&$3Ë78/2￿￿￿5(62/8d-2￿'(￿352%/(0$6￿

&RPR￿LPSULPLU￿FRUUHFWDPHQWH￿

￿

￿

￿

 

3UREOHPD

5HFRPHQGDomR￿

 

 

$￿LPSUHVVRUD￿LPSULPH￿

&HUWLILTXH￿VH￿GH￿TXH￿R￿FDER￿QmR￿p￿GHPDVLDGR￿ORQJR￿￿

￿

 

 

 

LQHVSHUDGDPHQWH￿RX￿LPSULPH￿

 

5HFRPHQGD￿VH￿D￿XWLOL]DomR￿GH￿XP￿FDER￿SDUDOHOR￿FRP￿XP￿

 

 

FDUDFWHUHV￿LOHJtYHLV￿

FRPSULPHQWR￿LQIHULRU￿D￿￿￿PHWURV￿￿

 

 

9HULILTXH￿VH￿R￿FDER￿GD￿LPSUHVVRUD￿HVWi￿GDQLILFDGR￿RX￿SDUWLGR￿￿￿

 

 

 

 

 

 

6H￿HVWLYHU￿D￿XWLOL]DU￿XP￿GLVSRVLWLYR￿GH￿FRPXWDomR￿GH￿LQWHUIDFH￿￿

 

 

 

 

UHWLUH￿R￿￿OLJXH￿R￿FRPSXWDGRU￿GLUHFWDPHQWH￿j￿LPSUHVVRUD￿H￿YROWH￿D￿

 

 

 

 

WHQWDU￿￿

 

 

 

9HULILTXH￿VH￿HVFROKHX￿R￿GULYHU￿GH￿LPSUHVVRUD￿FRUUHFWR￿HP￿

 

 

 

 

µ8WLOL]DU￿FRPR￿LPSUHVVRUD￿SUp￿GHILQLGD¶￿￿

 

 

 

&HUWLILTXH￿VH￿GH￿TXH￿QmR￿H[LVWH￿QHQKXP￿GLVSRVLWLYR￿GH￿

 

 

 

 

DUPD]HQDPHQWR￿RX￿VFDQQHU￿OLJDGR￿j￿PHVPD￿SRUWD￿TXH￿D￿

 

 

 

 

LPSUHVVRUD￿￿5HWLUH￿WRGRV￿RV￿RXWURV￿GLVSRVLWLYRV￿H￿OLJXH￿j￿SRUWD￿

 

 

 

 

DSHQDV￿D￿LPSUHVVRUD￿￿

 

 

 

'HVDFWLYH￿R￿PRQLWRU￿GH￿HVWDGR￿QD￿SiJLQD￿'LVSRVLWLYR￿￿￿2So}HV￿

 

 

 

 

QR￿VHSDUDGRU￿$YDQoDGR￿QR￿GULYHU￿GD￿LPSUHVVRUD￿￿

 

 

2V￿HQYHORSHV￿GH￿IRUPDWR￿'/￿

&RORTXH￿HQYHORSHV￿GH￿IRUPDWR￿'/￿QRYRV￿GH￿ODGR￿H￿YROWH￿D￿

 

 

ILFDUDP￿GREUDGRV￿DSyV￿D￿

 

LPSULPLU￿￿&RQVXOWH￿µ,PSULPLU￿HQYHORSHV¶￿QR￿&DStWXOR￿￿￿

 

 

LPSUHVVmR￿

 

 

 

 

 

$￿LPSUHVVRUD￿QmR￿FRQVHJXH￿

&DUUHJXH￿QR￿ERWmR￿*R￿SDUD￿LPSULPLU￿RV￿GDGRV￿TXH￿

 

 

LPSULPLU￿SiJLQDV￿FRPSOHWDV￿GH￿

SHUPDQHFHP￿QD￿LPSUHVVRUD￿￿

 

 

XP￿GRFXPHQWR￿￿￿$SDUHFH￿D￿

6H￿LVWR￿QmR￿UHVROYHU￿R￿HUUR￿￿VLPSOLILTXH￿R￿GRFXPHQWR￿RX￿UHGX]D￿

 

 

 

D￿UHVROXomR￿GD￿LPSUHVVmR￿￿

 

 

PHQVDJHP￿GH￿HUUR￿³35,17￿

 

 

$OWHUH￿DV￿VHJXLQWHV￿GHILQLo}HV￿QR￿GULYHU￿GR￿:LQGRZVŠ￿IRUQHFLGR￿

 

 

29(5581´￿

 

H￿WHQWH￿QRYDPHQWH￿￿￿$￿PHOKRU￿FRPELQDomR￿GDV￿GHILQLo}HV￿

 

 

 

 

 

 

 

 

DEDL[R￿YDULD￿GH￿DFRUGR￿FRP￿R￿GRFXPHQWR￿￿

 

 

 

 

￿

0RGR￿JUiILFR￿

 

￿

 

￿

0RGR￿7UXH7\SH￿

 

 

 

 

￿

8WLOL]DU￿RV￿WLSRV￿GH￿OHWUD￿7UXH7\SH￿GD￿LPSUHVVRUD￿

 

 

 

 

 

 

$￿LPSUHVVRUD￿QmR￿FRQVHJXH￿

&DUUHJXH￿QR￿ERWmR￿*R￿SDUD￿LPSULPLU￿RV￿GDGRV￿TXH￿

 

 

LPSULPLU￿SiJLQDV￿FRPSOHWDV￿GH￿

SHUPDQHFHP￿QD￿LPSUHVVRUD￿￿

 

 

XP￿GRFXPHQWR￿￿$SDUHFH￿D￿

5HGX]D￿D￿UHVROXomR￿GH￿LPSUHVVmR￿RX￿VLPSOLILTXH￿R￿GRFXPHQWR￿￿

 

 

$XPHQWH￿D￿PHPyULD￿GD￿LPSUHVVRUD￿DGLFLRQDQGR￿XPD￿',00￿

 

 

PHQVDJHP￿GH￿HUUR￿￿0(025<￿

 

 

)8//￿￿￿

 

GLVSRQtYHO￿QR￿PHUFDGR￿￿&RQVXOWH￿µ([SDQVmR￿GD￿PHPyULD￿5$0¶￿

 

 

 

QR￿&DStWXOR￿￿￿￿

 

 

 

 

 

 

 

 

 

 

 

￿￿￿￿￿