• Nenhum resultado encontrado

Características limnológicas em áreas sob influência de piscicultura em tanques-rede no reservatório da UHE Chavantes, rio Paranapanema, SE/S, Brasil

N/A
N/A
Protected

Academic year: 2017

Share "Características limnológicas em áreas sob influência de piscicultura em tanques-rede no reservatório da UHE Chavantes, rio Paranapanema, SE/S, Brasil"

Copied!
142
0
0

Texto

(1)

81,9(56,'$'((67$'8$/3$8/,67$81(63

&(1752'($48,&8/785$

&$5$&7(5Ë67,&$6/,012/Ï*,&$6(0È5($662%

,1)/8Ç1&,$'(3,6&,&8/785$(07$148(65('(12

5(6(59$7Ï5,2'$8+(&+$9$17(65,23$5$1$3$1(0$

6(6%5$6,/

'DHUF\0DULD0RQWHLURGH5H]HQGH$\UR]D

7HVH GH 'RXWRUDGR DSUHVHQWDGD

DR 3URJUDPD GH 3yVJUDGXDomR

HP $TXLFXOWXUD GR &HQWUR GH

$TXLFXOWXUD

GD

8QHVS

&$81(63 FRPR SDUWH GRV

UHTXLVLWRVSDUDREWHQomRGRWtWXOR

GH'RXWRUD

-DERWLFDEDO±63

(2)

81,9(56,'$'((67$'8$/3$8/,67$81(63

&(1752'($48,&8/785$

&$5$&7(5Ë67,&$6/,012/Ï*,&$6(0È5($662%,1)/8Ç1&,$'( 3,6&,&8/785$(07$148(65('(125(6(59$7Ï5,2'$8+(

&+$9$17(65,23$5$1$3$1(0$6(6%5$6,/

'DHUF\0DULD0RQWHLURGH5H]HQGH$\UR]D

2ULHQWDGRU3URI'U$QWRQLR)HUQDQGR0RQWHLUR&DPDUJR &RRULHQWDGRU3URI'U0DUFRV*RPHV1RJXHLUD

7HVH GH 'RXWRUDGR DSUHVHQWDGD DR

3URJUDPD GH 3yVJUDGXDomR HP

$TXLFXOWXUD GR &HQWUR GH $TXLFXOWXUD GD 8QHVS &$81(63 FRPR SDUWH GRV UHTXLVLWRV SDUD REWHQomR GR WtWXOR GH 'RXWRUD

-DERWLFDEDO63

(3)

$\UR]D'DHUF\0DULD0RQWHLURGH5H]HQGH

$F &DUDFWHUtVWLFDV OLPQROyJLFDV HP iUHDV VRE LQIOXrQFLD GH

SLVFLFXOWXUD HP WDQTXHVUHGH QR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 %UDVLO 'DHUF\ 0DULD 0RQWHLUR GH 5H]HQGH

$\UR]D±±-DERWLFDEDO

L[ILOFP

7HVH GRXWRUDGR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD &HQWUR GH $TXLFXOWXUD

2ULHQWDGRU$QWRQLR)HUQDQGR0RQWHLUR&DPDUJR

%DQFD H[DPLQDGRUD $OH[DQGUH 1LQKDXV 6LOYHLUD $QD (OL]D %DFFDULQ/HRQDUGR(YR\=DQLERQL)LOKR2GHWH5RFKD

%LEOLRJUDILD

&DUDFWHUL]DomR OLPQROyJLFD /HYDQWDPHQWR EDWLPpWULFR 3LVFLFXOWXUD 5HVHUYDWyULRV 7DQTXHVUHGH , 7tWXOR ,, -DERWLFDEDO&HQWURGH$TLFXOWXUD

&'8

)LFKD FDWDORJUiILFD HODERUDGD SHOD 6HomR 7pFQLFD GH $TXLVLomR H 7UDWDPHQWR GD ,QIRUPDomR± 6HUYLoR7pFQLFRGH%LEOLRWHFDH'RFXPHQWDomR81(63&kPSXVGH-DERWLFDEDO

(4)

L

680È5,2

3iJLQD

/,67$'(),*85$6LLL /,67$'(7$%(/$6L[ 5(6802 $%675$&7

,1752'8d­2

2%-(7,92 2EMHWLYRJHUDO 2EMHWLYRVHVSHFtILFRV

5()(5(1&,$/7(Ï5,&2 &RPSDUWLPHQWDOL]DomRGHUHVHUYDWyULRV 0RUIRORJLD0RUIRPHWULDGHEDFLDV 6D]RQDOLGDGHWHPSRUDO ,PSDFWRVSRWHQFLDLVGDSLVFLFXOWXUDHPWDQTXHVUHGHQRVUHVHUYDWyULRV

È5($'((678'2

0$7(5,$/(0e72'26 6HOHomRGDViUHDV (VWLPDWLYDGHUDomRHELRPDVVDQDVSLVFLFXOWXUDV &ROHWDHDPRVWUDJHPGHiJXD /HYDQWDPHQWREDWLPpWULFR $QiOLVHGRVGDGRV 5(68/7$'26 /HYDQWDPHQWREDWLPpWULFR 9DULiYHLV/LPQROyJLFDV &RPSDUWLPHQWRODFXVWUHSLVFLFXOWXUDHFRQWUROH 7HPSHUDWXUDGDiJXD 2[LJrQLRGLVVROYLGR2' 3RWHQFLDOKLGURJHQL{QLFRS+ &RQGXWLYLGDGHHOpWULFD 'HPDQGDELRTXtPLFDGHR[LJrQLR'%2 7UDQVSDUrQFLDGDiJXD 7XUELGH] 6yOLGRVWRWDLVGLVVROYLGRV67'

&ORURILODD

(5)

LL

'HPDQGDELRTXtPLFDGHR[LJrQLR'%2 7UDQVSDUrQFLDGDiJXD 7XUELGH] 6yOLGRVWRWDLVGLVVROYLGRV67'

&ORURILODD

&ROLIRUPHVWHUPRWROHUDQWHV )yVIRURWRWDO37 1LWURJrQLRRUJkQLFRWRWDO127 ËQGLFHGH(VWDGR7UyILFR,(7 &RPSDUDomR GRV UHVXOWDGRV FRP RV YDORUHV GHVHMiYHLV SDUD D FULDomR GH

HVSpFLHVWURSLFDLVHRVOLPLWHVGDOHJLVODomR $QiOLVHGRVFRPSRQHQWHVSULQFLSDLV$&3 $QiOLVHGHYDULkQFLD

',6&866­2 9DULDELOLGDGHWHPSRUDO 9DULDELOLGDGHHVSDFLDOHQWUHFRPSDUWLPHQWRV 9DULDELOLGDGHHQWUHiUHDVFRPHVHPSLVFLFXOWXUD

&21&/86®(6

&216,'(5$d®(6),1$,6

(6)

LLL

/,67$'(),*85$6

3iJLQD

)LJXUD 3ULQFLSDLV SURFHVVRV GH FRQWDPLQDomR H SROXLomR GDV iJXDV H VXDV

FRQVHTXrQFLDV

)LJXUD/RFDOL]DomRGDEDFLDKLGURJUiILFDGRULR3DUDQDSDQHPD6(6%UDVLOH

GRFRPSOH[RGHUHVHUYDWyULRVHPFDVFDWD

)LJXUD 9DULDomR PHQVDO GD FRWD DOWLPpWULFD H GD YD]mR GHIOXHQWH WRWDO GR UHVHUYDWyULRGD8+(&KDYDQWHVULR3DUDQDSDQHPD6(6QRSHUtRGRGHGH]

DQRY

)LJXUD9DULDomRGDSUHFLSLWDomRPHQVDODFXPXODGDPPUHJLVWUDGDQDUHJLmR GR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 QR SHUtRGR GH

GH]DQRY

)LJXUD9DULDomRGDWHPSHUDWXUDPpGLDGRDUž&QDUHJLmRGRUHVHUYDWyULRGD

8+(&KDYDQWHVULR3DUDQDSDQHPD6(6QRSHUtRGRGHGH]DQRY

)LJXUD/RFDOL]DomRGDVUHJL}HVGHHVWXGRQRUHVHUYDWyULRGD8+(&KDYDQWHV

ULR3DUDQDSDQHPD6(6

)LJXUD /RFDOL]DomRGDViUHDVDYDOLDGDV QDUHJLmRODFXVWUHGRUHVHUYDWyULRGD

8+(&KDYDQWHVULR3DUDQDSDQHPD6(6

)LJXUD/RFDOL]DomRGDViUHDVDYDOLDGDVQDUHJLmRGHWUDQVLomRGRUHVHUYDWyULR

GD8+(&KDYDQWHVULR3DUDQDSDQHPD6(6

)LJXUD4XDQWLGDGHPHQVDOGHUDomRIRUQHFLGDQDSLVFLFXOWXUDQRSHUtRGRGH

GH]DQRY

)LJXUD %DtD FRP SLVFLFXOWXUD HP WDQTXHVUHGH SLVFLFXOWXUD QD UHJLmR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 FRP

SRQWRVDPRVWUDLVHVXSHUSRVLomRGHEDWLPHWULD

)LJXUD%DtDVHPSLVFLFXOWXUDFRQWUROHQDUHJLmRODFXVWUHGRUHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 FRP SRQWRV DPRVWUDLV H

VXSHUSRVLomRGHEDWLPHWULD

)LJXUD %DtDFRPSLVFLFXOWXUDHPWDQTXHVUHGHSLVFLFXOWXUDQDUHJLmR GH WUDQVLomR GR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 FRP

SRQWRVDPRVWUDLVHVXSHUSRVLomRGHEDWLPHWULD

)LJXUD %DtD VHP SLVFLFXOWXUD FRQWUROH QD UHJLmR GH WUDQVLomR GR UHVHUYDWyULRGD8+(&KDYDQWHVULR3DUDQDSDQHPD6(6FRPSRQWRVDPRVWUDLV

(7)

LY

3iJLQD

)LJXUD0DSDEDWLPpWULFRGHiUHDFRPSLVFLFXOWXUDHPWDQTXHVUHGHQDUHJLmR ODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHVSLVFLFXOWXUDFRPLQGLFDomRGRV

SRQWRVDPRVWUDLVGHiJXD3D3

)LJXUD 0DSD EDWLPpWULFR GH iUHD VHP SLVFLFXOWXUD QD UHJLmR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV FRQWUROH FRP LQGLFDomR GRV SRQWRV

DPRVWUDLVGHiJXD3D3

)LJXUD0DSDEDWLPpWULFRGHiUHDFRPSLVFLFXOWXUDHPWDQTXHVUHGHQDUHJLmR GHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVSLVFLFXOWXUDFRPLQGLFDomR

GRVSRQWRVDPRVWUDLVGHiJXD3D3

)LJXUD0DSDEDWLPpWULFRGHiUHDVHPSLVFLFXOWXUDQDUHJLmRGHWUDQVLomRGR UHVHUYDWyULR GD 8+( &KDYDQWHV FRQWUROH FRP LQGLFDomR GRV SRQWRV

DPRVWUDLVGHiJXD3D3

)LJXUD9DORUHVPpGLRVGDSURIXQGLGDGHPGRVSRQWRVDPRVWUDLVGDViUHDV DYDOLDGDV QR FRPSDUWLPHQWR ODFXVWUH SLVFLFXOWXUD H FRQWUROH H QR GH WUDQVLomR SLVFLFXOWXUD H FRQWUROH QR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR

3DUDQDSDQHPD6(6

)LJXUD 9DULDomRGHWHPSHUDWXUDGDiJXDPpGLD HGHVYLRSDGUmRHP QRYH SRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROHQR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH

GH]DQRY

)LJXUD9DULDomRGRVSHUILVYHUWLFDLVGDWHPSHUDWXUDGDiJXDQDSLVFLFXOWXUD HQRFRQWUROHQRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHV

QRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GD FRQFHQWUDomR GH R[LJrQLR GLVVROYLGR± 2' PpGLD H

GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GRV SHUILV YHUWLFDLV GR R[LJrQLR GLVVROYLGR 2' QD SLVFLFXOWXUD H QR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomRGRS+PpGLDHGHVYLRSDGUmRHPQRYHSRQWRVDPRVWUDLV VXSHUItFLH PHLRH IXQGRGDSLVFLFXOWXUDHGRFRQWUROHQRFRPSDUWLPHQWR

ODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGRVSHUILVYHUWLFDLVGHS+QDSLVFLFXOWXUDHQRFRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH

(8)

Y

3iJLQD

)LJXUD9DULDomRGDFRQGXWLYLGDGHHOpWULFDPpGLDHGHVYLRSDGUmRHPQRYH SRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROHQR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH

GH]DQRY

)LJXUD9DULDomRGRVSHUILVYHUWLFDLVGHFRQGXWLYLGDGHHOpWULFDQDSLVFLFXOWXUD HQRFRQWUROHQRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHV

QRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGDGHPDQGDELRTXtPLFDGHR[LJrQLR±'%2PpGLDHGHVYLR

SDGUmRHPQRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDH GRFRQWUROHQRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHVQR

SHUtRGRGHGH]DQRY

)LJXUD9DULDomRPHQVDOGRVYDORUHVGHWUDQVSDUrQFLDGDiJXDQDSLVFLFXOWXUD HQRFRQWUROHQRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHV

QRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GD WXUELGH] PpGLD H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH

GH]DQRY

)LJXUD9DULDomRGDFRQFHQWUDomRGHVyOLGRVWRWDLVGLVVROYLGRV±67'PpGLD

H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGDFRQFHQWUDomRGHFORURILODDPpGLDHGHVYLRSDGUmRHP

QRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROH QRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGH

GH]DQRY

)LJXUD 9DULDomR GD TXDQWLGDGH GH FROLIRUPHV WHUPRWROHUDQWHV PpGLD H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GD FRQFHQWUDomR GH IyVIRUR WRWDO 37 PpGLD H GHVYLR SDGUmRHPQRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDH GRFRQWUROHQRFRPSDUWLPHQWRODFXVWUHGRUHVHUYDWyULRGD8+(&KDYDQWHVQR

SHUtRGRGHPDUDQRY

)LJXUD9DULDomRGDFRQFHQWUDomRGHQLWURJrQLRRUJkQLFRWRWDO±127PpGLD

H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWR ODFXVWUH GR UHVHUYDWyULR GD

(9)

YL

3iJLQD

)LJXUD 9DULDomR GD WHPSHUDWXUD GD iJXDPpGLD H GHVYLRSDGUmR HP QRYH SRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROHQR FRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGH

GH]DQRY

)LJXUD9DULDomRGRVSHUILVYHUWLFDLVGDWHPSHUDWXUDGDiJXDQDSLVFLFXOWXUD H QR FRQWUROH QR FRPSDUWLPHQWR GH WUDQVLomR GR UHVHUYDWyULR GD 8+(

&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GH R[LJrQLR GLVVROYLGR 2' PpGLD H GHVYLR SDGUmR HP QRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROH QRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGR

GHGH]DQRY

)LJXUD 9DULDomR GRV SHUILV YHUWLFDLV GR R[LJrQLR GLVVROYLGR 2' QD SLVFLFXOWXUDHQRFRQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomRGHS+PpGLDHGHVYLRSDGUmRHP QRYHSRQWRVDPRVWUDLV VXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROHQRFRPSDUWLPHQWRGH

WUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGRVSHUILVYHUWLFDLVGHS+QDSLVFLFXOWXUDHQRFRQWUROH QRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGR

GHGH]DQRY

)LJXUD9DULDomRGDFRQGXWLYLGDGHHOpWULFDPpGLDHGHVYLRSDGUmRHPQRYH SRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROHQR FRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGH

GH]DQRY

)LJXUD 3HUILV YHUWLFDLV GD FRQGXWLYLGDGH HOpWULFD QD SLVFLFXOWXUD H QR FRQWUROH QRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHV

QRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGDGHPDQGDELRTXtPLFDGHR[LJrQLR±'%2PpGLDHGHVYLR

SDGUmRHPQRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDH GR FRQWUROH QR FRPSDUWLPHQWR GH WUDQVLomR GR UHVHUYDWyULR GD 8+(

