101
CLEBERSON DA SILVA PEREIR07774713964 5$&,2&Ë1,2/Ï*,&23$5$7e&1,&2'2,%*( 352)(6625*8,/+(50(1(9(6 3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEUϭ $XOD±3DUWH (TXDomRGRJUDXϮ 5HODo}HVGH*LUDUGϭϯ 3DUHV2UGHQDGRVϭϵ 3ODQR&DUWHVLDQRϭϵ )XQo}HVϮϭ 'RPtQLRH,PDJHPϮϰ 5HFRQKHFLPHQWRJUiILFRGHXPDIXQomRϮϰ ,PDJHPGHXPHOHPHQWRϮϲ =HURGHXPDIXQomRϯϭ )XQomR$ILPϯϮ )XQomR4XDGUiWLFDϰϵ /RJDULWPRVH3RWrQFLDVϲϴ ZĞůĂĕĆŽĚĂƐƋƵĞƐƚƁĞƐĐŽŵĞŶƚĂĚĂƐϴϲ 'ĂďĂƌŝƚŽϭϬϬ

Aula 04 - Parte 2 Raciocinio Logico

Embed Size (px)

Citation preview

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $XOD3DUWH (TXDomRGRJUDX 5HODo}HVGH*LUDUG 3DUHV2UGHQDGRV 3ODQR&DUWHVLDQR )XQo}HV 'RPtQLRH,PDJHP 5HFRQKHFLPHQWRJUiILFRGHXPDIXQomR ,PDJHPGHXPHOHPHQWR =HURGHXPDIXQomR )XQomR$ILP )XQomR4XDGUiWLFD /RJDULWPRVH3RWrQFLDV Z'

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    (TXDomRGRJUDX'HQRPLQDVHHTXDomRGRJUDXWRGDHTXDomRQDIRUPDD[E[F RQGHDEHFVmRQ~PHURVUHDLVHDzzzz3DUD FDOFXODURVSRVVtYHLVYDORUHVTXH VDWLVID]HPDHTXDomRDFLPDGHYHPRVXWLOL]DUDIyUPXODDEDL[R

    E E DF[ D r

    'HQRPLQDPRVGLVFULPLQDQWHRQ~PHURUHDO E DF' SRGHPRVUHHVFUHYHUDIyUPXODUHVROXWLYDGDHTXDomRGRVHJXQGRJUDXGDVHJXLQWHPDQHLUD

    E[ D

    r '

    5HVROYDDVHTXDo}HVDEDL[R

    F

    RX ^`

    D [ [D E

    [[ [6

    ' '

    r r

    E F RX ^`

    [ [D E

    [

    [ [6

    ' '

    r r

    F

    F [ [D E

    56 I

    ' ' '

    2EVHUYHTXHQRWHUFHLURH[HPSORRGLVFULPLQDQWHpQHJDWLYR(PFDVRVFRPR HVWH R FRQMXQWR VROXomR VHPSUH VHUi R FRQMXQWR YD]LR LVWRSRUTXH DV UDt]HV TXDGUDGDV GH Q~PHURV QHJDWLYRV QmR SRGHP VHUFDOFXODGDVFRPQ~PHURVUHDLV2EVHUYDQGR RV H[HPSORV DFLPD UHVROYLGRV YHULILFDPRV TXH Ki WUrV FDVRV DFRQVLGHUDU

    'XDVUDt]HVUHDLVHGLVWLQWDV 'XDVUDt]HVUHDLVHLJXDLV 1mRKiUDt]HVUHDLV

    ' ! ' '

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6(%5$($&&(63(8Q%-XOJXHRLWHPVHJXLQWH$VUDt]HVGDHTXDomR VmRQ~PHURVUDFLRQDLV5HVROXomR7HPRVXPDHTXDomRGRVHJXQGRJUDXHPTXH 9DPRVFDOFXODURGLVFULPLQDQWH

    $VVLPDVUDt]HVVmRGDGDVSRU

    2UDVDEHPRVTXH HTXH $VVLPDUDL]TXDGUDGDGHpXPQ~PHUR,55$&,21$/2LWHPHVWiHUUDGR 6($'6(&(63(8Q%$VUDt]HVGDHTXDomR VmRQ~PHURVLUUDFLRQDLV5HVROXomR7HPRVXPDHTXDomRGRVHJXQGRJUDXHPTXH 9DPRVFDOFXODURGLVFULPLQDQWH

    $VVLPDVUDt]HVVmRGDGDVSRU

    2UDVDEHPRVTXH HTXH $VVLPDUDL]TXDGUDGDGHpXPQ~PHUR,55$&,21$/2LWHPHVWiFHUWR 6*$$&&(63(8Q%6HHVmRDVUDt]HVGDHTXDomR HQWmR 5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    7HPRVXPDHTXDomRGRVHJXQGRJUDXHPTXH 9DPRVFDOFXODURGLVFULPLQDQWH

    $VVLPDVUDt]HVVmRGDGDVSRU

    $VVLPFRQFOXtPRVTXH H $GLYLVmRGHXPQ~PHURSRVLWLYRSRUXPQ~PHURQHJDWLYRGiXPQ~PHURQHJDWLYR2LWHPHVWiHUUDGR3HWUREUDV &(6*5$15,2 1D WDEHOD DEDL[R WrPVH GXDV HTXDo}HVTXDGUiWLFDVGHLQFyJQLWDV[(H(

    6HDPDLRUUDL]GH(pLJXDOjPHQRUUDL]GH(DPDLRUUDL]GH(p$%&'(5HVROXomR9DPRV UHVROYHUDHTXDomR1DHTXDomR FRQVLGHUDPRVTXH H

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2HQXQFLDGRGL]TXHDPDLRUUDL]GH(pLJXDOjPHQRUUDL]GH(3RUWDQWRDPHQRUUDL]GH(pLJXDOD9HMDPRVDHTXDomR( 6DEHPRVTXHpXPDGHVXDVUDt]HVSRUWDQWR

    $HTXDomR(WRPDUiDVHJXLQWHIRUPD

    1HVWHFDVRWHPRV

    -iVDEtDPRVTXHHUDXPDGDVUDt]HVGH($PDLRUUDL]GH(pLJXDOD/HWUD$

    3UHI0XQLFLSDOGH&UX]HLUR&(7524XDLVDVUDt]HVGDHTXDomR[[ DEFGH5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &RQVLGHUH XPD HTXDomR GR JUDX FRP $V UDt]HVSRGHPVHUFDOFXODGDVFRPRDX[tOLRGDVHJXLQWHIyUPXOD

    1DHTXDomRGDGDWHPRVTXHD E HF /RJR

    $VVLP[ RX[ /HWUD& $VVLVWHQWH$GPLQLVWUDWLYR,0%(/&(752,QGLTXHDDOWHUQDWLYDTXHUHSUHVHQWHRFRQMXQWRVROXomRHP5SDUDDHTXDomR[[ D6 ^`EFRQMXQWRYD]LRF6 ^`G6 ^`H6 ^`5HVROXomR$HTXDomRGDGDpFKDPDGDGHELTXDGUDGDHSRGHVHUUHVROYLGDFRPDDMXGDGHXPDPXGDQoDGHYDULiYHO&KDPHPRV[GH\2XVHMD[ \$VVLP[ \$HTXDomRILFDUi

    2XVHMDWHPRVDJRUDXPDHTXDomRGRVHJXQGRJUDXHP\3DUDUHVROYHUXPDHTXDomRGRVHJXQGRJUDXFRPFRHILFLHQWHVDEHFQDQRVVDHTXDomRD E HF GHYHPRVXWLOL]DUDVHJXLQWHIyUPXOD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVLP

    RX

    &RPR[ \HQWmR[ [QmRSHUWHQFHDRVUHDLVSRLVQmRKiQ~PHURUHDOTXHHOHYDGRDRTXDGUDGRVHMDLJXDODSRUTXHWRGRQ~PHURUHDOHOHYDGRDRTXDGUDGRpQmRQHJDWLYRRX[ [QmRSHUWHQFHDRV UHDLVSHORPHVPRPRWLYR$VVLPRFRQMXQWRVROXomRGDHTXDomRpRFRQMXQWRYD]LR/HWUD% 771 (6$) $ VRPD GH WRGDV DV UDt]HV GD HTXDomR[[ pLJXDODDEFGH5HVROXomR$HTXDomRGDGDpFKDPDGDGHELTXDGUDGDHSRGHVHUUHVROYLGDFRPDDMXGDGHXPDPXGDQoDGHYDULiYHO&KDPHPRV[GH\2XVHMD[ \$VVLP[ \$HTXDomRILFDUi

    2XVHMDWHPRVDJRUDXPDHTXDomRGRVHJXQGRJUDXHP\3DUDUHVROYHUXPDHTXDomRGRVHJXQGRJUDXFRPFRHILFLHQWHVDEHFQDQRVVDHTXDomRD E HF GHYHPRVXWLOL]DUDVHJXLQWHIyUPXOD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVLP

    RX

    &RPR[ \HQWmR[ RX[

    $VRPDGHWRGDVDVUDt]HVGDHTXDomRp /HWUD$ $)&671(6$)$VRPDGRVYDORUHVUHDLVGH

    pLJXDODDEFGH5HVROXomR9DPRVXWLOL]DUXPDUWLItFLRSDUDIDFLOLWDURVFiOFXORV)D]HQGR DHTXDomRILFDUi

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    L

    &RPRRSUREOHPDSHGHSDUDWUDEDOKDUFRPUDt]HVUHDLVQmRSRGHPRVFRQWLQXDUQHVWHFDVRSRLVDUDL]TXDGUDGDGHQmRpXPQ~PHURUHDOLL

    $VRPDGRVYDORUHVUHDLVGH[pLJXDOD /HWUD& 7)& (6$) 'HWHUPLQDU GH PRGR TXH D HTXDomR WHQKDGXDVUDt]HVLJXDLVD E F G H

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    5HVROXomR8PDHTXDomRGRWLSR WHPUDt]HVLJXDLVVHHVRPHQWHVHRGLVFULPLQDQWH IRULJXDOD

    9DPRVFRORFDUHPHYLGrQFLD

    'HYHPRV SHQVDU R VHJXLQWH TXDQGR p TXHPXOWLSOLFDPRV GRLV Q~PHURV H RUHVXOWDGRpLJXDOD"4XDQGRTXDOTXHUXPGRVIDWRUHVIRULJXDOD3RUWDQWR 2XVHMD /HWUD% 6($$3)&&(PFHUWRPRPHQWRRQ~PHUR;GHVROGDGRVHPXPSROLFLDPHQWR RVWHQVLYR HUD WDO TXH VXEWUDLQGRVH GR VHX TXDGUDGR R VHXTXiGUXSORREWLQKDVH2YDORUGH;pDEF GH

    5HVROXomR'HDFRUGRFRPRHQXQFLDGR

    9DPRVFDOFXODURGLVFULPLQDQWH

    7HPRVTXHFDOFXODUDUDL]TXDGUDGDGH2EVHUYHRVHJXLQWHIDWR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &RPR HQWmRDUDL]TXDGUDGDGHpXPQ~PHURTXHHVWi HQWUH H &RPR R DOJDULVPR GDV XQLGDGHV GH p LJXDO D FRQFOXtPRVTXHDUDL]TXDGUDGDVySRGHVHURXLVWRSRUTXH[ H[

    'HXHUUDGR6ySRGHVHU

    9ROWDQGRjHTXDomR

    &RPR [ UHSUHVHQWD R Q~PHUR GH VROGDGRV REYLDPHQWH SRUWDQWRGHYHPRVXWLOL]DUDSHQDVRQDIyUPXOD

    /HWUD% 757 5HJLmR )&& $OJXQV WpFQLFRV MXGLFLiULRV FRPELQDUDPGLYLGLU LJXDOPHQWHHQWUHVLSURFHVVRVDVHUHPDUTXLYDGRV(QWUHWDQWRQRGLD HP TXH R WUDEDOKR VHULD UHDOL]DGR GRLV WpFQLFRV IDOWDUDP DR VHUYLoR HDVVLP FRXEH D FDGD XP GRV RXWURV DUTXLYDU SURFHVVRV D PDLV TXH RLQLFLDOPHQWHSUHYLVWR2Q~PHURGHSURFHVVRVTXHFDGDWpFQLFRDUTXLYRXIRLD E FG H5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    'LJDPRVTXHKiIXQFLRQiULRVHTXHFDGDXPDUTXLYDUiSURFHVVRV2 WRWDO GH SURFHVVRV p GDGR SHOR SURGXWR GR Q~PHUR GH IXQFLRQiULRV SHORQ~PHURGHSURFHVVRVTXHFDGDXPDUTXLYDUi'HVWDIRUPD

    1RGLDHPTXHRWUDEDOKRVHULDUHDOL]DGRGRLVWpFQLFRVIDOWDUDPDRVHUYLoRHDVVLP FRXEH D FDGD XP GRV RXWURV DUTXLYDU SURFHVVRV D PDLV TXH RLQLFLDOPHQWHSUHYLVWR2XVHMDFDGDXPGRV IXQFLRQiULRVDUTXLYDUi SURFHVVRV

    6DEHPRVTXH ORJR

    9DPRVVXEVWLWXLURYDORUGHSRU

    9DPRVPXOWLSOLFDURVGRLVPHPEURVGDHTXDomRSRU

    3DUDVLPSOLILFDUDVFRQWDVYDPRVGLYLGLURVGRLVPHPEURVSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &RPRRQ~PHURGHIXQFLRQiULRVpSRVLWLYRGHYHPRVXWLOL]DUDSHQDVR

    i

    i

    (VVD p D VLWXDomR LQLFLDO IXQFLRQiULRV FDGD XP DUTXLYD SURFHVVRV)DOWDUDPIXQFLRQiULRVSRUWDQWRDSHQDVIXQFLRQiULRVWUDEDOKDUDP&DGDXPGHOHV DUTXLYRX SURFHVVRV D PDLV SRUWDQWR FDGD XP GHOHV DUTXLYRX SURFHVVRV/HWUD(

    5HODo}HVGH*LUDUG9DPRVUHVROYHUDHTXDomR &RQVLGHUDQGRDQRWDomRXVXDO WHPRVTXH

    $VVLP

    9DPRVFDOFXODUDVRPDGDVUDt]HV

    9DPRVFDOFXODURSURGXWRGDVUDt]HV

    3URQWR 7RGR HVWH WUDEDOKR SDUD FDOFXODU D VRPD H R SURGXWR GDV UDt]HV GDHTXDomR GR VHJXQGR JUDX 6HUi TXH H[LVWH XPD IRUPD PDLV UiSLGD" 6LP([LVWHeVREUHHVWHDVVXQWRTXHIDODUHPRVDJRUD$V5HODo}HVGH*LUDUG

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6mRGXDVIyUPXODVTXHQRVDMXGDPDFDOFXODUDVRPDHRSURGXWR9HMDPRV&KDPDUHPRVGHDVUDt]HVGDHTXDomR 'HVWDPDQHLUD

    H E E[ [D D

    ' '

    9DPRVPXOWLSOLFDUHVRPDUHVWHVGRLVQ~PHURV

    9DPRVYROWDUDRQRVVRH[HPSOR

    3RLVEHPGHDFRUGRFRPDVUHODo}HVGH*LUDUGDVRPDGDVUDt]HVpGDGDSRU

    2SURGXWRGDVUDt]HVpGDGRSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVLVWHQWH$GPLQLVWUDWLYR(%'$&(7522YDORUGHPSDUDTXHDVRPDGDVUDt]HVGDHTXDomRGHVHJXQGRJUDXP[[ VHMDLJXDODpDEFGH5HVROXomR/HPEUHPRVRTXHGL]HPDV5HODo}HVGH*LUDUG&RQVLGHUHXPDHTXDomRGRJUDX FRP FXMDV UDt]HV SRGHP VHU FDOFXODGDV FRP RDX[tOLRGDVHJXLQWHIyUPXOD

