/,=$1'226&$7È/2*26

3DUD LQVHULU TXDOTXHU REMHWR VHMD XP DUPiULR RX XP
EULQTXHGR YRFr GHYH UHFRUUHU DRV FDWiORJRV (OHV VH
FODVVLILFDPTXDQWRDVXDFDWHJRULD

2VFDWiORJRVVmR

1RYR %$1,WHQVGHFRUDWLYRVSDUDEDQKHLUR

1RYR '(17,WHQVGHFRUDWLYRVSDUDFRQVXOWyULR

1RYR /80,,WHQVGHFRUDWLYRV/XPLQiULDV

1RYR
),7(TXLSDPHQWRVGH$FDGHPLD

1RYR *(HOHWURGRPpVWLFRVGHVWDPDUFD


1RYR
(/(&752/8;HOHWURGRPpVWLFRVGHVWDPDUFD





ʹͲǦʹͲ‡•‹‰ͳͲ

&2= ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVGHFR]LQKD

'25 ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVSDUDGRUPLWyULR

'(&2 ILFDP DUPD]HQDGDV D PDLRU SDUWH GRV
DFHVVyULRV GH GHFRUDomR GH DPELHQWH FRPR SODQWDV TXDGURV
LOXPLQDomREULQTXHGRVSHVVRDVHWF

.LWFKHQ$LQG FDWiORJR GH HOHWURGRPpVWLFRV GD PDUFD
.LWFKHQ$LG

.,7 ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVGHFR]LQKD

%5$67(03 ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVGHVWDPDUFD

%\GHVLJQ ILFDP DUPD]HQDGRV WRGRV RV LWHQV
UHSUHVHQWDGRVSHODHPSUHVD FDGHLUDVHREMHWRVGHFRUDWLYRV 

&2168/ ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVGHVWDPDUFD

0(.$/ILFDPDUPD]HQDGDVDVFXEDVHDFHVVyULRVGHVWD
PDUFD

)$/0(& ILFDP DUPD]HQDGDV DV FRLIDV H DFHVVyULRVGD
)$/0(&

/2)5$ILFDPDUPD]HQDGRVRVIRJ}HVGD/2)5$

5220B$33 ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVJHQpULFRVGDGHVLJQ

1RYR
5220B'(& FDWiORJR GH DFHVVyULRV GH GHFRUDomR GH
DPELHQWH FRPR SODQWDV TXDGURV LOXPLQDomR EULQTXHGRV
SHVVRDV HWF7DPEpP VH HQFRQWUDP DV SRUWDV MDQHODV
VtPERORVSDUHGHVFXUYDVVKDSHV





ʹͲǦʹͲ‡•‹‰ͳͲ

5220B%5 FDWiORJR GH DFHVVyULRV GH GHFRUDomR GH
DPELHQWH FRPR SODQWDV TXDGURV LOXPLQDomR EULQTXHGRV
SHVVRDV HWF7DPEpP VH HQFRQWUDP DV SRUWDV MDQHODV
VtPERORVSDUHGHVFXUYDVVKDSHV

5220B)85 ILFDP DUPD]HQDGDV DV FDGHLUDV VRIiV
FDPDV79¶ViXGLRHWF

5220B3/8 ILFDP DUPD]HQDGRV WRGRV RV WLSRV GH
DFHVVyULRVGHEDQKHLURHFXEDVGHFR]LQKD

5220B723 ILFDP DUPD]HQDGRV RV WLSRV GH WDPSRV
IURQW}HVVKDSHVHERUGDV

3DUDLQVHULUTXDOTXHUREMHWRpVyFOLFDUHPFLPDGRREMHWR
QR FDWiORJR H DUUDVWDU SDUD iUHD GH WUDEDOKR RX iUHD GH
LQVHUomR ODUJXH R REMHWR QR ORFDO GHVHMDGR 3DUD DUUDVWDU
PRYHUURWDFLRQDU HOHYDUHWFpVyFOLFDUFRPRERWmRGLUHLWR
GRPRXVHHPFLPDGRLWHPHH[HFXWDURFRPDQGRGHVHMDGR


75$%$/+$1'2&202'(6,*1

&202(63(/+$5802%-(72"

&OLTXH FRP R ERWmR GLUHLWR GR PRXVH QR LWHP H
³HVSHOKDU´&OLTXHHPXPSRQWRDRODGRGRREMHWRHIDoDXPD
OLQKDUHWDSDUDOHODDRREMHWRDHVSHOKDU&OLTXHQRYDPHQWHHR
REMHWRVHUiHVSHOKDGR



(;(03/2(63(/+2













ʹͲǦʹͲ‡•‹‰ͳͲ


ƒ3217212922%-(72


$QWHV GH WHUPLQDU GH HVSHOKDU R SURJUDPD YDL PRVWUDU
XPDFDL[DGHPHQVDJHPSHUJXQWDQGRVHGHVHMDRXQmRH[FOXLU
R REMHWR GH RULJHP $ UHVSRVWD ILFD D FULWpULR GH VXD
QHFHVVLGDGH










3DUD DUUDVWDU RX DIDVWDU REMHWRV FOLTXH FRP R ERWmR
GLUHLWRGRPRXVHHPFLPDGRLWHPH³DUUDVWDU´RX³DIDVWDU´
$SyVLVVRGLJLWHDGLVWkQFLDTXHRREMHWRGHYHILFDUGDSDUHGHH
FRQILUPHFRPHQWHU
3DUD ID]HU HOHYDo}HV WUDEDOKH GD PHVPD IRUPD DQWHULRU
PDVDRLQYpVGDGLVWkQFLDGLJLWHDDOWXUDGHVWLQR5HFRPHQGD
VHWUDEDOKDUHPYLVWDIURQWDO
3DUD ³URWDFLRQDU´ FOLTXH FRP R ERWmR GLUHLWR GR PRXVH
QR LWHP H GLJLWH R kQJXOR GH URWDomR QD FDL[D GH HGLomR H
FRQILUPHFRPHQWHU
([LVWHP WDPEpP FRPDQGRV EiVLFRV FRPR FRSLDU UHFRUWDU
GXSOLFDU PRYHU H[FOXLU HWF 4XH VmR XWLOL]DGRV FRP
IUHTrQFLDQRGHVHQYROYLPHQWRGRSURMHWR
2EV WRGR H TXDOTXHU REMHWR LQVHULGR GHQWUR GD iUHD GH
LQVHUomRLUi VH PRYHU VRPHQWH GHQWUR GD PHVPD D PmR OLYUH
6HLQVHULGRIRUDGDiUHDGHLQVHUomRSRGHVHPRYHUSDUDRQGH
TXLVHU










ʹͲǦʹͲ‡•‹‰ͳͲ

,16(5,1'27$0326

3DUD LQVHULU XP WDPSR YRFr GHYHUi FOLFDU QR tFRQH
TXHHVWiORFDOL]DGRQD$%$LWHQV
'HSRLV GH FOLFDU QR tFRQH RX DUUDVWiOR GR FDWiORJR YRFr
GHYHUiFOLFDUHPFLPDGHXPDUPiULR2WDPSRDVHULQVHULGR
GHYHVHURWDPSR0/

