&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGRVYDORUHVPpGLRVGDWUDQVSDUrQFLDGDiJXDQDSLVFLFXOWXUD H QR FRQWUROH QR FRPSDUWLPHQWR GH WUDQVLomR GR UHVHUYDWyULR GD 8+(

&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GD WXUELGH] PpGLD H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUD H GR FRQWUROH QR FRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGRGH

(10)

YLL

3iJLQD

)LJXUD9DULDomRGDFRQFHQWUDomRGHVyOLGRVWRWDLVGLVVROYLGRV±67'PpGLD

H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUDHGRFRQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD9DULDomRGDFRQFHQWUDomRGHFORURILODDPpGLDHGHVYLRSDGUmRHP

QRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDHGRFRQWUROH QRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD8+(&KDYDQWHVQRSHUtRGR

GHGH]DQRY

)LJXUD 9DULDomR GD TXDQWLGDGH GH FROLIRUPHV WHUPRWROHUDQWHV PpGLD H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUDHGRFRQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD 9DULDomR GD FRQFHQWUDomR GH IyVIRUR WRWDO± 37 PpGLD H GHVYLR

SDGUmRHPQRYHSRQWRVDPRVWUDLVVXSHUItFLHPHLRHIXQGRGDSLVFLFXOWXUDH GR FRQWUROH QR FRPSDUWLPHQWR GH WUDQVLomR GR UHVHUYDWyULR GD 8+(

&KDYDQWHVQRSHUtRGRGHPDUDQRY

)LJXUD9DULDomRGDFRQFHQWUDomRGHQLWURJrQLRRUJkQLFRWRWDO127PpGLD H GHVYLR SDGUmR HP QRYH SRQWRV DPRVWUDLV VXSHUItFLH PHLR H IXQGR GD SLVFLFXOWXUDHGRFRQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRGRUHVHUYDWyULRGD

8+(&KDYDQWHVQRSHUtRGRGHGH]DQRY

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV PHQVDLV GH YDULiYHLV OLPQROyJLFDV Q GHWHUPLQDGDV QD VXSHUItFLH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROHQRFRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUDQRFRPSDUWLPHQWR GH WUDQVLomR DPDUHOR H & &RQWUROH QR FRPSDUWLPHQWR GH WUDQVLomR

YHUPHOKR

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV PHQVDLV Q GH YDULiYHLV OLPQROyJLFDV GHWHUPLQDGDVQRPHLRGDFROXQDHXIyWLFDGRUHVHUYDWyULRGD8+(&KDYDQWHVQR SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH& &RQWUROH QRFRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUD QR FRPSDUWLPHQWR GH WUDQVLomR DPDUHOR H & &RQWUROH QR FRPSDUWLPHQWR GH

WUDQVLomRYHUPHOKR

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV PHQVDLV Q GH YDULiYHLV OLPQROyJLFDV

GHWHUPLQDGDVQRIXQGRGDFROXQDG¶iJXDGRUHVHUYDWyULRGD8+(&KDYDQWHVQR

SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH& &RQWUROH QRFRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUD QR FRPSDUWLPHQWR GH WUDQVLomR DPDUHOR H & &RQWUROH QR FRPSDUWLPHQWR GH

(11)

YLLL

3iJLQD

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV DQXDLV Q GH YDULiYHLV OLPQROyJLFDV GHWHUPLQDGDVQDVXSHUItFLHGHSRQWRVDPRVWUDLVDGRUHVHUYDWyULRGD8+( &KDYDQWHV QR SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROH QR FRPSDUWLPHQWR ODFXVWUH D]XO 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR GH WUDQVLo mR DPDUHOR H &

&RQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRYHUPHOKR

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV DQXDLV Q GH YDULiYHLV OLPQROyJLFDV GHWHUPLQDGDV QR PHLR GD FROXQD HXIyWLFD GH SRQWRV DPRVWUDLV D GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROH QR FRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUDQRFRPSDUWLPHQWRGHWUDQVLomR

DPDUHORH& &RQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRYHUPHOKR

)LJXUD2UGHQDomRQRVFRPSRQHQWHVSULQFLSDLV&3H&3GD$&3 DSOLFDGD DRV YDORUHV PpGLRV DQXDLV Q GH YDULiYHLV OLPQROyJLFDV GHWHUPLQDGDV QR IXQGR GH SRQWRV DPRVWUDLV D QR UHVHUYDWyULR GD 8+( &KDYDQWHV QR SHUtRGR GH GH] D QRY 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROH QR FRPSDUWLPHQWR ODFXVWUH D]XO 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR GH WUDQVLo mR DPDUHOR H &

&RQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRYHUPHOKR

)LJXUD 2UGHQDomR QRV FRPSRQHQWHV SULQFLSDLV &3 H &3 GD $&3 DSOLFDGDDRVYDORUHVGHYDULiYHLVOLPQROyJLFDVQ GHWHUPLQDGDVQDVXSHUItFLH GR UHVHUYDWyULR GD 8+( &KDYDQWHV QR PrV GH PDU 3 3LVFLFXOWXUD QR FRPSDUWLPHQWRODFXVWUHYHUGH& &RQWUROHQRFRPSDUWLPHQWRODFXVWUHD]XO 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR GHWUDQVLomRDPDUHOR H & &RQWUROH QR

FRPSDUWLPHQWRGHWUDQVLomRYHUPHOKR

)LJXUD 2UGHQDomR QRV FRPSRQHQWHV SULQFLSDLV &3 H &3 GD $&3 DSOLFDGD DRV YDORUHV GH YDULiYHLV OLPQROyJLFDV Q GHWHUPLQDGDV QR PHLR GD FDPDGDHXIyWLFDGRUHVHUYDWyULRGD8+(&KDYDQWHVQRPrVGHPDU3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROH QR FRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUDQRFRPSDUWLPHQWRGHWUDQVLomR

DPDUHORH& &RQWUROHQRFRPSDUWLPHQWRGHWUDQVLomRYHUPHOKR

)LJXUD 2UGHQDomR QRV FRPSRQHQWHV SULQFLSDLV &3 H &3 GD $&3 DSOLFDGDDRVYDORUHVGHYDULiYHLVOLPQROyJLFDVQ GHWHUPLQDGDVQRIXQGRGD FROXQDG¶iJXDGRUHVHUYDWyULRGD8+( &KDYDQWHV QR PrV GH PDU 3 3LVFLFXOWXUD QR FRPSDUWLPHQWR ODFXVWUH YHUGH & &RQWUROH QR FRPSDUWLPHQWRODFXVWUHD]XO3 3LVFLFXOWXUDQRFRPSDUWLPHQWRGHWUDQVLomR

(12)

L[

/,67$'(7$%(/$6

3iJLQD

7DEHOD 0DQHMR DOLPHQWDU H GDGRV ]RRWpFQLFRV GD FULDomR GH SHL[HV HP WDQTXHVUHGHFLFORGHYHUmRHGHLQYHUQRQDSLVFLFXOWXUDWDQTXHVUHGHGH

PñHQDSLVFLFXOWXUDWDQTXHVUHGHGHPñ

7DEHOD 9DORUHV PpGLRV H GHVYLRVSDGUmR GH YDULiYHLV OLPQROyJLFDV Q

DYDOLDGDVQRVGLIHUHQWHVQtYHLVGHSURIXQGLGDGHGDFROXQDG¶iJXDGHiUHDVFRP SLVFLFXOWXUDHVHPSLVFLFXOWXUDFRQWUROHVQRUHVHUYDWyULRGD8+(&KDYDQWHVQR

SHUtRGRGHGH]DQRY

7DEHOD ËQGLFH GH (VWDGR 7UyILFR ,(7 GH &DUOVRQ HP IXQomR GRV

YDORUHV PpGLRV GDV YDULiYHLV WUDQVSDUrQFLD FORURILOD D H IyVIRUR WRWDO QDV

SLVFLFXOWXUDV H H UHVSHFWLYRV FRQWUROHV QR UHVHUYDWyULR GH &KDYDQWHV ULR

3DUDQDSDQHPD6(6

7DEHOD 9DORUHV PpGLRV GDV YDULiYHLV OLPQROyJLFDV DYDOLDGDV QR UHVHUYDWyULR GD8+(&KDYDQWHVQRSHUtRGRGH]DQRYYDORUHVGHVHMDGRVSDUDDFULDomR

GHSHL[HVWURSLFDLVHSDGU}HVHVWDEHOHFLGRVQD5HVROXomR&21$0$

7DEHOD3RGHUGLVFULPLQDWyULRGDVYDULiYHLVQRVFRPSRQHQWHVSULQFLSDLV&3

H&3GDV$&3VUHSUHVHQWDGDVQDV)LJXUDVH

7DEHOD3RGHUGLVFULPLQDWyULRGDVYDULiYHLVQRVFRPSRQHQWHVSULQFLSDLV&3

H&3QDV$&3VUHSUHVHQWDGDVQDV)LJXUDVH

7DEHOD3RGHUGLVFULPLQDWyULRGDVYDULiYHLVQRVFRPSRQHQWHVSULQFLSDLV&3

(13)

'HGLFRHVWHWUDEDOKRjYLGDTXHQRVOHYDSRUFDPLQKRVVXUSUHHQGHQWHV

$RVPHXVSDLV-XSLDF\U0RQWHLURGH5H]HQGHLQPHPRULDPH'DHUF\&DVVLDQL

0RQWHLURGH5H]HQGHTXHVHPSUHPHLQFHQWLYDUDPHPHIL]HUDPDFUHGLWDUQD PLQKDFDSDFLGDGHGHWULOKDUQRYRVFDPLQKRV

$RPHXPDULGR/XL]SRUVXDFRPSUHHQVmRFRODERUDomRHLQILQLWDFXPSOLFLGDGH $RVPHXVILOKRV0DULDQD+HQULTXHH&DPLODSRUVHUIRQWHGHDPRUHRUJXOKR SDUDRPHXYLYHU $RVPHXVLUPmRVHPHXVDPLJRVTXHPHDFRPSDQKDPHPHIRUWDOHFHP

(14)

$*5$'(&,0(1726

$R FXUVR GH 3yV*UDGXDomR HP $TXLFXOWXUD GR &$81(63 TXH SURSRUFLRQRX D RSRUWXQLGDGH GH DPSOLDomR GRV PHXV FRQKHFLPHQWRV H DSULPRUDPHQWR SURILVVLRQDO

$R PHX RULHQWDGRU 3URI 'U $QWRQLR )HUQDQGR 0RQWHLUR &DPDUJR SHOR WHPSRH SHORVHQVLQDPHQWRVDPLPGHGLFDGRV

$RPHXFRRULHQWDGRU3URI'U0DUFRV*RPHV1RJXHLUDGDPHVPDIRUPDHSRU VXD FRODERUDomR HIHWLYD QDV DWLYLGDGHV GHVHQYROYLGDV QR UHVHUYDWyULR GH &KDYDQWHV

$RV VHFUHWiULRV GR &$81(63 HVSHFLDOPHQWH j 9HUD H DR 'DYLG SHOD FRODERUDomR SDFLrQFLD H ERP KXPRU GXUDQWH WRGR HVWH WHPSR TXH HVWLYHPRV MXQWRV

$R FROHJD GH WUDEDOKR H DPLJR 3URI 'U (GPLU 'DQLHO &DUYDOKR TXH IRL PHX SDUFHLURQHVWDHPSUHLWDGDGHVGHDFRQFHSomRGHVWDSHVTXLVD

$RVDPLJRV0DUFHOOR%RRFK6DUD+DOXNR0LOHQHH&DUROTXHPHDFROKHUDPHP VXDVPRUDGLDVWRUQDQGRRPHXILFDUIRUDGHFDVDPDLVDJUDGiYHO

$R3URI'U$QWRQLR6HUJLR)HUUDXGRTXHFRODERURXQDVDQiOLVHVHVWDWtVWLFDVH DR3URI'U3LWiJRUDV&RQFHLomR%LVSRTXHPHHQVLQRXDJRVWDUGHHVWDWtVWLFD

$RVFROHJDVGD$37$0pGLR3DUDQDSDQHPDHPHVSHFLDODRVSHVTXLVDGRUHV'U 5LFDUGR $XJXVWR 'LDV .DQWKDFN H 'U $LOGVRQ 'XDUWH 3HUHLUD SHOR DSRLR H SHOR LQFHQWLYRSDUDDUHDOL]DomRGHVWHGRXWRUDPHQWR

$RV SURSULHWiULRV GDV SLVFLFXOWXUDV TXH GLVSRQLELOL]DUDP VXDV iUHDV SDUD D UHDOL]DomRGRSUHVHQWHHVWXGR

(15)

¬ ),1(3 SHOR ILQDQFLDPHQWR GD SHVTXLVD TXH IRL REMHWR GHVWH GRXWRUDGR H j &$3(6SHODFRQFHVVmRGDEROVDGHHVWXGRVSDUDDILQDOL]DomRGHVWHFXUVR

1D YHUGDGH PXLWDV IRUDP DV SHVVRDV TXH GH DOJXPD IRUPD FRQWULEXtUDP FRP VHXFRQKHFLPHQWRSURILVVLRQDORXFRPVXDFRPSUHHQVmRHFDULQKRSDUDTXHHX VXSHUDVVHRVPRPHQWRVPDLVGLItFHLVHFRQVHJXLVVHDOFDQoDUPDLVHVWDHWDSD

$72'26),&25($/0(17(*5$7$

(16)

5(6802

$SURGXomRDTXtFRODQDFLRQDOWHYHFUHVFLPHQWRGHQRSHUtRGRHQWUHH 5HFHQWHPHQWHXPJUDQGHGHVWDTXHWHPVLGRGDGRjFULDomRGHSHL[HVQR VLVWHPD HP WDQTXHVUHGHHP UHVHUYDWyULR GH JUDQGH HPpGLR SRUWH 1RHQWDQWR RVHIHLWRVGHVWHVHPSUHHQGLPHQWRVVREUHDELRWDHDTXDOLGDGHGDiJXDUHTXHUHP PDLVHVWXGRVYLVDQGRDXPDPHOKRUFRPSUHHQVmRGRVVHXVSRVVtYHLVLPSDFWRV FRPR VXEVtGLR SDUD D EXVFD GH WHFQRORJLDV PHQRV SUHMXGLFLDLV DR DPELHQWH DTXiWLFR 2 REMHWLYR GHVVH WUDEDOKR IRL YHULILFDU D LQIOXrQFLD GD SLVFLFXOWXUD HP WDQTXHVUHGH QDV FDUDFWHUtVWLFDV OLPQROyJLFDV QD UHJLmR GH EDUUDJHP FRPSDUWLPHQWR ODFXVWUH H GH PRQWDQWH FRPSDUWLPHQWR GH WUDQVLomR GR UHVHUYDWyULRGD8+(&KDYDQWHVULR3DUDQDSDQHPD6(61HVVHVHQWLGRIRUDP

DYDOLDGDVGXDVEDtDVFRPFULDomRGHWLOiSLDV2UHRFKURPLVQLORWLFXV$SULPHLUD

FKDPDGD SLVFLFXOWXUD D TXDO ORFDOL]DVH QD UHJLmR ODFXVWUH FRP WDQTXHV UHGH Pñ H D VHJXQGD D SLVFLFXOWXUD QD UHJLmR GH WUDQVLomR FRP WDQTXHVUHGH Pñ D Pñ 2XWUDV GXDV iUHDV VHP SLVFLFXOWXUD IRUDP WDPEpP HVWXGDGDV SDUD FRPSDUDomR GRV UHVXOWDGRV 1R SHUtRGR GH GH]HPEURDQRYHPEUR UHDOL]DUDPVH OHYDQWDPHQWRV EDWLPpWULFRV GDV iUHDV H PHGLGDV HP FDPSR GH SURIXQGLGDGH WUDQVSDUrQFLD WHPSHUDWXUD S+ R[LJrQLR GLVVROYLGR 2' H FRQGXWLYLGDGH &ROHWDUDPVH WDPEpP DPRVWUDV GH iJXDQDVXSHUItFLHPHLRGDFDPDGDHXIyWLFDHIXQGRHPQRYHSRQWRVDPRVWUDLV SDUD GHWHUPLQDo}HV HP ODERUDWyULR GH QLWURJrQLR RUJkQLFR WRWDO 127 IyVIRUR