    $VRPDGDVUDt]HVGHVVDHTXDomRpGDGDSRU

    HRSURGXWRGDVUDt]HVpGDGRSRU

    9ROWHPRVDRSUREOHPD1DHTXDomRP[[ WHPRVTXHD PE HF $VRPDGDVUDt]HVpLJXDODORJR

    /HWUD&

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVLVWHQWH $GPLQLVWUDWLYR (%'$ &(7521D HTXDomR GH VHJXQGRJUDX [ [ P D VRPD GDV UDt]HV p LJXDO DR SURGXWR GDVPHVPDVQHVVDVFRQGLo}HVRYDORUGHPpLJXDODDEFGH5HVROXomR1DTXHVWmRDQWHULRUYLPRVTXHQDHTXDomR DVRPDGDVUDt]HVpGDGDSRU

    HRSURGXWRGDVUDt]HVpGDGRSRU

    1DHTXDomRGDGDWHPRVTXHD E HF P&RPRDVRPDGDVUDt]HVpLJXDODRSURGXWRGDVUDt]HV

    /HWUD'

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    7ULEXQDO 5HJLRQDO GR 7UDEDOKR D 5HJLmR 6DQWD &DWDULQD)(3(6($VUDt]HVGDIXQomRTXDGUiWLFD\ [P[VmRSRVLWLYDVHXPDpRGREURGDRXWUD$VRPDGHVVDVUDt]HVpDEFGH5HVROXomR6HMDP[H[DVUDt]HVGDHTXDomRGDGD7HPRVTXHD E PHF 2WH[WRQRVLQIRUPDTXHXPDUDL]pRGREURGDRXWUD2XVHMD[ [6DEHQGRRVYDORUHVGHDHFWHPRVFRQGLo}HVGHFDOFXODURSURGXWRGDVUDt]HV

    &RPR[ [

    &RPRDVUDt]HVVmRSRVLWLYDVHQWmR

    &RQVHTXHQWHPHQWH

    $VVLPDVRPDGDVUDt]HVVHUiLJXDOD

    /HWUD'

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6((5- &(3(5- $ HTXDomR SRVVXL UDt]HV H (QWmR pLJXDODDEFGH5HVROXomR/HPEUHPRVRTXHGL]HPDV5HODo}HVGH*LUDUG&RQVLGHUHXPDHTXDomRGRJUDX FRP $VRPDGDVUDt]HVGHVVDHTXDomRpGDGDSRU

    HRSURGXWRGDVUDt]HVpGDGRSRU

    6DEHPRVTXH &RPRDVGXDVUDt]HVVmRHHQWmRDVRPDGDVUDt]HVp HRSURGXWRGDVUDt]HVp

    /HWUD$

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3DUHV2UGHQDGRV'DGRVGRLVHOHPHQWRVDHESRGHPRV IRUPDUFRPHOHVRFRQMXQWR^DE`QRTXDOpLUUHOHYDQWHDRUGHPGRVHOHPHQWRV$GRWDUHPRVFRPRQRomRSULPLWLYDRFRQFHLWRGHSDURUGHQDGRXPHQWHPDWHPiWLFRTXHGHSHQGHGDRUGHPHPTXHRV Q~PHURV D H E VmR FRQVLGHUDGRV 8P SDU RUGHQDGR p LQGLFDGR HQWUHSDUrQWHVLVHRVHOHPHQWRVVmRVHSDUDGRVSRUYtUJXODRXSRQWRHYtUJXOD&RQVLGHUHRSDURUGHQDGR 2Q~PHURpFKDPDGRDEVFLVVDGRSDUHRQ~PHURpFKDPDGRRUGHQDGDGRSDU'RLVSDUHVRUGHQDGRVVmR LJXDLVVHHVRPHQWHVHSRVVXtUHPDPHVPDDEVFLVVDHDPHVPDRUGHQDGD

    ([HPSOR2VSDUHVRUGHQDGRV VmRLJXDLVSRUTXH

    2EVHUYHTXHHPJHUDO 6y WHUHPRVD LJXDOGDGH QRVFDVRVHPTXH

    3ODQR&DUWHVLDQR&RQVLGHUHGXDVUHWDVRULHQWDGDVH&KDPDUHPRVHVWDVUHWDVGHHL[RVFRRUGHQDGRV&RQVLGHUHDLQGDTXHDVGXDVUHWDVVHMDPSHUSHQGLFXODUHVIRUPDPXPkQJXORGHRHVHFRUWDPQRSRQWR2

    WKK

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2HL[RpRHL[RGDVDEVFLVVDV2HL[RpRHL[RGDVRUGHQDGDV$RULJHPGRSODQRFDUWHVLDQRpRSRQWR22SODQRILFDGLYLGLGRHPUHJL}HVFKDPDGDVGHTXDGUDQWHV $ QXPHUDomR GRV TXDGUDQWHV p IHLWD QR VHQWLGR DQWLKRUiULR&RPRUHSUHVHQWDPRVRSDURUGHQDGR QRSODQRFDUWHVLDQR"/RFDOL]DPRVRQ~PHURQRHL[RHGHVHQKDPRVXPDUHWDYHUWLFDOSDVVDQGRSHORSRQWRHQFRQWUDGR /RFDOL]DPRVRQ~PHUR QRHL[R HGHVHQKDPRVXPD UHWDKRUL]RQWDO SHORSRQWRHQFRQWUDGR2SRQWRGHHQFRQWURGDVGXDVUHWDVGHVHQKDGDVpRSRQWR /RFDOL]HQRPHVPRSODQRFDUWHVLDQRRVSRQWRV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2EVHUYDo}HVL 2 SRQWR & HVWi VREUH R HL[R GDV DEVFLVVDV 7RGRV RV

    SRQWRV GR HL[R SRVVXHP D RUGHQDGD LJXDO D 'H RXWUDIRUPD GL]HPRV TXH RV SRQWRV TXH SHUWHQFHP DR HL[R SRVVXHP

    LL 2 SRQWR ' HVWi VREUH R HL[R GDV RUGHQDGDV 7RGRV RVSRQWRVGRHL[RSRVVXHPDDEVFLVVDLJXDOD'HRXWUDIRUPDGL]HPRVTXHRVSRQWRVTXHSHUWHQFHPDRHL[RSRVVXHP

    )XQo}HV-RmR HVWDYDPXLWR FDQVDGR SDUD GLULJLU H GHFLGLX LU SDUD R WUDEDOKR GH Wi[L&RPRHOHpXPERPDOXQRGHPDWHPiWLFDSHGLXSDUDRWD[LVWDH[SOLFDUFRPRIXQFLRQD D OHLTXH FDOFXOD R YDORU D VHU SDJR SHOD FRUULGD GH Wi[L2 WD[LVWDH[SOLFRX TXH HOH GHYH SDJDU XPD EDQGHLUD GH 5 YDORU LQLFLDO D VHUSDJRHPTXDOTXHUFRUULGDGHWi[LHPDLV5SRUTXLO{PHWURURGDGR&RPRDGLVWkQFLDGDFDVDGH-RmRDWpRVHXWUDEDOKRpGHTXLO{PHWURVHQWmRHOHSDJDUiYH]HV5PDLV53RUWDQWR-RmRSDJDUi5SDUDID]HU R SHUFXUVR GH TXLO{PHWURV -RmR DFKRX FDUR H FRPHoRX D ID]HU DVFRQWDVGHTXDQWRSDJDULDQDFRUULGDGHSHQGHQGRGDTXDQWLGDGHGHTXLO{PHWURVURGDGRVGHFLGLXTXHIDULDRUHVWDQWHGRSHUFXUVRDQGDQGRTXLO{PHWURV TXLO{PHWURV TXLO{PHWURV TXLO{PHWURV TXLO{PHWURV -RmRSHUFHEHXTXHRYDORUDVHUSDJRSHODFRUULGDGHSHQGHGDTXDQWLGDGHGHTXLO{PHWURVURGDGRV

    4XLO{PHWURVURGDGRV 9DORUDVHUSDJR"" ""

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2EVHUYH TXH D FDGD TXDQWLGDGH GDGD GH TXLO{PHWURV URGDGRV SRGHPRVFDOFXODU R YDORU FRUUHVSRQGHQWH D VHU SDJR 2EYLDPHQWH WRGDV DVTXLORPHWUDJHQV SRVVXHP XP H DSHQDV XP YDORU D VHU SDJR 1HP WRGRV RVYDORUHV D VHUHP SDJRV SRVVXHP XPD TXLORPHWUDJHP FRUUHVSRQGHQWH 1RH[HPSORGDGR QmR WHPFRPRXPDSHVVRDDQGDUQR Wi[L HSDJDUDSHQDV5RX52GLDJUDPDDFLPDUHODFLRQDRVHOHPHQWRVGH$SRVVtYHLVTXLORPHWUDJHQVFRPRVHOHPHQWRVGH%SRVVtYHLVYDORUHVDVHUHPSDJRV2EVHUYHTXHFDGDHOHPHQWRGH$FRUUHVSRQGHDXP~QLFRHOHPHQWRGH%(VWD UHODomR p GHQRPLQDGD IXQomR GH $ HP % 3RGHPRV JDUDQWLUPDWHPDWLFDPHQWHTXHVHWUDWDGHXPDIXQomRSRUTXHL 7RGRVRVHOHPHQWRVGH$SDUWLFLSDPGDUHODomRPDQGDPIOHFKDLL 2VHOHPHQWRVGH$SDUWLFLSDPGDUHODomRDSHQDVXPDYH]PDQGDP

    DSHQDVXPDIOHFKD2X VHMD SRGHP DFRQWHFHU GXDV FRLVDV SDUD TXH XPD UHODomR HQWUH GRLVFRQMXQWRVQmRVHMDIXQomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    L $OJXPHOHPHQWRGH$QmRSDUWLFLSDUGDUHODomRQmRPDQGDUIOHFKDLL $OJXPHOHPHQWRGH$SDUWLFLSDUGDUHODomRPDLVGHXPDYH]PDQGDU

    PDLVGHXPDIOHFKD$GHILQLomRDILUPDTXH WRGRVRVHOHPHQWRVGR FRQMXQWRGHSDUWLGDGHYH VH UHODFLRQDU FRPXPHOHPHQWR GR FRQMXQWR LPDJHP H HVVHHOHPHQWRGHYHVHU~QLFR

    4XDLVGDVVHJXLQWHVUHODo}HVELQiULDVGH$HP%WDPEpPVmRIXQo}HV"

    E

    E

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    'RPtQLRH,PDJHP1RH[HPSORDQWHULRURFRQMXQWR$pFKDPDGRGRPtQLRGDIXQomRHRFRQMXQWR% p FKDPDGR FRQWUDGRPtQLR GD IXQomR RX FRQMXQWR GH FKHJDGD 2VHOHPHQWRV GH % TXH UHFHEHP DV IOHFKDV IRUPDP R FRQMXQWR LPDJHP 'HVWDIRUPD

    2EVHUYHTXHRFRQMXQWRLPDJHPpXPVXEFRQMXQWRGRFRQWUDGRPtQLRRXVHMDWRGRVRVHOHPHQWRVGRFRQMXQWRLPDJHPVmRHOHPHQWRVGRFRQWUDGRPtQLR

    5HFRQKHFLPHQWRJUiILFRGHXPDIXQomR

    3DUD GHWHUPLQDU VH GHWHUPLQDGR JUiILFR GH XPD UHODomR GH $ HP % pXPD IXQomR GH $ HP % GHYHPRV WUDoDU UHWDV SHUSHQGLFXODUHV DR HL[R [SDVVDQGR SRU WRGRV RV SRQWRV GR FRQMXQWR SDUWLGD $ 6H WRGDV DV UHWDVHQFRQWUDUHPR JUiILFR HPDSHQDV XP SRQWR HQWmR D GDGD UHODomRELQiULD pXPDIXQomR([HPSORV

    $ FXUYD DFLPD UHSUHVHQWD XPD IXQomR Mi TXH WRGDV DV UHWDV YHUWLFDLVHQFRQWUDPRJUiILFRDSHQDVXPDYH]

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $FXUYDDFLPDQmRUHSUHVHQWDXPDIXQomRMiTXHH[LVWHPUHWDVYHUWLFDLVTXH

    HQFRQWUDPRJUiILFRPDLVGHXPDYH] 7576&&(752$VVLQDOHDDOWHUQDWLYDTXHQmRUHSUHVHQWDJUiILFRGHXPDIXQomR\ I[

    5HVROXomR2JUiILFRGHXPDIXQomRQmRSRGHSRVVXLUPDLVGHXPSRQWRQDPHVPDYHUWLFDO3RUWDQWRRJUiILFRGDOHWUD&QmRUHSUHVHQWDXPDIXQomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HWUD&

    ,PDJHPGHXPHOHPHQWR&RQVLGHUHXPSDURUGHQDGR[\SHUWHQFHQWHDXPDIXQomR2HOHPHQWR\pFKDPDGRYDORUGHIGRHOHPHQWR[HHVFUHYHPRVGHVVDIRUPD ([HPSOR'DGDDIXQomRUHDOGHILQLGDSRU FDOFXOH

    ,VWRVLJQLILFDTXHRJUiILFRGDIXQomRSDVVDSHORVSRQWRV 3RGHPRVWDPEpPGL]HUTXHRQ~PHURPDQGDXPDIOHFKDSDUDRQ~PHURRQ~PHURPDQGDXPDIOHFKDSDUDRQ~PHURHRQ~PHURPDQGDXPDIOHFKDSDUDRQ~PHUR 3HWUREUDV&(6*5$15,21DIXQomRI[ [[DLPDJHPGHp$%&'(5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3DUDFDOFXODUDLPDJHPGRHOHPHQWRGHYHPRVVLPSOHVPHQWHVXEVWLWXLUSRU