3DUDHGLWDURWDPSRVHJXHPVHRVPHVPRVSURFHGLPHQWRV
GRVVKDSHVTXHYHUHPRVQRSUy[LPRFDStWXOR


,16(5,1'2((',7$1'26+$3(6

3DUD LQVHULU XP VKDSH YRFr GHYH DEULU R FDWiORJR
URRPBWRS  H ORFDOL]iORRX QD EDUUD GH FRPXQLFDomR DEDL[R
GRFDWiORJRHVFUHYDVKDSH
&OLTXH HP FLPD GR VKDSH H DUUDVWHR SDUD D iUHD GH
WUDEDOKR
3DUD HGLWiOR YRFr GHYH &OLTXH FRP R ERWmR GLUHLWR GR
PRXVHH³HGLWDUIRUPD´

0HQXGHOLQKDVFOLTXHIRUDGRVKDSH
3DUD DOWHUDU ODUJXUD YRFr GHYH FOLFDU HP FLPD GD OLQKD
TXHGHVHMDHVWLFDUHDUUDVWHSDUDDGLUHomRDDUUDVWiOD'LJLWHD
ODUJXUDQDFDL[DGHHGLomRSDUDHVWLFDUHFRQILUPHFRPHQWHU




ʹͲǦʹͲ‡•‹‰ͳͲ

3DUD URWDFLRQDU YRFr GHYH PDQWHU RV SURFHGLPHQWRV GH
URWDomRPDVDQWHVGHGLJLWDURkQJXORYRFrGHYHFOLFDUHPXP
SRQWRGHLQVHUomRSDUDXVDUFRPREDVHQDURWDomRGRVKDSH


 321726'(,16(5d­2



3DUDID]HUXPUDLRODWHUDOYRFrGHYHFOLFDUFRPRERWmR
GLUHLWR GR PRXVH SUy[LPR D OLQKD TXH GHVHMD DUUHGRQGDU
(IHWXHRFRPDQGR³UDLRODWHUDO´HGLJLWHRUDLRRXDUUDVWHSDUD
RODGRDDUUHGRQGDU







9RFrSRGHLQFOXLUSRQWRVHOLQKDVFOLFDQGRFRPRERWmR
GLUHLWRGRPRXVHHLQVHULUSRQWRRXLQVHULUOLQKD$SyVLVVR
YRFrLUiFOLFDUSUy[LPRDOLQKDSDUDID]HUDLQVHUomR

,QVHULUSRQWRLQVHULUOLQKD





3DUD XWLOL]DU R FRPDQGR URWDFLRQD H LQWHUVHomR YRFr
GHYHHIHWXDURFRPDQGR´URWDFLRQDHLQWHUVHomR´HHPVHJXLGD
FOLFDUHPXPSRQWRGHLQVHUomR'LJLWHRkQJXORGHURWDomRH
FRQILUPHFRPHQWHU





ʹͲǦʹͲ‡•‹‰ͳͲ






3RQWRGHEDVHSDUDDURWDomR

0HQXGHSRQWRFOLTXHQRSRQWR
'HQWURGHVVHPHQXYRFrSRGHUiLQVHULUPDLVSRQWRVPRYHUR
SRQWRH[FOXtORHURWDFLRQDU

0HQXGHtWHPFOLTXHGHQWURGRVKDSH
'HQWUR GHVVH PHQX YRFr SRGH LQVHUL XP FRUWH QR VKDSH
PRYHUURWDFLRQDU(WF



([HPSORGHXPVKDSHDUUHGRQGDGRUHQGHUL]DGR










9RFr SRGH ID]HU TXDOTXHU IRUPD DUUHGRQGDGD HP XP
SODQR

2%6 QmR ID] IRUPDV DUUHGRQGDGDV HP YLVWD IURQWDO FRP
H[FHomRGRFLOLQGURHGLYLVmRFXUYD
3DUDYHUFRPRYRFrHVWiGHFRQKHFLPHQWRQDHGLomRGHVKDSHV
YDPRVID]HUDOJXQVH[HUFtFLRV






ʹͲǦʹͲ‡•‹‰ͳͲ

(;(5&Ë&,26


)$d$(67(66+$3(687,/,=$1'226&20$1'26'(
(',d­2


















,/80,1$d­2

(VWHpXPLWHPIXQGDPHQWDOSDUDXPDERDUHQGHUL]DomRe
GHODTXHGHSHQGHDUHDOLGDGHGHVHXSURMHWR([LVWHP WUrV 
WLSRVGHLOXPLQDomRTXHVmR
/X]DPELHQWHVSRWHOXPLQiULDV

/X] DPELHQWH p D LOXPLQDomR FRQILJXUDGD QD KRUD GH
UHQGHUL]DU 3DUD TXH HOD IXQFLRQH FRPR GHVHMDGD GHYHPVH
VHJXLUDOJXPDVUHJUDV6HpXPSURMHWRFRPEDVWDQWHFODULGDGH
H SRXFR HIHLWR GH OX] XWLOL]DVH PDLV LQWHQVLGDGH GH OX] H
PHQRVVSRWV





ʹͲǦʹͲ‡•‹‰ͳͲ

,/80,1$d­2


3DUD SURMHWRV FRP PDLV HIHLWRV GH LOXPLQDomR XWLOL]DU
PHQRV LQWHQVLGDGH H PDLV VSRWV 5HFRPHQGDVH PDQWHU D OX]
HPZDWWVQHVWHFDVR
2EVXPSURMHWRFRPPDLVHIHLWRGHLOXPLQDomRFRVWXPD
VHUPDLVHVFXURQDIRWR
([HPSORGHSURMHWRV

0DLVHIHLWRGHLOXPLQDomR







 




1HVVH FDVR IRUDP XWLOL]DGRV VSRWV FRP kQJXOR H LQWHQVLGDGH
PDLRU DR UHGRU H VSRWV FRP kQJXOR VHPLIHFKDGR H GH PHQRU
LQWHQVLGDGHORFDOL]DGRV7DPEpPIRUDPXWLOL]DGDVOXPLQiULDV
(;(03/2'(352-(726

0HQRVHIHLWRGHLOXPLQDomR
















ʹͲǦʹͲ‡•‹‰ͳͲ


1HVVHFDVRVyH[LVWHPGRLVVSRWVORFDOL]DGRVGHkQJXORVHPL
IHFKDGR H SRXFD LQWHQVLGDGH $ LOXPLQDomR SUHGRPLQDQWH p D
OX]DPELHQWH

/X]DPELHQWHSDUDDOWHUDUDOX]DPELHQWHpVyVHJXLURV
SDVVRVTXHIRUDPYLVWRVQDUHQGHUL]DomR

6SRW SDUD LQVHULU XP VSRW YRFr GHYHUi VHOHFLRQDU R
FDWiORJR URRPBEU SDUD YHUVmR   VHOHFLRQDU ³LWHQV
GLYHUVRV´RX ³GH GHFRUDomR´LOXPLQDomRVSRW$UUDVWHSDUD
RORFDOGHVHMDGRHIDoDVXDVDOWHUDo}HVGHFRUGRVSRWWDPDQKR
HSURSULHGDGHVGHLOXPLQDomR
2EVFRUHVGRVSRWHWDPDQKRVVmRPRGLILFDGDVHPDWULEXWRV