WRWDO 37 VyOLGRV WRWDLV GLVVROYLGRV 67' WXUELGH] FORURILOD D GHPDQGD

ELRTXtPLFD GH R[LJrQLR '%2 H FROLIRUPHV WHUPRWROHUDQWHV 1DV iUHDV FRP SLVFLFXOWXUDVHYHULILFRXUHGXomRGH2'S+HWUDQVSDUrQFLDHDXPHQWRGH67' WXUELGH] H '%2 (VVDV REVHUYDo}HV IRUDP GLIHUHQFLDGDV QDV GXDV SLVFLFXOWXUDV HPIXQomRGDPRUIRPHWULDHHVWUXWXUDWpUPLFDGDiUHDHSURYDYHOPHQWHGRSRUWH H PDQHMR GR HPSUHHQGLPHQWR $V DOWHUDo}HV REVHUYDGDV IRUDP GH SHTXHQD PDJQLWXGH QHFHVVLWDQGR GH DYDOLDo}HV HP ORQJR SUD]R DV TXDLV GHYHP FRQVLGHUDU RV GLIHUHQWHV FRPSDUWLPHQWRV H RXWURV DVSHFWRV TXH LQIOXHQFLDP R DXPHQWR GDV FRQGLo}HV GH WURILD GR UHVHUYDWyULR SDUWLFXODUPHQWH IDWRUHV KLGURGLQkPLFRV

3DODYUDVFKDYH FDUDFWHUL]DomR OLPQROyJLFD OHYDQWDPHQWR EDWLPpWULFR

(17)

$%675$&7

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ñDQGVHFRQGFDOOHGILVKIDUPVLWVLQ WKHWUDQVLWLRQUHJLRQZLWKFDJHVWRPñPñ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

NH\ ZRUGV OLPQRORJLFDO FKDUDFWHUL]DWLRQ EDWK\PHWULF VXUYH\V ILVK IDUPV GDP FDJHV

(18)

,1752'8d­2

1R %UDVLO DV DWLYLGDGHV UHODFLRQDGDV j JHUDomR GH HQHUJLD H DR DEDVWHFLPHQWRS~EOLFRUHVXOWDUDPLQGLUHWDPHQWHQDUHJXODUL]DomRGDVSULQFLSDLV EDFLDV KLGURJUiILFDV EUDVLOHLUDV FRP D IRUPDomR GH GLYHUVRV UHVHUYDWyULRV LVRODGRV RX HP DUUDQMRV GLYHUVRV FRPR RV VLVWHPDV HP FDVFDWD 2V UHSUHVDPHQWRV SHUPLWLUDP R GHVHQYROYLPHQWR GH DWLYLGDGHV KXPDQDV H GRV P~OWLSORV XVRV GD iJXD SRUpP UHVXOWDQGR HP DOWHUDo}HV TXDQWR DRV DVSHFWRV TXDOLWDWLYRV H TXDQWLWDWLYRV GR UHFXUVR KtGULFR 781',6, HW DO 781',6,

$ DTXLFXOWXUD p XPD DWLYLGDGH TXH YHP VH ILUPDQGR QR DJURQHJyFLR EUDVLOHLUR 1R SHUtRGR HQWUH H KRXYH XP LQFUHPHQWR GH QD SURGXomR DTXtFROD QDFLRQDO TXH SDVVRX GH W SDUD W $ PDLRU SDUFHODGHVVDSURGXomRIRLRULXQGDGDDTXLFXOWXUDFRQWLQHQWDOFRPGHVWDTXHSDUD DSLVFLFXOWXUDTXHUHSUHVHQWRXGDSURGXomRWRWDOQDFLRQDOW(P D 5HJLmR 6XO SHUPDQHFHX LGHP DRV DQRV DQWHULRUHV FRPR D PDLRU SURGXWRUD GH SHVFDGR FRP W UHVSRQGHQGR SRU GD SURGXomR QDFLRQDO 6HJXLUDPVH D HVWD HP RUGHP GHFUHVFHQWH DV UHJL}HV QRUGHVWH VXGHVWH FHQWURRHVWH H QRUWH RQGH IRUDP HVWLPDGDV SURGXo}HV GH W WWHWUHVSHFWLYDPHQWH%5$6,/

(19)

$TXtFRODVVmRHVSDoRVItVLFRVGHOLPLWDGRVQRPHLRDTXiWLFRFRPSUHHQGHQGRXP FRQMXQWRGHiUHDVDTXtFRODVDILQVHPFXMRVHVSDoRVLQWHUPHGLiULRVSRGHULDPVHU GHVHQYROYLGDV RXWUDV DWLYLGDGHV FRPSDWtYHLV FRP D SUiWLFD GD DTXLFXOWXUD %5$6,/

1R ULR 3DUDQDSDQHPD H[LVWHP PDLV GH PLO KHFWDUHV GH iUHDV DODJDGDVVHIRUHPVRPDGDVDViUHDVGRVUHVHUYDWyULRVGHXVLQDVKLGURHOpWULFDV QD FRWD Pi[LPD RSHUDFLRQDO RV TXDLV ID]HP SDUWH GR FRPSOH[R FRQVWUXtGR D SDUWLUGDGpFDGDGH(VVHVUHVHUYDWyULRVQRTXDOVHHQFRQWUDRGH&KDYDQWHV DSUHVHQWDP FDUDFWHUtVWLFDV SURStFLDV SDUD D LQVWDODomR GH SLVFLFXOWXUDV HP WDQTXHVUHGH WDLV FRPR ERD TXDOLGDGH GD iJXD SDGUmR GHQGUtWLFR GH GHVHQYROYLPHQWR GDV PDUJHQV H HQWRUQR SRXFR SRYRDGR FRPSDUDWLYDPHQWH D RXWUDV UHJL}HV 'H DFRUGR FRP RV GDGRV GLVSRQLELOL]DGRV QR 6LVWHPD GH ,QIRUPDo}HVGH$XWRUL]Do}HVGH8VRGDVÈJXDVGH'RPtQLRGD8QLmRSDUDILQVGH $TXLFXOWXUD6,1$8GR03$HPQHVVDUHJLmRHVWDYDPLQVWDODGRVSRUYROWD GHWDQTXHVUHGHHIRUDPVROLFLWDGDVPDLVDXWRUL]Do}HVSDUDLPSODQWDomR GHHPSUHHQGLPHQWRVDTXtFRODVSHUID]HQGRRWRWDOGHKHFWDUHVGHHVSHOKR G¶iJXD FRP SURGXomR DQXDO HVWLPDGD HP WRQHODGDV GH SHVFDGR %5$6,/

$ SLVFLFXOWXUD FRPHUFLDO HP WDQTXHVUHGH p XPD DWLYLGDGH UHODWLYDPHQWH UHFHQWHQRSDtVLPSOHPHQWDGDQRHVWDGRGH6mR3DXORQRILQDOGDGpFDGDGH FRPDSURGXomRGLUHFLRQDGDSDUDDWHQGHUDVSODQWDVSURFHVVDGRUDVGHSHVFDGR $<52=$ HW DO 6mR QHFHVViULRV PDLV HVWXGRV SDUD YHULILFDU RV HIHLWRV GHVVHV HPSUHHQGLPHQWRV VREUH D ELRWD H D TXDOLGDGH GD iJXD YLVDQGR D XPD PHOKRU FRPSUHHQVmR GRV VHXV SRVVtYHLV LPSDFWRV &$59$/+2 3,//$< FRPR VXEVtGLR SDUD D EXVFD GH WHFQRORJLDV PHQRV SUHMXGLFLDLV DR DPELHQWHDTXiWLFR1RHQWDQWRHPUHVHUYDWyULRVGHPpGLRHJUDQGHSRUWHQmRp IiFLO HVVD DYDOLDomR GHYLGR DR FDUiWHU GLIXVR GH ODQoDPHQWR GH UHVtGXRV GRV WDQTXHVUHGHjFRPSOH[LGDGHGHVVHHFRVVLVWHPDHjGLYHUVLGDGHGHIDWRUHVTXH DWXDPVREUHRVPHVPRV

(20)

LQWHUIHUrQFLDGDEDFLDKLGURJUiILFDSRUPHLRGDLQWURGXomRGHPDWHULDOGLVVROYLGRH SDUWLFXODGR SURYHQLHQWH GH WULEXWiULRV H GR FDUUHDPHQWR GH VHGLPHQWRV GDV PDUJHQVRTXHFRQWULEXLSDUDDVXDYDULDELOLGDGHHVSDFLDO

(VWXGRV YLVDQGR j LGHQWLILFDomR GDV LQWHUIHUrQFLDV GD SLVFLFXOWXUD HP WDQTXHVUHGH VmR IXQGDPHQWDLV SDUD D DYDOLDomR GR JUDX GH LPSDFWR H GDV UHVSRVWDV DPELHQWDLV j HQWUDGD GH UHVtGXRV GD DWLYLGDGH 7DLV LQIRUPDo}HV DOLDGDV DRV GDGRV GH KLGURGLQkPLFD GR UHVHUYDWyULR H GH PDQHMR GD FULDomR SHUPLWHPDUHFRPHQGDomRGHHVWUDWpJLDVGHPRQLWRUDPHQWRHGHGLPLQXLomRGRV LPSDFWRV DPELHQWDLV FRP YLVWDV j PDQXWHQomR GRV DWULEXWRV GR FRUSR KtGULFR GHQWURGHSDGU}HVGHVHMiYHLVVRFLDLVHOHJDLVSDUDRVP~OWLSORVXVRVUHTXHULGRV

1D SUHVHQWH SHVTXLVD FRPSDUDUDPVH iUHDV FRP H VHP SLVFLFXOWXUD HP GRLVFRPSDUWLPHQWRVGRUHVHUYDWyULRGH&KDYDQWHVODFXVWUHHGHWUDQVLomRSRU PHLR GR OHYDQWDPHQWR EDWLPpWULFR H GD GHWHUPLQDomR GH YDULiYHLV OLPQROyJLFDV EXVFDQGRVH LGHQWLILFDU DV LQWHUIHUrQFLDV GD FULDomR GH SHL[HV QR DPELHQWH DTXiWLFR $ KLSyWHVH GHVWH WUDEDOKR p TXH RV FRUSRV KtGULFRV HVWmR VXMHLWRV D DOWHUDo}HV QDV VXDV FDUDFWHUtVWLFDV OLPQROyJLFDV HP FRQVHTXrQFLD GR DSRUWH GH LQVXPRV H PHWDEyOLWRV SURYHQLHQWHV GD SLVFLFXOWXUD HP WDQTXHVUHGH FRPR R DXPHQWR GR HVWDGR WUyILFR GH IRUPD GLIHUHQFLDGD HP IXQomR GD ORFDOL]DomR GR HPSUHHQGLPHQWRDTXtFROD

2%-(7,92

2EMHWLYRJHUDO

9HULILFDUDVLQWHUIHUrQFLDVGHGXDViUHDVFRPSLVFLFXOWXUDHPWDQTXHVUHGH

QDV FDUDFWHUtVWLFDV OLPQROyJLFDV GH GLIHUHQWHV FRPSDUWLPHQWRV ORQJLWXGLQDLV

ODFXVWUH H GH WUDQVLomR ULRUHVHUYDWyULR GR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD6(6OLPLWHHQWUHUHJLmRVXGHVWHHVXO

(21)

2EMHWLYRVHVSHFtILFRV

$YDOLDUDVFDUDFWHUtVWLFDVOLPQROyJLFDVGHiUHDVFRPHVHPSLVFLFXOWXUDSRU

PHLRGDGHWHUPLQDomRPHQVDOGHYDULiYHLVItVLFDVTXtPLFDVHELROyJLFDVGDiJXD WUDQVSDUrQFLD WHPSHUDWXUD S+ R[LJrQLR GLVVROYLGR FRQGXWLYLGDGH HOpWULFD

WXUELGH]GHPDQGDELRTXtPLFDGHR[LJrQLRFROLIRUPHVWHUPRWROHUDQWHVFORURILODD

QLWURJrQLRRUJkQLFRHIyVIRURWRWDOHPGLIHUHQWHVSURIXQGLGDGHVVXSHUItFLHPHLR GD FDPDGD HXIyWLFD H IXQGR QR FRPSDUWLPHQWR ODFXVWUH H QR GH WUDQVLomR ULR UHVHUYDWyULR

,GHQWLILFDU DHVWUXWXUDWpUPLFDH TXtPLFDGHiUHDV FRPH VHPSLVFLFXOWXUD

SRUPHLRGDGHWHUPLQDomRGHSHUILVYHUWLFDLVGHWHPSHUDWXUDS+FRQFHQWUDomRGH R[LJrQLRGLVVROYLGRHFRQGXWLYLGDGHGDiJXDQRSRQWRFHQWUDOGDViUHDVDYDOLDGDV

&DUDFWHUL]DUDPRUIRORJLDGRIXQGRHSDUkPHWURVPRUIRPpWULFRVGDViUHDV

GHHVWXGRSRUPHLRGDH[HFXomRGHOHYDQWDPHQWRVSDUDDHODERUDomRGHPDSDV EDWLPpWULFRVHYHULILFDUDLQIOXrQFLDGDPRUIRORJLDPRUIRPHWULDSDUDDYDULDELOLGDGH GDVFDUDFWHUtVWLFDVOLPQROyJLFDVHQWUHDViUHDVDYDOLDGDV

9HULILFDUDYDULDELOLGDGHVD]RQDOHHVSDFLDOGDVYDULiYHLVOLPQROyJLFDVHQWUH

RVFRPSDUWLPHQWRVHHQWUHiUHDVFRPHVHPSLVFLFXOWXUDDYDOLDQGRDVVLPVHD SLVFLFXOWXUD DIHWD GLIHUHQWHPHQWH DV FDUDFWHUtVWLFDV OLPQROyJLFDV GRV GLVWLQWRV FRPSDUWLPHQWRV

3URGX]LULQIRUPDo}HVVREUHRVLVWHPDGHFULDomRHPWDQTXHVUHGHYLVDQGR

FRQWULEXLU SDUD R SODQHMDPHQWR H JHVWmR GR XVR GR UHFXUVR KtGULFR SDUD ILQV GH SLVFLFXOWXUD

5()(5(1&,$/7(Ï5,&2

(22)

HVWXGRV VREUH DV LQWHUIHUrQFLDV GD SLVFLFXOWXUD HP WDQTXHVUHGH QDV FDUDFWHUtVWLFDVOLPQROyJLFDVGRUHVHUYDWyULRGHYHPFRQWHPSODUDVHVSHFLILFLGDGHV GD EDFLD KLGURJUiILFD RQGH R FRUSR G¶iJXD HVWi LQVHULGR EHP FRPR EXVFDU D FRPSUHHQVmR GD HVWUXWXUD IXQomR H GLQkPLFD GR UHVHUYDWyULR TXH HQYROYH VXD YDULDELOLGDGHQRWHPSRHQRHVSDoR

2V UHVHUYDWyULRV SRGHP VHU FRQVLGHUDGRV VLVWHPDV LQWHUPHGLiULRV HQWUH ULRV H ODJRV FRP UHODomR jV FDUDFWHUtVWLFDV PRUIROyJLFDV H KLGUROyJLFDV j LPSRUWkQFLDUHODWLYDGHQXWULHQWHVSURYHQLHQWHVGHIRQWHVH[WHUQDVHGDFLFODJHP LQWHUQD H DR JUDX GH LPSRUWkQFLD GDV IRQWHV DXWyFWRQHV H DOyFWRQHV GH PDWpULD RUJkQLFDSDUDDFDGHLDDOLPHQWDU.,00(/HWDO2VPRYLPHQWRVYHUWLFDLV H KRUL]RQWDLV GDV PDVVDV GH iJXD R IOX[R FRQWtQXR GH iJXD HP GLUHomR j EDUUDJHPHDYDULDomRGRWHPSRGHUHVLGrQFLDRVTXDLVDSUHVHQWDPPHFDQLVPRV HVSHFtILFRV GHSHQGHQWHV GD EDFLD GH GUHQDJHP H GH VHXV XVRV GHWHUPLQDP JUDQGH SDUWH GDV FDUDFWHUtVWLFDV HVWUXWXUDLV H IXQFLRQDLV GHVVHV FRUSRV G¶iJXD 7+25721