    /HWUD$ 68)5$0$)815,26HMD XPD IXQomRTXH WHPFRPRGRPtQLRRFRQMXQWR$ ^$QD-RVp0DULD3DXOR3HGUR`HFRPRFRQWUDGRPtQLRRFRQMXQWR% ^` $ IXQomR I DVVRFLD D FDGD HOHPHQWR [ HP $ R Q~PHUR GHOHWUDV GLVWLQWDV GHVVH HOHPHQWR [ &RP EDVH QHVVDV LQIRUPDo}HV SRGHVHDILUPDUTXHDHOHPHQWRVGLVWLQWRVQRGRPtQLRHVWmRDVVRFLDGRVDGLVWLQWRVHOHPHQWRVQRFRQWUDGRPtQLREWRGRHOHPHQWRGRFRQWUDGRPtQLRHVWiDVVRFLDGRDDOJXPHOHPHQWRGRGRPtQLRF I QmRpXPDIXQomRG H 5HVROXomR$IXQomRDVVRFLDDFDGDHOHPHQGRHP$RQ~PHURGHOHWUDVGLVWLQWDVGHVVHHOHPHQWR$QDSRVVXLOHWUDVGLVWLQWDV-RVpSRVVXLOHWUDVGLVWLQWDV0DULDSRVVXLOHWUDVGLVWLQWDV3DXORSRVVXLOHWUDVGLVWLQWDV3HGURSRVVXLOHWUDVGLVWLQWDV'HVWDPDQHLUDSRGHPRVDILUPDUTXH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    9DPRVDQDOLVDUFDGDXPDGDVDOWHUQDWLYDVGHSHUVLDHOHPHQWRVGLVWLQWRVQRGRPtQLRHVWmRDVVRFLDGRVDGLVWLQWRVHOHPHQWRVQRFRQWUDGRPtQLR(VWDDOWHUQDWLYDpIDOVDSRLVKiHOHPHQWRVQRGRPtQLRTXHHVWmRDVVRFLDGRVDRPHVPRHOHPHQWRQRFRQWUDGRPtQLR3RUH[HPSOR EWRGRHOHPHQWRGRFRQWUDGRPtQLRHVWiDVVRFLDGRDDOJXPHOHPHQWRGRGRPtQLR(VWDDOWHUQDWLYDpIDOVDSRLVKiHOHPHQWRQRFRQWUDGRPtQLRTXHQmRHVWiDVVRFLDGRFRPDOJXPHOHPHQWRGRGRPtQLR3RUH[HPSORRQ~PHURQmRHVWiDVVRFLDGRF I QmRpXPDIXQomR(VWDDOWHUQDWLYDpIDOVDSRLVpXPDIXQomR7RGRVRVHOHPHQWRVGH$VHUHODFLRQDPXPD~QLFDYH]FRPDOJXPHOHPHQWRGH%1mRVREUDPHOHPHQWRVHP$HQLQJXpPPDQGDPDLVGHXPDIOHFKDG )DOVR0DULDWHPOHWUDVGLVWLQWDV H 9HUGDGHLUR&RPRIRLYLVWR /HWUD( $)71 (6$) (P XP ODERUDWyULR GH H[SHULrQFLDV YHWHULQiULDV IRLREVHUYDGRTXHR WHPSR UHTXHULGRSDUDXPFRHOKRSHUFRUUHUXP ODELULQWRQDHQpVLPD WHQWDWLYD HUD GDGR SHOD IXQomR &Q Q PLQXWRV &RPUHODomRDHVVDH[SHULrQFLDSRGHVHDILUPDUHQWmRTXHXPFRHOKRDFRQVHJXHSHUFRUUHURODELULQWRHPPHQRVGHWUrVPLQXWRVEJDVWDFLQFRPLQXWRVHTXDUHQWDVHJXQGRVSDUDSHUFRUUHURODELULQWRQDTXLQWDWHQWDWLYDFJDVWDRLWRPLQXWRVSDUDSHUFRUUHURODELULQWRQDWHUFHLUDWHQWDWLYDGSHUFRUUHRODELULQWRHPTXDWURPLQXWRVQDGpFLPDWHQWDWLYDHSHUFRUUHRODELULQWRQXPDGDVWHQWDWLYDVHPWUrVPLQXWRVHWULQWDVHJXQGRV5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    D2Q~PHUR UHSUHVHQWDRQ~PHURGH WHQWDWLYDVSDUDRFRHOKRSHUFRUUHURODELULQWR 2EYLDPHQWH HVWH Q~PHUR p LQWHLUR H SRVLWLYR Q~PHUR QDWXUDO'LYLGLQGRRQ~PHURSRUXPQ~PHURQDWXUDOREWHPRVXPQ~PHURSRVLWLYR3RUWDQWRRQ~PHURQpSRVLWLYRHPDLRUTXH'HVWDPDQHLUDDOHWUD$pIDOVDE3DUDFDOFXODURWHPSRJDVWRSDUDSHUFRUUHURODELULQWRQDTXLQWDWHQWDWLYDGHYHPRVVXEVWLWXLUSRU

    $DOWHUQDWLYD%pIDOVDF3DUDFDOFXODURWHPSRJDVWRQDWHUFHLUDWHQWDWLYDGHYHPRVVXEVWLWXLURYDORUGHSRU

    $DOWHUQDWLYD&pIDOVDG3DUDFDOFXODURWHPSRJDVWRQDGpFLPDWHQWDWLYDGHYHPRVVXEVWLWXLURYDORUGHSRU

    $DOWHUQDWLYD'pIDOVDH4XHUHPRVTXHRWHPSRVHMDLJXDODPLQXWRVHVHJXQGRV PLQXWRV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2XVHMDRSHUFXUVRpIHLWRHPPLQXWRVHVHJXQGRVQDWHQWDWLYD/HWUD( ,661DWDO (6$) 8PD IXQomR GHILQLGD QR FRQMXQWR GRV Q~PHURVLQWHLURV VDWLVID] D LJXDOGDGH SDUD WRGR LQWHLUR&RPHVWDVLQIRUPDo}HVFRQFOXLVHTXHpLJXDODDEFGH5HVROXomR1D YHUGDGH R HQXQFLDGR GHYHULD JDUDQWLU TXH D LJXDOGDGH YDOH SDUD WRGR UHDO9DPRVYHURFDVRHPTXH 6XEVWLWXLQGRSRUWHPRV

    9HMDPRVRXWURFDVR9DPRVID]HU 7HPRV

    9DPRV VXEVWLWXLU D HTXDomR , QD HTXDomR ,, RX VHMD RQGH WHP VXEVWLWXtPRVSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HPEUHVH TXH SDUD GLYLGLU SRWrQFLDV GHPHVPDEDVH GHYHPRV FRQVHUYDU DEDVHHFDOFXODUDGLIHUHQoDHQWUHRVH[SRHQWHV

    /HWUD$

    =HURGHXPDIXQomR=HURRXUDL]GHXPDIXQomRpWRGRHOHPHQWRGRGRPtQLRWDOTXHDVXDLPDJHPVHMDLJXDODLHQ~PHURVWDLVTXHI[ *HRPHWULFDPHQWHGHWHUPLQDPRVRV]HURVGHXPDIXQomRREWHQGRDLQWHUVHomRGRJUiILFRFRPRHL[RGRV[([HPSOR'HWHUPLQHRV]HURVGDIXQomRGHILQLGDSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    5HVROXomR%DVWDUHVROYHUDHTXDomR

    ,VWRVLJQLILFDTXHRJUiILFRGDIXQomR WRFDRHL[RQRVSRQWRVGHDEVFLVVDHYHUHPRVLVWRFRPPDLVGHWDOKHVDLQGDQHVWDDXODQDWHRULDVREUHIXQomRTXDGUiWLFD

    )XQomR$ILP$IXQomRDILPWDPEpPpFKDPDGDGHIXQomRSROLQRPLDOGRJUDXQRFRWLGLDQRPXLWDVSHVVRDVHUUDGDPHQWHIDODPIXQomRGRSULPHLURJUDX8PDIXQomRpFKDPDGDGHIXQomRDILPTXDQGRIRUGRWLSR

    9HMDPRVDOJXQVH[HPSORV

    2FRHILFLHQWHpFKDPDGRGHFRHILFLHQWHDQJXODUWD[DGHYDULDomRFRHILFLHQWHGRPLQDQWHRXFRHILFLHQWHOtGHU2FRHILFLHQWHpFKDPDGRGHFRHILFLHQWHOLQHDURXWHUPRLQGHSHQGHQWH'HSHQGHQGRGRVYDORUHVGHHD IXQomRDILPSRGHUHFHEHUDOJXQVQRPHVHVSHFLDLV6HPSUHTXH DIXQomRDILPpFKDPDGDGHIXQomROLQHDU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $ IXQomR OLQHDU p FKDPDGD GH IXQomR LGHQWLGDGH 2X VHMD TXDQGR H DIXQomRpFKDPDGDGHLGHQWLGDGH

    x *UiILFR R JUiILFR GD IXQomR DILP p XPD UHWD LQFOLQDGD DRV HL[RVFRRUGHQDGRV

    9HUHPRV QD DXOD GH *HRPHWULD 3ODQD TXH GRLV SRQWRV GLVWLQWRV GHWHUPLQDPXPD UHWD 'HVWD PDQHLUD SDUD FRQVWUXLU R JUiILFR GD IXQomR DILP GHYHPRVVHJXLURVVHJXLQWHVSDVVRVL (VFROKHUGRLVYDORUHVDUELWUiULRVSDUDLL &DOFXODURVYDORUHVFRUUHVSRQGHQWHVGHLLL 0DUFDURVGRLVSRQWRVQRSODQRFDUWHVLDQRLY 7UDoDUDUHWDTXHSDVVDSHORVGRLVSRQWRVPDUFDGRV

    9DPRVFRQVWUXLURJUiILFRGRSULPHLURH[HPSOR 9DPRVXWLOL]DU 4XDQGR WHPRV 2XVHMDDUHWDSDVVDSHORSRQWR4XDQGR WHPRV 2XVHMDDUHWDSDVVDSHORSRQWR8PDSHUJXQWDQDWXUDOTXHVXUJHpFRPRGHWHUPLQDURVSRQWRVHPTXHDUHWDFRUWDRVHL[RVFRRUGHQDGRV"9LPRVTXHQDVHomRVREUH]HURVGDIXQomRSDUDGHWHUPLQDUR LQWHUFHSWRGRJUiILFRFRPRHL[RGHYHPRVUHVROYHUDHTXDomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    9DPRVDSUHQGHUDJRUDXPDWpFQLFDTXHSRGHPRVXWLOL]DUHPTXDOTXHUIXQomRVHMDHODDILPTXDGUiWLFDH[SRQHQFLDOWULJRQRPpWULFDHWF&RPRGHWHUPLQDURLQWHUFHSWRGRJUiILFRFRPRHL[R"%DVWDFDOFXODURXVHMDVXEVWLWXLUSRU

    /DWKZdEds K ZE

    /DWKZdEds

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &RQVWUXDRJUiILFRGDIXQomRUHDOGHILQLGDSRU 5HVROXomR$JRUD TXH Mi WHPRV XP SRXFRPDLV GH EDJDJHP WHyULFD YDPRV FRQVWUXLU RJUiILFRFRPXPSRXFRPDLVGHYHORFLGDGH ORJRRJUiILFRFRUWDRHL[RQRSRQWRGHRUGHQDGDLJXDOD3DUD GHWHUPLQDU R LQWHUFHSWR GR JUiILFR FRP R HL[R GHYHPRV UHVROYHU DHTXDomR

    5HVXPLQGRDUHWDFRUWDRHL[RQRSRQWRGHDEVFLVVDLJXDODHFRUWDRHL[RQRSRQWRGHRUGHQDGDLJXDOD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    9DPRVFRPSDUDURVGRLVJUiILFRVFRQVWUXtGRV2EVHUYHTXH4XDQGR DIXQomRDILPpFUHVFHQWHJUiILFRGDHVTXHUGD4XDQGR DIXQomRDILPpGHFUHVFHQWHJUiILFRGDGLUHLWD&RQVWUXDRJUiILFRGDIXQomRUHDOGHILQLGDSRU 5HVROXomR7UDWDVHGHXPDIXQomROLQHDU6DEHPRVTXHDIXQomROLQHDUSDVVDSHODRULJHPGRSODQRFDUWHVLDQR$OpPGLVVRFRPR DIXQomRpGHFUHVFHQWH9DPRVFDOFXODURYDORUGDIXQomRSDUD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    ,VVRTXHUGL]HUTXHRJUiILFRSDVVDSHORSRQWR 'HWHUPLQH D OHL GH IRUPDomR GD IXQomR DILP TXH SDVVD SHORV SRQWRV H5HVROXomR+iXPDPDQHLUDPXLWRIiFLOGHFDOFXODURFRHILFLHQWHDQJXODU4XDQGRVmRGDGRVGRLVSRQWRV[\H[\RFRHILFLHQWHDQJXODUSRGHVHUFDOFXODGRFRPRRTXRFLHQWHHQWUHDYDULDomRGH\HDYDULDomRGH[2XVHMD

    -iTXHRJUiILFRSDVVDSHORVSRQWRVHHQWmRRFRHILFLHQWHDpGDGRSRU

    /HPEUHVHTXHDOHLGHIRUPDomRGDIXQomRDILPpGRWLSR %RPWHQGRFDOFXODGRRFRHILFLHQWHDDOHLGHIRUPDomRGDIXQomRDILPWRUQDVH

    9DOHDSHQDOHPEUDU2 FRHILFLHQWH D p GHQRPLQDGR FRHILFLHQWH DQJXODU WD[D GHYDULDomR FRHILFLHQWH GRPLQDQWH RX FRHILFLHQWH OtGHU (VWHFRHILFLHQWHpUHVSRQViYHOSHODLQFOLQDomRGDUHWD4XDQGRD!D IXQomR p FUHVFHQWH UHWD DVFHQGHQWH H TXDQGR D DIXQomRpGHFUHVFHQWHUHWDGHVFHQGHQWH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3RGHPRV DJRUD XWLOL]DU TXDOTXHU XP GRV SRQWRV IRUQHFLGR SHORHQXQFLDGRSDUDFDOFXODURFRHILFLHQWHE2FRHILFLHQWHEpGHQRPLQDGRFRHILFLHQWHOLQHDURXWHUPRLQGHSHQGHQWH(OHpRLQWHUFHSWRGRJUiILFRFRPRHL[R\8WLOL]HPRV SRU H[HPSOR R SRQWR (VWH SRQWR QRV LQIRUPD TXH TXDQGR[ \ -iTXHDOHLGHIRUPDomRp GHYHPRVVXEVWLWXLUHVVHVYDORUHVQDOHL

    $VVLPDOHLGHIRUPDomRGDIXQomRp 6(%5$($&&(63(8Q%3DUDRFRQVHUWRGHDSDUHOKRVHOHWU{QLFRVQRVGRPLFtOLRVGRVFOLHQWHVXPWpFQLFRFREUD5SHODYLVLWDHPDLV5D FDGDKRUDGH WUDEDOKR6XSRQGRTXHR WpFQLFR WUDEDOKH [KRUDVH UHFHED\UHDLVMXOJXHRVLWHQVDVHJXLU 2JUiILFRQRVLVWHPDGHFRRUGHQDGDVFDUWHVLDQDV[2\GH\FRPRIXQomRGH[SDUD pXPDVHPLUHWDGHLQFOLQDomRQHJDWLYD $H[SUHVVmRDOJpEULFDTXHUHODFLRQD\FRPRIXQomRGH[p 5HVROXomR$ VLWXDomR GHVFULWD QR HQXQFLDGR p EHP SDUHFLGD FRP D TXH HX FRPHFHL DWHRULDGHIXQo}HVDTXHOHH[HPSORGRWi[LOHPEUD"2WpFQLFRFREUD5YDORUIL[RSHODYLVLWDHPDLV5DFDGDKRUDGHWUDEDOKR$VVLPDIXQomRpGDGDSRU 2JUiILFRGHVWDIXQomRWHPLQFOLQDomRSRVLWLYDMiTXHTXDQWRPDLRUIRURYDORUGH[PDLRUVHUiRYDORUGH\%DVWDREVHUYDUTXHDIXQomRpXPDIXQomRDILPFRPE HD &RPRD!HQWmRDIXQomRpFUHVFHQWH2VGRLVLWHQVHVWmRHUUDGRV 3HWUREUDV&(6*5$15,22OXFURDQXDOGHXPDSHTXHQDHPSUHVDYHPFUHVFHQGROLQHDUPHQWHFRPRPRVWUDRJUiILFRDEDL[R