3URSULHGDGHVGHLOXPLQDomR

1HVVH FRPDQGR YRFr FRQWUROD kQJXOR FRUHV ZDWWV H
SRVLomRGDLOXPLQDomR
3DUD DOWHUDU DV FRQILJXUDo}HV GR VSRW FOLTXH FRP R ERWmR
GLUHLWRGRPRXVHQRVSRWH³SURSULHGDGHVGHLOXPLQDomR´


$SDUHFHUiXPDMDQHODFRPRQDLOXVWUDomRVHJXLQWH









6HOHFLRQHDLQWHQVLGDGHkQJXORHFRUHVGHLOXPLQDomRGR
VSRW 6H GHVHMDU DOWHUDU D SRVLomR GR IRFR FOLTXH HP




ʹͲǦʹͲ‡•‹‰ͳͲ

³SRVLomR´(HVFROKDRORFDORQGHGHYHILFDURIRFR)LQDOL]H
FRQILUPDQGRFRP(QWHU

/XPLQiULDV VHOHFLRQH D OXPLQiULD GHVHMDGD QR PHVPR
FDWiORJR GRV VSRWV $V DOWHUDo}HV FRUUHP LJXDOPHQWH DV
DOWHUDo}HVGHVSRWV

'LFDXWLOL]HVSRWVORFDOL]DGRVjFLPDGRVWDPSRV


,035(66­2

3DUDID]HUDVLPSUHVV}HVYRFrGHYHFOLFDUHPDUTXLYR±
LPSULPLURXFOLFDUHPFWUOS$SDUHFHUiXPDMDQHODFRPR
DILJXUDVHJXLQWH





 &OLTXHHPSURSULHGDGHVHHVFROKDDVFRQILJXUDo}HV
GHLPSUHVVmRQRUPDOPHQWH
 (VFROKD³VHOHomR´HVHOHFLRQHDYLVWDQDTXDOYRFr
TXHULPSULPLU2EVLPSULPD XPD GHFDGDYH]
 (VFROKDHPTXHWLSRGHOLQKDVYRFrTXHULPSULPLU
3RGHVHULPSUHVVRUHQGHUL]DGRHPHVFDODWDPEpP
 6HOHFLRQH³HVFDOD´HGLJLWHDHVFDODTXHYRFrTXHU
TXH VDLD QD LPSUHVVmR QR TXDGUR EUDQFR ORJR DR
ODGR


$RILQDOFOLTXHHPRN,UiDSDUHFHUXPDPHQVDJHP
&OLTXH HP RN SDUD YLVXDOL]DU D LPSUHVVmR 6XD YLVWD



ʹͲǦʹͲ‡•‹‰ͳͲ

DSDUHFHUiFRPRVHIRVVHDLPSUHVVmR$MXVWHDSRVLomRHD
HVFDODVHIRUSUHFLVRHFOLTXHHP³LPSULPLU´

















2EVFDVRDSODQWDQmRHVWLYHUFHQWUDOL]DGDQDIROKD
p Vy UHGLJLWDU D HVFDOD TXH Mi HVWi QR TXDGUR DFLPD QR
PHQXGH YLVXDOL]DomR H FOLTXH HP ³DSOLFDU HVFDOD´TXH D
YLVWDMiLUDFHQWUDOL]DUDXWRPDWLFDPHQWH






















ʹͲǦʹͲ‡•‹‰ͳͲ


'LFDV 7UXTXHV9



ʹͲǦʹͲ‡•‹‰ͳͲ

$SUHVHQWDomR'HVLJQ9HQRYLGDGHV


&RQFHLWR
(YROXDSDUDD9HDSULPRUHVXDIRUPDGHSURMHWDU



1RYRV5HFXUVRVH$SULPRUDPHQWRV



'LFDGRGLD

8PDOLomRDPLJiYHOSRGHDSDUHFHUWRGDV
DVYH]HVTXHVHLQLFLDR'HVLJQ





0LQLDWXUDV

4XDOTXHUDUTXLYR
SRGHDJRUDVHUYLVWRHP
PLQLDWXUDXVDQGRRV
FRPDQGRV$EULU$UTXLYR
RX,QVHULU$UTXLYR
,VWRIDFLOLWDDQDYHJDomR
GHQWURGRVDUTXLYRVGH
SURMHWRV




,QVHULUXPDUTXLYRGHQWURGHXPSURMHWR
 
2QRYR,QVHULU$UTXLYRLQVHUHXPDUTXLYR.,7H[LVWHQWHGHQWURGRSURMHWRDWXDO2V
SURMHWLVWDVSRGHPXVDUHVWHUHFXUVRSDUDFULDUH[HPSORVSDUDLWHQVFRPXQV2VSURMHWLVWDV
SRGHPVLPSOHVPHQWHLPSRUWDUXPGHVWHVDUTXLYRVHLQVHULORVGHQWURGRSURMHWRDWXDODR
LQYpVGHFULDURVPHVPRVLWHQVQRYDPHQWH






ʹͲǦʹͲ‡•‹‰ͳͲ

0HQX3UHIHUrQFLDV
 
2QRYR0HQX3UHIHUrQFLDVHQFRQWUDGRHP0HQX$UTXLYRVSHUPLWHFRQILJXUDUWRGDVDV
SURSULHGDGHVSDGU}HVGRDPELHQWHWDLVFRPRFRQILJXUDo}HVGHSDUHGH DOWXUDHVSHVVXUD
WH[WXUDV H[LELomRGHIRUPDV'H[LEHDGHVFULomRGRFDWiORJRVHOHFLRQDRHVTXHPDSDGUmR
GDP~OWLSODVYLVWDVH[LEHOLQKDGHH[WHQVmRORQJDVGDVFRWDVHSDUWHVHPDWULEXWRVGRLWHP
HQWUHRXWURV



(GLomRHPXPFOLTXH
 4XDOTXHULWHPVHOHFLRQDGRSRGHDJRUDVHU
PRYLGRVHPRFOLTXHGLUHLWR9iULRVLWHQV
SRGHPVHUVHOHFLRQDGRVDSHQDVGHVHQKDQGR
XPDFDL[DGHVHOHomRDRUHGRUGHVWHVLWHQV
7RGRVRVLWHQVPRYLGRVRXFRODGRVSRVVXHP
'HWHFomRGH&ROLVmRWRWDOSRUWDQWRQmR
SRGHPVHULQVHULGRVVREUHDOJXPLWHP
H[LVWHQWH





3ODQWDVHHOHYDo}HVHP'
 

1RYDYLVXDOL]DomRGRVLWHQVGDV
SODQWDVHHOHYDo}HVHP'