&RPSDUWLPHQWDOL]DomRGHUHVHUYDWyULRV

(23)

UHVLGrQFLD EDL[DV FRQFHQWUDo}HV GH QXWULHQWHV H SDUWtFXODV HP VXVSHQVmR DOWD WUDQVSDUrQFLD H ]RQD HXIyWLFD SURIXQGD 1HVWD UHJLmR D SURGXWLYLGDGH SULPiULD p

VXSRUWDGD SULQFLSDOPHQWH SHOD FLFODJHP GH QXWULHQWHVLQ VLWX 1R HQWDQWR HVWD

FRPSDUWLPHQWDOL]DomR QmR p EHP GHILQLGD XPD YH] TXH p UHVXOWDQWH GD FRPELQDomR GH XPD VpULH GH IDWRUHV HQWUDGD H VDtGD GD iJXD OX] QXWULHQWHV SURGXomRILWRSODQFW{QLFDHVXSULPHQWRGHPDWpULDRUJkQLFD.,00(/HWDO

$VVLPDUHGXomRGRIOX[RHPGLUHomRjEDUUDJHPLPSOLFDQRDXPHQWRGD WUDQVSDUrQFLDHPIXQomRGDVHGLPHQWDomRGHPDWHULDOSDUWLFXODGRHQTXDQWRTXH D WHQGrQFLD GH UHGXomR GH QXWULHQWHV p UHVXOWDQWH GRV SURFHVVRV GH VHGLPHQWDomRHDEVRUomRSHORILWRSOkQFWRQ3$*,252HWDO3$*,252HW DO E 'H IDWR HVWH IHQ{PHQR IRL WDPEpP REVHUYDGR SRU GLYHUVRV DXWRUHV 3$*,252 HW DO 3,172&2(/+2 HW DO 62$5(6 HW DO $ FRPSDUWLPHQWDOL]DomR GH JUDQGHV UHVHUYDWyULRV WURSLFDLV QR HQWDQWR SRGH VHU PDLV FRPSOH[D PXOWLGLPHQVLRQDO LQIOXHQFLDGD SRU HQWUDGDV GH WULEXWiULRV VHFXQGiULRV H SHOR WHPSR GH UHVLGrQFLD GH FDGD EUDoR GR UHVHUYDWyULR 12*8(,5$3,172&2(/+2HWDO62$5(6HWDO$ H[WHQVmR GH FDGD FRPSDUWLPHQWR WDPEpP SRGH YDULDU DR ORQJR GR DQR HP IXQomR GD FRQWULEXLomR GH PDWHULDO SURYHQLHQWH GD EDFLD GH GUHQDJHP VHGLPHQWRV H QXWULHQWHV H GR WHPSR GH UHVLGrQFLD GR UHVHUYDWyULR FULDQGR FRQGLo}HV GH KHWHURJHQHLGDGH HVSDFLDO KRUL]RQWDO H YHUWLFDO $OpP GLVVR D SUySULD IRUPDomR GRV UHVHUYDWyULRV SRGH GDU RULJHP jV GLYHUVDV HQVHDGDV DV TXDLVSRGHPGLIHULUItVLFDTXtPLFDHELRORJLFDPHQWHGRFRUSRFHQWUDO52&+$HW DO

$ YDULDomR GD WLSRORJLD GR UHVHUYDWyULR DR ORQJR GR VHX HL[R ORQJLWXGLQDO GHYHVHUFRQKHFLGDSDUDFRPSUHHQVmRGDVFRQGLo}HVOLPQROyJLFDVFRPYLVWDVj DGRomRGHPHGLGDVGHPDQHMR781',6,2VJUDGLHQWHVORQJLWXGLQDLVQDV FRQGLo}HV ItVLFDV H TXtPLFDV GH UHVHUYDWyULRV LPSOLFDP HP JUDGLHQWHV ILWRSODQFW{QLFRV.,00(/HWDO

(24)

0RUIRORJLD0RUIRPHWULDGHEDFLDV

$V FDUDFWHUtVWLFDVItVLFDV GH XPD EDFLD FRQVWLWXHP HOHPHQWRV LPSRUWDQWHV SDUD DYDOLDomR GR VHX FRPSRUWDPHQWR KLGUROyJLFR 2 HVWXGR GH SDUkPHWURV PRUIRPpWULFRV DX[LOLD QR HQWHQGLPHQWRGDHVWUXWXUDHIXQFLRQDPHQWRGRV FRUSRV G¶iJXD SHUPLWLQGR D DVVRFLDomR GHVVHV DWULEXWRV FRP D TXDOLGDGH GD iJXD SDUWLFXODUPHQWH DR VHX JUDX GH WURILD 63(5/,1* ( '$17$6 $ SURGXWLYLGDGH SULPiULD GR ILWRSOkQFWRQ SRU H[HPSOR p FRQWURODGD SHOD DomR FRPELQDGDGDOX]HQXWULHQWHVPDVRWHPSRGHUHVLGrQFLDPRUIRPHWULDWDPDQKR GR UHVHUYDWyULR HWF VmR IDWRUHV TXH DWXDP VREUH R PHWDEROLVPR GHVVD FRPXQLGDGH

$ PRUIRPHWULD GRV FRUSRV G¶iJXD WHP UHODomR GLUHWD FRP R EDODQoR GH QXWULHQWHVDSURGXWLYLGDGHDHVWDELOLGDGHWpUPLFDGDFROXQDG¶iJXDRVSURFHVVRV GHFLUFXODomRHGLVSHUVmRGHRUJDQLVPRV3$12662HWDO$GLVWULEXLomR GD ELRWD H GRV FRPSRVWRV TXtPLFRV p DIHWDGD SRU IDWRUHV FRQGLFLRQDGRV SHOD PRUIRPHWULD WDLV FRPR D SHQHWUDomR GD OX] D IRUPDomR GH FRUUHQWHV H D DWHQXDomRGRYHQWR63(5/,1*

&RUSRV G¶iJXD PDLV UDVRV WHQGHP D DSUHVHQWDU XP QtYHO WUyILFR PDLV HOHYDGR SULQFLSDOPHQWH GHYLGR j PDLRU SHQHWUDomR GH OX] DR ORQJR GH WRGD D FROXQD G¶iJXD 921 63(5/,1* $OpP GLVVR SURIXQGLGDGHV PHQRUHV UHVXOWDP HP YROXPHV SURSRUFLRQDOPHQWH PDLRUHV GR HSLOtPQLR GH PRGR TXH PDLRUHVFDUJDVGHQXWULHQWHVWHQGHPDOHYDUDPDLRUHVSURGXWLYLGDGHV7DPEpP HPiJXDVUDVDVpPDLRUDSRVVLELOLGDGHGHWURFDVGHQXWULHQWHVHQWUHRVHGLPHQWR H D FROXQD G¶iJXD 3RU RXWUR ODGR R SURFHVVR GH HXWURIL]DomR HP JUDQGH SDUWH GHSHQGHGRWHPSRGHUHWHQomRGDVPDVVDVGHiJXD$VVLPWHPSRVGHUHWHQomR GD iJXD PHQRUHV UHVXOWDP HP SHUtRGRV PDLV FXUWRV GH DEVRUomR FLUFXODomR VHGLPHQWDomR H UHXWLOL]DomR GH QXWULHQWHV SRUWDQWR HP PDLRU UHVLVWrQFLD j HXWURIL]DomR32578*$/

(25)

GHWHUPLQDGR SRU IDWRUHV PRUIRPpWULFRV H VD]RQDLV LQIOXHQFLDQGR GLUHWDPHQWH D FDSDFLGDGH GH GLOXLomR GRV UHVtGXRV $ KLGURGLQkPLFD H D SURIXQGLGDGH GHWHUPLQDP R YROXPH H D YD]mR GD iJXD TXH UHFHEH D HPLVVmR GLiULD GH QXWULHQWHVHDiUHDGHGHSRVLomRGRVUHVtGXRVDRPHVPRWHPSRDKLGURGLQkPLFD HRVRUJDQLVPRVSHOiJLFRVVmRRVSULQFLSDLVIDWRUHVGHWHUPLQDQWHVGDFDSDFLGDGH GHDEVRUomRSHODFROXQDG¶iJXD2/6(1<2/6(1/

6D]RQDOLGDGHWHPSRUDO

$ VD]RQDOLGDGH FOLPiWLFD SURPRYH DOWHUDo}HV QRV IDWRUHV OLPQROyJLFRV GR UHVHUYDWyULR SULQFLSDOPHQWH HP IXQomR GD WHPSHUDWXUD UDGLDomR VRODU SUHFLSLWDomR H YHQWRV $ WHPSHUDWXUD GR DU LQIOXHQFLD GLUHWDPHQWH D GD iJXD DWXDQGRQDHVWUXWXUDYHUWLFDOGRVVLVWHPDVDTXiWLFRVDTXDOLQWHUIHUHQDGLQkPLFD GHSURFHVVRVTXtPLFRVHELROyJLFRV62$5(6HWDOHQRPHWDEROLVPRGR HFRVVLVWHPD DTXiWLFR $V FKXYDV SRGHP LQWHUIHULU QD HVWUDWLILFDomR WpUPLFD QD HQWUDGD VDtGD H GLOXLomR GH UHVtGXRV 2 SHUtRGR FKXYRVR SRGH SURPRYHU R WUDQVSRUWHGHPDWHULDOLQRUJkQLFRVXSHQVRSDUDIRUDGRVLVWHPDDLQWURGXomRGH SDUWtFXODV FRP IRVIDWR DGVRUYLGR H R DXPHQWR GH SDUWtFXODV RUJkQLFDV H LQRUJkQLFDVGHYLGRjFRQWULEXLomRGDEDFLDRFDVLRQDQGRDDWHQXDomRHPXGDQoD QD FRPSRVLomR GD OX] 781',6, 781',6, 2V YHQWRV DWXDP QD PLVWXUDGD FROXQD G¶iJXD QD FRQFHQWUDomRH GLVWULEXLomR GRR[LJrQLRQR LQWHULRU GR HFRVVLVWHPD DTXiWLFR (67(9(6 2 YHQWR SURSLFLD D IRUPDomR GH FRUUHQWHVHGHRQGDVTXHLQWHUIHUHPQDDJLWDomRGDPDVVDOtTXLGDQDGLVVROXomR GR R[LJrQLR GR DU QD iJXD H QD GLVSHUVmR GRV UHVtGXRV 2V YHQWRV SRGHP LQWHUIHULU QD GHSRVLomR GH VHGLPHQWRV HP GHWHUPLQDGDV UHJL}HV H QD UHVVXVSHQVmR GR PDWHULDO GH IXQGR $V FRPXQLGDGHV DTXiWLFDV WHQGHP D DSUHVHQWDU UHVSRVWDV GLUHWDV D HVWDV YDULDo}HV OLPQROyJLFDV )$17,1&58= /29(5'(2/,9(,5$(*,5$5'

(26)

UHVSRQViYHLV SHOD HVWUDWLILFDomR GD FROXQD G¶iJXD %2(+5(5 6&+8/7=( 5HVVDOWHVH TXH DV GLIHUHQoDV GH GHQVLGDGHV VmR VLJQLILFDWLYDPHQWH PDLRUHV HP WHPSHUDWXUDV DFLPD GH ž& H SHTXHQDV GHVSURSRUo}HV GH WHPSHUDWXUD HQWUH DV FDPDGDV SRGHP SURPRYHU HVWUDWLILFDo}HV HVWiYHLV (67(9(6

3RUWDQWRRVSDGU}HVGHHVWUDWLILFDomRGDFROXQDG¶iJXDVmRUHVXOWDQWHVGD FRPELQDomRGDWHPSHUDWXUDFRPRXWURVIDWRUHVFRPRDPRUIRPHWULDRWHPSRGH UHVLGrQFLD H D FRQFHQWUDomR GH VyOLGRV WRWDLV GLVVROYLGRV 1DV UHJL}HV GH FOLPD WURSLFDO GH XP PRGR JHUDO p FRPXP D RFRUUrQFLD GH HVWUDWLILFDomR GXUDQWH D SULPDYHUD YHUmR H RXWRQR FRP GHVHVWUDWLILFDomR QR LQYHUQR RX DLQGD D HVWUDWLILFDomR H GHVHVWUDWLILFDomR GLiULD (67(9(6 $ SHUGD GH FDORU GD iJXD SRU HYDSRUDomR QR RXWRQR H D LQIOXrQFLD GD HQWUDGD GH iJXD IULD GH HIOXHQWHV SRGHP OHYDU j FLUFXODomR GD FROXQD G¶iJXD LQVWDELOLGDGH WpUPLFD RX GHVHVWUDWLILFDomR $ HVWUDWLILFDomR WHQGH D VHU PDLV GXUDGRXUD QRV SHUtRGRV FKXYRVRVFRPPDLRUQtYHOGHiJXDHPHQRUYDULDomRGDWHPSHUDWXUDGLiULD-i HP DPELHQWHV PDLV UDVRV D GHVHVWUDWLILFDomR p IDFLOLWDGD SRU PHLR GD DomR GRV YHQWRV H SHUGD GH FDORU SDUD D DWPRVIHUD 3RU VXD YH] WDLV SDGU}HV VmR GHWHUPLQDQWHV GH SURFHVVRV FRPR DV PLJUDo}HV GH ]RRSODQFWRQ DV WD[DV GH FUHVFLPHQWRGHSURGXWRUHVHRJUDXGHDQR[LDQRKLSROtPQLR(67(9(6

1R IXQGR GH iUHDV FRP H[FHVVR GH PDWpULD RUJkQLFD GXUDQWH D HVWUDWLILFDomRWpUPLFDLQFLGHXPDOWRFRQVXPRGHR[LJrQLRGLVVROYLGRHRDXPHQWR

GDV FRQFHQWUDo}HV GH &2 FRP IRUPDomR GH VXEVWkQFLDV UHGX]LGDV WDLV FRPR

DP{QLD1+JiVVXOItGULFR+6HPHWDQR&+4XDQGRRFRUUHRSURFHVVRGH

GHVHVWUDWLILFDomR HVVDV HVSpFLHV TXtPLFDV SRGHP VHU GLVSRQLELOL]DGDV SDUD D FROXQD G¶iJXD DIHWDQGR R GHVHQYROYLPHQWR GD ELRWD $OpP GLVVR FRP D GHVR[LJHQDomR GR IXQGR SRGH RFRUUHU D OLEHUDomR GR IyVIRUR DXPHQWDQGR D SURGXWLYLGDGH GR DPELHQWH DTXiWLFR $ IRUPDomR GH WHUPRFOLQD WDPEpP WHQGH D DXPHQWDUDFRQGXWLYLGDGHQRIXQGRGDFROXQDG¶iJXD+(15<

(27)

$ DomR GDV XVLQDV PRGLILFD R UHJLPH QDWXUDO GH SXOVRV GH LQXQGDomR D YHORFLGDGHRWHPSRGHUHWHQomRDVFRUUHQWHVGHDGYHFomRHDSURIXQGLGDGHGRV DPELHQWHV DTXiWLFRV DOpP GD iUHD VXSHUILFLDO GD SODQtFLH VXEPHWLGD D DODJDPHQWR 781',6, $ RSHUDomR GDV XVLQDV KLGUHOpWULFDV H DV FRQGLo}HV FOLPDWROyJLFDV GHWHUPLQDP DOWHUDo}HV GR QtYHO DOWLPpWULFR YD]mR H YROXPHiUHD GH GLOXLomR GR UHVHUYDWyULR $ FRPELQDomR GD SHULRGLFLGDGH GDV FKXYDVFRPRVLVWHPDRSHUDFLRQDOGDXVLQDKLGUHOpWULFDSURGX]XPFLFORVD]RQDOQR DUPD]HQDPHQWR GH iJXD WHPSR GH UHWHQomR H FRQFHQWUDomR GH QXWULHQWHV FRP FRQVHTXrQFLDVVREUHDSURGXomRSULPiULD7+20$=HWDO781',6,