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6H HVVH ULWPR GH FUHVFLPHQWR DQXDO IRUPDQWLGR TXDO VHUi HPPLOKDUHV GHUHDLVROXFURGHVVDHPSUHVDHP"$%&'(5HVROXomR$WUDYpVGRJUiILFRSHUFHEHPRVTXHKRXYHXPDXPHQWRQROXFURHPPLOKDUHVGH UHDLVGH HPDQRV ,VWR VLJQLILFD TXHR OXFURDXPHQWD PLOSRUDQR&RPRROXFURHPIRLGHPLOHQWmRROXFURHPVHUi PLOUHDLV/HWUD% 3HWUREUDV&(6*5$15,2$IXQomRJHUDGRUDGRJUiILFRDEDL[RpGRWLSR\ P[Q

    (QWmRRYDORUGHPQp$%&'(5HVROXomR2JUiILFRGDIXQomRDFLPDSDVVDSHORVSRQWRVH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HXJUiILFRpXPDUHWDSRUWDQWRVXDOHLGHIRUPDomRpGRWLSR 2 FRHILFLHQWH P p GHQRPLQDGR FRHILFLHQWH DQJXODU WD[D GH YDULDomRFRHILFLHQWHGRPLQDQWHRXFRHILFLHQWH OtGHU(VWHFRHILFLHQWHpUHVSRQViYHOSHODLQFOLQDomRGDUHWD4XDQGRP!DIXQomRpFUHVFHQWHUHWDDVFHQGHQWHHTXDQGRPDIXQomRpGHFUHVFHQWHUHWDGHVFHQGHQWH4XDQGRVmRGDGRVGRLVSRQWRV[\H[\RFRHILFLHQWHDQJXODUSRGHVHUFDOFXODGRFRPRRTXRFLHQWHHQWUHDYDULDomRGH\HDYDULDomRGH[2XVHMD

    -iTXHRJUiILFRSDVVDSHORVSRQWRVHHQWmRRFRHILFLHQWHDpGDGRSRU

    %RP WHQGR FDOFXODGR R FRHILFLHQWH P D OHL GH IRUPDomR GD IXQomR DILPWRUQDVH 3RGHPRVDJRUDXWLOL]DUTXDOTXHUXPGRVSRQWRVIRUQHFLGRSHORHQXQFLDGRSDUDFDOFXODURFRHILFLHQWHQ2FRHILFLHQWHQpGHQRPLQDGRFRHILFLHQWHOLQHDURXWHUPRLQGHSHQGHQWH(OHpRLQWHUFHSWRGRJUiILFRFRPRHL[R\8WLOL]HPRV SRU H[HPSOR R SRQWR (VVH SRQWR QRV LQIRUPD TXH TXDQGR[ \ -iTXHDOHLGHIRUPDomRp GHYHPRVVXEVWLWXLUHVVHVYDORUHVQDOHL

    $VVLPDOHLGHIRUPDomRGDIXQomRp 4XHUHPRVFDOFXODURYDORUGH

    /HWUD% 3HWUREUDV &(6*5$15,2 2 JUiILFR DEDL[R PRVWUD D TXDQWLGDGHPpGLDGHJDUUDIDVSOiVWLFDVMRJDGDVQROL[RQRV(8$HPIXQomRGRWHPSR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    'H DFRUGR FRP RV GDGRV GR JUiILFR DSUR[LPDGDPHQWH TXDQWDV JDUUDIDVSOiVWLFDVVmRMRJDGDVQROL[RQRV(8$DFDGDKRUD"$%&'(5HVROXomR2 JUiILFR GD IXQomR GDGD p XPD UHWD TXH SDVVD SHOD RULJHP GR SODQRFDUWHVLDQR7UDWDVHGHXPDIXQomROLQHDU6DEHPRVTXHDIXQomROLQHDUSDVVDSHODRULJHPGRSODQRFDUWHVLDQRHSRUWDQWRRFRHILFLHQWHOLQHDUpLJXDOD$IXQomRpGRWLSR 2 SUREOHPD QRV LQIRUPD TXH TXDQGR 9DPRV VXEVWLWXLU HVWHVYDORUHVQDOHLGHIRUPDomRGDIXQomR

    $OHLGHIRUPDomRp 4XHUHPRV VDEHU TXDQWDVJDUUDIDV SOiVWLFDV VmR MRJDGDVQR OL[R D FDGDKRUD&RPRR WHPSRGDGRQRJUiILFRHVWiHPPLQXWRVGHYHPRVVXEVWLWXLURSRU

    /HWUD' &,7(3( &(6*5$152 2 JUiILFR DEDL[R DSUHVHQWD R FXVWR GHSURGXomR HP UHDLV GH FHUWR WLSR GH WHFLGR HP IXQomR GD TXDQWLGDGHSURGX]LGDHPPHWURV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HFDGDPHWURGHWHFLGRIRUYHQGLGRSRU5ROXFURQDYHQGDGHPHWURVHPUHDLVVHUiGH$%&'(5HVROXomR9DPRV FDOFXODU D OHL GH IRUPDomRGD IXQomR&XVWR2JUiILFR pXPD UHWD HSRUWDQWR VXDHTXDomRpGR WLSR &RPRRJUiILFRFRUWDRHL[R\QRSRQWRGHRUGHQDGDHQWmR $IXQomRpGRWLSR 2EVHUYHTXHTXDQGR

    &RQFOXtPRVTXHDOHLGHIRUPDomRGDIXQomR&8672p 2FXVWRSDUDSURGX]LUPHWURVpLJXDOD

    6H FDGDPHWUR IRU YHQGLGR D 5 HQWmR D UHFHLWD QD YHQGD GH PHWURVpLJXDOD &RPRRFXVWRIRLGH5HQWmRROXFURQDYHQGDVHUiGH

    /HWUD$

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3HWUREUDV %LRFRPEXVWtYHO &(6*5$15,2 2 JUiILFR DEDL[RDSUHVHQWD D FDSDFLGDGH GH SURFHVVDPHQWR GH ROHDJLQRVDV GH XPD PiTXLQDH[WUDWRUDGHyOHRVYHJHWDLVHPIXQomRGRWHPSRW

    (PTXDQWRWHPSRHVVDPiTXLQDSURFHVVDNJGHROHDJLQRVDV"$KRUDVHPLQXWRV%KRUDVHPLQXWRV&KRUDVHPLQXWRV'KRUDVHPLQXWRV(KRUDVHPLQXWRV5HVROXomR2 JUiILFR GD IXQomR GDGD p XPD UHWD TXH SDVVD SHOD RULJHP GR SODQRFDUWHVLDQR7UDWDVHGHXPDIXQomROLQHDU6DEHPRVTXHDIXQomROLQHDUSDVVDSHODRULJHPGRSODQRFDUWHVLDQRHSRUWDQWRRFRHILFLHQWHOLQHDUpLJXDOD$IXQomRpGRWLSR 2 SUREOHPD QRV LQIRUPD TXH TXDQGR 9DPRV VXEVWLWXLU HVWHVYDORUHVQDOHLGHIRUPDomRGDIXQomR

    $OHLGHIRUPDomRp 4XHUHPRV VDEHU HP TXDQWR WHPSR HVVD PiTXLQD SURFHVVD NJ GHROHDJLQRVDV%DVWDVXEVWLWXLUSRU

    9DPRVVLPSOLILFDUDIUDomR3RGHPRVFRPHoDUVLPSOLILFDQGRSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &RPRKRUD PLQXWRVHQWmR

    /HWUD& /,48,*6&(752$IXQomRIGHJUDXFXMRJUiILFRSDVVDSHORVSRQWRV$H%p$I[ [%I[ [&I[ ['I[ [(I[ [5HVROXomR/HPEUHPRV DOJXQV IDWRV LPSRUWDQWHV VREUH D IXQomR SROLQRPLDO GR JUDXWDPEpPFKDPDGDGHIXQomRDILPHFRORTXLDOPHQWHGHQRPLQDGDIXQomRGRJUDX$PSODPHQWHGHILQLGDVHXJUiILFRpXPDUHWD6XDOHLGHIRUPDomRpGRWLSR 2 FRHILFLHQWH D p GHQRPLQDGR FRHILFLHQWH DQJXODU WD[D GH YDULDomRFRHILFLHQWHGRPLQDQWHRXFRHILFLHQWH OtGHU(VWHFRHILFLHQWHpUHVSRQViYHOSHODLQFOLQDomRGDUHWD4XDQGRD! D IXQomRpFUHVFHQWHUHWDDVFHQGHQWHHTXDQGRDDIXQomRpGHFUHVFHQWHUHWDGHVFHQGHQWH4XDQGRVmRGDGRVGRLVSRQWRV[\H[\RFRHILFLHQWHDQJXODUSRGHVHUFDOFXODGRFRPRRTXRFLHQWHHQWUHDYDULDomRGH\HDYDULDomRGH[2XVHMD

    -iTXHRJUiILFRSDVVDSHORVSRQWRV$H%HQWmRRFRHILFLHQWHDpGDGRSRU

    &RP HVVD LQIRUPDomR Mi SRGHUtDPRV UHVSRQGHU D TXHVWmR PDUFDQGR DDOWHUQDWLYD%

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    %RPWHQGRFDOFXODGRRFRHILFLHQWHDDOHLGHIRUPDomRGDIXQomRDILPWRUQDVH 3RGHPRV DJRUD XWLOL]DU TXDOTXHU XPGRV SRQWRV IRUQHFLGR SHORHQXQFLDGRSDUDFDOFXODURFRHILFLHQWHE2FRHILFLHQWHEpGHQRPLQDGRFRHILFLHQWHOLQHDURXWHUPRLQGHSHQGHQWH(OHpRLQWHUFHSWRGRJUiILFRFRPRHL[R\8WLOL]HPRV SRU H[HPSOR R SRQWR% (VVH SRQWR QRV LQIRUPDTXH TXDQGR[ \ -iTXHDOHLGHIRUPDomRp GHYHPRVVXEVWLWXLUHVVHVYDORUHVQDOHL

    $VVLPDOHLGHIRUPDomRGDIXQomRp /HWUD% 3UHI 0DLULQTXH63 &(752 3DUD VDEHU R Q~PHUR GR FDOoDGR GHXPDSHVVRDXWLOL]DVHDIyUPXOD HPTXH&pRQ~PHURGRFDOoDGRHS p R FRPSULPHQWR GR Sp HP FHQWtPHWURV 6H XPD SHVVRD FDOoD XP VDSDWRWDPDQKRVLJQLILFDTXHRFRPSULPHQWRGHVHXSpp$FP%FP&FP'FP(FP5HVROXomR2HQXQFLDGRQRVLQIRUPDTXHRQ~PHURGRFDOoDGR&pXPDIXQomRSROLQRPLDOGRJUDXGRFRPSULPHQWRGRSp2QGHRFRHILFLHQWHDQJXODUD HRFRHILFLHQWHOLQHDUE 8PDSHVVRDFDOoDXPVDSDWRWDPDQKRORJR&

    2 TXH HVWi GLYLGLQGR R VHJXQGR PHPEUR SDVVD PXOWLSOLFDQGR R PHPEUR$VVLP

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HWUD& 3UHIGH$UDoDWXED&(752$ILJXUDDVHJXLUUHSUHVHQWDRJUiILFRGHXPDIXQomRGRWLSRI[ D[E

    6REUH D QDWXUH]D GR JUiILFR GHVWD IXQomR UHSUHVHQWDGD DFLPD p FRUUHWRDILUPDUTXH$SRVVXLGXDVUDt]HVUHDLV%D&E!'DE(QmRSRVVXLUDt]HVUHDLV5HVROXomR6XDOHLGHIRUPDomRpGRWLSR 2 FRHILFLHQWH D p GHQRPLQDGR FRHILFLHQWH DQJXODU WD[D GH YDULDomRFRHILFLHQWHGRPLQDQWHRXFRHILFLHQWH OtGHU(VWHFRHILFLHQWHpUHVSRQViYHOSHODLQFOLQDomRGDUHWD4XDQGRD! D IXQomRpFUHVFHQWHUHWDDVFHQGHQWHHTXDQGRDDIXQomRpGHFUHVFHQWHUHWDGHVFHQGHQWH2FRHILFLHQWHEpGHQRPLQDGRFRHILFLHQWHOLQHDURXWHUPRLQGHSHQGHQWH(OHpRLQWHUFHSWRGRJUiILFRFRPRHL[R\$JRUD XP FRQFHLWR TXH p JHUDO RX VHMD p YiOLGR SDUD WRGDV DV IXQo}HV 2SRQWR HP TXH R JUiILFR LQWHUFHSWD R HL[R [ p GHQRPLQDGR ]HUR RX UDL] GDIXQomR3DUDGHWHUPLQDUR]HURRXUDL]GDIXQomREDVWDUHVROYHUDHTXDomRI[

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    -iTXHD IXQomRp FUHVFHQWHSRGHPRVFRQFOXLUTXHD! DDOWHUQDWLYD% pIDOVD&RPR D UHWD FRUWD R HL[R \ DFLPD GD RULJHP SRGHPRV FRQFOXLU TXHE!DDOWHUQDWLYD&pYHUGDGHLUD&RPRD!HE!HQWmRDE!DDOWHUQDWLYD'pIDOVD&RPRDUHWDWRFDRHL[R[HPDSHQDVXPSRQWRDIXQomRSRVVXLDSHQDVXPDUDL]UHDODVDOWHUQDWLYDV$H(VmRIDOVDV/HWUD& $)&6)&(6$)6DEHVHTXHDVUHWDVGHHTXDo}HVU [HU [LQWHUFHSWDPVHHPXPSRQWR3[\/RJRD!H!E!HFHGHH!H!5HVROXomR-iTXHRSRQWRGHHQFRQWURWHPDEVFLVVDQHJDWLYD[HRUGHQDGDQHJDWLYD\ FRQFOXtPRV TXH R SRQWR GH HQFRQWUR GDV UHWDV HVWi QR WHUFHLURTXDGUDQWH9HMDPRVDUHWD6HXFRHILFLHQWHOLQHDUpLJXDOD3RUWDQWRVHXJUiILFRSDVVDSHODRULJHPGRSODQRFDUWHVLDQRWUDWDVHGHXPDIXQomROLQHDU7HPRVGXDVSRVVLELOLGDGHV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6H DIXQomRpFUHVFHQWH6H DIXQomRpGHFUHVFHQWH&RPR R SRQWR GH HQFRQWUR GDV UHWDV p QR TXDGUDQWH D UHWD GHYH VHUDVFHQGHQWHIXQomRFUHVFHQWH3RUWDQWR 9HMDPRVDJRUDDVHJXQGDUHWD6XDHTXDomRpU [6HXFRHILFLHQWHDQJXODUpQHJDWLYRHSRUWDQWRDUHWDpGHVFHQGHQWH6DEHPRVTXHpRFRHILFLHQWHOLQHDUGDUHWD2FRHILFLHQWHOLQHDULQGLFDRQGHD UHWD FRUWD R HL[R \ 3DUD TXH DV GXDV UHWDV VH HQFRQWUHP QR WHUFHLURTXDGUDQWHDUHWDGHYHFRUWDURHL[RDEDL[RGDRULJHPSRUWDQWR /HWUD%