)DFLOLWDRSURMHWRHYLWDHUURVHH[LEH
GHVHQKRVSDUDSURMHWRVWpFQLFRVH
GHILQLWLYRV
  
 3DUDYLVXDOL]DUIRUPDV'KDELOLWDUD
RSomR³([LELUIRUPDV'HPSODQWD
EDL[DHHOHYDomR´HPPHQX$UTXLYR!
3UHIHUrQFLDV!ÈUHDGH7UDEDOKR









ʹͲǦʹͲ‡•‹‰ͳͲ

$XWR/HJHQGD
 

 

4XDOTXHULWHPRXJUXSRGHLWHQVQXPDSODQWDEDL[DRXHOHYDomRSRGHPVHUQXPHUDGRVSDUD
PHOKRUH[SOLFDURVSURMHWRVDRVFOLHQWHVID]HUQRWDVSDUDLQVWDODGRUHVRXGHVWDFDULWHQV
HVSHFLDLVSDUDXPDOHJHQGD

3DUDKDELOLWDUHVWHUHFXUVRERWmRGLUHLWRGRPRXVHQDiUHDGHWUDEDOKR!FRQILJXUDUH[LELomR
!OHJHQGD!VHOHFLRQHDRSomRGHVHMDGD

9RFrSRGHH[LELUFyGLJRGRXVXiULRIDEULFDQWHGHVFULomRGHSODQWDHSUHoRV


'HVHQKROLYUHHP'±'
 
'LYHUVDVIHUUDPHQWDVGHGHVHQKRVHP'
DX[LOLDPRSURMHWLVWDDDSULPRUDUXPD
SODQWDEDL[DRXHOHYDomRFRPOLQKDV
TXDGUDGRVWULkQJXORVUHWkQJXORVDUFRV
FtUFXORVHOLSVHVHGHVHQKRVOLYUHVTXH
SRGHPVHUFRQYHUWLGDVHP'
  


3DUDGHVHQKDUXWLOL]DUPHQXGHVHQKDU!HVFROKHUDIRUPDSULPiULDGHVHMDGD

$SyVRGHVHQKRSDUDFRQYHUWHUHP'ERWmRGLUHLWRHPFLPDGRLWHP!ID]HU'!6KDSH
'

3DUDDOWHUDURVDWULEXWRVGHXPLWHP'ERWmRGLUHLWR!DWULEXWRVGRLWHP

3DUDDOWHUDURIRUPDWRSULPiULRXWLOL]DURVPHVPRVSULQFtSLRVGHHGLomRGHVKDSHVERWmR
GLUHLWR!HGLWDUIRUPD





ʹͲǦʹͲ‡•‹‰ͳͲ

)XUDomRQR6+$3(GLVSRQLELOL]DPRVXPQRYRUHFXUVRGHQWURGRFDWiORJR (63(&,$/ 
)XURVQRVKDSHFRPHVVHUHFXUVRpSRVVtYHOID]HUWLSRVGHIXURV &,5&8/2
48$'5$'2(75,$1*8/2 3DUDUHDOL]DUHVVHVIXURVpVRPHQWHWHUXPVKDSHQDSODQWD
EDL[DHDUUDVWDURIXURGHVHMDGRVREUHHOHFDVRQHFHVVLWHDOWHUDUDGLPHQVmRGRIXURHQWUH
QRVDWULEXWRVGRIXURHDOWHUHDVGLPHQV}HV



52209,(:(5
3XEOLTXHVHXVSURMHWRVGR9HUVmRGLUHWDPHQWHSDUDLQWHUQHWRQGHVHXVFOLHQWHVSRGHUmR
UHYLViORVHYDOLGDORVRQOLQH2VFOLHQWHVWDPEpPSRGHUmRGDU=RRPHURWDFLRQDURDPELHQWHH
WDPEpPWURFDUDGHFRUDomRGDSDUHGHHGRSLVR



&DWiORJRV&DWHJRUL]DGRV &HQWUDOGH,GHLDV 

1RYDIRUPDGHFULDomRGHFDWiORJRVLQGHSHQGHQWHIHLWDSHORXVXiULR
2&DWDORJRHQFRQWUDVHGLVSRQtYHOGHQWURGDOLVWDDUUDVWDUHVROWDUHVHUYHSDUDUHRUJDQL]DU
VHXVLWHQVGHIRUPDPDLVFRQYHQLHQWH 0LQKDV&R]LQKDV0LQKDV,OKDVGH&R]LQKDV0LQKDV
6HHVGH&ORVHW 

3DUDFULDURVHXFDWiORJRSHUVRQDOL]DGRGHILQDWRGDVDVSURSULHGDGHVGRLWHPHDUUDVWHSDUD
D/LVWDDUUDVWDUHVROWDU!QRFDWDORJRGHVHMDGR2VLWHQVGRB&2=HB'25QmR
SRGHPVHUDUPD]HQDGRVQHVWHFDWiORJR






ʹͲǦʹͲ‡•‹‰ͳͲ



$VVLVWHQWHVGH3URMHWR



$VVLVWHQWHGH$XWR'HFRUDomR


'HFRUHWRGRVHXSURMHWRGD
IRUPDPDLVUiSLGDHPDSHQDV
XPFOLTXH





8WLOL]DQGR$VVLVWHQWHGH$XWR'HFRUDomR

3DUDYLVXDOL]DUR$VVLVWHQWHYRFrSRGHFOLFDUHPPHQX([LELU!$VVLVWHQWH


 $SDUWLUGDFDL[D$VVLVWHQWHVGH
3URMHWR±$XWR'HFRUDomR&R]LQKD
FOLTXHQRERWmRH[HFXWDU







ʹͲǦʹͲ‡•‹‰ͳͲ

 6HOHFLRQHHQWUHRVHVWLORV
GHH[HPSORVHRX
GHILQDVHXSUySULRHVWLOR
FOLFDQGRHP$YDQoDGR


 3DUDLQLFLDURSURFHVVRGH
$XWR'HFRUDomRFOLTXHHP
,QLFLDU





 $SyVDFRQFOXVmRXPDWHODGH
VHOHomRGHUHQGHUL]DomR
GHYHUiDSDUHFHU6HOHFLRQH
HQWUHDVUHQGHUL]Do}HVSUp
GHILQLGDVRXDOWHUQHSDUDD
RSomRGHYLVWDVQRPHDGDV
GHYHVHSUHYLDPHQWHQRPHDU
DOJXPDVYLVWDVQDSHUVSHFWLYD 
HFOLTXH2N
 





$VVLVWHQWHGH1RYR0DWHULDO

&ULHVXDSUySULDWH[WXUDRXPDWHULDOHYLVXDOL]HHPVHXSURMHWR


&DVRDVFRUHVRXWH[WXUDVGLVSRQtYHLVQRFDWiORJRQmRVXSULUDVVXDVQHFHVVLGDGHVYRFr
SRGHUiPRGLILFDUDVSURSULHGDGHVGHUHIOH[mRHDVSHUH]DGHXPDH[LVWHQWHYHMDDVHJXLU