,PSDFWRVSRWHQFLDLVGDSLVFLFXOWXUDHPWDQTXHVUHGHQRVUHVHUYDWyULRV

2V UHVHUYDWyULRV JHUDOPHQWH UHIOHWHP RV P~OWLSORV LPSDFWRV JHUDGRV SRU XPD YDULHGDGH GH DWLYLGDGHV DQWUySLFDV 781',6, 2 GLDJUDPD D VHJXLU )LJXUDPRVWUDRVSULQFLSDLVSURFHVVRVGHFRQWDPLQDomRHSROXLomRGDViJXDV HVXDVFRQVHTXrQFLDV

(28)

$ SLVFLFXOWXUD HP WDQTXHVUHGH p XPD GDV DWLYLGDGHV DQWUySLFDV TXH FRQWULEXLSDUDDVDOWHUDo}HVGDVFDUDFWHUtVWLFDVOLPQROyJLFDVGRUHVHUYDWyULRXPD YH] TXH RV UHVtGXRV SLVFtFRODV SRGHP HVWLPXODU D SURGXWLYLGDGH H DOWHUDU DV FDUDFWHUtVWLFDVELyWLFDVHDELyWLFDVGRFRUSRG¶iJXD1RHQWDQWRDDYDOLDomRGDV UHVSRVWDV DPELHQWDLV DRV LPSDFWRV SRWHQFLDLV GD DWLYLGDGH p GLItFLO GHYLGR j FRPSOH[LGDGHGHLQWHUDo}HVHGRVP~OWLSORVIDWRUHVTXHSRGHPDIHWDURDPELHQWH DTXiWLFR 2V GDGRV GLVSRQtYHLV LQGLFDP TXH WDQTXHVUHGH LQVWDODGRV HP ORFDO DGHTXDGR XWLOL]DQGR WHFQRORJLDV FRUUHWDV SURPRYHP HIHLWRV SHTXHQRV H PDLV ORFDOL]DGRVFRPSDUDWLYDPHQWHDRVGHRXWUDVDWLYLGDGHVTXHODQoDPHIOXHQWHVQR DPELHQWHDTXiWLFR3,//$<

'HQWUHRVVLVWHPDVDEHUWRVDSURGXomRGHSHL[HVHPWDQTXHVUHGHpXPD PRGDOLGDGHLQWHQVLYDEDVHDGDQDFRQWtQXDUHQRYDomRGHiJXDDTXDOSURSLFLDD PDQXWHQomRGDTXDOLGDGHGDiJXDGHQWURGDVHVWUXWXUDVGHFULDomRHDUHPRomR GRV PHWDEyOLWRV H GHMHWRV SURGX]LGRV SHORV DQLPDLV &2/7 0217*20(5< (VVH VLVWHPD GH FULDomR WHP HYROXtGR PXLWR UDSLGDPHQWH QRV ~OWLPRV DQRV GHYLGR jV YDQWDJHQV WpFQLFDV TXH DSUHVHQWD VREUH RV VLVWHPDV FRQYHQFLRQDLV GH SURGXomR DR PHQRU FXVWR H j PDLRU UDSLGH] GH LPSODQWDomR SRU XWLOL]DU DPELHQWHV DTXiWLFRV Mi H[LVWHQWHV 212 .8%,7=$ 6&+5(,%(5HWDO3RURXWURODGRRDXPHQWRGDFULDomRHPWDQTXHVUHGH WDPEpPpXPDUHVSRVWDjVSUHVV}HVGDJOREDOL]DomRHGDFUHVFHQWHSURFXUDSRU DOLPHQWRVGHRULJHPDTXiWLFD7$&21+$/:$57

$ SURGXomR HP VLVWHPD LQWHQVLYR HQYROYH D XWLOL]DomR GH GHQVLGDGHV GH HVWRFDJHPHOHYDGDVDGHSHQGrQFLDGHDOLPHQWRVQXWULFLRQDOPHQWHEDODQFHDGRV D TXDOLGDGH JHQpWLFDGRV DOHYLQRV HQWUH RXWUDV H[LJrQFLDV FRP YLVWDV DR PDLRU GHVHPSHQKR SURGXWLYR +$/:$57 HW DO .8%,7=$ $ PDLRU ELRPDVVD SURGX]LGD SRGH FDXVDU PDLRU ULVFR GH LPSDFWRV DPELHQWDLV QHJDWLYRV GHYLGR DR SRWHQFLDO DXPHQWR GH UHVtGXRV SURYHQLHQWHV GH DOLPHQWRV QmR FRQVXPLGRVHSURGXWRVPHWDEyOLFRV67(3+(16)$55,6

1R %UDVLO D HVSpFLH PDLV SURGX]LGD HP WDQTXHVUHGH p D WLOiSLD

2UHRFKURPLVQLORWLFXVDTXDOIRLLQWURGX]LGDQRVDoXGHVGR1RUGHVWHQRLQtFLRGD

(29)

HVSpFLH p FRQVLGHUDGD HVWDEHOHFLGD XPD YH] TXH Mi FRQVWLWXLX SRSXODo}HV HP UHSURGXomRDSDUHFHQGRQDSHVFDH[WUDWLYD9(508/0*,$0$6

$ SULQFLSDO LQIOXrQFLD GD DTXLFXOWXUD VREUH D TXDOLGDGH GD iJXD p R DXPHQWR GLUHWR GRV VyOLGRV VXVSHQVRV H GRV QXWULHQWHV GHFRUUHQWHV GD PDWpULD RUJkQLFDLQWURGX]LGDQRDPELHQWHSRUPHLRGDUDomRQmRFRQVXPLGDSHORVSHL[HV DIH]HVHVXESURGXWRVPHWDEyOLWRV3,//$<7$&21)2567(5 729$5 HW DO HRX LQGLUHWR SRU PHLR GD HXWURIL]DomR GD iJXD H FRQVHTXHQWHDXPHQWRGDSURGXWLYLGDGHSULPiULD7$&21)2567(5

*HUDOPHQWHRVUHVtGXRVSLVFtFRODVDSUHVHQWDPFRQFHQWUDo}HVHOHYDGDVGH QLWURJrQLR H IyVIRUR +(15<6,/9$ &$0$5*2 (VVHV QXWULHQWHV VmR HOHPHQWRV HVVHQFLDLV SDUD R FUHVFLPHQWR GR ILWRSOkQFWRQ H GDV PDFUyILWDV DTXiWLFDV H LPSRUWDQWHV SDUD R JUDX GH WURILD GR DPELHQWH DTXiWLFR 62$5(6 02=(772 2 H[FHVVR GH QXWULHQWHV DFHOHUD D HXWURIL]DomR TXH JHUD FRQVHTXrQFLDV FRPR R DXPHQWR GRV SURFHVVRV QDWXUDLV GD SURGXomR ELROyJLFD HPULRVODJRVHUHVHUYDWyULRV3,//$<781',6,HWDO'HVVDIRUPD D IHUWLOL]DomR DXPHQWDGD SHOD SLVFLFXOWXUD HP WDQTXHVUHGH SULQFLSDOPHQWH HP FRUSRVG¶iJXDHXWUyILFRVSRGHUHVXOWDUQDIORUDomRGHDOJDVTXHFRQIHUHPjiJXD FDUDFWHUtVWLFDV LQDGHTXDGDV SDUD VHX FRQVXPR FRP SUHMXt]RV DPELHQWDLV HFRQ{PLFRVHSDUDDVD~GHKXPDQD3,//$<

$V DOWHUDo}HV QD TXDOLGDGH GD iJXD RULJLQDGDV GR FUHVFLPHQWR H[FHVVLYR GDV FLDQREDFWpULDV SRGHP WUD]HU SUHMXt]RV SDUD D JHVWmR GDV iJXDV LQWHULRUHV DEDVWHFLPHQWR GH iJXD UHFUHDomR SHVFD HWF SURPRYHQGR LPSDFWRV QD HFRQRPLD H QD VD~GH S~EOLFD %$575$0 HW DO (VWHV PLFURRUJDQLVPRV VmR SURGXWRUHV GH WR[LQDV H GH FRPSRVWRV RGRUtIHURV WUDQVGLPHWLOWUDQV GHFDOROJHRVPLQDHPHWLOLVRERUQHRORVTXDLVFRQIHUHPRGRUHVDERUGHWHUUDH PRIR j iJXD <281* HW DO =$7 %(1(77, 1RV SHL[HV RV

FRPSRVWRVRGRUtIHURVRFDVLRQDPRVDERUGHEDUURRFRUUrQFLDFRQKHFLGDSRURII

IODYRURTXHGHSUHFLDRSHVFDGRSDUDVXDFRPHUFLDOL]DomR

(30)

XPDFLDQRWR[LQDTXHSRGHVHUDFXPXODGDHPSHL[HVDWUDYpVGDFDGHLDDOLPHQWDU H WRUQDUVH XPD DPHDoD SDUD D VHJXUDQoD DOLPHQWDU KXPDQD =+$2 0 HW DO 0DJDOKmHV 6RDUHV H $]HYHGR HP HVWXGR QD ODJRD GH -DFDUHSDJXi QR 5LR GH -DQHLUR GHPRQVWUDUDP D SUHVHQoD GH PLFURFLVWLQD QR SOkQFWRQ H VXD ELRDFXPXODomR QR ItJDGR YtVFHUDV H WHFLGR PXVFXODU GH WLOiSLD UHQGDOOL HP FRQFHQWUDo}HV SUy[LPDV RX DFLPD GR OLPLWH UHFRPHQGDGR SHOD

2UJDQL]DomR0XQGLDOGH6D~GH206SDUDFRQVXPRKXPDQRPJNJGLD

'R WRWDO GD UDomR IRUQHFLGD DRV SHL[HV XPD SDUFHOD p FRQVXPLGD WUDQVIRUPDGDHPSURWHtQDDQLPDOHUHWLUDGDGRDPELHQWHDTXiWLFRQRPRPHQWRGD GHVSHVFD SULQFLSDOPHQWH QD IRUPD GH FDUERQR QLWURJrQLR H IyVIRUR 2XWUD SDUFHOD p WUDQVIRUPDGD HP IH]HV H PHWDEyOLWRV TXH LUmR VH GHSRVLWDU QR IXQGR GHVVHVDPELHQWHVRXVHGLVVROYHUQDFROXQDG¶iJXD$UDomRTXHQmRpLQJHULGD SHORVSHL[HVVHQGROLEHUDGDGLUHWDPHQWHQDiJXDVRPDVHDHVVD~OWLPDSDUFHOD SDUDRDF~PXORGHPDWpULDRUJkQLFDQRDPELHQWHDTXiWLFR8PDSDUWHGDPDWpULD RUJkQLFDDFXPXODGDSRGHVHUOLEHUDGDQDIRUPDGHGLy[LGRGHFDUERQRDP{QLDH IyVIRUR DWUDYpV GR LQWHUFkPELR FRP D DWPRVIHUD QD LQWHUIDFH iJXD H DU 2XWUD SDUWH VLJQLILFDWLYD p HOLPLQDGD DWUDYpV GDV WURFDV GH iJXD H ILQDOPHQWH FHUWD TXDQWLGDGHGRJiVFDUE{QLFRQLWURJrQLRHDP{QLDpDGVRUYLGDSHORVRORHSHORDU QDIRUPDGHJiVGHQLWURJrQLRHDP{QLD%2<'48(,52=

(31)

GHVRYDGHSHL[HVRXDLQGDUHWHUEDFWpULDVDOWHUDQGRRVSURFHVVRVELROyJLFRVH TXtPLFRVQRVHGLPHQWRHQDHFRORJLDGRVRUJDQLVPRVEHQW{QLFRV3,//$< &(7(6%

2 H[FHVVR GH PDWpULD RUJkQLFD GLVVROYLGD QR DPELHQWH SURSRUFLRQD WDPEpP FRQGLo}HV IDYRUiYHLV SDUD R GHVHQYROYLPHQWR GH PLFURRUJDQLVPRV SULQFLSDOPHQWH EDFWpULDV 1R HQWDQWR DV LQIRUPDo}HV GLVSRQtYHLV VREUH R DXPHQWR GR Q~PHUR GH FROLIRUPHV IHFDLV DVVRFLDGR jV FRQGLo}HV DTXDFXOWXUDLV QmR VmR FRQFOXVLYDV SRLV H[LVWHP LQIRUPDo}HV GLYHUJHQWHV VREUH HVVH DVVXQWR 3,//$<

$TXDQWLGDGHGHUHVtGXRVOLEHUDGRVSHODSLVFLFXOWXUDHPWDQTXHVUHGHYDULD FRP D ELRPDVVD XWLOL]DGD HVSpFLH IDVH GH GHVHQYROYLPHQWR H WLSR GH DOLPHQWR VHQGRLQIOXHQFLDGDSHODVFDUDFWHUtVWLFDVGRFRUSRG¶iJXDHGDHVWDomRGRDQRLH WD[DVPHWDEyOLFDV%(9(5,'*(3+,//,363,//$<3RUVXD YH] R LPSDFWR GHVWD DWLYLGDGH VREUH R DPELHQWH DTXiWLFR GHSHQGHUi GD FDUJD FRQFHQWUDomR GH UHVtGXRV OLEHUDGRV GD GLVSHUVmR SHODV FRUUHQWHV H GD FDSDFLGDGH GH DVVLPLODomR GR DPELHQWH SDUD FDGD FRPSRQHQWH HVSHFtILFR $*8$5'2*,0e1=*$5&Ë$*$5&Ë$3,('5$+,7$

(32)

$ TXDOLGDGH GD UDomR FRPSRVLomR JUDQXORPHWULD HVWDELOLGDGH QD iJXD GLJHVWLELOLGDGHHWD[DGHFRQYHUVmRDOLPHQWDUHRPDQHMRDOLPHQWDUTXDQWLGDGHH IUHTXrQFLD GR IRUQHFLPHQWR GD UDomR VmR SRQWRV IXQGDPHQWDLV SDUD R GHVHQYROYLPHQWR VXVWHQWiYHO GD SLVFLFXOWXUD HP WDQTXHVUHGH 2 XVR GH UDo}HV FRP DOWRV FRHILFLHQWHV GH GLJHVWLELOLGDGH SURSRUFLRQD PHOKRUHV UHVSRVWDV GH FRQYHUVmR DOLPHQWDU PD[LPL]DQGR R DSURYHLWDPHQWR GR DOLPHQWR RV OXFURV H PLQLPL]DQGR R LPSDFWR DPELHQWDO TXH DOJXQV GHVVHV LQJUHGLHQWHV SRGHP SURSLFLDU 3(==$72 HW DO 5HVVDOWHVH TXH R DOLPHQWR IRUQHFLGR p R SULQFLSDO FRPSRQHQWH GR FXVWR RSHUDFLRQDO GD SURGXomR GH SHL[HV HP WDQTXHV UHGHSRUYROWDGHSRUWDQWRHFRQRPLFDPHQWHWDPEpPpLPSRUWDQWHDXPHQWDU DHILFLrQFLDGDDOLPHQWDomR)85/$1(72HWDO

1DVSLVFLFXOWXUDVHPiJXDVFRQWLQHQWDLVPDLRUDWHQomRWHPVLGRGDGDDR DXPHQWR GD FRQFHQWUDomR GH IyVIRUR WRWDO R TXDO WHP VLGR FRQVWDWDGR SRU GLYHUVRV SHVTXLVDGRUHV HP iUHDV FRP FULDomR HP WDQTXHVUHGH %(9(5,'*( %5,672: HW DO *82 /, 3+,//,36 6$1726 HW DO 'H XPD PDQHLUD JHUDO R IyVIRUR p DSRQWDGR FRPR SULQFLSDO LQGXWRU GD HXWURIL]DomR SULQFLSDOPHQWH SDUD UHJL}HV WURSLFDLV +$0%/,1 *$/( 6$/$6 0$57,12 1R HQWDQWR D UHODomR GR DXPHQWR GH IyVIRUR FRP D SURGXWLYLGDGH SULPiULD p LQIOXHQFLDGD SRU RXWUDV FRQGLo}HV OLPLWDQWHV LH OX]FDGHLDWUyILFDWHPSRGHUHVLGrQFLDHYHORFLGDGHGDVFRUUHQWHV.,00(/HW DO 3$*,252 HW DO 3,//$< $ SDVWDJHP GR ]RRSOkQFWRQ VREUH R ILWRSOkQFWRQ SRU H[HPSOR SRGH LQWHUIHULU QD SURGXWLYLGDGH SULPiULD SRU PHLRGDUHPRomRDGLFLRQDOGHSURGXWRUHVSULPiULRV3,//$<