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    )XQomR4XDGUiWLFD$IXQomRTXDGUiWLFDWDPEpPpFKDPDGDGHIXQomRSROLQRPLDOGRJUDXPXLWRVQRFRWLGLDQRIDODPHUUDGDPHQWHIXQomRGRJUDX8PDIXQomRpFKDPDGDGHIXQomRTXDGUiWLFDTXDQGRIRUGRWLSR GHILQLGDSRU 2FRHILFLHQWHpFKDPDGRFRHILFLHQWHGRPLQDQWHRXFRHILFLHQWHOtGHU2FRHILFLHQWHpRFRHILFLHQWHGRSULPHLURJUDXHRFRHILFLHQWHpRWHUPRLQGHSHQGHQWH$FXUYDUHSUHVHQWDWLYDGDIXQomRTXDGUiWLFDpXPDSDUiEROD8PDSDUiERODpXPDFXUYDFRPRVHJXLQWHDVSHFWRQmRYDPRVQRVSUHRFXSDUDTXLFRPGHILQLo}HVIRUPDLVVREUHDSDUiEROD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $ FRQFDYLGDGH GD SDUiEROD SRGH HVWDU YROWDGD SDUD FLPD RX YROWDGD SDUDEDL[R4XHPGHFLGHLVVRpRFRHILFLHQWHGRPLQDQWH6H DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDFLPD6H DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDEDL[R6DEHPRVTXHSDUDFDOFXODURLQWHUFHSWRGRJUiILFRGHTXDOTXHUIXQomRFRPRHL[REDVWDFDOFXODURYDORUGH&RPRDIXQomRTXDGUiWLFDpUHJLGDSHODOHL

    7HPRV DPHVPD FRQFOXVmR TXH WLYHPRV QD WHRULD GD IXQomR DILP 2WHUPR LQGHSHQGHQWH QRV LQIRUPD D RUGHQDGD GR SRQWR HP TXH RJUiILFRFRUWDRHL[R

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    1HVWDDXODDSUHQGHPRVDUHVROYHUHTXDo}HVGRVHJXQGRJUDX7DPEpPDSUHQGHPRVQHVWDDXODTXHSDUDGHVFREULURQGHRJUiILFRWRFDRHL[RGHYHPRVUHVROYHUDHTXDomR 'HVWDIRUPDSDUDGHVFREULURQGHDSDUiERODWRFDVHpTXHWRFDRHL[RGHYHPRVUHVROYHUDHTXDomR

    9LPRVTXHKiWUrVFDVRVDFRQVLGHUDU 'XDVUDt]HVUHDLVHGLVWLQWDV 'XDVUDt]HVUHDLVHLJXDLV 1mRKiUDt]HVUHDLV

    ' ! ' '

    $VVLP D SDUiEROD SRGH FRUWDU R HL[R HP GRLV SRQWRV GLVWLQWRV SRGHWDQJHQFLDUHQFRVWDURHL[RRXSRGHQmRWRFDURHL[R6mRSRVVLELOLGDGHV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    9pUWLFHGD3DUiEROD2SRQWR9UHSUHVHQWDGRDFLPDpFKDPDGRYpUWLFHGDSDUiEROD4XDQGR DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDFLPDHRYpUWLFHpXPSRQWRGHPtQLPR4XDQGR DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDEDL[RHRYpUWLFHpXPSRQWRGHPi[LPR&RPR WRGR SRQWR R YpUWLFH WHP XP SDU RUGHQDGR FRUUHVSRQGHQWH $VFRRUGHQDGDVGRYpUWLFHVmRGDGDVSHODVIyUPXODV

    4XDQGR DIXQomRTXDGUiWLFDDGPLWHXPSRQWRGHPtQLPR1HVWHFDVRDFRRUGHQDGD\pFKDPDGDGHYDORUPtQLPRHDFRRUGHQDGD[pFKDPDGDGHPLQLPDQWH4XDQGR DIXQomRTXDGUiWLFDDGPLWHXPSRQWRGHPi[LPR1HVWHFDVRDFRRUGHQDGD\pFKDPDGDGHYDORUPi[LPRHDFRRUGHQDGD[pFKDPDGDGHPD[LPDQWH&RP HVVDV LQIRUPDo}HV HVWDPRV SURQWRV SDUD FRQVWUXLU JUiILFRV GH IXQo}HVTXDGUiWLFDV(PJHUDOYDPRVVHJXLURVVHJXLQWHVSDVVRV

    s

    s

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    L 'HVHQKDURHL[RLL &DOFXODURYDORUGRGLVFULPLQDQWHHDVUDt]HVVHKRXYHULLL 'HDFRUGRFRPRYDORUGHHGHVHQKDUXPHVERoRGDSDUiERODLY &DOFXODUDVFRRUGHQDGDVGRYpUWLFH

    Y 7UDoDURHL[RYL 'HWHUPLQDUR LQWHUFHSWRGDSDUiERODFRPRHL[R OHPEUHVHTXHHVWHLQWHUFHSWRpGDGRSHORYDORUGRWHUPRLQGHSHQGHQWH&RQVWUXDRJUiILFRGDIXQomRUHDOGHILQLGDSRU 5HVROXomR7HPRVTXH &RPR DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDFLPD9DPRVFDOFXODURYDORUGRGLVFULPLQDQWH

    &RPR DSDUiERODFRUWDRHL[RHPGRLVSRQWRVGLVWLQWRV9DPRVHQWmRFDOFXODUDVUDt]HV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3RUHQTXDQWRRJUiILFRWHPRVHJXLQWHDVSHFWR9DPRVFDOFXODUDVFRRUGHQDGDVGRYpUWLFH

    2XWUDPDQHLUD GH FDOFXODU D DEVFLVVD GR YpUWLFH [GR YpUWLFH p D VHJXLQWHVRPDU DV UDt]HV H GLYLGLU SRU 2X VHMD D DEVFLVVD GR YpUWLFH p D PpGLDDULWPpWLFDGDVUDt]HV&RPRDVUDt]HVVmRHR[GRYpUWLFHpGDGRSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HPEUDQGRDJRUDTXHRFRHILFLHQWH pRLQWHUFHSWRGRJUiILFRFRPRHL[R6(%5$($& &(63(8Q% 2 OXFUR \ HP UHDLV TXH XP FRPHUFLDQWHREWpP FRP D YHQGD GH [ TXLORJUDPDV GH IDULQKD p H[SUHVVR SHOD IXQomR 6H\VLJQLILFDTXHRFRPHUFLDQWHWHYHSUHMXt]R&RPEDVHQHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVXEVHTXHQWHV 6HRFRPHUFLDQWHYHQGHPDLVGHNJGHIDULQKDHQWmRRVHXOXFURVHUiVXSHULRUD5 1DYHQGDGHNJGHIDULQKDROXFURREWLGRSHORFRPHUFLDQWHpVXSHULRUD5 $IXQomR\pXPDIXQomRFUHVFHQWHGH[5HVROXomR9DPRVFRQVWUXLURJUiILFRGDIXQomRSDUDTXHSRVVDPRVDQDOLVDURVLWHQV2JUiILFRpXPDSDUiERODFRPDFRQFDYLGDGHYROWDGDSDUDEDL[R&DOFXOHPRVRGLVFULPLQDQWH $JRUDYDPRVFDOFXODUDVUDt]HVGDIXQomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3RUHQTXDQWRRJUiILFRWHPRVHJXLQWHDVSHFWR9DPRVFDOFXODUDVFRRUGHQDGDVGRYpUWLFH

    9DPRVDQDOLVDURVLWHQV6HR FRPHUFLDQWH YHQGHPDLV GHNJGH IDULQKDHQWmRR VHX OXFUR VHUiVXSHULRUD51DGDSRGHPRVJDUDQWLUVREUHROXFURVHRFRPHUFLDQWHYHQGHPDLVGHNJ3RUH[HPSOR VH R FRPHUFLDQWH YHQGH NJ VHX OXFUR p GH 5 0DV VH RFRPHUFLDQWHYHQGHNJROXFURpLJXDOD$VVLPRLWHPHVWiHUUDGR1DYHQGDGHNJGHIDULQKDROXFURREWLGRSHORFRPHUFLDQWHpVXSHULRUD5

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2 LWHP HVWi FHUWR 1D YHQGD GH NJ GH IDULQKD R OXFUR REWLGR SHORFRPHUFLDQWHpLJXDOD5$IXQomR\pXPDIXQomRFUHVFHQWHGH[2LWHPHVWiHUUDGR$IXQomRpFUHVFHQWHSDUD[3DUD[!DIXQomRpGHFUHVFHQWH 6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomR6DQWD&DWDULQD)(3(6(2 OXFUR REWLGRQD YHQGDGHPRXVHV pGDGRSHOD IXQomR /[ [[VHQGR/ROXFURGRIDEULFDQWHH[RSUHoRGHYHQGDGRPRXVH2JUiILFRGDIXQomROXFURpUHSUHVHQWDGRQDILJXUDDEDL[R

    $VVLQDOHDDOWHUQDWLYDTXHLQGLFDRPDLRUOXFURGRIDEULFDQWHD5E5F5G5H55HVROXomR/HPEUHPRVRXWURVIDWRVLPSRUWDQWHVDFHUFDGDIXQomRTXDGUiWLFD FRP 6HD!DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDFLPDHDIXQomRDGPLWHXPSRQWRGHPtQLPR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HDDFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDEDL[RHDIXQomRDGPLWHXPSRQWRGHPi[LPR6HDDIXQomRTXDGUiWLFD DGPLWHRYDORUPi[LPR

    1HVWH FDVR R YDORU p GHQRPLQDGR YDORUPi[LPRGD IXQomR H R YDORU

    p

    GHQRPLQDGRPD[LPDQWH6HD!DIXQomRTXDGUiWLFD DGPLWHRYDORUPtQLPR

    1HVWH FDVR R YDORU p GHQRPLQDGR YDORUPtQLPR GD IXQomR H R YDORU

    p

    GHQRPLQDGRPLQLPDQWH2 SRQWR

    p FKDPDGR YpUWLFH GD SDUiEROD UHSUHVHQWDWLYD GD IXQomR

    TXDGUiWLFD9ROWHPRV j TXHVWmR $ TXHVWmR FKHJDYD DWp VHU LQWHUHVVDQWHPDV R JUiILFRHVWUDJRXWXGRHRFDQGLGDWRSRGHULDUHVSRQGHUDTXHVWmRVHPWRFDUQROiSLV

    2EYLDPHQWH R OXFURPi[LPR pPDLRU GR TXH HPHQRU GR TXH $VVLPDUHVSRVWDVySRGHVHUDOHWUD'0DVQRVVRSDSHOQmRpDSHQDVPDUFDURJDEDULWR9DPRVHVTXHFHURJUiILFR2YDORUPi[LPRGDIXQomRpGDGRSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HPEUDQGRTXH $IXQomROXFURpGDGDSRU/[ [[(QWmR $VVLPRYDORUPi[LPROXFURPi[LPRp

    /HWUD'6H TXLVpVVHPRV FDOFXODU R YDORU GRPRXVH D VHU YHQGLGR TXH WRUQD R OXFURPi[LPREDVWDUtDPRVFDOFXODU[Pi[

    (VVHYDORUIRLH[SOLFLWDGRQRJUiILFRHL[R[2EVHUYHRXWUDFRLVDR[Pi[SRGHVHU FDOFXODGRFRPRDPpGLDDULWPpWLFDGDVUDt]HV$VUDt]HVVmRRVSRQWRVHPTXHRJUiILFR WRFDRHL[R[$QDOLVDQGRRJUiILFRYHPRVTXHDSDUiERODWRFDRHL[R[HP[ HHP[ $VVLP

    (VDEHQGRR[Pi[SRGHPRVFDOFXODU\Pi[VXEVWLWXLQGRR[QDIXQomRSRU

    3HWUREUDV&(6*5$15,2$VPHGLGDVGDEDVHHGDDOWXUDGHFHUWRWULkQJXORVmRH[SUHVVDVSRU[FPH[FPRQGH[pXPQ~PHURQDWXUDO$iUHDPi[LPDTXHHVVHWULkQJXORSRGHWHUHPFPp$%&'(5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $iUHDGHXPWULkQJXORpDPHWDGHGRSURGXWRGDEDVHSHODDOWXUD

    7HPRVXPDIXQomRTXDGUiWLFDFRP H 2YDORUPi[LPRGDIXQomRpGDGRSRU

    /HPEUDQGRTXH $VVLPRYDORUPi[LPROXFURPi[LPRp

    /HWUD( $)5)%(6$)&RQVLGHUHDVLQHTXDo}HVGDGDVSRU

    6DEHQGRTXH$pRFRQMXQWRVROXomRGHH%RFRQMXQWRVROXomRGHHQWmRRFRQMXQWR pLJXDODD E F G H 5HVROXomR5HOHPEUHPRVDOJXQVIDWRVLPSRUWDQWHVVREUHDIXQomRTXDGUiWLFDGHILQLGDQRVUHDLVSHODOHL FRP

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HX JUiILFR p XPD SDUiEROD FRP HL[R GH VLPHWULD YHUWLFDO 6H D ! DFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDFLPDVHDDFRQFDYLGDGHGDSDUiERODHVWiYROWDGDSDUDEDL[R$VUDt]HVGDIXQomRVmRGDGDVSHODIyUPXOD

    2Q~PHUR pFKDPDGRGHGLVFULPLQDQWH6H HQWmR D IXQomR SRVVXL GXDV UDt]HV UHDLV H GLVWLQWDV H R JUiILFRLQWHUFHSWDRHL[R[HPGRLVSRQWRVGLVWLQWRV6H HQWmRDIXQomRSRVVXLGXDVUDt]HVUHDLVHLJXDLVRXUDL]GXSODHRJUiILFRWDQJHQFLDRHL[R[6H HQWmRD IXQomRQmR SRVVXL UDt]HV UHDLV H R JUiILFR QmR LQWHUFHSWD RHL[R[&RQVLGHUH D IXQomR 2 JUiILFR p XPD SDUiEROD FRP DFRQFDYLGDGHYROWDGDSDUDFLPD&DOFXOHPRVVXDVVXSRVWDVUDt]HV

    2XVHMDDIXQomRSRVVXLGXDVUDt]HVUHDLVHLJXDLVUDL]GXSOD

    5HVROYHUDLQHTXDomR VLJQLILFDUHVSRQGHUTXDQGRpTXHDIXQomR pPHQRUTXHRX LJXDO D 'HDFRUGR FRPRJUiILFRH[SRVWRDFLPDDIXQomRQXQFDpPHQRUGRTXH$IXQomRpLJXDODDSHQDVSDUD[ $VVLPRFRQMXQWRVROXomRGDLQHTXDomRp 2OKHPRVDVHJXQGDLQHTXDomR 2JUiILFRGDIXQomRJpXPDSDUiERODFRPDFRQFDYLGDGHYROWDGDSDUDEDL[R&DOFXOHPRVDVUDt]HV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    7HPRVRVHJXLQWHJUiILFR

    5HVROYHU D LQHTXDomR VLJQLILFDU UHVSRQGHU TXDQGR DIXQomR J p PDLRU GR TXH RX LJXDO D 3HOR JUiILFR YHPRV TXH R FRQMXQWRVROXomRGHVVDLQHTXDomRpRFRQMXQWR 2HQXQFLDGRSHGHRFRQMXQWR

    $LQWHUVHomRUHVXPHVHDRSRQWR[ /HWUD& $19,6$ &(752 &RQVLGHUH DV VHJXLQWHV IXQo}HV H $VVLQDOH D DOWHUQDWLYD TXH DSUHVHQWD DVROXomRGDLQHTXDomRGHILQLGDSRU D E F

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    G H 5HVROXomR9DPRVHVWXGDUVHSDUDGDPHQWHRVLQDOGHFDGDXPDGDVIXQo}HVL &iOFXORGDVUDt]HV

    7HPRVSRUWDQWRXPDUDL]UHDOGXSODLJXDOD2JUiILFRGHpXPDSDUiERODFRPDFRQFDYLGDGHYROWDGDSDUDFLPDHTXHWDQJHQFLDRHL[RQRSRQWRGHDEVFLVVDLJXDODLL &iOFXORGDUDL]

