Loading ...
Loading ...
Loading ...

3UHSDUDomRGRPyYHOILJXUD 
0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH
&
&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH
FRUWH
6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU
0RQWDJHPVREUHDJDYHWDILJXUD D
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
9HQWLODomRDGLVWkQFLDHQWUHDVXSHUItFLHGDEDQFDGDGHWUDEDOKR
HDSDUWHVXSHULRUGDJDYHWDWHPGHVHUGH PP
1RWD 8WLOL]HXPFRPSDUWLPHQWRLQWHUPpGLRHPPDGHLUDDSHQDV
TXDQGRRVREMHWRVPHWiOLFRVQDJDYHWDDWLQJLUHPWHPSHUDWXUDV
HOHYDGDVGHYLGRjUHFLUFXODomRGRDUGDYHQWLODomRGDSODFDGH
FR]LQKDU ILJXUD 
0RQWDJHPVREUHRIRUQRILJXUDE
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
$GLVWkQFLDHQWUHDVXSHUItFLHGDEDQFDGDHD]RQDVXSHULRUGD
SDUWHIURQWDOGRIRUQRWHPGHVHUGHPP
1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD
QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR
IRUQR
9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH
VHUQRPtQLPRGHPP
1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP
IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR
HPPDGHLUD ILJXUD
9HQWLODomRILJXUD
3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR
YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH
&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD
DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU
GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR
VHJXLQWH
XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH
GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH
VXSHULRUGDJDYHWD ILJXUD D
XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E
&DVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO
QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD
SDUWHLQIHULRU ILJXUD F
1RWDV
6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO
GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR
DGHTXDGDGDSODFDGHFR]LQKDU
1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD
0RQWDURDSDUHOKRILJXUDV 
1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV
YLYDV
,QVHULUDSODFDGHFR]LQKDUILJXUD
 &RORTXHDVIL[Do}HVIRUQHFLGDV
1RWD 1mRXWLOL]HDSDUDIXVDGRUDVHOpWULFDV
 ,QWURGX]DRDSDUHOKRQRQLFKRSDUDPRQWDJHPHPEXWLGD
1mRHQWDOHRFDERGHUHGHQHPRSDVVHSRUDUHVWDVYLYDV6H
H[LVWLUXPIRUQRLQVWDODGRSRUEDL[RSDVVHRFDERSHORVFDQWRV
SRVWHULRUHV GR IRUQR DWp j WRPDGD GH OLJDomR 2 FDER WHP GH VHU
LQVWDODGRGHIRUPDDQmRWRFDUHPQHQKXPORFDOTXHQWHGD
SODFDGHFR]LQKDURXGRIRUQR
1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVYHGHDVMXQWDV
GRVODGULOKRVFRPERUUDFKDGHVLOLFRQH
/LJDURDSDUHOKRILJXUD
7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV
/LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV
%1FDVWDQKR
%8D]XO
*1<(DPDUHORHYHUGH
1RWD 9HULILFDomR GD RSHUDFLRQDOLGDGH VH VXUJLU
—…‹‹ “‹†‚„
RX QRYLVRUGRDSDUHOKRLVVRVLJQLILFDTXHRDSDUHOKRQmRHVWi
OLJDGRFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDDOLPHQWDomRHOpWULFD
HYHULILTXHDOLJDomRGRFDERHOpWULFR
'HVPRQWDURDSDUHOKR
'HVOLJDURDSDUHOKRGDUHGHHOpFWULFD
5HWLUDUDVIL[Do}HV
5HWLUDUDSODFDGHFR]HGXUDH[HUFHQGRSUHVVmRDSDUWLUGHEDL[R
$WHQomR
'DQRVQRDSDUHOKR1mRWHQWHUHWLUDURDSDUHOKRXWLOL]DQGRXPD
IHUUDPHQWDTXHIDoDGHDODYDQFDDSDUWLUGHFLPD
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU
I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG
GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ
PRQWHULQJlUPRQW|UHQVDQVYDU
6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU
LQVWDOODWLRQ
(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ
)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV
(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH
HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD
$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW
DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ
7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU
RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ
6ODGGHQGHQNDQDQWLQJHQUHGDQYDUDDQVOXWHQWLOOKlOOHQV
NRSSOLQJVGRVDHOOHUVnPHGI|OMHUGHQHQKHWHQRFKGnInUEDUD
EHK|ULJ HOHNWULNHU UHVS VHUYLFHWHNQLNHU LQVWDOOHUD GHQ 'X KLWWDU GH
DQVOXWQLQJVXSSJLIWHUGXEHK|YHUSnW\SVN\OWHQRFK
NRSSOLQJVVFKHPDW
$QYlQGEDUDGHQVODGGVRPPHGI|OMHUHQKHWHQHOOHUVRPVHUYLFH
OHYHUHUDW
0RQWHULQJ XQGHU ElQNVNLYD LQGXNWLRQVKlOO JnU EDUD DWW LQVWDOOHUD
|YHUOnGDHOOHUXJQPHGYHQWLODWLRQVIOlNW'HWInULQWHILQQDV
N\OVNnSGLVNPDVNLQXJQXWDQYHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQ
XQGHUKlOOHQ
8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW
DYVWnQGLPRQWHULQJVDQYLVQLQJHQ
%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ
ElQNVNLYDQVWLOOYHUNDUH
%lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD
 NJ)|UVWlUNElQNVNLYDQPHGWHPSHUDWXURFKYDWWHQWnOLJW
PDWHULDORPGHWEHK|YV
.RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL
*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH
SURGXNWJDUDQWLQ
$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY
VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ
.XQGWMlQVW
)|UEHUHGDVWRPPDUQDELOG 
,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOO&
8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW
6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO
0RQWHULQJSnOnGDELOG D
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
9HQWLODWLRQDYVWnQGHWPHOODQElQNVNLYDRFKOnG|YHUGHOVNDYDUD
 PP
$QYLVQLQJ $QYlQGEDUDWUlK\OOSODQHIWHUVRPPHWDOOREMHNWLOnGDQ
NDQQnK|JWHPSHUDWXUSnJUXQGDYFLUNXOHUDQGHOXIWIUnQ
KlOOYHQWLODWLRQHQ ELOG 
0RQWHULQJ|YHUXJQELOGE
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
$YVWnQGHWPHOODQElQNVNLYDRFKXJQVIURQWHQV|YHUGHOVNDYDUD
 PP
$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW
PHOODQKlOORFKXJQPnVWHYDUDVW|UUH
9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP
$QYLVQLQJ ,QVWDOOHUDU GX KlOOHQ |YHU XJQ DY DQQDW PlUNH DQYlQG
WUlK\OOSODQ ELOG
Loading ...
Loading ...
Loading ...