$SDUWLUGDFDL[DGHGLiORJR&RUHVH7H[WXUDVHVFROKDDFRURXWH[WXUDTXHGHVHMDPRGLILFDUH
FOLTXHHP1RYR0DWHULDO

1DFDL[D1RYR0DWHULDOYRFrSRGHDOWHUDURQtYHOGHUHIOH[mRHDVSHUH]DGDWH[WXUD
VHOHFLRQDGD





ʹͲǦʹͲ‡•‹‰ͳͲ
 3DUDUHPRYHUTXDOTXHU
DVSHUH]DSDUDDFRURX
WH[WXUDVHOHFLRQDGD

3DUDUHPRYHUTXDOTXHUEULOKRSDUD
DFRURXWH[WXUDVHOHFLRQDGD
3DUDXPDVXSHUItFLH
VXDYHKRPRJrQHD

$FDEDPHQWRRSDFRVHPEULOKR

3DUDH[LELUXPQtYHO
PpGLRGHDVSHUH]D
3DUDH[LELUXPQtYHOPpGLRGH
EULOKR

3DUDH[LELURPDLVDOWR
3DUDH[LELURPDLVDOWRQtYHOGH QtYHOGHDVSHUH]D
EULOKR

3DUDDMXVWDUD
 DVSHUH]DEDVHDGD
 QRVFDQWRVHERUGDV
HQFRQWUDGDV



&DVRYRFHTXHLUDDGLFLRQDUXPD
FRUDSDUWLUGDSDOKHWDGHFRUHVGR
:LQGRZVFOLTXHQRERWDRFRUHV
VHOHFLRQHDFRUGHVHMDGDHFOLTXH
2.

6LJDRVPHVPRVSDVVRVDFLPD
SDUDGHILQLURQtYHOGHUHIOH[mRH
DVSHUH]DGDFRU









ʹͲǦʹͲ‡•‹‰ͳͲ


3DUDFULDUXPDQRYDWH[WXUD
FOLTXHHP$VVLVWHQWHQDFDL[D
1RYR0DWHULDO



1DWHODGH%RDV9LQGDVOHLDDVLQIRUPDo}HVGRDVVLVWHQWHHFOLTXH$YDQoDU(VFROKDR
DUTXLYRGHLPDJHPDVHUWUDQVIRUPDGRHPWH[WXUDHFOLTXHHP$EULU

1DWHODGH5RWDomRFOLTXHHP$YDQoDUSDUDURWDFLRQDUDLPDJHPRXPDUTXHDFDL[D(VFDSDU
SDUDSDVVDUSDUDRSUy[LPRSDVVR

'HILQDREULOKRGDLPDJHPHPFODURHHVFXURHFOLTXH$YDQoDU

1DRSomRTXDGURYRFrSRGHDGLFLRQDUXPFRQWRUQRFRORULGRHPWRUQRGRPDWHULDOFDVR
FRQWUiULRFOLTXH$YDQoDU

&DVRVXDLPDJHPHVWHMDPXLWRGLIHUHQWHGRUHVWRYRFrSRGHUDSOLFDUXPDPLVWXUDSDUD
PHVFODUDLPDJHP

1HVWHSRQWRGHILQDTXDQWDVSROHJDGDVHVWDLPDJHPUHSUHVHQWDQDUHDOLGDGHHFOLTXHHP
FRQFOXLU

3DUDXPPHOKRUUHVXOWDGRDLPDJHPGHYHUiWHURWDPDQKRGH[SL[HOVHDDUHDGH
DSOLFDomRQmRSRGHVHUPDLRUGRTXH[ ODUJXUD[DOWXUD 
3DUDVDEHUTXDODHVFDODDVHUXWLOL]DGDIDoDRFDOFXORDEDL[ROHYDQGRHPFRQVLGHUDomR
SDUDXPDDUHDGH[

([HPSORGHFDOFXOROHYDQGRHPFRQVLGHUDomRXPDDUHDGH[

 
)yUPXOD 
 
"[ " [ 
 










ʹͲǦʹͲ‡•‹‰ͳͲ


&RPRDSOLFDULPDJHQVQR


$RHVFROKHUDLPDJHPYRFrGHYHDEULODHPXPSURJUDPDHGLWRUGHLPDJHQV




1RSURJUDPDHGLWRUGHLPDJHQVYRFrGHYHHVSHFLILFDURWDPDQKRTXHQRFDVRWHPTXH
VHU;SL[HOV







ʹͲǦʹͲ‡•‹‰ͳͲ


$SyVDMXVWDUDLPDJHPVDOYDUHPMSHJ

,QVHULQGRDLPDJHPQR

3DUDDSOLFDUDLPDJHPHPXPDSDUHGHSRUH[HPSORYRFrGHYHXVDUDLPDJHPHPXP
TXDGURHGHSRLVFRORFDURTXDGURQDSDUHGHFRPRVHIRVVHRVHXSDSHOGHSDUHGH
2TXDGURXVDGRDVHUXVDGRHVWiHP5220B%5!LWHQVGHFRUDWLYRV!TXDGURV!
48$'52,0*




1HVWHH[HPSORDSDUHGHWHPGHODUJXUDSRUGHDOWXUDRTXDGURWHUiTXH
VHJXLUDVPHVPDVPHGLGDV
1RTXDGURYDLHPDWULEXWRV!YDULiYHLV!WRGRVRVLWHQV!6FHQHU\WH[WXUH 





ʹͲǦʹͲ‡•‹‰ͳͲ


1HVWDMDQHODFOLFDHPQRYRPDWHULDO!DVVLVWHQWHHDYDQoDUSDUDORFDOL]DUDLPDJHPD
VHUXVDGD




















ʹͲǦʹͲ‡•‹‰ͳͲ













9DLDYDQoDQGRDWpFKHJDUHP(VFDODQDHVFDODDPHGLGDSDGUmRVHUiVHPSUHGH
PPHFRQFOXLVDOYDQGRRQRPHQRFDWiORJRGR&20021
$VLPDJHQVQmRILFDPJXDUGDGDVQRFDWDORJRGRSRLVLULDVREUHFDUUHJDUR
SURJUDPDSDUDFDGDSURMHWRDLPDJHPGHYHUiVHUDSOLFDGDQRYDPHQWHHPQRYR
PDWHULDOVHJXLQGRHVVHVSDVVRV





ʹͲǦʹͲ‡•‹‰ͳͲ








,PDJHPDSOLFDGDDRTXDGURVHJXLQGRRVSURFHVVRVHDVPHGLGDVDQWHULRUHV


'HSRLVTXHDLPDJHPMiHVWLYHUQRTXDGURpVyFRORFDURTXDGURMXQWRDSDUHGHGDQGR
XPHIHLWRGHSDSHOGHSDUHGHDRDPELHQWHHVWHSURFHGLPHQWRSRGHVHUIHLWRWDPEpP
FRPTXDGURVRXWYVVHJXLQGRRVPHVPRVSURFHVVRVDQWHULRUHV