(33)

2VGDGRVGLVSRQtYHLVVREUHDUHWHQomRGHQLWURJrQLRHIyVIRURQRSHL[HHP UHODomR j DOLPHQWDomR DSRQWDP YDORUHV HQWUH H H H UHVSHFWLYDPHQWH 2V WUDEDOKRV VREUH D TXDQWLGDGH GH QLWURJrQLR H IyVIRUR ODQoDGRVQDVIH]HVDSUHVHQWDPUHVXOWDGRVTXHYDULDPGHDHGH D UHVSHFWLYDPHQWH )LQDOPHQWH DV LQIRUPDo}HV VREUH H[FUHo}HV GH QLWURJrQLRHIyVIRURGLVVROYLGRVUHJLVWUDPYDORUHVHQWUHDHD UHVSHFWLYDPHQWH 3,('5$+,7$ 5HVVDOWHVH TXH FRQWULEXHP SDUD D YDULDomR GRV UHVXOWDGRV DV GLIHUHQoDV HQWUH RV SURFHGLPHQWRV H[SHULPHQWDLV DQDOtWLFRVHQWUHDVHVSpFLHVHHQWUHRPDQHMRGDSLVFLFXOWXUD

$WXDOPHQWH VRE R HQIRTXH GH VXVWHQWDELOLGDGH DPELHQWDO EXVFDVH GHWHUPLQDU D TXDQWLGDGH GH FDUJD Pi[LPD GH QXWULHQWHV SURYHQLHQWHV GD SLVFLFXOWXUD HP WDQTXHVUHGH TXH R FRUSR G¶iJXD SRGH UHFHEHU VHP DSUHVHQWDU VLQDLV GH HXWURIL]DomR 1HVVH VHQWLGR R WHUPR FDSDFLGDGH GH VXSRUWH WHP VLGR HPSUHJDGR SRU GLYHUVRV DXWRUHV SRU H[HPSOR %HYHULGJH 6WLJHEUDQGW HW DO H 0F.LQGVH\ HW DO HQWUH RXWURV FRPR D TXDQWLGDGH TXH D DWLYLGDGH SRGH VHU DFRPRGDGD GHQWUR GD FDSDFLGDGH DPELHQWDO GH GHWHUPLQDGD iUHD 'HVVD IRUPD FRQVLGHUDVH TXH TXDQGR D FRQFHQWUDomR GH QXWULHQWHV SHUPDQHFH DEDL[R GH XP QtYHO FUtWLFR RFRUUH D DVVLPLODomR HILFLHQWH SHOR HFRVVLVWHPD VHP FDXVDU GDQR j VXD LQWHJULGDGH 2/6(1 < 2/6(1 / 1R HQWDQWR p HVSHUDGR TXH R DXPHQWR FRQWtQXR GH QXWULHQWHV GHFRUUHQWHV GD SLVFLFXOWXUD QR GHFRUUHU GR WHPSR DFHOHUH R SURFHVVR GH HXWURIL]DomR GR UHVHUYDWyULR

1R %UDVLO D $JrQFLD 1DFLRQDO GDV ÈJXDV $1$ yUJmR UHVSRQViYHO SHOD HPLVVmRGDRXWRUJDSDUDUHVHUYDWyULRVHPiJXDVGD8QLmRXWLOL]DSDUDDUHIHULGD HVWLPDWLYD GH FDSDFLGDGH GH VXSRUWH R PRGHOR VLPSOLILFDGR GH 'LOORQ H 5LJOHU FRPEDVHQDFDUJDPi[LPDGHIyVIRURSHUPLVVtYHOGHDFRUGRFRPD 5HVROXomR&21$0$Qž%5$6,/(VVDQRUPDWLYDGLVS}HVREUHD FODVVLILFDomR GRV FRUSRV GH iJXD H GLUHWUL]HV DPELHQWDLV SDUD R VHX HQTXDGUDPHQWREHPFRPRHVWDEHOHFHDVFRQGLo}HVHSDGU}HVGHODQoDPHQWRGH HIOXHQWHV

2XWUDV DOWHUDo}HV TXtPLFDV FRPXPHQWH REVHUYDGDV HP iUHDV FRP WDQTXHVUHGH VmR GLPLQXLo}HV QD FRQFHQWUDomR GH R[LJrQLR H QR S+ QD FROXQD

(34)

HVSHUDGRV HP IXQomR GR DXPHQWR H GD DFHOHUDomR GRV SURFHVVRV PHWDEyOLFRV GHFRUUHQWHV GD DWLYLGDGH SLVFtFROD UHVSLUDomR GRV SHL[HV H GH WRGD D FDGHLD DOLPHQWDU GHFRPSRVLomR GD PDWpULD RUJkQLFD DFXPXODGD H GD H[FUHomR GRV DQLPDLV%DFFDULQH&DPDUJRDYDOLDQGRRLPSDFWRDPELHQWDOGDSURGXomR GH WLOiSLDVGRQLOR HP GLIHUHQWHV PDQHMRV DOLPHQWDUHV YHULILFDUDP TXH FRP R DXPHQWR GD ELRPDVVD GRV SHL[HV RFRUUHX D UHGXomR JUDGDWLYD GRV WHRUHV GH R[LJrQLR GLVVROYLGR DOpP GR DXPHQWR GRV YDORUHV GH WXUELGH] H GH PDWHULDO HP VXVSHQVmRQRHIOXHQWH

È5($'((678'2

2 ULR 3DUDQDSDQHPD QDVFH QR PXQLFtSLR GH &DSmR %RQLWR QR 3ODQDOWR $WOkQWLFRQDUHJLmRVXGHVWHGRHVWDGRGH6mR3DXOR$VHJXLURULRDWUDYHVVDD GHSUHVVmR SHULIpULFD HQWUDQGR QR 3ODQDOWR &HQWUDO RQGH ILFD D XVLQD KLGUHOpWULFD GH&KDYDQWHVREMHWRGHHVWXGRGDSUHVHQWHSHVTXLVD

2UHVHUYDWyULRGH&KDYDQWHVILFDORFDOL]DGRQDGLYLVDHQWUHRVHVWDGRVGH 6mR 3DXOR H 3DUDQi 6(6 HVWDQGR VXD EDUUDJHP VLWXDGD QDV FRRUGHQDGDV ƒ¶´ 6 H ƒ¶´ : (VVH UHVHUYDWyULR ID] SDUWH GH XP FRPSOH[R FRQVWUXtGR D SDUWLU GD GpFDGD GH SDUD ILQV GH JHUDomR GH HQHUJLD HOpWULFD )LJXUD$WXDOPHQWHRQ]HUHVHUYDWyULRVIRUPDPRVLVWHPDHPFDVFDWDGR ULR 3DUDQDSDQHPD HVWDQGR D PDLRULD VRE D FRQFHVVmR GD HPSUHVD DPHULFDQD 'XNH(QHUJ\

(35)

)LJXUD/RFDOL]DomRGDEDFLDKLGURJUiILFDGRULR3DUDQDSDQHPD6(6%UDVLOH GRFRPSOH[RGHUHVHUYDWyULRVHPFDVFDWD

2 UHVHUYDWyULR GH &KDYDQWHV p GR WLSR GH DFXPXODomR R TXDO WHP SRU ILQDOLGDGH R DUPD]HQDPHQWR GD iJXD SDUD JHUDomR GH HQHUJLD HOpWULFD H FXMR YROXPH UHWLGR VHUYH SDUD DOLPHQWDU DV UHSUHVDV GH MXVDQWH 1HVVH WLSR GH UHVHUYDWyULR D RSHUDomR GD XVLQD KLGUHOpWULFD FRVWXPD SURPRYHU DOWHUDo}HVPDLV SURQXQFLDGDV $OpP GD JHUDomR GH HQHUJLD R UHVHUYDWyULR p XWLOL]DGR SDUD DEDVWHFLPHQWR S~EOLFR FRQVXPR LQGXVWULDO LUULJDomR UHFUHDomR GHVVHGHQWDomR GHDQLPDLVWUDQVSRUWHODQoDPHQWRGHHIOXHQWHVGRPpVWLFRVSHVFDSUHVHUYDomR GD IORUD H GD IDXQD H PDLV UHFHQWHPHQWH SLVFLFXOWXUD QR VLVWHPD GH WDQTXHV UHGH

&KDYDQWHVSRVVXLiUHDGH.PJUDQGHVSURIXQGLGDGHVFDSDFLGDGHGH

DUPD]HQDPHQWR GH KP H YD]mR PpGLD DQXDO GH P V '8.(

(36)

(VWH UHVHUYDWyULR DSUHVHQWD VLJQLILFDWLYD YDULDomR VD]RQDO GD FRWD DOWLPpWULFD H GD YD]mR WRWDO YHUWLGD H WXUELQDGD FRP LQIOXrQFLD GR VLVWHPD RSHUDFLRQDOGDXVLQD+(15<3(5%,&+(1(9(6

1D ILJXUD p DSUHVHQWDGD JUDILFDPHQWH D YDULDomR PHQVDO GR QtYHO GD iJXD H GD YD]mR GHIOXHQWH GR UHVHUYDWyULR GH &KDYDQWHV HQWUH RV PHVHV GH GH]DQRY

'H]

-DQ

)HY 0DU $EU

0DL

-XQ

-XO

$JR

6HW 2XW

1RY

P

P

ñ

V

&RWDDOWLPpWULFD 9D]mRGHIOXHQWH

)LJXUD 9DULDomR PHQVDO GD FRWD DOWLPpWULFD H GD YD]mR GHIOXHQWH WRWDO GR UHVHUYDWyULRGD8+(&KDYDQWHVULR3DUDQDSDQHPD6(6QRSHUtRGRGHGH]D QRY

2QtYHOGDiJXDGRUHVHUYDWyULRYDULRXGDFRWDPQRPrVGHDJR DWp D FRWD P QR PrV GH GH] SRUWDQWR FRP DPSOLWXGH GH P 2 UHVHUYDWyULR DSUHVHQWRX DPSOD RVFLODomR GD YD]mR WRWDO GHIOXHQWH WXUELQDGD H

YHUWLGD FRP YDORUHV PtQLPRV SUy[LPRV D P V QR PrV GH MDQ H HQWUH

PDLHMXO2VYDORUHVPi[LPRVDFLPDGHPVRFRUUHUDPQRVPHVHV

(37)

2 UHVHUYDWyULR GH &KDYDQWHV ILFD VLWXDGR HP XPD UHJLmR GH WUDQVLomR FOLPiWLFDGHFZDSDUDFZI.g33(1QRTXDOVHYHULILFDXPDHVWDomRPDLV IULD EHP GHOLPLWDGD PDV FRP RFRUUrQFLD GH FKXYDV 2 PXQLFtSLR GH )DUWXUD SHUWHQFH j XQLGDGH SOXYLDO &XHVWDV %DViOWLFDV VXEXQLGDGH )DUWXUD FRP SUHFLSLWDomR DQXDO HQWUH D PP '8.( (1(5*< $ UHJLmR PDLV SUy[LPD j EDUUDJHP ID] SDUWH GD XQLGDGH SOXYLDO GHQRPLQDGD 2HVWH VXEXQLGDGH0pGLR9DOHGR3DUDQDSDQHPDDTXDODSUHVHQWDSOXYLRVLGDGHPpGLD DQXDO GH D PP 1HVWD UHJLmR p FRPXP R UHJLVWUR GH XP SLFR GH FKXYDVQRLQYHUQR6$17$11$1(72

1R SHUtRGR GH GH] D QRY IRL UHJLVWUDGR XP WRWDO GH SUHFLSLWDomR GH PP$SUHFLSLWDomRPHQVDODFXPXODGDQHVVHSHUtRGRHVWiDSUHVHQWDGDQD ILJXUD 2V PHVHV GH GH] H GH MDQ DSUHVHQWDUDP PDLRU SUHFLSLWDomR UHVSHFWLYDPHQWHPPHPP2SHUtRGRPDLVVHFRRFRUUHXHQWUHRV PHVHV GH DEU H VHW PDV HP MXO IRL UHJLVWUDGD XPD SUHFLSLWDomR GH PP

'H]

-DQ

)HY

0DU

$EU

0D L

-XQ

-XO

$JR

6HW

2XW

1RY

PP

3UHFLSLWDomR

(38)

1HVWH PHVPR SHUtRGR D WHPSHUDWXUD PpGLD GR DU UHJLVWUDGD SUy[LPD DR UHVHUYDWyULRYDULRXHQWUHDPi[LPDGHž&QRPrVGHPDUHDPtQLPDGH ž&QRPrVGHMXO$VPHQRUHVPpGLDVGHWHPSHUDWXUDDEDL[RGHž& IRUDPUHJLVWUDGDVHQWUHRVPHVHVGHPDLHDJR1RUHVWDQWHGRVPHVHVDV WHPSHUDWXUDV PpGLDV HVWLYHUDP DFLPD GH ž& 1D ILJXUD HVWi DSUHVHQWDGD D YDULDomRGRVYDORUHVPpGLRVGHWHPSHUDWXUDGXUDQWHRSHUtRGRGRHVWXGR

'H] -DQ

)HY

0DU

$EU

0DL

-XQ

-XO

$JR

6HW

2XW

1RY

ž&

7HPSHUDWXUDPpGLD

)LJXUD9DULDomRGDWHPSHUDWXUDPpGLDGRDUž&QDUHJLmRGRUHVHUYDWyULRGD 8+(&KDYDQWHVULR3DUDQDSDQHPD6(6QRSHUtRGRGHGH]DQRY)RQWH &,,$*522XULQKRV63

(39)

GDVHQFRVWDVpLQIOXHQFLDGDSHORWLSRGHUHOHYRSHUILOGHYHUWHQWHHXVRGRVROR FRPFRQVHTXrQFLDVQRVSURFHVVRVHURVLYRVHGHDVVRUHDPHQWR

1R HVWDGR GR 3DUDQi RV PXQLFtSLRV 5LEHLUmR &ODUR &DUOySROLV 6LTXHLUD &DPSRV 6DOWR GR ,WDUDUp H 6DQWDQD GR ,WDUDUp VmR RV TXH VH UHODFLRQDP PDLV GLUHWDPHQWH FRP R UHVHUYDWyULR 1R ODGR GH 6mR 3DXOR HVVHV PXQLFtSLRV VmR UHSUHVHQWDGRVSRU&KDYDQWHV,SDXoX3LUDMX7LPEXUL)DUWXUD%DUmRGH$QWRQLQD %HUQDUGLQR GH &DPSRV &RURQHO 0DFHGR ,WDSRUDQJD H 7DJXDt '8.( (1(5*<

2V PXQLFtSLRV OLQGHLURV DR UHVHUYDWyULR SRVVXHP SRSXODomR HQWUHD KDELWDQWHV H WrP D DJURSHFXiULD FRPR SULQFLSDO DWLYLGDGH HFRQ{PLFD $ FREHUWXUD YHJHWDO VH GLYLGH HQWUH SDVWDJHQV TXH FRQVWLWXHP D iUHD GH PDLRU UHFREULPHQWRQDUHJLmRFXOWXUDVDQXDLVHSHUPDQHQWHVKRMHFRPGHVWDTXHSDUD D FDQDGHDo~FDU 0DQFKDV GH YHJHWDomR QDWLYD VmR PDLV VLJQLILFDWLYDV QRV PXQLFtSLRV GH 7LPEXUL H SDUWH GH )DUWXUD 2 VHWRU GH WXULVPR p UHSUHVHQWDWLYR QHVVD UHJLmR WHQGR VLGR LQFUHPHQWDGR D SDUWLU GD FRQVWUXomR GDV EDUUDJHQV '8.((1(5*<&%+03