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3RUWDQWRRJUiILFRpXPDUHWDFRPFRHILFLHQWHDQJXODUSRVLWLYRIXQomRFUHVFHQWHHTXHLQWHUFHSWDRHL[R[QRSRQWRGHDEVFLVVD9HMDPRVDVROXomRGDLQHTXDomR OHPEUDQGRDVUHJUDVGRVVLQDLVQDPXOWLSOLFDomR

    $VVLPDVROXomRGDLQHTXDomRpRFRQMXQWR /HWUD%$7(1d24XHPDFKRXTXHR&(752FRPHWHXXPHUURGHGLJLWDomRQDIXQomRJHDFKDYDTXHRFRUUHWRHUD LULDPDUFDUDOHWUD'6LQFHUDPHQWHLVVRQmRVHID]1mRDGLDQWDEULJDU(OHVFRORFDUDP SDUDTXHYRFrXVDVVH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVHPEOHLD/HJLVODWLYDGR(VWDGRGH6mR3DXOR)&&2JUiILFRDVHJXLUUHSUHVHQWDDIXQomRGHGRPtQLRUHDOGDGDSHODOHL

    6DEHQGRTXHDEHFVmRFRQVWDQWHVpFRUUHWRFRQFOXLUTXH$DEHF%DEHF!&DE!HF'DE!HF!(D!EHF5HVROXomR&RPRDFRQFDYLGDGHHVWiYROWDGDSDUDEDL[RFRQFOXtPRVTXH $SDUiERODFRUWDRHL[RDEDL[RGDRULJHPGRSODQRSRUWDQWR 3UHFLVDPRVGHVFREULURVLQDOGRFRHILFLHQWH

    2EYLDPHQWHDFRRUGHQDGDGRYpUWLFHpQHJDWLYD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    0XOWLSOLFDQGR RV GRLV PHPEURV SRU GHYHPRV LQYHUWHU R VHQWLGR GDGHVLJXDOGDGH

    &RPR HQWmRRGHQRPLQDGRUpQHJDWLYR3DUDTXHDGLYLVmRVHMDSRVLWLYDRQXPHUDGRUWDPEpPGHYHVHUQHJDWLYR3RUWDQWR /HWUD$2EVHUYDomR 5HVROYL HVWD TXHVWmR GH XPD PDQHLUD XP SRXFR PDLVLQWHUHVVDQWHQDSDUWHDEHUWDGR3RQWRGRV&RQFXUVRV%DVWDDFHVVDUROLQNKWWSZZZSRQWRGRVFRQFXUVRVFRPEUDGPLQLPDJHQVXSORDGB'SGI 3HWUREUDV&(6*5$15,2&RQVLGHUHDIXQomRI[ P[S[RQGHPSHTVmRQ~PHURVUHDLVWDLVTXHPHS!2JUiILFRTXHPHOKRUUHSUHVHQWDI[p

    5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $OHLGHIRUPDomRGDIXQomRTXDGUiWLFDpGRWLSR HPTXH H &RPRRWHUPRLQGHSHQGHQWH HQWmRDSDUiERODGHYHFRUWDURHL[RQDRULJHPGRSODQRFDUWHVLDQR3RGHPRVMiGHVFDUWDUDDOWHUQDWLYD'&RPR HQWmR D FRQFDYLGDGH GD SDUiEROD HVWi YROWDGD SDUD EDL[R3RGHPRVGHVFDUWDUDVDOWHUQDWLYDV$H&(VWDPRV HP G~YLGD VH D UHVSRVWD p D DOWHUQDWLYD % RX ( 9HMD TXH DV GXDVSDUiERODVHVWmRFRPDFRQFDYLGDGHYROWDGDSDUDEDL[RHDVGXDVSDVVDPSHODRULJHPGRSODQR6yTXHXPDHVWiGRODGRHVTXHUGRGRSODQRHDRXWUDHVWiGRODGRGLUHLWRGRSODQR4XHPYDLWLUDUDQRVVDG~YLGDpR6DEHPRVTXH 1RQRVVRFDVR

    &RPR HQWmR 2XVHMDRQXPHUDGRUGDIUDomRpQHJDWLYR&RPR HQWmR 2GHQRPLQDGRUGDIUDomRWDPEpPpQHJDWLYR4XDQGRGLYLGLPRVXPQ~PHURQHJDWLYRSRURXWURQ~PHURQHJDWLYRRUHVXOWDGRpXPQ~PHURSRVLWLYR&RQFOXVmR $UHVSRVWDSRUWDQWRpDDOWHUQDWLYD(

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /RJDULWPRVH3RWrQFLDV&RQVLGHUHGRLVQ~PHURVUHDLVHSRVLWLYRVH3RUPRWLYRVTXHILFDPDOpPGRVREMHWLYRVGHVWDDXODFRQVLGHUDUHPRVTXH 'HQRPLQDPRVORJDULWPRQDEDVHRH[SRHQWHTXHVHGHYHGDUjEDVHGHPRGRTXHDSRWrQFLDREWLGDVHMDLJXDOD1DVLPERORJLDDOJpEULFDWHPRV

    1RPHQFODWXUDV1DH[SUHVVmR pDEDVHpRORJDULWPDQGRRXDQWLORJDULWPRpRORJDULWPR

    /RJDULWPDomR4XDORVLJQLILFDGRGDH[SUHVVmR "(PVXPDFRPRVHFDOFXODRYDORUGH "'HYHPRVUDFLRFLQDUGDVHJXLQWHIRUPDHOHYDGRDTXHQ~PHURpLJXDOD"$UHVSRVWDp3RUWDQWR 2XVHMD 9HMDPRVRXWURH[HPSOR&DOFXODURYDORUGH 'HYHPRVUDFLRFLQDUGDVHJXLQWHIRUPDHOHYDGRDTXHQ~PHURpLJXDOD"$UHVSRVWDp3RUWDQWR 2XVHMD 3URSULHGDGHVGHFRUUHQWHVGDGHILQLomRL2ORJDULWPRGHHPTXDOTXHUEDVHpLJXDOD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    (VVHIDWRpGHIiFLOH[SOLFDomRYLVWRTXHTXDOTXHUQ~PHURQmRQXORHOHYDGRDpLJXDOD([HPSOR4XDORYDORUGH "'HYHPRVUDFLRFLQDUHOHYDGRDTXHQ~PHURpLJXDOD"$UHVSRVWDp3RUWDQWR LL2ORJDULWPRGDEDVHHPTXDOTXHUEDVHpLJXDOD

    (VVHIDWRWDPEpPpGHIiFLOH[SOLFDomRYLVWRTXHTXDOTXHUQ~PHURHOHYDGRDpLJXDODHOHPHVPR3RUWDQWRWHPRVTXH LLL'RLVORJDULWPRVVmRLJXDLVVHHVRPHQWHVHRVORJDULWPDQGRVVmRLJXDLV

    2EVHUYHTXHMiTXHVHWUDWDGHXPVHHVRPHQWHVHSRGHPRVXWLOL]DUHVVDSURSULHGDGHQRVGRLVVHQWLGRV2XVHMD6HRVORJDULWPRVVmRLJXDLVHQWmRRVORJDULWPDQGRVVmRLJXDLV6HRVGRLVQ~PHURVVmRLJXDLVQ~PHURVSRVLWLYRVHQWmRRVORJDULWPRVHPTXDOTXHUEDVHWDPEpPVmR8WLOL]DUHPRVEDVWDQWHHVWHIDWRQDVROXomRGHHTXDo}HVH[SRQHQFLDLV%DVHVHVSHFLDLV([LVWHPGRLVVLVWHPDVGHORJDULWPRVTXHVmRPXLWRLPSRUWDQWHVLQFOXVLYHHP0DWHPiWLFD)LQDQFHLUDTXHVmRL6LVWHPDGHORJDULWPRVGHFLPDLVeRVLVWHPDGHEDVH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    8WLOL]DUHPRVDVHJXLQWHQRWDomR

    2EVHUYHTXH LL6LVWHPDGHORJDULWPRVQHSHULDQRVRXQDWXUDLVeRVLVWHPDGHEDVH 2Q~PHURWHPXPDLQILQLGDGHGHDSOLFDo}HVQD0DWHPiWLFD8WLOL]DUHPRVRQ~PHURHP0DWHPiWLFD)LQDQFHLUDQRHVWXGRGDV&DSLWDOL]Do}HV&RQWtQXDV$GRWDUHPRVDVHJXLQWHQRWDomR

    2EVHUYHTXH

    3URSULHGDGHVRSHUDWyULDVL/RJDULWPRGRSURGXWR2ORJDULWPRGRSURGXWRGHGRLVRXPDLVIDWRUHVUHDLVHSRVLWLYRVpLJXDODVRPDGRVORJDULWPRVGRVIDWRUHVHPTXDOTXHUEDVH

    ([HPSOR6DEHPRVTXH 9DPRVFDOFXODURORJDULWPRGH QDEDVH

    3RUWDQWR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2TXHpYHUGDGHMiTXH LL/RJDULWPRGR&RFLHQWH2ORJDULWPRGRFRFLHQWHGHGRLVQ~PHURVUHDLVHSRVLWLYRVpLJXDOjGLIHUHQoDHQWUHRORJDULWPRGRGLYLGHQGRHRORJDULWPRGRGLYLVRUHPTXDOTXHUEDVH

    ([HPSOR6DEHPRVTXH 9DPRVFDOFXODURORJDULWPRGH QDEDVH

    3RUWDQWR

    2TXHpYHUGDGHMiTXH LLL/RJDULWPRGDSRWrQFLD2ORJDULWPRGHXPDSRWrQFLDGHEDVHUHDOSRVLWLYDHH[SRHQWHUHDOpLJXDODRSURGXWRGRH[SRHQWHSHORORJDULWPRGDEDVHGDSRWrQFLD

    ([HPSOR6DEHPRVTXH 9DPRVFDOFXODURORJDULWPRGH QDEDVH

    3RUWDQWR

    2TXHpYHUGDGHMiTXH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &0%(6&(63(8Q%2VQ~PHURVSRVLWLYRVHVmRWDLVTXHVHXVORJDULWPRVQDEDVHVmRH$FHUFDGHVVHVQ~PHURVMXOJXHRVLWHQVVXEVHTXHQWHV 2ORJDULWPRQDEDVHGRQ~PHUR pLJXDOD $UD]mREDpLJXDOD5HVROXomR9HMDPRVRVGDGRVGRSUREOHPD

    ,VWRVLJQLILFDTXH

    ,VWRVLJQLILFDTXH 9DPRVDRVLWHQV4XHUHPRVFDOFXODU 9DPRVDSOLFDUDVSURSULHGDGHVTXHDSUHQGHPRV2ORJDULWPRGRSURGXWRSRGHVHUVHSDUDGRHPXPDVRPDGHORJDULWPRV

    $SOLTXHPRVDJRUDDSURSULHGDGHGDSRWrQFLDRH[SRHQWHGHVFHPXOWLSOLFDQGR

    2LWHPHVWiFHUWR6DEHPRVTXH HTXH

    3DUDGLYLGLUSRWrQFLDVGHPHVPDEDVHUHSHWLPRVDEDVHHVXEWUDtPRVRVH[SRHQWHV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    2LWHPHVWiHUUDGR 0LQLVWpULRGD'HIHVD&(6*5$15,22ORJDULWPRQDEDVHGHYDOH$%&'(5HVROXomR1RVVRREMHWLYRpFDOFXODU

    3HODGHILQLomRGHORJDULWPRWHPRVTXH

    &RPR H HQWmR

    &RPRDVEDVHVVmRLJXDLVHQWmRRVH[SRHQWHVWDPEpPGHYHPVHULJXDLV

    3RUWDQWR

    /HWUD$

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3HWUREUDV&(6*5$15,2$IXQomR RQGH H HVWiUHSUHVHQWDGDQRJUiILFRDEDL[R

    2VYDORUHVGHHGHUHVSHFWLYDPHQWHVmR$H%H&H'H(H5HVROXomR2JUiILFRQRVPRVWUDTXHDFXUYDSDVVDSHORVSRQWRVH2SRQWRVLJQLILFDTXHTXDQGR

    6DEHPRVTXHHORJDULWPRGHHPTXDOTXHUEDVHpLJXDOD

    3RUWDQWR

    $OHLGHIRUPDomRGDIXQomRp 2VHJXQGRSRQWRLQGLFDTXHTXDQGR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HWUD$ 3HWUREUDV&(6*5$15,2$VH[SRUWDo}HVGHFHUWDHPSUHVDGHDXWRSHoDVYrPFUHVFHQGRH[SRQHQFLDOPHQWHGHDFRUGRFRPDIXQomR([ N[RQGH[UHSUHVHQWDRQ~PHURGHDQRVHNRQ~PHURGHDXWRSHoDVH[SRUWDGDVDWXDOPHQWH'DTXLDTXDQWRVDQRVDTXDQWLGDGHGHSHoDVH[SRUWDGDVFRUUHVSRQGHUiDN"$%&'(5HVROXomR4XHUHPRVFDOFXODURWHPSR[WDOTXHRQ~PHURGHSHoDVH[SRUWDGDV([VHMDLJXDODN

    3RGHPRVFRUWDU

    &RPR HQWmR /HWUD' 3HWUREUDV&(6*5$15,2$PDJQLWXGH0GHXPWHUUHPRWRpH[SUHVVDHPIXQomRGDHQHUJLDOLEHUDGD[HPMRXOHVSHODOHL

    8PWHUUHPRWRTXHOLEHUHMRXOHVGHHQHUJLDWHUiPDJQLWXGH0LJXDOD$%&'(

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    5HVROXomR$HQHUJLDOLEHUDGDpGH 3DUDFDOFXODUDPDJQLWXGH0GHYHPRVVXEVWLWXLUSRU

    /HWUD& 3HWUREUDV&(6*5$15,28PHVWXGRHPODERUDWyULRUHYHORXTXHDDOWXUDPpGLDGHGHWHUPLQDGDHVSpFLHGHSODQWDpGDGDDSDUWLUGHXPDQRGHLGDGHSHODIXQomR RQGHK[UHSUHVHQWDDDOWXUDPpGLDHPPH[ D LGDGHHPDQRV4XDOp HPPDDOWXUDPpGLDGHXPDSODQWDGHVVDHVSpFLHDRVFLQFRDQRVGHLGDGH"$%&'(5HVROXomR%DVWDVXEVWLWXLUSRUDQRV/HPEUHVHGDVHJXLQWHSURSULHGDGH

    3DUDPXOWLSOLFDUSRWrQFLDVGHPHVPDEDVHFRQVHUYDPRVDEDVHHVRPDPRVRVH[SRHQWHV

    /HPEUHVHTXHTXDQGRDEDVHQmRHVWiLQGLFDGDMiGHYHPRVVDEHUTXHDEDVHp

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HWUD% 3HWUREUDV&(6*5$15,24XDQWRYDOH[VH "$%&'(5HVROXomR2ORJDULWPRGRFRFLHQWHGHGRLVQ~PHURVUHDLVHSRVLWLYRVpLJXDOjGLIHUHQoDHQWUHRORJDULWPRGRGLYLGHQGRHRORJDULWPRGRGLYLVRUHPTXDOTXHUEDVH