ʹͲǦʹͲ‡•‹‰ͳͲ



,PDJHQVILQDOL]DGDVHPYLVmRLVRPpWULFDHSHUVSHFWLYD


'XDV1RYDV)HUUDPHQWDVSDUD'(&25$d­2
 

6XSHUItFLHXWLOL]HSDUDID]HU
WUDEDOKRVGHSDJLQDomRRXIDL[DV
QDVSDUHGHV

 6NHWFKXS([SORUHDIHUUDPHQWD

SDUDLPSRUWDUDVPHOKRUHV

GHFRUDo}HVRVPHOKRUHVPyYHLV

GHQWUHRXWURVLWHQV



%DVWD&OLFDUQRËFRQH









ʹͲǦʹͲ‡•‹‰ͳͲ

,UiDEULUHVWiSiJLQD




(VHOHFLRQHR,WHPGHVHMDGRDSyVFOLFDUHP'2:1/2$'





ʹͲǦʹͲ‡•‹‰ͳͲ


1RYRV&DWiORJRV*HQpULFRV$WXDOL]Do}HV
 

B&2=
 1RYD7HFQRORJLDQRVFDWiORJRV*HQpULFRV 7HODGH(VWLORV 
 ,WHQVPRGHUQRVHDWXDLV
 /RFDOL]DomRSUDWLFDHLQWXLWLYDGHLWHQV

B'25
 1RYD7HFQRORJLDQRVFDWiORJRV*HQpULFRV 7HODGH(VWLORV 
 1RYDLQVHUomRGHFRPSOHPHQWRVLQWHUQRVPDLVSUiWLFDHUiSLGD
 *UDQGHYDULHGDGHGHFRPSOHPHQWRVLQWHUQRV

5220B3/0*HQpULFR+LGUiXOLFR

5220B)80*HQpULFR±0yYHLV

5220B'(0*HQpULFR'HFRUDomR

5220B$30*HQpULFR(OHWURGRPpVWLFRV


B&2=±)RUPDGHFRQVWUXomR




4XDQGRRSULPHLURLWHPIRU
DUUDVWDGRSDUDDSODQWDEDL[DRXSDUD
DHOHYDomRDWHODGHHVWLORVYDL
VXUJLURQGHVHUiIHLWDDHVFROKDGR
PRGHORGDSRUWDTXHVHUiXWLOL]DGR
HPWRGRRSURMHWR

6HOHFLRQHRPRGHORGDSRUWDH
FOLTXHQRERWmR6HOHFLRQDU









ʹͲǦʹͲ‡•‹‰ͳͲ

$JRUDYRFrWHUiRXWURVSDUkPHWURV
DVHUGHILQLGRFRPRDHVSHVVXUDGD
PRGXODomRPRGHORFDL[DGDJDYHWD
HSX[DGRUHVSRUWDVVHQGRTXHHP
FDGDPRGHORGHSRUWDDV
LQIRUPDo}HVSRGHUmRVHUGLIHUHQWHV
SRLVHODVVmRUHODFLRQDGDVjSRUWD
VHOHFLRQDGDDQWHULRUPHQWH

)DoDDVFRQILJXUDo}HVQHFHVViULDV
HFOLTXHQR%RWmR2.



4XDQGRRSURMHWRMiHVWDHPH[HFXomRHVHYHUDQHFHVVLGDGHGDWURFDGHWRGDVDVSRUWDVHGHDOJXPDV
LQIRUPDo}HVYLVWDDQWHULRUPHQWHpXWLOL]DGRR0HQX3URMHWR!(VWLORV*OREDLVSDUDHIHWXDUDWURFDUGH
WRGDVDVLQIRUPDo}HVQRYDPHQWH


 



4XDQGRIRUQHFHVViULDDWURFDGRVHVWLORVGHXP~QLFRPRGXORFOLFDUVHFRPRERWmRGLUHLWRGR
PRXVHVREUHRPRGXORQDSODQWDEDL[DRXQDHOHYDomRHFOLTXHQDRSomR!(VWLORV

&OLFDQGRQDRSomR (VWLORV YDL
H[LELUDWHODTXHDSDUHFHXTXDQGRIRL
DUUDVWDQGRRSULPHLURPRGXORSDUDD
SODQWDEDL[DRXSDUDDHOHYDomR











ʹͲǦʹͲ‡•‹‰ͳͲ

B'25±)RUPDGHFRQVWUXomR

4XDQGRRSULPHLURLWHPIRU
DUUDVWDGRSDUDDSODQWDEDL[DRXSDUD
DHOHYDomRDWHODGHHVWLORVYDL
VXUJLURQGHVHUiIHLWDDHVFROKDGR
PRGHORGDSRUWDTXHVHUiXWLOL]DGR
HPWRGRRSURMHWR

6HOHFLRQHRPRGHORGDSRUWDH
FOLTXHQRERWmR6HOHFLRQDU




1HVWDWHODWHUiRXWURVSDUkPHWURV
DVHUGHILQLGRFRPRRSDGUmRGH
FRQVWUXomRSDGUmRGHHVSHVVXUD
SHUILVSRUWDVEDWHQWHHQWUHRXWUDV
RSo}HVVHQGRTXHHPFDGDPRGHOR
GHSRUWDDVLQIRUPDo}HVSRGHUmRVHU
GLIHUHQWHVSRLVHODVVmRUHODFLRQDGDV
jSRUWDVHOHFLRQDGDDQWHULRUPHQWH

)DoDDVFRQILJXUDo}HVQHFHVViULDV
HFOLTXHQR%RWmR2.




4XDQGRRSURMHWRMiHVWDHPH[HFXomRHVHYHUDQHFHVVLGDGHGDWURFDGHWRGDVDVSRUWDVHGHDOJXPDV
LQIRUPDo}HVYLVWDDQWHULRUPHQWHpXWLOL]DGRR0HQX3URMHWR!(VWLORV*OREDLVSDUDHIHWXDUDWURFDUGH
WRGDVDVLQIRUPDo}HVQRYDPHQWH


 






ʹͲǦʹͲ‡•‹‰ͳͲ

4XDQGRIRUQHFHVViULDDWURFDGRVHVWLORVGHXP~QLFRPRGXORFOLFDUVHFRPRERWmRGLUHLWRGR
PRXVHVREUHRPRGXORQDSODQWDEDL[DRXQDHOHYDomRHFOLTXHQDRSomR!(VWLORV

&OLFDQGRQDRSomR (VWLORV YDL
H[LELUDWHODTXHDSDUHFHXTXDQGRIRL
DUUDVWDQGRRSULPHLURPRGXORSDUDD
SODQWDEDL[DRXSDUDDHOHYDomR







0DQWHQKDVHXVFDWiORJRVVHPSUHDWXDOL]DGRV

)RQWHGH,QIRUPDo}HV
ZZZGHVLJQFRPEU

6XSRUWH7pFQLFR'HVLJQ
 

(PDLO
VXSRUWH#GHVLJQFRPEU


3UHSDUDQGRRDPELHQWHSDUD$SUHVHQWDomR

([LVWHPGLYHUVRVUHFXUVRVTXHSRGHPVHUXWLOL]DGRVSDUDSURGX]LUXPDDSUHVHQWDomR³IRWR
UHDOtVWLFD´FRPLQWXLWRGHLPSUHVVLRQDUHGHVSHUWDURGHVHMRGHVHXVFOLHQWHV(QWUHHOHV
HIHLWRVGHLOXPLQDomR6ROSLVRVDGLFLRQDLVJHVVRDSOLTXHVQDSDUHGHHHWF