$ TXDOLGDGH GD iJXD QHVWD UHJLmR p FODVVLILFDGD FRPR ERD SHOD &RPSDQKLD $PELHQWDO GR (VWDGR GH 6mR 3DXOR &(7(6% FRQVLGHUDQGRVH R ËQGLFH GH 4XDOLGDGH GDV ÈJXDV ,4$ 1R HQWDQWR DOJXQV SDUkPHWURV TXH FRPSURYDP R ODQoDPHQWR GH HVJRWRV QRV FRUSRV GiJXD R[LJrQLR GLVVROYLGR FROLIRUPHV IHFDLV H IRVIDWR WRWDO IUHTXHQWHPHQWH DSUHVHQWDP tQGLFHV IRUD GRV OLPLWHVHVWDEHOHFLGRVSHOD5HVROXomR&21$0$%5$6,/1HVVD QRUPDWLYD D PDLRU SDUWH GRV FRUSRV G¶iJXD FRQWLQHQWDLV HVWmR HQTXDGUDGRV QD FODVVH $VVLP D FDUJD SROXLGRUD SURYHQLHQWH GH HVJRWRV GRPpVWLFRV QmR WUDWDGRV PDLV D FDUJD UHVXOWDQWH GDV DWLYLGDGHV LQGXVWULDLV DFDEDP FRPSURPHWHQGRDVFRQGLo}HVGRVFRUSRVG¶iJXDQHVVDUHJLmR&%+03 3RUH[HPSORDFROHWDHRWUDWDPHQWRGHHVJRWRUHSUHVHQWDYDPUHVSHFWLYDPHQWH HP,SDXoXHHP3LUDMXHHP7LPEXULHHHP)DUWXUD H&(7(6%

(40)

&DUOVRQ PRGLILFDGR SRU 7ROHGR TXH LQWHJUD FORURILOD IyVIRUR H WUDQVSDUrQFLDVXDFRQGLomRGHWURILDIRLDYDOLDGDHQWUHROLJRWUyILFDjPHVRWUyILFDj PRQWDQWHHQDEDUUDJHPGH&KDYDQWHV12*8(,5$HWDO

0$7(5,$/(0e72'26

6HOHomRGDViUHDV

2V WUDEDOKRV GH FDPSR WLYHUDP LQtFLR HP RXWXEUR GH FRP R UHFRQKHFLPHQWR GDV iUHDV GH HVWXGR HVWDEHOHFLPHQWR GDV SDUFHULDV FRP RV SLVFLFXOWRUHV H GHILQLomR GD ORJtVWLFD GH WUDEDOKR 1HVWD IDVH IRUDP XWLOL]DGRV FRPRPDWHULDOGHVXSRUWHSDUDDVHOHomRGDViUHDVIROKDVWRSRJUiILFDVQDHVFDOD GR ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD ,%*( LPDJHQV GH VDWpOLWHGRSURJUDPD*RRJOH(DUWKHSODQWDVJHRUUHIHUHQFLDGDVGDVSLVFLFXOWXUDV

(41)

)LJXUD/RFDOL]DomRGDVUHJL}HVGHHVWXGRQRUHVHUYDWyULRGD8+(&KDYDQWHVULR 3DUDQDSDQHPD6(6

(42)

)LJXUD/RFDOL]DomRGDViUHDVDYDOLDGDVQDUHJLmRGHWUDQVLomRGRUHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 )RQWH ‹ *RRJOH 6SRW ,PDJH

(VWLPDWLYDGHUDomRHELRPDVVDQDVSLVFLFXOWXUDV

$VSURGXo}HVIRUDPUHDOL]DGDVHPFLFORVYHUmRHLQYHUQRHPVLVWHPD

PXOWLIiVLFR QR TXDO DV WLOiSLDV 2UHRFKURPLV QLORWLFXV HUDP SHULRGLFDPHQWH

VHOHFLRQDGDVHDJUXSDGDVVHJXQGRVHXWDPDQKR

$SLVFLFXOWXUDIRLLQVWDODGDHPHQRLQtFLRGRH[SHULPHQWRHP FRQWDYDFRPWDQTXHVUHGHGHPñGHYROXPH~WLOFRPSURGXomRHVWLPDGD HP.JWDQTXHUHGHHQWUHGH]HQRYFRQIRUPHLQIRUPDomRGRSURGXWRU $ ELRPDVVD XWLOL]DGD QD FULDomR IRL HVWLPDGD HP W FRQVLGHUDQGRVH D SURGXomR SRU WDQTXHUHGH .J PXOWLSOLFDGD SHOR Q~PHUR GH WDQTXHV UHGH HPXOWLSOLFDQGRVHSRUFLFORVGHYHUmRHLQYHUQR$TXDQWLGDGHGHUDomR IRL FDOFXODGD HP W D SDUWLU GRV GDGRV ]RRWpFQLFRV FRQIRUPH 7DEHOD FRQVLGHUDQGRVH D PpGLD GH FRQYHUVmR DOLPHQWDU DSDUHQWH &$$ GH PXOWLSOLFDGDSHODELRPDVVDWRWDO

(43)

XQLGDGHV SURGXWLYDV GH Pñ $ TXDQWLGDGH GH UDomR IRUQHFLGD PHQVDOPHQWH QDSLVFLFXOWXUDYDULRXGHWHPMXODWHPPDUWRWDOL]DQGRW FRQIRUPH GDGRV IRUQHFLGRV SHOR SLVFLFXOWRU )LJXUD 5HVVDOWHVH TXH HVVHV GDGRV QmR IRUDP GLVSRQLELOL]DGRV SHOR SURGXWRU GD SLVFLFXOWXUD $ SDUWLU GHVVD LQIRUPDomR H GD 7DEHOD D ELRPDVVD GH SHL[HV QHVVH HPSUHHQGLPHQWR IRL HVWLPDGD HP W GLYLGLQGRVH D TXDQWLGDGH WRWDO GH UDomR SHOD PpGLD GH &$$GRSHUtRGR

1R SHUtRGR PDLV TXHQWH FRPR HVSHUDGR KRXYH D LQWHQVLILFDomR GDV DWLYLGDGHVGHPRQVWUDGDSHORDXPHQWRGDELRPDVVDGHSHL[HVHGRIRUQHFLPHQWR GH UDomR $ WHPSHUDWXUD GR DPELHQWH GHILQH D LQWHQVLGDGH PHWDEyOLFD GRV RUJDQLVPRV GH IRUPD TXH D HOHYDomR GD WHPSHUDWXUD UHVXOWD QR DXPHQWR GR FRQVXPR GH DOLPHQWRV FUHVFLPHQWR GRV SHL[HV H HOLPLQDomR GH UHVtGXRV QLWURJHQDGRV %85($8 3RU RXWUR ODGR QRV PHVHV PDLV IULRV R IRUQHFLPHQWR GH UDomR p UHDOL]DGR DSHQDV SDUD D PDQXWHQomR GRV DQLPDLV 1R HQWDQWR IDWRUHV GR PDQHMR WDLV FRPR FDSDFLWDomR GR WUDWDGRU FiOFXOR GD TXDQWLGDGH GH UDomR D VHU IRUQHFLGD FRP EDVH QR UHJLVWUR GD WHPSHUDWXUD GD iJXD H TXDOLGDGH GD UDomR UHVXOWDP HP GLIHUHQoDV HQWUH DV SLVFLFXOWXUDV FRP UHODomRjFRQYHUVmRDOLPHQWDUHOLEHUDomRGHUHVtGXRV

(44)

7DEHOD 0DQHMR DOLPHQWDU H GDGRV ]RRWpFQLFRV GD FULDomR GH SHL[HV HP WDQTXHVUHGH FLFOR GH YHUmR H GH LQYHUQR QD SLVFLFXOWXUD WDQTXHVUHGH GH PñHQDSLVFLFXOWXUDWDQTXHVUHGHGHPñ30 SHVRPpGLR' GHQVLGDGH 3% SURWHtQDEUXWD15 Q~PHURGHUHIHLo}HV7$ WD[DGHDOLPHQWDomRIXQomR GDSRUFHQWDJHPGRSHVRFRUSRUDOH&$$ FRQYHUVmRDOLPHQWDUDSDUHQWHPpGLD TXDQWLGDGHGHUDomRFRQVXPLGDELRPDVVDILQDO±ELRPDVVDLQLFLDO

3LVFLFXOWXUD &LFORGHYHUmRGLDV

)DVH 30J 'SHL[HVP 3%UDomR 15GLD 7$ &$$

D jYRQWDGH

D jYRQWDGH

D D

D D

&LFORGHLQYHUQRGLDV

)DVH 30J 'SHL[HVP 3%UDomR 15GLD 7$ &$$

D jYRQWDGH

D jYRQWDGH

D D

D D

3LVFLFXOWXUD &LFORGHYHUmRGLDV

)DVH 30J 'SHL[HVP 3%UDomR 15GLD 7$ &$$

D jYRQWDGH

D D

D D

D D

&LFORGHLQYHUQRGLDV

)DVH 30J 'SHL[HVP 3%UDomR 15GLD 7$ &$$

D jYRQWDGH

D D

D D

D D

(45)

'H]

-DQ

)HY

0D U

$EU

0DL

MXQ

-XO

$JR

6HW

2XW

7RQH

OD

GD

VW

5DomRIRUQHFLGD

)LJXUD4XDQWLGDGHPHQVDOGHUDomRIRUQHFLGDQDSLVFLFXOWXUDQRSHUtRGRGH GH]DQRY

&ROHWDHDPRVWUDJHPGHiJXD

$V FROHWDV GDV DPRVWUDV IRUDP HIHWXDGDV GH GH]HPEUR GH D QRYHPEURGHFRPIUHTXrQFLDTXLQ]HQDODOWHUQDGDPHQWHQDUHJLmRODFXVWUH SLVFLFXOWXUDHFRQWUROHHQDUHJLmRGHWUDQVLomRSLVFLFXOWXUDHFRQWUROH 'HVWDIRUPDSURFXURXVHJDUDQWLUDPRVWUDJHQVPHQVDLVHPFDGDXPDGDViUHDV DYDOLDGDVGXUDQWHXPFLFORVD]RQDOFRPSOHWR

(46)

QDUHJLmRGHWUDQVLomRIRLGHPHQWUHDVOLQKDVHPHQWUHRVSRQWRVGH FDGDOLQKD)LJXUDVD

)LJXUD %DtD FRP SLVFLFXOWXUD HP WDQTXHVUHGH SLVFLFXOWXUD QD UHJLmR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD 6(6 FRP SRQWRV DPRVWUDLV H VXSHUSRVLomR GH EDWLPHWULD )RQWH ‹ *RRJOH ,PDJH 'LJLWDO *OREH

(47)

)LJXUD%DtDVHPSLVFLFXOWXUDFRQWUROHQDUHJLmRODFXVWUHGRUHVHUYDWyULRGD 8+(&KDYDQWHVULR3DUDQDSDQHPD6(6FRPSRQWRVDPRVWUDLVHVXSHUSRVLomR GHEDWLPHWULD)RQWH‹*RRJOH,PDJH'LJLWDO*OREH

(48)

)LJXUD %DtD VHP SLVFLFXOWXUD FRQWUROH QD UHJLmR GH WUDQVLomR GR UHVHUYDWyULRGD8+(&KDYDQWHVULR3DUDQDSDQHPD6(6FRPSRQWRVDPRVWUDLV HVXSHUSRVLomRGHEDWLPHWULD)RQWH‹*RRJOH6SRW,PDJH

,QLFLDOPHQWH PHGLDVH D SURIXQGLGDGH GRV SRQWRV DPRVWUDLV FRP XPD VRQGD SRUWiWLO PDUFD 6SHHGWHFK H D WUDQVSDUrQFLD GD iJXD FRP R 'LVFR GH 6HFFKL 2 PHLR GD ]RQD HXIyWLFD HUD GHWHUPLQDGR PXOWLSOLFDQGRVH D PHGLGD GH WUDQVSDUrQFLDSRUWUrVHGLYLGLQGRVHSRUGRLV(67(9(6

(49)

HQWUHDViUHDVPDVSDUDRFiOFXORGHYDORUHVPpGLRVPHQVDLVHGHVYLRVSDGUmR IRUDPXWLOL]DGRVRVUHVXOWDGRVGHWHUPLQDGRVHPODERUDWyULR

1RSRQWRFHQWUDO3GHFDGDXPDGDViUHDVHVVDVGHWHUPLQDo}HVIRUDP IHLWDVDLQWHUYDORVGHXPPHWURGHSURIXQGLGDGHSDUDHODERUDomRGRVJUiILFRVGRV SHUILVYHUWLFDLV1RHQWDQWRQRPrVGHVHWRHTXLSDPHQWRDSUHVHQWRXGHIHLWRH QmRVHREWHYHR2'QDFROXQDG¶iJXDGRFRQWUROH

$PRVWUDV GH iJXD IRUDP FROHWDGDV QDV WUrV SURIXQGLGDGHV GRV SRQWRV DPRVWUDLV DFRQGLFLRQDGDV HP IUDVFRV SUySULRV HWLTXHWDGDV H WUDQVSRUWDGDV HP FDL[DV WpUPLFDV FRP JHOR SDUD DQiOLVH QR &HQWUR GH 3HVTXLVD HP &LrQFLDV &(3(&, GD )XQGDomR (GXFDFLRQDO GR 0XQLFtSLR GH $VVLV )(0$ $V DPRVWUDJHQVGHVXSHUItFLHHUDPUHWLUDGDVGLUHWDPHQWHQRVIUDVFRVHDVGRPHLR GDFDPDGDHXIyWLFDHGRIXQGRGDFROXQDG¶iJXDFRP DX[tOLRGDJDUUDIDGH9DQ 'RUQ

1DV DPRVWUDV GH WRGRV RV SRQWRV H QtYHLV GH SURIXQGLGDGH IRUDP DQDOLVDGDV PHQVDOPHQWH GH GH] D QRY DV VHJXLQWHV YDULiYHLV VHJXLGDV

GRVUHVSHFWLYRVFyGLJRVFRQIRUPHPHWRGRORJLDVFRQVWDQWHVQR6WDQGDUG0HWKRGV

IRUWKH([DPLQDWLRQRI:DWHUDQG:DVWHZDWHU$3+$QLWURJrQLRRUJkQLFR

WRWDO1RUJ%IyVIRURWRWDO3(VyOLGRVWRWDLVGLVVROYLGRV'

FORURILODD+HFRQGXWLYLGDGHHOpWULFDGHWHUPLQDGDHPFRQGXWLYtPHWURGD

PDUFD0LFURQDOPRGHOR%$VFRQFHQWUDo}HVGHIyVIRURWRWDOIRUDPDYDOLDGDV DSHQDV D SDUWLU GH PDU GHYLGR D SUREOHPDV FRP DV GHWHUPLQDo}HV ODERUDWRULDLVQRVPHVHVDQWHULRUHV

1DVDPRVWUDVGRVSRQWRVFHQWUDLVGHFDGDOLQKD33H3WDPEpPIRL GHWHUPLQDGDDGHPDQGDELRTXtPLFDGHR[LJrQLR±'%2DOWRFRQWUROHGLDV

ž& HP R[LWRSŠ $SHQDV QD VXSHUItFLH GRV UHIHULGRV SRQWRV IRL IHLWD D

GHWHUPLQDomRGHFROLIRUPHVWHUPRWROHUDQWHV103

$V PHQVXUDo}HV HP FDPSR IRUDP UHDOL]DGDV VLPXOWDQHDPHQWH jV DWLYLGDGHVGDSLVFLFXOWXUD(VWHIDWRLPSOLFRXQDYDULDomRGRQ~PHURGHXQLGDGHV GHFULDomRGXUDQWHRSHUtRGRDYDOLDGRHSRGHWHUSURPRYLGRDOWHUDo}HVSRQWXDLV QDVFRQFHQWUDo}HVGDVYDULiYHLVOLPQROyJLFDV

(50)