    3RUWDQWR

    3HODGHILQLomRGHORJDULWPR

    /HWUD% &RPSDQKLD&DWDULQHQVHGHJXDVH6DQHDPHQWR)(3(6(8PGRVSUREOHPDVGDFDSWDomRGHiJXDGHULRVpDSUHVHQoDGHDOJDVSRWHQFLDOPHQWHWy[LFDVUHVSRQViYHLVSHORPDXFKHLURHRJRVWRUXLPQDiJXD1RHQWDQWRVHD TXDQWLGDGH GH FpOXODV DOJDV HVWLYHU GHQWUR GRV OLPLWHV WROHUDGRV SHORRUJDQLVPR DV DOJDV QmR FDXVDP ULVFRV j VD~GH 2 SDGUmR FRQVLGHUDGRSUHRFXSDQWH p D SDUWLU GH PLO FpOXODV SRU PLOLOLWUR 6XSRQKD TXH DTXDQWLGDGHQGHFpOXODVDOJDVSRUPLOLOLWURHPIXQomRGRWHPSRHPVHPDQDVVHMD GDGD SHOD H[SUHVVmR DOJpEULFD QW W 'HWHUPLQH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    DSUR[LPDGDPHQWH R WHPSR QHFHVViULR HP VHPDQDV SDUD TXH HQWUH QRSDGUmRSUHRFXSDQWH&RQVLGHUHORJ DEFGH5HVROXomR2SDGUmRSUHRFXSDQWHpGHPLOFpOXODVSRUPLOLOLWURQRPtQLPR2WHPSRQHFHVViULRSDUDTXHHQWUHQRSDGUmRpDUDL]GDHTXDomR

    2 ORJDULWPR GH DX[tOLR GDGR SHOD TXHVWmR HVWi QD EDVH 3RGHPRVSRUWDQWRORJDULWPDUDPERVRVPHPEURVQDEDVH

    /HPEUDQGRTXH

    /HPEUDQGRWDPEpPTXH

    /HWUD& 3UHIHLWXUD 0XQLFLSDO GH (OGRUDGR GR 6XO &21(68/ 8VDQGR RVYDORUHVORJ HORJ FDOFXOHHDVVLQDOHRYDORUFRUUHVSRQGHQWHDORJDEFGH5HVROXomR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    4XDQGRDEDVHQmRpHVFULWDSRUFRQYHQomRXWLOL]DVHDEDVH3RUWDQWRRVORJDULWPRVHVFULWRVQRHQXQFLDGRVmRWRGRVGHEDVH6HTXHUHPRVFDOFXODUORJGDGRVORJHORJRSULPHLURSDVVRpIDWRUDU

    7HPRVHQWmRTXH

    6DEHPRVTXHRORJDULWPRGRSURGXWRpDVRPDGRVORJDULWPRV

    6DEHPRVWDPEpPTXHR ORJDULWPRGDSRWrQFLDpRSURGXWRGRH[SRHQWHSHORORJDULWPRGDEDVH

    3RUWDQWR

    /HWUD' 7&063&(752$SRSXODomRGHXPDFLGDGHDXPHQWDVHJXQGRDHTXDomR RQGH1pRQ~PHURGHKDELWDQWHVHWpRWHPSRHPDQRV2YDORUGHWSDUDTXHDSRSXODomRGREUHHPUHODomRDKRMHpGHD

    E F G

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    H5HVROXomR3DUDFDOFXODUDSRSXODomRKRMHEDVWDID]HUW

    3RUWDQWRTXHUHPRVVDEHUTXDQGRDSRSXODomRVHUi%DVWDID]HU1

    2TXHHVWiPXOWLSOLFDQGRSDVVDSDUDRVHJXQGRPHPEURGLYLGLQGR

    L 6H GRLV Q~PHURV VmR LJXDLV HQWmR RV VHXV ORJDULWPRV HP TXDOTXHU

    EDVHWDPEpPVmR

    /RJDULWPDQGRRVGRLVPHPEURV

    /HWUD$ &() &(63(8Q% $ SRSXODomR 3 GH XPD FRPXQLGDGH W DQRVDSyV GHWHUPLQDGR DQR FRQVLGHUDGR DQR W SRGH VHU FDOFXODGD SHODIyUPXOD HPTXHNpXPDFRQVWDQWHSRVLWLYD pDTXDQWLGDGHGHLQGLYtGXRVQDFRPXQLGDGHQRDQRW HpDEDVHGRORJDULWPRQHSHULDQR1HVVH FDVR FRQVLGHUDQGR FRPR YDORU DSUR[LPDGR SDUD H TXH DSRSXODomR WULSOLTXHHPDQRVHQWmR VHUiGXSOLFDGDHPDDQRVEDQRVFDQRVGDQRVHDQRV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    5HVROXomR4XDQGRDSRSXODomRIRUWULSOLFDGDWHUHPRV3 3,VWRRFRUUHUiHPDQRV/RJR

    2XVHMD

    9DPRVDSOLFDURORJDULWPRQHSHULDQRHPDPERVRVPHPEURVGDHTXDomR

    /HPEUHVHTXH

    4XDQGRDSRSXODomRIRUGREUDGDWHUHPRV3 3,VVRRFRUUHUiHPWDQRV/RJR

    9DPRVDSOLFDURORJDULWPRQHSHULDQRHPDPERVRVPHPEURVGDHTXDomR

    /HPEUHVHTXH

    &RPRVDEHPRVTXH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    /HWUD( /,48,*6&(752$PDLRUUDL]GDHTXDomR[[ p$%&ORJ'ORJ(5HVROXomR/HPEUHVH TXH SDUD PXOWLSOLFDU GXDV SRWrQFLDV GH PHVPD EDVHUHSHWLPRVDEDVHHVRPDPRVRVH[SRHQWHV3DUDGLYLGLUSRWrQFLDVGHPHVPDEDVHUHSHWLPRVDEDVHHVXEWUDtPRVRVH[SRHQWHV$VVLP

    (GDPHVPDIRUPDTXH WHPRVTXH yEYLRQmR"$VVLPRSULPHLURWHUPRGDHTXDomR[ [ [

    /HPEUHPRVRXWUDSURSULHGDGHGDVSRWrQFLDV

    $VVLP[ [3RGHPRVUHHVFUHYHUDHTXDomR[[ GDVHJXLQWHIRUPD

    )D]HQGR DHTXDomRWRPDDVHJXLQWHIRUPD

    2XVHMDWHPRVDJRUDXPDHTXDomRGRVHJXQGRJUDXHP\3DUDUHVROYHUXPDHTXDomRGRVHJXQGRJUDXFRPFRHILFLHQWHVDEHFQDQRVVDHTXDomRD E HF GHYHPRVXWLOL]DUDVHJXLQWHIyUPXOD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $VVLP RX

    0DVFRPR HQWmR RX 7HPRVDJRUDGXDVHTXDo}HVH[SRQHQFLDLVSDUDUHVROYHUL 6DEHPRVTXHDH[SUHVVmR SRGHVHUHVFULWDQDIRUPD $VVLP SRGHVHUHVFULWRFRPR LL

    $VVLPDVUDt]HVGDHTXDomRVmR H$PDLRUUDL]p HDUHVSRVWDpDOHWUD& 7&(51(6$)6HI[ HN[HI HQWmRIpLJXDODDEFGH5HVROXomR3DUDFDOFXODUEDVWDVXEVWLWXLUSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    4XHUHPRVFDOFXODU

    2EVHUYHTXHXWLOL]DPRVDVSURSULHGDGHVGHWUiVSDUDIUHQWH/HWUD'3&(6 &(63(8Q% (P XP VtWLR DUTXHROyJLFR IRUDP HQFRQWUDGRVRVVRVGHDQLPDLVHXPSHULWR IRL LQFXPELGRGH ID]HUDGDWDomRGDVRVVDGDV6DEHVH TXH D TXDQWLGDGH GH FDUERQR DSyV D PRUWH GR DQLPDO YDULDVHJXQGR D OHL HP TXH TXH p D EDVH GR ORJDULWPRQDWXUDOpDTXDQWLGDGHGHFDUERQRH[LVWHQWHQRFRUSRGRDQLPDOQRLQVWDQWHGDPRUWHHpDTXDQWLGDGHGHFDUERQRWDQRVGHSRLVGDPRUWH&RP EDVH QHVVDV LQIRUPDo}HV H FRQVLGHUDQGR H FRPR YDORUHVDSUR[LPDGRVGHHUHVSHFWLYDPHQWHMXOJXHRVLWHQVTXHVHVHJXHP 6XSRQKDTXHDRH[DPLQDUXPDRVVDGDRSHULWRWHQKDYHULILFDGRTXHRDQLPDO PRUUHX Ki DQRV 1HVVH FDVR D TXDQWLGDGH GH FDUERQR H[LVWHQWH QHVVD RVVDGD QR LQVWDQWH GR H[DPH HUD VXSHULRU D GDTXDQWLGDGHQRLQVWDQWHGDPRUWH 6HHPXPDRVVDGDRSHULWRFRQVWDWRXTXHDTXDQWLGDGHGHFDUERQRSUHVHQWH HUD GD TXDQWLGDGH QR LQVWDQWH GD PRUWH GR DQLPDO HQWmR pFRUUHWRDILUPDUTXHRDQLPDOPRUUHXDPHQRVGHDQRV5HVROXomR6HRDQLPDOPRUUHXKiDQRVHQWmRW 9DPRVVXEVWLWXLUHVWHYDORUQDIXQomRVXSUDPHQFLRQDGD

    2YDORUIRLIRUQHFLGRQRHQXQFLDGR

    &RPR HQWmR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    $ TXDQWLGDGH GH FDUERQR H[LVWHQWH QHVVD RVVDGD QR LQVWDQWH GR H[DPHHUDLJXDODGDTXDQWLGDGHQRLQVWDQWHGDPRUWH2LWHPHVWiFHUWR2SHULWRFRQVWDWRXTXHDTXDQWLGDGHGHFDUERQRSUHVHQWHHUDGDTXDQWLGDGHQRLQVWDQWHGDPRUWHGRDQLPDO$VVLP

    3RGHPRVFRUWDU4

    9DPRVDSOLFDURORJDULWPRQHSHULDQRHPDPERVRVPHPEURVGDHTXDomR

    2YDORUOQ IRLIRUQHFLGRQRHQXQFLDGR/HPEUDQGRTXHOQH WHPRV

    2DQLPDOPRUUHXKiDQRVHRLWHPHVWiHUUDGR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6(%5$($&&(63(8Q%-XOJXHRLWHPVHJXLQWH$VUDt]HVGDHTXDomR VmRQ~PHURVUDFLRQDLV 6($'6(&(63(8Q%$VUDt]HVGDHTXDomR VmRQ~PHURVLUUDFLRQDLV 6*$$&&(63(8Q%6HHVmRDVUDt]HVGDHTXDomR HQWmR 3HWUREUDV &(6*5$15,2 1D WDEHOD DEDL[R WrPVH GXDV HTXDo}HVTXDGUiWLFDVGHLQFyJQLWDV[(H(

    6HDPDLRUUDL]GH(pLJXDOjPHQRUUDL]GH(DPDLRUUDL]GH(p$%&'( 3UHI0XQLFLSDOGH&UX]HLUR&(7524XDLVDVUDt]HVGDHTXDomR[[ DEFGH $VVLVWHQWH$GPLQLVWUDWLYR,0%(/&(752,QGLTXHDDOWHUQDWLYDTXHUHSUHVHQWHRFRQMXQWRVROXomRHP5SDUDDHTXDomR[[ D6 ^`EFRQMXQWRYD]LRF6 ^`G6 ^`H6 ^`

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    771 (6$) $ VRPD GH WRGDV DV UDt]HV GD HTXDomR[[ pLJXDODDEFGH $)&671(6$)$VRPDGRVYDORUHVUHDLVGH

    pLJXDODDEFGH 7)& (6$) 'HWHUPLQDU GH PRGR TXH D HTXDomR WHQKDGXDVUDt]HVLJXDLVD E F G H 6($$3)&&(PFHUWRPRPHQWRRQ~PHUR;GHVROGDGRVHPXPSROLFLDPHQWR RVWHQVLYR HUD WDO TXH VXEWUDLQGRVH GR VHX TXDGUDGR R VHXTXiGUXSORREWLQKDVH2YDORUGH;pI JKL M

    757 5HJLmR )&& $OJXQV WpFQLFRV MXGLFLiULRV FRPELQDUDPGLYLGLU LJXDOPHQWHHQWUHVLSURFHVVRVDVHUHPDUTXLYDGRV(QWUHWDQWRQRGLD HP TXH R WUDEDOKR VHULD UHDOL]DGR GRLV WpFQLFRV IDOWDUDP DR VHUYLoR HDVVLP FRXEH D FDGD XP GRV RXWURV DUTXLYDU SURFHVVRV D PDLV TXH RLQLFLDOPHQWHSUHYLVWR2Q~PHURGHSURFHVVRVTXHFDGDWpFQLFRDUTXLYRXIRLD E

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    FG H $VVLVWHQWH$GPLQLVWUDWLYR(%'$&(7522YDORUGHPSDUDTXHDVRPDGDVUDt]HVGDHTXDomRGHVHJXQGRJUDXP[[ VHMDLJXDODpDEFGH $VVLVWHQWH $GPLQLVWUDWLYR (%'$ &(7521D HTXDomR GH VHJXQGRJUDX [ [ P D VRPD GDV UDt]HV p LJXDO DR SURGXWR GDVPHVPDVQHVVDVFRQGLo}HVRYDORUGHPpLJXDODDEFGH 7ULEXQDO 5HJLRQDO GR 7UDEDOKR D 5HJLmR 6DQWD &DWDULQD)(3(6($VUDt]HVGDIXQomRTXDGUiWLFD\ [P[VmRSRVLWLYDVHXPDpRGREURGDRXWUD$VRPDGHVVDVUDt]HVpDEFGH 6((5- &(3(5- $ HTXDomR SRVVXL UDt]HV H (QWmR pLJXDODDEFGH 7576&&(752$VVLQDOHDDOWHUQDWLYDTXHQmRUHSUHVHQWDJUiILFRGHXPDIXQomR\ I[

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3HWUREUDV&(6*5$15,21DIXQomRI[ [[DLPDJHPGHp$%&'( 68)5$0$)815,26HMD XPD IXQomRTXH WHPFRPRGRPtQLRRFRQMXQWR$ ^$QD-RVp0DULD3DXOR3HGUR`HFRPRFRQWUDGRPtQLRRFRQMXQWR% ^` $ IXQomR I DVVRFLD D FDGD HOHPHQWR [ HP $ R Q~PHUR GHOHWUDV GLVWLQWDV GHVVH HOHPHQWR [ &RP EDVH QHVVDV LQIRUPDo}HV SRGHVHDILUPDUTXHDHOHPHQWRVGLVWLQWRVQRGRPtQLRHVWmRDVVRFLDGRVDGLVWLQWRVHOHPHQWRVQRFRQWUDGRPtQLREWRGRHOHPHQWRGRFRQWUDGRPtQLRHVWiDVVRFLDGRDDOJXPHOHPHQWRGRGRPtQLRF I QmRpXPDIXQomRG H $)71 (6$) (P XP ODERUDWyULR GH H[SHULrQFLDV YHWHULQiULDV IRLREVHUYDGRTXHR WHPSR UHTXHULGRSDUDXPFRHOKRSHUFRUUHUXP ODELULQWRQD