ʹͲǦʹͲ‡•‹‰ͳͲ




5HJUDV%iVLFDV
(IHLWRVGHLOXPLQDomR
8WLOL]DUVSRW 5RRPB%5 FRQILJXUDUHP3HUVSHFWLYDVDLQWHQVLGDGHGDOX]DSRWrQFLDGDOX]
GRWHWRHRSRVLFLRQDPHQWRQRERWmRPRYHU


(IHLWR6RO
8WLOL]DUREMHWR6SRW 5RRPB%5 SRVLFLRQDUIRUDGRDPELHQWH
%RWmRGLUHLWRVREUHRLWHP!SURSULHGDGHVGHLOXPLQDomR!LQWHQVLGDGH:!kQJXORFRQH
!ERWmRSRVLomR!PRYDRFXUVRUSDUDGHQWURGRDPELHQWH!2.
%RWmRGLUHLWRVREUHRLWHP!HOHYDomR!DSUR[LPDGDPHQWH
1DMDQHODRXDEHUWXUDTXHVHGHVHMDSURGX]LURHIHLWR$WULEXWRV!FRPSOHPHQWRV!DGLFLRQH
XPDSHUVLDQD
9LVXDOL]HRDPELHQWH
'LFD3DUDXPPHOKRUHIHLWRPRYLPHQWDURSRVLFLRQDPHQWRGR6SRWDOWHUDUDVXDDOWXUDRX
DOWHUDURkQJXORGDSHUVLDQD

3LVRVDGLFLRQDLV6DQFDGHLOXPLQDomR 7UDEDOKDQGRFRP6KDSHV 
8WLOL]DUFDWiORJR5RRPB7RS!6KDSH'
(GLWDURVKDSHQRIRUPDWRGHVHMDGR!ERWmRGLUHLWRVREUHRLWHP!DOWHUDUDHVSHVVXUDHDV
WH[WXUDV
3DUDSLVRHOHYDGRHOHYDomR PPGRSLVRHSDUDDVDQFDDOLQKDUFRPRWHWR
3RGHVHWDPEpPXWLOL]DUHVWHUHFXUVRSDUDFULDUHVFDGDVRXVLPLODUHV
'LFD3DUDPDLRUUHDOLGDGHSRGHVHDGLFLRQDUVSRWVDOLQKDGRVjVDQFD

*HVVR
8WLOL]DUFDWiORJRNLW!0ROGXUDVH5RGDSpV!'LYHUVDV!3DUHGHV!*HVVR
&OLFDUQRLWHPGHVHMDGRHDUUDVWDUSDUDFLPDGDSDUHGH$OLQKDUGHDFRUGRFRPRSpGLUHLWR


$SOLTXHVQDSDUHGH $]XOHMRV 
8WLOL]DUFDWiORJR5RRPB%5!$]XOHMRV




ʹͲǦʹͲ‡•‹‰ͳͲ

,QVHULURLWHPSUHIHUHQFLDOPHQWHSHODHOHYDomRHDOWHUDUDVXDODUJXUDDOWXUDHFRUHVHP
DWULEXWRVGRLWHP
8WLOL]DURLWHP$]XOHMR3LVRSDUDH[LELUSLVRTXDGULFXODGRHP3HUVSHFWLYDVHP/LQKDV



&RQILJXUDo}HVGDV3HUVSHFWLYDV


$SyVDLPDJHPGHILQLGDFOLTXHHP
6DOYDQGRXPDLPDJHP $UTXLYR!6DOYDU&RPRHHVFROKDR
 IRUPDWRSDUDVDOYDUDUHQGHUL]DomR R
IRUPDWR-3(*pRPDLVLQGLFDGR 

$FDL[DGHGLiORJR6DOYDU&RPR
GHYHUiDSDUHFHUGHILQDRQRPHGR
DUTXLYRRFDPLQKRHFOLTXHHP
6DOYDU

&OLTXHHP9LVWD!'DU1RPHD
 9LVWDSDUDGHILQLUXPQRPHSDUD

 DUHQGHUL]DomRFRUUHQWH

1RPHDQGRXPDYLVWD $SyVGHILQLGRVRQRPHGHVXDV
 UHQGHUL]Do}HVSRGHVHFDUUHJi
ODVQRSURJUDPDQRPHQX
5HQGHUL]DomR!9LVWDV
1RPHDGDVRXQDSUySULDWHODGH
UHQGHUL]DomRHP9LVWDV!1RPHV
GDV9LVWDV







8WLOL]DomRGH9LVWDV0~OWLSODV

9RFrSRGHWDPEpPSURGX]LUP~OWLSODVYLVWDVDWUDYpVGRPHQX([LELU!([LELU/D\RXWGR
3URMHWRQDWHODGRSURJUDPD



 ([LELQGR9LVWDV0~OWLSODV





ʹͲǦʹͲ‡•‹‰ͳͲ

8VDQGRDV9LVWDV0~OWLSODVYRFrSRGHPRVWUDUXPDFRPELQDomRGHTXDLVTXHULWHQVDVHJXLU

 /LVWDGHLWHQV
 3ODQWDVEDL[DVRXHOHYDo}HV
 9LVWDVQRPHDGDV VDOYDVQDVUHQGHUL]Do}HV 
 ,PDJHQV
 7H[WRRXLPDJHQVGHVHXFRPSXWDGRU


 &OLTXHHP([LELU!([LELU/D\RXWGR
3URMHWRSDUDYLVXDOL]DUGLYHUVRV
WHPSODWHVGLIHUHQWHVHPVXDWHOD

 1DWHOD$EULU7HPSODWHGHLPSUHVVmR
FOLTXHQRWHPSODWHFRUUHVSRQGHQWHDR
Q~PHURGHYLVWDVTXHGHVHMDH[LELUH
VXDVGLVSRVLo}HVHFOLTXHHPRN

 






 &OLTXHERWmRGDGLUHWDHP
TXDOTXHUXPGRVTXDGURV
SDUDH[LELURPHQXGH
LQVHUomRGHLPDJHQV





 &OLTXHQRPHQX([LELU!