/HYDQWDPHQWREDWLPpWULFR

2V OHYDQWDPHQWRV EDWLPpWULFRV IRUDP UHDOL]DGRV QR PrV GH RXWXEUR GH H FRPSOHPHQWDGRV QR PrV GH GH]HPEUR GH 8WLOL]RXVH QHVVH SURFHGLPHQWR XPD HFRVVRQGD PDUFD )XUXQR PRGHOR *3 ) DMXVWDGD SDUD HPLVVmRUHFHSomRGHRQGDVDLQWHUYDORVGHVHJXQGRVQDIUHTXrQFLDGHN+] DFRSODGDDXP*36QDUHIHUrQFLD6RXWK$PHULFDQ'DWXP6$'$PERVRV HTXLSDPHQWRV IRUDP FRQHFWDGRV D XP FRPSXWDGRU SRUWiWLO H FRORFDGRV HP XP EDUFR TXH SHUFRUUHX DV iUHDV HP ³]LJ]DJ´ FRP YHORFLGDGH FRQVWDQWH $ FRUUHVSRQGrQFLDHQWUHDSURIXQGLGDGHHRVGDGRVGHORFDOL]DomRUHVXOWRXHPXP FRQMXQWR GH SRQWRV EDWLPpWULFRV JHRUUHIHUHQFLDGRV $ SDUWLU GD LQWHUSRODomR GHVVHV SRQWRV PpWRGR GH WULDQJXODomR OLQHDU IRUDP HODERUDGRV RV PDSDV EDWLPpWULFRV0(85(50$57,1667(9$8;

5HVVDOWHVHTXHSDUDDHODERUDomRGRVPDSDVEDWLPpWULFRVGDViUHDVGD UHJLmRGHWUDQVLomRKRXYHDQHFHVVLGDGHGHVHDMXVWDUHPRVGDGRVREWLGRVSDUD D PHQRU FRWD DOWLPpWULFD P Mi TXH R OHYDQWDPHQWR EDWLPpWULFR IRL UHDOL]DGR HP GXDV RFDVL}HV 2V FiOFXORV GH iUHD H YROXPH IRUDP JHUDGRV GLUHWDPHQWHQROHYDQWDPHQWREDWLPpWULFR

$QiOLVHGRVGDGRV

2V UHVXOWDGRV GDV YDULiYHLV OLPQROyJLFDV IRUDP RUJDQL]DGRV H HVWmR DSUHVHQWDGRVQDIRUPDGHWDEHODVPpGLDVHGHVYLRVSDGUmRHJUiILFRVPpGLDVH GHVYLRVSDGUmRHSHUILV2VGDGRVGHFRQGXWLYLGDGHHOpWULFDGDiJXDREWLGRVQR ODERUDWyULRIRUDPXWLOL]DGRVSDUDFRPSRURFRQMXQWRGHGDGRVJHUDLVHRVREWLGRV HPFDPSRSDUDDHODERUDomRGRVSHUILV

5HDOL]RXVH XPD DQiOLVH GHVFULWLYD GHWDOKDGD FRPSDUDQGRVH

(51)

$DYDOLDomRGDHVWUXWXUDWpUPLFDHTXtPLFDGDFROXQDG¶iJXDIRLHIHWXDGDD SDUWLUGRVJUiILFRVGHSHUILVYHUWLFDLVRVTXDLVIRUDPHODERUDGRVXWLOL]DQGRVHRV GDGRVEUXWRVGHWHPSHUDWXUDS+2'HFRQGXWLYLGDGHHOpWULFDREWLGRVHPFDPSR QRSRQWRFHQWUDO3GHFDGDXPDGDViUHDV

$ YDULDELOLGDGH GDV FRQFHQWUDo}HV GDV YDULiYHLV OLPQROyJLFDV HQWUH DV iUHDVWDPEpPIRLLQYHVWLJDGDFRPDX[tOLRGDWpFQLFDH[SORUDWyULDGHDQiOLVHGRV FRPSRQHQWHV SULQFLSDLV ± $&3 0255,621 DSOLFDGD VHSDUDGDPHQWH SDUD FDGD QtYHO GH SURIXQGLGDGH XWLOL]DQGRVH R VRIWHU VWDWVRIW LQF 1DV $&3VSDUDDYHULILFDomRGDYDULDELOLGDGHHQWUHRVPHVHVFRQVLGHUDUDPVHRVGRLV SULPHLURV FRPSRQHQWHV SULQFLSDLV &3 H D PpGLD PHQVDO GH FDGD YDULiYHO OLPQROyJLFDDYDOLDQGRVHWRGRVRVSRQWRVDPRVWUDLV3D3GHFDGDXPDGDV iUHDV2IyVIRURWRWDOQmRIRLFRQVLGHUDGRQHVVDDYDOLDomRSRUWHUVLGRDQDOLVDGR DSHQDVDSDUWLUGHPDU1DV$&3VSDUDDYHULILFDomRGDYDULDELOLGDGHHVSDFLDO HQWUH DV iUHDV XWLOL]DUDPVH RV GRLV SULPHLURV FRPSRQHQWHV SULQFLSDLV &3 H D PpGLD DQXDO GDV YDULiYHLV REWLGD HP FDGD XP GRV SRQWRV DPRVWUDGRV (VVD DQiOLVH IRL DSOLFDGD VHSDUDGDPHQWH DRV GDGRV GR PrV GH PDU SDUD VH YHULILFDU D YDULDELOLGDGH HQWUH DV iUHDV HP SHUtRGRV QRV TXDLV VmR HVSHUDGDV PDLRUHV DOWHUDo}HV DPELHQWDLV HP IXQomR GD FULDomR H GD SRVVLELOLGDGH GH RFRUUrQFLD GH HVWUDWLILFDomR WpUPLFD $ LQWHQVLILFDomR GD FULDomR QHVVH SHUtRGR SRGH VHU REVHUYDGD QD )LJXUD TXH GHPRQVWUD R IRUQHFLPHQWR GH UDomR QD SLVFLFXOWXUD

$SHQDV SDUD DV YDULiYHLV TXH QmR IRUDP DYDOLDGDV HP WRGRV RV SRQWRV DPRVWUDLV H SURIXQGLGDGHV WUDQVSDUrQFLD '%2 H FROLIRUPHV WHUPRWROHUDQWHV

DSOLFRXVHDDQiOLVHGHYDULkQFLD$129$ELIDWRULDOWZRZD\HRWHVWHGH7XNH\

DR QtYHO GH =DU YLVDQGR GHWHFWDU GLIHUHQoDV VLJQLILFDWLYDV HQWUH DV iUHDVFRPHVHPSLVFLFXOWXUD

2JUDXGHWURILDGDViUHDVHVWXGDGDVIRLGHWHUPLQDGRXWLOL]DQGRVHRËQGLFH GH(VWDGR7UyILFR,(7SURSRVWRSRU&DUOVRQDSOLFDGRDRVYDORUHVPpGLRV

DQXDLV GH WUDQVSDUrQFLD IyVIRUR WRWDO H FORURILOD D FRQIRUPH DV VHJXLQWHV

H[SUHVV}HVPDWHPiWLFDV

,(7'6 ±,Q'6,Q

(52)

,(7&/ ±>±,Q&+/,Q@

2QGH

'6 SURIXQGLGDGHGR'LVFRGH6HFFKLHPP

37 FRQFHQWUDomRGHIyVIRURWRWDOHPPJ/

&/ FRQFHQWUDomRGHFORURILODDHPPJ/

)LQDOPHQWH RV UHVXOWDGRVDQXDLV GDV YDULiYHLV OLPQROyJLFDV GH FDGDiUHD PpGLDV H GHVYLRSDGUmR GDV DPRVWUDV GH VXSHUItFLH IRUDP FRPSDUDGRV DRV SDGU}HVSDUDDVHVSpFLHVWURSLFDLVHDRVOLPLWHVGDOHJLVODomRHVWDEHOHFLGRVSHOD 5HVROXomR&21$0$Qž

5(68/7$'26

/HYDQWDPHQWREDWLPpWULFR

1R IXQGR GD EDtD RQGH HVWi LQVWDODGD D SLVFLFXOWXUD IRUDP REVHUYDGDV GHFOLYLGDGHV DFHQWXDGDV FRP SURIXQGLGDGH GH DWp P MXQWR DR WDOYHJXH HP

GLUHomRDROHLWRGRULR3DUDQDSDQHPD$iUHDIRLFDOFXODGDHPPFRP

YROXPH GH PH SURIXQGLGDGH PpGLD GH P $ UHJLmR GH PRQWDQWH

GHVVD iUHD p DIXQLODGD UHFHEH XP SHTXHQR DIOXHQWH H DSUHVHQWD SRXFD PRYLPHQWDomR GD iJXD 1D ILJXUD HVWi DSUHVHQWDGR R PDSD EDWLPpWULFR GD iUHDFRPDSLVFLFXOWXUD

(53)

)LJXUD0DSDEDWLPpWULFRGHiUHDFRPSLVFLFXOWXUDHPWDQTXHVUHGHQDUHJLmR ODFXVWUH GR UHVHUYDWyULR GD 8+( &KDYDQWHV SLVFLFXOWXUD FRP LQGLFDomR GRV SRQWRVDPRVWUDLVGHiJXD3D3

1D iUHD VHP SLVFLFXOWXUD GR FRPSDUWLPHQWR ODFXVWUH FRQWUROH WDPEpP VHYHULILFDUDPGHFOLYLGDGHVDFHQWXDGDVFRPSURIXQGLGDGHVPi[LPDVGHDWpP

MXQWR DR WDOYHJXH $ iUHD PHGLX P FRP YROXPH FDOFXODGR HP

DSUR[LPDGDPHQWH P H SURIXQGLGDGH PpGLD HP P 1R PDSD

EDWLPpWULFR YHULILFDVH TXH D FRQH[mR GHVVD EDtD FRP R FDQDO SULQFLSDO p PDLV DEHUWDFRPSDUDWLYDPHQWHjiUHDFRPSLVFLFXOWXUD1DILJXUDHVWiPRVWUDGRR PDSDEDWLPpWULFRGDiUHDHPTXHVWmR

(54)

)LJXUD 0DSD EDWLPpWULFR GH iUHD VHP SLVFLFXOWXUD QD UHJLmR ODFXVWUH GR UHVHUYDWyULRGD8+(&KDYDQWHVFRQWUROHFRPLQGLFDomRGRVSRQWRVDPRVWUDLV GHiJXD3D3

$ iUHD RQGH HVWi LQVWDODGD DSLVFLFXOWXUDILFD ORFDOL]DGDHP XPD UHJLmR GRFRPSDUWLPHQWRGHWUDQVLomRTXHpIRUPDGDSRUWUrVEDtDVFRQHFWDGDVDRFDQDO

SULQFLSDO 1HVVD iUHD HVWLPDGD HP P FRP YROXPH GH Pñ

QmR VH YHULILFDUDP GHFOLYLGDGHV DFHQWXDGDV PDV VH REVHUYRX LQFLVmR GR FDQDO EHP HYLGHQWH FRP SURIXQGLGDGH GH DWp P VHQGR D SURIXQGLGDGH PpGLD GH P 2 PDSD EDWLPpWULFR GD iUHD FRP D SLVFLFXOWXUD HVWi DSUHVHQWDGR QD ILJXUD

(55)

)LJXUD0DSDEDWLPpWULFRGHiUHDFRPSLVFLFXOWXUDHPWDQTXHVUHGHQDUHJLmR GH WUDQVLomR GR UHVHUYDWyULR GD 8+( &KDYDQWHV SLVFLFXOWXUD FRP LQGLFDomR GRVSRQWRVDPRVWUDLVGHiJXD3D3

$ iUHD VHP SLVFLFXOWXUD QR FRPSDUWLPHQWR GH WUDQVLomR FRQWUROH IRL

PHGLGD HP P FRP YROXPH DSUR[LPDGR GH P 1mR VH

(56)

)LJXUD 0DSD EDWLPpWULFR GH iUHD VHP SLVFLFXOWXUD QD UHJLmR GH WUDQVLomR GR UHVHUYDWyULRGD8+(&KDYDQWHVFRQWUROHFRPLQGLFDomRGRVSRQWRVDPRVWUDLVGH iJXD3D3

'HXPPRGRJHUDOYHULILFRXVHTXHRUHOHYRGRIXQGRGDVEDtDVpLUUHJXODU RTXHLPSOLFRXHPDFHQWXDGDYDULDomRGDVSURIXQGLGDGHVGRVSRQWRVDPRVWUDGRV 1D ILJXUD p DSUHVHQWDGD JUDILFDPHQWH D PpGLD GH SURIXQGLGDGH GRV SRQWRV DPRVWUDLV3D3GDVTXDWURiUHDVDYDOLDGDV

(57)

3LVFLFXOWXUD &RQWUROH 3LVFLFXOWXUD &RQWUROH

P

3URIXQGLGDGH

)LJXUD 9DORUHVPpGLRV GD SURIXQGLGDGHP GRVSRQWRVDPRVWUDLV GDViUHDV DYDOLDGDVQRFRPSDUWLPHQWRODFXVWUHSLVFLFXOWXUDHFRQWUROHHQRGHWUDQVLomR SLVFLFXOWXUD H FRQWUROH QR UHVHUYDWyULR GD 8+( &KDYDQWHV ULR 3DUDQDSDQHPD6(6

9DULiYHLVOLPQROyJLFDV

1DWDEHODHVWmRDSUHVHQWDGRVRVYDORUHVPpGLRVHGHVYLRVSDGUmRGDV YDULiYHLV OLPQROyJLFDV REWLGRV HP QRYH SRQWRV DPRVWUDLV 3 D 3 QDV GLIHUHQWHVSURIXQGLGDGHVGDVTXDWURiUHDVDYDOLDGDVQRSUHVHQWHHVWXGR

Referências

Documentos relacionados

$ LQGXomR GH iUYRUHV GH GHFLVmR WHP VLGR XVDGD WDPEpP SDUD VH REWHU PRGHORV GH HVWLPDWLYD GH XPD LPSRUWDQWH YDULiYHO QD HSLGHPLRORJLD GH PXLWDV GRHQoDV D GXUDomR GR SHUtRGR

FIG. 4 - )HQRJUDPD GH UDoDV ¿VLROyJLFDV GH &amp;ROOHWRWULFKXP OLQGHPXWKLDQXP EDVHDGR QRV GDGRV GH YLUXOrQFLD REWLGRV DWUDYpV GD LQRFXODomR GH JHQyWLSRV FULRXORV PHVR DPHULFDQRV

VLJQL¿FDWLYDPHQWH VXSHULRU DRV GD EDQFD H GR SDOHWH(PDLQFLGrQFLDGD03&amp;HPODUDQMDµ9DOrQFLD¶ ¿FRX DEDL[R GH PHVPR HP IUXWRV QmR EHQH¿FLDGRV DRV GLDV GH DUPD]HQDPHQWR QmR

Förvisso utgår de Resta läkare som behandlar intersexuella från att barn sociali- seras in i sin könsidentitet SOU 1%8:28; Money 1977, vilket är ett utgångs- läge de därmed delar med de

1R LQtFLR GR H[SHULPHQWR D ž&amp; D VXSHUItFLH GDV SDWDV GR WXFDQRWRFR DSUHVHQWRX XPD WHPSHUDWXUD HOHYDGD SRU YROWD GH ƒ&amp; )LJXUD 1R LQtFLR GD GLPLQXLomR GD WHPSHUDWXUD DPELHQWH

3URSRVWD GH XPD DUTXLWHWXUD SDUD D GHVFULomR ELEOLRJUiILFD GRV DVSHFWRV VHPkQWLFRV GH IRUPD H FRQWH~GR GRV UHFXUVRV LQIRUPDFLRQDLV QD SHUVSHFWLYD GD LQWHURSHUDELOLGDGH

$ LQFOXVmR GD DYDOLDomR GR WHPSHUDPHQWR FRP D DSOLFDomR GR HVFRUH GH WHPSHUDPHQWR RX GD YHORFLGDGH GH VDtGD H HVFRUHV YLVXDLV GH FRQIRUPDomR SUHFRFLGDGH H PXVFXODWXUD

5HJLVWURV GH DQLPDLV QDVFLGRV HQWUH D IRUDP XWLOL]DGRV FRP R REMHWLYR GH YHULILFDU D SUHVHQoD GH LQWHUDomR JHQyWLSRDPELHQWH ,*$ QDV FDUDFWHUtVWLFDV SHVR DRV 3 3 3 H 3 GLDV

0 XLWRVWUDEDOKDGRUHVDWXDYDPWDQWRQDVLQVWDODo}HVFRPRQDFRQVHUYDomRH QD PDQXWHQomR GD &amp; RPSDQKLD ( QWUH RXWURV KDYLD RV RSHUDGRUHV GH WUiIHJR FRP PDTXLQLVWDV GH SULPHLUD GH VHJXQGD H