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    HQpVLPD WHQWDWLYD HUD GDGR SHOD IXQomR &Q Q PLQXWRV &RPUHODomRDHVVDH[SHULrQFLDSRGHVHDILUPDUHQWmRTXHXPFRHOKRDFRQVHJXHSHUFRUUHURODELULQWRHPPHQRVGHWUrVPLQXWRVEJDVWDFLQFRPLQXWRVHTXDUHQWDVHJXQGRVSDUDSHUFRUUHURODELULQWRQDTXLQWDWHQWDWLYDFJDVWDRLWRPLQXWRVSDUDSHUFRUUHURODELULQWRQDWHUFHLUDWHQWDWLYDGSHUFRUUHRODELULQWRHPTXDWURPLQXWRVQDGpFLPDWHQWDWLYDHSHUFRUUHRODELULQWRQXPDGDVWHQWDWLYDVHPWUrVPLQXWRVHWULQWDVHJXQGRV ,661DWDO (6$) 8PD IXQomR GHILQLGD QR FRQMXQWR GRV Q~PHURVLQWHLURV VDWLVID] D LJXDOGDGH SDUD WRGR LQWHLUR&RPHVWDVLQIRUPDo}HVFRQFOXLVHTXHpLJXDODDEFGH6(%5$($&&(63(8Q%3DUDRFRQVHUWRGHDSDUHOKRVHOHWU{QLFRVQRVGRPLFtOLRVGRVFOLHQWHVXPWpFQLFRFREUD5SHODYLVLWDHPDLV5D FDGDKRUDGH WUDEDOKR6XSRQGRTXHR WpFQLFR WUDEDOKH [KRUDVH UHFHED\UHDLVMXOJXHRVLWHQVDVHJXLU 2JUiILFRQRVLVWHPDGHFRRUGHQDGDVFDUWHVLDQDV[2\GH\FRPRIXQomRGH[SDUD pXPDVHPLUHWDGHLQFOLQDomRQHJDWLYD $H[SUHVVmRDOJpEULFDTXHUHODFLRQD\FRPRIXQomRGH[p 3HWUREUDV&(6*5$15,22OXFURDQXDOGHXPDSHTXHQDHPSUHVDYHPFUHVFHQGROLQHDUPHQWHFRPRPRVWUDRJUiILFRDEDL[R

    6H HVVH ULWPR GH FUHVFLPHQWR DQXDO IRUPDQWLGR TXDO VHUi HPPLOKDUHV GHUHDLVROXFURGHVVDHPSUHVDHP"$%&'

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    ( 3HWUREUDV&(6*5$15,2$IXQomRJHUDGRUDGRJUiILFRDEDL[RpGRWLSR\ P[Q

    (QWmRRYDORUGHPQp$%&'( 3HWUREUDV &(6*5$15,2 2 JUiILFR DEDL[R PRVWUD D TXDQWLGDGHPpGLDGHJDUUDIDVSOiVWLFDVMRJDGDVQROL[RQRV(8$HPIXQomRGRWHPSR

    'H DFRUGR FRP RV GDGRV GR JUiILFR DSUR[LPDGDPHQWH TXDQWDV JDUUDIDVSOiVWLFDVVmRMRJDGDVQROL[RQRV(8$DFDGDKRUD"$%&'( &,7(3( &(6*5$152 2 JUiILFR DEDL[R DSUHVHQWD R FXVWR GHSURGXomR HP UHDLV GH FHUWR WLSR GH WHFLGR HP IXQomR GD TXDQWLGDGHSURGX]LGDHPPHWURV

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HFDGDPHWURGHWHFLGRIRUYHQGLGRSRU5ROXFURQDYHQGDGHPHWURVHPUHDLVVHUiGH$%&'( 3HWUREUDV %LRFRPEXVWtYHO &(6*5$15,2 2 JUiILFR DEDL[RDSUHVHQWD D FDSDFLGDGH GH SURFHVVDPHQWR GH ROHDJLQRVDV GH XPD PiTXLQDH[WUDWRUDGHyOHRVYHJHWDLVHPIXQomRGRWHPSRW

    (PTXDQWRWHPSRHVVDPiTXLQDSURFHVVDNJGHROHDJLQRVDV"$KRUDVHPLQXWRV%KRUDVHPLQXWRV&KRUDVHPLQXWRV'KRUDVHPLQXWRV(KRUDVHPLQXWRV /,48,*6&(752$IXQomRIGHJUDXFXMRJUiILFRSDVVDSHORVSRQWRV$H%p$I[ [%I[ [&I[ ['I[ [(I[ [ 3UHI 0DLULQTXH63 &(752 3DUD VDEHU R Q~PHUR GR FDOoDGR GHXPDSHVVRDXWLOL]DVHDIyUPXOD HPTXH&pRQ~PHURGRFDOoDGRH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    S p R FRPSULPHQWR GR Sp HP FHQWtPHWURV 6H XPD SHVVRD FDOoD XP VDSDWRWDPDQKRVLJQLILFDTXHRFRPSULPHQWRGHVHXSpp$FP%FP&FP'FP(FP 3UHIGH$UDoDWXED&(752$ILJXUDDVHJXLUUHSUHVHQWDRJUiILFRGHXPDIXQomRGRWLSRI[ D[E

    6REUH D QDWXUH]D GR JUiILFR GHVWD IXQomR UHSUHVHQWDGD DFLPD p FRUUHWRDILUPDUTXH$SRVVXLGXDVUDt]HVUHDLV%D&E!'DE(QmRSRVVXLUDt]HVUHDLV $)&6)&(6$)6DEHVHTXHDVUHWDVGHHTXDo}HVU [HU [LQWHUFHSWDPVHHPXPSRQWR3[\/RJRD!H!E!HFHGHH!H!6(%5$($& &(63(8Q% 2 OXFUR \ HP UHDLV TXH XP FRPHUFLDQWHREWpP FRP D YHQGD GH [ TXLORJUDPDV GH IDULQKD p H[SUHVVR SHOD IXQomR 6H\VLJQLILFDTXHRFRPHUFLDQWHWHYHSUHMXt]R&RPEDVHQHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVXEVHTXHQWHV 6HRFRPHUFLDQWHYHQGHPDLVGHNJGHIDULQKDHQWmRRVHXOXFURVHUiVXSHULRUD5

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    1DYHQGDGHNJGHIDULQKDROXFURREWLGRSHORFRPHUFLDQWHpVXSHULRUD5 $IXQomR\pXPDIXQomRFUHVFHQWHGH[ 6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomR6DQWD&DWDULQD)(3(6(2 OXFUR REWLGRQD YHQGDGHPRXVHV pGDGRSHOD IXQomR /[ [[VHQGR/ROXFURGRIDEULFDQWHH[RSUHoRGHYHQGDGRPRXVH2JUiILFRGDIXQomROXFURpUHSUHVHQWDGRQDILJXUDDEDL[R

    $VVLQDOHDDOWHUQDWLYDTXHLQGLFDRPDLRUOXFURGRIDEULFDQWHD5E5F5G5H5 3HWUREUDV&(6*5$15,2$VPHGLGDVGDEDVHHGDDOWXUDGHFHUWRWULkQJXORVmRH[SUHVVDVSRU[FPH[FPRQGH[pXPQ~PHURQDWXUDO$iUHDPi[LPDTXHHVVHWULkQJXORSRGHWHUHPFPp$%&'( $)5)%(6$)&RQVLGHUHDVLQHTXDo}HVGDGDVSRU

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6DEHQGRTXH$pRFRQMXQWRVROXomRGHH%RFRQMXQWRVROXomRGHHQWmRRFRQMXQWR pLJXDODD E F G H $19,6$ &(752 &RQVLGHUH DV VHJXLQWHV IXQo}HV H $VVLQDOH D DOWHUQDWLYD TXH DSUHVHQWD DVROXomRGDLQHTXDomRGHILQLGDSRU D E F G H $VVHPEOHLD/HJLVODWLYDGR(VWDGRGH6mR3DXOR)&&2JUiILFRDVHJXLUUHSUHVHQWDDIXQomRGHGRPtQLRUHDOGDGDSHODOHL

    6DEHQGRTXHDEHFVmRFRQVWDQWHVpFRUUHWRFRQFOXLUTXH$DEHF%DEHF!&DE!HF'DE!HF!(D!EHF 3HWUREUDV&(6*5$15,2&RQVLGHUHDIXQomRI[ P[S[RQGHPSHTVmRQ~PHURVUHDLVWDLVTXHPHS!2JUiILFRTXHPHOKRUUHSUHVHQWDI[p

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    &0%(6&(63(8Q%2VQ~PHURVSRVLWLYRVHVmRWDLVTXHVHXVORJDULWPRVQDEDVHVmRH$FHUFDGHVVHVQ~PHURVMXOJXHRVLWHQVVXEVHTXHQWHV 2ORJDULWPRQDEDVHGRQ~PHUR pLJXDOD $UD]mREDpLJXDOD 0LQLVWpULRGD'HIHVD&(6*5$15,22ORJDULWPRQDEDVHGHYDOH$%&'(

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    3HWUREUDV&(6*5$15,2$IXQomR RQGH H HVWiUHSUHVHQWDGDQRJUiILFRDEDL[R

    2VYDORUHVGHHGHUHVSHFWLYDPHQWHVmR$H%H&H'H(H 3HWUREUDV&(6*5$15,2$VH[SRUWDo}HVGHFHUWDHPSUHVDGHDXWRSHoDVYrPFUHVFHQGRH[SRQHQFLDOPHQWHGHDFRUGRFRPDIXQomR([ N[RQGH[UHSUHVHQWDRQ~PHURGHDQRVHNRQ~PHURGHDXWRSHoDVH[SRUWDGDVDWXDOPHQWH'DTXLDTXDQWRVDQRVDTXDQWLGDGHGHSHoDVH[SRUWDGDVFRUUHVSRQGHUiDN"$%&'( 3HWUREUDV&(6*5$15,2$PDJQLWXGH0GHXPWHUUHPRWRpH[SUHVVDHPIXQomRGDHQHUJLDOLEHUDGD[HPMRXOHVSHODOHL

    8PWHUUHPRWRTXHOLEHUHMRXOHVGHHQHUJLDWHUiPDJQLWXGH0LJXDOD$%&'( 3HWUREUDV&(6*5$15,28PHVWXGRHPODERUDWyULRUHYHORXTXHDDOWXUDPpGLDGHGHWHUPLQDGDHVSpFLHGHSODQWDpGDGDDSDUWLUGHXPDQRGHLGDGHSHODIXQomR RQGHK[UHSUHVHQWDDDOWXUDPpGLDHPPH[ D LGDGHHPDQRV4XDOp HPPDDOWXUDPpGLDGHXPDSODQWDGHVVDHVSpFLHDRVFLQFRDQRVGHLGDGH"$%&

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    '( 3HWUREUDV&(6*5$15,24XDQWRYDOH[VH "$%&'( &RPSDQKLD&DWDULQHQVHGHJXDVH6DQHDPHQWR)(3(6(8PGRVSUREOHPDVGDFDSWDomRGHiJXDGHULRVpDSUHVHQoDGHDOJDVSRWHQFLDOPHQWHWy[LFDVUHVSRQViYHLVSHORPDXFKHLURHRJRVWRUXLPQDiJXD1RHQWDQWRVHD TXDQWLGDGH GH FpOXODV DOJDV HVWLYHU GHQWUR GRV OLPLWHV WROHUDGRV SHORRUJDQLVPR DV DOJDV QmR FDXVDP ULVFRV j VD~GH 2 SDGUmR FRQVLGHUDGRSUHRFXSDQWH p D SDUWLU GH PLO FpOXODV SRU PLOLOLWUR 6XSRQKD TXH DTXDQWLGDGHQGHFpOXODVDOJDVSRUPLOLOLWURHPIXQomRGRWHPSRHPVHPDQDVVHMD GDGD SHOD H[SUHVVmR DOJpEULFD QW W 'HWHUPLQHDSUR[LPDGDPHQWH R WHPSR QHFHVViULR HP VHPDQDV SDUD TXH HQWUH QRSDGUmRSUHRFXSDQWH&RQVLGHUHORJ DEFGH 3UHIHLWXUD 0XQLFLSDO GH (OGRUDGR GR 6XO &21(68/ 8VDQGR RVYDORUHVORJ HORJ FDOFXOHHDVVLQDOHRYDORUFRUUHVSRQGHQWHDORJDEFGH 7&063&(752$SRSXODomRGHXPDFLGDGHDXPHQWDVHJXQGRDHTXDomR RQGH1pRQ~PHURGHKDELWDQWHVHWpRWHPSRHPDQRV2YDORUGHWSDUDTXHDSRSXODomRGREUHHPUHODomRDKRMHpGHD

    E F G

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    H &() &(63(8Q% $ SRSXODomR 3 GH XPD FRPXQLGDGH W DQRVDSyV GHWHUPLQDGR DQR FRQVLGHUDGR DQR W SRGH VHU FDOFXODGD SHODIyUPXOD HPTXHNpXPDFRQVWDQWHSRVLWLYD pDTXDQWLGDGHGHLQGLYtGXRVQDFRPXQLGDGHQRDQRW HpDEDVHGRORJDULWPRQHSHULDQR1HVVH FDVR FRQVLGHUDQGR FRPR YDORU DSUR[LPDGR SDUD H TXH DSRSXODomR WULSOLTXHHPDQRVHQWmR VHUiGXSOLFDGDHPDDQRVEDQRVFDQRVGDQRVHDQRV /,48,*6&(752$PDLRUUDL]GDHTXDomR[[ p$%&ORJ'ORJ( 7&(51(6$)6HI[ HN[HI HQWmRIpLJXDODDEFGH3&(6 &(63(8Q% (P XP VtWLR DUTXHROyJLFR IRUDP HQFRQWUDGRVRVVRVGHDQLPDLVHXPSHULWR IRL LQFXPELGRGH ID]HUDGDWDomRGDVRVVDGDV6DEHVH TXH D TXDQWLGDGH GH FDUERQR DSyV D PRUWH GR DQLPDO YDULDVHJXQGR D OHL HP TXH TXH p D EDVH GR ORJDULWPRQDWXUDOpDTXDQWLGDGHGHFDUERQRH[LVWHQWHQRFRUSRGRDQLPDOQRLQVWDQWHGDPRUWHHpDTXDQWLGDGHGHFDUERQRWDQRVGHSRLVGDPRUWH&RP EDVH QHVVDV LQIRUPDo}HV H FRQVLGHUDQGR H FRPR YDORUHVDSUR[LPDGRVGHHUHVSHFWLYDPHQWHMXOJXHRVLWHQVTXHVHVHJXHP 6XSRQKDTXHDRH[DPLQDUXPDRVVDGDRSHULWRWHQKDYHULILFDGRTXHRDQLPDO PRUUHX Ki DQRV 1HVVH FDVR D TXDQWLGDGH GH FDUERQR H[LVWHQWH QHVVD RVVDGD QR LQVWDQWH GR H[DPH HUD VXSHULRU D GDTXDQWLGDGHQRLQVWDQWHGDPRUWH

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    6HHPXPDRVVDGDRSHULWRFRQVWDWRXTXHDTXDQWLGDGHGHFDUERQRSUHVHQWH HUD GD TXDQWLGDGH QR LQVWDQWH GD PRUWH GR DQLPDO HQWmR pFRUUHWRDILUPDUTXHRDQLPDOPRUUHXDPHQRVGHDQRV

    (UUDGR&HUWR(UUDGR$&%$&%%(&''$&$(($(UUDGR(UUDGR%%'$&%&&%(UUDGR&HUWR

  • C L E B E R S O N D A S I L V A P E R E I R 0 7 7 7 4 7 1 3 9 6 4

    5$&,2&1,2/*,&23$5$7e&1,&2'2,%*(352)(6625*8,/+(50(1(9(6

    3URI*XLOKHUPH1HYHVZZZSRQWRGRVFRQFXUVRVFRPEU

    (UUDGR'(&%$(&HUWR(UUDGR$$'&%%&'$(&'&HUWR(UUDGR