/D\RXWGH3URMHWR
&ULDomRGHQRYRVOD\RXWV 
  1DWHOD$EULUWHPSODWHGH
LPSUHVVmRXWLOL]HRWHPSODWH


 1RtFRQH4XDGURGHLPDJHP
DUUDVWHSDUDDIROKDHP
EUDQFRHFULHRVHXSUySULR
OD\RXW

 3DUD6DOYDUROD\RXWFULDGR!
FOLTXHQRPHQX([LELU! 
 6DOYDU7HPSODWH

ʹͲǦʹͲ‡•‹‰ͳͲ







,QVLUDRQRPHGRWHPSODWHQRFDPSR
DUTXLYR









1DEDUUDGHPHQXGR9LUWXDO
6KRZ5RRPFOLTXHHP$UTXLYR!
6DOYDU&RPR





ʹͲǦʹͲ‡•‹‰ͳͲ


$FDL[DGHGLiORJRSDGUmRGR:LQGRZV6DOYDU&RPRGHYHUiDSDUHFHUGHILQDRQRPHGR
DUTXLYRRFDPLQKRHFOLTXHHP6DOYDU


6HUiFULDGRXPDUTXLYRPRY3DUDYLVXDOL]DUHVWHDUTXLYRXWLOL]HRSURJUDPD
4XLFN7LPH KWWSZZZDSSOHFRPTXLFNWLPH 



3URMHWR7pFQLFR'HILQLWLYRH0RQWDJHP

$VQRYDVIHUUDPHQWDVGH&RWDVH1RWDVDX[LOLDPRGHVHQYROYLPHQWRGRSURMHWR
WpFQLFRIDFLOLWDQGRRPDQXVHLRRUHSRVLFLRQDPHQWRHDYLVXDOL]DomRGDV
LQIRUPDo}HVSRGHQGRVHUDOWHUDGDVDTXDOTXHUPRPHQWR





&RQILJXUDomRGH([LELomR 3ODQWDVH(OHYDo}HV 


3DUDYLVXDOL]DUDVFRQILJXUDo}HVGH
H[LELomRERWmRGLUHLWRQDiUHDGH
WUDEDOKR!FRQILJXUDUH[LELomR

3RGHVHVHOHFLRQDUHQWUHH[LELomRGH
LWHQVFyGLJRVIRQWHFRUHVFRWDV
SRQWRV HOpWULFRVKLGUiXOLFRV HHWF







ʹͲǦʹͲ‡•‹‰ͳͲ

'HILQLGDDVDOWHUDo}HVERWmRVDOYDU!GHILQDRQRPHGRHVTXHPDSDUD
DUPD]HQDURVHXSDGUmRGHWUDEDOKRHYLVXDOL]DomR

2PHVPRSURFHGLPHQWRDSOLFDVHjiUHDGHHOHYDomRFRPFRQILJXUDo}HV
LQGHSHQGHQWHV3DUDDFHVVDUDVFRQILJXUDo}HVGHH[LELomRGDHOHYDomRERWmR
GLUHLWRQDiUHDGHWUDEDOKRGDHOHYDomR!FRQILJXUDUH[LELomR


/D\HUV FDPDGDV 

'HILQDGLYHUVRVSDGU}HVGHYLVXDOL]DomRFULDQGRGLIHUHQWHVHVTXHPDVHPFDGD
OD\HU FDPDGD DEDL[R




3DUDUHQRPHDUD/D\HUGXSORFOLTXH!GLJLWHQRYRQRPH!2N


3RQWRVHOpWULFRVHKLGUiXOLFRV

3DUDLQVHULUSRQWRVHOpWULFRVHKLGUiXOLFRVSDUDRVSURMHWRVHPSODQWDVRX
HOHYDo}HVXWLOL]DU5RRPB%5!VtPERORV!HOpWULFRVKLGUiXOLFRV

$UUDVWHRLWHPSDUDDSODQWDRXHOHYDomRGHVHMDGDGHILQDRVHXSRVLFLRQDPHQWR
QRDPELHQWHHQRFDVRGDHOHYDomRDOWHUHVXDDOWXUD ERWmRGLUHLWR!HOHYDomR 

'LFDDGLFLRQHQRWDVHDOWHUHDVFRQILJXUDo}HVGHH[LELomRSDUDPHOKRU
YLVXDOL]DomRGDVLQIRUPDo}HVQRSURMHWR



6&52//QDYHUVmRDOpPGDIXQFLRQDOLGDGHGHGDU=RRPPDLVH=RRPPHQRVDJRUDWDPEpP
WHPDIXQFLRQDOLGDGHGR=RRP$MXVWDUSDUDLVVRFOLTXHGXDVYH]HVVREUHRERWmRFHQWUDO


 





ʹͲǦʹͲ‡•‹‰ͳͲ

7$%FRPDWHFOD7$%pSRVVtYHOWDEXODUHQWUHRVLWHQVSRUH[HPSORTXDQGRHPXPGHWHUPLQDGR
SURMHWRH[LVWHPYiULRVDUPiULRVLQIHULRUHVVXSHULRUHVHQWUHRXWURVHQmRpSRVVtYHOYLVXDOL]DURX
FOLFDUHPXPGHWHUPLQDGRLWHPTXHHVWDDEDL[RGHWRGRVRXQDiUHDGHLQVHUomRFOLFDQGRQRLWHP
VXSHULRUHQDWHFOD7$%pSRVVtYHODFHVVDUGHVGHRPDLVDOWRDWpRPDLVEDL[R

(OHYDo}HVP~OWLSODVH/DWHUDLV3DUDFULDUHOHYDo}HVP~OWLSODVFOLTXHHPXPDiUHDGH
LQVHUomRSUHVVLRQHDWHFOD&WUOHFOLTXHHPRXWUDiUHDGHLQVHUomRGHSRLVFOLTXHQRtFRQHSDUDFULDUD
iUHDGHHOHYDomR3DUDFULDUDHOHYDomRODWHUDOpQHFHVViULRLUDR0HQX([LELU!,QVHULU(OHYDomR
/DWHUDOFOLFDUGHQWURGDiUHDGHLQVHUomRYDLDSDUHFHUXPDEDUUDHVVDEDUUDWHPTXHHVWDVREUH
DOJXPLWHPGHSRLVFOLTXHFRPRHVTXHUGRGRPRXVHHHVFROKDDGLUHomRGDHOHYDomRDWUDYpVGDVHWD
TXHYDLVXUJLUHFOLTXHQRYDPHQWHFRPRHVTXHUGR

7HFODVGHDWDOKR9RFrSRGHXWLOL]DUDVWHFODV&WUO=SDUDGHVID]HUXPDDomR&75/<UHID]HU
XPDDomR&75/&FRSLDXPLWHP&75/9FRODUXPLWHPRX&75/;SDUDUHFRUWDU


&RQILJXUDomRGDSiJLQD DOWHUDomRGHORJRPDUJHPH
GHVFULWLYRV 


3DUDDOWHUDUWDPDQKRGRSDSHO
RULHQWDomR SDLVDJHPUHWUDWR 
FRQWRUQRH[WHUQRPDUJHQV
SHUVRQDOL]DGDVQXPHUDURGHVHQKR
RXDOWHUDURORJRWLSRXWLOL]DUPHQX
$UTXLYR!FRQILJXUDUSiJLQD






'LFD3DUDPHOKRUYLVXDOL]DomRGRORJRWLSRGDHPSUHVDSUHSDUDURDUTXLYRHP[
SL[HOVIRUPDWREPS
'LFD3DUDDOWHUDURGHVFULWLYRGDVSODQWDVHHOHYDo}HVXWLOL]DU:LQGRZV([SORUHU!
&?9?&RQILJ?HDOWHUDURVDUTXLYRVZDUQDUWW[ZDUQGHVW[HZDUQGLPW[3DUD
DEULURVDUTXLYRVXVDUREORFRGHQRWDV





ʹͲǦʹͲ‡•‹‰ͳͲ

3ODQWDH(OHYDomR

ZDUQGLPW[ ZDUQGHVW[


3HUVSHFWLYD


ZDUQDUWW[






Você também pode gostar